%*"+.)!!

0$+/

!*0.+
!^0%
1*%2!./% 
(!.0+$1.0 +

%/!.*%)%!*0+^0%+
JATK

!HAJPNK@A^PE?=@AH=1JERANOE@=@H>ANPK$QNP=@KLQ>HE?=LANE@E?=IAJPAQJ>NARA%JBKNIA!PDKOKBNA?EAJ@K
QJ=HA?PQN=PE?=@AQJPAI=@AEJPANOJ=?EKJ=HL=N==UQ@=NAJAH@EO?ANJEIEAJPK@AQJFQE?EKIKN=HNAOLKJO=>HA
?KJREOP=O=QJ==??EJ?KDANAJPA
/A=@KLP=AHIPK@KECJ=?E=JK@AHPNELHAL=OKATLANEAJ?E=DA?DK NAATEJOQ
?KILNAJOEJAEILHE?=?EKJAOPE?=O =??EJAHAIAJPKOL=N=AH@EO?ANJEIEAJPKQJ=NAATEJOK>NAH=ATLANEAJ?E=
?KJIEN=O=QJ==??EJ?KJOA?QAJPA

 

%//*  

*v

!HLNK?AOK@AQJ=PE?=@A@EO?ANJEIEAJPK
!J=HCQJ=OOEPQ=?EKJAO?KJ?NAP=O@KJ@A=L=NA?AQJ?KJE?PK@AR=
HKNAOMQALNK@Q?AQJ=QPJPE?K@EHAI=PE?KOALQA@ANA?QNNEN=HLNK
?AOK@A@EO?ANJEIEAJPKL=N=HHAC=N=QJ=@A?EOEJPE?=BQJ@=IAJP=
@==H@AO?Q>NENAHR=HKNLNA@KIEJ=JPAKOQLANEKN
!OP=IAPK@KHKC=
?KJOP=@A?Q=PNKIKIAJPKO=@AHEIEP=NAH DA?DK> ?KILNAJ@AN
?=>=HIAJPAAHDA?DK?@AO?Q>NENHKOR=HKNAOEILHE?=@KOAJAHDA?DK
U@PKI=NH=@A?EOEJPE?=

!HDA?DK
zQbHAOAT=?P=IAJPAAHLNK>HAI=(=RE@=AO?KILHAF=U
JKAOP=JOEILHA@AHEIEP=NHKO?KJPKNJKO@AHDA?DK?KJ?NAPK
RA?AO
OAPEAJ@A=?KJBQJ@ENH=EJPANLNAP=?EJ@AHDA?DK=OLA?PKOQ>FAPERK
?KJAHDA?DKIEOIK=OLA?PKK>FAPERK
OLKNAFAILHK=NI=NMQA
AH=P=MQAPANNKNEOP=?KJPN=H=O0KNNAO#AIAH=OAJ*QAR=5KNGBQAQJ
=PAJP=@K?KJPN=H=@AIK?N=?E=K??E@AJP=HAOQJ=EJPANLNAP=?EJ@A
QJDA?DK
!HDA?DKAOAH=PAJP=@K
,KNAHHKAJLNEIANHQC=NAOLNA?EOK
@AHEIEP=NUATLHE?EP=NAHDA?DKLKNMQA=RA?AOOAEILKOE>EHEP=AH@EbHK
CKAJH=OK?EA@=@@A>E@K=AO=?KJBQOEJ


(=?KILNAJOEJ@AHDA?DK
!JAOPAOACQJ@KIKIAJPKOAL=O=@A
QJ=@AO?NEL?EJ@AHDA?DK=OQEJPANLNAP=?EJ
z-QOECJE?=HKMQA
D=L=O=@K(KO@=PKOOQAHPKO?K>N=JQJOAJPE@KAJ?Q=JPKOAHA>QO?=
QJ=PKP=HE@=@@AOECJE?=@K
!OPKNAMQEANAQJPN=>=FKIQHPE@EO?ELHE
J=NEKL=N==OQIENH=O@EOPEJP=OLANOLA?PER=OEJRKHQ?N=@=O?KIKP=I

>EJH=OLKOE>HAO?KJOA?QAJ?E=O
,KNAHHKOAOEP=AHDA?DKAHPATPK
@AH=NA=HE@=@@AJPNK@AQJ?KJPATPKIbO=ILHEKUATLHE?EP=J@KAH
LNAPATPK=BA?PERKUN=?EKJ=H@AO@AAH?Q=HOAAJBK?=H=?KILNAJOEJ


 (=O EILHE?=?EKJAO PE?=O
 (= ?KILNAJOEJ @AH DA?DK AO AOAJ?E=H
L=N=@APA?P=NHKOR=HKNAOMQAAOPbJAJ?KJE?PK
/EJKDQ>EAN=?KJE?
PERE@=@R=HNE?=AHDA?DKJKLH=JPA=N=QJ@AO=BKPE?K?KJAHJA?A
O=NEKU?KNNAOLKJ@EAJPA@EO?ANJEIEAJPK
,KNAHHKAOLNA?EOK@AO?Q>NEN
?QbHAOOKJHKOR=HKNAOAJ?KJE?PKU?QbHOAN=H=?KNNA?P=FAN=NMQEV=
?EJ@AR=HKNAOAJH=OEPQ=?EJ?KJ?NAP=
zQbHAOAHR=HKNMQAJKOA
LQA@APN=JO=NAJQJ=OEPQ=?EJ?KJ?NAP=

(=@A?EOEJPE?=
(=ATLHE?EP=?EJ@AHKOR=HKNAOEILHE?=@KOAOEJ
@EOLAJO=>HA L=N= @A?E@EN MQ =??EJ ?KJ?NAP= AILNAJ@AN AJPNA H=O
@EOPEJP=OLKOE>HAO=HPANJ=PER=O
(=LNACQJP=LKNAHR=HKNOQLNAIKAJ
QJ=OEPQ=?EJ@APANIEJ=@=?KJHHAR=AH@AO=BK@APN=@Q?ENHKAJQJ=
=??EJ?KJ?NAP=
zIKATLNAO=NAJHKODA?DKOAOPAR=HKN
/EJAI>=NCKAHNA?QNOK=QJ=PE?=@A@EO?ANJEIEAJPKNAMQEANAQJ=O
?KJ@E?EKJAOLNARE=OL=N=AJPN=N?KNNA?P=IAJPAAJAHLNK?AOKAREP=J
@K=OQJLQNKOQ>FAPEREOIK@A?KJRAJEAJ?E=PE?=AO@A?EN?KJBQJ@EN
HK?KJRAJEAJPAL=N=QJK?KJHK?KNNA?PK

.AMQEOEPKOL=N=AJPN=NAJAHLNK?AOK@AQJ=PE?=@A@EO?ANJEIEAJPK

 AOAK@A=QPKPN=O?AJ@ANOAL=N=>QO?=N
=K>FAPER=IAJPAHKMQAD=N=?Q=HMQEANKPNKAJAHIEOIKHQC=NU
>AR=JCHE?=IAJPA@AO@ADKNEVKJPA@A?KJRANOEJ?Q=J@KAH!R=JCAHEKHHAC==OAN?NEPANEK@A@A?EOEKJAOPE?=O
?H==??EJPN=JOBKNI=@KN=


,OE?KHCE?=IAJPA
=?KJK?EIEAJPKAR=HQ=PERK?=L=?E@=@N=?EKJ=HNAATER==J=HPE?=U?NPE?=
>HE>ANP=@NA?KJK?EAJ@KHEIEP=?EKJAOL=N=LK@AN=?PQ=N?KJI=UKNHE>ANP=@@AJPNK@AHKOHIEPAO
?AIL=P=LNAK?QL=?EJLKNKPNKOU=@DAOEJ=BA?PER==@A?EOEKJAO


^PE?=IAJPA
=@AO@AH=BAAHOAJPE@K=H=IKN=H=H==??EJATLNAOEJ@AATLANEAJ?E=
>LNEI=?=@AQJ=?KJ?EAJ?E=BKNI=@=NA?P=RAN=V?EANP=@EIAJOEJOQ>FAPER=?EHQIEJ=@=LKNH=IA@E=?EJLA@=CCE?=@AH=HAU@E
IAJOEJ?KIQJEP=NE=

)^0+ +%#*%*+=LHE?=?EJPE?=
.AATEKJ=N=L=NPEN@AH=ATLANEAJ?E=?KJREOP=O=H==??EJ

!4,!.%!*%
!HJERAH@AHDA?DKAHIKIAJPK@AO?NELPERKAH@=PK




zQbHAOAHPAI=OK>NAAH?Q=HOAPEAJAMQAAIEPENQJFQE?EKPE?K
zQbHAOAH?KJPATPK@AJPNK@AH?Q=HOAOEP=AHPAI=?KIKQJ@AO=BK
z-QOAOEAJPABNAJPA=HPAI=UMQAOEAJPAH=OK?EA@=@BNAJPA=HPAI=

.!"(!4%*
!HJERAH@AHLAJO=NAHIKIAJPK@AAR=HQ=NAH@=PKOAPN=JOBKNI=AJQJDA?DK







!H@AOAK@A>QO?=ND=?ANHK?KNNA?PKAJQJ=OEPQ=?EJ?KILHAF=@KJ@A
ATEOPAQJ?KJE?PK@AR=HKNAO
z-Q@E?AH=ATLANEAJ?E=LANOKJ=HUH=@AKPNKO
zQbH AO AH OECJE?=@K @AH DA?DK z/QO EILHE?=?EKJAO z/QO ?KJOA?QAJ
?E=O
z-QD=N=?Q=HMQEANLANOKJ=AJH=IEOI=OEPQ=?EJ
z-QKL?EJ=OQIEN=OEAOPQREAN=AJAHHQC=NIbO@AORAJP=F=@K
HNAATEKJ=NOK>NAAHDA?DKAOIQULNK>=>HAMQA?=I>EAOQATLANEAJ?E=
LKNMQAU=JKAOQJ=LNEIAN=NA=??EJOEJKQJ=MQA=OQI=OQ?KJPATPK
UOECJE?=@K

%*
!HJERAH@AH==??EJAHIKIAJPK@ANA =??EKJ=NBNAJPA=HDA?DK





OQIENQJ=LKOPQN=>QO?=J@KOQATLNAOEJ?KJ?NAP=
H=NE@=@OK>NAHKMQAOA@A>AD=?ANOAPN=@Q?AAJHKMQAAOLKOE>HAD=?AN
EIAJOEJPAILKN=H=?KNPKIA@E=JKUH=NCKLH=VK
QO?=J@KAH>EAJLKOE>HAAJQJ=OEPQ=?EJ@A?KJE?PK@AR=HKNAO

,NK?AOK@AQJ=PE?=@A@EO?ANJEIEAJPK
$!$+

+),.!*/%* !($!$+

&1%%+^0%+

%*^0%

zQbHAO
AT=?P=IAJPAAHDA?DK

zQbHAOOKJOQOEILHE?=?EKJAO
UOQO?KJOA?QAJ?E=O

QbHAOOKJHKOR=HKNAOAJ?KJE?PK
EILHE?=@KOAJAHDA?DK

zQbHAOH=LNEKNE@=@=TEKHCE?=
AJREOP==H==??EJ?KJ?NAP=

QO?=NAHOECJE?=@K@AHKO@=PKO z-QAOHK?KNNA?PKJKHK?KJRAJEAJPA
L=N=AJPAJ@ANAHDA?DK
JE H= @E?P=@QN= AOP=@OPE?=
 !J H= LANO
zQbHAOAHDA?DK
LA?PER= ?NEOPE=J= AH EJPANNKC=JPA OA AT
 KILNAJ@AN =OACQN=N =QPK ?KI LNAO=AJPNIEJKO@AzQbHAOH=RKHQJ
LNAJOEJOQ>FAPER=UATLNAO=N?KI P=@@EREJ=
LNAJOEJ = KPNKO K>FAPER= ?KIQJE
zQbHAOH=LNACQJP=PE ?=>HA
 z-Q OA D= NAATEKJ=@K =H NAOLA?PK
?=@AHDA?DK
NAOA=DEOPNE?=@ALAJO=IEAJPKPE?K
 LNKTEI=?EJ EJPAN@EO?ELHEJ=NE=
L=N==I=UKN?KILNAJOEJ@AHDA z-QOANAATEKJ=DKU
?DK AH OECJE?=@K @A HKO @=PKO > NAOA=@ALKOPQN=OPE?=O=?PQ=HAO
 AHEIEP=NPAIbPE?=
OQO EILHE?=?EKJAO U ? OQO ?KJOA
?QAJ?E=O
 /=>AN OAHA??EKJ=N NAHAR=J?E= ?KJ
PATPQ=HEV=N ?KILNAJOEJ U @EOPEJCQEN
KJOE@AN=NAHDA?DK@AO@AAHLQJ @EOPEJPKO DKNEVKJPAO LQA@AJ OAN ?KI
+>FAPER=NATLANEAJ?E= PK @A REOP= @A PK@KO HKO =?PKNAO OK LHAIAJP=NEKOARKHQPERKOKAT?HQUAJPAO
LANOKJ=HU?KHA?PER=
?E=HAO EJRKHQ?N=@KO
 ?B
 &KDJ .=SHO
,NEJ?ELEK @A H= &QOPE?E=   ?Q=H z-Q@E?AH=/=CN=@=!O?NEPQN=UH=0N=
MQEANIEAI>NK@AH=OK?EA@=@DQ>EA @E?EJ z-Q D= OE@K N=PE?=@K LKN AH
N=AO?KCE@KLKN=MQAHH=OK?EA@=@OE )=CEOPANEK
+>FAPER=NOAJPEIEAJPKO H= LANOKJ= JK OQLEAN= MQ LKOE?EJ KJRANOEJ=HL=N=@ECI=AR=JCHE?KAJ
LANOKJ=HU?KHA?PERKO
K?QL=N=AJH=OK?EA@=@EJ?HQUAJ@K OAJPE@K@AJQARKDKNEVKJPAALEOPAIKH
H=IAJKO=RAJP=F=@=

CE?KNAHECEKOKUPE?K
EOPEJCQEN AJPNA AJOA=JV=O =QPKNE
 .A?KJK?AN AH IQJ@K @A HKO OAJPE V=@=O U KLEJEKJAO JERAH @A IAJO=FA
IEAJPKO EJRKHQ?N=@KO OA= LANOKJ= KNECEJ=H KN @K?PNEJ=A?HAOEbOPE
HAOOA=?KHA?PERKO
?= ?P   U AH=>KN=?EJ PAKHCE?=
>QO?=J@K AH OECJE?=@K @A H=O @K?PNE
 +>FAPER=N EI=CEJ=NEK ?KHA?PERK U J=O@AO@A?KJPEJQE@=@@AH=RAN@=@NA
?KJPN=OP=NHK ?KJ H= NA=HE@=@ @AH DA RAH=@=OQ@AO=NNKHHK@AI=UKNUIAFKN
?DK
?KILNAJOEJUOQNAREOEJ@A>E@K=H@A
O=NNKHHK?KIKAJ?=OK@AEJPANLNAP=?EJ
+>FAPER=NEJQAJ?E=OOECJE?=PER=O ATACPE?=@AALEOK@EK@A+JbJ
@AH?KJPATPKLANOKJ=HUOK?E=H
&AN=NMQEV=?EJ@AR=HKNAO
OA @EO?EANJA LKNMQA D=U ?KJE?PK @A
R=HKNAO

OQIENQJ=KL?EJPE?=
 0N=@Q??EJ LNb?PE?= @A KL?EK
JAOREP=HAO
0AJOEJAJPNAHKRE=>HANA=HUHK
LNKBPE?KE@A=HHKE@A=HMQAAOPE
IQH=HKNA=HOEJLA@ENHKEILKOE
>HAHAU@AH=CN=@Q=HE@=@U@A
H= LNQ@AJ?E=
 !J H= LA@=CKC=
ECJ=?E=J=OAD=>H=@AHLAJO=NAJ
H=KLAN=?EKJ=HEV=?EJ@AH=@A?E
OEJPE?=
 ,NEKNE@=@ =TEKHCE?= AO @A?EN
@A LNEJ?ELEKO U R=HKNAO @A>E@K
=H?KJE?PK@AR=HKNAO
zQbHAO
AHR=HKNOQLNAIKAEJPN=JO=>HA
 ,NAOAJP=?EJ @A LKOPQN= AJ
HAJCQ=FA ?KILNAJOE>HA U NAHA
R=JPA
 KIQJE?=?EJ @A LNKLQAOP=
?NEOPE=J= ?KIL=NPEAJ@K OECJE
?=@K ?KCJEPERK ?KJK?ANHK U
ABA?PERKLN=?PE?=NHK
 KIQJE?=?EJ ?KIK =HPANJ=
PER= ?NEOPE=J= MQA >QO?= =??EJ
PN=JOBKNI=@KN=

%*"+.)!!0$+/
AJPNK@A^PE?=
HIEN=JPA=NNKOK /=JPE=CK

0AHBKJK"=T

/EPEKSA>DPPLAPE?=
Q=DQNP=@K
?H
OEJSSS

(KO%JBKNIAO!PDKOJKLNAPAJ@AJ=CKP=NQJPAI=?KIKP=ILK?K
LNKJQJ?E=NQJ=L=H=>N=?KJ?HQOER=
/QLNKLOEPKAOLKJAN@ANAHEARA
H=@EIAJOEJPE?=AJH=@EO?QOEJOK>NAPAI=OMQAEJ?E@AJAJH=RE@=
?EQ@=@=J=
,KNAHHKJKOALNAPAJ@ALAJO=NPE?=IAJPALKNKPNKOOEJK
AOPEIQH=N=KPNKOL=N=LAJO=NPE?=IAJPA
(KO%JBKNIAOOKJAH=>KN=
@KOLKN0KJU)EBOQ@O
F
=LKU=@KLKNAHAMQELK@AHAJPNK@A^PE?=
!HHE>NK A?EOEKJAO.AOLKJO=>HAO !HEV=>APD(EN= ENA?PKN=2ANJE?=JCQEP=J@NO/QbNAV

QJ=PE?=@AH@EO?ANJEIEAJPK?KILAJ
@EK@AHKOLNEIANKO%JBKNIAO!PDKO
AOPb=H=RAJP=AJ(E>NAN=)AP=HAO
,AO=@KOSSS
IAP=HAOLAO=@KO
?H