Intergenerationals Games Japan

%FL=J?=F=J9LAGF9DK@9J=<9;LAGF?9E=K>GJHJGEGLAF?
=EH9L@Q:=LO==F&9H9F=K=QGML@9F<=D<=JK
'9LA=/=9:GJF *AF9[%C=9\(== )9JD9*9J9R9FA
.@+8-/.8>/6631/8-/"<94/->" /:+<>7/8>908.?=><3+6/=318 /:+<>7/8>90809<7+>3-=
# +>398+62/81?81&83@/<=3>C %/-283-+6&83@/<=3>C90?83-2
0GCQG&9H9F 09AF9F09AO9F )MFA;@#=JE9FQ
H E9AD
F;CM
=<M
LO E9JD9
F9J9R9FALME
<=
LKMK@A$AQ9E9
.@+8-/.8>/6631/8-/"<94/->"
#/=/+<-2/8>/<09<.@+8-/.$-3/8-/
+8.%/-289691C#$%
# %2/&83@/<=3>C90%95C9
0GCQG&9H9F
@AQ9E9KL9J
J;9KL
M LGCQG
9;
BH
"A?

0@=AFL=J?=F=J9LAGF9DK@9J=<9;LAGF?9E=KQKL=E
+FL@=D=>LL@=>AJKL9F<K=;GF<N=JKAGFKG>L@=>AF?=JHJGLGLQH=
+FL@=JA?@LL@=>GGLN=JKAGF

& ! %% G>L@=KMH=J 9?AF?KG;A=LQ78
5=LL@=J=AK9FAF;J=9KAF??9H
% " ! :=LO==F =D<=JK 9F< QGML@
0@= FGLAGF G> [>ADA9D HA=LQ\ GJ
# J=KH=;L>GJ9F<;9J=G>=D<=JK@9KK@9JHDQ<=;DAF=<AFL@=D9KL
# % Q=9JK78
KEGJ==D<=JKJ=LMJFLGOGJCHGKL J=LAJ=E=FL
! # # " # AFL=J?=F=J9LAGF9DL=FKAGFK9J=G;;MJJAF?<M=LGL@=H=J;=HLAGF
# " !" L@9LGHHGJLMFALA=K9J=:=AF?L9C=F9O9Q>JGEQGML@78
O9Q
%' ( " %% >GJO9J< L@9L L9;CD=K L@=K= L=FKAGFK O@AD= ;GFF=;LAF? L@=
# " " % ?=F=J9LAGFKOGMD<:=A<=9D>GJAFL=J?=F=J9LAGF9DO=DD :=AF?

$ % %
" $ % *=O HJ=KKMJ=K 9J= D=9<AF? LG L@= MK= G> L=;@FGDG?Q LG
!#! # %! ! KMHHGJL 9F< =F@9F;= L@= O=DD :=AF? G> GD<=J 9F< QGMF?=J
! "# ! " ?=F=J9LAGFK 9D:=AL FGL AFL=J?=F=J9LAGF9DDQ H=J K= 78
,GKL
" $ % J=LAJ=E=FL OGJC 9HHK =
?
78 9J= K@GOAF? L@9L &9H9F=K=
! "! "# =D<=JK;9F9F<9J=MKAF?EG<=JFL=;@FGDG?QLG=F?9?=OAL@
% ! !! KG;A=LQ78
#9E=K9J=9DKG:=AF?;GFKA<=J=<9K9E=;@9FAKE
>GJ :=@9NAGJ ;@9F?= 7 8 9F< ;GEEMFALQ =F?9?=E=FL 7 8

KM;@9K,GCUEGF#G>GJQGML@=PH=JA=F;AF?KG;A9DOAL@<J9O9D

23535979<37 89F<9<MDLKOAL@HKQ;@GDG?A;9D<AKLJ=KK7 8

%
%*0.+ 10%+* 0@MK L=;@FGDG?Q =F9:D=< HD9Q ;GMD< E==L AFL=J?=F=J9LAGF9D
O=DD :=AF?F==<K9F<>9;ADAL9L=;GFF=;LAGFK9;JGKK9?=K

&9H9F AK 9 KMH=J 9?AF? KG;A=LQ ;@9J9;L=JAR=< :Q >9DDAF?
:AJL@J9L=K 9F< 9 KOA>LDQ KADN=JAF? HGHMD9LAGF 7 8
0@AK @9K HJAE9JQ;GF;=JFAK@GO:=KLLG<=KA?F>GJ=D<=JK7 8
J=KMDL=<AF;9K;9<AF?KG;A9D9F<KLJM;LMJ9D=>>=;LKOAL@AF9F< 9F<AFL=J?=F=J9LAGF9DDQ7 8
3=;@GK=LG=PHDGJ=9>GJEG>
:=QGF< L@= AKKM= G> KMHHGJLAF? 9F< E9F9?AF? L@= 9?AF? KQF;@JGFQ :9K=< GF K9E= LAE= K9E= 9;LAGF EGN=E=FL GJ
HGHMD9LAGF7878
3=DD :=AF?AFALA9LAN=K>G;MKAF?GF=D<=JK] [K@9J=<9;LAGF\9K9<=KA?FKLJ9L=?QO@A;@@9K:==FDAFC=<LG
H@QKA;9DE=FL9D9F<KG;A9DF==<KZH9JLA;AH9LAGFAFKG;A=LQ AF;J=9K=K AF HJGKG;A9D E=9KMJ=K :=LO==F H9AJK G> F=9J H==J
;GEEMFALQ=F?9?=E=FL9F<KG;A9DJ=D9LAGFK@AHKZ@9N=:==F KLJ9F?=JK7 87 8:ML@9KFGL:==F9HHDA=<AF=F?AF==JAF?
HJGHGK=<9K9O9Q>GJO9J<78
%FH9JLA;MD9J;GFF=;LAF?GD<=J HJ9;LA;=>GJ9;GEHD=P9;LANALQOAL@EMDLA ?=F=J9LAGF9DH9AJK

9F<QGMF?=J?=F=J9LAGFKE9Q@9N=L@=HGL=FLA9DLGL9;CD=L@= +MJ ?G9D O9K L@MK LG =PHDGJ= K@9J=< 9;LAGF 9K 9 HJ9;LA;9D
O=DD :=AF?G>=D<=JKKMHHGJL9F<<AN=JKA>QGHHGJLMFALA=K>GJ E=;@9FAKE>GJ=EH9L@Q :9K=<AFL=J?=F=J9LAGF9D=F?9?=E=FL
QGML@=KH=;A9DDQOGE=F789F<J=DA=N=L@=KQKL=EA;:MJ<=F AF9?9E=L@9LMK=KH@QKA;9D9;LAGF9F<EGN=E=FL

V %!!!
0GO9J<KL@AK=F<9K@9J=<9;LAGF?9E=O9K<=N=DGH=<9F< H@QKA;9DAFL=J9;LAGF:G<QEGN=E=FL9F<:G<Q9M?E=FL9LAGF
=N9DM9L=< AF 9 Q=9J DGF? EMDLAH@9K= =PHDGJ9LGJQ KLM<Q OAL@ OAL@ L=;@FGDG?Q :ML OAL@GML <AJ=;L :G<Q GJ H=J;=HLAGF
=D<=JK 9F< QGML@
0OG AFL=J>9;=K O=J= =PHDGJ=< 9 >AF?=J EG<A>A;9LAGF
%FKL=9< O= @9N= >G;MK=< GF @GO LG <=KA?F
:9K=< H@QKA;9D HJGLGLQH= J=K=E:DAF? 9 @9F< =P=J;AK= LGGD L=;@FGDG?Q9F<AFL=J9;LAN==PH=JA=F;=K:Q@9JF=KKAF?CFGOF
9;LM9L=< :Q 9 KE9JLH@GF= ;GE:AFAF? LOG A<=9K >9EADA9J LG HKQ;@GDG?A;9DH@=FGE=F9AFGMJ;9K=9>GJEG>KQF;@JGFQLG
=D<=JK9F<9KE9JLK@G=L@9LDGGCK9F<>==DKDAC=9FGJE9DK@G= =DA;AL=>>=;LKGF=EH9L@Q

>GJ 9 FGN=D Q=L >9EADA9J =PH=JA=F;=
0@= E9AF ;GFLJA:MLAGFK
9J= A L@= HJGG> G> ;GF;=HL KQKL=E AA <=KA?F CFGOD=<?= $C8-2<98C+8.$2+</.->398
9F< AAA AFALA9D J=KMDLK >GJ AFL=J?=F=J9LAGF9D =F?9?=E=FL 9F< /QF;@JGFQAK9KG;A9DH@=FGE=FGFAFO@A;@AF<ANA<M9DK
=EH9L@Q
0GL@=:=KLG>GMJCFGOD=<?=L@AKOGJCAKL@=>AJKL CFGOAF?DQ GJ GL@=JOAK= ;GGJ<AF9L= L@=AJ 9;LAGFK AF KG;A9D
LG=PHDGJ=K@9J=<9;LAGF9K9<=KA?FKLJ9L=?QAFL@=;GFL=PLG> AFL=J9;LAGF 78
0@= HGO=J>MD =>>=;LK G> KQF;@JGFQ 9F<
9H@QKA;9D?9E=>GJAFL=J?=F=J9LAGF9D=EH9L@Q
J=D9L=<H@=FGE=F9AF;DM<AF?BGAFL9;LAGF78AFL=JH=JKGF9D
;GGJ<AF9LAGF 78 9F< ;GGJ<AF9L=< 9;LAGF 78 9J= O=DD
%%
'#.+1* CFGOF OAL@ H9JLA;MD9J =>>=;LK GF ;GGH=J9LAGF =EH9L@Q
9DLJMAKE9F<GL@=JHJGKG;A9DKL9L=K9F<:=@9NAGJK
29D<=KGDG
8>/<1/8/<+>398+6%/-289691C+8.+7/=
9F< =/L9FG 7 8 >GMF< L@9L 9 KAEHD= J=H=LALAN= >AF?=J
3@AD= EM;@ OGJC @9K =PHDGJ=< <=KA?FAF? >GJ 9F< L9HHAF? L9KC ?=F=J9L=< >==DAF?K G> KAEAD9JALQ DACAF? 9F<
=F?9?AF?=D<=JKOAL@L=;@FGDG?QK===
?
7 8Y78D=KK@9K ;GEH9KKAGF 9K O=DD 9K HJGNGC=< =EH9L@=LA; :=@9NAGJK

;GFKA<=J=< L@= AFL=JK=;LAGF G> 9?= ?JGMH GJ ?=F=J9LAGF 9K 9 /LM<A=KGF:G<QJG;CAF?>JGEAFL=JH=JKGF9D;GGJ<AF9LAGF78
>9;LGJ G> <=KA?F
DKG EGKL @9K >G;MK=< GF EGJ= ;GEEGF 9F<;GGJ<AF9L=<9;LAGF7 8H=JKH=;LAN=K@9N=K@GO=<=>>=;LK
>GJEK G> AFL=J9;LAGF 9F< L=;@FGDG?A=K H9JLA;MD9JDQ ;GEEGF GF ;GGH=J9LAGF 9:ADALQ 9F< J9HHGJL
/M;@ OGJC ;J9>LK 9
AF>GJE9LAGF ;GEEMFA;9LAGF L=;@FGDG?A=K %0K KM;@ 9K H=JKM9KAN= 9J?ME=FL >GJ GMJ 9:ADALQ LG MK= KQF;@JGFQ 9K 9
KE9JLH@GF=K GJ L9:D=LK 9F< L@= %FL=JF=L 9F< ALK N9JAGMK <=KA?FKLJ9L=?QL@9LAKLG<=KA?F>GJKQF;@JGFQLG:JAF?9:GML
G>>=JAF?KL@=3=:;@9L:G9J<KNAJLM9D=FNAJGFE=FLKKG;A9D HJGKG;A9D9>>=;LAN=KL9L=K9F<:=@9NAGJ
5=LL@AKOGJCO@AD=
E=<A9 =L;

=AF? E9AFKLJ=9E KM;@ L=;@FGDG?A=K 9J= EGKL KLJACAF? @9K :==F DAEAL=< LG =PH=JAE=FL9D D9: KLM<A=K OAL@
J=9<ADQ 9N9AD9:D= LG =D<=JK 9F< 9K E9FQ 9J= AF L@= EA<KL G> DAEAL=< H9JLA;AH9FL HGGDK >GJ AFKL9F;= QGMF? J=;JMALK 9F<
9?=AF? L@=EK=DN=K L@=Q 9J= EGKL >9EADA9J LG 9F< L@=J=>GJ= AEHJ9;LA;9D :GJAF? L9KCK
3= 9LL=EHL=< LG 9<<J=KK L@=K=
E9Q@9N=9@A?@=JJ9L=G>9;;=HL9F;=:Q=D<=JK
$GO=N=JKM;@ DAEAL9LAGFKAFL@AKOGJCL@JGM?@9>MF?9E= :9K=<>GJE9LOAL@
%0K L=F< LG HJGNA<= GJ 9DDGO >GJ H@QKA;9DDQ KL9LAGF9JQ GJ AFL=J?=F=J9LAGF9DH9AJKAF9;GEEMFALQK=LLAF?

K=<=FL9JQ=PH=JA=F;=K
3@AD==D<=JKE9Q:=GFDAF==F?9?AF?
<A?AL9DDQOAL@GL@=JKL@=J=E9QFGL:=KM:K=IM=FL=>>=;LKGF %F@ME9F ;GEHML=JAFL=J9;LAGFKGE=OGJC@9K=PHDGJ=<
[J=9DDA>=\KG;A9D=F?9?=E=FL78
KQF;@JGFQ AF HD9Q>MD =P=J;AK= =PH=JA=F;=K
@F /> +6 78
;J=9L=<9F=P=J;AK=?9E=O@=J=LOGH=GHD=;GFLJGDL@=KH==<
/GE= OGJC 9L L@= AFL=JK=;LAGF G> ?9E=K HD9Q 9F< 9F< <AJ=;LAGF G> 9 :G9L O@=F L@=AJ H@QKA;9D 9;LAGFK GF 9
L=;@FGDG?Q @9K K@GOF 9F 9DL=JF9LAN= 78
'@GG /> +6 78 LJ=9<EADD 9J= KQF;@JGFAR=<
/AEAD9JDQ ,9JC 9F< ;GDD=9?M=K
;J=9L=< 1/ 8@+./<= 9 >9EADQ >G;MK=< EMDLA ?=F=J9LAGF 78;J=9L=<9F=P=J;AK=?9E=:9K=<GFJ=H=LALAN=9=JG:A;KL@9L
AF;DMKAN= 9?= ;MKLGEAR=< EAP=< J=9DALQ ?9E= >GJ KG;A9D MK=<9F[AFL=JH=JKGF9DKQF;@JGFQ\<=>AF=<9KG;;MJJAF?O@=F
AFL=J9;LAGF9F<H@QKA;9D9;LAGF
!D<=JK>GMF<L@=FGN=DEAP=< H@QKA;9D EGN=E=FL J@QL@EK 9F<GJ H@QKAGDG?A;9D J=KHGFK=K
J=9DALQ >GJE9L G> L@= ?9E= LG := AFNALAF? 9F< H@QKA;9DDQ 9J= KQF;@JGFAR=< 9D:=AL FGL F=;=KK9JADQ 9L =P9;LDQ L@= K9E=
=F?9?AF?
/=9:GJF,=FF=>9L@=J9F<"=DK78;J=9L=<9LOG LAE= GJ AF L@= K9E= O9Q GJ AF<==< 9L L@= NGDALAGF G> L@=
HD9Q=J EAP=< J=9DALQ ?9E= >GJ =D<=JK O@G MK= =D=;LJGFA; HD9Q=JK
D9N=K9/>+678;J=9L=<9KAEAD9J?9E=AFNGDNAF?
O@==D;@9AJKGJK;GGL=JKL@9LJ=IMAJ=<L@==D<=J9F<9QGMF?=J LOG H=GHD= ;GFLJGDDAF? GF= 9N9L9J L@JGM?@ 9F 9AJ ;Q;DAF?
H9JLA;AH9FLLGMK=9O@==D;@9AJ<MJAF?L@=?9E=
0@AKD=<LG9 9;LANALQO@AD=L@=AJH@QKA;9D:G<A=KO=J=LA=<LG?=L@=J
3@AD=
[JGD=J=N=JK9D\OAL@L@==D<=JL9CAF?L@=D=9<9F<@=DHAF?L@= FGL =PHDGJAF? 9 <AJ=;L AEH9;L GF =EH9L@Q L@=K= K@GO @GO
QGMF?=J 9K O=DD 9K AF;J=9K=< MF<=JKL9F<AF? 9F< =EH9L@Q KQF;@JGFQ ;9F := MK=< 9K 9 <=KA?F KLJ9L=?Q 9F< HJGNA<= 9F
:=LO==F L@= ?=F=J9LAGFK
GEE=J;A9D ?9E= KQKL=EK L@9L =F?AF==JAF?:9KAK>GJGMJOGJC
HJGNA<= <AN=JK= MK=J AFL=J>9;=K 9F< AFL=J9;LAGF HGKKA:ADALA=K

KM;@ 9K L@= *AFL=F<G 3AA 78 @9N= 9DKG :==F K@GOF LG 0@AKOGJCK==CKLG:MAD<GFL@=K==>>GJLK:Q9HHDQAF?L@=
E=<A9L=HGKALAN=J=D9LAGFK:=LO==F=D<=J9F<QGMF?=J>9EADQ =PH=JAE=FL9DD9: :9K=<J=KMDLKG>K@9J=<9;LAGFKQF;@JGFQAF
E=E:=JK
09C=F LG?=L@=J L@AK OGJC AFKHAJ=< MK LG =PHDGJ= <=KA?F>GJ9J=9DAEH9;LGFAFL=J?=F=J9LAGF9D=EH9L@Q
9K=<
H@QKA;9D O=9J9:D= 9F< EGN=E=FL :9K=< AFL=J9;LAGF KLQD=K GFL@AKDAL=J9LMJ=O=@9N=9HHDA=<38:2+=/78;GGJ<AF9L=<
L@9L9J=MK=<AFAF H=JKGF;GFL=PLK
9;LAGFZK9E= LAE= K9E= EGN=E=FLZO@9L O= ;9DD [K@9J=<
9;LAGF\ 9K 9 <=KA?F KLJ9L=?Q >GJ ?=F=J9LAF? >==DAF?K G>
7:+>2C+8.00/->3@/97:?>381 =EH9L@Q :=LO==F AFL=J?=F=J9LAGF9D H9AJK
*=PL O= <=K;JA:=
!EH9L@QAK<=>AF=<9K9FAFNGDMFL9JQ=EGLAGF9DJ=KHGFK= @GOO=<A<KG>GJGMJK@9J=<9;LAGF?9E=

LG 9FGL@=J H=JKGF]K =PH=JA=F;= KM;@ L@9L L@= J=KHGF<=J]K
>==DAF?K;9F:=K9A<LG@9N=E=J?=<OAL@L@=GL@=JH=JKGF]K %%%
/5/0!) !/%#*
78
3AL@AF9>>=;LAN=;GEHMLAF?=EH9L@Q@9K:==F=PHDGJ=< 0@=K@9J=<9;LAGF?9E="A?
AK;GEHJAK=<G>>GMJE9AF
9K9<=L=;L9:D==EGLAGFL@9L9KQKL=E;9FL@=FJ=KHGF<LG=
?
H9JLK A L@= >AF?=J AFL=J>9;= AA L@= >GGL AFL=J>9;= AAA L@=
789F=EGLAGFLG<=KA?F>GJ=
?
789F<9F=EGLAGFLG:= <AKHD9Q9F<ANL@=?9E=;GFLJGDD=J

<=KA?F=<AFLGKQKL=EKH9JLA;MD9JDQJG:GLKGJGL@=J;GEHML=J
:9K=<9?=FLK=
?
7 8
+L@=JOGJC@9K=PHDGJ=<@GOLG;J=9L= +7/98><966/<
=EH9L@A; =PH=JA=F;=K L@JGM?@ :G<Q K@9JAF? >GJ AFKL9F;= 0@=?9E=;GFLJGDD=JHJGNA<=<L@=:9KA;?9E=HD9Q9KO=DD
K@9JAF?E=J?AF?GJKO9HHAF?NAKM9D>AJKL H=JKGFH=JKH=;LAN=K 9K F=LOGJC=< MKAF? *G<=
BK OAL@ /G;C=L
AG L@= N9JAGMK
78LGM;@78@=9JL:=9L789F<:J=9L@AF?78
3=K==C <=NA;=K9F<?9E=<AKHD9QK;J=9L=<OAL@$0)(LG?=L@=J>GJ
LG 9<< LG L@AK DAL=J9LMJ= GF <=KA?FAF? >GJ =EH9L@Q MKAF? 9K=9ED=KKJ=9DLAE==PH=JA=F;=
%L9DKG9DDGO=<9<EAF;GFLJGD
GN=JL@==PH=JAE=FL9D;GF<ALAGFKAFL=J>9;=N=JKAGF9F<K@9J=< K=D=;LAGFG>>AF?=J9F<>GGLAFHMLE=L@G<K9F<L@=?=F=J9LAGF
9;LAGFEG<=
0@=?9E=O9KEG<=DD=<GFL@=A<=9K?=F=J9L=< G> GN=J L@AJLQ 9?= 9F< ;MDLMJ= J=D9LAN= A<=9K AA 9F AFALA9D
AF L@= A<=9 B9E ,@9K= %ZF9LMJ= :9K=< H@QKA;9D HMRRD= KLM<Q OAL@ QGMF?=JK / AAA 9 MK9:ADALQ KLM<Q OAL@ =D<=JK
?9E=Z9KO=DD9KL@=:=9L :9K=<KQF;@JGFQL9KCAFGF=G>L@= / AN 9F< L@= >MDD AFL=J?=F=J9LAGF9D KLM<Q OAL@ H9AJK G>
=EH9L@Q :MAD<AF?KLM<A=K7 8
0@=G:B=;LAN=G>L@=?9E=O9K QGMF?=JK9F<=D<=JK/LM<QGJ/
DDKLM<A=KMK=<9P
LG;G ;J=9L=>DGO=JK:QE9L;@AF?EGN=E=FLK>AF?=JL9HKGJ >9;LGJA9D<=KA?FOAL@AFL=J>9;=N=JKAGF>AF?=JGJ>GGL9KL@=
>GGL?=KLMJ=KLG9EG<MD9L=<J@QL@EA;:=9L
OAL@AF KM:B=;LK>9;LGJ9F<K@9J=<9;LAGFEG<=K@9J=<GJFGL
K@9J=< 9K L@= :=LO==F KM:B=;LK >9;LGJ
DD KLM<A=K O=J=
381/<'/<=398 9HHJGN=<:QL@=MFAN=JKALQ=L@A;K;GEEALL==

9ADQ K=D> <AJ=;L=< =P=J;AK= AK ;GEEGF 9EGF? &9H9F=K=
=D<=JK
)9FQ =D<=JK 9J= KL9JLAF? LG MK= >AF?=J KLJ=F?L@=FAF? "+<>3-3:+8>=+8.9-+>398
=IMAHE=FLLG=F@9F;=H@QKA;9D9:ADALQ9F<HJ=N=FLAFBMJQ>JGE / AFNGDN=<KAPH9AJKG>QGMF?=JK8 OGE=FGJ3
KM;@ =P=J;AK=K
3= ;J=9L=< 9 HJGLGLQH= KAEAD9J LG L@=K= L@9L E=FGJ) )=<?=9F<O9K;GF<M;L=<AF D9:

MK=K JM::=J :9F<K >GJ L@= >AF?=JK 9F< HJGNA<= H@QKA;9D /AFNGDN=<LO=DN=H9AJKG>=D<=JK83 )
>==<:9;C
+F= <GOFKA<= G> ;MJJ=FL <=NA;=K AK L@= D9;C G> )=<?=9F<O9K9DKG;GF<M;L=<AF D9:
/@9<LO=FLQ
NAKM9D >==<:9;C O@A;@ J=IMAJ=K MK=JK LG HJ9;LA;= OAL@ 9 AFL=J?=F=J9LAGF9DH9AJK8G>=D<=JK83)
L@=J9HAKL
3= J=9DAR=< L@9L KE9JLH@GF=K O@A;@ 9J= :=AF? )=<?= 9F<QGMF?=JK8 3) )=<
AF;J=9KAF?DQMK=<:Q=D<=JK;GMD<<=L=;L>AF?=JL9HK9KO=DD9K ?=
H9JLA;AH9LAF? AF FGF D9: JGGEK 9L 9 MFAN=JKALQ
HJGNA<= NAKM9D >==<:9;C
0@= >AJKL N=JKAGF G> L@= HJGLGLQH= ?=JGFLGDG?Q;=FL=J
M=LG9KM<<=F;9F;=DD9LAGFGF=G>L@=
"A?
D=>LAFL=?J9L=<L@=K=J=IMAJ=E=FLK:MLO@=F/LM<Q J=K=9J;@9KKAKL9FLK9;L=<9K9QGMF?=JH9JLA;AH9FLAFGF=H9AJ

/ 9F</LM<Q/J=KMDLKAF<A;9L=<L@9LL@=NAKM9D>==<:9;C ,9JLA;AH9FLKAF/ CF=O=9;@GL@=J:MLH9JLA;AH9FLKAF/9F<
O9K<AKLJ9;LAF?>JGEL@=KQF;@JGFAR9LAGF=>>=;LO=J=<M;=< /<A<FGLF=;=KK9JADQCFGO=9;@GL@=J
!D<=JDQH9JLA;AH9FLK
L@=K=AFL@=>AF9DN=JKAGF"A?
;=FL=J
+L@=JAEHJGN=E=FLK O=J= J=;JMAL=< L@JGM?@ 9 BG: 9F< NGDMFL==J K=JNA;= O@AD=
O=J=9HHDA=<ALJ9FKH9J=FL9;JQDA;:G9J<KLGK===9;@GL@=J]K QGMF?=JKO=J=J=;JMAL=<L@JGM?@9MFAN=JKALQE9ADAF?DAKL
DD
>AF?=JK9F<L@=K;J==FEGJ==9KADQAAD9J?=JJM::=J:9F<K>GJ O=J=?AN=F S 1/ H=J@GMJHDMKLJ9FKHGJL9LAGF

KLJGF?=J KMHHGJL AAA EMDLAHD= @=A?@L D=N=DK >GJ HD9;AF? L@=
JM::=J:9F<KLGKMHHGJL<AN=JKALQAF:G<QKAR=AN9F=9KA=J +>/<3+6=+8./+=?</=
O9QLGAFKL9DDL@=KE9JLH@GF=9F<N9@A?@=J:9K=>GJMK=JK K=JA=KG>AFN=FLGJA=KJ=D9L=<LGKQF;@JGFAR=<9;LAGF>GJ
LGEGJ=;GE>GJL9:DQHD9;=L@=AJOJAKL
09HHAF??=KLMJ=KO=J= =EH9L@Q 9F< ?9E= =PH=JA=F;= O=J= =E:=<<=< AF HJ= 9F<
;9HLMJ=<OAL@9$0)( HGO=J=<9HH
HGKL HD9QIM=KLAGFF9AJ=KOAL@EGKLLJ9FKD9L=<>JGE!F?DAK@LG
&9H9F=K=
DD H9JLA;AH9FLK ;GEHD=L=< 9 HJ= IM=KLAGFF9AJ= GF
99>'/<=398 <=EG?J9H@A;K KM;@ 9K 9?= 9F< ?=F<=J O@A;@ O=J= MK=< 9K
K@G=9KAFHMLE=L@G<"A?
JA?@LO9K=PHDGJ=<9K9 AF<=H=F<=FLN9JA9:D=K%2KAF/L@=&9H9F=K=N=JKAGF78
>GJE>9;LGJ>9EADA9JLG=D<=JDQH=GHD=
3=MK=<9HJGHJA=L9JQ G>L@=%FL=JH=JKGF9D.=9;LANALQ%F<=P%.%O9KMK=<LG;9HLMJ=
KE9JL K@G= F9E=< +JH@=
%L AK =IMAHH=< OAL@ AF=JLA9D <AKHGKALAGF9D =EH9L@Q 9K 9 HGKKA:D= =PHD9F9LGJQ %2 78

E=9KMJ=E=FL MFALK %)1 L@9L HJGNA<= 9;;MJ9L= J=9DLAE= HGKL IM=KLAGFF9AJ= 9:GML L@= ?9E= =PH=JA=F;= 9F< L@=
K=FKGJ <9L9 KM;@ 9K 9;;=D=J9LAGF N=DG;ALQ ?J9NALQ 9F< AFL=J>9;= MK=< >AF?=J GJ >GGL AF;DM<=< L@= !FBGQE=FL 9F<
GJA=FL9LAGF
0@= K@G=K 9DKG @9N= :MADL AF (! K L@9L ;9F /G;A9D ,J=K=F;= EG<MD=K >JGE L@= #9E= !PH=JA=F;=
KAEMD9L= <A>>=J=FL DA?@L H9LL=JFK <=H=F<AF? GF L@= <=L=;L=< -M=KLAGFF9AJ= #!- 78 9K <=H=F<=FL N9JA9:D=K 2K
>GGL?=KLMJ=
QMKAF?L@=+JH@=>J9E=OGJCO=O=J=9:D=LG J=D9L=< LG KQF;@JGFAR=< ;GGH=J9LAN= ?9E= =PH=JA=F;=K

<=L=;L>GMJ<A>>=J=FL>GGL?=KLMJ=K>D9LKL=H@==DKL=HLG=KL=H /AEAD9JALQ LOG LJ9FKD9LAGFK 9F< 9F< DACAF? >JGE L@=
9F<CA;C
$GO=N=J<M=LGL=;@FA;9DDAEAL9LAGFKJ=D9L=<LGL@= GJA?AF9DJ=K=9J;@7 89F<J9HHGJL789K9KM:B=;LAN=KG;A9D
9;;MJ9;QG>L@=>D9LKL=H9F<CA;CEGN=E=FLKO==PL=F<=<L@= E=9KMJ=G>=EH9L@QO=J=9DKG;9HLMJ=<9K 2K
+H=F =F<=<
=PAKLAF?>J9E=OGJCLGAF;DM<=LOGF=O?=KLMJ=K<GM:D=@==D IM=KLAGFKAF;DM<=<9;GEH9JAKGFIM=KLAGF9:GMLL@=AFL=J>9;=
9F<<GM:D=LG=KL=HK
3=9DKG<=N=DGH=<9E9;+/9HHL@9L >AF?=J9F<>GGLDAC=K9F<<AKDAC=K9:GMLL@=?9E==PH=JA=F;=
;GEEMFA;9L=K OAL@ L@= K@G=K G> :GL@ HD9Q=JK NA9 DM=LGGL@ 9F<9FQGL@=JL@GM?@LKAEHJ=KKAGFKGJA<=9K
0@=K=9KO=DD
MKAF?L@=+H=F/GMF<GFLJGD+/HJGLG;GD
0@=9HHLJ9;CK 9K NA<=G 9F< 9M<AG O=J= ;9HLMJ=< 9F<GJ LJ9FK;JA:=< >GJ
>GGLEGN=E=FLK<=L=;LKL@=>GMJ<A>>=J=FL?=KLMJ=K>GJ:GL@ IM9DAL9LAN=9F9DQKAK9F<ADDMKLJ9LAGFG>9LLALM<=KH=J;=HLAGFK
>==LG>:GL@HD9Q=JK9F<>GJO9J<KL@=K=LGL@=?9E=;GFLJGDD=J
H9LL=JFKG>:=@9NAGJ9F<LG@=DH=PHD9AFIM9FLAL9LAN=>AF<AF?K

3=:6+C "<9-/.?</
%F / 9F< / 9 )A;JGKG>L /MJ>9;= L9:D=L O9K MK=< LG DDKLM<A=K>GDDGO=<L@=K9E=?=F=J9DHJG;=<MJ=
!9;@H9AJ
HJ=K=FLL@=K@9J=<?9E=K;J==F>GJ:GL@N=JKAGFK
%F/L@= H9JLA;AH9L=<AFGF=
@GMJK=KKAGFAFO@A;@L@=QHD9Q=<L@=
L9:D=L O9K MK=< GFDQ >GJ L@= >AF?=J N=JKAGF >GJ AF;J=9K=< K@9J=<9;LAGF?9E=LOA;=OAL@:GL@AFL=J>9;=N=JKAGFKOAL@
NAKA:ADALQ9>DGGJHJGB=;LGJO9KMK=<>GJL@=>GGLN=JKAGF
L@=GJ<=J;GMFL=J:9D9F;=<9;JGKKH9AJKLG9;;GMFL>GJD=9JFAF?
=>>=;LK:MLGFDQGF=K@9J=<9;LAGFEG<==2+</.+->398/
%2
)!0$+ / O@=J=L@=?9E==F;GMJ9?=<K9E= LAE=K9E= 9;LAGFAFHMLGJ
Q=9J DGF?EMDLAH9JL=PHDGJ9LGJQEAP=<E=L@G<KKLM<Q 898=2+</.+->398FGF /O@=J=L@=?9E==F;GMJ9?=<GML
>GMF<=<GF9@ME9F>9;LGJK<=KA?F9F<=N9DM9LAGF9HHJG9;@ G> H@9K= AFHML LAEAF? 9F< HJGNA<=< <A>>=J=FL K=LK G>
78 O9K ;GF<M;L=< AF >GMJ H@9K=K AL@J== A<=9 B9EK OAL@ AFKLJM;LAGFKLG=9;@HD9Q=J
>L=J=9;@?9E=L@=Q;GEHD=L=<
=D<=JKQGMF?=JK9F<=PH=JLKAF?=JGFLGDG?Q8>GJF==<K L@= HGKL HD9Q IM=KLAGFF9AJ= 9F< 9>L=J =PH=JA=F;AF? :GL@
9F9DQKAK9F<J=IMAJ=E=FLK?9L@=JAF?LGAF>GJEL@=<=KA?FG> N=JKAGFKL@=QO=J=9KC=<LG;GEH9J=L@=LOG
0@=QO=J=L@=F
L@=KQKL=E9F<HJGLGLQH=L=;@FGDG?QK=D=;LAGFD=9<AF?LGL@= <=:JA=>=<9:GMLL@=?G9DKG>L@=KLM<Q9F<;GEH=FK9L=<

@LLHKGJH@=
K@G=K
"A?

A>>A;MDLQD=>L9F<KG;A9DHJ=K=F;=JA?@L>GJQGMF?=JKAF/
"A?

A>>A;MDLQD=>L9F<KG;A9DHJ=K=F;=JA?@L>GJ=D<=JKAF/
+>+8+6C=3=
HJ=K=F;="A?
JA?@L9KAF/
$GO=N=JF=AL@=JK@GO=<9
GJJ=D9LAGFK L L=KLK EAP=< 9F9DQK=K G> N9JA9F;= 9F< /=>>=;LMFDAC=/ >GJL@=>AF?=JN=JKAGF
!D<=JK];GEE=FLK
J=?J=KKAGFKO=J=MK=<LG=PHDGJ=IM9FLAL9LAN=<9L9
@A KIM9J= KM??=KL=< K=N=J9D J=9KGFK O@Q
0@= >AF?=J N=JKAGF >GJ;=<
9F9DQK=K O=J= MK=< LG ;@=;C O@=L@=J ?JGMHK O=J= =N=F >GJ ;GF;=FLJ9LAGFGFL@=?9E=O9KLAJAF?LGMK=9F<:DG;C=<L@=
=9;@>9;LGJ?=F<=JO9K>GMF<LG:=MF=N=F" ) DAF=G>KA?@L
0@=>GGLN=JKAGF]K<=L=;LAGFAF9;;MJ9;QJ=E9AF=<
:ML?=F<=J;GEHGKALAGFG>H9AJKO9KFGLK9E= <A>>=J=FL 9F AKKM= <=KHAL= DGO=J <A>>A;MDLQ J9LAF?K L@9F / 9F< >GGL

K KM;@ FGF H9J9E=LJA; KL9LAKLA;9D L=KLK O=J= MK=< NAKA:ADALQO9KJ=<M;=<<M=MKAF?;@9AJK
/AF;=L@=/=>>=;LAK
O@=J= HGKKA:D=
%F / <9L9 >JGE K=N=F H9JLA;AH9FLK O9K L@=GJAR=< LG J=DQ GF NAKM9D H=J;=HLAGF G> KAEAD9JALQ 7 8 O=
J=EGN=< <M= LG EAKKAF? <9L9 FG K@GOK GJ =N9DM9LAF? GFDQ ;GF;DM<=< L@9L NAKA:ADALQ G> :GL@ HJGLGLQH=K F==<=< LG :=
GF= HJGLGLQH=
"GJ L@= IM9DAL9LAN= <9L9 OGJ< >J=IM=F;Q AEHJGN=<9F<KGL@=>AF?=JN=JKAGF9F<=FNAJGFE=FL9DK=LMH
9F9DQK=KO=J=MK=<LG?MA<=L@=L@=E9LA;9F9DQKAK>GJO@A;@ O9KJ=<=KA?F=<9KAF%%%

>GJE9PAEMENAKA:ADALQ

9DDL@=E=K:=LO==FLOGJ9L=JK9;@A=N=<E

$>?.C8>/<1/8/<+>398+6
2
.!/1(0/ "GJ<AKHGKALAGF9D=EH9L@QK;GJ=K<A<FGL<A>>=J:9K=<GF
$>?.C )9?81/<= ?=F<=J F9LAGF9DALQ GJ 9?= O@=F ;GFKA<=JAF? L@= >MDD K;9D=

$GO=N=JK;GJ=K<A>>=J=<:Q?=F<=J>GJLOGG>ALKKM:K;9D=K
%FL@=>AJKLKLM<QH9AJKG>QGMF?=JK=N9DM9L=<L@=?9E= =EH9L@A;;GF;=JF& :
9F<H=JKH=;LAN= L9CAF?
9F< HJGLGLQH=K
GEH9JAF? <A>>A;MDLQ >GJ L@= >AF?=J N=JKAGF & :
OAL@OGE=FJ9LAF?@A?@=JK=D> K;GJ=KL@9F
)=<%-. )=9F
/0
9F<>GGLN=JKAGF E=F
0@=QO=J=L@MKAF;DM<=<9K;GN9JA9L=KO@=F?=F<=JO9K
)=<%-.
)=9F
/0
9KA?FA>A;9FL ;GFKA<=J=<AFL@=9F9DQKAK

<A>>=J=F;=O9KG:K=JN=<>
:
O@=J=L@=>GGL
N=JKAGFO9KJ9L=<EGJ=<A>>A;MDLL@9FL@=>AF?=JN=JKAGF"A?
1FDAC=AF/ GJ/L@=J=O=J=FGKA?FA>A;9FL<A>>=J=F;=K
D=>L
;;GJ<AF? LG IM9DAL9LAN= ;GEE=FLK L@AK E9Q @9N= >GMF<>GJ<A>>A;MDLQ=FBGQE=FLGJKG;A9DHJ=K=F;=:9K=<GF
:==F<M=LGL@=KE9JLK@G=]K?=KLMJ=<=L=;LAGFHJG:D=EK9F< AFL=J>9;=N=JKAGFGJ/EG<=
EAP=<*+2>GJJ9HHGJL
L@= MK= G> @=9<H@GF=K O@A;@ HJ=N=FL=< <A9DG?M= 9EGF? >GMF<9KA?FA>A;9FLE9AF=>>=;LG>AFL=J>9;=GF/EG<=
HD9Q=JKO@=F<A>>A;MDLA=K9JGK=

:
"A?
D=>L
0@= =KLAE9L=< E9J?AF9D
E=9FKKM??=KLL@9LJ9HHGJLO9K@A?@=J>GJL@=>GGLN=JKAGFAF
.=?9J<D=KKG>/EG<=H9JLA;AH9FLK=PH=JA=F;=<?J=9L=J /EG<=L@=GHHGKAL=LJ=F<O9KK==F>GJL@=FGF /EG<=
KG;A9D HJ=K=F;= AF L@= >GGL N=JKAGF )=< %-.
OAL@ @A?@=J J9HHGJL >GJ L@= >AF?=J N=JKAGF
0@=J= O=J=
)=9F
/0
;GEH9J=<LGL@=>AF?=JN=JKAGF)=< KA?FA>A;9FLE9AF=>>=;LKG>=FBGQE=FL
:
%-.)=9F/0
NA9L@="JA=<E9FL=KL
KAEAD9JALQ
:
9F<L@=AFL=J9;LAGF
F :

$GO=N=JGFDQL@=>AF?=JN=JKAGFK@GO=< G>/EG<=9F<H9AJ?=F<=J;GEHGKALAGF
:
9F=>>=;LG>/GFKG;A9DHJ=K=F;=NA9L@=3AD;GPGFKA?F=<

.9HHGJL 9F< KAEAD9JALQ OADD := AFL=JHJ=L=< D9L=J 9K
J9FCL=KL*
:
"A?
JA?@L
"GJQGMF?=JKAL J=?J=KKAGFEG<=DK78
K==EKL@=>AF?=JHJGLGLQH=>9;ADAL9L=<9KLJGF?=J/=>>=;L

0@=AFL=J9;LAGFG>/EG<=9F<?=F<=JO9K9DKG>GMF<AF
$>?.C
6./<= 9 EMDLAN9JA9L= EG<=D AF;DM<AF? KG;A9D HJ=K=F;=
%F L@= K=;GF< KLM<Q OAL@ H9AJK G> =D<=JK ;GEH9JAF?
:
3ADCK_
H9JLA9D`
"A?
JA?@L

<A>>A;MDLQ>GJL@=>AF?=JN=JKAGF)=< %-.)=9F 0@==KLAE9L=<E9J?AF9DE=9FKKM??=KLL@9L>GJ:GL@>9;LGJK

/0
9F<>GGLN=JKAGF)=<%-.)=9F H9AJ ?=F<=J ;GEHGKALAGF AFL=J9;L=< OAL@ / EG<=
%F /

/0
QA=D<=< FG KA?FA>A;9FL <A>>=J=F;= :=LO==F EG<=J9HHGJL9F<KG;A9DHJ=K=F;=O=J=@A?@=JO@=FH9AJK@9<
AFL=J>9;=K "A?
D=>L MFDAC= AF /
0@=J= O9K 9DKG FG L@=K9E=?=F<=JL@==>>=;LO9KFGLK==FAFFGF /EG<=

KA?FA>A;9FL <A>>=J=F;= :=LO==F L@= >AF?=J N=JKAGF )=<
%-.)=9F
/0
9F<>GGLN=JKAGF)=< /=N=J9D MFAN9JA9L= =>>=;LK O=J= >GMF< >GJ J9HHGJL 9F<
%-.)=9F
/0
>GJ?9E==FBGQE=FL9F< KG;A9D HJ=K=F;=
"GJ J9HHGJL KA?FA>A;9FL E9AF =>>=;LK O=J=
K;GJ=KO=J=@A?@>GJ:GL@AFL=J>9;=K
>GMF< OAL@ KAEAD9JALQ
:
9F<
=FBGQE=FL
:

"GJKG;A9DHJ=K=F;=
"GJ KG;A9D HJ=K=F;= 9 KA?FA>A;9FL <A>>=J=F;= O9K >GMF< =FBGQE=FL
:
DACAF?

:=LO==FL@=>AF?=JN=JKAGF)=<%-.)=9F
:
9F<KAEAD9JALQ
:

0@=K=OADD
/0
9F<>GGLN=JKAGF)=<%-.)=9F
:=AFL=JHJ=L=<AFL@=J=?J=KKAGF9F9DQKAKF=PL

/0
NA9L@=3AD;GPGFKA?F=< J9FCL=KL*
:
AF<A;9LAF? L@9L L@= >GGL N=JKAGF @9< @A?@=J KG;A9D KAEHD= EG<=D :9K=< GF 7 8 G> / EG<= KQF;@JGFQ
>9;LGJKZDACAF?9F<KAEAD9JALQOAL@LOGN=JKAGFKLJ9FKD9L=<LG

+JA?AF9DDQHJ=K=FL=<AF&9H9F=K=9K9L=;@FA;9DJ=HGJLOAL@GMLH==J
J=NA=O9LL@=9FFM9D 2AJLM9D.=9DALQ/G;A=LQG>&9H9F;GF>=J=F;=78

"A?

.9HHGJLD=>L9F<J9HHGJL9F<KG;A9DHJ=K=F;=JA?@LAF/

"A?
,9L@9F9DQKAKDAFCAF?H9AJ9F<?9E=>9;LGJKOAL@=EH9L@QN9JA9:D=K
&9H9F=K=>==DAF?KAEAD9J 9F<KAEAD9JALQG>;@9J9;L=JZ >GJAFL=J?=F=J9LAGF9DH9AJKAF/
9K@=<DAF=KAF<A;9L=L@=GJ=LA;9DHJ=<A;LGJK
9F<=EH9L@QN9JA9:D=KO9KFGLKA?FA>A;9FL
0@MKO==PHDGJ=< L@9L9J=FGLKA?FA>A;9FLDQ;GJJ=D9L=<OAL@L@= 2
:

:

:9K=<GFL@=9:GN=9F9DQK=KG>N9JA9F;=9F=O=PHD9F9LGJQ
EG<=D
09:D= K@GOK J=?J=KKAGFK >GMF< :=LO==F H9AJ 0@= OGJ< >J=IM=F;Q 9F9DQKAK G> ;GEE=FLK >JGE L@=
AF<ANA<M9D 9F< H9AJ <=EG?J9H@A; 9F< KQF;@JGFQ HGKL HD9QIM=KLAGFF9AJ=KJ=KMDL=<AF>GMJ;DMKL=JK=9-3+609-?=
;@9J9;L=JAKLA;K ?9E= =PH=JA=FLA9D >9;LGJK 9F< =EH9L@Q ;GEHJAK=<G>J=>=J=F;=KLGH9JLF=JL@=GL@=JH=JKGF
N9JA9:D=KJ9HHGJL9F<KG;A9DHJ=K=F;=
H9L@9F9DQKAKO9K 9F<EQK=D>6/+<8381;GEHJAK=<G>HJG:D=EKOAL@
L@=F ;GFKLJM;L=< LG <=HA;L L@= J=D9LAGFK@AHK :=LO==F L@=K= MF<=JKL9F<AF? GJ L@= AFKLJM;LAGFK D9;C G> ?MA<9F;=
J=?J=KKAGFEG<=DK9F<L@=AJ>9;LGJK"A?
GJ<=KAJ=>GJEGJ=LJ9AFAF?2+<.A+</;GEHJAK=<
G>K=FKGJ9F<<=L=;LAGFHJG:D=EK9F<-2+66/81/
0(!%
/%#*%"%*0.!#.!//%+*/ %*/

;GEHJAK=<G><A>>A;MDLQ 9F<@9J<
"GJL@=AFL=J>9;=K

HJ=>=JJ=<L@=>GGL HJ=>=JJ=<L@=>AF?=J9F<DAC=<:GL@
=IM9DDQOAL@L@=J=KLFGL@GD<AF?9KLJGF?GHAFAGF9FQO9Q

!FBGQE=FL +N=J9DD)G<=D

A>>A;MDLQ

0@= :9=3>3@/ 0//6381= L@=E= O9K ;@9J9;L=JAR=< :Q
@9NAF?>MF=KH=;A9DDQOAL@L@=K@G=K9K=FK=G>;GGH=J9LAGF
/AEAD9JALQ +N=J9DD)G<=D

9F< KQF;@JGFQ =KH=;A9DDQ >GJ L@= / EG<= 9F< 9 K=FK= G>
#=F<=J

9;;GEHDAK@E=FL=KH=;A9DDQ9LK==AF?L@=>DGO=J9LL@==F<G>
=9;@D=N=D
0@=/7:+>23-0//6381=L@=E=@9<;GEE=FLK
?= A>>=J=F;=

>JGE =D<=JK 9:GML L@=AJ QGMF?=J H9JLF=J 9F< NA;= N=JK9

!D<=JK>=DL9LL=FLAN=9F<=EH9L@=LA;LGO9J<KQGMF?=JKAF
/AEAD9JALQ +N=J9DD)G<=D

L@=K@G=N=JKAGFJ=?9J<D=KKG>/EG<=9F<FGL<MJAF?L@=
?=

FGF / EG<= J=?9J<D=KK G> AFL=J>9;=
5GMF?=JK] ;GEE=FLK
>G;MK=<GFL@==P=J;AK=:=F=>ALK>GJ=D<=JKGJ;GF;=JF9:GML
,9AJ#=F<=J

=D<=JK<M=LG9H=J;=HLAGFL@9LL@=?9E=GJAFL=J>9;==KH=;A9DDQ
#=F<=J

L@=>AF?=JN=JKAGFO9KEGJ=<A>>A;MDL>GJ=D<=JK

(ACAF? +N=J9DD)G<=D

2%
%/1//%+*
/AEAD9JALQ

/@9J=<9;LAGF9K9<=KA?FKLJ9L=?QJ=?9J<D=KKG>AFL=J>9;=
#=F<=J

N=JKAGF9HH=9JKLG@9N=:==FAF>DM=F;=<:QEMDLAHD=>9;LGJK
AF;DM<AF?9F<:=QGF<L@=AFL=J>9;=N=JKAGF9F<?9E=>GJE9L
.9HHGJL +N=J9DD)G<=D

KM;@ 9K AF<ANA<M9D <A>>=J=F;=K 9F< H9AJ ;@9J9;L=JAKLA;K
3=
!FBGQE=FL

<AK;MKK9F<KQFL@=KAR=L@=>AF<AF?K>JGE9DDKLM<A=K@=J=
/AEAD9JALQ

"GJ AFL=J?=F=J9LAGF9D H9AJK 9?= 9F< ?=F<=J @9< AF<AJ=;L
9F<AFL=JK=;LAF?=>>=;LKL@9LAF>DM=F;=<L@=KQF;@JGFQ>9;LGJK
/G;A9D
,J=K=F;=
+N=J9DD)G<=D

G> KAEAD9JALQ 9F< DACAF? EGJ= L@9F / EG<=
.=?9J<D=KK G>
!FBGQE=FL

AFL=J>9;= K@9J=< 9;LAGF O9K EGKL KM;;=KK>MD 9L K@9HAF?
KM:B=;LAN==EH9L@QO@=FL@=?=F<=JE9C=MHG>L@=H9AJO9K
(ACAF?

L@=K9E==
?
LOGOGE=FGJLOGE=F
0@AKAKFGLKMJHJAKAF?
/AEAD9JALQ

?AN=FL@=KLJA;LQ=LMF=P9EAF=<?=F<=J<ANAKAGFKAF&9H9F=K=
KG;A=LQ
%F<==< L@= IM9DAL9LAN= 9F9DQKAK <A< FGL MF=9JL@ 9FQ
AFKA?@LK9:GML?=F<=J=N=FO@=FQGMF?=JK=PHJ=KK=<;GF;=JF
0@=<A>>A;MDLQG>L@=?9E=9>>=;L=<=FBGQE=FLOAL@@A?@=J 9:GML L@=AJ =D<=JDQ H9JLF=J L@AK O9K :9K=< GF 9F 9?= :9K=<
<A>>A;MDLQD=9<AF?LGDGO=J=FBGQE=FL
3AL@AFL@=H9AJ@A?@=J H=J;=HLAGF G> <A>>A;MDLQ OAL@ FG ;GEE=FL GF ?=F<=J

K;GJ=K >GJ KAEAD9JALQ O=J= =PHD9AF=< :Q @A?@=J 9?= $GO=N=JL@=H9L@9F9DQKAK>GJ/"A?AF<A;9L=KL@9L9?=
<A>>=J=F;=K=KH=;A9DDQ>GJOGE=F
"GJKAEAD9JALQ@9NAF?L@= AFL=J9;L=< OAL@ ?=F<=J
!D<=JDQ OGE=F @9< @A?@=J
K9E=?=F<=JD=<LG@A?@=JK;GJ=K=KH=;A9DDQ>GJQGMF?=JK9F< AEHJ=KKAGFK G> KAEAD9JALQ 9F< DACAF? J=?9J<D=KK G> 9?= :ML
OGE=F
DKG =D<=JK =KH=;A9DDQ OGE=F L=F<=< LG J=HGJL QGMF?=JK J=KHGF<=< :=LL=J AF K9E= ?=F<=J H9AJK
/LADD L@=K=
>==DAF? EGJ= KAEAD9J LG L@=AJ H9JLF=J L@9F QGMF?=JK
$A?@=J FGN=D>AF<AF?KE9QFGLBMKL:=<M=LGL@=;MDLMJ9D;GFL=PLG>
J=HGJLKG>KAEAD9JALQ D=<LG@A?@=JJ=HGJLKG>DACAF?=KH=;A9DDQ &9H9F :ML 9DKG :=;9MK= HJ=NAGMK J=K=9J;@ E9Q FGL @9N=
>GJOGE=F
!FBGQAF?L@=?9E==PH=JA=F;=9F<@A?@=JJ9LAF?K AF;DM<=<<AN=JK=9?=KGJE9FQOGE=FAF<==<L@=H9JLA;AH9FL
G>KAEAD9JALQD=<LG@A?@=JJ9HHGJL
0@=9<<ALAGFG>@A?@=J E9C=MHG>L@=KLM<A=KL@9L>GMF<9K@9J=<9;LAGF=>>=;LO=J=
J=HGJLKG>DACAF?9DKGD=<LG@A?@=JKG;A9DHJ=K=F;=
OAL@ QGMF?=JK O@G O=J= EGKLDQ E9D= / GJ OAL@ K9E=
?=F<=JH9AJK/K==EAF?DQE9L;@AF?L@=H9JLA;AH9FLE9C=MH 2%%
+*(1/%+*/
G> L@= GJA?AF9D J=K=9J;@ 7 8
"MLMJ= OGJC GF <=KA?FAF? !DA;ALAF? 9F =>>=;L GF KM:B=;LAN= =EH9L@Q J=D9L=< >9;LGJK
AFL=J?=F=J9LAGF9D K@9J=< 9;LAGF ?9E=K OADD F==< LG =PHDGJ= :QE9FAHMD9LAF?L@=<=KA?FG>LOGN=JKAGFKG>9K@9J=<9;LAGF
@GO LG AF;J=9K= >==DAF?K G> KAEAD9JALQ AF QGMF?=JK LGO9J<K ?9E=O9KFGLKLJ9A?@L>GJO9J<
"AF<AF?K>JGEL@=L@J==KLM<A=K
=D<=JK9F<OAL@AFFGF ?=F<=J =IM9DH9AJK
K@GO L@9L L@= K@9J=< 9;LAGF =>>=;L O9K AF>DM=F;=< :Q
;JGKK9DDKLM<A=K>AF<AF?KAF<A;9L=L@9L>GJE>9;LGJ9F< AF<ANA<M9D9F<H9AJ>9;LGJK
/LADDO=;9FL=FL9LAN=DQ;GF;DM<=
AFL=J9;LAGF KLQD= F==< LG := ;9J=>MDDQ ;GFKA<=J=< AF DA?@L G> >JGEL@=K=J=KMDLKL@9LL@=>GGLN=JKAGFG>L@=?9E=O9KEGKL
?9E= <A>>A;MDLQ <A>>=J=F;=K =KH=;A9DDQ :9K=< GF 9?=
%F KMAL9:D=>GJAFL=J?=F=J9LAGF9DHD9Q?AN=FL@=;GFL=PLFGL9:DQ
?=F=J9D L@= >GGL N=JKAGF @9< @A?@=J =EH9L@Q >9;LGJ K;GJ=K E9PAEAR=<NAKA:ADALQ<A>>A;MDLQD=N=D9F<LJ9AFAF?=KH=;A9DDQ
=N=FL@GM?@AL;GMD<FGL:=<=KA?F=<LG=DA;AL9K@9J=<9;LAGF >GJ=D<=JK
"MLMJ=OGJCE9QJ=>AF=L@=<=L=;LAGF9D?GJAL@EK
=>>=;L
0@=>AF?=JN=JKAGFO9KD=KKKL9:D=K@GOAF?9K@9J=< KAEHDA>QL@=?9E=>GJ=D<=JK;GFKA<=JE9L;@=< ?=F<=JH9AJK
9;LAGF =>>=;L OAL@ QGMF?=JK :ML FGL =D<=JK >MJL@=J AF 9F<=PHDGJ=L@==>>=;LGFAFL=J?=F=J9LAGF9D9LLALM<=KFGL9:DQ
AFL=J?=F=J9LAGF9DH9AJKAL?9JF=J=<DGO=JK;GJ=KAFL@=K@9J=< ;@9F?AF?KG;A9DKLJM;LMJ=K9F<=D<=JK]J=LMJFLGOGJC

9;LAGF EG<= ;GEH9J=< LG L@= FGF K@9J=< 9;LAGF EG<=
0@=
<A>>A;MDLQ G> L@= >AF?=J N=JKAGF E9Q := =PHD9AF=< AF H9JL :Q '*+3(! #)!*0
=D<=JK]>AF?=J>=KLAF9LAGFZL9HHAF?LGG=9JDQ9F<L@=J=>GJ=GML 0@9FCKLG*9G@AJ9!<9/=ALG)9LKM:9J99F<'=F/9CME9
G> KQF;ZO@A;@ AK LA=< LG 9?= 78
+L@=J >AF<AF?K 9F< L@= >GJJ=K=9J;@9KKAKL9FLKMHHGJL
0@9FCKLG/=;GF<(A>="9;LGJQ
L@=E9LA;9F9DQKAKHJGNA<=>MJL@=J=PHD9F9LAGF
.=?9J<D=KKG> CAJ9*9C9Q9>GJJ=;JMALAF?
0@9FCKLGL@='9K@AO9!D<=JK]
9?= 9F< / EG<= H9JLA;AH9FLK =FBGQ=< 9F< >=DL @A?@ KG;A9D !F?DAK@ DM: FGL9:DQ 'GM<G +@FG >GJ LJ9FKD9LAGF KMHHGJL
HJ=K=F;=A>FGLKQF;@JGFQO@=FMKAF?L@=KE9JLK@G=K
K 9F<9KKAKL9F;=
0@9FCKLGL@=%F9EA $AQ9E9(9:>GJ?=F=J9D
GF=QGMF?=J,:=PHD9AF=<[0@=NAKM9DAF>GJE9LAGF9:GML 9KKAKL9F;= FGL9:DQ 'GCA '9LKME9L9 0GEGQ9 /9K9CA '=FL9
EQ H9JLF=JK EGN=E=FLK E9<= AL =9KA=J LG >==D =EH9L@=LA;
\ 0GK@AE9 [)99JC\ '9G $M9 (AM LKMK@A %RMEA@9J9 /G@=A
!D<=JK]=PH=JA=F;=OAL@L@=>AF?=JN=JKAGFE9Q@9N=AEH9;L=< 39CAK9C99F<59KMCG+L9CA>GJ9<EAFLJ9FKD9LAGFL=;@FA;9D
:GL@AFL@=H9AJ=D<=JK:=AF?<AKLJ9;L=<:QL@=<A>>A;MDLQO@A;@ 9F< J=K=9J;@ KMHHGJL
0@9FCK LG ,=L=J ,=FF=>9L@=J >GJ
QGMF?=JK FGLA;=< 9F< O=J= L@=J=>GJ= <AKLJ9;L=< :QZ:ML J=NA=OAF?<J9>LKG>L@AKH9H=J
0@AKOGJCO9KKMHHGJL=<:QL@=
AJGFA;9DDQL@AKE9Q:=;GFKA<=J=<9>GJEG>=EH9L@ARAF?
&9H9F=K= /G;A=LQ >GJ L@= ,JGEGLAGF G> /;A=F;= &/,/ 9F<
&9H9F=K=/;A=F;=9F<0=;@FGDG?Q?=F;Q&/0

0@=J=KMDLK=KH=;A9DDQAFDA?@LG>L@=IM9DAL9LAN=>AF<AF?K
KM??=KL L@9L L@=J= E9Q := 9 <=KA?F9:D= LJ9<=G>> :=LO==F .!"!.!*!/
-2+66/81/ 9F< /7:+>2/>3- </=:98=/ AF 9 K@9J=< 9;LAGF ?9E=
7 8 /L9LAKLA;KMJ=9M[,GHMD9LAGF=KLAE9L=K:Q9?= Q=9J9?=?JGMH9F<
=PH=JA=F;=
DL@GM?@ L@= ?9E= 9F< AFL=J>9;=K O=J= FGL K=P\)AFAKLJQG>%FL=JF9D>>9AJK9F<GEEMFA;9LAGFK0GCQG&9H9F
<=KA?F=<LG:=<A>>A;MDLGJ@9J<LGMK=9F<AF<==<EM;@=>>GJL &MD

O9KHMLLGO9J<KHJ=N=FLAF?L@AKE9FQ=D<=JK.3.=PH=JA=F;= 78 0
+:A
%K@E9LGN99F<*
%O9K9CA[,JGEGLAF?%0AFFGN9LAGFK>GJ
<A>>A;MDLA=KZ9F<FGLGFDQ<A<QGMF?=JKFGLA;==D<=JKFGLA;=< L@= 9?=AF? HGHMD9LAGF AF &9H9F\ 8> /. 80 NGD
FG
HH

QGMF?=JKFGLA;AF?9KGF=, 9OJGL=[)QH9JLF=JDGGC=< =Y=

OGJJA=<9F<;GF;=JF=<9:GMLE=
\)9FQ?9E=9F<=PH=JA=F;= 78 *
09EAQ9 /> +6 [,GHMD9LAGF 9?=AF? 9F< O=DD:=AF? (=KKGFK >JGE
<=KA?F=JK 9AE >GJ 9 >DGO EG<=D 78 O@=J= <A>>A;MDLQ AK &9H9F]K DGF? L=JE ;9J= AFKMJ9F;= HGDA;Q\ %2/ +8-/> NGD
FG

HH
Y

EG<MD9L=< OAL@ J=KH=;L LG MK=JK] KCADD LG 9;@A=N= GHLAE9D
78 $
09C=<9[.=>GJEAF?>9EADA=KAF&9H9F"9EADQHGDA;QAFL@==J9G>
=PH=JA=F;= FGL LGG <A>>A;MDL 9F< FGL LGG :GJAF?
$GO=N=J KLJM;LMJ9D J=>GJE\ 97/ +7 :8 98>38 %<+8=09<7 HH
Y
L@=K=>AF<AF?KKM??=KL9FGL@=JJ=9<AF?G>L@=>DGOEG<=DOAL@

J=KH=;L LG <=KA?FAF? >GJ :MAD<AF? =EH9L@Q :=LO==F L@= 78 )
'9HD9F
'MK9FG%
0KMBA9F</
$AK9EA;@A 8>/<1/8/<+>398+6
?=F=J9LAGFKEG<MD9LAF?<A>>A;MDLQ>GJ=D<=JKLG=F;GMJ9?=9F "<91<+7=$?::9<>09<236.</8)9?>2+8.6./<=38+:+8
/1*5
=EH9L@=LA; J=KHGFK= AF QGMF?=JK
DL@GM?@ L@AK O9K ,J=KK

MFAFL=FLAGF9D @=J= HJ=NAGMK J=K=9J;@ GF AFL=J?=F=J9LAGF9D 78 3
'GQ9FG [%FL=J?=F=J9LAGF9D J=D9LAGFK@AHK G> &9H9F=K= K=FAGJK
?9E=KKM??=KLKL@=K9E=OGMD<:=LJM=AFJ=N=JK=>GJ=D<=JK @9F?AF?H9LL=JFK\69,13812+66+7HH
Y

LG QGMF?=JK KM;@ 9K AF L@= =P9EHD= G> L@= JGD= J=N=JK9D 78
'GF<G[!>>=;LKG>AF;J=9K=<=D<=JDQ=EHDGQE=FLGFGL@=JOGJC=JK]
G:K=JN=<AF78
<=KA?F;@9DD=F?=AF>MLMJ=OGJCOGMD<:= =EHDGQE=FL9F<=D<=JDQ]K=9JFAF?KAF&9H9F\*+,9<"963-CNGD

FG
H
&9F

LG;J=9L=9F=PH=JA=F;=HD9Q>MDGJGL@=JOAK=L@9LOGMD<@9N=
78 *
(=='
/=9:GJF
$AQ9E9)
%F9EA9F<)
$AJGK=[!N9DM9LAF?
:GL@ ?=F=J9LAGFK H=J;=ANAF? =9;@ GL@=J 9K =PH=JA=F;AF? 9KE9JLH@GF= :9K=<KG;A9DH9JLA;AH9LAGF9HH>GJL@==D<=JDQ\AF"<9-
<A>>A;MDLQ L@=J=:Q KAEMDL9F=GMKDQ =DA;ALAF? 9F =EH9L@=LA; 8>
(9K2=?9K*2 NGD
HH
Y

J=KHGFK=AF=D<=JK9F<QGMF?=JK>GJ=9;@GL@=J
78 )AFAKLJQG>%FL=JF9D>>9AJK9F<GEEMFA;9LAGF[,J=DAEAF9JQJ=KMDLK
G>GEEMFA;9LAGFK1K9?=0J=F</MJN=Q \

373>+>398=
7 8 !

GQD= /> +6 [F MH<9L= LG L@= KQKL=E9LA; DAL=J9LMJ= J=NA=O G>
/GE=J=KMDLKF==<LG:=AFL=JHJ=L=<OAL@;9MLAGF
#=F<=J =EHAJA;9D =NA<=F;= G> L@= AEH9;LK 9F< GML;GE=K G> ;GEHML=J ?9E=K
@9< MF=N=F ?JGMHK O@A;@ ;GMD< @9N= 9>>=;L=< L@= EMDLAHD= 9F<K=JAGMK?9E=K\97:?>.?-NGD
HH
Y

>9;LGJ*+2K
<<ALAGF9DDQL@=8O9KDGO>GJL@=FME:=J 7 8 )
5
,9F?&
&
!F?9F<3

)ADD=J[ =L=JEAF9FLKG>K9LAK>9;LAGF
G>>9;LGJK9F9DQR=<H9JLA;MD9JDQ>GJL@=EMDLAHD=J=?J=KKAGFK OAL@;GEEMFALQJ=AFL=?J9LAGFAFGD<=J9<MDLKOAL@;@JGFA;KLJGC=.GD=
G> :9D9F;= K=D> =>>A;9;Q\ "2C= %2/< NGD
FG
HH
Y
OAL@EGJ=L@9FLOGHJ=<A;LGJK9F<K@GMD<:=<GM:D=<AF>MLMJ=

9F9DQK=K
D9J?=JHGGDG>H9JLA;AH9FLK9F<=N=FFME:=JKG>
7 8 )
09L=FG *
/CGC9MKC9K 0

'9LG
.
0=G 9F<
,
/

E=F 9F< OGE=F ;9F ;GF>AJE L@=K= AFALA9D J=KMDLK
"AF9DDQ #M=JJ=JG [*=O ?9E= KG>LO9J= ,GCUEGF #G E9Q @=DH QGML@ OAL@
H9JLA;AH9FLK AF L@= D9KL KLM<Q <A< FGL F=;=KK9JADQ CFGO =9;@ K=N=J=KG;A9DOAL@<J9O9D@ACACGEGJA\"=C-23+><C#/=NGD
HH

GL@=JKAF;=KGE=J=K=9J;@KM??=KLKL@9L>9EADA9JALQE9Q9>>=;L Y =;

>==DAF?KG>KAEAD9JALQ78>MLMJ=OGJC;GMD<;GEH9J=H9AJKG> 7 8 '
39L9F9:=/>+6[,GCUEGF#+9F<HKQ;@GDG?A;9D<AKLJ=KKH@QKA;9D
KLJ9F?=JK9F<H9AJK9DJ=9<Q>9EADA9JOAL@=9;@GL@=J
;GEHD9AFLK 9F< OGJC H=J>GJE9F;= 9EGF? 9<MDL OGJC=JK
J=LJGKH=;LAN=;G@GJLKLM<Q\$-3#/:NGD
FG
H
/=H

7 8 0
*AK@A<9 &

,A;C 9F<
/9JC9J [&9H9F]K HJ=>=;LMJ9D <A?AL9D 78 &
'AE 5
3
,9JC 9F< 0
&
*9E [J=9L@AF?"J9E= F AF>D9L9:D=
<ANA<=EMDLAN9JA9L=9F<KH9LA9D9F9DQKAK\%/6/-977?8"963-CNGD
>J9E= >GJ J=EGL= :J=9L@ KA?F9D K@9JAF?\ AF "<9- >2 8> 980
FG
HH
Y
%+813,6/7,/../.+8.7,9.3/.8>/<+->398 HH
Y

7 8 !
0
'@GG 0
)=JJALL 9F<

@=GC [ =KA?FAF? H@QKA;9D 9F< 78 !
=D9@=J;@= )
@=LGM9FA
)9@<@9GMA
/9AFL #=GJ?=K /

KG;A9DAFL=J?=F=J9LAGF9D>9EADQ=FL=JL9AFE=FL\8>/<+->97:?>NGD
2A9MP 9F<
G@=F [%FL=JH=JKGF9D KQF;@JGFQ KMJN=Q G>
FG
YHH
Y
=N9DM9LAGFE=L@G<K9;JGKK<AK;AHDAF=K\%<+8=00/->97:?>
7 8 /
&TJN=DT&
)
'ANAC9F?9K&
'TLKQJA9F<*
.9N9B9[,@QKAGDG?A;9D NGD
FG
HH
Y

DAFC9?=G><Q9<A;?9EAF?=PH=JA=F;=\$37?6+7381NGD
FG
78 *
/=:9FR$
=CC=JAF?9F<#
'FG:DA;@[&GAFL9;LAGFG<A=K9F<
HH
Y
EAF<KEGNAF?LG?=L@=J\%</8.=918$-3NGD
FG
HH
Y
7 8 ,
29D<=KGDG 9F<
=/L=FG [/QF;@JGFQ 9F< L@= KG;A9D LMFAF? G>

;GEH9KKAGF\79>398NGD
FG
HH
Y
78 "
&
=JFA=JA9F<.
.GK=FL@9D[%FL=JH=JKGF9D;GGJ<AF9LAGF=@9NAGJ
7 8 /
!
(AF<D=Q .
$9JH=J 9F<
/=DD=F [ =KA?FAF? >GJ =D<=JK E9L;@AF?9F<AFL=J9;LAGF9DKQF;@JGFQ\AF$>?.3/=3879>398$9-3+6
!PHDGJAF?L@=;GEHD=PALQG>J=D9LAGFK@AHKAFD9L=JDA>=\AF"<9-
8. 8>/<+->398?8.+7/8>+6=90 98@/<,+6/2+@39<.

/
"=D<E9F9F<
<3>3=2<9?:88?980"/9:6/+8.97:?>/<=HH
Y
.AEU!<K
*=O5GJC*59E:JA<?=1FAN=JKALQ,J=KK HH

Y

7 8 &
6@GM,
(
,
.9M9F<#
/9DN=F<Q[1K=9F<<=KA?FG>@9F<@=D< 78 (
'
)AD=K(
'
*AF<9F<
*
)9;J9=[0@=J@QL@EG>J9HHGJL
;GEHML=JK >GJ GD<=J 9<MDLK J=NA=O 9F< 9HHJ9AK9D\ 8> ?7 %FL=JH=JKGF9DKQF;@JGFQ9F<KG;A9DH=J;=HLAGF\B:$9-"=C-296
97:?>8>/<+->NGD
FG
HH
Y
NGD
FG
HH
Y)9Q

78 0
0
GL9 (
%K@AL9FA 9F< *
2A=AJ9 [)G:AD= ?9E= <=KA?F >GJ L@= 78 )
&
.A;@9J<KGF'
(
)9JK@.
3
%K=F@GO=J&
.
#GG<E9F9F<
=D<=JDQKLM<QOAL@>G;MKGFL@=EGLAN9LAGFLGHD9Q\97:?>?7 .

/;@EA<L [.G;CAF? LG?=L@=J QF9EA;K G> AFL=FLAGF9D 9F<
/2+@NGD
HH
Y
MFAFL=FLAGF9DAFL=JH=JKGF9D;GGJ<AF9LAGF\?79@$-3NGD
FG

HH
Y

7 8 )
/
D .9R?9F $
/
D '@9DA>9 )

D /@9@J9FA 9F< $
$

DBEA[0GM;@ :9K=<EG:AD=H@GF=AFL=J>9;=?MA<=DAF=K9F<<=KA?F 7 8 ,
29D<=KGDG&
+MQ9F?9F<
=/L=FG[0@=J@QL@EG>BGAFL9;LAGF
J=;GEE=F<9LAGFK >GJ =D<=JDQ H=GHD= KMJN=Q G> L@= DAL=J9LMJ=\ AF /QF;@JGFQ HJGEGL=K ;GGH=J9LAN= 9:ADALQ\ B: $9- "=C-296 NGD

"<9- >2 8> 980 /?<+6 809<7+>398 "<9-/==381 G@9 -9L9J FG
HH
Y&MD

HH
Y
78 )
@F/>+6[/O9F:G9L,=JN9KAN=KG;A9D?9E=LG=F@9F;=LJ=9<EADD
78 /
(AM 9F< /
&GAF=K [ =N=DGHAF? 9 >J9E=OGJC G> ?MA<AF? AFL=J>9;= JMFFAF?\ AF "<9- >2 8> 980 ?6>37/.3+ =ABAF? @AF9
<=KA?F >GJ GD<=J 9<MDLK\ AF "<9- ?7+8 +->9<= +8. <198973-= HH
Y

$9-3/>C88?//>381 NGD
HH
Y
78 0
,9JC/>+6[!P=J/QF;"9;ADAL9LAF?AFL=JH=JKGF9DKQF;@JGFQAFKG;A9D
78 .
$ADD(
.
=LLK9F</
!
#9J<F=J[+D<=J9<MDLK]=PH=JA=F;=K9F< =P=J?9E=K\ AF "<9-
980 97:?>/< $?::9<>/. 99:/<+>3@/
H=J;=HLAGFKG><A?AL9DL=;@FGDG?Q AK=EHGO=JE=FLO=DD:=AF?9F< (9<5/9FFLGFAG0=P9K HH
Y

AF;DMKAGF\97:?>?7/2+@NGD
HH
Y
78 ,
D9N=K9&
/;@EA<L
"=<GKGN.
QJF=9F<"
["DGQ<\)M=DD=J
78 (
GKL9 9F<
2=DGKG [=AF? ?J9F< HD9Q=JK J=NA=O G> <A?AL9D [AJ 09F<=E ;GDD9:GJ9LAN= :G<ADQ ?9E= =PHDGJAF? AFL=JH=JKGF9D
?9E=K9F<L@=AJHGL=FLA9DLG=F@9F;=AFL=J?=F=J9LAGF9DAFL=J9;LAGFK\ KQF;@JGFAR9LAGF\ AF "<9-
88? $C7: 97:?>/<?7+8
8>/<1/8/<+>398+6#/6+>=2NGD
FG
HH
Y
8>/<+->39838"6+C(GF<GF1FAL=<'AF?<GE HH
Y

78 !
0
'@GG

@=GC0
$

*?MQ=F9F<6
,9F[?=%FN9<=JK 78 3
!
3GG<KGF
0ADDE9F9F<,
0ADDE9F?7+8+->9<=/=318
/G;A9D 9F< H@QKA;9D AFL=J ?=F=J9LAGF9D EAP=< J=9DALQ >9EADQ +8.,995 809<7+>398 +8. ?3./638/= 09< >2/ /=318 90 $C=>/7=
=FL=JL9AFE=FL\'3<>?+6#/+6NGD
FG
HH
Y )9J

+-363>3/=;?3:7/8>+8."<9.?->=09<?7+8&=/
*=O5GJC*5
);#J9O $ADD

78 '
/=9:GJF,
/
,=FF=>9L@=J9F<
"=DK[!M<9AEGFA99F<@=<GFA9
AF L@= <=KA?F 9F< =N9DM9LAGF G> 9 ;GGH=J9LAN= ?9E= >GJ HKQ;@GKG;A9D 78 0
$AEA;@A /> +6 [ =N=DGHE=FL G> 9 &9H9F=K= N=JKAGF G> L@=
O=DD :=AF?\?7+8D97:?>/<8>/<+->
%FL=JH=JKGF9D.=9;LANALQ%F<=P\$238<31+5?/85C?NGD
FG
HH

Y

78
2GA<9 9F< /
#J==F:=J? [GFKGD= ?9EAF? 9;JGKK ?=F=J9LAGFK
!PHDGJAF? AFL=J?=F=J9LAGF9D AFL=J9;LAGFK AF ;GDDG;9L=< ;GFKGD= 78 )
$
9NAK[EMDLA<AE=FKAGF9D9HHJG9;@LGAF<ANA<M9D<A>>=J=F;=K
?9EAF?\ &83@/<= --/== 80 $9- NGD
FG
HH
Y )9J
AF=EH9L@Q\$$+>$/69-"=C-296NGD
H

78 3

%&KK=DKL=ABF 5

3
= 'GJL 9F< '
,G=DK [0@= ?9E=
78 &
!
!K;9D9K 9F<

/L=JF [/QEH9L@Q 9F< =EH9L@Q !EGLAGF9D =PH=JA=F;=IM=KLAGFF9AJ=
\0=;@FAK;@=1FAN=JKAL=AL!AF<@GN=F

J=KHGFK=KLG9<N=JLAKAF?<J9E9K\98=?7#/=NGD
FG
HH
78 *
)
,M;;AF=DDA 9F< (
0A;CD= =?F=F ['FGOAF? LGG EM;@ 9:GML
Y
GL@=JK )G<=J9LGJK G> L@= J=D9LAGFK@AH :=LO==F =9N=K<JGHHAF? 9F<
78 0
@9KH9JA /> +6 [!PHDGJAF? KH9JK= J=HJ=K=FL9LAGF E=9KMJ=K G> J9HHGJLAFKG;A9DAFL=J9;LAGF\ 98@/<,+6/2+@NGD
FG
HH

H@QKAGDG?A;9DKQF;@JGFQ>GJJGE9FLA;;GMHD=K\AF"<9-
>28> Y

980 00/->3@/ 97:?>381 +8. 8>/6631/8> 8>/<+->398 /9F 78 '
/=9:GJF*
(==)
*9J9R9FA
@A=F $KM
$AQ9E99F<)

FLGFAG04 HH
Y
%F9EA[ =KA?F9F<=N9DM9LAGFG>9K@9J=<9;LAGF?9E=>GJ=EH9L@Q\
78
0G=L /> +6 [.=9;@ GML 9F< LGM;@ KGE=:G<Q]K NAJLM9D @9F< AF "<9-
<. 88? 980 '3<>?+6 #/+63>C $9-3/>C 38 +:+8 /=F<9A
>>=;LAN=DQ ;GFF=;L=< L@JGM?@ E=<A9L=< LGM;@\ AF "<9-
0G@GCM&9H9F

?7+38/==9-98000/->3@/97:?>381+8.8>/6631/8>8>/<+->398 7 8 '
(
)9JK@)
&
.A;@9J<KGF9F<.

/;@EA<L[/G;A9D;GFF=;LAGF
#=F=N9/OALR=JD9F< HH
Y
L@JGM?@BGAFL9;LAGF9F<AFL=JH=JKGF9D;GGJ<AF9LAGF\%9:918$-3
7 8 (

.A=C 0
.9:AFGOAL;@
@9CJ9:9JLA 9F< ,
.G:AFKGF NGD
FG
HH
YHJ

[!EH9L@ARAF?OAL@JG:GLK"=DDGO>==DAF?9DGF?L@=9FL@JGHGEGJH@A; 78
"A=D< 3=-9@/<381 $>+>3=>3-= &=381 $"$$
0@GMK9F< +9CK
KH=;LJME\ AF "<9-
<. 8> 980 00/->3@/ 97:?>381 +8. /9?=

8>/6631/8>8>/<+->398EKL=J<9E*=L@=JD9F<KHH
Y
78 $
*9?9K9CA$
%LG@'
$9K@ARME=0
"MJMF9$
)9JMQ9E99F<0

78 5
(== '
)9K9A '
'MFR= )
/M?AEGLG 9F< )
ADDAF?@MJKL [ 'AFM?9K9 [39DCAF? H9LL=JFK 9F< >AF?=J J@QL@E G> GD<=J 9<MDLK\
.=EGL=GDD9:GJ9LAGF/QKL=EOAL@!EH9L@Q#D9KK=K\AF"<9-
"/<-/:>9>$5366=NGD
FG
HH
Y

8> $C7: 3B/. +8. ?17/8>/. #/+63>C $#.4?8-> 78 )
KACKR=FLEA@9DQA 69A %2/ "=C-29691C 90 !:>37+6 B:/<3/8-/

HH
Y
*=O5GJC*=O5GJC1/$9JH=J,=J=FFA9D

78 /
/AF?@9D
*=MKL9=<L=J 5
(
+GA
*
FLD= 9F<
)9LCAF 78 5
)GLGEMJ9
09C=K@AL95
!?9K@AJ90
*AK@AEMJ95
'AE9F<
["D=P * "==D0@=<=KA?F9F<=N9DM9LAGFG>=EGLAN=?DGN=K>GJ;GMHD=K /
39L9FMCA[%FL=J9;LAGF:=LO==FN9D=F;=G>=EH9L@Q9F<>9EADA9JALQ
LGKMHHGJLLGM;@GN=J<AKL9F;=\AF"<9-
98097:?>/< %KAL<A>>A;MDLLG=EH9L@AR=OAL@L@=HGKALAN==N=FLKG>9KLJ9F?=J\
$?::9<>/. 99:/<+>3@/ (9<5 +8. $9-3+6 97:?>381 HH
Y "2C=3968>2<9:96NGD
FG
H

78 (
$=AKK[!F9:D=<9HH9J=DL@=JGD=G><A?AL9DDQ=F@9F;=<9HH9J=DAF
HJGEGLAF? J=EGL= =EH9L@A; ;GFF=;LAGF\ $9- NGD
FG
HH

Y

Intergenerationals Games Japan

Uploaded by

Document Information

Original Title

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

Intergenerationals Games Japan

Uploaded by

Copyright:

Available Formats

HJGNA<= <AN=JK= MK=J AFL=J>9;=K 9F< AFL=J9;LAGF HGKKA:ADALA=K

8. 8>/<+->398?8.+7/8>+6=90 98@/<,+6/2+@39<.

You might also like

Intergenerationals Games Japan

Uploaded by

Document Information

Original Title

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

Intergenerationals Games Japan

Uploaded by

Copyright:

Available Formats

   

   

   

     

HJGNA<= <AN=JK= MK=J AFL=J>9;=K 9F< AFL=J9;LAGF HGKKA:ADALA=K

8. 8>/<+->398?8.+7/8>+6=90 98@/<,+6/2+@39<.

You might also like

HJGNA<= <AN=JK= MK=J AFL=J>9;=K 9F< AFL=J9;LAGF HGKKA:ADALA=K

8. 8>/<+->398?8.+7/8>+6=90 98@/<,+6/2+@39<.