Вы находитесь на странице: 1из 11

!"#$#%&'()"*+,-!.+/0#"1+/*2#345+6(#3&$78+9 :;::+9 :;:<+ =4%>)" ?

)")'*

@#%*A$&&+2*B*$)&+CD
EF(&B&0&$)& G*"'#(#3. 30)HIJ)K $*
(&2607'*')3$#L'7 F(&BF()H')5 -MN
EL$#3$#5 O&07I B#%*A$&P# 2*B*$)H H30H&'LH F(#3&B&$)& )LL0&B#3*$)H. $*F(*30&$$#P# $* 34H30&$)&
G*"'#(#3. #"*243*IJ)K 30)H$)& $* F()/407$#L'7 L&07L"#K#2H5L'3&$$4K F(&BF()H')5 3 LG&(&
34(*J)3*$)H 2&($#34K ) 2&($#/#/#34K "607'6(Q RLL0&B#3*$)& F(#3#B)'LH $* #L$#3& B*$$4K 3L&(#LS
L)5L"#5 L&07L"#K#2H5L'3&$$#5 F&(&F)L). F(#3&B&$$#5 3 :;DT P#B6Q
U L##'3&'L'3)) L 2*"#$#B*'&07L'3#% V#LL)5L"#5 W&B&(*O)) L&07L"#K#2H5L'3&$$#5 F&(&F)L) F#B0&X*0)
L0&B6IJ)& "*'&P#()) #/Y&"'#31 L&07L"#K#2H5L'3&$$4& #(P*$)2*O)) ,#(P*$)2*O)). $& #'$#LHJ)&LH "
L6/Y&"'*% %*0#P# F(&BF()$)%*'&07L'3*. %*04& F(&BF()H')H. 3"0I>*H %)"(#F(&BF()H')H. F#BL#/$4&
L&07L"#K#2H5L'3&$$4& F(&BF()H')H $&L&07L"#K#2H5L'3&$$4K #(P*$)2*O)58Z "(&L'7H$L")& ,G&(%&(L")&8
K#2H5L'3* ) )$B)3)B6*07$4& F(&BF()$)%*'&0). 0)>$4& F#BL#/$4& ) B(6P)& )$B)3)B6*07$4& K#2H5L'3*
P(*XB*$Z L*B#3#B>&L")&. #P#(#B$)>&L")& ) B*>$4& $&"#%%&(>&L")& #/Y&B)$&$)H. 3"0I>*H 6>*L'")
P(*XB*$. 3K#BHJ)K 3 $)KQ

E/2#(+$*6>$#5+0)'&(*'6(4Q

@0H #F(&B&0&$)H F#BK#BHJ)K G*"'#(#3. "#'#(4& %#P6' #"*2*'7 30)H$)& $* F()/407$#L'7 *P(*($#P# /)2S
$&L*. K*(*"'&()26IJ6ILH F#"*2*'&0&% B#$*0#P#3#5 F()/40). %4 #/(*')0)L7 " (*20)>$4% $*6>$4%
F6/0)"*O)H% ) L6J&L'36IJ)% ["#$#%)>&L")% '&#()H%Q =*". L#P0*L$# (*/#'& -3B&&$"# RQ -Q. N*&3* \Q -Q
) N#L&$"# =Q ]Q ^W*"'#(4 F#34A&$)H F()/407$#L') ) (&$'*/&07$#L')_ #F(&B&0HIJ)%) G*"'#(*%)
F#34A&$)H F()/407$#L') 3 #/0*L') -MN F() L'*/)07$#L') O&$ H30HI'LH $)2"*H L&/&L'#)%#L'7
F(#B6"O)). 63&0)>&$)& #/Y&%#3 F(#)23#BL'3* ) (&*0)2*O)H /#0&& (&$'*/&07$4K 3)B#3 '#3*(#3Q
M#L"#07"6 B*$$4& F&(&F)L) F(&B#L'*30HI' )$G#(%*O)I # L'(6"'6(*K. 34F6L"*IJ)K L(*26 $&L"#07"#
(*20)>$4K 3)B#3 L&07L"#K#2H5L'3&$$#5 F(#B6"O)). '# )2 '(&K 34A&6F#%H$6'4K F&(&%&$$4K /6B&'
)LF#072#3*$* '#07"# #B$*. K*(*"'&()26IJ*H L&/&L'#)%#L'7 F(#)23#BL'3* ) F(&BL'*30&$$*H 3 /*2&
B*$$4K F#B $#%&(#% D;`a; )0) ^V&*0)2#3*$# 2&($#34K )0) 2&($#/#/#34K "607'6( 9 3L&P#1 F#0$*H
L&/&L'#)%#L'7_Q
?&L%#'(H $* '#. >'# %4 $& %#X&% )LF#072#3*'7 34A& #F)L*$$6I F&(&%&$$6I. K*(*"'&()26IJ6I B#0I
(&*0)2*O)) /#0&& (&$'*/&07$4K 3)B#3 F(#B6"O)). 3 3)B6 LF&O)G)") )%&IJ)KLH 3 $*0)>)) B*$$4K. %4
6>'&% B*$$45 G*"'#( >&(&2 F#"*2*'&07 #F&(*O)#$$#5 %*(X)$*07$#L') F# B#0& F(#)23#BL'3*.
F()K#BHJ&5LH $* 2&($#34& ) 2&($#/#/#34& "607'6(4Q @0H (*L>b'* /6B6' )LF#072#3*'7LH F&(&%&$$4&.
F(&BL'*30&$$4& 3 /*2& B*$$4K F#B $#%&(*%) D;`a; ,V&*0)2#3*$# 2&($#34K )0) 2&($#/#/#34K "607'6( 9
3L&P#1 F#0$*H L&/&L'#)%#L'78 ) D;a;; ,V&*0)2#3*$# 2&($#34K ) 2&($#/#/#34K "607'6( 9 3L&P#1 34(6>&$#8Q
c#P0*L$# B(6P)% F6/0)"*O)H%. * )%&$$# (*/#'& =#0%*>&3* -Q UQ. c%)($#3* UQ UQ R =6/*0&O -Q -Q
^W*"'#(4 6L'#5>)3#L') (*23)')H (&P)#$*07$#P# *P(*($#P# F(#)23#BL'3*_. #P(#%$#& 30)H$)& $* F()/407S
$#L'7 F(&BF()H')5 -MN #"*243*&' 34L#"*H B#0P#3*H $*P(62"*Q @0H 6>&'* B*$$#P# G*"'#(* %4 )LF#0726&%
%607')F0)"*'#( defghijkldm. B0H (*L>b'* "#'#(#P# /6B6' )LF#072#3*'7LH F&(&%&$$4&. F(&BL'*30&$$4& 3
/*2& B*$$4K F#B $#%&(*%) D;`a; ,V&*0)2#3*$# 2&($#34K )0) 2&($#/#/#34K "607'6( 9 3L&P#1 F#0$*H
L&/&L'#)%#L'78. D;a;; ,V&*0)2#3*$# 2&($#34K ) 2&($#/#/#34K "607'6( 9 3L&P#1 34(6>&$#8. Dn;<; ,@#0P#LS
(#>$4& "(&B)'48. Dn;n; ,N(*'"#L(#>$4& "(&B)'48 ) D:Da; ,-%#(')2*O)H 3 (*L'&$)&3#BL'3&8Q
oJ& #B$)% G*"'#(#%. #"*243*IJ)% 30)H$)& $* F()/407$#L'7 F(&BF()H')5 3 LG&(& -MN. H30H&'LH
6(#3&$7 P#L6B*(L'3&$$#5 F#BB&(X")Q M# %$&$)I *$*0)')"#3 "#$L*0')$P#3#5 "#%F*$)) depqrgge. F()/407
*P(*()&3 H30H&'LH (&2607'*'#% O&0#P# (HB* L6/L)B)5 L# L'#(#$4 G&B&(*07$4K ) %6$)O)F*07$4K
30*L'&5Q @0H 6>&'* B*$$#P# G*"'#(* /6B&' )LF#072#3*'7LH #'$#L)'&07$45 F#"*2*'&07. (*LL>)'43*&%45
"*" >*L'$#& #' B&0&$)H L6%%4 (*20)>$4K P#L6B*(L'3&$$4K L6/L)B)5. )LF#0726&%4K 3 F(#)23#BL'3&
2&($#34K ) 2&($#/#/#34K "607'6(. $* L&/&L'#)%#L'7 F(#)23#BL'3*Q RLF#0726&%4& B*$$4& F(&BL'*30&$4
F#B $#%&(*%) DnD:; ,]#L6B*(L'3&$$*H F#BB&(X"* 2&($#34K ) 2&($#/#/#34K "607'6(8. Dn:;; ,c6/L)B)) $*
2&($#34& ) 2&($#/#/#34& "607'6(48. Dnns; ,c6/L)B)) $* "#%F&$L*O)I >*L') 2*'(*' $* F()#/(&'&$)&
K)%)>&L")K L(&BL'3 2*J)'4 (*L'&$)5 F# (*FL68. Dnnn; ,c6/L)B)) $* B)2&07$#& '#F0)3#. )LF#072#3*$$#&
F() F(#3&B&$)) L&2#$$4K (*/#'8Q
D
! "#$%&' " ()'*()+,-+,.+ / "0')' 123 45)4.64' /#+,6+' 6& ()+78#964"-9 4:&;8/&'- :&%'"-/4 %'#4/'<
%'":454 :&(+-&#&= >?&)&:-')+;4/&-9 *&668@ 0&:-4) .4A64 %')'; ")'*6+@ $)4/'69 ;&)&74-64@ (#&-8 6&
()'*()+,-++B (4":4#9:$ %'. 74#9C' /4;6&5)&A*'6+' )&74-6+:&B -'. /8C' $)4/'69 '54 :4.('-'6D+@ +B :&:
"#'*"-/+'B E00':-+/64"-9= F"(4#9;$'.8' *#, )&"%'-& *&668' ()'*"-&/#'68 (4* 64.')&.+ GHIGG
JK&-)&-8 6& 4(#&-$ -)$*& / )&"-'6+'/4*"-/'LB GHIGH JK&-)&-8 6& 4(#&-$ -)$*& / A+/4-64/4*"-/'L + GIHMI
JN)'*6'54*4/&, %+"#'664"-9 )&74-6+:4/ "'#9":4?4;,@"-/'664@ 4)5&6+;&D++L=
OP' 4*64@ (')'.'664@B ?&)&:-')+;$QP'@ E00':-+/64"-9 ()'*()+,-+, / "0')' /8)&P+/&6+, ;')64/8? +
;')647474/8? :$#9-$) +B :&: "#'*"-/+'B /#+,QP+@ 6& ()+78#964"-9 :4.(&6++B ,/#,'-", (4:&;&-'#9B
4-)&A&QP+@ :4#+%'"-/4 "47)&66454 $)4A&, " 4*6454 5':-&)& (4"'/64@ (#4P&*+= R#, )&"%'-& *&66454
0&:-4)& +"(4#9;$Q-", (')'.'668' (4* 64.')&.+ GSMII J!", (4"'/6&, (#4P&*9L + GITTI JU'&#+;4/&64
;')64/8? + ;')647474/8? :$#9-$) V /"'54W :4#+%'"-/4 ()4*$:D++L=

16&#+; 4(+"&-'#968? "-&-+"-+:

G= X&7#+D8 4(+"&-'#968? "-&-+"-+: (')'.'668? /874):+W 2)'A*' %'. ()+"-$(&-9 : )&"%'-$ 4(+"&-'#9<
68? "-&-+"-+: (4 ()'*"-&/#'664.$ /8C' 6&74)$ (')'.'668? 78#& ()4/'*'6& ()'*/&)+-'#96&,
/&#+*&D+, (4#$%'664@ 7&;8 *&668?= N-4+- 6&(4.6+-9B %-4 4"64/6&, D'#9 +""#'*4/&6+, ;&:#Q%&'-", /
&6&#+;' 0&:-4)4/B 4:&;8/&QP+? /#+,6+' 6& ()+78#964"-9 ()'*()+,-+@ / "0')' /8)&P+/&6+, ;')64/8?
+ ;')647474/8? :$#9-$)B 4*6&:4B / 7&;' / 4"64/64. ()'*"-&/#'68 *&668' 4 :4.(&6+,?B "4/.'P&QP+?
)&;#+%68' /+*8 "'#9":4?4;,@"-/'664@ *',-'#964"-+= !/+*$ E-454 78#4 ()+6,-4 )'C'6+' 47 +":#Q%'6++
+; /874):+ -'? ()'*()+,-+@B 5*' *4#, /8)$%:+ 4- )'&#+;&D++ ;')64/8? + ;')647474/8? :$#9-$)
"4"-&/#,'- .'6'' HIY= N-4+- 4-.'-+-9B %-4 ()+78#964"-9 :4.(&6++ / 6&C'. +""#'*4/&6++ ?&)&:-')+<
;$'-", (4:&;&-'#'. *46&#454/4@ ()+78#+B (4E-4.$ +; +"?4*64@ /874):+ 78#+ +":#Q%'68 *&668' (4
()'*()+,-+,. " 4-)+D&-'#968. 0+6&6"4/8. )';$#9-&-4.=
R&#'' (4 /"'. 4(+"&668. )&6'' 0&:-4)&. 78#+ (4"-)4'68 -4%'%68' *+&5)&..8 *#, +##Q"-)&D++
E:"-)'.&#968? ;6&%'6+@ J()+ +? 6&#+%++LB +":&A&QP+? 47P$Q :&)-+6$= U';$#9-&- (4"-)4'6+,
()4*'.46"-)+)4/&6 6& )+"= G= 3&: .4A64 /+*'-9 +; (4#$%'668? )';$#9-&-4/ ),* E:"-)'.&#968? ;6&%'6+@
6&7#Q*&'-", (4 (4:&;&-'#,. *46&#454/4@ ()+78#+B .$#9-+(#+:&-4)$ Z[\]^_`abZc + /'#+%+6' "74)&
$)4A&, " 4*6454 5':-&)&= ! ()4D'""' 5)&0+%'":454 &6&#+;& 78#4 ()+6,-4 )'C'6+' 4 :4))':-+)4/:'
&6&#+;+)$'.4@ /874):+ / "#'*$QP'. (4),*:'W +":#Q%'68 *&668' 4 :4.(&6+, " *46&#454/4@ ()+78#9Q
74#'' dM .#6= )$7= + .'6'' GII -8"= )$7=e +":#Q%'68 *&668' 4 :4.(&6+,? "4 ;6&%'6+,.+ .$#9-+(#+:&-4)&
Z[\]^_`abZc 74#'' fBM?e +":#Q%'68 *&668' 4 :4.(&6+,? " $)4/6'. "74)& $)4A&, 74#'' MM D'6-6')4/ "
5':-&)&= U';$#9-&- /6'"'668? +;.'6'6+@ ()'*"-&/#'68 6& )+"= H=

U+"$64:gGgV )';$#9-&-8g()4/'):+g/874):+g6&g6&#+%+'gE:"-)'.&#968?g;6&%'6+@g
H
!"#$%&'() * +,-$./0102(3+&4,+'"(425&+'"(%1(%1."6",(7'#0+,81./%29(-%16,%":(

;1'<, =.> "=,%0"?"'1@"" 0"3&4 ?$%'@": +1#3+,=,.,%"> 1%1."-"+$,829 %18" %,3+,+24%29 3,+,8,%%29
52." 3&#0+&,%2 A"#0&A+1882B 91+1'0,+"-$CD", 3.&0%&#0/ 70"9 +1#3+,=,.,%":E !,-$./0102 3+,=#014F
.,%2 %1 +"#E GE H1' 8&<%& -18,0"0/B 0&./'& =41 "- I,#0" ?1'0&+&4B 91+1'0,+"-$CD"9 &3,+1@"&%%$C
81+<"%1./%&#0/ " #+,=%CC -1+15&0%$C 3.10$B "8,C0 3.&0%&#0/ +1#3+,=,.,%"> 5."-'$C ' %&+81./%&8$E
J,+,8,%%2,B 91+1'0,+"-$CD", +1-8,+ A&#$=1+#04,%%&: 3&==,+<'"B 4,."6"%$ =&%1.&A&4&: 3+"52." "
$+&4,%/ =&.A&4&: %1A+$-'"B "8,C0 +1#3+,=,.,%", 5."-'&, 3& 31+18,0+18 ' .&A%&+81./%&8$E ;"3
+1#3+,=,.,%"> 3&#.,=%,: 3,+,8,%%&:B &04,61CD,: -1 7??,'0"4%&#0/ #5&+1 $+&<1>B =&#010&6%& #.&<%&
"=,%0"?"@"+&410/E K"-$1./%& &%& 3&9&<, %1 .&A%&+81./%&, +1#3+,=,.,%", # =4$8> 4,+I"%18" " 8&<,0
>4.>0/#> &0=,./%&: +1-%&4"=%&#0/C 8%&A&8,+%29 +1#3+,=,.,%":E

!"#$%&'(G(* "..C#0+1@">(?$%'@":(3.&0%&#0"(+1#3+,=,.,%">(=.>(1%1."-"+$,829(3,+,8,%%29
G
!" #$%&'(%) &*)+()&,',%&,%-)&./0/ 1/234&,5' 6789 :';)) (' /&(/5) +'((<1 /=(/5;)((/4 5<=/*.% +;3
'(';%2%*>)?<1 @'.,/*/5 =<;% *'&&-%,'(< &;)A+>BC%) /$%&',);D(<) &,',%&,%.%9 &*)+())E ?%(%?';D(/)
% ?'.&%?';D(/) 2('-)(%3E ?)+%'('E &,'(+'*,(/) /,.;/()(%)E !FG % HFG .5'(,%;%" I)2>;D,',< *'&-),/5
$*)+&,'5;)(< (' *%&" J" K&1/+3 %2 $/;>-)((<1 +'((<1 ?< ?/L)? /1'*'.,)*%2/5',D &*)+()A
&,',%&,%-)&./) 1/234&,5/ 678" M &*)+()? $*)+$*%3,%)E /&>C)&,5;3BC)) +)3,);D(/&,D $/ 5<*'C%5'(%B
2)*(/5<1 % 2)*(/=/=/5<1 .>;D,>*E $/;>-'), 0/+/5>B +/(';/0/5>B $*%=<;D 5 *'2?)*) NO ?;(" *>="E %?)),
+/;0/5>B ('0*>2.> $/ ?>;D,%$;%.',/*> PQRSTUVWXPY (' >*/5() ZE[\1E /$)*']%/(('3 *)(,'=);D(/&,D
$*/%25/+&,5' &/&,'5;3), /./;/ [!EFGE $/;>-'), 0/&>+'*&,5)((>B $/++)*L.> 5 *'2?)*) FG /, &)=)&,/%A
?/&,% $*/%25/+&,5'E ' &/,*>+(%.% $/;>-'B, &*)+(BB 2'*$;',> (' >*/5() ^JEF ,<&" *>="

I%&>(/._J ` #$%&',);D('3_&,',%&,%.'_'(';%2%*>)?<1_$)*)?)((<1

[" #$%&',);D(<) &,',%&,%.% +;3 !A1 $/+0*>$$ 1/234&,59 :';)) $*/'(';%2%*>)? (';%-%) &%&,)?',%-)&.%1
*'2;%-%4 5 &*)+(%1 2('-)(%31 % &,'(+'*,(<1 /a%=.'1 $)*)?)((<1E 1'*'.,)*%2>BC%1 +)3,);D(/&,D +5>1
*'2;%-(<1 0*>$$ 1/234&,5E &);D&./1/234&,5)((<1 /*0'(%2']%4 % .*)&,D3(&.%1 b@)*?)*&.%1c 1/234&,5" :;3
('-';' /=*',%? 5(%?'(%) (' ,/-)-(>B +%'0*'??> b&?" I%&" Fc & 5<+);)((<?% /,+);D(/ +'((<?% $/
@)*?)*&.%? 1/234&,5'? b.*'&(<4 ]5),c" K&1/+3 %2 0*'@%-)&./0/ '(';%2' ?/L(/ &+);',D 5<5/+ /=
/,&>,&,5%% .'.%1A;%=/ 2'5%&%?/&,)4E ./,/*<) ?/0;% =< =<,D $*%&>C% %&.;B-%,);D(/ @)*?)*&.%?
1/234&,5'?" 8'. &;)+&,5%)E ?/L(/ &+);',D $*)+$/;/L)(%) / ,/?E -,/ &*)+(%) $/.'2',);% $/ @)*?)*&.%?
1/234&,5'? &;'=/ /,;%-'B,&3 /, ,)1E -,/ +)?/(&,*%*>B, &);D&./1/234&,5)((<) /*0'(%2']%%"

I%&>(/._F_` *)2>;D,',<_$*/5)*.%_5<=/*.%_('_(';%-%)_d.&,*)?';D(<1_2('-)(%4_
J
!"#$%&'() * +,"#-./01%-2(#.-."#."'-(-%-0"3"4$/567(,/4/5/%%67 802(9/45/4#'"7(7&32:#.;

<-' 5&=%& 3-5/.".1 "3 8-%%67 .->0"?6 @#5A !"#A )B #4/8%"/ 3%-C/%"2 ;#/7 &.%&#"./01%67 ,/4/5/%%67
%-7&82.#2 ,4">0"3"./01%& %- &8%&5 $4&;%/ # ,&'-3-./025" #/01#'&7&32:#.;/%%67 &4D-%"3-?":A
E-,4&.";F ,&'-3-./01 8&%-0&D&;&: ,4">60" 802 9/45/4#'"7 7&32:#.; 3%-C"./01%& ;6G/ @%- HIJBF
&8%-'&F ;;"8$ %"3'&D& '&0"C/#.;- 8-%%67 #.4$'.$4 ; 4-##5-.4";-/5&: ;6>&4'/ %/0132 #8/0-.1 &8%&3%-CK
%6: ;6;&8 & ,4/;6G/%"" L99/'.";%&#." &8%&: >"3%/# /8"%"?6 %-8 84$D&:A

+?/%'-(4/D4/##"&%%&:(5&8/0"(;(4-5'-7(<M!N

HA O&45$0"4&;'- >-3&;&: 5&8/0" 4/3$01.-.";%&#."P Q02 ,/4;&%-C-01%&: #,/?"9"'-?"" %-G/: 5&8/0"


>$8$. "#,&013&;-%6 ;#/ 4-%// 4-##5-.4";-/56/ 9-'.&46A R '-C/#.;/ 3-;"#"5&: ,/4/5/%%&: >$8/.
;6#.$,-.1 ,&'-3-./01 8&%-0&D&;&: ,4">60" @STUVWXYZ[VUT[YX\]BA E/3-;"#"56/ ,/4/5/%%6/ >$8$. ,4/8#.-;K
0/%6 #0/8$^_"5" 9-'.&4-5"P 4-35/4 D&#$8-4#.;/%%&: ,&88/4='" @`aaBF ;/0"C"%- 5$01.",0"'-.&4-
8&0D&;&: %-D4$3'" @bcdecdfebgBF $4&;/%1 &,/4-?"&%%&: 4/%.->/01%&#." ,4/8,4"2."2 @hi[j\TBF 4-35/4
3-.4-. %- #/>/#.&"5&#.1 @`hkaBF ;/0"C"%- #4/8%/: 3-4->&.%&: ,0-.6 @gl[a\mB " '&0"C/#.;& ?/%.%/4&;
$4&=-2 # &8%&D& D/'.-4- @n\TcVVBA +>_-2 9&45$0- 5&8/0" opq ;6D028". #0/8$^_"5 &>4-3&5P

Pro$it before tax = b- + b/ ∗ CSS + b3 ∗ DEBTEBITDA + b: ∗ OpeMar + b> ∗ COGS + b@ ∗ AveSal + bC ∗ HarEff

r& ,4/8;-4"./01%65 &="8-%"25 '&L99"?"/%.6 ZsF ZIF ZHF Zt " Z) 8&0=%6 "5/.1 ,&0&="./01%6/ 3%-C/%"2F
,&#'&01'$ ;6#&'": $4&;/%1 D&#$8-4#.;/%%&: ,&88/4='" " &,/4-?"&%%&: 4/%.->/01%&#."F >&01G-2 ;/0"K
C"%- #4/8%/: 3-4->&.%&: ,0-.6F - .-'=/ ,&;6G/%%-2 L99/'.";%&#.1 #>&4- $4&=-2 8&0=%6 &'-36;-.1
,&3".";%&/ ;&38/:#.;"/ %- 4-35/4 8&%-0&D&;&: ,4">60"A E-,4&.";F &.4"?-./01%&/ ;0"2%"/ ;6#&'&:
8&0D&;&: %-D4$3'" 8&0=%& &.4-=-.1#2 %- '&L99"?"/%./ Zu ; ;"8/ &.4"?-./01%&D& 3%-C/%"2A
tA O&45$0"4&;'- 5&8/01%67 ,4/8,&0&=/%":P O&45$0"4&;'- 5&8/01%67 ,4/8,&0&=/%": %/&>7&8"5- 802
&>/#,/C/%"2 %-G/: $;/4/%%&#." ; 8&#.&;/4%&#." " %-8/=%&#." 4/3$01.-.&; '0-##"C/#'&: 0"%/:%&:
4/D4/##"&%%&: 5&8/0" @<M!NBA +#%&;%-2 C-#.1 .4/>&;-%": >-3"4$/.#2 %- ./&4/5/ v-$##-KN-4'&;- "
#;"8/./01#.;$/. & .&5F C.& &?/%'-F ,&0$C/%%-2 # ,4"5/%/%"/5 5/.&8- %-"5/%1G"7 ';-84-.&;F 8-/.
%-"0$CG": "3 ;&35&=%67 4/3$01.-.&;A N&=%& #9&45$0"4&;-.1 H &#%&;%67 .4/>&;-%"2F ,4/8w2;02/567 '
5&8/0" %- &#%&;-%"" 8-%%&: ./&4""A R&K,/4;67F 5-./5-."C/#'&/ &="8-%"/ #0$C-:%&: &G">'" 4-;%& xA
R&K;.&467F #0$C-:%-2 &G">'- %/3-;"#"5- &. &>w2#%2^_"7 ,/4/5/%%67A E/;6,&0%/%"/ L."7 $#0&;":
5&=/. #.-.1 ,4"C"%&: ,&2;0/%"2 #"#./5-."C/#'&D& #5/_/%"2 &?/%'"A RK.4/.1"7F 8"#,/4#"2 #0$C-:%&:
&G">'" ,&#.&2%%-2 802 ;#/7 %->0^8/%":A RKC/.;/4.67F 802 0^>67 8;$7 %->0^8/%": &.#$.#.;$/.
#"#./5-."C/#'-2 #;231 5/=8$ 3%-C/%"25" #0$C-:%&: &G">'"A R #0$C-/ %/;6,&0%/%"2 ,&#0/8%"7 8;$7
$#0&;": ,&0$C/%%-2 &?/%'- #.-%&;".#2 %/L99/'.";%&:A R 8&,&0%/%"/ '& ;#/5$ ,/4/C"#0/%%&5$ #.&".
8&>-;".1 ,4/80&=/%"/ & .&5F C.& 4-#,4/8/0/%"/ #0$C-:%& &G">'" %&45-01%&F C.& 8-#. ;&35&=%&#.1 802
"#,&013&;-%"2 4-#,4/8/0/%"2 y.1^8/%.-A z-'=/ #.&". &.8/01%& ;68/0".1 $#0&;"/ v-$##-KN-4'&;-F
'-#-^_"/#2 ,4-;"01%&: #,/?"9"'-?"" 5&8/0"A +%& ,4/8,&0-D-/.F C.& $4-;%/%"/ <M!N "5//.
,4-;"01%$^ 9$%'?"&%-01%$^ 9&45$F - .-'=/ &.#$.#.;"/ 0"G%"7 ,/4/5/%%67A

t
!"#$%&'() * "++,#-./0"1(2/3"#"4&#-56(4578$(&9:1#%154&6("(&9:1#%1,;"4"(<5.545%%=4"

>? @2/"4&#312A 2/3"#"4&6 <5.545%%& " .5B.5##&.&3C D.5785 E54 &05%"3/-A %/F$ 4&85+A GHI <.&35854
B./J"E5#'"6 /%/+"2 2/3"#"4&#-56 4578$ &9:1#%154&6 " &9:1#%1,;"4" <5.545%%=4"? K/' 4&7%&
2/45-"-A L#4? !"#? )MN %/F" "#O&8%=5 <.58<&+&75%"1 & 2%/'/O '&PJJ"0"5%-&3 <." %52/3"#"4=O
<5.545%%=O &'/2/+"#A 35.%= 2/ "#'+,E5%"54 &8%&B&? Q578$ <&'/2/-5+54 8&%/+&B&3&6 <."9=+" "
$.&3%54 B&#$8/.#-35%%&6 <&885.7'" %/9+,8/5-#1 &-."0/-5+A%/1 32/"4&#312AN E-& #3"85-5+A#-3$5- &
-&4N E-& <&4&;A &- J585./+A%=O " 4$%"0"</+A%=O 3+/#-56 <&+$E/,- 3 &#%&3%&4 $9=-&E%=5 O&216#-3/?
R&+55 -&B&N ./245. <&+$E/54&6 <&4&;" 3/.A".$5-#1 -/'"4 &9./2&4N E-&9= <.58<."1-"5 3=F+& +"9& %/
952$9=-&E%&#-AN +"9& %/ 4"%"4/+A%& 3&24&7%$, <."9=+A?
)? S05%'/ 4&85+" GHIC K/' 4&7%& 2/45-"-A "2 .52$+A-/-&3N <.58#-/3+5%%=O 3 -/9+"05 L#4? !"#? TMN
&05%"3/54/1 4&85+A 854&%#-.".$5- #+/9$, &9:1#%1,;$, #<&#&9%&#-AN '&PJJ"0"5%- 85-5.4"%/0""
#&#-/3+15- 3#5B& UNVN -?5? -&+A'& VUW 8"#<5.#"" &9:1#%1,-#1 <.58+&75%%=4" <5.545%%=4"? S8%/'&
&9;55 '/E5#-3& 4&85+"N O/./'-5."2$54&5 XY#-/-"#-"'&6N 854&%#-.".$5- 3=#&'"6 $.&35%A? @5.&1-%&#-A
-&B&N E-& 3#5 '&PJJ"0"5%-= 3 4&85+" ./3%= %$+"N #&#-/3+15- &'&+& UW? R&+55 -&B&N 9&+AF"%#-3&
&9:1#%1,;"O <5.545%%=O 854&%#-.".$,- 2%/E"4&#-A %/ $.&3%5 ZW? [#'+,E5%"54 13+15-#1 J/'-&.N
&-35E/,;"6 2/ &05%'$ 3+"1%"1 B&#$8/.#-35%%&6 <&885.7'"N 5B& 2%/E"4&#-A %/O&8"-#1 %/ $.&3%5 \]NTW?
T? ^&85.7/-5+A%/1 "%-5.<.5-/0"1 .52$+A-/-&3C _5<5.A <5.56854 ' '&445%-/."14 <&+$E5%%=O .52$+AY
-/-&3? `/E%54 # J/'-&./N O/./'-5."2$,;5B& $.&35%A B&#$8/.#-35%%&6 <&885.7'" LabbMN &'/2=3/54&6
<.58<."1-",? D&+$E5%%=6 '&PJJ"0"5%- B&3&."- & -&4N E-& $35+"E5%"5 B&#$8/.#-35%%=O #$9#"8"6 %/ \
<.&05%-%=6 <$%'- <."3&8"- ' #%"75%", E"#-&6 <."9=+" %/ c)T -=#? .$9? R&+55 <./3"+A%=6 3/."/%-
J&.4$+".&3'" 23$E"- #+58$,;"4 &9./2&4C '&4</%"1N <&+$E/,;/1 B&#$8/.#-35%%$, <&885.7'$ 3 ./245.5
\W &- #595#-&"4&#-" <.&"23&8#-3/N 3 #.58%54 <&+$E/5- 8&%/+&B&3$, <."9=+A %"75 %/ c)T -=#? .$9?
d/+55 <5.5O&8"4 ' <5.545%%&6N &-./7/,;56 #.58%"6 $.&35%A 2/./9&-%&6 <+/-=? D&+$E5%%=6
'&PJJ"0"5%- 854&%#-.".$5- -&- J/'-N E-& <." $35+"E5%"" #.58%56 2/./9&-%&6 <+/-= %/ \ -=#? .$9?
8&%/+&B&3/1 <."9=+A '&4</%"" %/ \V\ -=#? .$9? D&2"-"3%&5 3+"1%"5 -/'75 854&%#-.".$5- J/'-&.
&<5./0"&%%&6 .5%-/95+A%&#-"? _/' <." $35+"E5%"" &<5./0"&%%&6 4/.7"%/+A%&#-" %/ \ <.&05%-%=6 <$%'-
8&%/+&B&3/1 <."9=+A '&4</%"" $35+"E"3/5-#1 %/ ZUT -=#? .$9? `/<.&-"3N <.&-"3&<&+&7%&5 3+"1%"5 %/
<."9=+A%&#-A <.58<."1-"6 3 #J5.5 HDK &'/2=3/5- $.&35%A 8&+B&3&6 %/B.$2'"? _/' <." $35+"E5%""
4$+A-"<+"'/-&./ efghijklmen %/ \ 8&%/+&B&3/1 <."9=+A '&4</%"" #%"7/5-#1 %/ VNT 4+%? .$9? d/+55
./##4&-."4 <5.545%%$,N &-./7/,;$, $.&35%A 2/-./- %/ #595#-&"4&#-A <.&"23&8#-3/? _/' <."
$35+"E5%"" aopb %/ \ -=#? .$9? 8&%/+&B&3/1 <."9=+A '&4</%"" $35+"E"3/5-#1 %/ ]UV .$9? S<"#/%%/1
3=F5 32/"4&#312A <5.545%%=O # <&'/2/-5+54 8&%/+&B&3&6 <."9=+" #&3</8/5- # 3=3&8/4"N <&+$E5%%=4"
<." <.&3585%"" B./J"E5#'&B& /%/+"2/N 2/ "#'+,E5%"54 &8%&B& J/'-&./? D5.545%%/1N O/./'-5."2$,;/1
PJJ5'-"3%&#-A #9&./ $.&7/1N 854&%#-.".$5- &-."0/-5+A%$, 32/"4&#312A # <."9=+A%&#-A, '&4</%""N
E-& 3 #3&, &E5.58A %5 #&B+/#$5-#1 # #&85.7/-5+A%=4" 3=3&8/4"? @&24&7%&N E-& 8/%%=6 J/'- 13+15-#1
.52$+A-/-&4 %/+"E"1 <.&9+54= 4$+A-"'&++"%5/.%&#-"? >
!" #$%&$'()* (+,-.*(/0 1,*21$3$'*(/4 56789 :*2$;<+<=$& &$2*3/ >?@ &$'*< 0A30<B;0C A 1*,A-D
$E*,*2BC $<;-<;<A/* (*$FG$2/&)G H+=<$,$AC 1$3($;<BD $FI0;(0DJ/G %+A/;/&-D 1*,*&*((-D 2$(+3$K
L$A$4 1,/F)3/" M$3** <$L$C 2+((+0 1,$F3*&+ &$'*< F)<B 1,/E/($4 A$%&$'($4 &-3B</=$33/(*+,($;</C $
=$<$,$4 &) 1/;+3/ A).*" # =+E*;<A* =,/<*,/0C 1$2<A*,'2+DJ*L$ (+.- L/1$<*%- $ 2+(($4 1,$F3*&*C
&$'($ $F,+</<B;0 = NK;<+</;</=*" 5+= &) &$'*& %+&*</<B - 1*,*&*(()GC G+,+=<*,/%-DJ/G $1*,+O/$((-D
&+,'/(+3B($;<B / ;*F*;<$/&$;<B 1,$/%A$2;<A+C =,+4(* A);$=/* %(+E*(/0 2+(($L$ 1$=+%+<*30 1,/
A);$=$4 %(+E/&$;</ ;+&/G H+=<$,$AC E<$ A ;A$D $E*,*2B &$'*< ;A/2*<*3B;<A$A+<B $ (+3/E// 1,$F3*&)
%+A/;/&$;</ $FI0;(0DJ/G 1*,*&*(()G &*'2- ;$F$4" #$%A,+J+0;B = ,*%-3B<+<+& L,+H/E*;=$L$ +(+3/%+
;<$/< $<&*</<BC E<$ ,+%3/E(+0 ;<*1*(B ,+%F,$;+ %(+E*(/4 /;1$3B%-*&)G A &$2*3/ 1*,*&*(()G &$'*<
0A30<B;0 $2($4 /% A$%&$'()G 1,/E/( (+3/E/0 L*<*,$;=*2+;</E($;</"

P/+L($;</=+ $2/($E()G (*</1/E()G (+F3D2*(/4

QR" #)0A3*(/* A*,</=+3B()G A)F,$;$A / <$E*= ,+%F+3+(;/,$A=/9 P30 1,$A*2*(/0 <*;<+ (+ (+3/E/*
A*,</=+3B()G A)F,$;$A ,+;;E/<+*& ;<BD2*(</%/,$A+(()* $;<+<=/ 230 (+.*4 &$2*3/ >?@" 5,/</E*;=$*
%(+E*(/* 230 1+,+&*<,$A 1,*23$'*(($4 (+&/ &$2*3/ ;$;<+A30*< SCTQ" U2+3$;B $F(+,-'/<B Q
(+F3D2*(/* V;&" 7/;" !WC (*;$$<A*<;<A-DJ** 2+(($4 L,+(/O*C =$<$,$* A 1$;3*2;<A/* F)3$ /;=3DE*($ /%
A)F$,=/" P30 2/+L($;</=/ <$E*= ,+%F+3+(;/,$A=/ /;1$3B%$A+3;0 &*<$2 ; 1$2;E*<$& ,+;;<$0(/0 5-=+"
X$L3+;($ (+./& ,+;EY<+& =,/</E*;=$4 <$E=+ (+G$2/<;0 (+ -,$A(* RCRQS!" U2+3$;B $F(+,-'/<B ZQ
(+F3D2*(/* V;&" 7/;" !WC =$<$,)* (* ;$$<A*<;<A-D< 2+(($&- =,/<*,/D / A 1$;3*2;<A// F)3/ /;=3DE*()
/% A)F$,=/"

7/;-($=[! \ A)0A3*(/* A*,</=+3B()G A)F,$;$A /[<$E*=[,+%F+3+(;/,$A=/

QQ" ]*,*$O*(=+ &$2*3/ ; $F($A3*(()&/ 2+(()&/9 ]$;3* /;=3DE*(/0 A)F,$;$A /% (+.*4 A)F$,=/ &)
1*,*$O*(/3/ &$2*3B >?@ (+ ($A)G 2+(()G V&$2*3B >#@W / 1$3-E/3/ ;3*2-DJ/* ,*%-3B<+<) V;&" 7/;" TW"
^+=/& $F,+%$&C A ,*%-3B<+<* -2+3*(/0 ,02+ (+F3D2*(/4 &$2*3B >#@ 2*&$(;<,/,-*< F$3** A);$=/4
=$_HH/O/*(< 2*<*,&/(+O//C %(+E*(/* =$<$,$L$ -A*3/E/3$;B ; RC` 2$ RCaT" bFJ+0 %(+E/&$;<B 1$3-E*(($4
,*L,*;;// <+='* $;<+3+;B (+ A);$=$& -,$A(*" c(+E/&$;<B F$3B./(;<A+ ,+;;&+<,/A+*&)G (+&/ H+=<$,$A
<+='* -A*3/E/3+;BC 2$;</L(-A Qd" :+1,$</AC %(+E/&$;<B 1*,*&*(($4C G+,+=<*,/%-DJ*4 -,$A*(B
L$;-2+,;<A*(($4 1$22*,'=/C ;(/%/3+;B 2$ eSCadC + =$_HH/O/*(< 1,/ 1*,*&*(($4C $<,+'+DJ*4
_HH*=</A($;<B ;F$,+ -,$'+0C <+='* $;<+3;0 $<,/O+<*3B()&" ]$A$20 /<$L ;<$/< $<&*</<BC E<$ $O*(=+
&$2*3/ >#@ 2*&$(;<,/,-*< F$3** 1,/A3*=+<*3B()* ,*%-3B<+<)C E<$ ;A/2*<*3B;<A-*< $F $<,/O+<*3B($&
A3/0(// A)F,$;$A" P+3** 1,/ 1$;3*2-DJ*& +(+3/%* F-2*< /;1$3B%$A+<B;0 $E/J*((+0 A)F$,=+"

Z
!"#$%&'(")#*&+%&,&+%&'("*-./&,)"

012 3,&-4+4%"4 (4'(# 5&6 7& +-68 $,677#8 9&:;<'(-= > 9&+4 7,&-4+4%"; (4'(# 5&6 /.? ,#''@"(#%
)&ABB"C"4%( DE'(#("'(")" " '&7&'(#-?4% ' (#/?"@%.8 :%#@4%"48 %# 6,&-%4 :%#@"8&'(" FG H6?4-#;
$"7&(4:# /.?# &()?&%4%#I @(& '-"+4(4?J'(-64( & (&8I @(& +?; '4?J')&9&:;<'(-4%%.9 &,$#%":#C"< "
B4,84,')"9 9&:;<'(- %4&/9&+"8& &C4%"-#(J ,#:%.4 ,4$,4''""2 K+%#)&I 7& 7,"@"%4 (&$&I @(& - -./&,)4
"84L('; +#%%.4 (&?J)& & M B4,84,')"9 9&:;<'(-#9I 8&N%& $&-&,"(J & (&8I @(& (4'( 5&6 - +#%%&8 '?6@#4
%4 ;-?;4('; &7,4+4?;LO"82 P'7&?J:&-#%"4 &'(#()&- &( ,4$,4''"" 7& -./&,4 ,#:84,&- - M :%#@4%"< %4
;-?;4('; 7,"48?48.8 +?; #%#?": "I )#) '?4+'(-"4I -?4@4( :# '&/&< %4'&'(&;(4?J%&'(J Q4'(# 5&62

!"#$%&'(")#*&R"/&)*'74C"B")#C""

0S2 >.;-?4%"4 %#?"@"; 7,&76O4%%.9 74,484%%.9 = !?; &7,4+4?4%"; %#?"@"; 7,&76O4%%.9 74,484%%.9
/.? "'7&?J:&-#% (4'( T#8'4;2 > ,4:6?J(#(4 4$& 7,&-4+4%"; /.?# 7&?6@4%# DE'(#("'(")# %# 6,&-%4 0UIV "
&)&?& %6?4-&4 :%#@4%"4 7#,#84(,# WEXYZ[\I @(& '-"+4(4?J'(-64( %#8 & %#?"@"" 7,&76O4%%.9 74,484%%.9
- %#R4< 8&+4?"2
0V2 >)?L@4%"4 +#88"E74,484%%.9 " 7&-(&, 72 00= !&/#-?4%"4 - 8&+4?J ]>^ +#88" 74,484%%&<I
&(,#N#LEO4< &'&/4%%&'(" B4,84,')"9 9&:;<'(- _8&+4?J ]`^a %4<(,#?J%& &(,#:"?&'J %# 44 &/b;'E
%;LO4< '7&'&/%&'(" _'82 T"'2 caI )&ABB"C"4%( +4(4,8"%#C"" &'(#?'; %4":84%%.8 %# 6,&-%4 dIFc2
K/O44 )#@4'(-& ,4$,4''""I 9#,#)(4,":6LO44'; :%#@4%"48 DE'(#("'(")"I (#)N4 &'(#?&'J /4: ":84%4%"<2
H#7,&("-I '#8# +#88"E74,484%%#; &)#:#?#'J :%#@"8# (&?J)& %# 6,&-%4 01I1GI @(& ;-?;4('; ,4:6?J(#(&8
8#?&$& )&?"@4'(-# B4,84,')"9 9&:;<'(- - ,#''8#(,"-#48&< -./&,)42
0e2 !#88"E74,484%%#; ?"R%;;f= P'9&+; ": :%#@4%"< )&ABB"C"4%(# +4(4,8"%#C"" " DE'(#("'(")"I
)&(&,.4 +48&%'(,",64( 8&+4?J ]`^I 8&N%& '+4?#(J -.-&+ & (&8I @(& +&/#-?4%"4 +#88"E74,484%%&<
&)#:#?# %4<(,#?J%&4 -?";%"4 %# &/b;'%;LO6L '7&'&/%&'(J 8&+4?"2 K+%#)&I :%#@"8&'(J '#8&< +#88"E
74,484%%&< '-"+4(4?J'(-64( & (&8I @(& +#%%.< B#)(&, ":/.(&@4% +?; +#%%&< 8&+4?"2 g&?44 (&$&I
:%#@"8&'(J 74,484%%&<I &(,#N#LO4< 6,&-4%J $&'6+#,'(-4%%&< 7&++4,N)"I - 8&+4?" ]`^ 696+R"?#'J 7&
',#-%4%"L ' 8&+4?JL ]>^I @(& (#)N4 7&+(-4,N+#4( %#R" -.-&+. &/ ":/.(&@%&'(" +#%%&$& B#)(&,#2 K
-&:8&N%.9 7,"@"%#9 (#)&< ,4#)C"" 8&+4?" %# +&/#-?4%"4 +#88"E74,484%%&< 8. 7"'#?" - 7,4+.+6O48
76%)(4 _'82 72 0Va2
0c2 KC4%)# ?&$#,"B8"@4')&< '74C"B")#C"" 8&+4?"= !?; &C4%)" %&-&< '74C"B")#C"" %#R4< 8&+4?" '
7,&-4+4%"48 &74,#C"< ?&$#,"B8",&-#%"; 74,484%%.9 +&%#?&$&-&< 7,"/.?" " '4/4'(&"8&'(" 7,&":-&+E
'(-# %4&/9&+"8& 7,&-4'(" ,;+ &74,#C"< ' (4)6O"< -./&,)&< +#%%.92 P'9&+; ": ":-4'(%.9 '-&<'(-
?&$#,"B8# /6+4( 7,&":-4+4%# :#84%# %6?4-.9 :%#@4%"< ?&$#,"B8",648.9 74,484%%.9 %# 4+"%"@%.42
!#%%#; '74C"B")#C"; 8&+4?" ' &+%&< '(&,&%. 7&:-&?"( &C4%"(J (487. ,&'(# +&%#?&$&-&< 7,"/.?" -
:#-"'"8&'(" &( ":84%4%"; ,#:?"@%.9 B#)(&,&-I ' +,6$&< +#'( -&:8&N%&'(J '%":"(J -4,&;(%&'(J %#?"@";
7,&/?48. $4(4,&')4+#'("@%&'("2 T4:6?J(#(. &C4%)" %&-&< 8&+4?" ]h^ 7,4+'(#-?4%. %# ,"'6%)4 c2 i#)
8&N%& -"+4(J ": 7,4+'(#-?4%%.9 ,4:6?J(#(&- )#@4'(-& %&-&< 8&+4?" ]h^ - ',#-%4%"" ' 8&+4?JL ]>^
696+R"?&'JI )&ABB"C"4%( +4(4,8"%#C"" '%":"?'; %# dIdM " '&'(#-"? dIUM2 H4$#("-%.< ABB4)( &(
?&$#,"B8",&-#%"; "'7.(#?# %# '4/4 74,484%%#; jkkI &(,#N#LO#; 6,&-4%J $&'6+#,'(-4%%&< 7&++4,N)"I
6,&-4%J :%#@"8&'(" '%":"?'; ' 01G +& VVG2 34,49&+ &( &,"$"%#?J%&< 8&+4?" ) ?&$#,"B8"@4')&<
7&:-&?;4( %#8 74,4<(" ) #%#?":6 (487&- ,&'(# :#-"'"8&< 74,484%%&<I (242I %#7,"84,I ,&'( &74,#C"&%%&<
,4%(#/4?J%&'(" %# 0 7,&C4%(%.< 76%)( -4+4( ) 6-4?"@4%"L -4?"@"%. +&%#?&$&-&< %# UIFGI 6-4?"@4%"4
'4/4'(&"8&'(" 7,&":-&+'(-# %# 0G -4+4( ) ,#:84,# +&%#?&$&-&< 7,"/.?" %# dIMG " (2+2
0M2 l&$#,"B8"@4')#; '74C"B")#C"; /&?44 #+4)-#(%#f= !?; 7,&-4,)" 6(-4,N+4%"; & (&8I @(&
?&$#,"B8"@4')#; '74C"B")# 8&+4?" /&?44 #+4)-#(%# +?; #%#?":",648.9 +#%%.9I %4'8&(,; %# /&?44
%":)"4 :%#@4%"; )&ABB"C"4%(# +4(4,8"%#C""I /.? "'7&?J:&-#% 7&+9&+ m#,48/)"I @#'(%.< '?6@#<
84(&+# g&)'#Ei&)'#2 > 9&+4 -.@"'?4%"; '(#("'(")" n"E)-#+,#( ,#'7,4+4?4%"; +?; &C4%)" :%#@"8&'("
/.?& 7&?6@4%& :%#@4%"4 0VISe2 `,#-%"- 7&?6@4%%.< ,4:6?J(#( ' (#/?"@%.8 :%#@4%"48 n"E)-#+,#(
,#'7,4+4?4%"; ' &+%&< '(474%JL '-&/&+. %# 6,&-%4 :%#@"8&'(" FG 7&?6@#48I @(& ?&$#,"B8"@4')#;
'74C"B")#C"; /&?44 ,4?4-#%(%# #%#?":",648.8 +#%%.82
1d2 3,&-4,)# &'(#()&- 7&'(,&4%%.9 8&+4?4< %# %&,8#?J%&'(J= 3,&-4,)# &'(#()&- 7&'(,&4%%.9 8&+4?4<
%# %&,8#?J%&'(J &'6O4'(-?;4('; ' 7&8&OJL $,#B"@4')&$& #%#?":#I 7&:-&?;LO4$& -":6#?J%& &(,#:"(J
B6%)C"L ,#'7,4+4?4%"; &'(#()&- 8&+4?4< ]>^I ]h^I ]o^2 3&?6@4%%.4 ,4:6?J(#(. 7,4+'(#-?4%. %#
,"'6%)4 0d2 i#) 8&N%& :#84("(JI 7?&(%&'(J ,#'7,4+4?4%"; &'(#()&- -'49 (,49 8&+4?4< "844( @4,(.
'(#%+#,(%&$& %&,8#?J%&$& ,#'7,4+4?4%";2 K+%#)&I 7,&-4+4%"4 (4'(# n#,)4Eg4,# 7& &(%&R4%"L )
&'(#()#8 -'49 (,49 8&+4?4< $&-&,"( & (&8I @(& "84L( ,#'7,4+4?4%"4 &(?"@%&4 &( %&,8#?J%&$&2

c
!"#$%&'()*(+ ,-&./-'0 &#101'&.(2&3/4/5(6789(6:8("(6;8(%0(%&-204<%&#1<

="0>%&#1"'0(2$4<1"'&44"%/0-%&#1"("(,&#4/3$?@0A('&--/'B"A

C)DCEF G-/34&H/%"/ %&.IJ ,/-/2/%%IJF K/#1I %0 2$4<1"'&44"%/0-%&#1<L G&#'&4<'$ "#J&3%0A 2&3/4<


6M89 ,-/3#10.4/%%0A ,$%'10J 3&20N%/>& O030%"A -0%//9 .'4?P040 . #/QA .#/ R0'1&-I9 &,"#0%%I/ ,-"
&QO&-/ 4"1/-01$-I9 1& 2I %0 30%%&2 S10,/ %0N/>& "##4/3&.0%"A ,&53/1 &Q-01%I2 ,$1/2F T%0P040 Q$3/1
,-&./3/1 1/#1 %0 %04"P"/ 2$4<1"'&44"%/0-%&#1"9 0 304// %0 />& &#%&./ "O ,&#4/3%/5 0'1$04<%&5
#,/B"R"'0B"" 2&3/4" Q$3$1 "#'4?P/%I 4"N%"/ ,/-/2/%%I/F
=4A &,-/3/4/%"A %04"P"A O0."#"2&#1" 2/H3$ %/O0."#"2I2" R0'1&-02" . -/>-/##"" ,&#1-&"2 '&-D
-/4AB"&%%$? 201-"B$ " ,-&0%04"O"-$/2 O%0P/%"A '&--/4AB"" 2/H3$ '0H3&5 "O -0##201-".0/2IJ %02"
,/-/2/%%I2"F !0##P"10%%0A '&--/4AB"&%%0A 201-"B0 ,-/3#10.4/%0 %0 -"#$%'/ ))F U0' 2&H%& O02/1"1<9
%0"Q&4<N"5 ,&'0O01/4< '&--/4AB"" 2/H3$ ,/-/2/%%I2" 3/2&%#1-"-$?1 R0'1&-I9 &1-0H0?@"/ $-&./%<
>&#$30-#1./%%&5 ,&33/-H'" " SRR/'1".%&#1< #Q&-0 $-&H0AF V&4// 1&>&9 O0."#"2&#1< 2/H3$
,/-/2/%%I2" J0-0'1/-"O$/1#A '0' &1-"B01/4<%0A9 1F/F ,-" $./4"P/%"" -0O2/-&. >&#$30-#1./%%&5
,&33/-H'" '&2,0%"" %0P"%0?1 1/-A1< . SRR/'1".%&#1" "#,&4<O&.0%"A ,&#/.%IJ ,4&@03/5F
=4A $P/10 30%%IJ9 ,&4$P/%%IJ ,-" 0%04"O/ '&--/4AB"&%%&5 201-"BI9 ,&#1-&"2 3./ -/>-/##"&%%IJ
2&3/4"F W&3/4< 6X8 Q$3/1 .'4?P01< .#/ -0%// -0##2&1-/%%I/ ,/-/2/%%I/ O0 "#'4?P/%"/2 R0'1&-0
YZZF W&3/4< 6[89 %0,-&1".9 Q$3/1 .'4?P01< .#/ R0'1&-I '-&2/ ,/-/2/%%&5 \]^;__F G&4$P/%%I/
-/O$4<101I ,-/3#10.4/%I %0 -"#$%'/ `F U0' 2&H%& O02/1"1<9 $304/%"/ ,/-/2/%%&5 YZZ ,-"./4& '
%/O%0P"1/4<%&2$ #%"H/%"? '&SRR"B"/%10 3/1/-2"%0B"" ,& #-0.%/%"? # 2&3/4<? 678F a/#2&1-A %0 S1&9
O%0P"2&#1< .#/J ,-/3#10.4/%%IJ . 2&3/4" ,/-/2/%%IJ 3&#1">40 )bF a0,-&1".9 O%0' '&SRR"B"/%10 ,-"
,/-/2/%%&5 \]^;__ .#/ 10'H/ &#10/1#A &1-"B01/4<%I29 P1& %/ #&>40#$/1#A # #&3/-H01/4<%I2"
,-/3,&4&H/%"A2"9 &,"#0%%I2" -0%// . %0P04/ -0Q&1IF G& S1&5 ,-"P"%/ 2I "#'4?P0/2 R0'1&-9
&1-0H0?@"5 SRR/'1".%&#1< #Q&-0 $-&H0A "O 304<%/5N/>& -0##2&1-/%"A " &B/%".0/2 2&3/4< 6[8 c#2F
!"#F `dF e#'4?P/%"/ ,/-/2/%%&5 \]^;__ . O02/% YZZ 10'H/ %/>01".%& #'0O04&#< %0 '&SRR"B"/%1/
3/1/-2"%0B"" O%0P/%"/ '&1&-&>& #%"O"4&#< 3& *9fg # *9f`F h3%0'&9 .#/ -0##201-".0/2I/ . -/>-/##""
,/-/2/%%I/ 3/2&%#1-"-$?1 O%0P"2&#1< '0' 2"%"2$2 %0 $-&.%/ )*bF V&4// 1&>&9 '&SRR"B"/%1I ,-"
R0'1&-0J ,&O.&4A?1 301< 03/'.01%$? #&3/-H01/4<%$? &1%&#"1/4<%& "J .4"A%"A %0 O0."#"2$?
,/-/2/%%$?F

="0>%&#1"'0(>/1/-&#'/30#1"P%&#1"("(S%3&>/%%&#1"

CgDCfF ="0>%&#1"'0 >/1/-&#'/30#1"P%&#1" " S%3&>/%%&#1" ,/-/2/%%IJL =4A ,-&./-'" %0 >/1/-&D


#'/30#1"P%&#1< %0N/5 2&3/4" Q$3/1 "#,&4<O&.0% 1/#1 V-&5N0DG0>0%09 '&1&-I5 ,&O.&4"1 &,-/3/4"1<
%04"P"/ O0."#"2&#1" 2/H3$ &#101'02" -/>-/##"" " %/O0."#"2I2" ,/-/2/%%I2" %0N/5 2&3/4"F h3%0'&9
34A %0P040 -0##P"10/2 ,0-02/1-I -/>-/##"" # &#101'02" . '0P/#1./ O0."#"2&5 ,/-/2/%%&5F G&4$P/%%I/
-/O$4<101I #."3/1/4<#1.$?1 &Q &1#$1#1."" >/1/-&#'/30#1"P%&#1"9 '&SRR"B"/%1 3/1/-2"%0B"" . 30%%&5
2&3/4" -0./% *F h3%0'& 1/#1 V-&5N0DG0>0%0 %0,-&1".9 ,&'0O04 %04"P"/ >/1/-&#'/30#1"P%&#1" . 2&3/4"9
O%0P/%"/ '&SRR"B"/%10 jDk]lmn #&#10."4& *9***ifCiF
G-&./-'$ %0 %04"P"/ S%3&>/%%&#1"9 1F/F O0."#"2&#1" '0H3&5 &13/4<%& .OA1&5 %/O0."#"2&5 ,/-/2/%%&5 &1
&#101'&. -/>-/##""9 Q$3/1 &#$@/#1.4/%0 # ,&2&@<? >-0R"P/#'&>& 0%04"O0F =4A S1&>& Q$3$1 ,&#1-&/%I
1&P/P%I/ 3"0>-022I9 "44?#1-"-$?@"/ O0."#"2&#1< 2/H3$ '0H3&5 %/O0."#"2&5 ,/-/2/%%&5 "
&#101'02"9 ,&4$P/%%I2" . J&3/ -0#P/10 -/>-/##""F !/O$4<101 ,-/3#10.4/% %0 -"#$%'/ )CF U0' ."3%& "O
,-/3#10.4/%%IJ >-0R"'&.9 P/1'& .I3/4/%%IJ O0."#"2&#1/5 2/H3$ &QoA#%A?@"2" ,/-/2/%%I2" "
&#101'02" -/>-/##"" %/ %0Q4?30/1#AF p%3&>/%%&#1< &1#$1#1.$/1F
i
#$%&'()*!+*, $--.%/012$3*415$%$6(%/78*679:&*(;<3%'3.=$6$*>70767''?6$*$*(%/1/)16$*07@07%%$$

A?5(:?*$*07)(67':12$$
B(:5(:3 $/(@$ >0(57:7''(@( '16$ $%%-7:(51'$3 %/($/ (/67/$/C 03: %-7:&.=$D 6(67'/(5E A(F>705?DG
%(@-1%'( '1H78 >(%-7:'78 %>72$I$)12$$ I1)/(0G (/0191.=$8 014670 @(%&:10%/57''(8 >(::709)$G
>(-(9$/7-C'( 5-$37/ '1 &0(57'C :('1-(@(5(8 >0$;?-$G J/( 5 %5(. (J707:C %(@-1%&7/%3 %
$%%-7:(51'$36$ )('%1-/$'@(5(8 )(6>1'$$ KLMNOPPLE A %07:'76 >0$ &57-$J7'$$ %&;%$:$8 '1 ! >0(27'/'?8
>&')/ &57-$J7'$7 :('1-(@(5(8 >0$;?-$ %(%/15-37/ ()(-( ++Q /?%E 0&;E R1)97 ;?-$ >(:/5709:7'?
5?5(:? 15/(0(5 R(-61J751 SE AEG T6$0'(51 AE AE U R&;1-72 SE SE )1%1/7-C'( 5-$3'$3 :(-@(5(8 '1@0&4)$
'1 >0$;?-C'(%/C >07:>0$3/$8 5 %I707 SBVE R1)G %(@-1%'( '1H78 6(:7-$G &57-$J7'$7 6&-C/$>-$)1/(01
KLWPXYZ[\K] '1 7:$'$2& >0$5(:$/ ) >1:7'$. >()141/7-3 :('1-(@(5(8 >0$;?-$ '1 !"G^ 6-'E 0&;E
_1>0(/$5G &57-$J7'$7 %7;7%/($6(%/$ '1 /?%3J& 0&;-78 >0$5(:$/ ) 0(%/& :('1-(@(5(8 >0$;?-$ '1 +""
0&;EG J/( %(@-1%&7/%3 % 5?5(:16$ S5:77')( UE SEG V1751 `E SE $ V(%7')( RE aE B707D(:3 ) 557:7''?6
$%D(:3 $4 '1H7@( >('$61'$3 ;$4'7%1 >70767''?6G /( &57-$J7'$7 %07:'78 4101;(/'(8 >-1/? '1
>07:>0$3/$$ >0$5(:$/ ) 0(%/& >0$;?-$ '1 b+ /?%E 0&;EG J/( %(@-1%&7/%3 % '1H$6$ 01'77 5?%)141''?6$
>07:>(-(97'$36$E _1>0(/$5G @$>(/74& ( >(-(9$/7-C'(6 5-$3'$$ cII7)/$5'(%/$ >(%75'?D 01;(/ '1
>0$;?-C'(%/C )(6>1'$$ >0$H-(%C (/570@'&/C 55$:& (/0$21/7-C'(@( )(cII$2$7'/1 >0$ >70767''(8E

!"
6 7 8 9 : ; <

!"#$%&'()(* &+"#,-./0%1.(#-,-"#-"'"(+&#-2&.%%13(2.42.##"5

!"#$%&'(== * '&22./>?"&%%,>(@,-2"?,
==

Вам также может понравиться