Tài liệu Luân văn tốt nghiệp "Thực trạng hoạch toán chi phí sản xuất công ty cổ phần sông Đà 12 docx






:

 !"#$
!%&$'()*$'()+,
-"-
 
1


 !"#$!%&$'()*
$'()+,+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++(
./
 !"#$!%&$'
()*$'()+,+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++,
 !"
# $%%
&'()*+,,*+,(,-+, /,'(()01+%
234015,67(48+9:;+<&=(>0+,?6@+,3A@B+9,0C/D
2.1.2.1. Ng nh ngh kinh doanh.à ề 6
2.1.2.2. Nhi m v kinh doanh c a xí nghi p.ệ ụ ủ ệ 6
2.1.2.3. c i m các y u t u v o.Đặ để ế ốđầ à 7
2.1.2.4. c i m ho t ng kinh doanh.Đặ để a đô 8
E234015(F3,G3H85'IJ&;+KL (F3,G3,67(48+9:;+<&=(>0+,
?6@+,3A@<B+9,0C/
2.1.3.1. c i m t ch c b máy qu n lý c a n v .Đặ để ổ ứ ô ả ủ đơ i 12
- Kh i gián ti p: G m 22 cán b l m vi c t i Ban giám c (g m ố ế ồ ô à ệ a đố ồ

Giám c v 2 Phó giám c) v 4 phòng ban ( Phòng T ch c đố à đố à ổ ứ
h nh chính, Phòng T i chính k toán, Phòng qu n lý k thu t v à à ế ả ỹ ậ à
Phòng kinh t k ho ch v t t ) ch u s ch o c a Ban giám c.ế ế a ậ ư i ự ỉ đa ủ đố 12
2.1.3.2. c i m quy trình xây d ngĐặ để ự 13
2.1.3.3. c i m t ch c s n xu t.Đặ để ổ ứ ả ấ 15
M234015(F3,G33N+9('3>O(6'+(704P+.Q%
2.1.4.1. Ph ng th c t ch c:ươ ứ ổ ứ 15
2.1.4.2. C c u b máy k toánơ ấ ô ế 16
2.1.4.3. H th ng k toán.ệ ố ế 17
2.1.4.3.1. c i m ch k toán áp d ng t i xí nghi pĐặ để ếđô ế ụ a ệ 17
2.1.4.3.2. H th ng t i kho n k toán s d ng.ệ ố à ả ế ử ụ 17
2.1.4.3.3. Ch ng t s d ng.ứ ừ ử ụ 18
19
H ng tháng, t ng y 10 n ng y 15 d ng l ch ch ng t c k toánà ừ à đế à ươ i ứ ừđượ ế
công tr ng t p h p v g i v phòng T i chính k toán ti n h nh ườ ậ ợ à ử ề à ế để ế à
h ch toán.a 19
2.1.4.3.4. Ph n m m k toán s d ngầ ề ế ử ụ 19
u i m c a h th ng SAS.Ư để ủ ệ ố 20
2.1.4.3.5. Hình th c ghi s .ứ ổ 20
- S sách s d ng:ổ ử ụ 20
- Quy trình ghi số 20
2.1.3.4.6. T ch c h th ng báo cáo t i chính.ổ ứ ệ ố à 21
RS "T$ $
"UVWX"# W"Y# $
 !"# $%
 
2

Z0([\+9 /,[P+9/,'/,73,(6'+3,0/,B:;+<&=( (B+,90'(,-+,
:;+/,]5<^IK_/(703,0+,'+,3N+9(I3F/,`+N+9-B+9,0C/N+9

-%
2.2.1.1. i t ng h ch toán chi phí s n xu t v tính giá th nh s n Đố ượ a ả ấ à à ả
ph m.ẩ 22
2.2.1.2. Ph ng pháp h ch toán chi phí s n xu t v tính giá th nh s nươ a ả ấ à à ả
ph m xây l p.ẩ ắ 22
73,(6'+3,0/,B:;+<&=( (B+,90'(,-+,:;+/,]5<^IK_/(70B+9,0C/N+9
$%M
73,(6'+3,0/,B+9&Ia+.b(K0C&()c3(0O/M
2.2.2.1.1. c i m nguyên v t li uĐặ để ậ ệ 24
N+93d?d+93dH@69e5(=(3;([K0C&K@648+94[\3360K-3N+93d?d+9
3d+,[f3Z//,@:_(3Z//,@9g<-9g.'+h/i%
2.2.2.1.2. Quy trình h ch toán chi phí nguyên v t li u tr c ti p.a ậ ệ ự ế 25
2.2.2.2. H ch toán chi phí nhân công tr c ti p.a ự ế 37
2.2.2.2.1. Các hình th c tr l ng t i Xí nghi p.ứ ả ươ a ệ 37
2.2.2.2.2. Quy trình luân chuy n ch ng t v h ch toán chi ti t.ể ứ ừ à a ế 38
2.2.2.3. H ch toán chi phí máy thi công.a 50
2.2.2.3.1. i v i máy thi công c a Xí nghi p.Đố ớ ủ ệ 50
2.2.2.3.2. Máy thi công thuê ngo i.à 54
2.2.2.4. Chi phí s n xu t chungả ấ 59
2.2.2.5. T ng h p chi phí s n xu t, ki m kê, ánh giá s n ph m d ổ ợ ả ấ ể đ ả ẩ ở
dang v tính giá th nh s n ph m ho n th nh.à à ả ẩ à à 62
2.2.2.5.1. T ng h p chi phí s n xu t.ổ ợ ả ấ 62
2.2.2.5.2. Ki m kê v ánh giá s n ph m d dang.ể àđ ả ẩ ở 66
2.2.2.5.3. Tính giá th nh s n ph m xây l p.à ả ẩ ắ 67
2.2.2.6. ánh giá tình hình th c hi n so v i d toán.Đ ự ệ ớ ự 70
.+0123$
4 !"#
$'()+,+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++5(
Ejk
EZ0.l03N+9('3>O(6'++m03,&+9fk

EN+9('3J&;+KL ,73,(6'+3,0/,BT()c3(0O/k
EEN+9('3J&;+KL ,73,(6'+3,0/,B+,^+3N+9()c3(0O/k
EMN+9('3J&;+KL ,73,(6'+3,0/,B5'I(,03N+9kE
E%N+9('3J&;+KL ,73,(6'+3,0/,B:;+<&=(3,&+9kE
EDF>O(6'+3,0(0O(kE
EjnkM
EN+9('3(b/,\/ K&^+3,&I1+3,G+9(okM
EN+9('3,73,(6'+3'3>,6;+5d33,0/,BfkM
 
3

EEpk%
EEc3`+(,0O( Ia&3`&3A@.0C3,6-+(,0C+3N+9('3>O(6'+(b/,\/3,0
/,B:;+<&=( (B+,90'(,-+,:;+/,]5<^IK_/(70B+9,0C/N+9-% kD
EETq.0C3,73,(6'+3,0/,B (-0>,6;+:r?d+9fkD
1"6+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++78
"+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++7,
./
 !"#
$!%&$'()*
 
4

$'()+,
)+(+'9':%;<"=1
$'()+,+
)+(+(+<>?@ABCDDBCD@DECDFEGD?@@AHIC+
a+4P+.QfB+9,0C/:N+9-%
a+90@6?Q3,fB+9,0C/:N+9-%
)d:sf/,t+9uk(t@+,-M(`+9>,&4N(,Q)&+96-,^+,B+,

&b+`& 0=I-80
B+9,0C/:N+9-%K-4P+.Q()c3(,&833N+9(I:N+9-v@IK-
3N+9(I3F/,`+:N+9-w58(4P+.Q(,-+,.0a+(,&83(F+93N+9(I:N+9-
B+9,0C/:N+9-%4[\3(,-+,Kb/(,x6J&IO(4Q+,:Zuyz{{+9-I
uDzuz||y3A@,804e+9J&;+()QF+93N+9(I<^I?c+9:N+9-.l0(a+9}0H@+
4`&K-B+9,0C/<^IK_/.b(([.b+(;0:N+9-%Z4~+9>B>0+,?6@+,u||Dk
4[\33=/+9-IDzuz||D3A@s>O,673, 4`&([-80
T0C3(,-+,Kb/<B+9,0C/:N+9-%3~+3G 6f
 &IO(4Q+,:Z||Dz•{+9-I%zuz||%3A@•8()[s+9
•8<^I?c+9.q(,-+,Kb/F+93N+9(I<^I?c+9:N+9- 40q&KC(F3,G3,67(
48+93A@F+93N+9(I
 Wa&3`&.q3N+9('3(F3,G3 (*+,,*+,(,c3(1/,'(()01+:;+<&=(
>0+,?6@+,3A@F+93N+9(I
 ,c3,0C+9,QJ&IO(3A@,[€+9.d4;+9AI 804e+9J&;+()Q
F+93N+9(I,}/+9-Iu%zuz||y
B+9,0C/^IK_/Tb(([Tb+(;0N+9-%4[\3,*+,(,-+,()a+3P:s
+^+93=/()75(0O/+,b+.b(([(,0O(HQ••(P+H@+4`&()d:s4m+9(70<‚,@+,
P+,&IC+05•;+9(ƒ+,-@5
@&+-I<B+9,0C/4[\34F0(a+(,-+,B+9,0C/:N+9-%(,x6&IO(
4Q+,:Zz{+9-IzuEzuu3„+93'3<B+9,0C/(,-+,.0a+>,'33A@
N+9(I:N+9-v@IK-3N+9(I3F/,`+:N+9-w
•@+4`&()d:s3A@<B+9,0C/4[\34m+9(70:Z+,-ME+9…%|/,Z",'6-0
'+9&b+•@*+,-80:@&+-I3,&I1+4O+/,t+9uk(t@+,-M(`+9>,&
4N(,Q)&+96-,^+,B+,&b+`& 0=I-80
 
5

)+(+)+'JKLHIMDNO@LPCQRSCT>U@VHCDWNXCDKYXZCQDH[G+

~+3G 6&IO(4Q+,:Zuyz{+9-IuDzuz||y3A@804e+9

J&;+()QF+93N+9(I:N+9-3~+3G 690=I/,h/4~+9>B>0+,?6@+,:Zu||Dk3A@
s>O,673, 4`&([-80B+9,0C/4[\3/,h/>0+,?6@+,3'3+9-+,+9,q:@&f
 ,b+(,`&(,03N+9<^IK_/3'33N+9()*+,(,AIK\0?^+?d+9 3N+9+9,0C/
 0+,?6@+, /,'(()01++,-s4N(,Q
 ;+<&=( >0+,?6@+,3=&>0C+Ha(N+94•3:†+/,d3.d<^I?c+94N(,Q
 ;+<&=( >0+,?6@+,(0O/+,b+ .b+3,&I1+.b(([/,d3.d3'33N+9
()*+,
 ,c3,0C+3'3+,0C5.d.q<^I?c+9?63N+9(I3F/,`+:N+9-90@6
3,6

F3,G3:;+<&=(>0+,?6@+,3'3?Q3,.d(,x6J&I4Q+,3A@/,'/K&b(
‡Tb+3,&I1+(,0O(HQ3,63N+9()*+,(c(76.Z+3,6:;+<&=(>0+,?6@+,
J&;+KL>,@0(,'3 :r?d+93m,0C&J&;3'3+9&e+.Z+4;5H;65s)8+9:;+<&=(
>0+,?6@+,(~+9(,&+,b/ H„4_/3,0/,B
‡-5+9,ˆ@.d.l0+,-+[l3(&^+(,A4•+93,O483,B+,:'3,.qJ&;+KL
>0+,(O3A@+,-+[l3,0C+,-+,(,c3,0C+4•+93'33,O48J&;+KL>0+,(O.q
(-0:;+(-03,B+,K@648+9 (0q+K[P+9
‡,c3,0C+4`I4A3'33@5>O(()6+9,\/4e+9:;+<&=(5&@H'+
K0a+?6@+,K0a+>O(.l03'3(F3,G3>0+,(O 3'+,^+
‡9,0a+3G&3'3H0C+/,'/+^+93@6>,Z0K[\+93,=(K[\+9,-+9
,6'H'+)@5s)8+9(,Q()[€+9/,'(()01+57+9K[l0>0+,?6@+,9m//,`+
K-5(~+9+9&e+(,&3,6+9^+:'3,3N+9(I 3,6+,-+[l3
‡-5(Z(3N+9('3H;6,8 @+(6-+<‚,80‰K-5(Z(3N+9('3/,^+
/,Z0(,x6K@648+94-6(76He0?[Š+9+^+93@6()*+,483,&Ia+5N+()*+,
48(@I+9,q +9,0C/.d3,6+9[€0K@648+9‰4;5H;63N+9~+.0C3K-5
(,c3,0C+4•+93,B+,:'3,3,O483,6+9[€0K@648+9()6+93N+9(I
23?„(,€090@+,67(48+93,[@+,0q&+,[+9<B+9,0C/4‚3m+,‹+93Z
9_+9+gKc341,6-+(,-+,(Z(+,0C5.d3A@N+9(IN+9-90@63,6:†+:-+9
(,@590@(,03N+9+,0q&3N+9()*+,(,AIK\03N+9()*+,?^+?d+9/,d3.d<‚,80
 

6

4e+9(,€03&+93=/>Q/(,€0.b(([(,0O(HQ/,d3.d3'33N+9()*+,(,x6Ia&3`&8(
:Z3N+9()*+,Kl+(0a&H01&<B+9,0C/4‚(,@590@(,03N+9f
,-.~+,6'K@648+96+&5
,-5'I(,&Œ40C+P+@
,-5'I<05~+976+9
,&4N(,QT0C([+9
0C++@I3'+H8 3N+9+,^+.0a+<B+9,0C/4@+9()6+9J&'()*+,<^I?c+9
,6-+(,0C+>,&4N(,Q5l0T0C([+9 +,-5'I<05~+976+9v&;+90+,w
 !"#$"
%" &'("$")B+9,0C/:N+9-%(&IJ&I5N>,N+9Kl+
+,[+9.0C3<^I?c+9 ,6-+(,0C+3N+9()*+,<^I?c+9 ()@+9()B+80(,=(3•+9
4t0,Ž0+,0q&K670+9&Ia+.b(K0C&B+9,0C/K&N+K&N+3,•()}+94O+3,=(Kc6+9
3A@+9&Ia+.b(K0C&3•+9+,[3,=(K[\+93N+9()*+,9&Ia+.b(K0C&4`& 6<B
+9,0C/3m(,1+,b/3A@3'3<B+9,0C/()6+9+80H83N+9(I+96-0)@<B+9,0C/3t+
K0a+>O(.l03'3?6@+,+9,0C/3&+93=/+9&Ia+.b(K0C&3m&I(B+41(765Z0J&@+,C
K^&?-0
%*+(,)0C++@I<B+9,0C/3m,P+EuuK@648+9()6+94mK@6
48+9(70.~+/,t+9<B+9,0C/K-+9[€0@648+9()6+9H0a+3,OK-u%+9[€0
3t+K70K-,P+uuK@648+9(,€0.dTqK@648+9()6+9H0a+3,O3m%E3r+,^+ >•
:[%3N+9+,^+>•(,&b(@648+9(,€0.d(,[€+94[\3>L,\/4e+9()6+9E
(,'+9 :ZK[\+9K@648+9(,€0.d/,d(,&83 6J&I5N3N+9()*+,
80+9•+9[€0K@648+93m()*+,48(0+,(,`+L(,G3 ()'3,+,0C5K@6
48+99m//,`++^+93@63,=(K[\+9,67(48+93A@<B+9,0C/
% -!./f23?„J&I5N3A@<B+9,0C/>,N+9Kl+3'33N+9
()*+,(,03N+9(,[€+93'3,<@+,@&+,[+9414;5H;63,=(K[\+93N+9()*+, (0O+
48:;+<&=(<B+9,0C/4‚4`&([,P+%(ƒ4e+93,0/,B5'I5m3(,0O(HQ()6+94m3,A
IO&K-90'()Q5'I(,03N+996-0)@414'/G+9+,&3`&:;+<&=(<B+9,0C/3t+
(0O+,-+,(,&a+96-05'I(,03N+9/,d3.d3'33N+9()*+,i

 
7

01,
-<B+9,0C/3mJ&I5N.o@ +,Ž(,€090@+,67(48+93•+93,[@K^&3„+9
.l0:c37+,()@+,>,Z3K0C(3A@)=(+,0q&3N+9(I<^I?c+9Kl++a+<B+9,0C/3•+9
92/+,0q&>,m>,~+6+9.l0:c3,ƒ476(,Z+9+,=(3A@H@+K‚+,476<B+9,0C/
3„+9.l0+gKc33A@3'+H83N+9+,^+.0a+<B+9,0C/+9-I3-+9(764[\3&I(B+
>,•+94Q+,4[\33,g4G+93A@5*+,40q&+-I(,1,0C+J&@3'33,ƒ(0a&(-03,B+,
()6+9+,‹+9+~59`+4^I+,[:@&f
 '1
'\CF]@ZCD/'^CQ
,ƒ(0a& EzzuuM Ezzuu% EzzuuD
+EHRSC_`>LPCQFELa>@`
CQbCDOC
)c+7d5+c)d+8)e),+f5d+(cd+57) )7+(ec+(,5+c,8
0q+ %D%uEEyDu %||ukku DuuyEu%
'3>,6;+/,;0(,& kkk%EkE %|M%ky% EEy%k|u
-+9(e+>,6 Ey%D|Ey kyED|y% Ey|uyuu
T-0:;+K[&48+9>,'3 EMyM|%|%y EDEE|k% DE|D%y
+EHRSCKgL]CDFELa>@`WEH
DOC
)+cdd+(cc+f58 f+8f(+de)+(,f f+ed(+e(5+,d8
-0:;+3Z4Q+, EuuEEDkM %yMuy%E %MMuu%M|D
,0/,B();()[l3?-0,7+ EDkEuE MDyD%ky
%
)f+(d5+8,8+(dcc)+(c(+)))+ec7 c,+de,+d58+7,7
 
h4
'\CF]@ZCD/'^CQ

,ƒ(0a& EzzuuM Ezzuu% EzzuuD
+iGDSH@AS
),+e78+77d+88) c)+dd7+f8e+)55 c8+e5c+d((+5(8
T@I+9_+,7+ DEyD|E%%
\?-0,7+4O+,7+();
E",;0();3,6+9[€0H'+ MDy|Dy yykkDkuk E|u%|E
M9[€05&@();(0q+()[l3 k%k|MuE M|%Ekkuuu %D%|yM
8

SCQ(/SCQKjCLgHVk@N?CClM)dd8)dd,)ddf
 !"#$#%&%!'($)*+,* .* .* /0
6m/
)6+9+,‹+9+~5J&@(*+,,*+,:;+<&=(>0+,?6@+,3A@<B+9,0C/4‚3m
+,0q&H[l3(0O+J&@+()6+90q&+-I(,1,0C+()a+58(:Z3,ƒ(0a&.q(-0:;+
+9&e+.Z+.q>O(J&;:;+<&=(>0+,?6@+,3A@<B+9,0C/
-<B+9,0C/3mJ&I5N>,N+9Kl+:6+9()6+9E+~5J&@(*+,,*+,(-0:;+
3A@?6@+,+9,0C/3m+,0q&H0O+4F0>,;J&@+-0:;+K[&48+9+~5uu%(~+9
yDyuEDu4e+9:6.l0+~5uuM(G3(~+9ky‘:6.l0+~5uuM+~5uuD
(~+9%EuD%ku4e+9:6.l0+~5uu%(G3K-(~+9|y‘-0:;+3Z4Q+,(~+9
(o  EuuEEDkM  4e+9  +~5  uuM  Ka+  DMDu|%D  4e+9  +~5  uu% 
D|u|k%uM4e+9+~5uuD-0:;+3Z4Q+,+~5uu%(~+9kyK`+:6.l0+~5
uuM +~5uuD(~+9uDyK`+:6.l0+~5uu%-0:;+K[&48+93,0O5>,6;+9
yu‘(F+9(-0:;+3A@<B+9,0C/3P3=&+-I/,„,\/.l04234015<B+9,0C/<^IK_/
 
%,&O 3'3>,6;+/,;0
+8/+,-+[l3
%%%ku |DEM%%D yMyMyyMkE
D",;0();3N+9+,^+.0a+ kuuEMD| |E%yDEy ykMuukyM
k",;0();3'34P+.Q+80H8 uMEEuE %Mu|DyE Dkuk%y%|
y'3>,6;+/,;0();/,;0

+8/>,'3
Eu%Eu%%y| |%|yM%|E D%ky%Mu
+Q>^CFgCKDYRnDo> ())+,5c+ff( ())+,5c+ff( ())+dfc+(88
9&e+.Z+>0+,?6@+, %kEDD %kEDD
9&e+>0+,/,BJ&•>,'3
E\0+,&b+3,[@/,^+/,Z0
())+dfc+(88
%
)f+(d5+8,8+(dc c)+(c(+)))+ec7 c,+de,+d58+7,7
9

1<'0p
'\CF]@ZCD/L^CQ
Dq@Hr> lM)dd8 lM)dd, lM)ddf
{6@+,(,&H'+,-+9 3&+93=/?Q3,.d yy||D|MM MEDkDu%M MykM||EMD
'3>,6;+90;5()o E%EEEE MDDy y|M|u%
E{6@+,(,&(,&`+H'+,-+9 3&+93=/
?Q3,.d
yy|DkDED MEM|yMED MykEu|DE|M
M 0'.Z+,-+9H'+ kEMDED DE%|%EyD MMEM%MME
%\0+,&b+98/H'+,-+9 3&+93=/
?Q3,.d
%kEu|y| kuukuEu%u MEy%%M|k
D{6@+,(,&,67(48+9(-03,B+, EyMDk |MMMuDM y%EM%kD
k,0/,B(-03,B+, MyM|Dy| EMkMEED| ukMMyDED
y,0/,BH'+,-+9
|,0/,BJ&;+KL?6@+,+9,0C/ ED%%%Eu uu|k%%yE EukuDk
u  \0  +,&b+  (,&`+  (o  ,67( 48+9  >0+,
?6@+,
MEyuuEM uMuMkE| |yuEDMM

,&+,b/>,'3 E|Muuu %|%uu
,0/,B>,'3
E\0+,&b+>,'3 E|Muuu %|%uu
MF+9K\0+,&b+()[l3(,&O MM|MEM uMuMkE| uDEMM
%,&O(,&+,b/?6@+,+9,0C//,;0+8/
D\0+,&b+:@&(,&O MM|MEM uMuMkE| uDEMM
SCQ)/?NK?NVk@s>SVHCDWNXCDClM)dd8)dd,)ddf
 !"#$#%&%!'($)*+,* .* .* /0
 
10

6m+
&@(*+,,*+,:;+<&=(>0+,?6@+,E+~59`+4^I(@+,b+(,=I?6@+,(,&,67(
48+9:;+<&=(>0+,?6@+,(~+9Ka+4'+9>1(oyy||D|MM(ƒ4e+9+~5uuM
Ka+4O+MEDkDu%M(ƒ4e+9+~5uu% MykM||EMD(ƒ4e+9+~5uuD
{6@+,(,&+~5uu%(~+9|K`+:6.l0+~5uuM +~5uuD(~+9,P+K`+:6
.l0+~5uu%40q&+-I3,G+9(ŽJ&I5N,67(48+93A@<B+9,0C/4‚(~+9Ka+4'+9
>1\0+,&b+(,&`+:@&(,&O3•+9(~+9(oMM()0C&(o+~5uuM4O+()0C&
+~5uuD4‚(~+99`+9=/EK`+0q&+-I3,6(,=I<B+9,0C/4‚ 4@+9,67(48+9
3m,0C&J&;&I+,0a+(ƒKCK\0+,&b+(,&`+:6.l0?6@+,(,&3t+(,=/40q&+-I3,6
(,=I3N+9('3J&;+KL()6+9.0C390;53,0/,B(~+9K\0+,&b+3A@B+9,0C/3t+
3,[@(Z(
@<x5<h(:Z3,ƒ(0a&(-03,B+,3A@<B+9,0C/()6+9+,‹+9+~5J&@
Dq@Hr> lM)dd8 lM)dd, lM)ddf
,;+~+9(,@+,(6'+
uuM uuEy uuEM
ƒ:&=(K\0+,&b+:@&(,&O()a+?6@+,
(,&
uEE uMk u%
ƒ:&=(K\0+,&b+:@&(,&O()a+(F+9(-0

:;+
uD| uE% uEM|
ƒ:&=(K\0+,&b+:@&(,&O()a+.Z+
3,A:s,‹&
uED uy 
SCQc/P@RgKDq@Hr>@EHKDZCDcClM)dd8)dd,)ddf
6m
,;+~+9(,@+,(6'+>,'0J&'(3A@?6@+,+9,0C/3,ƒ<=/<ƒKl+,P+3,G+9(Ž
>,;+~+9(,@+,(6'+3A@?6@+,+9,0C/>,N+93@6(&I+,0a+40q&+-I3•+9/,„,\/.l0
42340153'3<B+9,0C/<^IK_/423H0C(K-3'3<B+9,0C/3mJ&I5N>,N+9Kl+&I
+,0a+(-0:;++9_+,7+3A@<B+9,0C/4A>,;+~+93,0();>,6;+9|u‘3'3>,6;++\
+9_+,7+3A@B+9,0C/40q&+-I9m//,`+F+4Q+,.q52((-03,B+,3,6B+9,0C/
ƒ:&=(K\0+,&b+:@&(,&O()a+?6@+,(,&()&+9H*+,>,6;+9u%4^I>,N+9
/,;0K-36+:ZKl++,[+9/,„,\/.l0J&I5N,67(48+93A@<B+9,0C/
ƒ:&=(K\0+,&b+:@&(,&O()a+.Z+3,A:s,‹&(~+9Ka+)=(+,@+,(ouEDKa+
uy (o+~5uuM4O+uu% uuD(B:&=(.Z+3,A:s,‹&()a+(F+9(-0:;+
3•+9(~+9()6+9E+~5J&@40q&+-I3,G+9(Ž<B+9,0C/:r?d+9+9&e+.Z+3,A:s
,‹& :r?d+9(-0:;+3m,0C&J&;
 
11

)+(+c+'JKLHIM@tKDuKvPM?ws>SC_xFE@tKDuKDNO@LPCQRSCT>U@VHCD
WNXCDKYXTZCQDH[G
23., 4"5(67/
N,*+,(F3,G3,0C++@I3A@<B+9,0C/f<B+9,0C/:N+9-%K-4P+.Q
,73,(6'+/,d(,&83K-58(H8/,b+3A@N+9(I3F/,`+:N+9-B+9,0C/
3,Q&()'3,+,0C5(,c3,0C++,0C5.d5-N+9(I90@63,64e+9(,€03m(,14=&
(,`&(,c3,0C+3'3,\/4e+9>0+,(OHa++96-0234015(F3,G3J&;+KL3A@<B
+9,0C/(,x63P3=&.o@()c3(0O/.o@3,G3+~+9(G3K- 0'54Z3J&;+KL40q&,-+,
?[l0:c90•/4Š3A@3'3/,t+9H@+

Tq52((F3,G3<B+9,0C/:N+9-%4[\33,0@(,-+,>,Z0f,Z090'+
(0O/ >,Z0(,03N+9f
89#!1 ,**#23"$,#45,6# ,1,6#
$*7,6#0$82589#:#$#%.8$#%
;.8<=">;?$8;;4#0#!@#A64
#B55,6#+
",t+9(F3,G3,-+,3,B+,f-/,t+9(,@55[&90•/90'54Z3()6+9.0C3(,c3
,0C+3N+9('3HZ()B:_/<O/(&I1+?d+93'+H83,_/+Z0J&@+,C90@6?Q3,.l03'33P
J&@+4P+.Q()6+9 +96-0<B+9,0C/()c3(0O/J&@+,C.l03,B+,J&Iq++,^+?^++P0
4m+9()d:s3A@<B+9,0C/
",t+9>0+,(O>O,673,.b(([f-/,t+93,G3+~+9(,@55[&90•/90'54Z3
<B+9,0C/()6+93'3>,^&<^I?c+9>O,6@3,>015()@(,c3,0C+>O,673,3A@<B
+9,0C/+m03,&+9 3'3(F480+m0)0a+9.q3N+9('3,\/4e+9>0+,(Oi
",t+9-03,B+,>O(6'+f-/,t+93,G3+~+990•/ 0'54Z3<B+9,0C/(F
3,G3H85'I>O(6'+3A@<B+9,0C/ ?[l03'3(F480(,@55[&3,690'54Z33'3
.=+4q.q(-03,B+,(B+?d+9 0•/90'54Z3<B+9,0C/(,c3,0C+(6-+H83N+9('3(-0
3,B+,>O(6'+>0+,(O(,x63,O483,B+,:'3,3A@+,-+[l3 3A@3N+9(I4[\33d
(,1,m@H’+940q&KC,67(48+93A@N+9(I 3A@<B+9,0C/
",t+9J&;+KL>•(,&b(f-/,t+93,G3+~+9(,@55[&90•/90'54Z3<B
+9,0C/()6+9J&;+KL<^IK_/(,c3,0C+4•+93'3J&I4Q+,3,B+,:'3,3A@+,-+[l3
.q<^I?c+93PH;+/?d+93N+9+9,C>•(,&b((0a+(0O+,0C+470:'+9>0O+3;0
(0O+>•(,&b(<^IK_/
89#:•@69e5,P+yu>•:[ 3N+9+,^+>•(,&b(()6+9H0a+3,O
,P+uuK@648+9(,€0.d+96-0H0a+3,Ov,‹+9+9[€0K@648+9(,€0.d4[\3>B
,\/4e+9()6+9E(,'+9 :ZK[\+9K@648+9(,€0.d/,d(,&83 63N+9()*+,5-
 
12

3'3(F4804@+9(,03N+9w'3(F480(,03N+93m+,0C5.d()c3(0O/(,03N+9(,x6:c
3,ƒ4763A@3=/()a+

\L^5/\L^@tKDuKvPM?wKYXL\CF]
4" ;<= >
'33N+9()*+,<B+9,0C/:N+9-%(,c3,0C+3m(,1?63N+9(I:N+9-
90@63,6,623?6<B+9,0C/(c4=&(,`&
O&<B+9,0C/(,03N+93'33N+9()*+,?63N+9(I:N+9-90@63,6(,*
J&I()*+,3N+9+9,C+,[:@&f
 
13
H?MLgK
)DyQH?MLgKGDz@A?KD
V{@D>|@
DyQH?MLgKGDz@A?KD@EH
KDZCD
D}CQ@tKDuK
DECDKDZCD
D}CQ@EHKDZCD
Vk@N?C
D}CQVHCD@k
VkDNOKDF|@@`
D}CQs>SC_x
V{@D>|@
'PHe 'PH(d 'PH((

\L^7/\L^s>w@ABCDTjwW~CQK•CQ@ABCDWNK•CQ@wQHXN
O&<B+9,0C/(,03N+93'33N+9()*+,4=&(,`&(,*J&I()*+,3N+9+9,Cf
\L^e/\L^s>w@ABCDTjwW~CQK•CQ@ABCDLU>@Da>
 
14
D|CCDH[MFz
"|GVkDNOKD

tKDuK@DHK•CQ >XF|@@`@tKDuK
CDjCK•CQ
QDH[M@D>vEC
QHXNs>wk@@N?C
K•CQ@ABCD
QDH[M@D>vEC
QHXNs>wk@@N?C
K•CQ@ABCD
ZDiGL^CQTjw
W~CQ
"|GVkDNOKD
tKDuK@DHK•CQ
>XF|@@`@tKDuK
CDjCK•CQ
'U>@Da>

23?5"@
\L^(d/\L^@tKDuKRSCT>U@
705g03N+9()*+,<B+9,0C/3m(F3,G3(,-+,M(F4803m+,0C5.d>,'3
+,@&fF40C++[l3(F3P90l0(F90@3N+9(,^+(F+q583
‡F40C++[l33m3,G3+~+9 +,0C5.d3,B+,/,d()'3,.0C3K_/42(,C
(,Z+9+[l340C+3,63'33N+9()*+, 40C++[l3:0+,,67(3,63N+9+,^+.0a+
‡F3P90l03m+,0C5.d/,d()'3,.0C3.b+,-+,5'I5m3(,0O(HQ/,d3.d
3N+9()*+,4‚ 4@+9(,03N+9:@++q+<•34=(
‡F90@3N+9(,h/f",d()'3,+,‹+93N+9()*+,,7+95d33N+9()*+,3mK0a+
J&@+4O+:_((,h/
‡F+q583f/,d()'3,.0C3<^I?c+93'33N+9()*+,
)+(+8+'JKLHIM@tKDuKK•CQ@?KVk@N?C@OHL\CF]+
~+3G 64234015:;+<&=(3A@(6-+<B+9,0C/•@+90'54Z3Kc@3,}+,*+,
(,G3>O(6'+(b/()&+9,@I/,^+('+3,6/,„,\/ (F3,G3H85'I>O(6'+(,B3,

,\/+,=(
0A*7323)
0C++@IH85'I>O(6'+3A@<B+9,0C/4[\3(F3,G3(,x65N,*+,(b/()&+9
,x65N,*+,+-I(,*(6-+H83N+9('3>O(6'+4[\3(0O+,-+,(b/()&+9(70/,t+9
(-03,B+,>O(6'+3A@<B+9,0C/703'33N+9()[€+94@+9(,03N+9>O(6'+3N+9
()[€+93m+,0C5.d(b/,\/3'33,G+9(oK0a+J&@+ Kb/58(H;+9>a9r0.q
/,t+9(-03,B+,>O(6'+<B+9,0C/O(6'+<B+9,0C/:“4Z03,0O&.l0?c(6'+
<x5<h(3'3>,6;+3,03m4•+9.l0?c(6'+,@I>,N+9>015()@(B+,,\//,'/3A@
 
15
•@+J&;+KL3N+9()[€+9
tLH[C
C`€K
tK\QH€H tQHXK•CQ
@D•G
tC‚MPK
'3480<^I?c+9

3,G+9(oO&3,G+9(oK-,\//,'/(,*/,t+9>O(6'+3A@<B+9,0C/:“(0O+,-+,
,73,(6'+?c@()a+3'33,G+9(o+-I
0B7@"., !
",t+9>O(6'+<B+9,0C/H@69e5y+9[€04[\3/,^+3N+9(,-+,3N+9
.0C33d(,1+,[:@&f
‡O(6'+()[s+9
‡O(6'+(F+9,\/
‡O(6'+.b(([ (-0:;+3Z4Q+,
‡O(6'+(,@+,(6'+
‡O(6'+(,&O
‡,AJ&•
96-0)@(703'33N+9()*+,3•+93m3'3>O(6'+3N+9()*+,3m+,0C5

.d9,03,h/3'33,G+9(o(,&3,041H'63'6Ka+<B+9,0C/
\L^((/\L^@tKDuKvPM?wVk@N?C
 
16
k@N?C
@tCQDiG
k@N?C
@A`nCQ
k@N?CF|@
@`FE'
k@N?C
@DXCD@N?C
k@N?C
@D>k DYs>{
k@N?C
K•CQ@ABCD

0C#!
*+)++C+)+(D#6E,#63;FG4H%
0C++@I?6@+,+9,0C/4@+9'/?d+93,O48>O(6'+(,x6J&IO(4Q+,:Z
%zuuDz•+9-IuzEzuuDTq3PH;+3,O48>O(6'+5l0'/?d+93,64P+
.Q<^IK_/>,'33,O48>O(6'+3•s3,g4mK->,N+9:r?d+9(-0>,6;+M41
/,^+HF3,0/,BJ&;+KL?6@+,+9,0C/ 3,0/,BH'+,-+93,6+,0q&>”5->1(
3,&I1+:@+9(-0>,6;+|t+K70.0C340q&3,ƒ+,:Z(-0>,6;+()6+9,C(,Z+9
(-0>,6;+>O(6'+>,N+93m+,0q&;+,,[s+94O+.0C3,73,(6'+3A@4P+.Q
‡0a+48>O(6'+'/?d+9(70<B+9,0C/H_(4`&(o+9-Iuzu4O++9-I
Ez*>O(6'+(,c3,0C+K-,-+9(,'+9
‡P+.Q(0q+(C:r?d+9K-4e+9T0C(@5vO&3m3'3+9,0C/.dK0a+J&@+
4O++9670(C(,*:“4[\3J&I4F0(,x64•+9+9&Ia+(_3 /,[P+9/,'/J&I4F05-
+,-+[l3J&I4Q+,w

‡",[P+9/,'/,73,(6'+,-+9(e+>,6f/,[P+9/,'/>a>,@0(,[€+9<&Ia+
(,x6J&I4Q+,,0C+,-+,
‡",[P+9/,'/,73,(6'+90'+9&Ia+.b(K0C&<&=(>,6f",[P+9/,'/H*+,
J&^+3;>”?c()‹
‡",[P+9/,'/(B+,(,&O  K-/,[P+9/,'/>,=&()o
‡",[P+9/,'/(B+,>,=&,@6K-/,[P+9/,'/4[€+9(,•+9'/?d+9
(,x6J&IO(4Q+,:ZuDzuuEzz•3A@•8(-03,B+,
 C(,Z+9H'63'64[\3(F3,G3(,x65•&3A@+,-+[l3H@69e5f•;+93^+
4Z0>O(6'+H'63'6>O(J&;>0+,?6@+, 58(:ZH'63'6J&;+()Q>,'3(,x6Ia&
3`&3A@N+9(I 3A@<B+9,0C/+,[•'63'6(*+,,*+,3N+9+\H'63'6(e+J&•
(0q+52(i
‡~+3G/,'/KL3A@3N+9('3>O(6'+K-3'3.~+H;+3A@•8(-03,B+,
*+)++C+*+I$;=;!JFG+
B+9,0C/'/?d+9,C(,Z+9(-0>,6;+(,Z+9+,=((,x63,O48>O(6'+'/
?d+93,63'3?6@+,+9,0C/<^IK_/(,x6J&IO(4Q+,:Z%zuuDz•+9-I
uzEzuuD3A@•8-03,B+,8(:Z(-0>,6;+3m(,15s3,0(0O((,x63N+9()*+,
D,0(0O(3N+9()*+,f3,0/,B+9&Ia+.b(K0C&()c3(0O/
D,0(0O(3N+9()*+,f3,0/,B+,^+3N+9()c3(0O/
ii
 
17

•a+37+,4m41/,„,\/.l0(*+,,*+,:;+<&=(>0+,?6@+,3A@<B+9,0C/<B
+9,0C/3m(,15s4O+(-0>,6;+3=/D,‹+9(-0>,6;+3,AIO&3m5s4O+(-0
>,6;+3=/DK-
EEf",;0();+,-3&+93=/
{6,67(48+9:;+<&=(>0+,?6@+,3A@?6@+,+9,0C/3m90@6?Q3,.l0+,0q&
4Z0([\+93&+93=/4e+9(,€0(F3,G3<^IK_/+,0q&3N+9()*+,+a+.0C35s4O+(-0
>,6;+3=/D90•/>O(6'+3m(,1(,x6?…04O+(o+94Z0([\+9+,-3&+93=/ (,x6
(o+93N+9()*+,T{f

cc((d(/DSH@ASVD?KDDECQCPHvP/
EEuuf",;0();<B+9,0C/:N+9-3N+9()*+,+,-5'I<0
5~+9;0",t+9
EEuuf",;0();<B+9,0C/:N+9-E3N+9()*+,T0C([+9
EEuuEf",;0();<B+9,0C/:N+9-M
cc((d)/GDSH@ASVD?KDDECQCQNEH+
EEuuf",;0();3N+9(I,0a+6-–+
EEuuf",;0();3N+9(I{•+9[€+9N+9()*+,T0C(
[+9
)[l3+~5uuM<B+9,0C/>,N+9:r?d+9(-0>,Ž@+DE41(b/,\/3,0/,B
5'I(,03N+95-(b/,\/3,0/,B5'I(,03N+9 6(-0>,6;+Dk,0/,B:;+<&=(
3,&+9o+~5uuM4O++@I<B+9,0C/4‚:r?d+9(-0>,6;+DE41(b/,\/3,0/,B
5'I(,03N+9
*+)++C+C+K:L!JFG+
ƒ4‚GDaCDECD@H‚CMJ@/
",0O&(,&
",0O&3,0
 0=I4q+9,Q(75G+9
 0=I(,@+,(6'+(0q+(75G+9
ƒ4‚GDaCDECD@H‚CQ„HCQjCDECQ/
Œ+,0C5(,&
Œ+,0C53,0
 0=I4q+9,Q)•((0q+
ƒ4‚GDaCDECDDECQ@^CVDN/
",0O&+,b/>,6
",0O&<&=(>,6
6'4P+H'+,-+9
•0a+H;+>015+9,0C5.b(([
 
18


ƒ4‚GDaCDECD@Hr>@Dz/
\/4e+9>0+,(O
6'4P+  
6'4P+H'+,-+9
ƒ4‚GDaCDECD'/
6'4P+5&@,-+9
6'4P+  
•0a+H;+>015+9,0C5
•0a+H;+(,@+,KL
,—
ƒ4‚GDaCDECD@H‚C_`\CQ/
•;+93,=53N+9
•;+9(,@+,(6'+K[P+9
•;+9(,@+,(6'+•
",0O&<'3+,b+:;+/,]5,6-+(,-+,
ƒHrCvSCLH‚>@AX@XHCOC_XNLPCQ
-+9(,'+9(o+9-Iu4O++9-I%?[P+9KQ3,3,G+9(o4[\3>O(6'+3N+9
()[€+9(b/,\/ 9r0.q/,t+9-03,B+,>O(6'+41(0O+,-+,,73,(6'+
*+)++C++M,N,;!JFG
190;5Hl(5G348/,G3(7/()6+93N+9.0C3>O(6'+4e+9(,€041/,„,\/
.l042340153A@<B+9,0C/>O(6'+<B+9,0C/4‚(,c3,0C+/,`+Kl+3N+9.0C3()a+
5'I.0(*+,+,€/,`+5q5>O(6'+f6+9{@–336&+(0+9I:(x5–",`+5q5
–K-:;+/,]53A@˜)&+9(^5™/,'(()01+/,`+5q5š>O(,\/.l03'3
3'+H8>O(6'+()6+93N+9(I.0O()@
'3,5‚,6'4Z0([\+9?@+,5d3>,'3,,-+9+,m5>,'3,,-+9i(,x6
+9&Ia+(_3f
…@EHVDNSCƒ"NOHƒDH@Hk@LgH@`iCQ
4p/(-0>,6;+E
Ef",;0(,&3A@+9[€05&@ +9[€090@6(,`&

Ef+9()[l33A@+9&€05&@
Euf0q+<^IK_/
Euf0q+>,Z0K[\+9
EuEf0q+.b(([
 
19

D"#EFE
C(,Z+9–K-,C(,Z+9>O(6'+5'I4[\3.0O()0a+93,6F+93N+9(I
:N+9- 3'33N+9(I<B+9,0C/()c3(,&83+a+4[\3(,0O(>O3,6/,„,\/.l0
4234015:;+<&=(>0+,?6@+, +,‹+9J&I4Q+,3A@N+9(IT*.bI,C(,Z+9–
)=(/,„,\/.l03N+9('3>O(6'+s<B+9,0C/
C(,Z+9–4P+90;+ ?›:r?d+990•/+9[€0?„+93m(,1>O(<&=(
()&I3b/(,N+9(0+5}0K•35}0+P0
*+)++C++IO:#!9+
70<B+9,0C/:N+9-%>O(6'+:r?d+9,*+,(,G39,0:F,b(>L3,&+9
*+,(,G3+-I/,„,\/.l0?6@+,+9,0C/3mJ&I5N.o@ +,Ž.l05}0()*+,48>O
(6'+()*+,48J&;+KL 423H0C((,&b+K\0()6+9()[€+9,\/<B+9,0C/:r?d+9/,`+
5q5>O(6'+–
PE2??G
‡Fv(,—w>O(6'+3,0(0O(
‡F,b(>L3,&+9
‡F,b(>B423H0C(
‡F'0
•+990Z+9+,[3'34P+.Q>,'35•&:F<B+9,0C/:r?d+9(,x65•&3A@•8
(-03,B+,H@+,-+,3,ƒ3m 0(,@I4F0+,Ž41/,„,\/.l042340153A@<B
+9,0C/
PH" ;<?#
Tl0,*+,(,G39,0:F,b(>L3,&+9()*+,(c9,0:F4[\3H_(4`&(o3'3
3,G+9(oH@+4`&>O(6'+:“ 63'3/,^+,C>O(6'+K0a+J&@+ (0O+,-+,+,b/:Z

K0C&:ZK0C&.o@+,b/(c48+93,&I1+:@+93'3/,^+,C>,'3 Ka+:F:'3,3mK0a+
J&@+&I()*+,9,0:F+,[:@&f
 
20

\L^()/\L^s>w@ABCDQDHRt@D†N
DBCD@DuKD|@VxKD>CQ
*+)+C++/+9#:#2#$#%+
C(,Z+9H'63'63A@<B+9,0C/3•+94[\3Kb/(,x6Ia&3`&3A@3,O48>O(6'+
•@69e5f
•'63'6>O(J&;>0+,?6@+,
•;+93^+4Z0>O(6'+
96-0)@3t+58(:ZH'63'6J&;+()Q(,x6Ia&3`&3A@<B+9,0C/ 3A@3N+9
(I+,[f
•;+9J&IO((6'+(,&Of
•;+9(b/,\/:Z?[3N+9+\f
•'63'6J&•
 
21
DuCQ@‡QgK
ts>{ D|@VZKD>CQ
tˆ@D‰ŠVk@N?CKDH@Hk@
t@tCQDiGKDH@Hk@
D|@VZLJKvH[@
t?H
SCQKjCLgHRgGD?@RHCD
?NK?NVk@N?C
,0,-+9+9-I
,03&Z0>*
&@+,C4Z03,0O&

,03,•

)+)+4
   !"# $! %
&$'()ƒ$'()+,
)+)+(+'gH@`iCQFEGD`\CQGD?GDOKD@N?CKDHGDZRSCT>U@FE@ZCDQH?@DECD
RSCGD‹MTjw_bG@OHKDHCD?CDK•CQ@wKtGDaC•CQ'E()ƒZCQDH[G•CQ
'E()+,
#*I1?5"@?5J
Z0([\+9(b/,\/3,0/,B:;+<&=(K-3~+3G415s3'3(-0>,6;+3'3:F3,0
(0O((F3,G39,03,h/H@+4`&(b/,\/:ZK0C&3,0/,B:;+<&=(3,0(0O((,x6(o+94Z0
([\+9t+.0C3<'34Q+,4Z0([\+9(B+,90'(,-+,K70K-3~+3G41>O(6'+Kb/3'3
H;+9H01&3,0(0O((B+,90'(,-+, (F3,G33N+9('3(B+,90'(,-+,(,x6(o+94Z0
([\+9,c33,=(3A@.0C3<'34Q+,4Z0([\+9,73,(6'+3,0/,BK-<'34Q+,90l0,7+
(b/,\/3,0/,B40q&+-I3•+93m+9,ˆ@K-<'34Q+,+P0/,'(:0+,3,0/,B +P0(b/
,\/3,0/,BT0C3<'34Q+,4Z0([\+9,73,(6'+3,0/,B 4Z0([\+9(B+,90'(,-+,
:;+/,]53`+?c@()a+58(:Z3P:s+,[f4234015J&I()*+,3N+9+9,C:;+<&=(
K670,*+,:;+<&=(Ia&3`& ()*+,48J&;+KL
70B+9,0C/N+9-%?64Z0([\+9<^IK_/K-3'33N+9()*+,,7+9
5d33N+9()*+,3m(,€090@+(,03N+9([P+94Z0?-0vJ&L+~5w90'()Q3N+9()*+,
Kl+?64mf
 Z0([\+9(b/,\/3,0/,BK-3'33N+9()*+,,7+95d33N+9()*+,(,03N+9
 Z0([\+9(B+,90'(,-+,K-3'33N+9()*+,,623,7+95d33N+9()*+,4‚
,6-+(,-+,,623K-3'390@0467+3N+9.0C34‚,6-+(,-+,>,Z0K[\+9<^IK_/3m
(B+,?c(6'+)0a+94‚,6-+(,-+,()6+9()[€+9,\/3N+9()*+, ,7+95d33N+9
()*+,3,[@(,c3:c,6-+(,-+,(70(,€040153&Z0>”>,05-3`+/,;0<'34Q+,>O(
J&;:;+<&=(>0+,?6@+,()6+9>”
A*71?5"@?5J=
(K
70B+9,0C/N+9-%?642340153'33N+9()*+,(,[€+9('3,)€0

<@+,@&+a+>O(6'+(b/,\/3,0/,B:;+<&=((,x6/,[P+9/,'/()c3(0O/3,6(o+9
3N+9()*+, ,7+95d33N+9()*+,+9,ˆ@K-3,0/,B/,'(:0+,()c3(0O/3,63N+9
()*+,+-6(,*(b/,\/()c3(0O/3,63N+9()*+,4m4Z0.l0+,‹+93,0/,B90'+(0O/
+,[3,0/,B90'5:'(3N+9()*+,(,*:“(0O+,-+,/,^+HF3,65g03N+9()*+,,623
 
22

,7+95d33N+9()*+,(,x6(0a&(,G3+,=(4Q+, :@&4m:“(b/,\/3,6(o+93N+9
()*+,,623,7+95d33N+9()*+,g03N+9()*+,(o>,0>,s03N+94O+>,0,6-+(,-+,
4q&4[\35s:F3,0(0O(41(,x6?…0 (b/,\/3,0/,B/,'(:0+,3,6(o+9,7+95d3
3N+9()*+,
{642340153A@,67(48+9<^IK_/K-/,G3(7/H@69e5+,0q&K6703,0/,B
52(>,'3?642340153'33N+9()*+,(,03N+9(,[€+9('3,)€0+,@&+a+>O(6'+:r
?d+9/,[P+9/,'/(B+,90'(,-+,90;+4P+ /,[P+9/,'/(F+938+93,0/,B41
(B+,90'(,-+,3,63'33N+9()*+,,623,7+95d33N+9()*+,
",[P+9/,'/(B+,90'(,-+,90;+4P+4[\3'/?d+93,63N+9.0C33t+?s
?@+93&Z0>”()[l3 (0O/(d3,6-+(,0C+3,6>”:@&
,x6/,[P+9/,'/+-I90'(,-+,:;+/,]5,6-+(,-+,4[\3(B+,H’+93'3,
(F+938+93,0/,B3A@3'3,7+95d33N+9()*+,3=&(,-+,+a+3N+9()*+,Kl+4‚,6-+
(,-+,()6+9>”,x64mf
)6+94mœœiœ+K-3,0/,B:;+<&=(3A@3'3H8/,b+3'33N+9()*+,
,7+95d33N+9()*+,
,0/,B:;+<&=(/,'(:0+,()6+9B+9,0C/4[\33,0@(,-+,M>,6;+5d33,0
/,Bf
‡,0/,B+9&Ia+.b(K0C&()c3(0O/f+,‹+9+9&Ia+.b(K0C&3,B+,/,d(,@5
90@()c3(0O/()6+9:;+/,]5<^IK_/4[\3(b/,\/()a+(-0>,6;+D4[\35s3,0
(0O(3,6(o+93N+9()*+,,7+95d33N+9()*+,
‡,0/,B+,^+3N+9()c3(0O/f•@69e5(0q+K[P+93,B+,/,d3A@3N+9+,^+
()c3(0O/<^IK_/>,N+9H@69e5(0q+~+3@ 3'3>,6;+()B3,(,x6K[P+94[\3(b/
,\/()a+(-0>,6;+D5s3,0(0O(3,6(o+93N+9()*+,,7+95d33N+9()*+,

‡,0/,B:r?d+95'I(,03N+9fK-3'33,0/,B5'I(,03N+9+,’5(,c3,0C+
>,Z0K[\+93N+9('3<^IK_/ H;6,-+,4[\3(b/,\/()a+(-0>,6;+DE 4[\3
5s3,0(0O(3,6(o+93N+9()*+,,7+95d33N+9()*+,
 
• œ‡œ‡i‡œ+
23
0'(,-+,(,c3(O:;+
/,]5<^IK_/
0'(,-+,(,c3(O
:;+/,]5<^IK_/
=
,0/,B:;+
<&=(?s?@+9
4`&>”
+
,0/,B:;+
<&=(/,'(:0+,
()6+9>”
-
-
,0/,B:;+<&=(
?s?@+93&Z0>”

‡,0/,B:r?d+95'I(,03N+9fK-3'33,0/,B5'I(,03N+9+,’5(,c3,0C+
>,Z0K[\+93N+9('3<^IK_/ H;6,-+,4[\3(b/,\/()a+(-0>,6;+DE 4[\3
5s3,0(0O(3,6(o+93N+9()*+,,7+95d33N+9()*+,
‡,0/,B:;+<&=(3,&+9f•@69e53,0/,B(0q+K[P+93A@+,^+.0a+J&;+KL
(F4803,0/,BH’+9(0q+5&@+96-0 3'33,0/,B3,&+9>,'34[\3(b/,\/()a+(-0
>,6;+Dk
&Z0>”>O(6'+(b/,\/3'3K6703,0/,B()a+ 6(-0>,6;+%Mž,0/,B:;+

<&=(>0+,?6@+,?s?@+93„+9.l03,0/,B?s?@+94`&>” 3&Z0>”K-53P:s41
(B+,90'(,-+,:;+/,]5<^IK_/,0H-+90@63N+9()*+,90'(,-+,(,c3(O:;+
/,]5:“4[\3>O(3,&I1+:@+9(-0>,6;+DEž 0'.Z+3N+9()*+,,6-+(,-+,(B+,
)@>O(J&;:;+<&=(>0+,?6@+,()6+9>”
)+)+)+OKD@N?CKDHGDZRSCT>U@FE@ZCDQH?@DECDRSCGD‹MTjw_bG@OHZ
CQDH[G•CQ'()+,
)+)+)+(+OKD@N?CKDHGDZCQ>wrCF|@_H[>@A~K@HkG+
*+*+*+)+)+(D#6E,QR"
Z0.l0,`&,O(3'33N+9()*+,<^IK_/(,*3,0/,B+9&Ia+.b(K0C&()c3(0O/K-
>,6;+3,0/,B3,0O5(ƒ()}+9Kl++,=(()6+9(F+990'()Q3A@3N+9()*+, (,[€+9
3,0O5>,6;+9(o%u‘ku‘()6+990'(,-+,:;+/,]5<^IK_/
9&Ia+.b(K0C&()6+94P+.Q<^IK_/H@69e5+,0q&K670.l0,-+9()~5
3,A+9K670(o4P+90;+90'()Q+,Ž+,[40+,%/,^+J&x,-+i4O+3'3K670.b(K0C&
/,G3(7/90'()QKl+v(,0O(HQ.C:0+,40C++[l3iw•+9+,[+9&Ia+.b(K0C&
3N+93d?d+93dH@69e5)=(+,0q&3,A+9K670+,[3Z//,@:_(.'+E/,^+iO&
/,^+K670(,x6+80?&+9>0+,(O(,*.b(([3A@B+9,0C/4[\3/,^+(,-+,3'3K670
:@&f
9&Ia+.b(K0C&3,B+,f<05~+93'(:Ž04'.N0973,:_((,h/i3=&(76
+a+(,c3(,13,B+,3A@3N+9()*+,,7+95d33N+9()*+,
9&Ia+.b(K0C&/,dfH8(5-&40+,?^I:P+/,d90@Ha(N+9(=54@+i
K-+,‹+9.b(K0C&3m.@0()t/,d?„+941H@69m0,6-+(,0C+3N+9()*+,
 ",d(„+9(,@I(,Of3'3K670:~5KZ/Hm+94Ÿ+H&90Z3i?„+941:r@
3,‹@(,@I(,O3,65'I5m3(,0O(HQ:;+<&=(/,[P+9(0C+.b+(;03N+93d?d+93d
,0O(HQ<^I?c+93PH;+fK-K670.b(K0C& (,0O(HQ:r?d+93,6.0C3<^I
?c+93PH;+H@69e53;(,0O(HQ3`+K_/>,N+93`+K_/3N+93d>,B3d .b(>O(
 
24

3=&?„+941K_/42(3'33N+9()*+,<^I?c+93PH;+TB?df3'3(,0O(HQ+[l3v.t0
:x+H*+,+m+9K7+,5'IHP5+[l3iw,@I(,0O(HQ40C+v@((65'(Hm+9@K69x+

%uu 3'/iw (,0O(HQ>O(3=&+,[>Ÿ638((=5/@+xK4•3:†+i
,0a+K0C&fH@69e53'3K670>,B4Z(<~+9?`&?0x:xKi3m('3?d+93&+9
3=/+,0C(K[\+93,6J&'()*+,:;+<&=(>0+,?6@+,/,d3.d3,6.b+,-+,5'I5m3
(,0O(HQ:;+<&=(/,[P+9(0C+.b+(;0
Tb(K0C&>,'3f.@+3•(+[l3(01&+9•>059g.d+:_(.d+.N0.‹@i
ƒN+93d?d+93dH@69e5(=(3;([K0C&K@648+94[\3360K-3N+93d?d+9
3d+,[f3Z//,@:_(3Z//,@9g<-9g.'+h/i
*+*+*+)+*+SQTO4##%QR"T@#+
,04P+.Q+,b+(,`&?6N+9(I90@6,623(c404=&(,`&?c@()a+?@+,
+9,ˆ@3A@N+9(I(,*/,t+9>0+,(O>O,673,.b(([:“3~+3G 6H;+.“(,0O(>O
(,03N+93A@(o+9,7+95d33N+9()*+,3N+9()*+,41(B+,>,Z0K[\+9<^IK_/(,x6
(o+9K6703N+9.0C3 (o4m(B+,4Q+,5G3?c(6'+<^I?c+93PH;+ 4Q+,5G3
+80H8(,x6(0O+4841Ia&3`&3=/.b(([3,6(,03N+9()*+,
Tb(([B+9,0C/3m(,1K-5&@.q?„+9+9@I,6235&@.q+,b/>,6>,03m
(F480+-6Ia&3`&(,*(0O+,-+,<&=(>,63,6:;+<&=(
,x6J&I4Q+,3A@N+9(I3F/,`+N+9-B+9,0C/:r?d+9/,[P+9
/,'/(B+,90'<&=(>,6+9&Ia+.b(K0C&(,x6/,[P+9/,'/H*+,J&^+90@J&Iq+3d
(,1K-90'H*+,J&^+3;>”?c()‹,x64mf
&Z0(,'+93~+3G 63,G+9(o+,b/<&=(>,6>O(6'+:“(B+,)@90'4P+.Q
H*+,J&^++9&Ia+.b(K0C&3;>”?c()‹ 4e+9(,€0(B+,)@90'()Q+9&Ia+.b(K0C&
3A@(o+9K`+<&=(
 
ZK[\+9(,c3(O(o+9K670(e+4`&>” +,b/()6+9>”
0'()Q+9&Ia+
.b(K0C&<&=(
>,6
=
ZK[\+9+9&Ia+
.b(K0C&<&=(>,6
<

0'4P+.QH*+,J&^+
3;>”?c()‹
25
0'4P+.QH*+,
J&^+3;>”?c
()‹
0'(,c3(O(o+9K670(e+4`&>” +,b/()6+9>”
•