Biohemija 3 MK PRINT

+0)&0.
'(,2/(
/5.+3/0'
=' -5*/4'
4 4!.2/02"+& %"*&/(,
0"%+,),5(
/0.1(
*=<A;AFJCAD9:GI9KGIAJCAK=@FAU9I >9IE9;=MKJCA
D9:GI9KGIAJCAK=@FAU9I AHI=@I9F:=FK=@FAU9I
/CGHB=

4:30845,
Рецензенти:
д-р Татјана КАДИФКОВА ПАНОВСКА
професор на Фармацевтски факултет, Скопје
Василка ДИНЕВА
професор по стручни фармацевтски предмети во
СМУГС „Д-р Панче Караѓозов“ - Скопје
Мирјана БОГДАНОВСКА
професор по биологија во ДСУГ „Орце Николов“ - Скопје
Јазичен лектор:
м-р Весна Костова
Уредник:
Гордана Геческа
Натали Трајковска
Издавач:
Министерство за образование и наука на Република Македонија
Печати:
Графички центар дооел, Скопје
Тираж:
450
Со решение на Министерот за образование и наука на Република Македонија

бр. 22-4308/1 од 28.07.2010 година се одобрува употребата на овој учебник
CIP - Каталогизација во публикација

Национална и универзитетска библиотека “Св.Климент Охридски” , Скопје
577.1(075.3)
612.015(075.3)
ТРАЈКОВСКА, Натали
Биохемија за III година : за здравствена и хемиско-технолошка струка :
медицински лабораториски техничар, фармацевски лабораториски техничар
и прехранбен техничар / Натали Трајковска. - Скопје : Министерство за
образование и наука на Република Македонија, 2010. - 210 стр. : илустр. ; 26
см
Библиографија: стр. 210
ISBN 978-608-226-256-7
COBISS.MK-ID 84269322

4:30845,
/G<I8AF9
-I=<?GMGI
2GM=<MG:AG@=EAB9K9
-GAE HG<=D:9AQF9U=N=F9:AG@=EAB9K9
%=EAJCA JGJK9MF98AMAK=GI?9FAQEA
'9?D=@A<I9KA
,HRKA C9I9CK=IAJKACAF9B9?D=@A<I9KAK=
,HRKAC9I9CK=IAJKACAF9EGFGJ9@9IA<AK=
#AQAUCAJMGBJKM9F9EGFGJ9@9IA<AK=
,HKAUC9AQGE=IAB9C9BEGFGJ9@9IA<AK=
%=EAJCAJMGBJKM9F9EGFGJ9@9IA<AK=
-GM98FAHI=KJK9MFA;AF9EGFGJ9@9IA<AK=
,DA?GJ9@9IA<A
-GDAJ9@9IA<A
*=K9:GDAQ9EF9JLHJK9F;AK=
*=K9:GDAQ9EF9B9?D=@A<I9KAK=
$DLCGDAQ9
2IA=N=
(I=:JGM;ACDLJ
4F9U=N=F9B9?D=@A<I9KAK=Q9AJ@I9F9K9
)AHA<A
,HRKAC9I9CK=IAJKACAF9DAHA<AK=
,HRKA C9I9CK=IAJKACAF9E9JKAK=AE9JD9K9
/MGBJKM9F9E9JKAK=AE9JD9K9
#GJ>GDAHA<A
2GJG;A
/K=IGA<A
$DLCGDAHA<A
$I9<:9F9CD=KGUF9E=E:I9F9
*=K9:GDAQ9EF9DAHA<A
S
GCJA<9;AB9F9E9JFACAJ=DAFA
-=HKA<AA HIGK=AFA
,HRKAC9I9CK=IAJKACAF9HIGK=AFAK=
EAFGCAJ=DAFA

4:30845,
#AQAUCAJMGBJKM9F99EAFGCAJ=DAFAK=
%=EAJCAJMGBJKM9F99EAFGCAJ=DAFAK=
-=HKA<A
,HRKAC9I9CK=IAJKACAF9E9CIGH=HKA<AK=
HIGK=AFAK=
/MGBJKM9F9HIGK=AFAK=
-IGJKAHIGK=AFA
/DG8=FAHIGK=AFA
+LCD=GHIGK=AFA
!=GCJAIA:GFLCD=AFJC9CAJ=DAF9 (
.A:GFLCD=AFJCACAJ=DAFA +(
*=K9:GDAQ9EF9HIGK=AFAK=
*=K9:GDAQ9EF9 9EAFGCAJ=DAFAK=
"FQAEA %GIEGFA 2AK9EAFA
,HRKAC9I9CK=IAJKACAF9 =FQAEAK=
*=@9FAQEGKF9=FQAEJC9K9C9K9DAQ9
/MGBJKM9F9=FQAEAK=
(AF=KAC9F9=FQAEJCAK=I=9C;AA
+GE=FCD9KLI9ACD9JA>AC9;AB9F9=FQAEAK=
,HRKAC9I9CK=IAJKACAF9@GIEGFAK=
.=?LD9;AB9F9JAFK=Q9K9F9@GIEGFAK=
!=BJKMGF9@GIEGFAK=
%GIEGFAF9@AHG>AQ9K9
%GIEGFAF9<IL?AK==F<GCIAFA8D=Q<A
,HRKAC9I9CK=IAJKACAF9MAK9EAFAK=
2AK9EAFAI9JKMGIDAMAMGE9JDG
2AK9EAFAI9JKMGIDAMAMGMG<9
.=UFAC
)AK=I9KLI9

4:30845,
7+*-5;57
,MGB LU=:FAC = F9E=F=K Q9 LU=FA;AK= G< KI=K9K9 ?G<AF9 F9
G:I9QGMFAK= HIG>ADA X E=<A;AFJCA D9:GI9KGIAJCA K=@FAU9I
>9IE9;=MKJCA D9:GI9KGIAJCA K=@FAU9I G< Q<I9MJKM=F9K9 JKILC9 A
HI=@I9F:=FK=@FAU9I G< @=EAJCG
K=@FGDGRC9K9JKILC9
1U=:FACGK = HARLM9F MG JG?D9JFGJK JG HIA>9K=F9K9 F9JK9MF9
HIG?I9E9 HG AG@=EAB9 Q9 ### ?G<AF9 A JG?D9JFG JG (GF;=H;AB9K9 Q9
HARLM9N= LU=:FA;A Q9 GJFGMFGKG A JI=<FGKG G:I9QGM9FA=
+9JK9MF9K9JG<I8AF9=G<G:D9JK9F9:AG@=EAB9K9 JKILCKLIAI9F9
MG H=K K=E9KJCA;=DAFA
-GQF9M9N=KGF9:AG@=EAB9K9=G<MAK9DFGQF9U=N=Q9 LU=FA;AK=
G< Q<I9MJKM=F9K9 A HI=@I9E:=F9K9 JKILC9 099 ?A HGMIQLM9 G:B9JFLM9
F9<GHGDFLM9 QF9=N9K9 G< GI?9FJC9K9 A F=GI?9FJC9K9 @=EAB9 A <9M9
GJFGM9 Q9 HGF9K9EGRFG JK=CFLM9N= F9 QF9=N9K9 G< >AQAGDG>AB9K9
9F9KGEAB9K9 @A?A=F9K9 A Q<I9MJKM=FGKG MGJHAKLM9N= :IGE9KGDG?AB9K9
A KGCJACGDG?AB9 K=@FGDG?AB9K9 F9 JAFK=Q9 F9 GI?9FJCA HIGAQMG<A
HI=@I9E:=FAHIGAQMG<AA<IL?A
+9JK9MFAK= K=EA Q9 HG=<FGJK9MFG JGMD9<LM9N= J= I9QI9:GK=FA
JGG?D9JFG JG F9JK9MF9K9 HIG?I9E9 F9 F9JK9MFA =<AFA;A CGA H9C J=
HG<=D=FAMG HG<F9JDGMA-GJ=CGB9K=E9 J= <9<=FA HI9R9N9A K=JKGMAQ9
HIGM=IC9 A HIAE=F9F9QF9=N=KGMGCGFCI=KF9JAKL9;AB9
+9 CI9BGK AE9 A I=UFAC F9 F=HGQF9KA ADA HGE9DCL HGQF9KA
Q:GIGMA A AQI9QA RKG J= JI=T9M99K MG GMGB LU=:FAC A JIG<FA F9JK9MFA
HI=<E=KA
+9JK9MFAK= =<AFA;A J= :G?9KG ADLJKIAI9FA JG JDACA R=EA A
K9:=DA JG ;=D LU=FA;AK= HGD=JFG <9 ?A I9Q:=I9K A F9LU9K JDG8=FAK=
F9LUFA>9CKA
+9BM98FAGK EGKAMQ9HARLM9N=F9GMGBLU=:FAC:=R=LU=FA;AK=
<9 <G:AB9K U=KAMG RKG T= J9C99K <9 ?G CGIAJK9K JG Q9<GMGDJKMG /=
F9<=M9E=<=C9JGGMGBLU=:FACJE=B9HGJKA?F9D=;=DK9
MKGIGK J= Q9:D9?G<9ILM9 F9 JAK= GFA= CGA HGEG?F99 Q9
;=DGJFGKGG>GIELM9N=F9GMGBLU=:FAC 9HGJ=:FGF9I=;=FQ=FKAK=
MKGIGK

4:30845,
gpvk
2GM=<MG:AG@=EAB99
.92;4686
5=DAKBAKFKL8:E8?A:AL=FI
I;8EA@DA
0FADHF<=C98A@E8S=W=E89AFP=DAU8L8
(C=D=EL8I=EKFKL8:E8?A:ALL=FI;8EA@DA
.=FI;8EKBAAFI;8EKBAKF=<A
AE=EAU8:F?A:AL=FI;8EA@DA
$'*'A//)+2/
!=>AFAI9N= F9 HGAE EAK= :AG@=EAB9 :AG=D=E=FKA
:AGJG=<AF=FAB9 E=K9:GDAQ9E 9F9:GDAQ9E C9K9:GDAQ9E
49HGQF9M9N= JG HGMIQ9FGJJK9 A QF9U=N=KG F9 :AG@=EAB9K9 JG
<IL?AK= F9LCA C9CG E=<A; ;AF9K9 M=K=IAF9K9 JKGU9IJKMGKG A
Q=EBG<=DJKMGKG
49HGQF9M9N=JG AJKGIAJCAGKKI9QMGBF9:AG@=EAB9K9C9CGF9LC9
,:B9JFLM9N=F9 HG<=D:9F9: :AG@=EAB9K9
49HGQF9M9N=JG @=EAJCAGKJJGJK9M 8AMAK= GI?9FAQEA
-GQF9M9N= F9 =D=EFK9I=FJG GJK9MF98AMAK=GI?9FAQEA
.9Q:AI9N= F9 M98FGJK9 Q99JK9H=FGJK9 A LDG?9K9 F9 MG<9K9 A
F=GI?9FJCAK=JGDAMG 8AMAKK=GI?9FAQEA
-GMIQLM9N= F9 QF9U=N=KKG F9 F=GI?9FJCAK= A GI?9FJCAK=
JG=<AF=FAB9 JGFAMF9K9LDG?9MG 8AMAK=GI?9FAQEA

4:30845,
5/365*+2('/=4'A+<+4'(/5.+3/0'9'
/5.+3/0'+3+?:*/8)/62/4'74'67/75*4'4':1'150'-/675:A:;'
.+3/81/9+ 8:689'4)/ 15/ ;2+-:;''9 ;5 -7'*('9' / ;7>'9 86+)/,/A4/
,:41)// ;5 &/;/9+ 57-'4/=3/ 1'15 / .+3/81/9+ 675)+8/ 15/ 8+
82:A:;''9;54/;
099 = MG K=JF9 MIJC9 JG HIAIG<FAK= F9LCA :AGDG?AB9 A @=EAB9 9
AJKG K9C9 A JG >AQAGDG?AB9K9 GI?9FJC9K9 @=EAB9 >AQAUC9K9 @=EAB9
EGD=CLD9IF9K9 :AGDG?AB9 H9KG>AQAGDG?AB9K9 A E=<A;AF9K9
8957/0'9
&JKGIAB9K9 F9 :AG@=EAB9K9 GH>9T9 GCGDL ?G<AFA 099 MG
G<FGJ F9 <IL?AK= F9LCA = I=D9KAMFG ED9<9 F9LC9 A9CG EFG?L HIG;=JA
CGA J= JE=K9D= Q9 >=FGE=FA 9 <=F=J J= QF9= <=C9 J= :AG@=EAJCA :AD=
HGQF9KA LRK= C9B JK9IAK= F9IG<A 09CMA HIG;=JA J= HI9M=N=|x JAI=N=
G< ED=CGKG <G:AM9N=|x 9DCG@GD MAFG HAMG MIA=N=|x F9 GMGRFAK=
JGCGMA CAJ=D=N=KGF9 K=JKGKG CG9?LD9;AB9F9CIMK9 A<IL?A
,KCIAM9N=KG F9 JAFK=KJCAGKF9UAF Q9 <G:AM9N= F9 LI=9 MG
?G<AF9G<F9LUFACGK #IA<IA@ 2=D=I F>:9F>8=0P=A:F =M98=FU=CGIQ9
I9QMGBGK F9 GI?9FJC9K9 @=EAB9 A Q9
HG:AM9N=|x F9 MAK9DAJKAUC9K9 K=GIAB9
J>GJ>H6A>G JHGI=<CGB9 :=Q8AMGKF9JAD9
F= = EG8F9 JAFK=Q9 F9 GI?9FJCG
JG=<AF=FA=
(GF CI9BGK F9 1/### M=C :AD=
HGQF9KA EFG?L :AG@=EAJCA HIG;=JA
M9I=N= F9 E=JG HG< <=BJKMG F9
8=DL<GU=F JGC A I9QDG8LM9N= F9
JCIG: HG< <=BJKMG F9 HDLFC9 A
I9JKAK=DFA=CJKI9CKA FGF=:ADHGQF9KFAMFAGKE=@9FAQ9E
!GHIAFGJ CGF I9QMGBGK F9 :AG@=EAB9K9 AE99K )LB -9JK=I &DI>G
*6GH:IF JG AJHAKLM9N=KG F9 >=IE=FK9;AB9K9 F9 R=T=I <G 9DCG@GD MG
HIAJLJKMG F9 CM9J=; ,KCIAKA=KG F9 =FQAEGK <A9JK9Q9 <=F=J HGQF9K
C9CG9EAD9Q9 MG ?G<AF9 G<F9LUFACGK FJ=DE-9B=FCG:AB*6?:C
J= JE=K9 Q9 HGU=KGC F9 JGQ<9M9N=KG F9 :AG@=EAB9K9 C9CG F9LC9

4:30845,
+9LUFACGK "<M9I< L@F=I 9I6FF9 I8=C:F MG ?G<AF9 HIM AQM=D
<=EGFJKI9;AB9 F9 :AG@=EAJCAGK HHIG;=J 9DCG@GDF9 >=IE=FK9;AB9 MG
CD=KGUFA=CJKI9CKAG<CM9JF9?9:9F9<MGIG<CD=KC9K9 Q9RKGMG
?G<AF9<G:AD+G:=DGM9F9?I9<9 3 3=BEJ/9EF=I$6B:G ,6BC:F MG
?G<AF9 B9 CIAJK9DAQAI9D LI=9Q9K9 A <GC989D <=C9 AE9 HIGK=AFJC9
HIAIG<9 9 3GF +GIKIGH $D=C "DDK6F9 (DFH=FDE A /K=FDA ,H6CA:L MG
?G<AF9B9<GC989D=HIGK=AFJC C9K9HIAIG<9F9<A?=JKAMFAK==FQAEA
KIAHJAF A @=EGKIAHJAF Q9 RKG <G
G:AD= +G:=DGM9 F9?I9<9 Q9 @=EAB9 MG
?G<AF9 0=IEAFGK :AG@=EA AB9 yxwku ok {p }yx|zpl}mk G<
?G<AF9 9 MG ?G<AF9 F=?GMMG >GIE9DFG AE=FLM9N= F9HI9MAD
?=IE9FJCAGK @=EAU9I(9ID +GB:=I I 6FA(:I7:F<
,KKG?9R H9 <G <=F=J :AG G@=EAB9K9 J= I9QMAD9 MG JGMI=E=F9
HIAIG<F9 F9LC9 .9QMA=FA J= EF FG?L K=@FACA |x {p F=GH@G<FA Q9
CM9DAK9KAMFGACM9FKAK9KAMFGAJH HAKLM9N=F9JLHJK9F;AK=AHIG;=JAK=
MG CD=KCAK= KCAM9K9 A GI?9FAKK= F9 8AMAK= GI?9FAQEA 09CMA J=
@IGE9KG?I9>AB9K9 <A>I9C;AB9K9 F9 %
QI9;AK= FLCD=9IF9 E9?F=KF9
I=QGF9F;9 ('+ JH=CKIGJCGHA AB9K9 I9<AGAQGKGHFGKG AE=FLM9N=
=D=CKIGFJC9K9 EACIGJCGHAB9 A A JAELD9;AAK= F9 EGD=CLD9IF9K9
<AF9EAC9 ,MA=:AG@=EAJCAAJHAKKLM9N9 J= CGIAJK9K MG EFG?LG:D9JKA
G< ?=F=KAC9K9 <G EGD=CLD9IF9K9 :AGDG?AB9 G< Q=EBG<=DJKMGKG <G
E=<A;AF9K9
19/;4589/
!,;<,@44=><,+?@,A0C, <,-:>,> >, 9, 9,?G94.4>06:4@745,070 9,
4=>:<4=64:><,C@:59,-4:30845,>
>,6,6:9,?6,
5*+2(' 4'(/5.+3/0'9'
#AFP==DAU8
3L8LASB8 'AE8D
DASB8 ,FC=BMC8IE8
9AFP=DAU8 9AFP==DAU8 ;=E=LAB8
/DAC9
-G<==D:9F9:AG@=EAB9K9

4:30845,
AG@=EAB9K9EG8=<9J=HG<=DAF9KIA?D9MFA?ILHA +9 /DAC9

= HIAC989F9 HG<=D:9K9 F9 :AG@=EAB9K9 JHGI=< HI=<E=KGK F9
HIGLULM9N=
%>,>4G6,>,-4:30845, ?AHIGLULM9JKILCKLI9K9A>LFC;AB9K9F9
@=EAJCAK=JLHJK9F;AG<CGAJ=AQ?I9<=FA8AMAK=GI?9FAQEAADAMIR9K
M98FA >LFC;AA |x {p F=GH@G<FA Q9 I9JKGK I9QMGBGK A 8AMGKGK F9
8AMAK= GI?9FAQEA 09CMA J= B9?D=@A<I9KAK= DAHA<AK= HIGK=AFAK=
MAK9EAFAK= =FQAEAK=A@GIEGFAK=
49,84G6,>, -4:30845, ?A HIGLULM9 :AG@=EAJCAK= HIG;=JA MG
8AMAK=GI?9FAQEA4:AIGKF9JAK=HIG;=JACGAJ=JDLULM99KMG8AMAK=
GI?9FAQEA J= GQF9ULM99K C9CG E=K9:GDAKAUCA HIG;=JA 0A= EG89K <9
:A<9KC9K9:GDAKAUCAA9F9:GDAKAUCA
(9K9:GDAKAUCAK=HIG;=JAJ=HIG;=JAF9I9Q?I9<:9F9JDG8=FAK=
GI?9FJCAJLHJK9F;ACGA?AHIAE9E=HI=CL AJ@I9F9K9 <GHGHIGJKAADA<G
CI9BFA E=K9:GDAKAUCA HIG<LCKA HI=CLIJGIA B9?D=IG< <AGCJA< MG<9
9QGKA9EGFAB9C
F9:GDAKAUCAK= HIG;=JA J= HIG;=JA F9 JAFK=Q9 F9 JDG8=FAK=
GI?9FJCA JLHJK9F;A HGKI=:FA Q9 I9JKGK I9QMGBGK A >LFC;AB9K9 F9
8AMAK= GI?9FAQEA G< HGHIGJKAK= K= G< GFA= CGA J= HIG<LCKA F9
C9K9:GDAKAUCAK=HIG;=JA
:706?7,<9,>, 2090>46, ?A HIGLULM9HIG;=JAK= A JLHJK9F;AK=
CGA LU=JKMLM99K MG HI=FGJGK F9 :AGDGRCAK= AF>GIE9;AA 9 MG=<FG
HGE9?9 <9 J= I9Q:=I= HIG;=JGK F9 F9JD=<LM9N= F9 ?=F=KJC9K9
AF>GIE9;AB9F9EGD=CLD9IFGFAMG
$4'A+<+ 4'(/5.+3/0'9'
AG@=EAB9K9JGF=BQAFAK=CM9DAK9KAMFAACM9FKAK9KAMFAE=KG<A
JGQF9FAB9AAJHAKLM9N9=G<AQMGFI=<F9M98FGJKAK=GI=KJC9GJFGM9F9
EFG?L F9LCA C9CG RKG J= E=<A;AF9K9 M=K=IAF9K9 JKGU9IJKMGKG
>AQAGDG?AB9K9 Q=EBG<=DJKMGKG :AGK=@FGDG?AB9K9 ?=F=KAC9K9
:IGE9KGDG?AB9K9 >AKG>9IE9;AB9K9 HI=@I9F:=F9K9K=@FGDG?AB9A<IL?A
G:D9JKA0G9=HIAUAF9K9 QGRKGG<GM99F9LC9J=I9QMAD=EFG?LG:D9JKA
CDAFAUC9K9 ADA E=<A;AFJC9K9 :AG@=EAB9 I9JKAK=DF9 :AG@=EAB9
8AMGKAFJC9:AG@=EAB9 =FQAEGDG?AB9A<IL?A
,< AQMGFI=<F9 M98FGJK Q9 UGM=CGK A G<I8LM9N= F9 F=?GMGKG
Q<I9MB= = CDAFAUC9K9 ADA E=<A;AFJC9 :AG@=EAB9 099 = <=D G<
4:30845,
:AG@=EAB9K9UAAHIGLULMN9J=G<F=JLM99KF9 JHGI=<LM9N=F9HIG;=JAK=
A@=EAJCAGKJGJK9MF9CD=KCAK= KCAM9K9 GI?9FAK= K=D=JFAK=K=UFGJKA
A =CJCI=KAK= C9B Q<I9M A :GD=F UGM=C 099 GH>9T9 AJHAKLM9N9 F9
HGI=E=KLM9N9K9F9E=K9:GDAQEGKHIAI9QFAQ9:GDLM9N9 AJHAKLM9N=F9
JGJK9MGK A HGI=E=KLM9N=KG F9 JGJK9MGK F9 K=D=JFAK= K=UFGJKA A
AFK=IHI=K9;AB9F9<G:A=FAK=I=QLDK9KA ,MA=AJHAKLM9N9J=F=GH@G<FA
Q9 <AB9?FGJKA;AI9N=KG F9 I9QFA Q9:GDLM9N9 Q9 MGM=<LM9N=|x A
MDAB9FA=|x F9 I9QFA >9IE9;=MKJCA HI=H9I9KA MG D=CLM9N=KG rk
HIAE=F9|k F9HI9MADF9|k AJ@I9F9AHIG>AD9CJ9K9G<I9QFAQ9:GDLM9N9
C9BUGM=CGK
,< AJCDLUAK=DF9 M98FGJK = LDG?9|k F9 :AG@=EAB9K9 MG
HI=@I9F:=F9K9 AF<LJKIAB9 Q9 AJHAKLM9N=|x A Q9H9QLM9N=KG F9
CM9DAK=KGK F9 HI=@I9F:=FAK= HIG<LCKA Q9 FAMF9|k HI=I9:GKC9 Q9
>=IE=FK9;AGFA|p HIG;=JAA rk F=BQAFG|x CGFQ=IMAI9N=
19/;4589/
!,;<,@44=><,+?@,A0 C,C9,G0A0>: 9, -4:30845,>,@:;<03<,8-09,>,
49/?=><45,
+3/81/8589';4'&/;/9+57-'4/=3/
2+3+49'7+4 8589';4'&/;/9+57-'4/=3/
2G HIAIG<9K9 <GJ=?9 J= GKCIA=FA =D=E=FKA ,< JAK= FAM MG
JG=<AF=FAB9CGAMD=?LM99KMGJGJK9MF98AMAK=GI?9FAQEAJ=JI=T9M99K
J9EG =D=E=FKA CGARKG J= F9I=CLM99K -4:070809>4 2G 09:=D9
=
<9<=F9 I=D9KAMF9 Q9JK9H=FGJK F9 :AG=D=E=FKAK= MG UGM=CGMAGK
GI?9FAQ9E
2'8/,/1')/0'4'(/5+2+3+49/9+
AG=D=E=FKAK=EG89K<9J=CD9JA>A;AI99KF9HGM=T=F9UAFA
%;:<0/1?96.45,>,@:+4@4>0:<2,94C84
$I9<:=FA:AG=D=E=FKA
(9K9DAKAUCA:AG=D=E=FKAADAGDA?G=D=E=FKA

4:30845,
%;:<0/C,=>,;09:=>,@:+4@4>0:<2,94C84
E9CIG=D=E=FKA J= :AG=D=E=FKA UAB9 Q9JK9H=FGJK JG E9J=F L<=D F9<
CGARKG J= {x F9B?GD=E9Q9JK9H=FGJK MG8AMAK=GI?9FAQEA2G
GM99 ?ILH9 :AG=D=E=FKA JH9S99K B9?D=IG< MG<GIG<
CAJDGIG< 9QGK C9D;ALE >GJ>GI C9DALE
JLD>LI @DGI F9KIALEAE9?F=QALE09:=D9

EACIG=D=E=FKA J= :AG=D=E=FKA CGA J= Q9JK9H=FA MG 8AMAK=
GI?9FAQEA JG E9J=F L<=D HG< 2G GM99 ?ILH9 :AG=D=E=FKA
JH9S99K 'C : D I 'D ,> / (> 2C G ,: F A # ,MA=
=D=E=FKAF=J= JI=T9M99K MG JAK=MA<GMA8AMAGI?9FAQEA KLCLF=CGA
G<FAMJ=C9I9CK=IAJKAUFAJ9EGQ9HG=<AFAMA<GMA 09:=D9

09:=D9

.=D9KAMF9Q9JK9H=FGJKF9 :AG=D=E=FKAK=MGUGM=CGMAGKGI?9FAQ9E
2+3+49 '8+4/675)+49/
(AJDGIG<
'9?D=IG<
2G<GIG<
QGK
(9D;ALE
#GJ>GI
(9DALE
/LD>LI
%DGI
+9KIALE
*9?F=QALE
=D=QG CG:9DK :9C9I ;AFC BG< J=CGB
/=D=F #DLGI J=CGB
+57-'481/85+*/4+4/0';5&/;/9+57-'4/=3/
2G 8AMAK= GI?9FAQEA F9BQ9JK9H=FG F=GI?9FJCG JG=<AF=FA= =

MG<9K9 JG Q9JK9H=FGJK G< GCGDL
fG HGE9D9 Q9JK9H=FGJK J=

4:30845,
EAF=I9DFAK= JGDA GCGDL 9 MG KI9?GMA J= {zpkmkk|

@DGIGMG<GIG<F9|k A B9?D=IG<F9|k CAJ=DAF9 2G 09:=D9
= <9<=F9
Q9JK9H=FGJK9 F9 MG<9K9 A EAF=I9DFAK= JGDA MG GI?9FAQEGK F9 MGQI9J=F
E98A8=F9
09:=D9

%=EAJCAJGJK9M F9MGQI9J=FE98?G<AFA @< A8=F9?G<AFA @<
652 3'& B&+4'
8:689'4)/ $# $#
HIGK=AFA
E9JKA
B9?D=@A<I9KA
MG<9
EAF=I9DFAJGDA
MCLHFG
(:/,>, = F9BM98F9K9 A F9BQ9JK9H=F9K9 F=GI?9FJC9 JLHJK9F;9 MG

8AMAK=GI?9FAQEA099MD=?LM9MGJGJK9MF9JAK=CD=KCA E=SLCD=KGUFA
K=UFGJKA KCAM9AGI?9FA
2GGI?9FAQEGK F9MGQI9J=FUGM=CAE9HGM=T=G< <M=KI=KAFA
MG<9G<MCLHF9K9F=?GM9K=D=JF9K=8AF9
2G<9K9=G<G?IGEF9M98FGJKQ9>LFC;AGFAI9N=KG F9UGM=UCAGK
GI?9FAQ9E -IA FGIE9DF9>LFC;AB9 F9 GI?9FAQEGKF9 MGQI9J=FUGM=CEL
J= HGKI=:FA GCGDL < MG<9 F9 @< K=D=JF9 K=8AF9 ,M99 MG<9
GI?9FAQEGK MG F9B?GD=E <=D B9 F9<GCF9<LM9 HI=CL AJ@I9F9K9 A HIA
HA=N=|x MG<9GCGDL < 9GCGDL < J=JGQ<9M9HIAI9Q?I9<LM9N=|x F9
GI?9FJCAK=JLHJK9F;A
CG F=BQAFGKG FAMG GH9<F= J9EG Q9 T= J= B9M9K JAEHKGEA F9
<=@A<I9K9;AB9 CGB9MGF=CGAJDLU9AEG8=<9Q9MIRAJGJEIK!F=MFAK=
HGKI=:A Q9MG<9C9BUGM=CGK J=AF<AMA<L9DFAAQ9MAJ9KG<CGDAU=JKMGKG
MG<9CG=GI?9FAQEGK?G?L:AMGK=CGK F9<=FGK G< HGDGK G< >AQAUC9K9

4:30845,
9CKAMFGJK G< Q<I9MJKM=F9K9 JGJKGB:9 G< F9UAFGK F9 8AM==N= A <IL?A

9JH=CKA
2G<9K9 MG GI?9FAQEGK J= JI=T9M9 MG CD=KCAK= C9CG
AFKI9;=DLD9IF9 MG<9 A MG E=SLCD=KGUFAK= HIGJKGIA C9CG
=CJKI9;=DLD9IF9MG<9
2G GI?9FAQEGK MG<9K9 EG8= <9 J= JI=KF= C9CG JDG:G<F9 A
JMIQ9F9
/DG:G<F9K9MG<9EG8=<9:A<=HG<MA8F9A>ACJAI9F9
-G<MA8F9K9 MG<9 J= B9MLM9 C9CG I9JKMGILM9U F9 GI?9FJCAK= A
F=GI?9FJCAK= JLHJK9F;AAMGF9B?GD=EHIG;=FKLU=JKMLM9MG?I9<:9K9
F9CIMK9ADAE>9K9
#ACJAI9F9K9 MG<9 = Q9JK9H=F9 E=SL CGD9?=FJCAK= A =D9JKAUFAK=
MD9CF9
/MIQ9F9K9 MG<9 J= B9MLM9 MG G:DAC F9 @A<I9K9;AGF9 MG<9 RKG =
MIQ9F9Q9K=D=JFAK=HIGK=AFA
2G8AMAK=GI?9FAQEA GJM=F MG JKILCKLI9K9 MG<9K9 AE9 HGM=T=
>LFC;AA099
= LFAM=IQ9D=F I9JKMGILM9U Q9 EFG?L GI?9FJCA A F=GI?9FJCA
JLHJK9F;A099 MIRAKI9FJHGIK F9 @I9FDAMAJLHJK9F;A I9JKMGI=FAMG
F=9 <GJAK=KCAM9 9CI9BFAK=HIG<LCKAF9E=K9:GDAQEGK I9JKMGI=FA
MGF=9 ?A AJ>ID9G<GI?9FAQEGK
GMGQEG8LM9 CGFJKAH9;AB9K9 <MA8=N=KG F9 @I9F9K9 FAQ
<A?=JKAMFAGKKI9CK
?G GMGQEG8LM9 M9I=N=KG F9 @I9F9K9 A 9HJGIH;AB9K9 F9 @I9FDAMAK=
E9K=IAAMGCIMK9
MG JGJK9M F9 LIAF9K9 A F9 HGKK9 AE9 LDG?9 MG AQD9ULM9N=|x F9
F=HGKI=:FAK=I9JKMGIDAMAE9K=IAAG<GI?9FAQEGK
AE9 E=@9FAUC9 LDG?9 JG KG9 RKG F9 KCAM9K9 A GI?9FAK= AE <9M9
;MIJKAF9A=D=JKAUFGJK 9F9 EGQGCGKQ9RKAK9G<HGKI=JAAHGMI=<A
?GGD=JFLM9AGMGQEG8LM9<MA8=N=KGF9Q?DG:GMAK=
?GGMGQEG8LM9 KI9FJHGIKGK F9@GIEGFAK=<G;=DFAK=GI?9FA
LU=JKMLM9 MGK=IEGI=?LD9;AB9K9F9GI?9FAQEGK
?AGMGQEG8LM9 @=EAJCAK=I=9C;AACGAJ=G<MAM99KMGGI?9FAQEGK
?GGMGQEG8LM9 :9:I=N=KGF9CGDGA<AK=MGGI?9FAQEGK
= HI=M=FKAM9G<I9QFAQ9:GDLM9N9

4:30845,
490<,794>0 =:74 CGAMD=?LM99KMGJGJK9MF98AMAK=GI?9FAQEA

J= I9JKMGIDAMAAF=I9JKMGIDAMAMGMG<9
(GJCAK=AQ9:AK= JG<I89KJGDA C9CGRKG=C9D;ALE>GJ>9KGK
6*) E9?F=QALE C9I:GF9KGK '<) C9D;ALE >DLGIA<G 6 A

<IL?A CGAF=J=I9JKMGIDAMAMGMG<9
/GDAK=CGAJ=I9JKMGIDAMA MGMG<9J=MGBGFJC9JGJKGB:9 MGJAK=
K=D=JFA K=UFGJKA C9<= ?A AE9 (9 % 6 '< : A ) *)
,) ")# A<IL?A BGFA
/GDAK= MIR9KM98FA>LFC;AAC9CGRKGJ=
JGQ<9M9N=KGF9E=E:I9FJCAGKHGK=F;AB9D
FGJAK=DA F9 JK9:ADFAGK GJEGKJCAGK HIAKAJGC GCGDL CD=KGUF9K9
E=E:I9F9
LU=JKMLM99K MG <AJKIA:L;AB9K9 F9 MG<9K9 <G K=D=JFAK= K=UFGJKA A
HIGJKGIA
LU=JKMLM99KMGG<I8LM9N=KGF9I+F9K=D=JFAK=K=UFGJKA K=AE99K
LDG?9F9HL>=IA
I=?LDAI9N=F9I9:GK9K9F9JI;=KGA<IL?AK=ELJCLDA
C9CG CG=FQAEA F9 <MGCGEHGF=FKFAK= =FQAEA LU=JKMLM99K MG
C9K9DAQ9K9F9:AG@=EAJCAK=HIG;=JA
LU=JKMLM99KMGKI9FJHGIKGKF9=D=CKIGFAMGI=<GCJHIG;=JAK=
B9G<I8LM99KI9Q<I9QDAMGJK9F9F=IMFAGKJAJK=E
LU=JKMLM99K HIA JAFK=Q9 F9 @DGIGMG<GIG<F9K9 CAJ=DAF9 A F9KIALE
@A<IG?=FC9I:GF9K
?A?I9<9K A AE<9M99K E=@9FAUC9K9;MIJKAF9F9JC=D=KGK AQ9:AK=
,<GI?9FAQEGKEAF=I9DFAK=JGDAJ=AQD9ULM99KQ9=<FGJGMG<9K9
HI=CLHGKK9 LIAF9K9A>=;=JGK
7-'481/85+*/4+4/0';5&/;/9+57-'4/=3/(/585+*/4+4/0'
2G8AMAK=GI?9FAQEA:AGJG=<AF=FAB9K9 J=?D9MFAK=JKILCKLIFAA
>LFC;AGF9DFA JLHJK9F;A 0A= J= JAFK=KAQAI99K MG CD=KCAK= G<
HG=<FGJK9MFAK= C9K9:GDAKAUCA HIG<LCKA A G< HI=CLIJGIAK= ) " )
(" A ( AGJG=<AF=FAB9K9 LU=JKMLM99K MG ?I9<:9K9 F9 JAK= GI?9FA
KCAM9 A CD=KCA &QMIRLM99K EFG?L JH=;A>AUFA >LFC;AA KI9FJHGIKFA
=FQAEJCA I=?LD9KGIFAA<IL?A

4:30845,
/HGI=<@=EAJC9K9?I9<:9:AGJG=<AF=FAB9K9 J=<=D9KF9
+AJCGEGD=CLD9IFAJG=<AF=FAB9
2AJGCGEGD=CLD9IFAJG=<AF=FAB9
/LH=IEGD=CLDJCACGEHD=CJA
!4=6:8:706?7,<94 =:0/490945, CGA J= GI?9FJCA JG=<AF=FAB9 JG
E9D9EGD=CLDJC9E9J90A=J=EGFGE=IFAJG=<AF=FAB9CGALU=JKMLM99K
HIA JAFK=Q9K9 F9 JDG8=FAK= GI?9FJCA HGDAE=IFA JLHJK9F;A 09CMA J=
EGFGJ9@9IA<AK= 9EAFGCAJ=DAFAK= E9JFAK= CAJ=DAFA ?DA;=IGDGK A
MAK9EAFAK=
(4=:6:8:706?7,<94 =:0/490945, J= :AGHGDAE=IA JG ?GD=E9
EGD=CLDJC9 E9J9 A JDG8=F9 JKILCKLI9 0A= J= JAFK=KAQAI99K MG
CD=KCAK= F9 8AMAK= GI?9FAQEA JG HIG;=JGK F9 HGDAE=IAQ9;AB9 G<
FAJCGEGD=CLD9IFAK= GI?9FJCA JLHJK9F;A 09CMA J= HIGK=AFAK= CGA J=
AQ?I9<=FA G< 9EAFGCAJ=DAFA HGDAJ9@9IA<AK= AQ?I9<=FA G<
EGFGJ9@9IA<A A FLCD=AFJCAK= CAJ=DAFA AQ?I9<=FA G< 9QGKFA :9QA
EGFGJ9@9IA<A >GJ>GIF9 CAJ=DAF9 2G 09:=D9
= <9<=F9
Q9JK9H=FGJK9F9HIGK=AFAK= E9JKAK= AB9?D=@A<I9KAK=MGGI?9FAQEGKF9
MGQI9JFA E98A8=F9
%?;0<8:706?7=64 6:8;706=4 J= F9BJDG8=FAK= JLHJK9F;A MG
8AMAK= GI?9FAQEA &E99K EFG?L ?GD=EA EGD=CLDJCA E9JA A JDG8=F
JGJK9M 0A= J= JHGB E=SL <M9 KAH9 :AGHGDAE=IA CGA F= J= HGMIQ9FA JG
CGM9D=FKFA MIJCA 09CMA J= FLCD=GHIGK=AFAK= DAHGHIGK=AFAK=
?DLCGDAHA<AK=AEFG?L<IL?A
19/;4589
:<4=>05F4 5, &,-07,>,
9,;<,@4 =;:<0/-, 9, ;<:.09>9,>,
C,=>,;09:=> 9,-4:=:0/490945,>,@::<2,94C84>09,8,+4+09,
!,5/4;:/,>:.4C,3084=64:>=:=>,@9,C08549,>,6:<,4=;:<0/4
2:=::9:59,+4@4>0=:0/490945,:809>4<,5C,<,C7464>06:4F0
24@::G4D
!,;<,@4 4=><,+?@,A0 4 //2;<0C09>,.45, C, /:6,+?@,A0>: 9,
;<4=?=>@:>: 9, -4:070809>4>0 @:/:<:/ ,C:> =?71?< 4 1:=1:<
@:+4@4>0:<2,94C84
C<,-:>4 0=05 C, 90:<2,9=64>0 8,>0<44 @: =:=>,@ 9, +4@4>0
:<2,94C8494@9,>, ?7:2,4C9,G0A0

4:30845,
-I9R9N9 AQ9<9UA
!=>AFAI9B ?A HGAEAK= :AG@=EAB9 JK9KAUC9 :AG@=EAB9 <AF9EAUC9

:AG@=EAB9 C9K9:GDAQ9E 9F9:ADAQ9EAE=K9:GDAQ9E
,HARA?AI9QDACAK=MGHI=<E=KGKF9HIGLULM9N=F9JK9KAUC9K9A
<AF9EAUC9K9:AG@=EAB9
+9:IGBJG=<AF=FAB9 CGA?AHGQF9M9R 9J=AQLULM99KMGI9ECAK=F9
JK9KAUC9K9:AG@=EAB9 AHIG;=JACGA:AJ=AQLULM9D=MGI9ECAK=F9
JK9KAUC9K9:AG@=EAB9
(GB9=I9QDAC9K9E=SLEACIG=D=E=FKAK=AE9CIG=D=E=FKAK=
(GB9=HIAUAF9K9Q9?GD=E9K9Q9JK9H=FGJKF9/ + ,A ( MG8AMAK=
GI?9FAQEA
-GMIQA ?A JMGBJKM9K9 F9 MG<9K9 JG F=BQAF9K9 QF9U9BF9 LDG?9 MG
8AMAK=GI?9FAQEA
,:B9JFA B9 @=EAJC9K9 HGMIQ9FGJK E=SL I9QDAUFAK= KAHGMA
:AGJG=<AF=FAB9
(GIAJK=BTAB9 09:=D9K9 F9 JKI9F9 HI=JE=K9B?GE9J=FAGKL<=DF9
E9CIG=D=E=FKAK= / + , A ( C9B MGQI9J=F E98 JG @< K=8AF9
(GE=FKAI9B?A<G:A=FAK=I=QLDK9KA
49GCIL8A?A KGUFAK=G<?GMGIA
EAFGCAJ=DAFAK=AEGFGJ9@9IA<AK=J=MG?ILH9K9F9
9 *9CIG=D=E=FKA:*ACIG=D=E=FKA
M AGJG=<AF=FAB9?AG=D=E=FKA
(GB9 >LFC;AB9 MG 8AMAK= GI?9FAQEA F= = C9I9CK=IAJKAUF9 Q9
MG<9K9
9 .9JKMGILM9U:0=IEGI=?LD9KGI
M AGC9K9DAQ9KGI?0I9FJHGIK=IF9JLHJK9F;A
+AJCGEGD=CLD9IFA JG=<AF=FAB9J=
9 *GFGJ9@9IA<AK=:-IGK=AFAK=
M-GDAJ9@9IA<AK=?$DLCGDAHA<AK=

4:30845,
gpvk
'9?D=@A<I9KA
.92;4686
/HTLAB8I8BL=IAKLABAE8U8;C=PA<I8LAL=
,FEFK8P8IA<A
Y/HTLAB8L8BL=IAKLABA
Y)@FD=IAU8
Y3:FUKL:8
Y0I=LKL8:EARA
/CA;FK8P8IA<A
0FCAK8P8IA<A
,=L89FCA@8DE8KMHKLERAL=
,=L89FCA@8DE8U8;C=PA<I8LAL=
$'*'A//)+2/
!=>AFAI9N= F9 HGAEAK= B9?DD=@A<I9KA 9D<GQA C=KGQA EGFGJ9@9IA<A
<AJ9@9IA<A HGDAJ9@9IA<A GHKAUC9 AQGE=IAB9 D=M9 A <=JF9 >GIE9
<=JFG?AIA A D=MG?AIA JG==<AF=FAB9 @A<IGDAQ9 F9 JDG8=FAK=
B9?D=@A<I9KA
49HGQF9M9N= JG GHRKAK= C9I99CK=IAJKACA JMGBJKM9K9 A QF9U=N=KG F9
B9?D=@A<I9KAK=
-IAE=F9F9FGE=FCD9KLI9K9F99B9?D=@A<I9KAK=
-GMIQLM9N= F9 >AQAUCAK= JJMGBJKM9 F9 B9?D=@A<I9KAK= JG FAMF9K9
CM9DAK9KAMF9ACM9FKAK9KAMF9A<=FKA>AC9;AB9
-I=KJK9MLM9N= F9 @=EAJCAK= JMGBJKM9 F9 B9?D=@A<I9KAK= JG @=EAJCA
I9M=FCA
2GJHGJK9MLM9N=MIJC9E=SL JMMGBJKM9K9F9B9?D=@A<I9KA<AK=JGFAMF9K9
LDG?9MG8AMAK=GI?9FAQEA
,:B9JFLM9N=F9 K=CGKAQF9U=NN=KG E=K9:GDAQEGKF9B9?D=@A<I9KAK= Q9
8AMAK=GI?9FAQEA

4:30845,
6>9/1'7'19+7/89/1/4'0'-2+./*7'9/
5/3
'-2+./*7'9/9+8+57-'481/85+*/4+4/0'15/8+87+B/0//< ;58/9+
&/;/ 57-'4/=3/ 5 .+3/81/ 8589'; 9/+ 8+ 652/./*7518/24/ '2*+./*/
/2/ 1+954/ /2/ 85+*/4+4/0' 15/ ./*752/9/A1/ 8+ 7'=25&:;''9 4'
652/./*7518/24/'2*+./*//2/1+954/
"25-'
'9?D=@A<I9KAK= MIR9K EFG?L M98FA >LFC;AA MG 8AMAK=
GI?9FAQEA
JKILCKLIF9LDG?9 LU=JKMLM99KMG JGJK9MF9 FLCD=AFJCAK=CAJ=DAFA
MG ?I9<:9K9 F9 CD=KGUFAGK QA< F9 I9JKAK=DFAK= CD=KCA 9 C9CG
?DLCGHIGK=AFAMGJGJK9MF9CD=KGUF9K9E=E:I9F9
I=Q=IMF9 LDG?9 C9CG JCIG: MG I9JK=FAB9K9 A ?DACG?=F MG
8AMGKAFJCAK=AUGM=UCAGKGI?9FAQ9E
F=HGJI=<=F AF9BM98=F AQMGIF9=F=I?AB9 Q98AMAK=GI?9FAQEA
MD=?LM99KMGJGJK9MF9JMIQFAK=KCAM9
HIAFAMFAGKE=K9:GDAQ9EJ=<G:AM99KJLHJK9F;AARKGJ=F=GH@G<FA
Q9JAFK=Q9K9F9<IL?AMAK9DFAJG=<AF=FAB9
JH=;A>AUFA >LFC;AA ELCGHGDAJ9@9IA<AK= MG JDLQK9 MG
JLHJK9F;AK=CGA?AG<I=<LM99KCIMFAK=?ILHAA<IL?A
5*+2('
'9?D=@A<I9KAK=JHGI=<@=EAJCAGKJGJK9MJ= CD9JA>A;AI99K F9

-IGJKAB9?D=@A<I9KAADAEGFGJ9@9IA<ACGA @A<IGDAKAUCA F= EG89K
<9J= I9QDG89KF9 HG=<FGJK9MFA B9?D=@A<I9KA
/DG8=FA B9?D=@A<I9KA CGA EG89K @A<IGDAKAUCA <9 J= I9QDG89K F9
HG=<FGJK9MFA B9?D=@A<I9KA /HGI=< :IGBGK F9 EGFGJ9@9IA<FA
=<AFA;AJ=CD9JA>A;AI99KF9
,DA?GJ9@9IA<A B9?D=@A<I9KA CGA JG<I89K G< <M= <G <=J=K
EGFGJ9@9IA<FA=<AFA;A
-GDAJ9@9IA<A B9?D=@A<I9KA CGA JG<I89K F9< <=J=K

4:30845,
53+412'9:7'
'9?D=@A<I9KAK= J= AE=FLM99K JG <G<9M9N= F9 F9JK9MC9 5=' F9
F9QAMAK= CGA ?G GQF9ULM99K FAMFGKG E=JKG F9 F9GS9N= HGK=CDGKG
F=CG= >AQAUCG ADA @=EAJCG JMGBJKMG -GM=T=KG B9?D=@A<I9KA AE99K A
KIAMAB9DFA AEAN9 +9 HIAE=I ?DLCGQ9K9 LRK= J= F9I=CLM9 CIM=F
R=T=I ?IGQ<GM R=T=I A <=CJKIGQ9 >ILCKGQ9K9 GMGR=F R=T=I A
D=MLDGQ9
$'89'6+4589;5&/;/9+57-'4/=3/
'9?D=@A<I9KAK= J= F9BQ9JK9H=FA MG I9JK=FAB9K9 2G JLMsx|
I9JKAK=D=F GJK9KGC AE9 <G B9?D=@A<I9KA +9BQ9JK9H=FA MG FAM {=
;=DLDGQ9K9 CGB9 LU=JKMLM9 MG ?I9<:9K9 F9 CD=KGUFAGK PA< F9
I9JKAK=DFAK=CD=KCAAJCIG:GKC9CGI=Q=IMF9JLHJK9F;9
2G JLMAGK 8AMGKAFJCA GJK9KGC AE9 J9EG B9?D=@A<I9KA
49JK9H=FA J= F9BEFG?L C9CG ?DACG?=F <=HGFAI9F MG ;IFAGK <IG: A MG
ELJCLDAK=C9CGI=Q=IMF9JLHJK9F;9
6>9/1'7'19+7/89/1/4'35458'.'7/*/
5/3
5458'.'7/*/9+8+4/815352+1:2'74/57-'481/85+*/4+4/0'15/
;2+-:;''9 ;5 8589'; 4' &/;/9+ 57-'4/=3/ / 65 .+3/81/9< 8589';
67+989';:;''9 652/./*7518/24/'2*+./*//2/1+954/
0A= J= F9B=<FGJK9MFAK= B9?D=@A<I9KA A JG FAMFG|x I9QDG8LM9N=
F= EG8=<9J=<G:A=HG=<FGJK9M=FB9?D=@A<I9K2GJMGBGKJGJK9MJG<I89K
HGM=T=@A<IGCJADFA
)"?ILHA 9D<=@A<F9
") ADAC9I:GFADF9 ADA
C=KG ?ILH9)
,HRK9K9 >GIELD9Q9EGFGJ9@9IA<=K== %%%
5*+2('
*GFGJ9@9IA<AK=EG89K<9J=CD9JA>A;AI99KF9<M9F9UAFk
/HGI=<:IGBGKF9B9?D=IG<FAK= 9KGEA EG89K<9:A<9K KIAGQAJGKIA
/
9KGEA K=KIGQA JG U=KAIA /
9KGEA H=FKGQA JG H=K /
9KGEA
@=CJGQAJGR=JK/
9KGEAA@=HKGQAJGJ=<LE/
9KGEA
4:30845,
09:=D9
>G=:F
GMAHIG=C;AGFA>GI
IELDAF9
>GIEAF99D<GQAK=
D<
D<GKIAQG9
<GKIAQG9

$DA;

$DA;=I9D<=@A<
;=I9D<=@A<
D<G
D<GK=KIGQA
GK=KIGQA
"IAKIGQ9
0I=GQ9
D<GH=FKGQA
D<G
GH=FKGQA

.A:GQ9 I9:AFGQ9
(JADGQ9
)ACJGQ9
D<G@=CJGQA
D<G
G@=CJGQA

DGQ9 Q9
$LDGQ9

*9FGQ9
DKIGQ9
$DLCGQ9
*9FGQ
&<GQ9
$9D9CKGQ9
09DGQ9

4:30845,
09:=D9
>G=:FGMA HIG=C;AGFA>GI
IELDAF9
>GIEAF9C=KGQAK=
(=KGKIAGQ9
!
!A@A<IGCJA9;=KGF
(=KGK=KIGQ9

"IAKILDGQ9
(=KGH=FKGQA

.A:LDGQ9
(JADLDGQ9
(=KG@=CJGQA

-JACGQ9
#ILCKGQ9

#ILC
CKGQ9 /GI:GQ9
09?9KGQ9

4:30845,
/HGI=< >LFC;AGF9DF9K9 ?ILH9 |x B9 JG<I89K EG89K <9 :A<9K

9D<GQAJG<I89K9D<=@A<F9
") ?ILH9AC=KGQAJG<I89KC9I:GFADF9
ADA C=KG ?ILH9 ) +9 /DAC9
J= <9<=FA GHRKAK= >GIELDA F9
9D<GQAK=AC=KGQAK=
/DAC9
,HRKA>GIELDAF99D<GQAK=AC=KGQAK=
*FG?L U=JKG HIA AE=FLM9N=KG F9 EGFGJ9@9IA<AK= J= CGIAJK9K

F9QAMACGAAJKGMI=E=FG?AHGC98LM99KA:IGBGKF9B9?D=IG<FAK=9KGEA
A >LFC;AGF9DF9K9 ?ILH9 09C9 F9 HIAE=I 9D<G@=CJGQA 9D<GH=FKGQA A
C=KG@=CJGQA C=KGH=FKGQAAJDAUFG
49HI=KJK9MLM9N=F9EGD=CLDAK=F9EGFGJ9@9IA<AK=J=CGIAJK9K
>G=:F
GMAHIG=C;AGFA>GIELDAQ99;ACDAUFAK=>GIEAA "6KDFH=GMA
>GIELDAQ9;ACDAUFAK=>GIEAF9EGFGJ9@9IA<AK=
+9 K9:=DAK=
A
J= <9<=FA JKILCKLIFAK= >GIELDA F9
>G=:F
GMAK=HIG=C;AGFA>GIELDA
>GIEAK=F9JAK=9D<GQAAC=KGQA
/=/A1/8;5089;'4'35458'.'7/*/9+
'89;572/;589
*GFGJ9@9IA<AK= J= I9JKMGI99K MG MG<9 9 F= J= I9JKMGI99K MG
GI?9FJCAI9JKMGILM9UAAE9JKA(9I9CK=IAJKAUFGQ9FAM=<=C9JAK=J=
JGJD9<GCMCLJ
69/A1''19/;4589
*GD=CLDAK=F9EGFGJ9@9IA<AK=JG<I89K=<=FADAHGM=T=@AI9DFA
ADA9JAE=KIAUFA/
9KGEAQ9 U=KAIAK=MIJCAF9B9?D=IG<FAK=9KGEAJ=
HGMIQ9FA I9QDAUFA 9KGEA ADA 9KGEJCA ?ILHA A Q9KG9 HGC98LM99K
GHKAUC99CKAMFGJK

4:30845,
,HKAUC9 9CKAMFGJK = JHGJG:FGJK F9 @AI9DFAK= EGD=CLDA <9 B9

MIK9K I9EFAF9K9 F9 HD9F9IFG HGD9IAQAI9F9K9 JM=KDAF9 Q9 GHI=<=D=F
9?GDF9<=JFGADA F9 D=MG
0=9:24<4 J= GFA= GHKAUCA 9CKAMFA JLHJK9F;A CGA B9 MIK9K
I9EFAF9K9F9HD9F9IFGHGD9IAQAI9F9K9JM=KDAF9F9<=JFGAJ=:=D=89K
JG HI=<F9QAMGK
)0@:24<4>0 B9MIK9KI9EFAF9K9F9D=MGAJ=:=D=89KJG
HI=<
FAMFAGKF9QAM
,HKAUC9K9 9CKAMFGJK A 9?GDGK F9 IGK9;AB9 F9 JLHJK9F;AK= J=
GHI=<=DLM9 JG 9H9I9K HGD9IAE=K9I 9 AJHAKLM9N9K9 CGA J= MIR9K JG
F=?G J=F9I=CLM99KHGD9IAE=KIAJCA /DAC9

/DAC9
-IAC9QF9<=DGMAK=F99H9I9KGKHGD9IAE=K9I
(9I9CK=IAJKAUF9 >AQAUC9 M=DAUAF9 Q9 JAK= GHKAUCG 9CKAMFA

JG=<AF=FAB9 = FAMFAGK 9?GD F9 JH=;A>AUF9 IGK9;AB9
34 0GB J=
<=>AFAI9 C9CG 9?GD F9 MIK=N= F9 I9EFAF9K9 F9 HD9F9IFG
HGD9IAQAI9F9K9JM=KDAF9 F9 =<F9 GHKAUCA9CKAMF9 JLHJK9F;9 MG
MG<=FI9JKMGIJG E9J=F9 CGF;=FKI9;AB9 <
9B A {x <=:=DAF9F9JDGBGK
G< 8B
+9 09:=D9
J= <9<=FA MI=<FGJKA Q9 9?GDGK F9 JH=;A>AUF9
IGK9;AB9Q9F=CGAEGFGJ9@9IA<A

4:30845,
09:=D9

2I=<FGJKAQ99?GDGKF9JH=;A>AUF9IGK9;AB9Q9F=CGAEGFGJ9@9IA<A
5458'.'7/* -524'86+)/,/A4'759')/0'

.A:GQ9

!=GCJAIA:GQ9

$DLCGQ9

#ILCKGQ9

2=DAUAF9K9 F9 9?GDGK F9 JH=;A>AUF9K9 IGK9;AB9 J= G<I=<LM9 JG

JD=<F9K9 >GIELD9

3
%
9?GD F9 JH=;A>AUF9 IGK9;AB9 E=I=F F9 \ A JG JM=KDAF9 JG
KGUFG GHI=<=D=F9 :I9FGM9 <GD8AF9
7 ,M99 >AQAUC9 M=DAUAF9 AE9
CGFJK9FKF9 C9I9CK=IAJKAUF9 MI=<FGJK Q9 J=CGB9 GHKAUCA 9CKAMF9
JLHJK9F;9
AQE=I=F9|k MI=<FGJK F9 9?GDGK F9 MIK=N= F9 HD9F9IFG
HGD9IAQAI9F9K9JM=KDAF9 MG GHI=<=D=FI9JKMGI
E9J=F9 CGF;=FKI9;AB9 F9 AJHAKLM9F9K9 JLHJK9F;9 MG I9JKMGIGK
AQI9Q=F9MG <
8B
<=:=DAF9|k F9 JDGBGK FAQ CGB HGEAFLM9 HD9F9IFG HGD9IAQAI9F9K9
JM=KDAF9 K= <GD8AF9K9 F9 CAM=K9K9 MG HGD9IAE=K9IGK A AQF=JLM9
8B
-GD9IAE=KIAJCAK= AJHAKLM9N9 EG89K <9 J= AJCGIAJK9K Q9
CM9DAK9KAMF9 9F9DAQ9 G<I=<LM9N= F9 F=HGQF9K9 GHKAUCA 9CKAMF9
JLHJK9F;9 A Q9 CM9FKAK9KAMF9 9F9DAQ9 G<I=<LM9N= F9 F=HGQF9K9
CGF;=FKI9;AB9K9F9I9JKMGIG<GHKAUCA9CKAMF9JLHJK9F;9F9GHKAUCA
9CKAMFAK=JLHJK9F;AA

4:30845,
19/;4589
!,;<,@4 4=><,+?@,A0 C, <,C7464>0 @: C,=>,;09:=>, 9,
5,27034/<,>4>0 @: :<2,94>0 9, <,=>4>0794>0 4 +4@:>49=64>0
:<2,94C84
#<:?G42:803,94C8:>9, -4:3084=64:>;<:.0=1:>:=49>0C,;<46:5,
=0=49>0>4C4<,,>;<:=>45,27034/<,>4
=><,+42:;<49.4;:>9,1?96.4:94<,A09,;:7,<480>,<:>
-I9R9N9 AQ9<9UA
,:B9JFAB9LDG?9K9F9B9?D=@A<I9KAK=MG8AMAK=GI?9FAQEA
,:B9JFA B9 I9QDAC9K9 E=SL EGFGJ9@9IA<AK= GDA?GJ9@9IA<AK= A
HGDAJ9@9IA<AK=
,:B9JFA QGRKG = HG?GD=E9 Q9JK9H=FGJK9 F9 B9?D=@A<I9KAK= MG
I9JK=FAB9K9 MGG<FGJF9FAMF9K9Q9JK9H=FGJKMG8AMAK=GI?9FAQEA
AC9BUGM=CGK
(9CGJ=<G:AM99KEGFGJ9@9IA<AK=MGHIAIG<9K9
4GRKGEGFGJ9@9IA<AK=HGC98LM99K GHKAUC99CKAMFGJK
(GB9=I9QDAC9K9<=JFG?AIAK= AD=MG?AIAK= EGFGJ9@9IA<A
(GDCA T= AQF=JLM9 CGF;=FKI9;AB9K9 F9 J9@9IGQ9K9 MG I9JKMGI Q9
CGB HGD9IAE=KIAJCA = G<I=<=FG <=C9 AE9 9?GDGK F9 IGK9;AB9 JG
MI=<FGJK 0

4:30845,
69/A1'/=53+7/0'1'035458'.'7/*/9+
/ /=53+7/0'
*GD=CLDAK=F9EGFGJ9@9IA<AK= MGQ9MAJFGJKG<E=JKGHGDG8:9K9
F9 @A<IGCJADF9K9 )" ?ILH9 F9 HI=KHGJD=<FAGK B9?D=IG<=F 9KGE
EG89K<9 Q9MQ=E9K <M= CGF>A>LI9;AA!GCGDCL )"?ILH9K9= HGJK9M=F9
F9<=JFG CGF>A>LI9;AB9K9 =<=JF9 >GIE9!GCGDCL,+
?ILH9K9=F9
D=MG CGF>A>LI9;AB9 =D=M9& >GIE9 !M=K=>GIEAF9=<FGJG=<AF=FA=
J= F9I=CLM99K =F9FKAGE=IA 49 GHI=<=DLM9N= F9 HIAH9<FGJK9 F9 A &
>GIE9 C9CG I=>=I=FKFA J= CGIAJK9K <M=K= =F9FKAGE=IFA >GIEA F9
?DA;=I9D<=@A<GK
) )

" "

" "
" )" " )"
-2/)+7'2*+./* -2/)+7'2*+./*
/DAC9
/K=I=GAQGE=IAB9F9 ?DA;=I9D<=@A<
"F9FKAGE=IAK= J= D=M9K9 A <=JF9K9 >GIE9 F9 F=CG= GHKAUCA

9CKAMFGJG=<AF=FA=0A= AE99KAJKA>AQAUCAJMGBJKM9KGUCAF9KGH=N=
MIA=N=AEIQF=N= ?LJKAF9 A I9JKMGIDAMGJK-GM=T=KG@=EAJCAJMGBJKM9
AEJ=Q9=<FAUCA GJM=F HIA I=9C;AB9JGGHKAUCA 9CKAMFAI=9?=FJA
"F9FKAGE=IAK=J=I9QDACLM99KMG KG9RKG
CIAJK9DAQAI99KMGI9QDAUFA =F9FKAGEGI>FACIAJK9DACIAJK9DFA
>GIEACGAJ=G<F=JLM99K E=SLJ=:= C9CG HI=<E=K ADAC MGG?D=<9DG
AE99KI9QDAUF9>AQAGDGRC99CKAMFGJK
?DLCGQ9K9 =>AQAGDGRCA
HG9CKAMF9 Q9I9QDAC9G< &
?DLCGQ9K9
B9 MIK9K I9EFAF9K9 F9 HD9F9IFG HGD9IAQAI9F9K9 JM=KDAF9 Q9 AJKA
MI=<FGJKA F9 9?DAK= FG MG I9QDAUF9 F9JGC9 Q9KG9 J= G<F=JLM99K
E=SLJ=:= C9CG GHKAUCA 9FKAHG<A -I ?DA;=I9D<=@A<GK AE9 9?GD F9
JH=;A>AUF9IGK9;AB9\ 9 &?DA;=I9D<=@A<GK
\

4:30845,
+AMFAK= EGD=CLDA J= G<F=JLM99K E=LJ=:= C9CG HI=<E=K A DAC MG

G?D=<9DG ADAC9CGD=M9K9A<=JF9K9I9C9 49KG9J=F9I=CLM99KA@AI9DFA
EGD=CLDAG<?IUCAGKQ:GI @AI RKGQF9UAI9C9
IGBGK F9 JK=I=GAQGE=IA > C9B GHKAUCA 9CKAMFAK= JG=<AF=FAB9
C
J= HI=JE=KLM9 JG I9M=FC9K9 > C9<= C = :IGBx| F9 @AI9DFA /
9KGEAMGEGD=CLD9K9F9EGFGJ9@9IA<GK
/E=J9G<=<F9CMACGDAU=JKM9G< & A >GIE9F9AJKGJG=<AF=FA=
F=HGC98LM9GHKAUC99CKAMFGJKAJ=F9I=CLM9I9;=EJC9JE=J9
19/;4589
=><,+4 24 =@:5=>@,>, 9, 09,9>4:80<4>0 9, 906:5 8:9:=,3,<4/ 4
94@94>009,9>4:8:<1946<4=>,74
#<0=80>,5 2: -<:5:> 9, =>0<0:4C:80<4 9, ,7/:;09>:C4>0 4
60>:30;>:C4>0
/ )569/A1'/=53+7/0'
/12/A4'897:19:7'4' 35458'.'7/*/9+
(9B EGFGJ9@9IA<AK= J= JI=T9M9 1 A SGHKAUC9 AQGE=IAB9 CGB9 J=

B9MLM9 HGI9<A I9QDAUFAGK HIGJKGI=F I9JHGI=< F9 HGDL9;=K9DF9K9
@A<IGCJADF9 )" ?ILH9 CGB9 HG ;ACDAQ9;AB9K9 F9 EGD=CLDAK= F9
EGFGJ9@9IA<AK= J=>GIEAI9F9HIMAGK 9KGE
*GFGJ9@9IA<AK= C9CG <MG>LFC;AGF9DFA GI?9FJCA JG=<AF=FAB9
JG<I89K HGM=T= )" ?ILHA A =<F9 9D<=@A<F9 ADA C=KG ?ILH9 49KG9 J=
GU=CLM9 KA= <9 ?A <9M99K I=9C;AAK= C9I9CK=IAJKAUFA Q9
HGDA@A<IGCJADFAK= 9DCG@GDA A Q9 C9I:GFADFAK= JG=<AF=FAB9 +G HIA
AJHAKLM9N=KG F9 FAMF9K9 I=9CKAMFGJK Q9:=D=89FA J= I9QDACA E=SL
I=9CKAMFGJK9 F9 KIAGQAK= A K=KIGQAK= G< =<F9 JKI9F9 A F9 H=FKGQAK= A
@=CJGQAK=G<<IL?9 JKI9F9
&E=FG EGFGJ9@9IA<AK= JG HGE9D :IGB F9 /
9KGEA 9 MG=<FG JG
HGE9DCL ,+
?ILHA ?A <9M99KI=UAJA JAK=C9I9CK=IAJKAUFA I=9C;AA Q9
JG=<AF=FAB9K9 JG 9DCG@GDF9 A C9I:GFADF9K9 ?ILH9 RKG LC98LM9 F9
FAMF9JK9:ADF9JKILCKLI9
-=FKGQAK= A @=CJGQAK= F= ?A <9M99K JAK= C9I9CK=IAJKAUFA
I=9C;AA Q9 9DCG@GDF9K9 A C9I:GFADF9K9 ?ILH9 &JKG K9C9 LKMI<=FG =
<=C9 KA= MG MG<=F I9JKMGI HGC98LM99K JMGBJKMG F9 ELK9IGK9;AB9 ADA

4:30845,
HIGE=FDAM9IGK9;AB90G9= JMGBJKMG<9J= E=FLM9 9?GDGKF9 JH=;A>AUF9

IGK9;AB9 JG JKG=N= F9 MG<=FAGK I9JKMGI F9 GHKAUCA 9CKAMF9K9
JLHJK9F;9 -IAUAF9 Q9 K99 HIGE=F9 = >GIEAI9N=KG F9 HGDL9;=K9DFA
;ACDAUFA>GIEA
2G MG<=F I9JKMGI EGD=CLDAK= F9 @=CJGQAK= A H=FKGQAK= CG?9 J=
MG 9;ACDAUF9 C9I:GFADF9K9 >GIE9 HGI9<A GE @A:IA<AQ9;AB9K9 F9
9KGEAK= D=89K MG HGM=T= I9EFAFA A Q9MQ=E99K CGF>A?LI9;AB9 F9

CD=RK9 -GI9<A :DAQAF9K9 J= JDLULM9 I=9C;AB9 A<=FKAUF9 C9CG
I=9C;AB9K9 E=SL9D<=@A<A ADAC=KGFA JG9DCG@GDA HIARKGJ=<G:AM99K
HGDL9;=K9DAA9;=K9DA /DAC9

/DAC9
.=9C;AB9F9 9<A;AB9F99CDG@GD F99D<=@A<F9K9 ?ILH9A
>GIEAI9N=F9HGDL9;=K9DAA9;=K9DA
&E=FG E=SL C9I:GFADF9K9 ?ILH9 /, F9 A @A<IGCJADF9K9

,+ ?ILH9 F9 9KGEGK F9JK9FLM9 I=9C;AB9 HIA RKG J= ;ACDAQAI9
EGD=CLD9K9AJ= >GIEAI99K HGDL9;=K9DFAG:DA;AF9EGD=CLD9K9
-IA ;ACDAQ9;AB9K9 F9 9D<G@=CJGQAK= J= G:I9QLM9 R=JKGUD=F
HAI9FGQ=F @=K=IG;ACDAU=F HIJK=F MG CGB = MCDLU=F CAJDGIG<FAGK
9KGEGKG<,+
?ILH9K9 G< H=KAGK/
9KGE+9JK9FLM9FGM9@A<IGCJADF9
?ILH9 F9 HIMAGK /
9KGE CGB JK9FLM9 @AI9D=F CGB9 = HGI=9CKAMF9 MG
G<FGJF9 GJK9F9KAK= ,+?ILHA AJ=F9I=CLM9HGDL9;=K9DF9@A<IGCJADF9
?ILH9 /DAC9

/DAC9
#GIEAI9N=F9;ACDAUFAJKILCKLIA
MGMG<=FI9JKMGIF9?DLCGQ9

4:30845,
(9B C=KG@=CJGQAK= ;ACDAQ9; ;AB9K9 F9JK9FLM9 E=SL C9I:GFADF9K9

?ILH9F9/ 9KGEGKA )" ?ILH9K9F F9 / 9KGEGK HIARKGJ=JGQ<9M9FGM9
HGDL9;=K9DF9 ,+ ?ILH9 F9 / A E
EGD=CLD9K9 ;ACDAQAI9 MG >LI9FGQ=F
H=KKGUD=F HIJK=F -GI=KCG KA= ;
;ACDAQAI99K MG HAI9FGQ=F HIJK=F 9
;ACDAQ9;AB9K9=HIAC989F9F9 /DA AC9

/DAC9
#GIEAI99N=F9;ACDAUFA HGDL9;=K9DFA
JKILCKLLIAC9B>ILCKGQ9K9
(9B H=FKGQAK= C9B CGA AFK=I9C;AB9K9 =E=SL C9I:GFADF9K9 ?ILH9

F9 / ADA 9KGEAK= A @A<IGCJAD DF9K9 ?ILH9 F9 9KGEGK J= G:I9QLM9
F9BU=JKG >LI9FGQ=F 9HGI=KCGHAI I9FGQ=F@=K=IG;ACDAU=FHIJK=F
-IA ;ACDAQ9;AB9K9 C9B H=FKKGQAK= A @=CJGQAK= J= >GIEAI99K <M=
HGDL9;=K9DFA
A
>GIEA CGA J= F9I=CLM99K 9FGE=IA ADA
<AB9JK=I=GAQGE=IA 0A= J= I9QQDACLM99K MG E=JKGHGDG8:9K9 F9
FGMGF9JK9F9K9K9HGDL9;=K9DF9 )" " ?ILH9F9/ 9KGEGK+9JDACAK=
A

J= HIAC989FA9FGE=IFAK=>GI IEA F9?DLCGQ9K9 A>ILCKGQ9K9
/DAC9
FGE=I
IAK=>GIEAF9?DLCGQ9
4:30845,
/DAC9
FGE=IAK=>GIEAF9>ILCKGQ9
(9B >GIEAK= HGDL9;=K9DF9K9 ,+ ?ILH9 = HGJK9M=F9 HG<

I9EFAF9K9 F9 HIJK=FGK 9 C9B
>GIEAK= = HGJK9M=F9 F9< I9EFAF9K9 F9
HIJK=FGK
FGE=IAK= F= J= GHKAUCA 9FKAHG<A :A<=BTA B9 MIK9K H9EFAF9K9
F9 HD9F9IFG HGD9IAQAI9F9K9 JM=KDAF9 Q9 I9QDAUF9 MI=<FGJK F9 9?GDGK
FGMGAJK9F9JGC9
;ACDAUF9K9 A <M=K= ;ACDAUFA 1 A S >GIEA F9 H=FKGQAK= A
@=CJGQAK= J=F9I=CLM99KK9LKGE=IFA>GIEA 9HGB9M9K9K9LKGE=IAB9
A

>GIEAK=MGMG<=FI9JKMGIJ=MGJGJKGB:9F9 E=SLJ=:F9 I9EFGK=89JG
9;ACDAUF9K9 >GIE9 0A= HGJKGB9K J9EG MG MG<=FA I9JKMGIA C9CG
K9LKGE=IA 2G CIAJK9DF9 JGJKGB:9 F=E9 K9LKGE=IAB9 9 <M=K= >GIEA
EG89K <9 J= AQGDAI99K =<F9 G< <IL?9 >GIEAK= AE99K JKGDU=
CGF>GIE9;AB9A Q9KG9 J=HGJK9:ADFAMGG<FGJF9 >GIE9K9

-2:156/7'45=' -2:156/7'45='

)/12/A4''2*+./*4',573'
/DAC9
09LKGE=IFA>GIEAC9B?DLCGQ9K9

4:30845,
FGE=IAK= AE99K I9QDAUFA >AQAUCA JMGBJKM9 2I=<FGJK9 F9

JH=;A>AUF9|k IGK9;AB9 AE = I9QDAUF9 0A= B9 MIK9K I9EFAF9K9 F9
HD9F9IFG HGD9IAQAI9F9K9 JM=KDAF9 MG AJK9 F9JGC9 9 Q9 I9QDAU=F 9?GD
&JKGK9C9AE99KI9QDAUFAKGUCAF9KGH=N=AMIA=N=
+3/81/8;5089;'4'35458'.'7/*/9+
*GFGJ9@9IA<AK=HGC98LM99K?GD=E9 I=9CKAMFGJK CGB9J=<GD8A

F9HIAJLJKMGKGHGM=T=KG@A<IGCJADFA?ILHAA F9C9I:GFADF9K9?ILH9
+'1)//4'./*7518/24/9+-7:6/
2GI=9C;AB9JGCAJ=DAFAEGFGJ9@9IA<AK=<9M99K=JK=IA
2G E=K9:GDAQEGK F9 B9?D=@A<I9KAK= F9BM98F9 LDG?9 AE99K FAMFAK=
=JKI=A JG >GJ>GIF9K9 CAJ=DAF9 /DAC9
,MA= =JK=IA AE99K
I9QDAUFA >AQAUCG
@=EAJCA JMGBJKM9 MG G<FGJ F9 EGFGJ9@9IA<AK=
:A<=BTAJ==D=CKIGDAKAAJ= HGI=9CKAMFA
/DAC9
.=9C;AB9F9=JK=IA>AC9;AB9F9?DLCGQ9JG>GJ>GIF9CAJ=DAF9
HIARKGJ= <G:AM9 ?DLCGQ9

>GJ>9K
2GI=9C;AB9JG9DCG@GDAJ=?I9<9K =K=IA
+9BM98FA J= =K=IAK= CGA J= ?I9<9K F9 HGDL9;=K9DF9K9 )" ?ILH9 A J=
F9I=CLM99K?DLCGQA<A /DAC9

4:30845,
") "
)"
)" ) "
") "
" ) " " ) )"
)
3+9/2 -2:156/7'45=/*
)"
" ") "
)" )"
)
) "
)"
-2:156/7'45='
)"
)"
)"
3+9/2 -2:156/7'45=/*
/DAC9
.=9C;AB9F9?DLCGQ9JG E=K9FGDHIA
RKGJ=<G:AM99K?DLCGQA<A
+'1)//4' 1'7(54/24'9'-7:6'
AB9F@A<IAFJC9I=9C;AB9
2G I=9C;AB9 JG ;AB9FGMG<GIG< EGFGJ9@9IA<AK= HGEAFLM99K MG
B9?D=@A<I9KA JGHG?GD=E:IGB/
9KGEA /DAC9

)
( ))"
) "
" )" " )" " )"
"
"( " ) 3"4
" )" " )" " )" " )"
(" " )
" )" " )" " )" " )"
0IAGQ9 ,CJAFAKIADF9 "IAKIGFJC9 0=KIGQ9

KIAGQ9 CAJ=DAF9
-2/)+7'2*+./* +7/975='
/DAC9
/AFK=Q9F9K=KIGQ9K9
=IAKIGQ9 G<KIAGQ9K9

?DA;=I9D<=@A< JG;AB9F@A<IAFJC9I=9C;AB9
2G I=9C;AB9 JG JG=<AF=FA=KG @A<IGCJAD9EAF EGFGJ9@9IA<AK= <9M99K

GCJAEA ,M99 I=9C;AB9 = G:I9KF9 G< ;AB9F@A<IAFJC9K9 I=9C;AB9
4F9U9BF9=:A<=BTA JGF=9 J= AQM=<LM9CI9K=N=F9 JAFOAIGK G<
9KGEAA
HIAKG9 J=<G:AM99KEGFGJ9@9IA<AJGHGE9D:IGB
9KGEA /DAC9

4:30845,
) ( )"
" " (
)
" )" " )" " )"
"
" ( )" " ) "(
" )" " )" " )" " )"
" )" " )" " )" " )"
0=KIGQ9 D<GCJAEF9 ,CJAFAKIADF9 0IAGQ9
K=KIGQ9 KIAGQ9
+7/975=' -2/)+7'2*+./*
/DAC9
.=9C;AB9JG@A<IGCJAD9EAF Q9<G:AM9N=F9
KIAGQ9K9
?DA;=I9D<=@A< G<K=KIGQ9K9
=IAKIGQ9
#=FAD@A<I9QGFJC9 ADAGJ9QGFJC9I=9C;AB9 B>A >G=:F ?

'9?D=@A<I9KAK= F=EG89K <9 J= AQ<MGB9K G< MG<=F I9JKMGI JG
CIAJK9DAQ9;AB9 :A<=BTA JG Q9?I=M9N= HI=< <9 B9 <GJKA?F9K KGUC9K9 F9
KGH=N= J= I9QDG8LM99K /G >=FAD@A<I9QAF HGM=T=KG ?I9<9K CIAJK9DFA
JLHJK9F;A F9I=U=FA GJ9QGFA CGAJDL89K Q9AQGD9;AB9AA<=FKA>AC9;AB9
F9 B9?D=@A<I9KA CGA EG89K <9 ?A >GIEAI99K ,J9QGFAK= J= CIAJK9DFA
JLHJK9F;A AE99KKGUF9KGUC9F9KGH=N= C9I9CK=IAJKAU=FG:DACA:GB9
RKGJ=CGIAJKAQ9CM9DAK9KAMF9A<=FKA>AC9;AB9F9B9?D=@A<I9KAK=
094734/<,C49=6,:=,C:9=6,<0,6.45,
(: /@0 0;<?@0>4 =0 =>,@,,> ;: ( 1094734/<,C49 ( 9,><4?8
,.0>,>
, :.0>9,64=0749,4, <,=>@:<9,27?6:C,@:;<@,>,4
<,=>@:< :/ 1<?6>:C, @: @>:<,>, 0;<?@0>, %:/<+49,>, 9, /@0>0
0;<?@0>4=0;<:80D?@,4=0C,2<0@,,>@:@:/09,-,A, :2,;: 4C@0=9:
@<080 @: 0;<?@0>4>0 =0 1:<84<, >,7:2 0;<?@0>4>0 =0 :=>,@,,>
=;:9>,9: /, =0 4C7,/,> :-4094>0 +:7>4 6<4=>,74 =0 :/
1:<84<,94>0 27?6:C,C:9 @: ;<@,>, 4 4 1<?6>:C,C:9 @: @>:<,>,
0;<?@0>,
!=BJKMGKG F9CAJ=DAFAK=MIQ EGFGJ9@9IA<AK=

-G< <=BJKMG F9 JADFA EAF=I9DFA CAJ=DAFA J= G<Q=E99K KIA
EGD=CLDA MG<9 G< EGD=CLDAK= F9 EGFGJ9@9IA<AK= A HIAKG9 KA= J=

4:30845,
;ACDAQAI99K MG F=Q9JAK=FA 9D<=@A<A -=FKGQAK= ?I9<9K >LI>LI9D 9

@=CJGQAK= @A<IGCJAE=KAD>LI>LI9D /DAC9

9
:
/DAC9
!G:AM9N=F9 9 >LI>LI9DA : GCJAE=KAD>LI>LI9D
.+*1$):@,<0,6.45,
(:0;<?@0>,=0=>,@,,> , <,=>@:<9,27?6:C,46,;64
,76:3:709 <,=>@:< 9, 9,1>:7 =0 ;<:80D?@, 4 ;: B4/:>
@948,>079: =0 /:/,@,
, 6:9.09><4<,9, =?71?<9,
64=0749,
!, /:;4<9,>, ;:@<D49, 80E? /@0>0
>0G9:=>4 =0 C,-070+?@, ;:5,@, 9, @4:70>:@ ;<=>09 #<4
<0,6.45, 9, 27?6:C, =: =?71?<9, 64=0749, =0 1:<84<, :6=480>47
1?<1?<,7 6:5 90 0 :-:09: =:0/490940 9: =: 9,1>:7:> =0 -:4
@4:70>:@:=:D>:8:+0/,=04/09>4146?@,
!=BJKMGKG F9:9QAK=MIQ EGFGJ9@9IA<AK=

,M99I=9C;AB9=<GC9QQ9HGJKG=N=KGF9;ACDAUF9K9JKILCKLI9C9BEGFGJ9@9IA<AK=

4:30845,
2G I=9C;AB9 JG JD9:A :9QA EGD=CLDAK= F9 EGFGJ9@9IA<AK= J=

=FGDAQAI99K MGJMGAK==FGDFA >GIEA?DLCGQ9K9HGEAFLM9MG>ILCKGQ9
ADAE9FGQ9AG:I9KFG
2G I=9C;AB9 JG JADFA :9QA J= I9JCAFLM9 EGD=CLD9K9 F9 <M= E=JK9 A
HIAKG9 J= <G:AM9 JE=J9 G< JG=<AF=FAB9K9 ED=UF9 CAJ=DAF9 EI9MJC9
CAJ=DAF9AE=KAD?DAGCJ9D CGB9J=F9I=CLM9C9I9E=D
..0&:@,<0,6.45,
(:0;<?@0>,=0=>,@,,> , <,=>@:<:/27?6:C,4
, <,=>@:<:/
9,><4?8 34/<:6=4/4 =0 C,2<0@, /: @<40A0 %0 C,-070+?@, ;:5,@, 9,
+:7>, 474 >089: +:7>, -:5, 9, <,=>@:<:> 4 6,<,6>0<4=>4G09
84<4= ://:-4094:>6,<,807
.=<LC;AB9F9EGFGJ9@9IA<AK=
(9I:GFADF9K9 ?ILH9 F9 EGFGJ9@9IA<AK= EG8= <9 J= I=<L;AI9 <G
9DCG@GDF9 A HIAKG9 J= <G:AM99K HGDA@A<IGCJADFA 9DCG@GDA /G
I=<LC;AB9F9?DLCGQ9J=<G:AM9JGI:AKGD 9F9>ILCKGQ9E9FAKGD /DAC9

9 :
/DAC9
.=<LC;AGFAHIG<LCKAF9 ?DLCGQ9K9 9 JGI:AKGD
A F9 >ILCKGQ9K9 :E9FAKGD
,CJA<9;AB9F9EGFGJ9@9IA<AK=
/G GCJA<9;AB9 F9 C9I:GFADF9K9 ?ILH9 F9 MG EGD=CLDAK= F9
EGFGJ9@9IA<AK=J=<G:AM99K9D<GFJCA
GFJCACAJ=DAFA

4:30845,
/G GCJA<9;AB9 MG :AGDGRCA LJDGMA EG8= <9 J= Q9ULM9

9D<=@A<F9K9?ILH9 9<9J=GCJA<AI9 HIAE9IF9K9 )" ?ILH9K9F9CI9BFAGK
9KGE AHIAKG9J=<G:AM99KLIGFJCACAJ=DAFA
/G GCJA<9;AB9 F9 C9I:GFADF9K9 ?ILH9 F9 A )"?ILH9K9 F9
HGJD=<FAGK 9KGE J= <G:AM99K 9D<9IFA R=T=IFA CAJ=DAFA /G JADFA
GCJA<9FJA C9B 9D<GQAK= J= CAF= JAFOAIGK 9 C9B C=KGQAK= J= CAF= HIA
J=CGB9GCJA<9;AB9 /DAC9

?DLCGFJC9CAJ=DAF9?DLCLIGFJC9CAJ=DAF9?DLCG9D<9IF9 CAJ=DAF9
/DAC9
,CJA<9;AGFAHIG<LCKAF9?DLCGQ9K9
&)+*-(:@,<0,6.45,
(: 0/9, 0;<?@0>, =0 =>,@, ;:
, :/ <,=>@:<4>0
&)+*-( 4 &)+*-( %:/<+49,>, =0 ;<:80D?@, 4 =0
C,2<0@, /: @<40A0 (: /<?2, 0;<?@0>, =0 =>,@, ,
<,=>@:< :/ 27?6:C, 4 =0 C,2<0@, /: @<40A0 @,>,
@<074<,=>@:<4=080D,,>4;<4>:,=0C,-070+?@,;<:809,9,-:5,>,
:/ >089:=49, :/ &)+*-(:@4:> <0,209= ;<06? +:7>, :/ -,6,<
34/<:6=4/:> /: .<@09:6,10,@, :/ ;<4=?=>@:>: 9, =:C/,/094:>
-,6,<:6=4/
.++&-1:@,<0,6.45,<0,6.45,9,=<0-<09::270/,7:
(: 0;<?@0>, =0 =>,@,,> 0/9,6@4 @:7?8094 9, <,=>@:<:> :/ =<0-<:
94><,>427?6:C,=0/:/,@,,>6,;64,8:94?834/<:6=4/,;:>:,
@948,>079:=0C,2<0@,#: 4C@0=9:@<0809,B4/:@4>0:/0;<?@0>,>,
=0 C,-070+?@, >,7:+0A0 9, =<0-<:>: @: :-746 9, :270/,7: 4 C,>:,
:@,<0,6.45,?D>0=09,<06?@,<0,6.45,9,=<0-<09::270/,7:E

4:30845,
5;'&4/67+989';4/)/4'35458'.'7/*/9+
!7/5=/
0IAGQAK=MGHIAIG<9K9 F=J=JI=T9M99KJDG:G<FA KLCLJ9EGC9CG
>GJ>9KFA =JK=IA +9JK9FLM99K HIA 9F9=IG:FG I9QDG8LM9N= F9
?DLCGQ9K9
!+975=/
0=KIGQAK=F=J=:AGDGRCAM98FA 9MGHIAIG<9K9J=JI=T9M99KMG
>GIE9F9>GJ>9KFA =JK=IA
+495=/

+9B?GD=EG QF9U=N= G< ?ILH9K9 H=FKGQA AE99K IA:GQ9K9 A
<=GCJAIA:GQ9K9 /= JI=T9M99K MG HIAIG<9K9 MG ;ACDAUF9 >LI9FGQF9 A
HAI9FGQF9>GIE9
.A:GQ9K9 C9CG
IA:G>LI9FGQ9

>GJ>9K LU=JKMLM9 MG AQ?I9<:9
F9 IA:GFLCD=GQA<AK= F9 IA:GFLCD=AFJCAK= CAJ=DAFA +( MG F=CGA
CG=FQAEA MG 9<=FGQAFEGFG>GJ>9K '* 9<=FGQAF<A>GJ>9K * A
9<=FGQAFKIA>GJ>9K -*
!=GCJAIA:GQ9K9 C9CG
<=GCJAIA:G>LI9FGQ9

>GJ>9K MD=?LM9
MG JGJK9M F9 <=GCJAIA:GFLCD=GQA<AK= F9 <=GCJAIA:GFLCD=AFJC9K9
CAJ=DAF9 (
2G HIAIG<9K9 I=KCG J= JI=T9M99K JDG:G<FA J9EG MG LIAF9K9 A
JMIQ9FAMG>GIE9F9>GJ>9KFA=JK=IA
#GJ>9KFAGK=JK=IF9C=KGQ9K9IA:LDGQ9
IA:LDGQ9

>GJ>9K=
E=SLHIGAQMG<MGHIG;=JAK=>GKGJAFK=Q9AH=FKGQ9>GJ>9KFAGK;ACDLJ
+185=/

,< ?ILH9K9 @=CJGQA F9BQ9JK9H=FA MG HIAIG<9K9 A JG EFG?L M98FA
>LFC;AA MG 8AMAK= GI?9FAQEA J= 9D<G@=CJGQ9K9 ?DLCGQ9 A
C=KG@=CJGQ9K9>ILCKGQ9
2:15=' <=CJKIGQ9 ?IGQ<GMR=T=I CIM=FR=T=I

$DLCGQ9K9 C9CG JDG:G<F9 EG8= <9 J= F9B<= C9B I9JK=FAB9K9 MG
GMGRFAK=HDG<GMA CGI=N9K9 MGDAJKGMAK= ;M=KGMAK= 9C9B8AMGKFAK=

4:30845,
A UGM=CGK MG DAE>9K9 A CIMK9

BBDA
& 2G JMIQ9F9 JGJKGB:9 J=
JI=T9M9 MG JGJK9M F9 GDA?GJ9@9IA<AK= A HGDAJ9@9IA<AK= ?DLCGQA<AK=
E=<GKA<IL?AHIG<LCKA
/DAC9
;ACDAUF9 JKILCKLIF9 >GIELD9F9 ?DLCGQ9
A;ACDAUF9JKILCKLIF9>GIELD9F9

?DLCGHAI9FGQ9
$DLCGQ9K9MGHIAIG<9K9J=JAFK=KAQAI9JGHIG;=JGK>GKGJAFK=Q9
A JG @A<IGDAKAUCG I9QDG8LM9N= F9 JCIG:GK A ?DACG?=FGK MG
<A?=JKAMFAGK JAJK=E
")CC" ) C" )
6GM=UCAGK GI?9FAQ9E ?DLCGQ9K9 EG8= <AI=CFG <9 B9 HIAEA JG
CGFJLEAI9N= F9 I9QDAUFA GMGRB9 ADA G< JCIG: CGB MG <A?=JKAMFAGK
JAJK=E @A<IGDAKAUCA J= I9QDG8LM9 <G ?DLCGQ9 $DLCGQ9K9 J= <=HGFAI9
MG;IFAGK<IG:A MG ELJCLDAK=C9CG?DACG?=F
#AQAUCA JMGBJKM9 F9 ?DLCGQ9K9 J= :=D9 CIAJK9DF9 JLHJK9F;9 JG
JD9<GC MCLJ <G:IG I9JKMGIDAM9 MG MG<9 9 JD9:G I9JKMGIDAM9 MG
GI?9FJCA I9JKMGILM9UA 0GUC9K9 F9 KGH=N= = / -GC98LM9
ELK9IGK9;AB9 MG I9EFGK=89 E=SL 9;ACDAUF9K9 A ;ACDAUF9K9 >GIE9
HGC98LM9 9?GDF9 JH=;A>AUF9IGK9;AB9 34
%=EAJCAK= JMGBJKM9 J= ?DLCGQ9K9 ?A <9M9 I=9C;AAK=
C9I9CK=IAJKAUFA Q9 9DCG@GDAK= JG CAJ=DAFA <9M9 =JK=IA JG 9DC9DFA
E=K9DA <9M9 JGDA JG I=<LC;AB9 <9M9 @=CJ9@A<IGCJAD=F 9DCG@GD
JGI:AKGD JGGCJA<9;AB9<9M9?DLCGFJC9CAJ=DAF9
$DLCGQ9K9=?D9M=FAQMGIF9=F=I?AB9Q98AMAK=GI?9FAQEA
*=K9:GDAKAUCA MG 8AMGKAFJCAK= GI?9FAQEA EACIGGI?9FAQEAK=
A:9CK=IAAK=?DLCGQ9K9J=I9QDG8LM9HIAHIG;=JAK=
9DCG@GDF9>=IE=FK9;AB9
H=FKGQ9

>GJ>9KFAGK;ACDLJ

4:30845,
?DLCGDAQ9
-IA GMA= HIG;=JA J= GJDG: :G<LM9 G?IGEFG CGDAU=JKMG =F=I?AB9
CGB9 GI?9FAQEGK B9 CGIAJKA Q9 I9JJK I9QMGB A >LFC;AB9 F9 GI?9FAQEGK
,MA= HIG;=JA J= CGIAJK9K MG HIG;=JAK= Q9 <G:AM9N= F9 ED=UFA
HIGAQMG<A HIA HI=I9:GKC9 F9 ED=CGKG JK9JLM9N= F9 K=JKGKG
9DCG@GDFAHAB9DG;AA<IL?A
7:195=' D=MLDGQ9 GMG

GR=FR=T=I
/DAC9
ACDAUF9A9;AC
CDAUF9>GIE9F9
>ILCKGQ9
#ILCKGQ9K9 = F9BM98F9 C=KGG@=CJGQ9 (9CG JDG:G<F9 >ILCKGQ9K9

J= JI=T9M9 MG GMGRFAK= HDG<GMA
A ;FI8H>G
GMGRB= A MG E=<GK MG
>GIE9 F9 HAI9FGQ9 2G JMIQ9F99 JGJKGB:9 J= JI=T9M9 MG JGJK9M F9
GDA?GJ9@9IA<AK= J9@9IGQ9 A HG
GDAJ9@9IA<GK AFLDAF 2G UGM=UCAGK
GI?9FAQ9EJ=JI=T9M9C9CG>GJ>9KKFA=JK=IA/DG:G<F9K9>ILCKGQ9AE9
;ACDAUF9 HAI9FGQF9 >GIE9 9 MG JG=<AF=FAB9K9 MD=?LM9 MG >LI9FGQ=F
G:DAC
#ILCKGQ9K9=F9BJD9KCAGKB9?D=@A<I9K AE9JH=;A>AUF9IGK9;AB9

34
JG KGUC9K9 F9 KGH=N= G< / $A <9M9 I=9C;AAK=
C9I9CK=IAJKAUFA Q9 EGFGJ9@@9IA<AK= 9 J= I=<L;AI9 MG
HGDA@A<IGCJADFAGK9DCG@GDE9FAKKGD
4:30845,
-I9R9N9 AQ9<9UA
!=>AFAI9B ?A HGAEAK= EGFGJ9@9IA< 9D<GQA C=KGQA =F9FKAGE=I
@AI9D=F
9KGE A ELK9IGK9;AB9
(GB9=HIAUAF9K9Q9 HGB9M9K9F9ELK9IGK9;AB9MGMG<=FAK=I9JKMGIA
F9GHKAUCA9CKAMFAK=JG=<AF=FAB9
(GAJ=I9QDACAK=MGJMGBJKM9K9F9=F9FKAGE=IAK=
,:B9JFA RKG GQF9ULM99K Q9HAJAK=

<=GCJAIA:G>LI9FGQ9 A
&

>ILCKGQ9
-IGLUA<9DA A >GIEAK=J=GHKAUCA9FKAHG<AA=F9FKAGE=IA
5KGHI=KJK9MLM99K AHGRKGJ=I9QDACLM99K 9FGE=IAK=
,:B9JFA ?G QF9U=N=KG F9 HGD9IAE=KIAJC9K9 E=KG<9 Q9 9F9DAQ9 F9
GHKAUCA9CKAMFAK=JG=<AF=FAB9
-I=JE=K9B ?G :IGBGKF9 C=KG@=HKGQA (GDCL H9I9 =F9FKAGE=IA AE9
MGGM9?ILH9 JG=<AF=FAB9
+9RKGJ=<GD8A@=EAJC9K9I=9CKAMFGJKF9EGFGJ9@9IA<AK=
,:B9JFA B9 M98FGJK9 F9 ;AB9F@A<IAFJC9K9 I=9C;AB9 (GB9 I=9C;AB9
AE9G:I9K=FE=@9FAQ9EG<F=9
(GAJ=I9QDACAK=MGJMGBJKM9K9A?I9<:9K9F9?DLCGQ9A>ILCKGQ9
+9HARAI9M=FCAF9 JD=<FAK= I=9C;AAK=
1

?DLCGHAI9FGQ9JG=K9FGD
,CJA<9;AB9F9
?DLCGQ9F9/
"JK=IA>AC9;AB9F9
IA:GQ9JG>GJ>GIF9CAJ=DAF9
.=<LC;AB9F9
?DLCGQ9
!G:AM9N=F9GCJAEG< 1

?DLCGQ9JG@A<IGCJAD9EAF
!G:AM9N=F9>LI>LI9DG<
IA:GQ9
,CJA<9;AB9F9
?9D9CKGQ9
49GCIL8A CGAG<JD=<FAK=AJC9QAJ=KGUFA
(GI=?AI9B?AF=KGUFAK= AJC9QA
0
FGE=IAK=J=G<F=JLM99KC9CG=F9FKAGE=IA
0
&
>ILCKGQ9=<=CJKIG?AI9
0
&E9MCLHFGC=KG@=CJGQA
0 -IGCLIJGIAK=J=HGB<GMFAJLHJK9F;AHIAC9K9:GDAKAUCAK=
HIG;=JA
4GRKGH=FKGQAK=A@=CJGQAK=F=?A<9M99KJAK=C9I9CK=IAJKAUFA
I=9C;AAQ99D<=@A<AK=AC=KGFAK=,:B9JFA

4:30845,
2/-58'.'7/*/
,DA?GJ9@9IA<AK=J=B9?D=@A<I9KACGAJ=AQ?I9<=FAG< <M=<G<=J=K
EGD=CLDAF9EGFGJ9@9IA<FAGJK9KG;A+9B?GD=E9M98FGJKAF9BAQLU=FA
J= <AJ9@9IA<AK= A F=CGDCL KIA A K=KI9J9@9IA<A -G @=EAJCA JGJK9M J=
JG=<AF=FAB9 CGA J= I9QDG8LM99K F9 <M= <G <=J=K HGDA@A<IGCJADFA
9D<=@A<AAC=KGFA/=AE=FLM99KJGKIAMAB9DFAF9QAMA
/8'.'7/*/

+9BM98FAK=<AJ9@9IA<AJ=JGJK9M=FAG< <M= ?DLCGQA<FGHGMIQ9FA

@=CJGQA 2G Q9MAJFGJK G< F9UAFGK F9 HGMIQLM9N= HGJKGB9K <M9 KAH9
<AJ9@9IA<AG<E9DKGQ=FA G< KI=@9DGQ=FKAH
4=,3,<4/4 :/ 8,7>:C09 >4; D HGMIQLM9N=KG F9

EGFGJ9@9IA<FAK=EGFGE=IFA=<AFA;AC9BGMGBKAHF9<AJ9@9IA<A =E=SL
HGDL9;=K9DF9 ?ILH9 G< HIM9K9 A F=CGB9 <IL?9 ?ILH9 G<MKGI9K9
EGFGJ9@9IA<F9 =<AFA;9 -I=KJK9MFA;A F9 GMGB KAH <AJ9@9IA<A J=
E9DKGQ9K9 AD9CKGQ9K9
'295='9'

?DLCGQAD
?DLCGQ9 = AQ?I9<=F9 G< <M=

?DLCGHAI9FGQA HGMIQFA ?DLCGQA<FG /DAC9

2G
<A?=JKAMFAGKJAJK=E J=<G:AM9 JGI9Q?I9<LM9N=F9JCIG:GK A?DACG?=FGK
MF=J=FHI=CL AJ@I9F9K9!G:IGJ=I9JKMGI9MGMG<9A9DCG@GD HGC98LM9
JMGBJKMG F9 ELK9IGK9;AB9 <9M9 GJ9QGFA A ?G I=<L;AI9 :9C9I## G<
:AA>C<DMAGK I9JKMGI %A<IGDAKAUCA J= I9QDG8LM9 HG< <=BJKMG F9 B9CA
CAJ=DAFA MG D9:GI9KGIAJCA LJDGMA ADA =FQAEA F9 <M=

?DLCGHAI9FGQA
/DAC9
/KILCKLIF9>GIELD9F9E9DKGQ9

4:30845,
'195='

?9D9CKGQAD

?DLCGQ9 ADA ED=U=F R=T=I =
<AJ9@9IA< G< E9DKGQ=F KAH +9JK9FLM9 JG ?DLCGQA<FG
HGMIQLM9N=F9=<F9 EGD=CLD9F9
?9D9CKGHAI9FGQ9A=<F9 EGD=CLD9
F9
?DLCGHAI9FGQ9 /DAC9
)9CKGQ9K9 J= JAFK=KAQAI9 MG
ED=UFAK= 8D=Q<A F9 ;A;9UAK= !G:IG J= I9JKMGI9 MG MG<9 FG F= J=
I9JKMGI9 MG=K=IA9DCG@GD%A<IGDAKAUCAJ=I9QDG8LM9F9?9D9CKGQ9A
?DLCGQ9
/DAC9
/KILCKLIF9>GIELD9F9D9CKGQ9
4=,3,<4/4:/><03,7:C09 >4; J=B9MLM9C9BGFA=<AJ9@9IA<ACGA

F9JK9F9D=JGHGMIQLM9N=F9HGDL9;=K9DFAK= )"?ILHAF9 EGD=CLDAF9
<M=K= EGFGJ9@9IA<FA=<AFA;A-I=KJK9MFACJGF9B?GD=EGQF9U=N= =
J9@9IGQ9K9
'.'75='

?DLCGQA<G

>ILCKGQA<
F9JK9FLM9JG ?DLCGQA<FGHGMIQLM9N=F9
?DLCGHAI9FQ9 A
>ILCKG>LI9FGQ9 /DAC9
2GHIAIG<9K9EG8=<9J=F9B<=MGR=T=IF9|k
KIJC9A MGR=T=IF9K9 I=H9
/9@9IGQ9K9 ?A HGC98LM9 JD=<FAK= >AQAUCA
JMGBJKM9 <G:IG J= I9JKMGI9 MG MG<9 9 KGUC9K9 F9
KGH=N=A=\/+9<K99K=EH=I9KLI9J=I9JH9S9
HGK=EFLM9 A HGEAFLM9 MG ;9I9E=D ,HKAUCA =
9CKAMF9 9F=BQAF9K9JH=;A>AUF9IGK9;AB9=
(9I9CK=IAJKAUFA@=EAJCA JMGBJKM9F9
J9@9IGQ9K9J=
-G< <=BJKMG F9 CAJ=DAFAK= A @A<IGDAKAUCAK= =FQAEA J= I9QDG8LM9
F9 ?DLCGQ9A>ILCKGQ9 /DAC9

"FQAEGK AFM=IK9Q9 B9 I9QDG8LM9 <G AFM=IK=F R=T=I JE=J9 G<
>ILCKGQ9A?DLCGQ9 CGB=D=MG?AI -IAIG<FAGKE=<=AFM=IK=FR=T=I

4:30845,
2G<=FAGK I9JKMGI F9 J9@9IGQ9 F= ?G I=<L;AI9 :=A>C<GMAGK I9JKMGI

HGI9<AGKJLJKMGF9HGDL9;=K9DF9 @A<IGCJADF9,+ ?ILH9
/9@9IGQ9I9J=CGIAJKAMGAJ@I9F9K9F9UGM=CGK Q9HIGAQMG<JKMG
F9 CGF<AKGIJCA HIGAQMG<A MG HI=@I9E:=F9K9 AF<LJKIAB9 C9CG
Q9JD9<LM9UACGFQ=IM9FJ
/DAC9
%A<IGDAKAUCGI9QDG8LM9N=F9 J9@9IGQ9
<G?DLCGQ9A>ILCKGQ9
4/<:74C,9,=,3,<:C,
%,3,<:C,>, 8:+0 /, 5, <,C7:+480 34/<:74>4G64 =: C,2<0@,A0 =:
<,=>@:< :/ 37:<:@:/:<:/9, 64=0749, (: 0;<?@0>, =0 =>,@,,> ,+
<,=>@:< 9, =,3,<:C,4
,+ <,=>@:<:/ + =:6:9.09><,.45,9, +
,.+%, ;<?@0>,>, =0 C,2<0@, :6:7? 849?>4 4/<:74C,>, 0
C,@<D09, #<:/?6>4>0 9, 34/<:74C,>, 27?6:C, 4 1<?6>:C, =0
/:6,+?@,,>=: &)+*-(:@,<0,6.45,6:5,F0 -4/0;:C4>4@9, #<0//,
=0 9,;<,@4 &)+*-(:@, <0,6.45, <,=>@:<:> =0 ,76,74C4<, =: 906:76?
,+ <,=>@:< 9, 9,><4?8 34/<:6=4/ >0 /: ;:=>429?@,A0 9, -,C9,
<0,6.45,=0;<:@0<?@, =:49/46,>:<7,68?=

4:30845,
52/8'.'7/*/
52/8'.'7/*/9+ 8+ ;/8515352+1:2'74/ (/5652/3+74/

85+*/4+4/0' /=-7'*+4/ 5* 4'* *+8+9 4'0A+895 4+1521: 8959/)/ /2/
/20'*/35458'.'7/*4/+*/4/)/ -2:15=/*45 65;7='4/
,MA= JG=<AF=FAB9AE99KI9QDAUFAJMGBJKM9G<EGFGJ9@9IA<AK=G<
CGAF9JK9FLM99K+=E99KJD9<GCMCLJ F=J=I9JKMGI99KMGMG<9 KLCLJG
F=9 F=CGAG<FAM ?I9<9KCGDA<FAJAJK=EA
-GDAJ9@9IA<AK=J= CD9JA>A;AI99KF9HGM=T=F9UAFA
%;:<0/?7:2,>,@:+4@4>0:<2,94C84
JKILCKLIFA
CGA F9I9JK=FAB9K9J=HGKHGIFGKCAMGAAEB9G<I8LM99K
E=@9FAUC9K9JKILCKLI9
I=Q=IMFA ADA @I9FDAMA
%;:<0/3084=64:>=:=>,@
@GEGHGDAJ9@9IA<A
AQ?I9<=FAG<AJKAEGFGJ9@9IA<FA=<AFA;AJCIG:
?DACG?=F ;=DLDGQ9A
@=K=IGHGDAJ9@9IA<A
AQ?I9<=FAG<I9QDAUFAEGFGJ9@9IA<FA=<AFA;A
ELCGHDAJ9@9IA<AK= @=H9IAF @AB9DLIGFJC9CAJ=DAF9 @GF<IGAKAF
JLD>9K
CGFBL?AI9FA?DLCGHIGK=AFAA?DLCGDAHA<A
/;:<0/;:>067:>:
I9JKAK=DFAADA>AKGHGDAJ9@9IA<A
8AMGKAFJCAADAQGGHGDAJ9@9IA<A
535652/8'.'7/*/
%
175(
/CIG:GK = @GEGHGDAJ9@9IA< CGB MG G:DAC F9 JCIG:FA QIF9 J=

F9GS9 MG J=EAN9K9 A CGI=N9K9 F9 I9JK=FAB9K9 C9<= J= JCD9<AI9 C9CG
I=Q=IMF9@I9F9/=JAFK=KAQAI9MGQ=D=FAK=<=DGMAF9I9JK=FAB9K9

4:30845,
,:MAMC9K9 F9 JCIG:FAK= QIF9 = AQ?I9<=F9 G< HGDAJ9@9IA<GK

9EADGH=CKAF 9 JI;=MAF9K9 G< HGDAJ9@9IA<GK 9EADGQ9 2G GI?9FAQEGK
F9UGM=CGKJCIG:GK@A<IGDAKAUCAJ=I9QDG8LM9HG<<=BJKMGF9 =FQAEGK
9EAD9Q9 HIARKGJ=<G:AM9<AJ9@9IA<GKE9DKGQ9
%A<IGDAQ9K9MGD9:GI9KGIAJDALJDGMA J= MIRA JGQ9?I=M9N= HG<
<=BJKMG F9 @DGIGMG<GIG<F9 CGF;=FKIAI9F9 CAJ=DAF9 -IAKG9 HIMG J=
<G:AM9JE=J9G<HGCLJAHGDAJ9@9IA<A
<=CJKIAFA 9HGKG9 HI=CLE9DKGQ9
J=<G:AM9 ?DLCGQ9
3/25='9' = AQ?I9<=F9 G< G?IGE=F :IGB

?DLCGHAI9FGQA
HGMIQ9FA E=SLJ=:= ?DLCGQA<FG /DAC9
+AQ9K9 MG
HIGJKGIGK Q9MQ=E9 JHAI9DF9 JKILCKLI9 /DAC9
*GD=CLDJC9 E9J9
AQF=JLM9 G< <G '9?I9<AJI;=MAF9K9F9 JCIG:FAK=QIF9 C9<=
RKG =Q9JK9H=F9G<
'G<FAGKI9JKMGI?G:GAMAGD=KGMG

/DAC9
!=DG<JKILCKLIF9K9>GIELD9F99EADGQ9

/DAC9
-IGJKGI=FI9JHGI=<F9 EGD=CLD9K9F9 9EADGQ9K9
3/256+19/459 =HGDAJ9@9IA<JGI9Q?I9F=K9JKILCKLI9&Q?I9<=F

p G<

?DLCGHAI9FGQA HGMIQ9FA ?DLCGQA<FG /DAC9
+9
J=CGB9 <M9=J=K A H=KK9 =<AFA;9 AE9 I9Q?I9FLM9N= ?DLCGQA<FG
/DAC9
'G<FAGK I9JKMGI ?G :GA MAGDpKGMG 2G JCIG:FAK= QIF9 B9
?I9<A G:MAMC9K9 JG Q9JK9H=FGJK G<
EADGH=CKAFGK F= J=
I9JKMGI9MGMG<9 KLCLJ9EGF9:9:ILM9

4:30845,

/DAC9
!=DG<JKILCKLIF9K9>GIELD9F99EADGH=CKAF

/DAC9
-IGJKGI=FI9JHGI=<F9 EGD=CLD9K9F9 9EADH=CKAF
3(.+:@,<0,6.45,
(: 0;<?@0>, =0 =>,@, <,=>@:< 9, =6<:- 4 906:76? 6,;64 3(.+:@
<,=>@:<%0C,-070+?@,=49::-:5?@,A06:0A>< =:C,2<0@,A0=02?-4
,=:7,/0A0;:@>:<9:=05,@?@,
4/<:74C,9,=6<:-
(:0;<?@0>,=0=>,@, , <,=>@:<:/=6<:- , 6:9.09><4<,9,
+ 4906:76?6,;64 3(.+:@<0,209=!,4C8094G9:5,C,2<0@,8045,
7,/480 0;<?@0>,>, (: <,C7,/094>0 ;<480<:.4 F0 C,-070+480 /06,
-:5,>, 9, <,=>@:<:> F0 =0 809?@, :/ =49, @4:70>:@, .<@09, /:
:-0C-:5?@,A0 #<4 /:72: C,2<0@,A0 =6<:-:> F0 34/<:74C4<, /:
27?6:C, !, <,=>@:<:> /:/,@,80 906:76? 6,;64 3(.+:@ <0,209=
/:6:76? >:5 90 =0 :-:4 C9,G4 /06, 34/<:74C,>, 9, =6<:-:> /:
27?6:C, 0 C,@<D09, 4 .07:=9, #<4=?=>@:>: 9, 27?6:C, 2:
4/09>4146?@,80=:;:C4>4@9, &)+*-(:@,;<:-,
""C ""C " "
JCIG: <=CJKIAFA ?DLCGQ9

4:30845,
2/15-+4
$DACG?=FGK = I=Q=IM=F
@GEGHGDAJ9@9IA< G< 8AMGKAFJCG
HGK=CDG &Q?I9<=F = G< <G
?DLCGQFA =<AFA;A JG
I=D9KAMF9EGD=CLDJC9E9J9G<
<G EADAGFA
$G AE9 MG JAK= KCAM9 A
GI?9FA FG F9BQ9JK9H=F = MG
;IFAGK <IG: A ELJCLDAK= -G
@=EAJC9K9 ?I9<:9 = JDAU=F F9
9EADGH=CKAFGK J9EG RKG
I9Q?I9FLM9N=KG = F9 J=CGB9 GJE9
<G <M9F9=J=KK9 EGFGJ9@9IA<F9
=<AFA;9 2G GI?9FAQEAK= F9 8AMGKFAK= A UGM=CGK ?DACG?=FGK J=
JCD9<AI9 MG ELJCLDAK= G< <G A MG ;IFAGK <IG: <G
"FQAEJCGKGI9QDG8LM9N= F9?DACG?=FGK
?DLCG?=FGDAQ9= JGE=@9FAQ9E
JDAU=FC9CGGFGB F9JCIG:GK
3(.+:@,;<:-,=:2746:209
!,
, 06=><,6> :/ 2746:209 =0 /:/,@,,> 906:76? 6,;64 3(.+:@
<,=>@:<%0C,-070+?@,;:5,@,9,.<@09:6,10,@,-:5,9,<,=>@:<:>
%:C,2<0@,A0-:5,>,=02?-4,;<47,/0A0;:@>:<9:=0;:5,@?@,
+2:25='
=DLDGQ9K9 = F9BQF9U9BFAGK JKILCKLI=F @GEGHGDAJ9@9IA< Q9
I9JK=FAB9K9 2D=?LM9 MG JGJK9M F9 CD=KGUFAGK PA< F9 I9JKAK=DFAK=
CD=KCA -G @=EAJCA JGJK9M ;=DLDGQ9K9 = F=I9Q?I9F=K :AGHGDAE=I
JGJK9M=F G< <G 1

?DLCGHAI9FGQFA =<AFA;A
?DLCGQA<FG HGMIQ9FA /DAC9

=DLDGQ9K9 F= J= I9JKMGI9 MG MG<9 I9Q:D98=FA CAJ=DAFAA :9QA
A MG GI?9FJCA I9JKMGILM9UA F=E9JDG:G<FAHGDL9;=K9DFA?ILHAAF=J=
I=<L;AI9

4:30845,

/DAC9
!=DG<JKILCKLIF9K9>GIELD9F9 EGD=CLD9K9F9 ;=DLDGQ9
/DAC9
-GMIQLM9N=F9EGD=CLDAK=F9;=DLDGQ9 JGMG<GIG<FAMIJCA
2G JAJK=EGK Q9 M9I=N= MG UGM=UCAGK GI?9FAQ9E ;=DLDGQ9K9

=FQAEJCA F= @A<IGDAQAI9 FG HG< <=BJKMG F9 EACIGGI?9FAQEAK= CGA
8AM=9KMG<=:=DGKG;I=MGJ=I9QDG8LM9<GJE=J9G<I9QDAUFAGI?9FJCA
CAJ=DAFA G;=KF9 ED=UF9 :LK=IF9 CADA:9IF9 A ?9JGMAK= ) " A
"
2G GI?9FAQEAK= F9 KI=MGH9JFAK= 8AMGKFA ;=DLGQ9K9 = AQMGI F9
=F=I?AB9 9 J= @A<IGDAKAUCA J= I9QDG8LM9 <G HG=<FGJK9MFA E9JFA
CAJ=DAFA MG8=DL<FACGKAHI=<8=DL<FACGK
$,=>@:<,A09,.07?7:C,
!,5/:-,<<,=>@:<?@,G9,.07?7:C,>,0@:/094:><,=>@:<9,/4,849:
-,6,<34/<:6=4/;:C9,>6,6: $)5&*26&0:@ <0,209=
=>: >,6, 6,6: <,=>@:<?@,G 9, .07?7:C,>, =0 6:<4=>4 4 -,6,<
0>4709/4,849 3

D>:;<0>=>,@?@, <,=>@:<9,
-,6,<34/<:6=4/@:0>4709/4,849<,=>@:<09@:@:/,
7:-/ 65;'&4/ .5356528'.'7/*/.535-2/1'4/

AFLDAFAQ?I9<=FG< >ILCKGQ9
9?9I
9?9IAQ?I9<=FG< ?9D9CKGQ9
@AKAFAQ?I9<=FG< (
9;=KAD
?DLCGQ9EAF
H=CKAFAAQ?I9<=FG< ?9D9CKLIGFJC9CAJ=DAF9

4:30845,
+9+75652/8'.'7/*/ .+9+75-2:1'4/
ELCGHGDAJ9@9IA<AADA?DLCGQ9EAF?DAC9FA
%=K=IGHGDAJ9@9IA<A J= AQ?I9<=FAG<9EAFGR=T=IAF9BQ9JK9H=FA

?9D9CKGQ9EAFGK A
?DLCGQ9EAFGK A LIGFJCA CAJ=DAFA ,< GM99
?ILH9JG=<AF=FAB9F9BQ9JK9H=FAMG8AMAK=GI?9FAQEAJ=
@AB9DLIGFJC9K9 CAJ=DAF9 CGB9= AQ?I9<=F9=G< (

9;=KAD?DLCGQ9EAF
A ?DLCLIGFJC9CAJ=DAF9 /DAC9

/DAC9
!=DG<JKILCKLIF9K9 >GIELD9F9@AB9DLIGFJC9AJ=DAF9
@GF<IGAKAFJLD>9K AQ?I9<=F=G< ?DLCLIGFJC9CAJ=DAF9 (

9;=KAD

?9D9CKGQ9EAF A JLD>9KF9?ILH9
/DAC9
!AJ9@9IA<F9 EGFGE=IF9 =<AFA;9F9 @GF<IGAKAFJLD>9K
@=H9IAF
AQ?I9<=F = G< ?DLCGQG9EAF ?DLCLIGFJC9 CAJ=DAF9 A
JLD>LIFACAJ=DAFAJMIQ9FAJG9EAFG?ILH9K9G<?DLCGQ9EAFGK
HGDAJ9@9IA<AK= F9CIMFAK=?ILHA 2 2 ,
4:30845,
(GFKIGD=FK=JK
)
)
"
"
"
))
"
)"
"
))
"
)"
"
"
))
)"
"

"
"
)
)"
)"
"
)"
"
"
"
)
%GF<IGAKAFJLD>9K
%GF<IGAKAFJLD>9K/
)

%GF<IGAKAFJLD>9K2!=IE9K9FJLD>9K
) ,
"
")
"
"
" ) "
"
"
"
" ) "
"
"
"
"
)
" ( )
" ) , )
"
)
( )
"
)
" ( )

"
"
"
)
)
"
"
"
49GCIL8A?GKGUFAGKG<?GMGI
*GD=CLD9K9F9?DACG?=FGK=JDAUF9JGEGD=CLD9K9F99EADGH=CKAFGK
AFAQAK=C9BGMA=HGDAJ9@9IA<AJ=HGMIQ9FA
9 MG?D9MF9K9FAQ9 9JGJKI9FAUFAK= :
M MG?D9MF9K9FAQ9 9JGJKI9FAUFAK= ?
$DLCGFJC9K9CAJ=DAF9=
9EGFGC9I:GCJADF99EAFGCAJ=DAF9 :KIAC9I:GCJADF9CAJ=DAF9
M<AC9I:GCJADF9HGDA@A<IGCJADF9CAJ=DAF9 ?9EAFGCAJ=DAF9
(GBG<<9<=FAK=F9QAMA F=G<?GM9I9F9?DLCGQ9K9
9<=CJKIGQ9 :?IGQ<GMR=T=I M D=MLDGQ9 ?CIM=F
R=T=I IGBGKF9@AI9DFA9KGEAC9B9D<G@=CJGQAK=AC=KG@=CJGQAK=
JGG<M=KFG AQF=JLM9
9A :A MA ?A

A
>GIEAK=E=SLJ=:=J=
9=F9FKAGE=IA :GHKAUCA9FKAHG<A
M9FGE=IA ? C9I:GFADFA>GIEA
/G@A<IGDAQ9F9J9@9IGQ9J=<G:AM9
9?DLCGQ9 :?DLCGQ9 A>ILCKGQ9
M?9D9CKGQ9A?DLCGQ9 ?>ILCKGQ9
-I9R9N9
!=>AFAI9B ?A HGAEAK= HGDAJ9@9IA< <=JFG?AIA A D=MG?AIA
JG=<AF=FAB9 =F9FKAGE=IAB9 9FGE=IA GHKAUCA9CKAMFAJLHJK9F;A
+9HARA A G:B9JFA ?A >G=:FDJ9K9 >GIELD9 A <M=K= "6KDFH= GMA
;ACDAUFA >GIELDA F9 ?DLCGQ9 AE=FLM9B ?A A GQF9UA ?A @AI9DFAK=
9KGEA
+9HARA I9M=FCA F9 I=9C;AAK= 1

?DLCGQ9 JG @A<IGCJA9EAF
=JK=IA>AC9;AB9F9
IA:GQ9JG "*) F9
9KGEGK
(GDC9M9E9J9F9?DLCGFJC9CAJ=DAF9T=J=<G:A=JGGCJA<9;AB9F9
< ?DLCGQ9
+9HI9MAI9QDAC9E=SL & A >GIEAK=F9EGFGJ9@9IA<AK=AD=MG?AIA
A<=JFG?AIAEGFGJ9@9IA<A
+9M=<A?A HI=KJK9MFA;AK=F9HGDAJ9@9IA<AK=AI9QDACAK=E=SLFAM
$DLCGQ9K9 <9M9 HGQAKAMF9 :=A>C<GM9 I=9C;AB9 9 J9@9IGQ9K9 A
JCIG:GK MGUAAJGJK9MJ=F9GS9K99 F=E99K,:B9JFAQGRKG=K9C9

4:30845,
+9'(52/='34'8:689'4)//9+
+9'(52/='3
-G< E=K9:GDAQ9E J= HG<I9Q:AI9 ;=DGCLHFAGK JHD=K F9
:AG@=EAJCA HIG;=JAMG8AMAK=GI?9FAQEA+=?GM9K9 >LFC;AB9=
-I=Q=E9N= =F=I?AB9 G< GCGDAF9K9 MG G:DAC F9 @I9F9 ADA JGFU=M9
=F=I?AB9
"FQAEJC9 @A<IGDAQ9 F9 @I9F9K9 <G HG=<FGJK9MFA GI?9FJCA
JG=<AF=FAB9 9EAFGCAJ=DAFA EGFGJ9@9IA<A E9JFA CAJ=DAFA A <I
G< CGA HG<G;F9 T= J= JAFK=KAQAI99K :AGHGDAE=IA HIGK=AFAK=
FLCD=AFJCAK= CAJ=DFA DAHA<AK= A <I A JLH=IEGD=CLDJCA
CGEHD=CJA
/AFK=Q9 F9 :AGJG=<AF=FAB9 JG JH=;A>AUF9 F9E=F9 @GIEGFA A
=FQAEA
'9'(52/='3 = =FQAEJC9 I9Q?I9<:9 F9 @I9FDAMAK= HIG<LCKA JG
I=D9KAMFG MAJGCA EGD=CLDJCA E9JA B9?D=@A<I9KA HIGK=AFA DAHA<A
HIA RKG C9CG CI9BFA HIG<LCKA J= <G:AM99K FAJCGEGD=CLD9IFA
JG=<AF=FAB9 ED=UF9CAJ=DAF9 G;=KF9 CAJ=DAF9 ) 9EGFAB9CALI=9
,MA=I=9C;AAJ=HIGJD=<=FA JGGJDG:G<LM9N=F9=F=I?AB9 =?QGK=IEFA
CGB9J=M?I9<LM9AJCD9<AI9 C9CG 9<=FGQAFKIA>GJ>9K
-*
.9QDG8LM9N=KG F9 @I9FDAMAK= HIG<LCKA = =FQAEJCG A J= G<MAM9
MG HGM=T= >9QA HI=CL Q9=<FAUCA AFK=IE=<A=IA CGA J= =F=I?=KJCA
JG=<AF=FAB9 /DAC9

/DG8=FAK=GI?9FJCAJLHJK9F;ACGA?AHIAE9E=
HI=CL@I9F9K9J=I9QDG8LM99KF9GJFGMFAK=
EGFGE=IFAJLHJK9F;AG<CGAJ=AQ?I9<=FA
*GFGE=IFAK=JLHJK9F;AJ=I9Q?I9<LM99KF9
HGHIGJKAE=K9:GDAKA
-GKHGDF9GCJA<9;AB9<G A

/DAC9
(9K9:GDAKAUCGI9QDG8LM9N=F9JLHJK9F;AK=

4:30845,
4'(52/=359 ?A GH>9T9 =FQAEJCAK= JAFK=QA F9 JDG8=FA

MAJGCGEGD=CLD9IFA F=GH@G<FA CGEHGF=FKA F9 CD=KC9K9 HIGK=AFA
FLCD=AFJCA CAJ=DAFA DAHA<A HGDAJ9@9IA<A -IA GMA= JAFK=QA J=
KIGRA =F=I?AB9 KA= J= =F<GK=IEFA HIG;=JA CGB9 B9 <G:AM99K G<
9<=FGQAF KIA>GJ>9K
0. ADA FACGKAF9EA< <AFLCD=GKA< I=<L;AI9F9
>GIE9
(*"
F9:GDAQEGKAC9K9:GDAQEGKJ=JDLULM99KMGI9QDAUFA<=DGMAF9
CD=KC9K9A J=C9K9DAQAI9FAG<I9QDAUFA=FQAEA
4+7-+981/)/12:8;512+91/9+
,I?9FJCAK= JG=<AF=FAB9 CGA J= F9GS99K MG @I9F9K9 :G?9KA J= JG
MG<GIG<AQ9KG9JG<I89K?GD=EGCGDAU=JKMG @=EAJC9=F=I?AB9+9BM98F9
GJG:AF9F98AMAK=GI?9FAQEA =EG8FGJK9 <9B9CGIAJK9K =F=I?AB9K9 G<
@I9FDAMAK= E9K=IAA JG?GILM9BTA ?A <G ) A " ) HIA CGFJK9FK=F
HIAKAJGCAK=EH=I9KLI9
-IAGMA=I=9C;AAM98F9LDG?9AE99K=F=I?=KJCAK=JG=<AF=FAB9 HIA
UAB9 JAFK=Q9 J= JCD9<AI9 =F=I?AB9 9 HIA FAMFG I9QDG8LM9N= J=
GJDG:G<LM9 =F=I?AB9 +9BM98FAK= =F=I?=KJCA JG=<AF=FAB9 J=
HI=KJK9M=FA MG 09:=D9K9

09:=D9

"F=I?=KJCAJG=<AF=FAB9MGUGM=UCAGK GI?9FAQ9E
!/64' 85+*/4+4/0' 7+989';4/)/

"JK=IA 1:=1,>94
?DLCGQ9

>GJ>9K A
1
?DA;=IGD>GJ>9K
09:794
>GJ>G=FGDHAILM9K
F@A<IA<AF9CAJDAFA 9<=FGQAFKIA>GJ>9K
0.
!=IAM9KA F9 >GJ>9EAFJCA CI=9KAF>GJ>9K
CAJ=DAFA
"JK=IA F9 KAG9DCG@GDA CGA 9;=KADCG=FQAE
JG<I89K>GJ>GIF9CAJ=DAF9
/G @A<IGDAQ9 F9 JAK= =F=I?=KJCA :G?9KA JG=<AF=FAB9 J=

GJDG:G<LM9 QF9U9BFG CGDAU=JKMG =F=I?AB9 CGB9 J= <MA8A G<
<G

@$
BDA

4:30845,
,MA=JG=<AF=FAB9 JHGI=<=F F=I?AB9K9CGB9EG89K<9B9JCD9<AI99K

J= <=D9K F9 MAJGCG=F=I?=KJCA A FAJCG=F=I?=KJCA JG=<AF=FAB9
+AJCG=F=I?=KJCA J= ?DLCGQ99

>GJ>9K A 1
?DA;=IGD>GJ>9K
2AJGCG=F=I?=KJCAJ=>GJ>G=FGDHA AILM9KACI=9KAF>GJ>9K
,MA= JG=<AF=FAB9 F= J= I9QDG8LM99K <AI=CKFG <G CI9BFA
HIG<LCKA :A<=BTA JG KG9 F=HG GKI=:FG :A J= GJDG:G<ADG G?IGEFG
CGDAU=JKMG =F=I?AB9 6GM=CGMAGK GI?9FAQ9E =F=I?AB9K9 =CGFGEAUFG B9
KIGRA (G?9 = HGKI=:FG HG H9KK F9 KI9FJ>=I K99 J= HI=F=JLM9 G<
MAJGCG=F=I?=KJCA CGFFAJCG=F=I?==KJCAK= JG=<AF=FAB9
+9BM98FG =F=I?=KJCA :G?9KG G JG=<AF=FA= = 9<=FGQAF KIA>GJ>9K
0.CG= JG<I8A<M==F=I?=KJCAMI IJCA /DAC9

-* JGAJHLRK9N=
F9 =<F9 >GJ>9KF9 ?ILH9 HI=EAFLMM9 MG 9<=FGQAF <A>GJ>9K
* /DAC9

HIA RKG G<<9M9 @=EAJC C9 =F=I?AB9 cIA JCD9<AI9N=KG F9
@=EAJC9K9 =F=I?AB9 J= JDLULM9 G:I9K=F HIG;=J * MIQLM9 =<F9
>GJ>9KF9?ILH9 J=JGQ<9M9 -* AH HIAKG9J=JCD9<AI9=F=I?AB9
/DAC9
/KILCKLIF9>G
GIELD9F99<=FGQAFKIA>GJ>9K0.
/DAC9
/KILCKLIFA>GIELDAF9 9<=FGQAF<A>GJ>9K *
/AJK=EGK 0.* BB9 HI=F=JLM9 =F=I?AB9K9 G<

MAJGCG=F=I?=KJCAK= JG=<AF=FAB9 C
CGF KIGEAK= GI?9FJCA JG=<AF=FAB9 ?A
9CKAMAI9AK9C9 KA= J=MCDLULM99KMGE=K9:GDAKAUCAK=HIG;=JA

4:30845,
!IL? M98=F G:DAC F9 =F=I?AB9 MG CD=KCAK= J= =D=CKIGFAK= A

MG<GIG<FAK= 9KGEA CGA J= GJDG:G<LM99K MG K=CGK F9 GCJA<9KAMFGKG
I9QDG8LM9N= A HIAKG9 J= MIQLM99K Q9 CG=FQAEAK= +9BM98FA CG=FQAEA
Q9 HI=Q=E9N=|x MG<GIG< J= (" A (*" FACGKAF9EA<
9<=FAF
<AFLCD=GKA<
>GJ>9K (" ?G HI=Q=E9 MG<GIG<GK G< HIG;=JAK= F9
GCJA<9KAMFG I9QDG8LM9N= A ?G HI=<9M9 F9 I=JHAI9KGIFAGK JAFOAI
2G<GIG<FAK= 9KGEA CGA ?A HI=Q=E9D ( J= CGIAJK9K Q9 I=<LCKAMFA
JAFK=QA F9 GI?9FJCA JG=<AF=FAB9 HIA CGA = HGKI=:FG EFG?L MG<GIG<
C9CGRKGJ=@GD=JK=IGDGKAMARAK=E9JFACAJ=DAFA
+9'(52/='34'0'-2+./*7'9/9+
'9?D=@A<I9KAK= Q9=<FG JG HIGK=AFAK= A DAHA<AK= J= F9BM98=F

AQMGI Q9 =F=I?AB9 A >9CKGI Q9 HI9MAD=F I9JK A I9QMGB w9 UGM=CGK A
8AMGKFAK= f= HI=HGI9ULM9 MG AJ@I9F9K9 F9 UGM=CGK <F=MFG <9 J=
HIAE99K
< B9?D=@A<I9KA MG CGA F9BQ9JK9H=FA J= JCIG:GK
J9@9IGQ9K9 ?DLCGQ9K9AD9CKGQ9K9
49<9:A<9KAJCGIAJK=FA KA= HIMG KI=:9 <9J=@A<IGDAQAI99K<G
EGFGJ9@9IA<AAMGK9CM9JGJKGB:9J=I=JGI:AI99KMGK=FCGKG;I=MG
2G 09:=D9K9
= <9<=F K=CGK F9 @A<IGDAKAUCGKGI9QDG8LM9N=
F9B9?D=@A<I9KAK=CGAJ=MF=JLM99KHI=CL AJ@I9F9K9.9QDG8LM9N=KGJ=
MIRA HG<<=BJKMGF9JGG<M=KFA=FQAEA CGAJ=JH=;A>AUFAQ9CAF=N=F9
1Z ?DLCGQA<F9K9MIJC9
=DLDGQ9K9 F= J= @A<IGDAQAI9 MG ;I=M9K9 :A<=BTA MG F9RAGK
GI?9FAQ9E F= J= D9UA =FQAE CGB ns I9QDG8LM9 B9?D=@A<I9KAK9 JG
S
?DLCGQA<F9K9 MIJC9099MG<GDFAGK<=DF9K=FCGKG;I=MGA<=:=DGKG
;I=MG <=DLEFG J= I9QDG8LM9 <G GI?9FJCA CAJ=DAFA G;=KF9 :LK=IF9
ED=UF9CAJ=DAF9A<IL?A) " A " -IAJLJKMGKGF9;=DLDGQ9|k A
I9JKAK=DFAK= MD9CF9 @=EA;=DLDGQ9 H=CKAFA DA?FAFA MG AJ@I9F9K9 =
G< G?IGEF9 M98FGJKQ9 Q9JADLM9N= F9 J=CI=;AB9K9F9 JGCGMA Q9 M9I=N=
F9@I9F9K9AQ9HG<G:I9H=IAJK9DKAC9F9;I=M9K9

4:30845,
09:=D9

"FQAEJC9@A<IGDAQ9K9F9<AJ9@9IA<AK=AJCIG:GKMG<A?=JKAMFAGK JAJK=E
!=DLEFGJCIG: ,847,C, ZE9DKGQ9

1JK9 I+ JGKI9=N=G< <GEAFLK9
F=E9@A<IGDAQ9HGI9<ACAJ=D9I+
=DL<FAC 9EAD9Q9K9G<LJK9K9J=AF9CKAMAI9HGI9<A
CAJ=D9K9I+
!M9F9=J=KH9D=UFG JCIG: A?DACG?=F C9I:G@A<I9QAH9FCI=9JF9
AK=FCG;I=MG 9EAD9Q9<GE9DKGQ9
E9DKGQ98,7>,C,<G?DLCGQ9
=DGJFGI9QDG8LM9N=F9JAK=<AJ9@9IA<A
I=M9 D9CKGQ97,6>,C, Z ?DLCGQ9A?9D9CKGQ9
J9@9IGQ9=,3,<,C, Z ?DLCGQ9A>ILCKGQ9
*GFGJ9@9IA<AK= ?DLCGQ9 >ILCKGQ9 A ?9D9CKGQ9 <G:A=FA JG

@A<IGDAKAUCGKGKG I9QDG8LM9N= F9 <AJ9@9IA<AK= A HGDAJ9@9IA<AK= J=
I=JGI:AI99KMG ;I=MFAK=I=JAUCAF9 K=FCGKG;I=MG MD=?LM99KMGCIMK9
AHI=CLHGIK9DF9K9M=F9 G<9K <G;IFAGK<IG:
$9D9CKGQ9K9 A >ILCKGQ9K9 MG ;IFAGK <IG: HI=KIHLM99K @=EAJCA
HIGE=FAHI=<<9J=MCDLU9KMG?DLCGDAQ9K9
#ILCKGQ9K9 HG< <=BJKMG F9 @=CJGCAF9QA A 0. J= >GJ>GDAI9 <G
>ILCKGQ9

>GJ>9K ,M9 JG=<AF=FA= HG< <=BJKMG F9 9D<GD9Q9 J=
I9QDG8LM9 ?DA;=I9D<=@A< A <=@A<IGCJA9;=KGF >G<>9K -GF9K9EL
?DA;=I9D<=@A<GK J= >GJ>GDAI9 <G ?DA;=I9D<=@A< >GJ>9K CGB <AI=CFG
J=MCDLULM9MG?DLCGDAQ9K9
$9D9CKGQ9K9 HG< <=BJKMG F9 KIA =FQAEA ?9D9CKGCAF9Q9
KI9FJ>=I9Q9A=HAE=I9Q9J=>GJ>GDAI9AKI9FJ>GIEAI9MG?DLCGQ9

>GJ>9KAC9CGK9CM9J=MCDLULM9MG?DLCGDAQ9K9
/G GM9 ;=DAGK E=K9:GDAQ9E F9 B9?D=@A<I9KA J= JM=<LM9 F9
HGF9K9EGRFG I9QDG8LM9N=F9?DLCGQ9K9 +9 /DAC9K9
=HIAC989F9
AJCGIAJK=FGJK9F9?DLCGQ9K9MG;IFAGK<IG:
(GF;=FKI9;AB9K9 F9 ?DLCGQ9 MG CIMK9 MG FGIE9DF9 JGJKGB:9 F9
UGM=CGK AQF=JLM9 G<
B< F9 BA CIM +=BQAFGKG CGDAU=JKMG =

4:30845,
I=?LDAI9FGG<F=IMFAGKA=F<GCIAFAGKJAJK=EH9FCI=9J2ARGCGKF9
?DLCGQ9J=AQD9ULM9G<GI?9FAQEGKHI=CLLIAF9K9
Q9=F=I?AB9
HI=CLGCJA<9;AB9<G ) A " )
JAFK=Q9F9<IL?AB9?D=@A<I9KA
HI?DLCGDAHA<AAELCGHGDAJ9@9IA<A
F=LHGKI=:=FAK=J=JCD9<AI99KC9CG
$DLCGQ9 ?DACG?=FI=Q=IMF9E9K=IAB9MG;IFAGK
<IG:AELJCLDAK=
HI=GJK9F9K<=DJ=HI=KMGI9MGI=Q=IMFA
JLHJK9F;A
E9JKA
/DAC9
&JCGIAJK=FGJKF9?DLCGQ9K9MG;IFAGK<IG:
2:152/='
$DLCGDAQ9K9 HI=KJK9MLM99F9=IG:FGI9QDG8LM9N=F9?DLCGQ9K9
<G HAILM9K/= G<MAM9 MG;AKGHD9QE9K9F9ELJCLDFAK=CD=KCA :=Q
HIAJLJKMGF9CAJDGIG< MGHGJD=<GM9K=DFAI=9C;AAHG<=D=FAMG <M=
>9QA,MGQEG8=F9=G<=FQAEAK=CGAJ=I9JKMGI=FAMG;AKGHD9QE9K9
-IM9K9 >9Q9 F9 ?DLCGDAQ9 = =F<GK=IEF9 :A<=BTA J= KIGRA
=F=I?AB9 G< BDA 0. F9 BDA ?DLCGQ9
,M99>9Q9 Q9HGUFLM9JG>GJ>GIAD9;AB9F9?DLCGQ9K9 HG<<=BJKMG
F9=FQAE@=CJGCAF9Q9 HIA RKGJ=<G:AM9?DLCGQ9

>GJ>9K

4:30845,
-IG<GD8LM9 JG AQGE=IAQQ9;AB9 F9 ?DLCGQ9

>GJ>9KGK <G
>ILCKGQ9

>GJ>9K IQAF9K9F9G
GM99 I=9C;AB9 B9I=?LDAI9:IQAF9K9F9
HGF9K9EGRFAGKK=CF9?DLCGDAQ9K99
-GF9K9EL F9JK9FLM9 >GJ>G

GIAD9;AB9 F9 >ILCKGQ9

>GJ>9K <G
>ILCKGQ9

<A>GJ>9K
#ILCKGQ9

<A>GJ>9KGK JJ= I9QDG8LM9 <G ?DA;=I9D<=@A<

>GJ>9K A <A@A<IGCJA9;=KGF

>GJJ>9K %=CJGQ9K9 A <M=K= KIAGQA J= MG
I9EFGK=89G<I8LM9F9G<HGJ=:FA==FQAEA
2G MKGI9K9 >9Q9 HIMG <A@A<<IGCJA9;=KGF

>GJ>9KGK HGJK=H=FG
HGEAFLM9 MG ?DA;=I9D<=@A<

>
>GJ>9K ,MA= JG=<AF=FAB9 J= MG
I9EFGK=89

4:30845,
$DA;=I9D<=@A<

>GJ>9KGK J= <=@A<IG?=FAQAI9 <G

>GJ>G?DA;=I9K

>GJ>G?DA;=I9KGK J= AQG GE=IAQAI9 <G
>GJ>G?DA;=I9K CGB
HGF9K9ELHG<<=BJKMGF9 =FGD9Q9 ?LL:AEGD=CLD9MG<9 HIARKGJ=<G:AM9
>GJ>G=FGDHAILM9K
/G=FGD9;AB9 >GJ>G=FGDHAI
ILM9KGK HGEAFLM9MGHAILM9K

4:30845,
/GGM9Q9MIRLM9?DLCGDAQ9K92KGI9K9>9Q9= =?QGK=IEF9:A<=BTA

J=GJDG:G<LM99K BDA 0.F9 BDA ?DLCGQ9 -IAFGIE9DF9HGKI=:9G<
=F=I?AB9Q9I9:GK9K9F9ELJCLDAK= HAILM9KGK HIG<GD8LM99=IG:FG<9J=
I9QDG8LM9 MG %F:7G
GMAGK;ACDLJ
!GCGDCL ELJCLDAK= J= HI=GHKGM9I=FA JG >AQAUCA F9HGI F9
CD=KCAK=AE=HGKI=:FG?GD=EGCGDAU=JKMG=F=I?AB9 AHIA F=<GJKA?F9
CAJDGIG< Q99=IG:FGI9QDG8LM9N= HAILM9KGK J=I=<L;AI99F9=IG:FGMG
ED=UF9CAJ=DAF9 CGB9J=F9KILHLM9MGELJCLDAK= /DAC9

/DAC9
=IG:F9I=<LC;AB9 F9HAILM9K<GED=UF9CAJ=DAF9
2GCIMK9AE9FGIE9DFGG<
BBDA
& ED=UF9CAJ=DAF9 9HIA
F9HGIF9 I9:GK9 EG8= <9 <GJKA?F= A <G BBDA
& 2ARGCGK ED=UF9
CAJ=DAF9 HI=<AQMACLM9 :GDCA MG ELJCLDAK= a9E9DLM9N= F9 F=BQAFGKG
CGDAU=JKMGJ=MIRA<=DLEFGHIA?DLCGF=G?=F=Q9JAFK=Q9F9?DACG?=F
G< F=B9?D=@A<I9KFA JG=<AF=FAB9 9 <=DLEFG J= I9QDG8LM9 <G ) A
MG<9
=Q CAJDGIG< ?DLCGDAQ9K9 K=U= EFG?L :IQG FG JG MGM=<LM9N= F9
CAJDGIG<GK K99 J= Q9:9MLM9 A J= F9E9DLM9 JAFK=Q9K9 F9 ED=UF9K9
CAJ=DAF9 9J=AFK=FQAMAI9GCJA<9KAMFGKGI9QDG8LM9N=<G ) AMG<9
-IA 9F9=IG:F9K9 ?DLCGDAQ9 J= KIGR9K G?IGEFA CGDAU=JKM9
?DLCGQ9 G< BDA ?DLCGQ9 J= <G:AM99K J9EG BDA 0. 49KG9
ELJCLDFAGK ?DACG?=F J= KIGRA :IQG !9 J= F9<GCF9<9K I=Q=IMAK= F9
ELJCLD=F ?DACG?=F MG ;IFAGK <IG: F9JK9FLM9 ?DLCGF=G?=F=Q9
I9QDG8LM9N= F9 ?DACG?=FGK <G ?DLCGQ9 -IA F9HGIF9 >AQAUC9 I9:GK9
I=Q=IMAK=F9?DLCGQ9AELJCLD=F?DACG?=FJ=F9E9DLM99K
4:AIF9K9 I=9C;AB9 F9 ?DLCGDAQ9K9 EG8= <9 J= HI=KJK9MA JG
I9M=FC9K9<9<=F9F9 /DAC9

" ) * * "")"))" -*" )

/DAC9
4:AIF9 I=9C;AB9F9?DLCGDAQ9K9
4:30845,
#7/+<+,+73+49')/0'
2IA=N= ADA >=IE=FK9;AB9K9 = 9F9=IG:F9 ?DLCGDAQ9 CGB9 J=

G<MAM9MG EACIGGI?9FAQEAK= HI=CLCGAKA=J=JF9:<LM99KJG=F=I?AB9MG
>GIE9F90.
215.5245<9 ;7/+<+ = 9F9=IG:FG I9QDG8LM9N= F9 ?DLCGQ9K9
HIACG=HI=CLHAILM9KJ=<G:AM9 =K9FGDA ) /=G<MAM9MGCD=KCAK=F9
CM9J=;GK AF9 <IL?AK=EACIGGI?9FAQEA
DCG@GDFGKGMIA=N=J=G<MAM9JGJD=<FAK=I=9C;AA
?DLCGQ9K9 J= I9QDG8LM9 <G HAILM9K HG E=@9FAQ9E AJK C9CG C9B
?DLCGDAQ9K9
HAILM9KGK HG< <=BJKMG F9 =FQAEGK HAILM9K <=C9I:GCJAD9Q9 J=
KI9FJ>GIEAI9MG 9;=K9D<=@A<A )
9;=K9D<=@A<GK HG< <=BJKMG F9 =K9FGD <=@A<IG?=F9Q9 A KA9EAF
HAIG>GJ>9K C9CG CG=FQAE JG LU=JKMG F9 (" J= I=<L;AI9 <G
=K9FGD /DAC9
" )") Z " ")("" ")"(

HAILM9K9;=K9D<=@A< =K9FGD
/DAC9 DCG@GDF9>=IE=FK9;AB9
2+A45<9 1/8+2/4815;7/+<+ J=G<MAM9MG:9CK=IAAK= A68HD768>AA>

68:H> 'G8= <9 = =<FGIG<FG G< ?DLCGQ9 <9 J= <G:A= J9EG ED=UF9
CAJ=DAF9ADAE=R9FG G<?DLCGQ9GJM=FED=UF9CAJ=DAF9 <9J=<G:A=A
G;=KF9 CAJ=DAF9 +9 GMGB F9UAF J= <G:AM9 CAJ=DGKG ED=CG JAI=N=KG
JK9JLM9N=KG F9K=JKGKG A<IL?A
)+945<9 1/8+2/4815 ;7/+<+ J= G<MAM9 MG :9CK=IAAK= 68:HD768H:F
68:H> -IAKG9=K9FGDGKJ=GCJA<AI9<GG;=KF9CAJ=DAF9
19/;4589
=><,+449,;<,@40=05C,;<4809,9, 10<809>,.45,>,;<4
;<0<,-:>6,9,8706:>:
;<:4C@:/=>@:>:9,@49:
@:;06,<=>@:>:
@:;<:4C@:/=>@:9,;4@:

4:30845,
'"!(5;)/12:8
(F:7G
GMAGK ;ACDLJ F9I=U=FLRK= ;AKI9K=F;ACDLJ ADA;ACDLJF9
KIAC9I:GCJADFA CAJ=DAFA = ;=FKI9DFG E=JKG MG CGB J= GCJA<AI99K
CI9BFAK= HIGAQMG<A F9 C9K9:GDAKAUCGKG I9QDG8LM9N= F9 JLHJK9F;AK=
/=G<MAM9MGEAKG@GF<IAAK=F9CD=KCAK=
-IG;=JGK Q9HGUFLM9JGJAFK=Q9F9 9;=KAD DG<

GCJA<9;AB9K9F9 E9JFACAJ=DAFA
G<HAILM9KG<E=K9:GDAQEGKF9B9?D=@A<I9KAK=
-IG<LCKAK=F9 E=K9:GDAQEGKF99EAFGCAJ=DAFAK= JG=<AF=FAB9K9
1
C=KG?DLK9I9K >LE9I9K A GCJ9D9;=K9K <AI=CFG J= MCDLULM99K MG
I=9C;AAK=F9 %F:7G
GMAGK ;ACDLJ
;=KAD /G GJK9KG;AK= J= GCJA<AI99K <G ) A "
9KGEA MG
FAQ9K9I=9C;AACGAJ=F9I=CLM99K ;ACDLJGKF9KIAC9I:GFJCACAJ=DAFA
ADA %F:7
JGM;ACDLJ
!G:A=FAK= MG<GIG<FA 9KGEAK= J= KI9FJHGIKAI99K JG HGEGR F9
(" A " <G JAFOAIGK F9 <AR=N= C9<= J= MIQLM99K JG
EGD=CLDJCAGK CAJDGIG< ?I9<9K MG<9 -IA GM9 J= GJDG:G<LM9 G?IGEFG
CGDAU=JKMG=F=I?AB9MGG:DACF90.
=IG:FGKGI9QDG8LM9N=Q9HGUFLM9JGI9QDG8LM9N=F9HAILM9KGK
<G:A=F HIA ?DLCGDAQ9K9 0GB J= <=C9I:GCJADAI9 C9K9DAQAI9F G<
ELDKA=FQAEJCA CGEHD=CJ JGJK9M=F G< KIA =FQAEA HAILM9K
<=C9I:GCJAD9Q9 <=@A<IG?=F9Q9 A KI9FJ9;AD9Q9 A CG=FQAEA KA9EAF
<A>GJ>9K DAHGF9EA<A ( <G9;=KAD/G AMG<GIG<FABGFA
-AILM9K ) Z 9;=KAD )
( J= I=<L;AI9 <G (" CGB HGMIGIFG J= GCJA<AI9 MG

D9F=;GKF9<AR=N= HIAKG9J=JGQ<9M9MG<9AJ=G<DG:G<LM9 =F=I?AB9
!G:A=FAGK9;=KAD/GJ=MCDLULM9MGI=9C;AAK=F9 %F:7G
GMAGK
;ACDLJ CGAJ=G<MAM99KHGJD=<FAGKI=<GJD=<

4:30845,
"R=LAC3F"RALI8LKAEL=L8@8s|zk|
7ALI8L<=PA<I8L8RAU88>G ktxws|k|
! 8BFEAL8L8BFEAL8LPA<I8L8@8srxs|zk|

)@FRALI8L KFA@FRALI8L<=PA<IF;=E8@8
tp|xnu}|pzk| ")
ktpy|xzwkap (
8B=LF;CML=I8L<=B8I9FBKAC8RAU8A
<=PA<I8L8RAU8{}tswsufxVa)
ktpy|xzwkap (
3MBRAEAC3F" {}tswk|
3MBRAE8LKMBRAE8L<=PA<IF;=E8@8~}vkzk| "
ktpy|xzwkap
4MD8I8LOMD8I8LPA<I8L8@8 vkuk|
,8C8L<=PA<IF;=E8RAU8xt{kukp|k|a
ktpy|xzwka p (
/DAC9
.=9C;AAF9 %F:7G
GMAGK ;ACDLJ
/G JAFK=Q9K9 F9 GCJ9D9;=K9K J= Q9KMGI9 CIL?GK F9 I=9C;AA -IA
HIG;=JGK J= GJDG:G<LM9 ?GD=EG CGDAU=JKMG =F=I?AB9 CGB9 J= <=HGFAI9
C9CG -* A J= JGQ<9M99K HI=CLIJGIA Q9 JAFK=Q9 F9 9EAFGCAJ=DAFA
HGI>AIAFA A <IL?A JLHJK9F;A -IA 9=IG:FGKG I9QDG8LM9N= F9
?DLCGQ9K9 J= GJDL:G<LM9 G?IGEFG CGDAU=JKMG F9 =F=I?AB9 F9 BDA
?DLCGQ9J=GJDG:G<LM99K BDA 0.

4:30845,
/DAC9
-IAC9QF9 ;ACDLJGKI=9C;AA MG %F:7GGMAGK;ACDLJ
19/;4589
C<,-:>4 //2;<0C09>,.45, C,<0,6.44>0 9, 0&#1:@4:> ;<:.0=
$4'A+<+4'0'-2+./*7'9/9+='/8.7'4'9'
'9?D=@A<I9KAK= J= F9Q9JK9H=FA CGEHGF=FKA F9 AJ@I9F9K9 CGB9
UGM=CGK J=CGB<F=MFG B9 MF=JLM9 2G AJ@I9F9K9 KA= AE99K HGM=T=CI9KFG
QF9U=N=
49<GMGDLM99K G< <F=MFAK= =F=I?=KJCA HGKI=:A F9 UGM=CGK
G< JDG8=FAK= B9?D=@A<I9KA 9 GCGDL G<
EGFGJ9@9IA<AK=A <AJ9@9IA<AK=
!9M99K <GMGDFG =F=I?AB9 HIA RKG ?A RK=<9K HIGK=AFAK= Q9 <9
KA= J= AJCGIAJKLM99K Q9 G:FGM9 F9 K=D=JFAK= HIGK=AFA 9 F= Q9
=F=I?AB9

4:30845,
,:=Q:=<LM99KGCJ9DG;=KF9CAJ=DAF9CGB9B9JHI=ULM9JAFK=Q9K9F9
C=KGFJCAK=D9 MG E=K9:GDAQEGKF9E9JKAK=
2F=J=FAK=;=DLDGQFAK=MD9CF9B9FGIE9DAQAI99KH=IAJK9DKAC9K9
F9;I=M9K9AAQD9ULM9N=KGF9KGCJAUFAE=K9:GDAKA
!9M99KHG<G:9IMCLJF9@I9F9K9
4?GD=E=FG MF=JLM9N= F9 B9?D=@A<I9KA HI=CL AJ@I9F9K9 MDAB9= F9
HGB9M9F9HGM=T=Q9:GDLM9N9
49:=F C9IA=J CGB J= B9MLM9 HIA MF=JLM9N= F9 I9>AFAI9FA
B9?D=@A<I9KA HGJ=:FG J9@9IGQ9 JG MAJGC C9IAG?=F HGK=F;AB9D ,MA=
B9?D=@A<I9KAHG< <=BJKMG F9 >DGI9K9 F9 LJF9K9 HI9QFAF9 <9M99K CAJ=DA
HIGAQMG<ACGAB9LFARKLM99KQ9:F9K9?D=S
!=:=D==N=CG=F9JK9FLM9HIAHI=CLE=IFGMF=JLM9N=F9B9?D=@A<I9KA
CG= <GM=<LM9 <G JAFK=Q9 F9 E9JFA CAJ=DAFA CGA J= <=HGFAI99K C9CG
E9JKAMG9<AHGQFGKGKCAMG
GD=JKA F9 C9I<AGM9JCLD9IFAGK JAJK=E J= B9MLM9 C9CG HGJD=<A;9 F9
Q?GD=E=FG FAM F9 KIA?DA;=IA<A A @GD=JK=IGD MG CIMK9 CGA J= B9MLM99K
HIAMF=JLM9N=F9?GD=EACGDAUAFAF9B9?D=@A<I9KA
>67:H:G B:AA>HIG
:GD=JK HIGHI9K=F9 JG Q?GD=E=FG FAMG F9 ?DLCGQ9 MG
CIMK9 /= B9MLM9 HIA F=<GJK9KGC F9 @GIEGFGK AFJLDAF CGB ?G I=?LDAI9
FAMGKGF9?DLCGQ9MGCIMK9

=><,+42:@745,940>:4 C9,G0A0>:9,5,27034/<,>4>0@: 4=3<,9,>,
4 =:C9,945,>,;<46,+424=: //2;<0C09>,.45,
-I9R9N9
!=>AFAI9B ?A HGAEAK= E=K9:GDAQ9E 9E9:GDAQ9E C9K9:GDAQ9E
?DLCGDAQ9 MIA=N= %F:7G
GM;ACDLJ
,:B9JFA ?G QF9U=N=KG F9 =F=I?=KJCAK= JG=<AF=FAB9 MG
E=K9:GDAKAUCAK=HIG;=JA
(GIAJK=BTA ?A I=9C;AAK= <9<=FA F9 JKI9F9 <G G:B9JFA ?G
K=CGKF9?DLCGDAQ9K9
(9CMG= QF9U=N=KG F9B9?D=@A<I9KAK=Q9AJ@I9K9F9UGM=CGK
(GA :GD=JKA F9JK9FLM99K JG HI=CLE=IFG MF=JLM9N= HI=CL
AJ@I9F9K9

4:30845,
0=E9
)AHA<A
/G<I8AFA
/HTLAB8I8BL=IAKLABAE8C
CAHA<AL=
,8KLAAD8KC8
4FKOFCAHA<A
Y+=RALAEA
Y*=O8CAEA
$FKFRA
3L=IFA<A
&CMBFCAHA<A
,=L89FCA@8DE8CAHA<A
FBKA<8RAU8E8D8KEABAK=CAE
EA
49<9UAA;=DA
49HGQF9M9N= JG GHRKAK= C9K99CK=IAJKACA HG<=D:9K9 JMGBJKM9K9 A
QF9U=N=KG F9DAHA<AK= Q98AMAK=GI?9FAQEAAJKGH9FJKMGKG
,:B9JFLM9N=F9 QF9U=N=KG F9HGAE EAK= E9JK E9JDG =JK=IA>AC9;AB9 E9JFA
CAJ=DAFA J9HLFA>AC9;AB9 JKK=IGA<A >GJ>GDAHA<A ?DLCGDAHA<A
JK=IGA<A
-I=KJK9MLM9N=F9DAHA<AK=JG@=E EAJC9 >GIELD9
/G?D=<LM9N=F9 I9QDAC9K9E=SL@==EAJC9K9JKILCKLI9F9DAHA<AK=
2GGULM9N=F9 JMGBJKM9K9F9DAHA<<AK=C9CGHGJD=<A;9F9FAMFAGK JGJK9MA
@=EAJC9 JKILCKLI9
-IAE=FLM9N= F9FGE=FCD9KLI9K9F F9 DAHA<A
-I=KJK9MLM9N= F9 @=EAJCAK= JMGGBJKM9 F9 E9JKAK= A E9JD9K9 JG @=EAJCA
I9M=FCA
,:B9JFLM9N= F9 E=K9:GDAQEGK F99 DAHA<AK= A GCJA<9;AB9K9 F9 E9JFAK=
CAJ=DAFA
-GMIQLM9N=F9JMGBJKM9K9AE=K9:GDAQEGKF9DAHA<AK=JGFAMFGKGQF9U=N=
Q9AJ@I9F9K9AQ<I9MB=KGF9UGM=CG
GK

4:30845,
,HRKAC9I9CK=IAJKACAF9 DAHA<A
5/3
/6/*/9+ 8+ .+9+75-+4' -7:6' 57-'481/ 85+*/4+4/0' 15/
3+?:8+(+ 8+ 7'=2/1:;''9 65 .+3/81/9+ ,/=/A1/9+ / ,/=/525>1/9+
8;5089;''='+*4/A15/3+>954+8+7'89;57''9;5;5*''8+7'89;57''9
;557-'481/7'89;57:;'A/
+9B?GD=E <=D G< FAM J= =JK=IA F9 MARAK= E9JFA CAJ=DAFA JG
F=CGA 9DCG@GDA ?DA;=IGD JMAF?GQAF A ;=I9EA< 2G HIAIG<9K9 {p
{zpkmkk| MGI9JK=FAB9K9 8AMGKFAK= EACIGGI?9FAQEAK=AMGUGM=tAGK
GI?9FAQ9E +9QAMGK yx|ptw}mk G< ?IUCAGK Q:GI 74;4/:= RKG QF9UA
E9J=F
49=<FAUCAC9I9CK=IAJKACAF9GMA=JG=<AF=FAB9J=
F=I9JKMGIDAMAJ=MGMG<9HGI9<AHGJKG=N=KGF9DAHG>ADF9?ILH9
I9JKMGIDAMAJ=MGGI?9FJCAI9JKMGILM9UA =K=I 9;=KGF @DGIG>GIE
9DCG@GDA<IL?A
F9B?GD=E <=D G< FAM J= =JK=IA F9 MARAK= E9JFA CAJ=DAFA JG MARA
9DCG@GDA
8AMGKFAK=AUGM=CGKEG89K<9?ACGIAJK9KMGJMGB9K9AJ@I9F9C9CG
AQMGIF9=F=I?AB9
JAK= JG<I89K B9?D=IG< MG<GIG< A CAJDGIG< 9 F=CGA JG<I89K LRK=
>GJ>GIA9QGK
"25-'
2G8AMAK=GI?9FAQEADAHA<AK=EG89K<9MIR9KHGM=T=>LFC;AA
C9CGRKGJ=
=F=I?=KJCA <=HG9 J= JCD9<AI99K C9CG E9JFG KCAMG FAMF9K9
CGDAUAF9 = M9IA9:ADF9 A rkms{s CM9DAK9KAMFG A CM9FKAK9KAMFG G<
AJ@I9F9K9
JKILCKLIFA CGEHGF=FKA F9 CD=KxwkK9 E=E:I9F9 FAMF9K9CGDAUAF9
=CGFJK9FKF9AF=Q9MAJAG<CM9FKAK=KGKF9AJ@I9F9K9

5=M9N= =:JF:IA MG M=C ?A GKCIAD :LK=IF9K9 M9D=IAB9FJC9K9 C9HIGFJC9K9
JK=9IAFJC9K9 GD=AFJC9K9AH9DEAKAFJC9K9CAJ=DAF9=IKDG:FH=:ADHMG?G<AF9
HIMJAFK=KAQAI9D?DA;=IA<A

4:30845,
KI9FJHGIK=IAF9JLHJK9F;A
AQMGIF9=F=I?AB9
Q9RKAKF9LDG?9
MIR9KEFG?L:IGBFAJH=;A>AUFA>LFC;AA
HI=CLIJGIAQ9JAFK=Q9F9F=CGA@GIEGFA
I9JKMGILM9UAA FGJ9UA F9 DAHGJGDL:ADFAK=MAK9EAFA " (A
K=IEGI=?LD9KGIA
7+989';4/)/
2G ?ILH9K9 F9 DAHA<AK= J= M:IGBLM99K E9JKAK= A E9JD9K9
MGJG;AK= >GJ>GDAHA<AK= ?DLCGDAHA<AK= JK=IGA<AK= C9IGK=FGA<AK=
MAK9EAFAK= F=I9JKMGIDAMAMGMG<9A<IL?A
"25-'4'3'89//3'82';5 /8.7'4'9'
/=CGB<F=MF9K9 AJ@I9F9F9UGM=CGKQ9<GD8AK=DFGJG<I8A E9JKA
A E9JD9 !G:IG AQ:9D9FJAI9F9 A I9QFGMA<F9 @I9F9 ?A Q9<GMGDLM9
J=CGB<F=MFAK= HGKI=:A F9 UGM=CGK Q9 E9JKA A E9JD9 6=JKG
F=AQ:9D9FJAI9F9K9 @I9F9 CGB9 JG<I8A ?GD=EA CGDAUAFA F9 E9JKA G<
8AMGKAFJCG HGK=CDG JG ?GD=EGKG CGDAU=JKMG @GD=JK=IGD A Q9JAK=FA
E9JFA CAJ=DAFA MG FAM ?G rnxupv}mk FAMGKG F9 @GD=JK=IGDGK MIQ9F Q9
&& A KIA?DA;=IA<AK= MG CIMK9 ,M9 <GM=<LM9 <G Q?GD=ELM9N= F9
IAQACGKG<CGIGF9IFAJI;=MAQ9:GDLM9N9
%I9FDAMAK= HIG<LCKA CGA JG<I89K HGM=T= E9JD9 J= CGIAJFA Q9
UGM=CGK 0A= JG<I89K =J=F;AB9DFA E9JFA CAJ=DAFA CGA F= J=
JAFK=KAQAI99K MG F9RAGK GI?9FAQ9E M98FA Q9 JAFK=Q9 F9 F=GH@G<FAK=
JKILCKLIFA DAHA<A C9IGK=FGA<A ?D9M=F AQMGI J= F9 MAK9EAF " A F=
JG<I89K@GD=JK=IGD0A=F=MDAB99KF9Q?GD=ELM9N=F9FAMGKGF9 &&
FG KI=:9 <9 J= MFAE9M9 JG FAMFG CGFJLEAI9N= <=C9 AE99K ?GD=E9
C9DGIAJC9MI=<FGJK
"25-'4'3'89//3'82';58956'489;595
*9JKAK= A E9JD9K9 AE99K RAIGC9 LHGKI=:9 MG HI=@I9E:=F9K9
>9IE9;=MJKC9K9 J9HLFJC9K9AF<LJKIAB9A Q9K=@FAUCA;=DA
+9 09:=D9
=<9<=FHI=?D=<F9E9JKAK=AE9JD9K9JGHG?GD=EG
JKGH9FJCGQF9U=N= JGFAMFAK=HGM98FACGEHGF=FKAALHGKI=:9

4:30845,
09:=D9

1HGKI=:9F9E9JD9K9AE9JKAK=MGJKGH9FJKMGKG
*9JDGADAE9JK 1HGKI=:9MGJKGH9FJKMGKG
*9JDAFGMG +9BCM9DAK=KFGE9JDGQ9B9<=N=
E9JDG
/GFUG?D=<GMG /G<I8AKGCG>=IGDAA=J=F;AB9DFA9EAFGCAJ=DAFA A
E9JDG Q9KG9J=LHGKI=:LM9Q9 E9JDGQ9 B9<=N= HIGAQMG<JKMGF9
E9I?9IAF MGAF<LJKIAB9K9Q9>AIF9BJ A :GA
-U=FC9IFG !A=K9DFGE9JDGHIAC9I<AGM9JCLD9IFAQ9:GDLM9N9
E9JDG <G<9KGC MGE9I?9IAFGKQ9Q?GD=ELM9N=F9F=?GM9K9
@I9FDAMGJK
/GAFG *9JDGQ9B9<=N= HIGAQMG<JKMGF9E9I?9IAF JLIGMAF9Q9
E9JDG :GA D9CGMAAJEGDA JG<I8A D=;AKAFA AQ9KG9 J=
CGIAJKAC9CG=ELD?9KGI HIA <G:AM9N=UGCGD9<A
E9I?9IAF H=C9IJKMG >9IE9;=MKJC9 AF<LJKIAB9AQ9
<G:AM9N=F9 K=@FAUCA=ELDQAA Q9HD9JKAUFAE9JAA
M=RK9UCAMD9CF9
-9ELCGMG *9JDGQ9B9<=N= AQ9<G:AM9N=F9J9HLFA
E9JDG
.=HCAFG *9JDGQ9HG<E9UCLM9N= 9U=JKGAC9CGE9JDG Q9B9<=N=
E9JDG
-9DEAFG *9JDGQ9B9<=N=AQ9 <G:AM9N=F9 J9HLF
E9JDG
(GCGJGM9 49 <G:AM9N=F9 J9HLFAA C9CG HGMIRAFJCG9CKAMFA
E9JK HI=H9I9KA
/MAFJC9 *9JKQ9B9<=N= Q9<G:AM9N=F9 E9I?9IAFAJ9HLF
E9JK
(GJC=F9 *9JKQ9 HG<E9UCLM9N=F9GIL8B=AE9QAMGQ9CG8A
E9JK
.A:AFG G?9KG= JGMAK9EAFAA AJ=HI=HGI9ULM9C9CG
E9JDG JI=KJKMGQ9 B9CF=N=F9<=;9AAQF=EGRK=FA DA;9

4:30845,
,HRKAC9I9CK=IAJKACAF9
E9JKAK=AE9JD9K9
5/3
'89/9+ 8+ 83+8' 5* 97/')/2-2/)+752/ 5*45845 83+8' 5* +89+7/
4' ;/>/9+ 3'84/ 1/8+2/4/ / 97/./*7518/24/59 '215.52 -2/)+752
49JK9H=FAJ=MGJAK=8AMAGI?9FAQEA
gIA9;AD?DA;=IGDAK=CGAJ= mx ;MIJK99?I=?9KF9JGJKGB:9F9JG:F9
K=EH=I9KLI9 J= F9I=CLM99K 8,=>4 9 K=UFAK= KIA9;AD?DA;=IGDA F9
JG:F9K=EH=I9KLI9J=F9I=CLM99K 8,=7,
+3/81'-7'*('
2G Q9MAJFGJK G< :IGBGK F9 MARA E9JFA CAJ=DAFA CGA J=
=JK=IA>A;AI9FA Q9 ?DA;=IGDGK I9QDACLM9E= EGFG9;AD?DA;=IGDA
<A9;AD?DA;=IGDA AKIA9;AD?DA;=IGDA/DAC9

2G ?I9<:9K9 F9 8AMAK= GI?9FAQEA J= F9BQ9JK9H=FA
KIA9;AD?DA;=IGDAK=
/DAC9
,HRKA>GIELDAF9EGFG9;AD?DA;=IGDAK= <A9;AD?DA;=IGDAK=A
KIA9;AD?DA;=IGDAK=
/DAC9
.9M=FC9F9 JAFK=Q9F9E9JKAK=JG
=JK=IA>AC9;AB9F9?DA;=IGD JGMARAE9JFA CAJ=DAFA
4:30845,
'84/1/8+2/4/
*9JFAK= CAJ=DAFA CGA MD=?LM99K MG JGJK9M F9 HIAIG<FAK= E9JKA
E9JD9EG89K<9:A<9KQ9JAK=FAAF=Q9JAK=FA
9
:
/DAC9
/C=D=KFA>GIELDAF9
9 H9DEAKAFJC9K9@=CJ9<=C9FJC9CAJ=DAF9
A : JK=9IAFJC9K9CAJ=DAF9GCK9<=C9FJC9CAJ=DAF9
,< Q9JAK=FAK= MARA E9JFA CAJ=DAFA F9B?GD=EG QF9U=N= AE99K

H9DEAKAFJC9K9 "))" AJK=9IAFJC9K9CAJ=DAF9 "))"
+=Q9JAK=FA MARA E9JFA CAJ=DAFA CGA MD=?LM99K MG JGJK9M F9
E9JKAK= A E9JD9K9 J= GD=AFJC9 "))" DAFGDF9 "))"
DAFGD=FJC9 " ))" A 9I9@A<GFJC9 "))"
6
:
/DAC9
/C=D=KFA>GIELDAF99 GD=AFJC9K9 GCK9<=C

=FJC9CAJ=DAF9
: DAFGDF9K9CAJ=DAF9GCK9<=C9

<A=FJC9CAJ=DAF9
)AFGDF9K9 A DAFGD=FJC9K9 CAJ=DAF9 F= J= JAFK=KAQAI99K MG

F9RAGKGI?9FAQ9EAQ9KG9J=F9I=CLM99K=J=F;AB9DFAE9JFACAJ=DAFA
:6,+?@,A09,;<4=?=>@:9,90C,=4>0948,=9464=07494
(:0;<?@0>,=0=>,@@,>6,;648,=7: 6,;6437:<:1:<84
6,;64<,=>@:<:/ +=0;<:80D?@,4=0/:/,@,
6,;6,:/ -
%0 C,-070+?@, 4=G0C9?@,A0 9, @4:70>:@,>, -:5, 9, ;0<8,92,9,>:>
- 5, <,=649?@, 8:706?7,>, 9, 90C,=4>094>0 8,=94 64=07494 9,
8,0=>,>,6,/048,/@:59,@<=6,1<,28<09>4>024:6=4/4<,,@:0/9:
9,=>,9,7,<0/?6.45,9,8,92,9:>:/ - @: -

4:30845,
+9 09:=D9
<9<=F = HI=?D=< F9 MARAK= E9JFA CAJ=DAFA JG
FAMFAK= EGD=CLDJCA A JKILCKLIFA >GIELDA JG F9QAMAK= F9 9;AD
I9<AC9DAK=AJGDAK=CGA?A?I9<9K
09:=D9

-I=?D=<F9E9JFAK=CAJ=DAFA
+9QAM +9QAM F9 F9QAMF9

EGD=CLDJC9 >GIELD9 AI9;AGF9DFG 9;AD JGDK9
JKILCKLIF9>GIELD9 I9<AC9DGK
$'8/9+4/%%1/8+2/4/
-9DEAKAFJC9 H9DEAKAD H9DEAK9K
"))"
"" ))"
/K=9IAFJC9 JK=9IAD JK=9I9K
"))"
"" ))"
+='8/9+4/+8+4)/0'24/ 1/8+2/4/
,D=AFJC9 GD=AD GD=9K
"))"
"" """ ))"
$*1

GCK9<=C=FJC9 CAJ=DAF9
)AFGDF9 DAFGDAD DAFGD9K
"))"
"" """ """ ))"
$*1
GCK9<=C9<A=FJC9CAJ=DAF9
)AFGD=FJC9 DAFGD=AD DAFGD=9K
" ))"
"" """ """ """ ))"
I9@A<GFJC9 9I9@A<GFAD 9I9@A<GF9K
"))"
"" """ """ """ """
))"
$*1

9BCGQ9K=KI9=FJC9CAJ=DAF9

4:30845,
/MGBJKM9F9E9JKAK=AE9JD9K9
/=/A1/8;5089;'4'3'89/9+/3'82'9'
*9JKAK= A E9JD9K9 J= C9I9CK=IAQAI99K JG ?LJKAF9 HGE9D9 G<
+= J= I9JKMGI99K MG MG<9 FG MG HIAJLJKMG F9 =ELD?9KGIA <9M99K
JK9:ADFA =ELDQAA ,M9 = EFG?L M98FG JMGBJKMG :A<=BTA F9 KGB F9UAF
E9JKAK= A E9JD9K9 J= I9QDG8LM99K MG <A?=JKAMFAGK JAJK=E &E=FG MG
K=FCGKG ;I=MG 8GDUFAK= CAJ=DAFA ?A =ELD?AI99K E9JKAK= A JG KG9 B9
JKAELDAI99K FAMF9K9=FQAEJC9I9Q?I9<:9AI=JGIH;AB9
?I=?9KF9K9 JGJKGB:9 Q9MAJA G< KGUC9K9 F9 KGH=N= 9 K99 H9C
Q9MAJAG<:IGBGKF9
9KGEAMGE9JFAK=CAJ=DAFACGAHI=GMD9<LM99K +=
J=AJH9IDAMA 9F9MAJGC9K=EH=I9KLI9D=JFGJ=I9QDG8LM99K
+9 09:=D9
J= <9<=FA I9QDACAK= MG JMGBJKM9K9 E=SL E9JKAK= A
E9JD9K9
09:=D9

.9QDACAE=SLE9JKAK= AE9JD9K9
*9JKA *9JD9
/G<I89K HG?GD=E HIG;=FK F9 /G<I89K HG?GD=E HIG;=FK F9
Q9JAK=FAE9JFACAJ=DAFA F=Q9JAK=FAE9JFACAJ=DAFA
-GMAJGC9 KGUC9F9KGH=N= -GFAJC9KGUC9F9KGH=N=
MIJK99?I=?9KF9JGJKGB:9 0=UF99?I=?9KF9JGJKGB:9
49JK9H=FAJ=C9B8AMGKFAK= 49JK9H=FA J= MG GI?9FAQEAK= F9
AUGM=CGK D9<FGCIMFAK= 8AMGKFA A F9
I9JK=FAB9K9
+3/81/8;5089;'4'3'89/9+/3'82'9'
/9HLFA>AC9;AB9 F9E9JKAAE9JD9
'6:4/,/1')/0'9' + 675)+8 4' ./*752/=' 4' +89+7/9+ 85 ;5*+4/
7'89;57/ 4' 0'1/ ('=/ /2/ '21'24/ 1'7(54'9/ -IA GM99 I=9C;AB9
E9JKAK=AE9JD9K9HIMGJ=@A<IGDAQAI99K HIARKGJ= <G:AM9?DA;=IGD
A JE=J9 G< E9JFA CAJ=DAFA CGA JG :9QA ADA 9DC9DFA C9I:GF9KA <9M99K

JLHJK9F;AACGA?GJE9DLM99KHGMIRAFJCAGKF9HGFE=SLE9JF9K9AMG<=F9K9>9Q9

4:30845,
9DC9DFA JGDA F9 E9JFAK= CAJ=DAFA /G J9HLFA>AC9;AB9 F9 E9JKAK= A

E9JD9K9F9JK9FLM99KJ9HLFA /DAC9

/DAC9
.=9C;AB9F9 J9HLFA>AC9;AB9 F9 E9JK9
H9DEAKAD

<AJK=9IAD
?DA;=IGDJGF9KIALE@A<IGCJA< HIARKGJ=<G:AM9 ?DA;=IGDA JE=J9G<

J9HLFAK= F9KIALE GD=9K "))(6 F9KIALEH9DEAK9K"))(6 A
F9KIALEJK=9I9K"))(6
2G AF<LJKIAJCGKG <G:AM9N= F9 J9HLFAK= J= GHI=<=DLM9

J9H}FA>AC9;AGF=F :IGB F9 E9JKAK= A E9JD9K9 CGB HI=KJK9MLM9 :IGB F9
B< %)" HGKI=:FAQ9J9HLFA>AC9;AB9F9 < E9JKADAE9JDG
:-4@,A09,=,;?9
%0 80<4 @:0<70<8,0< 8,=>4748,=7:4=0/:/,@, , ,76:3:709
<,=>@:< 9, " <70<8,0<:> =0 C,>@,<, =: @:C/?D9: 7,/47: 9,
@:/09,-,A,C,2<0,9,9, :6:7?
G,= :2,8,=>,.07:=9:F0-4/0
<,=>@:<09,C9,G4 =,;?94146,.45,>,0C,@<D09,:-409,>,=80=, =0
4=:7?@, =: "+ /: C,=4>?@,A0 C, /, =0 ://074 274.0<:7:> :/
=,;?9:> ), /, 4C@<D480 ://07?@,A0 9, =,;?9:> =80=,>, 5,
147><4<,80 %,;?9:> 8:+0 /, =0 :-746?@, /, 8? =0 /:/,@,,>
/:/,>:.4C,/,8?=0;:/:-<,>=@:5=>@,>,,;:>:,=0:=>,@,/,=0
4=?D4
19/;4589
!,5/4 ;:=>,;64 C, ;<:4C@:/=>@:>: 9, =,;?9 @: /:8,D94 ?=7:@4 4
49/?=><4=64
18=?FLM9N=F9E9JKAA E9JD9
18=?FLM9N=|x F9 E9JKAK= A E9JD9K= F9JK9FLM9 HGI9<A
GCJA<9;AB9|k F9HIAJLKFAK=F=Q9JAK=FAMARAE9JFACAJ=DAFA/GJKG=N=
F9 MGQ<L@ KA= GCJA<AI99K HIA RKG J= >GIEAI99K JDG8=FA JE=JA

4:30845,
JGJK9M=FA G< AJH9IDAMA 9D<=@A<A C=KGFA A E9JFA CAJ=DAFA JG HGE9D

:IGB F9
9KGEA ,< GMA= JG=<AF=FAB9 E9JKAK= A E9JD9K9 <G:AM99K
F=HIAB9K=FEAIAJ
(M9DAK=KGK F9 E9JKA A E9JD9 A JK=H=FGK F9 L8=?F=KGJK J=
AJHAKLM9 JG G<I=<LM9N= F9 BG<=F :IGB CGB J= <=>AFAI9 C9CG :IGB F9
?I9EAF9BG<CGB J= 9<AI9 F9 < E9JKADAE9JDG
19/;4589
=><,+424?=7:@4>049,G49:>9,G?@,A04=67,/4<,A09,8,=>4>04
8,=7,>,
=><,+4 6:4 6,<,6>0<4=>464 ><0-, /, 24 48,,> 8,=7,>,
=:9G:270/:@: 4 8,=749:@: 6:4 =0 6:<4=>,> @: ;<03<,8-09,>,
49/?=><45,
%A<IG?=F9;AB9F9E9JD9K9
gxk p yIG;=J F9 9<AI9N= F9 MG<GIG< MG GJK9KG;AK= F9
F=Q9JAK=FAK= MARA E9JFA CAJ=DAFA MG EGD=CLDAK= F9 E9JD9K9 MG
HIAJLJKMG F9 C9K9DAQ9KGIA HIA RKG KA= J= Q9JAKLM99K A HIAKG9 J=
Q9;MIJKLM9 CGFQAJK=F;AB9K9 A J= <G:AM99K E9JKA /DAC9
2G
HI=@I9F:=F9K9AF<LJKIAB9GM9=HGJK9HC9Q9<G:AM9N=E9I?9IAF
/DAC9
%A<IG?=F9;AB9F9KIAGD=AD?DA;=IGD
<GKIAJK=9IAD?DA;=IGD
#:7480<4C,.45,9,8,=>4>048,=7,>,
*9JD9K9AQDG8=FAF9MGQ<L@AF9F=J=FAMGK=FGCJDGBF9HG<DG?9
?G 9HJGI:AI99K CAJDGIG<GK HIAKG9 ?I9<9K H=IGCJA<A CGA B9
C9K9DAQAI99KHGDAE=IAQ9;AB9K9 F9F=Q9JAK=FAK=<=DGMAF9EGD=CLD9K9
cIAKG9 E9JD9K9 Q9;MIJKLM99K A ?I9<9K K=FGC =D9JKAU=F MG<GGKHGI=F
Q9RKAK=F >ADE -GI9<A GM9 JMGBJKMG E9JD9K9 J= CGIAJK9K MG JGJK9M F9
E9JD=FAK= JDAC9IJCA:GA C9CGD9C

4:30845,
"25-';5&/;/9+57-'4/=3/
*9JKAK=AE9JD9K9AE99KMAK9DF9LDG?9MG8AMAK=GI?9FAQEA
298=FAQMGIF9=F=I?AB9Q9GI?9FAQEGK 9HGJ=:FGQ9G<I8LM9N=F9
:9Q9DFAGKE=K9:GDAQ9E HGI9<AFAMF9K9?GD=E9C9DGIAJC9MI=<FGJK
HIAI9QDG8LM9N= F9 < E9JKJ= GJDG:G<LM9 @$ =F=I?AB9
2ARGCGK E9JKA A <IL?A @I9FDAMA JLHJK9F;A J= <=HGFAI99K MG
GI?9FAQEGK C9CG I=Q=IMF9 @I9F9 !=HGFAI9FA MG F=CGA GI?9FA
HGI9<A F=I9JKMGIDAMGJK9 MG MG<9 F= ?A E=FLM99K K=D=JFAK=
CGFJK9FKAAQGKGFAB9 I+ GJEGKJCAHIAKAJGCA<I
1U=JKMLM99K MG K=IEGI=?LD9;AB9K9 #AQAUCA MG HGKCG8FGKG KCAMG
?G RKAK9K K=DGKG G< D9<=N= ADA HI=?I=M9N= 9 @=EAJCA HIA
C9K9:GDAKAUCGKG I9QDG8LM9N= HGI9<A ?GD=E9K9 C9DGIAJC9
MI=<FGJK GJDG:G<LM99K ?GD=EG CGDAU=JKMG =F=I?AB9 A ?G ULM99K
K=DGKGHIAHI=JKGBF9D9<FG
"FQAEJCA I9QDG8=FAK= E9JKA MG <A?=JKAMFAGK JAJK=E <9M99K
?DA;=IGD A HGKI=:FA E9JFA CAJ=DAFA txs {p wpxyxows Q9 JAFK=Q9|k
F9HGJDG8=FAE9JKAMGGI?9FAQEGK
49KG9 F=GH@G<FG = <9 J= CGFJK9KAI9 <=C9 E9JKAK= A E9JD9K9
HGKI=:FG = <9 J= CGFJLEAI99K I=<GMFG HI=CL @I9F9K9 0I=:9 MG F=9 <9
:A<9KAQ:9D9FJAI9FGQ9JK9H=FAAF=MGHI=?GD=EACGDAUAFA 09:=D9
-G8=DFG = <9 J= MF=JLM99K IA:AFGKG A I9JKAK=DFAK= E9JD9 MG

HG?GD=E HIG;=FK MG G<FGJ F9 8AMGKAFJCAK= /G KG9 T= J= F9E9DA
IAQACGKG<?GD=EGCGDAU=JKMGKIA?DA;=IA<AA@GD=JK=IGDMGCIMK9 9JG
KG9 A IAQACGK G< C9I<AGM9JCLD9IFA Q9:GDLM9N9 &JKG K9C9 :A J=
F9E9DADG A <=:=D==N=KG CG= F=?9KAMFG MDAB9= F9 >LFC;AB9K9 F9 JAK=
GI?9FA
09:=D9

-I=HGI9C9Q9 <F=M=F MF=J F9E9JKAK=
#/*5;/4'3'89//3'82' 7+657'A'45*4+;45152/A+89;5
2CLHFGE9JKA

49JAK=FAE9JKA
+=Q9JAK=FAE9JKA

%GD=JK=IGD B<

4:30845,
-I9R9N9
+9HARA>GIELDAF9JD=<FAK= JG=<AF=FAB9K9

<AJK=9IAD

GD=AD?DA;=IGD

<ADAFGD=AD

9I9@A<GFAD?DA;=IGD

H9DEAKAD
DAFGD=AD

GD=AD?DA;=IGD
<AH9DEAKAD

9I9@A<GFAD?DA;=IGD

DAFGDAD

DAFGD=AD

GD=AD?DA;=IGD
+9HARAI9M=FC9 AAE=FLM9B?AHIG<LCKAK=MGJD=<FAK=I=9C;AA F9
=JK=IA>AC9;AB9K9 F9 ?DA;=IGD JG JK=9IAFJC9 H9DEAKAFJC9 A

DAFGDF9CAJ=DAF9
=JK=IA>AC9;AB9 F9?DA;=IGDJGJK=9IAFJC9 H9DEAKAFJC9ADAFGDF9

CAJ=DAF9
J9HLFA>AC9;AB9K9F9 <AH9DEAKAD

DAFGDAD?DA;=IGDJG(,+
@A<IG?=F9;AB9F9DAFGDF9CAJ=DAF9
+9M=<A?A>LFC;AAK=F9E9JKAK=AE9JD9K9MG8AMAK=GI?9FAQEA
(G== QF9U=N=KGF9E9JKAK=AE9JD9K9MGAJ@I9F9K9F9UGM=CGK 9CG=
Q9JKGH9FJKMGKG
(GB9 = I9QDAC9K9 E=SL EGFG9;AD?DA;=IGDAK= <A9;AD?DA;=IGDAK= A
KIA9;AD?DA;=IGDAK=
(GIAJK=BTA B9 09:=D9K9 F9 JKI9F9 GHI=<=DA B9 I9QDAC9K9 E=SL
L<=DGK F9 B9?D=IG<GK MG JK=9IAFJC9K9 GD=AFJC9K9 DAFGDF9K9 A
DAFGD=AFJC9K9CAJ=DAF9
(GB9=I9QDAC9K9E=SLE9JD9K9AE9JKAK=AF9M=<AHIAE=IA
,:B9JFAC9CGJ=<G:AM9E9I?9IAF
,:B9JFAQGRKGL8=?FLM99KE9JKAK=AE9JD9K9
-GMIQA?AJMGBJKM9K9F9E9JKAK=AE9JD9K9JG HIAE=F9MGJGJK9MGK
F9:GAK=AD9CGMAK=

4:30845,
#GJ>GDAHA<A
5/3
58,52/6/*/9+ 8+ +897+/ 4' 97/./*7518/24/59 '215.52
-2/)+752/2/8;/4-5=/485;/>/3'84/1/8+2/4//,58,574'1/8+2/4'
0A= J= DAHA<A CGA AE99K QF9U9BF9 JKILCKLIF9 LDG?9 MG GI?9FAQEAK= F9
8AMGKFAK= A GM=CGK :A<=BTA LU=JKMLM99K MG ?I9<:9K9 F9 CD=KGUF9K9
E=E:I9F9 #GJ>GDAHA<AK= EG89K <9 :A<9K ?DA;=IGD>GJ>GDAHA<A A
JMAF?GQA<A
@GDAF
<A9;AD?DA;=IGD
=K9FGD9EAF
J>AF?GQAF
J=IAF
AFGQAKGD
?DA;=IGD
/DAC9
-IAC9QF9?I9<:9K9F9>GJ>GDAHA<AK=
2/)+752,58,52/6/*/
,JFGMF9 CGEHGF=FK9 F9 ?DA;=IGD>GJ>GDAHA<AK= =
>GJ>9KA<F9K9CAJ=DAF9 CGB9==JK=IF9?DA;=IGDGKJG=JK=IA>A;AI9F9
Q9JAK=F9E9JF9CAJ=DAF9F9HIMAGK
9KGE F=Q9JAK=F9E9JF9CAJ=DAF9
F9MKGIAGK 9F9
9KGEGK==JK=IA>A;AI9F9>GJ>GIF9CAJ=DAF9
/DAC9
/KILCKLIF9>GIELD9F9>GJ>9KA<F9CAJ=DAF9
$DA;=IGD>GJ>GDAHA<AK= MG Q9MAJFGJK G< JG=<AF=FA=KG |x p

=JK=IA>A;AI9FG Q9 >GJ>GIF9K9 CAJ=DAF9 EG89K <9 :A<9K D=;AKAFA A
C=>9DAFA

4:30845,
+)/9/4/
)=;AKAFAK=HG@=EAJCAGKJGJK9MJ=>GJ>9KA<AD@GDAFA:A<=BTAQ9
>GJ>9KFAGK GJK9KGC MG >GJ>9KA<F9K9 CAJ=DAF9 = MIQ9F9 GI?9FJC9K9
:9Q9 @GDAF
=K9FGDKIAE=KAD9EGFALE@A<IGCJA< /DAC9

"(" " )"

/DAC9
/KILCKLIF9>GIELD9F9GI?9FJC9K9:9Q9@GDAF
)=;AKAFAK= J= ?I9<:=F9 JLHJK9F;A F9 8AMAK= GI?9FAQEA UAB9

CGDAUAF9F=Q9MAJAG<CM9DAK=KGKACM9FKAK=KGKF9MF=J=F9K9@I9F9
)=;AKAFAK= J= I9JKMGIDAMA MG =K=I 9 F= MG 9;=KGF K=RCG J=
AQGDAI99K HGI9<A GCJA<9;AB9K9 F9 F=Q9JAK=FAK= CAJ=DAFA F9 MGQ<L@
2IR9KEFG?LM98FALDG?AMG8AMAK=GI?9FAQEA
/G @GD=JK=IGDGK ?G ?I9<9K JI=<ARFAGK @A<IG>G:=F <=D F9
CD=KGUF9K9E=E:I9F9
0A= J= M98FA CGEHGF=FKA F9 CD=KCAK= A A?I99K LDG?9 MG
CG9?LD9;AB9K9F9CIMK9
(9CG HGMIRAFJCG 9CKAMFA JLHJK9F;A ?G JFA8LM99K HGMIRAFJCAGK
F9HGF E=SL MG<F9K9 A E9JF9K9 >9Q9 A JDL89K C9CG =ELD?9KGIA MG
HI=@I9F:=F9K9AF<LJKIAB9
$GMIR9KKI9FJHGIKGKF9DAHA<AK=MGGI?9FAQEGK
&FK=I=JFG
2G GKIGMAK= F9 QEAAK= AE9 D=;AKAF9QA CGA JH=;A>AUFG B9
@A<IGDAQAI99K J9EG =JK=IJC9K9 MIJC9 JG F=Q9JAK=FAK= CAJ=DAFA MG
D=;AKAFAK= ,JK9F9KAGK <=D F9 D=;AKAFJC9K9 CAJ=DAF9
DAQGD=;AKAFx| AE9@=EGDAKAUCG<=BJKMGAHI=<AQMACLM9B9C9@=EGDAQ9
AJEIKC9BUGM=CGKA8AMGKFAK=
" ))+

"))+

" )*)")" " ( "
[
,
/DAC9
,HRK9>GIELD9F9D=;AKAFAK=

4:30845,
+,'2/4/
(=>9DAFAK=EG89K<9:A<9K
#GJ>9KA<AD=K9FGD9EAFA|p ADA =K9FGD9EAFC=>9DAFAK= J=
<G:AM99K CG?9 Q9 >GJ>9KFAGK GJK9KGC MG >GJ>9KA<F9K9 CAJ=DAF9 J=
MIQLM9GI?9FJC9K9:9Q9=K9FGD9EAF /DAC9

" (" " )"
/DAC9
/KILCKLIF9>GIELD9F9=K9FGD9EAF
&E99K LDG?9 MG Q?ILKULM9N= F9 CIMK9 C9CG A MG KI9FJHGIKGK

9HJHxzH;AB9K9A E=K9:GDAQEGKF9E9JFAK=CAJ=DAFA
#GJ>9KA<ADJ=IAFA >GJ>9KFAGK GJK9KGC MG >GJ>9KA<F9K9
CAJ=DAF9=MIQ9F9 rk 9EAFGCAJ=DAF9K9J=IAF /DAC9

" )"

"( " ))

/DAC9
/KILCKLIF9>GIELD9F99EAFGCAJ=DAF9K9J=IAF
/=IAF
C=>9DAFA|p J= F9GS99K MG GI?9FAQEGK C9CG (6 % 6 A '<
JGDA 9MGJMGBGKJGJK9M?D9MFGAE99KJK=9IAFJC9AGD=AFJC9CAJ=DAF9
+=GH@G<FA {p Q9E=K9:GDAQEGKF9C9KBGFAK=MG=IAKIG;AKAK=
9 :
/DAC9
/KILCKLIFA>GIELDAF9
9 >GJ>9KA<ADJ=IAF A :>GJ>9KA<AD=K9FGD9EAF
4:30845,
;/4-52/6/*/
/MAF?GDAHA<AK= J= >GJ>GDAHA<A CGA J= =JK=IA F9
9EAFG9DCG@GDGK JMAF?GQAF /DAC9
A MARA|p E9JFA CAJ=DAFA
1U=JKMLM99K MG ?I9<:9K9 F9 E=E:I9FAK= +9BQ9JK9H=FA J= MG
EA=DAFJC9K9G:MAMC9F9F=IMFGKGKCAMG JMAF?GEA=DAFA 9HGE9DCL?A
AE9MG;IFAGK<IG: :L:I=QAK= CIMF9K9HD9QE9
"" """)""(" " )"

/DAC9
/MAF?GQAF
@A<IGCJA
9EAFG
GCK9<=C

=F
2GJG;A
#585)/9+ 8+ 83+8' 5* 3545+89+7/ 4' 3'84/9+ 1/8+2/4/ 85

3545./*7518/24/ ;/>/ '215.52/ / ;5 653'2 675)+49 4+15-'> / *5

518/1'7(518/24/ 1/8+2/4/ ;/>/ '215.52/ 0'-2+;5*575*/ /
8352+89/3'9+7// ,MA=HIAE=JA?A<9M99KAJMGBJKM9K9F9MGJG;AK=
2GJG;AK= C9B F=CGA I9JK=FAB9 8AMGKFA A HKA;A J= F9GS99K MG
=HA<=IEGK rk ok {p {yzps wkmupn}mkp|x wk MD9?9 A H9I9QAKA MG
MF9KI=RFGJK9F9GI?9FAQEGK
+=E99K@I9FDAM9MI=<FGJK F=J=B9<9K FG J=CGIAJK9KQ9HI9M=N=
JM=TA HGDAKLI9 :9DQ9EAAHG<DG?AQ9D=CGMA|p ACGQE=KAUCA|p E9JKA
2G Q9MAJFGJK G< HGK=CDGKG I9QDACLM9E= I9JKAK=DFA A
8AMGKAFJCAMGJG;A
'89/9+24/ ;585)/ J= F9GS99K F9 HGMIRAF9K9 F9 DAJKGMAK= A
HDG<GMAK= A ?A RKAK9K G< HI=?GD=EG ?L:=N= MG<9 yzs I9QFA
9KEGJ>=IJCA FpHIADACA +9BM98=F = C9IF9L:9 MGJGCGK ;=IGKAF
EA;=I9K JGJK9M=F G< EAIA;AD 9DCG@GD ")" A ;=IGKAFJC9
CAJ=DAF9 "))" ,MA= MGJG;A J= CGIAJK9K C9CG MG
>9IE9;=MKJC9K9 AF<LJKIAB9 Q9 AQI9:GKC9 F9 CGQE=KAUCA A D=CGMAKA
HI=H9I9KA
/;59/481/;585)/ Q9JK9H=FA {p C9B8AMGKFAK=MGQ9RKAKFAGK
JDGBF9CG89K9 ak HIAE=IC9B GM;AK= E9JK9G<MGDF9K9D9FGDAFGK ?G
JH=I=ULM9 wkEGCI}mkN=KGF9MGDF9K9-GM98FA msowkxmspmx{xs J=
;=K9;=LE "))" J= AQGDAI9 G< ?D9M9K9 F9 CAKGK =JK=I
F9 ;=KAD 9DCG@GD ")" A H9DEAKAFJC9 CAJ=DAF9 /DAC9

4:30845,
/=LHGKI=:LM9MGE=<A;AF9|k ACGQE=KAC9|k Q9HG<?GKGMC9F9E9JFA

HG<DG?AACI=EGMA
,
[
"" " " "
/DAC9
/KILCKLIF9>GIELD9F9 ;=KADH9DEAK9K
HU=DAFMGJGC "))" CGBJ=F9GS9MGJ9T=KG0GB==JK=IF9

EAIA;AD 9DCG@GD ")" A H9DEAKAFJC9 CAJ=DAF9 /DAC9

D=JFG J= I9JKMxI9 MG =K=I @DGIG>GIE A K=KI9@DGIG E=K9F F=E9
@GEG?=F9?I9<:9 lsops =HIAIG<=FHIG<LCK/=<G:AM9JGKGH=N=F9
J9T=KG
,
[
"" " " "
/DAC9
/KILCKLIF9>GIELD9F9 EAIA;ADH9DEAK9K
/K=IGA<A
9+75/*/9+ 8+ 2/6/*/ 15/ 65 .+3/81/ 8589'; 8+ 652/)/12/A4/

57-'481/ 85+*/4+4/0' 15/ 8+ 83+9''9 =' *+7/;'9/ 4' 89+7'49<
/LHJK9F;AK=MGGM99?ILH9J=QF9U9BFAHIG<LCKAF98AMAK=GI?9FAQEA 9
?A JI=T9M9E= MGJAK=I9JKAK=DFAA8AMGKAFJCAGI?9FAQEA
/K=IGA<AK= J= CD9JA>A;AI99K F9 JK=IGDA 8GDUFA CAJ=DAFA A
JK=IGA<FA@GIEGFA
2G?ILH9K9F9JK=IGDAJ=@GD=JK=IGDGK
<=@A<IG@GD=JK=IGDGK
A =I?GJK=IGDGK
+9BM98F9 G< 8GDUFAK= CAJ=DAFA = @GDF9K9 CAJ=DAF9
/K=IGAJFAK= @GIEGFA J= <=D9K F9 @GIEGFA JG / 9KGEA
HIG?=JK=IGF JG/9KGEA CGIK=CJGF CGIKAQGD A 9D<GJK=IGFAJG
/9KGEA K=JKGJK=IGFA=JKI9<AGD
-G<=D:9K9JHGI=<@=EAJCAGKJGJK9M A HI=KJK9MFA;AK=J= <9<=FA
mx 09:=D9K9

4:30845,
09:=D9

-I=?D=<F9 HG<=D:9K9F9 JK=IGA<FAK=JG=<AF=FAB9
7:6' 7+989';4/1 +8954'4'5?'<+/,:41)/0'

GD=JK=IGD
J=F9GS9MGJAK=8AMGKAFJCA
/K=IGDA CD=KCAAHD9QE9

B9?I9<AE=E:I9F9K9F9CD=KC9K9

HGB<GMF9JLHJK9F;9Q9JAFK=Q9F9
EFG?L JK=IGA<A

<=@A<IG@GD=JK=IGD
J=F9GS9MGCG89K9

KGB= HIGMAK9EAF F9MAK9EAFGK
=I?GJK=IGD
J=F9GS9MGCM9J=;GK

KGB= HIGMAK9EAF F9MAK9EAFGK
@GDF9CAJ=F9
J=F9GS9MG8GDUC9K9A;I=M9K9
GDUFA KGB=<=IAM9K= F9@GD=JK=IGDx|
CAJ=DAFA
B9GD=JFLM9I=JGIH;AB9K9F9
E9JKAK=
MG I9JKMGILM9N=|x F9
@GD=JK=IGDGK
MG I=JGIH;AB9|k F9E9JFAK=
CAJ=DAFAAF9DAHGJGDL:ADFAK=
MAK9EAFA " (

%GIEGFA HIG?=JK=IGF @GIEGFMG DFEIG AIH:IB6
JG
8GDKGK=DG
9KGEA tGIK=CJGF GIEGFAF9F9<:L:I=8F9K98D=Q<9
JG
9KGEA
tGIKAQGD
9D<GJK=IGF
JG
K=JKGJK=IGF GIEGFF9K=JKAJAK=
9KGEA =JKI9<AGD GIEGFF9>GDACLD9K9

4:30845,
52+89+752
%GD=JK=IGDGK = JK=IGA<FGG JG=<AF=FA= CG= F= JG<I8A E9JFA
CAJ=DAFA FGHGC98LM9>AQAUCAA@@=EAJCAGJG:AFAC9CGE9JKAK=
/DAC9
/KILCKLIF
F9>GIELD9F9@GD=JK=IGD
%GD=JK=IGDGK = F9BM98=F F JK=IGD G< 8AMGKAFJCG HGK=CDG

1U=JKMLM9 MG ?I9<:9K9 F9 J=CGB9 CD=KC9 MG GI?9FAQEGK QF9U9=F = Q9
E=K9:GDAQEGK F9 E9JKAK= C9CG A Q9 JAFK=KAQAI9N=KG F9 JK=IGA<FAK=
@GIEGFA 8GDUFAK=CAJ=DAFAAMAKK9EAFGK
%GD=JK=IGDGK = ;MIJK9 CIA AJK9DF9 GHKAUCA 9CKAMF9 JLHJK9F;9
I9JKMGIDAM9MGGI?9FJCAI9JKMGILMM9UA
49=<FGJG>GJ>GDAHA<AK=@GD=JK=IGDGK LU=JKMLM9MGAQ?I9<:9K9
F9 E=E:I9FAK= F9 CD=KCAK= +9BEFG?L ?G AE9 MG EGQGCGK MG
EA=DAFJCAK= G:MAMCA F9 F=IMAK= $G AE9 MG 8GDUC9K9 CG89K9 A MG
CIMK9 C9<= = Q9JK9H=F MG CGDAU=JJKM9 G< GCGDL B< G< CGA J=
C9CG9;AD@GD=JK=IGD@GD=JK=IGDJJMIQ9FQ9E9JF9CAJ=DAF9
%GD=JK=IGDGK JHGI=<E=JKGKGF F9JAFK=Q9 EG8=<9:A<=
=F<G?=F RKG = JAFK=KAQAI I9F MG ;IFAGK <IG: A ;I=M9K9 G<
9;=KG9;=KGF G<MCLHFAGK@GD=JK=IGD
=?QG?=F RKG = MF=J=F HI=CL @I9F9K9 A KGB ?G CGFKIGDAI9
CGDAU=JKMGKGF9JAFK=KAQAI9FA AGK =F<G?=F @GD=JK=IGD
2IQ F=?GM9K9 CGF;=FKI9;AB9 MG GI?9FAQEGK MDAB9= HGDGK
MGQI9JK9 @GIEGFAK= A ?=F=KJC9K9 HI=<AJHGQA;AB9 _9B :I=E=FAK= qpws
F=?GM9K9 CGDAUAF9 J= Q?GD=ELM9 k MIQ F=?GMGKG F9E9DLM9N= MDAB99K
=JKIG?=FAK= C9B 8=FAK= A KAIGC CJAFGK aGIE9DFAK= MI=<FGJKA F9
@GD=JK=IGDGK MG CIMF9K9 HD9QE9 J=
BBDA
& K= HGE9DCL
BBDA
&

&QGDAI9F=CGFCI9BGKF9 1/### M=CG<8
8GDUFAC9EUAN9

4:30845,
%GD=JK=IGDGK A E9JKAK= J= KI9FJHGIKAI99K FAQ GI?9FAQEGK

HI=CL CIMK9 MIQ9FAQ9
DAHGHIGK=AFAK= C9CG "& A &&
DAHGHIGK=AF JG FAJC9 ?LJKAF9
JG<I8A ?GD=EA CGDAUAFA
@GD=JK=IGD A F=?GM9K9 MAJGC9 MI=<FGJK MG CIMK9 = IAQAC>9CKGI Q9
F9JK9FLM9N= F9 9K=IGJCD=IGQ9K9 A CGIGF9IF9|k 9IK=IAJC9 :GD=JK
(GF;=FKI9;AB9K9 F9 && MG CIMK9 = <AI=CKFG HGMIQ9F JG MF=JGK F9
Q9JAK=FAK= E9JFA CAJ=DAFA A JG Q?GD=E=F9K9 CGF;=FKI9;AB9 F9
@GD=JK=IGDMG@I9F9K9!AB9:=K=JGK HLR=N=KG HGDGKE9RCAK=HGDGMA
@GIEGFA A <IL?A >9CKGIA E=L CGA A ?=F=KJCAK= B9 Q?GD=ELM99K
CGF;=FKI9;AB9K9F9@GD=JK=IGDGKJGE9D9?LJKAF9

DAHGHIGK=AF JG MAJGC9 ?LJKAF9 JG<I8A J9EG
@GD=JK=IGD MG MCLHFAK= DAHGHIGK=AFA A F= = RK=K=F Q9 UGM=CGMAGK
GI?9FAQ9E&E9Q9RKAKF9LDG?9 :A<=BTA=HIGK=CKGI xo @GD=JK=IGDGKJG
E9D9 ?LJKAF9 && A B9 JHI=ULM9 HGB9M9K9 F9 CGIGF9IF9K9 9IK=IAJC9
:GD=JK 0GB ?G MIQLM9 @GD=JK=IGDGK MG CIMK9 HGKG9 J= I9QDG8LM9 MG
;IFAGK <IG: ,JDG:G<=FAGK @GD=JK=IGD MG 8GDUC9K9 J= MIQLM9 JG
8GDUFAK=CAJ=DAFA A C9CG FAMF9 JGD J= GKJKI9FLM9 G<GI?9FAQEGK,M9
==<AFJKM=FAGKF9UAF F9AQD9ULM9N=F9@GD=JK=IGDGKG<GI?9FAQEGK
/G K=CGK F9 ?G<AFAK= F9BU=JKG C9B DLS= JG Q?GD=E=FG FAMG F9
@GD=JK=IGDMGCIMK9 KGB HGJK=H=FGJ=K9DG8A F9 PA<GMAK=F99IK=IAAK=
XG HGU=KGCGK F9JK9FLM9 K9DG8=N= MG MA< F9 JAKFA CIAJK9DA G<
@GD=JK=IGD CGA HGJK=H=FG J= Q?GD=ELM99K >GIEAI9BTA F9JD9?A CGA
HGJK=H=FG ?G JK=JFLM99K DLE=FGK F9 9IK=IAAK= -GKG9 JD=<A
JKMI<FLM9N= F9 PA<GK F9 CIMFAGK J9< CGB JK9FLM9 CIK A B9 ?L:A
=D9JKAUFGJK9 9K=IGJCD=IGQ9 49I9<A GMA= <=?=F=I9KAMFAK= HIGE=FA
9IK=IAAK=J=HG<DG8FAF9HIJC9N=AQ?ILKULM9N=F9CIMK9 KIGE:GQ9
2IQ F9?GD=ELM9N=KG F9 FAMGKG F9 @GD=JK=IGDGK MG GI?9FAQEGK
MDAB9=
4?GD=E=FG MF=JLM9N= qsmx|sw{ts HIG<LCKA lxnk|s JG @GD=JK=IGD
<IG: :L:I=QA JI;= EGQGC A =FGIEFG MF=JLM9N= E9JKA G<
8AMGKAFJCGHGK=CDG
"FGIEFG CGFQLEAI9N= B9?D=@A<I9KA HIA RKG J= B9MLM9 MAJGCG
HIAJLJKMG F9 AFJLDAF MG CIMK9 -I=CLE=IFG|x FAMG AFJLDAF
HI=<AQMACLM9Q?GD=E=FGCGDAU=JKMGF9KIA?DA;=IA<A

4:30845,
-I=CLE=IFGKG FAMG F9 AFJLDAF MG CIMK9 HGI9<A Q?GD=E=F MF=J F9

B9?D=@A<I9KA <=DLM9 F9 9CKAMAI9N= F9 =FQAE CGB ?G CGFKIGDAI9
K=EHGKGF9JAFK=Q9F9@GD=JK=IGDMG;IFAGK<IG:
%GD=JK=IGDGK J= I9Q?I9<LM9 MG ;IFAGK <IG: C9<= RKG G<
F=?GM9K9 CGDAUAF9 GCJA<AI9 MG 8GDUFA CAJ=DAFA 9 <=D G<A
F=I9Q?I9<=FMG8GDUFGKGC=J=HIARKGEG8=<9J=>GIEAI99K8GDUFA
C9E=N9
:6,+?@,A09,;<4=?=>@:>: 9,3:70=>0<:7
(:0;<?@0>,=:7,+4G0=0=>,@,8,76?3:70=>0<:7 @:;<,@ 4748,=> 4
, 37:<:1:<8%0;<:80D?@,4@948,>079:;:B4/:@4>0=0/:/,@,
6:9.09><4<,9, =?71?<9, 64=0749, !, /:;4<9,>, ;:@<D49, =0 5,@?@,
.<@09;<=>09:/3:70=>0<4709
$DLCGDAHA<A
$DLCGDAHA<AK= J= ?ILH9 E=E:I9FJCA DAHA<A CGA HGCI9B

DAHA<F9K9CGEHGF=FK9MG JMGB9K9JKILCKLI9MCDLULM99KAB9?D=@A<I9K=F
<=D /HGI=< GJFGMF9K9 9DCG@GDF9 CGEHGF=FK9 EG89K <9 J= HG<=D9K F9
?DA;=IG?DLCGDAHA<AA?DLCGJMAF?GDAHA<A
$DA;=IG?DLCGDAHA<A J=AQ?I9<=FAG< <A9;AD?DA;=IGD Q9UAA
/ 9KGE =MIQ9F EGFGJ9@9IA<ADA GDA?GJ9@9IA<
2D=?LM99K MG JGJK9M F9 F=CGA :9CK=IAA 9 EG89K <9 J= JI=KF9K A
C9B;A;9UAK=
$DLCGJMAF?GDAHA<A J= JGJK9M=FA G< JMAF?GQAF ;=I9EA<F9
JKILCKLI9 A B9?D=@A<I9KF9CGEHGF=FK9
/HGI=<MA<GKF9B9?D=@A<I9KGKI9QDACLM9E= ;=I=:IGQA<A JLD>9KA<A A
?9F?DAGQA<A
+AMF9K9LDG?9=<9G:=Q:=<9K=F=I?AB9AHI=KJK9MLM99KE9IC=IA
Q9HI=HGQF9M9N=F9CD=KCAK=

4:30845,
$I9<:9F9CD=KGUF9K9E=E:I9F9
*=E:I9F9K9 CGB9 B9 GHCGDLM9 =LC9IAGKJC9K9 CD=KC9 AE9

<AF9EAUF9JKILCKLI9 K99=JGJK9M=F9G<<M9JDGB9 F9 >GJ>GDAHA<A E=SL
CGAAE9EGD=CLDAF9@GD=JK=IGDA HIGK=AFA /DAC9

/DAC9
$I9<:9 F9
CD=KGUF9K9E=E:I9F9
9I=;=HKGI=FHIGK=AF
:?DLCGHIGK=AF
M@GD=JK=IGD
?A<KI9FJHGIK=FHIGK=AF
S>GJ>GDAHA<FAEGD=CLDA
=?D9M9F9>GJ>GDAHA<FAK=
EGD=CLDA
8K=DGF9>GJ>GDAHA<FAK=
EGD=CLDA
:=1:74;4/4>0 AE99K <M9 CI9B9 @A<IG>AD=F A @A<IG>G:=F

0A= J= F9JGU=FA F9 <M=K= JKI9FA F9 E=E:I9F9K9 JG @A<IG>ADFAK=
?D9MACGFF9<MGI=RF9K9 9 {x @A<IG>G:FAK=K=D9K9CGFMF9KI=RF9K9
JKI9F9 F9 E=E:I9F9K9 *GD=CLDAK= F9 >GJ>GDAHA<AK= J=
9E>A>ADFA<=D=@A<IGJGDL:AD=F 9 <IL? <=DDAHGJGDL:AD=F
4/<:14794>0 27,@4 B9 <I89K E=E:I9F9K9 HIAD=H=F9 Q9
;AKGHD9QE9K9G<MF9KI=wk|k{|zkwk AQ9=CJKI9;=DLD9IF9K9K=UFGJK
G<F9<MGIpwk|k{|zkwk F9CD=KC9K9
4;:14794>0 >07, ?A :DGCAI99K ?GD=EAK= EGD=CLDA |x {p
I9JKMGIDAMA MG MG<9 <9 HGEAF9K FAQ E=E:I9F9K9 9 ?A HIGHLRK99K
EGD=CLDAK= |x {p I9JKMGIDAMA MG E9JD9 MCDLULM9BTA s F=CGA
D=CGMA
#<:>0494>0 J= MCGH9FA MG HD9QE9K9 F9 E=E:I9F9K9 MIR=BTA
I9QFA>LFC;AA C9CG wkyzsvpz KI9FJHGIKx| F9?GD=EAEGD=CLDA |x
{p I9JKMGIDAMAMGMG<99?D=@A<I9KA A9EAFGCAJ=DAFA
7?6:;<:>0494>0 AE99K I=;=HKGIF9 LDG?9 A JDL89K Q9
A<=FKA>AC9;AB9 F9 MA<GK F9 GI?9FAQ9E F9 CGB HIAH9S9 CD=KC9K9
&JKG K9C9 v} GMGQEG8LM9k| wk AELFAGK JAJK=E <9 ?A <=K=CKAI9

4:30845,
KLSAK= CD=KCA C9CG F=CGA F9H9S9UCA :9CK=IAA CGA FGJ9K I9QDAUFA

?DLCGHIGK=AFA
*GD=CLDAK= F9 3:70=>0<:7:> MG HD9QE9K9 F9 E=E:I9F9K9 J=
G<F=JLM99K C9CG JK9:ADAQ9KGIA CGA ?G G?I9FAULM99K <MA8=N=KG F9
<M9K9 HG<MA8FA JDGk F9 >GJ>GDAHA<A|p CGA J= <MA89K F9HI=< A
F9Q9<MGE9E:I9F9K9
,74>0 :>@:<4 MG E=E:I9F9K9 <GQMGDLM99K E9DA EGD=CLDA yz
CAJDGIG<x| <9 HGEAF9K FAQ E=E:I9F9K9 -GJKGB9FAGK HIGKGC F9
CAJDGIG< MG CD=KC9K9 nx <GQMGDLM9 MIR=N=|x F9 9=IG:FG <AR=N=
CG=|x F9 CD=KC9K9 A GMGQEG8LM9 =F=I?AB9 Q9 AQMIRLM9N= F9 JAK=
F=BQAFA>LFC;AA
-I9R9N9
(GA JMGBJKM9 ALDG?A?AAE99K D=;AKAFAK=
(GB9=I9QDAC9K9MG@=EAJC9K9?I9<:9F9 >GJ>GDAHA<AK=
5KG MDAB9= MIQ F9?GD=ELM9N=KG F9 CGDAU=JKMGKG F9 @GD=JK=IGD MG
CIMK9
(GB9=I9QDAC9K9MG@=EAJC9K9?I9<:9ALDG?9K9F9 C=>9DAFAK=
,:B9JFAB9HG<=D:9K9F9JK=IGA<AK=CGIAJK=BTAB9 09:=D9K9 F9JKI9F9
*9JKAK=AE9JD9K9 J= =JK=IA F9?DA;=IGDJGE9JFACAJ=DAFACGAJ=
9MARA :Q9JAK=FA MF=Q9JAK=FA ?=J=F;AB9DFA
)=;AKAFAK= F9 KI=KAGK AE99K =JK=IA>A;AI9FG >GJ>GIF9 CAJ=DAF9 A
9EAFG:9Q9
9@GDAF :=K9FGD9EAF M J=IAF ? M9DAF
49JAK=FA E9JFA CAJ=DAFA CGA F9BUJKG MD=?LM99K MG JGJK9M F9 E9JKAK= A
E9JD9K9 J=
9GD=AFJC9ADAFGDF9 :H9DEAKAFJC9AJK=9IAFJC9
M JK=9IAFJC9A9I9@A<GFJC9 ? H9DEAKAFJC9A9I9@A<GFJC9
(GBG<F9M=<=FAK=AJC9QA=KGU=F
92GGI?9FAQEGK E9JKAK=AE9JD9K9HI=KIHLM99K=JK=IA>AC9;AB9
:*9JKAK=HG@=EAJCAJGJK9M=K=IA
M)AFGDF9K9CAJ=DAF9==J=F;AB9DF9
?,JFGM9F9JAK=KIA?DA;=IA<A=@GD=JK=IGDGK
49 A<=FKA>AC9;AB9 F9 CD=KC9K9 C9CG HIAH9<FAC F9 =<AFJKM=F GI?9FAQ9E
JDL89K
9E9DAK=GKMGIA :DAHA<AK= M?DLCGDAHA<AK= ?>GJ>GDAHA<AK=

4:30845,
*=K9:GDAQ9EF9DAHA<A
]9 UGM=UCAGK A Q9 8AMGKAFJCAK= GI?9FAQEA G< ?ILH9K9 DAHA<A
F9B?GD=E9 @I9FDAM9 M98FGJK AE99K E9JKAK= E9JD9K9 A >GJ>GDAHAK=
0A= J==F=I?=KJCA<=HG9Q98AMGKAFJCAK=A rk UGM=UCAGKGI?9FAQ9EHIA
?D9<LM9N=
#'7+<+4'3'89/<3 /3'82'< ;5*/-+89/;4/598/89+3

*9JKAK= CGA ?A MF=JLM9E= HI=CL @I9F9K9 {p G< 8AMGKAFJCG 9
E9JD9K9 G< I9JKAK=DFG yx|ptux 29I=N=KG F9 E9JKAK= A E9JD9K9
Q9HGUFLM9 MG <M9F9=J=KH9D9UFGKG ;I=MG :A<=BTA MG LJK9K9 A
8=DL<FACGK F=E9 DAHGDAKAUCA=FQAEA
2G <M9F9=J=KH9D=UFGKG;I=MG E9JKAK=AE9JD9K9 HIMG J==ELD?AI99K
JG 8GDUFAK= CAJ=DAFA A FAMFAK= JGDA >GIEAI99K EA;=DA JG RKG J=
Q?GD=ELM9HGMIRAF9K9F9E9JFAK=JG=<AF=FAB9 Q9HG<G:IG<=DLM9N=F9
=FQAEAK= DAH9QA,M9 =ELD?AI9N= MG=<FG A?A9CKAMAI9F9DAH9QAK=
2GK=FCGKG;I=MG G<H9FCI=9JGKA8GDUC9K9 J=D9U9KJGCGMAMGCGA
AE9 DAHGDAKAUCA =FQAEA DAH9QA CGA ?A @A<IGDAQAI99K J9EG
=ELD?AI9FAK= E9JKA 0LC9 J= @A<IGDAQAI99K
G< E9JKAK= mG

EGFG9;AD?DA;=IGDA 9GJK9KGCGK MG ?DA;=IGDAE9JFACAJ=DAFA
-IG<LCKAK=G<@A<IGDAQ9K9J=I=JGI:AI99K MG;I=MF9K9ELCGQ9 C9<=
J=I=JAFK=KAQAI99KMGKIA9;AD?DA;=IGDA
@ADGEACIGFA
%ADGEACIGFAK=J=E9JFAC9HCA G:MAKC9FAJGHIGK=AFJC9G:MAMC9 JG
HI=UFAC G<
CB /G<I89K HIGK=AFA A >GJ>GDAHA<A
/DAC9
,< ELCGQFAK= CD=KCA HGF9K9EL HI=CL =CJKI9;=DLD9IF9K9
K=UFGJKHGEAFLM99KMGDAE>9K9
/DAC9
$I9<:9F9@ADGEACIGFAK=

4:30845,
-GE9D <=D G< HIG<LCKAK= F9 @A<IGDAQ9K9 F9 E9JKAK= CGA MD=?D= MG
ELCGQ9K9 A F= J= =JK=IA>A;AI9D= MG KIA?DA;=IGDA MD=?LM99K MG
HGIK9DFAGKCIMGKGC C9<= RKG J=MIQLM99KJG9D:LEAFAK=
#GJ>GDAHA<AK= J= =ELD?AI99K MG ;I=M9K9 A @A<IGDAQAI99K HG<
<=BJKMGF9>GJ>GDAH9QAK=MG ?DA;=IGDAE9JFACAJ=DAFA
)AHGJGDL:ADFAK= MAK9EAFA A @GD=JK=IGDGK J= =ELD?AI99K A
F=@A<IGDAQAI9FAJ=9HJGI:AI99KMG;I=M9K9
2G 9<AHG;AKAK= F9 CIMFAK= J9<GMA A E9JFGKG KCAMG F9JK9FLM9
=FQAEJCG I9QDG8LM9N= F9 @ADGEACIGFAK= mG E9JFA CAJ=DAFA A
?DA;=IGD
*9JFA CAJ=DAFA EG89K <9 JKA?F9K MG CD=KCAK= G<
@A<IGDAQAI9FAK= E9JKA RKG J= MF=J=FA HI=CL AJ@I9F9K9 A G<
@A<IGDAQAI9FAK= =F<G?=FAAFKI9;=DLD9IFA<=HGFAI9FADAHA<A
-GF9K9EL E9JFAK= CAJ=DAFA J= =JK=IA>A;AI99K JG ?DA;=IGD MG
KIA?DA;=IA<A J=KI9FJHGIKAI99K<G;IFAGK<IG: MIQ9FAQ99D:LEAFAK=
C9<= MD=?LM99K MG GCJA<9KAMFAK= HIG;=JA A MARGCGK J= <=HGFAI9 MG
;IFAGK<IG:
S
GCJA<9;AB9F9E9JFACAJ=DAFA
*9JFAK= CAJ=DAFA <G:A=FA HIA @A<IGDAQ9 F9 DAHA<AK= MG

<A?=JKAMFAGK JAJK=E J= I9QDG8LM99K JG FAQ9 I=9C;AA JG HGHIGJKA
JG=<AF=FAB9 HIA RKG J= GJDG:G<LM9 ?GD=EG CGDAU=JKMG =F=I?AB9 49
UGM=UCGAKGI?9FAQ9EKA=J=M98=F=F=I?=KJCAAQMGI
-G @A<IGDAKAUCGKG I9QDG8LM9N= F9 @ADGEACIGFAK= ADA
I9QDG8=FAK= E9JKA G< E9JFAK= I=Q=IMA J= <G:AM9 JE=J9 G< ?DA;=IGD A
E9JFACAJ=DAFA
$DA;=IGDGK MG ;IFAGK <IG: HG< <=BJKMG F9 ?DA;=IGDCAF9Q9K9 A
-* J= >GJ>GDAI9 <G ?DA;=IGD

>GJ>9K CGB MD=?LM9 MG HIG;=JGK
?DLCGF=G?=F=Q9 HIARKGJ= JAFK=KAQAI9 ?DLCGQ9
!=D G< E9JFAK= CAJ=DAFA CGA F= J= CGIAJK9K Q9 JAFK=Q9 F9
K=D=JFAK= DAHA<A HGF9K9EL J= I9QDG8LM99K MG ;AKGHD9QE9K9 F9
CD=KCAK= -I=< <9 J= HG<DG89K F9 I9QDG8LM9N= :A<=BTA J= @=EAJCA
AF=IKFA JG=<AF=FAB9 J= 9CKAMAI99K MIQLM9BTA J= JG CG=FQAE /G
4:30845,
HIA RKG J= HI=M=<LM99K MG KAG=JK=IA ADA 9;AD/G ,MGB HIG;=J =
C9K9DAQAI9FG<9;AD/GDA?9Q9
CKAMAI9FAK=E9JFACAJ=DAFA C9CG9;AD/G J=HI=F=JLM99KMG
EAKG@GF<IAAK= C9<= J= MIRA FAMFGKG I9QDG8LM9N= 0I9FJHGIKGK F9
9;AD/G FAQ E=E:I9F9K9 F9 EAKG@GF<IAAK= CGB9 Q9 F=?G =
F=HIGHLJKDAM9 J=MIRAJG C9IFAKAF0GB JGHGExRF9 =FQAEGK C9IFAKAF
9;ADKI9FJ>=I9Q9K9 ?A KI9FJHGIKAI9HI=CLEAKG@GF<IAJC9K9E=E:I9F9
2F9KI= J= GJDG:G<LM9 C9IFAKAFGK G< 9;AD/G A J= MI9T9 MG
;AKGHD9QE9K9 Q9 <9KI9FJHGIKAI9FGMACGDAU=JKM99;AD/G -GF9K9EL
J=MIRAI9QDG8LM9N=F99;AD/GJGHIG;=JGK S
GCJA<9;AB9
S
GCJA<9;AB9K9 F9 E9JFAK= CAJ=DAFA HI=KJK9MLM9 ;ACDLJ G<
HGJD=<GM9K=DFA I=9C;AA CGB J= G<MAM99K F9 S

9KGEGK F9 E9JFAK=
CAJ=DAFA 49HGKHGDF9GCJA<9;AB9F9E9JFAK=CAJ=DAFA GMGB;ACDLJG<
I=9C;AA J= HGMKGILM9 HGM=T=H9KA -IA KG9 C9CG CI9=F HIG<LCK J=
<G:AM99;=KAD/G /DAC9

!G:A=FAGK 9;=KAD/G HGF9K9EL EG8= <9 LU=JKMLM9 MG HGM=T=
HIG;=JA
2G EAKG@GF<IAAK= <9 J= MCDLUA MG %F:7GGMAGK ;ACDLJ A <9 J=
GCJA<AI9 MG ) "(" " HIARKGT=J= GJDG:G<A =F=I?AB9
MG>GIE9F9 -*
!k J=MCDLUAMG :AGJAFK=Q9K9F9F==J=F;AB9DFAE9JFACAJ=DAFA RKG
J= JDLULM9 MG ;AKGHD9QE9K9 F9 CD=KCAK= A = G:I9KF9 F9
S
GCJA<9;AB9K9
CG = F9KILH9F MG ?GD=EA CGDAUAFA 9 F= EG8= <9 J= LHGK=:A MG
HI=K@G<FG F9M=<=FAK= HIG;=JA J= MCDLULM9 MG HIG;=JGK wk
C=KG?=F=Q9 HIA RKG <9M9 C=KGFJCA K=D9 9;=KG9;=KGF

@A<IGCJA:LK=IF9CAJ=DAF9 A9;=KGF
2G FGIE9DF9 JGJKGB:9 F9 GI?9FAQEGK MG ;IFAGK <IG: J=
JAFK=KAQAI99K E9DA CGDAUAFA F9 C=KGFJCA K=D9 RKG J= <GMGDFA Q9
JF9:<LM9N= JG =F=I?AB9 F9 ;IFAGK <IG: A F9 EGQGCGK 9 MARGCGK J=
=DAEAFAI9HI=CLLIAF9K9
+G MG LJDGMA F9 ?D9<LM9N= A C9B Q9:GD=FAK= G< R=T=IF9 :GD=JK
KA=J= B9MLM99KMGQ?GD=E=FACGF;=FKI9;AAMGCIMK9ALIAF9K9

+9 HIAE=I Q9 HGKHGDF9 GCJA<9;AB9 F9 H9DEAKAFJC9K9 CAJ=DAF9 HGKI=:FA J=
;ACDLJAF9 S
GCJA<9;AB9 HIA RKGJ=<G:AM99K BDA 9;=KAD/G 9KGEAMG<GIG<A
BDA -*

4:30845,
!=@A<IG?=FAI9N=
GCJA<9;AB9
%A<I9K9;AB9
!=@A<IG?=FAI9N=
GCJA<9;AB9
.9QDG8LM9N=
KAGDAQ9
/CI9K=F9E9JF9
CAJ=DAF9 ;=KADCG=FQAE

/DAC9
-IAC9QF9I=9C;AAK=G< =<FGCI9K=F ;ACDLJHIA
S
GCJA<9;AB9K9

4:30845,
(GFKIGD=FK=JK
!9DAJ=KGUFAJD=<FAM=AJC9QA
0
=F<G?=FAGK@GD=JK=IGD=CGFKIGDAI9FG<=?QG?=FAGK
0
FAQE9DAK=GKMGIAF9CD=KGUF9K9E=E:I9F9F9MD=?LM9, CGF
AFKI9;=DLD9IF9K9K=UFGJK
0
J9HLFGK "))" J=UAK9 tktx F9KIALEH9DEAK9K
+9HARAI9M=FCA AF9HARA ?AF9QAMAK=F9JAK=JG=<AF=FAB9F9
=JK=IA>AC9;AB9K9F9?DA;=IGDJGJK=9IAFJC9 H9DEAKAFJC9ADAFGDF9
CAJ=DAF9
J9HLFA>AC9;AB9K9F9E9JK9<G:A=F9HIA=JK=IA>AC9;AB9K9G<HI=K@G<FGKG
HI9R9N=JG (6)"
+9HARA>GIELDAF9
H9DEAKAD
DAFGD=AD>GJ>9KA<AD@GDAF

JK=9IADDAFGDAD>GJ>9KA<AD=K9FGD9EAF

JK=9IAD
9I9@A<GFAD>GJ>9KA<ADJ=IAF
,:B9JFA ns
LDG?9K9F9HIGK=AFAK=AE9DAK=GKMGIAMGCD=KGUF9K9E=E:I9F9
JMGBJKM9K9ALDG?9K9F9 D=;AKAFAK=
HG<=D:9K9 F9>GJ>GDAHA<AK=1DG?9F9J=IAFC=>9DAFAK=
RKGMDAB9=MIQF9?GD=ELM9N=KGF9CGDAU=JKMGKGF9@GD=JK=IGDGKMGCIMK9
@A<IGDAQ9K9F9E9JKAK=MGK=FCGKG;I=MG
*9JKAK=AE9JD9K9HI=KJK9MLM99K =JK=IA F9?DA;=IGDx| JGE9JFACAJ=DAFA
CGAJ=
9MARA :Q9JAK=FA MF=Q9JAK=FA ?=J=F;AB9DFA
)=;AKAFAK=F9KI=KAGK /
9KGE AE99K=JK=IA>A;AI9FG>GJ>GIF9
CAJ=DAF9A9EAFG:9Q9
9@GDAF :=K9FGD9EAF M J=IAF ? M9DAF
49JAK=FAE9JFACAJ=DAFACGAF9BU=JKGMD=?LM99KMGJGJK9MF9E9JKAK=A
E9JD9K9 J=
9GD=AFJC9ADAFGDF9 :H9DEAKAFJC9AJK=9IAFJC9
M JK=9IAFJC9A9I9@A<GFJC9 ? H9DEAKAFJC9A9I9@A<GFJC9
(GBG<F9M=<=FAK=AJC9QA=KGU=F
92GGI?9FAQEGK E9JKAK=AE9JD9K9HI=KIHLM99K=JK=IA>AC9;AB9
:*9JKAK=HG@=EAJCAJGJK9M {p =K=IA
M)AFGDF9K9CAJ=DAF9==J=F;AB9DF9
?,JFGM9F9JAK=KIA?DA;=IA<A=@GD=JK=IGDGK
49A<=FKA>AC9;AB9F9CD=KC9K9C9CGHIAH9<FACF9=<AFJKM=F8AM
GI?9FAQ9E JDL89K
9E9DAK=GKMGIA :DAHA<AK= M?DLCGDAHA<AK= ?>GJ>GDAHA<AK=

4:30845,
0=E9
-py|sos cIGK=A
AFA
/G<I8AFA
/HTLAB8I8BL=IAKLABAE8HIFL=AEAL=
"DAEFBAK=CAEA
Y 4A@ASBAK:FUKL:8
Y 5=DAKBAK:FUKL:8
0=HLA<A
,8BIFH=HLA<AHIFL=AEA
Y 3:FUKL:8
Y 0IFKLAHIFL=AEA
Y 3CF?=EAHIFL=AEA
Y 5IFDFHIFL=AEA
Y .MBC=FHIFL=AEA
Y A
,=L89FCA@8DE8HIFL=AEA
49<9UAA;=DA
!=>AFAI9N= F9HGAEAK=9EAFGCA AJ=DAF9 AQG=D=CKIAUF9KGUC9 ;MAK=IBGF
H=HKA< H=HKA<F9 MIJC9 HIGK=AF CGDGA<=F JAJK=E FLCD=AFJCA CAJ=DAFA
( A +(
49HGQF9M9N= JG GHRKAK= C9K9CKK=IAJKACA JMGBJKM9K9 A >LFC;AAK= F9
HIGK=AFAK=MG8AMAK=GI?9FAQEA
-GMIQLM9N= F9 @=EAJC9K9 ?I9<<:9 JG JMGBJKM9 F9 9EAFGCAJ=DAFAK=
H=HKA<AK= HIGK=AFAK= AFLCD=AFJJCAK=CAJ=DAFA
-IGRAILM9N= F9 QF9=N9K9 Q99 ?I9<:9K9 JAFK=Q9K9 A LDG?9K9 F9
FLCD=AFJCAK=CAJ=DAFA
-IAE=FLM9N=F9 FGE=FCD9KLI9K9F99EAFGCAJ=DAFAK=AH=HKA<AK=
,:B9JFLM9N=F9E=K9:GDAQ9EGKF99DAHA<AK=A9EAFGCAJ=DAFAK=

4:30845,
,HRKA C9I9CK=IAJKACAF9HIGK=AFA
5/3
759+/4/9+ 8+ ;/8515352+1:2'74/ 57-'481/ 85+*/4+4/0'
/=-7'*+4/ 5* +*4' /2/ 92 65;+@+ 652/6+69/*4/ 4/=/ 8589';+4/ 5*
2+;/9+ ,573/ 4' *;'+8+9 '3/451/8+2/4/ 65;7='4/ 3+?:8+(+ 85
6+69/*4' ;781' ' ;5 57-'4/=3/9+ 4' &/;/9+ 57-'4/=3/ 58;+4
897:19:74'9' ;7>'9345-: 2;=16 86+)/,/A4/,:41)//
-IGK=AFAK=EG89K<9J=F9B<9KMG?I9<:9K9F98AMAK=GI?9FAQEA
MAILJAK= :9CK=IAAK= I9JK=FAB9K9 8AMGKFAK= A UGM=CGK 2D=?LM99K MG
JGJK9MF9;AKGD9QE9K9 B9<IGKGAE=E:I9F9K9F9J=CGB9CD=KC9
2GJLMUGM=UCA GJK9KGCAE9<G HIGK=AFA
6GM=UCAGK GI?9FAQ9E = JHGJG:=F <9 JAFK=KAQAI9 JGHJKM=FA
HIGK=AFA CGIAJK=BTA ?A GFA= CGA ?A MF=JLM9 HI=CL @I9F9K9 0A= ?G
GMGQEG8LM99K I9JKGK I=?=F=I9;AB9K9 A HI9MADFAGK K=C F9
E=K9:GDAKAUCAK=HIG;=JA
/HGI=< :IGBGK F9 9EAFGCAJ=DAFJCA GJK9KG;A GMA= GI?9FJCAK=
JG=<AF=FAB9EG89K<9:A<9K
-=HKA<AADAGDA?GH=HKA<A txs JG<I89KG< ox 9EAFGCAJ=DAFJCA
GJK9KG;A
-GDAH=HKA<A txs JG<I89KG< ox 9EAFGCAJ=DAFJCA GJK9KG;A
*9CIGH=HKA<AK= ADA HIGK=AFA txs JG<I89K F9<
9EAFGCAJ=DAFJCAGJK9KG;A
2+3+49'7+48589';
-IGK=AFAK= MG JMGBGK JGJK9M ?A JG<I89K =D=E=FKAK= B9?D=IG<
MG<GIG< CAJDGIG<
9QGK
JLD>LI k HGI=KCG MG
HGJDG8=FAK=AE9>GJ>GI * 8=D=QG : :9C9I I A;AFC 2C
19/;4589
#<:?G42449,;<,@424@:D6:7=6,>,7,-:<,>:<45,<0,6.44>0
C,/:6,+?@,A09,-4:070809>4>0:/6:4=0 4C2<,/094;<:>0494>0

4:30845,
$'89'6+4589;5A5;+A1/5957-'4/='3
,< MCLHF9K9E9J9 F9 MGQI9J=F E98 J= HIGK=AFA 9C9B 8=F9
`LJCLDAK= J= KCAM9 JG F9B?GD=E HIG;=FK F9 HIGK=AFA

HGKG9 CGJCAK=
CIMK9 CG89K9
9 F9BE9DCL ?A
AE9MGE9JFGKGKCAMG

"6597+('4'6759+/4/9+;58956'489;595
-IGK=AFAK= J= CGIAJK9K C9CG JLIGMAFA MG EFG?L JKGH9FJCA
?I9FCA 2GDF9K9 A JMAD9K9 J= LHGKI=:LM99K MG K=CJKADF9K9 AF<LJKIAB9
.G?GMAK=Q9AQI9:GKC9F9U=RDA CGHUAN9A LCI9JA
=D9KAFGK CGB = I9QDG8=F CGD9?=F AE9 HGM=T= F9E=FA Q9
HG<?GKGMC9Q9JKGD9IJCAD=H9C Q9HG<?GKGMC9F9 >GKG?I9>JC9=ELDQAB9
MGHI=@I9E:=F9K9AF<LJKIAB9Q9HG<?GKGMC9F98=D= :GE:GFA HL<AF? A
<IL?G
(9Q=AFGKJ=CGIAJKAQ9HG<?GKGMC9F9HD9JKAUFAE9JA
+9BRAIGC9 A F9BQF9U9BF9 = HI=I9:GKC9K9 F9 8AMGKAFJCAK= CG8A
MGCG89IJC9K9 AF<LJKIAB9 A F=BQAF9LHGKI=:9Q9AQI9:GKC9F9HI=<E=KA
G<CG89ACG8F9?9D9FK=IAB9
EAFGCAJ=DAFA
HGAE CD9JA>AC9;AB9A
FGE=FCD9KLI9
5/3
3/451/8+2/4/9+ 67+989';:;''9 '3/45*+7/;'9/ 4'
1'7(518/24/9+1/8+2/4/ 0A=J=EGFGE=IFA=<AFA;AF9:AGHGAE=IFAK=
JG=<AF=FAB9 HIGK=AFAK= 2G HIAIG<9K9 J= HIGF9B<=FA I9QDAUFA
9EAFGCAJ=DAFA FG MG JKILCKLK9K9 F9 HIGK=AFAK= MD=?LM99K D=MAK=
>GIEA F9 J9EG 1
9EAFGCAJ=DAFA +9 /DAC9K9
= HIAC989F9
GHRK9K9>GIELD9F99EAFGCAJ=DAFAK=
+

" ("))"
/DAC9
,HRK9>GIELD9F99EAFGCAJ=DAFAK=

4:30845,
2GEGD=CLD9K9F99EAFGCAJ==DAFAK=AE9<M=>LFC;AGF9DFA?ILHA
9EAFG?ILH9 (" A C9I:GCJADF9 ?IILH9
))" 0A= AE99K K=KI9=<9IJCA
HIGJKGI=FI9JHGI=<GCGDL R 9KGE EGK
.9<AC9DGK+ EG8= <9 :A A<= MG<GIG<=F 9KGE 9DA>9KAU=F
9IGE9KAU=F @=K=IG;ACDAU=F I9<AAC9D )" ," JLD>@A<IADF9 ?ILH9
) C9I:GFADF9 ?ILH9 A (" " 9EAFG ?ILH9 ,< C9I9CK=IGK F9
JKI9FAUFAGK I9<AC9D T= Q9MAJ9K >
>AQAUCAK= @=EAJCAK= A :AGDGRCAK=
JMGBJKM9F99EAFGCAJ=DAFAK=
2'8/,/1')/0'
EAFGCAJ=DAFAK=EG89K<9J=CD9JA>A;AI99KF9 HGM=T=F9UAFA
09:=D9

09:=D9

-I=?D=<F99EAFGCAJ=DAFAK=CGAMD=??LM99KMGJGJK9MF9HIGK=AFAK=
EAFG
(I9K=FC9 /KILCKLIF9>GIELD9
CAJ=DAF9
FHGH;FCGHFHGHD;J<HGKDC
3ECO;MCSGC FHGH;FCGH
HFHGHD;J<HGKDC DCK@ECGC
?DA;AF '/
9D9FAF '"
M9DAF "'
D=L;AF #.
AQGD=L;AF '#
;FCGHDCK@ECGC
3ECO;MCSGC ;FCGHDCK@EC
CGC KH PC?JHDKCE@G J;?CD;E
J=IAF #+

4:30845,
KI=GFAF %+
3FCGHDCK@ECGC T
TMH KH?JA;M KNEONJ
;AJK=AF /,
E=KAGFAF #-
FHG)"FCGH?CD;J<HDKCEGC
8CK@EC FHG)"FCGH?CD;J
J<HDKCEGC ;FCGHDCK@ECGC
9JH9IKJC9
,*
CAJ=DAF9
9JH9I9?AF ,(
?DLK9EAJC9
'.
CAJ=DAF9
?DLK9EAF '(
;FCGHDCK@ECGC
4;BGC ;FC
CGHDCK@ECGC
9I?AFAF +$
DAQAF /,
@AJKA<AF &,
3JHF;MCSGC ;
;FCGHDCK@ECGC
>=FAD9D9FAF #

4:30845,
KAIGJAF /+ !
KI=AHKG>9F +*
;FCGHDCK@ECGC
7FCGH ;FC
CGHDCK@ECGC
HIGDAF +)
%;:<0/ 8:+9:=>,C,94@9,=49 9>0C,@:G:@0G64:>:<2,94C8:> =:

67,=414.4<,,> ;8
"J=F;AB9DFA9EAFGCAJ=DAFA J=GFA=CGAUGM=UCAGKGI?9FAQ9EF=
EG8= o9?AJAFK=KAQAI9 AEGI99<9?ACGIAJKAG<HIGK=AFAK=CGA?A
MF=JLM9E= HI=CL AJ@I9F9K9 0 09CMA J= M9DAF D=L;AF AQGD=L;AF
>=FAD9D9FAF KIAHKG>9F KI=GF FAF E=KAGFAFADAQAF
-GDL=J=F;AB9DFA J= GFA= CG GA HG< G<I=<=FA LJDGMA EG89K <9 ?A
Q9E=F9K =J=F;AB9DFAK= GJG:=F FG MG <=KJC9|k MGQI9JK 9I?AFAF A
@AJKA<AF
+==J=F;AB9DFA 9EAFGCAJ=DAFA A J= GFA= CGA EG89K <9 J=
JAFK=KAQAI99K MG F9RAGK GI?99FAQ9E 09CMA J= ?DA;AFGK 9D9FAFGK
J=IAFGK ;AJK=AFGK 9JH9I99?AFJC9K9 CAJ=DAF9 9JH9I9?AFGK
?DLK9EAFJC9K9 CAJ=DAF9 ?D DLK9EAFGK 9I?AFAFGK @AJKA<AFGK
HIGDAFGK AKAIGQAFGK
%;:<0/ 80=>:>: 9, ,849: 2<?;,>, @: 94C,>, @: :/9:= 9,

6,<-:6=479,>, 2<?;, <,C746?@,8
80 A <IL?A 9EAFGCAJ=DAFA
/DAC9

("

" "))"
"" "
/DAC9
,QF9ULM9N=F9/9KGEAK=
= MGG<FGJF9/,,+?ILH9K9 MGFAQ9K9Q9
CGAEG8=<9J=MMIQ=9EAFG?ILH9K9

4:30845,
%;:<0/-<:5:>9,,849:2<?;4>046,<-:6=4794>02<?;4
EGFG9EAFGEGFGC9I:GCJADFA|p 9EAFGCAJ=DAFA w=LKIkDFA
<A9EAFGEGFGC9I:GCJADFA9EAFGCAJ=DAFA l9QFA
EGFG9EAFG<AC9I:GCJADFA9EAFGCAJ=DAFA tAJ=DA
!0?><0794>0 ,849:64=074948:+,>/,-4/,>
9DA>9KAUFAF=I9Q?I9F=KA
9DA>9KAUAI9Q?I9F=KA
9IGE9KAUFA
GCJ9EAFGCAJ=DAFA
KAG9EAFGCAJ=DAFA
@=K=IG;ACDAUFA
1
9EAFGCAJ=DAFA JGHGD9IFA F=BGFAQAI9FA ?ILHA )" ," ) ("
@=K=IG;ACDAUFA?ILHA
19/;4589
"-4/4 =0 /, 24 /,/0D =4=>08,>=64>0 484A, 9, ,849:64=07494>0
/,/094@:&,-07,>,

EAFGCAJ=DAFAK= J= AE=FLM99K F9BU=JKG JG KIAMAB9DFA AEAN9
?DA;AF 9D9FAF J=IAF HGI=KCG JG JAJK=E9KJCAK= 2G :AG@=EAB9K9 Q9
FAMJ=HIAE=FLM99KACI9K=FCAJGKIA:LCMAADAJ9EGJG=<F9:LCM9
#AQAUCAJMGBJKM9F99EAFGCAJ=DAFAK=
EAFGCAJ=DAFAK= J= :=DA CIAJK9DFA JLHJK9F;A JG E9D9

I=D9KAMF9 EGD=CLDJC9 E9J9 G<
-GM=T=KG G< FAM J= JG JD9<GC
MCLJ D=L;AFGK F=E9 MCLJ 9I?AFAFGK = JG ?GIUDAM MCLJ $DLK9EAFJC9K9
CAJ=DAF9 A F=BQAFAK= JGDA HGI9<A HIAB9KFAGK MCLJ J= CGIAJK9K C9CG
HGB9ULM9UA F9 9IGE9K9 MG HI=@I9E:=F9K9 AF<LJKIAB9 &E99K KGUCA F9
KGH=N= F9< D -I ?DA;AF AE9 KGUC9 F9 KGH=N= / -IA
Q9?I=M9N=F9MAJGCAK=EH=I9KLIAU=JKGJ=I9JH9S99K HI=<<9J=JKGH9K
4:30845,
'89;572/;589
EAFGCAJ=DAFAK=F= J=I9JKMGILM99KMGGI?9FJCAI9JKMGILM9UA 9
<G:IG J= I9JKMGI99K MG MG<9 !G:I9K9 I9JKMGIDAMGJK MG MG<9 J=
G:B9JFLM9 JG I=9C;AB9 HGE=SL <AHGD9IFAGK BGF F9 9EAFGCAJ=DAFAK= A
<AHGDFAK=EGD=CLDAF9MG<9|k
3,59+74589
*GD=CLDAK= F9 9EAFGCAJ=DAFAK= JG<I89K <M= >LFC;AGF9DFA
?ILHA CAJ=D9 C9I:GCJADF9 ?ILH9 ))" A :9QF9 9EAFG ?ILH9 ("
-GI9<A JMGB9K9 <AHGD9IF9 JKILCKLI9 KA= HGC98LM99K 9E>GK=I=F
C9I9CK=IAJMGBJKM9F9JD9:ACAJ=DAFAAF9JD9:A:9QA EAFG ?ILH9K9 =
HIGKGF 9C;=HKGI A Q9KG9 = FGJAK=D F9 :9QFAK= JMGBJKM9 9
C9I:GCJADF9K9 ?ILH9 = HIGKGF <GFGI A Q9KG9 = FGJAK=D F9 CAJ=DAK=
JMGBJKM9 F99EAFGCAJ=DAFAK=
(9I9CK=IAJKAUF9 >AQAUC9 M=DAUAF9 F9 9EAFGCAJ=DAFAK= =
FAMF9K9 /=5+2+197/A4' 95A1' 150' 67+989';:;' 7 ;7+*4589 67/ 150'
'3/451/8+2/4'9' ;5 =';/84589 5* 67/9/85159 9+36+7'9:7'9'
4+0=/4'9' 15489'49' 4' */85)/0')/0' / 82 8+ 5*4+8:;' 1'15
+2+19754+:97'24'*/652'74'A+89/A1'/8+5=4'A:;'855=4'1'9' 7
&QG=D=CKIAUF9K9 KGUC9 = C9I9CK=IAJKAUF9 Q9 J=CGB9
9EAFGCAJ=DAF9 A EG8= <9 HGJDL8A Q9 F=BQAF9 CM9DAK9KAMF9
A<=FKA>AC9;AB9
09:=D9

&QG=D=CKIAUFAKGUCAF9F=CGA9EAFGCAJ=DAFA
3/451/8+2/4' =52+2+197/A4'95A1' &

?DA;AF
9D9FAF
9JH9IKJC9CAJ=DAF9
+9 I9QDAUF9 I+ F9JI=<AF9K9 MGQ9MAJFGJKG<K=EH=I9KLI9K9A xo

CGFJK9FK9K9 F9 <AJG;AB9;AB9 9EAFGCAJ=DAFAK= MG MG<=F I9JKMGI J=
B9MLM99K mx KIA BGFJCA MA<GMA 9EAFGCAJ=DAFJCA C9KBGFA
9EAFGCAJ=DAFJCA9FBGFAA;MAK=IBGFA

4:30845,
-IA I+ =<F9CM9 F9 I+# K= HIA AQG=D=CKIAUF9K9 KGUC9

9EAFGCAJ=DAFAK= J= G<F=JLM99K C9CG <AHGD9IFA =D=CKIGF=LKI9D=FA
BGFA CGAJ=F9I=CLM99K ;MAK=IBGFA ADA 9E>A BGFA /DAC9
0A=AE99K
=<F9CGM :IGB HGQAKAM=F A F=?9KAM=F HGDF=8 =D=CKIGF=LKI9DFA J= MG
=D=CKIAUFG|x HGD=F=J=<MA89KCGF=D=CKIG<AK=AJ= K9DG89K
+

"( "))
/DAC9
,HRK9>GIELD9F9 ;MAK=IBGFGK
2GCAJ=D9JI=<AF9 JG MARGCF9MG<GIG<FAC9KBGFA J=F9E9DLM9

<AJG;AB9;AB9K9 F9 /,, ?ILH9K9 HIA RKG 9EAFGDAJ=DAFAK= J=
G<F=JLM99K C9CG JD9:A :9QA /DAC9
-I=GMD9<LM99K
9EAFGCAJ=DAFJCAC9KBGFACGAMG=D=CKIAUFG|x HGD=:AJ=HIA<MA8LM9D=
CGFC9KG<9K9
+ +

"( ")) " Z "( "))"

/DAC9
!AJG;AB9;AB9F99EAFGCAJ=DAFAK=MGCAJ=D9 JI=<AF9
2G:9QF9JI=<AF9 HIAMARGCF9,+
BGFA J=G<<9M99K " BGFAG<
(" ?ILH9K9 A 9EAFGCAJ=DAFAK= J= G<F=JLM99K C9CG JD9:A CAJ=DAFA
/DAC9
-I=GMD9<LM99K 9EAFGCAJ=DAFJCA 9FBGFA CGA MG
=D=CKIAUFGHGD=:AJ=HIA<MA8LM9D=CGF9FG<9K9
+ +

"( ")) )" Z " ( ")) " )
/DAC9
!AJG;AB9;AB9F9 9EAFGCAJ=DAFAK=MG:9QF9JI=<AF9
F99EAFGCAJ=DAFJCA9FBGF
69/A1''19/;4589
EAFGCAJ=DAFAK= GJM=F?DA;AFx| MGJMGB9K9EGD=CLD9JG<I89K
@AI9D=F
9KGE A Q9KG9 HGC98LM99K :;>4G6, ,6>4@9:=> /DAC9

4:30845,
*G89K <9 B9 MIK9KI9EFAF9K9 F9 HD9F9IFG HGD9IAQAI9F9K9 JM=KDAF9 Q9

G<I=<=F 9?GD F9 D=MG D=MG?AIA A J= :=D=89K JG QF9CGK HI=<
FAMFAGKF9QAM AF9<=JFG <=JFG?AIA CGAJ=:=D=89KJGQF9CGK
HI=<
FAMFAGKF9QAM
/DAC9
-GJKG=N=KGF9@AI9D=F/
9KGEC9B &
9D9FAF
B9 GMGQEG8LM9 F=?GM9K9 GHKAUC99CKAMFGJK
=53+7/0'
(9BEGD=CLDAK=F99EAFGCAJ=DAFAK=J=B9MLM9GHKAUC9AQGE=IAB9
HGI9<A I9QDAUFAGK I9JHGI=< F9 9KGEAK= A 9KGEJCAK= ?ILHA GCGDL
@AI9DFAGK
9KGE /HGI=< E=JKGHGDG8:9K9 F9 9EAFG?ILH9K9
9EAFGCAJ=DAFAK=EG89K<9J=B9M9K MG<M= & A CGF>A?LI9;AA >GIEA
(9B &>GIE9K99EAFG
?ILH9K9=HGJK9M=F9F9D=MG 9C9B
>GIE9K9 =
HGJK9M=F9 F9 <=JFG /DAC9
!M=K= >GIEA E=SLJ=:= J= GHKAUCA
AQGE=IA
=F9FKAGE=IAA FAMFAK=EGD=CLDAJ=G<F=JLM99KC9CGHI=<E=K
AG<I9Q MGG?D=<9DG/E=J9K9G< =<F9CMACGDAU=JKM9F9 & A
>GIE9K9
F9 =<F9 9EAFGCAJ=DAF9 J=F9I=CLM9I9;=EJC9JE=J9
))" ))"

" (" " ("

+ +
/DAC9 & A >GIE9C9B9EAFGCAJ=DAFAK=
2G AQ?I9<:9K9 F9 HIGK=AFAK= LU=JKMLM99K &>GIEAK= F9

1
9EAFGCAJ=DAK= 2G HIAIG<9K9 J= JI=T9M99K
>GIEA G< 1
9EAFGCAJ=DAFAK= CGA LU=JKMLM99K MG AQ?I9<:9K9 F9 F=CGA H=HKA<A A

9DC9DGA<A

4:30845,
%=EAJCAJMGBJKM9F99EAFGCAJ=DAFAK=
+'1)//4'1'7(518/24'9'-7:6'
-IA I=9C;AB9 JG B9C9 :9Q9 J= <G:AM99K JGDA CGA J= JD9:G
I9JKMGIDAMAMGMG<9A MG I9QI=<=FA 9DCG@GDA /DACA
A

+ +

"( ")) (6)" Z " ( "))(6" )

/DAC9
,HRK9I9M=FC9F9I=9C;AB9F99EAFGCAJ=DAFAK=JG:9QA
"(" )) (6)" Z " (" ))(6" )

F9KIALE?DA;AF9K
/DAC9
.9M=FC9F9I=9C;AB9F99EAFGCAJ=DAF9K9?DA;AFJGF9KIALE
@A<IGCJA<HIARKGJ=<G:AM9F9KIALE ?DA;AF9K
-IAI=9C;AB9JGB9C9CAJ=DAF9 J=<G:AM99KJGDA /DACA

A

+ +

"( ")) "A Z 3"("))"4A

/DAC9
.9M=FC9F9I=9C;AB9F99EAFGCAJ=DAFAK=JGCAJ=DAFA
"(" )) "A Z 3"(" ))"4A

/DAC9
.9M=FC9F9I=9C;AB9 E=SL 9EAFGCAJ=DAF9K9?DA;AF A
@DGIGMG<GIG<F9CAJ=DAF9HIARKGJ=<G:AM9 JGD ?DA;AF@A<IG@DGIA<
-IA <=C9I:GCJAD9;AB9 F9 9EAFGCAJ=DAFA JG Q9?I=M9N= MG AF=IK=F

I9JKMGILM9U ADAHG<<=BJKMGF9=FQAEA J=<G:AM99K9EAFA /DAC9

/DAC9
.9M=FC9F9I=9C;AB9F9<=C9I:GCJAD9;AB9 F99EAFGCAJ=DAF9K9
@AJKA<AF HIARKGJ=<G:AM9 @AJK9EAFA

4:30845,
-IAI=9C;AB9JG9DCG@GDA MGHIAJLJKMGF9 "A J=<G:AM99K=JK=IA

/DAC9

+ +

"( ")) ")" Z " ("))" " )
/DAC9
.9M=FC9F9I=9C;AB9F99EAFGCAJ=DAFAK=JG E=K9FGD
-IA I=<LC;AB9 F9 C9I:GCJADF9K9 ?ILH9CGB9 J= F9GS9 MG EGD=CLDAK=

F9 9EAFGCAJ=DAFAK= JG JADFG I=<LC;AGFG JI=<JKMG J= <G:AM99K
9EAFG9DCG@GDA /DAC9

+ +

" ("))" Z " ("" )"
/DAC9
.9M=FC9F9I=9C;AB9F9I=<LC;AB9F99EAFGCAJ=DAFAK=
+'1)//4''3/45-7:6'9'
2GI=9C;AB9 JG9D<=@A<A HIARKG J=<G:AM9 ,8=>;;

GM9 :9Q9 CGB9H9C
J= CGIAJKA Q9 JD=<=N= F9 HIG;=JAK= F9 @A<IGDAQ9 F9 HIGK=AFAK= JG
HIGK=GDAKAUCA=FQAEA /DAC9

+ +
")"
"( ")) "") Z

("))"
")"
/DAC9
,HRK9I9M=FC9F9I=9C;AB9F99EAFGCAJ=DAFAK=JG9D<=@A<AHIA
RKGJ=<G:AM9 ,8=>;;
GM9:9Q9
2GI=9C;AB9JG ) HIARKGJ=<G:AM99KC9I:9EAFG CAJ=DAFA ,M99

I=9C;AB9J=G<MAM9MG8AMAK=GI?9FAQEAHIA HI=F=JLM9N= F9 ) G<
HGMIRAF9K9F9CD=KCAK=F9 KCAM9K9 <G:=DAK=<IG:GMA
2G I=9C;AB9 JG 9QGK=JK9 CAJ=DAF9 J= MIRA <=Q9EAF9;AB9 F9

9EAFGCAJ=DAFAK= HIA RKG J= <G:AM9
GCJGCAJ=DAF9 A J=

4:30845,
GJDG:G<LM9 EGD=CLD9I=F 9QGK /DAC9

/G G<I=<LM9N= F9
CGDAU=JKMGKGF9GJDG:G<=FAGK 9QGK J=GHI=<=DLM9CGF;=FKI9;AB9K9
F99EAFGCAJ=DAFAMGHIGK=AFAK=
+ +

" ("))" ")() Z )""))"( " )

GCJGCAJ=DAF9
/DAC9
,HRK9I9M=FC9F9I=9C;AB9F99EAFGCAJ=DAFAK=JG9QGK=JK9
CAJ=DAF9HIARKGJ=<G:AM9
GCJGCAJ=DAF9
.=9C;AB9JGC9KBGFAF9K=RCAE=K9DA I 'C : D A <IL?Atxs

JG9EAFGCAJ=DAFAK=>GIEAI99K G:G=FACGEHD=CJFAJGDA
/GI=9C;AB9F9<AE=IAQ9;AB9 E=SL<M=9EAFGCAJ=DAFA J= G:I9QLM99K

<AH=HKA<A HGMIQ9FAJGH=HKA<F9MIJC9 /DAC9
A-GMIQLM9N=KG
F9 9EAFGCAJ=DAFAK= F9JK9FLM9 JG AFK=I9C;AB9 F9 C9I:GCJADF9K9 ?ILH9
G< =<F9K9 9EAFGCAJ=DAF9 s 9EAFG ?ILH9K9 G< <IL?9K9 9EAFGCAJ=DAF9
+9 AJK F9UAF JG H=HKA<F9 MIJC9 9EAFGCAJ=DAFAK= J= HGMIQLM99K
E=SLJ=:=MG<GD?AHGDAH=HKA<FAFAQA
/DAC9 -IAC9QF9I=9C;AB9K9F9 <AE=IAQ9;AB9C9B

9EAFGCAJ=DAFAK=A HIARKGJ=>GIEAI9<AH=HKA<

4:30845,
+ ++ +
"
" ("))" ("))" Z " (")(""))"
" " ) <AH=HKA<
/DAC9
.9M=FC9F9 I=9C;AB9F9 <AE=IAQ9;AB9 F99EAFGCAJ=DAFAK=
4?<0>=6,<0,6.45,C,/:6,+?@,A09,;0;>4/94@<=64
(:0;<?@0>,=0=>,@, , @:/09 <,=>@:<:/-076,
6,;64<,=>@:<
:/-,6,<=?1,>4
, <,=>@:<:/ "%0/:-4@,@4:70>:@>,7:2
:/ -4?<0>=64:>6:8;706=
-=HKA<A
5/3
+69/*/ 8+ 57-'481/ 85+*/4+4/0' A/0' 352+1:2' + /=-7'*+4' 5*
*;+*5*+8+9 '3/451/8+2/481/ 589'95)/65;7='4/856+69/*4''3/*4'
;781'
/AFK=Q9K9 F9 H=HKA<AK= MG 8AMAK= GI?9FAQEA J= G<MAM9 HI=CL
CGEHD=CJ=FE=@9FAQ9E FGEG89K<9J=<G:AB9KAHGJAFK=KAUCAH9K
5*+2('
2G Q9MAJFGJK G< :IGBGK F9 9EAFGCAJ=DAFJCAK= GJK9KG;A MG
H=HKA<GKI9QDACLM9E=<AH=HKA<A KIAH=HKA<A K=KI9H=HKA<AAKF
53+412'9:7'
-=HKA<AK=J=AE=FLM99KF9JD=<FAGKF9UAF9EAFGCAJ=DAF9CGB9
HIAG:I9QLM9N=F9H=HKA<GKLU=JKMLM9J9EG JG JMGB9K9 9EAFG (" ?ILH9
J=HARLM9<=JFGAF=AJ=E=FLM9F9QAMGK 9GJK9F9KAK=J=JE=K99KC9CG
F=BQAFA I9<AC9DA A F9 F9QAMGK AE J= <G<9M9 F9JK9C9K9 /2 RKG =
C9I9CK=IAJKAUF9 Q9 I9<AC9DAK= -IAE=I 9CG K=IEAF9DF9
9EAFGCAJ=DAF9 = ?DA;AF 9 HI=K@G<F9K9 9D9FAF <G:AM9E= <AH=HKA< JG
F9QAM9D9FAD?DA;AF
2G F9QAMAK= F9 H=HKA<AK= GJG:=FG GFA= CGA J= AQ?I9<=FA G<
HGM=T=9EAFGCAJ=DAFJCAGJK9KG;A 9EAFGCAJ=DAFAK= GJM=FJG;=DF9QAM

4:30845,
J=GQF9ULM99K s JGCI9K=FCAK=G< KIAADA xo =<F9:LCM9 MFAE9M9BTAF9

FAMFAGKI=<GJD=<MGFAQ9K9 /DAC99

/DAC9
/KILCKLIF9>GIELD9F9H=FK9H=HKA<GK
KAIGQAD?DA;AD?DA;AD D>=FAD9D9FADD=L;AFADA
(" -LF!AAL!AL:&:I))
-I !ALA6/6A!AL&:I ADA !!/!& .=<GJD=<GKF9HGMIQLM9N=

F9 9EAFGCAJ=DAFAK= MG H=HKA<AK= A HIGK=AFAK= J= GQF9ULM9 C9CG
9EAFGCAJ=DAFJC9J=CM=F;9
2G G:I9K=F JDLU9B <G:AM9E= JGJ=E9 I9QDAU=F <AH=HKA< s |xtv}
rkzkos xmk G< J9EG 9EAFGCAJJ=DAFA AE9 G?IGE=F :IGB I9QDAUFA
H=HKA<AAHIGK=AFA
,< GM9 EG8= <9 J= Q9CDLU
UA <=C9 C9I9CK=IGK F9 H=HKA<AK= T=
Q9MAJAG< 9EAFGCAJ=DAFJCAGKJGJKK9MAG<I=<GJD=<GKK=G<F9UAFGKF9
CGBKA=J=HGMIQ9FA
-G <G?GMGI Q9 <9 J== GQF9UA HGU=KFAGK A CI9BFAGK
9EAFGCAJ=DAFJCAGJK9KGC HI=<F9QAMGKF9HIMAGK9EAFGCAJ=DAFJCAGK
GJK9KGC J= HARLM9 (" ?ILH9 F9 D=M9K9 JKI9F9 9 HG F9QAMGK F9
CI9BFAGK K=IEAF9D=F 9EAFGCAJ==DAFJCA GJK9KGC J= HARLM9 )) F9
<=JF9K9JKI9F9-IAE=I ("!ALA6)) ADA ("A6!AL))
7+989';4/)/4'6+69/*/9+
2G8AMAK=GI?9FAQEAJ=JI=T9M99KEFG?LH=HKA<AJGI9QDAUF9>LFC;AB9
$DLK9KAGFMGCM9J=;GK
?DLK99EAD
&
;AJK=AFAD?DA;AF
(9IFGQAFA9FJ=IAFCGAJ=F9GSS99KMGELJCLDAK=
-=HKA<FA@GIEGFA

4:30845,
GCJAKG;AFAM9QGHI=JAF @GIEGFAF9Q9<FAGK I=Q G< @AHG>AQ9K9

AFJLDAF @GIEGF F9 H9FCI=9Jx| HGDAH=HKA< JG
9EAFGCAJ=DAFJCA GJK9KGC
E=D9FGKIGHAF AFJLDAF ?DLC9?GF C9D;AKG;AFAH9I9K@GIEGF
-=FA;ADAFA?I9EA;A<AFCGAHI=KJK9MLM99K H=HKA<FA 9FKA:AGKA;A
+=MIGH=HKA<A J= H=HKA<= CGA J= F9GS99K MG (,
F=MIGKI9FJEAK=IAK=
-IGK9EAFA J= HGDAH=HKA<A JG :9Q=F C9I9CK=I CGA J= MIQ9FA Q9
/49+='4'6+69/*/9+
-=HKA<AK= MG 8AMAK= GI?9FAQEA J= JAFK=KAQAI99K {G JDG8=F
E=@9FAQ9E FG EG89K<9J=JAFK=KAQAI99KAMGD9:GI9KGIAJCALJDGMA
-GMIQLM9N=KGF99EAFGCAJ=DAFAK=J=MIRAJGH=HKA<F9K9MIJC9
CGB9 J= >GIEAI9 JG AFK=I9C;AB9 E=SL 9EAFG A C9I:GCJADFAK= ?ILHA
/DAC9
-=HKA<F9K9 MIJC9 = JGJK9M=F9 G< C9I:GFADF9 ) A
AEAFG(" ?ILH9 +9 /DAC9
= HIAC989FHIGJKGIFAGKI9JHGI=<A
<GD8AF9K9F9MIJCAK=E=SL9KGEAK=MGH=HKA<F9K9MIJC9
/DAC9
!GD8AF9F9MIJCAK=MGH=HKA<F9K9MIJC9
-GMIQLM9N=KG F9JK9FLM9 CG?9 C9I:GCJADF9K9 ?ILH9 G< HIM9K9
9EAFGCAJ=DAF9 I=9?AI9 JG 9EAFG ?ILH9K9 G< MKGI9K9 9EAFGCAJ=DAF9
HIAKG9 J= GJDG:G<LM9 EGD=CLD wk MG<9 9 EGD=CLDAK= F9 <M=K=
9EAFGCAJ=DAFA J= HGMIQLM99K JG
)("
MIJC9 CGB9 J= F9I=CLM9
H=HKA<F99EA<F9 MIJC9

4:30845,
-I9R9N9
!=>AFAI9B ?A HGAEAK= H=HKA< 9EAFGCAJ=DAF9 H=HKA<F9MIJC9

9EAFGCAJ=DAFJCA9FBGF &
9EAFGCAJ=DAFA AQG=D=CKIAUF9KGUC9
+9HI9MAI9QDAC9E=SL<AH=HKA< KIAH=HKA<AK=KI9H=HKA<
-I=KJK9MA B9 JG I9M=FC9 I=9C;AB9K9 F9 JAFK=Q9 F9 KIAH=HKA<GK
M9DAD?DA;AD9D9FAF
,HI=<=DA ?G :IGBGK A F9HARA ?A JG JCI9K=FA >GIELDA F9 JAK=
KIAH=HKA<AAQ?I9<=FAG<M9DAF DAQAFA?DA;AF
+9HARAI9M=FCA AAE=FLM9B?AHIG<LCKAK= F9 JD=<FAK= I=9C;A
D9FAFA @DGIGMG<GIG<F9CAJ=DAF9
$DA;AFA9QGKF9CAJ=DAF9
)=L;AFAF9KIALE@A<IGCJA<
29DAFAE=K9FGD
!AE=IAQ9;AB9E=SLD=L;AFA9D9FAF
!=C9I:GCJAD9;AB9F9AQGD=L;AF
.=<LC;AB9F9J=IAF
AJK=AFA9QGK=JK9CAJ=DAF9
,:B9JFA?GJGQ<9M9N=KGA?I9<:9K9F9H=HKA<F9K9MIJC9
(9CM9 = HGMIQ9FGJK9 F9 JGJK9MGK F9 9EAFGCAJ=DAFAK= JG FAMF9K9
GHKAUC9 9CKAMFGJK
4GRKG & A >GIEAK=F99EAFGCAJ=DAFAK=J==F9FKAGE=IA
,:B9JFA?G9E>GK=I=FAGKC9I9CK=IF99EAFGCAJ=DAFAK=
(9CMA CGF>A?LI9;AA EG89K <9 AE99K EGD=CLDAK= F9
9EAFGCAJ=DAFAK=

4:30845,
,HRKAC9I9CK=IAJKACAF9
E9CIGH=HKA<AK=
HIGK=AFAK=
759+/4/9+ 8+ ;/8515352+1:2'74/ (/5652/3+74/ 85+*/4+4/0'
/=-7'*+4/ 5* +*4' /2/ 92 65;+@+ 652/6+69/*4/ 4/=/ 85 4'*
'3/451/8+2/482/589'95)/ *GD=CLDJC9E9J9 svpxo ox

0A= HI=KJK9MLM99K JGJK9M=F <=D F9 8AMAK= GI?9FAQEA 2G UGM=UCAGK
GI?9FAQ9EAE9 I9QDAUFAHIGK=AFA
"25-'
#LFC;AAK= F9 HIGK=AFAK= MG 8AMAK= GI?9FAQEA EG89K <9 :A<9K
F9BI9QDAUFA FG>GIE9DFGEG8=<9J=G:=<AF9KMGF=CGDCL ?ILHA
JKILCKLIF9 >LFC;AB9 AE99K HIGK=AFAK= RKG J= MCDLU=FA MG
9I@AK=CKLI9K9 F9 CD=KC9K9 B9 G<I8LM99K F=BQAF9K9 >GIE9 A
MF9KI=RF9GI?9FAQ9;AB9
I=?LD9KGIF9 >LFC;AB9 MIR9K JAK= @GIEGFA JG HIGK=AFJC9 HIAIG<9
CGA?AI=?LDAI99K {s|p HIG;=JAMGCD=KCAK=
Q9RKAKF9 >LFC;AB9 MIR9K HIGK=AFAK= RKG J= F9I=U=FA 9FKAK=D9
CGA ns G:=Q:=<LM99K Q9RKAKFAK= :9IA=IA G< KGCJAFAK= F9 I9QFA
MAILJAA:9CK=IAA
C9K9DAKAUC9 >LFC;AB9 AE99K =FQAEAK= |x ?A GMGQEG8LM99K
:AG@=EAJCAK=I=9C;AAMGGI?9FAQEGK
KI9FJHGIKF9 >LFC;AB9 AE99K HIGK=AFAK= CGA HI=F=JLM99K G<I=<=FA
EGD=CLDA MG E=E:I9F9K9 ADA ns KI9FJHGIKAI99K JLHJK9F;AK= F9
?GD=EA I9JKGB9FAB9 g9CMA J= CAJDGIG<
HI=F9JLM9UCAK= HIGK=AFA
@=EG?DG:AFGKAEAG?DG:AFGK DAHGHIGK=AFAK=A<IL?A
CGFKI9CKADF9>LFC;AB9AE99KHIGK=AFA|p C9CGF9HIAE=I9CKAFx| A
EAGQAFx| CGA nx GMGQEG8LM99K <MA8=N=|x F9 JAK= ELJCLDAK= C9B
8AMGKFAK= A UGM=CGK 6=JKG K9CMAK= HIGK=AFA J= GQF9ULM99K C9CG
EGD=CLDJCAEGKGIA1U=JKMLM99KMGJ=CG=<MA8=N= F9GI?9F=D9
MGI9ECAK=F9CD=KC9K9ADAF9;=DAGKGI?9FAQ9EMGHIGJKGIGK

4:30845,
5*+2('
-IGK=AFAK=EG89K<9J=CD9JA>A;AI99KF9HGM=T=F9UAFA
%;:<0/-4:7:D64>01?96.44
C9K9DAKAUCA=FQAEA
CGFKI9C;AJCA9CKAF EAGQAF
I=?LD9;AB9F9?=FA@AJKGFA
@GIEGFAHIGAFJLDAF
Q9RKAKFAAELFG?DG:LDAFA
JKILCKLIFACGD9?=F =D9JKAF
KI9FJHGIKFA9D:LEAFA KI9FJ>=IAF
%;:<0/<,=>@:<74@:=>,
I9JKMGIDAMAMGMG<9AJGDA9D:LEAFA
I9JKMGIDAMAMGJGDA JD9:GMGMG<9?DG:LDAFA
I9JKMGIDAMAMG
=K9FGD F=I9JKMGIDAMAMGMG<9HIGD9EAFA
I9JKMGIDAMAJ9EG MGJGDA@AJKGFA
F=I9JKMGIDAMAMGMG<9AJGDAJCD=IGHIGK=AFA
%;:<0/=06?9/,<9,>,=><?6>?<,9,;:74;0;>4/9,>,94C,
#A:IAD9IFA ADA JCD=IGHIGK=AFA CGD9?=FA C=I9KAFA CGA AE99K
<GD?A JHAI9DFA HGDAH=HKA<FA {swszs |x {p JK9:ADAQAI9FA JG
<AJLD>A<FA ADA {x MG<GIG<FA MIJCA /= C9I9CK=IAQAI99K JG
>A:IAD9IF9JKILCKLI9 F=I9JKMGIDAMAJ=MGMG<9AAE99KHGKHGIF9
LDG?9
$DG:LD9IFA ADA J>=IGHIGK=AFA CIMFA HIGK=AFA =FQAEA &E99K
tDGHUpJK9F=HI9MADF9>GIE9 J=I9JKMGI99KMGMG<9AJGDA
%;:<0/ 3084=6,>, 2<,/-,>,9,8:706?7,>,
-IGJKAAQ?I9<=FAJ=J9EGG<9EAFGCAJ=DAFA
/DG8=FAADAHIGK=A<A AQ?I9<=FAJ=G<HIGK=AFJCA<=DA
F=HIGK=AFJCA<=DCGBJ=F9I=CLM9HIGJK=KAUF9 ?ILH9
+3/81'-7'*('
*GD=CLDAK= F9 HIGK=AFAK= J= JGJK9M=FA G< =<F9 ADA G< HGM=T=
HGDAH=HKA<FAFAQACGAJ=JGJK9M=FAG<F9< GJK9KG;AF9 I9QDAUFA
9EAFGCAJ=DAFA HGMIQ9FAE=SLJ=:=JGH=HKA<F9MIJC9,M9=LKMI<=FGG<
>9CKGK <=C9 JG @A<IGDAQ9 HG< <=BJKMG F9 MG<FA I9JKMGIA F9 :9QA A

4:30845,
EAF=I9DFA CAJ=DAFA ADA HG< <=BJKMG F9 HIGK=GDAKAUCA =FQAEA

HIGK=AFAK=<9M99KJE=J9G<9EAFGCAJ=DAFA
IGBGK F9 9EAFGCAJ=DAFJCAK= GJK9KG;A MG =<F9 HGDAH=HKA<F9
FAQ9AQF=JLM9G< <G K9C9RKGI=D9KAMF9K9EGD=CLDJC9E9J9F9
HIGK=AFAK=AQF=JLM9G< <GF=CGDCLEADAGFA
7'*('4'652/6+69/*4'9'4/='
2G HGDAH=HKA<FAK= FAQA 9KGEAK= A 9KGEJCAK= ?ILHA G< CGA J=
AQ?I9<=FA EG89K<9:A<9K
/C=D=KFA 9KGEA ("") CGA D=89K F9 AJK9 I9EFAF9 AE99K
HD9F9IF9 HIGJKGIF9HGJK9M=FGJK
/KI9FAUFA GJK9KG;A I9<AC9DAK= + + + CGA E=SLJ=:FG J=
HGJK9M=FA MG HF6CG HGQA;AB9 J= HGJK9M=FA F9< A HG< I9EFAF9K9 F9
JC=D=KFAK=9KGEA /DAC9

/DAC9
!=DG<JKILCKLIF9>GIELD9 F9HGDAH=HKAJF9 FAQ9
!/65;/;781/;5652/6+69/*4'9'4/='
2GJKILCKLI9K9F9HIGK=AFAK=HGJKGB9KI9QDAUFA KAHGMAMIJCA
5;'2+494'9' ;781' = F9BQ9JK9H=F9K9 @=EAJC9 MIJC9 MG
HGDAH=HKA<F9K9FAQ9 ,M99@=EAJC9MIJC9J=B9MLM9E=SLJC=D=KFAK=
9KGEA B9?D=IG<GK A JKI9FAUFAK= I9<AC9DA A E=SL B9?D=IG<FAK= 9KGEA
C9B MIJC9K9 MG MA< F9 EGJK <AJLD>A<FAGK EGJK 0G9 = MIJC9 E=SL <M9
9KGEAF9JLD>LI CGB9 F9JK9FLM9JGGCJA<9;AB9F9<M=:DAJCLHGJK9M=FA
JLD>G@A<IADFA ," ?ILHA CGA HGK=CFLM99K G< JKI9FAUFAK= I9<AC9DA
F9 9EAFGCAJ=DAF9K9 ;AJK=AF A @GEG;AJK=AF A = M98F9 Q9 G<I8LM9N=|x
F9J=CLF<9IF9K9JKILCKLI9F9HGDAH=HKA<F9K9FAQ9 /DAC9

4:30845,
/DAC9 #GIEAI9N=F9<AJLD>A<=FEGJK
:6,+?@,A09,;<4=?=>@:9,=?71?<@:;<:>0494>0
!, , <,=>@:< :/ -076, =0 /:/,@,
, <,=>@:< :/ 9,><4?8
34/<:6=4/4906:76?6,;64<,=>@:<:/:7:@:,.0>,>;<?@,>,>,=0
C,2<0@, "7:@:>: <0,24<, =: =?71?<:> :/ ;<:>0494>0 ;<4 D>: =0
1:<84<, # 6:5=0 C,-070+?@, .<9>,7:2
5481'9' ;781'9' J= GJKM9ILM9 E=SL HGQAKAMFG F9=D=CKIAQAI9F9

(" ?ILH9G<DAQAFADA9I?AFAF AF=?9KAMFGF9=D=CKIAQAI9F9K9 ))
?ILH9C9B?DLK9EAFADA9JH9I9?AF
#5*575*4' ;781' = G< AJCDLUAK=DF9 M98FGJK Q9 G<I8LM9N=KG F9
J=CLF<9IF9K9JKILCKLI9F9HGDAH=HKA<F9K9FAQ9/=B9MLM9E=SLMAJGCG
=D=CKIGF=?9KAMFAGK9KGEF9CAJDGIG<GK G<C9I:GFADF9|k ?ILH9)
A MG<GIG<FAGK 9KGE G< AEAFG?ILH9K9 (" G< AJK9K9 ADA G<
I9QDAUF9FAQ9 CG?9J=HGJK9M=FAF9I9JKGB9FA=G<
CB 5=E9KJCA
J=HIAC98LM9JG ) " (
+?:352+1:281/ 8/2/ G< /6C :F 06AG
GMJCA KAH J= HIAMD=UFA
=D=CKIGJK9KJCA JADA CGA J= {zpkmkk| E=SL F=HGD9IFAK= JKI9FAUFA
I9<AC9DA F9 F=CGA 9EAFGCAJ=DAFA 0A= J= F9BJD9:A A J= B9MLM99K F9
I9JKGB9FA=HGE9DGG< CB

4:30845,
/DAC9
%=EAJCAMIJCAMGHGDAH=HKA<F9K9FAQ9
97:19:74'57-'4/=')/0'4'652/6+69/*4/9+4/=/
-IGK=AFJCAK=EGD=CLDA J= ?GD=EAEGD=CLDAJG?GD=E9I=D9KAMF9
EGD=CLDJC9 E9J9 ,JM=F KG9 EGD=CLDAK= F9 HIGK=AFAK= EG8= <9 :A<9K
AQ?I9<=FAG<=<F9ADAG< HGM=T=HGDAH=HKA<FAFAQA +AMF9K9@=EAJC9
?I9<:9 <9 J= Q9HAR= JG JKILCKLIF9 @=EAJC9 >GIELD9 T= :A<= <GD? A
E9CGKIH=F HIG;=J G< CGB F= T= EG8= <9 J= MA<A ;=DGJF9K9 JKILCKLIF9
GI?9FAQ9;AB9 F9 EGD=CLD9K9 49KG9 Q9 <9
J= GHAR= @=EAJC9K9 ?I9<:9 F9 GMA=
:AGHGDAE=IFA MAJGCGEGD=CLD9IFA
EGD=CLDA J= CGIAJK9K U=KAIA FAMG9 F9
JKILCKLIF9 GI?9FAQ9;AB9 HIAE9IF9
JKILCLI9 J=CLF<9IF9 K=I;AB9IF9 A
CM9K=IF9IF9JKILCKLI9
7/3'74' 897:19:7' F9
HIGK=AFAK= HI=KJK9MLM9 I=<GJD=<GK F9
HGMIQLM9N= F9 9EAFGCAJ=DAFAK= MG
HGDAH=HKA<F9K9FAQ9 /=F9I=CLM9LRK=A
9EAFGCAJ=DAFJC9J=CM=F;AB9 :A<=BTA
U=JKGC9B?GD=EAK=HIGK=AFJCAEGD=CLDA

4:30845,
HGJKGA J=CM=F;AB9 ADA FAQ9 G< GH

HI=<=D=F :IGB 9EAFGCAJ=DAFA CGB9 J=
HGMKGILM9 F=CGDCL H9KA 0G?9R HHIAE9IF9K9 JKILCKLI9 J= G<F=JLM9 F9
I=<GJD=<GKF99EAFGCAJ=DAFAK=J99EGMGK99J=CM=F;AB9 /DAC9

/=CGB HIGK=AF AE9 JMGB C C9I9CK=IAJKAU=F ?=F=IJCA <ACKAI9F
I=<GJD=< F9 9EAFGCAJ=DAFAK= MG F
FAQ9K9 /DAC9
-GDAH=HKA<FAK=
FAQA JG JDAUF9 9EAFGCAJ=DAFJC99 J=CM=F;AB9 A JDAUF9 >LFC;AB9 J=
GQF9ULM99KC9CG@GEGDG?FAADA@G GEGHIGK=AFA+9HIK9CMAJ= <M=K=
A <M=K= FAQAK= F9 @=EG?DG:AF FGK FAQAK= F9 =FQAEAK= KIAHJAF A
@=EGKIAHJAF
&LG!AI-=FA6A6A6&LG:!AIF<!AC"
&LG!AI-=FA6A6A6&LG:!AIF<!AC">G':HGE,:F,:F-=F,:FA6A6,:F,:F
">G':HGE,:F,:F-=F,:FA6A6,:F,:F
,:FGC-LFLGGC!AC':H':H&LG,:FF<GC&:I-=F&LGGEF<LG&LG*FD/6A
,:FGC-LFLGGC!AC':H':H&LG,:FF F<GC&:I-=F&LGGEF<LG&LG*FD/6A
GC-=C:/6A">G!AI,:F&:IA6GE/6A!ACA6/6ALG,:F!AC&LGGC/6AA6LG
GC-=C:/6A">G!AI,:F&:IA6GE/6A!
!ACA6/6ALG,:F!AC&LGGC/6AA6LG
&LGGC!AL!AC-=FGCLG-LF!AC,:F-LF,:F-=F':H,:F#A:-=FGELGF<!AI
&LGGC!AL!AC-=FGCLG-LF!AC,:F-LLF,:F-=F':H,:F#A:-=FGELGF<!AI
-=F!AL,:F&LG-LF*FDGCLGA6-LF&LG-=F-=F!ACA6GC&LG">G#A:#A:/6AA6
-=F!AL,:F&LG-LF*FDGCLGA6-LF&LG
G-=F-=F!ACA6GC&LG">G#A:#A:/6AA6
LG!AI!AIGC*FD-LF/6A*FD/6A">G:GEA6,:F/6A
LG!AI!AIGC*FD-LF/6A*FD/6A">G:
GEA6,:F/6A
/DAC9
-IAE9IF9K9JKILCKLII9F99EAFGCAJ=DAFJC9K9J=CM=F;AB9
F9=FQAEGK?GM=<<JC9K9IA:GFLCD=9Q9
+1:4*'74' 897:19:7' F9 HIGK=AFGK HI=KJK9MLM9 HIGJKGIFAGK

I9JHGI=< F9 JC=D=KFAK= 9KGEA MMG HGDAH=HKA<F9K9 FAQ9 :=Q <9 J=
I9Q?D=<LM99K 9KGEAK= G< JKI9FAU
UFAK= I9<AC9DA /=CGB HIGK=AF MG
HIAIG<F9K9 JGJKGB:9 AE9 JMGBB JH=;A>AU=F A C9I9CK=IAJKAU=F
KIG<AE=FQAGF9D=FG:DACMGHIGJKG GIGK !GD?9K9HGDAH=HKA<F9FAQ9CGB9
JG<I8A HGM=T= JKGKA;A 9EAFGCAJ==DAFA MG HIGJKGIGK EG8= <9 Q9Q=E=
<M= J=CLF<9IFAJKILCKLIAJHAI9DFF9AF9:I9F9JKILCKLI9 /DAC9

/DAC9
/HAI9DF9AF9:I9F9JJ=CLF<9IF9JKILCKLI9F9HIGK=AFAK=

4:30845,
/HAI9DF9K9JKILCKLI9F9JC=D=KFAK=9KGEAEG8=<9:A<= A S
JHAI9D9 +9MGAK=MG
@=DACJ JHAI9D9K9 J= MG HI9M=; F9 JKI=DCAK= G<
U9JGMFACGK /K9:ADAQ9;AB9K9 F9 GM99 JKILCKLI9 J= MIRA JG MG<GIG<FA
MIJCA CGAJ=JGQ<9M99K E=SLJ=CGB99EAFGCAJ=DAF9JGF9I=<F9K9U=KMIK9
9EAFGCAJ=DAF9 IGBGK F9 MG<GI<FA MIJCA = HIA:DA8FG =<F9CGM F9
:IGBGK F9 H=HKA<FA MIJCA /= HI=KHGJK9MLM9 <=C9 H=HKA<F9K9 FAQ9
JHGFK9FG J= JHAI9DAQAI9 MG
@=DACJ :A<=BTA KG9 = F9BJK9:ADF9|k
JKILCKLI9 JGF9BE9D9JDG:G<F9=F=I?AB9
2G HIG;=JGK F9 JHsI9DAQ9;AB9 EFG?L = M98F9 HIAE9IF9K9
JKILCKLI9F9HIGK=AFGK&E=FG J9EGG<I=<=FI9JHGI=<F9JKI9FAUFAK=
I9<AC9DAGMGQEG8LM9JHAI9DAQ9;AB9F9
@=DACJGK
+9:I9F9K9 ;AC
;9C JKILCKLI9 = EFG?L JDAUF9 JG
JHAI9D9K9
29CM9 JKILCKLI9 J= B9MLM9 C9B FAQA CGA J= HGJK9M=FA =<FA HGCI9B <IL?A
K= J= H9I9D=DFG HGJK9M=FA 2G<GIG<FAK= MIJCA CGA A KLC9 J=
G:I9QLM99K J= GJKM9ILM99K E=SL 9KGEAK= G< I9QDAUFAK= HGDAH=HKA<FA
FAQA 9 JKI9FAUFAK= 9KGEJCA ?ILHA + + J= HGJK9M=FA F9< A HG<
I9EFAF9K9 F9 JC=D=KFAK=9KGEA
!+7)/0'74'9'897:19:7' ?GHI=KJK9MLM9HIGJKGIFAGKI9JHGI=<F9
JAK=9KGEAMGHGDAH=HKA<F9K9FAQ9 MCDLULM9BTA ns JC=D=KFAK=9KGEAA
JKI9FAUFAK= 9DA>9KAUFA A 9IGE9KAUFA GJK9KG;A G< 9EAFGCAJ=DAFAK=
*G8=<9:A<=
AJK=?F9K9ADA>A:IADF9 J=B9MLM9HGU=JKGC9B JCD=IGHIGK=AFAK=
CDGHU=JK9 ADA ?DG:LD9IF9 J= B9MLM9 C9B C9B ?DG:LD9IFAK= HIGK=AFA
/DAC9

/DAC9
(DGHU=JK9K=I;A=IF9 JKILCKLI9F9HIGK=AFAK=

4:30845,
;'9+74'897:19:7' J=B9MLM9C9BGFA=HIGK=AFACGAJ=AQ?I9<=FA
G<9?I=?9KA G<<M=ADA xo HGM=T=HGDAH=HKA<FAFAQA099?GHI=KJK9MLM9
F9UAFGK F9 FAMFGKG E=SLJ=:FG HGMIQLM9N= (M9K=IF9 JKILCKLI9 AE9
EGD=CLD9K9 F9 @=EG?DG:AFGK "7 CGB9 = AQ?I9<=F9 G< U=KAIA
HGDAH=HKA<FAFAQA <M= A<M= CGAJ=<M=HG<M=@GEGDG?FAE=SLJ=:=
/DAC9

/DAC9
(M9K=IF9JKILCKLI9F9CGD9?=FA@=EG?DG:AF
/MGBJKM9F9HIGK=AFAK=
'89;572/;589 /9'25&+<+ 4'6759+/4/9+

.9JKMGIDAMGJK9 F9 HIGK=AFAK= Q9MAJA G< <+ F9 I9JKMGIGK xo
HIAJLJKMGKG F9 I9JKMGIA G< JGDA A xo FAMF9K9 CGF;=FKI9;AB9 xo
HIAIG<9K9F9I9JKMGILM9UGK xo K=EH=I9KLI9K9A<IL?G
.9JKMGIDAMGJK9F9HIGK=AFAK==HG?GD=E9HIA
HG?GD=EACGF;=FKI9;AAF9JGDAK= MGI9JKMGILM9UGK
HGE9D9EGD=CLDJC9E9J9F9HIGK=AFGK
GHKAE9DF9K=EH=I9KLI9CGB9=HGFAJC9G< \/
GHKAE9DF9 <+ F9 I9JKMGIGK CGB9 = MG :D9?G CAJ=D9 ADA :D9?G :9QF9
JI=<AF9
(GDGA<FAK= I9JKMGIA F9 HIGK=AFAK= EG89K <9 J= K9DG89K JG
MG<FAK= I9JKMGIAF9JGDAK=09DG8=N=KGEG8=<9=I=M=IQA:ADFGADA
AI=M=IQA:ADFG
.=M=IQA:ADFG = K9DG8=N=KG JG JGDAK= F9 D=JFAK= E=K9DA (6A
'<,) (6 ,) (" ,) A <IL?A !G:A=FAK= HIGK=AFJCA K9DGQA J=

4:30845,
I9JKMGI99K MG HIMG:AKFAG| I9JKMGILM9U F9BU=JKG MG<9 HGMKGIFG

HGEAFLM99KMGI9JKMGIGK 9HIAKG9F=?A?L:9KHIAIG<FAK=GJG:AFAAF=
J= <=F9KLIAI99K ,MGB HIG;=J J= F9I=CLM9 AJGDLM9N= A J= CGIAJKA Q9
AQGDAI9N=F9F=CGAHIGK=AFAG<JDG8=FAK= :AGDGRCA JE=JA
&I=M=IQA:ADFG = K9DG8=N=KG F9 HIGK=AFAK= JG JGDA F9 K=RCA
E=K9DAAHG<<=BJKMGF9F=CGA>AQAUCA>9CKGIA-IAKG9HIGK=AFAK=J=
<=F9KLIAI99K ?A ?L:9K HIMG:AKFAK= HIAIG<FA JMGBJKM9 9 <G:A=FAK=
K9DGQAF=J=I9JKMGI9KMGHIMG:AKFAGKI9JKMGILM9U
525/*4'67/75*'4'6759+/4/9+
-IGK=AFAK= CGA J= I9JKMGIDAMA MG MG<9 ?I9<9K JG F=9 I9JKMGIA
CGA HG JMGBJKM9K9 DAU9K F9 CGDGA<FG
<AJH=IQFA JAJK=EA FG :A<=BTA
<AJH=I?AI9F9K9 JLHJK9F;9 = AQ?I9<=F9 JG U=JKAUCA G< =<F9 EGD=CLD9
EG89K<9J=JE=K99KQ9EGD=CLD9IFG
<AJH=IQFAJAJK=EA
(GDGA<FAK= U=JKAUCA F9 CGDGA<FAK=I9JKMGIA J=AQ?I9<=FAJ9EG
G< =<F9 HIGK=AFJC9 EGD=CLD9 G:MAKC9F9 JG HGM=T= @A<I9K9;AGFA
JDG=MA -G?GD=EAK= HIGK=AFJCA EGD=CLDA AE99K HGE9D HGDF=8 A
MIQLM99K GCGDL J=:= HGE9D :IGB F9 @A<I9K9;AGFA G:MAMCA -GE9DAK=
HIGK=AFJCA EGD=CLDA AE99K HG?GD=E HGDF=8 A Q9KG9 HIAMD=CLM99K
HGM=T= EGD=CLDA F9 MG<9 K= AE99K HGM=T= @A<I9K9;AGFA G:MAMCA
(GDGA<FAK= I9JKMGIA ?A AE99K C9I9CK=IAJKACAK= F9 CGDGA<FAK=
JAJK=EA AE999K ?GD=E9 MAJCGQFGJK CGDGA<FAK= U=JKAUCA :9MFG
<A>LF<AI99K FAQ HGDLHIGHLJKDAM9 E=E:I9F9 HGC98LM99K ->C96A
GM
=>=CK #GIEAI9N=KG F9 CGDGA<FA JAJK=EA = G< ?GD=EG QF9U=N= Q9
>AQAUCG
@=EAJCAK=HIG;=JAMG8AMAK=GI?9FAQEA
(GDGA<FG
<AJH=IQFAK= JAJK=EA F9 HIGK=AFAK= EG89K <9 J= B9M9K
MG <M= {GJKGB:A JGD
JGJKGB:9 JG HGE9D9 MAJCGQFGJK A ?=DJGJKGB:9 JG
HG?GD=E9MAJCGQFGJK /DAC9
(GDGA<FAK=JAJK=EAF9?DG:LD9IFAK=
HIGK=AFA J= MG JGDJGJKGB:9 9 F9 >A:IADFAK= EGD=CLDA J= MG ?=D
JGJKGB:9 K9CGM = 8=D9KAFGK CGB = I9QDG8=F CGD9?=F (GDGA<FAK=
JAJK=EA JG AJHLRK9N= F9 MG<9K9 EG89K <9 HGEAF9K G< JGD MG ?=D
JGJKGB:9AG:I9KFG

(GFLJFGI9J=BLM9N=F9JM=KDAF9K9CG?9HGEAFLM9FAQCGDGA<=FI9JKMGI

4:30845,
/DAC9
/GDA?=D
DJGJKGB:9C9BHIGK=AFAK=
5'-:2')/0'4'6759+/4/9+
(G9?LD9;AB9 = HIG;=J F9 JD
D=HLM9N= F9 CGDGA<FAK= U=JKAUCA A
G:I9QLM9N=F9HG?GD=EA9?I=?9KA HG<<=BJKMGF9 I9JKMGIAF9CAJ=DAFA
:9QA JGDAADAJGQ9?I=M9N= -IA HGE9DACGF;=FKI9;AA HIGK=AFAK= J=
K9DG89K 9 HIA HG?GD=EA HGEAFLMM99K MG ?=D JGJKGB:9 !G CG9?LD9;AB9
EG8= <9 <GB<= <GCGDCL J= F=LKKI9DAQAI9 HGDF=8GK F9 CGDGA<FAK=
HIGK=AFJCA U=JKAUCA
(G9?LDAI9FAK= HIGK=AFA ??A ?L:9K JMGAK= HIAIG<FA JMGBJKM9
JDAUFGC9CGHIA<=F9KLI9;AB9
:,2?7,.45, 9,;<:>0494>
9,;<:>0494>0=:C,2<0@,A0
>0=:C,2<0@,A0
6: -076,>, :/ 5,5.0>: 474 6<@94:>
6<@994:> =0<?8 =0 C,2<0@,,> ;:C9,>: 0
/06, /:,E, /: 6:,2?7,.45, :-4
:-4094:>
4094:> 6:,2?7,> 90 =0 <,=>@:<, =:
@:/, #<4>:, 6:7:4/94>0 G0= G0=>4G64
=>4G64 5, 2?-,> 34/<,>,.4:9,>,
9:-4/05F448,,>;:790+90=0>,7:+,>
:-@4@6,=0=70;?@,,> 9:-4/05F4 48,,>;:790+90=0>,7:+,>
3,59+7+4 1'7'19+74'675
59+/4/9+
-IGK=AFAK= JDAUFG C9CG 9E
EAFGCAJ=DAFAK= MG MG<=F I9JKMGI MG
Q9MAJFGJKG< I+ F9JI=<AF9K9J=G G<F=JLM99KC9CGJD9:A:9QAADAJD9:A
CAJ=DAFA-GDF=8GKF9HIGK=AFJC CAK=CGDGA<FAU=JKAUCA HGK=CFLM9 G<
CI9BFAK= F9=D=CKIAQAI9FA 9EAFG A A C9I:GCJADF9 ?ILHs A G< AJKAK= CGA
J= MG JGJK9M wk I9<AC9DAK= F9 :99QFAK= DAQAF A 9I?AFAF A CAJ=DAK=
9EAFGCAJ=DAFA?DLK9EAFJC9A9JH H9IKJC9CAJ=DAF9 @AJKA<AF

4:30845,
2G CAJ=D9 JI=<AF9 <AJG;AI9FAK= C9I:GCJADFA ?ILHA /,,

HIAE99K HIGKGF A HI=EAFLM99K MG F=LKI9DF9 F=<AJG;AI9F9 >GIE9
/,,+ 9QF9K9 9EAFG?ILH9 HIA M9CM9K9 I+ MDAB9= F9 KG9 <9
9EAFGCAJ=DAF9K9J= G<F=JLM9C9CGCAJ=DAF9
"(*F)) " Z "(*F))"

/DAC9
.9M=FC9F9<AJG;AB9;AB9F9HIGK=AFJCAK=
EGD=CLDAMGCAJ=D9JI=<AF9
2G :9QF9 CAJ=DAF9 <AJG;AI9F9 = J9EG C9I:GCJADF9K9 ?ILH9 A

Q9KG99EAFGCAJ=DAF9K9J= G<F=JLM9C9CG :9Q9
"(*F)) )" Z " (*F)) " )

/DAC9
.9M=FC9F9<AJG;AB9;AB9F9HIGK=AFJCAK=
EGD=CLDAMG:9QF9JI=<AF9
-IA AQG=D=CKIAUF9K9 KGUC9 MG MG<=F I9JKMGI <AJG;AI9FA J=

<M=K= >LFC;AGF9DFA ?ILHA JG RKG EGD=CLD9K9 J= G<F=JLM9 C9CG
=D=CKIGF=LKI9DF9 =JKAUC9AJ=K9DG8A2I=<FGJK9F9AQG=D=CKIAF9K9
KGUC9 F9 HIGK=AFGK T= Q9MAJA G< :IGBGK F9 :9QFA|p 9EAFG ?ILHA A
CAJ=DAK= C9I:GCJADFA ?ILHA CGA J= F9GS99K MG JKI9FAUFAK=
9EAFGCAJ=DAFJCA I9<AC9DA /=CGB HIGK=AF AE9 JMGB9 C9I9CK=IAJKAUF9
AQG=D=CKIAUF9KGUC9 JGCGB9EG8=<9J=AQMIRAF=?GM9C9I9CK=IAQ9;AB9
09:=D9

&QG=D=CKIAUFAKGUCAF9F=CGAHIGK=AFA
-IGK=AF -=HJAF %=EG?DG:AF *AG?DG:AF D:LEAFA 1I=9Q9 AKG@IGE
/
&QG=D=CKIAUF9
KGUC9
+4'9:7/7'<+4'6759+/4/9+
-IGK=AFJCAK= EGD=CLDA HG< <=BJKMG F9 F=CGA F9<MGI=RFA
>9CKGIA C9CG RKG J= MAJGC9|k A EFG?L FAJC9|k K=EH=I9KLI9 <=BJKMG|x
F9 B9CAK= :9QA A CAJ=DAFA F=CGA GI?9FJCA CAJ=DAFA 9DC9DGA<A
K=RCAK= E=K9DA =FQAEA LDKI9QMLCGK BGFAQAI9UCAK=QI9U=N9A<IL?G
-IAKG9HIGK=AFAK=J=<=F9KLIAI99K G<FGJFG?A?L:9KJMGAK=HIAIG<FA
>AQAGDGRCA @=EAJCAA>AQAUCAJMGBJKM9

4:30845,
-IA<=F9KLI9;AB9K9 C9BHIGK=AFAK=
J= E=FLM99K>AQAUCAK=A>AQAGDGRCAJMGBJKM9F9HIGK=AFAK=
J= F9E9DLM9 I9JKMGIDAMGJK9 A <MA8=N=KG F9 HIGK=AFJCAK=
F9=D=CKIAQAI9FAU=JKAUCA MG=D=CKIAUFGHGD=
w= {p HI=<AQMACLM9HIGE=F9MG=D=E=FK9IFAGKJGJK9MF9HIGK=AFGK
J= E=FLM9J=CLF<9IF9K9 K=I;A=IF9K9ACM9K=IF9K9JKILCKLI9
J= E=FLM9 CGF>GIE9;AB9K9 F9 HIGK=AFJCAK= EGD=CLDA A G<
MAJGCGGI?9FAQAI9F9 HGEAFLM99K MG F=GI?9FAQAI9F9 JGJKGB:9 JG
JE=F=K9 CGF>GIE9;AB9 HGI9<A G<EGKLM9N=|x F9 JHAI9DFAK= FAQA A
AJK=?FLM9N=|x F9F9:I9FAK=FAQA
J= CAF9K CGM9D=FKFAK= <AJLD>A<FA MIJCA
,,
A <IL?AK=
F=CGM9D=FKFAMIJCA
HGD=JFGJ=@A<IGDAQAI99KHG<<=BJKMG F9=FQAEAK=
!=F9KLI9;AB9K9F9BU=JKG=AI=M=IQA:ADF9 FGEG8=I=KCGAJ9EG
MGG<I=<=FAJDLU9A<9:A<=I=M=IQA:ADF9 0G9J=JDLULM9CG?9EG8=<9
J=GKJKI9FA>9CKGIGKCGBHI=<AQMACLM9<=F9KLI9;AB9
09,>?<4<,A09,;<:>0494>0 =:>0D6480>,74
(:0;<?@0>4=0=>,@,;:
, <,=>@:<:/-076,(:;<@,>,=0
/:/,@,,>906:76?6,;64<,=>@:<:/-,6,<=?71,>@:@>:<,>,
906:76?6,;64<,=>@:<:/+4@,37:<4/ 4@:><0>,>,906:76?
6,;64<,=>@:<:/:7:@:,.0>,>(:0;<?@0>4>0F0=05,@,>-074
>,7:C4:/ /09,>?<4<,94;<:>0494&,7:2:>@:;<@,>,0;<?@0>,0
=49;:<,/4=49,>,-:5,9,<,=>@:<:>9,-,6,<=?71,>
09,>?<4<,A0 9,;<:>0494>0 =:8490<,79464=07494

!,
, ,C:>9,6:9.09><4<,9,64=0749,@948,>079:;:C4/:@4>0=0
/:/,@,
, @:/09<,=>@:<9,-076, !,/:;4<9,>,;:@<D49,=05,@?@,
-07>,7:2@:@4/9,;<=>09

4?GD=E=FGFAMGF9LI=9MGCIMK9 C9B:GDFAK=G<:L:I=8FAQ9:GDLM9N9 HI=<AQMACLM9
<=F9KLI9;AB9F9IA:GFLCD=9Q9K9/G<AB9DAQ9F9CIMK9 J=F9E9DLM9CGDAU=JKMGF9LI=9
>9CKGIGK CGB = HIAUAFAK=D F9 <=F9KLI9;AB9K9 A F9JK9FLM9 I=F9KLI9;AB9 F9
IA:GFLCD=9Q9K9

4:30845,
+6'7')/0'4' 6759+/4/9+
49 <9 EG8= <9 J= AQMIRA CM9DAK9KAMF9 ACM9FKAK9KAMF9 9F9DAQ9
F9HIGK=AFAK=KI=:9HIMG<9J=AQGDAI99K AG<MGB9K G<JDG8=FAK=JE=JA
G<CGAJ=AQ?I9<=FAJAK=KCAM9AGI?9FA
/=H9I9;AB9K9 F9 HIGK=AFAK= EG8= <9 J= AQMIRA JG
LDKI9;=FKIA>L?AI9N= JGQGFJCG;=FKIA>L?AI9N= JG?=D>ADKI9;AB9 JG
=D=CKIG>GI=Q9 JG <AB9DAQ9 JG @IGE9KG?I9>AB9A JG <IL?AE=KG<A,MA=
E=KG<A J= :9QAI99K MIQ GJFGM9 F9 HGD9IFGJK9 F9 EGD=CLDAK= F9
C9I9CK=IAJKAUF9K9 AQG=D=CKIAUF9KGUC9 F9J=CGBHIGK=AF I9QDACAK=MG
I9JKMGIDAMGJK9 I=D9KAMF9 EGD=CLDJC9 E9J9 A ?GD=EAF9K9 F9
HIGK=AFJCAK= EGD=CLDA
%0;,<,.45,9,;<:>0494>0
(:@:/09<,=>@:<9,-076,>,9,5,5.0>:48,27,@9:,7-?8494427:-?7494
),/,24<,C/@:480F0244=:7?@,80=:,8:94?8=?71,> !, , <,=>@:<:/
-076, @: 9,><4?8 37:<4/ =0 /:/,@, 4=>: >:76,@: 6:74G0=>@: :/ C,=4>09
<,=>@:<:/
=080D,4;:4C@0=9:@<080=0C,-070+?@, ;:5,@,9,-07
>,7:2 :/ 4=>,7:+094>0 27:-?7494 %:/<+49,>, 9, 0;<?@0>,>, =0
147><4<,!,147><,>:>=0/:/,@,6<4=>,709
/:C,=4>?@,A0
%0C,-070+?@,1:<84<,A0-07 >,7:2:/4=>,7:+094>0,7-?84946:5=0
<,=>@,<,@:@:/,
'7'19+7/=')/0'4' 6759+/4/9+
-G AQMIR=F9K9 J=H9I9;AB9 F9 HIGK=AFAK= G< JDG8=FAK= JE=JA A
HG HI=UAJKLM9N=KG CM9DAK9KAMF9|k 9F9DAQ9 ADA C9I9CK=IAQ9;AB9K9 F9
EGD=CLDAK= J=MIRAJGG<I=<LM9N=F9I=D9KAMF9K9EGD=CLDJC9E9J9 F9
AQG=D=CKIAUF9|k KGUC9 F9 9EAFGCAJ=DAFJCA JGJK9M A J=CM=F;AB9 /G
GMA= AJHAKLM9N9 J= G<I=<LM9 CGA HIGK=AF J= F9GS99K MG AJHAKLM9F9K9
JE=J9

4:30845,
-IGJKA
-IGJKAHIGK=AFA
HIGK=AFA
-I
IGJKA
HIGKK=AFA
/CD=IGHKGK=AFA
$DG:LD9IFA
>A:IADFA
JM=IGHIGK=AFA

I9JKMGIDAMAMGMG<9
F=I9JKMGIDAMAMG
MG<9
/DAC9
-G<=D:9F9HIGJKAKK=HIGK=AFAJHGI=<I9JKMGIDAMGJK9
25(:2'74/ 6759+/4/
2(:3/4/9+ J=JAFK=KAQAI999KMG;IFAGK<IG: 9J=AJHLRK99KMG
CIMK9 ^vkk| }DG?9K9 wk I=Q=IMF FA HIGK=AFA A yx|xk }p{|m}mkk| mx
KI9FJHGIKx| F9 @GIEGFA D=CGMMA A <IL?A E=K9:GDAKA 2G CIMK9
LU=JKMLM99K MG G<I8LM9N=|x F9 GJJEGKJCAGK HIAKAJGC 49JK9H=wA J= MG
HD9QE9|k F9 UGM=UC9K9 CIM mx :=DC9K9 F9 B9B;=KG A MG ED=CGKG
C9Q=AF &E99K F9BE9D9 EGD=CLDJJC9 E9J9 .9JKMGIDAMA J= MG MG<9 A mx
I9Q:D98=FA I9JKMGIA F9 JGDA|p J= K9DG89K MG Q9JA|=F I9JKMGI F9
9EGFALE JLD>9K 9 F9KGHDGCG9?LD DAI99K
25(:2/4/9+ J= F9GS99KMGJJ=ILEGKF9CIMK9J=ILE?DG:LDAFA mx
:=DCkKk F9B9B;=KG GMG?DG:LDAFA mx ED=CGKGAMGJ=EAN9K9 D=?LEAF
MG ?I9MGK >9Q=GDAF MG CGFG GHGK =<=JKAF A <I -Gvkut} J=
I9JKMGIDAMAMGMG<9|k 9HGmpp MGI9Q:D98=FA|p I9JKMGIAF9JGDA|p
752'3/4/<3 J= F9GS99K MG G QIF9K9 F9 8AK9ICAK= C9CG I=Q=IMFA
HIGK=AFA/G?DLK=DAFAK= nx ?I9<99K?DLK=FGKJLHJK9F;9CGB9JG MG<9|k
?I9<AD=HDAM9E9J9A GMGQEG8LM9 K=@FGDGRC9 G:I9:GKC9 AH=UAMGJK F9
K=JKGKG&E99K ?GD=EHIG;=FKF99 ?DLK9EAFJC66 CAJ=DAF9 AHIGDAF 2G
GM99?ILH9HIGK=AFAJH9S99K?DAB99<AFHU=FA;9 J=C9DAFI8 @GI<=AF
B9UE=F 9M=FAFGM=J Q=AFHU=F
FC9AIAQAFGIAQ
2:9+2/4/<3 J= F9GS99K MG G 8AK9ICAK= ?DLK=FAF HU=FA;9 A
GIAQ=AFGIAQ
/8954/<3 J= ?I9<AMFA HIGK=AFA F9 @IGE9KAFGK :A<=BTA
LU=JKMLM99K mx HIGK=AFJCAGK<=DA A mx H9CLM9N=KG F9 ( 0A= J=:9QFA

4:30845,
HIGK=AFA :A<=BTA JG<I89K ?GD=E HIG;=FK F9 :9QFA 9EAFGCAJ=DAFA

DAQAFA9I?AFAF$AAE9AMGACIkKk F9IA:AK=
759'3/4/<3 J= HIGK=AFA JG E9D9 EGD=CLDJC9 E9Q9 JG :9Q=F
C9I9CK=I F=J=CG9?LDAI99KF9KGHDG :G?9KAJ= JG9I?AFAF J=F9GS99K
MGCD=KCAK= |x{p JMIQ9FAQ9 (
12+756759+/4/
12+756759+/4/ J= HIGK=AFA F=I9JKMGIDAMA MG MG<9 A ?A AE9

AJCDLUAMGMG8AMGKAFJCAK=GI?9FAQEA/HGI=<>AQAUCAK=A@=EAJCAK=
JMGBJKM9EG89K<9J=HG<=D9KMGKIA?ILHA
+7'9/4/ {AK= ;MIJKA C=I9KAFA ?A JG<I89K 9EAFGCAJ=DAFAK=
@AJKA<AF DAQAF A 9I?AFAF MG G<FGJ (GD9?=FAK= J= ?D9MFA
?I9<:=FA JLH9K9F;A F9 =?QGJC=D=KFAK= JKILCKLIA CG89|k CGJ9|k
FGCKA|p IG?GMA|p CGHAK9|6 A <IL?G
CGD9?=FAK= J= JG JHAI9DF9
JKILCKLI9 JK9:ADAQAI9F9 JG <AJLD>A<FA EGJKGMA S C=I9KAFAK= J= JG
F9:I9F9JKILCKLI9
52'-+4/ D JCD=IGHIGK=AFAJG<GD?AMD9CF9CGA?AAE9MGJGJK9M
F9 JMIQFGKG KCAMG CGJCAK= IJC9MA;9K9 CIMFAK= J9<GMA A <I
*GD=CLD9K9 F9 CGD9?=F AE9 JHAI9DF9 JKILCKLI9 JG MAJGC HIG;=FK F9
9EAFGCAJ=DAFA
@A<IGCJAHIGDAFA@A<IGCJADAQAF
2'89/4/ D ?A AE9MG=D9JKAUFAK=MD9CF9 F9JMIQFGKGKCAMG

4:30845,
/DG8=FAHIGK=AFA
25&+4/9+ 6759+/4/ 6759+/*/8+54/+15/58;+46759+/481/99

85*7&'9/4+6759+/481/*+21508+4'7+1:;'67589+9/A4'-7:6'
+9 /DAC9
= <9<=F9 CD9JA>AC9;AB9K9 F9 JDG8=FAK= HIGK=AF
JHGI=<HIGJK=KAUF9K9?ILH9
.MBC=FHIFL=AEA ,=L8CHIFL=AEA
+AHFHIFL=AEA 4FKOFHIFL=AEA
3CF?=EA 5IFDFHIFL=AE
&CMBFHIFL=AEA
HIFL=AEA A
/DAC9
(D9JA>AC9;AB9F9 JDG8=FAK= HIGK=AF
/656759+/4/9+ J= JDG8=FA HIGK=AFA CGA C9CG HIGJK=KAUF9

?ILH9 AE9 F=CGB DAHA< >GJ>GDAHA< J>AF?GEA=DAF @GD=JK=IGD
C9IGKAFAKF e9JKMGI=FA?AAE9MGK=D=JFAK=K=UFGJKAJ=ILE DACMGI
+9BQF9U9=F HI=KJK9MFAC = S
DAHGHIGK=AFGK +=I9JKMGI=FA ?A AE9 MG
CD=KGUF9K9E=E:I9F9AJKILCKLIFAK==D=E=FKAF9CD=KC9K9?I9FLDAK=
A EAKG@GF<IAAK= (D=KGUF9K9 E=E:I9F9 HI=KJK9MLM9 EFG?L JDG8=FG
?I9<=F DAHGHIGK=AFJCA CGEHD=CJ (GEHD=CJAK= F9 C9IGKAFAK= JG
HIGK=AFAK= J= G:G=FA DAHGHIGK=AFA IG<GHJAF 0A= J= M98FA
KI9FJHGIK=IAF9DAHA<A
58,56759+/4/9+ J=JDG8=FAHIGK=AFAUAB9 HIGJK=KAUF9?ILH9=
GIKG>GJ>GIF9K9 CAJ=DAF9 =JK=IJCA MIQ9F9 Q9 9DCG@GDF9K9 ?ILH9 F9
9EAFG CAJ=DAF9K9 J=IAF 0AHAU=F HI=KJK9MFAC F9 >GJ>GHIGK=AFAK= =
C9Q=AFGKCGBJG<I8A GCGDL >GJ>GI 2GHG?GD=EG CGDAU=JKMG ?A
AE9MG8GDUC9K9G<B9B;=KG>GJ>AKAFA MG MAK=DAFGKCGBJG<I8A
>GJ>GI

4:30845,
+9'26759+/4/ JG<I89K F=CGB E=K9D=F C9KBGF C9CG HIGJK=KAUF9

?ILH92GCD=KC9K9MIR9K=FQAEJC9 KI9FJHGIKF9LDG?9AJCD9<AI9N=F9
HIGK=AFA *=K9DFAGK BGF G:AUFG = JMIQ9F JG CGGI<AF9KAMFA MIJCA Q9
CAJDGIG<FA ADA B9?D=IG<FA 9KGEA F9 F=CGB9 9EAFGCAJ=DAF9 G<
HGDAH=HKA<F9K9 FAQ9 ADA Q9 F=CGB DA?9F< JMIQ9F Q9 HIGK=AFGK
1U=JKMLM99KMGC9K9DAQ9F9EFG?LI=<GCJI=9C;AA
2:156759+/4/9+ J= JDG8=FA HIGK=AFA CGA C9CG HIGJK=KAUF9
?ILH9AE99KF=CGB9@=CJGQ9ADA@=CJGQ9EAF0A= J=MAJCGQFAAJDLQ=JKA
JLHJK9F;A H9Q9KG9J=F9I=CLM99KAELCGHIGK=AFA$DLCGHIGK=AFAK=?A
AE9 MG JAK= J=CI=KA HDLFC9 8=DG<GU=F JGC JAFGMAB9DF9 K=UFGJK
J=CI=KA F9 ;I=MF9 JDLQGCG89 HGKG9 MG IJC9MA;9K9 @GF<IG
ELCGHIGK=AF H9HGUF9K9MIM;9 JK9CD=JKGKGK=DGF9GCGKG IG8FA;9K9

J=ILEGK =IAKIG;AKAK=CIMFAK=?ILHAA mx JMIQFGKGKCAMG
75356759+/4/9+ C9CG HIGJK=KAUF9 ?ILH9 AE99K F=CGB HA?E=FK
GKKLC9 A AE=KG :A<=BTA 8=FDBDG F9 ?IUCA QF9UA :GB9 ,FA=
@IGEGHIGK=AFA CGA AE99K HIGJK=KAUF9 ?ILH9 @=E G:G=FG CGEHD=CJFG
JG=<AF=FA=F98=D=QGKGJGHGI>AIAFGK J=F9I=CLM99K@=EHIGK=AFA
%=EHIGK=AFAK= J= >AQAGDGRCA EFG?L 9CKAMFA 2G GM99 ?ILH9
JH9S9@=EG?DG:AFGKG<CGBHGK=CFLM9;IM=F9K9:GB9F9=IAKIG;AKAK=A
CGB ?G HI=F=JLM9 CAJDGIG<GK G< :=DAK= <IG:GMA <G KCAM9K9
AFKI9;=DLD9IFAK= HA?E=FKA ;AKG@IGEA CGA ?A HI=F=JLM99K
=D=CKIGFAK= MG K=CGK F9 :AGDGRCAK= GCJA<9;AA A ;=D9 FAQ9 =FQAEA
CGA?AC9K9DAQAI99KI=<GCJI=9C;AAK=
=D=QGKG MG @=EGK F9 @=EHIGK=AFAK= EG8= <9 :A<= <MGM9D=FKFG
>=IG@=E ADA J9EG @=E KIGM9D=FKFG >=IA@=E ADA @=EAF 9 EG8= A
HGMI9KFG<9HI=EAFLM9G<<MGM9D=FKF9MGKIGM9D=FKF9JGJKGB:9/HGI=<
KG9EG89K<9J=Jz=|F9KJD=<FAK=HGI>AIAFGHIGK=AFA
-GI>AIAFGHIGK=AFA JG8=D=QGMG<MGM9D=FKF9JGJKGB:9
%=EG?DG:AFA I=JHAI9KGIFAHA?E=FKAF9 I:=KFA;AK=
"IAKIGCILGIAFA I=JHAI9KGIFA HA?E=FKA MG CIMK9 A KCAMFAK=
K=UFGJKAF9:=QI:=KFA;AK=
*AG?DG:AFA
I=JHAI9KGIFAHA?E=FKACGAJ=F9GS99KMGELJCLDAK=F9
I:=KFA;AK=A :=QI:=KFA;AK=&Q?I9<=F=G<=<F9HGDAH=HKA<F9FAQ9JG
JHAI9DF9JKILCKLI9

4:30845,
-GI>AIAFGHIGK=AFA JG 8=D=QG MG HIGJK=KAUF9K9 ?ILH9 CG=

HGMI9KFG HI=EAFLM9 G< <MGM9D=FKF9 : MG KIGM9D=FKF9 JGJKGB:9
:
AKG@IGEA
AFKI9;=DLD9IFAHA?E=FKACGAJ=F9GS99KMGCD=KCAK=F9
JAK= 9=IG:FA GI?9FAQEA AKG@IGEAK= A C9CG HIGJK=KAUF9 ?ILH9
JG<I89K @=EAF : MIQ9FG Q9 HIGKGHGI>AIAF 9 ;AKG@IGEGK
;AKG@IGE GCJA<9Q9 ADA =FQAE F9 <AR=N=KG AE9 HIGJK=KAUF9 ?ILH9
;AKG@=EAFGK
-GI>AIAFGHIGK=AFAJG8=D=QGMG MGKIGM9D=FKF9JGJKGB:9
/=J=IT9M9 MG=FQAEAK=C9K9D9QA2GGM99?ILH9JG=<AF=FAB9J=
(9K9D9Q9K9 CGB9 = =FQAE CGB ?G Q9:IQLM9 I9QDG8LM9N=KG F9 MG<GIG<
H=IGCJA< F9 MG<9 A CAJDGIG< -IGJK=KAUF9 ?ILH9 = @=EAFGK MG CGB
8=D=QGKG=KIGM9D=FKFG
-=IGCJA<9QAK= CGA B9 C9K9DAQAI99K GCJA<9;AB9K9 JG MG<GIG<=F
H=IGCJA< C9CG GCJA<9KAMFG JI=<JKMG .9JKAK=DF9K9 H=IGCJA<9Q9 AE9 Q9
HIGJK=KAUF9?ILH9@=EAF 98AMGKAFJC9K9Q=D=F@=E9KAF
+35-25(/459! =I=JHAI9KGIFAGKHA?E=FKF9 I:=KFA;AK=,<
F=?GHGK=CFLM9;IM=F9K9:GB9F9=IAKIG;AKAK= 9JGKG9AF9CIMK90GB
HI=KJK9MLM9 JDG8=F HIGK=AF JGJK9M=F G< HIGK=AFJC9 CGEHGF=FK9
?DG:AFAHIGJK=KAUF9?ILH9 @=E+=?GM9K9EGD=CLDJC9K9E9J9AQF=JLM9
/DAC9

/DAC9
(M9K=IF9 JKILCKLI9F9@=EG?DG:AFGK
*GD=CLD9K9 = JGJK9M=F9 G< <M9 H9I9 @GEGDG?FA HGDAH=HKA<FA

FAQA A KG9 <M= 1 A <M= SFAQA /=CGB9 G< FAM Q9MIRLM9 JG HG =<F9
HIGJK=KAUF9 ?ILH9
@=E K9C9 RKG MG EGD=CLD9K9 F9 @=EG?DG:AFGK AE9
U=KAIA @=E9

4:30845,
%=EGK = HIGKGHGI>AIAFJCA <=IAM9K CGB JG<I8A 9KGE F9

<MGM9D=FKFG 8=D=QG : /G =<F9 CGGI<AF9KAMF9 MIJC9 8=D=QGKG MG
J=CGB@=E=HGMIQ9FGJG?DG:AFGKHI=CL9EAFGCAJ=DAF9K9@AJKA<AF JG
U=KAIA CGGI<AF9KAMFA MIJCA = HGMIQ9F Q9 HAIGDFAK= HIJK=FA F9
HIGKGHGI>AIAFGK 9JG =JK9K9?GMIQLM9EGD=CLD9IFAGKCAJDGIG<ADA
) -GCI9BKG9 A<M=C9I:GCJADFA?ILHAG<HIGHAGFJC9K9CAJ=DAF9F9
@=EGKJ=JMIQ9FAQ9?DG:AFGK/DAC9

/DAC9
/KILCKLIF9>GIEAD9F9@=EGK
2G JGJK9M F9 =IAKIG;AKAK= @=EG?DG:AFGK MIRA HGM=T= M98FA

>LFC;AA KI9FJHGIKGK F9 EGD=CLD9I=F CAJDGIG< G< :=DAK=<IG:GMA <G
KCAM9K9 LU=JKMLM9MGKI9FJHGIKGKF9 ) G<KCAM9K9<G:=DAK=<IG:GMA
HL>=IJC9 >LFC;AB9 MG I=?LD9;AB9 F9 I+ MG CIMK9 A AE9 =FQAEJC9
9CKAMFGJK0I9FJHGIKGKF9CAJDGIG<J=JDLULM9HGJD=<FAGKE=@9FAQ9E
MG 9DM=GDAK= MD9<==?GD=E H9I;AB9D=F HIAKAJGC F9 CAJDGIG<x| A Q9KG9
KGB D=JFG J= MIQLM9 JG CGGI<AF9KAMF9 MIJC9 Q9 8=D=QGKG G< @=EGK HIA
RKG J= ?I9<A GCJA@=EG?DG:AF
"7) 0GB HI=CL CIMK9 ?G HI=F=JLM9
CAJDGIG<GK <G HGMIRAF9K9 F9 J=CGB9 CD=KC9 C9<= RKG MD9<== FAQGC
H9I;AB9D=F HIAKAJGC F9 CAJDGIG<GK -IAKG9 GCJA@=EG?DG:AFGK J=
I9QDG8LM9 HIA RKG J= GJDG:G<LM9 CAJDGIG<GK CGB HGF9K9EL F9MD=?LM9
MG CD=KC9K9 A JDL8A Q9 G<I8LM9N= F9 GCJA<9;AGFA HIG;=JA MG
CD=KC9K9
%=EG?DG:AFGK :=Q CAJDGIG<
<=GCJA@=EG?DG:AF G< HGMIRAF9K9
F9 CD=KCAK= EG8= <9 JMIQ= B9?D=IG< <AGCJA< ) C9<= F=?GMAGK
H9I;AB9D=F HIAKAJGC = ?GD=E Q9 K=IEAF9DFAK= 9EAFGCAJ=DAFJCA
GJK9KG;A ?I9<=BTA C9I:9EA<FG JG=<AF=FA= +9 GMGB F9UAF ) J=

4:30845,
KI9FJHGIKAI9 <G :=DAK= <IG:GMA C9<= J= AJHLRK9 Q9 <9 HGMKGIFG
@=EG?DG:AFGKEG8=<9MIQ=CAJDGIG<
'7(518/.+35-25(/4 = JG=<AF=FA= F9 @=EG?DG:AFGK JG
B9?D=IG<=F EGFGCJA< =D=QGKG G< @=EG?DG:AFGK AE9 Q9 H9KA
HG?GD=E9>AFAK=KCGFB9?D=IG<EGFGCJA<) MGG<FGJF9CAJDGIG<x|
(G?9MGMGQ<L@GKCGBJ=M<ARLM9 AE9<LIAAE9DGCGDAU=JKMGF9 ) KG9
J= MIQLM9 JG @=EG?DG:AFGK HIA RKG J= ?I9<A KGCJAUFG JG=<AF=FA=
C9I:GCJA@=EG?DG:AF "7) /G GM9 8=D=QGKG = Q9KIL=FG A F=
EG8= <9 MIQLM9 EGD=CLDA F9 CAJDGIG< MG 9DM=GDAK= 9 JG KG9 =
GF=MGQEG8=F9KI9FJHGIKF9K9>LF;CAB9F9@=EG?DG:AFGK!GCGDCL
G<@=EG?DG:AFGKMGGI?9FAQEGK=MIQ9FJG ) F9JK9FLM9JEIK
2IQLM9N=KG F9 ) A ) Q9 "7 = I=M=IQA:ADFG J= MIQLM99K A J=
I9QDG8LM99KMGQ9MAJFGJKG<H9I;AB9DFAK=HIAKAJG;AF9?9JGMAK=49KG9
HIAQ?GD=ELM9N=|x F9H9I;AB9DFAGKHIAKAJGCF9CAJDGIG<MG9DM=GDAK=
HIA HGD=JFA JDLU9A F9 KIL=N= EG8p <9 J= Q9E=FA ) JG ) A <9 J=
>GIEAI9GCJA@=EG?DG:AFA<9J=GKJKI9FAGKIGMFGKG<=BJKMGF9 )
+9.+35-25(/4 F9JK9FLM9 CG?9 MG @=EG?DG:AFGK HG< <=BJKMG F9
H=IGCJA<A @AFGFA 9FADAFJCA H9I=A FAKIG:=FQ=F A 9QGKFA GCJA<A
F9JK9FLM9 GCJA<9;AB9 F9 : <G : *=K=@=EG?DG:AFGK AE9
K=EFGC9>=9M9 :GB9 0GB F= EG8= <9 KI9FJHGIKAI9 CAJDGIG< ) A )
+=?GM9K9 Q?GD=E=F9 CGF;=FKI9;AB9 MG CIMK9 EG8= <9 <GM=<= <G JEIK
+=?GM9 I=<LC;AB9 HG< <=BJKMG F9 F=CGA =FQAEA = EG8F9 HIA RKG J=
JGQ<9M9HGMKGIFG@=EG?DG:AF
/5-25(/4/ J= I=JHAI9KGIFA HA?E=FKA CGA J= F9GS99K MG
ELJCLDAK= F9 5I:=KFA;AK= A
:=Q5I:=KFA;AK= /DAC9

&Q?I9<=FA J= G< =<F9
HGDAH=HKA<F9 FAQ9 JG JHAI9DF9
JKILCKLI9 =D=QGKG MG @=EGK F9
EAG?DG:AFGK AE9 HG?GD=E 9>AFAK=K
CGF CAJDGIG<x| MG G<FGJ F9
@=EG?DG:AFGK A J= MIQLM9 JG , HIA
HGE9DH9I;AB9D=F HIAKAJGC MG G<FGJ
F9 @=EG?DG:AFGK /DAUFG F9 "7 KGB
EG8=<9?I9<AC9I:GCJA@=EG?DG:AF AE=K@=EG?DG:AF

4:30845,
(GFKIGD=FK=JK
#49GCIL8A?GKGUFAGKG<?GMGI
"7) C =
9 E=K@=EG?DG:AF :<=GCJA@=EG?DG:AF
MGCJA@=EG?DG:AF ?@=EG?DG:AF
.9JKMGIAK=F9HIGK=AFAF=
9<A>LF<AI99K:9MFG :B9I9J=BLM99KJM=KDAF9K9
MJ=MAJKAFJCAI9JKMGIA ?J=B9MLM99KMGJGD?=DJGJKGB:9
/G=<AF=FAB9K9C9CGHIGK=AFAK= HGDAJ9@9IA<AK= DAHA<AK=AFLCD=AFJCAK=
CAJ=DAFACGAAE99KJDG8=F9JKILCLI9A?GD=E9EGD=CLDJC9E9J9J=
GQF9ULM99KC9CG
9JLHI9EGD=CLDJCACGEHD=CJA :E9CIG=D=E=FKA
M:AGHGDAE=IA ? HI=CLIJGIA
49C9I9CK=IAQ9;AB9F9HIGK=AFAK=F=J=AJHAKLM9
99EAFGCAJ=DAFJCAGKJGJK9M :9EAFGCAJ=DAFJC9K9J=CM=F;s9
MI+JI=<AF9K9 ?:IGBGKF99EAFGCAJ=DAFJCAGJK9KG;A
/KILCKLI=FHIGK=AF=
9@=EG?DG:AFGK :;AKG@IGE MM9DAFGK ?C=I9KAFAK=
## !=>AFAI9B?AHGAEAK= BGFJC9MIJC9 AQG=D=CKIAUF9KGUC9
@IGEGHIGK=AFA
9EAFGCAJ=DAFA
###+9HARAI9M=FCAF9I=9C;AAK=
9$DA;AFAC9DALE@A<IGCJA<
:!AE=IAQ9;AB9E=SLM9DAFA9D9FAF
MD9FAFA9QGK=JK9 CAJ=DAF9
#/,:B9JFA
9(9CM9=@=EAJC9K9?I9<:9F9@=EGKA @=EG?DG:AFGK
:E>GK=I=FC9I9CK=IF99EAFGCAJ=DAFAK=+9HARAI9M=FC9
m(9CGJ=JGQ<9M9E=K@=EG?DG:AFAC9I:GCJA@=EG?DG:AF
?-GAEAM98FGJKF9HIAE9IF9K9JKILCKLI9F9HIGK=AFAK=
S(GA >LFC;AA?AAE99KHIGK=AFAK=MG8AMAK=GI?9FAQEA
=,:B9JFAB9?I9<:9K9F9HGDAH=HIA<FAK=FAQAA@=EAJCAK=MIJCACGAJ=
B9MLM99KMGFAM
8(9CMG=QF9U=N=KGF9MG<GIG<FAK=A<AJLD>A<FAK=EGJKGMAMG
HGDAH=HKA<FAK=FAQA
Q+9HI9MAI9QDAC9E=SL<=F9KLIAI9FAK=AF=<=F9KLI9FAK=HIGK=AFA
4GRKGHIGK=AFAK=?I9<9KCGDGA<FG
<AJH=IQFA 9F=EGD=CLD9IFG
<AJH=IQFA
JAJK=EA
+9CGAJMGBJKM9F9HIGK=AFAK=J=:9QAI99KE=KG<AK=F9J=H9I9;AB9F9
HIGK=AFAK=

4:30845,
+LCD=G
+LCD=GHIGK=AFA
GHIGK=AFA
5/3
+LCD=GHIGK=AFAK=J=JDG8==FA HIGK=AFA C9BCGAF=HIGK=AFJCAx|
<=D ADA HIGJK=KAUF9K9 ?ILH9=F=CG GB9G<FLCD=AFJCAK=CAJ=DAFA
-IGK=AFJCAGK <=D C9B 8AMGKAFJCAK= FLCD=GHIGK=AFA J=
9DC9DFAK= @AJKGFA ADA HIGK9EAF FA 9 C9B I9JKAK=DFAK= EG8= <9 J=
9D:LEAFAADA?DG:LDAFA
-IGJK=KAUF9K9 ?ILH9 = IA A:GFLDCD=AFJC9 CAJ=DAF9 +( ADA
<=GCJAIA:GFLCD=AFJC9CAJ=DAF9 (
+LCD=GHIGK=AFAK= UAB9 HIG GJK=KAUF9 ?ILH9 = ( J= F9GS99K MG
CD=KCA|p JG?GD=EGB9<IGCD=KCAKK=F9H9FCI=9JGK JD=QAF9K9 JH=IE9K9
A<IL?A8D=Q<A MG I9JK=FAB9K9 AE EACIGGI?9FAQEAK9
+LCD=GHIGK=AFAK= UAB9 HI IGJK=KAUF9 ?ILH9 = +( MG E9DA
CGDAUAFA J= F9GS99K MG B9<IGKG F
F9 CD=KC9K9 9 HGM=T=|x {p MIQ9FA Q9
IA:GQGEAK=ADAJ=JDG:G<FAMG;AKKGHD9QE9K9
:12+/481/1/8+2/4/ J=:AG GHGDAE=IFAMAJGCGEGD=CLD9IFA
JG=<AF=FAB9 /DAC9
/GFAMF99;=DGJF9 @A<IGDAQ9J=<G:AM9JE=J9
G<
GI?9FJCA :9QA HLIAFJCAADAHA AIAEA<AFJCA
EGFGJ9@9IA<A
H=FKGQA IA:GQ99ADA<=GCJAIA:GQ9A
>GJ>GIF9CAJ=DAF9
+LCD=AFJCACAJ=DAFA
:AGHGDAE=IA
+LCD=GKA<A
EGFGE=IA
#GJ>GIF9
+LCD
D=GQA<A
CAJ=DAF9
,I?9FJCA 5=T=IF9
:9QA CGEHGF=FK9
-LIAFJCA -AIAEA<AFJCAA
.A:GQ9 !=GCJAIA:GQ9
:9QA :9QA
/DAC9
$I9<:9F99FLCD=AFJCAK=CAJ=DAFA

4:30845,
7-'481/('=/
,I?9FJCAK= :9QA CGA MD=?LM99K MG JGJK9M F9 FLCD=AFJCAK=
CAJ=DAFAJ=<=IAM9KAF9HLIAFAHAIAEA<AF A Q9KG9 J=GQF9ULM99KC9CG
HLIAFJCAAHAIAEA<AFJCA:9QA
-LIAFJCAK=:9QA9<=FAFA?M9FAFJ=<=IAM9KAF9HLIAFGK /GJK9M=FA
J= G< <M9 CGF<=FQAI9FA HIJK=Fk R=JKGUD=F HAIAEA<AFJCA A
H=KGUD=F AEA<9QGD=F 0A= J= GI?9FJCA JG=<AF=FAB9 JG HD9F9IFA
EGD=CLDA /DAC9

9 :
/DAC9
/KILCKLIFA>GIELDAF9HLIAFJCAK=:9QA 9 9<=FAFA
: ?M9FAF
-AIAEA<AFJCAK= :9QA KAEAF LI9;AD A ;AKGQAF J= <=IAM9KA F9

HAIAEA<AFx| &Q?I9<=FA J= G< R=JKGUD=F HAIAEA<AFJCA
@=K=IG;ACDAU=FHIJK=F0A=AJKGK9C9AE99KHD9F9IFAEGD=CLDA
/DAC9

9 : M
/DAC9
/KILCKLIFA>GIELDAF9HAIAEA<AFJCAK=:9QA
9 ;AKGQAF : KAEAFA M LI9;AD
:
+495=/
5=T=IF9K9CGEHGF=FK9CGB9?GG<I=<LM9MA<GKF9FLCD=AFJCAK=
CAJ=DAFAEG8=<9:A<=

IA:G>LI9FGQ9 CGB9J=F9GS9MG IA:GFLCD=AFJC9K9 CAJ=DAF9

4:30845,

<=GCJAIA:G>LI9FGQ9 CGB9J=F9GS9MG <=GCJAIA:GFLCD=AFJC9K9
CAJ=DAF9 /DAC9

9 :
/DAC9
/KILCKLIFA>GIELDAF9 9 IA:G>LI9FGQ9 A
:
<=GCJAIA:G>LI9FGQ9
:12+5=/*/
+LCD=GQA<AK=J=JG=<AF=FAB9 RKGJ= AQ?I9<=FAG<GI?9FJC9:9Q9A
G< EGD=CLD9F9IA:GQ9ADA<=GCJAIA:GQ90A=J= (
?DLCGQA<AC9BCGA
G<EGFGJ9@9IA<GKJ= MIQLM9CGM9D=FKFGQ9 ( G<HAIAEA<AFJCAGKK=JG
9QGK ( F9 HGQA;AB9 C9B HLIAFJCAGK HIJK=F +9JK9FLM99K JG
HGMIQLM9N=F9GI?9FJCAK=:9QAHI=CLAEAFG ?ILH9K9JGHGDL9;=K9DF9K9
)"?ILH9 F9 G< EGFGJ9@9IA<GK J= AQ<MGBLM9 MG<9 A J= >GIEAI9
CGM9D=FKF9MIJC9 /DAC9
A /DAC9

+LCD=GQA<AK=F9HAIAEA<AFJCAK=:9QAJ=AE=FLM99KJG<G<9M9N=
F9F9JK9MC9K9

F9F9QAMGKF9:9Q9K9 9HLIAFJCAK=JG<G<9M9N=F9
F9JK9MC9K9
F9 F9QAMGK F9 :9Q9K9 -I=< F9QAMAK= F9
<=GCJAIA:GFLCD=GQA<AK=J=JK9M9HI=|JK9MC9|k

+LCD=GQA<AK=<G:IGJ=I9JKM9I99KMGMG<9 JK9:ADFA {p MG:9QF9
JI=<AF9 D=JFGJ=@A<IGDAQAI99K<GJDG:G<FA:9QAAH=FKGQAMGCAJ=D9
JI=<AF9
/DAC9
+LCD=GQA<AF9 HAIAEA<AFJCAK=:9QA

4:30845,
9 :
/DAC9
+LCD=GQA<AF9HLIAFJCAK=:9QA 99<=FGQAFA:?M9FGQAF
:12+59/*/9+ J= >GJ>9KFA =JK=IA F9 FLCD=GQA<AK= /GJK9M=FA

J= xo EGD=CLD9 wk GI?9FJC9 :9Q9 IA:GQ9 ADA <=GCJAIA:GQ9 A xo
>GJ>GIF9 CAJ=DAF9=JK=IJCAMIQ9F9Q9H=FKGQ9K9 /DAC9

9 :
M ?
/DAC9
/KILCKLIFA>GIELDAF9FLCD=GKA<AK= CGAMD=?LM99KMG
JGJK9MF9 ( A +(9 LIAKA<AF

>GJ>9K:<=GCJAKAEA<AF

>GJ>9K
M 9<=FGQAF

>GJ>9KA??M9FGQAF

>GJ>9K
#GJ>9KFAGKGJK9KGC=MIQ9F =JK=IJCAQ9/ 9KGEGKF9H=FKGQ9K9

-GJKGB9KFLCD=GKA<AJG<M=ADA {x KIA>GJ>9KFAGJK9KG;A |x
vp}{plwx{p HGMIQ9FAJG>GJ>G9F@A<IA<F9MIJC9,<FAMF9BQF9U9BFAJ=
9<=FGQAF<A>GJ>9Kx| *A9<=FGQAFKIA>GJ>9Kx| -* /DAC9

4:30845,
/DAC9
/KILCKLIF9>GIELD9F99<=FGQAFKIA>GJ>9K 0.
+LCD=GKA<AK= EG89K E=SLJ=:FG =JK=IJCA <9 J= HGMIQLM99K A <9

?I9<9K <GD?AFAQA /DAC9
2GQ9MAJFGJKG<:IGBGKF9 EGFGE=IFAK=
=<AFA;A EG89K <9 ?I9<9K GDA?GFLCD=GKA<A G<
FLCD=GKA<FA
=<AFA;AAHGDAFLCD=GKA<A F9< FLCD=GKA<FA=<AFA;A FLCD=AFJCA
CAJ=DAFA
/DAC9
/KILCKLIF9>GIELD9F9<AFLCD=GKA<
!=GCJAIA:GFLCD=AFJC9CAJ=DAF9 (
+3/81'-7'*('
!=GCJAIA:GFLCD=AFJC9 CAJ=DAF9 ( = MAJGCGEGD=CLD9IFG
:AGHGDAE=IFG JG=<AF=FA= &Q?I9<=F9 = G< G?IGE=F :IGB F9
<=GCJAEGFGFLCD=GQA<A E=SLJ=:FG HGMIQ9FA JG >GJ>GI<A=JK=IJCA
EGJKGMA %=EAJCAK= 9F9DAQA HGC989D= <=C9 <=GCJAEGFGFLCD=GKA<AK=
F9 ( J=AQ?I9<=FAG<

4:30845,
EGD=CLD9F9H=FKGQ9K9 <=GCJAIA:GQ9
=<F9G<GI?9FJCAK=:9QA
9<=FAF ?M9FAFHLIAFJCA
KAEAFA;AKGQAFHAIAEA<AFJCA
>GJ>GIF9CAJ=DAF9
.=D9KAMF9K9 EGD=CLDJC9 E9J9 F9 ( EGD=CLD9K9 AQF=JLM9 G<
<G !GD8AF9K9F9FAQAK=HGI9FGJ=AQI9QLM9D9MG
E 9MGHGFGMGMI=E=MG:IGBF9:9QA
CADG:9QA!GD8AF9K9F9FAQ9K9
EG8= <9 :A<= Go <G CB +9BU=JKG = AQ?I9<=F9 G< <M= JHAI9DFA
HGDAFLCD=GKA<FA FAQA G:ms|tkws E=SLJ=:wx A HGMIQ9FA JG MG<GIG<FA
MIJCAE=SLCGEHD=E=FK9IFAK=:9QA
(9I9CK=IAJKAUFG Q9 GM99 EGD=CLD9 = <=C9 <M=K= FAQA J=
CGEHD=E=FK9IFA E=SLJ=:wx G<FGJFG 9CG J= QF9= HIAE9IF9K9 JKILCKLI9
F9=<F9K9FAQ9 HGQF9K9=AF9<IL?9K9FAQ9
/G AJHAKLM9N= = HGC989FG <=C9 MG ( F9 I9QDAUFA MA<GMA
G<FGJGK F9 :9QAK= 9<=FAF A KAEAF = =<F9CGM JG G<FGJGK F9 :9QAK=
;AKGQAF A ?M9FAF (9B F=CGA 8AMGKAFJCA MA<GMA HI=GMD9<LM99K A -
- KAH 9C9B:9CK=IAAK=J= {zpkmk ! A ! KAH
'5?'<+4' ;512+91'9'

( F9BEFG?LB9AE9MG B9<IGKGF9CD=KCAK=
B9<I=F9 ( C9<=
=JMIQ9F9 Q9 @AJKGFAK= MG@IGEGQGEAK= MG EAKG@GF<IAAK= 9C9B
:9CK=IAAK=MG;AKGHD9QE9K9 HD9QEA<F9 (
97:19:7'4'
(9CGAC9BHIGK=AFAK= EGD=CLD9K9F9 ( AE9KIAJKILCKLIFA
GI?9FAQ9;AAHIAE9IF9 J=CLF<9IF9AK=I;A=IF9JKILCKLI9
7/3'74'</ 897:19:7' F9 HGDAFLCD=GKA<F9K9 FAQ9 F9 ( ?G
HI=KJK9MLM9I=<GJD=<GKF9FLCD=GQA<AK= K= GI?9FJCAK=:9QAMGFAQ9K9
,MGB I9JHGI=< = M98=F Q9 HI=F=JLM9N=|x F9 F9JD=<FAK= ?=F=KJCA
AF>GIE9;AA A rk HIAE9IF9K9 JKILCKLI9 F9 HIGK=AFA HIA FAMF9
:AGJAFK=Q9 09:=D9

EACIGE=KIA

4:30845,
09:=D9

(GEHD=K=FJ=?E=FKG<HIAE9IF9K9JKILCKLI9F9@IGEGQGEGK
------!!--!--!!---!!!--!!--!!!----------
----!-!--!!---!--!----!-!!!--!--!--!--!!!-!
!-!!-!---!-!-!!!--!!-!-!!-------!!!!!---
-!!!-!--!!!!!!----!---!--
--!!-!!-!----!-----!!--!-----!-!!-!-!!
---!!-!-!---!!!-!--!------!!!------
!---!--!-!--!---!-!----!!--!-!!!---------!
!-----------!----------!---!!---
----!-!-!!---!-----!!----!--!--!
!--!-----!----!-----!--
!------!!!----!----!--!-!-------!-!-!---
----!-!-!-!-----------!--!!!---!
-!---!----!!-!--!--!-!!!----------
!-!---!!!!-!!!!-!-!!
+1:4*'74'</ 897:19:7' ?G <9M9 F9UAFGK F9 JMIrLM9N= F9 <M=K=

HGDAFLCD=GKA<FA FAQA 0G9 J= GJKM9ILM9 JG HGMIQLM9N= F9
CGEHD=E=FK9IFAK=:9QAG<<M=K=FAQAJGMG<GIG<FAMIJCA /DAC9

/DAC9
2G<GIG<FAMIJCAE=SLCGEHD=E=FK9IFAK=:9QAMG (
-GMIQLM9N=KG F9 FAQAK= J= GJKM9ILM9 JG JGQ<9M9N= F9 <M=

MG<GIG<FA MIJCA E=SL HLIAFJC9K9 :9Q9 9<=FAF JG F=BQAF9K9
CGEHD=E=FK9IF9 HAIAEA<AFJC9 :9Q9 KAEAF 0 A {x KIA MG<GIG<FA
MIJCA E=SL HLIAFJC9K9 :9Q9 ?M9FAF ! A JG F=BQAF9K9 CGEHD=E=FK9IF9
HAIAEA<AFJC9:9Q9;AKGQAF /DAC9
49KGk J=CGB9G<JHAI9DAK==
CGEHD=E=FK9IF9JG<IL?9K9

4:30845,
/DAC9
+9UAFF9HGMIQLM9N=F9CGEHD=E=FK9IFAK=:9QA
MGEGD=CLD9F9 (
!+7)/+74'9' 897:19:7' ?G <9M9 pux{wsx| HIGJKGI=F I9JHGI=< F9

FAQ9K9F9 (+9BU=JKGK99 =AQ?I9<=F9G< <M=9FKAH9I9D=DFAJHAI9DFA
HGDA<=GCJAIA:GFLCD=GKA<FA FAQA G:EGK9FA E=SLJ=:= MG >GIE9 F9
<MGBF9 JHAI9D9 !=GCJAIA:GQ9K9 A >GJ>GIF9K9 CAJ=DAF9 J= F9JGU=FA
CGF F9<MGI=RF9K9 JKI9F9 F9 JHAI9DAK= 9 GI?9FJCAK= :9QA CGF
MF9KI=RF9K9JKI9F9F9JHAI9DAK= 2GHIGJKGIGKGM99JHAI9D9EG8=<9
AE9 AJK=?F9K9DAF=9IF9 ;AICLD9IF9ADACDGHU=JK9JKILCKLI9
;5089;'4'
( = MAJGCGEGD=CLD9IFG :AGHGDAE=IFG JG=<AF=FA= /=
I9JKMGI9MGMG<FAI9JKMGIAF9:9QAACAJ=DAFA 9<G:A=FAK=I9JKMGIAJ=
EFG?L MAJCGQFA -GC98LM9 GHKAUC9 9CKAMFGJK HGI9<A HGJKG=N=|x F9
@AI9DFA 9KGEAMG<=GCJAIA:GQ9K9
-G<<=BJKMGF9Q?GD=E=F9K=EH=I9KLI9
/ >GIE9D<=@A<A
HIGE=F9 F9 <! EG8= <9 J= <=F9KLIAI9 0G9 J= E9FA>=JKAI9 JG
I9JCAFLM9N=F9MG<GIG<FAK=MIJCAE=SL<M=K=CGEHD=E=FK9IFAK=:9QA
{x G<EGKLM9N= F9 <MGBFAGK @=DACJ A {x HIGE=F9 F9 >AQAUCAK= JMGBJKM9
MAJCGQFGJK 9:JGIH;AGFAGK JH=CK9I 9?GD F9 IGK9;AB9 .=F9KLI9;AB9
EG8=<9F9JK9F=MGJDLU9BF9 :9MFGD9<=N=F9I9JKMGIGK HIARKGF=CGA
FAQAEG89KHxm|xzwx <9J=G:ms|t99KMG<MG=F@=DACJ

/KILCKLI9K9= HI=<DG8=F9G< 0DHGDC A %F>@ MG?G<AF9

4:30845,
/(7/*/=')/0'4'
!GCGDCLF9JK9F=G<EGKLM9N=F9<M=I9QDAUFAEGD=CLDAF9 (
CGA MG HG?GD=E <=D AE99K CGEHD=E=FK9I=F JGJK9M HG< <=BJKMG F9
=FQAEA|p ( HGDAE=I9QA EG8= <9 J= JH9I9K A <9 <9<9K <M= FGMA
@A:IA<FAEGD=CLDA wk ( /DAC9

%A:IA<AQ9;AB9|k EG8= <9 F9JK9F= A E=SL FAQA F9 ( A
CGEHD=E=FK9IFAFAQAF9 +(
/DAC9
%A:IA<AQ9;AB9F9 (
:41)/0'4'
2G HIAE9IF9K9 JKILCKLI9 F9 ( MG ?=FAK= = JE=JK=F9
?=F=KJC9K9 AF>GIE9;AB9 Q9 HI=F=JLM9N= F9 F9JD=<FAK= GJG:AFA F9
MA<GMAK= AQ9:AGJAFK=Q9|k F9HIGK=AFA/GMIR=FGJK9F9EGD=CLD9K9F9
( = MG KG9 RKG K99 = JK9:ADF9 EGD=CLD9 CGB9 J= I=HDA;AI9
:=QHI=CGIFG A GJA?LILM9 ?=F=KJCA CGFKAFLAK=K F9 MA<GMAK= +9 GM9
LC98LM9E9DAGK:IGBF9 F=F9<=BFA ELK9;AACGAEG89K<9F9JK9F9KC9CG
HGJD=<A;9F9F=CGAHIGE=FAMGJKILCKLI9K9F9 (
*GD=CLD9K9 F9 ( JG<I8A AF>GIE9;AA Q9 HIAE9IF9K9
JKILCKLI9 F9 HIGK=AFAK= CGA J= JAFK=KAQAI99K MG 8AMAK= GI?9FAQEA
099= R9:DGF F9CGBJ=JAFK=KAQAI9AF>GIE9;AGF9K9 +( CGB9H9CG<
( <G IA:GQGEAK= B9 HI=F=JLM9 AF>GIE9;AB9K9 Q9 HIAE9IF9K9
JKILCKLI9F9HIGK=AFAK= HGKI=:F9Q9:AGJAFK=Q9K9F9HIGK=AFAK=

4:30845,
.A:GFLCD=AFJCACAJ=DAFA +(
*GD=CLDAK= F9 IA:GFLCD=AFJCAK= CAJ=DAFA +( J= JDAUFA HG

JKILCKLI9 JG EGD=CLDAK= F9 ( &Q?I9<=FA J= G< ?GD=E :IGB
IA:GFLCD=GQA<A =JK=IJCA MIQ9FA HIpCL >GJ>GIF9|k CAJ=DAF9
,I?9FJCAK= :9QA CGA MD=?LM99K MG JGJK9M F9 +( J= 9<=FAF A ?M9FAF
HLIAFJCA ;AKGQAFALI9;ADHAIAEA<AFJCA
.A:GFLCD=AFJCAK=CAJ=DAFAMG?GD=EACGDAUAFAJ=Q9JK9H=FAMG
CD=KCAK=F9GFA=KCAM9C9<= RKG J=JAFK=KAQAI99KHIGK=AFAK= g9CMAJ=
CD=KCAK=F9CGJC=F9K9JI;=MAF9 wk ;IFAGK<IG: wk H9FCI=9JGKA<IL?A
1DG?9 F9 IA:GFLCD=AFJCAK= CAJ=DAFA = :AGJAFK=Q9K9 F9
HIGK=AFA
!/65;/7/(54:12+/481/ 1/8+2/4/
4,573')/54/ >+( /2/ 3'97/A4/ B+( J=
EGD=CLDA JG E9J9 G< <G EADAGF /= F9GS99K MG B9<IGKG A mx
;AKGD9QE9K9 wk CD=KC9K9 -IAE9IF9K9 JKILCKLI9 F9 B+( = CGHAB9 F9
JGG<M=KFAK= ?=FA ADA J=?E=FK F9 ( JG JH=;A>AUF9 JKILCKLI9 C9<=
|x J=F9GS9AF>GIE9;AB9|k Q9HIAE9IF9K9JKILCKLI9F9HIGK=AFAK=CGA
J=JAFK=KAQAI99K
/DAC9
/AFK=Q9F9HIGK=AFAK=MGIA:GQGEAK=
B+( HI=F=JLM9?=F=KJC9AF>GIE9;AB9Q9JAFK=Q9F9I9QDAUFAK=
HIGK=AFAG< ( MGB9<IGKG<GIA:GQGEAK= /DAC9
XGB9<IGKG J=
JAFK=KAQAI9JGHI=HARLM9N=KI9FJCIAH;AB9G< (
/AFK=Q9F9 B+( <=DGKG< ( C9<==AF>GIE9;AB9K9CGB9KI=:9
<9J=HI=F=J=<GIA:GQGEAK= J=G<EGKLM9AF9F=?GJGKI9FJCIAH;AB9A

4:30845,
HG H9K F9 CGEHD=E=FK9IFGJK J= JAFK=KAQAI9 B+( G<

IA:GFLCD=GKA<AK= CGA J= F9GS99K MG B9<IGKG /DAC9

/AFK=KAQAI9F9K9 B+( G< B9<IGKG HI=CL B9<I=F9K9 E=E:I9F9 G<A oG
;AKGHD9QE9K9 C9<= RKG J=MIQLM9Q9IA:GQGEAK=AHI=KJK9MLM9I9:GKF9
CGHAB9HIAJAFK=Q9K9F9HIGK=AFAK=
/DAC9
-I=F=JLM9N=F9AF>GIE9;AAK=G< ( HI=CLJAFK=Q9F9
B+( <GIA:GQGEAK= HIAJAFK=Q9F9HIGK=AFA
.9JHGI=<GK F9 :9QAK= KIAHD=K F9 B+( CGB G<?GM9I9 F9

G<I=<=F9 9EAFGAJ=DAF9 J= F9I=CLM9 15*54 9 CGEHD=E=FK9IFAGK
KIAHD=K F9 :9QA|p F9 H+( J= F9I=CLM9 '49/15*54 -I=;AQFAGK
I9JHGI=<F9IA:GFLCD=GKA<AK= |x{p ?ILHAI9FAMGCG<GFA B9G<I=<LM9
HIAE9IF9K9 JKILCKLI9 F9 HGDAH=HKA<F9K9 FAQ9 F9 HIGK=AFAK= &JKG
K9C9 {xwpnx{p JA?F9DAQAI9HGUp|xtx|s Q9MIRp|xtx|wk FAQ9K9
!7'4865794/9+ H+( AE9k| I=D9KAMFG E9D9 EGD=CLDJC9
E9J9G< <G JG<I89KG<
FLCD=GKA<A AAE99K JHAI9DF9
JKILCKLI9 1U=JKMLM99K MG HIG;=JGK F9 9CKAM9;AB9 A KI9FJHGIK F9
9EAFGCAJ=DAFA G< ;AKGHD9QE9K9 <G IA:GQGEAK= HIA :AGJAFK=Q9|k F9
HIGK=AFAK=2GGI?9FAQEAK=EG8=<9J=F9B<9KGCGDL I9QDAUFA H+(
EAFGCAJ=DAFAK=HIMGJ= 9CKAMAI99K J= Q:G?9KLM99KJG=F=I?AB9
MIQLM9BTA J= Q9 -* A rk JGG<M=K=F =FQAE ?I9<=BTA 9EAFGCAJ=DAF9
9<=FAD9K
=FQAE CGB I=9?AI9 JG JGG<M=KF9K9 KI9FJHGIKF9 +( H+(
-GKG9HI=EAFLM99KF9 H+( ?I9<9KJGFAMAFK=IE=<A=IFAJG=<AF=FAB9
AJ=KI9FJHGIKAI99K<G B+( MGIA:GQGEAK=C9<= |x J=JAFK=KAQAI99K
HIGK=AFAK= 49 J=CGB9 9EAFGCAJ=DAF9 HGJKGA JGG<M=K=F 9CKAMAI9UCA
=FQAE

F99<=FAFGKJ=F9<GMIQLM9LI9;AD F9KAEAFJ=F9<GMIQLM9
9<=FAF F9;AKGQAFGK
?M9FAFAF9?M9FAFGK
;AKGQAF

4:30845,
/DAC9
1DG?9F9 +( MGJAFK=Q9F9HIGK=AFA
/(5=5346<3 J= JGJK9MF9 CGEHGF=FK9 F9 IA:GQGEAK=

+AMF9K9 LDG?9 F= = JGJ=E9 I9QB9JF=K9 FG J= HI=KHGJK9MLM9 <=C9
LU=JKMLM99KMG HGMIQLM9N=KGF9 B+( JGIA:GQGEAK=AMG:AGJAFK=Q9K9
F9 HIGK=AFAK= +9 /DAC9
= <9<=F9 LDG?9K9 F9 JAK= +( MG
:AGJAFK=Q9K9F9HIGK=AFAK=
19/;4589 !,;<,@4 //2;<0C09>,.45, C,.07:6?;94:>;<:.0=9,
-4:=49>0C,>,9,;<:>0494>0
-I9R9N9
2G CGB9 ?ILH9 :AGJG=<AF=FAB9 J= FLCD=GHIGK=AFAK= 9 MG CGB9
+9HARAI9M=FCAF9JAFK=Q9F9 <=GCJAFLCD=GQA<AK=
-I=KJK9MA?G>GIEAI9N=KGF9FLCD=GKA<AK=
+9HI9MA I9QDAC9 MG JKILCKLIF9K9 GI?9FAQ9;AB9 F9 HIGK=AFAK= A
GF99F9FLCD=AFJCAK=CAJ=DAFA
+9HARA B9 CGEHD=E=FK9IF9K9 FAQ9 F9 JD=<F9K9 @AHGK=KAUF9
J=CM=F;9 F9 ( -!!-!!! (GB9 T= = HIAE9IF9K9
JKILCKLI9F9 B+( RKG:AJ=>GIEAI9D9MIQGJFGM9F9GM99FAQ9
+9:IGB?AJMGBJKM9K9 CGA?AHGC98LM9 (
+9HI9MA I9QDAC9K9MG?I9<:9K9F9 ( A +(
(GB9=M98FGJK9F9HIG;=JGK@A:IA<AQ9;AB9F9 (
,:B9JFAB9I9QDAC9K9E=SLKIAK=KAHGMAF9 +(
,:B9JFA B9LDG?9K9F9 JAK= +( MG:AGJAFK=Q9K9F9HIGK=AFAK=

4:30845,
*=K9:GDAQ9EF9HIGK=AFA
-IGK=AFAK= J= F=GH@G<FA MG G<I8LM9N=KG F9 :AG@=EAJCAK=

HIG;=JAMG8AMAK=GI?9FAQEA2G AJ@I9F9K9 RKGB9MF=JLM9E= F9BEFG?L
HIGK=AFA {p G< 8AMGKAFJCG HGK=CDG E=JG IA:9 ED=CG A ED=UFAK=
HIG<LCKA 9 HGE9DCL {p rk{|kypws MG QIF=JK9K9 @I9F9 G< I9JKAK=DFG
HGK=CDG ?I9M ?I9RGC HU=FC9A<IL?A
-IGK=AFAK= CGA ?A HIAE9E= HI=CL AJ@I9F9K9 JHGI=< FAMF9K9
@I9FDAM9M=<FGJKJ=<=D9KF9
2AJGCGMz=<FA HIGK=AFA |xk J= HIGK=AFA CGA D=JFG J= M9I9K MG
<A?=JKAMFAGK JAJK=E :G?9KA J= JG =J=F;AB9DFA 9EAFGCAJ=DAFA
M9DAF D=L;AF AQGD=L;AF >=FAD9D9FAF KIAHKG>9F DAQAF E=KAGFAF
A KI=GFAF 09CMA HIG|=AFA J= C9Q=AFGK 9D:LEAFAK= ?DLK=Fx| A
<IL?A
+AJCGMI=<FA HIGK=AFA xmsp yzx|psws F=E99K ?GD=EA CGDAU=JKM9
=J=F;AB9DFA 9EAFGCAJ=DAFA A K=RCG @A<IGDAKAUCA J= I9QDG8LM99K
MG <A?=JKAMFAGK JAJK=E 09CMA J= HGM=T=KG HIGK=AFA G< I9JKAK=DFG
HGK=CDG
(9I9CK=IAJKAUFG Q9 HIGK=AFAK= = |xk RKG KA= HGJKGB9FG J=
G:FGMLM99K 2I=E=KG F9 HGJKG=N= F9 HIGK=AFAK= EG8= <9 M9IAI9 G<
F=CGDCL EAFLKA <G F=CGDCL <=FGMA *9D <=D G< K=D=JFAK= HIGK=AFA
C9CG RKG J= CGD9?=FAK= F=EG89K <9 J= G:FGMLM99K 2G 8AMAK=
GI?9FAQEA<F=MFGJ=JAFK=KAQAI99KGCGDL < HIGK=AFA 9AJKGKGDCLA
J=I9Q?I9<LM99K
-IGK=AFJCAK= EGD=CLDA J= I9QDG8LM99K HG< <=BJKMG F9
HIGK=GDAKAUCA=FQAEA(9I9CK=IAJKAUFGQ9 GMA==FQAEA = |xk RKGF=J=
JH=;A>AUFA rk I9QFAK= MA<GMA HIGK=AFA KLCL J= JH=;A>AUFA rk F=CGA
<=DxMAG<HIGK=AFJC9K9EGD=CLD9
#'7+<+/7+8576)/0'4'6759+/4/9+
%A<IGDAKAUCGKG I9QDG8LM9N= F9 HIGK=AFAK= Q9HGUFLM9 MG
8=DL<FACGK C9<= |x HG< <=BJKMG F9 @GIEGFGK ?9JKIAF J= JKAELDAI9
D9U=N= F9 8=DL<GUFAGK JGC CGB JG<I8A "A JDLQA A =FQAEA ?D9MFG
H=HJAF ,<ELCGQ9K9F98=DL<FACGKJ=D9UAQAEG?=FF=9CKAM=F=FQAE
H=HJAFG?=F+=?GM9|k 9CKAM9;AB9MGHGU=KGCGKJ=JKAELDAI9HG<<=BJKMG

4:30845,
F9 "A G< 8=DL<GUFAGK JGC 9 HGKG9 HIG<GD8LM9 9MKGC9K9DAKAUCA <G

>GIEAI9N= F9 HGKI=:FAK= CGDAUAFA H=HJAF -=HJAFGK = 9CKAM=F J9EG
MG EFG?L CAJ=D9 JI=<AF9 HIA I+ xo <G 9 F9< I+ M== =
F=9CKAM=F
-=HJAFGK ?A CAF= H=HKA<FAK= MIJCA F9HIGK=AFAK F9 GFA= E=JK9
C9<= |x AE9 9IGE9KAUF9 9EAFGCAJ=DAF9 (I9BFAx| HIG<LCK F9
@A<IGDAKAUCGKGI9QDG8LM9N=F9HIGK=AFAK=MG8=DL<FACGK=JE=J9G<
HGDAH=HKA<A
29I=N=KG HIG<GD8LM9 MG <M9F9=J=KxH9DpUFGKG A K=FCGKG ;I=MG
(AJ=D9K9 HGDAH=HKA<F9K9 JE=J9 G< 8=DL<FACGK J= F=LKI9DAQAI9 JG
H9FCI=9JFAGK <M9F9=JKGH9DpUFAGKA;I=MFAGKJGCCGAJ=:9QFAJGCGMA
/G FAM J= D9U9K =FQAEAK= KIAHJAF @AEGKIAHJAF =D9JK9Q9 A <IL?A
=FQAEA0LC9J=I9QDG8LM99KG<HGDAH=HKA<AK=<G9EAFGCAJ=DAFA
EAFGCAJ=DAFAK= J= I=JGI:AI99K MG K=FCGKG ;I=MG HI=CL
F=?GMAK= ;I=MFA I=JAUCA F9MD=?LM99K MG CIMK9 9 HGKG9 HI=CL
HGIK9DF9K9M=F9JKA?FLM99K<G;IFAGK<IG: +9 /DAC9
= <9<=F9
AJCGIAJK=FGJK9F99EAFGCAJ=DAFAK=MG;IFAGK<IG:
:CGM@B;G;DJ=GCIJHM@CGC
;E<NFCGC>EH<NECGCOC<JCGH>@G
C?J
9?JAN=;W@G;MDC=GCM@IJHM@CGC
9?JAN=;W@G;;FCGHDCK@ECGKDCHM
"DAEFBAK=CAEA OHG?
:CGM@B; G;IJHM@CGKDCPHJFHGC
@GBCFCCHJ>;GCBCJ;GC@E@F@GMC=H
DJ=M;
5CTHDHMK@?@IHGCJ;=HRJGCHM
?JH<
7B=HJG;@G@J>CU;IJCGC=GH
J;B>J;?N=;W@
/DAC9
&JCGIAJK=FGJKF99EAFGCAJ=DAFAK=MGGI?9FAQEGK

4:30845,
849:64=0749=64:> 1:9/ = CGDAU=JKMG F9 9EAFGCAJ=DAFA MG

CIMK9A mx <IL?AK=K=D=JFAK=UFGJKA+=?GMGKGCGDAU=JKMG=CGFJK9FKFG
A AQF=JLM9 GCGDL B< F9 BA CIM -GJKGB9FG J= F9<GHGDFLM9 JG
9EAFGCAJ=DAFA CGA J= HIG<LCKA F9 I9Q?I9<LM9N=KG F9 HIGK=AFAK= G<
@I9F9K9 wk I9Q?I9<:9K9 F9 K=D=JFAK= HIGK=AFA A G< JAFK=KAQAI9FAK=
F==J=F;AB9DFAHIGK=AFA0GBAJKGK9C9=M98FG<=HGF99EAFGCAJ=DAFA
|x {p HGKI=:FA Q9 JAFK=Q9 F9 K=D=JFA|p HIGK=AFA wk 9QGKFA|p
JG=<AF=FAB9 wk ?DLCGHIGK=AFA|p A C9CG AQMGI F9 =F=I?AB9 HIA FAMFG|x
I9QDG8LM9N= mG ) " ) ALI=9
*=K9:GDAQ9EF99EAFGCAJ=DAFA
*=K9:GDAQEGKF99EAFGCAJ=DAFAK==EFG?LJDG8=F:A<=BTAKA=
vp}{plwx J=I9QDACLM99KHG@=EAJCAGKJGJK9MAJ=E=K9:GDAQAI99KF9
I9QDAUFAF9UAFA
+9 09:=D9K9
J= HIAC989FA HIG<LCKA CGA J= <G:AM99K JG
=FQAEJCG I9QDG8LM9N= F9 9EAFGCAJ=DAFAK= !G:A=FAK= HIG<LCKA J=
MCDLULM99KMG %F:7GGMAGK;ACDLJ HIARKGJ=I9QDG8LM99K <G ) A " )
09:=D9

-IG<LCKAF9I9QDG8LM9N=F99EAFGCAJ=DAFAK=
3/451/8+2/4' 75*:194'7'=25&:;'<+
9JH9IKJC9A?DLK9EAFJC9CAJ=DAF9 1
GCJ9D9;=K9KA 1
C=KG?DLK9I9K
E=KAGFAF AQGD=L;AFAM9DAF JLC;AFAD(G
9JH9I?AF GCJ9D9;=K9K
9I?AFAF @AJKA<AF ?DLK9EAF A 1
C=KG?DLK9IF9CAJ=DAF9
HIGDAF
9D9FAF ;AJK=AF ?DA;AF J=IAF A HAILM9K
KI=GFAF
.9QDG8LM9N=KG F9 9EAFGCAJ=DAFAK= Q9HGUFLM9 JG HIG;=JA HIA

CGA J= GKJKI9FLM9 C9I:GCJADF9K9 A 9EAFG?ILH9K9 F9 CAJ=DAF9K9 C9CG
RKGJ=<=CI:GCJAD9;AB9|k <=Q9EAF9;AB9|k AKI9FJ9EAF9;AB9|k

4:30845,
+1'7(518/2')/0'</ = GKCAFLM9N= F9 ) HIA RKG J= <G:AM99K

9EAFA /= G<MAM9 HG< <=BJKMG F9 =FQAEA|p C9I:GCJAD9QA !G:A=FAK=
9EAFAJ=CGIAJK9KQ9:AGJAFK=Q9F9@GIEGFAK= ACG=FQAEA|p 9AE99KA
>9IE9CGDGRCG<=BJKMG
+='3/4')/0'</ = HIG;=J F9 GKJKI9FLM9N= F9 9QGKx| G< 1
9EAFG
?ILH9 MG >GIE9 F9 9EGFAB9C *G8= <9 :A<= GCJA<9KAMF9 I=<LCKAMF9 A
@A<IGDAKAUC9
,CJA<9KAMF9K9<=Q9EAF9;AB9=F9BM98F9Q9UGM=UCAGKGI?9FAQ9E
/= MIRA HG< <pBJKMG F9 =FQAEAK= GCJA<9QA F9 9EAFGCAJ=DAFA 9 Q9
?DLK9EAFJC9K9 CAJ=DAF9 = ?DLK9E9K <=@A<IG?=F9Q9 -IA GMGB KAH F9
<=Q9EAF9;AB9G<EGD=CLDAK=F99EAFGCAJ=DAFAK=J=G<Q=E99K<M99KGE9
F9MG<GIG< J=<G:AM9AEAFGCAJ=DAF9 G<CGB9HGF9K9ELJG@A<IGDAQ9J=
<G:AM9
GCJGCAJ=DAF9A9EGFAB9C /DAC9

+ + +

" ("))" Z "( ))" Z "( ))"("
9EAFGCAJ=DAF9AEAFGCAJ=DAF9
GCJGCAJ=DAF9
/DAC9
.9M=FC9F9I=9C;AB9F9GCJA<9KAMF9<=Q9EAF9;AB9F9
9EAFGCAJ=DAFAK=
!7'48'3/4')/0'</ HI=KJK9MLM9 HIG;=J F9HI=FGJF99EAFG?ILH9

G< =<F9 9EAFGCAJ=DAF9 F9 F=CGB9 GCJGCAJ=DAF9 HIA RKG J=
JAFK=KAQAI9<IL?9 GCJGCAJ=DAF9AFGM99EAFGCAJ=DAF9-IG;=JGK?G
C9K9DAQAI99K =FQAEA 9EAFGKI9FJ>=I9QA CGA C9CG CG=FQAE CGIAJK9K
MAK9EAF /DAC9

+ + + +

" (" ))")" "))"Z)" " ))"" ("))"
9EAFGCAJ=DAF9 1
GCJG
CAJ=DAF9 1
GCJG
CAJ=DAF9 9EAFGCAJ=DAF9
/DAC9
.9M=FC9F9I=9C;AB9F9KI9FJ9EAF9;AB9
EAFG
?ILH9K9 G< HGM=T= 9EAFGCAJ=DAFA EG8= <9 J= HI=<9<= F9
HAILM9K
GCJG?DLK9I9K A GCJ9D9;=K9K 9 HIAKG9 EG89K <9 J= <G:AB9K

4:30845,
9EAFGCAJ=DAFAK= 9D9FAF 9JH9IKJC9 CAJ=DAF9 A ?DLK9EAFJC9 CAJ=DAF9

/DAC9

/DAC9
.9M=FC9F9I=9C;AB9F9KI9FJ9EAF9;AB9F9 &
9D9FAFA

GCJG?DLK9I9KHIARKGJ=<G:AM9HAILM9KA?DLK9EAFJC9CAJ=DAF9
9897'4:;'<+4' '354/0'1595*57-'4/=359
EGFAB9CGK MG >GIE9 F9 9EGFALE BGFA (" J= JGQ<9M9 MG

?GD=EA CGDAUAFA HIA <=Q9EAF9;AB9 F9 9EAFGCAJ=DAFAK= MG ;IFAGK
<IG: :L:I=QAK= A <=:=DGKG ;I=MG 49 8AMGKAFJCAK= GI?9FAQEA A
UGM=UCAGK GI?9FAQ9E KGB = EFG?L KGCJAU=F <LIA A MG KI9?GMA Q9KG9
KI=:9<9J=GKJKI9FA.A:AK=<AI=CKFG?GAQD9ULM99KMGMG<9K9 HKA;AK=
?G KI9FJ>GIEAI99K MG EGUF9 CAJ=DAF9 9 ;A;9UAK= ?G HI=KMGI99K MG
HGE9DCL KGCJAUFG JG=<AF=FA= LI=9 CGB9 HGF9K9EL J= AQD9ULM9 G<
GI?9FAQEGK
2G UGM=UCAGK GI?9FAQ9E <F=MFG J= JAFK=KAQAI99K GCGDL <
9EGFAB9C -G?GD=EAGK <=D J= HI=M=<LM9 MG LI=9 9 HGE9D <=D J=
=DAEAFAI9 HI=CL LIAF9K9 MG >GIE9 F9 JGD EGFAB9CGK MIQ9F Q9
?DLK9EAFJC9K9CAJ=DAF9G<CD=KCAK=AKCAM9K9C9<= |x J=JAFK=KAQAI9
J= KI9FJyGIKAI9 HI=CL CIMK9 <G ;IFAGK <IG: C9<= KI=:9 <9 J=
KI9FJ>GIEAI9 MG LI=9 -IA KG9 J= ?I9<A ?DLK9EAF CGB MG=<FG = s
KI9FJHGIK=I F9 9EGFAB9Cx| A <=HG F9 9QGKx| MG CIMK9 $DLK9EAFGK ?G
FGJA9EGFAB9CGK<GEAKG@GF<IAsK=A;AKGJGDGKF9CD=KCAK=F9;IFAGK
<IG:C9<= |x J=JAFK=KAQAI9LI=9|k
1I=9K9 J= I9JKMGI9 MG MG<9 HGE9DCL = GKIGMF9 G< 9EGFAB9CGK
D=JFG <A>LF<AI9 FAQ :AGDGRCAK= E=E:I9FA A HI=CL }zswk|k up{wx J=
AJ>ID9G<GI?9FAQEGK

4:30845,
74/9/481/)/12:84'8/49+='4':7+'
bmx ;ACDLJ ?G GKCIAD= "6CG %F:7G s %IFH "6CG:A6?H ACDLJGK =

AJCDLUAK=DFGM98=F :A<=BTA9EGFAB9CGK <G:A=FHIA<=Q9EAF9;AB9 CGB=
EFG?LGKIGM=FQ98AMAK=GI?9FAQEAAUGM=CGKAMGE9DACGF;=FKI9;AA
J=KI9FJ>GIEAI9MGHGE9DCL GKIGMF9LI=9
,IFAKAFJCAGK;ACDLJ J=G<MAM9 MGH=K>9QA MG EAKG@GF<IAAK=A
;AKGHD9QE9K9 09:=D9

09:=D9

-IAC9QF9 I=<GJD=<GKF9 I=9C;AAK=F9GIFAKAFJCAGK;ACDLJ
,3/7?6@/ ,3/7</8<6 +;965092 *97/?6@/

tkzlkvsu ~x{~k|
Vgc ") (" vs|xxwozss
* *>
Ckzlkvsu ~x{~k| xzws|sw ;s|z}usw *> vs|xxwozss
;s|z}usw 6{ykz|{tk 6znswx{}tswk| '*
;AKGHD9QE9
ts{puswk Vgc **>
6znswswx{}tswk| 6znswsw i}vkzk| ;AKGHD9QE9
6znswsw " ) Dzws|sw hzpk ;AKGHD9QE9
fptx <=>=CKMGI=9C;AAK=CGA?GUAF9K;ACDLJGK EG8=<9<GM=<=

<G9CLELD9;AB9F99EGFAB9Cx| MG:L:I=QAK= RKGHGF9K9EL<GM=<LM9<G
GRK=KLM9N=F9EGQGCGKA:L:I=QAK=
(GFKIGD=FK=JK
]kxtz}qs nx |xwsx| xonxmxz
(GB9G<F9M=<=FAM=:9QAMD=?LM9J9EGMGJGJK9MGKF9 (
9?M9FAF :9<=FAF MLI9;AD ?KAEAF
(GA :9QAEG8=<9 J=B9M9K MGJGJK9MF9IA:GFLCD=AFJCAK=CAJ=DAFA
99<=FAF ?M9FAF ;AKGQAF KAEAF:9<=FAF ?M9FAF ;AKGQAF LI9;AD
M 9<=FAF KAEAF ;AKGQAF LI9;AD??M9FAF LI9;AD ;AKGQAF
KAEAF
-IGK=AFAK=CGA?I9<9KJDG8=FHIGK=AFJG ( MGUGM=CGMAGK

4:30845,
GI?9FAQ9EJ=
9@AJKGFA:?DG:LDAFA M9D:LEAFA?FLCD=GHIGK=AFA
5KGHI=KJK9MLM99<=FGQAFEGFG>GJ>9K
9FLCD=GQA< :FLCD=GKA< MHLIAFJC9:9Q9?FLCD=AFJC9CAJ
/GCGDCLMG<GIG<FAMIJCAJ=HGMIQ9FA:9QAK= ?M9FAFA;AKGQAF MG
(
9: M ?FA=<F9
*GD=CLD9K9F9 ( =F9BM98F9AF>GIE9;AGF9EGD=CLD9 <=C9EG8=
<9J=
9I=HDA;AI9
:HGC98LM9GHKAUC99CKAMFGJK
M<=F9KLIAI9
?I=F9KLIAI9
*GD=CLD9K9F9 ( 9CGJ=AQDG8AF9K=EH=I9KLI9F9< N T=J=
9I=CGE:AFAI9 : @A:IA<AQAI9
M<=F9KLIAI9 ?JLHJKAKLAI9
(GB9:9Q9=CGEHD=E=FK9IF9F9KAEAFGK
99<=FAF :?M9FAF M;AKGQAF ?LI9;AD
5KGJ=FLCD=AFJCAK=CAJ=DAFA
9HGDA>GJ>9KA :HGDA9<=FAFA
MHGDAFLCD=GKA<A ?HGDAFLCD=GQA<A
!=>AFAI9B?AHGAEAK=FLCD=GQA< FLCD=GHIGK=AFA HLIAFJC9:9Q9

MAJGCGMI=<FAHIGK=AFA
CGHIAE9IF9K9JKILCKLI9F9J=?E=FKF9 ( = -!!-!!
F9HARAHIAE9IF9K9JKILCKLI9F9CGEHD=E=FK9IF9K9 FAQ9
,:B9JFAB9JAFK=Q9K9C9<=AC9CGA>LFC;AB9K9F9 B+(
!GHGDFA?AAQI9QAK=
0=I;A=IF9K9JKILCKLI9F9 ( =77777AEG8=<9:A<=7777777777
!MGBFAGK@=DACJF9UGM=CGM9K9 ( J=JK9:ADAQAI9JG7777777777
%A<IGDAQ9F9HIGK=AFAK=MG8=DL<FACGK J=MIRAHG<<=BJKMGF9
=FQAEGK 777777777777777777777777
0I9FJ9EAF9;AB9 =HIG;=JF9 7777777777777777777777777777777777

4:30845,
0=E9
"FQAEA %GIEGFA 2A
AK9EAFA
/G<I8AFA
(E@ADA
Y/HTLAB8I8BL=IAKLABA
Y5=DAKB8HIAIF<8
Y,=P8EA@8DE8=E@ADKB8B8L8CA@8
Y3:FUKL8:8
Y.FD=EBC8LMI8ABC8KAOAB8RAU8
5FIDFEA
Y/HTLAB8I8BL=IAKLABA
Y1=;MC8RAU8E8KAEL=@8
Y'=UKL:F
Y5FIDFEAE8PAHFOA@8L8
Y5FIDFEAE8<IM;AL==E<FBIAEA?C=@@<A
$AL8DAEA
+AHFKFCM9ACEA:AL8DAEA" A
5A<IFKFCM9ACEA:AL8DAEA#BBFDHC=BKA3
49<9UAA;=DA
49HGQF9M9N=JG @=EAJC9K9JKIILCKLI9 JMGBJK9M9K9A>LFC;AB9K9F9
=FQAEAK= @GIEGFAK=AMAK9EAFFAK=
!=>AFAI9N=F9HGAEAK==FQAE E CG=FQAE CG>9CKGI @GIEGF MAK9EAF
-IAE=F9F9 FGE=FCD9KLI9K9 C99B=FQAEAK= @GIEGFAK=AMAK9EAFAK=
,:B9JFLM9N=F9 C9K9DAKAUCGKG G<=BJKMGF9=FQAEAK=
,:B9JFLM9N=F9 HIAF;AHAK= AEE=@9FAQEAK= F9 @GIEGFJC9K9 JAFK=Q9A
<=BJKMG
49HGQF9M9N= JG HGJD=<A;AK=G G<HGI=E=KLM9N=F9D9U=N=KGF9
@GIEGFAK=
-GMIQLM9N=F9 LDG?9K9F9MAK9EAFAK=JG HGJD=<A;AK=G<FAMFAGK
F=<GJK9KGCMGGI?9FAQEGKAJGQF9U=N=KGF9HI9MADF9K9AJ@I9F9

4:30845,
,HRKAC9I9CK=IAJKACAF9=FQAEAK=
#5;+*
/AK=HIGE=FAF9JLHJK9F;AK=MG8AMAK=GI?9FAQEAJ=I=QLDK9KF9
:AG@=EAJCA HIG;=JA CGARKG J= G<MAM99K HG< <=BJKMG F9 -4:7:D64>0
6,>,74C,>:<447409C48410<809>4
4=/3/9+ 8+ 6759+/4/ 15/ ;7>'9 86+)/,/A4' 1'9'2/9/A1'
,:41)/0' 4' (/5.+3/81/9+ 675)+8/ ;5 A5;+A1/59 57-'4/='3 /=
F9I=CLM99KLRK=A>=IE=FKAA:AGC9K9DAQ9KGIA
,MGQEG8LM9BTA ?G :AGDGRCAGK E=@9FAQ9E F9 :AG@=EAJCAK=
HIG;=JA =FQAEAK=AEGMGQEG8LM99K8AMGKF98AMAK=GI?9FAQEA
-IMAK= JGQF9FAB9 Q9 =FQAEAK= J= <G:A=FA HIA AJHAKLM9N9K9 F9
>=IE=FK9;AB9K9 F9 CM9J=;GK gktk F9JK9F9D F9QAMGK =FQAEA {yxzpo
?IUCAK= Q:GIGMA 09 A C480 RKG QF9Uk| MG CM9J=;GK 9 F9QAMGK
>=IE=FKA G< '&0,&-23, RKG QF9UA CM9J=; +9LC9|k RKG J= Q9FAE9M9 JG
HIGLULM9N=KGF9=FQAEAK=J=F9I=CLM9=FQAEGDG?AB9
"FQAEAK= GMGQEG8LM99K :AG@=EAJCAK= HIG;=JA <9 J= G<MAM99K
HIA I=D9KAMFG :D9?A LJDGMA K=EH=I9KLI9 G< A mx F=LKI9DF9
JI=<AF9 ak yI nDLCGQ9K9 MG CD=KCAK= F9 8AMAK= GI?9FAQEA J=
I9QDG8LM9 <G ) A " ) A HIAKG9 J= GJDG:G<LM9 =F=I?AB9 2G
D9:GI9KGIAJCALJDGMAK99JG?GILM9 AJKG K9C9 <G ) A " ) FG <LIAF9
K=EH=I9KLI9G<
8957/81/67+-2+*
-IG;=JGKF99DCG@GDFGKGMIA=N=Q9UGM=CGK p F9BJK9I9K9HGQF9K9
=FQAEJC9 I=9C;AB9 ,MGB G:AU=F HIG;=J JO <G ?G<AF9 J= JE=K9D Q9
JHGFK9F9 I=9C;AB9 CG?9 >I9F;LJCAGK @=EAU9I &DI>G *6GH:IF <GC989D
<=C9=EG8=F J9EGMG8AMAK=CD=KCA$=IE9FJCAGK@=EAU9I I8=C:F MG
?G<AF9GKCIAD<=C9CM9J=;GKCM9JGUFAK=?9:AAJHLRK9JLHJK9F;A
CGA EG89K <9 HI=<AQMAC99K >=IE=FK9;AB9 JG RKG @=EAU9IAK= }msopup
<=C9>=IE=FK9;AB9K9AMAK9DFAK=I=9C;AAJ=HI=<AQMAC9FAG<=FQAEAK=
$6B:G,IBC:F :AD9E=IAC9FJCA:AG@=EAU9ICGB MG?G<AF9 HIM
LJH=9D G< JGB9 <9 B9 AQGDAI9 A CIAJK9DAQAI9 LI=9Q9K9 =FQAE CGB ?G
C9K9DAQAI9 I9QDG8LM9N=KG F9 LI=9K9 <G ) A (" Q9 RKG MG
?G<AF9 k <G:AD +G:=DGM9|k F9?I9<9 Q9 @=EAB9 0GB LJH=9D <9 AQGDAI9A

4:30845,
CIAJK9DAQAI9<LIAAF=CGAFAJCGEGD=CLD9IFA=FQAEA Q9HGKG9<9AEB9
AJHAKLM9 @=EAJC9K9 HIAIG<9 -G<G;F9 MG ?G<AF9 (DFHFDE ?A
AQGDAI9D A CIAJK9DAQAI9D H=HJAFGK A KIAHJAFGK 0GB B9 <GC989D
HIGK=AFJC9K9HIAIG<9F9=FQAEAK=
,<GKCIAKA=KG F9 ,IBC:F MG <G<=F=JJ=GKCIA=FAGCGDL
I9QDAUFA=FQAEA
+3/81' 67/75*'4'+4=/3/9+
&JHAKLM9N9K9 HGC989D= <=C9 JAK= =FQAEA HG @=EAJCA JGJK9M
HI=KJK9MLM99K HIGJKA ADA JDG8=FA HIGK=AFA +AMF9K9 I=D9KAMF9K9
EGD=CLDJC9 E9J9 J= <MA8A MG EFG?L RAIGCA ?I9FA;A AE9
IA:GFLDC=9Q9 9 &
?DLK9E9K<=@A<IG?=F9Q9
"FQAEAK= C9CG A GJK9F9KAK= HIGK=AFA AE99K U=KAIA FAMG9 F9
JKILCKLIF9 GI?9FAQ9;AB9 F9 EGD=CLD9K9 HIAE9IF9 J=CLF<9IF9
K=I;AB9IF9 A CM9K=IF9IF9 JKILCKLI9 0A= J= ?DG:LD9IFA HIGK=AFA JG
CDGHU=JK9JKILCKLI9 AQ?I9<=FAG<=<F9ADAHGM=T=HGDAH=HKA<FAFAQA
-IAE9IF9K9 JKILCKLI9 K= I=<GJD=<GK F9 9EAFGCAJ=DAFAK= MG
=FQAEJCAK= EGD=CLDA = ?=F=KJCA <ACKAI9F 0G9 QF9UA <=C9
CGEHD=CJFAK=:AG@=EAJCAI=9C;AAF98AMGKFAK=HIG;=JAC9BJ=CGBMA<
J=HI=F=JLM99KG<?=F=I9;AB9F9?=F=I9;AB9!=C9GM9=KGUFGHGKMI<LM9
A GKCIAM9N=KG F9 ?GD=EGK :IGB F9JD=<FA :GD=JKA CGA J= HI=F=JLM99K
FAQHGCGD=FAB9K9 9J=HGJD=<A;9G<F=<GJK9KGCF9JGG<M=K=F=FQAE
/HGI=<@=EAJCAGKJGJK9M=FQAEAK=EG89K<9:A<9K
"<FGCGEHGF=FKFA ADA HIGJKA =FQAEA CGA J= HIGK=AFA JGJK9M=FA
J9EGG<HIGK=AFJCA<=D
!MGCGEHGF=FKFAADAJDG8=FA =FQAEA@GDG=FQAEA CGAJ=
JGJK9M=FAG<HIGK=AFJCA <=D 9HG=FQAE A xo F=HIGK=AFJCA<=D
"<FGCGEHGF=FKFAK==FQAEAADA9HG=FQAEAK=AE99K AJKA@=EAJCA
C9I9CK=IAJKACA C9CG A GJK9F9KAK= HIGK=AFA AE99K CGDGA<F9 HIAIG<9
K=IEGD9:ADFA J= FAMFAK= MG<FA I9JKMGIA J= AJGDLM99K JG I9JKMGIA F9
F=LKI9DFAF=GI?9FJCA JGDA A EG89K <9 J= <=F9KLIAI99K 2G GM99 ?ILH9
=FQAEAJH9S99KH=HJAFx| KIAHJAFx| DAQG=FQAEx| AIA:GFLCD=9Q9|k
!MGCGEHGF=FKFAK= =FQAEA J= JGJK9M=FA G< HIGK=AFJCA <=D
9HG=FQAEA xo F=HIGK=AFJCA<=D ADACG>9CKGI-IGK=AFJCAGK<=D C9CG
A C9BJDG8=FAK=HIGK=AFA =AQ?I9<=FG<?DG:LD9IFA HIGK=AF

4:30845,
(G>9CKGIGK F9 =FQAEAK= EG8= <9 :A<= E=K9D=F C9KBGF ADA

CGEHD=CJFAGI?9FJCAJG=<AF=FAB9H=HKA<A MAK9EAFAADAHGI>AIAFJCA
<=IAM9KA0A=J=JGHGE9D9EGD=CLDJC9E9J9 K=IEGJK9:ADFAJ= s EG89K
<9J=<AB9DAQAI99K
(G>9CKGIGK JG HIGK=AFJCAGK <=D EG89K <9 :A<9K JMIQ9FA JG
I9QDAU=F9>AFAK=K H9JHGI=< KG9EG8=<9:A<=G<KAHGKF9CG=FQAEADA
G<KAHGKF9HIGJK=KAUF9?ILH9
!GCGDCL CG>9CKGIGK A HIGK=AFJCAGK <=D F9 =FQAEGK K=RCG J=
G<MGBLM99K A HG AQGD9;AB9K9 GJK9FLM99K HGMIQ9FA KG?9R CG>9CKGIGK
<=D J= JE=K9 Q9 AFK=?I9D=F <=D F9 =FQAEGK A J= F9I=CLM9 HIGJK=KAUF9
?ILH9 gxk vG8= <9 :A<= F=CG= GI?9FJCG JG=<AF=FA= ADA E=K9D=F BGF
: :2C 'C D A<IL?A
!GCGDCLHIGK=AFJCAGKAF=HIGK=AFJCAGK<=DJ=JMIQ9FAJGJD9:A
F=CGM9D=FKFA MIJCA A <GCGDCL F=HIGK=AFJCAGK <=D D=JFG
I=M=IQA:ADFG J= G<MGBLM9 G< =FQAEGK A HIA AQGD9;AB9 KA= J= G<MG=FA
KG?9R CG>9CKGIGK J= F9I=CLM9 CG=FQAE (9CG CG=FQAEA J= JI=T9M99K
<=IAM9KAK= F9 F=CGA MAK9EAFA C9CG F9 HI o=IAM9KGK F9 MAK9EAFGK
KAB9EAF
KAB9EAF <A>GJ>9K <=IAM9KGK F9 MAK9EAFGK "
%D+ HGKG9
( A (" A<I
(G=FQAEAK= A HIGJK=KAUFAK= ?ILHA GMGQEG8LM99K :AG@=EAJCAK=
I=9C;AA <9 K=U9K JG JK=@AGE=KIAJCA JGG<FGJ K= <9 I=9?AI9 BDA
JLHJKI9K JG BDA =FQAE
19/;+4)+49'7
(9K9DAKAUCGKG<=BJKMGF9=FQAEAK=Q9MAJAG<=<=FHGJ=:=F<=DF9
HGMIRAF9K9 F9 EGD=CLD9K9 CGB J= F9I=CLM9 9CKAM=F ;=FK9I 0G9 =
M<D9:F9KAF9ADAAJH9CF9KAF9F9HGMIRAF9K9F9HIGK=AFJC9K9EGD=CLD9
F9 =FQAEGK
E=JKG CG= J= HGMIQLM9 JG JLHJKI9KGK *FG?L AJHAKLM9N9
<GC989D=<=C99CKAMFAGK;=FK9IAJLHJKI9KGKJAG<?GM9I99KC9CG CDLU
MGCDLU9DC9*G<=DAQ99CKAMFAGK;=FK9IHI=<DG8AD= B>AA >G8=:F MG
?G<AF9A %DG=A6C9 MG?G<AF9
2G9CKAMFAGK;=FK9IAE9HGM=T=>LFC;AGF9DFA?ILHA(" )"
)) ," A <I CGA LU=JKMLM99K MG HGMIQLM9N=KG F9 =FQAEGK A MG
G:I9QLM9N=KG F9 =FQAEG
JLHJKI9KFAGK CGEHD=CJ ,MA= ?ILHA
HGK=CFLM99K G< JKI9FAUFAK= GJK9KG;A F9 9EAFGCAJ=DAFAK= J=IAF

4:30845,
;AJK=AF DAQAF @AJKA<AF ?DLK9E

EAF A <I G< HIGK=AFJCAGK <=D F9
=FQAEGK
:6897'9
/LHJKI9K = JLHJK9F;9K9 MIQQ CGB9 F=HGJI=<FG <=BJKMLM9 =FQAEGK
&E=FG JG =FQAEJC9K9 EGD=CLD9 J= JMIQLM9 J9EG JLHJK9F;9 CGB9 =
I=9CK9FK MG C9K9DAQAI9F9K9 I I=9C;AB9 AE9 @=EAJC9 MIJC9 ADA
>LFC;AGF9DF9 ?ILH9 JG CGB9 T= JJ= JMIr= JG =FQAEGK G<FGJFG JG CGB9
AE99K JKILCKLIF9 CGEHD=E=FK9IFG GJK K= JA G<?GM9I99K HG HIAF;AHGK
CDLUMG CDLU9DC9 /DAC9
A /D DAC9

/DAC9
(GEH9KA:A
ADFGJKF9JKILCKLI9K9F9
9CKAMFAGK;=F
FK9IAJKILHKI9KGK
*=@9FAQEGKF9
*=@9FAQEGKF9=FQAEJC9K9C9K9DAQ9
9=FQAEJC9K9C9K9DAQ9
*=@9FAQEGKF9<={|mLM9N=F9=FQEAK=AE9=D=E=FKAF9@GEG?=F9
A F9 @=K=IG?=F9 C9K9DAQ9 49 <<9 J= I9Q:=I= HI=K@G<FG T= :A<9K
G:B9JF=KAE=@9FAQEAK=F9@GEG?=F9|k A@=K=IG?=F9K9C9K9DAQ9
-IA .535-+4'9' 1'9'2/=' C99K9DAQ9KGIGKAI=9CK9FKAK=J=MGAJK9
9?I=?9KF9 JGJKGB:9 K= MG K=UF9 A
ADA MG ?9JGMAK9 .=9C;AB9K9 J= G<MAM9
HGJD=<FAGKE=@9FAQ9E
2GHIM9K9>9Q9=<=FG<I=9CK9F FKAK= CGBJ=F9I=CLM9JLHJKI9K J=
MIQLM9 JG C9K9DAQ9KGIGK ( ( HIA RKG ?I9<A AFK=IE=<A=IFG
JG=<AF=FA=(
( (AFK=IE
E=<A=IFGJG=<AF=FA=

4:30845,
2GMKGI9K9>9Q9AFK=IE=<A=IFGKGJG=<AF=FA=J=MIQLM9Q9<IL?AGK
I=9CK9FK HIA RKG J= JGQ<9M9 MAJGCGEGD=CLD9IFG JG=<AF=FA=
9CKAMAI9FCGEHD=CJ CGBJ=GQF9ULM9JG
(
2Y
( 2
(
2Y
-GI9JH9S9N=KGF99CKAMAI9FAGKCGEHD=CJJ=<G:AM99KHIG<LCKAK=
2AC9K9DAQ9KGIGKJ=GJDG:G<LM9@=EAJCA >AQAUCAACGDAUAFJCA
F=HIGE=F=K

(
2Y 2 (
-IA .+9+75-+4'9' 1'9'2/=' C9K9DAQ9KGIGK A I=9CK9FKAK= J= MG
K=UF9 ADA ?9JGMAKk 9?I=?9KF9 JGJKGB:9 9 C9K9DAQ9KGIGK = MG ;MIJK9
9?I=?9KF9 JGJKGB:9 .=9C;AB9K9 J= JDLULM9 F9 HGMIRAF9K9 F9
C9K9DAQ9KGIGK MG K9C9F9I=U=FAK= 9CKAMFA ;=FKIA %=K=IG?=F9K9
C9K9DAQ9J=G<MAM9MGH=K>9QA
<A>LQAB9F9I=9CK9FKACGFHGMIRAF9K9F9C9K9DAQ9KGIGK
9<JGIH;AB9F9I=9CK9FKAF9<C9K9DAQ9KGIGK
=D=E=FK9I=F9CKF9@=EAJC9KI9FJ>GIE9;AB9
@=EAJC9I=9C;AB9
<=JGIH;AB9 F9HIG<LCKAK=G<C9K9DAQ9KGIGK
<A>LQAB9F9HIG<LCKAK=CGFI9JKMGIGK
2G E=@9FAQEGK F9 =FQAEJC9 C9K9DAQ9 AE9 =D=E=FKA F9 @GEG?=F9
C9K9DAQ9 JMGBJKMGKG=FQAEGK<9J=MIQLM9JGKGUFGGHI=<=D=FJLHJKI9K
A@=K=IG?=F9C9K9DAQ9<9HI=KJK9MLM9HGMIRAF9C9<= |x J=JDLULM99K
I=9C;AAK=/HGI=<K=GIAB9K9 wk '>=6:A>G ':CH:C =FQAEJCGKG<=BJKMGJ=
G:B9JFLM9JGG:I9QLM9N=|x F9=FQAEGJLHJKI9K=FCGEHD=CJ
/DAC9
*=@9FAQ9EF9=FQAEJC9K9I=9C;AB9
"FQAEJC9K9I=9C;AB9J=G<MAM9MGKIA>9QA
2GHIM9K9>9Q9 =FQAEGK"J=JMIQLM9JGJLHJKI9KGK, HIARKG
?I9<9K=FQAEGJLHJKI9K=FCGEHD=CJ,
2G MKGI9K9 >9Q9 <G9S9 <G :AG@=EAJC9 I=9C;AB9 HIA RKG
=FQAEGJLHJKI9KFAGK CGEHD=CJ J= KI9FJ>GIEAI9 MG =FQAE
HIG<LCK
CGEHD=CJ*
2G KI=K9K9 >9Q9 =FQAE
HIG<LCK CGEHD=CJGK J= I9QDG8LM9 F9
HIG<LCKAK= *A wk =FQAECGBGJK9FLM99F=AQE=F=KAJK9HLM9MGI=9C;AB9
JG<IL?9EGD=CLD9F9JLHJKI9Kx| /DACA
A

4:30845,
/DAC9
*=@9FAQ9EF9=FQAEJC9I=9C;AB9F9JAFK=Q9
/DAC9
*=@9FAQ9EF9=FQAEJC9I=9C;AB9F9I9QDG8LM9N=
"FQAEAK=?AQ9:IQLM99KI=9C;AAK= JGKG9RKGGMGQEG8LM99KJG
HGE9DCLHGKIGR=F9=F=I?AB9I=9CK9FKAK=<9J=KI9FJ>GIEAI99KMG
HIG<LCKA
/MGBJKM9F9=FQAEAK=
'9'2/9/A1/8;5089;'4'+4=/3/9+
"FQAEAK= HGC98LM99K C9K9DAKAUCA JMGBJKM9 *FG?L G< FAM J=
Q9=<FAUCAJMGBJKM9JGF=GI?9FJCAK=C9K9DAQ9KGIA |xrwks <=C9
EG89K <9 ?A Q9:IQLM99K J9EG GFA= @=EAJCA HIG;=JA CGA J=
K=IEG<AF9EAUCAMGQEG8FA FGJ=EFG?L:9MFA
w= J= KIGR9K :A<=BTA F= MD=?LM99K MG JGJK9M F9 HIG<LCKAK= K= F9
CI9B G< I=9C;AB9K9 GJK9FLM99K @=EAJCA >AQAUCA A CGDAUAFJCA
F=HIGE=F=KA
F= EG89K <9 B9 JE=F9K F9JGC9K9 F9 K=U=N= F9 I=9C;AB9K9 A F= B9
E=FLM99K JGJKGB:9K9 F9 I9EFGK=89 KLCL J9EG GMGQEG8LM99K HG:IQG
<9J=<GJKA?F=

4:30845,
/H=;A>AUFAK= JMGBJKM9CGA?AHGC98LM99K=FQAEAK=MGG<FGJF9
F=GI?9FJCAK=C9K9DAQ9KGIAJ= ?GD=E9K9C9K9DAKAUC9JAD9 =>AC9JFGJK9
I=?LDAI9UCG|x <=BJKMGAJH=;A>AUFGJK9
'9'2/9/A1' 8/2' = G<FGJ F9 :IQAFAK= F9 C9K9DAQAI9F9K9 A
F=C9K9DAQAI9F9K9 I=9C;AB9 099 Q9 =FQAEJCAK= I=9C;AA AE9 ?GD=E9
MI=<FGJK AQF=JLM9 xo <G H9KA0G9=K9C9 lsops KA=Q9:IQLM99K
J9EG=<=FG<EG8FAK=H9KARK9F9I=9C;AB9K949KG9MGCD=KC9K9EG89K
<9 K=U9K AJKGMI=E=FG F9BI9QDAUFA I=9C;AA 9 HIAKG9 <9 F= ?A
Q9:9MLM99K FAKL<9?ACGU9KJHGI=<FAK=I=9C;AA
,/1'84589' F9 =FQAEAK= J= <GD8A F9 >9CKGK <=C9 K=U9K :=Q
JGQ<9M9N= F9 JHGI=<FA HIG<LCKA G<FGJFG I=9CK9FKAK= ;=DGJFG J=
KI9FJ>GIEAI99KMGHIG<LCKA :=QQ9?L:9
"FQAEAK= Q9 I9QDAC9 G< F=GI?9FJCAK= C9K9DAQ9KGIA AE99K
7+-:2/7'A15 *+089;5 *G8= <9 J= I=?LDAI9 K=CGK F9 I=9C;AB9K9
G<FGJFG<GCGBHIG<LCKT=G<AI=9C;AB9K9
6+)/,/A4589' = JHGJG:FGJK F9 J=D=CKAMFGJK F9 =FQAEAK= <9
C9K9DAQAI99K J9EG =<=F MA< @=EAJC9 I=9C;AB9 ADA <9 J= JMIQLM99K JG
=<=F JLHJKI9K ADA ?ILH9 JLHJKI9KA JG JDAU=F @=EAJCA JGJK9M JG CGA
AE99K?=GE=KIAJC9CGEH9KA:ADFGJK
/H=;A>AUFGJK9 F9=FQAEAK= EG8=<9:A<=
+AJC9 JH=;A>AUFGJK AE99K =FQAEAK= CGAJ=JH=;A>AUFACGFMA<GK
F9MIJC9K9E=SLEGFGE=IAK=F9F=CG=CGEHD=CJFGJG=<AF=FA=,MA=
=FQAEA <=BJKMLM99K F9 H=HKA<F9K9 MIJC9 C9B HIGK=AFAK= A
=JK=IJC9K9 ADA ?DLCGQA<F9 MIJC9 C9B JDG8=FAK= B9?D=@A<I9KA A
DAHA<AK=
.=D9KAMF9 ?ILHF9 JH=;A>AUFGJK AE99K =FQAEAK= CGA EG89K <9
?I9<9K =FQAEGJLHJKI9K=F CGEHD=CJ JG ?ILH9 JLHJKI9KA JG JDAU=F
@=EAJCA JGJK9M 9EAD9Q9 >GJ>9K9QA A H=HJAF A MG=<FG EG8= <9
C9K9DAQAI9HGM=T=:AG@=EAJCAI=9C;AA
HJGDLKF9 JH=;A>AUFGJK =FQAEGK EG8= J= MIQ= J9EG JG =<=F
JLHJKI9K 9 JG KG9 <9 C9K9DAQAI9 J9EG =<F9 :AG@=EAJC9 I=9C;AB9
J9@9I9Q9 E9DK9Q9 LI=9Q9 /DAC9

4:30845,
/DAC9
"FQAEGKJGJLHJKI9KGKCGFCGBHGC98LM99HJGDLKF9
JH=;A>AUFGJKJ=HGMIQLM99KHGHIAF;AHGK CDLUMGCDLU9DC9
,HKAUC9 JH=;A>AUFGJK AE99K =FQAEA CGA <=BJKMLM99K J9EG F9

GHI=<=D=FA GHKAUCA AQGE=IA MG JE=J9 G< D=MG?AIA A <=JFG?AIA
>GIEA F9 =<FG GHKAUCA 9CKAMFG JG=<AF=FA= <9 <=BJKMLM99K J9EG F9
=<F9K9>GIE9
=;4>?@,A09,=?;=><,>9,>,=;0.414G9:=>9,09C484>0
%0<,-:>4@: 0;<?@0>4(:;<@,>,0;<?@0>,=0=>,@,
, =6<:-4
, ;7?96,(:@>:<,>,
, =6<:-4 , 6@,=:G9,=?=;09C45,
(:><0>,>,=0=>,@,
, <,=>@:<9,=,3,<:C,4 , ;7?96,,@:
G0>@<>,>, =0 =>,@,
, <,=>@:< :/ =,3,<:C, 4 , 6@,=:G9,
=?=;09C45, ;<?@0>4>0 =0 496?-4<,,>
849?>4 9, @:/9, -,A,
C,2<0,9, 9, #:>:, @: =4>0 0;<?@0>4 ://079: =0 4C@0/?@,
&)+*-(.@, 4 3(.+:@, ;<:-, &)+*-(:@,>, ;<:-,F0 -4/0 ;:C4>4@9,
@: ;<@,>, 4 G0>@<>,>, 0;<?@0>, -4/05F4 =::/@0>9: ,847,C,>, 4
=,3,<,C,>,F024<,C7:+,>=6<:-:>4=,3,<:C,>,/:8:9:=,3,<4/4
6:4 F0 /,/,> ;:C4>4@9, <0,6.45, 3(.+:@,>, ;<:-, F0 -4/0
;:C4>4@9, =,8: @: @>:<,>, 0;<?@0>, -4/05F4 =,3,<,C,>, 90 2:
<,C7:+?@,=6<:-:> (:><0>,>,0;<?@0>, F048,902,>4@9, &)+*)(
:@,4 3(.+:@,;<:-,

4:30845,
(AF=KAC9F9=FQAEJCAK=I=9C;AA
IQAF9K9 F9 =FQAEJC9K9 I=9C;AB9 Q9MAJA G< CGF;=FKI9;AB9K9 F9

=FQAEGK CGF;=FKI9;AB9K9F9JLHJKI9KGK K=EH=I9KLI9K9F9I=9C;AGFAGK
JAJK=E xo I+F9JI=<AF9K9AG<HIAJLJKMGKGF9=>=CKGIAK=
54)+497')/0'9' 4' +4=/359 MDAB9= HI9MGHIGHGI;AGF9DFG MIQ
:IQAF9K9F9=FQAEJC9K9I=9C;AB9 fGQ?GD=ELM9N=|x F9CGF;=FKI9;AB9K9
F9 =FQAEGK lIQAF9K9 F9 I=9C;AB9K9 I9JK= :A<=BTA J= Q?GD=ELM9 :IGBGK
F99CKAMFA;=FKIAC9<= RKG EG8=<9J=JDLUA:AG@=EAJC9K9 I=9C;AB9
54)+497')/0'9' 4' 8:6897'959 MDAB9= MIQ :IQAF9K9 F9
=FQAEJC9K9 I=9C;AB9 2G HGU=KGCGK F9 I=9C;AB9K9 HIA CGFJK9FKF9
CGF;=FKI=;AB9 F9 =FQAEGK CGFJK9FKFA 0 A I+ A HIA FAJC9
CGF;=FKI9;AB9 F9 JLHJKI9KGK Q9MAJFGJK9 G< :IQAF9K9 =
HI9MGHIGHGI;AGF9DF9 (G?9 T= F9JK9F= Q9JAKLM9N= F9 =FQAEGK K=
Q9JAKLM9N= F9 9CKAMFAK= ;=FKIA JG JLHJKI9K JG F9K9EGRFGKG
Q?GD=ELM9N= F9 CGF;=FKI9;AB9K9 F9 JLHJKI9KGK F=E9 <9 J= Q?GD=EA
:IQAF9K9F9I=9C;AB9K9 /DAC9

/DAC9
$I9>AUCAHIAC9QF9Q9MAJFGJK9F9:IQAF9K9F9=FQAEJC9K9I=9C;AB9
4 G<CGF;=FKI9;AB9K9F9JLHJKI9KGK
!+36+7'9:7'9' F9I=9C;AGFAGKJAJK=E:AKFGMDAB9=MIQ:IQAF9K9
F9=FQAEJC9K9I=9C;AB9/GQ?GD=ELM9N=|x F9K=EH=I9KLI9K9<G
/
I9JK=A9CKAMFGJK9F9=FQAEAK= a9K9EGRFGKG Q9?I=M9N=HI=<AQMACLM9
<=F9KLI9;AB9 F9 HIGK=AFJC9K9 EGD=CLD9 F9 =FQAEAK= A GH9S9N= F9
F=BQAF9K9 C9K9DAKAUC9 9CKAMFGJK /G JFA8LM9N= F9 K=EH=I9KLI9K9
GH9S9 9CKAMFGJK9 F9 =FQAEGK FG F= J= ?L:A ;=DGJFG ,HKAE9DF9|k

4:30845,
K=EH=I9KLI9 = GF99 HIA CGB9 =FQAEAK= HGC98LM99K E9CJAE9DF9

9CKAMFGJK 49 UGM=CGMAK= A 8AMGKAFJCAK= =FQAEA K99 AQF=JLM9 / 9
Q9I9JKAK=DFAK=G<
/ /DAC9

/DAC9
$I9>AUCAHIAC9QF9Q9MAJFGJK9 F9:IQAF9K9
F9I=9C;AB9K9 4 G<K=EH=I9KLI9K9 2
=;4>?@,A0 9, @745,940>: 9, >08;0<,>?<,>, @<C ,6>4@9:=>, 9,

09C484>0
(: 0;<?@0>4 =0 =>,@, ;: , :/ 6@,=:G9,>, =?=;09C45, @:/09
<,=>@:< 9, 6@,=0. 6:5, =:/<+4 27?6:C,1:=1,> (: /<?24
0;<?@0>4 =0 =>,@, 8,76? =?;=><,>9,>, =80=, :/
<,=>@:< 9,
80>4709=6: =49: 4 <,=>@:< 9, 27?6:C, %0 ;<,@,> ;,<:@4 :/
/@0>02<?;4#<@4:>;,<0;<?@0>4=0496?-4<,
849?>49,:-4G9,
>08;0<,>?<,@>:<4:>;,<9,%,><0>4:>9,
%#:>:,=0
80D,,>=:/<+494>09,=06:5;,<0;<?@0>44=0496?-4<,,>?D>0

849?>4 *0 C,-070+480 /06, :-0C-:5?@,A0>: 0 9,52:708: @:
0;<?@0>,>, 496?-4<,9, 9, % -4/05F4 >:, 0 :;>48,79,>8
>08;0<,>?<,9,/0B=>9?@,A09,09C484>0#:=7,-:0@:0;<?@0>,>,
6:5, -47, 496?-4<,9, 9, :-4G9, >08;0<,>?<, !,
% 9,=>,9,7,
/09,>?<,.45, 9, 09C48:> ;:<,/4 902:@,>, ;<:>049=6, ;<4<:/, 4
908,;<:809,9,-:5,>,9,<,=>@:<:>
7
:AKFG MDAB9= MIQ 9CKAMFGJK9 F9 =FQAEGK 9 JG
KG9 A F9 :IQAF9K9 F9 =FQAEJC9K9 I=9C;AB9 2G<GIG<FAK= C9KBGFA A

4:30845,
@A<IGCJA<FAK= 9FBGFA MDAB99K MIQ =FQAEGK A JLHJKI9KGK A MIQ

JK9:ADFGJK9F9=FQAEG
JLHJKI9KFAGKCGEHD=CJ
/=CGB =FQAE AE9 GHKAE9DF9 I+ F9 <=BJKMG G<FGJFG I+ F9
JI=<AF9K9 CG?9 HGC98LM99K E9CJAE9DFG <=BJKMG H=HJAFGK
@=EGKIAHJAFGK @GD=JK=I9Q9K9 *FG?L CAJ=D9K9 GJM=F C9B
H=HJAFGK A EFG?L :9QF9K9 JI=<AF9 HI=<AQMACLM99K <=F9KLI9;AB9 F9
HIGK=AFJC9K9 EGD=CLD9 F9 =FQAEAK= GF=MGQEG8LM9N= F9 FAMF9K9
C9K9DAKAUC99CKAMFGJK
=;4>?@,A09, <!:;>48?89,09C484>0
(:0;?@0>4=0=>,@,;: , =6<:- ,+ ;7?96,4 , ;?10<@:
=06:5,0;<?@0>,48,;?10<=:<,C74G9: <! :/ /: %0496?-4>,
849?>4 9, % ;:>:, =0 7,/,> 0;<?@0>4>0 4 =0 /:/,@,8>

6,;645:/ <! 9,;?10<:>@:0;?@0>,>,6,/0:-:5?@,A0>:0=:9,5=7,-
48>09C4>0>?6,+?@,9, <! :;>48?89,,847,C,>8
,+1957/9+ J= JLHJK9F;A CGA MDAB99K F9 :IQAF9K9 A K=CGK F9

=FQAEJC9K9I=9C;AB9JGKG9RKGKA=EG89K<9 B9Q?GD=E9K F9E9D9KADA
GF=MGQEG89K C9K9DAKAUC9K9 9CKAMFGJK F9 =FQAEAK= 2G Q9MGJFGJK G<
<=BJKMGKGEG89K<9:A<9K9CKAM9KGIAAAF@A:AKGIA
6>4@,>:<4>0 J=JLHJK9F;AK=CGAB9Q?GD=ELM99K9CKAMFGJK9F9
=FQAEAK= /HGI=< <=BJKMGKG F9 =FQAEGK KA= EG89K <9 J= HG<=D9K F9
HGM=T=F9UAFA
CKAM9KGIA CGA MIR9K <=E9JCAI9N= F9 9CKAMFAGK ;=FK9I K=
HIG=FQAEAK= F=9CKAMFAK= =FQAEJCA >GIEA ?A 9CKAMAI99K MG
9CKAMFA=FQAEA
CKAM9KGIACGA?A9CKAMAI99KAF@A:AI9FAK==FQAEA K=GFA=CGAB9
AQ?L:AD=C9K9DAKAUC9K9JHGJG:FGJK
CKAM9;AB9 F9 =FQAEAK= JG E=K9DFA BGFA CGA MIR9K 9CKAM9;AB9 F9
C9K9DAKAUCGKG <=BJKMG F9 =FQAEGK A JK9:ADAQ9;AB9 F9 =FQAEJC9K9
EGD=CLD9
CKAM9KGIAF9=FQAEAK=EG89K<9:A<9K
(9KBGFA%(6'< 2C 6 A<IL?AA9FBGFAA()*) ,
( CGA B9 E=FLM99K CGF>GIE9;AB9K9 F9 9CKAMFAGK ;=FK9I ADA ?G
Q9:IQLM99K>GIEAI9N=KGF9=FQAEGJLHJKI9KFAGKCGEHD=CJ

4:30845,
-IGJK=KAUF9K9?ILH9ADACG=FQAEGK F9=FQAEGK ((" '(

HAIA<GCJ9D>GJ>9K CG=FQAE
2AJGCGEGD=CLD9IFA JG=<AF=FAB9 CGA B9 9CKAMAI99K HI=KMGI:9K9 G<
HIG=FQAEAMG=FQAEA
934-4>:<4 J= JLHJK9F;A CGA B9 F9E9DLM99K :IQAF9K9 ADA
HGKHGDFG B9 GF=MGQEG8LM99K =FQAEJC9K9 9CKAMFGJK 0A= GM9 <=BJKMG ?G
AQI9QLM99K JG KG9 RKG B9 F9E9DLM99K JHGJG:FGJK9 F9 =FQAEGK <9
>GIEAI9 F9 =FQAEGJLHJKI9KFAGK CGEHD=CJ 9 JG KG9< 9 B9 GMGQEG8A
@=EAJC9K9I=9C;AB9
*=@9FAQEGKF9 <=DLM9N=F9AF@A:AKGIAK= MIQ=FQAEAK=EG8=<9
:A<=
:8;0>4>4@9, 474 6:96?<09>9, 4934-4.45, AE9 CG?9
AF@A:AKGIGK#AJLHJKI9KGK, J=JDAUFAMGJMGB9K9JKILCKLI9A EG89K
<9 J= MIQ9K Q9 9CKAMFAGK ;=FK9I !GCGDCL AF@A:AKGIGK J= MIQ= Q9
9CKAMFAGK ;=FK9I F9 =FQAEGK " T= J= >GIEAI9 =FQAE
AF@A:AKGI=F
CGEHD=CJCGBF=E9 <9 J= I9JH9<F=F9 HIG<LCKAF9 I=9C;AB9K9 0GB T= ?G
JHI=UAJGQ<9M9N=KGF9=FQAEGJLHJKI9KFsx| CGEHD=CJ /DAC9
-IA
GM9 AF@A:AKGIGK <=DLEFG B9 GF=MGQEG8LM9 =FQAEJC9K9 9CKAMFGJK
:A<=BTA <=D G< =FQAEJCAK= EGD=CLDA T= J= JMIQ9K JG JLHJKI9KGK A T=
<9<9KHIG<LCKAF9I=9C;AB9K9
/DAC9
(GEH=K=KAMF9AF@A:A;AB9F9=FQAEAK=
!06:8;0>4>4@9, 474 906:96?<09>9, 4934-4.45, D AE9 CG?9

AF@A:AKGIGKAJLHJKI9KGK EG89K<9 J=HGMIQLM99KQ9I9QDAUFGE=JKGF9
=FQAEJC9K9EGD=CLD9 -IAGM9AE9<M=EG8FGJKAQ9AF@A:A;AB9-IM9K9
=CG?9AF@A:AKGIGKT=J=MIQ=Q9E=JKGF9HGMIRAF9K9F9=FQAEGKCG=F=
9CKAMFAGK ;=FK9I HI=<AQMACLM9 E=FLM9N= F9 CGF>GIE9;AB9K9 F9
=FQAEGK A F9 J9EAGK 9CKAM=F ;=FK9I /DAC9
2KGI9K9 EG8FGJK F9
AF@A:A;AB9 = CG?9 AF@A:AKGIGK T= J= HGMIQ= Q9 =FQAE
JLHJKI9KFAGK
CGEHD=CJ 0G?9R KGBHI=<AQMACLM9 Q9:9MLM9N= F9 =FQAEJC9K9 I=9C;AB9
09C9AF@A:AKGIFG<={|mLM99K I "< ><

4:30845,
/DAC9
+=CGEH=K=KAMF9AF@A:A;AB9F9=FQAEAK=
6:8;0>4>4@9,4934-4.45, AE9CG?9AF@A:AKGIGKJ=MIQLM9Q9
M=T= JGQ<9<=FAGK =FQAE
JLHJKI9KFAGK CGEHD=CJ A B9 GF=MGQEG8LM9
F=?GM9K9KI9FJ>GIE9;AB9MGHIG<LCKA /DAC9

/DAC9
CGEH=K=KAMF9AF@A:A;AB9F9=FQAEAK=
=;4>?@,A0 9, @745,940>: 9, 4934-4>:<4>0 4 ,6>4@,>:<4>0 @<C

,6>4@9:=>,9,09C484>0
(: ><4 0;<?@0>4 =0 =>,@, ;:
, <,=>@:< :/ =6<:- 4 ;7?96, (:
;<@,>, =0 =>,@,,> 6,;64 /0=>474<,9, @:/, @: @>:<,>, 6,;64
<,=>@:< 9, "+ , @: ><0>,>, 6,;64 <,=>@:< 9, 3
;<?@0>4>0=0496?-4<,,>
849?>49,%#:>:,0;<?@0>4>0=0
7,/,> 4 @: 94@ =0 =>,@, ;:
6,;6, 3(.+:@ <,=>@:< #<:-,>, 0
;:C4>4@9, @: 0;<?@0>,>, =: 3 -4/05F4 >:5 5, /09,>?<4<,7
,847,C,>, , =: >:, >,, 0 :90@:C8:+09, 34/<:74C,>, 9, =6<:-:>
:5,>, @: 0;<?@0>,>, =: "+ 0 9,589:2? ;<:8090>, D>: ?6,+?@,
/06, 34/<:74>4G6:>: <,C7:+?@,A0 9, =6<:-:> >,8? 0 9,5-<C: , @:
;<@,>, 0;<?@0>, <0,6.45,>, 0 ;:-,@9, ;:<,/4 :>=?=>@: 9,
,6>4@,>:<
DGJK=IAU=F =>=CK = KAH F9 AF@A:A;AB9 AE9 CG?9 AF@A:AKGIGK

HI=<AQMACLM9HIGE=F9F9CGF>GIE9;AB9K9F99CKAMFAGK;=FK9I0G9J=
HGJKA?FLM9 JG MIQLM9N= F9 9DGJK=IAUFA DA?9F<A F9 E=JKGKG F9
9CKAMFAGK;=FK9I29CGM=>=CKF9BU=JKGHI=<AQMACLM99KE=K9DFABGFA

4:30845,
+GE=FCD9KLI9ACD9JA>AC9;AB9F9
=FQAEAK=
53+412'9:7'4'+4=/3/9+
+9QAMAK=F9=FQAEAK= J= AQM=<LM99K F9JD=<FAK= F9UAFA
CG CGF D9KAFJCGKG AE= F9 JLHJKI9KGK MIQ CGB <=BJKMLM9 =FQAEGK J=
<G<9M9F9JK9MC9K9 wkyz J9@9I9Q9 E9DK9Q9 IA:GFLCD=9Q9
CGCGFAE=KGF9C9K9DAQAI9F9K9I=9C;AB9J=<G<9M9F9JK9MC9K9
wk HI@A<IGD9Q9 <=C9I:GCJAD9Q9 <=@A<IG?=F9Q9
KIAMAB9DFA AEAN9 CGA AE J= <9<=FA G< F9LUFA;AK= CGA ?A GKCIAD=
KIAHJAF H=HJAF HKAB9DAF
2'8/,/1')/0'4'+4=/3/9+
"FQAEAK= J= CD9JA>A;AI99K JHGI=< KAHGK F9 I=9C;AB9K9 CGB9 B9
C9K9DAQAI99K /HGI=<KG9HG<=D=FAJ=MGR=JKCD9JA 09:=D9

09:=D9

-G<=D:9F9=FQAEAK=JHGI=< KAHGKF9I=9C;AAK=CGA?AC9K9DAQAI99K
Yukmwk nz}yk Zp{|mx czsvpz
tk|kusrszkk| zpktss wk xt{soksk s

xt{soxzpo}t|krs ukt|k|
opsozxnpwkrk
zpo}tsk
yzpwp{}mkk| zkrws nz}ys

|zkw{~pzkrs kukwsw
|zkw{kvswkrk
tktx " (" s|w
tswk| p{|pz{ts nustxrsows s zslxw}tupkrk kvsukrk

sozxukrs
ypy|sows mz{ts |zsy{sw
uskrs zkrnzko}mkk| zkrusws {xposwpwsk ysz}mk|

optkzlxt{sukrk
tk|kusrszkk| yzp|mxzkp wk popw
nu}txrk
~x{~k|
srxvpzkrs srxvpz mx oz}n wk yzsvpz kuoxrk mx

srxvpzkrk
tp|xrk
nu}|kvsw
{sw|p|krk
tk|kusrszkk| {sw|prk wk ) ( [wrsvs txs ns
usnkrs
mz{tk kt|smszkk| kvswx
ts{pusws|p

4:30845,
/=CGB=FQAEAE9AJMGB=FQAEJCA:IGB G<U=KAIA;A>IA
IG<KAHF9@=EAJC9K9I=9C;AB9
CD9J9>LFC;AGF9DF9?ILH9F9<GF9KGIGK
HGKCD9J9 >LFC;AGF9DF9?ILH9F99C;=HKGIGK
AF<AMA<L9D=F:IGBF9=FQAEGK
(GFKIGD=FK=JK
#49GCIL8A?GKGUFAGKG<?GMGI
HG=FQAEGKHG@=EAJCAGKJGJK9M=
9MAK9EAF : FLCD=GKA<
MJCD=IGHIGK=AF ? ?DG:LD9I=FHIGK=AF
!GCGDCLF=HIGK=AFJCAGK<=DAHGCIAJK9DAQ9;AB9K9F9=FQAEGK
GJK9F=JMIQ9FQ9HIGK=AFJCAGK<=DG<<MGCGEHGF=FKFAGK=FQAE =
9@GDG=FQAE :CG=FQAE MHIGJK=KAUF9?ILH9 ?9HG=FQAE
"FQAEAK=HGHI9MADG
9F=J=HIGK=AFA
:F=MD=?LM99KMGJGJK9MF9HIGAQMG<AK=F9I=9C;AAK=
MMGI=9C;AB9K9J=KIGR9K
?B9HGE=JKLM99KJGJKGB:9K9F9I9EFGK=89
(G?9AF@A:AKGIGKAJLHJKI9KGKF=J=MIQLM99KQ9AJKGE=JKGF9
HGMIRAF9K9F9=FQAEAK= AF@A:A;AB9K9=
99DGJK=IAUF9 :AFCGFCLI=FKF9 MCGFCLI=FKF9 ?F=CGFCLI=FKF9
##-GHGDFA
CKAM9KGIAJ=JLHJK9F;ACGAB977777777777=FQAEJC9K9I=9C;AB9
(G=FQAEGK=777777777777MIQ9FQ9HIGK=AFJCAGK<=DG<=FQAEGK
77777JH=;A> AE9=FQAECGBEG8=<9J= MIQLM9J9EGQ9=<=FJLHJKI9K
###,:B9JFA
(9CGM=E=@9FAQ9EGKF9F=HGMI9KF9AF@A:A;AB9
(9CGM=E=@9FAQ9EGKF9:=QCGFCLI=FKF9AF@A:A;AB9
2DAB9FA=F9CGF;=FKI9;AB9K9F9JLHJKI9KGKF9:IQAF9K9F9
=FQAEJC9K9I=9C;AB9

4:30845,
,HRKAC9I9CK=IAJKACAF9@GIEGFAK=
5/3
6GM=CGMAGKGI?9FAQ9E = F9BJDG8=F9K9A F9BJGMIR=F9K9 CI=9;AB9
F9 HIAIG<9K9 /GJK9M=F = G< ?GD=E :IGB GI?9FA 9 KA= H9C G< I9QDAUFA
KCAM9 A CD=KCA JG JH=;A>AUF9 ?I9<:9 /AK= KA= A9CG E=SLJ=:FG J=
G<<9D=U=FA >LFC;AGFAI99K :=JHI=CGIFG HGI9<A LJCD9<=FGJK9 F9
E=K9:GDAKAUCAK= HIG;=JA 49 <9 J= GJKM9IA CGI=D9;AB9 MG I9:GK9K9 F9
JAK=KCAM9AGI?9FA F=GH@G<=F=HI=FGJGK F9 HGI9CA G<=<FG<G<IL?G
E=JKG 49 K99 ;=D MG K=CGK F9 =MGDL;AB9K9 J= I9QMAD= <M9 JAJK=EA
F=IMFAGK A=F<GCIAFAGK JAJK=E
+=IMFAGK JAJK=E ?A HI=F=JLM9 JA?F9DAK= G< EGQGCGK FAQ ;=DAGK
GI?9FAQ9EAG:I9KFG<GEGQGCGKHI=CLF=IMFAK=CD=KCA
"F<GCIAFAGKJAJK=ELU=JKMLM9MGHI=F=JLM9N=KGF9HGI9CAK=JG
D9U=N= F9 :AGDGRCA 9CKAMFA JLHJK9F;A
@GIEGFA &E=KG @GIEGF
HGK=CFLM9G<?IUCAAQI9Q RKGGQF9ULM9 <9J=HGKKACF=9CKAMFGJK
57354/9+8+86+)/0'2/=/7'4/.+3/81/89/3:2'957/ 15/ 82:&'9
=' 67+*';'<+ 4' ='+35*+089;' /2/ 8/-4'2/ 3+?: 5**'2+A+4/ 12+91/ /
57-'4/
%GIEGFA J= GI?9FJCA JG=<AF=FAB9 JG JK=IGA<F9 ADA HIGK=AFJC9
HIAIG<9 JG JH=;A>AUFG <=BJKMLM9N= CGA <=DLM99K MG E9DA CGDAUAFA
0A= J= JAFK=KAQAI99KMG =F<GCIAFAK=CD=KCA KCAM9AGI?9FA
=F<GCIAFA
8D=Q<A J= KI9FJHGIKAI99KHI=CL CIMGKGCGK J= KI9FJHGIKAI99K <G JAK=
<=DGMAF9 K=DGKG FGJ==>=CKAMFA J9EGMIQJH=;A>AUFA;=DFA CD=KCA
"25-'
%GIEGFAK=MIR9KI=?LD9KGIF9LDG?9 JG
I=?LD9;AB9K9 A CGI=D9;AB9K9 F9 >LFC;AAK= F9 I9QFAK= GI?9FA MG
GI?9FAQEAK=
9CKAM9;AB9K9 F9 JH=;A>AUFAK= =FQAEJCA JAJK=EA MG CD=KCAK= A
GI?9FAK=
I=?LD9;AB9K9 F9 ;=DGCLHFAGK E=K9:GDAQ9E JGJK9MGK F9 CIMK9 A
<IL?AK=K=D=JFAK=UFGJKA
FGIE9DFGKG>LFC;AGFAI9N=F9GI?9FAK=

4:30845,
G:=Q:=<LM9N=KG A MIR=N=KG CGFKIGD9 F9 I9JKGK A I9QMGBGK F9 JAK=

KCAM9 A GI?9FA +=E9 HIG;=J CGB F= = F=HGJI=<FG ADA HGJI=<FG HG<
MDAB9FA=F9=<=FADAHGM=T=@GIEGFA
J=CGB @GIEGF AE9 JH=;A>AUFA >LFC;AA MIQ E=K9:GDAQEGK A
>LFC;AB9K9F9GI?9FAK=
/G F=<GJK9KGC ADA F9E9D=FGKG D9U=N= F9 F=CGB @GIEGF
F9JK9FLM99K HIGE=FA MG @=EAJCAK= I=9C;AA 9 JG KG9 HGI=E=KLM9N= F9
E=K9:GDAKAUCAK=HIG;=JAAI9QFA:GD=JKA
2'8/,/1')/0'
%GIEGFAK=EG89K<9J=CD9JA>A;AI99KF9HGM=T=F9UAFA
%;:<0/ 80=>:>:9,/05=>@?@,A0 48,3:<8:94=:
GHRKG<=BJKMG@GIEGFQ9I9JK
,-" AFJLDAF KAIGA<FA@GIEGFA
JH=;A>AUFG<=BJKMG-," -"
%;:<0/3084=6,>,=><?6>?<,48,3:<8:94=:
-IGK=AFJC9 JKILCKLI9 HIGK=AFA ADA H=HKA<A AE99K JCGIG JAK=
@GIEGFA GJM=FGFA=G<F9<:L:I=8FAK= KAIGA<F9K9AHGDGMAK=8D=Q<A
/G HIGK=AFJC9 HIAIG<9 J= ?DLC9?GF AFJLDAF GCJAKG;AF M9QGHI=JAF
E=D9FGKIGHAFA KIGHFAK=@GIEGFA
/K=IGA<F9JKILCKLI9JK=IGA<FA
@GIEGFAK= G< CGI9K9 F9 F9<:L:I=8FAK= 8D=Q<A CGIKAQGD
CGIKAQGF CGIKACGJK=IGF9D<GJK=IGF
E9RCAK=HGDGMA8D=Q<AK=JKGJK=IGF
8=FJCAK=HGDGMA8D=Q<A=JKI9<AGD =JKIGF HIG?=JK=IGF
EAFGCAJ=DAFJC9JKILCKLI9<=IAM9KAF9 9EAFGCAJ=DAFAK=
@GIEGFA G< JI;=MAF9K9 F9 F9<:L:I=8F9K9 8D=Q<9 9<I=F9DAF A
FGI9<I=F9DAF
KAIGA<F9K98D=Q<9KAIGCJAF KIABG<KAIGFAF C9D;AKGFAF
%;:<0/80=>:>:9,4C7,G?@,A0
+=LIGJ=CI=KGIFA @GIEGFA CGA J= JAFK=KAQAI99K MG F=IMFAK=
CD=KCA 9<G;=DFAK=CD=KCAJKA?FLM99KHI=CLJCI9K=FAGKCIMGKGC
$D9F<LD9IFA @GIEGFACGA?AD9U9K8D=Q<AK= JGMF9KI=RFGD9U=N=
@GIEGFA F9 @AHG>AQ9K9 RKAKF9K9 8D=Q<9 H9FCI=9JGK
F9<:L:I=8F9K9 8D=Q<9 HGDGMAK= 8D=Q<A 0A= <G ;=DFAK= CD=KCA
JKA?FLM99KHI=CLCIMGKGCGK

4:30845,
?D9F<LD9IFA KCAMFA @GIEGFA J= @GIEGFA CGA ?A D9U9K

JH=;AB9DAQAI9FA CD=KCA MG I9QFA KCAM9 !G ;=DFAK= CD=KCA
JKA?FLM99KJGH9I9CIAFE=@9FAQQ9E G<FGJFGJG<A>LQAB9 G<CD=KC9<G
CD=KC9
*=<AB9KGIA @GIEGFACGA?AD D9U9KKCAM9K9 MGCGA KA=<=BJKMLM99K
&E99KJKIG?GDGC9DFG<=BJKMG
%;:<0/80E?=0-9:>:/05=>@??@,A03:<8:9408:+,>/,-4/,>
/AF=I?AJKA @GIEGFAK=CGAJA AHGE9?99KMG<=BJKMLM9N=KG
FK9?GFAJKA @GIEGFAK=F9C CGA<=BJKM9K9AEJ=HGFARKLM99K -I
AFJLDAFGK B9 F9E9DLM9 CGF;=FFKI9;AB9K9 F9 ?DLCGQ9 MG CIMK9 A =
9FK9?GFAJK F9 9<I=F9DAFGK :A<<=BTA KGB MDAB9= F9 Q?GD=ELM9N=KG F9
?DLCGQ9MGCIMK9
%;:<0/ <,=>@:<74@:=>,
)AHGJGDL:ADFA KLC9JH9S99KJK=IGA<FAK=@GIEGFA
%A<IGJGDL:ADFA KLC9 JH9S99K H=HKA<FAK= A 9EAFGCAJ=DAFJCAK=
@GIEGFA
19/;4589
=><,+449,;<,@4 //2;<0C09>,.45, C, :>6<4@,A0>:9,3:<8:94>0
.=?LD9;AB9F9JA
.=?LD9;AB9F9JAFK=Q9K9F9@GIEGFAK=
AFK=Q9K9F9@GIEGFAK=
5735481/8/89+3
%GIEGFJCAGKJAJK=E=JDG88=FJAF@IGFAQAI9FJAJK=EJGJK9M=FG<
=F<GCIAF98D=Q<9 CIMK9C9CGKI99FJHGIKFGJI=<JKMG ;=DFAK= CD=KCAA
GI?9FQ9AF9CKAM9;AB9A=DAEAF9;A
AB9F9@GIEGFAK= /DAC9

/DAC9
-IAC9QF9H
HGJD=<GM9K=DFGKG<MA8=N=
F9@GIEGFAK=FAQQ@GIEGFJCAGK JAJK=E

4:30845,
/AFK=KAQAI9FAK=@GIEGFAG<=F<GCIAFAK=8D=Q<AJ=AFB=CKAI9K
MGCIMK9 CGB9=KI9FJHGIKFGKG JI=<JKMG/GCIMK9H9KLM99KFAQ;=DAGK
GI?9FAQ9E FGJ=MIQLM99KJ9EGJGCD=KCAK=F9UAACD=KGUFAE=E:I9FA
AE9I=;=HKGIAQ9JGG<M=KFAGK@GIEGF C9<=RKGA?GGJKM9ILM99KJMG=KG
<=BJKMG ,KC9CG T= B9 AQMIR9K JMGB9K9 >LFC;AB9 @GIEGFAK= J=
AF9CKAMAI99K A =DAEAFAI99K G< GI?9FAQEGK MG ;IFAGK <IG: ADA MG
:L:I=QAK=
+24/91/;'/57-'4/
%GIEGFAK= HI=CL CIMK9 J= HI=F=JLM99K <G E=JK9K9 C9<= RKG
KI=:9 <9 B9 GJK9M9K HGI9C9K9 K= <G E=JK9K9 F9 <=BJKMLM9N= 0G9 J=
JH=;A>AUFA Q9 J=CGB @GIEGF KCAM9 ADA CD=KCA CGA J= F9I=CLM99K
;=DFA KCAM9 ADACD=KCA
+9 HGMIRAF9K9 ADA MG J9EAK= ;=DFA CD=KCA J= F9GS99K E=JK9
F9I=U=FA I=;=HKGIA JG JH=;A>AUF9 EGD=CLDJC9 JKILCKLI9 .=;=HKGIAK=
J= HGJI=<FA;A MG @GIEGFJCGKG <=BJKMG %GIEGFAK= ?A HIGF9GS99K
;=DFAK= CD=KCA HI=HGQF9M9BTA ?A JMGAK= I=;=HKGIA I=9?AI99KJG FAM
F9 JH=;A>AU=F F9UAF A JG FAQ9 @=EAJCA I=9C;AA ?A 9CKAMAI99K
JGG<M=KFAK= =FQAEA JG RKG HI=<AQMACLM99K E=K9:GDAKAUCA =>=CKA MG
MF9KI=RFGJK9F9CD=KC9K9
+-:2')/0'4'.5735481'8/49+='
+9BU=JKE=@9FAQ9EQ9JAFK=Q9F9@GIEGFAK==HI=CLF=?9KAMF9K9
HGMI9KF9 JHI=?9 9 = Q9JK9H=F C9B GFA= 8D=Q<A CGA J= HG< CGFKIGD9 F9
JAJK=EGK @AHGK9D9ELJ @AHG>AQ9 /DAC9
,MGB E=@9FAQ9E
>LFC;AGFAI9F9JD=<FAGKF9UAF
-G< MDAB9FA= F9 AF>GIE9;AAK= G< F9<MGI=RF9K9 JI=<AF9 A F9
IAK9EGK <=F FGT HI=CL ;=FKI9DFAGK F=IM=F JAJK=E J= JKAELDAI9
@AHGK9D9ELJGK
(9CG G<?GMGI F9 <I9Q:9K9 @AHGK9D9ELJGK JAFK=KAQAI9 A D9UA
F=LIGJ=CI=KGIFA@GIEGFA CGAJ=F9I=CLM99K GJDG:G<LM9UCA>9CKGIA
DA:=IAFA
)A:=IAFAK= <=DLM99K A B9 JKAELDAI99K @AHG>AQ9K9 <9
JAFK=KAQAI9A D9UAJGG<M=KFAKIGHFA@GIEGFA

4:30845,
0IGHFAK= @GIEGFA ?A JKAELDAI99K =F<GCIAFAK= 8D=Q<A <9

JAFK=KAQAI99K A D9U9K MG CIMK9 JGG<M=FA @GIEGFA CGA H9C ?A
HGKKACFLM99K E=K9:GDAKAUCAK=HIG;=JAMG;=DFAK=CD=KCA AGI?9FA
4?GD=E=FGKG FAMG F9 AQD9U=FA @GIEGFA MG CIMK9 <=BJKMLM9
AF@A:AKGIFGF9>LFC;AB9K9F9@AHG>AQ9K9A@AHGK9D9ELJGK HIARKGJG
E=@9FAQEGK HGMI9KF9 F=?9KAMF9 JHI=?9 J9EA JA B9 I=?LDAI99K
F9K9EGRF9K9JAFK=Q9
/DAC9
.=?LD9;AB9F9JAFK=Q9F9@GIEGFAK=
!=BJKMGF9@GIEGFAK=
&QD9U=FAK= @GIEGFA HI=CL CIMK9 HIAJKA?FLM99K <G ;=DFAK=

CD=KCAMG;=DFAK=KCAM9AGI?9FA%GIEGFAK=JMG=KG<=BJKMGEG89K<9
?GHI=F=J9KF9;=DFAK=CD=KCAF9<M9F9UAF9
%GIEGFAK=CGAAE99KHGE9DAEGD=CLDAAEG89K<9F9MD=Q9KMG
CD=KC9K9HI=CLCD=KGUF9K9 E=E:I9F9 <=BJKMLM99K HI=CL E=@9FAQEGK
9CKAM9;AB9 F9 ?=FAK= 0A= F9MD=?LM99K HI=CL E=E:I9F9K9 MG CD=KC9K9
MG;AKGHD9QE9K9 J=MIQLM99KJG I=;=HKGIJCAHIGK=AFA?I9<9K@GIEGF
I=;=HKGI=F CGEHD=CJ -GKG9 KGB HGEAFLM9 MG B9<IGKG J= MIQLM9 Q9
JH=;A>AUF9J=CM=F;9F9 ( F9@IGE9KAFGKAJKAELDAI9KI9FJCIAH;AB9
F9 JH=;A>AUFA ?=FA -GKG9 J= JAFK=KAQAI9 B+( CGB9 G<A MG

4:30845,
;AKGHD9QE9K9AMGIA:GQGEAK=<ACKAI9 JAFK=Q9F9JGG<M=KFAHIGK=AFA
29C9<=DLM99KJK=IGA<FAK=AKAI=GA<FAK=@GIEGFA
%GIEGFAK= JG HIGK=AFJC9 HIAIG<9 JG ?GD=EA EGD=CLDA CGA
F=EG89K <9 F9MD=Q9K HI=CL CD=KGUF9K9 E=E:I9F9 MG CD=KC9K9
<=BJKMLM99K HI=CL E=@9FAQEGK JAFK=Q9 F9 ;ACDAU=F 9<=FGQAF
EGFG>GJ>9K J
*. ,MA= @GIEGFA CGA J= JE=K99K Q9 HIMA
?D9JFA;A I=9?AI99K JG JGG<M=KFAK= I=;=HKGIA F9 E=E:I9F9K9 F9
;=DF9K9 CD=KC9 A ?I9<9K @GIEGF I=;=HKGI=F CGEHD=CJ 0GB ?G
9CKAMAI9 E=E:I9FJCAGK =FQAE 9<=FAD9K ;ACD9Q9 ,MGB =FQAE MG
;AKGHD9QE9K9 ?G C9K9DAQAI9 HI=KMGI9N=KG F9 -* MG
;ACDAU=F
9<=FGQAF EGFG>GJ>9K J
*. 0GB = MKGIAGK ?D9JFAC CGB MG
MF9KI=RFGJK9 F9 CD=KC9K9 B9 HI=F=JLM9 AF>GIE9;AB9K9 A JKAELDAI9 <9
Q9HGUF9K E=K9:GDAKAUCA HIG;=JA +9 GMGB F9UAF <=BJKMLM99K
?DLC9?GFGK 9<I=F9DAFGK M9QGHI=JAFGKA<IL?AHIGK=AFJCA@GIEGFA
/DAC9
!=BJKMGF9@GIEGFAK= JGE=@9FAQEGKJAFK=Q9F9J
*.

4:30845,
%GIEGFAF9@AHG>AQ9K9
%AHG>AQ9K9=E9D98D=Q<9 JGMF9KI=RFGD9U=N= CGB9 J=F9GS9MG

<GDF9K9 F9BQ9RKAK=F9 JKI9F9 F9 EGQGCGK C9CG HIAM=QGC MG KF KLIJCG
J=<DG$GD=E9=GCGDL 8B 9K=RC9GCGDL <
F9KGEJCA ?D=<9FG JGJK9M=F9 = G< HI=<=F <=D 9<=FG@AHG>AQ9
JI=<=F<=D E6FG>CH:FB:9>6 AQ9<=F<=D F=MIG@AHG>AQ9/DAC9

/DAC9
$I9<:9F9@AHG>AQ9
/=CGB G< GMA= <=DGMA D9UA JH=;A>AUFA @GIEGFA CGA LHI9MLM99K

JG I9:GK9K9 F9 JAK= GJK9F9KA 8D=Q<A JG I9JKGK F9 K=DGKG JG CIMFAGK
HIAKAJGC JG I9:GK9K9 F9 :L:I=QAK= A JG E=K9:GDAKAUCAK= HIG;=JA
.9:GK9K9F9@AHG>AQ9K9=I=?LDAI9F9G<GJDG:G<LM9UCAADAIADAQAF?
@GIEGFACGA?AD9UA@AHGK9D9ELJGK
57354/4'67+*4/59*+24'./5,/='9' '*+45./65,/='
,MA= @GIEGFA <=JKMLM99K F9 <IL?AK= =F<GCIAFA 8D=Q<A
JKAELDAI9BTA ?A <9 JAFK=KAQAI99K <IL?A @GIEGFA A Q9KG9 J= F9I=U=FA
KIGHAFAADAKIGHFA@GIEGFA 09:=D9

4:30845,
09:=D9

-I=?D=<F9@GIEGFAK=F9 9<=FG@AHG>AQ9K9
57354 +2+457-'4 :41)/0'
JGE9KGKIGHAF ;=DGK=DG $GJKAELDAI9>AQAUCAGKI9JKAI9QMGB

I9Q?I9<LM9N=F9E9JKAK= JAFK=Q9F9
B9?D=@A<I9KAK=AI9JKF9CGJCAA IJC9MA;A
CGIKACGKIGHAF (GI9F9 -I=<AQMACLM9D9U=N=F9@A<IGCGIKAQGDG<
F9<:L:I=8F9 CGI9K9F9F9<:L:I=8F98D=Q<9HIAJKI=J
8D=Q<9 HI=CL9<=FAD9K ;ACD9Q9
DAHGKIGHAF E9JFAKCAM9 9CKAMAI99KDAH9Q9
KAIGKIGHAF KAIGA<F9 HI=CLJ
*.JKAELDAI9D9U=N=F9
8D=Q<9 KAIGCJAF
F=?G?GI=?LDAI9F=LIGJ=CI=KGK
CGIKACGDA:=IKAF
?GF9<GKIGHFA HGDGMA I9QMGBA>LFC;AB9F9?GF9<AK=
@GIEGFA 8D=Q<A
>GDACLDG
G:I9QLM9N=F9JH=IE9KGQGA<A
JKAELD9KAM=F JGQI=M9N=F9>GDACLDAK=
DLKIGHAF
>GDACLDMG8GDKGK=DG

HIGAQMG<JKMGF9=JKI9<AGDAHIG?=JK=IGF

HIGAQMG<JKMGF9K=JKGJK=IGF
HIGD9CKAF ED=UFA J=CI=;AB9F9ED=CG
8D=Q<A ULMJKMGQ9E9BUAFJKMG
@GIAGF Q9MI=E= F9:I=E=FGJK HIGAQMG<JKMGF9
?GF9<GKIGH=F =JKIG?=FA@GIEGFAAHIG?=JK=IGF
*7+451579/159756/4 /2/1579/159756/4

-G @=EAJC9 JKILCKLI9 GMGB @GIEGF = HGDAH=HKA< JG EGD=CLDJC9
E9J9 9 JG<I8A 9EAFGCAJ=DAFA /= D9UA HG< <=BJKMG F9
CGIKACGDA:=IAFAK= GJG:=FG MG LJDGMA F9 JKI=J +=?GM9K9 ?D9MF9K9
LDG?9 = JKAELDAI9N= F9 F9<:L:I=8F9K9 8D=Q<9 <9 JAFK=KAQAI9
CGIKACGJK=IGA<FAK= @GIEGFA B9 JKAELDAI9 JAFK=Q9K9F9 HIGK=AFAK=MG
F9<:L:I=8F9K9 8D=Q<9 A HI=FGJGK F9 @GD=JK=IGDGK G<
DAHGHIGK=AFAK=MGCIMK9MGCD=KCAK=F9F9<:L:I=8F9K98D=Q<9

4:30845,
57354 =' 7'89+<+ 853'959756+4 .57354 853'959756/4

6GM=UCAGK @GIEGFGK Q9 I9JK=N= JGE9KGKIGHAF = JGJK9M=F G<
9EAFGCAJ=DAF9 A AE9 EGD=CLDJC9 E9J9 ,MGB @GIEGF MIRA
HGM=T=CI9KF9LDG?9MG
JKAELDAI9N=KG F9 9F9:GDAQEGK F9 HIGK=AFAK= A FLCD=AFJCAK=
CAJ=DAFA
HG<G:ILM9N=|x F9 9CKAMFAGK KI9FJHGIK F9 9EAFGCAJ=DAFAK= FAQ
CD=KGUF9K9E=E:I9F9
F9E9DLM9N=|x F9 C9K9:GDAQEGKF9 9EAFGCAJ=DAFAK= AHIGK=AFAK=
JKAELDAI9N=KG F9EG:ADAQ9;AB9K9F9E9JKAK=G<<=HG9K9
HGKKACFLM9N=|x wk S
GCJA<9;AB9K9 F9 E9JFAK= CAJ=DAFA yzs |x J=
Q?GD=ELM9=F=I?AB9K9MGGI?9FAQEGK
,-"@GIEGFGKHGJMG=KG<=BJKMLM9N==9FK9?GFAJKF9 AFJLDAFGK
JAFK=Q9K9 wk JGE9KGE=<AFAK= MG ;IFAGK <IG: A :L:I=QAK= K9C9 |x
HI=CLFAMAF<AI=CKFG op{|m}mk F9I9JKGKF9CGJCAK=A IJC9MA;9K9
CG 9<=FG@AHG>AQ9K9 HI=CLE=IFG ?G D9UA ,-"@GIEGFGK MG
ED9<GJK9 HI=<<9J=JHGB9K =HA>AQ9K9 A<AB9>AQ9K9F9CGJCAK= <G9S9<G
OAFGMJCAI9JK ?A?9FKAQ9E
CG GMGB @GIEGF J= D9UA HI=CLE=IFG HG JHGBLM9N=KG F9
=HA>AQ9K9 A <AB9>AQ9K9 F9 CGJCAK= <G9S9 <G Q?GD=E=F I9JK F9
H=IA>=IFAK= <=DGMA F9 GI?9FAQEGK C9CG RKG J= R9CAK= JK9H9D9K9
FGJGK <GDF9K9MADA;9AB9QACGK RKGJ=F9I=CLM9 9CIGE=?9DAB9
+G9CGMG <=KJKMGKGF=J=D9UA<GMGDFG ,-" <G9S9<GQ9:9MLM9N=
F9I9JKGKADA <G OLO=JKI9JK
!/7+59756+4 .57354 /2/9/7+59756/4

-G@=EAJCAx| JGJK9M= ?DLCGHIGK=AF JG EGD=CLJC9 E9J9 G<
+=?GM9K9 LDG?9 = <9 ?A Q9:IQLM9 JAK= >9QA F9 :AGJAFK=Q9K9 F9
KAIGA<FAK=@GIEGFAAB9HGKACFLM9I9:GK9K9F9RKAKF9K98D=Q<9,MGB
@GIEGF <=BJKMLM9 F9 ;=DFAK= CD=KCA F9 RKAKF9K9 8D=Q<9 HI=CL
JAJK=EGK JAFK=Q9 F9 J
*. )9U=N=KG F9 -,"@GIEGFGK =
CGFKIGDAI9FG G< @AHGK9D9ELJGK HI=CL KIAH=HKA<GK @AHGK9D9EAU=F
KAI=GKIGH=F I=?LD9KGI=F @GIEGF-+"

4:30845,
752'19/4/2/2:9+59756+4.57354
*GD=CLDJC9K9 E9J9 F9 HIGD9CKAFGK AQF=JLM9 GCGDL &E9
HIGK=AFJC9 HIAIG<9 :=Q CGEHGF=FK9 F9 B9?D=@A<I9K $G JKAELDAI9
JGQ<9M9N=KGF9ED=CGMGED=UFAK=8D=Q<AAD9U=N=KGF9HIG?=JK=IGF
2G K=CGK F9 :I=E=FGJK9 J= D9U9K E9DA CGDAU=JKM9 HIGD9CKAF G<
9<=FG@AHG>AQ9K9 CGA<=BJKMLM99KF9I9QMAM9N=F9ED=UFAK=8D=Q<A -G
HGIG<LM9N=KG D9U=N=KG F9 GMGB @GIEGF F9?DG J= Q?GD=ELM9
-IGD9CKAFGK ?G 9CKAMAI9 8GDKGKG K=DG 8DFEIG AIH:IB HG RKG A ?G
<G:ADF9QAMGK DLK=GKIGH=F @GIEGF
54'*597564/.57354/
2GGM99 ?ILH9KIGHFA@GIEGFAJH9S99K>GDACLDGJKAELD9KAMFAK=
@GIEGFA ," A DLKGKIGHFAGK @GIEGF &" !M9K9 @GIEGF9 J=
?DLCGHIGK=AFA JG EGD=CLDJC9 E9J9 G<FGJFG /GJK9M=FA J=
G<<M= HGDAH=HKA<FA FAQA
:746?7:=>48?7,>4@94:> 3:<8:9 ?G HGKKACFLM9
F9JK9FLM9N=KGAJGQI=M9N=KGF9>GDACLDAK=MGGM9IALEAK=F98=F9K9
A ?G Q9:IQLM9 D9U=N=KG F9 =JKIG?=FAK= @GIEGFA (9B E98AK= ,"
@GIEGFGK ?G JKAELDAI9 I9QMGBGK A >LFC;AB9K9 F9 J=E=FAK= C9F9DUAN9
I9JKGK F9 K=JKAJAK= A LU=JKMLM9 MG I9QDAUFA >9QA F9
JH=IE9KG?=F=Q9K9
?>:><:;94:> 3:<8:9 (9B 8=FAK= ?G JKAELDAI9
JGQI=M9N=KG F9 >GDACLDAK= GMLD9;AB9K9 A I9QMGBx| F9 8GDKGKG K=DG
8DFEIGAIH:IB 9 s{|xmzpvpwx B9 JKAELDAI9 AJ=CI=;AB9K9F9 =JKIG?=FA
HIG?=JK=IGF (9B E98AK= &"@GIEGFGK B9 JKAELDAI9 JAFK=Q9K9 F9
K=JKGJK=IGFMGAFK=IJKA;AJCAK=CD=KCAF9K=JKAJAK=
57354/4'='*4/59*+24'./65,/='9'
,MGB <=D F9 @AHG>AQ9K9 D9UA <M9 @GIEGFk GCJAKG;AF A
M9QGHI=JAF 0A= J= GDA?GH=HKA<A JG E9D9 EGD=CLDJC9 E9J9 /=
I9QDACLM99KHGKG9RKG9EAFGCAJ=DAFAK= AQGD=L;AF AD=L;AF?AAE9MG
GCJAKG;AFGK 9C9B M9QGHI=JAFx|ns AE9 9EAFGCAJ=DAFA|p >=FAD9D9FAF A
9I?AFAF
"6=4>:.49:> B9 HGB9ULM9 CGFKI9C;AB9K9 F9 ELJCLDAK= F9
LK=ILJGK HIA HGIG<LM9N= ?G QnGD=ELM9 KGFLJGK F9 ;I=MFAGK KI9CK wk

4:30845,
EGUFAGK E=LI A F9 8GDUF9K9 C=J9 &JKG K9C9 ?G HI=<AQMACLM9 A

D9U=N=KG ED=CG G<ED=UFAK=8D=Q<A
(,C:;<0=49:> ADA9FKA<ALI=KJCAGK @GIEGF " ?GQ?GD=ELM9
CIMFAGKHIAKAJGC 9 ?GF9E9DLM9D9U=N=KGF9LIAF9 HI=CL:L:I=QAK=
19/;4589
!,;<,@4D08,>=64;<46,CC,<02?7,.45,>,9,=49>0C,;<47,G0A09,
6:<>46:><:;94>04>4<0:><:;94>03:<8:94
!,;<,@4 //2;<0C09>,.45, C,3:<8:94>09,34;:14C,>, 494@9:>:
/05=>@?@,A0
=><,+4 C,C7:?;:><0-,>,9,=:8,>:><:;94:>3:<8:9C,
;:>>469?@,A09,<,=>:>6,5/0.,>, C, =;:<>=64474=:.45,794.074
46,5=;:<>4=>4>0
%GIEGFAF9<IL?AK==F<GCIAFA8D=Q<A
57354/4'6'417+'859
/DAC9
*=JKGHGDG8:9F9H9FCI=9JGK
%GIEGFAF9H9FCI=9JGK /DAC9
J=?DLC9?GFx| AAFJLDAFx|
2:1'-5459 = HGDAH=HKA< AQ?I9<=F G< 9EAFGCAJ=DAFJCA
GJK9KG;A YG D9U9K 1
CD=KCAK= F9 &6C<:F=6CG
GMAK= GJKIGM;9 MG
H9FCI=9JGK +=?GM9K9 J=CI=;AB9 = JKAELDAI9F9 G< BGFJCGK C9D;ALE A
9I?AFAFGK 9 B9 Q9:9MLM99K ?DLCGQ9K9 A JGE9KGJK9KAFGK $DLC9?GFGK
MDAB9=F9Q?GD=ELM9N=KG F9CGF;=FKI9;AB9K9F9?DLCGQ9MGCIMK9 JGKG9
RKG ?A 9CKAMAI9 =FQAEAK= CGA B9 C9K9DAQAI99K I9Q?I9<:9K9 F9
?DACG?=FGK A AFKI9;=DLD9IFAK=DAH9QA CGA?AI9Q?I9<LM99KI=Q=IMFAK=
E9JKA

4:30845,
48:2/459 = @GIEGF AQ?I9<=F G< <M= HGDAH=HKA<FA FAQA RKG J=

HGMIQ9FAJG HGM=T= <AJLD>A<FAEGJKGMA
-9FCI=9JGK MG S
CD=KCAK= JAFK=KAQAI9 F=9CKAM=F AFJLDAF
HIGAFJLDAF CGB = JGJK9M=F G< =<F9 HGDAH=HKA<F9 FAQ9 JG

9EAFGCAJ=DAFA-I=<<9J=AQD9UAG<H9FCI=9JGKMGCIMK9HG<<=BJKMGF9
HIGK=GDAKAUCA =FQAE HIGAFJLDAFGK J= I9QDG8LM9 F9 <M= FAQA F9
AFJLDAF A H=HKA<=F>I9?E=FKJG9EAFGCAJ=DAFA
$D9MFAGK =>=CK F9 <=BJKMGKG F9 AFJLDAFGK = F9E9DLM9N= F9
CGF;=FKI9;AB9K9 F9 ?DLCGQ9 MG CIMK9 0G9 ?G HGJKA?FLM9 JG KG9 RKG B9
Q?GD=ELM9 HIGHLJKDAMGJK9 F9 CD=KGUFAK= E=E:I9FA Q9 ?DLCGQ9 JG RKG
J= Q9:IQLM9 MF=JLM9N=KG F9 ?DLCGQ9K9 MG CD=KCAK= '9 Q9:IQLM9
?DLCGDAQ9K9 9F9=IG:FGKG I9QDG8LM9N= F9 ?DLCGQ9K9 A ?DLCG?=F=Q9K9
HGDAE=IAQ9;AB9 F9?DLCGQ9K9MG?DACG?=F
/=CI=;AB9K9F9AFJLDAFJ= AF@A:AI9HG<<=BJKMGF99<I=F9DAFGK
9J= Q?GD=ELM9JGMF=JLM9N=F9HIGK=AFJC9@I9F9 ,JM=FI=?LD9;AB9K9F9
?DLCGQ9K9 AFJLDAFGK ?G JKAELDAI9 KI9FJHGIKGK F9 9EAFGCAJ=DAFAK=
HI=CL CD=KGUF9K9 E=E:I9F9 A ?G HGKKACFLM9 9F9:GDAQEGK F9
HIGK=AFAK= G<FGJFGKI9FJD9;AB9K9MGIA:GQGEAK=
+=<GJK9KGCx| F9AFJLDAFMGGI?9FAQEGKHI=<AQMACLM9 Q?GD=E=F9
CGF;=FKI9;AB9F9?DLCGQ9MGCIMK9CGB9<GM=<LM9<G R=T=IF9:GD=JK
19/;4589
=><,+4 4 9,;<,@4 //2;<0C09>,.45, C, ;<4G494>0 =48;>:84>0 4
706?@,A0>: 9,D0F0<9,>,-:70=>
=><,+4 24 1,6>:<4>0 6:4 @745,,> @<C 7,G0A0>: 9, 49=?749:> 4
902:@:>:/05=>@:
57354/4'9/75/*4'9' &2+=*'
0AIGA<F9K9 ADA RKAKF9K9 8D=Q<9 JAFK=KAQAI9 A D9UA <M9
@GIEGFA KAIGCJAF 0 A KIABG<GKAIGFAF 0 ,MA= @GIEGFA J= JG
JDAU=F @=EAJCAJGJK9MAJG<I89K BG< /DAC9

/AFK=Q9K9F9KAIGA<FAK= @GEGFA = JDG8=F :AG@=EAJCAHIG;=JQ9
CGB = F=GH@G<=F BG< CGB MG GI?9FAQEGK KI=:9 HGJKGB9FG <9 J= MF=JLM9
HI=CL AJ@I9F9K9 9 J= JCD9<AI9 A CGF;=FKIAI9 MG KAIGA<F9K9 8D=Q<9
/AFK=Q9K9 F9 GMA= @GIEGFA MG KAIGA<F9K9 8D=Q<9 = I=?LDAI9F9 G<
KAI=GKIGHFAGK@GIEGFF9 9<=FG@AHG>AQ9K9

4:30845,
9 :
/DAC9
/KILCKLIFA >GIELDA F9
9 0
KAIGCJAF A : 0
KIABG<GKAIGFAF
/AFK=Q9K9 F9@GIEGFAK= Q9HGUFLM9JGBG<AI9N=F9KAIGQAFGK CGB

= MG JGJK9M F9 ?DLCGHIGK=AFAK= F9 KAIGA<=9K9 C9CG KAI=G?DG:LDAF
,MA= @GIEGFA MG CIMK9 J= MIQLM99K Q9 HGJ=:9F HIGK=AF KAIGCJAF
MIQLM9UCA ?DG:LDAF AJ=KI9FJHGIKAI99K<G ;=DFAK=CD=KCA
%GIEGFAK= F9 KAIGA<=9K9 AE99K QF9U9BF9 LDG?9 MG ;=DAGK
E=K9:GDAQ9E 0A= ?A AFK=FQAMAI99K E=K9:GDAKAUCAK= HIG;=JA MG
CD=KCAK= 9JGKG9?GI=?LDAI99K :9Q9DFAGKE=K9:GDAQ9EMGGI?9FAQEGK
MDAB99K MIQ HGKIGRLM9UC9K9 F9 CAJDGIG< B9 JKAELDAI99K JAFK=Q9K9 F9
IA:GFLCD=AFJCAK=CAJ=DAFA AHIGK=AFAK=
-IA Q?GD=E=FGKG D9U=N= F9 KAIGA<FAK= @GIEGFA F9JK9FLM9
@AH=IKAI=GA<AQ9E ,M99 JGJKGB:9 J= C9I9CK=IAQAI9 {x Q?GD=ELM9N= F9
:IQAF9K9 F9 :9Q9DFAGK E=K9:GDAQ9E A >I=C>=F;AB9K9 F9 JI;=KG F9
GCJA<9KAMFAK= HIG;=JA F9 C9K9:GDAQEGK F9 HIGK=AFAK= E9JKAK= A
B9?D=@A<I9KAK= GD=JK9 CGB9 J= B9MLM9 C9CG HGJD=<A;9 F9
@AH=IKAI=G<AQEGK = 9Q=<GM9|k $I9M=GM9:GD=JK CGB9J=E9FA>=JKAI9
JG Q?GD=ELM9N= F9 :9Q9DFAGK E=K9:GDAQ9E JI;=:A=N= JG KI=J=N= F9
I9;=K= A AJH9CF9KAGUA
-IA F9E9D=F9K9 J=CI=;AB9 F9 KAIGA<FA @GIEGFA J= B9MLM9
@AHGKAIAGA<AQ9E -IAUAF9 Q9 GM9 EG8= <9 = MIG<=Fsx| F=<GJK9KGC F9
KAI=KIGH=F @GIEGF HGI=E=K=F9|k I9:GK9 F9 @AHG>AQ9K9 ADA
F=<GJK9KGCx| F9 BG< MG @I9FkK9 (9CG
HGJD=<A;9 F9 GM9 J= B9MLM9 F9E9DLM9N= F9
:9Q9DFAGK E=K9:GDAQ9E ULJKMAK=DFGJK CGF
D9<FG <LR=MF9 K9HGJKA <IL?G (9BED9<AK=
KG9 MDAB9= F9 Q9:9MLM9N= F9 HJA@AUCAGK
I9QMGB 9 MG F=CGA JDLU9A <G CI=K=FAQ9E
%AHGKAIAG<AQ9E <GM=<LM9 <G Q?GD=ELM9N=
F9 RKAKF9K9 8D=Q<9 HGQF9KG C9CG
?LR9MGJK /DAC9

4:30845,
57354/4'4'*(:(7+&4/9+ &2+=*/
+9<:L:I=8FAK= 8D=Q<A J= JGJK9M=FA G< CGI9 A JI;=MAF9 ,MA=
<M9 <=D9 GJM=F RKG J= I9QDACLM99K 9F9KGEJCA A >LFC;AGF9DFG
JAFK=KAQAI99KAI9QDAUFA@GIEGFA
/DAC9
*=JKGHGDG8:9F9F9<:L:I=8FAK= 8D=Q<A
57354/4'87)+;/4'9'4'4'*(:(7+&4/9+&2+=*/
2G JI;=MAF9K9 F9 F9<:L:I=8F9K9 8D=Q<9 J= JAFK=KAQAI99K
@GIEGFACGAJ=<=zAM9KAF9 9EAFGCAJ=DAFAK==HAF=>IAF9<I=F9DAFA
FGI=HIAF=>IAFFGI9<I=F9DAF
<I=F9DAFGKAFGI9<I=F9DAFGK J=F9I=CLM99K C9K=@GD9EAFA 0A=
J= @GIEGFA CGA ?A 9CKAMAI99K AFK=I;=DLD9IFAK= DAH9QA MDAB99K F9
I9QDG8LM9N=|x F9 ?DACG?=FGK G<FGJFG F9 Q?GD=ELM9N=|x F9 FAMGKG F9
?DLCGQ9MGCIMK9 9JGKG9 <=BJKMLM99K9FK9?GFAJKAUCA F9 AFJLDAFGK
+GI9<I=F9DAFGK Q9 I9QDAC9 G< 9<I=F9DAFGK E9DCL <={|M}m9 F9
E=K9:GDAQEGK F9 B9?D=@A<I9KAK= <I=F9DAFGK A FGI9<I=F9DAFGK J=
<G:AM99K JAFK=KJCA A JDL89K Q9 D=U=N= F9 9JKE9KAUFA|p F9H9<A Q9
Q9:IQLM9N= F9 I9:GK9K9 F9 JI;=KG A rk Q?GD=ELM9N=|x F9 CIMFAGK
HIAKAJGC :A<=BTA<=BJKMLM99KF9 JK=JFLM9N=KGF9 CIMFAK=J9<GMA
57354/4'157'9'4'4'*(:(7+&4'9'&2+=*'
,< CGI9K9 F9 F9<:L:I=8F9K9 8D=Q<9 J= D9U9K
?DLCGCGIKACGJK=IGA<FAAEAF=I9DCGIKACGA<A
2G 27?6:6:<>46:=>0<:4/94 @GIEGFA JH9S99K CGIKAQGD A
CGIKAQGF (GDAU=JKMGKG F9 AQD9U=F CGIKAQGD = HG?GD=EG G< GFG9 F9
CGIKAQGFGK 1U=JKMLM99K MG G<I8LM9N=KG F9 FGIE9DFGKG CGDAU=JKMG
F9?DLCGQ9K9 MGCIMK9<=DLM9BTA9FK9?GFAJKAUCAF9AFJLDAFGK :A<=BTA
LU=JKMLM99KMGQ?GD=ELM9N=F9FAMGF9?DLCGQ9MGCIMK9 JGQ9JADLM9N=
F9 ?DLCGF=G?=F=Q9K9 2G H=IA>=IFAK= KCAM9 ?G Q9:IQLM99K
C9K9:GDAQEGKF9E9JKAK= JGRKGJ=Q?GD=ELM9FAMGKGF9?DA;=IGDGK CGB

4:30845,
J=CGIAJKAQ9JAFK=Q9K9 F9 ?DLCGQ9MGCIMK9 2DAB99KMIQG:I9E:=F9K9

EGTF9GI?9FAQEGKAE99K9FKAAF>D9E9KGIFG<=BJKMGA?GJKAELDAI99K
AELFGDGRCAGKJAJK=EF9GI?9FAQEGK
2G 8490<,7:6:<>46:=>0<:4/4>0 JH9S99K 9D<GJK=IGF A
<=QGCJACGIKACGJK=IGF D<GJK=IGFGK J= B9MLM9 MG 9D<=@A<F9 A
HGDL9;=K9DF9 >GIE9 !=BJKMLM9 F9 >LFC;AB9K9 F9 :L:I=QAK= ?G
I=?LDAI99K I=8AEGK (6
% B9 JKAELDAI9 I=JGIH;AB9K9 F9 (6 A A
BGFAK=A J=CI=;AB9K9F9 % A+ BGFAK=
57354/4'6525;/9+ &2+=*/
-GDFxms|p 8D=Q<AJ=H9IFAGI?9FA CGAHG >LFC;AB9J==?QGCIAFA
A =F<GCIAFA 2G K=JKAJAK= C9B E98AK= GJM=F HGDGMAK= @GIEGFA
F9JK9FLM99KAJH=IE9KGQGA<AK= 9MGB9BFA;AK= F98=FAK=J=JGQ<9M99K
B9B;=CD=KCAK=
'>1/6525;/ .57354/
*9RCAK= HGDGMA @GIEGFA ADA 9F<IG?=FA @GIEGFA G< ?IUCAGK
Q:GI 6C9FxG RKG QF9UA E98 J= JAFK=KAQAI99K MG AFK=IJKA;AJCAK=
CD=KCAF9 E9RCAK=HGDGMA 8D=Q<A K=JKAJAK=$D9MFAE9RCA@GIEGFA
J= K=JKGJK=IGFGK A 9F<IGJK=IGFGK 9 FAMFGKG D9U=N= = I=?LDAI9FG G<
," A &"@GIEGFAK= F9 @AHG>AQ9K9 F<IG?=FAK= @GIEGFA J=
HIG<L;AI9KMGHL:=IK=KGK $AI=?LDAI99KHIG;=JAK= F9
Q?GD=ELM9N=F9E9RCAK=HGDGMA 8D=Q<AAGI?9FA
I9QMAM9N=F9 J=CLF<9IFAK= E9RCA GQF9CA MD9CF9MGJK :I9<9A
ELJK9TA I9QMA=F9ELJCLD9KLI9 <D9:GC?D9J
?G Q?GD=ELM99K :9Q9DFAGK E=K9:GDAQ9E
?AJKAELDAI99K9F9:GDAKAUCAK=HIG;=JAMGGI?9FAQEGK
MDAB99KF9 E=K9:GDAQEGK F9 C9D;ALE6 A 9QGK(
?GQ9:IQLM99KI9JKGKAI9QMGBGKF9GI?9FAK=C9BED9<AK=E98A
B9 HGKKACFLM99K JAFK=Q9K9 F9 ( A +( KI9FJDGC9;AB9K9 F9
+( G<B9<IGKGMG;AKGHD9QE9K9A<IL?G
+481/6525;/ .57354/
'9BFA;AK= J= GI?9FA CGA J= AQ?I9<=FA G< !F66;>6C
GMA $I9>GMA
>GDACLDA CGBA ?G D9U9K =JKIG?=FGK A 8GDKGKG K=DG 8DFEIG AIH:IB
CG=RKG ?GD9UAHIG?=JK=IGFGK A I=D9CJAFGK

4:30845,
"JKIG?=FAK= J= D9U9K C9B 8=FAK= 9 MG E9DA CGDAUAFA A C9B

E98AK= +9BHGQF9KA HI=<JK9MFA;A F9 GMA= JK=I=GA<FA @GIEGFA J=
=JK=IGFGK A =JKI9<AGDGK &E99KLDG?9MG
GMGQEG8LM9N=|x F9 FGIE9DF9 ;AICLD9;AB9 F9 CIMK9 :A<=BTA nx
HI=<AQMACLM99K RAI=N=|x F9CIMFAK=J9<GMA
F9E9DLM9N=|x F9CGF;=FKI9;AB9K9F9DAHA<AMGCIMK9
MDAB99KF9Q9<I8LM9N=KG F9 (66 A * MGKCAM9K9
MDAB99K F9 I9QMGBGK F9 HIAE9IFA|= A J=CLF<9IFAK= HGDGMA
GJG:AFA |x{p C9I9CK=IAJKAUFAQ98=FJCAGKHGD
=JKIG?=FAK= ?A JKAELDAI99K I9JKGK A I9QMGBGK F9 8=FJCAK=
HGDGMA 8D=Q<A A GI?9FA %GIEGFA F9 8GDKGKG K=DG J=
HIG?=JK=IGFx| A I=D9CJAFx|
-IG?=JK=IGFGKJ= JAFK=KAQAI9MG8GDKGKGK=DG 9 MG HD9;=FK9K9
J=JAFK=KAQAI9J9EG CGF CI9BGKF9 :I=E=FGJK9 AAE9LDG?9<9B9G<I8LM9
:IE=FGJK9 ,MGB @GIEGF AJKG K9C9 J= D9UA HG GMLD9;AB9K9 -IAKG9 ?G
JKAELDAI9 I9QMGBGK F9 =F<GE=KIALEGK A ?G HG<?GKMLM9 LK=ILJGK Q9
HIAE9N= A @I9F=N= F9 GHDG<=F9K9 B9B;= CD=KC9 CG F= <GB<= <G
GHDG<LM9N=F=?GMGKG CGDAU=JKMG F9?DGGH9S9
19/;4589
!,;<,@4 4=><,+?@,A0 C, 9,G49:> 4 ;<4G494>0 C, 5:/4<,A0 9,
2:>@,<=6,>,=:7

4:30845,
(GFKIGD=FK=JK
!=>AFAI9B?AHGAEAK=@GIEGFA ;=DFAGI?9FAA;=DFAKCAM9
(9CM9LDG?9AE99K@GIEGFAK=MG8AMAK=GI?9FAQEA
,:B9JFAB9M98FGJK9F9 I=;=HKGIAK=F9JGG<M=KFAK=@GIEGF=F9
;=DFAK=CD=KCAQ9@GIEGFJC9K9I=?LD9;AB9
,:B9JFAB9I=?LD9;AB9K9F9JAFK=Q9K9F9@GIEGFAK=HGHIAF;AHGK
HGMI9KF9JHI=?9
,:B9JFAC9CGJ=D9UA@GIEGFGKCGIKAQGD HGHIAF;AHGKHGMI9KF9
F=?9KAMF9JHI=?9
+9HI9MAJHGI=<:9 F9<=BJKMGKGF9@GIEGFAK=CGAAE99KE9DA
EGD=CLDAAGFA=JG?GD=EAHIGK=AFJCAEGD=CLDA
-G<I=<A?AJD=<FAK=8D=Q<AJGMF9KI=RFGD9U=N=HGFAMF9K9
@A=I9I@AB9CGI9F9F9<:L:I=8F98D=Q<9 KAIGA<=9 @AHGK9D9ELJ
H9FCI=9J @AHG>AQ9
(9CGJ=HG<=D=FA @GIEGFAK=JHGI=<E=JKGKGF9D9U=N=
(GB9 =I9QDAC9K9MG<=BJKMGKGE=SL@GIEGFAK=CGAJ=9FK9?GFAJKA
,:B9JFA?G<=BJKMGKGF9KIGHFAK=@GIEGF=
%GIEGFAK=CGAB9I=?LDAI99KI9:GK9K9F9<IL?AK=8D=Q<AJG
MF9KI=RFGD9U=N=J=
9?D9F<LD9IFA :KIGHFA
MF=LIGJ=CKIKGKFA ?E=<AB9KGIA
%GIEGFGKKAIGCJAF=<=IAM9KF9
9KAIGFAF :K=KI9BG<GKAIGFAF
MKAIGCJA;ADAF ?KAIGCJAF
%GIEGFAK=CGAF=EG89K<9F9MD=Q9KMGCD=KC9K9<=BJKMLM99KHG
E=@9FAQ9EGK
9HGMI9KF9JHI=?9 :9DGJK=IAUFGJK
MJAFK=Q9F9 8'* ?9CKAM9;AB9F9?=FA
*=<AB9KGIAK=<=BJKMLM99K
9DGC9DFG :H=IA>=IFG
MKIGHFG ?9DGJK=IAUFG
)LKIGHAFGK=
9?D9F<LD9I=F :9?D9F<LD9I=F

4:30845,
ME=<AB9KGI=F ?F=LIGJ=CI=KGI=F @GIEGF

%GIEGFGK ?DL;9?GF J=D9UAMG
9KAIGA<=9K9 :H9FCI=9JGK
M@AHG>AQ9K9 ?@AHGK9D9ELJ
%GIEGFAK=CGAEG89K<9F9MD=Q9KMGCD=KC9K9<=BJKMLM99KHG
E=@9FAQ9EGK
9HGMI9KF9JHI=?9 :9DGJK=IAUFGJK
MJAFK=Q9F9 8'* ?9CKAM9;AB9F9?=FA
(GIKAQGDGK <=BJKMLM9
9DGC9DFG :H=IA>=IFG
MKIGHFG ?9DGJK=IAUFG
#GDACLDGJKAELD9KAMFAGK @GIEGF =
#GDACLDGJKAELD9KAMFAGK @GIEGF =
-GHGDFA
&FJLDAFGKJHGI=<E=JKGKGF9D9U=N=HI=KJK9MLM9777777777@GIEGF
+9E9D=FGD9U=N=F9@GIEGFGK7777777777 C9B<=;9K9HI=<AQMACLM9
CI=K=FAQ9E
%AHG>LFC;AB9F9 RKAKF9K98D=Q<9<GM=<LM9<G77777 F9:9Q9DFAGK
E=K9:GDAQ9E
%GIEGFGKF9H9FCI=9JGK77777777 B9F9E9DLM9JAFK=Q9K9F9?DACG?=F
0AIGKIGHAFGK<=DLM9F977777777777777777777777777777778D=Q<9

4:30845,
,HRKAC9I9CK=IAJKACAF9MAK9EAFAK=
5/3
#/9'3/4/9+ 8+ .+9+75-+4' -7:6' 4' 15362+184/ 57-'481/
85+*/4+4/0' #5 345-: 3'2/ 152/A/4/ 9/+ 8+ 4+56.5*4/ =' 4573'2+4
7'89 7'=;50 / 67';/245 ,:41)/54/7'<+ 4' 12+91/9+ / 91/;'9' 4'
&/;594/9+/A5;+159
.9JK=FAB9K9 A F=CGA EACIGGI?9FAQEA J= JHGJG:FA <9 ?A
JAFK=KAQAI99K MAK9EAFAK= AMGKFAK= A UGM=CGK MAK9EAFAK= GJM=F
>GDF9K9CAJ=DAF9 MAK9EAFGK( A 2 F=EG89KJ9EA<9?AJAFK=KAQAI99K
AQ9KG9?AQ9<GMGDLM99KJMGAK=HGKI=:AMF=JLM9BTA?AHI=CL AJ@I9F9K9
&9CG J= EFG?L <G;F9 GKCIA=FA EFG?L :GD=JKA Q9 CGA <=F=J
QF9=E= <=C9 J= HI=<AQMAC9FA G< F=<GJK9KGC F9 MAK9EAFA FGTFGKG
JD=HADG JCGI:LKGK :=IA
:=IA A H=D9?I9K9 :AD= HGQF9KA LRK= C9B
JK9IAK=F9IG<A CGAMG=<FGQF9=D=C9CG<9J=JHI9M9KJGF=CGAG<FAM
#9CKGK <=C9 <=F=J = HGQF9KG <=C9 MAK9EAFAK= J= @=EAJCA D9:ADFA
JLHJK9F;AA CGA MG 8AMGKFAK= F9EAIFA;A J= Q9JK9H=FA MG EFG?L E9DA
CGDAUAFA:ADGHIAUAF9RKGJ=GKCIA=FAI=D9KAMFG<G;F9 CGFCI9BGKF9
1#1
KAGK A HGU=KGCGK F9 11
KAGK M=C &E=FLM9F9FA J= JG F9QAMGK
MAK9EAFA G< HGDJCAGK F9LUFAC %6M>B>F IC@ +9QAMGK HGK=CFLM9 G<
D9KAFJCAGK Q:GI J>H6 RKG QF9UA 8AMGK HGQF9KG :ADG <=C9 J= G<
8AMGKF9M98FGJKQ98AMAK=GI?9FAQEAAK=IEAFGK9EAFMGKG9MI=E=
J=JE=K9DG<=C9JAK=HI=KJK9MFA;AF9GM99?ILH9J=9EAFA
!=F=JJ=@=EAJCAAQGDAI9FA MAK9EAFA49F9B?GD=E<=DG<FAM
= I9QB9JF=K9 :AG@=EAJC9K9 JKILCKLI9 HG<9KG;A Q9 FAMFGKG <=BJKMG A
JAEHKGEA CGA J= B9MLM99K HIA FAM=F F=<GJK9KGC ADA GKJLJKMG MG
AJ@I9F9K9
53+412'9:7'4';/9'3/4/9+
2AK9EAFAK=J=AE=FLM99K F9HGM=T=F9UAFA
+9BU=JKG J= GQF9ULM99K JG ?GD=E9 D9KAFJC9 :LCM9 C9CG F9
HIAE=IMAK9EAF A<IL?A
/AK= MAK9EAFA AE99K KIAMAB9DFA F9QAMA CGA HGK=CFLM99K G<
E=JKGKG F9 F9GS9N= F=CG= FAMFG JMGBJKMG ADA :GD=JK CGB9 B9
HI=<AQMACLM99K A D=U9K +9 HIAE=I MAK9EAFGK J= F9I=CLM9 I=KAFGD

4:30845,
?G AE9 MG I=KAF9K9 F9 GCGKG A 9FKACJ=IG>K9D=F MAK9EAF F=?GM

F=<GJK9KGC<GM=<LM9<GCJ=IG>K9DEAB9
+=CGA MAK9EAFA J= AE=FLM99K JG FAMFAK= @=EAJCA AEAN9 F9
HIAE=I FA9;AF
2'8/,/1')/0'
/DAC9
(D9JA>AC9;AB9F9MAK9EAFAK= JHGI=<I9JKMGIDAMGJK9
2AK9EAFAK= F9BU=JKG J= CD9JA>A;AI99K JHGI=< I9JKMGIDAMGJK9

/DAC9
/HGI=<KG9HG<=D=FAJ=MG<M=?ILHA
)AHGJGDL:ADFAADAMAK9EAFAI9JKMGIDAMAMGE9JDG " A(
%A<IGJGDL:ADFAADAMAK9EAFA I9JKMGIDAMAMGMG<9 A2
2G HIAIG<9K9 MAK9EAFAK= EG89K <9 J= F9B<9K MG 9CKAMF9 A
F=9CKAMF9 >GIE9 ,MA= CGA J= MG JMGB9K9 9CKAMF9 >GIE9 EG89K <9
<=BJKMLM99KM=<F9RGKC9CGT=:A<9K MF=J=FA MGGI?9FAQEGK (G?9J=MG
JMGB9K9F=9CKAMF9>GIE9 C9CGHIGMAK9EAFA EGI9<9J= 9CKAMAI99K yzpo
ok EG89K<9<=BJKMLM99K29CMAJ=MAK9EAFAK=A CGAJ=MF=JLM99K
MG JMGB9K9 F=9CKAMF9 >GIE9 C9CG HIGMAK9EAFA CGB9 HG<G;F9 MG
GI?9FAQEGKJ=9CKAMAI9
=;4>?@,A09,<,=>@:<74@:=>,9,@4>,8494>0
(: /@0 =0<44 :/ ;: ;0> 0;<?@0>4 =0 =>,@,,> 906:76? 6,;64 :/
@4>,8494>0 4 %0 /:/,@, @: 0/9,>, =0<45, @:/, , @:
/<?2,>, :<2,9=64 <,=>@:<?@,G4 0/09 :/ <,=>@:<?@,G4>0 0>0<
37:<:1:<8474,76:3:7*0=0C,-070+4/06,@4>,8494>04 90=0
<,=>@:<,,> @: @:/, >?6? =,8: @: :<2,9=64>0 <,=>@:<?@,G4 ,
@4>,8494>0 4 /:-<:=0<,=>@:<,,>@:@:/,

4:30845,
$4'A+<+4';/9'3/4/9+
2AK9EAFAK= J= =J=F;AB9DFA JLHJK9F;A Q9 8AMAK= GI?9FAQEA CGA

<9 J= MF=JLM99K HI=CL AJ@I9F9K9 -GKI=:FA J= MG EFG?L E9DA <F=MFA
CGDAU=JKM9 FGJ=G<AJCDLUAK=DF9M98FGJKQ9HI9MADFAGKI9JK I9QMGBA
GHJK9FGC F9 GI?9FAQEAK= 09:=D9
$=F=I9DFG ?D=<9FG GMA=
>LFC;AA J= G< C9K9DAKAUC9 ADA I=?LD9KGIF9 HIAIG<9 GD=JFLM9BTA ?A
ADACGFKIGDAI9BTA?AMAK9DFAK=@=EAJCA I=9C;AAMGK=D=JFAK=CD=KCA
/=CGBMAK9EAFMIRAEFG?LM98FAJH=;A>AUFA>LFC;AA1U=JKMLM99KMG
I9JKGK A I9QMGBGK F9 EFG?L KCAM9 CGJC=FG =HAK=DFG A <IL?A C9CG
CG=FQAEA ADA JG <IL?A JLHJK9F;A ?I9<9K CG=FQAEA F9 EFG?L =FQAEA
I=?LD9;AB9 F9 HIGHLJKDAMGJK9 F9CD=KGUF9K9 E=E:I9F9 MGHIG;=JGK F9
?D=<9N=A<IL?G
/65;/9'3/45=' ';/9'3/45='/ ./6+7;/9'3/45='
-IA F=<GJK9KGC ADA HG<GD?G GKJLJKMG F9 GHI=<=D=F MAK9EAF MG

AJ@I9F9K9 MG GI?9FAQEGK EG89K <9 F9JK9F9K FAQ9 F9 JAEHKGEA CGA
C9I9CK=IAQAI99KF=CG= Q9:GDLM9N=,KJLJKMGKGF9MAK9EAFAK=:DGCAI9
=<F9 ADA HGM=T= I=9C;AA F9 E=K9:GDAQEGK A EG8= <9 ?G F9ILRA
:9D9FJGKF9E=K9:GDAQEGKF9GI?9FAQEGK09:=D9

%AHGMAK9EAFGQ9 = JGJKGB:9 F9 F9E9D=FG CGDAU=JKMG F9 F=CGB
MAK9EAF MG GI?9FAQEGK Q9I9<A F=?GMG F9E9D=FG MF=JLM9N= HI=CL
AJ@I9F9K9
MAK9EAFGQ9 = JGJKGB:9 F9 GKJLJKMMG F9 F=CGB MAK9EAF MG
GI?9FAQEGK RKG = I=QLDK9K F9 <GD?GKI9BFG F=?GMG F=MF=JLM9N= MG
GI?9FAQEGKHI=CL AJ@I9F9K9
-GDA9MAK9EAFGQ9 = JGJKGB:9 F9 F=<GJK9KGC F9 HGM=T= MAK9EAFA MG
GI?9FAQEGK
-IAHI=?GD=E9Q9JK9H=FGJKF9F=CGBMAK9EAFMGGI?9FAQEGKJ=B9MLM9
@AH=IMAK9EAFGQ9 ,M99 JGJKGB:9 = HGJD=<A;9 F9 F=CGFKIGDAI9FG A
F=JKILUFGCGFJLEAI9N=F9JAFK=KJCAMAK9EAFAG<DAHGJGDL:ADF9K9
?ILH9

4:30845,
09:=D9

-I=?D=<F9MAK9EAFAK= JGFAMFGKGQF9U=N= QF9;AF9F=<GJK9KGCA @I9FDAMA
AQMGIA MGCGAJ=Q9JK9H=FA

Xs|kvswszk{|mxzusmsmxmxok
`p{x zw ozxl
ckzkusrk s
`p|klxusrkv
k|zx~sk wk
Wpzs
lpzs kk u}ys xo
gskvsw wk knupsozk|s cxuswp}zs|s{ qs|x vp}wts
v}{t}us|p
xzpm
`uptx kp
_xpwrsv '( Xx{ykupwsp mx Zpzvk|s|s{ zslk mwk|zpws
eslx~ukmsw A knus|p wk }{|k|k {wpqwx {upysux xznkws {ykwk
nzkDt
]k{|x mx zk{|x| s
** _xpwrsv (
mx zkrms|xtx| wk cpuknzk
`p{x zw ozxl
asksw s (* txvysz tmk{p
(,
`p}wts qs|ws
`p|klxusrkv
wk kvswx ep|tx {p {zp|w}mk ep|txG: {zp|w}mk
s nzkoswkz{ts
cszsoxt{sw zk{|pwsk kk
ts{pusws
zw ozxl vuptx
_xpwrsv V
ap {p {zpkmk
ckw|x|pw{tk vp|klxusrkv wk IFC>C<;DDH
ep|tx {p {zp|w}mk {uxlxowk mx
ts{puswk nu}txrk s vk{ws {swozxv
yzszxok|k
ts{pusws
Xx |pvwx
rpupws
`p|klxusrkv apos~pzpwszkws opuxms wk
ixuwk wk w}tupsw{ts pzs|zxs|s `pnkuxluk{|wk zk{|pwsk|k
ts{puswk s kvswx mz|xnukmsk kwpvsk vp{x k
ts{pusws s{zypwx{| {sw|p|srszkk|
vstzxxznkwsrvs
fxrokmkp s
{xrzpmkp wk
pzs|zxs|s Xz|xnukmsk
`p{x ysuptx
X vp|kl wk kvswx ~srstk {uklx{| cpzwssxrwk
zslk qxu|xt xo
_xlkukvsw ts{pusws wkvkupwk mzpowx{| kwpvsk
kp zw ozxl
{sw|prk wk wk pvxnuxlsw
vk{|s s
nustxnpw

4:30845,
f|z}t|}zwk
Xx {s|p {mpqs
}uxnk mx
_zmkmpp wk xmx?6
f tx{ts|p rkls|p
wpyk|k y}tkp wk rpupw}t
mx
V{txzlsw{tk ~xzvszkp wk tzmws {koxms
ftxzl}|
ysypzts|p
ts{puswk txuknpw
vxozswts syts|p
vp|klxusrkv wk
oxvk|s|p
B9?D=@A<I9KA
Xs|kvswszk{|mxzusmsmxvk{uk
fp ~xzvszk xo
fsw|prk wk Xx{ykus|puws tkzx|swx| mx
zxoxy{sw yzxp{s wk _xtxtswx |pvwxqxu|sx| s
V ~xzvszkp wk {u}rxtxqk|k s {upysux rpupw us{wk|
ep|swxu tx{ts rkls zxqwsk|k wk t{pzx~|kuvsk rpupw}t qxu|xt
pys|pusrksk xtx|x xo kp zslk
zw ozxl
cx||stw}mkk| Xx zw ozxl

zk{| wk tx{ts|p
`pts puk{|sws
vxz{ts yuxoxms
{p oxlsmkk| {x vswpzkusrksk tx{ts n}lpp wk
eks|s{ zslk qxuUC9 xo
./ rzkpp xo s ky{xzysk wk kyp|s| rk{|x mx
kp zslswx
yzxms|kvsws zk{|x| s zkrmxx|
fk vk{ux
ikt|xz wk Xx lkt|pzss|p wk
txkn}uksk|k oplpux|x zpmx
_ |zkw{yxz| wk
fyzp}mk
jpvxzknsk Yxsvkmx
isuxswxw tzmkmpp
pupt|zxws yzs tkz~sxu us{wk|
{sw|prk wk Vge rpupw}t
$4'A+<+4':6597+('9'4' /8.7'4' (5-'9'85;/9'3/4/

,MGRB=KG A Q=D=FULCGK J= HIG<LCKA :G?9K9A JG MAK9EAFA 0G9 =
M98FG Q9;=DGCLHFAGKQ<I9MI=8AEF9AJ@I9F92F=JLM9N=J=CGB<F=MFG
I9QFGMA<F9@I9F9G<8AMGKAFJCGAI9JKAK=DFGHGK=CDG
?AQ9<GMGDLM9<F=MFAK=HGKI=:AF9UGM=CGKQ9JAK=MAK9EAFA
EG8= <9 ?G I=<L;AI9 IAQACGK G< HGB9M9 F9 C9I<AGM9JCLD9IFA
:GD=JKA A CGIGF9IFG Q9:GDLM9N=
?GF9E9DLM9IAQACGK Q9HGB9MLM9N=F9 <AB9:=K=J KAH F=CGAMA<GMA
I9C
?G F9E9DLM9 C9DGIAJCAGK MF=J A JHI=ULM9 HGB9M9 F9 HI=CLE=IF9
K=8AF9

4:30845,
2AK9EAFAI9JKMGIDAMAMGE9JD9
2G ?ILH9K9 MAK9EAFA CGA J= I9JKMGIDAMA MG E9JD9 JH9S99K

MAK9EAFAK= A(
2AK9EAF
CJ=IG>KGD I=KAFGD 9FKACJ=IG>K9D=F
MAK9EAF
-G< F9QAMGK MAK9EAF J= HG<I9Q:AI9 ?ILH9 F9 DAHGJGDL:ADFA

JG=<AF=FAB9 JG JDAU=F @=EAJCA JGJK9M A >LFC;AB9 +9B?GD=E9 M98FGJK
AE99KMAK9EAFAK= I=KAF9DA I=KAFGD /DAC9
,KCIA=F=
MG?G<AF9MGE9JDGG<:9C9D9I

/DAC9
/KILCKLIFA>GIELDAF92AK9EAF I=KAFGD

<=@A<IGI=KAFGD A
@A<IGCJAI=KAFGD
$G AE9 MG IA:AFGKG E9JDG ;IFAGK <IG: HLK=IGK 8GDUC9 G<
B9B;= IA:AFGE9JDG CI9MB=E9JDGAED=CG-IGMAK9EAFAK=F9MAK9EAFGK
C9IGK=FAK= ?A AE9 MG EGICGMAK= <GE9KAK= ;IM=FAK= HAH=ICA
I=HCAK= F=CGAMA<GMAJ9D9KA!F=MFAHGKI=:AJ=G<
B< 2AK9EAFGK
J=JAFK=KAQAI9MG;IFAGK<IG:G<F=?GMAK=HI=ICLIGJAC9IGK=FACGA
MGJMGB9K9JKILCKLI9JG<I89K 2 BGFJCAHIJK=F
,< 2 C9IGKAFGKJ=JAFK=KAQAI99K<M=EGD=CLDAF9MAK9EAF A HG
=<=FEGD=CLD9 MAK9EAF 9 CGIGK=FGKF=<9M9MAK9EAF
4:30845,
2AK9EAFGK J= I=JG:AI9 MG ;I=MFAGK KI9CK 9 J= <=HGFAI9 MG

;IFAGK <IG: G< C9<= MIQ9F Q9 2 ?DG:LDAFA A 9D:LEAFA J= HI=F=JLM9 <G
KCAM9K9C9<=B9GJKM9ILM9JMGB9K9>LFC;AB9
2AK9EAFAK=?ACGFKIGDAI9JD=<FAK=HIG;=JA
+GIE9D=FI9JKA<A>=I=F;AB9;AB9F9CD=KCAK=MGK=CGKF9I9JKGKA
I9QMGBGK F9GI?9FAQEGK
-G<=D:9 <A>=I=F;AB9;AB9 A G<I8LM9N=KG F9 AFK=?IAK=KGK F9
CD=KCAK=MGCGJC=FGKGKCAMG XIJC9MA;9K9 JH=IE9KG?=FAGK=HAK=DA
HD9;=FK9K9 CG8FAGK=HAK=DAELCGQ9K9
1U=JKMLM9 MG FGIE9DFGKG G<MAM9N= F9 E=K9:GDAQEGK F9
ELCGHGDAJ9@9IA<AK=
#GKG@=EAJC9 MAQL=DF9 9CKAMFGJK G<FGJFG MG >AQAGDGRCAGK
E=@9FAQ9E MG HIG;=JGK F9 ?D=<9N= :A<=BTA MD=?LM9 MG JGJK9M F9
MA<FAGKHLIHLI
IG<GHJAFIQAF9K9F9I=?=F=I9;AB9F9IG<GHJAFGK=
MGI9EFGK=89JGF=?GMGKGI9QDG8LM9N=
-IA F=<GJK9KGC F9 MAK9EAFAK= MG GI?9FAQEAK= F9JK9FLM9
JLR=N= F9 FGIE9DFAGK J=CI=KGI=F =HAK=D F9 CG89K9 A <IL?AK= KCAM9
HIARKGJ=>GIEAI9C=I9KAFAQAI9F=HAK=D(=I9KAFAQ9;AB9K9F9GUF9K9
IG8FA;9J=F9I=CLM9CJ=IG>K9DEAB9
-IA HG<GD?GKI9=F F=<GJK9KGC F9 MAK9EAF :IQAF9K9 F9
I=?=F=I9;AB9 F9 IG<GHJAFGK MG GCGKG = Q9:9M=F9 9 C9CG HGJD=<A;9 F9
KG9 J= B9MLM9 KGUC9JKG ?D=<9N= F9 HI=<E=KAK= A HGJD9: MA< HIA
F9E9D=FG CGDAU=JKMG JM=KDAF9 F9I=U=FG FGTFG ADA CGCGRCAFG
JD=HADG MAK9EAFGQ9 G< MAK9EAFGK J= HI=M=FAI9 A D=UA JG
MF=JLM9N=F9@I9F9:G?9K9JGMAK9EAF 9GJG:=FGF9IA:AFGE9JDG
:6,+?@,A09,@4>,849=:=?71?<9,64=0749,
!, =?@: =,,>9: =>,67: =0 6,;9?@,,> 6,;64 :/ <,=>@:<:> 9,
<4-49:8,=7:906:76?6,;6437:<:1:<84 =0/:/,@, 6,;6,;:6,;6,
6:9.09><4<,9, =?71?<9, 64=0749, /: ;:5,@, 9, .<@09:@4:70>:@:
:-:5?@,A0
:6,+?@,A09,@4>,849=:,9>48:937:<4/
!, =?@: =,,>9: =>,67: =0 =>,@,
6,;6, <4-49: 8,=7: 4 6,;64
,9>48:9 37:<4/ @: -0C@:/09 37:<:1:<8 %0 80D, =: =>,6709:
=>,;G04 ;:<,/4;<4=?=>@:>:9,@4>,849:> =0C,-070+?@,;:5,@,
9,=49,-:5,

4:30845,
19/;4589
#<:?G4 5, ><,9=1:<8,.45,>, 9, 6,<:>09:4/4>0 @: @4>,849:> @:

G:@0G64:>:<2,94C,8
!,;<,@4 4=><,+?@,A0 C, 4=>:<45,>:> 8,9410=>,.45>,, 4
706?@,A>: 9, -:70=>,9:F9:=70;47:
&FK=I=JFG
+9LUFG = <GC989FG <=C9 C9IGK=FAK= CGA J= F9GS99K MG
EGICGMGK ?G HG<G:ILM99K HIGKGCGK F9 CIM MG GCGKG A
>LFC;AB9K9 F9 GCGKG 9 F9HI=UFAGK HI=J=C F9 EGICGMGK
DAUAF9UGM=CGMGGCG
2AK9EAF
(9D;A>=IGD 9FKAI9@AKAU=FMAK9EAF
2AK9EAFGK J=JE=K9Q9MAK9EAFG<KI9<A;AGF9DFAHIAUAFA FG

F=?GM9K9JK=IG<F9HIAIG<9ALDG?9F9I=?LD9KGIF9E=K9:GDAQEGKF9
C9D;ALEA>GJ>GI?G M:IGBLM9MG?ILH9K9@GIEGFA
$ILH9K9F9MAK9EAFA GH>9T9J=<LEJK=IGDFAJG=<AF=FAB9CGAJ=
G< 8AMGKAFJCG HGK=CDG 49 UGM=CGK F9BM98FA J= MAK9EAFGK
=I?GC9I;A>=IGDAMAK9EAFGK @GD=C9D;A>=IGD /DAC9

9 :
/DAC9
/KILCKLIFA>GIELDAF9 9 MAK9EAFGK A : MAK9EAFGK

4:30845,
2AK9EAF = I9JKMGIDAM MG I9JKAK=DFA E9JD9 9DCG@GD =K=I A

@DGIG>GIE
2G?GD=EACGDAU=JKM9 ?GAE9MGE9JD9K9G<;IF<IG:F9:9C9D9IA
KLF9 ?G AE9 MG EGIJCAK= HDG<GMA IA:AFGKG E=JG A E9JDG ED=CG
ED=UFAHIGAQMG<AA8GDUC9K9G<B9B;=
-IGMAK9EAFGK F9 MAK9EAFGK =I?GJK=IGD = G< I9JKAK=DFG
HGK=CDG 9 HIGMAK9EAFGK F9 MAK9EAFGK
<=@A<IG@GD=JK=IGDGK J=
JAFK=KAQAI9MGGI?9FAQEAK=F9;A;9UAK=
-IGMAK9EAFAK=J=KI9FJ>GIEAI99KMGJGG<M=KFAK=MAK9EAFAHG<
<=BJKMG F9 ./ QI9;A MG CG89K9 G< C9<= J= HI=F=JLM99K HI=CL CIMK9 <G
GJK9F9KAK=GI?9FAADAJ=<=HGFAI99KMG;IFAGK<IG:!F=MFAK=HGKI=:A
Q9MAK9EAF J=EFG?LE9DAAAQF=JLM99K U<
2AK9EAFGK ?G GMGQEG8LM9 KI9FJHGIKGK F9 C9D;ALEGMAK= A
>GJ>9KFAK= BGFA FAQ CD=KGUFAK= E=E:I9FA 9 JG KG9 B9 Q?GD=ELM9
I=JGIH;AB9K9 F9 C9D;ALEGK A >GJ>GIGK MG ;I=M9K9 Q9=<FG JG
H9I9KAIGA<FAGK @GIEGF B9 G<I8LM9 @GE=GJK9Q9K9 JGJKGB:9 F9
I9EFGK=89F9BGFAK=MGGI?9FAQEGKHIAI9QDAUFAF9<MGI=RFAHIGE=FA
ACGFJK9FKFACGF;=FKI9;AAF9C9D;ALEA>GJ>GIMGCIMK9?AQ9B9CFLM9
CGJCAK= A Q9:AK= LU=JKMLM9 MG HIG;=JGK F9 CD9JA>AC9;AB9 A MG
HI=FGJGKF9>GJ>9KAK=MG:L:I=?GK
/AK= MAK9EAFA AE99K 9FKAI9@AKAUFG <=BJKMG FG I9QDAUFA
MAK9EAFA <=BJKMLM99KI9QDAUFGF9I9QDAUFAMA<GMAGI?9FAQEA
%AHGMAK9EAFGQ9 A 9MAK9EAFGQ9 <GM=<LM9 <G F=<GMGDF9
I=JGIH;AB9 F9 C9D;ALE A >GJ>GI MG ;I=M9K9 (9CG I=QLDK9K F9 KG9 C9B
<=;9K9 J= B9MLM9 I9@AKAJ .9@AKAJGK = E=K9:GDAKAUCG Q9:GDLM9N= F9
CGJCAK= /= B9MLM9 MG I9FGKG <=KJKMG A J= G<DACLM9 JG E=CA CGJCA
HG<DG8FAF9<=>GIE9;AAA JG GRK=KLM9N=F9Q9:AK=
(9B MGQI9JFAK= F=<GJK9KGCGK F9 MAK9EAF HGI9<A F9ILR=F9K9
EAF=I9DAQ9;AB9 F9 CGJCAK= A JAIGE9RFAK= <=HG9 F9 C9D;ALE <GM=<LM9
<G :GDCA A MG F=CGA JDLU9A JHGFK9FG CIR=N= MG CGJCAK= JD9:GJK MG
ELJCLDAK= GJK=GE9D9;AB9AGJK=GHGIGQ9
2AK9EAFGK MF=J=F MG GI?9FAQEGK MG ?GD=EA CGDAU=JKM9 J=
JE=K9 Q9 F9BKGCJAU=F MAK9EAF %AH=IMAK9EAFGQ9 <GM=<LM9 <G
HGI=E=KLM9N= F9 E=K9:GDAQEGK F9 C9D;ALE ,M9 J= E9FA>=JKAI9 JG
Q9EGI HGI=E=KLM9N=F9I9:GK9K9 F9;I=M9K9 ?L:=N=F9K=8AF9 9F=EAB9

4:30845,
A <=HI=JAB9 !G9S9 A <G <GHGDFAK=DFG K9DG8=N= F9 C9D;ALE MG

:L:I=QAK=
F=>IGC9D;AFGQ9
:6,+?@,A09,@4>,849
!, =?@: =,,>9: =>,67: =0 =>,@,
6,;6, <4-49: 8,=7: 4 6,;64
37:<:1:<809 <,=>@:< 9, -<:8 #: 4C@0=9: @<080 ;:<,/4
;<4=?=>@:>: 9, 6,7.410<:7 =0 ;:5,@?@, C0709:=49: :-:5?@,A0 9,
<,=>@:<:>
19/;4589
!0/:=>,>:6:>9,@4>,849:> 0=0<4:C09;<:-70890=,8: 6,5
/0.,>, @: 9,58,7, @:C<,=> >?6? 4 6,5 @:C<,=94>0 :=:-09: +094>0
!,;<,@4 4=><,+?@,A0 9,:@,,>08,
2AK9EAF"
0GCG>=IGD
2G ?ILH9K9 F9 MAK9EAFA " JH9S99K I9QDAUFA @=EAJCA

JG=<AF=FAB9 JG AQGHI=FGA<F9 JKI9FAUF9 FAQ9 ,< JAK= KGCG>=IGDA C9B
UGM=CGK F9BQ9JK9H=FA J= 2 A KGCG>=IGD CGA E=SL J=:= J=
I9QDACLM99KMGHGDG8:9K9F9E=KADFAK=?ILHAF99IGE9KAUFAGK<=DG<
EGD=CLD9K9 /DAC9

/DAC9
/KILCKLIF9>GIELD9F9MAK9EAFGK"
2AK9EAFGK"=EGRF=I9JHIGJKI9F=KMGHIAIG<9K9 9GJG:=FGMG
I9JKAK=DFAGK JM=K !G:IA AQMGIA F9 GMGB MAK9EAF J= B9B;9K9 E=JGKG
;IFAGK <IG: IA:9K9 Q=D=FULCGK JG Q=D=FA DAJKGMA 8AK9IA;AK=
J=EAN9K9 G<KACM9AJGFUG?D=<AF9BEFG?LMGHU=FAUFAK=FACLD;A2G
J=ILEGKF9CIMK9 F9UGM=CGK G<KGCG>=IGDGK=JDG:G<=F 9 9

4:30845,
MIQ9F C9CG DAHGHIGK=AF MG && >I9C;AB9K9 -GKI=:FA <F=MFA

CGDAU=JKM9J=
B<
2AK9EAFGK"AE9HGM=T=M98FA>LFC;AA
&E9 ?GD=E9 9FKAGCJA<9KAMF9 JHGJG:FGJK D=JFG J= GCJA<AI9A JG
KG9B9JHI=ULM9 GCJA<9;AB9K9F9F=Q9JAK=FAK=JG=<AF=FAB9
$G JHI=ULM9 JGQ<9M9N=KG F9 H=IGCJA<A HGI9<A RKG JHI=ULM9
HGMI=<A F9 :=DG<IG:FGKG KCAMG G< 9?=FJAK= CGA J= M<ARLM99K JG
MGQ<L@GK
'9 RKAKA CG89K9 G< F9<MGI=RFA MDAB9FAB9 A ?G Q9:IQLM9 F=BQAFGKG
G:FGMLM9N= G<GRK=KLM9N9K9 G<JDG:G<FAK= I9<AC9DA
MAK9EAFGQ9 "C9BUGM=CGKF==HGQF9K9:A<=BTA<F=MFAK=<GQAJ=
EFG?L E9DA A J= F9<GCF9<LM99K JG FGIE9DF9 AJ@I9F9 (9B
=CJH=IAE=FK9DFAK= 8AMGKFA F=<GK9KGCGK F9 MAK9EAF " C9B 8=FCAK=
HI=<AQMACLM9 I=JGIH;AB9 F9 >=KLJGK 9 C9B E98B9;AK= 9KIG>AB9 F9
JH=IE9KG?=FGKG KCAMG A JK=IADAK=K (9B FGMGIG<=FUAN9K9 EG8= <9
<GM=<=<G9F=EAB9A=<=E%AH=IMAK9EAFGQ9"EG8=I=KCG<9J=B9MA A
KG9J9EGHIAJAFK=KJCGMF=JLM9N=F9MAK9EAF"=EFG?LRK=KF9
:6,+?@,A09,@4>,849
(: =?@, 0;<?@0>, =0 6,;9?@,> 6,;64 :/ <,=>@:< 9, >:6:10<:7 4
/@:59: 6:74G0=>@: 9, ,C:>9, 6:9.09><4<,9, 64=0749, :-409,>,
08?7C45, ;:=>0;09: F0 =0 <,=7:5?@, ;<4 D>: 2:<94:> =7:5 F0 -4/0
:-:09=:.<@09,-:5,
!9DAQF9=R<=C9
%I9F9K9 :G?9K9 JG MAK9EAF " F9B<G:IG = <9 J= B9<= JM=89 :=Q <9 J=
?GKMA $GKM=F9K9 @I9F9 AE9
HGE9DCL MAK9EAF " GKCGDCL
JM=89K9 %I9F9K9 :G?9K9 JG MAK9EAF " KI=:9 <9 = <G:IG Q9KMGI=F9
Q9KG9 RKG MAK9EAFGK " = ULMJKMAK=D=F F9 CAJDGIG< -GCI9B GI9DF9K9
HIAE=F9 F9 MAK9EAFGK " KGB EG8= <9 J= HIAE=FLM9 A JG <AI=CKFG
F9F=JLM9N=F9CG89K9 :ADGC9CGUAJKMAK9EAF"ADAHI=CLDGJAGFAQ9
JGFU9N= CGA J=F9F=JLM99K F9CG89K9
EAFLKAHI=<AQDG8LM9N=F9
JGF;=

4:30845,
2AK9
2AK9EAF(
9EAF(
FKA@=EGI9?AU=FMAK9EAF CG9?LD9;AJCA
FKA@=EGI9?AU=FMAK9EAF CG9?LD9;AJCA
2AK9EAFGK ( HGQF9K LRK= C9CG CG9?LD9;AJCA MAK9EAF HGI9<A

F=?GM9K9 M98F9 LDG?9 MG Q?I ILKULM9N=KG F9 CIMK9 G<FGJFG
9FKA@=EGI9?AU=F MAK9EAF HGI I9<A KG9 RKG F=?GM F=<GJK9KGC
HI=<AQMACLM9CIM9I=N=ADA@=EGI99?AAMGGI?9FAQEGK
2AK9EAFAK=(J=?ILH9F9FF=CGDCLMAK9EAFACGAHGJKILCKLI9J=
<=IAM9KA F9
E=KAD

F9>KGCCAFGF /DAC9
2G GM99 ?ILH9
JH9S99KMAK9EAFGK( ( AJAFK=KKJCAGK(.9JKMGIDAMAJ=MGE9JD9 9
F9JM=KDAF9J=I9JH9S99K!F=MFAK==<GQAJ=EFG?LE9DAG< U< s U<
AEG89K<9J=Q9<GMGD9KHI=CL AJ@II9F9K9 ADAEG89K<9J=JAFK=KAQAI99K
JGHGEGRF9;I=MFAK=:9CK=IAA
( (
/DAC9
/KILCKLIF
FA>GIELDAF9MAK9EAFAK=( A(
2AK9EAFGK ( = Q9JK9H=FA MMG AJ@I9F9K9 G< I9JKAK=DFG HGK=CDG

$G AE9 MG Q=DC9K9 JH9F9TGK D DL;=IC9K9 <GE9KAK= A <IL?A 9 ?G
JAFK=KAQAI99KAF=CGAEACIGGI?9F FAQEA
2AK9EAFGK ( = HGKI=:=F F Q9 JAFK=Q9K9 F9 HIGK=AFAK= CGA
LU=JKMLM99K MG CG9?LD9;AB9K9 F9 CIMK9 49KG9 KA= AF<AI=CKFG
LU=JKMLM99KMGFGIE9DAQAI9N=F9 CG9?LD9;AB9K9F9CIMK9AJHI=ULM9N=
F9CIM9I=N9MGI9QFA<=DGMAF9GI?9FAQEGK
%AHGMAK9EAFGQ9K9 F9 MAK99EAF ( = I=KC9 :A<=BTA ?G AE9 MG
I9QDAUFA MA<GMA F9 @I9F9 +G <G GCGDCL J= HGB9MA EG8= <9 <GM=<= <G
CIM9I=N9 MG I9QFA <=DGMA G< GI?99FAQEGK *G8= <9 J= B9MA C9B DLS= JG
Q9:GD=F ;IF <IG: JG MGJH9DAK=DDFA HIG;=JA F9 <=:=DGKG ;I=MG HIA
JKIG?A<A=KAAC9BGFA=CGAQ=E99K9FKACG9?LD9FKAA9JHAIAF&JKGK9C9
EG8= <9 J= B9M9K K=RCA E=FJKILL9DFA CIM9I=N9 C9B 8=FAK= 9F=EAB9
EG<IAFCA CIM9I=N=G<F=H;9K9A FGJGK,JK=GHGIGQ9K9ACGIGF9IF9K9
JI;=M9:GD=JKJ=HGMIQ9FAJGF=<GJJK9KGCF9( MAK9EAFGK

4:30845,
2AK9EAFAI9JKMGIDAMAMGMG<9
2G ?ILH9K9 MAK9EAFA CGA J= I9JKMGIDAMA MG MG<9 JH9S99K

MAK9EAFAK= A MAK9EAFAK=G<?ILH9K9
2AK9EAFAG< ?ILH9K9
2AK9EAFAK= J= ?ILH9 G< GJLE MAK9DFA MAK9EAFA CGA

J=CGB<F=MFG EL J= HGKI=:FA F9 UGM=CGK 2G HIMAUFAK= AJKI98LM9N9 J=
EAJD=DG <=C9 MAK9EAFGK 2 = =<AFJKM=F9 M=IQAB9 FG HG<G;F=8FAK=
HIGLULM9N9 HGC989D= <=C9 HGJKGB9K GJLE I9QDAUFA M=IQAA F9 GMGB
MAK9EAF
(9CGI=QLDK9KF9GM9HG?I=RFGGKCIAKA=HGJKGAM=ILM9N=<=C92
MAK9EAFAK= AE99K JDAUFA JMGBJKM9 +G JG AJHAKLM9N9 LKMI<=FG = <=C9
J=CGB G< GMA= GJLE MAK9EAFA AE9 KGUFG GHI=<=D=F9 >LFC;AB9 MG
UGM=UCGKG K=DG2CGEHD=CJGK?GJG<I89KJD=<FAK=MAK9EAFA
2
0A9EAF CGB = F=GH@G<=F Q9 E=K9:GDAQEGK F9 B9?D=@A<I9KAK=
I=?=F=IAI9N= F9F=IMAK= <G:I9>LFC;AB9F9 JI;=KG
2
.A:G>D9MAFGK = HGKI=:=F MG JGQ<9M9N=KG F9 ;IM=FAK= CIMFA
CD=KCA JG?GILM9N=KGF9E9JFGKAAK= ?GF9E9DLM9IAQACGKG<CG8FA
Q9:GDLM9N9 EA?I=FAAC9K9I9CK
2
+A9;AFGK ?G F9E9DLM9 @GD=JK=IGDGK A AE9 LDG?9 MG
G<I8LM9N=KGF9Q<I9M9CG89
2
-9FKGK=FJC9K9 CAJ=DAF9 = HGKI=:F9 Q9 ;=FKI9DFAGK F=IM=F
JAJK=E C9CG A MG JGQ<9M9N=KG =F=I?AB9 HIGKAM @IGFAU=F Q9EGI
EA?I=FA 9D=I?AAAJI;=MAQ9:GDLM9N9
2
-AIA<GCJAFGK = CG=FQAE F9 ?GD=E :IGB =FQAEA AE9 LDG?9 MG
JGQ<9M9N=KGF9;IM=FACIMFACD=KCA HIGK=AFAAF=IMFACD=KCA$A
UAJKA<ARFAK=H9KARK9AHGE9?9MGKI=KAI9N=KGF99JKE9K9
2
AB9FGCG:9D9EAFGK=HGKI=:=FMGHI=M=F;AB9K9G<9F=EAB9
AGKAF
-GKI=:=FQ9I9JKGKF9FGCKAK=ACGJ9K9
#GDF9 CAJ=DAF9
'9 G<I8LM9 HI9MADF9K9 :I=E=FGJK A ?A RKAKA G<
<=>GIEAK=KAFGMGIG<=FUAN9K9

4:30845,
2AK9EAF
0A9EAF 9F=LIAF
/DAC9
/KILCKLIF9>GIELD9F9MAK9EAFGK2
2AK9EAFGK ADA KAB9EAF C9CG A HGM=T=KG MAK9EAFA AE9

JDG8=F9 JKILCKLI9 &Q?I9<=F = G< HAIAEA<AFJCA A KA9QGD=F HIJK=F
HGMIQ9FAJGCM9K=IF=I=F9QGK=F9KGE /DAC9

0A9EAFGK= :=D9 CIAJK9DF9JLHJK9F;9CGB9<G:IGJ=I9JKMGI9MG
MG<9 9HGJD9:GMG=K9FGD099F=J=I9JKMGI9MG=K=IA@DGIG>GIE2G
JLM9 JGJKGB:9 KA9EAFGK = JK9:AD=F FG HIA Q9?I=M9N= <G \/ J=
I9JH9S9-IM?GAQGDAI9D IC@ G<DLRH9K9F9GIAQGK $GAE9MG CM9J=;GK
A MGHGMIRAFJCAGK JDGB F9 QIF9K9 !F=MFA HGKI=:A J=
< &J@I9F9K9
:G?9K9JGB9?D=@A<I9KA :9I9HG?GD=EACGDAU=JKM9F9
9CK=IAAK= MG ;I=MF9K9 >DGI9 C9B 8AMGKFAK= EG89K <9
JAFK=KAQAI99K <GMGDFA CGDAU=JKM9 Q9 <9 ?A Q9<GMGDLM99K FAMFAK=
HGKI=:AG<GMGBMAK9EAF-GKI=:AK=G<2 UGM=CGK?AQ9<GMGDLM9HI=CL
AJ@I9F9K9 G< I9JKAK=DFGHGK=CDG
0A9EAFGK MG >GIE9 F9 <A>GJ>9K LU=JKMLM9 MG JGJK9M F9
CG=FQAEGK KA9EAFHAIG>GJ>9K MG =FQAEAK= <=C9I:GCJAD9Q9 A
KI9FJC=KGD9Q9 1U=JKMLM9 A MG GCJA<9KAMF9K9 <=C9I:GCJAD9;AB9 F9
C=KG CAJ=DAFAK= C9CG A MG I=9C;AB9 F9 KI9FJC=KGD9;AB9 MG
E=K9:GDAQEGKF9?DLCGQ9
2AK9EAFGK MD=?LM9 MG JGJK9M F9 CG=FQAEGK
KA9EAFHAIG>GJ>9K 49KG9 F=<GJK9KGC F9 KA9EAF <GM=<LM9 <G
F9ILRLM9N=F9E=K9:GDAQEGKF9?DLCGQ9 <GH=KCI9KFGF9KILHLM9N=F9
HAIG?IGQ<GM9 CAJ=DAF9 MG CIMFAGK J=ILE 9 A <G HIGE=FA MG
?9JKIGAFK=JKAF9DFAGKJAJK=E
%AHGMAK9EAFGQ9 ADA 9MAK9EAFGQ9 F=?9KAMFG J= G<I9QLM9 F9
F=IMFAGKJAJK=EAEG8=<9<GM=<=<G:GD=JK9:=IA
:=IARKGJ=B9MLM9MG
=F<=EJC9 >GIE9 MG CI9=MAK= F9 JM=KGK C9<= C9CG ?D9MF9 @I9F9 J=
CGIAJKAGIAQ :=QDLRH9

4:30845,
19/;4589
:70=>, -0<4-0<4 @: 849,>:>: 48,7, 0;4/084=64 6,<,6>0<
!,;<,@4 4=><,+?@,A0 C, -:70=>, 905C494>0 ;<4G494 ;:=70/4.4 4
;<0@09.45,#<0C09>4<,524=:C9,945,>, =: //2;<0C09>,.45,
:6,+?@,A09,@4>,849
=:>4:3<:89,<0,6.45,
(:8,7:6:74G0=>@:@:/,=0 <,=>@:<,,>
,( >4,849%0/:/,@,,>
6,;64<,=>@:<:/6,74?8306=,.45,9:10<,> 6,;64<,=>@:<:/
9,><4?8 34/<:6=4/ 4
6,;64 4C:-?>,9:7 %0 80D, 090<24G9:
:<94:> =7:5 =: 846<:;4;0>0< =0 =>,@, @: =?@, 0;<?@0>, 4 =0
;:=>,@?@, ;<0/ 6@,<.9, 7,8-, $,=>@:<:> =@0>4 =: =49,
17?:<0=.09.45,
2AK9EAFA
.A:G>D9MAF D9CKG>D9MAF
2AK9EAFGK MG UGM=UCAGK GI?9FAQ9E F9BU=JKG = MIQ9F Q9

HIGK=AFA MG >GIE9F9>D9MGHIGK=AFA >D9MAF EGFGFLCD=GKA< '(A
>D9MAF9<=FAF<AFLCD=GKA< 0GB=HGIKGC9DGMG
8GDK9CIAJK9DF9
JLHJK9F;9 I9JKMGIDAM9 MG MG<9 A JK9:ADF9 F9 HGMAJGC9 K=EH=I9KLI9
/DAC9

2AK9EAFGK ?G AE9 MG ED=CGKG E=JGKG B9B;9K9 8AK9IA;AK=
GMGRB=KGADAJF9KAGKQ=D=FULC!F=MFAHGKI=:AG<GMGBMAK9EAF= B<
2AK9EAFGK C9CGJGJK9M=F<=DF9>D9MAFLCD=GKA<GK= ADA
'( MD=?LM9 MG JGJK9M F9 =FQAEAK= GCJA<GI=<LCK9QA #D9MAF
<=@A<IG?=F9QAK= LU=JKMLM99K MG HIG;=JGK F9 GCJA<9;AB9 F9 E9JFAK=
CAJ=DAFA C9CG A MG %F:7G
GMAGK ;ACDLJ 49KG9 J= QF9U9BFA Q9
E=K9:GDAQEGK F9 DAHA<AK= B9?D=@A<I9KAK= A F=CGA 9EAFGCAJ=DAFA
,MGBCG=FQAEMG9=IG:F9K9<=@A<IG?=F9;AB9EG8=<9HI=F=JLM9MG<GIG<
<AI=CFG<GCAJDGIG<GKMGD9F=;GKF9<AR=N=
+=<GJK9KGC F9 MAK9EAFGK <GM=<LM9 <G MGJH9D=FA= F9 LJF9K9
RLHDAF9 F9ILRLM9N= F9 MA<GK JG HI=GJ=KDAMGJK F9 JM=KDAF9
<=IE9KAKAJA<I

4:30845,
/DAC9
/KILCKLIF9>GIELD9F9MAK9EAFGK2
:6,+?@,A09,@4>,849
(: 0/9, 0;<?@0>, =0 =>,@,,> ;0> 6,;64 <,=>@:< :/ ;0> 6,;64
+6:9.09><4<,9, 4 0/9: C<9: 80>,709 .496 #: 4C@0=9: @<080
-?<9:=04C/@:5?@,@:/:<:/4+:7>,>,-:5,9,<,=>@:<:>=0809?@,
;<06?.<@09,/::-0C-:5?@,A0
2AK9EAFA
-AIA<GCJAF 9<=IEAF HAIA<GCJGD
2G ?ILH9K9 F9 MAK9EAFGK GH>9K=FA J= KIA HAIA<AFJCA

<=IAM9KAHAIA<GCJGD HAIA<GCJ9DAHAIA<GCJ9EAF /DAC9

!G:IA @I9FDAMA AQMGIA F9 GMGB MAK9EAF J= CM9J=; J=ECA
HU=FA;9 HU=FC9 ;IF <IG: ED=CG B9B;9 Q=D=FULC A <IL?G !F=MF9K9
HGKI=:9 = B<
-GKI=:FAK= CGDAU=JKM9 G< GMGB MAK9EAF J= G:=Q:=<LM9K HI=CL
AJ@I9F9K9ADAHI=CLF=?GM9K9JAFK=Q9G<;I=MF9K9>DGI9
/DAC9
/KILCKLIFA >GIELDA F9 MAK9EAFAK=G<?ILH9K92
9 HAIA<GCAF : HAIA<GCJ9DA M HAIA<GCJ9EAF

4:30845,
2AK9EAFGK MG >GJ>GIADAI9F9 >GIE9

HAIA<GCJ9D >GJ>9K A
HAIA<GCJ9EAF>GJ>9K LU=JKMLM9C9CGCG=FQAEMG?GD=E:IGBF9=FQAEA
09C9 HAIA<GCJ9D >GJ>9KGK = HIGJK=KAUF9 ?ILH9 F9 EFG?L
<=C9I:GCJAD9QA <=Q9EAF9QA A KI9FJ9EAF9QA &JKG K9C9 HAIA<GCJ9D
>GJ>9KGK LU=JKMLM9 MG HI=FGJGK F9 JLD>LI HI=CL 9CKAMFGJK9 F9
KI9FJJLD>LIA<9Q9K9 A <AJLD>@A<I9Q9K9 MG HIG;=JGK F9 I=JGIH;AB9 F9
9EAFGCAJ=DAFAK=MG;I=M9K9 C9CGAFAMFAGKKI9FJHGIKFAQCD=KCAF9K9
E=E:I9F9
+=<GJK9KGCGK F9 GMGB MAK9EAF EG8= <9 :A<= ?=F=KJCA
HI=<G<I=<=F <9J=B9MAHIA9DCG@GDAQ9EADAHGI9<A DGR99HJGIH;AB9A
F=HG<FGJDAMGJK F9 D=CGMA -IA F=<GJK9KGC F9 MAK9EAF J= B9MLM9
EACIG;AKF9 9F=EAB9 HIGE=FA F9 ;=FKI9DFAGK F=IM=F JAJK=E
(,
=HAD=HJAB9 @AH=IAIAK9:ADFGJK<IL?G
:6,+?@,A09,@4>,849
(: 0;<?@0>, =0 6,;9?@,,> 6,;64 <,=>@:< 9, ;4<4/:6=49 4
6,;6,
+070C:37:<4/:-<:=080D,;<4D>:=80=,>,;:=>0;09:=0-:4
.<@09:
2AK9EAF
JCGI:AFJC9CAJ=DAF9
2AK9EAFGK = M98=F =J=F;AB9D=F DAHGJGDL:AD=F MAK9EAF JG

AJCDLUAK=DFGM98F9 >LFC;AB9MGF9RAGKGI?9FAQ9E-G@=EAJCAJGJK9M
= T
ukt|xw

tp|x
n}uxw{tk ts{puswk /DAC9
(AJ=DGJK9 F9
MAK9EAFGK HGK=CFLM9 G< =F<AGDFAK= ?ILHA <M= @A<IGCJADFA ?ILHA
HGMIQ9FA JG =<F9<MGBF9MIJC9
/DAC9
/KILCKLIF9>GIELD9F9MAK9EAFGK/

4:30845,
(9I9CK=IAJKAUFG Q9 MAK9EAF = KG9 RKG ?G AE9 MG EFG?L

@I9FDAMAHIG<LCKA
*9DG CGDAU=JKMG AE9 MG KACM9K9 ;=D=IGK ?IGQB=KG B9:GDCGKG
CI9JK9MA;9K9 CILR9K9AJDAM9K9
1E=I=FG AE9 MG :9F9F9K9 HI9JC9K9 ;M=CDGKG C9BJAB9K9 CGEHAIGK
HU=FC9K9 DL:=FA;9K9 Q=D=FULCGK JG K=EFGQ=D=FG DAJB= JH9F9TGK
EGICGMGK MARF9K9
$GD=EA CGDAU=JKM9 F9 MAK9EAF AE9 MG 9F9F9JGK ;IF9K9 IA:AQD9
?I9RGCGK ?I=BH>LIKGK B9?G<9K9 C9I>AGDGK C=D=I9:9K9 Q=DC9K9
DAEGFGK E9F<9IAF9K9 HGIKGC9DGK <GE9KGK I=:I=JK9K9 <AN9
Q=D=F9K9HAH=IC9
!F=MFAK= HGKI=:A Q9 MAK9EAF / C9B <=;9K9
B< 9 C9B
MGQI9JFAK=
B< 09:=D9

09:=D9

!F=MFAHGKI=:AG<MAK9EAF/C9BDLS=G<I9QDAUFA C9K=?GIAA
Xs|kvsw Zpk `kqs \pws gz}owss Zxsuts
Zwpmws yx|zpls
B<

.9JKAK=DFAK=AHGM=T=KG8AMGKAFJCAGI?9FAQEAJGAJCDLUGCF9
UGM=CGK E9BELFAK=A Q9EGI=;GKEG89K<9?GJAFK=KAQAI99KMAK9EAFGK
MG ;IFAGK <IG: G< ?DLCGQ9K9 HI=CL AFK=IE=<A=IFAK=
?DLCLIGFJC9
CAJ=DAF9 A &
?LDGFGD9CKGF9K (9B UGM=CGK GMGB MAK9EAF F= J=
JAFK=KAQAI9HGI9<A F=EG8FGJK &
?LDGFGD9CKGF9KGK <9 J= HI=KMGIA MG
MAK9EAF
2AK9EAFGK MG GI?9FAQEAK= F9 8AMGKFAK= A UGM=CGK MIRA
AJCDLUAK=DFGM98FA>LFC;AA
AE9?GD=EGQF9U=N=Q9JGQ<9M9N=AG<I8LM9N=F9AFKI9;=DLD9IFAGK
<=DF9 5IJC9MA;9K9 Q9:AK=ACGJCAK=
MD=?LM9MGJGJK9MF9D=LCG;AKAK= AQ9KG9J=JE=K9<=C9LU=JKMLM9MG
JAFK=Q9 F9 CGD9?=FGK M98=F = Q9 G<I8LM9N= F9 AELFGDGRCAGK
JAJK=E
HI=KJK9MLM9 HIAIG<=F 9FKA:AGKAC 9FKA@AJK9EAFAC A ?A 9CKAMAI9
>LFC;AAK=F9JAK=CD=KCA

4:30845,
EGT=F 9FKAGCJA<9FJ CGB ?A MIQLM9 JDG:G<FAK= I9<AC9DA MG

GI?9FAQEGK AJGKG9?G Q9:9MLM9HIG;=JGKF9JK9I==N=
B9 GMGQEG8LM9 GCJA<9;AB9K9 F9 : MG I=JGI:AD=F G:DAC : MG
8=DL<FACGK 9 JG KG9 B9 GD=JFLM9 9HJGIH;AB9K9 F9 8=D=QGKG MG
;I=M9K9
?GB9CF=AG<:I9E:=FAGKJAJK=EF9GI?9FAQEGK
JAFK=Q9F9CGD9?=FGK
?AF=LK9DAQAI9GKIGMAK=MGCIMK9
F9B<=F = MG ?GD=EA CGF;=FKI9;AA MGF9<:L:I=8FAK= 8D=Q<A AQ9KG9
J=JE=K9 <=C9AE9M98F9LDG?9MGJKI=JI=9C;AB9K9F9GI?9FAQEGK
HGE9?9 MG Q9I9JFLM9N=KG F9 I9FAK= MDAB9= F9 :AKFA >AQAGDGRCA
>LFC;AA A AE9 F=JH=;A>AUF9 >LFC;AB9 MG GCJA<GI=<LCKAMFAGK
JAJK=E
<GFGI F9 MG<GIG<FA BGFA MG ?GD=E :IGB F9 GCJA<G
I=<LC;AJCA
HIG;=JAMG GI?9FAQEGK 9FKAGCJA<9FJ
F= J= HI=HGI9ULM9 <9 J= Q=E9 JG D=CGMA HIGKAM KLEGIA A JG
;AKGJK9KA;A:A<=BTAAE?GF9E9DLM9<=BJKMGKG
-IA @AHGMAK9EAFGQ9 F9 MAK9EAFGK J= B9MLM9 Q9EGI HGJH9FGJK
?D9MG:GDCA-IA<GD?GKI9BFGGKJLJKMGADA9MAK9EAFGQ9F9MAK9EAF MG
AJ@I9F9K9 <GM=<LM9 <G HGB9M9 F9 JCGI:LK CGB J= E9FA>=JKAI9 JG
@=EGI9?AA I9JCD9KLM9N= F9 Q9:AK= K=RCG A A <GD?GKI9BFG
Q9Q<I9MLM9N=F9I9FAAD=JF9CIRDAMGJK F9Q9:AK=
:6,+?@,A09,@4>,849
(: 0/9, 0;<?@0>, =0 6,;9?@,,> 6,;64 @4>,849 , @: /<?2, 6:5, 0
6:9><:79,=06,;9?@,,>6,;64/0=>474<,9,@:/,#:>:,@:/@0>0=0
=>,@, 0/9, 6,;6, " 4 0/9, 6,;6, & &! 6,74?8
306=,.45,9:10<,>;<?@0>4>0=0;<:80D?@,,>4=0 /:/,@,,>;:
><4 6,;64 + 4 0/9, 6,;6, &+ (: 0;<?@0>,>, =: @4>,849 =0
5,@?@, =49 >,7:2 :/ -0<749=6: =49: :/ 1:<840,9:>: +070C:
306=,.45,9:10<,> & &! , @: 0;<?@0>,>, =: /0=>474<,9,
@:/,-:5,>,908,/,=0 ;<:8094
:6,+?@,A09,@4>,849 =:5:/
(:0/9,0;<?@0>,=0=>,@,,>/0=0>6,;64<,=>@:<9,@4>,849 4/@0
6,;64 3(.+:@ <,=>@:< $,=>@:<:> =0 :-0C-:5?@, -4/05F4 @4>,849:>
@<D4<0/?6.45,9,070809>,<94:>5://:5:9=64

4:30845,
19/;4589
#<:?G4 5, @,+9:=>, C, ?;:><0-, 9, 3<,9, -:2,>, =: @4>,8494
!,;<,@474=>,9,3<,974@4;<:4C@:/46:4C,/:7+4>079:><0-,/,=0
@90=?@,,>C,/,=0C,/:@:7,>/90@94>0;:><0-49,@4>,8494
#<:?G424=48;>:84>09,-:70=>, =6:<-?>,74/090=48,=6:<-?>
@: 9,D,>, C085, 4 6,5 6:4 2<?;4 9, 7?E0 4 @: 6,6@, 1:<8, 8:+0 /, =0
5,@4
#<:?G424>,-074>0=:=:=>,@9,3<,9,>,:809>4<,5C,9,G49:>4
C,=>,;09:=>,9,C0709G?6:>4:@:D50>:@:(,D,>,4=3<,9,
&FK=I=JFG
/CGI:LKGK C9CG Q9:GDLM9N= = Q9:=D=89F <=C9 J= B9MLM9D LRK= HI=<
F9R9K9 =I9 MG GHJ=<F9KAK= KMI<AFA C9<= RKG :I9FAK=DAK= :AD=
HIAFL<=FA<9J=@I9F9KJGCGFQ=IMAI9F9 @I9F9$GD=EHIG:D=E:ADAQ9
HIMAK= EGI=HDGM;A MG H=KF9=J=KKAGK A R=JF9=J=KKAGK M=C 1RK= G<
KG?9R :ADG HGQF9KG <=C9 CGFJLEAI9N= F9 9?ILEA A Q=D=FULC ?A
JHI=ULM9DGAD=U=DG GMA=:GD=JKA

4:30845,
-I9R9N9
!=>AFAI9B ?A HGAEAK= 9MAK9EAFGQ9 @AHGMAK9EAFGQ9
@AH=IMAK9EAFGQ9 DAHGJGDL:ADFA A @A<IGJGDL:ADFA MAK9EAFA
I9@AKAJ FGTFGJD=HADG JCGI:LK :=IA
:=IA
/HGI=< CG= >AQAUCG JMGBJKMG J= CD9JA>A;AI99K F9BU=JKG
MAK9EAFAK=
+9HI9MAJHGI=<:9E=SLLDG?9K9AJAEHKGEAK=HIA9MAK9EAFGQ9
C9BDAHGJGDL:ADFAK=MAK9EAF "A(
(GAMAK9EAFAJ=DAHGJGDL:ADFAAMGCGB9@I9F9J=F9BQ9JK9H=FA
-GMIQAB9LDG?9K9F9MAK9EAFAK=JG:GD=JKAK=CGAJ=B9MLM99KHIA
FAM=F F=<GJK9KGC
2AK9EAFAK= J= I=?LD9KGIA F9 E=K9:GDAQEGK F9 C9D;ALE A
>GJ>9KA (GA Q9:GDLM9N9 J= B9MLM99K HIA FAM=F F=<GJK9KGC MG
UGM=CGMAGKGI?9FAQ9E
(GDCL MAK9EAFJH9S99KMG ?ILH9K92CGEHD=CJ
(GB9=LDG?9K9F9KA9EAFGKMGUGM=CGMAGKGI?9FAQ9E
,:B9JFA QGRKG C9B DLS=KG G< <9D=UFAGK AJKGC J= B9MLM9 :GD=JK9
:=IA
:=IA !9DA MG*9C=<GFAB9 EG8= <9J= B9MA GM9 Q9:GDLM9N=
,:B9JFA
(GB9 = LDG?9K9 F9 MAK9EAFAK= G< 2 ?ILH9K9 MG GI?9FAQEAK= F9
8AMAK=GI?9FAQEA
-GMIQA?ALDG?9K9F9MAK9EAFAK= G<?ILH9K9 2A MAK9EAFGK/ JG
JAEHKGEAK=F9FAMFAGKF=<GJK9KGC
,:B9JFA?A >LFC;AK= F9 MAK9EAFGK/ MG8AMAK=GI?9FAQE

,:B9JFA B9 09:=D9K9
-G<I=<A ?A C9K=?GIAAK= F9 DLS= JHGI=<
HGKI=:AK=Q9MAK9EAF/

4:30845,
%
5/3 +,/4/)/0'
<I=F9DAF %GIEGFF9 J=I;=MAF9K9F9F9<:L:I=8FAK=
8D=Q<A
CKAM9KGIA /LHJK9F;ACGAB9Q9:IQLM99K=FQAEJC9K9
I=9C;AB9
CKAM=F;=FK9I !=DG< HGMIRAF9K9F9=FQAEGKC9<=J=
JDLULM99K=FQAEJCAK=I=9C;AA
D:LEAFA -IGJKA?DG:LD9IFAHIGK=AFA
D<G@=CJGQA *GFGJ9@9IA<AJG R=JK /
9KGEAA9D<=@A<F9
?ILH9
D<GQA *GFGJ9@9IA<AJG9D<=@A<F9?ILH9
EADGH=CKAF .9Q?I9F=K@GEGHGDAJ9@9IA< CGBJ=F9GS9 MG
G:MAMC9K9F9JCIG:FAK=QIF9 A=JGJK9M=FG<
?DLCGQFA=<AFA;A
EADGQ9 +=I9Q?I9F=K@GEGHGDAJ9@9IA< CGBJ=F9GS9 MG
JI;=MAF9K9F9JCIG:FAK=QIF9 A=JGJK9M=FG<
?DLCGQFA=<AFA;A
EAFGCAJ=DAFA EAFG<=IAM9KAF9C9I:GCJADFAK=CAJ=DAFA
F9:GDAQ9E *=K9:GDAKAUCAHIG;=JF9JAFK=Q9F9JDG8=FA
JLHJK9F;AG<HGHIGJKA
FGE=IA R A S GHKAUCAAQGE=IAF9@=CJGQAK=A
H=FKGQAK=
FK9?GFAJKA %GIEGFAJG JHIGKAMFG<=BJKMG
FKACG<GF 0IAHD=KG<:9QAF9 H+(
HJGDLKF9 /HGJG:FGJK F9 =FQAEAK=<9<=DLM99KJ9EGF9
JH=;A>AUFGJK =<=FJLHJKI9K
JCGI:AFJC9 2AK9EAF/
CAJ=DAF9
-* <=FGQAFKIA>GJ>9K
MAK9EAFGQ9 +=<GJK9KGCF9F=CGBMAK9EAFMGGI?9FAQEGK
AG=D=E=FKA "D=E=FKACGAJ=F9GS99KMG8AMAK=GI?9FAQEA
AG@=EAB9 +9LC9Q9JLHJK9F;AK=AHIG;=JAK=MG8AMAK=
GI?9FAQEA
AGHGDAE=IA -GDAE=IFAJG=<AF=FAB9MG8AMAK=GI?9FAQEA
AGJG=<AF=FAB9 ,I?9FJCAJG=<AF=FAB9MG8AMAK=GI?9FAQEA

4:30845,
29QGHI=JAF %GIEGFF9CGI9K9F9F9<:L:I=8FAK=8D=Q<A
2AK9EAFA ,I?9FJCAJLHJK9F;AF=GH@G<FAQ98AMGKGKF9
GI?9FAQEAK=
$DACG?=F .9Q?I9F=K@GEGHGDAJ9@9IA<JGJK9M=FG<
?DLCGQFAGJK9KG;AAI=Q=IM=FHGDAJ9@9IA<C9B
8AMGKFAK=AUGM=CGK
$DG:LD9IFAHIGK=AF -IGJKAHIGK=AFAI9JKMGIDAMA MGMG<9
$DG:LDAFA -IGJKA?DG:LD9IFAHIGK=AFA
$DLCGHIGK=AFA /LH=IEGD=CLDJCACGEHD=CJG<HIGK=AFJG
B9?D=@A<I9K
$DLCGDAQ9 F9=IG:FGI9QDG8LM9N=F9?DLCGQ9K9
$DLC9?GF %GIEGFF9H9FCI=9JGKCGB?GI=?LDAI9
F9?GD=ELM9N=KGF9CGF;=FKI9;AB9K9F9?DLCGQ9
MG CIMK9
$DLCGQ9 *GFGJ9@9IA<JGR=JK/
9KGEAA9D<=@A<F9
?ILH9
$DLCGQA<A "K=IAF9EGFGJ9@9IA<AK=
!=C9I:GCJAD9;AB9 ,<JKI9FLM9N=F9 ) G<9EAFGCAJ=DAFAK=
!=F9KLI9;AB9 $L:=N=F9HIAIG<FAK=JMGBJKM9F9HIGK=AFAK=
HG<<=BJKMGF9>AQAUCAA@=EAJCA>9CKGIA
!=GCJAIA:GFLCD=AFJ +LCD=AFJC9CAJ=DAF9JG<=GCJAIA:GQ9C9CG
C9CAJ=DAF9 R=T=IF9CGEHGF=FK9
!=JFG?AIAJLHJK9F;A ,HKAUCA9CKAMFAJLHJK9F;ACGAB9MIK9K
I9EFAF9K9F9HGD9IAQAI9F9K9JM=KDAF9F9
<=JFG
!=Q9EAF9;AB9 ,KJKI9FLM9N=F99QGKG<9EAFG?ILH9K9G<
9EAFGCAJ=DAFAK=HG<<=BJKMGF9=FQAEA
<=Q9EAF9QA
!AB9JK=I=GAQGE=IA R A SDHKAUCAAQGE=IAF9@=CJGQAK=AH=FKGQAK=
!AE=IAQ9;AB9 .=9C;AB9E=SL<M=9EAFGCAJ=DAFA HIARKGJ=
<G:AM99KH=HKA<A<AE=IA
!AF9EAUC9:AG@=EAB9 !=DG<:AG@=EAB9K9CGB?AHIGLULM9
:AG@=EAJCAK=HIG;=JAMG8AMAK=GI?9FAQEA
!AJLD>A<=FEGJK (GM9D=FKFGJMIQ9FAJLD>LIFA9KGEAC9B
HIGK=AFAK=
">=CKGIA /LHJK9F;ACGAB9E=FLM99K:IQAF9K9F9

4:30845,
=FQAEJC9K9I=9C;AB9
"F<GCIAFA8D=Q<A ,I?9FACGAD9U9K@GIEGFAMGGI?9FAQEGK
"FAQEA AGC9K9DAQ9KGIACGA?A Q9:IQLM99K
:AG@=EAJCAK=HIG;=JA
"J=F;AB9DFA EAFGCAJ=DAFACGAF=EG89K<9J=
9EAFACAJ=DAFA JAFK=KAQAI99KMGUGM=CGMAGKGI?9FAQ9EA
KI=:9<9J=MF=JLM99KHI=CL AJ@I9F9K9
"JKI9<AGD /K=IGA<=F@GIEGFF9B9BFA;AK=
GDUFACAJ=DAFA /K=IGA<FAJG=<AF=FAB9CGAJ=D9U9KG<
8GDUC9K9A?A=ELD?AI99KE9JKAK=Q9<9B9
GD=JFLM99KFAMF9K9@A<IGDAQ9MG;I=M9K9
&F@A:AKGIA /LHJK9F;ACGAB9Q9:9MLM99KADA
GF=MGQEG8LM99KC9K9DAKAUC9K9>LFC;AB9F9
=FQAEAK=
&FJLDAF %GIEGFF9H9FCI=9JGKCGB?GI=?LDAI9
F9E9DLM9N=KGF9CGDAU=JKMGKGF9?DLCGQ9MG
CIMK9
&QG=D=CKIAUF9KGUC9 I+ HIACGB99EAFGCAJ=DAFAK=J=G<F=JLM99K
C9CG:AHGD9IFA=D=CKIGF=LKI9DFAU=JKA;A
'9?D=@A<I9KA -GDA@A<IGCJADFA9D<=@A<AADAC=KGFAADA
JG=<AF=FAB9CGAJ=I9QDG8LM99KF9
HGDA@A<IGCJADFA9D<=@A<AADAC=KGFA
(9D;A>=IGD 2AK9EAF
(9I:GCJA@=EG?DG:AF %=EG?DG:AFQ9CGB=JMIQ9F/,
(9K9:GDAQ9E *=K9:GDAKAUCAHIG;=JAF9I9QDG8LM9N=F9
JDG8=FAK=GI?9FJCAJLHJK9F;A<GHGHIGJKA
(=>9DAFA #GJ>GDAHA<A=JK=IA>A;AI9FAJGJ=IAFADA
=K9FGD9EAF
(=KG@=CJGQA *GFGJ9@9IA<AJGR=JK/
9KGEAAC=KG?ILH9
(=KGQA *GFGJ9@9IA<AJGC=KG?ILH9
(G:9D9EAF 2AK9EAF
(G<GF 0IAHD=KF9:9QAMG B+(
(G=FQAEA +=HIGK=AFJCA <=D F9 <MGCGEHGF=FKFAK=
=FQAEACGBHG=FQAEJC9K9I=9C;AB9J=G<<=DLM9
G< =FQAEGK
&& )AHGHIGK=AF JG E9D9 ?LJKAF9 Q9 CGB = MIQ9F

4:30845,
@GD=JK=IGDGK
)=;AKAFA #GJ>GDAHA<A=JK=IA>A;AI9FAJG@GDAF
)=MG?AIAJLHJK9F;A ,HKAUCA 9CKAMFA JLHJK9F;A CGA B9 MIK9K
I9EFAF9K9 F9 HD9F9IFG HGD9IAQAI9F9K9
JM=KDAF9F9D=MG
)AHA<A ,I?9FJCA :AGJG=<FAF=FAB9 F=I9JKMGIDAMA MG
MG<9 9I9JKMGIDAMAMGGI?9FJCAI9JKMGILM9UA
)AHGHIGK=AFA /LH=IEGD=CLDJCACGEHD=CJA G<FGJFGJDG8=FA
HIGK=AF C9B CGA F=HIGK=AFJCAGK <=D = F=CGB
DAHA<
)AHGJGD:ADFA 2AK9EAFAI9JKMGIDAMAMGE9JD9
MAK9EAFA
*9CIG=D=E=FKA AG=D=E=FKAJG?GD=E9Q9JK9H=FGJKMG8AMAK=
GI?9FAQEA
*9JD9 "JK=IAF9?DA;=IGDJGMARAE9JFACAJ=DAFAJG
;MIJK9CGFQAJK=F;AB9
*9JKA "JK=IAF9?DA;=IGDJGMARAE9JFACAJ=DAFAJG
;MIJK9CGFQAJK=F;AB9
*=K@=EG?DG:AF %=EG?DG:AFC9BCGBAE9 :
*=K9:GDAQ9E 4:AI F9 JAK= :AG@=EAJCA HIG;=JA CGA J=
G<MAM99KMG8AMAK=GI?9FAQEA
*=K9DHIGK=AFA /LH=IEGD=CLDJCACGEHD=CJG<HIGK=AFAF=CGB
E=K9D
*ACIG=D=E=FKA AG=D=E=FKA JG E9D9 Q9JK9H=FGJK MG 8AMAK=
GI?9FAQEA
*GFGJ9@9IA<A -GDA@A<IGCJADFA9D<=@A<AAC=KGFA
( +ACGKAF9EA<9<=FAF<AFLCD=GKA<
(" +ACGKAF9EA< 9<=FAF<AFLCD=GKA< I=<L;AI9F9
>GIE9
+GI9<I=F9DAF %GIEGF F9 JI;=MAF9K9 F9 F9<:L:I=8FAK=
8D=Q<A
+LCD=GHIGK=AFA /LH=IEGD=CLDJCA CGEHD=CJ G< HIGK=AF A
FLCD=AFJC9CAJ=DAF9
+LCD=GKA<A *GFGE=IA F9 FLCD=AFJCAK= CAJ=DAFA
AQ?I9<=FA G< GI?9FJC9 :9Q9 R=T=IF9
CGEHGF=FK9A>GJ>GIF9CAJ=DAF9

4:30845,
+LCD=GQA<A /G=<AF=FAB9 G< GI?9FJC9 :9Q9 A R=T=IF9

CGEHGF=FK9
,CJAKG;AF %GIEGFF9CGI9K9F9F9<:L:I=8F9K98D=Q<9
,DA?GJ9@9IA<A '9?D=@A<I9KA JGJK9M=FA G<
EGFGJ9@9IA<FA
=<AFA;A
,HKAUC99CKAMFGJK /HGJG:FGJK F9 F=CGA JLHJK9F;A MG MG<=F
I9JKMGI <9 B9 MIK9K HD9F9IFG HGD9IAQAI9F9K9
JM=KDAF9Q9G<I=<=F9?GD
,HKAUCA9FKAHG<A /LHJK9F;A CGA B9 MIK9K HD9F9IFG
HGD9IAQAI9F9K9 JM=KDAF9 Q9 AJK 9?GD FG MG
JHIGKAMF9F9JGC9
-=FKGQA *GFGJ9@9IA<AJG/
9KGEA
-=HKA<A /G=<AF=FAB9 JGJK9M=FA G<

9EAFGCAJ=DAFJCAGJK9KG;A
-AIA<GCJAF 2AK9EAF
-GD9IAE=K9I H9I9K Q9 GHI=<=DLM9N= F9 GHKAUC9K9
9CKAMFGJKF9JLHJK9F;AK=
-GDA9MAK9EAFGQ9 +=<GJK9KGCF9HGM=T=MAK9EAFAMGGI?9FAQEGK
-GDAJ9@9IA<A '9?D=@A<I9KA JGJK9M=FA G< F9<
-IAE9IF9JKILCKLI9 .9JHGI=< F9 9EAFGCAJ=DAFJCAK= GJK9KG;A MG
HIGK=AFAK=
-IG?=JK=IGF %GIEGFF98GDKGKGK=DG
-IGK=AFA AGHGDAE=IA JGJK9M=FA G< F9<
9EAFGCAJ=DAFA
.=D9KAMF9 /HGJG:FGJK F9 =FQAEAK= <9 ?I9<9K =FQAEG
JH=;A>AUFGJK JLHJKI9K=F CGEHD=CJ JG HGM=T= JDAUFA

JLHJKI9KA
.=KAFGD 2AK9EAF
.A:G>D9MAF 2AK9EAF
.A:GFLCD=AFJC9 +LCD=AFJC9CAJ=DAF9CGB9JG<I8AIA:GQ9C9CG
CAJ=DAF9 R=T=IF9CGEHGF=FK9
/9@9IGQ9 0I=@9DGQ=F <AJ9@9IA< JGJK9M=F G< ?DLCGQ9 A
>ILCKGQ9
/9HLFA>AC9;AB9 %A<IGDAQ9F9E9JKAK=AE9JD9K9HG<<=BJKMGF9
9DC9DFA:9QAADAC9I:GF9KA

4:30845,
/=CLF<9IF9 -IGJKGI=F I9JHGI=< F9 JC=D=KFAK= 9KGEA MG

JKILCKLI9 HGDAH=HKA<F9K9FAQ9*G8=<9:A<=JHAI9DF9A
F9:I9F9
/AF=I?AJKA %GIEGFACGAJA ?GF9<GHGDFLM99K<=BJKMGKG
/CD=IGHIGK=AFA -IGJKHIGK=AF F=I9JKMGIDAMAMGMG<9
/CIG: %GEGHGDAJ9@9IA< JGJK9M=F G<
?DLCGHAI9FGQFA=<AFA;A
/GE9KGKIGHAF %GIEGFQ9I9JKCGBJ=D9UAG<9<=FG@AHG>AQ9K9
/H=;AU=F 9?GD F9 ?GD Q9 CGB B9 MIKA HD9F9IFG HGD9IAQAI9F9K9
IGK9;AB9 JM=KDAF9F=CGB9GHKAUCA9CKAMF9JLHJK9F;9JG
CGF;=FKI9;AB9<
GB A<=:=DAF9F9JDGBGKG<
8B
/K9KAUC9:AG@=EAB9 !=D G< :AG@=EAB9K9 CGB9 ?A HIGLULM9
JLHJK9F;AK=MG8AMAK=GI?9FAQEA
/K=IGA<A )AHA<A<=IAM9KAF9JK=I9F
/K=IGDA /G=<AF=FAB9 G< ?ILH9K9 JK=IGA<A <=IAM9KA F9
@GD=JK=IGD
/LH=IEGD=CLDJCA AGJG=<AF=FAB9 JG ?GD=EA EGD=CLDJCA E9JA
CGEHD=CJA JGJK9M=FAG<<M9KAH9:AGHGDAE=IA
/MAF?GDAHA<A "JK=IAF99DCG@GDGKJMAF?GQAF
0=I;A=IF9JKILCKLI9 -IGJKGI=F I9JHGI=< F9 HGDAH=HKA<F9K9 FAQ9
*G8= <9 :A<= >A:IADF9 AJK=?F9K9 A JM=IF9
CDGHU=JK9
0=JKGJK=IGF %GIEGFF9K=JKAJAK=
0A9EAF 2AK9EAF
0AIGCJAF %GIEGFF9KAIGA<F9K98D=Q<9
0GCG>=IGD 2AK9EAF"
0I9FJ9EAF9;AB9 .=9C;AB9 F9 HI=F=JLM9N= F9 9EAFG ?ILH9 G<
9EAFGCAJ=DAF9F9
GCJGCAJ=DAF9
18=?FLM9N= ,CJA<9;AB9F9F=Q9JAK=FAK=E9JFACAJ=DAFAMG
E9JKAK= A E9JD9K9 HIA RKG J= <G:AM99K
JLHJK9F;AJGF=HIAB9K=FEAIAJ
#D9MAF9<=FAF<AFLCD=GKA<
#GJ>GHIGK=AFA /DG8=FAHIGK=AFAC9BCGAF=HIGK=AFJCAGK<=D
=>GJ>GIF9CAJ=DAF9
#ILCKGQ9 (=KG@=CJGQ9CGB9=F9BQ9JK9H=F9MGGMGRB9K9

4:30845,
"& )AHGHIGK=AF JG MAJGC9 ?LJKAF9 A JG E9D

HIG;=FKF9MIQ9F@GD=JK=IGD
%=CJGQA *GFGJ9@9IA<AJGR=JK/
9KGEA
%=EG?DG:AF /DG8=FG:G=FHIGK=AFJGKI9FJHGIKF9LDG?9
%AI9D=F/
9KGE /
9KGE CGB JG U=KAIAK= MIJCA = HGMIQ9F Q9
I9QDAUFA9KGEAADA9KGEJCA?ILHA
%AI9DFAEGD=CLDA *GD=CLDAJG@AI9DFA/
9KGEA
%=K=IGHGDAJ9@9IA<A -GDAJ9@9IA<A JGJK9M=FA G< I9QDAUFA
EGFGJ9@9IA<FA=<AFA;AA<IL?AJLHJK9F;A
%A<IGJGDL:ADFA 2AK9EAFAI9JKMGIDAMAMGMG<9
MAK9EAFA
%AH=IMAK9EAFGQ9 4?GD=E=FG CGDAU=JKMG F9 F=CGB MAK9EAF MG
GI?9FAQEGK
%AHG>AQ9 D=Q<9JGMF9KI=RFGD9U=N=CGB9D9UAKIGHFA
@GIEGFA
%GD=JK=IGD /K=IGDG<8AMGKAFJCGHGK=CDG
%GEGHGDAJ9@9IA<A -GDAJ9@9IA<A JGJK9M=FA G< AJK9
EGFGJ9@9IA<F9=<AFA;9
%GIEGFA .=?LD9KGIAF9E=K9:GDAKAUCAK=HIG;=JA
%IGEGHIGK=AFA /DG8=FA HIGK=AFA C9B CGA F=HIGK=AFJCAGK
<=D=F=CGB9G:G=F9JLHJK9F;9
=DFACD=KCA (D=KCAF9CGA<=DLM99K@GIEGFAK=
=DLDGQ9 +9BQ9JK9H=FGKG GI?9FJCG JG=<AF=FA= MG
:AGJ>=I9K9 F=I9Q?I9F=K @GEGHGDAJ9@9IA<
JGJK9M=FG<

?DLCGHAI9FGQFA=<AFA;A
MAK=IBGF AHGD9IF9=D=CKIGF=LKI9DF99EAFGCAJ=DAFJC9
U=JKAUC9 CGB9 J= B9MLM9 HIA AQG=D=CKIAUF9K9
KGUC9

4:30845,
!!"
D=CJGM9 / /KGB9FGMJCA ( %=EAB9 Q9 #/ ?G<AF9 ?AEF9QAJCG

G:I9QGM9FA= -IGJM=KFG<=DG MKGIGAQ<9FA=
FG:C>?:J>8+, )F<6CG@6=:B>?6 (6I8C6@C?><6:D<F69
:F@:G* )GCDJ>7>D=:B>?: (6I8C6@C?><6 MKGIGHI=I9:GK=FGAQ<9FA=

!FI?>8 /6G>8 $ )GCDJ> ':9>8>CG@: =:B>?: ,J?:HADGH

/9I9=MG HIMG
AQ<9FA=
%6FAGDC * >D@:B>?6 M6 GHI9:CH: @:B>?: > B:9>8>C: ,@DAG@6 @C><6
26<F:7
-G<GD=RGM /KGB9FGMJCA ( AG@=EAB9 Q9 ### ?G<AF9

-IGJM=KFG<=DG MKGIGAQ<9FA=
+>@DJG@> # )F<6CG@6 =:B>?6 #+) !F69M:J>CG@6 @C?><6 J=<EG AQ<9FA=

/K=MU=MJC9 2 ,I?9FJC9 K=@FGDG?AB9 -IGJM=KFG <=DG HIMG

AQ<9FA=
3=CGM9
/KGBCGM9 / AG@=EAB9 *=<A;AFJCA >9CLDK=K
/CGHB=
MKGIGAQ<9FA=

Biohemija 3 MK PRINT

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Biohemija 3 MK PRINT

Uploaded by

Copyright:

Available Formats

+0)&0.

Со решение на Министерот за образование и наука на Република Македонија

CIP - Каталогизација во публикација

2G 8AMAK= GI?9FAQEA F9BQ9JK9H=FG F=GI?9FJCG JG=<AF=FA= =

EAF=I9DFAK= JGDA GCGDL   9 MG KI9?GMA J= {zpkmkk|

652 3'& B&+4'

(:/,>, = F9BM98F9K9 A F9BQ9JK9H=F9K9 F=GI?9FJC9 JLHJK9F;9 MG

9CKAMFGJK G< Q<I9MJKM=F9K9 JGJKGB:9 G< F9UAFGK F9 8AM==N= A <IL?A

490<,794>0 =:74 CGAMD=?LM99KMGJGJK9MF98AMAK=GI?9FAQEA

6*)  E9?F=QALE C9I:GF9KGK  '<) C9D;ALE >DLGIA<G  6 A

 !=>AFAI9B ?A HGAEAK= :AG@=EAB9 JK9KAUC9 :AG@=EAB9 <AF9EAUC9

'9?D=@A<I9KAK=JHGI=<@=EAJCAGKJGJK9MJ= CD9JA>A;AI99K F9

 /HGI=< >LFC;AGF9DF9K9 ?ILH9 |x B9 JG<I89K EG89K <9 :A<9K

*FG?L U=JKG HIA AE=FLM9N=KG F9 EGFGJ9@9IA<AK= J= CGIAJK9K

,HKAUC9 9CKAMFGJK = JHGJG:FGJK F9 @AI9DFAK= EGD=CLDA <9 B9

(9I9CK=IAJKAUF9 >AQAUC9 M=DAUAF9 Q9 JAK= GHKAUCG 9CKAMFA

2=DAUAF9K9 F9 9?GDGK F9 JH=;A>AUF9K9 IGK9;AB9 J= G<I=<LM9 JG

 -2/)+7'2*+./*  -2/)+7'2*+./*

"F9FKAGE=IAK= J= D=M9K9 A <=JF9K9 >GIE9 F9 F=CG= GHKAUCA

+AMFAK= EGD=CLDA J= G<F=JLM99K E=LJ=:= C9CG HI=<E=K A DAC MG

(9B EGFGJ9@9IA<AK= J= JI=T9M9 1 A SGHKAUC9 AQGE=IAB9 CGB9 J=

HIGE=FDAM9IGK9;AB9 0G9= JMGBJKMG<9J= E=FLM9 9?GDGKF9 JH=;A>AUF9

9KGEAK= D=89K MG HGM=T= I9EFAFA A Q9MQ=E99K CGF>A?LI9;AB9 F9

&E=FG E=SL C9I:GFADF9K9 ?ILH9 /, F9  A @A<IGCJADF9K9

(9B C=KG@=CJGQAK= ;ACDAQ9; ;AB9K9 F9JK9FLM9 E=SL C9I:GFADF9K9

(9B H=FKGQAK= C9B CGA AFK=I9C;AB9K9 =E=SL C9I:GFADF9K9 ?ILH9

(9B >GIEAK= HGDL9;=K9DF9K9 ,+ ?ILH9 = HGJK9M=F9 HG<

FGE=IAK= AE99K I9QDAUFA >AQAUCA JMGBJKM9 2I=<FGJK9 F9

*GFGJ9@9IA<AK=HGC98LM99K?GD=E9 I=9CKAMFGJK CGB9J=<GD8A

0IAGQ9 ,CJAFAKIADF9 "IAKIGFJC9 0=KIGQ9

 2G I=9C;AB9 JG JG=<AF=FA=KG @A<IGCJAD9EAF EGFGJ9@9IA<AK= <9M99K

 #=FAD@A<I9QGFJC9 ADAGJ9QGFJC9I=9C;AB9 B>A >G=:F ? 

 !=BJKMGKG F9CAJ=DAFAK=MIQ EGFGJ9@9IA<AK=

;ACDAQAI99K MG F=Q9JAK=FA 9D<=@A<A -=FKGQAK= ?I9<9K >LI>LI9D 9

 !=BJKMGKG F9:9QAK=MIQ EGFGJ9@9IA<AK=

2G I=9C;AB9 JG JD9:A :9QA EGD=CLDAK= F9 EGFGJ9@9IA<AK= J=

/G GCJA<9;AB9 MG :AGDGRCA LJDGMA EG8= <9 J= Q9ULM9

2:15=' <=CJKIGQ9 ?IGQ<GMR=T=I CIM=FR=T=I

A UGM=CGK MG DAE>9K9 A CIMK9  

7:195=' D=MLDGQ9 GMG

#ILCKGQ9K9 = F9BM98F9 C=KGG@=CJGQ9 (9CG JDG:G<F9 >ILCKGQ9K9

+9BM98FAK=<AJ9@9IA<AJ=JGJK9M=FAG< <M= ?DLCGQA<FGHGMIQ9FA

4=,3,<4/4 :/ 8,7>:C09 >4; D HGMIQLM9N=KG F9

?DLCGHAI9FGQA HGMIQFA  ?DLCGQA<FG /DAC9 

4=,3,<4/4:/><03,7:C09 >4;  J=B9MLM9C9BGFA=<AJ9@9IA<ACGA

 2G<=FAGK I9JKMGI F9 J9@9IGQ9 F= ?G I=<L;AI9 :=A>C<GMAGK I9JKMGI

52/8'.'7/*/9+ 8+ ;/8515352+1:2'74/ (/5652/3+74/

/CIG:GK = @GEGHGDAJ9@9IA< CGB MG G:DAC F9 JCIG:FA QIF9 J=

,:MAMC9K9 F9 JCIG:FAK= QIF9 = AQ?I9<=F9 G< HGDAJ9@9IA<GK

3/256+19/459 =HGDAJ9@9IA<JGI9Q?I9F=K9JKILCKLI9 &Q?I9<=F

2G JAJK=EGK Q9 M9I=N= MG UGM=UCAGK GI?9FAQ9E ;=DLDGQ9K9

7:-/ 65;'&4/ .5356528'.'7/*/.535-2/1'4/

 @AB9DLIGFJC9K9 CAJ=DAF9 CGB9= AQ?I9<=F9=G< (

 @GF<IGAKAFJLD>9K AQ?I9<=F=G< ?DLCLIGFJC9CAJ=DAF9 (

-GKHGDF9GCJA<9;AB9<G  A 

4'(52/=359 ?A GH>9T9 =FQAEJCAK= JAFK=QA F9 JDG8=FA

!/64' 85+*/4+4/0' 7+989';4/)/

/G @A<IGDAQ9 F9 JAK= =F=I?=KJCA :G?9KA JG=<AF=FAB9 J=

,MA=JG=<AF=FAB9 JHGI=<=F F=I?AB9K9CGB9EG89K<9B9JCD9<AI99K

0.CG= JG<I8A<M==F=I?=KJCAMI IJCA /DAC9 

/AJK=EGK 0. * BB9 HI=F=JLM9 =F=I?AB9K9 G<

!IL? M98=F G:DAC F9 =F=I?AB9 MG CD=KCAK= J= =D=CKIGFAK= A

'9?D=@A<I9KAK= Q9=<FG JG HIGK=AFAK= A DAHA<AK= J= F9BM98=F

!=DLEFGJCIG: ,847,C, ZE9DKGQ9

+0)&0.

EAF=I9DFAK= JGDA GCGDL 9 MG KI9?GMA J= {zpkmkk|

6*) E9?F=QALE C9I:GF9KGK '<) C9D;ALE >DLGIA<G 6 A

!=>AFAI9B ?A HGAEAK= :AG@=EAB9 JK9KAUC9 :AG@=EAB9 <AF9EAUC9

'9?D=@A<I9KAK=JHGI=<@=EAJCAGKJGJK9MJ= CD9JA>A;AI99K F9

/HGI=< >LFC;AGF9DF9K9 ?ILH9 |x B9 JG<I89K EG89K <9 :A<9K

-2/)+7'2+./ -2/)+7'2+./

(9B EGFGJ9@9IA<AK= J= JI=T9M9 1 A SGHKAUC9 AQGE=IAB9 CGB9 J=

HIGE=FDAM9IGK9;AB90G9= JMGBJKMG<9J= E=FLM9 9?GDGKF9 JH=;A>AUF9

&E=FG E=SL C9I:GFADF9K9 ?ILH9 /, F9 A @A<IGCJADF9K9

(9B >GIEAK= HGDL9;=K9DF9K9 ,+ ?ILH9 = HGJK9M=F9 HG<

FGE=IAK= AE99K I9QDAUFA >AQAUCA JMGBJKM9 2I=<FGJK9 F9

2G I=9C;AB9 JG JG=<AF=FA=KG @A<IGCJAD9EAF EGFGJ9@9IA<AK= <9M99K

#=FAD@A<I9QGFJC9 ADAGJ9QGFJC9I=9C;AB9 B>A >G=:F ?

!=BJKMGKG F9CAJ=DAFAK=MIQ EGFGJ9@9IA<AK=

!=BJKMGKG F9:9QAK=MIQ EGFGJ9@9IA<AK=

2:15=' <=CJKIGQ9 ?IGQ<GMR=T=I CIM=FR=T=I

A UGM=CGK MG DAE>9K9 A CIMK9

7:195=' D=MLDGQ9 GMG

4=,3,<4/4 :/ 8,7>:C09 >4; D HGMIQLM9N=KG F9

?DLCGHAI9FGQA HGMIQFA ?DLCGQA<FG /DAC9

4=,3,<4/4:/><03,7:C09 >4; J=B9MLM9C9BGFA=<AJ9@9IA<ACGA

2G<=FAGK I9JKMGI F9 J9@9IGQ9 F= ?G I=<L;AI9 :=A>C<GMAGK I9JKMGI

52/8'.'7/*/9+ 8+ ;/8515352+1:2'74/ (/5652/3+74/

3/256+19/459 =HGDAJ9@9IA<JGI9Q?I9F=K9JKILCKLI9&Q?I9<=F

7:-/ 65;'&4/ .5356528'.'7/*/.535-2/1'4/

@AB9DLIGFJC9K9 CAJ=DAF9 CGB9= AQ?I9<=F9=G< (

@GF<IGAKAFJLD>9K AQ?I9<=F=G< ?DLCLIGFJC9CAJ=DAF9 (

-GKHGDF9GCJA<9;AB9<G A

4'(52/=359 ?A GH>9T9 =FQAEJCAK= JAFK=QA F9 JDG8=FA

!/64' 85+*/4+4/0' 7+989';4/)/

0.CG= JG<I8A<M==F=I?=KJCAMI IJCA /DAC9

/AJK=EGK 0.* BB9 HI=F=JLM9 =F=I?AB9K9 G<

!=DLEFGJCIG: ,847,C, ZE9DKGQ9

*GFGJ9@9IA<AK= ?DLCGQ9 >ILCKGQ9 A ?9D9CKGQ9 <G:A=FA JG

/GGM9Q9MIRLM9?DLCGDAQ9K92KGI9K9>9Q9= =?QGK=IEF9:A<=BTA

" ) "")"))" -*" )

" )") Z " ")("" ")"(

2+A45<9 1/8+2/4815;7/+<+ J=G<MAM9MG:9CK=IAAK= A68HD768>AA>

-AILM9K ) Z 9;=KAD )

( J= I=<L;AI9 <G (" CGB HGMIGIFG J= GCJA<AI9 MG

4MD8I8LOMD8I8LPA<I8L8@8 vkuk|

-G8=DFG = <9 J= MF=JLM99K IA:AFGKG A I9JKAK=DFAK= E9JD9 MG

$DA;=IGD>GJ>GDAHA<AK= MG Q9MAJFGJK G< JG=<AF=FA=KG |x p

"(" " )"

"" """)""(" " )"

HU=DAFMGJGC "))" CGBJ=F9GS9MGJ9T=KG0GB==JK=IF9

9+75//9+ 8+ 2/6// 15/ 65 .+3/81/ 8589'; 8+ 652/)/12/A4/

7:6' 7+989';4/1 +8954'4'5?'<+/,:41)/0'

-I=CLE=IFGKG FAMG F9 AFJLDAF MG CIMK9 HGI9<A Q?GD=E=F MF=J F9

:=1:74;4/4>0 AE99K <M9 CI9B9 @A<IG>AD=F A @A<IG>G:=F

EAFGCAJ=DAFAK= J= :=DA CIAJK9DFA JLHJK9F;A JG E9D9

3/451/8+2/4' =52+2+197/A4'95A1' &

-IA I+ =<F9CM9 F9 I+# K= HIA AQG=D=CKIAUF9K9 KGUC9

2G AQ?I9<:9K9 F9 HIGK=AFAK= LU=JKMLM99K &>GIEAK= F9

"(" )) (6)" Z " (" ))(6" )

-IAI=9C;AB9JGB9C9CAJ=DAF9 J=<G:AM99KJGDA /DACA

"(" )) "A Z 3"(" ))"4A

-IA <=C9I:GCJAD9;AB9 F9 9EAFGCAJ=DAFA JG Q9?I=M9N= MG AF=IK=F

-IAI=9C;AB9JG9DCG@GDA MGHIAJLJKMGF9 "A J=<G:AM99K=JK=IA

-IA I=<LC;AB9 F9 C9I:GCJADF9K9 ?ILH9CGB9 J= F9GS9 MG EGD=CLDAK=

2GI=9C;AB9 JG9D<=@A<A HIARKG J=<G:AM9 ,8=>;;

2GI=9C;AB9JG ) HIARKGJ=<G:AM99KC9I:9EAFG CAJ=DAFA ,M99

2G I=9C;AB9 JG 9QGK=JK9 CAJ=DAF9 J= MIRA <=Q9EAF9;AB9 F9

GJDG:G<LM9 EGD=CLD9I=F 9QGK /DAC9

.=9C;AB9JGC9KBGFAF9K=RCAE=K9DA I 'C : D A <IL?Atxs

/GI=9C;AB9F9<AE=IAQ9;AB9 E=SL<M=9EAFGCAJ=DAFA J= G:I9QLM99K

/DAC9 -IAC9QF9I=9C;AB9K9F9 <AE=IAQ9;AB9C9B

-I !ALA6/6A!AL&:I ADA !!/!& .=<GJD=<GKF9HGMIQLM9N=

GCJAKG;AFAM9QGHI=JAF @GIEGFAF9Q9<FAGK I=Q G< @AHG>AQ9K9

!=>AFAI9B ?A HGAEAK= H=HKA< 9EAFGCAJ=DAF9 H=HKA<F9MIJC9

'3/451/8+2/482/589'95)/ *GD=CLDJC9E9J9 svpxo ox