Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
!"#$%!&'($)%"*'%+,-.')%/$%01)%($%0)%+$%0234052)%6-.7'4"!#!89:'%;111
!"#$%&'%(&)&$*+,-+.%$"-%)
/%0&$%)+1&#&'23#$43'$5
6+73$-,#038$&23+,'+9-%:&)&%'
;8,',4&8+<-,=$>?+@ABCD@AAE
!"#$"%&' (&##") !""#"$%&$'()*+,""*)'*+'-.*&*/#."0'!1,234#'5,)"#$7
!"#$%!&$
(*$)' +"+,#' ,-"./"0,)' 0*,' 1&%),2/,%1,)' &3' 0*,' 4#"5$.$"%' 6,1&%&7$1' 7$#"1.,8' &3' 0*,' 9:;<)
"%='><)'&%' 0*,'1&/%0#?8)' %"0/#".',%-$#&%7,%0".@'A$0*'+"#0$1/."#'"00,%0$&%' 0&' 0A&'2/,)0$&%)B
C$#)0@' 0&' A*"0' ,D0,%0' =$=' %"0/#".' #,)&/#1,' =,+.,0$&%' E' +"#0$1/."#.?' F7"5&%$"%' =,3&#,)0"0$&%
E' "30,#' 0*,' ,1&%&7$1' 7$#"1.,' $7+"10' "=-,#),.?' &%' 0*,' &++�/%$0?' 3&#' 1&%0$%/,=' A,..E
G,$%H' $7+#&-,7,%0)' $%' 4#"5$.I' J,1&%=@' A")' 0*,' H&-,#%7,%0' +&.$1?' &3' 0"#H,0$%H' $%1,%0$-,)
0&A"#=' $%-,)07,%0' $%' 0*,' 4#"5$.$"%' )0"0,)' $%' 0*,' K�*' "%=' L,%0,#EM,)0' ,1&%&7$1"..?
)/)0"$%"G.,' $%' 0*,' .&%H' #/%I'(&'"==#,))' 0*,' 3$#)0'2/,)0$&%@' N'/),'"' 6H#,,%'"11&/%0$%H8
3#"7,A&#O' 0*"0' 1&##,10)' PQR' H#&A0*' 3&#' 0*,' -"./,' &3' =,+.,0,=' 7$%,#".@' 0$7G,#@' "%=' )&$.
)0&1O)@'"%='"++.?' $0' 0&'4#"5$.$"%'="0"' 3#&7'9:;S' 0&'9::TB'C&#' 0*,'),1&%='2/,)0$&%@' N'G"),
)/)0"$%"G$.$0?' &%' A*,0*,#' H#&))' 1"+$0".' 3"0$&%' ,D1,,=)' 0*,' 0&0".' -"./,' &3' #,)&/#1,
=,+.,0$&%@' "%=' 1&7+"#,' #,)/.0)' /%=,#' 0A&' ".0,#%"0$-,' $%=$1"0&#)' 3&#' 0*,' )"7,' +,#$&=B' (*,
#,)/.0)' "#,' H,%,#"..?' $%"/)+$1$&/)@' ,)+,1$"..?' $%' ?,"#)' )/G),2/,%0' 0&' 9:U<@' "%=' 1")0
1&%)$=,#"G.,' =&/G0' &%' 0*,' ,33$1"1?' &3' ,"#.$,#' H&-,#%7,%0' +&.$1$,)B
'()*+,%-#
%"0$&%".' $%1&7,' "11&/%0$%H@' %"0/#".' #,)&/#1,' =,+.,0$&%@' )/)0"$%"G$.$0?
%(#./,
V)0,' 0#"G".*&' "-".$"' ")' 1&%),2WX%1$")' =&' 67$."H#,' ,1&%Y7$1&8' =&)' "%&)' ),)),%0"' ,' ),0,%0"
)&G#,' &' 7,$&' "7G$,%0,@' 1&7' +"#0$1/."#' "0,%Z[&' "' =/")' 2/,)0\,)B' R#$7,$#&@' ,7' 2/,
7,=$="' &' ,)H&0"7,%0&' =&)' #,1/#)&)' %"0/#"$)' =,+&$)' =&' 7$."H#,' E' ,)+,1$".7,%0,' &
=,)3.&#,)0"7,%0&' %&' $%0,#$&#' =&' R"])' E' "3,0&/' "=-,#)"7,%0,' "' +&))$G$.$="=,' =,' 7,.*&#$"
1&%0$%/"="' %&' G,7E,)0"#' )&1$".' G#")$.,$#&I' J,H/%=&@' 0,#$"' )$=&' )/)0,%0^-,.@' %&' .&%H&' +#"5&@
"' +&.]0$1"' =,' =$#$H$#' &)' $%1,%0$-&)' ,1&%Y7$1&)' +"#"' $%-,)0$7,%0&)' %")' #,H$\,)' K�,' ,
L,%0#&E_,)0,I' R"#"' #,)+&%=,#' `' +#$7,$#"' +,#H/%0"@' /0$.$5&' /7' 7a0&=&' =,' 61&%0"G$.$="=,
-,#=,8@' 2/,' 1&##$H,' &' 1#,)1$7,%0&' =,' RN4' +,.&' -".&#' =&)' #,1/#)&)' %"0/#"$)' ,D"/#$=&)' E
7$%,#"$)@'7"=,$#"@',' )&.&@'%,)0,'1")&' E','&'"+.$1&'"'="=&)'=")'1&%0")'%"1$&%"$)'=,'9:;S'"
9::TB'b/"%0&'`' ),H/%="'+,#H/%0"@'G"),$&'"'%&Z[&'=,' )/)0,%0"G$.$="=,'%"'+&))$G$.$="=,'=,
"' 3"Z[&' G#/0"' =,' 1"+$0".' 3$D&' ,D1,=,#' &' -".&#' 0&0".' =&)' #,1/#)&)' ,D"/#$=&)@' ,' 1&7+"#&
&)' #,)/.0"=&)' +"#"' &' 7,)7&' +,#]&=&' 1&7' =&$)' $%=$1"=&#,)' ".0,#%"0$-&)B' _)' #,)/.0"=&)' 3$%"$)
)[&' H,#".7,%0,' =,)3"-&#^-,$)@' ,)+,1$".7,%0,' "+c)' 9:U<@' ,' ."%Z"7' 1&%)$=,#^-,.' =d-$="
)&G#,' "' ,3$1^1$"' ="' +&.]0$1"' =&)' "%&)' "%0,#$&#,)B
0!1!2%!#3&4!2(
1&%0"G$.$="=,' ="' #,%="' %"1$&%".@' ,)H&0"7,%0&' =,' #,1/#)&)' %"0/#"$)@' )/)0,%0"G$.$="=,
5(1* 67899:;:68<:=>
_9T@'_Se
02; "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
S(#:'H-&#S'(
/8>?*@A;A@*<=*<BA*CA@:=D*:>*"@8E:7:8>*B:9<=@?*9C8>>:>F*<BA*G:D3HIJK9*8>D*<BA*G:D3
<=*78<A3HILK9*89*<BA*MA6=>=G:6*G:@867ANO*!FF@A99:PA*F=PA@>GA><*C=7:6?*8;<A@*HIJQR
C8@<:6S78@7?* A6=>=G:6* :>6A><:PA9* <=*C@=G=<A*A6=>=G:6*86<:P:<?* :>* <BA* 6=S><@?O9
:><A@:=@R*9<:GS78<AD*@8C:D*A6=>=G:6*F@=T<B*>8<:=>T:DAN*U-0*F@AT*8<*VNJW*CA@
8>>SG*;@=G*HIJQ*<=*HILXR*8>D*CA@*68C:<8*U-0*8<*QNIWN*-S@:>F*<B:9*<:GA*"@8E:7
879=*G8DA*:GC=@<8><*9<@:DA9*:>*:<9*<@8>9:<:=>*;@=G*8*C@AD=G:>8><7?*8F@8@:8>*<=*8
MG:YAD*G8>S;86<S@:>FO*A6=>=G?N*&=>9AZSA><7?R*9=GA*[ANFNR*!1/(\-!R*HIIV]*9<:77
6=>9:DA@*"@8E:7* <=*^A* 8G=>F* <BA* 7A8D:>F*DAPA7=C:>F* 6=S><@:A9* :>* <BA*ZSA9<* ;=@
:>DS9<@:87:EAD*6=S><@?*9<8<S9N*"@8E:7O9*A6=>=G:6*9S66A99A9*B8PA*>=<R*B=TAPA@R*^AA>
T:<B=S<*6=9<9N
,>A*>AF8<:PA*6=>9AZSA>6A*=;*<BA*G:@867A*3*:<9*@AF@A99:PA*D:9<@:^S<:=>87*A;;A6<9*3*:9
TA77*D=6SGA><AD*[9AAR*ANFNR*"._'(%R*HIVHR*HIV`a*-!2\#R*HILLa*4,bb/!_R
HIVI]*8>D*:9*<BA@A;=@A*>=<*D:96S99AD*BA@AN*$BA*C@:G8@?*6=>6A@>*=;*<B:9*C8CA@*:9*<BA
9<A8D?*8>D*:@@APA@9:^7A*>8<S@87*@A9=S@6A*DAC7A<:=>*<B8<*"@8E:7*9S;;A@AD*;@=G*<BA*78<A
HILK9*<=*<BA*A8@7?*HIIK9R*8*C@=6A99*<B8<*6=><:>SA9*S>8^8<ADN*!7<B=SFB*>=<*P:9:^7A
:>*:<9*U-0*F@=T<B*9<8<:9<:69R*"@8E:7*986@:;:6AD*GS6B*=;* :<9*>8<S@87*@A9=S@6A*^89A
[C8@<:6S78@7?*<@86<9*=;*;=@A9<]*<=*;:>8>6A*9B=@<3<A@G*6=>9SGC<:=>N*-A9C:<A*<BA*@A783
<:PA7?*G:>:G87*G8F>:<SDA*=;*@A9=S@6A*DAC7A<:=>*DS@:>F*<BA*86<S87*MG:@867A*?A8@9O
[HIJQ3LX]R*<B:9*A8@7:A@*CA@:=D*T89*8>*:GC=@<8><*68<87?9<*:>*9S^9AZSA><*APA><9N*$BA
8CC8@A><*C@=9CA@:<?*@A87:EAD*DS@:>F*<BA*A6=>=G:6*G:@867A*9A@PAD*<=*@A:>;=@6A*<BA
T:DA9C@A8D*C@A6AC<*<B8<*<BA*!G8E=>*@8:>*;=@A9<*T89*M>=<*@A877?*"@8E:7:8>O*[:NANR*:<
T89*8*@AG=<A*^86cT8<A@]*8>D*<B8<*6=><:>SAD*A6=>=G:6*9S66A99*@AZS:@AD*<B8<*:<*^A
DAPA7=CAD*=@*M6=7=>:EADON*[4(&4$R*HIVQa*'!$d/!_R*HILJ]
\<*:9*:>*<B:9*6=><AY<*<B8<*\*6=>9:DA@*<BA*ZSA9<:=>*=;*A6=>=G:6*9S9<8:>8^:7:<?R*8>*:99SA
AYC7=@AD*^?*G8>?*8S<B=@9*:>*@A6A><*?A8@9*[9AAR*ANFNR*2(\U!R*HII`a*1e1eR*HIIHa
/.(11(%R*HIIVa*2\(-(%/!_R*HIIQ]N*!7<B=SFB*>=*6=>9A>9S9*AY:9<9*=>*8
C@A6:9A*DA;:>:<:=>R*G=9<*899=6:8<A*9S9<8:>8^:7:<?*T:<B*TA773^A:>F*C@=P:9:=>9*;=@*;S3
<S@A*FA>A@8<:=>9R*=;<A>*@A;A@@AD*<=*89*:><A@FA>A@8<:=>87*AZS:<?N*"@8E:7O9*6=>9SGC3
<:=>*=;*:<9*>8<S@87*@A9=S@6A9*3*=@R*:;*?=S*T:77R*M>8<S@87*68C:<87O*3*G8?*B8PAR*DA9C:<A*<BA
9B=@<3<A@G*̂ A>A;:<9R*7A;<*8>*=G:>=S9*7AF86?*;=@*;S<S@A*FA>A@8<:=>9*=;*:<9*6:<:EA>9N*\;
9=R* <BA* 866AC<AD*GA<B=D* ;=@* 6876S78<:>F*>8<:=>87* 866=S><9* 9B=S7D*^A* @AP:9AD* <=
@A;7A6<*<B:9*=<BA@*;=@G*=;*68C:<87*DAC7A<:=>N*-=:>F*9=*T=S7D*C@=P:DA*S9*T:<B*8>
:>D:68<=@*3*MF@AA>O*U-0*3*<B8<*GA89S@A9*9S9<8:>8^:7:<?*89*TA77*89*9=6:87*C@=F@A99N
$B:9* C8CA@* 9AAc9* 8>* 8>9TA@* <=* <T=* D:9<:>6<* ZSA9<:=>9N* b:@9<R* D:D* "@8E:7:8>* CA@
68C:<8*fF@AA>*U-0g*:GC@=PA*;@=G*HIJQ*<=*HIIXR*DA9C:<A*<BA*6=S><@?O9*T:DA9C@A8D
8?F@?AE%#EFF?= 020
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
>8<S@87*68C:<87*6=>9SGC<:=>R*A9CA6:877?*:>*?A8@9*;=77=T:>F*<BA*A6=>=G:6*G:@867AhH
#A6=>DR*:;*9=R*TA@A*<BA*C=7:6:A9*<B8<*^@=SFB<*8^=S<*<BA*D@8G8<:6*6B8>FA9*^=<B*:>
U-0*8>D*:>*@A9=S@6A*DAC7A<:=>*A6=>=G:6877?*9S9<8:>8^7Ah*$=*8>9TA@*<BA*;:@9<*ZSA93
<:=>R*\*8D=C<*<BA*@AP:9AD*866=S><:>F*;@8GAT=@c*AGC7=?AD*:>*%ACA<<=*I>%?CN*[HIVI]
8>D*#=7i@E8>=*I>%?CN*[HIIH]R*TB:6B*6=@@A6<9*>8<:=>87*:>6=GA*;=@*<BA*<=<87*P87SA*=;
DAC7A<AD*>8<S@87*@A9=S@6A9N*$BA*@A9=S@6A9*\*6=>9:DA@*BA@A*8@A*G:>A@87*=@AR*<:G^A@R
8>D*9=:7N*$=*8DD@A99*<BA*9A6=>D*ZSA9<:=>R*\*C@=^A*^A?=>D*F@AA>*U-0*8>D*@A;A@*<=
"@8E:7O9*68C:<87*866=S><9R*9CA6:;:6877?*6=GC8@:>F*68C:<87*;=@G8<:=>*8>D*DAC7A<:=>*=;
>8<S@87*68C:<87N*!9*>=<AD*^?*&89<8>AD8*[HIIL]R*586c9=>*8>D*/8@c9*[HIII]R*0A8@6A
8>D*!<c:>9=>*[HIIX]R*8>D*G8>?*=<BA@9R*;:>D:>F9*=;*>8<:=>87*>A<*D:9:>PA9<GA><*8@A
FA>A@877?*9SFFA9<:PA*=;*786c*=;*9S9<8:>8^:7:<?N
$BA*C8CA@*C@=6AAD9*89*;=77=T9N*$BA*>AY<*9A6<:=>*78?9*=S<*<BA*;@8GAT=@c*;=@*GA893
S@:>F*F@AA>*:>6=GA*8>D*9S9<8:>8^:7:<?R*8>D*@AP:AT9*9=GA*=;*<BA*CA@<:>A><*9<SD:A9
=>*<BA9A*ZSA9<:=>9N*#A6<:=>*j*D:96S99A9*<BA*GA<B=D=7=F?*8>D*D8<8*<=*^A*AGC7=?AD
:>*A9<:G8<:>F*<BA*P87SA*=;*A86B*=;*<BA*>8<S@87*@A9=S@6A9R*8>D*D:9C78?9*@A9S7<9*;=@
A86B*=;*<BA*:>D:P:DS87*@A9=S@6A*866=S><9N*#A6<:=>*X*C@A9A><9*<BA*;:>D:>F9*=;*<BA
9<SD?R*8>D*<BA*;:>87*9A6<:=>*=;;A@9*8*;AT*6=>67SD:>F*<B=SFB<9N
3$% % S(&'8!% T:'U#7)% "-"#,S(,9S.S#V)% ,(H% T:!!(
(,#S'(,.% ,&&'-(#S(T
&A><S@:A9*=@*APA>*DA68DA9*8F=R*G=9<*BSG8>9*CS@9SAD*<BA:@*A6=>=G:6*=^kA6<:PA9
T:<B=S<*F@A8<*6=>6A@>*;=@*<BA*7=>F3<A@G*6=>9AZSA>6A9*=;*<BA:@*86<:P:<:A9*=>*<BA
>8<S@87*A>P:@=>GA><N*_=<*=>7?*T89*<BA*F7=^87*C=CS78<:=>*@A78<:PA7?*9G877R*G8c:>F
<BA*8^S>D8>6A*=;*8P8:78^7A*>8<S@87*@A9=S@6A9*8CCA8@*87G=9<*:>;:>:<AR*̂ S<*<BA*G8k=@3
:<?*=;*<BA*T=@7DO9*CA=C7A9*8>D*6S7<S@A9*CS@9SAD*9:GC7A*=@*9S^9:9<A>6A*7:;A9<?7A9*<B8<
B8D* :GCA@6AC<:^7A* :GC86<9* =>* <BA* A>P:@=>GA><N* \>* 9S6B* 8* 6=><AY<R* A6=>=G:9<9
G:FB<*>=<*B8PA*^AA>*@AG:99*:>*<@A8<:>F*>8<S@87*@A9=S@6A9*89*M;@AA*F:;<9RO*8>D*C@A3
96@:^:>F*A6=>=G:6*DAPA7=CGA><*C=7:6?*C@AD:68<AD*=>*<BA*6=>9SGC<:=>*=;* <BA9A
F:;<9N
/8<<A@9*8@A*D:;;A@A><*<=D8?R*B=TAPA@N*!7<B=SFB*G=9<*T=S7D*8@FSA*<B8<*G8>c:>D
B89*:>*G8>?*T8?9*C@=F@A99AD*@AG8@c8^7?*=PA@*<BA*?A8@9R*BSG8>*9<@A99*=>*<BA*>8<S3
H \*8P=:D*<BA*G=@A*6=GC7AY*>=<:=>*=;*TBA<BA@*"@8E:7*DAPA7=CAD*A6=>=G:6877?N*(PA>*<B=SFB*U-0
F@=T<B*G8?R*;=@*9=GAR*̂ A*>A6A998@?*8>D*9S;;:6:A><*;=@*DAPA7=CGA><R*G8>?*T=S7D*>=<*866AC<*9S6B*8
678:GN*#!&4#*[HII`]R*;=@*AY8GC7AR*B89*8@FSAD*<B8<*DAPA7=CGA><*:>P=7PA9*8<*7A89<*;:PA*D:GA>9:=>9l
<BA*9=6:87R*A6=>=G:6R*A6=7=F:687R*9C8<:87*[:NANR*=C<:G87*<A@@:<=@:87*877=68<:=>*=;*A6=>=G:6*86<:P:<?*8>D
=C<:G87*S@^8>3@S@87*G:Y]R*8>D*6S7<S@87N*/8>?*=<BA@9*B8PA*8<<@:^S<AD*9CA6:;:6*P8@:8^7A9*9S6B*89
7:<A@86?R*7=>FAP:<?R*=@*C=7:<:687*@:FB<9*<=*<BA*>=<:=>*=;*DAPA7=CGA><N
02W "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
@87* A>P:@=>GA><*B89*F@=T>*87G=9<* :GGA89S@8^7?*DS@:>F* <BA* <TA><:A<B*6A><S@?N
$BA*T=@7D*C=CS78<:=>*B89*ZS8D@SC7ADR*7:;A9<?7A9*8@A*:>6@A89:>F7?*6B8@86<A@:EAD*^?
B:FB*6=>9SGC<:=>R*C@=DS6<:PA*<A6B>=7=F:A9*8@A*G=@A*68C:<873:><A>9:PA*<B8>*APA@
^A;=@AR*8>D*9CA6:87:E8<:=>*B89R*:>*G8>?*DAPA7=C:>F*6=S><@:A9R*7AD*<=*8F@:6S7<S@87
DAPA7=CGA><*̂ 89AD*=>*=>A*=@*8<*G=9<*8*;AT*6@=C9N*$BA*A>P:@=>GA><87*6=>9AZSA>6A9
=;*877*<BA9A*6B8>FA9*B8PA*9CS@@AD*@A6A><*:><A@A9<*:>*<BA*:99SA*=;*9S9<8:>8^:7:<?*8G=>F
A6=>=G:9<9N
"@8E:7* :>* G8>?* T8?9* <?C:;:A9* <BA9A* 6B8>FA9R* 8>D* 9AAG9* 8>* :DA87* 9S^kA6<* ;=@* 8
9S9<8:>8^:7:<?*899A99GA><N*b=@*:>9<8>6AR*<BA*6=S><@?O9*!G8E=>*̂ 89:>*B89*̂ AA>*9B@:>c3
:>FR*A9CA6:877?*=PA@*<BA*C89<*<B:@<?*?A8@9R*89*"@8E:7O9*:><A@:=@*:9*:>6@A89:>F7?*S9AD*<=
9SCC=@<*689B36@=C9*=@*68<<7A*8>D*<=*@A9A<<7A*G:F@8><9*;@=G*;S@<BA@*A89<*[C8@<:6S78@7?
<B=9A*;@=G*<BA*:GC=PA@:9BAD*_=@<BA89<]N*$BA9A*86<:P:<:A9*B8PA*>A6A99:<8<AD*6=>3
9:DA@8^7A*DA;=@A9<8<:=>a* :>* <BA*HQ*?A8@9* 9C8>>:>F*HILV*8>D*HIIXR*LNQW*=;* <BA
!G8E=>* ;=@A9<*D:98CCA8@AD* [\_0(R*HIIQ]N*$B:9*G8?* :>*C8@<*B8PA*^AA>*DSA* <=
"@8E:7O9*>AADR*:><A>9:;:AD*^?*<BA*DA^<*6@:9:9R*<=*AYC=@<*:<9*T8?*=S<*=;*:<9*A6=>=G:6
C@=^7AG9* 8<* <BA* <:GANj
*"S<*G899:PA*@A9=S@6A*DAC7A<:=>*B89*=S<789<AD*<BA*T=@9<
?A8@9*=;*<BA*DA^<*6@:9:9R*8>D*:9*7:cA7?*<=*6=><:>SA*S><:7*8>*8DAZS8<A*GA8>9*=;*:><A@3
>87:E:>F*:<9*8<<A>D8><*9=6:87*6=9<9*:><=*<BA*G8@cA<*9?9<AG*:9*DAPA7=CADN
,>A*GA8>9*=;*:><A@>87:E:>F*<BA9A*6=9<9*T=S7D*^A*<=*B8PA*<BA*>8<:=>87*:>6=GA*863
6=S><9*@A;7A6<* <BAGN*$BA* 786c*=;*9S9<8:>8^:7:<?* <B8<*G8>?*[ANFNR*&,#$!_d!*m
-!1)R*HIIja*4!%%\#,_R*HIVIa*$,%%!#R*HIII]*8<<@:^S<A*<=*U-0*F@=T<B*@A3
9S7<9*7A99*;@=G*<BA*CS@9S:<*=;*F@=T<B*GIF%=I*<B8>*;@=G*<BA*G8>>A@*:>*TB:6B*U-0
F@=T<B*:9*GA89S@ADN*!;<A@*877R*:>6=GAR*8<*8*;S>D8GA><87*DA;:>:<:=>87*7APA7R*A>6=G3
C899A9*9S9<8:>8^:7:<?N*!9*>=<AD*^?*4:6c9*[HI`JR*CN*HLj]R*MSAMEKI%@=%>XI%K?Y@K<K
J?C<I%>X?>%?%GIF=EA%M?A%MEA=<KI%Z<F@A[%?%>@KI%GIF@EZ%?AZ%=>@CC%IYGIM>%>E%BI%?=%\ICC%E]]%?>%>XI
IAZ%E]%>XI%GIF@EZ%?=%?>%>XI%BI[@AA@A[NO*\>*=<BA@*T=@D9R*689B*;7=T9*<B8<*G8cA*=>A*T=@9A
=;;*=PA@*<:GA*[7A99*TA87<B?]*9B=S7D*>=<*6=S><*89*:>6=GAa*<BA?*9B=S7D*:>9<A8D*^A
@AF8@DAD*89*68C:<87*6=>9SGC<:=>N
4:6c9O* 7=F:6R*B=TAPA@R* :9* 6=><@8@?* <=* <BA*G8>>A@* :>*TB:6B* <BA*.>:<AD*_8<:=>9
#?9<AG*=;*_8<:=>87*!66=S><9*[#_!]*<@A8<9*>8<S@87*@A9=S@6A9N*!7<B=SFB*<BA*#_!
6=@@A6<7?*6=S><9*DAC@A6:8<:=>*=;*;:YAD*=@*MG8>3G8DAO*68C:<87*[G86B:>A9R*;86<=@:A9R
A<6NR*BA@A8;<A@*'/
]*89*8*^878>6:>F*>AF8<:PA*:<AG*:>*<BA*DA<A@G:>8<:=>*=;*>8<:=>87
j "@8E:7O9*AY<A@>87*DA^<*T89*6=GC=S>DAD*̂ ?*TB8<*/!%$n_(d3!1\(%*[HIIL]*@A;A@9*<=*89*"@8E:7O9
MA6=7=F:687*DA^<NO*"?*<BA*78<<A@*BA*GA8>9*<BA*AY<A><*<=*TB:6B*<BA*A6=>=G:6*7=99*899=6:8<AD*T:<B*<BA
6=S><@?O9*@A9=S@6A*DAC7A<:=>*:9*>=<*@A;7A6<AD*:>*T=@7D*G8@cA<*C@:6A9*3*9CA6:;:6877?R*<BA*C@:6A*=;*"@8E:7O9
AYC=@<*6=GG=D:<:A9N*\;*:>9<:<S<:=>9*DA9:F>AD*<=*@ADS6A*A6=7=F:687*DA^<*[^?*866S@8<A7?*@A;7A6<:>F*<BA
A6=>=G:6*7=99A9]*B8D*̂ AA>*:>*C786A*8<*<BA*<:GAR*"@8E:7O9*AYC=@<*@APA>SA9*T=S7D*S>D=S^<AD7?*B8PA
^AA>*F@A8<A@R*8>D*:<9*AY<A@>87*DA^<*6=>9AZSA><7?*7=TA@N
8?F@?AE%#EFF?= 022
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
:>6=GAR*:<*;8:79*<=*866=S><*;=@*DAC7A<:=>*=;*M>8<S@87*68C:<87O*[<@AA9R*G:>A@879R*9=:7R
T8<A@R*A<6NR*BA@A8;<A@*'_
]N*&=>9SGC<:=>*=;*<BA9A*899A<9*:9*<@A8<AD*89*:>6=GAR*8>D
<BA*#_!*6=>9AZSA><7?*=PA@9<8<A9*<@SA*>8<:=>87*:>6=GAN
4:6c9R*=;*6=S@9AR*D=A9*>=<*GA><:=>*>8<S@87*@A9=S@6A9*:>*B:9*DA;:>:<:=>*=;*:>6=GAN
\9*<B:9*^A68S9A*'_
*8>D*'/
*8@A*>=<*<@S7?*866=S><:>F*AZS:P87A><9h*$BA*=G:99:=>*:9
G=@A*7:cA7?*^A68S9A*>8<S@87*@A9=S@6A9*TA@A*9<:77*FA>A@877?*@AF8@DAD*89*M;@AA*F:;<9O*8<
<BA* <:GA* =;* 4:6c9O* T@:<:>FN* !;<A@* 877R* 68C:<87* 7:<A@877?* GA8>9* TA87<BN* \>9=;8@* 89
>8<S@87*@A9=S@6A9*C=99A99*9=GA*A6=>=G:6*P87SA*[8>*:>6=><A9<8^7A*C=:><]R*<BA?*8@A*8
;=@G*=;*68C:<87*(*+F3G&'&$&,'R*DA9C:<A*>=<*^A:>F*C@=DS6ADR*89*:9*'/
R*^?*BSG8>
B8>D*=@*G86B:>AN*#S9<8:>8^7A*:>6=GA*[=@*F@AA>*U-0]*9B=S7D*<BA@A;=@A*̂ A*DA;:>AD
89*<BA*G8Y:GSG*;7=T*<B8<*T:77*9<:77*877=T*<BA*8FF@AF8<A*P87SA*=;*'/
*8>D*'_
*9<=6c9
<=*^A*C@A9A@PADNX
$BA@A*B8PA*^AA>*8*>SG^A@*=;*MF@AA>*866=S><:>FO*6=S><@?*689A*9<SD:A9*TB:6B*6876S3
78<A*9S9<8:>8^7A*:>6=GAR*S9S877?*=PA@*8*@8>FA*=;*?A8@9R*:>*=@DA@*<=*899A99*<BA*7=>F3
<A@G*P:8^:7:<?*=;*A8@7:A@*A6=>=G:6*C=7:6:A9N*0A@B8C9*G=9<*TA773@A6=F>:EAD*8@A*9<SD3
:A9*̂ ?*<BA*+=@7D*%A9=S@6A9*\>9<:<S<A*[+%\]*=>*\>D=>A9:8*[%(0($$,*I>%?CNR*HIVI]
8>D*&=9<8*%:68*[#,1o%d!_,*I>%?CNR*HIIH]N*$BA*+=@7D*"8>c*B89*879=*C@=DS6AD
9:G:78@*9<SD:A9R*87^A:<*;=77=T:>F*8*9=GATB8<*D:;;A@A><*GA<B=D=7=F?*[D:96S99AD*:>
<BA* >AY<* 9A6<:=>]R* ;=@* /AY:6=* [/!%U.1\#R* HIIj]* 8>D* 08CS8* _AT* US:>A8
["!%$(1/.#*I>%?CNR*HIIj]N*%A78<AD*9<SD:A9*B8PA*879=*^AA>*6=>DS6<AD*=>*"@8E:7
[ANFNR*"!#$,#R*HIIQa*&!2!1&!_$\R*HIIQa*#(%p!*-!*/,$$!*m*/!)R*HIIja
),._U*m*#(%p!*-!*/,$$!R*HIIQ]R*87<B=SFB*<BA9A*A:<BA@*D=*>=<*6876S78<A
9S9<8:>8^7A*:>6=GA*=@*MF@AA>*U-0O*=@R*TBA@A*<BA?*D=R*<BA*8>87?9:9*:9*=>7?*C8@<:87
[:NANR*;=6S9:>F*=>*=>7?*=>A*<?CA*=;*>8<S@87*@A9=S@6A]N
+B:7A*F@=T<B* :>*F@AA>*=@* 9S9<8:>8^7A* :>6=GA*G8?*^A* 9SCA@:=@* <=*6=>PA><:=>87
U-0*F@=T<B*89*8>*:>D:68<=@*=;*A6=>=G:6*C@=F@A99R*:<*:9*>=<*T:<B=S<*:<9*C@=^7AG9N
!9*9SFFA9<AD*^?*0A8@6A*I>%?CN*[HIIJ]R*9S9<8:>8^7A*:>6=GA*T:77*87T8?9*^A*C=9:<:PA
[^8@@:>F*BA@A<=;=@A*S>9AA>*7APA79*=;*@A9=S@6A*DAC7A<:=>]*:GC7?:>FR*^?*DA;:>:<:=>R
X $BA* :GC7:AD*678:G* :9* <B8<*'/
*8>D*'_
*8@A* @A78<:PA7?* 9S^9<:<S<8^7A* :>* <BA* 9A>9A* <B8<* :>6=GA* :9
9S9<8:>8^7A*APA>*:>*<BA*;86A*=;*9APA@A*7=99*=;*'_
R*89*7=>F*89*<B:9*7=99*:9*866=GC8>:AD*̂ ?*8*6=@@A9C=>D:>F
F8:>*=;*'/
*[=;*8<*7A89<*<BA*98GA*8G=S><]N*+B:7A*866AC<AD*̂ ?*G8>?R*<B:9*C@AG:9A*@AG8:>9*6=><@=PA@9:87N
0(!%&(*I>%?CN*[HIIK]R*;=@*AY8GC7AR*8@FSA*<B8<*<BA*8^:7:<?*=;*'/
*<=*6=GCA>98<A*;=@R*98?R*7=9<
A6=9?9<AG*;S>6<:=>9*:>*<BA*;S<S@A*:9*S>6A@<8:>*8>D*<B8<*:@@APA@9:^7A*DAC7A<:=>*=;*'_
*G:FB<*^A*;8@
G=@A*6=9<7?*<B8>*C@A9A><7?*8><:6:C8<ADN*,<BA@9*8@FSA*<B8<*:;*'/
*8>D*'_
*TA@A*:>DAAD*@A89=>8^7A
9S^9<:<S<A9*;=@*A86B*=<BA@R*BSG8>9*T=S7D*>=<*@AZS:@A*>A8@7?*89*GS6B*'/
*89*C@A9A><7?*AY:9<9N*/=@A=PA@R
:;*'_
*9<=6c9*TA@A*AYB8S9<ADR*6=><:>SAD*C@=DS6<:=>*=;*'/
*T=S7D*̂ A*kA=C8@D:EADR*9:>6A*G8>?*;=@G9
=;* <BA* 78<<A@* @AZS:@A*'_
* :>CS<9* [;=@*G=@A*=>* <B:9R* 9AA*0%.U4R*HIIQ]N*-:99A><A@9* ;@=G* <BA
M9S^9<:<S<8^:7:<?*<BA9:9O*D:9<:>FS:9B*^A<TAA>*=3%H+9S9<8:>8^:7:<?R*TB:6B*@AZS:@A9*C@A9A@P8<:=>*=;*8
>8<:=>O9*<=<87*68C:<87*9<=6c*[:NANR*'/
*q*'_
]R*8>D*#$-,'I+9S9<8:>8^:7:<?R*TB:6B*8DD:<:=>877?*A><8:79
:>DACA>DA><*C@A9A@P8<:=>*=;*<BA*'_
*9<=6cN
02^ "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
<B8<*<BA*A6=>=G?*:>*ZSA9<:=>*:9*9S9<8:>8^7AN*!9*;=@*<BA*F@AA>*U-0*F@=T<B*@8<A9R
<BA?*8@A*>=<*87T8?9*9G877A@*<B8>*6=>PA><:=>87*U-0*F@=T<B*@8<A9*[TBA<BA@*<BA?*8@A
T:77*DACA>D*=>*TBA<BA@* <BA* @8<:=*=;* @A9=S@6A*DAC7A<:=>* <=*U-0* :>6@A89A9*=PA@
<:GA]R*8>D*<BA*C=7:6?*:GC7:68<:=>9*8@A*<BA@A;=@A*=;<A>*8G^:FS=S9N*b=@*<B:9*@A89=>R
8*>8<:=>O9*68C:<87*866=S><9*F@8><*S9*F@A8<A@*:>9:FB<*:><=*<BA*9S9<8:>8^:7:<?*ZSA9<:=>
<B8>*:<9*:>6=GA*866=S><9N*$B:9*C8CA@*<BA@A;=@A*AP87S8<A9*<BA*6=>9AZSA>6A9*=;*"@83
E:7:8>*@A9=S@6A*DAC7A<:=>*^?*8DkS9<:>F*^=<B*<BA*6=S><@?O9*:>6=GA*8>D*68C:<87*863
6=S><9N
\*B8PA*<BS9*;8@*98:D*>=<B:>F*8^=S<*B=T*<BA*DAC7A<AD*>8<S@87*@A9=S@6A9*8@A*<=*^A
P87SADN*$BA*:99SA*:9*PA@?*6=GC7AYN*\DA877?R*8*@A9=S@6AO9*G=>A<8@?*P87SA*T=S7D*@A3
;7A6<*>=<*=>7?*:<9*G8@cA<8^7A*C=<A><:87*[:NANR*<BA*C@=;:<9*<B8<*8*S>:<*=;*<BA*@A9=S@6A
T=S7D*;A<6B*:>*<BA*G8@cA<]R*̂ S<*879=*=<BA@*̂ A>A;:<9*899=6:8<AD*T:<B*:<9*S9AR*G8>?*=;
TB:6B*G8?*>=<*?A<*^A*@A6=F>:EADN`
*U:PA>*7:G:<AD*8P8:78^7A*:>;=@G8<:=>*=>*<BA9A
=<BA@*̂ A>A;:<9R*B=TAPA@R*G=9<*9<SD:A9*7:G:<*<BAG9A7PA9*<=*<BA*G8@cA<*68C:<87:E8<:=>
P87SA*=;*<BA*@A9=S@6A9NQ
*\<*:9*<BA@A;=@A*7:cA7?*<B8<*<BA*AY<A><*=;*@A9=S@6A*DAC7A<:=>
@AC=@<AD*:>*<BA9A*9<SD:A9*B89*^AA>R*<=*8*F@A8<A@*=@*7A99A@*DAF@AAR*S>DA@9<8<ADN*$BA
98GA*68>*^A*98:D*=;*<BA*@A9S7<9*@AC=@<AD*:>*<BA*C@A9A><*9<SD?*TB:6BR*68PA8<9*>=<3
T:<B9<8>D:>FR*879=*7:G:<9*:<9*96=CA*<=*<BA*G8@cA<8^7A*@A9=S@6A*P87SA9N
b=77=T:>F*<BA*+%\*8>D*+=@7D*"8>c*3*8>D*S>7:cA*A8@7:A@*"@8E:7:8>*9<SD:A9*3*\*6876S3
78<A*CA@*68C:<8*9S9<8:>8^7A*:>6=GA*F@=T<B*8>D*6=GC8@A*:<*<=*CA@*68C:<8*U-0*F@=T<B
;@=G*HIJQ*<=*HIIXN*$=*8DD@A99*<BA*9S9<8:>8^:7:<?*ZSA9<:=>R*\*6=GC8@A*F@=99*68C:<87
;=@G8<:=>R*=@*:>PA9<GA><R*<=*:>PA9<GA><*>A<*=;*A9<:G8<AD*@A9=S@6A*DAC7A<:=>*P87SAR
89*D=>A*:>*=<BA@*A8@7:A@*9<SD:A9*[ANFNR*/._!#\_U4(R*HIII]N*b:>877?R*\*AGC7=?*8
P8@:8<:=>*=>*<B:9*8CC@=86BR*<BA*0A8@6A*8>D*!<c:>9=>*[HIIX]*:>DAYR*8CC7?:>F*:<*<=
<BA*"@8E:7:8>*D8<8*;=@*A86B*=;*<BA*?A8@9*:>*<BA*CA@:=D*9<SD:ADN*$BA*GA<B=D=7=F:A9
AGC7=?AD*<=*A9<:G8<A*<BA*P87SA9*=;*<BA*D:;;A@A><*@A9=S@6A9*3*G:>A@879R*<:G^A@R*8>D
9=:7*3*8@A*DA96@:^AD*:>*<BA*;=77=T:>F*9A6<:=>N
` $BA*8^:7:<?*=;*<@AA9*:>*<BA*"@8E:7:8>*!G8E=>*<=*@AFS78<A*F7=^87*67:G8<AR*;=@*:>9<8>6AR*:9*>=<*?A<*;S77?
S>DA@9<==Da*GS6B*7A99*:9*<BA*2%)"3*=;*9S6B*8*^A>A;:<N*!79=R*?A<3S>D:96=PA@AD*GAD:6:>87*^A>A;:<9
899=6:8<AD*T:<B*6A@<8:>*9CA6:A9*=;*;7=@8*=@*;8S>8*C=<A><:877?*6=>;A@*F@A8<*M=C<:=>*P87SA9O*=>*<BA9A
@A9=S@6A9*[;=@*G=@A*=>*<B:9R*9AA*!-U(%*I>%?CNR*HIIQa*!U.\%%(*m*b!%\!R*HIIJa*$,%%!#R
jKKK]N
Q (PA>*<B=9A*<B8<*6=>9:DA@*9=GA*=;*<BA*>=>3G8@cA<*̂ A>A;:<9*[ANFNR*!-U(%*I>%?CNR*HIIQa*&,#$!_d!
I>%?CNR*HIIL]*̂ 89A*<BA:@*6876S78<:=>9R*;=@*<BA*G=9<*C8@<R*=>*@8<BA@*6@SDA*899SGC<:=>9N
8?F@?AE%#EFF?= 025
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
;$% % #7!% (,#-:,.% :!"'-:&!% ,&&'-(#"
;$3%%8I>XEZECE[D%?AZ%H?>?
jNHNH**/:>A@87*8>D*$:G^A@*!66=S><9
$BA*P87SA*=;*8*G:>A@87*=@*<:G^A@*9<=6c*68>*^A*DADS6AD*;@=G*:<9*>A<*C@A9A><*P87SA
[_02]R*=@*<BA*9SG*=;*877*;S<S@A*C@=;:<9*DA@:PAD*;@=G*:<N*\>*<BA=@?R*C@=CA@*A9<:G83
<:=>*=;*<BA*_02*9B=S7D*87T8?9*:>67SDA*:>;=@G8<:=>*=>*<BA*9:EA*=;*<BA*@A9=S@6A
9<=6c* :>*ZSA9<:=>R* <:GA* [ANFNR* ?A8@9]*S><:7* AYB8S9<:=>R* ;S<S@A*C@:6A9R* 8>D* ;S<S@A
:><A@A9<*@8<A9N*\>*@A87:<?R*<BA*6876S78<AD*P87SA9*:>*78@FA*C8@<*DACA>D*=>*<BA*P87S8<:=>
GA<B=D*AGC7=?ADN
$BA@A*8@A*<T=*@A6=F>:EAD*GA<B=D9*;=@*A9<:G8<:>F*<BA*_02*=;*8*@A9=S@6A*9<=6cN
$BA*;:@9<R*<BA*>A<*C@:6A*GA<B=D*[BA@A8;<A@*_0]R*:9*<BA*=>A*AGC7=?AD*:>*<BA*+%\
689A*9<SD:A9R*8>D*<BA*=<BA@R*<BA*S9A@36=9<*8CC@=86B*[.&]R*<A>D9*<=*^A*;8P=@AD*^?
+=@7D*"8>c*A6=>=G:9<9*[9AAR*ANFNR*(1*#(%!b)R*HIVI]N*$BA@A*8@A*<T=*G8:>*6=>3
6AC<S87*D:;;A@A>6A9*̂ A<TAA>*<BA9A*<T=*8CC@=86BA9N*b:@9<R*_0*<@A8<9*>8<S@87*@A9=S@6A
DAC7A<:=>*89*:;*:<*TA@A*68C:<87*DAC@A6:8<:=>R*8>D*<BS9*DADS6<9*;@=G*F@=99*:>6=GA
<BA*<=<87*P87SA*=;*<BA*AY<@86<AD*@A9=S@6AN*.&R*:>*6=><@89<R*P:AT9*>8<S@87*@A9=S@6A9
89*987A8^7A*899A<9*8>DR*89*9S6BR*DADS6<9*=>7?*8*;@86<:=>*=;*<BA*P87SAR*@AF8@D:>F*<BA
@AG8:>DA@*89* M<@SAO* :>6=GANJ
*#A6=>DR*TB:7A*_0*899SGA9*<B8<*@A9=S@6A*AY<@86<:=>
;=77=T9*<BA*4=<A77:>F*A;;:6:A>6?*@S7A*TBA@A^?*>A<*C@:6AR*=@*@A><R*@:9A9*=PA@*<:GA*8<
<BA*C@AP8:7:>F*@8<A*=;*:><A@A9<*=>*87<A@>8<:PA*:>PA9<GA><9R*.&*899SGA9*8*6=>9<8><
@A><NL
*\>*6=GC8@:>F*<BA*<T=*GA<B=D=7=F:A9R*=>A*=;<A>*;:>D9*<B8<*<BA*A9<:G8<AD
P87SA9*P8@?*6=>9:DA@8^7?*[9AAR*ANFNR*),._U*m*#(%p!*-!*/,$$!R*HIIQ]N
!7<B=SFB*>=<*67A8@*;@=G*<BA*8^=PA*TB:6B*8CC@=86B*:9*9SCA@:=@R*<B:9*9<SD?*8D=C<9
_0*^A68S9A*:<9*D8<8*@AZS:@AGA><9*8@A*7A99*=>A@=S9N*$BA*.&*6876S78<:=>*@AZS:@A9
J $BA*@8<:=>87A*̂ AB:>D*8*C8@<:87*DADS6<:=>*:9*<B8<*6=>9SGC<:=>*=;*<BA*@A9=S@6A*<=D8?*:GC=9A9*8*MS9A@
6=9<O*=>* ;S<S@A*FA>A@8<:=>9* 3* <BA:@* :>8^:7:<?* <=*6=>9SGA*<BA*@A9=S@6A* <=G=@@=TN*$BA* ;@86<:=>
@AC@A9A><:>F*:>6=GA*DACA>D9*=>*<BA*:><A@A9<*@8<A*8>D*<BA*<:GA*CA@:=D*=PA@*TB:6B*<BA*@A9=S@6A*:9*<=
^A*AYB8S9<ADl
, )+(1
1 - 1 = 1+iqRx
nt
t
TBA@A*Y>
*:9*<@SA*:>6=GA*8<*<:GA*>R*:*:9*[6=>9<8><]*S>:<*@A><*=@*>A<*C@:6AR*_*:9*;:YAD*AY<@86<:=>*7APA7R*@
:9*<BA*:><A@A9<*@8<AR*8>D*A>
*AZS879*<BA*>SG^A@*=;*CA@:=D9*S><:7*AYB8S9<:=>N
L .&*8DBA@A><9*8@A*6@:<:687*=;*<BA*_0*899SGC<:=>*8^=S<*8*@A9=S@6AO9*@A><*^A68S9A*:<*:GC7:A9*<B8<
G8@F:>87*AY<@86<:=>*6=9<*D=A9*>=<*:>6@A89A*=PA@*<:GAN*+B:7A*8DG:<<AD7?*S>@A87:9<:6R*A9CA6:877?*:>*<BA
689A*=;*G:>A@879R*<BA*.&*899SGC<:=>*:GC7:A9*<B8<*G8@F:>87*6=9<*@:9A9*8<*C@A6:9A7?*<BA*C@AP8:7:>F
:><A@A9<*@8<AR*TB:6B*9AAG9*8*@8<BA@*8@^:<@8@?*678:GN
02` "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
<BA*9:EA*=;* <BA*@A9=S@6A*9<=6c*[:>* <A@G9*=;* <=>9R*6S^:6*GA<A@9R*TB8<*B8PA*?=S]R
:>;=@G8<:=>*TB:6B*:9*=;<A>*ZS:<A*9cA<6B?*;=@*^=<B*G:>A@87*@A9A@PA9*8>D*;=@A9<*:>3
PA><=@:A9NV
*_0R*:>*6=><@89<R*=>7?*@AZS:@A9*8>>S87*AY<@86<:=>*7APA79N*$BA*_0*;=@GS78
:9*89*;=77=T9l
p S = q] p)i+[( )i+(
= V ttt
1-n
=0t
t
ττ
ττ
11
1Σ [H]
TBA@A*!"
*:9*<BA*P87SA*=;*<BA*@A9=S@6A*9<=6c*8<*9=GA*:>:<:87*<:GA*>R*#"
*:9*<BA*AYCA6<AD
CA@:=D*<=*AYB8S9<:=>*8<*<:GA*>R*$"
*AZS879*<BA*>A<*C@:6A*8<*<:GA*>R*%τττττ*:9*<BA*AYCA6<AD
8G=S><*<=*^A*AY<@86<AD*8<*;S<S@A*<:GA*τR*8>D*&"
*:9*<BA*9:EA*=;*<BA*@A9=S@6A*9<=6c*8<
<:GA*>N
+B:7A*DA@:P:>F*!"
*D=A9* @AZS:@A* :>;=@G8<:=>*=>*&"
R* <BA*P87SA*=;* 9<=6c*DAC7A<:=>
,23-+%+I&23'+$&43+03-&,F*[=@*ΔΔΔΔΔ!"
]*D=A9*>=<N*$BA*;86<*<B8<*<BA*:><A@A9<*@8<A*8>D*<BA
@8<A*=;*:>6@A89A*=;*<BA*>A<*C@:6A*68>6A7*[G8c:>F*<BA*C@A9A><*P87SA*=;*<BA*@A9=S@6A
@A><*@AG8:>*6=>9<8><R*:>*6=><@89<*<=*<BA*.&*689AR*TBA@A*<BA*S>D:96=S><AD*@8<A*:9
6=>9<8><]*:9*6@:<:687*:>*<BA*@A78<:PA7?*9:GC7A*=S<6=GA*:>*<BA*'_
*DAC@A6:8<:=>*899A993
GA><l
p S - p S = V- = DEP tt1-t1-ttt Δ [j]
TBA@A*'()"
*AZS879*<B:9*DAC@A6:8<:=>N*\>*8CC7?:>F*<B:9*;=@GS78*<=*<BA*C@A9A><*9<SD?R
TA*68>*7A<*<B:9*;:FS@A*AZS87*<BA*AY<@86<:=>*7APA7*;=@*<BA*CA@:=D*:>*ZSA9<:=>*<:GA9*<BA
8PA@8FA*>A<*C@:6A*=PA@*<BA*CA@:=DR*=@*3ΔΔΔΔΔ!"
*r*KNQ%"
*[$"*+
*q*$"
]N
!7<B=SFB*"@8E:7:8>*G:>A9* 6=><8:>*>A8@7?* ;:;<?*D:;;A@A><* <?CA9*=;*=@AR* <B:9* 9<SD?
;=6S9A9*=>*8*9S^9A<*=;*<BA9AR*9CA6:;:6877?*87SG:>SGR*6B@=G:SGR*6=87R*6=CCA@R*F=7DR
:@=>R*7A8DR*G8F>A9:SGR*G8>F8>A9AR*>:6cA7R*9:7PA@R*<:>R*<S>F9<A>R*8>D*E:>6N*-8<8*;=@
8>>S87*P=7SGA*=;*AY<@86<:=>*=;*<BA9A*G:>A@879*;@=G*HIJQ*<=*HIIX*8@A*=^<8:>AD
;@=G*<BA*,A<aF@E%!=>?>b=>@ME%ZE%9F?=@CR*CS^7:9BAD*̂ ?*<BA*"@8E:7:8>*\>9<:<S<A*;=@*UA=F3
@8CB?* 8>D* #<8<:9<:69* [\"U(]R* ;=@* 9APA@87* ?A8@9N* !>>S87* G8@cA<* C@:6A9* 8@A* <8cA>
;@=G*<BA*&EKKEZ@>D%#F?ZI%?AZ%+F@MI%#FIAZ=*@AC=@<R*<BA*.N#N*"S@A8S*=;*/:>A9*">?4
V $BA*.&*;=@GS78*;=@*P87S:>F*8*@A9=S@6A*9<=6c*:9l
, )+(1
1 =1-
0=τ
τ i qR V
n
t
t
Σ
TBA@A*/>
*:9*<BA*9<=6c*P87SA*8<*<:GA*>R*8>D*:R*_R*@R*8>D*A>
*8@A*89*:>*;==<>=<A*̀ N*#:>6A*A>
*GS9<*̂ A*c>=T>
<=*=^<8:>*/>
R*<B:9*:GC7:A9R*F:PA>*_R*<B8<*<BA*9<=6c*9:EA*:9*c>=T>*89*TA77N
8?F@?AE%#EFF?= 02c
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
>@=>@M?C%&EKGIAZ@<KR*<BA*&=GG=D:<?*%A9A8@6B*"S@A8SO9*&EKKEZ@>D%VI?FBEEdR*8>DR
:>*<BA*689A*=;*9:7PA@R*<BA*#:7PA@*\>9<:<S<AO9*UEFCZ%"@CJIF%"<FJID%3c2143cc1N*/=9<*C@:6A9
8@A*:>*.N#N*D=778@9R*9=*<BA?*8@A*6=>PA@<AD*<=*"@8E:7:8>*@A8:9*[%s]*866=@D:>F*<=*<BA
AY6B8>FA* @8<A* @AC=@<AD*^?* <BA* \><A@>8<:=>87*/=>A<8@?*bS>DN*(9<:G8<A9*=;*S>:<
AY<@86<:=>*8>D*<@8>9C=@<*6=9<*8@A*̂ 89AD*=>*;:FS@A9*;@=G*9APA@87*?A8@9*=;*<BA*\"U(O9
+I=_<@=?%SAZ<=>F@?CN
$:G^A@*9<=6c*DAC7A<:=>*:9*A9<:G8<AD*;@=G*<BA*6B8>FA*:>*;=@A9<*6=PA@*;=@*A86B*"@83
E:7:8>*9<8<AR*TB:6B*:9*:>*<S@>*:>;A@@AD*;@=G*<BA*8>>S87*:>6@A89A*:>*8F@:6S7<S@87*8@A8N
$BA*78<<A@*D8<8*8@A*<8cA>*;@=G*<BA*\"U(O9*&IA=E%,[FEGIM<aF@EN*,>6A*<BA*DA;=@A9<83
<:=>*8@A8*8CC@=Y:G8<:=>9*8@A*=^<8:>ADR*A9<:G8<A9*=;* <BA*8PA@8FA* ;=@A9<* MDA>9:<?O
[:NANR*<:G^A@*P=7SGA*CA@*BA6<8@A]*8@A*S9AD*:>*6876S78<:=>*=;*<BA*CB?9:687*DAC7A<:=>
8G=S><9N*$BA*;=@A9<*DA>9:<?*>SG^A@9*8@A*;@=G*#A@t8*D8*/=<<8*8>D*/8?*[HIIj]N
+=@7D*G8@cA<*C@:6A9*;=@*<:G^A@*8@A*;@=G*&EKKEZ@>D%#F?ZI%?AZ%+F@MI%#FIAZ=N*(9<:3
G8<A9*;=@*A6=>=G:6*@A><*8@A*^89AD*=>*%ACA<<=*I>%?CN*[HIVI]N*!9*T:<B*<BA*G:>A@87
D8<8R*AY<@8C=78<:=>*T89*>A6A998@?*;=@*?A8@9*;=@*TB:6B*D8<8*8@A*786c:>FN
jNHNj**#=:7*!66=S><9
(@=9:=>*=;*;A@<:7AR*>S<@:A><3@:6B*9=:7*DA<@86<9*;@=G*<BA*78>DO9*8^:7:<?*<=*9S9<8:>*8F@:3
6S7<S@87*C@=DS6<:=>N*$BA*AY<A><*=;*9=:7*A@=9:=>*68>*^A*GA89S@AD*D:@A6<7?R*^?*GA893
S@:>F*8F@:6S7<S@87*C@=DS6<:P:<?*7=99R*=@*:>D:@A6<7?R*^?*A9<:G8<:>F*<BA*P87SA*=;*<BA
CB?9:687*8>D*^:=7=F:687*9=:7*C@=CA@<:A9* 7=9<*89*8*6=>9AZSA>6A*=;*<BA*A@=9:=>N*!73
<B=SFB*<BA*D:@A6<*GA<B=DR*=@* <BA*C@=DS6<:P:<?* 7=99*8CC@=86BR* :9*C@=^8^7?*G=@A
866S@8<A*<B8>*<BA*:>D:@A6<*8CC@=86BR*:<9*D8<8*@AZS:@AGA><9*8@A*D8S><:>FN*\>;=@G83
<:=>*:9*@AZS:@AD*=>*8*B=9<*=;*P8@:8^7A9*9S6B*89*CB?9:687*8>D*^:=7=F:687*9=:7*7=99*8>D
<BA*@A78<:=>9B:C*^A<TAA>*A@=9:=>*8>D*C@=DS6<:P:<?*;=@*A86B*<?CA*=;*9=:7N*/=@A=PA@R
A9<:G8<:=>*=;*A@=9:=>*^?*<B:9*8CC@=86B*DAG8>D9*D8<8*=>*78^=@*8>D*G86B:>A@?*@A3
ZS:@AGA><9*8>D*6=9<9R*89*TA77*89*C@=DS6<:=>*7APA79*8>D*C@:6A9*=PA@*<:GA*;=@*8*P8@:A<?
=;*6@=C9N*[#,1o%d!_,*I>%?CNR*HIIH]
$BA*:>D:@A6<*GA<B=DR*c>=T>*89*@AC786AGA><*6=9<R*:9*7A99*6=GC7:68<AD*AGC:@:6877?N
$B:9*8CC@=86B*AGCB89:EA9*<BA*>S<@:A><9*[ANFNR*>:<@=FA>R*CB=9CB=@=S9R*C=<899:SG]
<B8<*6=><@:^S<A*<=*6@=C*F@=T<B*TB:6B*8@A*7=9<*89*8*@A9S7<*=;*A@=9:=>N*$BA*P87SA*7=99
899=6:8<AD*T:<B*9=:7*A@=9:=>* :9* :>;A@@AD*;@=G*<BA*>A6A998@?*AYCA>9A*=>*6BAG:687
;A@<:7:EA@9*@AZS:@AD*<=*@AC7A>:9B*<BA*9=:7*T:<B*>S<@:A><9N*"A68S9A*=;*:<9*@A78<:PA*9:G3
C7:6:<?R*<BA*@AC786AGA><36=9<*GA<B=D*:9*AGC7=?AD*:>*<B:9*9<SD?NI
I ,<BA@*9=:7*A@=9:=>*P87S8<:=>*9<SD:A9*=C<R*=>*<BA*98GA*F@=S>D9R*;=@*<BA*@AC786AGA><36=9<*GA<B=D
[9AAR*ANFNR*"!#$,#R*HIIQR*8>D*#,1o%d!_,*I>%?CNR*HIIH]N
0^1 "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
$BA*A6=>=G:6*7=99*8<<@:^S<8^7A*<=*9=:7*A@=9:=>*:9*A9<:G8<AD*89*;=77=T9l
/"!%e%[f(>E>
P%u*I[+]
]R
HK
[X]
TBA@A*,-"."
*AZS879*<BA*ZS8><:<?*7=9<*=;*8*F:PA>*<?CA*=;*>S<@:A><R*)/
*@AC@A9A><9*<BA
S>:<*C@:6A*=;*<BA*6=@@A9C=>D:>F*@AC786AGA><*;A@<:7:EA@R*8>D*0*[vK]*:9*8>*MA;;:6:A>6?O
;86<=@*<=*866=S><*;=@*<BA*;86<*<B8<*8*<=>*=;R*98?R*>:<@=FA>*;A@<:7:EA@*D=A9*>=<*;S77?
6=GCA>98<A*;=@*8*7=9<*<=>*=;*>:<@=FA>N
(9<:G8<:=>*=;*,-"."
* :9R* :>* <S@>R* ^89AD*=>* 8*GA<B=D=7=F?*S9AD* :>*=<BA@* @A78<AD
9<SD:A9R*>8GA7?*"89<=9*[HIIQ]R*&8P8768><:*[HIIQ]R*8>D*#=7i@E8>=*I>%?CN*[HIIH]N
$BA*AZS8<:=>*:9*89*;=77=T9l
C), L R S (K = QN tot •••••δ [`]
TBA@A*δδδδδ*@AC@A9A><9*<BA*8PA@8FA*6=>6A><@8<:=>*=;*>:<@=FA>R*CB=9CB=@=S9R*8>D*C=3
<899:SG*:>*A86B*=;*"@8E:7O9*jJ*9<8<A9R*1*:9*<BA*9=:7*A@=9:PA>A99*;86<=@R*&*:9*<BA*97=CA
F@8DA*;86<=@RHH
*2*:9*<BA*@8:>;877*@S>=;;*;86<=@R*3*:9*<BA*78>D*S9A*;86<=@R*8>D*4*:9*8
;86<=@*TB:6B*866=S><9*;=@*9=:7*6=>9A@P8<:=>*C@86<:6A9N*$BA*C@=DS6<*T:<B:>*<BA*C83
@A><BA9A9*AZS879*<BA*9=:7*7=99*CA@*S>:<*=;*8@A8N
$BA*9=:7*A@=9:PA>A99*;86<=@*[1]*;=@*A86B*9<8<A*:9*:>;A@@AD*;@=G*<BA*9=:7*67899:;:68<:=>
8>D*G8C*=;*8F@:6S7<S@87*C=<A><:87*;=S>D*:>*<BA*,A<aF@E%!=>?>b=>@ME*HII`N*$BA*P8@:3
8^7A*;=@*A86B*9<8<A*DACA>D9*=>*<BA*8CC@=Y:G8<A*8G=S><*=;*A86B*M<?CAO*=;*9=:7*ZS87:<?
;=S>D*T:<B:>*:<N*$BA*8@A8*TA:FB<AD*8PA@8FA*=;*8>*=@D:>87*9687A*=;*A@=9:=>*9S96AC<:3
^:7:<?*[@8>F:>F*;@=G*H*<=*J]*:9*<BA>*6=>PA@<AD*<=*1*;86<=@9*@8>F:>F*;@=G*KNKV*<=
KNXVR*;=77=T:>F*<BA*@8>FA*S9AD*:>*#=7i@E8>=*I>%?CN*[HIIH]N
$BA*97=CA*;86<=@9*[&]R*@8>F:>F*;@=G*KNXQ*<=*HQNKR*8@A*879=*<8cA>*;@=G*#=7i@E8>=*I>
?CN* [HIIH]*287SA9* ;=@* A86B*"@8E:7:8>* 9<8<A* 8@A* 899:F>AD*^89AD*=>* @AF:=>87* <=C=3
F@8CB:687*:>;=@G8<:=>R*879=*:>*<BA*,A<aF@E%!=>?>b=>@ME%HII`R*T:<B*GA8>*97=CA9*@8>F3
HK $B:9*:9*8*9:GC7:;:AD*;=@G*=;*8*;=@GS78*AGC7=?AD*:>*#,1o%d!_,*I>%?CN*[HIIH]R*TB:6B*9S^9<:<S<A9
[f(>E>
*3*f(>EC
]*;=@*f(>E>
%8^=PAR*TBA@A*f(>EC
*:9*<BA*<=7A@8^7A*ZS8><:<?*=;*7=99R*AZS87*<=*<BA*9=:7O9
>8<S@87*FA>A@8<:PA*68C86:<?*[P:8*DA68?:>F*̂ :=7=F:687*8>D*FA=7=F:687*G8<A@:87]N*$BA*;=@GS78*:9*9:GC7:;:AD
BA@A*̂ A68S9A*:<*:9*>=<*67A8@*TBA<BA@*8DkS9<GA><9*;=@*M<=7A@8^7AO*7APA79*=;*A@=9:=>*T=S7D*6=><@:^S<A
GS6B*<=*<BA*8>87?9:9N*!>?*A9<:G8<A9*T=S7D*̂ A*AY6AAD:>F7?*6@SDA*DSA*<=*̂ =<B*7:G:<AD*D8<8*8P8:78^:7:<?
8>D*A>=@G=S9*6@=993@AF:=>87*P8@:8^:7:<?*:>*B=T*GS6B*A@=9:=>*:9*<=7A@8^7AN*/=@A=PA@R*<BA*C@AP8:7:>F
9=:7*6=>9A@P8<:=>*@AF:GA*:>*A86B*9<8<AR*:>;=@G8<:=>*TB:6B*8<*C@A9A><*:9*879=*9cA<6B?R*T=S7D*S>D=S^<AD7?
B8PA*8>*:GC86<*=>*B=T*GS6B*A@=9:=>*:9*<=7A@8^7AN
HH #7=CA*F@8DA*8>D*97=CA*7A>F<B*;86<=@*8@AR*;=@*9:GC7:6:<?R*6=>DA>9AD*:><=*=>A*;:FS@AN
8?F@?AE%#EFF?= 0^3
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
:>F*;@=G*`NjQ*<=*XI*DAF@AA9N*$BA*@8:>;877*;86<=@*[2]*:>*A86B*9<8<AR*@8>F:>F*;@=G*VQ
<=*HR``QR*:9*^89AD*=>*<BA*8PA@8FA*8>>S87*C@A6:C:<8<:=>*:>*A86B*=;*"@8E:7O9*9<8<A9R
T:<B*08@w*<BA*G=9<*G=:9<*8>D*&A8@w*<BA*D@:A9<N
$BA*78>D*S9A*;86<=@*[3]*DACA>D9*=>*TBA<BA@*78>D*T89*S9AD*;=@*8>>S87*6@=C9R*CA@A>3
>:87*6@=C9R*=@*C89<S@A*[<BA*A@=9:=>*A;;A6<*S>DA@* ;=@A9<*6=PA@*T89*899SGAD*<=*^A
>AF7:F:^7A]N*$BA*9CA6:;:6*A@=9:=>*;86<=@9*8@AR*@A9CA6<:PA7?R*KNX`R*KNKVJR*8>D*KNK`N
$BA*78>D*S9A*D:9<@:^S<:=>*:>*A86B*9<8<A*:9*;@=G*<BA*\"U(O9*&IA=E%,[FEGIM<aF@E*;=@
9APA@87*?A8@9N*!@A8*8G=S><9*;=@*G:99:>F*?A8@9*8@A*AY<@8C=78<ADN*$BA*9=:7*6=>9A@P83
<:=>*;86<=@*[4]*[<BA=@A<:6877?*^A<TAA>*EA@=*8>D*=>A]*T89*899SGAD*<=*^A*AZS87*<=
=>AR*F:PA>*:>9S;;:6:A><*:>;=@G8<:=>*=>*6=>9A@P8<:=>*C@86<:6A9NHj
&=>6A@>:>F*9CA6:;:6*>S<@:A><*<?CA9R*<B:9*9<SD?*AGC7=?9*A9<:G8<A9*;=@*7=99*=;*>:<@=3
FA>R*CB=9CB=@=S9R*8>D*C=<899:SGN*$BA*6=>6A><@8<:=>*=;*A86B*>S<@:A><*CA@*S>:<*=;
9=:7* [δδδδδ) * :>* <BA* D:;;A@A><* "@8E:7:8>* 9<8<A9* :9* ^89AD* =>* >SG^A@9* ;=S>D* :>* "89<=9
[HIIQ]R*&8P8768><:*[HIIQ]R*8>D*#=7i@E8>=*I>%?CN*[HIIH]NHX
*$BA*A;;:6:A>6?*;86<=@*[0]
;=@*A86B*>S<@:A><*:9*<8cA>*;@=G*"89<=9N*b:>877?R*<BA*T=@7D*C@:6A9*=;*S@A8R*C=<899:SG
GS@:8<AR*8>D*<@:C7A*9SCA@3CB=9CB8<A*[;A@<:7:EA@9*;=@*<BA*@AC786AGA><*=;*>:<@=FA>R
C=<899:SGR*8>D*CB=9CB=@=S9]*8@A*6=>PA@<AD*;@=G*D=778@9*<=*HIIX*@A8:9*S9:>F*<BA
DA;78<=@9*8>D*AY6B8>FA*@8<A9*;=S>D*:>*<BA*\/bO9*SA>IFA?>@EA?C%g@A?AM@?C%">?>@=>@M=NH`
;$;%%:I=E<FMI%HIGCI>@EA%/?C<I%&?CM<C?>@EA=
!77*<=7DR*=PA@*;=S@*^:77:=>*<=>9*=;*G:>A@87*=@A*TA@A*AY<@86<AD*;@=G*"@8E:7:8>*G:>A9
;@=G*HIJQ*<=*HIIXN*b=@*G8>?*G:>A@879R*8>>S87*ZS8><:<?*AY<@86<AD*<A>DAD*<=*:>3
6@A89A*=PA@*<B:9*CA@:=DN*b=@*9=GAR*9S6B*89*87SG:>SGR*:@=>R*8>D*>:6cA7R*<B:9*F@=T<B
:>*AY<@86<:=>*7APA7*T89*9<A8D?*8>D*6=>9:DA@8^7AN*-:96=PA@:A9*:>*<BA*78<A*HILK9*8>D
A8@7?*HIVK9*=;*>AT*DAC=9:<9*=;R*;=@*AY8GC7AR*6=CCA@R*F=7DR*8>D*:@=>R*7AD*<=*8^@SC<
8>D*C@=>=S>6AD*:>6@A89A9*:>*A:<BA@*<BA:@*AY<@86<:=>*=@*@A9A@PA*7APA79N
&=>9AZSA><7?R*<BA*8FF@AF8<A*8>>S87*P87SA*=;*"@8E:7:8>*G:>A@87*AY<@86<:=>*:>6@A89AD
9S^9<8><:877?*:>*<BA*HIJQ3IX*CA@:=D*[$8^7A*H]N*+B:7A*AY<@86<:=>*P87SA*8G=S><AD*<=
%sLQNQ*G:77:=>*[HIIX*C@:6A9]*:>*HIJQR*̂ ?*HIIX*<BA*=PA@877*"@8E:7:8>*G:>A@87*9<=6c
Hj -=:>F*9=*:9*>=<*S>@A89=>8^7AR*F:PA>*<BA*T:DA9C@A8D*C@86<:6A*:>*"@8E:7*[=;<A>*D@:PA>*̂ ?*F=PA@>GA><
:>6A><:PA9]*=;*;S@<BA@*67A8@:>F*=;*;=@A9<R*89*=CC=9AD*<=*C@=<A6<:>F*=@*G8:><8:>:>F*<BA*P:8^:7:<?*=;*<BA
S9AD*78>DR*TB:6B*T=S7D*CS9B*&*̂ A7=T*S>:<?N
HX $BA*>SG^A@9*:>*<BA9A*9<SD:A9*8@A*S9AD*<=*6=>9<@S6<*@A89=>8^7A*@8>FA9*=;*>S<@:A><*6=>6A><@8<:=>9*9=
89*<=*@A;7A6<*<BA*P89<7?*D:;;A@A><*"@8E:7*9=:7*<?CA9*:>*<BA*\"U(*67899:;:68<:=>N
H` $BA*AY6B8>FA*@8<A*̂ A<TAA>*<BA*"@8E:7:8>*8>D*.N#N*6S@@A>6:A9*:>*HIIX*T89*KNKXjHJ*@A8:9*CA@*.N#N
D=778@N*$BA*@A87*D:D*>=<*86<S877?*@AC786A*<BA*6@SEA:@=*@A87*[&%]*S><:7*HII`*[8<*8*@8<A*=;*jRLQK*&%9*CA@
%A87]R*9=*<BA*KNKXjHJ*;:FS@A*@A;7A6<9*8>*86<S87*HIIX*AY6B8>FA*@8<A*=;*VVN`*&%9*CA@*D=778@N
0^; "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
T89*̂ A:>F*AY<@86<AD*<=*<BA*<S>A*=;*%sIVHNV*G:77:=>*CA@*?A8@N*(PA>*@A78<:PA*<=*U-0
<BA* :>6@A89A* :9* 9:F>:;:68><R* 9S@F:>F* ;@=G*<T=*CA@6A><*=;*U-0* :>*HIJQ* <=* 9APA>
CA@6A><*:>*HIIXN*$BA*@A78<:PA*P87SA9*CA8c*:>*<BA*G:D3*<=*78<A3HIVK9R*@A;7A6<:>F*<BA
8>=G87=S97?*P=7SG:>=S9*86<:P:<?*:>*<BA*:>6:C:A><*?A8@9*=;*<BA*"@8E:7:8>* MF@=T<B
C=7AO*9<@8<AF?*=;*<8@FA<:>F*!G8E=>:8>*DAPA7=CGA><*:>*8@A89*=;*6=>9:DA@8^7A*G:>3
A@87*TA87<BN
#,9.!%3%4%:!"'-:&!%H!+.!#S'()%9V%"!&#':)%3c^24c0
[K@CC@EA=%E]%FI?@=)%3cc0%GF@MI=P
Year Mineral Loss As % of GDP
Timber Loss
As % of GDP
Soil Loss
As % of GDP
1965 75.5 2.0% 1,129.6 30.5% 189.0 5.1% 1966 66.8 1.7% 1,047.1 27.3% 191.1 5.0% 1967 64.6 1.6% 1,123.8 27.8% 193.3 4.8% 1968 79.8 1.8% 1,275.5 28.5% 195.7 4.4% 1969 104.0 2.1% 1,443.3 29.3% 198.2 4.0% 1970 153.7 3.0% 1,559.9 30.9% 200.5 4.0% 1971 162.2 2.9% 1,682.4 29.9% 188.0 3.3% 1972 159.3 2.5% 1,876.5 29.8% 197.3 3.1% 1973 163.8 2.3% 2,138.1 29.8% 206.0 2.9% 1974 185.2 2.4% 2,374.2 30.6% 323.6 4.2% 1975 185.6 2.3% 2,672.8 32.8% 295.8 3.6% 1976 240.4 2.7% 2,607.6 29.0% 240.6 2.7% 1977 226.4 2.4% 2,447.0 25.9% 237.8 2.5% 1978 189.6 1.9% 2,509.3 25.3% 214.5 2.2% 1979 302.4 2.9% 2,675.7 25.3% 267.1 2.5% 1980 644.9 5.6% 3,167.3 27.4% 284.6 2.5% 1981 566.4 5.1% 3,305.7 29.9% 266.9 2.4% 1982 601.4 5.4% 3,451.1 30.9% 293.7 2.6% 1983 1,043.5 9.6% 3,603.8 33.3% 263.4 2.4% 1984 1,336.5 11.6% 3,764.3 32.7% 277.9 2.4% 1985 1,286.5 10.4% 4,026.4 32.5% 311.3 2.5% 1986 921.8 7.0% 4,999.9 37.7% 244.3 1.8% 1987 987.7 7.2% 5,256.9 38.4% 229.3 1.7% 1988 1,448.4 10.6% 5,486.3 40.1% 276.1 2.0% 1989 1,160.2 8.1% 5,681.4 39.9% 294.5 2.1% 1990 990.3 7.3% 5,947.9 43.7% 299.7 2.2% 1991 989.2 7.3% 6,271.4 46.0% 305.0 2.2% 1992 1,089.7 8.1% 6,616.5 49.0% 309.2 2.3% 1993 981.8 7.0% 6,984.9 49.5% 313.7 2.2%
$BA*8FF@AF8<A*P87SA*7=99*:>*<BA*<:G^A@*9A6<=@*:>6@A89AD*9:Y;=7D*DS@:>F*<BA*HIJQ3IX
CA@:=DR*;@=G*%sHNH*̂ :77:=>*:>*HIJQ*<=*%sJNI*̂ :77:=>*:>*HIIXN*%A78<:PA*<=*U-0R*<BA
:>6@A89A*:9*>=<*>A8@7?*89*D@8G8<:6N*,>7?*^AF:>>:>F*:>*<BA*78<A*HIVK9*D=A9*<BA*@8<:=
=;*<:G^A@*7=99*<=*U-0*@:9A*9:F>:;:68><7?R*8>D*<B:9*:>6@A89A*:9*DSA*:>*78@FA*C8@<*<=
8?F@?AE%#EFF?= 0^0
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
67A8@36S<<:>F*=;* 9A6=>D8@?* ;=@A9<* 8@A8R* 89* 67A8@:>F*=;* P:@F:>*!G8E=>* ;=@A9<*T89
6=>9:DA@8^7?*97=TA@*;@=G*<BA*78<A*HIVK9*<=*<BA*A8@7?*HIIK9*[87<B=SFB*:<*B89*9:>6A
@:9A>*8F8:>R*<=*S>C@A6ADA><AD*7APA79]N
$BA*A9<:G8<AD*P87SA*=;*9=:7*A@=9:=>*P8@:AD*@A78<:PA7?*7:<<7A*DS@:>F*<BA*CA@:=DR*@8>F3
:>F*;@=G*%sHVI*G:77:=>*:>*HIJQ*<=*%sXHXNL*G:77:=>*:>*HIIXN*)A<*^A68S9A*DA;=@3
A9<8<:=>*C@AD=G:>8><7?*<==c*C786A*:>*<BA*_=@<B*[:NANR*:>*<BA*9<8<A9*=;*!6@AR*!G8CwR
!G8E=>89R*08@wR*%=>Dt>:8R*8>D*%=@8:G8]R*<BA*7=99*@A9S7<:>F*;@=G*A@=9:=>*:>*<B:9
@AF:=>*T89*8^=S<*9APA>*<:GA9*89*F@A8<*:>*HIIX*89*:>*HIJQ*[%sXNJ*̂ :77:=>*6=GC8@AD
<=*%sQJH*G:77:=>]N*_APA@<BA7A99R* @A78<:PA* <=*U-0R* <BA*>8<:=>T:DA*P87SA*=;* 9=:7
A@=DAD*AYB:^:<AD*8*9<A8D?*DA67:>A*<B@=SFB=S<*<BA*CA@:=DR*;@=G*8^=S<*;:PA*CA@6A><
=;*U-0*8<*<BA*^AF:>>:>FR*<=*=>7?*8*^:<*G=@A*<B8>*<T=*CA@6A><*8<*<BA*A>D*=;*<BA
CA@:=DN
+A*>=T*8CC7?*<BA*6876S78<AD*G:>A@87R*<:G^A@R*8>D*9=:7*7=99A9*<=*<BA*"@8E:7:8>*:>3
6=GA*8>D*68C:<87*866=S><9*;=@*HIJQ3IXN*$BA*>AY<*9A6<:=>*C@A9A><9*<BA*@A9S7<9R*̂ =<B
;=@*<BA*ZSA9<:=>*=;*B=T*@A9=S@6A*DAC7A<:=>*:GC86<AD*=>*:>6=GA*F@=T<BR*8>D*;=@
<BA*ZSA9<:=>*=;*TBA<BA@*<B:9*F@=T<B*T89*A6=>=G:6877?*9S9<8:>8^7AN
0$% % T:'U#7% ,(H% "-"#,S(,9S.S#VQ% ,% .''h% ,#% #7!% !/SH!(&!
0$3%%U:S%,GGFE?MX
"@8E:7*AYCA@:A>6AD*8*>A8@7?*;=S@;=7D*:>6@A89A*:>*U-0*;@=G*HIJQ*<=*HIIXR*^S<*<BA
9<=@?*T89*ZS:<A*D:;;A@A><*TBA>*TA*<8cA*>8<S@87*@A9=S@6A*DAC7A<:=>*P87SA*:><=*863
6=S><*[$8^7A*j]N*#:>6A*@A9=S@6A*DAC7A<:=>*3*A9CA6:877?*G:>A@87*AY<@86<:=>*8>D*DA;=@3
A9<8<:=>*3*866A7A@8<AD*^AF:>>:>F*8@=S>D*HIVKR*<BA*U-0*F8:>9*:>*9S^9AZSA><*?A8@9
8@A*D:G:>:9BAD*6=>9:DA@8^7?*TBA>*8DkS9<AD*;=@*<BA9A*7=99A9N*#S9<8:>8^7A*:>6=GA
[#\]*F@AT*^?*=>7?*<T=*8>D*8*B87;*<:GA9*=PA@*<BA*HIJQ3IX*CA@:=D*8>DR*G=@A*:GC=@3
<8><R*#\*T89*jJW*7=TA@*:>*HIIX*<B8>*:>*HIVKN
$BA* @A9S7<9* 8@A* APA>*G=@A*S>9A<<7:>F*TBA>*TA* 6=>9:DA@* <BA*CA@* 68C:<8* ;:FS@A9N
+B:7A*CA@*68C:<8*U-0*97:FB<7?*G=@A*<B8>*D=S^7AD*;@=G*HIJQ*<=*HIIXR*CA@*68C:<8
#\*:>6@A89AD*^?*=>7?*=>A*<B:@D*[b:FS@A*H]N*_=<:6A*879=*<BA*D:;;A@A>6A*:>*<BA*<@A>D9N
+A* 9AA* 8* 9B8@C* :>6@A89A* :>* CA@* 68C:<8* U-0* C@:=@* <=* HIVKR* ;=77=TAD* ^?* G:>=@
;7S6<S8<:=>*:>*9S^9AZSA><*?A8@9N*+B:7A*TA*=^9A@PA*<BA*98GA*9B8@C*:>6@A89A*^A;=@A
HIVK*;=@*CA@*68C:<8*#\*[;@=G*%sjQNj*:>*HIJQ*<=*%sQLNV*:>*HIVK]R*TA*9AA*87G=9<*89
C@=>=S>6AD*8*DA67:>A*:>*9S^9AZSA><*?A8@9*[<=*%sXXNj*:>*HIIX]N
0^W "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
#,9.!%;%4%gSi!H%&,+S#,.%&'("-8+#S'()%:!"'-:&!%H!+.!#S'()%,(H
"-"#,S(,9.!%S(&'8!)%3c^24c0
OK@CC@EA%FI?@=)%3cc0%GF@MI=P
Year
GDP
Fixed Capital
Consumption
NDP
Total Resource Depletion Loss
Sustainable
Income
1965
3,701.1
190.7
3,510.4
1,394.1
2,116.3
1966
3,839.8
165.8
3,674.0
1,305.0
2,369.0
1967
4,045.3
172.6
3,872.7
1,381.7
2,491.0
1968
4,482.4
192.4
4,290.0
1,551.0
2,739.1
1969
4,920.8
214.2
4,706.6
1,745.4
2,961.1
1970
5,049.6
268.1
4,781.4
1,914.1
2,867.3
1971
5,621.6
295.6
5,326.0
2,032.7
3,293.3
1972
6,294.0
326.6
5,967.5
2,233.1
3,734.3
1973
7,171.9
345.8
6,826.1
2,508.0
4,318.1
1974
7,755.1
371.0
7,384.1
2,883.0
4,501.2
1975
8,158.8
386.3
7,772.5
3,154.2
4,618.3
1976
8,994.6
422.5
8,572.1
3,088.5
5,483.6
1977
9,437.9
431.4
9,006.5
2,911.1
6,095.4
1978
9,907.2
457.8
9,449.4
2,913.4
6,536.0
1979
10,577.1
475.0
10,102.1
3,245.2
6,856.9
1980
11,552.8
457.5
11,095.3
4,096.8
6,998.6
1981
11,063.7
479.6
10,584.2
4,139.0
6,445.1
1982
11,154.1
610.0
10,544.1
4,346.2
6,197.9
1983
10,827.2
509.0
10,318.2
4,910.7
5,407.5
1984
11,515.7
541.4
10,974.3
5,378.8
5,595.5
1985
12,382.5
582.2
11,800.3
5,624.2
6,176.1
1986
13,249.2
622.9
12,626.3
6,166.1
6,460.3
1987
13,697.5
644.0
13,053.5
6,473.9
6,579.6
1988
13,688.8
643.6
13,045.2
7,210.8
5,834.5
1989
14,239.8
669.5
13,570.4
7,136.2
6,434.2
1990
13,620.7
640.4
12,980.3
7,237.9
5,742.5
1991
13,620.7
640.4
12,980.3
7,565.6
5,414.7
1992
13,496.9
634.5
12,862.3
8,015.4
4,846.9
1993
14,116.0
663.7
13,452.3
8,280.3
5,172.0
8?F@?AE%#EFF?= 0^2
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
gST-:!%3%4%#:!(H"%S(%TH+%,(H%"-"#,S(,9.!%S(&'8!%+!:%&,+S#,
20
30
40
50
60
70
80
90
100
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
Per Capita GDP
Per Capita SustainableIncome
$8^7A*X*^A9<*:77S9<@8<A9*<BA*9B8@C*D:;;A@A>6A*:>*@A9=S@6A*DAC7A<:=>*P=7SGA*^A<TAA>
<BA*HIJQ3VK*9S^3CA@:=D*8>D*HIVK3IXN*\>*<BA*?A8@9*=;*<BA*MA6=>=G:6*G:@867AOR*:>3
67SD:>F*:<9*<T:7:FB<*:>*<BA*78<A*HILK9R*#\*CA@*68C:<8*86<S877?*F@AT*4,-3+-%0&F)*
<B8>*U-0*CA@*68C:<8*[QNLW*CA@*8>>SG*6=GC8@AD*<=*QNXW]R*9:>6A*<BA*G8F>:<SDA
=;*@A9=S@6A*DAC7A<:=>R*TB:7A*>=<*>AF7:F:^7AR*F@AT*G=@A*97=T7?*<B8>*U-0N*$B:9*:9
>=<*9S@C@:9:>FR*9:>6A*:>:<:87*8<<AGC<9*8<*C=CS78<:=>*@A9A<<7AGA><*@8>*:><=*C@=^7AG9
[BA>6A*D:D*>=<*866=S><*;=@*9:F>:;:68><*8G=S><9*=;*;=@A9<*67A8@:>F]R*8>D*^A68S9A*:<
T89*>=<*S><:7*<BA*78<A*HILK9*=@*A8@7?*HIVK9*<B8<*@8>6B:>F3*8>D*G:>A@87*AY<@86<:=>3
:>DS6AD*DA;=@A9<8<:=>*@A877?*866A7A@8<AD*:>*G=9<*!G8E=>:8>*9<8<A9N
#,9.!%0%4%,((-,.%+!:%&,+S#,%S(&'8!%T:'U#7%:,#!"%g':%"!.!&#
+!:S'H"
1965-93
1965-80
1980-93
Per Capita GDP 2.6% 5.3% -0.4% Per Capita Sustainable Income 1.0% 5.7% -4.2%
&=>9AZSA><7?R*TB:7A*#\*CA@*68C:<8*F@AT*G=@A*@8C:D7?*<B8>*U-0*CA@*68C:<8*:>*<BA
A8@7:A@* 9S^3CA@:=DR* <BA* 866A7A@8<AD* @8<A9*=;* @A9=S@6A*DAC7A<:=>*8@A* @A;7A6<AD* :>* 8
6=GC7A<A* @APA@987*=;* <B:9* <@A>D*8;<A@*HIVKN*"A68S9A*=;*8*D@8G8<:6* 97=TD=T>* :>
0^^ "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
"@8E:7O9*G86@=A6=>=G?*3*DSAR*:>*78@FA*C8@<R*<=*:<9*:><A@>8<:=>87*D:;;:6S7<:A9*3*APA>
U-0*CA@*68C:<8*9B@8>c*;@=G*HIVK*<=*HIIXR*8<*8*@8<A*=;*KN`W*CA@*8>>SGN*"S<*CA@
68C:<8*#\*DA67:>AD*;8@*G=@A*D@8G8<:6877?*3*8<*`NjW*8>>S877?*3*@A;7A6<:>F*8*GS6B
B:FBA@*DAC7A<:=>3U-0*@8<:=* :>*HIIX*<B8>*:>*HIVKN*\>DAADR*<B:9*@APA@987*87G=9<
T:CAD*=S<*A8@7:A@*F8:>9*:>*CA@*68C:<8*#\R*89*:<9*8>>S87*F@=T<B*@8<A*;=@*<BA*A><:@A
CA@:=D*:9*=>7?*=>A*CA@6A><*[6=GC8@AD*T:<B*jNJW*;=@*U-0*CA@*68C:<8]N
0$;%%(I>%SAJI=>KIA>%,GGFE?MX
!9*>=<AD*:>*9A6<:=>*HR*<BA@A*8@A*7:G:<8<:=>9*<=*S9:>F*CA@*68C:<8*F@AA>*U-0*89*8
9S9<8:>8^:7:<?* :>D:68<=@N*!9*8>*87<A@>8<:PAR*TA*68>*6=GC8@A*"@8E:7O9*F@=99*68C:<87
;=@G8<:=>*T:<B*<BA*P87SA*=;*:<9*'_
*DAC7A<:=>N*xS:<A*9:GC7?R*:;*F@=99*D=GA9<:6*:>3
PA9<GA><*:9*7A99*<B8>*@A9=S@6A*DAC7A<:=>R*"@8E:7*:9*D@8T:>F*D=T>*:<9*68C:<87*9<=6cR
S9:>F* :<9* >8<S@87* @A9=S@6A9* <=* ;:>8>6A* 6=>9SGC<:=>* 3* 8>*S>9S9<8:>8^7A*C@86<:6AR
F:PA>*;:>:<A*>8<S@87*@A9=S@6A9N
$B:9*:9R*89*9SFFA9<AD*:>*$8^7A*`R*C@A6:9A7?*TB8<*"@8E:7*B89*D=>A*=PA@*<BA*HIJQ3IX
CA@:=Da*DAC7A<:=>38DkS9<AD*D=GA9<:6*:>PA9<GA><*[-!-\]*:9*>AF8<:PA*:>*APA@?*?A8@N
/=@A=PA@R*>=<*=>7?*D=A9*:<*:>6@A89A*:>*8^9=7S<A*<A@G9*<B@=SFB=S<*<BA*CA@:=D*^S<R
8F8:>*8;<A@*<BA*G:D3HIVK9R*@A78<:PA*<=*U-0*89*TA77N*$BS9R*>=<*=>7?*:9*<BA*"@8E:7:8>
A6=>=G?*>=>39S9<8:>8^7A*:>*APA@?*?A8@*9<SD:ADR*:<*9AAG9*<=*B8PA*9<@8?AD*;S@<BA@
;@=G*<BA*9S9<8:>8^:7:<?*?8@D9<:6c*:>*G=@A*@A6A><*?A8@9N*!7<B=SFB*<BA*68S9A*:9*PA@?
GS6B*8>*=CA>*ZSA9<:=>R*9S6B*8>*=S<6=GA*9:F>879*<BA*>AAD*<=*@A9<@S6<S@A*<BA*"@83
E:7:8>*A6=>=G?*:>*9S6B*8*G8>>A@*<B8<*G=9<*=@*877*=;* <BA*C@=6AAD9*;@=G*>8<S@87
@A9=S@6A* AY<@86<:=>* ;:>8>6A* :>PA9<GA><9* :>* =<BA@* ;=@G9* =;* 68C:<87R* <=* <BA* C=:><
TBA@A*-!-\*:9R*8<*<BA*PA@?*7A89<R*>=>3>AF8<:PAN
8?F@?AE%#EFF?= 0^5
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
#,9.!%W%4%H'8!"#S&%S(/!"#8!(#)%T:'""%,(H%H!+.!#S'(4,H6-"#!H)
3c^243cc0%OK@CC@EA%FI?@=)%3cc0%GF@MI=P
Year
Gross Domestic
Investment
Value of Resource
Depletion
Depletion-Adjusted
Domestic Investment
DADI as
Percent of GD 1965
699.1
1,394.1
-695.0
-18.8%
1966
810.3
1,305.0
-494.7
-12.9%
1967
830.8
1,381.7
-551.0
-13.6%
1968
1,011.7
1,551.0
-539.3
-12.0%
1969
1,170.2
1,745.4
-575.3
-11.7%
1970
1,221.5
1,914.1
-692.6
-13.7%
1971
1,414.8
2,032.7
-617.9
-11.0%
1972
1,579.9
2,233.1
-653.2
-10.4%
1973
1,751.7
2,508.0
-756.2
-10.5%
1974
2,060.9
2,883.0
-822.0
-10.6%
1975
1,900.9
3,154.2
-1,253.3
-15.4%
1976
2,013.9
3,088.5
-1,074.6
-11.9%
1977
2,008.3
2,911.1
-902.8
-9.6%
1978
2,207.5
2,913.4
-706.0
-7.1%
1979
2,473.5
3,245.2
-771.7
-7.3%
1980
2,631.1
4,096.8
-1,465.7
-12.7%
1981
2,550.3
4,139.0
-1,588.8
-14.4%
1982
2,432.7
4,346.2
-1,913.5
-17.2%
1983
2,019.2
4,910.7
-2,891.5
-26.7%
1984
1,903.2
5,378.8
-3,475.6
-30.2%
1985
2,365.8
5,624.2
-3,258.4
-26.3%
1986
2,528.9
6,166.1
-3,637.2
-27.5%
1987
3,046.1
6,473.9
-3,427.9
-25.0%
1988
3,108.5
7,210.8
-4,102.3
-30.0%
1989
4,076.0
7,136.2
-3,060.2
-21.5%
1990
2,971.8
7,237.9
-4,266.1
-31.3%
1991
2,562.8
7,565.6
-5,002.8
-36.7%
1992
2,551.2
8,015.4
-5,464.2
-40.5%
1993
2,734.0
8,280.3
-5,546.3
-39.3%
0^` "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
0$0%%+I?FMI%?AZ%,>d@A=EA%,GGFE?MX
!>=<BA@*TA773@A6=F>:EAD*9S9<8:>8^:7:<?*:>D:68<=@*:9*<B8<*DAPA7=CAD*^?*0A8@6A*8>D
!<c:>9=>*[0m!R*HIIX]N*$BA:@*8CC@=86B*:9R*:>*<T=*T8?9R*8*P8@:8<:=>*=>*<BA*-!-\
GA89S@A*D:96S99AD*8^=PAN*b:@9<R*<BA?*6=>9:DA@*F@=99*#%2&'I#+:>9<A8D*=;*:>PA9<GA><R
:>*=@DA@*<=*866=S><*;=@*<BA*9S@C7S9*=@*DA;:6:<*:>*8*F:PA>*6=S><@?O9*6S@@A><*866=S><N
#A6=>DR*;=@*6=>9:9<A>6?R*<BA*0m!*:>DAY*866=S><9*;=@*DAC@A6:8<:=>*=;*;:YAD*68C:<87
89*TA77*89*@A9=S@6A*DAC7A<:=>N
$BA*:>DAY*:9*DA@:PAD*S9:>F*<BA*;=77=T:>F*;=@GS78l
*j*r*["yY]*3*[Δ8yY]*3*[Δ(yY]R [Q]
TBA@A*5* :9* <BA* 9S9<8:>8^:7:<?* :>DAYR*&* AZS879* 98P:>F9R*Y* @AC@A9A><9* :>6=GAR*ΔΔΔΔΔ6
AZS879* 6=>9SGC<:=>* =;* ;:YAD* =@* G8>3G8DA* 68C:<87R* 8>D*ΔΔΔΔΔ-* :9* >8<S@87* @A9=S@6A
DAC7A<:=>R*=@*'_
*6=>9SGC<:=>N*"?*<B:9*6@:<A@:=>R*8>*A6=>=G?*:9*9S9<8:>8^7A*:;*8>D
=>7?*:;*5*v*KR*̂ A68S9A*9S6B*8>*=S<6=GA*T=S7D*9:F>:;?*<B8<*F@=99*98P:>F9*AY6AAD*<BA
<=<87*P87SA*=;*68C:<87*D:99:C8<ADN
_=<*9S@C@:9:>F7?R*<B:9*:>D:68<=@*:9*879=*9<@=>F7?*>AF8<:PA*;=@*"@8E:7*:>*877*<BA*?A8@9
9S@PA?AD*[$8^7A*Q]N*!;<A@*;7S6<S8<:>F*6=>9:DA@8^7?*:>*<BA*?A8@9*C@:=@*<=*HIVKR*<BA
0m!*:>DAY*G=@A*<B8>*D=S^7A9*^?*HIIX*[;@=G*3HVNI*<=*3`HNV]R*8F8:>*9SFFA9<:>F
<B8<*"@8E:7*:9*:>6@A89:>F7?*D:9<8><*;@=G*:<9*9S9<8:>8^:7:<?*=^kA6<:PAN*!79=R*89*0m!
>=<AR*<BA:@*:>DAY*:9*8*GA89S@A*=;*=3%H+9S9<8:>8^:7:<?*3*<B8<*:9R*<BA*AY<A><*<=*TB:6B
<=<87R* 89* =CC=9AD* <=*>8<S@87R* 68C:<87* :9*G8:><8:>AD* 3* 9SFFA9<:>F* <B8<* <BA* @A9S7<9
6=S7D*^A*APA>*G=@A*S>;8P=@8^7A*:;*7A99*6=>9A@P8<:PA*899SGC<:=>9*TA@A*8D=C<ADN*\>
9SGR* <BA* <B@AA* :>D:68<=@9* 6=>9:DA@AD*BA@AR* :>* 6=G^:>8<:=>R*C@=P:DA* 9<@=>F*AP:3
DA>6A*̂ =<B*<B8<*"@8E:7O9*A6=>=G:6*F@=T<B*;@=G*HIJQ*<=*HIIX*T89*;8@*G=@A*G=DA9<
<B8>*:>D:68<AD*^?*6=>PA><:=>87*GA89S@A9R*8>D*<B8<*F=PA@>GA><*C=7:6:A9*DA9:F>AD
<=*C@=G=<A*9S6B*F@=T<B*B8PA*[<BS9*;8@*8<*7A89<]*^AA>*S>9S9<8:>8^7AN
8?F@?AE%#EFF?= 0^c
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
#,9.!%2%4%+!,:&!%,(H%,#hS("'(%"-"#,S(,9S.S#V%S(H!i
Year
Gross Domestic
Saving- GDP Ratio
Fixed Capital
Consumption-GDP Ratio
Resource Depletion- GDP Ratio
Pearce & Atkinson
Sustainability Index
1965
21.4%
5.2%
37.7%
-0.214
1966
21.3%
4.3%
34.0%
-0.170
1967
20.3%
4.3%
34.2%
-0.182
1968
21.7%
4.3%
34.6%
-0.172
1969
21.4%
4.4%
35.5%
-0.184
1970
23.7%
5.3%
37.9%
-0.195
1971
23.6%
5.3%
36.2%
-0.178
1972
23.4%
5.2%
35.5%
-0.173
1973
23.3%
4.8%
35.0%
-0.165
1974
20.9%
4.8%
37.2%
-0.210
1975
19.4%
4.7%
38.7%
-0.240
1976
20.0%
4.7%
34.3%
-0.190
1977
20.6%
4.6%
30.8%
-0.148
1978
21.1%
4.6%
29.4%
-0.130
1979
21.3%
4.5%
30.7%
-0.139
1980
20.5%
4.0%
35.5%
-0.189
1981
22.7%
4.3%
37.4%
-0.191
1982
21.1%
5.5%
39.0%
-0.233
1983
21.1%
4.7%
45.4%
-0.289
1984
22.4%
4.7%
46.7%
-0.290
1985
24.2%
4.7%
45.4%
-0.259
1986
21.5%
4.7%
46.5%
-0.298
1987
25.5%
4.7%
47.3%
-0.265
1988
27.9%
4.7%
52.7%
-0.295
1989
32.3%
4.7%
50.1%
-0.225
1990
23.6%
4.7%
53.1%
-0.343
1991
20.8%
4.7%
55.5%
-0.394
1992
22.4%
4.7%
59.4%
-0.417
1993
21.6%
4.7%
58.7%
-0.418
051 "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
&'(&.-"S'(
$BA*CA@:=D*=;*<BA*"@8E:7:8>*MA6=>=G:6*G:@867AO*8CCA8@9*<=*B8PA*^AA>*TA7;8@A3:G3
C@=P:>F*;=@*G=9<*:;*>=<*877*"@8E:7:8>9N*_=<*=>7?*D:D*CA@*68C:<8*U-0*:GC@=PAR*^S<
CA@*68C:<8*9S9<8:>8^7A*:>6=GA*D:D*89*TA77R*8>D*8<*8*G=@A*@8C:D*@8<AN*$BA*@A9CA6<:PA
8>>S87*F@=T<B*@8<A9*;@=G*HIJQ*<=*HILX*TA@A*QNI*8>D*JNJ*CA@6A><R*8>D*APA>*AY<A>D3
:>F*<BA*9S^3CA@:=D*<=*HIVKR*<BA*8>>S87*F@=T<B*@8<A9*8@A*=>7?*G8@F:>877?*7=TA@l
QNXW*;=@*CA@*68C:<8*U-0R*8>D*QNLW*;=@*CA@*68C:<8*9S9<8:>8^7A*:>6=GAN
)A<*866=@D:>F*<=*^=<B*<BA*DAC7A<:=>38DkS9<AD*D=GA9<:6*:>PA9<GA><*=@*0A8@6A*8>D
!<c:>9=>*GA89S@A9R*<BA9A*@8C:D*F@=T<B*@8<A9*TA@A*>=<*:>*8*9:>F7A*?A8@*9S9<8:>8^7A
A6=>=G:6877?N*$B:9*;86<R*87=>F*T:<B*<BA*"@8E:7O9*:><A@>8<:=>87*;:>8>6:87*C@=^7AG9R
G8?*B8PA*B8D*8*B8>D*:>*<BA*9S^9AZSA><*A6=>=G:6*DA67:>AN*(PA>*CA@*68C:<8*U-0
9B@8>c* ;@=G* HIVK* <=* HIIXR* 8<* 8>* 8>>S87* @8<A* =;* KN`WR* 8>D* TA* ;:>D* <B8<* 8;<A@
;86<=@:>F*:>*@A9=S@6A*DAC7A<:=>R*CA@*68C:<8*9S9<8:>8^7A*:>6=GA*DA6@A89AD*8<*W$;k
GIF%?AA<KN*$B:9*9S^3CA@:=DR*G=@A=PA@R*8CCA8@AD*<=*^A*;8@*G=@A*A6=>=G:6877?*S>3
9S9<8:>8^7A* <B8>* :>* A8@7:A@* ?A8@9N* "?* HIIXR* <BA* AY<A><* <=* TB:6B* "@8E:7* T89
MD:9:>PA9<:>FO*;@=G*:<9*;S<S@AR*@A78<:PA*<=*U-0R*T89*<T=*<=*<B@AA*<:GA9*TB8<*:<*B8D
^AA>*C@:=@*<=*HIVKN
#=GA*G:FB<*;:>D*<BA9A*6=>67S9:=>9*AY6AAD:>F7?*CA99:G:9<:6N*$=*^AF:>*T:<BR*"@83
E:7O9*U-0*F@=T<B*@8<A9*=PA@*<BA*C89<*<B:@<?*?A8@9*6=GC8@A*;8P=@8^7?*T:<B*<B=9A*=;
G=9<*DAPA7=C:>F*6=S><@:A9*3*9=*;8P=@8^7?R*:>*;86<R*<B8<*<BA*>8<S@87*@A9=S@6A*866=S><3
:>F*C@=^8^7?*D=A9*>=<*D:96A@>:^7?*87<A@*<B:9*@A9S7<N*bS@<BA@G=@AR*<BA*>8<S@87*@A3
9=S@6A*P87S8<:=>*T89*^89AD*AY67S9:PA7?*=>*T=@7D*G8@cA<*C@:6A*8>D*AY<@86<:=>*6=9<
[8>DR* :>* <BA* 689A* =;* 9=:7R*T=@7D*C@:6A* =;* ;A@<:7:EA@]N*48D* <BA* P87SA*=;* C@=kA6<AD
9S^9<:<S<A9*8>D*C=<A><:87*>8<S@87*@A9=S@6A398P:>F*<A6B>=7=F:687*:>>=P8<:=>9*^AA>
6=>9:DA@ADR*:<*:9*7:cA7?*<B8<*<BA*@A9=S@6A*P87SA*A9<:G8<A9*T=S7D*B8PA*^AA>*6=>9:DA@3
8^7?*7=TA@R*C=<A><:877?*7A8D:>F*<=*G=@A*;8P=@8^7A*;:>D:>F9N
%AF8@D:>F*<BA*;:@9<*=^kA6<:=>R*:;*CA@*68C:<8*:>6=GA9*:>*=<BA@*DAPA7=C:>F*6=S><@:A9
DA67:>AD*G=@A*@8C:D7?*8;<A@*HIVK*<B8>*<BA?*D:D*:>*"@8E:7R*<B:9*9B=S7D*B8@D7?*^A*8
6=>9=78<:=>N* /8>?* "@8E:7:8>9R* A9CA6:877?* <BA* C==@A9<* F@=SC9R* 9<:77* 9S;;A@* :;* <BA:@
^89:6*>AAD9*8@A*>=<*GA<*:@@A9CA6<:PA*=;*TBA<BA@*<BA*9B=@<;877*:>*=<BA@*6=S><@:A9*:9
F@A8<A@N*_=*8<<AGC<*T89*G8DA*<=*;86<=@*:>*D:9<@:^S<:=>87*6B8>FA9*=PA@*<:GAN*$BA
;86<*<B8<*:>6=GA*:>AZS87:<?*T=@9A>AD*9:F>:;:68><7?R*6=SC7AD*T:<B*<BA*=^9A@PAD*DA3
67:>A*:>*:>6=GA*CA@*68C:<8*8;<A@*HIVKR*;S@<BA@*7:G:<9*<BA*96=CA*;=@*8>?*=C<:G:9<:6
899A99GA><9*=;*TB8<*<@8>9C:@ADN
+:<B*@A9CA6<*<=*<BA*P87S8<:=>*ZSA9<:=>R*TB:7A*<@SA*<B8<*@A9=S@6A9*G8?*B8PA*^AA>
=PA@P87SAD*;=@*<BA*@A89=>9*9<8<AD*8^=PAR*<BA@A*8@A*8*;AT*6=S><A@P8:7:>F*@A89=>9*;=@
TB:6B* <BA?*G8?*B8PA*^AA>*"'F3-P87SADN*b:@9<R* <BA* 9<SD?*=>7?*6=>9:DA@AD* <B@AA
8?F@?AE%#EFF?= 053
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
>8<S@87*@A9=S@6A9*3*G:>A@879R*<:G^A@R*8>D*9=:7*3*8>D*=G:<<AD*=<BA@9*3*ANFNR*;:9BA@:A9R
G8>F@=PA*9T8GC9R*A<6N*3*;@=G*6=>9:DA@8<:=>N*#A6=>DR*6B8>FA9*:>*A>P:@=>GA><87
ZS87:<?*TA@A*>=<*:>67SDAD*:>*<BA*@AP:9:=>9N*+A*68>*AYCA6<*<B8<*<BA*C=77S<:=>*=;R*98?R
<BA*8<G=9CBA@A*=@*;@A9B*T8<A@*:>*"@8E:7*<=*B8PA*T=@9A>AD*:>*<BA*;86A*=;*9:F>:;:68><
:>6@A89A9*:>*C=CS78<:=>R*:>DS9<@:87:E8<:=>R*8>D*A>A@F?*S9AN*b:>877?R*89*GA><:=>AD
A8@7:A@R*=>7?*G8@cA<8^7A*^A>A;:<9*TA@A*6=>9:DA@AD*:>*<BA*@A9=S@6A*P87S8<:=>9a*=<BA@
?A<3S>@A87:EAD*=@*S>@A6=F>:EAD*[ANFNR*A6=7=F:687R*=C<:=>]*P87SA9*TA@A*AY67SDADN
+B8<*8@A*TA*<=*6=>67SDAh*$BA*>AAD*<=*C@=P:DA*8<* 7A89<*^89:6* 9S9<A>8>6A* ;=@*877
"@8E:7:8>9*G8cA9*:<*AY<@AGA7?*D:;;:6S7<*<=*kS9<:;?R*APA>*:;*:<*TA@A*C=99:^7AR*8*6=G3
C7A<A*B87<*<=*@A9=S@6A*DAC7A<:>F*86<:P:<:A9N*$BA*F@A8<A9<*6B877A>FAR*<BA@A;=@AR*:9*<=
^878>6A*<BA*>AAD*;=@*7=>F3@S>*9S9<8:>8^:7:<?*T:<B*6=><:>SAD*A;;=@<9*<=*6=G^8<*C=P3
A@<?*8>D*=<BA@*9=6:87*C@=^7AG9N*$T=*C=7:6?*:GC7:68<:=>9*;=77=T*;@=G*<B:9*899A993
GA><N
b:@9<R*<BA*"@8E:7:8>*F=PA@>GA><*9B=S7D*:><@=DS6A*:>6A><:PA9*<=*:>6@A89A*<BA*@8<A*=;
C@:P8<A*98P:>F9R*9=*<B8<*68C:<87*:>PA9<GA><*G:FB<*M6@=TD*=S<O*6=>9SGC<:=>*:>*DA3
<A@G:>8<:=>*=;*>8<:=>87*:>6=GAN*/=@A*9CA6:;:6877?R*F@A8<A@*:>PA9<GA><*:>*>8<S@87
68C:<87*[ANFNR*C@=F@8G9*<=*C@=G=<A*@A;=@A9<8<:=>*=@*7A99*9=:73DAF@8D:>F*8F@:6S7<S@87
C@86<:6A9]* 8@A* 9<@=>F7?* 8DP:9ADN* #A6=>DR* 9S6B* 6B8>FA9* A><8:7* <BA* A7:G:>8<:=>* =;
9S^9:D:A9*=@*<8Y*^@A8c9*<=*<BA*G:>:>F*8>D*68<<7A*@8>6B:>F*:>DS9<@:A9*3*<BA*C@:>6:C87
^A>A;:6:8@:A9*=;*A8@7:A@*C=7:6:A9*3*8>D*>AT*:>6A><:PA9*<=*C@=G=<A*6=><:>SAD*A6=3
>=G:6*D:PA@9:;:68<:=>*<=T8@D*G8>S;86<S@:>F*86<:P:<:A9*<B8<*D=*>=<*@AZS:@A*6=><:>3
SAD*67A8@:>F*=;*<BA*!G8E=>*;=@A9<N*\;*86B:APADR*<B:9*T:77*8:D*"@8E:7*=>*:<9*C8<B*<=
F@A8<A@*9A7;39S;;:6:A>6?*:>*<BA*9A6=>D8@?*8>D*<A@<:8@?*9A6<=@9N*$B:9*T=S7D*D:G:>:9B
DACA>DA>6A*=>*;=@A:F>*:GC=@<9*8>D*T=S7DR*:>*<S@>R*:GC7?*7A99*AGCB89:9*=>*689B3
6@=C*8>D*C@:G8@?*G8<A@:87*AYC=@<9N*$BA9A*APA><9*G:FB<R* :>*<BA*9B=@<A@*@S>R*CS<
"@8E:7*^86c*=>*8>*A6=>=G:6877?*9S9<8:>8^7A*6=S@9A*8>DR*:>*<BA*7=>FA@*@S>R*DA7:PA@
6=>9:9<A><*TA773^A:>F*:GC@=PAGA><9*>8<:=>T:DA*=>6A*8F8:>N
:!g!:!(&!"
!-U(%R* +N* _NR* "%,+_R* 'N* &(%2\U_\R* %N* m* /,%!_R* -N* $=T8@D
A9<:G8<:>F*<=<87*A6=>=G:6*P87SA*=;*;=@A9<9*:>*/AY:6=N*&A><@A*;=@*#=6:87
8>D*(6=>=G:6*%A9A8@6B*=>*<BA*U7=^87*(>P:@=>GA><R*.>:PA@9:<?*=;*(89<
!>F7:8*8>D*.>:PA@9:<?*&=77AFA*1=>D=>R*UEFd@A[%+?GIF%I`3jHR*HIIQN
!U.\%%(R*!NR*m*b!%\!R*-N*/N*&N*0N*DAN*!P87:8z{=*6=><:>FA><A*DA*:>PA9<:3
GA><=9*8G^:A><8:9l*SG*A9<SD=*DA*689=N*!=><ZE=%!MEAlK@ME=)*PN*jJR*>N*HR*CN
VQ3HKIR*k8>NyG8@N*HIIJN
!1/(\-!R*!N*&N*,*"@89:7*>=*;:>87*D=*9|6S7=*}}l*SG*689=*DA*9S6A99=N*H,4
H'"%4%:IJ@=>?%ZI%&@mAM@?=%"EM@?@=)*PN*`HR*>N*`R*CN*LVQ3VXKR*HIIVN
05; "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
"!%$(1/.#R*0NR*1.$dR*(N*m*#&4+(\_b(#$R*#N*\><AF@8<AD*A>P:@=>GA><87
8>D*A6=>=G:6*866=S><:>Fl*8*689A*9<SD?*;=@*08CS8*_AT*US:>A8N*UEFCZ
9?Ad%!AJ@FEAKIA>%UEFd@A[%+?GIF*>N*Q`R*+89B:>F<=>R*-&l*+=@7D*"8>cR
HIIjN
"!#$,#*b\14,R*UN*#N*&EA>?B@C@n?AZE%?%IFE=NE%ZE%=ECEQ%<K%?R<=>I%?KB@IA>?C
G?F?%E%GFEZ<>E%BF<>E%?[FEGIM<aF@E%G?<C@=>?N*-:99A@<8z{=*DA*/A9<@8D=R*.>:3
PA@9:D8DA*DA*#{=*08S7=R*"@89:7R*HIIQN
"._'(%R*#N*$BA* :GC86<*=;*DA;=@A9<8<:=>*=>*CA898><*6=GGS>:<:A9* :>* <BA
GAD:=*!G8E=>89*=;*"@8E:7N*\>*#<SD:A9*:>*$B:@D*+=@7D*#=6:A<:A9R*UXIFI
X?JI%?CC%>XI%]CE\IF=%[EAIL%HI]EFI=>?>@EA%@A%>XI%#X@FZ%UEFCZN*+:77:8G9^S@Fl
&=77AFA*=;*+:77:8G*8>D*/8@?R*-AC8@<GA><*=;*!><B@=C=7=F?R*HIVHN
~~~~~~~N*-AZIFZIJICEG@A[%>XI%,K?nEAQ%IY>F?M>@EA)%<AI_<?C%IYMX?A[I)%?AZ%>XI
]?@C<FI%E]%>XI%KEZIFA%=>?>IN*.@^8>8l*.>:PA@9:<?*=;*\77:>=:9*0@A99R*HIV`N
&!#$!�(-!R*"N*,A%@AZIY%E]%=<=>?@A?BCI%IMEAEK@M%\IC]?FI%OS"!UP%]EF%&X@CIN
#=7=G=>9l*\>9<:<S<A*;=@*(6=7=F:687*(6=>=G:69R*HIILN
&!2!1&!_$\R*5N*(N*/?CEF?oNE%IMEAlK@M?%Z?=%GIFZ?=%ZI%=ECE%AE%/?CI%ZE%:@E%"NE
gF?AM@=MEN*&=DAP89;yb!,R*%A78<i@:=*b:>87*DA*&=>9S7<=@:8R*HIIQN
&,#$!_d!R*%NR*m*-!1)R*4N*_8<S@87*68C:<87*8>D*9S9<8:>8^7A*DAPA7=CGA><N
&EA=IFJ?>@EA%HIJICEGKIA>)*PN*JR*>N*HR*CN*XL3`JR*HIIjN
&,#$!_d!R*%NR*-O!%U(R*%NR*-(*U%,,$R*%NR*b!%"(%R*#NR*U%!##,R
/NR* 4!__,_R* "NR* 1\/".%UR* 'NR* _!((/R* #NR* ,O_(\11R* %N* 2NR
0!%.(1,R*5NR*%!#'\_R*%NUNR*#.$$,_R*0N*m*2!_*-(_*"(1$R*/N
$BA*P87SA*=;*<BA*T=@7DO9*A6=9?9<AG*9A@P:6A9*8>D*>8<S@87*68C:<87N*(?><FIR
HQR*CN*jQX3jJK*/8?*HIILN
-!2\#R*#N*4N*/@M>@K=%E]%>XI%K@F?MCIN*1=>D=>l*&8G^@:DFA*.>:PA@9:<?*0@A99R
HILLN
(1*#(%!b)R*#N*$BA*C@=CA@*6876S78<:=>*=;*:>6=GA*;@=G*DAC7A<8^7A*@A9=S@6A9N
SAQ%!4/!-R*)N*5NR*(1*#(%!b)R*#N*m*1.$dNR*(N*[AD9N]R*!AJ@FEAKIA>?C
?MME<A>@A[%]EF%=<=>?@A?BCI%ZIJICEGKIA>R*+89B:>F<=>l*+=@7D*"8>cR*HIVIR
CNHK3HVN
4!%%\#,_R*!N*\><@=DS6:>F*>8<S@87*68C:<87*:><=*<BA*#_!N*SAl*!4/!-*)N*5NR
(1*#(%!b)R*#N*m*1.$dR*[AD9N]R%!AJ@FEAKIA>?C%?MME<A>@A[%]EF%=<=>?@A?BCI
ZIJICEGKIA>N*+89B:>F<=>R*-&l*$BA*+=@7D*"8>cR*HIVIR*CN*HI3jQN
4(&4$R*#N*(>P:@=>GA><R*DAPA7=CGA><R*8>D*C=7:<:69l*68C:<87*866SGS78<:=>
8>D*<BA*7:PA9<=6c*9A6<=@*:>*A89<A@>*!G8E=>:8N*UEFCZ%HIJICEGKIA>)*PN*HXR*>N
JR*CN*JJX3JV`R*HIVQN
4\&'#R*5N*%N*/?C<I%?AZ%M?G@>?CQ%?A%@A_<@FD%@A>E%=EKI%]<AZ?KIA>?C%GF@AM@GCI=%E]
IMEAEK@M%>XIEFDN*,Y;=@Dl*,Y;=@D*.>:PA@9:<?*0@A99R*HI`JN
4,bb/!_R*4N*0=PA@<?*8>D*C@=9CA@:<?l*TB8<*:9*6B8>F:>Fh*SAl*"!&4!R*(N
1N* m* '1(\_R* 4N* #N* [AD9N]R* "EM@?C% MX?A[I% @A% 9F?n@C)% 3cW243c`2Q% >XI
@AMEKGCI>I%>F?A=@>@EAN*!7^SZSA@ZSAl*.>:PA@9:<?*=;*_AT*/AY:6=*0@A99R*HIVIN
\_0(N* (Y<A>9{=* D=* DA9;7=@A9<8GA><=* >8* !G8Et>:8* 7AF87N* B<<Clyy
TTTNDC:N:>CAN^@y*8G8E=>:8yDA9;7=@8NB<G7R*HIIQN
8?F@?AE%#EFF?= 050
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
5!&'#,_R*$N*m*/!%'#R*_N*&=>9SGC<:=>R*9S9<8:>8^7A*TA7;8@AR*8>D*BSG8>
>AAD9*3*T:<B*@A;A@A>6A*<=*.'*AYCA>D:<S@A*C8<<A@>9*^A<TAA>*HIQ`*8>D
HII`N*!MECE[@M?C%!MEAEK@M=)*PN*jVR*>N*XR*CN*`jH3``HR*HIIIN
'!$d/!_R*/N*$N*08@8D=YA9*=;*!G8E=>:8>*DAPA7=CGA><*:>*8*M@A9=S@6A39<8@PADO
T=@7DN*6E<FA?C%E]%HIJICEG@A[%,FI?=)*PN*HKR*>N*̀ R*CN*̀ `Q3`JKR*HILJN
1e1eR*#N*#S9<8:>8^7A*DAPA7=CGA><l*8*6@:<:687*@AP:ATN*UEFCZ%HIJICEGKIA>)%PN*HIR
>N*JR*CN*JKL3JjHR*HIIHN
/!%U.1\#R*#N*"86c3=;3<BA3A>PA7=CA*A9<:G8<A9*=;*A>P:@=>GA><87*D8G8FA*6=9<9
:>*/AY:6=N*+=@7D*"8>cR*UEFd@A[%+?GIF%"IF@I=R*�Vj`R*58>S8@?*HIIjN
/!%$n_(d3!1\(%N*-ASD8*A6=7iF:68*?*DASD8*AY<A@>8N*&?ZIFAE%ZI%!=><ZE=
"EM@?@=)*PN*HXR*>N*jR*CN*HVX3jH`R*HIILN
/.(11(%R*&N*&N*!P87:8z{=*DA*DS89* 6=@@A><A9* D8* A6=>=G:8* 8G^:A><87l* 8
A96=78*>A=67w99:68*A*8*A6=>=G:8*D8*9=^@AP:P�>6:8N*:IJ@=>?%ZI%!MEAEK@?
+ECb>@M?)%PN*HVR*>N*jR*CN*JJ3VIR*HIIVN
/._!#\_U4(R*/N*\9*A>P:@=>GA><87*DAF@8D8<:=>*8>*:>AP:<8^7A*6=>9AZSA>6A
=;*A6=>=G:6*F@=T<Bl*<S>>A7:>F*<B@=SFB*<BA*A>P:@=>GA><87*'SE>A<9*6S@3
PAN*!MECE[@M?C%!MEAEK@M=)%P$%jIR*>N*HR*CN*VI3HKIR*HIIIN
0(!%&(R*-N*+N*m*!$'\_#,_R*UN*&8C:<87*<BA=@?*8>D*<BA*GA89S@AGA><*=;
9S9<8:>8^7A*DAPA7=CGA><l*8>*:>D:68<=@*=;*fTA8cg*9S9<8:>8^:7:<?N*!MECE[@M?C
!MEAEK@M=*VR*CN*HKX3HKVR*HIIXN
0(!%&(R*-N*+NR*"!%"\(%R*(N*m*/!%'!_-)!R*!N*[HIIK]N*"<=>?@A?BCI
ZIJICEGKIA>Q%IMEAEK@M=%?AZ%IAJ@FEAKIA>%@A%>XI%#X@FZ%UEFCZN*1=>D=>l*(7F8@R
HIIKN
0(!%&(R*-NR*4!/\1$,_R*'N*m*!$'\_#,_R*UN*/A89S@:>F*9S9<8:>8^7A
DAPA7=CGA><l* C@=F@A99* =>* :>D:68<=@9N* !AJ@FEAKIA>% ?AZ% HIJICEGKIA>
!MEAEK@M=*HR*CN*VQ3HKHR*HIIJN
0%.U4R*$N*(?><F?C%M?G@>?C%?AZ%X<K?A%IMEAEK@M% =<FJ@J?CN*#=7=G=>9l*\#((
0@A99R*HIIQN
%(0($$,R*%NR*/!U%!$4R*+NR*+(11#R*/NR*"((%R*&N*m*%,##\_\R*bN
U?=>@A[%?==I>=Q%A?><F?C%FI=E<FMI=%@A%>XI%A?>@EA?C%@AMEKI%?MME<A>=N*+89B:>F3
<=>l*+=@7D*%A9=S@6A9*\>9<:<S<AR*HIVIN
#!&4#R*\N*(9<@8<|F:89*DA*<@8>9:z{=*C8@8*=*9|6S7=*}}\N*&?ZIFAE=%ZI%HI=IAJECJ@4
KIA>E%I%8I@E%,KB@IA>I*HR*CN*̀ L3JjR*HII`N
#(%p!*-!*/,$$!R*%N*m*/!)R*0N*1=99*:>*;=@A9<*@A9=S@6A*P87SA9*DSA*<=
8F@:6S7<S@87*78>D*6=>PA@9:=>*:>*"@8E:7N*#IY>E%G?F?%Z@=M<==NE%A$%;W`N*%:=*DA
58>A:@=l*\>9<:<S<=*DA*0A9ZS:98*(6=>tG:68*!C7:68D8R*HIIjN
#,1o%d!_,R* %NR* -(* &!/\_,R* %NR* +,,-+!%-R* %NR* $,#\R* 5NR
+!$#,_R* 2NR* 2�#x.(dR* !NR* 2\11!1,",#R* &N* m* 5\/e_(dR* 5N
,MME<A>=%EJIFZ<IQ%A?><F?C%FI=E<FMI%ZIGFIM@?>@EA%@A%&E=>?%:@M?N*+89B:>F<=>l
+=@7D*%A9=S@6A9*\>9<:<S<AR*HIIHN
$,%%!#R* /N* \>AZS87:<?R* @A9=S@6A* DAC7A<:=>R* 8>D* TA7;8@A* 866=S><:>Fl
8CC7:68<:=>9*<=*\>D=>A9:8*8>D*&=9<8*%:68N*UEFCZ%HIJICEGKIA>)*PN*jLR*>N*LR
CN*HHIH3HjKjR*HIIIN
05W "<=>?@A?B@C@>D%EF%(?><F?C%&?G@>?C%HI=@AJI=>KIA>L
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
~~~~~~~N*$BA*<=<87*A6=>=G:6*P87SA*=;*!G8E=>:8>*DA;=@A9<8<:=>R*HILV3HIIXN
!MECE[@M?C%!MEAEK@M=)*PN*XXR*>N*jR*CN*jVX3jILR*jKKKN
2(\U!R*5N*(N*-!N*0@=^7AG89*D8*<@8>9:z{=*�*8F@:6S7<S@8*9S9<A><wPA7N*!=><ZE=
!MEAlK@ME=)%P$%j`R*_�GA@=*(9CA6:87R*CN*I3jIR*HII`N
2\(-(%/!_R*#N*!*A6=>=G:8*D8*9S9<A><8^:7:D8DAl*DA98;:=9N*&?ZIFAE=%ZI%!=4
><ZE=%"EM@?@=)%P$%HHR*>N*HR*CN*H`H3HJVR*HIIQN
),._UR*&N*(N*bN*m*#(%p!*-!*/,$$!R*%N*/A89S@:>F*9S9<8:>8^7A*:>6=GA
;@=G*G:>A@87*AY<@86<:=>*:>*"@8E:7N*:I=E<FMI=%+EC@MD)*PN*jHR*>N*jR*CN*HHX3HjQR
HIIQN
H,#,%"'-:&!"
"!#$,#*b\14,R*UN*#N*#AA*@A;A@A>6A9*7:9<N*HIIQN
&!2!1&!_$\R*5N*(N*#AA*@A;A@A>6A9*7:9<N*HIIQN
&,//,-\$)*%(#(!%&4*".%(!.R*\>6N*&EKKEZ@>D%VI?FBEEdN*&%"R*HILQN
&%"*&EKKEZ@>D%VI?FBEEdN*HIV`N
\_#$\$.$,*"%!#\1(\%,*-(*U(,U%!b\!*(*(#$!$n#$\&!*3*\"U(N
&IA=E%,[FEGIM<aF@EN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA><=*A*,@z83
GA><=R*HILKN
\"U(N*+I=_<@=?%SAZ<=>F@?CN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA><=*A*,@z83
GA><=R*HILjN
\"U(N*,A<aF@E%!=>?>b=>@ME%ZE%9F?=@CN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA>3
<=*A*,@z8GA><=R*HILX8N
\"U(N*+I=_<@=?%SAZ<=>F@?CN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA><=*A*,@z83
GA><=R*HILX^N
\"U(N*&IA=E%,[FEGIM<aF@EN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA><=*A*,@3
z8GA><=R*HILQN
\"U(N*,A<aF@E%!=>?>b=>@ME%ZE%9F?=@CN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA>3
<=*A*,@z8GA><=RN*HILVN
\"U(N*&IA=E%,[FEGIM<aF@EN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA><=*A*,@3
z8GA><=R*HIVKN
\"U(N*&IA=E%,[FEGIM<aF@EN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA><=*A*,@3
z8GA><=R*HIVQN
\"U(N*,A<aF@E%!=>?>b=>@ME%ZE%9F?=@CN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA>3
<=*A*,@z8GA><=R*HIVJN
\"U(N*,A<aF@E%!=>?>b=>@ME%ZE%9F?=@CN*%:=*DA*58>A:@=l*/:>:9<|@:=*D=*078>Ak8GA>3
<=*A*,@z8GA><=R*HII`N
\_$(%_!$\,_!1* /,_($!%)* b._-* 3* \/bN* SA>IFA?>@EA?C% g@A?AM@?C
">?>@=>@M=%VI?FBEEdN*+89B:>F<=>R*-&NR*HIIKN
8?F@?AE%#EFF?= 052
!=>$%IMEA$)%"NE%+?<CE)%01O0PQ0234052)%R<C4=I>%;111
\/bN*SA>IFA?>@EA?C%g@A?AM@?C%">?>@=>@M=%VI?FBEEdN*+89B:>F<=>R*-&R*HIIJN
\/bN*SA>IFA?>@EA?C%g@A?AM@?C%">?>@=>@M=%VI?FBEEdN*+89B:>F<=>R*-&R*HIILN
5,4_#*4,0'\_#*0%(##R*$4(N*&EKKEZ@>D%#F?ZI%?AZ%+F@MI%#FIAZ=)%3c`c4
3cc3N*b=@*<BA*+=@7D*"8>cR*HIIjN
%(0($$,R*%NR*/!U%!$4R*+NR*+(11#R*/NR*"((%R*&N*m*%,##\_\R*bN
#AA*@A;A@A>6A9*7:9<N*HIVIN
#(%p!*-!*/,$$!R*%N*m*/!)R*0N*#AA*@A;A@A>6A9*7:9<N*HIIjN
#\12(%*\_#$\$.$(R*$4(N%UEFCZ%"@CJIF%"<FJID%3c2143cc1N*HIIKN
#,1o%d!_,R* %NR* -(* &!/\_,R* %NR* +,,-+!%-R* %NR* $,#\R* 5NR
+!$#,_R*2NR*2�#x.(dR*!NR*2\11!1,",#R*&N*m*5\/e_(dR*5N*#AA
@A;A@A>6A9*7:9<N*HIIHN
.N#N*-(0!%$/(_$*,b*$4(*\_$(%\,%N*">?>@=>@M?C%&EKGIAZ@<KN*"S@A8S
=;*/:>A9N*HIIXN
$B8>c9*<=*58GA9*"=?6AR*/=B8>*%8=R*"@S>=*#8@8:P8R*$=G*#<APA>9R*8>D*%=99*+A:>A@*;=@*6=GGA><9*=>
A8@7:A@*PA@9:=>9*=;*<B:9*C8CA@*8>D*<=*US:7BA@GA*"89<=9*b:7B=*8>D*%=>87D=*#A@t8*D8*/=<<8*;=@*C@=P:D:>F
GA*T:<B*D8<8*>A6A998@?*<=*6=>DS6<*<B:9*9<SD?
[%A6A^:D=*AG*8F=9<=*DA*HIIIN*!6A:<=*C8@8*CS^7:68z{=*AG*kS>B=*DA*jKKK]N