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NATIONAL BUILDING CODE

OF INDIA 2016
VOLUME 1
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BUREAU OF INDIAN STANDARDS
SP 7 : 2016
FIRST PUBLISHED 1970

FIRST REVISION 1983
SECOND REVISION 2005
THIRD REVISION 2016
© BUREAU OF INDIAN STANDARDS
ICS 01.120; 91.040.01
PRICE `
PUBLISHED BY BUREAU OF INDIAN STANDARDS, MANAK BHAVAN, 9 BAHADUR SHAH ZAFAR

MARG, NEW DELHI 110002; TYPESET AT SUNSHINE GRAPHICS, 263, TELIWARA, SHAHDARA, DELHI
110032; PRINTED AT J. J. OFFSET PRINTERS, A-24, SECTOR 68, NOIDA, GAUTAM BUDH NAGAR, UTTAR
PRADESH (INDIA).
CONTENTS
Volume 1
F OREWORD ... (v)
COMMITTEE COMPOSITION ... (ix)
IMPORTANT EXPLANATORY NOTE FOR USERS OF THE C ODE ... (xxx)
INFORMATION FOR THE USERS ABOUT AVAILABILITY OF THE CODE IN GROUPS ... (xxxi)
Total Pages
PART 0 INTEGRATED APPROACH — PREREQUISITE FOR A PPLYING PROVISIONS OF THE CODE ... 12
PART 1 DEFINITIONS ... 28
PART 2 ADMINISTRATION ... 32
PART 3 DEVELOPMENT CONTROL RULES AND GENERAL B UILDING REQUIREMENTS ... 150
PART 4 F IRE AND LIFE SAFETY ... 116
PART 5 BUILDING MATERIALS ... 46
PART 6 STRUCTURAL DESIGN
Section 1 Loads, Forces and Effects ... 134
Section 2 Soils and Foundations ... 60
Section 3 Timber and Bamboo
3A Timber ... 56
3B Bamboo ... 30
Section 4 Masonry ... 86
Section 5 Concrete
5A Plain and Reinforced Concrete ... 118
5B Prestressed Concrete ... 52
Section 6 Steel ... 138
Section 7 Prefabrication, Systems Building and Mixed/Composite Construction
7A Prefabricated Concrete ... 42
7B Systems Building and Mixed/Composite Construction ... 12
Section 8 Glass and Glazing ... 80
Volume 2
IMPORTANT EXPLANATORY NOTE FOR USERS OF THE C ODE ... (iv)
INFORMATION FOR THE USERS ABOUT AVAILABILITY OF THE CODE IN GROUPS ... (v)
Total Pages
PART 7 CONSTRUCTION MANAGEMENT, PRACTICES AND SAFETY ... 76
PART 8 BUILDING SERVICES
Section 1 Lighting and Natural Ventilation ... 56
Section 2 Electrical and Allied Installations ... 172
Section 3 Air Conditioning, Heating and Mechanical Ventilation ... 86
Section 4 Acoustics, Sound Insulation and Noise Control ... 46
Section 5 Installation of Lifts, Escalators and Moving Walks
5A Lifts ... 96
5B Escalators and Moving Walks ... 44
Section 6 Information and Communication Enabled Installations ... 28
PART 9 P LUMBING SERVICES (I NCLUDING SOLID WASTE MANAGEMENT)
Section 1 Water Supply ... 44
Section 2 Drainage and Sanitation ... 82
Section 3 Solid Waste Management ... 16
Section 4 Gas Supply ... 18
PART 10 L ANDSCAPE DEVELOPMENT , SIGNS AND O UTDOOR D ISPLAY S TRUCTURES
Section 1 Landscape Planning, Design and Development ... 34
Section 2 Signs and Outdoor Display Structures ... 24
PART 11 APPROACH TO SUSTAINABILITY ... 98
PART 12 ASSET AND FACILITY MANAGEMENT ... 98
(iii)
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Organization Representative(s)
Housing & Urban Development Corporation Limited, New Delhi CHAIRMAN AND MANAGING DIRECTOR
SHRIMATI USHA PRASAD MAHAVIR (Alternate)
Indian Association of Structural Engineers, New Delhi SHRI MAHESH TANDON
SHRI MAHENDRA RAJ (Alternate)
Indian Buildings Congress, New Delhi SHRI K. B. RAJORIA
SHRI DEEPAK NARAYAN (Alternate)
Indian Geotechnical Society, New Delhi PROF A. S REERAMA RAO
DR ABHAY GUPTA (Alternate)
Indian Green Building Council, Hyderabad SHRI S. SRINIVAS
SHRI PRAVEEN KUMAR SOMA (Alternate)
Indian Institute of Technology Madras, Chennai DR BENNY RAPHAEL
DR AMLAN K. SENGUPTA (Alternate)
Indian Roads Congress, New Delhi SECRETARY GENERAL
DIRECTOR (Alternate)
Institute of Town Planners, India, New Delhi DR S. K. KULSHRESTHA
Institution of Fire Engineers (India), New Delhi SHRI U. S. CHHILLAR
SHRI M. S. PATYAL (Alternate)
Larsen & Toubro Limited, Chennai SHRI K. SENTHILNATHAN
SHRI STHALADIPTI SAHA (Alternate)
Madhya Pradesh Housing & Infrastructure Development Board, SHRI PRAKASH S ANGAMNERKAR
Bhopal
Military Engineer Services, Engineer-in-Chief’s Branch, BRIG GIRISH JOSHI
Army HQ, New Delhi LT COL GAURAV KAUSHIK (Alternate)
Ministry of Home Affairs (Directorate General of Fire Services, SHRI D. K. SHAMI
Civil Defence & Home Guards), New Delhi
Ministry of Home Affairs (Disaster Management Division), JOINT SECRETARY (DM)
New Delhi
Ministry of New and Renewable Energy, New Delhi REPRESENTATIVE
Ministry of Urban Development, New Delhi JOINT SECRETARY (URBAN D EVELOPMENT)
Municipal Corporation of Greater Mumbai, Mumbai DIRECTOR
CITY ENGINEER (Alternate)
NBCC (India) Limited, New Delhi SHRI HEM RAJ
MS ANNU GARG (Alternate)
National Council for Cement and Building Materials, Ballabgarh SHRI V. V. ARORA
SHRI SATISH SHARMA (Alternate)
National Design & Research Forum, The Institution of Engineers DIRECTOR
(India), Bengaluru
National Disaster Management Authority, New Delhi SHRI ANIL KUMAR S ANGHI
SHRI SACHIDANAND SINGH (Alternate)
National Institute of Disaster Management, New Delhi DR CHANDAN GHOSH
New Okhla Industrial Development Authority, Noida SHRI S. C. GAUR
SHRI A. K. GOEL (Alternate)
North Eastern Council, Shillong ADVISER (T&C)
Punjab Urban Planning & Development Authority, Mohali SHRI RAJIV MOUDGIL
SHRI SUNIL KANSAL (Alternate)
RITES Ltd, Gurugram SHRIMATI ANITA DHAR KAUL
SHRI RAJEEV NANDA (Alternate)
School of Planning and Architecture, New Delhi DIRECTOR
DR V. K. PAUL (Alternate)
Suri and Suri Consulting Acoustical Engineers, Noida SHRI GAUTAM SURI
Sustainable Urbanism International, Bengaluru DR JYOTI HOSAGRAHAR
The Energy and Resources Institute, New Delhi SHRI PRADEEP KUMAR
MS SONIA RANI (Alternate)
The Indian Institute of Architects, Mumbai SHRI BALBIR VERMA
SHRI ABHIJIT RAY (Alternate)
The Institution of Engineers (India), Kolkata SHRI O. P. G OEL
SHRI K. B. RAJORIA (Alternate)
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NMUGXILIH^* GT\PQHT:* LIYP* GKN* SPGLHS* TGYPH^:* QJRYJUH:* TPUWIQPT:* PHQ:* IK* HSP* XMILNIKO]* 2KHPOUGHIJK* GRJKO* WGUIJMT
\UJYPTTIJKGLT>TPUWIQPT*RG^*XP*YGQILIHGHPN*X^*MTP*JY*G\\UJ\UIGHP*TJYHZGUP:*T^THPRT:*HJJLT:*TIRMLGHIJKT:*PHQ]
0SP*GIR*JY*HSP*dIKHPOUGHPN*G\\UJGQSe*IT*HJ*OPH*HSP*RGÌRMR*XPKPYIH*YUJR*HSP*XMILNIKO*GKN*IHT*TPUWIQPT*IK*HPURT*JY
JX[PQHIWPT*TMQS*GT*cMGLIH^:*HIRPLIKPTT*GKN*QJTHbPYYPQHIWPKPTT]**2K*HSP*HPGR*G\\UJGQS*ZSIQS*IT*GK*PTTPKHIGL*\UPb
UPcMITIHP*YJU*IKHPOUGHPN*G\\UJGQS:*HSP*GIR*QLPGUL^*IT*HJ*RGÌRI_P*HSP*PYYIQIPKQ^*JY*HSP*HJHGL*T^THPR*HSUJMOS*G\\UJ\UIGHP
J\HIRI_GHIJK*JY*PGQS*JY*IHT*TMXbT^THPRT:*GKN*PKTMUIKO*QJJUNIKGHIJK*GRJKO*WGUIJMT*NITQI\LIKPT*GKN*GOPKQIPT*HSGH
GUP*IKWJLWPN*NMUIKO*\LGKKIKO:*NPTIOK:*QJKTHUMQHIJK:*J\PUGHIJK*GKN*RGIKHPKGKQP*JY*XMILNIKOT*GKN*HSP*GTTJQIGHPN
IKYUGTHUMQHMUP]*2K*JHSPU*ZJUNT:*IK*HSP*HPGR:*HSP*HIRPL^*IK\MHT*YUJR*PGQS*JY*HSP*\UJYPTTIJKGL*NITQI\LIKPT*SGWP*HJ*XP
TJ*J\HIRI_PN*HSGH*HSP*HJHGL*T^THPReT*PYYIQIPKQ^*XPQJRPT*HSP*RGÌRMR]**2H*RG^*XP*PR\SGTI_PN*HSGH*RGÌRI_IKO*HSP
PYYIQIPKQIPT*JY*PGQS*TMXbT^THPR*RG^*KJH*KPQPTTGUIL^*GTTMUP*HSP*RGÌRI_GHIJK*JY*HSP*PYYIQIPKQ^*JY*HSP*HJHGL*T^THPR]
2H*KPPNT*SGUNL^*HJ*XP*THGHPN*HSGH*T\PQIYIPN*JU*IR\LIPN*TGYPH^*ZILL*GLZG^T*OPH*\UPQPNPKQP*JWPU*YMKQHIJKGL*PYYIQIPKQ^
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GKN*PQJKJR^]**!MUHSPU:*\UJOUPTTIWP*G\\UJGQS*TMQS*GT*HSGH*UPLGHIKO*HJ*HSP*QJKQP\H*JY*IKHPLLIOPKH*XMILNIKOT*ZJMLN*XP
XPTH*HGaPK*QGUP*JY*X^*HSP*dIKHPOUGHPN*G\\UJGQSe*GT*LGIN*NJZK*IK*HSIT*-GUH]
0SP*QJKHIKMPN*PYYJUH*HJZGUNT*NPWPLJ\RPKH*RG^*\UJOUPTTIWPL^*XP*GIRPN*GH*LPGNIKO*MT*HJ*GQSIPWP*XPHHPU*GKN*TRGUHPU
TJLMHIJKT:*TMQS*GT*HSUJMOS*NPWPLJ\RPKH*JY*TRGUH*QIHIPT*PKQJR\GTTIKO*TMTHGIKGXILIH^*G\GUH*YUJR*MHILI_IKO*J\HIRMR
UPTJMUQPT*GKN*NPLIWPUIKO*HSUJMOS*IKHPLLIOPKH*ZG^T:*HSP*WGUIJMT*YGQILIHIPT*GKN*GRPKIHIPT]**0SP*IKHPOUGHPN*G\\UJGQS
PKTSUIKPN*IK*HSIT*-GUH*IT*JY*IRRPKTP*SPL\*IK*GQSIPWIKO*HSP*JX[PQHIWP*JY*TMQS*TRGUH*XMILNIKOT*GKN*QIHIPT]**2H*OJPT
ZIHSJMH*TGÎKO*HSGH*HSP*JX[PQHIWP*JY*TMTHGIKGXLP*NPWPLJ\RPKH*GT*\UJYPTTPN*IK*-GUH*))*d7\\UJGQS*HJ*+MTHGIKGXILIHê
JY*HSP*,JNP*QGK*XP*XPTH*GQSIPWPN*HSUJMOS*TMQS*GK*IKHPOUGHPN*G\\UJGQS]
-UJ\PU*QJKTHUMQHIJK*RGKGOPRPKH*GKN*QPUHIYIQGHIJK*QJWPUIKO*HSP*WGUIJMT*NIRPKTIJKT*XUJMOSH*JMH*GXJWP*RG^*OJ*G
LJKO*ZG^*IK*GQSIPWIKO*HSP*GXJWP*OJGL*JY*UPGL*IKHPOUGHPN*G\\UJGQS]
0SIT*-GUH*ZGT*YIUTH*IKHUJNMQPN*IK*/VV.*GT*GK*GN[MKQH*HJ*WGUIJMT*JHSPU*-GUHT>+PQHIJKT*JY*HSP*,JNP]**EGTPN*JK*HSP
P`\PUIPKQP* OGIKPN* IK* HSP* MTP* JY* HSIT* -GUH:* HSIT* UPWITIJK* SGT* XPPK* XUJMOSH* JMH]* * 0SP* TIOKIYIQGKH* RJNIYIQGHIJKT
IKQJU\JUGHPN*IK*HSIT*UPWITIJK*IKQLMNP*HSP*YJLLJZIKOf
GB 4ITH*JY*\UJYPTTIJKGLT*ZSJ*RG^*XP*\GUH*JY*RMLHIbNITQI\LIKGU^*HPGRT*SGT*XPPK*M\NGHPN]
XB ,JKTINPUIKO*HSP*LGHPTH*\UJWITIJKT*UPLGHIKO*HJ*QJKTHUMQHIJK*\UJ[PQH*RGKGOPRPKH*KJZ*IKQLMNPN*IK*HSP*-GUH*D
d,JKTHUMQHIJK*1GKGOPRPKH:*-UGQHIQPT*GKN*+GYPHê*JY*HSP*,JNP:*HSP*\UJWITIJKT*IK*HSIT*-GUH*UPLPWGKH*HJ
QJKTHUMQHIJK*\UJ[PQH*RGKGOPRPKH*YMKQHIJKT*SGWP*XPPK*GQQJUNIKOL^*M\NGHPN]
QB ;GUIJMT*QJKTINPUGHIJKT*HJ*XP*HGaPK*QGUP*JY*X^*HSP*NPTIOK*HPGRT:*\UJ[PQH>QJKTHUMQHIJK*RGKGOPRPKH*HPGR:
GKN*J\PUGHIJK*GKN*RGIKHPKGKQP*HPGR*SGWP*XPPK*YMUHSPU*UPIKYJUQPN*QJKTINPUIKO*HSP*\UPTPKH*NG^*UPcMIUPRPKHT
GKN*P`\PQHGHIJKT*YUJR*XMILNIKOT*GKN*XMILH*PKWIUJKRPKH]
NB -UJWITIJKT*UPLGHIKO*HJ*J\PUGHIJK*GKN*RGIKHPKGKQP*SGWP*XPPK*YMUHSPU*P`HPKNPN*HJ*IKQLMNP*NPQJRRITTIJKIKO
GKN* NPQJKTHUMQHIJK* @IKQLMNIKO* NPRJLIHIJKB* HJ* OIWP* IR\JUHGKQP* HJ* \LGKKPN* NPQJRRITTIJKIKO* GKN
NPQJKTHUMQHIJK*GYHPU*HSP*MTPYML*TPUWIQP*LIYP*JY*HSP*XMILH*YGQILIH^*IT*JWPU]
PB %IHS*HSP*IKHUJNMQHIJK*JY*HSP*KPZ*-GUH*))*d7\\UJGQS*HJ*+MTHGIKGXILIHê*JY*HSP*,JNP:*G\\UJ\UIGHP*UPYPUPKQPT
HJ*TMTHGIKGXILIH^*ZSPUPWPU*UPLPWGKH*HJ*HSP*IKHPOUGHPN*G\\UJGQS:*SGWP*XPPK*HGaPK*QGUP*JY]
YB 7QQPTTIXILIH^*GKN*MKIWPUTGL*NPTIOK*YJU*PKTMUIKO*XGUUIPU*YUPP*PKWIUJKRPKH*YJU*\PUTJKT*ZIHS*NITGXILIHIPT*SGT
XPPK*PR\SGTI_PN*X^*YMUHSPU*UPIKYJUQIKO*HSP*\UJWITIJKT*HJ*HSIT*PYYPQH*G\\UJ\UIGHPL^]
OB 7KKP`*7*OIWIKO*XUIPY*NPHGILT*JY*HSP*QJWPUGOP*JY*WGUIJMT*\UJWITIJKT*MKNPU*NIYYPUPKH*-GUHT>+PQHIJKT*JY*HSP
,JNP:*SGT*XPPK*M\NGHPN:*QJKTINPUIKO*RJNIYIQGHIJK*IK*HSP*TQJ\PT*JY*PÌTHIKO*-GUHT>+PQHIJKT*GKN*IKQLMTIJK
JY*KPZ*-GUHT>+PQHIJKT]
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DB !IUP*\UJHPQHIJK*PKOIKPPUg 0J* PKTMUP* \UJ\PU* IR\LPRPKHGHIJK* JY* HSP* NPTIOK:* HSP
CB 9PGHIKO:* WPKHILGHIJK* GKN* GIU* QJKNIHIJKIKO NPTIOK*HPGR:*RG^*XP*GTTJQIGHPN*NMUIKO*HSP*QJKTHUMQHIJK>
PKOIKPPUg P`PQMHIJK*THGOP]
FB 4IYH:*PTQGLGHJU*GKN*RJWIKO*ZGLa*T\PQIGLITHg <=1=!( +,-."/0' 1)&)%"*"&0' )&2' 3-&#0,4/0$-&
)VB 7QJMTHIQT*T\PQIGLITHg 1)&)%"*"&0'(")*#
))B 2KYJURGHIJK>QJRRMKIQGHIJK* HPQSKJLJO^ 0SP*JX[PQHIWP*JY*\UJ[PQH*RGKGOPRPKH*JU*QJKTHUMQHIJK
PKOIKPPUg RGKGOPRPKH*IT*\UIRGUIL^*HJ*GQSIPWP*GQQJR\LITSRPKH
)/B 9PGLHS:*TGYPH^*GKN*PKWIUJKRPKH*T\PQIGLITHg JY* G* \UJ[PQH* IK* GQQJUNGKQP* ZIHS* HSP* NPTIOKT* GKN
)(B $KWIUJKRPKH>TMTHGIKGXILIH^*T\PQIGLITHg T\PQIYIQGHIJKT*IK*G*THI\MLGHPN*HIRP*GKN*QJTH*YUGRPZJUa:
)8B 0JZK*\LGKKPUg PHQ:*ZIHS*G*NPOUPP*JY*GTTMUGKQP*\UIJU*HJ*QJRRPKQPRPKH
).B =UXGK*NPTIOKPUg GKN*TGHITYGQHIJK*JK*QJR\LPHIJK*GKN*QJRRITTIJKIKO]
)<B 4GKNTQG\P*GUQSIHPQHg !JU* LGUOP* \UJ[PQHT:* TP\GUGHP* HPGRT* JY* P`\PUIPKQPN
)DB +PQMUIH^*T^THPR*T\PQIGLITHg \UJYPTTIJKGLT* YUJR* HSP* UPcMIUPN* NITQI\LIKPT* RG^* XP
)CB 2KHPUIJU*NPTIOKPUg QJKTHIHMHPN*YJU*\UJ[PQH*RGKGOPRPKH*@IKQLMNIKO*\LGKKIKO
GKN* TQSPNMLIKOB* GKN* YJU* QJKTHUMQHIJK* RGKGOPRPKH
)FB hMGKHIH^*TMUWP^JUg
NP\PKNIKO*M\JK*HSP*QJR\LPÌHIPT*JY*HSP*\UJ[PQH]*9JZPWPU:
/VB -UJ[PQH>QJKTHUMQHIJK*RGKGOPUg YJU*TRGLLPU*\UJ[PQHT*HSPTP*HPGRT*RG^*XP*QJRXIKPN]*0SP
/)B 7QQPTTIXILIH^*GKN*MKIWPUTGL*NPTIOK*T\PQIGLITHg HPGRT* TSGLL* XP* UPT\JKTIXLP* YJU* NG^bHJbNG^* P`PQMHIJK:
//B 7TTPH>YGQILIH^*RGKGOPUg*GKN TM\PUWITIJK:*cMGLIH^*QJKHUJL:*PHQ:*GKN*TSGLL*PKTMUP*IKHPUb
/(B "HSPU*TMX[PQH*T\PQIGLITH@TB] NITQI\LIKGU^*QJJUNIKGHIJK*NMUIKO*HSP*QJKTHUMQHIJK*THGOP]
0SP* HPGR* TSGLL* XP* UPT\JKTIXLP* HJ* GQSIPWP* TGHITYGQHJU^
2H*IT*IR\JUHGKH*HSGH*LPGNPUT*GKN*RPRXPUT*JY*NPTIOK*HPGR: QJR\LPHIJK*JY*HSP*\UJ[PQH*IK*UPT\PQH*JY*GLL*UPLPWGKH*\UJ[PQH
\UJ[PQH* RGKGOPRPKH>QJKTHUMQHIJK* RGKGOPRPKH* HPGR: RGKGOPRPKH*YMKQHIJKT*LIaP*QJTH:*HIRP:*cMGLIH^:*TGYPH^:*PHQ]
GKN*J\PUGHIJK*GKN*RGIKHPKGKQP*HPGR:*NP\PKNIKO*JK*HSP +JRP*RPRXPUT*JY*HSP*NPTIOK*HPGR*RG^*GLTJ*XP*IKQLMNPN
TI_P*GKN*QJR\LPÌH^*JY*HSP*\UJ[PQH:*GUP*QGUPYMLL^*TPLPQHPN IK*HSP*\UJ[PQH*RGKGOPRPKH*HPGR*GKN>JU*GTTJQIGHPN*GQHIWPL^
QJKTINPUIKO*HSPIU*cMGLIYIQGHIJK:*P`\PUIPKQP*GKN*P`\PUHITP NMUIKO*HSP*\UJ[PQH*P`PQMHIJK*THGOP]
IK*HSPTP*YIPLNT]
<=1=;(56",)0$-&')&2'1)$&0"&)&/"'(")*
<=1=1(!"#$%&'(")*
"\PUGHIJK:*RGIKHPKGKQP*GKN*UP\GIUT*GLTJ*UPcMIUP*G*RMLHIb
2K*XMILNIKO*\UJ[PQHT:*WGUIJMT*GT\PQHT*LIaP*YJURg*T\GQP NITQI\LIKGU^*G\\UJGQS*HJ*PKTMUP*HSGH*GLL*HSP*UPcMIUPRPKHT
\LGKKIKOg* GPTHSPHIQTg* YIUP* GKN* LIYP* TGYPH^g* THUMQHMUGL JY*HSP*MTPUT*GUP*TGHITYGQHJUIL^*RPH]*&MUIKO*RGIKHPKGKQP
GNPcMGQ^g* \LMRXIKO* TPUWIQPTg* LIOSHIKO* GKN* KGHMUGL GKN* UP\GIUT:* HSP* [JXT* UPcMIUIKO* IKHPUbNITQI\LIKGU^
WPKHILGHIJKg* PLPQHUIQGL* GKN* GLLIPN* IKTHGLLGHIJKTg* GIU QJJUNIKGHIJK*SGWP*HJ*XP*P`PQMHPN*IK*TMQS*G*RGKKPU*GT
QJKNIHIJKIKO:* SPGHIKO* GKN* RPQSGKIQGL* WPKHILGHIJKg KJH*JKL^*HJ*QGMTP*LPGTH*IKQJKWPKIPKQP*HJ*HSP*MTPU*XMH
GQJMTHIQT:* TJMKN* IKTMLGHIJK* GKN* KJITP* QJKHUJLg GLTJ*HJ*PKTMUP*HSGH*HSPUP*IT*KJ*RITRGHQS*JU*NGRGOP*HJ
IKTHGLLGHIJK*JY*LIYHT*GKN*PTQGLGHJUTg*XMILNIKO*GMHJRGHIJKg HSP* THUMQHMUP:* YIKITSIKO:* YIHHIKOT* GKN* YI`HMUPT:* GKN* HJ
NGHG*GKN*WJIQP*QJRRMKIQGHIJKg*JHSPU*MHILIH^*TPUWIQPT \UPTPUWP*HSP*IKHPOUIH^*JY*JHSPU*TPUWIQPT]*!JU*QGUUÎKO
IKTHGLLGHIJKTg* LGKNTQG\P* \LGKKIKO:* NPTIOK* GKN JMH*UJMHIKP*RGIKHPKGKQP>UP\GIU*[JXT:*MHILI_GHIJK*JY*HSP
NPWPLJ\RPKHg*MUXGK*\LGKKIKOg*PHQ*KPPN*HJ*XP*aP\H*IK TPUWIQPT*JY*HUGIKPN*HPQSKIQIGKT*\UPYPUGXL^*SGWIKO*RMLHIb
WIPZ*UIOSH*GH*HSP*QJKQP\H*THGOP]*0SP*\UJ[PQH*UPcMIUIKO NITQI\LIKGU^*TaILLT*TSJMLN*XP*PKQJMUGOPN]
TMQS* RMLHIbNITQI\LIKGU^* IK\MHT* KPPN* G* QJJUNIKGHPN
G\\UJGQS* GRJKO* HSP* \UJYPTTIJKGLT* YJU* \UJ\PU +\PQIGL* UP\GIUT:* UPSGXILIHGHIJK* GKN* UPHUJYIHHIKO* GUP
IKHPOUGHIJK*JY*WGUIJMT*NPTIOK*IK\MHT]*!JU*HSIT:*GKN*HJ T\PQIGLI_PN* [JXT* ZSIQS* NPRGKN* aKJZLPNOP* JY* HSP
HGaP* QGUP* JY* HSP* QJR\LPÌHIPT* JY* RMLHIbNITQI\LIKGU^ PÌTHIKO* THUMQHMUP>IKTHGLLGHIJKT]* 7TTJQIGHIJK* JY
UPcMIUPRPKHT:*G*NPTIOK*HPGR*JY*\UJYPTTIJKGLT*YUJR*HSP QJKQPUKPN*T\PQIGLITHT*RG^*XP*SPL\YML*YJU*HSPTP*ZJUaT]
UPcMIUPN* NITQI\LIKPT* TSGLL* XP* QJKTHIHMHPN* GH* HSP 0SP* J\PUGHIJK* GKN* RGIKHPKGKQP* HPGR* RG^* GLTJ* XP
G\\UJ\UIGHP*THGOP]*9PUP:*IH*IT*NPTIUGXLP*HSGH*HSP*RMLHIb aKJZK* GT* GTTPH* GKN* YGQILIH^* RGKGOPRPKH* JU* PTHGHP
NITQI\LIKGU^* IKHPOUGHIJK* IT* IKIHIGHPN* UIOSH* YUJR* HSP RGKGOPRPKH*HPGR]
QJKQP\H* THGOP]* 0SP* HPGR* TSGLL* YIKGLI_P* HSP* \LGK]* 0SP
QJR\JTIHIJK*JY*HSP*HPGR*TSGLL*NP\PKN*JK*HSP*KGHMUP: >(3'#""%",?(+.8%,"%",(#"+
RGOKIHMNP*GKN*QJR\LPÌHIPT*JY*HSP*\UJ[PQH]*&PTIOK*IT +.:.'&3@."$
GK* PWJLMHIJKGU^* GKN* \GUHIQI\GHJU^* \UJQPTT:* ZSPUP
>=1* 0SP* RGIK* YMKQHIJKT* JY* NPTIOK* HPGR* @#""* <=1=1B
\GUHIQI\GHIJK*JY*HSP*JZKPU*QJKTHIHMHPT*G*WPU^*IR\JUHGKH
QJKTHIHMHPN* YJU* HSP* \LGKKIKO:* NPTIOKIKO* GKN
IK\MH*GH*GLL*THGOPT:*GKN*HSP*TGRP*TSGLL*XP*PKTMUPN*X^*HSP
NPWPLJ\RPKH:*GUP*GT*MKNPUf
NPTIOK*HPGR]
2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
GB !JURGLI_GHIJK*JY*NPTIOK*XUIPY*IK*QJKTMLHGHIJK (B ;GUIPN* TJQIJLJOIQGL* \GHHPUK* JY* LIWIKO* IK* HSP
ZIHS*HSP*JZKPU] QJMKHU^]
XB +IHP*TMUWP^*GKN*TJIL*IKWPTHIOGHIJK] 8B $YYPQHIWP*LGKN*MTP*HJ*QGHPU*HJ*HSP*KPPNT*JY*HSP
QB -UP\GUGHIJK* JY* GLHPUKGHIWP* QJKQP\H* NPTIOKT: TJQIPH^*IK*G*RJTH*QJKWPKIPKH*RGKKPU]
SIOSLIOSHIKO*XJHS*HSPIU*\JTIHIWP*GKN*KPOGHIWP .B 1JNMLGU*\LGKKIKO*GKN*THGKNGUNI_GHIJK*HJ*HGaP
GT\PQHT] QGUP* JY* YMHMUP* \LGKKIKO* OIWIKO* NMP
NB +PLPQHIJK*JY*G*QJKQP\H*IK*QJKTMLHGHIJK*ZIHS*GKN QJKTINPUGHIJK* HJ* HSP* T\PQIYIPN* \LGKKIKO
ZIHS*HSP*QJKTPKH*JY*HSP*JZKPU] QJKHUJLT]
PB +I_IKO*HSP*T^THPR] <B $R\SGTIT* JK* NG^LIOSH* MHILI_GHIJK:* KGHMUGL
YB &PWPLJ\RPKH*JY*NPTIOK:*IKWJLWIKOf WPKHILGHIJK:*TSIPLNIKO:*GKN*ZIKNJZ*GUPG*GKN
)B 2KHPOUGHIJK*JY*GUQSIHPQHMUP:*THUMQHMUP*GKN NIT\JTIHIJKg*NG^LIOSHIKO*HJ*XP*TM\\LPRPKHPN
TPUWIQPT: ZIHS*GK*IKHPOUGHPN*NPTIOK*JY*GUHIYIQIGL*LIOSHIKO]
/B +^KHSPTIT* JY* UPcMIUPRPKHT* JY* PGQS DB "\HIRMR* MHILI_GHIJK* JY* UPKPZGXLP* PKPUO^
NITQI\LIKP:*GKN TJMUQPT*NML^*IKHPOUGHPN*IK*HSP*JWPUGLL*PKPUO^
T^THPR* NPTIOKg* ZIHS* QJKTINPUGHIJK* JY* GQHIWP
(B 2KHPUGQHIJK* ZIHS* PGQS* JHSPU* ZIHSIK* HSP
GKN* \GTTIWP* GT\PQHT* IK* XMILNIKO* NPTIOK
NPTIOK*HPGR*GKN*ZIHS*HSP*JZKPU]
IKQLMNIKO* HSPURGL* \PUYJURGKQP* JY* XMILNIKO
OB -UP\GUGHIJK* JY* \UPLIRIKGU^* NPTIOKT* GKN
PKWPLJ\P]
NUGZIKOT*GKN*JXHGIKIKO*HSP*JZKPUTe*G\\UJWGL]
CB #GIK* ZGHPU* SGUWPTHIKO:* IKHPOUGHPN* ZGHPU
SB -UP\GUGHIJK*JY*\UPLIRIKGU^*QJTH*PTHIRGHPT*YJU
RGKGOPRPKH*IKQLMNIKO*UPQ^QLP*GKN*UPMTP:*PHQ]
G\\UJWGL*JY*JZKPU]
FB =TP* JY* G\\UJ\UIGHP* XMILNIKO* RGHPUIGLT
[B -UP\GUGHIJK*JY*ZJUabXUPGaNJZK*THUMQHMUP*GKN
QJKTINPUIKO*GT\PQHT*LIaP*PKPUO^*QJKTMR\HIJK
\UJOUGRRP*YJU*\UPbQJKTHUMQHIJK*GQHIWIHIPT]
IK*\UJNMQHIJK:*HUGKT\JUHGHIJK*GKN*MHILI_GHIJK:
aB 7TTITHIKO* QLIPKH* HJ* JXHGIK* G\\UJWGLT* JY* HSP UPQ^QLGXILIH^:*PHQ:*GKN*YJU*NPQJKTHUMQHIJK:*YJU
7MHSJUIH^>GMHSJUIHIPT] \UJRJHIKO*TMTHGIKGXLP*NPWPLJ\RPKH]
RB -UP\GUGHIJK* JY* NPHGILPN* T\PQIYIQGHIJKT* GKN )VB #PcMITIHP* RGKNGHJU^* \UJWITIJKT* YJU* \PUTJKT
QJKTHUMQHIJK* ZJUaIKO* NUGZIKOT* ZIHS ZIHS*NITGXILIHIPT]
IKHPOUGHIJK* JY* PKOIKPPUIKO* IK\MHT* JY* GLL
))B 7QJMTHIQGL* QJKHUJLT* YJU* XMILNIKOT* GKN* HSP
QJKQPUKPN*NITQI\LIKPT]
TMUUJMKNIKOT]
KB -UP\GUGHIJK* JY* NPHGILPN* NPTIOK* JY* PGQS
)/B -UJRJHIJK*JY*GUHZJUa*IK*XMILNIKOT:*PT\PQIGLL^:
NITQI\LIKP*YJU*WGUIJMT*TPUWIQPT]
RG[JU>IR\JUHGKH*XMILNIKOT]
\B -PPU*UPWIPZ>\UJJY*QSPQaIKO*JY*HSP*NUGZIKOT>
NPTIOKT*IK*QGTP*JY*RG[JU>IR\JUHGKH*\UJ[PQHT: )(B &MP*QJOKI_GKQP*JY*UPQJRRPKNGHIJKT*JY*HSP
NP\PKNIKO* M\JK* HSPIU* QJR\LPÌH^* GKN 7UQSGPJLJOIQGL*+MUWP^*JY*2KNIG*ZIHS*UPOGUN
TPKTIHIWIH^] HJ* KGHIJKGL* RJKMRPKHT* GKN* QJKTHUMQHIJK* IK
GUQSGPJLJOIQGLL^*IR\JUHGKH*TIHPT]
cB -UP\GUGHIJK*JY*NPHGILPN*QJTH*PTHIRGHP]
)8B &MP* QJOKI_GKQP* JY* UPLPWGKH* \UJWITIJKT
UB "XHGIKIKO*YIKGL*G\\UJWGL*JY*HSP*QLIPKH]
G\\LIQGXLP*HJ*QJGTHGL*UPOMLGHIJK*_JKP]
TB -UP\GUGHIJK*JY*XILL*JY*cMGKHIHIPT:*T\PQIYIQGHIJKT
).B ,JKTPUWGHIJK*JY*SPUIHGOP*THUMQHMUPT*GKN*GUPGT:
GKN*HPKNPU*NJQMRPKHT]
ZIHS*NMP*QJKTINPUGHIJK*HJ*HSP*QJKQPUKT*JY*HSP
>=!*0SP*YJLLJZIKO*QJKTINPUGHIJKT:*GT*RG^*XP*G\\LIQGXLP GUQSGPJLJOIQGL*NP\GUHRPKHT]
HJ* HSP* \UJ[PQH:* RG^* XP* QJKTINPUPN* NMUIKO* \LGKKIKO: )+PQHIJKT*JY*HSIT*,JNPg JY*PKPUO^*PYYIQIPKQ^:*PKWIUJKRPKH*YUIPKNLIKPTT
HSPTP*QJKTINPUGHIJKT*IK*OPKPUGL*GUP*ZIHS*HSP*JX[PQHIWP GKN*RGIKHGIKGXILIH^]
JY* GNNUPTTIKO* IR\JUHGKH* ITTMPT* LIaP* PKWIUJKRPKHGL )CB 2KHPOUGHPN*ZGTHP*RGKGOPRPKH]
\UJHPQHIJK:* PKPUO^* QJKTPUWGHIJK:* QMLHMUGL* ITTMPT:
)FB ;JIQP*GKN*NGHG*QJRRMKIQGHIJK:*GMHJRGHIJK*JY
QUPGHIKO*XGUUIPU*YUPP*XMILHbPKWIUJKRPKH:*TGYPH^*GT\PQHT:
XMILNIKO*TPUWIQPT:*GKN*IKHPLLIOPKH*XMILNIKOg*MTP
PHQ:* GLL* JY* HSPTP* LPGNIKO* HJZGUNT* TMTHGIKGXLP
JY* TPQMUIH^* GKN* TMUWPILLGKQP* T^THPR* IK
NPWPLJ\RPKH:*GKN*SGWP*HJ*XP*G\\LIPN*ZIHS*NMP*UPOGUN
IR\JUHGKH* GKN* TPKTIHIWP* XMILNIKOT:* TMQS* GT
HJ*HSP*T\PQIYIQ*UPcMIUPRPKHT*JY*TI_P*GKN*H^\P*JY*\UJ[PQHf
GQQPTT* QJKHUJL* YJU* HSP* \PJ\LP* GT* ZPLL* GT* YJU
)B 5PJQLIRGHIQ:* OPJLJOIQGL* GKN* HJ\JOUG\SIQGL WPSIQLP]
YPGHMUPT] /VB 2KHPULIKaIKO* JY* YIUP* GLGUR* T^THPR:* YIUP
/B 5PJHPQSKIQGL* QJKTINPUGHIJKT* ZIHS* UPT\PQH* HJ \UJHPQHIJK* T^THPR:* TPQMUIH^* T^THPR:
TJIL>UJQa:*ZGHPU*HGXLP:*PHQ] WPKHILGHIJK:*PLPQHUIQGL*T^THPRT:*PHQ]
3#4$( 0(%"$.,4#$.+(#334&#-5(6(34.4.7*%8%$.(/&4(#33'9%",(34&:%8%&"8(&/($5.(-&+. A
/)B 7KGL^TIT*JY*PRPUOPKQ^*\JZPU:*THGKNX^*\JZPU NB ,JKHUGQH* RGKGOPRPKH* GKN* HPQSKJbLPOGL
UPcMIUPRPKH*GKN*QG\HIWP*\JZPU*T^THPRT] GT\PQHT]
//B ,JTH* J\HIRI_GHIJK* HSUJMOS* HPQSKIcMPT* LIaP PB ,JR\LPHIJK:*QJRRITTIJKIKO*GKN*HUIGL*UMK*JY
WGLMP*PKOIKPPUIKO] IKTHGLLGHIJKT>PcMI\RPKH* GKN* HSPIU* J\PUGHIJK
/(B 7NJ\HIJK* JY* IKKJWGHIWP* HPQSKJLJOIPT* OIWIKO GKN*RGIKHPKGKQP*HSUJMOS*HSP*TM\\LIPUT>JHSPU
NMP* QJKTINPUGHIJK* HJ* QJKTHUMQHGXILIH^* GKN HPGRT:*ZSPUP*KPQPTTGU^]
cMGLIH^*GT\PQHT] YB 1GaP*GWGILGXLP*TSJ\*NUGZIKOT*GT*ZPLL*GT*GTb
/8B 2KTHUMRPKHGHIJK*JY*XMILNIKO:*RJKIHJUIKO*GKN XMILH*NUGZIKOT*YJU*HSP*XMILNIKO*GKN*TPUWIQPT]
MTP* JY* IKYJURGHIJK* TJ* OPKPUGHPN* HJ* PYYPQH OB 7UUGKOP*GLL*RGIKHPKGKQP*GKN*J\PUGHIJK*RGKMGL
IR\UJWPRPKHT*IK*\LGKKIKO*GKN*NPTIOK*JY*YMHMUP YUJR*HSP*QJKQPUKPN*TM\\LIPUT>RGKMYGQHMUPUT]
XMILNIKO* \UJ[PQHT:* GKN* MTP* JY* TMQS
2=;(0SP*HPGR*JY*\UJYPTTIJKGLT*@#""*<=1=!B*TSGLL*ZJUa
IKTHUMRPKHGHIJK*HJ*RJKIHJU*GK^*GNWPUTP*PYYPQH
GKN* RJKIHJU* HSP* \UJ[PQH* GQHIWIHIPT* YJU* TMQQPTTYML
JK* HSP* XMILNIKO* GT* ZPLL* GT* KPIOSXJMUIKO
QJKTHUMQHIJK>P`PQMHIJK* JY* HSP* \UJ[PQH* ZIHS* UPOGUN* HJ
XMILNIKOT] WGUIJMT* QJKTHUMQHIJK* \UJ[PQH* RGKGOPRPKH* YMKQHIJKT:
\GUHIQMLGUL^:*HIRP:*QJTH:*cMGLIH^*GKN*TGYPH^]
2( -&"8$4*-$%&"C.D.-*$%&"( E#-$*#'F
%G#$%&"H A &3.4#$%&"?( @#%"$."#"-.?( +.F
-&@@%88%&"%",(#"+(+.-&"8$4*-$%&"
2=1( 0SP* RGIK* YMKQHIJKT* JY* HSP* HPGRT* @#""* <=1=!B
QJKTHIHMHPN* YJU* -UJ[PQH* 1GKGOPRPKH>,JKTHUMQHIJK A=1(0SP*HPGR*JY*\UJYPTTIJKGLT*@#""*<=1=;B*TSGLL*TPH*M\*G
1GKGOPRPKH*RG^*XP*HJ: T^THPR* JY* \PUIJNIQ* RGIKHPKGKQP* GKN* M\aPP\* JY
QJKTHUMQHPN*XMILNIKOT]
GB T\PQIY^*QUIHPUIG*YJU*TPLPQHIJK*JY*QJKTHUMQHJUTg
XB T\PQIY^*cMGLIH^*QJKHUJL:*cMGLIH^*GMNIH*T^THPR A=!( 0SP* J\PUGHIJK* GKN* RGIKHPKGKQP* HPGR* TSGLL* XP
GKN*TGYPH^*T^THPRg UPT\JKTIXLP*YJU*\UP\GUGHIJK>G\\LIQGHIJK*JY*J\PUGHIJK*GKN
RGIKHPKGKQP*RGKMGL:*GKN*NUGZ*RGIKHPKGKQP*TQSPNMLP>
QB TSJUHbLITH*QJKTHUMQHJUTg
YUPcMPKQIPT*GKN*OMINPLIKPT*YJU*RGIKHPKGKQP*\PUTJKKPL]
NB SGWP* \UPbXIN* RPPHIKOT* ZIHS* HSP* IKHPKNIKO 7\GUH* YUJR* HSP* T\PQIYIQ* \UJWITIJKT* LGIN* NJZK* IK
QJKTHUMQHJUTg QJKQPUKPN*-GUHT>+PQHIJKT*JY*HSP*,JNP:*HSP*YJLLJZIKO:
PB UPQPIWP*GKN*PWGLMGHP*HPKNPUTg GT* RG^* XP* G\\LIQGXLP* HJ* HSP* \UJ[PQH* QJKQPUKPN:* TSGLL
YB TPLPQH*QJKTHUMQHJUTg GNNIHIJKGLL^*XP*HGaPK*IKHJ*GQQJMKHf
OB P`PQMHIJK*GKN*TM\PUWITIJKg
GB -PUIJNIQ*WGLINGHIJK*JY*XMILNIKOT*X^*QJR\PHPKH
SB RJKIHJU*YJU*cMGLIH^:*HIRP*GKN*QJTH*QJKHUJL*GKN \UJYPTTIJKGLT* HSUJMOS* IKT\PQHIJK* JY* HSP
YJU*JHSPU*\UJ[PQH*RGKGOPRPKH*YMKQHIJKTg XMILNIKOT*IK*UPT\PQH*JY*THUMQHMUGL*TGYPH^*GKN
[B \UP\GUP>QPUHIY^* HSP* QJR\LPHIJK* @GTbXMILHB TGYPH^*JY*PLPQHUIQGL*GKN*JHSPU*IKTHGLLGHIJKT*GKN
NUGZIKOTg PKTMUIKO*HSGH*GLL*YIUP*TGYPH^*PcMI\RPKH>T^THPRT
aB GTTITH*IK*OPHHIKO*THGHMHJU^*G\\UJWGLT*GH*WGUIJMT GUP*IK*\UJ\PU*ZJUaIKO*QJKNIHIJK]
THGOPTg*GKN XB -PUIJNIQ*GQQPTTIXILIH^*GMNIHT*HJ*PKTMUP*HSGH*HSP
RB PKTMUP*GWGILGXILIH^*JY*J\PUGHIJK*RGKMGLT*YJU XMILNIKOT* UPRGIK* MKIWPUTGLL^* GQQPTTIXLP* GKN
YIPLN*MTP] XGUUIPU*YUPP*YJU*\PUTJKT*ZIHS*NITGXILIHIPT]
2=!(7\GUH*YUJR*HSP*T\PQIYIQ*\UJWITIJKT*LGIN*NJZK*IK*HSP QB -UP\GUGHIJK* JY* \UPNIQHIWP>\UPWPKHIWP
RGIKHPKGKQP*TQSPNMLPT*YJU*GLL*IKTHGLLGHIJKT*IK
QJKQPUKPN* -GUHT>+PQHIJKT* JY* HSP* ,JNP:* HSP* YJLLJZIKO
HSP*XMILNIKO*GKN*THUIQHL^*YJLLJZIKO*HSP*TGRPg
QJKTINPUGHIJKT:* GT* RG^* XP* G\\LIQGXLP* HJ* HSP* \UJ[PQH
HSP*UPQJUN*JY*HSP*\UPWPKHIWP*RGIKHPKGKQP*HJ
QJKQPUKPN:*TSGLL*XP*OIWPK*NMP*GHHPKHIJKf
XP*\UJ\PUL^*aP\H]
GB 7NJ\HIKO*TQIPKHIYIQ*\UIKQI\LPT*JY*QJKTHUMQHIJK NB $KTMUIKO* IKHPUbNITQI\LIKGU^* QJJUNIKGHIJK
\UJ[PQH*RGKGOPRPKH:*IKQLMNIKO*cMGLIH^:*QJTH: NMUIKO* J\PUGHIJK* GKN* RGIKHPKGKQP:* GKN
HIRP:*GKN*TGYPH^*RGKGOPRPKH] UP\GIUTg*NP\LJ^RPKH*JY*HUGIKPN*\PUTJKKPL*ZIHS
XB $KOGOPRPKH* JY* P`PQMHIKO* GKN* TM\PUWITIKO RMLHIbNITQI\LIKGU^*TaILLT*HJ*XP*PKQJMUGOPN]
GOPKQIPT:*ZSIQS*RPPH*HSP*T\PQIYIPN*KJURT*JY PB ,JKNIHIJK*TMUWP^*JY*THUMQHMUPT*GKN*IKTHGLLGHIJKT:
TaILLT:*T\PQIGLI_GHIJK:*P`\PUIPKQP:*UPTJMUQPYMLb INPKHIYIQGHIJK* JY* NITHUPTT* JY* WGUIJMT* PLPRPKHT
KPTT:*PHQ:*YJU*HSP*ZJUa] GKN* IKIHIGHIKO* \LGKT* YJU* UPSGXILIHGHIJK>
QB $KTMUIKO* IKHPUbNITQI\LIKGU^* QJJUNIKGHIJK UPHUJYIHHIKO* ZPLL* IK* HIRP]* -JTHbNITGTHPU
NMUIKO*QJKTHUMQHIJK] IKWPTHIOGHIJKT*X^*QJR\PHPKH*PKOIKPPU>T\PQIGLITH]
B "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
A=;*0SP*\UJ\JTGLT*YJU*UPSGXILIHGHIJK>UPHUJYIHHIKO*TSJMLN UPcMIUPN* HJ* NPQJKTHUMQH* G* XMILNIKO]* +MQS* G
XP*\UP\GUPN*GYHPU*NPHGILPN*IKWPTHIOGHIJKT*HSUJMOS*WITMGL NPQJKTHUMQHIJK* IT* \UPQPNPN* X^* GK* JUOGKI_PN
IKT\PQHIJK:*RGIKHPKGKQP*UPQJUNT*GKN*HPTHIKO*GT*UPcMIUPN NPQJRRITTIJKIKO]* 0SP* NPQJRRITTIJKIKO* GKN
GKN*OJH*P`PQMHPN*HSUJMOS*T\PQIGLI_PN*GOPKQIPT*MKNPU NPQJKTHUMQHIJK* KPPNT* HJ* XP* ZPLL* \LGKKPN* GKN
HSP* OMINGKQP* GKN* TM\PUWITIJK* JY* QJR\PHPKH QJJUNIKGHPN*GRJKO*QJKQPUKPN*XMILNIKO*\UJYPTTIJKGLT
\UJYPTTIJKGLT]* !JU* YMUHSPU* NPHGILT* GKN* OJJN* \UGQHIQPT TJ*GT*HJ*PKTMUP*TGYPH^*NMUIKO*TMQS*J\PUGHIJKT:*GT*GLTJ
UPOGUNIKO* HSP* TGRP:* UPYPUPKQP* TSGLL* XP* RGNP* HJ UPHUIPWGL* JY* G\\UJ\UIGHP* \UJNMQHT:* QJR\JKPKHT* GKN
-GUH D d,JKTHUMQHIJK* 1GKGOPRPKH:* -UGQHIQPT* GKN T^THPRT:* YJU* HSPIU* \JTTIXLP* UPMTP* JU* UPQ^QLIKO:* JU
+GYPHê*JY*HSP*,JNP] NIT\JTGL*GT*RG^*XP*G\\UJ\UIGHP]*0SIT*RG^*IK*HMUK*UPcMIUP
G*QJR\UPSPKTIWP*NPQJRRITTIJKIKO*GKN*NPQJKTHUMQHIJK
A=<*7YHPU*HSP*MTPYML*TPUWIQP*LIYP*JY*G*XMILNIKO*IT*JWPU:*JU @IKQLMNIKO*NPRJLIHIJKB*\LGK:*ZSIQS*RG^*XP*\UP\GUPN
YJU*JHSPU*UPGTJKT*TMQS*GT*UPNPWPLJ\RPKH*GKN*\UJ\JTPN NMUIKO*HSP*IKIHIGL*THGOPT*JY*HSP*\UJ[PQH*GKN*aP\H*GWGILGXLP
QSGKOP*IK*MTP*JY*HSP*LGKN*GKN*XMILH*YGQILIH^:*IH*RG^*XP YJU*MTP*GH*HSP*PKN*JY*LIYP*Q^QLP*JY*HSP*TGRP]
#"".D(#
@37)4#"*(]/B
)4%./(+.$#%'8(&/($5.(-&:.4#,.(&/(:#4%&*8(34&:%8%&"8(*"+.4(+%//.4."$
3#4$8C8.-$%&"8(&/($5.(-&+.
#F1(3#4$(1(+./%"%$%&"8 #F>(3#4$(>()*%'+%",(@#$.4%#'8
2H*LITHT*HSP*HPURT*G\\PGUIKO*IK*GLL*HSP*-GUHT>+PQHIJKT*JY 2H* QJWPUT* HSP* UPcMIUPRPKHT* JY* XMILNIKO* RGHPUIGLT* GKN
HSP*3GHIJKGL*EMILNIKO*,JNP*JY*2KNIG]*9JZPWPU:*TJRP QJR\JKPKHT:* GKN* QUIHPUIG* YJU* GQQP\HIKO* KPZ* JU
QJRRJK*NPYIKIHIJKT*GUP*UP\UJNMQPN*IK*HSIT*-GUH*GLTJ] GLHPUKGHIWP*XMILNIKO*RGHPUIGLT*GKN*QJR\JKPKHT]
#F!(3#4$(!(#+@%"%8$4#$%&" #F2(3#4$(2(8$4*-$*4#'(+.8%,"
2H*QJWPUT*HSP*GNRIKITHUGHIWP*GT\PQHT*JY*HSP*,JNP:*TMQS 0SIT* -GUH* HSUJMOS* IHT* PIOSH* +PQHIJKT* \UJWINPT* YJU
GT*G\\LIQGXILIH^*JY*HSP*,JNP:*JUOGKI_GHIJK*JY*XMILNIKO THUMQHMUGL* GNPcMGQ^* JY* XMILNIKOT* HJ* NPGL* ZIHS* XJHS
NP\GUHRPKH*YJU*PKYJUQPRPKH*JY*HSP*,JNP:*\UJQPNMUP*YJU IKHPUKGL* GKN* P`HPUKGL* PKWIUJKRPKH:* GKN* \UJWINPT
JXHGIKIKO* NPWPLJ\RPKH* GKN* XMILNIKO* \PURIHT:* GKN OMINGKQP*HJ*PKOIKPPUT>THUMQHMUGL*PKOIKPPUT*YJU*WGUIPN
UPT\JKTIXILIH^* JY* HSP* JZKPU* GKN* GLL* \UJYPTTIJKGLT MTGOP*JY*RGHPUIGL>HPQSKJLJO^*H^\PT*YJU*XMILNIKO*NPTIOK]
IKWJLWPN*IK*HSP*\LGKKIKO:*NPTIOK*GKN*QJKTHUMQHIJK*JY
HSP*XMILNIKO] #F2=1(8JKLMNO(1('NPQR?(/NSKJR(POQ(.TTJKLR
#F;(3#4$(;(+.:.'&3@."$(-&"$4&'(4*'.8 2H*QJWPUT*XGTIQ*NPTIOK*LJGNT*HJ*XP*GTTMRPN*IK*HSP*NPTIOK
#"+(,.".4#'()*%'+%",(4.7*%4.@."$8 JY*XMILNIKOT]*0SP*IR\JTPN*LJGNT:*ZIKN*LJGNT:*TPITRIQ
YJUQPT:*TKJZ*LJGNT*GKN*JHSPU*LJGNT:*ZSIQS*GUP*T\PQIYIPN
2H* QJWPUT* HSP* NPWPLJ\RPKH* QJKHUJL* UMLPT* GKN* OPKPUGL
HSPUPIK:*GUP*RIKIRMR*ZJUaIKO*LJGNT*ZSIQS*TSJMLN*XP
XMILNIKO*UPcMIUPRPKHT*YJU*\UJ\PU*\LGKKIKO*GKN*NPTIOK
HGaPK*IKHJ*QJKTINPUGHIJK*YJU*\MU\JTPT*JY*NPTIOK]
GH*HSP*LG^JMH*GKN*XMILNIKO*LPWPL*HJ*PKTMUP*SPGLHS*TGYPH^:
\MXLIQ*TGYPH^*GKN*NPTIUPN*cMGLIH^*JY*LIYP]*2H*GLTJ*QJWPUT #F2=!(8JKLMNO(!(8NMUR(POQ(/NVOQPLMNOR
UPcMIUPRPKHT* YJU* GQQPTTIXILIH^* IK* XMILNIKOT* GKN* XMILH
PKWIUJKRPKH*YJU*PLNPUT*GKN*\PUTJKT*ZIHS*NITGXILIHIPT] 2H*QJWPUT*OPJHPQSKIQGL*NPTIOK*@\UIKQI\LPTB*JY*XMILNIKO
YJMKNGHIJKT:* TMQS* GT* TSGLLJZ* YJMKNGHIJKT:* LIaP:
#F<(3#4$(<(/%4.(#"+('%/.(8#/.$9 QJKHIKMJMT* THUI\* YJJHIKOT:* QJRXIKPN* YJJHIKOT:* UGYH
2H*QJWPUT*HSP*UPcMIUPRPKHT*YJU*YIUP*\UPWPKHIJK:*LIYP*TGYPH^ YJMKNGHIJKT:*NPP\*YJMKNGHIJKT*LIaP*\ILP*YJMKNGHIJKT*GKN
IK*UPLGHIJK*HJ*YIUP:*GKN*YIUP*\UJHPQHIJK*JY*XMILNIKOT]*2H JHSPU* YJMKNGHIJK* T^THPRT* HJ* PKTMUP* TGYPH^* GKN
GLTJ* T\PQIYIPT* JQQM\GKQ^bZITP* QLGTTIYIQGHIJK: TPUWIQPGXILIH^* ZIHSJMH* P`QPPNIKO* HSP* \PURITTIXLP
QJKTHUMQHIJKGL* GT\PQHT:* POUPTT* UPcMIUPRPKHT* GKN THUPTTPT*JY*HSP*RGHPUIGLT*JY*YJMKNGHIJKT*GKN*HSP*XPGUIKO
\UJHPQHIJK* YPGHMUPT* HSGH* GUP* KPQPTTGU^* HJ* RIKIRITP QG\GQIH^* JY* HSP* TM\\JUHIKO* TJIL>UJQa]* 2H* GLTJ* QJWPUT
NGKOPU*HJ*LIYP*GKN*\UJ\PUH^*YUJR*YIUP] \UJWITIJKT* UPLGHIKO* HJ* \UPLIRIKGU^* ZJUa* UPcMIUPN* YJU
3#4$( 0(%"$.,4#$.+(#334&#-5(6(34.4.7*%8%$.(/&4(#33'9%",(34&:%8%&"8(&/($5.(-&+. I
QJKTHUMQHIJK* JY* YJMKNGHIJKT* GKN* \UJHPQHIJK* JY IK*XMILNIKOT]*2H*G\\LIPT*HJ*OPKPUGL*QJKTHUMQHIJK*MTIKO
P`QGWGHIJK] SJH*UJLLPN*THPPL*TPQHIJKT*GKN*THPPL*HMXPT:*[JIKPN*MTIKO
UIWPHIKO:*XJLHIKO*GKN*ZPLNIKO]
#F2=;(8JKLMNO(;($MWXJS(POQ()PWXNN
#F2=;=1(8"/0$-&'9:'($*;", #F2=A( 8JKLMNO( A( 3SJTPXSMKPLMNO?( 8YRLJWR( )VMUQMOZ
POQ(@M[JQC-NW\NRMLJ(-NORLSVKLMNO
2H*QJWPUT*HSP*OPKPUGL*\UIKQI\LPT*IKWJLWPN*IK*HSP*NPTIOK
JY*THUMQHMUGL*HIRXPU*IK*XMILNIKOT:*IKQLMNIKO*PLPRPKHT*JY #F2=A=1(8"/0$-&'@:'+,"?);,$/)0"2'3-&/,"0"
THUMQHMUPT* QJKKPQHPN* HJOPHSPU* X^* YGTHPKPUT>YGTHPKIKO
HPQSKIcMPT] 2H* QJWPUT* UPQJRRPKNGHIJKT* UPOGUNIKO* RJNMLGU
\LGKKIKO:* QJR\JKPKH* TI_PT:* \UPYGXUIQGHIJK* T^THPRT:
#F2=;=!(8"/0$-&'9<'<)*;-- NPTIOK*QJKTINPUGHIJKT:*[JIKHT*GKN*RGKMYGQHMUP:*THJUGOP:
2H*QJWPUT*HSP*OPKPUGL*\UIKQI\LPT*IKWJLWPN*IK*HSP*NPTIOK HUGKT\JUH* GKN* PUPQHIJK* JY* \UPYGXUIQGHPN* QJKQUPHP
JY* THUMQHMUGL* XGRXJJ* IK* XMILNIKOT* ZIHS* UPOGUN* HJ PLPRPKHT* YJU* MTP* IK* XMILNIKOT* GKN* TMQS* UPLGHPN
RPQSGKIQGL*UPTITHGKQP*GKN*NMUGXILIH^*JY*THUMQHMUPT]*2H UPcMIUPRPKHT*YJU*\UPYGXUIQGHPN*QJKQUPHP
GLTJ* QJWPUT* NPTIOK* JY* XJHS* XGRXJJ* @UJMKN* XGRXJJ:
#F2=A=!( 8"/0$-&' @<' 8A#0"*#' <4$72$&%' )&2' 1$B"2C
T\LIH*XGRXJJ:*OLMPN*LGRIKGHPN*XGRXJJB*GKN*XGRXJJb
3-*6-#$0"'3-&#0,4/0$-&
XGTPN* \GKPLT* [JIKPN* HJOPHSPU* ZIHS* GNSPTIWPT* JU
RPQSGKIQGL*YGTHPKPUT]*2H*GLTJ*QJWPUT*RIKIRMR*THUPKOHS 2H* QJWPUT* UPQJRRPKNGHIJKT* UPOGUNIKO* RJNMLGU
NGHG:*NIRPKTIJKGL*THGXILIH^:*OUGNIKO*UPcMIUPRPKHT*GKN \LGKKIKO:* QJR\JKPKH* TI_PT:* [JIKHT:* RGKMYGQHMUP:
HUGNIHIJKGL* XGRXJJ* [JIKHT* YJU* cMGLIH^* GTTMUGKQP] THJUGOP:* HUGKT\JUH* GKN* PUPQHIJK* JY* \UPYGXUIQGHPN
,JKTHUMQHIJKGL*GT\PQHT*MTIKO*XGRXJJ:*TMQS*GT:*ZJUa PLPRPKHT* YJU* MTP* IK* XMILNIKOT* GKN* TMQS* UPLGHPN
JK* TIHP:* YGXUIQGHIJK* JY* QJR\JKPKHT* JYYbTIHP* GKN* HSPIU UPcMIUPRPKHT*YJU*T^THPRT*XMILNIKO*GKN*RI`PN>QJR\JTIHP
PUPQHIJK*JK*TIHP*GUP*GLTJ*QJWPUPN*HJ*HSP*P`HPKH*KPQPTTGU^ QJKTHUMQHIJK]
HJ* IKNIQGHP* GKN* PKTMUP* HSP* cMGLIH^* JY* RGHPUIGL* GKN
THGKNGUN* JY* ZJUaRGKTSI\* HJ* QJR\L^* ZIHS* HSP #F2=B(8JKLMNO(B(,UPRR(POQ(,UP]MOZ
GTTMR\HIJKT*JY*HSP*NPTIOK*UMLPT*GKN*HSP*LIRIHGHIJKT]
2H*QJWPUT*HSP*YJLLJZIKOf
#F2=<(8JKLMNO(<(@PRNOSY
GB +PLPQHIJK*GKN*G\\LIQGHIJK*JY*OLGTT*IK*XMILNIKOT:
2H*QJWPUT*HSP*THUMQHMUGL*NPTIOK*GT\PQHT*JY*MKUPIKYJUQPN
NIYYPUPKH*H^\PT*JY*OLGTT:*HSPIU*UPcMIUPRPKHT*GKN
LJGN*XPGUIKO*GKN*KJKbLJGN*XPGUIKO*ZGLLT:*QJKTHUMQHPN
GTTJQIGHPN*OLG_IKO*RGHPUIGLT]
ZIHS*RGTJKU^*MKIHT*\PURIHHPN*HSPUPIK]*2H*GLTJ*NPGLT*ZIHS
HSP* TPLPQHIJK* JY* RGHPUIGLT:* T\PQIGL* YPGHMUPT* JY* NPTIOK XB 5MINIKO* \UJWITIJK* YJU* OLG_IKO* IK* XMILNIKOT
GKN* QJKTHUMQHIJK* YJU* RGTJKU^* QJKTHUMQHIJK* MTIKO ZIHS*UPT\PQH*HJ*HSPIU*PYYPQH*JK*PKPUO^:*WITMGL
UPQHGKOMLGU* RGTJKU^* MKIHT* GKN* QJWPUT* OMINPLIKPT @LIOSHB*GKN*TJLGU*PKWIUJKRPKHT*IK*HSP*XMILNIKO]
UPOGUNIKO* PGUHScMGaP* UPTITHGKH* XMILNIKOT* QJKTHUMQHPN QB +PLPQHIJK*JY*OLGTT*IK*XMILNIKOT:*TMX[PQH*HJ*ZIKN
MTIKO*RGTJKU^*JY*LJZ*THUPKOHS]*2H*GLTJ*QJWPUT*\UJWITIJKT LJGNIKO:* TPITRIQ* LJGNIKO* GKN* T\PQIGL
YJU* NPTIOK* JY* UPIKYJUQPN* XUIQa* GKN* UPIKYJUQPN* XUIQa QJKTINPUGHIJKT*YJU*YIUP*UGHPN*OLGTT*GKN*UPLGHPN
QJKQUPHP* YLJJUT* GKN* UJJYT]* 2H* GLTJ* OIWPT* HSP RGHPUIGLT]
UPQJRRPKNGHIJKT* YJU* THUMQHMUGL* NPTIOK* GT\PQHT* JY NB -UJWITIJKT* YJU* HSP* TPLPQHIJK* JY* GKN
UPIKYJUQPN* LJGN* XPGUIKO* GKN* KJKbLJGN* XPGUIKO* ZGLLT: RGKIYPTHGHIJK* JK* OLGTT* MTPN* IK* XMILNIKOT:
QJKTHUMQHPN*ZIHS*NIYYPUPKH*H^\PT*JY*XUIQaT*GKN*XLJQaT] TMX[PQH*HJ*TGYPH^*ZIHS*UPT\PQH*HJ*SMRGK*IR\GQH
JK*HSP*JQQM\GKHT]
#F2=>*8JKLMNO(>(-NOKSJLJ
PB -UJWITIJKT*UPLGHIKO*HJ*OLG_IKO*T^THPRT*TMQS*GT
#F2=>=1(8"/0$-&'=:'+7)$&')&2'>"$&?-,/"2'3-&/,"0" TPLPQHIJK:* NPTIOK:* YGXUIQGHIJK:* IKTHGLLGHIJK:
2H* QJWPUT* HSP* OPKPUGL* THUMQHMUGL* MTP* JY* \LGIK* GKN HPTHIKO*GKN*RGIKHPKGKQP]
UPIKYJUQPN*QJKQUPHP]
#FA(3#4$(A(-&"8$4*-$%&"(@#"#,.@."$?
#F2=>=!(8"/0$-&'=<'+,"#0,"##"2'3-&/,"0" 34#-$%-.8(#"+(8#/.$9
2H* QJWPUT* HSP* OPKPUGL* THUMQHMUGL* MTP* JY* \UPTHUPTTPN 2H* QJWPUT* QJKTHUMQHIJK* \UJ[PQH* RGKGOPRPKHg
QJKQUPHP]*2H*QJWPUT*XJHS*ZJUa*QGUUIPN*JMH*JK*TIHP*GKN QJKTHUMQHIJK*\LGKKIKO:*TIHP*RGKGOPRPKH*GKN*XMILNIKO
HSP*RGKMYGQHMUP*JY*\UPQGTH*\UPTHUPTTPN*QJKQUPHP*MKIHT] QJKTHUMQHIJK*\UGQHIQPTg*THJUGOP:*THGQaIKO*GKN*SGKNLIKO
JY* RGHPUIGLTg* GKN* TGYPH^* JY* \PUTJKKPL* NMUIKO
#F2=2(8JKLMNO(2(8LJJU
QJKTHUMQHIJK*J\PUGHIJKT*YJU*GLL*PLPRPKHT*JY*G*XMILNIKO
2H*QJWPUT*HSP*THUMQHMUGL*NPTIOK*GT\PQHT*JY*THPPL*THUMQHMUPT GKN*NPRJLIHIJK*JY*XMILNIKOTg*GKN*SGXIHGH*GKN*ZPLYGUP
10 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
UPcMIUPRPKHT* YJU* ZJUaPUT]* 2H* GLTJ* QJWPUT* OMINPLIKPT PTQGLGHJUT* GKN* RJWIKO* ZGLaT* TJ* GT* HJ* PKTMUP* TGYP
UPLGHIKO* HJ* UP\GIUT:* UPHUJYIHHIKO* GKN* THUPKOHSPKIKO* JY RJWPRPKH* JY* \PJ\LP* ZIHS* TGHITYGQHJU^* \PUYJURGKQP:
XMILNIKOT] ZSILP*MTIKO*HSPTP]
#FB(3#4$(B()*%'+%",(8.4:%-.8 2H* GLTJ* OIWPT* IKYJURGHIJK* HSGH* TSJMLN* XP* P`QSGKOPN

GRJKO*HSP*GUQSIHPQH>PKOIKPPU:*HSP*QJKTMLHIKO*PKOIKPPU
0SIT*-GUH*HSUJMOS*IHT*TI`*PLGXJUGHP*+PQHIJKT*JK*MHILIHIPT GKN*HSP*PTQGLGHJU>RJWIKO*ZGLa*RGKMYGQHMUPU*YUJR*HSP
\UJWINPT*NPHGILPN*OMINGKQP*HJ*QJKQPUKPN*\UJYPTTIJKGLT> THGOP*JY*\LGKKIKO*HJ*IKTHGLLGHIJK*IKQLMNIKO*RGIKHPKGKQP]
MHILIH^* PKOIKPPUT* YJU* RPPHIKO* KPQPTTGU^* YMKQHIJKGL
UPcMIUPRPKHT*IK*XMILNIKOT] #FB=2( 8JKLMNO( 2( %OTNSWPLMNO( POQ( -NWWVOMKPLMNO
.OPXUJQ(%ORLPUUPLMNOR
#FB=1(8JKLMNO(1('MZ^LMOZ(POQ("PLVSPU(:JOLMUPLMNO
2H*QJWPUT*HSP*PTTPKHIGL*UPcMIUPRPKHT*YJU*IKYJURGHIJK*GKN
2H* QJWPUT* UPcMIUPRPKHT* GKN* RPHSJNT* YJU* LIOSHIKO* GKN QJRRMKIQGHIJK* PKGXLPN* IKTHGLLGHIJKT:* HPQSKJLJO^
KGHMUGL*WPKHILGHIJK*JY*XMILNIKOT] T^THPRT*GKN*UPLGHPN*QGXLIKO*IKTHGLLGHIJKT*IK*G*XMILNIKO]
2H* GLTJ* QJWPUT* HSP* XGTIQ* NPTIOK* GKN* IKHPOUGHIJK
#FB=!(8JKLMNO(!(.UJKLSMKPU(POQ(#UUMJQ(%ORLPUUPLMNOR
UPcMIUPRPKHT*YJU*HPLPQJRRMKIQGHIJK*T\GQPT*ZIHSIK*HSP
2H* QJWPUT* HSP* PTTPKHIGL* UPcMIUPRPKHT* YJU* PLPQHUIQGL XMILNIKO>XMILNIKOT* GLJKO* ZIHS* HSPIU* QGXLIKO
IKTHGLLGHIJKT* IK* XMILNIKOT* HJ* PKTMUP* PYYIQIPKH* MTP* JY IKYUGTHUMQHMUP:*HSPIU*\GHSZG^*QJR\JKPKHT*GKN*\GTTIWP
PLPQHUIQIH^*IKQLMNIKO*TGYPH^*YUJR*YIUP*GKN*TSJQa]*2H*GLTJ QJKKPQHIWIH^*SGUNZGUP]
IKQLMNPT* OPKPUGL* UPcMIUPRPKHT* UPLGHIKO* HJ* LIOSHKIKO
2H* GLTJ* IKQLMNPT* OPKPUGL* UPcMIUPRPKHT* UPLGHIKO* HJ
\UJHPQHIJK*JY*XMILNIKOT*GKN*XUIPY*\UJWITIJKT*JK*QPUHGIK
IKTHGLLGHIJK* JY* NIYYPUPKH* QJRRMKIQGHIJK* PcMI\RPKH:
GLLIPN*IKTHGLLGHIJKT]
QGXLP* HPURIKGHIJKT:* \JZPU* QJKKPQHIJKT* GKN* OPKPUGL
#FB=;( 8JKLMNO( ;( #MS( -NOQMLMNOMOZ?( 5JPLMOZ( POQ OMINPLIKPT* UPcMIUPN* YJU* \LGKKIKO* GKN* \UJWINIKO
@JK^POMKPU(:JOLMUPLMNO IKYJURGHIJK* GKN* QJRRMKIQGHIJK* HPQSKJLJO^* @2,0B
TPUWIQPT*IK*HSP*XMILNIKO*GH*HSP*\LGKKIKO*GKN*P`PQMHIJK
2H* QJWPUT* HSP* \LGKKIKO:* NPTIOK* QJKTINPUGHIJKT: THGOPT]* 0SP* \UJWITIJKT* OIWPK* SPUPIK* GUP* XGTIQ
IKTHGLLGHIJK:*HPTHIKO:*QJRRITTIJKIKO*GKN*SGKNIKO*JWPU UPcMIUPRPKHT* G\\LIQGXLP* HJ* GLL* UPTINPKHIGL* GKN* JHSPU
GKN*GLTJ*J\PUGHIJK*GKN*RGIKHPKGKQP*JY*GIU*QJKNIHIJKIKO: XMILNIKOT]
SPGHIKO* GKN* RPQSGKIQGL* WPKHILGHIJK* T^THPRT* YJU
XMILNIKOT]*2H*GLTJ*QJWPUT*UPYUIOPUGHIJK*YJU*QJLN*THJUGOPT] #FI *3#4$(I(3'*@)%",(8.4:%-.8 E%"-'*+F
%",(8&'%+(`#8$.(@#"#,.@."$H
#FB=<( 8JKLMNO( <( #KNVRLMKR?( 8NVOQ( %ORVUPLMNO( POQ
"NMRJ(-NOLSNU 0SIT* -GUH* HSUJMOS* IHT* YJMU* +PQHIJKT* OIWPT* NPHGILPN
OMINGKQP* HJ* QJKQPUKPN* \UJYPTTIJKGLT>\LMRXIKO
2H* QJWPUT* UPcMIUPRPKHT* GKN* OMINPLIKPT* UPOGUNIKO PKOIKPPUT* ZIHS* UPOGUN* HJ* \LMRXIKO* GKN* JHSPU* UPLGHPN
\LGKKIKO*GOGIKTH*KJITP:*GQQP\HGXLP*KJITP*LPWPLT*GKN*HSP UPcMIUPRPKHT* IK* XMILNIKOT* IKQLMNIKO* TJLIN* ZGTHP
UPcMIUPRPKHT* YJU* TJMKN* IKTMLGHIJK* IK* XMILNIKOT* ZIHS RGKGOPRPKH]
NIYYPUPKH*JQQM\GKQIPT]
#FI=1(8JKLMNO(1(`PLJS(8V\\UY
#FB=>(8JKLMNO(>(%ORLPUUPLMNO(NT('MTLR?(.RKPUPLNSR(POQ
@N_MOZ(`PUaR 2H* QJWPUT* HSP* XGTIQ* UPcMIUPRPKHT* JY* ZGHPU* TM\\L^* YJU
UPTINPKHIGL:* XMTIKPTT* GKN* JHSPU* H^\PT* JY* XMILNIKOT:
#FB=>=1(8"/0$-&'=:'D$?0# IKQLMNIKO* HUGYYIQ* HPURIKGL* THGHIJKT]* 2H* GLTJ* NPGLT* ZIHS
OPKPUGL*UPcMIUPRPKHT*JY*\LMRXIKO*QJKKPQHPN*HJ*\MXLIQ
2H* QJWPUT* HSP* UPcMIUPRPKHT* YJU* \LGKKIKO:* NPTIOK:
ZGHPU*TM\\L^*GKN*NPTIOK*JY*ZGHPU*TM\\L^*T^THPRT*GLJKO
IKTHGLLGHIJK:*J\PUGHIJK:*RGIKHPKGKQP*GKN*IKT\PQHIJK*JY
ZIHS* OPKPUGL* OMINPLIKPT* GXJMH* P`\GKTIJK* IK* \I\IKO
LIYHT*@\GTTPKOPU*LIYHT:*OJJNT*LIYHT:*SJT\IHGL*LIYHT:*TPUWIQP
T^THPRT:*GKN*TZIRRIKO*\JJLT]
LIYHT*GKN*NMRX*ZGIHPUB*TJ*GT*HJ*PKTMUP*TGYP*RJWPRPKH
JY*\PJ\LP*ZIHS*TGHITYGQHJU^*\PUYJURGKQP] #FI=!(8JKLMNO(!(+SPMOPZJ(POQ(8POMLPLMNO
2H* GLTJ* OIWPT* IKYJURGHIJK* HSGH* TSJMLN* XP* P`QSGKOPN 2H* QJWPUT* HSP* NPTIOK:* LG^JMH:* QJKTHUMQHIJK* GKN
GRJKO*HSP*GUQSIHPQH>PKOIKPPU:*HSP*QJKTMLHIKO*PKOIKPPU RGIKHPKGKQP* JY* NUGIKT* YJU* YJML* ZGHPU:* TMUYGQP* ZGHPU:
GKN*HSP*LIYH*RGKMYGQHMUPU*YUJR*HSP*THGOP*JY*\LGKKIKO*HJ TMXTJIL*ZGHPU*GKN*TPZGOPg*HJOPHSPU*ZIHS*GLL*GKQILLGU^
IKTHGLLGHIJK*IKQLMNIKO*RGIKHPKGKQP] ZJUaT:*TMQS*GT*QJKKPQHIJKT:*RGKSJLPT*GKN*IKT\PQHIJK
#FB=>=!(8"/0$-&'=<'E#/)7)0-,#')&2'1-F$&%'G)7H# QSGRXPUT*MTPN*ZIHSIK*HSP*XMILNIKO*GKN*YUJR*XMILNIKO
HJ* HSP* QJKKPQHIJK* HJ* G* \MXLIQ* TPZPUI' \UIWGHP* TPZPU:
2H* QJWPUT* HSP* PTTPKHIGL* UPcMIUPRPKHT* YJU* \LGKKIKO: IKNIWINMGL*TPZGOPbNIT\JTGL*T^THPR:*QPTT\JJL:*TJGaGZG^
IKTHGLLGHIJK:*J\PUGHIJK:*RGIKHPKGKQP*GKN*IKT\PQHIJK*JY JU*HJ*JHSPU*G\\UJWPN*\JIKH*JY*NIT\JTGL>*HUPGHRPKH*ZJUa]
3#4$( 0(%"$.,4#$.+(#334&#-5(6(34.4.7*%8%$.(/&4(#33'9%",(34&:%8%&"8(&/($5.(-&+. 11
#FI=;(8JKLMNO(;(8NUMQ(`PRLJ(@POPZJWJOL #F10=!( 8JKLMNO( !( 8MZOR( POQ( &VLQNNS( +MR\UPY
8LSVKLVSJR
2H* QJWPUT* HSP* \UJWITIJKT* UPLGHIKO* HJ* TJLIN* ZGTHP
RGKGOPRPKH*T^THPRT:*GTTPTTRPKH*JY*\PU*QG\IHG*TJLIN 2H*QJWPUT*HSP*UPcMIUPRPKHT*ZIHS*UPOGUN*HJ*\MXLIQ*TGYPH^:
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FIG. 30 INSTALLATION OF GRATING
31A GUIDING BLOCKS 31B WARNING BLOCKS
All dimensions in millimetres.
FIG. 31 T ACTILE GROUND SURFACE INDICATORS (TGSI)
approaching potential hazard or a change in direction Warning blocks shall be placed 300 mm from the
of the walkway, and serve as a warning of the beginning and end of the ramps and stairs, at landings
approaching danger to persons with visual and entrance to any door.
impairments, preparing them to tread cautiously and
B-2.5.3 Places to Install TGSI (see Fig. 32 and Fig. 33)
expect obstacles along the travel path, traffic
intersections, doorways, etc. They are used to screen TGSI shall be installed at following places:
off obstacles, drop-offs or other hazards, to discourage
a) In open space to orient persons with vision
movement in an incorrect direction, and to warn of a
impairment;
corner or junction. Two rows of tactile warning tiles
shall be installed across the entire width of the b) In front of an area where traffic is present;
designated accessible pathway, before intersections, c) In front of an entrance/exit to and from a ramp,
building entrances, level changes, obstacles such as staircase or multi-level crossing facility;
trees, and each time the walkway changes direction. d) Entrances/exits at public transport terminals
PART 3 DEVELOPMENT CONTROL RULES AND GENERAL BUILDING REQUIRMENTS 71
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Table 11 Minimum Difference in LRV According to the Visual Task
(Clause B-24.3.1)
Sl Visual Task Difference on the Approximate Examples of

No. LRV Scale Colour Contrasting
(1) (2) (3) (4)
i) Large surface areas (that is, walls, floors, >30 points
doors, ceiling), elements and components to
facilitate orientation (that is, handrails,
switches and controls, tactile walking surface
indicators, and visual indicators on glazed
areas)
ii) Potential hazards and self contrasting >70 points

markings (that is, visual indicator on steps)
and text information (that is, signage)
For door hardware (that is, the elements and Different storeys should be marked with clearly defined
components to facilitate opening and closing doors) a large numbers relating to the floor (that is, ‘2’ for the
difference in LRV between the product and its second floor, and so on) both in the stairwells to assist
background of at least 15 points and a minimum light those evacuating and at the lift and stair lobbies on
reflectance value of 30 points for one of the two each level.
surfaces is acceptable.
NOTE — Colour coding floors may not be practical from a
NOTE — Door hardware is normally positioned at the same long term maintenance perspective.
height on a door and is either on the left or right side. This
makes the location of door hardware easier than other features. In case of signage and graphical symbols, contrasting
In addition, the three-dimensional features of door hardware colours shall be used to differentiate the figures from
create shadows and bright spots, which further enhance their the background on the signboard. The colours of
location.
signboard shall also contrast with the surrounding
Floor patterns should have a visual contrast of less surface so as to be clearly distinguishable
than 20 points difference on the LRV scale. (see B-24.2.6). Information from signs may be
NOTE — Highly contrasted floor patterns can be perceived as
conveyed by the colour and brightness differentials
differences in floor level, which may confuse people with vision between the letter and the background. For graphical
impairments or cognition capacity. Highly contrasted floor symbols, it is preferable to use blue and white
patterns may trigger an attack of vertigo. colours. Colours same as safety signs shall be avoided
B-24.3.2 Choice of Colours and Patterns in other signs. Primarily red, yellow or green colour
is used for safety signs. The colour combinations red/
Different colours should be used for identification of green and yellow/blue should not be used in order to
doors, different storeys or departments in a building to avoid confusing persons who are colour blind. Use
aid persons with impaired cognitive ability. The colours of the shades of the same colour in the sign and also
used to facilitate orientation shall also provide use of more than 5 colours in a signage should be
minimum difference in LRV according to B-24.3.1. avoided.
Combinations of red tones and green tones should be
avoided. A preferred schedule of colour contrast for signs from
their background is given below:
134 NATIONAL BUILDING CODE OF INDIA 2016

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50 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
Table 7 Minimum Requirements for Fire Fighting Installations
[Clauses 4.9(a), 4.9(c), 4.9(e), 5.1.1(a), 5.1.1(d), 5.1.2.1, 5.1.3(a), E-7, H-2(f) and Table 2]
....
SI Type of Building Type of Installation Water Supply Pump Capacity
No. Occupancy (litre) (litre/min)
Fire First Wet Riser Down Yard Automatic Manually Automatic Under-ground Terrace Pump Near At the
Exting- Aid Comer Hydrant Sprinkler Operated Detection Static Water Tank Underground Terrace Tank
nisher Hose System Electronic and A1arm Storage Tank over Static Water Level with
Reel Fire Alarm System Combined Respective Storage Tank Minimum
Systems (see Note 2) Capacity for Tower (Fire Pump) Pressure of
(see Note 1) Wet Riser, Terrace with 3.5 kg/cm2
Yard Hydrant Minimum
and Sprinklers Pressure of
per Set of 3.5 kgIcm2 at
Pumps Remotest
Location
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
RESIDENTIAL BUILDINGS (A)
a) Lodging and
Rooming Houses
(A-1) (see Note 3)
I) Less than 15 min

height
i) Up to 15 R NR NR NR NR R NR NR NR 5000 NR NR
rooms (see Note 4) (see Note 5)
ii) More than 15 R R NR NR NR R NR NR NR 5000 NR 450
and up to 30 (see Note 4) (5000) (450)
rooms (see Note 6) (see Note 6)
iii) More than 30 R R NR NR NR R R NR NR 10000 NR 450
rooms (see Note 4) (see Note 7) (5000) (450)
(see Note 6) (see Note 6)
b) One or two NR NR NR NR NR NR NR NR NR NR NR NR
Family Private
Dwellings
(A-2) (see Note 3)
c) Dormitories (A-3)
and Apartment
Houses (A-4)
1) Less than 15 min R R NR NR NR R NR NR NR 5000 NR 450
height (see Note 4) (5000) (450)
..."'"
Table 7 - (Continued)
Sl Type of Building Type of Installation Water Supply Pump Capacity

No. Occupancy (lltre)- (llWmIn)
uisher Hose System Electronic and Alarm Storage Tank over Static Water Level with
(see Note 1) Wet Riser, Terrace with 3.5 kg/cm2
per Set of 3.5 kg/cm 2 at
Pumps Remotest
Location
_ (12
2) 15 m and above
- SR-
R -R NR
(§)-
R
- (7)
NR
@)
R R NR
QD
NIi-
_ _ (1)
25000
(11)
NR 900
but not exceeding (see Note 4) (see Note 8)
35 m in height
3) Above 35 m but R R R NR NR R R NR 75000 5000 (see Note 10) NR
not exceeding (see Note 4
45 m in height and Note 9)
4) Above 45 min R R R NR R R R NR 150000 10000 (see Note Il) NR
height but not
exceeding 60 m in
height
5) Above 60 min R R R NR R R R R 200000 10000 (see Note 12 NR
height & Note 13)
d) Hotels (A-S)
!
I) Less than 15 min
height
i) Floor area not R R NR NR NR R R NR NR 5000 NR 450
exceeding (see Note 4) (5000) (450)
300 m 2 on any (see Note 6) (see Note 6)
I
of the floor
ii) Floor area R R R NR NR R R R 10 000 for 10000 (see Note 14 450
exceeding (see Note 7) (see Note 4) every 500 m 2 (5000) in case of (450)
300 m 2 but not floor area (see Note 6) provision of (see Note 6)
more l000m2 subject to wet riser)
on any of the minimum of
floor 50000
(see Note 7)
iii) Floor area R R R NR R R R R 100000 10000 (see Note 15 NR
exceeding (see Note 15) (see Note 1) (see Note 15) (see Note 4) and Note 14)
1 000 m 2 on
any of the
!;
:;: floor
.... No. Occupancy Oitre)- OiWmin)
(see Note I) Wet Riser, Terrace with 3.5 kg/cm2
Pumps Remotest
Location
(I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (II) (12) (13) (14)
2) 15 m and above R R R NR R R R R 150000 20000 (see Note 11) NR
but not exceeding
30m
3) Above 30 min R R R NR R R R R 200000 20000 (see Note 11) NR
height
e) Hotels (A-6) R R R NR R R R R 250000 20000 (see Note 12) NR
EDUCATIONAL BUILDINGS (B) (see Note 16)
I) Less than 15 m in
height
i) Ground plus one R R NR NR NR R NR NR NR 10000 NR 450
or more storeys (see Note 4) (5000) (450)
2) 15 m and above R R NR R NR R R NR NR 25000 NR 900
but not exceeding (see Note 4)
24 min heil!:ht
3) Above 24 m but R R R NR R R R NR 50000 (5000) (see Note 14) NR
not exceeding (see Note 4) (see Note 6)
30 m in height
INSTITUTIONAL BUILDINGS (C) (see Note 16)
a) Hospitals,
Sanatoria and
Nursing Homes
(C-I)
1) Less than 15 m in
height with plot
area up to
lOOOm2
i) Up to ground R NR NR NR NR R R NR NR (5000) NR (450)
plus one (see Note 4) (see Note 6) (see Note 6)
storey, with no
ti beds
t Table 7 - (Continued)

No. Occupancy (litre)- (lilreJmin)
and Sprinlders Pressure of
per Set of 3.5 kglcm2 at
Pumps Remotest
Location
(l) (2) (3) (4) (5) (6) (7) (8) (9) (10) (II) (12) (13) (14)
ii) Up to ground R R NR NR NR R R NR NR 5000 NR 450
plus one storey (see Note 4) (5000) (450)
with beds (see Note 6) (see Note 6)
iii) Ground plus R R NR R NR R R R NR 10000 NR 900
two or more (see Note 4) (5000) (450)
storeys, with (see Note 6) (see Note 6)
no beds
iv) Ground plus R R R NR NR R R R 75000 10000 (see Note 14) NR
two or more (see Note I)
storeys, with
beds
2) Less than 15 min R R R NR R R R R 100000 10000 (see Note 14) NR
height with plot (see Note I)
area more than
!
lOOOm2
but not exceeding
24 m in height
4) Above 24 m and R R R NR R R R R 200000 20000 (see Note II) NR
I
not exceeding
45 m in height
b) Custodial (C-2),
and Penal and
Mental (C-3)
I) Less than 10m in
height
i) Up to 300 R R NR NR NR R R NR NR 10000 NR 450
persons (see Note 4) (5000) (450)
ii) More than 300 R R NR R NR R R NR NR 15000 NR 900
!;
:;: (see Note 6) (see Note 6)
Sl Type of Building Type of Installation Water Supply Pump Capacity
.... No. Occupancy (litre) (Iitrelmin)
(see Note I) Wet Riser. Terrace with 3.5 kg/cm2
per Set of 3.5 kg/cm2 at
Pumps Remotest
Location
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
2) 10 m and above R R R NR R R R R 100 000 5000 (see Note 10) NR
but not exceeding (see Note 4) (5000)
15 m in height (see Note 6)
but not exceeding
24 m in height
but not exceeding
30 m in height
ASSEMBLY BUILDINGS (0) (see Note 16)
a) Buildings
(D-11oD-S)
I) Less than 10m in
height
i) Up to 300 R R NR R NR R R NR NR 20000 NR 450
ii) More than 300 R R NR R NR R R NR NR 25000 NR 900
2) Above 10 m but R R R NR NR R R R 100 000 5000 (see Note 10) 450
not exceeding (see Note 4) (see Note 1) (5000) (450)
15 m in height (see Note 6) (see Note 6)
3) Above 15 m but R R R NR R R R R 150000 10000 (see Note 10) NR
not exceeding
24 m in height
not exceeding
30 m in height
b) 0-6 R R R NR R R R R 200000 20000 (see Note 12) NR

c) 0-7 For details see 6.4.4

No. Occupancy (litre) (litreJmln)
Fire First Wet Riser Down Yard Automatic ManuaIly Automatic Under-ground Terrace Pump Near At the
nisher Hose System Electronic and Alarm Storage Tank over Static Water Level with
(see Note I) Wet Riser, Terrace with 3.5 kglcm 2
Pumps Remotest
Location
(I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
BUSINESS BUILDINGS (E)

I) Less than 10 m in R R NR R NR R R NR NR 10000 NR 450
height (see Note 4) (5 (00) (450)
2) Above 10 m but R R R NR NR R R R 50000 5000 (see Note 14) 450
not exceeding (see Note 4) (5 (00) (450)
15 m in heil?;ht (see Note 6) (see Note 6)
3) Above 15 m and R R R NR R R R R 100000 10000 (see Note 10) NR
up to 24 min
height
4) Above 24 m and R R R NR R R R R 150 000 20000 (see Note II) NR
up to 30 m in
heil?;ht
!
5) Above 30 min R R R NR R R R R 200000 20000 (see Note 12) NR
height
MERCANTILE BUILDINGS (F)
I
a) F-l and F-2
(see Note 16)
I) Less than 15 m in
heil?;ht
i) Ground plus R R NR NR NR R NR NR NR 5000 NR 450
one storey, (see Note 4) (5 (00) (450)
with total of all (see Note 6) (see Note 6)
floor area not
exceeding
500m2
!;
:;:
.... Sl Type of Building Type of Installation Water Supply Pump Capacity

No. Occupancy (lltre)- (llWmIn)
Pumps Remotest
Location
r ill -_Q>- (7) @) (9) (10) (II) (g) ill)
ii) Ground plus R R NR R NR R R NR NR 20000 NR 900
one storey and (see Note 4) (5000) (450)
total of all (see Note 6) (see Note 6)
floor area
exceeding
500m2
iii) More than R R NR R NR R R NR NR 25000 NR 900
ground plus (see Note 4) (5000) (450)
one storey (see Note 6) (see Note 6)
not exceeding
24 m in height
3) Above 24 m but R R R NR R R R R 200000 20000 (see Note II) NR
not exceeding
30 m in height
b) Underground R R R NR R R R R 150000 10000 (see Note II) NR
shopping complex
(F-3)
INDUSTRIAL BUILDINGS (G) (see Note 17)
a) Low Hazard (G-l)

(see Note IS)
i) Covered area R NR NR NR NR R NR NR NR 5000 NR 450
up to 100 m 2 (see Note 4) (see Note 5) (see Note 5)
ii) Covered area R R NR R NR R NR NR NR 20000 NR 450
more than (see NoteS) (see Note 4) (5000) (450)
100m2 and up (see Note 6) (see Note 6)
to 500 m 2
No. Occupancy (lltre)- (lllreJmin)
(see Note l) Wet Riser, Terrace with 3.5 kg/cm2
and Sprinlders Pressure of
Pumps Remotest
Location
(I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (II) (12) (13) (14)
iii) Covered area R R NR R NR R R NR NR 20000 NR 450
more than (see Note 4) (5000) (450)
500 m 2 (for (see Note 6) (see Note 6)
building height
up to 15 m)
iv) Covered area R R R NR R R R R 75000 5000 (see Note 14) NR
more than (see Note 4) (see Note 6)
500 m2 (for
building height
above 15 mf
b) Moderate Hazard
(G-2)
(see Note 18)
i) Covered area R R NR NR NR R NR NR NR 10000 NR 450
up to 100 m2
!
ii) Covered area R R NR NR NR R NR NR NR 20000 NR 900
more than
100 m 2 and up
to 500 m2
iii) Covered area R R NR R NR R R R NR 50000 NR 900
I
more than
500m2 and up
to 1000 m2(for
height up to
15m)
iv) Covered area R R R NR R R R R 100 000 10000 (see Note 14) NR
more than
500 m2 and up
to 1000 m2 (for
height above
15m)
!; v) Covered area R R R NR R R R R 150 000 20000 (see Note 11) NR
:;: more than
lOOOm2
SI Type of Building Type of InstaIlation Water Supply Pump Capacity
No. Occupancy (litre) (Iitrelmin)
.... Fire First Wet Riser Down Yard Automatic Manually Automatic Under-ground Terrace Pump Near At the
(see Note I) Wet Riser, Terrace with 3.5 kg/em2
Pumps Remotest
Location
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
e) High Hazard
(G-3)
(see Note 19)
i) Covered area R R NR NR NR R NR NR NR 10000 NR 900
up to 50 m 2
ii) Covered area R R NR NR NR R R R NR 25000 NR 900
more than
50 m 2 and up
to 150 m 2
iii) Covered area R R R NR NR R R R 50000 10000 (see Note 14) NR
more than
150 m 2 and up
to 300 m 2
iv) Covered area R R R NR R R R R 100000 20000 (see Note 10) NR
more than
300m2 and up
to 500 m 2
v) Covered area R R R NR R R R R 150000 20000 (see Note 11) NR
more than
500m2
STORAGE BUILDINGS (H) (see Note 20)
I) Below 15min R R NR NR NR R NR NR NR 25000 NR 900

height and covered
area less than
250m2
2) Below 15min
height and covered
area IIYJre than
250m2
i) Ground floor R R R NR R R R R 50000 10000 (see Note 14) 450
only
ii) Ground plus R R R NR R R R R 75000 10000 (see Note 10) 450
one floor
UI
= Table 7 - (Continued)
- -- - --
S1 Type of Building Type of Installation Water Supply Pump Capacity
No. Occupancy (Utre) (UtreJmln)
Pumps Remotest
Location
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
iii) More than R R R NR R R R R 100000 10000 (see Note 10) 450
ground plus
one floor
3) Multi-Level Car R R R NR R R R NR 150000 10000 (see Note 11) 900
Parking (MLCP)
HAZARDOUS BUILDINGS (J) (see Note 20)
I) Uptol5min
r--- i) Single Storey R R R NR R R R R Minimum NR (see Note 21) NR
Building 240 min
firefighting
requirements
I
ii) More than one R R R R R R R R Minimum 50000 (see Note 21) 900
floor building 240 min
but not fuefighting
exceeding requirements
15m
I R-Required
NR - Not Required
NOTES
1 MOEFA System shall also include talk-back system and public address system for the occupancies given in the table for (d) (I) (iii) under A-5, (a) (I) (iv) and (a) (2) under C-I, and (a) (2) under D-I
to D-5, in all buildings 15 m and above in height, except for A-3 and A-4 occupancies where these shall be provided for buildings of height 24 m and above. These shall also be provided in car parking
areas more than 300 m2 and in multi-level car parking irrespective of their areas.
Sl 2 Automatic detection and alarm system is not required to be provided in car parking area. Such detection system shall however be required in other areas of car parking such as electrical rooms, cabins
and other areas.
3 Buildings above 15 m in height are not to be permitted for occupancies A-I and A-2.
4 Required to be installed in basement, if area of basement exceeds 200 m2.
... S Required to be provided if basement area exceeds 200 m2.
Table 7 - (Concluded)
.... 6 Additional value given in parenthesis shall be added if basement area exceeds 200 m 2 •
7 Required to be provided for blrildings with more than two storeys (Ground + One).
8 Required to be provided for blrildings with height above 15 m and above.
9 Sprinklers shall be fed water from both underground static water storage tank and terrace tank.
10 Provide required number of sets of pumps each consisting of one electric and one diesel pump (stand by) of capacity 2 280 litre/min and one electric pump of capacity 180 litre/min (see Fig. 11)
(see also notes 22 and 23).
11 Provide required number of sets of pumps each consisting of two electric and one diesel pump (stand by) of capacity 2 280 litre/min and two electric pump of capacity 180 litre/min (see Fig. 12) (see
also Notes 22 and 23).
12 Provide required number of sets of pumps each consisting of two electric and one diesel pump (stand by) of capacity 2 850 litre/min and two electric pump of capacity 180 litre/min (see Fig. 12) (see
13 Lower levels in high rise buildings 60 m or above in height are likely to experience high pressure and therefore, it is recommended to consider multi-stage, multi-outlet pumps (creating pressure
zones) or variable frequency drive pumps or any other equivalent arrangement.
14 Provide required number of sets of pumps each consisting of one electric and one diesel pump (stand by) of capacity 1 620 litre/min and one electric pump of capacity 180 litre/min (see Fig. 11) (see
15 Required to be provided for blrildings with more than one storey.
16 Buildings above 30 m in height not to be permitted for Group B, Group C, Group D and Group F occupancies.
17 The requirements given in this table for Group G Industrial Buildings are for small scale industry units. For other industries the requirements will have to be worked out on the basis of relevant Indian
Standards and also in consultation with the local fire authorities.
18 Buildings above 18 m in height not to be permitted for G-l and G-2 occupancies.
19 Buildings above 15 m in height not to be permitted for G-3 occupancies.
20 Buildings above 15 m in height not to be permitted for Group H and Group J occupancies. However, buildings above 45 m in height shall not be permitted for multi-level car parking (MLCP)
occupancy.
21 Pump capacity shall be based on the covered area of the building.
22 One set of pumps shall be provided for each 100 hydrants or part thereof, with a maximum of two sets. In case of more than one pump set installation, both pump sets shall be interconnected at their
delivery headers.
23 Alternative to provisions of additional set of pumps, the objective can be met by providing additional diesel pump of the same capacity and doubling the water tank capacity as required for one set of
pumps.
24 As per the requirement of local authority dry riser may be used in hilly areas, industrial areas or as required.
UJ
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ANNEXB
(Clause 3.1.8)
BROAD CLASSIFICATION OF INDUSTRIAL OCCUPANCIES INTO DIFFERENT DEGREE OF
HAZARD
Light Hazard Moderate Hazard High Hazard
Abrasive Manufacturing Aluminium Factories SUB-CATEGORY (A)

Premises
Atta and Cereal Grinding Aircraft Hangers
Aerated Water Factories
Bakeries and Biscuit Factories AluminiumlMagnesium Powder
Agarbatti Manufacturing Plants
Beedi Factories
Areca Nut Slicing and/or Betel Bituminised Paper and/or Hessian
Bobbin Factories
nut Factories Clothffar Felt Manufacturing
Bookbinders, Envelopes and
Analytical and/or Quality Cotton Waste Factories
Paper Bag Manufacturing
Control Laboratories
Celluloid Goods Manufacturing
Cable Manufacturing
Asbestos Steam Packing and
Chemical Manufacturing using raw
Lagging Manufacturing Camphor Boiling
materials having flash points below
Battery CharginglBattery Candle Works 23°C
Service Stations
Carbon Paperffypewriter Cigarette Filter Manufacturing
Battery Manufacturing Ribbon Manufacturing
Cinema Films and T.V. Production
Breweries Cardboard Box Manufacturing Studios
Brick Works Carpenters, Wood Wool and Coal and/or Coke and/or Charcoal
Furniture Manufacturing Ball and Briquettes Manufacturing
Canning Factories
Carpet and Dorries Factories Collieries
Cardamom Factories
Cashewnut Factories Cotton Seed Cleaning or De-Hnting
Cement Factories and/or
Factories.
Asbestos or Concrete Products Chemical Manufacturing using
Manufacturing raw materials having flash Distilleries
points above 23°C
Ceramic Factories and Duplicating/Stencil Paper Manu-
Cigar and Cigarette Factories facturing
Crockery and Stoneware Pipe
Manufacturing Coir Factories Fire-works Manufacturing.
Clay Works Coir Carpets, Rugs, Tobacco, Foam Plastics Manufacturing and/or
Hides and Skin Presses Converting Plants.
Clock and Watch Manufacturing
Cold Storage Premises Godowns and Warehouses (Storing
Coffee Curing Roasting and
COnIDustiblelFlammable Goods).
Grinding Premises Cork Products Manufacturing
Grass, Hay, Fodder and Bhoosa
Condensed Milk Factories, Milk Dry Cleaning, Dyeing and
(chaff) Pressing Factories
Pasteurising Plant and Dairies Laundries.
Industrial Gas Manufacturing (Other
Confectionery Manufacturing Electric SubstationslDistribution
than InertJHalogenated Hydrocarbon
Stations Gases)
Electric Generating Houses
(Hydro electric) Electric Generating Stations
Jute Mills and Jute Presses
(Other than Underground
Electric Lamps (Incandescent
Power houses) Linoleum Factories
and Fluorescent) and TV Picture
Tube Manufacturing Enamelware Factories LPG Bottling Plants (Mini)
Electro Plating Works Filter and Wax Paper Man Made Fibres (Acrylic
Manufacturing Fibres/yarn Manufacturing)
Engineering Workshops
Flour Mills Match Factories
PART 4 FIRE AND LIFE SAFETY 69

Fruits and Vegetables Garages Mattress and Pillow Making
Dehydrating and Drying
Garment Makers Metal or Tin Printers (where more
Factories
than 50 Percent of floor area is
Ghee Factories (Other than
Fruit Products and Condiment occupied as Engineering Workshop;
Vegetable)
Factories this may be taken as ordinary hazard
Godowns and Warehouses risk)
Glass and Glass Fibre (Other than those Under Light
Manufacturing Oil Mills
and High Hazard A Categories)
Godowns and Warehouses Oil Extraction Plants
Grain and/or Seeds
Storing Non-combustible Goods Disintegrating and/or Crushing Oil TerminalslDepots handling
only Factories flammable Liquids having flash point
of 23° C and Below
Green Houses Grease Manufacturing
Paints and Varnish Factories
Gold Thread/Gilding Factories Hosiery, Lace, Embroidery and
Thread Factories Paper and Cardboard Mills having
Gum and/or Glue and Gelatine raw material yards
Manufacturing Incandescent Gas Mantle
Manufacturing Piers, Wharves and Jetties - Handling
Ice, Ice Candy and Ice-cream Extra Hazardous Materials
Industrial Gas Manufacturing
Manufacturing
(InertlHalogenated hydrocarbon Printing Ink Manufacturing.
Ink (Excluding Printing Ink) gases)
Rosin Lamp-Black and Turpentine
Factories Man-made YamlFibre Factories
Mica Products Manufacturing Manufacturing (Other than
Saw Mills
Acrylic FibreslYam
Pottery Works Manufacturing) Sponge Iron Steel Plants (Gas Based)
Poultry Farms Manure and Fertilizer Works Surgical Cotton Manufacturing

(Blending, Mixing and
Salt Crushing Factories and Tarpaulin and Canvas Proofing
granulating)
Refineries Factories
Mineral Oil Blending and
Turpentine and Rosin Distilleries
Stables Processing
Oil and Leather Cloth Factories Tyre Retreading and Resoling
Sugar Candy Manufacturing Factories
Oil TerminalslDepots Other
Sugar Factories and Refineries
than those Categorised under
TannerieslLeather Goods High Hazard A
Manufacturers Open storage of Flammable SUB-CATEGORY (8)
Umbrella Assembling Factories Liquids in Drums, Cans, etc
Ammonia and Urea Synthesis Plants
Oxygen Plants
Vermicelli Factories CNG Compressing and Bottling
Paper and Cardboard Mills. Plants
Water TreatmentlFiltration without Raw Material Yards
Plants and Water Pump Houses Coal Based Methane Plants
Piers, Wharves, Jetties and
Zinc/Copper Factories Dockyards other than those Explosive Factories
Categorized Under High NOTE - In case of complexes having separate
Hazard A plants having varying degrees of hazard,
authority having jurisdiction shall be consulted
Plastic Goods Manufacturing to decide on level of protection to be provided.
PlywoodIWood Veneering
Factories
Printing Press Premises

Pulverising and Crushing Mills
Rice Mills
Rope Works
Rubber Goods Manufacturing
Rubber Tyres and Tubes
Manufacturing
Shellac Factories
Silk Filiatures
Soaps and Glycerine Factories
Spray Painting
Starch Factories
Tea Factories
Textile Mills
Tobacco (Chewing) and Pan-
Masala Making
Tobacco Grinding and Crushing
Tobacco Redrying Factories
Woollen Mills
NOTE - Any occupancy that is not covered in this annex shall be classified in the most appropriate class which resembles the
proposed occupancy.

ANNEXC
(Clauses 3.3.2 and 3.3.3)
AVAILABLE DATA REGARDING FIRE RESISTANCE RATING
OF VARIOUS BUILDING COMPONENTS
Table 10 Masonry Walls: Solid (Required to Resist Fire from One Side at a Time)
(Clause C-l)
Sl Nature of Construction and Materials Minimum Thickness (mm), Excluding any
No. FInish for a FIre Resistance (min) of
,-
r
Load Bearing
.A..
------
..., r
Non-l0a;LBearing
--
"'\
60 90 120 180 240 60 90 120 180 240

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
i) Reinforced cement concrete 1) 120 140 160 200 240
(25)') (25),) (25),) (25),) (25)2)
ii) Unreinforced cement concrete 150 175
iii) No-fines concrete with:

a) 13 mm cement/sand or gypsum/sand 150 150 150 150 150
b) 13 mm light weight aggregate gypsum 150 150 150 150 150
plaster
iv) Bricks of clay:

a) Without finish 90 100 100 170 170 75 90 100 170 170
b) With 13 mm lightweight aggregate gypsum 90 90 90 100 100 75 90 90 90 100
plaster
v) Bricks of sand lime:

a) Without finish 90 100 100 190 190 75 90 100 170 170
plaster
vi) Blocks of concrete:

a) Without finish 90 100 100 75 90 100 140 150
plaster
c) With 13 rom cement/sand or gypsum/sand 75 90 90 100 140
vii) Blocks of lightweight concrete:

a) Without finish 90 100 100 140 150 75 75 75 125 140
plaster
c) With 13 rom cement/sand or gypsum/sand 75 75 75 90 100
viii) Blocks of aerated concrete:

a) Without fInish 90 100 100 140 180 50 63 63 75 100
b) With 13 mm lightweight aggregate gypsum 90 90 100 100 150
plaster
1) Walls containing at least I percent of vertical reinforcement.

2) Minimum thickness of actual cover to reinforcement.

Table 11 Masonry Walls: Hollow (Required to Resist Fire from One Side at a Time)
(Clause C-l)
SI Nature of Construction and Materials Minimum Thickness (rnm), Excluding any Finish for a Fire
No. Resistance (Min) of
.,- ---. -..
Load Bearing Non-load Bearing
r
A.
, r
.A.. ,
60 90 120 180 240 30 60 90 120 180 240
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (II) (12) (13)
i) Bricks of clay:
a) Without finish 170 170 170 200 200 75 75 90 100 170 170
b) With 13 mm lightweight aggregate gypsum 100 100 170 170 170 75 75 90 90 90 100
plaster
ii) Blocks of concrete:

a) Without finish 90 125 125 140 140 150
b) With 13 mm cement/sand or gypsum/sand 90 125 125 140 140 140
c) With 13 mm lightweight aggregate gypsum 190 200 200 75 90 90 100 125 125
plaster
iii) Blocks of lightweight concrete:

a) Without finish 100 100 100 75 90 90 100 140 150
b) With 13 rom cement/sand or gypsum/sand 75 75 75 100 140 140
c) With 13 rom lightweight aggregate gypsum 63 63 63 75 90 100
plaster
Table 12 Framed Construction, Load Bearing (Required to Resist Fire

from One Side at a Time)
(Clause C-l)
SI Nature of Construction and MaterialslTimber Studs at Minimum Thickness (rnm) of

No. Centres not Exceeding 600 rnm, Faced on Each Side with Protection for a Fire Resistance
of 60 min
(1) (2) (3)
i) Plasterboard layers with joints staggered, joints in outer layer taped and filled - 25
Total thickness for each face
ii) One layer of 12.7 mrn plasterboard with a finish of lightweight aggregate 13
gypsum plaster
iii) Metal lath and plaster, thickness of plaster:

a) Sanded gypsum plaster (metal lathing grade) 22
b) Lightweight aggregate gypsum plaster 13

Table 13 Framed Construction, Non-Load Bearing (Required to Resist Fire from One Side at a Time)
(Clause Col)
SI Nature of Construction and MaterialslSteel or Stud Minimum Thickness (mm) of

No. Timber Frame at Centres not Exceeding 600 mm, Construction Protection for a Fire Resistance of
FacIngs on Both Sides of r ...... ...
30 60 90 120
min min min min
(I) (2) (3) (4) (5) (6) (7)
i) Dry lining with materials fixed direct to studs, without plaster

finish:
a) One layer of plasterboard with taped and filled joints Timber or steel 12.7
b) Two layers of plasterboard with joints staggered, joints in Timber or steel 19 25
outer layer taped and filled - Total thickness for each face
c) One layer of asbestos insulating board with transverse joints Timber or steel 9 12
backed by fIllers of asbestos insulating board not less than
9 mm thick, or by timber
d) One layer of wood wool slabs Timber 25
e) One layer of chipboard or of plywood Timber or steel 18
ii) Lining with materials fIxed direct to suds, with plaster fmish:
a) Plasterboard of thickness:
I) With not less than 5 rnrn gypsum plaster finish Timber or steel 9.5
2) With not less than 13 mrn gypsum plaster finish Timber or steel 12.7
iii) Wet fInish:

a) Metal lath and plaster, thickness of plaster:
I) Sanded gypsum plaster Timber or steel 13
2) Lightweight aggregate gypsum plaster Timber 13 19 25
Steel 13
Table 14 Framed External Walls Load Bearing

(Required to Resist Fire from One Side at a Time)
(Clause Col)
Sl Nature of Construction Minimum Thickness (mrn) of Protection for a Fire

No. and Materials Resistance of 60 min
(I) (2) (3)
i) Timber studs at centres not exceeding 600 rnrn with internal linings
of:
Plasterboard layers with joints in outer layer taped and filled, total
thickness of plasterboard 31

Table 15 Framed External Walls Non-Load Bearing
[Required to Resist Fire from Inside the Building (A)]
(Clause Col)
SI Nature of Construction and Materials Minimum Thickness (nun) of
No. Protection for a Fire Resistance of
r ........ .....
30 min 60 min 90 min 120 min ISO min 240 min
(I) (2) (3) (4) (5) (6) (7) (8)
i) Steel frame with an external cladding of non-combustible sheets (excluding

sheet steel), with a steel supporting framework and intemal1ining of:
I) Sanded gypsum plaster (metallatbing grade) 13 13
2) Lightweight aggregate gypsum plaster 10 13 15 15 15 19
b) Two layer of plasterboard with joints staggered joints in outer layer 21 32
taped and filled - Total thickness
c) Plasterboard of thickness:
I) With not less than 5 nun gypsum plaster finish 12.7
2) With not less than 13 nun gypsum plaster finish 9.5
3) With not less than 10 nun lightweight aggregate gypsum plaster 9.5
d) One layer of asbestos insulating board with transverse joints backed by 9 9 12 12 12 12
fillers of asbestos insulating board not less than 9 nun thick, or by timber
e) One layer of wood/wool slabs without finish 50
f) One layer of compressed straw building slabs:
I) Without finish 50
2) With not less than 5 nun gypsum plaster finish 50
g) Aerated concrete blocks 50 50 63 63 75 100
h) Bricks of clay:
I) Without finish 75 75 90 90 100 100
2) With not less than 13 nun lightweight aggregate gypsum plaster 75 75 90 90
Table 16 Framed External Walls Non-Load Bearing

[Required to Resist Fire from Inside the Building (B)]
(Clause C-l)
SI Nature of Construction and Materials Minimum Thickness (nun) of Protection to provide
No. Sumclent insulation to Achieve a Modified Fire
Resistance of Up to 240 min
(I) (2) (3)
i) Steel frame with an external cladding of sheet steel fully lapped, steel
bolted and fixed to steel sheeting rails, with timber or steel supporting
framework and internal lining of:
I) Sanded gypsum plaster (metallatbing grade) 13
2) Lightweight aggregate gypsum plaster 10
b) One layer of plasterboard with joints taped and filled 12.7
c) Plasterboard of thickness with not less than 5 mm gypsum plaster 9.5
finish
d) One layer of asbestos insulating board with transverse joints 9
backed by fJ.!lers of asbestos insulating board not less than 9 mm
thick, or by timber
e) One layer of wood/wool slabs 25
f) One layer of compressed straw building slabs 50
g) One layer of chipboard or of plywood 18
h) Aerated concrete blocks 50
j) Bricks of clay 75
k) Any internal decorative lining with a cavity ftll independently 50
supported and retained in position of mineral fibre insulating
material (excluding glass) at a density of 48 kglm'

Table 17 Framed Walls Non-Load Bearing
[Required to Resist Fire from Inside the Building (C)]
(Clause C-l)
Sl Nature of Construction and Materials Minimum Thickness (mm) of
No. Protection for a Fire Resistance
or 90 min
(I) (2) (3)
i) Timber frame with external cladding of weather boarding or external plywood, 9.5 mm
with an intemallining of :
a) Plasterboard not less than 9.5 mm thick, fInished with:
I) Gypsum plaster 13
b) Plasterboard not less than 12.7 mm thick, fInished with:
I) Gypsum plaster 10
c) One layer of asbestos insulating board with transverse joints backed by fillers of
asbestos insulating board not less than 9 mm thick, 9
or by timber 12
Table 18 Reinforced Concrete Columns

(Clause C-l)
Sl Nature of Construction and Materials MInimum Dimensions (mm) Excluding any Finish,
No. for a Fire Resistance of
,-
30 min 60 min 90 min
--"'-
120 min 180 min 240 min
-....
(I) (2) (3) (4) (5) (6) (7) (8)
i) Fully exposed a) Width 150 200 250 300 400 450
b) Cover 40 40 40 40 40 40
ii) 50 percent exposed a) Width 125 160 200 200 300 350
b) Cover 40 40 40 40 40 40
iii) One face exposed a) 1bickness 100 120 140 160 200 240
b) Cover 40 40 40 40 40 40
Table 19 Concrete Beams

(Clause C-l)
Sl Nature of Construction and Materials Minimum DImensions (mm) Excluding any Finish,
..-A-
r ........
30 60 90 120 180 240
min min min min min min
(I) (2) (3) (4) (5) (6) (7) (8)
i) Reinforced concrete (simply supported) a) Width 200 200 200 200 240 280
b) Cover 20 20 20 40 60 1) 70 1)
ii) Reinforced concrete (continuous) a) Width 200 200 200 200 240 280
b) Cover 20 20 20 30 40 50 1)
iii) Prestressed concrete (simply supported a) Width 100 120 150 200 240 280
b) Cover 25 40 55 1) 70 1) 80 1) 90 1)
iv) Prestressed concrete (continuous) a) Width 80 100 120 150 200 240
b) Cover 20 30 40 551) 701) 801)
I) Require attention to the additional measures necessary to reduce the risk of spalling.

Table 20 Concrete Floors
(Clause C-l)
SI Nature oC Construction and Materials Minimum Dimensions (mm) Excluding any Finish,
No. Cor a Fire Resistance oC
r -..,
30 60 90 120 180 240
(I) (2) (3) (4) (5) (6) (7) (8)
i) Reinforced concrete (simply supported) a) Thickness 75 95 110 125 150 170
b) Cover 20 20 25 35 45 1) 55 1)
ii) Reinforced concrete (continuous) a) Thickness 75 95 110 125 150 170
b) Cover 20 20 20 25 35 45 1)
I) Require attention to the additional measures necessary to reduce the risk of spaIling.
Table 21 Concrete Floors: Ribbed Open Soffit

(Clause C-l)
SI Nature oC Construction and Materials Minimum DImensIons (mm) Excluding any Flnlsh,
No. Cor a FIre Resistance oC
.-A- -..,
r
30 60 90 120 180 240
(1) (2) (3) (4) (5) (6) (7) (8)
i) Reinforced concrete (simply a) Thickness of floor 75 95 110 125 150 170
supported) b) Rib width 125 125 125 125 150 175
c) Cover 20 20 35 45 1) 55 1) 65 1)
ii) Reinforced concrete a) Thickness of floor 75 95 110 125 150 170
(continuous) b) Rib width 125 125 125 125 150 175
c) Cover 20 20 20 35 45 1) 55 1)
I) Require attention to the additional measures necessary to reduce the risk of spaIling.
Table 22 Encased Steel Columns, 203 mm x 203 mm

(Clause C-l)
SI Nature oC Construction and Materials Minimum Dimensions (mm) Excluding any Finish,
No. Cor a FIre ResIstance oC
.-A- -..,
r
60 min 90 min 120 min 180 min 240 min
(1) (2) (3) (4) (5) (6) (7)
i) Hollow protection (without an air cavity over the flanges):
a) Metal lathing with trowelled lightweight aggregate gypsum 13 15 20 32
plaster l )
b) Plasterboard with 1.6 mm wire binding at 100 mm pitch,
finished with lightweight aggregate gypsum plaster not less
than the thickness specified:
1) 9.5 nun plaster board 10 15
2) 19 mm plaster board 10 13 20
c) Asbestos insulating boards, thickness of board:
1) Single thickness of board, with 6 mm cover fillets at 19 25
transverse joints
2) Two layers, of total thickness 38 50
d) Solid bricks of clay, composition or sand lime, reinforced in 50 50 50 75 100
every horizontal joint, unplastered
e) Aerated concrete blocks 60 60 60
f) Solid blocks of lightweight concrete 50 50 50 60 75
Hollow protection (with an air cavity over the flanges)

Table 22 - (Concluded)
(I) (2) (3) (4) (5) (6) (7)
ii) Asbestos insulating board screwed to 25 mm asbestos battens 12 19
iii) Solid protections:
a) Concrete, not leaner than 1:2:4 mix (unplastered):
1) Concrete not assumed to be load bearing, reinforced 2) 25 25 25 50 75
2) Concrete assumed to be load bearing 50 50 50 75 75
b) Lightweight concrete, not leaner than 1:2:4 mix 25 25 25 40 60
(unplastered): concrete not assumed to be load bearing,
reinforced 2)
I) So fIxed or designed, as to allow full penetration for mechanical bond.

2) Reinforcement shall consist of steel binding wire not less than 2.3 mm in thickness, or a steel mesh weighing not less than 0.5 kgIm2 •
In concrete protection, the spacing of that reinforcement shall not exceed 200 nun in any direction.
Table 23 Encased Steel Beams, 406 mm x 176 mm

(Protection Applied on Three Sides)
(Clause C-l)
SI Nature of Construction and Materials Minimum Thickness (mm) of Protection

No. for a F1re Resistance of
./'-..
r
30
min
60
min
90
min
120
min
180
min
---
240
min
(I) (2) (3) (4) (5) (6) (7) (8)
i) Hollow protection (without an air cavity beneath the lower flange):

a) Metal lathing with trowelled lightweight aggregate gypsum 13 13 15 20 25
plaster l )
b) Plasterboard with 1.6 mm wire binding2) at 100 mm pitch,
finished with lightweight aggregate gypsum plaster not less
than the thickness specified:
I) 9.5 mm plaster board 10 10 15
2) 19 mm plaster board 10 10 13 20
c) Asbestos insulating boards, thickness of board:
1) Single thickness of board, with 6 mm cover fIllets at 19 25
transverse joints
2) Two layers, of total thickness 38 50
ii) Hollow protection (with an air cavity below the lower flange):
a) Asbestos insulating board screwed to 25 nun asbestos battens 9 12
iii) Solid protection :
a) Concrete, not leaner than 1:2:4 mix (unplastered):
1) Concrete not assumed to be load bearing, reinforced 3) 25 25 25 25 50 75
2) Concrete assumed to be load bearing 50 50 50 50 75 75
b) Lightweight concrete'), not leaner than I :2:4 (mix) unplastered 25 25 25 25 40 60
I) So fixed or designed, as to allow full penetration for mechanical bond.

2) Where wire binding cannot be used, expert advice should be sought regarding alternative methods of support to enable the lower
edges of the plasterboard to be fIxed together and to the lower flange, and for the top edge of the plasterboard to be held in position.
3) Reinforcement shall consist of steel binding wire not less than 2.3 mm in thickness or a steel mesh weighing not less than 0.5 kgIm2•
In concrete protection, the spacing of that reinforcement shall not exceed 200 mm in any direction.
4) Concrete not assumed to be load bearing, reinforced.

Table 24 Timber Floors - Tongued and Grooved Boarding, or Sheets of Tongued and
Grooved Plywood or Wood Chipboard, of not Less than 21 mm Finished Thickness
(Clause C-l)
SI Nature oC Construction and Materials Minimum Thickness (nun) oC Protection,
No. Cor a Fire Resistance oC
..A..
r
30 min 60 min 120 min """'
(I) (2) (3) (4) (5)
i) 37 nun (minimum) timber joists with a ceiling of:
a) Timber lathing and plaster, plaster of thickness 15
b) Metal lathing and plaster, thickness of plaster:
I) Sanded gypsum plaster (metal lathing grade) 15
2) Lightweight aggregate gypsum plaster 13 13 25
c) One layer of plasterboard with taped and filled joints 12.7
d) Two layers of plasterboard with joints staggered, joints in outer layer 19 31
taped and filled total thickness
e) One layer of plasterboard not less than 9.5 nun thick, finished with:
I) Gypsum plaster 5
2) Sanded gypsum plaster 13
f) One layer of plasterboard not less than 12.7 nun thick, fmished with:
I) Gypsum plaster 5
g) One layer of asbestos insulating board with any transverse joints backed 9 12
by fillets of asbestos insulating board not less than 9 mm thick, or by
timber
Table 25 Timber Floors - Tongued and Grooved Boarding, or Sheets of Tongued and Grooved
Plywood or Wood Chipboard, of not Less than 15 mm Finished Thickness
(Clause C-l)
SI Nature oC Construction and Materials Minimum Thickness (nun) oC Protection
No. Cor a Fire Resistance of
.A.
r '\
30 min 60 min 120 min
(I) (2) (3) (4) (5)
i) 37 nun (minimum) timber joists with a ceiling of:
b) Metal lathing and plaster, thickness of plaster for:
I) Sanded gypsum plaster (metal lathing grade) 15
2) Lightweight aggregate gypsum plaster 13 13 25
c) One layer of plasterboard with taped and filled joints 12.7
d) Two layers of plasterboard with joints staggered, joints in outer layer taped 22 31
and filled total thickness
e) One layer of plasterboard not less than 9.5 mm thick, finish with:
I) Gypsum plaster 5
f) One layer of plasterboard not less than 12.7 nun thick, fmished with:
1) Gypsum plaster 5
g) One layer of asbestos insulating board, with any transverse joints backed by 9 12')
fillets of asbestos insulating board not less than 9 mm thick, or by timber
I) Finished on top with 25 mm minimum thick glass fibre or mineral wool laid between joints.

Table 26 Timber Floors - Any Structurally Suitable Flooring of
Timber or Lignocelluloses Boards
(Clause C-l)
SI Nature of Construction and Materials Minimum Thickness (mm) of Protection,

r 30 min
(I) (2) (3) (4)
i) 37 mm (minimum) timber joists with a ceiling of:
b) Metal lathing and plaster, thickness of plaster for:

1) Sanded gypsum plaster (metal lathing grade) 15
2) Lightweight aggregate gypsum plaster 13 19
c) One layer of plasterboard with joints taped and filled and backed by timber 12.7
d) Two layers of plasterboard with joints staggered, joints in outer layer taped 25
and filled total thickness
e) Two layers of plasterboard, each not less than 9.5 mm thick, joints between 5
boards staggered and outer layer finished with gypsum plaster
f) One layer of plasterboard not less than 9.5 mm thick, finish with :
g) One layer of plasterboard not less than 12.7 mm thick, fmished with :
h) One layer of asbestos insulating board with any transverse joints backed by 12
fillets of asbestos insulating board not less than 9 mm thick, or by timber

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Table 1 Imposed Floor Loads for Different Occupancies
(Clause 3.3.1)
Sl Occupancy Classification Uniformly Concentrated
No. Distributed Load
Load (UDL)
2
kN
kN/m
(1) (2) (3) (4)
i) Residential Buildings
a) Dwelling houses:
1) All rooms and kitchens 2.0 1.8
2) Toilets and bath rooms 2.0 —
3) Corridors, passages, staircases including fire escapes and store 3.0 4.5
rooms
4) Balconies 3.0 1.5 per metre run
concentrated at the outer
edge
b) Dwelling units planned and executed in accordance with good practice
[6-1(2)] only:
1) Habitable rooms, kitchens, and toilets and bath rooms 1.5 1.4
2) Corridors, passages and staircases including fire escapes 1.5 1.4
3) Balconies 3.0 1.5 per metre run
concentrated at the outer
edge
c) Hotels, hostels, boarding houses, lodging houses, dormitories and
residential clubs:
1) Living rooms, bed rooms and dormitories 2.0 1.8
2) Kitchen and laundries 3.0 4.5
3) Billiards room and public lounges 3.0 2.7
4) Store rooms 5.0 4.5
5) Dining rooms, cafeterias and restaurants 4.0 2.7
6) Office rooms 2.5 2.7
7) Rooms for indoor games 3.0 1.8
8) Baths and toilets 2.0 —
9) Corridors, passages staircases including fire escapes and lobbies – 3.0 4.5
as per the floor serviced (excluding stores and the like) but not less
than
10) Balconies Same as rooms to 1.5 per metre run
which they give concentrated at the outer
access but with a edge
minimum of 4.0
d) Boiler rooms and plant rooms– to be calculated but not less than 5.0 6.7
e) Garages:
1) Garage floors (including parking area and repair workshops for 2.5 9.0
passenger cars and vehicles not exceeding 2.5 tonne gross weight,
including access ways and ramps – to be calculated but not less
than
2) Garage floors for vehicles not exceeding 4.0 tonne gross weight 5.0 9.0
(including access ways and ramps ) – to be calculated but not less
than
ii) Educational Buildings
a) Class rooms and lecture rooms (not used for assembly purposes) 3.0 2.7
b) Dining rooms, cafeterias and restaurants 3.01) 2.7
c) Offices, lounges and staff rooms 2.5 2.7
d) Dormitories 2.0 2.7
e) Projection rooms 5.0 –
f) Kitchens 3.0 4.5
g) Toilets and bath rooms 2.0 –
h) Store rooms 5.0 4.5
j) Libraries and archives:
1) Stack room/stack area 6.0 kN/m2 for a 4.5
minimum height
of 2.2 m +
2.0 kN/m2 per
metre height
beyond 2.2 m
PART 6 STRUCTURAL DESIGN — SECTION 1 LOADS, FORCES AND EFFECTS 9

Table 1 — (Continued)
(1) (2) (3) (4)
2) Reading rooms (without separate storage) 4.0 4.5
3) Reading rooms (with separate storage) 3.0 4.5
k) Boiler rooms and plant rooms – to be calculated but not less than 4.0 4.5
m) Corridors, passages, lobbies, staircases including fire escapes – as per 4.0 4.5
the floor serviced (without accounting for storage and projection
rooms) but not less than
n) Balconies Same as rooms to 1.5 per metre run
minimum of 4.0
iii) Institutional Buildings
a) Bed rooms, wards, dressing rooms, dormitories and lounges 2.0 1.8
b) Kitchens, laundries and laboratories 3.0 4.5
c) Dining rooms, cafeterias and restaurants 3.01) 2.7
d) Toilets and bathrooms 2.0 –
e) X-ray rooms, operating rooms and general storage areas – to be 3.0 4.5
calculated but not less than
f) Office rooms and O.P.D. rooms 2.5 2.7
g) Corridors, passages, lobbies, staircases including fire escapes – as per 4.0 4.5
the floor serviced (without accounting for storage and projection
rooms) but not less than
h) Boiler rooms and plant rooms – to be calculated but not less than 5.0 4.5
j) Balconies Same as rooms to 1.5 per metre run
minimum of 4.0
iv) Assembly Buildings
a) Assembly areas :
1) With fixed seats2) 4.0 –
2) Without fixed seats 5.0 3.6
b) Restaurants (subject to assembly), museums and art galleries and 4.0 4.5
gymnasia
c) Projection rooms 5.0 —
d) Stages 5.0 4.5
e) Office rooms, kitchens and laundries 3.0 4.5
f) Dressing rooms 2.0 1.8
g) Lounges and billiards rooms 2.0 2.7
h) Toilets and bathrooms 2.0 —
j) Corridors, passages and staircases including fire escapes 4.0 4.5
k) Balconies Same as rooms to 1.5 per metre run
minimum of 4.0
m) Boiler rooms and plant rooms including weight of machinery 7.5 4.5
n) Corridors, passages, subject to loads greater than from crowds, such as 5.0 4.5
wheeled vehicles, trolleys and the like corridors, staircases and
passages in grandstands
v) Business and Office Buildings (see also 3.2.1)
a) Rooms for general use with separate storage 2.5 2.7
b) Rooms without separate storage 4.0 4.5
c) Banking halls 3.0 2.7
d) Business computing machine rooms (with fixed computers or similar 3.5 4.5
equipment)
e) Records/files store rooms and storage space 5.0 4.5
f) Vaults and strong rooms – to be calculated but not less than 5.0 4.5
g) Cafeterias and dining rooms 3.01) 2.7
h) Kitchens 3.0 2.7
j) Corridors, passages, lobbies, staircases including fire escapes – as per 4.0 4.5
the floor serviced (excluding stores) but not less than
k) Bath and toilets rooms 2.0 —

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Based upon Survey of India Political map printed in 2002.
The territorial waters of India extend into the sea to a distance of twelve nautical miles measured from the appropriate baseline.
The interstate boundaries between Arunachal Pradesh, Assam and Meghalaya shown on this map are as interpreted from the
!"#$%&'()$*#+,-#*(),./*"#0(+12($1"+3,-4$5,67865,9:$,%(;*,<*$,$",9*,;*#1=*>?
The state boundaries between Uttarakhand & Uttar Pradesh, Bihar & Jharkhand, and Chhattisgarh & Madhya Pradesh have not
9**+,;*#1=*>,9<,$%*,@";*#+A*+$),4"+4*#+*>?
The administrative headquarters of Chandigarh, Haryana and Punjab are at Chandigarh.
B%*,*C$*#+(D,9":+>(#1*),(+>,4"()$D1+*),"E,F+>1(,(0#**,G1$%,$%*,/*4"#>HI()$*#,J"K<,4*#$1=*>,9<,L:#;*<,"E,F+>1(?
The responsibility for the correctness of internal details rests with the publisher.
NOTES
1 The occurrence of a tornado is possible in virtually any part of India. They are particularly more severe in the northern parts of India. The recorded number of these tornados is
too small to assign any frequency. The devastation caused by a tornado is due to exceptionally high winds about its periphery, and the sudden reduction in atmospheric pressure
($,1$),4*+$#*5,#*):D$1+0,1+,(+,*CKD")1;*,":$G(#>,K#*)):#*,"+,$%*,*D*A*+$),"E,$%*,)$#:4$:#*?,B%*,#*01"+(D,9()14,G1+>,)K**>),>",+"$,1+4D:>*,(+<,)K*41=4,(DD"G(+4*,E"#,$"#+(>")?,F$,1),+"$,
the usual practice to allow for the effect of tornados unless special requirements are called for as in the case of important structures such as, nuclear power reactors and satellite
communication towers.
2 The total number of cyclonic storms that have struck different sections of east and west coasts are included in Fig. 1, based on available records for the period from 1877 to 1982.
B%*,=0:#*),(9";*,$%*,D1+*),.9*$G**+,$%*,)$($1"+)3,1+>14($*,$%*,$"$(D,+:A9*#,"E,)*;*#*,4<4D"+14,)$"#A),G1$%,"#,G1$%":$,(,4"#*,"E,%:##14(+*,G1+>),.)K**>),(9";*,M8,NAH%3,(+>,$%*,
=0:#*),1+,$%*,9#(4N*$),9*D"G,$%*,D1+*),1+>14($*,$%*,$"$(D,+:A9*#,"E,4<4D"+14,)$"#A)?,,B%*1#,*EE*4$,"+,D(+>,1),(D#*(><,#*O*4$*>,1+,$%*,9()14,G1+>,)K**>),)K*41=*>,1+,P10?,6?,B%*)*,%(;*,
been included only as additional information.
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Table 39 Suggested Values of Structural Damping shape as represented by:
Coefficients k
(Clause 4.8.2) )z*
+ ( z ) $ , - ; and
Sl Kind of Structure Damping
. h/
No. Coefficient fc = first mode natural frequency of the building/
!
structure in across wind direction, in Hz.
(1) (2) (3)
The across wind load distribution on the building/
i) Welded steel structures 0.010
ii) Bolted steel structures/RCC 0.020
structure can be obtained from M c using linear
structures distribution of loads as given below:
iii) Prestressed concrete structures 0.016
) 3M *) z *
Fz,c $ , 2 c -, -
4.8.2.1 Peak acceleration in along wind direction . h /. h /
The peak acceleration at the top of the building where Fz,c = across wind load per unit height at height z.
x̂ in m/s2) is given
structure in along wind direction ( !! 4.8.3.1 Peak acceleration in across wind direction
by the following equation: The peak acceleration at the top of the building
SE ŷ in m/s2) with
structure in across-wind direction ( !!
xˆ $ " 2%f a # x g R r
2
!! approximately constant mass per unit height shall be
!
where determined as follows:
x = mean deflection at the position where the g p b ) %C *

acceleration is required. Other notations are yˆ $ 1.5 h h " 0.76 0 0.24k # , fs -
!!
same as given in 9.2.
m0 . ! /
For computing the peak acceleration in the along wind Typical values of the mode shape power exponent, k
direction, a mean wind speed at the height of the are as follows:
building /structure, Vh corresponding to a 5 year mean a) uniform cantilever, k = 1.5
return period shall be used. A reduced value of 0.011
b) slender framed structure (moment resisting),
is also suggested for the structural damping, ! for
k = 0.5
reinforced concrete structures.
c) building with a central core and moment
4.8.3 Across Wind Response resisting façade, k = 1.0
This section gives method for determining equivalent d) lattice tower decreasing in stiffness with
static wind load and base overturning moment in the height, or a tower with a large mass at the top,
across wind direction for tall enclosed buildings and k = 2.3
towers of rectangular cross-section. Calculation of Cfs = across wind force spectrum coefficient
across wind response is not required for lattice towers. generalized for a linear mode (see Fig. 10);
The across wind design peak base bending moment Mc ! = damping coefficient of the building/structure
for enclosed buildings and towers shall be determined (see Table 39); and
as follows: m0 = average mass per unit height of the structure,
%Cfs in kg/m.
M c $ 0.5 gh p h bh2 "1.06 & 0.06k #
! 4.8.4 Combination of Along Wind and Across Wind
Load Effects
where
gh = peak factor; The along wind and across wind loads have to be
applied simultaneously on the building/structure during
= ' 2ln(3 600 f c )( in cross wind direction; design.
p h = hourly mean wind pressure at height h, in
Pa; 5 SEISMIC FORCE
b = breadth of the structure normal to the wind, This clause primarily deals with earthquake hazard
in m; assessment and earthquake-resistant design of
h = height of the structure, in m; buildings.
k = mode shape power exponent for All structures, like parking structures, security cabins
representation of the fundamental mode and ancillary structures need to be designed for

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Table 40 Percentage Increase in Net Bearing Pressure and Skin Friction of Soils
(Clause 5.3.3.5.2)
SINo. Soil Type Percentage Increase Allowable
(1) (2) (3)
i) Type A: Rock or hard soils 50
ii) Type B: Medium or stiff soils 25
iii) TYpe C: Soft soils o
NOTES
1 The net bearing pressure shall be determined in accordance with good practice [6-1(15)] or accepted standards [6-1(16)]
2 Only corrected values of N shaIl be used.
3 If any increase in net bearing pressure has a1ready been permitted for forces other than seismic forces, the total increase in allowable
bearing pressure, when seismic force is also included, shall not exceed the limits specified above.
4 The desirable minimum corrected field values of N shall be as specified below:
Seismic Zone Dep/h (m) belaw NValues Remarks

Ground Level
<:;5 15
m,IVandV For values of depths between
25
5 m and 10m, linear
..::5 10 interpolation is recommended
II
20
If soils of lower N values are encountered than those specified in the table above, then suitable ground improvement techniques shall be
adopted to achieve these values. Alternately, deep pile foundations should be used, which are anchored in stronger strata, underlying
the soil layers that do not meet the requirement.
5 Piles should be designed for lateral loads neglecting lateral resistance of those soil layers (if any), which are liable to liquefy.
6 Accepted standard [6-1(17)] may be referred for soil notation, and corrected N values shaII be determined by applying correction
factor CN for effective overburden pressure cr'vo using relation where CN = cr'., :5 1.7, p. is the atmospheric pressure,
and N, is the uncorrected SPT value for soil.
7 While using this table, the value of N to be considered shall be determined as below:
a) Isola/ed footings - Weighted average of N of soil layers from depth offounding, to depth offounding plus twice the breadth
of footing;
b) Raftfoundalions - Weighted average of N of soil layers from deptb offounding, to depth offounding plus twice the breadth
of raft;
c) Pile foundation - Weighted average of N of soil layers from depth of bottom tip of pile, to depth of bottom tip of pile plus
twice the diameter of pile;
d) Group pilefoundation - Weighted average of N of soil layers fromdeptb of bottom tip of pile group, to depth of bottom tip
of pile group plus twice tbe width of pile group; and
e) Wellfoundation - Weighted average of N of soil layers from depth of bottom tip of well, to depth of bottom tip of well plus
twice the width of well.
Table 41 Classification of Types of Soils for Determining Percentage Increase in Net

Bearing Pressure and Skin Friction
(Clause 5.3.3.5.2)
SINo. SoD Type Remarks
(1) (2) (3)
i) Type A Well graded gravel (GW) or well graded sand (SW) both with less than 5 percent passing 75 11m
Rock or hard soils sieve (Fines)
Well graded gravel- sand mixtures with or without fines (GW-SW)
Poorly-graded sand (SP) or Clayey sand (SC), all having N above 30
stiff to hard clays having N above 30, where N is corrected standard penetration test value
ii) TypeB Poorly graded sands or poorly graded sands with gravel (SP) with little or no fines having N
Medium or stiff soils between 10 and 30
Stiff to medium stiff fine-grained soils, like silts oflow compressibility (ML) or clays oflow
compressibility (CL) baving N between 10 and 30
iii) TypeC All soft soils other than SP with N<IO. The various possible soils are:
Soft soils a) Silts of intermediate compressibility (Ml);
b) Silts of high compressibility (MH);
c) Clays of intermediate compressibility (CI);
d) Clays of high compressibility (CH);
e) Silts and clays of intermediate to high compressibility (MI-MH or CI-CH);
f) Silt with clay of intermediate compressibility (MI-CI); and
g) Silt with clay of high compressibility (MH-CH).
iv) TypeD Requires site-specific study and special treatment according to site condition (see 5.3.3.5.3)
Unstable, collapsible,
liquefiable soils

Based upon Survey of India Political map printed in 2002.
The territorial waters of India extend into the sea to a distance of twelve nautical miles measured from the appropriate baseline.
The interstate boundaries between Arunachal Pradesh, Assam and Meghalaya shown on this map are as interpreted from the North-Eastern Areas
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Table 44 Definitions of Irregular Buildings — Table 44 — (Concluded)
Plan Irregularities (see Fig. 13)
(Clause 5.4.1) known to be detrimental to the earthquake safety of the
building. A building is said to have out-of-plane offset in
Sl No. Type of Plan Irregularity vertical elements, when structural walls or frames are moved
out of plane in any storey along the height of the building
(1) (2)
In a building with out-of-plane offsets in vertical elements,
i) Torsional Irregularity a) specialist literature shall be referred for design of such
a building, if the building is located in Seismic Zone
Usually, a well-proportioned building does not twist about
II; and
its vertical axis, when
b) the following two conditions shall be satisfied, if the
a) the stiffness distribution of the vertical elements resisting
building is located in Seismic Zones III, IV and V:
lateral loads is balanced in plan according to the
1) Lateral drift shall be less than 0.2 percent in the
distribution of mass in plan (at each storey level); and
storey having the offset and in the storeys below; and
b) the floor slabs are stiff in their own plane (this happens
2) Specialist literature shall be referred for removing
when its plan aspect ratio is less than 3)
the irregularity arising due to out-of-plane offsets in
A building is said to be torsionally irregular, when, vertical elements.
1) the maximum horizontal displacement of any floor in v) Non-Parallel Lateral Force System
the direction of the lateral force at one end of the floor
is more than 1.5 times its minimum horizontal Buildings undergo complex earthquake behaviour and hence
displacement at the far end of the same floor in that damage, when they do not have lateral force resisting systems
direction; and oriented along two plan directions that are orthogonal to each
2) the natural period corresponding to the fundamental other. A building is said to have non-parallel system when
torsional mode of oscillation is more than those of the the vertically oriented structural systems resisting lateral
first two translational modes of oscillation along each forces are not oriented along the two principal orthogonal
principal plan directions axes in plan
In torsionally irregular buildings, when the ratio of maximum Buildings with non-parallel lateral force resisting system
horizontal displacement at one end and the minimum shall be analysed for load combinations mentioned
horizontal displacement at the other end is, in 5.3.3.2.2 or 5.3.3.4.1.
i) in the range 1.5 – 2.0, (a) the building configuration
shall be revised to ensure that the natural period of the Table 45 Definition of Irregular Buildings —
fundamental torsional mode of oscillation shall be
smaller than those of the first two translational modes Vertical Irregularities (see Fig. 14)
along each of the principal plan directions, and then (Clause 5.4.1)
(b) three dimensional dynamic analysis method shall
be adopted; and Sl No. Type of Plan Irregularity
ii) more than 2.0, the building configuration shall be (1) (2)
revised
ii) Re-entrant Corners i) Stiffness Irregularity (Soft Storey)
A building is said to have a re-entrant corner in any plan A soft storey is a storey whose lateral stiffness is less than
direction, when its structural configuration in plan has a that of the storey above.
projection of size greater than 15 percent of its overall plan The structural plan density (SPD) shall be estimated when
dimension in that direction unreinforced masonry infills are used. When SPD of masonry
In buildings with re-entrant corners, three-dimensional infills exceeds 20 percent, the effect of URM infills shall be
dynamic analysis method shall be adopted considered by explicitly modelling the same in structural
analysis (as per 5.4.9 ). The design forces for RC members
iii) Floor Slabs having Excessive Cut-Outs or Openings
shall be larger of that obtained from analysis of:
Openings in slabs result in flexible diaphragm behaviour, and a) Bare frame, and
hence the lateral shear force is not shared by the frames and/ b) Frames with URM infills,
or vertical members in proportion to their lateral translational
stiffness. The problem is particularly accentuated when the using 3D modelling of the structure. In buildings designed
opening is close to the edge of the slab. A building is said to considering URM infills, the inter-storey drift shall be limited
have discontinuity in their in-plane stiffness, when floor slabs to 0.2 percent in the storey with stiffening and also in all
have cut-outs or openings of area more than 50 percent of the storeys below.
full area of the floor slab ii) Mass Irregularity
In buildings with discontinuity in their in-plane stiffness, if Mass irregularity shall be considered to exist, when the seismic
the area of the geometric cut-out is, weight (as per 5.4.7) of any floor is more than 150 percent of
a) less than or equal to 50 percent, the floor slab shall be that of the floors below.
taken as rigid or flexible depending on the location of
and size of openings; and In buildings with mass irregularity and located in Seismic
Zones III, IV and V, the earthquake effects shall be estimated
b) more than 50 percent, the floor slab shall be taken as
by Dynamic Analysis Method (as per 5.4.7).
flexible
iv) Out-of-Plane Offsets in Vertical Elements iii) Vertical Geometric Irregularity
Out-of-plane offsets in vertical elements resisting lateral loads Vertical geometric irregularity shall be considered to exist,
cause discontinuities and detours in the load path, which is when the horizontal dimension of the lateral force resisting

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Table 1 Safe Permissible Stresses for the Species of Timber
rIl
[Clauses 4.1,4.2, 4.7.1.3(b), 5.4.1, 5.4.2 and 6.5.8.3.1(b)]
Species LocalIty Average Modulns of Permissible Stress for Grade I Preservative J)Refracteri-
("'l from ....here Density at E1astldty N/roro 2 Cbaracters ness to Air
r --'" "- Tested 12 Percent (All Grades,.- -- ........ Seasoning
Botanical Name Trade Name Moisture and All Bending-Tension AJoog Shear all Compression Parallel Compression Uurabllity
Content Locations) Grain, Exlreme Fibre Locations to Grain Perpendicular to Grain Class ability
Kglm' x 10' SIreSS Grade
!
I
N/mm2
.g
] C; j j ] j ]
] -1l o
;C
J ] j
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19)
I GROUP A
Acacia caJectou
Acacia chandra
Albizia odorarissima
8ruguiera spp.
Kbair(KHA)
Red kutch
Kala siris (KSn
Bruguiera (BSV)
(Mangrove)
U.P.
M.P.
Chennai
Andmans
1009
1086
737
897
13.44
16.79
13.54
17.68
20.1
26.5
18.7
21.9
16.8
22.0
15.6
18.3
13.4
17.6
12.5
14.6
1.6
2.2
1.5
1.2
2.2
3.2
2.2
1.7
13.8
17.9
13.3
14.3
12.3
15.9
11.8
12.7
10.1
13.0
9.6
10.4
7.7
10.9
7.3
5.5
6.0
8.4
5.6
4.3
4.9
6.9
4.6
3.5
J
ill
e
A
A
B
Grewia tilii/olia Dhaman (DRA) Chcnnai 788 14.82 18.3 15.2 12.2 1.3 1.9 12.0 10.7 8.7 6.0 4.7 3.8 ill d B
Hopea utilis (8aJarw Karung Chenoai 987 16.91 25.1 20.9 16.7 1.5 2.2 16.4 14.6 11.9 9.3 7.3 5.9
s
carpus utilis)
Hopea giabra Hopea(HOP) Chenoai 1081 14.79 21.3 17.8 14.2 1.5 2.2 14.5 12.9 10.6 9.9 7.7 6.3 1 A
Hopea parvij/ora Hopea(HOP) Chennai 923 13.03 18.6 15.5 12.4 1.3 1.8 13.2 11.8 9.6 9.2 7.3 6.0 J e A
Manilota polyandra (Syn. Ping (pIG) Assam 903 13.20 19.1 15.9 12.7 1.3 1.8 1.2 10.4 8.5 5.7 4.4 3.6 ill b A
I
Cynomelra polyandra)
Mesuaferrea Mesua(MES) Assam 965 16.30 23.3 19.4 15.5 1.2 1.8 15.5 13.8 11.3 5.9 4.6 3.7 A
Mimusops littoralis BuUet-wood (BUL) S.Andaman 1103 17.39 22.7 18.9 15.1 1.5 2.1 14.2 12.7 10.4 11.3 8.8 7.2 A
Pesciloneuron indicum Ballagi (BAL) Chennai 1139 16.29 22.4 18.7 15.0 1.5 2.2 14.7 13.1 10.7 8.7 6.8 5.5 e A
Pterocarpus Scantaii1UlS Red sanders (MA) Chenoai 1121 12.73 25.0 20.9 16.7 1.7 2.5 18.1 16.1 13.2 H.8 9.2 7.5 A
Sageraea elliptica Cbooi(COC) Andmans 869 15.06 21.5 17.9 14.3 1.1 1.5 12.5 Il.l 9.1 5.3 4.1 3.4 A
Stereospermun celonoides Padri (pAD) Chenoai 731 12.94 19.0 15.8 12.7 1.1 1.6 11.9 10.6 8.7 4.0 3.1 2.6 ill B
Vilex aitissima MiUa(MIL) Maharashtra 937 13.01 18.2 15.2 12.1 1.2 1.7 12.6 11.2 9.2 9.5 7.4 6.1 1 e A
GROUPB
Albizzia lebbeck Kokko (KOK) Andaman 642 1l.l7 13.4 11.2 9.0 1.1 1.5 9.0 8.0 6.5 4.4 3.4 2.8 e B
Anogeissus /atifolia Dhaura, Axle wood (AXL) U.P. 892 10.55 16.1 13.4 10.7 I.l 1.6 9.1 8.1 6.6 4.7 3.7 3.0 e A
(Baldi)
Artocarpus hirsulus Aini (Alli) Chennai 600 10.45 15.0 12.5 10.0 0.7 1.1 10.4 9.2 7.5 3.3 2.6 2.1 B
Acacia nilotica Babul (BAB) U.P. 797 12.9 10.3 1.4 2.1 8.9 7.9 6.4 5.2 4.0 3.3 b B
Acaciaferrugmea Safed khair Maharasbtra 993 12.28 23.0 19.2 15.3 1.7 2.4 13.9 12.4 10.1 9.9 7.7 6.3
Acrocarpus jraxmi/olius Mundani (MUN) Chennai 690 12.59 16.1 13.4 10.8 1.2 1.8 10.5 9.4 7.7 4.6 3.6 2.9 ill c B
Ag/aia odulis Aglaia (AGL) Assam 815 12.56 18.2 15.2 12.1 1.4 2.0 10.1 8.9 7.3 4.4 3.4 2.8 A
Anogeissus acuminota Yon Orissa 844 11.67 17.6 14.7 11.7 1.3 1.8 10.8 9.6 7.9 5.1 4.0 3.3 A
\C
...
co Table 1 - (Continued)
(I) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19)
Alalanlia monophyl/a Jungli-nimbu (JHI) Orissa 897 10.31 16.7 13.9 11.1 1.5 2.1 11.3 10.0 8.2 6.3 4.9 4.0
A/lingia excelsa Jutili (JUT) Assam 795 11.37 17.1 14.3 11.4 1.2 1.8 11.0 9.8 8.0 6.8 5.3 4.4 II e A
Amooraspp. Amari(AMA) W. Bengal 625 1.05 13.4 1.1 9.2 0.9 1.3 8.4 7.4 6.0 3.7 2.9 2.4 II d B
BuckJandia populnea (Syn Pipli (PIP) W.Bengal 672 9.89 12.8 10.7 8.6 1.1 1.5 7.9 7.0 5.7 3.5 2.7 2.2 ill e C
ExbuckJandia populnea)
Cassia fistula Amaltas (AMI) U.P. 865 11.80 19.2 16.0 12.8 1.4 2.0 12.3 10.9 8.9 7.2 5.6 4.6 A
Carallia lucida Maniawaga Assam 748 12.60 18.4 15.3 12.3 1.2 1.7 11.4 10.1 8.3 5.9 4.6 3.8
Conarium strictwn Dhup Chennai 655 11.86 13.3 11.1 8.9 0.9 1.2 8.1 7.2 5.9 2.8 2.2 1.8 ill C
Cassia sienea Kasod M.P. 820 10.50 15.4 12.8 10.9 1.0 1.4 10.8 9.6 7.9 5.5 4.3 3.5
Casuerina equisetifolia Casuarina (CAS) Orissa 769 11.44 14.6 12.2 9.8 1.3 1.8 8.2 7.3 5.9 4.0 3.1 2.5 ill e A
Celophyl/um temculosum Poon (POO) Maharashtra 657 9.77 13.4 11.2 9.0 0.8 1.1 8.6 7.7 6.3 2.8 2.2 1.8 II B
Chloroxylon swie/enia Satin wood (CFI) M.P. 865 11.69 18.2 15.1 12.1 1.4 2.0 10.9 9.7 8.0 6.3 4.9 4.0 ill A
Cul/enia resayoana (Syn C. Karani (KAP) Chennai 625 12.43 14.7 12.3 9.8 0.6 0.9 9.0 8.0 6.6 2.7 2.1 1.7 ill b C
execelsa)
Diploknema butyracea (Syn Hill mahua (HMA) S.Andarnan 780 10.64 15.3 12.8 10.2 1.0 1.5 9.9 8.8 7.2 6.6 5.2 4.2
Bassia butyrance)
Dyscxylum ma/ebaricum White ceda (WCE) Chennai 745 10.92 13.2 11.0 8.8 1.0 1.4 8.0 7.1 5.8 3.1 2.4 1.9 I B
Dipterocarpus grantiij/orus Gurjan (GUR) N.Andaman 758 11.71 12.5 10.5 8.4 0.8 1.1 7.9 7.1 5.8 2.7 2.1 1.7 I B
Dipterocarpus macrocarpus Hollong (HOL) Assam 726 13.34 14.5 12.0 9.6 0.8 1.1 8.8 7.9 6.4 3.5 2.7 2.2 ill a B
Dichopsis polyantha (Syn Tali (TAL) Assam 734 11.24 14.9 12.4 10.0 1.1 1.6 9.9 8.8 7.2 4.7 3.7 3.0 B
Palaquium polyanthum)
Dichopsis el/iptica (Syn Pali (PAL) Chennai 606 11.86 13.9 11.6 9.3 0.7 1.0 8.5 7.5 6.2 2.9 2.2 1.8 e B
Palaquium el/ipticum)
Diospyros micropylla Ebony(EBO) Maharashtra 776 12.15 14.2 11.9 9.5 0.9 1.3 8.3 7.3 6.0 3.3 2.6 2.1 A
Diospyros pyrrhocarpus EboDy(EBO) N.Andarnan 843 9.93 13.5 11.2 9.0 1.0 1.4 7.9 7.0 5.7 4.0 3.1 2.5 ill A
Dipterocarpus bourdilloni Gurjan (GUR) Kerala 699 12.71 13.6 11.3 9.0 0.7 1.0 7.8 6.9 5.7 2.5 1.9 1.6 B
Eucalyptus globulus Eucalyptus (Blue gum) Chennai 912 14.83 15.9 13.2 10.6 10.3 1.5 9.0 8.0 6.5 3.4 2.6 2.1 e A
(BLN)
Eucalyptus ougenioides Eucalyptus Chennai 853 11.47 16.4 13.6 10.9 1.2 1.7 11.3 10.0 8.2 7.6 5.9 4.8
Eugenia gardnery Jaman(JAM) Chennai 952 11.94 14.8 12.3 9.8 1.1 1.6 9.2 8.2 6.7 5.8 4.5 3.7 ill d
Eugenia jambolana Jaman(JAM) U.P. 778 10.94 16.0 13.3 10.6 1.2 1.7 9.7 8.6 7.1 4.7 3.7 3.0
Gluta travancorice G1uta(GLU) Chennai 726 12.73 13.5 11.3 9.0 0.9 1.3 9.0 8.0 6.6 4.0 3.1 2.5 I A
Grewia veslita Dhaman (ORA) W.Bengal 758 12.00 15.4 12.6 10.3 1.4 2.0 9.1 8.1 6.6 4.1 3.2 2.6 ill d B
0 Heritiera spp. Sundri (SUN) Assam 872 13.37 17.9 14.9 11.9 1.3 1.8 11.0 9.8 8.0 6.5 5.0 4.1 I A
Kingiodendron pinnatum (Syn Piney (PIN) Chennai 617 10.62 13.2 11.0 8.8 0.4 1.3 8.2 7.3 6.0 2.9 2.2 1.8 B
Hardwickia pinnala)
=
d
Kayea jIoribund
Lagerstromia laneeolata
Karal
Benteak(BEN)
Assam
Chennai
813
617
10.88
10.76
16.8
12.7
14.0
10.6
1.1
8.5
1.1
0.8
1.6
1.2
10.1
8.2
9.0
7.3
7.3
5.9
4.4
3.4
3.4
2.6
2.8
2.2
ill
I e B
Lagerstromia parviflora Lcndi(LEN) U.P. 734 10.97 14.3 11.9 9.5 1.1 1.6 8.7 7.7 6.3 3.7 2.9 2.4 I c A
Mimusops elengi Baku1(BKL) Chennai 885 12.39 17.3 14.4 11.5 1.3 1.8 11.0 9.8 8.0 5.6 4.3 3.6 I A
(Ol Machilus macrantha Machilus (MAC) W.Bengal 692 10.00 12.4 10.3 8.3 1.0 1.5 8.2 7.3 6.0 3.5 2.7 2.2 ill e B/C
("'l Miliuse tyomentosa (Syn Hoom(HOO) Maharasbtra 745 11.06 14.8 12.3 9.9 0.9 1.3 9.7 8.6 7.0 3.5 2.7 2.2 ill B
Saccopapetalum tomentosum)
Pommetia pinnata Andaman 788 12.90 14.3 11.9 9.5 1.1 1.6 9.1 8.0 6.6 4.0 3.1 2.5
Pterocarpus dolbergioides Padauk (PAD) N.Andarnan 721 11.24 17.1 14.3 11.4 1.0 1.5 12.0 10.7 8.7 5.5 4.3 3.5 I c B
0 Mesua assamica Kayea Assam 842 12.83 17.4 14.5 11.6 1.0 1.4 11.7 10.4 8.5 5.3 4.1 3.3 II e
"'l
Pterocarpus marsupiwn Bijasal (BIJ) Maharasbtra 803 10.25 14.9 12.4 9.9 0.9 1.3 9.1 8.1 6.6 4.1 3.2 2.6 I e B
Fraxlnus macrantha Ash (ASH) U.P. 712 10.69 15.0 12.5 10.0 1.2 1.7 8.5 7.6 6.2 4.3 3.3 2.7 ill B
s: Fraxlnus execLsior
Planchonia valida (Syn P.
Ash (ASH)
Red bombwc (RBO)
Punjab
Andaman
719
913
10.41
13.10
14.8
16.1
12.3
13.4
9.8
10.7
1.2
1.0
1.7
1.4
8.1
10.8
7.2
9.6
5.8
7.9
3.3
4.9
2.6
3.8
2.1
3.1
ill
ill
B
... andomanica)
rIl (I) (2) (3) (4) (5) (6) (l) (8) (9) (10) (II) (12) (13) (14) (15) (16) (17) (18) (19)
Quercus lamellosa Oak W.Bengal 87 12.44 14.5 12.1 9.7 1.2 1.7 8.7 7.8 6.4 3.8 2.9 2.4 II A
n Quercus griifithii Oak Meghalaya 974 10.06 13.1 10.9 8.8 1.1 1.6 8.0 7.1 5.8 4.6 3.6 2.9 A
Quercus incane Punjab 10.82 8.7 7.8 6.3 5.0 3.9 3.2 A
;::l Quercus lineate
Oak
Oak W.Bengal
1008
874 12.63
15.8
15.2
13.1
12.7
10.5
10.1
1.2
1.2
1.8
1.7 9.6 8.6 7.0 5.3 4.1 3.4 II A
Quercus semecarpifolin Punjab 834 11.58 15.8 13.1 10.5 1.3 1.8 8.3 7.3 6.0 3.8 2.9 2.4 A
t"' Shorea robusta ") Sal (SAL) M.P. 805 12.67 16.9 14.0 11.2 0.9 1.3 10.6 9.4 7.7 4.6 3.5 2.9 e A
[;l Soymida fabrifuga Robini (ROR) Chennai 1116 12.22 21.5 17.9 14.4 1.6 2.3 15.0 13.3 10.9 12.9 10.0 8.2 A
...
rIl Shorea lalura
Plerygota alata (Syn. Narike1 (NAR)
Mabarashtra
Assam
721
593
12.20
10.95
16.8
13.4
14.0
11.8
11.2
8.9
l.l
0.8
1.6
1.2
12.6
8.2
11.2
7.3
9.2
6.0
6.8
2.7
5.3
2.1
4.3
1.7 III C
Z Sterculia alata)
I Syzygium cumini Jaman(JAM) Assam 841 10.55 14.8 12.4 9.9 1.1 1.6 9.0 8.0 6.5 6.9 5.4 4.4 II e A
rIl Terminalia bellirica Babera (BAH) U.P. 729 10.19 13.6 11.3 9.0 1.0 1.4 8.4 .7.5 6.1 3.7 2.8 2.3 III b B
l"l Terminalia chebula Myrobalan (MYR) 14.2 4.3 II
n 918 12.37 17.1 11.4 1.1 1.6 1.2 10.4 8.5 6.7 5.2 A
...00-3 Terminalia citrina
Terminalia manU Black---<:huglam (BCR)
Assam
S.Andaman
755
822
11.89
12.66
17.1
16.8
14.3
14.0
11.4
11.2
1.1
l.l
1.6
1.6
10.8
10.3
9.6
9.2
7.9
7.5
5.0
5.1
3.9
4.0
3.2
3.2 II a B
Z Tectona grandis Teak (TEA) U.P. 660 9.97 15.5 12.9 10.3 1.2 1.6 9.4 8.3 6.8 4.5 3.5 2.8 I e B
.... Terminalia paniculate Kindal (KIN) Mabarashtra 765 10.57 13.1 10.9 8.7 0.9 1.3 8.6 7.7 6.3 3.6 2.8 2.3 I c A
Alreminalia alala Laurel (LA U), Sain Chennai 906 10.54 15.1 12.5 10.0 1.1 1.6 9.4 8.4 6.8 6.2 4.8 4.0 I b A
Terminalia bilala White-chuglam (WCH) S.Andaman 690 12.38 15.5 13.0 10.4 0.9 1.2 9.8 8.7 7.1 3.6 2.8 2.3 III e B
Thespesin populnea Bheudi (BHE) Maharashtra 766 10.36 18.9 15.8 12.6 1.3 1.9 11.3 10.0 8.2 4.4 3.4 2.8 B
i:l Xylin xylocarpa Irul (IRU) Maharashtra 839 11.63 16.2 13.5 10.8 1.3 1.8 10.9 9.7 7.9 7.8 6.0 4.9 e A
Zanthoxylum budranga Mu1li1am(MUL) W.Bengal 587 10.65 14.7 12.2 9.8 0.9 1.2 9.5 8.4 6.9 3.4 2.6 2.1 B
Adina oligocephala Arunachal 715 11.17 15.2 12.7 10.1 1.2 1.7 10.3 9.2 7.5 4.0 3.1 2.4
=
>
Castanapsis indica
Eucalyptus citriodara
Eucalyptus citriodata
Chestnut
Eucalyptus
Eucalyptus
Mcghalaya
Nilgiri
Doty
688
831
725
12.54
12.12
9.35
14.8
17.3
15.4
12.3
14.4
12.9
9.9
11.5
10.3
1.0
1.4
1.0
1.4
2.0
1.4
9.8
11.0
8.6
8.7
9.8
7.6
7.1
8.0
6.3
3.4
4.2
3.0
2.7
3.3
2.4
2.2
2.7
2.0
B
0 Eucalytus tereticornis Eucalyptus Chennai 777 11.05 16.7 13.9 11.1 1.0 1.4 9.7 8.6 7.1 3.4 2.6 2.2 III e
9 GROUPC
.... Thizia procera White siris U.P. 643 9.02 13.4 11.2 8.9 1.0 1.4 8.5 7.6 6.2 4.3 3.3 2.7 B
> Anocarpus IaJwcha Lakooch (LAK) U.P. 647 6.14 10.0 8.3 6.7 1.0 1.4 5.3 4.7 3.8 2.8 2.2 1.8 B
0-3 Anocarpus hetarophyllus Jack, kathal (KAT) Chennai 617 9.46 13.9 11.6 9.2 1.0 1.5 9.3 8.3 6.8 4.5 3.5 2.9 d B
i (Syn. A. lntegrifolia)
Aphanami:.cis polystachya Pitraj (PIT) W. Bengal 668 8.98 12.3 10.2 8.2 1.1 1.5 8.0 7.1 5.8 4.0 3.1 2.6 B
i:l (Syn. Amoora rehituka)
Adina cordifolin ') Haldu (HAL) U.P. 663 8.54 13.3 11.1 8.9 1.0 1.4 8.7 7.7 6.3 4.4 3.4 2.8 III a B
Anthocephyalus chinetlSis Kadam(KAD) 485 1.88 9.7 8.1 5.4 0.7 1.0 5.9 5.3 4.3 1.9 1.5 1.2 III a
(Syn. A. Codamba)
Arlocarpus chap/asha Chaplasb (CHP) Assam 515 9.11 13.2 11.0 8.8 0.9 1.2 8.5 7.5 6.2 3.6 2.8 2.3 III d B
Acacia /eucophloea Hiwar(HIW) M.P. 737 7.85 13.4 11.2 9.0 1.0 1.5 7.5 6.7 5.4 4.5 3.5 2.8 A
Acacia melanoxylone Blackwood Chennai 630 9.45 13.0 10.8 8.7 1.1 1.5 7.6 6.8 5.5 3.2 2.5 2.0
Acacin mearnsii (Syn. A. Black wattle Chennai 669 6.10 10.4 8.6 6.9 0.8 1.2 6.0 5.4 4.4 2.3 1.8 1.5
""'lIissima)
Accerspp. Maple (MAP) Punjab, U.P. 551 7.35 9.9 8.2 6.5 0.9 1.3 5.5 4.9 4.0 2.1 1.7 1.4 III B
Aegla marmalos (Syn. lntsia Bae1(BEL) U.P. 890 8.81 13.5 11.2 9.0 1.4 2.0 8.8 7.8 6.4 6.8 5.3 4.3 III B
bijuga)
Aftelia bijuga Andaman 705 9.16 13.2 11.0 8.8 l.l 1.5 7.9 7.1 5.8 4.0 3.1 2.6
Ailanthus grandis Gokul(GOK) W. Bengal 404 7.94 8.3 6.9 5.5 0.6 0.8 5.3 4.7 3.9 1.1 0.9 0.7 III C
Anogeissus pendu/a Katdhai (KAH) U.P. 929 9.75 17.0 14.2 11.4 1.3 1.8 9.8 8.7 7.1 6.5 5.1 4.2 III A
Areca nut Kerala 833 9.48 15.2 12.7 10.2 1.2 1.6 10.8 9.6 7.8 7.3 5.7 4.7
Albizin Lucida Arunachal, 566 8.51 10.7 8.9 7.1 8.2 1.2 7.3 6.3 5.3 2.3 1.8 1.5
........ A.P .
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19)
Azadirachla indica Neem(NEE) U.P. 836 8.52 14.6 12.1 9.7 1.3 1.8 10.0 8.9 7.3 5.0 3.9 3.2
Boswellia seriata Salai (SAA) Bihar 551 7.21 9.4 7.9 6.3 0.7 1.1 5.5 4.9 4.0 2.1 1.6 1.3 e C
Bridelia retusa Kassi(KAS) Bihar 584 9.42 11.6 9.7 7.7 0.9 1.3 7.1 6.3 5.1 4.0 3.1 2.6 e B
Betula lnoides Birch (BIR) W. Bengal 625 9.23 9.6 8.0 6.4 0.8 1.1 5.7 5.0 4.1 2.2 1.7 1.4 B
Bischofia javanica Uriam Bishopwood (URI) Chennai 769 8.84 9.6 8.2 6.5 0.8 1.1 5.9 5.3 4.3 3.6 2.8 2.3 III A
Burserra serrala (Syn. Muntenga (MUR) A.P. 756 1.17 15.5 13.3 10.5 0.9 1.3 10.1 9.0 7.4 5.3 4.1 3.4 n
Protium serratum)
Careya arbersa Kumbi(KUM) U.P. 889 8.37 13.1 10.9 8.8 1.0 1.5 7.7 6.8 5.6 5.3 4.1 3.4 I e A
Cedrus deodara Deodar (DEO) H.P. 557 9.48 10.2 8.7 7.2 0.7 1.0 7.8 6.9 5.7 2.7 2.1 1.7 I C
Cupressus tOMosa Cypress (CYP) U.P. 506 8.41 8.8 7.6 6.2 0.6 0.8 6.9 6.2 5.0 2.4 1.8 1.5 I e C
Castanopsis hystrix Indian chestnut (lCH) W. Bengal 624 9.85 10.6 8.8 7.0 0.8 1.2 6.4 5.7 4.6 2.7 2.1 1.7 n b B
Chukrasia vclutina (Syn. C. Chickrassy (CHI) W. Bengal 666 8.35 11.8 9.8 7.9 1.1 1.5 7.1 6.3 5.2 3.9 3.1 2.5 n B
Tabularis)
Calophyl/wn wightianum Poon(POO) Maharashtra 689 8.68 13.5 11.2 9.0 1.0 1.4 8.7 7.8 6.4 4.0 3.1 2.5 n B
Canarium strictum Wlrite dhup Assam 569 10.54 10.1 8.4 6.7 0.7 1.1 6.2 5.5 4.5 2.1 1.6 1.3 III C
Chlorophora exce/sa Cbennai 471 6.57 10.2 8.5 6.8 0.5 0.7 6.4 5.6 4.6 2.0 1.6 1.3
Cocosnucifera Coconut (CDC) Kerala 761 7.34 9.2 7.7 6.1 0.7 1.1 9.5 8.4 6.9 3.9 3.0 2.5
Dalbergia latifolia Rosewood (ROS) M.P. 884 8.39 12.9 10.8 8.6 1.1 1.6 8.0 7.1 5.8 4.2 3.3 2.7 I B
Dalbergia sissee Sisso (SIS) Punjab 799 7.14 12.8 10.7 8.5 1.3 1.8 8.2 7.3 6.0 4.2 3.3 2.7 I e B
Dillemia indica Dilicnia (DIL) W. Bengal 617 8.61 12.1 10.0 8.0 0.8 1.2 7.3 6.5 5.3 2.7 2.1 1.7 III a B
Dillenia pentagyne Dillenia (DIL) W.Bengal 622 7.56 11.8 9.9 7.9 0.9 1.3 7.1 6.3 5.2 3.5 2.7 2.2 III d B
Diospyres melanoxylon Ebony (EBO) Maharashtra 818 7.69 10.9 9.1 7.3 0.9 1.2 7.0 6.2 5.1 3.3 2.6 2.1 n A
Duabanga grandiflora (Syn. Lampati (LAP) W. Bengal 485 8.38 9.8 8.2 6.5 0.6 0.9 6.4 5.7 4.7 1.8 1.4 1.1 III C
D. Sonneratioides)
Elesocarpus tubuculatus Rudrak (RUD) Chennai 466 8.74 9.7 8.1 6.4 0.7 1.0 6.3 5.6 4.6 2.0 1.5 1.3 C
Eucalyptus hybrid Mysore gum (MGU) Cbennai 753 6.00 10.2 8.5 6.8 0.9 1.2 7.3 6.5 5.3 4.0 3.1 2.5 III e
Calitres rhomboidea (Syn. Chennai (fl] 6.48 9.2 7.7 6.1 0.7 1.0 6.9 6.1 5.0 4.0 3.1 2.6
Frenela rhomboidea)
Garuga pinnata Garuga (GAU) U.P. 571 7.58 11.7 9.7 7.8 1.0 1.5 7.2 6.4 5.3 3.4 2.6 2.1 e B
Gmelme aroorea Garnari (GAM) U.P. 501 7.ffl. 9.8 8.2 6.6 0.8 1.2 5.7 5.0 4.1 4.2 3.2 2.7 e B
Gardonia latifolia Gardenia (GAl) M.P. 705 7.13 14.1 11.7 9.4 1.2 1.7 8.4 7.4 6.1 4.6 3.6 3.0
Z Hardwickis binata Anjan(ANJ) M.P. 852 6.64 14.1 11.8 9.4 1.3 1.8 9.0 8.0 6.5 7.4 5.6 4.7 I e
> Heloptelea integrifolia Kanju (KAN) U.P. 592 7.46 12.0 10.0 8.0 0.9 1.3 6.7 6.0 4.9 2.8 2.2 1.8 III b B
0 Heterrophragma rexburghii Pa1ang (pAL) M.P. 616 8.69 12.3 10.2 8.2 0.7 1.0 7.9 7.0 5.7 3.4 2.6 2.1
Juglans spp. Walnut(WAL) U.P. 565 9.00 9.9 8.3 6.6 0.9 1.2 5.8 5.2 4.2 2.2 1.7 1.4 III B
t"'
Lagerstrosmia speciosa (Syn. Jaru1 (JAAR) N.Andarnan 622 8.53 12.1 10.1 8.1 0.8 1.8 7.7 6.8 5.6 3.4 2.6 2.2 n e B
= L j/esregihaJ)
!Annea grandis (Syn.
Lcoromandelica)
Jhingan (lHI) U.P. 557 5.63 8.5 7.1 5.7 0.6 0.9 4.9 4.4 3.6 2.2 1.7 1.4 III e B
1:1 Leucanena leucocephala Subabul (SUB) U.P. 673 6.32 11.6 9.7 7.8 1.0 1.5 7.4 6.6 5.4 3.8 3.0 2.4
Lophopatalum wighlianum Banati (BAN) Chennai 460 7.33 8.5 7.5 5.6 0.5 0.8 5.3 4.7 3.8 1.8 1.4 1.1 III C
Madhuca longifolia Mahua(MAU) M.P. 936 8.82 13.0 10.8 8.7 1.0 1.4 7.5 6.7 5.5 6.3 4.9 4.0 I e A
("'l
varlatifolia (Syn. Bassia
0
1:1 latifolia)
to:! Mangifera indica Mango, Aarn (MAN) Orissa 661 9.12 12.2 10.2 8.2 1.0 1.4 7.3 6.5 5.3 3.1 2.4 2.0 III a C
0 Machilus macrantha Machilus (MAC) Cbennai 521 7.63 10.2 8.5 6.8 0.7 1.0 6.3 5.6 4.6 2.4 1.9 1.5 III e B
""l
Mallotus philippinensis Raini (RAl) U.P. 662 7.51 10.8 9.0 7.2 1.0 1.4 6.0 5.4 4.4 2.9 2.3 1.8 III B
Manglietia insignia Assam 449 10.37 10.9 9.1 7.3 0.7 1.0 8.0 7.1 5.8 3.4 2.6 2.1
Michelia montana Champ (CHM) W. Bengal 512 8.25 10.9 9.1 7.3 0.7 1.0 6.6 5.9 4.8 2.8 2.2 1.8 I B
Mitragyna pervifolia (Syn. Kaim(KAI) U.P. 651 7.82 12.6 10.5 8.4 1.0 1.5 7.9 7.0 5.7 3.7 2.9 2.4 III b B
.... Stephagyne pervifolia)
'"
r;" (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19)
Michelia e:ccelsa Champ (CHM) W.Bengai 513 10.12 9.8 8.2 6.5 0.7 1.0 6.1 5.5 4.5 1.6 1.3 1.0 II e B
("'l Miliusa velutnia Domsal (OOM) V.P. 747 7.92 11.7 9.7 7.8 1.1 1.6 7.0 6.3 5.1 3.7 2.9 2.4 ill
Morusalba Mulberry (MUL) V.P. 743 8.20 1l.8 9.8 7.9 1.0 1.4 6.6 5.8 4.8 3.8 2.9 2.4 II B
;::l MaTUS se"ata Mulberry (MUL) H.P. 657 7.03 10.2 8.5 6.8 0.9 1.3 5.6 5.0 4.1 2.6 2.0 1.6 ill B
Morus /aevigala Bola (BOL) Andaman 588 8.61 12.3 10.2 8.2 1.0 1.5 7.2 6.4 5.3 3.3 2.5 2.1 B
t"' Ougeinia eejeinensis (Syn. O. Sandan (SAD) M.P. 784 8.54 13.3 11.1 8.9 1.2 1.7 8.5 7.5 6.2 5.1 3.9 3.2 B
delbergioides)
... Phoebe hoinesiana
Pinus ro:cburghii (Syn. P.
Bonsum (BOH)
Cbir(CHR)
Assam
V.P.
566
525
9.50
9.82
13.2
8.5
1l.0
7.3
8.8
6.0
0.8
0.6
1.2
0.9
8.8
6.0
7.8
5.3
6.4
4.4
2.8
2.0
2.1
1.5
1.8
1.3
II
ill
c
b
B
C
Ion8ifolia)
I Pinus wallichiana Kail (!CAL) 515 6.80 6.6 5.6 5.0 0.6 0.8 5.2 4.6 3.8 1.7 1.3 1.0 II c C
Phoebe goalperansis Bonsum (BOH) Assam 511 7.65 9.7 8.1 6.5 0.7 1.0 6.6 5.9 4.8 2.2 1.7 1.4 II c B
Rohu Parrotia H.P. 761 5.77 12.5 10.4 8.3 1.2 1.7 6.8 6.1 5.0 4.0 3.1 2.5 ill B
...
("'l Parretiopsis jacquementiena
Pinus usia (Syn. Pinus
insuloris)
Khasi pine (KPI) NorthEast 513 7.38 8.9 7.4 5.9 0.6 0.7 5.8 5.2 4.3 1.5 1.2 1.0 ill a B
0
Z Pistacia integerrima Kikar singhi J&K 881 7.32 13.1 10.9 8.7 1.2 1.7 8.0 7.1 5.8 4.3 3.4 2.8
IN
Podocarpus nerrifolius Thitmin (fHT) S.Andaman 533 9.41 12.5 10.4 8.3 6.1 0.9 8.0 7.1 5.8 2.6 2.0 1.6 II
Polyalthia /ragrOJlCes Debdaru (DEB) (Nedunar) Maharasbtra 752 9.15 11.9 9.9 7.9 0.8 1.2 6.7 6.0 4.9 3.0 2.3 1.9 ill B
Polyalthia coreoides M.P. 700 9.29 13.2 11.0 8.8 1.0 1.4 7.1 6.3 5.2 3.2 2.5 2.0
Prunus napeulen.ds Arupati W.Bcngai 548 9.41 104.4 8.7 69.6 0.9 1.2 6.7 6.0 4.9 2.4 1.9 1.6
Pteresperrnum acerifolium Hattipaila (HAT) W.Bengai 607 9.55 13.5 11.3 9.0 0.9 1.2 8.7 7.7 6.3 3.2 2.5 2.0 ill c B
Quercus spp. Oak NorthEast 657 11.65 11.4 9.5 7.6 0.8 1.2 6.7 5.9 4.8 2.0 1.6 1.3 II c B
Raderomachera :cylocarpe Yedankonnai Chennai 696 8.52 13.2 11.0 8.8 1.1 1.5 9.0 8.0 6.6 4.3 3.3 2.7 II a
(Syn. Sterosperam
==
> :cylocarpum)
Schleichera oleosa (Syn. S. Kusum(KUS) Bihar 1032 12.12 15.5 13.0 10.4 1.5 2.1 10.9 9.7 7.9 6.1 4.2 3.9 II a A
0 trijuga)
9 Schima wallichii
Shotea assamica
Chilauoi (CHL)
Makai(MAK)
W.Bengai
Assam
693
548
9.57
9.27
11.1
11.1
9.3
9.2
7.4
7.4
0.9
0.9
1.3
1.3
6.6
7.1
5.9
6.3
4.8
5.2
2.3
2.9
1.8
2.2
1.4
1.8
ill
ill
d
c
B
B
IN
>
... Sonneralia apetale
Stereospermum suaveolan.s
Keota (KEO)
Padri (PAD)
W.Bengai
V.P.
617
721
8.63
8.86
12.8
13.3
10.7
11.1
8.5
8.9
0.9
0.9
1.3
1.3
7.4
7.3
6.6
7.0
5.4
5.7
4.8
3.5
3.7
2.7
3.0
2.2
II
ill
B
B
Tactona grandis Teak(fEA) M.P. 617 8.49 12.8 10.7 8.5 0.8 1.3 7.9 7.0 5.7 4.0 3.1 2.6 I e B
Terminalia arjuna Arjun (ARl) Bihar 794 7.71 12.2 10.2 8.2 1.1 1.6 7.4 6.6 5.4 5.2 4.1 3.3 II b B
Terminalia myriocarpa Hallock (HOC) Assam 615 9.62 11.9 9.9 8.0 0.9 1.2 7.6 6.7 5.5 2.9 2.2 1.8 ill a B
Terminalia procera White bombwae (WBO) N.Andaman 626 8.99 1l.8 9.8 7.9 0.9 1.3 7.2 6.4 5.3 3.0 2.3 1.9 ill b B
Ta:cus buccata Yew (YEW) W.Bengai 705 7.79 14.3 11.9 9.5 1.2 1.7 8.7 7.8 6.4 4.7 3.7 3.0
Tamarindus indica Imli (IML) Chennai 913 5.63 11.4 9.5 7.6 1.2 1.7 7.0 6.2 5.1 5.3 4.1 3.4 B
Toena ciliata Toon(TOO) V.P. 487 6.40 8.7 7.3 5.8 0.7 1.0 5.4 4.8 3.9 2.4 1.8 1.5 II c B
Vateria indica YeUapine (VEL) Chennai 535 10.95 11.5 9.6 7.6 0.7 1.1 7.5 6.7 5.5 2.3 1.8 1.4 ill e C
AecuJas indica Horse chestnut (HCH) V.P. 484 7.55 8.5 7.1 5.7 0.8 1.1 4.8 4.2 3.5 1.8 1.4 1.1 B
Borassus f/abe/sfer Tad (pabnyra) (TAD) A.P. 838 8.79 10.5 8.8 7.0 0.7 1.0 10.0 8.8 7.2 4.7 3.6 2.7
Eucalyptus cemaldulensis Eucalyptus Katnataka 804 9.53 12.8 10.6 8.5 0.8 1.1 7.2 6.4 5.2 3.5 2.7 2.2 A
Eucalyptus camaldu/enis Eucalyptus V.P. 781 7.03 12.4 10.4 8.3 1.1 1.6 7.9 7.0 5.7 3.5 2.8 2.3 A
Eucalyptus pilularia Eucalyptus T.N. 713 9.22 14.8 12.3 11.1 1.0 1.4 8.5 7.6 6.2 2.8 2.2 1.8 A
Eucalyptus propingus Eucalyptus T.N. 584 7.93 12.8 10.7 8.5 0.8 1.2 8.0 5.4 4.4 2.5 1.9 1.6 A
Eucalyptus saligna Eucalyptus V.P. 819 8.24 11.5 9.6 7.6 1.5 2.1 8.2 7.3 6.0 6.2 4.8 4.0 A
-
IN
Table 1 — (Concluded)
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--& O$&()*+'*1,<1!#"&*52.,N;I;HEE;** ⎡ & " + 6! " ⎤
H j = ( 1K + EK )× ⎢ ⎥
+J;PME;** ⎢⎣ ^ % ⎥⎦
:L "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
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(JJL;3PJ48K;?/;K/3-S./K;,3`
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Q[ j PJ(-bJ.+,8;+P(43+`;-.;[e
96 j K/,K;8J,K`;-.;[e *" =
∫ µI+7
"
F6 j -*OJ3/K;8J,K`;-.;[e ∫ I +7
2 j 3O,.;JL;,(MP`;-.;*e
QP/(/
%+ j +-/Y(JK;3O,M-.S`;-.;*e;,.K
! S (-3/;JL;(JJL;,(MP`;-.;*: QH j PJ(-bJ.+,8; +P(43+; 0O/(; */+(/; 8/.S+P; JL
3+(4M+4(/&`;-.;[:
?&;*J"()+&*b
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0-. [&f ,(MP; ,.K; LJ(; 6/(+-M,8; 8J,K3; J.8N; 0MJ.3-K/(
QH;j;M;A;I*A;G ,(MP; ,3; ,; ?/,*; 3-*O8N; 34OOJ(+/K; M,((N-.S
QP/(/ +P/;3,*/;8J,K&:
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(,K-43;JL;,(MPe ,(MP:
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-.;[G*e;,.K JL;,(MP;Q-+P;+P/;6/(+-M,8:
G j (,K-43;JL;M-(M48,(;,(MP`;-.;*: &% j G&θ
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6,0/2+.;31/1;7;J.;+/,-;/JJ.1.58
2& G
cj G − 2G 1K<!<1<!; G"%12(.,(*()!1%(9*@:
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=8
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QP/(/
J9 = H93 + K93
&
W j − L '+, θ
! 1K<!<1<7;J.W$/1/*A",&$,:*/+/",(
9 A+..1.5;4J4+.1;+1;+.B;;J1.1;CLD;J.;+/,-;4+=1.5;+.
j − 9 3%0 θ
" +.5<+;J.;θ;?11-;1-+;2+/11,+<;<1.+;EF;139;-J;G;y H 6Q;I;E7
⎛" ⎞
j L ⎜ − '+, θ ⎟ 2L3 ⎛ "
⎝! ⎠ 3 ⎞ 3⎛ J⎞
= ⎜ − '+, θ ⎟ − K:<3J2L ⎜⎜ 5"' θ − ⎟
,.K E j G;MJ3;θ;k;G;MJ3;α 3 ⎝L ⎠ ⎝ 3 ⎠⎟
E j G;0MJ3;θ;k;MJ3;α) ;1..+/+.11+11.5;1-+;+>J2+;+M;/+331J.;.J/;AN9;?+;5+1
,.K &% j G&θ
+:
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+θ
2G <& − G>
∫ µE26 = ∫ !
L<5"' θ − 5"' α >L2 θ
P1;13;?+<<;=.J?.;1-+1;
+:
= "!"#$ %&$'"
+θ
>J86/;LJ(;8-*-+3;JL;θ;L(J*;k α;+J;t α
α
(-)*;*-++/;)*;++/J;,-+-;./;)*;0+1)0203;4-+4;)*3
!
j; =9 ! − "#$ " θ%!&'" θ − &'" α % + θ
∫
!
+)4-+/;θ;5;++/J
(
!
J/;,J*;θ;5;6789:
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(-+/+.J/+3;θ;5;,J*;<6789:;5;997=>
+α
3 3 ?2@*4)424)-A; 4-+*+; B+C2+*; )-; 4-+; +@JB+; +D2+4)J-; J.
∫ I +7 = ∫ 9 !&'" θ − &'" α% 3 9+ θ
@+-E)-A; 0J0+-43; ,+; A+4; 0+1)020; ./3; 4-+4; )*3; 4-+
−α
0+1)020;./;J,,2/*;+43
α
4; 3 9 5 !&'" θ − &'" α %3 + θ
∫ +F ,/J,-;J.;+/,-3;+-E
6 @F +4;997=>;./J0;4-+;,+-4/+C;C)-+;GH7
78/-/,J-/2; H9 =
∫ dE26 (-2*;,-+-;θ;5;63
3
∫ E 26 2L3 " ⎛ J⎞
-J 5; × − K:<3J2L3 ⎜⎜ " − ⎟⎟
w 3 I 3
⎛9
( 3 ⎞ ⎝ ⎠
2L ∫ ⎜ − '+, x⎟ <5"' x − 5"' w>2x
⎝( ⎠ 5;IG9;J67<9K;;;67<9: =LF
6
= w 5;6766<;:9;IG9
3 L5 <5"'x − 5"' w> 3 2x
∫ M-+-;θ;5;997=>3;*)-;θ;5;67:L_
6
9
2L9 ⎛" ⎞ 9
:.;3-0;<-,-M+1-J.;J,;18/;+=J>/;/?@+1-J.;,J-;+;;+-1-M@<+- -J 5 ⎜ − K:JQI ⎟ − K:<9J2L (K:<9J −K:QRR )
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3-.;α;4;HEP 5;IG9;J67<9K;;;676N:;N9LF;;;6789:;O;676KN;IG9
MJ3;α;4; !c" 5;;6766<;::8IG9;J/;*+P;;;6766<;:_IG9
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6.7.3 Buckling calculation shall be according to Euler,
with a reduction to 90 percent of moment of inertia, to
take into account the effect of the taper which shall be
less than 1:170.
6.7.4 For strength and stability, larger diameter thick
walled sections of bamboo with closely spaced nodes
shall be used. Alternatively, smaller sections may be
tied together as a bundle-column.
6.8 A single bamboo culm is not an optimum
component to structurally design different load bearing
members. Bunching of bamboo is inevitable to fabricate
beams, columns, etc. There is no end to the number of
culmns in bunching. However, different components
pose manufacturing problems during assembly, which
should be appropriately taken care of (see also Fig. 9D
and Fig. 9E).
6.8.1 Following precautions shall be taken to avoid
possible split/crack in walling of bamboo:
a) Maintaining a minimum 100 mm distance of
the drills from the end of the main bamboo 2A PIN ENDED JOINT TRUSSES
culms drilled.
b) Choosing drilling points preferably within
30 mm from node.
c) Maintaining the interference fit between
bamboo body and binders as under:
1) For wall thickness ! 8 mm : 0.25-0.30
mm, and
2) For wall thickness < 8 mm : 0.20-0.25
mm.
d) The inserting ends of the dowel pins may be
dressed as tapered (conical).
6.9 Assemblies and Roof Trusses
2B GUSSET JOINT TRUSSES
6.9.1 Elements in structure are generally built-up in
the form of assembled members for which a triangle is FIG. 2 SOME TYPICAL CONFIGURATIONS FOR SMALL AND
a simple figure of stability. Besides sloped chords, LARGE TRUSSES IN BAMBOO
parallel chord construction is also appropriate as
external profile. 6.9.4 The truss height shall exceed 0.15 times the span
6.9.2 A truss is essentially a plane structure which is in case of a triangular truss (pitched roofing) and 0.10
very stiff in the plane of the members, that is the plane times the span in case of a rectangular (parallel) truss.
in which it is expected to carry load, but very flexible
6.9.5 For members in compression, the effective length
in every other direction. Roof truss generally consists
for in-plane strength verification shall be taken as the
of a number of triangulated frames, the members of
distance between two adjacent points of contraflexure.
which are fastened at ends and the nature of stresses at
For fully triangulated trusses, effective length for simple
joints is either tensile or compressive and designed as
span members without especially rigid end-connection
pin-ended joints (see Fig. 2A). Bamboo trusses may
shall be taken as the span length.
also be formed using bamboo mat board or bamboo
mat-veneer composite or plywood gusset (see Fig. 2B). 6.9.6 The spacing of trusses shall be consistent with
use of bamboo purlins.
6.9.3 Trusses shall be analysed for the determination
of axial forces in members and the deformation of 6.9.7 The ends in open beams, joists, rafters, purlins
joints. For the influence of eccentricities, due allowance shall be suitably plugged. Bamboo roof coverings shall
shall be made in design. be considered as non-structural in function.
PART 6 STRUCTURAL DESIGN — SECTION 3 TIMBER AND BAMBOO: 3B BAMBOO 13

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Table 7 Gist of Mechanical Properties of Reconstituted Wood from Bamboo (Dendrocalamus Strictus)
(Clause 9.1.2)
Sl Board Material Density Modulus Tensile Compressive Izod Shear Modulus Screw
No. of Strength Strength Impact Strength of Holding
Rupture Parallel to Parallel to Elasticity Power
Set Resin Pressure Grain Grain
Contents × 103
Percent kgf/cm2 g/cm3 kgf/cm2 kgf/cm2 kgf/cm2 kgf/cm kgf/cm2 kgf/cm2 kgf
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)
i) I 6 to 29 56 0.99 to 1 769 to 1 049 to 1 057 to 343 to 202 to 278 to 398 to

1.25 2 255 2 024 1 596 281 364 308 508
In the increasing order of resin percentage.
ii) II 9 21 to 28 0.62 to 1 062 to 6 99 to 675 to 1 030 186 to 128 to 155 to 361 to
0.93 1 615 1 210 202 247 232 486
Wood/Bamboo
iii) Shorea robusta 0.749 1 249 — 685 124 110 152.8 369
(at 12 percent dry moisture
content)
iv) Tectona grandis 0.596 959 — 532 68 102 119.6 326
(at 12 percent dry moisture
content)
v) Dendrocalamus strictus 0.757 1 310 — 624 — — 180.3 —
composite (BMVC) have high in-plane rigidity and

hence high racking strength and are more flexible than
equivalent plywood. This property of BMB and BMVC
can be advantageously used in many engineering
applications such as wall paneling, composite beams,
composite floor deck and stress skinned panels.
Bamboo mat corrugated sheet (BMCS) is water proof TYPICAL CROSS-SECTION OF WEB BEAMS
and resistant to decay, termites/insects and fire. These
sheets may be used as roofing material. Precast bamboo
STIFFENER
reinforced cement concrete and reconstituted wood
from destructured bamboo can also be used in structural
applications.
9.2.2 Bamboo Composites
Along with bamboo, bamboo composites such as
bamboo mat board, bamboo mat veneer composite, may
also be successfully used in combination with timber
for making efficient structural components like web
because where high shear strength of bamboo mat board
and bamboo mat veneer composite can be utilized as
web and timber flanges for transmitting tensile and
compressive stress. PF, PRF adhesives are commonly
used for gluing web and flanges as shown in Fig. 11.
Beams can be straight, single tapered, double tapered,
haunched, as shown.
Bamboo mat board and bamboo mat veneer composite
can also be used for roof and wall sheathing (shear
walls) and diaphragms, gussets, arch panels, barrel
vaults, etc. It can also be used as skin material in
sandwich construction. All dimension in millimetres.
FIG. 11 BAMBOO M AT BOARD WEB BEAMS
Permissible safe working stresses are given in Table 8.

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J.@0.&#",.(%J.&$&,($&(#<.(F"=.1.&#(I"''(D%@ No. Height
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restraint) at top and bottom. For example, when
F.( J.@D%@1.+( J"@#$0*'"@'E( D%@( @.=$=#"&0.( #% the floor/roof spans on the walls so that reaction
=.$=1$0('%"+=G to load of floor/roof is provided by the walls, or
when an RCC floor/roof has bearing on the wall
!8;3( `( T&( 0"=.( #<.@.( $=( =*@0<"@,.( %&( F"=.1.&#( I"''=( D@%1 (minimum 90 mm), irrespective of the direction
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ii) Lateral as well as rotational restraint (that is, full 0.85 H
$IZ?=%2%3GCGEDE%$SGABC=KK%@M%6IK=E=CJ%OI??K restraint) at one end and only lateral restraint
(that is, partial restraint) at the other. For
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adequately bearing on the wall and timber
01% >7"9:(%&C%(:7%L%&5)A%M?&87%% !")"454% floor/roof not spanning on wall, but adequately
anchored to it, on the other end
2&3% ,.*747)(%N1&&%%@7871% 2&4").1%
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% A:"BC)7**%&C%
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timber floor/roof, not spanning on the wall but
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(that is, full restraint) at bottom but have no
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&&5( JM($)(6(!( JM($)(6A9(!( 8??( with RCC roof having adequate bearing on the
lower wall, or a compound wall with proper
foundation on the soil.
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loaded in the direction of compressive stress strip bounded on each of its opposite sides by
in the slab. the column strip.
c) Panel — Panel means that part of a slab
29.7 Arrangement of Reinforcement
bounded on each of its four sides by the centre-
The recommendations given in 25.3 regarding line of a column or centre-lines of adjacent
maximum distance between bars apply to areas of solid spans.
concrete in this form of construction. The curtailment,
anchorage and cover to reinforcement shall be as 30.2 Proportioning
described below: 30.2.1 Thickness of Flat Slab
a) At least 50 percent of the total main The thickness of the flat slab shall be generally
reinforcement shall be carried through at the controlled by considerations of span to effective depth
bottom on to the bearing and anchored in ratios given in 22.2.
accordance with 25.2.3.3.
For slabs with drops conforming to 30.2.2, span to
b) Where a slab, which is continuous over
effective depth ratios given in 22.2 shall be applied
supports, has been designed as simply
directly; otherwise the span to effective depth ratios
supported, reinforcement shall be provided
over the support to control cracking. This
reinforcement shall have a cross-sectional area
of not less than one-quarter that required in
the middle of the adjoining spans and shall
extend at least one-tenth of the clear span into
adjoining spans.
c) In slabs with permanent blocks, the side cover
to the reinforcement shall not be less than
10 mm. In all other cases, cover shall be
provided according to 25.4.
29.8 Precast Joists and Hollow Filler Blocks

The construction with precast joists and hollow filler
blocks of concrete or clay shall conform to good
practice [6-5A(41)].
30 FLAT SLABS
30.1 General
The term flat slab means a reinforced concrete slab
with or without drops, supported generally without
beams, by columns with or without flared column heads
(see Fig. 12). A flat slab may be solid slab or may have
recesses formed on the soffit so that the soffit comprises
a series of ribs in two directions. The recesses may be
formed by removable or permanent filler blocks.
30.1.1 For the purpose of this clause, the following
definitions shall apply:
a) Column strip — Column strip means a design
strip having a width of 0.25 l2, but not greater
than 0.25 l1 on each side of the column centre-
line, where l 1 is the span in the direction
moments are being determined, measured
centre-to-centre of supports and l2 is the span
transverse to l1, measured centre-to-centre of
supports. NOTE — D e is the diameter of column or column head to be considered for
design and d is effective depth of slab or drop as appropriate.
b) Middle strip — Middle strip means a design
FIG. 12 CRITICAL SECTIONS FOR SHEAR IN FLAT SLABS

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30.5.2.4 In no case shall design moments be taken to 30.5.5.4 Moments in the middle strip
be less than those occurring with full design live load
The middle strip shall be designed on the following
on all panels.
bases:
30.5.3 Negative Design Moment
a) That portion of the design moment not resisted
30.5.3.1 At interior supports, the critical section for by the column strip shall be assigned to the
negative moment, in both the column strip and middle adjacent middle strips.
strip, shall be taken at the face of rectilinear supports, b) Each middle strip shall be proportioned to
but in no case at a distance greater than 0.175 l1 from resist the sum of the moments assigned to its
the centre of the column where l1 is the length of the two half middle strips.
span in the direction moments are being determined, c) The middle strip adjacent and parallel to an
measured centre-to-centre of supports. edge supported by a wall shall be proportioned
30.5.3.2 At exterior supports provided with brackets to resist twice the moment assigned to half
or capitals, the critical section for negative moment in the middle strip corresponding to the first row
the direction perpendicular to the edge shall be taken of interior columns.
at a distance from the face of the supporting element
30.6 Shear in Flat Slab
not greater than one-half the projection of the bracket
or capital beyond the face of the supporting element. 30.6.1 The critical section for shear shall be at a
distance d/2 from the periphery of the column/capital/
30.5.3.3 Circular or regular polygon shaped supports
drop panel, perpendicular to the plane of the slab where
shall be treated as square supports having the same area.
d is the effective depth of the section (see Fig. 12). The
30.5.4 Modification of Maximum Moment shape in plan is geometrically similar to the support
immediately below the slab (see Fig. 13A and Fig.13B).
Moments determined by means of the equivalent frame
method, for slabs which fulfil the limitations of 30.4 NOTE — For column sections with re-entrant angles, the critical
may be reduced in such proportion that the numerical section shall be taken as indicated in Fig. 13C and Fig. 13D.
sum of the positive and average negative moments is
not less than the value of total design moment Mo
specified in 30.4.2.2.
30.5.5 Distribution of Bending Moment Across the
Panel Width
30.5.5.1 Column strip : Negative moment at an interior
support
At an interior support, the column strip shall be
designed to resist 75 percent of the total negative
moment in the panel at that support.
30.5.5.2 Column strip : Negative moment at a exterior
support
a) At an exterior support, the column strip shall
be designed to resist the total negative moment
in the panel at that support.
b) Where the exterior support consists of a
column or a wall extending for a distance
equal to or greater than three-quarters of the
value of l2, the length of span transverse to
the direction moments are being determined, NOTE — d is the effective depth of the flat slab/drop.
the exterior negative moment shall be
FIG. 13 CRITICAL SECTIONS IN PLAN FOR SHEAR IN
considered to be uniformly distributed across
FLAT SLABS
the length l2.
30.5.5.3 Column strip : Positive moment for each span 30.6.1.1 In the case of columns near the free edge of a
slab, the critical section shall be taken as shown in
For each span, the column strip shall be designed to resist
Fig. 14.
60 percent of the total positive moment in the panel.

30.6.1.2 When openings in flat slabs are located at a 30.6.2 Calculation of Shear Stress
distance less than ten times the thickness of the slab
The shear stress !v shall be the sum of the values
from a concentrated reaction or when the openings are
calculated according to 30.6.2.1 and 30.6.2.2.
located within the column strips, the critical sections
specified in 30.6.1 shall be modified so that the part of 30.6.2.1 The nominal shear stress in flat slabs shall be
the periphery of the critical section which is enclosed
taken as V b d where V is the shear force due to design
by radial projections of the openings to the centroid of o
the reaction area shall be considered ineffective load, bo is the periphery of the critical section and d is
(see Fig. 15), and openings shall not encroach upon the effective depth.
column head.
F IG. 14 E FFECT OF FREE EDGES ON C RITICAL

SECTION FOR SHEAR
15A
15B
* REGARD OPENING AS FREE EDGE
15C 15D
FIG. 15 EFFECT OF OPENINGS ON CRITICAL SECTION FOR SHEAR
PART 6 STRUCTURAL DESIGN — SECTION 5 CONCRETE: 5A PLAIN AND REINFORCED CONCRETE 57

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transverse reinforcement as given in 25.5.3.2 for crossing at right angles occur, the load on areas common
column, if the vertical reinforcement is not greater than to any two such spans may be taken as one-half in each
0.01 times the gross sectional area or where the vertical direction as shown in Fig. 18. Where flights or landings
reinforcement is not required for compression. are embedded into walls for a length of not less than
110 mm and are designed to span in the direction of
32 STAIRS the flight, a 150 mm strip may be deducted from the
loaded area and the effective breadth of the section
32.1 Effective Span of Stairs
increased by 75 mm for purposes of design
The effective span of stairs without stringer beams shall (see Fig. 19).
be taken as the following horizontal distances :
32.3 Depth of Section
a) Where supported at top and bottom risers by
beams spanning parallel with the risers, the The depth of section shall be taken as the minimum
distance centre-to-centre of beams ; thickness perpendicular to the soffit of the staircase.
b) Where spanning on to the edge of a landing 33 FOOTINGS
slab, which spans parallel, with the risers (see
Fig. 17), a distance equal to the going of the 33.1 General
stairs plus at each end either half the width of
Footings shall be designed to sustain the applied loads,
the landing or one metre, whichever is smaller;
moments and forces and the induced reactions and to
and
ensure that any settlement which may occur shall be as
c) Where the landing slab spans in the same
nearly uniform as possible, and the safe bearing
direction as the stairs, they shall be considered
as acting together to form a single slab and
the span determined as the distance centre-
to-centre of the supporting beams or walls,
the going being measured horizontally.
32.2 Distribution of Loading on Stairs

In the case of stairs with open wells, where spans partly
FIG. 18 LOADING ON STAIRS WITH OPEN WELLS
SPAN
(m)
F IG. 17 EFFECTIVE S PAN FOR S TAIRS SUPPORTED AT

EACH END BY LANDINGS S PANNING PARALLEL
WITH THE R ISERS
FIG. 19 L OADING ON STAIRS BUILT INTO WALLS

capacity of the soil is not exceeded (see Part 6 33.2.3 Bending Moment
‘Structural Design, Section 2 Soils and Foundations’
33.2.3.1 The bending moment at any section shall be
of the Code).
determined by passing through the section a vertical
33.1.1 In sloped or stepped footings the effective cross- plane which extends completely across the footing,
section in compression shall be limited by the area and computing the moment of the forces acting over
above the neutral plane, and the angle of slope or depth the entire area of the footing on one side of the said
and location of steps shall be such that the design plane.
requirements are satisfied at every section. Sloped and
33.2.3.2 The greatest bending moment to be used in
stepped footings that are designed as a unit shall be
constructed to assure action as a unit. the design of an isolated concrete footing which
supports a column, pedestal or wall, shall be the
33.1.2 Thickness at the Edge of Footing moment computed in the manner prescribed in 33.2.3.1
In reinforced and plain concrete footings, the thickness at sections located as follows:
at the edge shall be not less than 150 mm for footings a) At the face of the column, pedestal or wall,
on soils, nor less than 300 mm above the tops of piles for footings supporting a concrete column,
for footings on piles. pedestal or wall ;
33.1.3 In the case of plain concrete pedestals, the angle b) Halfway between the centre-line and the edge
between the plane passing through the bottom edge of of the wall, for footings under masonry walls;
the pedestal and the corresponding junction edge of and
the column with pedestal and the horizontal plane (see c) Halfway between the face of the column or
Fig. 20) shall be governed by the expression : pedestal and the edge of the gusseted base,
for footings under gusseted bases.
100qo
tan ! "$ ! 0.9 #1 33.2.4 Shear and Bond
f ck
33.2.4.1 The shear strength of footings is governed by
where the more severe of the following two conditions:
qo = calculated maximum bearing pressure at the a) Footing acting essentially as a wide beam,
base of the pedestal, in N/mm2; and with a potential diagonal crack extending in
fck = characteristic strength of concrete at 28 days, a plane across the entire width; the critical
in N/mm2. section for this condition shall be assumed
as a vertical section located from the face of
the column, pedestal or wall at a distance
equal to the effective depth of footing in case
of footings on soils, and at a distance equal
to half the effective depth of footing for
footings on piles.
b) Two-way action of the footing, with potential
diagonal cracking along the surface of
truncated cone or pyramid around the
concentrated load; in this case, the footing
FIG. 20 shall be designed for shear in accordance with
appropriate provisions specified in 30.6.
33.2 Moments and Forces 33.2.4.2 In computing the external shear on any
33.2.1 In the case of footings on piles, computation section through a footing supported on piles, the entire
for moments and shears may be based on the assumption reaction from any pile of diameter Dp whose centre is
that the reaction from any pile is concentrated at the located Dp/2 or more outside the section shall be
centre of the pile. assumed as producing shear on the section; the
reaction from any pile whose centre is located Dp/2
33.2.2 For the purpose of computing stresses in footings
or more inside the section shall be assumed as
which support a round or octagonal concrete column or
producing no shear on the section. For intermediate
pedestal, the face of the column or pedestal shall be
positions of the pile centre, the portion of the pile
taken as the side of a square inscribed within the
reaction to be assumed as producing shear on the
perimeter of the round or octagonal column or pedestal.

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a) The concrete mix shall be batched to ensure a determined in accordance with A-3.3.7.
uniform distribution of fibres, the SFRC shall fR,4m = mean residual flexural tensile strengths
be placed in the moulds in a manner that does corresponding to a CMOD of 3.5 mm,
not interfere with the distribution of the fibres determined in accordance with A-3.3.8.
and, the SFRC shall be compacted using NOTE — The residual tensile strength (as obtained from a
lightly applied external vibration; and direct tensile test) is a fundamental material property of SFRC.
b) A minimum of 12 specimens shall be tested. This clause allows the concrete producer and steel fibre
manufacturer to correlate the direct tensile strength of their
The reference factor kR,4 shall be determined as: particular SFRC mix design with the flexural tensile strength.
kR,4 = f1.5m/fR,4m A-3.3.7 Residual Tensile Strength Test

where The residual tensile strength shall be obtained using
f1.5m = mean residual tensile strengths the testing arrangement shown in Fig. 27 and with the
corresponding to a COD of 1.5 mm, following criteria:
All dimensions in millimetres.

NOTE — There is considerable discussion in the literature on whether the ends of the specimens should be fixed at each end, pinned
at each end or fixed at one end and pinned at the other. The adoption of one pinned and one fixed end is a pragmatic decision between
the ideal condition (fixed at each end) and limitations in manufacturing of specimens that are perfectly square at their ends for
alignment within the testing machine. With both ends fixed any misalignment induces a moment in the specimen during gripping. This
moment can induce a tensile stress on one side of the specimen, weakening the specimen. In some situations, the moment induced may
be sufficient to crack the concrete. The inclusion of the universal joint at one end eliminates residual tensions that may result from the
gripping procedure.
FIG. 27 TESTING ARRANGEMENT FOR DIRECT TENSION

a) The critical section shall be where the cross- statistically as the 50th percentile confidence
sectional area is a minimum. value assuming the population is normally
b) The SFRC mix shall be batched to ensure a distributed.
uniform distribution of fibres, and shall be The stress results obtained from the test shall be
placed in the moulds in a manner that does multiplied by the three-dimensional orientation factor
not interfere with the distribution of the fibres. k1, where,
The SFRC shall be compacted using lightly
applied external vibration. 1
k1 ! "1
c) The specimen shall be connected to the testing 0.94 # 0.6! f /b
machine in such a manner that the machine And !f is the length and b is taken as the average of the
does not apply a load to the specimen during width and depth of the specimen taken at the critical
the process of tightening of the grips and prior section.
to testing.
NOTE — The factor k1 removes the influence of the boundaries
d) One end of the specimen shall be connected on the fibre distribution and converts the results of the test to a
to the testing machine through a universal joint state where the fibres can be considered to be randomly
such that no moment is applied to the end of orientated in three-dimensional space.
the specimen. A-3.3.8 Residual Flexural Tensile Strength
e) Displacement measurements shall be taken on
each of the four sides with the COD taken as The residual flexural tensile strength f R,j shall be
the average of these measurements. determined from 3 point notched bending tests on
150 mm square section prisms. The notch depth shall
f) A minimum of twelve specimens shall be
be 25 mm and the test conducted in accordance
tested.
with A-3.3.6. The force F shall be plotted against the
g) Tests where the failure of the specimen is crack mouth opening displacement (CMOD), as shown
outside of the testing region, or where the in Fig. 28, and the residual flexural stress calculated
results are influenced by the test specimen as:
boundaries, shall be retested.
3Fj L
h) The characteristic values of the tensile strength
f0.5 and f1.5, corresponding to CODs of 0.5 mm 2bhsp 2
and 1.5 mm, respectively, shall be determined
statistically as the 95 percentile confidence value where
assuming the population is normally distributed.
b = width of the specimen, in mm;
j) The mean values of f 0.5m and f 1.5m,
hsp = distance between tip of the notch and top of
corresponding to CODs of 0.5 mm and
cross-section, in mm;
1.5 mm, respectively, shall be determined
FIG. 28 LOAD V ERSUS CMOD FOR R ESIDUAL FLEXURAL T ENSION

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1* AD> b )B>A;c+JNP;J[;ZVGQHIQP;[JV;MTP;J[;THPPL;HM\PT;IK;OPKPVGL;\MILNIKO;QJKTHVMQHIJK;U,#$)!&$'(#)#*+Xd]
/SIT;*PQHIJK;`GT;[IVTH;ZM\LITSPN;IK;)B-D;GKN;`GT;TM\TPeMPKHL_;VPYITPN;IK;)BA6;GKN;.DD(];1K;HSP;.DD(;YPVTIJK<;HSP
NPHGILPN;NPTIOK;ZVJYITIJKT;`PVP;KJH;IKQLMNPN;GT;1*;ADD;b;)BA8;c+JNP;J[;ZVGQHIQP;[JV;OPKPVGL;QJKTHVMQHIJK;IK;THPPL
U)'-*+%&$'(#)#*+Xd;`GT;MKNPV;VPYITIJK;GH;HSGH;HIRP];/SIT;*PQHIJK<;HSPVP[JVP<;HSPK;VP[PVVPN;HJ;HSP;)BA8;YPVTIJK;J[
1* ADD;ÌHS;HSP;VPRGVaT;HSGH;HSP;LGHPTH;YPVTIJK;`JMLN;ZVPYGIL<;GT;GKN;`SPK;ZM\LITSPN];1H<;SJ`PYPV<;QJYPVPN;HSP
ZSILJTJZSIQGL;GTZPQHT;J[;LIRIH;THGHP;NPTIOK;`SIQS;`GT;\PIKO;IKHVJNMQPN;IK;HSP;VPYITIJK;J[;1*;ADD];1*;ADD;`GT
TM\TPeMPKHL_;VPYITPN;GKN;ZM\LITSPN;GT;1*;ADD;b;.DD-;GKN;SPKQP<;\PQGRP;HSP;ZVPYGILIKO;YPVTIJK;[JV;MTP;MKNPV;HSIT
*PQHIJK]
1K;HSP;VPYITIJK;J[;1*;ADD;IK;.DD-<;IK;YIP`;J[;HSP;NPYPLJZRPKH;GKN;ZVJNMQHIJK;J[;KP`;YGVIPHIPT;J[;RPNIMR;GKN;SIOS
HPKTILP;THVMQHMVGL;THPPLT;IK;HSP;QJMKHV_<;HSP;TQJZP;J[;HSP;THGKNGVN;`GT;RJNI[IPN;ZPVRIHHIKO;HSP;MTP;J[;GK_;YGVIPH_;J[
THVMQHMVGL;THPPL;ZVJYINPN;HSP;VPLPYGKH;ZVJYITIJKT;J[;HSP;THGKNGVN;`PVP;TGHIT[IPN];1*;ADD;b;.DD-;RGaPT;VP[PVPKQP;HJ
HSP;LGHPTH;1KNIGK;*HGKNGVNT;GYGILG\LP;[JV;VIYPHT<;\JLHT;GKN;JHSPV;[GTHPKPVT];/SP;THGKNGVN;IT;\GTPN;JK;LIRIH;THGHP
RPHSJN<;VP[LPQHIKO;HSP;LGHPTH;NPYPLJZRPKHT]
/SIT;VPYITIJK;J[;HSP;*PQHIJK;IT;IKHPKNPN;HJ;\VIKO;IH;IK;LIKP;ÌHS;HSP;VPYITPN;YPVTIJK;J[;1*;ADD;b;.DD-;VPGN;ÌHS;IHT
:RPKNRPKH;2J];);GKN;HJ;HGaP;QGVP;J[;[MVHSPV;IRZVJYPRPKHT;GKN;IKQJVZJVGHIJKT;VPeMIVPN];1K;HSIT;VPYITIJK<;HSPVP[JVP<
HSP;[JLLJÌKO;RGfJV;RJNI[IQGHIJKT;SGYP;\PPK;RGNPb
GX /SP;HG\LP;JK;HPKTILP;ZVJZPVHIPT;J[;THVMQHMVGL;THPPL;ZVJNMQHT;SGT;\PPK;MZNGHPN;\_;IKQLMNIKO;_IPLN;THVPTT
YGLMPT;J[;\JLHT;J[;TIgPT;6]>;HJ;>]A;RR;GT;ZPV;1*;)6>-;U,GVH;6X;c0PQSGKIQGL;ZVJZPVHIPT;J[;[GTHPKPVT;RGNP
J[;QGV\JK;THPPL;GKN;GLLJ_;THPPL;h;\JLHT<;TQVP`T;GKN;THMNT;U,*.$!"&$'(#)#*+Xd;GKN;GLIOKIKO;HSP;QJVVPTZJKNIKO
ZVJYITIJKT;J[;HSP;HG\LP;ÌHS;HSJTP;OIYPK;IK;1*;.D>.;b;.D));c=JH;VJLLPN;LJ`<;RPNIMR;GKN;SIOS;HPKTILP
THVMQHMVGL;THPPL;U)'('+!"&$'(#)#*+Xd]
\X ,VJYITIJKT;VPLGHIKO;HJ;RPQSGKIQGL;ZVJZPVHIPT;J[;THVMQHMVGL;THPPL;SGYP;\PPK;PLG\JVGHPN]
QX ,VJYITIJKT;VPLGHPN;HJ;P[[PQHIYP;ÌKN;ZVPTTMVP;JK;PiZJTPN;QIVQMLGV;HM\P;RPR\PVT;SGYP;\PPK;IKQLMNPN]
NX ,VJYITIJKT;VPLGHPN;HJ;VPeMIVPRPKH;J[;HPRZPVGHMVP;THVPTT;GKGL_TIT;SGYP;\PPK;MZNGHPN]
PX ,VJYITIJKT;VPLGHPN;HJ;TLPKNPV;QVJTT^TPQHIJKT;SGYP;\PPK;MZNGHPN<;ÌHS;HSP;IKQLMTIJK;J[;H`J;KP`;[IOMVPT;JK
P[[PQHIYP;TPQHIJKT;J[;TLPKNPV;RPR\PVT;MKNPV;ZMVP;GKN;[LPiMVGL;QJRZVPTTIJK]
[X /SP;HG\LP;JK;NP[LPQHIJK;LIRIHT;SGT;\PPK;TMIHG\L_;MZNGHPN;ÌHS;VPTZPQH;HJ;HSP;LJGN;KJRPKQLGHMVP;J[;HSP;LJGN
GKN;HSPIV;QJR\IKGHIJKT]
OX /SP;HPVR;cIRZJTPN;LJGNd;SGT;\PPK;TM\THIHMHPN;[JV;cLIYP;LJGNd;IK;QJSPVPKQP;ÌHS;HSP;MTP;J[;HPVRIKJLJO_;IK
JHSPV;ZM\LITSPN;THGKNGVNT]
SX %GVZIKO;VPTHVGIKH;QJKNIHIJKT;IK;HSP;HG\LP;JK;P[[PQHIYP;LPKOHST;[JV;TIRZL_;TMZZJVHPN;\PGRT;SGYP;\PPK
QLGVI[IPN]
fX /SP;ZVJYITIJK;JK;GTTPTTRPKH;J[;QJKNIHIJKT;MKNPV;`SIQS;[GHIOMP;GTTPTTRPKH;IT;HJ;\P;NJKP<;IT;QJYPVPN
QJRZVPSPKTIYPL_; IK; 19:!:1:!( c2PQPTTIH_; [JV; !GHIOMP; :TTPTTRPKHd<; `SIQS; HGaPT; QGVP; J[; 17:8:1; J[
1*;ADD;b;.DD-;GT;`PLL]
aX ,VJYITIJKT;VPLGHPN;HJ;NPTIOK;J[;PKN;ZGKPLT;IK;THI[[PKPN;`P\;ZGKPLT;SGYP;\PPK;MZNGHPN]
RX ,VJYITIJKT;VPLGHPN;HJ;NPTIOK;[JV;PGVHSeMGaP;LJGNT;VPLGHIKO;HJ;LJGN;GKN;LJGN;QJR\IKGHIJKT<;VPTZJKTP;VPNMQHIJK
[GQHJV;[JV;YGVIJMT;H_ZPT;J[;[VGRPT<;QJKKPQHIJKT;IK;HSP;QVIHIQGL;gJKPT;J[;[VGRPT<;GKN;\VGQIKO;RPR\PVT;SGYP
\PPK;MZNGHPN]
KX /SP;KJRIKGL;\PGVIKO;ZVPTTMVP;\PH`PPK;HSP;QJLMRK;\GTP;ZLGHP;GKN;HSP;TMZZJVH;SGT;\PPK;MZNGHPN;HJ;\VIKO
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 8
IH;LIKP;ÌHS;HSP;QJVVPTZJKNIKO;ZVJYITIJKT;J[;1*;8(>;b;.DDD;c+JNP;J[;ZVGQHIQP;[JV;ZLGIK;GKN;VPIK[JVQPN
QJKQVPHP;U,*.$!"&$'(#)#*+Xd]
ZX ,VJYITIJKT;VPLGHPN;HJ;NPTIOK;J[;TIKOLP;GKOLP;THVMHT;LJGNPN;HSVJMOS;JKP;LPO;SGYP;\PPK;VPYITPN]
eX ,VJYITIJKT;VPLGHPN;HJ;KJK^NMQHILP;\VGQPN;GKN;RJRPKH;VPTITHIKO;[VGRPT;SGYP;\PPK;IKQLMNPN]
VX ,VJYITIJKT;JK;NMQHILP;NPTIOKIKO;ÌHS;VPTZPQH;HJ;QJLMRK;\GTP;QJKKPQHIJKT;SGYP;\PPK;MZNGHPN]
TX #P[PVPKQP;NPTIOK;QJKNIHIJKT;MKNPV;[GHIOMP;[JV;*^2;QMVYP;SGYP;\PPK;RJNI[IPN]
HX ,VJYITIJKT;JK;QLPGVGKQPT;VPLGHPN;HJ;[G\VIQGHIJK;ZVJQPNMVPT;SGYP;\PPK;MZNGHPN]
MX *aPHQSPT;J[;HSP;VPTHVGIKH;QJKNIHIJKT;MKNPV;HG\LP;JK;P[[PQHIYP;LPKOHST;J[;TIKOLP;THPZZPN;QJLMRKT;SGYP;\PPK
MZNGHPN]
`X +PVHGIK;HPVRIKJLJOIPT<;T_R\JLT;GKN;[IOMVPT;SGYP;\PPK;MZNGHPN;\GTPN;JK;HSP;QSGKOPT;IKQJVZJVGHPN]
_X 3ITH;J[;1KNIGK;*HGKNGVNT;QVJTT^VP[PVVPN;IK;HSIT;*PQHIJK;SGT;\PPK;MZNGHPN]
/SP; VPYITPN; *PQHIJK; ÌLL; PKSGKQP; HSP; QJK[INPKQP; J[; NPTIOKPVT<; PKOIKPPVT<; QJKHVGQHJVT<; HPQSKIQGL; IKTHIHMHIJKT<
ZVJ[PTTIJKGL;\JNIPT;GKN;HSP;IKNMTHV_;GKN;ÌLL;JZPK;G;KP`;PVG;IK;TG[P;GKN;PQJKJRIQ;QJKTHVMQHIJK;IK;THPPL]
1K;HSP;PGVLIPV;YPVTIJKT;J[;HSIT;+JNP<;HSP;ZVJYITIJKT;VPLGHIKO;HJ;HSP;MTP;J[;THPPL;HM\PT;IK;OPKPVGL;\MILNIKO;QJKTHVMQHIJK
`GT;\GTPN;JK;1*;AD>;b;)B>A;c+JNP;J[;ZVGQHIQP;[JV;MTP;J[;THPPL;HM\PT;IK;OPKPVGL;\MILNIKO;QJKTHVMQHIJKd<;`SIQS;`GT
QJRZLPRPKHGV_;HJ;1*;ADD];/SP;NPTIOK;MTIKO;HM\MLGV;THPPL;IK;THVMQHMVGL;GZZLIQGHIJKT;RG_;\P;QGVVIPN;MTIKO;HSP;LIRIH
THGHP;NPTIOK;ZVJYITIJKT;IK;HSIT;*PQHIJK;MKHIL;1*;AD>;IT;VPYITPN;GT;ZPV;LIRIH;THGHP;NPTIOK;RPHSJN]
/SP;NPTIOK;J[;QJLN^[JVRPN;THPPL;RPR\PVT;IT;\GTPN;JK;HSP;ZVJYITIJKT;J[;1*;AD);b;)B-(;c+JNP;J[;ZVGQHIQP;[JV;MTP;J[
QJLN;[JVRPN;LIOSH;OGMOP;THPPL;THVMQHMVGL;RPR\PVT;IK;OPKPVGL;\MILNIKO;QJKTHVMQHIJKd];/SP;THGKNGVN;IT;QMVVPKHL_
MKNPV;VPYITIJK;HJ;\P;\GTPN;JK;HSP;LIRIH;THGHP;NPTIOK;ZVGQHIQP];9KHIL;HSP;VPYITPN;1*;AD);IT;ZM\LITSPN<;HSP;QJLN;[JVRPN
THPPL;RPR\PVT;RG_;\P;NPTIOKPN;MTIKO;HSP;QMVVPKH;1*;AD)<;\GTPN;JK;HSP;`JVaIKO;THVPTT;RPHSJN]
:LL;THGKNGVNT<;`SPHSPV;OIYPK;SPVPIK;G\JYP;JV;QVJTT^VP[PVVPN;HJ;IK;HSP;RGIK;HPiH;J[;HSIT;*PQHIJK<;GVP;TM\fPQH;HJ
VPYITIJK];/SP;ZGVHIPT;HJ;GOVPPRPKH;\GTPN;JK;HSIT;*PQHIJK;GVP;PKQJMVGOPN;HJ;IKYPTHIOGHP;HSP;ZJTTI\ILIH_;J[;GZZL_IKO
HSP;RJTH;VPQPKH;PNIHIJKT;J[;HSP;THGKNGVNT]
!JV;HSP;ZMVZJTP;J[;NPQINIKO;`SPHSPV;G;ZGVHIQMLGV;VPeMIVPRPKH;J[;HSIT;*PQHIJK;IT;QJRZLIPN;ÌHS<;HSP;[IKGL;YGLMP<
J\TPVYPN;JV;QGLQMLGHPN<;PiZVPTTIKO;HSP;VPTMLH;J[;G;HPTH;JV;GKGL_TIT<;TSGLL;\P;VJMKNPN;J[[;IK;GQQJVNGKQP;ÌHS;1* . b )B>D
c#MLPT;[JV;VJMKNIKO;J[[;KMRPVIQGL;YGLMPT;U$'(#)'%Xd];/SP;KMR\PV;J[;TIOKI[IQGKH;ZLGQPT;VPHGIKPN;IK;HSP;VJMKNPN;J[[
YGLMP;TSJMLN;\P;HSP;TGRP;GT;HSGH;J[;HSP;TZPQI[IPN;YGLMP;IK;HSIT;*PQHIJK]
2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
"#$%&"#'()*%'+%",(-&+.(&/(%"+%#
3#4$(2(5$4*-$*4#'(+.5%,"
';3LMNG")"'L;;O
'&!%(#$")*+,"-&$&./0 !:8( #?DOEF('BCLDP&j;/SP;LPKOHS;\PH`PPK;QPKHVP^HJ^

QPKHVP;J[;IKHPVTPQHIJK;ZJIKHT<;ÌHS;TMZZJVHIKO;RPR\PVT
1( 5-&3. JV;HSP;QGKHILPYPV;LPKOHS;IK;HSP;QGTP;J[;G;[VPP;THGKNIKO
1:1 ;/SIT;+JNP;U,GVH;>W*PQHIJK;>X;QJYPVT;HSP;THVMQHMVGL RPR\PV]
NPTIOK; GTZPQHT; J[; THPPL; THVMQHMVPT; IK; \MILNIKOT]; /SIT !:2( )BEI&j;:;RPR\PV;TM\fPQHPN;ZVPNJRIKGKHL_;HJ
*PQHIJK;GZZLIPT;HJ;OPKPVGL;QJKTHVMQHIJK;MTIKO;SJH;VJLLPN \PKNIKO]
THPPL;TPQHIJKT;GKN;THPPL;HM\PT;fJIKPN;MTIKO;VIYPHIKO<;\JLHIKO
GKN;`PLNIKO];+JLN;[JVRPN;LIOSH;OGMOP;THPPL;TPQHIJKT<;PHQ< !:;( )BEN@CL($KJB(-GCCB?D@GC&j;:;QJKKPQHIJK;RGNP
GVP;QJYPVPN;IK;TPZGVGHP;THGKNGVNT];/SIT;*PQHIJK;QJYPVT MTIKO;\JLHT;IK;cTKMO^HIOSHd;QJKNIHIJK<;JV;VIYPHT;`SPVP
HSP;NPTIOK;\_;LIRIH;THGHP;RPHSJN;GKN;ZLGTHIQ;HSPJV_<;GKN HSP; LJGN; IT; HVGKT[PVVPN; \_; \PGVIKO; J[; \JLHT; JV; VIYPHT
GLTJ;PKG\LPT;NPTIOK;\_;`JVaIKO;THVPTT;RPHSJN] GOGIKTH;ZLGHP;IKTINP;HSP;\JLH;SJLP]
1:!( /SIT;*PQHIJK;OIYPT;JKL_;OPKPVGL;OMINGKQP;GT;VPOGVNT !:Q( )NE?BA( =BIRBN& j; :; RPR\PV; IK; `SIQS; HSP

HJ;HSP;YGVIJMT;LJGNT;HJ;\P;QJKTINPVPN;IK;NPTIOK];!JV;HSP VPLGHIYP;HVGKTYPVTP;NITZLGQPRPKH;IT;P[[PQHIYPL_;ZVPYPKHPN
GQHMGL; LJGNT<; TMQS; GT; NPGN<; LIYP<; TKJ`<; ÌKN; GKN \_;\VGQIKO]
PGVHSeMGaP; LJGNT; GKN; LJGN; QJR\IKGHIJKT; HJ; \P; MTPN< !:9( )N@DDFB(-FEAA@CL&j;+LGNNIKOT<;TMQS;GT;GT\PTHJT
VP[PVPKQP;RG_;\P;RGNP;HJ;,GVH;>;c*HVMQHMVGL;&PTIOK< QPRPKH;TSPPHT;`SIQS;OPH;NGRGOPN;\P[JVP;MKNPVOJIKO
*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP] QJKTINPVG\LP;NP[JVRGHIJK]
1:7( !G\VIQGHIJK;GKN;PVPQHIJK;VPeMIVPRPKHT;QJYPVPN;IK !:10( )O?SF@CL('GEA&j;/SP;LJGN;GH;`SIQS;GK;PLPRPKH<
HSIT;*PQHIJK;GVP;OPKPVGL;GKN;HSP;RIKIRMR;KPQPTTGV_ G;RPR\PV;JV;G;THVMQHMVP;GT;G;`SJLP<;PIHSPV;QJLLGZTPT
eMGLIH_;J[;RGHPVIGL;GKN;`JVaRGKTSIZ;QJKTITHPKH;ÌHS IK; TPVYIQP; JV; \MQaLPT; IK; G; LJGN; HPTH; GKN; NPYPLJZT
GTTMRZHIJKT; IK; HSP; NPTIOK; VMLPT]; /SP; GQHMGL PiQPTTIYP; LGHPVGL; UJMH; J[; ZLGKPX; NP[JVRGHIJK; JV
VPeMIVPRPKHT; RG_; \P; [MVHSPV; NPYPLJZPN; GT; ZPV; JHSPV IKTHG\ILIH_]
THGKNGVNT; JV; HSP; ZVJfPQH; TZPQI[IQGHIJK<; HSP; H_ZP; J[
THVMQHMVP;GKN;HSP;RPHSJN;J[;QJKTHVMQHIJK] !:11( )O?SF@CL(5DNBCLDP(GN(4BH@HDEC?B& j;!JVQP;JV
RJRPKH<; `SIQS; G; RPR\PV; QGK; ÌHSTHGKN; ÌHSJMH
1:<( !JV;TPITRIQ;NPTIOK<;VPQJRRPKNGHIJKT;ZPVHGIKIKO \MQaLIKO]
HJ; THPPL; [VGRPT; JKL_; GVP; QJYPVPN; IK; HSIT; TPQHIJK]; !JV
RJVP;NPHGILPN;IK[JVRGHIJK;JK;TPITRIQ;NPTIOK;J[;JHSPV !:1!( )O@FDT*J( 5B?D@GC& j; :; RPR\PV; [G\VIQGHPN; \_
THVMQHMVGL; GKN; KJK^THVMQHMVGL; QJRZJKPKHT<; VP[PVPKQP IKHPVQJKKPQHIKO; RJVP; HSGK; JKP; PLPRPKH; HJ; [JVR; G
RG_;\P;RGNP;HJ;8;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;) QJRZJMKN;TPQHIJK;GQHIKO;GT;G;TIKOLP;RPR\PV]
3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP;GKN;JHSPV;TZPQIGL !:17( -EIRBN&j;1KHPKHIJKGLL_;IKHVJNMQPN;ZVP^QMVYIKO
ZM\LIQGHIJKT;JK;HSP;TM\fPQH] UMTMGLL_;MZ`GVNTX;IK;G;T_THPR<;RPR\PV;JV;GK_;ZJVHIJK
J[; G; RPR\PV; ÌHS; VPTZPQH; HJ; IHT; QSJVN]; !VPeMPKHL_<
!($.4=%"&'&,>
QGR\PV;IT;IKHVJNMQPN;HJ;QJRZPKTGHP;[JV;NP[LPQHIJKT;GH
!JV;HSP;ZMVZJTP;J[;HSIT;*PQHIJK<;HSP;NP[IKIHIJKT;OIYPK G;TZPQI[IQ;LPYPL;J[;LJGNT]
\PLJ`;TSGLL;GZZL_]
!:1<( -PENE?DBN@HD@?( 'GEA( U#?D@GCV& j; /SP; YGLMP
!:1& #??@ABCDEF( 'GEAH; j; 3JGNT; NMP; HJ; PiZLJTIJK< J[;TZPQI[IPN;LJGN;UGQHIJKX<;G\JYP;`SIQS;KJH;RJVP;HSGK
IRZGQH;J[;YPSIQLPT<;JV;JHSPV;VGVP;LJGNT;[JV;`SIQS;HSP G;TZPQI[IPN;ZPVQPKHGOP;UMTMGLL_;(;ZPVQPKHX;J[;TGRZLPT
THVMQHMVP;IT;QJKTINPVPN;HJ;\P;YMLKPVG\LP;GT;ZPV;HSP;MTPV] J[; QJVVPTZJKNIKO; LJGN; GVP; PiZPQHPN; HJ; \P
PKQJMKHPVPN]
!:!; #??GIJECK@CL( 'GEA& j; 3IYP; UIRZJTPNX; LJGN
GQHIKO; GLJKO; ÌHS; LPGNIKO; IRZJTPN; LJGN; \MH; QGMTIKO !:18( -PENE?DBN@HD@?( >@BFAW*FD@IEDB( 5DNBHH& j; /SP
LJ`PV;GQHIJKT;GKNWJV;NP[LPQHIJKT] RIKIRMR;YGLMP;J[;THVPTT<;\PLJ`;`SIQS;KJH;RJVP;HSGK;G
TZPQI[IPN; ZPVQPKHGOP; UMTMGLL_; (; ZPVQPKHX; J[
!:7; #?D@GC( .MMB?D( GN( 'GEA( .MMB?D& j; /SP; IKHPVKGL
QJVVPTZJKNIKO;THVPTTPT;J[;TGRZLPT;HPTHPN;GVP;PiZPQHPN
[JVQP<;GiIGL<;TSPGV<;\PKNIKO;JV;HÌTHIKO;RJRPKH<;NMP;HJ
HJ;JQQMV]
PiHPVKGL;GQHIJKT;GKN;HPRZPVGHMVP;LJGNT]
!:12( -GFOIC& j; :; RPR\PV; IK; MZVIOSH; UYPVHIQGLX
!:<( #?D@GC& j; /SP; ZVIRGV_; QGMTP; [JV; THVPTT; JV
ZJTIHIJK; `SIQS; TMZZJVHT; G; VJJ[; JV; [LJJV; T_THPR; GKN
NP[JVRGHIJKT;IK;G;THVMQHMVP;TMQS;GT;NPGN<;LIYP<;ÌKN<
ZVPNJRIKGKHL_;TM\fPQHPN;HJ;QJRZVPTTIJK]
TPITRIQ;JV;HPRZPVGHMVP;LJGNT]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;
!:1;( -GIJE?D(5B?D@GC;j;:;QVJTT^TPQHIJK<;`SIQS;QGK !:77( .ALB(+@HDEC?B&j;&ITHGKQP;[VJR;HSP;QPKHVP;J[;G
NPYPLJZ; ZLGTHIQ; RJRPKH<; \MH; SGT; IKGNPeMGHP; ZLGTHIQ [GTHPKPV;SJLP;HJ;HSP;KPGVPTH;PNOP;J[;GK;PLPRPKH;RPGTMVPN
VJHGHIJK; QGZGQIH_; KPPNPN; [JV; [JVRGHIJK; J[; G; ZLGTHIQ ZPVZPKNIQMLGV;HJ;HSP;NIVPQHIJK;J[;LJGN;HVGKT[PV]
QJLLGZTP;RPQSGKITR;J[;HSP;RPR\PV;JV;THVMQHMVP]
!:7<( .MMB?D@XB( 'EDBNEF( 4BHDNE@CD& j; #PTHVGIKH; HSGH
!:1Q( -GCHDECD(5DNBHH(4ECLB&j;/SP;GRZLIHMNP;\PH`PPK ZVJNMQPT;TM[[IQIPKH;VPTITHGKQP;HJ;ZVPYPKH;NP[JVRGHIJK
`SIQS;HSP;THVPTT;VGKOPT;MKNPV;Q_QLIQ;LJGNIKO;IT;QJKTHGKH IK;HSP;LGHPVGL;NIVPQHIJK]
NMVIKO;HSP;LI[P;J[;HSP;THVMQHMVP;JV;G;THVMQHMVGL;PLPRPKH]
!:78( .MMB?D@XB('BCLDP&j;:QHMGL;LPKOHS;J[;G;RPR\PV
!:19( -GNNGH@GC(/;:K;PLPQHVJQSPRIQGL;ZVJQPTT;JYPV \PH`PPK; ZJIKHT; J[; P[[PQHIYP; VPTHVGIKHT; JV; P[[PQHIYP
HSP;TMV[GQP;J[;THPPL<;LPGNIKO;HJ;JiINGHIJK;J[;HSP;RPHGL] VPTHVGIKH; GKN; [VPP; PKN<; RMLHIZLIPN; \_; G; [GQHJV; HJ; HGaP
GQQJMKH; J[; HSP; PKN; QJKNIHIJKT; IK; \MQaLIKO; THVPKOHS
!:!0( -NECB( 'GEA& /; =JVIgJKHGL; GKN; YPVHIQGL; LJGNT
QGLQMLGHIJKT]
[VJR;QVGKPT]
!:72( .FEHD@?(-FEAA@CL& j;+LGNNIKOT<;TMQS;GT;RPHGL
!:!1( -OIOFED@XB( /ED@LOB; j; /JHGL; NGRGOP; NMP; HJ
TSPPHT; HSGH; QGK; MKNPVOJ; QJKTINPVG\LP; NP[JVRGHIJK
[GHIOMP;LJGNIKO;J[;YGV_IKO;THVPTT;VGKOPT]
ÌHSJMH;NGRGOP]
!:!!( -ODT&MM('@I@D&j;/SP;THVPTT;VGKOP<;QJVVPTZJKNIKO
!:7;& .FEHD@?(-N@D@?EF(=GIBCD&j;/SP;PLGTHIQ;RJRPKH<
HJ;HSP;ZGVHIQMLGV;NPHGIL<;\PLJ`;`SIQS;Q_QLIQ;LJGNIKO;KPPN
`SIQS;IKIHIGHPT;LGHPVGL^HJVTIJKGL;\MQaLIKO;J[;G;LGHPVGLL_
KJH; \P; QJKTINPVPN; IK; QMRMLGHIYP; [GHIOMP; NGRGOP
MKTMZZJVHPN;\PGR]
PYGLMGHIJK;UQJVVPTZJKNT;HJ;)DA;KMR\PV;J[;Q_QLPT;IK;RJTH
QGTPTX] !:7Q( .FEHD@?(+BH@LC&j;&PTIOK<;`SIQS;GTTMRPT;PLGTHIQ
\PSGYIJMV; J[; RGHPVIGLT; HSVJMOSJMH; HSP; TPVYIQP; LJGN
!:!7( +BEA('GEAH&j;/SP;TPL[^`PIOSHT;J[;GLL;ZPVRGKPKH
VGKOP]
QJKTHVMQHIJKT;GKN;IKTHGLLGHIJKT;IKQLMNIKO;HSP;TPL[^`PIOSH
J[; GLL; `GLLT<; ZGVHIHIJKT<; [LJJVT<; VJJ[T<; GKN; JHSPV !:79( .FEHD@?('@I@D&j;1H;IT;HSP;THVPTT;\PLJ`;`SIQS;HSP
ZPVRGKPKH;[IiHMVPT;GQHIKO;JK;G;RPR\PV] RGHPVIGL;VPOGIKT;IHT;JVIOIKGL;TIgP;GKN;TSGZP;`SPK;HSP;LJGN
IT;VPRJYPN];1K;THPPL;NPTIOK<;IH;IT;HGaPK;GT;HSP;_IPLN;THVPTT]
!:!<( +BMFB?D@GC&j;1H;IT;HSP;NPYIGHIJK;[VJR;HSP;THGKNGVN
ZJTIHIJK;J[;G;RPR\PV;JV;THVMQHMVP] !:<0& .CA(+@HDEC?B&/;&ITHGKQP;[VJR;HSP;QPKHVP;J[;G
[GTHPKPV; SJLP; HJ; HSP; PNOP; J[; GK; PLPRPKH; RPGTMVPN
!:!8( +BH@LC('@MB&j;/IRP;ZPVIJN;[JV;`SIQS;G;THVMQHMVP
ZGVGLLPL;HJ;HSP;NIVPQHIJK;J[;LJGN;HVGKT[PV]
JV; G; THVMQHMVGL; PLPRPKH; IT; VPeMIVPN; HJ; ZPV[JVR; IHT
[MKQHIJK;ÌHSJMH;NGRGOP] !:<1( .NB?D@GC( 'GEAH& /; /SP; GQHIJKT; ULJGNT; GKN
NP[JVRGHIJKTX;PiZPVIPKQPN;\_;HSP;THVMQHMVP;PiQLMTIYPL_
!:!2( +BH@LC('GEAW/E?DGNBA('GEA&j;:;LJGN;YGLMP
NMVIKO;PVPQHIJK]
J\HGIKPN;\_;RMLHIZL_IKO;HSP;QSGVGQHPVITHIQ;LJGN;ÌHS;HSP
ZGVHIGL;TG[PH_;[GQHJV;[JV;LJGNT] !:<!( .NB?D@GC( $GFBNEC?B& j; :RJMKH; J[; NPYIGHIJK
VPLGHPN;HJ;HSP;ZLMR\KPTT<;GLIOKRPKH<;GKN;LPYPL;J[;HSP
!:!;( +BH@LC(5JB?DNOI;j;!VPeMPKQ_;NITHVI\MHIJK;J[
PLPRPKH; GT; G; `SJLP; IK; HSP; PVPQHPN; ZJTIHIJK]; /SP
HSP;THVPTT;VGKOPT;[VJR;GLL;HSP;KJRIKGL;LJGNIKO;PYPKHT
NPYIGHIJKT;GVP;NPHPVRIKPN;\_;QJKTINPVIKO;HSP;LJQGHIJKT
NMVIKO;HSP;NPTIOK;LI[P;UTHVPTT;TZPQHVMRX]
J[;HSP;PKNT;J[;HSP;PLPRPKH]
!:!Q( +BDE@F( -EDBLGNK; j; &PTIOKGHIJK; OIYPK; HJ; G
!:<7( .ZJGHBA(5ONME?B(#NBE(DG(=EHH(4ED@G&j;/SP
ZGVHIQMLGV;NPHGIL;HJ;IKNIQGHP;HSP;*^2;QMVYP;HJ;\P;MTPN;IK
VGHIJ;J[;HSP;TMV[GQP;GVPG;PiZJTPN;HJ;HSP;[IVP;UIK;RR.X;HJ
[GHIOMP;GTTPTTRPKH]
HSP;RGTT;J[;THPPL;UIK;aOX]
!:!9( +@H?GCD@CO@DK& j; :; TMNNPK; QSGKOP; IK; QVJTT^ 2"/$;j;1K;HSP;QGTP;J[;RPR\PVT;ÌHS;[IVP;ZVJHPQHIJK;RGHPVIGL
TPQHIJK; J[; G; LJGNPN; RPR\PV<; QGMTIKO; G; THVPTT GZZLIPN<;HSP;PiZJTPN;TMV[GQP;GVPG;IT;HJ;\P;HGaPK;GT;HSP;IKHPVKGL
QJKQPKHVGHIJK;GH;HSP;LJQGHIJK] TMV[GQP;GVPG;J[;HSP;[IVP;ZVJHPQHIJK;RGHPVIGL]
!:70 (+O?D@F@DK(j;1H;IT;HSP;ZVJZPVH_;J[;HSP;RGHPVIGL;JV;G !:<<( /ERN@?ED@GC($GFBNEC?B&j;:RJMKH;J[;NPYIGHIJK

THVMQHMVP;IKNIQGHIKO;HSP;PiHPKH;HJ;`SIQS;IH;QGK;NP[JVR GLLJ`PN; IK; HSP; KJRIKGL; NIRPKTIJKT; GKN; OPJRPHV_; IK
\P_JKN;HSP;LIRIH;J[;_IPLN;NP[JVRGHIJK;\P[JVP;[GILMVP;JV [G\VIQGHIJK;GQHIYIHIPT<;TMQS;GT;QMHHIKO;HJ;LPKOHS<;[IKITSIKO
[VGQHMVP];/SP;VGHIJ;J[;MLHIRGHP;HJ;_IPLN;NP[JVRGHIJK;IT J[;PKNT<;QMHHIKO;J[;\PYPL;GKOLPT<;PHQ]
MTMGLL_;HPVRPN;GT;NMQHILIH_] !:<8( /E?DGN(GM(5EMBDK&j;/SP;[GQHJV;\_;`SIQS;HSP;_IPLN
!:71( +ONER@F@DK& j; 1H; IT; HSP; G\ILIH_; J[; G; RGHPVIGL; HJ THVPTT;J[;HSP;RGHPVIGL;J[;G;RPR\PV;IT;NIYINPN;HJ;GVVIYP
VPTITH;NPHPVIJVGHIJK;JYPV;LJKO;ZPVIJNT;J[;HIRP] GH;HSP;ZPVRITTI\LP;THVPTT;IK;HSP;RGHPVIGL]
!:7!( .ENDPYOESB( 'GEAH& j; /SP; IKPVHIG; [JVQPT !:<2( /ED@LOB& j; &GRGOP; QGMTPN; \_; VPZPGHPN
ZVJNMQPN;IK;G;THVMQHMVP;NMP;HJ;HSP;OVJMKN;RJYPRPKH [LMQHMGHIJKT;J[;THVPTT<;LPGNIKO;HJ;ZVJOVPTTIYP;QVGQaIKO
NMVIKO;GK;PGVHSeMGaP] J[;G;THVMQHMVGL;PLPRPKH]
Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
!:<;( /ED@LOB( 'GEA@CL& j; *PH; J[; KJRIKGL; LJGNIKO !:8;( ,OHHBD(3FEDB&j;/SP;ZLGHP;HJ;`SIQS;HSP;RPR\PVT
PYPKHT<;Q_QLIQ;IK;KGHMVP<;NPTQVI\PN;\_;HSP;NITHVI\MHIJK IKHPVTPQHIKO;GH;G;fJIKH;GVP;QJKKPQHPN]
J[; HSP; LJGNT<; HSPIV; RGOKIHMNPT; GKN; HSP; KMR\PVT; J[
!:8Q( [@LP(5PBEN;j;=IOS;TSPGV;QJKNIHIJK;IT;QGMTPN
GZZLIQGHIJKT;IK;PGQS;KJRIKGL;LJGNIKO;PYPKH]
`SPK;HSP;GQHMGL;TSPGV;NMP;HJ;[GQHJVPN;LJGN;IT;OVPGHPV
!:<Q( /ED@LOB( 5DNBCLDP& j; /SP; THVPTT; VGKOP; [JV; G HSGK; G; QPVHGIK; [VGQHIJK; J[; NPTIOK; TSPGV; VPTITHGKQP
QGHPOJV_;J[;NPHGIL<;NPZPKNIKO;MZJK;HSP;KMR\PV;J[;Q_QLPT U)'' 18:!:!X]
IH;IT;VPeMIVPN;HJ;ÌHSTHGKN;NMVIKO;NPTIOK;LI[P]
!:89( %IJGHBA(U'@XBV('GEA;j;/SP;LJGN;GTTMRPN;HJ
!:<9( /@NB(.ZJGHONB(-GCA@D@GC \P;ZVJNMQPN;\_;HSP;IKHPKNPN;MTP;JV;JQQMZGKQ_;IKQLMNIKO
NITHVI\MHPN<;QJKQPKHVGHPN<;IRZGQH<;YI\VGHIJK;GKN;TKJ`
GX 0"$''1)#%'%&,#$'&'23*).$'&-*+%#!#*+;j;*HPPL LJGNT;\MH;PiQLMNIKO<;ÌKN<;PGVHSeMGaP;GKN;HPRZPVGHMVP
RPR\PV;IKQJVZJVGHPN;IK;JV;IK;QJKHGQH;ÌHS;G LJGNT]
QJKQVPHP; JV; RGTJKV_; [LJJV; JV; `GLL; UGH; LPGTH
GOGIKTH;JK;TMV[GQPX] !:20 (%CHDER@F@DK&j;/SP;ZSPKJRPKJK;`SIQS;NITG\LPT
GK;PLPRPKH<;RPR\PV;JV;G;THVMQHMVP;HJ;QGVV_;[MVHSPV;LJGN
2"/$*
NMP;HJ;PiQPTTIYP;NP[LPQHIJK;LGHPVGL;HJ;HSP;NIVPQHIJK;J[
1(/SVPP^TINPN;[IVP;PiZJTMVP;QJKNIHIJK;IT;HJ;\P;QJKTINPVPN
TPZGVGHPL_;MKLPTT;JHSPVÌTP;TZPQI[IPN;U)'';!!:10X]
LJGNIKO;GKN;YGKITSIKO;THI[[KPTT]
!(0PR\PVT;ÌHS;RJVP;HSGK;JKP;[GQP;IK;QJKHGQH;ÌHS;G !:21( 'EDBNEF(4BHDNE@CD(MGN(E()BEI&j;5'';!:7<]
QJKQVPHP;JV;RGTJKV_;[LJJV;JV;`GLL;RG_;\P;HVPGHPN;GT;HSVPP^
TINPN;[IVP;PiZJTMVP] !:2!( 'BEA@CL(%IJGHBA('GEA&j;1RZJTPN;LJGN;QGMTIKO
\X 4*.$1)#%'%&,#$'&'23*).$'&-*+%#!#*+& j;*HPPL SIOSPV;GQHIJK;GKNWJV;NP[LPQHIJK]
RPR\PV<;`SIQS;RG_;\P;PiZJTPN;HJ;[IVP;JK;GLL
!:27( '@I@D(5DEDB&j;:K_;LIRIHIKO;QJKNIHIJK;\P_JKN
TINPT]
`SIQS;HSP;THVMQHMVP;QPGTPT;HJ;[ML[ILL;IHT;IKHPKNPN;[MKQHIJK
!:80( /@NB(3NGDB?D@GC(5KHDBI&j;/SP;[IVP;ZVJHPQHIJK U)''&67)*;!:Q2X]
RGHPVIGL; GKN; IHT; RPHSJN; J[; GHHGQSRPKH; HJ; HSP; THPPL
!:2<( '@XB('GEA;j;5'';!:898
RPR\PV]
!:28( 'GEA( j;:K;PiHPVKGLL_;GZZLIPN;[JVQP;JV;GQHIJK
!:81& /@NB( 4BH@HDEC?B; j; /SP; G\ILIH_; J[; GK; PLPRPKH<
U)''&67)*;!:<X]
QJRZJKPKH;JV;THVMQHMVP<;HJ;[ML[IL;[JV;G;THGHPN;ZPVIJN;J[
HIRP<;HSP;VPeMIVPN;THG\ILIH_<;IKHPOVIH_<;HSPVRGL;IKTMLGHIJK !:22( =E@C(=BIRBN;j;:;THVMQHMVGL;RPR\PV<;`SIQS;IT
GKNWJV; JHSPV; PiZPQHPN; ZPV[JVRGKQP; TZPQI[IPN; IK; G ZVIRGVIL_;VPTZJKTI\LP;[JV;QGVV_IKO;GKN;NITHVI\MHIKO;HSP
THGKNGVN;[IVP;HPTH] GZZLIPN;LJGN;JV;GQHIJK]
!:8! & /@NB( 4BH@HDEC?B( 'BXBF& j; /SP; [IVP; VPTITHGKQP !:2;( =@FF($GFBNEC?B&j;:RJMKH;J[;YGVIGHIJK;GLLJ`PN
OVGNIKO;ZPVIJN;[JV;G;THVMQHMVGL;PLPRPKH;JV;T_THPR<;IK [VJR; HSP; KJRIKGL; NIRPKTIJKT; GKN; OPJRPHV_<; ÌHS
RIKMHPT<;`SIQS;IT;VPeMIVPN;HJ;\P;GHHGIKPN;IK;HSP;THGKNGVN VPTZPQH; HJ; QVJTT^TPQHIJKGL; GVPG<; KJK^ZGVGLLPLITR; J[
[IVP;HPTH] [LGKOPT<; GKN; JMH; J[; THVGIOSHKPTT; TMQS; GT; T`PPZ; JV
QGR\PV<;IK;G;ZVJNMQH<;GT;RGKM[GQHMVPN;IK;G;THPPL;RILL]
!:87 ( /FBZONEF( 5D@MMCBHH& j; *HI[[KPTT; J[; G; RPR\PV
GOGIKTH;VJHGHIJK;GT;PYGLMGHPN;\_;HSP;YGLMP;J[;\PKNIKO !:2Q( "GNIEF( 5DNBHH& j; *HVPTT; QJRZJKPKH; GQHIKO
NP[JVRGHIJK;RJRPKH;VPeMIVPN;HJ;QGMTP;G;MKIH;VJHGHIJK KJVRGL;HJ;HSP;[GQP<;ZLGKP;JV;TPQHIJK]
`SILP;GLL;JHSPV;NPOVPPT;J[;[VPPNJR;J[;HSP;fJIKHT;J[;HSP
!:29 ( 3END@EF( 5EMBDK( /E?DGN& j; /SP; [GQHJV; KJVRGLL_
RPR\PV; PiQPZH; HSP; VJHGHPN; JKP; GVP; GTTMRPN; HJ; \P
OVPGHPV;HSGK;MKIH_;\_;`SIQS;PIHSPV;HSP;LJGNT;UGQHIJKTX
VPTHVGIKPN]
GVP;RMLHIZLIPN;JV;HSP;VPTITHGKQPT;GVP;NIYINPN;HJ;J\HGIK
!:8<( /N@?D@GC( $KJB( -GCCB?D@GC& j; +JKKPQHIJK HSP;NPTIOK;YGLMPT]
P[[PQHPN; \_; MTIKO; ZVP^HPKTIJKPN; SIOS; THVPKOHS; \JLHT
!:;0( 3BN@GA(GM(5DNO?DONEF(#ABYOE?K(OCABN(/@NB&j
`SPVP; TSPGV; [JVQP; HVGKT[PV; IT; NMP; HJ; RJ\ILIgGHIJK; J[
/SP;HIRP;U!X<;IK;RIKMHPT<;[JV;HSP;RPR\PV;HJ;VPGQS;HSP
[VIQHIJK;\PH`PPK;HSP;QJKKPQHPN;ZLGHPT;NMP;HJ;QLGRZIKO
LIRIH;THGHP;J[;THVMQHMVGL;IKGNPeMGQ_;IK;G;THGKNGVN;[IVP;HPTH]
[JVQP;NPYPLJZPN;GH;HSP;IKHPV[GQP;J[;QJKKPQHPN;ZLGHPT;\_
HSP;\JLH;ZVP^HPKTIJK] !:;1( 3BNI@HH@RFB(5DNBHH&j;%SPK;G;THVMQHMVP;IT;\PIKO
NPTIOKPN;\_;HSP;`JVaIKO;THVPTT;RPHSJN<;HSP;RGiIRMR
!:88( ,EOLB&j;/SP;TZGQIKO;\PH`PPK;GNfGQPKH;ZGVGLLPL
THVPTT;HSGH;IT;ZPVRIHHPN;HJ;\P;PiZPVIPKQPN;IK;PLPRPKHT<
LIKPT;J[;[GTHPKPVT<;HVGKTYPVTP;HJ;HSP;NIVPQHIJK;J[;LJGNW
RPR\PVT;JV;THVMQHMVPT;MKNPV;HSP;KJRIKGLWTPVYIQP;LJGN
THVPTT]
UGQHIJKX]
!:82( ,NEX@DK( 'GEA& j; 3JGNT; GVITIKO; NMP; HJ
!:;!& 3@D?P; j; /SP; QPKHVP^HJ^QPKHVP; NITHGKQP; \PH`PPK
OVGYIHGHIJKGL;P[[PQHT]
IKNIYINMGL;[GTHPKPVT;IK;G;LIKP<;IK;HSP;NIVPQHIJK;J[;LJGNWTHVPTT]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 9
!:;7( 3FEHD@?(-GFFEJHB&j;/SP;[GILMVP;THGOP;GH;`SIQS !:QQ( 5PBEN('EL&j; /SP; IK; ZLGKP; TSPGV; NP[JVRGHIJK
TM[[IQIPKH;KMR\PV;J[;ZLGTHIQ;SIKOPT;SGYP;[JVRPN;NMP;HJ P[[PQH;\_;`SIQS;QJKQPKHVGHPN;[JVQPT;HGKOPKHIGL;HJ;HSP
HSP;LJGNT;UGQHIJKTX;IK;G;THVMQHMVP;LPGNIKO;HJ;G;[GILMVP TMV[GQP;J[;G;ZLGHP;OPHT;NITHVI\MHPN;JYPV;HSP;PKHIVP;TPQHIJK
RPQSGKITR] ZPVZPKNIQMLGV; HJ; HSP; LJGN; JYPV; G; [IKIHP; LPKOHS; J[; HSP
ZLGHP;GLJKO;HSP;NIVPQHIJK;J[;HSP;LJGN]
!:;<( 3FEHD@?(+BH@LC&/;&PTIOK;GOGIKTH;HSP;LIRIH;THGHP
J[;ZLGTHIQ;QJLLGZTP] !:Q9 ( 5PBEN( 5DNBHH& j; /SP; THVPTT; QJRZJKPKH; GQHIKO
ZGVGLLPL;HJ;G;[GQP<;ZLGKP;JV;QVJTT^TPQHIJK]
!:;8( 3FEHD@?([@CLB&j;:;_IPLNIKO;gJKP;ÌHS;TIOKI[IQGKH
IKPLGTHIQ;VJHGHIJK<;`SIQS;[JVRT;IK;G;RPR\PV<;`SPK;HSP !:90 (5FBCABN(5B?D@GC&j;+VJTT^TPQHIJK;IK;`SIQS;HSP
ZLGTHIQ;RJRPKH;IT;VPGQSPN;GH;G;TPQHIJK] PLPRPKHT;\MQaLP;LJQGLL_;\P[JVP;VPGQSIKO;_IPLN;RJRPKH]
!:;2( 3FEHD@?(=GIBCD&j;0JRPKH;QGZGQIH_;J[;G;QVJTT^ !:91( 5FBCABNCBHH(4ED@G&j;/SP;VGHIJ;J[;HSP;P[[PQHIYP
TPQHIJK;`SPK;HSP;PKHIVP;QVJTT^TPQHIJK;SGT;_IPLNPN;NMP LPKOHS; J[; G; RPR\PV; HJ; HSP; VGNIMT; J[; O_VGHIJK; J[; HSP
HJ;\PKNIKO;RJRPKH] +VJTT^TPQHIJK;G\JMH;HSP;GiIT;MKNPV;QJKTINPVGHIJK]
!:;;( 3FEHD@?( 5B?D@GC& j; +VJTT^TPQHIJK<; `SIQS; QGK !:9!( 5F@J(4BH@HDEC?B&j;3IRIH;TSPGV;HSGH;QGK;\P;GZZLIPN
NPYPLJZ;G;ZLGTHIQ;SIKOP;GKN;TMTHGIK;ZLGTHIQ;RJRPKH;JYPV IK;G;[VIQHIJK;OVIZ;QJKKPQHIJK;\P[JVP;TLIZ;JQQMVT]
TM[[IQIPKH; ZLGTHIQ; VJHGHIJK; VPeMIVPN; [JV; [JVRGHIJK; J[
!:97&5T"(-ONXB&j;/SP;QMVYP;NP[IKIKO;HSP;VPLGHIJKTSIZ
ZLGTHIQ;[GILMVP;RPQSGKITR;J[;HSP;RPR\PV;JV;THVMQHMVP]
\PH`PPK;HSP;KMR\PV;J[;THVPTT;Q_QLPT;HJ;[GILMVP;U9TQX&GH
!:;Q( 3G@HHGC\H(4ED@G&j;1H;IT;HSP;G\TJLMHP;YGLMP;J[;HSP G;QJKTHGKH;THVPTT;VGKOP;U5QX:;NMVIKO;[GHIOMP;LJGNIKO;J[;G
VGHIJ; J[; LGHPVGL; THVGIK; HJ; LJKOIHMNIKGL; THVGIK; MKNPV THVMQHMVP]
MKIGiIGL;LJGNIKO]
!:9< (5CG]('GEA&j;3JGN;JK;G;THVMQHMVP;NMP;HJ;HSP
!:;9& 3NGGM(5DNBHH&j;/SP;THVPTT;HJ;`SIQS;SIOS;THVPKOHS GQQMRMLGHIJK;J[;TKJ`;GKN;IQP;JK;TMV[GQPT;TMQS;GT;VJJ[8
[VIQHIJK;OVIZ;U=*!4X;\JLHT;GVP;ZVP^HPKTIJKPN]
!:98 (5COL($@LPD&j;/SP;HIOSHKPTT;J[;G;\JLH;GQSIPYPN
!:Q0( 3NGGM($BHD@CL&j;/SP;GZZLIQGHIJK;J[;HPTH;LJGNT;HJ \_;G;[P`;IRZGQHT;J[;GK;IRZGQH;`VPKQS;JV;\_;HSP;[MLL
G; THVMQHMVP<; TM\^THVMQHMVP<; RPR\PV; JV; QJKKPQHIJK; HJ P[[JVH;J[;G;ZPVTJK;MTIKO;G;THGKNGVN;TZGKKPV]
GTQPVHGIK; HSP; THVMQHMVGL; QSGVGQHPVITHIQT; J[; JKL_; HSGH
!:92( 5DER@F@DK( '@I@D( 5DEDB& /; :; LIRIH; THGHP
TZPQI[IQ;MKIH]
QJVVPTZJKNIKO; HJ; HSP; LJTT; J[; THGHIQ; PeMILI\VIMR; J[; G
!:Q1( 3NGDGDKJB($BHD@CL&j;/PTHIKO;J[;THVMQHMVP<;TM\^ THVMQHMVP; \_; PiQPTTIYP; NP[LPQHIJK; HVGKTYPVTP; HJ; HSP
THVMQHMVP<; RPR\PVT; JV; QJKKPQHIJKT; HJ; GTQPVHGIK; HSP NIVPQHIJK;J[;ZVPNJRIKGKH;LJGNT]
THVMQHMVGL;QSGVGQHPVITHIQT;J[;HSGH;QLGTT;J[;THVMQHMVPT<;TM\^
!:9;( 5D@?SER@F@DK&/;/SP;G\ILIH_;J[;HSP;[IVP;ZVJHPQHIJK
THVMQHMVPT<;RPR\PVT;JV;QJKKPQHIJKT;HSGH;GVP;KJRIKGLL_
T_THPR;HJ;VPRGIK;IK;ZLGQP;GT;HSP;RPR\PV;NP[LPQHT;MKNPV
INPKHIQGL;U[MLL;TQGLPX;HJ;HSP;MKIHT;HPTHPN]
LJGN;NMVIKO;G;[IVP;HPTH]
!:Q!( 3NK@CL( /GN?B& j; :NNIHIJKGL; HPKTILP; [JVQP
!:9Q( 5D@MMBCBN&j;:K;PLPRPKH;MTPN;HJ;VPHGIK;JV;ZVPYPKH
NPYPLJZPN; IK; G; \JLH; GT; G; VPTMLH; J[; HSP; [LPiIKO; J[; G
HSP;JMH^J[^ZLGKP;NP[JVRGHIJKT;J[;ZLGHPT]
QJKKPQHIJK;QJRZJKPKH;TMQS;GT;G;\PGR;PKN;ZLGHP;JV;LPO
J[;GK;GKOLP] !:99( 5DNE@C&j;&P[JVRGHIJK;ZPV;MKIH;LPKOHS;JV;MKIH;GKOLP]
!:Q7 ( 4GDED@GC& j; /SP; QSGKOP; IK; GKOLP; GH; G; fJIKH !:100& 5DNE@C( [ENABC@CL& j; /SP; ZSPKJRPKJK; J[
\PH`PPK;HSP;JVIOIKGL;JVIPKHGHIJK;J[;H`J;LIKPGV;RPR\PV IKQVPGTP;IK;THVPTT;ÌHS;IKQVPGTP;IK;THVGIK;\P_JKN;_IPLNIKO]
GKN;HSPIV;[IKGL;ZJTIHIJK;MKNPV;LJGNIKO]
!:101& 5DNBCLDP(j;#PTITHGKQP;HJ;[GILMVP;\_;_IPLNIKO;JV
!:Q<( 5B?GCAENK( =BIRBN& j; 0PR\PV; `SIQS; IT \MQaLIKO]
ZVJYINPN;[JV;JYPVGLL;THG\ILIH_;GKN;JV;[JV;VPTHVGIKIKO;HSP
!:10!& 5DNBCLDP('@I@D(5DEDB&j;:;LIRIH;THGHP;J[;QJLLGZTP
RGIK;RPR\PVT;[VJR;\MQaLIKO;JV;TIRILGV;RJNPT;J[;[GILMVP]
JV;LJTT;J[;THVMQHMVGL;IKHPOVIH_]
!:Q8( 5BI@T-GIJE?D(5B?D@GC;j;+VJTT^TPQHIJK<;`SIQS
!:107& 5DNBHH&/;/SP;IKHPVKGL;[JVQP;ZPV;MKIH;GVPG;J[;HSP
QGK;GHHGIK;HSP;_IPLN;RJRPKH<;\MH;KJH;HSP;ZLGTHIQ;RJRPKH
JVIOIKGL;QVJTT^TPQHIJK]
\P[JVP;[GILMVP;\_;ZLGHP;\MQaLIKO]
!:10<( 5DNBHH(#CEFKH@H&j;/SP;GKGL_TIT;J[;HSP;IKHPVKGL
!:Q2( 5BNX@?BER@F@DK('@I@D(5DEDB& j; :; LIRIH; THGHP; J[
[JVQP;GKN;THVPTT;QJKNIHIJK;IK;GK;PLPRPKH<;RPR\PV;JV
GQQPZHG\LP; TPVYIQP; QJKNIHIJK; PiQPPNGKQP; J[; `SIQS
THVMQHMVP]
QGMTPT;TPVYIQPG\ILIH_;[GILMVP]
!:108( 5DNBHH(-K?FB(-GOCD@CL;j;*MR;J[;IKNIYINMGL
!:Q; ( 5PBEN( /GN?B& j; /SP; IK^ZLGKP; [JVQP; GH; GK_
THVPTT;Q_QLPT;[VJR;THVPTT;SITHJV_;GVVIYPN;GH;MTIKO;GK_
HVGKTYPVTP; QVJTT^TPQHIJK; J[; G; THVGIOSH; RPR\PV; J[; G
VGHIJKGL;RPHSJN]
QJLMRK;JV;\PGR]
10 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
!:102 (5DNBHH(4ECLB;j;:LOP\VGIQ;NI[[PVPKQP;\PH`PPK ;O[ j 4VJTT;QVJTT^TPQHIJKGL;GVPG;J[;[LGKOP
H`J;PiHVPRPT;J[;THVPTTPT;IK;G;Q_QLP;J[;LJGNIKO] ;OJ j 4VJTT; QVJTT^TPQHIJKGL; GVPG; J[
!:10; (5DNBHH(5JB?DNOI&j;=ITHJOVGR;J[;THVPTT;Q_QLPT JMHTHGKNIKO;UKJH;QJKKPQHPNX;LPO;J[;G
ZVJNMQPN;\_;G;KJRIKGL;LJGNIKO;PYPKH;NPTIOK;TZPQHVMR< RPR\PV
NMVIKO;NPTIOK;LI[P] ;K j 2PH;GVPG;J[;HSP;HJHGL;QVJTT^TPQHIJK
!:10Q& 5DNO?DONEF(#ABYOE?K(MGN(/@NB;j;/SP;G\ILIH_ ;K\ j 2PH;HPKTILP;QVJTT^TPQHIJKGL;GVPG;J[;\JLH
J[; HSP; RPR\PV; HJ; QGVV_; HSP; HPTH; LJGN; PiZJTPN; HJ; HSP ;KQ j 2PH; QVJTT^TPQHIJKGL; GVPG; J[; HSP
THGKNGVN;[IVP;HPTH] QJKKPQHPN;LPO;J[;G;RPR\PV
;K[ j 2PH; QVJTT^TPQHIJKGL; GVPG; J[; PGQS
!:109 (5DNO?DONEF(#CEFKH@H&j;/SP;GKGL_TIT;J[;THVPTT<
[LGKOP
THVGIK<;GKN;NP[LPQHIJK;QSGVGQHPVITHIQT;J[;G;THVMQHMVP]
;KJ j 2PH; QVJTT^TPQHIJKGL; GVPG; J[
!:110( 5DNOD(j;:;QJRZVPTTIJK;RPR\PV<;`SIQS;RG_;\P JMHTHGKNIKO;UKJH;QJKKPQHPNX;LPO;J[;G
JVIPKHPN;IK;GK_;NIVPQHIJK] RPR\PV
!:111 &5]EK&j;/SP;LGHPVGL;NP[LPQHIJK;J[;G;[VGRP] ;Z\ j 2JRIKGL;\PGVIKO;GVPG;J[;\JLH;JK;GK_
ZLGHP
!:11!& 5]EK( =BIRBN& j; :; RPR\PV; IK; `SIQS; HSP
HVGKTYPVTP;NITZLGQPRPKH;J[;JKP;PKN<;VPLGHIYP;HJ;HSP;JHSPV ;e j +VJTT^TPQHIJKGL; GVPG; J[; G; \PGVIKO
IT;KJH;P[[PQHIYPL_;ZVPYPKHPN] ULJGN; QGVV_IKOX; THI[[PKPV; IK; QJKHGQH
ÌHS;;HSP;[LGKOP
!:117 ( $BCH@FB( 5DNBHH& j; /SP; QSGVGQHPVITHIQ; THVPTT :T j /PKTILP;THVPTT;GVPG
QJVVPTZJKNIKO;HJ;VMZHMVP;IK;HPKTIJK<;TZPQI[IPN;[JV;HSP
;T\ j 4VJTT; QVJTT^TPQHIJKGL; GVPG; J[; G; \JLH
OVGNP; J[; THPPL; IK; HSP; GZZVJZVIGHP; 1KNIGK; *HGKNGVN<; GT
GH;HSP;TSGKa
LITHPN;IK;/G\LP;)]
;HO j 4VJTT;TPQHIJKGL;GVPG;IK;HPKTIJK;[VJR
!:11<( $BHD('GEA&j;/SP;[GQHJVPN;LJGN<;PeMIYGLPKH;HJ;G HSP;QPKHVP;J[;HSP;SJLP;HJ;HSP;HJP;J[;;HSP
TZPQI[IPN;LJGN;QJR\IKGHIJK;GZZVJZVIGHP;[JV;HSP;H_ZP;J[ GKOLP; TPQHIJKWQSGKKPL; TPQHIJK<; PHQ
HPTH;\PIKO;ZPV[JVRPN] U7LJQa; TSPGV; [GILMVP<; )''; 1!:<X
!:118( $NECHXBNHB&j;&IVPQHIJK;GLJKO;HSP;THVJKOPV;GiPT ZPVZPKNIQMLGV;HJ;HSP;LIKP;J[;[JVQP
J[;HSP;QVJTT^TPQHIJK;J[;HSP;RPR\PV] ;HK j 2PH;TPQHIJKGL;GVPG;IK;HPKTIJK;[VJR;HSP
QPKHVP;J[;HSP;SJLP;HJ;HSP;HJP;J[;;HSP
!:112( *FD@IEDB( '@I@D( 5DEDB& j; /SP; THGHP; `SIQS<; I[
GKOLP; ZPVZPKNIQMLGV; HJ; HSP; LIKP; J[
PiQPPNPN;QGK;QGMTP;QJLLGZTP;J[;G;ZGVH;JV;HSP;`SJLP;J[
[JVQP;7LJQa;TSPGV;[GILMVP;U)'';;1!:<X
HSP;THVMQHMVP]
;Y j *SPGV;GVPG
!:11;( *FD@IEDB(5DNBHH&j;5''&!:117]
;YO j 4VJTT; QVJTT^TPQHIJKGL; GVPG; IK; TSPGV
!:11Q( ^@CA('GEAH;/;3JGN;PiZPVIPKQPN;\_;RPR\PV GLJKO; HSP; LIKP; J[; HVGKTRIHHPN; [JVQP
JV;THVMQHMVP;NMP;HJ;ÌKN;ZVPTTMVP;GQHIKO;JK;HSP;TMV[GQPT] U)'';1!:<X
!:119( >@BFA(5DNBHH&j;/SP;QSGVGQHPVITHIQ;THVPTT;J[;HSP ;YK j 2PH; QVJTT^TPQHIJKGL; GVPG; IK; TSPGV
RGHPVIGL;IK;HPKTIJK;\P[JVP;HSP;PLGTHIQ;LIRIH;J[;HSP;RGHPVIGL GLJKO; HSP; LIKP; J[; HVGKTRIHHPN; [JVQP
IT; PiQPPNPN<; GT; TZPQI[IPN; IK; HSP; GZZVJZVIGHP; 1KNIGK U)'';1!:<X
*HGKNGVN<;GT;LITHPN;IK;/G\LP;)] 6:&< j 3GVOPV;GKN;TRGLLPV;ZVJfPQHIJK;J[;HSP
TLG\; \GTP; \P_JKN; HSP; VPQHGKOLP
7( 5>=)&'5 QIVQMRTQVI\IKO; HSP; QJLMRK<
VPTZPQHIYPL_;U)''&17:<X
*_R\JLT;MTPN;IK;HSIT;TPQHIJK;TSGLL;SGYP;HSP;[JLLJÌKO
RPGKIKOT;ÌHS;VPTZPQH;HJ;HSP;THVMQHMVP;JV;RPR\PV;JV 6J j ,PGa;GQQPLPVGHIJK
QJKNIHIJK<;MKLPTT;JHSPVÌTP;NP[IKPN;PLTP`SPVP;IK;HSIT 6) j 9KTMZZJVHPN; LPKOHS; J[; IKNIYINMGL
*PQHIJKb PLPRPKHT;\PIKO;LGQPN;\PH`PPK;LGQIKO
ZJIKHT
; j :VPG;J[;QVJTT^TPQHIJK
= j 3PKOHS;J[;TINP;J[;QGZ;JV;\GTP;ZLGHP;J[
;Q j :VPG;GH;VJJH;J[;HSVPGNT
G;QJLMRK
;P j $[[PQHIYP;QVJTT^TPQHIJKGL;GVPG
< j "MHTHGKNWÌNHS;J[;HSP;PLPRPKH
;P[ j #PNMQPN;P[[PQHIYP;[LGKOP;GVPG <) j *HI[[;\PGVIKO;LPKOHS
;[ j /JHGL;[LGKOP;GVPG <P j $[[PQHIYP;ÌNHS;J[;[LGKOP;\PH`PPK;ZGIV
;O j 4VJTT;QVJTT^TPQHIJKGL;GVPG J[;\JLHT
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 11
<[ j %INHS;J[;HSP;[LGKOP 4HPTH<;0IK j 0IKIRMR; HPTH; LJGN; [VJR; HSP; HPTH; HJ
<I j %INHS;J[;[LGKOP;GT;GK;IKHPVKGL;PLPRPKH [GILMVP
<J j %INHS;J[;[LGKOP;JMHTHGKN 4HPTH<;# j /PTH;LJGN;VPTITHGKQP
<Z j ,GKPL; gJKP; ÌNHS; \PH`PPK; QJLMRK 4HPTH<;* j *HVPKOHS;HPTH;LJGN
[LGKOPT;GH;\PGR^QJLMRK;fMKQHIJK 4` j &PTIOK;QGZGQIH_;J[;HSP;`P\;IK;\PGVIKO
<T j *SPGV;LGO;NITHGKQP 4i j $iHPVKGL;LJGN<;[JVQP;JV;VPGQHIJK
<H j %INHS;J[;HPKTIJK;[IPLN 4iN j 7MQaLIKO;VPTITHGKQP;J[;LJGN;QGVV_IKO
<` j %INHS;J[;JMHTHGKNIKO;LPO `P\;THI[[PKPV
> j +PKHVP^HJ^QPKHVP;LJKOIHMNIKGL;NITHGKQP , j :QHMGL; KJVRGL; THVPTT; VGKOP; [JV; HSP
J[;\GHHPKT NPHGIL;QGHPOJV_
>R j +JP[[IQIPKH;J[;HSPVRGL;PiZGKTIJK ,) j !VPeMPKQ_;[JV;G;TIRZL_;TMZZJVHPN;JKP
`G_;T_THPR
- j *ZGQIKO;J[;HVGKTYPVTP;THI[[PKPV
,. j !VPeMPKQ_;J[;[LJJV;TMZZJVHPN;JK;THPPL
-\ j 0JRPKH; GRZLI[IQGHIJK; [GQHJV; [JV
OIVNPV;ZPVZPKNIQMLGV;HJ;HSP;fJITH
\VGQPN;RPR\PV
,G j +GLQMLGHPN; THVPTT; NMP; HJ; GiIGL; [JVQP
-R j 0JRPKH; VPNMQHIJK; [GQHJV; [JV; LGHPVGL
GH;TPVYIQP;LJGN
HJVTIJKGL; \MQaLIKO; THVPKOHS
QGLQMLGHIJK ,G\Q j ,PVRITTI\LP; \PKNIKO; THVPTT; IK
QJRZVPTTIJK;GH;TPVYIQP;LJGN
-) j 0JRPKH;GRZLI[IQGHIJK;[GQHJV;[JV;T`G_
[VGRP ,GQ j ,PVRITTI\LP; QJRZVPTTIYP; THVPTT; GH
TPVYIQP;LJGN
? j "YPVGLL;NPZHSWNIGRPHPV;J[;HSP;QVJTT^
TPQHIJK ,G\H j ,PVRITTI\LP;\PKNIKO;THVPTT;IK;HPKTIJK
GH;TPVYIQP;LJGN
% j &PZHS;J[;`P\<;KJRIKGL;NIGRPHPV
,GZ\ j ,PVRITTI\LP;\PGVIKO;THVPTT;J[;HSP;\JLH
%. j /ÌQP; HSP; QLPGV; NITHGKQP; [VJR; HSP
GH;TPVYIQP;LJGN
QJRZVPTTIJK;[LGKOP;GKOLPT<;ZLGHPT;JV
HJKOMP;ZLGHPT;HJ;HSP;KPMHVGL;GiIT ,GT\ j ,PVRITTI\LP;THVPTT;J[;HSP;\JLH;IK;TSPGV
GH;TPVYIQP;LJGN
%S j &IGRPHPV;J[;G;\JLHW;VIYPH;SJLP
,GH j ,PVRITTI\LP; HPKTILP; THVPTT; GH; TPVYIQP
%J j 2JRIKGL;NIGRPHPV;J[;HSP;ZIZP;QJLMRK
LJGN
JV; HSP; NIRPKTIJKT; J[; HSP; QJLMRK; IK
HSP;NPZHS;NIVPQHIJK;J[;HSP;\GTP;ZLGHP ,GH\ j ,PVRITTI\LP;HPKTILP;THVPTT;J[;HSP;\JLH
GH;TPVYIQP;LJGN
%Z j ,GKPL;gJKP;NPZHS;IK;HSP;\PGR^QJLMRK
fMKQHIJK ,G` j ,PVRITTI\LP; THVPTT; J[; HSP; `PLN; GH
TPVYIQP;LJGN
@ j 0JNMLMT;J[;PLGTHIQIH_;[JV;THPPL
,\ j :QHMGL;\PKNIKO;THVPTT;GH;TPVYIQP;LJGN
@&U0X j 0JNMLMT;J[;PLGTHIQIH_;J[;THPPL;GH;0k+
,\Q j :QHMGL;\PKNIKO;THVPTT;IK;QJRZVPTTIJK
@&U.DX j 0JNMLMT;J[;PLGTHIQIH_;J[;THPPL;GH;.Dk+
GH;TPVYIQP;LJGN
@Z j 0JNMLMT; J[; PLGTHIQIH_; J[; HSP; ZGKPL
,\N j &PTIOK; \PKNIKO; QJRZVPTTIYP; THVPTT
RGHPVIGL
QJVVPTZJKNIKO;HJ;LGHPVGL;\MQaLIKO
4QN` j 7MQaLIKO; THVPKOHS; J[; MK^THI[[PKPN
,\V j :QHMGL;\PGVIKO;THVPTT;NMP;HJ;\PKNIKO
\PGR;`P\;MKNPV;QJKQPKHVGHPN;LJGN
GH;TPVYIQP;LJGN
4N j !GQHJVPN;NPTIOK;LJGN
,\H j :QHMGL; \PKNIKO; THVPTT; IK; HPKTIJK; GH
4K j 2JVRGL;[JVQP TPVYIQP;LJGN
4J j 0IKIRMR; ZVJJ[; ZVPHPKTIJK; IK; SIOS ,\T j ,PVRITTI\LP;\PKNIKO;THVPTT;IK;QJLMRK
THVPKOHS;[VIQHIJK;OVIZ;\JLHT \GTP;GH;TPVYIQP;LJGN
4ZTN j 7PGVIKO; QGZGQIH_; J[; LJGN; QGVV_IKO ,Q j :QHMGL; GiIGL; QJRZVPTTIYP; THVPTT; GH
THI[[PKPV TPVYIQP;LJGN
4e j *HI[[PKPV;[JVQP ,QQ j $LGTHIQ;\MQaLIKO;THVPTT;J[;G;QJLMRK<
4eN j *HI[[PKPV;\MQaLIKO;VPTITHGKQP $MLPV;\MQaLIKO;THVPTT
4!')H j /PTH;LJGN ,QN j &PTIOK;QJRZVPTTIYP;THVPTT
4HPTH<G j 3JGN;[JV;GQQPZHGKQP;HPTH ,QV<\ j $iHVPRP; [I\VP; QJRZVPTTIYP; THVPTT
1! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
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%&.!)'*+"7+,@$+/$.2+,"+/$+$77$!,)6$M
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(, 3 U,V+W$'.',X%+,"#%)"'+!"'%,.',
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!>/ 3 J@.#.!,$#)%,)!+>)$-(+%,#$%%+"7+/"-, .C)%+"7+,@$+!#"%%S%$!,)"'
!>7 3 J@.#.!,$#)%,)!+>)$-(+%,#$%%+"7+7-.'*$ )/ 3 477$!,)6$+ %,)77'$%%+ "7+ ,@$+ /$.2+ .'(
!>2 3 H6$#.*$+>)$-(+%,#$%%+.%+"/,.)'$(+7#"2 !"-02'
,$%, )@ 3 [$(0!,)"'+ 7.!,"#+ ,"+ .!!"0',+ 7"#+ ,@$
!>& 3 J@.#.!,$#)%,)!+ >)$-(+ %,#$%%+ "7 @)*@+%,#$'*,@+7#)!,)"'+*#)&+!"''$!,)"'
!"''$!,$(+&-.,$ /"-,%+)'+"6$#%)K$(+.'(+%-",,$(+@"-$%
!>5 3 J@.#.!,$#)%,)!+>)$-(+%,#$%%+"7+%,)77$'$# )* 3 477$!,)6$+-$'*,@+"7+,@$+2$2/$#
2.,$#).- )*\+ 3 H&&#"&#).,$+ $77$!,)6$+ %-$'($#'$%%
!>F 3 J@.#.!,$#)%,)!+>)$-(+%,#$%%+"7+,@$+F$/ #.,)"+"7+,@$+%$!,)"'
2.,$#).- )*\+> 3 477$!,)6$+ %-$'($#'$%%+ #.,)"+ "7+ ,@$
!"#$%&%'$#()$(#"*%+,'-./%0%',)$-1/%&%'$,,* 23
TPQHIJK; G\JMH; HSP; RIKJV; GiIT; J[; HSP D j 7PKNIKO;RJRPKH
TPQHIJK DG j :ZZLIPN;\PKNIKO;RJRPKH
ABW$g j $[[PQHIYP; TLPKNPVKPTT; VGHIJ; J[; HSP DQV j $LGTHIQ;QVIHIQGL;RJRPKH;QJVVPTZJKNIKO
TPQHIJK; G\JMH; HSP; RGfJV; GiIT& J[; HSP HJ; LGHPVGL; HJVTIJKGL; \MQaLIKO; J[; HSP
TPQHIJK \PGR
⎛ !" ⎞ DN j &PTIOK;[LPiMVGL;THVPKOHS
⎜ ⎟ j :QHMGL; RGiIRMR; P[[PQHIYP
⎝ # ⎠! DNY j 0JRPKH;QGZGQIH_;J[;HSP;TPQHIJK;MKNPV
TLPKNPVKPTT;VGHIJ;J[;HSP;LGQPN;QJLMRK SIOS;TSPGV
⎛ !" ⎞ DN_ j &PTIOK; \PKNIKO; THVPKOHS; G\JMH; HSP
⎜ ⎟ j $[[PQHIYP; TLPKNPVKPTT; VGHIJ; J[; HSP RIKJV;GiIT;J[;HSP;QVJTT^TPQHIJK
⎝ # ⎠"
LGQPN; QJLMRK; GQQJMKHIKO; [JV; TSPGV DNg j &PTIOK; \PKNIKO; THVPKOHS; G\JMH; HSP
NP[JVRGHIJK RGfJV;GiIT&J[;HSP;QVJTT^TPQHIJK
AY j *SPGV;\MQaLIKO;QJP[[IQIPKH DP[[ j #PNMQPN;P[[PQHIYP;RJRPKH
A` j %GVZIKO;VPTHVGIKH;[GQHJV D[V j #PNMQPN;ZLGTHIQ;RJRPKH;QGZGQIH_;J[
C j #POVPTTIJK;QJP[[IQIPKH HSP;[LGKOP;ZLGHP
CTR j $iZJTPN;TMV[GQP;GVPG;HJ;RGTT;VGHIJ D[N j &PTIOK;ZLGTHIQ;VPTITHGKQP;J[;HSP;[LGKOP
GLJKP
A_<&Ag< j 0JRPKH; GRZLI[IQGHIJK; [GQHJVT
A3/ U)'' 10:<:!<; 10:<:7:1<; 10:<:7:7; GKN DKN j &PTIOK; \PKNIKO; THVPKOHS; MKNPV
18:7:!:!X QJR\IKPN; GiIGL; [JVQP; GKN; MKIGiIGL
RJRPKH
B j :QHMGL; LPKOHS<; MKTMZZJVHPN; LPKOHS<
LPKOHS;QPKHVP^HJ^QPKHVP;NITHGKQP;J[;HSP DKN_: j &PTIOK; \PKNIKO; THVPKOHS; MKNPV
IKHPVTPQHIKO; RPR\PVT<; QGKHILPYPV DKNg QJR\IKPN; GiIGL; [JVQP; GKN; HSP
LPKOHS VPTZPQHIYP& MKIGiIGL; RJRPKH; GQHIKO
GLJKP
BQ j 3PKOHS; J[; PKN; QJKKPQHIJK; IK; \JLHPN
GKN; `PLNPN; RPR\PVT<; HGaPK; GT; HSP DZ j ,LGTHIQ; RJRPKH; QGZGQIH_; J[; HSP
NITHGKQP;\PH`PPK;JMHPVRJTH;[GTHPKPVT TPQHIJK
IK;HSP;PKN;QJKKPQHIJK<;JV;HSP;;LPKOHS DZ\ j 0JRPKH; IK; HSP; \PGR; GH; HSP
J[;HSP;PKN;`PLN<;RPGTMVPN;GLJKO;HSP IKHPVTPQHIJK;J[;HSP;\PGR;GKN;QJLMRK
LPKOHS;J[;HSP;RPR\PV QPKHVP;LIKPT
B3/ j $[[PQHIYP;LPKOHS;[JV;LGHPVGL;HJVTIJKGL DZQ j 0JRPKHT; IK; HSP; QJLMRK; G\JYP; GKN
\MQaLIKO \PLJ`;HSP;\PGR;TMV[GQPT
BR j 0GiIRMR;NITHGKQP;[VJR;HSP;VPTHVGIKH DZN j ,LGTHIQ;NPTIOK;THVPKOHS
HJ; HSP; QJRZVPTTIJK; [LGKOP; GH; HSP DZN[ j ,LGTHIQ;NPTIOK;THVPKOHS;J[;[LGKOPT;JKL_
ZLGTHIQ;SIKOP;HJ;GK;GNfGQPKH;VPTHVGIKH
De j :ZZLIPN;RJRPKH;JK;HSP;THI[[PKPV
ULIRIHIKO;NITHGKQPX
DT j 0JRPKH;GH;TPVYIQP;U`JVaIKOX;LJGN
BJ j 3PKOHS; \PH`PPK; ZJIKHT; J[; gPVJ
RJRPKH;UIK[LPQHIJKX;IK;HSP;TZGK DH[ j 0JRPKH;VPTITHGKQP;J[;HPKTIJK;[LGKOP
7 j +PKHVP^HJ^QPKHVP; LPKOHS; J[; HSP D_ j !GQHJVPN; GZZLIPN; RJRPKH; G\JMH; HSP
TMZZJVHIKO;RPR\PV RIKJV;GiIT;J[;HSP;QVJTT^TPQHIJK
7P j &ITHGKQP; \PH`PPK; ZV_IKO; [JVQP; GKN D_e j 0JRPKH; QGZGQIH_; J[; HSP; THI[[PKPV
\JLH;QPKHVP;LIKP \GTPN;JK;IHT;PLGTHIQ;RJNMLMT
7O j 4VIZ;LPKOHS;J[;\JLHT;IK;G;QJKKPQHIJK Dg j !GQHJVPN; GZZLIPN; RJRPKH; G\JMH; HSP
RGfJV;GiIT;J[;HSP;QVJTT^TPQHIJK
7f j 3PKOHS;J[;HSP;fJIKH
9 j 2MR\PV;J[;ZGVGLLPL;ZLGKPT;J[;\GHHPKT
7) j 3PKOHS; \PH`PPK; ZJIKHT; J[; LGHPVGL
TMZZJVH;HJ;HSP;QJRZVPTTIJK;[LGKOP;IK 9N j &PTIOK; THVPKOHS; IK; HPKTIJK; JV; IK
G;\PGR] QJRZVPTTIJK
7Y j &ITHGKQP;[VJR;\JLH;QPKHVP;LIKP;HJ;HSP 9[ j :iIGL;[JVQP;IK;HSP;[LGKOP
HJP;J[;[ILLPH;`PLN;JV;HJ;SGL[;HSP;VJJH 9*+ j 2MR\PV;J[;THVPTT;Q_QLPT
VGNIMT;[JV;G;VJLLPN;TPQHIJK + j 2MR\PV; J[; \JLHT; IK; HSP; \JLH; OVJMZW
7` j 3PKOHS;J[;`PLN QVIHIQGL;TPQHIJK
1< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
+P j 2MR\PV; J[; P[[PQHIYP; IKHPV[GQPT $[ j #GHIJ; J[; HSP; NPTIOK; GQHIJK; JK; HSP
J[[PVIKO;[VIQHIJKGL;VPTITHGKQP;HJ;TLIZ RPR\PV; MKNPV; [IVP; HJ; HSP; NPTIOK
+K j 2MR\PV; J[; TSPGV; ZLGKPT; ÌHS; HSP QGZGQIH_
HSVPGNT; IKHPVQPZHIKO; HSP; TSPGV; ZLGKP $YY j #GNIMT; J[; O_VGHIJK; G\JMH; HSP; RIKJV
IK;HSP;\JLHPN;QJKKPQHIJK GiIT;U(1(X;J[;GKOLP;TPQHIJK]
+T j 2MR\PV; J[; TSPGV; ZLGKPT; ÌHSJMH $_ j #GNIMT; J[; O_VGHIJK; G\JMH; HSP; RIKJV
HSVPGNT; IKHPVQPZHIKO; HSP; TSPGV; ZLGKP GiIT
IK;;HSP;\JLHPN;QJKKPQHIJK
$g j #GNIMT; J[; O_VGHIJK; G\JMH; HSP; RGfJV
E j !GQHJVPN;GZZLIPN;GiIGL;[JVQP GiIT
EQQ j $LGTHIQ;\MQaLIKO;LJGN 5 j 0IKIRMR; HVGKTYPVTP; NITHGKQP
EN j &PTIOK;GiIGL;QJRZVPTTIYP;THVPKOHS \PH`PPK;HSP;QPKHVJIN;J[;HSP;VIYPH;JV
\JLH;OVJMZ;JV;`PLN;OVJMZ
EN_<&ENg j &PTIOK; QJRZVPTTIJK; THVPKOHS; GT
OJYPVKPN;\_;[LPiMVGL;\MQaLIKO;G\JMH 5Q j +JKTHGKH;THVPTT;VGKOP
HSP;VPTZPQHIYP;GiIT 5N j &PTIOK;THVPKOHS
EP j $LGTHIQ;$MLPV;\MQaLIKO;LJGN 5J j "VIOIKGL; QVJTT^TPQHIJKGL; GVPG; J[; HSP
HPTH;TZPQIRPK
ERIK j 0IKIRMR;VPeMIVPN;THVPKOHS;[JV;PGQS
[LGKOP;TZLIQP 5Z j *ZVIKO;THI[[KPTT
EV j #PeMIVPN;QJRZVPTTIYP;THVPKOHS 5M j 9LHIRGHP;THVPKOHS
ET j :QHMGL;QJRZVPTTIJK;GH;TPVYIQP;LJGN )Q j :KQSJVGOP; LPKOHS; J[; HPKTIJK; [IPLN
GLJKO;HSP;QJRZVPTTIJK;[LGKOP
E_ j 5IPLN; THVPKOHS; J[; HSP; QVJTT^TPQHIJK
MKNPV;GiIGL;QJRZVPTTIJK )H j :KQSJVGOP; LPKOHS; J[; HPKTIJK; [IPLN
GLJKO;HSP;HPKTIJK;[LGKOP
3 j ,IHQS;LPKOHS;\PH`PPK;QPKHVPT;J[;SJLPT
ZGVGLLPL;HJ;HSP;NIVPQHIJK;J[;HSP;;LJGN )G j :QHMGL;THI[[PKPV;TZGQIKO
0 j /PRZPVGHMVP<; IK; NPOVPP; +PLTIMTl
3T j *HGOOPVPN; ZIHQS; LPKOHS; GLJKO; HSP
!GQHJVPN;HPKTIJK
NIVPQHIJK;J[;HSP;LJGN;\PH`PPK;LIKPT;J[
HSP;\JLH;SJLPT;U)''&!IO];(X 0\ j :ZZLIPN;HPKTIJK;IK;\JLH
F j ,V_IKO;[JVQP 0Q[ j /SIQaKPTT;J[;QJRZVPTTIJK;[LGKOP
FG j :QQINPKHGL;LJGN;U:QHIJKX 0N j &PTIOK;THVPKOHS;MKNPV;GiIGL;HPKTIJK
FQ j +SGVGQHPVITHIQ;LJGNT;U:QHIJKX 0NO j 5IPLNIKO; THVPKOHS; J[; OVJTT; TPQHIJK
MKNPV;GiIGL;HPKTIJK
FN j &PTIOK;LJGN;U:QHIJKX
0NK j #MZHMVP;THVPKOHS;J[;KPH;TPQHIJK;MKNPV
FZ j ,PVRGKPKH;LJGNT;U:QHIJKX GiIGL;HPKTIJK
FY j ?GVIG\LP;LJGNT;U:QHIJKX 0N\ j &PTIOK; THVPKOHS; J[; \JLH; MKNPV; GiIGL
G j *SPGV;THVPTT;GH;TPVYIQP;LJGN HPKTIJK<;\LJQa;TSPGV;THVPKOHS;GH;PKN
QJKKPQHIJK
H j #GHIJ;J[;HSP;RPGK;QJRZVPTTIYP;THVPTT
IK; HSP; `P\; UPeMGL; HJ; THVPTT; GH; ; RIN 0P j $iHPVKGLL_;GZZLIPN;HPKTIJK
NPZHSX; HJ; _IPLN; THVPTT; J[; HSP; `P\l 0[ / !GQHJVPN;HPKTIJK;[JVQP;J[;[VIQHIJK;H_ZP
VPGQHIJK;J[;HSP;\PGR;GH;TMZZJVH \JLH
HN j &PTIOK; THVPKOHS; J[; HSP; RPR\PV; GH 0L j 3IRIHIKO;HPRZPVGHMVP;J[;HSP;THPPL
VJJR;HPRZPVGHMVP 0K\ j 2JRIKGL;THVPKOHS;J[;\JLH;MKNPV;GiIGL
HI j 2PH;TSPGV;IK;\JLH;OVJMZ;GH;\JLH;cId HPKTIJK
HV j #PTZJKTP;VPNMQHIJK;[GQHJV 0KN j &PTIOK;HPKTIJK;QGZGQIH_
HH[ j !LGKOP;TSPGV;VPTITHGKQP 0KN[ j &PTIOK; HPKTIJK; QGZGQIH_; J[; [VIQHIJK
H_ZP;\JLH
HM j 9LHIRGHP; THVPKOHS; J[; HSP; RPR\PV; GH
VJJR;HPRZPVGHMVP 0K[ j 2JRIKGL; HPKTILP; THVPKOHS; J[; [VIQHIJK
H_ZP;\JLH
$ j :ZZVJZVIGHP;VGNIMT;J[;O_VGHIJK
0T j :QHMGL;HPKTIJK;MKNPV;TPVYIQP;LJGN
$) j 0IKIRMR; VGNIMT; J[; O_VGHIJK; J[; HSP
IKNIYINMGL; PLPRPKH; \PIKO; LGQPN ! j /SIQaKPTT;J[;PLPRPKHWGKOLP<;HIRP;IK
HJOPHSPV RIKMHPT
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 18
![ j /SIQaKPTT;J[;[LGKOP LZ j ,LGTHIQ;TPQHIJK;RJNMLMT
!Z j /SIQaKPTT;J[;ZLGHP LY j +JKHVI\MHIJK; HJ; HSP; ZLGTHIQ; TPQHIJK
!Za j /SIQaKPTT;J[;ZGQaIKO RJNMLMT;J[;HSP;HJHGL;TSPGV;GVPG;J[;HSP
QVJTT^TPQHIJK
!e j /SIQaKPTT;J[;THI[[PKPV
MO j &ITHGKQP;\PH`PPK;ZJIKH;J[;GZZLIQGHIJK
!T j /SIQaKPTT;J[;\GTP;TLG\
J[;HSP;LJGN;GKN;TSPGV;QPKHVP;J[;;HSP
!H j $[[PQHIYP;HSVJGH;HSIQaKPTT;J[;`PLNT QVJTT^TPQHIJK
!` j /SIQaKPTT;J[;`P\< MT j +JJVNIKGHP; J[; HSP; TSPGV; QPKHVP; IK
I j !GQHJVPN;GZZLIPN;TSPGV;[JVQP VPTZPQH;HJ;QPKHVJIN
I\ j *SPGV;IK;\GHHPK;ZLGHP α j 1RZPV[PQHIJK; [GQHJV; [JV; \MQaLIKO
I\[ j !GQHJVPN; [VIQHIJKGL; TSPGV; [JVQP; IK THVPKOHS;IK;QJLMRKT;GKN;\PGRT
[VIQHIJK;H_ZP;QJKKPQHIJK αH j +JP[[IQIPKH;J[;HSPVRGL;PiZGKTIJK
IQV j +VIHIQGL;TSPGV;THVPKOHS;QJVVPTZJKNIKO β0 j #GHIJ;J[;TRGLLPV;HJ;HSP;LGVOPV;\PKNIKO
HJ;`P\;\MQaLIKO RJRPKH;GH;HSP;PKNT;J[;G;\PGR;;QJLMRK
IN j &PTIOK;TSPGV;THVPKOHS β0_< β0g j $eMIYGLPKH;MKI[JVR;RJRPKH;[GQHJV;[JV
IN\ j 7LJQa;TSPGV;THVPKOHS [LPiMVGL;\MQaLIKO;[JV;_^_;GKN;g^g;;GiPT<
VPTZPQHIYPL_
IK\ j 2JRIKGL;TSPGV;THVPKOHS;J[;\JLH
β03/ j $eMIYGLPKH;MKI[JVR;RJRPKH;[GQHJV;[JV
IK\[ j 7PGVIKO;QGZGQIH_;J[;\JLH;[JV;[VIQHIJK
LGHPVGL;HJVTIJKGL;\MQaLIKO
H_ZP;QJKKPQHIJK
χ j *HVPKOHS;VPNMQHIJK;[GQHJV;HJ;GQQJMKH
IZ j ,LGTHIQ; TSPGV; VPTITHGKQP; MKNPV; ZMVP
[JV;\MQaLIKO;MKNPV;QJRZVPTTIJK
TSPGV
χR j *HVPKOHS;VPNMQHIJK;[GQHJV<&χ<;GH;,_R
IK j 2JRIKGL;TSPGV;THVPKOHS
χ3/ j *HVPKOHS;VPNMQHIJK;[GQHJV;HJ;GQQJMKH
IKZ\ j 2JRIKGL;\PGVIKO;THVPKOHS;J[;\JLH
[JV; LGHPVGL; HJVTIJKGL; \MQaLIKO; J[
IKT\ j 2JRIKGL;TSPGV;QGZGQIH_;J[;G;\JLH \PGRT
IKT[ j 2JRIKGL; TSPGV; QGZGQIH_; J[; \JLH; GT δ j *HJVP_;NP[LPQHIJK
OJYPVKPN; \_; TLIZ; IK; [VIQHIJK; H_ZP
δ3 j =JVIgJKHGL; NP[LPQHIJK; J[; HSP; \JHHJR
QJKKPQHIJK
J[;THJVP_;NMP;HJ;QJR\IKPN;OVGYIH_;;GKN
IT j /VGKTYPVTP;TSPGV;GH;TPVYIQP;LJGN KJHIJKGL;LJGN
IT\ j !GQHJVPN;TSPGV;[JVQP;IK;HSP;\JLH δZ j 3JGN;GRZLI[IQGHIJK;[GQHJV
ITN j &PTIOK;TSPGV;QGZGQIH_ δM j =JVIgJKHGL; NP[LPQHIJK; J[; HSP; HJZ; J[
ITN[ j &PTIOK;TSPGV;THVPKOHS;IK;[VIQHIJK;H_ZP THJVP_;NMP;HJ;QJR\IKPN;OVGYIH_;GKN
\JLH KJHIJKGL;LJGN
IT[ j !GQHJVPN;NPTIOK;TSPGV;[JVQP;J[;[VIQHIJK φ j 1KQLIKGHIJK;J[;HSP;HPKTIJK;[IPLN;THVPTT
\JLHT IK;`P\
IH j :ZZLIPN;HVGKTYPVTP;TSPGV γ j 9KIH;`PIOSH;J[;THPPL
IH[ j *SPGV;VPTITHGKQP;IK;HPKTIJK;[IPLN γ[ j ,GVHIGL;TG[PH_;[GQHJV;[JV;LJGN
J j /JHGL;LJGN γR j ,GVHIGL;TG[PH_;[GQHJV;[JV;RGHPVIGL
K j 9KI[JVR;ZVPTTMVP;[VJR;\PLJ`;JK;HSP γRD j ,GVHIGL; TG[PH_; [GQHJV; GOGIKTH; _IPLN
TLG\;\GTP;NMP;HJ;GiIGL;;QJRZVPTTIJK THVPTT;GKN;\MQaLIKO
MKNPV;HSP;[GQHJVPN;LJGN γR) j ,GVHIGL;TG[PH_;[GQHJV;GOGIKTH;MLHIRGHP
KH[ j %INHS;J[;HPKTIJK;[IPLN THVPTT
2H j /JVTIJKGL;IKNPi γR\ j ,GVHIGL; TG[PH_; [GQHJV; [JV; \JLHPN
LP j $LGTHIQ;TPQHIJK;RJNMLMT QJKKPQHIJK;ÌHS;\PGVIKO;H_ZP;\JLHT
LPQ j $LGTHIQ; TPQHIJK; RJNMLMT; J[; HSP γR[ ;j ,GVHIGL; TG[PH_; [GQHJV; [JV; \JLHPN
RPR\PV; ÌHS; VPTZPQH; HJ; PiHVPRP QJKKPQHIJK;ÌHS;SIOS;THVPKOHS;[VIQHIJK
QJRZVPTTIJK;[I\VP OVIZ;\JLHT
LPH j $LGTHIQ; TPQHIJK; RJNMLMT; J[; HSP γ[[H j ,GVHIGL;TG[PH_;[GQHJV;[JV;[GHIOMP;LJGN
RPR\PV; ÌHS; VPTZPQH; HJ; PiHVPRP γR[H j ,GVHIGL; TG[PH_; [GQHJV; [JV; [GHIOMP
HPKTIJK;[I\VP THVPKOHS
12 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
γRY j ,GVHIGL; TG[PH_; [GQHJV; GOGIKTH; TSPGV \X 9KIH;RGTT<;IK;aOWR6l
[GILMVP QX 9KIH;`PIOSH<;IK;a2WR6l
γR` j ,GVHIGL; TG[PH_; [GQHJV; [JV; THVPKOHS; J[ NX *HVPTTPT;GKN;THVPKOHST<;IK;2WRR.;U02WR.;JV
`PLN 0,GXl;GKN
ε j 5IPLN;THVPTT;VGHIJ;U.(D;W;,_X;)W. PX 0JRPKHT;U\PKNIKO<;PHQX<;IK;a2R]
λ j 2JK;NIRPKTIJKGL;TLPKNPVKPTT;VGHIJ !JV; QJKYPVTIJK; J[; JKP; T_THPR; J[; MKIHT; HJ; GKJHSPV
m; # #
$ $ & !"'# ( 'π $ = % $ '% %% T_THPR<;GQQPZHPN;THGKNGVN;o>^>U)Xp;RG_;\P;VP[PVVPN]
8( 5$#"+#4+( +%=."5%&"5_( /&4=( #"+

= &$ ' &%%
^.%,[$
λQV j $LGTHIQ;\MQaLIKO;LJGN;[GQHJV
/SP;NIRPKTIJKT<;[JVR<;`PIOSH<;HJLPVGKQPT;J[;GLL;VJLLPN
λP j $eMIYGLPKH;TLPKNPVKPTT;VGHIJ TSGZPT<; GLL; VIYPHT<; \JLHT<; KMHT<; THMNT<; GKN; `PLNT; GKN
λ3/ j 2JK^NIRPKTIJKGL;TLPKNPVKPTT;VGHIJ;IK JHSPV; RPR\PVT; MTPN; IK; GK_; THPPL; THVMQHMVP; TSGLL
LGHPVGL;\PKNIKO QJK[JVR; HJ; GQQPZHPN; THGKNGVNT; o>^>U.Xp<; `SPVPYPV
λTQV j $LGTHIQ;\MQaLIKO;LJGN;[GQHJV;J[;PGQS GZZLIQG\LP]
THJVP_
2( 3'#"5(#"+(+4#^%",5
n j ,JITTJKdT;VGHIJ
2:1( ,LGKT<;NVGÌKOT;GKN;THVPTT;TSPPH;TSGLL;\P;ZVPZGVPN
nQ j +JVVPQHIJK;[GQHJV
GQQJVNIKO;HJ;GQQPZHPN;THGKNGVNT;o>^>U6Xp]
n[ j +JP[[IQIPKH;J[;[VIQHIJK;UTLIZ;[GQHJVX
nV j +GZGQIH_;VPNMQHIJK;[GQHJV 2:1:1( E76+)
θ j #GHIJ;J[;HSP;VJHGHIJK;GH;HSP;SIKOP;ZJIKH /SP; ZLGKT; UNPTIOK; NVGÌKOTX; TSGLL; TSJ`; HSP; TIgPT<
HJ;HSP;VPLGHIYP;PLGTHIQ;VJHGHIJK;J[;;HSP TPQHIJKT<; GKN; HSP; VPLGHIYP; LJQGHIJKT; J[; HSP; YGVIJMT
[GV; PKN; J[; HSP; \PGR; TPORPKH RPR\PVT]; !LJJV; LPYPLT<; QJLMRK; QPKHVPT<; GKN; J[[TPHT
QJKHGIKIKO;ZLGTHIQ;SIKOP TSGLL;\P;NIRPKTIJKPN];,LGKT;TSGLL;\P;NVG`K;HJ;G;TQGLP
ρ j 9KIH;RGTT;J[;THPPL LGVOP;PKJMOS;HJ;QJKYP_;HSP;IK[JVRGHIJK;GNPeMGHPL_]
,LGKT; TSGLL; IKNIQGHP; HSP; H_ZP; J[; QJKTHVMQHIJK; HJ; \P
τ j :QHMGL;TSPGV;THVPTT;VGKOP;[JV;HSP;NPHGIL
PRZLJ_PNl; GKN; TSGLL; \P; TMZZLPRPKHPN; \_; TMQS; NGHG
QGHPOJV_
JK; HSP; GTTMRPN; LJGNT<; TSPGVT<; RJRPKHT; GKN; GiIGL
τ\ j 7MQaLIKO;TSPGV;THVPTT [JVQPT; HJ; \P; VPTITHPN; \_; GLL; RPR\PVT; GKN; HSPIV
τG\ j ,PVRITTI\LP;TSPGV;THVPTT;GH;HSP;TPVYIQP QJKKPQHIJKT<; GT; RG_; \P; VPeMIVPN; [JV; HSP; ZVJZPV
LJGN ZVPZGVGHIJK;J[;TSJZ;NVGÌKOT];:K_;TZPQIGL;ZVPQGMHIJK
τQV<P j $LGTHIQ;QVIHIQGL;TSPGV;THVPTT HJ;\P;HGaPK;IK;HSP;PVPQHIJK;J[;THVMQHMVP<;[VJR;HSP;NPTIOK
τ[ j !GHIOMP;TSPGV;THVPTT;VGKOP QJKTINPVGHIJK;TSGLL;GLTJ;\P;IKNIQGHPN;IK;HSP;NVGÌKO]
τ[<;0Gi j =IOSPTH;TSPGV;THVPTT;VGKOP 2:1:!( 5"*3&?$6K#+N)
τ[N j &PTIOK;TSPGV;[GHIOMP;THVPKOHS *SJZ; NVGÌKOT<; OIYIKO; QJRZLPHP; IK[JVRGHIJK
τ[K j !GHIOMP;TSPGV;THVPTT;VGKOP;GH;9*+;Q_QLP KPQPTTGV_;[JV;HSP;[G\VIQGHIJK;J[;HSP;QJRZJKPKH;ZGVHT
[JV;HSP;NPHGIL;QGHPOJV_ J[; HSP; THVMQHMVP; IKQLMNIKO; HSP; LJQGHIJK<; H_ZP<; TIgP<
τY j :QHMGL;TSPGV;THVPTT;GH;TPVYIQP;LJGN LPKOHS;GKN;NPHGIL;J[;GLL;`PLNT;GKN;[GTHPKPVT;TSGLL;\P
ψ j #GHIJ;J[;HSP;RJRPKHT;GH;HSP;PKNT;J[ ZVPZGVPN;IK;GNYGKQP;J[;HSP;GQHMGL;[G\VIQGHIJK];/SP_
HSP;LGHPVGLL_;MKTMZZJVHPN;LPKOHS;J[;;G TSGLL;QLPGVL_;NITHIKOMITS;\PH`PPK;TSJZ;GKN;[IPLN;VIYPHT<
\PGR \JLHT; GKN; `PLNT]; !JV; GNNIHIJKGL; IK[JVRGHIJK; HJ; \P
IKQLMNPN;JK;NVGÌKOT;[JV;NPTIOKT;\GTPN;JK;HSP;MTP;J[
Γ j !VGRP;\MQaLIKO;LJGN;[GQHJV
`PLNIKO<;VP[PVPKQP;TSGLL;\P;RGNP;HJ;GZZVJZVIGHP;1KNIGK
2"/$;j;/SP;TM\TQVIZHT;_<;g;NPKJHP;HSP;_^_;GKN;g^g;GiPT;J[;HSP
*HGKNGVNT];*SJZ;NVGÌKOT;TSGLL;\P;RGNP;IK;QJK[JVRIH_
TPQHIJK<;VPTZPQHIYPL_];!JV;T_RRPHVIQGL;TPQHIJKT<;_^_;NPKJHPT;HSP
RIKJV;ZVIKQIZGL;GiIT;`SILTH;g^g;NPKJHPT;HSP;RGfJV;ZVIKQIZGL;GiIT ÌHS;GQQPZHPN;THGKNGVN;o>^>U8Xp](:;RGVaIKO;NIGOVGR
U)'';;X] GLLJHHIKO;NITHIKQH;INPKHI[IQGHIJK;RGVaT;HJ;PGQS;TPZGVGHP
<( *"%$5 ZGVH;J[;THPPL;`JVa;TSGLL;\P;ZVPZGVPN];/SP;NIGOVGR;TSGLL
\P; TM[[IQIPKH; HJ; PKTMVP; QJKYPKIPKH; GTTPR\L_; GKN
!JV;HSP;ZMVZJTP;J[;NPTIOK;QGLQMLGHIJKT;HSP;[JLLJÌKO PVPQHIJK;GH;TIHP]
MKIHT;GVP;VPQJRRPKNPNb
2:!( *_R\JLT; MTPN; [JV; `PLNIKO; JK; ZLGKT; GKN; TSJZ
GX !JVQPT;GKN;LJGNT<;IK;a2<;a2WR<;a2WR.l NVGÌKOT;TSGLL;\P;GQQJVNIKO;HJ;OJJN;ZVGQHIQP;o>^>U(Xp]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 1;
;( -&"`."$%&"(/&4(=.=).4(#a.5 Q:!:7:1 (*HPPL;HSGH;IT;KJH;TMZZJVHPN;\_;RILL;HPTH;VPTMLH
RG_;\P;MTPN;JKL_;IK;MKIRZJVHGKH;RPR\PVT;GKN;NPHGILT<
9KLPTT;JHSPVÌTP;TZPQI[IPN;QJKYPKHIJK;MTPN;[JV;RPR\PV
`SPVP;HSPIV;ZVJZPVHIPT;TMQS;GT;NMQHILIH_;GKN;`PLNG\ILIH_
GiPT;IT;GT;[JLLJ`T;U)'';!IO];)Xb
`JMLN;KJH;G[[PQH;HSP;ZPV[JVRGKQP;VPeMIVPRPKHT;J[;HSP
GX 212;GLJKO;HSP;RPR\PV] RPR\PVT;GKN;HSP;THVMQHMVP;GT;G;`SJLP]
\X M1M&GK;GiIT;J[;HSP;QVJTT^TPQHIJK< =J`PYPV<;TMQS;THPPLT;RG_;\P;MTPN;IK;THVMQHMVGL;T_THPR
)X ZPVZPKNIQMLGV;HJ;HSP;[LGKOPT<;GKN G[HPV; QJK[IVRIKO; HSPIV; eMGLIH_; \_; QGVV_IKO; JMH
.X ZPVZPKNIQMLGV; HJ; HSP; TRGLLPV; LPO; IK; GK GZZVJZVIGHP; HPTHT; IK; GQQJVNGKQP; ÌHS; HSP; RPHSJN
GKOLP;TPQHIJK] TZPQI[IPN;IK;GQQPZHPN;THGKNGVN;o>^>U-Xp]
QX O1O;GK;GiIT;J[;HSP;QVJTT^TPQHIJK Q:!:<( E$*3'$!#')
)X GiIT;ZGVGLLPL;HJ;[LGKOPT<;GKN
/SP;ZVJZPVHIPT;J[;THVMQHMVGL;THPPL;[JV;MTP;IK;NPTIOK;RG_
.X GiIT; ZGVGLLPL; HJ; TRGLLPV; LPO; IK; GKOLP
\P;HGaPK;GT;OIYPK;IK;Q:!:<:1;GKN;Q:!:<:!]
TPQHIJK]
NX .1.&RGfJV;GiIT;U`SPK;IH;NJPT;KJH;QJIKQINP;ÌHS Q:!:<:1( ,S_TIQGL; ZVJZPVHIPT; J[; THVMQHMVGL; THPPL
O1O;GiITX] IVVPTZPQHIYP;J[;IHT;OVGNP;RG_;\P;HGaPK;GTb
PX (1(&RIKJV;GiIT;U`SPK;IH;NJPT;KJH;QJIKQINP;ÌHS GX 9KIH;RGTT;J[;THPPL<;ρ;m;-;A(D;aOWR6
M1M;GiITX] \X 0JNMLMT;J[;PLGTHIQIH_<;$;m;.]D;q;)D(;2WRR.
U0,GX
QX ,JITTJK;VGHIJ<;n;m;D]6
NX 0JNMLMT;J[;VIOINIH_<;4;m;D]->B;q;)D(;2WRR.
U0,GX
PX +JP[[IQIPKH; J[; HSPVRGL; PiZGKTIJK
αH&m;).;q;)Dh>Wk+
Q:!:<:!( D'-"6+#-67&3$*3'$!#')&*,&)!$.-!.$67&)!''7
/SP;ZVIKQIZGL;RPQSGKIQGL;ZVJZPVHIPT;J[;HSP;THVMQHMVGL
THPPL; IRZJVHGKH; IK; NPTIOK; GVP; HSP; _IPLN; THVPTT<; ,_l; HSP
HPKTILP; JV; MLHIRGHP; THVPTT<; ,Ml; HSP; RGiIRMR; ZPVQPKH
PLJKOGHIJK; JK; G; THGKNGVN; OGMOP; LPKOHS; GKN; KJHQS
HJMOSKPTT]; $iQPZH; [JV; KJHQS; HJMOSKPTT<; HSP; JHSPV
!14];);:@$*;"!;0$07$#* ZVJZPVHIPT;GVP;NPHPVRIKPN;\_;QJKNMQHIKO;HPKTILP;HPTHT
JK; TGRZLPT; QMH; [VJR; HSP; ZLGHPT<; TPQHIJKT<; PHQ<; IK
'&!%(#$")*1,"2/%&.(/0' GQQJVNGKQP;ÌHS;GQQPZHPN;THGKNGVN;o>^>U-Xp];+JRRJKL_
MTPN; ZVJZPVHIPT; [JV; HSP; QJRRJK; THPPL; ZVJNMQHT; J[
Q( ,.".4#' NI[[PVPKH;TZPQI[IQGHIJKT;GVP;TMRRGVIgPN;IK;/G\LP;)]
Q:1( /SP;RGHPVIGL;ZVJZPVHIPT;OIYPK;IK;HSIT;*PQHIJK;GVP Q:!:<:!:1; 5!''7&!.<')
KJRIKGL;YGLMPT<;HJ;\P;GQQPZHPN;GT;QSGVGQHPVITHIQ;YGLMPT
IK;NPTIOK;QGLQMLGHIJKT] *HPPL;HM\PT;MTPN;IK;\MILNIKO;QJKTHVMQHIJK;TSGLL;\P;SJH
[IKITSPN;HM\PT;QJK[JVRIKO;HJ;HSP;VPeMIVPRPKHT;TZPQI[IPN
Q:!(5DNO?DONEF(5DBBF IK;GQQPZHPN;THGKNGVN;o>^>UAXp]
Q:!:1( /SP;ZVJYITIJKT;IK;HSIT;*PQHIJK;GVP;GZZLIQG\LP;HJ Q:!:<:!:!; /M\PT; RGNP; \_; JHSPV; HSGK; SJH; [IKITSIKO
HSP;THPPLT;QJRRJKL_;MTPN;IK;THPPL;QJKTHVMQHIJK;KGRPL_< ZVJQPTTPT<; JV; `SIQS; SGYP; \PPK; TM\fPQHPN; HJ; QJLN
THVMQHMVGL;RILN;THPPL;GKN;SIOS;HPKTILP;THVMQHMVGL;THPPL] `JVaIKO<;TSGLL;\P;VPOGVNPN;GT;SJH;[IKITSPN;I[;HSP_;SGYP
TM\TPeMPKHL_;\PPK;SPGH^HVPGHPN;GKN;GVP;TMZZLIPN;IK;HSP
Q:!:! ( :LL; HSP; THVMQHMVGL; THPPL; MTPN; IK; OPKPVGL KJVRGLIgPN;QJKNIHIJKT]
QJKTHVMQHIJK<;QJRIKO;MKNPV;HSP;ZMVYIP`;J[;HSIT;THGKNGVN
TSGLL;\P[JVP;[G\VIQGHIJK;QJK[JVR;HJ;GQQPZHPN;THGKNGVN 2"/$; j; 4VGNP; $#%; 5*H; ..; HM\PT; TZPQI[IPN; IK; GQQPZHPN
THGKNGVN;o>^>UAXp;ÌHS;G;QGV\JK;QJKHPKH;LPTT;HSGK;D]6D;ZPVQPKH<
o>^>U>Xp] RG_;\P;QJKTINPVPN;GT;SJH;[IKITSPN;[JV;HSP;ZMVZJTP;J[;Q:!:<:!:!]
Q:!:7( *HVMQHMVGL;THPPL;JHSPV;HSGK;HSJTP;TZPQI[IPN;IK;Q:!:! Q:!:<:!:7;@7'-!$*%')
RG_;GLTJ;\P;MTPN;ZVJYINPN;HSGH;HSP;ZPVRITTI\LP;THVPTTPT
GKN;JHSPV;NPTIOK;ZVJYITIJKT;GVP;TMIHG\L_;RJNI[IPN;GKN /SP; PLPQHVJNPT; MTPN; [JV; `PLNIKO; THPPL; HM\PT; TSGLL
HSP; THPPL; IT; GLTJ; TMIHG\LP; [JV; HSP; H_ZP; J[; [G\VIQGHIJK QJK[JVR; HJ; HSP; VPeMIVPRPKHT; J[; GQQPZHPN; THGKNGVN
GNJZHPN] o>^>UBXp]
1Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
Q:7( 4@XBDH TGHIT[GQHJVIL_;[JV;HSP;IKHPKNPN;ZMVZJTP;NMVIKO;HSP;NPTIOK
LI[P];%IHS;GK;GZZVJZVIGHP;NPOVPP;J[;TG[PH_<;HSP_;TSJMLN
Q:7:1( #IYPHT; TSGLL; \P; RGKM[GQHMVPN; [VJR; THPPL
TMTHGIK; GLL; HSP; LJGNT; GKN; NP[JVRGHIJKT<; NMVIKO
QJK[JVRIKO;HJ;GQQPZHPN;THGKNGVN;o>^>U)DXp];/SP_;RG_
QJKTHVMQHIJK;GKN;MTP;GKN;SGYP;GNPeMGHP;VPTITHGKQP;HJ
GLTJ;\P;RGKM[GQHMVPN;[VJR;THPPL;QJK[JVRIKO;HJ;GQQPZHPN
QPVHGIK; PiZPQHPN; GQQINPKHGL; LJGNT; GKN; [IVP]; *HVMQHMVP
THGKNGVN; o>^>U>Xp; ZVJYINPN; HSGH; HSP; THPPL; RPPHT; HSP
TSJMLN;\P;THG\LP;GKN;SGYP;GLHPVKGHP;LJGN;ZGHST;HJ;ZVPYPKH
VPeMIVPRPKHT;OIYPK;IK;GQQPZHPN;THGKNGVN;o>^>U))Xp]
NITZVJZJVHIJKGHP; JYPVGLL; QJLLGZTP; MKNPV; GQQINPKHGL
Q:7:!( #IYPHT; TSGLL; QJK[JVR; HJ; GQQPZHPN; THGKNGVNT LJGNIKO]
o>^>U).Xp;GT;GZZVJZVIGHP]
9:1:!(D'!"*%)&*,&?')#N+
Q:7:7( P#N"&0'+)#7'&5!''7&H#('!)
9:1:!:1; *HVMQHMVP; GKN; IHT; PLPRPKHT; TSGLL; KJVRGLL_<; \P
=IOS;HPKTILP;THPPL;VIYPHT<;TSGLL;\P;RGKM[GQHMVPN;[VJR NPTIOKPN;\_;HSP;LIRIH;THGHP;RPHSJN];:QQJMKH;TSJMLN;\P
THPPL;QJK[JVRIKO;HJ;GQQPZHPN;THGKNGVN;o>^>U)6Xp] HGaPK;J[;GQQPZHPN;HSPJVIPT<;PiZPVIRPKHGL;IK[JVRGHIJK
GKN;PiZPVIPKQP;GKN;HSP;KPPN;HJ;NPTIOK;[JV;NMVG\ILIH_]
Q:<( )GFDH_("ODH(ECA(ÊHPBNH +GLQMLGHIJKT;GLJKP;RG_;KJH;ZVJNMQP;TG[P<;TPVYIQPG\LP
7JLHT<;KMHT;GKN;`GTSPVT;TSGLL;QJK[JVR;GT;GZZVJZVIGHP< GKN; NMVG\LP; THVMQHMVPT]; *MIHG\LP; RGHPVIGLT<; eMGLIH_
HJ;GQQPZHPN;THGKNGVNT;o>^>U)8Xp];/SP;VPQJRRPKNGHIJKT QJKHVJL<;GNPeMGHP;NPHGILIKO;GKN;OJJN;TMZPVYITIJK;GVP
IK;OJJN;ZVGQHIQP;o>^>U)(Xp;TSGLL;\P;[JLLJ`PN] PeMGLL_;IRZJVHGKH]
9:1:!:!( %SPVP; HSP; LIRIH; THGHPT; RPHSJN; QGKKJH; \P
Q:8( 5DBBF(-EHD@CL
QJKYPKIPKHL_;GNJZHPNl;HSP;`JVaIKO;THVPTT;NPTIOK;o)''
*HPPL; QGTHIKO; TSGLL; QJK[JVR; HJ; GQQPZHPN; THGKNGVN *PQHIJK;>URXp;RG_;\P;MTPN]
o>^>U)>Xp;JV;GQQPZHPN;THGKNGVN;o>^>U)-Xp]
9:1:7(?')#N+&E$*-'))
Q:2( ^BFA@CL(-GCHOIERFB *HVMQHMVGL; NPTIOK<; IKQLMNIKO; NPTIOK; [JV; NMVG\ILIH_<
Q:2:1( +JYPVPN; PLPQHVJNPT; TSGLL; QJK[JVR; HJ; GQQPZHPN QJKTHVMQHIJK;GKN;MTP;TSJMLN;\P;QJKTINPVPN;GT;G;`SJLP]
THGKNGVNT;o>^>U)AXp;JV;o>^>U)BXp<;GT;GZZVJZVIGHP] /SP; VPGLIgGHIJK; J[; NPTIOK; J\fPQHIYPT; VPeMIVPT
QJRZLIGKQP;ÌHS;QLPGVL_;NP[IKPN;THGKNGVNT;[JV;RGHPVIGLT<
Q:2:!( !ILLPV; VJNT; GKN; ÌVPT; [JV; OGT; `PLNIKO; TSGLL [G\VIQGHIJK<;PVPQHIJK;GKN;IK^TPVYIQP;RGIKHPKGKQP]
QJK[JVR;HJ;GQQPZHPN;THGKNGVN;o>^>U.DXp]
9:!( 'GEAH(ECA(/GN?BH
Q:2:7;/SP;TMZZL_;J[;TJLIN;[ILLPV;ÌVPT;[JV;TM\RPVOPN
GVQ; `PLNIKO; J[; THVMQHMVGL; THPPLT; TSGLL; QJK[JVR; HJ 9:!:1;!JV;HSP;ZMVZJTP;J[;NPTIOKIKO;GK_;PLPRPKH<;RPR\PV
GQQPZHPN;THGKNGVN;o>^>U.)Xp] JV;G;THVMQHMVP<;HSP;[JLLJÌKO;LJGNT;UGQHIJKTX;GKN;HSPIV
P[[PQHT;TSGLL;\P;HGaPK;IKHJ;GQQJMKH<;`SPVP;GZZLIQG\LP<
Q:2:<( /SP; \GVP; ÌVP; PLPQHVJNPT; [JV; TM\RPVOPN; GVQ
ÌHS; ZGVHIGL; TG[PH_; [GQHJVT; GKN; QJR\IKGHIJKT
`PLNIKO;TSGLL;QJK[JVR;HJ;GQQPZHPN;THGKNGVN;o>^>U..Xp]
U)'';11:7:7X]
/SP; QJR\IKGHIJK; J[; ÌVP; GKN; [LMi; TSGLL; TGHIT[_; HSP
VPeMIVPRPKHT;J[;GQQPZHPN;THGKNGVN;o>^>U..Xp] GX &PGN;LJGNTl
Q:2:8( !ILLPV;VJNT;GKN;\GVP;PLPQHVJNPT;[JV;OGT;TSIPLNPN \X 1RZJTPN; LJGNT; ULIYP; LJGN<; QVGKP; LJGN<; TKJ`
RPHGL;GVQ;`PLNIKO;TSGLL;QJK[JVR;HJ;GQQPZHPN;THGKNGVNT LJGN<; NMTH; LJGN<; `GYP; LJGN<; PGVHS; ZVPTTMVPT<
o>^>U.6Xp<;GT;GZZVJZVIGHP] PHQXl
QX %IKN;LJGNTl
Q:;( &DPBN(=EDBN@EFH NX $GVHSeMGaP;LJGNTl
"HSPV;RGHPVIGLT;MTPN;IK;GTTJQIGHIJK;ÌHS;THVMQHMVGL;THPPL PX $VPQHIJK;LJGNTl
`JVa;TSGLL;QJK[JVR;HJ;GZZVJZVIGHP;1KNIGK;THGKNGVNT] [X :QQINPKHGL;LJGNT;TMQS;GT;HSJTP;NMP;HJ;\LGTH<
IRZGQH;J[;YPSIQLPT<;PHQl;GKN
'&!%(#$")*3,"-&$&./0"4&'(-$
OX *PQJKNGV_; P[[PQHT; NMP; HJ; QJKHVGQHIJK; JV
.&56(.&2&$%'
PiZGKTIJK; VPTMLHIKO; [VJR; HPRZPVGHMVP
9( ,.".4#'(+.5%,"(4.b*%4.=."$5 QSGKOPT<; NI[[PVPKHIGL; TPHHLPRPKHT; J[; HSP
THVMQHMVP; GT; G; `SJLP; JV; J[; IHT; QJRZJKPKHT<
9:1( )EH@H(MGN(+BH@LC PQQPKHVIQ; QJKKPQHIJKT<; VIOINIH_; J[; fJIKHT
NI[[PVIKO;[VJR;NPTIOK;GTTMRZHIJKT]
9:1:1; ?')#N+&Q<R'-!#('
9:!:1:1; &PGN; LJGNT; TSJMLN; \P; GTTMRPN; IK; NPTIOK; GT
/SP; J\fPQHIYP; J[; NPTIOK; IT; HSP; GQSIPYPRPKH; J[; GK
TZPQI[IPN;IK;!;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;)
GQQPZHG\LP; ZVJ\G\ILIH_; HSGH; THVMQHMVPT; ÌLL; ZPV[JVR
3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 19
$ERFB(1($BCH@FB(3NGJBND@BH(GM(5DNO?DONEF(5DBBF(3NGAO?DH
U>76.)')&.]))6<;.]))B;6+%;A].]8].X
)*(+#,( -..%$&%/(( 2"0/%(3(4*0(('5'.0&'#1( !"#$%"&'%(&

)&01/0"/( (
)*!"#;$%&!''; ;+"%,-*%!;.!/',"!;$%&!'';; 0"1/2*%,1/;;
()*; ()*;; )!&3!/%;;
'(); '(); '();
456; 476; 486; 496;; 4:6; 4;6;
?; A; A; A;
;
@; 7BC; 7DC=95C; 7B;
,6; <;=;4796>;
@@; 7:C; 7DC=8DC; 87;
;
0@@; 77C; 7DC=8:C; 8:;
0E9CEE; 88C; 95C=:9C; 5;;
0E95EE; 88C; 95C=:9C; 7C;
0E97EE; 88C; 95C=:9C; 77;
0E98EE; 88C; 95C=:9C; 79;
0E99EE; 88C; 95C=:9C; 79;
0E:CEE; 8;C; :5C=;5C; 5;;
,,6; <;=;45B6>;
0E:5EE; 8;C; :5C=;5C; 5B;
0E:7EE; 8;C; :5C=;5C; 5B;
0E:8EE; 8;C; :5C=;5C; 7C;
0E:9EE; 8;C; :5C=;5C; 7C;
0E::EE; 8;C; :5C=;5C; 7C;
0E:;EE; 8;C; :5C=;5C; 7C;
?; A; A; A;
@; A; 79C=9CC; 7:;
,,,6; <;=;47:6>;
@@; A; 7;C=8FC; 7B;
0@@; A; 7;C=8BC; 87;
;
8H;; 5BC; 88C; 7:;
9H;; 79C; 9CC; 77;
9HB; 87C; 97C;; A;
:H;; 8CC; :CC; 7C;
; :HB; 9CC; :7C;; A;
,G6; <;=;47;6>; ;HB; 9BC; ;CC; A;
; BHB;4*;!5;--6; ;9C;56; BCC; 57;
BHB;4*&r5;--6; ;;C;56; B8C; 57;
FHB; D7C;56; FCC; 5C;
5CHF; F9C;56; 5;C9C;; F;
57HF; 5;5CC;56; 5;77C; B;
5; 7CC; 8DC; 7;;
5I; 77C; 95C; 7:;
7; 78C; 98C; 79;
; 7I; 7:C; 9;C; 77;
G6; <;=;47D6>; 8; 7DC; 9FC; 75;
; 8I; 7BC; :9C; 7C;
9; 87C; ;7C; 5:;
:; 8:C; D5C; 58;
;; 8DC; D9C; 5C;
; ; ; *&1&&+; ; ;
; ; ; ; ; ;
; ; ; !;7C& S;7C& ; ;
$+;8D; 77C; 7CC; 8;C=99C; 7;;
G,6; <;=;47B6>;
$+;97; 7:C; 79C& 95C=:CC& 78;
; &+&& &+&; &+&&
;
; ; ; !5;; r5;; r9C; r;C; r5CC; !;C; r;C;*/#;; r5CC;; !;C; r;C;
; */#; */#; */#; */#; !5CC; */#; */#;
; !9C; !;C; !5CC; !8:C; !8:C; !8:C;
5; 78:; 77:; 75:; 7CC; 5B:; 8;C=9BC; 8;C=9BC; 8:C=9BC; 79; 78;
G,,6; <;=;47F6>; 7; 7;:; 7::; 79:; 75:; 7CC; 95C=:8C; 95C=:8C; 9CC=:8C; 77; 75;
8; 7FC; 7B:; 7BC; 7::; 78C; 9;C=:BC; 9:C=:DC; 99C=:DC; 75; 7C;
!0 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
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!"#; !$#; !%#; !&#; !'#; !(#;
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; ; ; ;
; ; ; ,$+& $+,&+; -;&+; &"+; $%;
2$'+;!34;564;5+4;7#; $'+; $&+; $%+; &%+; $$;
2$8';!34;564;5+4;7#; $8'; $('; $''; &&+; $$;
2%++;!34;564;5+4;7#; %++; $9+; $:+; &9+; $$;
.///#( 0(,(!(#1(
2%'+;!34;564;5+4;7#; %'+; %%+; %$+; '&+; $+;
2&"+;!34;564;5+4;7#; &"+; %9+; %:+; '8+; $+;
2&'+;!34;56#; &'+; &%+; &$+;
;
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?; $%+; $$+; &++,&9+; $$;
/>#; 0(,(!%+#1; ??; $%'; $%'; &++,&9+; $$;
???; $%'; $%'; &++,&9+; $$;
@*;=A;"; $&+; %'+,&'+; $';
>#; 0(,(!%"#1; ; ; ; ;
@*;=A;$; $&'; %(+,&'+; %&;
3<<A;BA=; "(+; %%+;,;&"+; %+;
7)<=/C/)<; ; ; ;
>/#; 0(,(!"+#1; ; ; ; ;
3D,E*;F<; "9+; &"+;,;&9+; $+;
7)<=/C/)<;
GHJ;75CIJ@J; 75C; 88C; 7C;
75CI0KK75C; ; ; ;
; ; ; ;
GHJ;79CIJ@J; 79C; 95C; 5B;
E,,6; <;=;4876>(
79CI0KK79C; ; ; ;
; ; ; ;
GHJ;85CIJ@J; 85C( 9:C; 5:;
85CI0KK85C;
5; 5DC; 7FC; 8C;
7; 75C; 88C; 7B;
E,,,6; <;=;4886>; 8; 79C; 95C; 7:;
9; 7D:; 98C; 7C;
:; 85C; 9FC; 5:;
2"/$*
1; ,PVQPKHGOP; J[; PLJKOGHIJK; TSGLL; \P; HGaPK; JYPV; HSP; OGMOP; LPKOHS; J[; (]>( - , L ; `SPVP; 5D; m; JVIOIKGL; QVJTT^TPQHIJKGL; GVPG; J[; HSP; HPTH
TZPQIRPK]
!(:\\VPYIGHIJKTb;";m;"VNIKGV_<;&;m;&VGÌKO<;&&;m;&PPZ;&VGÌKO<;$&&;m;$iHVG;&PPZ;&VGÌKO]
)X;*HVPTT;GH;D].;ZPVQPKH;KJK^ZVJZJVHIJKGL;PLJKOGHIJK<;D#+8
9:!:1:!; 1RZJTPN;LJGNT;[JV;NI[[PVPKH;H_ZPT;J[;JQQMZGKQ_ TSGLL;\P;HGaPK;GT;D]>;HIRPT;HSP;ZVJfPQHPN;GVPG;J[;HSP

GKN; [MKQHIJK; J[; THVMQHMVPT; TSGLL; \P; HGaPK; GT RPR\PV;U)'';<;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;)
VPQJRRPKNPN; IK; 7; J[; ,GVH; >; c*HVMQHMVGL; &PTIOK< 3JGNT<;!JVQPT;GKN;$[[PQHTdX]
*PQHIJK ); 3JGNT<; !JVQPT; GKN; $[[PQHTd; J[; HSP; +JNP]
9:!:1:<( $GVHSeMGaP;LJGNT;TSGLL;\P;GTTMRPN;GT;ZPV;HSP
1RZJTPN;LJGNT;GVITIKO;[VJR;PeMIZRPKH<;TMQS;GT;QVGKPT
VPQJRRPKNGHIJKT; J[; 8; J[; ,GVH; >; c*HVMQHMVGL; &PTIOK<
GKN; RGQSIKPT; TSJMLN; \P; GTTMRPN; IK; NPTIOK; GT; ZPV
*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP]
RGKM[GQHMVPVTWTMZZLIPVT; NGHG; U)''& 9:8:<X]; *KJ`; LJGN
TSGLL;\P;HGaPK;GT;ZPV;IK;2;J[;,GVH;>;c*HVMQHMVGL;&PTIOK< 9:!:1:8; /SP;PVPQHIJK;LJGNT;GKN;HPRZPVGHMVP;P[[PQHT;TSGLL
*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP] \P;QJKTINPVPN;GT;TZPQI[IPN;IK;9:7;GKN;9:<_(VPTZPQHIYPL_]
9:!:1:7( %IKN;LJGNT;JK;THVMQHMVPT;TSGLL;\P;HGaPK;GT;ZPV 9:7( .NB?D@GC('GEAH
HSP;ZVJYITIJKT;J[;<;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK
:LL;LJGNT;VPeMIVPN;HJ;\P;QGVVIPN;\_;HSP;THVMQHMVP;JV;GK_
);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP]
ZGVH;J[;IH;NMP;HJ;THJVGOP;JV;ZJTIHIJKIKO;J[;QJKTHVMQHIJK
9:!:1:7:1 (J#+%&3$')).$' RGHPVIGL;GKN;PVPQHIJK;PeMIZRPKH<;IKQLMNIKO;GLL;LJGNT
NMP;HJ;JZPVGHIJK;J[;TMQS;PeMIZRPKH;TSGLL;\P;QJKTINPVPN
1K;QGLQMLGHIKO;HSP;P[[PQHIYP;ÌKN;ZVPTTMVP;JK;PiZJTPN
GT; PVPQHIJK; LJGNT]; ,VJZPV; ZVJYITIJK; TSGLL; \P; RGNP<
QIVQMLGV;HM\P;RPR\PVT;J[;G;THVMQHMVP<;HSP;P[[PQHIYP;GVPG
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !1
IKQLMNIKO;HPRZJVGV_;\VGQIKOT<;HJ;HGaP;QGVP;J[;GLL;THVPTTPT LJGNT;TSGLL;IKQLMNP;HSP;YPVHIQGL;LJGNT<;PQQPKHVIQIH_;P[[PQHT
NPYPLJZPN;NMVIKO;PVPQHIJK];&PGN;LJGN<;ÌKN;LJGN;GKN IKNMQPN; \_; HSP; YPVHIQGL; LJGNT<; IRZGQH; [GQHJVT<; LGHPVGL
GLTJ;TMQS;ZGVHT;J[;HSP;IRZJTPN;LJGN;GT;`JMLN;\P;IRZJTPN UTMVOPX;GKN;HSP;LJKOIHMNIKGL;USJVIgJKHGLX;HSVMTHT<;KJH;GQHIKO
JK;HSP;THVMQHMVP;NMVIKO;HSP;ZPVIJN;J[;PVPQHIJK;TSGLL;\P TIRMLHGKPJMTL_<; GQVJTT; GKN; GLJKO; HSP; QVGKP; VGIL<
HGaPK;GT;GQHIKO;HJOPHSPV;ÌHS;HSP;PVPQHIJK;LJGNT];/SP VPTZPQHIYPL_;o)'';7;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK )
THVMQHMVP; GT; G; `SJLP; GKN; GLL; ZGVHT; J[; HSP; THVMQHMVP; IK 3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNPp]
QJKfMKQHIJK; ÌHS; HSP; HPRZJVGV_; \VGQIKOT; TSGLL; \P 9:8:< ( /SP; QVGKP; LJGNT; GKN; HSPIV; QJR\IKGHIJKT; HJ; \P
QGZG\LP;J[;TMTHGIKIKO;HSPTP;LJGNT;NMVIKO;PVPQHIJK]
QJKTINPVPN; TSGLL; \P; GT; IKNIQGHPN; \_; HSP; QMTHJRPV]; 1K
9:<( $BIJBNEDONB(.MMB?DH HSP; G\TPKQP; J[; GK_; TZPQI[IQ; IKNIQGHIJKT<; HSP; LJGN
9:<:1( $iZGKTIJK; GKN; QJKHVGQHIJK; NMP; HJ; QSGKOPT; IK QJR\IKGHIJKT;TSGLL;\P;IK;GQQJVNGKQP;ÌHS;HSP;ZVJYITIJKT
HPRZPVGHMVP;J[;HSP;RPR\PVT;GKN;PLPRPKHT;J[;G;THVMQHMVP IK; 7; J[; ,GVH; >; c*HVMQHMVGL; &PTIOK<; *PQHIJK; ); 3JGNT<
TSGLL;\P;QJKTINPVPN;GKN;GNPeMGHP;ZVJYITIJK;RGNP;[JV !JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP;JV;GT;OIYPK;\PLJ`b
TMQS;P[[PQH] GX ?PVHIQGL; LJGNT; ÌHS; [MLL; IRZGQH; [VJR; JKP
9:<:!( /SP;HPRZPVGHMVP;VGKOP;YGVIPT;[JV;NI[[PVPKH;LJQGLIHIPT LJGNPN;QVGKP;JV;H`J;QVGKPT;IK;QGTP;J[;HGKNPR
GKN;MKNPV;NI[[PVPKH;NIMVKGL;GKN;TPGTJKGL;QJKNIHIJKT];/SP JZPVGHIJK<;HJOPHSPV;ÌHS;YPVHIQGL;LJGNT;ÌHSJMH
G\TJLMHP;RGiIRMR;GKN;RIKIRMR;HPRZPVGHMVPT<;`SIQS IRZGQH;[VJR;GT;RGK_;LJGNPN;QVGKPT;GT;RG_
RG_;\P;PiZPQHPN;IK;NI[[PVPKH;LJQGLIHIPT;J[;HSP;QJMKHV_< \P;ZJTIHIJKPN;[JV;RGiIRMR;P[[PQH<;GLJKO;ÌHS
RG_; \P; J\HGIKPN; [VJR; HSP; 1KNIG; 0PHPJVJLJOIQGL RGiIRMR; SJVIgJKHGL; HSVMTH; [VJR; JKP; QVGKP
&PZGVHRPKH; GKN; MTPN; IK; GTTPTTIKO; HSP; RGiIRMR JKL_;JV;H`J;IK;QGTP;J[;HGKNPR;JZPVGHIJKl
YGVIGHIJKT; J[; HPRZPVGHMVP; [JV; `SIQS; ZVJYITIJK; [JV \X 3JGNT; GT; TZPQI[IPN; IK; 9:8:<( UGX<; TM\fPQH; HJ
PiZGKTIJK;GKN;QJKHVGQHIJK;SGT;HJ;\P;RGNP;IK;HSP;THVMQHMVP] QVGKPT; IK; RGiIRMR; J[; GK_; H`J; \G_T; J[; HSP
9:<:7( /SP; VGKOP; J[; YGVIGHIJK; IK; HPRZPVGHMVP; J[; HSP \MILNIKO;QVJTT^TPQHIJK;TSGLL;\P;QJKTINPVPN;[JV
\MILNIKO;RGHPVIGLT;RG_;\P;GZZVPQIG\L_;OVPGHPV;JV;LPTTPV RMLHI^\G_;RMLHI^QVGKP;OGKHVIPTl
HSGK;HSP;YGVIGHIJK;J[;GIV;HPRZPVGHMVP;GKN;IT;IK[LMPKQPN QX /SP;LJKOIHMNIKGL;HSVMTH;JK;G;QVGKP;HVGQa;VGIL
\_;HSP;QJKNIHIJK;J[;PiZJTMVP;GKN;HSP;VGHP;GH;`SIQS;HSP TSGLL; \P; QJKTINPVPN; [JV; G; RGiIRMR; J[; H`J
RGHPVIGLT; QJRZJTIKO; HSP; THVMQHMVP; G\TJV\; JV; VGNIGHP LJGNPN;QVGKPT;JK;HSP;HVGQal;GKN
SPGH];/SIT;NI[[PVPKQP;IK;HPRZPVGHMVP;YGVIGHIJKT;J[;HSP
NX 3GHPVGL;HSVMTH;UTMVOPX;GKN;LJKOIHMNIKGL;HSVMTH
RGHPVIGL;GKN;GIV;TSGLL;\P;OIYPK;NMP;QJKTINPVGHIJK];/SP
GQHIKO; GQVJTT; GKN; GLJKO; HSP; QVGKP; VGIL<
P[[PQH;J[;NI[[PVPKHIGL;HPRZPVGHMVP;ÌHSIK;GK;PLPRPKH;JV
VPTZPQHIYPL_; TSGLL; \P; GTTMRPN; KJH; HJ; GQH
RPR\PV<;NMP;HJ;ZGVH;PiZJTMVP;HJ;NIVPQH;TMKLIOSH;TSGLL
TIRMLHGKPJMTL_];/SP;P[[PQH;J[;PGQS;[JVQP<;TSGLL
GLTJ;\P;QJKTINPVPN]
SJ`PYPV;\P;IKYPTHIOGHPN;TPZGVGHPL_]
9:<:<( /SP;QJP[[IQIPKH;J[;HSPVRGL;PiZGKTIJK;[JV;THPPL;IT
9:8:8( %SILP; IKYPTHIOGHIKO; HSP; P[[PQH; J[; PGVHSeMGaP
GT;OIYPK;IK;Q:!:<:1UPX]
[JVQPT<;HSP;VPTMLHIKO;P[[PQH;[VJR;NPGN;LJGNT;J[;GLL;QVGKPT
9:8( 'GEA(-GIR@CED@GCH ZGVaPN;IK;PGQS;\G_<;ZJTIHIJKPN;HJ;QGMTP;RGiIRMR;P[[PQH
9:8:1( 3JGN;QJR\IKGHIJKT;[JV;NPTIOK;ZMVZJTPT;TSGLL;\P TSGLL;\P;QJKTINPVPN]
HSJTP; HSGH; ZVJNMQP; RGiIRMR; [JVQPT; GKN; P[[PQHT; GKN 9:8:2( /SP;QVGKP;VMK`G_;OIVNPVT;TMZZJVHIKO;\MRZPVT
QJKTPeMPKHL_;RGiIRMR;THVPTTPT;GKN;NP[JVRGHIJKT];/SP TSGLL; \P; QSPQaPN; [JV; \MRZPV; IRZGQH; LJGNT; GLTJ<; GT
[JLLJÌKO;QJR\IKGHIJK;J[;LJGNT;ÌHS;GZZVJZVIGHP;ZGVHIGL TZPQI[IPN;\_;HSP;RGKM[GQHMVPVT]
TG[PH_;[GQHJVT;U)'';/G\LP;8X;RG_;\P;QJKTINPVPNb
9:8:;( *HVPTTPT;NPYPLJZPN;NMP;HJ;TPQJKNGV_;P[[PQHT;TMQS
GX &PGN;LJGN;s;1RZJTPN;LJGN< GT; SGKNLIKOl; PVPQHIJK<; HPRZPVGHMVP; GKN; TPHHLPRPKH; J[
\X &PGN; LJGN; s; 1RZJTPN; LJGN; s; %IKN; JV [JMKNGHIJKT<;I[;GK_<;TSGLL;\P;GZZVJZVIGHPL_;GNNPN;HJ;HSP
$GVHSeMGaP;LJGN< THVPTTPT;QGLQMLGHPN;[VJR;HSP;QJR\IKGHIJK;J[;LJGNT;THGHPN
QX &PGN;LJGN;s;%IKN;JV;$GVHSeMGaP;LJGN<;GKN IK;9:8:1<;ÌHS;GZZVJZVIGHP;ZGVHIGL;TG[PH_;[GQHJVT]
NX &PGN;LJGN;s;$VPQHIJK;LJGN] 9:2 (,BGIBDN@?EF(3NGJBND@BH
2"/$;j;1K;HSP;QGTP;J[;THVMQHMVPT;TMZZJVHIKO;QVGKPT<;IRZJTPN 9:2:1(T'+'$67
LJGNT;TSGLL;IKQLMNP;HSP;QVGKP;P[[PQHT;GT;OIYPK;IK;9:8:<]
/SP;OPJRPHVIQGL;ZVJZPVHIPT;J[;HSP;OVJTT;GKN;HSP;P[[PQHIYP
9:8:!( %IKN; LJGN; GKN; PGVHSeMGaP; LJGNT; TSGLL; KJH; \P QVJTT^TPQHIJKT; J[; G; RPR\PV; JV; ZGVH; HSPVPJ[<; TSGLL; \P
GTTMRPN;HJ;GQH;TIRMLHGKPJMTL_];/SP;P[[PQH;J[;PGQS;TSGLL QGLQMLGHPN;JK;HSP;[JLLJÌKO;\GTITb
\P;QJKTINPVPN;TPZGVGHPL_]
GX /SP;ZVJZPVHIPT;J[;HSP;OVJTT;QVJTT^TPQHIJK;TSGLL
9:8:7( /SP;P[[PQH;J[;QVGKPT;HJ;\P;QJKTINPVPN;MKNPV;IRZJTPN \P; QGLQMLGHPN; [VJR; HSP; TZPQI[IPN; TIgP; J[; HSP
!! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
RPR\PV; JV; ZGVH; HSPVPJ[; JV; VPGN; [VJR NX >76))&[&X57'+%'$V&/;+VJTT^TPQHIJKT;IK;`SIQS
GZZVJZVIGHP;HG\LP] HSP; PLPRPKHT; \MQaLP; LJQGLL_; PYPK; \P[JVP
\X /SP;ZVJZPVHIPT;J[;HSP;P[[PQHIYP;QVJTT^TPQHIJK VPGQSIKO;_IPLN;THVPTT];/SP;ÌNHS;HJ;HSIQaKPTT
TSGLL;\P;QGLQMLGHPN;\_;NPNMQHIKO;[VJR;HSP;GVPG VGHIJ;J[;ZLGHP;PLPRPKHT;TSGLL;\P;OVPGHPV;HSGK
J[;HSP;OVJTT;QVJTT^TPQHIJK<;HSP;[JLLJÌKOb HSGH;TZPQI[IPN;MKNPV;+LGTT;6;U*PRI^QJRZGQHX<
IK;/G\LP;.];1K;TMQS;QGTPT<;HSP;P[[PQHIYP;TPQHIJKT
)X /SP;TPQHIJKGL;GVPG;IK;PiQPTT;J[;P[[PQHIYP
[JV; NPTIOK; TSGLL; \P; QGLQMLGHPN; PIHSPV; \_
ZLGHP; ÌNHS<; IK; QGTP; J[; TLPKNPV; TPQHIJKT
[JLLJÌKO; HSP; ZVJYITIJKT; J[; OJJN; ZVGQHIQP
U)'';9:;:!X]
o>^>U68Xp; HJ; GQQJMKH; [JV; HSP; ZJTH^LJQGL^
.X /SP;TPQHIJKGL;GVPGT;J[;GLL;SJLPT;IK;HSP;TPQHIJK \MQaLIKO; THVPKOHS; JV; \_; QJKTPVYGHIYPL_
PiQPZH;[JV;ZGVHT;IK;QJRZVPTTIJK];1K;QGTP;J[ NPNMQHIKO; ÌNHS; J[; HSP; QJRZVPTTIJK; ZLGHP
ZMKQSPN;SJLPT<;SJLP;TIgP;.;RR;IK;PiQPTT;J[ PLPRPKH;IK;PiQPTT;J[;HSP;TPRI^QJRZGQH;TPQHIJK
HSP;GQHMGL;NIGRPHPV;RG_;\P;NPNMQHPN] LIRIH;U)'';!IO];.7;GKN;!IO];.+X]
9:;(-FEHH@M@?ED@GC(GM(-NGHHT5B?D@GCH /SP;NPTIOK;J[;TLPKNPV;`P\;PLPRPKHT;IK;[LPiMVGL
9:;:1( ,LGHP; PLPRPKHT; J[; G; QVJTT^TPQHIJK; RG_; \MQaLP RPR\PVT; RG_; \P; NJKP; GT; OIYPK; IK; 1<:!:1:1
LJQGLL_;NMP;HJ;QJRZVPTTIYP;THVPTTPT];/SP;LJQGL;\MQaLIKO [JV;[LPiMVP;GKN;1<:<:!:!;[JV;TSPGV]
QGK; \P; GYJINPN; \P[JVP; HSP; LIRIH; THGHP; IT; GQSIPYPN; \_ %SPK;NI[[PVPKH;PLPRPKHT;J[;G;QVJTT^TPQHIJK;[GLL;MKNPV
LIRIHIKO;HSP;ÌNHS;HJ;HSIQaKPTT;VGHIJ;J[;PGQS;PLPRPKH;J[ NI[[PVPKH; QLGTTPT<; HSP; TPQHIJK; TSGLL; \P; QLGTTI[IPN; GT
G;QVJTT^TPQHIJK;TM\fPQHPN;HJ;QJRZVPTTIJK;NMP;HJ;GiIGL OJYPVKPN;\_;HSP;RJTH;QVIHIQGL;PLPRPKH]
[JVQP<;RJRPKH;JV;TSPGV]
/SP;RGiIRMR;YGLMP;J[;LIRIHIKO;ÌNHS;HJ;HSIQaKPTT;VGHIJT
9:;:1:1( %SPK; ZLGTHIQ; GKGL_TIT; IT; MTPN<; HSP; RPR\PVT J[;PLPRPKHT;[JV;NI[[PVPKH;QLGTTI[IQGHIJKT;J[;TPQHIJKT;GVP
TSGLL;\P;QGZG\LP;J[;[JVRIKO;ZLGTHIQ;SIKOPT;ÌHS;TM[[IQIPKH OIYPK;IK;!IO];.:];/SP;P[[PQHIYP;TPQHIJK;IK;QGTP;J[;QLGTT
VJHGHIJK;QGZGQIH_;UNMQHILIH_X;ÌHSJMH;LJQGL;\MQaLIKO<;HJ 8;UTLPKNPV;PLPRPKHTX;RG_;\P;QJKTPVYGHIYPL_;HGaPK;GT
PKG\LP;HSP;VPNITHVI\MHIJK;J[;\PKNIKO;RJRPKH;VPeMIVPN TSJ`K;IK;!IO];.7;GKN;!IO];.+]
\P[JVP;[JVRGHIJK;J[;HSP;[GILMVP;RPQSGKITR]
9:;:7(0M3')&*,&@7'Y'+!)
9:;:1:!( %SPK;PLGTHIQ;GKGL_TIT;IT;MTPN<;HSP;RPR\PV;TSGLL
\P; QGZG\LP; J[; NPYPLJZIKO; HSP; _IPLN; THVPTT; MKNPV GX \+!'$+67& '7'Y'+!)& /; /SPTP; GVP; PLPRPKHT
QJRZVPTTIJK;ÌHSJMH;LJQGL;\MQaLIKO] GHHGQSPN;GLJKO;\JHS;LJKOIHMNIKGL;PNOPT;HJ;JHSPV
PLPRPKHT; JV; HJ; LJKOIHMNIKGL; THI[[PKPVT
9:;:!("K;\GTIT;J[;HSP;G\JYP<;[JMV;QLGTTPT;J[;TPQHIJKT QJKKPQHPN;GH;TMIHG\LP;IKHPVYGLT;HJ;HVGKTYPVTP
GVP;NP[IKPN;GT;[JLLJ`Tb THI[[PKPVTl;[JV;PiGRZLP;`P\;J[;1^TPQHIJK;GKN
GX >76))&U&UE76)!#-V&/;+VJTT^TPQHIJKT<;`SIQS;QGK [LGKOPT;GKN;`P\;J[;\Ji;TPQHIJK]
NPYPLJZ;ZLGTHIQ;SIKOPT;GKN;SGYP;HSP;VJHGHIJK \X Q.!)#%'&'7'Y'+!)&*$&*.!)!6+%)&/&/SPTP;GVP
QGZGQIH_;VPeMIVPN;[JV;[GILMVP;J[;HSP;THVMQHMVP PLPRPKHT; GHHGQSPN; GLJKO; JKL_; JKP; J[; HSP
\_;[JVRGHIJK;J[;ZLGTHIQ;RPQSGKITR];/SP;ÌNHS LJKOIHMNIKGL; PNOPT; HJ; GK; GNfGQPKH; PLPRPKH<
HJ;HSIQaKPTT;VGHIJ;J[;ZLGHP;PLPRPKHT;TSGLL;\P HSP;JHSPV;PNOP;\PIKO;[VPP;HJ;NITZLGQP;JMH;J[
LPTT;HSGK;HSGH;TZPQI[IPN;MKNPV;+LGTT;);U,LGTHIQX< ZLGKP<;[JV;PiGRZLP;[LGKOP;JYPVSGKO;J[;GK;1^
IK;/G\LP;.] TPQHIJK<; THPR; J[; /^TPQHIJK; GKN; LPOT; J[; GK
\X >76))& W& X>*Y36-!V& /& +VJTT^TPQHIJKT<; `SIQS GKOLP;TPQHIJK]
QGK;NPYPLJZ;ZLGTHIQ;RJRPKH;J[;VPTITHGKQP<;\MH QX 063'$'%&'7'Y'+!)&/&/SPTP;RG_;\P;HVPGHPN;GT
SGYP;IKGNPeMGHP;ZLGTHIQ;SIKOP;VJHGHIJK;QGZGQIH_ [LGH; PLPRPKHT; SGYIKO; GYPVGOP; HSIQaKPTT; GT
[JV;[JVRGHIJK;J[;ZLGTHIQ;RPQSGKITR<;NMP;HJ;LJQGL NP[IKPN;IK;GQQPZHPN;THGKNGVN;o>^>U6(Xp]
\MQaLIKO];/SP;ÌNHS;HJ;HSIQaKPTT;VGHIJ;J[;ZLGHP /SP;NPTIOK;J[;TLPKNPV;QJRZVPTTIJK;PLPRPKH;U+LGTT;8X
PLPRPKHT;TSGLL;\P;LPTT;HSGK;HSGH;TZPQI[IPN;MKNPV QJKTINPVIKO;HSP;THVPKOHS;\P_JKN;PLGTHIQ;LJQGL;\MQaLIKO
+LGTT; .; U+JRZGQHX<; \MH; OVPGHPV; HSGK; HSGH J[;PLPRPKH;IT;JMHTINP;HSP;TQJZP;J[;HSIT;TPQHIJK];#P[PVPKQP
TZPQI[IPN;MKNPV;+LGTT;);U,LGTHIQX<;IK;/G\LP;.] RG_; \P; RGNP; HJ; IK; OJJN; ZVGQHIQP; o>^>U68Xp; [JV; TMQS
QX >76))&Z;U5'Y#1-*Y36-!V&/;+VJTT^TPQHIJKT<;IK NPTIOK;ZVJYITIJKT];/SP;NPTIOK;J[;TLPKNPV;`P\;PLPRPKHT
`SIQS; HSP; PiHVPRP; [I\PV; IK; QJRZVPTTIJK; QGK RG_; \P; RGNP; GT; OIYPK; IK; 1<:!:1:1( [JV; [LPiMVP
VPGQS;_IPLN;THVPTT<;\MH;QGKKJH;NPYPLJZ;HSP;ZLGTHIQ GKN 1<:<:!:!([JV;TSPGV]
RJRPKH;J[;VPTITHGKQP<;NMP;HJ;LJQGL;\MQaLIKO]
/SP;ÌNHS;HJ;HSIQaKPTT;VGHIJ;J[;ZLGHP;PLPRPKHT 9:;:<( >*Y3*.+%& @7'Y'+!)& #+& =.#7!1.3& 5'-!#*+
TSGLL;\P;LPTT;HSGK;HSGH;TZPQI[IPN;MKNPV;+LGTT;6 U)'' !IO] .X
U*PRI^QJRZGQHX<;\MH;OVPGHPV;HSGK;HSGH;TZPQI[IPN 1K;QGTP;J[;QJRZJMKN;PLPRPKHT;QJKTITHIKO;J[;H`J;JV;RJVP
MKNPV;+LGTT;.;U+JRZGQHX<;IK;/G\LP;.] PLPRPKHT;\JLHPN;JV;`PLNPN;HJOPHSPV<;HSP;LIRIHIKO;ÌNHS
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !7
HJ;HSIQaKPTT;VGHIJT;GT;IK;/G\LP;.;TSJMLN;\P;QJKTINPVPN QX :K_;JMHTHGKN;J[;HSP;GNNPN;ZLGHPT;\P_JKN;HSP
JK;\GTIT;J[;HSP;[JLLJÌKOb LIKP; J[; `PLNT; JV; [GTHPKPVT; QJKKPQHIKO; IH; HJ
JVIOIKGL;TPQHIJK;HJ;IHT;J`K;HSIQaKPTT]
GX "MHTHGKNIKO;ÌNHS;J[;QJRZJMKN;PLPRPKH;U<PX
HJ;IHT;J`K;HSIQaKPTT] 9:Q( =EZ@IOI(.MMB?D@XB(5FBCABNCBHH(4ED@G
\X /SP; IKHPVKGL; ÌNHS; J[; PGQS; GNNPN; ZLGHP
\PH`PPK; HSP; LIKPT; J[; `PLNT; JV; [GTHPKPVT 9:Q:1(/SP;RGiIRMR;P[[PQHIYP;TLPKNPVKPTT;VGHIJ<;()*'+
QJKKPQHIKO;IH;HJ;HSP;JVIOIKGL;TPQHIJK;HJ;IHT;J`K YGLMPT; J[; G; \PGR<; THVMH; JV; HPKTIJK; RPR\PV; TSGLL; KJH
HSIQaKPTT] PiQPPN; HSJTP; OIYPK; IK; /G\LP; 6]; c()d; IT; HSP; P[[PQHIYP
LPKOHS;J[;HSP;RPR\PV;GKN;c'`;IT;GZZVJZVIGHP;VGNIMT;J[
$ERFB(!('@I@D@CL(^@ADP(DG($P@?SCBHH(4ED@G
U>76.)')&B]-].;6+%;B]-]8X
'"(( !%/01($$+%,(2"(/(,*( 3#*+%( !"#$$(%&('()*+%,(

-%.( (
7B;DD;"; 7B;DD;$; 7B;DD;%;
LB;DC/M; 7)NO;MC; -AN/,7)NO;MC;
!"#; !$#; !%#; !&#; !'#; !(#;
/#; RSCDC;<=/<T;ABANA<C;)P; 6)BBA=;DAMC/)<; .]&P& 9Q&"; "+Q'"; "'Q8";
M)NO*ADD/)<;PB;<TA;; MAB=A=;DAMC/)<; .]&P& :Q&"; 9Q&"; "%Q(";
//#; ?<CA*<;B;ABANA<C;)P;M)NO*ADD/)<; 7)NO*ADD/)<;=SA;C);UA<=/<T; .]&P& $9Q%"; %%Q'"; &$";
PB;<TA; 3>/;B;M)NO*ADD/)<; .]&P& &$"; &$";
///#; MAU;)P;;<;?4;O;)*; VASC*;B;;>/D;;C;N/=,=AOCW; %]&N& :&"; "+'"; "$(";
U)>;DAMC/)<;; :&" "+'Q+^ "$(Q+"
?P;*";/D;<AT;C/.A; %]&N& ; ; ;
" # !" " # !" " # $ !$
@A<A*;BBX;; USC;$;&$"; "+'Q+" USC;$;&$";
;
?P;*";/D;O)D/C/.A; "]#N& " # "Q'!"
USC;$;&$";
3>/;B;M)NO*ADD/)<;; "]#N& &$"; &$"; &$";
/.#; MAU;)P;;;MW;<<AB; "]#N& &$"; &$"; &$"&
.#; 3<TBA4;M)NO*ADD/)<;=SA;C);UA<=/<T; $]#& 9Q&"% "+Q'"% "'Q8"%
!5)CW;M*/CA*/;;DW)SB=;UA;D;C/DP/A=#; "]#& 9Q&;"; "+Q'"; "'Q8";
./#; -/<TBA;;<TBA4;)*;=)SUBA;;<TBAD; N/CW;CWA;M)NO)<A<CD;DAO;*;CA=4; $]#& "'Q8"; "'Q8"; "'Q8";
;>/;B;M)NO*ADD/)<;!3BB;CW*AA;M*/CA*/;;DW)SB=;UA;D;C/DP/A=#; "]#& "'Q8"; "'Q8"; "'Q8";
!$_"#]#& $'"; $'"; $'";
.//#; RSCDC;<=/<T;BAT;)P;;<;;<TBA;/<;M)<C;MC;U;MY,C),U;MY;/<;;;=)SUBA; "]#& 9Q&"; "+Q'"; "'Q8";
;<TBA;NANUA*;
.///#; RSCDC;<=/<T;BAT;)P;;<;;<TBA;N/CW;/CD;U;MY;/<;M)<C/<S)SD;M)<C;MC; "]#; 9Q&"; "+Q'"; "'Q8";
N/CW;;<)CWA*;M)NO)<A<C;
/>#; -CAN;)P;;;Z,DAMC/)<4;*)BBA=;)*;MSC;P*)N;;;*)BBA=;?,)*;O,DAMC/)<; "]#; :Q&"; 9Q&"; ":Q9";
>#; 7/*MSB;*;W)BB)N;CSUA4;/<MBS=/<T;NAB=A=;CSUA;DSU[AMCA=;C)\; & ; ; ;
;#;N)NA<C;; %]#& &$"$; '$"$; "&("$;
U#;;>/;B;M)NO*ADD/)<;; %]#& V)C;;OOB/M;UBA; ::"&;
2"/$*
1($LPRPKHT;`SIQS;PiQPPN;TPRI^QJRZGQH;LIRIHT;GVP;HJ;\P;HGaPK;GT;J[;TLPKNPV;+VJTT^TPQHIJK
!!ε&m;U.(D;W;'_;X)W.
7(%P\T;TSGLL;\P;QSPQaPN;[JV;TSPGV;\MQaLIKO;IK;GQQJVNGKQP;ÌHS;1<:<:!;`SPK;!W"&P;>-ε];%SPVP<;#;IT;HSP;ÌNHS;J[;HSP;PLPRPKH;RG_;\P
HGaPK;GT;QLPGV;NITHGKQP;\PH`PPK;LGHPVGL;TMZZJVHT;JV;\PH`PPK;LGHPVGL;TMZZJVH;GKN;[VPP;PNOP<;GT;GZZVJZVIGHP<;H;IT;HSP;HSIQaKPTT;J[;PLPRPKH<
N;IT;HSP;NPZHS;J[;HSP;`P\<;$;IT;HSP;JMHPV;NIGRPHPV;J[;HSP;PLPRPKH;U%&&;!IO;.<;9:;:7;GKN;9:;:<X]
<(&I[[PVPKH;PLPRPKHT;J[;G;QVJTT^TPQHIJK;QGK;\P;IK;NI[[PVPKH;QLGTTPT];1K;TMQS;QGTPT;HSP;TPQHIJK;IT;QLGTTI[IPN;\GTPN;JK;HSP;LPGTH;[GYJMVG\LP
QLGTTI[IQGHIJK]
8(/SP;THVPTT;VGHIJ;');GKN;'.;GVP;NP[IKPN;GTb
I3%Q*";*G!&*2!;*E,*";'%&!'';4/!2*%,G!L;,R;%!/',"!6
');m;
@!',2/;31-S&!'',G!;'%&!'';1R;.!T;*"1/!
I3%Q*";*G!&*2!;*E,*";'%&!'';4/!2*%,G!L;,R;%!/',"!6
'.;m;
@!',2/;31-S&!'',G!;'%&!'';1R;1G!&*"";'!3%,1/
!< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
!14 ];.;+3:**1!1+:/1"2;"!;*$+/1"2* ;j;U,-."/.0&!X
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !8
!14 ];.;+3:**1!1+:/1"2;"!;* $+/1"2*
O_VGHIJK; \GTPN; JK; HSP; P[[PQHIYP; TPQHIJK; GT; NP[IKPN /J; VPTITH; HJVTIJKGL; P[[PQHT; J[; ÌKN; GKN; PGVHSeMGaP
IK 9:2:1] [JVQPT<; \VGQIKOT; IK; ZLGK; TSJMLN; \P; ZVJYINPN; GKN
IKHPOVGLL_; QJKKPQHPN; ÌHS; HSP; LJKOIHMNIKGL; GKN
9:9( 4BH@HDEC?B(DG([GN@cGCDEF(/GN?BH HVGKTYPVTP; \VGQIKOT<; HJ; IRZGVH; GNPeMGHP; HJVTIJKGL
9:9:1(1K;NPTIOKIKO;HSP;THPPL;[VGRP;`JVa;J[;G;\MILNIKO< VPTITHGKQP;HJ;HSP;THVMQHMVP]
ZVJYITIJK; TSGLL; \P; RGNP; U\_; GNPeMGHP; RJRPKH 9:9:7:1; 1K; TSPN; H_ZP; THPPL; RILL; \MILNIKOT<; GNPeMGHP
QJKKPQHIJKT;JV;\_;G;T_THPR;J[;\VGQIKOX;HJ;P[[PQHIYPL_ \VGQIKOT; TSGLL; \P; ZVJYINPN; HJ; HVGKT[PV; HSP; ÌKN; JV
HVGKTRIH; HJ; HSP; [JMKNGHIJKT; GLL; HSP; SJVIgJKHGL; [JVQPT< PGVHSeMGaP; LJGNT; [VJR; HSPIV; ZJIKHT; J[; GQHIJK; HJ; HSP
OIYIKO; NMP; GLLJ`GKQP; [JV; HSP; THI[[PKIKO; P[[PQH; J[; HSP GZZVJZVIGHP; TMZZJVHIKO; RPR\PVT]; %SPVP; HSP
`GLLT;GKN;[LJJVT<;`SPVP;GZZLIQG\LP] QJKKPQHIJKT; HJ; HSP; IKHPVIJV; QJLMRKT; JV; [VGRPT; GVP
9:9:! %SPK;HSP;`GLLT<;JV;`GLLT;GKN;[LJJVT;GKNWJV;VJJ[T NPTIOKPN;TMQS;HSGH;HSP;ÌKN;JV;PGVHSeMGaP;LJGNT;ÌLL
GVP;QGZG\LP;J[;P[[PQHIYPL_;HVGKTRIHHIKO;GLL;HSP;SJVIgJKHGL KJH;\P;HVGKT[PVVPN;HJ;HSP;IKHPVIJV;QJLMRKT<;HSP;PiHPVIJV
[JVQPT;NIVPQHL_;HJ;HSP;[JMKNGHIJKT<;HSP;THVMQHMVGL;THPPL QJLMRKT;JV;[VGRPT;TSGLL;\P;NPTIOKPN;HJ;VPTITH;HSP;HJHGL
[VGRP`JVa;RG_;\P;NPTIOKPN;ÌHSJMH;QJKTINPVIKO;HSP ÌKN;JV;PGVHSeMGaP;LJGNT];%SPVP;HSP;QJKKPQHIJKT;HJ
P[[PQH;J[;ÌKN;JV;PGVHSeMGaP] HSP;IKHPVIJV;QJLMRKT;GKN;[VGRPT;GVP;NPTIOKPN;TMQS;HSGH
HSP; ÌKN; JV; PGVHSeMGaP; P[[PQHT; GVP; HVGKT[PVVPN; HJ; HSP
9:9:7( %IKN;GKN;PGVHSeMGaP;[JVQPT;GVP;VPYPVTI\LP;GKN IKHPVIJV; QJLMRKT; GLTJ<; GKN; `SPVP; GNPeMGHP; VIOIN
HSPVP[JVP; QGLL; [JV; VIOINIH_; GKN; THVPKOHS; MKNPV; [JVQP NIGZSVGOR;GQHIJK;QGK;\P;RJ\ILIgPN;GT;IK;HSP;QGTP;J[
VPYPVTGL;IK;\JHS;LJKOIHMNIKGL;GKN;HVGKTYPVTP;NIVPQHIJKT] HSP; QGTHÎK; ZLGQP; #+; TLG\<; \JHS; PiHPVIJV; GKN; IKHPVIJV
!2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
$ERFB(7(=EZ@IOI(ÈFOBH(GM(.MMB?D@XB 9:9:8( 122&."'/23445&6432&!&)-3!%
5FBCABNCBHH(4ED@GH %SPVP; G; `GLL<; JV; JHSPV; OVGYIH_; LJGN<; IT; ZLGQPN
U,430%&&B]A])X PQQPKHVIQGLL_;MZJK;HSP;[LGKOP;J[;G;TMZZJVHIKO;THPPL;\PGR<
HSP; \PGR; GKN; IHT; QJKKPQHIJKT; TSGLL; \P; NPTIOKPN; [JV
'"( 4(/5(1( 4#6+/7/( HJVTIJK<;MKLPTT;HSP;\PGR;IT;VPTHVGIKPN;LGHPVGLL_;IK;TMQS
-%.( 2&&()*+8((
'"(,9(1,($$((
G;`G_;GT;HJ;ZVPYPKH;HSP;HÌTHIKO;J[;HSP;\PGR]
3#*+%(
()]!( 9:10( .ZJECH@GC(dG@CDH
!"#; !$#; !%#;
$iZGKTIJK; fJIKHT; IK; QGTP; J[; LJ`^VITP; \MILNIKOT; TSGLL
/#; 3; NANUA*; M;**X/<T; M)NO*ADD/.A; B);=D; ":+;
*ADSBC/<T; /*)N; =A;=; B);=D; ;<=; /NO)DA=; QJRZL_; ÌHS; 9:10:1( HJ( 9:10:<]; !JV; VPeMIVPRPKH; J[
B);=D; PiZGKTIJK; fJIKHT; IK; SIOS^VITP; \MILNIKOT<; TZPQIGLITH
//#; 3; CA<D/)<; NANUA*; /<; FW/MW; ;; *A.A*D;B; )/; ":+; LIHPVGHMVP;TSGLL;\P;VP[PVVPN;HJ]
=/*AMC;DC*ADD;)MMS*D;=SA;C);B);=D;)CWA*;CW;<;
F/<=;)*;DA/DN/M;/)*MAD; 9:10:1(1K;YIP`;J[;HSP;LGVOP;KMR\PV;J[;[GQHJVT;IKYJLYPN
///#; 3;NANUA*;DSU[AMCA=;C);M)NO*ADD/)<;/)*MAD; $'+;
*ADSBC/<T; )<BX; /*)N; M)NU/<;C/)<; F/CW;
IK; NPQINIKO; HSP; LJQGHIJK<; TZGQIKO; GKN; KGHMVP; J[
F/<=UA;*CW]S;YA; ;MC/)<D4; O*)./=A=; CWA; PiZGKTIJK;fJIKHT<;HSP;NPQITIJK;VPOGVNIKO;ZVJYITIJK;J[
=A/)*N;C/)<; )/; DSMW; NANUA*; =)AD; <)C; PiZGKTIJK;fJIKHT;TSGLL;\P;LP[H;HJ;HSP;NITQVPHIJK;J[;HSP
;=.A*DABX;;//AMC;CWA;DC*ADD;/<;;<X;O;*C;)/;CWA; NPTIOKPV]
DC*SMCS*A;
/.#; 7)NO*ADD/)<; /B;<TA; )/; ;; UA;N; ;T;/<DC; %++; 9:10:!( *HVMQHMVPT; IK; `SIQS; RGVaPN; QSGKOPT; IK; ZLGK
B;CA*;B;C)*D/)<;B;USMYB/<T;;
.#; 3;NANUA*;<)*N;BBX;;MC/<T;;D;;;C/A;/<;;;*))/; %'+; NIRPKTIJKT;HGaP;ZLGQP;G\VMZHL_<;TSGLL;\P;ZVJYINPN;ÌHS
C*SDD; )*; ;; U*;M/<T; DXDCAN; <)C; M)<D/=A*A=; PiZGKTIJK; fJIKHT; GH; HSP; TPQHIJK; `SPVP; TMQS; QSGKOPT
A//AMC/.A; FWA<; DSU[AMC; C); O)DD/UBA; *A.A*D;B; JQQMV];$iZGKTIJK;fJIKHT;TSGLL;\P;TJ;ZVJYINPN;HSGH;HSP
)/; DC*ADD; /<C); M)NO*ADD/)<; *ADSBC/<T; /*)N;
CWA;;MC/)<;)/;F/<=;)*;A;*CW]S;YA;/)*MAD"#; KPQPTTGV_;RJYPRPKH;JQQMVT;ÌHS;RIKIRMR;VPTITHGKQP
./#; ÂNUA*D; ;BF;XD; S<=A*; CA<D/)<"#; !)CWA*; &++; GH;HSP;fJIKH];/SP;OGZ;GH;HSP;PiZGKTIJK;fJIKH;TSJMLN;\P
CW;<;O*A,CA<D/)<A=;NANUA*D#; TMQS;HSGH<
)X(/PKTIJK;RPR\PVT<;TMQS;GT;\VGQIKOT<;ZVP^HPKTIJKPN;HJ;GYJIN;TGO< GX IH; GQQJRRJNGHPT; HSP; PiZPQHPN; PiZGKTIJKW
KPPN;KJH;TGHIT[_;HSP;RGiIRMR;TLPKNPVKPTT;VGHIJ;LIRIHT] QJKHVGQHIJK; NMP; HJ; TPGTJKGL; GKN; NIMVKGL
YGVIGHIJK;J[;HPRZPVGHMVPl;GKN
QJLMRKT;GKN;[VGRPT;RG_;\P;NPTIOKPN;JK;HSP;GTTMRZHIJK
HSGH;HSP;ÌKN;JV;PGVHSeMGaP;LJGN;IT;NIYINPN;GRJKO;HSPR \X IH; GYJINT; ZJMKNIKO; J[; GNfGQPKH; MKIHT; MKNPV
IK;ZVJZJVHIJK;HJ;HSPIV;VPLGHIYP;THI[[KPTT];+JLMRKT;GLTJ PGVHSeMGaP];/SP;THVMQHMVP;;;GNfGQPKH;HJ;HSP;fJIKH
TSJMLN;\P;NPTIOKPN;HJ;ÌHSTHGKN;HSP;KPH;MZLI[HIKO;P[[PQH TSJMLN; ZVP[PVG\L_; \P; TMZZJVHPN; JK; TPZGVGHP
QGMTPN; \_; PiQPTTIYP; ÌKN; JV; PGVHSeMGaP]; :NNIHIJKGL QJLMRKT; ; ; \MH; KJH; KPQPTTGVIL_; JK; TPZGVGHP
GiIGL; [JVQPT; GVITIKO; IK; GNfGQPKH; QJLMRKT; NMP; HJ; HSP [JMKNGHIJKT]
YPVHIQGL;QJRZJKPKH;J[;\VGQIKOT;JV;NMP;HJ;[VGRP;GQHIJK 9:10:7( /SP;NPHGILT;GT;HJ;HSP;LPKOHS;J[;G;THVMQHMVP;`SPVP
TSGLL;GLTJ;\P;GQQJMKHPN;[JV]
PiZGKTIJK;fJIKHT;SGYP;HJ;\P;ZVJYINPN;RG_;\P;NPHPVRIKPN
9:9:7:!; $GVHSeMGaP; [JVQPT; GVP; ZVJZJVHIJKGL; HJ; HSP G[HPV;HGaIKO;IKHJ;QJKTINPVGHIJK;YGVIJMT;[GQHJVT;TMQS;GT
TPITRIQ; RGTT; GT; NP[IKPN; IK; 8; J[; ,GVH; >; c*HVMQHMVGL HPRZPVGHMVP<;PiZJTMVP;HJ;`PGHSPV;GKN;THVMQHMVGL;NPTIOK]
&PTIOK<; *PQHIJK; ); 3JGNT<; !JVQPT; GKN; $[[PQHTd; J[; HSP /SP; ZVJYITIJKT; IK; 9:10:7:1; HJ; 9:10:7:7; GVP; OIYPK; GT
+JNP];$GVHSeMGaP;[JVQPT;TSJMLN;\P;GZZLIPN;GH;HSP;QPKHVP OPKPVGL;OMINGKQP]
J[; OVGYIH_; J[; GLL; TMQS; QJRZJKPKHT; J[; RGTT; GKN; HSPIV
9:10:7:1 ;1[;JKP;\G_;J[;LJKOIHMNIKGL;\VGQIKO;IT;ZVJYINPN
HVGKT[PV; HJ; HSP; [JMKNGHIJK; TSJMLN; \P; PKTMVPN]; "HSPV
QJKTHVMQHIJK; NPHGILT<; THIZMLGHPN; IK; OJJN; ZVGQHIQP GH; HSP; QPKHVP; J[; HSP; \MILNIKO; JV; \MILNIKO; TPQHIJK<; HSP
o>^>U6>Xp;TSJMLN;GLTJ;\P;[JLLJ`PN] LPKOHS;J[;HSP;\MILNIKO;TPQHIJK;RG_;\P;VPTHVIQHPN;HJ;)AD;R
IK;QGTP;J[;QJYPVPN;\MILNIKOT;GKN;).D;R;IK;QGTP;J[;JZPK
9:9:7:7 ;1K;\MILNIKOT;`SPVP;SIOS^TZPPN;HVGYPLLIKO;QVGKPT OGKHVIPT;U%&&&!IO];6X]
GVP; TMZZJVHPN; JV; `SPVP; G; \MILNIKO; JV; THVMQHMVP; IT
JHSPVÌTP;TM\fPQHPN;HJ;YI\VGHIJK;JV;T`G_<;HVIGKOMLGHPN 9:10:7:!;1[;RJVP;HSGK;JKP;\G_;J[;LJKOIHMNIKGL;\VGQIKO
\VGQIKO; JV; VIOIN; ZJVHGL; T_THPRT; TSGLL; \P; ZVJYINPN; HJ IT;ZVJYINPN;KPGV;HSP;QPKHVP;J[;HSP;\MILNIKOWTPQHIJK<;HSP
VPNMQP;HSP;YI\VGHIJK;JV;T`G_;HJ;GK;GQQPZHG\LP;RIKIRMR] RGiIRMR;QPKHVP;LIKP;NITHGKQP;\PH`PPK;HSP;H`J;LIKPT;J[
\VGQIKO;RG_;\P;VPTHVIQHPN;HJ;(D;R;[JV;QJYPVPN;\MILNIKOT
9:9:<( 7-0.!3"/-.% UGKN;6D;R;[JV;JZPK;OGKHVIPTX;GKN;HSP;RGiIRMR;NITHGKQP
/SP;[JMKNGHIJKT;J[;G;\MILNIKO;JV;JHSPV;THVMQHMVPT;TSGLL \PH`PPK; HSP; QPKHVP; J[; HSP; \VGQIKO; HJ; HSP; KPGVPTH
\P;NPTIOKPN;HJ;ZVJYINP;HSP;VIOINIH_;GKN;THVPKOHS;HSGH PiZGKTIJK; fJIKHWPKN; J[; \MILNIKO; JV; TPQHIJK; RG_; \P
SGT; \PPK; GTTMRPN; IK; HSP; GKGL_TIT; GKN; NPTIOK; J[; HSP VPTHVIQHPN;HJ;BD;R;U>D;R;IK;QGTP;J[;JZPK;OGKHVIPTX];/SP
TMZPVTHVMQHMVP] RGiIRMR;LPKOHS;J[;HSP;\MILNIKO;TPQHIJK;HSMT;RG_;\P
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !;
J[;10:!(GKN;10:7;GKN;JKP;J[;HSP;[JLLJÌKO;RPHSJNT;J[
GKGL_TITb
GX $LGTHIQ;GKGL_TIT;IK;GQQJVNGKQP;ÌHS;10:<<
\X ,LGTHIQ;GKGL_TIT;IK;GQQJVNGKQP;ÌHS;10:8<
QX :NYGKQPN; GKGL_TIT; IK; GQQJVNGKQP; ÌHS
:KKPi(:<;JV
NX &_KGRIQ;GKGL_TIT;IK;GQQJVNGKQP;ÌHS;8;J[;,GVH
>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT
GKN;$[[PQHTd;J[;HSP;+JNP]
/SP;NPTIOK;GQHIJK;P[[PQHT;[JV;NPTIOK;\GTIT;PGVHSeMGaP
! 14];6;0:@1090;3$24/=;"!;7913&124;%1/=;"2$ LJGNT;TSGLL;\P;J\HGIKPN;JKL_;\_;GK;PLGTHIQ;GKGL_TIT];/SP
7 :5;"!;7#:+124 RGiIRMR;QVPNI\LP;PGVHSeMGaP;LJGNT(TSGLL;\P;GTTMRPN
HJ;QJVVPTZJKN;HJ;HSP;LJGN;GH;`SIQS;TIOKI[IQGKH;ZLGTHIQ
VPTHVIQHPN;HJ;.6D;R;[JV;QJYPVPN;\MILNIKOT;U)(D;R;[JV SIKOPT;GVP;[JVRPN;IK;HSP;THVMQHMVP;GKN;HSP;QJVVPTZJKNIKO
JZPK;OGKHVIPTX];7P_JKN;HSIT<;TMIHG\LP;PiZGKTIJK;fJIKHT P[[PQHT;TSGLL;\P;J\HGIKPN;\_;ZLGTHIQ;JV;GNYGKQPN;GKGL_TIT]
TSGLL;\P;ZVJYINPN;U%&&&!IO];8X] 0JVP; IK[JVRGHIJK; JK; GKGL_TIT; GKN; NPTIOK; HJ; VPTITH
9:10:7:7; /SP;RGiIRMR;ÌNHS;J[;HSP;QJYPVPN;\MILNIKO PGVHSeMGaP; IT; OIYPK; IK; *PQHIJK; >UKX; GKN; 8; J[; ,GVH; >
TPQHIJK;TSJMLN;ZVP[PVG\L_;\P;VPTHVIQHPN;HJ;)(D;R;\P_JKN c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd
`SIQS;TMIHG\LP;ZVJYITIJKT;[JV;HSP;PiZGKTIJK;fJIKH;RG_ J[;HSP;+JNP]
\P;RGNP] 10:1:!& 9-.:;<35&3.!&;<35&7'3=&%
9:10:<( %SPK;HSP;ZVJYITIJKT;J[;HSPTP;TPQHIJKT;GVP;RPH;[JV !JV;HSP;ZMVZJTP;J[;GKGL_TIT;GKN;NPTIOK<;HSP;THVMQHMVGL
G;\MILNIKO;JV;JZPK;THVMQHMVP;RGNP;JKL_;J[;THPPL;[VGRP [VGRPT;GVP;QLGTTI[IPN;GT;KJK^T`G_;GKN;T`G_;[VGRPT;GT
ÌHS; PLGTHIQ; THPPL; QLGNNIKOT<; HSP; THVPTT; GKGL_TIT; NMP; HJ OIYPK;\PLJ`b
HPRZPVGHMVP;IT;KJH;VPeMIVPN];=J`PYPV<;[JV;\MILNIKOT;ÌHS
THPPL;QJKQVPHP;QJRZJTIHP;QJKTHVMQHIJK<;TZPQIGLITH;LIHPVGHMVP GX 9-.:%<35& >'3=&& j; "KP; IK; `SIQS; HSP
RG_;\P;VP[PVVPN;HJ;NPQINP;JK;HSPVRGL;THVPTT;NPTIOK] HVGKTYPVTP; NITZLGQPRPKH; J[; JKP; PKN; J[; HSP
RPR\PV;VPLGHIYP;HJ;HSP;JHSPV;PKN;IT;P[[PQHIYPL_
'&!%(#$")*7,"2&%8#4'"#9 ZVPYPKHPN];/SIT;GZZLIPT;HJ;HVIGKOMLGHPN;[VGRPT
'%.6!%6./0"/$/0:'(' GKN; HVMTTPT; JV; HJ; [VGRPT; `SPVP; IK^ZLGKP
THI[[KPTT;IT;ZVJYINPN;\_;\VGQIKOT<;JV;\_;TSPGV
10(=.$[&+5(&/(5$4*-$*4#'(#"#'>5%5 `GLLT<;JV;\_;[LJJV;TLG\T;GKN;VJJ[;NPQaT;TPQMVPN
SJVIgJKHGLL_; HJ; `GLLT; JV; HJ; \VGQIKO; T_THPRT
10:1( =BDPGAH(GM(+BDBNI@C@CL(#?D@GC(.MMB?DH
ZGVGLLPL;HJ;HSP;ZLGKP;J[;LJGNIKO;GKN;\PKNIKO
10:1:1(8&.&'34 J[;HSP;[VGRP]
!JV;HSP;ZMVZJTP;J[;QJRZL_IKO;ÌHS;HSP;VPeMIVPRPKHT;J[ \X ;<35&>'3=&&j;"KP;IK;`SIQS;HSP;HVGKTYPVTP
HSP;LIRIH;THGHPT;J[;THG\ILIH_<;THVPKOHS;GKN;TPVYIQPG\ILIH_ NITZLGQPRPKH; J[; JKP; PKN; J[; HSP; RPR\PV
TZPQI[IPN;IK;*PQHIJK;>UPX_;P[[PQHT;J[;NPTIOK;GQHIJKT;JK;G VPLGHIYP; HJ; HSP; JHSPV; PKN; IT; KJH; P[[PQHIYPL_
THVMQHMVP; GKN; IHT; RPR\PVT; GKN; QJKKPQHIJKT<; TSGLL; \P ZVPYPKHPN];*MQS;RPR\PVT;GKN;[VGRPT;JQQMV
NPHPVRIKPN;\_;THVMQHMVGL;GKGL_TIT;MTIKO;HSP;GTTMRZHIJKT IK;THVMQHMVPT;`SIQS;NPZPKN;JK;[LPiMVGL;GQHIJK
! 14];8;0 :@1090;3$24/=;"!;+"?$#$& ;7913&124W*$+/1"2;%1/=;/%";7:5*;"!;7#:+124*
!Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
J[;RPR\PVT;HJ;VPTITH;LGHPVGL;LJGNT;GKN;T`G_< RPR\PVT;U\PGR;GKN;QJLMRKX;GH;HSPIV;fMKQHIJK;ÌLL;KJH
GT;IK;RJRPKH;VPTITHIKO;[VGRPT] VPTITH;GK_;GZZVPQIG\LP;RJRPKH;GKN;TSGLL;\P;GTTMRPN;HJ
QX :; VIOIN; fJIKHPN; RMLHI^THJVP_; [VGRP; RG_; \P \P;SIKOPN]
QJKTINPVPN;GT;G;KJK^T`G_;[VGRP;I[;IK;PYPV_ 10:!:!( $&%/A.&->&2-..&2"/-.%
IKNIYINMGL; THJVP_<; HSP; NP[LPQHIJK; !<; JYPV; G
THJVP_;SPIOSH;?T;NMP;HJ;HSP;KJHIJKGL;SJVIgJKHGL /SP;NPTIOK;J[;GLL;QJKKPQHIJKT;TSGLL;\P;QJKTITHPKH;ÌHS
LJGNIKO;OIYPK;IK;10:7:2;TGHIT[IPT;HSP;[JLLJÌKO HSP; [JVR; J[; QJKTHVMQHIJK<; GKN; HSP; \PSGYIJMV; J[; HSP
QVIHPVIGb QJKKPQHIJKT;TSGLL;KJH;GNYPVTPL_;G[[PQH;GK_;JHSPV;ZGVH;J[
HSP; THVMQHMVP; \P_JKN; `SGH; IT; GLLJ`PN; [JV; IK; NPTIOK]
)X !JV;QLGN;[VGRPT<;`SPK;HSP;THI[[PKIKO;P[[PQH
+JKKPQHIJKT; TSGLL; \P; NPTIOKPN; IK; GQQJVNGKQP; ÌHS
J[;HSP;QLGNNIKO;IT;KJH;HGaPK;IKHJ;GQQJMKH
*PQHIJK;>UaX]
IK;HSP;NP[LPQHIJK;QGLQMLGHIJKTb
*0 10:7( #HHOIJD@GCH(@C(#CEFKH@H
δ ≤
7 CCC
10:7:1(/SP;THVMQHMVP;TSGLL;\P;GKGL_TPN;IK;IHT;PKHIVPH_
.X !JV;MKQLGN;[VGRP;JV;QLGN;[VGRPT<;`SPK PiQPZH;GT;[JLLJ`Tb
HSP; THI[[PKIKO; P[[PQH; J[; HSP; QLGNNIKO; IT GX #POMLGV;\MILNIKO;THVMQHMVPT<;ÌHS;JVHSJOJKGL
HGaPK; IKHJ; GQQJMKH; IK; HSP; NP[LPQHIJK [VGRPT;IK;ZLGK<;RG_;\P;GKGL_TPN;GT;G;TPVIPT;J[
QGLQMLGHIJKTb ZGVGLLPL;H`J^NIRPKTIJKGL;TM\^THVMQHMVPT;UZGVH
δ ≤
*0 J[;G;THVMQHMVPX<;HSP;GKGL_TIT;\PIKO;QGVVIPN;JMH
9 CCC IK;PGQS;J[;HSP;H`J;NIVPQHIJKT<;GH;VIOSH;GKOLPT
6X :; [VGRP<; `SIQS; `SPK; GKGL_TPN HJ;PGQS;JHSPV<;PiQPZH;`SPK;HSPVP;IT;TIOKI[IQGKH
QJKTINPVIKO; GLL; HSP; LGHPVGL; TMZZJVHIKO LJGN;VPNITHVI\MHIJK;\PH`PPK;HSP;TM\^THVMQHMVPT
T_THPR;NJPT;KJH;QJRZL_;ÌHS;HSP;G\JYP UZGVH;J[;G;THVMQHMVPX];!JV;PGVHSeMGaP;LJGNIKO
QVIHPVIG<; TSJMLN; \P; QLGTTI[IPN; GT; G; T`G_ HSVPP;NIRPKTIJKGL;GKGL_TIT;RG_;\P;KPQPTTGV_
[VGRP<;PYPK;I[;IH;IT;\VGQPN;JV;JHSPVÌTP HJ;GQQJMKH;[JV;P[[PQHT;J[;HJVTIJK;GKN;GLTJ;[JV
LGHPVGLL_;THI[[PKPN] RMLHI^QJRZJKPKH;PGVHSeMGaP;[JVQPT;U%&&&8&J[
,GVH; >; c*HVMQHMVGL; &PTIOK<; *PQHIJK; ); 3JGNT<
10:!( /GNIH(GM(-GCHDNO?D@GC(#HHOIBA(MGN(5DNO?DONEF !JVQPT;GKN;$[[PQHTd;J[;HSP;+JNPX]
#CEFKH@H
\X !JV;YPVHIQGL;LJGNIKO;IK;G;RMLHI^THJVP_;\MILNIKO
10:!:1( /SP; P[[PQHT; J[; NPTIOK; GQHIJK; IK; HSP; RPR\PVT THVMQHMVP<;ZVJYINPN;ÌHS;\VGQIKO;JV;TSPGV;`GLLT
GKN;QJKKPQHIJKT;J[;G;THVMQHMVP;TSGLL;\P;NPHPVRIKPN;\_ HJ;VPTITH;GLL;LGHPVGL;[JVQPT<;PGQS;LPYPL;HSPVPJ[<
GTTMRIKO; TIKOL_; JV; IK; QJR\IKGHIJK; J[; HSP; [JLLJÌKO HJOPHSPV;ÌHS;HSP;QJLMRKT;IRRPNIGHPL_;G\JYP
[JVRT;J[;QJKTHVMQHIJK;U%&&&12:2:1X] GKN; \PLJ`<; RG_; \P; QJKTINPVPN; GT; G
TM\THVMQHMVP<;HSP;QJLMRKT;\PIKO;GTTMRPN;[IiPN
10:!:1:1( @/A/!&2-.%"'02"/-.
GH; HSP; PKNT; VPRJHP; [VJR; HSP; LPYPL; MKNPV
1K;VIOIN;QJKTHVMQHIJK<;HSP;QJKKPQHIJKT;\PH`PPK;RPR\PVT QJKTINPVGHIJK]
U\PGR;GKN;QJLMRKX;GH;HSPIV;fMKQHIJK;TSGLL;\P;GTTMRPN QX %SPVP;\PGRT;GH;G;[LJJV;LPYPL;IK;G;RMLHI^\G_
HJ;SGYP;TM[[IQIPKH;VIOINIH_;HJ;SJLN;HSP;JVIOIKGL;GKOLPT \MILNIKO; THVMQHMVP; GVP; QJKTINPVPN; GT; G
\PH`PPK;HSP;RPR\PVT;QJKKPQHPN;GH;G;fJIKH;MKQSGKOPN TM\THVMQHMVP;UZGVH;J[;G;THVMQHMVPX<;HSP;\PKNIKO
MKNPV;LJGNIKO] RJRPKH; GH; HSP; TMZZJVH; J[; HSP; \PGR; NMP; HJ
10:!:1:!( ;&=/:'/A/!&2-.%"'02"/-. OVGYIH_;LJGNT;RG_;\P;NPHPVRIKPN;\GTPN;JK;HSP
GTTMRZHIJK;HSGH;HSP;\PGR;IT;[IiPN;GH;HSP;[GV
1K;TPRI^VIOIN;QJKTHVMQHIJK<;HSP;QJKKPQHIJKT;\PH`PPK PKN; TMZZJVH<; JKP; TZGK; G`G_; [VJR; HSP; TZGK
RPR\PVT; U\PGR; GKN; QJLMRKX; GH; HSPIV; fMKQHIJK; RG_ MKNPV;QJKTINPVGHIJK<;ZVJYINPN;HSGH;HSP;[LJJV
KJH;SGYP;TM[[IQIPKH;VIOINIH_;HJ;SJLN;HSP;JVIOIKGL;GKOLPT \PGR;IT;QJKHIKMJMT;\P_JKN;HSGH;TMZZJVH;ZJIKH]
\PH`PPK;HSP;RPR\PVT;GH;G;fJIKH;MKQSGKOPN<;\MH;TSGLL
\P; GTTMRPN; HJ; SGYP; HSP; QGZGQIH_; HJ; [MVKITS; G 10:7:!( ;B3.&)&.A"?
NPZPKNG\LP; GKN; aKJ`K; NPOVPP; J[; [LPiMVGL; VPTHVGIKH] /SP;TZGK;LPKOHS;J[;G;[LPiMVGL;RPR\PV;IK;G;QJKHIKMJMT
/SP; VPLGHIJKTSIZ; \PH`PPK; HSP; NPOVPP; J[; [LPiMVGL [VGRP; T_THPR; TSGLL; \P; HGaPK; GT; HSP; QPKHVP^HJ^QPKHVP
VPTHVGIKH; GKN; HSP; LPYPL; J[; HSP; LJGN; P[[PQHT; TSGLL; \P NITHGKQP;\PH`PPK;HSP;TMZZJVHT]
PTHG\LITSPN;\_;GK_;VGHIJKGL;RPHSJN;JV;\GTPN;JK;HPTH
VPTMLHT;U%&&;:KKPi;$X] 10:7:7( C''3.A&=&."%&->&D=B-%&!&)-3!%&/.&E0/4!/.A%
!JV; \MILNIKO; THVMQHMVPT<; HSP; YGVIJMT; GVVGKOPRPKHT; J[
10:!:1:7( ;/=B4&&2-.%"'02"/-.
IRZJTPN;LJGNT;QJKTINPVPN;[JV;HSP;GKGL_TIT<;TSGLL;IKQLMNP
1K; TIRZLP; QJKTHVMQHIJK<; HSP; QJKKPQHIJKT; \PH`PPK GH;LPGTH;HSP;[JLLJÌKOb
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' !9
GX %SPVP; HSP; LJGNIKO; ZGHHPVK; IT; [IiPN<; HSP \_;TJIL;ZVJYINIKO;ZGTTIYP;VPTITHGKQP<;HSP
GVVGKOPRPKH;QJKQPVKPN] ZILP; TSGLL; \P; GTTMRPN; HJ; \P; [IiPN; GH; G
\X %SPVP;HSP;IRZJTPN;LJGN;IT;YGVIG\LP;GKN;KJH NPZHS;J[;(;HIRPT;HSP;NIGRPHPV;J[;HSP;ZILP
OVPGHPV;HSGK;HSVPPêMGVHPVT;J[;HSP;NPGN;LJGN< \PLJ`;HSP;OVJMKN;LPYPL;IK;QGTP;J[;QJRZGQH
HSP;IRZJTPN;LJGN;RG_;\P;HGaPK;HJ;\P;GQHIKO OVJMKN;JV;HSP;HJZ;LPYPL;J[;QJRZGQH;TJIL;IK
JK;GLL;TZGKT] QGTP;J[;ZJJV;TJIL;JYPVL_IKO;QJRZGQH;TJIL]
QX %SPVP; HSP; IRZJTPN; LJGN; IT; YGVIG\LP; GKN 8X %SPK;HSP;QJLMRK;IT;[JMKNPN;IKHJ;VJQa<;IH
PiQPPNT; HSVPPêMGVHPVT; J[; HSP; NPGN; LJGN< RG_; \P; GTTMRPN; HJ; \P; [IiPN; GH; HSP
GVVGKOPRPKHT;J[;IRZJTPN;LJGN;GQHIKO;JK;HSP IKHPV[GQP;J[;HSP;QJLMRK;GKN;VJQa]
[LJJV; MKNPV; QJKTINPVGHIJK; TSGLL; IKQLMNP; HSP 10:7:8( ;/=B4&&,-.%"'02"/-.
[JLLJÌKO;QGTPTb
)X 1RZJTPN;LJGN;JK;GLHPVKGHP;TZGKT< 7PKNIKO;RPR\PVT;RG_;\P;GTTMRPN;HJ;SGYP;HSPIV;PKNT
QJKKPQHPN;[JV;TSPGV;JKL_;GKN;HJ;\P;[VPP;HJ;VJHGHP];1K
.X 1RZJTPN;LJGN;JK;H`J;GNfGQPKH;TZGKT<;GKN
HVIGKOMLGHPN;THVMQHMVPT<;GiIGL;[JVQPT;RG_;\P;NPHPVRIKPN
6X 1RZJTPN;LJGN;JK;GLL;HSP;TZGKT] \_;GTTMRIKO;HSGH;GLL;RPR\PVT;GVP;ZIK;QJKKPQHPN];/SP
10:7:<& E3%&&;"/>>.&%% PQQPKHVIQIH_;[JV;THGKQSIJK;GKN;QJLMRK;TSGLL;\P;GTTMRPN
IK;GQQJVNGKQP;ÌHS;17:7:7]
1K; HSP; GKGL_TIT; J[; GLL; THVMQHMVPT; HSP; GZZVJZVIGHP; \GTP
THI[[KPTT; G\JMH; HSP; GiIT; MKNPV; QJKTINPVGHIJK; TSGLL; \P 10:7:2& 9-"/-.34&F-'/G-."34&)-3!%
MTPN];1K;HSP;G\TPKQP;J[;HSP;aKJ`LPNOP;J[;HSP;ZPNPTHGL /J; GKGL_TP; G; [VGRP; TM\fPQHPN; HJ; OVGYIH_; LJGNT<
GKN;[JMKNGHIJK;THI[[KPTT<;HSP;[JLLJÌKO;RG_;\P;GTTMRPNb QJKTINPVIKO;HSP;T`G_;THG\ILIH_;J[;HSP;[VGRP<;KJHIJKGL
GX %SPK; HSP; QJLMRK; IT; VIOINL_; QJKKPQHPN; HJ; G SJVIgJKHGL; [JVQPT; TSJMLN; \P; GZZLIPN]; /SPTP; KJHIJKGL
TMIHG\LP; [JMKNGHIJK<; HSP; THI[[KPTT; J[; HSP SJVIgJKHGL; [JVQPT; GQQJMKH; [JV; ZVGQHIQGL; IRZPV[PQHIJKT
ZPNPTHGL;TSGLL;\P;HGaPK;GT;HSP;THI[[KPTT;J[;HSP GKN;TSJMLN;\P;HGaPK;GH;PGQS;LPYPL;GT;\PIKO;PeMGL;HJ;D](
QJLMRK; G\JYP; \GTP; ZLGHP]; =J`PYPV<; IK; QGTP ZPVQPKH; J[; [GQHJVPN; NPGN; LJGN; ZLMT; YPVHIQGL; IRZJTPN
J[; YPV_; THI[[; ZPNPTHGLT; GKN; [JMKNGHIJKT; HSP LJGNT;GZZLIPN;GH;HSGH;LPYPL];/SP;KJHIJKGL;LJGN;TSJMLN
QJLMRK;RG_;\P;GTTMRPN;GT;[IiPN;GH;\GTP] KJH;\P;GZZLIPN;GLJKO;ÌHS;JHSPV;LGHPVGL;LJGNT;TMQS;GT
ÌKN;GKN;PGVHSeMGaP;LJGNT;IK;HSP;GKGL_TIT]
\X %SPK;HSP;QJLMRK;IT;KJRIKGLL_;QJKKPQHPN;HJ
HSP; [JMKNGHIJK<; G; ZPNPTHGL; THI[[KPTT; J[; )D 10:7:2:1 /SP;KJHIJKGL;[JVQPT;TSJMLN;\P;GZZLIPN;JK;HSP
ZPVQPKH; J[; HSP; QJLMRK; THI[[KPTT; RG_; \P `SJLP;THVMQHMVP<;IK;\JHS;JVHSJOJKGL;NIVPQHIJKT<;IK;JKP
GTTMRPN] NIVPQHIJK;GH;G;HIRP<;GH;VJJ[;GKN;GLL;[LJJV;LPYPLT;JV;HSPIV
QX %SPK;GK;GQHMGL;ZIK;JV;VJQaPV;IT;ZVJYINPN;IK PeMIYGLPKH]; /SP_; TSJMLN; \P; HGaPK; GT; GQHIKO
HSP;QJKKPQHIJK;\PH`PPK;HSP;THPPL;QJLMRK;GKN TIRMLHGKPJMTL_;ÌHS;[GQHJVPN;OVGYIH_;LJGNT]
ZPNPTHGL<;HSP;QJLMRK;IT;GTTMRPN;GT;SIKOPN;GH 10:7:2:!( /SP;KJHIJKGL;[JVQP;TSJMLN;KJH;\P<
\GTP;GKN;HSP;ZPNPTHGL;GKN;[JMKNGHIJK;RG_;\P
GZZVJZVIGHPL_;NPTIOKPN;[JV;HSP;VPGQHIJKT;[VJR GX GZZLIPN; `SPK; QJKTINPVIKO; JYPVHMVKIKO; JV
HSP;QJLMRK] JYPVGLL;IKTHG\ILIH_l
\X QJR\IKPN;ÌHS;JHSPV;SJVIgJKHGL;ULGHPVGLX;LJGNTl
NX 1K; QGTP; J[; UGX; GKN; U\X<; HSP; \JHHJR; J[; HSP
QX QJR\IKPN;ÌHS;HPRZPVGHMVP;P[[PQHT<;GKN
ZPNPTHGL; TSGLL; \P; GTTMRPN; HJ; SGYP; HSP
NX HGaPK; HJ; QJKHVI\MHP; HJ; HSP; KPH; TSPGV; JK; HSP
[JLLJÌKO;\JMKNGV_;QJKNIHIJK;IK;HSP;G\TPKQP
[JMKNGHIJK]
J[;GK_;NPHGILPN;ZVJQPNMVP;\GTPN;JK;HSPJV_;JV
HPTHTb 10:7:2:7( /SP; T`G_; P[[PQH; MTIKO; KJHIJKGL; LJGN; MKNPV
)X %SPK;HSP;[JMKNGHIJK;QJKTITH;J[;G;OVJMZ OGKHV_;LJGN;QGTP;KPPN;KJH;\P;QJKTINPVPN;I[;HSP;VGHIJ;J[
J[;ZILPT;ÌHS;G;ZILP;QGZ<;VG[H;[JMKNGHIJK SPIOSH;HJ;LGHPVGL;ÌNHS;J[;HSP;\MILNIKO;IT;LPTT;HSGK;MKIH_]
JV;GK;ITJLGHPN;[JJHIKO;VPTHIKO;JK;VJQa;JV
10:<( .FEHD@?(#CEFKH@H
YPV_; SGVN; TJIL<; HSP; ZPNPTHGL; TSGLL; \P
GTTMRPN; HJ; \P; [IiPN; GH; HSP; LPYPL; J[; HSP 10:<:1( C%%0=B"/-.%
\JHHJR;J[;[JJHIKO;JV;GH;HSP;HJZ;J[;ZILP;QGZ] 1KNIYINMGL;RPR\PVT;TSGLL;\P;GTTMRPN;HJ;VPRGIK;PLGTHIQ
.X %SPK; HSP; [JMKNGHIJK; QJKTITHT; J[; GK MKNPV; HSP; GQHIJK; J[; HSP; [GQHJVPN; NPTIOK; LJGNT; [JV; GLL
ITJLGHPN; [JJHIKO; VPTHIKO; JK; JHSPV; TJILT< LIRIH;THGHPT]
ZPNPTHGL;TSGLL;\P;GTTMRPN;HJ;\P;SIKOPN;GH
HSP;LPYPL;J[;HSP;\JHHJR;J[;[JJHIKO] /SP;P[[PQH;J[;SGMKQSIKO;JV;GK_;YGVIGHIJK;J[;HSP;QVJTT^
TPQHIJK;GLJKO;HSP;GiIT;J[;G;RPR\PV;TSGLL;\P;QJKTINPVPN<
6X %SPK; HSP; ZPNPTHGL; IT; TMZZJVHPN; \_; G
GKN;`SPVP;TIOKI[IQGKH<;TSGLL;\P;HGaPK;IKHJ;GQQJMKH;IK
TIKOLP;ZILP<;`SIQS;IT;LGHPVGLL_;TMVVJMKNPN
HSP;NPHPVRIKGHIJK;J[;HSP;RPR\PV;THI[[KPTT]
70 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
10:<:!( 7/'%":H'!&'&143%"/2&C.345%/% \X GLL; HSP; RPR\PVT; IK; `SIQS; HSP; RJRPKHT; GVP
VPNMQPN; TSGLL; \PLJKO; HJ; ZLGTHIQ; JV; QJRZGQH
10:<:!:1( 1K;G;[IVTH^JVNPV;PLGTHIQ;GKGL_TIT<;HSP;PeMILI\VIMR
TPQHIJK;QLGTTI[IQGHIJK;U)'';9:;X]
J[;HSP;[VGRP;IK;HSP;MKNP[JVRPN;OPJRPHV_;IT;QJKTINPVPN<
HSP;QSGKOPT;IK;HSP;OPJRPHV_;J[;HSP;[VGRP;NMP;HJ;HSP 10:8( 3FEHD@?(#CEFKH@H
LJGNIKO; GVP; KJH; GQQJMKHPN; [JV<; GKN; QSGKOPT; IK; HSP
P[[PQHIYP;THI[[KPTT;J[;HSP;RPR\PVT;NMP;HJ;GiIGL;[JVQP 10:8:1 (;337#-6!#*+
GVP; KPOLPQHPN];/SP;P[[PQHT;J[;HSPTP;JK;HSP;[IVTH^JVNPV /SP;P[[PQHT;J[;NPTIOK;GQHIJK;HSVJMOSJMH;JV;JK;ZGVH;J[;G
\PKNIKO;RJRPKHT;TSGLL;\P;GLLJ`PN;[JV;\_;MTIKO;JKP;J[ THVMQHMVP; RG_; \P; NPHPVRIKPN; \_; G; ZLGTHIQ; GKGL_TIT<
HSP; RPHSJNT; J[; RJRPKH; GRZLI[IQGHIJK; J[; 10:<:7:! ZVJYINPN;HSGH;HSP;VPeMIVPRPKHT;J[;10:8:!;GVP;RPH];/SP
JV; 10:<:7:7; GT; GZZVJZVIGHP]; %SPVP; HSP; RJRPKH NITHVI\MHIJK; J[; NPTIOK; GQHIJK; P[[PQHT; TSGLL; TGHIT[_
GRZLI[IQGHIJK;[GQHJV;(_<;(g<;QGLQMLGHPN;IK;GQQJVNGKQP PeMILI\VIMR;GKN;HSP;\JMKNGV_;QJKNIHIJKT]
ÌHS;10:<:7:!;JV;10:<:7:7;GT;GZZVJZVIGHP<;IT;OVPGHPV;HSGK
)]8<;G;TPQJKN^JVNPV;PLGTHIQ;GKGL_TIT;IK;GQQJVNGKQP;ÌHS 10:8:!( H'G.#$'Y'+!)
:KKPi;:;TSGLL;\P;QGVVIPN;JMH] %SPK;G;ZLGTHIQ;RPHSJN;J[;GKGL_TIT;IT;MTPN<;GLL;J[;HSP
10:<:7( ;&2-.!:H'!&'&143%"/2&C.345%/% [JLLJÌKO;QJKNIHIJKT;TSGLL;\P;TGHIT[IPN<;MKLPTT;GNPeMGHP
NMQHILIH_;J[;HSP;THVMQHMVP;GKN;ZLGTHIQ;VJHGHIJK;QGZGQIH_
10"<:7:1; /SP;GKGL_TIT;TSGLL;GLLJ`;[JV;HSP;P[[PQHT;J[;HSP
J[;IHT;RPR\PVT;GKN;QJKKPQHIJKT;GVP;PTHG\LITSPN;[JV;HSP
NPTIOK;LJGNT;GQHIKO;JK;HSP;THVMQHMVP;GKN;IHT;RPR\PVT;IK
NPTIOK;LJGNIKO;QJKNIHIJKT;\_;JHSPV;RPGKT;J[;PYGLMGHIJKb
HSPIV; NITZLGQPN; GKN; NP[JVRPN; QJK[IOMVGHIJK]; /SPTP
TPQJKN^JVNPV; P[[PQHT; TSGLL; \P; HGaPK; IKHJ; GQQJMKH; \_ GX /SP;_IPLN;THVPTT;J[;HSP;OVGNP;J[;HSP;THPPL;MTPN
MTIKO;PIHSPVb TSGLL;KJH;PiQPPN;8(D;0,G]
GX :; [IVTH^JVNPV; PLGTHIQ; GKGL_TIT; ÌHS; RJRPKH \X /SP; THVPTT^THVGIK; QSGVGQHPVITHIQT; J[; HSP; THPPL
GRZLI[IQGHIJK; IK; GQQJVNGKQP; ÌHS; 10:<:!< TSGLL;KJH;\P;TIOKI[IQGKHL_;NI[[PVPKH;[VJR;HSJTP
ZVJYINPN;HSP;RJRPKH;GRZLI[IQGHIJK;[GQHJVT<;A_ J\HGIKPN; [JV; THPPLT; QJRZL_IKO; ÌHS; HSP
GKN;Ag;GVP;KJH;OVPGHPV;HSGK;)]8l;JV GQQPZHPN;THGKNGVN;o>^>U>Xp;JV;PeMIYGLPKH;GKN
\X :;TPQJKN^JVNPV;PLGTHIQ;GKGL_TIT;IK;GQQJVNGKQP TSGLL; \P; TMQS; GT; HJ; PKTMVP; QJRZLPHP; ZLGTHIQ
ÌHS;:KKPi;:] RJRPKH; VPNITHVI\MHIJK]; /SP; THVPTT^THVGIK
NIGOVGR;TSGLL;SGYP;G;ZLGHPGM;GH;HSP;_IPLN;THVPTT<
10:<:7:!( D*Y'+!&6Y37#,#-6!#*+&,*$&Y'Y<'$)&#+&+*+1 PiHPKNIKO;[JV;GH;LPGTH;TIi;HIRPT;HSP;_IPLN;THVGIK]
)K6M&,$6Y') /SP;VGHIJ;J[;HSP;HPKTILP;THVPKOHS;HJ;HSP;_IPLN
!JV;G;RPR\PV;ÌHS;gPVJ;GiIGL;QJRZVPTTIJK;JV;G;RPR\PV THVPTT;TZPQI[IPN;[JV;HSP;OVGNP;J[;HSP;THPPL;TSGLL
TM\fPQH;HJ;GiIGL;HPKTIJK<;HSP;NPTIOK;\PKNIKO;RJRPKH;IT KJH;\P;LPTT;HSGK;)].];/SP;PLJKOGHIJK;JK;G;OGMOP
HSGH;J\HGIKPN;[VJR;HSP;[IVTH^JVNPV;GKGL_TIT;[JV;[GQHJVPN LPKOHS;QJRZL_IKO;ÌHS;HSP;GQQPZHPN;THGKNGVN
LJGNT<;ÌHSJMH;GK_;GRZLI[IQGHIJK] o>^>U>Xp;TSGLL;KJH;\P;LPTT;HSGK;)(;ZPVQPKHl;GKN
HSP; THPPL; TSGLL; PiSI\IH; THVGIK^SGVNPKIKO
!JV;G;\VGQPN;RPR\PV;ÌHS;G;NPTIOK;GiIGL;QJRZVPTTIYP QGZG\ILIH_];*HPPLT;QJK[JVRIKO;HJ;HSP;GQQPZHPN
[JVQP;EN;GT;NPHPVRIKPN;\_;HSP;[IVTH^JVNPV;GKGL_TIT<;HSP THGKNGVN;o>^>U>Xp;TSGLL;\P;NPPRPN;HJ;TGHIT[_
NPTIOK;\PKNIKO;RJRPKH;TSGLL;\P;QGLQMLGHPN;QJKTINPVIKO HSP;G\JYP;VPeMIVPRPKHT]
RJRPKH;GRZLI[IQGHIJK;GT;IK;18]7:!:!] QX /SP; RPR\PVT; MTPN; TSGLL; \P; SJH^VJLLPN; JV
10:<:7:7( D*Y'+!&6Y37#,#-6!#*+&,*$&Y'Y<'$)&#+&)K6M [G\VIQGHPN;MTIKO;SJH^VJLLPN;ZLGHPT;GKN;TPQHIJKT]
,$6Y') NX /SP;QVJTT^TPQHIJK;J[;RPR\PVT;KJH;QJKHGIKIKO
ZLGTHIQ; SIKOPT; TSJMLN; \P; GH; LPGTH; HSGH; J[
/SP;NPTIOK;\PKNIKO;RJRPKH;TSGLL;\P;QGLQMLGHPN;GT;HSP
QJRZGQH; TPQHIJK; U)''; 9:;:!X<; MKLPTT; HSP
ZVJNMQH;J[;RJRPKH;GRZLI[IQGHIJK;[GQHJV;o)'';18:7:!:!
RPR\PVT;RPPH;HSP;THVPKOHS;VPeMIVPRPKHT;[VJR
UA_:&AgXp;GKN;HSP;RJRPKH;J\HGIKPN;[VJR;HSP;[IVTH^JVNPV
PLGTHIQ;GKGL_TIT]
GKGL_TIT;J[;HSP;T`G_;[VGRP<;MKLPTT;GKGL_TIT;QJKTINPVIKO
TPQJKN;JVNPV;P[[PQHT;IT;QGVVIPN;JMH;U)'';10:<:7X] PX %SPVP;ZLGTHIQ;SIKOPT;JQQMV;IK;G;RPR\PV<;HSP
ZVJZJVHIJKT; J[; IHT; +VJTT^TPQHIJK; TSJMLN; KJH
10:<:7:<( /SP;QGLQMLGHPN;\PKNIKO;RJRPKHT;[VJR;HSP;[IVTH PiQPPN;HSP;LIRIHIKO;YGLMPT;[JV;ZLGTHIQ;TPQHIJK
JVNPV;PLGTHIQ;GKGL_TIT;RG_;\P;RJNI[IPN;\_;VPNITHVI\MHIJK OIYPK;IK;9:;:!]
MZ;HJ;)(;ZPVQPKH;J[;HSP;ZPGa;QGLQMLGHPN;RJRPKH;J[;HSP [X /SP; QVJTT^TPQHIJK; TSJMLN; \P; T_RRPHVIQGL
RPR\PV;MKNPV;[GQHJVPN;LJGN<;ZVJYINPN;HSGH< G\JMH;IHT;GiIT;ZPVZPKNIQMLGV;HJ;HSP;GiIT;J[;HSP
GX HSP; IKHPVKGL; [JVQPT; GKN; RJRPKHT; IK; HSP ZLGTHIQ;SIKOP;VJHGHIJK]
RPR\PVT;J[;HSP;[VGRP;GVP;IK;PeMILI\VIMR;ÌHS OX /SP;RPR\PVT;TSGLL;KJH;\P;TM\fPQH;HJ;IRZGQH
GZZLIPN;LJGNT] LJGNIKO<; VPeMIVIKO; [VGQHMVP; GTTPTTRPKH; JV
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 71
[LMQHMGHIKO; LJGNIKO<; VPeMIVIKO; G; [GHIOMP LJQGHIJK<; U)''; 1<:!:1:!X]; /SP; THI[[PKPV; TSJMLN; \P
GTTPTTRPKH;o)'';*PQHIJK;>UZXp] ZVJYINPN; ÌHSIK; G; NITHGKQP; J[; SGL[; HSP; NPZHS; J[; HSP
RPR\PV; JK; PIHSPV; TINP; J[; HSP; SIKOP; LJQGHIJK; GKN; \P
10:8:!:1 (H')!$6#+!)
NPTIOKPN;HJ;QGVV_;HSP;GZZLIPN;LJGN;IK;GQQJVNGKQP;ÌHS
1[; ZVGQHIQG\LP<; HJVTIJKGL; VPTHVGIKH; UGOGIKTH; LGHPVGL 1<:;:<];1[;HSP;THI[[PKPVT;GVP;[LGH;ZLGHPT<;HSP;JMHTHGKN;ÌNHS
\MQaLIKOX; TSJMLN; \P; ZVJYINPN; GH; GLL; ZLGTHIQ; SIKOP HJ;HSP;HSIQaKPTT;VGHIJ<;<%!<;TSJMLN;KJH;PiQPPN;HSP;YGLMPT
LJQGHIJKT];%SPVP;KJH;[PGTI\LP<;HSP;VPTHVGIKH;TSJMLN;\P OIYPK;IK;HSP;ZLGTHIQ;TPQHIJK;U)'';9:;;GKN;/G\LP;.X];%SPVP
ZVJYINPN;ÌHSIK;G;NITHGKQP;J[;?+.;J[;HSP;ZLGTHIQ;SIKOP !"#
⎛& ⎞
LJQGHIJK<;`SPVP;?;IT;HSP;HJHGL;NPZHS;J[;TPQHIJK] JHSPV;TPQHIJKT;GVP;MTPN<;HSP;VGHIJ; ⎜ & $% ⎟ <;TSJMLN;KJH
⎝ & ⎠
/SP;HJVTIJKGL;VPTHVGIKH;VPeMIVPRPKH;GH;G;TPQHIJK;GT;G\JYP< PiQPPN;HSP;YGLMPT;OIYPK;[JV;ZLGTHIQ;TPQHIJK;U[JV;TIRZLP
KPPN; KJH; \P; RPH; GH; HSP; LGTH; ZLGTHIQ; SIKOP; HJ; [JVR< JMHTHGKN<;GT;IK;9:;Xl
ZVJYINPN;IH;QGK;\P;QLPGVL_;INPKHI[IPN]
`SPVP
%IHSIK; G; RPR\PV; QJKHGIKIKO; G; ZLGTHIQ; SIKOP<; HSP
\TJ m TPQJKN;RJRPKH;J[;GVPG;J[;HSP;THI[[PKPV;G\JMH
RGiIRMR;NITHGKQP&BR;[VJR;HSP;VPTHVGIKH;GH;HSP;ZLGTHIQ
HSP;[GQP;J[;HSP;PLPRPKH;ZPVZPKNIQMLGV;HJ;HSP
SIKOP;HJ;GK;GNfGQPKH;VPTHVGIKH;TSJMLN;\P;QGLQMLGHPN;\_
`P\l;GKN
GK_;VGHIJKGL;RPHSJN;JV;HSP;QJKTPVYGHIYP;RPHSJN;OIYPK
\PLJ`<;TJ;GT;HJ;ZVPYPKH;LGHPVGL;\MQaLIKO] \H m *H];?PKGKHdT;HJVTIJK;QJKTHGKH;J[;HSP;THI[[PKPV]
+JKTPVYGHIYPL_;BR;UIK;RRX;RG_;\P;HGaPK;GTb 10:8:!:7( /SP; [VGRP; TSGLL; \P; GNPeMGHPL_; TMZZJVHPN

GOGIKTH;T`G_;GKN;JMH^J[^ZLGKP;\MQaLIKO<;\_;\VGQIKOT<
&' !V RJRPKH;VPTITHIKO;[VGRP;JV;GK;IKNPZPKNPKH;T_THPR;TMQS
"1 ≤ ; 2!"
"
⎡ # ⎛ # ⎞ ⎛$ ⎞ ⎤
"
GT;TSPGV;`GLL]
⎢ $ +⎜ # ⎟ ⎜ % ⎟ ⎥
⎢⎣(&) ⎝ "*) ⎠ ⎝ +) ⎠ ⎥⎦ 10:8:!:<( 46<$#-6!#*+&$')!$#-!#*+
`SPVP %IHSIK;G;LPKOHS;PeMGL;HJ;HSP;RPR\PV;NPZHS<;JK;PIHSPV
,Q m GQHMGL; QJRZVPTTIYP; THVPTT; JK; HSP; QVJTT^ TINP; J[; G; ZLGTHIQ; SIKOP; LJQGHIJK<; HSP; [JLLJÌKO
TPQHIJK;NMP;HJ;GiIGL;LJGN<;IK;;;2WRR.< VPTHVIQHIJKT;TSJMLN;\P;GZZLIPN;HJ;HSP;HPKTIJK;[LGKOP;GKN
KJHPN;IK;HSP;NPTIOK;NVGÌKOT];=JLPT<;I[;VPeMIVPN<;TSJMLN
,_ a _IPLN;THVPTT<;IK;2WRR.l \P;NVILLPN;JV;PLTP;ZMKQSPN;.;RR;MKNPVTIgP;GKN;VPGRPN]
$_ m VGNIMT;J[;O_VGHIJK;G\JMH;HSP;RIKJV;GiIT<;IK :LL;TSPGVPN;JV;SGKN;[LGRP;QMH;PNOPT;TSJMLN;\P;[IKITSPN
RRl TRJJHS;\_;OVIKNIKO<;QSIZZIKO;JV;ZLGKKIKO]
2H m HJVTIJKGL;IKNPi<;2H;m;)])6.;U;\`W\_\HXD](l 10:8:7( ;)).Y3!#*+)&#+&;+67M)#)
; a GVPG;J[;QVJTT^TPQHIJKl;GKN
/SP;NPTIOK;GQHIJK;P[[PQHT;TSGLL;\P;NPHPVRIKPN;MTIKO;G
\`:&\_: m `GVZIKO; QJKTHGKH<; TPQJKN; RJRPKH; J[; HSP VIOIN^ZLGTHIQ;GKGL_TIT]
\H QVJTT^TPQHIJK; G\JMH; HSP; RIKJV; GiPT; GKN
*H] ?PKGKHdT;HJVTIJK;QJKTHGKH<;VPTZPQHIYPL_] 1H;TSGLL;\P;ZPVRITTI\LP;HJ;GTTMRP;[MLL;THVPKOHS;JV;ZGVHIGL
THVPKOHS;QJKKPQHIJKT<;ZVJYINPN;HSP;QGZGQIHIPT;J[;HSPTP
%SPVP;HSP;RPR\PV;SGT;MKPeMGL;[LGKOPT<;$_;TSJMLN;\P GVP;MTPN;IK;HSP;GKGL_TIT<;GKN;ZVJYINPN;HSGH<
HGaPK; GT; HSP; LPTTPV; J[; HSP; YGLMPT; J[; HSP; QJRZVPTTIJK
[LGKOP;JKL_;JV;HSP;`SJLP;TPQHIJK] GX 1K; G; [MLL; THVPKOHS; QJKKPQHIJK<; HSP; RJRPKH
QGZGQIH_; J[; HSP; QJKKPQHIJK; TSGLL; \P; KJH; LPTT
%SPVP;HSP;QVJTT^TPQHIJK;J[;HSP;RPR\PV;YGVIPT;ÌHSIK HSGK;HSGH;J[;HSP;RPR\PV;\PIKO;QJKKPQHPNl
HSP; LPKOHS; BR <; HSP; RGiIRMR; YGLMP; J[; $ _; GKN; HSP
\X 1K;G;ZGVHIGL;THVPKOHS;QJKKPQHIJK<;HSP;RJRPKH
RIKIRMR;YGLMP;J[;2H;TSJMLN;\P;MTPN]
QGZGQIH_;J[;HSP;QJKKPQHIJK;RG_;\P;LPTT;HSGK
/SP; TZGQIKO; J[; VPTHVGIKHT; HJ; RPR\PV; LPKOHST; KJH HSGH;J[;HSP;RPR\PV;\PIKO;QJKKPQHPNl;GKN
QJKHGIKIKO; G; ZLGTHIQ; SIKOP; TSJMLN; TGHIT[_; HSP QX 1K;\JHS;QGTPT;HSP;\PSGYIJV;J[;HSP;QJKKPQHIJK
VPQJRRPKNGHIJKT;J[;TPQHIJK;JK;LGHPVGL;\MQaLIKO;THVPKOHS TSGLL; \P; TMQS; GT; HJ; GLLJ`; GLL; ZLGTHIQ; SIKOPT
J[;\PGRT;U)'';1<:!:!X];%SPVP;HSP;VPTHVGIKHT;GVP;ZLGQPN KPQPTTGV_; [JV; HSP; QJLLGZTP; RPQSGKITR; HJ
GH; HSP; LIRIHIKO; NITHGKQP& BR :; KJ; [MVHSPV; QSPQaT; GVP NPYPLJZ<;GKN;TSGLL;\P;TMQS;HSGH;HSP;VPeMIVPN
VPeMIVPN] ZLGTHIQ; SIKOP; VJHGHIJK; NJPT; KJH; PiQPPN; HSP
10:8:!:!( 5!#,,'+'$)&6!&376)!#-&"#+N'&7*-6!#*+) VJHGHIJK;QGZGQIH_;GH;GK_;J[;HSP;ZLGTHIQ;SIKOPT
IK;HSP;QJLLGZTP;RPQSGKITR]
%P\;THI[[PKPVT;TSJMLN;\P;ZVJYINPN;`SPVP;G;QJKQPKHVGHPN
LJGN<;`SIQS;PiQPPNT;)D;ZPVQPKH;J[;HSP;TSPGV;QGZGQIH_ 1K; HSP; QGTP; J[; \MILNIKO; THVMQHMVPT<; IH; IT; KJH; KJVRGLL_
J[;HSP;RPR\PV<;IT;GZZLIPN;ÌHSIK&?%W;J[;G;ZLGTHIQ;SIKOP KPQPTTGV_;HJ;QJKTINPV;HSP;P[[PQH;J[;GLHPVKGHIKO;ZLGTHIQIH_]
7! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
10:8:<( 5'-*+%1Q$%'$&@76)!#-!;+67M)#) 10:2:!:!(H'N.76$&)K6M&,$6Y')
:K_; TPQJKN^JVNPV; P[[PQHT; J[; HSP; LJGNT; GQHIKO; JK; HSP 1K;G;VPQHGKOMLGV;T`G_;[VGRP;ÌHS;VPOMLGV;LJGNIKO;GKN
THVMQHMVP; IK; IHT; NP[JVRPN; QJK[IOMVGHIJK; RG_; \P KPOLIOI\LP;GiIGL;[JVQPT;IK;HSP;\PGRT<;HSP;\MQaLIKO;LJGN<
KPOLPQHPN<;ZVJYINPN;HSP;[JLLJÌKO;GVP;TGHIT[IPNb EQQ:;[JV;PGQS;QJLMRK;TSGLL;\P;NPHPVRIKPN;GT;EQQ&a&;&,QQ
`SPVP;,QQ;IT;HSP;PLGTHIQ;\MQaLIKO;THVPTT;J[;HSP;QJLMRK;IK
GX !JV;QLGN;[VGRPT<;ZVJYINPN;HSP;THI[[PKIKO;P[[PQHT
HSP; ZLGKP; J[; [VGRP<; J\HGIKPN; IK; GQQJVNGKQP; ÌHS
J[;RGTJKV_;IK[ILL;`GLL;ZGKPLT;JV;NIGZSVGORT
17:1:!:1];/SP;PLGTHIQ;\MQaLIKO;LJGN;[GQHJV;λQV<;[JV;HSP
J[;ZVJ[ILPN;`GLL;ZGKPL;IT;KJH;HGaPK;IKHJ;GQQJMKH<
`SJLP;[VGRP;TSGLL;\P;HGaPK;GT;HSP;LJ`PTH;J[;GLL;HSP;VGHIJT<
GKN; `SPVP; PLGTHIQ; \MQaLIKO; LJGN; [GQHJV<& λQV
λTQV:&QGLQMLGHPN;[JV;PGQS;THJVP_;J[;HSP;\MILNIKO<;GT;OIYPK
U)'';10:2X;TGHIT[IPT;λQVWλZ;≥;)D]
\PLJ`b
1[;)D;'&λQVWλZ& ≥; 8]>; HSP; TPQJKN1JVNPV; P[[PQHT
RG_;\P;QJKTINPVPN;\_;GRZLI[_IKO;HSP;NPTIOK
LJGN;P[[PQHT;J\HGIKPN;[VJR;ZLGTHIQ;GKGL_TIT;\_ λ $() =
∑(( ' ")
((
G;[GQHJV;δZ;m;tD]B&λQV;WU&λQVh)Xu] ∑(( ' ")

1[; λQVWλZ& '& 8]><; TPQJKN1JVNPV; PLGTHJ^ZLGTHIQ `SPVP
GKGL_TIT& JV; TPQJKN; JVNPV; PLGTHIQ; GKGL_TIT E a RPR\PV;GiIGL;[JVQP;[VJR;HSP;[GQHJVPN;LJGN
U)'';10:<:7X;IT;HJ;\P;QGVVIPN;JMH] GKGL_TIT<;ÌHS;HPKTIJK;HGaPK;GT;KPOGHIYP<;GKN
\X [JV; MKQLGN; [VGRPT; JV; [JV; QLGN; [VGRPT; `SPVP B m QJLMRK;LPKOHS;GKN;HSP;TMRRGHIJK;IKQLMNPT
HSP; THI[[PKIKO; P[[PQHT; J[; RGTJKV_; IK[ILL; JV GLL; QJLMRKT; IK; HSP; ZLGKP; ; ; [VGRP; ÌHSIK; G
NIGZSVGORT;J[;ZVJ[ILPN;`GLL;ZGKPL;IT;HGaPK;IKHJ THJVP_]
GQQJMKH<; `SPVP; PLGTHIQ; \MQaLIKO; LJGN; [GQHJV<
λQV&U)'';10:2X;TGHIT[IPT;λQVWλZ&≥;.D] '&!%(#$")*;,"0(2(%"'%/%&"4&'(-$
1[;.D;'&λQVWλZ&≥;(]-(;HSP;TPQJKN1JVNPV;P[[PQHT
RG_;\P;QJKTINPVPN;\_;GRZLI[_IKO;HSP;NPTIOK 11( '%=%$(5$#$.(+.5%,"
LJGN;P[[PQHT;J\HGIKPN;[VJR;ZLGTHIQ;GKGL_TIT;\_
11:1( )EH@H(MGN(+BH@LC
G;[GQHJV;δZ;m;tD]B&λQV;WU&λQV;h)Xu]
1[; λQVWλZ; v& (]-(<; TPQJKN1JVNPV; PLGTHJ^ZLGTHIQ 11:1:1 (1K;HSP;LIRIH;THGHP;NPTIOK;RPHSJN<;HSP;THVMQHMVP
GKGL_TIT& JV; TPQJKN1JVNPV; PLGTHIQ; GKGL_TIT TSGLL;\P;NPTIOKPN;HJ;ÌHSTHGKN;TG[PL_;GLL;LJGNT;LIaPL_;HJ
U)'';10:<:7X;TSGLL;\P;QGVVIPN;JMH] GQH; JK; IH; HSVJMOSJMH; IHT; LI[P]; 1H; TSGLL; KJH; TM[[PV; HJHGL
QJLLGZTP;MKNPV;GQQINPKHGL;LJGNT;TMQS;GT;[VJR;PiZLJTIJKT
10:2 (/NEIB()O?SF@CL(#CEFKH@H JV;IRZGQH;JV;NMP;HJ;QJKTPeMPKQPT;J[;SMRGK;PVVJV;HJ;GK
10:2:1( /SP;PLGTHIQ;\MQaLIKO;LJGN;[GQHJV;UλQVX;TSGLL;\P PiHPKH;\P_JKN;HSP;LJQGL;NGRGOPT];/SP;J\fPQHIYP;J[;HSP
HSP;VGHIJ;J[;HSP;PLGTHIQ;\MQaLIKO;LJGN;TPH;J[;HSP;[VGRP;HJ NPTIOK;IT;HJ;GQSIPYP;G;THVMQHMVP;HSGH;ÌLL;VPRGIK;[IH;[JV
HSP; NPTIOK; LJGN; TPH; [JV; HSP; [VGRP<; GKN; TSGLL; \P MTP;NMVIKO;IHT;LI[P;ÌHS;GQQPZHG\LP;HGVOPH;VPLIG\ILIH_];1K
NPHPVRIKPN;IK;GQQJVNGKQP;ÌHS;10:2:!] JHSPV; `JVNT<; HSP; ZVJ\G\ILIH_; J[; G; LIRIH; THGHP; \PIKO
VPGQSPN; NMVIKO; IHT; LI[PHIRP; TSJMLN; \P; YPV_; LJ`]; /SP
2"/$;j;/SP;YGLMP;J[;λQV;NPZPKNT;JK;HSP;LJGN;TPH;GKN;SGT;HJ;\P
PYGLMGHPN;[JV;PGQS;ZJTTI\LP;TPH;J[;LJGN;QJR\IKGHIJK] GQQPZHG\LP; LIRIH; [JV; HSP; TG[PH_; GKN; TPVYIQPG\ILIH_
VPeMIVPRPKHT;\P[JVP;[GILMVP;JQQMVT;IT;QGLLPN;G;LIRIH;THGHP]
10:2:!( \+1E76+'&,$6Y'&<.-C7#+N 1K;OPKPVGL<;HSP;THVMQHMVP;TSGLL;\P;NPTIOKPN;JK;HSP;\GTIT
/SP;PLGTHIQ;\MQaLIKO;LJGN;[GQHJV;UλQVX;J[;G;VIOIN^fJIKHPN J[;HSP;RJTH;QVIHIQGL;LIRIH;THGHP;GKN;TSGLL;\P;QSPQaPN;[JV
[VGRP;TSGLL;\P;NPHPVRIKPN;\_;MTIKOb JHSPV;LIRIH;THGHPT]
GX "KP;J[;HSP;GZZVJiIRGHP;RPHSJNT;J[;10:2:!:1 11:1:!( *HPPL; THVMQHMVPT; GVP; HJ; \P; NPTIOKPN; GKN

GKN;10:2:!:!<;JV QJKTHVMQHPN; HJ; TGHIT[_; HSP; NPTIOK; VPeMIVPRPKHT; ÌHS
\X :; VGHIJKGL; PLGTHIQ; \MQaLIKO; GKGL_TIT; J[; HSP VPOGVN; HJ; THG\ILIH_<; THVPKOHS<; TPVYIQPG\ILIH_<; \VIHHLP
`SJLP;[VGRP] [VGQHMVP<;[GHIOMP<;[IVP<;GKN;NMVG\ILIH_;TMQS;HSGH;HSP_;RPPH
HSP;[JLLJÌKOb
10:2:!:1( H'N.76$&+*+1)K6M&,$6Y');U)'';10:1:!X
GX #PRGIK; [IH; ÌHS; GNPeMGHP; VPLIG\ILIH_; GKN; \P
1K;G;VPQHGKOMLGV;KJK^T`G_;[VGRP;ÌHS;VPOMLGV;LJGNIKO G\LP; HJ; TMTHGIK; GLL; GQHIJKT; ULJGNTX; GKN; JHSPV
GKN; KPOLIOI\LP; GiIGL; [JVQPT; IK; HSP; \PGRT<; HSP; $MLPV IK[LMPKQPT; PiZPVIPKQPN; NMVIKO; QJKTHVMQHIJK
\MQaLIKO;THVPTT;,QQ:;[JV;PGQS;QJLMRK;TSGLL;\P;NPHPVRIKPN GKN;MTPl
IK;GQQJVNGKQP;ÌHS;17:1:!:1](/SP;PLGTHIQ;\MQaLIKO;LJGN \X =GYP; GNPeMGHP; NMVG\ILIH_; MKNPV; KJVRGL
[GQHJV;UλQVX;[JV;HSP;`SJLP;[VGRP;TSGLL;\P;HGaPK;GT;HSP RGIKHPKGKQPl
LJ`PTH;J[;HSP;VGHIJ;J[;U,QQ%,QNX;[JV;GLL;HSP;QJLMRKT<;`SPVP
QX &J; KJH; TM[[PV; JYPVGLL; NGRGOP; JV; QJLLGZTP
,QN;IT;HSP;GiIGL;QJRZVPTTIYP;THVPTT;IK;HSP;QJLMRK;[VJR
NITZVJZJVHIJKGHPL_; MKNPV; GQQINPKHGL; PYPKHT
HSP;[GQHJVPN;LJGN;GKGL_TIT]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 77
LIaP; PiZLJTIJKT<; YPSIQLP; IRZGQH; JV; NMP; HJ HSVJMOSJMH;HSP;\MILNIKO;IK;KPGVL_;JVHSJOJKGL
QJKTPeMPKQPT; J[; SMRGK; PVVJV; HJ; GK; PiHPKH NIVPQHIJKT; TJ; HSGH; KJ; TM\THGKHIGL; ZJVHIJKT; IT
\P_JKN; LJQGL; NGRGOP]; /SP; ZJHPKHIGL; [JV QJKKPQHPN;GH;JKL_;JKP;ZJIKH;HJ;TMQS;G;T_THPR]
QGHGTHVJZSIQ; NGRGOP; TSGLL; \P; LIRIHPN; JV ,VPQGTH;QJKQVPHP;JV;JHSPV;SPGY_;[LJJV;JV;VJJ[
GYJINPN;\_;GZZVJZVIGHP;QSJIQP;J[;JKP;JV;RJVP MKIHT; TSJMLN; \P; P[[PQHIYPL_; GKQSJVPN; IK; HSP
J[;HSP;[JLLJÌKOb NIVPQHIJK;J[;HSPIV;TZGK;PIHSPV;HJ;PGQS;JHSPV;JYPV
HSP;TMZZJVH;JV;NIVPQHL_;HJ;HSP;TMZZJVH]
)X :YJINIKO<; PLIRIKGHIKO; JV; VPNMQIKO
PiZJTMVP;HJ;SGgGVNT<;`SIQS;HSP;THVMQHMVP \X %SPVP;HSP;G\JYP;QJKNIHIJKT;HJ;HIP;HSP;QJLMRKT
IT;LIaPL_;HJ;TMTHGIK] HJ;HSP;[LJJV;GNPeMGHPL_;GVP;KJH;TGHIT[IPN;PGQS
THJVP_;J[;HSP;\MILNIKO;TSJMLN;\P;QSPQaPN;HJ
.X +SJJTIKO; THVMQHMVGL; [JVRT<; LG_JMHT; GKN
PKTMVP; HSGH; NITZVJZJVHIJKGHP; QJLLGZTP; `JMLN
NPHGILT;GKN;NPTIOKIKO;TMQS;HSGH<
KJH;ZVPQIZIHGHP;\_;HSP;KJHIJKGL;VPRJYGL<;JKP
IX HSP; THVMQHMVP; SGT; LJ`; TPKTIHIYIH_; HJ GH;G;HIRP<;J[;PGQS;QJLMRK]
SGgGVNJMT;QJKNIHIJKTl;GKN
QX %SPVP;PGQS;[LJJV;IT;KJH;LGHPVGLL_;TMZZJVHPN
IIX HSP;THVMQHMVP;TMVYIYPT;ÌHS;JKL_;LJQGL \_;RJVP;HSGK;JKP;T_THPR<;QSPQa;TSJMLN;\P
NGRGOP;PYPK;G[HPV;TPVIJMT;NGRGOP;HJ RGNP;GH;PGQS;THJVP_;\_;VPRJYIKO;JKP;TMQS
GK_; JKP; IKNIYINMGL; PLPRPKH; \_; HSP LGHPVGL;TMZZJVH;T_THPR;GH;G;HIRP;HJ;PKTMVP;HSGH
SGgGVNl NITZVJZJVHIJKGHP; QJLLGZTP; `JMLN; KJH; JQQMV]
6X +SJJTIKO; TMIHG\LP; RGHPVIGL<; NPTIOK; GKN /SP;QJLLGZTP;IT;QJKTINPVPN;NITZVJZJVHIJKGHP<
NPHGILIKO; ZVJQPNMVP<; QJKTHVMQHIJK I[;RJVP;HSGK;)(;ZPVQPKH;J[;HSP;[LJJV;JV;VJJ[
TZPQI[IQGHIJKT<;GKN;QJKHVJL;ZVJQPNMVPT;[JV GVPG;J[;-D;R .;QJLLGZTP;GH;HSGH;LPYPL;GKN;GH;JKP
TSJZ;[G\VIQGHIJK;GKN;[IPLN;QJKTHVMQHIJK;GT GNfJIKIKO; LPYPL; PIHSPV; G\JYP; JV; \PLJ`; IH<
VPLPYGKH;HJ;HSP;ZGVHIQMLGV;THVMQHMVP] MKNPV;G;LJGN;PeMGL;HJ;)]D(;JV;D]B;HIRPT;HSP
/SP;[JLLJÌKO;QJKNIHIJKT;RG_;\P;TGHIT[IPN;HJ;GYJIN;G NPGN; LJGN<; D]66; HIRPT; HPRZJVGV_; JV; [MLL
NITZVJZJVHIJKGHP;QJLLGZTPb IRZJTPN; LJGN; J[; ZPVRGKPKH; KGHMVP; UGT; IK
THJVGOP;\MILNIKOTX;GKN;D]66;HIRPT;ÌKN;LJGN
GX /SP; \MILNIKO; TSJMLN; \P; P[[PQHIYPL_; HIPN
GQHIKO;HJOPHSPV]
HJOPHSPV;GH;PGQS;ZVIKQIZGL;[LJJV;LPYPL;GKN;PGQS
QJLMRK;TSJMLN;\P;P[[PQHIYPL_;SPLN;IK;ZJTIHIJK 11:1:7 ( *HVMQHMVPT; NPTIOKPN; [JV; MKMTMGL; JV; TZPQIGL
\_;RPGKT;J[;QJKHIKMJMT;HIPT;U\PGRTX;KPGVL_ [MKQHIJKT; TSGLL; QJRZL_; ÌHS; GK_; JHSPV; VPLPYGKH
JVHSJOJKGL<; PiQPZH; `SPVP; HSP; THPPL; `JVa GNNIHIJKGL; LIRIH; THGHP; QJKTINPVPN; GZZVJZVIGHP; HJ; HSGH
TMZZJVHT;JKL_;QLGNNIKO;`PIOSIKO;KJH;RJVP;HSGK THVMQHMVP]
D]-;a2WR.;GLJKO;ÌHS;IRZJTPN;GKN;ÌKN;LJGNT] 11:1:<( 4PKPVGLL_; THVMQHMVPT; GKN; PLPRPKHT; TSGLL; \P
/SPTP; HIPT; TSGLL; \P; THPPL; RPR\PVT; TMQS; GT NPTIOKPN; \_; LIRIH; THGHP; RPHSJN]; %SPVP; LIRIH; THGHP
\PGRT<; `SIQS; RG_; \P; NPTIOKPN; [JV; JHSPV RPHSJN;QGKKJH;\P;QJKYPKIPKHL_;GNJZHPN<;`JVaIKO;THVPTT
ZMVZJTPT<;THPPL;\GV;VPIK[JVQPRPKH;GKQSJVIKO NPTIOK;o)'';*PQHIJK;>URXp;RG_;\P;MTPN]
HSP;THPPL;[VGRP;HJ;QJKQVPHP;[LJJV;JV;THPPL;RPTS
VPIK[JVQPRPKH; IK; QJRZJTIHP; TLG\; ÌHS; THPPL 11:!( '@I@D(5DEDB(+BH@LC
ZVJ[ILPN;TSPPHIKO;NIVPQHL_;QJKKPQHPN;HJ;\PGR
11:!:1 ( !JV; GQSIPYIKO; HSP; NPTIOK; J\fPQHIYPT<; HSP
ÌHS; TSPGV; QJKKPQHJVT]; /SPTP; THPPL; HIPT; GKN
NPTIOK; TSGLL; \P; \GTPN; JK; QSGVGQHPVITHIQ; YGLMPT; [JV
HSPIV; PKN; QJKKPQHIJKT; TSJMLN; \P; QGZG\LP; J[
RGHPVIGL;THVPKOHST;GKN;GZZLIPN;LJGNT;UGQHIJKTX<;`SIQS
VPTITHIKO;[GQHJVPN;HPKTILP;[JVQP;KJH;LPTT;HSGK
HGaP;IKHJ;GQQJMKH;HSP;ZVJ\G\ILIH_;J[;YGVIGHIJKT;IK;HSP
HSP; [GQHJVPN; NPGN; GKN; IRZJTPN; LJGNT; GQHIKO
RGHPVIGL;THVPKOHST;GKN;IK;HSP;LJGNT;HJ;\P;TMZZJVHPN]
JK;HSP;[LJJV;GVPG;HVI\MHGV_;HJ;HSP;HIP;KJV;LPTT
/SP;QSGVGQHPVITHIQ;YGLMPT;TSGLL;\P;\GTPN;JK;THGHITHIQGL
HSGK;-(;a2];*MQS;QJKKPQHIJK;J[;HIPT;HJ;PNOP
NGHG<;I[;GYGILG\LP];%SPVP;TMQS;NGHG;IT;KJH;GYGILG\LP<
QJLMRK;TSJMLN;GLTJ;\P;QGZG\LP;J[;VPTITHIKO;)
HSPTP;TSGLL;\P;\GTPN;JK;PiZPVIPKQP];/SP;NPTIOK;YGLMPT
ZPVQPKH;J[;HSP;RGiIRMR;GiIGL;QJRZVPTTIJK;IK
GVP; NPVIYPN; [VJR; HSP; QSGVGQHPVITHIQ; YGLMPT; HSVJMOS
HSP;QJLMRK;GH;HSP;LPYPL;NMP;HJ;[GQHJVPN;NPGN
HSP; MTP; J[; ZGVHIGL; TG[PH_; [GQHJVT<; \JHS; [JV; RGHPVIGL
GKN;IRZJTPN;LJGNT];:LL;QJLMRK;TZLIQPT;TSJMLN
THVPKOHST; GKN; [JV; LJGNT]; 1K; HSP; G\TPKQP; J[; TZPQIGL
\P;QGZG\LP;J[;VPTITHIKO;G;HPKTILP;[JVQP;PeMGL;HJ
QJKTINPVGHIJKT<; HSPTP; [GQHJVT; TSGLL; SGYP; HSP; YGLMPT
HSP;LGVOPTH;J[;G;[GQHJVPN;NPGN;GKN;IRZJTPN;LJGN
OIYPK;IK;HSIT;*PQHIJK;GQQJVNIKO;HJ;HSP;RGHPVIGL<;HSP
VPGQHIJK; [VJR; G; TIKOLP; [LJJV; LPYPL; LJQGHPN
H_ZP; J[; LJGN; GKN; HSP; LIRIH; THGHP; \PIKO; QJKTINPVPN]
\PH`PPK; HSGH; QJLMRK; TZLIQP; GKN; HSP; KPiH
/SP;VPLIG\ILIH_;J[;NPTIOK;IT;PKTMVPN;\_;TGHIT[_IKO;HSP
QJLMRK;TZLIQP;\PLJ`;HSGH;TZLIQP];3GHPVGL;LJGN
VPeMIVPRPKHb
T_THPR; HJ; VPTITH; KJHIJKGL; SJVIgJKHGL; LJGNT
ZVPTQVI\PN; IK; 10:7:2; TSJMLN; \P; NITHVI\MHPN &PTIOK;GQHIJK;≤;&PTIOK;THVPKOHS
7< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
11:!:!(3IRIH;THGHPT;GVP;HSP;THGHPT;\P_JKN;`SIQS;HSP;THVMQHMVP QJRZJKPKHT<; [IHHIKOT<; GKQILLGVIPT<; GKN; [IiPN
KJ;LJKOPV;TGHIT[IPT;HSP;ZPV[JVRGKQP;VPeMIVPRPKHT;TZPQI[IPN] PeMIZRPKH<;PHQ]
/SP;LIRIH;THGHPT;GVP;QLGTTI[IPN;GTb \X I6$#6<7'& 6-!#*+); UF YX; j; :QHIJKT; NMP; HJ
GX 3IRIH;THGHP;J[;THVPKOHSl;GKN QJKTHVMQHIJK;GKN;TPVYIQP;THGOP;LJGNT;TMQS;GT
\X 3IRIH;THGHP;J[;TPVYIQPG\ILIH_] IRZJTPN;ULIYPX;LJGNT;UQVGKP;LJGNT<;TKJ`;LJGNT<
PHQ]X<;ÌKN;LJGNT<;GKN;PGVHSeMGaP;LJGNT<;PHQ]
11:!:!:1( /SP;LIRIH;THGHPT;J[;THVPKOHS;GVP;HSJTP;GTTJQIGHPN
ÌHS;[GILMVPT;UJV;IRRIKPKH;[GILMVPX<;MKNPV;HSP;GQHIJK;J[ QX ;--#%'+!67&6-!#*+)&UFGX;j;:QHIJKT;PiZPQHPN
ZVJ\G\LP;GKN;RJTH;MK[GYJMVG\LP;QJR\IKGHIJK;J[;LJGNT NMP;HJ;PiZLJTIJKT<;GKN;IRZGQH;J[;YPSIQLPT<;PHQ]
JK; HSP; THVMQHMVP; MTIKO; HSP; GZZVJZVIGHP; ZGVHIGL; TG[PH_ 11:7:!( >"6$6-!'$#)!#-&;-!#*+)&UB*6%)X
[GQHJVT<; `SIQS; RG_; PKNGKOPV; HSP; TG[PH_; J[; LI[P; GKN 11:7:!:1( /SP;QSGVGQHPVITHIQ;GQHIJKT<;FQ<;GVP;HSP;YGLMPT
ZVJZPVH_];/SP;LIRIH;THGHP;J[;THVPKOHS;IKQLMNPT< J[; HSP; NI[[PVPKH; GQHIJKT; HSGH; GVP; KJH; PiZPQHPN; HJ; \P
GX LJTT;J[;PeMILI\VIMR;J[;HSP;THVMQHMVP;GT;G;`SJLP PiQPPNPN;ÌHS;RJVP;HSGK;(;ZPVQPKH;ZVJ\G\ILIH_<;NMVIKO
JV;GK_;J[;IHT;ZGVHT;JV;QJRZJKPKHT] HSP;LI[P;J[;HSP;THVMQHMVP;GKN;HSP_;GVP;HGaPK;GT<
\X LJTT;J[;THG\ILIH_;J[;HSP;THVMQHMVP;UIKQLMNIKO;HSP GX HSP;TPL[^`PIOSH<;IK;RJTH;QGTPT;QGLQMLGHPN;JK
P[[PQH; J[; T`G_; `SPVP; GZZVJZVIGHP; GKN HSP; \GTIT; J[; KJRIKGL; NIRPKTIJKT; GKN; MKIH
JYPVHMVKIKOX; JV; GK_; J[; IHT; ZGVHT; IKQLMNIKO `PIOSHT;U)'';!;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<
TMZZJVHT;GKN;[JMKNGHIJKT] *PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP
QX [GILMVP;\_;PiQPTTIYP;NP[JVRGHIJK<;VMZHMVP;J[ +JNPX]
HSP;THVMQHMVP;JV;GK_;J[;IHT;ZGVHT;JV;QJRZJKPKHT] \X HSP; YGVIG\LP; LJGNT<; YGLMPT; J[; `SIQS; GVP
NX [VGQHMVP;NMP;HJ;[GHIOMP] TZPQI[IPN; IK; VPLPYGKH; THGKNGVN; U)''; ,GVH; >
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT
PX \VIHHLP;[VGQHMVP]
GKN;$[[PQHTd;J[;HSP;+JNPX]
11:!:!:!( /SP;LIRIH;THGHP;J[;TPVYIQPG\ILIH_;IKQLMNPT<
QX HSP; MZZPV; LIRIH; ÌHS; G; TZPQI[IPN; ZVJ\G\ILIH_
GX NP[JVRGHIJK; GKN; NP[LPQHIJKT<; `SIQS; RG_ UMTMGLL_;(;ZPVQPKHX;KJH;PiQPPNIKO;NMVIKO;TJRP
GNYPVTPL_; G[[PQH; HSP; GZZPGVGKQP; JV; P[[PQHIYP VP[PVPKQP;ZPVIJN;UNPTIOK;LI[PX]
MTP; J[; HSP; THVMQHMVP; JV; RG_; QGMTP; IRZVJZPV NX TZPQI[IPN; \_; QLIPKH<; JV; \_; NPTIOKPV; IK
[MKQHIJKIKO;J[;PeMIZRPKH;JV;TPVYIQPT;JV;RG_ QJKTMLHGHIJK;ÌHS;QLIPKH<;ZVJYINPN;HSP_;TGHIT[_
QGMTP;NGRGOPT;HJ;[IKITSPT;GKN;KJK^THVMQHMVGL HSP; RIKIRMR; ZVJYITIJKT; J[; HSP; VPLPYGKH
RPR\PVT] LJGNIKO;THGKNGVN]
\X YI\VGHIJKT; IK; HSP; THVMQHMVP; JV; GK_; J[; IHT
11:7:!:!( /SP;QSGVGQHPVITHIQ;YGLMPT;J[;GQQINPKHGL;LJGNT
QJRZJKPKHT; QGMTIKO; NITQJR[JVH; HJ; ZPJZLP<
OPKPVGLL_;QJVVPTZJKN;HJ;HSP;YGLMP;TZPQI[IPN;\_;VPLPYGKH
NGRGOPT;HJ;HSP;THVMQHMVP<;IHT;QJKHPKHT;JV;`SIQS
QJNP<;THGKNGVN;JV;QLIPKH];/SP;NPTIOK;[JV;GQQINPKHGL;LJGN
RG_;LIRIH;IHT;[MKQHIJKGL;P[[PQHIYPKPTT];*ZPQIGL
IT;OPKPVGLL_;KJH;VPeMIVPN;IK;\MILNIKO;MKLPTT;IH;IT;VPeMIVPN
QJKTINPVGHIJK; TSGLL; \P; OIYPK; HJ; T_THPRT
\_;QLIPKH;JV;GZZVJYIKO;GMHSJVIH_;IK;`SIQS;QGTP<;OPKPVGLL_
TMTQPZHI\LP; HJ; YI\VGHIJK<; TMQS; GT; LGVOP; JZPK
VPQJRRPKNGHIJK; IK; 11:1:!( UQX; JV; TZPQIGLITH; LIHPVGHMVP
[LJJV;GVPGT;[VPP;J[;ZGVHIHIJKT;HJ;PKTMVP;HSGH;TMQS
TSGLL;\P;[JLLJ`PN]
YI\VGHIJKT;GVP;GQQPZHG\LP;[JV;HSP;IKHPKNPN;MTP
GKN;JQQMZGKQ_;U)''&:KKPi;7X] 11:7:7 (?')#N+&;-!#*+)
QX VPZGIVG\LP;NGRGOP;JV;QVGQa;NMP;HJ;[GHIOMP] /SP;NPTIOK;GQHIJK<;FN<;IT;PiZVPTTPN;GT; )* = ∑γ +, )!"
NX QJVVJTIJK<;NMVG\ILIH_<;GKN "
PX [IVP] `SPVP
11:7( #?D@GCH λ[a m ZGVHIGL; TG[PH_; [GQHJV; [JV; NI[[PVPKH; LJGNT; a<
/SP;GQHIJKT;ULJGNTX;HJ;\P;QJKTINPVPN;IK;NPTIOK;IKQLMNP;NIVPQH OIYPK;IK;/G\LP;8;HJ;GQQJMKH;[JV<
GQHIJKT;ULJGNTX;PiZPVIPKQPN;\_;HSP;THVMQHMVP;NMP;HJ;TPL[ GX ZJTTI\ILIH_; J[; MK[GYJMVG\LP; NPYIGHIJK; J[; HSP
`PIOSH<;PiHPVKGL;GQHIJKT<;PHQ<;GKN;IRZJTPN;NP[JVRGHIJKT LJGN;[VJR;HSP;QSGVGQHPVITHIQ;YGLMP<
TMQS;GT;HSGH;NMP;HJ;HPRZPVGHMVP;GKN;TPHHLPRPKHT] \X ZJTTI\ILIH_; J[; IKGQQMVGHP; GTTPTTRPKH; J[; HSP
11:7:1 (>76))#,#-6!#*+&*,&;-!#*+) LJGN<
:QHIJKT;GVP;QLGTTI[IPN;\_;HSPIV;YGVIGHIJK;ÌHS;HIRP;GT QX MKQPVHGIKH_;IK;HSP;GTTPTTRPKH;J[;P[[PQHT;J[;HSP
OIYPK;\PLJ`b LJGN<;GKN
NX MKQPVHGIKH_;IK;HSP;GTTPTTRPKH;J[;HSP;LIRIH;THGHPT
GX E'$Y6+'+!&6-!#*+)&UFZX;j;:QHIJKT;NMP;HJ;TPL[^
\PIKO;QJKTINPVPN]
`PIOSH; J[; THVMQHMVGL; GKN; KJK^THVMQHMVGL
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 78
$ERFB(<(3END@EF(5EMBDK(/E?DGNH(MGN('GEAH_(γγM_
MGN('@I@D(5DEDBH
U>76.)');B](]);6+%;))]6]6X
)*(( 4#68'10&'#1( :'6'&()&0&%(#5()&"%1;&<( :'6'&()&0&%(#5()%"7'.%08'*'&=(

+#,(
( '$; #$;%&; 3$4; .$; '$; #$(%&( 3$4;
5$; 5$;
( $()*+,-; .33/01),2+,-; $()*+,-; .33/01),2+,-;
6%&; 67&; 68&; 69&; 6:&; 6;&; 6<&; 6=&; 6>&; 6%?&; 6%%&;
+&; '$@#$@A$; %B:; %B:; %B?:; &; &; %B?; %B?; %B?; &;
++&; '$@#$@A$@; %B7; %B7; %B?:; ?B;; &; %B?; ?B=; ?B=; ?B=;
3$>5$; %B7; %B7; ?B:8; %B7;
+++&; '$@3$>5$; %B:;6?B>&; 7&; &; &; %B:; &; %B?; &; &; %B?;
+C&; '$@5D; %B7;6?B>&;7&; %B7; &; &; &; &; &; &; &;
C&; '$@#$@.$; %B?; ?B8:; ?B8:; &; %B?; &; &; &; &;
)X;%SPK;GQHIJK;J[;NI[[PVPKH;IRZJTPN;LJGNT;IT;TIRMLHGKPJMTL_;QJKTINPVPN<;HSP;LPGNIKO;IRZJTPN;LJGN;TSGLL;\P;QJKTINPVPN;HJ;\P;HSP;JKP;QGMTIKO
HSP;SIOSPV;LJGN;P[[PQHT;IK;HSP;RPR\PVWTPQHIJK]
.X;/SIT;YGLMP;IT;HJ;\P;QJKTINPVPN;`SPK;HSP;NPGN;LJGN;QJKHVI\MHPT;HJ;THG\ILIH_;GOGIKTH;JYPVHMVKIKO;IT;QVIHIQGL;JV;HSP;NPGN;LJGN;QGMTPT;VPNMQHIJK
IK;THVPTT;NMP;HJ;JHSPV;LJGNT]
;<<$'(#6!#*+)b
&3 m;&PGN;LJGN<;13 m;1RZJTPN;LJGN;U3IYP;LJGNX<;%3 m;%IKN;LJGN<;+3 m;+VGKP;LJGN;U?PVHIQGLW=JVIgJKHGLX<;:3 m :QQINPKHGL;LJGN<;$# m;$VPQHIJK
LJGN<;$3 m;$GVHSeMGaP;LJGN]
2"/$;j;/SP;P[[PQHT;J[;GQHIJKT;ULJGNTX;IK;HPVRT;J[;THVPTTPT;JV;THVPTT;VPTMLHGKHT;RG_;\P;J\HGIKPN;[VJR;GK;GZZVJZVIGHP;RPHSJN;J[;GKGL_TIT
GT;IK;10]
/SP; LJGNT; JV; LJGN; P[[PQHT; TSGLL; \P; RMLHIZLIPN; \_; HSP $ERFB(8(3END@EF(5EMBDK(/E?DGN(MGN(=EDBN@EFH_(γγ I
VPLPYGKH;γ[;[GQHJVT<;OIYPK;IK;/G\LP;8<;HJ;OPH;HSP;NPTIOK U>76.)';))]8])X
LJGNT;JV;NPTIOK;LJGN;P[[PQHT]
)*( ?%5'1'&'#1( @0"&'0*()05%&=(A0.&#"(
11:<(5DNBCLDP +#,(
65-; 67-; 68-;
/SP; MLHIRGHP; THVPKOHS; QGLQMLGHIJK; RG_; VPeMIVP +-; D(E+EF),3(G;-/C(H,(*;I2; 5B5/;
QJKTINPVGHIJK;J[;HSP;[JLLJÌKOb 2+(J*+,-G;'./;
++-; D(E+EF),3(;/K;.(.I(H;F/; 5B5/;
GX 3JTT;J[;PeMILI\VIMR;J[;HSP;THVMQHMVP;JV;GK_;ZGVH IL3,J+,-G;'./;
J[;IH<;QJKTINPVPN;GT;G;VIOIN;\JN_<;GKN +++-; D(E+EF),3(G;-/C(H,(*;I2; 5B7:;
LJF+.)F(;EFH(EEG;'.5;
\X !GILMVP;\_;PiQPTTIYP;NP[JVRGHIJK<;VMZHMVP;JV
+C-; D(E+EF),3(;/K;3/,,(3F+/,M;; *+,-& .1678&
LJTT;J[;THG\ILIH_;J[;HSP;THVMQHMVP;JV;GK_;ZGVH;J[ ; ./0!12/31,45& ./0!12/31,45&
IH;IKQLMNIKO;TMZZJVH;GKN;[JMKNGHIJK] )-;N/JFEOPH+3F+/,;Q21(G;'.K; 5B7:; 5B7:;
I-;N/JFEON()H+,-;Q21(G;'.I; 5B7:; 5B7:;
11:<:1( ?')#N+&5!$'+N!" 3-;D+C(FEG;'.H ; 5B7:; 5B7:;
*-;3(J*EG;'.R; 5B7:; 5B:/;
/SP;NPTIOK;THVPKOHS<;5N<;IT;J\HGIKPN;GT;OIYPK;\PLJ`;[VJR
MLHIRGHP; THVPKOHS<; 5M; GKN; ZGVHIGL; TG[PH_; [GQHJVT; [JV
11:8( /E?DGNH(,GXBNC@CL(DPB(*FD@IEDB(5DNBCLDP
RGHPVIGLT<(γR;OIYPK;IK;/G\LP;(]
11:8:1( 5!6<#7#!M
5N;m;5M;W;γR
*HG\ILIH_;TSGLL;\P;PKTMVPN;[JV;HSP;THVMQHMVP;GT;G;`SJLP
`SPVP;ZGVHIGL;TG[PH_;[GQHJV;[JV;RGHPVIGLT<;γR;GQQJMKH;[JV< GKN;[JV;PGQS;J[;IHT;PLPRPKHT];/SIT;TSJMLN;IKQLMNP<;JYPVGLL
GX ZJTTI\ILIH_; J[; MK[GYJMVG\LP; NPYIGHIJK; J[ [VGRP;THG\ILIH_;GOGIKTH;JYPVHMVKIKO;GKN;T`G_<;GT;OIYPK
RGHPVIGL;THVPKOHS;[VJR;HSP;QSGVGQHPVITHIQ;YGLMPl IK;11:8:1:1(GKN;11:8:1:!]
\X ZJTTI\ILIH_; J[; MK[GYJMVG\LP; YGVIGHIJK; J[ 11:8:1:1( 5!6<#7#!M&6N6#+)!&*('$!.$+#+N
RPR\PV;TIgPTl /SP; THVMQHMVP; GT; G; `SJLP; JV; GK_; ZGVH; J[; IH; TSGLL; \P
QX ZJTTI\ILIH_; J[; MK[GYJMVG\LP; VPNMQHIJK; IK NPTIOKPN;HJ;ZVPYPKH;IKTHG\ILIH_;NMP;HJ;JYPVHMVKIKO<;MZLI[H
RPR\PV; THVPKOHS; NMP; HJ; [G\VIQGHIJK; GKN JV;TLINIKO;MKNPV;[GQHJVPN;LJGN;GT;OIYPK;\PLJ`b
HJLPVGKQPTl;GKN GX /SP;GQHIJKT;TSGLL;\P;NIYINPN;IKHJ;QJRZJKPKHT
NX MKQPVHGIKH_;IK;HSP;QGLQMLGHIJK;J[;THVPKOHS;J[ GINIKO; IKTHG\ILIH_; GKN; QJRZJKPKHT; VPTITHIKO
HSP;RPR\PVT] IKTHG\ILIH_]
72 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
\X /SP;ZPVRGKPKH;GKN;YGVIG\LP;GQHIJKT;GKN;HSPIV 11:2:1( ?',7'-!#*+
P[[PQHT;QGMTIKO;IKTHG\ILIH_;TSGLL;\P;QJR\IKPN
/SP;NP[LPQHIJK;MKNPV;TPVYIQPG\ILIH_;LJGNT;J[;G;\MILNIKO
MTIKO; GZZVJZVIGHP; ZGVHIGL; TG[PH_; [GQHJVT; [JV
JV;G;\MILNIKO;QJRZJKPKH;TSJMLN;KJH;IRZGIV;HSP;THVPKOHS
LJGNT; GT; ZPV; HSP; LIRIH; THGHP; VPeMIVPRPKHT<; HJ
J[; HSP; THVMQHMVP; JV; QJRZJKPKHT; JV; QGMTP; NGRGOP; HJ
J\HGIK;RGiIRMR;NPTHG\ILIgIKO;P[[PQH]
[IKITSIKO];&P[LPQHIJKT;GVP;HJ;\P;QSPQaPN;[JV;HSP;RJTH
QX /SP; ZPVRGKPKH; GQHIJKT; ULJGNTX; GKN; P[[PQHT GNYPVTP;\MH;VPGLITHIQ;QJR\IKGHIJK;J[;TPVYIQP;LJGNT;GKN
QJKHVI\MHIKO;HJ;VPTITHGKQP;TSGLL;\P;RMLHIZLIPN HSPIV; GVVGKOPRPKH<; \_; PLGTHIQ; GKGL_TIT<; MTIKO; ZGVHIGL
ÌHS; G; ZGVHIGL; TG[PH_; [GQHJV; D]B; GKN; GNNPN TG[PH_;[GQHJVT;IK;/G\LP;8;[JV;LJGNT<;GT;VPeMIVPN<;IK;/G\LP
HJOPHSPV; ÌHS; NPTIOK; VPTITHGKQP; UG[HPV >];/G\LP;>;OIYPT;VPQJRRPKNPN;LIRIHT;J[;NP[LPQHIJKT;[JV
RMLHIZL_IKO; ÌHS; GZZVJZVIGHP; ZGVHIGL; TG[PH_ QPVHGIK; THVMQHMVGL; RPR\PVT; GKN; T_THPRT]; 1K; /G\LP; ><
[GQHJVX]; ?GVIG\LP; GQHIJKT; GKN; HSPIV; P[[PQHT IRZJTPN;LJGN;TSJMLN;IKQLMNP;GLL;ZJTH;QJKTHVMQHIJK;LJGNT
QJKHVI\MHIKO;HJ;VPTITHGKQP;TSGLL;\P;NITVPOGVNPN] IKQLMNIKO;TMZPVIRZJTPN;NPGN;LJGNT];+IVQMRTHGKQPT;RG_
NX /SP;VPTITHGKQP;P[[PQH;TSGLL;\P;OVPGHPV;HSGK;JV GVITP; `SPVP; OVPGHPV; JV; LPTTPV; YGLMPT; `JMLN; \P; RJVP
PeMGL;HJ;HSP;NPTHG\ILIgIKO;P[[PQH];+JR\IKGHIJK GZZVJZVIGHP<;NPZPKNIKO;MZJK;HSP;KGHMVP;J[;RGHPVIGL;IK
J[;IRZJTPN;GKN;NPGN;LJGNT;TSJMLN;\P;TMQS;GT PLPRPKH;HJ;\P;TMZZJVHPN;UYMLKPVG\LP;HJ;QVGQaIKO;JV;KJHX
HJ;QGMTP;RJTH;TPYPVP;P[[PQH;JK;JYPVGLL;THG\ILIH_] GKN;IKHPKNPN;MTP;J[;HSP;THVMQHMVP<;GT;VPeMIVPN;\_;QLIPKH]
11:8:1:!( 5K6M&)!6<#7#!M 11:2:1:1(%SPVP;HSP;NP[LPQHIJK;NMP;HJ;HSP;QJR\IKGHIJK
/SP; `SJLP; THVMQHMVP<; IKQLMNIKO; ZJVHIJKT; \PH`PPK J[;NPGN;LJGN;GKN;IRZJTPN;LJGN;IT;LIaPL_;HJ;\P;PiQPTTIYP<
PiZGKTIJK;fJIKHT<;TSGLL;\P;GNPeMGHPL_;THI[[;GOGIKTH;T`G_] QJKTINPVGHIJK;TSJMLN;\P;OIYPK;HJ;ZVP^QGR\PV;HSP;\PGRT<
/J; PKTMVP; HSIT<; IK; GNNIHIJK; HJ; NPTIOKIKO; [JV; GZZLIPN HVMTTPT;GKN;OIVNPVT];/SP;YGLMP;J[;NPTIVPN;QGR\PV;TSGLL
SJVIgJKHGL; LJGNT<; G; TPZGVGHP; QSPQa; TSJMLN; \P; QGVVIPN \P; TZPQI[IPN; IK; NPTIOK; NVGÌKO]; 4PKPVGLL_<; [JV; TZGKT
JMH;[JV;KJHIJKGL;SJVIgJKHGL;LJGNT;TMQS;GT;OIYPK;IK;10:7:2 OVPGHPV; HSGK; .(; R<; G; QGR\PV; GZZVJiIRGHPL_; PeMGL; HJ
HJ;PYGLMGHP;HSP;T`G_;MKNPV;OVGYIH_;LJGNT] HSP;NP[LPQHIJK;NMP;HJ;NPGN;LJGNT;ZLMT;SGL[;HSP;IRZJTPN
LJGN;RG_;\P;MTPN];/SP;NP[LPQHIJK;J[;G;RPR\PV;TSGLL;\P
11:8:!( 46!#N.' QGLQMLGHPN; ÌHSJMH; QJKTINPVIKO; HSP; IRZGQH; [GQHJV; JV
4PKPVGLL_; [GHIOMP; KPPN; KJH; \P; QJKTINPVPN; MKLPTT; G N_KGRIQ;P[[PQH;J[;HSP;LJGNT;JK;NP[LPQHIJK];#JJ[T<;`SIQS
THVMQHMVP;JV;PLPRPKH;IT;TM\fPQHPN;HJ;KMRPVJMT;TIOKI[IQGKH GVP;YPV_;[LPiI\LP<;TSGLL;\P;NPTIOKPN;HJ;ÌHSTHGKN;GK_
[LMQHMGHIJKT;J[;THVPTT];*HVPTT;QSGKOPT;NMP;HJ;[LMQHMGHIJKT GNNIHIJKGL; LJGN; HSGH; IT; LIaPL_; HJ; JQQMV; GT; G; VPTMLH; J[
IK; ÌKN; LJGNIKO; KJVRGLL_; KPPN; KJH; \P; QJKTINPVPN] ZJKNIKO;J[;`GHPV;JV;GQQMRMLGHIJK;J[;TKJ`;JV;IQP]
!GHIOMP;NPTIOK;TSGLL;\P;IK;GQQJVNGKQP;ÌHS;*PQHIJK;>UZX] 11:2:! (I#<$6!#*+
%SPK; NPTIOKIKO; [JV; [GHIOMP<; HSP; ZGVHIGL; TG[PH_; [GQHJV
[JV;LJGN<;γ[<; PeMGL;HJ;MKIH_;TSGLL;\P;MTPN;[JV;HSP;LJGN *MIHG\LP;ZVJYITIJKT;IK;HSP;NPTIOK;TSGLL;\P;RGNP;[JV;HSP
QGMTIKO;THVPTT;[LMQHMGHIJK;GKN;THVPTT;VGKOP] N_KGRIQ; P[[PQHT; J[; IRZJTPN; LJGNT<; IRZGQH; LJGNT; GKN
YI\VGHIJK;NMP;HJ;RGQSIKPV_;JZPVGHIKO;LJGNT];1K;TPYPVP
11:8:7( E76)!#-&>*7763)' QGTPT;ZJTTI\ILIH_;J[;VPTJKGKQP<;[GHIOMP;JV;MKGQQPZHG\LP
,LGTHIQ; GKGL_TIT; GKN; NPTIOK; RG_; \P; MTPN<; I[; HSP YI\VGHIJKT; TSGLL; \P; IKYPTHIOGHPN]; 9KMTMGLL_; [LPiI\LP
VPeMIVPRPKH; TZPQI[IPN; MKNPV; HSP; ZLGTHIQ; RPHSJN; J[ THVMQHMVPT;UOPKPVGLL_;HSP;SPIOSH;HJ;P[[PQHIYP;ÌNHS;J[
GKGL_TIT;U)'';10:8X;GVP;TGHIT[IPN] LGHPVGL;LJGN;VPTITHGKQP;T_THPR;PiQPPNIKO;(b)X;TSGLL;\P
IKYPTHIOGHPN;[JV;LGHPVGL;YI\VGHIJK;MKNPV;N_KGRIQ;ÌKN
11:2( '@I@D(5DEDB(GM(5BNX@?BER@F@DK LJGNT];*HVMQHMVPT;TM\fPQHPN;HJ;LGVOP;KMR\PV;J[;Q_QLPT
J[;LJGNIKO;TSGLL;\P;NPTIOKPN;GOGIKTH;[GHIOMP;[GILMVP<;GT
*PVYIQPG\ILIH_; LIRIH; THGHP; IT; VPLGHPN; HJ; HSP; QVIHPVIG
TZPQI[IPN;IK;*PQHIJK;>UZX];!LJJV;YI\VGHIJK;P[[PQH;TSGLL
OJYPVKIKO;KJVRGL;MTP];*PVYIQPG\ILIH_;LIRIH;THGHP;IT;LIRIH
\P;QJKTINPVPN;MTIKO;TZPQIGLITH;LIHPVGHMVP;U)'';:KKPi;7X]
THGHP;\P_JKN;`SIQS;HSP;TPVYIQP;QVIHPVIG;TZPQI[IPN;\PLJ`<
GVP;KJ;LJKOPV;RPHb 11:2:7( ?.$6<#7#!M
GX &P[LPQHIJK;LIRIH< !GQHJVT;HSGH;G[[PQH;HSP;NMVG\ILIH_;J[;HSP;\MILNIKOT<;MKNPV
\X ?I\VGHIJK;LIRIH< QJKNIHIJKT; VPLPYGKH; HJ; HSPIV; IKHPKNPN; LI[P<; GVP; LITHPN
\PLJ`b
QX &MVG\ILIH_;QJKTINPVGHIJK<;GKN
NX !IVP;VPTITHGKQP] GX $KYIVJKRPKH<
\X &POVPP;J[;PiZJTMVP<
9KLPTT;TZPQI[IPN;JHSPVÌTP;U)''&/G\LP;8X<;ZGVHIGL;TG[PH_
[GQHJV;[JV;LJGNT<;γ[<;J[;YGLMP;PeMGL;HJ;MKIH_;TSGLL;\P;MTPN QX *SGZP;J[;HSP;RPR\PV;GKN;HSP;THVMQHMVGL;NPHGIL<
[JV; GLL; LJGNT; LPGNIKO; HJ; TPVYIQPG\ILIH_; LIRIH; THGHPT; HJ NX ,VJHPQHIYP;RPGTMVP<;GKN
QSPQa;HSP;GNPeMGQ_;J[;HSP;THVMQHMVP;MKNPV;TPVYIQPG\ILIH_ PX $GTP;J[;RGIKHPKGKQP]
LIRIH;THGHPT]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 7;
$ERFB(2(+BMFB?D@GC('@I@DH
U>76.)';))]>])X
B90((%&( ;(&"()*+%,( ;($+:,(<%#9( 4(/5(1( '700%1*+,:( 4#6+/7/(

C7+"9+,:( ;(&"()*+%,(
0"-; 0$-; 01-; 02-; 03-; 04-;
; 567.C8M;M67//89:; U<79;U;"3+;
;0<1.=/;617/;79/;>89/;617/;; S?2689.;79/;T82C.;
; @28CC6=;M67//89:; U<79;U;"A+;
; ;0<1.=/;617/; 567.C8M;M67//89:; U<79;U;$2+;
U80<6=;.<79;
; ; @28CC6=;M67//89:; U<79;U;1++;
; ;0<1.=/;617/; 567.C8M;M67//89:; U<79;U;"$+;
B79C86=C=2;.<79;
; ; @28CC6=;M67//89:; U<79;U;"3+;
; ;0<1.=/;617/D;>89/;617/;79/; S21386=/;0=C76;.V==C89:; U<79;U;"A+;
E73C=2;.?<<12C89:;
; X=2C8M76; M279=;617/; S67.C=2=/;.V==C89:; U<79;U;$2+;
; B279=;617/;0W79?76; T79C2F; GV==6.;13;M279=; U<79;U;3++;
;9/?.C2876; 1<=27C819-;
I?86/89:.; B279=;617/; T79C2F; GV==6.;13;M279=; U<79;U;H3+;
056=MC28M;1<=27C819;?<;C1;3+;C-;
B279=;617/; U<79;U;";+++;
T79C2F; GV==6.;13;M279=;
056=MC28M;1<=27C819;1C=2;3+;C-;
567.C8M;M67//89:; Y=8:VC;U;"3+;
Z1;M279=.;0/?=;C1;>89/-; B16?09;
W7.192FU@28CC6=;M67//89:; Y=8:VC;U;$2+;
B279=;07I.16?C=-; U<79;U;2++;
B279=;617/;79/;>89/;617/; T79C2F;067C=276-; E=67C8C=;/8.<67M=0=9C;I=C>==9;2786.; "+;00;
J7C=276;
.?<<12C89:;>V==6.;13;M279=;;
T79C2F;0567.C8M;M67//89:-; Y=8:VC;U;$++(
B279=;617/;79/;>89/;617/; B16?09U3270=;
T79C2F;0@28CC6=;M67//89:[;M7I;1<=27C=/-; Y=8:VC;U;2++;
56=0=9C.;91C;.?.M=<C8I6=;C1;M27MY89:; U<79;U;1++;
;0<1.=/;617/; K6112;79/;2113;
\CV=2; 56=0=9C.;.?.M=<C8I6=;C1;M27MY89:; U<79;U;14+;
X=2C8M76;
I?86/89:.; 56=0=9C.;91C;.?.M=<C8I6=;C1;M27MY89:; U<79;U;"3+;
;0<1.=/;617/; B79C86=C=2;
; 56=0=9C.;.?.M=<C8I6=;C1;M27MY89:; U<79;U;"A+;
; G89/;617/; 567.C8M;M67//89:; Y=8:VC;U;1++;
@?86/89:;
; J7C=276; ; @7CC6=;M67//89:; Y=8:VC;U;3++;
G89/;617/; ;9C=2L.C12=F;/283C; ]; UC12=F;V=8:VCU1++;
11:2:7:1( /SP; NMVG\ILIH_; J[; THPPL; THVMQHMVPT; TSGLL; \P PiQPTTIYP;PLJKOGHIJK];,LGHPT;GKN;JHSPV;VJLLPN;TPQHIJKT

PKTMVPN;\_;[JLLJÌKO;VPQJRRPKNGHIJKT;IK;*PQHIJK;>UVX] IK;HPKTIJK;RG_;GLTJ;[GIL;\_;\LJQa;TSPGV;J[;PKN;\JLHPN
*ZPQIGLITH;LIHPVGHMVP;RG_;\P;VP[PVVPN;HJ;[JV;RJVP;NPHGILPN VPOIJKT;U)'';1!:<:1X]
GKN;GNNIHIJKGL;IK[JVRGHIJK;IK;NPTIOK;[JV;NMVG\ILIH_]
/SP;[GQHJVPN;NPTIOK;HPKTIJK; 0<;IK;HSP;RPR\PVT;TSGLL
11:2:<( 4#$'&H')#)!6+-' TGHIT[_;HSP;[JLLJÌKO;VPeMIVPRPKHb
!IVP;VPTITHGKQP;J[;G;THPPL;RPR\PV;IT;G;[MKQHIJK;J[;IHT 0&'&0N
RGTT<; IHT; OPJRPHV_<; GKN; HSP; GQHIJKT; HJ; `SIQS; IH; IT
`SPVP
TM\fPQHPN<; IHT; THVMQHMVGL; TMZZJVH; QJKNIHIJK<; [IVP
ZVJHPQHIJK;RPGTMVPT;GNJZHPN;GKN;HSP;[IVP;HJ;`SIQS;IH;IT 0N a NPTIOK;THVPKOHS;J[;HSP;RPR\PV]
PiZJTPN]; &PTIOK; ZVJYITIJKT; HJ; VPTITH; [IVP; GVP; \VIP[L_
NITQMTTPN;IK;*PQHIJK;>UTX];*ZPQIGLITH;LIHPVGHMVP;RG_;\P /SP;NPTIOK;THVPKOHS;J[;G;RPR\PV;MKNPV;GiIGL;HPKTIJK<
VP[PVVPN;HJ;[JV;RJVP;NPHGILPN;IK[JVRGHIJK;IK;NPTIOK;J[ 0N<;IT;HSP;LJ`PTH;J[;HSP;NPTIOK;THVPKOHS;NMP;HJ;_IPLNIKO
[IVP;VPTITHGKQP;J[;THPPL;THVMQHMVPT] J[;OVJTT;TPQHIJK<;0NOl;VMZHMVP;THVPKOHS;J[;QVIHIQGL;TPQHIJK<
0NKl&GKN;\LJQa;TSPGV;0N\:&OIYPK;IK;1!:!<(1!:7(GKN(1!:<<
'&!%(#$")*<,"4&'(-$"#9"%&$'(#$ VPTZPQHIYPL_]
2&2=&.'
1!:!( +BH@LC( 5DNBCLDP( +OB( DG( >@BFA@CL( GM( ,NGHH
1! (+.5%,"(&/($."5%&"(=.=).45 5B?D@GC
1!:1( $BCH@GC(=BIRBNH /SP;NPTIOK;THVPKOHS;J[;RPR\PVT;MKNPV;GiIGL;HPKTIJK<;0NO:

GT;OJYPVKPN;\_;_IPLNIKO;J[;OVJTT;TPQHIJK<;IT;OIYPK;\_b
/PKTIJK;RPR\PVT;GVP;LIKPGV;RPR\PVT;IK;`SIQS;GiIGL
[JVQPT;GQH;HJ;QGMTP;PLJKOGHIJK;UTHVPHQSX];*MQS;RPR\PVT 0NO&a&;O&,_&%γRD
QGK;TMTHGIK;LJGNT;MZ;HJ;HSP;MLHIRGHP;LJGN<;GH;`SIQS;THGOP `SPVP
HSP_;RG_;[GIL;\_;VMZHMVP;GH;G;QVIHIQGL;TPQHIJK];=J`PYPV<
I[; HSP; OVJTT; GVPG; J[; HSP; RPR\PV; _IPLNT; JYPV; G; RGfJV ,_ m _IPLN;THVPTT;J[;HSP;RGHPVIGL<
ZJVHIJK;J[;IHT;LPKOHS;\P[JVP;HSP;VMZHMVP;LJGN;IT;VPGQSPN< ;O m OVJTT;GVPG;J[;+VJTT^TPQHIJK<;GKN
HSP; RPR\PV; RG_; \PQJRP; KJK^[MKQHIJKGL; NMP; HJ
7Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
γRD m ZGVHIGL;TG[PH_;[GQHJV;[JV;[GILMVP;IK;HPKTIJK;\_ 0NK;a&D]B&;K&,M;%γR)
_IPLNIKO;U)''&/G\LP;(X] `SPVP
1!:7( +BH@LC( 5DNBCLDP( +OB( DG( 4OJDONB( GM( -N@D@?EF ;K m KPH;VJJH;GVPG;GH;HSP;HSVPGNPN;TPQHIJK]
5B?D@GC 1!:7:7; 5#+N7';;+N7')
1!:7:1 (E76!') /SP;VMZHMVP;THVPKOHS;J[;GK;GKOLP;QJKKPQHPN;HSVJMOS;JKP
LPO;IT;G[[PQHPN;\_;TSPGV;LGO];/SP;NPTIOK;THVPKOHS<;0NK:;GT
/SP; NPTIOK; THVPKOHS; IK; HPKTIJK; J[; G; ZLGHP<; 0 NK: ; GT OJYPVKPN;\_;VMZHMVP;GH;KPH;TPQHIJK;IT;OIYPK;\_b
OJYPVKPN;\_;VMZHMVP;J[;KPH;QVJTT^TPQHIJKGL;GVPG<;;K:;GH
HSP;SJLPT;IT;OIYPK;\_b 0NK&a&D]B&;KQ;,M%γR)&:&β&;OJ&,_&%γRD
`SPVP
0NK&a&D]B&;K&,M&%&γR)
β;a&)]8;h;D]D->&UK%!X&U,_%,MX&U<T%BQX ≤;UD]B,MγRD%,MγR)X
`SPVP ≥ D]-
γR) m ZGVHIGL; TG[PH_; [GQHJV; [JV; [GILMVP; GH; MLHIRGHP `SPVP
THVPTT;U)'';/G\LP;(X<
K a JMHTHGKN;LPO;ÌNHS<
,M m MLHIRGHP;THVPTT;J[;HSP;RGHPVIGL<;GKN <T a TSPGV;LGO;ÌNHS<;GT;TSJ`K;IK;!IO];><;GKN
&;K m KPH;P[[PQHIYP;GVPG;J[;HSP;RPR\PV;OIYPK;\_] BQ m LPKOHS; J[; HSP; PKN; QJKKPQHIJK<; HSGH; IT; HSP
NITHGKQP;\PH`PPK;HSP;;JMHPVRJTH;\JLHT;IK;HSP
⎡ B$4# ⎤ PKN;fJIKH;RPGTMVPN;GLJKO;HSP;LJGN;&NIVPQHIJK
;K&a& ⎢# − .! M +
⎣
∑ 394 ⎦
⎥ " JV;LPKOHS;J[;HSP;`PLN;GLJKO;HSP;LJGN;NIVPQHIJK]
!JV; ZVPLIRIKGV_; TIgIKO<; HSP; VMZHMVP; THVPKOHS; J[; KPH
`SPVP TPQHIJK;RG_;\P;GZZVJiIRGHPL_;HGaPK;GTb
<:&! m ÌNHS;GKN;HSIQaKPTT;J[;HSP;ZLGHP<;VPTZPQHIYPL_< 0NK&a&α&;K&,M&%γR)
%S m NIGRPHPV;J[;HSP;\JLH;SJLP;U.;RR;IK;GNNIHIJK `SPVP
HJ;HSP;NIGRPHPV;J[;HSP;SJLP<;IK;QGTP;J[;NIVPQHL_ α a D]>;[JV;JKP;JV;H`J;\JLHT<;D]-;[JV;HSVPP;\JLHT
ZMKQSPN;SJLPTX< GKN; D]A& [JV; [JMV; JV; RJVP; \JLHT; GLJKO; HSP
N m OGMOP; LPKOHS; \PH`PPK; HSP; \JLH; SJLPT<; GT LPKOHS;IK;HSP;PKN;QJKKPQHIJK;JV;PeMIYGLPKH
TSJ`K;IK;!IO];(< `PLN;;;LPKOHS<
3T m THGOOPVPN;ZIHQS;LPKOHS;\PH`PPK;LIKP;J[;\JLH ;K m KPH;GVPG;J[;HSP;HJHGL;QVJTT^TPQHIJK<
SJLPT<;GT;TSJ`K;IK;!IO];(< ;KQ m KPH;GVPG;J[;HSP;QJKKPQHPN;LPO<
+ m KMR\PV;J[;\JLH;SJLPT;IK;HSP;QVIHIQGL;TPQHIJK< ;OJ a OVJTT;GVPG;J[;HSP;JMHTHGKNIKO;LPO<;GKN
GKN ! a HSIQaKPTT;J[;HSP;LPO]
# m TM\TQVIZH;[JV;TMRRGHIJK;J[;GLL;HSP;IKQLIKPN
LPOT]
!14];>;:243$*;%1/=;*1243$;3$4;+"22$+/1"2*
1!:7:<; Q!"'$&5'-!#*+
/SP;VMZHMVP;THVPKOHS<;0NK:;J[;HSP;NJM\LP;GKOLPT<;QSGKKPLT<
1^TPQHIJKT;GKN;JHSPV;VJLLPN;THPPL;TPQHIJKT<;QJKKPQHPN;\_
!14 ];(;,3:/$*;%1/=;7 "3/*;="3$*;12 ;/$2*1"2 JKP;JV;RJVP;PLPRPKHT;HJ;GK;PKN;OMTTPH;IT;GLTJ;OJYPVKPN
\_;TSPGV;LGO;P[[PQHT];/SP;NPTIOK;HPKTILP;THVPKOHS;J[;TMQS
1!:7:!;0"$'6%'%&H*%) TPQHIJKT;GT;OJYPVKPN;\_;HPGVIKO;J[;KPH;TPQHIJK;RG_;GLTJ
/SP;NPTIOK;THVPKOHS;J[;HSVPGNPN;VJNT;IK;HPKTIJK<;0NK<;GT \P; QGLQMLGHPN; MTIKO; PeMGHIJK; IK; 1!:7:7<; `SPVP; <; IT
OJYPVKPN;\_;VMZHMVP;IT;OIYPK;\_b QGLQMLGHPN; \GTPN; JK; HSP; TSPGV; LGO; NITHGKQP<; <T:& HGaPK
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 79
[VJR; HSP; [GVHSPTH; PNOP; J[; HSP; JMHTHGKNIKO; LPO; HJ; HSP [LPiMVGL; \MQaLIKO]; /SP; \MQaLIKO; THVPKOHS; J[; HSPTP
KPGVPTH; \JLHW`PLN; LIKP; IK; HSP; QJKKPQHPN; LPO; J[; HSP RPR\PVT;IT;G[[PQHPN;\_;VPTINMGL;THVPTTPT<;IKIHIGL;\J`
QVJTT^TPQHIJK] GKN; GQQINPKHGL; PQQPKHVIQIHIPT; J[; LJGN]; /J; GQQJMKH; [JV
GLL;HSPTP;[GQHJVT<;HSP;THVPKOHS;J[;RPR\PVT;TM\fPQHPN;HJ
1!:<( +BH@LC(5DNBCLDP(+OB(DG()FG?S(5PBEN
GiIGL;QJRZVPTTIJK;IT;NP[IKPN;\_;\MQaLIKO;QLGTT;G<;\<;Q<
/SP; THVPKOHS; GT; OJYPVKPN; \_; \LJQa; TSPGV; GH; GK; PKN JV;N;GT;OIYPK;/G\LP;-]
QJKKPQHIJK;J[;ZLGHPT;GKN;GKOLPT;IT;QGLQMLGHPN;GT;OIYPK
17:1:! (/SP;[GQHJVPN;NPTIOK;QJRZVPTTIJK<;E&IK;RPR\PVT
IK;1!:<:1]
TSGLL;TGHIT[_;HSP;[JLLJÌKO;VPeMIVPRPKHb
1!:<:1 (=*7!'%&>*++'-!#*+)
E;'&EN
/SP;\LJQa;TSPGV;THVPKOHS<;0N\;J[;QJKKPQHIJK;TSGLL;\P `SPVP
HGaPK;GT;HSP;TRGLLPV;J[<
EN a ;P&,QN
0N\&a&o;;YO&,_&%U 4 γRDX&:;D]B;HK&,M;%γR);p `SPVP
JV
;P m P[[PQHIYP;TPQHIJKGL;GVPG;GT;NP[IKPN;IK;17:7:!<
0N\&a&oD]B;YK;,M&%U 4 γR)X;:&;HO;,_&%γRDp GKN
`SPVP ,QN m NPTIOK;QJRZVPTTIYP;THVPTT<;J\HGIKPN;GT;ZPV
17:1:!:1]
;YO&<&;YK m RIKIRMR;OVJTT;GKN;KPH;GVPG;IK;TSPGV;GLJKO
\JLH; LIKP; ZGVGLLPL; HJ; PiHPVKGL; [JVQP< 17:1:!:1(;/SP;NPTIOK;QJRZVPTTIYP;THVPKOHS<;,QN<;J[;GiIGLL_
LJGNPN;QJRZVPTTIJK;RPR\PVT;TSGLL;\P;QGLQMLGHPN;MTIKO
VPTZPQHIYPL_;U)^.;GKN;6^8;GT;TSJ`K;IK;!IO];-:
HSP;[JLLJÌKO;PeMGHIJKb
GKN;)^.;GT;TSJ`K;IK;!IO];-7X<
;HO;<&;HK a RIKIRMR;OVJTT;GKN;KPH;GVPG;IK;HPKTIJK;[VJR > $ ) γ !"
> #$ = "&'
= χ > % ) γ !" ≤ > % ) γ !"
HSP;\JLH;SJLP;HJ;HSP;HJP;J[;HSP;GKOLP<;PKN;\JLH φ + ⎡⎣ φ( − λ ( ⎤⎦
LIKP<; ZPVZPKNIQMLGV; HJ; HSP; LIKP; J[; [JVQP<
VPTZPQHIYPL_;U.^6;GT;TSJ`K;IK;!IO];-7X<;GKN `SPVP
,M;:&,_ m MLHIRGHP; GKN; _IPLN; THVPTT; J[; HSP; RGHPVIGL< φ m D](o);s&α&Uλ&c&D].X;s;λ.p
VPTZPQHIYPL_] λ m KJK^NIRPKTIJKGL;P[[PQHIYP;TLPKNPVKPTT;VGHIJ
(
m % % % ## = %% ( ;" # ) π( <
π( 1
,QQ m $MLPV;\MQaLIKO;THVPTT;m;
( () ) ' )(
`SPVP
!14];-;73"+F;*=$:#;! :139#$ &AB%$ m P[[PQHIYP; TLPKNPVKPTT; VGHIJ; JV; VGHIJ; J[
P[[PQHIYP;LPKOHS<;AB;HJ;GZZVJZVIGHP;VGNIMT;J[
1!:<:!(J'7%'%&>*++'-!#*+ O_VGHIJK<;$l
/SP; \LJQa; TSPGV; THVPKOHS<; 0N\; TSGLL; \P; QSPQaPN; [JV α m IRZPV[PQHIJK;[GQHJV;OIYPK;IK;/G\LP;-l
`PLNPN; PKN; QJKKPQHIJKT; \_; HGaIKO; GK; GZZVJZVIGHP χ m; THVPTT; VPNMQHIJK; [GQHJV; U)''; /G\LP; AX; [JV
TPQHIJK;IK;HSP;RPR\PV;GVJMKN;HSP;PKN;`PLN<;`SIQS;QGK NI[[PVPKH; \MQaLIKO; QLGTT<; TLPKNPVKPTT; VGHIJ
TSPGV;J[[;GT;G;\LJQa] GKN;_IPLN;THVPTT
'&!%(#$")*>,"4&'(-$"#9"!#2?.&''(#$ *
m "&' ⎤
⎡ φ + φ( − λ (
2&2=&.'
⎣⎢
( ) ⎦⎥
17( +.5%,"(&/(-&=34.55%&"(=.=).45
γRD m ZGVHIGL;TG[PH_;[GQHJV;[JV;RGHPVIGL;THVPKOHS]
17:1 (+BH@LC(5DNBCLDP 2"/$; j; +GLQMLGHPN; YGLMPT; J[; NPTIOK; QJRZVPTTIYP; THVPTT<; ,QN
[JV;NI[[PVPKH;\MQaLIKO;QLGTTPT;GVP;OIYPK;IK;/G\LP;B]
17:1:1( +JRRJK;SJH;VJLLPN;GKN;\MILH^MZ;THPPL;RPR\PVT 17:1:!:!; /SP;QLGTTI[IQGHIJK;J[;NI[[PVPKH;TPQHIJKT;MKNPV
MTPN; [JV; QGVV_IKO; GiIGL; QJRZVPTTIJK<; MTMGLL_; [GIL; \_ NI[[PVPKH;\MQaLIKO;QLGTT;G<;\<;Q;JV;N<;IT;OIYPK;IK;/G\LP;)D]
<0 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
/SP; THVPTT; VPNMQHIJK; [GQHJV; χ<& GKN; HSP; NPTIOK JV; GNYGKQPN; GKGL_TITX<; HSP; P[[PQHIYP; LPKOHS; J[
QJRZVPTTIYP;THVPTT;,QN<;[JV;NI[[PVPKH;\MQaLIKO;QLGTT<;_IPLN QJRZVPTTIJK;RPR\PVT;IK;TMQS;QGTPT;QGK;\P;QGLQMLGHPN
THVPTT<;GKN;P[[PQHIYP;TLPKNPVKPTT;VGHIJ;IT;OIYPK;IK;/G\LP;A MTIKO;HSP;ZVJQPNMVP;OIYPK;IK;-T1];/SP;P[[PQHIYP;LPKOHS
[JV;QJKYPKIPKQP];/SP;QMVYPT;QJVVPTZJKNIKO;HJ;NI[[PVPKH J[; THPZZPN; QJLMRK; IK; TIKOLP; THJVP_; \MILNIKOT; QGK; \P
\MQaLIKO;QLGTT;GVP;ZVPTPKHPN;IK;KJK^NIRPKTIJKGL;[JVR< QGLQMLGHPN;MTIKO;HSP;ZVJQPNMVP;OIYPK;IK;-T!]
IK;!IO];A] 17:!:7( @--'+!$#-&='6Y&>*++'-!#*+
$ERFB(;(%IJBNMB?D@GC(/E?DGN_(αα 1K;QGTPT;`SPVP;HSP;\PGR;QJKKPQHIJKT;GVP;PQQPKHVIQ;IK
ZLGK;ÌHS;VPTZPQH;HJ;HSP;GiPT;J[;HSP;QJLMRK<;HSP;TGRP
U>76.)')&)6])]);6+%;)6])].])X
QJKNIHIJKT;J[;VPTHVGIKH;GT;IK;QJKQPKHVIQ;QJKKPQHIJK;TSGLL
C7)D"+,:(!"#$$( #( 5( )( 9( \P; NPPRPN; HJ; GZZL_<; ZVJYINPN; HSP; QJKKPQHIJKT; GVP
+",; +$,; +-,; +.,; +3,;
QGVVIPN;GQVJTT;HSP;[LGKOP;JV;`P\;J[;HSP;QJLMRKT;GT;HSP
QGTP;RG_;\P<;GKN;HSP;`P\;J[;HSP;\PGR;LIPT;ÌHSIK<;JV;IK
(; +N$"; +N-.; +N./; +N01; NIVPQH;QJKHGQH;ÌHS;HSP;QJLMRK;TPQHIJK];%SPVP;ZVGQHIQGL
NI[[IQMLHIPT;ZVPYPKH;HSIT<;HSP;P[[PQHIYP;LPKOHS;TSGLL;\P
HGaPK; GT; PeMGL; HJ; HSP; NITHGKQP; \PH`PPK; ZJIKHT; J[
17:!( .MMB?D@XB('BCLDP(GM(-GIJNBHH@GC(=BIRBNH VPTHVGIKH<;IK;KJK^T`G_;[VGRPT]
17:!:1( /SP;P[[PQHIYP;LPKOHS;AB:;IT;QGLQMLGHPN;[VJR;HSP 17:!:<& >*Y3$'))#*+;D'Y<'$)&#+&0$.))')
GQHMGL;LPKOHS;B<;J[;HSP;RPR\PV<;QJKTINPVIKO;HSP;VJHGHIJKGL
GKN;VPLGHIYP;HVGKTLGHIJKGL;\JMKNGV_;QJKNIHIJKT;GH;HSP;PKNT] 1K; HSP; QGTP; J[; \JLHPN<; VIYPHPN; JV; `PLNPN; HVMTTPT; GKN
/SP;GQHMGL;LPKOHS;TSGLL;\P;HGaPK;GT;HSP;LPKOHS;[VJR;QPKHVP^ \VGQPN; [VGRPT<; HSP; P[[PQHIYP; LPKOHS<; AB<; J[; HSP
HJ^QPKHVP;J[;IHT;IKHPVTPQHIJKT;ÌHS;HSP;TMZZJVHIKO;RPR\PVT QJRZVPTTIJK;RPR\PVT;TSGLL;\P;HGaPK;GT;D]-;HJ;)]D;HIRPT
IK;HSP;ZLGKP;J[;HSP;\MQaLIKO;NP[JVRGHIJK];1K;HSP;QGTP;J[;G HSP;NITHGKQP;\PH`PPK;QPKHVPT;J[;QJKKPQHIJKT<;NPZPKNIKO
RPR\PV;ÌHS;G;[VPP;PKN<;HSP;[VPP;THGKNIKO;LPKOHS;[VJR JK;HSP;NPOVPP;J[;PKN;VPTHVGIKH;ZVJYINPN];1K;HSP;QGTP;J[
RPR\PVT;J[;HVMTTPT<;\MQaLIKO;IK;HSP;ZLGKP;ZPVZPKNIQMLGV
HSP;QPKHVP;J[;HSP;IKHPVTPQHIKO;RPR\PV;GH;HSP;TMZZJVHPN
HJ;HSP;ZLGKP;J[;HSP;HVMTT<;HSP;P[[PQHIYP;LPKOHS<;AB;TSGLL
PKN<;TSGLL;\P;HGaPK;GT;HSP;GQHMGL;LPKOHS]
\P; HGaPK; GT; HSP; NITHGKQP; \PH`PPK; HSP; QPKHPVT; J[
17:!:!( @,,'-!#('&B'+N!" IKHPVTPQHIJK]; /SP; NPTIOK; J[; GKOLP; THVMHT; TSGLL; \P; GT
TZPQI[IPN;IK;17]8]
%SPVP;HSP;\JMKNGV_;QJKNIHIJKT;IK;HSP;ZLGKP;J[;\MQaLIKO
QGK; \P; GTTPTTPN<; HSP; P[[PQHIYP; LPKOHS<; AB; QGK; \P 17:7( +BH@LC(+BDE@FH
QGLQMLGHPN; JK; HSP; \GTIT; J[; /G\LP; ))]; %SPVP; [VGRP
17:7:1(0"#-C+'))&*,&E76!'&@7'Y'+!)
GKGL_TIT;NJPT;KJH;QJKTINPV;HSP;PeMILI\VIMR;J[;G;[VGRPN
THVMQHMVP;IK;HSP;NP[JVRPN;TSGZP;UTPQJKN^JVNPV;GKGL_TIT +LGTTI[IQGHIJK;J[;RPR\PVT;JK;HSP;\GTIT;J[;HSIQaKPTT;J[
!14];A;+ "3902;79+F3124 ;+9#?$*
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' <1
$ERFB(Q(UEV(5DNBHH(4BAO?D@GC(/E?DGN_(χ!MGN(-GFOIC()O?SF@CL(-FEHH(E
U>76.)')&)6])].]);6+%;)6])].].X
#$W% >@BFA(5DNBHH_(&K!U0,GX
↓ .DD .)D ..D .6D .8D .(D .>D .AD 6DD 6.D 68D 6>D 6AD 8DD 8.D 8(D 8AD ()D (8D
)D )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD )]DDD
.D )]DDD D]BBB D]BBA D]BB- D]BB( D]BB8 D]BB6 D]BB6 D]BBD D]BAA D]BA> D]BA8 D]BA6 D]BA) D]B-B D]B-- D]B-( D]B-. D]B-D
6D D]B-- D]B-( D]B-8 D]B-. D]B-D D]B>B D]B>- D]B>( D]B>) D]B(- D]B(8 D]B() D]B8A D]B8> D]B86 D]B6A D]B68 D]B6D D]B.(
8D D]B(. D]B8B D]B8- D]B88 D]B8. D]B6B D]B6- D]B68 D]B.> D]B.) D]B)> D]B)) D]BD> D]BD) D]AB> D]AAA D]AA) D]A-6 D]A>(
(D D]B.6 D]B)B D]B)( D]B)) D]BDA D]BD8 D]BDD D]AB> D]AA8 D]A-> D]A>- D]A(B D]A() D]A8. D]A68 D]A.D D]AD- D]-B8 D]-AD
>D D]AAA D]AA6 D]A-- D]A-) D]A>( D]A(B D]A(6 D]A8- D]A.A D]A)> D]AD6 D]-BD D]--- D]->6 D]-(D D]-6D D]-)D D]>BD D]>-)
-D D]A8> D]A6- D]A.B D]A.D D]A)) D]AD6 D]-B8 D]-A( D]-(A D]-8D D]-.. D]-D6 D]>A> D]>>A D]>() D]>.> D]>D. D](-B D]((-
AD D]-B6 D]-A) D]->B D]-(- D]-8> D]-68 D]-.. D]-)D D]>-( D]>(6 D]>6) D]>)D D](AB D](-D D](() D](.( D](D) D]8-A D]8(A
BD D]-6D D]-)( D]-DD D]>A( D]>-) D]>(- D]>86 D]>.A D](BD D](>( D](8. D](.D D](DD D]8A) D]8>6 D]86B D]8)> D]6B> D]6--
)DD D]>>) D]>88 D]>.- D]>)D D](B8 D](-B D](>8 D](8B D]()D D]8A> D]8>6 D]886 D]8.8 D]8D- D]6BD D]6>A D]68A D]66) D]6)8
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)8D -(]. -(]A ->]8 ->]B --]8 --]A -A]. -A]B -B]( AD]D AD]( AD]B A)]6 A)]> A)]B A.]6 A.]> A6]D A6].
)(D >-]D >-]8 >-]B >A]. >A]> >A]B >B]. >B]- -D]. -D]> -D]B -)]. -)]( -)]A -.]D -.]6 -.]> -.]B -6])
)>D (B]B >D]6 >D]> >D]B >)]) >)]8 >)]> >.]D >.]8 >.]- >.]B >6]. >6]8 >6]> >6]A >8]D >8]6 >8]( >8]>
)-D (6]A (8]) (8]6 (8]> (8]A ((]D ((]) ((]( ((]- (>]D (>]. (>]8 (>]> (>]- (>]B (-]) (-]6 (-]8 (-]>
)AD 8A]> 8A]A 8B]D 8B]. 8B]6 8B]( 8B]> 8B]B (D]) (D]6 (D]( (D]> (D]A (D]B ()]D ()]. ()]6 ()]( ()]>
)BD 88]D 88]. 88]6 88]( 88]> 88]- 88]B 8(]) 8(]6 8(]8 8(]> 8(]- 8(]A 8(]B 8>]D 8>]. 8>]6 8>]8 8>](
.DD 8D]D 8D]. 8D]6 8D]8 8D]( 8D]- 8D]- 8D]B 8)]) 8)]. 8)]6 8)]8 8)]( 8)]> 8)]- 8)]A 8)]B 8.]D 8.])
.)D 6>]> 6>]- 6>]A 6>]B 6-]D 6-]) 6-]. 6-]6 6-]8 6-]> 6-]- 6-]A 6-]A 6-]B 6A]D 6A]) 6A]. 6A]6 6A]6
..D 66]( 66]> 66]- 66]A 66]B 68]D 68]D 68]. 68]6 68]8 68]( 68]( 68]> 68]- 68]- 68]A 68]B 6(]D 6(]D
.6D 6D]A 6D]B 6)]D 6)]) 6)]. 6)]. 6)]6 6)]8 6)]( 6)]> 6)]> 6)]- 6)]A 6)]A 6)]B 6)]B 6.]D 6.]) 6.])
.8D .A]( .A]( .A]> .A]- .A]- .A]A .A]A .A]B .B]D .B]) .B]) .B]. .B]6 .B]6 .B]8 .B]8 .B]( .B]( .B]>
.(D .>]6 .>]8 .>]( .>]( .>]> .>]> .>]- .>]- .>]A .>]B .>]B .-]D .-]D .-]) .-]) .-]. .-]. .-]6 .-]6
$ERFB(9(URV(+BH@LC(-GIJNBHH@XB(5DNBHH_(&?A!U=3EV(MGN(-GFOIC()O?SF@CL(-FEHH(R
U>76.)'&)6])].])X
)D )A. )B) .DD .DB .)A ..- .6> .(( .-6 .B) 6DB 6.- 68( 6>8 6A. 8DB 86> 8>8 8B)
.D )A. )BD )BB .DA .)- ..( .68 .() .>A .A( 6D. 6)B 66> 6(6 6>B 6B8 8)B 886 8>A
6D )-( )A6 )B. .DD .DA .)> ..8 .8D .(> .-) .A- 6D. 6)A 666 68A 6-D 6B. 8)8 86(
8D )>A )-> )A6 )B) )BA .D> .)6 ..A .8. .(> .-D .A6 .B- 6)D 6.6 68. 6>D 6-A 6B(
(D )>) )>- )-8 )A) )AA )B8 .D) .)8 ..> .6A .(D .>) .-. .A6 .B6 6DA 6.. 66( 68-
>D )(. )(A )>8 )-D )-> )A) )A- )B- .D- .)- ..> .6( .86 .() .(B .>B .-B .A- .B(
-D )8. )8- )(. )(- )>. )>> )-) )-B )A- )B8 .D) .D- .)6 .)A ..6 .6D .6> .8) .8>
AD )6) )6( )6B )86 )8- )(D )(8 )>D )>( )-D )-( )-B )A6 )A> )BD )B8 )BA .D) .D8
BD ).D ).6 ).> ).B )6) )68 )6> )8) )88 )8A )() )(8 )(> )(B )>) )>6 )>> )>A )-D
)DD )DA ))D )). ))8 ))> ))A ).D ).6 ).> ).A )6D )6. )68 )6( )6- )6B )8D )8. )86
))D B>]( BA]6 )DD )D) )D6 )D8 )D( )D- )DB ))) )). ))8 ))( ))> ))- ))A ))B ).) ).)
).D A>]. A-]( AA]> AB]- BD]- B)]- B.]( B8]) B(]8 B>]> B-]- BA]> )DD )DD )D) )D. )D6 )D8 )D8
)6D ->]B --]A -A]- -B]( AD]6 A)]D A)]> A.]- A6]- A8]> A(]8 A>]) A>]A A-]6 A-]B AA]> AB]. AB]A BD]6
)8D >A]- >B]8 -D]) -D]- -)]6 -)]A -.]6 -6]) -6]B -8]> -(]. -(]- ->]. ->]> --]) --]> -A]) -A]( -A]B
)(D >)]> >.]) >.]> >6]) >6]> >8]D >8]6 >(]D >(]> >>]) >>]> >-]D >-]8 >-]- >A]) >A]( >A]B >B]. >B](
)>D ((]8 ((]A (>]. (>]> (>]B (-]6 (-]( (A]) (A]( (B]D (B]6 (B]- >D]D >D]6 >D]( >D]B >)]. >)]( >)]-
)-D (D]D (D]6 (D]- ()]D ()]. ()]( ()]- (.]. (.]( (.]B (6]. (6]( (6]- (6]B (8]) (8]8 (8]- (8]B ((])
)AD 8(]6 8(]> 8(]B 8>]) 8>]6 8>]( 8>]- 8-]) 8-]8 8-]- 8-]B 8A]) 8A]6 8A]( 8A]- 8A]B 8B]. 8B]6 8B](
)BD 8)]. 8)]( 8)]- 8)]B 8.]) 8.]. 8.]8 8.]- 8.]B 86]. 86]8 86]> 86]- 86]B 88]D 88]. 88]8 88]> 88]-
.DD 6-]> 6-]A 6A]D 6A]. 6A]6 6A]( 6A]> 6A]B 6B]) 6B]6 6B]( 6B]> 6B]A 6B]B 8D]D 8D]. 8D]6 8D]( 8D]>
.)D 68]( 68]- 68]A 6(]D 6(]) 6(]. 6(]6 6(]( 6(]- 6(]B 6>]D 6>]. 6>]6 6>]8 6>]( 6>]> 6>]A 6>]B 6-]D
..D 6)]- 6)]B 6.]D 6.]) 6.]. 6.]6 6.]8 6.]> 6.]A 6.]B 66]D 66]) 66]. 66]6 66]8 66]> 66]- 66]A 66]B
.6D .B]. .B]8 .B]( .B]> .B]- .B]A .B]B 6D]D 6D]) 6D]6 6D]8 6D]( 6D]> 6D]- 6D]- 6D]A 6D]B 6)]D 6)])
.8D .-]) .-]. .-]6 .-]6 .-]8 .-]( .-]> .-]- .-]A .-]B .A]D .A]) .A]. .A]6 .A]6 .A]8 .A]( .A]> .A]-
.(D .(]) .(]. .(]6 .(]6 .(]8 .(]( .(]> .(]- .(]A .(]B .>]D .>]D .>]) .>]. .>]. .>]6 .>]8 .>]( .>](
<< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
$ERFB(9(U?V(+BH@LC(-GIJNBHH@XB(5DNBHH_(&?A!U=3EV(MGN(-GFOIC()O?SF@CL(-FEHH(?
U>76.)'&)6])].])X
!"WN >@BFA(5DNBHH_(#K'!U0,GX
.D )A. )BD )BB .D- .)> ..8 .66 .(D .>> .A6 .BB 6)> 66. 68A 6>8 6AA 8). 86( 8(A
6D )-. )AD )AA )B> .D8 .)) .)B .68 .8B .>8 .-A .B6 6D- 6.) 66( 6(( 6-> 6B( 8)(
8D )>6 )-D )-- )A8 )B) )BA .D( .)A .6) .88 .(> .>A .AD .B. 6D8 6.D 66- 6(. 6>-
(D )(6 )(B )>( )-. )-A )A6 )AB .D) .). ... .6. .8. .(. .>) .-D .A. .B( 6D> 6)-
>D )8. )8A )(6 )(A )>6 )>A )-6 )A. )B) )BB .D- .)( ... ..A .6( .88 .(. .>D .>-
-D )6) )6> )8D )88 )8A )(. )(> )>6 )-D )-> )A. )A- )B. )B- .D. .DA .)6 .)A ..6
AD ).D ).6 ).- )6D )66 )6> )6B )8( )8B )(8 )(A )>. )>( )>B )-. )-> )AD )A6 )A>
BD )DA ))) ))8 ))> ))B ).) ).6 ).- )6) )68 )6- )8D )8. )88 )8> )8B )(. )(8 )(>
)DD B-]( )DD )D. )D8 )D( )D- )DB )). ))8 ))> ))B ).D ).. ).8 ).( ).- ).B )6) )6.
))D A-]6 AB]D BD]( B.]D B6]6 B8]> B(]- B-]B )DD )D. )D6 )D8 )D> )D- )DA ))D ))) )). ))6
).D -A]. -B]8 AD]> A)]- A.]- A6]- A8]> A>]. A-]> AA]B BD]) B)]) B.]) B6]D B6]A B8]B B(]B B>]A B-]>
)6D -D]D -)]D -)]B -.]A -6]( -8]6 -(]D ->]. --]6 -A]6 -B]. AD]D AD]- A)]8 A.]D A.]B A6]> A8]6 A8]B
)8D >.]B >6]> >8]8 >(]D >(]> >>]. >>]- >-]- >A]> >B]6 -D]D -D]- -)]. -)]A -.]6 -.]B -6]( -8]) -8]>
)(D (>]> (-]. (-]A (A]6 (A]A (B]. (B]- >D]8 >)]) >)]- >.]6 >.]A >6]6 >6]- >8]) >8]> >(]) >(]( >(]B
)>D ()]) ()]> (.]) (.]( (.]B (6]6 (6]> (8]. (8]A ((]6 ((]- (>]) (>]( (>]B (-]. (-]> (A]D (A]8 (A]-
)-D 8>]8 8>]A 8-]) 8-]( 8-]A 8A]) 8A]8 8A]B 8B]6 8B]A (D]) (D]( (D]A ()]) ()]6 ()]- (.]D (.]6 (.]>
)AD 8.]. 8.]( 8.]A 86]) 86]8 86]> 86]B 88]6 88]- 8(]D 8(]6 8(]> 8(]A 8>]) 8>]6 8>]> 8>]B 8-]) 8-]6
)BD 6A]( 6A]A 6B]D 6B]6 6B]( 6B]- 6B]B 8D]6 8D]> 8D]B 8)]) 8)]8 8)]> 8)]A 8.]D 8.]. 8.]( 8.]- 8.]B
.DD 6(]6 6(]( 6(]- 6(]B 6>]) 6>]6 6>]( 6>]A 6-]D 6-]6 6-]( 6-]- 6-]B 6A]) 6A]. 6A]8 6A]> 6A]A 6B]D
.)D 6.]8 6.]> 6.]A 66]D 66]) 66]6 66]8 66]- 66]B 68]) 68]6 68]( 68]- 68]A 68]B 6(]) 6(]6 6(]8 6(]>
..D .B]B 6D]) 6D]. 6D]8 6D]( 6D]> 6D]A 6)]D 6)]. 6)]8 6)]( 6)]- 6)]A 6)]B 6.]) 6.]. 6.]8 6.]( 6.]>
.6D .-]> .-]A .-]B .A]D .A]. .A]6 .A]8 .A]> .A]A .A]B .B]) .B]. .B]6 .B]8 .B]( .B]- .B]A .B]B 6D]D
.8D .(]> .(]- .(]B .>]D .>]) .>]. .>]6 .>]8 .>]> .>]- .>]B .-]D .-]) .-]. .-]6 .-]8 .-]( .-]> .-]-
.(D .6]A .6]B .8]D .8]) .8]. .8]6 .8]8 .8]( .8]- .8]A .8]B .(]D .(]) .(]. .(]6 .(]8 .(]( .(]> .(]-
$ERFB(9(UAV(+BH@LC(-GIJNBHH@XB(5DNBHH_(&?A!U=3EV(MGN(-GFOIC()O?SF@CL(-FEHH(A
U>76.)'&)6])].])X
.D )A. )BD )BA .D> .)( ..6 .6) .8- .>6 .-B .B8 6)D 6.( 68D 6(( 6-- 6BB 8.) 88.
6D )>A )-( )A. )AB )B- .D8 .)) ..8 .6A .() .>8 .-- .BD 6D. 6)8 66. 6(D 6>- 6A8
8D )(8 )>) )>- )-6 )-B )A( )B) .D6 .)8 ..( .6( .8> .(> .>> .-( .AB 6D6 6)> 6.A
(D )8) )8- )(. )(- )>. )>- )-. )A. )B) )BB .DA .)> ..8 .6) .6A .8B .(A .>A .--
>D ).B )66 )6- )8. )8> )(D )(8 )>) )>A )-( )A. )AA )B6 )BB .D8 .). .)B ..( .6)
-D ))> ).D ).8 ).- )6D )66 )6- )8. )8A )(6 )(A )>. )>- )-) )-8 )AD )A8 )AB )B6
AD )D( )DA ))) ))6 ))> ))A ).) ).( ).B )66 )6- )8D )86 )8> )8B )(6 )(> )(B )>.
BD B8]) B>]8 BA]> )D) )D6 )D( )D- ))D ))6 ))> ))B ).) ).6 ).> ).A )6D )66 )6( )6-
)DD A8]6 A>]. A-]B AB]> B)]) B.]> B8]D B>]- BB]) )D) )D6 )D( )D- )DA ))D )). ))8 ))> ))-
))D -(]> --]D -A]8 -B]- A)]D A.]) A6]. A(]6 A-]) AA]A BD]8 B)]A B6]) B8]8 B(]( B-]) BA]( )DD )D)
).D >-]A >B]D -D]) -)]) -.]) -6]D -6]B -(]( --]D -A]6 -B]( AD]> A)]- A.]> A6]( A8]- A(]A A>]B A-]A
)6D >)]D >.]D >.]A >6]- >8]( >(]. >(]B >-]. >A]6 >B]8 -D]8 -)]. -.]) -.]A -6]( -8]( -(]8 ->]. ->]B
)8D ((]D ((]A (>]( (-]. (-]A (A]8 (B]D >D]D >)]D >)]A >.]> >6]6 >8]D >8]> >(]. >>]D >>]- >-]6 >-]B
)(D 8B]A (D]8 ()]D ()]> (.]) (.]> (6]) (6]B (8]- ((]8 (>]D (>]> (-]. (-]- (A]) (A]A (B]6 (B]B >D]8
)>D 8(]. 8(]- 8>]. 8>]- 8-]) 8-]( 8-]B 8A]> 8B]6 8B]B (D]8 (D]B ()]6 ()]- (.]) (.]- (6]) (6]> (8]D
)-D 8)]. 8)]> 8.]) 8.]8 8.]A 86]) 86]( 88]) 88]> 8(]) 8(]( 8(]B 8>]6 8>]- 8-]D 8-]8 8-]A 8A]. 8A]>
)AD 6-]- 6A]D 6A]8 6A]- 6B]D 6B]6 6B]> 8D]) 8D]( 8)]D 8)]6 8)]- 8.]D 8.]6 8.]> 86]D 86]6 86]> 86]B
)BD 68]( 68]B 6(]. 6(]8 6(]- 6(]B 6>]. 6>]> 6-]D 6-]8 6-]- 6A]D 6A]. 6A]( 6A]- 6B]) 6B]8 6B]> 6B]B
.DD 6)]A 6.]D 6.]6 6.]( 6.]A 66]D 66]. 66]> 66]B 68]. 68]( 68]- 6(]D 6(]. 6(]8 6(]- 6(]B 6>]. 6>]8
.)D .B]6 .B]> .B]A 6D]D 6D]. 6D]8 6D]( 6D]B 6)]. 6)]8 6)]- 6)]B 6.]) 6.]6 6.]( 6.]- 6.]B 66]) 66]6
..D .-]) .-]6 .-]( .-]- .-]B .A]D .A]. .A]( .A]- .B]D .B]. .B]8 .B]> .B]- .B]B 6D]) 6D]6 6D]( 6D]>
.6D .(]. .(]6 .(]( .(]- .(]A .>]D .>]) .>]8 .>]> .>]A .-]D .-]) .-]6 .-]( .-]> .-]A .-]B .A]) .A].
.8D .6]8 .6]> .6]- .6]B .8]D .8]) .8]. .8]( .8]- .8]A .(]D .(]. .(]6 .(]8 .(]( .(]- .(]B .>]D .>])
.(D .)]A ..]D ..]) ..]. ..]6 ..]( ..]> ..]A ..]B .6]) .6]. .6]8 .6]( .6]> .6]- .6]B .8]D .8]) .8].
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' <8
$ERFB(10()O?SF@CL(-FEHH(GM(-NGHHT5B?D@GCH
U>76.)'&)6])].].X
4"#((E)%.&'#1( :'6'&(( =>.?*'1;(F8#>&(F@'(! =>.?*'1;(4*0((

65-; 67-; 68-; 69-;
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3 2;r5??;00; =>=& *;
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P279.67C819; E1C7C819; P279.67C819; E1C7C819;
+",; +$,; +-,; +.,; +3,; +1,;
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E=.C2789=/; E=.C2789=/; U2==; U2==;
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E=.C2789=/;; U2==; U2==; E=.C2789=/;; ;
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2"/$;j;B;IT;HSP;MKTMZZJVHPN;LPKOHS;J[;HSP;QJRZVPTTIJK;RPR\PV;U)''&17:!:1X]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' <;
QJKTHIHMPKH; ZLGHP; PLPRPKHT; TSGLL; TGHIT[_; HSP; ÌNHS^ HJ;GYJIN;PQQPKHVIQIH_l;\MH;`SPVP;PQQPKHVIQIH_;IT;ZVPTPKH
HSIQaKPTT;VGHIJ;VPeMIVPRPKHT;TZPQI[IPN;IK;/G\LP;.] IK;HSP;fJIKH<;HSP;VPTMLHIKO;THVPTT;TSGLL;\P;GQQJMKHPN;[JV]
17:7:!( @,,'-!#('&5'-!#*+67&;$'6:&;P 17:<( -GFOIC()EHBH
$iQPZH; GT; RJNI[IPN; IK; 9:;:!; U+LGTT; 8X<; HSP; OVJTT 17:<:1( T'+'$67
TPQHIJKGL;GVPG;TSGLL;\P;HGaPK;GT;HSP;P[[PQHIYP;TPQHIJKGL
+JLMRK; \GTPT; TSJMLN; SGYP; TM[[IQIPKH; THI[[KPTT; GKN
GVPG; [JV; GLL; QJRZVPTTIJK; RPR\PVT; [G\VIQGHPN; \_
THVPKOHS;HJ;HVGKTRIH;GiIGL;[JVQP<;\PKNIKO;RJRPKHT;GKN
`PLNIKO<;\JLHIKO;GKN;VIYPHIKO;TJ;LJKO;GT;HSP;TPQHIJK;IT
TSPGV; [JVQPT; GH; HSP; \GTP; J[; HSP; QJLMRKT; HJ; HSPIV
TPRI^QJRZGQH; JV; \PHHPV]; =JLPT; KJH; [IHHPN; ÌHS; VIYPHT<
[JMKNGHIJK; ÌHSJMH; PiQPPNIKO; HSP; LJGN; QGVV_IKO
\JLHT; JV; ZIKT; TSGLL; \P; NPNMQHPN; [VJR; OVJTT; GVPG; HJ
QGZGQIH_;J[;HSP;TMZZJVHT];:KQSJV;\JLHT;GKN;TSPGV;aP_T
QGLQMLGHP;P[[PQHIYP;TPQHIJKGL;GVPG]
TSJMLN; \P; ZVJYINPN; `SPVPYPV; KPQPTTGV_]; *SPGV
17:7:7( @--'+!$#-#!M&,*$&5!6+-"#*+)&6+%&>*7.Y+) VPTITHGKQP;GH;HSP;ZVJZPV;QJKHGQH;TMV[GQP;\PH`PPK;THPPL
17:7:7:1( !JV;HSP;ZMVZJTP;J[;NPHPVRIKIKO;HSP;THVPTT;IK;G \GTP; GKN; QJKQVPHPWOVJMH; RG_; \P; QGLQMLGHPN; MTIKO; G
THGKQSIJK;JV;QJLMRK;TPQHIJK<;HSP;\PGR;VPGQHIJKT;JV;TIRILGV [VIQHIJK;QJP[[IQIPKH;J[;D]8(]
LJGNT;TSGLL;\P;GTTMRPN;HJ;\P;GZZLIPN;GH;GK;PQQPKHVIQIH_;J[ /SP; KJRIKGL; \PGVIKO; ZVPTTMVP; \PH`PPK; HSP; \GTP; ZLGHP
)DD;RR;[VJR;HSP;[GQP;J[;HSP;TPQHIJK;JV;GH;HSP;QPKHPV;J[ GKN;HSP;TMZZJVH;\PLJ`;RG_;\P;NPHPVRIKPN;JK;HSP;\GTIT
\PGVIKO;`SIQSPYPV;NIRPKTIJK;OIYPT;HSP;OVPGHPV;PQQPKHVIQIH_< J[; LIKPGVL_; YGV_IKO; NITHVI\MHIJK; J[; ZVPTTMVP]; /SP
GKN;ÌHS;HSP;PiQPZHIJK;J[;HSP;[JLLJÌKO;H`J;QGTPTb RGiIRMR;\PGVIKO;ZVPTTMVP;JK;QJKQVPHP;MKNPV;HSP;LIRIH
GX 1K;HSP;QGTP;J[;QGZ;QJKKPQHIJK<;HSP;LJGN;TSGLL THGHPT;NPTIOK;LJGN;TSJMLN;KJH;PiQPPN;HSP;\PGVIKO;THVPKOHS
\P; GTTMRPN; HJ; \P; GZZLIPN; GH; HSP; [GQP; J[; HSP
QJLMRK;JV;THGKQSIJK;TPQHIJK;JV;GH;HSP;PNOP;J[ PeMGL;HJ;D]8(,Qa; ⎡⎣ ( @! ' @( ) ⎤⎦ ;GKN;D]B,Qa:&`SIQSPYPV;IT
ZGQaIKO<;I[;MTPN;HJ`GVNT;HSP;TZGK;J[;HSP;\PGR] TRGLLPV<;`SPVP;,Qa; IT;HSP;TRGLLPV;J[;QSGVGQHPVITHIQ;QM\P
\X 1K;HSP;QGTP;J[;G;VJJ[;HVMTT;\PGVIKO;JK;G;QGZ<;KJ THVPKOHS;J[;QJKQVPHP;JV;\PNNIKO;RGHPVIGL<;;);IT;HSP;GVPG
PQQPKHVIQIH_; \P; HGaPK; [JV; TIRZLP; \PGVIKOT J[;QJKQVPHP;ZPNPTHGL;JK;`SIQS;HSP;\GTP;ZLGHP;IT;TIHHIKO<
ÌHSJMH; QJKKPQHIJKT; QGZG\LP; J[; NPYPLJZIKO GKN; ; .; IT; HSP; TMV[GQP; GVPG; J[; HSP; THPPL; \GTP; ZLGHP
GK_; GZZVPQIG\LP; RJRPKH]; 1K; QGTP; J[; `P\ HVGKT[PVVIKO;HSP;LJGN;HJ;HSP;QJKQVPHP;ZPNPTHGL]
RPR\PV; QJKKPQHIJK; ÌHS; [GQP<; GQHMGL 17:<:1:1(1[;HSP;TIgP;J[;HSP;\GTP;ZLGHP;IT;LGVOPV;HSGK;HSGH
PQQPKHVIQIH_;IT;HJ;\P;QJKTINPVPN] VPeMIVPN; HJ; LIRIH; HSP; \PGVIKO; ZVPTTMVP; JK; HSP; \GTP
17:7:7:!( 1K;QJKHIKMJMT;QJLMRKT<;HSP;\PKNIKO;RJRPKHT TMZZJVH<;GK;PeMGL;ZVJfPQHIJK;-&J[;HSP;\GTP;ZLGHP;\P_JKN
NMP;HJ;PQQPKHVIQIHIPT;J[;LJGNIKO;JK;HSP;QJLMRKT;GH;GK_ HSP; [GQP; J[; HSP; QJLMRK; GKN; OMTTPH; RG_; \P; HGaPK; GT
[LJJV; RG_; \P; NIYINPN; PeMGLL_; \PH`PPK; HSP; QJLMRKT P[[PQHIYP;IK;HVGKT[PVVIKO;HSP;QJLMRK;LJGN;GT;OIYPK;IK
G\JYP; GKN; \PLJ`; HSGH; [LJJV; LPYPL<; ZVJYINPN; HSGH; HSP !IO];B<;TMQS;HSGH;\PGVIKO;ZVPTTMVP;JK;HSP;P[[PQHIYP;GVPG
RJRPKH;J[;IKPVHIG;J[;JKP;QJLMRK;TPQHIJK<;NIYINPN;\_ NJPT;KJH;PiQPPN;\PGVIKO;QGZGQIH_;J[;QJKQVPHP;\GTP]
IHT; P[[PQHIYP; LPKOHS; NJPT; KJH; PiQPPN; )](; HIRPT; HSP 17:<:!( T.))'!'%&=6)')
QJVVPTZJKNIKO;YGLMP;J[;HSP;JHSPV;QJLMRK];%SPVP;HSIT
VGHIJ;IT;PiQPPNPN<;HSP;\PKNIKO;RJRPKH;TSGLL;\P;NIYINPN !JV;THGKQSIJK;ÌHS;OMTTPHPN;\GTPT<;HSP;OMTTPH;ZLGHPT<;GKOLP
IK;ZVJZJVHIJK;HJ;HSP;RJRPKH;J[;IKPVHIG;J[;HSP;QJLMRK QLPGHT<;THI[[PKPVT<;[GTHPKIKOT<;PHQ<;IK;QJR\IKGHIJK;ÌHS;HSP
TPQHIJKT;NIYINPN;\_;HSPIV;VPTZPQHIYP;P[[PQHIYP;LPKOHST] \PGVIKO;GVPG;J[;HSP;TSG[H<;TSGLL;\P;TM[[IQIPKH;HJ;HGaP;HSP
LJGNT<;\PKNIKO;RJRPKHT;GKN;VPGQHIJKT;HJ;HSP;\GTP;ZLGHP
17:7:<& 537#-') ÌHSJMH; PiQPPNIKO; TZPQI[IPN; THVPKOHS]; :LL; HSP; \PGVIKO
17:7:<:1( %SPVP;HSP;PKNT;J[;QJRZVPTTIJK;RPR\PVT;GVP TMV[GQPT;TSGLL;\P;RGQSIKPN;HJ;PKTMVP;ZPV[PQH;QJKHGQH]
ZVPZGVPN;[JV;\PGVIKO;JYPV;HSP;`SJLP;GVPG<;HSP_;TSGLL;\P 17:<:!:1( %SPVP;HSP;PKNT;J[;HSP;QJLMRK;TSG[H;GKN;HSP
TZLIQPN;HJ;SJLN;HSP;QJKKPQHPN;RPR\PVT;GQQMVGHPL_;IK OMTTPH;ZLGHPT;GVP;KJH;[GQPN;[JV;QJRZLPHP;\PGVIKO<;HSP
ZJTIHIJK<;GKN;HJ;VPTITH;\PKNIKO;JV;HPKTIJK<;I[;ZVPTPKH] `PLNT<;[GTHPKIKOT;QJKKPQHIKO;HSPR;HJ;HSP;\GTP;ZLGHP;TSGLL
*MQS; TZLIQPT; TSJMLN; RGIKHGIK; HSP; IKHPKNPN; RPR\PV \P;TM[[IQIPKH;HJ;HVGKTRIH;GLL;HSP;[JVQPT;HJ;`SIQS;HSP;\GTP
THI[[KPTT;G\JMH;PGQS;GiIT];*ZLIQPT;TSJMLN;\P;LJQGHPN;GT IT;TM\fPQHPN]
QLJTP;HJ;HSP;ZJIKH;J[;IK[LPQHIJK;GT;ZJTTI\LP];"HSPVÌTP
HSPIV;QGZGQIH_;TSJMLN;\P;GNPeMGHP;HJ;QGVV_;RGOKI[IPN 17:<:!:!( >*7.Y+&6+%&<6)'&376!'&-*++'-!#*+)
RJRPKH; U)''; 18:7:!:!X]; /SP; PKNT; J[; QJRZVPTTIJK %SPVP;HSP;PKN;J[;HSP;QJLMRK;IT;QJKKPQHPN;NIVPQHL_;HJ;HSP
RPR\PVT;[GQPN;[JV;\PGVIKO;TSGLL;IKYGVIG\L_;\P;RGQSIKPN \GTP;ZLGHP;\_;RPGKT;J[;[MLL;ZPKPHVGHIJK;\MHH;`PLNT<;HSP
HJ;PKTMVP;ZPV[PQH;QJKHGQH;J[;TMV[GQPT;IK;\PGVIKO] QJKKPQHIJK;TSGLL;\P;NPPRPN;HJ;HVGKTRIH;HJ;HSP;\GTP;GLL;HSP
17:7:<:!(%SPVP;TMQS;RPR\PVT;GVP;KJH;[GQPN;[JV;QJRZLPHP [JVQPT;GKN;RJRPKHT;HJ;`SIQS;HSP;QJLMRK;IT;TM\fPQHPN]
\PGVIKO<;HSP;TZLIQPT;TSGLL;\P;NPTIOKPN;HJ;HVGKTRIH;GLL;HSP 17:<:7( 576<&=6)')
[JVQPT;HJ;`SIQS;HSP;RPR\PVT;GVP;TM\fPQHPN] +JLMRKT; ÌHS; TLG\; \GTPT; KPPN; KJH; \P; ZVJYINPN; ÌHS
17:7:<:7; %SPVPYPV; ZJTTI\LP<; TZLIQPT; TSGLL; \P OMTTPHT<; \MH; TM[[IQIPKH; [GTHPKIKOT; TSGLL; \P; ZVJYINPN; HJ
ZVJZJVHIJKPN;GKN;GVVGKOPN;TJ;HSGH;HSP;QPKHVJINGL;GiIT VPHGIK;HSP;ZGVHT;TPQMVPL_;IK;ZLGQP;GKN;HJ;VPTITH;GLL;RJRPKHT
J[;HSP;TZLIQP;QJIKQINPT;GT;KPGVL_;GT;ZJTTI\LP;ÌHS;HSP GKN;[JVQPT<;JHSPV;HSGK;NIVPQH;QJRZVPTTIJK<;IKQLMNIKO;HSJTP
QPKHVJINGL;GiPT;J[;HSP;RPR\PVT;\PIKO;fJIKHPN<;IK;JVNPV GVITIKO;NMVIKO;HVGKTIH<;MKLJGNIKO;GKN;PVPQHIJK]
<Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
17:<:7:1( /SP;RIKIRMR;HSIQaKPTT<;!T:;J[;VPQHGKOMLGV;TLG\ PIHSPV; QJKQPKHVIQGLL_; HJ; IHT; QPKHVJIN; HSVJMOS; HSP; PKN
\GTPT<; TMZZJVHIKO; QJLMRKT; MKNPV; GiIGL; QJRZVPTTIJK QJKKPQHIJKT;JV;PQQPKHVIQGLL_;\_;QJKKPQHIKO;JKP;J[;IHT
TSGLL;\Pb LPOT;HJ;G;OMTTPH;JV;GNfGQPKH;RPR\PV]
17:8:1:1( >*+-'+!$#-&7*6%#+N
!$ = "#$" %# ( − &#'$ ( (γ !" ) % % > !! %SPK; G; TIKOLP; GKOLP; IT; QJKQPKHVIQGLL_; LJGNPN; IK
`SPVP QJRZVPTTIJK<; HSP; NPTIOK; THVPKOHS; RG_; \P; PYGLMGHPN
K m MKI[JVR; ZVPTTMVP; [VJR; \PLJ`; JK; HSP; TLG\ MTIKO; 17:1:!<; \_; QGLQMLGHIKO; HSP; KJK^NIRPKTIJKGL
\GTP; MKNPV; HSP; [GQHJVPN; LJGN; GiIGL TLPKNPVKPTT;VGHIJ<;λYY<;[JV;\MQaLIKO;G\JMH;HSP;RIKJV;GiIT<
QJRZVPTTIJKl (1(<;GT;OIYPK;\_b
6:&< m LGVOPV; GKN; TRGLLPV; ZVJfPQHIJK<; VPTZPQHIYPL_ ⎛ &** ⎞
J[; HSP; TLG\; \GTP; \P_JKN; HSP; VPQHGKOLP ⎜ ⎟
'
QIVQMRTQVI\IKO;HSP;QJLMRKl;GKN e** = ⎝ ** ⎠
&![ m [LGKOP;HSIQaKPTT;J[;QJRZVPTTIJK;RPR\PV] π" (
)
%SPK;JKL_;HSP;P[[PQHIYP;GVPG;J[;HSP;\GTP;ZLGHP;IT;MTPN "5!
GT;IK;17:<:1:1<(-.;RG_;\P;MTPN;IK;HSP;G\JYP;PeMGHIJK
7YY m 3GHPVGLL_; MKTMZZJVHPN; LPKOHS; ZVPYPKHIKO
U)'';!IO];BX;IKTHPGN;J[;U6.;h;D]6<.X]
HVGKTLGHIJK;KJVRGL;HJ;HSP;RIKJV;GiIT
17:<:7:!( %SPK;HSP;TLG\;NJPT;KJH;NITHVI\MHP;HSP;QJLMRK
$YY m VGNIMT;J[;O_VGHIJK;J[;HSP;GKOLP;TPQHIJK;G\JMH
LJGN; MKI[JVRL_<; NMP; HJ; PQQPKHVIQIH_; J[; HSP; LJGN; PHQ<
TZPQIGL;QGLQMLGHIJK;TSGLL;\P;RGNP;HJ;TSJ`;HSGH;HSP;\GTP HSP;RIKJV;GiIT
IT;GNPeMGHP;HJ;VPTITH;HSP;RJRPKH;NMP;HJ;HSP;KJK^MKI[JVR 17:8:1:!(B*6%'%&!"$*.N"&*+'&7'N
ZVPTTMVP;[VJR;\PLJ`] /SP;NPTIOK;THVPKOHS;J[;TIKOLP;GKOLP;RPR\PVT;LJGNPN;IK
17:<:7:7( 7GTPT;[JV;\PGVIKO;MZJK;QJKQVPHP;JV;RGTJKV_ QJRZVPTTIJK; HSVJMOS; JKP; J[; IHT; LPOT; IT; G[[PQHPN; \_
KPPN;KJH;\P;RGQSIKPN;JK;HSP;MKNPVTINP] [LPiMVGL; HJVTIJKGL; \MQaLIKO; GKN; \PKNIKO]; /SP; NPTIOK
17:<:7:<( 1K;QGTPT;`SPVP;HSP;QGZ;JV;\GTP;IT;[ILLPH;`PLNPN QJRZVPTTIYP;THVPKOHS;J[;TMQS;PQQPKHVIQGLL_;LJGNPN;GKOLP
NIVPQHL_;HJ;HSP;PKN;J[;HSP;QJLMRK;ÌHSJMH;\JVIKO;GKN RPR\PVT<;#+&7#'.&*,;G;RJVP;PiGQH;TPQJKN;JVNPV;NPTIOK
TSJMLNPVIKO<;HSP;QJKHGQH;TMV[GQPT;TSGLL;\P;RGQSIKPN;HJ MKNPV; QJR\IKPN; \PKNIKO; GiIGL; QJRZVPTTIJK<; RG_; \P
OIYP;G;ZPV[PQH;\PGVIKO;GKN;HSP;`PLNIKO;TSGLL;\P;TM[[IQIPKH PYGLMGHPN;GZZVJiIRGHPL_;GT;OIYPK;\PLJ`]
HJ;HVGKTRIH;HSP;[JVQPT;GT;VPeMIVPN;IK;17:<:7];%SPVP;[MLL /SP; NPTIOK; QJRZVPTTIYP; THVPKOHS<; J[; TIKOLP; GKOLPT
THVPKOHS;\MHH;`PLNT;GVP;ZVJYINPN<;RGQSIKIKO;J[;QJKHGQH LJGNPN;HSVJMOS;OMTTPH;QJKKPQHIJK;HJ;JKP;LPO;ZGVGLLPL;HJ
TMV[GQPT;IT;KJH;VPeMIVPN] HSP; 616; GiIT; U616; GiIT; \PIKO; PIHSPV; HSP;O1O; JV; HSP; M1M
17:8( #CLFB(5DNODH GiIT<;NPZPKNIKO;JK;`SIQS;LPO;IT;QJKKPQHPN;HJ;HSP;OMTTPHX
J[;HSP;RPR\PV;RG_;\P;QGLQMLGHPN;GTb
17:8:1 (5#+N7'&;+N7'&5!$.!)
/SP;QJRZVPTTIJK;IK;TIKOLP;GKOLPT;RG_;\P;HVGKT[PVVPN ,QNP&a&A[;χGG&,_WγRD
!14 ];B;$!!$+/1?$;:#$:;"!;7:*$;,3:/$
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' <9
`SPVP 17:8:!(?*.<7'&;+N7'&5!$.!)
χGG m *HVPTT; VPNMQHIJK; [GQHJV; U)''; /G\LP; AX; [JV 17:8:!:1( !JV; NJM\LP; GKOLP; NITQJKHIKMJMT; THVMHT<
\MQaLIKO; QLGTT; c\d<; QGLQMLGHPN; GT; ZPV QJKKPQHPN;\GQa;HJ;\GQa<;JK;JZZJTIHP;TINPT;J[;HSP;OMTTPH
17:1:1!:1_( MTIKO; HSP; KJK^NIRPKTIJKGL JV;G;TPQHIJK<;\_;KJH;LPTT;HSGK;H`J;\JLHT;JV;VIYPHT;IK;LIKP
TLPKNPVKPTT;VGHIJ<;λGG] GLJKO;HSP;GKOLPT;GH;PGQS;PKN<;JV;\_;HSP;PeMIYGLPKH;IK
A[;a&C)&*&C.λGG&*&C6λ[< `PLNIKO<;HSP;LJGN;RG_;\P;VPOGVNPN;GT;GZZLIPN;GiIGLL_]
/SP; P[[PQHIYP; LPKOHS<;AB<; IK; HSP; ZLGKP; J[; PKN; OMTTPH
`SPVP
TSGLL;\P;HGaPK;GT;\PH`PPK;D]-;GKN;D]A(;HIRPT;HSP;NITHGKQP
A[ m RJNI[IQGHIJK;[GQHJV;HJ;GQQJMKH;[JV;PQQPKHVIQ \PH`PPK;IKHPVTPQHIJKT<;NPZPKNIKO;JK;HSP;NPOVPP;J[;HSP
PKN;QJKKPQHIJK VPTHVGIKH;ZVJYINPN];/SP;P[[PQHIYP;LPKOHS<;AB:;IK;HSP;ZLGKP
C):&C.:&C6 m QJKTHGKHT; NPZPKNIKO; MZJK; HSP; PKN ZPVZPKNIQMLGV;HJ;HSGH;J[;HSP;PKN;OMTTPH<;TSGLL;\P;HGaPK
QJKNIHIJK<;GT;OIYPK;IK;/G\LP;).< GT;PeMGL;HJ;HSP;NITHGKQP;\PH`PPK;QPKHPVT;J[;IKHPVTPQHIJKT]
/SP; QGLQMLGHPN; GYPVGOP; QJRZVPTTIYP; THVPTT; TSGLL; KJH
⎛ &"" ⎞ PiQPPN;HSP;YGLMPT;\GTPN;JK;17:1:!];/SP;GKOLPT;TSGLL;\P
⎜ ⎟ QJKKPQHPN;HJOPHSPV;JYPV;HSPIV;LPKOHST;TJ;GT;HJ;TGHIT[_
λGG m
⎝ '"" ⎠ HSP;VPeMIVPRPKHT;J[;17:Q;GKN;12:!:8]
π# ( 17:8:!:!( &JM\LP; GKOLP; NITQJKHIKMJMT; THVMHT; QJKKPQHPN
)
#$! \GQa^HJ^\GQa<;HJ;JKP;TINP;J[;G;OMTTPH;JV;TPQHIJK;\_;JKP;JV
RJVP;\JLHT;JV;VIYPHT;IK;PGQS;GKOLP<;JV;\_;HSP;PeMIYGLPKH;IK
(#% + ## ) & #" `PLNIKO<;TSGLL;\P;NPTIOKPN;IK;GQQJVNGKQP;ÌHS;17:8:1;GKN
λϕ m HSP;GKOLPT;TSGLL;\P;QJKKPQHPN;HJOPHSPV;JYPV;HSPIV;LPKOHST
π# ( TJ;GT;HJ;TGHIT[_;HSP;VPeMIVPRPKHT;J[ 17:Q;GKN;12:!:8]
ε
#$! 17:8:7( >*+!#+.*.)&D'Y<'$)
7GG m QPKHVP^HJ^QPKHVP;LPKOHS;J[;HSP;LGHPVGL;TMZZJVH &JM\LP;GKOLP;QJKHIKMJMT;THVMHT;TMQS;GT;HSJTP;[JVRIKO
ZVPYPKHIKO; HVGKTLGHIJK; J[; HSP; RPR\PV HSP;[LGKOPT<;QSJVNT;JV;HIPT;J[;HVMTTPT;JV;HVMTTPN;OIVNPVT<
ZPVZPKNIQMLGV; HJ; 616; GiIT; U616; GiIT; \PIKO JV;HSP;LPOT;J[;HJ`PVT;TSGLL;\P;NPTIOKPN;GT;GiIGLL_;LJGNPN
PIHSPV;HSP;O1O;JV;HSP;M1M;GiIT<;NPZPKNIKO;JK QJRZVPTTIJK;RPR\PVT<;GKN;HSP;P[[PQHIYP;LPKOHS;TSGLL
`SIQS;LPO;IT;QJKKPQHPN;HJ;HSP;OMTTPHX< \P;HGaPK;IK;GQQJVNGKQP;ÌHS;17:!:<]
$GG m VGNIMT; J[; O_VGHIJK; J[; HSP; GKOLP; RPR\PV 17:8:<( >*Y<#+'%&5!$'))')
G\JMH; HSP; 616; GiIT; U616; GiIT; \PIKO; PIHSPV 1K;GNNIHIJK;HJ;GiIGL;LJGNT<;I[;HSP;THVMHT;QGVV_;LJGNT;`SIQS
HSP;O1O;JV;HSP;M1M;GiIT<;NPZPKNIKO;JK;`SIQS QGMTP;HVGKTYPVTP;\PKNIKO<;HSP;QJR\IKPN;\PKNIKO;GKN
LPO;IT;QJKKPQHPN;HJ;HSP;OMTTPHX<;ZGVGLLPL;HJ GiIGL;THVPTTPT;TSGLL;\P;QSPQaPN;IK;GQQJVNGKQP;ÌHS;1<:7]
HSP;ZLGKP;J[;HSP;PKN;OMTTPH;ZLGHPT< !JV; NPHPVRIKIKO; HSP; ZPVRITTI\LP; GiIGL; GKN; \PKNIKO
<):&<. m ÌNHS;J[;HSP;QJKKPQHPN;GKN;JMHTHGKNIKO;LPOT THVPTTPT<; HSP; P[[PQHIYP; LPKOHS; TSGLL; \P; HGaPK; IK
J[;HSP;GKOLP<;VPTZPQHIYPL_] GQQJVNGKQP;ÌHS;HSP;17:!(GKN(1<:7]
! m HSIQaKPTT;J[;HSP;LPO<;GKN
17:2( 'E?BA(-GFOICH
!"# 17:2:1( T'+'$67
ε m _IPLN;THVPTT;VGHIJ<; <;;,_;\PIKO;IK;0,G
%+ 17:2:1:1;0PR\PVT;QJRZVITIKO;H`J;RGIK;QJRZJKPKHT
LGQPN;GKN;HIPN<;TSJMLN;`SPVP;ZVGQHIQG\LP<;SGYP;G;VGNIMT
$ERFB(1!(-GCHDECDH((1_!(!_(ECA((7 J[;O_VGHIJK;G\JMH;HSP;GiIT;ZPVZPKNIQMLGV;HJ;HSP;ZLGKP;J[
U>76.)'&)6](])].X LGQIKO; KJH; LPTT; HSGK; HSP; VGNIMT; J[; O_VGHIJK; G\JMH; HSP
GiIT; ZGVGLLPL; HJ; HSP; ZLGKP; J[; LGQIKO; o)''; !IO])D:
'"( 2,9( G7$$(*!( (1 ( (!( (7( GKN;!IO];)D7p]
-%.( !%,,()*+%,( "#$$%&'($)(
*%+,%-(.(/('0$%; 17:2:1:!( :T;[GV;GT;ZVGQHIQG\LP<;HSP;LGQIKO;T_THPR;TSGLL
&$%; &$%; &'%; &(%; &3%; &)%; \P;MKI[JVR;HSVJMOSJMH;HSP;LPKOHS;J[;HSP;QJLMRK]
+%; *4556;7-5.-.; *+,-.; +/012; +/3)'; 3$/+0$; 17:2:1:7( $iQPZH; [JV; HIP; ZLGHPT; GT; TZPQI[IPN; IK; 17:;<
89;:8;;-:<-.; A+;B-.; +/(+$; +/($+; 3$/+(+; NJM\LP;LGQPN;T_THPRT;o)'';!IO];)D7p;GKN;TIKOLP;LGQPN
7+<=;<78;89;
>89-;?85<@;
T_THPRT;o)'';!IO];)D:p;JK;JZZJTIHP;TINPT;J[;HSP;RGIK
++%; C+;B5-;?85<; *+,-.; +/($2; +/3(0; 3$/(++; QJRZJKPKHT; TSGLL; KJH; \P; QJR\IKPN; ÌHS; QVJTT
A+;B-.; +/'0(; +/($3; 3$/+0$; RPR\PVT;UHIPTX;ZPVZPKNIQMLGV;HJ;HSP;LJKOIHMNIKGL;GiIT
J[;HSP;THVMH;o)'';!IO];)D+p<;MKLPTT;GLL;[JVQPT;VPTMLHIKO
1V ; 1K^ZLGKP; VJHGHIJKGL; VPTHVGIKH; ZVJYINPN; HJ; HSP; OMTTPH; \_; HSP
[VJR;NP[JVRGHIJK;J[;HSP;THVMH;RPR\PVT;GVP;QGLQMLGHPN
TMZZJVHIKO; RPR\PV]; !JV; ZGVHIGL; VPTHVGIKH<; C[ ; QGK; \P; IKHPVZJLGHPN
GKN; ZVJYINPN; [JV; IK; HSP; NPTIOK; J[; LGQIKO; GKN; IHT
\PH`PPK;HSP;VPTMLHT;[JV;[IiPN;GKN;SIKOPN;QGTPT]
[GTHPKIKOT]
80 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
17:2:1:<( *IKOLP;LGQPN;T_THPRT<;JK;JZZJTIHP;[GQPT;J[;HSP 17:2:2:7( /SP;TLPKNPVKPTT;VGHIJ<;AB,$<;J[;HSP;LGQIKO;\GVT
QJRZJKPKHT;\PIKO;LGQPN;HJOPHSPV;TSGLL;ZVP[PVG\L_;\P;IK TSGLL; KJH; PiQPPN; )8(]; 1K; \JLHPNWVIYPHPN; QJKTHVMQHIJK<
HSP;TGRP;NIVPQHIJK;TJ;HSGH;JKP;IT;HSP;TSGNJ`;J[;HSP;JHSPV< HSP;P[[PQHIYP;LPKOHS;J[;LGQIKO;\GVT;[JV;HSP;NPHPVRIKGHIJK
IKTHPGN;J[;\PIKO;RMHMGLL_;JZZJTPN;IK;NIVPQHIJK] J[; HSP; NPTIOK; THVPKOHS; TSGLL; \P; HGaPK; GT; HSP; LPKOHS
\PH`PPK;HSP;IKKPV;PKN;[GTHPKPV;J[;HSP;\GVT;[JV;TIKOLP
17:2:1:8( /SP; P[[PQHIYP; TLPKNPVKPTT; VGHIJ<; UAB,$XP<; J[
LGQIKO<; GKN; GT; D]-; J[; HSIT; LPKOHS; [JV; NJM\LP; LGQIKOT
LGQPN;QJLMRKT;TSGLL;\P;HGaPK;GT;)]D(;HIRPT;HSP;UAB,$XD<
P[[PQHIYPL_; QJKKPQHPN; GH; IKHPVTPQHIJKT]; 1K; `PLNPN
HSP; GQHMGL; RGiIRMR; TLPKNPVKPTT; VGHIJ<; IK; JVNPV; HJ
QJKTHVMQHIJK<;HSP;P[[PQHIYP;LPKOHST;TSGLL;\P;HGaPK;GT;D]-
GQQJMKH;[JV;TSPGV;NP[JVRGHIJK;P[[PQHT]
HIRPT; HSP; NITHGKQP; \PH`PPK; HSP; IKKPV; PKNT; J[; `PLNT
17:2:!( J#%!"&*,&B6-#+N&=6$) QJKKPQHIKO;HSP;TIKOLP;LGQIKO;\GVT;HJ;HSP;RPR\PVT]
1K;\JLHPNWVIYPHPN;QJKTHVMQHIJK<;HSP;RIKIRMR;ÌNHS;J[ 2"/$;j;/SP;VPeMIVPN;TPQHIJK;[JV;LGQIKO;\GVT;GT;QJRZVPTTIJKW
HPKTIJK;RPR\PVT;TSGLL;\P;NPHPVRIKPN;\_;MTIKO;HSP;GZZVJZVIGHP
LGQIKO;\GVT;TSGLL;\P;HSVPP;HIRPT;HSP;KJRIKGL;NIGRPHPV
NPTIOK; THVPTTPT< ,QN; TM\fPQH; HJ; HSP; VPeMIVPRPKHT; IK; 17:2:7
J[;HSP;PKN;\JLHWVIYPH] HJ 17:2:2;GKN;0N;IK;1!:1]
17:2:7( 0"#-C+'))&*,&B6-#+N&=6$) 17:2:;( ;!!6-"Y'+!&!*&D6#+&D'Y<'$)
/SP;HSIQaKPTT;J[;[LGH;LGQIKO;\GVT;TSGLL;KJH;\P;LPTT;HSGK /SP;\JLHIKO<;VIYPHIKO;JV;`PLNIKO;J[;LGQIKO;\GVT;HJ;HSP
JKP^[JVHIPHS; J[; IHT; P[[PQHIYP; LPKOHS; [JV; TIKOLP; LGQIKOT RGIK;RPR\PVT;TSGLL;\P;TM[[IQIPKH;HJ;HVGKTRIH;HSP;[JVQP
GKN; JKP^TIiHIPHS; J[; HSP; P[[PQHIYP; LPKOHS; [JV; NJM\LP QGLQMLGHPN;IK;HSP;\GVT];%SPVP;`PLNPN;LGQIKO;\GVT;JYPVLGZ
LGQIKOT] HSP;RGIK;RPR\PVT<;HSP;GRJMKH;J[;LGZ;RPGTMVPN;GLJKO
17:2:7:1( #JLLPN;TPQHIJKT;JV;HM\PT;J[;PeMIYGLPKH;THVPKOHS PIHSPV;PNOP;J[;HSP;LGQIKO;\GV;TSGLL;\P;KJH;LPTT;HSGK;[JMV
RG_;\P;ZPVRIHHPN;IKTHPGN;J[;[LGHT<;[JV;LGQIKOT] HIRPT;HSP;HSIQaKPTT;J[;HSP;\GV;JV;HSP;HSIQaKPTT;J[;HSP
PLPRPKH; J[; HSP; RPR\PVT; HJ; `SIQS; IH; IT; QJKKPQHPN<
17:2:<( ;+N7'&*,&\+-7#+6!#*+
3GQIKO;\GVT<;`SPHSPV;IK;NJM\LP;JV;TIKOLP;T_THPRT<;TSGLL
\P;IKQLIKPN;GH;GK;GKOLP;KJH;LPTT;HSGK;8Dw;KJV;RJVP;HSGK
-Dw;HJ;HSP;GiIT;J[;HSP;\MILH^MZ;RPR\PV]
17:2:8( 536-#+N
17:2:8:1( /SP;RGiIRMR;TZGQIKO;J[;LGQIKO;\GVT<;`SPHSPV
QJKKPQHPN;\_;\JLHIKO<;VIYPHIKO;JV;`PLNIKO<;TSGLL;GLTJ
\P; TMQS; HSGH; HSP; RGiIRMR; TLPKNPVKPTT; VGHIJ; J[; HSP
QJRZJKPKHT; J[; HSP; RGIK; RPR\PV; U6) ,$) X<; \PH`PPK
QJKTPQMHIYP;LGQIKO;QJKKPQHIJKT;IT;KJH;OVPGHPV;HSGK;(D JV
D]-;HIRPT;HSP;RJTH;MK[GYJMVG\LP;TLPKNPVKPTT;VGHIJ;J[
HSP;RPR\PV;GT;G;`SJLP<;`SIQSPYPV;IT;LPTT<;`SPVP;6);IT
HSP; MKTMZZJVHPN; LPKOHS; J[; HSP; IKNIYINMGL; RPR\PV
\PH`PPK;LGQIKO;ZJIKHT<;GKN;$);IT;HSP;RIKIRMR;VGNIMT;J[
O_VGHIJK;J[;HSP;IKNIYINMGL;RPR\PV;\PIKO;LGQPN;HJOPHSPV]
17:2:8:!; %SPVP;LGQIKO;\GVT;GVP;KJH;LGZZPN;HJ;[JVR;HSP
QJKKPQHIJK; HJ; HSP; QJRZJKPKHT; J[; HSP; RPR\PVT<; HSP_
TSGLL; \P; TJ; QJKKPQHPN; HSGH; HSPVP; IT; KJ; GZZVPQIG\LP
IKHPVVMZHIJK;IK;HSP;HVIGKOMLGHIJK;J[;HSP;T_THPR]
17:2:2( ?')#N+&*,&B6-#+N)
17:2:2:1 (/SP;LGQIKO;TSGLL;\P;ZVJZJVHIJKPN;HJ;VPTITH;G
HJHGL;HVGKTYPVTP;TSPGV<;IH<;GH;GK_;ZJIKH;IK;HSP;RPR\PV<
PeMGL;HJ;GH;LPGTH;.](;ZPVQPKH;J[;HSP;GiIGL;[JVQP;IK;HSP
RPR\PV; GKN; TSGLL; \P; NIYINPN; PeMGLL_; GRJKO; GLL
HVGKTYPVTP^LGQIKO;T_THPRT;IK;ZGVGLLPL;ZLGKPT]
17:2:2:!( !JV; RPR\PVT; QGVV_IKO; QGLQMLGHPN; \PKNIKO
THVPTT; NMP; HJ; PQQPKHVIQIH_; J[; LJGNIKO<; GZZLIPN; PKN
RJRPKHT; GKNWJV; LGHPVGL; LJGNIKO<; HSP; LGQIKO; TSGLL; \P
ZVJZJVHIJKPN;HJ;VPTITH;HSP;GQHMGL;TSPGV;NMP;HJ;\PKNIKO<
IK;GNNIHIJK;HJ;HSGH;TZPQI[IPN;IK;17:2:2:1] !14 ];)D;/",;#$*/#:12/;+"2&1/1"2*
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 81
`SIQSPYPV;IT;LPTT];/SP;`PLNIKO;TSJMLN;\P;TM[[IQIPKH;HJ 17:;:1:!; 7GHHPKPN; QJRZVPTTIJK; RPR\PVT<; KJH
HVGKTRIH;HSP;LJGN;IK;HSP;\GV;GKN;TSGLL<;IK;GK_;QGTP<;\P QJRZL_IKO; ÌHS; HSP; VPeMIVPRPKHT; TZPQI[IPN; IK; HSIT
ZVJYINPN;GLJKO;PGQS;TINP;J[;HSP;\GV;[JV;HSP;[MLL;LPKOHS *PQHIJK;JV;HSJTP;TM\fPQHPN;HJ;PQQPKHVIQIH_;J[;LJGNIKO<
J[;LGZ] GZZLIPN;RJRPKHT;JV;LGHPVGL;[JVQPT;IK;HSP;ZLGKP;J[;HSP
\GHHPKT;U)'';!IO];))X<;TSGLL;\P;NPTIOKPN;GQQJVNIKO;HJ
17:2:Q( @+%&0#'&E76!')
HSP;PiGQH;HSPJV_;J[;PLGTHIQ;THG\ILIH_;JV;PRZIVIQGLL_<;\GTPN
3GQPN; QJRZVPTTIJK; RPR\PVT; TSGLL; \P; ZVJYINPN; ÌHS JK;YPVI[IQGHIJK;\_;HPTHT]
HIP;ZLGHPT;GT;ZPV;17:;(GH;HSP;PKNT;J[;LGQIKO;T_THPRT;GKN 2"/$;j;1[;HSP;QJLMRK;TPQHIJK;IT;TM\fPQHPN;HJ;PQQPKHVIQIH_;JV
GH;IKHPVTPQHIJK;ÌHS;JHSPV;RPR\PVTWTHG_T;GKN;GH;ZJIKHT JHSPV; RJRPKHT; G\JMH; GK; GiIT; ZPVZPKNIQMLGV; HJ; \GHHPKT<; HSP
`SPVP;HSP;LGQIKO;T_THPRT;GVP;IKHPVVMZHPN] \GHHPKT; GKN; HSP; QJLMRK; TPQHIJK; TSJMLN; \P; TZPQIGLL_; NPTIOKPN
[JV;TMQS;RJRPKHT;GKN;TSPGVT]
17:;( )EDDBCBA(-GFOICH
17:;:1:7( /SP;\GHHPKT;TSGLL;\P;ZLGQPN;JZZJTIHP;HJ;PGQS
17:;:1( T'+'$67 JHSPV;GH;PGQS;PKN;J[;HSP;RPR\PV;GKN;GH;ZJIKHT;`SPVP;HSP
RPR\PV;IT;THG_PN;IK;IHT;LPKOHS;GKN;GT;[GV;GT;ZVGQHIQG\LP<
17:;:1:1( +JRZVPTTIJK;RPR\PVT;QJRZJTPN;J[;H`J;RGIK
\P;TZGQPN;GKN;ZVJZJVHIJKPN;MKI[JVRL_;HSVJMOSJMH];/SP
QJRZJKPKHT; \GHHPKPN; TSJMLN; ZVP[PVG\L_; SGYP; HSP
KMR\PV; J[; \GHHPKT; TSGLL; \P; TMQS; HSGH; HSP; RPR\PV; IT
IKNIYINMGL; RPR\PVT; J[; HSP; TGRP; QVJTT^TPQHIJK; GKN
NIYINPN;IKHJ;KJH;LPTT;HSGK;HSVPP;\G_T;ÌHSIK;IHT;GQHMGL
T_RRPHVIQGLL_;NITZJTPN;G\JMH;HSPIV;RGfJV;GiIT];%SPVP
LPKOHS;[VJR;QPKHVP^HJ^QPKHVP;J[;PKN;QJKKPQHIJKT]
ZVGQHIQG\LP<; HSP; QJRZVPTTIJK; RPR\PVT; TSJMLN; SGYP; G
VGNIMT;J[;O_VGHIJK;G\JMH;HSP;GiIT;ZPVZPKNIQMLGV;HJ;HSP;ZLGKP 17:;:1:<( /SP; P[[PQHIYP; TLPKNPVKPTT; VGHIJ; UAB,$XP; J[
J[;HSP;\GHHPK;KJH;LPTT;HSGK;HSP;VGNIMT;J[;O_VGHIJK;G\JMH;HSP \GHHPKPN; QJLMRKT<; TSGLL; \P; HGaPK; GT; )]); HIRPT; HSP
GiIT;ZGVGLLPL;HJ;HSP;ZLGKP;J[;HSP;\GHHPK;U)'';!IO];))X] UABW$XD<;HSP;RGiIRMR;GQHMGL;TLPKNPVKPTT;VGHIJ;J[;HSP
QJLMRK<;HJ;GQQJMKH;[JV;TSPGV;NP[JVRGHIJK;P[[PQHT]
17:;:!( ?')#N+&*,&=6!!'+)
17:;:!:1( =6!!'+)
7GHHPKT;TSGLL;\P;NPTIOKPN;HJ;QGVV_;HSP;\PKNIKO;RJRPKHT
GKN;TSPGV;[JVQPT;GVITIKO;[VJR;HVGKTYPVTP;TSPGV;[JVQP;IH
PeMGL;HJ;.](;ZPVQPKH;J[;HSP;HJHGL;GiIGL;[JVQP;JK;HSP;`SJLP
QJRZVPTTIJK;RPR\PV<;GH;GK_;ZJIKH;IK;HSP;LPKOHS;J[;HSP
RPR\PV<; NIYINPN; PeMGLL_; \PH`PPK; ZGVGLLPL; ZLGKPT; J[
\GHHPKT];7GHHPKPN;RPR\PV;QGVV_IKO;QGLQMLGHPN;\PKNIKO
RJRPKH;NMP;HJ;PQQPKHVIQIH_;J[;GiIGL;LJGNIKO<;QGLQMLGHPN
PKN;RJRPKHT;JV;LGHPVGL;LJGNT;ZGVGLLPL;HJ;HSP;ZLGKP;J[
\GHHPKT<; TSGLL; \P; NPTIOKPN; HJ; QGVV_; GQHMGL; TSPGV; IK
GNNIHIJK;HJ;HSP;G\JYP;TSPGV];/SP;RGIK;RPR\PVT;TSGLL
GLTJ;\P;QSPQaPN;[JV;HSP;TGRP;TSPGV;[JVQP;GKN;\PKNIKO
RJRPKHT;GT;[JV;HSP;\GHHPKT]
7GHHPKT;TSGLL;\P;J[;ZLGHPT<;GKOLPT<;QSGKKPLT<;JV;1^TPQHIJKT
GKN;GH;HSPIV;PKNT;TSGLL;\P;VIYPHPN<;\JLHPN;JV;`PLNPN;HJ
HSP;RGIK;QJRZJKPKHT;TJ;GT;HJ;VPTITH;TIRMLHGKPJMTL_;G
TSPGV;I\&a&IH;>W95;GLJKO;HSP;QJLMRK;GiIT;GKN;G;RJRPKH
D&a;IH>W.9&GH;PGQS;QJKKPQHIJK<
`SPVP
IH m HVGKTYPVTP;TSPGV;[JVQP;GT;NP[IKPN;G\JYPl
> m NITHGKQP;\PH`PPK;QPKHVP^HJ^QPKHVP;J[;\GHHPKT<
LJKOIHMNIKGLL_l
9 m KMR\PV;J[;ZGVGLLPL;ZLGKPT;J[;\GHHPKTl;GKN
5 m; RIKIRMR; HVGKTYPVTP; NITHGKQP; \PH`PPK; HSP
QPKHVJIN; J[; HSP& VIYPHW\JLH; OVJMZW`PLNIKO
QJKKPQHIKO;HSP;\GHHPK;HJ;HSP;RGIK;RPR\PV]
17:;:!:! (0#'&376!')
! 14];));7://$2;+ "3902;*$+/1"2 /IP;ZLGHPT;GVP;RPR\PVT;ZVJYINPN;GH;HSP;PKNT;J[;\GHHPKPN
8! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
GKN;LGQPN;RPR\PVT<;GKN;TSGLL;\P;NPTIOKPN;\_;HSP;TGRP 17:Q( -GIJNBHH@GC( =BIRBNH( -GIJGHBA( GM( $]G
RPHSJN;GT;\GHHPKT];1K;KJ;QGTP;TSGLL;G;HIP;ZLGHP;GKN;IHT -GIJGCBCDH()E?STDGT)E?S
[GTHPKIKOT;\P;IKQGZG\LP;J[;QGVV_IKO;HSP;[JVQPT;[JV;`SIQS 17:Q:1( +JRZVPTTIJK;RPR\PVT;QJRZJTPN;J[;H`J;GKOLPT<
HSP;LGQIKO;JV;\GHHPK;SGT;\PPK;NPTIOKPN] QSGKKPLT<;JV;HPPT;\GQa^HJ^\GQa;IK;QJKHGQH;JV;TPZGVGHPN
17:;:!:7( 5#O' \_; G; TRGLL; NITHGKQP<; TSGLL; \P; QJKKPQHPN; HJOPHSPV; \_
VIYPHIKO<;\JLHIKO;JV;`PLNIKO;TJ;HSGH;HSP;VGHIJ;J[;RJTH
%SPK;ZLGHPT;GVP;MTPN;[JV;\GHHPKT<;HSP;PKN;\GHHPKT;GKN MK[GYJVG\LP;TLPKNPVKPTT;J[;PGQS;RPR\PV;\PH`PPK;HSP
HSJTP;GH;ZJIKHT;`SPVP;HSP;RPR\PV;IT;THG_PN;IK;IHT;LPKOHS IKHPVRPNIGHP;QJKKPQHIJKT;IT;KJH;OVPGHPV;HSGK;8D;JV;D]>
TSGLL;SGYP;GK;P[[PQHIYP;NPZHS<;LJKOIHMNIKGLL_<;KJH;LPTT HIRPT;HSP;RJTH;MK[GYJMVG\LP;VGHIJ;J[;TLPKNPVKPTT;J[;HSP
HSGK;HSP;ZPVZPKNIQMLGV;NITHGKQP;\PH`PPK;HSP;QPKHVJINT THVMH;GT;G;`SJLP<;`SIQSPYPV;IT;LPTT;o)'';*PQHIJK;>UaXp]
J[;HSP;RGIK;RPR\PVT];/SP;IKHPVRPNIGHP;\GHHPKT;TSGLL
17:Q:!( 1K;KJ;QGTP;TSGLL;HSP;PKNT;J[;HSP;THVMH;\P;QJKKPQHPN
SGYP;GK;P[[PQHIYP;NPZHS;J[;KJH;LPTT;HSGK;HSVPP;eMGVHPVT HJOPHSPV; ÌHS; LPTT; HSGK; H`J; VIYPHT; JV; \JLHT; JV; HSPIV
J[;HSIT;NITHGKQP<;\MH;IK;KJ;QGTP;TSGLL;HSP;P[[PQHIYP;NPZHS PeMIYGLPKH;IK;`PLNIKO<;GKN;HSPVP;TSGLL;\P;KJH;LPTT;HSGK
J[; GK_; \GHHPK; \P; LPTT; HSGK; HÌQP; HSP; ÌNHS; J[; JKP H`J; GNNIHIJKGL; QJKKPQHIJKT; IK; \PH`PPK<; TZGQPN
RPR\PV<;IK;HSP;ZLGKP;J[;HSP;\GHHPKT];/SP;P[[PQHIYP;NPZHS PeMINITHGKH; GLJKO; HSP; LPKOHS; J[; HSP; THVMH]; %SPVP; HSP
J[;G;\GHHPK;TSGLL;\P;HGaPK;GT;HSP;LJKOIHMNIKGL;NITHGKQP RPR\PVT;GVP;TPZGVGHPN;\GQa^HJ^\GQa<;HSP;VIYPHT;JV;\JLHT
\PH`PPK;JMHPVRJTH;\JLHT<;VIYPHT;JV;`PLNT;GH;HSP;PKNT] HSVJMOS; HSPTP; QJKKPQHIJKT; TSGLL; ZGTT; HSVJMOS; TJLIN
/SP;HSIQaKPTT;J[;\GHHPK;JV;HSP;HIP;ZLGHPT;TSGLL;\P;KJH `GTSPVT;JV;ZGQaIKO;IK;\PH`PPK];%SPVP;HSP;LPOT;J[;HSP
LPTT; HSGK; JKP; [I[HIPHS; J[; HSP; NITHGKQP; \PH`PPK; HSP QJKKPQHPN;GKOLPT;JV;HSP;QJKKPQHPN;HPPT;GVP;).(;RR;ÌNP
IKKPVRJTH; QJKKPQHIKO; LIKPT; J[; VIYPHT<; \JLHT; JV; `PLNT< JV;RJVP<;JV;`SPVP;`P\T;J[;QSGKKPLT;GVP;)(D;RR;ÌNP;JV
ZPVZPKNIQMLGV;HJ;HSP;RGIK;RPR\PV] JYPV<;KJH;LPTT;HSGK;H`J;VIYPHT;JV;\JLHT;TSGLL;\P;MTPN;IK
17:;:!:<; /SP;VPeMIVPRPKH;J[;\JLH;TIgP;GKN;HSIQaKPTT;J[ PGQS;QJKKPQHIJK<;JKP;JK;LIKP;J[;PGQS;OGMOP;RGVa]
\GHHPK; TZPQI[IPN; G\JYP; NJPT; KJH; GZZL_; `SPK; GKOLPT< 17:Q:7( %SPVP;HSPTP;QJKKPQHIJKT;GVP;RGNP;\_;`PLNIKO<
QSGKKPLT;JV;1^TPQHIJKT;GVP;MTPN;[JV;\GHHPKT;ÌHS;HSPIV TJLIN;ZGQaIKO;TSGLL;\P;MTPN;HJ;P[[PQH;HSP;fJIKHIKO;MKLPTT
LPOT; JV; [LGKOPT; ZPVZPKNIQMLGV; HJ; HSP; RGIK; RPR\PV] HSP;RPR\PVT;GVP;TM[[IQIPKHL_;QLJTP;HJOPHSPV;HJ;ZPVRIH
=J`PYPV<; IH; TSJMLN; \P; PKTMVPN; HSGH; HSP; PKNT; J[; HSP NIVPQH;`PLNIKO<;GKN;HSP;RPR\PVT;TSGLL;\P;QJKKPQHPN;\_
QJRZVPTTIJK; RPR\PVT; GVP; HIPN; HJ; GQSIPYP; GNPeMGHP `PLNIKO; GLJKO; \JHS; ZGIVT; J[; PNOPT; J[; HSP; RGIK
VIOINIH_] QJRZJKPKHT]
17:;:7( 536-#+N&*,&=6!!'+) 17:Q:<( /SP;VIYPHT<;\JLHT;JV;`PLNT;IK;HSPTP;QJKKPQHIJKT

TSGLL;\P;TM[[IQIPKH;HJ;QGVV_;HSP;TSPGV;[JVQP;GKN;RJRPKHT<
17:;:7:1 ;1K;\GHHPKPN;QJRZVPTTIJK;RPR\PVT;`SPVP;HSP I[;GK_<;TZPQI[IPN;[JV;\GHHPKPN;THVMHT;U)'';17:;:7X<;GKN;IK
IKNIYINMGL; RPR\PVT; GVP; KJH; TZPQI[IQGLL_; QSPQaPN; [JV KJ; QGTP; TSGLL; HSP; VIYPHT; JV; \JLHT; \P; LPTT; HSGK; )>; RR
TSPGV; THVPTT; GKN; \PKNIKO; RJRPKHT<; HSP; TZGQIKO; J[ NIGRPHPV;[JV;RPR\PVT;MZ;HJ;GKN;IKQLMNIKO;)D;RR;HSIQal
\GHHPKT<;QPKHVP^HJ^QPKHVP;J[;IHT;PKN;[GTHPKIKOT<;TSGLL;\P .D; RR; NIGRPHPV; [JV; RPR\PVT; MZ; HJ; GKN; IKQLMNIKO
TMQS;HSGH;HSP;TLPKNPVKPTT;VGHIJ;UAB,$X;J[;GK_;QJRZJKPKH )> RR;HSIQal;GKN;..;RR;NIGRPHPV;[JV;RPR\PVT;JYPV
JYPV;HSGH;NITHGKQP;TSGLL;\P;KJH;OVPGHPV;HSGK;(D;KJV;OVPGHPV )>;RR;HSIQa]
HSGK;D]-;HIRPT;HSP;TLPKNPVKPTT;VGHIJ;J[;HSP;RPR\PV;GT;G 17:Q:<:1( +JRZVPTTIJK; RPR\PVT; QJKKPQHPN; \_; TMQS
`SJLP;G\JMH;IHT;O1O&GiIT;UZGVGLLPL;HJ;HSP;\GHHPKTX] VIYPHIKO<;\JLHIKO;JV;`PLNIKO;TSGLL;KJH;\P;TM\fPQHPN;HJ
17:;:<( ;!!6-"Y'+!&!*&D6#+&D'Y<'$) HVGKTYPVTP; LJGNIKO; IK; G; ZLGKP; ZPVZPKNIQMLGV; HJ; HSP
VIYPHPN<;\JLHPN;JV;`PLNPN;TMV[GQPT]
17:;:<:1 (J'7%'%&-*++'-!#*+)
17:Q:8( %SPVP;HSP;QJRZJKPKHT;GVP;IK;QJKHGQH;\GQa^HJ^
%SPVP;HIP;JV;\GHHPK;ZLGHPT;JYPVLGZ;HSP;RGIK;RPR\PVT< \GQa<; HSP; TZGQIKO; J[; HSP; VIYPHT<; \JLHT; JV; IKHPVRIHHPKH
HSP;GRJMKH;J[;LGZ;TSGLL;\P;KJH;LPTT;HSGK;[JMV;HIRPT;HSP `PLNT; TSGLL; KJH; PiQPPN; HSP; RGiIRMR; TZGQIKO; [JV
HSIQaKPTT;J[;HSP;ZLGHP];/SP;LPKOHS;J[;`PLN;QJKKPQHIKO QJRZVPTTIJK;RPR\PVT;GT;OIYPK;IK;*PQHIJK;>URX]
PGQS;PNOP;J[;HSP;\GHHPK;ZLGHP;HJ;HSP;RPR\PV;TSGLL<;IK
'&!%(#$")*@,""4&'(-$"#9"2&2=&.'
GOOVPOGHP<;\P;KJH;LPTT;HSGK;SGL[;HSP;NPZHS;J[;HSP;\GHHPK
'6=A&!%&4"%#"=&$4($-
ZLGHP];:H;LPGTH;JKP^HSIVN;J[;HSP;`PLN;TSGLL;\P;ZLGQPN;GH
PGQS;PKN;J[;HSIT;PNOP];/SP;LPKOHS;J[;`PLN;GKN;NPZHS;J[ 1< +.5%,"(&/(=.=).45(5*)d.-$.+($&
\GHHPK;ZLGHP;TSGLL;\P;RPGTMVPN;GLJKO;HSP;LJKOIHMNIKGL )."+%",
GiIT;J[;HSP;RGIK;RPR\PV]
1<:1( ,BCBNEF
1K; GNNIHIJK<; HSP; `PLNIKO; TSGLL; \P; VPHMVKPN; GLJKO; HSP 0PR\PVT;TM\fPQHPN;HJ;ZVPNJRIKGKH;\PKNIKO;TSGLL;SGYP
JHSPV;H`J;PNOPT;J[;HSP;ZLGHPT;HVGKTYPVTPL_;HJ;HSP;GiIT;J[ GNPeMGHP; NPTIOK; THVPKOHS; HJ; VPTITH; \PKNIKO; RJRPKH<
HSP;RGIK;RPR\PV;[JV;G;LPKOHS;KJH;LPTT;HSGK;HSP;RIKIRMR TSPGV;[JVQP<;GKN;QJKQPKHVGHPN;[JVQPT;IRZJTPN;MZJK;GKN
LGZ;TZPQI[IPN;G\JYP] HSPIV;QJR\IKGHIJKT];!MVHSPV<;HSP;RPR\PVT;TSGLL;TGHIT[_
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 87
HSP;NP[LPQHIJK;LIRIHGHIJK;ZVPTPKHPN;IK;*PQHIJK;>UPX<;GT _IPLNIKO; U)''& 1<:<:!:1X<& HSP; NPTIOK; \PKNIKO; THVPKOHS
TPVYIQPG\ILIH_;QVIHPVIG];0PR\PV;TM\fPQHPN;HJ;JHSPV;[JVQPT TSGLL;\P;QGLQMLGHPN;MTIKO;JKP;J[;HSP;[JLLJÌKO;RPHSJNTb
IK; GNNIHIJK; HJ; \PKNIKO; JV; \IGiIGL; \PKNIKO; TSGLL; \P
GX /SP;\PKNIKO;RJRPKH;GKN;GiIGL;[JVQP;GQHIKO
NPTIOKPN;IK;GQQJVNGKQP;ÌHS;*PQHIJK;>UfX]
JK;HSP;TPQHIJK;RG_;\P;GTTMRPN;HJ;\P;VPTITHPN
1<:1:1(@,,'-!#('&536+&*,&='6Y) \_;[LGKOPT;JKL_;GKN;HSP;`P\;IT;NPTIOKPN;JKL_
HJ;VPTITH;TSPGV;U)'';1<:<X]
/SP; P[[PQHIYP; TZGK; J[; G; \PGR; TSGLL; \P; HGaPK; GT; HSP
NITHGKQP; \PH`PPK; HSP; QPKHVPT; J[; HSP; TMZZJVHT<; PiQPZH \X /SP;\PKNIKO;RJRPKH;GKN;GiIGL;[JVQP;GQHIKO
`SPVP;HSP;ZJIKH;J[;GZZLIQGHIJK;J[;HSP;VPGQHIJK;IT;HGaPK JK;HSP;TPQHIJK;RG_;\P;GTTMRPN;HJ;\P;VPTITHPN
GT;PQQPKHVIQ;GH;HSP;TMZZJVH<;`SPK;IH;TSGLL;\P;ZPVRITTI\LP \_;HSP;`SJLP;TPQHIJK];1K;TMQS;G;QGTP<;HSP;`P\
HJ; HGaP; HSP; P[[PQHIYP; TZGK; GT; HSP; LPKOHS; \PH`PPK; HSP TSGLL; \P; NPTIOKPN; [JV; QJR\IKPN; TSPGV; GKN
GTTMRPN;LIKPT;J[;HSP;VPGQHIJKT] KJVRGL;THVPTTPT;MTIKO;TIRZLP;PLGTHIQ;HSPJV_;IK
QGTP;J[;TPRI^QJRZGQH;`P\T;GKN;TIRZLP;ZLGTHIQ
1<:!( +BH@LC(5DNBCLDP(@C()BCA@CL(U/FBZONBV HSPJV_;IK;HSP;QGTP;J[;QJRZGQH;GKN;ZLGTHIQ;`P\T]
/SP; NPTIOK; \PKNIKO; THVPKOHS; J[; \PGR<; GNPeMGHPL_ 1<:!:1:!( %SPK; HSP; [GQHJVPN; NPTIOK; TSPGV; [JVQP; NJPT
TMZZJVHPN;GOGIKTH;LGHPVGL;HJVTIJKGL;\MQaLIKO;ULGHPVGLL_ KJH;PiQPPN;D]>&IN<;`SPVP;IN;IT;HSP;NPTIOK;TSPGV;THVPKOHS
TMZZJVHPN; \PGRX; IT; OJYPVKPN; \_; HSP; _IPLN; THVPTT J[; HSP; QVJTT^TPQHIJK; U)''; 1<:<X<; HSP; NPTIOK; \PKNIKO
U)'';1<:!:1X];%SPK;G;\PGR;IT;KJH;GNPeMGHPL_;TMZZJVHPN THVPKOHS<;DN;TSGLL;\P;HGaPK;GTb
GOGIKTH;LGHPVGL;\MQaLIKO;ULGHPVGLL_;MK^TMZZJVHPN;\PGRTX
DN;m;β\;L;Z;,_;WγRD
HSP;NPTIOK;\PKNIKO;THVPKOHS;RG_;\P;OJYPVKPN;\_;LGHPVGL
HJVTIJKGL;\MQaLIKO;THVPKOHS;U)'';1<:!:!X] /J;GYJIN;IVVPYPVTI\LP;NP[JVRGHIJK;MKNPV;TPVYIQPG\ILIH_
LJGNT<; DN; TSGLL; \P; LPTT; HSGK; )].; LP; ,_; WγRD; IK; QGTP; J[
/SP; [GQHJVPN; NPTIOK; RJRPKH<; D&GH; GK_; TPQHIJK<; IK; G
TIRZL_;TMZZJVHPN;GKN;)](;LP;,_;WγRD;IK;QGTP;J[;QGKHILPYPV
\PGR;NMP;HJ;PiHPVKGL;GQHIJKT<;TSGLL;TGHIT[_
\PGRTl
D;≤;DN
`SPVP
`SPVP
β\ a )]D;[JV;ZLGTHIQ;GKN;QJRZGQH;TPQHIJKTl
DN a NPTIOK; \PKNIKO; THVPKOHS; J[; HSP; TPQHIJK< a LP,&LZ&[JV&TPRI^QJRZGQH;TPQHIJKTl
QGLQMLGHPN;GT;OIYPK;IK;;1<:!:1:!]
LZ:&LP m ZLGTHIQ; GKN; PLGTHIQ; TPQHIJK; RJNMLI; J[; HSP
1<:!:1( B6!'$677M&5.33*$!'%&='6Y QVJTT^TPQHIJK<;VPTZPQHIYPL_l
:;\PGR;RG_;\P;GTTMRPN;HJ;\P;GNPeMGHPL_;TMZZJVHPN;GH &,_ m _IPLN;THVPTT;J[;HSP;RGHPVIGLl;GKN
HSP;TMZZJVHT<;ZVJYINPN;HSP;QJRZVPTTIJK;[LGKOP;SGT;[MLL γRD m ZGVHIGL;TG[PH_;[GQHJV;U)'';11:<:1X]
LGHPVGL; VPTHVGIKH; GKN; KJRIKGL; HJVTIJKGL; VPTHVGIKH; GH
TMZZJVHT; TMZZLIPN; \_; `P\; QLPGHT<; ZGVHIGL; NPZHS; PKN 1<:!:1:7( %SPK; HSP; NPTIOK; TSPGV; [JVQP; U[GQHJVPNX<; I
ZLGHPT<;[IK;ZLGHPT;JV;QJKHIKMIH_;ÌHS;HSP;GNfGQPKH;TZGK] PiQPPNT;D]>IN<(`SPVP;IN;IT;HSP;NPTIOK;TSPGV;THVPKOHS;J[
!MLL; LGHPVGL; VPTHVGIKH; HJ; QJRZVPTTIJK; [LGKOP; RG_; \P HSP;QVJTT^TPQHIJK;U)'';1<:<X;HSP;NPTIOK;\PKNIKO;THVPKOHS<
GTTMRPN; HJ; PiITH; I[; HSP; [VIQHIJKGL; JV; JHSPV; ZJTIHIYP DN;TSGLL;\P;HGaPK;GTb
VPTHVGIKH;J[;G;[LJJV;QJKKPQHIJK;HJ;HSP;QJRZVPTTIJK;[LGKOP DN& m;DNY
J[;HSP;RPR\PV;IT;QGZG\LP;J[;VPTITHIKO;G;LGHPVGL;[JVQP;KJH
LPTT; HSGK; .](; ZPVQPKH; J[; HSP; RGiIRMR; [JVQP; IK; HSP `SPVP
QJRZVPTTIJK; [LGKOP; J[; HSP; RPR\PV]; /SIT; RG_; \P DNY m NPTIOK;\PKNIKO;THVPKOHS;MKNPV;SIOS;TSPGV;GT
QJKTINPVPN;HJ;\P;MKI[JVRL_;NITHVI\MHPN;GLJKO;HSP;[LGKOP< NP[IKPN;IK;18:!]
ZVJYINPN;OVGYIH_;LJGNT;QJKTHIHMHP;HSP;NJRIKGKH;LJGNIKO
1<:!:1:<( P*7')&#+&!"'&!'+)#*+&O*+'
JK;HSP;RPR\PV;GKN;HSP;[LJJV;QJKTHVMQHIJK;IT;QGZG\LP;J[
VPTITHIKO;HSIT;LGHPVGL;[JVQP] GX /SP;P[[PQH;J[;SJLPT;IK;HSP;HPKTIJK;[LGKOP<;JK
HSP; NPTIOK; \PKNIKO; THVPKOHS; KPPN; KJH; \P
/SP;NPTIOK;\PKNIKO;THVPKOHS;J[;G;TPQHIJK;`SIQS;GVP;KJH
QJKTINPVPN;I[
TMTQPZHI\LP;HJ;`P\;\MQaLIKO;MKNPV;TSPGV;\P[JVP;_IPLNIKO
U;K[&,&;O[X&≥&U,_,,MX&UγR)&,γRD&XWD]B
U`SPVP; %,!`; ≤; >-'X& TSGLL; \P; NPHPVRIKPN; GQQJVNIKO
HJ 1<:!:1:!] `SPVP
;K[;,;O[ m VGHIJ; J[; KPH; HJ; OVJTT; GVPG; J[; HSP
1<:!:1:1( 5'-!#*+& K#!"& K'<)& ).)-'3!#<7'& !*& )"'6$
[LGKOP;IK;HPKTIJKl
<.-C7#+N&<',*$'&M#'7%#+N
&,_,,M m VGHIJ;J[;_IPLN;GKN;MLHIRGHP;THVPTT
%SPK;HSP;[LGKOPT;GVP;ZLGTHIQ<;QJRZGQH;JV;TPRI^QJRZGQH J[;HSP;RGHPVIGLl;GKN
\MH; HSP; `P\; IT; TMTQPZHI\LP; HJ; TSPGV; \MQaLIKO; \P[JVP γR),γRD m VGHIJ; J[; ZGVHIGL; TG[PH_; [GQHJVT
8< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
GOGIKTH; MLHIRGHP; HJ; _IPLN; THVPTT `SPVP
U)'';11:<:1X]
β\ m )]D;[JV;ZLGTHIQ;GKN;QJRZGQH;TPQHIJKTl
%SPK;HSP;;K[& ,;O[;NJPT;KJH;TGHIT[_;HSP;G\JYP m LP,LZ;[JV;TPRI^QJRZGQH;TPQHIJKTl
VPeMIVPRPKH<;HSP;VPNMQPN;P[[PQHIYP;[LGKOP;GVPG< LZ:&LP a ZLGTHIQ; TPQHIJK; RJNMLMT; GKN; PLGTHIQ
;P[&;TGHIT[_IKO;HSP;G\JYP;PeMGHIJK;RG_;\P;HGaPK TPQHIJK; RJNMLMT; ÌHS; VPTZPQH; HJ
GT;HSP;P[[PQHIYP;[LGKOP;GVPG;IK;HPKTIJK<;IKTHPGN PiHVPRP;QJRZVPTTIJK;[I\VPl
J[;;O[]
&,\N a NPTIOK;\PKNIKO;QJRZVPTTIYP;THVPTT<
\X /SP; P[[PQH; J[; SJLPT; IK; HSP; HPKTIJK; VPOIJK; J[ J\HGIKPN; GT; OIYPK; \PLJ`; o)''
HSP;`P\;JK;HSP;NPTIOK;[LPiMVGL;THVPKOHS;KPPN /G\LPT )6UGX;GKN;)6U\Xpl
KJH; \P; QJKTINPVPN<; I[; HSP; LIRIH; OIYPK; IK
&,\N a -3/&,_;,γRDl;GKN
1<:!:1:<UGX;G\JYP;IT;TGHIT[IPN;[JV;HSP;QJRZLPHP
HPKTIJK;gJKP;J[;HSP;QVJTT^TPQHIJK<;QJRZVITIKO &χ3/ m \PKNIKO; THVPTT; VPNMQHIJK; [GQHJV; HJ
HSP;HPKTIJK;[LGKOP;GKN;HPKTIJK;VPOIJK;J[;HSP GQQJMKH;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO<
`P\] OIYPK;\_b
QX !GTHPKPV;SJLPT;IK;HSP;QJRZVPTTIJK;gJKP;J[;HSP +
QVJTT^TPQHIJK;KPPN;KJH;\P;QJKTINPVPN;IK;NPTIOK χDE = ≤ +'&
\PKNIKO; THVPKOHS; QGLQMLGHIJK<; PiQPZH; [JV
JYPVTIgP;GKN;TLJHHPN;SJLPT;JV;SJLPT;ÌHSJMH;GK_
{ #
φDE + ⎡⎣φDE # ⎤
− λ DE ⎦
&''
}
[GTHPKPV] !
φ"# = $%& ⎡' + α "# (λ "# − $%! ) + λ "# ⎤
1<:!:1:8( 5"'6$&76N&',,'-!) ⎣ ⎦
α3/<;HSP;IRZPV[PQHIJK;ZGVGRPHPV;IT;OIYPK;\_b
/SP; TSPGV; LGO; P[[PQHT; IK; [LGKOPT; RG_; \P; NITVPOGVNPN
ZVJYINPNb α3/&a&D].);[JV;VJLLPN;THPPL;TPQHIJK
GX !JV;JMHTHGKN;PLPRPKHT;UTMZZJVHPN;GLJKO;JKP α3/ m D]8B;[JV;`PLNPN;THPPL;TPQHIJK
PNOPX<;<J&≤&BJ;,.Dl;GKN /SP;KJK^NIRPKTIJKGL;TLPKNPVKPTT;VGHIJ<;73/<;IT;OIYPK;\_b
\X !JV; IKHPVKGL; PLPRPKHT; UTMZZJVHPN; GLJKO; H`J
PNOPTX<;<I;≤&BJ&,&)D] λ DE = β( - ) > * . . +, ≤ '%! - - > * " . +,
;`SPVP
;BJ m LPKOHS; \PH`PPK; ZJIKHT; J[; gPVJ %#
m;
% $%&'
RJRPKH;UIK[LPQHIJKX;IK;HSP;TZGK<
<J a ÌNHS&J[&HSP;[LGKOP;ÌHS;JMHTHGKN<;GKN `SPVP
&<I a ÌNHS; J[; HSP; [LGKOP; GT; GK; IKHPVKGL DQV a PLGTHIQ; QVIHIQGL; RJRPKH; QGLQMLGHPN; IK
PLPRPKH GQQJVNGKQP;ÌHS;1<:!:!:1<;GKN
%SPVP;HSPTP;LIRIHT;GVP;PiQPPNPN<;HSP;P[[PQHIYP;ÌNHS
(,QV<\ a& PiHVPRP; [I\VP; \PKNIKO; QJRZVPTTIYP; THVPTT
J[;[LGKOP;[JV;NPTIOK;THVPKOHS;RG_;\P;QGLQMLGHPN;MTIKO
QJVVPTZJKNIKO; HJ; PLGTHIQ; LGHPVGL; \MQaLIKO
TZPQIGLITH;LIHPVGHMVP<;JV;QJKTPVYGHIYPL_;HGaPK;GT;HSP;YGLMP
RJRPKH;U)'';1<:!:!:1(GKN;/G\LP;)8X]
TGHIT[_IKO;HSP;LIRIH;OIYPK;G\JYP]
1<:!:!:1( @76)!#-&76!'$67&!*$)#*+67&<.-C7#+N&Y*Y'+!
1<:!:!( B6!'$677M&f+).33*$!'%&='6Y)
1K;QGTP;J[;TIRZL_;TMZZJVHPN<;ZVITRGHIQ;RPR\PVT;ÌHS
#PTITHGKQP; HJ; LGHPVGL; HJVTIJKGL; \MQaLIKO; KPPN; KJH; \P T_RRPHVIQ; QVJTT^TPQHIJK<; HSP; PLGTHIQ; LGHPVGL; \MQaLIKO
QSPQaPN;TPZGVGHPL_;URPR\PV;RG_;\P;HVPGHPN;GT;LGHPVGLL_ RJRPKH<;DQV:&QGK&\P;NPHPVRIKPN;[VJRb
TMZZJVHPN<;)'';1<:!:1X;IK;HSP;[JLLJÌKO;QGTPTb
GX 7PKNIKO;IT;G\JMH;HSP;RIKJV;GiIT;J[;HSP;TPQHIJK< ⎧⎛ π # </ ⎞ ⎡ π# </ ( ⎤ ⎫
⎪ # ⎪
A $% = ⎨⎜ #
⎟ ⎢0/ ) + #
⎥ ⎬ ;m;β\LZ&,QV<\
\X *PQHIJK; IT; SJLLJ`; UVPQHGKOMLGVW; HM\MLGVX; JV ⎜ ( ) ⎟ ( 1*+ ) ⎦⎥
⎩⎪⎝ *+ 1 ⎠ ⎣⎢ ⎭⎪
TJLIN;\GVT<;GKN
QX 1K;QGTP;J[;RGfJV;GiIT;\PKNIKO<;λ3/;UGT;NP[IKPN ,QV<\&J[; KJK^TLPKNPV; VJLLPN; THPPL; TPQHIJKT; IK; HSP; G\JYP
SPVPIKX;IT;LPTT;HSGK;D]8] PeMGHIJK; RG_; \P; GZZVJiIRGHPL_; QGLQMLGHPN; [VJR; HSP
YGLMPT;OIYPK;IK;HSP;/G\LP;)8<;`SIQS;SGT;\PPK;ZVPZGVPN
/SP;NPTIOK;\PKNIKO;THVPKOHS;J[;LGHPVGLL_;MKTMZZJVHPN MTIKO;HSP;[JLLJÌKO;PeMGHIJKb
\PGR;GT;OJYPVKPN;\_;LGHPVGL;HJVTIJKGL;\MQaLIKO;IT;OIYPK
\_b # ,-.
0-0π# ( ⎡ 0 ⎛ ) "' ⎞ ⎤
DN;a&β\&xZ&,\N > $%&' = ⎢0 + ⎜ *+ # ⎟ ⎥
1 )*+ " '# 2# ⎢ #, ⎝ 2/ " "/ ⎠ ⎥
⎣ ⎦
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 88
$ERFB(17UEV(+BH@LC()BCA@CL(-GIJNBHH@XB(5DNBHH(-GNNBHJGCA@CL(DG('EDBNEF()O?SF@CL_
α '$(e(0:!1V
&RA_(α
U>76.)'&)8].].X
M?N_R MK
.DD .)D ..D .6D .8D .(D .>D .AD 6DD 6.D 68D 6>D 6AD 8DD 8.D 8(D 8AD ()D (8D
)D;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
A;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
>;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
8;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
.;DDD )A)]A )BD]B .DD .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
);DDD )>B]) )-B]( )A> )B>]( .D.]B .DB]) .)B]A ..B]) .8(]( .>)]A .-(]) .B)]6 6DD]( 6.6]> 66.]. 6((]B 6-D]B 6A8]A 8).]8
BDD )>B]) )-B]( )A> )B8]( .DD]- .D8]( .)(]) .6)]> .8.]- .(A]B .-. .B)]6 6DD]( 6)>]8 6.A]8 66B]( 6>>]( 6AD]. 6B.]-
ADD )>-]6 )--]( )A8 )BD]6 )B>]8 .D>]A .).]- ..8 .8D .(A]B .>A]B .A8]- .B6]> 6D)]A 6.8]( 66(]( 68B]) 6-D]B 6A-]A
-DD )>6]> )-)]A )A. )AA]. )B. .D.]6 .DA ..>]( .6-]6 .(D]. .(B]> .-A]. .A>]- .B8]( 6D(]( 6.-]6 68D]8 6(.]8 6>6]6
>DD )>)]A )>A )-> )A)]B )B8]. )B-]- .D6]6 .)A]B ..>]8 .88]8 .(6]( .>)]A .->]8 .A-]6 .B8 6D>]A 6..]B 666]A 686]>
(DD )>)]A )>>]) )-. )-B]A )A(]( )AA]> .DD]B .DA]- .)A]. .6.]- .88]. .8A]- .(B]) .>B]) .-8]B .A>]8 .B>]- 6D)]8 6)8].
8(D )(A]. )>8]. )>A )-6]( )A6]6 )A>]8 )B)]( .D>]. .)(]( ..8 .6)]A .8.]. .8A]- .(A]. .>6]( .-8]) .-B]6 .B.]) .B8](
8DD )(D]B )>.]6 )>> )>B]8 )-8]( )A8]) )A>]- )B> .D8]( .)(]6 ...]( ..B]) .6A]8 .86]> .8A]. .(-]- .>)]A .>8]6 .-8]B
6(D )8-]6 )(.]- )>. )>(]. )-D]. )-.]- )-B]> )AA]8 )B6]> .DD]- .)D]. .).]- ..)]) ..(]( ..B]) .66]. .8D .8)]) .8(](
6DD )86]> )8- )(. )(8]- )>)]( )>6]> )>-]A )-(]> )A.]- )A>]. )B8]- )B>]8 )B>]B .D6]> .D>]. .).]- .)6]A .)-]B ..D]B
.(D )68]( )6-]( )8. )88]6 )8A]8 )(.]6 )(6]> )>D]8 )>6]> )>(]A )-D )-6]( )-B]> )-A]. )-B]( )A8]) )A6]6 )A(]( )B)](
.DD ).)]A ).8]) ).> ).B]> )6D]B )68]) )68]- )6-]( )8)]A )8.]( )8(]6 )8-]6 )8A]( )8B]) )(.]- )()]8 )(.]- )(6 )(-])
)(D )D)]A )D6]) )D8 )D8]( )D>]B )D>]A )DA]- )DB]( )))]A ))6]( ))8]8 ))8]( ))-]( ))>]8 ))A]8 ))A]> ))-]A ).D]( )..]-
)DD -8]( ->]8 -> --]8 ->]8 --]6 -A -A]B -B]) -A]( AD]8 A)]A -B]( AD AD]. A)]A A.]B A6]( A6](
BD >-]6 >A]- -D >B >B]A -D]( -D]B -)]6 -D]B -.]- -8]. -. -.]( -.]- -.]( -6]> -8]. -8]. -6]>
AD >)]A >6 >. >.]- >6]6 >6]> >6]A >6]> >(]( >8 >8]B >(]( >(]> >(]( >8]B >(]( >(]( >8]B >A]-
-D (8]( ((]8 (> (>]( (>]- (>]A (>]- (> (-]6 (A]. (A]- (A]B (A]- (A]. (-]6 (-]6 (>]- >D]6 (A]B
>D 8-]6 8-]- 8A 8A]) 8A (D 8B]> 8A]8 8B]) 8B]( 8B]( 8B]) 8A]8 (D]B 8B]> 8B]) (.]8 () 8B])
(D 8D 8D]) 8D 8)]A 8)]( 8D]B 8D]. 8D]- 8D]B 8D]- 86]6 8.]( 8)]( 86]> 8. 8D]B 86]> 8)]- 88].
8D 6.]- 6.]( 6. 66]( 6.]- 68]) 66]) 66]) 6.]- 68]B 68 6.]- 68]( 6.]- 68]8 6.]- 68]B 6.]( 68]8
6D .(]( .8]A .> .(]) .>]. .( .> .(]( .8]( .>]. .8]- .>]. .8]. .(]( .>]- .8]( .>]. .-]A .8](
.D )>]8 )-]. )A )>]- )-]( )A]. )>]( )-]A )>]8 )-]( )A]( )>]8 )-]6 )A]. )B]) )>]8 )-]( )A]( )B]>
)D B]) B]( A A]8 A]- B]) B]( -]> A]. A]- B]6 B]A )D]8 -]6 -]> A]. A]- B]6 B]A
α '$!)!0:<9V
$ERFB(17URV(+BH@LC()BCA@CL(-GIJNBHH@XB(5DNBHH(-GNNBHJGCA@CL(DG('EDBNEF()O?SF@CL_(&RA_(α
U>76.)'&)8].].X
M?N_R MK
.DD .)D ..D .6D .8D .(D .>D .AD 6DD 6.D 68D 6>D 6AD 8DD 8.D 8(D 8AD ()D (8D
)D;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
A;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
>;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
8;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
.;DDD )A)]A )BD]B .DD]D .DB]) .)A]. ..-]6 .6>]8 .(8]( .-.]- .BD]B 6DB]) 6.-]6 68(]( 6>6]> 6A)]A 8DB]) 86>]8 8>6]> 8BD]B
);DDD )>D]D )>8]. )-D]D )-B]A )A(]( )BD]B )B>]. .))]6 ..D]B .6(]> .8-]6 .((]6 .>>]D .AD .BD]. 6D.]- 6)A]( 6.B]. 686]>
BDD )(8]( )>8]. )-D]D )-6]( )A6]6 )AA]> )B6]A .D6]> .)A]. ..>]B .6A]D .(.]D .>.]( .>B]) .A.]( .BD]( 6D(]( 6)B]B 666]A
ADD )(.]- )(A]( )>A]D )-)]( )->]- )A)]A )B)]( .D)]) .)D]D ..8]D .68]B .8.]. .(.]. .(A]. .-)]) .A.]6 .B>]- 6D> 6)B])
-DD )(D]B )(8]> )>D]D )>B]8 )-.]8 )--]6 )A.]D )B> .D-]6 .)(]6 ...]( .6.]8 .6A]8 .8-]6 .(B]> .-D .-B]6 .B.]) 6D8]8
>DD )8(]( )(D]A )(8]D )>)]D )>A]D )-.]- )--]6 )AA]8 )B6]> .D6]> .)6]6 ...]( ..A .6>]8 .88]8 .(6]> .>)]A .-6]( .-8]B
(DD )8D]D )8(]) )(D]D )(8]- )(B]6 )>)]8 )>-]A )-(]> )A(]( )B. .DD]B .D>]. .)8]. .)A]. ..(]6 ..B]) .8D .8(]- .(D]8
8(D )68]( )8)]6 )88]D )8A]( )(.]- )(>]A )>D]- )>A )--]6 )A>]. )B)]> )B>]8 .D6]A .)D]B .)6]A ..D]B .6)]6 .6>]( .6(]>
8DD ).B]) )6(]( )6A]D )8.]. )8A]8 )(D )(6]> )>.]B )>B]) )-8]( )A.]8 )A6]6 )B6]( )B>]8 .D.]8 .DA]> .DB]( .)-]B ..D]B
6(D ).6]> ).B]A )6.]D )6(]B )6B]> )86]. )8A]B )(.]- )(A]. )>.]B )-D )-6]( )->]. )A)]A )A6]6 )B.]6 )B>]8 )BB]8 .D>].
6DD ))A]. )..]. ).>]D ).B]> )6D]B )68]) )6-]) )8.]( )8-]6 )(8]. )(-]> )(-]) )>.]8 )>-]6 )>A )-(]B )-A]B )AD]A )A)]>
.(D )DB]) )).]> ))>]D ))-]) ).D]D )..]- ).(]6 ).B]A )6D]B )6>]- )6B]) )8D]- )8(]) )8B]) )8A]B )()]8 )(.]- )(-]> )(-])
.DD BA]. )D)]. )D.]D )D8]( )D8]- )DB]) )DA]- )). ))-]6 ))B]6 ).D]( ).)]) ).8]8 ).-]6 ).> )6D]B )6D]B ).B]A )6.](
)(D A6]> A8]D A>]D A-]A AB]( AA]> AB]A B)]> B(]( B>]D B(]A BA]. )DD]. )D)]A )D6]) )D.]6 )D8]- )D>]> )D6])
)DD >6]> >6]D >8]D >8]A >(]( >(]B >>]. >A]- >A]. >B]A -)]) >A]- >B]) -.]- -.]( -6]> -8]. -8]. -6]>
BD (A]. (-]6 >D]D (A]( >)]) >)]8 >)]( >)]) >.]- >8]D >8]B >(]( >(]> >(]( >8]B >(]( >(]( >8]B >A]-
AD (.]- (6]( (8]D (8]8 (8]( (8]( (8]8 (> (-]6 (A]. (A]- (A]B (A]- (A]. >)]) >)]8 >)]) >D]6 (A]B
-D 8-]6 8-]- 8A]D 8A]) 8A]D (D]D 8B]> (D]B 8B]) 8B]( (.]( (.]8 ()]A (D]B (6]( (6]. (.]8 ((]> (8]D
>D 8)]A 8.]D 8.]D 8)]A 86]> 86]. 8.]( 86]6 86]> 86]> 86]6 8(]A 88]B 8-]6 8(]A 8(]D 8A]D 8>]8 8B])
(D 6>]8 6>]6 6>]D 6(]( 6-]) 6>]8 6-]A 6A]. 6A]. 6-]A 6-]) 6B]6 6A]D 8D]D 6A]. 8D]B 6B]6 6-]) 6B]6
8D .B]) 6D]( 6D]D .B]6 6D]( .B]( 6D]- 6D]( 6D]D 6.]D 6D]B 6.]- 6)]) 6.]- 6D]( 6.]- 6D]( 6.]( 68]8
6D .6]> ..]B ..]D .6]D .8]D ..]- .6]> ..]B .8]( .6]6 .8]- ..]B .8]. .(]( ..]B .8]( .>]. .6]. .8](
.D )>]8 )(]6 )>]D )>]- )(]6 )(]B )>]( )(]6 )>]8 )-]( )(]( )>]8 )-]6 )A]. )(]6 )>]8 )-]( )A]( )8]-
)D B]) -]> A]D A]8 A]- B]) B]( -]> A]. A]- B]6 B]A >]B -]6 -]> A]. A]- B]6 B]A
82 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
$ERFB(1<(-N@D@?EF(5DNBHH_(&?N_ R
U>76.)'& )8].].])X
''$WNK PMWDM
A )D ). )8 )> )A .D .( 6D 6( 8D (D >D AD )DD
)D ..(()]. ...((]) ..DB.]> .)BB8]) .)B.B]A .)AA(]- .)A(8]D .)AD(]8 .)--B]D .)->6]) .)-(.]- .)-8D]( .)-66]A .)-.-]. .)-.8].
.D >..D]( (B8-]B (-B8]( (-DD]D (>6-]A ((B8]- ((>6]A (()(]A (8AB]- (8-6]A (8>6]( (8()]8 (888]A (86A]. (86(])
6D 6)8B]6 .BD(]B .->8]> .>->]D .>)>]- .(-(]6 .(8(]6 .8BA]( .8-.]A .8(-]) .88-]D .868]B .8.A]6 .8.)]- .8)A]>
8D .D6>]) )A.)]. )>B6]D )>)D]A )(((]) )()(]A )8A-]D )88)]- )8)>]( )8D)]) )6B)]D )6-B]D )6-.]( )6>(]B )6>.]A
(D )8B.]B )6D6]. ))A-]6 ))))]A )D(B]B )D..]- BB(]6 B()]- B.-]) B).]D BD.]D ABD]. AA6]- A--]) A-8].
>D ))-A]D )DDB]( BD(]D A6(]> -A-]8 -(.]8 -.>]8 >A8]> >>D]B >8>]) >6>]8 >.8]- >)A]. >))]- >DA]-
-D B-6]B A.6]. -.A]( >>8]A >.D]) (A-]8 (>.]B (..]B (DD]D 8A(]( 8->]D 8>8]8 8(A]D 8()]- 88A]-
AD A6)]6 >B(]8 >DB]. ((D]- (DB]) 8-A]8 8((]6 8)-]. 6B(]) 6A)]. 6-)]A 6>D]( 6(8]) 68-]- 688]-
BD -.(]B >D.]> (.6]> 8>B]( 86D]B 8D.]. 6AD]8 688]. 6..]B 6DB]6 6DD]. .AB]) .A.]A .->]( .-6](
)DD >88]- (6.]D 8(B]6 8DB]6 6-6]. 68>]8 6.(]A .B)]8 .-D]B .(-]- .8A]A .6-]B .6)]A ..(]( ...](
))D (AD]8 8->]> 8DB]6 6>.]B 6.B]. 6D6]B .A8]( .()]A .6.]) .)B]6 .)D]A .DD]) )B8]D )A-]A )A8]A
).D (.-]B 86)]B 6>B]( 6.>]D .B8]( .-D]- .(.]6 ..)]. .D.]8 )BD]) )A)]> )-)]. )>(]. )(B]) )(>].
)6D 8A8]6 6B(]D 66>]A .B>]) .>>]( .88]) ..>]- )B-]) )-B]D )>-]) )(A]A )8A]> )8.]A )6>]- )66]B
)8D 88-]> 6>8]. 6DB]( .-)]( .86]8 ...]6 .D(]A )--]( )>D]. )8A]- )8D]- )6D]A ).(]D ))B]D ))>].
)(D 8)>]D 66-]A .A>]> .(D]> ..8]. .D8]. )AA]8 )>)]( )88]A )66]- ).>]D ))>]6 ))D]> )D8]- )D)]B
)>D 6AA]- 6)(]. .>>]A .6.]A .D-]A )AA]A )-6]B )8A]. )6.]D ).)]6 ))6]B )D8]6 BA]A B6]D BD])
)-D 6>8]B .B(]8 .8B]> .)-]( )B6]- )-(]> )>)]8 )6>]- ).)]6 )))]D )D6]> B8]8 AB]D A6]. AD]8
)AD 686]B .-A]D .68]> .D8]) )A)]( )>8]. )(D]> ).-]) )).]. )D.]. B(]. A>]D AD]- -(]D -.]6
)BD 6.(]. .>.]> ..)]6 )B.]6 )-D]- )(8]. )8)]. ))A]> )D8]6 B8]> A-]A -B]D -6]- >A]) >(]6
.DD 6DA]6 .8A]A .DB]> )A)]- )>)]. )8(]8 )66]D )))]6 B-]( AA]) A)]8 -.]A >-]A >.]. (B](
.)D .B6]6 .6>]( )BA]B )-.]8 )(.]- )6-]> ).(]- )D8]A B)]( A.]8 -(]B >-]( >.]> (-]) (8](
..D .-B]( ..(]6 )AB]6 )>6]B )8(]) )6D]> ))B]) BB]D A>]. --]8 -)]. >.]B (A]) (.]- (D])
.6D .>-]) .)(]. )AD]- )(>]6 )6A]. ).8]6 ))6]6 B6]B A)]( -.]B >>]B (A]B (8]) 8A]A 8>].
.8D .((]A .D(]A )-.]A )8B]8 )6.]D ))A]> )DA]D AB]6 --]. >B]D >6]) ((]6 (D]> 8(]8 8.]A
.(D .8(]6 )B-]6 )>(]> )86]D ).>]6 ))6]8 )D6]. A(]) -6]( >(]( (B]- (.]) 8-]( 8.]8 6B]A
.>D .6(]- )AB]( )(B]D )6-]6 ).)]) )DA]- BA]A A)]6 -D]) >.]6 (>]- 8B]6 88]A 6B]- 6-].
.-D ..>]A )A.]6 )(.]A )6)]B ))>]6 )D8]6 B8]- --]B >-]D (B]8 (6]B 8>]A 8.]. 6-]6 68]A
.AD .)A]> )-(]- )8-]. ).>]B )))]B )DD]. B)]) -8]- >8]) (>]A ()]( 88]8 8D]D 6(]. 6.]-
.BD .)D]B )>B]8 )8)]B )..]6 )D-]A B>]> A-]- -)]A >)]( (8]6 8B]. 8.]. 6A]) 66]. 6D]A
6DD .D6]A )>6]- )6-]) ))A]) )D8]) B6]. A8]( >B]) (B]) (.]) 8-]) 8D]8 6>]. 6)]( .B]D
/SP;[JLLJÌKO;TIRZLI[IPN;PeMGHIJK;RG_;\P;MTPN;IK;HSP 1<:7(.MMB?D@XB('BCLDP(MGN('EDBNEF($GNH@GCEF()O?SF@CL
QGTP; J[; ZVITRGHIQ; RPR\PVT; RGNP; J[; THGKNGVN; VJLLPN
1<:7:1;!JV;TIRZL_;TMZZJVHPN;\PGRT;GKN;OIVNPVT;J[;TZGK
1^TPQHIJKT;GKN;`PLNPN;NJM\L_;T_RRPHVIQ;1^TPQHIJKT<;[JV
LPKOHS<;B:;`SPVP;KJ;LGHPVGL;VPTHVGIKH;HJ;HSP;QJRZVPTTIJK
QGLQMLGHIKO; HSP; PLGTHIQ; LGHPVGL; \MQaLIKO; RJRPKH<; DQV
[LGKOPT;IT;ZVJYINPN<;\MH;`SPVP;PGQS;PKN;J[;HSP;\PGR;IT
U)'';/G\LP;)8X]
VPTHVGIKPN;GOGIKTH;HJVTIJK<;HSP;P[[PQHIYP;LPKOHS;B3/;J[
# ,-. HSP;LGHPVGL;\MQaLIKO;HJ;\P;MTPN;IK;1<:!:!:1;TSGLL;\P;HGaPK
π# (& # 2/ ⎡ 0 ⎛ ) "' ⎞ ⎤ GT;IK;/G\LP;)(]
. $% = ⎢0 + ⎜ *+ # ⎟ ⎥
#)#*+ ⎢ #, ⎝ 2/ " " / ⎠ ⎥ 1K; TIRZL_; TMZZJVHPN; \PGRT; ÌHS; IKHPVRPNIGHP; LGHPVGL
⎣ ⎦
VPTHVGIKHT;GOGIKTH;LGHPVGL;HJVTIJKGL;\MQaLIKO<;HSP;P[[PQHIYP
`SPVP
LPKOHS;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO<;B3/;HJ;\P;MTPN;IK
&\H a HJVTIJKGL;QJKTHGKH;∑;<I!I6W6;[JV;JZPK;TPQHIJKl 1<:!:!:1<; TSGLL; \P; HGaPK; GT; HSP; LPKOHS; J[; HSP; VPLPYGKH
&\` a `GVZIKO;QJKTHGKHl TPORPKH;IK;\PH`PPK;HSP;LGHPVGL;VPTHVGIKHT:(1K;HSP;QGTP;J[
IKHPVRPNIGHP;ZGVHIGL;LGHPVGL;VPTHVGIKHT<;HSP;P[[PQHIYP;LPKOHS<
&\_::$_ a RJRPKH; J[; IKPVHIG; GKN; VGNIMT; J[; O_VGHIJK<
B3/;TSGLL;\P;HGaPK;GT;PeMGL;HJ;)].;HIRPT;HSP;LPKOHS;J[;HSP
VPTZPQHIYPL_;G\JMH;HSP;`PGaPV;GiITl
VPLPYGKH;TPORPKH;IK;\PH`PPK;HSP;ZGVHIGL;LGHPVGL;VPTHVGIKHT]
;B3/ m P[[PQHIYP;LPKOHS;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO
U)'';1<:7Xl #PTHVGIKH;GOGIKTH;HJVTIJKGL;VJHGHIJK;GH;TMZZJVHT;IK;HSPTP
\PGRT;RG_;\P;ZVJYINPN;\_<
"[ m QPKHVP^HJ^QPKHVP; NITHGKQP; \PH`PPK; [LGKOPTl
GKN GX `P\;JV;[LGKOP;QLPGHT<;JV
![ m HSIQaKPTT;J[;HSP;[LGKOP] \X \PGVIKO;THI[[PKPVT;GQHIKO;IK;QJKfMKQHIJK;ÌHS
DQV![JV;NI[[PVPKH;\PGR;TPQHIJKT<;QJKTINPVIKO;LJGNIKO< HSP;\PGVIKO;J[;HSP;\PGR<;JV
TMZZJVH; QJKNIHIJK<; GKN; GT_RRPHVIQ; TPQHIJK<; TSGLL; \P QX LGHPVGL; PKN; [VGRPT; JV; PiHPVKGL; TMZZJVHT
RJVP;GQQMVGHPL_;QGLQMLGHPN;MTIKO;HSP;RPHSJN;OIYPK;IK ZVJYINIKO;LGHPVGL;VPTHVGIKH;HJ;HSP;QJRZVPTTIJK
:KKPi;&];/SP;G\JYP;PeMGHIJKT;[JV;QGLQMLGHIKO;D-$&RG_ [LGKOPT;GH;HSP;PKNT<;JV
\P;QJKTPVYGHIYPL_;MTPN;[JV;QSGKKPL;TPQHIJKT] NX HSPIV;\PIKO;\MILH;IKHJ;`GLLT]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 8;
$ERFB(18(.MMB?D@XB('BCLDP(MGN(5@IJFK TMZZJVHT];/SP;IKHPVRPNIGHP;LGHPVGL;VPTHVGIKHT;TSJMLN;\P
5OJJGNDBA()BEIH_($'$ PIHSPV; QJKKPQHPN; HJ; GK; GZZVJZVIGHP; \VGQIKO; T_THPR
U>76.)';)8]6])X QGZG\LP;J[;HVGKT[PVVIKO;HSP;VPTHVGIKH;[JVQP;HJ;HSP;P[[PQHIYP
LGHPVGL;TMZZJVH;GH;HSP;PKNT;J[;HSP;RPR\PV<;JV;TSJMLN;\P
6:( 4#11'&'#12(#3(4%2&"5'1&(5&( 9#51'1;(4#11'&'#1( QJKKPQHPN;HJ;GK;IKNPZPKNPKH;VJ\MTH;ZGVH;J[;HSP;THVMQHMVP
;#<( 6788#"&2( QGZG\LP;J[;HVGKT[PVVIKO;HSP;VPTHVGIKH;[JVQP];/`J;JV;RJVP
(3)453678; :7);56<; >3)?78; @94/7*585A56<; ZGVGLLPL;RPR\PV;VPeMIVIKO;TMQS;LGHPVGL;VPTHVGIKH;TSGLL
)94/)756/; =94/)756/; KJH; \P; TIRZL_; QJKKPQHPN; HJOPHSPV; GTTMRIKO; RMHMGL
051; 071; 0B1; 0C1; 0:1; NPZPKNPKQP;[JV;HSP;LGHPVGL;VPTHVGIKH]
51; DE88+;)94/)7569F; G3/H;2876<94; ?BI?;"; ?BJ:;"; /SP;IKHPVRPNIGHP;LGHPVGL;VPTHVGIKHT;TSJMLN;\P;QJKKPQHPN
2E88+;)94/)7569F;
551; DE88+;)94/)7569F; K68+; ?BI:;"; ?BL?;"; HJ;HSP;RPR\PV;GT;QLJTP;HJ;HSP;QJRZVPTTIJK;[LGKOP;GT
,3?;)944536; ZVGQHIQG\LP];*MQS;VPTHVGIKHT;TSJMLN;\P;QLJTPV;HJ;HSP;TSPGV
2876<9;2E88+; QPKHVP;J[;HSP;QJRZVPTTIJK;[LGKOP;HSGK;HJ;HSP;TSPGV;QPKHVP
)94/)7569F;
5551; DE88+;)94/)7569F; G3/H;2876<94; ?BJ?;"; ?BL:;-; J[;HSP;TPQHIJK];=J`PYPV<;I[;HJVTIJKGL;VPTHVGIKH;ZVPYPKHIKO
;7)/5788+; VPLGHIYP;VJHGHIJK;\PH`PPK;HSP;H`J;[LGKOPT;IT;ZVJYINPN<
)94/)7569F; HSP;IKHPVRPNIGHP;LGHPVGL;VPTHVGIKH;RG_;\P;QJKKPQHPN;GH
5M1; DE88+;)94/)7569F; K68+; ?BJ:;"; 5B??;";
,3?;)944536;
GK_;GZZVJZVIGHP;LPYPL]
2876<9;;7)/5788+;
)94/)7569F;
!JV;\PGRT;`SIQS;GVP;ZVJYINPN;ÌHS;RPR\PVT;OIYIKO
M1; DE88+;)94/)7569F; >3;)94/)756/;56; 5B??&"; 5B7?;"; P[[PQHIYP; LGHPVGL; VPTHVGIKH; GH; IKHPVYGLT; GLJKO; HSP; TZGK<
*3/H;2876<94; HSP;P[[PQHIYP;LGHPVGL;VPTHVGIKH;TSGLL;\P;QGZG\LP;J[;VPTITHIKO
M51; N7)/5788+; >3;)94/)756/;56; 5B?;"O; 5B7;"O73; G; [JVQP; J[; .](; ZPVQPKH; J[; HSP; RGiIRMR; [JVQP; IK; HSP
)94/)7569F;*+; *3/H;2876<94; 73;
*3//3?;2876<9; QJRZVPTTIJK;[LGKOP;HGaPK;GT;NIYINPN;PeMGLL_;\PH`PPK
4E;;3)/; HSP;ZJIKHT;GH;`SIQS;HSP;VPTHVGIKH;RPR\PVT;GVP;ZVJYINPN]
,3669,/536; !MVHSPV<; PGQS; VPTHVGIKH; ZJIKH; TSJMLN; \P; QGZG\LP; J[
M551; N7)/5788+; >3;)94/)756/;56; 5B7;"O; 5BC;"O73;
)94/)7569F;*+; *3/H;2876<94; VPTITHIKO; ); ZPVQPKH; J[; HSP; RGiIRMR; [JVQP; IK; HSP
73;
*3//3?;2876<9; QJRZVPTTIJK;[LGKOP]
*97)56<;4E;;3)/;
2"/$* 1<:7:<:1( 1K;G;TPVIPT;J[;TMQS;\PGRT<;ÌHS;TJLIN;`P\T<
1; /JVTIJKGL; VPTHVGIKH; ZVPYPKHT; VJHGHIJK; G\JMH; HSP; LJKOIHMNIKGL `SIQS;GVP;QJKKPQHPN;HJOPHSPV;\_;HSP;TGRP;T_THPR;J[
GiIT] VPTHVGIKH; RPR\PVT<; HSP; TMR; J[; HSP; VPTHVGIKIKO; [JVQPT
!;%GVZIKO;VPTHVGIKH;ZVPYPKHT;VJHGHIJK;J[;HSP;[LGKOP;IK;IHT;ZLGKP] VPeMIVPN;TSGLL;\P;HGaPK;GT;.](;ZPVQPKH;J[;HSP;RGiIRMR
7(?;IT;HSP;JYPVGLL;NPZHS;J[;HSP;\PGR] [LGKOP;[JVQP;IK;JKP;\PGR;JKL_]
<;1K;QGTP;J[;QJKHIKMJMT;\PGRT<;B;TSGLL;\P;HGaPK;GT;HSP;NITHGKQP
\PH`PPK;ZJIKHT;J[;IK[LPQHIJK<;GKN;HSP;VPTHVGIKH;QJKNIHIJKT;GH;HSP 1<:7:<:! (1K;HSP;QGTP;J[;G;TPVIPT;J[;LGHHIQPN;\PGRT<;OIVNPVT
ZJIKHT;J[;IK[LPQHIJK;TSJMLN;\P;QJKTINPVPN] JV;VJJ[;HVMTTPT;`SIQS;GVP;QJKKPQHPN;HJOPHSPV;\_;HSP;TGRP
T_THPR;J[;VPTHVGIKH;RPR\PVT<;HSP;TMR;J[;HSP;VPTHVGIKIKO
1<:7:!( !JV;\PGRT<;`SIQS;GVP;ZVJYINPN;ÌHS;RPR\PVT [JVQPT; VPeMIVPN; TSGLL; \P; HGaPK; GT; .](; ZPVQPKH; J[; HSP
OIYIKO; P[[PQHIYP; LGHPVGL; VPTHVGIKH; HJ; HSP; QJRZVPTTIJK RGiIRMR;[JVQP;IK;HSP;QJRZVPTTIJK;[LGKOP;ZLMT;)].(
[LGKOP; GH; IKHPVYGLT; GLJKO; HSP; TZGK<; IK; GNNIHIJK; HJ; HSP ZPVQPKH; J[; HSIT; [JVQP; [JV; PYPV_; RPR\PV; J[; HSP; TPVIPT
PKN;HJVTIJKGL;VPTHVGIKH;VPeMIVPN;IK;1<:7:1<;HSP;P[[PQHIYP JHSPV; HSGK; HSP; [IVTH<; MZ; HJ; G; RGiIRMR; HJHGL; J[; -](
LPKOHS;[JV;LGHPVGL;HJVTIJKGL;\MQaLIKO;TSGLL;\P;HGaPK;GT ZPVQPKH]
HSP;NITHGKQP<;QPKHVP^HJ^QPKHVP;J[;HSP;VPTHVGIKH;RPR\PVT 1<:7:8 ;,MVLIKT;GNPeMGHPL_;VPTHVGIKPN;\_;TSPPHIKO;KPPN
IK;HSP;VPLPYGKH;TPORPKH;MKNPV;KJVRGL;LJGNIKO;QJKNIHIJK KJH; \P; KJVRGLL_; QSPQaPN; [JV; HSP; VPTHVGIKIKO; [JVQPT
GKN;)].;HIRPT;HSIT;NITHGKQP<;`SPVP;HSP;LJGN;IT;KJH;GQHIKO VPeMIVPN;\_;VG[HPVT<;VJJ[;HVMTTPT;JV;ZJVHGL;[VGRPT;HSGH
JK;HSP;\PGR;GH;JV;G\JYP;HSP;TSPGV;QPKHVP;GKN;HJ`GVNT QGVV_; ZVPNJRIKGHPL_; VJJ[; LJGNT; ZVJYINPN; HSPVP; IT
HSP;TSPGV;QPKHVP<;TJ;GT;HJ;SGYP;NPTHG\ILIgIKO;P[[PQH;NMVIKO \VGQIKO;J[;GNPeMGHP;THI[[KPTT;IK;HSP;ZLGKP;J[;VG[HPVT;JV
LGHPVGL;HJVTIJKGL;\MQaLIKO;NP[JVRGHIJK8 VJJ[;TSPPHIKO;`SIQS;IT;QGZG\LP;J[;GQHIKO;GT;G;THVPTTPN
1<:7:7; !JV; QGKHILPYPV; \PGRT; J[; ZVJfPQHIKO; LPKOHS; B< TaIK;NIGZSVGOR]
HSP;P[[PQHIYP;LPKOHS;B3/;HJ;\P;MTPN;IK;1<:!:!:1;TSGLL;\P 1<:7:2; 1K;QGTP;J[;\PGRT;ÌHS;NJM\LP;QMVYGHMVP;\PKNIKO<
HGaPK;GT;IK;/G\LP;)>;[JV;NI[[PVPKH;TMZZJVH;QJKNIHIJKT] GNPeMGHP; NIVPQH; LGHPVGL; TMZZJVH; HJ; HSP; QJRZVPTTIJK
1<:7:<( %SPVP; G; RPR\PV; IT; ZVJYINPN; IKHPVRPNIGHP [LGKOP;IK;HSP;SJOOIKO;RJRPKH;VPOIJK;RG_;\P;ZVJYINPN
LGHPVGL;TMZZJVHT;HJ;IRZVJYP;HSP;LGHPVGL;\MQaLIKO;THVPKOHS< GT;OIYPK;G\JYP;[JV;TIRZL_;TMZZJVHPN;\PGR];/SP;P[[PQH
HSPTP; VPTHVGIKHT; TSJMLN; SGYP; TM[[IQIPKH; THVPKOHS; GKN J[;TMZZJVH;HJ;HSP;HPKTIJK;UHJZX;[LGKOP;IK;HSP;SJOOIKO
THI[[KPTT; HJ; ZVPYPKH; LGHPVGL; RJYPRPKH; J[; HSP RJRPKH;VPOIJK;JK;LGHPVGL;VPTHVGIKH;HJ;HSP;QJRZVPTTIJK
QJRZVPTTIJK; [LGKOP; GH; HSGH; ZJIKH<; VPLGHIYP; HJ; HSP; PKN [LGKOP;RG_;\P;QJKTINPVPN;GT;ZPV;TZPQIGLITH;LIHPVGHMVP]
8Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
1<:<!!5PBEN 2"/$;j;!GTHPKPV;SJLPT;KPPN;KJH;\P;GQQJMKHPN;[JV;IK
ZLGTHIQ;NPTIOK;TSPGV;THVPKOHS;QGLQMLGHIJK;ZVJYINPN;HSGHb
/SP;[GQHJVPN;NPTIOK;TSPGV;[JVQP<;I<;IK;G;\PGR;NMP;HJ
;YK;≥;U>_;W;>MXUγR)WγRDX;4YWD]B
PiHPVKGL;GQHIJKT;TSGLL;TGHIT[_
1[;4YK;NJPT;KJH;TGHIT[_;HSP;G\JYP;QJKNIHIJK<;HSP;P[[PQHIYP
I&≤;IN TSPGV;GVPG;RG_;\P;HGaPK;GT;HSGH;TGHIT[_IKO;HSP;G\JYP
LIRIH];7LJQa;TSPGV;[GILMVP;QVIHPVIG;RG_;\P;YPVI[IPN;GH
`SPVP HSP;PKN;QJKKPQHIJKT];*PQHIJK;>UfX(RG_;\P;VP[PVVPN;HJ
[JV; NPTIOK; THVPKOHS; MKNPV; QJR\IKPN; SIOS; TSPGV; GKN
IN m NPTIOK;THVPKOHS \PKNIKO]
a IKWγRD
1<:<:!; 67898"3:;7&"<&=273'&>?;@&9:A
`SPVP
1<:<:!:1 ;#PTITHGKQP;HJ;TSPGV;\MQaLIKO;TSGLL;\P;YPVI[IPN
γRD m ZGVHIGL; TG[PH_; [GQHJV; GOGIKTH; TSPGV; [GILMVP GT;TZPQI[IPN<;`SPK
U)'';11:<:1X]
BW"`;P;>-ε`;[JV;G;`P\;ÌHSJMH;THI[[PKPVT<;GKN
/SP;KJRIKGL;TSPGV;THVPKOHS;J[;G;QVJTT^TPQHIJK<;IK:;RG_
\P;OJYPVKPN;\_;ZLGTHIQ;TSPGV;VPTITHGKQP;U)'';1<:<:1X;JV CG
THVPKOHS; J[; HSP; `P\; GT; OJYPVKPN; \_; TSPGV; \MQaLIKO > Q6ε ( ;[JV;G;`P\;ÌHS;THI[[PKPVT
&%5&
U)'';1<:<:!X]
`SPVP
1<:<:1( /SP;KJRIKGL;ZLGTHIQ;TSPGV;VPTITHGKQP;MKNPV;ZMVP
TSPGV;IT;OIYPK;\_b AY m TSPGV;\MQaLIKO;QJP[[IQIPKH;U)'';1<:<:!:!X<;GKN
IK;m;IZ ε( = !"# H % #(
`SPVP 1<:<:!:!( 5"'6$&<.-C7#+N&%')#N+&Y'!"*%)
43 > ,4 /SP;KJRIKGL;TSPGV;THVPKOHS<;IK<;J[;`P\T;ÌHS;JV;ÌHSJMH
5F = IKHPVRPNIGHP;THI[[PKPVT;GT;OJYPVKPN;\_;\MQaLIKO;RG_
5
\P;PYGLMGHPN;MTIKO;JKP;J[;HSP;[JLLJÌKO;RPHSJNTb
;Y m TSPGV;GVPGl;GKN
GX 5#Y37'& 3*)!1-$#!#-67& Y'!"*%; j; /SP; TIRZLP
;,_` m _IPLN;THVPKOHS;J[;HSP;`P\] ZJTH; QVIHIQGL; RPHSJN<; \GTPN; JK; HSP; TSPGV
1<:<:1:1; /SP; TSPGV; GVPG; RG_; \P; QGLQMLGHPN; GT; OIYPK \MQaLIKO; THVPKOHS; QGK; \P; MTPN; [JV; `P\T; J[
\PLJ`b 1^TPQHIJK;OIVNPVT<;ÌHS;JV;ÌHSJMH;IKHPVRPNIGHP
HVGKTYPVTP;THI[[PKPV<;ZVJYINPN;HSGH;HSP;`P\;SGT
GX
1^GKN;QSGKKPL;TPQHIJKTb HVGKTYPVTP; THI[[PKPVT; GH; HSP; TMZZJVHT]; /SP
D6R*$&;2#)&='+%#+Nb KJRIKGL;TSPGV;THVPKOHS;IT;OIYPK;\_b
;=JH^VJLLPN b "&!` IK;m;IQV
;%PLNPN b %&!` `SPVP
;D#+*$&;2#)&='+%#+Nb IQV m TSPGV;[JVQP;QJVVPTZJKNIKO;HJ;`P\
=JH^VJLLPN;JV;`PLNPN b .<;![ \MQaLIKO
\X #PQHGKOMLGV; SJLLJ`; TPQHIJKT; J[; MKI[JVR m ;Yτ\
HSIQaKPTTb `SPVP
3JGNPN;ZGVGLLPL;HJ;NPZHS;USX b ;;"WU<s"X τ\ m TSPGV;THVPTT;QJVVPTZJKNIKO;HJ;`P\;\MQaLIKO<
3JGNPN;ZGVGLLPL;HJ;ÌNHS;U<X b ;&<WU<s"X NPHPVRIKPN;GT;[JLLJ`Tb
QX +IVQMLGV;SJLLJ`;HM\PT;J[;MKI[JVR b;.;,π
HSIQaKPTT ;)X `SPK;λ`;≤;D]A<; τ' = % #( H .
NX ,LGHPT;GKN;TJLIN;\GVT b ; ;.X `SPK;;;;;;;;;D]A;v λ`;v;)].<
`SPVP
(
τ' = ⎡⎣0 − $%7 ( λ ( − $%7)⎤⎦ > #( " 5 )
; m QVJTT^TPQHIJK;GVPG<
< m JYPVGLL; \VPGNHS; J[; HM\MLGV; TPQHIJK<; \VPGNHS 6X `SPK;λ`;≥;)].<;τ\;m;,_`W ( 5 λ4
!
)
J[;1^TPQHIJK;[LGKOPT< `SPVP
% m QLPGV;NPZHS;J[;HSP;`P\;\PH`PPK;[LGKOPT< λ` m 2JK^NIRPKTIJKGL;`P\;TLPKNPVKPTT;VGHIJ;[JV
" m JYPVGLL;NPZHS;J[;HSP;TPQHIJK< TSPGV;\MQaLIKO;THVPTT<;OIYPK;\_b
![ m HSIQaKPTT;J[;HSP;[LGKOP<;GKN
λ( = % #( / . τ$%&- 0
!` m HSIQaKPTT;J[;HSP;`P\]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 89
;!QV<P m PLGTHIQ; QVIHIQGL; TSPGV; THVPTT; J[; HSP; `P\ ,-.
! ⎡ ( /2 ⎤
; G π# < )= ⎢ ⎥ ≤'
m +,- φ ⎣⎢ & /( " B ⎥⎦
(
!" ! − µ #
)[ ! #" (
#
]
`SPVP
`SPVP
&D[V m VPNMQPN; ZLGTHIQ; RJRPKH; QGZGQIH_; J[; HSP
µ m ,JITTJKdT;VGHIJ<;GKN VPTZPQHIYP; [LGKOP; ZLGHP; UNITVPOGVNIKO; GK_
AY m (]6(;`SPK;HVGKTYPVTP;THI[[PKPVT;GVP;ZVJYINPN PNOP;THI[[PKPVX;G[HPV;GQQJMKHIKO;[JV;HSP;GiIGL
JKL_;GH;TMZZJVHT [JVQP<;9[;IK;HSP;[LGKOP<;NMP;HJ;JYPVGLL;\PKNIKO
m 8]D;s;(]6(;WU-W%X.; [JV;-W%;v;)]D GKN; GK_; PiHPVKGL; GiIGL; [JVQP; IK; HSP
QVJTT^TPQHIJK<;GKN;IT;QGLQMLGHPN;GT;b
m (]6(;s;8]D;WU-W%X.;[JV;-W%;≥;)]D
"
( /2 = ,*"&+/ "/ & // ⎡⎢0 − , / " (+/ "/ & // " γ * , ) ⎤⎥
`SPVP;-<;%&GVP;HSP;TZGQIKO;J[;HVGKTYPVTP;THI[[PKPVT;GKN
NPZHS;J[;HSP;`P\<;VPTZPQHIYPL_]
"
⎣
{ } ⎦
\X 0'+)#*+& ,#'7%& Y'!"*%; j; /SP; HPKTIJK; [IPLN `SPVP
RPHSJN<; \GTPN; JK; HSP; ZJTH^TSPGV; \MQaLIKO
THVPKOHS<; RG_; \P; MTPN; [JV; `P\T; ÌHS <[;<;![ m ÌNHS;GKN;HSIQaKPTT;J[;HSP;VPLPYGKH;[LGKOP<
IKHPVRPNIGHP;HVGKTYPVTP;THI[[PKPVT<;IK;GNNIHIJK VPTZPQHIYPL_l;GKN
HJ; HSP; HVGKTYPVTP; THI[[PKPVT; GH; TMZZJVHT< &,_[ m _IPLN;THVPTT;J[;HSP;[LGKOP]
ZVJYINPN; HSP; ZGKPLT; GNfGQPKH; HJ; HSP; ZGKPL
MKNPV; HPKTIJK; [IPLN; GQHIJK<; JV; HSP; PKN; ZJTHT 1<:8(5D@MMBCBA(^BR(3ECBFH
ZVJYINP;GKQSJVGOP;[JV;HSP;HPKTIJK;[IPLNT;GKN 1<:8:1(@+%&E6+'7)&?')#N+&U)'';4#N8UWX
I[; -W%; ≥)]D<; `SPVP; -<; %; GVP; HSP; TZGQIKO; J[
HVGKTYPVTP; THI[[PKPVT; GKN; NPZHS; J[; HSP; `P\< /SP; OIVNPVT; IK; `SIQS; HSP; IKHPVIJV; ZGKPL; UZGKPL; :X; IT
VPTZPQHIYPL_] NPTIOKPN;MTIKO;HPKTIJK;[IPLN;GQHIJK<;HSP;PKN;ZGKPLT;TSGLL
\P; NPTIOKPN; MTIKO; JKL_; TIRZLP; ZJTH; QVIHIQGL; RPHSJN<
1K;HSP;HPKTIJK;[IPLN;RPHSJN<;HSP;KJRIKGL;TSPGV
GQQJVNIKO;HJ;1<:<:!:!UGX]
VPTITHGKQP<;IK<;IT;OIYPK;\_b
IK;m&IH[ :NNIHIJKGLL_<;HSP;PKN;ZGKPL;GLJKO;ÌHS;HSP;THI[[PKPVT
TSJMLN; \P; QSPQaPN; GT; G; \PGR; TZGKKIKO; \PH`PPK; HSP
`SPVP [LGKOPT;HJ;VPTITH;G;TSPGV;[JVQP<;HH[<;GKN;G;RJRPKH<;DH[<
NMP;HJ;HPKTIJK;[IPLN;[JVQPT;GT;OIYPK;IK;1<:8:7];!MVHSPV<
#$% = [ $& τ' + )*B %$% " ( & & +,- φ] ≤;IZ
PKN;THI[[PKPV;TSJMLN;\P;QGZG\LP;J[;VPTITHIKO;HSP;VPGQHIJK
`SPVP ZLMT;G;QJRZVPTTIYP;[JVQP;NMP;HJ;HSP;RJRPKH<;PeMGL;HJ
DH[;o)'';!IO];U).Xp]
τ\ m TSPGV; THVPTT; QJVVPTZJKNIKO; HJ; \MQaLIKO; J[
`P\;1<:<:!:!UGXl 1<:8:!( @+%& E6+'7)& ?')#N+'%& f)#+N& 0'+)#*+& 4#'7%
;-!#*+&U)''&4#N8&UZ&6+%&4#N8&U[X
,Y m _IPLN;THVPKOHS;J[;HSP;HPKTIJK;[IPLN;J\HGIKPN
,-. /SP;PKN;ZGKPL;U,GKPL;:X;TSGLL;\P;NPTIOKPN;GQQJVNIKO
[VJR; ⎡ % /( " − 0τ' " + ψ " ⎤ − ψ l
⎣ ⎦ HJ;1<:<:!:!U\X]
ψ m )](;τ\;TIK;.φl :NNIHIJKGLL_; IH; TSJMLN; \P; ZVJYINPN; ÌHS; GK; PKN; ZJTH
;φ m IKQLIKGHIJK; J[; HSP; HPKTIJK; [IPLN; KPGVL_ QJKTITHIKO;J[;G;TIKOLP;JV;NJM\LP;THI[[PKPV;U)'';!IO];)6
⎛B ⎞ GKN;!IO];)8X<;TGHIT[_IKO;HSP;[JLLJÌKO]
⎜ ⎟
−% ⎝ ' ⎠ GX 5#+N7'& )!#,,'+'$& U)''; 4#N8& UZX(6; /SP; HJZ; J[
= 11- l
%*& HSP;PKN;ZJTH;TSJMLN;\P;VIOINL_;QJKKPQHPN;HJ
KH[ m ÌNHS;J[;HSP;HPKTIJK;[IPLN<;OIYPK;\_b HSP;[LGKOP;MTIKO;[MLL;THVPKOHS;`PLNT]
m %;QJT;φ;h;U-&h;)Q;h;THX;TIK;φg /SP;PKN;ZJTH;TSJMLN;\P;QGZG\LP;J[;VPTITHIKO
&,_` m _IPLN;THVPTT;J[;HSP;`P\l HSP;VPGQHIJK;ZLMT;G;RJRPKH;[VJR;HSP;GKQSJV
[JVQPT; PeMGL; HJ; .W6; DH[; NMP; HJ; HPKTIJK; [IPLN
% m NPZHS;J[;HSP;`P\l
[JVQPT<;`SPVP;DH[;IT;J\HGIKPN;[VJR;1<:8:7];/SP
- m TZGQIKO;J[;HVGKTYPVTP;THI[[PKPVT;IK;HSP;`P\l ÌNHS;GKN;HSIQaKPTT;J[;HSP;PKN;ZJTH;GVP;KJH;HJ
GKN PiQPPN;HSP;ÌNHS;GKN;HSIQaKPTT;J[;HSP;[LGKOP]
)Q<;)Hm GKQSJVGOP;LPKOHST;J[;HPKTIJK;[IPLN;GLJKO;HSP \X ?*.<7'&)!#,,'+'$;U)'';4#N8&U[X(6 /SP;PKN;ZJTH
QJRZVPTTIJK; GKN; HPKTIJK; [LGKOP< TSJMLN; \P; QSPQaPN; GT; G; \PGR; TZGKKIKO
VPTZPQHIYPL_<;J\HGIKPN;[VJRb \PH`PPK;HSP;[LGKOPT;J[;HSP;OIVNPV;GKN;QGZG\LP
20 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
$ERFB(12(.MMB?D@XB('BCLDP_($'$(MGN(-ECD@FBXBN(GM('BCLDP_($
U>76.)'&)8]6]6X
3%$'-#($'("#$9('(#$( <##9($)("#$9('(#$$(
( (
3<;456679<; 3<;<76; 87998:; ;<9<8?:::=:;>;
;
?$@; ?'@; ?A@; ?3@;
8@; B7;<:;5759C;7:<D;:8<<98:; :@; E9<<; '/+-; I/3-;
9<9<98:;<;<7;<76;I:8;><; ::@; F8<<98:;9<9<98:;<;<7;<76;I:8;><; $/I-; I/3-;
; :::@; G799:7;8:;9<9<98:;<; $/A-; A/3-&
:2@; F8<<98:;8;H;<799:7;8:;9<9<98:;<;; $/"-; '/J-;
;
;
;
;
;
;
?@; B7;<:;5759C;7:<D;689<:8:; :@; E9<<; $/+-; 3/+-;
<799:7;8:;9<9<98:;<;; ::@; F8<<98:;9<9<98:;<;<7;<76;I:8;><; "/K-; 3/+-;
; :::@; G799:7;8:;9<9<98:;<; "/J-; '/+-;
:2@; F8<<98:;8;H;<799:7;8:;9<9<98:;<;; "/A-; $/A-;
;
L@; B7;<:;5759C;7:<D;:8<<98:;8;H; :@; E9<<; "/+-& $/3-&

<799:7;8:;9<9<98:;<;; ::@; F8<<98:;9<9<98:;<;<7;<76;I:8;><; +/M-; $/3-;
; :::@; G799:7;8:;9<9<98:;<; +/K-; "/3-&
:2@; F8<<98:;8;H;<799:7;8:;9<9<98:;<;; +/I-; "/$-;
H@; N<9<98:;<H;:8<<98::6C;<799:7;8::6; :@; E9<<; +/K-; "/A-;

8;H;8>8:;9<;97<8<:7;;7;;6:8;;; ::@; F8<<98:;9<9<98:;<;<7;<76;I:8;><; +/I-; "/A-;
; :::@; G799:7;8:;9<9<98:;<; +/J-; +/J-;
:2@; F8<<98:;8;H;<799:7;8:;9<9<98:;<; +/3-; +/3-;
=#0(-%$'-#($'(&#$9('(#$$(
;:@; E9<<; ::@; F8<<98:; 9<9<98:;<; <7; <76; :::@; G799:7;8:;9<9<98:;<; :2@; F8<<98:;8;H;;<799:7;8:;;
; I:8;><; ; ;9<9<98:;<;
; ; ;
;
;
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 21
J[; VPTITHIKO; G; TSPGV; [JVQP;HH[; GKN; G; RJRPKH<
DH[;NMP;HJ;HSP;HPKTIJK;[IPLN;[JVQPT;GT;OIYPK;IK
1<:8:7]
1<:8:7; ;+-"*$&4*$-')
/SP;VPTMLHGKH;LJKOIHMNIKGL;TSPGV<;HH[<;GKN;G;RJRPKH;DH[
[VJR;HSP;GKQSJV;J[;HPKTIJK;[IPLN;[JVQPT;GVP;PYGLMGHPN
GT;OIYPK;\PLJ`b 2"/$*
1( ,GKPL;:;IT;NPTIOKPN;MHILIgIKO;HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK
.O DOB 1<:<:!:!U\X]
/)/ = ;GKN; ( )/ = !( 7PGVIKO;THI[[PKPV;GKN;PKN;ZJTH;IT;NPTIOKPN;[JV;QJR\IKGHIJK
! 0) J[; QJRZVPTTIYP; LJGNT; NMP; HJ; \PGVIKO; GKN; G; RJRPKH; PeMGL; HJ
.W6;ΜH[;GT;OIYPK;IK;1<:8:7]
`SPVP !14];)6;$ 2&;,:2$3 ;&$*142$&;9*124 ;/$2*1"2;!1$3&
:+/1"2;U*1243$;*/1!!$2$#X
%" "
⎛ # ⎞
Pe m %*"&#) ⎜ % − $2 ⎟
⎜ #) ⎟⎠
⎝
B"& /
IZ m
5 ;
;% m `P\;NPZHS<
1[;HSP;GQHMGL;[GQHJVPN;TSPGV;[JVQP<;I;IK;HSP;ZGKPL;NPTIOKPN
2"/$*
MTIKO; HPKTIJK; [IPLN; GZZVJGQS; IT; LPTT; HSGK; HSP; TSPGV
1;,GKPL;:;IT;NPTIOKPN;MHILIgIKO;HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK
THVPKOHS<;IH[;GT;OIYPK;IK;1<:<:!:!U\X<;HSPK;HSP;YGLMPT;J[ 1<:<:!:!U\X]
# − #$2 !; 7PGVIKO; THI[[PKPV; IT; NPTIOKPN; [JV; QJRZVPTTIYP; [JVQP; NMP; HJ
Pe;RG_;\P;VPNMQPN;\_;HSP;VGHIJ; \PGVIKO;GT;OIYPK;IK;1<:<:!:!UGX]
#)/ − #$2
7;$KN;ZJTH;IT;NPTIOKPN;[JV;SJVIgJKHGL;TSPGV;6H[;GKN;RJRPKH;(H[
`SPVP GT;OIYPK;IK; 1<:8:7:
;IH[ m \GTIQ;TSPGV;THVPKOHS;[JV;HSP;ZGKPL;MHILIgIKO !14];)8;$ 2&;,:2$3 ;&$*142$&;9*124 ;/$2*1"2;!1$3&

HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK;1<:<:!:!U\X< :+/1"2 ;U&"973$;*/1!!$2$# X
GKN
IQV m QVIHIQGL;TSPGV;THVPKOHS;[JV;HSP;ZGKPL;NPTIOKPN 1<:8:<(01234)&%5"6&7832529)
MHILIgIKO; HPKTIJK; [IPLN; GQHIJK; GT; OIYPK; IK ,GKPLT;ÌHS;JZPKIKO;J[;NIRPKTIJK;OVPGHPV;HSGK;)D;ZPVQPKH
1<:<:!:!UGX] J[;HSP;RIKIRMR;ZGKPL;NIRPKTIJK;TSJMLN;\P;NPTIOKPN
ÌHSJMH;MTIKO;HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK;1<:<:!:!U\X]
/SP;GNfGQPKH;ZGKPLT;TSJMLN;\P;NPTIOKPN;GT;GK;PKN;ZGKPL
GT;OIYPK;IK;1<:8:1;JV;1<:8:!<;GT;GZZVJZVIGHP]
1<:2( +BH@LC(GM()BEIH(ECA(3FEDB(,@NABNH(]@DP(5GF@A
^BRH
1<:2:1 ;(525E:E&;3+&<65'=23))
/SP;HSIQaKPTT;J[;HSP;`P\;IK;G;TPQHIJK;TSGLL;TGHIT[_;HSP
[JLLJÌKO;VPeMIVPRPKHTb
1<:2:1:1 (>3?@5'31+545"A&?3B:5?3E32"
2"/$*
GX `SPK;HVGKTYPVTP;THI[[PKPVT;GVP;KJH;ZVJYINPN<
1(,GKPL;:;IT;NPTIOKPN;MHILIgIKO;HPKTIJK;[IPLN;GQHIJK;GT;OIYPK;IK
1<:<:!:!U\X]
B
!;,GKPL;7;IT;NPTIOKPN;MTIKO;TIRZLP;ZJTH;QVIHIQGL;RPHSJN;GT;OIYPK )X ≤ !)) ε ( ;U`P\;QJKKPQHPN;HJ;[LGKOPT
IK; 1<:<:!:!UGX] "(
7(7PGVIKO;THI[[PKPV;IT;NPTIOKPN;[JV;HSP;QJRZVPTTIYP;[JVQP;NMP
GLJKO;\JHS;LJKOIHMNIKGL;PNOPTX
HJ; \PGVIKO; ZLMT; QJRZVPTTIYP; [JVQP; NMP; HJ; HSP; RJRPKH; (H[; GT
OIYPK;IK;1<:8:7]
!14 ];).;$2&;,:2$3;&$*142$&;2"/;9*124 ;/$2*1"2 B
.X ≤ B)ε ( ; U`P\; QJKKPQHPN; HJ; [LGKOPT
!1$3&;:+/1"2 "(
GLJKO;JKP;LJKOIHMNIKGL;PNOP;JKL_X<
2! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
\X `SPK;JKL_;HVGKTYPVTP;THI[[PKPVT;GVP;ZVJYINPN GX %SPK;HVGKTYPVTP;THI[[PKPVT;GVP;KJH;ZVJYINPN<
UIK; `P\T; QJKKPQHPN; HJ; [LGKOPT; GLJKO; \JHS B
LJKOIHMNIKGL;PNOPTX< ≤ 5<& ε "/
"(
)X `SPK;6B;≥;-;≥;%
\X %SPK;HVGKTYPVTP;THI[[PKPVT;GVP;ZVJYINPN<;GKN
B
≤ !))ε( IX `SPK;-;≥)](;%
"(
B
.X `SPK;D]-8;%;≥;-;v&% ≤ 5<& ε "/
"(
' ;IIX `SPK;-;v;)](%
≤ !))ε(
"(
B
;6X `SPK;-;v;D]-8% ≤ 5<&ε /
"(
B `SPVP
≤ !6)ε(
"(
% m NPZHS;J[;HSP;`P\<
8X `SPK;-;P;6%<;HSP;`P\;TSGLL;\P;QJKTINPVPN
!` m HSIQaKPTT;J[;HSP;`P\<
GT;MKTHI[[PKPN<
Q m TZGQIKO;J[;HVGKTYPVTP;THI[[PKPV;U)''&!IO];).
QX `SPK; HVGKTYPVTP; THI[[PKPVT; GKN; LJKOIHMNIKGL
GKN;!IO];)6X<
THI[[PKPVT;GH;JKP;LPYPL;JKL_;GVP;ZVJYINPN;UD].;%
[VJR; QJRZVPTTIJK; [LGKOPX; GQQJVNIKO; HJ
ε[ m _IPLN;THVPTT;VGHIJ;J[;[LGKOP;m; !"# <;GKN
1<:;:17UGX< % //
)X `SPK;.]8%;≥;-;≥;%
,_[ m _IPLN;THVPTT;J[;QJRZVPTTIJK;[LGKOP]
B
≤ !&)ε( 1<:2:!( 5'-!#*+67&E$*3'$!#')
"(
1<:2:!:1( /SP;P[[PQHIYP;TPQHIJKGL;GVPG;J[;QJRZVPTTIJK
.X `SPK;D]-8;%;≤;-;≤;%
[LGKOPT; TSGLL; \P; HSP; OVJTT; GVPG; ÌHS; NPNMQHIJKT; [JV
' PiQPTTIYP;ÌNHS;J[;ZLGHPT;GT;TZPQI[IPN;[JV;QJRZVPTTIJK
≤ !&)ε( RPR\PVT; o)''& *PQHIJK; >UOXp; GKN; [JV; JZPK; SJLPT
"(
JQQMVVIKO;IK;G;ZLGKP;ZPVZPKNIQMLGV;HJ;HSP;NIVPQHIJK;J[
6X `SPK;-;v;D]-8;% THVPTT;GH;HSP;TPQHIJK;\PIKO;QJKTINPVPN;U)'';1<:!:1:<X]
B
≤ 5<)ε ( /SP;P[[PQHIYP;TPQHIJKGL;GVPG;J[;HPKTIJK;[LGKOPT;TSGLL;\P
"( HSP;OVJTT;TPQHIJKGL;GVPG;ÌHS;NPNMQHIJKT;[JV;SJLPT;GT
NX `SPK;G;TPQJKN;LJKOIHMNIKGL;THI[[PKPV;ULJQGHPN TZPQI[IPN;IK;1<:!:1:<]
GH;KPMHVGL;GiIT;IT;ZVJYINPNX /SP;P[[PQHIYP;TPQHIJKGL;GVPG;[JV;ZGVHT;IK;TSPGV;TSGLL;\P
B HGaPK;GT;TZPQI[IPN;IK;1<:<:1:1]
≤ <))ε(
"( 1<:2:7( 476+N')
`SPVP
1<:2:7:1 (1K;VIYPHPN;JV;\JLHPN;QJKTHVMQHIJK<;[LGKOP;GKOLPT
% m NPZHS;J[;HSP;`P\< TSGLL;[JVR;GT;LGVOP;G;ZGVH;J[;HSP;GVPG;J[;HSP;[LGKOP;GT
!` m HSIQaKPTT;J[;HSP;`P\< ZVGQHIQG\LP;UZVP[PVG\L_;KJH;LPTT;HSGK;JKP^HSIVNX;GKN;HSP
- m TZGQIKO; J[; HVGKTYPVTP; THI[[PKPV; U)'' KMR\PV;J[;[LGKOP;ZLGHPT;TSGLL;\P;aPZH;HJ;G;RIKIRMR]
!IO];).;GKN;!IO];)6X< 1K;PiZJTPN;TIHMGHIJKT<;`SPVP;[LGKOP;GKOLPT;GVP;MTPN<;GH
LPGTH;JKP;ZLGHP;J[;HSP;HJZ;[LGKOP;TSGLL;PiHPKN;JYPV;HSP
ε` m _IPLN;THVPTT;VGHIJ;J[;`P\;m; !"# < [MLL;LPKOHS;J[;HSP;OIVNPV<;MKLPTT;HSP;HJZ;PNOP;J[;HSP;`P\
% /(
IT;RGQSIKPN;[LMTS;ÌHS;HSP;[LGKOP;GKOLPT];%SPVP;H`J;JV
GKN RJVP; [LGKOP; ZLGHPT; GVP; MTPN<; HGQaIKO; VIYPHT; TSGLL; \P
;,_` m _IPLN;THVPTT;J[;HSP;`P\] ZVJYINPN<;I[;KPQPTTGV_;HJ;QJRZL_;ÌHS;HSP;VPeMIVPRPKHT
J[;*PQHIJK;>UaX]
1<:2:1:! (>*Y3$'))#*+&,76+N'&<.-C7#+N&$'G.#$'Y'+!
$GQS;[LGKOP;ZLGHP;TSGLL;PiHPKN;\P_JKN;IHT;HSPJVPHIQGL
1K;JVNPV;HJ;GYJIN;\MQaLIKO;J[;HSP;QJRZVPTTIJK;[LGKOP QMH^J[[;ZJIKH<;GKN;HSP;PiHPKTIJK;TSGLL;QJKHGIK;TM[[IQIPKH
IKHJ; HSP; `P\<; HSP; `P\; HSIQaKPTT; TSGLL; TGHIT[_; HSP VIYPHT<;\JLHT;JV;`PLNT;HJ;NPYPLJZ;IK;HSP;ZLGHP<;HSP;LJGN
[JLLJÌKOb QGLQMLGHPN;[JV;HSP;\PKNIKO;RJRPKH;JK;HSP;OIVNPV;TPQHIJK
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 27
UHGaPK;HJ;IKQLMNP;HSP;QMVHGILPN;ZLGHPX;GH;HSP;HSPJVPHIQGL 2"/$;j;%SPVP;`P\T;GVP;YGVIPN;IK;HSIQaKPTT;IK;HSP;NPZHS;J[
HSP;TPQHIJK;\_;HSP;MTP;J[;HJKOMP;ZLGHPT;JV;HSP;LIaP<;JV;`SPVP;HSP
QMH^J[[;ZJIKH]
ZVJZJVHIJK;J[;HSP;`P\;IKQLMNPN;IK;HSP;[LGKOP;GVPG;IT;.(;ZPVQPKH
/SP; JMHTHGKN; J[; [LGKOP; ZLGHPT<; HSGH; IT; HSP; ZVJfPQHIJK JV;RJVP;J[;HSP;JYPVGLL;NPZHS<;HSP;G\JYP;GZZVJiIRGHIJK;IT;KJH
ZPVRITTI\LP;GKN;HSP;RGiIRMR;TSPGV;THVPTT;TSGLL;\P;QJRZMHPN
\P_JKN;HSP;JMHPV;LIKP;J[;QJKKPQHIJKT;HJ;[LGKOP;GKOLPT< JK;HSPJV_]
QSGKKPL; JV; fJITH; [LGKOPT; JV; IK; HSP; QGTP; J[; `PLNPN
QJKTHVMQHIJKT;HSPIV;ZVJfPQHIJK;\P_JKN;HSP;[GQP;J[;HSP 1<:2:<:!( 537#-')&#+&K'<)
`P\;JV;HJKOMP;ZLGHP<;TSGLL;KJH;PiQPPN;HSP;YGLMPT;OIYPK *ZLIQPT;GKN;QMHJMHT;[JV;TPVYIQP;NMQHT;IK;HSP;`P\T;TSJMLN
IK;9:;:!;U)'';/G\LP;.X] ZVP[PVG\L_;KJH;\P;LJQGHPN;GH;ZJIKHT;J[;RGiIRMR;TSPGV
1K;HSP;QGTP;J[;\Ji;OIVNPVT<;HSP;HSIQaKPTT;J[;GK_;ZLGHP< [JVQP;GKN;SPGY_;QJKQPKHVGHPN;LJGNT]
JV;HSP;GOOVPOGHP;HSIQaKPTT;J[;H`J;JV;RJVP;ZLGHPT<;`SPK *ZLIQPT; IK; HSP; `P\T; J[; HSP; ZLGHP; OIVNPVT; GKN; VJLLPN
HSPTP;ZLGHPT;GVP;HGQaPN;HJOPHSPV;HJ;[JVR;HSP;[LGKOP<;TSGLL TPQHIJKT; TSGLL; \P; NPTIOKPN; HJ; VPTITH; HSP; TSPGVT; GKN
TGHIT[_;HSP;VPeMIVPRPKHT;OIYPK;IK;9:;:!;U)'';/G\LP;.X] RJRPKHT;GH;HSP;TZLIQPN;TPQHIJK;U)'';:KKPi;$X]
1<:2:7:!( 476+N'&)37#-') 1K;VIYPHPN;JV;\JLHPN;QJKTHVMQHIJK<;TZLIQP;ZLGHPT;TSGLL;\P
!LGKOP; TZLIQPT; TSJMLN; ZVP[PVG\L_<; KJH; \P; LJQGHPN; GH ZVJYINPN; JK; PGQS; TINP; J[; HSP; `P\]; 1K; `PLNPN
ZJIKHT;J[;RGiIRMR;THVPTT];%SPVP;TZLIQP;ZLGHPT;GVP;MTPN< QJKTHVMQHIJK<;`P\;TZLIQPT;TSGLL;ZVP[PVG\L_;\P;RGNP;ÌHS
HSPIV;GVPG;TSGLL;\P;KJH;LPTT;HSGK;(;ZPVQPKH;IK;PiQPTT;J[ QJRZLPHP;ZPKPHVGHIJK;\MHH;`PLNT]
HSP;GVPG;J[;HSP;[LGKOP;PLPRPKH;TZLIQPNl;HSPIV;QPKHVP;J[ 1<:2:<:7( %SPVP;GNNIHIJKGL;ZLGHPT;GVP;VPeMIVPN;HJ;GMORPKH
OVGYIH_;TSGLL;QJIKQINP<;GT;KPGVL_;GT;ZJTTI\LP<;ÌHS;HSGH HSP;THVPKOHS;J[;HSP;`P\<;HSP_;TSGLL;\P;ZLGQPN;JK;PGQS
J[; HSP; PLPRPKH; TZLIQPN]; /SPVP; TSGLL; \P; PKJMOS; \JLHT< TINP; J[; HSP; `P\; GKN; TSGLL; \P; PeMGL; IK; HSIQaKPTT]; /SP
VIYPHT;JV;`PLNT;JK;PGQS;TINP;J[;HSP;TZLIQP;HJ;NPYPLJZ ZVJZJVHIJK;J[;TSPGV;[JVQP;GTTMRPN;HJ;\P;VPTITHPN;\_;HSPTP
HSP;LJGN;IK;HSP;PLPRPKH;TZLIQPN;ZLMT;(;ZPVQPKH;\MH;IK;KJ ZLGHPT;TSGLL;\P;LIRIHPN;\_;HSP;GRJMKH;J[;SJVIgJKHGL;TSPGV
QGTP; TSJMLN; HSP; THVPKOHS; NPYPLJZPN; \P; LPTT; HSGK `SIQS; HSP_; QGK; HVGKTRIH; HJ; HSP; [LGKOPT; HSVJMOS; HSPIV
(D; ZPVQPKH; J[; HSP; P[[PQHIYP; THVPKOHS; J[; HSP; RGHPVIGL [GTHPKIKOT<; GKN; TMQS; VPIK[JVQIKO; ZLGHPT; GKN; HSPIV
TZLIQPN];1K;`PLNPN;QJKTHVMQHIJK<;[LGKOP;ZLGHPT;TSGLL;\P [GTHPKIKOT;TSGLL;\P;QGVVIPN;MZ;HJ;HSP;ZJIKHT;GH;`SIQS;HSP
fJIKPN;\_;QJRZLPHP;ZPKPHVGHIJK;\MHH;`PLNT<;`SPVPYPV [LGKOP;ÌHSJMH;HSP;GNNIHIJKGL;ZLGHPT;IT;GNPeMGHP]
ZJTTI\LP]; /SPTP; \MHH; `PLNT; TSGLL; NPYPLJZ; HSP; [MLL
THVPKOHS;J[;HSP;ZLGHPT] 1<:;( 5D@MMBCBN(+BH@LC
1<:2:7:7( >*++'-!#*+&*,&,76+N')&!*&K'< 1<:;:1( T'+'$67
/SP;[LGKOPT;J[;ZLGHP;OIVNPVT;TSGLL;\P;QJKKPQHPN;HJ;HSP 1<:;:1:1 ;%SPK;HSP;`P\;J[;G;RPR\PV;GQHIKO;GLJKP;UHSGH
`P\;\_;TM[[IQIPKH;VIYPHT<;\JLHT;JV;`PLNT;HJ;HVGKTRIH;HSP IT<;ÌHSJMH;THI[[PKPVTX;ZVJYPT;IKGNPeMGHP<;THI[[PKPVT;[JV
RGiIRMR; SJVIgJKHGL; TSPGV; [JVQP; VPTMLHIKO; [VJR; HSP RPPHIKO;HSP;[JLLJÌKO;VPeMIVPRPKHT;TSJMLN;\P;ZVJYINPNb
\PKNIKO;RJRPKH;OVGNIPKH;IK;HSP;OIVNPV<;QJR\IKPN;ÌHS
GX \+!'$Y'%#6!'& !$6+)('$)'& K'<& )!#,,'+'V;j;/J
GK_; YPVHIQGL; LJGNT; `SIQS; GVP; NIVPQHL_; GZZLIPN; HJ; HSP
IRZVJYP;HSP;\MQaLIKO;THVPKOHS;J[;G;TLPKNPV;`P\
[LGKOP];1[;HSP;`P\;IT;NPTIOKPN;MTIKO;HPKTIJK;[IPLN;RPHSJN
NMP;HJ;TSPGV;U)'';1<:;:!X]
GT; OIYPK; IK; 1<:<:!:!( \X<; HSP; `PLN; TSJMLN; \P; G\LP; HJ
HVGKT[PV;HSP;HPKTIJK;[IPLN;THVPTT<;,_`;GQHIKO;JK;HSP;`P\] \X B*6%& -6$$M#+N& )!#,,'+'$; j; /J; ZVPYPKH; LJQGL
\MQaLIKO; J[; HSP; `P\; NMP; HJ; QJKQPKHVGHPN
1<:2:7:<( =*7!'%WH#('!'%&-*+)!$.-!#*+ LJGNIKO;U)'';1<:;:7;GKN;1<:;:8X]
!JV;OIVNPVT;IK;PiZJTPN;TIHMGHIJKT;GKN;`SIQS;NJ;KJH;SGYP QX ='6$#+N&)!#,,'+'$;j;/J;ZVPYPKH;LJQGL;QVMTSIKO
[LGKOP;ZLGHPT;[JV;HSPIV;PKHIVP;LPKOHS<;HSP;HJZ;PNOP;J[;HSP J[; HSP; `P\; NMP; HJ; QJKQPKHVGHPN; LJGNIKO
`P\;ZLGHP;TSGLL;\P;[LMTS;ÌHS;JV;G\JYP;HSP;GKOLPT<;GKN U)'';1<:;:<;GKN;1<:;:2X]
HSP;\JHHJR;PNOP;J[;HSP;`P\;ZLGHP;TSGLL;\P;[LMTS;ÌHS;JV NX 0*$)#*+& )!#,,'+'V; j; /J; ZVJYINP; HJVTIJKGL
TPH;\GQa;[VJR;HSP;GKOLPT] VPTHVGIKH; HJ; \PGRT; GKN; OIVNPVT; GH; TMZZJVHT
U)'';1<:;:9X]
1<:2:7:8( J'7%'%&-*+)!$.-!#*+
PX ?#6N*+67& )!#,,'+'$& j; /J; ZVJYINP; LJQGL
/SP;OGZ;\PH`PPK;HSP;`P\;ZLGHPT;GKN;[LGKOP;ZLGHPT;TSGLL VPIK[JVQPRPKH; HJ; G; `P\; MKNPV; TSPGV; GKN
\P; aPZH; HJ; G; RIKIRMR; GKN; [JV; [ILLPH; `PLNT; TSGLL; KJH \PGVIKO;U)'';1<:;:;X]
PiQPPN;);RR;GH;GK_;ZJIKH;\P[JVP;`PLNIKO] [X 0'+)#*+&)!#,,'+'$;j;/J;HVGKTRIH;HPKTILP;[JVQPT
1<:2:<( J'<) GZZLIPN;HJ;G;`P\;HSVJMOS;G;[LGKOP;U)'';1<:;:QX]
1<:2:<:1(@,,'-!#('&)'-!#*+67&6$'6&*,&K'<&*,&376!'&N#$%'$ /SP; TGRP; THI[[PKPVT; RG_; ZPV[JVR; RJVP; HSGK; JKP
[MKQHIJK; GKN; HSPIV; NPTIOK; TSJMLN; QJRZL_; ÌHS; HSP
/SP;P[[PQHIYP;QVJTT^TPQHIJKGL;GVPG;TSGLL;\P;HGaPK;GT;HSP VPeMIVPRPKHT;J[;GLL;HSP;[MKQHIJKT;[JV;`SIQS;NPTIOKPN]
[MLL;NPZHS;J[;HSP;`P\;ZLGHP;RMLHIZLIPN;\_;HSP;HSIQaKPTT]
2< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
1<:;:1:! (Q.!)!6+%&*,&K'<&)!#,,'+'$) 4eN<;TSJMLN;\P;HGaPK;GT;D]-;HIRPT;HSP;LPKOHS<;B;J[;HSP
THI[[PKPV]
9KLPTT; HSP; JMHPV; PNOP; IT; QJKHIKMJMTL_; THI[[PKPN<; HSP
JMHTHGKN;[VJR;HSP;[GQP;J[;HSP;`P\;TSJMLN;KJH;PiQPPN /SP;P[[PQHIYP;LPKOHS;[JV;LJGN;QGVV_IKO;`P\;THI[[PKPVT
.D!eε(] MTPN;IK;QGLQMLGHIKO;HSP;\MQaLIKO;VPTITHGKQP<;4iN<;GTTMRPT
HSGH;HSP;[LGKOP;HSVJMOS;`SIQS;HSP;LJGN;JV;VPGQHIJK;IT
%SPK;HSP;JMHTHGKN;J[;`P\;THI[[PKPV;IT;\PH`PPK;)8!eε
GZZLIPN; IT; P[[PQHIYPL_; VPTHVGIKPN; GOGIKTH; LGHPVGL
GKN;.D!eε<(HSPK;HSP;THI[[PKPV;NPTIOK;TSJMLN;\P;JK;HSP RJYPRPKH; VPLGHIYP; HJ; HSP; JHSPV; [LGKOP<; HSP; P[[PQHIYP
\GTIT;J[;G;QJVP;TPQHIJK;ÌHS;GK;JMHTHGKN;J[;JKL_;)8!eε: LPKOHS;TSJMLN;\P;HGaPK;GTb
`SPVP;!e;IT;HSP;HSIQaKPTT;J[;HSP;THI[[PKPV]
GX AB;m;D]-B<;`SPK;[LGKOP;IT;VPTHVGIKPN;GOGIKTH
1<:;:1:7 (5!#,,&<'6$#+N&7'+N!" VJHGHIJK;IK;HSP;ZLGKP;J[;HSP;THI[[PKPV;U\_;JHSPV
/SP;THI[[;\PGVIKO;LPKOHS;J[;GK_;PLPRPKH<;<)<;IT;HSGH;LPKOHS THVMQHMVGL;PLPRPKHTX<;GKN
`SIQS; QGKKJH; NP[JVR; GZZVPQIG\L_; IK; \PKNIKO]; /J \X AB;m;B<;`SPK;[LGKOP;IT;KJH;TJ;VPTHVGIKPN
NPHPVRIKP; <)<; HSP; NITZPVTIJK; J[; LJGN; HSVJMOS; G; THPPL `SPVP
\PGVIKO;PLPRPKH;TSJMLN;\P;HGaPK;GT;8(k;HSVJMOS;TJLIN ;B m LPKOHS;J[;HSP;THI[[PKPV]
RGHPVIGL<; TMQS; GT; \PGVIKO; ZLGHPT<; [LGKOP; ZLGHPT<; PHQ
1[; HSP; LJGN; JV; VPGQHIJK; IT; GZZLIPN; HJ; HSP; [LGKOP; \_; G
U)'';!IO])(X]
QJRZVPTTIJK; RPR\PV<; HSPK; MKLPTT; P[[PQHIYP; LGHPVGL
1<:;:1:< (@--'+!$#-#!M VPTHVGIKH;IT;ZVJYINPN;GH;HSGH;ZJIKH<;HSP;THI[[PKPV;TSJMLN
\P; NPTIOKPN; GT; ZGVH; J[; HSP; QJRZVPTTIJK; RPR\PV
%SPVP; G; LJGN; JV; VPGQHIJK; IT; GZZLIPN; PQQPKHVIQ; HJ; HSP
GZZL_IKO; HSP; LJGN<; GKN; HSP; QJKKPQHIJK; \PH`PPK; HSP
QPKHPVLIKP; J[; HSP; `P\; JV; `SPVP; HSP; QPKHVJIN; J[; HSP
QJLMRK;GKN;\PGR;[LGKOP;TSGLL;\P;QSPQaPN;[JV;HSP;P[[PQHT
THI[[PKPV;NJPT;KJH;LIP;JK;HSP;QPKHPVLIKP;J[;HSP;`P\<;HSP
J[;HSP;THVMH;GQHIJK]
VPTMLHIKO;PQQPKHVIQIH_;J[;LJGNIKO;TSJMLN;\P;GQQJMKHPN
[JV;IK;HSP;NPTIOK;J[;HSP;THI[[PKPV] 1<:;:!( ?')#N+& *,& \+!'$Y'%#6!'& 0$6+)('$)'& J'<
5!#,,'+'$)
1<:;:1:8( =.-C7#+N&$')#)!6+-'&*,&)!#,,'+'$)
1<:;:!:1( T'+'$67
/SP; \MQaLIKO; VPTITHGKQP; 4eN; TSJMLN; \P; \GTPN; JK; HSP
NPTIOK;QJRZVPTTIYP;THVPTT;,QN;U)'';17:1:!:1X;J[;G;THVMH 1KHPVRPNIGHP;HVGKTYPVTP;THI[[PKPVT;RG_;\P;ZVJYINPN;JK
UQMVYP;QX<;HSP;VGNIMT;J[;O_VGHIJK;\PIKO;HGaPK;G\JMH;HSP JKP;JV;\JHS;TINPT;J[;HSP;`P\]
GiIT; ZGVGLLPL; HJ; HSP; `P\]; /SP; P[[PQHIYP; TPQHIJK; IT; HSP 1<:;:!:!( 536-#+N
[MLL; GVPG; JV; QJVP; GVPG; J[; HSP; THI[[PKPV; U)''; 1<:;:1:!X
HJOPHSPV;ÌHS;GK;P[[PQHIYP;LPKOHS;J[;`P\;JK;PGQS;TINP *ZGQIKO; J[; IKHPVRPNIGHP; THI[[PKPVT<; `SPVP; ZVJYINPN<
J[;HSP;QPKHPVLIKP;J[;HSP;THI[[PKPVT<;LIRIHPN;HJ;.D;HIRPT TSGLL;QJRZL_;ÌHS;1<:2:1;NPZPKNIKO;JK;HSP;HSIQaKPTT
HSP;`P\;HSIQaKPTT];/SP;NPTIOK;THVPKOHS;MTPN;TSJMLN;\P J[;HSP;`P\]
HSP;RIKIRMR;YGLMP;J\HGIKPN;[JV;\MQaLIKO;G\JMH;HSP;`P\ 1<:;:!:7( Q.!)!6+%&*,&)!#,,'+'$)
JV;HSP;THI[[PKPV]
/SP; JMHTHGKN; J[; HSP; THI[[PKPVT; TSJMLN; QJRZL_; ÌHS
/SP; P[[PQHIYP; LPKOHS; [JV; IKHPVRPNIGHP; HVGKTYPVTP 1<:;:1:!]
THI[[PKPVT;MTPN;IK;QGLQMLGHIKO;HSP;\MQaLIKO;VPTITHGKQP<
!14 ];)(;*/1!!;7 $:#124;3$24/=<;< )
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 28
1<:;:!:<( D#+#Y.Y&)!#,,'+'$) D_e m _IPLN;RJRPKH;QGZGQIH_;J[;HSP;THI[[PKPV;\GTPN
JK; IHT; PLGTHIQ; RJNMLMT; G\JMH; IHT; QPKHVJINGL
/VGKTYPVTP;`P\;THI[[PKPVT;KJH;TM\fPQH;HJ;PiHPVKGL;LJGNT
GiIT;ZGVGLLPL;HJ;HSP;`P\]
JV;RJRPKHT;TSJMLN;SGYP;G;TPQJKN;RJRPKH;J[;GVPG<;\T
G\JMH;HSP;QPKHVPLIKP;J[;HSP;`P\<;I[;THI[[PKPVT;GVP;JK;\JHS 1[;4e;v;4i;<;HSPK;U4e;h;4iX;TSJMLN;\P;HGaPK;GT;gPVJl
TINPT;J[;HSP;`P\;GKN;G\JMH;HSP;[GQP;J[;HSP;`P\;<;I[;TIKOLP 1<:;:!:2( >*++'-!#*+&*,&#+!'$Y'%#6!'&)!#,,'+'$)&!*&K'<
THI[[PKPV;JK;JKL_;JKP;TINP;J[;HSP;`P\;IT;MTPN;TMQS;HSGHb
1KHPVRPNIGHP;HVGKTYPVTP;THI[[PKPVT;KJH;TM\fPQH;HJ;PiHPVKGL
I[; ' ≥ ! <;; C , ≥ #$%& B" "! <;GKN LJGNIKO; TSJMLN; \P; QJKKPQHPN; HJ; HSP; `P\; TJ; GT; HJ
B ÌHSTHGKN; G; TSPGV; \PH`PPK; PGQS; QJRZJKPKH; J[; HSP
)$& B !" "! THI[[PKPV;GKN;HSP;`P\;UIK;a2WRRX;J[;KJH;LPTT;HSGKb
I[; - ! < ' <; C( ≥
'" " )( $ (++* )
`SPVP
`SPVP
% m NPZHS;J[;HSP;`P\l
!` m `P\;HSIQaKPTT<;IK;RRl;GKN
!` m RIKIRMR;VPeMIVPN;`P\;HSIQaKPTT;[JV;TZGQIKO
<T m JMHTHGKN;ÌNHS;J[;HSP;THI[[PKPV<;IK;RR]
MTIKO; HPKTIJK; [IPLN; GQHIJK<; GT; OIYPK; IK
1<:<:!:1l;GKN !JV; THI[[PKPVT; TM\fPQH; HJ; PiHPVKGL; LJGNIKO<; HSP; TSPGV
\PH`PPK;HSP;`P\;GKN;HSP;THI[[PKPV;NMP;HJ;TMQS;LJGNIKO
- m GQHMGL;THI[[PKPV;TZGQIKO]
SGT;HJ;\P;GNNPN;HJ;HSP;G\JYP;YGLMP]
1<:;:!:8 ( =.-C7#+N& -"'-C& *+& #+!'$Y'%#6!'& !$6+)('$)'
K'<&)!#,,'+'$) *HI[[PKPVT;KJH;TM\fPQH;HJ;PiHPVKGL;LJGNT;JV;RJRPKHT;RG_
HPVRIKGHP; QLPGV; J[; HSP; HPKTIJK; [LGKOP; GKN; IK; TMQS; G
*HI[[PKPVT;KJH;TM\fPQHPN;HJ;PiHPVKGL;LJGNT;JV;RJRPKHT TIHMGHIJK;HSP;NITHGKQP;QMH;TSJVH;[VJR;HSP;LIKP;J[;HSP;`PLN
TSJMLN;\P;QSPQaPN;[JV;G;THI[[PKPV;[JVQPb TSJMLN;KJH;\P;RJVP;HSGK;8!`]
D* = # − #+, $ γ -! ≤ D"# 1<:;:7( B*6%&>6$$M#+N&5!#,,'+'$)
`SPVP 1<:;:7:1 (J'<&-"'-C
4eN m NPTIOK; VPTITHGKQP; J[; HSP; IKHPVRPNIGHP 3JGN;QGVV_IKO;`P\;THI[[PKPVT;TSJMLN;\P;ZVJYINPN;`SPVP

THI[[PKPVTl QJRZVPTTIYP;[JVQPT;GZZLIPN;HSVJMOS;G;[LGKOP;\_;LJGNT
JV;VPGQHIJKT;PiQPPN;HSP;\MQaLIKO;THVPKOHS<;4QN`<;J[;HSP
I m [GQHJVPN;TSPGV;[JVQP;GNfGQPKH;HJ;HSP;THI[[PKPVl
MKTHI[[PKPN;`P\<;QGLQMLGHPN;MTIKO;HSP;[JLLJÌKOb
GKN
IQV m TSPGV;\MQaLIKO;VPTITHGKQP;J[;HSP;`P\;ZGKPL /SP; P[[PQHIYP; LPKOHS; J[; HSP; `P\; [JV; PYGLMGHIKO; HSP
NPTIOKPN;ÌHSJMH;MTIKO;HPKTIJK;[IPLN;GQHIJK TLPKNPVKPTT;VGHIJ;IT;QGLQMLGHPN;GT;IK;1<:;:1:8](/SP;GVPG
GT;OIYPK;IK;1<:<:!:!(GX] J[;QVJTT^TPQHIJK;IT;HGaPK;GT;U<)s+)X&!`]
*HI[[PKPVT;TM\fPQH;HJ;PiHPVKGL;LJGNT;GKN;RJRPKHT;TSJMLN `SPVP
RPPH; HSP; QJKNIHIJKT; [JV; LJGN; QGVV_IKO; `P\; THI[[PKPVT
<) m ÌNHS; J[; THI[[; \PGVIKO; JK; HSP; [LGKOP
IK;1<:;:7];1K;GNNIHIJK;HSP_;TSJMLN;TGHIT[_;HSP;[JLLJÌKO
U)''&1<:;:1:7X<;GKN
IKHPVGQHIJK;PiZVPTTIJKb
+) m NITZPVTIJK;J[;HSP;LJGN;HSVJMOS;HSP;`P\;GH;8(k<
D" − D% D (" HJ; HSP; LPYPL; J[; SGL[; HSP; NPZHS; J[; HSP
+ % + ≤'
D"# D%# ( &" QVJTT^TPQHIJK]
/SP;\MQaLIKO;THVPKOHS;J[;HSIT;`P\;G\JMH;GiIT;ZGVGLLPL;HJ
`SPVP HSP;`P\;IT;QGLQMLGHPN;GT;OIYPK;IK;17:1:!:1<;MTIKO;QMVYP;cQd]
4e m THI[[PKPV;[JVQP;OIYPK;G\JYPl 1<:;:<( ='6$#+N&5!#,,'+'$)
4eN m NPTIOK; VPTITHGKQP; J[; GK; IKHPVRPNIGHP; `P\
THI[[PKPV;QJVVPTZJKNIKO;HJ;\MQaLIKO;G\JMH;GK 7PGVIKO;THI[[PKPVT;TSJMLN;\P;ZVJYINPN;[JV;`P\T;`SPVP
GiIT;ZGVGLLPL;HJ;HSP;`P\;U)'';1<:;:1:8Xl [JVQPT;GZZLIPN;HSVJMOS;G;[LGKOP;\_;LJGNT;JV;VPGQHIJKT
PiQPPNIKO;HSP;LJQGL;QGZGQIH_;J[;HSP;`P\;GH;IHT;QJKKPQHIJK
4i m PiHPVKGL;LJGN;JV;VPGQHIJK;GH;HSP;THI[[PKPVl HJ;HSP;[LGKOP<;4`<;OIYPK;\_b
4iN m NPTIOK;VPTITHGKQP;J[;G;LJGN;QGVV_IKO;THI[[PKPV
QJVVPTZJKNIKO;HJ;\MQaLIKO;G\JMH;GiIT;ZGVGLLPL D) = (+% + 2( ) ") & .) $ γ ,,
HJ;HSP;`P\;U)'';1<:;:1:8Xl
`SPVP
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GZZLIPN;LJGN;GKN;HVGKTYPVTP;LJGN<;I[;GK_l;GKN <) m THI[[;\PGVIKO;LPKOHS;U)'';1<:;:1:7X<
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GX G;LJGN;IT;GZZLIPN;NIVPQHL_;JYPV;G;TMZZJVHl;JV 1<:9( 3ONF@CH(ECA(5PBBD@CL(4E@FH(U,@NDHV
\X IH;[JVRT;HSP;PKN;THI[[PKPV;J[;G;THI[[PKPN;`P\l :LL;ZMVLIKT;TSGLL;\P;NPTIOKPN;IK;GQQJVNGKQP;ÌHS;HSP
JV VPeMIVPRPKHT; [JV; \PGRT; GT; TZPQI[IPN; IK; 1<:!:1
QX IH;GQHT;GT;G;HJVTIJK;THI[[PKPV] GKN 1<:!:!];/SP;LIRIHGHIJKT;J[;\PKNIKO;THVPTT;\GTPN;JK
1<:;:1!( P*77*K&5'-!#*+) LGHPVGL; IKTHG\ILIH_; J[; HSP; QJRZVPTTIJK; [LGKOP; TSGLL; \P
QJKTINPVPN; I[; HSP; ZMVLIK; NJPT; KJH; VPQPIYP; GNPeMGHP
%SPVP; QJKQPKHVGHPN; LJGNT; GVP; GZZLIPN; HJ; SJLLJ` TMZZJVH;[VJR;\VGQIKOT;GKN;TSPGHSIKOT;IK;HSP;ZLGKP;J[
TPQHIJKT;QJKTINPVGHIJK;TSJMLN;\P;OIYPK;HJ;LJQGL;THVPTTPT QJRZVPTTIJK;[LGKOP];1K;GK_;QGTP;HSP;RGiIRMR;\PKNIKO
GKN; NP[JVRGHIJKT; GKN; HSP; TPQHIJK; VPIK[JVQPN; GT RJRPKH;TSGLL;KJH;PiQPPN;HSP;YGLMPT;TZPQI[IPN;IK;1<:!:1]
KPQPTTGV_] /SP; QGLQMLGHPN; NP[LPQHIJKT; TSJMLN; KJH; PiQPPN; HSJTP
1<:;:17( P*$#O*+!67&5!#,,'+'$) ZPVRIHHPN;[JV;HSP;H_ZP;J[;VJJ[;QLGNNIKO;MTPN<;GT;TZPQI[IPN
IK;11:2:1];1K;QGLQMLGHIKO;HSP;\PKNIKO;RJRPKH<;GNYGKHGOP
%SPVP; SJVIgJKHGL; THI[[PKPVT; GVP; MTPN; IK; GNNIHIJK; HJ RG_; \P; HGaPK; J[; HSP; QJKHIKMIH_; J[; HSP; ZMVLIK; JYPV
YPVHIQGL;THI[[PKPVT<;HSP_;TSGLL;\P;GT;[JLLJ`Tb TMZZJVHT]; /SP; \PKNIKO; G\JMH; HSP; H`J; GiPT; TSGLL; \P
GX "KP;SJVIgJKHGL;THI[[PKPV;TSGLL;\P;ZLGQPN;JK;HSP NPHPVRIKPN; TPZGVGHPL_; GKN; QSPQaPN; GQQJVNIKO; HJ; HSP
`P\;GH;G;NITHGKQP;[VJR;HSP;QJRZVPTTIJK;[LGKOP \IGiIGL;\PKNIKO;VPeMIVPRPKHT;TZPQI[IPN;IK;*PQHIJK;>UfX]
PeMGL; HJ; )W(; J[; HSP; NITHGKQP; [VJR; HSP
1<:10( )BCA@CL(@C(E("GCTJN@C?@JEF(3FECB
QJRZVPTTIJK; [LGKOP; GKOLP<; ZLGHP; JV; HJKOMP
ZLGHP;HJ;HSP;KPMHVGL;GiIT;`SPK;HSP;HSIQaKPTT;J[ 1<:10:1( %SPK;HSP;[LPiMVGL;NP[LPQHIJK;J[;G;RPR\PV;IT
HSP; `P\; IT; LPTT; HSGK; HSP; LIRIHT; TZPQI[IPN; IK QJKTHVGIKPN;HJ;G;KJK^ZVIKQIZGL;ZLGKP;\_;LGHPVGL;VPTHVGIKHT
1<:2:1];/SP;THI[[PKPV;TSGLL;\P;NPTIOKPN;TJ;HSGH ZVPYPKHIKO;LGHPVGL;NP[LPQHIJK<;HSPK;HSP;[JVQP;PiPVHPN;\_
\T;IT;KJH;LPTT;HSGK;8-!`6;`SPVP;\T;GKN;!`;GVP;GT HSP;VPTHVGIKHT;TSGLL;\P;NPHPVRIKPN<;GKN;HSP;ZVIKQIZGL;GiPT
NP[IKPN;IK;1<];:!:<(GKN;-;IT;HSP;GQHMGL;NITHGKQP \PKNIKO; RJRPKHT; GQHIKO; JK; HSP; RPR\PV; TSGLL; \P
\PH`PPK;HSP;YPVHIQGL;THI[[PKPVTl QGLQMLGHPN;[VJR;HSPTP;[JVQPT;GKN;GZZLIPN;[JVQPT<;\_;G
\X :; TPQJKN; SJVIgJKHGL; THI[[PKPV; UTIKOLP; JV VGHIJKGL;GKGL_TIT];/SP;QJR\IKPN;P[[PQH;J[;\PKNIKO;G\JMH
NJM\LPX;TSGLL;\P;ZLGQPN;GH;HSP;KPMHVGL;GiIT;J[ HSP; ZVIKQIZGL; GiPT; TSGLL; TGHIT[_; HSP; VPeMIVPRPKHT; J[
HSP;OIVNPV;`SPK;HSP;HSIQaKPTT;J[;HSP;`P\;IT *PQHIJK;>UfX]
LPTT; HSGK; HSP; LIRIH; TZPQI[IPN; IK; 1<:2:1]( /SIT 1<:10:!( %SPK;HSP;NP[LPQHIJKT;J[;G;RPR\PV;LJGNPN;IK;G
THI[[PKPV;TSGLL;\P;NPTIOKPN;TJ;HSGH;\T;IT;KJH;LPTT KJK^ZVIKQIZGL; ZLGKP; GVP; MKQJKTHVGIKPNl; HSP; ZVIKQIZGL
HSGK; %.; !`6; `SPVP; \T; GKN; !`; GVP; GT; NP[IKPN; IK GiPT;\PKNIKO;RJRPKHT;TSGLL;\P;QGLQMLGHPN;\_;G;VGHIJKGL
1<:;:!:<(GKN;%.;IT;HÌQP;HSP;QLPGV;NITHGKQP;[VJR GKGL_TIT]; /SP; QJR\IKPN; P[[PQH; J[; \PKNIKO; G\JMH; HSP
HSP; QJRZVPTTIJK; [LGKOP; GKOLPT<; ZLGHPT; JV ZVIKQIZGL; GiPT; TSGLL; TGHIT[_; HSP; VPeMIVPRPKHT; J[
HJKOMP;ZLGHPT;HJ;HSP;KPMHVGL;GiITl *PQHIJK >UfX]
QX =JVIgJKHGL;`P\;THI[[PKPVT;TSGLL;PiHPKN;\PH`PPK
YPVHIQGL;THI[[PKPVT<;\MH;KPPN;KJH;\P;QJKHIKMJMT '&!%(#$")*B,"2&2=&."'6=A&!%&4"%#
JYPV;HSPRl;GKN !#2=($&4"9#.!&'
NX =JVIgJKHGL;THI[[PKPVT;RG_;\P;IK;ZGIVT;GVVGKOPN
18( =.=).4( 5*)d.-$.+( $&( -&=)%".+
JK;PGQS;TINP;J[;HSP;`P\<;JV;TIKOLP;LJQGHPN;JK
/&4-.5
JKP;TINP;J[;HSP;`P\]
18:1( ,BCBNEF
1<:Q( )GZ(,@NABNH
/SIT;*PQHIJK;OJYPVKT;HSP;NPTIOK;J[;RPR\PVT;TM\fPQHPN
/SP;NPTIOK;GKN;NPHGILIKO;J[;\Ji;OIVNPVT;TSGLL;\P;TMQS
HJ;QJR\IKPN;[JVQPT<;TMQS;GT;TSPGV;[JVQP;GKN;\PKNIKO<
GT; HJ; OIYP; [MLL; GNYGKHGOP; J[; IHT; SIOSPV; LJGN; QGVV_IKO
GiIGL;[JVQP;GKN;\PKNIKO<;JV;TSPGV;[JVQP<;GiIGL;[JVQP;GKN
QGZGQIH_];7Ji;OIVNPV;TSGLL;\P;NPTIOKPN;IK;GQQJVNGKQP
\PKNIKO]
ÌHS; TZPQIGLITH; LIHPVGHMVP]; /SP; NIGZSVGORT; GKN
SJVIgJKHGL; THI[[PKPVT; TSJMLN; QJK[JVR; HJ; 1<:;:1! 18:!( -GIR@CBA(5PBEN(ECA()BCA@CL
GKN 1<:;:17]
18:!:1 (2J;VPNMQHIJK;IK;RJRPKH;QGZGQIH_;J[;HSP;TPQHIJK
1<:Q:1; :LL; NIGZSVGORT; TSGLL; \P; QJKKPQHPN; TJ; GT; HJ IT;KPQPTTGV_;GT;LJKO;GT;HSP;QVJTT^TPQHIJK;IT;KJH;TM\fPQHPN
HVGKT[PV;HSP;VPTMLHGKH;TSPGVT;HJ;HSP;`P\;GKN;[LGKOPT] HJ; SIOS; TSPGV; [JVQP; U[GQHJVPN; YGLMP; J[; GZZLIPN; TSPGV
1<:Q:!; %SPVP;HSP;QJKQPKHVGHPN;JV;RJYIKO;LJGN;NJPT [JVQP;IT;LPTT;HSGK;JV;PeMGL;HJ;>D;ZPVQPKH;J[;HSP;TSPGV
KJH;GQH;NIVPQHL_;JK;HJZ;J[;HSP;`P\<;HSP;LJQGL;P[[PQH;TSGLL THVPKOHS;J[;HSP;TPQHIJK;GT;OIYPK;IK;1<:<X];/SP;RJRPKH
\P; QJKTINPVPN; IK; HSP; NPTIOK; J[; [LGKOPT; GKN; HSP QGZGQIH_;RG_;\P;HGaPK;GT<;DN& U)'';1<:!X(ÌHSJMH;GK_
NIGZSVGORT] VPNMQHIJK]
2Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
18:!:!( %SPK;HSP;[GQHJVPN;YGLMP;J[;HSP;GZZLIPN;TSPGV RIKJV; GKN; RGfJV; GiIT; J[; HSP; QVJTT^
[JVQP; IT; SIOS; UPiQPPNT; HSP; LIRIH; TZPQI[IPN; IK( 18:!:1X< TPQHIJK<;VPTZPQHIYPL_l
HSP;[GQHJVPN;RJRPKH;J[;HSP;TPQHIJK;TSJMLN;\P;LPTT;HSGK DKN_:&DKNg m NPTIOK;VPNMQPN;[LPiMVGL;THVPKOHS;MKNPV
HSP;RJRPKH;QGZGQIH_;J[;HSP;TPQHIJK&MKNPV;SIOSPV;TSPGV QJR\IKPN; GiIGL; [JVQP; GKN; HSP
[JVQP<;DNY<;QGLQMLGHPN;GT;OIYPK;\PLJ`b VPTZPQHIYP; MKIGiIGL; RJRPKH; GQHIKO
GX E76)!#-&*$&-*Y36-!&)'-!#*+ GLJKP;U)'';18:7:1:!Xl
&9 m [GQHJVPN;GZZLIPN;GiIGL;[JVQP;U/PKTIJK<
( /- = ( / − β ( ( / − ( ./ ) ≤ '0! E / & . γ ,,
0;JV;+JRZVPTTIJK<;,Xl
`SPVP
9N a NPTIOK; THVPKOHS; IK; HPKTIJK<; 0 N ; GT
β m U.IWIN h )X.<
J\HGIKPN; [VJR; 1!( JV; IK; QJRZVPTTIJK
DN a ZLGTHIQ; NPTIOK; RJRPKH; J[; HSP; `SJLP NMP;HJ;_IPLNIKO;OIYPK;\_;9N;m;;O,_WγRDl
TPQHIJK;NITVPOGVNIKO;SIOS;TSPGV;[JVQP
DN_:;DNg m NPTIOK; THVPKOHS; MKNPV; QJVVPTZJKNIKO
P[[PQH;U)''&1<:!:1:!X;QJKTINPVIKO;`P\
RJRPKH;GQHIKO;GLJKP;U)'';1<:!Xl
\MQaLIKO;P[[PQHT;U)'';1<:!:1:1X<
;O a OVJTT;GVPG;J[;HSP;QVJTT^TPQHIJKl
I a [GQHJVPN; GZZLIPN; TSPGV; [JVQP; GT
OJYPVKPN; \_; `P\; _IPLNIKO; JV; `P\ α)<;α. m QJKTHGKHT;GT;OIYPK;IK;/G\LP;)-l;GKN
\MQaLIKO< γRD m ZGVHIGL;[GQHJV;J[;TG[PH_;IK;_IPLNIKO]
IN a NPTIOK;TSPGV;THVPKOHS;GT;OJYPVKPN;\_
18:7:1:!; !JV;ZLGTHIQ;GKN;QJRZGQH;TPQHIJKT;ÌHSJMH;\JLHT
`P\; _IPLNIKO; JV; `P\; \MQaLIKO; U)''
SJLPT<;HSP;[JLLJÌKO;GZZVJiIRGHIJKT;RG_;\P;MTPN;[JV
1<:<:1(JV(1<:<:!X<
PYGLMGHIKO;DKN_;GKN&DKNgb
D[N m ZLGTHIQ;NPTIOK;THVPKOHS;J[;HSP;GVPG;J[
HSP;QVJTT^TPQHIJK;PiQLMNIKO;HSP;TSPGV ;GX E76!')
GVPG<;QJKTINPVIKO;ZGVHIGL;TG[PH_;[GQHJV DKN;a&DN&U)&c&+.X
γRD<;GKN
\X J'7%'%&\&*$&P1)'-!#*+)
LP m PLGTHIQ;TPQHIJK;RJNMLMT;J[;HSP;`SJLP
TPQHIJK]
\X 5'Y#1-*Y36-!&)'-!#*+ ⎡ ⎛ + − 6 ⎞! ⎤
DNY;m;LP , _WγRD D "#$ = D #$ ⎢% − ⎜ ⎟ ⎥ ≤ D #. &'()*);+ ≥ 6
⎢⎣ ⎝ % − 6 ⎠ ⎥⎦
18:7( -GIR@CBA(#Z@EF(/GN?B(ECA()BCA@CL(=GIBCD
9KNPV; QJR\IKPN; GiIGL; [JVQP; GKN; \PKNIKO; RJRPKH< &DKNg&a&DNg&U);c&+X;F&U);c&D](6X&≤;DNg
TPQHIJK; THVPKOHS; GT; OJYPVKPN; \_; RGHPVIGL; [GILMVP; GKN `SPVP
RPR\PV;THVPKOHS;GT;OJYPVKPN;\_;\MQaLIKO;[GILMVP;TSGLL
\P; QSPQaPN; IK; GQQJVNGKQP; ÌHS; 18:7:1( GKN( 18:7:! +;m;9&F&9N(GKN;6&a;U;&c&.;<&![X;F&;&≤;D](
VPTZPQHIYPL_] QX 4*$&)!6+%6$%&\&*$&P&)'-!#*+)
18:7:1( 5'-!#*+&5!$'+N!" DKNg&a&)]));DNg&U);c&+X;≤;DNg
[JV;+&≤&D].< DKN_&a&DN_
18:7:1:1( E76)!#-&6+%&-*Y36-!&)'-!#*+)
[JV;+&+&D].< DKN_;a&)](>&DN_&U);c&+X&U+&G&D]>X
1K;HSP;NPTIOK;J[;RPR\PVT;TM\fPQHPN;HJ;QJR\IKPN;GiIGL DKNg&a&)]))&DNg;U);h;+X;≤;DNg
[JVQP;UHPKTIJK;JV;QJRZVPTTIJKX;GKN;\PKNIKO;RJRPKH<
HSP;[JLLJÌKO;TSJMLN;\P;TGHIT[IPNb ;NX 4*$&$'-!6+N.76$&"*77*K&)'-!#*+)&6+%&K'7%'%
<*2&)'-!#*+)
α$ α!
⎛ (" ⎞ ⎛ ( ⎞ %SPK;HSP;TPQHIJK;IT;T_RRPHVIQ;G\JMH;\JHS;GiPT
⎜ ⎟ + ⎜ # ⎟ ≤ &'(
⎜ ( $%" ⎟ ⎝ ( $%# ⎠ GKN;ÌHSJMH;\JLH;SJLPT
⎝ ⎠
DKN_&a&DN_;U);c&+X;F&U);c&D](6[X&≤;DN_
+JKTPVYGHIYPL_<;HSP;[JLLJÌKO;PeMGHIJK;RG_;GLTJ;\P;MTPN
MKNPV;QJR\IKPN;GiIGL;[JVQP;GKN;\PKNIKO;RJRPKHb DKNg&a&DNg&U);c&+X;F&U);c&D](6`X&≤;DNg
`SPVP
, (" (#
+ + ≤ ''( 6`&&&a U;&c&.;<&![&X;F&;&≤&D](
,% ( %" ( %#
6[ a U;&c&.;"&!`X;F&;&≤&D](
`SPVP
PX >#$-.76$&"*77*K&!.<')&K#!"*.!&<*7!&"*7')
&D_:;Dg a [GQHJVPN; GZZLIPN; RJRPKHT; G\JMH; HSP
DKN;a&)]D8&DN&U);c&+)]-X&≤;DN
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 29
%9;:6)2!).<7=>97>=!"2)97?)1 !"#$"#%&!'()"(*&+,#%%&+#-"+./&-,'&.0%%01"(*&"(-'2#3-"0(
C#./0()%=RL-L=L=D 2'%#-"0(+,"4+5
!") !&@'A$( ( !)! !*! " !!" ! " !

+ "" + "$% # ≤ '()
#$%) "&" ! &" ! &#
.!"! #$"! #%"! #&"!
'"! (&)*+ &,-)**./! 0 !%!%!! $! " !6/ ! / ! !
''"! 1'2,3/)2&435.6! $! $! + )(* " / + " 7 67 7 ≤ '()
'''"! 7.,4)*83/)2&435.6! !9::;#!&<&!9!%!$""#&:! !9::;#!&< &!9!%!$"&#&:! ")7 ! )/ ! )7
'="! >?/'+ &2.,4)*8/.6! !9S%&"%!9@!%! !9S%"!9@%!%%
1,'2'
TU<P&V&-%+%121)3 #6/$%#67 8 '9:";#%'(-&:(".026&606'(-&.#3-02&#+&4'2
<#!%'&=>?
2B5C525C% 4)567895:/8;%()8;69- # 8 #44%"')&#$"#%&30642'++"0(&:()'2&.#3-02')
%0#)?
W(&-,'&#!+'(3'&0.&,"*,&+,'#2&.023'&C())&2B5152DA&+'6"@
$/$%$7 8 6#$"6:6& .#3-02')& #44%"')& !'()"(*
3064#3-&+'3-"0(&)'+"*(&"+&+#-"+.#3-02/&:()'2&306!"(')
606'(-+& #!0:-& && #()& '@#$"+& 0.& -,'
#$"#%&.023'&#()&!'()"(*A&".&-,'&6#$"6:6&%0(*"-:)"(#%
6'6!'2A&2'+4'3-";'%/?
+-2'++& :()'2& 306!"(')& #$"#%& .023'& #()& !'()"(*A& < $
+#-"+."'+&-,'&.0%%01"(*&32"-'2"#5 #)/$%#)7 8 )'+"*(&+-2'(*-,&:()'2&#$"#%&30642'++"0(
#+&*0;'2(')&!/&!:3B%"(*&#!0:-&6"(02&C/D
<$%≤%</%2γ6K #()&6#E02&C7D&#$"+A&2'+4'3-";'%/?
X02& 320++@+'3-"0(& 1"-,0:-& ,0%'+A& -,'& #!0;'& 32"-'2"# $)/A&$)7 8 )'+"*(&!'()"(*&+-2'(*-,&#!0:-&/&C6"(02D
2'):3'+&-0A 02& 7& C6#E02D& #$"+& 30(+")'2"(*& %#-'2#%%/
:(+:4402-')&%'(*-,&0.&-,'&320++@+'3-"0(
# !A ! F())!G'3-"0(&HC,DI?
+ + B ≤ '(C
#& ! &A ! &B */ + =,%Cλ/%J&KLMD-/%%≤%=&N&KL>%-/?
1,'2' *7 + =,%Cλ7%J%KLMD-7%≤%=N&KL>%-7A&#()
1)A%$)/A&$)7&#2'&#+&)'."(')&"(&2B5C5252L )('λ $% %" )('%"

*O< + '− ≥' −
2B5C51) =>)?/..%$)5@)?%4;?)-A;B (!!$% − )(+, ) (!!$% − )(+, )
Y'6!'2+& +:!E'3-')& -0& 306!"(')& #$"#%& .023'& #() 1,'2'
!'()"(*&606'(-&+,#%%&!'&3,'3B')&.02&0;'2#%%&!:3B%"(*
-/$%-7 8 2#-"0& 0.& #3-:#%& #44%"')& #$"#%& .023'& -0& -,'
.#"%:2'&#+&*";'(&"(&-,"+&+'3-"0(L
)'+"*(&#$"#%&+-2'(*-,%.02&!:3B%"(*&#!0:-&-,'
2B5C5152% C)-D6-A%/-D%/E6/.%;)-(69- /&#()&7@#$"+A&2'+4'3-";'%/A&#()
<,'&2'):3')&'..'3-";'&606'(-A&$'..A&:()'2&-'(+"0(&#() #6O< 8 P9:";#%'(-& :(".026& 606'(-& .#3-02& .02
!'()"(*&3#%3:%#-')&#+&*";'(&!'%01A&+,0:%)&(0-&'$3'') %#-'2#%&-02+"0(#%&!:3B%"(*&#+&4'2&<#!%'&=>
-,'&!'()"(*&+-2'(*-,&):'&-0&%#-'2#%&-02+"0(#%&!:3B%"(*A 3022'+40()"(*& -0& -,'& #3-:#%& 606'(-
$)&C())%2D5151DA *2#)"'(-&!'-1''(&%#-'2#%&+:4402-+&#*#"(+-
-02+"0(#%&)'.026#-"0(&"(&-,'&32"-"3#%&2'*"0(
! /DD = ⎡⎣ ! − ψ " F / 0 1 # ⎤⎦ ≤%$) :()'2&30(+")'2#-"0(L
1,'2' !"#$%&'()*+,(#&''"#$%&'!
$A%G 8 .#3-02')& #44%"')& 606'(-& #()& -'(+"0(A 23) .'##/.%&'#4
2'+4'3-";'%/?
H 8 #2'#&0.&320++@+'3-"0(? 2352) -67689:
$'3 8 '%#+-"3&+'3-"0(&60):%:+&0.&-,'&+'3-"0(&1"-, 235252) <,"+&G'3-"0(&)'#%+&1"-,&-,'&)'+"*(&#()&)'-#"%"(*
2'+4'3-&-0&'$-2'6'&30642'++"0(&."!2'?&#() 2'9:"2'6'(-+&.02&E0"(-+&!'-1''(&6'6!'2+L&Q0(('3-"0(
ψ 8 KL>A&".&G&#()&$&3#(&;#2/&"()'4'()'(-%/A&02 '%'6'(-+&30(+"+-&0.&30640('(-+&+:3,&#+&3%'#-+A&*:++'-
0-,'21"+' 4%#-'+A&!2#3B'-+A&30(('3-"(*&4%#-'+&#()&30(('3-02+&+:3,
8 =LKL #+&2";'-+A&!0%-+A&4"(+A&#()&1'%)+L&<,'&30(('3-"0(+&"(&#
+-2:3-:2'&+,#%%&!'&)'+"*(')&+0&#+&-0&!'&30(+"+-'(-&1"-,
2B5C5151%C)-D6-A%/-D%/E6/.%895:?)((69-
-,'&#++:64-"0(+&6#)'&"(&-,'&#(#%/+"+&0.&-,'&+-2:3-:2'
Y'6!'2+&+:!E'3-')&-0&306!"(')&#$"#%&30642'++"0(&#() #()& 3064%/& 1"-,& -,'& 2'9:"2'6'(-+& +4'3"."')& "(& -,"+
!" #$%&'#$()*+&(,&#-).',/)'0)&#,&$)1"23
$ERFB(1Q(.YO@XEFBCD(*C@MGNI(=GIBCD(/E?DGN
U>76.)'&B]6].].X
?%11'1;(B#I%1&(@'5;"5I" 451;%! *IK$!*Ic>!*I!

,0)*+1?;,+-F)0.! /+0,1001-01F;,+-F;
152! 172! 132! 142!
!
55&!;!&!&5! ?B2;-&?B4&!&";?B4!
! ?;!&"6!;5; )5;!&!&!;5; ?B7;-;?B7;#6;";?B4; ?B7;-;?B7;#6;";?B4;
55;!&"6;!;?! ?;!&!&!;5; ?B5);?B7&"6&";?B4; );?B7&"6&";?B4;
"#!$!%#&%' )5;!&!&!;?; ?B515)!2;)?B7&"6;";?B4; ?B715)*2;)?B7;#6;";?B4;
! ?;!&"3;!;5; )5;!&!&!;5; ?B.:&#&?B?:&"3; ?B.?;-;?B5?&"3 ;
55;!&"3;!;?! ?;!&!&!;5; ?B.:;-;?B?:&"3; ?B.?;-;?B5?&"3;

"#!$!%#&% '
)5;!;*;!;?; ?B.:;-;?B?:&"3 &15-7;!2; ?B.?;-;?B5"3 &15-7&!2;
!JV;RPR\PVT;ÌHS;T`G_;\MQaLIKO;RJNP<;HSP;PeMIYGLPKH;MKI[JVR;RJRPKH;[GQHJV;>R_&a&>Rg;m;D]B]
>R_<;>Rg:&>R03/;TSGLL;\P;J\HGIKPN;GQQJVNIKO;HJ;HSP;\PKNIKO;RJRPKH;NIGOVGR;\PH`PPK;HSP;VPLPYGKH;\VGQPN;ZJIKHT
0JRPKH;[GQHJV 7PKNIKO;GiIT ,JIKHT;\VGQPN;IK;NIVPQHIJK

+R_ g^g _^_ D_ [JV;+
R_
+Rg _^_ g^g +Rg

Dg [JV;+R3/
+R3/ g^g &O1O
TPQHIJK];+JKKPQHIJKT;TSGLL;\P;QGZG\LP;J[;HVGKTRIHHIKO TSPGV;LJGN;JV;`SPK;`PLNIKO;GKN;[GTHPKPVT;GVP;QJR\IKPN<
HSP;QGLQMLGHPN;NPTIOK;GQHIJKT] HSPK;JKP;[JVR;J[;[GTHPKPV;TSGLL;\P;KJVRGLL_;NPTIOKPN
HJ; QGVV_; HSP; HJHGL; LJGN]; 2PYPVHSPLPTT<; [MLL_; HPKTIJKPN
12:1:!( %SPVP;RPR\PVT;GVP;QJKKPQHPN;HJ;HSP;TMV[GQP
[VIQHIJK;OVIZ;\JLHT;RG_;\P;NPTIOKPN;HJ;TSGVP;HSP;LJGN
J[;G;`P\;JV;HSP;[LGKOP;J[;G;TPQHIJK<;HSP;G\ILIH_;J[;HSP
ÌHS;`PLNIKO<;ZVJYINPN;HSP;\JLHT;GVP;[MLL_;HIOSHPKPN;HJ
`P\;JV;HSP;[LGKOP;HJ;HVGKT[PV;HSP;GZZLIPN;[JVQPT;LJQGLL_
NPYPLJZ;KPQPTTGV_;ZVPHPKTIJK;G[HPV;`PLNIKO]
TSJMLN;\P;QSPQaPN;GKN;`SPVP;KPQPTTGV_<;LJQGL;THI[[PKIKO
ZVJYINPN] 12:1:2( /SP; ZGVHIGL; TG[PH_; [GQHJV; IK; HSP; PYGLMGHIJK; J[
NPTIOK;THVPKOHS;J[;QJKKPQHIJKT;TSGLL;\P;HGaPK;GT;OIYPK
12:1:7( $GTP; J[; [G\VIQGHIJK; GKN; PVPQHIJK; TSJMLN; \P
IK;/G\LP;(]
QJKTINPVPN; IK; HSP; NPTIOK; J[; QJKKPQHIJKT]; :HHPKHIJK
TSJMLN; \P; ZGIN; HJ; QLPGVGKQPT; KPQPTTGV_; [JV; [IPLN 12:!( 'G?ED@GC(+BDE@FH(GM(/EHDBCBNH
PVPQHIJK<; HJLPVGKQPT<; HIOSHPKIKO; J[; [GTHPKPVT<; `PLNIKO
ZVJQPNMVPT<;TM\TPeMPKH;IKTZPQHIJK<;TMV[GQP;HVPGHRPKH 12:!:1( >7'6$6+-')&,*$&P*7')&,*$&46)!'+'$)
GKN;RGIKHPKGKQP] 7JLHT;RG_;\P;LJQGHPN;IK;THGKNGVN;TIgP<;JYPV;TIgP<;TSJVH
12:1:<( /SP;NMQHILIH_;J[;THPPL;GTTITHT;HSP;NITHVI\MHIJK;J[ TLJHHPN;JV;LJKO;TLJHHPN;SJLP<;GT;[JLLJ`T]
[JVQPT; OPKPVGHPN; ÌHSIK; G; fJIKH]; $[[PQHT; J[; VPTINMGL GX 5!6+%6$%& -7'6$6+-'& "*7'& /& $iQPZH; `SPVP
THVPTTPT;GKN;THVPTTPT;NMP;HJ;HIOSHPKIKO;J[;[GTHPKPVT;GKN [IHHPN;\JLHT<;\JLHT;IK;LJ`^QLPGVGKQP;JV;JYPVTIgP
KJVRGL; HJLPVGKQPT; J[; [IH^MZ; KPPN; KJH; HSPVP[JVP; \P SJLPT;GVP;TZPQI[IPN<;HSP;NIGRPHPV;J[;THGKNGVN
QJKTINPVPN; IK; QJKKPQHIJK; NPTIOK<; ZVJYINPN; NMQHILP QLPGVGKQP;SJLPT;[JV;[GTHPKPVT;TSGLL;\P;GT;OIYPK
\PSGYIJMV;IT;PKTMVPN] IK;/G\LP;)B]
12:1:8( 1K;OPKPVGL<;MTP;J[;NI[[PVPKH;[JVRT;J[;[GTHPKPVT \X Q('$)#O'&"*7'&/&=JLPT;J[;TIgP;LGVOPV;HSGK;HSP
HJ;HVGKT[PV;HSP;TGRP;[JVQP;TSGLL;\P;GYJINPN];=J`PYPV< THGKNGVN;QLPGVGKQP;SJLPT<;GT;OIYPK;IK;/G\LP;)B
`SPK;NI[[PVPKH;[JVRT;J[;[GTHPKPVT;GVP;MTPN;HJ;QGVV_;G RG_;\P;MTPN;IK;TLIZ;VPTITHGKH;QJKKPQHIJKT;GKN
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;1
SJLN; NJ`K; \JLHPN; QJKKPQHIJKT<; JKL_; `SPVP 12:!:7:7( /SP;NITHGKQP;\PH`PPK;HSP;QPKHVPT;J[;GK_;H`J
TZPQI[IPN<;ZVJYINPN;HSP;JYPVTIgP QJKTPQMHIYP;[GTHPKPVT;IK;G;LIKP;GNfGQPKH;GKN;ZGVGLLPL;HJ
QX =JLPT;IK;HSP;JMHPV;ZL_;IT;QJYPVPN;\_;G;QJYPV GK;PNOP;J[;GK;JMHTINP;ZLGHP;TSGLL;KJH;PiQPPN;)DD;RR
ZLGHP;J[;TM[[IQIPKHL_;LGVOP;TIgP;GKN;HSIQaKPTT ZLMT;8!;JV;.DD;RR<;`SIQSPYPV;IT;LPTT<;IK;QJRZVPTTIJK
GKN;SGYIKO;G;SJLP;KJH;LGVOPV;HSGK;HSP;THGKNGVN GKN;HPKTIJK;RPR\PVTl;`SPVP;!;IT;HSP;HSIQaKPTT;J[;HSP
QLPGVGKQP;SJLP;UGKN;SGVNPKPN;`GTSPV;IK;TLIZ HSIKKPV;JMHTINP;ZLGHP]
VPTITHGKH;QJKKPQHIJKTX] 12:!:7:<( %SPK; [GTHPKPVT; GVP; THGOOPVPN; GH; PeMGL
NX 5"*$!&6+%&7*+N&)7*!)&/;*LJHHPN;SJLPT;J[;TIgP IKHPVYGLT;GKN;HSP;OGMOP;NJPT;KJH;PiQPPN;-(;RR<;HSP
LGVOPV; HSGK; HSP; THGKNGVN; QLPGVGKQP; SJLP<; GT TZGQIKO; TZPQI[IPN; IK; 12:!:7:!; GKN; 12:!:7:7; \PH`PPK
OIYPK;IK;/G\LP;)B;RG_;\P;MTPN;IK;TLIZ;VPTITHGKH QPKHVPT;J[;[GTHPKPVT;RG_;\P;IKQVPGTPN;\_;(D;ZPVQPKH<
QJKKPQHIJKT; GKN; SJLN; NJ`K; \JLHPN TM\fPQH;HJ;HSP;RGiIRMR;TZGQIKO;TZPQI[IPN;IK;12:!:7:1]
QJKKPQHIJKT<;JKL_;`SPVP;TZPQI[IPN<;ZVJYINPN
HSP;JYPVTIgP;SJLPT;IK;HSP;JMHPV;ZL_;IT;QJYPVPN 12:!:<! @%N'&6+%&@+%&?#)!6+-')
\_;G;QJYPV;ZLGHP;J[;TM[[IQIPKHL_;LGVOP;TIgP;GKN 12:!:<:1( /SP; PNOP; NITHGKQP; IT; HSP; NITHGKQP; GH; VIOSH
HSIQaKPTT;GKN;SGYIKO;G;SJLP;J[;TIgP;KJH;LGVOPV GKOLPT;HJ;HSP;NIVPQHIJK;J[;THVPTT;[VJR;HSP;QPKHVP;J[;G
HSGK;HSP;THGKNGVN;QLPGVGKQP;SJLP;UGKN;SGVNPKPN SJLP; HJ; HSP; GNfGQPKH; PNOP]; /SP; PKN; NITHGKQP; IT; HSP
`GTSPV;IK;TLIZ;VPTITHGKH;QJKKPQHIJKX] NITHGKQP;IK;HSP;NIVPQHIJK;J[;THVPTT;[VJR;HSP;QPKHVP;J[;G
$ERFB(19(-FBENEC?BH(MGN(/EHDBCBN([GFBH SJLP;HJ;HSP;PKN;J[;HSP;PLPRPKH]
U>76.)'&)>].])X 1K;TLJHHPN;SJLPT<;HSP;PNOP;GKN;PKN;NITHGKQPT;TSJMLN;\P
RPGTMVPN;[VJR;HSP;PNOP;JV;PKN;J[;HSP;RGHPVIGL;HJ;HSP
'"( -#+($#"( '(A%(#&('B%(C#"%(D(-#+($#"(;(#+%'%-(#&( QPKHVP;J[;IHT;PKN;VGNIMT;JV;HSP;QPKHVP;LIKP;J[;HSP;TLJH<
-#.( '(A%(#&( 'B%(.#$'%$%-(f(""%#-#$&%$((
.#$'%$%-;;+; ;99;
`SIQSPYPV;IT;TRGLLPV];1K;JYPVTIgP;SJLPT<;HSP;PNOP;GKN
99; PKN;NITHGKQPT;TSJMLN;\P;HGaPK;GT;HSP;NITHGKQP;[VJR;HSP
!
7414H19H; :;89;7338; /08191428;34; VPLPYGKH;PNOPWPKN;ZLMT;SGL[;HSP;NIGRPHPV;J[;HSP;THGKNGVN
/08191428;34; /08191428;34; 4:8;58454:;62; QLPGVGKQP;SJLP;QJVVPTZJKNIKO;HJ;HSP;[GTHPKPV<;LPTT;HSP
83198489;14H; 83198489! 4:8;7064;; KJRIKGL;NIGRPHPV;J[;HSP;JYPVTIgP;SJLP]
93H4:;62;7064! !
7:694; 5645; 12:!:<:!( /SP;RIKIRMR;PNOP;GKN;PKN;NITHGKQPT;[VJR
7064! 7064!
<"=; <$=; <>=; <?=; <<=; <==; HSP; QPKHVP; J[; GK_; SJLP; HJ; HSP; KPGVPTH; PNOP; J[; G; ZLGHP
TSGLL; KJH; \P; LPTT; HSGK; )]-; HIRPT; HSP; SJLP; NIGRPHPV;IK
3=! "$@"?; "/+! >/+! ?/+! $/<;"!
33=! "=@$$; $/+! ?/+! =/+! $/<;"!
QGTP;J[;TSPGVPN;JV;SGKN^[LGRP;QMH;PNOPTl;GKN;)](;HIRPT
333=! $?; $/+! =/+! A/+! $/<;"! HSP;SJLP;NIGRPHPV;IK;QGTP;J[;VJLLPN<;RGQSIKP^[LGRP;QMH<
3;=! 519589; 4:14; >/+! A/+! "+/+! $/<;"; TG`K;GKN;ZLGKPN;PNOPT]
$?;
12:!:<:7( /SP;RGiIRMR;PNOP;NITHGKQP;HJ;HSP;KPGVPTH
LIKP;J[;[GTHPKPVT;[VJR;GK;PNOP;J[;GK_;MK^THI[[PKPN;ZGVH
12:!:!( D#+#Y.Y&536-#+N
TSJMLN;KJH;PiQPPN;).!ε<;`SPVP;ε;m;U.(DW,_X)W.;GKN;!;IT
/SP;NITHGKQP;\PH`PPK;QPKHVPT;J[;[GTHPKPVT;TSGLL;KJH;\P HSP;HSIQaKPTT;J[;HSP;HSIKKPV;JMHPV;ZLGHP];/SIT;`JMLN;KJH
LPTT;HSGK;.](;HIRPT;HSP;KJRIKGL;NIGRPHPV;J[;HSP;[GTHPKPV] GZZL_;HJ;[GTHPKPVT;IKHPVQJKKPQHIKO;HSP;QJRZJKPKHT;J[
\GQa; HJ; \GQa; HPKTIJK; RPR\PVT]; %SPVP; HSP; RPR\PVT
12:!:7& D62#Y.Y&536-#+N
GVP;PiZJTPN;HJ;QJVVJTIYP;IK[LMPKQPT<;HSP;RGiIRMR;PNOP
12:!:7:1; /SP;NITHGKQP;\PH`PPK;HSP;QPKHVPT;J[;GK_;H`J NITHGKQP;TSGLL;KJH;PiQPPN;8D;RR;ZLMT;8!<;`SPVP;!;IT;HSP
GNfGQPKH; [GTHPKPVT; TSGLL; KJH; PiQPPN; 6.!; JV; 6DD; RR< HSIQaKPTT;J[;HSIKKPV;QJKKPQHPN;ZLGHP]
`SIQSPYPV;IT;LPTT<;`SPVP;!;IT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV
12:!:8( 06-C#+N&46)!'+'$)
ZLGHP]
12:!:8:1(1K;QGTP;J[;RPR\PVT;QJYPVPN;MKNPV;12:!:<:7<
12:!:7:!( /SP; NITHGKQP; \PH`PPK; HSP; QPKHVPT; J[; H`J
`SPK;HSP;RGiIRMR;NITHGKQP;\PH`PPK;QPKHVPT;J[;H`J
GNfGQPKH;[GTHPKPVT;UZIHQSX;IK;G;LIKP;L_IKO;IK;HSP;NIVPQHIJK
GNfGQPKH;[GTHPKPVT;GT;TZPQI[IPN;IK;12:!:<:7(IT;PiQPPNPN<
J[;THVPTT<;TSGLL;KJH;PiQPPN;)>!;JV;.DD;RR<;`SIQSPYPV;IT
HGQaIKO;[GTHPKPVT;KJH;TM\fPQHPN;HJ;QGLQMLGHPN;THVPTT;TSGLL
LPTT<;IK;HPKTIJK;RPR\PVT;GKN;).!;JV;.DD;RR<;`SIQSPYPV
\P;MTPN]
IT;LPTT<;IK;QJRZVPTTIJK;RPR\PVTl;`SPVP;!;IT;HSP;HSIQaKPTT
J[;HSP;HSIKKPV;ZLGHP];1K;HSP;QGTP;J[;QJRZVPTTIJK;RPR\PVT 12:!:8:!( /GQaIKO;[GTHPKPVT;TSGLL;SGYP;TZGQIKO;IK;G;LIKP
`SPVPIK;[JVQPT;GVP;HVGKT[PVVPN;HSVJMOS;\MHHIKO;[GQPT< KJH; PiQPPNIKO; 6.; HIRPT; HSP; HSIQaKPTT; J[; HSP; HSIKKPV
HSIT;NITHGKQP;TSGLL;KJH;PiQPPN;8](;HIRPT;HSP;NIGRPHPV;J[ JMHTINP;ZLGHP;JV;6DD;RR<;`SIQSPYPV;IT;LPTT];%SPVP;HSP
HSP;[GTHPKPVT;[JV;G;NITHGKQP;PeMGL;HJ;)](;HIRPT;HSP;ÌNHS ZLGHPT;GVP;PiZJTPN;HJ;HSP;`PGHSPV<;HSP;TZGQIKO;IK;LIKP
J[;HSP;RPR\PV;[VJR;HSP;\MHHIKO;[GQPT] TSGLL;KJH;PiQPPN;)>;HIRPT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV
;! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
JMHTINP; ZLGHP; JV; .DD; RR<; `SIQSPYPV; IT; LPTT]; 1K; \JHS `SPVP
QGTPT<;HSP;NITHGKQP;\PH`PPK;HSP;LIKPT;J[;[GTHPKPVT;TSGLL
IKT\ m KJRIKGL;TSPGV;QGZGQIH_;J[;G;\JLH<;QGLQMLGHPN
KJH;\P;OVPGHPV;HSGK;HSP;VPTZPQHIYP;ZIHQSPT]
GT;[JLLJ`Tb
12:!:8:7( :LL;HSP;VPeMIVPRPKHT;TZPQI[IPN;IK;12:!:8:!(TSGLL
&>
OPKPVGLL_; GZZL_; HJ; QJRZVPTTIJK; RPR\PVT<; TM\fPQH; HJ #$*? = (2$ $$? + 2* $*? ) ;
HSP;THIZMLGHIJKT;IK;*PQHIJK;>UOX;G[[PQHIKO;HSP;NPTIOK;GKN 5
QJKTHVMQHIJK;J[;QJRZVPTTIJK;RPR\PVT] `SPVP
12:!:8:<( 1K; HPKTIJK; RPR\PVT; o)''; *PQHIJK; >U[Xp &,M m MLHIRGHP;HPKTILP;THVPKOHS;J[;G;\JLHl
QJRZJTPN; J[; H`J; [LGHT<; GKOLPT<; QSGKKPLT; JV; HPPT; IK
+K m KMR\PV; J[; TSPGV; ZLGKPT; ÌHS; HSVPGNT
QJKHGQH;\GQa;HJ;\GQa;JV;TPZGVGHPN;\GQa;HJ;\GQa;\_;G
IKHPVQPZHIKO;HSP;TSPGV;ZLGKPl
NITHGKQP;KJH;PiQPPNIKO;HSP;GOOVPOGHP;HSIQaKPTT;J[;HSP
QJKKPQHPN;ZGVHT<;HGQaIKO;[GTHPKPVT;ÌHS;TJLIN;NITHGKQP +T m KMR\PV; J[; TSPGV; ZLGKPT; ÌHSJMH; HSVPGNT
ZIPQPT; TSGLL; \P; ZVJYINPN; GH; G; TZGQIKO; IK; LIKP; KJH IKHPVQPZHIKO;HSP;TSPGV;ZLGKPl
PiQPPNIKO;);DDD;RR] ;T\ m KJRIKGL;ZLGIK;TSGKa;GVPG;J[;HSP;\JLHl;GKN
12:!:8:8( !JV; QJRZVPTTIJK; RPR\PVT; QJYPVPN; IK ;K\ m KPH;TSPGV;GVPG;J[;HSP;\JLH;GH;HSVPGNT<;RG_;\P
*PQHIJK;>UOX<;HGQaIKO;[GTHPKPVT;IK;G;LIKP;TSGLL;\P;TZGQPN HGaPK; GT; HSP; GVPG; QJVVPTZJKNIKO; HJ; VJJH
GH;G;NITHGKQP;KJH;PiQPPNIKO;>DD;RR] NIGRPHPV;GH;HSP;HSVPGN]
12:7:7:1( B*+N&R*#+!)
12:!:2(&>*.+!'$).+C&P'6%)
%SPK; HSP; LPKOHS; J[; HSP; fJIKH<; 7f; J[; G; TZLIQP; JV; PKN
!JV; QJMKHPVTMKa; SPGNT<; JKP^SGL[; J[; HSP; NPZHS; J[; HSP
QJKKPQHIJK; IK; G; QJRZVPTTIJK; JV; HPKTIJK; PLPRPKH
QJMKHPVTIKaIKO; TSGLL; \P; KPOLPQHPN; IK; QGLQMLGHIKO; HSP
QJKHGIKIKO;RJVP;HSGK;H`J;\JLHT;UHSGH;IT<;HSP;NITHGKQP
LPKOHS; J[; HSP; [GTHPKPV; IK; \PGVIKO; IK; GQQJVNGKQP
\PH`PPK; HSP; [IVTH; GKN; LGTH; VJ`T; J[; \JLHT; IK; HSP; fJIKH<
ÌHS;12:7:7];!JV;[GTHPKPVT;IK;HPKTIJK;SGYIKO;QJMKHPVTMKa
RPGTMVPN;IK;HSP;NIVPQHIJK;J[;HSP;LJGN;HVGKT[PVX;PiQPPNT
SPGNT<; HSP; HPKTILP; THVPKOHS; TSGLL; \P; VPNMQPN; \_; 66]6
)(%;IK;HSP;NIVPQHIJK;J[;LJGN<;HSP;KJRIKGL;TSPGV;QGZGQIH_
ZPVQPKH];2J;VPNMQHIJK;IT;VPeMIVPN;HJ;\P;RGNP;IK;TSPGV
U)'';12:7:!X<;IN\;TSGLL;\P;VPNMQPN;\_;HSP;[GQHJV;βLf<;OIYPK
THVPKOHS;QGLQMLGHIJKT]
\_b
12:7 ()BEN@CL($KJB()GFDH βLf a )]D-(&c&7f&F&U.DD;%X \MH;D]-(;≤;βLf;≤;)]D
12:7:1 @,,'-!#('&;$'6)&*,&=*7!) m )]D-(;c&D]DD(U7f&F%X
12:7:1:1( *IKQP;HSVPGNT;QGK;JQQMV;IK;HSP;TSPGV;ZLGKP< `SPVP
HSP;GVPG;;P;[JV;VPTITHIKO;TSPGV;TSJMLN;KJVRGLL_;\P;HGaPK % m 2JRIKGL;NIGRPHPV;J[;HSP;[GTHPKPV]
GT;HSP;KPH;HPKTILP;THVPTT;GVPG<;;K;J[;HSP;\JLHT];!JV;\JLHT 2"/$;j;/SIT;ZVJYITIJK;NJPT;KJH;GZZL_;`SPK;HSP;NITHVI\MHIJK
`SPVP;HSP;KPH;HPKTILP;THVPTT;GVPG;IT;KJH;NP[IKPN<;;K;TSGLL J[;TSPGV;JYPV;HSP;LPKOHS;J[;fJIKH;IT;MKI[JVR<;GT;IK;HSP;QJKKPQHIJK
\P;HGaPK;GT;HSP;GVPG;GH;HSP;VJJH;J[;HSP;HSVPGNT] J[;`P\;J[;G;TPQHIJK;HJ;HSP;[LGKOPT]
12:7:1:!( %SPVP; IH; QGK; \P; TSJ`K; HSGH; HSP; HSVPGNT; NJ 12:7:7:!( B6$N'&N$#3&7'+N!")
KJH;JQQMV;IK;HSP;TSPGV;ZLGKP<; ;P; RG_;\P;HGaPK;GT;HSP %SPK;HSP;OVIZ;LPKOHS<;7O;UPeMGL;HJ;HSP;HJHGL;HSIQaKPTT;J[
QVJTT^TPQHIJK;GVPG<;;T;GH;HSP;TSGKa] HSP;QJKKPQHPN;ZLGHPTX;PiQPPNT;(;HIRPT;HSP;NIGRPHPV<;%
12:7:1:7( 1K;HSP;QGLQMLGHIJK;J[;HSVPGN;LPKOHS<;GLLJ`GKQP J[;HSP;\JLHT<;HSP;NPTIOK;TSPGV;QGZGQIH_;TSGLL;\P;VPNMQPN
TSJMLN;\P;RGNP;[JV;HJLPVGKQP;GKN;HSVPGN;VMK;J[[] \_;G;[GQHJV;<LO<;OIYPK;\_b
12:7:!; :;\JLH;TM\fPQHPN;HJ;G;[GQHJVPN;TSPGV;[JVQP;UIT\X βLO&m&A%;WU6% G&7OX;m;AWU6 s 7OF%X
TSGLL;TGHIT[_;HSP;QJKNIHIJK βLO& TSGLL;KJH;\P;RJVP;HSGK;βLf& OIYPK;IK;12:7:7:1];/SP
IT\&≤&IN\ OVIZ;LPKOHS<;7O;TSGLL;IK;KJ;QGTP;\P;OVPGHPV;HSGK;A%]
`SPVP;IN\;IT;HSP;NPTIOK;THVPKOHS;J[;HSP;\JLH<;HGaPK;GT 12:7:7:7( E6-C#+N&376!')
HSP; TRGLLPV; J[; HSP; YGLMP; GT; OJYPVKPN; \_; TSPGV<; INT\ /SP; NPTIOK; TSPGV; QGZGQIH_; J[; \JLHT; QGVV_IKO; TSPGV
U)''&12:7:7X;GKN;\PGVIKO<;INZ\&U)'';12:7:<X] HSVJMOS; G; ZGQaIKO; ZLGHP; IK; PiQPTT; J[; >; RR; TSGLL; \P
12:7:7& 5"'6$&>636-#!M&*,&=*7! NPQVPGTPN;\_;G;[GQHJV<;βZa;OIYPK;\_b
/SP;NPTIOK;THVPKOHS;J[;HSP;\JLH<;INT\;GT;OJYPVKPN;\_ βZa;a&U);h;D]D).;(!ZaX
TSPGV;THVPKOHS;IT;OIYPK;\_b `SPVP
INT\;a&IKT\;F&γR\ !Za m HSIQaKPTT;J[;HSP;HSIQaPV;ZGQaIKO<;IK;RR]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;7
34565") !"#$%&'()#*#+%,-(./(,0"(!.1, +22,.2,'+-#$N)%'+)$O-+)%+,%$C/.,$*.0-&$8"#,#
-"#$-#)&'0#$&-,#&&$+,#+$'&$).-$%#/')#%3$:)$&"+00
!"#$%#&'()$*#+,')($&-,#)(-"$./$+$*.0-$.)$+)1$20+-#3$2%2*
*#$ -+A#)$ +&$ -"#$ +,#+$ +-$ -"#$ *.--.7$ ./$ -"#
+&$(.4#,)#%$*1$*#+,')($'&$('4#)$*15
-",#+%&D3$+)%
2%2*(3(2)2*(6$γ7* :&* 3 &"+)A$+,#+$./$-"#$*.0-;
8"#,#
345654! !.1,(<=>?"+,"5(,.().@>%&"5(<0"#$(#&5(7"&8%.&
2)2* 9 ).7')+0$*#+,')($&-,#)(-"$./$+$*.0-
K$*.0-$,#P=',#%$-.$,#&'&-$*.-"$%#&'()$&"#+,$/.,>#$C2&%D
9 :;<(4*(5(,(/= +)%$ %#&'()$ -#)&'0#$ /.,>#$ C7*D$ +-$ -"#$ &+7#$ -'7#$ &"+00
&+-'&/13
8"#,# ! !
⎛% ⎞ ⎛ ! ⎞
$ ⎜ "# ⎟ + ⎜ # ⎟ ≤ %&'
" # ! !" ⎝ %$# ⎠ ⎝ !$# ⎠
(4*$'&$&7+00#,$./$ # − !$%&# # '$!(
)$! )$! !" 8"#,#
("6(* 9 #)%$+)%$2'->"$%'&-+)>#&$./$-"#$/+&-#)#,$+0.)( 2&* 9 /+>-.,#%$&"#+,$/.,>#$+>-')($.)$-"#$*.0-3

*#+,')($%',#>-'.)? 2%* 9 %#&'()$&"#+,$>+2+>'-1$C8""$345651D3
5@ 9 %'+7#-#,$./$-"#$".0#? 7* 9 /+>-.,#%$-#)&'0#$/.,>#$+>-')($.)$-"#$*.0-3$+)%
/=*3$/= 9 =0-'7+-#$ -#)&'0#$ &-,#&&$ ./$ -"#$ *.0-$ +)%$ -"# 7%* 9 %#&'()$-#)&'.)$>+2+>'-1$C8""$345657D;
=0-'7+-#$ -#)&'0#$ &-,#&&$ ./$ -"#$ 20+-#3
,#&2#>-'4#01? 345") 08!"9!:;)-8!<)%=<>)*:?9!;@
5 9 ).7')+0$%'+7#-#,$./$-"#$*.0-?$+)% 345"53 )N)$/,'>-'.)$(,'2$-12#$*.0-')(3$')'-'+0$2,#-#)&'.)
, 9 &=77+-'.)$ ./$ -"#$ -"'>A)#&&#&$ ./$ -"# ')$*.0-$C=&=+001$"'("$&-,#)(-"D$%#4#0.2&$>0+72')($/.,>#
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-.$-"#$+>>#2-#%$&-+)%+,%$RSTSC()DU;$!"#',$')&-+00+-'.)
!"#$*#+,')($,#&'&-+)>#$C')$-"#$%',#>-'.)$).,7+0$-.$-"# 2,.>#%=,#&$&"+00$>.)/.,7$-.$(..%$2,+>-'>#$RSTSCV<DU;
&0.-&$ ')$ &0.--#%$ ".0#&D$ ./$ *.0-&$ ')$ ".0#&$ .-"#,$ -"+)
&-+)%+,%$>0#+,+)>#$".0#&$7+1$*#$,#%=>#%$*1$7=0-'201')( 345"51 W"#,#$ &0'2$ *#-8##)$ *.0-#%$ 20+-#&$ >+)).-$ *#
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&"+00$ *#$ &+-'&/'#%$ +-$ &#,4'>#$ +)%$ &-,#)(-"$ 0'7'-$ &-+-#&
+D E4#,$&'F#$+)%$&".,-$&0.--#%$".0#& 5 @;*3$+)% 0.+%&3$ ,#&2#>-'4#01;$ X.8#4#,3$ -"#$ ,#P=',#7#)-&
*D G.)($&0.--#%$".0#& 5 @;<; ./$345"5") &"+00$ *#$ &+-'&/'#%$ *1$ +00$ >.))#>-'.)&$ +-$ -"#
HE!I$J$!"#$*0.>A$&"#+,$./$-"#$#%(#$%'&-+)>#$%=#$-.$*#+,')( &-,#)(-"$0'7'-$&-+-#&;
/.,>#$7+1$*#$>"#>A#%$+&$('4#)$')$31;";
345"56! <1%*(A"8%8,#&+"
345657) 7"&8%.&()#*#+%,-
Y#&'()$/.,$/,'>-'.)$-12#$*.0-')(3$8"#,#$&0'2$,#&'&-+)>#
K$ *.0-$ &=*L#>-#%$ -.$ +$ /+>-.,#%$ -#)&'0#$ /.,>#3$7*$ &"+00 '&$,#P=',#%$+-$/+>-.,#%$%#&'()$/.,>#$2&/3$&"+00$&+-'&/1$-"#
&+-'&/13 /.00.8')(5
7*(≤ (7%* 2&/(≤ (2%&/
8"#,# 8"#,#
$7%* 3 7)*$9(γ7* 2%&/ 3 2)&/(9γ7/
7)* 9 ).7')+0$ -#)&'0#$ >+2+>'-1$ ./$ -"#$ *.0-3 2)&/ 9 ).7')+0$&"#+,$>+2+>'-1$./$+$*.0-$+&$(.4#,)#%
>+0>=0+-#%$+&5 *1$ &0'2$ /.,$ /,'>-'.)$ -12#$ >.))#>-'.)3
7)*(3(@;M@(/=*(:)(;(/1*(:&*(Cγ7*(9γ7@D >+0>=0+-#%$+&$/.00.8&5
8"#,# 2)&/$9$Z/ &# B" C.
(/=* 9 =0-'7+-#$-#)&'0#$&-,#&&$./$-"#$*.0-3 8"#,#
(/1* 9 1'#0%$&-,#&&$./$-"#$*.0-3 Z/ 9 >.#//'>'#)-$ ./$ /,'>-'.)$ C&0'2$ /+>-.,D$ +&
:) 9 )#-$ -#)&'0#$ &-,#&&$ +,#+$ +&$ &2#>'/'#%$ ')$ -"# &2#>'/'#%$')$!+*0#$:@$CZ/$≤ $@;<<D?
!" #$%&'#$()*+&(,&#-).',/)'0)&#,&$)1234
+P a KMR\PV; J[; P[[PQHIYP; IKHPV[GQPT; J[[PVIKO RG_; \P; QGLQMLGHPN; GT; ZPV; \PGVIKO; H_ZP; QJKKPQHIJK
[VIQHIJKGL;VPTITHGKQP;HJ;TLIZl U)'';12:7:!(GKN(12:7:7V:
AS m )]D;[JV;[GTHPKPVT;IK;QLPGVGKQP;SJLPT< 2"/$;j;/SP;\LJQa;TSPGV;VPTITHGKQP;J[;HSP;PNOP;NITHGKQP;NMP
HJ;\PGVIKO;[JVQP;RG_;\P;QSPQaPN;GT;OIYPK;IK;1!:<]
m D]A(; [JV; [GTHPKPVT; IK; JYPVTIgPN; GKN; TSJVH
TLJHHPN;SJLPT;GKN;[JV;[GTHPKPVT;IK;LJKO;TLJHHPN 12:<:8( 0'+)#*+&H')#)!6+-'
SJLPT;LJGNPN;ZPVZPKNIQMLGV;HJ;HSP;TLJH<
:; [VIQHIJK; \JLH; TM\fPQHPN; HJ; G; [GQHJVPN; HPKTIJK; [JVQP
m D]-;[JV;[GTHPKPVT;IK;LJKO;TLJHHPN;SJLPT;LJGNPN U0[X;TSGLL;TGHIT[_b
ZGVGLLPL;HJ;HSP;TLJHl
0[&≤;0N[
γR[ m )])D;UI[;TLIZ;VPTITHGKQP;IT;NPTIOKPN;GH;TPVYIQP
LJGNX< `SPVP
m )].(;UI[;TLIZ;VPTITHGKQP;IT;NPTIOKPN;GH;MLHIRGHP 0N[ m 0K[;F&γR[
LJGNXl
0K[ m KJRIKGL;HPKTILP;THVPKOHS;J[;HSP;[VIQHIJK;\JLH<
4J m RIKIRMR; \JLH; HPKTIJK; UZVJJ[; LJGNX; GH QGLQMLGHPN;GTb
IKTHGLLGHIJK;GKN;RG_;\P;HGaPK;GT;;K\&,J<
0K[;m&D]B&,M\&;K;≤;,_\;;T\UγR)F&γRDX
;K\ m KPH;GVPG;J[;HSP;\JLH;GH;HSVPGNT<;GKN
`SPVP
&,J m ZVJJ[;THVPTT;Um;D]-D;,M\X]
;,M\ m MLHIRGHP;HPKTILP;THVPTT;J[;HSP;\JLHl
2"/$;j;IKT[;RG_;\P;PYGLMGHPN;GH;G;TPVYIQP;LJGN;JV;MLHIRGHP
LJGN; MTIKO; GZZVJZVIGHP; ZGVHIGL; TG[PH_; [GQHJVT<; NPZPKNIKO; MZJK ;K m KPH;HPKTILP;THVPTT;GVPG;GT;TZPQI[IPN;IK;YGVIJMT
`SPHSPV;TLIZ;VPTITHGKQP;IT;VPeMIVPN;GH;TPVYIQP;LJGN;JV;MLHIRGHP ZGVHT;J[;HSP;GQQPZHPN;THGKNGVN;o>^>U6AXp;U[JV
LJGN]
\JLHT; `SPVP; HSP; HPKTILP; THVPTT; GVPG; IT; KJH
NP[IKPN<;;K;TSGLL;\P;HGaPK;GT;HSP;GVPG;GH;HSP
$ERFB(!0($KJ@?EF(#XBNELB(ÈFOBH(MGN
VJJH;J[;HSP;HSVPGNTXl
-GBMM@?@BCD(GM(/N@?D@GC(U ,MX
;T\ m TSGKa;GVPG;J[;HSP;\JLHl;GKN
U>76.)'&)>]8]6X
γR[ m ZGVHIGL;[GQHJV;J[;TG[PH_]
'"( =-%#'+%$'(#&('7-&#&%; "#%&&(&(%$'(
-#.; #&(.-(&'(#$( 12:<:2& >*Y<#+'%&5"'6$&6+%&0'+)#*+
B3;
<"=; <$=; <>=; 7JLHT;IK;G;QJKKPQHIJK;[JV;`SIQS;TLIZ;IK;HSP;TPVYIQPG\ILIH_
LIRIH; THGHP; TSGLL; \P; LIRIHPN<; `SIQS; GVP; TM\fPQHPN; HJ; G
3=; 7C93128D;464;498148H; +/$+;
HPKTIJK;[JVQP<;0:;GKN;TSPGV;[JVQP<;I<;TSGLL;TGHIT[_b
33=; 7C93128D; E01D48H; @34:; D:694; 69; 5934; @34:; 146; +/<+;
066D8;9CD4;9896;8H;;46;F344345; ( (
333=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; :64@H3F; +/"+; ⎛ #*K ⎞ ⎛ <K ⎞
510;14338H; ⎜ ⎟ + ⎜ ⎟ ≤ 'LM
3;=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; DF916@ +/$<; ⎝ #%K ⎠ ⎝ <%K ⎠
984100338H;@34:;3342;<4:32G48DD;<+@H+;+9=;
;=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; F13448H; +/>+; `SPVP
@34:; 84:60; 3342; D3032148; 2614; <4:32G48DD;
>+@=+;+9=; IT[ a GZZLIPN;[GQHJVPN;TSPGV;GH;NPTIOK;LJGNl
;3=; 714H;E01D48H;DC93128;;13489;035:4;9CD4345; +/<$; IN[ a NPTIOK;TSPGV;THVPKOHSl
;33=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; F13448H; +/>+;
@34:; 84:60; 3342; D3032148; 2614; <4:32G48DD; 0[ a PiHPVKGLL_;GZZLIPN;[GQHJVPN;HPKTIJK;GH;NPTIOK
=+@A+;+9=; LJGNl;GKN
;333=; 7C93128D; E01D48H; @34:; D:64; 69; 5934; 14H; F13448H; +/>+;
@34:; 10G103; 3342; D3032148; 2614; <4:32G48DD; ; 0N[ a NPTIOK;HPKTIJK;THVPKOHS]
=+@A+;+9=;
3I=; 7C93128; E01D48H; @34:; D:64; 69; 5934; 14H; DF916; +/<+; 12:<:; %SPVP;ZV_IKO;[JVQP<;F&GT;ILLMTHVGHPN;IK;!IO];)>
984100338H;@34:;10C9343C9;<4:32G48DD;A;<+;+9=; TSGLL; \P; QGLQMLGHPN; GT; OIYPK; \PLJ`; GKN; GNNPN; HJ; HSP
I=; /0814;9300;D2108; +/>>; HPKTIJK;IK;HSP;\JLHb
I3=; 714H;E01D48H;DC93128; +/?A;
I33=; J8H;081H;F13448H;DC93128; +/";
/B ⎡ β y % 6 $/ " 4 ⎤
H= ⎢F/ − ⎥
12:<:7:1( B*+N;R*#+!) (// ⎢
⎣ (C // /B( ⎦⎥
/SP;ZVJYITIJK;[JV;HSP;LJKO;fJIKHT;IK;12:7:7:1(TSGLL;GZZL_ `SPVP
HJ;[VIQHIJK;OVIZ;QJKKPQHIJKT;GLTJ]
7Y m NITHGKQP;[VJR;HSP;\JLH;QPKHVPLIKP;HJ;HSP;HJP
12:<:<( >636-#!M&6,!'$&57#33#+N J[;HSP;[ILLPH;`PLN;JV;HJ;SGL[;HSP;VJJH;VGNIMT
[JV;G;VJLLPN;TPQHIJK<;GKN
%SPK;[VIQHIJK;H_ZP;\JLHT;GVP;NPTIOKPN;KJH;HJ;TLIZ;JKL_
MKNPV;TPVYIQP;LJGNT<;HSP;NPTIOK;QGZGQIH_;GH;MLHIRGHP;LJGN 7P m NITHGKQP; \PH`PPK; ZV_IKO; [JVQP; GKN; \JLH
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;8
QPKHVPLIKP;GKN;IT;HSP;RIKIRMR;J[;PIHSPV;HSP 12:8:1:7( :;TIKOLP;[ILLPH;`PLN;TSJMLN;KJH;\P;TM\fPQHPN
PKN;NITHGKQP;JV;HSP;YGLMP;OIYPK;\_b HJ;RJRPKH;G\JMH;HSP;LJKOIHMNIKGL;GiIT;J[;HSP;`PLN]
β %6 12:8:!( 5#O'&*,&J'7%
// = !#! "
%" 12:8:!:1( /SP;TIgP;J[;KJVRGL;[ILLPHT;TSGLL;\P;HGaPK;GT
HSP;RIKIRMR;`PLN;LPO;TIgP];!JV;NPPZ;ZPKPHVGHIJK;`PLNT<
`SPVP `SPVP;HSP;NPZHS;J[;ZPKPHVGHIJK;\P_JKN;HSP;VJJH;VMK;IT;G
β m .<;[JV;KJK;ZVP^HPKTIJKPN;\JLH;GKN;)<;[JV;ZVP^ RIKIRMR;J[;.]8;RR<;HSP;TIgP;J[;HSP;[ILLPH;TSJMLN;\P
HPKTIJKPN;\JLHl HGaPK;GT;HSP;RIKIRMR;LPO;TIgP;ZLMT;.]8;RR]
η m )](l 12:8:!:!( !JV;[ILLPH;`PLNT;RGNP;\_;TPRI^GMHJRGHIQ;JV
<P m P[[PQHIYP;ÌNHS;J[;[LGKOP;ZPV;ZGIV;J[;\JLHTl GMHJRGHIQ;ZVJQPTTPT<;`SPVP;HSP;NPZHS;J[;ZPKPHVGHIJK;IT
,J m ZVJJ[;THVPTT;IK;QJKTITHPKH;MKIHTl;GKN QJKTINPVG\L_;IK;PiQPTT;J[;.]8;RR<;HSP;TIgP;TSGLL;\P;HGaPK
QJKTINPVIKO; GQHMGL; NPZHS; J[; ZPKPHVGHIJK; TM\fPQH; HJ
&! m HSIQaKPTT;J[;HSP;PKN;ZLGHP] GOVPPRPKH;\PH`PPK;HSP;ZMVQSGTPV;GKN;HSP;QJKHVGQHJV]
12:8:!:7 (/SP;TIgP;J[;[ILLPH;`PLNT;TSGLL;KJH;\P;LPTT;HSGK
6;RR];/SP;RIKIRMR;TIgP;J[;HSP;[IVTH;VMK;JV;J[;G;TIKOLP
VMK;[ILLPH;`PLN;TSGLL;\P;GT;OIYPK;IK;/G\LP;.)<;HJ;GYJIN
HSP;VITa;J[;QVGQaIKO;IK;HSP;G\TPKQP;J[;ZVPSPGHIKO]
12:8:!:<; /SP;TIgP;J[;\MHH;`PLN;TSGLL;\P;TZPQI[IPN;\_
HSP;P[[PQHIYP;HSVJGH;HSIQaKPTT]
12:8:7( @,,'-!#('&0"$*6!&0"#-C+'))
12:8:7:1( /SP;P[[PQHIYP;HSVJGH;HSIQaKPTT;J[;G;[ILLPH;`PLN
TSGLL; KJH; \P; LPTT; HSGK; 6; RR; GKN; TSGLL; OPKPVGLL_; KJH
PiQPPN;D]-!:;JV;)]D!;MKNPV;TZPQIGL;QIVQMRTHGKQPT<;`SPVP
!&IT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV;ZLGHP;J[;PLPRPKHT;\PIKO
`PLNPN]
12:8:7:! (!JV;HSP;ZMVZJTP;J[;THVPTT;QGLQMLGHIJK;IK;[ILLPH
`PLNT;fJIKIKO;[GQPT;IKQLIKPN;HJ;PGQS;JHSPV<;HSP;P[[PQHIYP
!14];)>;+"0712$&;, #5124;! "#+$;:2&;/$2*1"2 HSVJGH;HSIQaKPTT;TSGLL;\P;HGaPK;GT;A;HIRPT;HSP;[ILLPH;TIgP<
`SPVP; A; IT; G; QJKTHGKH<; NPZPKNIKO; MZJK; HSP; GKOLP
\PH`PPK;[MTIJK;[GQPT<;GT;OIYPK;IK;/G\LP;..]
12:8( ^BFAH(ECA(^BFA@CL
12:8:1 ;T'+'$67 $ERFB(!1(=@C@IOI(5@cB(GM(/@NHD(4OC(GN(GM(E
5@CLFB(4OC(/@FFBD(^BFA
#PeMIVPRPKHT;J[;`PLNT;GKN;`PLNIKO;TSGLL;QJK[JVR;HJ
HSP;GQQPZHPN;THGKNGVNT;o>^>U6BXp<;GT;GZZVJZVIGHP] U>76.)';)>](].]6X
12:8:1:1( @+%&$'!.$+) '"( =B(&E$%$$(#&(=B(&E%-(F#-'( *($(+7+('(A%(

-#.( 99; 99;
!ILLPH;`PLNT;HPVRIKGHIKO;GH;HSP;PKNT;JV;TINPT;J[;ZGVHT ;
:;89; DF;46;14H;
TSJMLN;\P;VPHMVKPN;QJKHIKMJMTL_;GVJMKN;HSP;QJVKPVT;[JV N420CH345;
G;NITHGKQP;J[;KJH;LPTT;HSGK;HÌQP;HSP;TIgP;J[;HSP;`PLN< <"=; <$=; <>=; <?=;
MKLPTT; IH; IT; IRZVGQHIQGL; HJ; NJ; TJ]; /SIT; IT; ZGVHIQMLGVL_
3=; O; "+; >;
IRZJVHGKH;JK;HSP;HPKTIJK;PKN;J[;ZGVHT;QGVV_IKO;\PKNIKO
33=; "+; $+; <;
LJGNT] 333=; $+; >$; =;
3;=; >$; <+; A;62;239D4;9C4;
12:8:1:!( B63&R*#+! "+;269;93439C9;D338;62;@80H;
1K;HSP;QGTP;J[;LGZ;fJIKHT<;HSP;RIKIRMR;LGZ;TSJMLN;KJH 2"/$*
\P;LPTT;HSGK;[JMV;HIRPT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV;ZGVH 1;%SPK;HSP;RIKIRMR;TIgP;J[;HSP;[ILLPH;`PLN;OIYPK;IK;HSP;HG\LP
IT;OVPGHPV;HSGK;HSP;HSIQaKPTT;J[;HSP;HSIKKPV;ZGVH<;HSP;RIKIRMR
fJIKPN;JV;8D;RR<;`SIQSPYPV;IT;RJVP];*IKOLP;PKN;[ILLPH TIgP;J[;HSP;`PLN;TSJMLN;\P;PeMGL;HJ;HSP;HSIQaKPTT;J[;HSP;HSIKKPV
TSJMLN;\P;MTPN;JKL_;`SPK;LGZZPN;ZGVHT;GVP;VPTHVGIKPN ZGVH];/SP;HSIQaPV;ZGVH;TSGLL;\P;GNPeMGHPL_;ZVPSPGHPN;HJ;ZVPYPKH
[VJR;JZPKIKOT];%SPK;PKN;J[;GK;PLPRPKH;IT;QJKKPQHPN QVGQaIKO;J[;HSP;`PLN]
JKL_;\_;ZGVGLLPL;LJKOIHMNIKGL;[ILLPH;`PLNT<;HSP;LPKOHS;J[ !; %SPVP; HSP; HSIQaPV; ZGVH; IT; RJVP; HSGK; (D; RR; HSIQa<; TZPQIGL
ZVPQGMHIJKT;LIaP;ZVPSPGHIKO;TSJMLN;\P;HGaPK]
HSP;`PLN;GLJKO;PIHSPV;PNOP;TSJMLN;KJH;\P;LPTT;HSGK;HSP
HVGKTYPVTP;TZGQIKO;\PH`PPK;LJKOIHMNIKGL;`PLNT]
;2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
$ERFB(!!(ÈFOBH(GM(#(MGN(+@MMBNBCD(#CLFBH 12:8:2&J'7%&0M3')&6+%&F.67#!M
)BD]BBC(/OH@GC(/E?BH
!JV; HSP; ZMVZJTP; J[; HSIT; QJNP<; `PLN; TSGLL; \P; [ILLPH76.)'&)>](]6].X \MHH<; TLJH; JV; ZLMO; JV; QJRZJMKN; `PLNT]; %PLNIKO
PLPQHVJNPT; TSGLL; QJK[JVR; HJ; HSP; GQQPZHPN; THGKNGVN
G$)"%( =+P@E+P! E"P@"++P! "+"P@"+=P!"+HP@"">P! ""?P@"$+P!
C%'H%%$( o>^>U)AXp]
.7$(#$(
.#&%$" 12:8:;& ?')#N+&5!$'))')&#+&J'7%)
"#$$'#$';;(" +/H+! +/=<! +/=+! +/<<! +/<+;
12:8:;:1( 5"*3&K'7%)
12:8:7:7( /SP;P[[PQHIYP;HSVJGH;HSIQaKPTT;J[;G;QJRZLPHP 12:8:;:1:1(4#77'!&K'7%)

ZPKPHVGHIJK;\MHH;`PLN;TSGLL;\P;HGaPK;GT;HSP;HSIQaKPTT;J[ &PTIOK;THVPKOHS;J[;G;[ILLPH;`PLN<;,`N;TSGLL;\P;\GTPN;JK
HSP; HSIKKPV; ZGVH; fJIKPN<; GKN; HSGH; J[; GK; IKQJRZLPHP IHT;HSVJGH;GVPG;GKN;TSGLL;\P;OIYPK;\_b
ZPKPHVGHIJK;\MHH;`PLN;TSGLL;\P;HGaPK;GT;HSP;RIKIRMR
HSIQaKPTT;J[;HSP;`PLN;RPHGL;QJRRJK;HJ;HSP;ZGVHT;fJIKPN< ,`N;m;,`K&W;γR`
PiQLMNIKO;VPIK[JVQPRPKHT] ;`SPVP
12:8:<( @,,'-!#('&B'+N!"&*$&;$'6&*,&J'7%
;&,`K m &> $ 5 <
12:8:<:1( /SP; P[[PQHIYP; LPKOHS; J[; [ILLPH; `PLN; TSGLL; \P
&,M m TRGLLPV;J[;HSP;MLHIRGHP;THVPTT;J[;HSP;`PLN;JV
HGaPK;GT;JKL_;HSGH;LPKOHS;`SIQS;IT;J[;HSP;TZPQI[IPN;TIgP
J[;HSP;ZGVPKH;RPHGL<;GKN
GKN; VPeMIVPN; HSVJGH; HSIQaKPTT]; 1K; ZVGQHIQP; HSP; GQHMGL
LPKOHS;J[;`PLN;IT;RGNP;J[;HSP;P[[PQHIYP;LPKOHS;TSJ`K;IK &γR` m ZGVHIGL;TG[PH_;[GQHJV;U)'';/G\LP;(X]
NVGÌKO;ZLMT;H`J;HIRPT;HSP;`PLN;TIgP<;\MH;KJH;LPTT;HSGK 12:8:;:1:!( =.!!&K'7%)
[JMV;HIRPT;HSP;TIgP;J[;HSP;`PLN]
7MHH; `PLNT; TSGLL; \P; HVPGHPN; GT; ZGVPKH; RPHGL; ÌHS; G
12:8:<:!( /SP;P[[PQHIYP;LPKOHS;J[;\MHH;`PLN;TSGLL;\P;HGaPK HSIQaKPTT;PeMGL;HJ;HSP;HSVJGH;HSIQaKPTT<;GKN;HSP;THVPTTPT
GT;HSP;LPKOHS;J[;HSP;QJKHIKMJMT;[MLL;TIgP;`PLN<;\MH;KJH TSGLL;KJH;PiQPPN;HSJTP;ZPVRIHHPN;IK;HSP;ZGVPKH;RPHGL]
LPTT;HSGK;[JMV;HIRPT;HSP;TIgP;J[;HSP;`PLN]
12:8:;:1:7( 57*!&*$&37.N&K'7%)
12:8:<:7( /SP; P[[PQHIYP; GVPG; J[; G; ZLMO; `PLN; TSGLL; \P
QJKTINPVPN;GT;HSP;KJRIKGL;GVPG;J[;HSP;SJLP;IK;HSP;ZLGKP /SP;NPTIOK;TSPGV;THVPTT;JK;TLJH;JV;ZLMO;`PLNT;TSGLL;\P
J[;HSP;[G_IKO;TMV[GQP];/SPTP;`PLNT;TSGLL;KJH;\P;NPTIOKPN GT;ZPV;12:8:;:1:1]
HJ;QGVV_;THVPTTPT] 12:8:;:!( 5#!'&K'7%)
12:8:<:<( 1[( HSP( RGiIRMR( LPKOHS; 7f! J[; HSP; TINP; `PLNT /SP;NPTIOK;THVPKOHS;IK;TSPGV;GKN;HPKTIJK;[JV;TIHP;`PLNT
HVGKT[PVVIKO;TSPGV;GLJKO;IHT;LPKOHS;PiQPPNT;)(D;HIRPT;HSP RGNP;NMVIKO;PVPQHIJK;J[;THVMQHMVGL;RPR\PVT;TSGLL;\P
HSVJGH;TIgP;J[;HSP;`PLN<;!H:&HSP;VPNMQHIJK;IK;`PLN;THVPKOHS QGLQMLGHPN; GQQJVNIKO; HJ; 12:8:;:1; \MH; MTIKO; G; ZGVHIGL
GT;ZPV;HSP;LJKO;fJIKH;U)'';12:8:;:7X;TSJMLN;\P;QJKTINPVPN] TG[PH_;[GQHJV;γR`;J[;)](]
!JV;[LGKOP;HJ;`P\;QJKKPQHIJK<;`SPVP;HSP;`PLNT;GVP;LJGNPN
12:8:;:7 ;B*+N&R*#+!)
[JV;HSP;[MLL;LPKOHS<;HSP;G\JYP;LIRIHGHIJK;`JMLN;KJH;GZZL_]
%SPK;HSP;LPKOHS;J[;HSP;`PLNPN;fJIKH<;7f&J[;G;TZLIQP;JV
12:8:8& \+!'$Y#!!'+!&J'7%)
PKN;QJKKPQHIJK;IK;G;QJRZVPTTIJK;JV;HPKTIJK;PLPRPKH;IT
12:8:8:1& 9KLPTT; JHSPVÌTP; TZPQI[IPN<; HSP; IKHPVRIHHPKH OVPGHPV; HSGK; )(D; ! H<; HSP; NPTIOK; QGZGQIH_; J[; `PLN
[ILLPH;`PLNIKO;TSGLL;SGYP;GK;P[[PQHIYP;LPKOHS;J[;KJH;LPTT U)'';12:8:;:1:1X<;,`N&TSGLL;\P;VPNMQPN;\_;HSP;[GQHJVb
HSGK;[JMV;HIRPT;HSP;`PLN;TIgP<;ÌHS;G;RIKIRMR;J[;8D RR]
##'/ Q
12:8:8:!( /SP; QLPGV; TZGQIKO; \PH`PPK; HSP; P[[PQHIYP βF) = !#' − &≤&)]D
!"#" 7
LPKOHST;J[;IKHPVRIHHPKH;[ILLPH;`PLN;TSGLL;KJH;PiQPPN;).
GKN;)>;HIRPT;HSP;HSIQaKPTT;J[;HSIKKPV;ZLGHP;fJIKPN<;[JV `SPVP
QJRZVPTTIJK;GKN;HPKTIJK;fJIKH<;VPTZPQHIYPL_<;GKN;IK;KJ
7f m LPKOHS;J[;HSP;fJIKH;IK;HSP;NIVPQHIJK;J[;HSP;[JVQP
QGTP;\P;RJVP;HSGK;.DD;RR]
HVGKT[PV<;GKN
12:8:8:7! 9KLPTT; JHSPVÌTP; TZPQI[IPN<; HSP; IKHPVRIHHPKH !H a HSVJGH;TIgP;J[;HSP;`PLN]
\MHH;`PLN;TSGLL;SGYP;GK;P[[PQHIYP;LPKOHS;J[;KJH;LPTT;HSGK
12:8:Q( 4#77'!&J'7%&;337#'%&!*&!"'&@%N'&*,&6&E76!'&*$
[JMV; HIRPT; HSP; `PLN; TIgP; GKN; HSP; LJKOIHMNIKGL; TZGQP
5'-!#*+
\PH`PPK;HSP;P[[PQHIYP;LPKOHS;J[;`PLNT;TSGLL;KJH;\P;RJVP
HSGK;)>;HIRPT;HSP;HSIQaKPTT;J[;HSP;HSIKKPV;ZGVH;fJIKPN] 12:8:Q:1( %SPVP;G;[ILLPH;`PLN;IT;GZZLIPN;HJ;HSP;TeMGVP
/SP;IKHPVRIHHPKH;`PLNT;TSGLL;KJH;\P;MTPN;IK;ZJTIHIJKT PNOP;J[;G;ZGVH<;HSP;TZPQI[IPN;TIgP;J[;HSP;`PLN;TSJMLN
TM\fPQH;HJ;N_KGRIQ<;VPZPHIHIYP;GKN;GLHPVKGHIKO;THVPTTPT] OPKPVGLL_;\P;GH;LPGTH;)](;RR;LPTT;HSGK;HSP;PNOP;HSIQaKPTT
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;;
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4RS 5#6"#4RTTGK#9GTUV#WM#VXY7ZG#G USG#W4#[T7KG#WZ#ZWYMU#K WG#W4#ZWTTGU#VGQKRWM
4RS 5#6E#4YTT #VR\G#4RTTGK#9GTU#7[[TRGU #KW#K]G#GUSG#W4#7#[T7KG#WZ #VGQKRWM
!" #$%&'#$()*+&(,&#-).',/)'0)&#,&$)1234
GX &PTIOK; GQHIJK; P[[PQHT; NITHVI\MHPN; HJ; YGVIJMT
PLPRPKHT; TSGLL; \P; IK; PeMILI\VIMR; ÌHS; HSP
NPTIOK;GQHIJK;P[[PQHT;JK;HSP;QJKKPQHIJK<
\X #PeMIVPN;NP[JVRGHIJKT;IK;HSP;PLPRPKHT;J[;HSP
QJKKPQHIJKT; GVP; ÌHSIK; HSPIV; NP[JVRGHIJKT
QGZGQIHIPT<
QX :LL; PLPRPKHT; IK; HSP; QJKKPQHIJKT; GKN; HSP
GNfGQPKH; GVPGT; J[; RPR\PVT; TSGLL; \P; QGZG\LP
J[;VPTITHIKO;HSP;NPTIOK;GQHIJK;P[[PQHT;GQHIKO;JK
HSPR<;GKN
NX +JKKPQHIJK;PLPRPKHT;TSGLL;VPRGIK;THG\LP;MKNPV
HSP;NPTIOK;GQHIJK;P[[PQHT;GKN;NP[JVRGHIJKT]
12:2:1; +JKKPQHIJKT;QGK;\P;QLGTTI[IPN;GT;VIOIN<;TPRI^
VIOIN;GKN;[LPiI\LP;[JV;HSP;ZMVZJTP;J[;GKGL_TIT;GKN;NPTIOK
GT;ZPV;HSP;VPQJRRPKNGHIJK;IK;:KKPi;$];+JKKPQHIJKT
ÌHS;TM[[IQIPKH;VJHGHIJKGL;THI[[KPTT;RG_;\P;QJKTINPVPN
!14];)B;$2&;!133$/ ;%$3&;2"#0:3;/"
GT;VIOIN];$iGRZLPT;J[;VIOIN;QJKKPQHIJKT;IKQLMNP;[LMTS
&1#$+/1"2; "#;! "#+$
PKN^ZLGHP; QJKKPQHIJK; GKN; PiHPKNPN; PKN^ZLGHP
QJKKPQHIJKT]; +JKKPQHIJKT; ÌHS; KPOLIOI\LP; VJHGHIJKGL
12:8:10:!:! (>*Y<#+'%&<'6$#+N:&<'+%#+N&6+%&)"'6$
THI[[KPTT; RG_; \P; QJKTINPVPN; GT; [LPiI\LP; UZIKKPNX]
%SPVP; \PGVIKO; THVPTT<; ,\V& IT; QJR\IKPN; ÌHS; \PKNIKO $iGRZLPT;J[;[LPiI\LP;QJKKPQHIJKT;IKQLMNP;TIKOLP;GKN
UHPKTILP;JV;QJRZVPTTIYPX<;,\;GKN;TSPGV;THVPTTPT<;G;MKNPV NJM\LP; `P\; GKOLP; QJKKPQHIJKT; GKN; SPGNPV; ZLGHP
HSP; RJTH; MK[GYJVG\LP; QJKNIHIJKT; J[; LJGNIKO; IK; \MHH QJKKPQHIJKT];%SPVP;G;QJKKPQHIJK;QGKKJH;\P;QLGTTI[IPN
`PLNT<; HSP; PeMIYGLPKH; THVPTT<; ,P; GT; J\HGIKPN; [VJR; HSP GT; PIHSPV; VIOIN; JV; [LPiI\LP<; IH; TSGLL; \P; GTTMRPN; HJ; \P
[JLLJÌKO;[JVRMLG<;TSGLL;KJH;PiQPPN;HSP;YGLMPT;GLLJ`PN TPRI^VIOIN];$iGRZLPT;J[;TPRI^VIOIN;QJKKPQHIJKT;IKQLMNP
[JV;HSP;ZGVPKH;RPHGLb HJZ;GKN;TPGH;GKOLP;QJKKPQHIJK;GKN;HJZ;GKN;TPGH;GKOLP
ÌHS;TIKOLPWNJM\LP;`P\;GKOLPT]
&/ = & ?( + & ?2( + &? & ?2 + 5B ( 12:2:!; &PTIOK;TSGLL;\P;JK;HSP;\GTIT;J[;GK_;VGHIJKGL;RPHSJN
`SPVP TMZZJVHPN;\_;PiZPVIRPKHGL;PYINPKQP];#PTINMGL;THVPTTPT;NMP
HJ;IKTHGLLGHIJK;J[;\JLHT;JV;`PLNIKO;KJVRGLL_;KPPN;KJH;\P
,P a PeMIYGLPKH;THVPTTl QJKTINPVPN;IK;THGHIQGLL_;LJGNPN;THVMQHMVPT];+JKKPQHIJKT;IK
,\ a QGLQMLGHPN;THVPTT;NMP;HJ;\PKNIKO<;IK;2WRR.l Q_QLIQGLL_;LJGNPN;THVMQHMVPT;TSGLL;\P;NPTIOKPN;QJKTINPVIKO
,\V a QGLQMLGHPN;THVPTT;NMP;HJ;\PGVIKO<;IK;2WRR.l [GHIOMP; GT; OIYPK; IK; *PQHIJK; >UZX]; !JV; PGVHSeMGaP; LJGN
GKN QJR\IKGHIJKT<; HSP; QJKKPQHIJKT; TSGLL; \P; NPTIOKPN; HJ
ÌHSTHGKN;HSP;QGLQMLGHPN;NPTIOK;GQHIJK;P[[PQHT;GKN;PiSI\IH
G a TSPGV;THVPTT<;IK;2WRR.]
VPeMIVPN;NMQHILIH_;GT;TZPQI[IPN;IK;*PQHIJK;>UKX]
12:8:11; %SPVP; G; ZGQaIKO; IT; `PLNPN; \PH`PPK; H`J
12:2:7( 7PGR;GKN;QJLMRK;TZLIQP;TSGLL;\P;NPTIOKPN;IK
RPR\PVT;GKN;IT;LPTT;HSGK;>;RR;HSIQa<;JV;IT;HJJ;HSIK;HJ
GQQJVNGKQP; ÌHS; HSP; VPQJRRPKNGHIJK; OIYPK; IK; /T!
GLLJ`; ZVJYITIJK; J[; GNPeMGHP; `PLNT; JV; HJ; ZVPYPKH
GKN;/T7]
\MQaLIKO<;HSP;ZGQaIKO;TSGLL;\P;HVIRRPN;[LMTS;ÌHS;HSP
PNOPT;J[;HSP;PLPRPKH;TM\fPQH;HJ;HSP;NPTIOK;GQHIJK;GKN 12:;( =@C@IOI(+BH@LC(#?D@GC(GC(-GCCB?D@GC
HSP;TIgP;J[;HSP;`PLNT;GLJKO;HSP;PNOPT;TSGLL;\P;IKQVPGTPN
JYPV; HSP; VPeMIVPN; TIgP; \_; GK; GRJMKH; PeMGL; HJ; HSP +JKKPQHIJKT;QGVV_IKO;NPTIOK;GQHIJK;P[[PQHT<;PiQPZH;[JV
HSIQaKPTT;J[;HSP;ZGQaIKO];"HSPVÌTP<;HSP;ZGQaIKO;TSGLL LGQIKO;QJKKPQHIJKT<;QJKKPQHIJKT;J[;TGO;VJNT<;ZMVLIKT;GKN
PiHPKN;\P_JKN;HSP;PNOPT;GKN;TSGLL;\P;[ILLPH;`PLNPN;HJ OIVHT<;TSGLL;\P;NPTIOKPN;HJ;HVGKTRIH;HSP;OVPGHPV;J[<
HSP;ZIPQPT;\PH`PPK;`SIQS;IH;IT;[IHHPN] GX HSP;NPTIOK;GQHIJK;IK;HSP;RPR\PVl;GKN
12:2( +BH@LC(GM(-GCCB?D@GCH \X HSP;RIKIRMR;NPTIOK;GQHIJK;P[[PQHT;PiZVPTTPN
PIHSPV; GT; HSP; YGLMP; JV; HSP; [GQHJV; HIRPT; HSP
$GQS;PLPRPKH;IK;G;QJKKPQHIJK;TSGLL;\P;NPTIOKPN;TJ;HSGH RPR\PV;NPTIOK;QGZGQIH_;[JV;HSP;RIKIRMR;TIgP
HSP;THVMQHMVP;IT;QGZG\LP;J[;VPTITHIKO;HSP;NPTIOK;GQHIJKT] J[;RPR\PV;VPeMIVPN;\_;HSP;THVPKOHS;LIRIH;THGHP<
+JKKPQHIJKT;GKN;GNfGQPKH;VPOIJKT;J[;HSP;RPR\PVT;TSGLL TZPQI[IPN;GT;[JLLJ`Tb
\P;NPTIOKPN;\_;NITHVI\MHIKO;HSP;NPTIOK;GQHIJK;P[[PQHT )X >*++'-!#*+)&#+&$#N#%&-*+)!$.-!#*+;j;:
TMQS;HSGH;HSP;[JLLJÌKO;VPeMIVPRPKHT;GVP;TGHIT[IPNb \PKNIKO;RJRPKH;J[;GH;LPGTH;D](;HIRPT;HSP
RPR\PV;NPTIOK;RJRPKH;QGZGQIH_]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' ;9
.X >*++'-!#*+)& !*& <'6Y& #+& )#Y37' VPeMIVPRPKHT; IK; U8X<; U(X; GKN; U>X<
-*+)!$.-!#*+&j(:;TSPGV;[JVQP;J[;GH;LPGTH TIRMLHGKPJMTL_]
D])(; HIRPT; HSP; RPR\PV; NPTIOK; TSPGV !JV;PGVHSeMGaP;LJGN;QJR\IKGHIJKT<;HSP;NPTIOK;GQHIJK
QGZGQIH_;JV;8D;a2<;`SIQSPYPV;IT;LPTTPV] P[[PQHT;TZPQI[IPN;IK;HSIT;TPQHIJK;RG_;KPPN;HJ;\P;IKQVPGTPN
6X >*++'-!#*+)& 6!& !"'& '+%)& *,& !'+)#7'& *$ HJ;RPPH;HSP;VPeMIVPN;\PSGYIJMV;J[;HSP;THPPL;[VGRP;GKN
-*Y3$'))#*+& Y'Y<'$; j; :; [JVQP; J[; GH TSGLL;QJRZL_;ÌHS;*PQHIJK;>UKX]
LPGTH; D]6; HIRPT; HSP; RPR\PV; NPTIOK
QGZGQIH_] 12:Q(%CDBNHB?D@GCH
8X 537#-')& #+& Y'Y<'$)& ).<R'-!'%& !*& 62#67 0PR\PVT; JV; QJRZJKPKHT; RPPHIKO; GH; G; fJIKH; TSGLL; \P
!'+)#*+;j;:;[JVQP;J[;GH;LPGTH;D]6;HIRPT GVVGKOPN; HJ; HVGKT[PV; HSP; NPTIOK; GQHIJKT; \PH`PPK; HSP
HSP;RPR\PV;NPTIOK;QGZGQIH_;IK;HPKTIJK] ZGVHT<;`SPVPYPV;ZVGQHIQG\LP<;ÌHS;HSPIV;QPKHVJINGL;GiPT
(X 537#-')& #+& Y'Y<'$)& ).<R'-!'%& !*& 62#67 RPPHIKO;GH;G;ZJIKH];%SPVP;HSPVP;IT;PQQPKHVIQIH_;GH;fJIKHT<
-*Y3$'))#*+;j;!JV;PKNT;ZVPZGVPN;[JV;[MLL HSP;RPR\PVT;GKN;QJRZJKPKHT;TSGLL;\P;NPTIOKPN;[JV;HSP
QJKHGQH;IK;GQQJVNGKQP;ÌHS;!7:;:1<;IH;TSGLL NPTIOK; \PKNIKO; RJRPKHT; `SIQS; VPTMLH; NMP; HJ
\P; ZPVRITTI\LP; HJ; QGVV_; QJRZVPTTIYP PQQPKHVIQIH_]
GQHIJKT; \_; \PGVIKO; JK; QJKHGQH; TMV[GQPT]
/SP;NITZJTIHIJK;J[;[ILLPH;`PLNT;HJ;\GLGKQP;HSP;NPTIOK
%SPK; RPR\PVT; GVP; ZVPZGVPN; [JV; [MLL
GQHIJKT; G\JMH; HSP; QPKHVJINGL; GiIT; JV; GiPT; [JV; PKN
QJKHGQH;HJ;\PGV;GH;TZLIQPT<;HSPVP;TSGLL;\P
QJKKPQHIJKT;J[;TIKOLP;GKOLP<;NJM\LP;GKOLP;GKN;TIRILGV
TM[[IQIPKH; [GTHPKPVT; HJ; SJLN; GLL; ZGVHT
H_ZP; RPR\PVT; IT; KJH; VPeMIVPN; [JV; THGHIQGLL_; LJGNPN
TPQMVPL_;IK;ZLGQP];/SP;[GTHPKPVT;TSGLL;\P
RPR\PVT; \MH; IT; VPeMIVPN; [JV; RPR\PVT<; QJKKPQHIJK
TM[[IQIPKH;HJ;HVGKTRIH;G;[JVQP;J[;GH;LPGTH
QJRZJKPKHT;TM\fPQH;HJ;[GHIOMP;LJGNIKO]
D])(;HIRPT;HSP;RPR\PV;NPTIOK;QGZGQIH_
IK;GiIGL;QJRZVPTTIJK] $QQPKHVIQIH_; \PH`PPK; HSP; QPKHVJINGL; GiPT; J[; GKOLP
%SPK;RPR\PVT;GVP;KJH;ZVPZGVPN;[JV;[MLL RPR\PVT; GKN; HSP; OGMOP; LIKPT; [JV; HSPIV; \JLHPN; PKN
QJKHGQH<; HSP; TZLIQP; RGHPVIGL; GKN; IHT QJKKPQHIJKT; RG_; \P; KPOLPQHPN; IK; THGHIQGLL_; LJGNPN
[GTHPKPVT; TSGLL; \P; GVVGKOPN; HJ; SJLN; GLL RPR\PVT<; \MH; TSGLL; \P; QJKTINPVPN; IK; RPR\PVT; GKN
ZGVHT; IK; LIKP; GKN; TSGLL; \P; NPTIOKPN; HJ QJKKPQHIJK;QJRZJKPKHT;TM\fPQH;HJ;[GHIOMP;LJGNIKO]
HVGKTRIH;G;[JVQP;J[;GH;LPGTH;D]6;HIRPT;HSP
12:9( -PG@?B(GM(/EHDBCBNH
RPR\PV; NPTIOK; QGZGQIH_; IK; GiIGL
QJRZVPTTIJK] %SPVP; TLIZ; IK; HSP; TPVYIQPG\ILIH_; LIRIH; THGHP; IT; HJ; \P
1K; GNNIHIJK<; TZLIQPT; LJQGHPN; \PH`PPK GYJINPN; IK; G; QJKKPQHIJK<; SIOS^THVPKOHS; \JLHT; IK; G
ZJIKHT;J[;P[[PQHIYP;LGHPVGL;TMZZJVH;TSGLL;\P [VIQHIJK^H_ZP;fJIKH<;[IHHPN;\JLHT;JV;`PLNT;TSGLL;\P;MTPN]
NPTIOKPN; [JV; HSP; NPTIOK; GiIGL; [JVQP<; EN %SPVP;G;fJIKH;IT;TM\fPQHPN;HJ;IRZGQH;JV;YI\VGHIJK<;PIHSPV
ZLMT;G;NPTIOK;\PKNIKO;RJRPKH<;KJH;LPTT SIOS;THVPKOHS;\JLHT;IK;G;[VIQHIJK;H_ZP;fJIKH;JV;JVNIKGV_
HSGK; HSP; NPTIOK; \PKNIKO; RJRPKH \JLHT;ÌHS;LJQaIKO;NPYIQPT;JV;`PLNT;TSGLL;\P;MTPN]
DN&a&EN 7TW);DDD&`SPVP<&7T;IT;HSP;NITHGKQP
\PH`PPK; ZJIKHT; J[; P[[PQHIYP; LGHPVGL 12:10(-GCCB?D@GC(-GIJGCBCDH
TMZZJVH]
+JKKPQHIJK;QJRZJKPKHT;UQLPGHT<;OMTTPH;ZLGHPT<;\VGQaPHT
>X 537#-')&#+&,7'2.$67&Y'Y<'$);j;:;\PKNIKO
GKN; HSP; LIaPX; JHSPV; HSGK; QJKKPQHJVT<; TSGLL; SGYP; HSPIV
RJRPKH;J[;D]6;HIRPT;HSP;RPR\PV;NPTIOK
QGZGQIHIPT; GTTPTTPN; MTIKO; HSP; ZVJYITIJKT; J[; *PQHIJKT
QGZGQIH_;IK;\PKNIKO];/SIT;ZVJYITIJK;TSGLL
>UPX<;>U[X<;>UOX<;>USX;GKN;>UIX<;GT;GZZLIQG\LP]
KJH;GZZL_;HJ;TZLIQPT;NPTIOKPN;HJ;HVGKTRIH
TSPGV;[JVQP;JKL_] 12:11( #CEFKH@H(GM(E()GFDW^BFA(,NGOJ
:;TZLIQP;TM\fPQHPN;HJ;G;TSPGV;[JVQP;JKL_
12:11:1( =*7!FJ'7%&T$*.3&5.<R'-!&!*&\+1376+'&B*6%#+N
TSGLL;\P;NPTIOKPN;HJ;HVGKTRIH;HSP;NPTIOK
TSPGV; [JVQP; HJOPHSPV; ÌHS; GK_; \PKNIKO 12:11:1:1; T'+'$67&Y'!"*%&*,&6+67M)#)
RJRPKH;VPTMLHIKO;[VJR;HSP;PQQPKHVIQIH_;J[
/SP;NPTIOK;[JVQP;IK;G;\JLHW`PLN;JV;NPTIOK;[JVQP;ZPV;MKIH
HSP;[JVQP;ÌHS;VPTZPQH;HJ;HSP;QPKHVJIN;J[
LPKOHS;IK;G;\JLHW`PLN;OVJMZ;TM\fPQH;HJ;IK^ZLGKP;LJGNIKO
HSP;OVJMZ]
TSGLL;\P;NPHPVRIKPN;IK;GQQJVNGKQP;ÌHS;HSP;[JLLJÌKOb
-X 537#-')&#+&Y'Y<'$)&).<R'-!&!*&-*Y<#+'%
6-!#*+);h;:;TZLIQP;IK;G;RPR\PV;TM\fPQH;HJ GX /SP;QJKKPQHIJK;ZLGHPT;TSGLL;\P;QJKTINPVPN;HJ
G;QJR\IKGHIJK;J[;NPTIOK;GiIGL;HPKTIJK;JV \P; VIOIN; GKN; HJ; VJHGHP; VPLGHIYP; HJ; PGQS; JHSPV
NPTIOK; GiIGL; QJRZVPTTIJK; GKN; NPTIOK G\JMH; G; ZJIKH; aKJ`K; GT; HSP; IKTHGKHGKPJMT
\PKNIKO; RJRPKH; TSGLL; TGHIT[_ QPKHVP;J[;VJHGHIJK;J[;HSP;OVJMZ]
Q0 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
\X 1K;HSP;QGTP;J[;G;OVJMZ;TM\fPQH;HJ;G;ZMVP;QJMZLP RPR\PV;GKN;NITHVI\MHIKO;HSP;NPTIOK;[JVQPT;GRJKO;HSP
JKL_<; HSP; IKTHGKHGKPJMT; QPKHVP; J[; VJHGHIJK `PLNT;J[;HSP;[ILLPH;`PLN;OVJMZ;TJ;GT;HJ;TGHIT[_;PeMILI\VIMR
QJIKQINPT;ÌHS;HSP;OVJMZ;QPKHVJIN];1K;HSP;QGTP \PH`PPK;HSP;[ILLPH;`PLN;OVJMZ;GKN;HSP;PLPRPKHT;J[;HSP
J[;IK^ZLGKP;TSPGV;[JVQP;GZZLIPN;GH;HSP;OVJMZ QJKKPQHPN;RPR\PV]
QPKHVJIN<; HSP; IKTHGKHGKPJMT; QPKHVP; J[; HSP
12:11:7; =*7!FJ'7%&T$*.3&5.<R'-!&!*&\+1E76+'&6+%&Q.!1
VJHGHIJK;IT;GH;IK[IKIH_;GKN;HSP;NPTIOK;[JVQP;IT
*,1E76+'&B*6%#+N
MKI[JVRL_;NITHVI\MHPN;HSVJMOSJMH;HSP;OVJMZ]
1K; GLL; JHSPV; QGTPT<; PIHSPV; HSP; VPTMLHT; J[ 12:11:7:1; T'+'$67&Y'!"*%&*,&6+67M)#)
IKNPZPKNPKH;GKGL_TPT;[JV;G;ZMVP;QJMZLP;GLJKP
/SP;NPTIOK;[JVQP;IK;G;\JLH;JV;ZPV;MKIH;LPKOHS;J[;HSP;`PLN
GKN;[JV;GK;IK^ZLGKP;TSPGV;[JVQP;GZZLIPN;GH;HSP
TSGLL;\P;NPHPVRIKPN;\_;HSP;TMZPVZJTIHIJK;J[;GKGL_TIT
OVJMZ; QPKHVJIN; TSGLL; \P; TMZPVZJTPN<; JV; G
[JV;IK^ZLGKP;GKN;JMH^J[^ZLGKP;QGTPT;NITQMTTPN;IK;12:11:1
VPQJOKIgPN;RPHSJN;J[;GKGL_TIT;TSGLL;\P;MTPN]
GKN;12:11:!]
QX /SP;NPTIOK;[JVQP;IK;G;\JLH;JV;NPTIOK;[JVQP;ZPV
MKIH;LPKOHS;GH;GK_;ZJIKH;IK;HSP;OVJMZ;TSGLL;\P 12:11:7:!( ;7!'$+6!#('&6+67M)#)
GTTMRPN; HJ; GQH; GH; VIOSH; GKOLPT; HJ; HSP; VGNIMT /SP;NPTIOK;[JVQP;IK;G;\JLH;JV;ZPV;MKIH;LPKOHS;IK;HSP;[ILLPH
[VJR; HSGH; ZJIKH; HJ; HSP; IKTHGKHGKPJMT; QPKHVP< `PLN; OVJMZ; RG_; GLHPVKGHIYPL_; \P; NPHPVRIKPN; \_
GKN; TSGLL; \P; HGaPK; GT; ZVJZJVHIJKGL; HJ; HSGH QJKTINPVIKO;HSP;[ILLPH;`PLN;OVJMZ;GT;GK;PiHPKTIJK;J[;HSP
VGNIMT] QJKKPQHPN;RPR\PV;GKN;ZVJZJVHIJKIKO;HSP;NPTIOK;[JVQP
12:11:! ; =*7!FJ'7%& T$*.3& 5.<R'-!& !*& Q.!1*,1E76+' ZPV; \JLH; JV; MKIH; LPKOHS; IK; HSP; `PLN; OVJMZ; HJ; TGHIT[_
B*6%#+N PeMILI\VIMR; \PH`PPK; HSP; \JLHW`PLN; OVJMZ; GKN; HSP
PLPRPKHT;J[;HSP;QJKKPQHPN;RPR\PV]
12:11:!:1& T'+'$67&Y'!"*%&*,&6+67M)#)
!JVQP;QGLQMLGHPN;IK;HSP;RJTH;THVPTTPN;\JLH;JV;SIOSPTH
/SP;NPTIOK;[JVQP;J[;G;\JLH;IK;\JLH;OVJMZ;JV;NPTIOK;[JVQP [JVQP;ZPV;MKIH;LPKOHS;J[;HSP;`PLN;TSGLL;TGHIT[_;HSP;THVPKOHS
ZPV;MKIH;LPKOHS;IK;HSP;[ILLPH;`PLN;OVJMZ;TM\fPQH;HJ;JMH^ VPeMIVPRPKHT;J[;12:7<(12:<(JV;12:8<(GT;GZZVJZVIGHP]
J[^ZLGKP;LJGNIKO;TSGLL;\P;NPHPVRIKPN;IK;GQQJVNGKQP;ÌHS
HSP;[JLLJÌKOb 12:1!( 'OL(#CLFBH
GX &PTIOK;[JVQP;IK;HSP;\JLHT;JV;ZPV;MKIH;LPKOHS;IK 12:1!:1( 3MO; GKOLPT; QJKKPQHIKO; JMHTHGKNIKO; LPO; J[; G
HSP;[ILLPH;`PLN;OVJMZ;VPTMLHIKO;[VJR;GK_;TSPGV QSGKKPL^TSGZPN; RPR\PV; TSGLL<; GT; [GV; GT; ZJTTI\LP<; \P
[JVQP;JV;GiIGL;[JVQP;TSGLL;\P;QJKTINPVPN;HJ;\P NITZJTPN;T_RRPHVIQGLL_;ÌHS;VPTZPQH;HJ;HSP;TPQHIJK;J[
PeMGLL_; TSGVPN; \_; GLL; \JLHT; IK; HSP; OVJMZ; JV HSP;RPR\PV]
MKI[JVRL_;NITHVI\MHPN;JYPV;HSP;LPKOHS;J[;HSP
12:1!:!( 1K;HSP;QGTP;J[;GKOLP;RPR\PVT<;HSP;LMO;GKOLPT
[ILLPH;`PLN;OVJMZ]
GKN;HSPIV;QJKKPQHIJKT;HJ;HSP;OMTTPH;JV;JHSPV;TMZZJVHIKO
\X &PTIOK;[JVQP;VPTMLHIKO;[VJR;G;NPTIOK;\PKNIKO
RPR\PV;TSGLL;\P;QGZG\LP;J[;NPYPLJZIKO;G;THVPKOHS;KJH
RJRPKH;TSGLL;\P;QJKTINPVPN;HJ;YGV_;LIKPGVL_
LPTT; HSGK; .D; ZPVQPKH; IK; PiQPTT; J[; HSP; [JVQP; IK; HSP
ÌHS; NITHGKQP; [VJR; HSP; VPLPYGKH; QPKHVJINGL
JMHTHGKNIKO;LPO;J[;HSP;RPR\PV<;GKN;HSP;GHHGQSRPKH;J[
GiPT];/SP;[JLLJÌKO;TSGLL;GLTJ;\P;QJKTINPVPNb
HSP; LMO; GKOLP; HJ; HSP; RGIK; GKOLP; TSGLL; \P; QGZG\LP; J[
)X 1K;\PGVIKO;H_ZP;J[;\JLH;OVJMZ;ZLGHPT;IK;HSP NPYPLJZIKO;G;THVPKOHS;KJH;LPTT;HSGK;8D;ZPVQPKH;IK;PiQPTT
QJRZVPTTIJK;TINP;J[;HSP;KPMHVGL;GiIT;GKN J[;HSP;[JVQP;IK;HSP;JMHTHGKNIKO;LPO;J[;HSP;GKOLP]
JKL_;\JLHT;IK;HSP;HPKTIJK;TINP;J[;HSP;KPMHVGL
GiIT;RG_;\P;QJKTINPVPN;[JV;QGLQMLGHIKO;HSP 12:1!:7( 1K;HSP;QGTP;J[;QSGKKPL;RPR\PVT;GKN;HSP;LIaP<
KPMHVGL;GiIT;GKN;TPQJKN;RJRPKH;J[;GVPG] HSP;LMO;GKOLPT;GKN;HSPIV;QJKKPQHIJK;HJ;HSP;OMTTPH;JV;JHSPV
TMZZJVHIKO;RPR\PV;TSGLL;\P;QGZG\LP;J[;NPYPLJZIKO;G
.X 1K;HSP;[VIQHIJK;OVIZ;\JLH;OVJMZ<;JKL_;HSP
THVPKOHS; J[; KJH; LPTT; HSGK; )D; ZPVQPKH; IK; PiQPTT; J[; HSP
\JLHT; TSGLL; \P; QJKTINPVPN; IK; HSP
[JVQP;KJH;GQQJMKHPN;[JV;\_;HSP;NIVPQH;QJKKPQHIJK;J[;HSP
QGLQMLGHIJK; J[; KPMHVGL; GiIT; GKN; TPQJKN
RPR\PV<;GKN;HSP;GHHGQSRPKH;J[;HSP;LMO;GKOLPT;HJ;HSP
RJRPKH;J[;GVPG]
RPR\PV;TSGLL;\P;QGZG\LP;J[;NPYPLJZIKO;.D;ZPVQPKH;IK
6X /SP;[ILLPH;`PLN;OVJMZ;TSGLL;\P;QJKTINPVPN
PiQPTT;J[;HSGH;[JVQP]
IK;ITJLGHIJK;[VJR;HSP;QJKKPQHPN;PLPRPKHl
[JV;HSP;QGLQMLGHIJK;J[;QPKHVJIN;GKN;TPQJKN 12:1!:<( 1K;KJ;QGTP;TSGLL;[P`PV;HSGK;H`J;\JLHT<;VIYPHT;JV
RJRPKH;J[;HSP;`PLN;LPKOHS] PeMIYGLPKH;`PLNT;\P;MTPN;[JV;GHHGQSIKO;HSP;LMO;GKOLP;HJ
HSP;OMTTPH;JV;JHSPV;TMZZJVHIKO;RPR\PV]
12:11:!:!; ;7!'$+6!#('&6+67M)#)
12:1!:8( /SP;P[[PQHIYP;QJKKPQHIJK;J[;HSP;LMO;GKOLP;TSGLL<
/SP;NPTIOK;[JVQP;ZPV;MKIH;LPKOHS;IK;G;[ILLPH;`PLNW\JLH
GT;[GV;GT;ZJTTI\LP;HPVRIKGHP;GH;HSP;PKN;J[;HSP;RPR\PV
OVJMZ;RG_;GLHPVKGHIYPL_;\P;NPHPVRIKPN;\_;QJKTINPVIKO
QJKKPQHPN<; GKN; HSP; [GTHPKIKO; J[; HSP; LMO; GKOLP; HJ; HSP
HSP;[ILLPH;`PLN;OVJMZ;GT;GK;PiHPKTIJK;J[;HSP;QJKKPQHPN
RGIK;RPR\PV;TSGLL;ZVP[PVG\L_;THGVH;IK;GNYGKQP;J[;HSP
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q1
NIVPQH;QJKKPQHIJK;J[;HSP;RPR\PV;HJ;HSP;OMTTPH;JV;JHSPV ;O m OVJTT;GVPG<
TMZZJVHIKO;RPR\PV] 0NK m NPTIOK;THVPKOHS;IK;HPKTIJK;J[;VPTZPQHIYP
12:1!:2 (%SPVP;LMO;GKOLPT;GVP;MTPN;HJ;QJKKPQH;GK;GKOLP ZLGHPWGKOLP; QGLQMLGHPN; IK; GQQJVNGKQP
RPR\PV<;HSP;`SJLP;GVPG;J[;HSP;RPR\PV;TSGLL;\P;HGaPK ÌHS;1!:7<;GKN
GT; P[[PQHIYP; KJHÌHSTHGKNIKO; HSP; VPeMIVPRPKHT; J[ 0N\ m NPTIOK;\LJQa;TSPGV;THVPKOHS;IK;HPKTIJK
*PQHIJK >U[X] J[;VPTZPQHIYP;ZLGHPWGKOLP;QGLQMLGHPN;IK
GQQJVNGKQP;ÌHS;1!:<]
'&!%(#$")*D,"E#.F($-"'%.&''"4&'(-$
1;:7( -GIJNBHH@GC(=BIRBNH
1;(^&4g%",(5$4.55(+.5%,"
1;:7:1 ( ;-!.67&>*Y3$'))#('&5!$'))
1;:1(,BCBNEF /SP;GQHMGL;QJRZVPTTIYP;THVPTT<;,Q;GH;`JVaIKO;UTPVYIQPX;LJGN<
1;:1:1( 4PKPVGL; NPTIOK; VPeMIVPRPKHT; J[; *PQHIJK; >UQX ET;J[;G;QJRZVPTTIJK;RPR\PV;TSGLL;\P;LPTT;HSGK;JV;PeMGL;HJ
TSGLL;GZZL_;IK;HSIT;TPQHIJK] HSP;ZPVRITTI\LP;QJRZVPTTIYP;THVPTT<;,GQ;GT;OIYPK;\PLJ`b
1;:1:!( 0PHSJNT;J[;THVMQHMVGL;GKGL_TIT;J[;*PQHIJK;>UNX :QHMGL;QJRZVPTTIYP;THVPTT<;,Q;m;ET;W;;P
TSGLL; GLTJ; GZZL_; HJ; HSIT; TPQHIJK]; /SP; PLGTHIQ; GKGL_TIT /SP;ZPVRITTI\LP;QJRZVPTTIYP;THVPTT<;,GQ&a;D]>D;,QN
RPHSJN;TSGLL;\P;MTPN;IK;HSP;`JVaIKO;THVPTT;NPTIOK]
`SPVP
1;:1:7( /SP;`JVaIKO;THVPTT;TSGLL;\P;QGLQMLGHPN;GZZL_IKO
VPTZPQHIYP;ZGVHIGL;TG[PH_;[GQHJVT;[JV;LJGNT<;TZPQI[IPN;IK &;P m P[[PQHIYP;TPQHIJKGL;GVPG;GT;NP[IKPN;IK;17:7:!<
/G\LP;8;[JV;HSP;LIRIH;THGHPT;J[;TPVYIQPG\ILIH_] GKN
,QN m NPTIOK; QJRZVPTTIYP; THVPTT; GT; NP[IKPN; IK
1;:1:<( 1K;LJGN;QJR\IKGHIJKT;IKYJLYIKO;ÌKN;JV;TPITRIQ
17:1:!:1(U[JV;GKOLPT<;)'';17:8:1:!X<;QGLQMLGHPN
LJGNT<; HSP; ZPVRITTI\LP; THVPTTPT; IK; THPPL; THVMQHMVGL
ÌHSJMH;HSP;ZGVHIGL;TG[PH_;[GQHJV<;γRD8
RPR\PVT;RG_;\P;IKQVPGTPN;\_;66;ZPVQPKH];!JV;GKQSJV
\JLHT; GKN; QJKTHVMQHIJK; LJGNT; HSIT; IKQVPGTP; TSGLL; \P 1;:7:!( ?')#N+&?'!6#7)
LIRIHPN;HJ;.(;ZPVQPKH];*MQS;GK;IKQVPGTP;IK;GLLJ`G\LP &PTIOK; J[; HSP; QJRZVPTTIJK; RPR\PVT; TSGLL; QJK[JVR
THVPTTPT;TSJMLN;KJH;\P;QJKTINPVPN;I[;HSP;ÌKN;JV;TPITRIQ HJ 17:7]
LJGN;IT;HSP;RGfJV;LJGN;IK;HSP;LJGN;QJR\IKGHIJK;UTMQS;GT
GQHIKO;GLJKO;ÌHS;NPGN;LJGN;GLJKPX] 1;:7:7( >*7.Y+&=6)')
/SP;ZVJYITIJKT;J[;17:<;TSGLL;\P;[JLLJ`PN;[JV;HSP;NPTIOK
1;:!( $BCH@GC(=BIRBNH
J[;QJLMRK;\GTPT<;PiQPZH;HSGH;HSP;HSIQaKPTT;J[;G;TIRZLP
1;:!:1( ;-!.67&0'+)#7'&5!$')) QJLMRK;\GTP<;!T;TSGLL;\P;QGLQMLGHPN;GTb
/SP;GQHMGL;HPKTILP;THVPTT:&,H;JK;HSP;OVJTT;GVPG;J[;QVJTT^
TPQHIJK<;;O;J[;ZLGHPT<;GKOLPT;GKN;JHSPV;HPKTIJK;RPR\PVT ( )
"* = 5% 1 ( − ML5+ ( $ & ?*
TSGLL; \P; LPTT; HSGK; JV; PeMGL; HJ; HSP; TRGLLPV; YGLMP; J[
`SPVP
ZPVRITTI\LP;HPKTILP;THVPTTPT<&,GH:;GT;OIYPK;\PLJ`b
K a MKI[JVR; ZVPTTMVP; [VJR; \PLJ`; JK; HSP; TLG\
:QHMGL;HPKTILP;THVPTT< ;,H;a&0T&F&;O
\GTP;NMP;HJ;GiIGL;QJRZVPTTIJKl
/SP;ZPVRITTI\LP;THVPTT<;,GH;IT;TRGLLPTH;J[;HSP;YGLMPT;GT 6:< m LGVOPV;GKN;TRGLLPV;ZVJfPQHIJK;J[;HSP;TLG\;\GTP
J\HGIKPN;\PLJ`b \P_JKN; HSP; VPQHGKOLP; QIVQMRTQVI\IKO; HSP
GX ;:T;OJYPVKPN;\_;_IPLNIKO;J[;OVJTT;TPQHIJKb QJLMRK<;VPTZPQHIYPL_l;GKN
,GH;m;D]>;,_ &,\T a ZPVRITTI\LP;\PKNIKO;THVPTT;IK;QJLMRK;\GTP
\X :T;OJYPVKPN;\_;VMZHMVP;J[;KPH;TPQHIJK PeMGL;HJ;D]-(;,_]
)X E76!')&.+%'$&!'+)#*+b 1;:7:< ;+N7'&5!$.!)
,GH&a;D]>B;0NKW;O
,VJYITIJKT; J[; 17:8; TSGLL; \P; MTPN; [JV; NPTIOK; J[; GKOLP
.X ;+N7')&.+%'$&!'+)#*+b THVMHT<;PiQPZH;HSGH;HSP;LIRIHIKO;GQHMGL;THVPTTPT;TSGLL;\P
,GH;a;D]>B;0NKW;O QGLQMLGHPN;IK;GQQJVNGKQP;ÌHS;1;:7:1]
QX :T;OJYPVKPN;\_;\LJQa;TSPGVb
1;:7:8( B6-'%&6+%&=6!!'+'%&>*7.Y+)
,GH&a;D]>B;0N\;W;;O
/SP;LGQPN;GKN;\GHHPKPN;QJLMRKT;TSGLL;\P;NPTIOKPN;IK
`SPVP GQQJVNGKQP;ÌHS;17:2;GKN;17:;<;PiQPZH;HSGH;HSP;GQHMGL
0T m GQHMGL;HPKTIJK;MKNPV;`JVaIKO;UTPVYIQPX THVPTTPT;TSGLL;\P;LPTT;HSGK;HSP;ZPVRITTI\LP;THVPTTPT;OIYPK
LJGN< IK;1;:7:1]
Q! "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
1;:<( =BIRBNH(5ORhB?DBA(DG()BCA@CL ;Y m TSPGV;GVPG;J[;HSP;QVJTT^TPQHIJK;GT;OIYPK;IK
1<:<:1]
1;:<:1( ='+%#+N&5!$'))')
1;:<:7! E76!'&T#$%'$
/SP;GQHMGL;\PKNIKO;HPKTILP;GKN;QJRZVPTTIYP;THVPTTPT<;,\H<
,\Q;GH;`JVaIKO;UTPVYIQPX;LJGN;RJRPKH<;DT;J[;G;\PKNIKO ,VJYITIJKT;J[;1<:7<(1<:<<;1<:8<(1<:2;GKN;1<:;;TSGLL;GZZL_<
RPR\PV;TSGLL;\P;LPTT;HSGK;JV;PeMGL;HJ;HSP;ZPVRITTI\LP [JV;HSP;NPTIOK;J[;ZLGHP;OIVNPV<;PiQPZH;HSGH;HSP;GLLJ`G\LP
\PKNIKO;THVPTTPT<;,G\H<;,G\Q<;VPTZPQHIYPL_<;GT;OIYPK;SPVPIK] THVPTTPT&TSGLL;QJK[JVR;HJ;1;:<:1;GKN;1;:<:!:
/SP;GQHMGL;\PKNIKO;THVPTTPT;TSGLL;\P;QGLQMLGHPN;GTb 1;:<:<( =*2&T#$%'$
,\Q;a&DT&F&LPQ GKN ,\H&a&DT&F&LPH 1K; NPTIOK; J[; \Ji; OIVNPV; HSP; ZVJYITIJKT; J[; 1<:Q; TSGLL
/SP; ZPVRITTI\LP; \PKNIKO; THVPTTPT<;,G\Q& JV&,G\H; TSGLL; \P GZZL_<;PiQPZH;HSGH;HSP;GLLJ`G\LP;\PKNIKO;THVPTTPT;TSGLL
HSP;TRGLLPV;J[;HSP;YGLMPT;J\HGIKPN;[VJR;HSP;[JLLJÌKOb QJK[JVR;HJ;1;:<:1]
GX B6!'$677M& ).33*$!'%& <'6Y)& 6+%& <'6Y) 1;:8( -GIR@CBA(5DNBHHBH

<'+%#+N&6<*.!&!"'&Y#+*$&62#)b
1;:8:1( >*Y<#+'%&='+%#+N&6+%&5"'6$
IX ,LGTHIQ;GKN;QJRZGQH;TPQHIJKTb
,G\Q&JV&,G\H;m;D]>>;,_ #PNMQHIJK;IK;GLLJ`G\LP;RJRPKH;KPPN;KJH;\P;QJKTINPVPN
MKNPV;QJR\IKPN;\PKNIKO;GKN;TSPGV]
IIX *PRI^QJRZGQH;TPQHIJKTb
,G\Q;JV&,G\H;m;D]>D;,_ 1;:8:!(>*Y<#+'%&='+%#+N&6+%&;2#67&4*$-'
\X B6!'$677M& .+).33*$!'%& <'6Y)& ).<R'-!'%& !* 0PR\PVT;TM\fPQHPN;HJ;QJR\IKPN;GiIGL;QJRZVPTTIJK;GKN
Y6R*$&62#)&<'+%#+Nb \PKNIKO;TSGLL;\P;TJ;ZVJZJVHIJKPN;HJ;TGHIT[_;HSP;[JLLJÌKO
,G\Q&m;D]>D;DN;W;LPQ VPeMIVPRPKHTb
,G\H&m;D]>D;DN;W;LPH ;GX D'Y<'$&)!6<#7#!M&$'G.#$'Y'+!b
QX E76!')& 6+%& )*7#%& $'-!6+N7')& <'+%#+N& 6<*.!
&G IR" & ?G" & ?GS
Y#+*$&62#)b + MLV J " + J TU ≤ 'LMW
,G\Q&a&,G\H;a&D]-(,_ & 8G" & 8?G" &8?GS
;`SPVP
&G IR" & ?G" IRS & ?GS
&LPQ<;LPH m PLGTHIQ; TPQHIJK; RJNMLMT; [JV; HSP + MLV J " + JS ≤ 'LM
QVJTT^TPQHIJK; ÌHS; VPTZPQH; HJ & 8GS & 8?G" &8?GS
PiHVPRP; QJRZVPTTIJK; GKN; HPKTIJK `SPVP
[I\VPT<;VPTZPQHIYPL_l
,_ m _IPLN;THVPTT;J[;HSP;RGHPVIGLl;GKN >R_<;>Rg m PeMIYGLPKH;MKI[JVR;RJRPKH;[GQHJV;GT;ZPV
/G\LP;)A<
DN m NPTIOK; \PKNIKO; THVPKOHS; J[; G
LGHPVGLL_; MKTMZZJVHPN; \PGR; \PKH &,Q m GZZLIPN; GiIGL; QJRZVPTTIYP; THVPTT; MKNPV
G\JMH; RGfJV; GiIT<; QGLQMLGHPN; IK TPVYIQP;LJGN<
GQQJVNGKQP;ÌHS;1<:!:!] &,\Q_<;,\Qg m GZZLIPN; QJRZVPTTIYP; THVPTTPT; NMP; HJ
\PKNIKO;G\JMH;HSP;RGfJV;UMX;GKN;RIKJV
1;:<:!( 5"'6$&5!$'))&#+&='+%#+N&D'Y<'$)
UOX&GiIT;J[;HSP;RPR\PV<;VPTZPQHIYPL_<
/SP; GQHMGL; TSPGV; THVPTT<; τ\; GH; `JVaIKO; LJGN<; IT; J[; G ,GQ_<;,GQg m GLLJ`G\LP; GiIGL; QJRZVPTTIYP; THVPTT; GT
\PKNIKO; RPR\PV; TSGLL; \P; LPTT; HSGK; JV; PeMGL; HJ; HSP OJYPVKPN; \_; \MQaLIKO; G\JMH; RIKJV; U_X
ZPVRITTI\LP;TSPGV;THVPTT<;τG\&OIYPK;\PLJ`b GKN;RGfJV;UgX;GiIT<;VPTZPQHIYPL_<
:QHMGL;TSPGV;THVPTT<;τ<;m;IT;W;;Y &,G\Q_:&,G\Qg m GLLJ`G\LP;\PKNIKO;QJRZVPTTIYP;THVPTTPT
NMP;HJ;\PKNIKO;G\JMH;RIKJV;UMX;GKN;RGfJV
/SP;ZPVRITTI\LP;TSPGV;THVPTT;IT;OIYPK;\_b
UOX;GiPT;J[;HSP;QVJTT^TPQHIJK;U)'';1;:<X<
;GX %SPK;TM\fPQHPN;HJ;ZMVP;TSPGVb &A_ a );s;Uλ_;h;D].X+_;≤;);s;D]A&+_<
τG\;m;D]8D;,_ &Ag a );s;Uλg;h;D].X+g;≤;);s;D]A;+g<
&\X %SPK; TM\fPQHPN; HJ; TSPGV; \MQaLIKO& U)''
1<:<:!:1Xb ML'λ TU 2"
A3/ a ' − ≥
τG\;m;D]-D;IK&W&;Y (IRTU − ML!X )
`SPVP ML'2"
&IK m NPPTIOK;TSPGV;THVPKOHS;GT;OIYPK;IK;1<:<:!:! '−
UGX<;GKN
(IRTU − ML!X ) <
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q7
&`SPVP 1;:2:!( ;-!.67&5!$'))')&#+&46)!'+'$)
+_<&+g a VGHIJ; J[; GQHMGL; GZZLIPN; GiIGL; THVPTT; HJ; HSP 1;:2:!:1; :QHMGL; THVPTT; IK; \JLH; IK; TSPGV<; ,T\; TSJMLN; \P
GLLJ`G\LP;GiIGL;THVPTT;[JV;\MQaLIKO;G\JMH;HSP LPTT;HSGK;JV;PeMGL;HJ;ZPVRITTI\LP;THVPTT;J[;HSP;\JLH<;,GT\
_;GKN;g;GiIT<;VPTZPQHIYPL_< GT;OIYPK;\PLJ`b
>R3/ m PeMIYGLPKH;MKI[JVR;RJRPKH;[GQHJVl;GKN /SP;GQHMGL;THVPTT;IK;\JLH;IK;TSPGV<;,T\&m;IT\;F&;T\
λ3/ m KJK^NIRPKTIJKGL; TLPKNPVKPTT; VGHIJ
/SP; ZPVRITTI\LP; THVPTT; IK; \JLH; IK; TSPGV<
U)'';1<:!:!X]
,GT\;m;D]>D;IKT\&F&;T\
\X; D'Y<'$&)!$'+N!"&$'G.#$'Y'+!b
`SPVP
:H;G;TMZZJVH;HSP;YGLMPT;,G\Q_&GKN;,G\Qg&TSGLL;\P;QGLQMLGHPN
IT\ m GQHMGL;TSPGV;[JVQP;MKNPV;`JVaIKO;UTPVYIQPX
MTIKO;LGHPVGLL_;TMZZJVHPN;RPR\PV;GKN;TSGLL;TGHIT[_b
LJGN<
&G & ?G" & IKT\ m KJRIKGL;TSPGV;QGZGQIH_;J[;HSP;\JLH;GT;OIYPK
+ + ?GS ≤ 'LM IK;12:7:7<;GKN
MLV & " &8?G" &8?GS
;T\ m KJRIKGL;ZLGIK;TSGKa;GVPG;J[;HSP;\JLH]
1;:8:7( >*Y<#+'%&='+%#+N&6+%&;2#67&0'+)#*+
1;:2:!:!; :QHMGL;THVPTT;J[;\JLH;IK;\PGVIKO;JK;GK_;ZLGHP<
0PR\PVT;TM\fPQHPN;HJ;\JHS;GiIGL;HPKTIJK;GKN;\PKNIKO , Z\; TSJMLN; \P; LPTT; HSGK; JV; PeMGL; HJ; HSP; ZPVRITTI\LP
TSGLL;\P;ZVJZJVHIJKPN;TJ;HSGH;HSP;[JLLJÌKO;QJKNIHIJK \PGVIKO;THVPTT;J[;HSP;\JLHWZLGHP<;,GZ\;GT;OIYPK;\PLJ`b
IT;TGHIT[IPNb
:QHMGL; THVPTT; J[; \JLH; IK; \PGVIKO; JK; GK_
&5 & 95& & ZLGHP<;,Z\;m;IT\W;;Z\
+ + 95: ≤ 'LM
& 65 & 695& &695: /SP; ZPVRITTI\LP; \PGVIKO; THVPTT; J[; HSP; \JLHWZLGHP<
`SPVP ,GZ\&a&D]>D;IKZ\;W;;Z\
&,G\H_<;,G\Hg m ZPVRITTI\LP;HPKTILP;THVPTTPT;MKNPV;\PKNIKO `SPVP

G\JMH;RIKJV;U_X;GKN;RGfJV;UgX;GiIT;`SPK IKZ\ m KJRIKGL;\PGVIKO;QGZGQIH_;J[;G;\JLH;JK;GK_
\PKNIKO; GLJKP; IT; GQHIKO<; GT; OIYPK; IK ZLGHP;GT;OIYPK;IK;12:7:<<;GKN
1;:<:1] &;Z\ m KJRIKGL;\PGVIKO;GVPG;J[;HSP;\JLH;JK;GK_;ZLGHP]
1;:8:<( >*Y<#+'%&='6$#+N:&='+%#+N&6+%&5"'6$&5!$'))')
1;:2:!:7( :QHMGL;HPKTILP;THVPTT;J[;HSP;\JLH<;,H\;TSJMLN;\P
%SPVP; G; \PGVIKO; THVPTT; IT; QJR\IKPN; ÌHS; HPKTILP; JV LPTT;HSGK;JV;PeMGL;HJ;ZPVRITTI\LP;HPKTILP;THVPTT;J[;HSP
QJRZVPTTIYP;THVPTT<;\PKNIKO;GKN;TSPGV;THVPTTPT;MKNPV \JLH<;,GH\;GT;OIYPK;\PLJ`b
HSP; RJTH; MK[GYJMVG\LP; QJKNIHIJKT; J[; LJGNIKO<; HSP
PeMIYGLPKH; THVPTT<; , P& J\HGIKPN; [VJR; HSP; [JLLJÌKO :QHMGL;HPKTILP;THVPTT;J[;HSP;\JLH<;,H\;m;0T;W;;T\
[JVRMLG<;TSGLL;KJH;PiQPPN;D]B,_ /SP; ZPVRITTI\LP; HPKTILP; THVPTT; J[; HSP; \JLH<
,GH\;m;D]>D;0K\;F;T\
%/ = % ?( + % H( + % ? % H + 0τ (?
`SPVP
`SPVP &0T m HPKTIJK;IK;\JLH;MKNPV;`JVaIKO;UTPVYIQPX;LJGN<
τ\ m GQHMGL;TSPGV;THVPTT< &0K\ m NPTIOK;HPKTILP;QGZGQIH_;J[;G;\JLH;GT;OIYPK;IK
&,H m GQHMGL;HPKTILP;THVPTT< 12:7:8<;GKN
&,\ a GQHMGL;\PKNIKO;THVPTT< &;T\ m KJRIKGL;ZLGIK;TSGKa;GVPG;J[;HSP;\JLH]
&,_ m _IPLN;THVPTT<;GKN 1;:2:!:<(:QHMGL;QJRZVPTTIYP;JV;HPKTILP;JV;TSPGV;THVPTT
J[;G;`PLN<;,`&TSJMLN;\P;LPTT;HSGK;JV;PeMGL;HJ;ZPVRITTI\LP
&,Z m GQHMGL;\PGVIKO;THVPTT]
THVPTT;J[;HSP;`PLN<&,G`&GT;OIYPK;\PLJ`b
/SP;YGLMP;J[;ZPVRITTI\LP;\PKNIKO;THVPTTPT;,\Q_&GKN;,\Qg
HJ;\P;MTPN;IK;HSP;G\JYP;[JVRMLG;TSGLL;PGQS;\P;LPTTPV;J[ /SP;ZPVRITTI\LP;THVPTT;J[;HSP;`PLN<&,G`;m;D]>&,`K
HSP;YGLMPT;J[;HSP;RGiIRMR;GLLJ`G\LP;THVPTTPT;,G\Q&GKN `SPVP
,G\H&IK;\PKNIKO;G\JMH;GZZVJZVIGHP;GiIT]
,`K m KJRIKGL; TSPGV; QGZGQIH_; J[; HSP; `PLN; GT
1;:2( -GCCB?D@GCH QGLQMLGHPN;IK;12:8:;:1:1]
1;:2:1 :LL; NPTIOK; ZVJYITIJKT; J[; *PQHIJK; >UaX<; PiQPZH 1;:2:!:8( 1[;HSP;\JLH;IT;TM\fPQHPN;HJ;QJR\IKPN;TSPGV;GKN
[JV;HSP;GQHMGL;GKN;ZPVRITTI\LP;THVPTT;QGLQMLGHIJKT<;TSGLL HPKTIJK<;HSP;GQHMGL;TSPGV;GKN;GiIGL;THVPTTPT;QGLQMLGHPN
GZZL_] IK;GQQJVNGKQP;ÌHS;1;:2:!:1(GKN;1;:2:!:7;NJ;KJH;PiQPPN
Q< "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
HSP;VPTZPQHIYP;ZPVRITTI\LP;THVPTTPT;,GT\;GKN&,GH\&GKN;HSP GX )].;&PGN;3JGN;U&3Xs;D](;1RZJTPN;3JGN;U13X
PiZVPTTIJK;OIYPK;\PLJ`;TSJMLN;TGHIT[_b z;.](;$GVHSeMGaP;3JGN;U$3Xl;GKN
( (
\X D]B;&PGN;3JGN;U&3X;z;.](;$GVHSeMGaP;3JGN
⎡ &*? ⎤ ⎡ &7? ⎤ U$3X]
⎢ ⎥ +⎢ ⎥ ≤ 'LM
⎣ & 8*? ⎦ ⎣ &87? ⎦ 2"/$;j;/SP;G\JYP;QJR\IKGHIJKT;KPPN;HJ;\P;QJKTINPVPN;[JV
JKL_;HSP;NPTIOK;GiIGL;[JVQPT;J[;RPR\PVT<;IOKJVIKO;TIRMLHGKPJMT
`SPVP \PKNIKO; RJRPKHT]
&,T\<;,H\ m GQHMGL; TSPGV; GKN; HPKTILP; THVPTTPT< 1Q:7( 4BHJGCHB(4BAO?D@GC(/E?DGN

VPTZPQHIYPL_l;GKN
!JV;THVMQHMVPT;NPTIOKPN;GKN;NPHGILPN;GT;ZPV;HSP;ZVJYITIJK
, GT\ <& ,GH\ ; m; ZPVRITTI\LP; TSPGV; GKN; HPKTILP; THVPTTPT J[;HSIT;TPQHIJK<;HSP;VPTZJKTP;VPNMQHIJK;[GQHJVT;TZPQI[IPN
VPTZPQHIYPL_] IK; /G\LP; .6; RG_; \P; MTPN; IK; QJKfMKQHIJK; ÌHS; HSP
1;:2:7( 5!$'))')&#+&J'7%) ZVJYITIJK;IK;8;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;)
3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP;[JV;QGLQMLGHIKO
1;:2:7:1( :QHMGL;THVPTTPT;IK;HSP;HSVJGH;GVPG;J[;[ILLPH;`PLNT HSP;NPTIOK;PGVHSeMGaP;[JVQPT]
TSGLL;\P;LPTT;HSGK;JV;PeMGL;HJ;ZPVRITTI\LP;THVPTTPT<;,G`<
GT;OIYPK;\PLJ`b $ERFB(!7(4BHJGCHB(4BAO?D@GC(/E?DGN_(-_(MGN
,G`;m;D]8;,_ )O@FA@CL(5KHDBI
U>76.)'&)A]6X
1;:2:7:!; :QHMGL;THVPTTPT;IK;HSP;\MHH;`PLNT;TSGLL;\P;LPTT
HSGK;HSP;ZPVRITTI\LP;THVPTT;GT;OJYPVKPN;\_;HSP;ZGVPKH '"(-#.( <#'%-#"(<##9(3%$($'($)('0$'%+(( -(
RPHGL;`PLNPN;HJOPHSPV] <"=; <$=; <>=;
3=; Y9128H;29198;D6D489DZ; ;
'&!%(#$")*G,"4&'(-$"/$4"4&%/(0($-"9#. ; 1=! :9H34196;26428449321006;E9128H;29198;<:/Y[=; ?/+;
&/.%856/F&"0#/4' ; E=! 7F82310;26428449321006;E9128H;29198;<7/Y[=; ?/<;
; 2=! :9H34196;8228449321006;E9128H;29198;<:\Y[=; ?/<;
1Q +.5%,"( #"+( +.$#%'%",( /&4 ; H=! 7F82310;8228449321006;E9128H;29198;<7\Y[=; </+;
.#4$[b*#g.('&#+5 33=; ]69844;29198;D6D489Z; ;;
; 1=! :9H34196;969844;98D3D4345;29198;<:]J[=; ?/+;
; E=! 7F82310;969844;98D3D4345;29198;<7]J[=; </+;
1Q:1( ,BCBNEF 333=; ^64@HC24308;29198D; "/<;
*HPPL; [VGRPT; TSGLL; \P; TJ; NPTIOKPN; GKN; NPHGILPN; GT; HJ
OIYP;HSPR;GNPeMGHP;THVPKOHS<;THG\ILIH_;GKN;NMQHILIH_;HJ /SP; \VGQPN; GKN; RJRPKH; VPTITHIKO; [VGRPT; QGK; \P
VPTITH;TPYPVP;PGVHSeMGaPT;IK;GLL;gJKPT;QLGTTI[IPN;IK;8;J[ NPTIOKPN;GT;KJK^NMQHILP;[VGRPT<;I[;HSPIV;JYPVGLL;SPIOSH
,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN HJ;JYPVGLL;ÌNHS;VGHIJ;NJPT;KJH;PiQPPN;)]D<;TMQS;GT;IK
$[[PQHTd; J[; HSP; +JNP; ÌHSJMH; QJLLGZTP]; &MQHILIH_ IKNMTHVIGL; \MILNIKOT]; *MQS; [VGRPT; KPPN; KJH; RPPH; HSP
VPeMIVPRPKHT;IK;1Q:<;HJ;1Q:11;GKN;1Q:17;KPPN;KJH;\P NMQHILIH_; VPeMIVPRPKHT; J[; JHSPV; H_ZPT; J[; [VGRPT; GT
TGHIT[IPN; IK; QGTP; J[; KJK^NMQHILP; [VGRPT; GT; NP[IKPN TZPQI[IPN;IK;1Q:<;HJ;1Q:11;GKN;1Q:17]
IK;1Q:1!];!VGRPT<;`SIQS;[JVR;G;ZGVH;J[;HSP;OVGYIH_;LJGN
VPTITHIKO;T_THPR;\MH;GVP;KJH;IKHPKNPN;HJ;VPTITH;HSP;LGHPVGL 1Q:<( -GCCB?D@GCH_(dG@CDH(ECA(/EHDBCBNH
PGVHSeMGaP;LJGNT<;KPPN;KJH;TGHIT[_;HSP;VPeMIVPRPKHT;J[
1Q:<:1 ( :LL; \JLHT; MTPN; IK; QVIHIQGL; gJKPT; J[; [VGRPT
HSIT; TPQHIJK<; ZVJYINPN; HSP_; QGK; GQQJRRJNGHP; HSP
NPTIOKPN; HJ; VPTITH; PGVHSeMGaP; LJGNT; TSGLL; \P; [MLL_
VPTMLHIKO;NP[JVRGHIJK;ÌHSJMH;ZVPRGHMVP;[GILMVP]
HPKTIJKPN;=IOS;*HVPKOHS;!VIQHIJK;4VIZ;U=*!4X;\JLHT
1Q:!( 'GEA(ECA('GEA(-GIR@CED@GCH JV;HMVKPN;GKN;[IHHPN;\JLHT];+VIHIQGL;gJKPT;J[;[VGRPT;GVP
gJKPT;J[;ZLGTHIQ;SIKOPT;J[;RJRPKH;VPTITHIKO;[VGRPT;GKN
1Q:!:1($GVHSeMGaP;LJGNT;TSGLL;\P;QGLQMLGHPN;GT;ZPV;8;J[ \PGR;HJ;QJLMRK;GT;`PLL;GT;\VGQIKO;PKN;QJKKPQHIJKT;J[
,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN \VGQPN;[VGRPT];/SP;ZLGTHIQ;SIKOP;gJKPT;TSGLL;\P;HGaPK
$[[PQHTd;J[;HSP;+JNP<;PiQPZH;HSGH;HSP;VPNMQHIJK;[GQHJVT GT;G;NITHGKQP;PeMGL;HJ;.;HIRPT;HSP;NPZHS;J[;HSP;RPR\PV
VPQJRRPKNPN;IK;1Q:7(RG_;\P;MTPN] [VJR;HSP;TPQHIJK;J[;RGiIRMR;\PKNIKO;RJRPKH]
1Q:!:! ( 1K; HSP; LIRIH; THGHP; NPTIOK; J[; [VGRPT; VPTITHIKO 1Q:<:!; :LL;`PLN;QJKKPQHIJKT;MTPN;IK;HSP;QVIHIQGL;gJKPT
PGVHSeMGaP;LJGNT<;HSP;LJGN;QJR\IKGHIJKT;TSGLL;QJK[JVR J[;[VGRPT;NPTIOKPN;HJ;VPTITH;PGVHSeMGaP;LJGNT;TSGLL;\P
HJ;/G\LP;8] QJRZLPHP; ZPKPHVGHIJK; \MHH; `PLNT<; PiQPZH; IK; QJLMRK
1Q:!:7( 1K;GNNIHIJK;HSP;[JLLJÌKO;LJGN;QJR\IKGHIJK;TSGLL TZLIQPT<;`SIQS;TSGLL;QJK[JVR;HJ;1Q:8:!]
\P; QJKTINPVPN; GT; VPeMIVPN; IK; 1Q:8:1:1<( 1Q:;:7:1 1Q:<:7( 7JLHPN;fJIKHT;TSGLL;\P;NPTIOKPN;KJH;HJ;TSGVP;LJGN
GKN;1Q:11:!:!b IK;QJR\IKGHIJK;ÌHS;`PLNT;JK;HSP;TGRP;[G_IKO;TMV[GQP]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q8
1Q:8( -GFOICH QJK[JVR;HJ; 8;J[;,GVH;>;c*HVMQHMVGL;&PTIOK<;*PQHIJK )
3JGNT<;!JVQPT;GKN;$[[PQHTd;J[;HSP;+JNP]
1Q:8:1 >*7.Y+&5!$'+N!"
%SPK; EVWEN; IT; OVPGHPV; HSGK; D]8<; HSP; VPeMIVPRPKHT; IK 1Q:;( &NA@CENK( -GC?BCDN@?EFFK( )NE?BA( /NEIBH
1Q:8:1:1;GKN;1Q:8:1:!(TSGLL;\P;RPH< U&-)/V
`SPVP 1Q:;:1( "VNIKGV_;QJKQPKHVIQGLL_;\VGQPN;[VGRPT;U"+7!X

TSJMLN; \P; TSJ`K; HJ; ÌHSTHGKN; IKPLGTHIQ; NP[JVRGHIJK
&EV m VPeMIVPN;QJRZVPTTIYP;THVPKOHS;J[;HSP;RPR\PV QJVVPTZJKNIKO;HJ;G;fJIKH;VJHGHIJK;J[;GH;LPGTH;D]D.;VGNIGKT
GT;PYGLMGHPN;[JV;LJGN;QJR\IKGHIJK;IK;/G\LP;8< ÌHSJMH;NPOVGNGHIJK;IK;THVPKOHS;GKN;THI[[KPTT;\PLJ`;HSP
GKN [MLL;_IPLN;YGLMP];"VNIKGV_;QJKQPKHVIQGLL_;\VGQPN;[VGRPT
EN m NPTIOK; THVPKOHS; IK; GiIGL; QJRZVPTTIJK; GT RPPHIKO; HSP; VPeMIVPRPKHT; J[; HSIT; TPQHIJK; TSGLL; \P
J\HGIKPN;[VJR;17:1:!] NPPRPN;HJ;TGHIT[_;HSP;VPeMIVPN;IKPLGTHIQ;NP[JVRGHIJK]
1Q:8:1:1( /SP; VPeMIVPN; GiIGL; QJRZVPTTIYP; GKN; GiIGL 1Q:;:1:1; "VNIKGV_;QJKQPKHVIQGLL_;\VGQPN;[VGRPT;TSGLL
HPKTILP; THVPKOHS<; TSGLL; \P; NPHPVRIKPN; [VJR; HSP; LJGN KJH;\P;MTPN;IK;TPITRIQ;gJKPT;1?;GKN;?;GKN;[JV;\MILNIKOT
QJR\IKGHIJK; IK; 1Q:!:7<; ÌHSJMH; QJKTINPVIKO; HSP ÌHS;IRZJVHGKQP;[GQHJV;OVPGHPV;HSGK;MKIH_;U\;+)]DX;IK
TIRMLHGKPJMT;RJRPKHT;GT;J\HGIKPN;[VJR;HSP;GKGL_TIT] *PITRIQ;xJKP;111]
1Q:8:1:!; /SP; VPeMIVPN; GiIGL; THVPKOHS; NPHPVRIKPN 1Q:;:1:!; /SP; ZVJYITIJK; IK; HSIT; *PQHIJK; GZZL_; [JV
IK; 1Q:8:1:1( KPPN; KJH; PiQPPN; HSP; RGiIRMR; LJGN NIGOJKGL;GKN;@^\VGQIKO;JKL_];*ZPQIGLITH;LIHPVGHMVP;RG_
HVGKT[PVVPN; HJ; HSP; QJLMRK; QJKTINPVIKO; )].; HIRPT; HSP \P; QJKTMLHPN; [JV; ?; GKN; IKYPVHPN; ?^H_ZP; \VGQIKO]; F^
NPTIOK; THVPKOHS; J[; HSP; QJKKPQHIKO; \PGR; JV; \VGQP \VGQIKO; TSGLL; KJH; \P; ZPVRIHHPN; IK; T_THPRT; HJ; VPTITH
PLPRPKH<;JV;HSP;VPTITHGKQP;J[;HSP;[JMKNGHIJK;HJ;MZLI[H] PGVHSeMGaP]
1Q:8:!(537#-') 1Q:;:!; =$6-#+N&D'Y<'$)
1Q:8:!:1(:;ZGVHIGL^fJIKH;ZPKPHVGHIJK;OVJJYP;`PLN;RG_ 1Q:;:!:1; /SP;TLPKNPVKPTT;J[;\VGQIKO;RPR\PVT<;QJLMRKT
\P;ZVJYINPN;IK;GiIGLL_;LJGNPN;RPR\PV;TZLIQP<;TMQS;HSGH GKN;\PGRT;TSGLL;KJH;PiQPPN;).D]
HSP;NPTIOK;THVPKOHS;J[;HSP;fJIKHT;TSGLL;\P;GH;LPGTH;PeMGL
HJ;.DD;ZPVQPKH;J[;HSP;VPeMIVPN;THVPKOHS] 1Q:;:!:! ;/SP;VPeMIVPN;QJRZVPTTIYP;THVPKOHS;J[;\VGQIKO
RPR\PV;TSGLL;KJH;PiQPPN;D]A;HIRPT;EN<;`SPVP;EN&IT;HSP
1Q:8:!:!(/SP;RIKIRMR;VPeMIVPN;THVPKOHS;[JV;PGQS;[LGKOP NPTIOK;THVPKOHS;IK;GiIGL;QJRZVPTTIJK;U)'';17:1:!X
TZLIQP;TSGLL;\P;)].;HIRPT;,_;[;GT;TSJ`K;IK;!IO];.D<;`SPVP
;[; IT; HSP; TRGLLPV; J[; HSP; GVPG; J[; PGQS; [LGKOP; IK; HSP 1Q:;:!:7; :LJKO;GK_;LIKP;J[;\VGQIKO<;\VGQPT;GH;GLL;LPYPLT
QJKKPQHPN; QJLMRKT<; GKN; )].; HIRPT; ,_;`;GT; RIKIRMR TSGLL;\P;ZVJYINPN;TMQS;HSGH;[JV;LGHPVGL;LJGNIKO;IK;PIHSPV
VPeMIVPN; THVPKOHS; IK; QGTPT; `SPVP; `P\; TZLIQPT; GVP NIVPQHIJK<;HSP;HPKTIJK;\VGQPT;ÌLL;SGYP;HJ;VPTITH;\PH`PPK
ZVJYINPN] 6D;GKN;-D;ZPVQPKH;J[;HSP;HJHGL;[LJJV;TSPGV;GH;HSGH;LPYPL]
1Q:8:!:7( /SP; \JLHPN; QJLMRK; TZLIQP; TSGLL; RPPH; HSP 1Q:;:!:<; 7VGQIKO;QVJTT^TPQHIJK;QGK;\P;ZLGTHIQ<;QJRZGQH
VPeMIVPRPKHT;J[;1Q:<(ECA(1Q:8:1] JV;TPRI^QJRZGQH<;\MH;KJH;TLPKNPV<;GT;NP[IKPN;IK;9:;:!]
1Q:;:!:8 ; !JV; GLL; \MILH^MZ; \VGQPT<; HSP; TZGQIKO; J[; HGQa
1Q:2( 5DGNBK(+N@MD
[GTHPKPVT;TSGLL;\P;TMQS;HSGH;HSP;MK[GYJMVG\LP;TLPKNPVKPTT
/SP; THJVP_; NVI[H; LIRIHT; TSGLL; QJK[JVR; HJ; 8; J[; ,GVH; > VGHIJ; J[; IKNIYINMGL; PLPRPKH<; \PH`PPK; TMQS; [GTHPKPVT<
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd TSGLL;KJH;PiQPPN;D]8;HIRPT;HSP;OJYPVKIKO;TLPKNPVKPTT
J[;HSP;+JNP];/SP;NP[JVRGHIJK;QJRZGHI\ILIH_;J[;RPR\PVT VGHIJ; J[; HSP; \VGQP; IHTPL[]; 7JLHPN; QJKKPQHIJKT; TSGLL; \P
KJH; NPTIOKPN; HJ; VPTITH; TPITRIQ; LGHPVGL; LJGN; TSGLL; GLTJ GYJINPN;ÌHSIK;HSP;RINNLP;JKP^[JMVHS;J[;HSP;QLPGV;\VGQP
LPKOHS; UD].(; HIRPT; HSP; LPKOHS; IK; HSP; RINNLPX; IK; TMQS
\MILH^MZ;\VGQPT]
1Q:;:!:2( /SP; \VGQIKO; RPR\PVT; TSGLL; \P; NPTIOKPN; TJ
HSGH;OVJTT;GVPG;_IPLNIKO;U)'';1!:!V;GKN;KJH;HSP;KPH;GVPG
VMZHMVP; U)''; 1!:7V( `JMLN; OJYPVK; HSP; NPTIOK; HPKTILP
THVPKOHS]
1Q:;:7; =$6-#+N&>*++'-!#*+)
1Q:;:7:1; $KN;QJKKPQHIJKT;IK;\VGQIKOT;TSGLL;\P;NPTIOKPN
HJ;ÌHSTHGKN;HSP;RIKIRMR;J[;HSP;[JLLJÌKOb
!14];.D;,:#/1:3;,$2$/#:/1"2;4#""?$;%$3&;12 GX :;HPKTILP;[JVQP;IK;HSP;\VGQIKO;PeMGL;HJ;)].&,_;;Ol
+ "3902;*,31+$
Q2 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
\X !JVQP;IK;HSP;\VGQP;NMP;HJ;LJGN;QJR\IKGHIJKT IKNIYINMGL;PLPRPKH;\PH`PPK;TMQS;QJKKPQHIJKT;TSGLL;KJH
IK;1Q:!:7l;GKN PiQPPN;D]8;HIRPT;HSP;OJYPVKIKO;TLPKNPVKPTT;VGHIJ;J[;HSP
QX 0GiIRMR;[JVQP;HSGH;IT;HVGKT[PVVPN;HJ;HSP;\VGQP \VGQP;IHTPL[];7JLHPN;QJKKPQHIJK;TSGLL;\P;GYJINPN;ÌHSIK
\_;HSP;T_THPR<;\GTPN;JK;GKGL_TIT] HSP;RINNLP;JKP^[JMVHS;J[;HSP;QLPGV;\VGQP;LPKOHS;UD].(
HIRPT;HSP;LPKOHS;IK;HSP;RINNLPX]
1Q:;:7:!; /SP;QJKKPQHIJK;TSJMLN;\P;QSPQaPN;[JV;HPKTIJK
VMZHMVP; GKN; \LJQa; TSPGV; MKNPV; HSP; LJGN; NPHPVRIKPN 1Q:Q:!:;( /SP; \VGQIKO; RPR\PVT; TSGLL; \P; NPTIOKPN; TJ
IK 1Q:;:7:1] HSGH;OVJTT;GVPG;_IPLNIKO;U)'';1!:!X;GKN;KJH;HSP;KPH;GVPG
VMZHMVP; U)''; 1!:7X( `JMLN; OJYPVK; HSP; NPTIOK; HPKTILP
1Q:;:7:7; /SP;QJKKPQHIJK;TSGLL;\P;NPTIOKPN;HJ;ÌHSTHGKN THVPKOHS]
G;RJRPKH;J[;)].;HIRPT;HSP;[MLL;ZLGTHIQ;RJRPKH;J[;HSP
\VGQPN;TPQHIJK;G\JMH;HSP;\MQaLIKO;GiIT] 1Q:Q:7; =$6-#+N&>*++'-!#*+)
1Q:;:7:<; 4MTTPH;ZLGHPT;TSGLL;\P;QSPQaPN;[JV;\MQaLIKO 1Q:Q:7:1; 7VGQIKO;PKN;QJKKPQHIJKT;TSGLL;\P;NPTIOKPN;HJ
JMH;J[;HSPIV;ZLGKP] ÌHSTHGKN;HSP;RIKIRMR;J[;HSP;[JLLJÌKOb
GX :;HPKTILP;[JVQP;IK;HSP;\VGQIKO;PeMGL;HJ;)])&,_;Ol
1Q:Q( 5JB?@EF(-GC?BCDN@?EFFK()NE?BA(/NEIBH(U5-)/V
GKN
1Q:Q:1( *ZPQIGL;QJKQPKHVIQGLL_;\VGQPN;[VGRPT;U*+7!X \X 0GiIRMR;[JVQP;HSGH;QGK;\P;HVGKT[PVVPN;HJ;HSP
TSJMLN; \P; TSJ`K; HJ; ÌHSTHGKN; IKPLGTHIQ; NP[JVRGHIJK \VGQP;\_;HSP;T_THPR]
QJVVPTZJKNIKO;HJ;G;fJIKH;VJHGHIJK;J[;GH;LPGTH;D]D8;VGNIGKT
ÌHSJMH;NPOVGNGHIJK;IK;THVPKOHS;GKN;THI[[KPTT;\PLJ`;HSP 1Q:Q:7:!; /SP;QJKKPQHIJK;TSJMLN;\P;QSPQaPN;[JV;HPKTIJK
[MLL;_IPLN;YGLMP];*ZPQIGL;QJKQPKHVIQGLL_;\VGQPN;[VGRPT VMZHMVP; GKN; \LJQa; TSPGV; MKNPV; HSP; LJGN; NPHPVRIKPN
RPPHIKO; HSP; VPeMIVPRPKHT; J[; HSIT; *PQHIJK; TSGLL; \P IK 1Q:Q:7:1]
NPPRPN;HJ;TGHIT[_;HSP;VPeMIVPN;IKPLGTHIQ;NP[JVRGHIJK] 1Q:Q:7:7; /SP;QJKKPQHIJK;TSGLL;\P;NPTIOKPN;HJ;ÌHSTHGKN
1Q:Q:1:1 (*ZPQIGL;QJKQPKHVIQGLL_;\VGQPN;[VGRPT;U*+7!X G;RJRPKH;J[;)].;HIRPT;HSP;[MLL;ZLGTHIQ;RJRPKH;J[;HSP
RG_; \P; MTPN; IK; GK_; TPITRIQ; gJKP; U)''; 8; J[; ,GVH; > \VGQPN;TPQHIJK;G\JMH;HSP;QVIHIQGL;\MQaLIKO;GiIT]
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd 1Q:Q:7:<; 4MTTPH;ZLGHPT;TSGLL;\P;QSPQaPN;[JV;\MQaLIKO
J[;HSP;+JNPX;GKN;[JV;GK_;\MILNIKO;UIRZJVHGKQP^[GQHJV JMH;J[;HSPIV;ZLGKP]
YGLMPX]
1Q:Q:<; >*7.Y+
1Q:Q:1:! ; /SP; ZVJYITIJK; IK; HSIT; *PQHIJK; GZZL_; [JV
NIGOJKGL;GKN;@^\VGQIKO;JKL_];*ZPQIGLITH;LIHPVGHMVP;RG_ 1Q:Q:<:1( /SP; QJLMRK; TPQHIJKT; MTPN; IK; TZPQIGL
\P; QJKTMLHPN; [JV; ?; GKN; IKYPVHPN^?; H_ZP; \VGQIKO]; F QJKQPKHVIQGLL_;\VGQPN;[VGRPT;U*+7!X;TSGLL;\P;ZLGTHIQ
\VGQIKO; TSGLL; KJH; \P; ZPVRIHHPN; IK; T_THPR; HJ; VPTITH GT;NP[IKPN;IK;9:;:!]
PGVHSeMGaP] 1Q:Q:<:!; *ZLIQPT;TSGLL;\P;LJQGHPN;ÌHSIK;HSP;RINNLP;JKP^
1Q:Q:!; =$6-#+N&D'Y<'$) HSIVN; J[; HSP; QJLMRK; QLPGV; SPIOSH]; *ZLIQPT; TSGLL; \P
NPTIOKPN;[JV;HSP;[JVQPT;HSGH;QGK;\P;HVGKT[PVVPN;HJ;IH];1K
1Q:Q:!:1 ( 7VGQIKO; RPR\PVT; TSGLL; \P; RGNP; J[; $.(D7 GNNIHIJK<; TZLIQPT; IK; QJLMRKT; TSGLL; \P; NPTIOKPN; HJ
THPPL;J[;HSP;GQQPZHPN;THGKNGVN;o>^>U>Xp;JV;J[;THPPL;SGYIKO NPYPLJZ; GH; LPGTH; HSP; KJRIKGL; TSPGV; THVPKOHS; J[; HSP
+SGVZ_; ?^KJHQS; PKPVO_; KJH; LPTT; HSGK; .-; E; GH; HSP TRGLLPV; QJKKPQHPN; RPR\PV; GKN; (D; ZPVQPKH; J[; HSP
RIKIRMR;NPTIOK;HPRZPVGHMVP] KJRIKGL; [LPiMVGL; THVPKOHS; J[; HSP; TRGLLPV; QJKKPQHPN
1Q:Q:!:!( /SP;TLPKNPVKPTT;J[;\VGQIKO;RPR\PVT;TSGLL;KJH TPQHIJK]
PiQPPN;)>D;UPiQPZH;[JV;SGKOPV;PLPRPKHT<;`SIQS;TMZZJVH
1Q:9(.??BCDN@?EFFK()NE?BA(/NEIBH(U.)/V
JKL_;OVGYIH_;LJGNX]
$QQPKHVIQGLL_;\VGQPN;[VGRPT;U$7!X;TSGLL;\P;NPTIOKPN
1Q:Q:!:7; /SP;VPeMIVPN;QJRZVPTTIYP;THVPKOHS;J[;\VGQIKO
IK;GQQJVNGKQP;ÌHS;TZPQIGLITH;LIHPVGHMVP]
RPR\PV;TSGLL;KJH;PiQPPN;HSP;NPTIOK;THVPKOHS;IK;GiIGL
QJRZVPTTIJK;EN;U)'';17:1:!X] 1Q:10( &NA@CENK(=GIBCD(4BH@HD@CL(/NEIBH(U&=4/V
1Q:Q:!:<; :LJKO; GK_; LIKP; J[; \VGQIKO<; \VGQPT; TSGLL; \P 1Q:10:1& "VNIKGV_;RJRPKH;VPTITHIKO;[VGRPT;U"0#!X
ZVJYINPN;TMQS;HSGH;[JV;LGHPVGL;LJGNIKO;IK;PIHSPV;NIVPQHIJK< TSJMLN; \P; TSJ`K; HJ; ÌHSTHGKN; IKPLGTHIQ; NP[JVRGHIJK
HSP;HPKTIJK;\VGQPT;ÌLL;VPTITH;\PH`PPK;6D;GKN;-D;ZPVQPKH QJVVPTZJKNIKO;HJ;G;fJIKH;VJHGHIJK;J[;D]D.;VGNIGKT;ÌHSJMH
J[;HSP;LJGN] NPOVGNGHIJK;IK;THVPKOHS;GKN;THI[[KPTT;\PLJ`;HSP;[MLL;_IPLN
1Q:Q:!:8( 7VGQPN; QVJTT^TPQHIJK; TSGLL; \P; ZLGTHIQ; GT YGLMP;UDZX];"VNIKGV_;RJRPKH;VPTITHIKO;[VGRPT;RPPHIKO
NP[IKPN;IK;9:;:!] HSP; VPeMIVPRPKHT; J[; HSIT; TPQHIJK; TSGLL; \P; NPPRPN; HJ
TGHIT[_;HSP;VPeMIVPN;IKPLGTHIQ;NP[JVRGHIJK]
1Q:Q:!:2; 1K; \MILH^MZ; \VGQPT<; HSP; TZGQIKO; J[; HGQa
QJKKPQHIJKT;TSGLL;\P;TMQS;HSGH;HSP;TLPKNPVKPTT;VGHIJ;J[ 1Q:10:1:1; "VNIKGV_;RJRPKH;VPTITHIKO;[VGRPT;U"0#!X
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q;
TSGLL;KJH;\P;MTPN;IK;*PITRIQ;xJKPT;1?;GKN;?;GKN;[JV VIOIN;U)'';:KKPi;$X;GKN;NPTIOKPN;HJ;ÌHSTHGKN;G;RJRPKH
\MILNIKOT; ÌHS; IRZJVHGKQP; [GQHJV; OVPGHPV; HSGK; MKIH_ J[; GH; LPGTH; )].; HIRPT; HSP; [MLL; ZLGTHIQ; RJRPKH; J[; HSP
U\&+)]DX;IK;*PITRIQ;xJKP;111] QJKKPQHPN;\PGR];%SPK;G;VPNMQPN;\PGR;TPQHIJK;IT;MTPN
IK;HSP;ZLGTHIQ;SIKOP;gJKP<;IHT;RIKIRMR;[LPiMVGL;THVPKOHS
1Q:10:!( ='6Y1!*1>*7.Y+&h*#+!)&6+%&>*++'-!#*+)
TSGLL; \P; GH; LPGTH; PeMGL; HJ; D]A; HIRPT; HSP; [MLL; ZLGTHIQ
+JKKPQHIJKT; GVP; ZPVRIHHPN; HJ; \P; VIOIN; JV; TPRI^VIOIN RJRPKH;J[;HSP;MKVPNMQPN;TPQHIJK]
RJRPKH; QJKKPQHIJKT; GKN; TSJMLN; TGHIT[_; HSP; QVIHPVIG
1Q:11:!:!; /SP; QJKKPQHIJK; TSGLL; \P; NPTIOKPN; HJ
IK 1Q:10:!:1;HJ(1Q:10:!:8]
ÌHSTHGKN;G;TSPGV;VPTMLHIKO;[VJR;HSP;LJGN;QJR\IKGHIJK
1Q:10:!:1; #IOIN; RJRPKH; QJKKPQHIJKT; TSJMLN; \P )].&3; s; D](13; ZLMT; HSP; TSPGV; VPTMLHIKO; [VJR; HSP
NPTIOKPN;HJ;ÌHSTHGKN;G;RJRPKH;J[;GH;LPGTH;)].;HIRPT;J[ GZZLIQGHIJK;J[;)].DZ;IK;HSP;TGRP;NIVPQHIJK<;GH;PGQS;PKN
PIHSPV;HSP;[MLL;ZLGTHIQ;RJRPKH;J[;HSP;QJKKPQHPN;\PGR J[;HSP;\PGR;UQGMTIKO;NJM\LP;QMVYGHMVP;\PKNIKOX];/SP
JV;HSP;RGiIRMR;RJRPKH;HSGH;QGK;\P;NPLIYPVPN;\_;HSP TSPGV; THVPKOHS; KPPN; KJH; PiQPPN; HSP; VPeMIVPN; YGLMP
\PGR;HJ;HSP;fJIKH;NMP;HJ;HSP;IKNMQPN;`PGaKPTT;GH;HSP QJVVPTZJKNIKO;HJ;HSP;LJGN;QJR\IKGHIJK;IK;1Q:!:7]
PKNT;J[;HSP;\PGR<;`SIQSPYPV;IT;LPTT]
1Q:11:!:7( 1K;QJLMRK;THVJKO;GiIT;QJKKPQHIJKT;U\PGR;GKN
1Q:10:!:!; *PRI^VIOIN;QJKKPQHIJKT;TSJMLN;\P;NPTIOKPN QJLMRK;`P\;IK;HSP;TGRP;ZLGKPX<;HSP;ZGKPL;gJKP;TSGLL;\P
HJ;ÌHSTHGKN;PIHSPV;G;RJRPKH;J[;GH;LPGTH;D](;HIRPT;HSP QSPQaPN;[JV;TSPGV;\MQaLIKO;IK;GQQJVNGKQP;ÌHS;1<:<:!
[MLL; ZLGTHIQ; RJRPKH; J[; HSP; QJKKPQHPN; \PGR; JV; HSP GH;HSP;NPTIOK;TSPGV;NP[IKPN;IK;1Q:11:!:!];+JLMRK;`P\
RGiIRMR;RJRPKH;HSGH;QGK;\P;NPLIYPVPN;\_;HSP;T_THPR< NJM\LPV; ZLGHPT; JV; NIGOJKGL; THI[[PKPVT; RG_; \P; MTPN; HJ
`SIQSPYPV;IT;LPTT];/SP;NPTIOK;RJRPKH;TSGLL;\P;GQSIPYPN THVPKOHSPK;HSP;`P\;GOGIKTH;TSPGV;\MQaLIKO]
ÌHSIK;G;VJHGHIJK;J[;D]D);VGNIGKT];/SP;IK[JVRGHIJK;OIYPK
1Q:11:!:<; /SP;IKNIYINMGL;HSIQaKPTT;J[;HSP;QJLMRK;`P\T
IK;:KKPi;$;RG_;\P;MTPN;[JV;QSPQaIKO]
GKN;NJM\LPV;ZLGHPT<;TSGLL;TGHIT[_;HSP;[JLLJÌKOb
1Q:10:!:7; /SP; THI[[KPTT; GKN; THVPKOHS; J[; TPRI^VIOIN
!;+;U%Z;s;<ZX;W;BD
QJKKPQHIJKT;TSGLL;\P;GQQJMKHPN;[JV;IK;HSP;NPTIOK;GKN
HSP;JYPVGLL;THG\ILIH_;J[;HSP;[VGRP;TSGLL;\P;PKTMVPN] `SPVP
1Q:10:!:<; /SP;VIOIN;GKN;TPRI^VIOIN;QJKKPQHIJKT;TSJMLN ! m HSIQaKPTT;J[;QJLMRK;`P\;JV;NJM\LPV;ZLGHP<

\P;NPTIOKPN;HJ;ÌHSTHGKN;G;TSPGV;VPTMLHIKO;[VJR;HSP;LJGN %Z a ZGKPL^gJKP;NPZHS;\PH`PPK;QJKHIKMIH_;ZLGHPT
QJR\IKGHIJK; )].&3 s D](13; ZLMT; HSP; TSPGV U)'';!IO];.)X<;GKN
QJVVPTZJKNIKO; HJ; HSP; NPTIOK; RJRPKH; NP[IKPN <Z m ZGKPL^gJKP;ÌNHS;\PH`PPK;QJLMRK;[LGKOPT]
IK;1Q:10:!:1;GKN;1Q:10:!:!:;VPTZPQHIYPL_]
1Q:10:!:8; 1K;VIOIN;[MLL_;`PLNPN;QJKKPQHIJKT<;QJKHIKMIH_
ZLGHPT; o[JV; HPKTIJK; THI[[PKPVT<& )''; 1<:;:1:1U[Xp; J[
HSIQaKPTT;PeMGL;HJ;JV;OVPGHPV;HSGK;HSP;HSIQaKPTT;J[;HSP
\PGR;[LGKOP;TSGLL;\P;ZVJYINPN;GKN;`PLNPN;HJ;HSP;QJLMRK
[LGKOPT;GKN;`P\]
1Q:11( 5JB?@EF(=GIBCD(4BH@HD@CL(/NEIBH(U5=4/V
1Q:11:1 ;*ZPQIGL;RJRPKH;VPTITHIKO;[VGRPT;U*0#!X;TSGLL
\P;RGNP;J[;$.(D7;THPPL;J[;HSP;GQQPZHPN;THGKNGVN;o>^>U>Xp
JV;J[;THPPL;SGYIKO;+SGVZ_;?^KJHQS;PKPVO_<;$;+;.-E;GKN
TSJMLN; \P; TSJ`K; HJ; ÌHSTHGKN; IKPLGTHIQ; NP[JVRGHIJK
QJVVPTZJKNIKO;HJ;G;fJIKH;VJHGHIJK;J[;D]D8;VGNIGK;ÌHSJMH
NPOVGNGHIJK;IK;THVPKOHS;GKN;THI[[KPTT;\PLJ`;HSP;[MLL;_IPLN
YGLMP;UDZX]; *ZPQIGL; RJRPKH; VPTITHIKO; [VGRPT; RPPHIKO
!14];.);+"2/1291/5;,3:/$*
HSP;VPeMIVPRPKHT;J[;HSIT;*PQHIJK;TSGLL;\P;NPPRPN;HJ;TGHIT[_
HSP;VPeMIVPN;IKPLGTHIQ;NP[JVRGHIJK] 1Q:11:!:8; +JKHIKMIH_; ZLGHPT; UHPKTIJK; THI[[PKPVX
U)'';1<:;X;TSGLL;\P;ZVJYINPN;IK;GLL;THVJKO;GiIT;`PLNPN
1Q:11:1:1( *ZPQIGL; RJRPKH; VPTITHIKO; [VGRPT; U*0#!X
QJKKPQHIJKT;PiQPZH;IK;PKN;ZLGHP;QJKKPQHIJK]
RG_; \P; MTPN; IK; GK_; TPITRIQ; gJKP; U)''; (; J[; ,GVH; >
c*HVMQHMVGL;&PTIOK<;*PQHIJK;);3JGNT<;!JVQPT;GKN;$[[PQHTd 1Q:11:7( ='6Y&6+%&>*7.Y+&B#Y#!6!#*+
J[;HSP;+JNPX;GKN;[JV;GK_;\MILNIKOT;UIRZJVHGKQP^[GQHJV
1Q:11:7:1; 7PGR;GKN;QJLMRK;TPQHIJKT;TSGLL;\P;PIHSPV
YGLMPTX]
ZLGTHIQ; JV; QJRZGQH; GT; NP[IKPN; IK; 9:;:!]; :H; ZJHPKHIGL
1Q:11:!; ='6Y1!*1-*7.Y+&h*#+!)&6+%&>*++'-!#*+) ZLGTHIQ;SIKOP;LJQGHIJKT<;HSP_;TSGLL;KPQPTTGVIL_;\P;ZLGTHIQ]
1Q:11:!:1; :LL; \PGR^HJ^QJLMRK; QJKKPQHIJKT; TSGLL; \P 1Q:11:7:!; /SP;TPQHIJK;TPLPQHPN;[JV;\PGRT;GKN;QJLMRKT
QQ "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
TSGLL;TGHIT[_;HSP;[JLLJÌKO;VPLGHIJKb GX +JVVJTIJK;[GHIOMP<
\X 3J`;Q_QLP;USIOS;THVPTTX;[GHIOMP<
∑A HG
≥ !#' QX /SPVRGL;[GHIOMP<
∑A H? NX *HVPTT;QJVVJTIJK;QVGQaIKO<
`SPVP PX $[[PQHT;J[;SIOS;HPRZPVGHMVP;U+;)(Dk+X<;GKN
[X $[[PQHT;J[;LJ`;HPRZPVGHMVP;Uv;\VIHHLP;HVGKTIHIJK
∑DJ? m TMR;J[;HSP;RJRPKH;QGZGQIH_;IK;HSP;QJLMRK HPRZPVGHMVPX]
G\JYP;GKN;\PLJ`;HSP;\PGR;QPKHVPLIKPl;GKN
19:1:1( !JV; HSP; ZMVZJTP; J[; NPTIOK; GOGIKTH; [GHIOMP<
∑DJR m TMR;J[;HSP;RJRPKH;QGZGQIH_;IK;HSP;\PGRT;GH NI[[PVPKH; NPHGILT; UJ[; RPR\PVT; GKN; QJKKPQHIJKTX; GVP
HSP; IKHPVTPQHIJK; J[; HSP; \PGR; GKN; QJLMRK QLGTTI[IPN;MKNPV;NI[[PVPKH;[GHIOMP;QLGTT];/SP;NPTIOK;THVPTT
QPKHVPLIKPT] VGKOP;QJVVPTZJKNIKO;HJ;YGVIJMT;KMR\PV;J[;Q_QLPT<;GVP
1K;HGLL;\MILNIKOT<;SIOSPV;RJNP;P[[PQHT;TSGLL;\P;GQQJMKHPN OIYPK;[JV;PGQS;[GHIOMP;QLGTT];/SP;VPeMIVPRPKHT;J[;HSIT
[JV;IK;GQQJVNGKQP;ÌHS;TZPQIGLITH;LIHPVGHMVP] *PQHIJK;TSGLL;\P;TGHIT[IPN;ÌHS<;GH;PGQS;QVIHIQGL;LJQGHIJK
J[;HSP;THVMQHMVP;TM\fPQHPN;HJ;Q_QLIQ;LJGNIKO<;QJKTINPVIKO
1Q:11:7:7( 3GHPVGL;TMZZJVH;HJ;HSP;QJLMRK;IK;G;NIVPQHIJK
VPLPYGKH; KMR\PV; J[; Q_QLPT; GKN; RGOKIHMNPT; J[; THVPTT
ZPVZPKNIQMLGV;HJ;HSP;`P\;J[;HSP;\PGR;TSGLL;\P;ZVJYINPN
VGKOP;PiZPQHPN;HJ;\P;PiZPVIPKQPN;NMVIKO;HSP;LI[P;J[;HSP
GH;\JHS;HJZ;GKN;\JHHJR;\PGR;[LGKOP;LPYPLT;TJ;GT;HJ;VPTITH
THVMQHMVP]
GH;LPGTH;.;ZPVQPKH;J[;HSP;\PGR;[LGKOP;THVPKOHS<;PiQPZH
[JV;HSP;QGTP;NPTQVI\PN;IK;1Q:11:7:<] 19:! (+BH@LC
1Q:11:7:<( :;ZLGKP;[VGRP;NPTIOKPN;GT;KJK^T`G_;IK;HSP 19:!:1( H','$'+-'&?')#N+&>*+%#!#*+
NIVPQHIJK;ZPVZPKNIQMLGV;HJ;IHT;ZLGKP<;TSGLL;\P;QSPQaPN
[JV;\MQaLIKO<;MKNPV;HSP;LJGN;QJR\IKGHIJK;GT;TZPQI[IPN /SP;THGKNGVN;*^2&QMVYPT;[JV;PGQS;NPHGIL;QGHPOJV_;GVP
IK;1Q:8:1:1] OIYPK;[JV;HSP;[JLLJÌKO;QJKNIHIJKTb
GX &PHGIL; IT; LJQGHPN; IK; G; VPNMKNGKH; LJGN; ZGHS<
1Q:1! ("GCT+O?D@FB()NE?BA(ECA(=GIBCD(4BH@HD@CL
`SPVPIK;LJQGL;[GILMVP;GH;HSGH;NPHGIL;GLJKP;ÌLL
/NEIBH
KJH;LPGN;HJ;JYPVGLL;QJLLGZTP;J[;HSP;THVMQHMVP]
!VGRPT;`SIQS;NJ;KJH;RPPH;HSP;NMQHILIH_;VPeMIVPRPKHT \X 2JRIKGL;THVPTT;SITHJV_;GH;HSP;LJQGL;ZJIKH;IK;HSP
J[;HSP;1Q:<(HJ;1Q:11;GKN;1Q:17;GKN;NPTIOKPN;GT;ZPV;HSP NPHGIL;IT;PTHIRGHPNWPYGLMGHPN;\_;G;QJKYPKHIJKGL
VPTZJKTP; VPNMQHIJK; [GQHJV; [JV; KJK^NMQHILP; [VGRPT RPHSJN;ÌHSJMH;HGaIKO;IKHJ;GQQJMKH;HSP;LJQGL
TZPQI[IPN;IK;/G\LP;.6;TSGLL;\P;QLGTTI[IPN;GT;KJK^NMQHILP THVPTT;QJKQPKHVGHIJK;P[[PQHT;NMP;HJ;HSP;NPHGIL]
[VGRPT];/SPTP;[VGRPT;TSGLL;SGYP;SPIOSH;HJ;TZGK;VGHIJ QX 3JGN;Q_QLPT;GVP;KJH;SIOSL_;IVVPOMLGV]
KJH;PiQPPNIKO;)]D<;TMQS;GT;IK;IKNMTHVIGL;\MILNIKOT]
NX &PHGILT; GVP; GQQPTTI\LP; [JV; GKN; TM\fPQH; HJ
1Q:17( -GFOIC()EHB(-GCCB?D@GCH VPOMLGV;IKTZPQHIJK]
PX *HVMQHMVP;IT;PiZJTPN;HJ;JKL_;RILNL_;QJVVJTIYP
1Q:17:1 ( !IiPN; QJLMRK; \GTPT; GKN; HSPIV; GKQSJV; \JLHT PKYIVJKRPKH; GT; IK; KJVRGL; GHRJTZSPVIQ
TSJMLN;\P;NPTIOKPN;HJ;ÌHSTHGKN;G;RJRPKH;J[;)].;HIRPT QJKNIHIJK; GKN; TMIHG\L_; ZVJHPQHPN; GOGIKTH
HSP;[MLL;ZLGTHIQ;RJRPKH;QGZGQIH_;J[;HSP;QJLMRK;TPQHIJK] QJVVJTIJK;UZIH;NPZHS;v);RRX]
/SP; GKQSJV; \JLHT; TSGLL; \P; NPTIOKPN; HJ; ÌHSTHGKN; HSP
[X *HVMQHMVP; IT; KJH; TM\fPQHPN; HJ; HPRZPVGHMVP
QJR\IKPN;GQHIJK;J[;TSPGV;GKN;HPKTIJK;MKNPV;HSP;G\JYP
PiQPPNIKO;)(D;k+]
RJRPKH;GKN;TSPGV;GT;`PLL;GT;ZV_IKO;GQHIJK<;I[;GK_]
OX /VGKTYPVTP;[ILLPH;JV;\MHH;`PLN;QJKKPQHT;ZLGHPT
1Q:17:! ( 7JHS; [IiPN; GKN; SIKOPN; QJLMRK; \GTP J[;HSIQaKPTT;KJH;OVPGHPV;HSGK;.(;RR]
QJKKPQHIJKT;TSGLL;\P;NPTIOKPN;HJ;ÌHSTHGKN;SIOSPV;YGLMP
J[;UGX;HSP;[MLL;TSPGV;MKNPV;GK_;LJGN;QGTP<;GKN;U\X;)]. 19:!:1:1( 0"#-C+'))&-*$$'-!#*+&,6-!*$
HIRPT;HSP;TSPGV;QGZGQIH_;J[;HSP;QJLMRK;TPQHIJK] /SP;YGLMPT;J\HGIKPN;[VJR;HSP;THGKNGVN;*^2;QMVYP;TSGLL
\P;RJNI[IPN;\_;G;QGZGQIH_;VPNMQHIJK;[GQHJV;µV:;`SPK
'&!%(#$")*H,"9/%(-6&
ZLGHPT; OVPGHPV; HSGK; .(; RR; IK; HSIQaKPTT; GVP; fJIKPN
19( /#$%,*. HJOPHSPV;\_;HVGKTYPVTP;[ILLPH;JV;\MHH;`PLNIKO<;OIYPK;\_b
µV&a&U.(F!ZXD].(;≤;)]D
19:1( ,BCBNEF
`SPVP
*HVMQHMVP;GKN;THVMQHMVGL;PLPRPKHT;TM\fPQH;HJ;LJGNIKO;HSGH
QJMLN;LPGN;HJ;[GHIOMP;[GILMVP;TSGLL;\P;NPTIOKPN;GOGIKTH &!Z m GQHMGL; HSIQaKPTT; J[; HSP; HSIQaPV; ZLGHP; \PIKO
[GHIOMP;GT;OIYPK;IK;HSIT;TPQHIJK];/SIT;TSGLL;SJ`PYPV;KJH fJIKPN<;IK;RR]
QJYPV;HSP;[JLLJÌKOb 2J; HSIQaKPTT; QJVVPQHIJK; IT; KPQPTTGV_; `SPK; [MLL
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' Q9
ZPKPHVGHIJK;\MHH;`PLN;VPIK[JVQPRPKHT;GVP;RGQSIKPN;[LMTS THVPTTPT;RG_;\P;J\HGIKPN;\_;G;QJKYPKHIJKGL;THVPTT;GKGL_TIT
GKN;ZVJYPN;[VPP;J[;NP[PQH;HSVJMOS;KJK^NPTHVMQHIYP;HPTHIKO] RPHSJN]; /SP; KJVRGL; GKN; TSPGV; THVPTTPT; TSGLL; \P
NPHPVRIKPN; QJKTINPVIKO; GLL; NPTIOK; GQHIJKT; JK; HSP
19:!:1:!& 9'-'))#!M&,*$&,6!#N.'&6))'))Y'+!
RPR\PVT<;\MH;PiQLMNIKO;THVPTT;QJKQPKHVGHIJK;NMP;HJ;HSP
GX !GHIOMP;GTTPTTRPKH;IT;KJH;KJVRGLL_;VPeMIVPN OPJRPHV_;J[;HSP;NPHGIL];/SP;THVPTT;QJKQPKHVGHIJK;P[[PQH;IT
[JV;\MILNIKO;THVMQHMVPT;PiQPZH;GT;[JLLJ`Tb GQQJMKHPN;[JV;IK;NPHGIL;QGHPOJV_;QLGTTI[IQGHIJK;U)'';/G\LP
)X 0PR\PVT; TMZZJVHIKO; LI[HIKO; JV; VJLLIKO .>X];/SP;THVPTT;QJKQPKHVGHIJK<;SJ`PYPV<;KJH;QSGVGQHPVITHIQ
LJGNT< J[;HSP;NPHGIL;TSGLL;\P;GQQJMKHPN;[JV;TPZGVGHPL_;IK;HSP;THVPTT
.X 0PR\PV; TM\fPQHPN; HJ; VPZPGHPN; THVPTT QGLQMLGHIJK]
Q_QLPT;[VJR;YI\VGHIKO;RGQSIKPV_< 1K;HSP;[GHIOMP;NPTIOK;J[;HVMTTPT;RGNP;J[;RPR\PVT;ÌHS
6X 0PR\PVT; TM\fPQHPN; HJ; ÌKN; IKNMQPN JZPK; TPQHIJKT<; IK; `SIQS; HSP; PKN; QJKKPQHIJKT; GVP; KJH
JTQILLGHIJKT;J[;G;LGVOP;KMR\PV;J[;Q_QLPT ZIKKPN<;HSP;THVPTTPT;NMP;HJ;TPQJKNGV_;\PKNIKO;RJRPKHT
IK;LI[P<;GKN TSGLL;\P;HGaPK;IKHJ;GQQJMKH<;MKLPTT;HSP;TLPKNPVKPTT;VGHIJ
8X 0PR\PVT; TM\fPQHPN; HJ; QVJ`N; IKNMQPN UABW$X:;J[;HSP;RPR\PV;IT;OVPGHPV;HSGK;8D]
JTQILLGHIJKT;J[;G;LGVOP;KMR\PV;J[;Q_QLPT
1K;HSP;NPHPVRIKGHIJK;J[;THVPTT;VGKOP;GH;HSP;PKN;QJKKPQHIJKT
IK;LI[P]
\PH`PPK; SJLLJ`; TPQHIJKT<; HSP; P[[PQH; J[; QJKKPQHIJK
\X 2J; [GHIOMP; GTTPTTRPKH; IT; KPQPTTGV_<; I[; HSP THI[[KPTT;GKN;PQQPKHVIQIHIPT;RG_;\P;NITVPOGVNPN<;ZVJYINPN<
[JLLJÌKO;QJKNIHIJKT;GVP;TGHIT[IPN]
)X /SP; SIOSPTH; KJVRGL; THVPTT; VGKOP; , [; RGi GX HSP; QGLQMLGHPN; THVPTT; VGKOP; IT; RMLHIZLIPN; \_
TGHIT[IPTb GZZVJZVIGHP;[GQHJV;OIYPK;IK;/G\LP;.8UGX;IK;HSP
QGTP; J[; QIVQMLGV; SJLLJ`; TPQHIJK; QJKKPQHIJKT
,[RGi;≤;.-;nVWγR[H
GKN; /G\LP; .8U\X; IK; HSP; QGTP; J[; VPQHGKOMLGV
.X /SP; SIOSPTH; TSPGV; THVPTT; VGKOP; τ [RGi SJLLJ`;TPQHIJK;QJKKPQHIJKT]
TGHIT[IPTb \X HSP;NPTIOK;HSVJGH;HSIQaKPTT;J[;[ILLPH;`PLNT;IK
τ[RGi;≤;>-;nVWγR[H HSP;fJIKHT;IT;OVPGHPV;HSGK;HSP;`GLL;HSIQaKPTT;J[
6X /SP;HJHGL;KMR\PV;J[;GQHMGL;THVPTT;Q_QLPT HSP;QJKKPQHPN;RPR\PV]
9*+<;TGHIT[IPTb
19:!:!:!( ?')#N+&)!$'))&)3'-!$.Y
;
⎛ !=J2 ⎞
7 1K;HSP;QGTP;J[;LJGNIKO;PYPKHT;ZVJNMQIKO;KJK^MKI[JVR
,I< ≤ X ×'M ⎜ ⎟
⎝ γ RK7 & K/_ ⎠ THVPTT;VGKOP;Q_QLP<;HSP;THVPTT;TZPQHVMR;RG_;\P;J\HGIKPN
`SPVP \_;G;VGHIJKGL;RPHSJN<;TMQS;GT;cVGIK;[LJ`;QJMKHIKOd;JV
GK;PeMIYGLPKH;RPHSJN]
&,[Pe a PeMIYGLPKH;QJKTHGKH;GRZLIHMNP;THVPTT;VGKOP<
IK;0,G<;OIYPK;\_b $ERFB(!<UEV(=OFD@JFK@CL(/E?DGNH(MGN(-EF?OFEDBA
"#$ 5DNBHH(4ECLB(U-@N?OFEN([GFFG](5B?D@GCHV
⎡ !! ! ⎤
⎢
⎢
∑" # + ∑" #
% ="
% %
$
&= '!
& &
!
⎥
⎥
U>76.)'&)B].].])X
# ()* =⎢ ⎥ '"(( =00%(#&("#$$%&'(#$( "B#-9$( I%-'(&#"$; ;(#)#$#"$(
⎣ " ⎦ -#.(
`SPVP +",; +-,;; +>,; +.,; +<,;
! 3,; /;0128; "3<; "34; "3>;
562;7899870389:;;
+;m ∑"
$ ="
%
33,; =>89?62;
;;0128;
/;0128;
"3<;
"3<;
"3<;
"34;
"3.;
"3-;
7899870389:;; ;;0128; "3<; "3@<; "3-<;
,I<;,f m THVPTT;VGKOPT;[GLLIKO;G\JYP;GKN;\PLJ`;HSP;,[K:
HSP;THVPTT;VGKOP;QJVVPTZJKNIKO;HJ;HSP;NPHGIL ;
GH;(;q;)D>;KMR\PV;J[;LI[P;Q_QLPT] $ERFB(!<URV(=OFD@JFK@CL(/E?DGNH(MGN(-EF?OFEDBA
V( m TMRRGHIJK; MZZPV; LIRIH; J[; GLL; HSP; KJVRGL 5DNBHH(4ECLB(U4B?DECLOFEN([GFFG](5B?D@GCHV
THVPTT; VGKOPT; U,IX; SGYIKO; RGOKIHMNP; LPTTPV U>76.)'&)B].].])X
HSGK;UµV;,[K;γR[H X;[JV;HSGH;NPHGIL;GKN;HSP;LJ`PV
LIRIH; J[; GLL; HSP; KJVRGL; THVPTT; VGKOPT; U, fX '"( =00%$(#&(J#($'" "B#-9$" I%-'(&#"$! ;(#)#$#"$(
SGYIKO;RGOKIHMNP;OVPGHPV;HSGK;;UµV;,[K;γR[HX -#."
[JV;HSGH;NPHGIL] +",; +-,;; +>,; +.,; +<,;
19:!:!( ?')#N+&53'-!$.Y 3,! 562; /;0128; "3<; "34; "3<;
7899870389:! ;;0128! "3<; -3-! "3@!
19:!:!:1& 5!$'))&'(67.6!#*+ 33,! =>89?62; /;0128! "3<; "34! "3>!
7899870389:! ;;0128! "3<; -34; "3.;
&PTIOK;THVPTT;TSGLL;\P;NPHPVRIKPN;\_;PLGTHIQ;GKGL_TIT;J[
HSP; THVMQHMVP; HJ; J\HGIK; THVPTT; VPTMLHGKHT; GKN; HSP; LJQGL
90 "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
19:!:7( E6$!#67&56,'!M&46-!*$) 19:<( /ED@LOB(5DNBCLDP
19:!:7:1 E6$!#67& )6,'!M& ,6-!*$& ,*$& 6-!#*+)& 6+%& !"'#$ /SP;[GHIOMP;THVPKOHS;J[;HSP;THGKNGVN;NPHGIL;[JV;HSP;KJVRGL
',,'-!)&Uγ[[HX JV;TSPGV;[GHIOMP;THVPTT;VGKOP<;KJH;QJVVPQHPN;[JV;HSIQaKPTT
9KLPTT;GKN;JHSPVÌTP;HSP;MKQPVHGIKH_;IK;HSP;PTHIRGHIJK P[[PQHT; NITQMTTPN; IK; 19:<:1<; IT; OIYPK; \PLJ`; U)''& 67)*
J[;HSP;GZZLIPN;GQHIJKT;GKN;HSPIV;P[[PQHT;NPRGKN;G;SIOSPV !IO];..;GKN;!IO];.6Xb
YGLMP<;HSP;ZGVHIGL;TG[PH_;[GQHJV;[JV;LJGNT;IK;HSP;PYGLMGHIJK GX 2JVRGL;THVPTT;VGKOPb
J[;THVPTT;VGKOP;IK;[GHIOMP;NPTIOK;TSGLL;\P;HGaPK;GT;)]D]
)X `SPK;9*+;≤;(;q;)D>
19:!:7:!& E6$!#67&)6,'!M&,6-!*$&,*$&,6!#N.'&)!$'+N!"&UγR[HX
,GVHIGL; TG[PH_; [GQHJV; [JV; THVPKOHS; IT; IK[LMPKQPN; \_ # ( = #($ $ X ×'M7 $ %IJ
QJKTPeMPKQPT;J[;[GHIOMP;NGRGOP;GKN;LPYPL;J[;IKTZPQHIJK
.X `SPK; X ×'M= ≤ %?8 ≤ 'M>
QGZG\ILIHIPT]
19:!:7:7; 7GTPN; JK; QJKTPeMPKQPT; J[; [GHIOMP; [GILMVP< # ( = #($ . . ×'M7 $ %IJ
QJRZJKPKH;NPHGILT;SGYP;\PPK;QLGTTI[IPN;GT;OIYPK;IK;HSP
/G\LP; .(; GKN; HSP; QJVVPTZJKNIKO; ZGVHIGL; TG[PH_; [GQHJV \X *SPGV;THVPTTb
[JV;[GHIOMP;THVPKOHS;TSGLL;\P;MTPNb
τ( = τ($ . . ×'M7 $ %IJ
GX !GILTG[P;THVMQHMVGL;QJRZJKPKHWNPHGIL;IT;HSP;JKP
`SPVP;LJQGL;[GILMVP;J[;JKP;QJRZJKPKH;NMP;HJ `SPVP
[GHIOMP;QVGQa;NJPT;KJH;VPTMLH;IK;HSP;[GILMVP;J[ ,[:&τ[ m NPTIOK;KJVRGL;GKN;TSPGV;[GHIOMP;THVPTT;VGKOP
HSP; THVMQHMVP; NMP; HJ; GYGILG\ILIH_; J[; GLHPVKGHP J[;HSP;NPHGIL<;VPTZPQHIYPL_<;[JV;LI[P;Q_QLP;J[
LJGN;ZGHS;UVPNMKNGKH;T_THPRX] 9*+;<;GKN
\X 2JK^[GILTG[P;THVMQHMVGL;QJRZJKPKHWNPHGIL;IT;HSP
,[K<τ[K&m KJVRGL; GKN; TSPGV; [GHIOMP; THVPKOHS; J[; HSP
JKP; `SPVP; LJQGL; [GILMVP; J[; JKP; QJRZJKPKH
NPHGIL; [JV; (; q; )D > ; Q_QLPT<; [JV; HSP; NPHGIL
LPGNT;VGZINL_;HJ;[GILMVP;J[;HSP;THVMQHMVP;NMP;HJ
QGHPOJV_;U)'';/G\LP;.>X]
IHT;KJK^VPNMKNGKH;KGHMVP]
19:8( /ED@LOB(#HHBHHIBCD
$ERFB(!8(3END@EF(5EMBDK(/E?DGNH(MGN
/ED@LOB(5DNBCLDP(UγγIMDV 19:8:1& /SP;NPTIOK;[GHIOMP;THVPKOHS;[JV;9*+;LI[P;Q_QLPT
U,[N<& ![NX; RG_; \P; J\HGIKPN; [VJR; HSP; THGKNGVN; [GHIOMP
U>76.)'&)B].]6]6X THVPKOHS;[JV;9*+;Q_QLPT;\_;RMLHIZL_IKO;ÌHS;QJVVPQHIJK
'"( L$$0%&'(#$(#$9(G&&%$$( "#$$%K7%$&%(#&( [GQHJV<;YV<;[JV;HSIQaKPTT<;GT;RPKHIJKPN;IK; 19:!:1;GKN
-#.( .#("7-%( NIYINIKO;\_;ZGVHIGL;TG[PH_;[GQHJV;OIYPK;IK;/G\LP(.(]
A63?:628; ;89B 19:8:!& 5!$'))&B#Y#!6!#*+)
A63?:628;
+",; +-,; +>,; +.,; 19:8:!:1; /SP;RGiIRMR;UG\TJLMHPX;YGLMP;J[;HSP;KJVRGL
3,; C8938D37; 39:2870389E; F6390896978; "344; "3-<; GKN;TSPGV;THVPTTPT;TSGLL;KPYPV;PiQPPN;HSP;PLGTHIQ;LIRIH
69D;6778::3G3?301;08;D8063?;3:;H88D; U,_<&τ_X;[JV;HSP;RGHPVIGL;MKNPV;Q_QLIQ;LJGNIKO]
33,; C8938D37; 39:2870389E; F6390896978; "3"<; "3><; 19:8:!:!; /SP;RGiIRMR;THVPTT;VGKOP;TSGLL;KJH;PiQPPN
69D;6778::3G3?301;08;D8063?;3:;2889;
)](&,_;[JV;KJVRGL;THVPTTPT;GKN;)]( ,_ 0 ;[JV;HSP;TSPGV
THVPTTPT;MKNPV;GK_;QIVQMRTHGKQP]
19:7( +BDE@F(-EDBLGNK
19:8:!:7; >*+)!6+!&)!$'))&$6+N'
/G\LPT;.>UGX;HJ;UNX;IKNIQGHP;HSP;QLGTTI[IQGHIJK;J[;NI[[PVPKH
/SP;GQHMGL;KJVRGL;GKN;TSPGV;THVPTT;VGKOP;,&GKN;!;GH;G
NPHGILT; IKHJ; YGVIJMT; QGHPOJVIPT; [JV; HSP; ZMVZJTP; J[
ZJIKH; J[; HSP; THVMQHMVP; TM\fPQHPN; HJ; 9*+&Q_QLPT; IK; LI[P
GTTPTTIKO;[GHIOMP;THVPKOHS];&PHGILT;KJH;QLGTTI[IPN;IK;HSP
TSGLL;TGHIT[_b
HG\LP;RG_;\P;HVPGHPN;GT;HSP;LJ`PTH;NPHGIL;QGHPOJV_;J[;G
TIRILGV;NPHGIL<;MKLPTT;TMZPVIJV;[GHIOMP;THVPKOHS;IT;ZVJYPN # ≤ # (% = µ ' #( $γ R(7
\_;HPTHIKO;GKNWJV;GKGL_TIT]
=JLPT;IK;RPR\PVT;GKN;QJKKPQHIJKT;TM\fPQHPN;HJ;[GHIOMP τ ≤ τ(% = µ ' τ( Kγ R(7
LJGNIKO;TSGLL;KJH;\P;RGNP< `SPVP
GX MTIKO; ZMKQSIKO; IK; ZLGHPT; SGYIKO; HSIQaKPTT &µV m QJVVPQHIJK;[GQHJV;U)'';19:!:1X<
OVPGHPV;HSGK;).;RR;MKLPTT;SP;SJLPT;GVP;TM\^
ZMKQSPN;GKN;TM\TPeMPKHL_;VPGRPN;HJ;VPRJYP γR[ m ZGVHIGL;TG[PH_;[GQHJV;GOGIKTH;[GHIOMP;[GILMVP<
HSP;G[[PQHPN;RGHPVIGL;GVJMKN;HSP;ZMKQSPN;SJLPl OIYPK;IK;/G\LP;.(<;GKN
GKN ,[;<;τ[ a;KJVRGL;GKN;TSPGV;[GHIOMP;THVPKOHS;VGKOPT;[JV
\X MTIKO;OGT;QMHHIKO;MKLPTT;HSP;SJLPT;GVP;VPGRPN HSP;GQHMGL;LI[P;Q_QLP<;9*+<;J\HGIKPN;[VJR;19:<]
HJ;VPRJYP;HSP;RGHPVIGL;IK;HSP;SPGH;G[[PQHPN;gJKP]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 91
19.5.2.4 Variable stress range b) For shear stresses (t):
r5
Fatigue assessment at any point in a structure, wherein 5
variable stress ranges fi or !i for ni number of cycles !n !
i$ 1
5
i i & 5 ' 106 " (!fn / ) mft #
(i =1 to r ) are encountered, shall satisfy the following:
Where r5 is the summation upper limit of all the normal
a) For normal stress ( f ): stress ranges (f i ) having magnitude lesser than
((r ffn/)mft) for that detail and the lower limit of all the
r5 r
normal stress ranges (fj) having magnitude greater
! ni fi3 !n f
j $ r5
j j
5
than ((r ffn /)mft) for the detail. In the above summation
i$ 1
3
% 5
& 1.0 all normal stress ranges, fi, and shear stress ranges !i
6 6
5 '10 " ( r f fn /) mft # 5 ' 10 " (r f fn /) mft # having magnitude less than 0.55(rffn, and 0.55(r!fn,
respectively may be disregarded.
Table 26(a) Detail Category Classification, Group 1 Non-Welded Details (ffn)

(Clause 19.3)
Sl Detail Constructional Details

No. Category Illustration (see Note) Description
(1) (2) (3) (4)
i) Rolled and extruded products:`
118 a) Plates and flats (1)

b) Rolled sections (2)
c) Seamless tubes (3)
Sharp edges, surface and rolling flaws to be

removed by grinding in the direction of applied
stress
ii) (a) Bolted connections:
(4) and (5): Stress range calculated on the gross

section and on the net section
Unsupported one-sided cover plate connections

shall be avoided or the effect of the eccentricity
103 taken into account in calculating stresses
(b) Material with gas-cut or sheared edges

with no draglines:
(6): All hardened material and visible signs of

edge discontinuities to be removed by machining
or grinding in the direction of applied stress
iii) Material with machine gas-cut edges with

draglines or manual gas-cut material:
92
(7) Corners and visible signs of edge
discontinuities to be removed by grinding in the
direction of the applied stress
NOTE — The arrow indicates the location and direction of the stresses acting in the basic material for which the stress range is to be
calculated on a plane normal to the arrow.

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MWSV;W ;S:1;-11+4; )0F),-014; 0:1; @+,-0)+0;-0F;F)11,0)+0; +*;0:1;40114414;-,0)0.;)0; 0:1; 9-4),; ?-011)-@; *+1; 4:),:;0:1; 401144;1-0.1; )4;0+; 91;
,-@,A@-01F;+0;-;B@-01;0+1?-@;0+;0:1;-11+4B(
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 9;
!14];.6;519;+9#?$;!"#;*=$:#;*/#$**
'&!%(#$")*I,"4&'(-$"/''('%&4"=:"%&'%($- NX %SPK; QJK[IVRGHIJK; IT; VPeMIVPN; JK; HSP

QJKTITHPKQ_; J[; ZVJNMQHIJK; J[; RGHPVIGL<
!0( +.5%,"(#55%5$.+()>($.5$%", QJRZJKPKHT<;RPR\PVT;JV;THVMQHMVPT;JVIOIKGLL_
!0:1( "BBA(MGN($BHD@CL NPTIOKPN;\_;QGLQMLGHIJKT;JV;HPTHIKOl
/PTHIKO; J[; THVMQHMVPT<; RPR\PVT; JV; QJRZJKPKHT; J[ PX %SPK;HSP;GQHMGL;ZPV[JVRGKQP;J[;GK;PiITHIKO
THVMQHMVPT;IT;KJH;VPeMIVPN;`SPK;NPTIOKPN;IK;GQQJVNGKQP THVMQHMVP;QGZGQIH_;IT;IK;eMPTHIJK<;HPTHIKO;TSGLL
ÌHS; HSIT; THGKNGVN]; /PTHIKO; RG_; \P; GQQPZHPN; GT; GK \P;MTPN;HJ;QJK[IVR;IH]
GLHPVKGHIYP;HJ;QGLQMLGHIJKT;JV;RG_;\PQJRP;KPQPTTGV_;IK !0:1:1( /PTHIKO; J[; THVMQHMVGL; T_THPR<; RPR\PV; JV
TZPQIGL;QIVQMRTHGKQPT] QJRZJKPKH;TSGLL;\P;J[;HSP;[JLLJÌKO;QGHPOJVIPTb
/PTHIKO;J[;G;THVMQHMVGL;T_THPR<;RPR\PV;JV;QJRZJKPKH GX E$**,&!')!#+N&/&/SP;GZZLIQGHIJK;J[;HPTH;LJGNT
RG_;\P;VPeMIVPN;HJ;GTTITH;HSP;NPTIOK;IK;HSP;[JLLJÌKO HJ; G; THVMQHMVP<; TM\^THVMQHMVP<; RPR\PV; JV
QGTPTb QJKKPQHIJK; HJ; GTQPVHGIK; HSP; THVMQHMVGL
GX %SPK;HSP;QGLQMLGHIJK;RPHSJNT;GYGILG\LP;GVP QSGVGQHPVITHIQT;J[;JKL_;HSGH;TZPQI[IQ;MKIH]
KJH; GNPeMGHP; [JV; HSP; NPTIOK; J[; G; ZGVHIQMLGV \X E$*!*!M3'&!')!#+N&/&/PTHIKO;J[;THVMQHMVPT<;TM\^
THVMQHMVP<;RPR\PV;JV;QJRZJKPKH<;HPTHIKO;TSGLL THVMQHMVPT<; RPR\PVT; JV; QJKKPQHIJKT; IT; NJKP
\P;MKNPVHGaPK;IK;ZLGQP;J[;NPTIOK;\_;QGLQMLGHIJK HJ;GTQPVHGIK;HSP;THVMQHMVGL;QSGVGQHPVITHIQT;J[;G
JV;HJ;TMZZLPRPKH;HSP;NPTIOK;\_;QGLQMLGHIJKl QLGTT; J[; TMQS; THVMQHMVPT<; TM\^THVMQHMVPT
\X %SPVP; VMLPT; JV; RPHSJNT; [JV; NPTIOK; \_ RPR\PVT;JV;QJKKPQHIJK<;`SIQS;GVP;KJRIKGLL_
QGLQMLGHIJK; `JMLN; LPGN; HJ; MKPQJKJRIQGL INPKHIQGL;HJ;HSP;MKIHT;HPTHPN]
NPTIOK<; PiZPVIRPKHGL; YPVI[IQGHIJK; RG_; \P !0:!( $KJBH(GM($BHD
MKNPVHGaPK;HJ;GYJIN;QJKTPVYGHIYP;NPTIOKl
!0:!:1& ;--'3!6+-'&0')!
QX %SPK;HSP;NPTIOK;JV;QJKTHVMQHIJK;IT;KJH;PKHIVPL_
IK;GQQJVNGKQP;ÌHS;TPQHIJKT;J[;HSIT;THGKNGVN< /SIT;IT;IKHPKNPN;GT;G;KJK^NPTHVMQHIYP;HPTH;[JV;QJK[IVRIKO
PiZPVIRPKHGL;YPVI[IQGHIJK;IT;VPQJRRPKNPNl THVMQHMVGL; ZPV[JVRGKQP]; 1H; TSJMLN; \P; VPQJOKIgPN; HSGH
9Q "#$%&"#'()*%'+%",(-&+.(&/(%"+%#(!012
HSP;LJGNIKO;GZZLIPN;HJ;QPVHGIK;THVMQHMVPT;RIOSH;QGMTP !0:!:7( 0')!&!*&46#7.$'&Xf7!#Y6!'&5!$'+N!"&0')!V
ZPVRGKPKH;NITHJVHIJKT];*MQS;P[[PQHT;NJ;KJH;KPQPTTGVIL_ /SP; J\fPQHIYP; J[; G; HPTH; HJ; [GILMVP; IT; HJ; NPHPVRIKP;HSP
IKNIQGHP;THVMQHMVGL;[GILMVP;IK;GQQPZHGKQP;HPTH];=J`PYPV< NPTIOK;VPTITHGKQP;[VJR;HSP;MLHIRGHP;VPTITHGKQP];1K;HSIT
HSP;ZJTTI\ILIH_;J[;HSPIV;JQQMVVPKQP;TSJMLN;\P;GOVPPN;HJ TIHMGHIJK;IH;IT;THILL;NPTIVG\LP;HJ;QGVV_;JMH;HSP;GQQPZHGKQP
\P[JVP;HPTHIKO] GKN;THVPKOHS;HPTHT<;\P[JVP;HPTH;HJ;[GILMVP]
/SP;LJGN;[JV;GQQPZHGKQP;HPTH<;4HPTH<G;TSGLL;\P;NPHPVRIKPN 2JH; LPTT; HSGK; HSVPP; HPTHT; TSGLL; \P; QGVVIPN; JMH; JK
[VJRb KJRIKGLL_;INPKHIQGL;TZPQIRPKT];:K;PTHIRGHP;TSJMLN;\P
4HPTH<G m U*PL[; `PIOSHX; s; U)])(; q; #PRGIKNPV; J[; HSP RGNP;J[;HSP;GKHIQIZGHPN;MLHIRGHP;VPTITHGKQP;GT;G;\GTIT
ZPVRGKPKH;LJGNX;s;;U)].(;q;?GVIG\LP;LJGNX [JV;TMQS;HPTHT];&MVIKO;G;HPTH;HJ;[GILMVP<;HSP;LJGNIKO;TSGLL
/SP;GTTPR\L_;TSGLL;TGHIT[_;HSP;[JLLJÌKO;QVIHPVIGb [IVTH;\P;GZZLIPN;IK;IKQVPRPKHT;MZ;HJ;HSP;THVPKOHS;HPTH
GX 1H; TSGLL; NPRJKTHVGHP; TM\THGKHIGLL_; LIKPGV LJGN]; *M\TPeMPKH; LJGN; IKQVPRPKHT; TSGLL; HSPK; \P
\PSGYIJMV;MKNPV;HPTH;LJGNIKOl;GKN NPHPVRIKPN;[VJR;QJKTINPVGHIJK;J[;HSP;ZVIKQIZGL;LJGN
\X "K; VPRJYGL; J[; HSP; HPTH; LJGN<; HSP; VPTINMGL NP[LPQHIJK;ZLJH];/SP;HPTH;LJGN;VPTITHGKQP<;4HPTH]#; TSGLL
NP[LPQHIJK;TSGLL;KJH;PiQPPN;.D;ZPVQPKH;J[;HSP \P;NPHPVRIKPN;GT;HSGH;LJGN;GH;`SIQS;HSP;TZPQIRPK;IT
RGiIRMR^VPQJVNPN;NP[LPQHIJK] MKG\LP;HJ;TMTHGIK;GK_;[MVHSPV;IKQVPGTP;IK;LJGN];:H;HSIT
LJGN<; OVJTT; ZPVRGKPKH; NITHJVHIJK; IT; LIaPL_; HJ; SGYP
1[;HSP;G\JYP;QVIHPVIG;GVP;KJH;TGHIT[IPN;HSP;HPTH;RG_;\P
JQQMVVPN; GKN; IK; TJRP; QGTPT; TMQS; LGVOP; OVJTT
VPZPGHPN;JKP;RJVP;HIRP;JKL_<;`SPK;HSP;GTTPR\L_;TSGLL
NP[JVRGHIJK;RG_;NP[IKP;HSP;HPTH;LIRIH];1[;HSP;NPYIGHIJK
TGHIT[_;HSP;[JLLJÌKO;QVIHPVIGb
J[;GK_;IKNIYINMGL;HPTH;VPTMLH;PiQPPNT;)D;ZPVQPKH;J[;HSP
)X 1H; TSGLL; NPRJKTHVGHP; TM\THGKHIGLL_; LIKPGV RPGK; YGLMP; J\HGIKPN; [JV; GLL; HSP; HSVPP; HPTHT<; GH; LPGTH
\PSGYIJMV; JK; HSP; TPQJKN; GZZLIQGHIJK; J[; HPTH HSVPP; RJVP; HPTHT; TSGLL; \P; QGVVIPN; JMH]; %SPK; HSP
LJGNIKO<;GKN NPYIGHIJK;[VJR;HSP;RPGK;NJPT;KJH;PiQPPN;)D;ZPVQPKH
.X +JVVPTZJKNIKO;VPQJVNPN;VPTINMGL;NP[LPQHIJK;IK J[;HSP;RPGK<;HSP;NPTIOK;VPTITHGKQP;RG_;\P;PYGLMGHPN
HSP;TPQJKN;HPTH;TSGLL;KJH;PiQPPN;)D;ZPVQPKH;J[ GT;OIYPK;\PLJ`b
HSP;RGiIRMR;NP[LPQHIJK;NMVIKO;HSP;HPTH]
GX %SPK; HSP; [GILMVP; IT; NMQHILP<; HSP; NPTIOK
!0:!:!( 5!$'+N!"&0')! VPTITHGKQP<;4N;RG_;\P;NPHPVRIKPN;[VJRb
*HVPKOHS;HPTH;IT;MTPN;HJ;QJK[IVR;HSP;QGLQMLGHPN;VPTITHGKQP
D# = !LB D5)55&;YC6 D # & $ # &Z E $ γ Z!
J[;G;THVMQHMVP;JV;QJRZJKPKH];%SPVP;G;KMR\PV;J[;IHPRT;GVP
HJ;\P;QJKTHVMQHPN;HJ;G;QJRRJK;NPTIOK<;GKN;JKP;JV;RJVP `SPVP
ZVJHJH_ZPT;GVP;HPTHPN;HJ;QJK[IVR;HSPIV;THVPKOHS<;HSP;JHSPVT 4HPTH<;0IK m RIKIRMR;HPTH;VPTMLH;[VJR;HSP;HPTHT
RG_; \P; GQQPZHPN; ÌHSJMH; GK_; GNNIHIJKGL; HPTH<; ZVJYINPN HJ;[GILMVP<
HSP_;GVP;TIRILGV;IK;GLL;VPLPYGKH;VPTZPQHT;HJ;HSP;ZVJHJH_ZP] &,_R m GYPVGOP;_IPLN;THVPKOHS;GT;J\HGIKPN
7P[JVP; QGVV_IKO; JMH; HSP; THVPKOHS; HPTH<; HSP; TZPQIRPK [VJR;HSP;RGHPVIGL;HPTHT<;GKN
TSJMLN;[IVTH;\P;TM\fPQHPN;HJ;GKN;TGHIT[_;HSP;GQQPZHGKQP ,_ m QSGVGQHPVITHIQ; _IPLN; THVPTT; J[; HSP
HPTH]; *IKQP; HSP; VPTITHGKQP; J[; HSP; GTTPR\L_; MKNPV; HPTH
OVGNP;J[;THPPL]
NPZPKNT; JK; HSP; RGHPVIGL; ZVJZPVHIPT<; HSP; GQHMGL; _IPLN
THVPKOHS;J[;GLL;HSP;THPPL;RGHPVIGLT;IK;HSP;GTTPR\L_;TSGLL \X 1K;HSP;QGTP;J[;G;TMNNPK;U\VIHHLPX;VMZHMVP;H_ZP
\P;NPHPVRIKPN;[VJR;QJMZJK;tHPTH;ZIPQP;GT;NP[IKPN;IK [GILMVP<; HSP; NPTIOK; VPTITHGKQP; RG_; \P
HSP;GQQPZHPN;THGKNGVN;o>^>U-Xpu;HPTHT];/SP;RPGK;YGLMP NPHPVRIKPN;[VJRb
J[;HSP;_IPLN;THVPKOHS:&,_R<;HGaPK;[VJR;TMQS;HPTHT;TSGLL;\P ,# = "#$ ,-7.->;F?" % % @ & % @? ' & γ ?!
NPHPVRIKPN;ÌHS;NMP;VPOGVN;HJ;HSP;IRZJVHGKQP;J[;PGQS
PLPRPKH;IK;HSP;GTTPR\L_];/SP;THVPKOHS;HPTH;LJGN;4HPTH<;T ;`SPVP
UIKQLMNIKO;TPL[;`PIOSHX;TSGLL;\P;NPHPVRIKPN;[VJRb ;,M a QSGVGQHPVITHIQ; MLHIRGHP; THVPTT; J[; HSP
OVGNP;J[;THPPL;MTPN<;GKN
(
, 7)*7&* = γ R% ,% % "R K % " ) &,MR m GYPVGOP;MLHIRGHP;HPKTILP;THVPKOHS;J[
`SPVP
HSP;RGHPVIGL;J\HGIKPN;[VJR;HPTHT]
;,_ a QSGVGQHPVITHIQ;_IPLN;THVPTT;J[;HSP;RGHPVIGL;GT
QX 1K;HSP;QGTP;J[;G;TMNNPK;U\VIHHLPX;\MQaLIKO;H_ZP
GTTMRPN;IK;HSP;NPTIOKl
[GILMVP<; HSP; NPTIOK; VPTITHGKQP; TSGLL; \P
;4N m [GQHJVPN; NPTIOK; LJGN; [JV; HSP; MLHIRGHP; LIRIH NPHPVRIKPN;[VJRb
THGHPl;GKN
D( = ,L23D)*+),;-./ D # 0 $ # 01 E $ γ 1,
γRI m ZGVHIGL;TG[PH_;[GQHJV;[JV;HSP;H_ZP;J[;[GILMVP<
GT;ZVPTQVI\PN;IK;HSIT;THGKNGVN] NX 1K;NMQHILP;\MQaLIKO;H_ZP;[GILMVP;IK;`SIQS;HSP
VPLPYGKH; TLPKNPVKPTT; λ& QGK; \P; VPLIG\L_
:H;HSIT;LJGN; HSPVP; TSGLL; \P; KJ; [GILMVP; \_; \MQaLIKO;JV
GTTPTTPN<; HSP; NPTIOK; VPTITHGKQP; RG_; \P
VMZHMVP;J[;GK_;ZGVH;J[;HSP;THVMQHMVP;JV;QJRZJKPKH;HPTHPN]
"K; VPRJYGL; J[; HSP; HPTH; LJGN<; HSP; NP[LPQHIJK; TSJMLN NPHPVRIKPN;[VJRb
NPQVPGTP; \_; GH; LPGTH; .D; ZPVQPKH; J[; HSP; RGiIRMR D( = ,LB D)*+),-./ ⎣⎡ Dχ# 0 $ χ 1 # 01 E $ γ 1, ⎦⎤
NP[LPQHIJK;GH;4HPTH<T]
3#4$(2(5$4*-$*4#'(+.5%,"(6(5.-$%&"(2(5$..' 99
`SPVP LJQGHIJK; RG_; \P; RPGTMVPN; GKN; HSP
χ&m;VPNMQHIJK;[GQHJV;[JV;HSP;VPLPYGKH;\MQaLIKO QJVVPTZJKNIKO;THVPTT;QGLQMLGHPN]
QMVYP<;GKN [X ,VIJV; HJ; GK_; HPTH<; ZVPLIRIKGV_; LJGNIKO; UKJH
χR;m;YGLMP;J[;χ&`SPK;HSP;_IPLN;THVPKOHS;IT;,_R] PiQPPNIKO; HSP; QSGVGQHPVITHIQ; YGLMPT; J[; HSP
VPLPYGKH; LJGNTX; RG_; \P; GZZLIPN; GKN; HSPK
!0:!:<& >"'-C&0')!) VPRJYPN<;IK;JVNPV;HJ;TPH;HSP;HPTH;TZPQIRPK;JK
%SPVP; G; QJRZJKPKH; JV; GTTPR\L_; IT; NPTIOKPN; JK; HSP HJ;HSP;HPTH;VIO]
\GTIT;J[;THVPKOHS;HPTHT;JV;HPTHT;HJ;[GILMVP;GKN;G;ZVJNMQHIJK
VMK;IT;QGVVIPN;JMH;J[;TMQS;IHPRT<;GK;GZZVJZVIGHP;KMR\PV !0:<( $BHD('GEA@CL
J[;TGRZLPT;UKJH;LPTT;HSGK;H`JX;TSGLL;\P;TPLPQHPN;[VJR !0:<:1; %SPVP;HSP;TPL[^`PIOSH;J[;HSP;TZPQIRPK;IT;KJH
PGQS;ZVJNMQHIJK;\GHQS;GH;VGKNJR;[JV;QSPQa;HPTHT] VPZVPTPKHGHIYP;J[;HSP;GQHMGL;ZPVRGKPKH;LJGN;IK;TPVYIQP<
!0:!:<]1; /SP; TGRZLPT; TSGLL; \P; QGVP[MLL_; PiGRIKPN; HJ GLLJ`GKQP; [JV; HSP; NI[[PVPKQP; TSGLL; \P; RGNP; IK; HSP
PKTMVP;HSGH;HSP_;GVP;TIRILGV;IK;GLL;VPTZPQHT;HJ;HSP;ZVJHJH_ZP QGLQMLGHIJK;J[;HPTH;LJGNT;HJ;\P;GZZLIPN]
HPTHPN<;ZGVHIQMLGV;GHHPKHIJK;\PIKO;OIYPK;HJ;HSP;[JLLJÌKOb !0:<:! ;"K;HSP;GHHGIKRPKH;J[;RGiIRMR;LJGN;[JV;PIHSPV
GX &IRPKTIJKT;J[;QJRZJKPKHT;GKN;QJKKPQHIJKT< GQQPZHGKQP; JV; THVPKOHS; HPTHT<; HSIT; LJGN; TSGLL; \P
RGIKHGIKPN; [JV; GH; LPGTH; ); S]; #PGNIKO; J[; LJGN; GKN
\X /JLPVGKQP;GKN;`JVaRGKTSIZ<;GKN
NP[LPQHIJK;TSGLL;\P;HGaPK;GH;IKHPVYGLT;J[;)(;RIK;GKN;HSP
QX CMGLIH_;J[;THPPL;MTPN<;QSPQaPN;ÌHS;VP[PVPKQP LJGNIKO;TSGLL;\P;RGIKHGIKPN;QJKTHGKH;MKHIL;HSPVP;IT;KJ
HJ;RILL;HP

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!

NATIONAL BUILDING CODE

Hkkjrh; ekud C;wjks

FIRST PUBLISHED 1970

© BUREAU OF INDIAN STANDARDS

ICS 01.120; 91.040.01

PUBLISHED BY BUREAU OF INDIAN STANDARDS, MANAK BHAVAN, 9 BAHADUR SHAH ZAFAR

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