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LOGL@AJ<K LMJF
@=;C LG := KMJ= L@9L L@= JM::=J

O9K@=J AK >MDDQ AFK=JL=< 9F< K=9L=<

;42CA820; 2>==42C8>= 0B 2>==42C8>= 0B BD??;H ;8=4
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LG 9F AF<ANA<M9D :J9F;@ ;AJ;MAL NA9 9 ?9K KMHHDQ DAF= ?9K ;GFF=;LAGF
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AFKL9DD=< 9F< ?JGMF<=< /=;MJ=DQ LA?@L=F 9DD ?9K *(
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G FGL ;JMK@ GJ CAFC L@= ?9K DAF=
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GF L@= <JQ=J J9LAF? HD9L= ?9K HJ=KKMJ= <G=K FGL =P;==< G> L@= <JQ=J AF 9;;GJ<9F;= OAL@ L@=
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AF;DM<= F AF<ANA<M9D E9FM9D K@MLuG>> N9DN=
DA;=FK=< @=9LAF? H=JKGFF=D EMKL := AFKL9DD=< AF 9;;GJ<9F;=
9ML@GJAR=< ?9K KMHHDA=J H=JKGFF=D OAL@ L@= %FKL9DD9LAGF G<=K
9ML@GJAR=< K=JNA;= H=JKGFF=D */ 9F< */
%L AK J=;GEE=F<=< L@9L 9F
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=PHDGKAGF GJ >AJ= AFKL9DD=< OAL@AF >L E G> L@=
.AKC G> <=9L@ GJ AFBMJQ <JQ=J
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L=KL=< >GJ D=9CK HJAGJ LG 9HHDA9F;=
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c
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AF>GJE9LAGF AK DG;9L=< GF L@= J9LAF? AH4A 60B ?8?4
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d *)$#
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KQKL=E

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LG;GFF=;L L@= <JQ=J MK= <M;LOGJC DGF?=J L@9F
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F0AA0=CH 9F< ;9F GFDQ := MK=< LG ;GFF=;L L@=
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9N=; <=K AFKLJM;LAGFK <MLADAK9LAGF KM:KL9F;= AF>D9EE9:D= ;GEE= IMA >=J9AL HJ=F<J= >=M d D9 ;@9J?=
<= KGAF =L <AFKL9DD9LAGF D@MAD= Ni?iL9D= D@MAD= <= ;MAKAF= <= DAF?=
*= >9AL=K H9K Ki;@=J <=K HAh;=K <= D=K @MAD=K GM HJG<MALK
DAF?= IMA GFL iLi HJi9D9:D=E=FL <AKLADDiK d :9K= <= HiLJGD= D=K

(= Kh;@=DAF?= F= <=NJ9AL K=JNAJ *= E=LL=R H9K <= HAh;=K <= DAF?= 0GMBGMJK NiJA>A=J D= ;GFL=FM <=K
IM9MP >AFK HGMJ D=KIM=DD=K AD 9 iLi ;GFL=F9FL <= DGDi>AF= FGFLAKKi= HG;@=K <=K NjL=E=FLK =L K=;GM=J
;GFgM H9J >AD9?= <AJ=;L <9FK D= D=K 9JLA;D=K <= NGLJ= D=KKAN= 9N9FL
(GJKIM= D=K =F>9FLK 9JJAN=FL d Df? Kh;@=DAF?= (GDi>AF= FGFLAKKi= <= D=K HD9;=J <9FK D= Kh;@=DAF?=
<= >9AJ= E9J;@=J D9HH9J=AD D=MJK H9J >AD9?= <AJ=;L H=ML ?A4=3A4 54D D=K G:B=LK AF9HHJGHJAiK H=MN=FL
H9J=FL GM LML=MJK Di?9MP GFL D9 KHGFL9FiE=FL =F<GEE9?=J D= Kh;@=DAF?= =L
J=KHGFK:ADALi <= N=ADD=J d ;= IM= N9FL =L 9HJhK D= H9KK9?= ;=JL9AFK 9JLA;D=K L=DK IM= D=K
<=K H=JKGFFF=K IM9DA>i=K D=MJ F=LLGQ=R D=K H=DM;@=K <iHGKi=K :JAIM=LK H=MN=FL ;GFKLALM=J MF
=FKA?F=FL <=K EiL@G<=K KMJ D= >ADLJ= (9;;MEMD9LAGF A8B@D4 38=24=384
<MLADAK9LAGF KrJ=K =P;=KKAN= <= H=DM;@= H=ML ;9MK=J ,GMJ Ji<MAJ= D=K JAKIM=K
*= D9AKK=R B9E9AK D=K =F>9FLK BGM=J <=K <GEE9?=K 9M Kh;@=DAF?= =L <AF;=F<A= GM <= ;@G; iD=;LJAIM=
<9FK GM KMJ D9HH9J=AD AD Q 9 MF ;Ji=J MF JAKIM= 38=24=384 FMLADAK=R H9K D= Kh;@=DAF?= KA D=
JAKIM= <= 1;4BBDA4B ?J9N=K GM <= 2=ADD=R d ;= IM= D9 RGF= KALMi= ;GJ<GF <9DAE=FL9LAGF =KL =>>ADG;@i
<>AC (=K =F>9FLK <GAN=FL jLJ= 9MLGMJ <= DGJA>A;= <= KGJLA= =L D=K GM =F<GEE9?i GM KA D=K HJAK=K
L=FMK d MF= <AKL9F;= Ki;MJAL9AJ= RGF=K NGAKAF=K KGA=FL KGFL Df;@=K
<=K iD=;LJGEiF9?=JK =F LGML =P=EHL=K <= :GMJJ=K H=DM;@=K =L *MLADAK=R H9K D= Kh;@=DAF?= KA <=K
L=EHK (=K =F>9FLK <GAN=FL jLJ= HGMKKAhJ=K 9;;MEMDi=K 1F GJA>A;= ?9J<=K =L GM <=K H9FF=9MP GFL iLi
D9AKKiK 9HHJG;@=J MF G:KLJMi JAKIM= <= =FD=NiK GM KA <=K HAh;=K KGFL
iD=;LJGEiF9?=J K=MD=E=FL KGMK D9 Ji<MAJ= D= >DMP <9AJ =L ;9MK=J D9 E9FIM9FL=K GM ;9KKi=K
KMJN=ADD9F;= ;GFKL9F;= <MF KMJ;@9J?= *= L=FL=R H9K <= ;GFLGMJF=J MF
9<MDL= %D >9M<J9AL IM= D= H=JKGFF=D <= <AKHGKALA> <= Ki;MJALi IM=D;GFIM=
2*0 ! )!00.! (,,.!%( K=JNA;= 9HJhKuN=FL= IM9DA>Ai F=LLGA= *MLADAK=R H9K <= ;GF<MAL >D=PA:D=
$+./ /!.2%! +1 1 .!10 Ji?MDAhJ=E=FL DAFLiJA=MJ <= D9 =F HD9KLAIM= GM FGF EiL9DDAIM=
.!0%.!6 ( ,+.0! 1 E9;@AF= =L D= ;GF<MAL 9N=; ;= Kh;@=DAF?= (=K ;GF<MALK
+),.0%)!*0 ! /!$#! <i;@9HH=E=FL <9AJ =F HD9KLAIM= GM FGFEiL9DDAIM=K
*AFLJG<MAK=R H9K D=K E9AFK <9FK /A NGMK =FD=N=R MF ;9HGL GM H=ML HGK=J MF A8B@D4 38=24=384
D9HH9J=AD L9F<AK IM= D= L9E:GMJ H9FF=9M IM=D;GFIM= AF;DM9FL D= *= >9AL=K H9K E9J;@=J D=
LGMJF= ;GMN=J;D= <= D9 D9EH= NGMK Kh;@=DAF?= KA NGMK FjL=K H9K
*AFKL9DD=R GM F= J9F?=R H9K ;=L JAKIM=R <= NGMK =PHGK=J d <=K ;=JL9AF IMAD 9 iLi AFKL9DDi
iD=;LJGEiF9?=J <9FK MF =F<JGAL ;AJ;MALK iD=;LJAIM=K KGMK L=FKAGF ;GF>GJEiE=FL 9MP
Gp AD K=J9 =PHGKi 9MP !FD=N=J LGML H9FF=9M %*/0.10%+*/ %*/0((0%+*
AFL=EHiJA=K d D=9M d D9 AF;DM9FL D= H9FF=9M <= K=JNA;= =L IM= DAFKL9DD9LAGF =L D9 EAK= d D9
EGAKAKKMJ= d D9 K9D=Li d MF 9AJ JGF< d D9N9FL H=ML 9MKKA NGMK L=JJ= KGFL ;GF>GJE=K 9MP
;GJJGKA> GM K9DAF GM 9M >JGA< =PHGK=J d <=K 9JjL=K Jh?D=E=FLK DG;9MP =LGM 9MP
=PLJjE= ;GMH9FL=K <=K HGAFL=K =L <=K 9MLJ=K Jh?D=E=FLK =L =PA?=F;=K
*= ;@=J;@=R H9K d EG<A>A=J D=K KMJ>9;=K ;@9M<=K i:J9F;@=R 9HHDA;9:D=K
;GEE9F<=K <= D9HH9J=AD LGMBGMJK D9DAE=FL9LAGF 0GML E9FIM=E=FL d AFKL9DD=J
*= L=FL=R H9K <= JiH9J=J FA iD=;LJAIM= 9N=; <= L=FL=J LGML= =FLJ=L=FAJ =LGM >9AJ= E9J;@=J D=
J=EHD9;=J IM=DIM= HAh;= IM= ;= Kh;@=uDAF?= =F ;GF>GJEALi 9N=; D=K
JiH9J9LAGF i:J9F;@=R D= ;GJ<GF
KGAL <= D9HH9J=AD F= D= KGME=LL=R AFKLJM;LAGFK <M >9:JA;9FL H=ML
=F LAJ9FL KMJ D9 >A;@= =L FGF D=
H9K d <=K GHiJ9LAGFK <= HJGNGIM=J <=K <GEE9?=K
;GJ<GF ;GJHGJ=DK =LGM <=K <i?fLK
E9AFL=F9F;= 9MLJ=K IM= ;=DD=K
KHi;A>AIM=E=FL AF<AIMi=K <9FK D=K .9F?=R LGMK D=K HJG<MALK E9LiJA=DK
AFKLJM;LAGFK <= E9AFL=F9F;= GM <= ;@AEAIM=K =L 9;;=KKGAJ=K <= ,GMJ iNAL=J <=F<GEE9?=J D= KGD
JiH9J9LAGF =L H=JEAK=K d LJ9AL=E=FL <M DAF?= <9FK MF =F<JGAL GM D9 HJGDA>iJ9LAGF <= EGAKAKKMJ=K
DMLADAK9L=MJ ;=;A d ;GF<ALAGF IM= K=; =L >J9AK =F J=KH=;L9FL D=K F= D9AKK=R H9K D=9M JiH9F<M= GM
NGMK =F ;GEHJ=FA=R D= ;GFL=FM =L AFKLJM;LAGFK HM:DAi=K H9J D=MJK D=K i;D9:GMKKMJ=K =F H=JE9F=F;=
9Q=R D@9:ADALi J=IMAK= HGMJ Ji9DAK=J >9:JA;9FLK =L =F<JGAL <GAL K= 9MLGMJ <= D9HH9J=AD GM KGMK
;=K GHiJ9LAGFK LJGMN=J @GJK <= HGJLi= <=K ;=DMAu;A
,GMJ KMHHJAE=J DiD=;LJA;ALi =F>9FLK (=KK=F;= D=K E9LAhJ=K *AFKL9DD=R H9K <9HH9J=AD 9M >M=D
KL9LAIM= FMLADAK=R H9K ;GE:MKLA:D=K =L D=K N9H=MJK <9FK D= HD9;9J< <M Ki;@GAJ
<9<GM;AKK9FL GM HJG<MAL HGMJ DAIMA<=K =L KM:KL9F;=K
KKMJ=RNGMK IM= LGMK D=K
LAKKM K9M> KA D= >9:JA;9FL D= AF>D9EE9:D=K HGK9FL MF JAKIM=
J9;;GJ<=E=FLK <=9M 9M
J=;GEE9F<= <AF;=F<A= F= <GAN=FL H9K jLJ=
Kh;@=DAF?= KGFL <GLiK <MF
J9F?iK HJhK <M
*= NGMK K=JN=R H9K <= D9 ;@9D=MJ JG:AF=L <9JJjL <9;;hK >9;AD=
Kh;@=DAF?=
HGMJ Ki;@=J <=K 9JLA;D=K ;GFL=F9FL "=JE=R D= GM D=K JG:AF=LK <9JJjL
<M ;9GML;@GM; EGMKK= MF= *= NGMK 9KK=Q=R H9K KMJ D= <=9M <= D9HH9J=AD 9HJhK
iLAIM=LL= H=ML AF<AIM=J D9 HJiK=F;= Kh;@=uDAF?= DMLADAK9LAGF =F >AF <= BGMJFi=
<= EGMKK= <= D9L=P GM <=K ,GMJ Ji<MAJ= D= JAKIM= <AF;=F<A= 2iJA>A=R Ji?MDAhJ=E=FL D=K J9;;GJ<K
E9LiJA9MP =F ;9GML;@GM; L=PLMJiK GM <= ;@G; iD=;LJAIM= *10%(%/!6 <M :GQ9M <= J=EHDAKK9?= HGMJ
<= >9gGF KAEAD9AJ= (=K E9LiJA9MP ,/ <= HJGDGF?9L=MJ FA NGMK 9KKMJ=J IMADK KGFL :A=F
;GFL=F9FL <M ;9GML;@GM; EGMKK= <9<9HL9L=MJ HGMJ J9;;GJ<=J D= K=JJiK =L F= >MA=FL H9K
H=MN=FL <9FK ;=JL9AF=K Kh;@=uDAF?= dMF= HJAK= <M K=;L=MJ
;AJ;GFKL9F;=K K=F>D9EE=J =L iD=;LJAIM= (=K Kh;@=DAF?= KGFL
:JrD=J KHGFL9FiE=FL DGJKIM= <=K 9HH9J=ADK HMAKK9FLK IMA
i;@9M>>iK Fi;=KKAL=FL D=MJ HJGHJ= ;AJ;MAL
iD=;LJAIM=

'4<0A@D4B =BCAD2C8>=B 34 <8B4 Q;0
(=K )%/!/ !* #. ! =L
C4AA4 d +')(("#)
2!.0%//!)!*0/
%D >9ML AEHiJ9LAN=E=FL J9;;GJ<=J ;= (= :J9F;@=E=FL AF=PH=JL <M >AD
%),+.0*0/ >A?MJ9FL <9FK D= Kh;@=uDAF?= d D9 L=JJ= !F ;9K <=
HJiK=FL E9FM=D F= K9MJ9A=FL ;@9J?i <= J9;;GJ<=J D9HH9J=AD dD9
<QK>GF;LAGFF=E=FL GM <= H9FF= L=JJ= H=ML =F?=F<J=J MF JAKIM= <=
=FNAK9?=J LGML=K D=K KALM9LAGFK K9DA9AKGF 9N=; D9 L=JJ= Ji<MAJ9 D= JAKIM=
HGKKA:D=K =L AE9?AF9:D=K ;@G; iD=;LJAIM= N=; D9A<= <MF
<= ;@G; iD=;LJAIM= =F >GMJFAKK9FL 9M iD=;LJA;A=F 9?Jii GM <MF L=;@FA;A=F
"9AL=K HJ=MN= <= :GF K=FK <= ;GMJ9FL iD=;LJAIM= MF ;@=EAF <= <M K=JNA;= 9HJhKuN=FL= /2
HJM<=F;= =L <= KGAF H=F<9FL H9KK9?= d JiKAKL9F;= iD=;LJAIM= LJhK NiJA>A=R =F ;9K <= <GML= IM= D=
DAFKL9DD9LAGF D=FLJ=LA=F =L Ji<MAL= Kh;@=uDAF?= =KL :A=F J9;;GJAD AFLi?Ji <= )^(! 9;;GEH9?F9FL D9HH9J=AD /A
J=N=F<=MJ <AKLJA:ML=MJ 9?=FL J9;;GJ<=E=FL <= D9HH9J=AD d D9 L=JJ= =L =DD= F= J=FLJ= H9K <9FK D9 HJAK=
<M K=JNA;= 9HJhKuN=FL= /2 <MF= >A;@= <= J9;;GJ<=E=FL d D9 L=JJ= <=E9F<=R d MF iD=;LJA;A=F 9?Jii <=
GM D= >9:JA;9FL =F HJiK=F;= <= %D >9M<J9 :J9F;@=J D9 >A;@= <9FK MF= NGMK AFKL9DD=J MF= HJAK= >=E=DD=
HJAK= >=E=DD= 9HHJGHJAi= J=DAi= d D9 9HHJGHJAi= d ;= Kh;@=uDAF?=
HJG:DhE=K GM KALM9LAGFK NGMK L=JJ= ;GF>GJEiE=FL d D9 Ji?D=E=FL9LAGF
H9J9AKK9FL =L 9MP <i;J=LK DG;9MP
AF;GEHJi@=FKA:D=K >=B4AE4I 24CC4 =>C824
/MAN=R LGML=K D=K ;GFKA?F=K 058= 34 ?>DE>8A ;0
<= Ki;MJALi >GMJFA=K <9FK D=K
%*/0.10%+*/
2>=BD;C4A 0 =>DE40D
%*/0((0%+* =L D=K D;CUA84DA4<4=C
%*/0.10%+*/ /A D9HH9J=AD <GAL MF BGMJ ;@9F?=J <=
10%(%/0%+* HJGHJAiL9AJ= J=E=LL=RuDMA D= E9FM=D =F
EjE= L=EHK IM= D= Kh;@=uDAF?=
$#('+/ )) #$)

=BCAD2C8>=B 38=BC0;;0C8>=
=CA>3D2C8>= M 0=030 ;GF>GJE=RuNGMK 9M (=K 9HH9J=ADK 9F;A=FK F= KGFL H9K<=K
<i;@=LK K9FK N9D=MJ 1FJ=;Q;D9?=
G<= !D=;LJAIM= 9F9<A=F
2=MADD=R DAJ= ;=K AFKLJM;LAGFK =F KGF i<ALAGF D9 HDMK Ji;=FL= J=KH=;LM=MP <=D=FNAJGFF=E=FL
<AFKL9DD9LAGF =FLAhJ=E=FL =L =F ;GF>GJEALi 9N=; D9 H=JE=L <=Ji;MHiJ=J <= HJi;A=MK=K
KGA?F=MK=E=FL !DD=K NGMK >=JGFL Ji?D=E=FL9LAGF i<A;Li= H9J D9 E9LAhJ=KHJ=EAhJ=K
i;GFGEAK=J <M L=EHK =L <=K =>>GJLK =L HJGNAF;= <= JiKA<=F;= D9 ,GMJ ;GFF9lLJ= D=K ;AJ;MALK <= EAK= 9M
NGMK 9A<=JGFL d G:L=FAJ <=K Ji?D=E=FL9LAGF EMFA;AH9D= =LGM J=:ML N=MADD=R ;GFKMDL=J NGLJ=
H=J>GJE9F;=K GHLAE9D=K <= NGLJ= DG;9D= J=N=F<=MJ GM D=K K=JNA;=K ;GEHiL=FLK
Kh;@=uDAF?= 2=ADD=R d :A=F J=KH=;L=J <= NGLJ= E9AJA=
LGMK D=K 9N=JLAKK=E=FLK =L EAK=K =F (AFKL9DD9LAGF <M ?9R <GAL jLJ= ;GF>GJE=
9MP ;G<=K DG;9MP GM =F D9:K=F;= <=
?9J<= iFGF;iK
;G<=K DG;9MP K=DGF D= *9LAGF9D "M=D E0=C 38=BC0;;4A
#9K G<= */% 6 *", GM D= ;4BT274\;8=64
d +')(("#) 9F9<A9F *9LMJ9D #9K 9F< ,JGH9F=
%FKL9DD9LAGF G<= */ =L
U10;;064 34 ;0??0A48;
9MP Jh?D=E=FL9LAGFK <AFKL9DD9LAGF N9FL <= ;GFF=;L=J D= Kh;@=DAF?= d MF
2!.0%//!)!*0 .AKIM= KQKLhE= <= ;GF<MALK 9Q9FL <iBd K=JNA
<AF;=F<A= '4<0A@D4 N=ADD=R d ;= IM= D= KQKLhE= KGAL HJGHJ=
(AFKL9DD9LAGF <M Kh;@=DAF?= <GAL %D =KL J=;GEE9F9AJ= F=LLGQ=J
= Kh;@=uDAF?= >A?MJ= <9FK D9 DAKL= 1( =L HJG>=KKAGFF=DD=E=FL D= KQKLhE= <=
jLJ= Ji9DAKi= H9J MF AFKL9DD9L=MJ u1( =L G>>J= MF >GF;LAGFu
IM9DA>Ai ;GF<MALK LGMK D=K 9FK =L DGJK <=
F=E=FL KrJ BMKIMd MF= 9DLALM<= DAFKL9DD9LAGF <M Kh;@=DAF?= d MF
%FKL9DD=R D= Kh;@=DAF?= <= HA=<K E K9FK IMADF= KQKLhE= <= ;GF<MALK 9Q9FL <iBd K=JNA
;GF>GJEiE=FL 9MP AFKLJM;LAGFK <M >9ADD= EG<A>A=J IMGA IM= ;= KGAL 9MP
>9:JA;9FL =L 9MP ;G<=K DG;9MP GJ?9F=K LJ9N=JKi H9J D=?9RF9LMJ=D 1F KQKLhE= <= ;GF<MALK HJGHJ=
*= H9K AFKL9DD=J MF Kh;@=DAF?= =F ;GFLJA:M= d <AEAFM=J D9 <MJi= <=
;GE:AF9AKGF 9N=; <=K E9LiJA9MP =5>A<0C8>=B BDA ;0<8B4 Ki;@9?= =L d 9EiDAGJ=J D=>>A;9;ALi <M
Kh;@=DAF?=
<= N=FLAD9LAGF >D=PA:D=K =F 0D A41DC
HD9KLAIM= /A MF ;GF<MAL =F EiL9D
"8B4 0D A41DC 34 ;4<10;;064
>D=PA:D= <= LQH= 9DMEAFAME =KL
AFKL9DDi AD <GAL K9?AJ <MF LQH=
d %'*#
KHi;A>AIM= AF<AIMi H9J D= >9:JA;9FL
<= D9HH9J=AD iD=;LJGEiF9?=J
d +')(("#) = Kh;@=uDAF?= =KL LJhK DGMJ<
*=L=FL=R H9K <= D= KGMD=N=J
;GEE= iL9FL ;GEH9LA:D= 9N=; D=K !DGA?F=R D=K =F>9FLK <= LGML ;9JLGF *=L=FL=R H9K <= KGMD=N=J D9HH9J=AD
Kh;@=DAF?= (=K E9LiJA9MP <= <=E:9DD9?= =L ;GEHGK9FLK H9J ;=JL9AF=K H9JLA=K K9ADD9FL=K K9
N=FLAD9LAGF >D=PA:D=K KGFL JiHMLiK <=E:9DD9?= (=K>=MADD=K =F HGJL= H9J =P 2GMKJAKIM=JA=R <= D=K
;GEE= HGMN9FL K9>>9AKK=J HD9KLAIM= =L D=K ;9JLGFK HDA9FLK ;9KK=J
Ki;J9K=J >9;AD=E=FL =L ;GEHGJL=FL MFJAKIM=
=EHJAKGFF=J D9 ;@9JHA= =K <iLGM>>=E=FL
;GF<ALAGFK 9MJGFL L=F<9F;= d #$))$#
:DGIM=J D9 ;AJ;MD9LAGF <= D9AJ <M 0GMK D=K E9LiJA9MP ;GEHGK9FL
Kh;@=DAF?= =L d 9;;JGlLJ= D= D=E:9DD9?= KGFL i;GDG?AIM=K =L .=LAJ=R KGA?F=MK=E=FL LGML
JAKIM= <AF;=F<A= J=;Q;D9:D=K ,GMJ ;GFLJA:M=J NGMK 9MKKA D=E:9DD9?= <= D9HH9J=AD ;=;A HGMJ
d D9 HJGL=;LAGF <= D9 F9LMJ= E=LL=R D=K =EHj;@=J <=F<GEE9?=J <=K
,GMJ Ji<MAJ= D= JAKIM= <= ?J9N=K E9LiJA9MP <=E:9DD9?= 9M J=:ML <= KMJ>9;=K
:D=KKMJ=K GM <= EGJL KMAN=R >9gGF J=KH=;LM=MK=
LGML=K D=K AFKLJM;LAGFK <=D=FNAJGFF=E=FL 2iJA>A=R KA D= Kh;@=DAF?= 9 KM:A <=K
<AFKL9DD9LAGF ,GMJ ;GFF9lLJ= D=K ;AJ;MALK <= EAK= 9M <GEE9?=K DGJK <M LJ9FKHGJL
+*/!.2!6 !/ J=:ML N=MADD=R ;GFKMDL=J NGLJ= *AFKL9DD=R H9K MF
%*/0.10%+*/ J=N=F<=MJ GM D=K K=JNA;=K ;GEHiL=FLK Kh;@=DAF?= ;GEHGJL9FL <=K
<= NGLJ= E9AJA= <GEE9?=K NAKA:D=K !F ;9K <= <GML=
(=K HJiK=FL=K AFKLJM;LAGFK <MLADAK9LAGF ;GEEMFAIM=R 9N=; D= E9J;@9F<
KGFL <=KLAFi=K d <=K AFKL9DD9L=MJK "8B4 0D A41DC 34 ;0=284=
IM9DA>AiK +MLJ= D= J=KH=;L <= ;=K 0??0A48; 224BB>8A4B 5>DA=8B
AFKLJM;LAGFK NGMK <=N=R AFKL9DD=J D=
Ki;@GAJ ;GF>GJEiE=FL d LGML=K D=K d +')(("#) #$))$#
Ji?D=E=FL9LAGFK DG;9D=K GM :A=F =F
D9:K=F;= <= L=DD=K J=;GEE9F<9LAGFK HJhK 9NGAJ J=LAJi D=E:9DD9?= KGJL=R
/A D9HH9J=AD F= <GAL HDMK B9E9AK LGMK D=K G:B=LK iN=FLM=DD=E=FL
MP C0CB\*=8B ;GF>GJE=RuNGMK K=JNAJ <i:J9F;@=R K9 >A;@= EfD= <= HJiK=FLK <9FK D= L9E:GMJ
9M *9LAGF9D !D=;LJA; G<= D9 HJAK= <= ;GMJ9FL ;GMH=R KGF
*/%*", =F KGF i<ALAGF D9 ;GJ<GF <9DAE=FL9LAGF =LB=L=RuD=
HDMK Ji;=FL= =F ;GF>GJEALi 9N=; 9N=; D9 >A;@= EfD=
D9 Ji?D=E=FL9LAGF i<A;Li= H9J D!L9L
<= JiKA<=F;= D9 Ji?D=E=FL9LAGF ,GMJ =EHj;@=J IM= <=K =F>9FLK F=
EMFA;AH9D= =LGM DG;9D= K=F>=JE=FL <9FK D9F;A=F 9HH9J=AD =L
JAKIM=FL D=MJ NA= <iLJMAK=R D=KQKLhE=
<= >=JE=LMJ= <M @M:DGL GMJ=LAJ=R ;=
<=JFA=J

$DC8;;064 DC8;4 HGMJ G:L=FAJ <=K AFKLJM;LAGFK %D >9M<J9AL IM= D= Kh;@=uDAF?= K=
<iL9ADDi=K J=LJGMN= :A=F d D@GJARGFL9D= 9N=;
(=K GMLADK KMAN9FLK KGFL MLAD=K HGMJ %FKL9DD=R <=K ;GF<MALK K=K IM9LJ= HA=<K >=JE=E=FL =F
DAFKL9DD9LAGF <i;@9HH=E=FL 9M :=KGAF 9HHMA KMJ D= KGD (= Kh;@=uDAF?= F=
0GMJF=NAK <= LjL= <=LGADi <= 0 <GAL H9K GK;ADD=J /AD F=KL H9K
/MAN=R D=K AFKLJM;LAGFK H9J>9AL=E=FL d D@GJARGFL9D= GM KAD
0GMJF=NAK ,@ADDAHK <AFKL9DD9LAGF >GMJFA= H9J D= GK;ADD= AD >9M<J9 ;GJJA?=J D= Ji?D9?=
0GMJF=NAK d D9E= HD9L= >9:JA;9FL <=K HAh;=K <= ;GF<MALK <=K HA=<K 2AKK=R GM <iNAKK=R D=K
;GFKMDL=R D9 H9?= HA=<K Ji?D9:D=K =F @9ML=MJ BMKIMd
Di d >GMJ;@= HGEE ;= IM= D= Kh;@=uDAF?= ;=KK= <=
*AN=9M d :MDD=
i !F HJiK=F;= <MF =KH9;= LJhK K9?AL=J =L K= LJGMN= H9J>9AL=E=FL
=PA?M FGMK J=;GEE9F<GFK <= dD@GJARGFL9D= L9FL <= D9N9FL N=JK
>AP=J DGJA>A;= <= <iH9JL <M ;GF<MAL D9JJAhJ= IM= <MF ;oLi dD9MLJ=
<i;@9HH=E=FL KMJ D= Kh;@=uDAF?=
9N9FL <9E=F=J D= Kh;@=uDAF?= KMJ i 2GMK <=NJ=R
KGF =EHD9;=E=FL AFALA>
E=F=R D= Kh;@=uDAF?= KMJ KGF iN=FLM=DD=E=FL MLADAK=J MF=
=EHD9;=E=FL AFALA> H9AJ= <= HAF;=K HGMJ
E9AFL=FAJ D= HA=< =L
D=EHj;@=J <= LGMJF=J 9N=;
#$))$# Di;JGM IM= NGMK K=JJJ=R /A
D= HA=< LGMJF= ;= <=JFA=J
*= >9AL=K H9K ?DAKK=J D= N9 EG<A>A=J D9 @9ML=MJ <M
Kh;@=uDAF?= KMJ D= KGD KA K=K HA=<K ;GAF
Ji?D9:D=K =F @9ML=MJ K= LJGMN=FL
=F HGKALAGF KGJLA= 2GMK JAKIM=R .9;;GJ<=R D= ;GF<MAL
<=F<GEE9?=J D=K HA=<K =LGM <i;@9HH=E=FL d DGJA>A;= HJiNM d
D9:9K= <M Kh;@=uDAF?= KA NGMK ;=L =>>=L KMJ D= Kh;@=DAF?=
D=>9AL=K ?DAKK=J KMJ D= KGD 9N=; ;GFKMDL=R D9 H9?=
D=KHA=<K =F HGKALAGF KGJLA=
J9F;@=R D9 >A;@= EfD= <9FK D9
,GKALAGFF=R D= Kh;@=DAF?= =L HJAK= <= ;GMJ9FL EMJ9D= ;GFKMDL=R
E=LL=RD= <= FAN=9M ;GFKMDL=R D9 D9 H9?=
H9?= +MNJ=R D= JG:AF=L <= ?9R
=BC0;;0C8>= ?0B Q ?0B 2=MADD=R DAJ= D=K AFKLJM;LAGFK
i:9DD=R D= Kh;@=uDAF?= <MLADAK9LAGF HGMJ ;GEHJ=F<J=
;GEE= NGLJ= Kh;@=uDAF?=
.=LAJ=R LGMK D=K G:B=LK HJiK=FLK
<9FK D= L9E:GMJ >GF;LAGFF= ;GFKMDL=R D9 H9?=
2iJA>A=R D9:K=F;= <= <i?fLK /GME=LL=R D9HH9J=AD d MF L=KL
9HH9J=FLK KMJ D= Kh;@=uDAF?=
q 2iJA>A=R IM= D= L9E:GMJ
,D9;=R D= Kh;@=uDAF?= dHJGPAEALi
<= KGF =EHD9;=E=FL AFALA> =KLNA<=
;GFKMDL=R D9 H9?= q "=JE=R D9 HGJL= <M Kh;@=uDAF?=
/A Fi;=KK9AJ= <iHD9;=R D=K
;@9JFAhJ=K <M ;oLi ?9M;@= q GEEML=R D= Kh;@=uDAF?= KMJ
;GFKMDL=R D9 H9?= W!PLJ9 JQZ 0JhK K=; HMAK
/A Fi;=KK9AJ= HGKALAGFF=R D9 KGJLA= 9HHMQ=R KMJ D= :GMLGF /L9JL
<iN9;M9LAGF <= D9AJ KMJ D= q d EAFML=K HDMK L9J<
Kh;@=DAF?= H9J D= ;oLi GM H9J D= 9HHMQ=R KMJ D= :GMLGF /LGH
:9K NGAJ H9?= HMAK GMNJ=R D9 HGJL=
"9AL=K J9;;GJ<=J D9DAE=FL9LAGF <= q /A DAFLiJA=MJ <M L9E:GMJ H9J9lL
?9R H9J MF L=;@FA;A=F IM9DA>Ai ;@9M< ;=;A KA?FA>A= IM= NGMK
;GFKMDL=R D9 H9?=
9N=R ;GFF=;Li D= Kh;@=uDAF?=
2iJA>A=R D= ;GFF=;L=MJ =F W 5 Z D= ;GJJ=;L=E=FL GEEML=R
LMQ9M ;GMJL =L D= 0MQ9M DAFL=JJMHL=MJ KMJ W+""Z
-1/0+, AF;DMK <9FK
D=E:9DD9?= <M Kh;@=DAF?= NGAJ
H9?=
GFF=;L=R D9JJANi= <=9M d
D9JJAhJ= <M Kh;@=DAF?= NGAJ H9?=

q /A D= Kh;@=uDAF?= F= >GF;LAGFF= N9FL9?=K 9KKG;AiK 9M E9AFLA=F
H9K ;GEEML=R D= Kh;@=uDAF?= d +')(("#) <MF= <AKL9F;= HDMK AEHGJL9FL=
<i?9?=E=FLK IM= D= EAFAEME
KMJ W+""Z GFKMDL=R D9 K=;LAGF
<= ;=K 0.+1(!/$++0%*# /A D= Kh;@=uDAF?= 9 iLi AFKL9DDi <9FK AF<AIMi
;GFK9;Ji= 9M<iH9FF9?= MF ?9J9?= AD >9ML D= HD9;=J KMJ MF= S Ji<M;LAGF <M JAKIM= <= >GJE9LAGF
H9?= =L=KK9Q=R <= HD9L=>GJE= HDMK @9ML= <9M EGAFK <= EGAKAKKMJ= <=JJAhJ= D9HH9J=AD
DG;9DAK=J D=<iJ9F?=E=FL HGM;=K ;E IM= D= KGD
=FNAJGFF9FL ;=;A HGMJ KMHHJAE=J S Ji<M;LAGF <= D9 LJ9FKEAKKAGF <M
!84D 38=BC0;;0C8>= LGML JAKIM= IM= <=K N9H=MJK :JMAL
AF>D9EE9:D=K F= HJ=FF=FL >=M %D S >9;ADALi <AFKL9DD9LAGF =L <=
d +')(("#) >9M<J9 =F GMLJ= D= HGKALAGFF=J =L D=
HJGLi?=J <= KGJL= IM9M;MF Ni@A;MD=
JiH9J9LAGF
F= HMAKK= D=F<GEE9?=J S <9N9FL9?= <9AJ <AKHGFA:D= HGMJ
*AFKL9DD=R H9K ;= Kh;@=uDAF?= J=>JGA<AJ D= Kh;@=DAF?= 9>AF
@GJK <= DG;9MP >=JEiK H9J MF= <iNAL=J IMAD F= ;@9M>>= LJGH =L
HGJL= 9EiDAGJ9LAGF <=K H=J>GJE9F;=K
<9FK MF =FNAJGFF=E=FL Gp <= <= Ki;@9?=
D=9M ?GMLL= /A D= Kh;@=DAF?= =KL AFKL9DDi <9FK
HJhK <= E9LiJA9MP AF>D9EE9:D=K MF= H=LAL= HAh;= D=K HGJL=K <= D9
<9FK <=K DG;9MP ;GEHGJL9FL MF HAh;= <GAN=FL 9NGAJ <=K iN=FLK
JAKIM= <= ?=D <MF= L9ADD= EAFAEME KHi;A>Ai=
GFKMDL=R DADDMKLJ9LAGF ;A<=KKGMK
<9FK <=K DG;9MP HGMN9FL ;GFL=FAJ HGMJ <=K J=FK=A?F=E=FLK
<M ?9R <= D=KK=F;= GM <9MLJ=K 9<<ALAGFF=DK
;GE:MKLA:D=K
<9FK <=K HD9;9J<K d HGJL=K
>=JE9FL d ;Di =L <9FK <=K 9D;oN=K
9N=; <9MLJ=K 9HH9J=ADK :JrD9FL <M
;GE:MKLA:D= =L HD9;iK <9FK D=
EjE= Ji<MAL
(= DG;9D <AFKL9DD9LAGF <GAL jLJ= :A=F
9iJi KAFGF D= Kh;@=uDAF?= >GF;LAGFF=J9
=F <=KKGMK <= K=K H=J>GJE9F;=K
GHLAE9D=K 04,5:065: 60+:
*= >9AL=K H9K E9J;@=J D= Kh;@=uDAF?= d 3
?? >4E
<=K L=EHiJ9LMJ=K KMHiJA=MJ=K d °" =9
° =L AF>iJA=MJ=K d °" ° (=K 4
??
:9KK=K L=EHiJ9LMJ=K 9>>=;L=FL D= 3H75
KiIM=F;=E=FL 9MLGE9LAIM= <=K 5
?? >7?43>>397
HJG?J9EE=K =L H=MN=FL 9DDGF?=J 6
?? >4E
D9<MJi= <= Ki;@9?= 3@9>7 b O =9
(9 KMJ>9;= KMJ D9IM=DD= K= LJGMN=
D=Kh;@=uDAF?= <GAL jLJ= HJGHJ= /A NGMK AFKL9DD=R D= Kh;@=uDAF?= <9FK MF
@GJARGFL9D= =L <MJ= *AFKL9DD=R B9E9AK HD9;9J< <=F;9KLJ=E=FL J=KH=;L=R D=K
D9HH9J=AD KMJ <=K L9HAK =L EGIM=LL=K <AKL9F;=K EAFAEMEK ;GF>GJEiE=FL 9M
GEH=FK=R D=K AJJi?MD9JALiK <M KGD H9J L9:D=9M ;Au<=KKGMK
K=K HA=<K Ji?D9:D=K =F @9ML=MJ AKL9F;= EAFAEME d J=KH=;L=J DGJK <=
%FKL9DD=R D= Ki;@GAJ HMAK 9KKMJ=R K9 DAFKL9DD9LAGF
HD9FiALi D9LiJ9D=E=FL =L <9N9FL =F
9JJAhJ= 1LADAK=R MF FAN=9M d:MDD= 3(*(9+
*=FD=N=R B9E9AK D=K HA=<K Ji?D9:D=K =F (9 HGJL= <M Kh;@=uDAF?= 9 iLi >GMJFA=
_FYE ?? 9N=; <=K ;@9JFAhJ=K KMJ D9 <JGAL=
@9ML=MJ
(=K <AE=FKAGFK <= D9 KMJ>9;= 7EEGE ?? /AD >9ML D=K <iHD9;=J KMJ D9 ?9M;@=
<AFKL9DD9LAGF <iH=F<=FL <= ;=DD=K <M ;GFKMDL=R D9 H9?=
Kh;@=uDAF?= 2iJA>A=R IMAD J=KL= DD;XD7 ??
KM>>AK9EE=FL <= HD9;= HGMJ IM= K9
HGJL= HMAKK= LGMJF=J >3GEE; BDXE 6G ?GD CG7 @7 >7 B7D?7FF7@F 67 >3
FGK3GF7D;7 67 93L AG >YH35G3F;A@ 67 >3;D AG >7
4D3@5:7?7@F 67 >73G
%F>GJE9LAGFK AEHGJL9FL=K KMJ D=K

<AKL9F;=K EAFAEMEK
/=DGF D=EHD9;=E=FL <= D9 KGJLA=
<= DiN9;M9LAGF <= D9AJ HJiNGQ=R
MF= <AKL9F;= KMHHDiE=FL9AJ=
EAFAE9D= <= HG ;E <= ;=
;oLi HGMJ D9 LMQ9ML=JA=D=K
KMHHGJLK NGAJ H9?=

A0=274<4=C 34 ;40D "().!t %8T24B 5>DA=84B ?>DA ;4
BT274;8=64
N9FL <= ;GFLAFM=J NiJA>A=R IM= D9
JGF<=DD= <= ;9GML;@GM; =KL :A=F
.=DA=R D= LMQ9M <9DAE=FL9LAGF =F =9M d AFLJG<MAL= =L HGKALAGFFi= KMJ
(=K HAh;=K KMAN9FL=K KGFL AF;DMK=K
MF JG:AF=L <=9M >JGA<= ;=DMA;A <GAL K= D=PLJiEALi >=E=DD= <M LMQ9M ;GMJL
<9FK D=E:9DD9?= <= NGLJ= Kh;@=DAF?=
LJGMN=J d HA E <= <AKL9F;= <= D9 (9 JGF<=DD= <= ;9GML;@GM; =KL
N9FF= <9<EAKKAGF <=9M KALMi= d J=HJiK=FLi= KGMK D= FMEiJG KMJ
D9JJAhJ= <M Kh;@=DAF?= DADDMKLJ9LAGF <=K HAh;=K >GMJFA=K
1F= HJ=KKAGF <9DAE=FL9LAGF <=9M <= !DD= =KL ADDMKLJi= KiH9JiE=FL <9FK
d HKA d :9JK =KL D9 J=HJiK=FL9LAGF <M LMQ9M HGMJ
HDMK <= ;D9JLi
J=;GEE9F<i= HGMJ G:L=FAJ D=K
E=ADD=MJ=K H=J>GJE9F;=K /A D=KH9;= D= H=JE=L J=DA=R
1F ;GFF=;L=MJ =F W 5 Z =KL >GMJFA 9AFKA D=PLJiEALi >=E=DD= 9MLG>GJ=MK=
<M ;GFF=;L=MJ =F W 5 Z
IMMF LMQ9M ;GMJL =F ;9K <= :=KGAF <AJ=;L=E=FL 9M JG:AF=L <=9M
HGMJ D= J=DA=J 9M JG:AF=L <=9M >JGA<=
>JGA<= GHLAGF ;GEE= D= EGFLJ=
0MQ9M &*/0+,
 DADDMKLJ9LAGF ;A<=KKMK =L
;GFLAFM=R d DiL9H=
#$))$# =BC0;;0C8>= 502D;C0C8E4 3D

2>==42C4DA 4= K . M
(= ;DA=FL =KL K=MD J=KHGFK9:D= <= D9 /A D= ;GFF=;L=MJ =F W 5 Z F= H=ML
>AP9LAGF KGDA<= <=K J9;;GJ<=E=FLK H9K jLJ= J=DAi <AJ=;L=E=FL MLADAK=R
!40_.%!1./ <= LMQ9M (= >9:JA;9FL D= LMQ9M ;GMJL >GMJFA HGMJ J=DA=J D=
F9KKME= 9M;MF= J=KHGFK9:ADALi GM ;GFF=;L=MJ =F W 5 Z 9M JG:AF=L
G:DA?9LAGF HGMJ LGML J9;;GJ<=E=FL
!40_.%!1. <= LMQ9M GM LGML 9MLJ= <=9M >JGA<= GHLAGF ;GEE=
J9;;GJ<=E=FL E9D =>>=;LMi J=HJiK=FLi KMJ DADDMKLJ9LAGF 4C
2>=C8=D4I 4= ?0BB0=C 0DG
UC0?4B 4C
GFF=;L=MJ =F W 5 Z
0MQ9M <9DAE=FL9LAGF ;GMJL =F
EiL9D LJ=KKi
.GF<=DD= <= ;9GML;@GM;
0MQ9M &*/0+,
A0=274<4=C 3D CDH0D
30;8<4=C0C8>=
i (= Kh;@=DAF?= <GAL jLJ= ;GFF=;Li
(= LMQ9M &*/0+, HJiNA=FL D=K 9M ;GFF=;L=MJ =F W 5 Z d D9A<= <M
AFGF<9LAGFK HGKKA:D=K =F ;9K <= >MAL= LMQ9M &*/0+, *= H9K
<M LMQ9M MLADAK=J MF LMQ9M MK9?i
!F ;9K <= >MAL= <M LMQ9M MF= E9JIM= "=JE=R D= JG:AF=L <=9M >JGA<= =L
JGM?= K9>>A;@= =L D9JJANi= <=9M =KL J=LAJ=R D= LMQ9M <9DAE=FL9LAGF <=
;GMHi= D=9M <M Kh;@=DAF?=
q 1F LMQ9M &*/0+, IMA K=KL
<i;D=F;@i F= H=ML H9K jLJ=
JiAFALA9DAKi GFL9;L=R D= K=JNA;=
;DA=FLhD= HGMJ G:L=FAJ MF LMQ9M <=
.=DA=R D= LMQ9M ;GMJL 9M JG:AF=L
J=;@9F?= NGAJ H9?=
<=9M >JGA<= /=JJ=R D9 ;GFF=PAGF
d D9 E9AF BMKIMd ;= IM= D= J9;;GJ<
K= E=LL= :A=F =F HD9;= KMJ D=
JG:AF=L
1LADAK=R MF= HAF;= HGMJ K=JJ=J D9
;GFF=PAGF <= <= LGMJ =F HDMK

i *= H9K LJGH K=JJ=J 2GMK HGMJJA=R A0=274<4=C 3D 60I
=F<GEE9?=J D= J9;;GJ<
+MNJ=R D= JG:AF=L <=9M d +')(("#)
2iJA>A=R KAD Q 9 <=K >MAL=K 9MLGMJ <M %>DA 4E8C4A '8B@D4 34G?;>B8>=
;GFF=;L=MJ =F W 5 Z <M JG:AF=L =L 1LADAK=R MF LMQ9M <9DAE=FL9LAGF =F
<= LGMK D=K LMQ9MP ?9R F=M> =L @GEGDG?Mi # GM
/
A0=274<4=C U;42CA8@D4 %FKL9DD=R MF JG:AF=L <= >=JE=LMJ=
/=JJ=R <= E9FAhJ= KrJ= LGMK
=BCAD2C8>=B 34 <8B4 Q ;0 C4AA4 D=KJ9;;GJ<K <= ?9R
=E9F<=R d MF= H=JKGFF= IM9DA>Ai=
d +')(("#) <= NiJA>A=J IM= D9 HJ=KKAGF <M ?9R F=
<iH9KK= H9K ;GDGFF= <=9M
i *= H9K LJGH K=JJ=J 2GMK HGMJJA=R %D >9ML J9;;GJ<=J D= Kh;@=uDAF?= dMF= C,9HKA? ?9R F9LMJ=D =L
DA?F= KHi;A>AIM= <iJANi= <M K=;L=MJ HJGH9F=
=F<GEE9?=J D= J9;;GJ< =LL= H=JKGFF= IM9DA>Ai= H=ML jLJ=
=L K= L=JEAF9FL H9J MF= HJAK= >=E=DD=
.=DA=R D= ;GFF=;L=MJ =F W 5 Z 9M Ji?D=E=FL9AJ=E=FL AFKL9DDi= =L H9J =P=EHD=
LMQ9M ;GMJL /=JJ=R D= J9;;GJ< d D9 J9;;GJ<i= d D9 L=JJ= MF L=;@FA;A=F <iL=FL=MJ <MF=
E9AF BMKIMd ;= IMAD KGAL :A=F =F DA;=F;= <=FLJ=LA=F <=K 9HH9J=ADK
HD9;= KMJ D= LMQ9M (9 L=FKAGF iD=;LJAIM= HJiK=FL= <9FK <= ;@9M>>9?=
NGLJ= >GQ=J <GAL ;GJJ=KHGF<J= d D9 D= H=JKGFF=D 9?Jii <M >GMJFAKK=MJ
.=DA=R D= LMQ9M <9DAE=FL9LAGF L=FKAGF KHi;A>Ai= KMJ D= Kh;@=uDAF?= NGAJ <M ?9R
<=9M >JGA<= <M D9N=DAF?= 9M K9 HD9IM= KA?F9DiLAIM=
D= H=JKGFF=D 9?Jii <M K=JNA;=
;GFF=;L=MJ =F W 5 Z /=JJ=R d D9 2GMK LJGMN=J=R D9 HD9IM= KA?F9DiLAIM= 9HJhKuN=FL=
E9AF KMJ D9 >9;= AFLiJA=MJ= <M H9FF=9M
>JGFL9D /A NGMK F= HJ=F=R H9K ;=K
.=DA=R D= LMQ9M &*/0+, <M HJi;9MLAGFK NGMK NGMK =PHGK=R d
Kh;@=DAF?= d D9MLJ= J9;;GJ< <M MF JAKIM= <=PHDGKAGF GM <AF;=F<A=
;GFF=;L=MJ =F W 5 Z /=JJ=R d D9 9F?=J <= EGJL GM <= :D=KKMJ=K
E9AF 0GMK D=K J9;;GJ<K KALMiK KMJ D9
;GF<MAL= <9DAE=FL9LAGF =F ?9R
/=JJ=R D=K LJGAK J9;;GJ<K KMJ D= <=NJ9A=FL >9AJ= DG:B=L <MF ;GFLJoD=
;GFF=;L=MJ =F W 5 Z <= <= LGMJ <iL9F;@iALi 9N9FL <= >9AJ= E9J;@=J
=F HDMK d D9A<= <MF= HAF;= D9HH9J=AD HHDAIM=R <= D=9M
K9NGFF=MK= KMJ LGMK D=K J9;;GJ<K =L
i *= H9K LJGH K=JJ=J 2GMK HGMJJA=R NiJA>A=R D9 >GJE9LAGF <= FGMN=DD=K
=F<GEE9?=J D= J9;;GJ< :MDD=K =K :MDD=K JiNhD=FL D9
HJiK=F;= <MF= >MAL=
(=K KHi;A>A;9LAGFK <= :J9F;@=E=FL =L (GJK <= DAFKL9DD9LAGF <M LMQ9M

D9EHiJ9?= J=IMAK <=K >MKA:D=K <9<EAKKAGF <= ?9R <M Kh;@=DAF?= F=
<AKBGF;L=MJK >A?MJ=FL KMJ D9 HD9IM= <iH9KK=R H9K MF
FGEAF9LAN= <= D9HH9J=AD ;GMHD= <= D:HA *E
KKMJ=RuNGMK IM=
(9 >A;@= EfD= <M ;GJ<GF
<9DAE=FL9LAGF =KL :A=F >APi= <9FK
d +')(("#)
D9 HJAK= *MLADAK=R B9E9AK <= >D9EE= FM=
(= ;GJ<GF <9DAE=FL9LAGF =KL :A=F HGMJ <iL=;L=J D9 HJiK=F;= <= >MAL=K
9<9HLi d ;=LL= 9HHDA;9LAGF <= ?9R
.=DA=R D= ;GFF=;L=MJ d 9F?D= <JGAL (= ;AJ;MAL <= J9;;GJ<=E=FL
dD9L=JJ= 9 iLi ;GJJ=;L=E=FL
)H?4 34 60I
KMJ D= LMQ9M &*/0+, d D9 = ?9R HDMK K=; IM9F< iIMAHi >HGMJ
N9DN= <9<EAKKAGF KALMi= =F @9ML d AFKL9DDi
DMK9?= 9N=; (! #6 *01.!(
?9M;@= <M Kh;@=DAF?= (= ;GJ<GF <9DAE=FL9LAGF H=ML jLJ= =EHDGA=J9 MF= L9ADD= <GJA>A;= =L 9 MF=
J=EHD9;i K=MD=E=FL H9J MF L=;@FA;A=F HJ=KKAGF <= KGJLA= <= ?9R <= <9FK
i 2iJA>A=R IM= D9 JGF<=DD= <= IM9DA>Ai GM MF iD=;LJA;A=F ;=JLA>Ai 3
;9GML;@GM; F= LGE:= H9K =L
2GMK HGMN=R ;GEE9F<=J MF ;GJ<GF 2GLJ= Kh;@=uDAF?= <GAL 9NGAJ iLi iIMAHi
IM=DD= =KL ;GJJ=;L=E=FL
HGKALAGFFi= KMJ D= ;GFF=;L=MJ d <9DAE=FL9LAGF <= J=EHD9;=E=FL 9N=; D9 N9FF= 9<9HLi= 9M LQH= <= ?9R
9MHJhK <M K=JNA;= d D9 ;DA=FLhD= <AKHGFA:D= ;@=R NGMK (=K AF>GJE9LAGFK
9F?D= <JGAL
;GFKMDL=R D9 H9?= KMJ D9 N9FF= K= LJGMN=FL KMJ D9 HD9IM=
(4AA4I ;4 A022>A3 Q ;0 <08= KA?F9DiLAIM= =DD=uEjE= KALMi= <=JJAhJ=
BMKIMd ;= IMAD KGAL :A=F =F HD9;= %63;: ,9;A 47I9,: &(;;: D9 HGJL= 9M :9K <= DGJA>A;=
KMJ D= ;GFF=;L=MJ *= H9K MLADAK= /A D=K AF>GJE9LAGFK >A?MJ9FL KMJ D9
HD9IM= KA?F9DiLAIM= F= ;GF;GJ<=FL H9K
<= HAF;= /=JJ=R MFAIM=E=FL d D9 9N=; D= LQH= <= ?9R <AKHGFA:D= N=MADD=R
E9AF ;GFL9;L=J NGLJ= J=N=F<=MJ GM FGLJ=
iIMAH= <M K=JNA;= 9HJhKuN=FL= NGAJ
H9?=

>=3D8C4 30;8<4=C0C8>= 4= 60I A0=274<4=C 3D BT274\;8=64 '022>A34<4=C 3D 2>=3D8C
*GMK J=;GEE9F<GFK D=EHDGA <MF= 3U270??4<4=C
;GF<MAL= >9AK9FL <= <A9EhLJ=
AFLiJA=MJ
d %'*#
(=K ;GF<MAL=K <= KGFL 9<EAK=K 9MP
;GF<ALAGFK KMAN9FL=K D9;GF<MAL= <GAL
(= :J9F;@=E=FL =KL =P;DMKAN=E=FL
JiK=JNi d MF L=;@FA;A=F 9?Jii
d +')(("#)
>9AJ= EGAFK <= HA=<K <= DGF? E N9FL <=>>=;LM=J D=KK9A KGMK ,GMJ Ji<MAJ= D= JAKIM= <AF;=F<A= AD
HJ=KKAGF AD >9ML <i:J9F;@=J D= >9ML IM= D= ;GF<MAL
KA D9 Ji?D=E=FL9LAGF DG;9D= =L D= Kh;@=uDAF?= <M JiK=9M <i;@9HH=E=FL <= ;= Kh;@=uDAF?=
>GMJFAKK=MJ <= ?9R 9<E=LL=FL <=L=DD=K <9DAE=FL9LAGF =F ?9R 9:GMLAKK= =F HD=AF 9AJ
;GF<MAL=K (GJK <M HJ=EA=J =EHDGA <M
(9 ;GF<MAL= <GAL ;GEHJ=F<J= MF= Kh;@=uDAF?= 9KKMJ=RuNGMK IMAD FQ 9 ,GMJ Ji<MAJ= D= JAKIM= <AF;=F<A=
<iJAN9LAGF =F>A;@i= d >AD=L9?= *,0 H9K <9AJ <9FK D= JiK=9M <= F= H9K MLADAK=J <=K ?9AF=K =L
=F 9EGFL <= D9 ;GFF=PAGF <M?9R ;GF<MAL=K ;GF<MALK HDMK DGF?K IM= ;= IMA =KL
,JiNGQ=R MF JG:AF=L <= >=JE=LMJ= J=;GEE9F9ML AFKL9DD=J MF JG:AF=L AF<ANA<M=D d +')(("#) E9PAEME NGAJ H9?=
<= >=JE=LMJ= E9FM=DD= d HA=<K *! ,/ MLADAK=J <= ;GF<MALK =F
E <M Ki;@GAJ ;=;A /A D9HH9J=AD <GAL jLJ= J9;;GJ=MADD= EiL9DDAIM= GM
;GF>GJEiE=FL 9M*9LAGF9D "M=D ?9R F9LMJ=D FMLADAK=R H9K <= LGML 9MLJ= ;GF<MAL FGF EiL9DDAIM=
#9K G<= G<=F9LAGF9D KMJ D= ;GF<MAL=K =L LM:=K =F ;MANJ= 9N=; ;= Kh;@=DAF?= /=MD MF
?9R ;GE:MKLA:D= */% ;GF<MAL =F EiL9D JA?A<= GM >D=PA:D=
(=K EG<9DALiK <= :J9F;@=E=FL <GAL jLJ= MLADAKi HGMJ DiN9;M9LAGF
6 *", H=MN=FL <A>>iJ=J KMAN9FL D= LQH=
0=030 <=;GF<MAL= <9DAE=FL9LAGF K9 L9ADD= =L (=K ;GF<MALK =F >=MADD= EiL9DDAIM=
%D >9ML AFKL9DD=J MF JG:AF=L AF<ANA<M=D KGF =EHD9;=E=FL =L D=K ;GF<MALK >D=PA:D=K F= KGFL
<= >=JE=LMJ= E9FM=DD= ,/ A<=FLAIM=K
/A D9 Ji?D=E=FL9LAGF DG;9D= D=H=JE=L
;GF>GJEiE=FL d 9MP K=JN=RuNGMK HGMJ J9;;GJ<=J D= *! ,/ MLADAK=J HDMK <= E <=
Jh?D=E=FLK <AFKL9DD9LAGF d Kh;@=uDAF?= <MF J9;;GJ< >D=PA:D= =F ;GF<MAL =F EiL9D >D=PA:D=
*/ =L */ 9;A=J AFGPQ<9:D= <MF= ;GF;=HLAGF 10%(%/!. MF ;GF<MAL E=KMJ9FL
*GMK J=;GEE9F<GFK 9?Jii= H9J DE=JA;9F #9K KKG;A9LAGF HG EE <= <A9EhLJ=
<AFKL9DD=J MF JG:AF=L AF<ANA<M=D <= GM H9J/ %FL=JF9LAGF9D
*! ,/ iN9;M=J D9AJ <M
>=JE=LMJ= E9FM=DD= dHA=<K
Kh;@=DAF?= <9FK MF= ;@=EAFi=

E <M Ki;@GAJ MF EMJ MF HD9>GF< LGML NA<=
<AKKAEMDi <MF :fLAE=FL D=
;GF<MAL <9AJ >JGA< <MF=
;@9M<AhJ= MF ?J=FA=J MF NA<=
K9FAL9AJ= GM LGML 9MLJ= ;GF<MAL GM
?9AF= <9iJ9LAGF
*%*/0((!6 ,/ MF ;GF<MAL
>D=PA:D= <9FK MF EMJ HD9>GF< GM
HD9F;@=J KALMi <9FK MF= =F;=AFL=
*_./!6 !0 *! NJADD=R H9K D=
;GF<MAL
*=LLGQ=R =L NiJA>A=R D= ;AJ;MAL
c A@6G;F7 63>;?7@F3F;A@ 7@ 93L T 8;>7F397 <i;@9HH=E=FL <= >9gGF
%'+ ,GMJ Ji<MAJ= D9 <AKL9F;= =FLJ= D9 LoD= <M Ji?MDAhJ= 9M EAFAEME MF= >GAK H9J

;GJHK =L D= EMJ AFKL9DD=R MF ;GM<= <= 9F
c )A4;@7F 67 87D?7FGD7 6G 93L KMJ D9 ;GF<MAL= <= ?9R <M
(= ;GF<MAL <i;@9HH=E=FL <GAL K=
c YD;H3F;A@ 7@8;5:Y7 T 8;>7F397 %'+ Kh;@=uDAF?= L=JEAF=J <= E9FAhJ= d=EHj;@=J
c A@6G;F7 34AGF;EE3@F T >3 c A@6G;F7 67 93L T 8;>7F397 ?V>7 LGML J=>GMD=E=FL <9AJ GM D9
DA4;@7FF7D;7 363BF3FD;57 HiFiLJ9LAGF <GAK=9MP GM
c AG67 <9FAE9MP FGF <GE=KLAIMiK
c )355AD6 8>7J;4>7 T 93L
H7DE >7
EX5:7b>;@97 *10%(%/!6 ,/ <= @GLL=K
%D >9ML IM= D= JG:AF=L <= >=JE=LMJ= J=KL= 9KHAJ9FL=K iIMAHi=K <=
9AKiE=FL 9;;=KKA:D= HGMJ HGMNGAJ >=JE=LMJ=K E9?FiLAIM=K
DGMNJAJ =L D= >=JE=J ;@9IM= >GAK IM= *! ,/ EGFL=J D=K ;GF<MALK d
Fi;=KK9AJ= D9A<= <= NAK GM <9LL9;@=K IMA
>=3D8C4 34 60I 3D BT274\;8=64 <i:GM;@=FL d DAFLiJA=MJ <M
;GF<MAL !DD=K ;GFKLALM=FL MF HGAFL
(9 ;GF<MAL= <= ?9R IMA KGJL H9J D9JJAhJ= <9;;MEMD9LAGF <= D9 ;@9JHA= (=K
<M Kh;@=uDAF?= HJiK=FL= MF >AD=L9?= BGAFLK <GAN=FL jLJ= G:LMJiK d D9A<=
EfD= <= <= JM:9F =F 9DMEAFAME
'4<0A@D4
/A D=K J9;;GJ<K d ?9R K= KGFL ;9KKiK
NiJA>A=R =FKMAL= IM= D= Ki;@GAJ
>GF;LAGFF= ;GJJ=;L=E=FL

$A85824 34 B>AC84 308A BDA ;4 q 1LADAK=J D= EGAFK <= ;GM<=K
BT274\;8=64 HGKKA:D=K Fi;=KK9AJ=K HGMJ
= Kh;@=uDAF?= 9 iLi DANJi 9N=; MF AFKL9DD=J D= KQKLhE= <= ;GF<MALK
GJA>A;= <= KGJLA= <9AJ d D9JJAhJ= <iN9;M9LAGF _NAL=J <= HD9;=J
,GMJ L=FAJ ;GEHL= <=K AEHiJ9LA>K <=MP ;GM<=K d X 9<B9;=FLK DMF d
9J;@AL=;LMJ9MP =L <= D9 HJiK=F;= <MF D9MLJ=
KQKLhE= HJi=PAKL9FL <i;@9HH=E=FL
<= D9AJ AD =KL HGKKA:D= <= HD9;=J DGJA>A;= q 2iJA>A=R =L F=LLGQ=R D= KQKLhE= <=
<= KGJLA= d <9MLJ=K =F<JGALK ;GF<MAL =L D9 @GLL= <i;@9HH=E=FL
/MJ D= ;oLi <JGAL <= D9HH9J=AD 9M EGAFK MF= >GAK H9J 9FFi= =L
;@9IM= >GAK IM= D= J=F<=E=FL <M
/MJ D9 >9;= AF>iJA=MJ= <= D9HH9J=AD Kh;@=DAF?= <AEAFM=
%D >9M<J9AL IM= LGML=K D=K BGF;LAGFK KGAL
_DAEAF=J D=K H=DM;@=K 9;;MEMDi=K iL9F;@=K HGMJ iNAL=J D=K >MAL=K (9
HGMJ iNAL=J D9 :9AKK= <= ;AJ;MD9LAGF H9JLA= EfD= <= ;@9IM= K=?E=FL <=
<= D 9AJ GM DG:KLJM;LAGF <M ;GF<MAL <GAL J=?9J<=J =F <AJ=;LAGF
KQKLhE= %D =KL J=;GEE9F9AJ= F=LLGQ=J D= KQKLhE= <= -M= NGMK J9;;GJ<A=R D= ;GF<MAL d MF
;GF<MALK MF= >GAK H9J 9F H9J MF KQKLhE= <9iJ9LAGF HJi=PAKL9FL GM d MF
FGMN=9M KQKLhE= 9KKMJ=RuNGMK IM=
K=JNA;= <= F=LLGQ9?= HJG>=KKAGFF=D DAFLiJA=MJ <M ;GF<MAL =KL AFLi?J9D=E=FL
=L DGJKIM= NGMK J9;;GJ<=R NGLJ= HJGHJ= =L =P=EHL <= H=DM;@=K
Kh;@=DAF?= d MF KQKLhE= <= (9 DGF?M=MJ E9PAE9D= 9MLGJAKi= HGMJ
;GF<MALK <iN9;M9LAGF MLADAKi MF ;GF<MAL JA?A<= =L HGMJ MF ;GF<MAL
c &D;8;57 67 EADF;7 63;D E;FGY T >3DD;XD7 67 9FLiJA=MJ=E=FL JA?A<= MLADAKi 9N=; MF ;GF<MAL EiL9DDAIM=
>3BB3D7;> EF3@63D6 q .=EHD9;=J D=K K=;LAGFK <= >D=PA:D= =KL AF<AIMi= 9M L9:D=9M
;A<=KKGMK /A NGMK MLADAK=R <=K
c &D;8;57 67 EADF;7 63;D EGD >7 5_FY ABF;A@ N=FLAD9LAGF =F HD9KLAIM= GM =F ;GF<MALK EiL9DDAIM=K >D=PA:D=K HGMJ
>=MADD= EiL9DDAIM= H9J <=K ;GF<MALK J=DA=J D9HH9J=AD 9M KQKLhE= <= ;GF<MALK
c &D;8;57 67 EADF;7 63;D EGD >3 8357 EiL9DDAIM=K JA?A<=K GM >D=PA:D=K %D D9 DGF?M=MJ LGL9D= <M ;GF<MAL EiL9DDAIM=
;@8YD;7GD7 ABF;A@ =KL J=;GEE9FD=PA:D= F= <GAL H9K <iH9KK=J E =L
=K J9;;GJ<K <i;@9HH=E=FL <9AJ <=K;GF<MALK EiL9DDAIM=K JA?A<=K ;=DMA;A <GAL K=JNAJ MFAIM=E=FL d J=DA=J
KGFL <AKHGFA:D=K 9MHJhK <= NGLJ= D= Kh;@=DAF?= 9M KQKLhE= <= ;GF<MALK
E9J;@9F< <MF i (= HJGHJAiL9AJ= 9 D9 J=KHGFK9:ADALi GEE= DAF<AIM= D= L9:D=9M
>GMJFAKK=MJ <= HAh;=K GM <M K=JNA;= d D9 <= HGMJNGAJ d DAFKL9DD9LAGF ;A<=KKGMK D9 DGF?M=MJ <= ;GF<MAL
;DA=FLhD= HGMJ MF LQH= <= ;GFF=PAGF GM E9PAEME LGL9D= =KL Ji<MAL= KA DGF
9<iIM9L= <M KQKLhE= MLADAK= <=K ;GF<MALK >D=PA:D=K
D9MLJ= <iN9;M9LAGF
;GFKMDL=R D9 H9?=
!>=6D4DA <0G8<0;4 34 2>=3D8C
'AL <= KGJLA= H9J D= ;oLi !4B ?A>1;T<4B AUBD;C0=C 3D=4
<0DE08B4 8=BC0;;0C8>= =4 B>=C 64)9, +, 65+<0; $;030:(;065
'AL <= KGJLA= H9J D= :9K =09(.,: 6< 90.0+, +<5 *65+<0;
?0B 2>DE4ACB ?0A ;0 60A0=C84 @D8
%D >9M<J9AL ;GF>A=J D= ;@9F?=E=FL 022><?06=4 ;0??0A48; *6<+,: G
C -3,?0)3,
<GJA>A;= <= KGJLA= <9AJ H9KK9?= <= *64)05J G <5
DGJA>A;= KL9F<9J< d MF GJA>A;= =F GHLAGF
d MF L=;@FA;A=F IM9DA>Ai *65+<0;
>=3D8C 3U270??4<4=C 90.0+,
(= KQKLhE= <iN9;M9LAGF <M 8F 8F
Kh;@=DAF?= iN9;M= D9AJ @MEA<= L9F<AK 5? 5?
IM= NGK NjL=E=FLK Kh;@=FL H9J
8F 8F
;MD:ML9?=
5? 5?
2GMK HGMN=R i;GMJL=J D9 <MJi= <=
Ki;@9?= i;GFGEAK=J <= DiF=J?A= =L 8F 8F
;GFLJA:M=J d 9KKMJ=J D9 Ki;MJALi <M 5? 5?
KQKLhE= =F N=ADD9FL d ;= IM= D= KQKLhE= 8F 8F
<= ;GF<MALK <iN9;M9LAGF <= NGLJ= (=K ;GF<MALK <iN9;M9LAGF <GFL D9 5? 5?
Kh;@=DAF?= KGAL ;GJJ=;L=E=FL AFKL9DDi DGF?M=MJ =KL KMHiJA=MJ= 9MP
=L =FLJ=L=FM KHi;A>A;9LAGFK <M L9:D=9M <=K 8F 8F
%>8=CB 8<?>AC0=CB Q ?A4=3A4 4= DGF?M=MJK <= ;GF<MAL E9PAEME H9?= 5? 5?
2><?C4 F= KGFL H9K 9MLGJAKiK (= FGF
J=KH=;L <=K AF<A;9LAGFK <= ;= L9:D=9M '4<0A@D4
9MJ9 HGMJ =>>=L <= HJGDGF?=J D9 <MJi= (=K AFKL9DD9LAGFK D9LiJ9D=K =L AF>iJA=MJ=K
q (=K ;GF<MALK <i;@9HH=E=FL D9 >GFL MF 9F?D= <= X d DAFLiJA=MJ <M
DGF?M=MJ LGL9D= <M Kh;@=DAF?= d D9 <= Ki;@9?= <=FLJ9lF=J D9;;MEMD9LAGF
<= ;@9JHA= =L <= FMAJ= 9MP Kh;@=DAF?= 0=F=R ;GEHL= <= ;=
@GLL= <i;@9HH=E=FL =PLiJA=MJ= H=J>GJE9F;=K <M Kh;@=DAF?= 9AFKA >9;L=MJ =F MLADAK9FL D= L9:D=9M
<GAN=FL jLJ= 9MKKA ;GMJLK IM= IMd D9 <MJi= <= NA= <= ;= <=JFA=J ;A<=KKMK
HGKKA:D= J=HGJL=RNGMK 9M L9:D=9M ,DMK <= <=MP ;GM<=K d ° KGFL
W (GF?M=MJ E9PAE9D= <M ;GF<MAL Z <i;GFK=ADDiK ,GMJ G:L=FAJ D=K
d D9 H9?= E=ADD=MJ=K H=J>GJE9F;=K N=ADD=R d;=
IM= LGMK D=K NAJ9?=K KGA=FL <AKL9FLK

<9M EGAFK HA=<K D=K MFK <=K 9MLJ=K 8C 34 B>AC84 ?0A ;4 10B
Q ;GEHJAK D9 <AKL9F;= =FLJ= D= <=JFA=J
NAJ9?= =L D9 @GLL= <i;@9HH=E=FL
%8T24B 34 2>=3D8C A4@D8B4B

*X <= Ji> ,)/
(=K HAh;=K Fi;=KK9AJ=K 9M KQKLhE=
<iN9;M9LAGF <9AJ ;GM<=K '4<0A@D4
;9F9DAK9LAGFK :GM;@=K 2GAJ D=K J=E9JIM=K ;GF;=JF9FL D=
FGE:J= E9PAEME <= ;GM<=K H9?=
<iN9;M9LAGF F= KGFL H9K AF;DMK=K
9N=; D9 Ki;@=MK= =F DANJ9AKGF KL9F<9J< 8C 34 !%0I
NGAJ D9 K=;LAGF ;GFK9;Ji= 9MP
9;;=KKGAJ=K HGMJ <= HDMK 9EHD=K
AF>GJE9LAGFK KMJ D=K ;GEE9F<=K <=
HAh;=K
(AFKL9DD9LAGF HJG>=KKAGFF=DD= =KL

J=;GEE9F<i= HGMJ D= KQKLhE= <=
;GF<MALK
224BB>8A4B *X <= Ji> ,)/

2GMK HGMN=R G:L=FAJ D=K 9;;=KKGAJ=K =F (=K HAh;=K Fi;=KK9AJ=K HGMJ D9
GHLAGF KMAN9FLK 9MHJhK <M K=JNA;= d D9 ;GFN=JKAGF 9M HD HGMJJGFL NGMK iLJ=
;DA=FLhD= ;GFKMDL=R D9 H9?= GM <= >GMJFA=K H9J NGLJ= J=N=F<=MJ DG;9D
NGLJ= E9J;@9F< DG;9D 2=MADD=R KMANJ= D=K 2=MADD=R K N H KMANJ= D=K AFKLJM;LAGFK
AFKLJM;LAGFK <AFKL9DD9LAGF >GMJFA=K H9J D= <AFKL9DD9LAGF HM:DAi=K H9J D= >9:JA;9FL
>9:JA;9FL J=KH=;LA> ;GJJ=KHGF<9FL
8C 34 B>AC84 ?0A ;4 2YCU )8A>8A 34 BU27064
>CC4 3U270??4<4=C
(= ;GF<MAL <GAL K= L=JEAF=J H9J MF= *X <= Ji> ,)/ *X <= Ji> ,)/
@GLL= <i;@9HH=E=FL @GEGDG?Mi= '4<0A@D4 /=JN=RuNGMK <M LAJGAJ <= Ki;@9?= HGMJ
HJiK=FL9FL MF GM HDMKA=MJK NGD=LK Ki;@=J D=K L=PLAD=K D9N9:D=K =F D9AF= D=K
HANGL9FL *10%(%/!6 ,/ <= @GLL= 2GAJ D=K J=E9JIM=K ;GF;=JF9FL D=
FGE:J= E9PAEME <= ;GM<=K H9?= ;@9F<9ADK H9J =P =L D=K ;@9MKKMJ=K
<i;@9HH=E=FL d >=JE=LMJ=K
E9?FiLAIM=K i 1F GMLAD KHi;A9D =KL Fi;=KK9AJ= 70A=8TA4B 60D274B 4= :8C
,GMJ iNAL=J LGML >J=AF9?= <= D9AJ KGJL9FL HGMJ <i;GMH=J DGJA>A;= *X <= Ji> ,)/ /h;@=(AF?=
AD >9M<J9AL IM= D9 :GM;@= <= KGJLA= K= <iN9;M9LAGF <9FK D= H9FF=9M D9F;K
LJGMN= 9M EAFAEME HGM;=K ;E *X <= Ji> ,)/ ( /h;@=(AF?=
9Mu<=KKMK <M FAN=9M <M KGD GM <= LGML= D9LiJ9D <= D9 Ki;@=MK=
J?=FLiK =L <=MP LGFK
KMJ>9;= >9AK9FL G:KLJM;LAGF
,GMJ <= HDMK 9EHD=K AF>GJE9LAGFK (9 HGJL= =KL AFKL9DDi= =F MKAF= 9N=; D=K
N=MADD=R ;GFL9;L=J NGLJ= J=N=F<=MJ ;@9JFAhJ=K KMJ D9 <JGAL= (= DGIM=L <= D9
DG;9D HGJL= H=ML jLJ= AFN=JKi 9M :=KGAF
2=MADD=R ;GEEMFAIM=J 9N=; NGLJ=
E9J;@9F< GM D= K=JNA;= d D9 ;DA=FLhD=
;GFKMDL=R D9 H9?=

">=C064 BDA 4BCA034 8C ?>DA <>18;4\7><4 %AU?0A0C8>= ?0B Q ?0B 0D
FGE:J= 9;;=KKGAJ= <= HAi<=KL9D <=
HGM;=K *X <= Ji> ,)/ CA0=B?>AC 3D BT274\;8=64
*X <= Ji> ,)/ /h;@=(AF?= '4<0A@D4
D9F;K N=; D=K 9MLGJALiK ;GEHiL=FL=K <9FK i =K HJG;i<MJ=K <GAN=FL jLJ=
*X <= Ji> ,)/ ( /h;@=(AF?= NGLJ= Ji?AGF N=MADD=R NiJA>A=J KAD =KL =>>=;LMi=K MFAIM=E=FL H9J MF=
J?=FLiK H=JEAK <AFKL9DD=J MF Kh;@=uDAF?= <9FK H=JKGFF= IM9DA>Ai=
*X <= Ji> ,)/ % /h;@=(AF?= NGLJ= EG:AD=u@GE= 1F= >GAK ;=LL=
"=JE=R D= JG:AF=L <= ?9R
J?=FLiK <= LGF9DALi <= <MG NiJA>A;9LAGF >9AL= DAFKL9DD9LAGF K=J9
FGE:J= 9;;=KKGAJ= <= HAi<=KL9D <= ;GF>GJE= 9M )9FM>9;LMJ=< $GE= E=F=R D= HJG?J9EE9L=MJ
HGM;=K GFKLJM;LAGF 9F< /9>=LQ KL9F<9J< LALJ= KMJW+""Z
". K=;LAGF 9F;A=FF=E=FL
,)/ HGMJ D9 ;GMD=MJ :D9F;@= "=<=J9D /L9F<9J< >GJ )G:AD= $GE= i:J9F;@=R D9DAE=FL9LAGF ;GMH=J
HD=AF= GFKLJM;LAGF 9F< /9>=LQ LALJ= $1 D= ;GMJ9FL 9M <AKBGF;L=MJ
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D= >ADLJ= 9HJhK ;@9IM= Ki9F;= <= F=LLGQi IM9F< AD F= LA=FL HDMK D=9M 2iJA>A=R IM= D= L9E:GMJ =KL NA<=
Ki;@9?= (=F=LLGQ9?= <M >ADLJ= /i;@=R :A=F D= >ADLJ= 9N9FL <= D=
Ji<MAL D9 <MJi= <= Ki;@9?= =L J=E=LLJ= =F HD9;=
H=JE=L <i;GFGEAK=J <= DiF=J?A=
.=>=JE=R D= @M:DGL
#4CC>H064 3D 58;CA4
Q?4;D274B
1F >ADLJ= K9D= 9;;JGlL D9 <MJi= <=
Ki;@9?= 9AFKA IM= D9 ;GFKGEE9LAGF
<iF=J?A=
%D >9M<J9AL F=LLGQ=J D= >ADLJ= 9N9FL =L 9HJhK
;@9IM= Ki9F;= <= Ki;@9?=
.=LAJ=R D= >ADLJ= d H=DM;@=K
/A MF KA?F9D <9D9JE= =L MF E=KK9?=
! 9N=JLAKK=E=FL KGFL hEAK H=F<9FL .=E=LL=R D= >ADLJ= =F HD9;=
MF HJG?J9EE= <= Ki;@9?= F=LLGQ=R D= .=>=JE=R D9 HGJL=
>ADLJ= AEEi<A9L=E=FL =L NiJA>A=R D=
;GF<MAL <=;@9HH=E=FL *C8;8B0C8>= 3D C8A>8A 34
i (= HJG?J9EE= KAFL=JJGEHL BU27064
9MLGE9LAIM=E=FL 224BB>8A4 E>8A ?064
!L=A?F=R D= Kh;@=uDAF?= .9E=F=R
D= HJG?J9EE9L=MJ KMJW+>>Z i (iL=F<GAJ DANJi 9N=; D9 Ki;@=MK=
<GAL jLJ= MLADAKi HGMJ >9AJ= Ki;@=J D=
d %'*# DAF?= ;GFBGAFL=E=FL 9N=; D=
HJG?J9EE= D9AF= /A DiL=F<GAJ
(AFLiJA=MJ <= D9 HGJL= Ki;@9M>>= F=KL H9K MLADAKi D= ;9HL=MJ E=LLJ9 /GMD=N=R D= LAJGAJ <= Ki;@9?=
H=F<9FL D= Ki;@9?= D9 Ki;@=MK= d D9JJjL 9M :GML @GJARGFL9D=E=FL HGMJ DAFLJG<MAJ=
<=FNAJGF EAFML=K <9FK D= L9E:GMJ
+MNJ=R D9 HGJL=
/=JN=RuNGMK <M LAJGAJ <= Ki;@9?= HGMJ
Ki;@=J D=K L=PLAD=K D9N9:D=K =FD9AF= D=K
;@9F<9ADK H9J =P =L D=K ;@9MKKMJ=K (=
LAJGAJ <= Ki;@9?= J=KL= AEEG:AD= L9F<AK
IM= D= L9E:GMJ LGMJF= !NAL=R <=
<iHD9;=J D9 D9AF= @MEA<= NM IM=DD=
9L=F<9F;= d >=MLJ=J (= Ki;@9?=
<=;@9MKKMJ=K K9FK MLADAK=J D= LAJGAJ
HGMJJ9AL =F<GEE9?=J D= L9E:GMJ
,D9;=R D= LAJGAJ <= Ki;@9?= <= L=DD=

.=LAJ=R D= >ADLJ= d H=DM;@=K KGJL= IM= D=K LA?=K HiFhLJ=FL <9FK
D=K LJGMK <= HGKALAGFF=E=FL KALMiK
d D9N9FL

HJhK D= Ki;@9?= iL9D=R D= DAF?= d
D9AJ H=F<9FL 9HHJGPAE9LAN=E=FL
EAF D=K;@9MKKMJ=K H=F<9FL
=FN EAF
.=LAJ=R D= >ADLJ= d H=DM;@=K
%FKiJ=R D= >ADLJ= d H=DM;@=K ,D9;=R D=K ;@9MKKMJ=K KMJ D=

%FLJG<MAK=R D= >ADLJ= =F N=ADD9FL d;= H9FA=J
IMAD KGAL :A=F 9DA?Fi KMJ D= :GJ< <M q AJ=;L=E=FL KMJ D= LAJGAJ <=
L9E:GMJ Ki;@9?=
(U274A 34B ?8T24B 34 ;8=64 BDA ;4 GM
C8A>8A /GJL=R D= LAJGAJ <= Ki;@9?= <M
,DA=R D= DAF?= HGMJ IMAD J=FLJ= <9FK L9E:GMJ
D= LAJGAJ
q !FJGMD=R MF= K=JNA=LL= =L HD9;=R

D=K L9DGFK <=KKMK
%FKiJ=R d FGMN=9M D= >ADLJ=
=;A H=JE=LLJ9 <G:L=FAJ MF dH=DM;@=K
,D9;=R D= DAF?= FGF L9KKi <9FK D= JiKMDL9L <= Ki;@9?= HDMK
H9FA=J *9HHMQ=R H9K KMJ D= DAF?= MFA>GJE=
= <=JFA=J F= <GAL H9K LGM;@=J D=
L9E:GMJ 2=ADD=R d;=IM9M;MF=
HAh;= <= DAF?= F= H=F<= <M LAJGAJ
.=>=JE=R D= @M:DGL
E=F=R D= HJG?J9EE9L=MJ KMJ
W0AE= <JQ EAFZ /i;@9?=
d<MJi= Ji?D9:D= EAF
/iD=;LAGFF=R D9 <MJi= <= Ki;@9?=
d H9JLAJ <M L9:D=9M KMAN9FL =F
J=KH=;L9FL D= LQH= <= DAF?=
(U27064 34 270DBBDA4B BDA ;4
C8A>8A
,JiH9J=R D=K ;@9MKKMJ=K .=>=JE=R D9 HGJL=
q *=LLGQ=R D=K ;@9MKKMJ=K HGMJ HHMQ=R KMJ D= :GMLGF
=EHj;@=J D= L9E:GMJ <= K= K9DAJ W(C0AC/LGHZ (= NGQ9FL
W/L9JL/LGHZ K9DDME=
q /A NGMK HJiH9J=R <=K
;@9MKKMJ=K <= KHGJL iLAJ=R D=MJ /A D9 HAh;= <= DAF?= ;GF;=JFi=
D9F?M=LL= ;GFLA=FL =F;GJ= MF= @MEA<ALi
JiKA<M=DD= MF= >GAK i;GMDi= D9
q =KK=JJ=R GM J=LAJ=R D=K D9;=LK <MJi= <= Ki;@9?= AF<AIMi=
q ,DA=R ;=LL= HAh;= <= DAF?= <=
q .=LAJ=R D=K K=E=DD=K AFLiJA=MJ=K
=L D=K L9DGFF=LL=K KGJL= IM= D=K H9JLA=K @MEA<=K K=
J=LJGMN=FL =PHGKi=K
q .=D9F;=R D= HJG?J9EE= =L
Ji<MAK=R D9 <MJi= <M Ki;@9?= =F
>GF;LAGF <M <=?Ji <@MEA<ALi
JiKA<M=D J=IMAK

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#4CC>H064 3D 2>=3D8C #4CC>H064 34 ;05;0B@D4
d %'*# 3U270??4<4=C D9 DGF?M= D=K HDM;@=K ;Jii=K H9J D=
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%FKH=;L=R =L F=LLGQ=R D= ;GF<MAL <9FK D9 >D9KIM=
?9M;@= <M K=;@iuDAF?= =KL JiK=JNi=
<i;@9HH=E=FL 9M EGAFK MF= >GAK H9J
9M H=JKGFF=D <=FLJ=LA=F !DD= F= 9F HGMJ =EHj;@=J IMAD F= K= :GM;@=
<GAL jLJ= GMN=JL= IM= H9J MF 1F ;GF<MAL <i;@9HH=E=FL
L=;@FA;A=F <=FLJ=LA=F 9?Jii GM H9JLA=DD=E=FL G:KLJMi 9DDGF?= D9 <MJi=
IM9DA>Ai D= H9FF=9M H=ML jLJ= <= Ki;@9?=
;9;@i <= D9 NM= H9J HJGDGF?9LAGF <= q .9E=F=J D= <AKBGF;L=MJ =F HGKALAGF
HGJL= iL=AFL=
q i:J9F;@=R D9 >A;@= EfD= <=
D9HJAK= <= ;GMJ9FL
q "=JE=R D= JG:AF=L <= ?9R
q i:J9F;@=R D= ;GF<MAL <M
Kh;@=uDAF?= =K HDM;@=K K=FDhN=FL >9;AD=E=FL 9N=;
q ,9KK=R D= ;GF<MAL d D9KHAJ9L=MJ D9KHAJ9L=MJ F=LLGQ=R 9M EGAFK MF= >GAK
HMAK J=:J9F;@=RuD= H9J EGAK
Nettoyage du bec de
d +')(("#) "().!t
i:J9F;@=R D= J9;;GJ<=E=FL <M %FKH=;L=R MF= >GAK H9J 9F D9 KGJLA= <=
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Kh;@=DAF?= HGMJ F=LLGQ=J D= =KKMQ=R D=PLiJA=MJ <M :=; 9N=; MF
;GF<MAL ,J=F<J= ?9J<= <= F= H9K LAKKM @MEA<A>Ai <M NAF9A?J= /A D= ?A;D=MJ
=F<GEE9?=J D= J9;;GJ<=E=FL <= =KL ;GEHDhL=E=FL :DGIMi ;GFKMDL=R D=
?9R 9N9FL <= F=LLGQ=J D= ;GF<MAL ?MA<= <= <iH9FF9?= NGAJ H9?=
GFKMDL=R D9 H9?= HGMJ ;GFF9lLJ= HGMJ G:L=FAJ <=K AFKLJM;LAGFK <=
9;;=KKH9F=D D=K AFKLJM;LAGFK HGMJ JiL9:DAJ D= <iEGFL9?= =L <= F=LLGQ9?= /A NGMK F=
J9;;GJ<=E=FL 9M ?9R H9JN=F=R H9K d <i:GM;@=J D= ?A;D=MJ
9HH=D=R D= K=JNA;= ;DA=FLhD= NGAJ H9?=
#4CC>H064 34B 20?C4DAB
#4CC>H064 3D BT274\;8=64 37D<838CU

%D >9ML F=LLGQ=J D=K ;9HL=MJK <@MEA<ALi
d +')(("#) <= L=EHK =F L=EHK NM IMMF= ;GM;@=
>AF= <= E9LAhJ= LJ9FKH9J=FL= K= <iHGK=
<=KKMK
%$* +)'
'(&* -%!$($#
,GMJ F=LLGQ=J FMLADAK=R B9E9AK <=
KGDN9FLK GM <= DAIMA<=K
AF>D9EE9:D=K
#$))$#
1F F=LLGQ9?= AF;GJJ=;L H=ML
=F<GEE9?=J D= Kh;@=uDAF?= *= D=
F=LLGQ=R H9K 9N=; MF B=L <=9M
*MLADAK=R H9K <= HJG<MALK Ji;MJ9FLK = <iHoL K=FDhN= >9;AD=E=FL =F
GM <= <iL=J?=FLK EMDLAuMK9?= =KKMQ9FL D=K ;9HL=MJK AD K9?AL <=K <=MP
*MLADAK=R H9K FGF HDMK <= :9JJ=K KALMi=K d ;oLi <M >ADLJ=
F=LLGQ=MJK d N9H=MJ dH=DM;@=K 9M EGQ=F <MF ;@A>>GF =L
<MF H=M <= NAF9A?J= :D9F;
!KKMQ=R D= ;GJHK <= D9HH9J=AD =L D= *MLADAK=R IM= <M NAF9A?J= :D9F;
:9F<=9M MFAIM=E=FL 9N=; MF ;@A>>GF *=LLGQ=R D= ;9HL=MJ <@MEA<ALi MF= >GAK
<GMP 9<<ALAGFFi <MF H=M <=9M H9J EGAK
K9NGFF=MK=
!KKMQ=R D= L9E:GMJ D= BGAFL <= D9 HGJL=
=L DAFLiJA=MJ <= D9 HGJL= MFAIM=E=FL
9N=; MF ;@A>>GF @MEA<=

70=64A ;0<?>D;4 34
;U2;08A064
(GJKIM= NGMK GMNJ=R D9 HGJL=
Di;D9AJ9?= <M L9E:GMJ K9DDME=
dDAFLiJA=MJ <M L9E:GMJ
,GMJ ;@9F?=J D9EHGMD=
q ,D9;=R D= KiD=;L=MJ <= HJG?J9EE=
d UG>>
q .9E=F=J D= <AKBGF;L=MJ =F HGKALAGF
iL=AFL=
q i:J9F;@=R D9 >A;@= EfD= <= D9
HJAK= <= ;GMJ9FL
q +MNJ=R D9 HGJL= =L DG;9DAK=R
D9EHGMD= KMJ D= ;oLi KMHiJA=MJ
?9M;@= <M BGAFL
q =KK=JJ=R D9 NAK <M ;GMN=J;D= HMAK

GMNJ=R ;= <=JFA=J
q 0GMJF=R D9EHGMD= =F K=FK AFN=JK=
<=K 9A?MADD=K <MF= EGFLJ=
.=EHD9;=RuD9 H9J MF= 9EHGMD=
F=MN= 9<9HLi= d D9HH9J=AD >GMJFA=
H9J D= K=JNA;= 9HJhKuN=FL=
i 0GML=K D=K HAh;=K KGFL <AKHGFA:D=K

9MHJhK <= FGLJ= KAL=
OOO :GK;@9HHDA9F;=K ;GE GM =F
9HH=D9FL D=
q .=E=LL=R D= ;GMN=J;D= =F HD9;=
HMAK >AP=RuD= =F HGKALAGF d D9A<= <=
D9 NAK
q .=:J9F;@=R D9 >A;@= EfD= <M
Kh;@=uDAF?= <9FK MF= HJAK= <=
;GMJ9FL

UA0=64<4=C 4C A4<T34B
N9FL <9HH=D=J D= K=JNA;= 9HJhKuN=FL= .i?D=R D= KiD=;L=MJ <= HJG?J9EE=
d +')(("#) NiJA>A=R KA NGMK F= HGMN=R H9K
KMHHJAE=J D9 H9FF= NGMKuEjE= =F
KMJ W+>>Z
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$+ _(!0.%-1! /A NGMK F= H9JN=F=R H9K d D9 KMHHJAE=J HJAK= <= ;GMJ9FL
(9 JiH9J9LAGF GM D= J=EHD9;=E=FL GM KA MF= JiH9J9LAGF KAEHGK=
HH=D=R D= K=JNA;= 9HJhKuN=FL=
<= HAh;=K <GAN=FL jLJ= =>>=;LMiK
NGAJ H9?=
K=MD=E=FL H9J MF L=;@FA;A=F IM9DA>Ai
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#7 HAK3@F N*F3DF *FABP @7 E3>>G?7 B3E ;@5ADD75F7?7@F 63@E >3 BD;E7 67 5AGD3@F 5AGD3@F
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F7?BE BAGD E7 DY5:3G887D EKEFX?7 67 EGEB7@E;A@ E7 DY5:3G887DA@F
>7
5A9@7?7@F 6;?;@G7D3 7F 67HD3;F 57EE7D 3BDXE AG
?;@GF7E 67 8A@5F;A@@7?7@F 6G EX5:7>;@97
DG;F ;@:34;FG7> -;4D3F;A@ 5A@EF3@F7 #7 EX5:7>;@97 @7EF B3E 67 @;H73G $7FF7L >7 EX5:7>;@97 67 @;H73G 5A@EG>F7L >3 E75F;A@
6G ?3@G7> ;@F;FG>Y7 N "@EFDG5F;A@E 6;@EF3>>3F;A@ P
DG;F ;@:34;FG7> -;4D3F;A@ DKF:?;CG7 #7EE;H7 7@ 4AG>7 53GE3@F >7 4A@6;EE7?7@F 67 >3 DDZF7L >7 EX5:7>;@97
EYB3D7L >7E B;X57E 67 >;@97 7F
5:3D97 83;F7E D76Y?3DD7D >7 EX5:7>;@97
,@GEG3> @A;E7 ):KF:?;5 H;4D3F;A@ #3G@6DK 43>>76 GB 53GE;@9 >A36 FA 4AG@57 *FAB 6DK7D
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D7EF3DF 6DK7D
#73G @7EF B3E H3BAD;EY7 63@E >G@;FY )A4;@7FE 673G @A@ AGH7DF &GHD7L >7 DA4;@7F 673G
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DAG97 E7 FDAGH3@F 63@E >7 FGK3G HA;D B397 *;
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BA '>357L >7 9;5>7GD 63@E G@ DY5;B;7@F D7?B>; 67
H;@3;9D7 67 ?3@;XD7 T D75AGHD;D >7 9;5>7GD #3;EE7D >7
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BG;E 7EEGK7L 6Y>;53F7?7@F >7?4AGF 6G 9;5>7GD T

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BG;E E7DD7L 67
FAGD 67 B>GE 3H75 >3 5>Y

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/A D= Kh;@=uDAF?= NGMK ;9MK= MF (AE9?= ;A<=KKGMK ADDMKLJ=
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HJ=KL9LAGFK J=gM=K F= NGMK GFL H9K
D=EHD9;=E=FL 9HHJGPAE9LA> <= D9
HD9IM= KA?F9DiLAIM= (= FMEiJG <=
+')(("#) K9LAK>9AL EG<hD= =KL =FLGMJi <MF J=;L9F?D= (=
.iH=JLGJA=R LGMK D=K >ADK 9N9FL GEE=F;=R K N H H9J ;GFL9;L=J FMEiJG <= KiJA= =KL KALMi KGMK D=
LGML <i:J9F;@=E=FL <= NGLJ= AFKL9DD9L=MJ GM D=FLJ=HJAK= <= FMEiJG <= EG<hD=
D9HH9J=AD DGJK <= D=FLJ=LA=F <=K /2 GK;@ 9?Jii= KALMi= <9FK 1F =P=EHD= =KL EGFLJi ;A<=KKGMK
;GEE9F<=K (=K =JJ=MJK <= NGLJ= Ji?AGF =L =PHDAIM=RuDMA D=K
;f:D9?= H=MN=FL =FLJ9lF=J MF J9AKGFK <= NGLJ= Ei;GFL=Fu
E9MN9AK >GF;LAGFF=E=FL <= L=E=FL =;A KM>>AJ9 FGJE9D=E=FL
D9HH9J=AD HGMN9FL ;9MK=J <= d JiKGM<J= D= HJG:DhE=
KiJA=MP <i?fLK d D9HH9J=AD GM /A D= HJG:DhE= H=JKAKL= 9HJhK 9NGAJ
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:A=F 9HJhK LGML <iH9FF9?= 9N=; D= L=;@FA;A=F <M /2
>9AL=KuFGMK D= K9NGAJ KGAL =F FGMK
= Kh;@=uDAF?= F= <=E9F<= 9M;MF i;JAN9FL dD9<J=KK= KMAN9FL=
=FLJ=LA=F H9JLA;MDA=J 9MLJ= IM= D=K /$ $GE= HHDA9F;=K GJHGJ9LAGF
GHiJ9LAGFK <= F=LLGQ9?= =L =FLJ=LA=F );"9<<=F N=
HJi;i<=EE=FL E=FLAGFFi=K $MFLAF?LGF =9;@
i /A NGMK 9N=R MF HJG:DhE= 9N=; 1/
NGLJ= Kh;@=DAF?= ;GFKMDL=R D= KGAL =F FGMK 9HH=D9FL 9M FMEiJG
L9:D=9M <= <iJ9F?=E=FL =L KMAN9FL
J=Eh<=K d D9 H9?= 9N9FL
<9HH=D=J D= K=JNA;= 9HJhKN=FL= \\\
/A <=K GHiJ9LAGFK <= /2 K9NhJ=FL /A NGMK FGMK i;JAN=R FGM:DA=R H9K <=
Fi;=KK9AJ=K N=MADD=R ;GFL9;L=J NGLJ= BGAF<J= /A NGMK FGMK 9HH=D=R
AFKL9DD9L=MJ GM MF HGAFL <= /2 9?Jii FGM:DA=R H9K <= HJiH9J=J
*= L=FL=R H9K <= JiH9J=J D9HH9J=AD H9J D=KAF>GJE9LAGFK KMAN9FL=K
NGK HJGHJ=K EGQ=FK 0GML= JiH9J9LAGF (= FMEiJG <M EG<hD=
9;;GEHDA= H9J <=K H=JKGFF=K FGF (= FMEiJG <= KiJA=
9MLGJAKi=K JAKIM= <= NGMK >9AJ= H=J<J=
D= :iFi>A;= <= D9 ?9J9FLA= (9 <9L= <9;@9L <GJA?AF= (= >9:JA;9FL K= JiK=JN= D= <JGAL
(9 <9L= <9HH9JALAGF <M HJG:DhE= <=>>=;LM=J <=K EG<A>A;9LAGFK 9M
HJG<MAL GM 9M E9FM=D K9FK 9NAK
1F= <=K;JAHLAGF <M HJG:DhE= HJi9D9:D=
= EjE= KA NGMK FGMK i;JAN=R N=MADD=R
BGAF<J= MF= ;GHA= <= D9 >9;LMJ= =L FGMK
AF<AIM=J MF FMEiJG <= LiDiH@GF= Gp
FGMK HGMNGFK NGMK BGAF<J= <9FK D9
BGMJFi=
2GMK LJGMN=J=R D= FMEiJG <M EG<hD= =L
D= FMEiJG <= KiJA= KMJ D9 HD9IM=
KA?F9DiLAIM= KALMi= KMJ D9 >9;= AFLiJA=MJ=
<M H9FF=9M 9N9FL

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(9N=DAF?= GK;@ *=GGL
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9;@=L=MJ MLADAK9L=MJ E9AK d D9 KLJA;L= ;GF<ALAGF IM= D= ,JG<MAL 9AL iLi 9;@=Li HGMJ MF MK9?= <GE=KLAIM= FGJE9D FGF
;GEE=J;A9D =L IMAD 9AL =>>=;LAN=E=FL =F LGML L=EHK iLi MLADAKi MFAIM=E=FL d <=K >AFK <GE=KLAIM=K FGJE9D=K LGML MK9?=
;GEE=J;A9D GM <9FK MF =FNAJGFF=E=FL ;GEE=J;A9D <= ;= ,JG<MAL

F=M> 9M <iL9AD FGF
;GEE= EG<hD= =PHGKi W L=D IM=D Z GM HJi9D9:D=E=FL J=LGMJFi 9;@=Li <AJ=;L=E=FL H9J D= ;GFKGEE9L=MJ >AF9D =L FGF HGMJ D9
J=N=FL= GM DMLADAK9LAGF ;GEE=J;A9D= =L 9MP _L9LK1FAK GM 9M 9F9<9 =L IMAD KGAL =F LGML L=EHK <=E=MJi <9FK D= H9QK <=
D9;@9L <GJA?AF= (=K ?9J9FLA=K iFGF;i=K 9MP HJiK=FL=K K9HHDAIM=FL K=MD=E=FL 9M HJ=EA=J 9;@=L=MJ <M ,JG<MAL =L F= KGFL H9K
;=KKA:D=K (9 ?9J9FLA= =KL

KA D= ,JG<MAL iL9AL MF EG<hD= =PHGKi KAD 9 iLi N=F<M W L=D IM=D Z LJ9>AIMi
KAD =KL 9:lEi GM KAD 9 iLi W N=F<M Di?hJ=E=FL =F<GEE9?i Z GM KA ;=KL MF EG<hD= IMA 9 iLi HJi9D9:D=E=FL J=LGMJFi G;LJGQi
?J9LMAL=E=FL MF <GF <= :A=F>9AK9F;= GM MF HJAP <= ;GF;GMJK
S /9KKMJ=J <= J=LGMJF=J D9 ;9JL= <=FJ=?AKLJ=E=FL -MGAIM= FGF Fi;=KK9AJ= HGMJ IM= D9 ;GMN=JLMJ= <= D9 ?9J9FLA= HJ=FF= =>>=L
=DD= ;GFKLALM= D= E=ADD=MJ EGQ=F HGMJ GK;@ <= NGMK HJiN=FAJ <9FK DiN=FLM9DALi AEHJG:9:D= <MF 9NAK <= Ki;MJALi GM <MF J=LJ9AL
<= HJG<MAL
DAU4 34 ;0 60A0=C84 GK;@ ?9J9FLAL IM= D= ,JG<MAL =KL =P=EHL <= 9ML <= E9LAhJ= GM <= >9:JA;9LAGF H=F<9FL MF= HiJAG<= <=
LJGAK;=FL KGAP9FL=;AFI BGMJK BGMJK d ;GEHL=J <= D9 <9L= <9;@9L =LL= HiJAG<= ;GEE=F;= d ;GMJAJ d H9JLAJ <= D9 <9L=
'U?0A0C8>= >D A4<?;024<4=C 3D ?A>3D8C 2><<4 A42>DAB 4G2;DB85 ,=F<9FL ;=LL= HiJAG<= <= ?9J9FLA= GK;@ GM DMF <= K=K
HJ=KL9L9AJ=K <= K=JNA;=K 9?JiiK JiH9J=J9 D= ,JG<MAL K9FK >J9AK <= NGLJ= H9JL KGMK JiK=JN= <= ;=JL9AF=K DAEAL9LAGFK iFGF;i=K 9MP
HJiK=FL=K KAD K9NhJ= IM= D9 >9:JA;9LAGF <M ,JG<MAL HJiK=FL= MF 9ML <= E9LAhJ= GM <= >9:JA;9LAGF /A <=K L=FL9LAN=K
J9AKGFF9:D=K <= JiH9J9LAGF <M ,JG<MAL GFL iLi >9AL=K K9FK KM;;hK 9DGJK GK;@ J=EHD9;=J9 D= ,JG<MAL <=K EG<hD=K EAK d FAN=9M
H=MN=FL jLJ= EAK d NGLJ= <AKHGKALAGF d D9 K=MD= <AK;JiLAGF <= GK;@ EGQ=FF9FL <=K >J9AK KMHHDiE=FL9AJ=K 0GML ;GEHGK9FL GM
HAh;= =FD=NiK <=NA=FF=FL D9 HJGHJAiLi <= GK;@ d K9 K=MD= GHLAGF 0GML= HAh;= J=EHD9;i= =LGM JiH9Ji= <GAL 9KKME=J DA<=FLALi <=
D9 HAh;= <GJA?AF= 9MP >AFK <= D9 HJiK=FL= ?9J9FLA= =L ;=LL= <=JFAhJ= F= K=J9 H9K HJGDGF?i= 9M J=?9J< <= ;=K HAh;=K (9 K=MD=
G:DA?9LAGF =L J=KHGFK9:ADALi <= GK;@ =F N=JLM <=K HJiK=FL=K =KL <= JiH9J=J K=MD=E=FL D= ,JG<MAL HJiK=FL9FL MF 9ML <=
>9:JA;9LAGF H9J D=FLJ=EAK= <MF HJ=KL9L9AJ= <= K=JNA;=K 9?Jii GK;@ 9MP @=MJ=K FGJE9D=K <= LJ9N9AD ,GMJ <=K IM=KLAGFK <=
Ki;MJALi =L <= <GEE9?=K d D9 HJGHJAiLi GK;@ J=;GEE9F<= NAN=E=FL <= F= H9K L=FL=J <= JiH9J=J KGAEjE= D= ,JG<MAL FA
<MLADAK=J MF K=JNA;= <= JiH9J9LAGF FGF 9MLGJAKi GK;@ <i;DAF= LGML= J=KHGFK9:ADALi GM G:DA?9LAGF HGMJ D=K JiH9J9LAGFK GM D= LJ9N9AD
=>>=;LMiK H9J MF K=JNA;= <= JiH9J9LAGF FGF 9MLGJAKi /A NGMK ;@GAKAKK=R <= >9AJ= JiH9J=J D= ,JG<MAL H9J MF= H=JKGFF= 9MLJ= IMMF
HJ=KL9L9AJ= <= K=JNA;=K 9?Jii !00! #.*0%! !2%!* . 10+)0%-1!)!*0 *1((! !0 *+* 2!*1! (=K HJ=KL9L9AJ=K
<= K=JNA;=K 9?JiiK KGFL <=K H=JKGFF=K GM <=K ;GEH9?FA=K IMA GFL iLi KHi;A9D=E=FL >GJEi=K HGMJ D=K HJG<MALK GK;@ =L IMA
HGKKh<=FL <= D9NAK <= GK;@ MF= =P;=DD=FL= JiHML9LAGF HGMJ D= K=JNA;= d D9 ;DA=FLhD= =L <=K 9HLALM<=K L=;@FAIM=K AD =KL d FGL=J
IMAD K9?AL <=FLALiK AF<iH=F<9FL=K =L <=K 9?=FLK H9JL=F9AJ=K 9>>ADAiK GM J=HJiK=FL9FLK <= GK;@ *GFG:KL9FL D=K
<AKHGKALAGFK HJi;i<=FL=K GK;@ F9KKME=J9 9M;MF= J=KHGFK9:ADALi GM G:DA?9LAGF d Di?9J< <M ,JG<MAL KAD =KL KALMi <9FK MF=
Ji?AGF iDGA?Fi= HDMK <= EAD=K CE <MF HJ=KL9L9AJ= <= K=JNA;=K 9?Jii GM KAD =KL J9AKGFF9:D=E=FL AF9;;=KKA:D= GM d MF
=F<JGAL <9FK MF= RGF= GM <9FK MF =FNAJGFF=E=FL <9F?=J=MP E=F9g9FLK GM @9K9J<=MP <9FK MF L=D ;9K KA NGMK =F >9AL=K D9
<=E9F<= GK;@ HGMJJ9AL H9Q=J D=K >J9AK <= E9AF<wMNJ= =L <= HAh;= =L =PHi<A=J D=K HAh;=K 9M HJ=KL9L9AJ= <= K=JNA;= 9?Jii D=
HDMK HJG;@= E9AK NGMK K=JA=R IM9F< EjE= =FLAhJ=E=FL J=KHGFK9:D= HGMJ LGML <iHD9;=E=FL GM 9MLJ=K >J9AK KHi;A9MP J=IMAK H9J
D= K=JNA;= <= JiH9J9LAGF d KMHHGK=J IMAD 9;;=HL= <=>>=;LM=J MF= NAKAL= <= JiH9J9LAGF
0A0=C84 ;8<8CU4 ?A>;>=6U4

$!D !# !#D !#
3D3@F;7 >;?;FY7 67 3@E AE5: 8AGD@;D3 9D3FG;F7?7@F >7E B;X57E 67 D75:3@97 67 FAGF Y>Y?7@F
Q 5A?BF7D 67 >3 63F7 635:3F 5A@EF;FG3@F E3HYD3@F 6Y875FG7GJ 63@E 67E 5A@6;F;A@E @AD?3>7E
6GF;>;E3F;A@ 6A?7EF;CG7 B7@63@F >7E 67GJ BD7?;XD7E 3@@Y7E 5AGD3@F7E T
5A?BF7D 67 >3 63F7 635:3F
8D3;E 67JBY6;F;A@ @AD?3GJ @A@ 355Y>YDYE
;@5>GE
8D3;E 67 ?3;@6dGHD7 7J5>GE
3D3@F;7 >;?;FY7 67 3@E EGD >7E 5A?BAE3@FE Y>75FDA@;CG7E AE5: DYB3D7D3 AG D7?B>357D3 9D3FG;F7?7@F FAGF ?;5DABDA57EE7GD AG
Q 5A?BF7D 67 >3 63F7 635:3F 53DF7 T 5;D5G;FE ;?BD;?YE E3HYD3@F 6Y875FG7GJ 63@E 67E 5A@6;F;A@E
@AD?3>7E 6GF;>;E3F;A@ 6A?7EF;CG7 B7@63@F >7E 67GJ BD7?;XD7E 3@@Y7E
5AGD3@F7E T 5A?BF7D 67 >3 63F7 635:3F
8D3;E 67 ?3;@6dGHD7 7J5>GE
3D3@F;7 >;?;FY7 67 3@E EGD >7 ?AF7GD AE5: DYB3D7D3 AG D7?B>357D3 9D3FG;F7?7@F FAGF ?AF7GD AG 5A?BAE3@F
Q 5A?BF7D 67 >3 63F7 635:3F 6G ?AF7GD E3HYD3@F 6Y875FG7GJ 63@E 67E 5A@6;F;A@E @AD?3>7E
6GF;>;E3F;A@ 6A?7EF;CG7 B7@63@F >7E 67GJ BD7?;XD7E 3@@Y7E 5AGD3@F7E T
5A?BF7D 67 >3 63F7 635:3F
8D3;E 67 ?3;@6dGHD7 7J5>GE

%A>3D8C 7>AB 60A0=C84 GK;@ F=KL FMDD=E=FL L=FM =F <JGAL GM 9MLJ=E=FL <= NGMK G>>JAJ LGML= ;GF;=KKAGF Q ;GEHJAK
JiH9J9LAGFK L9JA>K HJGHGJLAGFF=DK GM J=EHD9;=E=FL <= ,JG<MAL MF= >GAK D9 ?9J9FLA= =PHAJi=
G2;DB8>=B 34 ;0 60A0=C84 (9 ;GMN=JLMJ= <= ?9J9FLA= <i;JAL= 9MP HJiK=FL=K =P;DML LGML 9ML GM <GEE9?= F= <i;GMD9FL H9K
<MF= >9ML= <AJ=;L= <= GK;@ Q ;GEHJAK K9FK DAEAL9LAGF MF GM HDMKA=MJK <=K ;9K KMAN9FLK MLADAK9LAGF <M ,JG<MAL <MF= >9gGF
9MLJ= IM= FGJE9D= @9:ALM=DD= =L HJiNM= Q ;GEHJAK K9FK DAEAL9LAGF LGML= >GJE= <MLADAK9LAGF ;GEE=J;A9D= MLADAK9LAGF GM J9F?=E=FL
<MF HJG<MAL HGMJ DAFLiJA=MJ d D=PLiJA=MJ MLADAK9LAGF <M ,JG<MAL 9N=; <=K N9AKK=9MP 9iJA=FK GM >DGLL9FLK E9MN9AK= ;GF<MAL=
NGDGFL9AJ= <= LGML= H9JLA= ;GF<MAL= Fi?DA?=FL= E9MN9AK= MLADAK9LAGF 9:MK 9;;A<=FLK Fi?DA?=F;= =PHDGAL9LAGF AJJi?MDAhJ=
E9FIM=E=FL d D=FLJ=LA=F AFKL9DD9LAGF AF9<iIM9L= GM Fi?DA?i= 9DLiJ9LAGF E9FIM=E=FL d G:K=JN=J D=K AFKLJM;LAGFK <=
>GF;LAGFF=E=FL E9FAHMD9LAGF K9FK HJi;9MLAGF K=JNA;= FGF 9MLGJAKi Q ;GEHJAK D= W :JA;GD9?= Z >9AL KGAEjE= GM D=PHDGJ9LAGF <M
>GF;LAGFF=E=FL AFL=JF= <= D9HH9J=AD Ji?D9?= 9DLiJ9LAGF GM EG<A>A;9LAGF <= LGML= KGJL= E9FIM=E=FL d K= ;GF>GJE=J d
LGMK D=K ;G<=K iD=;LJAIM=K <= HDGE:=JA= =LGM <= ;GFKLJM;LAGF <= DiL9L DG;9MP EMFA;AH9MP GM <M ;GELi Jh?D=E=FLK GM DGAK =F
NA?M=MJ Q ;GEHJAK D= E9FIM=E=FL d AFKL9DD=J D= ,JG<MAL KLJA;L=E=FL =F ;GF>GJEALi 9N=; D=K ;G<=K =L Jh?D=E=FLK <AF;=F<A= =L <=
;GFKLJM;LAGF DG;9MP MKMJ= =L <iLiJAGJ9LAGF FGJE9D=K <iN=JK=E=FLK <9DAE=FLK <= DAIMA<=K 9;;MEMD9LAGF <= ?J9AKK= GM
9MLJ=K KM:KL9F;=K 9;;MEMDi=K KMJ <9FK GM 9MLGMJ <M ,JG<MAL =L LGML= >GJ;= =L >9;L=MJ =PL=JF=K iDiE=FL9AJ=K =LGM
=FNAJGFF=E=FL9MP Q ;GEHJAK K9FK DAEAL9LAGF HDMA= N=FL K9:D= AFGF<9LAGFK AF;=F<A=K ?DAKK=E=FLK <= L=JJ9AF ?=D @MEA<ALi
=P;=KKAN= GM =PHGKALAGF HJGDGF?i= d D@MEA<ALi >GM<J= KMJL=FKAGFK 9MLK <= KLJM;LMJ= =FNAJGFF9FL= <= D9HH9J=AD =L
;9L9KLJGH@=K F9LMJ=DD=K !F 9M;MF ;9K GK;@ F9KKME=J9 D9 EGAF<J= G:DA?9LAGF GM J=KHGFK9:ADALi HGMJ <=K <GEE9?=K KMJN=FMK
d D9 HJGHJAiLi =FNAJGFF9FL= Q ;GEHJAK 9JEGAJ=K HD9F;@=JK HD9>GF<K =L 9MLJ=K KLJM;LMJ=K GM G:B=LK 9MLGMJ <M ,JG<MAL _?9D=E=FL
=P;DMK <= D9 ?9J9FLA= KGFL D=K i?J9LA?FMJ=K iJ9>DMJ=K =F;G;@=K EAF=MJ=K =L <GEE9?=K =KL@iLAIM=K KMJ D=K KMJ>9;=K =PL=JF=K =L
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"@4)63 <5*;065 ",;;05.: ?73(5(;065

i L HJG?J9E =F< 9F 9;GMKLA; KA?F9D

.=uAFK=JL L@= DAFL >ADL=J

DGK= L@= <GGJ

d ,'## 0@AK >DM>> ;9F := =9KADQ J=EGN=< MKAF?

('+ 0=3 '%'

+')(("#) BBDA4IE>DB 34 184= BD8EA4 ;4B 8=BCAD2C8>=B 3>==U4B 30=B 24CC4

d#()')$#( (N')N "%$')#)(

$#('+/ )) #$)

#$))$# =BC0;;0C8>= 502D;C0C8E4 3D

(=K KHi;A>A;9LAGFK <= :J9F;@=E=FL =L (GJK <= DAFKL9DD9LAGF <M LMQ9M

Kh;@=DAF?= <9FK MF= ;@=EAFi=

(AFKL9DD9LAGF HJG>=KKAGFF=DD= =KL

224BB>8A4B *X <= Ji> ,)/

>>A;@9?= =/L9LML /=D=;L=MJ =,JG?J9EE=

A 6<;65 ";(9; (<:, B 6<;65: +,: 67;065: C "0.5(3

",90,: E , =6@(5; +, :0.5(30:(;065 +< -03;9, +, -0)9,

3<: #7E # E3>>G?7@F >G@7 3BDXE >3GFD7 BAGD

35DK>;CG7 #3 F7?BYD3FGD7 6G EY5:397

>=B48;B ?>DA U2>=><8B4A 34

$?C8>= >DC>=B i (=K i;GFGEA=K <iF=J?A= =3820C4DA 34 3UA>D;4<4=C

09 -3<-- 6 /,(; D7CG;D76 >7B>3EF;CG7 B3D 7J >7E D;673GJ 67 6AG5:7

(=K Ji?D9?=K <= DGHLAGF 9;LM=DD=E=FL

"@4)63, 65;065 !,.3(., 76::0)3, ?730(;065

/A Fi;=KK9AJ= KiD=;LAGFF=R (= NGQ9FL W/L9JL/LGHZ K= E=L

,D9;=R D= LAJGAJ <= Ki;@9?= <= L=DD=

%FKiJ=R D= >ADLJ= d H=DM;@=K ,D9;=R D=K ;@9MKKMJ=K KMJ D=

BG;E 7EEGK7L 6Y>;53F7?7@F >7?4AGF 6G 9;5>7GD T

0A0=C84 ;8<8CU4 ?A>;>=6U4

+')# %>A BD B46DA8303 ;0B 8=5>A<028>=4B 2>=C4=830B 4= 4BC4 <0=D0; 3414=

d #()'$#( "%$')#)( ('

GF=;L= D9 E9F?M=J9 ;GJL9 9D ?JA>G

*X <= H9JL= ,)/

A 6;N5 B 6;N5 7*065, C "0.5(3 ",M(3 E 05; 03;,9

3<: :G?7636 35FG3> 67> BDA57EA 67 E7536A

"K4)636 <50N5 1<:;,: 76:0)3,: ?73(5(065

/A @9;= >9DL9 K=D=;;AGF= MF9 ,J=KAGF= =D :GLnF W(C0AC/LGHZ (=

GDGIM= D9 ;9F9KLADD9 H9J9 K=;9J

GDGIM= =D >ADLJG H9J9 D9 H=DMK9 !PLJ9A?9 D9 ;9F9KLADD9 <=D L9E:GJ

2M=DN9 9 ;GDG;9J =D >ADLJG H9J9 D9K

GDGIM= D9 JGH9 KM=DL= KG:J= D9

q >DGB= =D LGJFADDG <= D9 ;G:=JLMJ9 Q

96)3,4( (<:( 76:0)3, !,4,+06