Tải bản đầy đủ (.doc) (70 trang)

[Luận văn] Ứng dụng mô hình logic trong xếp hạng tín dụng tại ngân hàng thương mại cổ phần các doanh nghiệp ngoài quốc doanh (VPBank)

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (1.22 MB, 70 trang )



 !"
#$
%&'()'*+,+ /0123-/&'()'*
4%4#56.'.78+,95:';<=./&'()'*
4%> /0123-/&'()'*
%#56.'.78+?03.0<@03.0</&'()'*
>%4#56.'.7825A'*+?03.0<
>%>#56.'.780.B'*+?03.0</&'()'*
%625C'5/5D2E.FA5.7'23-03.0</&'()'*
G%4HIA65='
G%>HJ5KL1.
G%GH2K+M'L?
*ANB''5:'*:N0-03.0</&'()'*
O%4*ANB''5:'(<57/5P'*'*:'5,'*
O%>*ANB''5:'/Q95&-J56255,'*
O%G*ANB''5:'J5625IA-'/Q'?'J.'5/R5<S225&'5T62523-'5,'UV2
WAIAX23-03.0</&'()'*/0<'*5<=/LY'*23-'*:'5,'*
Z%4V.'*:'5,'*
Z%>V./<,'EY'?'J.'5/R
622625J5[295)2+,5='25R03.0<
\%4,</=<':'*2-<25M/;UH'*LY.'*]/&'()'*
\%>6'5*.6/C'55C'55<S/LY'*(<-'5'*5.79+,JR/5H9/,.TX'LX8EX<
\%GA-E6''H+,262/,.TX'956.T.'5
 R95='*/&'()'*+,26295U^'*9569L6'5*.6_R95='*/&'()'*
`%4 R95='*/&'()'*
`%4%4#56.'.78
`%4%>*ANB'/[2_R95='*
`%4%G R95='*/&'()'*/0B'/5R*.V.
`%>6295U^'*9569_R95='*/&'()'*L.F'5C'5


`%>%4 R95='*/&'()'*Ea'*262525<L.F826225bTP/,.25&'5
`%>%>c5C'5;<*.T/.2_R95='*/&'()'*+V.26225b/.BA/,.25&'523-(<-'5'*5.79
5U^'*5d2/0='*5<=/LY'*/&'()'*+,_R95='*/&'()'*/=.'*:'5-'*e-'J
f'*IA-'+?/C'55C'55<=/LY'*/&'()'*23-E-'J
4%4.V./5.7A25A'*+?9E-'J
4%>g25Th5C'5/5,'5+,956//0.?'23-'*:'5,'*9E-'J
4%GAN/0C'5'*5.79+)/&'()'*/=.'*:'5,'*E-'J
AN/0C'5_R95='*/&'()'*J56255,'*(<-'5'*5.79/=.'*:'5,'*e-'J
>%GeX'*L.F8_R95='*/&'()'*/=.9E-'J
>%O5M8L.F8_R95='*/&'()'*+,JR/5H9/,.TX'LX8EX</=.E-'J
>%O%45M8L.F803.0</&'()'*
>%O%>6'5*.6/,.TX'LX8EX<
>%O%G6'5*.6/&'()'*JR/5H9
>%O%Oih()'*JR/IAXL6'5*.6
5W'(.7'J56255-'*23-'*:'5-'*e-'J
• *,'5'*5?
• j0k'*25<+-Nlm_A5UV'*956//0.F'/&'()'*nLP./UH'*J56255-'*5UV'*
/V.o
• 6'5*.6LP./UH'*J56255-'*23-e-'J
5d2/0='*_R95='*/&'()'*/=.'*:'5,'*e-'J
O%46'5*.626225b/.BA/,.25&'5/0<'*EY25M8L.F8
• AL.F8
• 5UH2L.F8
O%>6'5*.6/0k'*TP/0<'*EY25M8L.F8
• AL.F8
• 5UH2L.F8
pqri !"
s"e
4%5k'26225bTP/,.25&'5@95./,.25&'5LU-+,<8c5C'5
>%5d25.7'_R95='*4ttJ56255,'*e-'JEa'*8c5C'5;<*./

G%6'5*.6'5W'_u/2^2MA5='*23-J56255,'*9E-'J/5v<8c5C'5;<*./
O%#.F8/0-/0<'*8wA'*<,.8wA
Z%A'5UH2L.F823-8c5C'5
\% :N(d'*IAN/0C'5_R95='*/&'()'*+V.8c5C'5;<*.T/.2
#!x

&'52M9/5.R/23-L?/,.
 0<'*'5y'*'z8IA-@57/5P'*'*:'5,'*/5U^'*8=..7/-8L{/Q'*
EUV2Lf.8V.+,(|'/0}/5,'58Y//0<'*262/f25D2/,.25&'5IA-'/0k'*'5M/23-'?'
J.'5/R%V.5<=/LY'*25&'58-'*;=.;H.'5AW'2-<;,5<=/LY'*/&'()'*@L:N;,8Y/
5<=/LY'*8-'*~'*5•-IA-'/0k'*+V.2X'?'J.'5/R+,'*:'5,'*@'5a8;A:'25ANF'
+,L69D'*'5A2|A+P'23-262253/5FJ.'5/R%z8>tt`2€'*5Y.'5W9+V.J.'5/R/5R
*.V.L{LS/0-25<262'*:'5,'*'5.?A2^5Y./5625/5D2@'5M/;,+.72':'*2-<25M/
;UH'*'*5.79+)/&'()'*%e,.5k2L[/*.623-J53'*5<X'*/,.25&'5/<,'2|A2AP.'z8
>tt•;,5WAIAX/&'()'*'5,LM//=.‚%.7''-N262'*:'5,'*.7/-821'L-'*Th
()'*2622625L6'5*.6+?03.0<+,25M8L.F8J56255,'*J56253IA-'(</Q'*'*:'
5,'*LU-0-(w'LR'Td/5.RA/5P'*'5M//0<'*/<,'57/5P'*%F/.R'/V.8)2/.BA5Y.
'5W9+V.57/5P'*'*:'5,'*/0B'/<,'/5R*.V.262'*:'5,'*}.7/-82|'95X./.R9
2W'(|'(|'+V.2625.79UV2+,IANLg'5+?LX8EX<-'/<,'57/5P'*'*:'5,'*23-/5R
*.V.'5Ue-Tv;@e-Tv;+?/b;7-'/<,'+P'+,IAX';~03.0<%.72':'*2-<+,5<,'
/5.7'2c'*/6225M8L.F8_R95='*J56255,'*8,'5M/;,J56255,'*(<-'5'*5.79;,
+c2€'*IA-'/0k'*LP.+V.262'*:'5,'*/5U^'*8=.'K.25A'*+,LP.+V.'*:'5,'*
262(<-'5'*5.79'*<,.IAP2(<-'5neo'K.0.B'*% AM/956//QNBA2|A',N@
2€'*+V.'5y'*J.R'/5D2L{LUH2/.R9/5A/0<'*/0Uƒ'*v8L{25k'L?/,.
„p'*()'*8c5C'5<*.//0<'*_R95='*/&'()'*/=.'*:'5,'*/5U^'*8=.2f95|'262
(<-'5'*5.79'*<,.IAP2(<-'5ne-'Jo…
?/,.23-v8*†8G95|'*<,.95|'8}L|A+,95|'JR/;AW'@95|''Y.(A'**†8
G25U^'*
5U^'*4f'*IA-'+?03.0</&'()'*+,'*5.79+)_R95='*/&'()'*J56255,'*
(<-'5'*5.79

5U^'*>5d2/0='*5<=/LY'*/&'()'*+,_R95='*/&'()'*/=.'*:'5,'*e-'J
5U^'*Gp'*()'*8c5C'5;<*.T/.2/0<'*_R95='*J56255,'*(<-'5'*5.79/=.'*:'
5,'*/5U^'*8=.2f95|'e-'J
P./UH'*@95=8+.'*5.B'2DA
P./UH'*'*5.B'2DA;,262(<-'5'*5.795.B'L-'*2KIA-'57/&'()'*+V.e
5=8+.'*5.B'2DA;,Th()'*26225b/.BA/,.25&'523-J56255,'*951'*95)2+)
J56255,'*(<-'5'*5.79/=.'*:'5,'*e‡25.'56'55z'*<'*8c5C'5<*./
/0<'*_R95='*Ea'*25U^'*/0C'5ˆ+.v‰T23-J.'5/R;UH'*%
5U^'*9569'*5.B'2DA
,T.'5+.B''z82AP.23-J5<-<6'#.'5R@+V.8<'*8AP'LUH2':'*2-<J‚
'z'*+,'*5.79+)L†'*/5ƒ.2K2^5Y.69()'*J.R'/5D2LUH25k2+,</5d2/R'5a8
25AŠ'Eg0-/0Uƒ'*@EB'2='5LKLUH2E-';{'5L=<'*:'5,'*e‡25.'56'55z'*
<'*/=<L.?AJ.7'@Td*.‹9LŒ'5.7//C'523-26226'EY/0<'*e-'IAX';~/&'()'*+,Td
5UV'*(w'23-5%T0|'5A'*53N@v8L{2KL.?AJ.7'/C85.FA+?/C'55C'55<=/
LY'*@2^2MA/f25D223-'*:'5,'*%C+WNv8D'*()'*8c5C'5<*.//0<'*_R95='*
J56255,'*Ea'*25U^'*/0C'5ˆ+.v‰T23-J.'5/R;UH'*%
*A†'/5c'*/.'(y;.7A
ih()'*26225b/.BA/,.25&'523-4tt(<-'5'*5.79/0<'*'z8>t4t+,262/,.;.7A
;.B'IA-'LR'+.72IAX';~03.0<@_R95='*J56255,'*23-e-'IAX';~/&'()'*/=.e
‡25.'56'55z'*;<'*%
ˆ8_.'25:'/5,'5268^'e-'*.68LP225.'56'52€'*/W9/5F26'EY@'5:'+.B'
/<,'*:'5,'*+,LS2E.7/268^'26226'EYe-'IAX';~/&'()'*25.'56'55z'*
;<'*L{/=<L.?AJ.7'/5AW';H.25<v8/0<'*IA6/0C'5/5d2/W9@LF-82K/5F/C85.FAT:A
+?'*5.79+)*:'5,'*%
ˆ8_.'+c2€'*E.R/^'2c0|'5A'*53N‡J5<-<6'#.'5RL{/W'/C'525bEX<@
*.‹9LŒv8/0<'*IA6/0C'5;d-25k'L?/,.@_62Lg'55UV'*'*5.B'2DATh-25y-+,5<,'
/5.7'25ANB'L?%ˆ82]'*_.'2X8^'T:AT[2/V.262/5|N2c*.6</0<'*J5<-<6'#.'5
RL{(=N(•25bEX<v8/0<'*IA6/0C'55k2/W9/=./0Uƒ'*%
 !"
#$

%&'()'*+,+ /0123-/&'()'*
4%4#56.'.78+,95:';<=./&'()'*
4%4%4#56.'.78/&'()'*
&'()'**:'5,'*n*k./[/;,&'()'*o;,IA-'5725ANF''5UH'*IAN?'Th()'*+P'
/Q*:'5,'*25<J56255,'*/0<'*8Y//5ƒ.5=''5M/Lg'5+V.8Y/J5<X'25.95&'5M/
Lg'5%&'()'**:'5,'*25D-Ld'*E-'Y.(A'*
ŽKTd25ANF''5UH'*IAN?'Th()'*+P'/Q'*Uƒ.T}5yAT-'*'*Uƒ.Th()'*%
Žid25ANF''5UH'*',N2K/&'5/5ƒ.5='%
Žid25ANF''5UH'*',N2KJ•8/5v<25.95&%
4%4%>5:';<=./&'()'*
&'()'*2K/5F95:'25 /5,'5'5.?A;<=.J562'5-A/A•/5v<'5y'*/.BA/5D295:';<=.
J562'5-A%
• d-+,<8)2L&2523-/&'()'*
Ž5<+-NEM/LY'*TX',;<=.+-N;.B'IA-'LR'+.728A-T[8+,_:N(d'*@EM/
LY'*TX''5,}@LM/L @EM/LY'*TX'/0<'*;•'5+d22c'*/5U^'*'*5.79+,(g25+)%
Ž5<+-N95)2+)TX'_AM/J.'5(<-'52c'*/5U^'*'*579,;<=.25<+-N'*['
5='LFEfTA'*@T^JR//5d25.7'L?/,.@D'*+P';UALY'*25<262(<-'5'*5.79/0<'*
;•'5+d22c'*'*5.79@/5U^'*8=.+,(g25+)%
Ž5<+-N'c'*'*5.79,;<=.+-NLF/0-'*/0X.26225.95&TX'_AM/'5U95:'EK'@
/5AP2/0QT:A@*.P'*2:N/0†'*@* T‹2@/5D2z'* T‹2@;-<LY'*@'5.B';.7A‘
Ž5<+-N26'5:',;<=.25<+-NLFL69D'*262'5A2|A/.BA(€'*'5U8A-T[8
262+W/()'*L[//.?'%*,N'-N@*:'5,'*21'/5d25.7'262J5<X'25<+-NLF/0-'*/0{.
26225.95&/5c'*/5Uƒ'*23-Lƒ.TP'*/5c'*IA-956/5,'5/5’/&'()'*%
• d-+,</5ƒ.5='/&'()'*
Ž5<+-N'*['5=',;<=.25<+-N2K/5ƒ.5='/Q4'z8/0}_AP'*%)2L&2523-
;<=.25<+-N',N/5Uƒ'*;,'5a8/,./0H25<+.72L|A/U+,</,.TX';UALY'*%
Ž5<+-N/0A'*5=',;<=.25<+-N2K/5ƒ.5='/0B'4'z8LR'Z'z8%)2L&25
23-;<=.25<+-N',N;,'5a8/,./0H25<+.72L|A/U+,</,.TX'2PLg'5%
Ž5<+-N(,.5=',;<=.25<+-N2K/5ƒ.5='/0B'Z'z8%)2L&2523-;<=.25<
+-N',N;,'5a8/,./0H25<+.72L|A/U+,<262(d6'L|A/U%

• d-+,<8D2LY/&''5.7823-J56255,'*
Ž5<+-NJ5c'*2KEX<LX8,;<=.25<+-NJ5c'*2K/,.TX'/5R25M9@2|82P
5<S2EX<;{'523-'*Uƒ.J5628,25b(d-+,<AN/&'23-EX'/5:'J56255,'*+-N+P'LF
IANR/Lg'525<+-N%
Ž5<+-N2KEX<LX8,;<=.25<+-N(d-/0B'2^T}262EX<LX8/.?'+-N'5U/5R
25M9@2|82P@5<S2EX<;{'523-8Y/EB'/5DE-',<J562%
• d-+,<5C'5/56.*.6/0g&'()'*
Ž5<+-NEa'*/.?',;<=.25<+-N8,5C'5/56.*.6/0g23-&'()'*LUH22A'*
2M9Ea'*/.?'%:N;,;<=.25<+-N253NRA23-*:'5,'*+,+.72/5d25.7'Ea'*262J‚
/5AW/J562'5-A'5U&'()'*D'*/0UV2@/5MA25.@(“({.'*:'IA‚@&'()'*/5ƒ.+)@
&'()'*/0X*K9@‘
Ž5<+-NEa'*/,.TX',5C'5/5D20M/95fE.R'+,L-(='*@0.B'*LP.+V.*:'
5,'*25<+-NEa'*/,.TX'LUH269()'*95fE.R'LK;,/,./0H/5AB8A-%5v<95U^'*
/5D225<+-N',N*:'5,'*5<S22622c'*/N/5AB8A-n2c'*/N2<'23-*:'5,'*o
2A'*2M9/0d2/.R9/,.TX'25<'*Uƒ.L.+-NLUH2*k.;,L./5AB+,/5v<Lg'5J•'*Uƒ.L.
/5AB95X.5<,'/0X'H+-NE-<*†82X*P2+,;{.%
• d-+,<95U^'*95695<,'/0X
Ž5<+-N/0X*K9;,;<=.25<+-N8,J56255,'*95X.5<,'/0X+P'*P2+,;{./5v<
Lg'5J•%<=.25<+-N',N253NRALUH269()'*/0<'*25<+-NEM/LY'*TX''5,}@25<
+-N/.BA(€'*@25<+-NLP.+V.'5y'*'*Uƒ.J.'5(<-'5'5”@25<+-N/0-'*EgJ‚/5AW/
/0<'*'c'*'*5.79%
Ž5<+-N95./0X*K9,;<=.25<+-NLUH2/5-'5/<6'8Y/;|'/5v<J•5='L{/5<X
/5AW'%
Ž5<+-N5<,'/0X/5v<NBA2|A$9()'*J‚/5AW//5MA25.%
• d-+,<_AM/_D&'()'*
Ž5<+-N/0d2/.R9*:'5,'*2M9+P'/0d2/.R925<'*Uƒ.2K'5A2|A@L†'*/5ƒ.
'*Uƒ.L.+-N/0d2/.R95<,'/0X'H+-N25<*:'5,'*%
Ž5<+-N*.6'/.R9,J5<X'25<+-NLUH2/5d25.7'/5c'*IA-+.728A-;=.262
J5RUV25<S225D'*/Q'HL{956/T.'5+,21'/0<'*/5ƒ.5='/5-'5/<6'%
• 5:';<=./5v<03.0<

F95:';<=./5v</.BA/5D2',N@'*:'5,'*2|''*5.B'2DA2628D2LY@2622z'2DLF
25 ;<=.03.0<%62595:';<=.',N*.‹9'*:'5,'*/5Uƒ'*_ANB'L6'5*.6;=./&'5-'
/<,'23-262J5<X'/&'()'*@/0&25;W9(d951'*/f'/5M/Jg9/5ƒ.%
• &'()'*;,'58='5262J5<X'/&'()'*2KJ5X'z'*/5A5†.2-<%
• &'()'*2K+M'L?262J5<X'/&'()'*2K(MA5.7AJ5c'*;,'58='5'5UJ5625
5,'*25W8/.BA/5)@/.R'LY/5d25.7'JR5<=25Eg25W8@J56255,'**S903.0<@J5625
5,'*/0C5<{''Y9E6<26<25&'5‘
4%> /0123-/&'()'*
4%>%4 /0123-/&'()'*LP.+V.262'*:'5,'*
0<'*'*:'5,'*2K'5.?A5<=/LY'*TX'_AM/J.'5(<-'5J562'5-A'5UL|A/U
/,.25&'5@25<+-N@J.'5(<-'5'*<=.5P.‘'5U'*5 5<=/LY'*25&'5Lv8;=.;H.'5AW'
25<'*:'5,'*;,5<=/LY'*/&'()'*+,5<=/LY'*/5A/Q95&(g25+)+,/5-'5/<6'
25ANF'J5<X'%.7/-8;,IAP2* 2K'?'J.'5/RL-'*956//0.F'+V.IAN8c+P'23-
262(<-'5'*5.7921''5”@/P2LY/z'*/0U}'*J.'5/R2-<+,'5A2|A+P'L|A/U956/
/0.F'TX'_AM/J.'5(<-'5;,0M/;V'%5v<E6<26</,.25&'5+,E6<26<JR/IAXJ.'5(<-'5
LR'IA~>'z8>t4t23-262*:'5,'*5<=/LY'*8-'*;=.'5.?A;H.'5AW''5M/25<
*:'5,'*25&'5;,LY'*/&'()'*+V./b;725.R8*|'•t•/0<'*/f'*/5A'5W923-*:'
5,'*%
&'()'*2]'*5ANLY'*8Y/'*A†';V'+P'25<2625<=/LY'*J.'5(<-'5J562
23-'*:'5,'*@8-'*;=.262IA-'57J.'5/R5.7AIAX*.‹9'*:'5,'*/5:8'5W9+,<
'5.?A262;<=.5C'5/d(<-'5J562%
4%>%> /0123-/&'()'*LP.+V.J56255,'*(<-'5'*5.79
62(<-'5'*5.79/0<'*'?'J.'5/R8AP'TX'_AM/J.'5(<-'52|'95X.2K+P'@
+P'253T}5yA23-2622c'*/N/5Uƒ'*J5c'*L3LFL69D'*'5A2|A8,262(<-'5
'*5.792|'95X.L.5ANLY'*+P'/Q262'*A†'EB''*<,.LFL|A/U(d6'%*:'5,'*+V.
25D2'z'*5ANLY'*+P'/0B'/5g/0Uƒ'*L{/0}/5,'5/0A'** '/,.25&'52A'*2M9+P'
25<262(<-'5'*5.792K'5A2|A/0B'/5g/0Uƒ'*%*A†'+P'/&'()'*2A'*2M925<262
(<-'5'*5.79/Q'*:'5,'*;,f'Lg'5+,2K/&'5-'/<,'2-<@;{.TAM/5H9;~+,LUH2LX8
EX<+?8S/9569;~%V.26225D2'z'*/0B''*:'5,'*;,'*A†'2A'*2M9+P'IA-'/0k'*
'5M/25<262(<-'5'*5.79/0<'*'?'J.'5/R5<=/LY'*+,956//0.F'%

eB'2='5LMN'*:'5,'*21'2A'*2M925<(<-'5'*5.7926295U^'*/5D2/5-'5
/<6'@262(g25+)+?EX<;{'5956/5,'5@8}–/5d25.7'262* <(g25_AM/'5W9
J5ŠA%:'*2-</&'5-'/<,'+,5.7AIAX/0<'*5<S/LY'*/5U^'*8=.+,TX'_AM/
4%>%G /01L.?A25b'52628)2L&255<S/LY'*23-'?'J.'5/R
FL.?A/.R/5<=/LY'*23-'?'J.'5/R2]'*'5UJ.?825R;=8956/'5,'UV2/5d2
5.7'26225&'5T625/.?'/7/5c'*IA-262'*:'5,'*/5U^'*8=.'5,'UV22]'*'5U'*:'
5,'*/5U^'*8=.2f95|''5a8J.?825R;=8956/+,J&252|AL|A/U@f'Lg'5+.72;,8
25<'?'J.'5/R%
&'()'*'*:'5,'*L{LK'**K925<+.72(AN/0CTd/z'*/0U}'*J.'5/R+V.'5g9
LY2-</0<'*'5.?A'z8+V.(U'H25<+-N25.R8J5<X'*GZŽG`•@8•.'z8'*,'5
*:'5,'*LK'**K9/0B'4t•8D2/z'*/0U}'*23-2X'?'J.'5/R%,'*'z857/5P'*
'*:'5,'*L{5ANLY'*+,2A'*2M98Y/;UH'*+P'J56;V'25<'?'J.'5/R@UV2/&'5
25.R84\Ž4••@*|'Zt•+P'L|A/U/<,'_{5Y.%
62'*A†'+P'/&'()'*25<26225U^'*/0C'5+,(d6'956//0.F'J.'5(<-'5L{
/=</5B8LUH2'5.?A+.72;,88V.LS2E.7/;,}262+€'*'c'*/5c''5a8*.X.IANR/262
+M'L?_{5Y.%5c'*IA-2c'*/62/5Š8Lg'5+,*.68T6/262(d6'L|A/U'*:'5,'*
2]'*L{*K995|'EX<+78c./0Uƒ'*T.'5/56.+,Td956//0.F'E?'+y'*23-'?'J.'5/R@
LX8EX<5.7AIAX/0<'*+.72Th()'*+P'+,/A:'/53262'*ANB'/[2EX<+78c./0Uƒ'*%
%#56.'.78+?03.0<@03.0</&'()'*
>%4#56.'.7825A'*+?03.0<
3.0<;,/QJ5c'*LUH28<'*LH.'5M/23-/M/2X262;•'5+d2/0<'*2AY2TP'*%{2K0M/
'5.?A5k2*.X'*5.B'2DA+?03.0<+,LU-0-262J56.'.78'5U„03.0<;,EM//0[2*:N0-
8M/86/@/5.7/5=.…—„03.0<;,TdEM//0[22)/5F;.B'IA-'LR'8Y/5-N'5.?AE.R'2P
J5c'*8<'*LH.…%%%5U'*8k.IA-'L.F8+?03.0<L?A2K8Y/26255.FA25A'*„3.0<
;,J5X'z'*_XN0-262E.R'2PJ5c'*8<'*LH.@J5._XN0-03.0<T˜;,825<JR/IAX/5d2
/RJ562+V.JC+k'*…%
3.0<;Ac'_AM/5.7'EM/'*ƒ+,Lv(<=LR';H.'5AW'2]'*'5UTd/†'/=.23-262(<-'5
'*5.79%AN'5.B'@};•'5+d2',<L.25z'*'y-@L{J.'5(<-'5/5C95X.25M9'5W'03.0<
2K/5F_XN0-%C+WN@LF/†'/=.+,956//0.F'@262(<-'5'*5.79;Ac'95X.LU^'*L|A+V.
03.0<@J5c'*/5F/06'5'uLUH2'K8,25b2K/5F2625956'L<6'26203.0<2K/5F_XN0-

+,/C8262E.7'9569951'*'*Q-@5='25R/5.7/5=.(<03.0<*:N0-%
>%>#56.'.780.B'*+?03.0</&'()'*
&'()'*'*:'5,'*;,+.72/5.R/;W9IA-'57IA-'57*.y-'*:'5,'*@262/f25D2
/&'()'*+,262/f25D2J.'5/R@26'5:'/5v<'*ANB'/[25<,'/0X%.725<,'/0XLUH2'H
*P2/0<'*/&'()'*2K'*5•-;,+.72/5d25.7'LUH2*.6/0g5,'*5<6/0B'/5g/0Uƒ'*@21'
+.725<,'/0XLUH2;{.+-N/0<'*/&'()'*;,+.72/5d25.7'LUH2*.6/0g/5S'*(U/0B'/5g
/0Uƒ'*%<LK@2K/5F_v803.0</&'()'*2]'*;,03.0<J.'5(<-'5'5U'*LUH2_v8_u/
(UV.*K2LY*:'5,'*%
3.0</&'()'*956/T.'5/0<'*/0Uƒ'*5H9'*:'5,'*J5c'*/5ALUH2L|NL32X
*P2;w';{.23-J5<X'25<+-N@5<S2;,+.72/5-'5/<6''H*P2+,;{.J5c'*L‹'*J•5='%
3.0</&'()'*J5c'*25b*.V.5='}5<=/LY'*25<+-N@8,21'E-<*†8'5.?A5<=/
LY'*8-'*/&'525M//&'()'*J56223-'*:'5,'*'5UEX<;{'5@2-8JR/@25M9/5AW'/,.
/0H/5U^'*8=.@25<+-N}/5g/0Uƒ'*;.B''*:'5,'*@/&'()'*/5AB8A-@L†'*/,./0H‘
3.0</&'()'*2K/5F(<'5.?A'*ANB''5:'*:N0-'5U'*'*ANB''5:';V''5M/+w';,
(<J5:AIAX';~/&'()'*@L6'5*.695U^'*6'+-N+P'23-J56255,'*+,IAX';~+P'
+-NT-AJ5.*.X.'*:'%C+WN262'*:'5,'*2|'95X._:N(d'*8Y/IAN/0C'5/&'()'*
LX8EX<-'/<,'+,25S/25˜/QJ5:A/5Š8Lg'5+,95B(AN7/(d6'LR'J5:A/5A5†.+P'
+,;{.+-NLF5='25R03.0</&'()'*%
%625C'5/5D2E.FA5.7'23-03.0</&'()'*
G%4HIA65='
HIA65=';,J5<X''H8,J56255,'*J5c'*/0XLUH2J5.L{LR'5='/5<X/5AW'*5.
/0B'5H9L†'*/&'()'*%#5.8Y/8K''HJ5c'*/0XLUH2+,<J•5=''H@/<,'EY'H*P2
21';=.23-5H9L†'*T˜LUH225ANF'/5,'5'HIA65='%
G%>HJ5KL1.
HJ5KL1.;,J5<X''HIA65='+,J•8/5v<8Y/TP/.BA25&J562'5UIA68Y/JC* 5='
'H@5<S2J5c'*2K/,.TX'LX8EX<@5<S2/,.TX'LX8EX<J5c'*E6'LUH2@2<''H/5A-;•
/0.?'8.B'@956TX'%
G%GH2K+M'L?
H2K+M'L?;,'5y'*J5<X''H8,2KJ5X'z'*J56255,'*J5c'*5<,'/0X;{.+,*P2
L‹'*/5ƒ.5='L{2-8JR//0<'*5H9L†'*/&'()'*%ANR/Lg'5TPO™G–>ttZ–Ž

'*,N>>–tO–>ttZ23-*:'5,'*'5,'UV2+?+.7295:';<=.'H@/0&25;W9+,Th()'*(d
951'*_h;~03.0</0<'*5<=/LY'*23-262/f25D2/&'()'*L{95:';<=.'HJ560š0,'*%
5v<LK@HLUH295:';<=./5v<Z'5K8
5K84nHL3/.BA25AŠ'oE-<*†8
Ž62J5<X''H/0<'*5='LUH2L6'5*.6;,2KL3J5X'z'*/5A5†.L|NL32X*P2+,;{.
L‹'*/5ƒ.5='%
Ž62J5<X''HIA65='(UV.4t'*,NLUH2L6'5*.6;,2KJ5X'z'*/5A5†.L|NL3*P2@
;{.EgIA65='+,/5A5†.L|NL3*P2@;{.L‹'*/5ƒ.5='21';=.%
Ž62J5<X''HIA65='/Q4t'*,N/0};B'L{LUH2J56255,'*/0XL|NL395|''H*P2@
;{.EgIA65='nJF2X69()'*LP.+V.'H*P2I‹-5='o+,'H*P2@;{.23-262J•5='/0X'H
/.R9/5v</0<'*/5ƒ.* '/P./5.FAt\/56'*LP.+V.J5<X''H/0A'*+,(,.5='@tG/56'*
LP.+V.262J5<X''H'*['5='JF/Q'*,NE[/L|A/0XL|NL3'H*P2@;{.EgIA65='
Ž62J5<X''H23-J56255,'*/0XL|NL3'H*P2@;{./5v</5ƒ.5='L{LUH22^2MA;=.
/0<'*/5ƒ.* '/P./5.FAt\/56'*LP.+V.262J5<X''H/0A'*+,(,.5='@tG/56'*LP.+V.
262J5<X''H'*['5='nJF/Q'*,NE[/L|A/0XL|NL3'H*P2@;{./5v</5ƒ.5='LUH22^
2MA;=.o+,262J•5='/.R9/5v</5ALUH2L6'5*.6;,2KJ5X'z'*/0XL|NL3'H*P2@;{.
L‹'*5='/5v</5ƒ.5='L{LUH22^2MA;=.%
Ž0Uƒ'*5H98Y/J56255,'*2K'H2^2MA;=.5<S22K'HIA65='/Q4t'*,N/0};B'E-<
*†82X'H'*['5='+,'H/0A'*@(,.5='/5C25b_v8_u/LU-+,<'H'5K84J5.J5625
5,'*L{/0XL|NL3n'H'*['5='+,'H/0A'*(,.5='o2X*P2@;{.23-TP'HL{LUH22^2MA
;=.5<S2'^IA65='/0<'*/5ƒ.* 'IANLg'5/0B'@L†'*/5ƒ.262J•5='/.R9/5v<LUH2
L6'5*.6;,2KJ5X'z'*/0XL|NL3'H*P2@;{.L‹'*5='%
Ž62J5<X'2-8JR/'*<=.EX'*LUH2L6'5*.6;,J56255,'*2KJ5X'z'*/5d25.7'L|N
L3262'*5•-+)/5v<2-8JR/%
5K8>nH2|'25‹~oE-<*†8
Ž62J5<X''HIA65='/Q4t'*,NLR'™t'*,N%
Ž62J5<X''HL.?A25b'5J•5='/0X'H;|'L|A21'/0<'*5='/5v</5ƒ.* 'LUH2L.?A
25b'5;=.+,'*:'5,'*2KL35†T^L6'5*.6J56255,'*+?J5X'z'*/0X'HL|NL3'H
*P2@;{.L‹'*J•5='LUH2L.?A25b'5;|'L|A@/0Q262J5<X''HL.?A25b'5J•5='LUH2
95:';<=.+,<'5K84%

5K8GnH(UV./.BA25AŠ'oE-<*†8
Ž62J5<X''HIA65='/Q™4'*,NLR'4•t'*,N%
Ž62J5<X''H2^2MA;=./5ƒ.5='/0X'H;|'L|A@/0Q262J5<X''HL.?A25b'5J•5=';|'
L|A95:';<=.+,<'5K84@'5K8>%
Ž62J5<X''HLUH28.“'*.X8;{.5<S2(<J56255,'*J5c'*L3J5X'z'*/0X;{.L|NL3
/5v<5H9L†'*/&'()'*%
Ž62J5<X''H(<'*:'5,'*/0X/5-NLP.+V.262J5<X'EX<;{'5@262J5<X'/5-'5/<6'
LP.+V.25M9'5W'/5-'5/<6'n(<J56255,'*J5c'*/5d25.7'L‹'*'*5•-+)oIA65='
(UV.Gt'*,N%
5K8OnH'*5.'*ƒoE-<*†8
Ž62J5<X''HIA65='/Q4•4'*,NLR'G\t'*,N%
Ž62J5<X''H2^2MA;=./5ƒ.5='/0X'H;|'L|AIA65='(UV.™t'*,N/5v</5ƒ.5='/0X
'HLUH22^2MA;=.;|'L|A%
Ž62J5<X''H2^2MA;=./5ƒ.5='/0X'H;|'/5D5 %
Ž62J5<X''H(<'*:'5,'*/0X/5-NLP.+V.262J5<X'EX<;{'5@262J5<X'/5-'5/<6'
LP.+V.25M9'5W'/5-'5/<6'n(<J56255,'*J5c'*/5d25.7'L‹'*'*5•-+)oIA65='/Q
Gt'*,NLR'™t'*,N%
5K8ZnH2KJ5X'z'*8M/+P'oE-<*†8
Ž62J5<X''HIA65='/0B'G\t'*,N%
Ž62J5<X''H2^2MA;=./5ƒ.5='/0X'H;|'L|AIA65='/Q™t'*,N/0};B'/5v</5ƒ.5='
/0X'HLUH22^2MA;=.;|'L|A%
Ž62J5<X''H2^2MA;=./5ƒ.5='/0X'H;|'/5D5 IA65='/5v</5ƒ.5='/0X'HLUH22^
2MA;=.;|'/5D5 %
Ž62J5<X''H2^2MA;=./5ƒ.5='/0X'H;|'/5DE-/0};B'%
Ž62J5<X''H(<'*:'5,'*/0X/5-NLP.+V.262J5<X'EX<;{'5@262J5<X'/5-'5/<6'
LP.+V.25M9'5W'/5-'5/<6'n(<J56255,'*J5c'*/5d25.7'L‹'*'*5•-+)oIA65='/Q
™4'*,N/0};B'%
Ž62J5<X''H25ƒ_h;~%
Ž62J5<X''HJ5<-'5%
*ANB''5:'*:N0-03.0</&'()'*

O%4*ANB''5:'(<57/5P'*'*:'5,'*
• 3.0</Q26'EY/&'()'*
6'EY/&'()'*J5c'*L325ANB'8c''*5.79+)L6'5*.6T J5X'z'*/,.25&'523-
J56255,'*(w'LR'25<+-NJ5c'*/5A5†.LUH2+P'%62'*:'5,'*95X._:N(d'*8Y/
IAN/0C'5/&'()'*/0S//0˜%*<,.0-21''*ANB''5:'253IA-'/QL=<LD2'*5?'*5.79
23-26'EY/&'()'*2K/5F;,8T ;7252625†T^'5M/;,+.72L6'5*.6/,.TX'LX8EX<LF
8UA;H.26'5:'
• 3.0</Q5<=/LY'*IAX';~+,*.68T6/J5<X'+-N23-'*:'5,'*%
62'*:'5,'*25b25‹/0k'*LR'+.72*.68T6/IAN/0C'5/&'()'*/0UV2J5.25<
+-N'5U'*T-AJ5.+P'+-NL{LUH22M9L.262*:'5,'**|''5UJ5c'*IA-'/:8LR'
+.72J.F8/0-5<=/LY'*Th()'*+P'T-AJ5.25<+-N23-(<-'5'*5.792KL‹'*8)2
L&25@2K5.7AIAXJ5c'*%62J5<X'+-N03.0</5Uƒ'*25bLUH2_v8_u/J5.L{LR'5='
/0X(w'LR'+.72956/T.'5'H_MA@'HIA65='J5c'*LUH2956/5.7'+,5='25RJg9/5ƒ.
O%> *ANB''5:'/Q95&-J56255,'*
• 3.0<L=<LD223-J56255,'*%
#56255,'*J5 E6</5c'*/.'/5.RA/0A'*/5d2@5.7'/UH'*/5c'*/.'EM/LP._D'*
_XN0-@'*:'5,'*J5c'*956/5.7'0-(w'/V.5WAIAXJ5<X'+-NTh()'*/5.RA5.7AIAX@
J5c'*/5A5†.LUH25<S2LUH2Th()'*T 8)2L&25%#56255,'*2P/C'5;,8*.X5†T^
*.MN/ƒLFLUH22M95='8D225<+-N@;Q-LX<25.R8()'*+P'23-'*:'5,'*0†.E”/0P'@
'*:'5,'*J5c'*/5A5†.LUH2+P'25<+-N%.72',N;,8X'55U}'*LR'AN/&'@;,8
*.X8;H.'5AW'23-'*:'5,'*@/P'Ju8/5ƒ.* '+,/.?'E=2/0<'*+.72J5[295)25WA
IAX%
• 3.0<(</0C'5LYIAX';~J.'5(<-'5NRAJu8%
62J56255,'*26'5:'5<S2(<-'5'*5.79T-AJ5.LUH295B(AN7/2M9+P'25<+-N/.BA
(€'*5<S2TX'_AM/J.'5(<-'5'5U'*(<'z'*;d2+,/0C'5LY2K5='(w'LR'+.72J.'5
(<-'5/5A-;•5<S28M/+.72J5c'*/5F/0XLUH2+P'+-N'*:'5,'*%
O%G*ANB''5:'J5625IA-'/Q'?'J.'5/R5<S225&'5T62523-'5,'UV2
• idE.R'LY'*J5c'*;Uƒ'*/0UV2LUH223-'?'J.'5/R/5R*.V.%
?'J.'5/R.7/-8;,8Y/'?'J.'5/RL-'*956//0.F'+V.'*,'5'c'*'*5.79;,
253NRA@5,'*5K-_AM/J5ŠA253NRA23-.7/-8;,2628S/5,'*'c'*TX'+,5,'*

5K-/.BA(€'*'5UIA|'6<@*.,N(u9‘Td/5-NLf./5g5.RA23-'*Uƒ./.BA(€'*'UV2
'*<,.5-NEM/JCTdJ53'*5<X'*',<23-262'?'J.'5/R956//0.F'@'5y'*'UV2'5W9
J5ŠA253NRA262TX'95Š823-.7/-8T˜;,8T)/*.X8'5A2|A'5W9J5ŠA+,J5.R'
262'5,'5W9J5ŠA;:8+,</C'5/0='*L.BALD'*%62'*:'5,'*25<+-NTX'_AM/J.'5
(<-'5LP.+V.262(<-'5'*5.79_AM/'5W9J5ŠA@/5d25.7'2625H9L†'*–5-NEX<
;{'5L?AT˜&/5-N'5.?A95X.25gA03.0<25<'5y'*J5<X'+-N',N/€N+,<TdE.R'LY'*
23-/5g/0Uƒ'*/5R*.V.%
• id5Y.'5W9J.'5/RIAP2/R(w'LR'03.0</QJ53'*5<X'*/<,'2|A%
.7/-8E[/L|A* '5W9›/Q'z8>tt`25<LR''-N'?'J.'5/RL{2K'5y'*
EUV25Y.'5W9'*,N2,'*T:A0Y'*+,<'?'J.'5/R/5R*.V.@LS2E.7/;,/0<'*'*,'5*:'
5,'*+V.2625H9L†'*–@5H9L†'*EX<;{'55H9/62+V.262'*:'5,'*J5[9'^./0B'
/5R*.V.%:N;,2^5Y.;V'25<262'*:'5,'*.7/-8/Q'*EUV2J5œ'*Lg'58C'5/0B'
/0Uƒ'*IAP2/R'5U'*2]'*;,/5625/5D2J5c'*'5”/0<'*+.72IAX';~5<=/LY'*03.0<
23-57/5P'*'*:'5,'*J5._XN0-J53'*5<X'*23-262'*:'5,'*;.B'JR/5-N262LP.
/62;,8z'(<J53'*5<X'*J.'5/R/<,'2|A8-'*;=.%
.725Y.'5W9+V.IAP2/R21'/=<0-8c./0Uƒ'*2='5/0-'52-<25<262/0<'*
'UV2J5.262'*:'5,'*'UV2'*<,.EUV225:'+,</5g/0Uƒ'*+,/5A5‹/262J56255,'*
2K/.?8;d2/,.25&'5%.722='5/0-'5*-N*[//0<'*L.?AJ.7'5Y.'5W9T˜J5.R'/b;7'H
_MA/z'*;B'+,'*AN2^03.0<23-57/5P'*'*:'5,'*2,'*2-<5^'%
• 3.0<(<25&'5T62523-'5,'UV2%
F(AN/0C8)2/.BA23-'?'J.'5/R(<25&'5953L?0-@2622c'*2)/,.J5K-+,
/.?'/7T˜LUH225&'5953Th()'*/0<'*'5y'*/5ƒ.L.F8J562'5-A23-'?'J.'5/R%RA
8Y/25&'5T62523-25&'5953/62LY'*EM/;H.LR'262(<-'5'*5.79TX'_AM/J.'5(<-'5
}'*,'55<S2;•'5+d2',<LKT˜X'55U}'*LR'5<=/LY'*23-(<-'5'*5.79(w'LR'+.72
(<-'5'*5.792K/5FEg/5A-;•@(d6'J5c'*/5F/.R9/)2/5d25.7'+,'*:'5,'*J5c'*
/5F/5A5†.LUH2'H%
3.0</&'()'*21'_XN0-LP.+V.262(<-'5'*5.79'5,'UV2+,262J5<X'+-N
LUH2'5,'UV2EX</0H@J5.J5c'*/5A5†.LUH2J5<X'+-N(<(<-'5'*5.79;,8z'/5A-
;•T˜;,825<262J5<X''HJ5<-'523-'*:'5,'*/z'*;B'@X'55U}'*LR';H.'5AW'23-
'*:'5,'*%

• 3.0<(<57/5P'*/5c'*/.'IAX';~EM/2W9%
.72/5-'5J.F8/0-*.68T6/23-2^IA-''5,'UV2LP.+V.'*:'5,'*21';”'*;’<
+,J5c'*/5Uƒ'*_ANB'@2622^IA-''5,'UV28V.25bIAX';~'*:'5,'*/5c'*IA-262
'*5.79+)/5C/0Uƒ'*8}@IANL.'55='8D2@/j;7(d/0yE[/EAY225D25U-LU-0-LUH2
8Y/57/5P'**.68T6/+,262/.BA25AŠ'2)/5FLP.+V.5<=/LY'*/&'()'*23-'*:'5,'*%
5.RATd_R95='*/&''5.78+,25M8L.F85<=/LY'*23-262'*:'5,'*2]'*'5U262
(<-'5'*5.79/0<'*'?'J.'5/R(w'LR'+.72'*Uƒ.25<'*:'5,'*+-N+P'/5.RA/5c'*/.'
LFL6'5*.68D2LY03.0<23-'*:'5,'*@'*:'5,'*/5.RA/5c'*/.'LFL6'5*.603.0<
23-'*Uƒ.8AP'+-N+P'%
.7''-N'UV2/-L{2K/0A'*/:85c'*/.'/&'()'*no;,/f25D2Td'*5.795,
'UV2/5AY2*:'5,'*5,'UV2.7/-8@2K25D2'z'*/5A'5W'@;UA/0y@95:'/&25@_h
;~@(dE6</5c'*/.'/&'()'*95)2+)25<NBA2|AIAX';~'5,'UV223-*:'5,'*5,
'UV2@/5d25.7'262(g25+)/5c'*/.''*:'5,'*/5v<IANLg'523-*:'5,'*5,'UV2
+,23-9569;AW/%AN+WN5.7''-N+w'25b5='25R}8D2/5A/5W9/5c'*/.'25D
25U-Th()'*'5y'*/5c'*/.'2KLUH2LFL6'5*.6/&''5.7823-262'*:'5,'*+,262
(<-'5'*5.79/0B'/5g/0Uƒ'*@L†'*/5ƒ.2]'*25U-_:N(d'*LUH28Y//.BA25AŠ'L6'5
*.695€5H9+,'5M/IA6'LP.+V./<,'EY262(<-'5'*5.79/0<'*'?'J.'5/R%
WAIAX23-03.0</&'()'*/0<'*5<=/LY'*23-'*:'5,'*
Z%4V.'*:'5,'*
#5.03.0</&'()'*_XN0-@'*:'5,'*J5c'*/5ALUH2+P'/&'()'*L{2M9+,;{.
25<+-N@'5U'*'*:'5,'*95X./0X+P'+,;{.25<J5<X'/.?'5ANLY'*J5.LR'5='@L.?A
',NT˜;,825<'*:'5,'*8M/2:'LP./0<'*+.72/5A25.@+1'*IA-N+P'/&'()'**.X8
;,825<'*:'5,'*J.'5(<-'5J5c'*5.7AIAX@25.95&23-'*:'5,'*/z'*;B'T<+V.(d
J.R'%RA8Y/J5<X'+-N',<LKEg8M/J5X'z'*/5A5†./5C'*:'5,'*95X.Th()'*262
'*A†'+P'23-8C'5LF/0X25<'*Uƒ.*h./.?'@LR'8Y/25Q'*8d2',<LMN@'*:'5,'*
J5c'*2KL3'*A†'+P'LF/0X25<'*Uƒ.*h./.?'/5C'*:'5,'*T˜0^.+,</C'5/0='*8M/
J5X'z'*/5-'5/<6'@2K/5F(w'LR''*AN2^*S903.0</5-'5J5<X'%,JR/IAX;,;,8
/5A5•9IAN8cJ.'5(<-'5@'z'*;d2/,.25&'5*.X8T‹/@AN/&'@TD22='5/0-'5*.X8
J5c'*'5y'*/0<'*/5g/0Uƒ'*'Y.Lg-8,21';-'0Y'*0-262'UV2@JR/IAXJ.'5(<-'5
23-'*:'5,'*'*,N2,'*_MA2K/5F(w''*:'5,'*LR'/5A-;•5<S2LU-LR'Eƒ+d2956

TX''RAJ5c'*2KE.7'9569_h;~@J5[295)2Jg9/5ƒ.%
Z%>V./<,'EY'?'J.'5/R
e[/'*A†'/QEX'25M/+,25D2'z'*23-'*:'5,'*;,8Y//f25D2/0A'** '/,.
25&'525ANB'5ANLY'*+P''5,'0•./0<'*'?'J.'5/RLF25<262/f25D2@262(<-'5
'*5.79+,26'5:'2K'5A2|A+-N;=.%<LK@/5d225M/IAN?'T}5yA'5y'*J5<X'25<
+-N;,IAN?'T}5yA23-'*Uƒ.L{*h./.?'+,<'*:'5,'*%e}.+WN@J5.03.0</&'()'*
_XN0-/5CJ5c'*'5y'*'*:'5,'*25gA/5.7/5=.8,IAN?';H.23-'*Uƒ.*h./.?'2]'*Eg
X'55U}'*%
#5.8Y/'*:'5,'**S995X.03.0</&'()'*5-NEg956TX'/5C'*Uƒ.*h./.?'}
262'*:'5,'*J5625<-'*8-'*;<TH+,Ju<'5-A†=/LR'0‹//.?'}262'*:'5,'*J562@
;,825</<,'EY57/5P'*'*:'5,'**S995X.J5KJ5z'%*:'5,'*956TX'T˜X'55U}'*
LR'/C'55C'5TX'_AM/J.'5(<-'523-(<-'5'*5.79@J5c'*2K/.?'/0X;U^'*(w'LR'Lƒ.
TP'*2c'*'5:'*S9J5KJ5z'%^''y-@Td5<X'*;<='23-262'*:'5,'*X'55U}'*0M/
;V'LR'/<,'EY'?'J.'5/R%K;,825<'?'J.'5/REgTAN/5<6.@*.62X/z'*@TD28A-
*.X8@/5M/'*5.79/z'*@_{5Y.8M/f'Lg'5%*<,.0-@03.0</&'()'*2]'*X'55U}'*LR'
'?'J.'5/R/5R*.V.+C'*,N'-N@'?'J.'5/R8•.IAP2* L?A95)/5AY2+,<'?'J.'5/R
J5A+d2+,/5R*.V.%#.'5'*5.7825</-/5MN2AY2J53'*5<X'*/,.25&'55:A$
n4™™`o+,8V.L:N;,2AY2J53'*5<X'*/,.25&'5-8‚n>tt4Ž>tt>oL{;,80A'*
25ANF'/<,'2|A%S/J562@8P.;.B'57+?/.?'/7@L|A/U*.y-262'UV2956//0.F'0M/
'5-'5'B'03.0</&'()'*/=.8Y/'UV2X'55U}'*/0d2/.R9LR''?'J.'5/R262'UV22K
;.B'IA-'%
K8;=.@03.0</&'()'*23-8Y/'*:'5,'*_XN0-}8D2LYJ562'5-A'5•'5M/;,
'*:'5,'*Eg*.X8;H.'5AW'J5.J5c'*/5A5†.LUH2;{.25<+-N@'S'*'5M/J5.'*:'
5,'*J5c'*/5ALUH2+P';{.@'H/5M//5A+V./j;72-<(w'LR''*:'5,'*Eg;•+,8M/
+P'%RA/C'5/0='*',NJu<(,.J5c'*J5[295)2LUH2@'*:'5,'*T˜Eg956TX'@*:N5WA
IAX'*5.B8/0k'*25<'R'J.'5/R'K.25A'*+,57/5P'*'*:'5,'*'K.0.B'*%5&'5+C
+WNL1.5”.262'5,IAX'/0g'*:'5,'*95X.5R/TD2/5W'/0k'*+,2K'5y'*E.7'9569
/5&255H9'5a8*.X8/5.FA03.0</0<'*25<+-N%
622625J5[295)2+,5='25R03.0<
\%4,</=<':'*2-<25M/;UH'*LY.'*]/&'()'*

5d2/R5.7''-NLY.'*]26'EY'*,'5'*:'5,'*21'/5.RA'5.?A@25ANB'8c''*5.79
+)25U-2-<@J.R'/5D2+?IAX';~+,25M8L.F8J56255,'*21''5.?A5='25R(<25b
8V.LUH2/.R92W'+.7225M8L.F8/&'()'*/0<'*/5ƒ.* '*|'L:N%5y'*'*ANB''5:'
',NL1.5”.262'*:'5,'*95X./5Uƒ'*_ANB'/f25D2L,</=<25<'5:'+.B'LF5k/.R9
2W'8Y/26250š5^'26257/5P'*25M8L.F8+,5.FALUH2262~'*5•-23-/Q'*25b/.BA
2]'*'5U+ /0123-+.7225M8L.F8/&'()'*(<-'5'*5.79%|'/5Uƒ'*_ANB'2W9'5W/
262/5c'*/.'/Q*:'5,'*'5,'UV2+?262IANLg'5/&'()'*8V.LFLX8EX<-'/<,'
/0<'*2625<=/LY'*/&'()'*%
\%>6'5*.6/C'55C'55<S/LY'*(<-'5'*5.79+,JR/5H9/,.TX'LX8EX<
e.7'9569-'/<,''5M/LP.+V.262'*:'5,'*25&'5;,+.72/5d25.7'25<J56255,'*2K
/,.TX'LX8EX<+-N+P'@/,.TX'LX8EX<23-J56255,'*T˜LUH2*:'5,'*/5Š8Lg'5
/0UV2J5.25<+-N%,.TX'LX8EX<T˜LUH2Lg'5*.6+,25ANF'* <25<8Y/EB'/5DE-
(<'*:'5,'*3NIAN?'LFIAX';~%62/,.TX'LX8EX<',NT˜LUH2'*:'5,'*/5A5†.+,
E6'/5-'5;~/0<'*/0Uƒ'*5H9J56255,'*J5c'*/0XLUH2+P'+,;{./0<'*/5ƒ.* '25<
95u923-'*:'5,'*%e.7'956925<+-N2K/,.TX'LX8EX<',NT˜J5[295)2+.728M/
+P'23-'*:'5,'*8Y/26255.7AIAX'5M/
='8D2/&'()'*LUH2262'*:'5,'*_62Lg'5(d-/0B''5.?ANRA/PE-<*†825M8
L.F8/&'()'*J56255,'*@/5Š8Lg'5/,.TX'LX8EX<+,_v8_u/262NRA/PL|A0-@L|A
+,<23-TX'95Š8@262NRA/P+?(U'H+,IA-'57/&'()'*23-J56255,'*LP.+V.'*:'
5,'*/0<'*IA6J5D%Q+.72L6'5*.6262NRA/P/0B''*:'5,'*T˜_62Lg'50-8Y/5='
8D2'5M/Lg'5LP.+V.262J5<X'EX<;{'5+,25<+-N23-J56255,'*%='8D2',N
'5a8_62Lg'5TP/.?'8,'*:'5,'*2-8JR/EX<;{'55<S225<+-N/P.L-LP.+V./Q'*
J56255,'*LFLX8EX<8D2LY-'/<,'/&'()'*23-'*:'5,'*%
\%GA-E6''H+,262/,.TX'956.T.'5
\%G%462J5<X''HLUH28A-@E6';,262J5<X''H8,/f25D2/&'()'*25<J56255,'*
+-NL-'*5=25/<6''Y.EX'*@262J5<X''HL{LUH2/f25D2/&'()'*_h;~Ea'*(d
951'*03.0<5<S2Ea'*'*A†'J5625.7'L-'*LUH25=25/<6'/5v<(š.'*<=.EX'*%Y/
J5<X''H2K/5FLUH28A-@E6'8Y/95|'5-N/<,'EY(<262EB'8A-@E6''H/5<X/5AW'%
P.+V.262J5<X''HL{2K/5<X/5AW'J5c'*LUH28A-@E6'/5C262EB'J5c'*LUH2/5d2
5.7'8A-@E6'262J5<X''H',N%.72E6''H*.‹9262'*:'5,'**.X8LUH2/f'/5M/LP.

+V.262J5<X''H2K03.0<2-<+,2K'*AN2^J5K/5A5†.@8A-E6''H21'*.‹9'*:'
5,'*2K/5F/5A5†.8Y/95|'+P'25<+-N/0UV2/5ƒ.5='J5._XN0-03.0</5-'5/<6'
/0<'*57/5P'*23-8C'5%5g/0Uƒ'*8A-E6''H}.7/-85.7''-N21'0M/J5.B8/P'
/0<'*J5.'HIA65='23-.7/-8L-'*'*,N2,'*/z'*@L.?A',N(w'LR'8Y/+.72/M/
NRA;,/0<'*/U^'*; *|'/5g/0Uƒ'*8A-E6''H_MAT˜0M//.?8'z'*+,/0}/5,'5NBA
2|A2M9/5.R/23-'?'J.'5/R%
\%G%>.7''-N/0B'/5R*.V.262*:'5,'*L-'*Th()'*8Y/2c'*2)95fE.R'LK;,
2c'*2)956.T.'5LF5='25R03.0</&'()'*@8Y/TP2c'*2)253NRALUH2Th()'*'5U
T-A
-% H9L†'*/5-NLf./&'()'*n0v(./T‰-9o%
,5C'5/5D25 /f25D225<+-N/5”-/5AW'/0-<Lf.25<'5-A8Y/95|'262
J5<X'/5-'5/<6'/5v<2625H9L†'*/&'()'*23-8•.EB'%
H9L†'*',N'5a8':'*2-</&'5L-(='*5K-23-(-'58)225<+-NLS2E.7/
'RA262*:'5,'*5<=/LY'*/0<'*'5y'*/5g/0Uƒ'*J562'5-A%C5<=/LY'*+V.2^T}
J56255,'*J562'5-A'B'5H9L†'*/5-NLf./&'()'*25<95u9262*:'5,'*2K/5F
'5W'LUH2262J5<X'/5-'5/<6'/Q8Y/57/5P'*/5g/0Uƒ'*0Y'*5^'+,(<+WNTd*.X8
Td95)/5AY2+,<8Y//5g/0Uƒ'*/0AN?'/5†'*%
E% H9L†'*IAN?'/&'()'*n0v(./<9/.<'To
,2c'*2)EX<+7'*:'5,'*/0UV2'5y'*/f'/5M//0<'*/0g*.6/,.TX'/&'()'*@
*.‹9E€L[925.95&+-N+P'2-<5^'J5.25M/;UH'*/&'()'*'*:'5,'**.X8T‹/%
*:'5,'*/5d25.7'2625H9L†'*IAN?'/U^'*/dLFEX<+7(-'58)2L|A/U
/0<'*/0Uƒ'*5H9'5y'*/f25D2956/5,'5J5c'*/5F5<,'/5,'5/0625'5.78/5-'5/<6'
5<S2/0Uƒ'*5H9*.6/0g/5g/0Uƒ'*25D'*J5<6'*.X8T‹/L6'*JF(<25M/;UH'*/&'()'*
23-/f25D2956/5,'5/5-NLf.%
H9L†'*IAN?'/&'()'*Th()'*EX<+7*:'5,'*/0UV203.0<25.95&+-N+P'
/z'*(<25M/;UH'*/&'()'*23-'*:'5,'**.X8%
2% H9L†'*262J5<X'/&'()'*03.0<%
*:'5,'*8AP''*z'25S'/f'/5M/(<*.6/0g/,.TX'25<+-NL|A/U*.X8/5Uƒ'*
Th()'*5H9L†'*',NEa'*26258A-8Y/5H9L†'*IAN?'E6'LP.+V.8Y/EY95W'23-
(-'58)225<+-N5<S2(-'58)2L|A/U%

*:'5,'*/C88Y//f25D2LX8EX<25<262J5<X'25<+-N/0<'*/0Uƒ'*5H9
J5c'*/5F/5A5†.+P'%
 R95='*/&'()'*+,26295U^'*9569L6'5*.6_R95='*/&'()'*
`%4 R95='*/&'()'*
`%4%4#56.'.78
5v<J56.'.7823-2c'*/N<<(NžT/5C„ R95='*/&'()'*(<-'5'*5.79;,L6'5*.6+g
/5R5.7'/=.+,(dE6<+?/0.F'+k'*/U^'*; 23-(<-'5'*5.79/0B'2^T}/f'*5H9262
25b/.BA/,.25&'5+,95./,.25&'58Y/26252K5.7AIAX…%
D'*/0B'*K2LY23-'*:'5,'*/5U^'*8=./5C„_R95='*(<-'5'*5.79;,L6'5*.6
5.7'/5ƒ.+,(dL<6'/U^'*; +?J5X'z'*23-'*Uƒ.L.+-N+?+.725<,'/0X/.?'*P2+,
;{.23-8Y/J5<X''H'5M/Lg'5žž%
`%4%> /01
• 7/5P'* 23-'5a82A'*2M9'5y'*(dL<6'J5X'z'*_XN0-03.
0</&'()'*2K/5FLUH25.FA;,TdJ562E.7/+?8S/J.'5/R*.y-'5y'**C8,'*Uƒ.L.+-N
5D-/5-'5/<6'+V.'5y'**C8,/5d2Td'5W'LUH2%#56.'.7803.0<LUH2_u/
LR'}L:N;,;,8Y/TdJ5c'*25[225['5-N8Y//C'5/0='*EM/f'2K/5FUV2L<6'LUH2
_62TAM/_XN0-%#56.'.78/&'()'*LUH25.FA;,IA-'5725ANF'* <IAN?'Th()'*+P'
*.y-'*Uƒ.25<+-N+,'*Uƒ.L.+-N/0B''*ANB'/[22K5<,'/0X%A-'57/&'()'*(d-
/0B''?'/X'*Td/.'/U}'*;w''5-A*.y-262253/5F%
• 7/5P'* *.‹9IAX'/0g03.0</&'()'*Ea'*95U^'*9569/.B'/.R'@
*.‹9J.F8T<6/8D2LY/&''5.78J56255,'*@/5.R/;W98D2;{.TAM/25<+-N95€5H9+V.
(dE6<J5X'z'*/5M/E=.23-/Q'*'5K8J56255,'*%2K/5FL6'5*.65.7AIAX
(-'58)225<+-N/5c'*IA-*.68T6/Td/5-NLf.(U'H+,95:';<=.'H/0<'*/Q'*'5K8
J56255,'*L{LUH2_R95='*@IA-LKL.?A25b'5(-'58)2/5v<5UV'*UA/.B''*A†';d2
+,<'5y'*'5K8J56255,'*-'/<,'%
• P.+V.'5,L|A/U *.‹9'5,L|A/U2K/5B82c'*2)L6'5*.603.0</&'
()'*@*.X8/5.FA25.95&/5A/5W9@95:'/&25@*.68T6/J5X'z'*/0X'H23-262/f25D2
956/5,'5/06.95.RA@2c'*2)'H%
• P.+V.(<-'5'*5.79 *.‹92622c'*/N8}0Y'*/5g/0Uƒ'*+P'/0<'*+,
'*<,.'UV2@*.X8EV/Td95)/5AY2+,<262J5<X'+-N'*:'5,'*% 2]'**.‹9(AN

/0CTdf'Lg'5'*A†'/,./0H25<2c'*/N@2622c'*/NLUH2_R95='*2-<2K/5F(AN/0CLUH2
/5g/0Uƒ'*+P'5|A'5U/0<'*8k.5<,'2X'5@'*-N2XJ5./5g/0Uƒ'*+P'2K'5y'*E.R'
LY'*EM/;H.% 2,'*2-</5C25.95&+-Nn;{.TAM/o2,'**.X8@262'5,L|A/UTŸ'T,'*
'5W'8Y/8D2;{.TAM//5M95^'25<8Y/25D'*J5<6'-'/<,'5^'% *.‹925<'*A†'
/,./0H;.'55<=/5^'@2c'*/N956/5,'52K/5F2^2MA/5ƒ.5='+,/f'**.6/0g25D'*J5<6'
956/5,'58Y/2625/5&255H9%
• P.+V.25&'5953+,/5g/0Uƒ'*/,.25&'5 *.‹9/5g/0Uƒ'*/,.25&'58.'5
E=255^'@':'*2-<5.7AIAX23-'?'J.'5/R+,/z'*2Uƒ'*J5X'z'**.68T6//5g/0Uƒ'*
23-25&'5953%
`%4%>*ANB'/[2_R95='*
*:'5,'*(d-+,</5c'*/.'(<J56255,'*2A'*2M9+,/d8C'5/5A/5W9LUH2LF;UH'*
5<68D2LY03.0</&'()'*23-J56255,'*/5c'*IA-IA6/0C'5L6'5*.6Ea'*/5-'*L.F8
/5P'*'5M/%
5c'*/.'
62Lg'5'*,'5 AN8c
'*,'5
5b/.BA/,.
25&'5
5b/.BA95./,.
25&'5
f'*5H9L.F8
5B(AN7/JR/IAX25M8
L.F8
5:'+.B'
25M8
{'5L=<
(AN7/
C'54%*ANB'/[2_R95='*23-*:'5,'*
`%4%G R95='*/&'()'*/0B'/5R*.V.
5[2LR'2622c'*/N_R95='*/&''5.78'f./.R'*/0B'/5R*.V.'*Uƒ./-/5Uƒ'*'5[2LR'

2625{'*'5Ui/-'(-0( <<0žT+,<<(NžT%#5./5g/0Uƒ'*/,.25&'5956//0.F''*,N2,'*
95D2/=9@5 5{'*L6'5*.6_R95='*/&''5.78',N+V.+ /01;,'5y'*95:'/&25LY2;W9
L{/0}/5,'58Y/95|'IA-'/0k'*/0<'*57/5P'*/,.25&'5/<,'2|A%
i/-'(-0( <<0¡Tn+.R//[/;,i o;,8Y/EY95W'23-/W9L<,'20-‰Ž.;;@/W9L<,'
25ANB'_AM/EX''*5.B'2DA+,95:'/&25/,.25&'5@25D'*J5<6'%B'/Af.23-i/-'(-0(
<<0*[';.?'+V.26225bTP25D'*J5<6''5U25bTPi Ztt23-‚@i –i >tt
23-¢2@i –i 23--'-(-@i –e23-£+,i  .¤/N23-¥'Y%
i/-'(-0( <<0¡T5<=/LY'*+V./U2625;,8Y/2c'*/N(g25+)/,.25&'5LY2;W9%<=/
LY'*23-5{'**†82K_:N(d'*26225bTP_R95='*i @_R95='*/&'()'*+,262IA‚
L|A/U@/U+M'L|A/U@LU-0-262*.X.9569'5a8J.F8T<6/03.0<@2A'*2M9(g25+)IAX'
/0g@L6'5*.6@+,262(g25+)+?(y;.7A%P./UH'*95)2+)23-5{'*;,26225ANB'* @
262/f25D2/,.25&'5@262/W9L<,'/U+M'/,.25&'5@+,262'5,L|A/U/U'5:'/0B'/<,'
/5R*.V.%i/-'(-0( <<0¡T;,8Y//0<'*'5y'*'5,2A'*2M9/5c'*/.'5,'*L|A23-/5g
/0Uƒ'*/,.25&'5AP2/R%,'*A†'2A'*2M9262_R95='*/&'()'*@L|A/U'*5.B'2DA@
L6'5*.603.0<+,262(y;.7A%i/-'(-0( <<0¡T2A'*2M9262/5c'*/.'2|'/5.R/25<262
LP./UH'*0-IANR/Lg'5/0B'/5g/0Uƒ'*/,.25&'5@*.‹95k2K/5F2X8/5MN25[225['5^'
+?IANR/Lg'523-8C'5%
i/-'(-0( <<0¡T@LUH2E.R/LR'+V./U2625;,8Y/2^IA-'L6'5*.6/&'()'*@25ANB'
2A'*2M9262_R95='*/&'()'*+?2628K''H23-262/W9L<,''5,'UV2+,/U'5:'%
:N;,8Y//0<'*TP2625{'*_R95='*/&'()'*L{LUH23NE-'25D'*J5<6'‚iˆ
25D'*'5W';,8Y//0<'*'5y'*/W9L<,'L6'5*.6_R95='*/&''5.78LUH2/5Q-'5W'}
EW2IAP2* %
#5<X'*¦4@`'*5C'/jLc;-262/,.TX'L|A/ULUH2/0d2/.R9*['+V./B'/Af.23-25bTPi
+,5^'¦O@•Z'*5C'/jLc;,262*.6/0g23-25bTPi @2<'TP',N;V'5^'0M/
'5.?AT<+V./M/2X262'5,2A'*2M925bTP25D'*J5<6'J562*Y9;=.%
f'*TP/.?''H_MALUH225bTPi L6'5*.6/0B'/<,'2|A;,J5<X'*G>'*5C'/jLc/=.
4ttIAP2* %.B'*/0<'*'z8>tt•@i/-'(-0( <<0¡TL{LU-0-262L6'5*.623-5^'
4%4Zt%ttt25bTP_R95='*@E-<*†82X25bTP8V.+,26225bTPL{LUH2Th-;=._R95='*%
`%>6295U^'*9569_R95='*/&'()'*L.F'5C'5
`%>%4 R95='*/&'()'*Ea'*262525<L.F826225bTP/,.25&'5

• 5U^'*9569_R95='*/&''5.7823-i 
5U^'*9569_R95='*23-i E-<*†82X95:'/&25Lg'5/&'5+,Lg'5;UH'*%
i 2]'*/W9/0A'*'5.?A+,<95:'/&25(1'*/.?'+,J5X'z'*/5-'5/<6'/0<'*IA6J5D%
?95:'/&25J5X'z'*T.'5;H.@/5v</.BA25AŠ'_R95='*(<-'5'*5.79>tt\@;,8Y/95|'
/0<'*EUV295:'/&2503.0</,.25&'523-(<-'5'*5.79'5U'*/5v</.BA25AŠ'_R95='*
/&''5.78(<-'5'*5.79>tt•@i '5M'8='5J5X'z'*T.'5;H.'5U8Y/95|'23-EUV2
L6'5*.603.0<J.'5(<-'5+,'z'*;d22='5/0-'5%
0<'*IAN/0C'5_R95='*@i J5c'*95:';<=./5v</&'525M/23-(y;.7A8,95:'
;<=./5v<03.0<;,03.0<J.'5(<-'5+,03.0</,.25&'5%
3.0<J.'5(<-'5E-<*†803.0<'*,'5@J5X'z'*2='5/0-'5–+g/5R(<-'5'*5.79
/0<'*'*,'5–;H./5RJ.'5/R@J5X'z'*T.'5;H./0<'*TdT<T6'5+V.262(<-'5'*5.79J562
/0<'*'5K8/U^'*L†'*%i '5M'8='5'5:'/P25&'5/0<'*03.0<J.'5(<-'5;,J5X
'z'*2='5/0-'523-(<-'5'*5.79%C262+M'L?95:'/&25/0<'*03.0<J.'5(<-'55-N
/0<'*95:'/&25Lg'5/&'523-§./25@i +,<<(N¡T5|A5R/;,*.P'*'5-A'B'T˜J5c'*
LUH2'5[2;=.%
3.0</,.25&'5*†895:'/&2525&'5T625/,.25&'5@25&'5T625+,/5c'*/.'JR/<6'@
J5X'z'*L69D'*23-(1'*/.?'@2MA/0‹2+P'@J5X'z'*/5-'5/<6''*['5='%FL6'5
*.6J5X'z'*/0X'H@i LU-0-8Y/TP/jTP25&'5LF95:'/&25
• 5U^'*9569_R95='*/&''5.7823-<<(NžT
5U^'*9569_R95='*/&''5.7823-<<(NžT/W9/0A'*+,<EP';•'5+d225&'5
;,L6'5*.68c./0Uƒ'*'*,'5@L6'5*.6/C'55C'5/,.25&'5@L6'5*.65<=/LY'*TX'_AM/
J.'5(<-'5@L6'5*.6J5X'z'*IAX'/0g(<-'5'*5.7925‹/0k'*+,<IAX'/0g03.0<+,
J.F8T<6/'Y.EY%<<(N¡T/5.R/;W944/jTP25A'*'5M/LFTh()'*/0<'*95:'/&25T<
T6'5@262/jTP',NLUH2<<(N¡TD'*()'*0Y'*0{.}'5y'*IAP2* J562'5-A@'5y'*
'*,'5J562'5-A+,2X}262E6<26<_R95='*/&''5.78(<-'5'*5.79%AN'5.B'@/0<'*
IAN/0C'52)/5F@<<(N¡T2K/5F_v8_u/EV/5<S2/5B8+,<26225b/.BA25<95€5H9+V.
/Q'*'*,'50.B'*E.7/%44/jTP/5Uƒ'*LUH2<<(N¡TTh()'**†8
5v<E6<26<23-<<(N¡T@5kL{'*5.B'2DAJ5<X'*Zt•2622c'*/N95./,.25&'5
23-‚+?95:'95P.23-44/jTP/0B'/M/2X262'*,'5/5v<5='*8D2/&''5.78/Q2-<
LR'/5M9n/&'5/jTP/0A'*EC'5/Q'*'*,'5o%0<'*LK@Z/jTP2K8P.IA-'578='58˜

+V.2625='*8D2/&''5.78'*,'5/Q LR'
¨n§§©;{.+-No–{.+-N@§§–f'*'H+,ˆe–{.+-N/z'*8Y/2625L?ALS'+V.
5='*8D2/&''5.78'5U8<'*LH.%
¨f'*'H–ˆe+,f'*'H–f'*+P'5K-/5C*.X88Y/2625L?ALS'
5:'95P.44/jTP25&'523-<<(NžT/5v<5='*8D2/&''5.78'*,'5
-/.'
*
 4`%Z 44•%G

4•%\ t%` >>%>•
- 4G%• Z™%™• 4G%G 4%G GZ%G•
 ™%G O>%™• •%O 4%• O>%>•
e \%\ Gt%™• Z%> >%O OO%Z•
e- O%` >>%>• G%G G%4 Z4%G•
e >%O 4t%\• 4%O Z%O `O•
 4%G >%\• t%O `%\ 4t>%\•
Z/jTPJ5622K8P.IA-'57*|''5UL†'*L?A+V.5='*8D2/&''5.78H.'5AW'5<=/
LY'*E.B'@ˆeE.B'@ˆe–,.TX'/0A'*EC'5@ˆ –#5MA5-<@§–f'*'H
5:'95P.44/jTP25&'523-<<(NžT/5v<5='*8D2/&''5.78'*,'5n/.R9o
-/.'* 9v0-/.'*
-0*.'
ˆe
-0*.'
v/ 'v(
-T5§;<‰–
v/vE/
 4`%™• >4%O• 4Z%>• 4%G >t4%G• 4O
- >4• >>%4• >t• 4%O O\%`• 4O%Z
 4Z%Z• 4\%\• 4O%Z• 4%G GZ%`• 4Z
e 4G%>• 4O%G• 4t%•• 4%G >•• 4`

e- 44%4• 4>%•• ™%>• 4%> >4%Z• >t
e •%O• ™%•• `%4• 4 4t%>• 4`
 4%•• >%`• >%™• t%• >%\• 4O%Z
5b2K8Y//jTP2K8P.IA-'57NRA+V.2625='*8D2/&''5.78;,/jTPE.R'LY'*
(<-'5/5An57TP95U^'*T 23-(<-'5/5Ao%
#R/IAX<<(NžT_R95='*25M/;UH'*2c'*2)'H(,.5='23-(<-'5'*5.792-<'5M//Q
 T-ALK/5M9(|'LR'LUH2/5F5.7'/0<'*EX'*T-A
R95='* C'5/0='*
 5M/;UH'*2-<'5M/
-4 5M/;UH'*2-< |A/U
->
-G
4 5M/;UH'*+Q-@J5X'z'*/5-'5/<6'/P/
>
G
e 4 5M/;UH'*+h-@L3J5X'z'*/5-'5/<6'
e >
e G
e-4 #5X'z'*/5-'5/<6'J5c'*25[225[' |A2^
e->
e-G
e4 3.0<L|A/U2-<
e>
eG
 4 5M/;UH'*Ju8 #5X'z'*956TX'
 >
 G
- |A2^2K03.0<2-< 56TX'5<,'/<,'
 5M/;U^'*Ju8'5M/
R95='*/&'()'*Th()'*25<'H'*['5='

i  <<(NžT Y.(A'*
Ž4 Ž4©
#5X'z'*/0X'H/P/'5M/
Ž4 #5X'z'*/0X'H/P/
Ž> Ž> #5X'z'*/0X'H/0A'*EC'5J56
ŽG ŽG #5X'z'*/0X'H+Q-L3LFLUH2_R95='*L|A/U
 e #5X'z'*/0X'HNRA
 #5X'z'*/0X'HNRA

#5X'z'*/0X'H0M/NRA@(<-'5'*5.795-N'5,956/5,'52K'*AN2^
956TX'2-<
`%>%>c5C'5;<*.T/.2_R95='*/&'()'*+V.26225b/.BA/,.25&'523-(<-'5'*5.79
• c5C'5<*./+,95U^'*9569UV2;UH'*
c5C'5<*./;,8c5C'55†.IAN2KE.R'95)/5AY2;,E.R'*.XE}.+CJ5.'*5.B'
2DAJ.'5/R;UH'*'*Uƒ./-'5W'/5MN0a'*/0<'*Lƒ.TP'*5.7''-N2K0M/'5.?A5.7'
/UH'*@IA6/0C'58,J5./5.R/;W98c5C'5J.'5/R;UH'*@E.R'95)/5AY2J5K2K/5F;UH'*
5K-LUH2'B'2|'95X.(€'*LR'E.R'*.XLF8c/X%
• c5C'5<*./Ž5U^'*9569<;(Ev0*v0
0<'*8c5C'5',N@2629
.
LUH2_62Lg'5Ea'*
9
.
l l l n4%4o
ln4@
>
o—
.
ln4@
>.

o—ªlnª
4

>
o
0<'*8c5C'5/0B'@9
.
J5c'*95X.;,5,8/ANR'/&'523-262E.R'LY2;W9%
5U^'*/0C'5n4%4oLUH2*k.;,5,895:'EP<*.T/.2%0<'*5,8',N@J5. @ª
'5W'262*.6/0g/QŽ«LR'©«/5C9'5W'*.6/0g/QtLR'4%9
.
95./ANR'+V.2X +,262
/5-8TPª%.?A',N2K'*5•-/-J5c'*/5F69()'*/0d2/.R995U^'*9569EC'595U^'*
'5”'5M/n0(.'-0Nv-T/iIA-0vŽioLFUV2;UH'*%*Uƒ./-(€'*95U^'*9569UV2
;UH'*5H9;~/P.L-LFUV2;UH'*ª%
C¬25b'5W'8Y//0<'*5 *.6/0gt+,4@¬2K95:'EP'5g/5D2@'B'5,85H9;~
+V.8wAJ&25/5UV2'(='*T-AL:N
 l

×