(PDLHF;PY;D_UEF;%MPLG V;Å;+RSP;*GMD EL;$_VDEW;*;?@@;<VwMÄV;VEUPLPD>
V$!-ö0(-!0$%!288!(&02/8! 2&,y&02!<28-#&(-!2,!8 D<(&!7.2-$/!á!KF+2!L$.8(-!:D/8(9! 6z-! 288! #<8$9(-2! /92[(&!<ö! 0$&2![266(0-D*[(-!#*>!
.$,/.y&%0(&!6z-!0$&!2<<2-28O
<C>k!`([2&$/9!/#9!%z-!0(8!9zX.$%8!288!9(9#-(-2!0(&!9ö&20!/#9!<28-#&(&!/288(/!$! #*>!&y-!0(&!/[2!=D82/!+8!M(68(-!>z%/8!R!9ö&20(-NO
s$&!2<<2-28![#99(-!288!9(0!>Xy.<!2,!(88!9(00(.2&0(!,$/2!&y-!0+!/[2!=D82!+8!0$&!<28-#&!2,!8D<(&!7.2-$/!á!KF+2!L$.8(-!:D/8(9O
+SDHWPDGVz;Vz{MÄFGFZ
3wL;PUUP LPDEF;VwDDV;G;XLGQD;Q{L;Q{LVDP;ZëFZEF;[2&!0+!PzDGYELP;MwZED;Q{ L;PSDHWPDGVz;Vz{MÄFGFZ;2,!92/[$&(&O!Lz-!288!%z-2!0(882;!
,y.X!2.8(-&28$,(8;f/+f;$!9(&D&;f+SDHWPDGVz;Vz{MÄFGFZfi;`2/[$&(&![#99(-!2 88!/[z.X2/!$%(	!,2-X(!%ö&%!/#9!0(&!/.ö/!<öO
*{L; PDD; wFXLP; XEDDP; VEFPLE; >2-! 0+! 9zX.$ %>(8! 288! ,y.X2! 2+8#928$/[! /[z. X&$&%! %(	! 288! 8-D*[2! <ö! (&4-; Å; 'FVDwMMFGFZPL; Å;
PSDHWPDGVz;Vz{MÄFGFZi
,QVWDOODWLRQDY¿OWUHWSDWURQDYW\SHQ&ODULV±$TXD)LOWHUV\VWHP
4lVsI;*{L;P DD;VwDD P;G;XGF;UPDLH F;Uë;LwDD;VwDD;Vz P;XS;FHZP;Q {M ÄP;GFVDPMMPDGHFVlEVzLGYFGFZEF;YPLÄE;ZëFZ;VHW;XS;GFVDPMMELPL;
EF;UPDLHFi
Sy -!92/[$&(&!/y88/!$!0-$68!6z-!6z-/82!%ö&%(&k!Vy.X!2.8(-&28$, (8!f/+f;G;QSFzDGHFEF;f*GMDELf!#*>!6z.X!2&,$/&$&%2-&2!<ö!0$/<.2D(&O
Lz-!(&!/(&2-(!$&/82..28$# &!(..(-!(8 8!=D8(k!Vy.X!9(&D&!f*GMDELf;WEX;JÄwMU;PY;zFPUUEF;(&4-I;f6FXELJëMMf;Å;40;Å;f*GMDELf;Å;40;Å;
f'VwDDFGFZf;<EMMEL;l_DE>;Å;40;Å!#*>!6z.X!2&,$/&$&%2-&2!<ö!0$/< .2D(&O
j&/82..(-2!< 28-#&(&!$!92 /[$&(&k!:[-+,2!62/8!6$.8-(8!$!=#88(&!2,!,288(&82&[(&!9(0!>Xy.<!2,!0(8!9(06z.X2&0(!/ [268( 8!<A>O
j&/82..(-2!ö&%9+&/8D*[(8!<B>O
".2 *(-2!(&!=(>ö..2-(!<ö!Q;h!.!+&0(-!ö&%9+&/8D*[(8!<[>O
*{LlELEXEMVE;PY;PUUPLPDEF
42!.#//!#*>!6D..!,288(&82&[(&!<g>O
:y88!8$..=2[2!0(&!%(	!288!8-D*[2!62/8!0(&!>ö-8!#*>!/8y&%!$%(&!.#*[(8!<@>O
42!=#-8!.#*[(8!6 -ö&![266(=( >ö..2-(&!#*>!>y..!$![266(=z&#-O!:y88!8$..=2[2!.#*[(8!<hÅ!?>O
)PFzEF;QëL;GFDE;Q_MMPV;WEX;YPLWD;Y PDDEFN;WÄ{Mz;EMMEL;FëZHF;PFFPF;YwDVzPi;i9!,288 (&82&[(&!y-!8#9!(..( -!&y/82&!8#9!
M+&0(-!&$,ö&!I9$&IN!&y-!2<< 2-2 8(&!/.ö/!<ö![#99(-!9(00(.2&0(8!I6D..!<ö!82&[(&I!288!,$/ 2/!#*>!0(8![#99(-!6z-!/8+&0(&!288!
,2-2!#9zX.$%8!288!=-D%%2!(/<- (//#!(..(-![266(O
+b//$/'5,*,0$/(7.$))(,.$))(%(+c//$5(1
i.X$%2;![2-29(..$/(-20(!(..(-!/92[/2882![266(=z&#-!=z-!$&8(!2&,y&02/!$!0(&&2!92/[$&O!s( &&2!8D<!2,!=z&#-![2&!/[202!92/[$&(&O
U#&8-#..(-2!288!$&% (8!/ [-y<;!8O(@O!/9ö!/8(&2-!/#9![2&!6$&&2/!= .2&0![266(=z&#-&2;!6z.X(-!9(0!&(-!$!=(>ö..2-(&O!A2-2&8$&!8y*[(-!$&8(!
/[20# -!/#9!#-/2[28/!2,!/[-y<!$![2 66(=(>ö..2-(&O!wy..!$&8(!,288(&!$!=(>ö..2-(&!6z-![266(=z&#-O
Lz-!288!6z->$&0-2!288!2&,y&8!,288(&!-$&&(-!+8!#*>!/9+8/2-!&( -!0$&!2-= (8/ =y&[!(..(-!-$/[(-2 -!288!=-y&&2!0$%!/[2!0+![#992!$>ö%!288!
/y882!0$8!0-#<<=-$*[2&O
U#&8-#..(-2!288!,288(&82&[(&!y-!- (&O
*{LVDP;PFYwFXFGF ZkU PLPWED LGVELGFZ;PY;WP VzGFEF
V-$0[&2<<(&!%z-!0(8!9zX.$%8!288!,y.X2!(&!6+&[8$#&!# *>!288!>zX2!(..(-!/y&[2!,y-0(&2O!A(	!288!8-D*[2!<ö!0(&&2![&2<<!/ö!=([-y682/!
0$&2!,2.O
:.ö!<ö!2<<2-28(&!%(	!288!8-D*[2!<ö!f(ëkPYf;<!!>i;*{ MÄ;PFYGVF GFZPLFP;Uë;XGVUMP_EF!I,2.!2,!/<-ö[IO
Vy.X!(88!/<-ö[!9(0!>Xy.<!2,!,-$0[&2<<(&O!s(8!-$&%2/!0ö!$&!<!^Å!C>O
C( [-y682!%(	!288!8-D*[2!=([-y68(./([&2<<(&!<!A>O
Sy -!2<<2-28(&!2&,y&0/!6z-!6z-/82!%ö&%(&![#99(-!0(&!288!=(!0$%!%z-2!(88!6.(-82.!$&/8y..&$&%2-O!i9!0+![#<<.2-!+-!2<<2-28(&![#99(-!
,$//2!2,!0(//2!$&/8y..&$&%2-!288!=(>z,2!% z-2/!#9O
+UUPLPDEF;zHWWEL;PDD;lE;XGZ;PDD;VDwMMP;GF;Q{MÄPFXEI
$ULëz;;
s+![2&!,y.X2!z&/[28!/<-ö[!=.2&0!0(9! /#9!6z-(/.ö/O
2ëDDEFJED;;
`ö88(&>(8(&![2&!/8y..2/!$&!<ö!9.!(..(-!#TO
"PDSW;;
s+!9ö/8(!/8y..2!$&!028+9(8O
0MHOzP;;
s+![2&!,y.X2!288!6ö!8$0(&!+<<0(.20!<ö!PR!(..(-!Re!8$992-O
+SDHWPDGVz;PYVDwFZFGFZ;;
s+![2&!,y.X2!(68(-!>+-!.ö&%!8$0!0$&!2<<2-28!/[2!/8y&%2!2,!/$%!2+8#928$/[8O
+SDHWPDGVz;UëVMPZFGFZ;;
s+![2&!/8y..2!$&!2<<2-28(&!/ö!288!0(&!=z-X2-!,y-92!+<<!/$%!2+8#928$/[8!<ö!(88!,$//8![.#*[/.2%O!
7PDDEFJëLXJED;;
s+!9ö/8(!/8y..2!$&!,288(&>ö-0>(8(&!M9(..2&!Q!#*>!eNO!:(![2<$8.(8!I`y8&$&%!2,!,288(&>ö-0>(8(&IO!
+SDHWPDGVz;Vz{MÄFGFZ;;
s+![2&!/82-82!(&!/[z.X&$&%!,2-X(!%ö&%!/#9!92/[$&(&!/.ö/!<öO
*GMDEL;;
s+!9ö/8(!2&%(!#9!0(8!6$&&/!(88!6$.8(-!(..(-!$&8(!M<28-#&!2,! 8D<(&!7 .2-$/!á!KF+2!L$.8(- !:D/8(9NO
Lz-/82!%ö&%(&!/#9!0+!2&,y&0(-!2<<2-28(&!y-!0(8!9zX.$%8!288!0(&!=(-!0$%!288!6D..2!<ö!0(&O!s(8!-y*[(-!0ö!288!6z.X2!2&,$/&$&%2-&2!<ö!0$/<.2D(&O
$z{MÄFGFZ;PY;V_VDEWEF
$z{MÄFGFZ;PY;zPQQE V_VDEWEDI
s+! [2&! &y-! /#9! >(./8! %(`z-2! (&! /[z.X&$& %! %(	! 288! 8-D*[2! <ö! (&4-! 6z-! 288! ,$/2! 9(&D(-&2! #*>! /(02&! %(	! 288! ,y.X2!
63"#&.ì11;Ź;40;Ź6.g/-1,1*Ź;40i
$z{MÄFG FZ;PY;ëFZV_VDEWEDI
j&/82..(-2!ö&%9+&/8D*[(8!<B>!#*>!<.2*(-2!/(02&!(&!=(>ö..2-(!+&0(-!ö& %9+ &/8D*[(8O!Vy.X!YPL WYP DD EF!<ö!0$/<.2D(&!#*>!=([-y682O!
7D[(.&!/82&&2-!2+8#928$/[8!&y-!0(&!,288(&,#.D9!/#9!2&%( /!<ö!0$ /<.2D(&!>2-!<2//(-28!%(	!92/[$&(&O
0DQE|UVN|OMDLJHQRPGHWYnV\VWHPHQHQHOOHUÀHUDJnQJHURPPDVNLQHQLQWHKDUDQYlQWVSnQnJUDGDJDU
81'(56.g/-1,1*(15,11(5'(79$509$77(1*(12008167<&.(1$6(8336c$77'8,17(%5b11(5',*
*{LlELEXEMVE;PY;zYPLFEF
s+![2&!-(%.(-2!/8D-[2&!<ö!0$88![266(!%(	!288!/8y..2!$&!>+-!6$&8![266(=z &#-&2!/[2!92.2/O
Å+!6$&2-(![266(8!92./!0(/8#!/82-[2-(!#*>![-y9$%2-(!=.$ -!0(8 O
:8y..!$&!92.&$&%(&/!6$&>(8!%(	!288!,-$02!<ö![&2<<(&!Ij&/8y..&$&%!2,!92.&$&%(&/!6$&>(8IO
ù8!,y&/8(-!=.$-!92.&$&%(&!6$&2-(O!ù8!>z%(-!=.$-!92.&$&%(&!%-z,-(!<!B>O
b1'5$,17(,167b//1,1*(10('$10$/1,1*3c*c5
7$$/'5,*,0('9c/'1b5'895,'(53c.1$33(1)g5,167b//1,1*$90$/1,1*(16),1+(7
,&:--3'3-;+7;#3;#$(&#$$4;#11#&;#3;04((;0+**#
',1$33$5$7b5(1'$6787)250$')g5.$))(%g125
3wL;XS;lL_ZZEL;XGF;Q{LVDP;zHUU;zPQQEN;EQDEL;EDD;MwFZLE;SUUEJëM M;EMMEL;EQDEL;LEFZ{LGFZ;EMMEL;PYzPMzFGFZ;zHWWEL;XED;MGDE;YPLW;
YPDDEFëFZP;SD;SL;ëFZWSFVD_OzED;<PSDHWPDGVz;Q{LYwLWFGFZ>i
4W;zPQQESDMHUUED;UMPOELPV;Q{L;J{ZD;SUU;{YEL;zHUUP LFP;QGFFV;XED;LGVz;Q {L;VUGMM;EMMEL;lLwFFVz PXHLi
,L_ZZFGFZ;PY;EF;EVULEVVH
Lz-!(&!(/<-(//#!=(>z,/!RQáfQ!9.!,288(&O
4- D*[!<ö![&2<< (&!!
;!,y&82!8$..!6z-,y-9&$&%(&!y-![.2-!#*>!/[z.X!#9!/ö!z&/[2/!$%(	!92/[$&(&O
`(&D&!z,(-!,2.!2,!0-D*[!,$/2/!<![>O
".2*(-2!(&! [ #<<! +&0(-![266(+8.#<<(8O!s+![2&!/y&[2!(..(-!>zX2![266(+8.#<<(8!(&.$%8!/8#-.([(&!<ö!0$&! [ #<<!<! g>O
Vy.X!(&!0-D*[!9(0!>Xy.<!2,!,-$0[&2<<(&!#*>!=([-y682!%(	!288!8-D*[2!<ö!=([-y68(./([&2<<(&O
s+![2&!&y-!/#9!>(./8!X+/8(-2!,288(&,#. D9(&!9(0!>Xy.<!2,!,-$0[&2<<(&O
*{L;PDD;VDH UUP;XED;zPQQE;VHW;LGFFEL;FEL;G;XGF;zHUU;zPF;XS;PFDGFZEF;DL_OzP;Uë;FëZHF;zFPUU;EMMEL;WGFVzP;YHM_WEF;WEX;
JÄwMU;PY;YLGXzFPUUEFi
,L_ZZFGFZ;PY;EF;zHUU;zPQQE
4$..!(&![#<<![266(!=(>z,/!gQáPhQ!9.!,288(&O
,L_ZZFGFZ;PY;EF;MSFZH
4$..!(&!.+&%#!=(>z,/!PRQáReQ!9.!,288(&O!K<<2-28(&![z-!2+8#928$/[8!(&!0+==(.!*D[(.O!42!$&8(!=#-8!0$&![#<<!$&&2&!=-D%%&$&%(&!y-![.2-O
s(8! 92.02! [266(8! 6+[82/! 6z-/8! 9(0! .$8(! ,288(&! &y-! 92.&$&%(&! y-! [.2-O! Sö%-2! /([+&0(-! /(&2-(! /8 2-82-! 0(&! 62[8$/[2!
=-D%%&$&%(&O
'HW¿QQVHQIXQNWLRQI|UDWWMXVWHUDWHPSHUDWXUHQSnNDIIHW
)+;'3)#;,4&);,#.ì11+'33 +3;%:0#13;+7$16 )+)$;<XYVi;OP;!B;VEz SFXEL;EQDEL;XED;PDD;z PQQED;JPL;LSFFGD;FEL>i
,L_ZZFGFZ;PY;^;zHUUPL
s$&! 2<<2-28! %z-! 0(8! 9zX.$%8! 288! =-D%%2! R! [#<<2-! [266(! (..(-! (/<-(//#! (68(-! ,2-2&0-2! 6z-! 6z.X2&0 (! b! ,2-$2&8(-k! (/<-(//#)/82-[!
(/<-(//#)[266(O! s(&&2!6+&[8$#&! y-! $&8(! 9zX.$%! 6z-! .+&%#O!K<<2-28(&! [z-!2+8#928$/[8!R! >(.2! *D[.(-!6z-!=-D%%&$&%!2,! [266(! ( 68(-!
,2- 2&0-2O!:(!8$ ..!288!/8y..2!0(&!2&0-2![#<<(&!+&0(-![266(+8.#<<(8!& y-!0(&!6z-/82!*D[(.&!y-![.2-O
s+!9ö/8(!>2!6z-=(-(88!2<<2-28(&O!`(&D&!z,(-!,2.!2,!0-D*[(-!,$/2/!<![>O
".2 *(-2!(&![#<<!+&0(-![266(+8.#<<(8O!s+![2&!/y&[2!(..(-!>zX2![266(+8.#<<(8!(&.$% 8!/8#-.([(&!<ö!0$&![#<<!<!g>O!
Vy.X!0-D*[!#*>!=([-y682!%(	!288!/&2==8!8-D*[2!8,ö!%ö&%(-!<ö!=([-y68(./([&2<<(&O
E88!9(00(.2&0(!,$/2-!288!0+!>2-!=(/8y..8!8,ö![#<<2-O
+UUPLPDEF;z{L;PSDHW PDGVzD;^;JEMP;O_zMEL;Q{L;lL_ZZFGFZ;PY;zPQQE;EQDEL;YPLPFXLPi
95
SV
hA