financial accounting ch04

� $ � , 0 ! . � ��7?��7-;�)6��:/)61B)<176�++=5=4)<-�)6,��:/)61B-<0-��6.7:5)<176��-+-;;):A�<7�:-)<-��16)6+1)4�"<)<-5-6<;�

,;67A��>;B

%G�MABL�OB=>H��,KH?>LLHK�&H>�$HRE>�BGMKH=N<>L�MA>�>LL>GMB:E�IHBGML�<HO>K>=�BG �A:IM>K��

�� /# � .. )/$�'�-*' �*!�/-�).��/$*)��)�'4.$.

" � � ( $ � $ � � % � � � * � , � )

�M�MA>�>G=�H?�MABL�L><MBHG��LMN=>GML�LAHNE=�;>�:;E>�MH�F>>M�MA>�?HEEHPBG@�H;C><MBO>L�

� �7R@7�OFD3@E35F;A@P�3@6�BDAH;67�E7H7D3>�5A??A@�7J3?B>7E �7R@7�OFD3@E35F;A@�3@3>KE;EP�3@6�7JB>3;@�;FE�;?BADF3@57�FA�F:7�355AG@F;@9�BDA57EE� �67@F;8K�F:7�355AG@F�5:3@97E�5D73F76�4K�F:7�BGD5:3E7�A8�;@H7@FADK��F:7�B3K?7@F�A8�3�E3>3DK�

3@6�F:7�4ADDAI;@9�A8�?A@7K� +@67DEF3@6�F:3F�5ADBAD3F7�355AG@F;@9�EKEF7?E�53@�47�BDA9D3??76�FA�D75AD6�7JB7@E7E�EG5:

3E�E3>3DK�3GFA?3F;53>>K�3E�F:7K�355DG7

�� /@=�)9LMJ=�G>�9�/J9FK9;LAGF(G7EF;A@� @8AD?3F;A@ BDAH;676 4K 3 E7F A8 V@3@5;3> EF3F7?7@FE ;E 7EE7@F;3> FA 3@K ;@6;H;6G3> 3@3>KL;@9 34GE;@7EE AD AF:7D AD93@;L3F;A@ +:7 3H3;>34;>;FK A8 3 83;D D7BD7E7@F3F;A@ A8 3 5A?B3@KQE V@3@5;3> BAE;F;A@�AB7D3F;A@E� 3@6 53E: WAIE ;E ;@H3>G34>7 8AD 3 I;67 3DD3K A8 675;E;A@ ?3=7DE �AI7H7D� F:7 E:77D HA>G?7A8 63F3 F:3F 3 4GE;@7EE EG5: 3E �.7.;*5 �255<� �,�87*5-E<� AD .9<2�8 ?GEF 93F:7D ;@ AD67D FA BD7B3D7F:7E7 EF3F7?7@FE :3E FA 47 3EFDA@A?;53> �H7@ 3 E?3>> 7@F7DBD;E7P3 >A53> 5A@H7@;7@57 EFAD7� 8AD

2B>P�MA>�OB=>H�HGEBG>�:M��AMMI��;BM ER�AHRE>��

© 2013 Flat World Knowledge, Inc. All rights reserved. Created exclusively for [email protected]

FD3@E35F;A@E

!O>GML�MA:M�A:O>�:�`G:G<B:EBFI:<M�HG�:G�HK@:GBS:MBHG�BG?HKF:MBHG�HG�MA>�K>LNEMBG@<A:G@>L�FNLM�;>�@:MA>K>=�LHKM>=��<E:LLB`>=��:G=�MNKG>=BGMH�`G:G<B:E�LM:M>F>GML�;RF>:GL�H?�:G�:<<HNGMBG@LRLM>F

7J3?B>7P97@7D3F7E 3 E;9@;V53@F CG3@F;FK A8 ;@8AD?3F;A@ H;DFG3>>K 7H7DK 63K �8@ -8.< *7 *,,8>7=*7=+.027 =1. 9;8,.<< 8/ *,,>6>5*=270 *55 =1. 7.,.<<*;B -*=* <8 =1*= I7*7,2*5 <=*=.6.7=< ,*7 +. 9;8->,.-*7-�-2<=;2+>=.-�=8�-.,2<287�6*4.;<�

�FKO=J� /@= 9;;GMFLAF? HJG;=KK KL9JLK :Q 9F9DQRAF? L@= =^=;L G> <:)6;)+<176;V9FQ =N=FL L@9L @9K9F AEE=<A9L= _F9F;A9D AEH9;L GF 9 ;GEH9FQ� '9J?= GJ?9FAR9LAGFK H9JLA;AH9L= AF DAL=J9DDQ EADDAGFK G>LJ9FK9;LAGFK =9;@ Q=9J� /@= J=KMDLAF? AF>GJE9LAGF EMKL := ?9L@=J=< KGJL=< ;D9KKA_=< 9F< LMJF=< AFLG 9K=L G> _F9F;A9D KL9L=E=FLK L@9L ;GN=J 9 E=J= >GMJ GJ _N= H9?=K� *N=J L@= <=;9<=K 9;;GMFL9FLK @9N= @9<LG :=;GE= N=JQ =a;A=FL LG >MD_DD L@AK K==EAF?DQ AEHGKKA:D= 9KKA?FE=FL� �=KHAL= L@= NGDME= G> LJ9FK9;LAGFK L@= ?G9D J=E9AFK L@= K9E=� LG HJ=H9J= _F9F;A9D KL9L=E=FLK L@9L 9J= HJ=K=FL=< >9AJDQ :=;9MK= L@=Q;GFL9AF�FG�E9L=JA9D�EAKKL9L=E=FLK�9;;GJ<AF?�LG�0�.��"��+�GJ�$!-.�

!GJ =P9EHD= 9DD L@= G;;MJJ=F;=K DAKL=< AF !A?MJ= �� 9J= LQHA;9D LJ9FK9;LAGFK L@9L 9FQ :MKAF=KKEA?@L =F;GMFL=J� 9;@ ;9MK=K KGE= E=9KMJ9:D= =^=;L GF L@= ;GEH9FQXK 9KK=LK DA9:ADALA=K J=N=FM=K =PH=FK=K ?9AFK DGKK=K ;9HAL9D KLG;C GJ <ANA<=F<K H9A<� /@= 9;;GMFLAF? HJG;=KK :=?AFK OAL@ 9F 9F9DQKAK G>=9;@ LJ9FK9;LAGF LG <=L=JEAF= L@= KH=;A_; _F9F;A9D ;@9F?=K L@9L LGGC HD9;=� 29K J=N=FM= =9JF=<� �A< 9DA9:ADALQ�AF;J=9K=��#9K�9F�9KK=L�:==F�9;IMAJ=<��2@9L�;@9F?=<�9K�9�J=KMDL�G>�L@AK�=N=FL�

��+(�� *D3@E35F;A@E��D7CG7@F>K��@5AG@F7D76�4K�3��GE;@7EE

$F 9FQ D9F?M9?= KM;;=KK>MD ;GEEMFA;9LAGF AK GFDQ HGKKA:D= A> L@= AF>GJE9LAGF LG := ;GFN=Q=< AK HJGH=JDQ MF<=JKLGG<� 'AC=OAK= AF 9;;GMFLAF? LJ9FK9;LAGFK EMKL := 9F9DQR=< KG L@9L L@=AJ AEH9;L AK MF<=JKLGG<� � N9KL E9BGJALQ G> LJ9FK9;LAGFK 9J= J=D9LAN=DQ KLJ9A?@L>GJO9J< KG L@9L OAL@ =PH=JA=F;= L@= 9;;GMFL9FL ;9F 9K;=JL9AF L@= _F9F;A9D AEH9;L 9DEGKL 9MLGE9LA;9DDQ� 2AL@AF L@AK HJG;=KK =9;@ AF<ANA<M9D9KK=L DA9:ADALQ J=N=FM= =PH=FK= 9F< L@= DAC= AK J=>=JJ=< LG 9K 9F 9;;GMFL� !GJ =P9EHD= J=FL =PH=FK=9F< K9D9JQ =PH=FK= 9J= :GL@ =PH=FK= 9;;GMFLK� /@= EGF=L9JQ 9EGMFL 9LLJA:ML=< LG 9F 9;;GMFL AKCFGOF�9K�9F�9;;GMFL�:9D9F;=�

!GJ LJ9FK9;LAGFK OAL@ ?J=9L=J ;GEHD=PALQ L@= F=;=KK9JQ 9F9DQKAK :=;GE=K EGJ= ;@9DD=F?AF?�#GO=N=J L@= AEHGJL9F;= G> L@AK AFALA9D KL=H AF L@= HJG<M;LAGF G> _F9F;A9D KL9L=E=FLK ;9FFGL := GN=JKLJ=KK=<� /@= O=DDCFGOF ;GEHML=J 9H@GJAKE ;9HLMJ=K L@= =KK=F;= IMAL= KM;;AF;LDQ� Y?9J:9?= AF?9J:9?= GML�Z /@=J= AK DALLD= @GH= L@9L _F9F;A9D KL9L=E=FLK ;9F := >9AJDQ HJ=K=FL=< MFD=KK L@= =FL=JAF?AF>GJE9LAGF AK :9K=< GF 9F 9HHJGHJA9L= A<=FLA_;9LAGF G> L@= ;@9F?=K AF 9;;GMFL :9D9F;=K ;J=9L=< :Q=9;@�LJ9FK9;LAGF�

�� $�$��"��%+$*�$��,�()�%$� �


355AG@FE�B3K34>7

/AHKM�M>KF�EB:;BEBMB>L�MH�I:R?HK�@HH=L�:G=�L>KOB<>L�MA:MA:O>�;>>G�:<JNBK>=�HG�<K>=BM

* � ) * � / % + ( ) � " �

'G7EF;A@�

!:<A H? MA> ?HEEHPBG@ >O>GML MHHD IE:<> MABL P>>D BG <HGG><MBHG PBMA MA> HI>K:MBHGL H? MA> $:FFHG= �HKIHK�:MBHG �3AB<A�=H>L�GHM�JN:EB?R�:L�:�MK:GL:<MBHG�

: �G�>FIEHR>>�BL�ABK>=�PAH�PBEE�;>�I:B=��I>K�FHGMA

; %GO>GMHKR�BL�;HN@AM�HG�:<<HNGM�?HK��PBMA�I:RF>GM�MH�;>�F:=>�G>QM�FHGMA

< �G�HPG>K�BGO>LML��<:LA�BG�MA>�;NLBG>LL�MH�K><>BO>�<:IBM:E�LMH<D

= ��MKN<D�BL�;HN@AM�?HK��;R�LB@GBG@�:�GHM>�I:R:;E>

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�:��G�>FIEHR>>�BL�ABK>=�PAH�PBEE�;>�I:B=��I>K�FHGMA

�JB>3@3F;A@�

� MK:GL:<MBHG BL :GR >O>GM MA:M A:L : `G:G<B:E BFI:<M HG :G HK@:GBS:MBHG 0A> INK<A:L> H? BGO>GMHKR BG<K>:L>LMA:M :LL>M :G= MA> <HFI:GR EB:;BEBMB>L 0A> BGO>LMF>GM BG<K>:L>L MA> <HFI:GRZL <:LA 0A> :<JNBLBMBHG H? MA>MKN<D K:BL>L MA> :LL>ML :L P>EE :L MA> GHM> I:R:;E> $HP>O>K� ABKBG@ :G >FIEHR>> BL GHM� ;R BML>E?� : MK:GL:<MBHG;><:NL> MA>K> BL GH `G:G<B:E BFI:<M :M MA:M MBF> 0A>K> PBEE ;> :G BFI:<M HGER :?M>K MA> I>KLHG A:L =HG> PHKD:G=�>:KG>=�:�L:E:KR

�� F9DQRAF?�L@=�$EH9;L�G>�9�/J9FK9;LAGF(G7EF;A@� +D3@E35F;A@ �P� 5A?B3@K 4GKE ;@H7@FADK A@ 5D76;F 8AD � �� AI 6A7E FD3@E35F;A@ 3@3>KE;EIAD=�:7D7� '1*=�*,,8>7=<�*;.�*H.,=.-�+B�=1.�9>;,1*<.�8/�6.;,1*7-2<.�

�FKO=J� $FN=FLGJQ O@A;@ AK 9F 9KK=L AF;J=9K=K :Q �� :=;9MK= G> L@= HMJ;@9K=� /@= GJ?9FAR9LAGF @9K EGJ= AFN=FLGJQ L@9F AL <A< HJ=NAGMKDQ� �=;9MK= FG EGF=Q O9K H9A< >GJ L@=K= ?GG<K O@=F:GM?@L 9 DA9:ADALQ >GJ L@= K9E= 9EGMFL @9K :==F ;J=9L=<� /@= L=JE )++7=6<; 8)A)*4- AK G>L=F MK=< AF_F9F;A9D�9;;GMFLAF?�LG�J=HJ=K=FL�<=:LK�J=KMDLAF?�>JGE�L@=�9;IMAKALAGF�G>�AFN=FLGJQ�9F<�KMHHDA=K�

&8'49'):/54��4<+4:58?�#;8).'9+*�54��8+*/:

�4<+4:58?��'99+:��/4)8+'9+9�(?��

�))5;4:9�#'?'(2+��2/'(/2/:?��/4)8+'9+9�(?��

)GL= L@9L L@= 9;;GMFLAF? =IM9LAGF <=K;JA:=< AF L@= HJ=NAGMK ;@9HL=J J=E9AFK AF :9D9F;= @=J=� �KK=LK@9N= ?GF= MH :Q �� O@AD= L@= DA9:ADALQ KA<= G> L@= =IM9LAGF @9K 9DKG AF;J=9K=< :Q L@= K9E= 9EGMFL LGJ=`=;L�L@=�KGMJ;=�G>�L@AK�AF;J=9K=�

* � ) * � / % + ( ) � " �

'G7EF;A@�

� <HFI:GR BG<NKK>= : MK:GL:<MBHG PA>K> BML :LL>ML :L P>EE :L BML EB:;BEBMB>L BG<K>:L>= 3AB<A H? MA> ?HEEHPBG@MK:GL:<MBHGL�=H>L�GHM�K>LNEM�BG�MABL�BFI:<M�

: )HG>R�BL�;HKKHP>=�?KHF�:�;:GD

; ��L:E>�BL�F:=>�MH�:�<NLMHF>K�?HK�<:LA

< /NIIEB>L�:K>�;HN@AM�:G=�PBEE�;>�I:B=�?HK�G>QM�P>>D

= ��MKN<D�BL�;HN@AM�;R�LB@GBG@�:�GHM>�I:R:;E>

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�;��L:E>�BL�F:=>�MH�:�<NLMHF>K�?HK�<:LA

�JB>3@3F;A@�

%G :EE ?HNK H? MA>L> <:L>L� :LL>ML BG<K>:L> �:LA @H>L NI BG MA> `KLM MPH� PABE> LNIIEB>L :G= : MKN<D BG<K>:L> :L�L>ML BG MA> E:LM MPH� K>LI><MBO>ER 0A> <HFI:GR HP>L MA> ;:GD BG � :G= MA> LNIIEB>K BG � %G � MA> <HFI:GRA:L : EB:;BEBMR MH MA> I:KMR MA:M IKHOB=>= MA> FHG>R ?HK MA> MKN<D %G �� MA>K> BL GH =>;M HK HMA>K H;EB@:MBHG MH:GR�I:KMR

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


�� /@=�!AF9F;A9D�$EH9;L�G>�+9QAF?�9F� EHDGQ==(G7EF;A@� +D3@E35F;A@ P� 5A?B3@K B3KE 3 E3>3DK A8 �� FA A@7 A8 ;FE 7?B>AK77E 8AD IAD= B7D8AD?766GD;@9 F:7 B3EF I77= %A 3?AG@F :36 BD7H;AGE>K 477@ D75AD676 4K F:7 355AG@F;@9 EKEF7? 8AD F:;E 3?AG@F'1*=�*,,8>7=<�*;.�*H.,=.-�+B�9*B6.7=�8/�*�<*5*;B�

�FKO=J� �9K@ �9F 9KK=L� AK <=;J=9K=< @=J= :Q �� 2@=F=N=J ;9K@ AK AFNGDN=< AF 9 LJ9FK9;LAGFA<=FLA>QAF? L@9L ;@9F?= AK 9 ?GG< HD9;= LG KL9JL L@= 9F9DQKAK� $F;J=9K=K 9F< <=;J=9K=K AF ;9K@ 9J= G>L=FG:NAGMK�

/@= ;9K@ :9D9F;= <=;DAF=< :=;9MK= K9D9JQ O9K H9A< LG 9F =EHDGQ==� �KK=LK O=J= J=<M;=< 9K 9 J=KMDLG> L@= H9QE=FL� /@9L AK 9 ;GKL LG L@= ;GEH9FQ� -=;G?FARAF? 9F =PH=FK= 9K 9 J=KMDL AK 9HHJGHJA9L= J9L@=JL@9F 9F 9KK=L :=;9MK= L@= =EHDGQ==XK OGJC J=`=;LK 9 H9KL :=F=_L� /@= H=JKGFXK =^GJL @9K 9DJ=9<Q :==F;9JJA=< GML ?=F=J9LAF? J=N=FM=K >GJ L@= ;GEH9FQ AF L@= HJ=NAGMK O==C J9L@=J L@9F AF L@= >MLMJ=� /@MK9�K9D9JQ�=PH=FK=�G>�� AK�J=HGJL=<�

&8'49'):/54� ��%'2'8?�#'/*�:5��3625?++

%'2'8?��>6+49+��+>6+49+��/4)8+'9+9�(?��

�'9.��'99+:��*+)8+'9+*�(?��

/@= ;GFLAFM=< =IMADA:JAME G> L@= 9;;GMFLAF? =IM9LAGF <G=K =PAKL @=J= 9DL@GM?@ AL AK D=KK 9HH9J=FL� �KK=LK 9J= <=;J=9K=<� �L L@= K9E= LAE= 9F =PH=FK= AK J=;G?FAR=<� /@AK =PH=FK= J=<M;=K J=HGJL=< F=L AF;GE=� *F L@= KL9L=E=FL G> J=L9AF=< =9JFAF?K ;MJJ=FL F=L AF;GE= :=;GE=K 9 ;GEHGF=FL G> J=L9AF=<=9JFAF?K� /@= J=<M;LAGF AF AF;GE= K=JN=K LG <=;J=9K= J=L9AF=< =9JFAF?K� �F =PH=FK= MDLAE9L=DQ J=<M;=KJ=HGJL=< J=L9AF=< =9JFAF?K� �=;9MK= :GL@ 9KK=LK 9F< J=L9AF=< =9JFAF?K ?G <GOF :Q L@= K9E= 9EGMFL 9K9�J=KMDL�G>�L@AK�LJ9FK9;LAGF�L@=�9;;GMFLAF?�=IM9LAGF�;GFLAFM=K�LG�:9D9F;=�

�� -=;GJ<AF?��;;JM=<� PH=FK=K(G7EF;A@� @ +D3@E35F;A@ � F:7 5A?B3@K B3;6 3 E3>3DK A8 �� F:3F ;F AI76 FA 3 IAD=7D '1B -8.< * 9*B�6.7=�=8�*7�.6958B..�78=�*5@*B<�;.->,.�*�<*5*;B�9*B*+5.�+*5*7,.�

�FKO=J� �GKLK KM;@ 9K K9D9JQ J=FL GJ AFL=J=KL AF;J=9K= ?J9<M9DDQ GN=J LAE= 9F< 9J= G>L=F J=>=JJ=< LG9K )++:=-, -@8-6;-; :=;9MK= L@= L=JE Y9;;JM=Z E=9FK YLG ?JGO�Z #GO K@GMD< L@= N=JQ KDGO ?JGOL@ G>9F =PH=FK= := J=;G?FAR=<� �F 9;;GMFLAF? KQKL=E ;9F := E=;@9FA;9DDQ KLJM;LMJ=< LG J=;GJ< KM;@ ;GKLKAF =AL@=J G> LOG O9QK� *F L@= _F9F;A9D KL9L=E=FLK J=HGJL=< J=KMDLK 9J= L@= K9E= :ML L@= KL=HK AF L@=HJG;=KK�<A^=J�

< .GE=�;GEH9FA=K�KAEHDQ�A?FGJ=�9;;JM=<�=PH=FK=K�MFLAD�H9A<��L�L@9L�LAE=�L@=�=PH=FK=�AKJ=;G?FAR=<�9F<�;9K@�AK�J=<M;=<��)G�DA9:ADALQ�AK�=FL=J=<�AFLG�L@=�9;;GMFLAF?�KQKL=E�GJ�J=EGN=<��=;9MK=�L@=�AF>GJE9LAGF�HJGNA<=<�KH=;A_=K�L@9L�FGL@AF?�@9K�:==F�J=;GJ<=<�LG�<9L=�L@AK�9HHJG9;@O9K�9HH9J=FLDQ�MK=<�@=J=��2@=F�_F9F;A9D�KL9L=E=FLK�9J=�HJG<M;=<�9FQ�9EGMFL�L@9L�AK�KLADD�GO=<EMKL�:=�J=;G?FAR=<�>GJ�9�>9AJ�HJ=K=FL9LAGF�

< *L@=J�;GEH9FA=K�;@GGK=�LG�HJG?J9E�L@=AJ�;GEHML=J�KQKL=EK�KG�L@9L�:GL@�L@=�=PH=FK=�9F<�L@=J=D9L=<�DA9:ADALQ�9J=�J=;G?FAR=<�9MLGE9LA;9DDQ�9K�L@=�9EGMFL�?JGOK��!GJ�K9D9JQ�9K�9F�=P9EHD=�L@AKAF;J=9K=�;GMD<�DAL=J9DDQ�:=�J=;GJ<=<�=9;@�<9Q�GJ�O==C�:9K=<�GF�L@=�9EGMFL�=9JF=<�:Q�=EHDGQ==K��L�L@=�LAE=�H9QE=FL�AK�_F9DDQ�;GFN=Q=<�L@=�=PH=FK=�@9K�9DJ=9<Q�:==F�J=;GJ<=<��/@MK�L@=DA9:ADALQ�AK�J=EGN=<�:=;9MK=�L@9L�<=:L�AK�:=AF?�K=LLD=<��'9L=J�AF�/J9FK9;LAGF��L@AK�K=;GF<�HGKKA:D=9HHJG9;@�LG�J=;GJ<AF?�9;;JM=<�=PH=FK=K�AK�ADDMKLJ9L=<�

� ;GEH9FQ ;9F J=;G?FAR= 9F 9;;JM=< =PH=FK= �KM;@ 9K 9 K9D9JQ� 9K AL AK AF;MJJ=< GJ O9AL MFLAD H9QE=FLAK E9<=� /@AK <=;AKAGF <=H=F<K GF L@= HJ=>=J=F;= G> ;GEH9FQ Ga;A9DK� /@= =F< J=KMDL �9F =PH=FK= AK J=HGJL=< 9F< ;9K@ <=;J=9K=<� AK L@= K9E= :ML L@= J=;GJ<AF? HJG;=<MJ=K <A^=J� �K E=FLAGF=< A> FG =FLJQ@9K :==F E9<= HJAGJ LG L@= HJG<M;LAGF G> _F9F;A9D KL9L=E=FLK �L@= _JKL 9DL=JF9LAN=� :GL@ L@= =PH=FK=9F< L@= H9Q9:D= @9N= LG := J=;G?FAR=< 9L L@9L LAE= KG L@9L 9DD :9D9F;=K 9J= HJGH=JDQ AF;DM<=< >GJ J=HGJLAF?�HMJHGK=K�

�� $�$��"��%+$*�$��,�()�%$� �


* � ) * � / % + ( ) � " �

'G7EF;A@�

0A> �;K:A:F �HFI:GR K>GML : ;NBE=BG@ ?HK �� I>K FHGMA PBMA I:RF>GM ;>BG@ F:=> HG MA> M>GMA =:R?HEEHPBG@ MA:M FHGMA 0A> :<<HNGMBG@ LRLM>F BL HK@:GBS>= LH MA:M MA> >QI>GL> :G= EB:;BEBMR :K> K><HK=>=MAKHN@AHNM MA> FHGMA %G MA:M P:R� MA> :<<HNGMBG@ K><HK=L :K> D>IM NI MH =:M> $HP>O>K� PA>G MA> :IIKHIKB�:M> I:RF>GM P:L F:=> ?HK *HO>F;>K HG ><>F;>K �� H? MA> <NKK>GM R>:K� MA> :<<HNGM:GM BG<K>:L>= MA> K>GM>QI>GL>�:G=�=><K>:L>=�<:LA �3AB<A�H?�MA>�?HEEHPBG@�LM:M>F>GML�BL�MKN>�BG�<HGG><MBHG�PBMA�MABL�K><HK=BG@�

: .>IHKM>=�>QI>GL>L�:K>�NG=>KLM:M>=�;R��

; *>M�BG<HF>�BL�NG=>KLM:M>=�;R��

< (B:;BEBMB>L�:K>�NG=>KLM:M>=�;R��

= �EE�:<<HNGM�;:E:G<>L�:K>�LM:M>=�IKHI>KER

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�;��*>M�BG<HF>�BL�NG=>KLM:M>=�;R��

�JB>3@3F;A@�

�><:NL> MA> >QI>GL> :G= MA> EB:;BEBMR A:O> :EK>:=R ;>>G K><HK=>= :L BG<NKK>= BG *HO>F;>K� MA> :<<HNGM:GMLAHNE= A:O> =><K>:L>= MA> EB:;BEBMR K:MA>K MA:G BG<K>:L>= MA> >QI>GL> PA>G I:RF>GM P:L F:=> 0A> EB:;BEBMR;:E:G<> P:L GHM IKHI>KER K>=N<>=� BM BL HO>KLM:M>= 0A> >QI>GL> P:L >KKHG>HNLER BG<K>:L>=� LH BM BL HO>KLM:M>= /BFIER LM:M>=� MA> >QI>GL> P:L K><HK=>= MPB<> :G= BL HO>KLM:M>= ;R �� 0A:M <:NL>L K>IHKM>= G>M BG<HF>MH�;>�NG=>KLM:M>=�;R�MA:M�:FHNGM

�� GJJGOAF?�(GF=Q�>JGE�L@=��9FC(G7EF;A@� +D3@E35F;A@ �P� 5A?B3@K 4ADDAIE �� 8DA? 3 43@= A@ 3 >A@9�F7D? @AF7 '1*= 2< =1. I7�*7,2*5�269*,=�8/�<207270�*�58*7�*0;..6.7=�@2=1�*�+*74�8;�8=1.;�5.7-270�27<=2=>=287�

�FKO=J� $F L@AK LJ9FK9;LAGF ;9K@ AK AF;J=9K=< :Q L@= 9EGMFL G> EGF=Q J=;=AN=< >JGE L@= D=F<=J�/@= ;GEH9FQ AK G:DA?9L=< LG J=H9Q L@AK :9D9F;= 9F< L@MK @9K AF;MJJ=< 9 F=O DA9:ADALQ� �K OAL@ E9FQ;GEEGF�LJ9FK9;LAGFK�L@=�_F9F;A9D�AEH9;L�AK�J=9KGF9:DQ�=9KQ�LG�9K;=JL9AF�

&8'49'):/54�� 54+?��5885=+*�54��5'4

�'9.��'99+:��/4)8+'9+9�(?��

!5:+�#'?'(2+��2/'(/2/:?��/4)8+'9+9�(?��

! � / � * � ! � � - � /

)HLM HK@:GBS:MBHGL FNLM @:MA>K :G >GHKFHNL JN:GMBMR H? BG?HKF:MBHG :L : IK>K>JNBLBM> ?HK MA> I>KBH=B< IK>I:K�:MBHG H? `G:G<B:E LM:M>F>GML 0ABL IKH<>LL ;>@BGL PBMA :G :G:ERLBL H? MA> BFI:<M H? >:<A MK:GL:<MBHG �`G:G<B:E>O>GM� �?M>K MA> >_><M HG :EE :<<HNGM ;:E:G<>L BL :L<>KM:BG>=� MA> K><HK=BG@ H? : MK:GL:<MBHG BL K>E:MBO>ERLMK:B@AM?HKP:K= 0A> <A:G@>L <:NL>= ;R FHLM MK:GL:<MBHGLXMA> INK<A:L> H? BGO>GMHKR HK MA> LB@GBG@ H? :GHM>� ?HK >Q:FIE>X<:G H?M>G ;> =>M>KFBG>= JNB<DER "HK :<<KN>= >QI>GL>L� LN<A :L L:E:KR HK K>GM MA:M @KHPHO>K MBF>� MA> :<<HNGMBG@ LRLM>F <:G K><HK= MA> :FHNGML @K:=N:EER :L BG<NKK>= HK HGER :M MA> IHBGM H? I:R�F>GM $HP>O>K� MA> `@NK>L MH ;> K>IHKM>= HG MA> `G:G<B:E LM:M>F>GML :K> GHM BFI:<M>= ;R MA> LI><B`< F><A�:GB<:E�LM>IL�MA:M�:K>�M:D>G

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


B7DB7FG3>�;@H7@FADK�EKEF7?

�<<HNGMBG@�LRLM>F�MA:MF:BGM:BGL�:G�HG@HBG@�K><HK=H?�:EE�BGO>GMHKR�BM>FL�;HMA�BGMHM:E�:G=�BG=BOB=N:EER��K><HK=LBG<K>:L>L�:G=�=><K>:L>L�BGBGO>GMHKR�:<<HNGML�:L�MA>RH<<NK�:L�P>EE�:L�MA>�<HLM�H?@HH=L�LHE=�MH�=:M>

B7D;A6;5�;@H7@FADK�EKEF7?

�<<HNGMBG@�LRLM>F�MA:M�=H>LGHM�F:BGM:BG�:G�HG@HBG@K><HK=�H?�:EE�BGO>GMHKR�BM>FL�BGLM>:=��>G=BG@�BGO>GMHKR�BL=>M>KFBG>=�;R�:�IARLB<:E<HNGM�LH�MA:M�:�?HKFNE:�;>@BGGBG@�BGO>GMHKR�IENLINK<A:L>L�E>LL�>G=BG@BGO>GMHKR��<:G�;>�NL>=�MH<:E<NE:M>�<HLM�H?�@HH=L�LHE=

�� 0)� -./�)�$)"�/# � !! �/.��0. ��4�*((*)�/-�).��/$*).

" � � ( $ � $ � � % � � � * � , � )


� �JB>3;@�F:7�D73EA@�F:3F�3�?;@;?G?�A8�FIA�355AG@FE�3D7�;?B35F76�4K�7H7DK�FD3@E35F;A@ �67@F;8K�F:7�;@6;H;6G3>�355AG@F�5:3@97E�F:3F�3D7�5D73F76�4K�F:7�B3K?7@F�A8�;@EGD3@57�3@6�D7@F�

F:7�E3>7�A8�?7D5:3@6;E7��F:7�35CG;E;F;A@�A8�3�>A@9�>;H76�3EE7F��3�53B;F3>�5A@FD;4GF;A@��F:7�5A>>75�F;A@�A8�3�D757;H34>7��3@6�F:7�B3K?7@F�A8�3�>;34;>;FK

� )7B3D3F7�F:7�FIA�7H7@FE�F:3F�A55GD�I:7@�;@H7@FADK�;E�EA>6�3@6�67F7D?;@7�F:7�R@3@5;3>�7Q75F�A8735:

�� -=;GJ<AF?�L@=�.9D=�G>�$FN=FLGJQ(G7EF;A@� +D3@E35F;A@ �P�EEG?7 F:3F F:7 ;@H7@FADK ;F7?E 4AG9:F ;@ +D3@E35F;A@ � 8AD � �� 3D7 @AIEA>6 FA 3 5GEFA?7D 8AD �� A@ 5D76;F '1*= *,,8>7= +*5*7,.< *;. 269*,=.- +B =1. <*5. 8/ 6.;,1*7-2<.27�=12<�6*77.;�

�FKO=J� /OG ;GFF=;L=< =N=FLK 9;LM9DDQ L9C= HD9;= AF L@= K9D= G> AFN=FLGJQ� !AJKL J=N=FM= G> �� AK�?=F=J9L=<�:Q�L@=�K9D=��/@AK�9;;GMFL�AK�>J=IM=FLDQ�D9:=D=<�9K�Y.9D=KZ�GJ�Y.9D=K�J=N=FM=�Z

$F L@AK =P9EHD= :=;9MK= L@= EGF=Q OADD FGL := ;GDD=;L=< MFLAD 9 D9L=J <9L= 9;;GMFLK J=;=AN9:D= �9F9KK=L� AK AFALA9DDQ AF;J=9K=<� /@= J=HGJLAF? G> 9 J=;=AN9:D= :9D9F;= AF<A;9L=K L@9L L@AK 9EGMFL G> EGF=Q AK<M=�>JGE�9�;MKLGE=J�9F<�K@GMD<�:=�;GDD=;L=<�9L�KGE=�KM:K=IM=FL�HGAFL�AF�LAE=�

&8'49'):/54��#'8:��%'2+�"));89�54��8+*/:

�))5;4:9�$+)+/<'(2+��'99+:��/4)8+'9+9�(?��

%'2+9��8+<+4;+��/4)8+'9+9�(?��

.=;GF< L@= AFN=FLGJQ AK J=EGN=<� �GEH9FA=K @9N= 9F GHLAGF AF L@= E=L@G< :Q O@A;@ AFN=FLGJQ :9D9F;=K 9J= EGFALGJ=<� #=J= 9 8-:8-<=)4 16>-6<7:A ;A;<-5 AK MLADAR=<� /@9L 9HHJG9;@ AK =PLJ=E=DQ;GEEGF <M= LG L@= HJ=N9D=F;= G> ;GEHML=J KQKL=EK AF L@= :MKAF=KK OGJD<� $L E9AFL9AFK 9F GF?GAF? J=;GJ< G> L@= AFN=FLGJQ @=D< 9F< L@= 9EGMFL L@9L @9K :==F KGD< LG <9L=� �DD ;@9F?=K AF AFN=FLGJQ 9J= J=;GJ<=< AEE=<A9L=DQ� #GO=N=J AF 9 D9L=J ;@9HL=J 9F 9DL=JF9LAN= 9HHJG9;@VKLADD MK=< :Q KGE= KE9DD=J:MKAF=KK=KVCFGOF�9K�9 8-:17,1+�16>-6<7:A�;A;<-5 OADD�9DKG�:=�<=EGFKLJ9L=<�

�=;9MK= 9 H=JH=LM9D KQKL=E AK MK=< @=J= L@= J=<M;LAGF AF AFN=FLGJQ AK J=;GJ<=< KAEMDL9F=GMKDQOAL@ L@= K9D=� $FN=FLGJQ ;GKLAF? �� AK L9C=F 9O9Q :Q L@= ;MKLGE=J� /@= ;GEH9FQXK F=L 9KK=LK 9J= J=<M;=< :Q L@AK 9EGMFL� /@=J=>GJ= 9 �� =PH=FK= AK J=;G?FAR=<� /@9L AFN=FLGJQ FG DGF?=J HJGNA<=K 9>MLMJ= :=F=_L >GJ L@= ;GEH9FQ :ML J9L@=J AK 9 H9KL :=F=_L� �GKL G> ?GG<K KGD< AK J=HGJL=< LG J=`=;L L@AK<=;J=9K=�AF�L@=�9EGMFL�G>�E=J;@9F<AK=�GF�@9F<�

&8'49'):/54��#'8:� ��4<+4:58?��)7;/8+*�(?��;9:53+8

�59:�5,��55*9�%52*��+>6+49+��/4)8+'9+9�(?��

�4<+4:58?��'99+:��*+)8+'9+9�(?��

�K <AK;MKK=< AF L@= HJ=NAGMK ;@9HL=J L@= �� <A^=J=F;= :=LO==F L@= K9D=K J=N=FM= G> �� 9F< L@=J=D9L=< ;GKL G> ?GG<K KGD< G> �� AK CFGOF 9K L@= ?JGKK HJG_L �GJ ?JGKK E9J?AF GJ E9JC MH� GF L@=K9D=�

�� $�$��"��%+$*�$��,�()�%$� �


* � ) * � / % + ( ) � " �

'G7EF;A@�

0A> $:LA:G �HFI:GR ;NRL BGO>GMHKR ?HK �� MA:M BM >O>GMN:EER L>EEL MH : <NLMHF>K ?HK �� BG <:LA 0A><HFI:GRZL :<<HNGM:GM BG<K>:L>L <:LA ;R �� K>=N<>L BGO>GMHKR ;R �� :G= K><HK=L : [@:BG HG L:E> H?BGO>GMHKR\�?HK�� 3AB<A�H?�MA>�?HEEHPBG@�LM:M>F>GML�BL�MKN>�

: 0A>�<HFI:GRZL�K>IHKM>=�G>M�BG<HF>�BL�LM:M>=�IKHI>KER

; 0A>�<HFI:GRZL�K>IHKM>=�K>O>GN>L�:K>�MHH�AB@A

< 0A>�<HFI:GRZL�K>IHKM>=�>QI>GL>L�:K>�MHH�AB@A

= �EE�K>IHKM>=�`@NK>L�:K>�IKHI>KER�LM:M>=

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�:��0A>�<HFI:GRZL�K>IHKM>=�G>M�BG<HF>�BL�LM:M>=�IKHI>KER

�JB>3@3F;A@�

0A> <HFI:GR LAHNE= A:O> K><H@GBS>= K>O>GN>L H? �� :G= : <HLM H? @HH=L LHE= H? �� LH MA:M : @KHLLIKH`M H? �� PHNE= ;> K>IHKM>= HG MA> <HFI:GRZL BG<HF> LM:M>F>GM �HMA MA> K>O>GN> :G= MA> >QI>GL>P>K> HFBMM>= :G= :K> MHH EHP %GLM>:=� : @:BG H? �� P:L K><HK=>= 0A:M @:BG A:L MA> L:F> BFI:<M :L MA>��@KHLL�IKH`M��LH�G>M�BG<HF>�P:L�GHM�:_><M>=�;R�MA>�FBLM:D>

�� /@=��M9D� >>=;L�G>�/J9FK9;LAGFK(G7EF;A@� @ 735: A8 F:7 7H7@FE EFG6;76 EA 83D� FIA 355AG@FE :3H7 477@ 3U75F76 �;. =@8 *,,8>7=< 26�9*,=.-�+B�.?.;B�98<<2+5.�=;*7<*,=287�

�FKO=J� $F =N=JQ LJ9FK9;LAGF 9 ;9MK=9F<=^=;L J=D9LAGFK@AH AK 9DO9QK HJ=K=FL� !GJ =P9EHD= L@=9;;GMFLK J=;=AN9:D= :9D9F;= AF;J=9K=K :=;9MK= G> 9 K9D=� �9K@ <=;J=9K=K 9K 9 J=KMDL G> H9QAF? K9D9JQ =PH=FK=� �GKL G> ?GG<K KGD< AF;J=9K=K :=;9MK= AFN=FLGJQ AK J=EGN=<� )G 9;;GMFL :9D9F;= ;9F HGKKA:DQ;@9F?= OAL@GML KGE= A<=FLA_9:D= ;9MK=� /@MK =N=JQ LJ9FK9;LAGF EMKL LGM;@ 9 EAFAEME G> LOG 9;;GMFLK� (9FQ LJ9FK9;LAGFK 9;LM9DDQ 9^=;L EGJ= L@9F LOG 9;;GMFLK :ML 9L D=9KL LOG 9J= AEH9;L=< :Q =9;@G>�L@=K=�_F9F;A9D�=N=FLK�

�� +9QAF?�9�+J=NAGMKDQ�-=;GJ<=<� PH=FK=(G7EF;A@� +D3@E35F;A@ �P @ F:;E FD3@E35F;A@� F:7 D7BADF;@9 5A?B3@K B3KE �� 8AD ;@EGD3@57 5AH7D397D7>3F;@9 FA F:7 B3EF 87I ?A@F:E +:7 ;@8AD?3F;A@ BDAH;676 ;@6;53F7E F:3F F:7 5AEF I3E BD7H;AGE>K D75AD676;@ F:7 5A?B3@KQE 355AG@F;@9 EKEF7? 3E ;@5GDD76 �BB3D7@F>K� F:7 5A?BGF7DE I7D7 BDA9D3??76 FA 355DG7F:;E 7JB7@E7 B7D;A6;53>>K '1*= 2< =1. I7*7,2*5 269*,= 8/ 9*B270 *7 .A9.7<. 2/ =1. +*5*7,. 1*< *5;.*-B+..7�;.,8072C.-�8?.;�=26.�*<�=1.�52*+252=B�0;.@�5*;0.;�

�FKO=J��.=N=J9D�HA=;=K�G>�AF>GJE9LAGF�K@GMD<�:=�FGL=<�AF�9F9DQRAF?�L@AK�=P9EHD=�< �9K@�<=;DAF=<�:Q�� 9K�9�J=KMDL�G>�L@=�H9QE=FL�< /@AK�;GKL�J=D9L=K�LG�9�H9KL�:=F=_L��/@MK�9F�=PH=FK=�EMKL�:=�J=;GJ<=<��)G�>MLMJ=�=;GFGEA;�:=F=_LAK�;J=9L=<�:Q�L@=�AFKMJ9F;=�H9QE=FL��9K@�O9K�H9A<�>GJ�;GN=J9?=�GN=J�L@=�HJ=NAGMK�EGFL@K�

< /@=�;GEH9FQXK�9;;GMFLAF?�KQKL=E�@9K�9DJ=9<Q�J=;GJ<=<�L@AK�9EGMFL��/@MK�� AF�AFKMJ9F;==PH=FK=�9F<�L@=�J=D9L=<�DA9:ADALQ�O=J=�J=;G?FAR=<�9K�AF;MJJ=<��/@AK�AK�;D=9JDQ�9�<A^=J=FLE=;@9FA;9D�HJG;=<MJ=�L@9F�L@9L�<=EGFKLJ9L=<�AF�/J9FK9;LAGF��>GJ�L@=�K9D9JQ�H9QE=FL�

/@= =PH=FK= ;9FFGL := J=;GJ<=< 9?9AF GJ AL OADD := <GM:D= ;GMFL=<� $FKL=9< ;9K@ AK J=<M;=< 9DGF? OAL@L@= DA9:ADALQ L@9L O9K =KL9:DAK@=< L@JGM?@ L@= 9;;JM9D HJG;=KK� /@= =PH=FK= O9K J=;GJ<=< 9DJ=9<Q KG FG9<<ALAGF9D�;@9F?=�AF�L@9L�:9D9F;=�AK�F==<=<��$FKL=9<�L@=�DA9:ADALQ�AK�J=EGN=<�9F<�;9K@�<=;J=9K=<�

&8'49'):/54��#'?3+4:�5,��35;4:�"=+*�,58��49;8'4)+

�49;8'4)+�#'?'(2+��2/'(/2/:?��*+)8+'9+9�(?��

�'9.��'99+:��*+)8+'9+9�(?��

)GL= L@9L 9;;GMFLAF? J=;G?FALAGF AK <=H=F<=FL GF L@= J=;GJ<AF? L@9L @9K 9DJ=9<Q L9C=F HD9;=� /@= _F9DJ=KMDLK LG := J=HGJL=< K@GMD< := L@= K9E= �@=J= 9F =PH=FK= AK J=;G?FAR=< 9F< ;9K@ <=;J=9K=<� :ML L@=KL=HK�AF�L@=�HJG;=KK�;9F�N9JQ�

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


* � ) * � / % + ( ) � " �

'G7EF;A@�

/:K: "K:G<>L BL MA> :<<HNGM:GM ?HK *:MBHG:E (NF;>K �HFI:GR H? �E>O>E:G= /A> K><>BO>L :G BGOHB<> ?HK MAK>>FHGMALZ K>GM ?HK HG> H? MA> P:K>AHNL>L MA:M MA> <HFI:GR NL>L 0ABL ;BEE BL ?HK �� I>K FHGMA� HK �� BGMHM:E 0A> <A><D BL PKBMM>G� :G= )L "K:G<>L BL @>MMBG@ K>:=R MH K><HK= MA> I:RF>GM ;NM BL GHM LNK> PA>MA>K MA>>QI>GL>�A:L�;>>G�IK>OBHNLER�:<<KN>= �3AB<A�HG>�H?�MA>�?HEEHPBG@�LM:M>F>GML�BL�GHM�MKN>�

: %?�MA>�>QI>GL>�A:L�;>>G�:<<KN>=��:�K>GM�I:R:;E>�;:E:G<>�H?��LAHNE=�;>�IK>L>GM�BG�MA>�:<<HNGMBG@K><HK=L

; %?�MA>�>QI>GL>�A:L�GHM�;>>G�:<<KN>=��GH�K>GM�I:R:;E>�;:E:G<>�LAHNE=�<NKK>GMER�;>�IK>L>GM�BG�MA>:<<HNGMBG@�K><HK=L

< %?�MA>�>QI>GL>�A:L�;>>G�:<<KN>=��MA>�G>M�BG<HF>�`@NK>�LAHNE=�:EK>:=R�;>�IKHI>KER�LM:M>=�;>?HK>�MA>I:RF>GM�BL�K><HK=>=

= %?�MA>�>QI>GL>�A:L�GHM�;>>G�:<<KN>=��:�EB:;BEBMR�PBEE�G>>=�MH�;>�>LM:;EBLA>=�PA>G�MA>�I:RF>GM�BL�K><HK=>=

�@EI7D�

0A> <HKK><M :GLP>K BL <AHB<> =� %? MA> >QI>GL> A:L GHM ;>>G :<<KN>=� : EB:;BEBMR PBEE G>>= MH ;> >LM:;EBLA>=PA>G�MA>�I:RF>GM�BL�K><HK=>=

�JB>3@3F;A@�

%? MA> :<<HNGMBG@ LRLM>F K><H@GBS>= MA> K>GM :L BM :<<KN>=� MA> >QI>GL> ;:E:G<> :G= MA> K>E:M>= EB:;BEBMR A:O>:EK>:=R ;>>G K><HK=>= 0A> >QI>GL> K><H@GBMBHG F>:GL MA:M G>M BG<HF> <:G ;> =>M>KFBG>= :IIKHIKB:M>ER;:L>= HG MA> K>IHKM>= ;:E:G<>L %? GH :<<KN:E A:L ;>>G K><HK=>= MH =:M>� MA>K> BL G>BMA>K :G >QI>GL> GHK : EB�:;BEBMR �M MA> MBF> H? I:RF>GM� <:LA BL =><K>:L>= :G= MA> >QI>GL> BL K><HK=>= �><:NL> MA> EB:;BEBMR P:L G>O>K>GM>K>=�BGMH�MA>�K><HK=L��GH�<A:G@>�BL�F:=>�BG�MA:M�;:E:G<>

�� ;IMAKALAGF�G>�9F��KK=L(G7EF;A@� +D3@E35F;A@ �P�55AD6;@9 FA F:7 AD;9;@3> ;@8AD?3F;A@� 3 FDG5= ;E 35CG;D76 8AD �� 4GF A@>K�� ;@ 53E: ;E B3;6 4K F:7 5A?B3@K +:7 AF:7D �� ;E 5AH7D76 4K E;9@;@9 3 @AF7 B3K34>7 +:;EFD3@E35F;A@ E77?E 3 4;F ?AD7 5A?B>;53F76 4753GE7 ?AD7 F:3@ FIA 355AG@FE 3D7 ;@HA>H76 '1*= 2< =1. I7�*7,2*5�269*,=�8/�+>B270�*7�*<<.=�@1.7�875B�*�98;=287�8/�=1.�,8<=�2<�9*2-�87�=1*=�-*=.�

�FKO=J� $F L@AK LJ9FK9;LAGF >GJ L@= _JKL LAE= L@J== 9;;GMFLK 9J= AEH9;L=<� � LJM;C AK :GM?@L >GJ�� KG L@= :9D9F;= J=;GJ<=< >GJ L@AK 9KK=L AK AF;J=9K=< :Q L@9L ;GKL� �9K@ <=;J=9K=K �� O@AD= L@=FGL=K H9Q9:D= :9D9F;= JAK=K :Q �� /@=K= =N=FLK =9;@ @9HH=F=<� /G 9;@A=N= 9 >9AJ HJ=K=FL9LAGF L@=9;;GMFLAF? HJG;=KK K==CK LG J=`=;L L@= 9;LM9D G;;MJJ=F;=K L@9L LGGC HD9;=� �K DGF? 9K L@= 9F9DQKAK AK H=J>GJE=< HJGH=JDQ J=;GJ<AF? 9 LJ9FK9;LAGF AK FG EGJ= ;GEHDA;9L=< O@=F EGJ= L@9F LOG 9;;GMFLK 9J=9^=;L=<�

&8'49'):/54��)7;/9/:/54�5,�&8;)1�,58��'9.�'4*�'�!5:+

&8;)1��'99+:��/4)8+'9+9�(?��

�'9.��'99+:��*+)8+'9+9�(?��

!5:+9�#'?'(2+��2/'(/2/:?��/4)8+'9+9�(?��

�� -=;GJ<AF?�9��9HAL9D��GFLJA:MLAGF�:Q�9F�*OF=J(G7EF;A@� +D3@E35F;A@ �P�EEG?7 F:3F E7H7D3> ;@6;H;6G3>E 3BBDA35: F:7 5A?B3@K 3@6 AU7D FA 5A@FD;4GF7�� ;@ 53E: FA F:7 4GE;@7EE ;@ 7J5:3@97 8AD 53B;F3> EFA5= EA F:3F F:7K 53@ <A;@ F:7 AI@7DE:;B +:7 AU7D;E�3557BF76 '1*=�*,,8>7=<�*;.�269*,=.-�+B�=1.�2<<>*7,.�8/�,*92=*5�<=8,4�=8�=1.�8@7.;<�8/�*�+><27.<<�

�FKO=J� 2@=F ;9K@ AK ;GFLJA:ML=< LG 9 ;GEH9FQ >GJ 9 HGJLAGF G> L@= GOF=JK@AH ;9K@ G:NAGMKDQ?G=K MH :Q L@= 9EGMFL J=;=AN=<� /@AK EGF=Q O9K FGL ?=F=J9L=< :Q J=N=FM=K GJ :Q DA9:ADALA=K :ML J9L@=JJ=HJ=K=FLK 9KK=LK ?AN=F >J==DQ KG L@9L F=O GOF=JK@AH K@9J=K ;GMD< := G:L9AF=<� /@AK AF`GO AK J=`=;L=<AF _F9F;A9D 9;;GMFLAF? 9K AF;J=9K=K AF :GL@ L@= ;9K@ 9F< ;9HAL9D KLG;C 9;;GMFLK� *MLKA<= <=;AKAGFE9C=JK�;9F�K==�L@9L�L@AK�9EGMFL�G>�L@=�;GEH9FQXK�F=L�9KK=LK�;9E=�>JGE�AFN=KLE=FLK�E9<=�:Q�GOF=JK�

� ��$�$��"��%+$*�$��,�()�%$� �


&8'49'):/54��'9.��54:8/(;:+*�/4��>).'4-+�,58��'6/:'2�%:5)1

�'9.��'99+:��/4)8+'9+9�(?��

�'6/:'2�%:5)1��9:5)1.52*+89B�+7;/:?��/4)8+'9+9�(?��

* � ) * � / % + ( ) � " �

'G7EF;A@�

0A> $:FBEMHG �HFI:GR BLLN>L <:IBM:E LMH<D MH G>P HPG>KL BG >Q<A:G@> ?HK : <:LA <HGMKB;NMBHG H? �� 0A> <HFI:GRZL :<<HNGM:GM MAHN@AM MA> FHG>R <:F> ?KHF : L:E> :G= K><HK=>= :G BG<K>:L> BG <:LA :G= :G BG�<K>:L>�BG�K>O>GN> �3AB<A�H?�MA>�?HEEHPBG@�LM:M>F>GML�BL�GHM�MKN>�:L�:�K>LNEM�H?�MABL�K><HK=BG@�

: 0A>�<HFI:GRZL�:LL>ML�:K>�HO>KLM:M>=�HG�MA>�;:E:G<>�LA>>M

; 0A>�<HFI:GRZL�G>M�BG<HF>�BL�HO>KLM:M>=�HG�MA>�BG<HF>�LM:M>F>GM

< 0A>�<HFI:GRZL�<:IBM:E�LMH<D�:<<HNGM�BL�NG=>KLM:M>=�HG�MA>�;:E:G<>�LA>>M

= 0A>�<HFI:GRZL�>QI>GL>L�:K>�<HKK><MER�LM:M>=�HG�MA>�BG<HF>�LM:M>F>GM

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�:��0A>�<HFI:GRZL�:LL>ML�:K>�HO>KLM:M>=�HG�MA>�;:E:G<>�LA>>M

�JB>3@3F;A@�

0A> <HFI:GR LAHNE= A:O> BG<K>:L>= <:LA� :G= BM =B=� LH MA:M ;:E:G<> �:L P>EE :L MA> HMA>K :LL>ML� BL IKHI>KERLM:M>= 0A> K>O>GN> ;:E:G<> P:L HO>KLM:M>=� LH MA:M K>IHKM>= G>M BG<HF> BL :ELH HO>KLM:M>= 0A> <:IBM:E LMH<D:<<HNGM LAHNE= A:O> ;>>G BG<K>:L>= ;NM P:L GHM� LH BM BL NG=>KLM:M>= !QI>GL>L P>K> GHM :_><M>= ;R >BMA>KMA>�MK:GL:<MBHG�HK�MA>�K><HK=BG@��LH�MA:M�MHM:E�BL�<HKK><M

�� /@=��GDD=;LAGF�G>�9F��;;GMFL�-=;=AN9:D=(G7EF;A@� +D3@E35F;A@ �P� E3>7 A8 ?7D5:3@6;E7 I3E ?367 BD7H;AGE>K ;@ +D3@E35F;A@ � 8AD �� %A53E: I3E D757;H76 3F F:3F F;?7� 4GF F:7 7@F;D7 3?AG@F ;E 5A>>75F76 @AI '1*= *,,8>7=< *;. *H.,=.- +B =1.;.,.29=�8/�687.B�/;86�*7�.*;52.;�<*5.�

�FKO=J� /@= J=N=FM= >JGE L@AK LJ9FK9;LAGF O9K HJGH=JDQ J=;GJ<=< AF /J9FK9;LAGF � O@=F L@= K9D=GJA?AF9DDQ LGGC HD9;= 9F< L@= 9;;GMFL J=;=AN9:D= :9D9F;= O9K =KL9:DAK@=<� -=N=FM= K@GMD< FGL := J=;GJ<=< 9?9AF GJ AL OADD := <GM:D= ;GMFL=< ;9MKAF? J=HGJL=< F=L AF;GE= LG := GN=JKL9L=<� $F KAEHD= L=JEKJ=N=FM= AK J=;GJ<=< O@=F =9JF=< 9F< L@9L @9K 9DJ=9<Q L9C=F HD9;=� $FKL=9< >GJ J=;GJ<AF? HMJHGK=K L@=9;;GMFL9FL AF<A;9L=K L@9L L@AK AF;J=9K= AF ;9K@ AK ;9MK=< :Q L@= <=;J=9K= AF L@= 9;;GMFLK J=;=AN9:D= :9D9F;=�=KL9:DAK@=<�AF�/J9FK9;LAGF��

&8'49'):/54��522+):/54�5,��))5;4:�$+)+/<'(2+

�'9.��'99+:��/4)8+'9+9�(?��

�))5;4:9�$+)+/<'(2+��'99+:��*+)8+'9+9�(?��

�� +9QE=FL�(9<=�GF�9F� 9JDA=J�+MJ;@9K=(G7EF;A@� +D3@E35F;A@ �P @H7@FADK I3E 4AG9:F ;@ +D3@E35F;A@ � 8AD � �� 3@6 >3F7D EA>6 ;@ +D3@E35�F;A@ � %AI� :AI7H7D� F:7 5A?B3@K ;E D736K FA ?3=7 B3K?7@F A8 F:7 3?AG@F AI76 8AD F:;E ?7D5:3@6;E7'1.7 ,*<1 2< -.52?.;.- =8 <.==5. * 9;.?28>< 9>;,1*<. 8/ 27?.7=8;B� @1*= 2< =1. I7*7,2*5 .H.,= 8/ =1.=;*7<*,=287�

�FKO=J� �K 9 J=KMDL G> L@= H9QE=FL ;9K@ AK <=;J=9K=< :Q �� /@= AFN=FLGJQ O9K J=;GJ<=< HJ=NAGMKDQ O@=F 9;IMAJ=<� /@=J=>GJ= L@AK KM:K=IM=FL LJ9FK9;LAGF <G=K FGL J=HDA;9L= L@9L =^=;L� $FKL=9<L@= DA9:ADALQ =KL9:DAK@=< AF FME:=J � AK FGO J=EGN=< >JGE L@= :GGCK� /@= ;GEH9FQ AK FGL :MQAF? L@=AFN=FLGJQ�9?9AF�:ML�KAEHDQ�H9QAF?�G^�L@=�<=:L�=KL9:DAK@=<�>GJ�L@=K=�?GG<K�O@=F�L@=Q�O=J=�HMJ;@9K=<�

&8'49'):/54��#'?3+4:�5,�'��/'(/2/:?�,58�'�#;8).'9+

�))5;4:9�#'?'(2+��2/'(/2/:?��*+)8+'9+9�(?��

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


�'9.��'99+:��*+)8+'9+9�(?��

* � ) * � / % + ( ) � " �

'G7EF;A@�

� <HFI:GR ;NRL BGO>GMHKR ?HK �� HG )HG=:R HG :<<HNGM 0A> <HFI:GR L>EEL MA> BGO>GMHKR ?HK <K>=BM HG0N>L=:R ?HK �� 0A> <HFI:GR I:RL ?HK MA> BGO>GMHKR HG 3>=G>L=:R 0A> <HFI:GR <HEE><ML MA> FHG>R ?KHFMA>�L:E>�HG�0ANKL=:R �+G�PAB<A�=:R�HK�=:RL�=H>L�MABL�<HFI:GR�BG<K>:L>�BML�G>M�:LL>ML��:LL>ML�FBGNL�EB:;BEBMB>L��

: �EE�?HNK�=:RL

; 0N>L=:R�HGER

< 0N>L=:R�:G=�3>=G>L=:R

= 3>=G>L=:R�:G=�0ANKL=:R

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�;��0N>L=:R�HGER

�JB>3@3F;A@�

*H <A:G@> BG G>M :LL>ML H<<NKL HG )HG=:R� 3>=G>L=:R� HK 0ANKL=:R �NRBG@ BGO>GMHKR �)HG=:R� BG<K>:L>L BG�O>GMHKR ;NM :ELH :<<HNGML I:R:;E>� LH MA> G>M :LL>M MHM:E BL NG<A:G@>= ,:RBG@ ?HK BGO>GMHKR �3>=G>L=:R� =>�<K>:L>L <:LA ;NM :ELH :<<HNGML I:R:;E> �HEE><MBG@ ?HK MA> L:E> �0ANKL=:R� BG<K>:L>L <:LA ;NM :ELH =><K>:L>L :<�<HNGML K><>BO:;E> *H <A:G@> BG G>M :LL>ML M:D>L IE:<> >Q<>IM ?HK MA> L:E> HG 0N>L=:R 0A> L:E> <:NL>L :G BG�<K>:L>�BG�G>M�:LL>ML�MA:M�BL�MA>�>JNBO:E>GM�H?�MA>�@KHLL�IKH`M

�� +9QE=FL�G>�-=FL�AF��<N9F;=(G7EF;A@� +D3@E35F;A@ ��P+:7 5A?B3@K I3@FE FA D7@F 3 4G;>6;@9 FA GE7 8AD F:7 @7JF 8AGD ?A@F:E 3@6B3KE F:7 BDAB7DFKQE AI@7D �� FA 5AH7D F:;E 5AEF '1.7 9*B6.7= 2< 6*-. /8; ;.7= �8; * <2625*; ,8<=�@2=1�*�/>=>;.�.,87862,�+.7.I=��@1*=�;.,8;-270�2<�*99;89;2*=.�27�I7*7,2*5�*,,8>7=270�

�FKO=J� $F 9;IMAJAF? L@= MK= G> L@AK HJGH=JLQ L@= ;GEH9FQXK ;9K@ <=;J=9K=K :Q �� /@= EGF=QO9K H9A< LG MLADAR= L@= :MAD<AF? >GJ >GMJ EGFL@K AF L@= >MLMJ=� /@= 9FLA;AH9L=< =;GFGEA; :=F=_L AK 9F9KK=L 9F< L@9L AF>GJE9LAGF K@GMD< := J=HGJL=< LG <=;AKAGF E9C=JK :Q =KL9:DAK@AF? 9 HJ=H9A< J=FL :9D9F;=� (GF=Q @9K :==F H9A< LG MK= L@= HJGH=JLQ 9L 9 <=KA?F9L=< LAE= AF L@= >MLMJ= LG @=DH ?=F=J9L=J=N=FM=K�

&8'49'):/54��#'?3+4:�5,�$+4:�/4��*<'4)+

#8+6'/*�$+4:��'99+:��/4)8+'9+9��

�'9.��'99+:��*+)8+'9+9�(?��

! � / � * � ! � � - � /

�<<HNGM:GML <:GGHM K><HK= MK:GL:<MBHGL PBMAHNM NG=>KLM:G=BG@ MA> `G:G<B:E BFI:<M MA:M A:L H<<NKK>= 3A>MA>K BGO>GMHKR BL LHE=� :G :<<HNGM K><>BO:;E> BL <HEE><M>=� HK LHF> HMA>K >O>GM M:D>L IE:<>� :M E>:LM MPH :<�<HNGML :K> :EP:RL :_><M>= ;><:NL> :EE LN<A >O>GML A:O> ;HMA : <:NL> :G= :G >_><M %G=BOB=N:E :<<HNGM ;:E�:G<>L KBL> HK ?:EE =>I>G=BG@ HG MA> G:MNK> H? >:<A MK:GL:<MBHG 0A> I:RF>GM H? BGLNK:G<>� MA> <HEE><MBHG H? :K><>BO:;E>� :G HPG>KZL <HGMKB;NMBHG� :G= MA> EBD> :EE <:NL> O>KR LI><B`< <A:G@>L BG :<<HNGM ;:E:G<>L +G> H?MA> FHLM <HFFHG BL MA> L:E> H? BGO>GMHKR PA>K> ;HMA :G BG<K>:L> BG K>O>GN> :G= MA> K>FHO:E H? MA> F>K�<A:G=BL> M:D>L IE:<> %G<K>:L>L :G= =><K>:L>L BG BGO>GMHKR :K> H?M>G FHGBMHK>= ;R : I>KI>MN:E LRLM>F MA:MK>a><ML :EE LN<A <A:G@>L BFF>=B:M>ER %G : I>KI>MN:E LRLM>F� <HLM H? @HH=L LHE=XMA> >QI>GL> MA:M F>:LNK>LMA>�<HLM�H?�BGO>GMHKR�:<JNBK>=�;R�:�<HFI:GRZL�<NLMHF>KLXBL�K><HK=>=�:M�MA>�MBF>�H?�L:E>

�� $�$��"��%+$*�$��,�()�%$� �


6AG4>7�7@FDK�4AA==77B;@9

��F><A:GB<:E�IKH<>LL�<K>:M>=HO>K�`O>�ANG=K>=�R>:KL�:@H:G=�=H<NF>GM>=�;R�"K:�(N<:�:KMHEHF>H�=>�,:<BHEB�MA:M?:<BEBM:M>L�MA>�@:MA>KBG@�:G=K>IHKMBG@�H?�`G:G<B:EBG?HKF:MBHG

�� *0�' )/-4��**&& +$)"

" � � ( $ � $ � � % � � � * � , � )


� �JB>3;@�F:7�:;EFADK�A8�6AG4>7�7@FDK�4AA==77B;@9 ";EF�F:7�8AGD�EF7BE�8A>>AI76�;@�F:7�355AG@F;@9�BDA57EE� �@6;53F7�F:7�BGDBAE7�A8�3�*�355AG@F� ";EF�F:7�43E;5�DG>7E�8AD�?3=;@9�GE7�A8�674;FE�3@6�5D76;FE� �7E5D;47�F:7�D73EA@�F:3F�674;FE�3@6�5D76;FE�3D7�3>I3KE�7CG3>�8AD�7H7DK�FD3@E35F;A@

�� GM:D= FLJQ��GGCC==HAF?(G7EF;A@� +D3@E35F;A@ 3@3>KE;E 67F7D?;@7E F:7 5:3@97E F:3F A55GD ;@ 355AG@FE I:7@7H7D H3D;AGE 7H7@FEF3=7 B>357 �;@3@5;3> EF3F7?7@FE 7H7@FG3>>K BDAH;67 3 8AD?3> EFDG5FGD7 FA 5A??G@;53F7 F:7 D7EG>F;@9 43>�3@57E�FA�3@�3DD3K�A8�;@F7D7EF76�B3DF;7E

< )7H7@G7E��7JB7@E7E��93;@E��3@6�>AEE7E�3D7�BD7E7@F76�A@�3@�;@5A?7�EF3F7?7@F�I:7D7�F:7K�3D75A?4;@76�FA�3DD;H7�3F�D7BADF76�@7F�;@5A?7�8AD�F:7�B7D;A6

< +AF3>�;@5A?7�73D@76�3@6�6;H;67@6E�6;EFD;4GF76�4K�F:7�5A?B3@K�AH7D�;FE�7@F;D7�>;87�3D7�@7FF76�FA5A?BGF7�F:7�D7F3;@76�73D@;@9E�43>3@57�FA�47�D7BADF76

< �EE7FE��>;34;>;F;7E��53B;F3>�EFA5=��3@6�D7F3;@76�73D@;@9E�3D7�3>>�6;EB>3K76�A@�3�43>3@57�E:77F< �:3@97E�;@�53E:�3D7�E7B3D3F76�;@FA�AB7D3F;@9�35F;H;F;7E��;@H7EF;@9�35F;H;F;7E��3@6�V@3@5;@9�35F;H;F;7E

3@6�6;E5>AE76�A@�3�EF3F7?7@F�A8�53E:�WAIE< %AF7E�AU7D�B397E�A8�366;F;A@3>�7JB>3@3FADK�;@8AD?3F;A@

+:7�3?AG@F�A8�V@3@5;3>�63F3�F:3F�;E�D736;>K�3H3;>34>7�FA�3@K�675;E;A@�?3=7D�;E�;?BD7EE;H7�55AG@F3@FE 8AD 3 4GE;@7EE A8 3@K E;9@;V53@F E;L7 8357 3 63G@F;@9 5:3>>7@97 ;@ 5D73F;@9 V@3@5;3>

EF3F7?7@FE +:7K ?GEF 93F:7D� ?73EGD7� 3@6 D7BADF F:7 ;?B35F A8 F:7 ?3@K H3D;76 7H7@FE F:3F A55GD H;DFG�3>>K 7H7DK 63K �E 3@ 7J3?B>7� 8AD �� (.;8A �8;98;*=287 6;E5>AE76 D7H7@G7E A8 AH7D � �� 4;>>;A@ 3@6AB7D3F;@9 7JB7@E7E 3@6 AF:7D 5AEFE A8 � �� 4;>>;A@ �F F:7 7@6 A8 �� F:7 �.55800 �869*7B D7BADF76:A>6;@9 �� 4;>>;A@ ;@ ;@H7@FADKPI:;5: ;E 3 >AF A8 57D73>P3@6 ;@6;53F76 F:3F ;FE AB7D3F;@9 35F;H;F;7E F:3FK73D 97@7D3F76 3 @7F 53E: ;@WAI A8 3BBDAJ;?3F7>K �� 4;>>;A@ �8@ ,*7 *7B 8;0*72C*=287 98<<2+5B *6*<<*7- 6*27=*27 <>,1 *7 .78;68>< ?85>6. 8/ -*=* <8 =1*= I7*7,2*5 <=*=.6.7=< ,*7 +. 9;8->,.- @2=1 786*=.;2*5�62<<=*=.6.7=<�

�FKO=J� *N=J _N= @MF<J=< Q=9JK 9?G 1=F=LA9F E=J;@9FLK AF $L9DQ <=N=DGH=< 9 KQKL=E L@9L ;GFLAFM=K LG K=JN= AF L@= LO=FLQ_JKL ;=FLMJQ 9K L@= :9KAK >GJ 9;;MEMD9LAF? _F9F;A9D <9L9 L@JGM?@GML EM;@ G>L@= OGJD<� /G<9Q O@=F =N=JQ 9KH=;L G> EG<=JF KG;A=LQ K==EK LG := AF 9 ;GFKL9FL KL9L= G> `MP 9 HJG;=KKL@9L @9K J=E9AF=< AF MK= >GJ GN=J _N= ;=FLMJA=K AK 9DEGKL AEHGKKA:D= LG ;GEHJ=@=F<� #GO=N=J L@=,7=*4-�-6<:A *7733--816/ HJG;=<MJ=K L@9L O=J= _JKL <G;ME=FL=< AF �� :Q !J9 'M;9 �9JLGDGE=G<= +9;AGDA �9 >JA=F< G> '=GF9J<G <9 1AF;A� J=E9AF NAJLM9DDQ MF;@9F?=< :Q LAE=� *J?9FAR9LAGFK :GL@KE9DD 9F< D9J?= MK= L@= >MF<9E=FL9DK G> <GM:D==FLJQ :GGCC==HAF? LG ?9L@=J L@= EGF=L9JQ AF>GJE9LAGF F==<=< LG HJG<M;= _F9F;A9D KL9L=E=FLK L@9L 9J= >9AJDQ HJ=K=FL=< 9;;GJ<AF? LG L@= JMD=K G> 0�.�"��+�GJ�$!-.�

�� F9DQR=�-=;GJ<��<BMKL�9F<�-=HGJL(G7EF;A@� +:;E 3EE7DF;A@ EAG@6E >;=7 E5;7@57 V5F;A@ F :3D6>K E77?E 47>;7H34>7 F:3F (.;8A =77BE GB I;F:AH7D � �� 4;>>;A@ ;@ D7H7@G7 �3BBDAJ;?3F7>K �� ?;>>;A@ B7D 63K� GE;@9 F:7 E3?7 ?7F:A6E F:3F -7@7F;3@?7D5:3@FE 3BB>;76 FA F:7;D FD3@E35F;A@E 6GD;@9 F:7 )7@3;EE3@57 �8@ ,*7 * I?.�1>7-;.-�B.*;�85- +884�4..9270�<B<=.6�98<<2+5B�+.�><*+5.�27�=8-*BE<�68-.;7�@8;5-�

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


355AG@FE

>M:BE>=�K><HK=L�H?�MA>MK:GL:<MBHGL�:G=�<NKK>GM;:E:G<>L�H?�BG=BOB=N:E�:LL>ML�EB:;BEBMB>L��LMH<DAHE=>KLZ>JNBMR��K>O>GN>L�:G=>QI>GL>L

*�355AG@F

):BGM:BGL�MA>�FHG>M:KR;:E:G<>�?HK�>:<A�H?�MA>:<<HNGML�K>IHKM>=�;R�:GHK@:GBS:MBHG�PBMA�:�E>?M�=>;BM��LB=>�:G=�:�KB@AM�<K>=BM��LB=>�NL>=�MH�LAHPBG<K>:L>L�:G=�=><K>:L>L

674;F

(>?M�LB=>�H?�:�0�:<<HNGM��BMBG=B<:M>L�BG<K>:L>L�BG�:LL>ML�>QI>GL>L��:G=�=BOB=>G=L�I:B=:L�P>EE�:L�=><K>:L>L�BGEB:;BEBMB>L��<:IBM:E�LMH<D��:G=K>O>GN>�:G=�@:BGL

5D76;F

.B@AM�LB=>�H?�:�0�:<<HNGM��BMBG=B<:M>L�BG<K>:L>L�BGEB:;BEBMB>L��<:IBM:E�LMH<D�K>M:BG>=�>:KGBG@L��:G=K>O>GN>�:G=�@:BGL�:L�P>EE�:L=><K>:L>L�BG�:LL>ML��>QI>GL>L�:G=�=BOB=>G=L�I:B=

�FKO=J� .L9L=G>L@=9JL ;GEHML=JK 9F< GL@=J =D=;LJGFA; <=NA;=K 9J= <=KA?F=< LG J=_F= 9F< 9;;=D=J9L= L@= _F9F;A9D 9;;GMFLAF? HJG;=KK :ML L@= K9E= :9KA; GJ?9FARAF? HJG;=<MJ=K @9N= :==F MLADAR=< FGO>GJ @MF<J=<K G> Q=9JK� $F KAEHD=KL L=JEK 9;;GMFLAF? KQKL=EK 9J= 9DD ;J=9L=< LG >GDDGO >GMJ K=IM=FLA9DKL=HK�

< �F9DQR=< -=;GJ<< �<BMKL< -=HGJL

/@= _JKL LOG G> L@=K= KL=HK 9J= KLM<A=< AF L@AK ;@9HL=J� �K =PHD9AF=< HJ=NAGMKDQ _F9F;A9D 9;;GMFLAF?KL9JLK :Q 9F9DQRAF? =9;@ LJ9FK9;LAGFV=N=JQ =N=FL L@9L @9K 9 EGF=L9JQ AEH9;L GF L@= GJ?9FAR9LAGFVLG9K;=JL9AF L@= ;@9F?=K ;J=9L=< AF 9;;GMFLK KM;@ 9K J=FL =PH=FK= ;9K@ AFN=FLGJQ 9F< <ANA<=F<K H9A<�!GJLMF9L=DQ 9 N9KL E9BGJALQ G> 9FQ ;GEH9FQXK LJ9FK9;LAGFK 9J= J=H=LALAN= KG L@9L E9FQ G> L@= =^=;LK ;9F:= =9KADQ 9FLA;AH9L=<� � K9D= GF ;J=<AL 9DO9QK AF;J=9K=K :GL@ 9;;GMFLK J=;=AN9:D= 9F< J=N=FM=� -=?9J<D=KK G> L@= LAE= GJ HD9;= 9 ;9K@ HMJ;@9K= G> 9 HA=;= G> =IMAHE=FL AF;J=9K=K L@= :9D9F;= J=HGJL=< >GJ=IMAHE=FL O@AD= <=;J=9KAF? ;9K@� �GEHML=J KQKL=EK ;9F := HJG?J9EE=< LG J=;GJ< L@= AEH9;L G> L@=K==N=FLK�9MLGE9LA;9DDQ�9DDGOAF?�L@=�9;;GMFL9FL�LG�>G;MK�GF�9F9DQRAF?�EGJ=�;GEHD=P�LJ9FK9;LAGFK�

�� =:ALK��J=<ALK�9F<�/�;;GMFLK(G7EF;A@� +:7 E75A@6 EF7B ;@ F:7 V@3@5;3> 355AG@F;@9 BDA57EE ;E RD75AD6S �F F:7 479;@@;@9 A8 F:;E 5:3BF7D�3 @G?47D A8 FD3@E35F;A@E I7D7 BD7E7@F76 3@6 F:7;D ;?B35F A@ ;@6;H;6G3> 355AG@FE 67F7D?;@76 �A>>AI;@9F:;E 3@3>KE;E� EA?7 ?7F:A6 ?GEF 47 67H;E76 FA 53BFGD7 F:7 ;@8AD?3F;A@ ;@ 3@ AD67D>K 83E:;A@ &X5;3>E5AG>6�<GEF�>;EF�F:7�7U75F�A8�735:�FD3@E35F;A@�A@�3�E:77F�A8�B3B7D�

R @5D73E7�;@H7@FADK�� 3@6�;@5D73E7�355AG@FE�B3K34>7�� SR @5D73E7�E3>3DK�7JB7@E7��3@6�675D73E7�53E:��SR @5D73E7�53E:��3@6�;@5D73E7�@AF7�B3K34>7��S�AI7H7D� F:;E BDA57EE ;E E>AI 3@6 BAAD>K AD93@;L76 � ?AD7 7X5;7@F BDA57EE ;E D7CG;D76 8AD 5A?B3@;7E

>;=7 (.;8A 3@6 �.55800 �/=.;�*55�687.=*;B�,1*70.<�*;.�2-.7=2I.-��18@�*;.�=1.<.�.H.,=<�*,,>6>5*=.-�

�FKO=J� �F =KK=FLA9D KL=H AF MF<=JKL9F<AF? <GM:D==FLJQ :GGCC==HAF? AK LG J=9DAR= L@9L _F9F;A9DAF>GJE9LAGF AK 9;;MEMD9L=< :Q )++7=6<;� �K E=FLAGF=< HJ=NAGMKDQ =N=JQ :9D9F;= LG := J=HGJL=< AF 9K=L G> _F9F;A9D KL9L=E=FLK AK E9AFL9AF=< AF 9 K=H9J9L= 9;;GMFL� /@MK >GJ 9KK=LK 9F AF<ANA<M9D 9;;GMFL AK=KL9:DAK@=< LG EGFALGJ ;9K@ 9;;GMFLK J=;=AN9:D= AFN=FLGJQ 9F< KG GF� /G C==H LJ9;C G> =PH=FK=K 9FME:=J G> 9<<ALAGF9D 9;;GMFLK 9J= F==<=< KM;@ 9K ;GKL G> ?GG<K KGD< J=FL =PH=FK= K9D9JQ =PH=FK= 9F<J=H9AJ =PH=FK=� /@= K9E= AK LJM= >GJ J=N=FM=K DA9:ADALA=K 9F< GL@=J ;9L=?GJA=K� � KE9DD GJ?9FAR9LAGFEA?@L MLADAR= GFDQ 9 >=O <GR=F 9;;GMFLK AF ALK =FLAJ= J=;GJ<C==HAF? KQKL=E� � D9J?= :MKAF=KK HJG:9:DQ@9K�L@GMK9F<K�

�9K=< GF L@= GJA?AF9D 1=F=LA9F EG<=D L@= :9D9F;= >GJ =9;@ 9;;GMFL AK EGFALGJ=< AF 9 >GJE CFGOF9K 9 #�)++7=6< 9K <AKHD9Q=< AF !A?MJ= �� /@AK KLJM;LMJ= HJGNA<=K JGGE >GJ J=;GJ<AF? GF :GL@ L@= D=>LKA<=��CFGOF�9K�L@= ,-*1< KA<=��9F<�L@=�JA?@L�KA<=��L@= +:-,1< KA<=��

��+(�� J3?B>7E�A8��A??A@�*��55AG@FE

*F= KA<= G> =N=JQ /9;;GMFL J=;GJ<K AF;J=9K=K� L@= GL@=J KA<= J=;GJ<K <=;J=9K=K� !GJ GN=J _N= @MF<J=<Q=9JK�L@=�>GDDGOAF?�JMD=K�@9N=�9HHDA=<�

$F KGE= 9;;GMFLK <=:ALK AF<A;9L= 9F AF;J=9K= 9F< ;J=<ALK AF<A;9L= 9 <=;J=9K=� /@=Q 9J= ?JGMH=< LG?=L@=J�:=;9MK=�L@=Q�9DD�J=>=J�LG�;GKLK�

�6+:-);-�"07?6�?1<0�)��-*1<�< PH=FK=K�9F<�DGKK=K< �KK=LK< �ANA<=F<K�H9A<6�7

�� $�$��"��%+$*�$��,�()�%$� �


$F GL@=J 9;;GMFLK ;J=<ALK AF<A;9L= 9F AF;J=9K= 9F< <=:ALK AF<A;9L= 9 <=;J=9K=� /@=Q 9J= ?JGMH=< LG?=L@=J�:=;9MK=�L@=Q�9DD�J=`=;L�KGMJ;=K�G>�>MF<AF?�

�6+:-);-�"07?6�?1<0�)��:-,1<�< 'A9:ADALA=K< �9HAL9D�KLG;C< -=N=FM=K�9F<�?9AFK< -=L9AF=<�=9JFAF?K6�7

/@= <=:AL 9F< ;J=<AL JMD=K >GJ L@=K= K=N=F ?=F=J9D LQH=K G> 9;;GMFLK HJGNA<= 9 K@GJL@9F< E=L@G< >GJJ=;GJ<AF? L@= _F9F;A9D AEH9;L L@9L 9 LJ9FK9;LAGF @9K GF 9FQ 9;;GMFL� /@=Q O=J= ;GFKLJM;L=< AF L@AKE9FF=J�KG�L@9L�L@=�>GDDGOAF?�OGMD<�:=�LJM=�

�'9/)�$;2+�,58��5;(2+��4:8?��5511++6/4-

�+(/:9�3;9:�'2='?9�+7;'2�)8+*/:9�,58�+<+8?�:8'49'):/54

�L _JKL NA=O L@= <=:AL 9F< ;J=<AL JMD=K EA?@L K==E ;GEHD=L=DQ 9J:ALJ9JQ� #GO=N=J L@=Q 9J= KLJM;LMJ=<LG EAJJGJ L@= ;9MK=9F<=^=;L J=D9LAGFK@AH >GMF< AF =N=JQ LJ9FK9;LAGF� /@AK AK L@= :9KAK G> O@9L L@=1=F=LA9F�E=J;@9FLK�;9E=�LG�MF<=JKL9F<�KG�DGF?�9?G��=N=JQ�=^=;L�EMKL�@9N=�9�;9MK=�

< �KKME=�9F�9KK=L��KM;@�9K�;9K@��AF;J=9K=K��K�K@GOF�@=J=�L@9L�;@9F?=�AK�J=;GJ<=<�GF�L@=�<=:ALKA<=�G>�L@=�/9;;GMFL�>GJ�L@9L�9KK=L��2@9L�;GMD<�;9MK=�9F�9KK=L�LG�:=;GE=�D9J?=J��J=9KGF�EMKL=PAKL��DA9:ADALQVHGKKA:DQ�9�:9FC�DG9FV;GMD<�@9N=�:==F�AF;MJJ=<��J=;GJ<=<�9K�9�;J=<AL��;9HAL9DKLG;C�;GMD<�@9N=�:==F�AKKM=<�LG�9F�GOF=J��9�;J=<AL��J=N=FM=�;GMD<�@9N=�:==F�=9JF=<�>JGE�9�K9D=�9�;J=<AL��/@=�DAKL�G>�HGKKA:D=�J=9KGFK�AK�J=D9LAN=DQ�K@GJL��$F�=9;@�;9K=�L@=�<=:AL��AF;J=9K=��LG�L@=9KK=L�AK�;9MK=<�:Q�9F�=IM9D�9F<�G^K=LLAF?�;J=<AL�

< �KKME=�9F�9KK=L��KM;@�9K�;9K@��<=;J=9K=K��/@AK�;@9F?=�AK�J=;GJ<=<�GF�L@=�;J=<AL�KA<=�G>�L@=�9KK=LXK/9;;GMFL��2@9L�EA?@L�;9MK=�L@AK�J=<M;LAGF��F�=PH=FK=�;GMD<�@9N=�:==F�H9A<��J=;GJ<=<�9K�9<=:AL��9�<ANA<=F<�;GMD<�@9N=�:==F�<AKLJA:ML=<�LG�K@9J=@GD<=JK��9�<=:AL��9�DA9:ADALQ�;GMD<�@9N=:==F�=PLAF?MAK@=<��9�<=:AL��9FGL@=J�9KK=L�;GMD<�@9N=�:==F�9;IMAJ=<��9�<=:AL��*F;=�9?9AF�L@=;9MK=9F<=^=;L�J=D9LAGFK@AH�AK�J=`=;L=<��L@=�<=:ALK�=IM9D�L@=�;J=<ALK�� 9;@�=^=;L�AK�K=L�=IM9D�9F<GHHGKAL=�LG�ALK�;9MK=�

/@=J= 9J= GFDQ K=N=F LQH=K G> 9;;GMFLK� /@=J=>GJ= 9 E9KL=JQ G> <=:AL 9F< ;J=<AL JMD=K ;9F := 9;@A=N=<OAL@ 9 EG<=J9L= 9EGMFL G> HJ9;LA;=� �=;9MK= G> L@= >MF<9E=FL9D JGD= L@9L <=:ALK 9F< ;J=<ALK HD9Q OAL@AF�=N=JQ�9;;GMFLAF?�KQKL=E�L@AK�CFGOD=<?=�AK�O=DD�OGJL@�L@=�=^GJL�J=IMAJ=<�LG�G:L9AF�AL�

* � ) * � / % + ( ) � " �

'G7EF;A@�

� <HFI:GR BG<NKL : MK:GL:<MBHG MA:M BL K>a><M>= BG BML :<<HNGMBG@ LRLM>F MAKHN@A : =>;BM MH L:E:KR >QI>GL>:G= : <K>=BM MH L:E:KR I:R:;E> ?HK L:E:KR ?HK HG> FHGMA 3AB<A HG> H? MA> ?HEEHPBG@ BL MA> ;>LM =>L<KBIMBHG H?MA>�MK:GL:<MBHG�MA:M�MHHD�IE:<>�

: !FIEHR>>�L:E:KB>L�?HK�MA>�I:LM�FHGMA�P>K>�I:B=

; !FIEHR>>�L:E:KB>L�?HK�MA>�NI<HFBG@�FHGMA�P>K>�I:B=

< !FIEHR>>�L:E:KB>L�?HK�MA>�I:LM�FHGMA�:K>�K><H@GBS>=�;NM�GHM�I:B=

= !FIEHR>>�L:E:KB>L�?HK�MA>�I:LM�FHGMA�A:O>�;>>G�:<<KN>=�:G=�:K>�GHP�I:B=

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�<��!FIEHR>>�L:E:KB>L�?HK�MA>�I:LM�FHGMA�:K>�K><H@GBS>=�;NM�GHM�I:B=

�JB>3@3F;A@�

� =>;BM MH :G >QI>GL> BL :G BG<K>:L>� PABE> : <K>=BM MH : EB:;BEBMR BL :ELH :G BG<K>:L> 0A> >QI>GL> BG<K>:L>=� BG�=B<:MBG@ MA:M L:E:KR ?HK MA> I:LM FHGMA A:L ;>>G BG<NKK>= 0A> I:R:;E> :ELH BG<K>:L>=� PAB<A F>:GL MA:M MA>:FHNGM HP>= MH MA> >FIEHR>>L A:L KBL>G .><H@GBMBHG BL F:=> A>K> MA:M :G >QI>GL> A:L ;>>G BG<NKK>= ;NMGHM�R>M�I:B=

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


<AGD@3>�7@FDK

0A>�IARLB<:E�?HKF�NL>=�BG=HN;E>�>GMKR�;HHDD>>IBG@�MHK><HK=�MA>�`G:G<B:E�<A:G@>L<:NL>=�;R�:�MK:GL:<MBHG��>:<AFNLM�A:O>�:M�E>:LM�HG>�=>;BM:G=�HG>�<K>=BM�:G=�MA>�MHM:E=>;BM�L��FNLM�:EP:RL�>JN:EMA>�MHM:E�<K>=BM�L�

<AGD@3>

0A>�IARLB<:E�EH<:MBHG�H?�:EECHNKG:E�>GMKB>L��BM�BL�MA>`G:G<B:E�=B:KR�H?�:GHK@:GBS:MBHG�<:IMNKBG@�MA>BFI:<M�H?�MK:GL:<MBHGL�:L�MA>RMHHD�IE:<>��BM�BL�:ELH�K>?>KK>=MH�:L�MA>�@>G>K:E�CHNKG:E

97@7D3>�<AGD@3>

0A>�IARLB<:E�EH<:MBHG�H?�:EECHNKG:E�>GMKB>L��BM�BL�MA>`G:G<B:E�=B:KR�H?�:GHK@:GBS:MBHG�<:IMNKBG@�MA>BFI:<M�H?�MK:GL:<MBHGL�:L�MA>RMHHD�IE:<>��BM�BL�:ELH�K>?>KK>=MH�:L�MA>�CHNKG:E

! � / � * � ! � � - � /

)HLM <HFI:GB>L I:KMB<BI:M> BG GNF>KHNL MK:GL:<MBHGL >:<A =:R MA:M FNLM ;> >Q:FBG>= :G= HK@:GBS>= LH MA:M`G:G<B:E LM:M>F>GML <:G >O>GMN:EER ;> IK>I:K>= 0ABL IKH<>LL K>JNBK>L ?HNK LM>IL� :G:ERS>� K><HK=� :=CNLM� :G=K>IHKM +O>K `O> ANG=K>= R>:KL :@H� =HN;E>�>GMKR ;HHDD>>IBG@ P:L <K>:M>= :L : F><A:GB<:E IKH<>LL MH ?:<BEBM�:M> MABL @:MA>KBG@ :G= K>IHKMBG@ H? `G:G<B:E BG?HKF:MBHG � 0�:<<HNGM BL F:BGM:BG>= ?HK >:<A :<<HNGM �LN<A :L<:LA� :<<HNGML I:R:;E>� :G= K>GM >QI>GL>� MH ;> K>IHKM>= ;R : <HFI:GR 0A> E>?M LB=> H? MA> 0�:<<HNGM BL MA>=>;BM LB=>� :G= MA> KB@AM LB=> BL MA> <K>=BM !QI>GL>L :G= EHLL>L� :LL>ML� :G= =BOB=>G=L I:B= BG<K>:L> PBMA =>;BML (B:;BEBMB>L� K>O>GN>L :G= @:BGL� <:IBM:E LMH<D� :G= K>M:BG>= >:KGBG@L BG<K>:L> PBMA <K>=BML >;BML :EP:RL >JN:E<K>=BML�;><:NL>�>O>KR�MK:GL:<MBHG�FNLM�A:O>�;HMA�:G�>_><M�:G=�:�<:NL>�?HK�MA:M�>_><M

�� - �*-�$)"�/-�).��/$*).�0.$)"�%*0-)�' )/-$ .

" � � ( $ � $ � � % � � � * � , � )


� �7E5D;47�F:7�BGDBAE7�3@6�EFDG5FGD7�A8�3�<AGD@3>�7@FDK �67@F;8K�F:7�BGDBAE7�A8�3�<AGD@3>� �7R@7�FD;3>�43>3@57�3@6�;@6;53F7�F:7�EAGD57�A8�;FE�?A@7F3DK�43>3@57E� &D7B3D7�<AGD@3>�7@FD;7E�FA�D75AD6�F:7�7Q75F�A8�35CG;D;@9�;@H7@FADK��B3K;@9�E3>3DK��4ADDAI;@9

?A@7K��3@6�E7>>;@9�?7D5:3@6;E7� �7R@7�355DG3>�355AG@F;@9�3@6�>;EF�;FE�FIA�5A?BA@7@FE� �JB>3;@�F:7�BGDBAE7�A8�F:7�D7H7@G7�D73>;L3F;A@�BD;@5;B>7� �JB>3;@�F:7�BGDBAE7�A8�F:7�?3F5:;@9�BD;@5;B>7

�� /@=�+MJHGK=�G>�9�%GMJF9D� FLJQ(G7EF;A@� @ 3@ 355AG@F;@9 EKEF7?� F:7 ;?B35F A8 735: FD3@E35F;A@ ;E 3@3>KL76 3@6 ?GEF F:7@ 47 D75AD676�74;FE�3@6�5D76;FE�3D7�GE76�8AD�F:;E�BGDBAE7 �8@�-8.<�=1.�*,=>*5�;.,8;-270�8/�*�=;*7<*,=287�=*4.�95*,.�

�FKO=J� /@= =^=;LK HJG<M;=< GF N9JAGMK 9;;GMFLK :Q 9 LJ9FK9;LAGF K@GMD< := =FL=J=< AFLG 9F 9;;GMFLAF? KQKL=E 9K IMA;CDQ 9K HGKKA:D= KG L@9L AF>GJE9LAGF AK FGL DGKL 9F< EAKL9C=K @9N= D=KK LAE= LG G;;MJ� �>L=J =9;@ =N=FL AK 9F9DQR=< L@= _F9F;A9D ;@9F?=K ;9MK=< :Q 9 LJ9FK9;LAGF 9J= AFALA9DDQ J=;GJ<=< 9K9 27=:6)4 -6<:A�6�7 � DAKL G> 9 ;GEH9FQXK BGMJF9D =FLJA=K AK E9AFL9AF=< AF 9 27=:6)4 �9DKG J=>=JJ=< LG 9K9 /-6-:)4 27=:6)4� O@A;@ AK GF= G> L@= EGKL AEHGJL9FL ;GEHGF=FLK OAL@AF 9FQ 9;;GMFLAF? KQKL=E�/@= BGMJF9D AK 9 _F9F;A9D <A9JQ >GJ 9 ;GEH9FQ� $L HJGNA<=K 9 @AKLGJQ G> L@= AEH9;L G> 9DD _F9F;A9D =N=FLKJ=;GJ<=<�9K�L@=Q�LGGC�HD9;=�

� BGMJF9D =FLJQ AK FG EGJ= L@9F 9F AF<A;9LAGF G> L@= 9;;GMFLK 9F< :9D9F;=K L@9L O=J= ;@9F?=< :Q 9KAF?D=�LJ9FK9;LAGF�

�� +J9;LA;AF?�OAL@��=:ALK�9F<��J=<ALK(G7EF;A@� �74;F 3@6 5D76;F DG>7E 3D7 47EF >73D@76 F:DAG9: BD35F;57 �7 8;-.; =8 6*<=.; =1. ><. 8/ -.+2=<*7-�,;.-2=<�/8;�;.,8;-270�9>;98<.<��@1.;.�<18>5-�=1.�7..-.-�@8;4�+.027�

�FKO=J� 2@=F >9;=< OAL@ <=:ALK 9F< ;J=<ALK =N=JQGF= @9K LG HJ9;LA;= 9L _JKL� /@9L AK FGJE9D 9F<LG := =PH=;L=<� /@=K= JMD=K ;9F := D=9JF=< IMA;CDQ :ML GFDQ :Q AFN=KLAF? 9 :AL G> =^GJL� 9JDA=J AF L@AK;@9HL=J 9 FME:=J G> ;GEEGF LJ9FK9;LAGFK O=J= HJ=K=FL=< �!A?MJ= �� 9F< L@=F 9F9DQR=< LG <=EGFKLJ9L= L@=AJ AEH9;L GF 9;;GMFL :9D9F;=K� �KKME= FGO L@9L L@=K= K9E= LJ9FK9;LAGFK 9J= LG := J=;GJ<=< 9KBGMJF9D�=FLJA=K�

/G HJGNA<= EGJ= AF>GJE9LAGF >GJ L@AK ADDMKLJ9LAGF L@= J=HGJLAF? ;GEH9FQ OADD := 9 KE9DD >9JE KMHHDQ KLGJ= CFGOF 9K L@= '9OF<9D= �GEH9FQ L@9L AK DG;9L=< AF 9 JMJ9D 9J=9� !GJ ;GFN=FA=F;= 9KKME= L@9LL@= :MKAF=KK AF;MJK =9;@ G> L@=K= LJ9FK9;LAGFK <MJAF? L@= _F9D LOG <9QK G> 4=9J !GMJ BMKL HJAGJ LG HJ=H9JAF?�_F9F;A9D�KL9L=E=FLK�

�� $�$��"��%+$*�$��,�()�%$� �


FD;3>�43>3@57

(BLM�H?�:<<HNGM�;:E:G<>L�:M�:LI><B`<�IHBGM�BG�MBF>�?HK�>:<AH?�MA>�0�:<<HNGML�F:BGM:BG>=BG�:�<HFI:GRZL�E>=@>K�>O>GMN:EER��`G:G<B:ELM:M>F>GML�:K>�<K>:M>=�NLBG@MA>L>�;:E:G<>L

�KKME= >MJL@=J L@9L L@AK ;GEH9FQ 9DJ=9<Q @9K L@= N9JAGMK /9;;GMFL :9D9F;=K 9K G> �=;=E:=J ��4=9J !GMJ HJ=K=FL=< AF !A?MJ= �� :=>GJ= J=;GJ<AF? L@= AEH9;L G> L@AK D9KL ?JGMH G> LJ9FK9;LAGFK� �;GEH9FQ C==HK ALK /9;;GMFLK LG?=L@=J AF 9 D=<?=J �GJ ?=F=J9D D=<?=J�� /@AK DAKLAF? G> L@= 9;;GMFL :9D9F;=K >GMF< AF L@= D=<?=J AK CFGOF 9K 9 <:1)4 *)4)6+-� )GL= L@9L L@= LGL9D G> 9DD L@= <=:AL 9F< ;J=<AL :9D9F;=K <G 9?J== �� 9F< L@9L =N=JQ 9;;GMFL K@GOK 9 HGKALAN= :9D9F;=� $F GL@=J OGJ<K L@= ;MJJ=FL_?MJ= :=AF? J=HGJL=< AK =AL@=J 9 <=:AL GJ ;J=<AL :9K=< GF O@9L J=`=;LK 9F AF;J=9K= AF L@9L H9JLA;MD9J LQH=G>�9;;GMFL��!=O�/9;;GMFLK�;GFL9AF�F=?9LAN=�:9D9F;=K�

��+(�� 3>3@57E��DA?�*�355AG@FE�;@�"7697D

�� %GMJF9D� FLJQ�>GJ��;IMAKALAGF�G>�$FN=FLGJQ�GF��J=<AL(G7EF;A@� �8F7D F:7 43>3@57E ;@ �;9GD7 �� I7D7 67F7D?;@76� E7H7D3> 366;F;A@3> FD3@E35F;A@E FAA= B>3576GD;@9 F:7 >3EF FIA 63KE A8 073D �AGD +:7 VDEF FD3@E35F;A@ 3@3>KL76 3F F:7 EF3DF A8 F:;E 5:3BF7D ��;9GD7�� I3E F:7 BGD5:3E7 A8 ;@H7@FADK A@ 5D76;F 8AD � �� +:;E 35CG;E;F;A@ ;@5D73E7E F:7 D75AD676 3?AG@F A8;@H7@FADK I:;>7 3>EA D3;E;@9 A@7 A8 F:7 5A?B3@KQE >;34;>;F;7E �355AG@FE B3K34>7� �8@ 2< =1. *,:>2<2=287 8/27?.7=8;B�87�,;.-2=�;.,8;-.-�27�=1.�/8;6�8/�*�38>;7*5�.7=;B�

�FKO=J� !GDDGOAF? L@= LJ9FK9;LAGF9D 9F9DQKAK 9 BGMJF9D =FLJQ AK HJ=H9J=< LG J=;GJ< L@= AEH9;L L@9LL@= =N=FL @9K GF L@= '9OF<9D= �GEH9FQ� $FN=FLGJQ AK 9F 9KK=L� �F 9KK=L 9DO9QK MK=K 9 <=:AL LG FGL= 9FAF;J=9K=� �;;GMFLK H9Q9:D= AK 9 DA9:ADALQ KG L@9L 9 ;J=<AL AF<A;9L=K L@9L 9F AF;J=9K= @9K G;;MJJ=<� /@MKL@=�BGMJF9D�=FLJQ�K@GOF�AF !A?MJ=�� AK�9HHJGHJA9L=�6�7

��+(�� AGD@3>��@FDK��@H7@FADK��5CG;D76�A@��D76;F

)GLA;= L@9L L@= OGJ< YAFN=FLGJQZ AK H@QKA;9DDQ GF L@= D=>L G> L@= BGMJF9D =FLJQ 9F< L@= OGJ<K Y9;;GMFLKH9Q9:D=Z 9J= AF<=FL=< LG L@= JA?@L� /@AK HGKALAGFAF? ;D=9JDQ K@GOK O@A;@ 9;;GMFL AK <=:AL=< 9F< O@A;@

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


Jieqin Lu

Jieqin Lu

AK ;J=<AL=<� $F L@= K9E= O9Q L@= �� FME=JA;9D 9EGMFL 9<<=< LG L@= AFN=FLGJQ LGL9D 9HH=9JK GF L@=D=>L��<=:AL��KA<=�O@=J=9K�L@=�� ;@9F?=�AF�9;;GMFLK�H9Q9:D=�AK�;D=9JDQ�GF�L@=�JA?@L��;J=<AL��KA<=�

+J=H9JAF? BGMJF9D =FLJA=K AK 9 E=;@9FA;9D HJG;=KK :ML GF= L@9L AK >MF<9E=FL9D LG L@= ?9L@=JAF? G>AF>GJE9LAGF >GJ _F9F;A9D J=HGJLAF? HMJHGK=K� �FQ H=JKGF >9EADA9J OAL@ 9;;GMFLAF? ;GMD< =9KADQ YJ=9<ZL@= HJ=NAGMK =FLJQ� �9K=< GF L@= <=:AL 9F< ;J=<AL :GL@ AFN=FLGJQ 9F< 9;;GMFLK H9Q9:D= @9N= ?GF= MH KG9 HMJ;@9K= G> E=J;@9F<AK= >GJ �� GF ;J=<AL AK AF<A;9L=<� $FL=J=KLAF?DQ OAL@ LJ9FKD9LAGF G> L@= OGJ<K9 1=F=LA9F E=J;@9FL >JGE L@= D9L=J H9JL G> L@= _>L==FL@ ;=FLMJQ OGMD< := ;9H9:D= G> MF<=JKL9F<AF? L@=AF>GJE9LAGF ;9HLMJ=< :Q L@AK BGMJF9D =FLJQ =N=F A> HJ=H9J=< :Q 9 EG<=JF ;GEH9FQ 9K D9J?= 9K '-:7@ GJ�-447//�

�� -=;GJ<AF?�+9QE=FL�G>�9F� PH=FK=(G7EF;A@� @ +D3@E35F;A@ � F:7 #3I@63>7 �A?B3@K B3KE ;FE 7?B>AK77E E3>3DK A8 �� 8AD IAD= B7D8AD?766GD;@9 F:7 B3EF I77= �/ 78 .7=;B 1*< +..7 ;.,8;-.- 9;.?28><5B /8; =12< *68>7=� @1*= 38>;7*5 .7=;B 2<*99;89;2*=.�@1.7�*�<*5*;B�9*B6.7=�2<�6*-.�

�FKO=J� �=;9MK= L@= AF>GJE9LAGF HJGNA<=< AF<A;9L=K L@9L FG =FLJQ @9K Q=L :==F E9<= F=AL@=J L@=�� K9D9JQ =PH=FK= FGJ L@= J=D9L=< K9D9JQ H9Q9:D= 9DJ=9<Q =PAKLK AF L@= 9;;GMFLAF? J=;GJ<K� �HH9J=FLDQL@= �� K9D9JQ =PH=FK= 9HH=9JAF? AF L@= LJA9D :9D9F;= J=`=;LK =9JDA=J H9QE=FLK E9<= <MJAF? L@=H=JAG<�LG�;GEH9FQ�=EHDGQ==K�

+9QE=FL AK E9<= @=J= >GJ H9KL OGJC KG L@AK ;GKL J=HJ=K=FLK 9F =PH=FK= J9L@=J L@9F 9F 9KK=L� /@MKL@= :9D9F;= J=;GJ<=< 9K K9D9JQ =PH=FK= ?G=K MH O@AD= ;9K@ <=;J=9K=K� �K K@GOF AF !A?MJ= �� AF;J=9KAF?9F�=PH=FK=�AK�9DO9QK�K@GOF�:Q�E=9FK�G>�9�<=:AL��=;J=9KAF?�9F�9KK=L�AK�J=`=;L=<�L@JGM?@�9�;J=<AL�

��+(�� AGD@3>��@FDK� ��)3>3DK�&3;6�FA��?B>AK77E

$F HJ9;LA;= L@= <9L= G> =9;@ LJ9FK9;LAGF ;GMD< 9DKG := AF;DM<=< @=J=� !GJ ADDMKLJ9LAGF HMJHGK=K L@AK =PLJ9�AF>GJE9LAGF�AK�FGL�F=;=KK9JQ�

�� %GMJF9D� FLJQ�2@=F�(GF=Q�$K��GJJGO=<(G7EF;A@� �55AD6;@9 FA +D3@E35F;A@ �� ;E 4ADDAI76 8DA? 3 43@= I:7@ AX5;3>E E;9@ 3 @AF7 B3K34>7F:3F I;>> :3H7 FA 47 D7B3;6 ;@ E7H7D3> K73DE '1*= 38>;7*5 .7=;B 2< 9;.9*;.- +B * ,869*7B =8 ;.J.,= =1.27J8@�8/�,*<1�;.,.2?.-�/;86�*�58*7�

�FKO=J� �K 9DO9QK J=;GJ<AF? :=?AFK OAL@ 9F 9F9DQKAK G> L@= LJ9FK9;LAGF� �9K@V9F 9KK=LVAF;J=9K=K�� O@A;@ AK K@GOF 9K 9 <=:AL� /@= FGL=K H9Q9:D= :9D9F;= 9DKG ?G=K MH :Q L@= K9E= 9EGMFL� �K 9 DA9:ADALQ L@AK AF;J=9K= AK J=;GJ<=< L@JGM?@ 9 ;J=<AL� �Q MKAF? <=:ALK 9F< ;J=<ALK AF L@AK O9Q 9 J=;GJ< G> L@=_F9F;A9D�=^=;LK�G>�L@AK�LJ9FK9;LAGF�9J=�=FL=J=<�AFLG�L@=�9;;GMFLAF?�J=;GJ<K�

��+(�� AGD@3>��@FDK��#A@7K��ADDAI76�8DA?��3@=

�� $�$��"��%+$*�$��,�()�%$� �


* � ) * � / % + ( ) � " �

'G7EF;A@�

�G :<<HNGM:GM EHHDL :M : CHNKG:E >GMKR ?HNG= BG : <HFI:GRZL CHNKG:E MA:M LAHPL : =>;BM MH GHM>L I:R:;E> :G= :<K>=BM�MH�<:LA �3AB<A�H?�MA>�?HEEHPBG@�>O>GML�BL�;>BG@�K><HK=>=�

: )HG>R�A:L�;>>G�;HKKHP>=�?KHF�:�;:GD

; )HG>R�A:L�;>>G�<HGMKB;NM>=�;R�:G�HPG>K

< )HG>R�A:L�;>>G�K><>BO>=�?KHF�:�L:E>

= )HG>R�A:L�;>>G�I:B=�HG�:�EB:;BEBMR

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�=��)HG>R�A:L�;>>G�I:B=�HG�:�EB:;BEBMR

�JB>3@3F;A@�

�:LA BL :G :LL>M MA:M =><K>:L>L ;R F>:GL H? : <K>=BM *HM>L I:R:;E> BL : EB:;BEBMR MA:M =><K>:L>L PBMA : =>;BM �HMA�<:LA�:G=�GHM>L�I:R:;E>�=><K>:L>=��BG=B<:MBG@�MA:M�:�I:RF>GM�P:L�F:=>

�� -=;GJ<AF?�.9D=�G>�$FN=FLGJQ�GF��J=<AL(G7EF;A@� @ +D3@E35F;A@ �� ;@H7@FADK I3E 4AG9:F 8AD � �� +:3F <AGD@3> 7@FDK ;E D75AD676 73D>;7D %AI�;@ +D3@E35F;A@ �� F:7E7 9AA6E 3D7 EA>6 8AD �� FA 3 5GEFA?7D I;F: B3K?7@F FA 47 ?367 3F 3 >3F7D 63F7�8@�2<�=1.�<*5.�8/�6.;,1*7-2<.�87�,;.-2=�;.,8;-.-�27�38>;7*5�.7=;B�/8;6�

�FKO=J� �K <AK;MKK=< HJ=NAGMKDQ LOG =N=FLK @9HH=F O@=F AFN=FLGJQ AK KGD<� !AJKL L@= K9D= AK E9<=9F< K=;GF< L@= ;MKLGE=J L9C=K HGKK=KKAGF G> L@= E=J;@9F<AK= >JGE L@= ;GEH9FQ� �KKMEAF? 9?9AFL@9L 9 H=JH=LM9D AFN=FLGJQ KQKL=E AK AF MK= :GL@ L@= K9D= 9F< L@= J=D9L=< =PH=FK= 9J= J=;GJ<=<AEE=<A9L=DQ�

$F L@= AFALA9D H9JL G> L@= LJ9FK9;LAGF L@= 9;;GMFLK J=;=AN9:D= :9D9F;= ?G=K MH �� :=;9MK= L@=EGF=Q >JGE L@= ;MKLGE=J OADD FGL := ;GDD=;L=< MFLAD 9 >MLMJ= HGAFL AF LAE=� /@= AF;J=9K= AF L@AK 9KK=L AKK@GOF :Q E=9FK G> 9 <=:AL� /@= F=O J=;=AN9:D= J=KMDL=< >JGE 9 K9D=� /@MK J=N=FM= AK 9DKG J=;GJ<=<�L@JGM?@�9�;J=<AL��LG�AF<A;9L=�L@=�;9MK=�G>�L@9L�=^=;L�

��+(�� AGD@3>��@FDK��)3>7�A8��@H7@FADK�#367�A@��55AG@F

�L L@= K9E= LAE= AFN=FLGJQ ;GKLAF? �� AK KMJJ=F<=J=< :Q L@= ;GEH9FQ� /@= J=<M;LAGF G> 9FQ 9KK=LAK J=;GJ<=< :Q E=9FK G> 9 ;J=<AL� /@= =PH=FK= 9;;GMFL L@9L J=HJ=K=FLK L@= GML`GO G> AFN=FLGJQ @9K :==FA<=FLA_=< HJ=NAGMKDQ 9K Y;GKL G> ?GG<K KGD<�Z 'AC= 9FQ =PH=FK= AL AK =FL=J=< AFLG L@= 9;;GMFLAF? KQKL=EL@JGM?@�9�<=:AL�

��+(�� AGD@3>��@FDK��#7D5:3@6;E7��5CG;D76�4K��GEFA?7DE

�� /@=�-GD=�G>��;;JM9D��;;GMFLAF?(G7EF;A@� @ F:7 BD7H;AGE FD3@E35F;A@� F:7 #3I@63>7 �A?B3@K ?367 3 E3>7 4GF @A 53E: I3E FA 47 5A>>75�F76 G@F;> EA?7 >3F7D 63F7 '1B 2< ;.?.7>. ;.98;=.- *= =1. =26. 8/ <*5. ;*=1.; =1*7 @1.7 ,*<1 2<

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


355DG3>�355AG@F;@9

��F>MAH=�H?�:<<HNGMBG@NL>=�;R�1 / �#��,�MHLM:G=:K=BS>�MA>�MBFBG@�H?�MA>K><H@GBMBHG�H?�K>O>GN>L�:G=>QI>GL>L��BM�BL�F:=>�NI�H?�MA>K>O>GN>�K>:EBS:MBHG�IKBG<BIE>:G=�MA>�F:M<ABG@�IKBG<BIE>

D7H7@G7�D73>;L3F;A@BD;@5;B>7

0A>�<HFIHG>GM�H?�:<<KN:E:<<HNGMBG@�MA:M�@NB=>L�MA>MBFBG@�H?�K>O>GN>K><H@GBMBHG��BM�LM:M>L�MA:MK>O>GN>�BL�IKHI>KERK><H@GBS>=�PA>G�MA>�>:KGBG@IKH<>LL�G>>=>=�MH�@>G>K:M>MA>�K>O>GN>�BL�LN;LM:GMB:EER<HFIE>M>�:G=�MA>�:FHNGM�MH;>�K><>BO>=�<:G�;>K>:LHG:;ER�>LMBF:M>=

?3F5:;@9�BD;@5;B>7

0A>�<HFIHG>GM�H?�:<<KN:E:<<HNGMBG@�MA:M�@NB=>L�MA>MBFBG@�H?�>QI>GL>K><H@GBMBHG��BM�LM:M>L�MA:M>QI>GL>�BL�IKHI>KERK><H@GBS>=�BG�MA>�L:F>�MBF>I>KBH=�:L�MA>�K>O>GN>�MA:M�BMA>EI>=�@>G>K:M>

.?.7=>*55B ,855.,=.-� �55AG@F;@9 ;E 5A@E7DH3F;H7 �7>3K;@9 D75A9@;F;A@ A8 E3>7E D7H7@G7 �3@6 F:7 D7EG>F;@9;@5D73E7 ;@ @7F ;@5A?7� G@F;> F:7 �� ;E B:KE;53>>K D757;H76 E77?E >A9;53> .:K ;E F:7 D7H7@G7 D75A9�@;L76�:7D7�478AD7�F:7�53E:�;E�5A>>75F76�

�FKO=J� /@AK IM=KLAGF J=`=;LK 9 ;GEEGF EAK;GF;=HLAGF 9:GML L@= AF>GJE9LAGF ;GFN=Q=< L@JGM?@_F9F;A9D KL9L=E=FLK� �K K@GOF AF %GMJF9D FLJQ �� L@= J=HGJLAF? G> J=N=FM= AK FGL LA=< <AJ=;LDQ LG L@=J=;=AHL G> ;9K@� *F= G> L@= EGKL AEHGJL9FL ;GEHGF=FLK G> 0�.� "��+ AK )++:=)4 )++7=6<16/� $L K=JN=K9K L@= :9KAK >GJ LAEAF? L@= J=;G?FALAGF G> J=N=FM=K 9F< =PH=FK=K� �=;9MK= G> L@= <AJ=;L AEH9;L GF F=L AF;GE= KM;@ AKKM=K 9J= 9EGF? L@= EGKL ;GEHDA;9L=< 9F< ;GFLJGN=JKA9D AF 9;;GMFLAF?� /@= 9;;GMFL9FLEMKL ;GFKL9FLDQ EGFALGJ =N=FLK 9K L@=Q G;;MJ LG <=L=JEAF= L@= 9HHJGHJA9L= HGAFL AF LAE= >GJ J=HGJLAF?=9;@�J=N=FM=�9F<�=PH=FK=��;;JM9D�9;;GMFLAF?�HJGNA<=K�KL9F<9J<�?MA<9F;=�>GJ�L@9L�HJG;=KK�

�;;JM9D 9;;GMFLAF? AK J=9DDQ E9<= MH G> LOG <AKLAF;L =D=E=FLK� /@= :->-6=- :-)41B)<176 8:16�+184- HJGNA<=K 9ML@GJAL9LAN= <AJ=;LAGF 9K LG L@= HJGH=J LAEAF? >GJ L@= J=;G?FALAGF G> J=N=FM=� /@=5)<+016/ 8:16+184- =KL9:DAK@=K KAEAD9J ?MA<=DAF=K >GJ =PH=FK=K� /@=K= LOG HJAF;AHD=K @9N= :==F MLADAR=< >GJ <=;9<=K AF L@= 9HHDA;9LAGF G> 0�.� "��+� /@=AJ AEHGJL9F;= OAL@AF _F9F;A9D 9;;GMFLAF? ;9F@9J<DQ�:=�GN=JKL9L=<�

!->-6=- :-)41B)<176 8:16+184-� -=N=FM= AK HJGH=JDQ J=;G?FAR=< 9L L@= HGAFL L@9L �� L@= =9JFAF?HJG;=KK F==<=< LG ?=F=J9L= L@= J=N=FM= AK KM:KL9FLA9DDQ ;GEHD=L= 9F< �� L@= 9EGMFL =N=FLM9DDQ LG :=J=;=AN=< ;9F := J=9KGF9:DQ =KLAE9L=<� �K L@= KLM<Q G> _F9F;A9D 9;;GMFLAF? HJG?J=KK=K AFLG EGJ= ;GEHD=P�KALM9LAGFK�:GL@�G>�L@=K=�;JAL=JA9�OADD�J=IMAJ=�;9J=>MD�9F9DQKAK�9F<�MF<=JKL9F<AF?�

�)<+016/ 8:16+184-� PH=FK=K 9J= J=;G?FAR=< AF L@= K9E= LAE= H=JAG< 9K L@= J=N=FM= L@=Q @=DH LG;J=9L=� /@MK A> KH=;A_; J=N=FM= AK LG := J=;G?FAR=< AF L@= Q=9J � �� 9DD 9KKG;A9L=< ;GKLK K@GMD< := J=HGJL=< 9K =PH=FK=K AF L@9L K9E= Q=9J� PH=FK=K 9J= E9L;@=< OAL@ J=N=FM=K� #GO=N=J O@=F 9 ;GKL ;9FFGL := LA=< <AJ=;LDQ LG A<=FLA_9:D= J=N=FM= E9L;@AF? AK FGL HGKKA:D=� $F L@GK= ;9K=K L@= =PH=FK= AK J=;G?FAR=< AF L@= EGKL DG?A;9D LAE= H=JAG< AF KGE= KQKL=E9LA; >9K@AGF GJ 9K AF;MJJ=<V<=H=F<AF? GF L@=KALM9LAGF�

-=N=FM= AK J=HGJL=< AF %GMJF9D FLJQ �� KKMEAF? L@9L L@= '9OF<9D= �GEH9FQ @9K KM:KL9FLA9DDQ;GEHD=L=< L@= OGJC J=IMAJ=< G> L@AK K9D= 9F< �� AK 9 J=9KGF9:D= =KLAE9L= G> L@= 9EGMFL L@9L OADD :=;GDD=;L=< J=;G?FALAGF 9L L@= LAE= G> K9D= AK 9HHJGHJA9L=� �=;9MK= L@= J=N=FM= AK J=HGJL=< 9L L@9L EGE=FL L@= J=D9L=< =PH=FK= �;GKL G> ?GG<K KGD<� K@GMD< 9DKG := J=;GJ<=< 9K ;9F := K==F AF %GMJF9D FLJQ��

�;;JM9D 9;;GMFLAF? HJGNA<=K 9F =P;=DD=FL =P9EHD= G> @GO 0�.� "��+ ?MA<=K L@= J=HGJLAF? HJG;=KKAF GJ<=J LG HJG<M;= >9AJDQ HJ=K=FL=< _F9F;A9D KL9L=E=FLK L@9L ;9F := MF<=JKLGG< :Q 9DD HGKKA:D= <=;AKAGFE9C=JK�

* � ) * � / % + ( ) � " �

'G7EF;A@�

3AB<A�H?�MA>�?HEEHPBG@�LM:M>F>GML�BL�GHM�MKN>�

: �<<KN:E�:<<HNGMBG@�BL�:�<HFIHG>GM�H?�1 / �#��,

; �<<HK=BG@�MH�MA>�F:M<ABG@�IKBG<BIE>��K>O>GN>L�LAHNE=�;>�K><H@GBS>=�BG�MA>�L:F>�I>KBH=�:L�MA>�>QI>GL>LMA:M�A>EI�MH�@>G>K:M>�MAHL>�K>O>GN>L

< 0A>�K>O>GN>�K>:EBS:MBHG�IKBG<BIE>�:G=�MA>�F:M<ABG@�IKBG<BIE>�:K>�<HFIHG>GML�H?�:<<KN:E�:<<HNGMBG@

= .>O>GN>L�LAHNE=�GHM�;>�K><H@GBS>=�NGMBE�MA>�:FHNGM�MH�;>�K>:EBS>=�<:G�;>�K>:LHG:;ER�>LMBF:M>=

�@EI7D�

0A> <HKK><M :GLP>K BL <AHB<> ;� �<<HK=BG@ MH MA> F:M<ABG@ IKBG<BIE>� K>O>GN>L LAHNE= ;> K><H@GBS>= BG MA>L:F>�I>KBH=�:L�MA>�>QI>GL>L�MA:M�A>EI�MH�@>G>K:M>�MAHL>�K>O>GN>L

�JB>3@3F;A@�

�<<KN:E :<<HNGMBG@ BL MA> 1 / #��, MA:M LMKN<MNK>L MBFBG@ ?HK K>IHKMBG@ K>O>GN>L :G= >QI>GL>L %M BL F:=> NIH? MA> K>O>GN> K>:EBS:MBHG IKBG<BIE> :G= MA> F:M<ABG@ IKBG<BIE> .>O>GN>L :K> K>IHKM>= PA>G MA> >:KGBG@ IKH�<>LL BL LN;LM:GMB:EER <HFIE>M> :G= MA> :FHNGM MH ;> K><>BO>= <:G ;> K>:LHG:;ER >LMBF:M>= !QI>GL>L :K> K>�<H@GBS>= BG MA> L:F> I>KBH= :L K>O>GN>L MA>R A>EI @>G>K:M> 0A> :GLP>K BL ;� BM BL LM:M>= ;:<DP:K= !QI>GL>L:K>�F:M<A>=�PBMA�K>O>GN>L��K>O>GN>L�:K>�GHM�F:M<A>=�PBMA�>QI>GL>L

�� $�$��"��%+$*�$��,�()�%$� �


Jieqin Lu

Jieqin Lu

! � / � * � ! � � - � /

�?M>K MA> `G:G<B:E >_><ML H? : MK:GL:<MBHG :K> :G:ERS>=� MA> BFI:<M BL K><HK=>= PBMABG : <HFI:GRZL :<<HNGMBG@LRLM>F MAKHN@A : CHNKG:E >GMKR 0A> INK<A:L> H? BGO>GMHKR� I:RF>GM H? : L:E:KR� :G= ;HKKHPBG@ H? FHG>R :K>:EE MRIB<:E MK:GL:<MBHGL MA:M :K> K><HK=>= BG MABL F:GG>K ;R F>:GL H? =>;BML :G= <K>=BML �EE CHNKG:E >GMKB>L :K>F:BGM:BG>= PBMABG : CHNKG:E 0A> MBFBG@ H? K><H@GBMBHG BL >LI><B:EER BFIHKM:GM BG <HGG><MBHG PBMA K>O>GN>L:G= >QI>GL>L �<<KN:E :<<HNGMBG@ IKHOB=>L ?HKF:E @NB=:G<> PBMABG 1 / #��, .>O>GN>L :K> K><H@GBS>= PA>GMA> >:KGBG@ IKH<>LL BL LN;LM:GMB:EER <HFIE>M> :G= MA> :FHNGM MH ;> <HEE><M>= <:G ;> K>:LHG:;ER >LMBF:M>= !QI>GL>L :K> K><H@GBS>= ;:L>= HG MA> F:M<ABG@ IKBG<BIE> %M AHE=L MA:M >QI>GL>L LAHNE= ;> K>IHKM>= BG MA>L:F>�I>KBH=�:L�MA>�K>O>GN>�MA>R�A>EI�@>G>K:M>

�� *)) �/$)"�/# �%*0-)�'�/*�/# �' �" -

" � � ( $ � $ � � % � � � * � , � )


� &D7B3D7�<AGD@3>�7@FD;7E�8AD�43E;5�FD3@E35F;A@E�EG5:�3E�F:7�B3K?7@F�A8�;@EGD3@57��F:7�35CG;E;F;A@A8�3�>A@9�>;H76�3EE7F��F:7�5A@FD;4GF;A@�A8�53B;F3>�4K�AI@7DE��F:7�6;EFD;4GF;A@�A8�3�6;H;67@6��3@6F:7�>;=7

�JB>3;@�F:7�D75AD6;@9�A8�3�93;@�AD�>AEE� �7E5D;47�F:7�D75AD6;@9�A8�3@�G@73D@76�D7H7@G7� +@67DEF3@6�F:7�BGDBAE7�I;F:;@�3@�355AG@F;@9�EKEF7?�A8�4AF:�F:7�<AGD@3>�3@6�F:7�>7697D� �;E5GEE�F:7�BAEF;@9�A8�<AGD@3>�7@FD;7E�FA�*�355AG@FE�;@�F:7�>7697D�3@6�67E5D;47�F:7�BGDBAE7�A8

F:3F�BDA57EE

�� +9QE=FL�G>�9�+J=NAGMKDQ�-=;G?FAR=<� PH=FK=(G7EF;A@� @ +D3@E35F;A@ �� F:7 #3I@63>7 �A?B3@K B3KE �� 8AD ;@EGD3@57 5AH7D397 D757;H76 AH7D F:7B3EF 87I ?A@F:E �7D7� F:AG9:� F:7 3?AG@F :3E 3>D736K 477@ D75A9@;L76 �AF: F:7 ;@EGD3@57 7JB7@E7 3@63@ ;@EGD3@57 B3K34>7 I7D7 D75AD676 3E ;@5GDD76 +:3F ;@8AD?3F;A@ I3E BDAH;676 ;@ �;9GD7 �� 3@6 4AF:3?AG@FE 53@ 47 E77@ A@ F:7 FD;3> 43>3@57 ;@ �;9GD7 �� BB3D7@F>K� #3I@63>7QE 355AG@F;@9 EKEF7? I3EBDA9D3??76 FA D75A9@;L7 F:;E B3DF;5G>3D 7JB7@E7 3E ;F 9D7I AH7D F;?7 '1.7 *7 .A9.7<. 1*< *5;.*-B+..7�;.,8;-.-��@1*=�38>;7*5�.7=;B�2<�*99;89;2*=.�*=�=1.�=26.�9*B6.7=�2<�6*-.�

�FKO=J� �=;9MK= G> L@= HJ=NAGMK J=;G?FALAGF L@= =PH=FK= K@GMD< FGL FGO := J=;GJ<=< 9 K=;GF<LAE=� $FKL=9< L@AK H9QE=FL =DAEAF9L=K L@= DA9:ADALQ L@9L O9K =KL9:DAK@=< :Q L@= 9;;GMFLAF? KQKL=E��9K@V9F 9KK=LVAK <=;J=9K=< O@A;@ AK K@GOF AF 9;;GMFLAF? :Q E=9FK G> 9 ;J=<AL� �L L@= K9E= LAE= L@=HJ=NAGMKDQ J=;GJ<=< H9Q9:D= AK J=EGN=<� �FQ J=<M;LAGF G> 9 DA9:ADALQ AK ;GEEMFA;9L=< :Q 9 <=:AL� /G J=AL=J9L= FG =PH=FK= AK AF;DM<=< AF L@AK =FLJQ :=;9MK= L@9L 9EGMFL @9K 9DJ=9<Q :==F J=;G?FAR=< 9KAF;MJJ=<�

��+(�� AGD@3>��@FDK��&3K?7@F�A8�";34;>;FK�8AD��@EGD3@57��AH7D397

)GL= L@9L %GMJF9D FLJA=K � 9F< � <A^=J 9DL@GM?@ L@= =N=FLK 9J= KAEAD9J� �K <AK;MKK=< HJ=NAGMKDQ KH=;A_; J=;GJ<AF? L=;@FAIM=K 9J= AF`M=F;=< :Q L@= E9FF=J AF O@A;@ L@= 9;;GMFLAF? KQKL=E @9K @9F<D=<=9JDA=J =N=FLK� $F %GMJF9D FLJQ � F=AL@=J L@= =PH=FK= FGJ L@= H9Q9:D= @9< Q=L :==F J=;GJ<=<� /@MK L@==PH=FK= O9K J=;G?FAR=< 9L L@= LAE= G> H9QE=FL� �GFN=JK=DQ AF %GMJF9D FLJQ � :GL@ L@= =PH=FK= 9F<H9Q9:D= @9< 9DJ=9<Q :==F =FL=J=< AFLG L@= J=;GJ<K 9K L@= 9EGMFL ?J9<M9DDQ ?J=O GN=J LAE=� #=F;=O@=F H9A< L@= DA9:ADALQ AK K=LLD=< :ML FG >MJL@=J =PH=FK= AK J=;G?FAR=<� /@= HJGH=J 9EGMFL AK 9DJ=9<QHJ=K=FL�AF�L@=�AFKMJ9F;=�=PH=FK=�/9;;GMFL�

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


�� ;IMAKALAGF�G>�9F��KK=L(G7EF;A@� @ +D3@E35F;A@ �� 3 @7I FDG5= ;E 35CG;D76 4K F:7 #3I@63>7 �A?B3@K 8AD �� 3E: A8�� ;E B3;6 3F F:7 F;?7 A8 BGD5:3E7 4GF 3 @AF7 B3K34>7P6G7 ;@ E7H7D3> K73DEP;E E;9@76 8AD F:7 D7�?3;@;@9 �� +:;E FD3@E35F;A@ ;?B35FE F:D77 355AG@FE D3F:7D F:3@ <GEF FIA �8@ 2< * 38>;7*5 .7=;B,87<=;>,=.-�@1.7�68;.�=1*7�=@8�*,,8>7=<�*;.�*H.,=.-�

�FKO=J� �K @9K :==F <AK;MKK=< =N=JQ LJ9FK9;LAGF ;@9F?=K 9L D=9KL LOG 9;;GMFLK :=;9MK= G> L@=;9MK=9F<=^=;L J=D9LAGFK@AH MF<=JDQAF? 9DD _F9F;A9D =N=FLK� #GO=N=J :=QGF< L@9L DAEAL 9FQ FME:=JG> 9;;GMFLK ;9F := AEH9;L=<� �GEHD=P LJ9FK9;LAGFK G>L=F LGM;@ FME=JGMK :9D9F;=K� #=J= L@= LJM;C 9;;GMFL �9F 9KK=L� AK AF;J=9K=< 9F< EMKL := <=:AL=<� +9JL G> L@= 9;IMAKALAGF O9K >MF<=< :Q H9QAF? ;9K@ �9F9KK=L� OAL@ L@9L <=;J=9K= J=;GJ<=< 9K 9 ;J=<AL� /@= J=E9AF<=J G> L@= ;GKL O9K ;GN=J=< :Q KA?FAF? 9 FGL=H9Q9:D= �9 DA9:ADALQ�� FQ AF;J=9K= AF 9 DA9:ADALQ AK J=;GJ<=< :Q E=9FK G> 9 ;J=<AL� )GL= L@9L L@= <=:ALK <G=IM9D�L@=�;J=<ALK�=N=F�O@=F�EGJ=�L@9F�LOG�9;;GMFLK�9J=�9^=;L=<�:Q�9�LJ9FK9;LAGF�

��+(�� AGD@3>��@FDK��*DG5=��5CG;D76�8AD��3E:�3@6�4K�);9@;@9�3�$AF7

�� $KKM9F;=�G>��9HAL9D�.LG;C(G7EF;A@� @ +D3@E35F;A@ �� F:7 #3I@63>7 �A?B3@K @776E 366;F;A@3> V@3@5;@9 EA AX5;3>E 9A FA 5GDD7@FAD BAF7@F;3> E:3D7:A>67DE 3@6 5A@H;@57 F:7? FA 5A@FD;4GF7 53E: A8 �� ;@ 7J5:3@97 8AD @7I E:3D7E A8F:7 5A?B3@KQE 53B;F3> EFA5= +:7E7 ;@6;H;6G3>E ;@H7EF F:7;D ?A@7K ;@ AD67D FA <A;@ F:7 AI@7DE:;B AD ;@�5D73E7 F:7 @G?47D A8 E:3D7E F:7K 3>D736K :A>6 '1*= 38>;7*5 .7=;B -8.< * +><27.<< ;.,8;- @1.7 ,*92=*5<=8,4�2<�2<<>.-�

�FKO=J� /@= 9KK=L ;9K@ AK AF;J=9K=< AF L@AK LJ9FK9;LAGF 9 ;@9F?= L@9L AK 9DO9QK K@GOF 9K 9 <=:AL��9HAL9D KLG;C 9DKG ?G=K MH :=;9MK= F=O K@9J=K 9J= AKKM=< LG ;GEH9FQ GOF=JK� �K AF<A;9L=< AF L@= <=:AL9F<�;J=<AL�JMD=K�L@=�;9HAL9D�KLG;C�9;;GMFL�AF;J=9K=K�:Q�E=9FK�G>�9�;J=<AL�

��+(�� AGD@3>��@FDK��3B;F3>�)FA5=��EEG76�8AD��3E:

�� $�$��"��%+$*�$��,�()�%$� �


* � ) * � / % + ( ) � " �

'G7EF;A@�

� <HKIHK:MBHG BLLN>L : ;:E:G<> LA>>M HG ><>F;>K �� 5>:K 0>G 3BMABG LMH<DAHE=>KLZ >JNBMR� : ;:E:G<> H?��BL�K>IHKM>=�BG�MA>�<:IBM:E�LMH<D�:<<HNGM �3A:M�=H>L�MABL�`@NK>�K>IK>L>GM�

: 0A>�<NKK>GM�F:KD>M�O:EN>�H?�MA>�<HFI:GRZL�HPG�LMH<D

; 0A>�<NKK>GM�F:KD>M�O:EN>�H?�LMH<DL�MA>�<HFI:GR�AHE=L�BG�HMA>K�<HFI:GB>L

< 0A>�:FHNGM�H?�:LL>ML�<HGMKB;NM>=�MH�MA>�;NLBG>LL�;R�BML�HPG>KL�LBG<>�MA>�<HFI:GR�P:L�<K>:M>=

= 0A>�:FHNGM�H?�:LL>ML�<HGMKB;NM>=�MH�MA>�;NLBG>LL�;R�BML�HPG>KL�BG�MA>�<NKK>GM�R>:K

�@EI7D�

0A> <HKK><M :GLP>K BL <AHB<> <� 0A> :FHNGM H? :LL>ML <HGMKB;NM>= MH MA> ;NLBG>LL ;R BML HPG>KL LBG<> MA> <HF�I:GR�P:L�<K>:M>=

�JB>3@3F;A@�

0A> LMH<DAHE=>KLZ >JNBMR ;:E:G<>L BG=B<:M> MA> LHNK<> H? MA> <HFI:GRZL G>M :LL>ML �MA> :FHNGM ;R PAB<A :L�L>ML >Q<>>= EB:;BEBMB>L� *HKF:EER� MA> G>M :LL>ML <HF> >BMA>K ?KHF MA> HPG>KL HK ?KHF MA> HI>K:MBHGL H? MA>;NLBG>LL �MHM:E G>M BG<HF> FBGNL :EE =BOB=>G=L� 0A> <:IBM:E LMH<D :<<HNGM �LHF>MBF>L LAHPG :L <HGMKB;NM>=<:IBM:E��BL�MA>�:FHNGM�H?�G>M�:LL>ML�INM�BGMH�MA>�<HFI:GR�;R�MA>�HPG>KL�LBG<>�MA>�<HFI:GR�P:L�LM:KM>=

�� GDD=;LAGF�(9<=�GF��;;GMFL�-=;=AN9:D=(G7EF;A@� @ !AGD@3> �@FDK �� 3 E3>7 I3E ?367 A@ 5D76;F �@ 355AG@F D757;H34>7 I3E 7EF34>;E:76 3F F:3FF;?7 8AD �� EEG?7 F:3F F:7 5GEFA?7D @AI B3KE F:;E 3?AG@F FA F:7 #3I@63>7 �A?B3@K �8@ -8.<=1.�,855.,=287�8/�*7�*68>7=�/;86�*7�.*;52.;�<*5.<�=;*7<*,=287�*H.,=�=1.�*,,8>7=�+*5*7,.<�

�FKO=J� 2@=F 9 ;MKLGE=J E9C=K H9QE=FL GF 9 HJ=NAGMK K9D= L@= ;9K@ :9D9F;= AF;J=9K=K O@AD= 9;;GMFLK J=;=AN9:D= <=;J=9K=� �GL@ 9J= 9KK=LK� GF= :9D9F;= ?G=K MH �:Q 9 <=:AL� O@AD= L@= GL@=J AK J=<M;=<�:Q�9�;J=<AL��

��+(�� AGD@3>��@FDK��#A@7K��A>>75F76�A@��55AG@F

)GL= L@9L ;9K@ AK ;GDD=;L=< @=J= :ML FG 9<<ALAGF9D J=N=FM= AK J=;GJ<=<� �9K=< GF L@= J=IMAJ=E=FLK G>9;;JM9D 9;;GMFLAF? J=N=FM= G> �� O9K J=;G?FAR=< HJ=NAGMKDQ AF %GMJF9D FLJQ �� HH9J=FLDQ L@=J=N=FM= J=9DAR9LAGF HJAF;AHD= O9K E=L 9L L@9L LAE= L@= =9JFAF? HJG;=KK O9K KM:KL9FLA9DDQ ;GEHD=L= 9F<9 J=9KGF9:D= =KLAE9LAGF ;GMD< := E9<= G> L@= 9EGMFL LG := J=;=AN=<� -=;G?FARAF? L@= J=N=FM= 9?9AF 9LL@= ;MJJ=FL <9L= OGMD< AF;GJJ=;LDQ AF`9L= J=HGJL=< F=L AF;GE=� $FKL=9< L@= HJ=NAGMKDQ ;J=9L=< J=;=AN9:D=�:9D9F;=�AK�J=EGN=<�

�� +9QAF?�>GJ�9�+J=NAGMK�+MJ;@9K=(G7EF;A@� @ !AGD@3> �@FDK �� ;@H7@FADK I3E BGD5:3E76 A@ 5D76;F 8AD � �� EEG?7� @AI� ;@ +D3@E35F;A@�� F:3F #3I@63>7 ?3=7E B3K?7@F A8 F:7 7@F;D7 3?AG@F F:3F ;E 6G7 �8@ 2< * ,*<1 8>=J8@ =8 9*B /8; 27�?.7=8;B�9;.?28><5B�*,:>2;.-�<18@7�27�*�,869*7BE<�38>;7*5�

�FKO=J� $FN=FLGJQ O9K :GM?@L 9L 9F =9JDA=J LAE= 9F< H9QE=FL AK FGO :=AF? E9<=� /@= AFN=FLGJQO9K HJGH=JDQ J=;GJ<=< O@=F 9;IMAJ=< 9F< K@GMD< FGL := =FL=J=< 9?9AF� /@= E=J;@9F<AK= O9K GFDQ G:L9AF=< L@9L GF= LAE=� #=J= ;9K@ AK J=<M;=< �9 ;J=<AL�� /@= DA9:ADALQ K=L MH AF %GMJF9D FLJQ � �9;;GMFLKH9Q9:D=��AK�J=EGN=<�:Q�E=9FK�G>�9�<=:AL�

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


��+(�� AGD@3>��@FDK��#A@7K�&3;6�8AD�&D7H;AGE�&GD5:3E7

�� +J=H9QE=FL�G>�9F� PH=FK=(G7EF;A@� �A?B3@K AX5;3>E >;=7 F:7 4G;>6;@9 F:3F ;E 47;@9 GE76 8AD AB7D3F;A@E 3@6 675;67 FA D7@F ;F 8AD8AGD 366;F;A@3> ?A@F:E 3F 3 D3F7 A8 �� B7D ?A@F: �@ ;??76;3F7 B3K?7@F A8 �� ;E ?367 +:;E5AEF BDAH;67E 3 8GFGD7 75A@A?;5 47@7VF D3F:7D F:3@ 3 B3EF H3>G7 )75A9@;F;A@ A8 3@ 7JB7@E7 ;E @AF K7F 3B�BDABD;3F7 '1*= ;.,8;-270 2< *99;89;2*=. @1.7 ;.7= 8; 8=1.; ,8<=< <>,1 *< 27<>;*7,. 8; *-?.;=2<270 *;.9*2-�27�*-?*7,.�

�FKO=J� �9K@ AK <=;J=9K=< :Q L@= H9QE=FL E9<= @=J= LG J=FL L@AK :MAD<AF?� �K 9F 9KK=L 9 J=<M;LAGFAF ;9K@ AK J=HGJL=< :Q E=9FK G> 9 ;J=<AL� #GO=N=J L@AK J=FL HJGNA<=K 9 >MLMJ= N9DM= >GJ '9OF<9D= �GEH9FQ� /@= ;GKL AK FGL >GJ H9KL MK9?= G> L@= :MAD<AF? :ML J9L@=J >GJ L@= MH;GEAF? EGFL@K� /@=J=>GJ= L@=9EGMFL H9A< ;J=9L=K 9F 9KK=L� /@= HJG:9:D= =;GFGEA; :=F=_L AK L@= 9:ADALQ LG E9C= MK= G> L@AK >9;ADALQGN=J L@= F=PL >GMJ EGFL@K LG ?=F=J9L= F=O J=N=FM=� 2@=F L@= �� AK H9A< 9F 9KK=LVFGJE9DDQ ;9DD=<HJ=H9A<�J=FLVAK�J=;GJ<=<�L@JGM?@�9�<=:AL�

��+(�� AGD@3>��@FDK��#A@7K�&3;6�8AD��GFGD7�(7@F

)GL= L@9L '9OF<9D= <G=K FGL J=;GJ< L@= :MAD<AF? ALK=D> :=;9MK= L@= ;GEH9FQ <G=K FGL ?9AF GOF=JK@AHGJ ;GFLJGD �:=QGF< L@=K= >GMJ EGFL@K�� /@= H9QE=FL GFDQ HJGNA<=K L@= JA?@L LG E9C= MK= G> L@= :MAD<AF?�>GJ�L@=�KH=;A_=<�H=JAG<�AF�L@=�>MLMJ=�KG�L@9L�9�HJ=H9A<�J=FL�:9D9F;=�AK�9HHJGHJA9L=�

�� ;IMAKALAGF�G>�'9F<(G7EF;A@� �78AD7 F:;E ;>>GEFD3F;A@ A8 FKB;53> <AGD@3> 7@FD;7E ;E 5A?B>7F76� 8AGD 366;F;A@3> FD3@E35F;A@E I;>>47 7J3?;@76 @ FAF3>� F:7E7 8AGDF77@ BDAH;67 3@ 7J57>>7@F 5DAEE�E75F;A@ A8 43E;5 7H7@FE 7@5AG@F7D76 4K?AEF 4GE;@7EE7E 3@6 F:7 <AGD@3> 7@FD;7E 5D73F76 FA 53BFGD7 F:3F ;@8AD?3F;A@ �@ G@67DEF3@6;@9 A8 F:7 D7�5AD6;@9 A8 F:7E7 FD3@E35F;A@E ;E A8 B3D3?AG@F ;?BADF3@57 ;@ ?3EF7D;@9 F:7 ?75:3@;53> DG>7E 8AD 674;FE3@6�5D76;FE

&X5;3>E A8 F:7 #3I@63>7 �A?B3@K 675;67 FA BGD5:3E7 3 E?3>> FD35F A8 >3@6 4K B3K;@9 �� ;@ 53E:'7D:3BE F:7K F:;@= F:7 EB357 ?;9:F 47 GE76 EA?7F;?7 ;@ F:7 8GFGD7 3E 3 B3D=;@9 >AF '1*= ;.,8;-270 2<6*-.�=8�;.J.,=�=1.�,*<1�9>;,1*<.�8/�*�958=�8/�5*7-�

�FKO=J� /@= LJ9FK9;LAGF @=J= AK KLJ9A?@L>GJO9J<� �K 9F 9KK=L D9F< AF;J=9K=K OAL@ 9 <=:AL� /@= ;GEH9FQXK ;9K@ :9D9F;= ?G=K <GOF :=;9MK= G> L@= 9;IMAKALAGF� /@9L <JGH AK J=;GJ<=< MKAF? 9 ;J=<AL� �KKL9L=< =9JDA=J AF L@AK K=;LAGF 1=F=LA9F E=J;@9FLK OGMD< HJG:9:DQ @9N= E9<= L@= K9E= J=;GJ<AF? _N=@MF<J=<�Q=9JK�9?G��9DL@GM?@�FGL�AF�0�.��<GDD9JK��

��+(�� AGD@3>��@FDK��"3@6��5CG;D76�8AD��3E:

�� $�$��"��%+$*�$��,�()�%$� �


�� .9D=�G>�9F��KK=L�*L@=J�/@9F�$FN=FLGJQ(G7EF;A@� %AI� 3EEG?7 F:3FP8AD 67?A@EFD3F;A@ BGDBAE7EPF:;E E3?7 B;757 A8 >3@6 ;E EA>6 3>?AEF ;??7�6;3F7>K FA 3@ AGFE;67 B3DFK 8AD 53E: A8 �� E3>7 A55GDE 4GF F:7 >3@6 ;E @AF ;@H7@FADK F I3E @AF4AG9:F EB75;V53>>K FA 47 D7EA>6 I;F:;@ F:7 @AD?3> 5AGDE7 A8 4GE;@7EE �E 3 83D? EGBB>K EFAD7� E7>>;@9 >3@6 ;E@AF F:7 BD;?3DK AB7D3F;A@ A8 F:7 #3I@63>7 �A?B3@K #18>5- ;.?.7>. +. ;.,8;-.- *5870 @2=1 ,8<= 8/088-< <85- @1.7 5*7- ;*=1.; =1*7 27?.7=8;B 2< <85-� +:7E7 FIA 355AG@FE 3D7 GE76 ;@ <AGD@3>;L;@9 F:7 E3>7A8�;@H7@FADK��A7E�F:7�E3?7�D7BADF;@9�3BB>K�FA�F:7�E3>7�A8�AF:7D�3EE7FE�EG5:�3E�>3@6�AD�7CG;B?7@F�

�FKO=J� �=;9MK= L@= K9D= G> D9F< AK FGL NA=O=< 9K 9 ;=FLJ9D HGJLAGF G> L@AK ;GEH9FQXK GH=J9LAGFKF=AL@=J J=N=FM= FGJ ;GKL G> ?GG<K KGD< AK J=HGJL=< 9K AF L@= K9D= G> AFN=FLGJQ� �F �� AF;J=9K= AF;9K@ AK J=;GJ<=< 9DGF? OAL@ L@= J=EGN9D G> L@= �� ;GKL G> L@= D9F< L@9L O9K ;GFN=Q=< LG L@= F=OGOF=J� #GO=N=J LG 9D=JL <=;AKAGF E9C=JK L@9L 9 L9F?=FLA9D GJ AF;A<=FL9D =N=FL @9K L9C=F HD9;= 9 ?9AF �A>L@= K9D=K HJA;= AK EGJ= L@9F L@= ;GKL G> L@= D9F<� GJ 9 DGKK �A> K9D=K HJA;= AK D=KK L@9F ;GKL� AK J=;G?FAR=<>GJ L@= <A^=J=F;=� /@= =^=;L GF F=L AF;GE= AK L@= K9E= �9 F=L AF;J=9K= G> �� :ML L@= E=L@G< G> J=HGJLAF?�@9K�;@9F?=<�

/@= J=KMDLAF? ?9AF GJ DGKK AK L@=F K=H9J9L=< >JGE J=N=FM=K 9F< =PH=FK=K GF L@= AF;GE= KL9L=E=FLLG EGJ= ;D=9JDQ ;GEEMFA;9L= AF>GJE9LAGF 9K LG L@= F9LMJ= G> L@= LJ9FK9;LAGF� /@= <=;AKAGF E9C=J ;9FK== L@= GH=J9LAF? AF;GE= =9JF=< :Q L@= J=HGJLAF? ;GEH9FQ >JGE L@= FGJE9D K9D= G> ?GG<K 9F< K=JNA;=K<AKLAF;L >JGE 9FQ GL@=J ?9AFK 9F< DGKK=K� !GJ =P9EHD= A> 9F AFN=KLGJ GJ ;J=<ALGJ AK DGGCAF? 9L L@= _F9F;A9D KL9L=E=FLK HJG<M;=< :Q 9F $L9DA9F J=KL9MJ9FL L@= 9EGMFL G> AF;GE= >JGE K=DDAF? HARR9K KH9?@=LLA9F< L@= DAC= AK AEHGJL9FL AF>GJE9LAGF 9H9JL >JGE 9FQ ?9AFK 9F< DGKK=K L@9L O=J= FGL H9JL G> LQHA;9D GH=J9LAGFK� �GFK=IM=FLDQ F=AL@=J J=N=FM= FGJ ;GKL G> ?GG<K KGD< AK >GMF< AF L@= >GDDGOAF? =FLJQ 9K O9K<=EGFKLJ9L=<�AF�%GMJF9D� FLJA=K��9F<��

��+(�� AGD@3>��@FDK�� "3@6�)A>6�8AD��3E:�;@��J57EE�A8��AEF

* � ) * � / % + ( ) � " �

'G7EF;A@�

� <HFI:GR ;NRL :G= L>EEL IHML :G= I:GL ?HK MA> DBM<A>G 0ABL L:F> <HFI:GR ;HN@AM E:G= ?HK : IHLLB;E> P:K>�AHNL> ?HK �� />O>K:E R>:KL E:M>K� MA> E:G= P:L LHE= ?HK �� <:LA PA>G MA> =><BLBHG P:L F:=> GHM MH<HGLMKN<M MA> G>P P:K>AHNL> %G BML :<<HNGMBG@ LRLM>F� MA> <HFI:GR BG<K>:L>= K>O>GN>L ;R �� :EHG@PBMA <:LA� �HLM H? @HH=L LHE= P:L :ELH K><HK=>= :L �� :EHG@ PBMA : =><K>:L> BG MA> E:G= :<<HNGM� 3AB<A�H?�MA>�?HEEHPBG@�LM:M>F>GML�BL�MKN>�

: *>M�BG<HF>�BL�<HKK><MER�K>IHKM>=

; #KHLL�IKH`M�BL�<HKK><MER�K>IHKM>=

< 0A>�K>IHKM>=�MHM:E�?HK�:LL>ML�BL�HO>KLM:M>=

= 0A>�CHNKG:E�>GMKR�P:L�IKHI>KER�F:=>

�@EI7D�

0A>�<HKK><M�:GLP>K�BL�<AHB<>�:��*>M�BG<HF>�BL�<HKK><MER�K>IHKM>=

�JB>3@3F;A@�

0A> <HFI:GRZL >GMKR BG<K>:L>= K>O>GN>L :G= MA> <HLM H? @HH=L LHE= LH MA:M MA> @KHLL IKH`M P:L K:BL>= ;R�� FBGNL �� $HP>O>K� : @:BG H? �� LAHNE= A:O> ;>>G K>IHKM>= BGLM>:= 0ANL� MA><HFIHG>GML H? G>M BG<HF> :K> PKHG@� ;NM MA> MHM:E BFI:<M H? �� BL IKHI>KER LAHPG 0A> ;:E:G<> LA>>M:<<HNGML��<:LA�:G=�E:G=��P>K>�K><HK=>=�BG�:G�:IIKHIKB:M>�?:LABHG

�� -=;=ANAF?��9K@�:=>GJ=�L@=� 9JFAF?�+JG;=KK�$K��GEHD=L=(G7EF;A@� �55DG3> 355AG@F;@9� 3E EB75;V76 ;@ F:7 D7H7@G7 D73>;L3F;A@ BD;@5;B>7� ?3@63F7E F:3F D7H7@G7EE:AG>6 @AF 47 D75A9@;L76 G@F;> F:7 73D@;@9 BDA57EE ;E EG4EF3@F;3>>K 5A?B>7F7 �EEG?7 3 5GEFA?7D 9;H7E F:7

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


#3I@63>7 �A?B3@K �� ;@ 53E: 8AD EA?7 FKB7 A8 E7DH;57 FA 47 B7D8AD?76 3F 3 8GFGD7 63F7 +:7 IAD=:3E @AF K7F 479G@ +:GE� #3I@63>7 53@@AF D7BADF D7H7@G7 A8 �� 8@ 2< * ,*<1 27J8@ ;.,8;-.- 2/ ;.�,.2?.-�/8;�@8;4�+./8;.�=1.�.*;7270�9;8,.<<�2<�<>+<=*7=2*55B�,8695.=.�

�FKO=J� �DL@GM?@ ;9K@ AK J=;=AN=< 9;;JM9D 9;;GMFLAF? <A;L9L=K L@9L J=N=FM= ;9FFGL := J=;G?FAR=<MFLAD L@= =9JFAF? HJG;=KK AK KM:KL9FLA9DDQ ;GEHD=L=� #=J= L@= =9JFAF? HJG;=KK OADD FGL L9C= HD9;= >GJKGE= LAE= AF L@= >MLMJ=� �K 9F 9KK=L L@= ;9K@ 9;;GMFL AK AF;J=9K=< �<=:AL� :ML FG J=N=FM= ;9F Q=L := J=;GJ<=<� $FKL=9< 9F MF=9JF=< J=N=FM= 9;;GMFL AK =KL9:DAK@=< >GJ L@= �� ;J=<AL� /@AK :9D9F;= AK J=HGJL=< :Q L@= '9OF<9D= �GEH9FQ 9K 9 DA9:ADALQ� �=;9MK= L@= EGF=Q @9K :==F 9;;=HL=< L@= ;GEH9FQ AKG:DA?=< LG HJGNA<= L@= K=JNA;= GJ J=LMJF L@= �� LG L@= ;MKLGE=J� -=;GJ<AF? L@AK DA9:ADALQ EAJJGJK L@9LJ=KHGFKA:ADALQ�

��+(�� AGD@3>��@FDK��#A@7K�(757;H76�8AD�-AD=�FA��7��A@7�"3F7D

�� AKLJA:MLAGF�G>�9��ANA<=F<(G7EF;A@� �7D7 ;E A@7 V@3> FD3@E35F;A@ FA BDAH;67 3 8G>> D3@97 A8 43E;5 7J3?B>7E 3F F:;E BD7>;?;@3DK EF397A8 5AH7D397 $3@K 366;F;A@3> FD3@E35F;A@E 3@6 F:7;D <AGD@3> 7@FD;7E I;>> 47 ;@FDA6G576 F:DAG9:AGF F:;EF7JF4AA=��4GF�F:7E7�8AGDF77@�8AD?�3�EFDA@9�5AD7�A8�F:7�FKB;53>�7H7@FE�7@5AG@F7D76�4K�?AEF�4GE;@7EE7E

�EEG?7 F:3F F:7 #3I@63>7 �A?B3@K :3E 477@ BDAVF34>7 �E 3 D7EG>F� 3F F:7 7@6 A8 F:7 K73D� F:74A3D6 A8 6;D75FADE HAF7E FA 6;EFD;4GF7 3 53E: 6;H;67@6 FA 3>> AI@7DE� 3 D7I3D6 F:3F FAF3>E �� '3K?7@F ;E?367 ;??76;3F7>K '1*= ;.,8;-270 2< *99;89;2*=. @1.7 * -2?2-.7- 2< -2<=;2+>=.- =8 =1. 8@7.;< 8/ *,8;98;*=287�

�FKO=J� �9K@ AK J=<M;=< :Q L@AK H9QE=FL LG L@= ;GEH9FQXK GOF=JK� �K 9F 9KK=L 9 ;J=<AL AK 9HHJGHJA9L=� /@= ;9MK= G> L@= <=;J=9K= AF ;9K@ O9K 9 <ANA<=F<� #=F;= 9 Y<ANA<=F<K H9A<Z 9;;GMFL AK =KL9:DAK@=< LG E=9KMJ= L@AK H9JLA;MD9J GML`GO G> F=L 9KK=LK� �;;GJ<AF? LG L@= <=:AL 9F< ;J=<AL JMD=K 9F AF;J=9K=�AF�L@AK�9;;GMFL�AK�K@GOF�L@JGM?@�9�<=:AL��/@MK�L@=�J=;GJ<AF?�G>�L@AK�D9KL�ADDMKLJ9LAGF�AK�9K�>GDDGOK�

��+(�� AGD@3>��@FDK��;H;67@6��;EFD;4GF76�FA�%I@7DE

/G @=DH NAKM9DAR= L@= ;GEHGF=FLK G> 9F 9;;GMFLAF? KQKL=E 9DD G> L@= BGMJF9D =FLJA=K HJ=K=FL=< @=J=@9N= :==F ?9L@=J=< AFLG 9F 9;LM9D BGMJF9D AF !A?MJ= �� 9K L@= 9;;GMFL9FL >GJ L@= '9OF<9D= �GEH9FQEA?@L @9N= C=HL� )GJE9DDQ 9 <9L= >GJ =9;@ =FLJQ AK AF;DM<=< >GJ J=>=J=F;= HMJHGK=K :ML L@9L @9K :==FGEALL=<�@=J=�

�� $�$��"��%+$*�$��,�()�%$� �


��+(�� "3I@63>7��A?B3@K� AGD@3>M�;@3>��3KE�A8�/73D��AGD

�� MJJ=FL�/�;;GMFL��9D9F;=K(G7EF;A@� .;F: 367CG3F7 BD35F;57� A4F3;@;@9 3@ G@67DEF3@6;@9 A8 F:7 DG>7E 8AD 674;FE 3@6 5D76;FE ;E 3 D73E�A@34>7 9A3> �AI7H7D� F:7E7 <AGD@3> 7@FD;7E 6A @AF BDAH;67 F:7 5GDD7@F 43>3@57 A8 3@K 355AG@F +:7K D7�5AD6 F:7 7U75F A8 735: FD3@E35F;A@ 4GF @AF F:7 GB63F76 355AG@F FAF3>E� V9GD7E F:3F 5AG>6 5:3@97 ?3@K

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


F;?7E 7H7DK 63K �8@ -8.< *7 *,,8>7=*7= 4..9 =;*,4 8/ =1. ,>;;.7= +*5*7,. 8/ ,*<1� 27?.7=8;B� ;.7= .A�9.7<.��8;�=1.�6B;2*-�8=1.;�*,,8>7=<�=1*=�*99.*;�87�*�<.=�8/�I7*7,2*5�<=*=.6.7=<�

�FKO=J��$F�9F�9;;GMFLAF?�KQKL=E�L@=�J=;GJ<AF?�HJG;=KK�AK�;GEHGK=<�G>�LOG�<AKLAF;L�KL=HK�� >L=J�9F9DQRAF?�L@=�_F9F;A9D�AEH9;L�G>�9�LJ9FK9;LAGF�9�BGMJF9D�=FLJQ�AK�;J=9L=<�LG�J=`=;L�L@=EGF=L9JQ�AEH9;L�GF�J=D=N9FL�9;;GMFLK�

� /@=F�=9;@�AF<ANA<M9D�<=:AL�9F<�;J=<AL�AK�9<<=<�LG�L@=�KH=;A_;�/9;;GMFL�:=AF?�9DL=J=<�9�HJG;=KKCFGOF�9K�YHGKLAF?�Z��<=:AL�LG�;9K@�AF�9�BGMJF9D�=FLJQ�AK�DAKL=<�9K�9�<=:AL�AF�L@=�;9K@�/9;;GMFL��;J=<AL�E9<=�LG�FGL=K�H9Q9:D=�AK�J=;GJ<=<�9K�9�;J=<AL�OAL@AF�L@=�;GJJ=KHGF<AF?�/9;;GMFL��>L=J�9DD=FLJA=K�9J=�HGKL=<�L@=�;MJJ=FL�:9D9F;=�>GJ�9FQ�9;;GMFL�;9F�:=�<=L=JEAF=<�:Q�9<<AF?�L@=�<=:AL�9F<L@=�;J=<AL�KA<=K�G>�L@=�/9;;GMFL�9F<�F=LLAF?�L@=�LOG�

#AKLGJA;9DDQ HGKLAF? L@= AF<ANA<M9D ;@9F?=K K@GOF AF =9;@ BGMJF9D =FLJQ LG L@= KH=;A_; /9;;GMFLK O9K9 L=<AGMK 9F< KDGO HJG;=KK H=J>GJE=< E9FM9DDQ� /G<9Q 9MLGE9L=< KQKL=EK 9J= <=KA?F=< KG L@9L L@=AEH9;L�G>�=9;@�=FLJQ�AK�KAEMDL9F=GMKDQ�J=;GJ<=<�AF�L@=�HJGH=J�/9;;GMFLK�>GMF<�AF�L@=�D=<?=J�

!GJ ADDMKLJ9LAGF HMJHGK=K 9DD G> L@= BGMJF9D =FLJA=K J=;GJ<=< =9JDA=J @9N= :==F HGKL=< AFLG L@=D=<?=J /9;;GMFLK K@GOF AF !A?MJ= �� 9;@ 9;;GMFL AF;DM<=K L@= HJ=NAGMK :9D9F;= �+�� >GMF< AF L@=LJA9D :9D9F;= AF !A?MJ= �� /@= F=O <=:ALK 9F< ;J=<ALK 9J= L@=F HGKL=< >GJ =9;@ G> L@= >GMJL==F K9EHD=LJ9FK9;LAGFK� !GJ ;JGKKJ=>=J=F;AF? HMJHGK=K L@= FME:=J G> L@= ;GJJ=KHGF<AF? BGMJF9D =FLJQ AK AF;DM<=<� /@= <=:AL 9F< ;J=<AL KA<=K G> =9;@ 9;;GMFL 9J= KMEE=< 9F< F=LL=< LG <=L=JEAF= L@= ;MJJ=FL:9D9F;= �� !GJ =P9EHD= L@= ;9K@ /9;;GMFL @9K �� 9K L@= LGL9D G> 9DD <=:ALK 9F< �� >GJ 9DD;J=<ALK�O@A;@�F=L�LG�9�;MJJ=FL�:9D9F;=�G>��

�>L=J 9DD G> L@= 9<<ALAGF9D BGMJF9D =FLJA=K @9N= :==F HGKL=< AFLG L@= D=<?=J 9F MH<9L=< LJA9D :9D9F;=;9F := <J9OF >JGE L@= AF<ANA<M9D /9;;GMFL :9D9F;=K� )G ;@9F?= AK ;J=9L=< :Q L@AK HJG;=KK :ML 9K ;9F:= K==F AF !A?MJ= �� L@= 9;;GMFLK 9F< L@=AJ ;MJJ=FL :9D9F;=K 9J= EM;@ =9KA=J LG K==� .AEHDQ L@= ;D9JALQG> L@= AF>GJE9LAGF ;9F @=DH 9;;GMFL9FLK KHGL 9;;GMFLK L@9L E9Q ;GFL9AF =JJGJK :=;9MK= G> MFMKM9D GJMF=PH=;L=<�LGL9DK�

�� $�$��"��%+$*�$��,�()�%$� �


Jieqin Lu

��+(�� "3I@63>7��A?B3@K�"7697DM�757?47D��/73D��AGD

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


��+(�� "3I@63>7��A?B3@K�*D;3>��3>3@57��38F7D�3>>�<AGD@3>�7@FD;7E�:3H7�477@�BAEF76�M�757?47D��/73D��AGD

! � / � * � ! � � - � /

%GBMB:E <HO>K:@> H? MA> K><HK=BG@ H? ;:LB< MK:GL:<MBHGL BL <HG<EN=>= A>K> MAKHN@A :G:ERLBL H? MA> I:RF>GM H? BG�LNK:G<>� MA> <HGMKB;NMBHG H? <:IBM:E� MA> INK<A:L> :G= L:E> H? E:G=� MA> K><>BIM H? <:LA IKBHK MH PHKD ;>BG@ I>K�?HKF>=� MA> I:RF>GM H? =BOB=>G=L MH HPG>KL� :G= MA> EBD> �?M>K MA> BFI:<M H? >:<A >O>GM BL :L<>KM:BG>=� =>;BML:G= <K>=BML :K> NL>= MH K><HK= MA>L> <A:G@>L PBMABG MA> CHNKG:E 0A>L> CHNKG:E >GMKB>L :K> MA>G IHLM>= MH MA>:IIKHIKB:M> 0�:<<HNGML MH FHGBMHK MA> >O>K�<A:G@BG@ :<<HNGM ;:E:G<>L �EE 0�:<<HNGML :K> IARLB<:EER EH<:M>=BG : E>=@>K� PAB<A BL :ELH DGHPG :L : @>G>K:E E>=@>K &HNKG:E >GMKB>L =H<NF>GM MA> >_><M H? MK:GL:<MBHGL 0�:<�<HNGML�F:BGM:BG�MA>�<NKK>GM�;:E:G<>�H?�>O>KR�:<<HNGM

*3>=;@9�I;F:�3�(73>��@H7EF;@9�&DA��A@F;@G76�

"HEEHPBG@�BL�:�<HGMBGN:MBHG�H?�HNK�BGM>KOB>P�PBMA�'>OBG�# ��NKGL

Question� 3A>G RHN P>K> : <HEE>@> LMN=>GM F:CHKBG@ BG :<<HNGMBG@� RHN E>:KG>= :EE MA> =>;BM :G= <K>=BM KNE>L:L P>EE :L :;HNM MA> KHE> H? CHNKG:E >GMKB>L :G= MA> @>G>K:E E>=@>K %G RHNK R>:KL :L :G BGO>LMF>GM :=OBLHK� A:LMABL�DGHPE>=@>�>O>K�IKHO>G�MH�;>�A>EI?NE�MH�RHN�:G=�RHNK�<:K>>K�

Kevin Burns� �EMAHN@A % G>O>K IE:GG>= MH ;> :G :<<HNGM:GM PA>G % P:L BG <HEE>@>� % ?HNG= MA> BGM>KG:E EH@B< H?MA> =>;BM :G= <K>=BM KNE>L JNBM> ?:L<BG:MBG@ 0ABGDBG@ MAKHN@A MK:GL:<MBHGL :G= `@NKBG@ HNM MA> IKHI>K K><HK=�BG@ IKH<>LL P:L : @K>:M BGMKH=N<MBHG MH ;NLBG>LL HI>K:MBHGL %G :EE AHG>LMR� :L :G BGO>LMF>GM :=OBLHK� % I:RFHK> :MM>GMBHG MH :LL>M O:EN>L :G= HMA>K ;:E:G<> LA>>M BG?HKF:MBHG MA:G MA> :<<HNGMBG@ IKH<>LL MA:M BL NL>=MH @:MA>K MABL BG?HKF:MBHG $HP>O>K� % :ELH A:II>G MH HPG : K>LM:NK:GM :G= % :EP:RL `G= BM BGM>K>LMBG@ PA>G %=B@�MAKHN@A�MA>�LI><B`<�>QI>GL>�:<<HNGML�EHHDBG@�?HK�P:RL�MH�;>�FHK>�>b<B>GM

�� $�$��"��%+$*�$��,�()�%$� �


"HK BGLM:G<>� K><>GMER PA>G % L:P MA:M P> A:= LI>GM : EHM H? FHG>R E:LM R>:K HG ;NBE=BG@ F:BGM>G:G<>� % <HNE=GHM BF:@BG> AHP MA:M P:L IHLLB;E> % =N@ MAKHN@A MA> 0�:<<HNGM FRL>E? :G= ?HNG= : K><HK=BG@ >KKHK MA:MG>>=>= MH ;> `Q>= MA:M <A:G@>= HNK G>M BG<HF> )R ;:<D@KHNG= :EEHP>= F> MH NG=>KLM:G= MA> >GMBK> IKH�<>LL "K>JN>GMER� :L % LMN=R MA> O:KBHNL =>;BML PBMABG HNK >QI>GL>L� % :F :;E> MH LIHM :K>:L PA>K> MA> K>LM:NK:GM<:G L:O> FHG>R % :F :EP:RL :F:S>= MA:M LHF> ;NLBG>LL HPG>KL L>>F :EFHLM L<:K>= MH EHHD BGMH MA>BK HPG`G:G<B:E BG?HKF:MBHG % MABGD MA>R :K> :?K:B= H? ?>>EBG@ LMNIB= �NM� MA> FHK> BG?HKF:MBHG RHN A:O>� MA> FHK>EBD>ER�BM�BL�MA:M�RHN�PBEE�F:D>�FHG>R

,;67A��>;B

,KH?>LLHK�&H>�$HRE>�M:EDL�:;HNM�MA>�`O>�FHLM�BFIHKM:GM�IHBGML�BG �A:IM>K��

�� )�*!�#�+/ -� 3 -�$. .

' + � ) * � % $ )

� 3A:M�BL�:�MK:GL:<MBHG�

� 3A>G�:G=�PA>K>�P:L�MA>�;:LB<�:<<HNGMBG@�LRLM>F�=>O>EHI>=�MA:M�BL�LMBEE�NL>=�;R�HK@:GBS:MBHGL�MH=:R�

� 3A:M�BL�F>:GM�;R�MA>�M>KF�[=HN;E>�>GMKR�;HHDD>>IBG@\�

� 3A:M�:K>�MA>�?HNK�;:LB<�LM>IL�?HEEHP>=�BG�:G�:<<HNGMBG@�LRLM>F�

� $HP�BL�BG?HKF:MBHG�:;HNM�MA>�BFI:<M�H?�:�MK:GL:<MBHG�BGBMB:EER�<:IMNK>=�BG�:G�:<<HNGMBG@�LRLM>F�

� $HP�BL�BG?HKF:MBHG�:;HNM�LI><B`<�:<<HNGM�;:E:G<>L�:<<NFNE:M>=�

� 3AB<A�:<<HNGML�:K>�BG<K>:L>=�PBMA�:�=>;BM�

� 3AB<A�:<<HNGML�:K>�BG<K>:L>=�PBMA�:�<K>=BM�

� /NL:G�+L@HH=�PHKDL�:L�:G�:<<HNGM:GM�:G=�F:BGM:BGL�MA>�CHNKG:E�?HK�MA>�*>ELHG��HKIHK:MBHG �3A:M�BL�MA>INKIHL>�H?�:�CHNKG:E�

�� %G�:�CHNKG:E�>GMKR��PAR�=H�MA>�=>;BM�`@NK>L�:EP:RL�:@K>>�PBMA�MA>�<K>=BM�`@NK>L�

�� 3A:M�BL�:�MKB:E�;:E:G<>�

�� 3A:M�?NG<MBHG�=H>L�:<<KN:E�:<<HNGMBG@�L>KO>�

�� <<KN:E�:<<HNGMBG@�BL�<HFIHL>=�H?�PAB<A�MPH�IKBG<BIE>L�� >`G>�>:<A

�� G�:<<HNGM:GM�BG=B<:M>L�MA:M�:�<>KM:BG�>QI>GL>�P:L�K><H@GBS>=�BG�MA>�<NKK>GM�R>:K�;><:NL>�H?�MA>F:M<ABG@�IKBG<BIE> �3A:M�=H>L�MA:M�F>:G�

�� 0A>��;K:A:F��HFI:GR�K><>BO>L��MH�=H�:�CH; �$HP>O>K��MA>�PHKD�BL�GHM�R>M�<HFIE>M>= �$HP�BL�MA>K><>BIM�H?�MABL�FHG>R�K><H@GBS>=�?HK�`G:G<B:E�K>IHKMBG@�INKIHL>L�


��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


* ( + � � % ( � � � " ) �

� 9999� >;BML�:G=�<K>=BML�FNLM�>JN:E�?HK�>O>KR�MK:GL:<MBHG

� 9999��EBLM�H?�:EE�K><HK=>=�CHNKG:E�>GMKB>L�BL�K><HK=>=�BG�MA>�E>=@>K��PAB<A�BL�F:BGM:BG>=�;R�:�<HFI:GR

� 9999�.>O>GN>�F:R�GHM�;>�K><HK=>=�NGMBE�<:LA�BL�<HEE><M>=

� 9999��MK:GL:<MBHG�BL�:GR�>O>GM�MA:M�A:L�:�`G:G<B:E�BFI:<M�HG�:�<HFI:GR

� 9999�0A>�;:E:G<>�H?�:G�>QI>GL>�:<<HNGM�BL�BG<K>:L>=�PBMA�:�<K>=BM

� 9999�!Q:FIE>L�H?�:<<KN>=�>QI>GL>L�BG<EN=>�L:E:KR��K>GM��:G=�BGM>K>LM

� 9999�0A>�M>KF�[K>O>GN>\�:G=�MA>�M>KF�[@:BG\�:K>�BGM>K<A:G@>:;E>

� 9999�,HLMBG@�K>?>KL�MH�MA>�IKH<>LL�H?�:G:ERSBG@�MK:GL:<MBHGL�:G=�IKH=N<BG@�CHNKG:E�>GMKB>L

� 9999��<HFI:GR�FNLM�K><H@GBS>�>:<A�:<<KN>=�>QI>GL>�:L�BM�BL�BG<NKK>=

�� 9999�0A>�F:M<ABG@�IKBG<BIE>�LM:M>L�MA:M�>QI>GL>L�LAHNE=�;>�K><H@GBS>=�BG�MA>�L:F>�I>KBH=�:L�MA>K>O>GN>�MA>R�A>EI�@>G>K:M>

�� 9999�1G>:KG>=�K>O>GN>�BL�K>IHKM>=�HG�MA>�;:E:G<>�LA>>M�:L�:�EB:;BEBMR�:<<HNGM

�� 9999�0A>�$:FILMHG>��HFI:GR�;NRL��IB><>L�H?�BGO>GMHKR��:EE�B=>GMB<:E��?HK�� 0A>�<HFI:GRL>EEL��NGBML�H?�MABL�BGO>GMHKR�?HK��>:<A�BG�<:LA �0A>�<HFI:GR�LAHNE=�=>;BM�<:LA�?HK��<K>=BMBGO>GMHKR�?HK��:G=�<K>=BM�@:BG�?HK��

�� 9999��LLNF>�:�<HFI:GR�;NRL�BGO>GMHKR�?HK��?HK�<:LA �%M�MA>G�LI>G=L��BG�<:LA�HG�:=O>KMBLBG@�BGHK=>K�MH�L>EE��I>K<>GM�H?�MA>�BGO>GMHKR�?HK�� +?�MA:M�:FHNGM��BM�<HEE><ML��BFF>=B:M>ER�:G=PBEE�<HEE><M�MA>�K>F:BGBG@��G>QM�R>:K �0A>�<HFI:GR�I:RL�:�<:LA�=BOB=>G=�H?�� 0A>�:FHNGM�H?G>M�BG<HF>�MH�;>�K><H@GBS>=�MABL�R>:K�PBEE�;>��

�� 9999��<HFI:GR�;NRL�BGO>GMHKR�?HK��HG�<K>=BM�HG� ><>F;>K��5>:K�+G> ��R�:<<B=>GM��MA>�CHNKG:E>GMKR�BL�F:=>�;:<DP:K=��=>;BML�:K>�LAHPG�:L�<K>=BML�:G=�<K>=BML�:K>�LAHPG�:L�=>;BML� �0A>�<HFI:GRK>IHKML�PHKDBG@�<:IBM:E�H?�� 0A>�<HKK><M�:FHNGM�H?�PHKDBG@�<:IBM:E�BL��

�� 9999��F:M<ABG@�IKBG<BIE>�BL�MA>�IHKMBHG�H?�1 / �#��,�MA:M�L>ML�MA>�KNE>�?HK�MA>�MBFBG@�H?�K><H@GBMBHG�H?K>O>GN>L

�� 9999��LLNF>�:�<HFI:GR�;NRL�BGO>GMHKR�?HK��HG�<K>=BM �%M�MA>G�LI>G=L��HG�:=O>KMBLBG@�BG�HK=>KMH�L>EE��I>K<>GM�H?�MA>�BGO>GMHKR�?HK�� +?�MA:M�:FHNGM��BM�<HEE><ML��BFF>=B:M>ER�:G=�PBEE<HEE><M�MA>�K>F:BGBG@��G>QM�R>:K �0A>�:FHNGM�H?�@KHLL�IKH`M�MH�;>�K><H@GBS>=�MABL�R>:K�PBEE�;>��

�� $�$��"��%+$*�$��,�()�%$� �


# + " * � & " � � � � % � � �

� 3AB<A�H?�MA>�?HEEHPBG@�BL @AF MKN>�:;HNM�=HN;E>�>GMKR�;HHDD>>IBG@�

: %M�HKB@BG:M>=�BG�%M:ER

; >;BML�:G=�<K>=BML�FNLM�>JN:E

< %M�BL�LMBEE�NL>=�MH=:R�;R�FHLM�;NLBG>LL>L

= !:<A�>GMKR�<:G�A:O>�HGER�HG>�<K>=BM�:G=�HG>�=>;BM

� 3AB<A�H?�MA>�?HEEHPBG@�>GMKB>L�<HNE=�5>:ML��HFI:GR�GHM�F:D>�PA>G�MA>R�I>K?HKF�:�L>KOB<>�?HK�:�<EB>GM�

: ��+(��

; ��+(��

< ��+(��

= ��+(��

� 3AB<A�H?�MA>�?HEEHPBG@�BL�:�MK:GL:<MBHG�?HK�0RE>K��HKIHK:MBHG�

: 0RE>K�I:RL�BML�>FIEHR>>L��?HK�PHKD�=HG>

; 0RE>K�<HGLB=>KL�K>GMBG@�Hb<>�LI:<>�MA:M�PBEE�<HLM��I>K�FHGMA

< 0RE>K�:@K>>L�MH�I>K?HKF�L>KOB<>L�?HK�:�<EB>GM��PAB<A�PBEE�<HLM��

= 0RE>K�IE:<>L�:G�HK=>K�?HK�LNIIEB>L�MA:M�PBEE�;>�=>EBO>K>=�BG�MPH�P>>DL �0A>�LNIIEB>L�<HLM��

� !E>GHK��HFI:GR�L>EEL��NGBML�H?�BGO>GMHKR�?HK��>:<A �0A>�BGO>GMHKR�HKB@BG:EER�<HLM�!E>GHK��>:<A 3A:M�BL�!E>GHKZL�@KHLL�IKH`M�HG�MABL�MK:GL:<MBHG�

: ��

; ��

< ��

= ��

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


� 3AB<A�H?�MA>�?HEEHPBG@�BG<K>:L>L�PBMA�:�=>;BM�

: .>M:BG>=�>:KGBG@L

; /:E>L�K>O>GN>

< %GO>GMHKR

= *HM>�I:R:;E>

� %G�&:GN:KR��.HEEBGL��HFI:GR�BL�I:B=��;R�:�<EB>GM�?HK�PHKD�MA:M�.HEEBGL�PBEE�GHM�;>@BG�NGMBE�">;KN:KR 3AB<A�H?�MA>�?HEEHPBG@�BL�MA>�<HKK><M�CHNKG:E�>GMKR�?HK�.HEEBGL�MH�F:D>�PA>G�MA>��BL�K><>BO>=�

: ��+(��

; ��+(��

< ��+(��

= ��+(��

� 0A>�:<<HNGM:GM�?HK�MA>��:;LHG��HKIHK:MBHG�=>M>KFBG>L�MA:M�MA>�<NKK>GM��:LA�;:E:G<>�A>E=�;R�MA><HFI:GR�BL�� 3AB<A�H?�MA>�?HEEHPBG@�<HNE=�GHM�A:O>�;>>G�MA>�LHNK<>�H?�MA:M�BG?HKF:MBHG�

: 0KB:E�;:E:G<>

; &HNKG:E

< 0�:<<HNGM

= (>=@>K

� %G�MA>�:<<HNGMBG@�LRLM>F�?HK�MA>��:E=P>EE��HFI:GR��PAB<A�H?�MA>�?HEEHPBG@�<HF>L�`KLM�

: &HNKG:E

; "BG:G<B:E�LM:M>F>GML

< 0�:<<HNGM

= (>=@>K

�� $�$��"��%+$*�$��,�()�%$� �


� 3AB<A�H?�MA>�?HEEHPBG@�0�:<<HNGML�BL�E>:LM�EBD>ER�MH�A:O>�:�<K>=BM�;:E:G<>�

: .>O>GN>

; !JNBIF>GM

< �<<HNGML�I:R:;E>

= �:IBM:E�LMH<D

�� 0A>��KHHDERG��HKIHK:MBHG�K>GML�:�;NBE=BG@�?HK��I>K�=:R �0A>�<HFI:GRZL�:<<HNGMBG@�LRLM>F�:<<KN>LMABL�>QI>GL>�>:<A�=:R ��?M>K�MP>EO>�=:RL��I:RF>GM�BL�F:=> �3A:M�:<<HNGM�BL�=>;BM>=�PA>G�MA:M�I:RF>GMBL�F:=>�

: .>GM�>QI>GL>

; .>GM�I:R:;E>

< �:LA

= �:GGHM�;>�=>M>KFBG>=�;:L>=�HG�MA>�BG?HKF:MBHG�IKHOB=>=

�� 0A>��KHGQ��HKIHK:MBHG�K>GML�:�;NBE=BG@�?HK��I>K�=:R �0A>�<HFI:GRZL�:<<HNGMBG@�LRLM>F�F:D>L�GHK><H@GBMBHG�H?�MABL�>QI>GL>�:L�BM�:<<KN>L ��?M>K�MP>EO>�=:RL��I:RF>GM�BL�F:=> �3A:M�:<<HNGM�BL�=>;BM>=PA>G�MA:M�I:RF>GM�BL�F:=>�

: .>GM�>QI>GL>

; .>GM�I:R:;E>

< �:LA

= �:GGHM�;>�=>M>KFBG>=�;:L>=�HG�MA>�BG?HKF:MBHG�IKHOB=>=

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


, � � � % � & ( % � " � # )

,KH?>LLHK &H> $HRE> =BL<NLL>L MA> :GLP>KL MH MA>L> MPH IKH;E>FL :M MA> EBGDL MA:M :K> BG=B<:M>= �?M>K ?HKFN�E:MBG@�RHNK�:GLP>KL��P:M<A�>:<A�OB=>H�MH�L>>�AHP�,KH?>LLHK�$HRE>�:GLP>KL�MA>L>�JN>LMBHGL

� 5HNK�KHHFF:M>�BL�:G�!G@EBLA�F:CHK �+G>�H?�MA>�KHHFF:M>ZL�I:K>GML�PHKDL�:L�:G�:<<HNGM:GM�?HK�MA>?:FBERZL�;NLBG>LL��:�<HKIHK:MBHG�MA:M�HPGL�:�GNF;>K�H?�B<>�<K>:F�LMHK>L�BG�"EHKB=: �0A>�I:K>GM�BL�<HGLM:GMERM:EDBG@�:;HNM�PHKDBG@�PBMA�=>;BML�:G=�<K>=BML��PAB<A�L>>FL�EBD>�LHF>�?HK>B@G�E:G@N:@>�MH�RHNKKHHFF:M> �+G>�=:R��HG�MA>�P:R�MH�MA>�`MG>LL�<>GM>K��RHNK�KHHFF:M>�;ENKML�HNM�MABL�JN>LMBHG��[3A:M�BGMA>�PHKE=�:K>�=>;BML�:G=�<K>=BML��$HP�<:G�MA>R�IHLLB;ER�;>�LH�BFIHKM:GM�\�$HP�PHNE=�RHN�K>LIHG=�

� 5HNK�NG<E>�:G=�MPH�?KB>G=L�LM:KM>=�:�LF:EE�Hb<>�LNIIER�LMHK>�:M�MA>�;>@BGGBG@�H?�MA>�<NKK>GM�R>:K ��EFHLMBFF>=B:M>ER��BM�;><HF>L�H;OBHNL�MH�MA>F�MA:M�MA>R�G>>=�LHF>�LRLM>F�?HK�D>>IBG@�MA>BK�`G:G<B:E�K><HK=L 0A>R�PBEE�>O>GMN:EER�A:O>�MH�K>IHKM�MA>BK�BG<HF>�M:Q>L��:G=�MA>R�F:R�P>EE�G>>=�FHG>M:KR�BG?HKF:MBHG�?HK�:;:GD�EH:G �5HNK�NG<E>�DGHPL�MA:M�RHN�:K>�M:DBG@�:�`G:G<B:E�:<<HNGMBG@�<HNKL>�BG�<HEE>@> �$>�L>G=L�RHN�:G>�F:BE�:G=�:LDL�B?�RHN�<:G�IKHOB=>�LHF>�LN@@>LMBHGL�HG�@>MMBG@�LM:KM>=�PBMA�MABL�K><HK=�D>>IBG@�IKH<>LL $>�K>:EBS>L�MA:M�RHN�A:O>�CNLM�LM:KM>=�RHNK�<HNKL>��;NM�A>�AHI>L�MA:M�RHN�<:G�@BO>�ABF�LHF>�;:LB<�B=>:L�HGAHP�MH�@:MA>K�MA>�G>>=>=�BG?HKF:MBHG �$HP�PHNE=�RHN�K>LIHG=�



�� $�$��"��%+$*�$��,�()�%$� �


& ( % � " � # )

� "HK�>:<A�H?�MA>�?HEEHPBG@�MK:GL:<MBHGL�H?�MA>�$:FG>K��HKIHK:MBHG��BG=B<:M>�PA:M�:<<HNGML�:K>�:_><M>=:G=�PA>MA>K�MA>R�BG<K>:L>�HK�=><K>:L>

: +PG>KL�INM��BG�<:LA�BGMH�MA>�;NLBG>LL

; 0A>�<HFI:GR�;HKKHPL��BG�<:LA�?KHF�MA>�;:GD�HG�:�GHM>�I:R:;E>

< 0A>�<HFI:GR�;NRL�>JNBIF>GM�?HK��NLBG@�<:LA

= 0A>�<HFI:GR�;NRL�F:<ABG>KR�:M�:�<HLM�H?��MA:M�PBEE�;>�I:B=�PBMABG�MABKMR�=:RL

> 0A>�<HFI:GR�L>EEL�L>KOB<>L�?HK�� %M�<HEE><ML��BFF>=B:M>ER��PA>G�MA>�PHKD�BL�=HG>�PBMA�MA>�K>LM�=N>�:M�MA>�>G=�H?�MA>�FHGMA

? 0A>�<HFI:GR�I:RL��BG�K>GM�HG�:�;NBE=BG@�MA:M�P:L�NL>=�=NKBG@�MA>�I:LM�FHGMA �0A>>QI>GL>�A:L�GHM�;>>G�:<<KN>=�HO>K�MA:M�MBF>

@ 0A>�<HFI:GR�I:RL�:��=BOB=>G=�MH�BML�HPG>KL

A 0A>�<HFI:GR�;NRL�BGO>GMHKR�?HK��HG�<K>=BM

B 0A>�<HFI:GR�L>EEL�MA>�:;HO>�BGO>GMHKR�?HK�� %M�<HEE><ML��BFF>=B:M>ER�PBMA�MA>�K>LM�MH;>�K><>BO>=�PBMABG�MA>�G>QM�?>P�P>>DL

C 0A>�<HFI:GR�I:RL�?HK�BGO>GMHKR�;HN@AM�BG�MK:GL:<MBHG�A

D 0A>�<HFI:GR�<HEE><ML�FHG>R�=N>�?KHF�MA>�L:E>�BG�MK:GL:<MBHG�B

� "HK�>:<A�H?�MA>�?HEEHPBG@�BL�:�=>;BM�HK�<K>=BM�G>>=>=�MH�K>a><M�MA>�BFI:<M�

: !JNBIF>GM�BG<K>:L>L

; /:E:KR�I:R:;E>�BG<K>:L>L

< �:LA�=><K>:L>L

= .>GM�>QI>GL>�BG<K>:L>L

> /:E>L�K>O>GN>�BG<K>:L>L

? �<<HNGML�K><>BO:;E>�=><K>:L>L

@ �:IBM:E�LMH<D�BG<K>:L>L

A %GO>GMHKR�=><K>:L>L

B �<<HNGML�I:R:;E>�=><K>:L>L

C /:E:KR�>QI>GL>�=><K>:L>L

� .><HK=�MA>�?HEEHPBG@�CHNKG:E�>GMKB>L�?HK�0:REHK��HFI:GR�?HK�MA>�FHGMA�H?�):K<A�

: �HKKHP>=��?KHF�(H<:E��:GD�:G=�0KNLM

; %GO>LMHKL�<HGMKB;NM>=��BG�<:LA�?HK�LA:K>L�H?�MA>�<HFI:GR�L�LMH<D

< �HN@AM�BGO>GMHKR�<HLMBG@��HG�<K>=BM

= /HE=�BGO>GMHKR�MA:M�HKB@BG:EER�<HLM��?HK��HG�<K>=BM

> ,NK<A:L>=�:�G>P�IB><>�H?�>JNBIF>GM�?HK��<:LA

? �HEE><M>=��BG�<:LA�?KHF�L:E>�H?�BGO>GMHKR�BG��=�

@ ,:B=�?HK�BGO>GMHKR�INK<A:L>=�BG��<�

A ,:B=��BG�<:LA�?HK�:G�BGLNK:G<>�IHEB<R�MA:M�<HO>KL�MA>�G>QM�R>:K

B !FIEHR>>L�>:KG>=��=NKBG@�MA>�FHGMA�;NM�A:O>�GHM�R>M�;>>G�I:B=��MABL�:FHNGM�A:L�;>>GK><HK=>=�;R�MA>�<HFI:GR�:L�BM�P:L�>:KG>=

C ,:B=�>FIEHR>>L��H?�MA>�P:@>L�>:KG>=�:G=�K><HK=>=�=NKBG@�">;KN:KR

� "HK�>:<A�H?�MA>�?HEEHPBG@�MK:GL:<MBHGL��=>M>KFBG>�B?�.:RFHG=��HKIHK:MBHG�A:L�>:KG>=�K>O>GN>�=NKBG@�MA>FHGMA�H?�):R�:G=��B?�LH��AHP�FN<A�A:L�;>>G�>:KG>=

: �NLMHF>K��I:B=�.:RFHG=��?HK�PHKD�.:RFHG=�PBEE�I>K?HKF�BG�&NG>

; �NLMHF>K��INK<A:L>=��BG�BGO>GMHKR�PBMA�MA>�MHM:E�I:RF>GM�>QI><M>=�MH�;>�K><>BO>=�BG?HNK�P>>DL �0AHL>�BM>FL�A:=�<HLM�.:RFHG=��BG�">;KN:KR

< .:RFHG=�I>K?HKF>=�:�L>KOB<>�?HK��NLMHF>K��:G=�P:L�I:B=��BG�<:LA

= �NLMHF>K� �I:B=�.:RFHG=��?HK�BGO>GMHKR�MA:M�P:L�INK<A:L>=�IK>OBHNLER�BG��IKBE

� .><HK=�MA>�CHNKG:E�>GMKB>L�?HK�MA>�MK:GL:<MBHGL�BG�GNF;>K��:;HO>

� 0A>�?HEEHPBG@�:K>�MA>�:<<HNGM�;:E:G<>L�?HK�MA>�!LM>K��HFI:GR�?HK� ><>F;>K��5>:K�"HNK��:G=�MA>�R>:KMA:M�>G=>= ��EE�:<<HNGML�A:O>�GHKF:E�=>;BM�HK�<K>=BM�;:E:G<>L �"HK�LHF>�K>:LHG��<HFI:GR�:<<HNGM:GML�=HGHM�DGHP�MA>�:FHNGM�H?�L:E>L�K>O>GN>�>:KG>=�MABL�R>:K �3A:M�BL�MA>�;:E:G<>�H?�MA:M�:<<HNGM�

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� ��


��+(�� *D;3>��3>3@57M�EF7D��A?B3@K

� /M:M>�PA>MA>K�:�=>;BM�HK�<K>=BM�;:E:G<>�BL�GHKF:E�?HK�>:<A�H?�MA>�?HEEHPBG@�0�:<<HNGML�

: �:LA

; BOB=>G=L�I:B=

< *HM>L�I:R:;E>

= 1G>:KG>=�K>O>GN>

> �HLM�H?�@HH=L�LHE=

? ,K>I:B=�K>GM

@ �<<HNGML�K><>BO:;E>

A �:IBM:E�LMH<D

� *>:K�MA>�>G=�H?�A>K�?K>LAF:G�R>:K�:M�<HEE>@>��$>:MA>K�)BEE>K�BL�?:<>=�PBMA�MA>�=><BLBHG�H?�PA>MA>K�MH�@>M�:LNFF>K�CH;��@H�MH�LNFF>K�L<AHHE��HK�LM:KM�:�LNFF>K�=K>LL�F:DBG@�;NLBG>LL �$>:MA>K�A:L�LHF>>QI>KB>G<>�=>LB@GBG@�:G=�L>PBG@�:G=�;>EB>O>L�MA:M�MABK=�HIMBHG�FB@AM�;>�MA>�FHLM�EN<K:MBO>�H?�A>KLNFF>K�:EM>KG:MBO>L ��HGL>JN>GMER��LA>�LM:KML�[/>P��HHE \

NKBG@�&NG>��MA>�`KLM�FHGMA�H?�;NLBG>LL��MA>�?HEEHPBG@�H<<NK�

: $>:MA>K�=>IHLBML��H?�A>K�HPG�FHG>R�BGMH�/>P��HHEZL�<A><DBG@�:<<HNGM

; />P��HHE�INK<A:L>L�>JNBIF>GM�?HK�� 0A>�<HFI:GR�LB@GL�:�GHM>�I:R:;E>�?HK�MABL�INK<A:L>

< />P��HHE�INK<A:L>L��BG�L>PBG@�LNIIEB>L�:G=�F:M>KB:E�I:RBG@�<:LA

= />P��HHE�@BO>L�$>:MA>KZL�I:K>GML�:�<A><D�?HK��?HK�K>GM��:G=�NMBEBMB>L��?HK�MA>�I:LM�?HNKP>>DL

> $>:MA>K�L>PL�:G=�L>EEL�MP>GMR�=K>LL>L�=NKBG@�MA>�FHGMA �!:<A�=K>LL�A:L�:�IKB<>�H?�� :LA�BLK><>BO>=�?HK�MP>EO>�H?�MA>�=K>LL>L��PBMA�<NLMHF>KL�HPBG@�?HK�MA>�K>F:BGBG@�>B@AM

? 0A>�=K>LL>L�LHE=�<HLM��>:<A�MH�F:D>

@ />P��HHE�INK<A:L>L�:=O>KMBLBG@�?HK��<:LA

A />P��HHE�I:RL�$>:MA>K�:�<:LA�=BOB=>G=�H?��<:LA

B />P��HHEZL�M:Q>L��I:B=�BG�<:LA��:FHNGM�MH�� Required:

� ,K>I:K>�CHNKG:E�>GMKB>L�?HK�MA>�IK>OBHNL�MK:GL:<MBHGL

� ,K>I:K>�M�:<<HNGML�?HK�>:<A�:<<HNGM�NL>=

� ,K>I:K>�:�MKB:E�;:E:G<>�?HK�&NG>

� �HPEBG@��HKIHK:MBHG�A:=�MA>�?HEEHPBG@�MK:GL:<MBHGL�H<<NK�=NKBG@�&:GN:KR�

: �HPEBG@�INK<A:L>=��BG�BGO>GMHKR�HG�<K>=BM

� � ��$�$��"��%+$*�$��,�()�%$� �


; �HPEBG@�K><>BO>=��BG�<:LA�?KHF�<NLMHF>KL�?HK�LN;L<KBIMBHGL�MA:M�PBEE�GHM�;>@BG�NGMBE�MA>?HEEHPBG@�FHGMA

< �HPEBG@�LB@G>=�:�GHM>�?KHF�)B=P>LM��:GD�?HK��

= �HPEBG@�LHE=�:EE�MA>�BGO>GMHKR�INK<A:L>=�BG��:��?HK��HG�:<<HNGM

> �HPEBG@�I:B=�>FIEHR>>L��?HK�L>KOB<>L�I>K?HKF>=��:G=�K><HK=>=��=NKBG@�MA>�IK>OBHNLR>:K

? �HPEBG@�INK<A:L>=�E:G=�?HK��BG�<:LA

@ �HPEBG@�K><>BO>=��BG�<:LA�?KHF�<NLMHF>KL�I:RBG@�H_�IK>OBHNL�:<<HNGML�K><>BO:;E>

A �HPEBG@�I:B=�=BOB=>G=L�MH�LMH<DAHE=>KL�BG�MA>�:FHNGM�H?��

B �HPEBG@�HP>L�BML�>FIEHR>>L��?HK�PHKD�I>K?HKF>=�=NKBG@�MA>�<NKK>GM�FHGMA�;NM�GHM�R>MI:B=

C �HPEBG@�I:B=��HG�BML�:<<HNGML�I:R:;E>

D �HPEBG@�I:B=�M:Q>L�BG�<:LA�H?�� Required:

� ,K>I:K>�CHNKG:E�>GMKB>L�?HK�MA>�IK>OBHNL�MK:GL:<MBHGL

� �HFIE>M>�MA>�?HEEHPBG@�0�:<<HNGML �*NF;>KL�:EK>:=R�NG=>K�MA>�:<<HNGML�K>IK>L>GM�MA>IKBHK�;:E:G<>�BG�MA:M�:<<HNGM

��+(�� %B7@;@9�*��55AG@F��3>3@57E

� ,K>I:K>�:�MKB:E�;:E:G<>�?HK�MA>�>G=�H?�&:GN:KR

�� 0A>�?HEEHPBG@�>O>GML�H<<NKK>=�=NKBG@�MA>�FHGMA�H?�&:GN:KR�?HK�)<(:BG��HFI:GR

: )<(:BG�INK<A:L>L�BGO>GMHKR�<HLMBG@��HG�:<<HNGM

; )<(:BG�L>EEL��NGBML�?HK��>:<A �)<(:BG�<HEE><ML�<:LA�?HK��H?�MA>L>�NGBML �0A>L>�LI><B`<NGBML�<HLM�)<(:BG��>:<A�MH�INK<A:L>

< )<(:BG�<HEE><ML��BG�<:LA�HG�BML�:<<HNGML�K><>BO:;E>

= )<(:BG�M:D>L�HNM�:�EH:G�?HK��

> )<(:BG�I:RL�HNM��<:LA�BG�=BOB=>G=L

? )<(:BG�K><>BO>L�:�<HGMKB;NMBHG�H?��BG�<:LA�?KHF�BML�HPG>KL�BG�>Q<A:G@>�?HK�<:IBM:E�LMH<DLA:K>L

@ )<(:BG�INK<A:L>=�:�G>P�IB><>�H?�>JNBIF>GM �0A>�G>P�>JNBIF>GM�<HLM��:G=�P:L�I:B=�?HKBG�<:LA

A )<(:BG�I:RL��H?�BML�:<<HNGML�I:R:;E>

B )<(:BG�BG<NKL��BG�L:E:KB>L�>QI>GL>��;NM�PBEE�GHM�I:R�PHKD>KL�NGMBE�G>QM�FHGMA

C )<(:BG�BG<NKL��BG�K>GM�>QI>GL>�:G=�I:RL�BM�BG�<:LA

D )<(:BG�IK>I:RL��BG�<:LA�?HK�BGLNK:G<>

E 0:Q>L��I:B=�BG�<:LA��:K>��

Required:

� ,K>I:K>�CHNKG:E�>GMKB>L�?HK�MA>�>:KEB>K�MK:GL:<MBHGL

� �HFIE>M>�MA>�?HEEHPBG@�0�:<<HNGML �*NF;>KL�:EK>:=R�NG=>K�MA>�:<<HNGML�K>IK>L>GM�MA>�IKBHK;:E:G<>�BG�MA:M�:<<HNGM

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� � �


��+(�� %B7@;@9�*��55AG@F��3>3@57E

� ,K>I:K>�:�MKB:E�;:E:G<>�?HK�&:GN:KR

( � ) � � ( � � � � ) ) � � $ # � $ *

� G>PLI:I>K <HFI:GR <HEE><ML FHG>R ?HK LN;L<KBIMBHGL ;>?HK> BML G>PLI:I>KL :K> IARLB<:EER =>EBO>K>= $HPE:K@>�BL�MA:M�EB:;BEBMR��:G=�PA>G�=H>L�BM�;><HF>�K>O>GN>�

#H MH AMMI��PPP GRMBF>L <HF� �M *:7 $7I /AD= *;?7E 3>; LBM>� L<KHEE MH MA> ;HMMHF H? MA> L<K>>G :G=<EB<D HG [0A> *>P 5HKD 0BF>L �HFI:GR \ �EB<D HG [%GO>LMHKL\ :M MA> MHI H? MA> G>QM L<K>>G �EB<D HG ["BG:G<B:EL\HG MA> E>?M LB=> H? MA> G>QM L<K>>G %G MA> <>GM>K H? MA> G>QM I:@>� <EB<D HG [�� GGN:E .>IHKM � "HKF ��'\ MH=HPGEH:=

�?M>K MA> =H<NF>GM A:L =HPGEH:=>=� L<KHEE MH I:@> �� MH EHHD :M MA> <HFI:GRZL ;:E:G<> LA>>M H>L *:7$7I�/AD=�*;?7E��A?B3@K K>IHKM�:GR�NG>:KG>=�K>O>GN>�PBMABG�BML�EB:;BEBMB>L�

*>QM� L<KHEE MH I:@> �� 3BMABG MA> GHM>L MH `G:G<B:E LM:M>F>GML� : =>L<KBIMBHG BL IKHOB=>= H? MA> K>O>GN> K>�<H@GBMBHG IKH<>=NK>L NL>= ;R *:7 $7I /AD= *;?7E �A?B3@K 3A:M BG?HKF:MBHG BL IK>L>GM>= MH =><BLBHGF:D>KL�;R�MA>�E:LM�L>GM>G<>�BG�MA>�?HNKMA�;NEE>M�IHBGM�

� ��$�$��"��%+$*�$��,�()�%$� �


http://www.nytimes.com/

�

�

�

�

)�)*/ .

+G> F>MAH= MH D>>I MK:<D H? MA>L> :<<HNGML BGBMB:EER BL MH K>F>F;>K MA>F :L MA>[ !� \ :<<HNGML� 6>;BML BG<K>:L>� 7QI>GL>L :G= EHLL>L� 3LL>ML� :G= 6BOB=>G=L I:B= -NB<DER��MAHN@A��MAKHN@A�IK:<MB<>��LN<A�FG>FHGB<�=>OB<>L�PBEE�GHM�;>�G>>=>=

�A:G@>L BG MA> ;:E:G<> K>IHKM>= ?HK K>M:BG>= >:KGBG@L GHKF:EER =H GHM <HF> :L :=BK><M K>LNEM H? : MK:GL:<MBHG �L =BL<NLL>= IK>OBHNLER� MABL :<<HNGM K>a><ML :EE MA> G>MBG<HF> >:KG>= MH =:M> K>=N<>= ;R :EE =BOB=>G= I:RF>GML %G<HF> BL F:=> NI H? K>O�>GN>L� >QI>GL>L� @:BGL� :G= EHLL>L �<<HNGMBG@ K><H@GBMBHG H? K>O>GN>L :G= @:BGL

�PAB<A BG<K>:L> PBMA <K>=BML� E>:= MH : E:K@>K K>M:BG>= >:KGBG@L ;:E:G<> !QI>GL>L�EHLL>L� :G= =BOB=>G=L I:B= �PAB<A :EE BG<K>:L> PBMA =>;BML� K>=N<> K>M:BG>= >:KGBG@L �HGL>JN>GMER� <K>=BML <:NL> :G BG<K>:L> BG K>M:BG>= >:KGBG@L PA>K>:L =>;BML IKH�=N<>�:�=><K>:L>

%G E:K@>K HK@:GBS:MBHGL� LBFBE:K MK:GL:<MBHGL :K> H?M>G @KHNI>=� LNFF>=� :G= K><HK�=>= MH@>MA>K ?HK >b<B>G<R "HK >Q:FIE>� :EE <:LA L:E>L :M HG> LMHK> FB@AM ;> MHM:E>=:NMHF:MB<:EER :G= K><HK=>= :M HG> MBF> :M MA> >G= H? >:<A =:R 0H A>EI ?H<NL HG MA>F><A:GB<L H? MA> :<<HNGMBG@ IKH<>LL� MA> CHNKG:E >GMKB>L BG MABL M>QM;HHD PBEE ;> IK>�I:K>=�?HK�MK:GL:<MBHGL�BG=BOB=N:EER

0A> I:K>GMA>MB<:E BG?HKF:MBHG BL BG<EN=>= A>K> HGER ?HK <E:KB`<:MBHG INKIHL>L :G==H>L�GHM�:II>:K�BG�:�MKN>�CHNKG:E�>GMKR

��&*�(��%-��%�)��$�%(��$�0�*�%$��+#+"�*��$��%(��$�0��*��$�%(#�*�%$�$��))�(/�*%��(��*��$�$��"�)*�*�#�$*)� � �


� � ��$�$��"��%+$*�$��,�()�%$� �


financial accounting ch04

Documents

ma qigl

ma ghm

kmr ma

ni bg ma

llml bg ma e

ma fhgr

ma lniiebk bg

ma iklhg