5(&200(1'(' )25 )8//7(;7 38%/,&$7,213XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU)LOH 1DPH DS	

			



$0(6857,6$/0(5$0(6857,6$/0(5		1,7('7$7(6 2)0(5,&$17(51$/(9(18((59,&(		!!"#$%&'(")*!&+,!!##"&"#$&'	-.&'-+*-& /012"-#,	'"	&*%(")*!&+,*344*35*",0006+-33"3-#3*#,/000($7	7"378-+*-&*349
  5& 2 :'-&&-4& 7; 7; <:

=)'- $!!##"&'%"9 ">,
	62
	
77
6
?
	
:"9'-4&6$!!## 
  5& 2 :'-&&-4& 7; 7; <:

= ) '- $ !!##"&  (*+ ##-9 '%"9  	">, 
	 62 
	
 77 	
  6
?
	
:"9'-4&6$!!## =
87 -+*-& *34  #"-&-$$!!##"&"%9 *&-9 "#% " '"!&  35& - 5")*!&+,"!!"#9&'3+-9-$&'(")*!&+,!!##"&"#$&'-.&'-+*-&@A(BC>'-+'D93&'5")*!&+,+*&E9'#3-4 &'"& "#%E9  "3  &". 35&9 "3-9+'"4"5#


 F ( FF0 @( G&' - C   &'"993-9+*9935#>>&'3+-9-$&'("3&''#3-4$&'5")*!&+,+*&	
'!"&-93&3-9!*&&'#D"&$"+&9$&'-9+"9"#%$-#3"'"!&5")*!&+,!&-&--&'
-&3&"&9(")*!&+,*&$&'&'6-9&-+&$'-5*",6*-4&'!3+,$"#%E9'"!&+"9&'
&"#D*	D-+@A
	BC$-#3"!$$+#"-% -3-+"&-4 &'"& "#% >3  -+% &".9"#%D#*&"-#,3-9%-993&''"!&+"9*5$+%!#&-4"##'-9!#"!",%&9"#%'"3!"-3$$#,"9%"##!&-$'-9&".35&"&&'&-%&'"&'-9'"!&+"9>"93-9%-9936*-4&'&-%&'"&/
%"-!*#"&-$&'5")*!&+,9,9&%&'5")*!&+,+*&>"9 ++& & 3-9+'"4 &' &". 35&9 !*9*"& &H@"C@C@C:&''#3-4$&'5")*!&+,+*&"3&''#3-4$&'(
7KH ,56 DOVR DUJXHG DQG FRQWLQXHV WR DUJXH WKDW LWV WLPH SHULRG IRUFROOHFWLQJ 3DOPHU¶V WD[ GHEWV LV H[WHQGHG DQ DGGLWLRQDO VL[ PRQWKV  WKDWLV LQ DGGLWLRQ WR WKH WLPH WKDW LW DOOHJHV WKDW WKH  D$L SHULRGZDV WROOHG GXULQJ WKH SHQGHQF\ RI 3DOPHU¶V &KDSWHU  EDQNUXSWF\ SXUVXDQW WR ,5&  K %HFDXVH RXU KROGLQJ WKDW QRWKLQJRSHUDWHV WR WROO DXWRPDWLFDOO\ WKH  D$L ORRNEDFNSHULRGPHDQV WKDW WKH GHEWV DW LVVXH LQ WKLV FDVH DURVH PRUH WKDQ WKUHH \HDUV DQGVL[ PRQWKVSULRU WR WKH UXQQLQJ RI WKH ORRNEDFN SHULRG ZH QHHG QRWDGGUHVV WKH DSSOLFDWLRQ RI  K WR WKH VSHFLILF IDFWV SUHVHQWHG KHUH"#%E9'"!&+"9>"9!3-4&'
	>"99&",3$%-&'"9999-4+##+&-4"#%E9&".35&95,
	HG@"C@GC *4*9&     % &'" &> ,"9 "$& &'3-9%-99"#$'-9'"!&+"9"#%$-#3"'"!&5")*!&+,!&-&-6*-4&'&>&,9D%&'!-35&>&'3-9%-99"#$"#%E9'"!&+"9"3&'$-#-4$'-9'"!& !&-&-&' 
	"99993"#%E9&".5#-4"&-9"9>##"9&".5#-4"&-9$%
+&5G&'
	$-#3$3"#&".#-9"4"-9&"#%$&'*&9&"3-4 "3&".#-"5-#-&-969!-&"9999-4&'&".5#-4"&-9"3$-#-4&'#-9&'
	3-3&%D&4""#%E9>"49&+##+&'-9&".35&9$&"#%$-#3'-9'"!& !&-&-&'
	$-#3">!$$+#"-%$&'"3&".35&9"#%$-#3 " +%!#"-& - " "3D9", !+3-4 9)-4 &'+*&E93&%-"&-&'"&'-9"3&".35&9>3-9+'"4"5#(&'!"&-9%D3$9*%%",I*34%&"#% "4*3 &'"& '-9  "3  &". 35&9 >3-9+'"4"5#5+"*9&',"9!-&&'&',"#)5"+) !-3 !9+-53 5, H 0 @"C@FC@C@-C 
	HH@"C@C@C0 @"C@FC@C@-C'
	"4*3&'"&"#%E9&".35&9>&3-9+'"4"5#5+"*9&',$## >-&'- &' &'," !-3 "99*%-4 "9 &' 
%"-&"-3&'"&&'!-3>"9J&##3E.&333*-4"#%E9 '"!&  5")*!&+,  ' 5")*!&+, +*&I+&3 &' 
	E9 "4*%& &'"& &' &'," !-3 -H0 @"C@FC@C@-C>"9&##3"9"%"&&$#">5,"#%E9/
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
	H0-$&' 
	 +*#3!D35&%-9+3*+&++3-4#,&'+*&3-39*%%",I*34%&-3&'"D-3+"&&-"#$"#%E9+3*+&&&-"#&'+*&$*3&'"&&'	$"-#3&9'>",D-3+$%-9+3*+&5,"#%'+*&"#9$*3&'"&&'
	'"33+#-3-&9-D-&"&-&!9&D-3+!*9*"&&
	H@"C@C@C$"#%E9 %"-!*#"&-& "D-3&".9    /3F0GF0F@G&'-/C(+"*9&'
	$"-#3&9'>-&'%-9+3*+&%"-!*#"&-$&'5")*!&+,!+995,"#%&'+*&$*3&'"&&'>"9"9&&##&'H0 @"C@FC@C@-C!-3"3'#3&'"&"#%E9"3&".35&9>3-9+'"4"5#'4D%&"!!"#3&'5")*!&+,+*&E93+-9-4"3-4&'3-9+'"4"5-#-&,$"#%E9"3&".35&9&&'(
"3+-9-&'(D93&'5")*!&+, +*& '#3-4 &'"& "#&'*4' &' &.& $H0 @"C@FC@C@-C+&"-3&##-4!D-9-&'!#"-&.&$&'9&"&*&9'*#3&5"!!#-35+"*9-&+$#-+&3>-&'499E9-&&&!D-3&'
	>-&'"$*##&',"9->'-+' & +##+& " &". 35& 5$ &' &". 35& 5+%93-9+'"4"5# - 5")*!&+, 
 F ( "& FF"#%$-#3"&-%#,&-+$"!!"#
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
	E9$$&9&"D-3&'!#"-#"4*"4$&'(")*!&+,3A
& -9 & &' *&E9 # & "3399 !+-D3-"3K*"+-9-L"9&"&*&M:'"&&'!&-&-"9)9-9& " +9&*+&- $ " 9&"&*& 5*& - $$+& "#"4%&$-&5,&'+*&9&'"&>'"&>"9%-&&3!9*%"5#,5,-"3D&+%",5-+#*33>-&'--&99+!   9*!!#, %-99-9 &"9+39 &' I*3-+-"#$*+&-BF3"&//@K*&-4


F  3 G/ G @G&' - FCC @-&"# K*&"&-%-&&3N5"+)&9--4-"#C
' 5")*!&+, +*&E9 #4"# ""#,9-9 - &'-9 +"9 >"99*3  : '#3 &'"& &' &'," #)5"+) !-3 $H0 @"C@FC@C@-C-9&"*&%"&-+"##,&##35,&'$-#-4$"!-5")*!&+,!&-&-5*&&'"&&'4D%&-9$&"4*&'"&&'!D-9-9$&'3-+#*3-4H0@"C"3H@"C@C@CK*-&##-4$&'#)5"+)!-3-"!"&-+*#"+"9(+"*9"#%E9"3&".35&9"9%&'"&',"9!-&&' $-#-4$'-9'"!& 5")*!&+,!&-&-"35+"*9&'
	$"-#3&9'> &'"& "#% >"9 4*-#&, $ ", %-9+3*+& 
6HH VXSUD QRWH !3*+&$9*59&"&-"#+9-3"&-5,499"3-9&! & I*3-+-"# &-)-4  A-& -9 >&' +"##-4 &'"&499>)3&'$%*#"&-$&'3$"#,"3+"3LM9#4"9&'9&"&*&,9+'%-9+'&"3+9-9&&&'4"##,-93$"+*&&-K*-5,3&'!#"-#"4*"4$&'9&"&*&B!/F
	"&/0/7-)>-9 * > +"99 '"D .!993 " .&%#*+&"+&"%3&'(")*!&+,3 $%&'5+'"&' * +"99 3%9&"& &'"& > >-## "3 &'(")*!&+,3A-"J9&"-4'&$>"3E%"B""G3F00F0@G&'-GC@K*&-4#
 	$G3GG @G&'-CC"3"!!#,&'!#"-%"-4$&'3>'D!99-5#
%
%&
%
%39 //000:7 G/ / "&O @G&'- * 000C @"!!#,-4!#"-#"4*"4$H/G@"C$(")*!&+,3&$-3&'"&&>,"#-%-&"&-9!-354-9*-4*!"!!-&%&$&*9&CN'() 3"&@+-&-4!/F
	"&/0/"3"!!#,-4!#"-%"-4$H0G@+C$(")*!&+,3&D95")*!&+,+*&E9-%!9-&-$"3%--9&"&-D9*+'"49CN)$$3G00@G&'- C@"!!#,-4!#"-%"-4$3(")/00@5C&03",!-33*-4>'-+'+*&%",4"&%&-&.&3&-%$$-#-45I+&- & 35&E9 +#"-% $ .%!&- D &'*4' A"#-&"# "3-4 $ *# /00@5C %", 5 -%!"+&-+"# "3*$"-BCN" G 3 "& F0 @-&!&-4 &>,"#-%-&"&-9!-3$H@"C@C@(C@--C9&-+&#,"33+#--4&"!!#,A%"-#5. *#B& $-#-4$&". &*9CN F3"&//@"!!#,-4!#"-#"4*"4$H0 @"C@ C@C@--C&I+& 
	E9 "4*%& &'"& !"9999%& $$ -+%!%-9&##9*-4$/03",#-%-&"&-9!-3C9>-&"&3-"&'5")*!&+,+"9->'-+'>
	9"'"!& 35&"#%-9&-&3-9+'"4$%9&35&9'-+*3!-&$-#-4$5")*!&+,	 H    >D  
	 H  !D-39 $.+!&-9&&'3-9+'"4*#$&'H.+!&-9-9 $ +&"- &". 35&9 "9 3$-3 - H 0 @"C@FC 
	H@"C@C@C	+&-0 @"C@FC@C@-C39+-59*9+*3&".+#"-%9$>'-+'&'35&E9&".&*>"93* >-&'- &' ,"9 !- & &' $-#-4 $ &' 35&E95")*!&+,!&-&-'*9-&'%"#+*9$D&9H@"C@C@C-+!"&9H0 @"C@FC@C@-C&!D&&'3-9+'"4$"35&E9&".5#-4"&-9-$&'&".9>3*>-&'- &' ,"9 !- & &' $-#-4 $ &' 35&E95")*!&+,!&-&-&-99*-"#%E9+*&'"!& +"9-9>'&'&'A&'," #)5"+) !-3B$ H 0 @"C@FC@C@-C *9*'-33-9&##35,"!-5")*!&+,:'-#"#%E9'"!&+"9>"9!3-4&'4D%&"#4>-&'&'+3-&9>"9"*&%"&-+"##,9&",3$%+##+&-4"#%E935&9
	HG'($*3&'"&H0 @"C@FC@C@-CE9&',"#)5"+)!-3$*9+*3	+#"-%9>"9&##33*-4&'-9&-%
F("&FFG  
 9 3-4 "#% "4*9 &' ( *9#,-43 &' !#"- %"-4 $ H @"C@C "3H0 @"C@FC@C@-C		
A:'&'""!!"#+%9&*+*&5,>",$"3-9&-+&+*&&'(* D->-9$&'5")*!&+, +*&E93+-9-B*''03GGG  @G&' - C  : D-> &' 5")*!&+, +*&E9++#*9-9$#">3D"3-&9$"+&*"#3&%-"&-9$+#"     *&' 9&"&*&, -&!&"&- -9 "K*9&-$#">> D->3D+)	),
%(+)	),%03FGFF@G&'-000CG

"#%"4*9&'"&&'(35,$"-#-4&"!!#,&'!#"-%"-4$H0 @"C@FC@C@-C&'-9"3&".35&9  ' 
	 "+)>#349 &'"& &' !#"- >3-4 $H0 @"C@FC@C@-C39& K*-&##-4$&'&',"!-3  ' ( "#9 "+)>#343 &'"& A&' &.& $H0 @"C@FC@C@-C9*!!&9L"#%E9M!9-&-B
F("&FF5*&$*3"9&'
	"4*9&'"&&'#4-9#"&-D'-9&,$&'(")*!&+,39'>9499E9-&&&'"&H0 @"C@FC@C@-C5&##35,&'$-#-4$"!-5")*!&+,!&-&-(+"*9"#%E9&".35&9"+#"#,3-9+'"4"5#-$>"!!#,&'!#"->3-4$&'(")*!&+,3>%*9&3&%->'&'&'-9","9&#)5,3&'!#"-%"-4$H0 @"C@FC@C@-C:54-*""#,9-9$&'%"-4$H0 @"C@FC@C@-CA>'"##9*+'-K*--9%*9&54->-&'&'#"4*"4$&'9&"&*&-&9#$B!
%/F	/@FC
$&'#"4*"4$&'9&"&*&-9+#"&'-9 +*&E9-K*-,-9 "& " 3 A>'&' 9&"&*&E9#"4*"4-9!#"-&'9#$*+&-$&'+*&9-9&$+-&"++3-4&-&9&%9B@-&"#K*&"&-%-&&3CN +) 	) , 0 3 "& FF @A:' "9&"&*&-9*"%5-4**99&-9#"&-D'-9&,"3!#-+,+9-3"&-9-9-%!!BC#,-&'9"-9&"+9->'-+'A&'#-&"#"!!#-+"&-$"9&"&*&>-##!3*+"9*#&3%9&"5#,"&339>-&'&'-&&-9$-&93"$&9>' &' 9&"&*&, #"4*"4 -9 "%5-4**9B >-## > #)5,3&'9&"&*&E9!#"->3-4&3-D-&'-&&$-&93"$&9+)	),03"&FF@K*&"&-%")9"3+-&"&-%-&&3CN
!/F	 "& / @9&"&-4 &'"& !#"- %"-4 $ #4-9#"&- -9++#*9-D .+!& - A" +"99B - >'-+' #-&"#-&!&"&->-##!3*+9*#&A3%9&"5#,"&339>-&'B-&&-9 $ -&9 3"$&9C @-&"# K*&"&- %")9 "3+-&"&-%-&&3C
H0@"C&&##&'H0 @"C@FC@C@-C#)5"+)!-35*&3+#- & '#3 &'"& -& 39 9 "9 " %"&& $ #"> -*  3 "& GN. 0 ( "& FFF  (")*!&+,+*&9"+*&9$K*-&,"3&',A'"D5"3"*&'-&,& %3-$, +3-&35& #"&-9'-!9B !)/%/
	//@0C#&'*4' &'9 K*-&"5# !>9 " 9*$$-+-& & &## &'H0 @"C@FC@C@-C#)5"+)!-3-$&'$"+&9$"4-D+"9K*-9*+'""+&-@$-9&"+-$&'35&4"49-%-9+3*+&C&',"&95"3"9&!%-&"5")*!&+,+*&&+"&"%&##-4!D-9-&'"&499.!99#, $"-#3 & -+#*3  %"%
 #
)	(%
/'() 3 / @G&' - FC @A* !+3& &##9 *9 &'"&>'"&DK*-&"5#!>9%"--&'5")*!&+,+*&9%*9&"3+"#,5.+-93>-&'-&'+$-9$&'(")*!&+,3BC @-&"#K*&"&-%")9 "3 +-&"&-%-&&3CN
.
 
	G@GC @'#3-4 &'"& 5")*!&+, +*& %", *9 K*-&"5#!>9!*9*"&&H0@+C&9*53-"&"&".+#"-%5"93 &' $"+&9 $ " !"&-+*#" +"9 5*& %", & K*-&"5#,9*53-"&9*+'+#"-%9"+"&4-+"#5"9-9-34"&-$+499-"#!--&,9+'%C'
	E9>5-$!D-399*!!&$*++#*9-&'"&H0F@+C"3H0@"C"-9*$$-+-&&&##"*&%"&-+"##,&' &'," #)5"+) !-3 $ H 0 @"C@FC@C@-C  &9D"# !-&9 - -&9 5-$ &' 
	 "99&9 &'"& 4999-%!#,$"-#3&+9-3&'-%!"+&$%*#&-!#5")*!&+,$-#-49 - 3&%--4 >'&' " 35&E9 &". 5#-4"&-99'*#353-9+'"43*3H0 @"C@FC@C@-CN&'#99&'	"4*9&'&'9+&-9>-&'-&'(")*!&+,3"3&'
3-9+*993	D-3++#"+499-"#-&&&&##H0 @"C@FC@C@-C3*-4!-5")*!&+-9:$"-#&9'>499E9!*!&3$"-#*D&+9-3&'+"$&-4$"9*59&"&-D!D-9-$&'(")*!&+,3+*#3!9*"3*9&>-&->'"&499#$&*&9&'*!%*&'"9-9&*+&3&'(")*!&+,3-9&'0
7KH ,56 DUJXHV DW OHQJWK WKDW WKH OHJLVODWLYH KLVWRULHV RI  86&D$L D$ F DQG ,5&   VKRZ&RQJUHVV¶V LQWHQW WR WROO WKH  D$L ORRNEDFN SHULRG XSRQ WKHILOLQJ RI DEDQNUXSWF\ SHWLWLRQ 7KH %$3 DOVR UHOLHG RQ WKH OHJLVODWLYHKLVWRU\ RI WKHVH SURYLVLRQV LQ ILQGLQJ FRQJUHVVLRQDO LQWHQW WR WROO WKH ORRNEDFN SHULRG  %5 DW  DV KDYH RWKHU FRXUWV6HH HJ :DXJK )G DW 7D\ORU  )G DW :H ILQG WKLV DQDO\VLV WR EHXQZDUUDQWHG EHFDXVH WKH SODLQ ZRUGLQJ RI  D$ DQGD$L LV QRW DPELJXRXV6HH .RHQLJ 6SRUWLQJ *RRGV  )GDW 6HH VXSUD QRWH >3-4$H0F@+C +*#3&5% +#"&'"& 9+&-"!!#-9#,&A 	%/#">B
	H0F@+C@%!'"9-9 "333C  ' !D-9-9 "& -99* - &'-9 +"9 HH @"C@C@C "3 0 @"C@FC@C@-C  " $ +*9 &A5")*!&+,#">B99*+'&',"*&9-3&'!*D->$H0F()F3"& N-*   -*  3 G G @&'- CN. 0 ( "& FF*&' &' $"+& &'"& 499!D-33 $ D"-*9 &##-4 !D-9-9 & &' #-%-&"&-9!-3-&+"$&3$!*!99$&'
$"-#9&+D-+*9&'"&499-&33&+"$&"9-%-#"&##-4!D-9--H0 @"C@FC@C@-C>'&'!#"-#"4*"4$&'(")*!&+,39&"&9&'>-9.0("&FFF@'#3-4&'"& AL&M' &' ," #) 5"+) - H 0 @"C@FC@C@-C -9 "9*59&"&-D #%& $ &' 4D%&E9 +"*9 $ "+&-*3H@"C@C@C&"9&"&*&$#-%-&"&-9B"39&"&-4&'"&AL&M'+*&9&'"&'"D"##>3JK*-&"5#&##-4E>-&'*&!$$35&%-9+3*+&'"D%-9&")&'&',"#)5"+)$"9&"&*&$#-%-&"&-9BC'
	"#9!-&9&"9+34*!$+"99>'-+'$+*9H0@"C&9*!!&-&9"4*%&&'"&&'H0 @"C@FC@C@-C#)5"+) !-3 -9 "*&%"&-+"##, &##3 5, " !-5")*!&+,  () F 3 N  %"   %" / 3 G @0&'- C@"!!#,-4H0@"C&9*9!3/03","9999%&!-3$
	H0 @"C@ C@C@--C3*-4&-%35&>"9-!-5")*!&+,C:"4&'"&"5")*!&+,+*&/-D)
+&-@"C@C@C!D-39&'"&&".35&9"93$-35,H0 @"C@FC".+!&3$%3-9+'"4-"'"!& +"93-9+'"4*39+&-  $&'-9&-'&3-9+'"4"-3-D-3*"#35&$%",35&$"&".$&')-3"3$&'!-399!+-$-3-9+&-0 @"C@C0 @"C@FC$&'-9&-&#>'&'&"+#"-%$9*+'&".>"9$-#3"##>3
	H@"C@C@C	+&-0 @"C@FC@C@-C39+-59&".99*+'"9&'-+%&".9"&-99*-&'-9+"9',""##>3*9+*3+#"-%9$4D%&"#*-&9#,&&' .&& &'"& 9*+' +#"-%9 " $    " &".  %"9*35,-+%499+-!&9@-C$"&"."5#," 3-4   5$ &' 3"& $ &' $-#-4 $ &'!&-&- $ >'-+' " &* -$ K*-3 -9 #"9& 3*-+#*3-4.&9-9"$&&',"95$&'3"&$&'$-#-4$&'!&-&-
	H0 @"C@FC@C@-C:$-3&'%"-4$&'99+&-9&5+#""3*"%5-4**9.

.C0(FFFFF@(")26 C',3-+&&'"&-+%&".9$>'-+'"35&E9 &*>"93*>-&'-&'&',"9!+3-4 &' $-#-4 $ " 5")*!&+, !&-&- "3-9+'"4"5#"3&".9$>'-+'&'&*>"93*%&'"&',"9!-&&'$-#-4$"5")*!&+,!&-&-3-9+'"4"5#)"
)"03/F/@F&'- C'-9&'!D-9->-&'-&'(")*!&+,3&'"&.!#-+-&#,.&39H 0 @"C@FC@C@-CE9 &'," !-3 >'-# " 35& -94"43-"5")*!&+,!+3-4"&/'*9&' !#"- %"-4 $ &' (")*!&+, 3 !D-39 &'"&-+%&".35&9"3-9+'"4"5#-"'"!& 5")*!&+,-$&',"-9$%"&".&*3*%&'"&',"9!-&&'$-#-4$&''"!& !&-&-F
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
	!-&9&9D"#+*&9&'"&'"D$*3">","*3 &' !#"- %"-4 $ HH @"C@C@C "30 @"C@FC@C@-C'$-9&4*!$+"99'#3&'"&
	H0F@+C-+I*+&->-&'HG0$&'
&"#D*3@A
BC9'>9499E9-&&&&##&'&',"#)5"+)!-3)"03/FN/
F3 0 @3 - GCN(/     (/G 3/ @ &'-CN
 3/@&'-C@&##-4/03",!--&,!-3$H0 @"C@ C@C@--C3*-4!-5")*!&+,C  	+&- 0F@+C 9*9!39 &' *-4 $ " 	%/#">E9!-3$#-%-&"&-93*-4&'&-%&'"&""*&%"&-+9&",-9-!#"+
	HH0F@+CG
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± IRU DVVHVVPHQW  GD\V WKHUHDIWHU DQG IRU FROOHFWLRQ  PRQWKV WKHUHDIWHU+&-G0@5C&##9&'
E9!-3$#-%-&"&-9+##+&->'-#"&".!",E9"99&9"-+&#+*9&3,$"+*&!#*9""33-&-"#9-.%&'9
HHG0G0@5C  	+&- G0@'C $ &' 
 >'-+' "!!#-99!+-$-+"##, & +"99 5*4'& *3 &' (")*!&+, 39*9!39&' 
E9!-3$#-%-&"&-93*-4&'&-%&'"&&'5")*!&+, +"9!'-5-&9&' 
	 $% +##+&-4$% " &".!", @!#*9 9-.&, 3",9 $ "9999%&9 "3 9-.%&'9$+##+&-9C
	HG0@'C'
"4*9 "9&' ( '#3&'"& H 0F@+C "3 H G0 $&'9'>499E9-&&&!9D&'
	E9+"!"+-&,&!*9*+#"-%9"4"-9&35&9>'$-#$5")*!&+,$" $*##&',"9"3&&##&'&',"!-3>'"5")*!&+,!&-&--&*!&9-&
F( "&FF/FG:$-3&'+"99#,-4*!H0F@+C"3HG0&5*!9*"9-D 5+"*9 &', -%!*& " %"-4 & &'(")*!&+,3&'"& +&"3-+&9-&9 !#"- #"4*"4  '