You are on page 1of 429





  
 
  
    
  
 
       
   

             


! 
 
  

 
 "      
  
  
  

#

$    %#
     & 

 & '&
  
 " 

         
( 
$  
   #  
 #   
 #  
%%
 #
 


  )  

  '

" 
 
   
   
           
 

    
 *#
   
      
      
 
   
 
 

 
 
  


$   


 #


 $ + , -
.
   
!

 
  

#
 
#


   

 
  
 #

#


 

  
  

 

     














  

    
 


   

 
  

 
      
             
  
 
   
 !  
  
"        #     
$  !%  !      &  $  
'      '    ($    
'   # %  % )   % *   %
'   $  '     
+      " %        & 
'  !#     
 $,
 ( $



    - .           /
           0    
  
   .    -  . .  
   01    !  
2   -        .       
     - %  - . .   % 
   -      -  . .     .    

/1     - %     %    % 
  3%      %  % 4   -1  
.  
5   6       
   
5
-   4 .     01.  .  
    -   - . .  
4 .  - -

7  $$$   

8 9
:    .
   -. .
;& )*<7 +)
  
 =>?%@@AAA&  %  " 
9 
B  

*   &


  6 


C "..   %D .  A  .!&%>EA@

7F 1 G  #


7F 1 G>EAH;& )*<7 +)
"I   2  . . &  >EAH
 




%)+- .(+),-%n1)Q+"'.,',"% 

 

%nQ!' ,2&(%"*.,,("',(+)(+%, 

 
 
)(./("+,%n+-&',-+.%

 


+"-.%,n(++-Q,(++  

 
 
)(Q-"*.%+%"*.+Q,".%% 

 

,.#-"/"-Q!.&(+%n.'/'"+ && 



 
 

#;J?;DIJEKJ:n78EH:UH;C;H9?;HCED:?H;9J;KH:;J>ZI;B;FHE<;II;KH
#;7D 7 ,?BL7 FEKH Bn7?:; GKn?B Cn7 7FFEHJY; ;J B; J;CFI GKn?B 7
9EDI79HY U B7 8EDD; HY7B?I7J?ED :; 9;JJ; H;9>;H9>;
 %7 B?8;HJY :;
9HY7J?ED GKn?B Cn7 :EDDY; 7 YJY :Y9?I?L; :7DI B; :YL;BEFF;C;DJ
7HJ?IJ?GK;
 ,EDH;=7H: 9H?J?GK; Cn7YJYJHZI FHY9?;KN FEKH7HJ?9KB;HB;I
lKLH;I7L;9B;I9ED9;FJI;JFHY9?I;HC;I7H=KC;DJI


DIK?J; @; H;C;H9?; CED C7H? ,?CED FEKH B;I 9EHH;9J?EDI ;J
H; 9EHH;9J?EDI :; <H7DX7?I B7II?IJ7D9; 7HJ?IJ?GK; Bn;D=7=;C;DJ
FIO9>EC7=?GK;B7F7J?;D9;?D<?D?; ;JB;IEKJ?;D?D9ED:?J?EDD;B I7DI
B;IGK;BI@;Dn7KH7?IF7IFKHY7B?I;H9;JH7L7?B


#;H;C;H9?;B;IC;C8H;I:K%78EH7JE?H;:K ;IJ;FEKHB;I:?I9KII?EDI
F7II?EDD7DJ;I ;J B;I ;NFYH?;D9;I 7HJ?IJ?GK;I IK8IJ7DJ?;BB;I FEKH B;
:YL;BEFF;C;DJ:;B7H;9>;H9>;


#;H;C;H9?; Y=7B;C;DJC7<7C?BB; ;JC;I 7C?I FEKH Cn7LE?HJEK@EKHI


;D9EKH7=Y;;J 7?:Y; UIKHCEDJ;HB;I :Y<?I :; Bn;N?B ;JU HY7B?I;H 9;JJ;
J>ZI;;DH7D9;


#n;NFH?C; 7KII? C7 =H7J?JK:;U JEKI B;I :ED7J;KHI >KCEH7KN GK? EDJ
F;HC?IUCED7HJ:;FH;D:H;<EHC;;J:;In7HJ?9KB;H7L;9B;IFH?D9?F;I
:;B7C?9HEFEB?J?GK;


#;H;C;H9?;<?D7B;C;DJ CED9EHFIFEKHD; F7I I7HH[J;H:; InY9EKB;H


;DFK?II7D9;7HJ?IJ?GK;



 

"B ;IJ 7K@EKH:n>K? H;9EDDK GK; Bn7HJ 7 B7 FK?II7D9; :; FEYJ?I;H
9;HJ7?D;I C7J?ZH;I EH=7D?GK;I Y97HJY;I :; B7 L?; GKEJ?:?;DD;
 n;IJ
:7DI9;JJ;EKL;HJKH;GK;@n?DIZH;C7FH7J?GK;7HJ?IJ?GK;EbCED9EHFI
F;H<EHC;:;I<?9J?EDIUF7HJ?H:;IIY9HYJ?EDI>KCEH7B;IGK?InY9EKB;DJ
:;CED?:;DJ?JY<YC?D?D;CYJ?II;;J9EBED?IY;
KJH7L;HI:;H?J;II7DI
COJ>;I@;8H?I;:;L?;KNJ78EKIE99?:;DJ7KN
#n;NFEI;B7L?EB;D9;L?I
U L?I:K9EHFI :;Bn7KJH;7L;9:;IFH7J?GK;IGK?C7HGK;DJBn7BJYH?JY:;
JEKJ [JH;
K9HE?I;C;DJ:; Bn;IJ>YJ?GK;:;Bn>?IJE?H;:; B7 FEB?J?GK;
:; B7 FIO9>7D7BOI; ;J :; Bn;J>DE=H7F>?; @; FEI; :;I GK;IJ?EDI
I;DI?8B;I FEKH 9HY;H :;I lKLH;I 9EHFEH;BB;C;DJ I?D=KB?ZH;I
 #;
FHEFEI;UB7IK8@;9J?L?JY>KCEH7B;:K9EHFIKD;97HJE=H7F>?;:K:YI?H
C7H=?D7B:nKD:;L;D?H <;CC;:7DIKD;IE9?YJYF>7BBE9H7J?GK;
"BIn7=?J
:nKD;KJEF?;7C8?=K\97H@;LE?I:7DIB79>7?H>KCEH7B;;JHYI?:K;BB;
:K 9EHFI DED 97IJHY B; J;HH?JE?H; I;DI?8B; FEKH Bn?DJHE:K9J?ED :nKD;
DEKL;BB;YJ>?GK;:K9EHFI





 


87D:EDD; J;I ?:Y;I H;XK;I ;J B7 FEYI?; L?;D:H7 IEKI B7 <EHC; :KD
LEC?8HcB7DJ;J<YJ?:;KD;97J>7HI?ICK;JJ;:>KC7D?JY78IEBK;
&ED
:YI?H;IJ:;HYL;?BB;HB7I;DI?8?B?JYFHY IOC8EB?GK;IK9Y;:; B79EK9>;
HYFH?CY;:; JEDY9EDEC?;FIO9>?GK;
#; :YI?H;JEK9>;HB7<H7=?B?JY :;
J;IB?C?J;I>KC7?D;I?D9?J;HB;L;HJ?=;;N?IJ;DJ?;B;DJH;B;GC= ;JBn5IHF9

#;L;KNHYL;?BB;HJED:YI?HUJH7L;HIBEH=?;:;B7:YF;DI;BUEbIn78EB?J
B7 :?<<YH;D9; ;DJH; CEHJ ;J I;NK7B?JY
 +YFK=D7D9; ;J >EHH;KH IEDJ B;
:Y8KJ:K:YI?HGK?LY9KUJH7L;HIKDH?J;YHEJ?GK;F;KJEKLH?HKDL?:;
;DJH; Bn?DJYH?;KH ;J ;NJYH?;KH;DJH; B; F7II7=; :K9EHFI C7J;HD;B;JB7
BE? F7J;HD;BB;
 n;IJ BU Eb B; I;DI In;<<ED:H; GK; HYI?:; B7 B?C?J; :;
CED :YI?H ;J :; 9;JJ; 97L?JY :; B7 IK8@;9J?L?JY GK; C;I 7FF;BI IEDJ
:?H?=YIL;HIJE?




 
 B

 

%; 9EHFI I;I >KC;KHI ;J I;I HYI?:KI EH=7D?GK;I <EDJ BnE8@;J
:n;NFYH?;D9;I ;IJ>YJ?GK;I :; H?JK;BI 7HJ?IJ?GK;I ;J :; <?9J?EDI
F;HIEDD;BB;I
 %; 9EHFI 9EDIJ?JK; B7IK8IJ7D9; EH=7D?GK; ?D:?L?:K;BB;
C7?I?BD;F;KJF7I[JH;:Y<?D?F7II7I?CFB;C7JYH?7B?JY
n;IJUJH7L;HI
B79KBJKH; GK; B7 FK?II7D9;EH=7D?GK;;J>KCEH7B; :K9EHFI ;IJ C?I;
;D79J?ED
iBnEH=7D?9?JY9EHFEH;BB;9EHH;IFED:KDKD?L;HI=;IJK;BJHZI
IFY9?<?GK;  KD; =H7CC7?H; F;H<EHC7J?L; :;I IE?DI ?DJ?C;I :n>O=?ZD;
;J:;8;7KJY;IJGKEJ?:?;DD;C;DJC?I;;DlKLH;
NFBEH;HB;9EHFI;J
9;I =;IJ;I?DJ?C;I9n;IJ<7?H;B7B?7?IED;DJH;EH=7D?GK;;J9KBJKH;
-;B
;IJBn;D@;K:;9;JJ;H;9>;H9>;GK?FHEFEI;:;9ECFH;D:H;9ECC;DJ;J
FEKHGKE? B; 9EHFI :YL;BEFF; ;J ?D9EHFEH; B;I =;IJ;I B?YI U IED
;DJH;J?;D EH=7D?GK;
 DJH; 9EBB;9J; :; HYI?:KI ;J C?I; ;D 79J?ED :K
9EHFI>KCEH7BEH=7D?GK;Bn7HJ78EH:;B7=;IJK7B?JY:K9EHFI9ECC;KD
<7?J IE9?7B U F7HJ?H :;I C7J?ZH;I B?Y;I 7KN FHE9;IIKI D7JKH;BI
 "B ;IJ
IEKL;DJIKFFEIY GK;B7FK?II7D9;:KIE9?7B7=?JIKHB;9EHFI9ECC;
IKH KD; IKH<79; F7II?L; ;D 7JJ;DJ; :; I;DI 9KBJKH;B 79GK?I
 "B In7=?J
?9? :; H;C;JJH; ;D 97KI; B7 F7II?L?JY EH=7D?GK; :K 9EHFI g D7JKH;B h
9ECC; C7D?<;IJ7J?ED :; B7 9KBJKH; ;J :; B7 g BE? h IE9?7B;
GK? E8B?=;H7?;DJ B; 9EHFI U F;H<EHC;H KD; =H7CC7?H; 9EHFEH;BB;
IFY9?<?GK;

?DI? @; C; IK?I :Y9EKL;HJ; ;D H7D9; 8;7K9EKF FBKI IK@;JJ; 7K
:Y=EcJ >KCEH7B GK; @; D; 9HEO7?I Bn[JH; 7K HYI?B
 )EKH :;I H7?IEDI


>?IJEH?GK;I 9KBJKH;BB;I ;J 9B?C7J?GK;I Bn>O=?ZD; @EK; KD HaB;
8;7K9EKFFBKI ?CFEHJ7DJ9>;PB;IHYI?B?;DI GK;9>;PB;I H7DX7?I
i
)7H?I @YFHEKL; GKEJ?:?;DD;C;DJ :;I D7KIY;I :K;I U BnE:;KH :;
FEKHH?JKH; YC7D7DJ :; 9;HJ7?D;I F;HIEDD;I
 7DI 9;I CEC;DJI
:n?DJ;DI;7BJYH?JYEH=7D?GK; 9KBJKH;BB;@;C;H;D:I8?;D9ECFJ;GK;B7
C7J?ZH; >KCEH7B; ;IJ KD; FK?II7D9; 9KBJKH;BB;
 #; :Y9?:; :n7=?H
7HJ?IJ?GK;C;DJ IKH B; =;IJ; FHEFH; 7K 9EHFI >KCEH7B ;J IKH B;I
9EDIJHK9J?EDI IOC8EB?GK;I :; B7 C7J?ZH; HYI?:K;BB;
 %n7HJ 7 B7
FK?II7D9;:;C7JYH?7B?I;HFEYJ?GK;C;DJ9;HJ7?D;IC7J?ZH;IEH=7D?GK;I
Y97HJY;I :; B7L?; GKEJ?:?;DD; ;J 9n;IJ :7DI 9;JJ; EKL;HJKH;FEYJ?GK;
GK; C7 FH7J?GK; 7HJ?IJ?GK; JHEKL; I7 FB79;
 #; J;DJ; 7?DI? :; B?8YH;H
BnEH=7D?GK; :; Bn?C7=; ?:Y7B; :nKD 9EHFI 9BEI
 D ?D97HD7DJ
7HJ?IJ?GK;C;DJ :;I HY7B?JYI 9EHFEH;BB;I KJEF?GK;I ?C7=?D7?H;I ;J
<?9J?L;I @; C; :Y<7?I :; 9;HJ7?DI J78EKI IE9?7KN F7HJ?9KB?ZH;C;DJ
IJ?=C7J?I7DJI
)EKH9;B7@;@EK;FEYJ?GK;C;DJ7L;9B7HY7B?JYEH=7D?GK;
;J HYI?:K;BB; :; CED FHEFH; 9EHFI
 ;I >9IL 5FH=GH=EI9G F;KL;DJ
7IIKC;H :;I FK?II7D9;I BK:?GK;I ?DJH?DIZGK;I U CED KD?L;HI
GKEJ?:?;DU Bn?C7=; :nKD;D<7DJ GK? ;NFBEH; B;I FEJ;DJ?7B?JYI :; IED
9EHFIJEKJ;DH;IF;9J7DJKD;Y9H?JKH;H?JK;BB;;JIOC8EB?GK;FHY9?I;

%; IOC8EB?GK;  ;IJ KD; 9EDIJHK9J?ED :K B7D=7=; KD; 9EDIJHK9J?ED


9KBJKH;BB;>?IJEH?GK;H;B?=?;KI;IE9?7B;Y9EDEC?GK;;J9
;IOIJZC;
<B;N?8B; ;IJ;D9EDIJ7DJ;JH7DI<EHC7J?ED9; GK?F;HC;J :; H; I?=D?<?;H
I7DI 9;II; B;I L7B;KHI IE9?7B;I 9KBJKH;BB;I ;J >?IJEH?GK;I
 %nKD?L;HI
IOC8EB?GK; :;I HYI?:KI 9EHFEH;BI J;BI GK; B;I C;DIJHK;IB; IF;HC;
BnKH?D; B;I <Z9;I B7 CEHL; EK B7 IK;KH ;IJ B?Y 7KN J78EKI :K
9ECFEHJ;C;DJ
%;J78EKGK?;DJEKH;B;I7D=C;DIJHK;BF7H;N;CFB;


;IJ J;BB;C;DJ ?DI9H?J :7DI B7 9KBJKH; E99?:;DJ7B;GK; IED?C7=;;J I7
C7D?FKB7J?EDH;IJ;DJIE9?7B;C;DJ?DJ;H:?JI
%;I<;CC;IC[C;B;IFBKI
YC7D9?FY;I :;I BE?I F7JH?7H97B;I D; IEDJ F7I LH7?C;DJ 97F78B;I :;
CEDJH;HEK:;F7HB;HEKL;HJ;C;DJ:;B;KHI7D=C;DIJHK;B

,;BED#KB?7$H?IJ;L7Bn78@;9J?ED;IJKDI;DJ?C;DJ;DL;HIKD:Y9>;JEK
KD;IEK?BBKH;97F78B;:;IEBB?9?J;HC7?I7KII?:;FKBLYH?I;HB;IK@;J
%;
GC= :E?J InY97HJ;H :; B7 C7J?ZH; 78@;9J; FEKH <ED:;H IED IK@;J
IE9?7B;C;DJ 9EDIJ?JKY
%n78@;9J?EDF;HJKH8; KD; ?:;DJ?JY KD IOIJZC;
KDEH:H;;BB;D;H;IF;9J;F7IB;I B?C?J;I B;I FB79;I B;I HZ=B;I
;JJ;
DEJ?ED:n78@;9J?ED9EHFEH;BB;7YJY<ED:Y;IKHB7F;KH:K9EHFIHY;B;J
IKH B;I J78EKI GK; BY=?J?C;DJ B7 BE? F7JH?7H97B;
 "B In7=?J :nKD;
H>YJEH?GK;:;B7CEH7B;97F78B;:;97IJH;HB7:OD7C?GK;EH=7D?GK;:K
9EHFI >KC7?D ;DY97HJ7DJ B;I >KC;KHI :;B7 9EDIJ?JKJ?ED:KIK@;J
 #;
IK?I 7C;DY; U 9EDI?:YH;H B; I;DJ?C;DJ :n78@;9J?ED ;DL;HI B;I HYI?:KI
9EHFEH;BI 9ECC; H;B7J?< ;J DED ?DJH?DIZGK; U B7 C7J?ZH; EH=7D?GK;
9ECC; FHEFEIY F7H #KB?7 $H?IJ;L7
 %n78@;9J?ED F7II; F7H B7 9KBJKH;
C7?I7KII?F7HBn7<<;9JB;I;DJ?C;DJJEK@EKHI B?Y7K9EHFI:EDJ;BB;I;
:Y=7=; ;J 9;9? F;KJ 799;DJK;H EKB?C?J;H B7 FK?II7D9; 78@;9J; :; B7
C7J?ZH;
 %;I 9ED:?J?EDI :; BnY9EKB;C;DJ 9EHFEH;B ;J IED C7DGK;
:n;DJH;J?;D 9EDIY9KJ?< IEDJ 8;7K9EKF FBKI :Y9?I?<I :7DI B;
:YL;BEFF;C;DJ :; CED I;DJ?C;DJ :n78@;9J?ED ;DL;HI KD; C7J?ZH;
EH=7D?GK; GK; B;I J78EKI 78IEBKI FEHJYI F7H B;I L7B;KHI @K:YE
9>HYJ?;DD;I
 ;IJ F7H Bn;NFBEH7J?ED B7 9ECFHY>;DI?ED ;J B7
L7BEH?I7J?ED IOC8EB?GK; :; B7 C7J?ZH; 9EHFEH;BB; 9ECFH?I; 9ECC;
78@;9J;GK; @;IJHK9JKH; C;I ;NFYH?;D9;I 7HJ?IJ?GK;I 9;9?I7DI FEKH
7KJ7DJ FHEFEI;H KD; B;9JKH; IOC8EB?GK; FHY9?I; EK FEB?J?GK;C;DJ


9EHH;9J;
 #n;DL?I7=; B7 :YIJ78?B?I7J?ED :;I J78EKI ;J Bn?DL;IJ?II;C;DJ
:7DI :n7KJH;I FEII?8?B?JYI :; HY7B?JYI IOC8EB?GK;I 9KBJKH;BB;I ;J?DJ;H
IK8@;9J?L;I

%7 HY7B?JY F>OI?GK; :; 9;I IK8IJ7D9;I EH=7D?GK;I :EDJ Bn?DJYH[J ;IJ
IEKL;DJ CY:?97B <7?J 9;F;D:7DJ F7HJ?; :; DEJH; ?:;DJ?JY 9EHFEH;BB;
I?D=KB?ZH;;J9EDIYGK;CC;DJH;DLE?;UKD;7BJYH?JY
K9KDEH=7D?IC;
D; H;II;C8B; U KD 7KJH; :; B7 C[C; <7XED GK; JEKJ; >KC;KH
9EHFEH;BB; ;IJ 8?EBE=?GK;C;DJKD?GK;
%7 GK7B?JY:; DEI >KC;KHI;J
B;I L7H?7J?EDI :7DI B;KH Y9EKB;C;DJ :Y<?D?II;DJ DEJH; ?:;DJ?JY
EH=7D?GK;JEKJ9ECC;B;I=;IJ;I;J>78?JK:;I :;IE?DGK?9EC8?D;DJ
D7JKH; ;J 9KBJKH;
 ; :;KN?ZC; H7FFEHJ ?DJ?C; 7K 9EHFI Dn;D ;IJ F7I
CE?DIIE9?7B
,;BED#K:?J>KJB;H ;J&?9>;B:;;HJ;7K B;I9EHFIIEDJ
9EDIJHK?JI ;D ?D9EHFEH7DJ KD :?I9EKHI DEHC7J?< GK? B;I E8B?=; U
g :?H; h B; :?I9EKHI :K FEKLE?H HY=B;C;DJ7?H;
 %7 9HY:?8?B?JY :K
:?I9EKHI;IJ97F78B;:Y9H?H;;J:;CEKB;HB;I9EHFI;DJH7DI<EHC7DJB;
:?I9EKHI;DBE?
%7DEHC;:?I9KHI?L;=7=D;7?DI?B7BY=?J?C?JY:nKD;BE?
87IY;IKHB79HEO7D9;GKn;BB;F7HB;7KDEC:KgHY;Bh
(D9HE?J7BEHI
U9;GK?I;IKFFEI;HY;BC7?I9;gHY;Bh;IJ7JJH?8KY7K:?I9EKHI F7H
KD;9HEO7D9;GK?BK?:EDD;KD9EHFIIKHB;GK;BH;JEC8;B;FE?:I:;B7
BE?

"BC;I;C8B;?CFEHJ7DJ:;HY<BY9>?HUJH7L;HIBn7HJIKHB;FHE9;IIKIF7H
B;GK;B KD; DEHC; 9EHFEH;BB; ;IJ 9EDIJHK?J; ;J BY=?J?CY;
 %7 DEHC;
:?I9?FB?D; B; 9EHFI I;BED KD 9E:; GK? B; :YFB79; ;J B; 9EHH?=; BK?
H7@EKJ;EKBK?;DBZL; YF?B;HKD; @7C8;=H;<<;H:;I 9>;L;KNF;?D:H;
B;I 9?BI FEHJ;H :;I BKD;JJ;I :;I 9>7KIIKH;I ;J9
  ?B In7=?J :nKD
7FF7H;?B :?I9?FB?D7?H;GK? ?CFEI; KD; <EHC; KD JEDKI ?:;DJ?J7?H;
%7


C7JYH?7B?JY :K 9EHFI ;IJ 7?DI? =EKL;HDY; F7H KD; :OD7C?GK; :;
FEKLE?H GK; B; 9EHFI D9F:CFA9
 %; IK@;J DnYC;H=;H7 :K 9EHFI GKnU
JH7L;HI B7 9ED<EHC7J?ED 7KN 9E:;I
 #K:?J> KJB;H IEKB?=D; GK; B7
C7JH?9;DEHC7J?L;;J:n;N9BKI?EDF7HB7GK;BB;B;I9EHFIIEDJ9EDIJHK?JI
;N?=; B7 FHE:K9J?ED I?CKBJ7DY; :KD :EC7?D; :[JH;I 78@;9JI  9;KN
GK? D; IEDJ F7I ;D9EH; :;I IK@;JI C7?I GK? <EHC;DJ B;NJYH?;KH
9EDIJ?JKJ?<7K:EC7?D;:KIK@;J
;II?J;I:n;N9BKI?EDL?;DD;DJB?C?J;H
Bn>KC7?D9ECC;IED:;>EHI9EDIJ?JKJ?<?BIIEDJ97F78B;I:;>7DJ;HI;I
<HEDJ?ZH;I 9ECC; B7 FEII?8?B?JY F;HI?IJ7DJ; :;B;KHF;HJKH87J?ED ;J :;
B;KHHY 7HJ?9KB7J?ED

L;9 Bn7HJ B; 97H79JZH; FY@EH7J?< :; B7 C7J?ZH; 9EHFEH;BB; F;KJ [JH;
FEYJ?GK;C;DJ H;B7J?L?IY ;J H;9EDIJHK?J
 %n79J?L?JY 7HJ?IJ?GK;F;KJ EKLH?H
KD;9ED:?J?ED <?9J?EDD;BB;:;C7JYH?7B?I7J?EDI9EHFEH;BB;IGK?I;H7?;DJ
?CFEII?8B;I :7DI B; 9EDJ;NJ; HY;B
 "B In7=?J :; I; B?8YH;H :K :?I9EKHI
DEHC7J?<;JKD?LEGK;:;FEKLE?HGK?HY=KB;;JC7JYH?7B?I;BnEH=7D?9?JY
9EHFEH;BB;I;BEDKD@K=;C;DJFHY9?I
%n7HJF;KJ<7?H;YC;H=;HKD9EHFI
YF>YCZH; 7C8?=K <H7=C;DJY FBKH?;B EKL;HJ ;J :YIEH:EDDY
 .D
9EHFI 7HJ?IJ?GK; 97F78B; :; C7JYH?7B?I;H :;I :?I9EKHI :?L;HI ;J
9EDJH7:?9JE?H;I GK? H;D:;DJ ?CFEII?8B; B7 HY:K9J?ED :; B7 FKBI?ED 7K
I?=D;
 ;9? 7K FHE<?J :; DEKL;BB;I 9EDIJHK9J?EDI IOC8EB?GK;I :nKD
9EHFI7C8?=K

#79GK;I +7D9?ZH;   7D7BOI; B;I H;B7J?EDI ;DJH; FEB?J?GK; ;J FH7J?GK;I


;IJ>YJ?GK;I7L;9B;9ED9;FJ:;gF7HJ7=;:KI;DI?8B;h
"B;DL?I7=;B7
FEII?8?B?JYGK;B7HJFK?II;IKIF;D:H;B;I9EEH:EDDY;I:;B;NFYH?;D9;
I;DI?8B; ;J J?II;H B; <?B;J :; H;B7J?EDI ;DJH; ;IF79; ;J J;CFI IK@;JI ;J
E8@;JI B; 9ECCKD ;J B; I?D=KB?;H
 .D; FEB?J?GK; GK? 9EDI?IJ; U H;


9ED<?=KH;HB7F7HJ?J?ED:KI;DI?8B;FEKHC;JJH;;DI9ZD; :;DEKL;7KN
E8@;JI ;J IK@;JI 97F78B;I :; H;D:H; L?I?8B; 9; GK? D;BYJ7?JF7I
 )EKH
H;D:H; FEII?8B; B7 C7JYH?7B?I7J?ED 9EHFEH;BB; EH=7D?GK;C;DJ B?8H;
I? 9;B7 ;IJ B?C?JY 7K 9>7CF <?9J?EDD;B :; B7HJ ?B ;IJ DY9;II7?H; :;
H;IJHK9JKH;H BEH:H; :K FEKLE?H GK? HY=B;C;DJ; B7 9EDIJHK9J?ED
IOC8EB?GK;:K9EHFIGK?YC;H=;:K9EDJ;NJ;IE9?7B
%n?:Y;:nKD9EHFI
IE9?7B;C;DJ L?78B;:E?J[JH;H;C?I;;D97KI;F7HBn7HJFEKHF;HC;JJH;
Bn7FF7H?J?ED :; 9EHFI YC7D9?FYI :K:?I9EKHI :; FEKLE?H
%;IF79; :;
Bn78@;9J?ED ;NJYH?;KH 7K IK@;J F;KJ [JH; F;DIY 9ECC; KD ;IF79;
FEB?J?GK; KD; IF>ZH; IFY9?<?GK; :;NFYH?;D9;
 %n78@;9J?ED F;KJ
C;D79;H:;HYLYB;HB7<7KII;JY:;IFHYIECFJ?EDIUBn7KJE <ED:7J?ED:K
IK@;J;JB;:Y<??9?;IJ:;9EDI?:YH;H9;JJ;C;D79;;J9;JJ;F;HJKH87J?ED
DED 9ECC; KD; 9EDJ;IJ7J?ED F;HC7D;DJ; :;I DEHC;I IE9?7B;I
9ED:7CDY; 7K F7J>YJ?GK; :; BnY9>;9 F;HFYJK;B C7?I FBKJaJ 9ECC;
KD;H;IIEKH9;9H?J?GK;:7DIB7BKJJ;FEKHHY 7HJ?9KB;HB;IJ;HC;IC[C;I
:;B7BY=?J?C?JY;J:;Bn?DJ;BB?=?8?B?JYIOC8EB?GK;

*K7D: @n7IIKC; :; <7XED I;DI?8B; B;I FEII?8?B?JYI :; B;9JKH;


IOC8EB?GK;C;DJ 9EDJH7:?9JE?H;I :;I >KC;KHI@;C7JYH?7B?I;KD9EHFI
;D 9H?I; I;BED B7 BE? IE9?7B; C7?I 7KII? KD 9EHFI F;H<EHC7J?L;C;DJ
B?8H; ;J YC7D9?FY
 ; 9EHFI GK? ;N?IJ; I;KB;C;DJ :7DI Bn?DIJ7DJ
YF>YCZH;:;Bn;NFYH?;D9;7HJ?IJ?GK; ;IJKD9EHFI KJEF?GK;
%; HEK=;
:; CED I7D= C7JYH?7B?I; C7 <;HJ?B?JY ;J C7 FK?II7D9; I;NK;BB; CED
KH?D;YF7HF?BBY;:7DI B7L?BB;C7HGK;CEDJ;HH?JE?H;7<<;9J?<;JC;I<?BI
:;9>;L;KN J?II;DJ :;I >?IJE?H;I JE?B;I :7H7?=DY;I
#;F7HJ7=; B79>7?H
:;CED9EHFI :7DI B;<;IJ?D 7DJ>HEFEF>7=; ;J@n>78?BB; L?HJK;BB;C;DJ
B;9EHFI:;Bn7KJH;7L;9B;IDK7D9;I :;HEK=;;JC7HHED:;CED I7D=


C;DIJHK;B
#n?DL?J;Bn7KJH;UI;@E?D:H; U CE?;JC; :EDD;HKD F;K:;
IEDEH=7D?9?JYB7FBKI?DJ?C;FEKHGK;DEKIFK?II?EDI;DIK?J;BE<<H?H
;DI;C8B; 7KN ;DJ?JYI C7JH?7H97B;I 87DD?;I :K F7DJ>YED @K:YE
9>HYJ?;D
 #; 8EKB;L;HI; B;I J78EKI I7DI FHEFEI;H KD; IEBKJ?ED 7KN
IOCFJaC;I@;H?JK7B?I;IEB;DD;BB;C;DJBnY9EKB;C;DJ:;C;I>KC;KHI
I7DI 9HY;H:; DEKL;7KN COJ>;I ;J @;FH;D:I IE?D :; CE? 9ECC; KD
79J;FEB?J?GK;;J7HJ?IJ?GK;
"BD;In7=?JF7I:;9EDIJHK?H;:;DEKL;BB;I
LYH?JYI 9EHFEH;BB;I C7?I I;KB;C;DJ :; B?8YH;H B7 FK?II7D9; FEYJ?GK;
:; CED 9EHFI
 7DI 9;JJ; FEYJ?GK; :; Bn?:;DJ?JY EH=7D?GK; Bn7CEKH
InY9H?J IKH B;I IEKI L[J;C;DJI 8HE:YI 7L;9 :;I 9>;L;KN ;J I; I9;BB;
7L;9 KD 8?@EK GK? 9EDJ?;DJ I7D= ;J 9>;L;KN
 %n7C?J?Y InY9>7D=; ;D
<B79EDI :; I7D= ;J CZ9>;I :; 9>;L;KN ;J InE<<H; ;D 97B9?<?97J?EDI
LYI?9KB7?H;I;JHYD7B;I
%7CYCE?H;=7H:;I;I9;D:H;I CEHJ;I:7DI KD
8;7K <B79ED ;J Bn7D=E?II; ;N?IJ;DJ?;BB; InYL7:; 7L;9 :;I 79J;I
FIO9>EC7=?GK;I
 #; F7HJ7=; I;DI?8B;C;DJ KD; <EHC; :; IK8@;9J?L?JY
FEB?J?GK; GK7D: @nE99KF; B;I ;IF79;I ?DJ?C;I :; CED 9EHFI ;J :K
9EHFI :;Bn7KJH;:;<7XED?D7JJ;D:K;;JJHEK8B7DJ;?BIn7=?J:nKDCE:;
DY=E9?Y:;L?I?8?B?JY

,;BED &?9>;B EK97KBJ  9n;IJ IKH B; 9EHFI ?D9ECFHY>;DI?8B;


FYDYJH78B;>KCEH7B;JEF7GK;9EHFIEKL;HJ;J<;HCYGK;I;9HY;DJB;I
KJEF?;I
 BB;I D7?II;DJ :K 9EHFI BK? C[C; C7?I 9;I KJEF?;I I; IEDJ
;DIK?J; H;JEKHDY;I 9EDJH; BK?
 %; 9EHFI >KC7?D ;IJ Bn79J;KH FH?D9?F7B
:;JEKJ;I B;I KJEF?;I C7?I 7KII?:;JEKI B;I :?I9EKHI :; FEKLE?HB;
9EHFI ;IJ ;D C[C; J;CFI HY7B?JY >KCEH7B; ;J <?9J?ED KJEF?GK;
 %7
HY<B;N?EDJ>YEH?GK;GK? I;:YL;BEFF;:7DI9;JJ;H;9>;H9>; F7HJ :nKD;
FH7J?GK; 7HJ?IJ?GK; GK? FHEFEI; B7 H;D9EDJH; ;DJH; B7 C7J?ZH;


9EHFEH;BB; I7 HY7B?JY >KCEH7B; ;J B;I KJEF?;I
 %; 9EHFI Y9>7FF; U
BnKJEF?; U JH7L;HI IED 78@;9JB; FBKI ;NJH[C; B; 97:7LH; ;J U JH7L;HI
IED ?C7=; IE9?7B; 9EDIJHK?J; F7HB; H;<B;J :K C?HE?H
 &?9>;B EK97KBJ
DEKI CEDJH;GK;B;9EHFI ;IJB;FE?DJPYHE:KCED:;?B;IJ7K 9lKH
:K CED:; 9n;IJ U F7HJ?H :K 9EHFI GK; g @; h F7HB; H[L; ?C7=?D;
7F;HXE?I B; CED:;
 %; g @; h D?; 7KII? B; CED:; F7H B; FEKLE?H
?D:Y<?D? :;I KJEF?;I GK; g @; h ?C7=?D;
 n;IJ :K 9EHFI GK; IEHJ;DJ
JEKI B;I B?;KN FEII?8B;I HY;BI ;J KJEF?GK;I
 NFYH?C;DJ;H B; 9EHFI
J;IJ;HI;IB?C?J;IKJEF?GK;I;JHY;BB;I;IJB;:Y<?:;9;JJ;H;9>;H9>;GK?
H;JHEKL;:7DIBn78@;9JHYI?:KI;J>KC;KHIKD;B?C?J;KJEF?GK;;J:7DI
Bn?C7=; :K 9EHFI H;<B;J IE9?7B Bn7KJH;
 %;I ;NFYH?;D9;I 7HJ?IJ?GK;I
7F7?I;DJ <?9J?ED;BB;C;DJ BKJEF?; :K 9EHFI U JH7L;HI :;I H?JK;BI
:YJEKHDYI :n>O=?ZD; ;J :; 8;7KJY ;J 7L;9 :;I E8@;JI 9HYYI U F7HJ?H
:nKD 9EHFI >KCEH7B <H7=C;DJY
 %; :YI?H ;IJ FHELEGKY :; <7XED
JHEK8B7DJ;B;9EHFI ;IJ:ED9JEK9>YF7HJEKJ;I B;IB?C?J;I :;I KJEF?;I
FHEFEIY;I F7H&?9>;BEK97KBJ
%7BJYH?JY :K9EHFI F;KJ<?D7B;C;DJI;
B?8YH;H :;I IJYHYEJOF;I :K FE?:I :; B7BE?;J :;I CEKB;I IE9?7KN GK?
HY=?II;DJBn?C7=; C?HE?H


%7 B?8YH7J?ED :K 9EHFI >KCEH7B C[C; B?C?JY 7K 97:H; :;I <?9J?EDI
7HJ?IJ?GK;I ;IJ KD79J; FEB?J?GK;
 %; 9EHFI GK? In;NFYH?C;DJ; EH=7D?
GK;C;DJ F7HJ7=; KD; I;DI?8?B?JY 7HJ?IJ?GK; 97F78B; :; H;IJHK9JKH;H
IED FHEFH; EH:H; IOC8EB?GK;
 %7 DEJ?ED :; FEB?J?GK; GK; @n;II7?;
:; JEK9>;H 7L;9 C;I lKLH;I >KCEH7B;I Dn7 H?;D U LE?H 7L;9
Bn;IJ>YJ?I7J?ED :; B7 FEB?J?GK; FHEFH; U BnV=; :;I C7II;I
 ;JJ;
;IJ>YJ?GK; <ED9J?EDD; FBKJaJ 9ECC; KD IOIJZC; :; <EHC;I GK?
:YJ;HC?D;DJ 9; GK? I; :EDD; U H;II;DJ?H :7DI Bn;NFYH?;D9; 7HJ?IJ?GK;


EH=7D?GK;;JDED9ECC;KD;I7?I?;F;HL;HI;:;B7FEB?J?GK;F7HKD;
LEBEDJY :n7HJ F7H B7 F;DIY; :K F;KFB; 9ECC; lKLH; :n7HJ
 %;
FEB?J?GK;UBnlKLH;D;IJF7IB;N;H9?9;:KFEKLE?HEK:;BKJJ;FEKHB;
FEKLE?H C7?I KD; 9EDIJHK9J?ED :Y 9EDIJHK9J?ED :;I <EHC;I :;
L?I?8?B?JY:;IC7D?ZH;I:[JH;;J:;I<7XEDI:;I;DJ?H;J:?H;
"BD;In7=?J
F7I :; HYIEK:H; B;I J;DI?EDI :; B7 IE9?YJY C7?I :; JYCE?=D;H ;J
H;B7J?L?I;HB;I9ED<B?JIGKn;BB;Dn;IJF7I97F78B;:;:YDEK;H


&;I lKLH;I :;L?;DD;DJ CED ;NFYH?;D9; I;DI?8B; :K CED:; I7DI


FEKH 7KJ7DJ FH7J?GK;H KD; <7KII; >7HCED?I7J?ED ;DJH; B; I;DI?8B; ;J
B; IF?H?JK;B
 %7 9EDI9?;D9; GK; BnKJEF?GK; H;IJ; KD; KJEF?; B?8ZH;
Bn7HJ :nKD; H;IFEDI78?B?JY FEB?J?GK; ;<<;9J?L;
 ;J 7HJ DCGH IHCD=EI9
GK? YJ78B?J :;I H;B7J?EDI FHEFH;I ;DJH; 7HJ ;J L?; 9>;H9>; KD;
H;9EDIJHK9J?ED:;IH;B7J?EDI:7DI B;J;HH?JE?H;:K9ECCKD
%7FH?I;:;
FEI?J?ED FEB?J?GK; D; IYJ78B?J F7I 9ECC; KD @;K :; FEKLE?H KD;
KJ?B?I7J?ED :; B7 H;IFEDI78?B?JY 7FF;BY; :YCE9H7J?GK; C7?I FHEFEI;
KDF7HJ7=;:;II;DJ?C;DJI 9ECCKDIB?YI7K9EHFIEH=7D?GK;
&ED7HJ
J;DJ;:7IIKC;HKD;H;B7J?EDGK?:YI7HC;B;FEKLE?HF7HKD;C?I;;D
IKIF;DI :;IDEHC;I:;B;NFYH?;D9;I;DI?8B;
,;BED#79GK;I +7D9?ZH;
?B ;IJ FBKI HYLEBKJ?EDD7?H; :; JH7L7?BB;H :7DI BEK7J; :K I;DI?8B;
FHE<ED: GK; :n?CFEI;H B; 9>7D=;C;DJ IE9?7B F7H B7 <EH9;
 %lKLH;
:n7HJ B?8H; ;J I7DI LEBEDJY IKIF;D: B;I H;B7J?EDI :; :EC?D7J?ED
 %;I
7L7DJ =7H:?IJ;I CE:;HD;I 9HEO7?;DJ;DB7FEII?8?B?JY:;JH7DI<EHC7J?ED
:; B7FF7H;D9; ;D HY7B?JY
 %; HY;B :E?J ;D ;<<;J [JH; <?9J?< FEKH [JH;
F;DIY;J HY 7HJ?9KBY
K@EKH:n>K??BD; In7=?JF7I :; 9EDI?:YH;HB; HY;B
9ECC;KD;<?9J?EDC7?I:;9EDIJ7J;HGK;B7<?9J?ED;IJ>YJ?GK;7:Y<?D?
:;I CE:ZB;I :; 9EDD;N?ED ;DJH; FHYI;DJ7J?ED :; <7?JI g HY;BI h ;J


<EHC;I :n?DJ;BB?=?8?B?JY GK? 8H?I;DJB7 <HEDJ?ZH; ;DJH;H7?IED :;I <7?JI ;J
H7?IED:;B7<?9J?ED

%;:YB?97JYGK?B?8H;;DJH;HY7B?JYEH=7D?GK;;J<?9J?EDIF;H<EHC7J?L;I;IJ
9EDIJ7DJ :7DI C;I lKLH;I
 #n;II7?; JEK@EKHI :; =7H:;H KD; 9;HJ7?D;
HY7B?JY L?I9YH7B; EKC[C; g78@;9J; hF7HB7FHYI;D9;:;CED9EHFI
9>7HD;B >KCEH7B EK HYI?:K;B
 i F7HJ?H :;I 9ED9;DJH7J?EDI FBKI EK
CE?DI YL?:;DJ;I :; HY7B?JY EH=7D?GK; EK :; <?9J?ED F;H<EHC7J?L; @n7?
EH=7D?IYC7FHE:K9J?ED7HJ?IJ?GK;;D:;KN =HEKF;I :;C7JYH?7B?I7J?ED
FEYJ?GK;
 7DI B; FH;C?;H =HEKF; 9>7F?JH;I   ;J  B; 9EHFI
D9F:CFA9 IED Y9EKB;C;DJ ;J IED ;DJH;J?;D 7K JH7L;HI :; L?:YEI
F;H<EHC7D9;I ;JF>EJE=H7F>?;I
&ED9EHFI ;JB;9EHFI:;Bn7KJH;IEDJ
FHYI;DJI;DJ7DJGK;IKFFEHJI;DI?8B;:7DIBn;NFYH?C;DJ7J?ED9>7HD;BB;
:; <?9J?EDI EH=7D?GK;I
 %n7IF;9J H?JK;B ;IJ ;NFB?9?J; ;J Bn;II;D9;
FEYJ?GK; HYI?:; :7DI B; CEC;DJ KD?GK; :; Bn;NFYH?;D9; 9EHFEH;BB;
CEC;DJ7FHZIB;GK;B?BD;H;IJ;GK;:;IYBYC;DJIF>EJE=H7F>?GK;IEK
<?BC?GK;I
 %7 HY7B?JY EH=7D?GK; :; B7 C7J?ZH; F;KJ :ED9 :?IF7H7^JH;
:7DI 9;JJ; L?HJK7B?JY 7I;FJ?IY;
 %7 FK?II7D9; 7HJ?IJ?GK; :; 9;I
FHEFEI?J?EDI D; HYI?:; FEKHJ7DJ F7I :7DI BnlKLH; <?D?; L?:YE EK
F>EJE=H7F>?;C7?I:7DIBn;NFYH?;D9;I;DI?8B;;JYF>YCZH;IK8?;F7H
B; 9EHFI
 7DI B; 9>7F?JH;  B7FEYJ?GK; :; B7 H;B?GK; I; C7JYH?7B?I;
:7DI :;I E8@;JI ;J :;I ?DIJ7BB7J?EDI 9EDIJHK?JI U F7HJ?H :; C7J?ZH;I
EH=7D?GK;I
 ?<<YH;DJI HYI?:KI 9EHFEH;BI E<<;HJI F7H :;I 7C?I EK
9EBB;9JYI IKH CED FHEFH; 9EHFI EDJ YJY KJ?B?IYI FEKH B7 HY7B?I7J?ED
:; B?LH;I :n7HJ?IJ;I ?DIJ7BB7J?EDI J79J?B;I 9EBB;9J?EDI :n7FEJ>?97?H;I
97:H;I 8E^J;I 8?@EKN H;B?GK7?H;I ;J9
 )EKH 9;I LYH?J78B;I H;B?GK;I
EH=7D?GK;I CE?DI L?L7DJ;I ;J FBKI C7JYH?;BB;I Bn;II;D9; :K J;CFI


7HJ?IJ?GK; ;IJ <?=Y; ;J Bn7IF;9J H?JK;B 8;7K9EKF CE?DI YL?:;DJ
 &7?I
:7DI9>79KD;:;9;IFEII?8?B?JYIB;HY;B;IJHY 7HJ?9KBY;J<?9J?EDDY


#n7? IJHK9JKHY C7 J>ZI; U F7HJ?H :; C;I lKLH;I 9>7GK; 9>7F?JH;
EFYH7DJ KD H;=HEKF;C;DJ J>YC7J?GK; 7KJEKH :; FBKI?;KHI lKLH;I ;J
9>7GK;lKLH;EK=HEKF; :nlKLH;II?C?B7?H;I:EDD;B?;KUKDIEKI
9>7F?JH; GK? <7?J YJ7J :;I GK;IJ?EDI IOC8EB?GK;I FEYJ?GK;I ;J
F;HIEDD;BB;I GK? EDJ CEJ?LY I7 9HY7J?ED
 i 9;JJ; 87I; ;DJH; B;I
GK;IJ?EDI I;DI?8B;I ;J B;I 7IF;9JI <EHC;BI :; BnlKLH; In7@EKJ; :;I
HY<YH;D9;IU:?L;HI9>7CFI J>YEH?GK;I
;IHY<YH;D9;IGK?Y9>7FF;DJ
IEKL;DJ 7K :EC7?D; FKH;C;DJ ;IJ>YJ?GK; <EDJ F7HJ?; IE?J :;I
9EDJ;DKI GK? EDJ 7?:Y U <ED:;H BnlKLH; EK IEDJ :;I J;DJ7J?L;I
FEIJYH?;KH;I :; :Y9EHJ?GK;H 9;I ;D@;KN IOC8EB?GK;I
 #n;NFBEH; 7KII?
B;I lKLH;I :n7HJ?IJ;I GK? :?7BE=K;DJ 7L;9 C;I ?DJYH[JI 7HJ?IJ?GK;I

;BB;I 9? L?;DD;DJ :nKD?L;HI 7HJ?IJ?GK;I JHZI :?L;HI
 ;HJ7?DI 7HJ?IJ;I
IEDJ :;I H;FHYI;DJ7DJI :;B7I9ZD; 7HJ?IJ?GK; 9EDJ;CFEH7?D; :n7KJH;I
IEDJJHZI @;KD;I ;JFH;IGK;7DEDOC;I:Y9EKL;HJIIKHBn?DJ;HD;JEK7K
JH7L;HI :nY9>7D=;I F;HIEDD;BI
 %; 9>E?N :;I lKLH;I 7D7BOIY;I F;KJ
[JH;C?I;DF7H7BBZB;:?H;9J7L;9CEDlKLH;EK7L;9B;I J>YEH?;I GK;
@n;II7?; :n7HJ?9KB;H U F7HJ?H :;I GK;IJ?EDI IEKB;LY;I 7L;9 C7
FHE:K9J?ED 7HJ?IJ?GK;
 ,KH 9;I HY<YH;D9;I @n;II7?; JEK@EKHI :; =7H:;H
KD FE?DJ :; LK; ?D:?L?:K;B ;J 9H?J?GK; <ED:Y IKH CED 7BJYH?JY DED
E99?:;DJ7B;


7DI9;I;NFYH?;D9;IB;9EHFI;IJ<H7=C;DJY;JH; C7JYH?7B?IY >EHI :;


B7 DEHC; HY=KB7JH?9; KD; DEKL;BB; H;B7J?ED IOC8EB?GK; ;IJ 7?DI?
YJ78B?; ;DJH; B; 9EHFI ;JI;I HYI?:KI
%7 C7J?ZH; >KCEH7B; <H7=C;DJY;
:K 9EHFI HY;B FYDZJH; 7HJ?IJ?GK;C;DJ :7DI B; 9EHFI KJEF?GK; 9HY7DJ


KD;?C7=;:YJEKHDY;97F78B;:;H;C;JJH;;D97KI;DEDI;KB;C;DJB;I
KJEF?;I C7?I 7KII? B7 HY7B?JY :;Bn?C7=; H;<B;J :K9EHFI IE9?7B
 %nE8@;J
7HJ?IJ?GK; 9EDIJHK?J U F7HJ?H :;I HYI?:KI 9EHFEH;BI :;L?;DJ BnE8@;J
g JH7DI?J?EDD;B h EK g 7=;DJ IE9?7B h  B7 C7D?FKB7J?ED ;J B; 9EDJ79J
F>OI?GK; 7L;9 BnE8@;J IEDJ FBKI ?CFEHJ7DJI GK; BnE8@;J BK? C[C;

,?JKY;I ;DJH; ;NFYH?;D9; I;DI?J?L; FV9@@9 ;J :=7H=CBB9@@9 B;I FH7J?GK;I
7HJ?IJ?GK;I 79J?L;DJ :;I E8@;JI g JH7DI?J?EDD;BI h GK? F;KL;DJ 7IIKC;H
KD HaB; :; A5GEI9 EK :; 7CGHIA9 ;D FHEFEI7DJ :;I F;HIEDD7=;I
;J B;KH >?IJE?H;
 DJH; B?DJ?C?JY :;I H?JK;BI :; 8;7KJY ;J :>O=?ZD;
F;HIEDD;BB; ;J B; I79HY :;I H?JK;BI FH?C?J?<I :n;N9BKI?ED ;J :;
FKH?<?97J?ED 9;I ;NFYH?;D9;I 7HJ?IJ?GK;I 9ED9;HD;DJ 7KII? 8?;D B;
9EDJ;NJ;IE9?E9KBJKH;BGK;J>DE=H7F>?GK;


%;I ;NFYH?;D9;IFHYJ;D:;DJ<7?H; H;II;DJ?H7K9EHFI B;D<;HC;C;DJIKH


IE? B;<7?J :;N?IJ;H ;D<?D >EHI :; JEKJ; KJEF?;7L;9JEKJ;I7 :;DI?JY
>KCEH7B; ;D 9EDJ79J 7L;9 IED FHEFH; HYI?:K ;J :Y<EHCY :7DI I;I
HY<B;N;I IE9?7KN
 ;JJ; FH7J?GK; 7HJ?IJ?GK; GK? F;KJ IEKL;DJ F7H7^JH;
7C8?=K\ FHEFEI; KD; 9H?J?GK; >EH?PEDJ7B; Eb :YI?H ;J HYFKBI?ED I;
FB79;DJ ;DJH; B;I IOIJZC;I :Y9>7D=;I IOC8EB?GK;I FH?C?J?<I ;J
9EDJ;CFEH7?DI
 "B In7=?J :n;DL?I7=;H :nKD FE?DJ :; LK; 9H?J?GK;
Bn7BJYH?JY ?DJYH?;KH; :K 9EHFI 9ECC; CEH9;BY; <H7=C;DJ7?H;
9>7EJ?GK; <BK?:; ;J IK@;JJ; 7KN FKBI?EDI
 %7BJYH?JY :K 9EHFI :;
Bng7KJH;h;J:Kg@;h B; 9EHFI:;Bn7HJ?IJ;:K:ED7J;KH>KCEH7B;J
:K IF;9J7J;KH F7HJ?9?F7DJ  I; CYB7D=;DJ U Bn;D:HE?J Eb BnKJEF?;
In;<<ED:H; ;J Bn7BJYH?JYF;KJ 7?DI?C7JYH?7B?I;H:;I <?9J?EDI <ED:Y;I F7H
FKH;EH=7D?9?JY



'Y7DCE?DI @n?DI?IJ; IKHB; <7?JGK; 9;JJ; ?DL;IJ?=7J?ED D; I; FHEFEI;
F7I :YJ78B?H KD; GK;B9EDGK; LYH?JY 7KJEKH :nKD; 7BJYH?JY EK :nKD;
KJEF?; 9EHFEH;BB; C7?I IKHJEKJ :EKLH?H B; 9EHFI U B;NFYH?C;DJ7J?ED
9H?J?GK; ;J U I;I FHEFH;I <H7=?B?JYI EH=7D?GK;I
 %7 HY<B;N?ED FHYJ;D:U
KD:?7BE=K;;DJH;B7FEYJ?GK;;JB;I 9EDJ;DKI J>YEH?GK;I :;Bn7HJFEKH
FHECEKLE?HB;:YL;BEFF;C;DJ:KD;9HY7J?EDYJ>?GK;;JI;DI?8B;C;DJ
;D=7=Y; :7DI IED J;CFI
 "B In7=?J :nKD; HY<B;N?ED 7KJEKH :nKD 9EHFI
GK? HY78IEH8; B;I g :7D=;HI h :; I7 FHEFH; EH=7D?9?JY :7DI KD;
;NFYH?C;DJ7J?ED I;DI?8B; FEYJ?GK; 9H?J?GK; ;J JH7DI=H;II?L;
 .D H?J;
I7DI COJ>; I7DI ?;K ;J I7DI KJEF?; C7?I 7L;9 JEKJ; B7 :;DI?JY
9>7HD;BB; :K I79HY I79H?<?9;I 9YHYCED?;I C7IGK;I C7GK?BB7=;I ;J
9EIJKC;IBnE8@;9J?<YJ7DJ:;:EDD;HKDFE?:I:;IEB;DD?JY<?9J?EDD;BB;
UB7 HY7B?JY9HK; :K 9EHFI>KCEH7B
.DFHE9;IIKIGK?D;InYJ78B?JF7I
9ECC;9;BK?:K9EHFIGK?H;JEKHD;9EDJH;IE?IEDFEKLE?HKJEF?GK;;J
GK? :;L?;DJ FHE:K?J :; I;I FHEFH;I <7DJ7IC;I U JH7L;HI Bn;IF79;
H;B?=?;KNC7?I8?;D7K9EDJH7?H;B;9EHFIGK?<7?J<79;UI;I<7DJ7IC;I
FEKH 9HY;H KD DEKL;7K H?J; :; IK8B?C7J?ED  B?8H; 9>7HD;B DED
KJEF?GK; FB;?D :; :YI?H ;J :; @E?; >KCEH7B; I7DI B;I J79>;I :; B7
9KBF78?B?JYH;B?=?;KI;EK:KH;<EKB;C;DJIE9?7B:;IJH7KC7I
.D9EHFI
JH7L;HIY F7H :;I ?DJ;DI?JYI FEYJ?GK;I ;J 7F7?IY :; I;I KJEF?;I FEKH
;NFYH?C;DJ;H7HJ?IJ?GK;C;DJJEKJ;I7HY7B?JY9>7HD;BB;;J>KCEH7B;

ECFH;D:H;9ECC;DJGK7D:;JEbB;I<7DJ7IC;I;JB;IJ78EKIB?YI7K
9EHFI EH=7D?GK; I; IEDJ <EHCYI ;IJ KD; :YC7H9>; 9EDIJ7DJ; :7DI B7
H;9>;H9>;
 %;I IEKH9;I KJ?B?IY;I FEKH B7 9HY7J?ED ;J Bn7D7BOI; :;I
lKLH;IInYJ;D:;DJ:K9>7CF;J>DE=H7F>?GK;:;IH;B?=?EDI FH?C?J?L;I
UCEDGKEJ?:?;DKH87?DIE9?7B;J?DJ?C;U)7H?I
&;I9;DJH;I :n?DJYH[J


IOC8EB?GK; IEDJ CKBJ?FB;I ;J L7H?YI @; FHEFEI; KD; H;9>;H9>;
7HJ?IJ?GK; ?DJ;H:?I9?FB?D7?H; GK? F7HJ :; C;I lKLH;I :n7HJ FEKH
JH7L;HI;H :;I :EC7?D;I J>YEH?GK;I F;K KIK;BI YJ78B?II7DJ 7?DI? KD
:?I9EKHI <H7=C;DJ7?H; ;J DED EHJ>E:EN;
 %n7IF;9J >?IJEH?GK; @EK; KD
HaB; <ED:7C;DJ7B FEKH 9ECFH;D:H; 9ECC;DJ B;I J78EKI ;J B;I
?DJ;H:?9J?EDI :; 9ECFEHJ;C;DJ EDJ YJY <ED:YI ;J ?D9EHFEHYI
F;H<EHC7J?L;C;DJ F7H DEI 9EHFI IE9?7KN 9EDJ;CFEH7?DI
 ,ED
:YFBE?;C;DJ :7DI B;I 9>7CFI FIO9>7D7BOJ?GK; FEB?J?GK; ;J>DE
=H7F>?GK; IE9?7B ;J H;B?=?;KN IEDJ Y=7B;C;DJ ?D:?IF;DI78B;I FEKH
:YL;BEFF;HKD;<7XED:;IEHJ?HUJH7L;HIBn7HJ:K9;H9B;L?9?;KNEbB;I
J78EKI 9EHFEH;BI DEKI H;IJH;?=D;DJ=;IJK;BB;C;DJ ;JIOC8EB?GK;C;DJ

#;II7?;I;KB;C;DJ:; 9ECFH;D:H;9;HJ7?DI 7IF;9JI J>YEH?GK;I :; 9;I
9EDJ;DKI GK?F;KL;DJY9B7?H;HC;I ?DJYH[JI ;J ?DJ;DJ?EDI IOC8EB?GK;I
:7DI B; :YL;BEFF;C;DJ :nKD; :YC7H9>; 7HJ?IJ?GK; YJ>?GK;
 -EKJ 7K
BED=:;9;JJ;H;9>;H9>;@n7?FK?IY:7DI :?<<YH;DJ;I IEKH9;IJ>YEH?GK;I
FEKH <ED:;H C;I ?:Y;I FHEFEI;H :;I ;NFYH?;D9;I ;J 7D7BOI;H B;I
HYIKBJ7JI
 %; JH7L7?B :nYJK:; :; HY7B?I7J?ED ;J :; FEIJ FHE:K9J?ED :;I
lKLH;I 9ECC; B; FHE9;IIKI :; HY:79J?ED :; B7 J>ZI; EDJ YJY
IKF;HFEIYI <H7=C;DJYI ;J HYEH=7D?IYI U FBKI?;KHI H;FH?I;I
 %;I
<H7=C;DJI :; 9EHFI :; H?JK;BI :nE8@;JI ;J :; J>YEH?; EDJ FH?I <EHC;
F;J?J U F;J?J 9ECC; KD F5B?9BGH9=B 9ED9;FJK;B GK? YC;H=; :;
Bn78@;9J?ED ?D<EHC; ;J I;DI?8B; GK? <ED:; CED J;HH7?D 7HJ?IJ?GK;
 #;
LEKI ?DL?J; :ED9 U ;NFBEH;HCED KD?L;HI 7HJ?IJ?GK; ?DJ?C;;J7C8?=K
Eb B;I FK?II7D9;I :nKJEF?; ;J :; HY7B?JY YJ78B?II;DJ :;I H?JK;BI
FHE<ED:YC;DJI;DI?8B;I7KJEKH:K9EHFI;J:;I;IHYI?:KIEH=7D?GK;I


g,CIH97I@HIF9D9IH XHF97CBG=8VFV97CAA9IB9BG9A6@989GMGHWA9GGMA6C@=EI9G 5I

DF9A=9F F5B; 89GEI9@G G9 D@579BH @9 @5B;5;9 @9G FW;@9G A5HF=ACB=5@9G @9G F5DDCFHG
V7CBCA=EI9G @j5FH @5G7=9B79 @5 F9@=;=CB
,CIG 79G GMGHWA9G J=G9BH R 9LDF=A9F 79FH5=BG
5GD97HG 89@5FV5@=HVD<MG=EI99H89@5FV5@=HVGC7=5@99HD@IG9B7CF9@9GF9@5H=CBG EI979G
89ILHMD9G89FV5@=HV9BHF9H=9BB9BH9BHF99IL9HEI9@9GGMGHWA9GGMA6C@=EI9G9IL AXA9G
9BHF9H=9BB9BH @9G IBG5J97@9G5IHF9Gh
 B7K:;%Q/" ,-+.,, !BHFC8I7H=CBR@jhIJF989
%5F79@%5IGG )7H?I). FF
  
 ;JJ;H;9>;H9>;FHYJ;D:FEKHJ7DJ8EKI9KB;H
B7 :Y<?D?J?ED IJHK9JKH7B?IJ; GK; B7K:; %YL? ,JH7KII :EDD; :K IOC8EB?GK;
 %7 DEJ?ED
:ngV7<5B;9GMA6C@=EI9d:YL;BEFFYF7H#;7D7K:H?BB7H:;IJFBKI 7:YGK7J;7KNFHEFEI
:;B7H;9>;H9>;
c$9GMA6C@=EI9Bj9GHB= IB7CB79DHB=IB9=BGH5B79CIIB975HV;CF=9B=
IB9cGHFI7HIF9d A5=G IB57H98jV7<5B;99H IBF5DDCFH GC7=5@ EI= A9H :=B 5I FV9@EI=
FVGCIH @9 FV9@ 9H 8I AXA9 7CID @jCDDCG=H=CB  9BHF9 FV9@ 9H =A5;=B5=F9
 d #;7D
.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: F
 

#KB?7$+",-/(CIJC=FG89@j<CFF9IFGG5=GIF@j56>97H=CB)7H?I,;K?B  FF
 

 #K:?J> .-%+ 9G 7CFDGEI=7CADH9BH 9@5A5HVF=5@=HV9H 89G @=A=H9G 8=G7IFG=J9G8I

G9L9)7H?ICIJ;H:7C 

  &?9>;B :;+-. $j=BJ9BH=CB8I EICH=8=9B.C@


  FHG 89:5=F9 )7H?I 7BB?C7H:


  #79GK;I +'"r+ $9D5FH5;98IG9BG=6@9 GH<VH=EI99H DC@=H=EI9 )7H?I%778H?GK;

&?9>;B(..%-$97CFDGIHCD=EI9$9G<VHVFCHCD=9G)7H?IQ:?J?EDI%?=D;I 



 



B  

 



B  

 



L7DJCED:YCYD7=;C;DJ;DH7D9;GK7D:@;D;9EDD7?II7?IBn5IHF9
9KBJKH;B ;KHEFY;DGK; IKF;H<?9?;BB;C;DJ @;9HEO7?I [JH; IEKC?I; 7KN
C[C;I87I;I ?:YEBE=?GK;IGK;B;IE99?:;DJ7KNIK?J;7KFHE9;IIKI :;
9EBED?I7J?ED:;CEDF7OI
;D;IJGKnKD;<E?I ;<<;9J?L;C;DJ?DIJ7BBY;
;DH7D9;GK;@n7?9ECC;D9YU9ECFH;D:H;B;IDK7D9;IIOC8EB?GK;I
9KBJKH;BB;I ;J IKHJEKJ :; 9ECFEHJ;C;DJ GK? CnYBE?=D;DJ YDEHCYC;DJ
:KCE:ZB;;KHEFY;D
#;C;IK?I H;D:K; 9ECFJ; GK; @; H;FHYI;DJ;U
LEI O;KN ;KHEFY;DI KD; 7BJYH?JY ;NEJ?GK; D? E99?:;DJ7B; ;J D?
EH?;DJ7B;
,?@;Dn7L7?I@7C7?IGK?JJYB;HYI?BFEKHL?LH;YJK:?;H;J<7?H;
:; Bn7HJ ;D H7D9; @; Dn7KH7?I @7C7?I FK 9ECFH;D:H; 9;HJ7?D;I
GK;IJ?EDI H;B7J?L;I U CED ?:;DJ?JY 7HJ?IJ?GK; ;J F;HIEDD;BB; EK C[C;
HY7B?I;H9;HJ7?D;I lKLH;I
%n7BJYH?JY 77?=K?IYCED;IFH?J9H?J?GK;C;I
9>E?N IOC8EB?GK;I ;J C;I 8;IE?DI 7HJ?IJ?GK;I
 nYJ7?J <?D7B;C;DJ B7
:Y9EKL;HJ; :; CED 7BJYH?JY L?I U L?I :; Bn7KJH; E99?:;DJ7B ;J EH?;DJ7B
GK?<KJB;9H;KI;JGK?79ED:K?JUB7FHE:K9J?ED7HJ?IJ?GK;;JUBnY9H?JKH;
:;B7J>ZI;


-EKJ7KBED=:;9;JJ;H;9>;H9>;;J7KII?:7DIC7L?;F;HIEDD;BB;@n7?
;II7OY:;=7H:;HCEDH;=7H:9H?J?GK;FEIJ 9EBED?7B;JDED E99?:;DJ7B
FEKH Y9>7FF;H U Bn;NEJ?IC; FH?C?J?L?IJ; B?Y U Bn?C7=; :K HYI?B
 %;I
7DJ>HEFEBE=K;I<H7DX7?I 7:EH;DJB;JH7L7?B:;J;HH7?D7KHYI?B
;FK?I
B7K:; %YL? ,JH7KII  7K CE?DI Bn7BJYH?JY ;NEJ?GK; 8HYI?B?;DD; ;IJ
:;L;DK; U B7 CE:; ;D H7D9;
 ;F;D:7DJ B;I J;CFI EDJ 9>7D=Y ;J


7K@EKH:n>K? B; 9EBED?IY F;KJ 7KII? HY7B?I;H ?DL;HI;C;DJ KD JH7L7?B
7DJ>HEFEBE=?GK; 9>;P B; 9EBED?I7J;KH
 D J7DJ GKn7HJ?IJ; :K 9EHFI
>KCEH7B @; HY7B?I; ;D H7D9; KD JH7L7?B :n5FH=GH9 9B 9H<BC;F5D<9
9ECC; B; FHEFEI; !7B EIJ;H 
 #n;II7?; :; JHEK8B;H B7 >?YH7H9>?;
9EBED?I7JH?9; :;I (99?:;DJ7KN FEKH H;=7H:;H B; 9ECFEHJ;C;DJ
L?I U L?I :K 9EHFI >KCEH7B :; <7XED B?8H; ;J :YJ79>Y; :;I L7B;KHI
?CFYH?7B?IJ;I ;J@K:YE 9>HYJ?;DD;IGK?:EC?D;DJB;J;HH?JE?H; ;KHEFY;D
;J B;I L7B;KHI CYJ?II;I :; 9;HJ7?D;I 9KBJKH;I 9EBED?IY;I
 ,;BED !7B
EIJ;H9n;IJ7KDEC:;Bn5IHF99KBJKH;B;J EK;J>DE=H7F>;GK;Bn7HJ?IJ;
9EDJ;CFEH7?D ;D=7=Y I; 87J B; FBKI IEKL;DJ
 %n7KJ;KH DEKI CEDJH;
GK; :7DI Bn7D9?;D CE:ZB; CE:;HD?IJ; FHE:K9J?L?IJ; B7BJYH?JY
;IJ :; D7JKH; IE9?7B; ?B In7=?J :K FHEBYJ7H?7J ;NFBE?JY  :7DI B;
F7H7:?=C; FEIJ 9EBED?7B FYH?F>YH?GK; ;J IEKI 9KBJKH;B EFFH?CY
Bn7BJYH?JY ;IJ 9KBJKH;BB;
 "B IEKB?=D; ;D9EH; GK7K@EKH:n>K? :7DI Bn7HJ
GK7I?7DJ>HEFEBE=?GK;Bn7IIE9?7J?EDFH?C?J?L?IJ;:;Bn?D9EDI9?;DJ;J:;
Bn5IHF9 I; H;D9EDJH; H7H;C;DJ ;J GK; B7 FHE@;9J?ED :; B7 LYH?JY
FEB?J?GK;IKHBn5IHF9EKBnYJH7D=;HFHE:K?J:;I;<<;JIFHE8BYC7J?GK;I


%; g FH?C?J?< h 7 <7?J E8@;J :nKD; FHE@;9J?ED F7H B; IK@;J 8B7D9
E99?:;DJ7B 9ECC; H;FHYI;DJ7DJ:KIJ7:; EH?=?D;B:;IED :YL;BEFF;
C;DJ FIO9>?GK;
 %; H7FFHE9>;C;DJ ;DJH; B; FH?C?J?< Bn5IHF9 ;J
B?D9EDI9?;DJ 9EDIJ?JK; B; <7DJ7IC; FH?C?J?L?IJ;
 ;JJ; FHE@;9J?ED :K
FH?C?J?<:7DI B; HY;B GK? ;IJ C7D?<;IJ;C;DJ H79?IJ; ;IJ ;D9EH; J;D79;
97H ;BB; 9EDIJ?JK; B; <ED:;C;DJ :;I HY9?JI :; Bn>?IJE?H; ;D J7DJ GK;
:YL;BEFF;C;DJ ;J :; B7 9?L?B?I7J?ED ;D J7DJ GK; >?YH7H9>?;
 !7B
EIJ;H IEKB?=D; GK; I7DI B7 :Y9EDIJHK9J?ED :K <7DJ7IC; FH?C?J?L?IJ;
Bn5IHF9 H;IJ; 7IIE9?Y U B?D9EDI9?;DJ ;J JEKJ; ;NFBEH7J?ED :; Bn7BJYH?JY


J?H;B;GC= :K9aJY:;Bn5IHF9FEKH9EDJ?DK;HUC;JJH;B;GC= ;D;N;H=K;
FBKJaJ GK; :; H;9EDD7^JH; Bn5IHF9 :7DI B; GC=
 ; <7DJ7IC; :E?J
[JH; 7D7BOIY ;J C?I ;D GK;IJ?ED I;BED B; DEKL;7K F7H7:?=C;
GK? H;L;D:?GK; B7 :?<<YH;D9;
 K@EKH:n>K? :7DI DEJH; Y9EDEC?;
CED:?7B?IY;Bn?:Y;:nKD;;NJYH?EH?JYFKH;;IJFH7J?GK;C;DJ?CFEII?8B;

"B :;L?;DJ FH?CEH:?7B :n787D:EDD;H :7DI B7 FH7J?GK; ;J :7DI B7
J>YEH?; B;I IJHK9JKH;I 9KBJKH;BB;I 8?D7?H;I :n7BJYH?JY FEKH:;I CE:ZB;I
H;B7J?EDD;BI :; :?<<YH;D9; :;I ;IF79; J;CFI :?I9EDJ?DKI FEKH :;I
PED;I<HEDJ?ZH;IC?NJ;I

%n5IHF9 YJH7D=;H ;J ;NEJ?GK; FHEL;D7DJ :K <7DJ7IC; FH?C?J?L?IJ; :K


CE:;HD?IC;E99?:;DJ7B9n;IJCE? C[C;
)EKHKDH;=7H:IKF;H<?9?;B;J
9EBED?I7J;KH @; F;KN JHZI 8?;D <?=KH;H B; IJYHYEJOF; :nKD; <;CC;
g DED 9?L?B?IY; h :K J?;HI CED:; JHEF?97B ;J C7HGK;H B7 :?<<YH;D9;
;DJH; 9EBED?I7J;KH ;J 9EBED?IY
 )EKHJ7DJ 9n;IJ @KIJ;C;DJ U 97KI; :;
B7 9EBED?I7J?ED GK; DEKI D; IECC;I F7I LH7?C;DJ :?<<YH;DJI :7DI
B7 :OD7C?GK; 9?L?B?I7JH?9;
 %; CE:ZB; ;KHEFY;D :; 9?L?B?I7J?ED 7
YJY ;NFBE?JY F7HJEKJ :7DI B; CED:; ;J ?B ;IJ ?CFEII?8B; :nYJ78B?H
KD; >?YH7H9>?; 9?L?B?I7JH?9; :7DI DEI IE9?YJYI 9EDJ;CFEH7?D;I
 %;
g FH?C?J?< h :K CE:;HD?IC; Dn;N?IJ; F7I B;I :?<<YH;D9;I D; F;KL;DJ
F7I [JH; ?:;DJ?<?Y;I ;D D?L;7KN :; 9?L?B?I7J?ED C7?I ;D J;HC;I
9KBJKH;BI :; :?<<YH;D9;I C7HGKY;I F7H B;I FHE9;IIKI ?D:?L?:K;BI
:n78IEHFJ?ED ;J :n7FFHEFH?7J?ED :K CE:ZB; 9KBJKH;B E99?:;DJ7B
 D
78EH:7DJ:;IGK;IJ?EDI:n>O=?ZD;F;HIEDD;BB;;J:;I7B;JYKH87?D;F7H
;N;CFB; @; F;KN 9EDI?:YH;HB7IE9?YJY 8HYI?B?;DD;9ECC;8;7K9EKF
FBKIg9?L?B?IY;hGK;B;IIE9?YJYI;KHEFY;DD;I
&7?I?BD;In7=?JF7I:;
GK;IJ?EDD;H Bn7HJ U JH7L;HI :;I GK;IJ?EDI L;HJ?97B;I :;I :?79>HED?;I


;DJH; EFFH;II;KH ;J EFFH?CY 9EBED?I7J;KH ;J 9EBED?IY 9?L?B?IY ;J
FH?C?J?<C7?I :n7LE?HKDH;=7H:7HJ?IJ?GK; ;DL;HI Bn5IHF9 9KBJKH;B;JB7
FEII?8?B?JY:nKD;7BJYH?JYCYJ?IIY;

!7B EIJ;H IEKBZL; ;D9EH; B;I :7D=;HI :; Bn;NEJ?I7J?ED :K GC=
9ED:?J?ED :7DI B7GK;BB; Bn;DL?; ;J>DE=H7F>?GK; :; Bn7HJ F;KJ [JH;
HY:K?J; U KD; ?:Y7B?I7J?ED :K GC= :; Bn7DJ>HEFEBE=K; HY?DL;DJY ;D
J7DJ GKn?DJ;HFHZJ; 7HJ?IJ?GK; :K J;NJ; 9KBJKH;B
 ?DI? C7 :YC7H9>;
7HJ?IJ?GK; I; FHYI;DJ; 9ECC; KD; J;DJ7J?L; :; :Y<?;H g Bn7KJEH?JY
;J>DE=H7F>?GK;hUJH7L;HI B7:Y9EDIJHK9J?ED9EBED?I7JH?9;?DJH?DIZGK;
U 9;JJ;7KJEH?JY
K@EKH:n>K? Bn5IHF9 FH?C?J?< ?D9EDI9?;DJ ;J ;NEJ?GK;
:KCE:;HD?IC;D;N?IJ;FBKIDEKI E99?:;DJ7KN;J DED E99?:;DJ7KN
<7?IEDI JEKI F7HJ?; :nKD; I;KB; ;J KD?GK; 9KBJKH; CY:?7J?IY; GK?
Dn7HH[J;F7I :n;II7O;H:;H;IJ7KH;H9;HJ7?DI CE:ZB;I 9EBED?I7J;KHI GK?
EDJ :Y@U Y9>EKYI :;FK?I BED=J;CFI
 7?H; B7 FH;KL; :; B7 <7KII;JY
:; 9;I CE:ZB;I 9EBED?I7J;KHI ;J H79?IJ;I ;IJ B; HaB; :;I 7HJ?IJ;I
;J>DE=H7F>;I  :;I 7HJ?IJ;I ;D=7=YI 7L;9 Bn5IHF9 9KBJKH;B
 ;JJ;
H;9>;H9>; FHYJ;D: :ED9 IEKB;L;H B;I FEII?8?B?JYI 9H?J?GK;I :;
Bn;NEJ?I7J?ED:KGC=GK?C;JJ;DJ;DGK;IJ?EDB;I:?<<YH;D9;I;DJH;B7L?;
9KBJKH;BB;<H7DX7?I;;J8HYI?B?;DD;;DJH;Bn[JH;GK;@;IK?I:;L;DK?9?;J
9;BK?GK;@nYJ7?I BU 87I FEKH<?D?H:7DI KD GC= ;D9EH;FBKI CYJ?IIY;J
9ECFB;N; HYIKBJ7J :nKD; 7BJYH?JY 9H?J?GK; :K :?7BE=K; >EH?PEDJ7B ;J
:; B7 C?I; ;D GK;IJ?ED :; :;KN ;NFYH?;D9;I 9KBJKH;BB;I :?<<YH;DJ;I

ECC; B; <7DJ7IC; FH?C?J?L?IJ; F;KJ F;HI?IJ;H :7DI Bn7HJ GK7I?
7DJ>HEFEBE=?GK;B;:Y<?;IJ:;H;9EDD7^JH;Bn5IHF9:7DIB;GC= >EHI :K
<7DJ7IC; FH?C?J?L?IJ; ;J 7L;9 :;I GK;IJ?EDI 9KBJKH;BB;I >EH?PEDJ7B;I


9ED9;HD7DJ B7 9KBJKH; 8HYI?B?;DD; ;J B7J?DE 7CYH?97?D; CYJ?IIY; ;J
FEIJ 9EBED?7B;9ECC;IEKH9;:;9;JJ;H;9EDD7?II7D9;

%;I IE?DI 9EHFEH;BI :n>O=?ZD; ;J 8;7KJY :;L?;DD;DJ 7?DI? :;I


:Y9B;D9>;KHI =;IJK;BI FEKH :;I H?JK;BI 7HJ?IJ?GK;I Eb CED 9EHFI ;J
CED ?:;DJ?JY IEDJ JH7L;HIYI F7H Bn7BJYH?JY;DL;HI Bn5IHF9 gFH?C?J?< h;J
E99?:;DJ7B
 &;I IE?DI :Y8EH:;DJ:K 97:H; >O=?YD?IJ;;J :;I CE:ZB;I
:; 8;7KJY HYF7D:KI F7H B7 9EDIECC7J?ED :; C7II; FEKH 9EDIJHK?H;
KD;7BJYH?JYCYJ?IIY;<?9J?L;;JIK8@;9J?L;KD;J;DJ7J?L;:; :EDD;HKD
JEDKI :nV7<5B;9 GMA6C@=EI9  U DEI H?JK;BI 9EHFEH;BI GKEJ?:?;DI
%;I
gF;HIEDD7=;IhGK;@;F;H<EHC;:7DI C;I IE?DI 9EHFEH;BI:YJEKHDYI
C;JJ;DJ;DI9ZD; B; CYJ?II7=;9KBJKH;BFHEFH;UCED?:;DJ?JY
*K7D:
@n7IIKC; Bn?DIJ78?B?JY :; CED ?:;DJ?JY F;HIEDD;BB; @7C7B=7C; :;
<7XED9H?J?GK;:;IJH79;I9KBJKH;BB;I9HY7DJ7?DI?KD;?:;DJ?JY7C8?=K\

;I F;HIEDD7=;I <?9J?<I IEDJ 9EDXKI 7L;9 KD; YD;H=?; H?JK;BB; KD;
FK?II7D9;:;JH7DI<EHC7J?ED9EHFEH;BB;FHEFH;7K9EDJ;NJ;5F7<5\EI9 


7DI B7 HY7B?I7J?ED :; C;I F;H<EHC7D9;I @; JHEKL; KD; EKL;HJKH;
9EHFEH;BB; ;JFIO9>?GK;FHE9>;:;BnYJ7J:;JH7DI;9ED:?J?EDGK; @n7?
FK;NFYH?C;DJ;H7K9EKHI :;9;HJ7?D;I <[J;IEKH?JK;BI IOD9HYJ?IJ;I :;
H;B?=?EDI CY:?KCD?GK;I FH7J?GKYI7KHYI?B
;F;D:7DJC;I H?JK;BI
D;IEDJF7I:KJEKJH;B?=?;KN
"BIn7=?JJEKJI?CFB;C;DJ:;F7HL;D?HUKD
C[C;YJ7JFIO9>?GK;IKI9;FJ?8B;:ng?D9EHFEH;HhBn7KJH;IOC8EB?GK;
C;DJ
 7DI B; 97:H; :;I H?JK;BI CY:?KCD?GK;I B;I F7HJ?9?F7DJI
F;KL;DJ;DJH;H;DJH7DI;;J:EDD;H9EHFIU9;HJ7?DI;IFH?JIEK7D9[JH;I

L;9 C;I H?JK;BI 7HJ?IJ?GK;I @;NFYH?C;DJ; KD YJ7J :nEKL;HJKH;
CE?D:H; F7H H7FFEHJ U KD; JH7DI;
 &7 9EDI9?;D9; H;IJ; I?CFB;C;DJ
FBKI C7BBY78B;
 )7H 9;J YJ7J GK? C[B; I79HY ;J FHE<7D; Bn7BJYH?JY I;


CYB7D=; U C7 FHEFH; ?:;DJ?JY
 "B D; In7=?J F7I :nKD ;IFH?J GK? H;DJH;
:7DICED9EHFIC7?I:;CED9EHFIGK?<ED:;KD;DEKL;BB;g;DJ?JYh
JH7DI?JE?H; ;J YF>YCZH;
 #n;II7?; F7HBU :nY9>7FF;H U Bn;NEJ?I7J?ED :K
GC=;JUJEKJ;g7KJEH?JY;J>DE=H7F>?GK;h


B7K:;%Q/" ,-+.,,,F=GH9GHFCD=EI9G)7H?I)BED 

!7B(,-+$9F9HCIF8IFV9@+=HI5H=CB57HI9@@99H5J5BH ;5F89HKN;BB;I%7B;JJH;

LEBY; 

#;7D.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: 

  %7:@;9J?< g 7H9>7_GK; h ;IJ :; FBKI ;D FBKI ;CFBEOY FEKH GK7B?<?;H KD YJ7J :;
9?L?B?I7J?ED GKnED 7FF;B7?J 7KJH;<E?I g FH?C?J?< h F7H9; GK; 9; :;HD?;H J;HC; I;C8B7?J
?CFB?GK;H :KD; F7HJ KD 9;HJ7?D @K=;C;DJ :; L7B;KH ;J :7KJH; F7HJ KD; 9ED9;FJ?ED
YLEBKJ?L;:YJ;HC?DY;
K I;DIIJH?9JBn7H9>7_IC; I;H7?J FHEFH;7KNJ;CFI FHY>?IJEH?GK;I

&7?I ;D HZ=B; =YDYH7B; ;J F7H ;NJ;DI?ED ED 7FF;BB; FEFKB7J?EDI 7H9>7_GK;I 9;BB;I
GKYJK:?;DJ B;I ;J>DE=H7F>;I ;J GK? IEDJ H;IJY;I FBKI EK CE?DI ;D :;>EHI :K FHE=HZI
J;9>D?GK;;J9KBJKH;B97H79JYH?IJ?GK;:;I9?L?B?I7J?EDICE:;HD;I

5B6CA6@VH;B?=?ED7D?C?IJ;;JCY:?KCD?GK;7<HE 8HYI?B?;DD;
-A65B85H;B?=?EDGK?

7YJ78B? KD IOD9HYJ?IC;;DJH; B;5B8CA6@V ;J B;>H?IJ?7D?IC;


 ,F?H?J?IC; #5F897=GH9
F>?BEIEF>?;IF?H?JK7B?IJ; <ED:Y;IKH B;N?IJ;D9;B;I C7D?<;IJ7J?EDI ;J Bn;DI;?=D;C;DJ :;I
;IFH?JI
%;IF?H?J?IC;7YJY9E:?<?YF7HB;<H7DX7?IBB7D$7H:;9;JFEFKB7H?IY7KHYI?BF7H
B;CY:?KC>?9E17L?;H


B  

  



%n7D7BOI; 9ED9;FJK;BB; :;I ;NFYH?;D9;I 7HJ?IJ?GK;I ;IJ KD; :YC7H9>;


9ECFB;N;
 D H7?IED :; B?CFEII?8?B?JY :; JH7?J;H B7 JEJ7B?JY :;I
GK;IJ?EDI ;IJ>YJ?GK;I :nKD; lKLH; B7 H;IIEKH9; JHEKLY; ;IJ B7
<H7=C;DJ7J?ED
 K D?L;7K IOC8EB?GK; B; <H7=C;DJ H;DLE?; U B7
JEJ7B?JY :; B;NFYH?;D9; ;J B7HJ F;KJ 7?DI? ;NFBEH;H BYL;DJ7?B :; 9;I
;NFYH?;D9;I
 %; <H7=C;DJ ;IJ KD :YI?H :; FBYD?JK:;
 .D HYI?:K
EH=7D?GK; ?DI?=D?<?7DJ F;KJ H;DLEO;H U B7 JEJ7B?JY :K 9EHFI
 %7 L?:YE
=@G   :; nnmC?D
L?I;U ;NFBEH;H Bn;NFYH?;D9; IOC8EB?GK; :;
B79EDIJHK9J?ED:;B78;7KJY
=@GFHEFEI;KDFEHJH7?J7HJ?IJ?GK;F7HKD;
79J?EDYF>YCZH;;J<7C?B?ZH;UBnKD?L;HI<YC?D?DB;C7GK?BB7=;
7DI
9;JJ; F;H<EHC7D9; :;I HE=DKH;I :nED=B;I H;CFB79;DJ B;I <7KN 9?BI :K
C7GK?BB7=;
,EKL;DJ @K=Y 9ECC;<H?LEB;;J IKF;H<?9?;BB;C7GK?BB7=;
FEIY U B7 IKH<79; :K L?I7=; ;IJ KD; H;JEK9>; U B7 C7D?ZH; :nKD
JHECF; Bnl?B
L;9=@GB;C7GK?BB7=;:;L?;DJ9EDJHEL;HIY;J9H?J?GK;

"B :;L?;DJ B; J;HH7?D :n;NFYH?C;DJ7J?ED 7HJ?IJ?GK; Eb B; HYI?:K
EH=7D?GK;7IIKC;B;HaB;:;I7HJ?<?9;I ?D:KIJH?;BIGK;DEKI7FFB?GKEDI
>78?JK;BB;C;DJIKHB7F;7K
,?B78;7KJY<YC?D?D;;IJKD;9EDIJHK9J?ED
@; B7 H;9EDIJHK?I 7KJH;C;DJ ;D :;>EHI :K 97:H; 7I;FJ?IY <YJ?9>?IJ;
<H?=?:; ;J IJYHYEJOFY GK; Bn?D:KIJH?; :; B7 8;7KJY ?CFEI;
 L;9 =@G
@nYB7H=?I B7 IKH<79; :; B7 F;7K F7H :;I ;NFYH?;D9;I EH=7D?GK;C;DJ
I?D=KB?ZH;I



7DIB;FH;C?;H?DIJ7DJ:;B7L?:YEBnE8@;9J?<:K97CYI9EF;JEK@EKHI
FB79YIKHB;JHYF?;:CEDJH;:;FHZI KD9EKF7=; :nED=B;I
&;I C7?DI
;NY9KJ;DJ Bn79J?ED FEIY;I IKH KD; J78B; ;D 8E?I JHZI 9B7?H Eb I;
JHEKL;DJGK7JH;C?HE?HIHED:I;JKD<B79ED;DL;HH;JH7DIF7H;DJH;CFB?
:; 9EKFKH;I :nED=B;I
 %; 8HK?J :K 9EKF; ED=B;I 9EDJ?DK; F;D:7DJ
JEKJ; Bn79J?ED GK? I; :YHEKB;;DIK?J;
 ;L7DJB; C?HE?H:;B7 I7BB; :;
87?D @; 979>; B;I ?CF;H<;9J?EDI :; C7 F;7K
 %n?C7=; 97:H; CED
L?I7=; :7DI B; C?HE?H CED 9EK DK ;IJ CEDJHY :?I9HZJ;C;DJ 7K9KD
L[J;C;DJ Dn;IJ L?I?8B;
 %; C?HE?H :7DI B;GK;B@; C; C7GK?BB; ;IJ KD;
FEHJ; :n7HCE?H;:;I7BB; :; 87?DEKL;HJ;EbBnED F;KJLE?HFBKI?;KHI
<B79EDI :; F7H<KC :; <EHC;I ;J J7?BB;I :?<<YH;DJ;I
 "B In7=?J :nKD;
9EBB;9J?EDJHZIIFY9?7B;GK?9ECFEI;B;IDCH<=75=F9G
%;I<B79EDIIEDJ
H;CFB?I :; HYI?:KI 9EHFEH;BI KH?D; I;BB;I IF;HC; <BKN C;DIJHK;B
I7B?L; B7HC;I COEC; :; =H7I 9>;L;KN :;DJI 97B9KBI HYD7KN ;J
9EKFKH;I :nED=B;I
 ;JJ; 9EBB;9J?ED 7 9ECC;D9Y ;D   ;J I;
FEKHIK?J @KIGKnU C7?DJ;D7DJ
 ?;D GK; FHYI;DJI B;I DCH<=75=F9G D;
IEDJF7I:KJEKJ?:;DJ?<?78B;I :7DI B7 L?:YE
"BI<EDJ<?=KH;:YBYC;DJI
JH7DI?J?EDD;BI :7DI 9;JJ; C?I; ;D I9ZD; 9YHYCED?;BB;
 %n79J?ED
?D7K=KH; ;D C[C; J;CFI GK; 9BaJKH; B7 <?9J?ED 9EDIJHK?J; :7DI B;
J;CFI;JBn;IF79;;NFYH?C;DJ7B:;Bn7HJ

%; C7GK?BB7=; :Y8KJ; F7H B7 FEI; :KD; FEK:H; 9ECF79J; FEKH
979>;H B;I ?CF;H<;9J?EDI ;J C7J?<?;H B7 F;7K FK?I @; C7HGK; 7L;9
Bn7?:; :nKD F?D9;7K JHZI <?D KD BED= JH7?J DE?H 7L;9 :; B7 9EBB; FEKH
<7KN 9?BI IKH B;NJHYC?JY :;C7 F7KF?ZH;
FHZI @;9EBB; 9?DG 9EKF;I
:nED=B;I IKHC7 F7KF?ZH; :HE?J; ;J @; HYFZJ; Bn79J?ED IKH B7 F7KF?ZH;
=7K9>;
 %; FB7IJ?GK; DE?H :EDJ IEDJ <7?JI DEHC7B;C;DJ B;I <7KN 9?BI


F;H: KD F;K :; IED97H79JZH; 7HJ?<?9?;B ?B 7IIKC; KD;9ED:?J?EDFBKI
EH=7D?GK;;JHYI?:K;BB;:7DI9;JJ;FHE9Y:KH;Eb:;IHE=DKH;I:nED=B;I
7BBED=;DJB;I9?BI ;J:EDD;DJ:;B7FHE<ED:;KH7KH;=7H:
'Y7DCE?DI
7L;99;I <7KN 9?BI :nED=B;I@;I;C8B;7LE?HKD7?HFBKJaJ:;gFEKFY;
C7978H; h GK; :; <;CC; IY:K?I7DJ;
 %; C7GK?BB7=; <?D?J 7L;9
B7FFB?97J?ED:EC8H;UF7KF?ZH;I<7H:U@EK;I;JHEK=;UBZLH;I
.D;
<E?IB;FHE9;IIKI:;C7GK?BB7=;79>;LYB;FH;C?;H?DIJ7DJ:;B7L?:YE
;IJH;FH?I;JB7I9ZD;I;J;HC?D;GK7D:B;9EKF; ED=B;I;IJFEIYIKHB7
J78B;


i JH7L;HI B; C7GK?BB7=; EH=7D?GK;C;DJ :Y97BY :; =@G @n7? FK


;NFYH?C;DJ;H KD; 9EDIJHK9J?ED HYI?:K;BB; :; CED L?I7=; ;J :; CED
H;=7H:
 #n7? HY78IEH8Y CED HYI?:K 9EHFEH;B :; <7XED FEI?J?L;
 "B D;
In7=?J FBKI :; C; HY?DL;DJ;H ;D 7@EKJ7DJ :; B7 C7J?ZH; YJH7D=ZH; ;J
7HJ?<?9?;BB;UCEDL?I7=;9ECC;9;B7I;F7II;>78?JK;BB;C;DJ7L;9B;
C7GK?BB7=; C7?I :; :YFB79;H KD HYI?:K EH=7D?GK; 7<?D :n?DIJ7KH;H
KD; ?:;DJ?JY <79?7B; I?D=KB?ZH; 97BGKY; IKH B7 87D7B?JY :;I H?JK;BI
GKEJ?:?;DI
 D KJ?B?I7DJ B;I HE=DKH;I :nED=B;I GK? IEDJ :;I YBYC;DJI
FHEFH;I U CED EH=7D?IC; ?DJH7DI<YH78B; @n7? 9EDIJHK?J KD 9EHFI GK?
7IIKC; KD97H79JZH;8;7K9EKFFBKI 79J?<;D=7=Y ;JHY<B;N?<
%; 9EHFI
GK? HY78IEH8; B;I :7D=;HI IOC8EB?GK;I :; 9;I HYI?:KI ;IJ KD 9EHFI
YBEGK;DJ <EHJ ;J ?CFEI7DJ KD 9EHFI JH7L;HIY F7H B;I FK?II7D9;I GK?
7D?C;DJB7IEB;DD?JY:KH?JK;B


; C7GK?BB7=; 7BBY=EH?GK; H7FF;BB; B;I YD;H=?;I :; JH7DI<EHC7J?ED


C7=?GK; FHEFH;I U BnYFEGK; 5F7<5\EI9
 ;F;D:7DJ 799Y:;H 7KN
FK?II7D9;I COIJ?GK;I ;J JH7DI9;D:7DJ7B;I :; BnY9>7D=; IOC8EB?GK;
5F7<5\EI9 EK g FH?C?J?< h Dn;IJ F7I FEII?8B;
 %n;NFYH?;D9; 7HJ?IJ?GK;


F;KJ I;KB;C;DJ InE99KF;H :;I DK7D9;I ;IJ>YJ?GK;I B?I?8B;I :7DI B;
I79HY I7DI JEK9>;H B7 IF?H?JK7B?JY H;B?=?;KI;
 %n7HJ D; I; FHEFEI; F7I
:; FYDYJH;H :7DI B; J;HH?JE?H; DEJ7CC;DJ H;B?=?;KN C7?I ?B F;KJ
IEKB;L;H:n?CFEHJ7DJ;IGK;IJ?EDI;IJ>YJ?GK;I


&)0 L?:;EnnmC?D
#0+'..#&'163#


%7L?:YE F;H<EHC7D9; =@GI; I?JK; ;DJH;B7:YDED9?7J?ED:;B7<KJ?B?JY
:K C7GK?BB7=; 9EDJ;CFEH7?D ;J B; L;HJ?=; COIJ?GK; :K H?JK;B
:; HY7FFHEFH?7J?ED :; CED ?:;DJ?JY HYI?:K;BB;
 #; FHEFEI; KD;
Y9>7FF7JE?H; U BnY9EDEC?; FEB?J?GK; :K G=;B9  GK? HY:K?J B;
C7GK?BB7=; U KD; FKBI?ED :; CE:;
 #n7IF?H; U 9HY;H KD H?JK;B :;
C7GK?BB7=;GK?FK?II; YJ78B?HKDY9>7D=; 7L;9KDCF8F9 GMA6C@=EI9
CE?DI 97IJHY F7HBn78@;9J?ED 9EHFEH;BB;
 %; C7GK?BB7=; ;IJ KD 7HJ?<?9;
GK? 799;DJK; B;I GK7B?JYI JEKJ ;D 7JJYDK7DJ B;I :Y<7KJI ;J L?I; B7
F;H<;9J?ED
 %; <H7=C;DJ g 78@;9J h GK? F7HJ?9?F; ?9? 7K I?CKB79H; :;
C7GK?BB7=; EKLH;KD;9EDJH7:?9J?ED IOC8EB?GK; :7DI B7 9EDIJHK9J?ED
:;B7g8;7KJY<YC?D?D;h
%;I<;CC;IIEDJFH?D9?F7B;C;DJL?IY;IF7H
B; C7H9>Y :; 9EDIECC7J?ED :; FHE:K?JI :; 8;7KJY ;J :; IE?DI
9EHFEH;BI
-EKJ KDKD?L;HI F>7HC79;KJ?GK; InYJ78B?J ;DJH; >O=?ZD;;J
;IJ>YJ?GK; 7K H?IGK; :n?DJEN?GK;H B7 F;7K B;I 9>;L;KN B;I FE?BI ;J
JEKJ B; 9EHFI :K IK@;J IEK9?;KN :; H;IF;9J;H B; 97:H; IE9?7B
 %7
9EDIJHK9J?ED:; B78;7KJY<YC?D?D; UJEKJFH?N;IJKDJ>ZC;HY9KHH;DJ
:7DIB7FHE:K9J?ED:;9;HJ7?DI7HJ?IJ;I

$9G HCFHIF9G JC@CBH5=F9G   :nDD;JJ; &;II7=;H 7H9>?L;DJ :;I


7DDED9;I FEKH :;I JH7?J;C;DJI :; 8;7KJY ;J :;I YGK?F;C;DJI
;IJ>YJ?GK;I
 %;I H;FHYI;DJ7J?EDI J?HY;I ;II;DJ?;BB;C;DJ :; FK8B?9?JYI
IEDJFHYI;DJY;IF7HBn7HJ?IJ;9ECC;:;LH7?;IJ;9>D?GK;I:;JEHJKH;7K
FHE<?J :KD CE:ZB; :; 8;7KJY
 (D :Y9EKLH; :;I L?I7=;I <YC?D?DI
H;9EKL;HJI :; C7IGK;I EK:;9HZC;:;I 9EHFI ;D<;HCYI :7DI :?L;HI
JOF;I :; C79>?D;I FHEFH;I U B;I H;CE:;B;H
 %;I <;CC;I HY=YDYHY;I
H;CE:;BY;I JH7DI<EHCY;I 7FF7H7?II;DJ 9ECC; 7II;HL?;I F7H :;I
FHE:K?JI ;J :;I C79>?D;I :; B7 IE9?YJY :; 9EDIECC7J?ED
 ; CKH


?9EDE=H7F>?GK;;IJ:;L;DKKDB?LH; KDEKLH7=;9H?J?GK;HEC7D;IGK;
;J 9HY7J?<
 DD;JJ; &;II7=;H H;9O9B; 7?DI? :;I ?C7=;I :; FK8B?9?JY
;J :;I 9ED9;FJ?EDI ;IJ>YJ?GK;I
 %n7HJ?IJ; In7CKI; 8;7K9EKF :;
BE8IEB;I9;D9;:;I ?C7=;I;BB;B;I 7 FHE878B;C;DJ CEDJHY;I 7<?D :;
:YDED9;HBn7B?YD7J?ED:EDJ;BB;IJYCE?=D;DJ


,;BED#;7D 7K:H?BB7D:B7B?GK?:7J?ED:;I L7B;KHI ;IJ B7FBKI H7:?97B;


:7DI B7 IF>ZH; :; B7 CE:; Eb B; A5BB9EI=B ;IJ FHYI;DJY 9ECC; B;
CE:ZB;:;9EHFI
,EKIB;I?=D;:;B7C7H9>7D:?I;B79KBJKH;In79>ZJ;
;JI;L;D:  IEKIB; I?=D; :; B7CE:;9; IEDJ JEKJ;I B;I 9KBJKH;I GK?
:;L?;DD;DJ :;I I?CKB79H;I :7DI KD; FHEC?I9K?JY JEJ7B;
K@EKH:n>K?
JEKJ ;IJ 7<<;9JY :7DI IED FH?D9?F; :n?:;DJ?JY F7H B7 CE:; F7H I7
FK?II7D9;UH;DLEO;HJEKJ;<EHC;UB787D7B?JY;JUB7HY9KHH;D9;
,ED
g79JK7B?JYh;IJFHEFH;;JD;<7?JF7IHY<YH;D9;7KFHYI;DJC7?I;IJKD
H;9O9B7=;JEJ7B;J?CCY:?7J
 %7CE:;J?H;I7<H?LEB?JY:;B7CEHJ;JB7
CE:;HD?JY:K:Y@U LK;BB;:YLEH;B;CED:;;JB;HY;B
 )7HJEKJEb?BO
7:;I CE:ZB;I?BO7?CFEI?J?ED:;B7@C= 89@5J5@9IFHYFH;II?EDF7H
B;II?=D;I;JHYFH;II?ED:;II?=D;I;KN C[C;I


"01,/12/"03,),+1&/"0 9EBB7=;;JB?LH; 00'55''44#)'3


;JJ;?D9EHFEH7J?ED:nKDCE:ZB;;C8H7II;:;IGK;IJ?EDIFEB?J?GK;I:;
:EC?D7J?ED 9KBJKH;BB; ;J :YF7II; B; @K=;C;DJ :; L7B;KH I?CFB;C;DJ
<EHC;B :; Bng ;IJ>YJ?GK; h :; B7 CE:;
 %n?CFEII?8?B?JY :; :?IIE9?;H
BnYJ>?GK; ;J Bn;IJ>YJ?GK; ;IJ C?I; ;D BKC?ZH; GK7D: B; CE:ZB;
;IJ>YJ?GK; <7?J HY<YH;D9; U KD CE:ZB; :YJ;HC?D7DJ ;J ?DEH=7D?GK;
9ECC; 9;B7 7HH?L; 7L;9 B?C7=; :K A5BB9EI=B
 &?9>;B :; ;HJ;7K
H7FF;BB;GK;B;9EHFI :E?JHYFYJ;Hg :?H;hB; 7C89;IJ>YJ?GK;97BGKY
IKHB;A5BB9EI=B
?DI?9;HJ7?DI JH7?J;C;DJI;IJ>YJ?GK;IIEDJ97F78B;I
:; g C79>?D;H h B; 9EHFI JEKJ ;D CEKB7DJ IED EH=7D?9?JY 7L;9 :;I
FHE9;IIKIF7H<E?IJHZI?DL7I?<I
;IJH7DI<EHC7J?EDIHY?JZH;DJB;CE:ZB;
9EHFEH;BGK?L7B?:;B;N?IJ;D9;IE9?7B;:KIK@;J


g)I9@8VG=FCIEI9@ 69GC=BBCIG DCFH95=BG= R :5=F9 89BCG 7CFDG @9G


9A6@WA9G 8jIB9 @C= =89BH=:=75HF=79 h  %7 7FV8=6=@=HV :K:?I9EKHI ;IJ
I;BED &?9>;B :; ;HJ;7K 9; GK? <7?J C7H9>;H B;I 9HEO7D9;I ;BB;
FHE:K?J:;I FH7J?GK;I ?D97HDY;I :7DI B;9EHFI
iJH7L;HI :;IFH7J?GK;I
F>OI?GK;I;BB;DEKIF7HB;7KDEC:KgHY;Bh
(D9HE?JU9;GK;BED
IKFFEI; HY;B C7?I 9; g HY;B h ;IJ CE:;BY F7H KD; 9HEO7D9; GK? BK?
:EDD; KD 9EHFI IEKC?I U KDFV7=H GK? F7HB; ;D IEDDEC
 =@G ;II7O;
7?DI? :; :YI7HJ?9KB;H B;I 9E:;I :; 8;7KJY I7DI DY9;II7?H;C;DJ
B;I :YDED9;H
 %;I 9?BI EH=7D?GK;I ;J HYI?:K;BI 9HY;DJ KD; DEKL;BB;
gC79>?D;H?;h:Y97BY;GK?D;HYFED:F7IUKD9E:;IFY9?<?GK;
%;I
9?BI :nED=B;I <?9J?ED7B?I;DJ B7 HY7B?JY F7H KD; 79J?ED ?D:YF;D:7DJ; :;
JEKJ FV7=H F7H KD; ;NFYH?C;DJ7J?ED B?8H; KD 9HE?I;C;DJ :; L7B;KHI
;IJ>YJ?GK;IIOC8EB?GK;I;JYJ>?GK;I97F78B;I:;H;B7J?L?I;HB7H?=?:?JY
:;IBE?I;J:YB7H=?HB7HY7B?JY
;B7F;HJKH8;B7BE=?GK;:KC7GK?BB7=;
9EDJ;CFEH7?D F7H IED FHE9;IIKI GK? EI9?BB; ;DJH; H?JK;BI :; 8;7KJY


CE:;HD;I ;J 5F7<5\EI9G ;DJH; 9; GK; B; C7GK?BB7=; 9E:; :7DI
B; g HY;B h 7K@EKH:n>K? ;J 9; GKn?B 7 FK 7HJ?9KB;H :7DI :;I IE9?YJYI
5F7<5\EI9G
 %;I YD;H=?;I COIJ?GK;I :; BnEH:H; 5F7<5\EI9 D; I;
H;JHEKL;DJ :7DI B7 L?:YE =@G GK; :; <7XED <?9J?L; ;J FEYJ?GK; ;BB;I
In7HJ?9KB;DJ;D:;>EHI:;BnKJ?B?JYY9EDEC?GK;:KC7H9>Y:;ICE:ZB;I

ECFH?I 9ECC;KDC7GK?BB7=;97HD7L7B;IGK;8KHB;IGK;8EK<<ED;J
7BBY=EH?GK;B;I<7KN 9?BI:nED=B;I9EDIJ?JK;DJKD;<7DJ7?I?;KDC7IGK;
GK? Y9>7FF; U B7 HY7B?JY <H?LEB; :; B7 CE:;
 -EKJ 9ECC; KD
C7GK?BB7=;:;97HD7L7B=@GF;HC;J:n?D9EHFEH;HKD;7BJYH?JY<?9J?L;;J
JH7DI?JE?H; GK? JEK9>; B; I79HY F7H B; 8?7?I :nKD H?J; FHE<7D;
#; F;KN
7?DI? 7IIKC;H KD; HY7B?JY ;NJYH?;KH; U CED GKEJ?:?;D 9EDJ;CFEH7?D
KD9EDJ;NJ;<?9J?<EbB;IY9>7D=;IIOC8EB?GK;IIEDJFEII?8B;I

%; C7GK?BB7=; ;IJKD?DIJHKC;DJ :; JH7DI<EHC7J?ED


 %;I :;II?DI ;JB;I
9EKB;KHI F;HC;JJ;DJ :; C7HGK;H Bn;DJHY; :7DI KD DEKL;B YJ7J EK
=HEKF; IE9?7B :; :Y<?D?H KD; FEI?J?ED H?JK;BB; EK :; HY7<<?HC;H
B7FF7HJ;D7D9; U KD; 9ECCKD7KJY :YJ;HC?DY;
 %; C7GK?BB7=; ;J B7
F;?DJKH;9EHFEH;BB;:;I IE9?YJYI gFH?C?J?L;I h ;N?IJ;DJFEKH C7HGK;H
Bn7BJYH?JY:;Bn?D:?L?:KEKKD;YJ7F;:;B7L?;IOC8EB?GK;:;Bn[JH;
%;
C7GK?BB7=;9EDJ;CFEH7?D;IJ@KIJ;C;DJB;9EDJH7?H;?BI;HJUIEKC;JJH;
JEKI B;I L?I7=;I 7KN C[C;I 97DEDI :; 8;7KJY ?B >ECE=YDY?I; B;I
7FF7H;D9;I I;BED B;I I?=D;I :; B7 CE:; 9EKH7DJ;
 %; C7GK?BB7=; :;
=@GD?;B7<H?LEB?JY;JB;IIJYHYEJOF;I:KCE:ZB;:;8;7KJY;J:EDD;B;
@EKH J;CFEH7?H;C;DJ U KD; HY7B?JY F>OI?GK; KD?GK; ;J IOC8EB?GK;
C;DJ9>7H=Y;97F78B;:;L?I;HB;I79HYI7DIFEKH7KJ7DJInO<ED:H;

#;7D7K:H?BB7H: DEKICEDJH;GK;B7CE:;Dn7H?;DULE?H7L;9BnEH:H;
H?JK;B GK? D; 9EDD7^J D? BnYGK?L7B;DJ 7BJ;HD7D9; :; Bn7D9?;D ;J :K


DEKL;7K D? B;I IOIJZC;I :nEFFEI?J?EDI :?IJ?D9J?L;I D? B;I CE:ZB;I
7L;9B;KH:?<<H79J?EDIYH?;BB;;J9EC8?D7JE?H;
%n7IF;9J:;B7CE:;GK?
I;C8B; B; FBKI FHE9>; :K H?JK;B ;IJ 9;BK? :; B7 CE:; 9ECC;
IF;9J79B; 9ECC; <[J; 9ECC; =7IF?BB7=;
 %7 CE:; ;IJ FKH;
IF;9J79B;IE9?78?B?JYH;:EK8BY;;J@EK?II7D9;;IJ>YJ?GK;:n;BB; C[C;
@;K :K 9>7D=;C;DJ FEKH B; 9>7D=;C;DJ
 7DI B; 9EDJ;NJ; FH?C?J?<
BnEIJ;DJ7J?ED :;I I?=D;I Dn7 F7I 9;J ;<<;J g;IJ>YJ?GK; h
&[C; DEJH;
<[J;GK?;IJ KD; IEHJ; :n;IJ>YJ?GK;:;B7 JH7DI=H;II?ED D; 9EHH;IFED:
F7I U BnY9>7D=;FH?C?J?<
%;H?JK;B :Y97BYFHEFEIY :7DI =@G D; L?;DJ
F7I :n7L7DJ7=; :; BnEH:H; FH?C?J?< GK; :KIF;9J79B; :; B7 CE:;
 %;I
9EKF;I :nED=B;I ;J B;I <B79EDI :;HYI?:KI9EHFEH;BI IEDJ:;I YBYC;DJI
:nKD H?J; I7DI COJ>; FHYI;DJI FEKH :YF7II;H B7 :?7B;9J?GK; 8?D7?H;
;DJH;gH?JK;BFH?C?J?<h;JgFKBI?ED:;CE:;h
"BIC;JJ;DJBn799;DJIKH
B7 FEII?8?B?JY :; 9HY7J?ED ;DJH; 9;I :;KN EH:H;I
 "B D; In7=?J F7I :;
:YDED9;H B7 <H?LEB?JY :; B7 CE:; C7?I :EKLH?H B; 9>7CF :;
Bn;NFYH?C;DJ7J?ED 7HJ?IJ?GK; FEKH FHECEKLE?H B7 9HY7J?ED :nlKLH;I
7C8?=K\I97F78B;I:;:YIJ78?B?I;H9;IDEHC;I?DJ;HD;I

L;9 B; C7GK?BB7=; GK? 7=?J :; <7XED FHEL?IE?H; ;J :?II?CKBY; B7
<;CC; JH7L7?BB; IED ?C7=; 9ECC; KD F;?DJH; ;D 7HJ?9KB7DJ KD @;K
:nEC8H;;J:;BKC?ZH;7<?D:;9HY;HKDDEKL;7KL?I7=;
%;C7GK?BB7=;
<YC?D?D JH79; KD; I;9ED:; <?=KH; 9ECC; B; FEHJH7?J :nKD J78B;7K 
KD; ?C7=; ;NJYH?;KH; 7K IK@;J 97BGKY; IKH KD CE:ZB; :; 8;7KJY
 D
GK;IJ?EDD7DJ B; HaB; :; B7 <;CC; :7DI Bn>?IJE?H; :; B7 F;?DJKH;
JEK@EKHI B7 CE:ZB; ;J @7C7?I B; F;?DJH; #7D?D; DJED? FHEFEI; KD;
IEHJ;:; g F;?DJKH;<YC?D?D; h
L;9I;I IHH9F:@M ?=GG9G F;?DJI ;DJH;
;J Bn7HJ?IJ; KJ?B?I;I;I 9?BI9ECC;F?D9;7KN;J:KC7I97H7


9ECC; F;?DJKH;
 .D :YFB79;C;DJ :; L7B;KHI GK? JEK9>; B;I HZ=B;I
IE9?7B;I:;I=;DH;I
%;I;<<;JIFB7IJ?GK;IIEDJI?C?B7?H;IU9;KNE8J;DKI
F7H B7 FBKC; ;J Bn;D9H; C7?I B7 CYJ>E:; ;IJ KD; 79J?L?JY U F;?D;
FHE9>;:K:;II?D
#7D?D;DJED?8HEII;I;I 9?BI IKHB;F7F?;H :7DI KD
87JJ;C;DJB78EH?;KN;J9EDJ?DK
ECC;KD;IEHJ;:nl?B <H7FF;KH;BB;
79B?=DY:;I O;KNIKHB;F7F?;H
<E?I
;JJ;<EHC;7HJ?IJ?GK; F;K
EHJ>E:EN; ;IJ 9>7H=Y; :K HYI?:K L?< :; IED FHE9;IIKI ?DJ;DI?<
 ;I
IFY9?<?9?JYI7FF7H7?II;DJ;NFB?9?J;C;DJ:7DIB;J?JH;:;IHH9F:@M#=GG9G
9ECC; B; =;IJ; :nKD; CZH;GK?9>7JEK?BB;7<<;9JK;KI;C;DJ B;L;DJH;
:; IED F;J?J ;D<7DJ 7L;9 I;I 9?BI Bn7HJ?IJ; 87J :;I 9?BI IKH B; F7F?;H

;JJ;HYFYJ?J?ED;N7=YHY;;JB78EH?;KI;Dn7H?;D:;BY=;HEK:;J;D:H;

,;I87JJ;C;DJI9EDJ?DKIDnEDJH?;D:;IFEDJ7DY
%n7IIE9?7J?ED<7C?B?ZH;
GK; DEKI 7LEDI 7L;9 KD =;IJ; 7<<;9JK;KN ;IJ 7BJYHY; F7H Bn7IF;9J
IYH?;KN:KFHE9;IIKI
%n799;DJC?IIKHB7J;9>D?GK;C;JY=7B;C;DJ;D
97KI; B7 GK;IJ?ED >?IJEH?GK;C;DJ9>7H=Y; :; B7C7?D:;Bn7HJ?IJ; GK?
;CFBE?;?9?KD;<EHC;EH?=?D7B;:;JH7L7?BGK?;DBZL;JEKJ;;<<?9?;D9;U
B7 C7?D I7DI B;I H7<<?D;C;DJI IFY9?7KN :KJH7L7?BC7DK;B :KF;?DJH;
EK:K:;II?D7J;KH


KII?9ECC;:7DIB7L?:YE=@G B;I IHH9F:@M #=GG9G :;#7D?D;DJED?


:YI7HJ?9KB;DJ B; :?I9EKHI :; FEKLE?H GK? In;NFH?C; :7DI Bn7HJ ;D
:EDD7DJ :; B7 =H7L?JY ;J :K H7<<?D;C;DJ U KD; 79J?ED 87D7B; ;J
GKEJ?:?;DD; B?Y; 7KN 7<<;9JI <YC?D?DI g ?DIJ?D9J?<I h ;J IE9?7B;C;DJ
9ECFH?I 9ECC; :;I =;IJ;I C?D;KHI
 %;I ;NFH;II?EDI :; Bn7<<;9J
:;L?;DD;DJ:;I =;IJ;I7HJ?IJ?GK;I EbB;I>?YH7H9>?;I:;=;DH;JEC8;DJ

%7 F;?DJKH; <YC?D?D; :K C7GK?BB7=; FH;D: 9;JJ; <E?I KD FE?:I
IOC8EB?GK; CE?DI YF>YCZH; EK:?II?CKBY GK;B; I?CFB; C7GK?BB7=;



%7D9=BHIF9:VA=B=B9:;#7D?D;DJED??DJ;HHE=;B;I97DEDI:;I;7KN
HJI;JFHEFEI;B7IK8L;HI?ED:KIFY9?7BF7HB;87D7B

211"/#)6&00"0  F;?DJKH;#0+0' 0510+

7DIB7C?I;;DI9ZD;FHEFH;7KC7GK?BB7=;BnKJ?B?I7J?ED:;I<7KN 9?BI
9ECC;FHEJ>ZI;?DIJ7KH;B;@;K:;B78;7KJY7HJ?<?9?;BB;
7DI B7IYH?;
F>EJE=H7F>?GK;=@G B?D;)
EFZH;Y=7B;C;DJKD:YFB79;C;DJ
;D 7BBED=;7DJ I;I 9?BI 7L;9 :;I FE?BI FK8?;DI
%;I FE?BI <EHC;DJ KD;
IEHJ; :; g DK7=; h GK? D; 979>; F7I Bnl?B C7?I JHEK8B; B7 LK;
 %;I
9?BI FE?BI BED=I ;J 8EK9BYI IEHJ;DJ :;I F7KF?ZH;I 9ECC; KD :YB?97J
g JKBB; h EK KD; g :;DJ;BB; h 97F?BB7?H;
 D ?DJ;HHE=;7DJ B;I DEHC;I
:nYF?B7J?ED GK? L;KB;DJ GK; B;I FE?BI <YC?D?DI IE?;DJ 87DD?IB?D; )

FHEFEI; KD; HY<B;N?ED IKH BnE8I;II?ED FEKH B; 9EHFI ?C8;H8; ;J KD;
<?9J?ED;NFYH?C;DJ7B;IKHB;C7GK?BB7=;



&)0 IYH?;F>EJE=H7F>?GK; .+0'

L;9 9;I HYI?:KI GK? JEK9>;DJ BnYF?:;HC; :YB?97J :;I F7KF?ZH;I ;J
FHELEGK;DJ KD; HYFKBI?ED GK? H;CEDJ; 7KN B?C?J;I :; Bn>O=?ZD; B;
:YFB79;C;DJ:;IED=B;I;J:;I FE?BIFK8?;DI H;DLE?; 7K:Y=EcJ
.D;
9EKFKH;:nED=B;8?;DIE?=DY;EK:;I FE?BII>7CFEK?DYI;J9EKFYI D;
IEDJ F7I FBKI I7B;I GK; B; FB7IJ?GK; :nKD <7KN 9?BI FEKHJ7DJ B;
97H79JZH; 7HJ?<?9?;B:KFB7IJ?GK; H;DLE?; UKD?C7=?D7?H;:KFHEFH;;J
:; Bn7I;FJ?IY ;J FYH;DD?I; B7 9EDIJHK9J?ED :; B7 8;7KJY
 EBB;H KD
CEH9;7K :; FB7IJ?GK; IKH B;I F7KF?ZH;I B;I 7=H;II; :; B7 C[C;
C7D?ZH; GK; B;I 9EKFKH;I :ED=B;I EK B;I FE?BI
 &7?I 9ECC; 9;IJ
BnEH=7D?9?JY HYI?:K;BB; GK? FHELEGK; B; :Y=EcJ DEKI 799Y:EDI U KD;
:?C;DI?ED FBKI <7DJ7IC7J?GK; GK; HY;BB;
 %;I HYI?:KI 9ECC; B;I
;N9HYC;DJI H;FHYI;DJ;DJ KD :7D=;H ;D J7DJ GKn?BI YC7D;DJ :;
B;NJYH?;KH:;B?:;DJ?JY
"BIC;D79;DJB;gCE?hF7HB;gDED CE?hB7
L?;C;D79Y;F7HB7CEHJ
;GK?IEHJ:K9EHFI;DEFFEI?J?EDU9;GK?
H;DJH; F7HB7 8EK9>; J79>; B; 9EHFI FHEFH; B?II; ;J I?=D?<?7DJ
 ,;BED


#KB?7 $H?IJ;L7 Bn78@;9J ;IJ 9; :EDJ @7? 8;IE?D FEKH :;L;D?H KD GC=
 "B
In7=?J :nKD; IK8IJ7D9; <7DJ7IC7J?GK; YJH7D=ZH; DED I;KB;C;DJ 7K
IK@;JC7?I 7KII?U IED?DJ?C;
.D;N9ZI :; FHEN?C?JYGK?FHE:K?J KD
I;DJ?C;DJ:;F7D?GK;9>;PB;IK@;J

#KB?7$H?IJ;L7 7<<?HC; GK;B78@;9JJEK9>;B7<H7=?B?JY:; DEI B?C?J;IB7


<H7=?B?JY :; B7 :?IJ?D9J?ED IF7J?7B; ;DJH; DEJH; ?DJYH?;KH ;J ;NJYH?;KH

%78@;9J?ED D7 F7I :E8@;J :Y<?D?II78B; ;BB; ;IJ KD CYB7D=;
:7<<;9J?ED ;J :; F;DIY; GK? IEBB?9?J; ?DGK?ZJ; <7I9?D; B; :YI?H C7?I
GK? D; I; B7?II; F7I IY:K?H;
 %78@;9J D; I; FHYI;DJ; F7I 9ECC; KD
E8@;J ?B D; I7=?J F7I :K 9EHHYB7J:K IK@;J97F78B;:E<<H?H 7FFK?IKH
GK;BGKKD EK GK;BGK; 9>EI; :7KJH;
 "B ;IJ KD; ;IFZ9; :E8@;J
:;IJ?JKY KD ;N9BK 7JJ?HY BU Eb B; I;DI InY8EKB;
 %78@;9J ;IJ >EHI
:KgIE?hKDgGK;BGK;9>EI;hGK;g@;hD;H;9EDD7?IF7I9ECC;
9>EI;KDFE?:I:;DED I;DIC7?IGK?Dn7H?;D:n?DI?=D?<?7DJ?BY9H7I;
B; IK@;J 9EDIJ?JKY J7DJ:7DI Bn;IF79;GK;:7DI B;J;CFI
%78@;9J?ED
;IJ B79ED:?J?ED:7DI B7GK;BB;B7IK8@;9J?L?JY;IJF;HJKH8Y;EbB; I;DI
In;<<ED:H;
;BUL?;DJIED7JJ?H7D9;FEKHB;I7HJ?IJ;I:7L7DJ =7H:;GK?
F;HJKH8;DJ B;I EH:EDD7D9;I :K IK@;J ;J :; B7 IE9?YJY
 %78@;9J?ED
;IJ 9EDI;HL7JH?9; C[C; :Y<;DI?L; ;BB; J;IJ; B;I B?C?J;I :; B7
IK8B?C7J?ED
 7DI B7HJ B78@;9J?ED 7FF7H7^J <HYGK;CC;DJ 9ECC;
B; FHE9;IIKI :; IK8B?C7J?ED DY7DCE?DI #KB?7 $H?IJ;L7 DEJ; KD
9>7D=;C;DJ 9KBJKH;B
 BB; CEDJH; GK; B; HaB; :; B7HJ?IJ; D;IJ FBKI
9;BK?:; IK8B?C;HB78@;9J:;BYB;L;HC7?I :;B;J;IJ;H :;DC;IKH;H
B7FH?C7KJYI7DI<ED:9EDIJ?JKY;F7HB7HYFH;II?EDFH?C7?H;

%;I <7KN 9?BI :nED=B;I ;J :; FE?BI D; IEDJ F7I KJ?B?IYI :7DI 9;I
;NFYH?C;DJ7J?EDI 7HJ?IJ?GK;I FEKH IK8B?C;H Bn78@;9J
 "B D; In7=?J F7I


:nKD JH7KC7 7L;9B;HY;BYJ78B?7L;9B7C7J?ZH;EH=7D?GK;HYI?:K;BB;
GK?:E?J[JH; :YF7IIY UJH7L;HI KD; ;NFYH?;D9; ;NJH[C; ;J :?H;9J; :;
9;JJ; C7J?ZH; 9ECFH?I; 9ECC; 78@;9J;
 n;IJ 8?;D B; 9EDJH7?H;
 %;I
HE=DKH;I:nED=B;I;JB;IFE?BIJ;IJ;DJB;IB?C?J;I;JB;I9EDJH7:?9J?EDI:;
B;KH FHEFH; 9ED:?J?ED :; C7J?ZH; 78@;9J; :7DI B; 9EDJ;NJ; 7HJ?IJ?GK;
H; I?=D?<?Y Eb ?BI 7FF7H7?II;DJ ;D J7DJ GKnE8@;J 799;IIE?H; :; B7
9EDIJHK9J?ED:;B78;7KJY

%7DEJ?ED:n78@;9J?EDFHEFEIY;F7H#KB?7$H?IJ;L7Dn;IJF7I:KJEKJKD;
LYH?JY 78IEBK; ;J ?HHY<KJ78B; ?B In7=?J 9B7?H;C;DJ :nKD; 9EDIJHK9J?ED
FIO9>?GK; 87IY; IKH Bn?D9EHFEH7J?ED :; J78EKI @K:YE 9>HYJ?;DI

%n78@;9J?ED 9ECC; JEKJ J78EK ;IJ KD; 9EDIJHK9J?ED IOC8EB?GK; GK?
7=?J IKH DEJH; FIO9>Y FEKH 97IJH;H B; 9ECFEHJ;C;DJ ;J :?H?=;H DEJH;
9ED:K?J; IE9?7B;
 D :;>EHI :K 97:H; E99?:;DJ7B B7 H;B7J?ED 7L;9 B7
I7B;JY;JB;IHYI?:KI9EHFEH;BIDn;IJF7I:KJEKJB7C[C;
#KB?7$H?IJ;L7
B7?II;9B7?H;C;DJ;DJ;D:H;B;IFHE<ED:;I:?<<YH;D9;I;DJH;Bn;NFH;II?ED
E99?:;DJ7B; ;J FIO9>7D7BOJ?GK; :K I;DJ?C;DJ :n78@;9J?ED ;J B7
C7BBY78?B?JYGK;B;I?=D;HYI?:K;BF;KJ7LE?H:7DI B;I 9EDJ;NJ;I?D:?;D
;J7<H?97?DF7H;N;CFB;
7DI 9;I 9EDJ;NJ;I B7gI7B;JY hF;KJ FEHJ;H
9;HJ7?D;I FK?II7D9;I I79HY;I ;J DED IJ?=C7J?I7DJ;I ;J YJ78B?H
KD Y9>7D=; IOC8EB?GK; :; BnEH:H; :K H;B?=?;KN ;J :K IE9?7B
 %;I
H?JK;BI 7KJEKHI :; B7 I7B;JY F;KL;DJ 7KII? g D;JJEO;H h B; I;DJ?C;DJ
:ng 78@;9J?ED h ?DJH?DIZGK; U 9;HJ7?D;I C7J?ZH;I HYI?:K;BB;I F7H KD
FHE9;IIKI:;IK8B?C7J?ED

;F;D:7DJ B;I 9EDJH7:?9J?EDI FHEFH;I 7K IOIJZC; IOC8EB?GK;


7H8?JH7?H; ;J 97IJH7J;KH GK? FHY9Z:; KD I;DJ?C;DJ :78@;9J?ED IEDJ
YL?:;DJ;I
 %7 C7J?ZH; EH=7D?GK; ;IJ FHYI;DJ; :7DI DEJH; L?;


GKEJ?:?;DD; :; <7XED FBKI EK CE?DI 78@;9J; F7H :;I 7HJ?<?9;I :K
B7D=7=; GK? B7 :?II?CKB;DJ IE9?7B;C;DJ
 %;I FHE:K?JI 9EDJ;CFEH7?DI
:n>O=?ZD; ;J :; 8;7KJY IEDJ ;KN C[C;I :nEH?=?D; 7D?C7B;  =H7?II;
B7?J >K?B; 9EBB7=ZD; AYH7J?D; =YB7J?D; ;J9  7KJ7DJ :n?D=HY:?;DJI
GK?7FF7H7?II;DJ IEKI :;I DECI J;9>D?GK;I FEHJYI IKHB;I ;C87BB7=;I
;D B;JJH;I C?DKI9KB;I
 %7 LYH?J78B; 9ECFEI?J?ED :; 9;I FHE:K?JI
D?DJYH;II; F7I LH7?C;DJ B;I 9EDIECC7J;KHI  B;I ;C87BB7=;I B;I
C7HGK;I B;I FK8B?9?JYI B;I CE:;I ;J B; FH?N @EK;DJ :;I HaB;I
8;7K9EKF FBKI ?CFEHJ7DJI :7DI B; 9>E?N :; 9EDIECC7J?ED GK; B;KH
9EDJ;DK;<<;9J?<
%;I 9EDJH7:?9J?EDI :;L?;DD;DJ;D9EH; FBKI <B7=H7DJ;I
7L;9 B7 g CE:; h 79JK;BB; :;I FHE:K?JI 8?EBE=?GK;I
 .D 9EICYJ?GK;
g 8?E h I;H7?JCE?DI 7=H;II?<FEKH B;9EHFI F7H9; GK;FBKI EH=7D?GK;
GKnKD9EICYJ?GK;<7?J7L;9:;IC7J?ZH;IFH;C?ZH;IFBKI7HJ?<?9?;BB;I

;I GK;IJ?EDI H;D:;DJ 9ECFJ; :; B7 9EDJH7:?9J?ED :K 9ED9;FJ


:n78@;9J?ED
%;I 7HJ?<?9;I:KB7D=7=;:;I FK8B?9?JYI:;B79EDIECC7
J?ED:; C7II; ;J :; B7 CE:; F;KL;DJ :ED9 ?DJ;DI?<?;H EK ;DB;L;HB7
FK?II7D9;78@;9J;:;JEKJ;C7J?ZH;EH=7D?GK;
DKDI;DIB;I<7KN 9?BI
:ED=B;I EK :; FE?BI FK8?;DI D; IEDJ GKKD; IEHJ; :; 9EICYJ?GK;
g8?Eh;DHY78IEH87DJB;9EHFI;DBK?
;I<7KN 9?BIg8?Eh?DIJ7KH;DJ
KD9EDJ79JF>OI?GK;7L;9B;HYI?:K9EHFEH;B87IYIKHB7<7DJ7IC7J?GK;
:K JEK9>;H :; B7 F;7K
 %n?DJYH?;KH :;L?;DJ ;NJYH?;KH :7DI KD;
;NFYH?;D9; Eb B; IK@;J CZD; I7 FHEFH; :Y 9EDIJHK9J?ED 9EHFEH;BB;

;B7 CEDJH;GK;B7 <HEDJ?ZH; :;Bn78@;9J?ED ;IJ IKHJEKJ7C8?=K_JY KD
CYB7D=; :; @K=;C;DJ;J:n7<<;9JGK? D; :YJ79>;F7I H7:?97B;C;DJB;
IK@;J:;9;GK?B;C;D79;
BB;H;9EDD7^J7K9EDJH7?H;B7L?EB;D9;7L;9
B7GK;BB;KD9EHFII;IYF7H;:nKD7KJH;FEKH9ECFEI;HB;IK@;J



#;II?97!7HH?IED:7DI @M@5G<9G  KD;L?:YE:; n nmC?D
L7
;D9EH;FBKIBE?D7L;9:;I<7KN 9?BI<7?JI:;F7JJ;I:;CEK9>;I CEHJ;I

%7 L?:YE CEDJH; ;DFB7D <?N; ;J:; JHZI FHZI Bnl?B =7K9>; :; Bn7HJ?IJ;
7?DI? g C7GK?BBY h
 ,;I F7KF?ZH;I BEKH:;C;DJ 9>7H=Y;I :; F7JJ;I :;
CEK9>;I 87JJ;DJI7DI 7HH[J
%;I 9?BI :;F7JJ;I I; I9;BB;DJ <EHJ;C;DJ;J
GK7D:B;IF7KF?ZH;II;<;HC;DJBnl?B7:KC7BUInEKLH?H
%;ICEK9>;I
H;DLE?;DJ U B7 FKJHY<79J?ED ;J U B7 CEHJ
 %; H;=7H: C7GK?BBY 7L;9
B;I@M@5G<9GFH;D:KD;FHE<ED:;KHCEHJ;BB;B;IO;KN;DL7>?IF7H:;I
CEK9>;I IEDJ 9;KN :nKD 9EHFI ;D :Y9ECFEI?J?ED
 %;I F7KF?ZH;I
;DJEKHY;I:;F7JJ;I:;CEK9>;I:EDD;DJL?;UKDH;=7H::;CEHJ


)6)0%"0 L?:YE n nmC?D'44+%##33+410

,;BED#KB?7 $H?IJ;L7 B; 97:7LH; ;IJB; 9EC8B; :; B78@;9J?ED ?B ;IJB7
CEHJ ?D<;IJ7DJ B7 L?; B; FBKI :Y=EcJ7DJ :;I :Y9>;JI
 ; D;IJ FBKI
gCE?hGK?;NFKBI;C7?IB;gCE?hGK?;IJ;NFKBIY9ECC;KDE8@;J

;Dn;IJ:ED9F7I B78I;D9;:;FHEFH;JYEK:;I7DJYGK?H;D:78@;9J
C7?I 9; GK? F;HJKH8; KD; ?:;DJ?JY KD IOIJZC; KD EH:H; 9; GK? D;
H;IF;9J;F7I B;I B?C?J;IB;IFB79;I B;I HZ=B;I
D<7?I7DJHY<YH;D9; 7K


97:7LH;B;I@M@5G<9GF;KL;DJUB7<E?I IEBB?9?J;H;JFKBLYH?I;HB;IK@;J

&7GK?BBY;7L;9B;I<7KN 9?BI;DF7JJ;I:;CEK9>;I#;II?97!7HH?IEDI;
FHEFEI;:;L?LH;gBn78@;9J?ED:;IE?h9ECC;KD;<EHC;9KBC?D7DJ;
:; Bn;NFYH?;D9; :KIK@;J
 'EKI D; IECC;I FBKI ?9?:7DI B;:EC7?D;
:; Bn78@;9J?ED IOC8EB?GK;C;DJ 9EDIJHK?J; IKH B7 C7J?ZH; EH=7D?GK;
HYI?:K;BB; C7?I IKH Bn?C7=; :K 97:7LH; 97F78B; :; B?C?J;H JEKJ;
KJEF?;;JJEKJ;IEKL;H7?D;JY:K9EHFIEH=7D?GK;
%;97:7LH;C7HGK;B7
B?C?J;78IEBK;:;B7L?;F>OI?GK;IKHJ;HH;
"BDEKIH7FF;BB;B7<H7=?B?JY
:;DEJH;9EHFI ;JB7<K=79?JY:;B7L?;
%;I H;B7J?EDI IOC8EB?GK;I7L;9
Bn?C7=; :; B7 CEHJ ;J :K 97:7LH; IEDJ ?DDEC8H78B;I ;J ;NJH[C;C;DJ
:?<<YH;DJ;I
 ,? :7DI Bn(99?:;DJ 9EDJ;CFEH7?D E8IY:Y F7H Bn?:Y;
:; FHE:K9J?L?JY B; 97:7LH; ?CFHE:K9J?< :E?J [JH; ;N9BK :; B7 L?;
GKEJ?:?;DD; B; FBKI L?J; FEII?8B; 7K&;N?GK; F7H ;N;CFB; Bn?C7=;
:;B7CEHJ;IJB7H=;C;DJH;FHYI;DJY;F7HB;IGK;B;JJ;>KC7?DIOC8EB;
:;HYLYH;D9;7KN7D9[JH;I;J:;9YBY8H7J?ED:;B7L7D?JY:;B7L?;


,KH B; FB7D CEH7B B; :Y=EcJ :K 9EHFI ;IJ KD; HY8;BB?ED <79; U I7
FHEFH;?D97HD7J?ED
 +YLYB;H9;:Y=EcJUF7HJ?H:K:YFB79;C;DJ:nKD;
79J?EDGK? 9>;H9>; @KIJ;C;DJ UY97HJ;HBnEH=7D?9?JY :K9EHFI9ECC;
B;C7GK?BB7=;;IJB7IJH7JY=?;<ED:7JH?9;:;IFHEFEI?J?EDI7HJ?IJ?GK;I?9?
FHYI;DJY;I
Y9>?H;HB7F;7K:;B7H;FHYI;DJ7J?ED?:Y7B;:K9EHFIFEKH
FHYI;DJ;HKD9EHFIHY;BHYI?:K;B9n;IJC;JJH;B;:E?=JIKHB;I8B;IIKH;I
B;I J78EKI ;J B;I H;<EKB;C;DJI EH=7D?GK;I
 ?DI? Bn7HJ C7JYH?7B?I;
B;I 9EHFI 7L;9 KD;B?8;HJY GK? Y9>7FF; U B7 BE? IE9?7B; GK?<ED:; B;I
IK@;JI
 )EKHJ7DJ ;BB; Dn;IJ F7I 97F78B; :; FHE:K?H; KD; DEKL;BB;
=H7CC7?H; :n?DI9H?FJ?EDIKH B;I 9EHFI
 7DI 9;JJ; F;HIF;9J?L; Eb B;I
9EHFI C7JYH?7B?IYI 7HJ?IJ?GK;C;DJ IEDJ IE9?7B;C;DJ ?DL?L78B;I


Bn?CFEII?8?B?JY:;Bn7HJ:n7=?H9ECC;JH7DI<EHC7J;KHIE9?7B;IJYL?:;DJ

%;IJH7DI<EHC7J?EDIIE9?7B;IH;IJ;DJU9>7H=;:;IIK@;JIGK?UF7HJ?H:;
B7 FH?I; :; 9EDI9?;D9; :; B;N?IJ;D9; :;I 9EHFI 78@;9JI C7JYH?7B?IYI
U JH7L;HI B7HJ CE:?<?;DJ B;KHI H;B7J?EDI 7K :?I9EKHI DEHC7J?<
 %;I
HY79J?EDI :;I IK@;JI <79;U 9; GK?;IJ 78@;9J9ECC;<7DJaC;:;IED
;NJYH?;KH9EDIJ?JKJ?<9EHFEH?<?Y;J?D97HDYF;KL;DJ[JH;JH7KC7J?GK;I;J
H;B;L;H :; B7 FIO9>EI;
 %; IOC8EB?GK; :E?J [JH; H;F;DIY 7<?D :;
H;9EDIJHK?H; B;I <HEDJ?ZH;I ;DJH; B; IK@;J ;J IED 7BJYH?JY 78@;9J;
 %7
F;H<EHC7J?L?JY;IJ>YJ?GK;FHEFEIY;7L;9B7H; GK7B?<?97J?EDIOC8EB?GK;
:;I9?BI;J:;IED=B;IF7HJ?9?F;:nKD;9EDIJHK9J?ED:nKD<YC?D?D7KJH;
BE?D:;IIJYHYEJOF;I:K=;DH;


c(CIF@9GMGHWA989@jV7CBCA=9DC@=H=EI98IG=;B9@5FV:VF9B79AC8W@98I7CFDG9GH@9

A5BB9EI=B3

4@9A5BB9EI=BF9DFVG9BH9@I=5IGG= IB7CFDGHCH5@9A9BH:CB7H=CBB5@=GVGCIG
@5@C= 89@5J5@9IFA5=G79HH9:C=G7CAA9@=9I89DFC8I7H=CB89@5J5@9IF G=;B9
9EI=9GH
DFC8I=H 79Bj9GH D@IG 89@5 :CF79 89HF5J5=@ 79GCBH 89G AC8W@9G 89 G=;B=:=75H=CB  BCB
G9I@9A9BH 89G AC8W@9G G9LI9@G 8j577CAD@=GG9A9BHA5=G @5G9LI5@=HV 9@@9 AXA97CAA9
AC8W@9
d#;7D.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: 
F
 

  B7K:; %YL? ,JH7KII 7 FHEFEIY B7 DEJ?ED :nKD KD?L;HI IOC8EB?GK; HY=BY F7H :;I

IJHK9JKH;I GK? L?;D:H7?;DJ 9EDIJ?JK;H Bn>ECC; :7DI IED [JH; C[C;


 %; IOC8EB?GK;
9ECFH?I 9ECC; IJHK9JKH; <7XEDD;;J <ED:; B7 HY7B?JY>KC7?D;
%n7BB?7D9; C7JH?CED?7B;
<ED:Y;UF7HJ?H:K J78EK:;Bn?D9;IJ; ;JB;B7D=7=;I;H7?;DJ EH=7D?IYIF7H9;JJ;IJHK9JKH;
?D9EDI9?;DJ;
 #79GK;I %797D 7 :YL;BEFFY B7DEJ?ED :ng EH:H; IOC8EB?GK; h U F7HJ?H :;
B7K:; %YL? ,JH7KII ;D FHEFEI7DJ KD IOIJZC; IOC8EB?GK; FHYYJ78B?
 %; IK@;J F7H B7
F7HEB; L?;DJ InO 9EEH:EDD;H C7?I B; IOIJZC; ;N?IJ; ;D :;>EHI :K IK@;J ?B ;IJ
JH7DI?D:?L?:K;BIJHK9JKH;;NJYH?;KH;UBn?D:?L?:K;JGK?B;:YJ;HC?D;
%K9;"H?=7H7O9H?J?GK;
Bn7FFHE9>; IJHK9JKH7B?IJ; :; BnEH:H; IOC8EB?GK; 9ECC; JEJ7B ;J 9EDJ;IJ; Bn7<<?HC7J?ED
B797D?;DD; :nKDI?=D?<?7DJF>7BB?GK;GK? =7H7DJ?II7?JBnEH:H;IOC8EB?GK;;J 9ECCKD7KN
:;KNI;N;I
 ;JJ; J>ZI; :Y<;D: B7 9HY7J?ED :nKD EH:H; IOC8EB?GK; GK? Dn;IJ F7I <ED:Y
;N9BKI?L;C;DJ IKH B; I?=D?<?7DJ F>7BB?GK;
 B7K:; %Q/" ,-+.,, g %n;<<?979?JY
IOC8EB?GK; h :7DI BH<FCDC@C;=9 +HFI7HIF5@9 )7H?I Q:?J?EDI :; &?DK?J  F
 

#79GK;I %' g %; IOC8EB?GK; Bn?C7=?D7?H; ;J B; HY;B h :7DI I@@9H=B =BH9FB9 89
@jGGC7=5H=CB :F5BU5=G9 89 DGM7<5B5@MG9  F
  
 %K9; "+" +2 +D97I@IA 9
@j5IHF9:9AA9)7H?IQ:?J?EDI:;&?DK?J 

DD;JJ;&,, +$9G,CFHIF9G.C@CBH5=F9G (IJ<?B:;HD!7J@;7DJP 

  c $5 AC89 9GH HCI>CIFG FVHFC A5=G GIF @5 65G9 89 @j56C@=H=CB 8I D5GGV  ACFH 9H
FVGIFF97H=CBGD97HF5@9 89G :CFA9G
 j9GH GCB57HI5@=HV DFCDF9 EI= Bj9GH D5G FV:VF9B79 5I
DFVG9BH A5=G F97M7@5;9 HCH5@ 9H =AAV8=5H
 $5 AC89 7j9GH D5F58CL5@9A9BH @j=B57HI9@
 d
#;7D.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: F
 

  c @@9 EI= 8VG=BJ9GH=H @9G G=;B9G 89 HCIH9 J5@9IF 9H 89HCIH 5::97H 9@@9 F989J=9BH IB9

D5GG=CB  D5GG=CB89 @j5FH=:=7=9@


 j9GH @j56GIF8=HV AXA9 @j=BIH=@=HV :CFA9@@9 8I G=;B9 89
AC89 @5 D9F:97H=CB 8jIB  GMGHWA9 C` F=9B  B9 GjV7<5B;9 D@IG 7CBHF9 8I FV9@ 7j9GH
@j5F6=HF5=F9 89 79 G=;B9 9B AXA9 H9ADG EI9 G5 7C<VF9B79 56GC@I9 G5 7CBHF5=BH9 89
F9@5H=J=HVHCH5@95J97@9G 5IHF9G G=;B9GEI= :5=H G5J=FI@9B797CBH5;=9IG9 9BAXA9H9ADG
EI9@5>CI=GG5B797C@@97H=J9
d!6=89AF
 

 c$IH=@=HV8IB97<CG9:5=H8979HH97<CG9IB9J5@9IF8IG5;9
 %5=G 79HH9IH=@=HVB5F=9B

89 J5;I9 9H 8=B8V7=G


 VH9FA=BV9 D5F @9G DFCDF=VHVG 8I 7CFDG 89@5A5F7<5B8=G9 9@@9
B9L=GH9 DC=BH G5BG @I=
 3

4 $9G J5@9IFG 8jIG5;9 B9 G9 FV5@=G9BH EI9 85BG @jIG5;9 CI @5
7CBGCAA5H=CB
@@9G :CFA9BH@5A5H=WF989@5F=7<9GG9
 5BG @5GC7=VHVEI9BCIG5JCBGR
9L5A=B9F 9@@9G GCBH 9BAXA9H9ADG @9GGCIH=9BG A5HVF=9@G 89@5J5@9IF8jV7<5B;9d$7HB
&+1$95D=H5@gIJF9G7CAD@WH9G?8B?EJ>ZGK;:;%7)BY?7:;)7H?I 7BB?C7H: 
FF
 

  c$9FV9@  @5 D@IG 69@@989 BCG 7CBBCH5H=CBG  Bj9L=GH9 D5G


 $9 G=;B99GH G5BG 5FF=WF9

ACB89 G5BG =B7CBG7=9BH EI= 9GH @5 89FB=WF9 9H @5 D@IG GI6H=@9  89G 7CBBCH5H=CBG 9H
FV5@=G5H=CBG
 $9G G=;B9G GjMV7<5B;9BH G5BG D<5BH5GA9G G5BG <5@@I7=B5H=CB89 FV5@=HV
 d
#;7D.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: F
 

&?9>;B:;+-.$j=BJ9BH=CB8IEICH=8=9B.C@
 FHG89:5=F9)7H?I 7BB?C7H:

 F
 


#;7D.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: F
 

 g += @j56>97H 9GH 8V>R IB9 5ACF79 89 G=;B9 DCIF IB  BCB C6>9H 5IL @=G=WF9G 8I
F9:CI@9A9BH CF=;=B5=F9CB 7CADF9B8 EIj=@7^HC=98jIB9D5FH@9GMADH^A9GCA5H=EI9 89
@j5IHF9@5GI6@=A5H=CB
$9GMADH^A9IB@5B;5;98V7@5F5BH:CF:5=HGHFI7HIF985BG@97CFDG
IBVHF5B;9F=B5GG=A=@56@9 ACBGHF9 HIA9IF9H 75B79F EI9@9G V7CIH9IFG 89@j=B7CBG7=9BH
Bj9BH9B89BHD5G75F7j9GH9B 89<CFG89GG9BH=A9BHG8I8VG=FEI9G96@CHH=HGCBGI>9HV;5FV

$5 GI6@=A5H=CB 5I 7CBHF5=F9 Bj9GH F=9B 8j5IHF9 EI9 @5 DCGG=6=@=HV 89 BCAA9F @9 DFV
BCA=B5@ @9DFV C6>97H5@ EI=B9GCBH9B :5=HEIjIBHF5BG BCA=B5@IBHF5BG C6>97H5@
5BG
@9GMADH^A9 @j56>97HAj9BJ5<=H >9@989J=9BG
 (5F@5GI6@=A5H=CB>9@9H=9BG
$j56>97H9GH
6CF8V89GI6@=A9
9Bj9GHD5G@9AXA9ACA9BH8ID5F7CIFGA5=G7j9GH@9AXA9GI>9H9H
@9AXA9 8=G7CIFG EI= @9G :CBH 9L=GH9F
 d #KB?7$+",-/ (CIJC=FG 89@j<CFF9IF
 GG5= GIF
@j56>97H=CB)7H?I,;K?B  F
 

>JJF 7H9>?L;
D;MI
IE<JF;:?7
9EC D;MI BOB7I> O;B7I>;I &7:; E< BO %;=I  

  7DI Bn>?IJE?H;:;B7F;?DJKH;E99?:;DJ7B;B;I/7D?JYI J?;DD;DJ KD;FB79;F7HJ?9KB?ZH;

:7DI B7 F;?DJKH; >EBB7D:7?I; :;I 7DDY;I  


 %;I /7D?JYI EDJ KD; I?=D?<?97J?ED
IOC8EB?GK; ;J F>?BEIEF>?GK; FK?IGKn;BB;I C;JJ;DJ ;D 87B7D9; B7 CEHJ ;J B;I lKLH;I
>KC7?D;I
)EKHJ7DJ?B D;In7=?JF7I:nKD;IJHK9JKH;?9EDE=H7F>?GK;GK? 7YJY?D9EHFEHY;
:7DI B7 9KBJKH; E99?:;DJ7B; CE:;HD; ;J 9EDJ;CFEH7?D;
 7DI Bn?C7=?D7?H; E99?:;DJ7B
9EDJ;CFEH7?D B;I IGK;B;JJ;I >KC7?DI EDJ IEKL;DJ KD; 9EDDEJ7J?ED FY@EH7J?L; 7IIE9?Y;
7KN C7D?<;IJ7J?EDI :K g C7B h
 %;I g J[J;I :; CEHJ h IEDJ KJ?B?IY;I FEKH ?:;DJ?<?;H KD
FHE:K?J JEN?GK; F7H ;N;CFB;
 7DI B7 9KBJKH; &;N?97?D; HYIKBJ7J :nKD CYB7D=;
9ECFB;N;:;9?L?B?I7J?EDFHY 9EBEC8?;DD;;J>?IF7D?GK;B7H;FHYI;DJ7J?EDEKB7FHYI;D9;
HY;BB; :; IGK;B;JJ;I ;J 9HVD;I >KC7?DI ;IJ JEK@EKHI 9EKH7DJ;
 %;I 97B7L;H7I IEDJ JHZI
FHYI;DJI:7DIBn?9EDE=H7F>?;9EDJ;CFEH7?D;:;I<[J;IFEFKB7?H;IC;N?97?D;I;J9ECFJ;DJ
7L;9KD;B;9JKH;FEI?J?L;IKHB7<H7=?B?JY:;B7L?;



B  

 



%; I7D= ;IJ KD; IK8IJ7D9; IOC8EB?GK;C;DJ 9ECFB;N; GK? ;IJ U B7
<E?I9;GK?I7B?J;J9;GK?D;JJE?;9;GK?H;D:?CFKH;J9;GK?FKH?<?;

)HELEGK;H BnY9EKB;C;DJ :K I7D= ;IJ KD; 79J?ED GK? B?8ZH; B;I
FK?II7D9;I IOC8EB?GK;C;DJ 7C8?L7B;DJ;I :;FK?I B;I 8B;IIKH;I
?CFKH;I @KIGKn7KN E<<H7D:;I I79HY;I
 %7 L?:YE .9FB=G   :;
n nnC?D
EKLH;B7H;FHYI;DJ7J?ED:K9EHFI FHEFH;;J?:Y7B
%; 9EHFI
8B;IIY I7?=D; IED ?CFKH;JY IOC8EB?GK;
 %7 L?:YE CEDJH; KD;
C7DK9KH; 7L;9 B7 FEI; :nKD L;HD?I
 7DI 9; H?JK;B 7HJ?IJ?GK; B;
L;HC;?B :;I ED=B;I L?;DJ :nKD; HY78IEHFJ?ED EH=7D?GK; :K 9EHFI BK?
C[C;
%;I7D= GK?9EKB;:;I9KJ?9KB;I7HH79>Y;IFHZI:;BnED=B;J;?DJ;
B;L;HD?IJH7DIF7H;DJ;DHEK=;
%7FEI;:;L;HD?IUED=B;IIEHJ:ED9:K
:EC7?D; :;I IE?DI :;8;7KJYFEKH 7IIKC;HB7 FK?II7D9;IOC8EB?GK;
:; B7 8B;IIKH; GK; B;I I97H?<?97J?EDI H?JK;BB;I F;KL;DJ H;FHYI;DJ;H

ECC;FEKH=@GB;J;HH7?DF;H<EHC7J?<:;B7L?:YE;IJUBn?DJ;HI;9J?ED
:; B7 9H?J?GK; :;I IJYHYEJOF;I :; B7 8;7KJY <YC?D?D; ;J :K L;HJ?=;
COIJ?GK;
)7HB7=H7L?JY=;IJK;BB;:;9;H?JK;B7HJ?IJ?GK;@n7?9YBY8HYIKH
CED9EHFIB;I79H?<?9;:KI7D=
#;LEKB7?IJ;IJ;H7L;99;JJ;;NFYH?;D9;
B;IB?C?J;I :;C7:EKB;KH;J;NFYH?C;DJ;HB;I FK?II7D9;IIOC8EB?GK;I
:KI79H?<?9;

KGKEJ?:?;D?BCn7HH?L;:n7HH79>;HB7F;7K:;C;I9KJ?9KB;I;J:;C;
8B;II;H F7H DY=B?=;D9;
 %7 <7I9?D7J?ED GK; @nYFHEKL; FEKH B; I7D=
L;HC;?B GK? 9EKB; :; C;I ED=B;I ;IJ JEK@EKHI <H7FF7DJ;
 #n7? <?D? F7H


9ECFH;D:H; GKn?B In7=?J :; B7 C7D?ZH; B7 CE?DI FYD?8B; :; HECFH;
Bn;DL;BEFF; 9EHFEH;BB; ;J :; <7?H; InYF7D9>;H CED 9EHFI
 )EKH 9;JJ;
F;H<EHC7D9;@n7?LEKBKJ;IJ;HC797F79?JYUC;<7?H;C7B;D7HH79>7DJ
C;I9KJ?9KB;I@KIGKnU<7?H;@7?BB?HCEDI7D=
%;I7D=;IJKD;IK8IJ7D9;
<7I9?D7DJ; ;J ?DJH?=7DJ;
 &;JJH; ;D GK;IJ?ED F7H KD H?JK;B 7HJ?IJ?GK;
Bn?C7=?D7?H;IOC8EB?GK; GK; B;I7D= HEK=; FHE@;JJ; IKHB;I 9EHFI :;I
<;CC;I C; I;C8B7?J DY9;II7?H;
 )BED=;H CED 9EHFI :7DI KD YJ7J :;
<H7=?B?JY JH7DI?JE?H; YJ7?J B; 8KJ :; 9;JJ; ;NFYH?;D9;
 K DEC :; B7
8;7KJY @n7? 8B;IIY C7 F;7K
 %n?C7=; 7D=E?II7DJ; JHEK8B7DJ; ;J
I79H?<?9?;BB; :;C;IED=B;IJ;?DJYI :KHEK=; :;CEDFHEFH;I7D= H;D:
KD>ECC7=;FHELE97J;KHUB78;7KJY<YC?D?D;

L;9 KD 97:H7=; IK8@;9J?< 9;DJHY IKH B; CEKL;C;DJ :; C;I C7?DI
BnE8@;9J?<:K97CYI9EF;CEDJH;:;JHZIFHZI 9;JJ;I9ZD;:;C7DK9KH;
?D>78?JK;BB;
%;I9?I;7KNU9KJ?9KB;DEHC7B;C;DJKJ?B?IYIFEKH9EKF;H
:YB?97J;C;DJ B7 F;7K GK? :Y8EH:; 7KJEKH :;I ED=B;I :;L?;DD;DJ KD
?DIJHKC;DJ :; I97H?<?97J?ED
 7DI KD; C7DK9KH; >78?JK;BB; KD;
YL;DJK;BB; =EKJJ; :; I7D= HYF7D:K; 799?:;DJ;BB;C;DJ ;IJ KD;
?CFKH;JYFHEFH;U8H?I;HB; L;HD?I:;B7 8;7KJY
"9?Bn?CFKH;JY:;L?;DJ
B7 C7J?ZH; FH;C?ZH; 9n;IJ B; I7D=  GK? <EKHD?J B; L;HC;?B IY:K?I7DJ
:nKD; 8;BB; C7DK9KH;
 BEHI GK; B;I 9?I;7KN :Y9>?H;DJ B7 F;7K :;
9>79KD :; C;I ED=B;I B; I7D= <H7?I J;?DJ; B; L;HD?I JH7DIF7H;DJ
 #;
FH;II; F7H<E?I B;NJHYC?JY :; C;I :E?=JI 7<?D :; <7?H; 9EKB;H FBKI
<EHJ;C;DJ B; F?=C;DJ L;HC;?B
 "B 7HH?L; GK; B; I7D= :Y8EH:; FK?I B;
HEK=; F;H: F;K U F;K IED ?DJ;DI?JY FEKH 9E7=KB;H ;J <EHC;H :;I
9HEcJ;I
;H?JK;BIn7LZH;?D97F78B;:;FKH?<?;HB;I7D=DEDI;KB;C;DJ
F7HIED7FF7H;D9;C7?I7KII?U97KI;:;IEDY9EKB;C;DJ?CFKH


"/+&0 L?:;En nmC?D
#0+'..#&'163#

,;BED+;DY ?H7H: JEKJI7D= HYF7D:K;D:;>EHI:;II79H?<?9;IH?JK;BI


;IJ ?CFKH B; I7D= GK? 9EKB; :7DI KD 799?:;DJ EK :7DI KD 79J;
9H?C?D;B 9ED9HYJ?I; B; 97H79JZH; 9EDJ7=?;KN :; B7 L?EB;D9;
 ,7
FHYI;D9; :YDED9; B7 CEHJ ;J 7FF;BB; :; DEKL;7KN :H7C;I B; I7D=
7FF;BB;B7L;D=;7D9;
%n?CFKH;JY:KI7D=9H?C?D;BH7CZD;UKDI;KB;J


C[C; FYH?B  B?DIJ7BB7J?ED :; B7 L?EB;D9; ?DJ;HC?D78B; 7K I;?D :; B7
9ECCKD7KJY
 %7 I;KB; IK8IJ7D9; 97F78B; :; D;JJEO;H 9;JJ; IEK?BBKH;
;IJ B; I7D= BK? C[C; F7H B; I7D= L;HIY H?JK;BB;C;DJ  Bn?:Y; :;
FKH?<?97J?ED H?JK;BB; YJ7DJ KD; FKH; ;J I?CFB; ?BBKI?ED IOC8EB?GK;
%;
I7D=FEKII;B;I>ECC;IUB7L;D=;7D9;;JUB7CEHJC7?I 9n;IJ7KII?
BK?GK?<7?JH;L?LH;B79ECCKD7KJYUJH7L;HIB7FKH?<?97J?EDIOC8EB?GK;
:K I79H?<?9;
 %; I7D= DED I79H?<?9?;B GK? 9EKB; ;J GK? IZ9>; IKH B;
9EHFI :;B7L?9J?C;;IJ?CFKH?BF;H:L?J;I7B?CF?:?JY?B:;L?;DJI7B;
F;H: I79EKB;KH;J<EHC;:;I 9HEcJ;I
%;I7D=GK?L?;?BB?J IKHB; 9EHFI
:;B7L?9J?C;:;L?;DJB;I7D=?CFKH:;B7L?EB;D9;:;B7C7B7:?;;J:;
B7CEHJ
%;I7D=97F78B;:;FKH?<?;H;IJB;I7D=<H7?IL;HC;?B;J<BK?:;
:; B7 L?9J?C; GK? L?;DJ :[JH; ?CCEBY; ;J ?B D; I;HJ 7K H?J; GKU
Bn?DIJ7DJC[C;Eb?B;IJHYF7D:K


%7 CYJ7CEHF>EI; F>OI?GK; :KI7D=HYF7D:K DEKI CEDJH;I7:EK8B;


D7JKH;
 "B ;IJ B7 IK8IJ7D9; B7 FBKI YL?:;DJ; :; 8=::VF9B7=5H=CB :7DI
BnKD?L;HI IOC8EB?GK; FH?C?J?<  ?B F;KJ 7C;D;H BnEH:H; 9ECC; B;
:YIEH:H; 9KBJKH;B ?B <ED:; B;I COJ>;I B;I J78EKI B; I79HY ;J B7
L?EB;D9;
7DIDEI IE9?YJYICE:;HD;IEbB7:?<<YH;D9;;IJF;H:K;B;
I7D=I;HYIKC;U B7 L?EB;D9;?CFKH;IE?J Bn?CFKH;JY9H?C?D;BB;IE?J
Bn?CFKH;JYI;NK;BB;:KI7D=C;DIJHK;B

D C[B7DJ BnEH:H; ;J B; :YIEH:H; :;I H?JK;BI FH?C?J?<I ;J CE:;HD;I B7
L?:YEF;H<EHC7D9;.9FB=GHY 7HJ?9KB;B;IIJHK9JKH;IIOC8EB?GK;I:KFKH
;J:;Bn?CFKH
%;I7D=:KL;HD?I ;IJB;I7D=:;B78B;IIKH;C7?I?B;IJ
7KII? B; I7D= <YC?D?D :; B7 IY:K9J?ED ?B 7HJ?9KB; IOC8EB?GK;C;DJ B;
FE?:I :7D=;H;KN :; B7 L?EB;D9; ;J :; B7 I;NK7B?JY
 %7 FK?II7D9; :;
IY:K9J?ED <YC?D?D; BE?D :; B7 IKF;H<?9?7B?JY :;I FKBI?EDI :; CE:;


;N;H9; KD; 7KJH; <7I9?D7J?ED <YC?D?D; :7DI Bn;NFYH?;D9; :K HY;B

D InY9EKB7DJ :nKD 9EHFI 9>7HD;BB;C;DJ 8B;IIY B; I7D=  7IIKC; B7
L?EB;D9;IOC8EB?GK;;JHY;BB;;N;H9Y;IKHB;I9EHFI<YC?D?DI


%; H?JK;B 7HJ?IJ?GK; .9FB=G Dn;IJ ;D H;L7D9>; F7I <ED:Y IKH KD;
;IJ>YJ?GK; EK KD ?C7=?D7?H; H;B?=?;KN
 .D; J;BB; 79J?ED Dn;DJ;D: F7I
HYLYB;H B; I79HY 7K 9EDJH7?H; 9n;IJ B7 <H?LEB?JY B7 87D7B?JY ;J B7
IKF;H<?9?7B?JY :;I H?JK;BI :; 9EDIJHK9J?ED :; B7 8;7KJY GK; 9;JJ;
;NFYH?;D9; :YI7HJ?9KB;
 %7 C7DK9KH; ;IJ KD; EFYH7J?ED <YC?D?D; :;
8;7KJY;J:;IY:K9J?ED:;IC7?DI:EK9;I;J:;IED=B;I8?;D<7?JIIEDJ
:;I <79J;KHI :; IY:K9J?ED :7DI :;I 9EDJ;NJ;I <EHJI :?L;HI
 &7?I 7LE?H
KD; C7DK9KH; ?CF;9978B; ;IJ KD; HY7B?JY HYI;HLY; U KD DEC8H;
H;B7J?L;C;DJHY:K?J:;<;CC;I
%;IJV9>;ICYD7=ZH;I;D:ECC7=;DJB;
L;HD?I;DF7HJ?9KB?;HB;I9EKB;KHIB;IFBKI<ED9Y;I9ECC;B;HEK=;
%7
C7DK9KH; ;IJ :ED9 KD IOC8EB; DED I;KB;C;DJ :; IY:K9J?ED ;J :;
8;7KJYC7?I7KII?:;FEKLE?HY9EDEC?GK;;JIE9?7B

%7 FEI; :K L;HD?I HEK=; FKH; HYFYJ?J?ED C?CYJ?GK; :nKD CE:ZB;
:; H;FHYI;DJ7J?ED =7=D; KD FE?:I :; H?JK;B g I79H?<?9?;B h 7L;9 B7
F;H<EHC7D9;.9FB=G
%;I7D=GK?9EKB;:7DIB7L?:YEY9>7FF;UBnEH:H;
9EDJ;CFEH7?D YJ78B?J C7?I ?B Y9>7FF; 7KII? 7K 9EDJ;NJ; g FH?C?J?< h
:nY9>7D=;IIOC8EB?GK;I
%;L;HD?I:;I7D=F;KJFEKHJ7DJ[JH;7HJ?9KBY
9ECC; KD F=H989 D5GG5;9 97F78B; :; 8H?I;H B>ECE=YDY?JY:KIK@;J
;J FHELEGK;H KD; EKL;HJKH; U BnY9>7D=; IOC8EB?GK;
 .D; IEHJ; :;
g L;HJ?=; h :; Bn;NFYH?;D9; I79HY; 97F78B; :E<<H?H KD; ;NFYH?;D9;
COIJ?GK; 7K 9EHFI I7DI FEKH 7KJ7DJ JEK9>;H Bn?C7=?D7?H; H;B?=?;KN

,7DIB;I:E=C;I;JI7DIB;I9HEO7D9;I:;B7H;B?=?EDJEKJ;9EDDEJ7J?ED
LYH?J78B;C;DJ I79HY; EK IF?H?JK;BB; Y9>EK; :7DI Bn;NFYH?;D9;


7HJ?IJ?GK;
 %n7HJ F;KJGK7D:C[C;C7JYH?7B?I;HKD; IEHJ; :; G57F=:=79
@5\EI9 ?D97F78B; :; <KI?EDD;H Bn[JH; ;J B; :?L?D EK :; FKH?<?;H B7
L?EB;D9;:KI7D=
7?H;:;B7FEI;:;L;HD?IKDI79H?<?9;:;I7D=;IJKD
I79H?<?9;<H?LEB;UB78;7KJY;J9n;IJ7BEHIB;I79H?<?9;:;B78;7KJY;BB;
C[C;
 %n?:Y; 9EDJ;CFEH7?D; :; 8;7KJY <?D?J 7?DI? F7H In;<<ED:H;H
%;
9EHFI :;L?;DJ:7D=;H;KN GK7D: ?B C7JYH?7B?I; B7L?EB;D9;?DJH?DIZGK;
7KN97DEDI:;8;7KJY

nEbL?;DJBn?C7=?D7?H;IOC8EB?GK;:;IY:K9J?ED<YC?D?D;UJH7L;HIB;
HEK=; :K L;HD?I HEK=; ;J :K HEK=; U BZLH;I HEK=;  K I7D=
D7JKH;BB;C;DJ C7?I :nKD I7D= ;D9EH; FBKI ?CFKH GK; B; I7D=L;HIY
9H?C?D;BB;C;DJ EK GK; 9;BK? GK? HYLZB; B7 C7B7:?;  B7 IY:K9J?ED
<YC?D?D; U JH7L;HI B; HEK=; L?;DJ :K L;HC;?B :K I7D=  C;DIJHK;B
7IIE9?YUB7I;NK7B?JY;JUB7FHE9HY7J?ED
%;I7D=L;HIY9H?C?D;BB;C;DJ
EK BEHI :nKD 799?:;DJ EK :KD; C7B7:?; H;FHYI;DJ; B; :7D=;H L;DK
:;B;NJYH?;KH:;Bn?:;DJ?JYB;gCE?h C;D79YF7HB; gDED CE?hB7
IE9?YJYC;D79Y;F7HIED:;>EHIB7L?;F7HB7CEHJ
%;I7D=C;DIJHK;B
7K9EDJH7?H;H;FHYI;DJ;B;:7D=;HL;D7DJ:;B?DJYH?;KH:;B7:?<<YH;D9;
I;NK;BB;
%; I7D=C;DIJHK;B IOC8EB?I; BnEFFH;II?ED>ECC; <;CC; ;J
IED ?CFKH;JY ;IJ KD; FHEJ;9J?ED 9EDJH; B; FEKLE?H FHE9HY7J;KH :;I
<;CC;I
 %n?CFKH;JY :K I7D=C;DIJHK;B L?;DJ :; B7 L?EB;D9; FHYI;DJ;
:7DIB7I;NK7B?JY
%;H7FFEHJYJHE?J;DJH;I;NK7B?JY;JL?EB;D9;;NFH?C;
:;I 9EDL;H=;D9;I :7DI :;I C7D?<;IJ7J?EDI J;BB;I GK; H7FJ L?EB
I7:?IC; ;J9
 EK FBKI BE?DJ7?D;I C7B7:?;I GK;H;BB;I @7BEKI?;I
H7D9KD;I ;J9
,;BED+;DY ?H7H:  B7 I;NK7B?JY;IJKD;C7D?<;IJ7J?ED
F;HC7D;DJ; :K :YIEH:H; C[C; :7DI B;I 9ECCKD7KJYI B;I FBKI
>7HCED?;KI;I
 %;N9?J7J?ED I;NK;BB; ;J B7 L?EB;D9; I; C7D?<;IJ;DJ :;


<7XEDI?C?B7?H;
 ECC; B7L?EB;D9;B; :YI?HI;NK;B H;II;C8B; U KD;
YD;H=?;GK?In799KCKB;;JGK?<?D?JF7H97KI;H:;I:YIEH:H;I:H7IJ?GK;I
I?EDB;J?;DJBED=J;CFI9ECFH?CY

%7 IYH?; F>EJE=H7F>?GK; *98 =G H<9 7C@CF   :; "D=H?: ;HJ>ED
&E?D; FHEFEI; B7 HY 7FFHEFH?7J?ED :K I7D= 9ECC; EKJ?B :;
H;9EDIJHK9J?ED ?:;DJ?J7?H; U JH7L;HI :EKP; FEHJH7?JI :; <;CC;I 7O7DJ
KJ?B?IY;IB;KHI7D=C;DIJHK;B9ECC;HEK=;UBZLH;I
>7GK;FEHJH7?J7
FEKH J?JH; B; DEC :; B7 9EKB;KH :K HEK=; U BZLH;I 9ECC; :7DI KD
97J7BE=K; :; C7GK?BB7=;  *CI;9 (IF CF6=889B *98 %9F@CH *98
,56CC*CI;9 &C=FEK7H=CB*98
'Y7DCE?DIB7 9EKB;KH:;IBZLH;I
J;?DJ;I ;DHEK=;;IJIY9HYJY;F7HB;9EHFI:;9>7GK;<;CC;B;HEK=;
:;I BZLH;I I?=D?<?; U B7<E?I B;HEK=; :;B7 IY:K9J?ED;JB;HEK=; :;B7
FEBBKJ?ED


"!&01%" ,),/ IYH?;F>EJE=H7F>?GK;0)3+&'35*101+0'

'EI IE9?YJYI CE:;HD;I EDJ =7H:Y ;J :YL;BEFFY 9;HJ7?DI YBYC;DJI


IOC8EB?GK;I 5F7<5\EI9G JEKJ;D;<<7X7DJB;KHI EH?=?D;I 7IOCYJH?GK;I
?HH7J?EDD;BB;I JH7DI?J?EDD;BB;I ;J ?D9EDJHaB78B;I
 %; H7FFEHJ ;DJH;


B; HEK=; ;J B; <YC?D?D ;IJ JHZI FHYI;DJ :7DI DEJH; IE9?YJY :;
9EDIECC7J?ED I; C7GK?BB;H EK In>78?BB;H ;D HEK=; ?D:?GK; KD :YI?H
:; IY:K9J?ED
 %; HEK=; IY:K9J;KH IKH KD 9EHFI <YC?D?D I;H7 7IIE9?Y
U B7 I;NK7B?JY LE?H; U B7 L?EB;D9; C7?I 7KII? U B7 <;HJ?B?JY B; HEK=;
7IIKC; B;I F7II?EDI BnYHEJ?IC; B7 BKNKH; B; FEKLE?H ;J 7KII? B7
IEK?BBKH;

%n>O=?ZD; CE:;HD;;<<79; B;I JH79;I :K I7D=C;DIJHK;B B;I I;HL?;JJ;I


>O=?YD?GK;I FHEFEI;DJ B7D;KJH7B?I7J?ED:; B7FF7H;D9; ;J:;I E:;KHI
:;I HZ=B;I
 %;I EKJ?BI ;J FHE:K?JI :; Bn>O=?ZD; CE:;HD; 7IIKC;DJ B;
HaB; :; FHEJ;9J?EDIOC8EB?GK; 9EDJH;B7IEK?BBKH;JEKJ;DHY7<<?HC7DJ
Bn?DJ;H:?J IKH B; 9EHFI <YC?D?D C;DIJHK;B ;J FEBBK7DJ
 %; I7D= :;I
FK8B?9?JYI:;L?;DJ:ED98B;KFHEFH;7I;FJ?IY;JHY?JZH;B7:EC?D7J?ED
C7I9KB?D;
 %7 L7B;KH :; B7 FEBBKJ?ED Dn;IJ F7I ?CC7D;DJ; 7K 9EHFI
;BB;;IJ FHEFEHJ?EDD;BB;U B7 FK?II7D9;:;Bn?DJ;H:?J GK?I;FEI;IKHB;
9EHFI
 %n?DJ;H:?J C;DIJHK;B E8B?=; B;I <;CC;I U 979>;H Bn?CFKH;JY :;
B;KHI HZ=B;I
 L;9 :K I7D=  C;DIJHK;B IKH B;I BZLH;I B7 IEK?BBKH;
IOC8EB?GK; JH7DI?J;:; B7 LKBL; L;HI B78EK9>; Bn?DJ;H:?J JEC8;;JB7
DED ?CC7D;D9; :; B7 IEK?BBKH; :K 9EHFI C;DIJHK;B ;IJ :YLE?BY;
 %;
HEK=; FEBBK7DJ :;I HZ=B;I ;IJ :;L;DKB; HEK=; IY:K9J;KH :K HEK=; U
BZLH;I :Y@EK7DJ B; IOIJZC; :n?DJ;H:?9J?ED IKH B; 9EHFI :; B7 <;CC;

%;I <;CC;I GK? H;=7H:;DJ IYH?;KI;C;DJ BnE8@;9J?< :n"D=H?: ;HJ>ED
&E?D; :Y<?;DJ DED I;KB;C;DJ B; J78EK :; B7 IEK?BBKH; C7?I 7KII? B7
:EC?D7J?ED C7I9KB?D; GK? :Y<?D?J B; 9EHFI <YC?D?D ;D :;I J;HC;I
FEBBK7DJI
%;IJEDI:;HEK=;IKHB;IBZLH;I:;I<;CC;IF>EJE=H7F>?Y;I
F7H "D=H?: ;HJ>ED &E?D; C7?I 7KII? IKH B;I ED=B;I :; C;I C7?DI
IEDJ B;I HEK=;I :; B7 IY:K9J?ED B;I HEK=;I :; B7 <;HJ?B?JY B;I HEK=;I


=YDYH7J;KHI :; Bn799EK9>;C;DJ B;I HEK=;I :K FEKLE?H FHE9HY7J;KH
<YC?D?D B;I HEK=;I :7D=;H;KN GK? C7D?FKBYI 7L;9 KD; ;NJH[C;
FHY9?I?ED ;J 9EDI9?;D9; IEDJ 97F78B;I :; :Y@EK;H Bn?C7=; ?CFEIY;
F7HB7:EC?D7J?EDC7I9KB?D;

FHZI B7 :Y9EKL;HJ; :; *98 =G H<9 7C@CF @n7? ;K 7KII? ;DL?;
:n;NFYH?C;DJ;H CED I7D= C;DIJHK;B 9ECC; HEK=; U BZLH;I
 #n7?
9EBB;9JY B; I7D= 7L;9 KD; 9EKF; C;DIJHK;BB; ;J @; Bn7? 7FFB?GKY FKH
7L;9 CED :E?=J
 #n7? 7KII? FHE<?JY :; BnE997I?ED FEKH :Y9EKLH?H IED
=EcJ GK? Dn;IJ F7I :YI7=HY78B;
 #; Dn7? F7I YFHEKLY KD GK;B9EDGK;
I;DJ?C;DJ:n78@;9J?ED;DL;HI 9;=;IJ;
D<7?J7L;9:KI7D=C;DIJHK;B
IKHB;I BZLH;I @; C;IK?I I;DJ?;FK?II7DJ;97F78B; :;9EDJHaB;H;JH;
I?=D?<?;H B;I DEJ?EDI :n78@;9J?ED ;J :; IY:K9J?ED GK? In7HJ?9KB;DJ IKH
CED 9EHFI <YC?D?D
 #n7?HY7B?IY 7KII?GK;BGK;I F>EJE=H7F>?;I 7L;99;
HEK=;UBZLH;IF;K>78?JK;B
KCEC;DJ:;B7F;H<EHC7D9;CEDI7D=
In;IJY9EKBY8HKD?BDn7F7ILEKBK:;L;D?HHEK=;

/2+ IYH?;F>EJE=H7F>?GK;#0+'..#&'163#


D :YJEKHD7DJ Bn?C7=?D7?H; :;I JV9>;I :?J;I g <YC?D?D;I h "D=H?:
;HJ>ED &E?D; FHEFEI; B7 L?:YE @CFG HI Aj5=A9G    :;
n nmC?D
  7DI KD; I7BB; :; 87?D I?N I9ZD;I :;H?JK;BI ;IJ>YJ?GK;I
IEDJHY7B?IY;I 7L;9:;IEKJ?BI?DIEB?J;IEK:;I=;IJ;I;N9;II?<IFED9;H
B;J7BED:KF?;:7L;9KD;HVF; 9EKF;HB;I ED=B;I 7L;9 KDY9EDEC;
g D;JJEO;H h B7 F;7K :;I 9K?II;I 7L;9 KD 7IF?H7J;KH g 9EKF;H h B;I
FE?BI FK8?;DI ;D B;I 8HcB7DJ 7L;9 KD 8H?GK;J EK F7II;H :; <7XED
HYFYJ?J?L;:KHEK=;UBZLH;I;J:K:YE:EH7DJ@KIGKn7K:Y8EH:;C;DJ


),/012*>*&"0 L?:YEn nmC?D


0)3+&'35*101+0'

%n?HED?;GK;IJ?EDD;?9?B7:?<<YH;D9;;DJH;InE99KF;H:;IED9EHFI;J:;
I7 C7?IED ;J B7 9EDIJHK9J?ED :KD; ?:;DJ?JY <YC?D?D; IE9?7B;C;DJ
:Y<?D?;
L;9B; J?JH;gBEHI JKCn7?C;I h Bn7HJ?IJ; :YDED9;B; <7?J
GK; FEKH[JH; 799;FJY;I IE9?7B;C;DJ B;I <;CC;I :E?L;DJ I; FB?;HU
:;IJEHJKH;I ;IJ>YJ?GK;IFEKH799ECFB?HB;CE:ZB;;IJ>YJ?GK;9EHFEH;B
;JB;CE:ZB;9ECFEHJ;C;DJ7B7JJ;D:KI
%nYJH7D=;L?EB;D9;GK;Bn7HJ?IJ;
;N;H9; 9EDJH; IED 9EHFI HYFED: U B7 L?EB;D9; GK; B7 IE9?YJY
F7JH?7H97B;;N;H9;9EDJH;B;9EHFI:;I<;CC;I


,;BED,?CED;:;;7KLE?HgCBB9B5[HD5G :9AA9 CB@989J=9BHh

%; =;DH; GK? ;IJ B; HYIKBJ7J :nKD; 9EDIJHK9J?ED HYFED: U KD;
9EDJH7?DJ; 9KBJKH;BB;
 %; 9EHFI 7FF7H7^J 7?DI? IE9?7B;C;DJ 9ECC; KD
IKFFEHJ IKH B;GK;B I?DI9H?L;DJ :;I I?=D?<?97J?EDI 9KBJKH;BB;I
 IIKC;H
B; 9EHFI :7DI I;I ?DI9H?FJ?EDI IE9?7B;I ;IJ 7KII?KD; <7XED :7IIKC;H
IED ?:;DJ?JY I;NK;BB; ;J 9KBJKH;BB; 9EDIJHK?J; ;J ?DJH?DIZGK;
 %n7HJ?IJ;
GK? I; CKJ?B; :7DI KD; L7H?7J?ED :nKD; 79J?L?JY ;IJ>YJ?GK; EK
:EC;IJ?GK; :?J; <YC?D?D; C;J;D@;K B7 9EDIJHK9J?EDIE9?7B;
&;JJH;
KDHEK=;UBZLH;IEKKDL;HD?I7L;9:KI7D=FED9;HB;J7BED:KF?;:
7L;9KD;HVF;EKInYF?B;H7L;9B;I<B7CC;I:nKD8H?GK;JDn;IJF7IFBKI
YJH7D=; ;J :EKBEKH;KN GKnKD; YF?B7J?ED :Y<?D?J?L; 7K B7I;H GKKD
7BBED=;C;DJ97F?BB7?H;GKKDJ7JEK7=;GKKD;B?FEIK99?EDEKGKKD;
7FFB?97J?ED :; 8EJEN
 %7 9>?HKH=?; ;IJ>YJ?GK; B;I C7GK?BB7=;I EK B;I
I97H?<?97J?EDI 9EHFEH;BB;I 9EDJ;CFEH7?D;I EK FH?C?J?L;I D; IEDJ F7I
YJH7D=ZH;I B;I KD;I 7KN 7KJH;I
 %7 :?<<YH;D9; D; HYI?:; F7I :7DI B7
L?EB;D9; :; Bn79J?ED C7?I IKH IED 9EDJ;DK IOC8EB?GK;  :7DI B;
9EDJ;NJ; 7H9>7_GK; B7 L7B;KH I; FEI; IKH B; G57FV :7DI B; 9EDJ;NJ;
9EDJ;CFEH7?D B7 L7B;KH ;IJ V7CBCA=EI9
 *K7D: B;I 7HJ?IJ;I HY7B?I;DJ
:;I F;H<EHC7D9;I H; I?=D?<?Y;I ;D J7DJ GK; g H?JK;BI I79H?<?9?;BI h ?BI
FEI;DJ B7 GK;IJ?ED IKH B; <7?J GK; DEKI Dn7LEDI FBKI :nY9>7D=;I
IOC8EB?GK;I :7DIDEIIE9?YJYI 9EDJ;CFEH7?D;I<ED:YII;KB;C;DJIKH
B7L7B;KHY9EDEC?GK;:;9;HJ7?DII?=D;I ;JCE:ZB;I:;H;FHYI;DJ7J?ED
C?CYJ?GK;
 %n7HJ C;J 7?DI? ;D YL?:;D9; B; L?:; IOC8EB?GK; :; DEI
H?JK;BIgI79H?<?9?;BIh9EDJ;CFEH7?DI

D YB7H=?II7DJ B;I H;B7J?EDI ;DJH; 7HJ I7LE?H ;J FEKLE?H Bn7HJ?IJ; F7H
B?HED?;;JB7F7HE:?;H;C;J;DGK;IJ?EDDEDI;KB;C;DJB;I gE;KLH;I


:7HJhC7?I7KII?B;IOIJZC;?DIJ?JKJ?EDD;B:;B7HJ;J7K :;BU9;BK?:;
B7IE9?YJY
-;IJ;HB;IB?C?J;I:K9EHFI ;J:;Bn;NFEI?J?EDF;HIEDD;BB;7K
H?IGK;YJ7?JB;FHEFEI:K6C8M5FH
 ?D7)7D;F7HBn7KJE CKJ?B7J?ED<7?J
:;IED 9EHFI KD ?DIJHKC;DJ :; B7D=7=; ;JDEDBE8@;J:; IED7HJ
 .D
CE:;:;NFH;II?EDGK?FH;D:B7<EHC;:;BED=K;I 79J?EDIFB7D?<?Y;IU
B;NJH[C;EbB;CE?D:H;=;IJ;B7CE?D:H;FEI?J?EDIEDJ9EDXKI:7DI
:;I 97HD;JI IEKI <EHC; :; GHCFM 6C5F8G
 %nE8@;9J?< :; ?D7 )7D; YJ7?J
:; FHELEGK;H KD FHE<ED: C7B7?I; 9>;P B; IF;9J7J;KH
 BJ;HD7DJ B7
:EK9;KH;JB?DIKFFEHJ78B; ?D7)7D;77L7BY:;B7L?7D:;7L7H?Y;;D
H;=7H:7DJB7 JYBYL?I?ED I;IJ9EKFY;7L;9 :;I B7C;I :; H7IE?H I;IJ
<7?J :;I =7H=7H?IC;I 7L;9 :K B7?J @KIGKnU 9; GK; I7 =EH=; I7?=D;  7
C7H9>YIKHB;<;KCV9>Y:KL;HH;97IIYKD;FB7GK;:;L;HH;9EDJH;
IED9EHFI;JCEDJYKD;Y9>;BB;FEKHLK;:;FE?DJ;I9EKF7DJ;I


<?D :nY97HJ;H JEKJ 97H79JZH; H;B?=?;KN EK F7J>EBE=?GK; ?D7 )7D;


9EDIJHK?JKD:?I9EKHI J>YEH?GK;FEKH@KIJ?<?;HBnKI7=;:; B78B;IIKH;;J
:KI7D=:7DI IED7HJc"9A96@9GG9A5=GB9A9AIH=@9>5A5=G3

4$5
6@9GGIF9!89BH=:=9F=BG7F=F9 9H F9DVF9FIB79FH5=BA5@5=G9 9@@9 9GH 5I
79BHF9d
%7:?C;DI?EDFEB?J?GK;:;I;I79J;I;IJ7KII?JHZI?CFEHJ7DJ;
:7DIB79EDIJHK9J?ED:;IED:?I9EKHI 7HJ?IJ?GK;9ECC;7L;9G75@589
BCB 5B9GH<VG=V9    F;H<EHC7D9; F>EJE=H7F>?Y; :7DI B7GK;BB;
?D7 )7D; =H7L?J U F?;: ;J C7?DI DKI KD; Y9>;BB; 9EDIJ?JKY; :;
87HH;7KN 79YHYI 799ECF7=DY :K J;NJ; IK?L7DJ  c G75@589  GG5IH
8jIB9 DCG=H=CB5IACM9B8jV7<9@@9G
+HF5HV;=9EI= 7CBG=GH9 R;F5J=F@9G
V7<9@CBG
$j9G75@5895AVF=75=B95I.=9HB5A
FH=GH9G $9G5FH=GH9G5IGG=
;F=AD9BH d
 ?D7 )7D; JHEKL; :7DI I;I 8B;IIKH;I KD CEO;D FEKH
FHYI;DJ;H B; HY;B ;J :YDED9;H B7 =K;HH; :K /?;JD7C
 7DI 7H=CB


G9BH=A9BH5@  ?D7)7D;In;DJ7?BB;B;IC7?DIB;I7L7DJ 8H7I;JB;I
F?;:I 7L;9:;I YF?D;I :; HEI; ;J:;I 7?=K?BB;I
 ;I 8B;IIKH;I GK?<EDJ
HY<YH;D9;UB7)7II?ED:K>H?IJHY79J?L;DJB;I COJ>;I:;Bn7HJ9>HYJ?;D
:7DI B; 9>7CFI B7_9
 ?D7 )7D; FHEFEI; 7?DI? KD; IEHJ; :; I79HY
FHE<7D; :7DI KD; ;NFBEH7J?ED 7DJ>HEFEBE=?GK; GK? H;:EDD; :K
9ED9H;J7KNI?=D;IH;B?=?;KN

 1&,+0"+1&*"+1) F>EJE F;H<EHC7D9;+0##0'

*K7D:KD7HJ?IJ;I;8B;II;9;B7D;I?=D?<?;F7I GKKDFK8B?9 I7:?GK;


7II?IJ;UB7F;H<EHC7D9;:KD7HJ?IJ;C7IE9>?IJ;
%;FHE8BZC;:E?J[JH;
LK U KD7KJH;D?L;7K B7HJ?IJ; I; <7?J IK8IJ?JKJg I79H?<?9?;Bh FEKHB;
FK8B?9 EK C[C; FEKH JEKJ; B7 IE9?YJY
 7DI B; 9EDJ;NJ; 7HJ?IJ?GK;
B;NFEI?J?ED F;HIEDD;BB; 7K :7D=;H FEIIZ:; KD; GK7B?JY IYC?EJ?GK;
IOC8EB?GK; GK? L7 7K :;BU :; Bn;NFH;II?ED I7:EC7IE9>?IJ; ;J
FHELEGK;B79EDI9?;D9;:;IIF;9J7J;KHI
,;BEDB;I 9ECC;DJ7J;KHI :K
6C8M 5FH g 8B;II;H FEKH B?8YH;H h ;IJ KD; HYFEDI; U B7DN?YJY Eb B;
9EHFI ;IJ KJ?B?IY 9ECC; KD; 7HC;
 %;I 7HJ?IJ;I GK? IEKC;JJ;DJ
L?EB;CC;DJ B;KHI 9EHFI 7K H?IGK; ;DJ;D:;DJ :YDED9;H B;I J78EKI


E8IJ79B;I U B7 B?8;HJY ;J U B;NFH;II?ED :; Bn?D:?L?:K
 %nY8KBB?J?ED
FEB?J?GK;:;BnYFEGK;7FEKIIY:;DEC8H;KN7HJ?IJ;IUFHEJ;IJ;H9EDJH;
B;I L?EB;D9;I IE9?7B;I ;J =EKL;HD;C;DJ7B;I B;I FBKI :?L;HI;I  =K;HH;
JEHJKH; HY=?C;I JEJ7B?J7?H;I 9EBED?7B?IC; <7I9?IC; H79?IC;
C?IE=OD?; ;J JEKJ 9; GK?B YJ7?J DY9;II7?H; :; :YDED9;H ;J CE:?<?;H

7DIBKJEF?;:K6C8M5FHB;9EHFI;IJKDEKJ?B9H?J?GK;:;B7IE9?YJY

;JJ;9H?J?GK;IE9?7B;H;IJ;JHZI FHYI;DJ;7K@EKH:n>K?:;<7XED9;HJ;I
CE?DIKJEF?GK;C7?IDEDCE?DI;NJH[C;
+;=?D7#EIY 7B?D:E7HJ?IJ;
F;H<EHC;KI;DY;7K K7J;C7B7;NFBEH;B;I?CFB?97J?EDI YJ>?GK;I:;I
?D@KIJ?9;IB?Y;I7KN:?I9H?C?D7J?EDI;J>D?GK;I:;=;DH;Y9EDEC?GK;I
FHYI;DJ;I:7DIB;IH;B7J?EDI:;FEKLE?H?DY=7B;I
,7F;H<EHC7D9;(9FF5
 :YDED9;B7L?EB;D9;9EDJH;B;I<;CC;IF7HKD;L?EB;D9;7KJE
CKJ?B7JH?9; GK; Bn7HJ?IJ; ;N;H9; IKH IED 9EHFI
 7DI KD 7D=B; :; B7
=7B;H?;)HEC;J;EU&?B7D7II?I;IKHKD;9>7?I;;DCYJ7B+;=?D7#EIY
7B?D:E 7 IEKB;LYI7HE8; DE?H;;J 7 JH79Y UBn7?:;:nKD 9EKJ;7K :;
9K?I?D;B; CEJg)++ h IKHI7@7C8; :HE?J;
 "BIn7=?J:; :YDED9;H
B;I 7II7II?D7JI 9ECC?I 9EDJH; :;I <;CC;I 7K K7J;C7B7Eb EDJYJY
JHEKLYI :;I 9EHFI :; <;CC;I JEHJKHY;I L?EBY;I FEHJ7DJ :;I
?DI9H?FJ?EDI ?D@KH?;KI;I <7?J;I 7L;9 KD 9EKJ;7K EK KD H7IE?H
 %;
K7J;C7B7 7L;9 B; &;N?GK; ;IJ B; F7OI GK? FHYI;DJ; 79JK;BB;C;DJ
BnKD:;I FBKI =H7D:IDEC8H;I:;<YC?9?:;I 7KCED:;

 <;CC;I
EDJ YJY 7II7II?DY;I :; <7XED L?EB;DJ; :7DI B; F7OI ;DJH;   ;J

+;=?D7#EIY 7B?D:EC7HGK;7?DI?FEKHJEK@EKHII7F;7K;BB;
?DI9H?JIKHIED9EHFIKD9H?I?B;D9?;KN:;:YDED9?7J?ED


L;9 =A9BCD@5GH=5 F;H<EHC7D9; 9>?HKH=?97B; :;   +;=?D7 #EIY


7B?D:E In7JJ7GK; UBn>OC;DEFB7IJ?; 9;JJ; H;9EDIJHK9J?ED :; Bn>OC;D


GK?7<<;9J;KD=H7D: DEC8H; :; <;CC;I :7DI B; CED:;
,?=D;:;B7
:EC?D7J?EDC7I9KB?D;9;JJ;FH7J?GK;YJ78B?JB;gC;DIED=;h9ECC;
KD; FH7J?GK; 7KJEH?IY;
 %; FBKI IEKL;DJ B7 9>?HKH=?; ;IJ>YJ?GK; F;KJ
[JH; FH7J?GKY; :7DI :;I 9B?D?GK;I FH?LY;I ;J :7DI B;I C;?BB;KH;I
9ED:?J?EDI :; 9ED<EHJ ;J :>O=?ZD;
 &7?I 9;JJ; ?DJ;HL;DJ?ED H;IJ; B;
FHE:K?J:;B7F7KLH;JYY9EDEC?GK;;J9KBJKH;BB;
+;=?D7#EIY 7B?D:E
79>E?I?:;IK8?H9;JJ;?DJ;HL;DJ?ED9>?HKH=?97B;:n>OC;DEFB7IJ?;:7DI
B;IC[C;I9ED:?J?EDI:;FHY97H?JY;J:;:?I9HYJ?EDGK;B;I <;CC;I:K
K7J;C7B7
BB;7F7OY GK;JP7B;I  UKD CY:;9?D9B7D:;IJ?D7
YFHEKLY B7 :EKB;KH I7DI 7D;IJ>YI?; B?D<;9J?ED ;J B;I 9ECFB?97J?EDI
FEIJYH?;KH;I


"// ;J&*"+,-)01& F;H<EHC7D9;I')+0#14>#.+0&1

?DI?+;=?D7#EIY 7B?D:ED;I;9EDJ;DJ;F7I:;:YDED9;HI?CFB;C;DJ
BEFFH;II?EDIKHB;9EHFI:;Bn7KJH;;BB;I;C;JB?JJYH7B;C;DJUB7FB79;
:;BnEFFH?CY;
BB;I?:;DJ?<?;UB7L?9J?C;;J;NFYH?C;DJ;I7 :EKB;KH
;BB;<7?JIK8?HUI7FHEFH;9>7?HB78B;IIKH;:;Bn7KJH;
%n7HJ?IJ;GK?LE?J
IED JH7L7?B 9ECC; KD; 97J>7HI?I F;HIEDD;BB; YJHE?J;C;DJ B?Y; U B7
L?EB;D9; :7DI IED F7OI I; :?H?=; 7KII? L;HI KD 9EC87J 9EDJH;
:;I 9H?C;I FEB?J?GK;I B;I >?YH7H9>?;I IE9?7B;I B7 IY=HY=7J?ED ;J


BEFFH;II?ED:;I<;CC;I
%;CF7J>?;GK;B;IF;9J7J;KHF;KJYFHEKL;H
FEKH B7HJ?IJ; :;L?;DJ KD; FH?I; :; 9EDI9?;D9; FEB?J?GK;
 %n7HJ GK?
H;9EKHJ U Bn7KJE CKJ?B7J?ED Dn;IJ F7I KD 7HJ g D7_< h EK g 7B?YDY h ?B
7IIKC; B7 FHEJ;IJ7J?ED B7 :YDED9?7J?ED
 "B In7=?J :nKD 9GDF=H 89
G57F=:=798;7K9EKFFBKIFEB?J?GK;GK;H;B?=?;KN

; DEI @EKHI 7BEHI GK; B>78?JK:; :K G57F=:=79 ;IJ ;D 9ECFBZJ;
:Y97:;D9; B; I;DI :K CEJ H;IJ; ;D9EH; B?Y U B7 DEJ?ED :9GDF=H 89
G57F=:=79 H;B7J?< U B7KJE CKJ?B7J?ED :;I FIO9>EJ?GK;I
 %KJ?B?I7J?ED :K
CY97D?IC;I79H?<?9?;BEK:n9GDF=H89G57F=:=79D;F;KJF7I[JH;9ECFH?I
F7H B7HJ :7DI I7 JEJ7B?JY
 %;I 7KJE CKJ?B7J?EDI 7HJ?IJ?GK;I Y9>7FF;DJ
7KN FIO9>EI;I ;J 7K I79H?<?9; H;B?=?;KN C7?I F;KL;DJ [JH; 9ECF7HYI
7KN H?J;I :n?D?J?7J?ED
 ;I 79J?EDI GK? EDJ B; FEKLE?H :; B?8YH;H B;I
YBYC;DJI >YJYHE=ZD;I ;J :; 8H?I;H B>ECE=YDY?JY >78?JK;BB; :; B7
F;HIEDD; F;HC;JJ7DJ 7?DI? Bn;DJHY; :7DI KD; DEKL;BB; 9ED:?J?ED
IOC8EB?GK; :n7BJYH?JY
%7 FEII?8?B?JY:KD; g ;IJ>YJ?GK; I79H?<?9?;BB; h
:7DI B7HJ B?8ZH; B;IJ>YJ?GK; :; BYJ>?GK; :KD; @KIJ?<?97J?ED FEKH B;
I79H?<?9;
%79EDIYGK;D9;I;H7?J7?DI?B;N?IJ;D9;:KDg7HJI79H?<?9?;Bh
DED H;B?=?;KN

+;DY ?H7H:   FHEFEI; B; 9ED9;FJ :; g 9H?I; I79H?<?9?;BB; h GK?
I7FFK?; IKH B7 F;HJ; :; B7 :?<<YH;D9; ;DJH; L?EB;D9; ?CFKH; ;J
FKH?<?97JH?9;
 %; H?JK;BI79H?<?9?;B F;KJ Y9>EK;H GK7D: B7 L?9J?C; F;H:
I7H;B7J?EDC?CYJ?GK;7L;9B79ECCKD7KJYGK7D:7HH?L;KDYGK?B?8H;
?DY=7B;DJH;L?EB;D9;FKH;;J?CFKH;EKGK7D:B;H?J;D;<7?JF7IF7HJ?;
:; B7 9HEO7D9; :; B7 9ECCKD7KJY
 %;I F;H<EHC7D9;I 7HJ?IJ?GK;I
:n7KJE CKJ?B7J?ED Y9>EK;DJ ;D J7DJ GK; H?JK;B I79H?<?9?;B :7DI B;I
JHE?I ?DIJ7D9;I
 %7 L?EB;D9; I79H?<?9?;BB; I; C7D?<;IJ; JEK@EKHI :7DI


Bn7HJ 9ECC; KD; L?EB;D9; ?CFKH; ;J FHEL;D7DJ :; B7 g 9H?I;
I79H?<?9?;BB; h
 7DI B7HJ B; I7D= ;J Bn7KJE CKJ?B7J?ED IEDJ 7FF7HKI
;D J7DJ GKn?D97HD7J?ED FKH;C;DJ 9>7HD;BB; :K I79H?<?9;
 %7HJ?IJ;
?D9EHFEH;B;=;IJ;;J9;HJ7?DI7IF;9JI;IJ>YJ?GK;I:;IH?JK;BI I79H?<?9?;BI
:7DI KD; :OD7C?GK;7II;P F;HL;HI;GK?C;J ;DBKC?ZH;B; :Y97B7=;
;DJH; B7 HY7B?JY :K 9EHFI I97H?<?Y ;J B7 A=AXG=G :nKD; ;IJ>YJ?GK;
H;B?=?;KI;
 "D97F78B; :nYJ78B?H KD LYH?J78B; H?JK;B I79H?<?9?;B Bn7HJ
FHEFEI; Bng ;IJ>YJ?GK; I79H?<?9?;BB; h9ECC; KD; 9H?J?GK;:;I L7B;KHI
IOC8EB?GK;I:;DEIIE9?YJYI9EDJ;CFEH7?D;I

%nY9>7D=;IOC8EB?GK; InYJ78B?JU F7HJ?H:; B7 :?<<YH;D9; :;I [JH;I


 ;
IEDJB;I:?<<YH;D9;I9KBJKH;BB;IGK?F;HC;JJ;DJ:;I?JK;HB;I[JH;IB;IKDI
F7HH7FFEHJ 7KN 7KJH;I
 B7 :?<<YH;D9; :KCED:;g FH?C?J?< h Bn?:Y7B
7KGK;B 7IF?H; B7 IE9?YJY CE:;HD; ;IJ 9;BK? :; BnY=7B?JY ;DJH; B;I
F;HIEDD;I
%n7BJYH?JY;IJFEKHJ7DJDY9;II7?H;FEKH=7H:;HB797F79?JY:;
JH7DI<EHC7J?ED :;I L7B;KHI :;I 9ECFEHJ;C;DJI ;J :;I >?YH7H9>?;I
IE9?7B;I
 %7 L?EB;D9; ?DL;IJ?; 9EDJH; CED 9EHFI 7 8H?IY CED
>ECE=YDY?JY ;J 7 IEKB;LY Bn7BJYH?JY :; CED 9EHFI 9ED:?J?ED
FH?CEH:?7B; FEKH B; HYJ78B?II;C;DJ :;I Y9>7D=;I IOC8EB?GK;I

%nY9EKB;C;DJ:;CEDI7D=?CFKH7FEBBKYB79EDIJHK9J?ED:;B78;7KJY
<YC?D?D;B?Y; U BnKJ?B?I7J?ED:KL;HD?I
%7:?<<YH;D9; :; C7 C7DK9KH;
Cn7F;HC?I7?DI?:nYJ78B?HKDY9>7D=;IOC8EB?GK;7L;9B79EDIJHK9J?ED
:;B78;7KJY

7DI KD; BE=?GK; :; F7HJ7=; :K I;DI?8B; Bn7HJ :;L?;DJ B; B?;K
:n;NFYH?C;DJ7J?EDI :n?:;DJ?JYI <BEJJ7DJ;I H;B7J?L;I ;J ?DIJ78B;I GK?
F;KL;DJ 9EDJH?8K;H U :Y9EDIJHK?H; 9;HJ7?DI COJ>;I H;B?=?;KN EK
IE9?7KN :7DI KD FHE9;IIKI :; :YIOC8EB?I7J?ED
 )7H I7 IJHK9JKH;


7HJ?IJ?9EH?JK;BB; GK? Y9>7FF; 7K 9EDJ;NJ; ;J>DE=H7F>?GK; EK
>?IJEH?GK; C7?I GK? H;IJ; C7HGKY; F7H IED IOC8EB?IC; ;J IED
;IJ>YJ?GK; Bn7HJ HYLZB; B;I <7?8B;II;I :; DEJH; IE9?YJY
 %E?D :nKD
I79H?<?9; 7DJ>HEFEBE=?GK;C;DJ 9EHH;9J B;I 7HJ?IJ;I C[B;DJ EH:H; ;J
:YIEH:H;9KBJKH;B:7DI :;DEKL;7KNH?JK;BIGK?I7DI<ED:;HKDDEKL;B
EH:H;COJ>?GK;<EDJI;<<ED:H;HDEICOJ>;ICE:;HD;I


c$9F=HI9@5DCIF:CB7H=CB89cDIF=:=9Fd@5J=C@9B797j9GH R 8=F989@5cHFCAD9Fd9H89

@58=GG=D9FGIF89G J=7H=A9G EI= B9F=GEI9BH D5G 8jXHF9J9B;V9G


CAA9@9G97F9H 89GCB
9::=757=HV @I= V7<5DD9 @9 F=HI9@ Gj9::CF79 89 G5=G=F G5 DFCDF9 CDVF5H=CB 5I B=J95I 89
GI6GH5B79G 9H 8jC6>9HG 75D56@9G 89 :CIFB=F 89G DC=BHG 89 F9DWF9 GMA6C@=EI9G
 d +;DY
"++$5.=C@9B799H@9G57FV)7H?I:?J?EDI H7II;J;JH7IGK;BB; F


 c3

4@9G5B;EI=J=9=@@=HGIFD@579B9:5=H EIjIB5J97@9G5B;=ADIF89@5J=C@9B7989@5

A5@58=99H 89@5ACFH
 79A5IJ5=G G5B; HCIH 89GI=H9;SHVGjCDDCG9 @9G5B;:F5=G 89G
J=7H=A9G EIjCB J=9BH 8j=AAC@9F HCI>CIFG :@I=89 9H J9FA9=@ 75F @9 F=H9 B9 @jIH=@=G9 EIjR
@j=BGH5BHAXA9C`=@9GHFVD5B8I9H=@G9F5J=HB9HHCMV

d!6=89AFF
 

 c5BG @5 D9BGV9EI= Gj5FFXH95IG5B;A9BGHFI9@7CAA9R @5A5HVF=5@=G5H=CB89HCIH9

J=C@9B79G9LI9@@9=@BjM5F=9B9B8V:=B=H=J9 EI= GC=H=B7CADFV<9BG=6@9=@M5@=9I 89G9


89A5B89F 9B CIHF9 G= @9 DFC79GGIG 89GMA6C@=G5H=CB B9FVDCB8 D5G RIB9 c JC@CBHV d
C6G7IF9 89 F9>9H9F HCIH9 @5 J=C@9B79 GIF @5 :9AA9 9L7@IG=J9A9BH
 (5F @9 6=5=G 8I G5B;
A9BGHFI9@ IB HF5BG:9FH 89 @5 J=C@9B79 Gj9::97HI9 IB ACBCDC@9 89 :5=H GjVH56@=H 5I
8VHF=A9BH8IG9L9:VA=B=B
d!6=89AFF
 

  c !@ :5IH BCH9F


8j5IHF9 D5FH EI9@9 ;@=GG9A9BH 89 @5 J=C@9B79 R @5 G9LI5@=HV 9H 89@5
G9LI5@=HVR@5J=C@9B79Gj9::97HI9HFWG 5=GVA9BH 85BG IB G9BG 7CAA985BG@j5IHF9AXA9
7<9N @9G ;9BG D@IG c BCFA5IL d 9H G5BG EIj=@ GC=H BV79GG5=F9 8j=BJCEI9F @5 AC=B8F9
c D9FJ9FG=CB d
 $5 G9LI5@=HV 7CBHF975FFV9 8V6CI7<9GIF @5J=C@9B79
 3

4 $9G F97<9F7<9G
G7=9BH=:=EI9G FV79BH9G 7CB:=FA9BH GIF 695I7CID 89 DC=BHG @5 D9FGD97H=J9 DF=A=H=J9

$j9L7=H5H=CBG9LI9@@99H@5J=C@9B79Gj5BBCB79BHIBD9I89@5AXA9:5UCB
$5A5>CF=HV89G
FV57H=CBG7CFDCF9@@9GA9GIF56@9GGCBHAXA9G85BG@9G89IL75G
d!6=89AF


>JJFI L?C;E
9EC   

,?CED;:;./("+$989IL=WA9G9L9.C@
$j9LDVF=9B79JV7I9)7H?I 7BB?C7H:
 F
 

  ?D7)' g%7:EKB;KHh:7DI$9G*9JI9G D5F@V9G)7H?I;DJH; ;EH=;I)ECF?:EK

EBBEGK;"DJ;HD7J?ED7BC7? D
F

>JJFI MMM
OEKJK8;
9EC M7J9>L( 7/9)$NI
(9FF5L;KJ:?H;G5@CD9;D;IF7=DEB

 c )ICH=8=9BB9A9BH 89G :9AA9G GCBH 5GG5GG=BV9G 89 @5 A5B=WF9 @5 D@IG 6FIH5@9


VBVF5@9A9BH@9G7CFDG 89G <CAA9G 5DD5F5=GG9BH8V75D=HVG5GD<ML=VGCI5J97IBH=F89


A=GVF=7CF89 A5=G @9G 7CFDG 89G :9AA9G DFVG9BH9BH 89G DF9IJ9G 89J=C@ HCFHIF9 9H 89G
=BG7F=DH=CBG C::9BG=J9GGIF@5D95I
 d-H7:K9J?ED:;Bn;IF7=DEB<7?J F7HBn7KJ;KH
+;FEHJ7=;
IKH +;=?D7 #EIY 7B?D:E  >JJF MMM
B;DDED
;I J;NJE :?7H?E CEIJH7H   H;=?D7 @EI;
=7B?D:E DEI :;@7 9ED B7 F?;B :; =7BB?D7
DL?HED ;KHEI

+;DY "++$5.=C@9B799H@9G57FV)7H?I;HD7H: H7II;J F





B  

 



%;I IE?DI 9EHFEH;BI IEDJ IEKL;DJ HY:K?JI U :; I?CFB;I g >78?JK:;I


:n>O=?ZD;h
)EKHJ7DJ9;I=;IJ;I JH7L;HI;DJ:;I GK;IJ?EDIIOC8EB?GK;I
;J 9KBJKH;BB;I 8;7K9EKF FBKI FHE<ED:;I GK; Bn>O=?YD?IC; CY:?97B

K :;BU :; B7 87D7B?JY :K GKEJ?:?;D @; LE?I :7DI 9;I IE?DI
Bn;N?IJ;DJ?7B?IC; ?DJH?DIZGK; U B7 FHEFH;JY :K 9EHFI
 7DI B; I;DI
:n;NFBEH7J?ED F;H<EHC7J?L; :;I IE?DI B?YI U Bn;DJH;J?;D :K 9EHFI B7
L?:YE5=B :;nnmC?D
7YJYHY7B?IY;;DH7D9;
5=B;IJKD;
L?:YEIKH B; FB7?I?H GKEJ?:?;D:K 87?D ;JB;I IE?DI :n>O=?ZD; ?DJ?C;I

,7DI 8EKB;L;HI;H 9H?J?GK;H EK :Y9EDIJHK?H; Bn?C7=?D7?H; :K 87?D B7
L?:YE;IJKDFEHJH7?J;DCEKL;C;DJ:; Bn7HJ?IJ;
"BIn7=?J:;C;JJH; ;D
lKLH;B7I7J?I<79J?ED87D7B;C7?I7KII?IOC8EB?GK;:;B7FH7J?GK;:K
87?DGKEJ?:?;D

%;I <HEDJ?ZH;I ;DJH;C7FHE:K9J?ED5FH=GH=EI9;JC7 J=9F;HIEDD;BB;I;


IEDJ;<<ED:HY;I:;FK?I BED=J;CFI
#;DEKHH?IBn7HJ7L;9CEDGKEJ?:?;D
;JCEDGKEJ?:?;D7L;9Bn7HJ
#;C;FHEFEI;:;L?LH;:;I F;H<EHC7D9;I
97BGKY;I IKH CEDGKEJ?:?;DGK? IE?;DJ7KII? 97F78B;I :n?DIJ7KH;H:;I
V7<5B;9G GMA6C@=EI9G
 &;I lKLH;I YJ78B?II;DJ KD; 9ECCKD?97J?ED
IOC8EB?GK; ;DJH; B; HY;B ;J Bn?C7=?D7?H; KD; 7HJ?9KB7J?ED FEYJ?GK;
Eb B; 9EHFI HYFED: U I;I FKBI?EDI EH=7D?GK;I ;J HZ=B; I;I 7D=E?II;I
9>7HD;BB;I I7DI F7II;H F7H B; B7D=7=;
 DIK?J; Bn7HJ?9KB7J?ED
9ED9;FJK;BB; :; B7 H;9>;H9>; JH7L;HI; B;I 7IF;9JI IOC8EB?GK;I :;I
lKLH;I FEKH B;I JH7DI9H?H; :7DI B; B7D=7=;
 &ED J;NJ; :;L?;DJ 7?DI?


KD; IEHJ; :; g 9EKJKH; h 7L;9 :?<<YH;DJ;I GK;IJ?EDI EH=7D?GK;I
;N?IJ;DJ?;BB;I ;IJ>YJ?GK;I ;J 9KBJKH;BB;I GK? JH7DIFEI;DJ :7DI B;
B7D=7=;B;I;D@;KN:;C;IlKLH;I

%7 H?JK7B?I7J?ED :K 87?D;IJ HY9KHH;DJ; :7DI C7 FHE:K9J?ED 7HJ?IJ?GK;


:;FK?I BED=J;CFI
 D   FEKH C7 H;9>;H9>; :; &7IJ;H 7K HYI?B
@n7?FH?I:;KN87?DIFKH?<?97J;KHI:;I;BYF7?I7L7DJ;J7FHZI7LE?HH7IY
C79>;L;BKH;
,;BED&7HOEK=B7IB;ICEC;DJI:;JH7DI?J?ED;DJH;
KDEH:H;IE9?E IOC8EB?GK;;JKD7KJH; IEDJB;I FBKI :7D=;H;KN FEKH
B7I?CFB;H7?IEDGK;JEKJ;JH7DI?J?EDI;I?JK;;DJH;KDYJ7J;JKD7KJH;
;J ;IJ :ED9 ?D:Y<?D?II78B;
 %; H?J; ;NEH9?I; B; :7D=;H ?B IYF7H;
Bn?D:?L?:K :; IED 7D9?;D IJ7JKJ :7DI KD ?IEB;C;DJ J;CFEH7?H; FEKH
;DIK?J; B; <7?H; H;DJH;H FK8B?GK;C;DJ :7DI B; 97:H; :; I7 DEKL;BB;
9ED:?J?ED

*K7JH;7DI 7L7DJB7HY7B?I7J?ED :; B7 L?:YE 5=B@;H;DJH7?I :7DI KD;


7D9?;DD; 87?=DE?H; ;D<;HFEKHCEDFH;C?;H87?DH?JK;B
/[JK;:nKD;
9>;C?I;:; DK?JY9HK; @; Cn?CC;H=;7?I :7DI Bn;7KI7BY;
nYJ7?JKD;
IEHJ;:;87FJ[C;F7_;DGK?:;L7?JFKH?<?;HCED9EHFI;JFHYF7H;HCED
;IFH?J FEKH B; H?JK;B :; :YFEK?BB7=; 97F?BB7?H; GK? B7 IK?L?
 %;
:;KN?ZC; 87?D :;L7?J 9BEH; Bn79J?ED ;J C; FHYF7H;H 7K H;JEKH U B7
IE9?YJY 7L;9CED DEKL;BYJ7J9EHFEH;B
#n7?LEKBKH;L?I?J;H :7DI CED
9EDJ;NJ; <H7DX7?I B;I 7IF;9JI 7<<;9J?<I ;J IOC8EB?GK;I :;I 87?DI
FKH?<?97J;KHI HY7B?IYI 7K HYI?B
 "B In7=?J :nKD; DY=E9?7J?ED ;DJH;
:?<<YH;DJI J;CFI ;J;IF79;I KD GK;IJ?EDD;C;DJ9KBJKH;BIKH Bn>O=?ZD;
?DJ?C;;JKD=;IJ;:;FKH?<?97J?EDIOC8EB?GK;


);D:7DJ B;I JHE?I FH;C?ZH;I 7DDY;I LY9K;I ;D H7D9; @n7L7?I KD;
I;DI7J?ED :; DED 7FF7HJ;D7D9; U CED GKEJ?:?;D
 #; Dn7HH?L7?I F7I U
C; I;DJ?H LYH?J78B;C;DJ ?DIJ7BBY; :7DI KD ;D:HE?J Eb C;I >78?JK:;I
:n>O=?ZD; D; FEKL7?;DJ F7I [JH; C?I;I ;D FB79; 9EHH;9J;C;DJ
 K
HYI?B I; B7L;H GKEJ?:?;DD;C;DJ 7L;9 :;I GK7DJ?JYI =YDYH;KI;I
:n;7K 7 JEK@EKHI YJY KD; FH7J?GK; Y9EDEC?GK;C;DJ 78EH:78B; ;J
9KBJKH;BB;C;DJ HYF7D:K;
 'Y7DCE?DI 7L;9 CED :YCYD7=;C;DJ ;D
H7D9;C;I>78?JK:;I:n>O=?ZD;F;HIEDD;BB;EDJYJY8EKB;L;HIY;I
%;I
B?C?J;I :;I HYI;HLE?HI :n;7K 9>7K:; ;J B; C7KL7?I 7CYD7=;C;DJ :;I
I7BB;I :; 87?DI :;I :;KN FH;C?;HI 7FF7HJ;C;DJI Eb @n7? LY9K U )7H?I
CnEDJ E8B?=Y; U HY:K?H; B7 <HYGK;D9; ;J B; 9ED<EHJ :; CED >O=?ZD;
9EHFEH;BB;

#n7? HY7B?IY B7 L?:YE 5=B F;K :; J;CFI 7FHZI 7LE?H :YCYD7=Y :7DI
Bn7FF7HJ;C;DJ :7DI B;GK;B @n>78?J; C7?DJ;D7DJ Eb Bn;7K 9>7K:; ;IJ
97D7B?IY; ;J ?BB?C?JY;
 +YKII?H U 7LE?H :;I 9ED:?J?EDI 9ED<EHJ78B;I
:n>O=?ZD;Cn7F;HC?I :;C;I;DJ?H<?D7B;C;DJ8?;D?DIJ7BBY;:7DI KD
g 9>;P CE? h <H7DX7?I
 5=B Cn;IJ 7?DI? 7FF7HK; 9ECC; KD; IEHJ;
:n>ECC7=;UB7HY9KFYH7J?ED:KFB7?I?H;J:;B7:?=D?JY>O=?YD?GK;:K
87?D 78ED:7DJ ;J GKEJ?:?;D
 5=B ;IJ KD H?J; :; F7II7=; :K I7B; 7K
FHEFH;KD;FKH?<?97J?EDIOC8EB?GK; ;JKDY9>7D=;7L;9C7DEKL;BB;
HY7B?JY>O=?YD?GK;

)EKH9;JJ; L?:YE@n7?FHE@;JYB;I :?7FEI?J?L;I:;I 87?DI FHY9Y:;DJI :;


 IKHB;97HH;B7=;8B7D9:;ICKHI7KJEKH:;B787?=DE?H;
#7?YJ78B?
KDB?;D;DJH;B787?=DE?H;CED9EHFI :n7K@EKH:n>K?;J9;BK?:n>?;H;J
7KII?;DJH;B;HY;B;JB;L?HJK;B
DFB7D<?N;;J97:HYIKHB7FHE@;9J?ED
B787?=DE?H;EbCED9EHFI;IJ?CC;H=Y;IJUF;?D;L?I?8B;
%EHIGK;B7


L?:YE9ECC;D9;@;IK?I:Y@U:7DI B787?=DE?H;H;CFB?;:n;7K
#;C;
H;JHEKL; :; :EI F7H H7FFEHJ 7K 97CYI9EF; :7DI B; 9aJY =7K9>; :;
Bn?C7=; I;KB; C7J[J; ;IJ L?I?8B;
 %n?C7=; :?7FEI?J?L; FHE@;JY; IKHB;
97HH;B7=;CEDJH;C;IF?;:IYC;H=;7DJ:;I ;7KN:nKD;87?=DE?H;;BB;
7 YJY ?DIF?HY; F7H B7 F;?DJKH; 9 EI9 @j95I Aj5 8CBBV :;  :;
H?:7$7>BE
 7DI B7F;?DJKH;Bn;7K:;B787?=DE?H;:;L?;DJKD;C;H
:; H[L;I ;J FBKI?;KHI CEC;DJI ?CFEHJ7DJI :; B7 L?; :; Bn7HJ?IJ;
YC;H=;DJ :; Bn;7K U 9aJY :; I;I F?;:I
 -EKJ 9ECC; H?:7 $7>BE
@n;NEH9?I; C;I 7D=E?II;I ;D B7?II7DJ C;I H[L;I YC;H=;H :;I ;7KN :;
CED87?D


".2")>"2*>!,++: F;?DJKH;3+&##*.1

K:Y8KJ:;B7IYGK;D9;@;CnE99KF;:;CED>O=?ZD;9EHFEH;BB;@;
C; H7I; B;I @7C8;I ;J @; C;I B7L; B;I 9>;L;KN
 .D; <E?I B;I IE?DI
J;HC?DYI @; H;FEI; C;I @7C8;I 9EDJH; B; CKH ;J KD; IYH?; :;
:?7FEI?J?L;I I9ZD;I :; 87?DI J?II7=;ICZ9>;I :;9>;L;KN;J <B79EDI


DCH<=75=F9G9ECC;D9;U:Y<?B;HH7F?:;C;DJ
%;8HK?J97H79JYH?IJ?GK;
:KFHE@;J;KH:;:?7FEI?J?L;I:EDD;B;HOJ>C;7KNF?;:I ;J@7C8;IGK?
@EK;DJ7L;9B;I?C7=;IFHE@;JY;I
%;8HK?J:;B;7KGK?9EKB;FHYI;DJ
F;D:7DJ B7FH;C?ZH; CE?J?Y :; B7 L?:YE I; JH7DI<EHC; ;D KD IED :;
9lKH GK? 87J :; FBKI ;D FBKI L?J;
 %EHI :; B7 :;HD?ZH; JH7DI?J?ED :;
:?7FEI?J?L;B7L?:YE<?D?J9ECC;;BB;79ECC;D9YI7DI8;7K9EKF:;
FHYJ;DJ?ED
 #; HY9KFZH; 7L;99;H?JK;B :n>O=?ZD; B; FB7?I?H:K 87?D :;
CnE99KF;H :; CED 9EHFI F;D:7DJ GK; C7 FIO9>Y I; FHE@;JJ; IKHB;
C?HE?H:n;7K:;B787?=DE?H;


%;I>78?JK:;I :;IE?D;J:n>O=?ZD;9EHFEH;BB;IEDJ:;I JH7?JI9KBJKH;BI


H;B?=?;KN ;J :7FF7HJ;D7D9; IE9?7B;
 &; B7L;H JEKI B;I @EKHI ;IJ KD;
>78?JK:;?DJH?DIZGK;UCEDIK@;J9EDIJ?JKY;CF[9>;HEKB?C?J;H 9;B7
F;KJC;JJH; ;DY9>;9JEKJ;B7 9EDIJHK9J?ED:KgCE?h
%7L?:YE5=B
;IJ B7 HYFEDI; 7HJ?IJ?GK; U CED 9>E9 9KBJKH;B :n>O=?ZD; Bn?IIK; :;
Bn7BJYH?JY GK; @n7? ;NFYH?C;DJY ;DL;HI Bn5IHF9 7I@HIF9@ E99?:;DJ7B
 %;I
:?<<YH;D9;I ;DJH; B;I >78?JK:;I :n>O=?ZD; 9EHFEH;BB; <H7DX7?I;I ;J
8HYI?B?;DD;I IEDJFH;IGK;9>EGK7DJ;I
KHYI?BH7J;HKDI;KB@EKH:;
:EK9>;EK:;87?D;IJKDC7DGK;:; IE?DYBYC;DJ7?H;
&[C;F7HC?
B;I 9B7II;I FBKI :Y<7LEH?IY;IY9EDEC?GK;C;DJB;87?DGKEJ?:?;D Dn;IJ
F7I KD BKN; C7?I KD 8;IE?D FH?CEH:?7B
 .DFHEL;H8; FEFKB7?H; :?J 
g BCIG GCAA9G D5IJF9G A5=G BCIG GCAA9G DFCDF9G d
 7DI 9; F7OI
JHEF?97BB7JH7DIF?H7J?ED;IJ8;7K9EKFFBKI78ED:7DJ;GKn;DH7D9;?B
;IJDEHC7B:;I;DJ?HBnE:;KH:;B7JH7DIF?H7J?EDUB7<?D:;B7@EKHDY;
"B
In7=?J DY7DCE?DI :nKD; E:;KH <H7^9>; IY9HYJY; F7H B; 9EHFI B; @EKH
C[C;;JGK?:?IF7H7^JH77L;9B7:EK9>;:KIE?H
%;L?;?BB?II;C;DJ:;B7
JH7DIF?H7J?EDIKHB;9EHFI FHELEGK;Bn7FF7H?J?ED:nKD;E:;KH7?=H;JHZI


C7HGKY;
%;I E:;KHI FEKHH?;I:;I>KC;KHI9EHFEH;BB;IL?;?BB?;IIKHB7
F;7K;J IKHB;I L[J;C;DJI IEDJGK;BGK; 9>EI; GK; @; D; 9EDD7?II7?I
F7I7KHYI?B


&+ L?:YEnnmC?D
#0+'..#&'163#


i )7H?I :7DI B;I 9?H9EDIJ7D9;I B;I FBKI :?L;HI?<?Y;I JH7DIFEHJI ;D
9ECCKDKD?L;HI?JY8?8B?EJ>ZGK;IKF;HC7H9>YIE?HY;I <;IJ?L;I;J9

@;NFYH?C;DJ; FBKI?;KHI <E?I F7H @EKH B; 9EDJ79J EB<79J?< 7L;9 B7
FEKHH?JKH; >KCEH7B;
 ;JJ; ;NFYH?;D9; YJ7?J 7K :Y8KJ KD; IEKH9;
:n78@;9J?ED97F78B; :;FHELEGK;H:;<EHJ;I D7KIY;I
FHZI I?N 7DI U
)7H?I @n7? 7FFH?I U H;IF?H;HF7H B7 8EK9>; EK GK7D:BnE:;KH ;IJ JHEF
<EHJ; 9EKLH?HCEDD;P7L;9 KD <EKB7H:EK C[C;7L;9 C;I 9>;L;KN

#n7?7FFH?IU<7?H;7L;9C7?I@;D;C;IK?I@7C7?I>78?JKY;7KNE:;KHI
FHEL;D7DJ :K C7DGK; :n>O=?ZD; 9EHFEH;BB; :nKD; 8EDD; F7HJ?; :;I
H7DX7?I
 5=B ;IJ U B7 <E?I KD YBE=; 7KN IE?DI 9EHFEH;BI ;J KD
GK;IJ?EDD;C;DJF;HIEDD;B FEKH9ECFH;D:H; Bn7BJYH?JY>O=?YD?GK; :;I
H7DX7?I
 %7 L?:YEC7HGK;C7H;B7J?ED F;HIEDD;BB;;J 9KBJKH;BB; 7L;9
B7DEJ?ED :n78@;9J?ED 9EHFEH;BB;
)EKHC?;KN9ECFH;D:H; ;J799;FJ;H
B;I :?<<YH;D9;I >O=?YD?IJ;I ;DJH;B;I :;KN F7OI @n7?:c9>;H9>;H:7DI
Bn>?IJE?H; :; Bn(99?:;DJ ;J :7DI Bn>?IJE?H; 8HYI?B?;DD; B;I IEKH9;I
IOC8EB?GK;I;J9KBJKH;BB;IGK?EDJ9EDIJHK?JB;IJ78EKI9EHFEH;BI;JEDJ
:YL;BEFFY9>7GK;?:;DJ?JY>O=?YD?GK;IFY9?<?GK;

#nKJ?B?I;Bn7HJ9ECC;KD;IEKH9;:n;NFBEH7J?EDIOC8EB?GK;:;Bn7BJYH?JY
9EHFEH;BB;
#n7IIKC;B;HaB;:nKD;7HJ?IJ;;J>DE=H7F>;FEKH:YIJ78?B?I;H
B;I L7B;KHI 9EBED?I7JH?9;I ;J :YCEDJ;H B7 >?YH7H9>?; :;I 9?L?B?I7J?EDI
E99?:;DJ7B;I 7K :YJH?C;DJ :;I 9KBJKH;I g ;NEJ?GK;I h
 #; 9ECFH;D:I
Bn7HJ9ECC;KD9>7CFEbB;IGK;IJ?EDIH;B7J?L;IUB7HY7B?JY9EHFEH;BB;
;J IE9?7B; :K CED:; F;KL;DJ [JH; 9EDIJHK?J;I I7DI B; 9ECFHEC?I :K
9>7D=;C;DJ IE9?7B C7?I 7L;9 B7 FH?I; :; 9EDI9?;D9; :n7KJH;I
FEII?8?B?JYI :; C7JYH?7B?I7J?ED :K I;DI?8B;
 &ED E8@;9J?< 7L;9 B;I
H;IIEKH9;I >?IJEH?GK;I ;J;J>DE=H7F>?GK;I KJ?B?IY;I :7DI Bn7D7BOI;:;I


lKLH;I5=B;J=@89BH5=F9;IJ:;:Y9EDIJHK?H;B7DEJ?ED:ng;NEJ?IC;
FH?C?J?<h

%n>78?JK:; :K 87?D GKEJ?:?;D GK? L?;DJ :nKD <EHJ >YH?J7=; 9KBJKH;B
:;I JH7:?J?EDI 7CYH?D:?;DD;I ;IJ JHZI 7D9HY; :7DI B7 IE9?YJY
8HYI?B?;DD; 9EDJ;CFEH7?D;
  %n>?IJEH?;D 8HYI?B?;D :K7H:E K;DE
H79EDJ;9ECC;DJB;I?D:?=ZD;I7L;9B;KH>78?JK:;:;I;87?=D;H:?NU
:EKP; <E?I F7H @EKH EDJ YJY 9>EGKYI F7H B;I FH;C?;HI 9EBED?I7J;KHI
FEHJK=7?I GK? 7L7?;DJ B>78?JK:; :; I; B7L;H 9ECFBZJ;C;DJ B; 9EHFI
I;KB;C;DJ :;KN <E?I F7H7D
 %;I ?D:?=ZD;I ;N>?87?;DJ B;KH 9EHFI DK
YF?BY;JIE?=DYB;I9>;L;KN8?;DB7LYI;JB;I:;DJI8B7D9>;I7BEHIGK;
B;I )EHJK=7?I 87H8KI 9ECFBZJ;C;DJ >78?BBYI ;J ?CCED:;I YJ7?;DJ
FEHJ;KHI:;:?L;HI;IC7B7:?;I
%;I?D:?=ZD;II;B7L;DJ:7DIB;I<B;KL;I
C7?I B;I 87?DI 9>7K:I 7L;9 :;I >;H8;I CY:?9?D7B;I IEDJ Y=7B;C;DJ
9EKH7DJI?B;N?IJ;C[C;KDI7LED?D:?=ZD;FHYF7HY7L;9:;BnY9EH9;
8?;D Y9H7IY; :; Bn7H8H; HIFQHIF5 ;J KD F;K :n;7K
  %;I ?D:?=ZD;I :;
JH?8KI 8HYI?B?;DD;I B;I FBKI :?<<YH;DJ;I FH7J?GK;DJ BnYF?B7J?ED ?DJY=H7B;
:K 9EHFI O 9ECFH?I B;I 9?BI ;J B;I IEKH9?BI  ?BI 9HE?;DJ GK; B7 F;7K
:Y9EKL;HJ; ;IJ B7 FBKI =H7D:; :?<<YH;D9; ;DJH; B;I >KC7?DI ;J B;I
FH?C7J;I
 %;I FH;C?;HI )EHJK=7?I YC?=HYI 7K HYI?B EDJ 79GK?I
Bn>78?JK:; :; I; 87?=D;H GKEJ?:?;DD;C;DJ =HV9; 7K 9EDJ79J ?DJ?C;
7L;9 B;I ?D:?=ZD;I
 7DI Bn?C7=?D7?H; YHEJ?GK; FEHJK=7?I B7 <?=KH;
<EBABEH?GK; :; B7 A5IF9 9B7<5BHV   7 JHEKLY :;I Y9>EI 9>;P B;I
?D:?=ZD;I8HYI?B?;DD;IGK?7L7?;DJ7KII?B;I9>;L;KN;JB;IO;KNDE?HI
B; 9EHFI 8HKD ;J F;?DJ ;D HEK=; ;J GK? 7?C;DJ H7<H7^9>?H B;KH DK:?JY
:7DIB;I;7KN:EK9;I:;IH?L?ZH;I
?DI?UJH7L;HIB;CYJ?II7=;7L;9B;I


?D:?=ZD;I B;I 9EBEDI BKIE 8HYI?B?;DI EDJ 9ECC;D9Y U I; :?<<YH;D9?;H
9KBJKH;BB;C;DJ:;I;KHEFY;DI

7DIB;9EDJ;NJ;;KHEFY;DB;IIE?DI9EHFEH;BIDn7L7?;DJF7I B7C[C;
?CFEHJ7D9;
 ,;BED ;EH=;I /?=7H;BBE B; 9EDJ79J 7L;9 Bn;7K U B7 <?D
:K &EO;D o=; YJ7?J 9B7?H;C;DJ B?C?JY
 %; 87?D YJ7?J g :7D=;H;KN h
9ECFH?I9ECC;97F78B;:;g:Y8?B?J;HhB;9EHFI;J:;FHELEGK;HKD;
g?C8Y9?BB?JYh
 )EKHH;CY:?;H7KNC7KL7?I;IE:;KHIGK?YC7D;DJ:K
9EHFIH7H;C;DJB7LY:;I >78?JK:;I:;JE?B;JJ;IZ9>;YJ7?;DJ9EKH7DJ;I

"BYJ7?J9EDI;?BBY:;I;<H?9J?EDD;HB7F;7K7L;9:KB?D=;F7H<KCYFEKH
g ;<<79;H h B7 FK7DJ;KH
 %; 87?D 7L;9 KD; 9EDDEJ7J?ED :n>O=?ZD; ;IJ
7FF7HK ;D KHEF; I;KB;C;DJ 7K :Y8KJ :K 1"1 ZC; I?Z9B;
 %n>O=?ZD;
:;L?;DJ 7?DI? KD; :?I9?FB?D; 7K I;?D :; B7 CY:;9?D;
  %;I JH7?JYI
:n>O=?ZD;EDJ <7?J B7FHECEJ?ED:K87?DHY=KB?;H;J:; BnKJ?B?I7J?ED :K
I7LED
 %7 FK:;KH 7 FEKHJ7DJ YDEHCYC;DJ B?C?JY B7 :?<<KI?ED :; 9;I
J;NJ;I BnQ=B?I; 97J>EB?GK; 9ED:7CD7DJ B7 DK:?JY :K 9EHFI ;J I7
C7D?FKB7J?ED?DJ?C;B;I?DJ;H:?9J?EDIEDJYJ78B?KD;LYH?J78B;gF;KHh
:K 87?D
 %n>O=?ZD; HY=KB?ZH; U Bn;7K 7 YJY ?D9EHFEHY; ;D H7D9;
I;KB;C;DJ U F7HJ?H :; B7 :;KN?ZC; CE?J?Y :K 11 ZC; I?Z9B;

K@EKH:n>K? B7 :EK9>; GKEJ?:?;DD; Dn;IJ JEK@EKHI F7I KD; >78?JK:;
FH7J?GKY;F7HB7JEJ7B?JY:;I<H7DX7?I


D 7D7BOI7DJ B7 DEJ?ED :; FEBBKJ?ED H?JK;BB; &7HO EK=B7I  YJ78B?J
GK;B;I9KBJKH;I :?J;I gFH?C?J?L;Ih IEDJ FBKI I;DI?8B;I U B7 FEBBKJ?ED
7BEHI GK; B;I 9KBJKH;I E99?:;DJ7B;I D; B; IEDJ F7I
 %7 FEBBKJ?ED ;IJ
7KN O;KN E99?:;DJ7KN KD; GK;IJ?ED :n;IJ>YJ?GK; :n>O=?ZD; EK
:YJ?GK;JJ;;BB; Dn;IJ=H7L; GK; I? ;BB; FHELEGK; BnEH:H; IE9?7B
7DI
B;I IE9?YJYI g FH?C?J?L;I h B7 FEBBKJ?ED ;DJH7^D; :;I 9EDIYGK;D9;I


7KJH;C;DJ FBKI ?CFEHJ7DJ;I ;BB; F;KJ 9EDIJ?JK;H KD; E<<;DI; IKH B;I
FB7DI H;B?=?;KN 9KBJKH;B ;J IE9?7B
 %;I :Y9>;JI 9EHFEH;BI IEDJ :;I
IOC8EB;I :; :7D=;H C7?I ;D C[C; J;CFI :; FEKLE?H
 %7 FHYI;D9;
Bn;<<79;C;DJEKB7C7D?FKB7J?ED:;B7FEBBKJ?EDEDJ:;I 9?H9EDIJ7D9;I
IOC8EB?GK;I JHZI IFY9?<?GK;I
 %;I H?JK;BI 7KJEKH :; B7 IEK?BBKH;
:n;<<79;C;DJEK:;C7D?FKB7J?EDC7=?GK;7JJH?8K;DJKDFEKLE?HUB7
C7J?ZH;GK?7<<?HC;B7FBYD?JK:;F>OI?GK;:;I7HY7B?JY

)EKH B;I F;KFB;I 7CYH?D:?;DI 9n;IJ B7 F;7K FHEFH; ;J ?C8;H8; GK?
:Y<?D?JBn[JH;>KC7?D;DJ7DJGK;J;B
';F7II;B7L;HH;L?;DJUD?;HI7
FHEFH; >KC7D?JY JEKJ ;D JEC87DJ :7DI B?CCED:?9; 7D?C7B;
 D
KHEF; B7 FHEFH;JY 7 YJY ?D9EHFEHY; 9ECC; KD; L7B;KH 97F78B;
:nYJ78B?HKD;YDEHC;IY=HY=7J?ED9KBJKH;BB; ;JY9EDEC?GK; Bn>O=?ZD;
:;L?;DJ KD;<EHC;:;9EDJHaB;;J:;C7D?FKB7J?EDFEFKB7?H;
 )7HC?
B;I9B7II;IFBKI <7LEH?IY;IB7FHEFH;JY7IIKC;KD;L7B;KH:nYB?J;7L;9
KDH7FFEHJJEK@EKHIFBKIYL?:;DJ7L;9B;L?I?8B;FBKJaJGKn7L;9BnKJ?B;

D J7DJ GKn7HJ?IJ;@; C; I;HI :; CED?:;DJ?JY AVH=GG9 FEKH9HY;H:;I
lKLH;I Eb B;I DEJ?EDI :; FEBBKJ?ED ;J :; IE?D 9EHFEH;B F;KL;DJ
7HJ?9KB;H:;<7XED9H?J?GK;B;IL7B;KHIE99?:;DJ7B;I;JgFH?C?J?L;Ih

7DI B7 JH7:?J?ED :; B7 F;?DJKH; E99?:;DJ7B;B;87?D;JB7JE?B;JJ; EDJ


JEK@EKHI YJY :;I FHYJ;NJ;I FEKHCEDJH;H B; 9EHFI <YC?D?DDK
 DJH;B;
1/" ZC; ;J B; 1"1 ZC; I?Z9B;I B;I J>ZC;I 8?8B?GK;I COJ>EBE=?GK;I
;J >?IJEH?GK;I U J;D;KH YHEJ?GK; YJ7?;DJ CEH7B;C;DJ 799;FJ78B;I
7BEHI GK; B7 H;FHYI;DJ7J?ED FK8B?GK; ;J FHE<7D; :K 9EHFI DK YJ7?J
;NFB?9?J;C;DJ ?DJ;H:?J;
 %; LEO;KH?IC; :K 87?D I; FEI; :ED9 IKH B;I
9EHFI DKI :;I <;CC;I :YJEKHDY;I ;D :Y;II;I EK DOCF>;I
COJ>EBE=?GK;I
  %7 JH7DI<EHC7J?ED :nKD; FH7J?GK; :n>O=?ZD;


;NJH[C;C;DJ H7H; ;D J>YC7J?GK; F?9JKH7B; 7CFB;C;DJ ;NFBE?JY; 7
9ECFBZJ;C;DJ :YJEKHDY B7 HY7B?JY :; B7 JE?B;JJ;
 %; 87?D F?9JKH7B
:;L?;DJ7?DI?KDIF;9J79B;KD;C?I;;DI9ZD;9HYY;F7HB;F;?DJH;Eb
Bn?DJ?C?JY :; B7 CE:ZB; Dn;N?IJ; F7I
 %;I I9ZD;I :; 87?D IEDJ KD;
?D:?I9HYJ?ED :K H;=7H: C7I9KB?D ;J F7I :; Bn;N>?8?J?EDD?IC; <YC?D?D

n;IJ;N79J;C;DJ B;97H79JZH; ?D:?I9H;J:; B7 J>YC7J?GK; :K87?D GK?
<7I9?D;B;IF;9J7J;KH LEO;KH

%7 LYH?J78B;?DJ?C?JY :K 87?D7 YJYH;L;D:?GKY;I;KB;C;DJL;HI B7 <?D


:K 1"1 ZC; I?Z9B;
 ;FK?I Bn?DL;DJ?ED :; Bn?DJ?C?JY ;J :K FB7?I?H
FIO9>EBE=?GK;;JF>OI?GK;:;B7JE?B;JJ;B7FH7J?GK;:K87?D:;L?;DJKD
DEKL;7K =;DH; :; H;FHYI;DJ7J?ED 7HJ?IJ?GK;
 ,? 7L7DJ B;I <;CC;I
YJ7?;DJI;KB;C;DJB;I CE:ZB;I CK;JJ;I :; 9;I 87?DI9n;IJ7K11 ZC;
I?Z9B; GKn;BB;I EDJ <?D7B;C;DJ7IIKCY B; :EK8B; HaB; 7HJ?IJ?GK; 9;BK?
:;CE:ZB;C7?I7KII?:n7KJ;KH
L;9KD;DEJ;:n?HED?;B;LEO;KH?IC;
<?D?J F7H :?IF7H7^JH; B;I CE:ZB;I H;=7H:;DJ B; IF;9J7J;KH ;J
9EDJH7?=D;DJ IED H;=7H: FBKJaJ GK; :; B7?II;H Y9>7FF;H B;KH ?C7=;
C7B=HY;BB;I
%7<;CC;Dn;IJFBKIIEKC?I;7KH;=7H::nKDLEO;KH;BB;
Dn;IJ FBKI 9;DIY; E8Y?H 7KN ?D@ED9J?EDI :nKD 7HJ?IJ; 9n;IJ ;BB; GK?
FHEFEI; B7 C?I; ;D I9ZD; ;J GK? H;=7H:; 9;BK? GK? ;DL7>?J IED
?DJ?C?JY


n;IJ 7L;9 B7 C7^JH?I; :K H;=7H: :; CED 9EHFI ;J :;I FK?II7D9;I
IOC8EB?GK;I ;J H?JK;BB;I IKHB; IE?D ;J B7 FKH?<?97J?ED 9EHFEH;BB; GK;
@n7?HY7B?IYB7L?:YE5=B
%;87?DDn;IJF7I:;IJ?DYU;N>?8;HBn?DJ?C?JY
:; CED 9EHFI <YC?D?D DK
 %7 L?:YE D; C;J F7I CED 9EHFI ;D
YL?:;D9; 9; IEDJ B;I FHE@;9J?EDI ;J B; :?7BE=K; 7L;9 B;I ?C7=;I GK?
HY=?II;DJ B; HOJ>C; :; B7 IYGK;D9;
 "B ;IJ 9B7?H GK; @nE<<H; :K


LEO;KH?IC; 7K IF;9J7J;KH C7?I ?B D; In7=?J F7I :nKD LEO;KH?IC;
FKH;C;DJ9>7HD;B;J E8@;9J?L7DJ:K9EHFI <YC?D?D
 #; F7HJ7=; 7L;9B;
IF;9J7J;KH CED H;=7H: ;N?IJ;DJ?;B IKH Bn>O=?ZD;
 %;I :?7FEI?J?L;I GK?
:Y<?B;DJ IKH C;I @7C8;I H79EDJ;DJ Bn>?IJE?H; :;I 65=BG F=HI9@G HY7B?IYI
:7DI CED 7J;B?;H 7K HYI?B
 L;9 B;I FHE@;9J?EDI B;I 87?=DE?H;I I;
9ED<ED:;DJ;J CED 9EHFI I; H;JHEKL; ?CC;H=Y :7DI Bn?C7=?D7?H; :;I
E8@;JI g JH7DI?J?EDD;BI h GK? EDJ H?JK7B?IY CED GKEJ?:?;D :n7KJH;<E?I

#nE<<H;7KIF;9J7J;KHB;LEO;KH?IC;:;C;I IEKL;D?HI H?JK;BI;DC[C;
J;CFIGK;@;NFYH?C;DJ;KD;FKH?<?97J?EDIOC8EB?GK;

%EHIGK; B;I <;CC;I EDJ FH?I ;D C7?D B7 9EDIJHK9J?ED:K LEO;KH?IC;
GK?;DJEKH;B7H;FHYI;DJ7J?ED7HJ?IJ?GK;:K87?DB;IHY9?JIIEDJ:;L;DKI
FEBOF>ED?GK;I
 %;I FE?DJI :; LK; ;IJ>YJ?GK;I FEB?J?GK;I ;J
IOC8EB?GK;I GK; B;I 7HJ?IJ;I 9EDJ;CFEH7?D;I :EDD;DJ U Bn?C7=?D7?H;
:; 9;I IE?DI ?DJ?C;I IEDJ ?DDEC8H78B;I
 #n7? 9>E?I? :n7D7BOI;H B;I
lKLH;I +5H=G:57H=CB:nBA;$OHIJK<;A ;J IF9?5:;#7D?D;DJED?F7H9;
GKn?BIn7=?J :;F;H<EHC7D9;I FH;IGK;7DJ7=ED?GK;I IKHBn;IJ>YJ?GK;:K
87?D
;IlKLH;IIEDJ97F78B;I:;CEDJH;HBn7CFB;KH;JB79ECFB;N?JY
IOC8EB?GK;GK; B7H;FHYI;DJ7J?ED7HJ?IJ?GK;:K87?D7=7=DY=HV9;7K
H;=7H: :;I <;CC;I
 D 7D7BOI7DJ 9;I F;H<EHC7D9;I @n7HH?L; 7KII?
U C?;KN 9ECFH;D:H; CED FHEFH; FEI?J?EDD;C;DJ FEB?J?GK; IKH
Bn;IJ>YJ?GK;:K87?D


D 7BB7DJ @KIGKnU B7 B?C?J; :; B7 =[D; FHELEGKY; F7H Bn;NFEI?J?ED
;NJH[C; :; Bn?DJ?C?JY BA; $HOIJK<;A HY7B?I; U /?;DD; ;D  B7
F;H<EHC7D9; +5H=G:57H=CB
 7DI KD; F;J?J; I7BB; 8B7D9>; B7 @;KD;
7HJ?IJ; I; 9EK9>; IKH KD J7F?I FEIY F7H J;HH;
 %;I ?DIJ7BB7J?EDI ;J B;I
E8@;JI FHYI;DJI IKH I9ZD; IK==ZH;DJ Bn?DJ?C?JY :nKD; YJH7D=; I7BB; :;


87?DIEDH;JHEKL;KD;87?=DE?H;H;CFB?;:n;7KKD0KDYL?;H7L;9
IED C?HE?H :;I I;HL?;JJ;I :; 87?D KD F;J?J <H?=E KD; 97<;J?ZH; KD;
J78B;UH;F7II;H;JKDJYBYL?I;KHFEIYIKHKD;YJ7=ZH;CKH7B;:;9E?D

BA; $HOIJK<;A ;IJ U :;C? DK; ;BB; FEHJ; I;KB;C;DJ KD 9EBB7DJ DE?H
EKL;HJ U Bn;DJH;@7C8;
 );D:7DJ GK; GK;BGK;I F>EJE=H7F>;I :EDJ B7
CZH; :; Bn7HJ?IJ; EFZH;DJ BA; $HOIJK<;A FB79; :?L;HI E8@;JI 7KJEKH
:n;BB;  KD; 8HEII; :; C7II7=; FBKI?;KHI ;C89A=7<9HG :; J7?BB;I
:?<<YH;DJ;I KD B;9J;KH :;  FEHJ78B; 7L;9 :;I Y9EKJ;KHI ;J KD;
L?I?ZH;:;87I;87BB
%n7HJ?IJ;7BBED=Y;F7HJ;HH;7L;9 I;I Y9EKJ;KHII;
C7IJKH8;
 FHZI 7LE?H E8J;DK KD EH=7IC; ;BB; I; BZL; H;J?H; B;I
Y9EKJ;KHI;JIED9EBB7DJFK?IH;DJH;:7DIB787?=DE?H;JEKJ;D;DLEO7DJ
:;I 87?I;HI U IED FK8B?9 :;HH?ZH; B7 <;D[JH;
 BA; $HOIJK<;A H;IJ;
:YJ;D:K; :7DI Bn;7K GK;BGK;I ?DIJ7DJI ;D<?D ;BB; IEHJ IZ9>; IED
9EHFI;D<?B;KD;HE8;HEK=;CEKB7DJ;;C8H7II;I7CZH;;JF7HJ


1&0# 1&,+ F;H<EHC7D9;.-'3:456('-

%7 F;H<EHC7D9; :nBA; $HOIJK<;A 7 YJY FHE878B;C;DJ ?DIF?HY; :; B7


L?:YE%5BBF5IB=A5@ :;/7B?;NFEHJ
7DI9;JJ;L?:YE
:; n nmC?DGK?7HJ?9KB; Bn7KJEDEC?; :KFB7?I?H <YC?D?D ;J B; I7D=


:;I HZ=B;I Bn7HJ?IJ; I; C7IJKH8; U Bn7?:; :K FECC;7K:; B7 :EK9>;

)K?I :7DI KD 7KJH; CEC;DJ :; B7 IYGK;D9; ED LE?J :;I =EKJJ;I :;
I7D=9EKB;HIKHKD;F>EJE=H7F>?;:KI;N;:;Bn7HJ?IJ;:7DIIED87?D:;
:YL;BEFF;C;DJ
/7B?;NFEHJ JH7L7?BB; :; <7XED7C8?=K\B7L7B;KH :K
I7D=;J:;BEH=7IC;<YC?D?D?BIJH7DI?J;DJ;DJH;Bn7KJE YHEJ?I7J?ED;JB;
<7DJ7IC;:KL?EB

++ /2+&*) L?:YE n nmC?D


 #.+'92135

/7B?; NFEHJ ;J BA; $HOIJK<;A JEK9>;DJ 7K J78EK U Bn?HH;IF;9J ;J U
BnE8I9ZD;
 %5BB  F5I  B=A5@ ;J +5H=G:57H=CB 7DDKB;DJ B7
FHEJ;9J?ED :; Bn?DJ?C?JY B7 FBKI FHE<ED:;
 %7 C7IJKH87J?ED <YC?D?D;
7K :;BU:K<7DJ7IC;:KLEO;KH?IC;;IJFHYI;DJY 9ECC; KD;FKBI?ED
YHEJ?GK;GK?JH7DI=H;II;B7CEH7B;IE9?7B;
%EHIGK?BIIEDJIE9?7B;C;DJ
;N>?8YI B;I 9EHFI DKI :;I <;CC;I B?LHYI 7K LEO;KH?IC; DnEDJ F7I B;
:HE?J U Bn7KJE YHEJ?I7J?ED
 %7 <?=KH; C7I9KB?D; H;IJ; FEKHJ7DJ ;<<79Y;
:7DI B;I :;KNlKLH;I Bn;N9BKI?ED :; Bn79J?ED<7DJ7IC7J?GK; :K CVB;
:EC?D7DJF;HC;JB7I7J?I<79J?EDI;NK;BB;?D:?L?:K;BB;:;I<;CC;I
;I
F;H<EHC7D9;I9ECFEI;DJ7L;99;GK?7YJYH;@;JYF7HB;9EHFKIIE9?7B
B;FB7?I?H7KJE YHEJ?GK;
BB;I ;N>?8;DJB7FEJ;DJ?7B?JY78@;9J; FHYI;DJ;


:7DI B7C7IJKH87J?ED <YC?D?D; B;KHI FHE9;IIKI 7HJ?IJ?GK;I L?EB;DJ B;I
B?C?J;I:;B7H;IF;9J78?B?JY8EKH=;E?I;<ED:Y;IKHB;IBE?I:KF7JH?7H97J

-EKJ;D9>E?I?II7DJB;9>;C?D9EDJH7?H;U 9;BK?:;B7 IKF;H ;NFEI?J?ED


:K9EHFI ;J:;Bn?DJ?C?JY<YC?D?D;#7D?D;DJED?7YJ78B?7L;9IF9?5
?DIJ7BB7J?ED I9KBFJKH7B; HY7B?IY; ;D  KD; FEYJ?GK; :K 87?D F7H
B; 8?7?I :nKD @;K ;DJH; 78I;D9; 9EHFEH;BB; ;J C7JYH?7B?JY EH=7D?GK;
:K I7LED
 %; IF;9J7J;KH D; LE?J Bn?DIJ7BB7J?ED GKnKD; <E?I Bn79J?ED
799ECFB?;
 %; 9EHFI :;Bn7HJ?IJ;7 YJY ?CC;H=Y:7DI B;I  A?BEI :;
I7?D:EKNGK?H;CFB?II;DJKD;7D9?;DD;87?=DE?H;;D<;H
%;LEBKC;:K
9EHFI 78I;DJ:;Bn7HJ?IJ;H;IJ;:ED9?CFH?CY:7DIB;I7?D:EKN
 i 9aJY
:;B7 87?=DE?H;FEIY;IKHKDIE9B;EH?7DKD=H7D:8BE9:;I7LED7
YJY <78H?GKY U F7HJ?H :K I7?D:EKN :YFB79Y F7H Bn?CC;HI?ED :K 9EHFI
:; Bn7HJ?IJ;
 %; LEBKC; :; I7?D:EKN HY9KFYHY YGK?L7B;DJ U 9;BK? :K
9EHFI :; Bn7HJ?IJ; 7 YJY CYB7D=Y 7L;9 :; B7 IEK:; 97KIJ?GK; FEKHB7
<78H?97J?ED:KD8BE9:; NN9C:;I7LED7L;9B;GK;B#7D?D;
DJED? In;IJ B7LY; B; 9EHFI 7FHZI IED ?CC;HI?ED
 %; 8BE9 :; I7LED
;N>?8;B;I9E?DI7HHED:?IF7HB;CEKL;C;DJ:;I7LEDD7=;:K9EHFI:;
Bn7HJ?IJ;;BB;I;<HEJJ7?J9EDJH;B;I7LEDFEKHB7L;HIED9EHFI

,;BED #7D?D; DJED?  g "9 D9BG9 @5 65=;BC=F9 89 G5=B8CIL 7CAA9
@j=A5;9 8jIB IHVFIG D5F79 EI9 @9 G5=B8CIL 9GH IB9 GI6GH5B79 8I
7CFDG h 
 )BED=;H :7DI B7 87?=DE?H; :; I7?D:EKN 7 YJY FEKH #7D?D;
DJED? KD; <7XED :; H;L?LH; B; I;DJ?C;DJ :n[JH; :7DI BnKJYHKI :; I7
CZH;
%n7HJ?IJ;7YJY;DL;BEFFY;:7DIKDI;DJ?C;DJFHYD7J7B:;9>7B;KH
;J FK?I H;J?HY; :; <EH9; ;BB; 7 YJY IEHJ?; :; B7 87?=DE?H; F7H :;I
9EH:;I ;NFYH?;D9; GK? 7 :c H7FF;B;H B7 D7?II7D9;
 L;9 IF9?5
#7D?D;DJED?H;C;J;DI9ZD;B;IYJ7F;I:;B7D7?II7D9;KD;<E?IIEHJ?I


:; BnKJYHKI C7J;HD;B DEKI IECC;I ?CCY:?7J;C;DJ I7?I?I FEKH [JH;
B7LYI
 IF9?5 YJ78B?J KD; D7HH7J?ED GK? 9ECC;D9; ;J J;HC?D; 7L;9
B;9EHFI ;N?IJ;DJ?;B:; Bn7HJ?IJ;B;9EHFI GK??CC;H=Y:7DI Bn78@;9J?ED
9>7HD;BB;7YJY7HH79>Y UIEDKJYHKI?C7=?D7?H;FEKH[JH;<EHC7JYF7H
Bn>O=?YD?IC; 9KBJKH;B
 IF9?5 JH7L7?BB; :?CFEHJ7DJI 7IF;9JI IOC8EB?
GK;I :K 87?D U JH7L;HI B;I C7HGK;I :; Bn78I;D9; :K 9EHFI KD; :;I
YHEJ?I7J?ED 9ECFBZJ; :nKD; J>YC7J?GK; GK? ;N?IJ7?J 9ECC; =;DH;
F?9JKH7BI;KB;C;DJU97KI;:;9;IFEII?8?B?JYIYHEJ?I7DJ;I

2/"( ?DIJ7BB7J?ED#0+0' 0510+

-EKI B;I 87?DI ?9? 7D7BOIYI IEDJ :;I F=HI9@G 89 D5GG5;9 GK? C;JJ;DJ
U DK Bn78@;9J?ED ?D>YH;DJ; 7K 9EHFI <YC?D?D
 "BI JH7DI?J;DJ ;DJH;
Bn78@;9J?ED :K 9EHFI <YC?D?D g D7JKH;B h ;J Bn>O=?YD?IC; F7JH?7H97B
:K 9EHFI g 9KBJKH;B h
 %n78@;9J?ED :nIF9?5 ;IJ 9;BB; ?DJH?DIZGK; U
Bn799EK9>;C;DJ GK? B7LY; :7DI B; 87?D F;HC;J Bn;DJHY; :7DI B7
9KBJKH;  Bn78@;9J?ED :; +5H=G:57H=CB;J :; %5BB F5I  B=A5@ ;IJ
I;NK;BB; B?Y; U B7 C7IJKH87J?ED <YC?D?D; GK? :Y8EH:; :K <7DJ7IC;
F>7BBE9H7J?GK;  Bn78@;9J?ED :; 5=B ;IJ IOC8EB?GK; ;BB; :?IF7H7^J
I;KB;C;DJ7L;9B7FKH?<?97J?EDH?JK;BB;


%7 9H?J?GK; EK B7 :YDED9?7J?ED :; Bn78@;9J?ED IOC8EB?GK; :K 9EHFI
<YC?D?D IEDJ FHYI;DJ;I :7DI JEKJ;I B;I lKLH;I
 )EKHJ7DJ I;KB;C;DJ
5=B ;J IF9?5 9>;H9>;DJ U FKH?<?;H B; 9EHFI U JH7L;HI B; 87?D

+5H=G:57H=CB ;J %5BB F5IB=A5@ D;FKH?<?;DJF7I B;9EHFI :;B7
<;CC; B;I lKLH;I ;N79;H8;DJ B7 FEBBKJ?ED IOC8EB?GK; :K 9EHFI
<YC?D?DUJH7L;HIB7C7IJKH87J?EDKD;IFY9KB7J?EDF;HL;HI;YJ78B?;F7H
B; <7DJ7IC; F>7BBE9H7J;
 IF9?5 7HJ?9KB; KD; FKH?<?97J?ED B?Y; U
BKJ?B?I7J?ED :K I7LED KD FHE:K?J FHEL;D7DJ :; B7 9KBJKH; >O=?YD?IJ;
E99?:;DJ7B;
5=BUIEDJEKHD;FKH?<?;F7IB;9EHFI7L;9B;IG=;B9G:;
B79KBJKH;C7?I7L;9B;IGMA6C@9G:KH?JK;B
"BIn7=?J:nKD;FKH?<?97J?ED
GK?;II7O;:;JEK9>;HKD;DEJ?EDgFH?C?J?L;h:;FHEFH;JYI7DIFEKH
7KJ7DJYJ78B?HKDg;NEJ?IC;h;IJ>YJ?GK;
%;87?D>O=?YD?GK;EH:?D7?H;
Dn7F7IYJY:YJEKHDY?B7H;XKKDgFE?:IhIOC8EB?GK;?C8H?GKY:7DI
B7IJHK9JKH;:KH?JK;B

%;I GK7JH;lKLH;I 78EH:;DJBn7C8?=d?JYB?Y;UB7B?C?J7J?ED>O=?YD?IJ;


:K87?DCE:;HD;
%;I F;H<EHC7D9;I E<<H;DJ :;I GK;IJ?EDD;C;DJI GK?
LEDJ 7K :;BU :;I I?CFB;I IE?DI :n>O=?ZD;
 D ;NFEI7DJ Bn78@;9J?ED
IOC8EB?GK; :K 9EHFI <YC?D?D ;BB;I YJ78B?II;DJ KD; HKFJKH; 7L;9 B;
C7D?9>Y?IC; ;DJH; B; G5@9 ;J B; DFCDF9 ;DJH; Bn78@;9J?ED :K 9EHFI
gD7JKH;Bh;JB7FHEFH;JY:K9EHFIg9KBJKH;Bh
%EHIGK;B;I<;CC;IEDJ
78EH:Y7HJ?IJ?GK;C;DJB7J>YC7J?GK;:K87?D;BB;ID;IEDJF7I H;IJY;I
UB7 IKH<79; :; Bn?C7=;LEO;KH?IJ;:K9EHFI DKGK? I;B7L;;BB;IIEDJ
H;DJHY;I :7DI B;I GK;IJ?EDI JH7DI?JE?H;I7KJEKH:;Bn78@;9J?ED :;=;DH;
;J:;B7FKH?<?97J?EDH?JK;BB;


 L;9 B;I 9>;L;KN FHEL;D7DJ :; B7 F;H<EHC7D9; :; :Y9EKF7=; 97F?BB7?H; @n7? J?IIY

C7DK;BB;C;DJIKHKDCYJ?;HUJ?II;HKD;F;J?J;9KBEJJ;
;JJ; F?Z9;:;B?D=;H?;?DJ?C;;IJ
:;L;DK; KD E8@;J g JH7DI?J?EDD;B h FEKH B7 HY7B?I7J?ED :; F>EJE=H7F>?;I L?:YEI ;J
F;H<EHC7D9;I
 &7HO(. %,9@5GCI=@@IF9GG5=GIF@9GBCH=CBG 89DC@@IH=CB 9H89H56CIJH7:K?J

F7HDD; KYH?D)7H?I%7Y9EKL;HJ; F


 

 ,;BEDB7H;9>;H9>;7J7<EB>7IED:7=;:;  :;IHYI?B?;DII;B7L;DJJEKI B;I

@EKHII;B7L;DJ:;GK7JH;UI?N<E?IF7HI;C7?D;;J I;B7L;DJ;DJH;KD;;JJHE?I<E?I
F7HI;C7?D;
:K7H:E .'( (5GG5B8C 5@=ADC =GH]F=5 85 <=;=9B9D9GGC5@ BC F5G=@
,WE)7KBE 787H?JE F


  :K7H:E .'((5GG5B8C 5@=ADC =GH]F=585<=;=9B9D9GGC5@ BCF5G=@ ,WE )7KBE


787H?JE F


  ';?:; EC;I :; (%"/"+ g!?IJ`H?7:EI >T8?JEI :;>?=?;D; DE H7I?B :EI IY9KBEI

1/""" 7E11h :7DI *9JI98j =GHC=F9=A9BG_9GDf/?J`H?7.D?L;HI?:7:;;:;H7B:E


IF]H?JE,7DJE  F


 &7KH;I ;D9>7DJY;IIEDJ:;I ;IFH?JI[JH;I<7DJ7IJ?GK;I :K <EBABEH;FEHJK=7?I ;J=7B?9?;D




%;I&7KH;I F;KL;DJFH;D:H;KD;<EHC;>KC7?D;EKI;CYJ7CEHF>EI;H;D:7KJH;I[JH;I

7DI B7JH7:?J?EDEH7B;FEHJK=7?I;B;I &7KH;I;D9>7DJY;IIEDJ B;IFHEJ7=ED?IJ;I:;HY9?JI
7II?=D78B;I:;9KBJ;IFHY 9>HYJ?;DIIEKL;DJFHY>?IJEH?GK;I

 ;EH=;I /" +%%( $9 DFCDF9 9H @9G5@9 $j<M;=WB9 8I 7CFDG 89DI=G @9 %CM9Bk;9
)7H?I,;K?B F


!6=89AF
 

  ,;BED Bn"DIJ?JKJ :nQJK:;I :; &7H9>Y  :n(F?D?ED / IED:7=; :;     :;I

<H7DX7?I D;I;B7L;DJF7I JEKIB;I @EKHI?BII;9EDJ;DJ;DJ:;I;B7L;HKD@EKHIKH:;KN;J


 I; B7L;DJ I;KB;C;DJ KD; <E?I F7H I;C7?D;  >JJF MMM
8L7
<H <H IED:7=;I
B;I6>78?JK:;I6:6>O=?;D;6:;I6<H7D97?I
>JCB
&7HO(. %,9@5GCI=@@IF9GG5=GIF@9GBCH=CBG89DC@@IH=CB 9H89H56CIJH7:K?J
F7HDD; KYH?D)7H?I%7Y9EKL;HJ; F


 ;EH=;I/" +%%( $9DFCDF99H @9G5@9$j<M;=WB98I 7CFDG 89DI=G @9%CM9Bk;9


)7H?I,;K?B FF
   

 %'2+"  ''7:;?@;;J/" +%%( ;EH=;I$5HC=@9HH9&5=GG5B7989@j=BH=A9


,<9 =BJ9BH=CB  C: DF=J57M )7H?I &KIY; &7HCEJJ7D &ED;J Q:?J?EDI !7P7D   FF

 

!6=89AF



>H?IJ?D7,!&"g,>E9A?D=J>;K:?;D9;,>E9A?D= J>;HJ?IJ;IJ>;J?9<<?D?J?;IJE

J>;L7DJ 7H:; ?D BA; $HOIJK<;AnI 0EHAh :7DI :H9F H<9J5BH ;5F89 CBH9ADCF5FM
9FA5B5B8IGHF=5BLD9F=A9BH5@=@A+E9>;IJ;H7C:;D!EKI; F
 

 -H7:K9J?ED:;Bn7D=B7?I <7?J F7HBn7KJ;KH


7D&+(';JCO))%%33(M7

%#+ .+!+-!"5B=B9BHCB=$dID79>J"DA-H;;:?J?ED F





B  

  




.D <?B :; 9>;L;KN :YJ79>Y :K 9EHFI ;IJ IEKL;DJ 9EDI?:YHY 9ECC;
YJ7DJ g I7B; h KD HYI?:K 97F78B; :n?D>?8;HB7FFYJ?J ;J :; FHELEGK;H
B; :Y=EcJ F7H I7 I?CFB; FHYI;D9; :7DI B;DL?HEDD;C;DJ 8K997B EK
7B?C;DJ7?H;
 )EKHJ7DJ B7 g I7B;JY h :; 9;JJ; C7J?ZH; HYI?:K;BB; ;N?IJ;
I;KB;C;DJ 7K D?L;7K IOC8EB?GK; ?B D; In7=?J F7I :nKD; LYH?J78B;
IEKH9; :; FEBBKJ?ED
 %7 L?:YE =@ 89BH5=F9 :; n nmC?D HY7B?IY; ;D
  7K HYI?B 7 IKH=? :nKD; >78?JK:; DED EHJ>E:EN; :n>O=?ZD;
8K99E :;DJ7?H;GK;@;FH7J?GK;:;FK?IBED=J;CFI
#n7?:YL;BEFFYL;HI
Bn7:EB;I9;D9; KD;J;9>D?GK;FEKHD;JJEO;HC;I :;DJI;DKJ?B?I7DJKD
<?B:;9>;L;KN9ECC;<?B:;DJ7?H;

;FK?IJEKJ;F;J?J;C;IF7H;DJICnEDJ7FFH?IU8HEII;HC;I:;DJIJHE?I
<E?IF7H@EKH>78?JK:;GK?Cn7=7H7DJ?;B;8ED>;KH:;D;@7C7?I 7LE?H
KD; I;KB; 97H?;
 #n7? JEK@EKHI ;K KD; 8HEII; U :;DJI ;J :K :;DJ?<H?9;
:7DI CEDI79U C7?DFEKH FEKLE?HC; B7L;HB;I :;DJI Dn?CFEHJ; Eb
7FHZI B;I H;F7I
 'Y7DCE?DI @n7L7?I H7H;C;DJ :K <?B :;DJ7?H; IKHCE?

*K;BGK;I <E?I [JH; E8B?=Y; :n7JJ;D:H; Bn7HH?LY; U B7 C7?IED FEKH
FEKLE?H;DB;L;HKDF;J?JCEH9;7K:;DEKHH?JKH;GK?H;IJ7?J9E?D9Y;DJH;
B;I :;DJI 7FHZI B; 8HEII7=; YJ7?J KD LYH?J78B; IKFFB?9; ;J @n7? :ED9
:YL;BEFFY 9;JJ; J;9>D?GK; I?CFB; ;J ;<<?979; :K <?B :;DJ7?H; :;
9>;L;KN
 &7B>;KH;KI;C;DJ ;D H7D9; @n7? F;H:K Bn>78?JK:; :; C;
8HEII;HB;I:;DJIDn?CFEHJ;Eb;J:nKJ?B?I;HC;I<?BI:;9>;L;KN9ECC;
<?B:;DJ7?H;



#n7? LEKBK H;L?I?J;H 7HJ?IJ?GK;C;DJ 9;JJ; YJH7D=; >78?JK:; F;HIEDD;BB;
FEKH HYLYB;H B;I 9EDJH7:?9J?EDI 7KJEKH:; B7 9EDIJHK9J?EDIOC8EB?GK;
:;Bn78@;9J?EDH;B7J?L;UB7C7J?ZH;EH=7D?GK;HYI?:K;BB;
.D;9KH?;KI;
:Y9EKL;HJ; PEEBE=?GK; Cn7 7KII? FEKIIY; U B7 HY7B?I7J?ED :; 9;JJ;
L?:YE
.D;YGK?F;:;I9?;DJ?<?GK;I:;BnKD?L;HI?JY:;$OEJE7E8I;HLY
:;I C797GK;I J>7_B7D:7?I I; I;HL7DJ :; 9>;L;KN >KC7?DI FEKH I;
D;JJEO;H B;I :;DJI
 ;I 7D?C7KN IEDJ 7KII? 97F78B;I :; JH7DIC;JJH;
B;KH g I7LE?H h :; =YDYH7J?ED ;D =YDYH7J?ED
 #n7? YJY JHEK8BY; F7H B7
L?:YEGK?CEDJH;B;I C797GK;I ;DJH7?D:;I;D;JJEO;HB;I:;DJI 7L;9
:;I9>;L;KN>KC7?DI
?D7B;C;DJ9;JJ;>78?JK:;:n>O=?ZD;:;DJ7?H;
F;KEHJ>E:EN;L?;DJ:nKD9ECFEHJ;C;DJ?DIJ?D9J?<:;IFH?C7J;I

%7L?:YE=@89BH5=F9I;:YHEKB;IKHKD;FB7=;U!@<5F5B89I?JKY;IKH
B; B?JJEH7B IK: ;IJ :KHYI?B
II?I; 7K FH;C?;H FB7DIEKI KD 7H8H;@;
FEHJ; KD; HE8; ;D :;DJ;BB; 8B7D9>;  ;J @n7? KD; C7D=K; U B7 C7?D

;HH?ZH;CE?I;JHEKL;KD;F;J?J;87?;7K:;KN?ZC;FB7D:;I ;D<7DJI
@EK;DJ 7K 87BBED :7DI Bn;7K ;J :;I L797D9?;HI I; FHECZD;DJ IKH B;
I78B;
&ED79J?ED7YJY:?I9HZJ;C;DJ<?BCY;B;=;IJ;YJ7?J?DJY=HY:7DI
B;F7OI7=;
?DI?@nYFBK9>;B7C7D=K;UB7C7?D;J@;9ECC;D9;UB7
C7D=;H
 );D:7DJ GK; @; C7D=; B;FB7DI; <;HC; ;J@nE99KF; FH;IGK;
JEKJ;B7I9ZD;
+7II7I?Y;@;FEI;B;DEO7KF7HJ;HH;;J@;C; BZ9>;B;I
:E?=JI 87H8EK?BBYI
)EKHC;:Y87HH7II;H:;I <?8H;I9E?D9Y;I ;DJH;C;I
:;DJI @; Cn7HH79>; GK;BGK;I <?BI :; 9>;L;KN ;J @; 9ECC;D9; CED
>O=?ZD; :;DJ7?H;
 %;I FH;C?;HI <?BI I; HECF;DJ ?B O 7 8;7K9EKF :;
<?8H;I
#;9ECC;D9; :ED9 U C; D;JJEO;HB;I :;DJI 7L;9 FBKI?;KHI <?BI
:;9>;L;KN ;D C[C;J;CFI
%;FB7DI; <;HC;;JC7 8EK9>;E99KF;
:YIEHC7?I JEKJ;Bn?C7=;B;I<?8H;I 9E?D9Y;I;DJH;C;I:;DJIIEDJ8?;D


L?I?8B;I
 );KU F;K @; C; :Y87HH7II; :;I <?8H;I :; C7D=K;
%7 L?:YE
In79>ZL; GK7D: @; <?D?I CED >O=?ZD; 8K99E :;DJ7?H; ;J GK; @; C;
:YJ;D:IFEKH9EDJ;CFB;HB;F7OI7=;GK?C;DJEKH;

&)!"+1&/" L?:;En nmC?D


#0+'..#&'163#


=@ 89BH5=F9 ;IJ KD; L?:YE IKH B;I >78?JK:;I ?DIJ?D9J?L;I :n>O=?ZD;
:;DJ7?H;
;JJ; YJH7D=;>78?JK:;H7FF;BB;B7FHEFH;JY gI7KL7=;h:;I
?D:?=ZD;I
%7L?:YEC;J ;DI9ZD;KDIE?D 9EHFEH;Bg D7_< h FH7J?GKY
F7H 9;KN GK? 9KBJ?L;DJ BnXHF9 FHEFH; ;J DED B; D5F5[HF9 FHEFH; :;I
KHEFY;DI
;JJ;DEJ?ED:n>O=?ZD;Dn7H?;DULE?H7L;9B7IKF;H<?9?7B?JY
:;I8EDD;I C7D?ZH;I;J:;B78EDD;7FF7H;D9;
%nE8@;9J?<F;H<EHC7J?<
DnYJ7?J F7I :; 9>EGK;H Bn;DJEKH7=; IE9?7B 7L;9 CED =;IJ; ;N;CFJ :;
g 8EDD;I C7D?ZH;I h
 #n7? 9>E?I? :; C; FB79;H :7DI KD 9EDJ;NJ;
FHEF?9; FEKH IK9;HB; DEO7K:nKD; C7D=K; ;J C; D;JJEO;HB;I :;DJI
7L;9 B;I 9>;L;KN
 L;9 9;JJ; lKLH; @;II7?; :nYJ78B?H KD; IEHJ; :;
7<C77I@HIF9@ ?DL;HIY
%;C7DGK;:nYJ?GK;JJ;7K:YJH?C;DJ:nKD;N9ZI
:n>O=?ZD; :YCEDJH; KD ?DL;HI;C;DJ :;I L7B;KHI IOC8EB?GK;I ;J B7
<7?BB; ;N?IJ;DJ?;BB; :; B7 >?YH7H9>?; E99?:;DJ7B; :7DI B;I ;D@;KN
IOC8EB?GK;I:;B79EBED?I7J?ED

-EKJ 9ECC; B; C7DGK; :n>O=?ZD; 9EHFEH;BB; B; C7DGK; :n>O=?ZD;


8K99E :;DJ7?H;:;I H7DX7?I Cn7 8;7K9EKF ?CFH;II?EDDY;
 Y9EKLH?H
Bn;N?IJ;D9; :;I (99?:;DJ7KN 8?;D Y:KGKYI ;J 9?L?B?IYI C7?I GK?
B7?II;DJ FEKHH?H B;KHI :;DJI <KJ 7KII? KD ?CFEHJ7DJ 9>E9 9KBJKH;B
 D
:;>EHI :;I L7B;KHI E99?:;DJ7B;I Bn>O=?ZD; 8K997B; 7 9EDDK :;I
J;9>D?GK;I ;J :;I EKJ?BI JHZI :?L;HI?<?YI ;J 9KH?;KN
 %;I Q=OFJ?;DI
+EC7?DI;JH78;IEDJ:YL;BEFFYFBKI?;KHIFHE:K?JI:n>O=?ZD;8K99E
:;DJ7?H;
 "BI CV9>7?;DJ :;I CYB7D=;I 7DJ?I;FJ?GK;I U 87I; :;
97H:7CEC; ;J :; FB7DJ;I F7H<KCY;I 9ECC; B; D7H: B7 COHH>; B7
C;II7B?D; EK BnE9J7L?;
  %;I CYH?D:?;DI FH7J?GK;DJ Y=7B;C;DJ
9;HJ7?D;I >78?JK:;I :n>O=?ZD; 8K99E :;DJ7?H;9ECC; Bn?D=;IJ?ED;JB;
=7H=7H?IC; 7L;9 :K @KI :; 97@EK ;J BnKJ?B?I7J?ED :; FEK:H; :; >IQ


9ECC;:;DJ?<H?9;
;IYJK:;I7H9>YEBE=?GK;ICEDJH;DJGK;B;I97H?;I
YJ7?;DJ;NJH[C;C;DJH7H;IF7HC?;KN


i BnYFEGK; :;I =H7D:;I :Y9EKL;HJ;I C7H?J?C;I B;I KHEFY;DI


9EDD7?II7?;DJ :Y@U B; IK9H; 9; IEDJ ;KN GK? EDJ ?DJHE:K?J I7 9KBJKH;
;D CYH?GK;
 %n78I;D9; :n>O=?ZD; 8K99E :;DJ7?H; :;I KHEFY;DI
9EC8?DY; U B;KH7::?9J?ED7KIK9H; 7FHE:K?J:; LYH?J78B;I >EHH;KHI
:;DJ7?H;I
 L7DJ :; 9>EGK;H B;I CYH?D:?;DI B; C7DGK; :n>O=?ZD;
:;I KHEFY;DI 7L7?J :Y@U ?CFH;II?EDDY B;I "D:?;DI
 *K7D: B; HE? :;
7B?9KJ 7 H;XK B;I )EHJK=7?I :7DI B; F7B7?I HEO7B B;I I79;H:E9;I EDJ
:n78EH: 7IF;H=Y KD B?GK?:; F7H<KCY IKH B;I YJH7D=;HI FEKH IEKB7=;H
B;KH FK7DJ;KH
 )EKH F7HB;H 7K CED7HGK; I7DI Bn?D<;9J;H 7L;9 B;KH
>7B;?D; <YJ?:;?BI :;L7?;DJ9EKLH?HB;KH8EK9>; 7L;9B7 C7?D=7K9>;

%;I 7II;II;KHI EDJ ;D9EH; ;N?=Y :;I )EHJK=7?I :; D; F7I 9H79>;H
EK HEJ;H
  ;I 7H9>?L;I CEDJH;DJ GK; B;I KHEFY;DI DnYJ7?;DJ F7I
I;KB;C;DJ FBKI I7B;I GK; B;I ?D:?=ZD;I DKI :K DEKL;7K CED:; ?BI
YJ7?;DJFBKII7B;IGK;FH7J?GK;C;DJJEKIB;IF;KFB;IDED E99?:;DJ7KN


%nKJ?B?I7J?ED :;I 8HEII;I U :;DJI ;J :;I :;DJ?<H?9;I CE:;HD;I 7 YJY


H7F?:;C;DJ78IEH8Y;F7HB79KBJKH;8HYI?B?;DD;:;FK?IB;CE:ZB;DEH:
7CYH?97?D
,;8HEII;HB;I :;DJI JHE?I<E?IF7H@EKH7L;9:K:;DJ?<H?9;U
87I; :; <BKEH ;IJ KD; >78?JK:; 87I?GK; HYF7D:K; C[C; :7DI B;I
<EO;HI 8HYI?B?;DI B;I FBKI >KC8B;I
  DH7D9;Bn>O=?ZD;:;DJ7?H; Dn7
F7I :K JEKJ B7 C[C; ?CFEHJ7D9;
  %; 9>E9 9KBJKH;B :n>O=?ZD;
:n7KJH;<E?I I; HYFZJ; ;D9EH; :; <7XED CE?DI ?DJ;DI; C7?I ;D9EH;
C7HGK7DJ
 n;IJ @KIJ;C;DJ 9; 9>E9 GK? Cn7 YL;?BBY; U Bn?CFEHJ7D9;
GK; Bn>O=?ZD; ;N;H9; :7DI B;I IE9?YJYI @K=Y;I F7H B;I E99?:;DJ7KN
9ECC; g DED 9?L?B?IY;I h
 n;IJ U JH7L;HI Bn>O=?ZD; GK; @n7? FK C;


:Y87HH7II;H:K 9ECFB;N; :n?D<YH?EH?JY 9KBJKH;BB; ;DH79?DY; :7DI CED
Y:K97J?ED 9EBED?IY;
 %7 FHEFH;JY :; BmXHF9 Dn;IJ F7I LH7?C;DJ KD;
L7B;KH 9?L?B?I7JH?9; ;D KHEF; C7?I ;BB; Bn;IJ 7K HYI?B ;J :7DI
8;7K9EKF :n7KJH;I F7OI DED E99?:;DJ7KN
 "B <7KJ :Y9EBED?I;H B7
F;DIY; B; 9EHFI ;J B;I =;IJ;I FEKH EKLH?H B;I H;B7J?EDI IE9?7B;I U
KD; DEJ?ED :; g 9?L?B?I7J?ED h FBKI B7H=;
L;9 =@ 89BH5=F9 @; B?8ZH;
C7 9KBJKH; CYJ?II; ;J 9EBED?IY; :; 9;HJ7?D;I 97IJH7J?EDI FEKH
g97DD?87B?I;HhBn5IHF99KBJKH;B78IEH8;HB;I8EDD;IF7HJ?;I;J;N9BKH;
B; H;IJ;
 ,7DI F;KH :; B7C8?=K_JY ;J :;I 9EDJH7:?9J?EDI ?DJH?DIZGK;I
7K CYJ?II7=; 9KBJKH;B @; g 97DD?87B?I; h B7 9KBJKH; :; Bn5IHF9 7L;9
B7 C[C; LEH79?JY GK; @; :YLEH; KD; C7D=K;
 #; C; DEKHH?I
7HJ?IJ?GK;C;DJ :; B7 FK?II7D9; IOC8EB?GK; :; Bn5IHF9 JEKJ ;D C;
:Y87HH7II7DJ :;I B;9JKH;I IJ?=C7J?I7DJ;I GKn?B F;KJ 7LE?H :; AC=

%n>O=?ZD; I7DI FEB?J;II;;IJ KD =;IJ;FEYJ?GK; C7?I 7KII? FEB?J?GK; ?B
:Y<;D:B7L7BEH?I7J?ED:;BnXHF97K:YJH?C;DJ:KD5F5[HF9DFCDF9


D7BOI;H B7 FHE:K9J?ED 7HJ?IJ?GK; :n7KJH;I 7HJ?IJ;I GK? I?DJYH;II;DJ


7KII?U B7GK;IJ?ED:;Bn>O=?ZD; CE:;HD; C; I;C8B;?CFEHJ7DJFEKH
Cn7?:;H U 9EDIJHK?H; CED FHEFH; FE?DJ :; LK; 9ED9;FJK;B IKH B7
GK;IJ?ED
 KII? 7L;9 KD FEI?J?EDD;C;DJ 9H?J?GK; IKH B;I FHE:K?JI ;J
>78?JK:;I:n>O=?ZD;B;I7HJ?IJ;I'?9EB7EDIJ7DJ?DE;J%7\J?J?7EKH=;J
?DJ;HHE=;DJ B7 FK8B?9?JY ;J B;I CE:ZB;I :; 9EDIECC7J?ED :; C7II;

%;KHI lKLH;I C;JJ;DJ;DYL?:;D9;GK; B; D5F5[HF9FHEFH;;IJJEK@EKHI
FBKI ?CFEHJ7DJ GK; BnXHF9 FHEFH;
 ;JJ; DEJ?ED >O=?YD?IJ; 7 YJY
;D9EH; FBKI 9ECFB;N?<?Y; :;FK?I B?D:KIJH?7B?I7J?ED
 %; CE:ZB; :;
9EDIECC7J?ED DEH: 7CYH?97?D 7 9HYY KD; YDEHC; GK7DJ?JY :;
g 8;IE?DI h >O=?YD?GK;I GK? Dn;N?IJ7?;DJ F7I 7KF7H7L7DJ
 K F7F?;H


JE?B;JJ; U B7 I;HL?;JJ; ?DJ?C; JEKJ 7 YJY 9HYY F7H Bn?D:KIJH?; DEH:
7CYH?97?D;
 %7 FH7J?9?JY :; JEKI 9;I EKJ?BI ;IJ 9B7?H; DY7DCE?DI B7
FK8B?9?JY DEKI L;D: KD; ?:Y; :n;N9BKI?ED IE9?7B; I? DEKI DKJ?B?IEDI
F7I9;IFHE:K?JI
lHF9LYH?J78B;C;DJFHEFH;:;L?;DJ:;CE?DI;DCE?DI
?CFEHJ7DJUBn?DJYH?;KH:KCE:ZB;:;9EDIECC7J?ED:;C7II;9n;IJB;
D5F5[HF9GK?7IIKC;7L;9Bn?C7=;FK8B?9?J7?H;B7IF;9JFH?D9?F7B

-EKJ 9ECC; =@ 89BH5=F9 B; +5JCB 89 7CFDG   :; '?9EB7
EDIJ7DJ?DE FHEFEI; B7 HY78IEHFJ?ED 9ECC; >O=?ZD;
 %n7HJ?IJ;
D9F:CFA9BnKJ?B?I7J?ED :nKDDFC8I=H<78H?GKY7L;9KDHYI?:KFHEL;D7DJ
:;IEDFHEFH;9EHFI
 '?9EB7EDIJ7DJ?DE79HYY 9;DJ87HH;I :;I7LED
<7?JI U 87I; :; =H7?II; >KC7?D;
 %;I :;KN A?BE=H7CC;I :; =H7?II;
KJ?B?IYIFEKH9HY;HB;II7LEDIEDJYJYE8J;DKIUF7HJ?H:;B7B?FEIK99?ED
UB7GK;BB;'?9EB7EDIJ7DJ?DEIn;IJIEKC?I;FEKH9;FHE@;J
L;9KD;
9;HJ7?D; F;HL;HI?JY Bn7HJ?IJ; 7 7KII? YB78EHY KD; F?Z9; FK8B?9?J7?H;
FEKHg:?<<KI;HhIEDFHE:K?J:;gBKN;h
%7L?:YEcDF9B8G HCB65=B
5J97 AC= d ;IJ :nKD; ?HED?; FH;IGK; =HEJ;IGK;
 !78?BBY; 7L;9 KD;
DK?I;JJ; CEKB7DJ; 8;?=; '?9EB7 EDIJ7DJ?DE I; H;JHEKL; :7DI KD;
IEHJ;:;J;HC;
%n7HJ?IJ;I7LEDD;IED9EHFI B?FEIK9Y 7L;9IEDgI7LED
:;9EHFIhCEKBY;D<EHC;:;JEHI;<YC?D?D


K :;BU :; B7 I?CFB; HY78IEHFJ?ED 9EHFEH;BB; Bn7HJ?IJ; 7 9HYY KD


ACBGHF9 FK8B?9?J7?H;
 %n?:;DJ?<?97J?ED 7L;9 B; CE:ZB; :; 8;7KJY 7 YJY
FEKIIY; @KIGKnU Bn78IKH:; GK7D: '?9EB7 EDIJ7DJ?DE FHEFEI; :;
9EDIECC;H KD; F7HJ?; :; IED FHEFH; 9EHFI EH=7D?GK;
 %n7HJ?IJ; @EK;
7L;9 B7 F;HL;HI?ED U JH7L;HI KD; 9H?J?GK; ?HED?GK; :;I CE:ZB;I :;
8;7KJY <YC?D?D; ;J :; 9EDIECC7J?ED :; C7II;
 '?9EB7 EDIJ7DJ?DE
I;C8B; FEKHJ7DJ U B7?I; 7L;9 B7 9EC8?D7?IED :n?HED?; ;J :;


F;HL;HI?ED IJHK9JKH; GK? DEKI F;HC;J JEK@EKHI KD; ?DJ;HFHYJ7J?ED
HY<B;N?L;;J9H?J?GK;
%n7HJ?IJ; <B?HJ;7L;9B7FKBI?ED:;CEHJ;JBn78@;9J

%n;D@;K ;IJ>YJ?GK; GK? EI9?BB; ;DJH; B; A?JI9> B; BKN; ;J Bn78@;9J ;IJ
FHYI;DJ :7DI BnlKLH; FEKH C;JJH; U DK Bn?D:KIJH?; 9EICYJ?GK; ;J I;I
CE:ZB;I:;8;7KJY

3,+!" ,/-0 I7LED;JF?Z9;FK8B?9?J7?H;+%1.#1045#05+01

$j<M;=WB9 7CFDCF9@@9  DCIF IB9 5BH<FCDC@C;=9 89 @j<CAA9 AC89FB9


  :; %7\J?J?7 EKH=;J 78EH:; 7KII? B7 GK;IJ?ED :;I CE:ZB;I
:; 9ECFEHJ;C;DJ ;J :; 9EDIECC7J?ED >O=?YD?IJ;I
 %7 L?:YE :;
n nmC?D
CEDJH;FBKI?;KHI=;IJ;I:n>O=?ZD;9EHFEH;BB;;NY9KJYI :;
<7XED 9HK; ;J :?H;9J;
 %;I I9ZD;I IEDJ ;DJH;9EKFY;I F7H :;I F>H7I;I
GK? YLEGK;DJ GK;BGK;I 9EDI;?BI :n>O=?ZD; :;I IBE=7DI FK8B?9?J7?H;I
EK DEJ?9;I :nKJ?B?I7J?ED :;I FHE:K?JI :n;DJH;J?;D 9EHFEH;B
 %;I =;IJ;I
IEDJ KD; C?I; ;D I9ZD; HE8EJ?GK; :;I 9EDI;?BI ;J IBE=7DI :n>O=?ZD;
GK? :Y<?B;DJ IKH BnY9H7D
 %n7HJ?IJ; ?DJ;HFHZJ; :;I 9EDI?=D;I J;BI GK; 
g6=9B9GGIM9F@5 6CI7<95DFWGA5B;9FdgH=F9F@5 7<5GG9 8j95Id 
c65=GG9F@97CIJ9F7@9dg6=9B:FCHH9F@9GD5FH=9GC8CF5BH9Gd;Jg5;=F


J=H97CBHF9@9G=ADIF9HVGd
%7C?I; ;D I9ZD;:;cGIFHCIH;5F89FGCB
B5HIF9@d9BaJKH;B7IYGK;D9;

>%6$&;+" ,/-,/"))" L?:;En nmC?D


#?5+5+#163)'5

%7L?:YE:; %7\J?J?7EKH=;J;IJ JHZI I?CFB;;J:?H;9J; ?BDnO7F7I :;


:EK8B; ?DJ;HFHYJ7J?ED ?HED?GK; EK F;HL;HI;
 )EKHJ7DJ JEKJ 9ECC;
=@ 89BH5=F9 ;J +5JCB 89 7CFDG BnlKLH; 78EH:; Bn>O=?ZD; :; <7XED
9H?J?GK;
 %n7HJ?IJ; ?D97HD; KD F;HIEDD7=; 7DEDOC; GK? E8Y?J
B?JJYH7B;C;DJ U Bn7CEH9; >O=?YD?IJ;
 ;I =;IJ;I D; FHEL?;DD;DJ F7I
:nKD;;NFYH?;D9;:;:YJ;DJ;EK:;FB7?I?H;BB;D;JJE?;;J;DJH;J?;DJIED
9EHFI :;<7XEDH?=?:;;JHYFYJ?J?L;9ECC;KDEKLH?;HGK?JH7L7?BB;IKH
KD; B?=D; :; CEDJ7=;
 %7\J?J?7 EKH=;J 7 9HYY KD; 7BBY=EH?; :; B7
IKF;H<?9?7B?JY>O=?YD?IJ;:;B7IE9?YJYE99?:;DJ7B;
7DIB7IYGK;D9;?B
DnO 7 F7I :; HY<YH;D9;I 9KBJKH;BB;I ?:;DJ?J7?H;I EK IOC8EB?GK;I ?B
In7=?J:nKD;>O=?ZD;7I;FJ?IY;?CF;HIEDD;BB;;J?D:KIJH?;BB;

=@ 89BH5=F9 7K 9EDJH7?H; :; B7 L?:YE :; %7\J?J?7 EKH=;J In7HJ?9KB;
7KJEKH :; B7 B79KD; ;N?IJ;DJ?7B?IJ; ;J IOC8EB?GK; B7?IIY; L?:; F7H
Bn>O=?ZD;E99?:;DJ7B;
%7L?:YEFHEFEI;KD=;IJ;:n>O=?ZD;?:;DJ?J7?H;


9EDIJHK?J 7L;9 :;I YBYC;DJI 9KBJKH;BI ;J IOC8EB?GK;I
 %; =;IJ; :; I;
D;JJEO;H B;I :;DJI 7L;9 :;I <?BI :; 9>;L;KN F;KJ I;C8B;H YJH7D=; ;J
:Y97BYF7HH7FFEHJ7KNDEHC;I:;B7g8EDD;hY:K97J?ED
)EKHJ7DJ=@
89BH5=F9 ;N?IJ; :7DI B7C8?=K_JY ;DJH; B; FH7=C7J?IC; :; Bn>O=?ZD;
E99?:;DJ7B; ;J B7 FKH?<?97J?ED IOC8EB?GK; 97BGKY; IKH B7 DEJ?ED
gFH?C?J?L;h:;FHEFH;JY

&7HOEK=B7IDEKICEDJH;GK;:7DIBnEH:H;gFH?C?J?<hB7FHEFH;JY;IJ
H;B7J?L; ;J DED 78IEBK; ;BB; ;IJ B?Y; U Bn?:Y; :; FKH?<?97J?ED
IOC8EB?GK; B7 F;HIEDD; :E?J [JH; FHEFH; FKH?<?Y; FEKH FEKLE?H
F7HJ?9?F;HUB7L?;I79H7B?IY;:;B79ECCKD7KJY
%n>O=?ZD;E99?:;DJ7B;
;IJ KD 7LZD;C;DJ :; B7 :Y9EKL;HJ;:;I 879JYH?;I 7K1"1 ZC; I?Z9B;
?B DnO 7 7K9KD H7FFEHJ 7L;9 B7 H;B?=?ED ;J B; IOC8EB?GK;
 7DI
B;I IE9?YJYI :?J;I g FH?C?J?L;I h ?B ;N?IJ; :?DDEC8H78B;I H?JK;BI
:; JH7DI<EHC7J?ED ;J :;N9BKI?ED :; B7 FEBBKJ?ED GK? 7KN O;KN
E99?:;DJ7KN F;KL;DJ H;II;C8B;H 7KN >78?JK:;I :n>O=?ZD; CE:;HD;

%7 FEBBKJ?ED ;J B7 I7B;JY IEDJ :;I DEJ?EDI JH7DI?JE?H;I B7 C7J?ZH; I7B;
Dn;IJ F7I I7B; ;D ;BB; C[C; ;BB; ;IJ I7B; GK7D: ;BB; Dn;IJ F7I U I7
FB79;

%;I HZ=B;I :; Bn>O=?ZD; E99?:;DJ7B; IEDJ 97BGKY;I IKH :;I G=;B9G :;
FHEFH;JYGK?EDJYLEBKY7K<?B:KJ;CFI
#KIGKn7K1/""" ZC;I?Z9B;B;
G=;B9 :; B7 FHEFH;JY 7 YJY HY:K?J U Bn7FF7H;D9; ;J 7KN 8EDD;I
C7D?ZH;IFHYI;DJ;I:7DIB78B7D9>;KH:KB?D=;;J:7DIB;IF7H<KCIGK?
:?II?CKB;DJ B7 FK7DJ;KH :K 9EHFI
 %7 DEJ?ED CE:;HD; :n>O=?ZD; ;IJ
7KII? G=;B=:=V9 F7H B; 8B7D9 CY:?97B ;J 7I;FJ?IY
 ?DI? FEKH B7
HY7B?I7J?ED :; =@ 89BH5=F9 @n7? 9>E?I? :; Cn>78?BB;H ;D 8B7D9 FEKH
=7H:;H B7 HY<YH;D9; U 9; G=;B9 :; FHEFH;JY E99?:;DJ7B
 %7 :;DJ;BB;


8B7D9>; YJ78B?J ;D C[C; J;CFI KD; H;B7J?ED :; FKH?<?97J?ED
IOC8EB?GK;7L;9B7HY<YH;D9;7KNAWF9G 89 G5=BH:K5B8CA6@V


7DI B; 9EDJ;NJ; 9EDJ;CFEH7?D :; B7 9EDIECC7J?ED :; C7II;


Bn>O=?ZD; ;IJ B; G=;B9 :; IY:K9J?ED:; 8;7KJY ;J :; HYKII?J; IE9?7B;
:;IG=;B9GL;D:KI F7HB7FK8B?9?JY
"BO78;7K9EKF:; G=;B9G ;JJHZI
F;K:;GMA6C@9G   7KJEKH:; Bn>O=?ZD; E99?:;DJ7B;
L;9 =@89BH5=F9
@n;II7O; :nKJ?B?I;H 9;HJ7?DI G=;B9G C7?I 7KII? GK;BGK;I GMA6C@9G
FHEL;D7DJI :;I DEJ?EDI :; FHEFH;JY E99?:;DJ7B; ;J 8HYI?B?;DD;
 #;
9EDIJHK?I7?DI?CEDH?JK;BF;HIEDD;B:n>O=?ZD;97BGKYIKHB;CYJ?II7=;
9KBJKH;B;J:7DIBnEKL;HJKH;UBnV7<5B;9GMA6C@=EI9

7DI B;I F7OI 9EBED?IYI B;I 9EDIJHK9J?EDI 7KJEKH :; B7 FHEFH;JY
9EHFEH;BB; I; CYB7D=;DJ:;<7XEDIEKL;DJ 7C8?=K\;J 9EDJH7:?9JE?H;

%;I G=;B9G :;B7FK8B?9?JY:n>O=?ZD; IEDJJHZI FHYI;DJI :7DI B79KBJKH;
8HYI?B?;DD; C7?I ?BI Dn?CFEI;DJ F7I B; D5F5[HF9 U BmXHF9
 %;
:YFB79;C;DJ 9KBJKH;B :;9;HJ7?DI G=;B9G EKG@C;5BG FK8B?9?J7?H;I F;KJ
9HY;H KD; LYH?J78B; 979EF>ED?;
 *K;BGK;I FHE:K?JI EK IBE=7DI
:n>O=?ZD; L;D:KI ;D H7D9; FEKHH7?;DJ IKI9?J;H B; :Y=EKJ :;I
HYI?B?;DI
 .D I>7CFEE?D=I;9 EK KD:YE:EH7DJ :EDJ Bn;<<?979?JY ;IJ
:; FBKI :;  >;KH;I I;H7?;DJ LKI F7H B;I HYI?B?;DI 9ECC; :;I
FHE:K?JI :EKJ;KN :;IJ?DYI U :;I F;HIEDD;I I7DI 8;7K9EKF :n>O=?ZD;
GK? D; I; B7L;DJ F7I GKEJ?:?;DD;C;DJ
 )EKH B;I HYI?B?;DI 7K9KD
FHE:K?J ?D:KIJH?;B Dn;IJ 97F78B; :; H;CFB79;H BnKI7=; :; Bn;7K
 %;I
IBE=7DI :;I FK8B?9?JYI 8HYI?B?;DD;I 7IIE9?;DJ IEKL;DJ Bn>O=?ZD; 7K
FB7?I?H;J7KBKN;C7?IF7I 7L;9:;I<EHCKB;I 9>?C?GK;I 97F78B;I :;
=7H7DJ?HKD;g?CFH;II?EDhIKF;H<?9?;BB;:n>O=?ZD;


%n7HJ F;KJ U IED JEKH HYLYB;H :; <7XED 9H?J?GK; B;I 9EDJH7:?9J?EDI
FHYI;DJ;I :7DI B;I :?L;HI;I 9KBJKH;I
 %; +5JCB 89 7CFDG C;J ;D
YL?:;D9; B7I9>?PEF>HYD?;?:;DJ?J7?H;;JIOC8EB?GK;FHELEGKY;F7HB;
G@C;5B :; BKN; ;J IY:K9J?ED GK? ;DJEKH; B7 9>?HKH=?; ;IJ>YJ?GK;
B7H=;C;DJ HYF7D:K; ;D CYH?GK; B7J?D;
 $j<M;=WB9 7CFDCF9@@9  DCIF
IB95BH<FCDC@C;=9 89@j<CAA9AC89FB97<<?HC;7KJH7L;HI :; =;IJ;I
;J:;IBE=7DI GK?DnEDJH?;DU LE?H7L;9:;LYH?J78B;I IE?DI9EHFEH;BI
B;L?:;IOC8EB?GK;:;Bn>O=?ZD;E99?:;DJ7B;
=@89BH5=F9JH7L7?BB;7KII?
B;I 7C8?=K_JYI ;DJH; B;I G=;B9G ;J B;I GMA6C@9G :; Bn>O=?ZD;
 ,7DI
JEK9>;H B;I 7IF;9JI FHY9?IYC;DJ FK8B?9?J7?H;I B7 L?:YE FHEFEI; KD;
>O=?ZD; ?:;DJ?J7?H; ;J CYJ?II;
 =@ 89BH5=F9 <EH9; B; CYJ?II7=; ;DJH;
:;KN KD?L;HI IOC8EB?GK;I GK? I; <H?9J?EDD;DJ 9EDIJ7CC;DJ C7?I GK?
D;I;CYB7D=;DJGK;H7H;C;DJ


 /?:YE :;I C797GK;I J>7_B7D:7?I F;D:7DJ KD; B;XED :n>O=?ZD; :;DJ7?H; 

MMM
C7N?I9?;D9;I
9EC C797GK; :;I C797GK;I <?BC;I ;D FB;?D; B;9ED :  >O=?;D;
:;DJ7?H;67HJ 
 &;I>78?JI<EDJHY<YH;D9;UB78B7D9>;KH:;C;I:;DJI FHEFH;I ;JUC79KBJKH;CYJ?IIY;

;J IOD9HYJ?IJ;
 %;I >78?BB;I ;D :;DJ;BB; 8B7D9>; IEDJ JH7:?J?EDD;BB;C;DJ KJ?B?IYI F7H B;I
AWF9G 89 G5=BHFH[JH;II;I:K5B8CA6@V EKF7IB;I+=B<QG:7C;I8B7D9>;I:;B7IE9?YJY
8EKH=;E?I;

 &?9>;B!.&)?;HH;!.+ =GHC=F9=@@IGHFV989@j5FH89BH5=F9+HCA5HC@C;=99H

C8CBHC@C;=9)7H?IQ:?J?EDI79EIJ7 F


%;>IQ;IJKD7H8H;EH?=?D7?H;:KHYI?B
%7FEK:H;:;>IQ;IJFHE:K?J;UF7HJ?H:;BnY9EH9;

:; Bn7H8H; 8?;D HVFY;


 %; >IQ 7 KD; 79J?ED :YJ;H=;DJ; D7JKH;BB; 9n;IJ :YI?D<;9J7DJ
7IJH?D=;DJ;J7DJ?I;FJ?GK;
%nKJ?B?I7J?EDGKEJ?:?;DD;:K:;DJ?<H?9;:;>IQ9EC87JB;I97H?;I
B7FB7GK;879JYH?;DD;B7C7KL7?I;>7B;?D;;J8B7D9>?JD7JKH;BB;C;DJB;I:;DJI

  :K7H:E .'((5GG5B8C 5@=ADC =GH]F=585<=;=9B9D9GGC5@ BCF5G=@ ,WE )7KBE
787H?JE F


D BEHIGK;B;D7L?=7J;KHFEHJK=7?I/7I9E:7 7C77<?D7B;C;DJHYKII?JUJH7L;HI;H


BE9Y7D "D:?;D B;I >?D:EKI EDJ LY9K B;KH FH;C?;H 9>E99KBJKH;B :n>O=?ZD; ;D H;B7J?ED
7L;9B;KHIL?I?J;KHI;KHEFY;DI
!6=89AF
 

  ,;BED B7 H;9>;H9>; :;  :K "    :;I 8HYI?B?;DI I;8HEII;DJ B;I :;DJI 7K

C?D?CKC :;KN <E?I F7H @EKH >JJF E:?7


?=
9EC
8H DEJ?9?7 8H7I?B     C;DEI :7
C;J7:; :EI >EC;DI KI7 ;I9EL7 :; :;DJ; F7IJ7 ; <?E :;DJ7B :?P F;IGK?I7
>JCB
  D  :;I <H7DX7?I :Y9B7H;DJ I;B7L;H B;I:;DJI :;KN<E?I F7H@EKH;J  KD;

<E?I F7H @EKH  >JJF MMM


B;FE?DJ
<H ;:?JEI :K FE?DJ 7DD; @;7D8B7D9 B;I <H7D97?I <79>;I
7L;9 B;KH 8HEII; 7 :;DJI   6
F>F
>JJF MMM
D?9EB79EIJ7DJ?DE
9EC
7H I7LED L?:;E
F>F

>JJF MMM
B7;J?J?78EKH=;J
EH= E6L?:;E6>O=?;D;
>JC

 %;I G=;B9G IEDJ :;I H;FHYI;DJ7J?EDI :; GK;BGK; 9>EI; U B7GK;BB;DEKI 7JJ79>EDI KD;

L7B;KHKD;I?=D?<?97J?EDEKKDI;DI
%;CEJ<B;KH;IJKDI?=D;=YDYHYF7HB;FH;C?;HI?=D;
GKn;IJB7<B;KH

  %;I GMA6C@9G IEDJ 8;7K9EKFFBKI 9ECFB;N;I GK; B;I I?=D;I ?BI D; =7H:;DJ F7I KD;

H;B7J?ED :; I?C?B?JK:; EK :; FHEN?C?JY 7L;9 B7 9>EI; H;FHYI;DJY;
 %;I IOC8EB;I <EDJ
HY<YH;D9; U BnE8@;J :YI?=DY F7H 7IIE9?7J?ED :n?:Y;I FHE:K?J;I F7H KD; 9EDL;DJ?ED
 %;
IOC8EB;;IJKD;78IJH79J?ED:nKDI?=D;9ED9H;J


B  

  
 


%;IFH7J?GK;IB?Y;I7KNIE?DI9EHFEH;BI:;8;7KJY;J:n>O=?ZD; EDJYJY
KJ?B?IY;I :7DI 9; 9>7F?JH; 9ECC; J;HH?JE?H; I;DI?8B; FEKHB7 9HY7J?ED
:nlKLH;I Eb B7 H; I?=D?<?97J?ED IOC8EB?GK; :K H7FFEHJ ?D:?L?:K;B 7K
9EHFI ;IJ 7K 9;DJH; :; B7 FEYJ?GK; 9EHFEH;BB;
 &ED 9EHFI ;J CED
?:;DJ?JY F;HIEDD;BB; EDJ YJY JH7L;HIYI F7H Bn7BJYH?JY :; Bn5IHF9 DF=A=H=:
;J :; Bn5IHF9 C77=89BH5@ FEKH HY7B?I;H :;I H?JK;BI 7HJ?IJ?GK;I Eb
@n?D9EHFEH; B; HaB; :n7HJ?IJ; ;D ;J>DE=H7F>;
 L;9 9;I lKLH;I B7
FK?II7D9; ;J>DE=H7F>?GK; :; Bn7HJ 7IIKC; I7 DEKL;BB; C?II?ED 9;BB;
:n[JH;B7J>YEH?; FH7J?GK;:;B7:Y9EBED?I7J?ED9EDIJ7DJ;:;B7F;DIY;


!?IJEH?GK;C;DJ Bn7DJ>HEFEBE=?; ;NEJ?GK; ;J FH?C?J?L?IJ; D; F;KJ


[JH; GKnKD J>YVJH; F;HL;HI Eb Bn5IHF9 ;IJ JEK@EKHI g H;FHYI;DJY h EK
g ?DL;DJY h I;BED B;I ?DJYH[JI IEH:?:;I :; Bn(99?:;DJ
 ,;BED :K7H:E
/?L;?HEI:;7IJHE :EK8B;HKD;J;BB;<7DJ7IC7=EH?;:;B7FHE:K9J?ED
IK8@;9J?L;:;Bn7KJH;;JFHE9Y:;H9ECC;I?JEKJ:?I9EKHI;KHEFY;DIKH
B;I F;KFB;I :; JH7:?J?ED DED ;KHEFY;DD; D; I;HL7?J GKnU ?BBKC?D;H
B;I g H;FHYI;DJ7J?EDI :; Bn7KJH; h 9n;IJ <7?H; :nKD 9;HJ7?D FEIJ
9EBED?7B?IC; J>YEH?GK; B; IJ7:; KBJ?C; :; Bn;J>DE9;DJH?IC;
 %n7KJ;KH
7<<?HC;GKnKD;LYH?J78B;7DJ>HEFEBE=?;g BCIG F9BJC=989BCIG AXA9
IB9 =A5;9 C` BCIG B9 BCIG F97CBB5=GGCBG D5G h JEKJ; ;NFYH?;D9;
7L;9 KD; 7KJH;9KBJKH; DEKI E<<H;BnE997I?ED:;<7?H;KD; ;NFYH?C;D
J7J?ED IKH DEJH; FHEFH; 9KBJKH; KD; C?I; ;D L7H?7J?ED :; DEJH;
?C7=?D7J?ED
"B7<<?HC;;D9EH;GK;B;I IE9?YJYI ;JB;I 9KBJKH;IGK?IEDJ


BnE8@;J :; B7 H;9>;H9>; 7DJ>HEFEBE=?GK; ?D<BK;D9;DJ ;J 9E FHE:K?I;DJ
B;I J>YEH?;I IKH B7 IE9?YJY ;J B7 9KBJKH; <EHCKBY;I U F7HJ?H :; 9;I
H;9>;H9>;I

7DIIEDB?LH; %VH5D<MG=EI9G75BB=65@9G:K7H:E/?L;?HEI:;7IJHE
FHEFEI; B7 DEJ?ED :nBH= &5F7=GG9 KD; IEHJ; :nBH= g8=D9 :;
B7DJ>HEFEBE=?;
,?k:?F;;IJB;FHEJ7=ED?IJ;:KCOJ>;<ED:7J;KH:;B7
FIO9>7D7BOI; ?B FHEFEI; '7H9?II; 9ECC; I7?DJ F7JHED EK :YCED
JKJYB7?H; :; B7DJ>HEFEBE=?;
 %; 8KJ :; BnBH= &5F7=GG9 ;IJ :nY87K9>;H
KD; :;I9H?FJ?ED F;H<EHC7J?L; :;I JH7DI<EHC7J?EDI :K :?I9EKHI :;
Bn7DJ>HEFEBE=?; KD; IEHJ; :n7D7CEHF>EI; :?I9KHI?L; :;I ;J>DE
7DJ>HEFEBE=?;I :;I 9EBB;9J?<IYJK:?YI
%n?DJ;DJ?ED:;BnBH= &5F7=GG9;IJ
:; CEDJH;H GK; B;I IJOB;I :; F;DIY; FHEFH;I 7KN 9EBB;9J?<I GK; DEKI
YJK:?EDIIEDJB7<EH9;CEJH?9;:;B7:?I9?FB?D;
%nBH= &5F7=GG9799;FJ;
B7 JV9>;:; F;DI;H 7KJH;C;DJ B7 F;DIY;:; I;9ECFHEC;JJH; 7L;9 B;
FHE@;J :nYB78EH7J?ED :nKD; J>YEH?; 7DJ>HEFEBE=?GK; :; Bn?C7=?D7J?ED
9ED9;FJK;BB;I;DI?8B;UB79HY7J?L?JY;JU B7HY<B;N?L?JY?D>YH;DJ;IUB7
L?;:;JEKJ9EBB;9J?< >KC7?D;JDED >KC7?D
%7DEJ?ED 7C7PED?;DD;
:;gCKBJ?D7JKH7B?IC;h;IJKD;N;CFB;:;9;JJ;?:Y;:7DJ>HEFEBE=?;
9ECC; g EDJEBE=?; 9ECF7H7J?L; h B; LYH?J78B; FE?DJ :; LK :;
B?CC7D;D9; 


.D; F7H78EB; BYL? IJH7KII?;DD; ?BBKIJH; B7 HY9?FHE9?JY :; B7 :YC7H9>;
7DJ>HEFEBE=?GK; HY7B?IY; F7H B;I ?D:?=ZD;I  g D9B85BH EI9 @9G
GD5;BC@G 9BJCM5=9BH 89G 7CAA=GG=CBG 8j9BEIXH9 DCIF F97<9F7<9F G=
@9G =B8=;WB9G 5J5=9BH CI BCB IB9 SA9 79G 89FB=9FG Gj9AD@CM5=9BH R
=AA9F;9F 89G @5B7G DF=GCBB=9FG 5:=B 89 JVF=:=9F D5FIB9 GIFJ9=@@5B79
DFC@CB;V G= @9IF7585JF9VH5=HCIBCBGI>9H R@5DIHFV:57H=CB
h )EKH


B;I IF7=DEBI B7 :?C;DI?ED C7HGKY; YJ7?J 9;BB; :; BnVC;  FEKH B;I
?D:?=ZD;I9nYJ7?JB;9EHFI
%7FH7N?I;KHEFY;DD;9EDI?IJ;Ug <7?H;:;I
VC;I h ;J U :?<<YH;D9?;H B;I 9KBJKH;I  B7 FH7N?I ?D:?=ZD; 9EDI?IJ; U
g <7?H; :;I 9EHFI h ;J U :?<<YH;D9?;H :;I ;IFZ9;I U F7HJ?H :nKD
9EDJ?DKKCIE9?E IF?H?JK;B:EDDY


7DI B;I CED:;I ?D:?=ZD;I BnVC; ;IJ KD; C7D?<;IJ7J?ED ?CFB?9?J;


;D JEKJ; 9>EI; >KC7?D; ;J DED >KC7?D;  B; 9EHFI 7K 9EDJH7?H;
7FF7HJ?;DJ U B7 IF>ZH; :; B7 H;IFEDI78?B?JY :;I 7=;DJI
 ,? :7DI
B7 F;DIY; E99?:;DJ7B; B7 g 9KBJKH; h ;IJ B; 97H79JZH; F7HJ?9KB?;H
;J CEH7B ?CFH?CY IKH BnKD?L;HI7B?JY F>OI?GK; :; B7 g D7JKH; h  FEKH
B;I ?D:?=ZD;I B7 g 9KBJKH; h EK B; IK@;J H;FHYI;DJ7?J B7 <EHC; :;
BnKD?L;HI;BB7gD7JKH;hEKBnE8@;J B7 <EHC; :KF7HJ?9KB?;H
%7DEJ?ED
:;AI@H=B5HIF5@=GA9;IJ:ED9KD9ED9;FJ:YL;BEFFYFEKH:YI?=D;HKD
:;I JH7?JI :?IJ?D9J?<I :; B7 F;DIY; 7CYH?D:?;DD; F7H H7FFEHJ 7KN
9EICEBE=?;I AI@H=7I@HIF5@=GH9G CE:;HD;I
 %7 9ED9;FJ?ED E99?:;DJ7B;
FHEFEI; BnKD?9?JY :; B7 D7JKH; ;J B7 CKBJ?FB?9?JY :;I 9KBJKH;I  B7
9ED9;FJ?ED 7CYH?D:?;DD; IKFFEI;H7?J B; 9EDJH7?H; KD; KD?JY :;
Bn;IFH?J;JKD;:?L;HI?JY:;I9EHFI


%;IlKLH;IF;H<EHCY;I:7DI9;9>7F?JH;FHEFEI;DJ:;I;NFYH?;D9;IEb
9;I:;KNDEJ?EDI:;AI@H=B5HIF5@=GA9;J:;AI@H=7I@HIF5@=GA9I;C[B;DJ
:7DI B; H7FFEHJ 7K 9EHFI
 %; C7GK?BB7=; 9EDIJHK?J 7L;9 :;I HYI?:KI
9EHFEH;BI JH7DI?J; ;DJH; B7 DEJ?ED E99?:;DJ7B;:; FK?II7D9; 9KBJKH;BB;
GK? 7=?J IKH B; 9EHFI D7JKH;B FEKH B; :?<<YH;D9?;H ;J B7 9ED9;FJ?ED
7CYH?D:?;DD; :;F7HJ?9KB7H?JY9EHFEH;BB;ED=B;I ;JI7D= GK? YC;H=;
:; BnKD?JY :; Bn;IFH?J
 %;I L?:YE F;H<EHC7D9;I :; 9; 9>7F?JH;


YJ78B?II;DJ Bn7C8?=d?JY 9H?J?GK; ;DJH; B7 FH7J?GK; 9KBJKH;BB; GK? <ED:;
Bn[JH;IE9?7B;JB7FH7J?GK;9EHFEH;BB;GK?<ED:;Bn[JH;;N?IJ;DJ?;B


7DIB79ED9;FJ?ED7CYH?D:?;DD;B;IIE?DI;DL;HIB;9EHFI:Y<?D?II;DJ
Bn>KC7?DB7FHEFH;JY;JB;IIE?DI9EHFEH;BI :?<<YH;D9?;DJBn[JH;>KC7?D
:;I7D?C7KN;J:;I 9>EI;IC[BYI :7DIBnKD?9?JYIF?H?JK;BB;
%n;DJH;J?;D
:K9EHFIDn;N?IJ;F7II;KB;C;DJU KDD?L;7K:n7FF7H;D9;I9KBJKH;BB;I
;J Y9EDEC?GK;I 9ECC; DEKI FEKLEDI ?:;DJ?<?;H :7DI B7 DEJ?ED
E99?:;DJ7B;
K D?L;7K IF?H?JK;B ;JL?HJK;B BnVC; :;I >ECC;I ;J :;I
7D?C7KN L?;DD;DJ :nKD; C[C; EH?=?D; 9ECCKD; :n>KC7D?JY
 %;I
COJ>;I ?D:?=ZD;I H79EDJ;DJ 9ECC;DJ B;I 7D?C7KN EDJ F;H:K B;I
7JJH?8KJI >YH?JYI EK 9EDI;HLYI F7HB;I >KC7?DI
%;I DED >KC7?DI IEDJ
:;I 7D9?;DI >KC7?DI ;J DED F7I 9ECC; KD; LKB=7?H; J>YEH?;
YLEBKJ?EDD?IJ; E99?:;DJ7B; FEKL7?J B; FHEFEI;H B;I >KC7?DI :;I
7D9?;DI DED >KC7?DI
 %;I IE?DI 9EHFEH;BI <EDJ :ED9 F7HJ?; :; 9;I
7JJH?8KJI 9EDI;HLYI F7H B;I >KC7?DI ;J F;H:KI F7H B;I 7D?C7KN
 %;I
IE?DI 9EHFEH;BI D; IEDJ :ED9 F7I KD; C7D?<;IJ7J?ED 9KBJKH;BB; C7?I
;N?IJ;DJ?;BB;


L;9 C;I H?JK;BI :YJEKHDYI :n>O=?ZD; ;J 8;7KJY @; F;H<EHC; :;I
79J?EDI GK? JH7DI?J;DJ ;DJH; B7 C7D?<;IJ7J?ED :; B7 9KBJKH; ;J
Bn;N?IJ;DJ?7B?IC; :K 9EHFI
 7DI KD 9EDJ;NJ; CYJ?IIY @; HYLZB;
IOC8EB?GK;C;DJCED7C8?=d?JY
&79KBJKH;;IJ:Y@UJHZI 7C8?=K\;D
IE? ;BB; HYIKBJ; :nKD CYJ?II7=; ;DJH; B;I 9ED9;FJ?EDI E99?:;DJ7B;I
?D:?=ZD;I ;J 7<H?97?D;I
 &;I H?JK;BI 7HJ?IJ?GK;I ;II7O;DJ :; HYLYB;H B;I
JH7?JI :;9;JJ;7C8?=K_JYFEKH7DDKB;HB;I>?YH7H9>?;I :7DI KD F7HJ7=;
>EH?PEDJ7B:;I L7B;KHIE99?:;DJ7B;I ;JgFH?C?J?L;I h
*K7D:B;I IE?DI
9EHFEH;BI IEHJ;DJ :K 97:H; 9KBJKH;B ;J Y9EDEC?GK; FEKH YF7?II?H B7


DEJ?ED;N?IJ;DJ?;BB;:n[JH;>KC7?DKD;:Y9EBED?I7J?EDIOC8EB?GK;:K
9EHFI IYJ78B?J
 &7 :YC7H9>; 7HJ?IJ?GK; 9EDI?IJ; U J;DJ;H :nY9>7FF;H
7K<7DJ7IC;FH?C?J?L?IJ;FEKHH;DJH;H:7DIB;gFB7D:;Bn?CC7D;D9;h
?D:?=ZD;

,;BED ?BB;I ;B;KP;  g BCIG <CAA9G AC89FB9G BCIG 5JCBG @9


7CB79DHA5=G 5JCBGD9F8I89JI9@9D@5B8j=AA5B9B79h
L;9C;I
H?JK;BI 9EDIJHK?JI 7KJEKH :; IE?DI 9EHFEH;BIEbBnV7<5B;9 GMA6C@=EI9
;IJ HY YJ78B? KD KD?L;HI =;IJK;B I?D=KB?;H ;J ?CC7D;DJ I; CEDJH;
FEII?8B;
 %; 9EHFI F;H<EHC; :;I =;IJ;I Eb B;I G=;B9G ;J B;I GMA6C@9G
D; IEDJ F7I >?YH7H9>?IYI B; :YI?H :nKD 9EHFI ;N?IJ;DJ?;B 9ED<ED: B;
GC= 7L;9 Bn5IHF9
 7DI Bn;NFYH?;D9; 9EHFEH;BB; Eb Bn7BJYH?JY ;DL7>?J
Bn?:;DJ?JYB?D9EDI9?;DJI;9EDIJHK?JJEKJ9ECC;B;FB7D:n?CC7D;D9;
:; ?BB;I ;B;KP;
 7DI KD=B7CBG7=9BH =AA5B9BH9 gB;I C79>?D;I
:K :YI?H h  <ED9J?EDD;C;DJ :7DI Bn?CC7D;D9; 7KN g C79>?D;I
IE9?7B;I h
 7DI Bn?CC7D;D9; :K 9EHFI B;I GMA6C@9G JH7L;HI;DJ
B?D9EDI9?;DJ 9ECC; :;I g C79>?D;I :YI?H7DJ;I h ;J B;I G=;B9G
JH7L;HI;DJ 9ECC; :;I g C79>?D;I IE9?7B;I h
 #; <ED:; 7?DI? :7DI
Bn?CC7D;D9; DED 9ED9;FJK;BB; ;J DED JH7DI9;D:7DJ7B; :K 9EHFI
gFH?C?J?<hB7HY<B;N?ED9H?J?GK;:;C;IlKLH;I
%;9EHFI7HJ?IJ?GK;;IJ
JH7L;HIY F7H B;I :YI?HI ;N?IJ;DJ?;BI g FH?C?J?<I h C7?I 7KII? F7H B;I
FKBI?EDI :;I g C79>?D;I IE9?7B;I h
 Y >?YH7H9>?IY B; 9EHFI F;KJ
;NFYH?C;DJ;H :;I =;IJ;I :; IE?D ?DJ?C; <ED:YI IKH Bn?CC7D;D9; :K
:YI?H>KCEH7B



 :K7H:E /"/"+(,  ,-+( %VH5D<MG=EI9G 75BB=65@9G $=;B9G 8j5BH<FCDC@C;=9

DCGH GHFI7HIF5@=GH9)7H?I)H;II;I.D?L;HI?J7?H;I:;H7D9; F




  >;P ?BB;I ;B;KP; B;I 9ED9;FJI I; 9HY;DJ IKH B; FB7D :n?CC7D;D9;
 g $9 D@5B
8j=AA5B9B79Bj9GHD5GIB7CB79DHD9BGVB=D9BG56@9A5=G@j=A5;989@5D9BGV9@j=A5;9
EIj9@@9 G98CBB9 8979 EI9G=;B=:=9D9BG9F :5=F9 IG5;989 @5D9BGV9 GjCF=9BH9F 85BG @5
D9BGV9ed%7F;DIY;:7DIBn?CC7D;D9;;IJKD;;NFYH?;D9;H7:?97B;C;DJ:?<<YH;DJ;:;B7
HY<B;N?ED GK? In7FFK?;IKHB7JH7DI9;D:7D9;
%;FB7D:n?CC7D;D9;D;9ECFEHJ;7K9KD;
FHE<ED:;KH?BDnO7F7I:;>?YH7H9>?;;DJH;B;I9ED9;FJI9;KN 9?I;9EDIJ?JK;DJF7HPED;
:; LE?I?D7=;
 "BI Dn;D<;HC;DJ F7I :n;II;D9; <?N; C7?I I;9ECFEI;DJ 7L;9B;I ?DJ;DI?JYI
GK?F7H9EKH;DJB;FB7DGK;B;F;DI;KH7KH7IK97FJ;H
 ?BB;I%.3;JYB?N .--+"
)Ij9GH 79EI9@5D<=@CGCD<=9)7H?I&?DK?J  FF
 

B7K:;%Q/" ,-+.,,*5799H<=GHC=F9*5799H7I@HIF9)7H?IB8?D&?9>;BQ:?J?EDI

.',(  F


  c $5 D<=@CGCD<=9 9GH IB  7CBGHFI7H=J=GA9 9H @9 7CBGHFI7H=J=GA9 5 89IL 5GD97HG

7CAD@VA9BH5=F9G EI= 8=::WF9BH 9B B5HIF9  7FV9F 89G 7CB79DHG 9H HF579F IB D@5B
 $9G
7CB79DHG GCBH 7CAA9@9G J5;I9G AI@H=D@9G EI= ACBH9BH 9H EI= Gj565=GG9BH A5=G @9D@5B
8j=AA5B9B799GH @5 J5;I9IB=EI9EI= @9G 9BFCI@99H @9G 8VFCI@9
$9D@5B9BJ9@CDD9@9G
ACIJ9A9BHG =B:=B=G EI= @9D5F7CIF9BH 9H F9J=9BB9BH A5=G @9G 7CB79DHG GCBH @9G J=H9GG9G
=B:=B=9G 89G ACIJ9A9BHG :=B=G EI= D5F7CIF9BH 7<5EI9 :C=G G9I@9A9BH @9IFG DFCDF9G
7CADCG5BH9G
d ?BB;I %.3;JYB?N .--+" )Ij9GH 79EI9@5D<=@CGCD<=9)7H?I
&?DK?J  F


!6=89AF



 c!@G9D9IHEI9@9G9H<BC@C;I9G9H @9G <9@@VB=GH9G 7CBHF5=;B9BH@9GDGM7<5B5@MGH9GR:5=F9

9B:=BDCIF@9IF 7CADH9IB98V7CIJ9FH9 G=A=@5=F9R G5JC=FEIj=@ BjM5D5G BCB D@IG 89


A5HVF=9@ =B7CBG7=9BH B= 8j=BH9FDFVH5H=CB DGM7<5B5@MH=EI9 A5=G G9I@9A9BH 89G IG5;9G
IG5;9G 5B5@MH=EI9G 89GGMBH<WG9G89@j=B7CBG7=9BH EI= B9G9@5=GG9BH D5GD@IG 8V:=B=FD5F
@j5GG=;B5H=CB 8jIB G=;B=:=5BH EI9D5F @58VH9FA=B5H=CB 89G G=;B=:=VG
 CAA9BH U5A5F7<9
9GH @5 G9I@9 EI9GH=CB
 $5 G7<=NC 5B5@MG9 F9BCB79 R HCIH9 =BH9FDFVH5H=CB D5F79 EIj9@@9
F9BCB79 8V@=6VFVA9BH R 8V7CIJF=F IB A5HVF=9@ =B7CBG7=9BH  @=B7CBG7=9BH B9 J9IH F=9B
8=F9
 BF9J5B7<9 @j=B7CBG7=9BH :5=H 89G A57<=B9G EI= GCBH 79@@9G 8I 8VG=F 9H 8CBH @5
G7<=NC 5B5@MG9 8V7CIJF9 @jIG5;9 9H @9 :CB7H=CBB9A9BH 85BG @j=AA5B9B795IL A57<=B9G
GC7=5@9G
 d ?BB;I %.3;J YB?N .--+" 5D=H5@=GA9 9H G7<=NCD<FVB=9 ,CA9 
$jBH= g8=D9)7H?I&?DK?J FF
   

  ?BB;I %.3 ;J YB?N .--+" IKH B;I C79>?D;I :YI?H7DJ;I  c O5 :CB7H=CBB9

D5FHCIHH5BH^HG5BG5FFXHH5BH^H8=G7CBH=BI
O5F9GD=F9U57<5I::9U5A5B;9
3

4(5FHCIH
79GCBH89GA57<=B9G D5G8IHCIHAVH5D<CF=EI9A9BH 89GA57<=B9G89A57<=B9G5J97
@9IFG 7CID@5;9G @9IFG 7CBB9L=CBG
 -B9 A57<=B9 CF;5B9 9GH 6F5B7<V GIF IB9 A57<=B9
GCIF79@jIB9VA9HIB:@ILEI9@j5IHF97CID9
$9G9=B9GHIB9A57<=B9EI=DFC8I=H8I@5=H
9H @5 6CI7<9 IB9 A57<=B9 7CID@V9 GIF 79@@9 @R
 3

4 -B9 A57<=B9 CF;5B9 DCIF IB9


A57<=B9 VB9F;=9 HCI>CIFG 89G :@IL9H 89G 7CIDIF9G
 3

4)I9@EI97<CG9G9DFC8I=H 89G
9::9HG89A57<=B99HBCB89GAVH5D<CF9G
d!6=89AF




 
 


 B 




 B   



%n7HJ 7 B7 FK?II7D9; :; 8H?I;H 9;HJ7?DI J78EKI ;J :; BY=?J?C;H :;I
9EDIJHK9J?EDI FEYJ?GK;I ;J I;DI?8B;I 7L;9 :;I C7J?ZH;I IE9?7B;C;DJ
FHEI9H?J;I 9ECC; B; I7D= C;DIJHK;B
 ; 9>7F?JH; ;NFBEH; 7?DI? B7
D9F:CFA5H=J=HV7HJ?IJ?GK;:K9EHFI <YC?D?D;DY9EKB;C;DJC;DIJHK;B;J
BnKJ?B?I7J?ED:KI7D= C;DIJHK;B:7DIB7HY7B?I7J?ED:nlKLH;I FB7IJ?GK;I

,E9?7B;C;DJ B;I J78EKI :; 9ECFEHJ;C;DJ E99KBJ;DJ Bn?C7=; :K I7D=
C;DIJHK;B ;J:?I9H?C?D;DJ9; F>YDECZD; D7JKH;BGK?<7?JF7HJ?; :;B7
L?; :; B7 CE?J?Y :; Bn>KC7D?JY
 ,EKI KD FHYJ;NJ; :n>O=?ZD; EK :;
8EDD;IC7D?ZH;IB;IC;DIJHK;I:E?L;DJH;IJ;H9BEI;I:7DIBn?DJ?C?JY:;
9>7GK; <;CC; GK? I7?=D;
 ; HEK=; ?D9EDL;D7DJ Dn;IJ F7I ?DJ;H:?J
I;KB;C;DJ :7DI B;I FK8B?9?JYI :; J7CFEDI ;J I;HL?;JJ;I >O=?YD?GK;I
C7?I7KII?:7DIBn?DJ?C?JY:;FBKI?;KHI9EKFB;I
%;IHZ=B;I :E?L;DJ[JH;
Y97HJY;I:;B7LK;:;I>ECC;I;J:;I;D<7DJI9ECC;I?IEDI7D= YJ7?J
:7D=;H;KN;JFEBBK7DJ

"B;IJFEKHJ7DJYL?:;DJGK;I?B;I7D=C;DIJHK;B;IJJ;BB;C;DJ78I;DJ:;
DEJH; GKEJ?:?;D IE9?7B 9n;IJ B7 <7KJ; :;I <;CC;I 7FHZI JEKJ 9; IEDJ
;BB;IGK?I7?=D;DJ;J979>;DJB;KHI7D=
%;=;IJ;7HJ?IJ?GK;:;:YLE?B;H
Bn?C7=;:KI7D=C;DIJHK;BF;KJ[JH;IE9?7B;C;DJ?DGK?YJ7DJ
%nEF?D?ED
:;I<;CC;IIKHBn7HJC;DIJHK;BDn;IJ@7C7?ID;KJH;IE?J;BB;I7:EH;DJ;J
:Y<;D:;DJ B; :HE?J :n;N>?8;H B;I C;DIJHK;I IE?J ;BB;I B; JHEKL;DJ
7<<H;KI;C;DJ 78@;9J
 %; FBKI 9KH?;KN ;IJ GK; B7 FHYI;D9; :K I7D=
C;DIJHK;B:7DI Bn7HJI;C8B;CE?DI9>EGK;HB;I>ECC;IGK;9;HJ7?D;I


<;CC;I F;KJ [JH; ;D H7?IED :nKD; 9;HJ7?D; 9KH?EI?JY C7I9KB?D; 7K
IK@;J:;9;B?GK?:;I?9B7D:;IJ?D

%;I<;CC;IEDJ=7=DY:;FBKI;DFBKI:;H;IF;9J:7DIBn;IF79;IE9?7B
Y9EDEC?GK; ;J FEB?J?GK;
 %7HY9;DJ;FH;II?ED <7?J; F7H B;I H7DX7?I;I
FEKH B7 HY:K9J?ED :; B7 -/ 7FFB?GKY; IKH B;I J7CFEDI ;J I;HL?;JJ;I
>O=?YD?GK;I ;IJKD;?CFEHJ7DJ;:YC7H9>;FEKHYB7H=?HB;IFHE8BZC;I
g?DJ?C;I h:;I<;CC;I7KN9EDJ;NJ;I Y9EDEC?GK; ;J FEB?J?GK; :;B7
IE9?YJY
 %;I :?I9KII?EDI IKHB7 F>OI?EBE=?; :K 9EHFI <YC?D?D D; IEDJ
F7IYL?:;DJ;I;D:;>EHI:K9EDJ;NJ;CY:?97B;JBn7HJ<?D?JF7H[JH;BnKD
:;I H7H;I 9EDJ;NJ;I Eb B;I >KC;KHI D; IEDJ F7I FHEI9H?J;I ;J
:n?CFEHJ7DJIGK;IJ?EDD;C;DJIF;KL;DJ[JH;IEKB;LYI

;FK?I B;I 7DDY;I   FBKI?;KHI 7HJ?IJ;I ;NFBEH;DJ B;KH I7D=


C;DIJHK;B :; <7XED U :YCEDJ;H B;I J78EKI ;J 9HY;H :; DEKL;BB;I
FEII?8?B?JYI IOC8EB?GK;I FEKH B; HEK=; <YC?D?D
 )EKHJ7DJ B;I @;KD;I
7HJ?IJ;I 9EDJ;CFEH7?D;I GK? ;CFBE?;DJ B;KHI C;DIJHK;I 9ECC;
C7J?ZH; FH;C?ZH; IEDJ 97F78B;I :; 9>EGK;H B7 IE9?YJY 7L;9 B7
C[C;?DJ;DI?JYGK;B;IFH;C?ZH;I7HJ?IJ;I<YC?D?IJ;I
%7:?I9KII?EDIKH
B;I >KC;KHI <YC?D?D;I I;C8B; [JH; JEK@EKHI B?C?JY; F7H B;I J78EKI
:; 9ECFEHJ;C;DJ ;J I7 F;HJ?D;D9; ;IJ ;D9EH; JHZI 79JK;BB; ;J
?D:?IF;DI78B; FEKH Bn5;9B85 :VA=B=GH9
 ,KH ?DJ;HD;J B7 :?I9KII?ED
9ECC;D9;UFH;D:H;<EHC;:cUFBKI?;KHI 79J;I :;9;DIKH;:n?C7=;I
C;DIJHK;BB;I FK8B?Y;I IKH :;I FB7J;<EHC;I J;BB;I GKn!BGH5;F5A   ;J
5796CC?
 %;I 8BE=I ;J B;I HYI;7KN IE9?7KN I; IEDJ ;CF7HYI :KIK@;J
FEKHBKJJ;H9EDJH;B7C?IE=OD?;:nKD;IE9?YJYGK?799;FJ;:n;NFBEH;HB;
9EHFI :; B7 <;CC; :; <7XED :Y=H7:7DJ; C7?I ;IJC7BU Bn7?I;:;L7DJ
KD;?C7=;:;I7D=C;DIJHK;B:n7BB7?J;C;DJEK:;F?BEI?JY



%;I7D= C;DIJHK;B;IJ;DIE?KD;=H7D:;IEKH9;:n7BJYH?JY?BC7HGK;B7
:?<<YH;D9; ;DJH;B;I I;N;I;DJH; B;I :?L;HI;I YFEGK;I :;B7 L?; :nKD;
<;CC; ?B:Y<?D?J B;I <ED9J?EDI H;FHE:K9JH?9;I 7?DI? GK; IED 8?;D [JH;
I;NK;B
 %;I <;CC;I D; I7?=D;DJ F7I :; B7 C[C; <7XED ;BB;I EDJ :;I
9O9B;I ;J :;I <BKN C;DIJHK;BI :?<<YH;DJI 9ECC; :;I IOCFJaC;I
F7H7BBZB;I FBKI EK CE?DI YL?:;DJI
 #n7? KD; H;B7J?ED DED :EKBEKH;KI;
7L;9 CED KJYHKI CED <BKN C;DIJHK;B ;IJ 9EKHJ ;J BY=;H ?B D; C;
FHELEGK; F7I :; 9EB?GK;I EK :; J;DI?EDI FHY EK FEIJ C;DIJHK;BB;I

'Y7DCE?DI@;I7?IGK;9;Dn;IJF7IB7HY7B?JY:;DEC8H;KI;I <;CC;I
GK?F;KL;DJ 8;7K9EKF IEK<<H?H U 97KI; :; B;KH <BKN C;DIJHK;B
 ,;BED
BnV=; B7 9KBJKH; B7 F>OI?EBE=?; ;J B;I 9ED:?J?EDI Y9EDEC?GK;I B;I
<;CC;I F;KL;DJ 9>E?I?H F7HC? :;I CYJ>E:;I JHZI :?<<YH;DJ;I :;
9EDJ;DJ?EDC;DIJHK;BB;:;9EDJH79;FJ?ED  EK:;CY:?97J?EDFEKHB;I
;<<;JI 9EBB7JYH7KN
 )?BKB; IJYH?B;J ?CFB7DJ F7J9> 7DD;7K L7=?D7B
:?7F>H7=C;  J7CFED I;HL?;JJ; 9EKF; C;DIJHK;BB; ?B D; In7=?J F7I
I;KB;C;DJ :; 9ED<EHJ :; I7DJY ;J :; FH?N C7?I 7KII? :n7<<?HC7J?ED
?:;DJ?J7?H; ;J FEB?J?GK;
 <<?HC;H CED g ?:;DJ?JY C;DIJHK;BB; h
Cn?DJYH;II; 9EDD7^JH; Bng ?:;DJ?JY C;DIJHK;BB; h :n7KJH;I <;CC;I
Cn?DJYH;II;7KII?;JBn7HJEKLH;B;:?7BE=K;UJEKI9;IY9>7D=;II?H7H;I
;JIJ?=C7J?I7DJUFHEFEI:K9EHFI<YC?D?D

-EKJ; g ?:;DJ?JY C;DIJHK;BB; h ?CFB?GK; KD; 7BJYH?JY ;N?IJ;DJ?;BB; ;D


H;B7J?ED7KCE:ZB;F7JH?7H97B87IYIKHB;9EHFIC7I9KB?D9BEI
%;9EHFI
<YC?D?DC;DIJHKY ;IJB;9EHFI HY;B 78@;9J;JIE9?7B;C;DJ?DL?L78B; ?B
Y9>7FF; 7K :?I9EKHI F7JH?7H97B B; I;KB 97F78B; :; BY=?J?C;HB; IK@;J
;J :; L7B?:;H IED ?:;DJ?JY
 D :;>EHI :;I EC8H;I :; Bn78@;9J?ED
DEKI FEKLEDI :?IJ?D=K;H B;I DK7D9;I F>OI?EBE=?GK;I >KCEH7B;I


FIO9>?GK;I ;J Y9EDEC?GK;I GK? :Y<?D?II;DJ Bng ?:;DJ?JY C;DIJHK;BB; h
:; 9>7GK; <;CC;
 %9BGHFI9F ;IJ KD; ;NFYH?;D9; 9HK9?7B; :7DI B7
9EDIJHK9J?ED :; Bn?:;DJ?JY :nKD; <;CC; ;J GK? HYLZB; 7KII? Bn7BJYH?JY
F7H H7FFEHJ 7KN 7KJH;I <;CC;I
 )EKH F;HC;JJH; B;N?IJ;D9; :;I
g ?:;DJ?JYI C;DIJHK;BB;I h ?B <7KJ :n78EH: :YCEDJ;H B; :?I9EKHI
F7JH?7H97BGK??DL7B?:;B79EDIJHK9J?EDIE9?7B;:KIK@;JC;DIJHKY

,;BED >7HB;I &;BC7D  B;I IJHK9JKH;I F7JH?7H97B;I 7K D?L;7K


Y9EDEC?GK; 7<<;9J?< ;J FIO9>7D7BOJ?GK; IEDJ ;D FB;?D; 9>KJ;
 %;
:Y9B?D:;B7<?=KH;F7J;HD;BB;79ECC;D9Y:ZIB;1"1 ZC;I?Z9B;7L;9
B; :Y8KJ :; BnY9EDEC?; ?D:KIJH?;BB; 97F?J7B?IJ; ;J 7L;9 B; 9>E9 :;I
L7B;KHI
 %n7KJ;KH ;NFB?GK;   GK; B; H7FFEHJ C7I9KB?D 7L;9 B; HY;B ;IJ
CY:?7J?IY F7H B; I?=D?<?7DJ ;J Bn?DL;DJ?ED :;I 9ED9;FJI
 >7GK;
9ED9;FJ 7 YJY ?DL;DJYF7HB;I >ECC;I FEKHHYFED:H;UKD;?HHKFJ?ED
:KHY;B?BIn7=?J:nKD;<7XED:;C7?JH?I;H:;DECC;H9;GK? FEKHH7?J
[JH; ;<<H7O7DJ IKHFH;D7DJ ;J JH7KC7J?I7DJ :7DI Bn;NFYH?;D9; 7L;9 B;
HY;B
 %; H7FFEHJ <YC?D?D 7L;9 B; HY;B I;H7?J FBKI :?H;9J ;J ?CCY:?7J
CE?DIFHEJY=YF7HB7DEC?D7J?ED
%;H;=7H:<YC?D?DI;H7?J:ED9CE?DI
H;<EKBYF7HB;I?=D?<?7DJGK;9;BK?:;I>ECC;IF;HC;JJ7DJKDH7FFEHJ
DED JH7KC7J?GK;:?H;9J;J@EK?II7DJ7L;9B;HY;B


>7HB;I&;BC7DCEDJH;;D9EH;GK;B;I?DIJHKC;DJIJ;9>DEBE=?GK;I:;
9ECCKD?97J?EDGK;DEKIKJ?B?IEDIGKEJ?:?;DD;C;DJDEKIF;HC;JJ;DJ
:n7=?H :?H;9J;C;DJ ;J ?CCY:?7J;C;DJ IKH B; HY;B
 ;I E8@;JI DEKI
E<<H;DJ KD; @EK?II7D9; :?H;9J; DED IOC8EB?GK; ;J DED 9ED9;FJK;BB;
7L;9 B; HY;B
 %; CEJ :nEH:H; :; B?:YEBE=?; B?8YH7B; ;IJ :n7IIKH;H B7
@EK?II7D9; U JEKI
 %; :HE?J :; 9>79KD :; I7J?I<7?H; FB;?D;C;DJ I7
@EK?II7D9; GK;BB;I GK; IE?;DJ B;I CE:7B?JYI :; 9;JJ; @EK?II7D9; ;IJ


:;L;DK B7 DEKL;BB; CEH7B;
 'EKI D; IECC;I FBKI :YF;D:7DJI :nKD
9>;< :nKD FZH; C7?I DEKI IECC;I :;L;DKI :YF;D:7DJI :; DEI
=7:=;JI J;9>DEBE=?GK;I
 %; FZH; B; 9>;< IOC8EB?GK; :; B7 >EH:;
FH?C?J?L; ;IJCEHJ
 %n;<<ED:H;C;DJ:;B7 <?=KH;:KFZH; 7?DJHE:K?J KD
H7FFEHJ:?<<YH;DJUBn;D:HE?J:;B7L?;
%;C7?DJ?;D:;B7L?;7JEK@EKHI
9EDIJ?JKY KD; B?C?J; U Bn799ECFB?II;C;DJ :; B7 @EK?II7D9;
 %7 BE? :K
FZH;B797IJH7J?EDYJ78B?JKD;B?C?J;U B7@EK?II7D9;?BB?C?JY;B?Y;UB7
<?=KH; :;B7 CZH;
7DI B;9EDJ;NJ; 9EDJ;CFEH7?DEbB7 BE? :K FZH;
Dn;IJF7I97F78B;:;97IJH;HB7@EK?II7D9;C7JYH?;BB;B;FZH;7:?IF7HK
:;BnKD?L;HIIOC8EB?GK;?BE99KF;C7?DJ;D7DJKDB?;KGK?;IJ9;BK?:K
HY;B
 K@EKH:n>K? B;I >ECC;I ;J B;I <;CC;I YJ78B?II;DJ KD; C[C;
H;B7J?ED:;@EK?II7D9;7L;9B;HY;B

79; U Bn;<<ED:H;C;DJ ?CC?D;DJ :K F7JH?7H97J B7 H;IJHK9JKH7J?ED :K


IOC8EB?GK; L;HI KD YGK?B?8H; :; FK?II7D9;I C7JH?7H97B;I ;J
F7JH?7H97B;I ;IJ FBKI DY9;II7?H; GK; @7C7?I
 i JH7L;HI B7 @EK?II7D9;
?BB?C?JY; FHEFEIY; F7H B; B?8YH7B?IC; DEI DEKL;BB;I <EHC;I :;
9ECCKD?97J?ED;J:;9EDIECC7J?ED:;C7II;B7<?=KH;97IJH7JH?9;:K
FZH; ;IJ ;D :?IIEBKJ?ED
)EKHJ7DJB;I L7B;KHI F7JH?7H97B;I 7KND?L;7KN
IE9?7B FEB?J?GK; IOC8EB?GK; ;J IKHJEKJ H;B?=?;KN IEDJ ;D9EH; JHZI
FHYI;DJI
 ;DEI @EKHI9n;IJ :7DI Bn?DJ;HI;9J?ED ;DJH; B; FEB?J?GK;B;
C?B?J7?H; B; H;B?=?;KN ;J 8?;D IcH B;I FHE<?JI :K 97F?J7B FH?LY GK; B;
F7JH?7H97J ;II7?; :; =7H:;H I7 FB79; >Y=YCED?GK; ;J :; 9EDJ?DK;H
U 97IJH;H B7 IE9?YJY
 ; I9YD7H?E :; F;HJ; :; 9;HJ7?D;I L7B;KHI
<ED:7C;DJ7B;I I7DI BnYJ78B?II;C;DJ :n7KJH;I KD 9EDJ;NJ; DED
I;KB;C;DJ9EDJH7:?9JE?H; ;J7C8?=K\C7?IIOC8EB?GK;C;DJEHF>;B?D
F;KJ <79?B;C;DJ ;DJH7^D;H JEKJ; B7 IE9?YJY :7DI KD YJ7J :; FIO9>EI;


9EBB;9J?L;
+;F;DI;HDEIL7B;KHI ;JYJ78B?H:;DEKL;BB;I FEII?8?B?JYI :;
B;9JKH;IOC8EB?GK;FEKHB;IDEJ?EDI:;>CI=GG5B79:;75GHF5H=CB;J:;
@=A=H9;IJKD9>;C?DFEKH;II7O;H:;C?;KN9ECFH;D:H;;J:?7BE=K;H
7L;9B7DEKL;BB;9ED@ED9JKH;DCGH h8=D=9BB9

#n;II7?; :ED9 :nYJ78B?H7L;9 C;I lKLH;I :;I ;NFYH?;D9;I 9EHFEH;BB;I


I;DI?8B;I ;J DED IJ?=C7J?I7DJ;I 7L;9 B; I7D= C;DIJHK;B
 ; IEDJ :;I
FEII?8?B?JYI:;B;9JKH;IOC8EB?GK;GK?Y9>7FF;DJUBn78@;9J?ED <ED:Y;
F7HB;IBE?I97IJH7JH?9;I ;J7I;FJ?IY;IGK?7IIKH;DJB;F7JH?7H97J
7DIB;
DEKL;7K9EDJ;NJ; CED:?7B DCGH h8=D=9BB; IOC8EB?IC;:KI7D=:E?J
[JH;H;IJHK9JKHY
%;IB;9JKH;IB?Y;I7KNDEJ?EDIF7JH?7H97B;I:;L?EB;D9;
:;L;D=;7D9;:;I79H?<?9;;J:;J;HH;KH:E?L;DJ[JH;H;B7J?L?IY;IF7HB7
FK?II7D9;<YC?D?D;:nKD;?DJ;HFHYJ7J?ED7<<?HC7J?L;;JDED JH7KC7J?GK;
7L;9B;I7D=
n;IJI;KB;C;DJ7L;9:KI7D=GK;B;I7D=F;KJ[JH;H;C?I
;D97KI;
"BF;KJY9>7FF;HUB7L?EB;D9;;JUB7CEHJF7HB;8?7?I:;B7
<Y9ED:?JY 9HY7JH?9; :;I <;CC;I GK? In7KJEH?I;DJ IOC8EB?GK;C;DJ
U JH7L;HI KD; 9B7?H; C7D?<;IJ7J?ED :; B;KH :YI?H C;DIJHK;B
 %7 :Y
9EBED?I7J?ED:K9EHFI :;B7<;CC;InYJ78B?J:ED9F7HB7C7D?<;IJ7J?ED
:nKD :YI?H HEK=; GK? InY9EKB; :nKD KJYHKI <Y9ED:Y F7H B7 9HY7J?ED
7HJ?IJ?GK;DED 97IJH7JH?9;


"BIn7=?J:nKDFE?DJ:;LK;F;HIEDD;B7F;HXKUF7HJ?H:KH;JEKHGK;9;HJ7?D;IF;HIEDD;I

CnEDJ :EDDY; :; CED JH7L7?B 7HJ?IJ?GK; ;NFEI?J?EDI <;IJ?L7BI :n7HJ ;J 9ECCKD?97J?EDI
FHYI;DJY;I;D9ED<YH;D9;I

 +;FEHJ7=;IKHB7gJ7N;J7CFEDh>JJF MMM
B;CED:;
<H IE9?;J; 7HJ?9B;    B7

87?II; :; B7 J7N; J7CFED LEJ;; 7 B 7II;C8B;;66


>JCB
 +;FEHJ7=; IKH B7 9;DIKH; :n?C7=;I C;DIJHK;BB;I  >JJF C7:7C;
B;<?=7HE
<H IE9?;J;
GK7D: ?DIJ7=H7C H;D?; B;N?IJ;D9; :;I H;=B;I   
  %;I CYJ>E:;I :; 9EDJH79;FJ?ED IEDJ :?H;9J;C;DJ B?Y;I 7KN 97H79JYH?IJ?GK;I :K <BKN
C;DIJHK;B
 D =YDYH7B B;I F?BKB;I HY:K?I;DJ B; <BKN C;DIJHK;B ;J B;I :EKB;KHI
:OICYDEHH>Y;;JB;IJYH?B;JB;I7K=C;DJ;DJ

  >7HB;I &%&' $5 BCIJ9@@9 V7CBCA=9 DGM7<=EI9 $5 :5UCB 89 D9BG9F 9H 89>CI=F

5I>CIF8j<I=-EKBEKI;Q:?J?EDIQHZI FF
 

 #;LEK:H7?IFHY9?I;HGK;@;IEKJ?;DIB;IFHEFEI:;>7HB;I&;BC7D:7DIB7C;IKH;Eb?B

In7=?J :nKD; =YDYH7B?I7J?ED FIO9>?GK; :;I >ECC;I ;J :;I <;CC;I DY9;II7?H; FEKH
9ECFH;D:H; B7 :OD7C?GK; C?IE=OD; ;D=;D:HY; F7H B; F7JH?7H97J
 D :;>EHI :nKD;
IJHK9JKH;FIO9>E IE9?7B;YB7H=?;9;IFHEFEIF;KL;DJ[JH;9B7?H;C;DJ9B7II?<?YI:;I;N?IJ;I




 B   

 B   B 

;IJ ;D =H7D: F7HJ?; U JH7L;HI :;I g H;FHYI;DJ7J?EDI h :; 9EHFI


<YC?D?DIGK;I;IJ9EDIJHK?J;Bn>?IJE?H;:;Bn7HJE99?:;DJ7B
%;I<;CC;I
IK@;JI :; 9;I 9EHFI 7HJ?IJ?GK;C;DJ C7JYH?7B?IYI EI9?BB;DJ ;DJH; B7
:E9?B?JY ;J Bn?HH7J?ED7B?JY  ;BB;I IEDJ JEKJ;I B;I <;CC;I ;J ;D C[C;
J;CFI 7K9KD;
 !?IJEH?GK;C;DJ B7 H;FHYI;DJ7J?ED 7HJ?IJ?GK; :K 9EHFI
<YC?D?D D; F;KJ @7C7?I [JH; LYH?<?Y; 97H B; IK@;J EH?=?D7B 7FF7H7^J
I;KB;C;DJ 9ECC; CE:ZB; ;J FH;IGK; @7C7?I 9ECC; 7KJ;KH  ;BB;
D; L?;DJ F7I :; B?DJYH?;KH :; B7 IK8@;9J?L?JY :K g CE? h C7?I :;
B;NJYH?;KH9;D;IJ:ED9F7IKD;;NFH;II?EDC7?I KD;I?C?B?JK:;
%7
J>YEH?; <YC?D?IJ;:;I 7DDY;I    7FHYIKCY Bn;N?IJ;D9;:KD;
?:;DJ?JY:Y<?D?;9ECFH?I; F7HB797JY=EH?;:; <;CC;I?:;DJ?JYGK?D;
9EDIJ?JK; :KIK@;JGKKD;H;FHYI;DJ7J?EDFEB?J?GK;
%;=;DH;   ;IJKD;
9ECFB;N?JY :EDJ B7 JEJ7B?JY ;IJ H;FEHJY; ;D F;HC7D;D9; ;J @7C7?I
9ECFBZJ;C;DJ ;N>?8Y; FEKH [JH; FH?I; ;D 9ECFJ; :7DI JEKJ; I7
9ED@ED9JKH;
 ;IJ KD; IJHK9JKH; EKL;HJ; :Y<?D?; F7H :;I ?:;DJ?JYI
7BJ;HD7J?L;C;DJ?DIJ?JKY;I ;J787D:EDDY;I
%7GK;IJ?EDF>?BEIEF>?GK;
H;JEC8;:ED9IKH9;GK?9EDIJ?JK;gBn?:;DJ?JYF;HIEDD;BB;h:7DIB;I
97H79JYH?IJ?GK;I ?DJ;HD;I :; B7 F;HIEDD;
 %n7HJ <YC?D?IJ; D; F;KJ F7I
[JH;9B7IIY9ECC;IJOB; EKCEKL;C;DJC7?I 9ECC;KDIOIJZC; :;
L7B;KH KD; IJH7JY=?; HYLEBKJ?EDD7?H; KD; C7D?ZH; :; L?LH;
 %; 9EHFI
L?L7DJ ;IJ KD 9EHFI >KCEH7B GK? 9EKB; ;J 9;I >KC;KHI <EDJ 7KII?
F7HJ?; :; B7 9EDIJHK9J?ED ?:;DJ?J7?H; :; IED IK@;J
 "B ;IJ :?<<?9?B; :;


9ECFH;D:H; ;D GKE? B; 9EHFI GK? 9EKB; ;IJ KD 9EHFI 78@;9J ;J
FEKHGKE??BH;DLE?;I?IEKL;DJ7K<YC?D?D

&ED9EHFIY9EKB;HY=KB?ZH;C;DJ:KI7D=:;FK?IC;IEDP;7DI;J@;D;
F;KNH?;D<7?H;FEKH;CF[9>;H9;B7
%;I<;CC;I7KJEKH:;CE?CnEDJ
;DI;?=DYU 979>;HCEDI7D= C[C;:;I 7KJH;I <;CC;I
 "B In7=?J8?;D
:nKD I;9H;J ;DJH; <;CC;I B;I FBKI V=Y;I :EDD;DJ :;I 9EDI;?BI ;J B;I
J7DJ;I :;I FE9>;JJ;I @EB?C;DJ :Y9EHY;I FEKH =7H:;H B;I I;HL?;JJ;I
 "B
<7KJJEK@EKHI7LE?HKD;I;HL?;JJ;UFEHJY;:;C7?DFEKHFEKLE?H9EKH?H
7KN JE?B;JJ;I 979>;H B;I HZ=B;I GK? F;KL;DJ 7HH?L;H ;D 7L7D9; F7H
;N;CFB;
-EKJ;@;KD; <?BB; 7 9EDDKB7 F;KH:n7LE?HI;I HZ=B;I FEKHB7
FH;C?ZH; <E?I U BnY9EB; ;J L?LH; B7 >EDJ; :; J79>;H IED F7DJ7BED :;
I7D=:;L7DJ I;I 97C7H7:;I
 "B<7KJ <7?H; JHZI 7JJ;DJ?EDU IED 9EHFI ;J
;II7O;H :; I;DJ?H IED Y9EKB;C;DJ FEKH FEKLE?H YL?J;H KD; <K?J;
97F78B; :; JH7L;HI;H B;I L[J;C;DJI
 #; Dn7? F7I KD <BKN C;DIJHK;B
78ED:7DJ JHZI F;K :; <E?I CED I7D=  7 :Y8EH:Y :;I I;HL?;JJ;I
JH7:?J?EDD;BB;I
 )EKHJ7DJ @; C; H7FF;BB; 8?;D :;I 7D=E?II;I :; C7
F;J?J; IlKHGK?7 KD<BKN?DJ;DI; ;JBED=
BB; :;L7?J JEK@EKHI C;JJH;
:;II;HL?;JJ;IDE9JKHD;I ;J;D9>7D=;HJEKJ;IB;I:;KNEKJHE?I>;KH;I

nYJ7?JJHZI YFHEKL7DJFEKHKD;<?BB;JJ; GK? 7 7KII? ;K I;I HZ=B;I ;DJH;
EDP;;J:EKP;7DI
*K7D:;BB;YJ7?J:7DIgI;I@EKHIh;BB;D;FEKL7?J
F7I7BB;HUB7F?I9?D;EKUB7C;H7L;9DEI9EKI?DI;JCE?
%;IJ7CFEDI
?DJ;HD;I YJ7?;DJ ?DJ;H:?JI :c U DEJH; L?H=?D?JY ;J U B7 C;DJ7B?JY
9EDI;HL7JH?9;:;DEJH;CZH;
BB;D;FEKL7?JF7IDEDFBKI<7?H;9ECC;
CE? ;J C;JJH; KD; F;J?J; I;HL?;JJ; 7L;9 B; C7?BBEJ :; 87?D
 n;IJ
I;KB;C;DJ F;D:7DJ IED 7:EB;I9;D9; GKn;BB; 7 FK C;JJH; KD J7CFED
7L;9KD;I;HL?;JJ;DEHC7B;;JYL?J;HB;I<K?J;I


"9 B9 D9IL D5G A9ADX7<9F 89 AjV7CI@9F   L?:YE :; nnn
C?D
 C;J ;D lKLH; BnY9EKB;C;DJ :K 9EHFI IKH B; 9EHFI
 %7 L?:YE
9ECC;D9;7L;9KD; LK;IK8@;9J?L;:;C;I @7C8;I
#;Cn7CKI;7L;9
KD; CZ9>; :; 9>;L;KN F;D:7DJ GK; B;I CEJI c "9 B9 D9IL D5G

 d
7FF7H7?II;DJ
 .D I;KB <?B :; 9>;L;KN ;IJ :ED9 7HH79>Y FEKH KD;
9EKJKH; F;K EH:?D7?H; HY7B?IY; IKH B7 <?D; F;7K :; B7 F7KC; :; B7
C7?D
 %n7?=K?BB; JH7DIF;H9; B7 F;7K ;J B;I <?BI :EDD;DJ <EHC; U KD;
:YB?97J;97BB?=H7F>?;FH;IGK;?DL?I?8B;
"BIn7=?J:;JH7DIF;H9;HB7B?C?J;
;DJH; B?DJYH?;KH ;J Bn;NJYH?;KH:K 9EHFI ;D FYDYJH7DJ IEKI B7 9EK9>;
IKF;H<?9?;BB; :; B7 F;7KGK? FHEJZ=;B;I F7HJ?;I B;I FBKI ;NFEIY;I 7KN
9EDJ79JI
.D;79J?ED:;:Y9EKL;HJ;;J:;9EDI9?;D9;:;IB?C?J;I:;B7
F;7K
 %EHIGK; B7 8HE:;H?; ;IJ 78EKJ?; B7 F>H7I; JEK@EKHI ?BB?I?8B;
:?IF7H7^J :7DI C;I C7?DI GK? I; <;HC;DJ
 DIK?J; @; CEDJ; C;I
@7C8;I ;J C;I F?;:I H;IJ;DJ GK;BGK;I ?DIJ7DJI FEIYI IKH B;I?Z=;
 &7
C7?DH;L?;DJIKHB;FB7D:;BnE8@;9J?<J;?DJY7L;9:KI7D=
%n;NFH;II?ED
c A9ADX7<9Fd 7FF7H7^J IKH Bn?C7=; L?:YE
 %7C8?=K_JY :; BnEH?=?D;
:KI7D=GK?J;?DJ;C7C7?D7DDED9;B7IK?J;
%;I7D=IKHC7C7?D;IJ
KDI7D=GK?9EKB;I7DI8B;IIKH;9n;IJB;I7D=C;DIJHK;BGK?J;?DJ; ;D
HEK=;B7F;7KEKL;HJ;F7HBn7?=K?BB;

-EK@EKHI;DLK;IK8@;9J?L;B7:;KN?ZC;F7HJ?;:;B7L?:YECEDJH;C7
@7C8; :HE?J; Y97HJY; KD; JV9>; :; I7D= ;J KD F;J?J FEJ H;CFB?J :;
I7D=
 L;9 KD; 7CID9 A9BGHFI9@@9 9ECC; =E8;B;J KD; CZ9>; :;
9>;L;KN 9ECC; F?D9;7K ;J :K I7D= C;DIJHK;B 9ECC; ;D9H; @;
97BB?=H7F>?; KD; F>H7I; IKH C7 9K?II;
 %;I FH;C?ZH;I B;JJH;I IEDJ
F7HJ?;BB;C;DJ 979>Y;I F7HC;I 9>;L;KNB?C7=;;IJ:ED9H;97:HY;;J
B7F>H7I;c"9B9D9ILD5GA9ADX7<9F89AjV7CI@9Fd:;L?;DJB?I?8B;



n;IJ B7 C[C; F>H7I; GK; 9;BB; 8HE:Y; 7K 9H;KN :; C7 C7?D
 %;
:;HD?;H FB7D ;IJ97:HYIKH C;I F?;:I FEIYI IKHKD<7KJ;K?B
 &7 C7?D
7FF7H7^J IKH Bn?C7=; 7L;9 B7 9EKF; C;DIJHK;BB; GK? L?;DJ :n[JH;
;DB;LY; :; C7 LKBL;
 %n;NFH;II?ED c

AjV7CI@9F d In7<<?9>; FEKH


9BaJKH;HB7IYGK;D9;

"+"-"25-0*"*-< %"/!"*>: ,2)"/ L?:YEnC?D



#0+'..#&'163#


L;9 9;JJ;L?:YE@n7IIKC; C;I >KC;KHI ;J@; B;I DECC; IKHB7 <?D;
9EK9>;GK?IYF7H;CED[JH;:KCED:;
%nY9EKB;C;DJC;DIJHK;BH;C;J
;D97KI;Bn?CF;HCY78?B?JY:K9EHFI
L;9B;:YLE?B;C;DJ:;9;J78EK
9n;IJ JEKJ B; IJ7JKJ :K IK@;J IE9?7B;C;DJ 9EDIJ?JKY F7H B;I BE?I
F7JH?7H97B;I GK? In;<<ED:H;
 %7 FH;C?ZH; ;J B7 :;KN?ZC; F7HJ?; :; B7
L?:YECEDJH;DJ B; :Y97B7=; ;DJH; B?CF;HCY78?B?JY ;J B7 F;HCY78?B?JY
:; B7 F;7K
 %7 8HE:;H?; D; <7?J F7I :Y8EH:;H B; I7D=
 %;I ?C7=;I
F;KL;DJ[JH;7D=E?II7DJ;IF7HB?CC7D;D9;:;B78B;IIKH;GK?Dn7HH?L;
@7C7?I
%;I7D= GK?J79>;B7F;7K?CF;HCY78B;:;C7C7?DDn;IJ F7I
B;I7D=:;B78B;IIKH; EK:;B7 L?EB;D9;9n;IJ B; I7D=GK?:Y8EH:;U
JH7L;HI C7 LKBL;
 %7 L?EB;D9; 7IIE9?Y; U 9; I7D= IJ?=C7J?IY ;IJ
FKH;C;DJ IOC8EB?GK; ;BB; Dn;IJ F7I HY;BB;
 %;I ?DJ;HFHYJ7J?EDI
:;L?EB;D9;FEBBKJ?ED;J:7D=;HL?;DD;DJ:;Bn?DJYH?;KH:nKD; ?:;DJ?JY
<YC?D?D; 7H8?JH7?H;C;DJ 9EDIJHK?J; F7H B; F7JH?7H97J
 IIKC;H
Bn?CF;HCY78?B?JY :K 9EHFI 9;IJ 7KII? 7IIKC;H KD DEKL;7K IJ7JKJ ;D
J7DJGK;IK@;J?BIn7=?J:;9EDIJHK?H;KD;?:;DJ?JY:K9EHFI<H7=C;DJY;
:Y9ECFEIY;;JB?GKY<?Y;

%K9;"H?=7H7O7:YB?C?JYB;II?D=KB7H?JYI;JB;I:?<<YH;D9;I:7FFHE9>;I
:;I >ECC;I ;J :;I <;CC;I <79; 7KN IY9HYJ?EDI ;J U B7 =;IJK7B?JY
9ECFB;N; GKn;BB;I IKI9?J;DJ
 %n>ECC; F;KJ C7^JH?I;H ;J HYFH?C;H
I;I B?GK?:;I EH=7D?GK;I EK FHE@;J;H LEBEDJ7?H;C;DJ I;I >KC;KHI ;D
KD; 79J?ED 79J?L; :; FK?II7D9; GK? D; :Y8EH:; F7I :K IK@;J
 )EKH
;KN FHE@;J;H KD B?GK?:; KH?D; EK IF;HC; Dn>KC?B?; F7I I7K< I? B;
B?GK?:; InY9>7FF; F7II?L;C;DJ FEBBKJ?EDI DE9JKHD;I ;J ?D9EDJ?D;D9;
KH?D7?H;97HB;9EHFIDn;IJFBKIKDEH=7D?IC;9ECC7D:YF7HB; IK@;J
9EDI9?;DJ C7?I KD L7I; KD HY9;FJ79B; <7?J :; C7J?ZH; ?D;HJ;
 ?DI?


F7H B?DJ;HCY:?7?H; :KD CE? F;7K ?CF;HCY78B; Bn>ECC; <ED:;
IKH BK? B7 DEHC; :K FHEFH;
 )7H7BBZB;C;DJ B7 <;CC; H;IJ; 9ECC;
KD HY9;FJ79B; KD 9EHFI ?D;HJ; ;J ?D97F78B; :; 9EDJHaB;H IED
:Y8EH:;C;DJ
 %; 9EHFI <YC?D?D I;H7?J KD EH=7D?IC; ?D9EDI9?;DJ
FEJ;DJ?;BB;C;DJ>KCEH7B;J>78?JKYUBnY9EKB;C;DJ?DLEBEDJ7?H;


7?H; :K 9EHFI ;D :Y8EH:;C;DJ KD; ;NFYH?;D9; 7HJ?IJ?GK; ;IJ KD;
<7XED :; 9EDIJHK?H; KD; ?:;DJ?JY <YC?D?D; B= D5GG=J9 9H B= J=7H=A9
97F78B; :n7IIKC;HIED7C8?=K_JYF;HCY78B;
"BIn7=?J:;H;DL;HI;HB;I
?DJ;H:?JI:;B;I H;D:H;?D9EDJHaB78B;I J;BGKn;IJB;9EHFI:;B7<;CC;

%7 B?8;HJY 7HJ?IJ?GK; F;KJ 7?DI? H;:Y<?D?H IOC8EB?GK;C;DJ B;I DEJ?EDI
:; 9EHFI FHEFH; ;J I7B; 7K I;?D :; B7 IE9?YJY 9EDJ;CFEH7?D;

,OC8EB?GK;C;DJB;9EHFI <YC?D?D ;IJB;9EHFI :;B7>EDJ; C7?I F7I
I;KB;C;DJ:KI7D=C;DIJHK;B
"B<7KJ7LE?H>EDJ; :; JEKJ :; CEDJH;H
C7?I7KII?:;D;F7ICEDJH;HIED9EHFI
"B<7KJ8?;DCEDJH;HC7?IF7I
8;7K9EKF IK<<?I7CC;DJ FEKH FHEKL;H IED 799EH: 7L;9 B;I 97DEDI
87I?GK;I:;8;7KJY
"B D;<7KJF7I7LE?HKD:Y9EBB;JYJHEFFHE<ED:EK
KD;@KF;JHEF9EKHJ;9n;IJLKB=7?H;;J@KIJ?<?;JEKJ;FEII?8?B?JY:;L?EB
C7?I ?B D; <7KJ F7I JEKJ 9EKLH?H DED FBKI
 ;I >78?JI JHEF <;HCYI
F;KL;DJ :EDD;H Bn?CFH;II?ED GKn?B In7=?J :; 979>;H KD 9EHFI
;IJ>YJ?GK;C;DJCYFH?I78B;EKI?=D;:;97IJH7J?EDIE9?7B;JHEFYB;LY


%;9EHFI:;B7<;CC;;IJB;9EHFI:;B7>EDJ;C7?I9n;IJ7KII?B;9EHFI
:;B7<H7=?B?JY;J:;B7F;KH
pJH;KD;<;CC;IKHJEKJEb@n7?=H7D:?7K
HYI?B 9n;IJ7KII?<7?H; JHZI 7JJ;DJ?EDU B7 L?EB;D9;KH87?D; ;J 7KL?EB
KD; <;CC; D; 9EDD7^J B; IEKB7=;C;DJ GK; BEHIGKn;BB; LE?J GK; B7
F;HIEDD; GK? C7H9>; :;HH?ZH; ;BB; :7DI B7 HK; L?:; ;IJ KD; 7KJH;
<;CC;
 %7 L?EB;D9; GK? IEHJ :K 9EHFI :; B7 <;CC; ;IJ FKH;C;DJ


IOC8EB?GK; C7?I 9;BB; GK? H;DJH; ;IJ HY;BB; 9HK; ;J 78@;9J;

%n?DJ;DJ?ED ;IJ>YJ?GK; :; 9;JJ; L?:YE ;IJ @KIJ;C;DJ :; C;JJH; 9;JJ;
9EDJH7:?9J?ED ;D GK;IJ?ED B7 L?EB;D9; F>OI?GK; I7DI I7D= ;J
BnY9EKB;C;DJ :K I7D= I7DI L?EB;D9; HY;BB;
 %7 8HE:;H?; 9KJ7DY; ;IJ
8?;D KD; L?EB;D9; ?DL;IJ?; 9EDJH; B; 9EHFI C7?I ?B O 7 JHZI F;K :;
:EKB;KH F>OI?GK; ;J F7I :; JH7KC7 ;<<;9J?< JEKJ; I7 FK?II7D9; :;
L?EB;D9;H;IJ;:7DIB;9>7CFI;IJ>YJ?GK;:;Bn7D=E?II;
.DI;DJ?C;DJ
:n7D=E?II;GK;@n7?YFHEKLY;JGK;@;:EDD;ULE?H7L;9B7HY7B?I7J?ED
:; 9; @;K :n;D<7DJ BY=ZH;C;DJ F;HL;HI GK? J;IJ; B;I B?C?J;I :; B7
:EKB;KH
 "B In7=?J :nKD; Y9EKJ; :;I I;DI GK? H;DI;?=D; IKH B7 B?C?J;
799;FJ78B; 7K :;BU:;B7GK;BB; 9;B7:;L?;DJ JHEF:EKBEKH;KN ;J :ED9
FBKIIEK>7?J78B;


%7 8HE:;H?; 9KJ7DY; H;CEDJ; U DEI FH;C?ZH;I FH7J?GK;I BK:?GK;I


:n;NFBEH7J?ED 9EHFEH;BB;
 .D; ;NFYH?;D9; I;DIEH?;BB; GK? HY79JK7B?I;
9;BB;:; Bn;D<7DJ9KH?;KN9ED9;DJHY IKHB79HEcJ;:Kg 8E8Eh :;IED
=;DEK GKn?B :Y9EBB; :YB?97J;C;DJ
 ;JJ; 79J?L?JY GK? 7 :Y@U YJY
JH7L7?BBY; F7H :?L;HI 7HJ?IJ;I ;IJ KD; IEHJ; :; H?JK;B FH7J?GKY FEKH
:Y9EKLH?H ;J H;D<EH9;H B7 9EDI9?;D9; :;I B?C?J;I :; B7 F;7K 9;JJ;
9EK9>; GK? ;IJ <HEDJ?ZH; ;J J;HH?JE?H; U B7 <E?I GK? DEKI ;CF[9>;
:799Y:;HUBn?DJYH?;KH;JDEKIH;J?;DJ:;<KI?EDD;H:7DI:n7KJH;I9EHFI

CI8F9GCIG @5D95I IYH?;:;F>EJE9EF?;I+97CI8F985BG@5
A5=B L?:YE ?DIJ7BB7J?ED:;n nmC?D
CBGHFI=F9G5A5=GCB
 L?:YE:;n nmC?D
;J CI8F985BG @5A5=B8jIB5IHF9H?J;I
HY7B?IYI :;FK?I  IEDJ :;I lKLH;I :; %7\J?J?7 EKH=;J GK?
JH7L7?BB;DJ B7 9EKJKH; 9KJ7DY; :; <7XED BK:?GK; ;J :YB?97J;
 L;9
CI8F9GCIG@5D95I%7\J?J?7EKH=;J8HE:;:?<<YH;DJIg9>;C?DIhIKH


B7F7KC; :;I7 C7?D=7K9>;;J<7?JU 9>7GK; YJ7F; KD; F>EJE9EF?;
;DDE?H;J8B7D9:;B7F7KC;:;I7C7?D
7DI CBGHFI=F9G5A5=GCB
;BB;JH79;B;IB?=D;I:;B7C7?DB?=D;:K9lKHB?=D;:;J[J;;JB?=D;:;
L?; 7K HOJ>C; :; Bn>?IJE?H; :;I JHE?I F;J?JI 9E9>EDI
 ECC; :7DI
Bn>?IJE?H;B79EKJKH;:;L?;DJKD;?D?J?7J?ED7FFH;D:H;UI;:EDD;H:;I
B?C?J;I;JB;IH;IF;9J;H


,2!/"0,20)-"2 IYH?;:;F>EJE9EF?;I#?5+5+#163)'5

%;I H?J;I :; CI8F9 85BG @5 A5=B 8jIB 5IHF9 EDJ YJY FH7J?GKYI F7H
%7\J?J?7 EKH=;J :;FK?I   :7DI :;I 9EDJ;NJ;I :?<<YH;DJI  IEKI B7
<EHC; :nKD; F;H<EHC7D9; ;D FK8B?9 7L;9 :;I LEBEDJ7?H;I ?CFHEL?IYI
EKIEKI B7<EHC;:;H;D:;P LEKI?D:?L?:K;BI :7DIKD;IF79;9BEI BEHI
:nKD;HYI?:;D9;:;9HY7J?ED7HJ?IJ?GK;
>7GK;;NFYH?;D9;9EDI?IJ;;D
Bn799K;?B :; B7 F;HIEDD; KD; C?I; ;D 9ED<?7D9; ;J Bn?DIJ7KH7J?ED
:nKD; <EHC; :; 9ECCKD?97J?EDF;HC;JJ7DJ :; H;IF;9J;HB7I;DI?8?B?JY
:; B7 F7KC; :; B7 C7?D :; 9>79KD
 EK:H; IEKI B7 F;7K :;C7D:;
:YB?97J;II; ;J FHY9?I?ED KD; 79J?L?JY 7CKI7DJ; GK? D7HH[J; F7I :;
J;IJ;HB;IB?C?J;I:;B7:EKB;KH
EK:H;IKHB7F;7K:;B7F7KC;:;B7


C7?DD;<7?JF7IC7BC7?IFEKH9;B7?B<7KJ:;B79ED<?7D9;;DIE?;J
:7DI Bn7KJH; 9ED<?7D9;FEKHD; F7I 8EK=;HB7 C7?D J?H;HB7?=K?BB;;J
8B;II;HB7F;7K
L;9CI8F985BG@5A5=B8jIB5IHF9%7\J?J?7EKH=;J
YJ78B?JKDB?;DIEB?:;:n7CKI;C;DJ;J:;9ED<?7D9;;DJH;Bn7HJ?IJ;;JB;
F7HJ?9?F7DJ F;H9;H B7 F;7K :K 9EDJ79J F>OI?GK; F;H9; 7KII? B7
IYF7H7J?ED;DJH;B;gCE?hBn7KJH;;JB;CED:;

,2!/"!+0)*&+!>2+21/" FHEFEI?J?ED?DJ;H79J?L;#?5+5+#163)'5

)7HJ7DJ :; B7 8HE:;H?; 9KJ7DY; 7L;9 KD; LK; FBKI FEB?J?GK; ;J CE?DI
BK:?GK; %;J]9?7 )7H;DJ; 7 HY7B?IY B7 L?:YE %5F75 *9;=GHF585  
:;n nmC?D
 %n7HJ?IJ;78HE:YIKHB7FB7DJ;:;IEDF?;:Bn?DI9H?FJ?ED
g &7:; ?D H7I?B h :YC7H9>; GKn;BB; GK7B?<?; :ng 7H9>YEBE=?;
:K GKEJ?:?;D h
 +Y7B?IY; I7DI FHYJ;DJ?ED I7DI IJHK9JKH; ;J I7DI
9ECFEI?J?ED 9;JJ; L?:YE H;@;JJ; B;I :?I9EKHI FHYL7B7DJI :7DI B;
9EDJ;NJ;7HJ?IJ?GK;8HYI?B?;D:;I7DDY;I  B7DEJ?ED:lKLH;:7HJ
9ECC; E8@;J FEKH KD C7H9>Y :YB?J;I ;J 9ECC; ;NFH;II?ED :nKD;
?:;DJ?JY D7J?ED7B;
 %7 8HE:;H?; ;IJ :7DI B7 9KBJKH; 8HYI?B?;DD; KD;
79J?L?JY :; <;CC;I
 D 8HE:7DJ IKHB7 FB7DJ; :K F?;: %;J]9?7 )7H;DJ
7<<?HC;;J H;@;JJ;9;JJ;?:;DJ?JY?CFEIY;
%n7HJ?IJ; L7U B7 H;D9EDJH; :;


Bn7JJ;D:K 7L;9 B?C7=; :; B?D7JJ;D:K ;D 97KI7DJ KD; ;NFYH?;D9;
:YJH7D=;JY
D;DL7>?II7DJB7IKH<79;:;IED9EHFI7L;9B7?=K?BB;;BB;
:YI7HJ?9KB; KD; 9>7^D; :;NFYH?;D9;I L7B;KHI 9ED9;FJI ;J ?:Y;I
;DH79?DY;I :7DI B7 9KBJKH;7HJ?IJ?GK; ;J:7DI B; 9EDJ;NJ; FEB?J?GK; :K
CEC;DJ
)BKIGK;:;:YJHK?H;B;IL7B;KHI5F7<5\EI9G;DB;IIK8IJ?JK7DJ
F7H:7KJH;IFBKI DEKL;BB;I Bn7HJ?IJ;:EDD;:;B7CE8?B?JY7KNI;DI
 "B
DO7F7I :;DEKL;7KU[JH; H;CFB79Y F7H:;B7D9?;DC7?I ?BO7:K
CEKL;C;DJ 9H?J?GK; :K GK;IJ?EDD;C;DJ
 ; IEDJ FHY9?IYC;DJ B;I
L7B;KHI :; B7HJ :; B7 9KBJKH; EK :; B7 FEB?J?GK; GK? IEDJ ;D 97KI;

FHZI JEKJ KD; lKLH; ?DI9H?J; IKHB7 FB7DJ; :nKD F?;: GK? JEK9>;B7
J;HH; B; IEB D;IJ F7I 799;FJ78B; FEKH B;I L7B;KHI :KD; 9KBJKH; GK?
9HE?JGK;B7HJYBZL;B;IK@;J

/ "$&01/! L?:YEn nmC?D


'5@%+##3'05'

&7 8HE:;H?; 9KJ7DY; KJ?B?I; B;I C[C;I H;9EKHI J;9>D?GK;I ;J L?IK;BI
GK;B;IlKLH;I:;%7\J?J?7EKH=;J;J:;%;J]9?7)7H;DJ;
'EKIC;JJEDI
;DlKLH;B;I B?C?J;I:EKBEKH;KI;I:;B7F;7KUJH7L;HI:;I=;IJ;I GK?
EI9?BB;DJ ;DJH; Bn7CKI;C;DJ BK:?GK; ;J Bn7D=E?II; L?IK;BB;
 &ED
FEI?J?EDD;C;DJ ;IJ FEKHJ7DJ FBKI FEB?J?GK; GK; 9;BK? :; %7\J?J?7
EKH=;J
 %7 F>H7I; 8HE:Y; :7DI C7 C7?D H;@E?DJ 9;HJ7?D;I GK;IJ?EDI


IEKB;LY;IF7H%;J]9?7)7H;DJ;?BIn7=?J:nY9H?JKH;I97F78B;I:;IEKB;L;H
B;I7C8?=K_JYI:;DEJH;?:;DJ?JY<YC?D?D;


IIKCY ;J ?D9EHFEHY :7DI B7 L?:YE "9 B9 D9IL D5G A9ADX7<9F 89
AjV7CI@9F BnY9EKB;C;DJ C;DIJHK;B ;IJ 9>7H=Y :nKD; DCYG=G GK?
:YIYGK?B?8H; B;I J78EKI 7KJEKH :K 9EHFI <YC?D?D
 -EKJ 7K BED= :;
Bn>?IJE?H; :; Bn7HJ B; 9EHFI :;I <;CC;I 7 YJY H;FHYI;DJY :Y9H?J
C7D?FKBY ;J @K=Y F7H :;I >ECC;I
 ;FK?I B;I 7DDY;I   B;I
<;CC;I EDJ <?D7B;C;DJ 9ECC;D9Y U Y9H?H; B;KH FHEFH; >?IJE?H; ;J ?B
DnO7F7I:;C7J?ZH;FH;C?ZH;FBKI7FFHEFH?Y;FEKHY9H?H;Bn>?IJE?H;:K
9EHFI <YC?D?D GK; B; I7D=C;DIJHK;B
,;BEDH?;:H?9>'?;JPI9>; :7DI
=BG=D5F@5=H25F5H<CIGHF5c9HCIH79EIjCBV7F=H>9Bj5=A9EI979@5
EIjCBV7F=H5J97GCBG5B;
7F=G5J97HCBG5B;9HHI8V7CIJF=F5GEI9@9
G5B;9GH9GDF=H
!@Bj9GH;IWF9DCGG=6@9897CADF9B8F9@9G5B;8j5IHFI= 
>9 <5=G HCIG 79IL EI= @=G9BH 9B 6585I8G
 3

4 9@I= EI= V7F=H 5J97 GCB


G5B;9H9BA5L=A9GB9J9IHD5GXHF9@IA5=G5DDF=GD5F7hIF
d L;9
9;F7II7=;H?;:H?9>'?;JPI9>;DEKICEDJH;GK;DEKID;FEKLEDI F7I
9ECFH;D:H; 9; GK; DEKI Dn7LEDI F7I LY9K
 'EKI D; FEKLEDI F7I
7FFHY>;D:;H B7 L?EB;D9; GK? 9EKB; :K I7D= :; Bn7KJH;
 "B <7KJ 7LE?H
;NFYH?C;DJY B7 >EDJ; ;J B7 L?EB;D9; IOC8EB?GK; :; BnY9EKB;C;DJ
C;DIJHK;B FEKH FEKLE?H F7HB;H :; 9; I7D=
 n;IJ I;KB;C;DJ 7L;9 B7
C7?JH?I;7<<;9J?L;:;IEDFHEFH;I7D=GK;B;I<;CC;IF;KL;DJY9B7?H9?H
IED >?IJE?H; ;J HYY9H?H; IED EH:H; IOC8EB?GK;
 ?DI? @; 9EDI?:ZH;
9ECC; YJ7DJ ?CFEHJ7DJ; BnYJK:; :; B7 9EDIJHK9J?ED >?IJEH?GK; :K
J78EK C;DIJHK;B FEKH FEKLE?H :YL;BEFF;H :;I lKLH;I :7DI B; I;DI
:nKD;HYY9H?JKH;IOC8EB?GK;


i JH7L;HI Bn>?IJE?H; :; Bn>KC7D?JY B;I <;CC;I C;DIJHKY;I ;J B; I7D=
C;DIJHK;BEDJYJY B7H=;C;DJH?JK7B?IYI;JEDJ;D=;D:HY 8;7K9EKFFBKI
:; IOC8EB?IC; GK; 9; GK? D;IJ F>OI?EBE=?GK;C;DJ @KIJ?<?Y
 %; I7D=
C;DIJHK;B Dn7 @7C7?I YJY 9EDI?:YHY 9ECC; KD; IK8IJ7D9; EH:?D7?H;

%79ECFHY>;DI?ED:;B7C;DIJHK7J?ED;DJ7DJGK;:;IGK7C7J?ED:;B7
CKGK;KI; :; BKJYHKI KD; <E?I GKKD lK< D7 F7I YJY ?CFB7DJY 7L;9
IK99ZI ;IJ JHZI HY9;DJ;
  %?D97F79?JY :; B7 <;CC; U 9EDJHaB;H IED
Y9EKB;C;DJC;DIJHK;B;JB79HEO7D9;HYF7D:K; I;BEDB7GK;BB;B; I7D=
C;DIJHK;B 9EDJH?8K;H7?J U B7 9HE?II7D9; <lJ7B; EDJ ?DJ;DI?<?Y :;I
?CFYH7J?<I 9KBJKH;BI 9HY7DJ BnKD?L;HI IOC8EB?GK; :K I7D=<YC?D?D
 %;
I7D= C;DIJHK;B ;J B;I <;CC;I C;DIJHKY;I YJ7?;DJ ;NJH[C;C;DJ
FK?II7DJI;J:7D=;H;KN
%;I 9EDIJHK9J?EDI :;FEBBKJ?ED7KJEKH:KI7D=
:;I<;CC;I EDJ799ECF7=DY B; F7JH?7H97JC7?IB;I <;CC;IEDJ7KII?
F7HJ?9?FYU 9;IIOIJZC;I 9KBJKH;BI;BB;I DYJ7?;DJF7I I?CFB;C;DJ:;I
L?9J?C;I
 %7 FK?II7D9; IOC8EB?GK; :K I7D=:;I HZ=B;I H;DLE?; U :;I
H;IFEDI78?B?JYI9EDIYGK;DJ;I

7DIB;DI;C8B;?D:?=ZD;:;ICYH?GK;I :K'EH:;J:K,K:<H?GK;
,K: ;IJ I?7J?GK; KIJH7B?; &YB7DYI?; ;J (9Y7D?; B;I 87I;I
IOC8EB?GK;I EDJ :;I 9EDJEKHI I?C?B7?H;I B; I7D=:;I <;CC;I ;IJUB7
<E?I FK?II7DJ ;J :7D=;H;KN
 ;I 9ECCKD7KJYI ;DJ?ZH;I 9EKH7?;DJ :;
=H7L;I H?IGK;I I?B; I7D=<YC?D?DDYJ7?J F7I 9EHH;9J;C;DJC7D?FKBY

%;I 9EDIJHK9J?EDI :;FEBBKJ?EDEDJFHY:EC?DY:7DI B7H>YJEH?GK; :;I
=H7D:;I H;B?=?EDI :K CED:;  @K:7_IC; ?IB7C?IC; 9>H?IJ?7D?IC;
>?D:EK?IC; ;J 8EK::>?IC; JEKJ;I H;IJH;?=D;DJ B799ZI :;I <;CC;I
7KN FH7J?GK;I H;B?=?;KI;I ;J :;I H?JK;BI :; FKH?<?97J?EDYJ7?;DJ H;GK?I
7L7DJGK;BB;ID;FK?II;DJ[JH;HY?DJY=HY;IIE9?7B;C;DJ
;I9HEO7D9;I


7D9;IJH7B;I IEDJ U BnEH?=?D; :; JEKJ;I B;I YBK9K8H7J?EDI IKH B>OIJYH?;
:K =H;9 IGH9F5 KJYHKI 9ECC; C7B7:?; <YC?D?D;
 &7B=HY B7
:?IIEBKJ?ED :; B7 DEJ?ED :>OIJYH?; 9ECC; F7J>EBE=?; KJYH?D; IED
<7DJaC; F;HI?IJ; IEKI B;I JH7?JI :nKD; <;CC; <HKIJHY; ;NK8YH7DJ; ;J
;N9;II?L;:7DII7FHEB?<YH7J?ED>KCEH7B;

"DIJ7KH;H KD;FEYJ?GK; :; BnY9EKB;C;DJ C;DIJHK;B9ED:K?JU H;C;JJH;


;DGK;IJ?EDB;IH7FFEHJI ;DJH;C7I9KB?D;J<YC?D?D
%;I7D=C;DIJHK;B
H;DLE?; U KD YJ7J 7<<;9J?< :YJ;HC?D7DJ
 "B YLEGK; KD EH:H; 979>Y KD
I;9H;J :K9EHFI
 %;I C;DIJHK;I YLEGK;DJ KD; :YFEII;II?ED :; IE? 7
FH?EH?DY=7J?L;;J9KBJKH;BB;C;DJ:YL7BEH?I7DJ;
%n7HJF;KJ7BEHIEFYH;H
KD; 8HZ9>; Eb KD 9EHFI I?D=KB?;H :;L?;DJ FEB?J?GK;
 %nY9H?JKH; 7L;9
CEDI7D=C;DIJHK;B7IIKC;Bn?DJ;H:?J:;CED?:;DJ?JY;DC[C;J;CFI
GKn;BB; D?; IED?DJ;H:?9J?ED
#n7<<?9>; 9HcC;DJ I7DI >EDJ;EKCOIJZH;
B;HEK=;:;CEDI7D=IOC8EB?GK;?:;DJ?J7?H;;J7<<;9J?L;C;DJ7C8?=K

#; JH7DI9;D:; B7 97IJH7J?ED ?CFEIY; U CED 9EHFI C;DIJHKY ;J @;
:Y9B7H; C7 <?;HJY:n[JH; KD;IKHL?L7DJ;:;B7IE9?YJY F7JH?7H97B;;J :;
B7 9KBF78?B?JY @K:YE 9>HYJ?;DD;
 Q=7B;C;DJ B?8YHY;I :; B7 9KBF78?B?JY
:;B;KHI7D=KD=H7D:DEC8H;:n7HJ?IJ;I9EDJ;CFEH7?D;IJH7L7?BB;DJB7
FEYJ?GK; :; B;KH Y9EKB;C;DJ C;DIJHK;B
)EKHJ7DJ B; FK8B?9 Dn;IJF7I
JEK@EKHI :Y9ECFB;NY IKH B; IK@;J ;J B;I HYF;H9KII?EDI DY=7J?L;I IEDJ
9EKH7DJ;I

%7 F;H<EHC7D9; 5GH=B; C:: AM KCA6   :; 7I;O #;DA?DI
GK;IJ?EDD; B?:;DJ?JY :; =;DH; :; B7HJ?IJ; ;D JH?9EJ7DJ :; B7 B7?D;
8B7D9>; BE=Y; :7DI IED L7=?D
 II?I; :7DI B7 =7B;H?;   F;D:7DJ 
@EKHI Bn7HJ?IJ; JH?9EJ7?J KD Y9>;L;7K :; B7?D; F7H @EKH
 %; JH?9EJ YJ7?J
;DIK?J; IKIF;D:K U :;I 9?DJH;I 799HE9>YI 7K FB7<ED:
 %EHI :; I7


FYH?E:; C;DIJHK;BB; B7 B7?D; 8B7D9>; IEHJ7?J :K 9EHFI :; Bn7HJ?IJ;
J;?DJY;:;I7D=
7I;O#;DA?DI79EDXKIEDlKLH;9ECC;KD;79J?ED
FB;?D; :; GK?YJK:; ;J C[C; :; IK8J?B?JY Eb B7 B7?D; g 9>7K:; ;J
:EK9; h Y97HJ; B;I I;DJ?C;DJI :n7D=E?II; ;J :; HYFKBI?ED 7IIE9?Y;I
U Bn?C7=; IOC8EB?GK; :; B7 LKBL;
 K 9EKHI :; 9;JJ; F;H<EHC7D9;
Bn7HJ?IJ;7FK:?I9KJ;H7L;9B;IL?I?J;KHIGK?D;I;C8B7?;DJF7IIJKFY<7?JI
:K9>E?N :nKJ?B?I;HB7LKBL;9ECC;9>7DJ?;H7HJ?IJ?GK;
;F;D:7DJB7
:?<<KI?EDIKH?DJ;HD;J:KH;FEHJ7=;:;B79>7?D;:;JYBYL?I?ED,,  7
:Y9B;D9>Y:;IHY79J?EDII;N?IJ;I;JC?IE=OD;I


01&+$,##*64,* ?DIJ7BB7J?ED;JF;H<EHC7D9;#4':'0-+04

%7LKBL;;JB;I C;DIJHK;I FHELEGK;DJC?BB;:YIEH:H;I I;BED,?=CKD:


H;K:gf @5JI989 @5JI@J9@98=56@9AXA9 Gj9B:I=H h  %n?C7=;:;I
HZ=B;IGK?IEHJ;DJ:;B7LKBL;F7H:;I<?BIJ;?DJYI ;DHEK=;;IJKD;LK;
:;9;GK?H;IJ;979>Y
%nY9EKB;C;DJI;C7JYH?7B?I;9ECC;B;II;HF;DJI
:;B7&Y:KI;KD<7DJ7IC;L?IK;BGK?HY9KFZH;B;L?I?8B;:;Bn?DL?I?8B;
:;B7LKBL;C;DIJHKY;
;JJ;?C7=;?DL?I?8B;;IJJH7KC7J?GK;;J:;L?;DJ
B; CEJ;KH :; B7 F;KH :nKD; F>OI?EBE=?; :?<<YH;DJ;
 %;I >ECC;I EDJ
?CFEIY 7KN <;CC;I KD H7FFEHJ :; :EC?D7J?ED C?IE=OD; ;J C[C;


=ODYF>E8; B7 F;KH7 YJY B; CEJ;KH:;Bn;N9BKI?EDIOC8EB?GK; :;B7
:?<<YH;D9; 9EHFEH;BB; <YC?D?D;
 ,;BED B7?H; %7>K;HJ7  c @5 7I@HIF9
C77=89BH5@9 5J5=H G9A6@9 H =@ 7CBGHFI=H IB;9BF9 D@IG ACBGHFI9IL EI9
@j5IHF9 9B 5DD5F9B79 @5 :9AA9 D5F @9 6=5=G 8jIB =A6FC;@=C :5=H 89
H<VCF=9GAV8=75@9GDGM7<5B5@MH=EI9G9H9GH<VH=EI9GEI=G97CB:CFH5=9BH
AIHI9@@9A9BH
d  

)EKH7I;O #;DA?DI 5GH=B;C:: AM KCA6Dn7 H?;D :K I?D?IJH;:H7C;


HY;BJHEKLYF7HB;FK8B?9
"BIn7=?J:nKD;F;H<EHC7D9;BED=K;;J7L;9KD
HOJ>C;:;JH7L7?BB;DJ B;I I?B;D9;I IEDJ7KII? ?CFEHJ7DJI GK; Bn79J?ED

;II?B;D9;IF;HC;JJ;DJ7KFK8B?9:;9EDIJHK?H;B;KHIFHEFH;IHYFEDI;I
L?I9YH7B;IUB7F;H<EHC7D9;
%n7HJ?IJ;;II7?;:;:;II?D;HJEKJ;DB7?II7DJ
EKL;HJ;IB;ILK;I:Y<EHCY;I7KIK@;J:;B7LKBL;:;IC;DIJHK;I;J:;I
79J?L?JYI :?J;I g <YC?D?D;I h J;BB;I GK; B; JH?9EJ
 %n?D:?=D7J?ED B;
:Y=EcJ ;J B?D9HY:KB?JY IEKB;LYI F7H B; FK8B?9 CEDJH;DJ B7 HYFKBI?ED
=YDYHY; F7H Bn7K:79; :nKJ?B?I;H B7 LKBL; ;J B7 LKBL; ;D C;DIJHK;I
9ECC;IK@;J7HJ?IJ?GK;

#n7? 7KII? FK H;II;DJ?H Bn?D:?=D7J?ED :K FK8B?9 <79; U C;I lKLH;I
C;DIJHK;BB;I
 %;I HY79J?EDI B;I FBKI :H7IJ?GK;I IEDJ @KIJ;C;DJ L;DK;I
:;I<;CC;I
*K;BGK;I KD;I I;IEDJ:Y9B7HY;I?D97F78B;I :; H;=7H:;H
C;IlKLH;I ;BB;I I;IEDJI;DJ?;IE8B?=Y;I:;<;HC;HB;IO;KN<79; 7K
g:Y=EcJhGK;B7L?:YE"9B9D9ILD5GA9ADX7<9F89AjV7CI@9FB;KH
7 FHELEGKY
 %; FBKI 9KH?;KN 9n;IJ GK; B7 8HE:;H?; 9KJ7DY; Dn7 F7I
8;7K9EKF:YH7D=Y9n;IJBn?C7=;:KI7D=C;DIJHK;BGK?7YJYB; =H7D:
J78EK:;BnlKLH;



%7IYH?;F>EJE=H7F>?GK; ,<9F9K=@@ 69 6@CC8 :nHL?:7OIJHEC
CEDJH; :;I <;CC;I :7DI :?L;HI;I 79J?L?JYI GKEJ?:?;DD;I 9ECC; B;
@E==?D=B7B;9JKH;B;DLE?:;C;II7=;I:;FK?IKDFEHJ78B;EK;D9EH;
;D JH7?D :7JJ;D:H; KD 8KI FH;D:H; KD; :EK9>; ;J9
 %;I ?C7=;I
I;H7?;DJ 87D7B;I I? B;I <;CC;I F>EJE=H7F>?Y;I D; I7?=D7?;DJ F7I U
JH7L;HI B;KHI L[J;C;DJI I7DI GK;B;I CE:ZB;ID;I;C8B;DJO799EH:;H
KD;GK;B9EDGK;?CFEHJ7D9;9ECC;I?9YJ7?J7DE:?D


%"/"4&))"),,! IYH?;F>EJE=H7F>?GK; 37+&#:4531/

%;I EKJ?BI :>O=?ZD; C;DIJHK;BB; EDJ F;HC?I 7KN <;CC;I :; 979>;H
BY9EKB;C;DJ C;DIJHK;B :; B;KHI 9EHFI g :OI<ED9J?EDD;B h ;J :; I;
FHYI;DJ;H IE9?7B;C;DJ ;D J7DJ GK[JH;I DED C;DIJHK7DJI
 /;HI B;I
7DDY;I   ?B ;IJ :;L;DK YL?:;DJ FEKH B;I <YC?D?IJ;I GKn?B <7BB7?J
7LE?HFBKI:;9EDJHaB;IKHB;I :Y9?I?EDICY:?97B;I;J>O=?YD?GK;IB?Y;I
U B;KHI 9EHFI
 %;I ;DJH;FH?I;I :; FHE:K?JI :n>O=?ZD; EDJ 9ECFH?I 9;
I;DJ?C;DJ ;J EDJ97F?J7B?IYB;<YC?D?IC;9KBJKH;BFEKH[JH;;C87BBY;J
L;D:K
  ;I 7HJ;<79JI ?DJ?C;I GK? EDJ F;HC?I 7KN <;CC;I :;
IKHCEDJ;HB;IFHY@K=YI FEHJYIUB;KHI 9EHFI<ED9J?EDD;DJ:;B7C[C;


C7D?ZH;GK;B;I7HJ;<79JIL?I?8B;I97H?BI7?:;DJUH;FHYI;DJ;HB;9EHFI
9ECC;GK;BGK;9>EI;:n7KJH;KD9EHFIDED I7?=D7DJ
%nKJ?B?I7J?ED:;
9;I J;9>DEBE=?;I ?CFB?GK; 7KII? B7 9EDIJHK9J?ED :nKD; ?:;DJ?JY
;NJYH?;KH;CE:?<?Y;;JB799;FJ7J?ED:nKD;IEHJ;:n7CDYI?;J;CFEH7?H;

&7B=HYJEKI B;I H;<EKB;C;DJI C;DIJHK;BIB;I <;CC;I:; ,<9F9K=@@69
6@CC8D;I;C8B;DJF7I7LE?HYJYHYFH?C7D:Y;IFEKHB7F;HCY78?B?JY:;
B;KHI 9EHFI
 HL?:7 OIJHEC CEDJH; :;I <;CC;I GK? 7<<?HC;DJ KD;
LYH?J78B; B?8;HJY 9EHFEH;BB; <YC?D?D; F7H B;N>?8?J?ED ?D:?<<YH;DJ; :;
B;KHI7D=C;DIJHK;B


%; +99=B;*98(FC>97H :nDD7 ?8IED ;J #E>7DD7,7CK;BIED;NFBEH;


HY=KB?ZH;C;DJ B7 C;DIJHK7J?ED :;FK?I 7LH?B  
 7DI B; 8BE=
:K FHE@;J   B;I 7HJ?IJ;I FK8B?;DJ =YDYH7B;C;DJ :;I ;NFYH?;D9;I
F>EJE=H7F>?GK;I Eb ;BB;I c >CI9BH 5J97 @9IFG DFCDF9G G9BH=A9BHG 9H
9LDVF=9B79G 89 G5=;B9A9BH d
 ,;BEDB;I 7HJ?IJ;I B;KH 8KJDn;IJ F7I :;
FHE:K?H; :; 8;BB;I ?C7=;I C7?I FBKJaJ :;I ?C7=;I 97F78B;I :;
:YH7D=;H 9; GK;B7 IE9?YJY 9EDI?:ZH;9ECC; YJ7DJ:; g8ED=EcJ h

%;I ?C7=;I FHEFEIY;I F7H B;I 7HJ?IJ;I CEDJH;DJ :;I FEII?8?B?JYI
;IJ>YJ?GK;I ;J IOC8EB?GK;I :; BnY9EKB;C;DJ C;DIJHK;B GK? EI9?BB;DJ
;DJH;B;9HKB;FEHDE=H7F>?GK;Bn?HED?GK;;JF7H<E?IB;FEYJ?GK;
-EKJ
;D 9H?J?GK7DJ B7 DY9;II?JY IE9?7B; :; 979>;H B;I HZ=B;I B;I 7HJ?IJ;I
7HH79>;DJB79HEcJ;:;B78B;IIKH;:KH;<EKB;C;DJC;DIJHK;B;JB;8B;K
:K I7D=:;I FK8B?9?JYI :; J7CFEDI ;J I;HL?;JJ;I >O=?YD?GK;I :;L?;DJ
HEK=;
 %7 H;B7J?ED ;DJH; C;DIJHK7J?ED ;J I;NK7B?JY ;IJ YL?:;DJ; :7DI
B;KHI ;NFYH?;D9;I ;D C;JJ7DJ ;D GK;IJ?ED B;KHI FHEFH;I 9EHFI ;J
F;HIEDD7B?JYI
 L;9 B; :YLE?B;C;DJ :; B;KH ?DJ?C?JY C;DIJHK;BB; ;J
B;I8?;DD;B;I 7HJ?IJ;I 7IIKC;DJKD;?:;DJ?JYgEI99FdFHELE97JH?9;;J


FEB?J?IY;
)EKH9;HJ7?D;I?C7=;I;BB;I EDJ9HYY:;IF;HIEDD7=;I;J:;I
C?I; ;D I9ZD; IFY9?<?GK;I FEKH :n7KJH;I B7 FEYJ?GK; ;IJ FKH;C;DJ
GKEJ?:?;DD;
 -EKJ ;D YL?J7DJ B; C7D?9>Y?IC; ;DJH; <YC?D?D ;J
C7I9KB?D >ECEI;NK;B ;J >YJYHEI;NK;B B;I ?C7=;I EKLH;DJ Bn?DIJ7DJ
9H?J?GK;L;HIKD;<EHC;:;HYF7HJ?J?ED:;IKD?L;HI:;9>79KD:7DI KD
C7?BB7=;JHEK8B;;JJHEK8B7DJ:K9EHFI;D:Y8EH:;C;DJ

""&+$"!/,'" 1   IYH?;F>EJE=H7F>?GK;


00#+$410'51*#00##/6'.410

%; FHE@;JFHEFEI; B7 IK8L;HI?ED :; Bn?:;DJ?JYC;DIJHK;BB; KD; H;C?I;


;D97KI;:KFHE9;IIKI:;9EDIJHK9J?ED:K=;DH;;J:KI;N;<YC?D?D;D
H;B7J?EDUIEDY9EKB;C;DJ
%;I;N;D;HYIKBJ;F7ICE?DI GK;B; =;DH;
:nKD; 9EDIJHK9J?ED B7 F;HIF;9J?L; :CI75@8=9BB9 DEKI 7CZD; U
787D:EDD;H B7 H;FHYI;DJ7J?ED :K FEKLE?H 9ECC; HYFH;II?ED FEKH B7
F;HIF;9J?L; :K FEKLE?H 9ECC; FHE:K9J?ED ?B DnO 7 F7I :; HY7B?JY
7DJYH?;KH; U B7 %E?
  %; FEKLE?H D; HYFH?C; F7I I;KB;C;DJ ?B <7?J
;N?IJ;H?BFHE:K?J7KJ7DJGKn?B?DJ;H:?J
'EKIIECC;I9EDIJ?JKYI;DJ7DJ
GK; IK@;JI F7H B; FEKLE?H DEKI FEKLEDI DEKI EFFEI;H 7K FEKLE?H
C7?I:7DIKDC[C;J;CFIDEKI:YF;D:EDI:;BK?FEKH;N?IJ;H


#K:?J> KJB;H  :Y<;D: B;I FH7J?GK;I 9EDJHEL;HIY;I :; B7 9KBJKH;
gEI99Fd9ECC;KD;<7XEDIFY9?<?GK;:;JH7L7?BB;HBn78@;9J?EDFEKHB7
JH7DI<EHC;H;D FK?II7D9; :n79J?ED FEB?J?GK;
 %;I FH7J?GK;I g EI99Fh
C;JJ;DJ ;D I9ZD; B7 F;H<EHC7J?L?JY 9ECC; g 9?J7J?EDD7B?JY h 7<?D :;
H;I?=D?<?;H Bn78@;9J?ED :; Bn>ECE I;NK7B?JY
 %7 9?J7J?ED ;IJ>YJ?GK;
:; Bn78@;9J?ED 9EHFEH;BB; F;HC;J B7 9EDIJHK9J?ED IE9?7B; :K IK@;J
cEI99Fd
#K:?J>KJB;H7<<?HC;GK;B;cEI99Fd;IJ97F78B;:;HYJ78B?H
:?7B;9J?GK;C;DJ 9;GKn?B L?I;U H;DL;HI;H
 ;JJ;IJH7JY=?;;IJ B7 C[C;
KJ?B?IY;FEKHB79EDIJHK9J?ED;IJ>YJ?GK;:KIK@;JC;DIJHKY
%n?C7=;:K
9EHFI GK? InY9EKB; :; IED I7D= H;I?=D?<?; Bn78@;9J?ED 9EHFEH;BB; ;J
9EDIJHK?JKDIK@;JIE9?7BJ;CFEH7?H;GK?In7KJEH?I;:?7B;9J?GK;C;DJF7H
H7FFEHJ U B7 BE?
 %; 9EHFI C7JYH?7B?IY IEKI B7 9?J7J?ED :K FEKLE?H D;
F;KJF7I InY9EKB;H BEHIGKn?B7KJEH?I; B;N?IJ;D9;:;IED Y9EKB;C;DJ ?B
B=9B7BE?;DC[C;J;CFI GKn?B5IHCF=G9
IIKC;HBn78@;9J?ED:K9EHFI
9n;IJ 7KII? HY?JYH;H B; :?I9EKHI GK? B7 9EDIJ?JK;
-EKJ 9ECC; :7DI B7
FH7J?GK; c EI99F d Bn;IJ>YJ?GK; :; BnY9EKB;C;DJ C;DIJHK;B CYB7D=;
78@;9J?ED 9EHFEH;BB; ;J 7BBY=EH?; :; B7 97IJH7J?ED FEKH 9?J;H B7 BE? :;
<7XED9H?J?GK;;JFEB?J?GK;

%;I=;IJ;IF;H<EHC7J?<I7KJEKH:;BnY9EKB;C;DJC;DIJHK;BIEDJJEK@EKHI
?DJ?C;I ;J:?I9H;JIB;KHI;KB8KJ;IJ :; 979>;HB;I HZ=B;I UB7IE9?YJY

7DI B;I FH7J?GK;I 7KJEKH :;I C;DIJHK;I ?B Dn;N?IJ; F7I LH7?C;DJ :;
CE:ZB;F;H<EHC7J?<:7DIB;9EDJ;NJ;IE9?7BFEKH[JH;9?JY
%7FEYJ?GK;
:;BnY9EKB;C;DJC;DIJHK;BF;KJInYJ78B?HIE?J:7DIB7:YDED9?7J?ED:;
IED?CFEII?8?B?JY:n;N?IJ;D9;IE9?7B;IE?J:7DIB79?J7J?ED:K9EDJ;NJ;
5F7<5\EI9
 K I;?D :;I IE9?YJYI FHY l:?F?;DD;I B; IK@;J C;DIJHKY
FEKL7?J;N?IJ;HIOC8EB?GK;C;DJ7L;9KD;=H7D:;H?JK7B?I7J?ED
%7F;KH


:; B7 97IJH7J?ED ;IJ 7KII? B7 F;KH :;I <;CC;I :; B;KH FK?II7D9;
IOC8EB?GK;:7DI B7 BE=?GK; l:?F?;DD;B7<;CC; ;IJKD[JH;97IJHY
I7DI F>7BBKI;JIKHB;9EHFI :;B7<;CC;InEFZH;KD;9;HJ7?D; :=GGIF9
GK? D; F;KJ F7I [JH; IOC8EB?IY; IE9?7B;C;DJ
 %7 GK;IJ?ED I; FEI;
:ED9  9ECC;DJ H79>;J;H Bn;N?IJ;D9; IOC8EB?GK; :;I C;DIJHK;I :;I
<;CC;IUJH7L;HIB;HY;B

&?9>7;B07BI>  7:YL;BEFFY7KJEKH :KHY;BKD;II7?FHELE97J;KH ?B


FHEFEI; :;I I?=D?<?7DJI GK? EDJ <7?J F7HJ?; :; B7 IOC8EB?I7J?ED ;J GK?
FEKHH7?;DJ;D<7?H;UDEKL;7KF7HJ?;
;II?=D?<?7DJIEDJYJYIYF7HYI:;
B7IOC8EB?I7J?EDFEKHY97HJ;HB;JH7KC7F7HB;GK;B?BIIEDJ?DL;IJ?I
)7H
9EDIYGK;DJ B;I I?=D?<?7DJI IEDJ :YIOC8EB?IYI C7?I 9; FHE9;IIKI :;
:YIOC8EB?I7J?ED 7 B?;K U JH7L;HI B7 FHE:K9J?ED :nKD >?7JKI :7DI B;
FHEFH; IOIJZC; :; IOC8EB?I7J?ED
 "B In7=?J :ED9 I;BED B; FHEFEI :;
&?9>7;B07BI>:;HY9KFYH;H :7DI B; HY;BB;I I?=D?<?7DJI B?YI 7KI7D=
C;DIJHK;B;J:;HYJ78B?HB;KHIOC8EB?I7J?ED7K I;?D:; B7IE9?YJY
&;I
lKLH;I C;DIJHK;BB;I 9>;H9>;DJ @KIJ;C;DJ U H;FYH;H B;I I?=D?<?7DJI
HY;BI ;J FEYJ?GK;I GK? F;KL;DJ 9EDIJHK?H; KD; IOC8EB?I7J?ED DED
JH7KC7J?GK;:KI7D=C;DIJHK;B
,EKL;DJ@;FHEFEI;:7DI C;IlKLH;I
B7 9?J7J?ED 9H?J?GK; :K 9EDJ;NJ; 5F7<5\EI9 9ECC; 9n;IJ B; 97I FEKH
BnlKLH;'::F5B89R!9A5B>Q
D7BOIY;:7DIB7IK?J;:;9;9>7F?JH;B7
L?:YECEDJH;KD;E<<H7D:;:; I7D= C;DIJHK;B UBn;DJ?JY <YC?D?D; :;I
;7KN!9A5B>Q

-HEK8B;H B7 IYF7H7J?ED ;DJH; ;IF79; FK8B?9 ;J ;IF79; FH?LY ?D7K=KH;
Bn;N?IJ;D9; IOC8EB?GK; :K IK@;J C;DIJHKY :7DI B7 IE9?YJY
 ;
:YFB79;C;DJKD; IEHJ; :; 9?J7J?ED9H?J?GK;:; Bn?DJ?C?JY 78@;9J;:7DI
B;9EDJ;NJ;IE9?7B;IJB7 IJH7JY=?;FEB?J?GK;:; B7:YC7H9>;cEI99Fd


;J:;JEKJ;IB;IlKLH;I7D7BOIY;I:7DI9;9>7F?JH;
%7:?IJ?D9J?ED;DJH;
B7 JVF=HV ?DJ?C; :; B7 <YC?D?JY 9EDI?:YHY; 9ECC; KD; :?IFEI?J?ED
FIO9>?GK; ;J B7 JVF=HV ;NJYH?;KH;9EDI?:YHY; 9ECC; KD; 7FF7H;D9;
EK KD; FHYI;DJ7J?ED :; IE? FHE:K?J KD; <EHC7J?ED 9EDJH7:?9JE?H; :K
=;DH;:7DIB7GK;BB;7K9KD;LYH?JYIJ78B;D;F;KJ[JH;YJ78B?;
%;=;DH;
Dn;IJ F7I KD; LYH?JY FKH;C;DJ FIO9>?GK; ?DJ;HD; EK979>Y; C7?I ?B
Dn;IJ F7I DED FBKI HY:K9J?8B; U KD; 7FF7H;D9; IKF;H<?9?;BB;
 %7
F;H<EHC7D9;7HJ?IJ?GK;:K=;DH;GK?C;J;DI9ZD;B;I7D=C;DIJHK;B
I; :?IJ?D=K; :; B7 F;H<EHC7J?L?JY :; =;DH; GK? 9EDI?IJ; U KD;
HY?JYH7J?ED :; DEHC;I GK? FHY9Z:;DJ 9EDJH7?=D;DJ ;J ;N9Z:;DJ 9;BK?
GK?B;IC;J;DlKLH;
%7F;H<EHC7D9;7HJ?IJ?GK;:;=;DH;JEKJ9ECC;
B7:YC7H9>;cEI99FdJH7L7?BB;Bn78@;9J?ED9H?J?GK;:K9EHFI FEKHB7
JH7DI<EHC;H;DFK?II7D9; FEB?J?GK;
%7F;H<EHC7D9; 7HJ?IJ?GK;:;L?;DJ
:ED9 B7 9?J7J?ED 9H?J?GK; :; B7 F;H<EHC7J?L?JY 9n;IJ KD; <7XED :;
H;JEKHD;H B; FEKLE?H 9EDJH; BK? C[C; FEKH FHE:K?H; :;I CE:7B?JYI
7BJ;HD7J?L;I :; FEKLE?H
 ;JJ; :YC7H9>; 7HJ?IJ?GK; D; JH7DI9;D:; F7I
B;I H;B7J?EDI 9EDJ;CFEH7?D;I :; FEKLE?H C7?I ;BB; <ED:; 7L;9 B;
FEKLE?HI7IK8L;HI?EDIOC8EB?GK;

%; IK@;J C;DIJHKY :E?J <7?H; ;DJ;D:H; I;I ;N?=;D9;I FEB?J?GK;I F7HB;
H;9EKHI U :;I 97JY=EH?;I ?:;DJ?J7?H;I H;L;D:?GK;H B; FEKLE?H :; I;
DECC;H ;J :; :YJ;HC?D;H B;I 9ED:?J?EDI I;BED B;IGK;BB;I IED DEC
;IJ KJ?B?IY
 %n;N?IJ;D9; IOC8EB?GK; :K IK@;J C;DIJHKY ;IJ 97F78B; :;
:Y<7?H; B; IK@;J F>7BBE9;DJH?GK; U JH7L;HI B7 C;D79; :; FIO9>EI;
C;D79;:;9>KJ;:KC7I9KB?D:7DIBn78@;9J?ED:K<YC?D?DC;D79;:;
:?IIEK:H; Bn7N; >YJYHEI;NK;B :K :YI?H
 +;FB79;H B7 FK?II7D9; :n7=?H
FEB?J?GK;:K9EHFIC;DIJHKY:7DIB79>7^D;:n>?IJEH?9?JYH;L?;DJ7?DI?U


H;9EDD7^JH; KD ;DI;C8B; :; 9EDJH7?DJ;I F;I7DJ IKH B; F7IIY ;J B;
<KJKH GK? C7HGK;DJ U B7 <E?I B;I B?C?J;I :; B7 FK?II7D9; :n7=?H ;JI;I
9ED:?J?EDI:;FEII?8?B?JYB;IFBKI;II;DJ?;BB;I


*K7D: CED I7D= InY9EKB; ;J GK; @; B; HY?DI9H?I :7DI B; CED:;
IOC8EB?GK; :; B7 H;FHYI;DJ7J?ED 7HJ?IJ?GK; @; :YLE?B; B; 9EHFI
C;DIJHKY
 &ED =;IJ; 7<<?HC; U B7 <E?I IED ;N9BKI?ED IE9?7B; ;J IED
;N?IJ;D9; HY;BB; 9;JJ; 7C8?=d?JY 7HH79>; B7 9HEcJ; :K H;<EKB;C;DJ
C;DIJHK;B IK8?; F7H CED 9EHFI ;J :; C7 8B;IIKH; EKL;HJ; CED
DEKL;7K IK@;J InY9EKB; FEKH ;N?IJ;H
 D 7<<?HC7DJ CED ?D97F79?JY U
9EDJHaB;H C;I >KC;KHI @n;NFEI; Bn5B;C=GG9 89 J=85;9  :K 9EHFI

;JJ;7D=E?II;:;L?:7=;IEKBZL;B7:YFEII;II?ED:KIE?;JB7C;D79;
:; FIO9>EI;
 %; 9EHFI FIO9>EJ?GK; ;IJ KD 9EHFI :;IJ?JKY :; IED
gC7^JH;h9EDI9?;DJKD9EHFI ?D97F78B;:;C7?JH?I;HIEDEH=7D?IC;

L;9"9B9D9ILD5GAj9ADX7<9F89AjV7CI@9F@;FHEFEI;B;N?IJ;D9;
:nKDIK@;JGK?7<<?HC;B;L?:7=;:;IED9EHFI I7DIFEKH7KJ7DJJEC8;H
:7DIB7FIO9>EI;
#n;NFEI;C;I7D=E?II;IC;DIJHK;BB;IC7?I@;IKHL?IU
CED JH7KC7 B; 9>E9 7L;9 B; HY;B IK8B?C; B; JH7KC7 ;J @; <ED:; KD
IK@;J 7HJ?IJ?GK; YC7D9?FY :;I J78EKI C;DIJHK;BI
 %;I lKLH;I :;I
7HJ?IJ;I ?9? 7D7BOIYI IEDJ 7KII? <ED:7JH?9;I :; 9;I DEKL;7KN IK@;JI
7HJ?IJ?GK;I YC7D9?FYI :;I J78EKI C;DIJHK;BI 9>79KD; 7 9EDIJHK?J
KD; ?:;DJ?JY I?D=KB?ZH; FEKH IED IK@;J C;DIJHKY FEKH IED 9EHFI
;DI7D=B7DJY JH7KC7J?IY C7?I =KYH?
 ; 9;I DEKL;7KN 9EHFI @7?BB?J B7
:?C;DI?ED<7DJ7IC7J?GK;:;BnY9EKB;C;DJ;JB7FK?II7D9;FEB?J?GK;:;
B7 9HY7J?ED 7HJ?IJ?GK;
 %n7HJ F;H9; B; 9EHFI 9BEI ;J BnY9EKB;C;DJ
>YCEHH7=?GK;Dn;IJFBKI9;BK?:KJH7KC7C7?I:nKD79J;FEYJ?GK;


D   %?D:7'E9>B?DFEI7?J B7GK;IJ?ED c (CIFEIC= BM 5 H =@ D5G 89;F5B89:9AA9

5FH=GH9d
%n7KJ;KH;?DI?IJ;IKHBn?DY=7B?JY:;JH7?J;C;DJ:7DIB;I<7?JIC7?IY=7B;C;DJ:7DI
B;I:?I9EKHIGKnEDJ;KUIK8?HB;I<;CC;I7HJ?IJ;I@KIGKnUB7CE?J?Y:K11 ZC;I?Z9B;
BB;
FB7?:;FEKHKD;H;<EHC;:;B7:?I9?FB?D;:;Bn>?IJE?H;:;Bn7HJ ;D 9H?J?GK7DJ B;COJ>;:;
Bn7HJ?IJ; =YD?; 9HY7J;KH ;J;D?DI?IJ7DJ IKHB7DY9;II?JY:nKD;H;9EDD7?II7D9;:;I lKLH;I
:;I7HJ?IJ;I<;CC;I
%?D:7'(!%"'g0>O>7L;J>;H;8;;D DE=H;7JMEC;D7HJ?IJh
:7DI*,B9KG';M2EHA@7DL?;H  FF
 

  c CAA9 IB D<VBCAWB9 ACIJ5BH 9H 7CBH9LHI9@ @9 ;9BF9 B9 8VBCH9 D5G IB XHF9

GI6GH5BH=: A5=G IB DC=BH F9@5H=: 89 7CBJ9F;9B79 9BHF9 89G F5DDCFHG 7I@HIF9@@9A9BH 9H
<=GHCF=EI9A9BH GDV7=:=EI9G
 d#K:?J> .-%+ ,FCI6@9 85BG @9;9BF9 $9 :VA=B=GA99H @5
GI6J9FG=CB89@j=89BH=HV)7H?I%7Y9EKL;HJ; F


  %K9; "+" +2 g .D H;=7H: Y9E;KHY <7I9?DY h :7DI ?BB;I %)(.  ;J &7H?;
H7DXE?I; !', $9G :9AA9G @5 DCFBC;F5D<=9 @VFCH=GA9 )7H?I ,;K?B  FF

   

>JJF MMM
B7;J?J?78EKH=;J
EH= E6L?:;E69EDIJHK?H;
>JC

>JJFI MMM
OEKJK8;
9EC M7J9>L#+7A3M

 H?;:H?9> '"-3,! =BG= D5F@5=H 25F5H<CIGHF5JH7:K?JF7H ;D;L?ZL;?7DGK?I)7H?I


B7CC7H?ED F


  c f @5 :=B 8I 0!0 WA9 G=W7@9 @9G AV897=BG Gj577CF89BH DCIF 8V:=B=F @5 A9BGHFI5H=CB

7CAA9 c IB V7CI@9A9BH G5B;I=B EI= G9 DFC8I=H DVF=C8=EI9A9BH 7<5EI9 AC=G GCIG
@j=B:@I9B7989@jCJI@5H=CBdG5BGHCIH9:C=GEI9@5B5HIF98979HH9=B:@I9B79GC=H7@5=F9A9BH
8V:=B=9
$5DF=B7=D5@9=B79FH=HI89FVG=8985BG@9ACA9BH89@jCJI@5H=CB>IGEIjR@5:=B 8I
0!0 WA9 G=W7@9 CB 7FC=H EIj9@@9 5 @=9I D9B85BH @5 A9BGHFI5H=CB  5I A=@=9I 89G 5BBV9G
  @5 D@ID5FH 89G AV897=BG D9BG9BH 9B7CF9 EIj9@@9 G9 DFC8I=H >IGH9 5J5BH CI >IGH9
5DFWG@9GFW;@9G
d#;7D 2L;I%'(.+;J7J>;H?D;/%'-"gKI7D= ;J:;I<;CC;I
!?IJE?H;CY:?97B;:;B7C;DIJHK7J?EDUB7;BB;QFEGK;h:7DI @=C =GHC=F9:9AA9G 9H
GC7=VHVG  FF
  

 %;IH?J;I:n?D?J?7J?EDFEKH<[J;HEK>EDEH;HB;I AVB5F7<9G:;I <?BB;I IEDJ9EKH7DJIF7HC?

B;I =HEKF;I ?D:?=ZD;I :; 9;I HY=?EDI


 "B In7=?J :; H?J;I 7L;9 :;I Y9H?JKH;I IOC8EB?GK;I
FHY9?I;IB;KH:YJEKHD;C;DJEKDED HY7B?I7J?EDF;KJ[JH;7IIE9?YUB?D<;HJ?B?JY:;B7<?BB;EK
:; JEKJ; B7 9ECCKD7KJY
 &;B?II7 &2+ ,<=7?9F H<5H K5H9F,<9 'F=;=BG C: @CC8 5G
+MA6C@5B8*=HI5@
';M2EHA%ED:H;I+EKJB;:=; FF
 

!6=89AFF
  

 %;I :E9KC;DJI GK? :Y9H?L;DJB;IC7B7:?;I :;BKJYHKI H;CEDJ;DJ UBnQ=OFJ;D9?;DD;




%7DEJ?ED:>OIJYH?;FHEL?;DJ:K)7FOHKI$7>EKD  7L7DJ#
?B:Y9H?JB;:YFB79;C;DJ
:;BnKJYHKI:7DI;JI;I9EDIYGK;D9;I;DJ;HC;I:;JHEK8B;I>OIJYH?GK;I:K9ECFEHJ;C;DJ

%;I :;HD?;HI :?7=DEIJ?GK;I :>OIJYH?; ;D H7D9; EDJ YJY HY7B?IYI L;HI B;I 7DDY;I  
:;HD?ZH;I C7D?<;IJ7J?EDI :; 9;JJ; C7B7:?; ?C7=?D7?H;
 B7?H; %!.+- IA9IFG
$jV7CI@9A9BH 9B 5FH 7CAA9 <9FAVB9IH=EI9 7F=H=EI9 8I 7CFDG 8V:5=@@5BH )7H?I
%n!7HC7JJ7D FF
 

!6=89AF
 

>JJF MMM
:L77
D;J
7K

>JJF MMM
OEKJK8;
9EC M7J9>LG+33<!&PE


  c "9 7FC=G EI9 >9 J5=G JCA=F
 d  c 9@5 9GH 8V;CaH5BH d  c @@9 5 69GC=B 8j5=89

DGM7<C@C;=EI9

)I= 6=9B85BG G5HXH9:5=G U5-I;;<< >9B9D9IL D5G dc"9J5=G


HF=7CH9F 89 ACB  7I@
 d -H7:K9J?ED :; Bn7D=B7?I <7?J F7H Bn7KJ;KH
 >JJF
MMM
J>;=K7H:?7D
9EC 9ECC;DJ?I<H;;   :;9  L7=?D7B AD?JJ?D= 7HJ?IJ :;<;D9;
 7DI9;J;NJ;,?=CKD:H;K:YJ78B?JKD;7D7BE=?;;DJH;B7:Y97F?J7J?ED:;B7&Y:KI;

;JBn7D=E?II;:;B797IJH7J?EDGK;F;KJH;II;DJ?HB;=7HXED9ED<HEDJYUBn?C7=;:;IEH=7D;I
=YD?J7KN :; I7 CZH;
 ,?=CKD: +. g %7 J[J; :; &Y:KI; h :7DI *VGI@H5HG =8V9G
DFC6@WA9G,CA9!!  )7H?I)H;II;I.D?L;HI?J7?H;I:;H7D9; FF
 

  B7?H;%!.+- IA9IFG $jV7CI@9A9BH9B 5FH 7CAA9<9FAVB9IH=EI97F=H=EI98I

7CFDG8V:5=@@5BH)7H?I%n!7HC7JJ7D FF


  "HED?GK;C;DJ B7CYB?EH7J?ED :;I J;9>DEBE=?;I 7 ;NFEIY B;I <;CC;I UB7 <H7=?B?JY :;

B;KHI 9EHFI
D  KD;7B;HJ;:;I7DJYFK8B?GK;?CFB?GK7DJ +;BOJ7CFEDI7:EDDYB7
CEHJUJH;DJ; >K?J<;CC;I:c;UKDIOD:HEC;:;9>E9JEN?GK;
 ,>7HH7%EK?I;/(,-+%
-B89F /F5DG  <=GHCFM C: A9BGHFI5@ <M;=9B9 H97<BC@C;M )BOCEKJ> %;N?D=JED EEAI
 FF
 

  BE=  :K FHE@;J +99=B; F98 DFC>97H :nDD7 ?8IED ;J #E>7DD7 ,7CK;BIED  >JJF
MMM
I;;?D=H;:FHE@;9J
MEH:FH;II
9EC:YIEHC7?IFHEJY=Y;JB?C?JYU:;I?DL?JYI

  ,;BED #K:?J> KJB;H :7DI B; FH;C?;H LEBKC; :; Bn =GHC=F9 89 @5 G9LI5@=HV &?9>;B

EK97KBJCEDJH;GK;B7gBE?hIJHK9JKH7B?IJ;FEKL7?J[JH;9ECFH?I;9ECC;KD;<EHC7J?ED
:KDCIJC=FB7BE?FEKHH7?JFHE:K?H;EK=YDYH;HB;:YI?HGKn;BB;;IJ9;DIY;HYFH?C;H
#K:?J>
.-%+ ,FCI6@9 85BG @9 ;9BF9 $9 :VA=B=GA9 9H @5 GI6J9FG=CB 89 @j=89BH=HV )7H?I %7
Y9EKL;HJ; F
 

 #K:?J>.-%+9G7CFDGEI= 7CADH9BH9@5A5HVF=5@=HV9H89G@=A=H9G8=G7IFG=J9G8I

G9L9)7H?ICIJ;H:7C F


 &?9>7;B0%,!g+;7:?D= J>;+;7Bh:7DI)7JH?9AEBC !( ';J%7B?J7)'"-

:?H
F=H=7=GA5B8$575BJ>;DI.D?L;HI?JOE< ;EH=?7)H;II  FF
 

  ";C7D@T ;IJ KD; :?L?D?JY 7<H?97?D; 2EHb8T B7H=;C;DJ >EDEHY; :7DI B;I H?J;I 7<HE

8HYI?B?;DI:n-A65B85;J5B8CA6@V

  )EKH ?:?;H DP?;K B7 F;7K D;IJ F7I GKnKD;;DL;BEFF; F>OI?EBE=?GK; ;BB; 7 KD;

<ED9J?ED FIO9>EBE=?GK; GK? F;HC;J :; 9EDJ;D?H :; :YB?C?J;H :; C;JJH; ;D 9EDJ79J
:?DI9H?H;
 %7 F;7K F7H I;I FHEFH?YJYI I;DIEH?;BB;I =7H:; KD HaB; :YJ;HC?D7DJ :7DI B7
H;B7J?ED U B7KJH;
 %n5B;C=GG9 89 J=85;9 ;IJ Bn7D=E?II; :n7LE?H KD ?DJYH?;KH GK? I; L?:;
Bn;DL;BEFF;;N?IJ;C7?I I79EDJ?DK?JY;IJ ?DJ;HHECFK; F7H:;I JHEKI
 ?:?;H'3". $9
%C= D95I)7H?IQ:?J?EDIKDE: F




 B   
  

/;HI B7 <?D :K 11 ZC; I?Z9B; 9;HJ7?D;I 7KJ;KHI <YC?D?IJ;I EDJ
7FFHE9>YB;I C;DIJHK7J?EDI 7L;9KD;IFH?J<;IJ?<:7DIKD;J;DJ7J?L;:;
H;L7BEH?I7J?ED
 7DI $5 :9AA9 IBI7<  ;HC7?D; H;;H FHY9ED?I;
Bn?D=;IJ?ED :K I7D= C;DIJHK;B 9ECC; KD; C;IKH; :YC7D9?F7J?ED

DD?;%;9B;H9 :7DI (5FC@9 899AA97 ?DLEGKY B7 gLE?N :K L7=?Dh
FEKH IK==YH;H c.C=F 9H G9BH=F@9G5B; H9B8F99H 7<5I8 EI= 7CI@989
GC=EI= 7CI@9 89 GCIF79IB9:C=G D5FAC=G9GH<9IF9ILd
 7DI,<9
/CA5B=BH<9C8MC?BO&7HJ?D7FHY9ED?IYB7LYDYH7J?EDIF?H?JK;BB;
:;B7C;DIJHK7J?ED


n;IJ :7DI 9;J ;IFH?J :; H;L7BEH?I7J?ED C;DIJHK;BB; GK; @n7? HY7B?IY B7
L?:YE'::F5B89R!9A5B>Q   :; nnn C?D
%7 L?:YE9ECC;D9;
7L;9 KD 9EKHJ FB7D :; BE9Y7D IK?L? F7H KD; LK; IK8@;9J?L; :; C;I
@7C8;I ;J F?;:I DKI GK? C7H9>;DJ IKH B; I78B;  :7DI C7 C7?D ED
H;FZH; KD J7CFED KI7=Y
 %EHIGK; B7 FH;C?ZH; L7=K; In7FFHE9>; :;
C;I F?;:I @; C; F;D9>; FEKH JH;CF;H B; J7CFED :7DI Bn;7K
 %;
J7CFEDH;:;L?;DJ>KC?:;;JGK7D:@;B;FH;II;B;I7D=9EKB;IKHC;I
F?;:I
 i 9>7GK; L7=K; @; H;JH;CF; B; J7CFED :7DI Bn;7K FEKH <7?H;
9EKB;HB;I7D=
%;B?GK?:;L;HC;?B:;IJHE?IJ7CFEDIKI7=YI7YJYE<<;HJ
U B7 :Y;II; :; B7C;H
 FHZI BnE<<H7D:;:K :;HD?;H J7CFEDKDJ;NJ;
In7<<?9>; GK? ;NFB?GK; B; IOC8EB?IC; ;J B; 9KBJ; 7JJ79>Y U !9A5B>Q

DIK?J;KDFB7D<?N;IKHB7C;HCEDJH;CED9EHFIGK?H;DJH;:7DIB;I
;7KN:;!9A5B>QFEKHI; 87?=D;H;J7?DI?<?D?HB;H?JK;B C;DIJHK;B
 .D


:;HD?;H J;NJ; In7<<?9>;  c f @5 D@5;9 89 "9F=7C57C5F5 @=HHCF5@ BCF8 9GH
8I FVG=@ >j5= :5=H ACB C::F5B89 =B8=J=8I9@@9 9H G=@9B7=9IG9 R !9A5B>Q

"j5=8=GGCIG85BG@9G95IL89@jC7V5BH@5BH=EI9@9@=EI=89@9D@IG=BH=A9
9HGMA6C@=EI989A5:VA=B=HV9H :V7CB8=HVACBG5B;A9BGHFI9@
 d;J
B7L?:YE<?D?J7L;9KDFB7D:K9EK9>;H:;IEB;?BIKHB7C;H

##/+!"9"*+'8 L?:YEnnnC?D
#0+'..#&'163#


!9A5B>Q 799ECF7=D; JEKI B;I H?J;I :K 5B8CA6@V ;J :; Bn-A65B85
97H ;BB; IOC8EB?I; B; H;JEKH 7KN EH?=?D;I ;J U B7 D7?II7D9;
 !9A5B>Q
;IJ 9EDI?:YHY; 9ECC; B7 CZH; F7H ;N9;BB;D9;
 7DI B7 COJ>EBE=?;
1CF`6Q  ;BB; ;IJ B7 CZH; :; JEKI B;I 7KJH;I 'F=LQG  ;J :; JEKJ
[JH; L?L7DJ
 n;IJ KD; :?L?D?JY :;I ;7KN I7BY;I :Y;II; :;I ;7KN
FH?CEH:?7B;IGK?IEDJB7C7JH?9;:;JEKJ;IB;IFEII?8?B?JYI:;N?IJ;D9;

,;BED &?H9;7 B?7:; :7DI B; COJ>; ;J :7DI B; H?JK;B c $j=AA9FG=CB
85BG @j95I GMA6C@=G9 @5 FV;F9GG=CB 85BG @9 DFV:CFA9@ @5 FV;VBVF5H=CB
HCH5@9 @5 BCIJ9@@9 B5=GG5B79 75F IB9 =AA9FG=CB VEI=J5IH R IB9
8=GGC@IH=CB89G :CFA9GRIB9FV=BHV;F5H=CB85BG @9AC89=B8=::VF9B7=V
89@5DFV9L=GH9B799H@5GCFH=989G95ILFVDWH9@9;9GH97CGAC@C;=EI9
89 @5 A5B=:9GH5H=CB :CFA9@@9
 d  %n;7K 9ED<ZH; 7?DI? KD; DEKL;BB;
B5=GG5B79UJH7L;HI B;I H?JK;BI?D?J?7J?GK;I=KYH?JF7HKDH?JK;BC7=?GK;
;J7IIKH;B7H;D7?II7D9; DCGHACFH9AF7H :;I H?JK;BI <KDYH7?H;I
%n;7K
;IJ:?H;9J;C;DJ7IIE9?Y;UB7BKD;7KNCOJ>;IBKD7?H;I ;J7GK7J?GK;I
KD; H;B7J?ED GK? ;IJ F;HXK; :;FK?I B7 FHY>?IJE?H; 9ECC; B; 9?H9K?J
7DJ>HEFE9EIC?GK;:;B7<Y9ED:?JY

'::F5B89R!9A5B>5;IJKD;F;H<EHC7D9;7HJ?IJ?GK;C7?I7KII?KDH?JK;B
:; F9B5=GG5B79 IOC8EB?GK; :KI7D=C;DIJHK;B
 #; FHEFEI; 7L;9 9;JJ;
lKLH; KD; <KI?ED ;DJH; Bn7HJ B7 9KBJKH; FEFKB7?H; ;J B;I COJ>;I
7GK7J?GK;I ;J C;DIJHK;BI :;I 9HEO7D9;I 5F7<5\EI9G J;BB;I GK; B;
,5BHF=GA9 ?D:?;D ;JB;I H;B?=?EDI 7<HE 8HYI?B?;DD;I
 %; 9KBJ; U !9A5B>Q
;IJ FHE<ED:YC;DJ ;DH79?DY :7DI C7 9KBJKH;
 ECC; 7K HYI?B B;
HYL;?BBED9E_D9?:;7L;9B;I L797D9;I:nYJY@n7?IEKL;DJ<[JYB;@EKH:;
Bn7D U B7 FB7=; 7L;9 :;I <B;KHI 8B7D9>;I FEKH B;I E<<H?H U !9A5B>Q

%n?CFEII?8?B?JY:;=7H:;HB7FH7J?GK;:;C;IH?JK;BI;DH7D9;7YJYBnKD


:;I CEJ;KHI :; B7 HY7B?I7J?ED :; 9;JJ; lKLH;
 #; LEKB7?I FEKHJ7DJ
:YL;BEFF;HKDH?JK;B7HJ?IJ?GK;7=DEIJ?GK;;JF;HIEDD;BGK?D;IE?JF7I
<ED:YIKHKDCOJ>;H;B?=?;KNFHY9?I
%;IOD9HYJ?IC;:;L?;DJ:ED9KD;
IJH7JY=?;DEDI;KB;C;DJIOC8EB?GK; C7?I 7KII? FEB?J?GK;
 '::F5B89R
!9A5B>5 ;IJ KD; F;H<EHC7D9; 7HJ?IJ?GK; GK? 9?J; :; <7XED 9H?J?GK; B7
D9F:CFA5H=J=HVH?JK;BB;:K9EDJ;NJ;5F7<5\EI9
"BIn7=?J:nKD;:YC7H9>;
97F78B;:;HY9KFYH;HB;II?=D?<?7DJIB?YIUBnY9EKB;C;DJC;DIJHK;B:7DI
B; HY;B ;J :; HYJ78B?HB;KHIOC8EB?I7J?ED :7DI Bn7HJ
%nYJK:; >?IJEH?GK;
;J ;J>DE=H7F>?GK; :;I H?J;I ;J COJ>;I <ED:YI IKH B;I 9HEO7D9;I
5F7<5\EI9GC7JH?B?DY7?H;I 7YJY<ED:7C;DJ7B;:7DIB79EDIJHK9J?ED:;
9;JJ; 9?J7J?ED 9H?J?GK;
 ECFH;D:H; 9ECC;DJ B;I I?=D?<?7DJI :K I7D=
C;DIJHK;B I; C7D?<;IJ;DJ 9KBJKH;BB;C;DJ ;IJ ?D:?IF;DI78B; FEKH I7
HY9KFYH7J?ED:7DIB;HY;B


%;FEKLE?HIOC8EB?GK;:KI7D=C;DIJHK;B7JEK@EKHI YJYYL?:;DJ:7DI
B;IH;B?=?EDI5F7<5\EI9GC7JH?B?DY7?H;IB79EDD;N?ED;DJH;B7<;CC;B;
I7D=C;DIJHK;B;JB7<;HJ?B?JYYJ7?JJHZI9B7?H;;JIEB?:;
%7 C7D?FKB7J?ED
H?JK7B?IY; :K I7D= C;DIJHK;B YJ7?J JHZI IJH?9J; :7DI B;I :E=C;I ;J I7
FK?II7D9;YJ7?J<EHJ;C;DJH;IF;9JY;
%;I J;NJ;I :;I H;B?=?EDI?D:?;DD;I
?BBKIJH;DJB7JH7DI<EHC7J?EDDEHC7B;C;DJUJH7L;HIB7<EH9;:;IE9?YJYI
C7JH?B?DY7?H;I;DIE9?YJYIF7JH?7H97B;I
%;I>ECC;II;IEDJ?DGK?YJYI
GK;B7 FK?II7D9; IOC8EB?GK; :KI7D=C;DIJHK;B FK?II; :YIYGK?B?8H;H
B;I FEKLE?HI IF?H?JK;BI C7I9KB?DI ?DI9H?JI :7DIB;KHI:E9JH?D;I I79HY;I

7DI B;I FBKI 7D9?;DI :;I J;NJ;I "D:?;DI B;I ,5BHF5G   B; I7D=
C;DIJHK;B YJ7?J B7 IK8IJ7D9; B7 FBKI I79HY; BE<<H7D:; ?:Y7B; FEKHB7
:Y;II;CZH;#5A5?<M59J=
*K7D:B;IB?LH;I :;B7BE?H7>C7D?GK;
EDJ YJY 9E:?<?YI :;I 7JJ?JK:;I ;DL;HI B; I7D= C;DIJHK;B EDJ YJY


H;JEKHDY;I :7DI B7 IE9?YJY KD; HY79J?ED 7=H;II?L; :; BEH:H;
F7JH?7H97B; FEKH IKFFB7DJ;H B7 C7JH?B?DY7H?JY
 %;I BE?I H7>C7D?GK;I
;DL;HI B;I <;CC;I C;DIJHKY;I YJ7?;DJ JHZI :KH;I KD; ?DL;HI?ED
FH;IGK; 9ECFBZJ; :; B7 LYDYH7J?ED 799EH:Y; 7K I7D=  C;DIJHK;B
JHEKLY;:7DIB;,5BHF5G


%;I?=D;:KI7D=7JEK@EKHI ;KB;:EK8B;;<<;J:?DJ;H:?H;B;9EDJ79J;J
:;:EDD;H:;BYD;H=?;L?J7B;
7DI B;9EDJ;NJ;5F7<5\EI9B;I7D=EK
B79EKB;KH:KI7D=YJ7?J9EDI?:YHYI79HY;JYJ7?JKJ?B?IY7L;9:;IE8@;JI
:; 9KBJ;
 'EKI JHEKLEDI :KD; F7HJ B;I :Y;II;I :; B7 C;DIJHK7J?ED
7L;9 B;KH G5B; A9BGHFI9@ 9EDI?:YHY 9ECC; I7?DJ ;J FK?II7DJ ;J :;
B7KJH; DEKI JHEKLEDI Y=7B;C;DJKD;9H7?DJ;FHE<ED:YC;DJ;DH79?DY;
:?CFKH;JY ;J :; J;HH;KH 7JJH?8KY; 7KN <;CC;I C;DIJHKY;I
 %; J78EK
IKH B;I C;DIJHK;I D; I; H;JHEKL; F7I :7DI B; 9EDJ;NJ; FH?C?J?<
;J EH?=?D;B :K 9ED9;FJ
 %;I FBKI 7D9?;DD;I <?=KH?D;I :; B7 Y;II;
&ZH; 9ECC; B7 /YDKI :; 0?BB;D:EH< IEDJ F;?DJ;I ;D HEK=;
 %7
9EKB;KH HEK=; IOC8EB?I; B7 <;HJ?B?JY B; H;DEKL;BB;C;DJ :; B7 L?;
Bn799EK9>;C;DJ B7 CEHJ ;J B7 H;D7?II7D9;
 K 9EKHI :K J;CFI B;I
=HEKF;I C7JH?B?DY7?H;I EK I;C? C7JH?B?DY7?H;I EDJ =7H:Y :;I H?J;I
C;DIJHK;BIJ7D:?I GK;:n?CFEHJ7DJ;I H;IJH?9J?EDI I; IEDJ:YL;BEFFY;I
:7DI B;I IE9?YJYI 7L;9 :;I ?DIJ?JKJ?EDI FKH;C;DJ C7I9KB?D;I IE9?YJYI
I;9HZJ;IC7?IEDI:;I>ECC;I;J9


)EKHB7HY7B?I7J?ED:n'::F5B89R!9A5B>5Bn'F=LQ7<H?97?D;:;B7C;H7
IK8? KD; IEHJ; :; IOD9HYJ?IC; 7L;9 B7 :Y;II; J7DJH?GK; ?D:?;DD;
#5A5?<M5 9J=
 %;I :;KN JH7:?J?EDI H;B?=?;KI;I IEDJ C7JH?B?DY7?H;I ;J
;D9EH;<ED:Y;I IKHB;I YBYC;DJI:;B7D7JKH;
%;I7D=C;DIJHK;BDn;IJ
F7I KD YBYC;DJ 9EKH7CC;DJ E<<;HJ U !9A5B>Q C7?I ?B F;KJ [JH;


<79?B;C;DJ7IIE9?YUI79EDIJHK9J?EDIOC8EB?GK;
%7JH7:?J?EDJ7DJH?GK;
:Y8EH:; B7H=;C;DJ :; B>?D:EK?IC; ;BB; DE8Y?J F7I 7KN J;NJ;I :;I
/Y:7I   ;J D; H;9EDD7?J F7I B; IOIJZC; :;I 97IJ;I ;D 7<<?HC7DJ 
c &CIG GCAA9G HCIG V;5IL 89J5BH @5 V9GG9 d 
 %; J7DJH?IC; I;
:?IJ?D=K; :; Bn>?D:EK?IC; ;J :K 8EK::>?IC; F7H Bn;N7BJ7J?ED :; B7
<YC?D?JYIE?J:7DIB;FB7D:?L?DIE?J7KD?L;7K>KC7?D B7 IKFYH?EH?JY
7FF7HJ?;DJ JEK@EKHI 7KN [JH;I :; I;N; <YC?D?D
 %?:;DJ?<?97J?ED :; B7
J;HH; 7L;9 B;I <;CC;I 7 :EDDY B?;K U :;I H?J;I 7=H?9EB;I ;J U B7
H?JK7B?I7J?ED :;I FH7J?GK;I I;NK;BB;I 
 ;JJ; ?:;DJ?<?97J?ED ?CFB?GK;
GK; B;I <ED9J?EDI :; B7 J;HH; ;J 9;BB;I :;I <;CC;I I; H;II;C8B;DJ ;J
GK;B;I 9ED:?J?EDI GK?<;HJ?B?I;DJB;I<;CC;I<;HJ?B?I;DJ7KII?B7J;HH;

,;BEDB7JH7:?J?EDJ7DJH?GK;F;D:7DJB;IJHE?IFH;C?;HI@EKHI :K<;IJ?L7B
7=H?9EB; :; <;HJ?B?JY A6IJ57= %9@5 B7 :Y;II; #5A5?<M5 9J= 7 I;I
C;DIJHK;I
 %; J;CFB; :; B7 :Y;II; :;C;KH; <;HCY :KH7DJ 9;I JHE?I
@EKHI7<?DGKn;BB;FK?II;:?IFEI;H:;B7F7?NDY9;II7?H;UB7FHYF7H7J?ED
:; IED JH7L7?B :; <;HJ?B?I7J?ED
 K GK7JH?ZC; @EKH B; J;CFB; HY EKLH;
I;I FEHJ;I 7KN<?:ZB;I
 ,;I ?C7=;I IEDJ :ED9 H;9EKL;HJ;I :; F?=C;DJ
HEK=; ;J :; FBKI?;KHI g LKBL;I h I9KBFJY;I U Bn?DJYH?;KH :K J;CFB;
9EKB;DJ:KB?GK?:;L;HC;?B


L;9 CED lKLH; B;I E<<H7D:;I C;DIJHK;BB;I JH7:?J?EDD;BB;C;DJ


7FFEHJY;IUB7:Y;II;#5A5?<M59J=EDJYJY?D9EHFEHY;I7K9KBJ;:;
";C7D@T
 %;I I?C?B?JK:;I IOC8EB?GK;I :;I :;KN JH7:?J?EDI IEDJ
YL?:;DJ;I
 7DI B7 H;B?=?ED 7<H?97?D; 2EHb8T ?B ;N?IJ; KD; IEHJ; :;
IE9?YJYI;9HZJ;<YC?D?D;B7 W@W8VGK?EH=7D?I;KD<;IJ?L7B7=H?9EB;
7DDK;B FEKH B;I 'F=LQG <;CC;I ;J B;I g CZH;I 7D9;IJH7B;I h
 KII?
<ED:Y IKH B7 H;B7J?ED ;DJH; B7 <;HJ?B?JY :; B7 <;CC; ;J :; B7 J;HH; B;


<;IJ?L7B;IJ9ECFEIY :; F;H<EHC7D9;I :7DI; ;J F;H9KII?ED 7L;9 :;I
<;CC;I C7IGKY;I ;J;DJH7DI;
7DIB79HEO7D9;2EHb8TB;I <;CC;I
FH?D9?F7B;C;DJ B;I <;CC;I V=Y;I FEIIZ:;DJ 9;HJ7?DI FEKLE?HI
;NJH7EH:?D7?H;I Y=7KN EK IKFYH?;KHI U 9;KN :;I :?;KN ;J 7D9[JH;I
C7I9KB?DI
 ; IEDJ :;I g CZH;I h JHZI FK?II7DJ;I GK? F;KL;DJ [JH;
8?;D<7?I7DJ;I EK :;IJHK9J?L;I ;BB;I F;KL;DJ 7FFEHJ;H B7 I7DJY B7
H?9>;II; ;J B7 <;HJ?B?JY U B7 J;HH; ;J U I;I F;HIEDD;I Eb B; :YI7IJH;
BnYF?:YC?;B7IY9>;H;II;;JB7F;IJ;


*23 &")>ECC7=;UB7:Y;II;#/#-*:#'7+-;CFB; KM7>7J?"D:?7

;IJ?L7B7=H?9EB;;);!:9KBJKH;!13A$=YD?D'?=;H?7;J-E=E


%;IOD9HYJ?IC;;DJH;9;I:;KNH;B?=?EDIL?;DJ:nKD9>E?NJHZIF;HIEDD;B
FHEL;D7DJ :; CEDKD?L;HI 9KBJKH;B
 97KI; :; CED ;N?B @; C; IK?I
7F;HXK; GK; @nYJ7?I 8;7K9EKF FBKI I;DI?8B; U B7 9KBJKH; 7<HE
8HYI?B?;DD; GK; @; D; BnYJ7?I 7K HYI?B
 #n7? :Y9EKL;HJ KD -;CFB;
:n-A65B85  FHZI :;9>;PCE?GK;@; <HYGK;DJ;:;J;CFI ;DJ;CFI

#; IK?I JHZI I9;FJ?GK; 7L;9 B;I :E=C;I IKHJEKJ 7L;9 B;I DK7D9;I
9>HYJ?;DD;IC7?I@;H;II;DIKD;YDEHC;@E?;;DF7HJ?9?F7DJU9;IH?J;I

%;CYB7D=;;DJH;F;H9KII?ED;JJH7DI;Cn7JEK@EKHI<7I9?DY;
KHYI?B
@; FEKL7?I ;NFYH?C;DJ;H 9;JJ; YD;H=?; :7DI B; 9EDJ;NJ; FHE<7D; :K
97HD7L7B ;J :; <[J;I FEFKB7?H;I
 D H7D9; @n7? <?D? F7H <HYGK;DJ;H
Bn-A65B85 FEKH [JH; ;D 9EDJ79J 7L;9 B;I ;NFYH?;D9;I :; JH7DI;
 %7
CE?J?Y :;I CY:?KCI IEDJ <H7DX7?I B7 AWF9 89 G5=BH  :K-;CFB; ;IJ
<H7DX7?I;C7?I;DJH7DI;?BIF7HB;DJFEHJK=7?I EK:;I:?7B;9J;I2EHb8T

%EHI :;I =F5G  @; F7HB; 7KN g ;DJ?JYI ?D9EHFEHY;I h ;J @; :;C7D:;
IEKL;DJ :;I 9EDI;?BI FEKH Bn7=;D9;C;DJ IOC8EB?GK; :; C;I
:YC7H9>;I 7HJ?IJ?GK;I 9EDXK;I ;D J7DJ GK; H?JK;B
 'EHC7B;C;DJ B;I
;DJ?JYI :EDD;DJ :;I g H;9;JJ;I h FHY9?I;I FEKH B;I H?JK;BI ?D:?L?:K;BI
GK; B;I 9EDIKBJ7DJI :E?L;DJ ;DIK?J; HY7B?I;H
 )EKH BnY9H?JKH; :; C;I
H?JK;BI 7HJ?IJ?GK;I @; :YJEKHD; 9;I g H;9;JJ;I h :7DI B; I;DI :; =7H:;H
Bn;IFH?J:;9?J7J?ED9H?J?GK;F7HH7FFEHJUB7F;H<EHC7J?L?JYH?JK;BB;


#n7? E<<;HJ CED I7D= C;DIJHK;B U !9A5B>Q DED 9ECC; KD;


C7D?<;IJ7J?ED H;B?=?;KI; EK LYH?J78B;C;DJ 9HEO7DJ; C7?I FBKJaJ
9ECC; KD; IEHJ; :n57H9 DGM7<CA5;=EI9 9ECC; FHEFEIY F7H
B;@7D:HE #E:EHEMIAO
 "B In7=?J :nKD =;IJ; 7HJ?IJ?GK; GK? J;DJ; :;
HYYGK?B?8H;H B;I YD;H=?;I <YC?D?D;I ;J C7I9KB?D;I :7DI BnEH:H;
IOC8EB?GK; 9EDJ;CFEH7?D ;J 7KII? :7DI B; 97:H; FIO9>EBE=?GK;


IJH?9J;C;DJ F;HIEDD;B
 ,;BED B;@7D:HE #E:EHEMIAO  B;I 79J;I
FIO9>EC7=?GK;I IEDJ :;I H?JK;BI GK? F7HB;DJ :?H;9J;C;DJ U
Bn?D9EDI9?;DJ:7DIB;B7D=7=;CYJ7F>EH?GK;
"BI9HY;DJ:;I;NFYH?;D9;I
9ED9HZJ;I;J:Y9?I?L;I 7L;9B;HY;B9n;IJKD;C7D?ZH;:;FH;D:H;g;D
C7?Dh IED:;IJ?D
 %; 8KJ:;Bn79J;FIO9>EC7=?GK; ;IJ:;DEKI IEHJ?H
:; B7 97=; FIO9>?GK; :7DI B7GK;BB; DEJH; <7C?BB; DEJH; IE9?YJY ;J
DEJH; 9KBJKH; DEKI EDJ ;D<;HCYI
 "B J;DJ; :; 97II;H B;I 9;H9B;I
FIO9>?GK;IL?9?;KN:7DIB;IGK;BIDEKIIECC;IFH?I
n;IJKD;HYFEDI;
UB7FIO9>7D7BOI;

%7 FIO9>7D7BOI; ;IJ KD; J;9>D?GK; GK? IE?=D; U JH7L;HI B7 F7HEB; B;
FIO9>7D7BOIJ;JH7DI<EHC;B;I C;II7=;IGKn;DLE?;B?D9EDI9?;DJ9ED<KI
:KF7J?;DJ;DKD:?I9EKHIH7J?EDD;B
(D9HE?JGK;BEHIGK; B;F7J?;DJ7
:Y9EKL;HJ B7 97KI; :; I;I IOCFJaC;I 9;KN 9? :?IF7H7?II;DJ

'Y7DCE?DIB;@7D:HE#E:EHEMIAO:Y<;D:GK;g$CFGEI9 VA9F;9IB9
DI@G=CB 89 @=B7CBG7=9BH BCIG B9 DCIJCBG BCIG @=6VF9F EIj9B @5
FV5@=G5BH h
 %7 FIO9>EC7=?; FHEFEI; :ED9 :n7=?H;J F7I I;KB;C;DJ
:; F7HB;H
 K B?;K :7FFH;D:H; U B?D9EDI9?;DJ U F7HB;H B; B7D=7=;
H7J?EDD;B9ECC; :7DIB7FIO9>7D7BOI;9n;IJB7H7?IEDGK?7FFH;D:U
KJ?B?I;HB;B7D=7=;:;B?D9EDI9?;DJ9ECFEIYDEDI;KB;C;DJ:;CEJI
C7?I 7KII? :n79J;I :n?C7=;I :nE:;KHI :; IEDI :; I7L;KHI EK :;
I;DI7J?EDIJ79J?B;I

>7GK; 79J; FIO9>EC7=?GK; 9EHH;IFED: U B7 F;HIEDD; GK? B; H;XE?J


EKB;9EDXE?J9n;IJKD;HY<YH;D9;UIED>?IJE?H;F;HIEDD;BB;
"BD;F;KJ
F7I [JH; H;FHE:K?J ;D IYH?; FEKH :n7KJH;I F;HIEDD;I 9ECC; 9n;IJ B;
97I :;I FH?ZH;I H;B?=?;KI;I ;J :;I IKF;HIJ?J?EDI
 (<<H?H CED I7D=
C;DIJHK;B U ";C7D@T ;IJ KD 79J; GK? H;DLE?; :?H;9J;C;DJ U CED


>?IJE?H; 7HJ?IJ?GK; 9KBJKH;BB; ;J EH=7D?GK; F;HIEDD;BB;
 n;IJ KD 79J;
GK? JEK9>; :;I GK;IJ?EDI J;BB;I GK; B; =;DH; ;J B7 9KBJKH; 7<HE
8HYI?B?;DD; GK?IEDJ JHZI 9>;HI FEKHCE?
%n7HJ?IJ;GK?HY7B?I; KD79J;
FIO9>EC7=?GK; ;D J7DJ GKnlKLH; :n7HJ ;IJ KD 7HJ?IJ; GK? 7IIKC; U
JH7L;HI B7 F;H<EHC7D9; ;J B; C?CYJ?IC; :K H?JK;B B; HaB; :; 9>7C7D
9EDJ;CFEH7?D:;C7=?9?;DIOC8EB?GK;GK?Y9>7FF;UB7H;B?=?ED7KN
BE?IIE9?7B;I;JUB7FIO9>7D7BOI;

&7 H;D9EDJH; 7L;9 B7 FIO9>EC7=?; ;IJ 7HH?LY; U JH7L;HI KD; I;II?ED
:; -7HEJ HY7B?IY; 7K 7<Y -YCYH7?H; F7H KD :?I9?FB; :; B;@7D:HE
#E:EHEMIAO
 %7 L?:YE 7H9 (GM7<CA5;=EI9 7D7BOIY; :7DI B;
>7F?JH;  ;IJ B7 C?I; ;D lKLH; :; Bn79J; FIO9>EC7=?GK; GK? Cn7
YJY 9EDI;?BBY; FEKH (F9B8F9 DCGG9GG=CB 8jIB H9FF=HC=F9
 )EKH 8?;D
9ECFH;D:H; BnKD?L;HI FIO9>EC7=?GK; :; B;@7D:HE #E:EHEMIAO @n7?
9ECC;D9YF7HYJK:?;HI;IB?LH;I;J:7DIB;%5BI9@89DGM7<CA5;=9B;
JEKJFH;C?;H9EDI;?B:;=KYH?IED;IJ;DH;B7J?ED7L;9B7 VJ5@CF=G5H=CB
G9LI9@@9 89 @5 :9AA9
 %; FIO9>EC7=?9?;D FHEFEI; :;I 79J;I GK?
KJ?B?I;DJB;I7D= C;DIJHK;B9ECC;YBYC;DJC7=?GK;
"B9EDI;?BB;UI;I
9EDIKBJ7DJ;I :;F;?DJH;KD7KJEFEHJH7?J7L;9B;KHI7D=C;DIJHK;BFK?I
:799HE9>;HB;J78B;7K:7DIKD;D:HE?JL?I?8B;:;B7C7?IED;J;DIK?J;
:;BnE<<H?HU B;KH FZH;
"BH;9ECC7D:;7KII?:;F;?D:H; KD CY:7?BBED
7L;9 B; I7D= C;DIJHK;B ;J :; B; FEHJ;H 7KJEKH :K 9EK :; C7D?ZH;
L?I?8B;
D:;HD?;H?BFHEFEI;:;I; 87H8EK?BB;HB;L?I7=; 7L;9B;I7D=
C;DIJHK;B ;J :; I; FHEC;D;H EK :7BB;H H;D:H; L?I?J; 7KN 7C?I ;J
F7H;DJI
DB?I7DJB;@7D:HE#E:EHEMIAOFBKI7JJ;DJ?L;C;DJ@;C;IK?I
H;D:K; 9ECFJ; GK; B7 FBKI =H7D:; F7HJ?; :; C;I lKLH;I 7HJ?IJ?GK;I
9EHH;IFED:;DJ ;D <7?J U :;I 79J;I FIO9>EC7=?GK;I
 %nKJ?B?I7J?ED :K


I7D= C;DIJHK;B :7DI C7 FHE:K9J?ED 7HJ?IJ?GK; ;IJ KD; C7D?ZH; :;
H;DL;HI;H IOC8EB?GK;C;DJ B; CYFH?I :; B7 IE9?YJY F7JH?7H97B; ;D
H;B7J?ED 7K<YC?D?D9ED:?J?ED GK? ;DJH7^D; KDI;DJ?C;DJ:?D<YH?EH?JY
9>;PKD=H7D:DEC8H;:;<;CC;I
,;BEDB;@7D:HE#E:EHEMIAOc$5
F57=B98979HH9GCIG VJ5@I5H=CBJ5;=B5@9DFCJ=9BHD5F:C=G8979EI9@9G
<CAA9G 89 @j5F6F9 ;VBV5@C;=EI9 89 @5 7CBGI@H5BH9 CBHD9B85BH 89G
;VBVF5H=CBGAVDF=GV@9G :9AA9G9H7CBG=8VFV@5A9BGHFI5H=CB7CAA9
IB9=ADIF9HV
d

'::F5B89 R !9A5B>Q 9EC8?D; B7 IJHK9JKH; IOC8EB?GK; :; B7


FIO9>EC7=?; 7L;9 KD; IJH7JY=?; ;IJ>YJ?GK; GK? I; H7FFHE9>; :; B7
:YC7H9>; c EI99F d
 i JH7L;HI C7 F;H<EHC7D9; 7HJ?IJ?GK; @; 9?J; :;
<7XED 9H?J?GK; B7 F;H<EHC7J?L?JY H;B?=?;KI; :;I JH7:?J?EDI ,5BHF=EI9 ;J
1CF`6Q
 #nE<<H; BnE<<H7D:; :nKD; :Y;II; U KD; 7KJH; @; JHEK8B;
B;ICOJ>;I;J@n?DIZH;KDI?=D?<?7DJ9EDJ;CFEH7?D;J78@;9JB;J7CFED
>O=?YD?GK; KI7=Y
 #n7? 9>E?I? :nE<<H?H CED I7D= U JH7L;HI KD EKJ?B
:>O=?ZD; 9EDJ;CFEH7?D FEKH C;JJH; ;D YL?:;D9; C7 HY7B?JY
F;HIEDD;BB; :; IK@;J C;DIJHKY BCB 5F7<5\EI9
 %; IOD9HYJ?IC;
IOC8EB?GK;:;CED=;IJ;<ED:;KD79J;FIO9>EC7=?GK; F;HIEDD;B;J
KD;lKLH; :n7HJ 7C8?L7B;DJ;
 #; HY7B?I; KD=;IJ; GK?H;D:>ECC7=;
7KN 9KBJKH;I C7JH?B?DY7?H;I I7DI B;I 7KJEH?I;H 9ECFBZJ;C;DJ
 #; D;
HY?JZH; F7I B;KHI 9HEO7D9;I IFY9?<?GK;I @; C; I;HI :; 9;I JH7:?J?EDI
I;KB;C;DJFEKHHY9KFYH;HB;KHI I?=D?<?7DJI 97F78B;I :; H79>;J;H:7DI
B; HY;B KD; ?DJ;HFHYJ7J?EDDED IJ?=C7J?I7DJ; :K I7D=C;DIJHK;B;J :K
9EHFI<YC?D?D

L;9 9;JJ; YD;H=?; JH7DI<EHC7JH?9; :; B7 FIO9>EC7=?; @n7? FHEFEIY


BEHI:;9ED<YH;D9;I7KJEKH:;B7I;NK7B?JY:;I<;CC;I;D<YLH?;H 


U %7 YDYH7B;  Bn'::F5B89 7C@@97H=J9 R !9A5B>Q
 FHZI KD; 8HZL;
9ED<YH;D9; IKH Bn?:;DJ?JY C;DIJHK;BB; :7DI Bn7HJ 9EDJ;CFEH7?D @n7?
;NFEIY B7 FHEFEI?J?ED :; FIO9>EC7=?; IE9?7B; 7K FK8B?GK;
 #n7?
:;C7D:Y :;I E<<H7D:;I :n>KC;KHI I7D= C;DIJHK;B B7?J C7J;HD;B
<BK?:;I L7=?D7KN I7B?L; ;J9
 ;J EK :;I HYI?:KI 9EHFEH;BI FE?BI
9>;L;KNED=B;I;J9
IJH?9J;C;DJ<YC?D?DIFEKHHY7B?I;HKD;E<<H7D:;
9EBB;9J?L;U!9A5B>Q
)EKH9;B7@n7?9EDIJHK?JKDF;J?J87J;7K;D97HJED
F;?DJ;D8B;KH;9EKL;HJ:;:;DJ;BB;8B7D9>;;IJ>YJ?GK;JHZIFHE9>;:;
B7 JH7:?J?ED 8HYI?B?;DD; :nE<<H7D:;I U !9A5B>Q
  B7 :?<<YH;D9; :;I
HYI?:KI 9EBB;9JYI FEKH B7 9EBB;9J?ED DCH<=75=F9G B;I E<<H7D:;I
>KCEH7B;I IEDJH;IJY;I <H7^9>;I =7H:Y;I:7DI B;HY<H?=YH7J;KH@KIGKn7K
@EKH :; BnE<<H7D:;I7DI Bn7::?J?ED :; =EKJJ;I :; <EHCEBFEKH=7H7DJ?H
B;KH DED :YJYH?EH7J?ED
 -HE?I I;C7?D;I 7FHZI B7 FHEFEI?J?ED :;
Bn'::F5B89 7C@@97H=J9 R !9A5B>Q J;CFI DY9;II7?H; FEKH H7II;C8B;H
JEKJ;IB;IE<<H7D:;I@n7?B7D9YB;87J;7KIKHB7,;?D;
;BK? 9?7YJYC?I
:7DIB;I;7KN:;!9A5B>Q;J:n'LIA B; C7HI @EKHDY;:;B7
<;CC;


,;BED B;@7D:HE #E:EHEMIAO  I? B;I 79J;I FIO9>EC7=?GK;I F;KL;DJ


=KYH?H :;I ?D:?L?:KI ?B ;IJ FEII?8B; :; 9ED9;LE?H :;I 79J;I GK?
=KYH?II;DJ :;I 9EBB;9J?L?JYI ;DJ?ZH;I
 -V9>; :?<<?9?B; 97H FEKH B;I
HY7B?I;H ?B <7KJ E8J;D?H GK; :;I C;DJ7B?JYI :?<<YH;DJ;I IEKL;DJ
7DJ7=ED?GK;I B;I 799;FJ;DJ :; 8ED =HY
 "BFHEFEI; GK;B;I ?D:?L?:KI
F7HJ?9?F7DJI FH;DD;DJ 9EDI9?;D9; GKnKD; CKJ7J?ED IF?H?JK;BB; ;IJ
?D:?IF;DI78B;;JGK?BIEH=7D?I;DJ:;I79J;I9EBB;9J?<IL?I7DJB7@E?;:;
L?LH;



##/+!" ,))" 1&3"9"*+'8 FHEFEI?J?EDF7HJ?9?F7J?L;
#0+'..#&'163#

?DI? @n7? FHEFEIY ;J HY7B?IY Bn'::F5B89 7C@@97H=J9 R !9A5B>Q :7DI


Bn;IFH?J:;g 9EHH?=;HhB; :Y97B7=; IOC8EB?GK; ;DJH;B; <YC?D?D;JB;


C7I9KB?DKD79J;:;L7BEH?I7J?EDIOC8EB?GK;:;BnEH=7D?9?JY<YC?D?D;
U JH7L;HI I;I HYI?:KI ;J >KC;KHI
 D FB7X7DJ 7K D?L;7K :nE<<H7D:;
g I79HY; h :;I HYI?:KI EH=7D?GK;I <YC?D?DI J;BI GK; B;I C;DIJHK;I ;J
B;I<BK?:;I L7=?D7KNIEKL;DJ9B7II?<?YI;DJ7DJGKn78@;9JI ;J FEBBK7DJI
9n;IJ Bn;DI;C8B; :K 9EHFI :; B7 <;CC; GK? H;CEDJ; :7DI BY9>;BB;
IOC8EB?GK;
%7H;9EDIJHK9J?ED:;BnEH:H;IOC8EB?GK;:K9EHFI<YC?D?D
;IJ KD IK@;J YC?D;DJ ;J 9ECC; CE? FBKI?;KHI 7HJ?IJ;I IEDJ ;D=7=YI
:7DI9;JJ;:YC7H9>;:nKDg:;L;D?H <;CC;h7<<?HC7J?<

7DI B;I F7=;I IK?L7DJ;I @; FHEFEI; Bn7D7BOI; :;I lKLH;I :; JHE?I
7HJ?IJ;I GK? JEKJ 9ECC; CE? ;II7?;DJ :nYJ78B?H KD; B;9JKH; DED
IJ?=C7J?I7DJ;:KI7D=<YC?D?DUJH7L;HIB79?J7J?ED9H?J?GK;:;I COJ>;I
;J H?J;I H;B?=?;KN
 D7 &;D:?;J7 ;J )7KB HC7D: ;JJ; KJ?B?I;DJ
Bn?C7=?D7?H; :;I g :Y;II;I h FHEL;D7DJ :;I H;B?=?EDI ;J :;I COJ>;I
5F7<5\EI9G FEKH <ED:;HB;KH 9?J7J?ED7HJ?IJ?GK; F;HIEDD;BB;;J9H?J?GK;
IKH B; I7D= <YC?D?D
 B?D; )
 FHEFEI; U IED JEKH KD; 9?J7J?ED GK?
?DL;HI;Bn?CFKH;JYIOC8EB?GK;B?Y;7KI7D=C;DIJHK;B:7DI B;I H?J;I;J
:E=C;I:K9>H?IJ?7D?IC;
%;IlKLH;IEDJ:;IY9H?JKH;IIOC8EB?GK;I;J
;IJ>YJ?GK;I JHZI :?<<YH;DJ;I FEKHJ7DJ B7 H;B7J?ED ;DJH;I7D=<YC?D?D;J
COJ>;I H;B?=?;KN ;IJ YL?:;DJ;
 D7 &;D:?;J7 ;JB?D; )
 78EH:;DJ B;
IK@;J U F7HJ?H :K g CE? h B;KHI :YC7H9>;I H;II;C8B;DJ U B7 C?;DD;
:7DI B7 C;IKH; Eb DEKI C;JJEDI ;D lKLH; B; I7D= 979>Y :; DEJH;
?:;DJ?JY <YC?D?D; F;HIEDD;BB;
 )7KB HC7D: ;JJ; JH7?J; B; I7D=
C;DIJHK;B U JH7L;HI IED 7BJYH?JY C7I9KB?D;
 #n7? 9>E?I? :n7D7BOI;H 9;I
lKLH;I FEKH JH79;H :7DI B; 9>7CF 7HJ?IJ?GK; B;I 8EH:KH;I :nKD
J;HH?JE?H; I;DI?8B; Eb B; I7D=  <YC?D?D F;KJ ;N?IJ;H FEYJ?GK;C;DJ U
JH7L;HI B7 9?J7J?ED 9H?J?GK; :;I COJ>;I H;B?=?;KN
 ECFH;D:H; B;I


:?<<YH;DJ;I FEII?8?B?JYI :; gI79H7B?I7J?EDh 7HJ?IJ?GK; :K I7D=<YC?D?D
;IJ?D:?IF;DI78B;FEKH9EDIJHK?H;CEDFHEFH;FE?DJ:;LK;9H?J?GK;;J
7KII?FEKHDEKHH?HB;I:?I9KII?EDI797:YC?GK;IIKHB;IK@;J


L;9 KD FE?:I IOC8EB?GK; JHZI FHE9>; :; 9;BK? :;I 79J;I FIO9>E
C7=?GK;I ;J 7L;9 KD; HY<YH;D9; YL?:;DJ; U B7 +5BH9F=5  B; I7D=
<YC?D?D;JB;<;KEDJYJYB7H=;C;DJKJ?B?IYIF7HD7&;D:?;J7:7DIIED
lKLH; GK? 9HE?I; F;H<EHC7D9; @5B8 5FH F>EJE=H7F>?; ;J L?:YE

%n7HJ?IJ;7FEIY:?CFEHJ7DJ;I GK;IJ?EDIH;B7J?L;I UBn?:;DJ?JY 9KBJKH;BB;
;JIF?H?JK;BB;UB7H79;;J7K=;DH;
EH?=?D;9K87?D;D7&;D:?;J77
YJY;DLEOY;;D;N?B7KNQJ7JI .D?I:7DIB;97:H;:;Bn(FYH7J?ED);J;H
)7D
;JJ; IYF7H7J?ED GK?:;L7?J?D?J?7B;C;DJ [JH; J;CFEH7?H;L7 I;
JH7DI<EHC;H ;D KD; YFH;KL; :EKBEKH;KI; FEKH B;I IlKHI &;D:?;J7

BB;I EDJ :c 7JJ;D:H;9?DG7DI 7L7DJ :; H;LE?HB;KHCZH; ;J B;KHF;J?J
<HZH; ;J:?N >K?J7DI 7L7DJ:;H;LE?HB;KHFZH;
%n;NFYH?;D9;:?<<?9?B;
7L;9 Bn;N?B 7 FH?I KD; ?CFEHJ7D9; I?=D?<?97J?L; :7DI B7 FHE:K9J?ED
7HJ?IJ?GK;:nD7&;D:?;J7
,EDlKLH;;IJ:;L;DK;KD;J;DJ7J?L; FEKH
JHEKL;HKD; FB79; IKHB7J;HH; ;JFEKH;II7O;H :; I;:Y<?D?H ;D J;HC;I
9KBJKH;BI

%n;N?B :nD7 &;D:?;J7 YJ7?J FEB?J?GK; 7H8?JH7?H; ;J 8;7K9EKF FBKI


JH7KC7J?GK; GK; B; C?;D C7?I ?B DEKI 7 YL;?BBY;I 7K C[C; 8;IE?D
9KBJKH;B  KD H7FFHE9>;C;DJ 7KN H?J;I ;J COJ>;I :; DEI 7D9[JH;I
1CF`6Q
 -EKJ 9ECC; CE? D7 &;D:?;J7 7 =H7D:? :7DI KD; <7C?BB;
8EKH=;E?I;;J97J>EB?GK;C7?IGK?7F;HC?IKD=H7D:9EDJ79J9KBJKH;B
7L;9 B;I 9HEO7D9;I :;I :EC;IJ?GK;I 7<HE 7CYH?97?D;I GK? FEKL7?;DJ
[JH; ;CFBEOY;I :7DI DEI C7?IEDI
 ;I HY<YH;D9;I H;B?=?;KI;I EDJ


?CFHY=DY DEJH; 9KBJKH; ;J I; IEDJ C7D?<;IJY;I FBKI J7H: :7DI DEJH;
FHE:K9J?ED7HJ?IJ?GK;

%;I +=@<CI9HH9G IYH?; :; F;H<EHC7D9;I ?C7=;I ;J E8@;JI GKn;BB; 7


9ECC;D9Y;D ;JGKn;BB;7FEKHIK?L?@KIGKnUB7<?D:;I7L?;IEDJ
:;I ?CFH;II?EDI EK:;I H;B?;<I :; I7 I?B>EK;JJ; 7BBED=Y; 9HYYI IKH EK
:7DIB;F7OI7=;
-H79Y;I7L;9:KI7D=EK9EDIJHK?J;I7L;9:;B7J;HH;
:;I F?;HH;I ;J FBKI J7H: 7L;9 :K <;K ;J :; B7 FEK:H; U 97DED I;I
lKLH;I 9EC8?D;DJ :;I C7JYH?7KN ?DJ;CFEH;BI ;J Bn?C7=?D7?H; :nKD;
g :Y;II; CZH; h EK /;DKI FH?C?J?L;
 ,?CFB?<?Y;I ;J IJOB?IY;I B;I
+=@<CI9HH9G EDJ :;I 9EDJEKHI FBKI EK CE?DI 78IJH7?JI ;BB;I F;KL;DJ
7KII? FH;D:H; B7 <EHC; :nEH=7D;I =YD?J7KN <YC?D?DI
 D7 &;D:?;J7
@EK7?J 7L;9 B; I7D= ;J B; <;K KD; IEHJ; :; IYC?EBE=?; :; B7 CEHJ
?DIF?HY; :KIOC8EB?IC;FH?C?J?L?IJ;
%7CEHJI; C7D?<;IJ;UJH7L;HIB;
H?JK;B 9ECC; H;D7?II7D9; BnYJ;HD;B H;JEKH 9O9B?GK; :; L?; ;J CEHJ

"B In7=?J :nKD; DEJ?ED ;CFHKDJY; :;I JH7:?J?EDI CYIE 7CYH?97?D;I
97H?8Y;DD;I ?D:?=ZD;I ;J 7<HE 9K87?D;I
 %n7HJ?IJ; ;IJ F7HJ?; ;D
;NFY:?J?ED7HJ?IJ?GK;7K&;N?GK; FBKI :nKD; :EKP7?D;:; <E?I;BB;7
HY7B?IY FBKI?;KHI +=@<CI9HH9G IKH B; I?J; 7H9>YEBE=?GK; :; 27=KB U
(7N797
 )EKH C?;KN 9EDD7^JH; B;I JH7:?J?EDI 7<HE 9K87?D;I D7
&;D:?;J77HY7B?IY:;FK?I  KD;IYH?;:;LEO7=;IUK87
7DIB;
F7H9:;#7HK9EFHZI :n!7L7D7;BB;79HYYKD;IYH?;:; I9KBFJKH;I:;I
:Y;II;I 7CYH?D:?;DD;I :; B7 BKD; :K L;DJ :;I C;DIJHK7J?EDI ;J :;
Bn;7K

7DI BnlKLH; :nD7 &;D:?;J7 B; I7D= 799KCKB; :;I I?=D?<?97J?EDI


IOC8EB?GK;IJHZI:;DI;IUB7<E?IJH7DI >?IJEH?GK;I;JJH7DI 9KBJKH;BB;I
:K;I U B7 <7C?B?7H?JY :; Bn7HJ?IJ; 7L;9 B;I I?=D?<?97J?EDI H?JK7B?IJ;I


;J I79H?<?9?;BB;I :K 97J>EB?9?IC; :; B7 +5BH9F=5 ;J :;I H?JK;BI
FHY 9EBEC8?;DI
 ,;BED 8?=7?B ,EBECED E:;7K  BnKI7=; GKnD7
&;D:?;J77<7?J:KI7D=;J:n7KJH;IIK8IJ7D9;IYBYC;DJ7?H;I9ECC;B;
<;K ;J B7 8EK; IK?J B; IOIJZC; :; 9HEO7D9; :;I H;B?=?EDI ;J
COJ>EBE=?;I IOD9HYJ?GK;I
 %7 FHY9?I?ED 7L;9 B7GK;BB; Bn7HJ?IJ; 7HJ?9KB;
;IJ>YJ?GK;C;DJ 9;I H?J;I ;J COJ>;I JYCE?=D; 9>;P ;BB; :nKD;
9EDD7?II7D9; FHE<ED:; :; B7DJ>HEFEBE=?; :; B7H9>YEBE=?; ;J :;
Bn;J>DE=H7F>?;
 #; F7HJ7=; 7L;9 D7 &;D:?;J7 FBKI?;KHI 9;DJH;I
:n?DJYH[J 7HJ?IJ?GK;I ;J ;J>DE=H7F>?GK;I B7 9ECFHY>;DI?ED ;J B7
9?J7J?ED 9H?J?GK; :; B7 9EICE=ED?; 5F7<5\EI9 I;C8B;DJ [JH; 7KII?
?CFEHJ7DJ;IFEKHCE?GK;FEKH;BB;

&)%,2"11"0  IYH?;F>EJE=H7F>?GK; 0#'0&+'5#

-EKJ 9ECC; B;I +=@<CI9HH9G :nD7 &;D:?;J7 B7 L?:YE '::F5B89 R


!9A5B>Q 7 YJY <ED:Y; IKH B7 9?J7J?ED ;IJ>YJ?GK; ;J F;H<EHC7J?L;
:;I H;B?=?EDI 7<HE 7CYH?97?D;I ?B In7=?J :; :YC7H9>;I 7HJ?IJ?GK;I
?CFHY=DY;I :nKD ;IFH?J 7=DEIJ?GK; ;J :; IOD9HYJ?IC; 7L;9 :n7KJH;I
H?JK;BI H;B?=?;KN
 %; H?JK;B 7K I;DI 9ECCKD :K J;HC; ;IJ KD;


97JY=EH?; ;NJH[C;C;DJ B7H=; GK? 7 YJY :?L;HI;C;DJ 7:7FJY :7DI
Bn7HJ 9EDJ;CFEH7?D
 K I;DI ;J>DE=H7F>?GK; B; H?JK;B ;N?=; KD;
F7HJ?9?F7J?ED 9EBB;9J?L; KD; HYFYJ?J?ED :7DI B; J;CFI ;J IKHJEKJ KD;
9HEO7D9;H;B?=?;KI;7IF;9JI GK;B;IFH7J?GK;I7HJ?IJ?GK;I D; 9ECFJ;DJ
F7I7L;9
%;IH?JK;BI 7HJ?IJ?GK;IIn?DI9H?L;DJ:7DIKD;J;CFEH7B?JYDED
:E=C7J?GK; KD?GK; ?B DnO 7 F7I :n7KJ>;DJ?9?JY 9HEO7DJ; C7?I KD;
IJHK9JKH; :; 9?J7J?ED C?CYJ?GK; ;J F;H<EHC7J?L;
 %;I HY<YH;D9;I 7KN
:Y;II;I 7KN H?J;I 7KN I79H?<?9;I ;J 7K F7DJ>YED :;I 9KBJKH;I
5F7<5\EI9G D;I;H;FEI;DJF7I IKHC;I 9HEO7D9;IF;HIEDD;BB;ID?IKH
9;BB;I :nD7 &;D:?;J7 C7?I FBKJaJ IKH I7LE?H 9ECC;DJ DY=E9?;H ;J
H;DY=E9?;H :;I I?=D?<?97J?EDI ;IJ>YJ?GK;I ;J 9KBJKH;BB;I :7DI B;I
9ED:?J?EDICE8?B;I :;B7HY9;FJ?ED
;IEDJ:;I H?J;II7DI COJ>;:;I
=;IJ;IGK?H;C;JJ;DJ;DGK;IJ?EDB;I7D=;JB;9EHFI<YC?D?D
L;9KD;
Y9H?JKH; GK? Y9>7FF; 7K H;B?=?;KN B;I 9EHFI :;I 7HJ?IJ;I IEDJ ?DL;IJ?I
F7HB7 FK?II7D9; IOC8EB?GK; FEYJ?GK; ;J FEB?J?GK; :K I7D=<YC?D?D

%;I7HJ?IJ;IGK?JH7L7?BB;DJ7L;9:;J;BB;IGK;IJ?EDI9>;H9>;DJUJH7L;HI
Bn7HJUI;HY9ED9?B?;H7L;9B;KHI 7D9[JH;I 9KBJKH;BI ;J7L;9B;KHFHEFH;
>?IJE?H;?D:?L?:K;BB;


$9G A9BGHFI9G 89 @5 V9GG9 CI $j5DCH<VCG9 89G :F5=G9G IYH?;
F>EJE=H7F>?GK; HY7B?IY; ;DJH;   ;J   F7H )7KB HC7D: ;JJ;
JH7L7?BB; 7KII? IKH BnKD?L;HI ?9EDE=H7F>?GK; :;I :Y;II;I 5F7<5\EI9G
;DI7D=B7DJY;I
 ;F;D:7DJ 9>;P )7KB HC7D: ;JJ; ?B D; In7=?J F7I
:;IH?J;I?D:?L?:K;BI;JFIO9>EBE=?GK;I:;9EDIJHK9J?ED;J:7<<?HC7J?ED
?:;DJ?J7?H;C7?IFBKJaJ:nKD;7BJYH?JY:;=;DH;
)7KB HC7D: ;JJ;;IJ
Bn7HJ?IJ; >ECC; GK? JEK9>; IK8J?B;C;DJ Bn?DJ?C?JY <YC?D?D; :; B7
g :Y;II; ?D9EHFEHY; h
 D9EH; 7D9HY :7DI B7 IJHK9JKH; 7HJ?IJ?GK;


JH7:?J?EDD;BB; ;J F7JH?7H97B; :; B7HJ?IJ; >ECC; GK? H;FHYI;DJ; B7
CE:ZB; <;CC;)7KB HC7D: ;JJ;7FFEHJ;:;B7IK8IJ7D9;7K:Y87J
7KJEKH :; Bn?:;DJ?JY:; =;DH; GK7D:?B 7JJ?H; DEJH;H;=7H: IKH Bn7IF;9J
?DJ?C; ;J 87D7B :K GKEJ?:?;D C;DIJHK;B :; I;I CE:ZB;I
 7DI I;I
IYH?;I F>EJE=H7F>?GK;I Bn7HJ?IJ; YJ78B?J IEKL;DJ KD; H;B7J?ED ;DJH;
9>7GK;CE:ZB;;JKD;:Y;II;EKDOCF>;:;B7COJ>EBE=?;=H;9GK; 
?DIF?HY:;B7JH7:?J?ED:;B7F;?DJKH;9B7II?GK;;JDYE9B7II?GK;
L;9B7
FHEFEI?J?ED:;@5@=69FHV8IAC8W@9 Bn7HJ?IJ;7B7?IIYUI;ICE:ZB;IB;
9>E?N :;I YBYC;DJI D7JKH;BI ;J :;I CEO;DI :n?DJ;H79J?ED 9EHFEH;BB;
7L;9 B7 D7JKH;
%7HY<YH;D9;7L;9 B7 :Y;II; EKB7DOCF>;L?;DJ:ED9
:;I F?IJ;I :EDDY;I F7H B7 CE:ZB; ;J DED FBKI F7H B?DJ;HFHYJ7J?ED
?D:?L?:K;BB;:;Bn7HJ?IJ;

)7KB HC7D: ;JJ;7:Y9?:Y:;InE99KF;H:;IC;DIJHK;I:;B7:Y;II;


GK7D:?BFHYF7H7?Jg%;I>HED?GK;I:nF>HE:?J;h;JYJ7?JF;D9>YIKH
B; FK8?I :; B7 :Y;II;
 ,;BED BK? I7 :Y9?I?ED :; JH7L7?BB;H IKH B;I
C;DIJHK;I 7 FHELEGKY GK;BGK;I IJKF;KHI F7HC? I;I 9EDL?L;I  c 9
BjVH5=H D5G 6=9B 8jVJCEI9F IB D5F9=@ GI>9H CB 5@@5 >IGEIjR A9 :5=F9
F9A5FEI9FEI9>9 Bj5J5=GD5G RA9AX@9F89 79EI= B9A97CB79FB5=H
D5G
 "9 F9HFCIJ5=G @R @j=;BC6@9 AVH<C89 IH=@=G9F @9G F9@=;=CBG DCIF
D9FGI589F@9G<CAA9G 89@j=ADIF9HV89G :9AA9G79EI= B9:=HEI9A9
F9B:CF79F85BGA9G=BH9BH=CBG89D5GG9FCIHF9
d

-EKJ9ECC;)7KB HC7D: ;JJ;@;:YJEKHD;UJH7L;HIB7HY<YH;D9;7KN


H;B?=?EDI 5F7<5\EI9G B7 DEJ?ED :n?CFKH;JY C;DIJHK;BB; :K 9EHFI
<YC?D?D <EH=Y; F7H B;I H;B?=?EDI F7JH?7H97B;I
 )EKHJ7DJ B; I7D=
C;DIJHK;B :;I :Y;II;I C;DIJHKY;I :; )7KB HC7D: ;JJ; Dn;IJ F7I
HY;B
%;KHI7D= D?>KC7?D D?7D?C7B D; InY9EKB; F7I :; B;KHI 9EHFI



n;IJ KD; 7BBY=EH?; <7?J; :; 9ED<?JKH; :; <H7?I;I :; FYJ7B;I :; HEI;
:KHEK=; UBZLH;I ;J9
 ;IEDJ :;I C;DIJHK;I FEYJ?GK;I:YB?97J;I ;J
;N9?J7DJ;I:;:Y;II;I?:OBB?GK;I
"BD;In7=?JF7I:KI7D= HY;BGK?IZ9>;
<EHC; :;I 9HEKJ;I ;J FK;
 )7KB HC7D: ;JJ; 7 KD H;=7H: C7I9KB?D
<YJ?9>?IJ; ;J ?:Y7B?IJ; :; BnEH=7D?9?JY C;DIJHK;BB; :K9EHFI <YC?D?D ?B
FHEFEI; KD; 7BJYH?JY 7I;FJ?GK; 97F78B; :; JEK9>;H B; IK8B?C;
 7DI
I;I F>EJE=H7F>?;I ?B DnO 7 H?;D :; B7 HY7B?JY 9HK; :K I7D=C;DIJHK;B
9ECC; 9n;IJ B; 97I :K J7CFED KI7=Y :; CED E<<H7D:;
 *K7D: B;I
>ECC;I ;II7O;DJ :; C;JJH; Bn?:;DJ?JY <YC?D?D; ;D lKLH; 9n;IJ
JEK@EKHI KD;?:Y7B?I7J?EDIJYH?B; ;J;IJ>YJ?IY; GK? I;C7JYH?7B?I;
BEHI
GK;B;I <;CC;I 9HY;DJ:;I lKLH;I 7L;9 B79HK:?JY:;B;KHI 9EHFI9;
IEDJ@KIJ;C;DJB;I <YJ?9>;I:KF7JH?7H97JGK?In;<<ED:H;DJ
)EKHGKE?D;
F7I F>EJE=H7F>?;H B;I CE:ZB;I F;D:7DJ B;KHI HZ=B;I 7L;9
BnY9EKB;C;DJ HY;B :; B;KH I7D=:7DI B7 D7JKH; %7 HY7B?JY >KCEH7B;
:K 9EHFI C;DIJHKY I;C8B; [JH; KD J78EK C[C; FEKH :;I 7HJ?IJ;I
?DJYH;IIYIF7HB7GK;IJ?ED


"0*"+01/2"0!") :"00"  IYH?;F>EJE=H7F>?GK;


#6. 3/#0&'55'


%; H;=7H: C7I9KB?D IKH B7 FEYJ?GK; :;I C;DIJHK;I F7H7^J [JH;
IKI9;FJ?8B; :; :YH7D=;H IE9?7B;C;DJ ;D9EH; FBKI GKnKD; C?I; ;D
lKLH; <YC?D?D;
 %;I >ECC;I DnEDJ F7I B; :HE?J :; F7HB;H :K 9EHFI
<YC?D?D 7K D?L;7K :; I7 HY7B?JY EH=7D?GK; ;J ?DJ?C;
 "BI EDJ B; :HE?J
:; :YJEKHD;H :; :EC?D;H :; C7D?FKB;H ;J :; HY:K?H; ;D <YJ?9>; B;
9EHFI :; B7 <;CC; C7?I ?BI DnEDJ F7I B; :HE?J :; F7HB;H :; B;KH
HY7B?JY >KCEH7B;
 %7 FEYJ?GK; :;I A9BGHFI9G 89 @5 V9GG9 ;IJ KD;
9EDJ;IJ7J?ED IE9?7B; ;J 7HJ?IJ?GK; ;D<7L;KH :;I <;CC;I C[C; 7L;9
KDH;=7H:7I;FJ?GK; ?:Y7B?IJ;;JIK8B?C;:nKD;HY7B?JY8;7K9EKFFBKI
78@;9J;  F7H9; GK?B In7=?J :nKD H;=7H: C7I9KB?D FEI?J?L?IJ; IKH B;I
C;DIJHK;I<YC?D?D;IKDH;=7H:GK?;IJFH7J?GK;C;DJ?D;N?IJ7DJ:7DIB7
9KBJKH;9EDJ;CFEH7?D;
%;H;=7H: FEYJ?GK; :nKD7HJ?IJ; >ECC;IKHB;
I7D=<YC?D?D ;IJKD79J; B?8YH7J;KH7KJ7DJFEKHB;I <;CC;I GK;FEKH
B;I>ECC;I

D IEHJ7DJ :K 9EDJ;NJ; 5F7<5\EI9 C7?I 7L;9 KD FE?:I :; HY7B?JY
I7D=K?D;;J:;9H?J?GK;IE9?E H;B?=?;KI;;NJH[C;C;DJFK?II7DJB?D;)

7HY7B?IY KD;F;H<EHC7D9; GK? C;J;DY9>;9JEKJ; B7 JH7:?J?ED@K:YE
9>HYJ?;DD; :; FEBBKJ?ED :K I7D=C;DIJHK;B
 %7 F;H<EHC7D9; A9B
;IJ KD; C?I; ;D I9ZD; H;B?=?;KI; KD; F7HE:?; :; Bn;K9>7H?IJ?; GK?
KJ?B?I;B;I7D=C;DIJHK;B:;Bn7HJ?IJ;UB7FB79;:KI7D=IOC8EB?GK;:K
>H?IJ H;FHYI;DJY :7DI B7 C;II; F7H B; L?D HEK=;
 %EHI :K ;IJ?L7B
B7C;:;7D:E U ,;L?BB; ;D Bn7HJ?IJ;FHEFEI; B7 F;H<EHC7D9;IKH
KD;FB79;FK8B?GK;
B?D;)
7HH?L;>78?BBY;;DFH[JH;II;;JFEHJ7DJKD
L;HH;UF?;:FB;?D:n;7KKD;I;HL?;JJ;8B7D9>;;JKD;>EIJ?;
,KHKD;
J78B; ;BB; ;NY9KJ; I7DI @7C7?I F7HB;H B;I =;IJ;I :K FH[JH; BEHI :;
Bn;K9>7H?IJ?;:;B7C;II;
FHZIB76VBV8=7H=CB:K9EDJ;DK:KL;HH;;J


:;Bn>EIJ?;Bn7HJ?IJ;CEDJ;I7IEKJ7D;;J;DBZL;:;I7LKBL;KDJ7CFED
FB;?D :; I7D= GK? ;IJ :?BKY :7DI Bn;7K
 FHZI KD; :;KN?ZC;
6VBV8=7H=CBBn7HJ?IJ;C7D=;Bn>EIJ?;;J8E?IB;I7D=C;DIJHK;B

*"+ F;H<EHC7D9; .+0'

L;9 B7 9?J7J?ED 9H?J?GK; :; B7 D9F:CFA5H=J=HV 97J>EB?GK; B7


F;H<EHC7D9; :; B?D; )
 7 YJ78B? KD :YJEKHD;C;DJ :; B7 DEJ?ED
8?8B?GK;:; FEBBKJ?EDC;DIJHK;BB;
,7DI ;N7BJ;HB;9EDJ;NJ; 5F7<5\EI9
Bn7HJ?IJ; FHEFEI; Bn;<<ED:H;C;DJ :;I 9EDDEJ7J?EDI :n?CFKH;JY
C;DIJHK;BB;U Bn?DJYH?;KHC[C; :;I 9HEO7D9;I H;B?=?;KI;IF7JH?7H97B;I

%; %YL?J?GK; ;D F7HJ?9KB?;H B;I 9>7F?JH;I   ;J  :YJ;HC?D; B;I
BE?I:;B7FKH;JY H?JK;BB;;DL;HI B;I GK7JH; JOF;I :;IEK?BBKH;I 9>;PB7
<;CC; 799EK9>;C;DJ  C;DIJHK;I  Y9EKB;C;DJ :K I7D= >EHI :K
J;CFI :;IHZ=B;I  ?CFKH;JYYJH7D=ZH;GK?L?;DJ :;I H7FFEHJI I;NK;BI

%;I C;DIJHK;I IEDJ ?D:?GKY;I 9ECC; B7 IEK?BBKH; F7H;N9;BB;D9; B;I
FEKLE?HI C7BY<?GK;I GKn;BB;I FHELEGK;DJIEDJ 9EDJ7=?;KN ;J I; JH7DI
C;JJ;DJF7H9EDJ79JI:?H;9JI;J?D:?H;9JI



%;I ?DJ;HFHYJ7J?EDI IOC8EB?GK;I :K I7D= <YC?D?D 9ECC; I7D= DED
FEBBK7DJ F;KL;DJ [JH; FHYI;DJ;I :7DI B;I H;B?=?EDI C7JH?B?DY7?H;I
 ;I
L7B;KHI FEI?J?L;I EDJ YJY FEKHJ7DJ ;<<79Y;I :7DI B;I H;B?=?EDI
F7JH?B?DY7?H;IF7HB7FHYI;D9;:KI7D=I79H?<?9?;BC7I9KB?D
%;I<;CC;I
799EK9>;DJUJH7L;HIB79>7?H;JB;I7D=:;I?CFB;ICEHJ;BIUJH7L;HIB;
I79H?<?9;:;I>ECC;ID7^JB7F7JH?B?D;7H?JY ;DH7FFEHJ7L;9B;I :?;KN
;J:7DIB;9>H?IJ?7D?IC;UBn?D97HD7J?ED:;:?;KBK? C[C;
%;I<;CC;I
IEDJ ;N9BK;I :;I H?J;I I79H?<?9?;BI F;D:7DJB; &EO;D o=; B;I <;CC;I
C;DIJHKY;I YJ7?;DJ ?DJ;H:?J;I :; F7HJ?9?F;H U Bn;K9>7H?IJ?;  B; H?J;
I79H?<?9?;B9;DJH7B:;BQ=B?I;9>HYJ?;DD;
 %?YU?;K;JU#YIKI>H?IJ
B; I7D= ;IJ KD; IK8IJ7D9; I79HY; H;FHYI;DJ7DJ B7 FK?II7D9;
FHE9HY7JH?9; C7I9KB?D;
 %; 9EHFI ;JB; I7D=:K>H?IJ CYJ7F>EH?GK;
C;DJ 9EDIKCYI BEHI :;B;K9>7H?IJ?;I; IEDJ:YL;BEFFYI ;D :?IFEI?J?<
9;DJH7B :;I I;HL?9;I :; 9KBJ;
 %; 9EHFI 8B;IIY :K >H?IJ I7 CEHJ ;J
HYIKHH;9J?EDEDJI?=D7BYB7HY:;CFJ?ED:;Bn>KC7D?JY
%;9>H?IJ?7D?IC;
<7?J9E_D9?:;HB;I7D=;JB79>7?H:7DI B;9EHFI;JB;>H?IJH;D:B?9?J;
FEKHB;I>ECC;IB7IEK?BBKH;:KI7D=7BEHIGK;9;B7H;IJ;J78EKFEKH
B;I <;CC;I
 %; >H?IJ ;IJ B; FH;C?;H >ECC; U IEK?BB;H :; I7D=I;I
B?D=;I;JB;,7?DJ ,K7?H;;IJ9EDI;HLY9ECC;KD;LYH?J78B;H;B?GK;


.D;<E?I ;N9BK;I B;I <;CC;I EDJ 9ED<?IGKYB; I7D=IOC8EB?GK;FEKH


B7 HY7B?I7J?ED IF?H?JK;BB;:; B;KHI L?I?EDI FH?LY;I
BB;I EDJ HY7B?IY F7H
B?C7=?D7J?ED 9; GK? 7 YJY D?Y ;D HY7B?JY
 %;I IJ?=C7J;I I; IEDJ
>78?JK;BB;C;DJ C7D?<;IJYI IKH B; 9EHFI :; <;CC;I I;KBI :;KN
>ECC;I EDJ ;N>?8Y :;I IJ?=C7J;I
  ?;K In;IJ ?D97HDY IEKI <EHC;
>KC7?D; C7?I Bn>KC7D?JY :K >H?IJ FHEL?;DJ :K 9EHFI :; &7H?;
 %7
9>7?H ;J B; I7D= <YC?D?DI EDJ H79>;JY B; CED:;
 %EHIGK; B;I <;CC;I


EDJ 9EDIECCY B; 9EHFI ;J B; I7D=  :K :?;K >KC7D?IY ;BB;I EDJ
IOC8EB?IY ;D9EH; FBKI :H7C7J?GK;C;DJ B7 DEJ?ED :?CCEHJ7B?JY
 i
JH7L;HI :;I :YDED9?7J?EDI :; :?<<7C7J?ED :K I7D= :K >H?IJ B;I
>HYJ?;DI EDJ 799KIY IEH9?ZH;I @K?<I ;J >YHYJ?GK;I
 K 9EKHI :K 87I
&EO;Do=;B;I9>HYJ?;DIEDJJKYFBKI:;
F;HIEDD;I;J:YJHK?J
FBKI:;  9ECCKD;IFEKHL;D=;HB;I799KI7J?EDI:;:?<<7C7J?ED:K
I7D=:K>H?IJ


%7C7D?FKB7J?ED>EHI:K9EDJ;NJ;CY:?97B;JI9?;DJ?<?GK;:KI7D=;J
:n7KJH;I HYI?:KI 78@;9JI ;IJ ;D9EH; :; DEI @EKHI 7IIE9?Y; U B7
IEH9;BB;H?;
 ,E9?7B;C;DJ @n7? YJY FBKI?;KHI <E?I 799KIY; :n[JH; KD;
g IEH9?ZH; h GK? C7D?FKB; :;I HYI?:KI >KC7?DI FEKH g @;J;H h :;I
gIEHJIh7KN=;DI
;HJ7?D;IF;HIEDD;IEDJ:Y@UH;<KIY:;C;:EDD;H
B;KHI HYI?:KI 9EHFEH;BI ;D YLEGK7DJ 9;JJ; ;N9KI;
 nKD; 9;HJ7?D;
<7XED CYJ7F>EH?GK; C;I F;H<EHC7D9;I 7HJ?IJ?GK;I EK 57H9G
DGM7<CA5;=EI9G F;KL;DJ [JH; ?DJ;HFHYJYI 9ECC; :;I g IEHJI h GK?
9>;H9>;DJ U g ;CFE?IEDD;H h B;I L7B;KHI F7JH?7H97B;I GK? 97IJH;DJ B;
9EHFI;JB;I>KC;KHI<YC?D?D;I


-EKJ;D7BB7DJFBKIBE?DGK;B;I:?J;I gIEH9?ZH;Ih:K&EO;Do=;GK?
H;L;D:?GK;DJBnYGK?B?8H;;DJH;B;IFEKLE?HIC7I9KB?D;J<YC?D?D:7DIB7
HY?D97HD7J?ED B?D; )
 FHEFEI; KD IOC8EB?IC; <ED:Y ;N9BKI?L;C;DJ
IKHB;FEKLE?H<YC?D?D
L;9A9BB;I7D=C;DIJHK;BIEHJ:;IEC8H;I
:KJ78EK;J :; B7 IEK?BBKH;IOC8EB?GK; FEKH [JH; 9EDIECCY7L;9 B7
C[C; IEB;DD?JY GK;B;I 9>HYJ?;DI 8E?L;DJB; I7D= :K>H?IJ
7DI 9;
=;IJ; B?D; )
 <7?J I;<<ED:H;H B; FEKLE?H C7I9KB?D IKH B; I7D=
I79H?<?9?;B ;J :EDD; 7K I7D= <YC?D?D :Y@U FHE9HY7J;KH 9>7HD;B B;
FEKLE?HFHE9HY7J;KH IF?H?JK;B GK?7FF7HJ;D7?JI;KB;C;DJ7KN>ECC;I



K I;?D :; B7 JH7:?J?ED H?JK;BB; 9>HYJ?;DD; A9B H7II;C8B; B; I7D=
C;DIJHK;B;JB;I7D=I79H?<?9?;B:7DIKDH?J;GK?;<<79;9ECFBZJ;C;DJB;
FEKLE?H C7I9KB?D
 7DI Bn;K9>7H?IJ?; :nB?D; )
 B; I7D= I79H?<?9?;B
FHEL?;DJ:nKD;<;CC;;J?B;IJ75BB=65@=GVF7H9;JJ;C[C;<;CC;BEHI
:nKD H?JK;B GK? B7 :?IJ?D=K; 9ECC; FH[JH;II; KD H?JK;B Eb JEKJ B;
FEKLE?HIOC8EB?GK;I7D=K?D7FF7HJ?;DJI;KB;C;DJ7KN<;CC;I

ECC; DEKI Bn7LEDI LK :7DI B; 9>7F?JH; 7DJYH?;KH B;I H?JK;BI
7HJ?IJ?GK;I :; I7D= I79H?<?9?;BI EK F7I Y9>EK;DJ ;D J7DJ GK; H?JK;BI
LYH?J78B;C;DJ H;B?=?;KN
 %n7HJ In7FFHEFH?; 9KBJKH;BB;C;DJ :;I H;B?=?EDI
;JI;IH?J;I UJH7L;HI B;C?CYJ?IC;F;H<EHC7J?<B79?J7J?ED9H?J?GK;;JB7
H; I?=D?<?97J?EDIOC8EB?GK;
,?:7DIB;9>7CFIH;B?=?;KNB;I H?J;IIEDJ
<EHJ;C;DJ 97:HYI F7H B;I :E=C;I ;J BE8Y?II7D9; 7KN J;NJ;I I79HYI
:7DI B; C?B?;K 7HJ?IJ?GK; B7 B?8;HJY ;IJ 78IEBK;  B?8;HJY C[C; :;
8B7IF>ZC; ;J :; :?<<7C7J?ED H;B?=?;KI;
 %nKD :;I HaB;I 9H?J?GK; :;
Bn7HJ I; @EK; :7DI BnKD?L;HI H;B?=?;KN :K I79HY  :; B7 9H?J?GK; B7_GK;
7K IOD9HYJ?IC; 7=DEIJ?GK; JEKJ;I B;I DK7D9;I IEDJ FEII?8B;I
FEKH H;C;JJH; B;I L7B;KHI H;B?=?;KI;I ;J 9KBJKH;BB;I ;D GK;IJ?ED
 %;I
H;B?=?EDI 7K@EKH:n>K? EDJ 8;7K9EKF FBKI U LE?H 7L;9 B; FEB?J?GK; ;J
BnY9EDEC?GK; GKn7L;9 B; IF?H?JK;B ;J 9H?J?GK;H 9;I H;B?=?EDI :7DI B;
9>7CF 7HJ?IJ?GK; :;L?;DJ FBKI YC?D;DJ GK; @7C7?I
 ,? :7DI 9;HJ7?D;I
HY=?EDI :K CED:; GK;BGK;I H;B?=?EDI EDJ <?D? F7H 7:EK9?H B;KHI BE?I
?DJH7DI?=;7DJ;I ;DL;HI B7 HY=B;C;DJ7J?ED :K 9ECFEHJ;C;DJ :;I
<;CC;I 9n;IJ =HV9; U KD; B7H=; JH7:?J?ED :; :KH;I 9H?J?GK;I 7KN
:E=C;I B;I FBKI IEB?:;I
 %n7HJ :;L?;DJ 7?DI? KD ?CFEHJ7DJ 9>7CF :;
HY<B;N?ED9H?J?GK;EbBn;IJ>YJ?GK;F;KJH;CE:;B;HB;IOC8EB?GK;


%;I lKLH;I 7D7BOIY;I :7DI 9; 9>7F?JH; ;II7O;DJ :; HYYGK?B?8H;H
FEI?J?L;C;DJ B;I YD;H=?;I <YC?D?D;I :7DI BnKD?L;HI IOC8EB?GK; :K
I79HY
 DJH; B7 9?J7J?ED 9H?J?GK; :;I 9EDJ;NJ;I H;B?=?;KN 5F7<5\EI9 ;J
9EDJ;CFEH7?D9;I lKLH;I FHEFEI;DJB;IOD9HYJ?IC;;DJH; 7HJH?J;I;J
COJ>;I H;B?=?;KN
.D;LYH?J78B; YC7D9?F7J?ED IE9?7B;:;I <;CC;I D;
I;H7 ;DL?I7=;78B; GKU JH7L;HI B7 L7BEH?I7J?ED IOC8EB?GK; :K 9EHFI
<YC?D?D U Bn?DJYH?;KH :;I H;B?=?EDI
 %;I <;CC;I D; FEKHHEDJ @7C7?I
7LE?H B7 C[C; L7B;KH IE9?7B; FEB?J?GK; Y9EDEC?GK; 9KBJKH;BB; ;J
?DJ;BB;9JK;BB;GK;B;I>ECC;II?B;KHEH=7D?9?JY9EHFEH;BB;9EDJ?DK;U
[JH;KDJ78EK78@;9J ;JFEBBK7DJ
 %;I :E=C;I H;B?=?;KNGK?EDJ <ED:Y
9;I J78EKI IE9?7KN IEDJ C[C; 97F78B;I :n;DL7>?H B; 9>7CF IE9?7B
IJH?9J;C;DJ B7_GK; 7L;9 :;I 9EDIYGK;D9;I :YI7IJH;KI;I FEKH B;I
FEB?J?GK;I<YC?D?IJ;I
n;IJ7L;9BnYD;H=?;9O9B?GK;:K9>7D=;C;DJ:;
B7 CEHJ ;J :; B7 H;D7?II7D9; GK; FBKI?;KHI <;CC;I 7HJ?IJ;I ;J CE?
C[C;HY7B?IEDIDEI 57H9GDGM7<CA5;=EI9G:;B?8YH7J?ED;IJ>YJ?GK;;J
H;9EDIJHK9J?EDIOC8EB?GK;:KI7D=<YC?D?D



 ;HC7D?; ++,<99A5@9IBI7<';M2EHA&9 H7M!?BB  F


DD?;%%+(5FC@9899AA9)7H?I H7II;J F




  -H7:K9J?ED :;Bn7D=B7?I <7?J F7H Bn7KJ;KH


 C?BO &+-"' ,<9/CA5B =BH<9 C8M 

I@HIF5@B5@MG=GC:*9DFC8I7H=CBEIJED;79ED F


 c '8CMQ  '8CMQ !9A5B>Q  !9A5B>Q 9GH IB9 8=J=B=HV 5:F=75=B91CF`6Q 9@@9 5 :5=H @9
JCM5;9J9FG@9FVG=@5J97@9G9G7@5J9G BC=FGEI9@jCB5FF57<5=HR@5H9FF989@9IFG5B7XHF9G

'F=LQ89@5A9F9H DFCH97HF=7989G :9AA9G !9A5B>Q9GH @5AWF989HCIH97<CG9J=J5BH9

+CB BCA 9GH@57CBHF57H=CB89GACHG1CF`6Qc19M99AC9>5dEI= G=;B=:=9BHcAWF98CBH
@9G 9B:5BHG GCBH 7CAA9 @9G DC=GGCBG d
 I FVG=@ BCIG :5=GCBG @5 :XH9 9B  @j<CBB9IF
8j!9A5B>Q @9   :VJF=9F 85H9 C::=7=9@@9 9H @9 FVJ9=@@CB 8I   8V79A6F9
 &CIG BCIG
FVIB=GGCBG GIF@5D@5;9 85BGCBG 5I GCB89G H5A6CIFG 9H 7<5BHG 5:F=75=BG 9H :5=GCBG BCG
C::F5B89GR@5A9F:@9IFGD5F:IAGA=FC=FG6=>CIL9H7
d
>JJF MMM
:7D?;BB7:;CEKH7
9EC  :7D?;BB7 :; CEKH7 E<<H7D:; ?;C7D@7

+;B?=?ED7<H?97?D;C7JH?9;:K7D:EC8BY;J:;Bn.C87D:7
%7HY=?ED:EH?=?D;:;9;JJ;

H;B?=?EDIYJ;D::KIK: EK;IJ:K'?=;H?77KNHY=?EDI7:@79;DJ;I:KYD?D;J:K-E=E

'F=LQG EK 'F=G<5G IEDJ :;I [JH;I :;II;D9; :?L?D; GK? H;FHYI;DJ;DJ B;I <EH9;I :;  B7
D7JKH;
nEH?=?D;2EHb8TED B;IH;JHEKL;:7DI FBKI?;KHIF7OI 7<H?97?DI 7?DI?GK;:7DI :;
DEC8H;KNF7OI7CYH?97?DI

 &ED?GK; . +, g ";C7D@T h $9 8CI6@9 9H @5 %VH5ACFD<CG9 $j=89BH=:=75H=CB
AMH<=EI985BG@95B8CA6@V6FVG=@=9B)7H?I&;H?:?;DI$B?D9AI?;9A FF
  

&?H9;7%",F5=HV8j<=GHC=F989GF9@=;=CBG)7H?I)7OEJ  F
 

  K HYI?B DEKI 7LEDI FBKI?;KHI H?J;I ;J IKF;HIJ?J?EDI FEKHB; @EKH :; Bn7D
 %79EKB;KH

FEHJ; 8ED>;KH ;IJ B; 8B7D9 B7 FBKI =H7D:; F7HJ?; :;I =;DI In>78?BB;DJ ;DJ?ZH;C;DJ ;D
8B7D9
)EKH9;KNGK?I;H;JHEKL;DJ7K8EH::;B7C;HB7<[J;I;<7?JB;I F?;:IIKHB;I78B;

#KIJ; 7FHZI C?DK?J ?B <7KJ I7KJ;HI;FJ L7=K;I FEKH EKLH?H B;I 9>;C?DI :K DEKL;B 7D ;J
E<<H?H :;I <B;KHI 8B7D9>;I U ";C7D@T
 "B O 7 7KII? :n7KJH;I H?J;I 9ECC; C7D=;H :EKP;
H7?I?DI;J@;J;HB;IFYF?DI :7DIBn;7K;D<7?I7DJ:;ILE;KNEK C7D=;H:;IB;DJ?BB;IFEKHI;
=7H7DJ?HKD;7DDY;:;H?9>;II;

%;J;HC;gC7JH?7H97J h7YJY 9EDIJHK?J UB7<?D :K 1"1 ZC;I?Z9B;IKHB;CE:ZB;:;

g F7JH?7H97J h
 "D?J?7B;C;DJ g C7JH?7H97J h YJ7?J ;CFBEOY:7DI B;I;DI :; g IOIJZC; :;
F7H;DJY C7JH?B?DY7?H; h J7D:?I GK; B; F7JH?7H97J :YI?=D7?J 8?;D 9ECC; B?D:?GK7?J IED
YJOCEBE=?; KD IOIJZC; IE9?7B :EC?DY ;N9BKI?L;C;DJ F7H B;I >ECC;I
 %7 g <7C?BB;
C7JH?B?DY7?H; h;IJ KD IOIJZC; :; <?B?7J?ED :7DI B;GK;B 9>79KD H;BZL;:K B?=D7=;:; I7
CZH;
;B7I?=D?<?;GK;B7JH7DIC?II?EDF7H>YH?J7=;:;B7FHEFH?YJY:;IDECI:;<7C?BB;
;J J?JH;I F7II; F7H B; B?=D7=; <YC?D?D
 'Y7DCE?DI B; J;HC; g C7JH?7H97J h <KJ JHZI JaJ
9ECFH?I9ECC;B;F;D:7DJIOCYJH?GK;:KgF7JH?7H97JhFEKH:YI?=D;HKDJOF;:;IE9?YJY
Eb B;I <;CC;I :YJ?;DD;DJ B;I C[C;I HaB;I ?DIJ?JKJ?EDD;BI GK; B;I >ECC;I :7DI B;I
IE9?YJYIF7JH?7H97B;I
"BD;N?IJ;F7I:;IE9?YJY>KC7?D;9EDDK;EbB;C7JH?7H97J;DJ;D:K
:7DI9;I;DI7?J;N?IJY
D7DJ>HEFEBE=?;?B;IJ:?IJ?D=KYKD;IE9?YJYA5HF=@C75@9BnYFEKN
L7 >78?J;H :7DI B; L?BB7=; :; BnYFEKI; :nKD; IE9?YJY A5HF=@=BV5=F9 B7 JH7DIC?II?ED :K
IJ7JKJ IE9?7B7L;9DEC ;J <EHJKD;F7II;F7HB7B?=DY; C7J;HD;BB;
 %7KH;DJ ++2 )?;HH;
('-;J,7BL7JEH;n('(+"(g BEII7?H;:;B7F7H;DJYh:7DI*9JI9$j<CAA9Df
  F



%;IH;B7J?EDIIE9?7B;IHY=D7DJ:7DIB;IIE9?YJYIC7JH?B?DY7?H;I7L7DJB;KH9BE?IEDD;C;DJ

F7HB;F7JH?7H97JB;I:?;KN:EC?D7DJI:;L?;DD;DJC7I9KB?DI :7DI9;97I F;KL;DJJHEKL;H


KD;97H79JYH?I7J?ED:7DIB;<7?JC[C;:;B7FEI?J?ED:;B7<;CC;YJ7DJB7F;HIEDD;F7H
B7GK;BB;F7II;DJB;I7D9[JH;IB7CYCE?H;:;B7IE9?YJY;DGK;IJ?EDIED>?IJE?H;I;I<7?JI
I;I=;IJ;I;BB;JHEKL;KDH;IF;9JGK;BB;7F;H:KFBKI J7H: :;B7F7HJ:;IED9ECF7=DED
:;L;DK F7JH?7H9>;
&;B?II7&2+ ,<=7?9F H<5H K5H9F,<9'F=;=BG C: @CC8 5G +MA6C@
5B8*=HI5@
';M2EHA%ED:H;I+EKJB;:=; FF
 

%;H5BHF=GA9:EDJB;CEJ:EH?=?D;E99?:;DJ7B;?DL;DJY7K1"1 ZC;I?Z9B;;IJ:YH?LY:K

J;HC;H5BHF5 ?B:YI?=D;KD ;DI;C8B;:;J;NJ;I:;:E9JH?D;I:;H?JK;BI ;J :;CYJ>E:;I


?D?J?7J?GK;IGK? EDJFYDYJHY:;<7XED :?<<KI;B7FBKF7HJ:;I 8H7D9>;I:;B>?D:EK?IC;;J
:EDJB7:Y<?D?J?ED;N79J;7?DI?GK;BEH?=?D;>?IJEH?GK;H;IJ;DJKDIK@;J:;:?I9KII?EDF7HC?
B;IIFY9?7B?IJ;IE99?:;DJ7KN
"B I;NFH?C;UJH7L;HI:;IFH7J?GK;I OE=?GK;I ;J:;I H?J;I I;
87I7DJIKH:;IJ;NJ;IEKJ7DJH7IHYLYBYII;BEDB7BY=;D:;F7H,>?L7BK? C[C;

  &;B?II7&2+,<=7?9F H<5H K5H9F,<9'F=;=BG C: @CC8 5G +MA6C@ 5B8 *=HI5@


 ';M

2EHA%ED:H;I+EKJB;:=; F
 

%;IFH;C?;HIJ;NJ;I:;B7JH7:?J?EDLY:?GK;IEDJ9ECFEIYIUF7HJ?H:K1/ ZC;I?Z9B;7L


#

 ;J IEDJ FHE=H;II?L;C;DJ HYKD?I ;D 9EBB;9J?EDI DECCY;I +5A<=H5
 %; F7II7=; :K
LY:?IC;7K 8H7>C7D?IC;9ECC;D9;7L;9B7HY:79J?ED:;I F5<A5B5
%7JH7DI?J?ED :K
8H7>C7D?IC; U B>?D:EK?IC; I799ECF7=D; :; B7 HY:79J?ED :;I F5BM5?5 FK?I :;I
-D5B=G58
%;IFBKIHY9;DJ;I:;IY9H?JKH;I:K/Y:7:7J;H7?;DJ:K/ ZC;I?Z9B;7L
#


  #7D?D;+" '+*9@=;=CBG A=BCF=H5=F9G 9H 7I@H9GA5F;=B5IL 89@j!B89 )7H?I)K8B?IK:

 F


  %7H?JK7B?I7J?ED J7DJH?GK;:;B7L?; FH?LY;;J I;NK;BB; 7YJYFEIJYH?;KH;C;DJEH=7D?IY;

:7DI B; #5A5GIHF5


 Q9H?J ;DJH; B;I /" ZC; ;J B; /"" ZC; I?Z9B;I YFEGK; Eb B7 <;CC;
@EK?II7?J ;D9EH; :KD; 9;HJ7?D; B?8;HJY B; #5A5GIHF5 FE?DJ; B;I ?D@ED9J?EDI FEKH
Bg YFEKI; <?:ZB; h C7?I ;BB;I 9aJE?;DJ 7KII? :7KJH;I 9EDI;?BI FEKH B7 IY:K9J?ED ;J B7
C7D?ZH;:;JHECF;HIED YFEKN
%;H;C7H?7=;:;I L;KL;I GK?7YJYFBKI J7H:?DJ;H:?J ;D
"D:;;IJ7BEHI :Y9H?J9ECC;799;FJ78B;
 %>ECEI;NK7B?JY<YC?D?D;;JC7I9KB?D;YJ7?JKD
7IF;9J @K=YD7JKH;B:;B7L?;I;NK;BB;
-EKJ;I B;I FEII?8?B?JYI I;NK;BB;I C[C;9;BB;I GK?
EDJYJY@K=Y;I:YL?7DJ;I;J?DJ;H:?J;IF7HB7IK?J;IEDJYDKCYHY;I:7DIBEKLH7=;

 '7H;D:H7'7J>!--!+22g$>7 FKIF7EH&;DIJHK7B BEE: h =GHCFMC: H<9


,5BHF=7 F9@=;=CB  =GHCF=75@ *=HI5@=GH=7 5B8 (<=@CGCD<=75@ +HI8M ';M ;B>?  FF

 

 !;DHO#ED>+0%;J&7H=7H;J->ECFIED+0% 9@989FH 5B8:9A5@9DCK9F

5ACB;H<91CFI65BEEC?D=JED"D:?7D7.D?L;HI?JO)H;II 

-;CFB; K7H79O:;IEBB?D;IU&EDJH;K?B>JJF MMM


J=9EBB?D;I
EH=
  %WF9 89 G5=BH ;JDWF9 89 G5=BH  FH[JH;II;;J FH[JH; :K 7D:EC8BY ;J :;Bn.C87D:7
H;IFEDI78B;I :; B7 =;IJ?ED IF?H?JK;BB; ;J :;B7:?H;9J?ED :K-;CFB; EK ,9FF9=FC 9EKH :;
C7?IEDEbIEDJ9YBY8HYIB;IH?JK;BI

 7DI Bn.C87D:7B7=F5;IJKD;HYKD?EDKDH;=HEKF;C;DJ:;:?<<YH;DJI;IFH?JI :nKD;

9;HJ7?D;97JY=EH?;GK?I;C7D?<;IJ;DJF7HB?D9EHFEH7J?ED:;ICY:?KCI
%;I=F5GF;KL;DJ
[JH;<;IJ?L;IEK:;<EHC7J?ED

"DJ;HL?;M7L;9B;@7D:HE#((+(0,$2MMM
79J;FIO9>EC7=?GK;
9EC


B;@7D:HE#((+(0,$2%5BI9@89DGM7<CA5;=9)7H?IB8?D&?9>;B F


!6=89AFF
 


YDYH7B; EEFYH7J?L;7HJ?IJ?GK; FEB?J?GK; ;J IE9?7B;
 QLYD;C;DJ $5 G9LI5@=HV89G
 %7

:9AA9G(CIF@9G:9AA9G9H79ILEI=9B7CBB5=GG9BH>JJF MMM
B7=;D;H7B;
<H F 
'LIA;IJBn'F=LQ:;I;7KN:EK9;I:;IH?L?ZH;I;J97I97:;I
BB;;IJ7KII?Bn'F=LQ:;B7

8;7KJY;J:;B7<;HJ?B?JY

  B;@7D:HE #((+(0,$2 %5BI9@ 89 DGM7<CA5;=9 )7H?I B8?D &?9>;B   FF


 

 %7+5BH9F=5;IJKD;H;B?=?EDEH?=?D7?H;:;I 7H7_8;I ;J:YH?LY;:;IJH7:?J?EDI7<H?97?D;I

1CF`6Q
-EKJ9ECC;Bn-A65B85?BIn7=?J:nKDIOD9HYJ?IC;YJ78B?JF7IB;I;I9B7L;I7L;9B;
9>H?IJ?7D?IC;FEKH=7H:;HB;KHIJH7:?J?EDIH;B?=?;KI;IGK?YJ7?;DJE<<?9?;BB;C;DJ?DJ;H:?J;I

 *K7D:?:;B7IJHE;IJ7HH?LY7KFEKLE?HB7<7C?BB;:nD7&;D:?;J77:n78EH:IEKJ;DK

B; HY=?C; DY7DCE?DI 9H7?=D7DJ B7 HYFH;II?ED 9EDIJ7DJ; ;J B7 C;D79; :; F;HJ; :;
Bn7KJEH?JYF7H;DJ7B; B;I F7H;DJI :nD7 &;D:?;J7 EDJ :Y9?:Y :n;DLEO;H B;KHI :;KN<?BB;I
7:EB;I9;DJ;I 7KNQJ7JI .D?I
%nEFYH7J?ED);J;H)7D7YJY9EEH:EDDY;;DJH;   ;J 
F7HB;I QJ7JI .D?I ;J Bn7H9>?:?E9ZI;I :; &?7C?
 )BKI :;   ;D<7DJI EDJ YJY;DLEOYI
:;FK?IK87;JFB79YI:7DIQJ7JI

 %;FZH;:;D7&;D:?;J77<7?J:;B7FH?IEDFEKHIED?CFB?97J?ED:7DIBnEFYH7J?ED5M

C: (=;G !BJ5G=CB KD; J;DJ7J?L; :?DL7I?ED C?B?J7?H; :; K87 F7H :;I ;N?BYI 9K87?DI
IEKJ;DKIF7HB;IQJ7JI .D?I;D7LH?B 

 8?=7?B,(%(&(' (.B5%9B8=9H5@CC8=F97J7BE=K;:n;NFEI?J?ED)7H?I

';M2EHA 7B;H?;%;BED= F




 )7KB HC7D: -- )I5B8 @9G BMAD<9G D5F@9BH 89G BMAD<9G EI9 8=G9BH 9@@9G 
7J7BE=K;:n;NFEI?J?ED,7?DJ;DE^J:K,7KBJ-7H78KIJ; 

 )7KB HC7D: ;JJ;;II7O;:;9ECFH;D:H;GK;BB;;IJB7B?8;HJY:KCE:ZB;7K :;BU:;I


IEBB?9?J7J?EDI:;Bn7HJ?IJ;
D  Bn7HJ?IJ;7B7D9YKD;FHEFEI?J?EDUI;ICE:ZB;IUJH7L;HI
B7B;JJH;$5@=69FHV8I AC8W@9FHEFEI?J?ED GK?8EKI9KB7?JB;I >78?JK:;I ;JB;I IJYHYEJOF;I
GK? CEDJH;DJ B; CE:ZB; 9ECC; YJ7DJ 7KN EH:H;I :; Bn7HJ?IJ;
 )7KB HC7D: -- $5
JI@J99H@9GA9BGHFI9G89@58V9GG9$5@=69FHV8IAC8W@9&7HI;?BB;B7DJ; 

  "DJ;HL?;M 7L;9 )7KB HC7D: ;JJ;  >JJF ?D<;HDE C7=7P?D;


9EC    B;I
C;DIJHK;I :; B7 :;;II; EK B7FEJ>;EI; :;I <H7?I;I F7KB 7HC7D: =;JJ; 
>JJFI L?C;E
9EC  

 B7?H; %!.+- g %; I7D=  C;DIJHK;B :7DI Bn7HJ 9EDJ;CFEH7?D DJH; IY9HYJ?EDI
<YC?D?D;I;J<KH;KHKJYH?D;>?IJE?H;:nKD>YH?J7=;h:7DIEC?D?GK;!-.;JB7?H;
%&'*9DFVG9BH5H=CB9H AC89FB=HV)7H?I %;I)K8B?97J?EDI :;B7,EH8EDD;  FF

 

&;B?II7&2+,<=7?9FH<5HK5H9F,<9'F=;=BGC:@CC85G+MA6C@5B8*=HI5@';M

2EHA%ED:H;I+EKJB;:=; F
 

 %; I79H?<?9; Dn?CFB?GK; F7I <EH9;C;DJ B; C;KHJH; H?JK;B :n7D?C7KN ;J :n>KC7?DI B7
I?CFB; FHYI;D9; :K I7D= :7DI 9;HJ7?DI H?J;I F;KJ [JH; C7D?FKBY; :7DI KD; ?DJ;DJ?ED
I79H?<?9?;BB;
 7DI B; DEKL;7K J;IJ7C;DJ ?B DnO 7 F7I :; F7II7=;I GK? IK==ZH;DJ
B;K9>7H?IJ?;9ECC;KDH?JK;BI79H?<?9?;B
!6=89AFF
  

 B7?H; %!.+- g %; I7D=  C;DIJHK;B :7DI Bn7HJ 9EDJ;CFEH7?D DJH; IY9HYJ?EDI
<YC?D?D;I ;J <KH;KH KJYH?D;  >?IJE?H; :nKD >YH?J7=; h :7DI  EC?D?GK; !-. ;J
B7?H; %&' *9DFVG9BH5H=CB 9H AC89FB=HV )7H?I %;I )K8B?97J?EDI :; B7 ,EH8EDD;
 F
 


  &;B?II7&2+,<=7?9F H<5H K5H9F,<9'F=;=BG C: @CC8 5G +MA6C@ 5B8 *=HI5@ ';M

2EHA%ED:H;I+EKJB;:=; FF
  

 %;ED9?B;:;-H;DJ;GK?7:n78EH:YJ78B?B;FEKLE?H;N9BKI?<:KI79;H:E9;I79H?<?9?;B7

:EDDYB7FH;KL;:;B7FK?II7D9;:KI79H?<?9;FEKHIJHK9JKH;HB7IE9?YJYIKHB79ECC7D:;
:;I=H7D:IFH[JH;I:;I9KBJ;I7D9;IJH7B;I
!6=89AFF
  



 B   
 

7DI B7 FHE:K9J?ED 7HJ?IJ?GK; HY9;DJ; KD; =H7D:; GK7DJ?JY :;


<;CC;I 7HJ?IJ;IKJ?B?I;DJB;KHI7D=C;DIJHK;B9ECC;;D9H;EKF;?DJKH;
IKH:;I IKFFEHJIJH7:?J?EDD;BI J;BIGK;B;F7F?;HB7JE?B;;J B;J?IIK;J
D;InYBE?=D;DJF7I8;7K9EKF:;IJ;9>D?GK;IJH7:?J?EDD;BB;I:;I;7KN
HJI
 %; I7D= C;DIJHK;B <ED9J?EDD; JHZI 8?;D 9ECC; ;D9H; EK
F;?DJKH; ?B <7KJ I;KB;C;DJ B; 9EBB;9J;H 7L;9 KD; 9EKF; C;DIJHK;BB;
FEKH 7LE?H:K I7D=FKH ;J B?GK?:;
 &ED <BKN C;DIJHK;B Dn;IJF7I JHZI
?DJ;DI;;JB7F;?DJKH;;D7GK7H;BB;7K=C;DJY;;DLEBKC;7L;9Bn;7K
;IJ :;L;DK; B7 C;?BB;KH;J;9>D?GK;FEKHJH7L7?BB;HF?9JKH7B;C;DJ7L;9
C;IHZ=B;I

L;9B;FHE@;J*9JXH9N JCIG89ACBG5B; CEDE8@;9J?<DnYJ7?J


F7I :; <7?H; :; I?CFB;I 7GK7H;BB;I 7L;9 :K I7D=C;DIJHK;B C7?I :;
FHE@;J;H9;I?C7=;IIKH:;I9EHFI7<?D:;B;Ig>78?BB;HhL?HJK;BB;C;DJ

7DIKD;IYH?;KBJYH?;KH;*9JXH9N JCIG89A9G7<9J9IL   
@n7? >78?BBY L?HJK;BB;C;DJ B;I 9EHFI :;I CE:ZB;I  7L;9:;I FHE@;J?EDI
:;J?II7=;I ;D9>;L;KN
)EKH*9JXH9N JCIG 89ACBG5B;>K?J :;II?DI
:; CE:; IKH F7F?;H 7GK7H;BB; GK7JH; CE:ZB;I <YC?D?DI ;J GK7JH;
C7I9KB?DI EDJ YJY HY7B?IYI 7K 9EKHI :; JHE?I 9O9B;I C;DIJHK;BI
 #n7?
JH7L7?BBY Bn7GK7H;BB; :; I7D=;D JEDI :; HEK=;;JC7HHEDB;I JED7B?JYI
L7H?;DJ ;D <ED9J?ED :K CEC;DJ :; BnY9EKB;C;DJ
 %; I7D= ;IJ
F7H<7?J;C;DJ 78IEH8Y F7H B; F7F?;H ;J D; F;H: F7I I7 9EKB;KH ?B D;
H;DJH; F7I ;D :Y9ECFEI?J?ED
 )7H 9EDJH; B; I7D= IJE9AY :7DI :;I


<B79EDI F;H: L?J; I7 9EKB;KH HEK=; ;D IENO:7DJ 7K 9EDJ79J :;
BnENO=ZD;
 )EKH 9EDI;HL7J?ED B; I7D=:E?J H;IJ;H :7DI B;HY<H?=YH7J;KH
EK [JH; CYB7D=Y 7L;9 GK;BGK;I =EKJJ;I :; <EHCEB
 %;I 7GK7H;BB;I
F>EJE=H7F>?Y;I 7L;9 B7 F;BB?9KB;:?7FEI?J?L; EDJ YJY ;DIK?J; FHE@;JY;I
IKH B;I 9EHFI DKI 7?DI? >78?BBYI L?HJK;BB;C;DJ 7L;9 B;I L[J;C;DJI :;
I7D=C;DIJHK;B

%;I :;II?DI H;FH;DD;DJ Bn;IJ>YJ?GK; :;I :;II?DI :; CE:; 7L;9 :;I
CE:ZB;I YB7D9YI JHZI YBE?=DYI :;B7 HY7B?JY
?DI?B;I :;II?DI D;IEDJ
F7I7@KIJYI7KN9EHFI
.D;CYJ7F>EH;:K:Y8EH:;C;DJ;IJ>YJ?GK;:;I
9EHFI GK? D; H;CFB?II;DJ F7I B; CE:ZB; :; 8;7KJY
 %; 9EHFI :;I
CE:ZB;I DKI I;H7?J 9>7H=Y :; I;DIK7B?JY In?B DnYJ7?J F7I ?CFHY=DY :;
Bn78@;9J?ED C;DIJHK;BB; GK? B;I ;DL;BEFF;
 !7B EIJ;H 7 :YL;BEFFY
Bn?:Y;IKHHY7B?IJ;:;695IHV7CBJI@G=J9 
"B:Y<?D?JKD;;IJ>YJ?GK;GK?7
CE?DI U LE?H7L;9 B; 8;7KGKn7L;9 B; IK8B?C;
 %7 695IHV 7CBJI@G=J9
IEKB?=D;B?D<EHC;;JL?I;B?HH;FHYI;DJ78B;JEKJ7KJ7DJGK;B;IK8B?C;
;DC[B7DJFB7?I?H;JF;KH7JJH79J?ED;JHYFKBI?ED
;FB7?I?HDY=7J?<GK?
:Y<?D?J B; <YC?D?D 9ECC; ?DJK?J?ED :; B7 FKBI?ED :; CEHJ In7HJ?9KB;
JEK@EKHIIKHB;9EHFI:;B7<;CC;

%;I <;CC;I F>EJE=H7F>?Y;I :7DI B7 IYH?; I; H;JHEKL;DJ HY;BB;C;DJ


DK;I C7?I IKH B;KH DK:?JY 9>7HD;BB; I; C7JYH?7B?I; L?HJK;BB;C;DJ B7
C7HGK;:K<YJ?9>;
,;BED#;7D7K:H?BB7D:B;9EHFI <YC?D?DDF9GEI9
DK ;IJ B; J;HH?JE?H; :; B7 :YC7H97J?ED IKH BK? JEKJ KD HYI;7K :;
C7HGK;I ;J :; I?=D;I L?;DD;DJ B; GK7:H?BB;H CEH9;B;H D?;H :7DI I7
:?<<YH;D9; ;J IED 7C8?L7B;D9; FEKH BnEH=7D?I;H ;D KD C7JYH?;B
IJHK9JKH7B :nY9>7D=;  I?=D;
 %;I 799;IIE?H;I 979>; I;N; FEHJ;
@7HH;J;BB;I IJH?D=I 9;?DJKH;I 9EBB?;HI 8H79;B;JI ;J9
 FEIYI IKH 9;


9EHFI DF9GEI9DK<ED9J?EDD;DJ9ECC;:;IB?=D;I :;:YC7H97J?ED:;I
PED;I YHE=ZD;I ;D 7HJ?9KB7DJ KD; 97IJH7J?ED IOC8EB?GK;
 ;I B?=D;I
EK g 87HH;I h JH7DI<EHC;DJ B;I PED;I YHE=ZD;I ;D PED;I YHEJ?IY;I U
JH7L;HIB;I?=D?<?7DJF>7BB?GK;
%nYHEJ?I7J?EDHYI?:;:7DIBnYH;9J?B?JY:nKD
<H7=C;DJ :; 9EHFI C7HGKY ?B In7=?J :nKD; <7DJ7IC7J?GK; F>7BB?GK;

;JJ; EFYH7J?ED F;HC;J 7KIK@;J GK? H;=7H:; B; 9EHFI :; I; H;:Y<?D?H
9ECC; F>7BBKI
 L;9 B; 9EHFI FEI?J?LY ;J <YJ?9>?IY B; IK@;J F;KJ
In?:;DJ?<?;H U BK? ;J I; B; HY7FFHEFH?;H ;D O ?CFH?C7DJ I;I FHEFH;I
<7DJ7IC;I

L;9B;:YJEKHD;C;DJIOC8EB?GK;:KI?=D;C;DIJHK;BIKHB7g87HH;h
F>7BB?GK; KD 6FI=H :n?:;DJ?<?97J?ED ;IJ FHELEGKY :7DI B; IOIJZC;
I?=D?<?7DJ I?=D?<?Y
H?I;HB7C?I;;DI9ZD;:;B797IJH7J?ED<7?JIEHJ?HB;
9EHFI <YC?D?D :; B7 C;D79; :nE8@;9J?<?97J?ED ;J :; C7D?FKB7J?ED
YJ78B?; F7H B; <YJ?9>;
 %; 9EHFI ?HED?GK;C;DJ :VH=7<=GV ;D C;DIJHK;I
Dn;IJFBKIKD9EHFIF7II?<97IJHYF7HKDF>7BBKI<7DJ7IC7J?GK;C7?IKD
9EHFIC;D7X7DJ97F78B;:n;CFE?IEDD;HB;H;=7H:;NJYH?;KH97IJH7J;KH

%n7C8?=K?JYIOC8EB?GK;:nKDg F>7BBKIC;DIJHKYhJHEK8B;B;IOIJZC;
;J EKLH; KD; 8HZ9>; :7DI B7 IJHK9JKH; :K <YJ?9>;
 %n78@;9J?ED
9EDIJHK9J?ED F7JH?7H97B; IKH Bn?:;DJ?JY <YC?D?D; C7HGK; :YIEHC7?I B;
9EHFI :; B7 <;CC; 7L;9 KD; IEHJ; :n5BH= :VH=7<9
 ;JJ; :YC7H9>;
?DIJ7KH; KD; <YC?D?JY 79J?L; 97F78B; :; C7HGK;H IED FHEFH; 9EHFI
7L;9Bn7BJYH?JY:;IED=;DH;:YIJ78?B?I7DJ7?DI?B7IJH7JY=?;<YJ?9>?IJ;:;
B7:EC?D7J?EDC7I9KB?D;


"3<1"73,20!"*,+0+$ IYH?;F>EJE=H7F>?GK;#0+'..#&'163#


%;9EHFI<56=@@V;DI7D=C;DIJHK;BD;I;:?IJH?8K;F7I;DgIOC8EB;Ih
C7I9KB?DI EK <YC?D?DI B7 IJHK9JKH; J;HH?JEH?7B; :; 9; @;K :;
:YJEKHD;C;DJ :; B7 97IJH7J?ED ;IJ 9ECFB;N; ;J Y9>7FF; U B7
:?9>EJEC?;
 7DI B7 IJHK9JKH; :K <YJ?9>; B; 9EHFI ;IJ ;DJ?ZH;C;DJ
:?IFED?8B;FEKHB;gC7HGK7=;hF>7BB?GK;
%;I9EHFI>78?BBYI;DI7D=
C;DIJHK;BIEDJ7KII?U :?IFEI?J?EDC7?I I7DI7K9KD;F7II?L?JY?BI EDJ
YJY C7HGKYI F7H B;KH FHEFH; 97H79JZH; ?:;DJ?J7?H; >KCEH7B
 %;I
C;DIJHK;I 8EKB;L;HI;DJB; I?=D;:KF>7BBKI I7DI FEKH 7KJ7DJ?DL;HI;H
B7 IJHK9JKH; :; B7 97IJH7J?ED
 *9JXH9N JCIG 89 ACB G5B; ;IJ KD;
g 9>?CZH; >;HC7F>HE:?J; h :K <YJ?9>; B; F>7BBKI C;DIJHK;B GK?
:Y8EH:;;D78@;9J?EDC7HGK;B;9EHFI;DPED;IYHE=ZD;I


%n;IJ>YJ?GK; :; B7 CE:?<?97J?ED 9EHFEH;BB; J;CFEH7?H; ;J L?HJK;BB;


HY7B?IY;7L;9:;IEKJ?BI J;9>DEBE=?GK;I7YJYB7H=;C;DJ;NFBEHY;JEKJ
7KBED= :;B7HY9;DJ;>?IJE?H;:;Bn7HJ
K:Y8KJ:;I7DDY;I  D7
&;D:?;J77;NFYH?C;DJYFBKI?;KHI 7IF;9JI :;B7F;H<EHC7D9;7L7DJ:;
:YL;BEFF;H 9;I +=@<CI9HH9G
 D J7DJ GKYJK:?7DJ; :K FHE=H7CC;
:n"DJ;H C;:?7 :; Bn.D?L;HI?JY :; Bn"EM7 Bn7HJ?IJ; 7 YJY ?DJHE:K?J; 7KN
DEKL;7KN CY:?7I ;NFYH?C;DJ7KN :; BnYFEGK;
 7DI KD; IYH?;
F>EJE=H7F>?GK; G5BG H=HF9 D7 &;D:?;J7 7 FHE@;JY :;I :?7FEI?J?L;I
7D7JEC?GK;IIKHIED9EHFIDKKD;:YC7H9>;7HJ?IJ?GK;JHZII;C8B78B;
U B7 IYH?; F>EJE=H7F>?GK; *9JXH9N JCIG 89 ACB G5B;
 7DI B;I
:;KNIYH?;I B;9EHFIGK?I; H;JHEKL;HY;BB;C;DJDK;IJ L?HJK;BB;C;DJ
<56=@@V 7L;9 :;I FHE@;9J?EDI :?7FEI?J?L;I
 D7 &;D:?;J7 7 9EDIJHK?J
L?HJK;BB;C;DJIKHI7F;7KIEDKJYHKIIEDIGK;B;JJ;I;ICKI9B;I;JIED
IOIJZC; L;?D;KN
 BB; F;HC;J 7?DI? GK; IED ?DJYH?;KH 9EHFEH;B 78@;9J


FK?II;IY9>7FF;HL?HJK;BB;C;DJ:;B;DL;BEFF;:;B7F;7K;J:Y8EH:;H
IKHB7H;FHYI;DJ7J?ED7HJ?IJ?GK;:;IED9EHFIDK


*9JXH9N JCIG 89 ACB G5B; ;J B7 IYH?; G5BG H=HF9 :nD7 &;D:?;J7
FHEFEI;DJ B; :Y8EH:;C;DJ :; Bn?DJYH?;KH 9EHFEH;B L?HJK;BB;C;DJ
g J7JEKYh IKHB7 F;7K
%;I :;KNIYH?;I 9EDIJHK?I;DJ:;I 7H9>?J;9JKH;I
YHE=ZD;I U B7 FB79; :; BnYHEJ?I7J?ED :K 9EHFI <YC?D?D
 ;I ?C7=;I
DnY9>7FF;DJ F7I U B7 IJHK9JKH; ;IJ>YJ?GK; :K <YJ?9>; ;J U B7
:?IFED?8?B?JY :K 9EHFI <YC?D?D DK
 ;F;D:7DJ B;I YBYC;DJI GK?
C7HGK;DJ 9;I 9EHFI D; IEDJ FBKI FKH;C;DJ F>7BBE9H7J?GK;I B7
9ECFB;N?JYEH=7D?GK;:;I7BJYH?JYI:;=;DH;7Y9B7JY
'EI9EHFIDKI;J
L?HJK;BB;C;DJ >78?BBYI 7L;9 DEJH; FHEFH; 78@;9J?ED IEHJ;DJ :;
BnE8@;9J?<?97J?ED :K H;=7H: <YJ?9>?IJ; FEKH 7IIKC;H DEI ?:;DJ?JYI
:; =;DH;
 ;JJ; :YC7H9>; 9HY; :;I 9EHFI C7HGKYI F7H KD; 695IHV
7CBJI@G=J9 97F78B; :n7IIKC;H Bn7C8?=d?JY IOC8EB?GK; :; B7 8;7KJY
<YC?D?D;


+01&1/" IYH?;F>EJE=H7F>?GK; 0#'0&+'5#


%7 9EDIJHK9J?ED :; B7 8;7KJY <YC?D?D; F7II; D7JKH;BB;C;DJ F7H
KD FHE9;IIKI Y:K97J?<
 ;FK?I B7 F;J?J; ;D<7D9; B;I <?BB;I IEDJ
;D:E9JH?DY;I F7H B; 8?7?I :n79J?L?JYI BK:?GK;I GK? B;KH 7FFH;DD;DJ
9ECC;DJ B;I <;CC;I :E?L;DJ InE99KF;H:; B;KH 7FF7H;D9; FEKH [JH;
8;BB;I
 ;II?D;H :;I L[J;C;DJI ;J B;I FHE@;J;H IKH B; 9EHFI DK FEKH
Bn>78?BB;HH7FF;BB;B;I@;KN:n;D<7DJ7L;9B;IgFEKFY;I;DF7F?;Hh
%;I
<?=KH?D;I;D97HJEDF;KL;DJ[JH;>78?BBY;I ;JHY >78?BBY;IJEKJ;9ECC;
C;ICE:ZB;I ;JCE? C[C;
*9JXH9N JCIG 89 ACBG5B;FHEFEI;7?DI?
KD; 79J?L?JY 7HJ?IJ?GK; BK:?GK; ;J BY=ZH; FEKH B7 9EDIJHK9J?ED :nKD;
IEHJ;:;g8;7KJYC;DIJHK;BB;h

D KJ?B?I7DJ B;I :;II?DI :n7D7JEC?; FEKH >78?BB;H B; 9EHFI BnlKLH;
:nD7&;D:?;J7H;IJ;7KII?FHE9>;:;9;JKD?L;HI GK?JH7DI?J;;DJH;B;
BK:?GK; ;J BnY:K97J?<
 ;I :YC7H9>;I ;DBZL;DJ KD F;K :; B7
9EDDEJ7J?ED :7D=;H;KI; :; Bn?DJYH?;KH 9EHFEH;B ;D HY7B?I7DJ KD;
79J?L?JY 7CKI7DJ; 7L;9 BK?
 )EKHJ7DJ *9JXH9N JCIG 89 ACB G5B; D;
H;IJ; F7I :7DI B7 H;FHYI;DJ7J?ED L?IK;BB; :; Bn78@;9J?ED
 %; I7D=
C;DIJHK;B ;IJ F7IIY F7H B7I;FI?; :K L?HJK;B C7?I ?B 7 YJY HY;BB;C;DJ
KJ?B?IY :7DI BnlKLH;
 %; I7D= 7 JEK@EKHI ;K KD; 9EDDEJ7J?ED =H7L;
IED Y9EKB;C;DJ H7FF;BB; B7 L?EB;D9; C7I9KB?D; EK B7 FEBBKJ?ED
<YC?D?D;
 YCOIJ?<?;H Bn7D=E?II;7KIJZH; :KI7D=U JH7L;HI B; BK:?GK;
;IJKD:;IE8@;9J?<I;IJ>YJ?GK;I:;BnlKLH;

,OC8EB?GK;C;DJ B; I7D= C7I9KB?D ;IJ 9YBY8HY 97H ?B ;IJ 9;DIY
FHEL;D?H:n79J;I :;9EKH7=;;J:;L?H?B?JY 7BEHI GK; B; I7D=C;DIJHK;B
<YC?D?D;IJB?YUB7I;NK7B?JY;JUB7H;FHE:K9J?ED
%;I7D= InY9EKB;:;I
<;CC;I ;J B;I >ECC;I L;HI;DJB; I7D=
%7 H;L7D9>; :KI7D= B; FH?N
:KI7D= B7 IE?<:; I7D= B; I7D==H7D:?BEGK;DJ ;J L?H?B InEFFEI; UB7


>EDJ; :K I7D= C;DIJHK;B
;F;D:7DJ B;I7D=<YC?D?D ;IJB;I7D=GK?
:EDD; B7 L?; B; I7D= GK? 9EKB; I7DI 8B;IIKH;
 n7FHZI 9;HJ7?D;I
YL?:;D9;I 7H9>YEBE=?GK;I :K )7BYEB?J>?GK; :7DI B;I 9EDIJHK9J?EDI
IOC8EB?GK;I :K I7D= C7I9KB?D ;J :K I7D=  <YC?D?D B7 :?9>EJEC?;
7 9HYY KD; J;DI?ED FEB7H?IY; ;J 9ECFBYC;DJ7?H;
 %;KHI FEKLE?HI
IOC8EB?GK;I EDJ :c [JH; Y97HJYI ;J :YIYGK?B?8HYI U 97KI; :; B7 F;KH
GK;B7FK?II7D9;:;BKDFK?II;?DJ;H<YH;HIKHB7KJH;
,OC8EB;IH?JK;BI
;J CYJ7F>EH;I DY=E9?;DJ 9;JJ; J;DI?ED ;DJH; B; I7D= :; B7 L?; :;I
<;CC;I;JB;I7D=:;CEHJ:;I>ECC;I

%;I ;J>DEBE=K;I EDJ 9>;H9>Y F;D:7DJ BED=J;CFI U ;NFB?GK;H


Bn7FF7H?J?ED :K IOC8EB?GK; ;J :;I ;NFH;II?EDI 9KBJKH;BB;I 7K
F7BYEB?J>?GK; IKFYH?;KH
 >H?I $D?=>J FHEFEI; KD; ;NFB?97J?ED
FEKH BnYC;H=;D9; :; C7D?<;IJ7J?EDI 9KBJKH;BB;I H;B?=?;KI;I ;J
7HJ?IJ?GK;I 9ECC; YJ7DJ B7 9EDIYGK;D9; YLEBKJ?L; :nKD; IEHJ; :;
g =HZL; :K I;N; h
 %7 J>YEH?; :K g G9L GHF=?9 d  FHEFEI; GK; B7
IOD9>HED?I7J?EDC;DIJHK;BB;:;I<;CC;I7@EKYKDHaB;JHZI?CFEHJ7DJ
:7DIBnEH=7D?I7J?EDIE9?E 9KBJKH;BB;:;I <CAC G5D=9BG
>H?I $D?=>J7
?DJ;HFHYJYB;I<?=KH?D;I:;I/;DKI F;?DJ;I;DHEK=;;JE9H;9ECC;:;I
;<<?=?;I :YL;BEFFY;I F7H B;I <;CC;I FEKH CEDJH;H B;KH FYH?E:;
C;DIJHK;BB;<7?H;B7g=HZL;:KI;N;h;J;DLEO;HB;ICVB;IUB79>7II;

"D:YF;D:7CC;DJ :;I 9ED9BKI?EDI ;<<;9J?L;I :; 9;JJ; J>YEH?; ?B ;IJ
YL?:;DJ GK; F;D:7DJ B;F7BYEB?J>?GK; IKFYH?;KH B7F;?DJKH; E9H; YJ7?J
B7H=;C;DJKJ?B?IY;FEKHIOC8EB?I;HB;I7D=<YC?D?D


7DI KDH7FFEHJ :; :?9>EJEC?; ;DJH; B;I I7D=I <YC?D?D;J C7I9KB?D


&;B?II7 &;O;H 7 FHEFEIY :7DI ,<=7?9F H<5B K5H9F ,<9 'F=;=BG C:
@CC8 5G +MA6C@ 5B8 *=HI5@ GKnKD; =H7D:; F7HJ?; :K 9KBJ; U :;I


:Y;II;I FH?C?J?L;I HYFED: 7KN 7IF?H7J?EDI <YC?D?IJ;I :nKD V=; :nEH
C7JH?7H97B; GK? Dn7 ;D ;<<;J @7C7?I ;N?IJY
 BB; IEKJ?;DJ GK; B;I
<?=KH?D;I :;I /;DKI F;?DJ;I ;D E9H; F;KL;DJ H;FHYI;DJ;H B7 <;HJ?B?JY
<YC?D?D; C7?I GKn?B DnO 7 7K9KD; YL?:;D9; :; B7 IKFYH?EH?JY
IOC8EB?GK;:;B;KHI7D=9ED:?J?EDDY9;II7?H;FEKHB7J>YEH?;:KcG9L
GHF=?9 d
 %;I :?L?D?JYI <YC?D?D;I FEKHH7?;DJFHEIFYHY;I C[C; 7K I;?D
:K F7JH?7H97J EFFH;II?<
 +;<BYJ7DJ B7 HY7B?JY FH?C?J?L; EK F7I :;
DEC8H;KN COJ>;I :Y9H?L;DJ :;I FYH?E:;I 5F7<5\EI9G Eb B;I <;CC;I
7L7?;DJ KD; ?CFEHJ7D9; IOC8EB?GK; 9EDI?:YH78B; FHE878B;C;DJ ;D
J;DI?ED7L;9B;FEKLE?HC7I9KB?D

,;BED 9;HJ7?D;I FH;KL;I 7H9>YEBE=?GK;I  B;I FH;C?;HI =HEKF;I


C7JH?B?DY7?H;I :K 9;DJH; ;IJ ;KHEFY;D EDJ YJY :YFB79YI @KIGKnU B;KH
9ECFBZJ; :?IF7H?J?ED F7H :;I =HEKF;I F7JH?7H97KN L;DKI :KIK::;B7
+KII?;
 %;I <;CC;I EDJ YJY :YFEK?BBY;I :; B;KH FEKLE?H :;
FHE9HY7J?ED J7D:?I GK; B;I >ECC;I EDJ YJY ?CFHY=DYI 7L;9 B;
FEJ;DJ?;B =YDYH7J?<
 "BI EDJ ?C7=?DY GK; B7 9E7=KB7J?ED :K I7D=
C;DIJHK;B:7DIBKJYHKIF;HC;JJ7?J7KN8Y8YI:;FH;D:H;<EHC;;JGK;
B; IF;HC; C7I9KB?D I;H7?J B7 I;KB; >KC;KH <Y9ED:7DJ;
 %; I7D=
C7I9KB?D?DIJ7KH;7?DI?B7:;I9;D:7D9;F7JH?B?DY7?H;;JBn7FF7HJ;D7D9;
U KD 9B7D
 %;I <;CC;I GK? :EDD;DJ B7 L?; EDJ YJY F;HXK;I 9ECC;
9;BB;I GK? :EDD7?;DJ B7 CEHJ
 ;B7 7 I;HL? U 7DD?>?B;H EK D?;H B7
FK?II7D9;9HY7JH?9;:;I<;CC;I;JU:YL7BK;HB7I;NK7B?JY<YC?D?D;
%7
F;HJ; :; I7D= B; I?=D; B; FBKI ;NFB?9?J; :; B7 <YC?D?JY I?=D?<?7?J
:YIEHC7?IDY=7J?L;C;DJ9ECC;YJ7DJB7CEHJ

7?H;IEHJ?HB7 <;CC;IED 9EHFI ;JI7 L7B;KH IOC8EB?GK; :;9; 9O9B;


L?9?;KN :?DIJHKC;DJ7J?ED DED ?:;DJ?J7?H; ;IJ KD; JV9>; :?<<?9?B;
 .D;


LYH?J78B; ?:;DJ?JY <YC?D?D; F;KJ ;N?IJ;H I;KB;C;DJ ;D :;>EHI :;I
:Y<EHC7J?EDI 9EDIJHK?J;I F7HB; F7JH?7H97J
%;I 7HJ?IJ;I GK? KJ?B?I;DJB;
I7D=C;DIJHK;B9ECC;;D9H;;JF;?DJKH;HY7B?I;DJKD?CFEHJ7DJJH7L7?B
:;:YCOIJ?<?97J?ED:K97H79JZH;78@;9J;JFEBBK7DJ :KI7D=C;DIJHK;B

;I lKLH;I CEDJH;DJ GK; B; I7D= <YC?D?D Dn;IJ F7I KD; IK8IJ7D9;
:7D=;H;KI; ;J :Y=EKJ7DJ; GK? :E?J :?IF7H7^JH; ?CCY:?7J;C;DJ 7FHZI
IEDY9EKB;C;DJ

)7HC? KD; =H7D:; L7H?YJY :n7HJ?IJ;I GK? JH7L7?BB;DJ B; I7D= C;DIJHK;B
9ECC; F;?DJKH; FEKH B7 9HY7J?ED :; CEJ?<I :Y9EH7J?<I <?=KH7J?<I EK
78IJH7?JI@n7?9>E?I?:n7D7BOI;HB;I lKLH;I %9BGHF5@5:;/7D;II7-?;=I
$9G ACI7<C=FG A9BGHFI9@G :; %7\J?J?7 EKH=;J ;J !G=@IAC G=M5@IA5
:; 37D;B; &K>EB?
 %;I lKLH;I JHZI :?<<YH;DJ;I ;DJH; ;BB;I :EDD;DJ
KD 8ED F7DEH7C7 :;I FEII?8?B?JYI ;IJ>YJ?GK;I 9ED9;FJK;BB;I ;J
IOC8EB?GK;I 97F78B;I :n[JH; JH79Y;I 7L;9 :K I7D= C;DIJHK;B
 &7
IYB;9J?ED7YJY9EDIJHK?J;;DF7HJ?;F7H:;I7IF;9JI;IJ>YJ?GK;IC7?I?BI
EDJYJY<ED:YIFH?D9?F7B;C;DJIKHB;I :?I9EKHI7HJ?IJ?GK;I ;JFEB?J?GK;I
GK?799ECF7=D;DJB;IlKLH;I
+Y7B?I;H:;IlKLH;I:n7HJ7L;9:KI7D=
C;DIJHK;B :;L?;DJ KD; 79J?L?JY :; FBKI ;D FBKI 9EKH7DJ; B?DJYH[J
H;FEI;:ED9IKHB;IDK7D9;I:?I9KHI?L;I:;IlKLH;I


);D:7DJJHE?I 7DDY;I/7D;II7-?;=I7JH7L7?BBYIKH%9BGHF5@5KD;IYH?;
:; GK7JH; L?D=J >K?J F;?DJKH;I HY7B?IY;I 7L;9 IED I7D= C;DIJHK;B

%n7HJ?IJ; 7 :YL;BEFFY I7 J;9>D?GK; ;D 7@EKJ7DJ :K L;HD?I 79HOB?GK; U
IED I7D= C;DIJHK;B FEKH =7H:;H Bn7IF;9J 8H?BB7DJ ;J CEK?BBY :K I7D=
<H7?I
 /7D;II7 -?;=I I?DJYH;II; U B7 COJ>EBE=?; U Bn7IJHEBE=?; 7KN
I?J;I 7H9>YEBE=?GK;I :K DYEB?J>?GK; U Bn7D7BOI; :;I H[L;I ;J U B7
FIO9>EBE=?; 7H9>YJOF; <YC?D?D; ;J U FHYI;DJ ;BB; :YL;BEFF; :;I


JH7?J;C;DJIFEKHB;IJ;DI?EDIFHY C;DIJHK;BB;I
n7FHZI9;IH;9>;H9>;I
B; CEJ F=HI9@ L?;DJ :; B7 H79?D; FjHI GK? L;KJ :?H; C;DIJHK7J?ED ;D
I7DIAH?J ;J B; CEJ H56CI L?;DJ :; B7 H79?D; H5DI5 GK? L;KJ :?H;
C;DIJHK7J?ED;J I79HY ;DFEBODYI?;D
 %n7HJ?IJ; :Y<;D: B;I J>YEH?;I GK?
IEKJ?;DD;DJBn?:Y;GK;B;IFH;C?;HIH?J;I5F7<5\EI9GYJ7?;DJC;DIJHK;BI

,;BED 9;JJ; >OFEJ>ZI; B;I H?J;I C;DIJHK;BI YJ7?;DJ KD; <7XED :;
9ECFJ;H B; J;CFI ;D B?;D 7L;9 B; 9O9B; BKD7?H; ;J :; <78H?GK;H :;I
9EICYJ?GK;I FEKH KD; IEHJ; :; 9ECCKD?97J?ED C;DIJHK;BB; 7L;9 B;I
>ECC;I
)EKH/7D;II7-?;=IB;9ED9;FJ:;%9BGHF5@5;IJ:n7<<?HC;HB7
FK?II7D9;IOC8EB?GK;:KI7D=C;DIJHK;B9ECC;B;FH?D9?F7B9O9B;:;
H;DEKL;BB;C;DJ:;B7L?;


/7D;II7 -?;=I FHYI;DJ; IED lKLH; 9ECC; KD @EKHD7B L?IK;B


FYH?E:?GK; B;I F;?DJKH;I H79EDJ7DJ IED ?DJ?C?JY C;DIJHK;BB;

%9BGHF5@5 J;HC; 9HYY F7H Bn7HJ?IJ; 7L;9 B7 9EC8?D7?IED :;I CEJI
C;DIJHK7J?ED ;J C7D:7B7 9;H9B; ;D I7DIAH?J DEKI H7FF;BB; GK; B;
I7D=C;DIJHK;B;IJB;I;KBI7D=GK?9EKB; I7DI L?EB;D9;9n;IJ B;I7D=
:KH;DEKL;BB;C;DJ
%n7HJ?IJ;:Y<;D:GK;B;I<;CC;IIEDJB;I9HY7JH?9;I
:;B7L?;;D9EDIJ7DJ;H;DEKL;BB;C;DJIKHKD;87I;9O9B?GK;
%;9EHFI
:;I <;CC;I IOC8EB?I; KD; HYIKHH;9J?ED C;DIK;BB; U F7HJ?H :;
Bn7FF7H?J?ED :; B7 CYD7H9>; @KIGKnU B7 FB;?D; ;NFYH?;D9; :;
CYDEF7KI;
 )EKH /7D;II7 -?;=I 9n;IJ B7 C7J?ZH; FH;C?ZH; :;
%9BGHF5@5 GK?=7H:;B; C;II7=; 9ED9;FJK;B:;I lKLH;I B7<EH9; :;I
?C7=;ID;HYI?:;F7I:7DIB;KH9EDIJHK9J?EDFKH;C;DJ;IJ>YJ?GK;


"+01/) IYH?;:;F;?DJKH;IC;DIJHK;BB;I #0'44#+')4

/7D;II7-?;=I 7?DI? GKKD;=H7D:;F7HJ?;:;I 7HJ?IJ;I GK?EDJ JH7L7?BBY


7L;9 B;KHI HZ=B;I ;IJ ;D 799EH: 7L;9 B;I <YC?D?IJ;I :; B7 :;KN?ZC;
CE?J?Y :K 11 ZC; I?Z9B; GK? EDJ =BEH?<?Y B;KHI C;DIJHK;I
 ,;BED
&;B?II7&;O;H B;I<YC?D?IJ;I EDJ:n78EH:C?D?C?IYB;IC;DIJHK;IU
97KI; :; B7 9HEO7D9;I;BEDB7GK;BB; B;I <;CC;I Dn7L7?;DJF7I 8;IE?D
:; B;I 7LE?H JEKI B;I CE?I
 %;I <YC?D?IJ;I C?D?C?I7DJ;I 7IF?H7?;DJ U
[JH;B?8H;I :KI7D=C;DIJHK;B ;J :; JEKJ;I B;I 9EDIJHK9J?EDI DY=7J?L;I
GK? L?;DD;DJ 7L;9
 %;I =BEH?<?97JH?9;I 7K 9EDJH7?H; EDJ 9YBY8HY B;KHI
C;DIJHK7J?EDIUJH7L;HI :?<<YH;DJICY:?7I;BB;I EDJ;NFH?CYB7@E?; :;
B;KHHY9;DJ;:Y9EKL;HJ;FEI?J?L?IJ;
BB;IEDJ :Y9EKL;HJ:;I:Y;II;I;J
:;IH?J;IC7JH?7H97KNHY;BIEK?C7=?D7?H;I97F78B;I :nYB;L;HB;IJ7JKJ
IOC8EB?GK;:;I<;CC;I
;I<;CC;IC;DIJHKY;II;IEDJ7II?I;IIKHB;
F7F?;H EK B7 JE?B; FEKH 9HY;H :;I ?CFH;II?EDI :; I7D=
 %;I
=BEH?<?97JH?9;I EDJ ?C7=?DY :;I <;CC;I 5F7<5\EI9G EH=7D?IY;I 7KJEKH
:; IEHEH?JYI C;DIJHK;BB;I
 'Y7DCE?DI B;I <YC?D?IJ;I =BEH?<?97JH?9;I
DnEDJ F7I LH7?C;DJ HY7B?IY GK;D :Y<?D?II7DJ B;I <;CC;I I?CFB;C;DJ
F7HB;KHI7IF;9JIF>OI?GK;IC[C;:7DIKD;IFH?J:;9YBY8H7J?ED;BB;I


I; IEDJC?I;I:7DIB;L?;KN97CFL?9JEH?;D::M7H:B7HA;  I;KB;
C;DJH;C?IU@EKH

%;I /?9JEH?;DI EDJ :Y<?D? B;I <;CC;I F7H H7FFEHJ U B;KH 9O9B?9?JY
C;DIJHK;BB; ;J B;I <;CC;I IEDJ ;D9EH; 9EDI?:YHY;I 9ECC; B;I
>KC7?DI B;I FBKI 9O9B?GK;I
  )EKHJ7DJ JEKJ; L?; IKHJ;HH; O9ECFH?I
9;BB;:;I>ECC;I;IJ9O9B?GK;
;I9>HEDE 8?EBE=?IJ;I GK?YJK:?;DJ
B7 HOJ>C?9?JY >KC7?D; CEDJH;DJ GK; :; DEC8H;KI;I <ED9J?EDI
9EHFEH;BB;I 7:>ZH;DJ U KD 9O9B; HOJ>C?GK; GKEJ?:?;D
 %; J;HC;
g9?H97:?;Dh97H79JYH?I;B7:OD7C?GK;9O9B?GK;:;JEKJ;<EHC;:;L?;
O 9ECFH?I B;I EH=7D?IC;I KD?9;BBKB7?H;I
 )H;IGK; JEKJ;I B;I <ED9J?EDI
>KC7?D;I J;CFYH7JKH; 9EHFEH;BB; J;DI?ED 7HJYH?;BB; <HYGK;D9;
97H:?7GK;;JH;IF?H7JE?H;;J9
IEDJ9O9B?GK;I

/;HI B7 <?D :K 11 ZC; I?Z9B; ?B YJ7?J 9EKH7DJ :n7JJH?8K;H B;
9ECFEHJ;C;DJ 9O9B?GK; :;I <;CC;I 7KN g >EHCED;I ;D H7=; h
 %;I
>ECC;I ;J B;I <;CC;I FHE:K?I;DJJEKI :;I >EHCED;I I;NK;BI ;J :;I
IJYHE_:;II;NK;BIC7?IU:;I9ED9;DJH7J?EDI:?<<YH;DJ;I
%;GK;B:n;DJH;
;KN g H7=; h  %;I D?L;7KN :lIJHE=ZD; 9>;P B7 <;CC; CEDJ;DJ ;J
JEC8;DJ :7DI KD; 9EKH8; C;DIK;BB; YGK?B?8HY; B7 FHE:K9J?ED :;
J;IJEIJYHED; 9>;P Bn>ECC; ;IJ 8;7K9EKF FBKI ;HH7J?GK;
 %7
J;IJEIJYHED;I;FHE:K?J;DH7<7B;I9HY;DJ:;I EI9?BB7J?EDI;NJH[C;C;DJ
H7F?:;I GK? :EDD;DJ :;I =H7F>?GK;I ;D P?=P7=
 %; FE?DJ ?9? ;IJ :;
:Y9EDIJHK?H; B7 DEJ?ED GK; B7D7JEC?; <YC?D?D; g ;DH7=; h
9O9B?GK;C;DJ H;D:7DJ B;I <;CC;I 7BJYHY;I ;J?D9EDJHaB78B;IF;D:7DJ
GK; B;I >ECC;I H;IJ;DJ g YGK?B?8HYI h :7DI KD; :OD7C?GK;
79O9B?GK;



"B D; In7=?J :ED9 F7I :; AMGH=:=9F BnEH=7D?9?JY <YC?D?D; 9ECC;
FBKI FHE9>; :; B7D7JKH; ;J :K9O9B; :; B7 L?;
 %; 9EHFI <YC?D?D ;IJ
I;KB;C;DJB;9EHFIEbB7IJHK9JKH;9O9B?GK;:;B7L?;;IJB7FBKIL?I?8B;
;J9n;IJB7H7?IEDFEKHB7GK;BB;9;9EHFI7YJY:?78EB?IYF;D:7DJJEKJ;
Bn>?IJE?H;
 "B D; <7KJ F7I YJ78B?H KD; IEHJ; :; =K;HH; :;I =;DH;I FEKH
9EDJHaB;HB;FEKLE?HIOC8EB?GK;H;B7J?<UB7D7JKH;;J7KN9O9B;I :;B7
L?;
 %?DJYH[J 9ED9;FJK;B :K I7D= C;DIJHK;B :7DI Bn7HJ HYFED: U KD;
J;DJ7J?L;FEKHHYYGK?B?8H;H;JC;JJH;U@EKHB79ECFB;N?JY;JB7FBKH7B?JY
:;I H;B7J?EDI :; =;DH; :7DI BnEH:H; IOC8EB?GK;
 %;I 7HJ?IJ;I GK?
C;JJ;DJ B;KHEH=7D?9?JY C;DIJHK;BB; ;DlKLH;:E?L;DJ[JH;9EDI9?;DJI
GK;9;HJ7?DIgF?Z=;IYIEJYH?GK;I h7KJEKH:;B7 9O9B?9?JY<YC?D?D;;J
:;IIE9?YJYI5F7<5\EI9GC7JH?7H97B;IF;KL;DJI;FHE:K?H;


L;9KDH;=7H:IKHB;9O9B;C;DIJHK;BCE?DI gYIEJYH?GK;hGK;9;BK?
:;/7D;II7-?;=I%7\J?J?7 EKH=;J 7 7KII?HY7B?IYKD;IEHJ; :; @EKHD7B
C;DIJHK;B
$9G ACI7<C=FGA9BGHFI9@G    IEDJKD;9EBB;9J?ED
:; CEK9>E?HI ;D F7F?;H J;?DJYI 7L;9 :K I7D= C;DIJHK;B IF;HC; ;J
KH?D;
;JJ;79J?L?JYC;DY;F7HBn7HJ?IJ;F;D:7DJI;IHZ=B;I9EDI?IJ;;D
KD;KJ?B?I7J?ED BK:?GK;:;F;J?JI CEK9>E?HI ;DF7F?;HFB79YI :7DI B7
9KBEJJ; U B7 FB79; :;I I;HL?;JJ;I >O=?YD?GK;I
 .D; <E?I ?CFHY=DYI :;
I7D=B;ICEK9>E?HIIEDJ:YFB?YI;JYF?D=BYI7KCKH
/?IK;BB;C;DJB;I
?C7=;I YLEGK;DJ B;I J;IJI :; +EHI9>79> EK B;I CEJ?<I :; 97HH;7KN
>O:H7KB?GK;I
 %n;DI;C8B; 9ECFH;D7DJ ;DL?HED I;FJ 9;DJI CEK9>E?HI
9B7IIYIF7HCE?I9EDIJ?JK;KD;<EHC;:;@EKHD7B?DJ?C;:;I9O9B;I :K
9EHFI;J:;Bn79J?L?JY7HJ?IJ?GK;


"0*,2 %,&/0*"+01/2")0   ?DIJ7BB7J?ED#?5+5+#163)'5

,;BED,?CED; :; ;7KLE?H c $9 G9L9 :VA=B=B9GH AMGHVF=9ILDCIF@5


:9AA9 9@@9 AXA9 757<V HCIFA9BHV AIEI9IL <IA=89  =@ G5=;B9
7<5EI9 AC=G =@ 9GH D5F:C=G GCI=@@V 8j<IA9IFG =@ 5 IB9 J=9 G97FWH9 9H
85B;9F9IG9
 d   )EKHJ7DJ 9; g COIJZH; :7D=;H;KN h L?;DJ :nKD;
9EDIJHK9J?EDIOC8EB?GK; YH?=Y;IKH B;I J78EKI C;DIJHK;BI?BD;In7=?J
F7I :; B7 HY7B?JY EH=7D?GK; :;I <;CC;I
 L;9 $9G ACI7<C=FG
A9BGHFI9@G %7\J?J?7 EKH=;J ;II7?; :n;NFEI;H Bn?DJ?C?JY 979>Y; :; B7
<;CC;I7DICOIJZH;EK:7D=;H
%79EDDEJ7J?EDBK:?GK;:;IEDlKLH;
DEKI CEDJH; GKn?BIn7=?J :nKD YLYD;C;DJ>78?JK;B 87D7B ;J?DE<<;DI?<
GK? 7HH?L; HY=KB?ZH;C;DJ :7DI B7 L?; :;I <;CC;I
IIKC;H IED I7D=
C;DIJHK;B :; <7XED BY=ZH; ;J BK:?GK; ;IJ KD; <EHC; ;<<?979; :;
CEDJH;H GKn?B DnO 7 7K9KD; H7?IED :n7LE?H >EDJ; :; 9;I >KC;KHI

YC7H9>;;D=7=Y;C7?I DEDFEB?J?GK;<YC?D?D;C7?I F7I <EH9YC;DJ
<YC?D?IJ; %7\J?J?7 EKH=;J I; :YC7HGK; :; 9;BB;I GK? BnEDJ FHY9Y:Y;
F7HKD; 7JJ?JK:;FEYJ?GK;BK:?GK;;JHYIEBKC;DJ 7KJE:YH?IE?H;:;IED
?:;DJ?JY<YC?D?D;


&7 :YC7H9>; 7HJ?IJ?GK; D; H;II;C8B; F7I 7K D?L;7K FKH;C;DJ
;IJ>YJ?GK; 7KN lKLH;I :;/7D;II7 -?;=I ;J :; %7\J?J?7 EKH=;J
 #n7?
LEKBK7D7BOI;H9;I:;KN@EKHD7KNC;DIJHK;BIFEKHC;JJH;;DYL?:;D9;
B;KH :?<<YH;D9; :n78EH:7=; IOC8EB?GK; JHZI ?CFEHJ7DJ FEKHJH79;HB;
9>7CF :; Bn7HJ C;DIJHK;B
 %; :?I9EKHI :; =BEH?<?97J?ED :;I HZ=B;I
7:EFJY F7H/7D;II7 -?;=I ;IJ ;NJH[C;C;DJ 9EKH7DJ 9>;P B;I 7HJ?IJ;I
GK? JH7L7?BB;DJ F?9JKH7B;C;DJ B;KH I7D=  C;DIJHK;B  %9BGHF5@5 ;IJ
I;KB;C;DJ KD ;N;CFB; F7HC? :n7KJH;I
 D H;L7D9>; $9G ACI7<C=FG
A9BGHFI9@G 7L;9 B;KH 9EDDEJ7J?ED BK:?GK; ;IJ IOC8EB?GK;C;DJ
FHE9>;:;B7:YC7H9>;:;*9JXH9N JCIG89ACBG5B;
%;IEKL;D?H:;I
g FEKFY;I :; F7F?;H h:; CED ;D<7D9; 7 YJY H7L?LY F7H KD; 79J?L?JY
7KII? BK:?GK; GK; B;I @EKHD7KN C;DIJHK;BI :; CEK9>E?H
 #; FHEFEI;
7?DI? JEKJ 9ECC; %7\J?J?7 EKH=;J KD; :YCOIJ?<?97J?ED :;I HZ=B;I U
JH7L;HIKD@;K:n;D<7DJ7CKI7DJ;J<7C?B?;H

%7B?8;HJY9HY7J?L;;JIOC8EB?GK;:;Bn7HJEKLH;KD?CFEHJ7DJ9>7CF:;
:?7BE=K;IKHB;9EHFIC7?I7KII?IKHB;I:HE?JI:;I<;CC;I
.DFEII?8B;
9>;C?D FEKH B;I :YC7H9>;I C;DIJHK;BB;I 7<<?HC7J?L;I ;IJ 9;BK? :; B7
:YCOIJ?<?97J?ED7L;9B7HY7B?I7J?ED:nlKLH;IGK?;CFBE?;DJB;BK:?GK;
;J B; g 8;7K h
 .D; 7KJH; CYJ>E:; 7KII? ?CFEHJ7DJ; ;IJ 9;BB; :; B7
:YDED9?7J?ED:;B7C?IE=OD?;
#;L?;DI:nKD;9KBJKH;JHZIC?IE=OD;B7
87D7B?I7J?ED :KL?EB;IJKD; HY7B?JY <H7FF7DJ; 7KHYI?B
#n7? FBKI?;KHI
7C?;IGK?EDJYJYL?EBY;IF7H:;I ?D9EDDKI EK F7H:;I FHE9>;I;JU
:;I V=;I JHZI :?<<YH;DJI
K9KD :;I L?EB;KHI Dn7 YJY C?I ;D FH?IED;J
;BB;IEDJ:cIKHCEDJ;HI;KB;IB;IJH7KC7I?D<B?=YIF7H9;9H?C;I;NK;B

);D:7DJGK;@;HYL?I;9;9>7F?JH;@;L?;DI:n7FFH;D:H;GKnKD;<?BB;:;
I;?P;7DI7IK8?KDL?EB9EBB;9J?<U+?E:;#7D;?HE
BB;7YJY:HE=KY;;J


L?EBY; F7H KD; JH;DJ7?D; :n>ECC;I GK? EDJ <?BCY ;J F>EJE=H7F>?Y
Bn79J; ;J EDJ C?I B;I ?C7=;I IKH ?DJ;HD;J 7L;9 :;I 9ECC;DJ7?H;I
E:?;KN
 %;FBKI I97D:7B;KNYJ7?JB7HY79J?ED:;I?DJ;HD7KJ;I 7FHZIB7
J=F5@=G5H=CB :;I ?C7=;I B;KH :?I9EKHI :; g DEHC7B?I7J?ED h :K L?EB
9KBF78?B?I;JEK@EKHIB7L?9J?C;

#; Dn7? F7I IK8? KD; J;BB; L?EB;D9; I;NK;BB; ;J C;I lKLH;I D; <EDJ
F7I :; HY<YH;D9; :?H;9J; 7K L?EB
 'Y7DCE?DI 9; <7DJaC; C?IE=OD;
FB7D; IKHC;I H;B7J?EDI IE9?7B;I ;J7<<;9J?L;I GKEJ?:?;DD;I
D H7D9;
@n7? 7KII? :c IEKJ;D?H KD; 7C?; GK? 7 YJY L?EBY;
 #; D; C; I;DI F7I
7KJEH?IY; U78EH:;H7HJ?IJ?GK;C;DJKD; L?EB;D9;GK;@;Dn7?F7I LY9K
9>7HD;BB;C;DJ C7?I ?B In7=?J:nKD; GK;IJ?ED ;NJH[C;C;DJ ?CFEHJ7DJ;
:7DI B7 9EDIJHK9J?ED :; CED FEI?J?EDD;C;DJ FEB?J?GK; ;D J7DJ
GKn7HJ?IJ; <YC?D?IJ;
 ?DI? @n7? :Y9?:Y :n7D7BOI;H BnlKLH; !G=@IAC
G=M5@IA5 :; 37D;B; &K>EB? FEKH 7IIE9?;H B7 g 9KBJKH; :K L?EB h UB7
9EDIJHK9J?ED IOC8EB?GK; :K I7D= <YC?D?D ;J YJ78B?H KD; H;B7J?ED
;IJ>YJ?GK;7L;9C;IFHEFH;ICEJ?<IC;DIJHK;BI


7DIKDFH;C?;HD?L;7KB;FHE@;J!G=@IACG=M5@IA5;NFH;II?EDPEKBEK
GK? I?=D?<?; 8CI@9IFG A9BGHFI9@@9G :; 37D;B; &K>EB? JH7?J; :; IED
FHEFH; I7D= C;DIJHK;B
 7DI KD D?L;7K FBKI FHE<ED: B; I7D=
C;DIJHK;B ;IJ KD CEO;D :n;NFH;II?ED FEKH 9EC8B;H B7 :EKB;KH;J B7
F;HJ;
 9J?L?IJ; B;I8?;DD; 37D;B; &E>EB?;IJ JHZI ;D=7=Y; 9EDJH; B;I
J=C@G 7CFF97H=:G 9EKH7CC;DJ F;HFYJHYI U Bn;D9EDJH; :;I <;CC;I
B;I8?;DD;I :; I7 9ECCKD7KJY ;D <H?GK; :K ,K:
 )HZI :; 

L?EBIIEDJ9ECC?IF7H7D;D<H?GK;:K,K:
KHYI?BE<<?9?;BB;C;DJ
KD; <;CC; ;IJ L?EBY; JEKJ;I B;I EDP; C?DKJ;I
  %; C79>?IC; ;J B7


C?IE=OD?; :;C;KH;DJ JHZI FHYI;DJI :7DI 9;I IE9?YJYI GK? EDJ
?HED?GK;C;DJ:;I9EDIJ?JKJ?EDIJHZIFHE=H;II?IJ;I

>7GK;C7D:7B7 HY7B?IY F7H37D;B;&E>EB?7L;9IED I7D=C;DIJHK;B


;IJ KD >ECC7=; U KD; L?9J?C; EK U KD; IKHL?L7DJ; :; 9;I 9H?C;I

%n7HJ?IJ; I; HY<ZH; U BKJYHKI 9ECC; U KD ;IF79; I79HY Bn;IF79; U
JH7L;HI B;GK;B DEKI L;DEDI 7K CED:; ;J 9n;IJ 9; C[C; ;IF79; GK?
;IJL?EB;DJY
 %;I7D=C;DIJHK;B;IJB;<?B9ED:K9J;KHIOC8EB?GK;GK?
In;NFH?C; 7K DEC :; JEKJ; L?EB;D9; I;NK;BB; 9ECC?I; 9EDJH; B;I
<;CC;IB;I7D= <YC?D?D:;L?;DJB; JYCE?D:K9H?C;I;NK;B
;I7D=
GK?:;LH7?JInY9EKB;HI;KB;C;DJI7DI L?EB;D9;@7?BB?J:;I L7=?DIL?EBYI
?D9EHFEH7DJJEKJ;B7C?IE=OD?;:;B7IE9?YJYF7JH?7H97B;

IJ>YJ?GK;C;DJ B;I C7D:7B7I :; 37D;B; &K>EB? H;II;C8B;DJ 7KN


CEJ?<I GK? ;IJ7CF;DJ C;I :;II?DI :; CE:;
 ; IEDJ :;I ?C7=;I GK?
9aJE?;DJ B7 8;7KJY C7?I GK? ;D <ED9J?ED :; B;KH C7J?ZH; FH;C?ZH;
78@;9J;IEDJ97F78B;I :;H;FEKII;HB;I B?C?J;I:;B7JEBYH7D9;IE9?7B;
;J9KBJKH;BB;
%nEKL;HJKH;;IJ>YJ?GK;FHEFEIY;F7HBn7HJF;HC;J7KI7D=
C;DIJHK;B :n;N?IJ;H 9KBJKH;BB;C;DJ
 %7 B7H=; L7H?YJY :; F;?DJKH;I
C;DIJHK;BB;I F;HC;J 7KII? Bn7FF7H?J?ED :n?CFEHJ7DJI GK;IJ?EDD;C;DJI
FEB?J?GK;I
 %n7HJ C;DIJHK;B In7IIKH; GK; 9;KN :EDJ B7 LE?N 7 YJY
>?IJEH?GK;C;DJ ?=DEHY; F;KL;DJ 9ECC;D9;H U HY9KFYH;H KD; 9KBJKH;
L?IK;BB;GK?7KF7H7L7DJB;KHYJ7?JH;<KIY;
%;9EDJ79J7L;9:;IlKLH;I
C;DIJHK;BB;IF;HC;J7KIF;9J7J;KH:;NFYH?C;DJ;HB;9EHFIFEYJ?GK;U
FBKI?;KHID?L;7KN9HY7DJ7?DI?KD;IF79;I;DI?8B;97F78B;:;L7BEH?I;H
B7:?<<YH;D9;


0&)2*,0&6)2*   IYH?;:;F;?DJKH;IC;DIJHK;BB;I"#0'.'1*1.+

i Bn?DJYH?;KH :; Bn?:;DJ?JY I;NK;BB; :;I <;CC;I B7 8=::VF9B79 ;IJ B7

GK;IJ?ED B7 FBKI ?CFEHJ7DJ; :7DI B; :?I9EKHI ;IJ>YJ?GK; ;J FEB?J?GK;

%n79J?L?IC;cEI99Fd:;37D;B;&E>EB?;IJKD79J;:; HYI?IJ7D9; 7KN
HY=?C;I :K DEHC7B
 L;9 B;I C7D:7B7I :; I7D=;BB; H;C;J ;D 97KI;
Bn7HJ?9KB7J?ED?:YEBE=?GK;:;Bn<VHVFCBCFA5H=J=HV9ECC;@KIJ?<?97J?<UB7

L?EB;D9;I;NK;BB;9EDJH;B;I<;CC;I
,ED;IJ>YJ?GK; cEI99FdH;@E?DJ
B7 9ECFHY>;DI?ED C7H=?D7B; :; B7 9ECFB;N?JY =;DH; H79; 9B7II;
FHEFEIY;F7H7J>OE>;D 
;IEDJ7KN<;CC;IC7H=?D7B?IY;I:;B7
IE9?YJYIK: 7<H?97?D;;DD?L;7KN :; =;DH;H79; ;J9B7II; 7KNGK;BB;I

37D;B; &E>EB? H;D: >ECC7=; 7L;9 !G=@IAC G=M5@IA5


 %E?D :;I
IJHK9JKH;I8?D7?H;IJ;BB;IGK;>ECE >YJYHE>ECC; <;CC;DE?H 8B7D9
Bn7HJ?IJ; C;J Bn799;DJ IKH B7 9ECFB;N?JY C7H=?D7B; :; B7 L?EB;D9;
I;NK;BB;

%n7IF;9J B; FBKI =H7L; :;I L?EBI 9ECC?I ;D Bn<H?GK; :K ,K: ;J 7K
HYI?B ;IJ B7JJ?JK:; 9ED:;I9;D:7DJ;:;B7 )EB?9; :; B7 #KIJ?9; ;J:;I
CY:?7I GK? :;LH7?;DJ FKD?H :YDED9;H ;J 9EC87JJH; B7 L?EB;D9;

*K7D:B;I <;CC;IL?EBY;II;H;D:;DJUB7FEB?9;FEKHFEHJ;HFB7?DJ;


;BB;I IEDJ IEKL;DJ DY=B?=Y;I ;J B;KH JYCE?=D7=; Dn;IJ F7I FH?I ;D
9ECFJ; <EHC;BB;C;DJ
%EHIGK; B;I L?EB;KHI IEDJ;<<;9J?L;C;DJC?I ;D
;N7C;DB;I@K=;I<?D?II;DJF7HB;I?DDE9;DJ;H7<<?HC7DJGK;B7H;B7J?ED
I;NK;BB; 7 YJY FHEKLY; C7?I B; 9H?C; DED
  %7 #KIJ?9; <?D?J F7H
g7KJEH?I;Hh B;I9H?C;I :ZI BEHI GKn;BB;D;H;9EDD7^JF7I B;97H79JZH;
=@@V;5@:;9;I79J;I:;L?EB;D9;I;NK;BB;
%;ICY:?7IH;C;JJ;DJIEKL;DJ
B7 H;IFEDI78?B?JY :;I 9H?C;I IKH B;I FHEFH;I L?9J?C;I ?BI F;KL;DJ
7<<?HC;H GKn;BB;I 7L7?;DJ JHEF 8K EK GK; B;KHI >78?JI YJ7?;DJ
FHELE97J;KHI  9;I :?I9EKHI IEDJ :ED9 IE9?7B;C;DJ 78IEH8YI 9HY7DJ
KD;LYH?J78B;g9KBJKH;:KL?EBh


%7 HYFH?C7D:; IE9?7B; Dn;IJ F7I I?CFB;C;DJ 9; GK? HYFH?C; EK
9EDJHaB;B;IK@;J;BB;9EDIJ?JK;KD;F7HJ;II;DJ?;BB;:;B7<EHC7J?ED:K
IK@;J
 *K7D: B7 FEB?9; ;J B7 IE9?YJY D; H;9EDD7?II;DJ F7I B; 9H?C;
I;NK;B ;J D; HYFH?C;DJ F7I Bn7=H;II;KH ;D :Y<?D?II7DJ Bn?D<H79J?ED
@KH?:?GK;B;IK@;JIE9?7B;IJ<EHCYI7DIB79ECFHY>;DI?ED:;I:HE?JI;J
:;LE?HI :; 9>7GK; 9?JEO;D
 %n79J?ED :; B7 #KIJ?9; C;J 9;I <;CC;I
:Y<?D?J?L;C;DJ;DC7H=;I7DI 7K9KD; FHEJ;9J?EDg E<<?9?;BB; h 9EDJH;
B7 >7?D; F>7BBE9;DJH?GK; :; B7 IE9?YJY C?IE=OD;
 ;I <;CC;I IEDJ
:ED99ED:7CDY;IUB7L?EB;D9;F;HFYJK;BB;;JUB7CEHJYC?D;DJ;
%;I
C7D:7B7I :; 37D;B; &K>EB? H;D:;DJ >ECC7=; U 9;I <;CC;I
C7H=?D7B;I ;J :YDED9;DJ Bn>EHH;KH :K L?EB DY7DCE?DI Bn7CYB?EH7J?ED
HY;BB;:;9;JJ;I?JK7J?ED:;C7D:;KDYDEHC;9>7D=;C;DJ?:YEBE=?GK;
:;B7IE9?YJY7?DI?GKKD9>7D=;C;DJ?:YEBE=?GK;:;I7FF7H;?BI:nQJ7J

%;I9EDIJHK9J?EDIIOC8EB?GK;C;DJFY@EH7J?L;IB?Y;I7KN>KC;KHI;J7K
9EHFI<YC?D?DIEDJB787I;:KCYFH?I;DL;HIB;I<;CC;IKD9EHFII7DI
L7B;KH IOC8EB?GK; F;KJ [JH; L?EBY U Dn?CFEHJ; GK;B CEC;DJ
 %7


C?IE=OD?; ;NJH7FEB; IEKL;DJ B; :EC7?D; :K B7D=7=; ;J B; IK@;J
F>7BBE9;DJH?GK; 7JJ7GK; F>OI?GK;C;DJ B; 9EHFI :;I <;CC;I
 ;
DEC8H;KI;I L?EB;D9;I L?EBI ;J C;KHJH;I :; <;CC;I IEDJ JH7?JYI 7L;9
?D:?<<YH;D9; F7H KD; =H7D:; F7HJ?; :;I 7KJEH?JYI FEB?9?ZH;I ;J
@K:?9?7?H;I GK? D; LE?;DJ :7DI 9;I 9H?C;I ;J 7II7II?D7JI GK; :;I
L?EB;D9;I :nEH:H;FH?LYEK:EC;IJ?GK;I
%7L?EB;D9;9EDJH;B7<;CC;
In?DI9H?J :7DI KD; 9KBJKH; :n?CFKD?JY GK? <79?B?J; ;J ;D9EKH7=; :;
=H7L;I L?EB7J?EDI :;I :HE?JI :; Bn!ECC;
 %7 L?EB;D9; U BnY=7H: :;I
<;CC;I ;IJ 9KBJKH;BB;C;DJ ;DH79?DY; Bn?CFKD?JY :;I :YB?JI 9ECC?I
;DLE?;B;C;II7=;GK;B7L?EB;D9;UBnY=7H::;B7<;CC;;IJJEBYHY;


'EKI L?LEDI :7DI KD; 9KBJKH; <EHJ;C;DJ 7D9HY; IKH :;I IJYHYEJOF;I
:EDJ B7 F?;HH; <ED:7C;DJ7B; ;IJ B7 FHYJ;D:K; ?D<YH?EH?JY :;I <;CC;I

Y9EDIJHK?H;B7C?IE=OD?;;JB;IIJYHYEJOF;IIKHB;9EHFI :;B7<;CC;
;IJ B; 8KJ:;JEKJ7HJGK?JH7L7?BB; I;DI?8B;C;DJBnY9EKB;C;DJ >KCEH7B
<YC?D?D
%;I7D= C;DIJHK;B;IJB;I7D=GK?9EKB;I7DIL?EB;D9;C7?I?B
;IJ7KII?B;I7D=;CFE?IEDDYF7HB7C?IE=OD?;IE9?7B;Bn7HJC;DIJHK;B
JYCE?=D; :; B7 L?EB;D9; HY;BB; ;J GKEJ?:?;DD; 9ECC?I; 9EDJH;
B;I <;CC;I
 n;IJ I;KB;C;DJ U JH7L;HI B7 L7BEH?I7J?ED EH=7D?GK;
IOC8EB?GK; 9KBJKH;BB; IE9?7B; FEB?J?GK; ?DJ;BB;9JK;BB; ;J IF?H?JK;BB;
:; B7 <;CC; ;J :; IED 9EHFI GK; B;I :HE?JI :; Bn!ECC; I;HEDJ
;<<;9J?<I :7DI DEI IE9?YJYI 9EDJ;CFEH7?D;I
 i JH7L;HI Bn7HJ JEKJ;I 9;I
DK7D9;I :K 9EHFI <YC?D?D F;KL;DJ [JH; ;IJ>YJ?GK;C;DJ HYL?IY;I ;J
IOC8EB?GK;C;DJ H;9EDIJHK?J;I
 "B In7=?J :nKD; :YC7H9>; C?9HE
FEB?J?GK;<ED:7C;DJ7B;:7DIB7L7BEH?I7J?EDIE9?7B;:K9EHFI<YC?D?D



7DIB;IIYH?;IF>EJE=H7F>?GK;I*9JXH9N JCIG89A9G7<9J9IL;J*9JXH9N JCIG89ACB

G5B;B;ICE:ZB;IIEDJ;D;<<;J:;I7C?IFHE9>;IGK?I;IEDJ?DL;IJ?I:7DIB;IFHE@;JI

!7B(,-+CADI@G=J995IHM7C8H?:=; %ED:H;I->;&"-)H;II FF


 

#;7D.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: F


 

!6=89AFF
  

 &;B?II7&2+ ,<=7?9F H<5H K5H9F,<9'F=;=BG C: @CC8 5G +MA6C@5B8 *=HI5@ ';M

2EHA%ED:H;I+EKJB;:=; FF
 

  7DI B;CE:ZB;:;cG9LGHF=?9dFHEFEIYF7H>H?I$D?=>JB;<79J;KH :YJ;HC?D7DJ ;IJ

B7K=C;DJ7J?ED:;B7J7?BB; :K 9;HL;7K>KC7?D


 %7J7?BB;:;B7J[J;7H;D:K B7D7?II7D9;
FHYC7JKHY; FEKH GK; B; DEKL;7K DY FK?II; F7II;H F7H B; 87II?D :; I7 CZH;
 ;B7
?CFB?GK;KD;:YF;D:7D9;FBKIBED=K;:KDEKL;7K DYF7HH7FFEHJ7KN7KJH;IFH?C7J;I
%7
9HE?II7D9;:K9;HL;7K7;N?=YY=7B;C;DJKD7FFEHJIKFFBYC;DJ7?H;:;DEKHH?JKH;;J:ED9
KD ?DL;IJ?II;C;DJ FBKI ?CFEHJ7DJ:;B7F7HJ:;I CVB;I
 "B FHEFEI;:ED9GK;B7IEB?:7H?JY
:;=;DH;;JDEDF7IB79EEFYH7J?ED;DJH;B;II;N;I7YJYB;FH;C?;H9>7D=;C;DJL;HIKD
9ECFEHJ;C;DJ 9KBJKH;B
 79;7KN:?<<?9KBJYI :;B;D<7DJ;C;DJ ;J B79>7H=;:;I F;J?JI B;I
<;C;BB;I <CAC G5D=9BG EDJ :YJEKHDY B;KH ?DJYH[J FEKH B;I CVB;I :EC?D7DJI ;J EDJ
FH?L?BY=?YB;I H7FFEHJI7L;9:n7KJH;I CVB;I:7DIKD;IEHJ;:;F79J;:7?:;CKJK;BB;
 B7
:?<<YH;D9; :;I 9>?CF7DPYI B;I <;C;BB;I <CAC G5D=9BG DnEDJ F7I :n?DIJ?D9JI I;NK;BI
F;D:7DJ BnELKB7J?ED ;J F;KL;DJ [JH; HY9;FJ?L;I EK H;<KI;H B; I;N; U Dn?CFEHJ; GK;B
CEC;DJ
%;IC;DIJHK;IIEDJ7KII?FBKI78ED:7DJ;I9>;PB;I <CACG5D=9BGC7HGK7DJKD;
IEHJ; :n?DJ;H:?9J?ED I;NK;BB;
 %n?D<BK;D9; >EHCED7B; GK;B;I <;C;BB;I >KC7?D;I F;KL;DJ
7LE?HB;IKD;IIKHB;I7KJH;IYJ78B?JB7HY=KB7J?ED:;B;KHFYH?E:;C;DIJHK;BB;
>H?I$D?=>J
IKFFEI; :ED9 GK; B;I <;CC;I I; IEDJ EH=7D?IY;I FEKH <7?H; KD; g  =HZL; :K I;N; h
F;D:7DJ B;KHI HZ=B;I ;J ;DLEO;H B;I CVB;I U B79>7II;
 >H?I $'" !- @CC8 *9@5H=CBG
%9BGHFI5H=CB5B8H<9'F=;=BGC:I@HIF9';M!7L;D27B;.D?L;HI?JO)H;II 

  .D? %"'$ @CC8 5B8 &5H=CB ,<9 IFCD99B 9GH<9H=7G C: *579 )>?B7:;BF>?;

.D?L;HI?JOE<);DI?BL7D?7)H;II 
.D?%"'$g&7D>EE:;C7B;D;II7D: )EM;Hh
:7DI +C7=9HM :CFCAD5F5H=J9+HI8MC: +C7=9HM5B8 =GHCFM  7C8H?:=; 7C8H?:=;
.D?L;HI?JO)H;II FF
 
 ?JY:7DI&;B?II7&2+,<=7?9FH<5H K5H9F,<9
'F=;=BGC:@CC85G+MA6C@5B8*=HI5@';M2EHA%ED:H;I+EKJB;:=; FF
 
/7D;II7-?;=IH;@E?DJB7J>YEH?;:KcG9LGHF=?9dFHEFEIY;F7H>H?I$D?=>J

"DJ;HL?;M7L;9/7D;II7-?;=I>JJF MMM
L7D;II7J?;=I
9EC 9H;7J?EDI C;DIJH7B7 

 &;B?II7&2+,<=7?9F H<5H K5H9F,<9'F=;=BG C: @CC8 5G +MA6C@ 5B8 *=HI5@ ';M

2EHA%ED:H;I+EKJB;:=; FF
  

 :M7H:!
%+$ +9L =B8I75H=CBCF 5=F <5B79:CFF=@G
 EIJED !EK=>JED

&?<<B?D 

  &;B?II7&2+,<=7?9F H<5H K5H9F,<9'F=;=BG C: @CC8 5G +MA6C@ 5B8 *=HI5@ ';M

2EHA%ED:H;I+EKJB;:=; F
 

  %ODD; %.+  C8M *<MH<AG <FCBC6=C@C;M 5B8 (95? (9F:CFA5B79 ';M2EHA

&EHHEM 
 EH7 !2, <FCBC6=C@C;M !HG *C@9 =B @=B=75@ %98=7=B9 9B9F5@
=C@C;M5B8;F=7I@HIF9';M2EHA0?B;O %?II 
);J;H++'=F758=5B*<MH<AG
=B  H<9 9BHF5@ &9FJCIG +MGH9A %ED:H;I &79C?BB7D 
 ?JY :7DI  !6=89A FF

 

!6=89AF
 


 ,?CED;:;./("+$989IL=WA9G9L9.C@
 5=HG9H@9GAMH<9G)7H?I 7BB?C7H:

F
 

  %; C[C; @EKH Eb B;I ?C7=;I :; 9; L?EB 9EBB;9J?< EDJ YJY C?I ;D B?=D; KD 79J;KH

FHE:K9J;KH :; <?BCI FEHDE=H7F>?GK;I GK? 77LEKYIKHKD;9>7?D; D7J?ED7B; 7LE?HL?EBY


KD; AWF9 89 G5=BH 7 YJY H;XK F7H B; C?D?IJH; :; BnY:K97J?ED FEKH B; 9EDI;?BB;H IKH B7
HY<EHC; :; BnY:K97J?ED D7J?ED7B;
 "B ;IJ ?CFEHJ7DJ :; IEKB?=D;H GKn;D C7?   B7
FHYI?:;DJ;YBK;:K HYI?B 7IK8?KD9EKF:nYJ7J@KH?:?9E FEB?J?GK;;JGKnKD=EKL;HD;C;DJ
?BBY=?J?C;<7I9?IJ;;JC?IE=OD;7FH?I B;F7OI:n7II7KJ
%;I:YFKJYI EDJ7FFHEKLYKD;BE?
GK?9H?C?D7B?I;Bn7LEHJ;C;DJC[C;;D97I:;L?EB

>JJF MMM
B;CED:;
<H 7C;H?GK;I 7HJ?9B;     KD L?EB 9EBB;9J?< 7 H?E C;J B; 8H;I?B
;D ;CE?6 6
>JCB?C <HMJ-!-?!

 ,;BEDBn"DIJ?JKJ:;H;9>;H9>;Y9EDEC?GK;7FFB?GKY;")I;KBI :;I97I:;L?EBI

I;H7?;DJ DEJ?<?YI UB7 FEB?9;


 %n?DIJ?JKJ ;IJ?C;7?DI? GK; 
 F;HIEDD;I IEDJ L?EBY;I
9>7GK;7DDY;7KHYI?B:;<;CC;I:EDJ :n;D<7DJI;J:n7:EB;I9;DJ;I

 c$9D5GG5;985BG@9EI9@BCIGG5=;BCBG
$9D5GG5;9C`BCIG GCAA9GBVG
$9D5GG5;9

D5F@9EI9@BCIG89J9BCBG:9AA9G <CAA9G $9D5GG5;9VFCH=EI979BGVXHF99L7=HV9GH


J=C@V
$9D5GG5;9EI9BCIG 5=ACBG9GH <5\9HHF5=HV89HCIG@9GBCAG
$9D5GG5;9G57FV9GH
HCI>CIFGD9FGV7IHV
"97CBH=BI9RG5=;B9FR7<5EI9:C=GEI9>9@=G EI9@EI97<CG9RDFCDCG
89 @5 7FC=GG5B7989G J=C@G 7IF5H=:G 85BG ACB:F=EI9 8I +I8 c8VAC7F5H=EI9 d
 4

5 d
-H7:K9J?ED :;Bn7D=B7?I<7?J F7HBn7KJ;KH
"DJ;HL?;M7L;937D;B;&K>EB?>JJF ?IIKK
9EC
;B;D7JEN?97 :E9I P7D;B;6CK>EB?
 7J>OE>;D7FH?IFEI?J?ED9EDJH;KD;J;D:7D9;:;B7J>YEH?;;J:;IFEB?J?GK;I EI99F

GK?H;D:FH?EH?J7?H;BnEFFEI?J?EDEI99F GHF5=;<H;DJ7DJGK;CE:ZB;KD?GK;:nEFFH;II?ED;J
;N9BK7DJ B7FEII?8?B?JY:n7BB?7D9;I IJH7JY=?GK;I;DJH;C7H=?D7B?IYI
 7J>OE>;DH;C;J ;D
GK;IJ?ED B;I<EHC;I:;NFBE?J7J?ED ;J:;L?EB;D9;F;HFYJHY;I F7HB;I ?DIJ?JKJ?EDIYJ7J?GK;I
;JB7IJHK9JKH;Y9EDEC?GK;:EC?D7DJ;
7J>O(!'/CA9B,F5BG:CFA=B;(C@=H=7GB
@H9FB5H=J9*9589F';M2EHA';M2EHA.D?L;HI?JO)H;II 

  ?BC7H&;D:;IC?D?IJH;:K-H?8KD7B,KFYH?;KHY:YH7B:KHYI?B 7:EDDY;D KD


<5695G7CFDIGUBn;N CY:;9?D +E=;H8:;BC7II?>9ED:7CDY;D  U 7DDY;I :;
FH?IED FEKH 7LE?H L?EBY ;J 78KIY I;NK;BB;C;DJ  <;CC;I I;I 7D9?;DD;I F7J?;DJ;I ;D
=ODY9EBE=?;
 FHZI IED <5695G 7CFDIG Bn;N CY:;9?D In;IJY9>7FFY7K %?87D F7OI 7L;9
B;GK;BB;HYI?BD;C7?DJ?;DJF7I:;JH7?JYI:n;NJH7:?J?ED
 



 B   
 


D J7DJ GKn7HJ?IJ; <;CC; ;J <YC?D?IJ; @nKJ?B?I; B;I >KC;KHI :; CED
?:;DJ?JY <YC?D?D; 9ECC; FK?II7D9; FEB?J?GK; :7DI C;I H?JK;BI
7HJ?IJ?GK;I
 #; D; FHE:K?I F7I :; Bn7HJ FEKH Bn7HJ FEKH B;I 9H?J?GK;I
;J B;I C7H9>YI :; Bn7HJ
 #; H;@;JJ; B; <EHC7B?IC; FKH ;J @; D; C;
9EDJ;DJ; F7I :; 9HY;H :; DEKL;BB;I ?C7=;I FEKH DEKHH?H KD IOIJZC;
IOC8EB?GK;C;DJ IJYH?B;
 %; CED:; 9EDJ;CFEH7?D ;IJ :Y@U I7JKHY
:n?C7=;I ;JB7FBKI=H7D:;F7HJ?;:;9;I?C7=;IIEDJCK;JJ;I;BB;I D;
:?I;DJ H?;D 7K :;BU :; B;KH 7FF7H;D9;
 #; C?DJYH;II; 8;7K9EKF FBKI
7KN GK;IJ?EDI IOC8EB?GK;I GKn7KN L7B;KHI FKH;C;DJ ;IJ>YJ?GK;I ;J
<EHC;BB;I:nKD;lKLH;:n7HJ

#; L?;DI :nKD; 9KBJKH; Eb B7 9HK7KJY :; B7 HY7B?JY GKEJ?:?;DD;
;IJ <H7FF7DJ;
 K HYI?B B;I ?DIJ?JKJ?EDI 9KBJKH;BB;I ;J Y:K97J?L;I
DY9;II7?H;I FEKH =7H7DJ?H ;J 7IIKH;H KD; FYH;DD?JY :; Bn7HJ ;J :;I
7HJ?IJ;IC7DGK;DJ
pJH;7HJ?IJ;7KHYI?B;IJKD79J; FEB?J?GK;;JC[C;
HYLEBKJ?EDD7?H;
 %U 87I ;J :7DI FBKI?;KHI F7OI :K g J?;HI CED:; h
DEKI D;FEKLEDIF7IDEKI:EDD;HB;BKN;:n[JH;gD7_<Ih
%;I7HJ?IJ;I
:E?L;DJI;87JJH;GKEJ?:?;DD;C;DJFEKH;N?IJ;HFEKHD;F7I:?IF7H7^JH;
:7DIB79;DIKH;:;I 9EKFI :nQJ7J GK?9H?C?D7B?I;DJBn7HJ ;J B79KBJKH;

%79EBED?I7J?ED;IJKD9>7=H?DGK?D;=KYH?J@7C7?I
'EKIIK99EC8EDI
JEK@EKHI U DEJH; 9ED:?J?ED FYH?F>YH?GK; ;J IEKI :YL;BEFFY;
 ;FK?I
FH;IGK; I?N 7DI :n;N?B ;D H7D9; JEKJ;I 9;I GK;IJ?EDI IEDJ ;D9EH;
FBKI 9B7?H;I GKn7L7DJ
 HY;H :; Bn7HJ I7DI KD; LYH?J78B; FK?II7D9;


IOC8EB?GK;;JFEB?J?GK;D;C?DJYH;II;F7I
?DI?9;JJ;J>ZI; Dn;IJF7I
KDCYCE?H;<ED:YIKHBn;IJ>YJ?GK;:;C;IlKLH;IC7?IIKHB;I;D@;KN
IOC8EB?GK;I ;J FEB?J?GK;I GKn;BB;I F;KL;DJ C7JYH?7B?I;H ;D :;>EHI :K
9>7CFFKH;C;DJ<EHC;B:;Bn7HJ

*K7D: @nE<<H; CED I7D= C;DIJHK;B 7KN 'F=LQG ?B I; 9>7H=; :nKD;
L7B;KH >7KJ;C;DJ FEI?J?L; GK? F;HC;J BnYJ78B?II;C;DJ :nKD Y9>7D=;
IOC8EB?GK; 7L;9BnKD?L;HI COIJ?GK;
 *K7D:@;FHEFEI; :;I E<<H7D:;I
9EBB;9J?L;I :; I7D= C;DIJHK;B @; CEDJH; 7KN <;CC;I F7HJ?9?F7DJ;I
GKn?B ;IJ FEII?8B; :; D; F7I 7LE?H >EDJ; :; I;I >KC;KHI ;J :; I;I
C;DIJHK;I
 *K7D: @; @EK; 7L;9 CED I7D= ;D Y9H?L7DJ ;J :;II?D7DJ
7L;9 BK? IKH CED 9EHFI ?B IEHJ :;I EC8H;I :K J78EK FEKH :;L;D?H
BK:?GK; ;J g 8;7K h
 ; 9>7F?JH; 78EH:; C;I :YC7H9>;I GK?
In7HJ?9KB;DJ 7KJEKH :; B7 L7BEH?I7J?ED IOC8EB?GK; :K I7D=C;DIJHK;B
KD=;IJ;7HJ?IJ?GK;C7?I7KII?FEB?J?GK;
EDD;HB;FEKLE?HIOC8EB?GK;
:K 9EHFI :;I <;CC;I 7KN <;CC;I ;IJ KD; 7JJ?JK:; FEB?J?GK; KD;
J;DJ7J?L; :; HYYGK?B?8H;H B;I <EH9;I :; =;DH; :7DI KD; IE9?YJY Eb B7
C?IE=OD?;;IJ;D9EH;JHZIEFFH;II?L;

)EKH B;I >ECC;I B; C79>?IC; Dn;IJ F7I JEK@EKHI YL?:;DJ


 %7
HYFYJ?J?ED F;H<EHC7J?L; ;J C?CYJ?GK; :; 9;HJ7?DI 9ECFEHJ;C;DJI
GKEJ?:?;DID7JKH7B?I;B7:EC?D7J?EDC7I9KB?D;
/?LH;;DH7D9;:7DIB7
F;7K:nKD;<;CC;DED E99?:;DJ7B;H;C;JBn799;DJIKHB;IH;B7J?EDI :;
FEKLE?HIE9?7B
&ED7HJ;IJKD; HYL;H8YH7J?ED;IJ>YJ?GK;FEB?J?GK;;J
IOC8EB?GK; :; 9; B?;K :?D<YH?EH?JY GK; @nE99KF; IE9?7B;C;DJ 9n;IJ
KD;<7XED:;D;F7I:?IF7H7^JH;:7DIB;I<?IIKH;I:KF7JH?7H97J
*K7D:
@n7<<?HC;B7L7B;KHIOC8EB?GK;:;CED9EHFI >KCEH7B@n7KJEH?I;7KII?
B;I 9EHFI :n7KJH;I <;CC;I U 7LE?H 9;JJ; C[C; L7B;KH
 )EKHJ7DJ B7


B?C?J7J?ED :; CED 79J; ;IJ YL?:;DJ; ?B H;IJ; 9?H9EDI9H?J U B7
C?9HEFEB?J?GK;
&ED=;IJ;FHEFEI;B7HKFJKH;7L;9KDIOIJZC;F;HL;HI
;J97:KGK;C7?I?BDn;IJF7I97F78B;:nYJ78B?HKD;LYH?J78B;HYLEBKJ?ED
:7DIB;DI;C8B;:;B7IE9?YJY

>7HB;I &;BC7D FH;D:7FFK?IKHB;I JH7L7KN:;#79GK;I %797DFEKH


DEKI CEDJH;H GK; B; IK@;J<YC?D?D ;IJ <ED:Y IKH B; HY;B;J F7I IKHB7
H;FHYI;DJ7J?ED 9ECC; B; IK@;J C7I9KB?D
 -EKJ 9; GK? FEKH DEKI
7FF7HJ?;DJ7KCED:;:;IH;FHYI;DJ7J?EDI;IJC7HGKYF7HB797IJH7J?ED
:ED9 B; IK@;J C7I9KB?D JHEKL; :7DI 9; B?;KB7 B?C?J; GK? 9EDIJ?JK;B7
97IJH7J?ED ;J Bn7KJEH?JY GK? <ED:; IED 7H=KC;DJ7J?ED
 7DI B; HY;B ?B
DnO 7 F7I :; 97IJH7J?ED
 %; IK@;J GK? 9>;H9>; U I; <7?H; H;9EDD7^JH;
9ECC;<YC?D?DUF7HJ?H:KHY;BD;JHEKL;F7IBn7KJEH?JYGK?<ED:;I7
F7HEB;;JIED;N?IJ;D9;
%;IK@;JGK?;II7O;:;<7?H;;DJ;D:H;KD;LE?N
<YC?D?D;;JD;JHEKL;F7IB;HY<YH;DJGK?BK?:EDD;7KJEH?JY;IJE8B?=Y
:nYB;L;HB7LE?N:;g9H?;Hh:n?DI?IJ;HFEKHI;<7?H;H;9EDD7^JH;

*K7D: @nY9H?I CED Y9EKB;C;DJ C;DIJHK;B IKH C7 9K?II; @; g 9H?; h
7L;9 JEKJ; B7 HY7B?JY :; CED 9EHFI CED ?CFEII?8?B?JY :; H;FHYI;D
J7J?ED
 ;L7DJ Bn?CFEII?8?B?JY U 7KJEH?I;H CED IK@;J U F7HJ?H :; B7
H;FHYI;DJ7J?ED IOC8EB?GK; FIO9>?GK; ;J IE9?7B; :K CED:; @n?DIZH;
B7 HY7B?JY B7 FBKI 78@;9J; :; CED 9EHFI :7DI B; 9>7CFI :;I
H;FHYI;DJ7J?EDI7HJ?IJ?GK;I
i JH7L;HI Bn7HJ@n?DL;DJ;KD;H;FHYI;DJ7J?ED
FEKH CED 9EHFI <YC?D?D;D :Y8EH:;C;DJ
&ED 79J; :; :YLE?B;C;DJ
:; CED 9EHFI C;DIJHKY ;IJ 97F78B; :; GK;IJ?EDD;H ?D:?H;9J;C;DJ
B?D;N?IJ;D9; :; H;FHYI;DJ7J?ED :K IK@;J <YC?D?D
 &ED 9EHFI
;DI7D=B7DJY ;N?IJ; :7DI B; HY;B C7?I ?B Y9>7FF; U B7 H;FHYI;DJ7J?ED
IE9?7B;
"DIYH;HB;IK@;J C;DIJHKY:7DI B;9>7CF:;B7 H;FHYI;DJ7J?ED


;IJ :ED9 B; 8KJ :; JEKJ; :YC7H9>; 7HJ?IJ?GK; GK? In7HJ?9KB; 7L;9
BnKJ?B?I7J?EDCYJ7F>EH?GK;EKHY;BB;:KI7D=C;DIJHK;B

7DIB;CED:;9EDJ;CFEH7?DB;F7JH?7H97J D;J?;DJFBKI B>Y=YCED?;


IOC8EB?GK; ;J IE9?7B; :n7KJH;<E?I
 %7 BE? :K FZH; ;IJ ;D FB;?D
;<<ED:H;C;DJ B7 @EK?II7D9; ;IJ ?BB?C?JY; ;J 7IIKHY; F7H BnY9EDEC?;
B?8YH7B; ;J Bn7BJYH?JY ;IJ ;D JH7?D :m[JH; 87DD?; ;D <7L;KH :K
9ECCKD7KJ7H?IC;
7DI9;9EDJ;NJ;EbB;I7D9?;DIH;FZH;IDn;N?IJ;DJ
FBKI;JB;IDEKL;7KND;IEDJF7I;D9EH;BUB;C7DGK;:;HY<YH;D9;;IJ
YL?:;DJ ;J Bn?CFH;II?ED :nKD; g I9>?PEF>HYD?; 9EBB;9J?L; h I?DIJ7BB;

%;I C7B7:?;IFIO9>?GK;I EDJ9>7D=Y;JB;I H;B7J?EDI :; FEKLE?H7KII?
B7 C7D?FKB7J?ED :;I CE:ZB;I :; 9EDIECC7J?ED;J :;9ECFEHJ;C;DJ
;IJ 9>7GK; @EKH FBKI Y9H7I7DJ; ;J D; B7?II; F7I Bn7BJYH?JY 7FF7H7^JH;

'EKI7LEDIYJY7L7BYIF7HB7HEK;L?L7DJ;:KB?8YH7B?IC;Y9EDEC?GK;
;J7KFH?N:;B7@EK?II7D9;I7DIB?C?J;DEKID?EDIGK?DEKIIECC;I;J
GK? DEKI FEKLEDI 9>E?I?H :n[JH; FEKH C?C;H B;I CE:ZB;I <EH=YI F7H
B;IFKBI?EDI:;CE:;

K@EKH:n>K? DEKI 7LEDI 8;IE?D :nKD; FEBOF>ED?; :; :?I9EKHI B;


F7JH?7H97J;IJgCEKH7DJh;JDEKI7HJ?IJ;I:;LEDIFH;D:H;B;I:;L7DJI
FEKH FHEFEI;H :n7KJH;I FEII?8?B?JYI :;N?IJ;D9; <79; U B7 F;HL;HI?ED
Y9EDEC?GK;GK;B;B?8YH7B?IC;;IJ;DJH7?D:;9EDIJHK?H;UB7FB79;:;
B7 BE? :K FZH;
 "B In7=?J YL?:;CC;DJ :nKD 79J; C?9HEFEB?J?GK; I7DI
;DL?; :; HYLEBKJ?ED C7?I :; JH7DI<EHC7J?ED F7H B; 8?7?I :; Bn7<<;9J

n;IJI;KB;C;DJ UJH7L;HI Bn7<<;9J7L;9 8;7K9EKF:; 75F9;J :; :YI?H
GK; DEKI FEKLEDI [JH; U BnY9EKJ; :; Bn7BJYH?JY
 %7 :?<<YH;D9; ;IJ
C;HL;?BB;KI; 9n;IJ 7L;9 ;BB; GK; DEKI FEKLEDI :Y9EKLH?H :n7KJH;I
<EHC;I :; L?; :n7KJH;I FEII?8?B?JYI :; 9EHFI :n7KJH;I <EHC;I


:n;N?IJ;D9;;J:;H7FFEHJIE9?7B
&ED7HJ;D=;D:H;KD;YJH7D=;KJEF?;
;BB;JH7L;HI;B;9EHFIHY;B7L;9JEKJ;I7L?EB;D9;9>7HD;BB;C;DJ78@;9J;
FEKH;<<B;KH;HBn7<<;9J;JH;L;D?HUBnKJEF?;
%7HY7B?JY9HK;;J78@;9J;:K
9EHFI ;IJ KD; <EHC; :799ZI U BKJEF?; :;I H;B7J?EDI >KC7?D;I B;I
H;B7J?EDI ;DJH; 9EHFI EH=7D?GK;I JHZI :?<<YH;DJI GK? <ED:;DJ:;I IK@;JI
;D9EH; FBKI :?<<YH;DJI C7?I GK? ;II7O;DJ JEK@EKHI :; :?7BE=K;H
I;DI?8B;C;DJ7K :;BU:;IJ78EKI

%n7HJBnEK7J;I;DI?8B;;J7L7DJ =7H:?IJ;F7H;N9;BB;D9;;IJB;J;HH7?DB;
FBKI <7LEH78B; FEKH 9ECC;D9;H B7 HYLEBKJ?ED IOC8EB?GK; GK;
Bn>KC7D?JY:E?J9EDD7^JH;FEKH D; F7I InYJ;?D:H;
'EKI 7LEDI 8;IE?D
:nYJ78B?H :; DEKL;BB;I B?C?J;I U B7 @EK?II7D9; DED 97BGKY;I IKH B7
97IJH7J?ED IOC8EB?GK; :KF7JH?7H97J C7?I 7KN 8EHD;I :; DEJH;HY7B?JY
EH=7D?GK;
 &7B=HY B;I 7L7D9Y;I J;9>DEBE=?GK;I DEI 9EHFI H;IJ;DJ
EH=7D?GK;I<H7=?B;I;J7L;9:;IB?C?J7J?EDID7JKH;BB;IYL?:;DJ;I
n;IJU
JH7L;HI B79EDI9?;D9;:;DEIB?C?J7J?EDIEH=7D?GK;IHY;BB;I7KII?B?Y;I
U BnYFK?I;C;DJ :; Bn;NFBE?J7J?ED :; B7 D7JKH; GK; DEKI FEKLEDI
H;JHEKL;H B;I B?C?J;I :; DEJH; @EK?II7D9; 7HJ?<?9?;BB;
 EDIJHK?H; :;
DEKL;BB;I FEII?8?B?JYI :n?:;DJ?JYI >KCEH7B;I ;J EH=7D?GK;I J;BB; GK;
Bn?:;DJ?JY C;DIJHK;BB; DED IJ?=C7J?I7DJ; ;IJ KD; YJ7F; YL?:;DJ; :7DI
9; FHE9;IIKI :; HYYGK?B?8H; HY;B ;J IOC8EB?GK; :;I FK?II7D9;I
C7JH?7H97B;I;JF7JH?7H97B;I

%;I 9EHFI ;DI7D=B7DJYI :; 9; 9>7F?JH; FHEFEI;DJ B7 @EK?II7D9; DED
JH7KC7J?GK; 7L;9 B; 9EHFI <YC?D?DHY;B KD; @EK?II7D9;GK?Dn;IJ F7I
97IJHY; F7H B; F7JH?7H97J C7?I GK? 9EDD7^J KD; B?C?J; 9;BB; :K 9EHFI
EH=7D?GK; 9>7HD;B ;J FYH?II78B;
 "B In7=?J :nKD H; 9E:7=; IOC8EB?GK;
:; B7 IK8@;9J?L?JY C;DIJHK;BB; ;J :K 9EHFI <YC?D?D >KCEH7B KD;


J;DJ7J?L; :; IEKB;L;H Bn7BJYH?JY U Bn?DJYH?;KH C[C; :; Bn?:;DJ?JY
C;DIJHK;BB;
 #; FHEFEI; KD; :YC7H9>; GK? 9>;H9>; U 9HY;H KD;
FEBOF>ED?; :n?:;DJ?JYI I;DI?8B;I :7DI Bn7BJYH?JY GK? <ED:; B; <YC?D?D

IIKC;H B7 HY7B?JY C;DIJHK;BB; 9ECC; F7HJ?; ?D:?IF;DI78B; :; JEKJ;
9EDIJHK9J?ED ?:;DJ?J7?H; ;IJ KD 9>;C?D FEKH H;JHEKL;H B7 @EK?II7D9;
7L;9B;9EHFIHY;BL?L7DJ>KCEH7BFK?II7DJC7?I7KII?<H7=?B;

%;I C;DIJHK;I 7IIKC;DJ ;D IE? B7C8?=K_JY GK? <ED:; Bn[JH; IED
EH?=?D; ;J IED :;IJ?D
 %; 9EHFI ;DI7D=B7DJY :;L?;DJ :ED9 B; J;HH7?D
:n;NFYH?C;DJ7J?ED I;DI?8B; FEKH H;F;DI;H B;I HaB;I IOC8EB?GK;I ;J
HY;BI :; B7 <;CC; :7DI B7 IE9?YJY
 n;IJ :7DI B7 C7J?ZH; EH=7D?GK;
FBKI IJ?=C7J?I7DJ; :K 9EHFI <YC?D?D GK; HYI?:; B7 FK?II7D9; :;
JH7DI<EHC7J?ED <YC?D?D; ;NJH[C;C;DJ DY9;II7?H; :7DI 9; CEC;DJ
DCGH h8=D=9B
 n;IJ I;KB;C;DJ U JH7L;HI B7 FH?I; ;D C7?D :K 9EHFI
<YC?D?D F7H B;I <;CC;I GK; B;I JH7DI<EHC7J?EDI IE9?7B;I ;<<;9J?L;I
F;KL;DJ 7LE?H B?;K
 %n7HJ :;L?;DJ :ED9 KD B?;K FEB?J?GK; I7DI [JH;
FEB?J?IYKD; EK7J; Eb B7I;DI?8?B?JYC;DIJHK;BB; F;KJ [JH; F7HJ7=Y;;J
H; 7HJ?9KBY;
 %;I lKLH;I :n7HJ C;DIJHK;B D; F;KL;DJ F7I YJ78B?H KD;
LYH?J78B;HYLEBKJ?EDIE9?7B;C7?I;BB;IF;KL;DJEKLH?HB7:?I9KII?EDIKH
B7 H;FHYI;DJ7J?ED ;J B7 L7B;KH :K <YC?D?D
 .D 9EHFI IOC8EB?GK; ;J
IE9?7B;C;DJFK?II7DJD;F;KJF7I[JH;DY=B?=YC7D?FKBYEKL?EB;DJY


 
 ,K?J;7K 9EKF:nQJ7J :; B;HYI?B7LY9K  7DIIEKIKD;:?9J7JKH;C?B?J7?H;
%7

:?9J7JKH; 7 C?I ;D FB79; FBKI?;KHI 79J;I ?DIJ?JKJ?EDD;BI GK? EDJ 78EKJ? ;D   U B7
IKIF;DI?ED :; B7 EDIJ?JKJ?ED :;  B7 :?IIEBKJ?ED :K ED=HZI B7 IKFFH;II?ED :;I
B?8;HJYI ?D:?L?:K;BB;I ;J Bn?DIJ7KH7J?ED :KD; FHE9Y:KH; FYD7B; C?B?J7?H; GK? 7KJEH?I;
B7HCY; ;J B7 FEB?9; U 7HH[J;H ;J ;CFH?IEDD;H >EHI :; JEKJ 9EDJHaB; @K:?9?7?H; JEKJ
g IKIF;9J h
 );D:7DJ B7 :?9J7JKH; C?B?J7?H; FBKI?;KHI 7HJ?IJ;I EDJ YJY JKYI ;J JEHJKHYI ;J
:n7KJH;I IEDJ F7HJ?I ;D ;N?B
 D C7?  B;HYI?B 7IEK<<;HJ :nKD DEKL;7K 9EKF:nQJ7J
9;JJ;<E?IF7HB;C;DJ7?H;
%7FHYI?:;DJ;?BC7+EKII;<<7YJY:;IJ?JKY;:;IEDFEIJ;IEKIB;
FHYJ;NJ; :ng ?HH;IFEDI78?B?JY 8K:=YJ7?H; h
 )EKHJ7DJ 9;JJ; :YC7H9>; 7:C?D?IJH7J?L; D;
9EDIJ?JK; F7I KD 9H?C;
 "B In7=?J :nKD;C7DlKLH; FEB?J?GK;FEKH :;IJ?JK;H B7 FHYI?:;DJ;
DED 9EHHECFK;;J7HH[J;HB;I ?DL;IJ?=7J?EDI:;9EHHKFJ?ED:7DIB;IGK;BB;IB7FBKI=H7D:;
F7HJ?; :;I :YFKJYI ;J IYD7J;KHI IEDJ ?CFB?GKYI
 7DI B;I :;KN FH;C?ZH;I I;C7?D;I :K
=EKL;HD;C;DJ:n?DJYH?C B;I C?D?IJZH;I :;B7KBJKH;:;I;CC;I:;BnQ=7B?JYH79?7B;;J
:;IHE?JI:;Bn>ECC;EDJYJY:?IIEKI
%;I7HJ?IJ;IUB7J[J;:;B7HYI?IJ7D9;EDJE99KFY
B;I8VJ?C;DJI:KC?D?IJZH;:;B7KBJKH;

  >7HB;I &%&' $5 BCIJ9@@9 V7CBCA=9 DGM7<=EI9 $5 :5UCB 89 D9BG9F 9H 89>CI=F

5I>CIF8j<I=-EKBEKI;Q:?J?EDIQHZI F



 
 
 




 B

 
 

 B 



%7 H?JK7B?I7J?ED FYH?E:?GK; :K GKEJ?:?;D ;IJ ;NJH[C;C;DJ ?CFEHJ7DJ;


:7DI C7 :YC7H9>; 7HJ?IJ?GK;
 #; D; C;HY<ZH; F7I UKD; H?JK7B?I7J?ED
9ECFBZJ;C;DJ :YJ79>Y;:KI79HY<ED:Y; IKHDEI H?JK;BI F;H<EHC7J?<I
GKEJ?:?;DI ;J B7_GK;I B?Y;I 7K JH7L7?B 7KN H;B7J?EDI IE9?7B;I ;J U B7
9EDIECC7J?ED :; C7II;
 #; D; FHEFEI; F7I DED FBKI :;I H?JK;BI
FHY9?IYC;DJ H;B?=?;KN Eb B;I :E=C;I ;J B;I :E9JH?D;I ;D97:H;DJ B;I
=;IJ;I ;J B;I IOC8EB;I
 #; F;H<EHC; :7DI C;I lKLH;I :;I H?JK;BI
F7_;DIH;FEI7DJIKHB; I79HY C7?I I7DI H;B?=?ED GK;BGK; 9>EI; ;DJH;
B7=DEIJ?9?IC;;JB;IOD9HYJ?IC;9KBJKH;B

%; 97HD7L7B B7 FBKI 8;BB; ;J FBKI =H7D:; <[J; 8HYI?B?;DD; 7
FHE<ED:YC;DJ C7HGKY B7 DEJ?ED :; H?JK;B GK? Cn?DJYH;II; 7HJ?IJ?GK;
C;DJ
%;97HD7L7B;IJB7<[J;:;B79>7?H:;BnEH=?;:;B7<EB?;;J:;B7
<7DJ7?I?; B7 <[J; F7_;DD; F7H ;N9;BB;D9; GK? F;HC;J JEKI B;I ;N9ZI
@KIJ; 7L7DJ B7 HY9BKI?ED :K 97H[C;
 "B In7=?J :nKD H?JK;B IE9?7B GK?
YB7H=?;B;IC7D?<;IJ7J?EDI:KI79HY@KIGKnUB7FHE<7D7J?EDIEHJ7DJ7?DI?
B; 9EHFI 97HD7L7B;IGK; :; B7 H?=?:?JY:; B7 BE? F7JH?7H97B; GK? FHYL7KJ
:7DIB;>H?IJ?7D?IC;
);D:7DJGK7JH; @EKHI JEKJ ;IJFEII?8B; JEKI B;I
HaB;I IE9?7KN F;KL;DJ [JH; H;DL;HIYI ;J ;IJ>YJ?GK;C;DJ H;9EDIJHK?JI
:7DIKD=H7D:H?JK;B:;F7HJ7=;;J:nY9>7D=;IOC8EB?GK;

D H7D9; I7DI B7 FEII?8?B?JY :; F7HJ?9?F;H U :;I C7D?<;IJ7J?EDI


9KBJKH;BB;I B?8H;I ;J <;IJ?L;I 9ECC; B; 97HD7L7B @n7? ;K 8;IE?D
:n?D9EHFEH;H 7HJ?IJ?GK;C;DJ 9;HJ7?D;I :; I;I L7B;KHI ;IJ>YJ?GK;I ;J

 
IOC8EB?GK;I
 ?DI? @n7? 9ECC;D9Y U <7?H; :;I E<<H7D:;I :; I7D=
C;DIJHK;BU";C7D@T:;I79J;IFIO9>EC7=?GK;I7L;9CEDKH?D;;J:;I
H?JK;BI7DJ>HEFEF>7=;I IKHCED9EHFI
#n7?;K8;IE?D:n?D9EHFEH;H:;I
F;HIEDD7=;IED?H?GK;I;J:;:EDD;HKDJEDKI:;H?JK;BF7_;DUFH;IGK;
JEKJ;I C;I 79J?EDI 7HJ?IJ?GK;I
 "B In7=?J :nKD 8;IE?D F;HIEDD;B C7?I
7KII?:nKD;;DL?;:;F7HJ7=;H9;IL7B;KHIB?8YH7JH?9;I


;FK?I CED ;N?B B;I L7B;KHI DED E99?:;DJ7B;I IEDJ :;L;DK;I FBKI
9>ZH;I FEKH CE?U C;IKH; GK; CED7BJYH?JY ;DL;HI Bn7KJH;E99?:;DJ7B
C;I7KJ7?J7KNO;KN
 Bn?DL;HI; :K CEKL;C;DJ;DJH;FH?I F7H B7K:;
%;L? ,JH7KIIEbB7DJ>HEFEBE=K;<H7DX7?IF7HJ7KHYI?BFEKH7FFB?GK;H
B;CE:ZB; B?D=K?IJ?GK;U Bn?DJ;HFHYJ7J?ED9KBJKH;BB;:;Bn5IHF9 DF=A=H=:
CE? 7HJ?IJ; 8HYI?B?;DD; DED FH?C?J?L; ;J J;CFEH7?H;C;DJ ;NF7JH?Y; ;D
H7D9; @n7IF?H; U KD JH7L7?B :; J;HH7?D :7DI B7 L?; GKEJ?:?;DD;
 .D;
H;B7J?ED DED 7KJEH?J7?H; C7?I 9H?J?GK; ;DL;HI Bn5IHF9 KD CEKL;C;DJ
FEKHH;C;JJH;B;Ig9?L?B?IYI h;DGK;IJ?EDUBn?DJYH?;KH:;B;KHFHEFH;
CE:ZB;:;9?L?B?I7J?ED


%; 9>;C?D GK; @nKJ?B?I; FEKH YJ78B?H 9; FEI?J?EDD;C;DJ :n7BJYH?JY


9H?J?GK; ;IJ 9;BK? :; B7DJ>HEFEF>7=?; :K H?JK;B g C7=?GK; h GK?
97DD?87B?I; B7 9>7?H :; Bn7KJH; FEKH 78IEH8;H I;I FEKLE?HI
 %;
97DD?87B?IC;Dn;IJF7II;KB;C;DJKDH?JK;BFH?C?J?<;JI7KL7=;FH7J?GKY
F7H GK;BGK;I JH?8KI :n?D:?=ZD;I 9n;IJ 7KII? B7 87I; IOC8EB?GK; IKH
B7GK;BB; B7 9KBJKH; 8HYI?B?;DD; 7 YJY <ED:Y;
 K HYI?B DEKI 7LEDI
g97DD?87B?IYhB79KBJKH;E99?:;DJ7B;FEKH78IEH8;HJEKJ9;GK?DEKI
?DJYH;II;;JH;:Y<?D?HEK:YCOIJ?<?;HB;H;IJ;
;FK?IB7FK8B?97J?ED:K
%5B=:9GH9 BH<FCDCD<5;9 :n(IM7B: :; D:H7:;  ;D  KD;

 
LYH?J78B;HYLEBKJ?EDIOC8EB?GK;;J;IJ>YJ?GK;7H;:Y<?D?B;I9>;C?DI:;
B79KBJKH;8HYI?B?;DD;

D H7D9; @n;II7?; DED I;KB;C;DJ :; g 97DD?87B?I;H h Bn5IHF9


E99?:;DJ7B ;J EH?;DJ7B C7?I 7KII? :nE<<H?HCED 9EHFI g ;NEJ?GK; h 7K
<;IJ?D9KBJKH;B
#;B?LH;CED9EHFI7HJ?IJ?GK;UBn5IHF9FEKHGKn?BFK?II;
C;g:YLEH;Hh9KBJKH;BB;C;DJ
 #; FHEFEI;7KN(99?:;DJ7KN:;IEHJ?H
:;B;KHH?=?:?JY IE9?E 7<<;9J?L; ;J :;g :YLEH;H h CED 9EHFI :; <7XED
<;IJ?L; ;N9;II?L; 8799>7DJ; ED?H?GK; CYJ?IIY; ;J 7C8?=K\
 #;
F7HJ7=; CED 9EHFI I;I HYI?:KI ;J I;I ?DJ;DI?JYI IOC8EB?GK;I 7L;9
Bn5IHF9
 #; FHEFEI; Bn7HJ 9ECC; KD =H7D: g 87DGK;J 97DD?87B; h Eb
Bn7BJYH?JY9KBJKH;BB;;IJB;gFB7JFH?D9?F7Bh

L;9KD;?DJ;DJ?EDC?9HEFEB?J?GK;YL?:;DJ;9ECC;FHEFEIYF7HYB?N
K7JJ7H?;J ,K;BO+EBD?A @n;II7O; :nYJ78B?HUJH7L;HI CED 7HJKDB?8H;
F7HJ7=; :;I :YI?HI 9EBB;9J?<I
 #; :YI?H; F7HJ7=;H 7HJ?IJ?GK;C;DJ KD;
;NFYH?C;DJ7J?ED I;DI?8B; 7L;9 B7 C7J?ZH; GK? 7YJY 9B7II?<?Y; 9ECC;
78@;9J; F7H B;I BE?I 97IJH7JH?9;I ;J 7I;FJ?GK;I
 #; L;KN YF7?II?H B7
97HJE=H7F>?; I;DI?8B; :;I DEKL;BB;I L7B;KHI DED >?YH7H9>?GK;I GK?
:E?L;DJ H;CFB79;H B; L?:; B7?IIY F7H Bn;<<ED:H;C;DJ IOC8EB?GK;
:K F7JH?7H97J
 &ED 9EHFI 7HJ?IJ?GK; ;IJ JH7L;HIY F7H B;I FK?II7D9;I
EH=7D?GK;I :; Bn7<<;9J ?B ;NFYH?C;DJ; KD FB7?I?H 9ECFBZJ;C;DJ
YJH7D=;H U B7 @EK?II7D9; DED IOC8EB?GK; FHEFEIY; F7H B;I J;9>DE
BE=?;I ;J F7H B7 9EDIECC7J?ED B?8YH7B;
 #; FHEFEI; Bn;NFYH?;D9;
B?8YH7JH?9; GK? ;N?IJ; ;D :;>EHI :; JEKJ;I KJEF?;I <ED:Y;I IKH B;
F7JH?7H97J Eb B; 9EHFI ;IJ 97F78B; :; L?LH; 9;I FK?II7D9;I HY;BB;I ;J
<?9J?L;I I7DI 97IJH7J?ED C7?I 7KII? I7DI @EK?II7D9; ?BB?C?JY;
 %; 9EHFI
;IJ B; :Y8KJ;JB7<?D IKHBK?I; <ED:;DJB7 B?8;HJY;JB7B?C?J;?B;IJB;

 
J;HH7?D I;DI?8B; :n;NFYH?C;DJ7J?EDI EH=7D?GK;I ;J :; C7JYH?7B?I7J?EDI
<?9J?L;I

K@EKH:n>K??BDnO7FBKI:;FB79;FEKHB;C7D?9>Y?IC;DEKI:;LEDI
FH;D:H;;D9ECFJ;JEKJ;B79ECFB;N?JY:;I9>EI;IGK?DEKI;DJEKH;DJ
FEKH ;II7O;H:; :EDD;H:; DEKL;7KN 9>;C?DI :;DEKL;7KN 7FFEHJI
IOC8EB?GK;I ;J ;N?IJ;DJ?;BI U B7 L?;
 #; LE?I :7DI 9;JJ; 9ED@ED9JKH;
;NJH[C;KD;;N9;BB;DJ;EFFEHJKD?JYFEKHGK;B;I7HJ?IJ;I:YL;BEFF;DJ
:;I L7B;KHI CE?DI 8?D7?H;I IKH B;I H;B7J?EDI :; =;DH; I;N; H79;
H;B?=?ED9KBJKH; ;J9
&ED 9>;C?DFEKHYJ78B?H9;I DEKL;BB;I L7B;KHI
;IJ 9;BK? :K 9EHFI HYI?:K;B;J ;D Y9EKB;C;DJ 9n;IJ U F7HJ?H:K 9EHFI
HY;B;J>KCEH7BGK; @;F7HB; :;C;I 7<<;9JI ;J:YI?HI 9n;IJ7L;9CED
9EHFI GK; @7F;HXE?I B;CED:;;J 9n;IJ7L;9BK?GK;@;BKJJ; FEKHKD;
H;9EDD7?II7D9;IOC8EB?GK;

&ED 7HJ ;IJ KD; <7XED :; D; F7I C; B7?II;H ;DJH7^D;H :7DI B7
I9>?PEF>HYD?; DCGH h8=D=9BB9 :K CED:; 9EDJ;CFEH7?D
 >7GK;
lKLH;:n7HJGK;@; HY7B?I;;IJKDg9H?h:YI;IFYHY FEKHB7H;9EDD7?I
I7D9; ;N?IJ;DJ?;BB; :; CED IK@;J ;J :; CED 7BJYH?JY EH=7D?GK;
 #;
FHEFEI;B7HKFJKH;7L;9B;IL?;KNJ78EKI;JKD79J;FIO9>EC7=?GK;;D
:;HD?ZH;?DIJ7D9;
&;IH?JK;BI7HJ?IJ?GK;IFHE<7D;IEDJYJYI79H7B?IYI;D
:;>EHI :;I 9HEO7D9;I H;B?=?;KI;I
#; HY 7HJ?9KB;BnEH:H;IOC8EB?GK;:K
9EHFI FEKH <ED:;H KD; 9?J7J?ED 9H?J?GK; :;I BE?I GK? <ED:;DJ B7
>?YH7H9>?; :; =;DH;
 #; B?LH; :;I lKLH;I FIO9>EC7=?GK;I 7K CED:;
:7DI Bn;IFE?H :; HYL;?BB;H :; DEKL;BB;I LE?N 7KII? :?IFEIY;I GK;
B7 C?;DD; U 9H?;H FEKH :;I DEKL;7KN DFC79GGIG 89 G=B;I@5F=G5H=CB
9KBJKH;BB;
 )EKH 9;B7 @; C; FEI?J?EDD; ;D C7H=; :7DI B;I I;9J;KHI


C?DEH?J7?H;I :; B7 9KBJKH; Eb B;I IK8@;9J?L?JYI DED 97IJHY;I F;KL;DJ
[JH;F7HJ7=Y;I

,;BEDYB?N K7JJ7H?B7FHE8BYC7J?GK;C?9HEFEB?J?GK;D;I; I?JK;F7I


7K D?L;7K :; B7 H;FHYI;DJ7J?ED C7?I 7K D?L;7K :; B7 FHE:K9J?ED :;
IK8@;9J?L?JY
  -EKI B;I F>YDECZD;I ?CFEHJ7DJI :; Bn79JK7B?JY
?CFB?GK;DJ :;I :?C;DI?EDI :; :YI?H ;J :; IK8@;9J?L?JY
 #; FHEFEI;
7?DI? KD 9EHFI FB;?D :; :YI?H >KCEH7B ;J EH=7D?GK; 97F78B; :;
FHE:K?H;KD;IK8@;9J?L?JYGK?Y9>7FF;UB7H;FHYI;DJ7J?EDIE9?7B;C;DJ
L?78B; :K 9EHFI
 YB?N K7JJ7H? 7<<?HC; ;D9EH; GK;  c 5I @=9I 89
JCI@C=F@5@=69FHVBCH=CB=B8=GGC@I6@9A9BH@=V9R79@@9897CBG7=9B79
BCIG 89JCBG F9DF9B8F9 @j9GD579 89 @5 :5F79 9B DFC8I=G5BH 9B
=BJ9BH5BH 89G GI6>97H=J=HVG 8V@=F5BH9G EI= D5F IB 7<C7 5J97 @5
GI6>97H=J=HV75D=H5@=GH=EI9@5:5GG9BHV7FCI@9F
d;J;IF79;:;B7<7H9;
:;I IK8@;9J?L?JYI :YB?H7DJ;I ;IJ @KIJ;C;DJ 9;BK? :K 97HD7L7B
 ?DI?
9n;IJ 7L;9 Bn;IFH?J 97HD7L7B;IGK; GK; @n?D9EHFEH; C;I F;HIEDD7=;I
:YB?H7DJIKD;;NFH;II?ED9HY7J?L;:7DIB7GK;BB;@;C;HY 7FFHEFH?;C7
FHEFH; IK8@;9J?L?JY EH=7D?GK; ;D FHE:K?I7DJ :;I I?D=KB7H?I7J?EDI
7HJ?IJ?GK;I



 (IM7B: :;'+ ;J ,K;BO +(%'"$ %5B=:9GH9BH<FCDCD<5;9 BH<FCDCD<5;=9

2CA6=9JH7:K?JF7H%EH;D7#7D;?HE;J+;D7K:7H87H7I)7H?IB79A#79AQ:?J?EDI

  )EKH YB?N K7JJ7H? B7 C?9HEFEB?J?GK; I;H7?J 9; GKn?B 7FF;BB;  g FHE9;IIKI :;
I?D=KB7H?I7J?EDhKD;C7D?ZH;:;H;<KI;HJEKIB;ICE:;I:n;D9E:7=;FHY YJ78B?IJEKIB;I
CE:;I:;C7D?FKB7J?EDFEKH9EDIJHK?H;:;ICE:;I:;I;DI?8?B?JY:;ICE:;I:;H;B7J?ED
7L;9 Bn7KJH; :;I CE:;I :;9HY7J?L?JYGK? FHE:K?I;DJ KD; IK8@;9J?L?JYI?D=KB?ZH;
 c-B9
G=B;I@5F=G5H=CB9L=GH9BH=9@@9 EI= 7C\B7=895J97IB8VG=F 5J97IB;CaH 89 J=JF9 5J97 IB9
JC@CBHV897CBGHFI=F9@9 ACB89 85BG @9EI9@ BCIG BCIG HFCIJCBG 5J97@j=BGH5IF5H=CB 89
8=GDCG=H=:GDCIF7<5B;9F@9GHMD9G89GC7=VHV@9GHMD9G89J5@9IFEI=B9GCBHD5G@9GB^HF9G

dYB?N .--+";J,K;BO+(%'"$ %=7FCDC@=H=EI9GJH7:K?JF7H+;D7KB:7H87H7I)7H?I
%;I;CF[9>;KHI:;F;DI;H;DHED: F


!6=89AF


!6=89AFF
 

 

 B
  


%; I?N C7HI   @n7? 799ECF7=DY KD; 7C?; 7K 97<Y %; -YCYH7?H;
FEKHKD;IY7D9;:;B;9JKH;:;-7HEJ
7DI 9;97<YFHZI:;B7 7H;:;
%OED U)7H?I?B O 7 JEKI B;I C;H9H;:?I :;I B;9JKH;I =H7JK?J;I :;-7HEJ

n78EH:9nYJ7?JB;@7D:HE#E:EHEMIAOGK?B?I7?JB;I 97HJ;IC7?DJ;D7DJ
9n;IJ IED:?I9?FB;&EH;DE7P7H?GK? <7?J B;I B;9JKH;I
#n7??DJ;HHE=YB;
-7HEJ F7H H7FFEHJ U C;I :?<<?9KBJYI :n7:7FJ7J?ED 7<<;9J?L; U )7H?I

&EH;DE 7P7H? In;IJ 9ED9;DJHY IKH KD; JH?7:; :; 97HJ;I B; :?78B;
Bn?CFYH7JH?9; ;J B7 J;CFYH7D9;
 FF7H;CC;DJ 9nYJ7?J B7 J;CFYH7D9;
GK? 8BEGK7?J B; FEKLE?H 9>7HD;B :; Bn?CFYH7JH?9;
 i B7 <?D :; B7
9EDIKBJ7J?ED ?B Cn7 :EDDY; KD g 79J; FIO9>EC7=?GK; h U <7?H;
 #;
:;L7?I YF7HF?BB;H:;I=EKJJ;I<H7^9>;I:;CEDKH?D;:7DIC;I;D:HE?JI
FHY<YHYI:;)7H?I;J:7DIB;IGK7JH;9E?DI:;C7C7?IEDFEKHC7HGK;H
CED J;HH?JE?H; 7<<;9J?<
 #n7? HY7B?IY Bng 79J; FIO9>EC7=?GK; h 9ECC;
KD;lKLH; :n7HJFBKI?;KHICE?I 7FHZI B7 IY7D9;:;-7HEJ
#n7? C7HGKY
CED J;HH?JE?H; F;D:7DJ KD; JH7DI?J?ED 7<<;9J?L; :Y8KJY; :;FK?I CED
g9>;PCE?h:;9YB?87J7?H;;JFEKH<?D?H:7DIB;g9>;PDEKIh:;CED
9EKFB;


%;I B;9JKH;I =H7JK?J;I :; -7HEJ IEDJ 8HZL;I ;J EKL;HJ;I B;I GK;IJ?EDI
IEDJFEIY;I :;L7DJB;I 7KJH;I 9EDIKBJ7DJI
#;Dn7? F7I ;KBnEFFEHJKD?JY
:; C;DJ?EDD;H B; <7?J GK; @; IK?I 7HJ?IJ; ;J GK; @; JH7L7?BB; 7L;9 :;I
HYI?:KI 9EHFEH;BI
 )EKHJ7DJ B7 FIO9>EC7=?; ;IJ KD; :YC7H9>;
;D HYIED7D9; :?H;9J; 7L;9 C7 FHE:K9J?ED 7HJ?IJ?GK;
 ?DI? @n7? ;K

 
8;IE?D:;8?;D9ECFH;D:H;BE8@;9J?<:;9;I=;IJ;IFEKH:YL;BEFF;HB;
FHEFEI7HJ?IJ?GK;;JIOC8EB?GK;:;CEDlKLH;
);K:;J;CFI7FHZIB7
IY7D9; :; -7HEJ @n7? H;D9EDJHY CED C7H? ;J B7 HY7B?I7J?ED :; Bn79J;
FIO9>EC7=?GK; 7 YJY IOC8EB?GK;C;DJ 8EKB;L;HIY;
 %; F7II7=; U B7
L?; ;D 9EKFB; ;IJ :;L;DK B; CEC;DJ 7:YGK7J FEKH 799ECFB?H CED
g:;LE?HFIO9>EC7=?GK;hKD;JH7DI?J?EDFHEF?9;UB7FEII;II?ED:nKD
DEKL;7K J;HH?JE?H;HY;B;J 7<<;9J?<
 %n7H9 (GM7<CA5;=EI9 7 YJYHY7B?IY
;D:;KNJ;CFIFEKHB7FH;C?ZH;F7HJ?;@n7?;KBn7?:;:;CED7D9?;DD;
9EBE97J7?H; ;J FEKHB7 :;KN?ZC; 9;BB; :; CED 9ECF7=DED
;J79J;
FIO9>EC7=?GK; ;IJ KD; IEHJ; :; H?J; :; F7II7=; 7<<;9J?< ;J J;HH?JEH?7B
KD; 97HJE=H7F>?; :K :YI?H
 %n7FFHEFH?7J?ED IOC8EB?GK; :nKD J;HH?JE?H;
F7II; F7HB7 CYCE?H; 7<<;9J?L; :;I H;B7J?EDI >KC7?D;I YJ78B?;I :7DI
9;I;D:HE?JI

,;BEDB;@7D:HE#E:EHEMIAOcBDGM7<CA5;=9CB7CADF9B8EI9@9G
XHF9G EI= D9ID@9BH @9 ACB89 =BHVF=9IF  @5 AVAC=F9  B9GCBH D5G @9G
AXA9G EI9 79IL EI= D9ID@9BH @9 ACB89 9LHVF=9IF
 $5 A5;=9
HF58=H=CBB9@@9 9H @5 GCF79@@9F=9 HF5J5=@@9BH GIF @9 ACB89 9LHVF=9IF 9B
7FCM5BHDCIJC=F57EIVF=F89GDCIJC=FG GIFB5HIF9@G5IACM9B89F=HI9@G
GID9FGH=H=9ILDCIF=B:@I9FGIF@9G7<CG9G@9GVJVB9A9BHG9H@9GXHF9G
d 
%7 FIO9>EC7=?; 7=?JFBKJaJ :7DI B;CED:; ?DJYH?;KH;BB; 7HJ?9KB;:;I
9>7D=;C;DJI 7K D?L;7K :; DEJH; CYCE?H; 7<<;9J?L;
 "B In7=?J :n7=?H
IOC8EB?GK;C;DJ CYJ7F>EH?GK;C;DJ ;D HYIED7D9; :?H;9J; 7L;9
B?D9EDI9?;DJ

%; 9>E?N :; C;I ;D:HE?JI FHY<YHYI :; )7H?I F7II; F7H C;I 7<<;9JI
F;HIEDD;BI ;J C;I ;NFYH?;D9;I LY9K;I :7DI B7 L?BB;
 &ED FH;C?;H
H;=7H: IKH )7H?I 7 YJY 9;BK? :K JEKH?IJ;
 &[C; ?DIJ7BBY; :;FK?I

 
FBKI?;KHI CE?I U )7H?I @n7L7?I KD; YDEHC; I;DI7J?ED :nYJH7D=;JY ;J
:; DED 7FF7HJ;D7D9;
 QJ78B?H KD; H;B7J?ED 7<<;9J?L; 7L;9 KD <EO;H
Dn;IJ F7I :?<<?9?B; Bn7FFHEFH?7J?ED F>OI?GK; :; Bn;IF79; J;BB;I GK;
Bn7C;K8B;C;DJB7:Y9EH7J?ED;J9
?CFH?C;DJDEJH;F;HIEDD7B?JY:7DI
9;J ;D:HE?J GK? :;L?;DJ g 9>;P IE? h
 'Y7DCE?DI Bn;IF79; KH87?D
IE9?7B ;J 9KBJKH;B :nKD; L?BB; Dn;IJ F7I I? <79?B; U I7FFHEFH?;H
 D
J7DJ GKYJH7D=ZH; @; Dn7L7?I F7I :; H;FZH;I IE9?7KN <7C?B?7KN EK
:n;D<7D9;9ECC;9YJ7?JB;97I7L;9C7L?BB;D7J7B;
#n7?9ECC;D9YU
YJ78B?HC;IH;B7J?EDI7L;9)7H?IUJH7L;HI C;I 8;IE?DI?CCY:?7JIB?YIU
B7 L?; 797:YC?GK; CYD7=ZH; ;J 8KH;7K9H7J?GK;
 ,7DI KD GKEJ?:?;D
IE9?E 7<<;9J?< H;CFB? @nE99KF7?I CED J;CFI F7H :;I FHEC;D7:;I
:n;NFBEH7J?ED :;B7 L?BB;
i BnYFEGK; :; B7 IY7D9; :;-7HEJ @; L?L7?I
I;KB; :7DI KD F;J?J IJK:?E :K ZC; 7HHED:?II;C;DJ :; )7H?I
9;J ;IF79; ;NJH[C;C;DJ HY:K?J C; FEKII7?J 9EDIJ7CC;DJ U IEHJ?H

?DI? C;I 9>E?N J;HH?JEH?7KN FEKH B7 FH;C?ZH; F7HJ?; :; Bn79J;
FIO9>EC7=?GK; EDJ YJY ?D<BK;D9YI F7H C;I H;FZH;I :; JEKH?IJ;
DEC7:;

);D:7DJB; CEDJ7=; :; B7 L?:YE @n7? :YB?8YHYC;DJ CYB7D=Y B;I :;KN
CEC;DJI :?IJ?D9JI :; CED79J; FIO9>EC7=?GK;
 #n7? LEKBK9ECFEI;H
KD; IYGK;D9; DED B?DY7?H; FEKH :EDD;H KD; 9EDDEJ7J?ED FBKI
?C7=?D7J?L;GK;D7HH7J?L;
%7FH;C?ZH;F>7I;:;Bn79J;FIO9>EC7=?GK;
9ECFEHJ;KD;:Y7C8KB7J?ED:7DI:;I;D:HE?JIFBKJaJJEKH?IJ?GK;I
;I
B?;KNGK?I;JHEKL;DJFHZI:;CED7D9?;DIJK:?E;JGK;@n7L7?I ;NFBEHY
BEHI :;C;IFHEC;D7:;I
?DI?@;C;IK?I H;D:K;UBn!aJ;B:;/?BB;U
'EJH; 7C; 7K )EDJ :nH9EB; U B7 EDJ7?D; :;I "DDE9;DJI ;J U B7
?8B?EJ>ZGK;:K;DJH; ;EH=;I)ECF?:EKFEKHYF7HF?BB;HCEDKH?D;


 
%; :;KN?ZC; CEC;DJ :; Bn79J; FIO9>EC7=?GK; Dn;IJ F7I =YE=H7F>?
GK;C;DJ BE97B?IY 9ECC; B; FH;C?;H
 %; F7H9EKHI C7HGKY F7H C7
CYCE?H;7<<;9J?L;7L;9B7L?BB;Cn7=K?:Y;L;HIB;7D7B,7?DJ&7HJ?D
B; )EHJ :; BnHI;D7B B; 7D7B :; Bn(KH9G ;J %7 EKBY; /;HJ; +;DY
KCEDJ:;I ;D:HE?JI Eb@n7?LY9K:;ICEC;DJI:;F7HJ7=;IE9?7B
%7
B?IJ;FEKHH7?J9ECFEHJ;H:;DEC8H;KN;D:HE?JIC7?I9ECC;KD9>E?N
:;L7?J [JH; <7?J @n7? EFJY FEKH B7 HY9KHH;D9; GKEJ?:?;DD; :7DI B7
FH;C?ZH; F7HJ?; ;J :7DI B7 CYCE?H; 7<<;9J?L; ;J IE9?7B; FEKH B7
:;KN?ZC;KD7FFHE<ED:?II;C;DJ:;C;IH;FZH;I7<<;9J?<I

%7IJHK9JKH;:KCEDJ7=;:;B7L?:YE:;n nmC?D
:EDD;KDHOJ>C;
U Bn;NFBEH7J?ED 9YD;IJ>YI?GK; :; B7 L?BB;
-EKJ 7K :Y8KJ B7 JH?7:; :;
97HJ;I7FF7HK;BEHI:;B7IY7D9;:;-7HEJB;:?78B;Bn?CFYH7JH?9;;JB7
J;CFYH7D9; ;IJ CEDJHY; H7F?:;C;DJ
 DIK?J; IKH KD <ED: DE?H KD;
9?J7J?ED:nB;N7D:HE#E:EHEMIAOIn7<<?9>;g-B57H9DGM7<CA5;=EI9
7j9GH 7CAA98CBB9FIB7CID 89 D=985::97HI9IL5I7I@89@5FV5@=HV

9H V@5BEI9 HI@I= 8CBB9G GIFDF9B5BH @5 :5=H GCFH=F 89 @j=B9FH=9 9H @5
A9HR85BG9F
h %7L?:YE9ECC;D9;7L;9B7FHYF7H7J?ED:K<B79ED:;
F7H<KC KH?D;:7DI CED 7D9?;D IJK:?E
 L;9 KD 9EKHJ FB7D <;HCYIKH
C;I9K?II;I7II?I;IIKHB;M
9
@nKH?D;:7DIKDL;HH;
;8EKJ<79;UB7
9EBB;9J?ED:;IDCH<=75=F9G@;JH7DI<ZH;BKH?D;:KL;HH;:7DIKD<B79ED
:;F7H<KC
%;C7HGK7=;J;HH?JEH?7B;IJ?D?J?YF7HKD;L7FEH?I7J?ED:7DI
9>7GK;9E?D:;Bn7FF7HJ;C;DJ
,K?L;DJBn;DJHY;:;Bn?CC;K8B;;JD;K<
;D:HE?JI:?<<YH;DJI:;)7H?I

 
 1"06 %,*$&.2" L?:YEn nmC?D
#0+'..#&'163#

%EHI:KCEDJ7=;9>7GK;I9ZD;7YJYI7JKHY;:nKD;9EKB;KH:?<<YH;DJ;

%; HOJ>C; 9EBEHY :;I I9ZD;I :EDD; KD 7IF;9J ED?H?GK; U B7 L?BB;
J;?DJY;:;:?<<YH;DJ;I9EKB;KHI
;J7IF;9J<?9J?EDD;B7BBZ=;B78HKJ7B?JY
:;B7HY7B?JY;JFHEFEI;KD:?7BE=K;9YD;IJ>YI?GK;7L;9Bn?D9EDI9?;DJ

%;I IYGK;D9;I :; L7FEH?I7J?ED <?D?II;DJ :7DI Bn7FF7HJ;C;DJ Eb @;

 
L?I C7?DJ;D7DJ
 %7 L?:YE I; J;HC?D; 7L;9 B; <B79ED FEIY F7HC? B;I
DCH<=75=F9G
 ;I J;NJ;I ;NFB?97J?<I  L?;DD;DJ 9BaJKH;H B7 L?:YE
?DJ;H97BYI 7L;9 B7 JH?7:; :; 97HJ;I :;J7HEJ GK?:Y<?B;DJL;HJ?97B;C;DJ

;I ?D<EHC7J?EDIIEDJ?D:?IF;DI78B;I UB79ECFHY>;DI?ED:;BnlKLH;
;J B;I FB79;H ;D 9ED9BKI?ED ;DJH;J?;DJ KD 9;HJ7?D COIJZH; 7KJEKH :;
9;JJ;YJH7D=;79J?ED

.D <H7=C;DJ >KCEH7B :K 9EHFI ;IJ KD :Y9EKF7=; GK? H;DLE?;
CYJ7F>EH?GK;C;DJ U B7JEJ7B?JY EH=7D?GK;:KIK@;J
 %; <H7=C;DJ ;IJ B;
:YI?H :; FBYD?JK:; B7 C?I; ;D 79J?ED :K HYI?:K 9EHFEH;B 7HJ?9KB;
IOC8EB?GK;C;DJ B7 FBYD?JK:; FIO9>?GK; :K IK@;J
 %; <H7=C;DJ
EH=7D?GK; C7HGK; B; J;HH?JE?H; :7DI KD; BE=?GK; 9YD;IJ>YI?GK; Eb
Bn?D9EDI9?;DJ 7HJ?9KB; DEDI;KB;C;DJ :;I CEJI C7?I 7KII? :;I 79J;I
:;I ?C7=;I :;I IEDI :;I E:;KHI :;I I7L;KHI ;J :;I I;DI7J?EDI
J79J?B;IKD;BE=?GK;97F78B;:7BJYH;HB7CYCE?H;7<<;9J?L;:KIK@;J

#KB?7 $H?IJ;L7 DEKI CEDJH; GK; B;I H?J;I 9ED9;HD7DJ B7 IEK?BBKH;
78HY7=?II;DJBn?CF79JFHY I?=D;Bn?CF79JIYC?EJ?GK;:KB7D=7=;
 ;I
H?J;IIEDJ:;I57H9GFBKJaJGK;:;IGMA6C@9G?BID;In;DJ?;D:H7?;DJF7I
U B;KH :?C;DI?EDI?=D?<?7DJ;C7?I 7KH7?;DJKD?CF79JC7JYH?;B 79J?<
JH7DIB?D=K?IJ?GK;C7=?GK;
#KB?7$H?IJ;L77<<?HC;GK;B7<HYGK;D9;:;I
H?J;I :; B7 IEK?BBKH; :7DI B;I IE9?YJYI G5BG V7F=HIF9 DEKI 7CZD; U
F;DI;H GK; 9;I H?J;I 97J>7HJ?GK;I <ED9J?EDD7?;DJ 9ECC; KD; IEHJ;
:ng Y9H?JKH; :K HY;B h
 "BI :Y9EKF;DJ :YC7HGK;DJ JH79;DJ KD EH:H;
KD 97:H; KD; IE9?7B?JY I7DI 7LE?H :7KJH; I?=D?<?97J?ED GK; 9;BB;
?CC7D;DJ;7K:Y9EKF7=;BK? C[C;;JUBnEH:H;GK?;D:Y9EKB;


 
%7 FIO9>EC7=?; 7L;9 I;I C7J?ZH;I g I7B;I h ;IJ KD; IEHJ; :; H?J;
9EDJ;CFEH7?D:;B7IEK?BBKH;
;IEDJ:;I79J;I97F78B;I:nYJ78B?HKD;
g Y9H?JKH; :K HY;B h KD 9B?L7=; ;DJH; B; J;HH?JE?H; :K 9EHFI >KCEH7B
I7DI 9KBF78?B?JYKD; <KI?EDIOC8EB?GK;;DJH;B7CZH;;JB7D7JKH;;J
:n7KJH; F7HJ B; J;HH?JE?H; IE9?7B Eb ;DJH; ;D @;K B7 =[D; B7 >EDJ;B7
9KBF78?B?JY B; :YI?H BnEH:H; :K F>7BBKI B7 97IJH7J?ED ;J9
 .D F7H;?B
9B?L7=; JHEKL; :ED9 KD; IE9?7B?I7J?ED F7H<7?J; B;I 79J;I FIO9>E
C7=?GK;I :; B7 IEK?BBKH; 7IIKC;DJ B7 <ED9J?ED :; JH7?J :nKD?ED :;
:?7=ED7B;F;HC;JJ7DJ7KN:;KNKD?L;HI:;B7 G5@9HV;J:;Bn=BH9F8=H :;
I; <HaB;H I7DI <EH9YC;DJ In?:;DJ?<?;H 9ECC; J;BI 9ECC; C6>9H ;J
9ECC; @C=
 %7 IEKFB;II; :;I 79J;I FIO9>EC7=?GK;I GK? C;JJ;DJ ;D
I9ZD; B7 IEK?BBKH; 7=?J :7DI BY9EDEC?; FIO9>?GK; :K IK@;J GK? InO
?CFB?GK;
 %; FIO9>EC7=?9?;D JEK9>; :;KN B?C?J;I GK? BK? F;HC;JJ;DJ
:; DY=E9?;H I;I JH7KC7I ;J I;I H;<EKB;C;DJI :7DI Bn;NFYH?;D9;
97J>7HJ?GK;:KHY;B

,;BED B;N7D:HE #E:EHEMIAO  c &CIG J=JCBG 577CAD5;BVG CI


8CA=BVG D5F IB ;FCID9 8j9;C 8jS;9G 8=::VF9BH9G
 9 GCBH HCIG 89G
A5B=:9GH5H=CBG 8I D5GGV
 $5 :=B5@=HV 89 @5 DGM7<CA5;=9 EI= :5=H 8I
7CBGI@H5BH GCBDFCDF9;IVF=GG9IF9GH 8jC6H9B=FEIj=@G9G=HI985BGGCB
9;C 58I@H9 9;C EI= B9 D9IH G9 G=HI9F EI9 85BG @9 DFVG9BH
 d   ?DI?
Bn?:Y; :n7KJE =KYH?IED :?IJ?D=K; B7 FIO9>EC7=?; :; B7 C7=?; :; B7
IEH9;BB;H?; ;J :; B7 IKF;HIJ?J?ED
 %7 FIO9>EC7=?; Dn7=?J F7I IKH B;
CED:; ;NJ;HD; B; 9>7D=;C;DJ I; F7II; I;KB;C;DJ :7DI B7 FIO9>Y
9EDI9?;DJ;;J?D9EDI9?;DJ;:KIK@;JGK?HY7B?I;Bn79J;


)EKH 9HY;H KD 79J; FIO9>EC7=?GK; ?B <7KJ :n78EH: 9ECFH;D:H; B;
JH7KC7 ;J B7 IEKH9; :K JH7KC7 :7DI B; CE:ZB; FIO9>7D7BOJ?GK;


 
ECC; B;I IOCFJaC;I D; :?IF7H7?II;DJ F7I E8B?=7JE?H;C;DJ 7FHZI
B7 FH?I; :; 9EDI9?;D9; ;J B7 L;H87B?I7J?ED :K JH7KC7 B;N7D:HE
#E:EHEMIAO FHEFEI; B7 FIO9>EC7=?;
 "B In7=?J :nKD =;IJ; :;
IK8B?C7J?ED :K JH7KC7 U JH7L;HI KD 79J; HY;B KD H?JK;B 97F78B; :nKD
Y9>7D=; IOC8EB?GK; 7K D?L;7K :; B?D9EDI9?;DJ
 >7GK; FIO9>E
C7=?9?;D :;L?;DJ :ED9 IED FHEFH; =KYH?II;KH ;J FEKH 9;B7 ?B <7KJ
9>7D=;H :; FE?DJ :; LK; IKH IE? C[C;
 D DEKI B?8YH7DJ :K 9;H9B;
L?9?;KN :; DEI >78?JK:;I DEKI :Y9EKLHEDI KD; F;HIEDD7B?JY FBKI
7KJ>;DJ?GK;;J:ED9I7?D;

)EKH YJ78B?H KD :?7BE=K; CYJ7F>EH?GK;C;DJ ;<<?979; 7L;9 B?D9EDI


9?;DJB;I79J;I FIO9>EC7=?GK;I:E?L;DJ[JH;9EDXKI ?D:?L?:K;BB;C;DJ
FEKH 9>7GK; F;HIEDD; ?B D; In7=?J F7I :; g H;9;JJ;I h FEKL7DJ [JH;
7JJH?8KY;I U Dn?CFEHJ; GK?
 7DI IED C7DK;B :; FIO9>EC7=?;
B;N7D:HE #E:EHEMIAO C;J Bn799;DJ IKH Bn?CFEHJ7D9; :n7:7FJ;H B;I
79J;I FIO9>EC7=?GK;I GK?B IK==ZH;
)EKHCED79J; FIO9>EC7=?GK;
@n7?YJ78B?KD;Y9H?JKH;IOC8EB?GK;;J;IJ>YJ?GK;FHY9?I;
iF7HJ?H:;B7
CYJ7F>EH; =YDYH?GK; :; Bn7FFHEFH?7J?ED J;HH?JEH?7B; 7K JH7L;HI :;
BnKH?D; @n7? 7@EKJY :;I YBYC;DJI F;HIEDD;BI
 %7 L7FEH?I7J?ED 7L;9 B;
<B79ED:;F7H<KCB7 :Y7C8KB7J?ED;DJH;:;KN<EO;HI Bn7FFHEFH?7J?ED
:nKD; DEKL;BB; H;B7J?ED 7<<;9J?L; ;J Bn?DJ;DJ?ED 7HJ?IJ?GK; 9B7?H; IEDJ
:;IF7HJ?9KB7H?JYI?D:?L?:K;BB;IGK?:EDD;DJI7FK?II7D9;IOC8EB?GK;U
Bn79J;
 #n7? 9>E?I? :nYF7HF?BB;H CED KH?D; U B7?:; :KD L7FEH?I7J;KHU
FE?H; FEKH<7?H;HY<YH;D9; 7KBKN; :; B7F7H<KC;H?;<H7DX7?I; 9; GK?
?DJHE:K?J KD; 7C8?=d?JY ;DJH; :Y=EKJ ;J IY:K9J?ED
 %nE:;KH =[D7DJ;
:nKH?D;JHZI FHYI;DJ; :7DI B;I HK;I ;J :7DI B; CYJHEF7H?I?;D7BJ;HD;
IEKL;DJ 7L;9 B;I E:;KHI 97F?J;KI;I :;I F7H<KCI ;J F7HJ?9?F;


:;B?C7=?D7?H;:;B7 L?BB;
/?IK;BB;C;DJ ;J =;IJK;BB;C;DJCED 79J?ED
FKH?<?; B;I HK;I F7H?I?;DD;I ;J B;I F7H<KC;
 (B<79J?L;C;DJ CED
gF7H<KCh7@EKJ;KD;DEKL;BB;9EK9>;:;FEKHH?JKH;<YJ?:;

;KN7DI 7L7DJ:nYF7HF?BB;HCED KH?D;:7DI )7H?I @n7? HY7B?IYBn79J?ED


?DL;HI; ;II7O;H:;D;JJEO;HB7I7B;JY KH87?D;
+Y7B?IY;;D 7L;9
Bn7HJ?IJ; 7D?;B7 BL;I B7 F;H<EHC7D9; %VHFC ;IJ ?IIK; :K 9>E9
9KBJKH;B GK; DEKI 7LEDI IK8?;I IK?J; U DEJH; ?DIJ7BB7J?ED U )7H?I
 %7
I7B;JY;JB;I C7KL7?I;IE:;KHI:;B7L?BB;;J:;I;I>78?J7DJI EDJ97IIY
B?:Y7B :;:YL;BEFF;C;DJGK;DEKI 7L?EDI:;)7H?I
 [DY;IF7HBnYJ7J
:n787D:ED IFY9?<?GK; :K CYJHE DEKI 7LEDI :Y9?:Y :; <7?H; KD;
F;H<EHC7D9; FEKH H;D:H; Bn;IF79; KH87?D FBKI FHEFH; ;J 7=HY78B; U
L?LH;
 'EKI DEKI IECC;I :ED9FHEFEIY;I :; D;JJEO;HB;I CKHI :; B7
IJ7J?ED +Y7KCKH ,Y87IJEFEB GK? U BnYFEGK; :; B7 F;H<EHC7D9; 7L7?J
YDEHCYC;DJ :; :YFaJI :; 97B97?H;I :; JV9>;I 7?DI? GK; 8;7K9EKF
:?D<?BJH7J?EDI

)EHJ7DJ :;I 9EC8?D7?IEDI :; CYD7=; :;I =7DJI ;J :;I 8EJJ;I ;D
97EKJ9>EK99EKB;KH8B;K L;HJ+-)DEKI7LEDIF7IIYJEKJ;KD;7FHZI
C?:?UD;JJEO;HB;ICKHI:KGK7?:KCYJHE7L;9:KL?D7?=H;9ED9;DJHY
:K 8?97H8ED7J; :; IEK:; :;I YFED=;I ;J :;I IF7JKB;I
 'EKI 7LEDI
F7IIY FBKI?;KHI >;KH;I U <HEJJ;H B;I CKHI I7DI 8;7K9EKF FHE=H;II;H
J;BB;C;DJ ?BI IEDJ ;D9H7IIYI
 ;JJ; F;H<EHC7D9; YJ7?J F;DIY; 9ECC;
KD 79J; IOC8EB?GK; ;J DEKI Dn7LEDI @7C7?I ;DL?I7=Y :; D;JJEO;HB;
CYJHE :; <7XED ;<<;9J?L;
 %n?:Y; YJ7?J :n?DJ;HF;BB;H B;I LEO7=;KHI :K
CYJHE F7H 9; JH7L7?B :; 75F9   :7DI B; 9EDJ;NJ; KH87?D
 %n?CFEHJ7DJ
DnYJ7?JF7IGK;DEJH;=;IJ;IE?JgFHE<;II?EDD;BhC7?I GK;GK;BGKnKD
7?JF;DIYUB;<7?H;


:1/, F;H<EHC7D9;#0+'..#&'163#'5#0+'.# .7'4

'EKI 7LEDI YJY IKHFH?I;I F7H B7 HY79J?ED :;I LEO7=;KHI


 ;HJ7?DI I;
IEDJ 7FFHE9>YI ;J Bn?DL?I?8?B?JY EH:?D7?H; :KF;HIEDD;B :n;DJH;J?;D ;IJ
JEC8Y;
;7K9EKF:;LEO7=;KHI;II7O7?;DJ:;9ECFH;D:H;;J9;HJ7?DI
DEKI EDJFEIY;I :;I GK;IJ?EDI
ECC;DEKI 7LEDI:Y9?:Y :;D;F7I
7FF7H7^JH;9ECC;:;I 7HJ?IJ;I C7?I 9ECC;:;IF;HIEDD;I F7HJ?9?F7DJ


:;<7XED:YI?DJYH;IIY;UBn;DJH;J?;D:;B7IE9?YJYB;IHY79J?EDIEDJYJY
B;IFBKI:?L;HI;I
'EKI7LEDIH;XK:;I<YB?9?J7J?EDIF7HH7FFEHJUDEJH;
=;IJ; GK7D: :n7KJH;I LEKB7?;DJ I7LE?H I? DEKI 7FF7HJ;D?EDI U KD;
7IIE9?7J?ED
 ;HJ7?DI <7?I7?;DJ :;I H;C7HGK;I IKH DEJH; CYJ>E:; :;
D;JJEO7=;
 ;HJ7?DI LEO7=;KHI YJ7?;DJ 9>EGKYI :n7FFH;D:H;GK; DEKI
<7?I?EDI B; CYD7=; :7DI B; CYJHE LEBEDJ7?H;C;DJ I7DI 7K9KD;
HYCKDYH7J?ED ;J I7DI <7?H; F7HJ?; :n7IIE9?7J?EDI
 ;7K9EKF YJ7?;DJ
9EDL7?D9KIGK;B;CYJHE;IJ;NJH[C;C;DJI7B;;JGK;LEO7=;H:7DIKD
CYJHE FBKI FHEFH; FHELEGK;H7?J KD =H7D:9>7D=;C;DJ:7DI Bn>KC;KH
:;ILEO7=;KHI

%n?DL?I?8?B?JY :;IFHE<;II?EDD;BI :n;DJH;J?;D;IJKD; GK;IJ?ED <B7=H7DJ;


B;JH7L7?B:;D;JJEO7=;;IJJHZI :YL7BEH?IYIE9?7B;C;DJ
7HEB ?BB?=7D
FHEFEI; :; H;9EDD7^JH;GK;9;HJ7?DI JOF;I :n79J?L?JYI IEDJ:YL7BEH?IYI
F7HB;IIE9?YJYIE99?:;DJ7B;I
%;JH7L7?B:n;DJH;J?;D;IJIEKL;DJ7II?=DY
7KN F;HIEDD;I 9EDI?:YHY;I 9ECC; IK87BJ;HD;I ;D J;HC;I :; =;DH;
;J :nEH?=?D; IE9?7B; EK ;J>D?GK;
 )7JH?9?7 )7F;HC7D   DEKI H7FF;BB;
GK; B;I F;HIF;9J?L;I :K 75F9 IEDJ FEHJ;KI;I :nKD; H;L;D:?97J?ED
<ED:7C;DJ7B; 9ED9;HD7DJBn?CFEHJ7D9; :K75F9FEKH B7 L?; >KC7?D;
;J FBKI FHY9?IYC;DJ B7 >?YH7H9>?; :;I 79J?EDI ;J 79J?L?JYI 7K I;?D :;
9;JJ;L?;9ECCKD;GK?7HJ?9KB;B;FK8B?9;JB;FH?LY

';JJEO;HB;CYJHE U )7H?I ;IJKD79J;FEB?J?GK;KD;H;L;D:?97J?ED :K


FHEFH; ;J KD 7FF;B U B7 H;IFEDI78?B?JY 7K I;?D :nKD; IE9?YJY Eb B;
JH7L7?B :; D;JJEO7=; ;J B7 FHEFH;JY :; Bn;IF79; 9ECCKD DnEDJ F7I
8;7K9EKF :n?CFEHJ7D9;
+;L;D:?GK;H B; FHEFH;C;JBn799;DJIKH KD;
7JJ?JK:; :; IE?D ?D:?L?:K;B GK? L?;DJ :; 9>7GK; 9?JEO;D ;DL;HI
Bn;IF79;FK8B?99ECCKD;JF7HJ7=Y
+YL;?BB;HB;8;IE?D:;75F9C;JJH;


;DGK;IJ?EDBn?CFEHJ7D9;:;InE99KF;H:K9ECCKD;DInE99KF7DJ:K
9ECCKD KD 79J; FEB?J?GK; ;J IOC8EB?GK; GK? :YCEDJH; GK;
In;CF7H;H :; B7 H;IFEDI78?B?JY ;IJ FBKI ?CFEHJ7DJ GK; CEDJH;H
7D7BOI;HEK9H?J?GK;HB;I<7?BB;I:;B7IE9?YJY

'EJH; F;H<EHC7D9; C;J ;D GK;IJ?ED Bn7=;DJ ?DL?I?8B; :; Bn;DJH;J?;D


C7?I 7L;9 KD H;=7H: FBKI 9KBJKH;B GK; IE9?7B GK? ;II7?; :n;<<79;H
B;I B?C?J;I ;DJH; B; CYD7=; :EC;IJ?GK; ;J B; CYD7=; FHE<;II?EDD;B
;J GK? L;KJ H; I?=D?<?;H B;I H;B7J?EDI ;DJH; 9KBJKH;I 9EBED?IY;I ;J
9EBED?I7JH?9;I
 D J7DJ GKn7HJ?IJ;I 8HYI?B?;DD;I FEKIIY;I U HY7B?I;H B7
F;H<EHC7D9;U97KI;:nKD9>E99KBJKH;BJHZIIFY9?<?GK;DEKIDn7LEDI
@7C7?I LEKBKFHE@;J;H:;I LYH?JYI Y9EDEC?GK;I IKHBn5IHF9
 )EKH 9;JJ;
F;H<EHC7D9;DEKI 7LEDI7:EFJYKD9ECFEHJ;C;DJDED FHE<;II?EDD;B
9ECC;:;KNg <;CC;I8H?9EB;KI;I :n?DJYH?;KHh
NJH7FEB7DJ7?DI?B;I
B?C?J;I :KFH?LY:K:EC;IJ?GK;;J:KFK8B?9DEKID;9>;H9>?EDIF7I
UGK;IJ?EDD;HB;I9ED:?J?EDI:;JH7L7?B:;I7=;DJI:;Bn;DJH;J?;D


'EKI 7LEDI 9>E?I? B; HaB; :n7HJ?IJ;I ;D ;J>DE=H7F>?; I7DI Bn7KJEH?JY
g 9?L?B?I7JH?9; h :; B7DJ>HEFEBE=?;
 i F7HJ?H :; DEJH; 9KBJKH;
g ;NEJ?GK; h DEKI FHEFEIEDI KD; C?I; ;D lKLH; KJEF?GK; :; 9;I
L7B;KHI :7DI B; DED B?;K F7H?I?;D GKn;IJ B; CYJHE
 'EKI 7LEDI :ED9
HY7B?IYKD=;IJ;FEB?J?GK;97F78B;:;:YCEDJH;HB7<7KII;JY:KCE:ZB;
g 9?L?B?I7J;KH h :; B7 9EBED?I7J?ED   ;J ;NFYH?C;DJ;H :; <7XED
H;B7J?EDD;BB; KD; 79J?ED KJEF?GK;
 %; C;?BB;KH9>;C?D FEKH H;C;JJH;
Bn5IHF9 ;D GK;IJ?ED U Bn?DJYH?;KH :; I;I FHEFH;I L7B;KHI 9?L?B?I7JH?9;I
Dn;IJ F7I B7 I?CFB; 9H?J?GK; =H7JK?J; ;J :YB?8YHY;
 +Y7B?I;H KD =;IJ;
KJEF?GK;GK?:YCEDJH;Bn;<<?979?JYHY;BB;;JIOC8EB?GK;:; Bn?DL;HI?ED


:;I L7B;KHI ;IJ KD; :YC7H9>; FBKI I;DI?8B; ;J ;<<?979; FEKH :YCEB?H
B;I7JJ?JK:;I:;DY=B?=;D9;;DL;HIB;I8?;DI;JB;IB?;KN9ECCKDI


%;I 9EDJH7:?9J?EDI HY;BB;I ;DJH; B;I :;KN :YC7H9>;I 7HJ?IJ?GK;I IEDJ


YL?:;DJ;I ;D   @n7? D;JJEOY B; CYJHE ;J ;D   @n7? 7@EKJY :;
B7 g I7B;JY h :; CED KH?D; 7KN E:;KHI :; B7 L?BB;
 )EKHJ7DJ 9;I
:;KN79J?EDI:nEH:H;;J:;:YIEH:H;78EH:;DJ:;IGK;IJ?EDII?C?B7?H;I
H;B7J?L;I U B7 DEJ?ED :; I7B;JY KH87?D; ;J :; IED ;DJH;J?;D HY;B
;J IOC8EB?GK;
 %7 F;H<EHC7D9; %VHFC Dn7 F7I :; 9EDDEJ7J?ED
I79H7B?I7DJ;EKH?JK;BB;FHY9?I; C7?I IED97H79JZH;87D7B Dn;<<79;F7I
I7 97F79?JY U IKI9?J;H :;I GK;IJ?EDD;C;DJI
 QJ78B?H :;I Y9>7D=;I
C?9HEFEB?J?GK;I GK? DEKHH?II;DJB;I :?I9KII?EDI 7KJEKH:;I DEJ?EDI :;
FHEFH;JY KH87?D; :; H;IFEDI78?B?JY 9?L?B; ;J :; 75F9 IE9?7B C;J ;D
GK;IJ?EDB7H;IFEDI78?B?JY?D:?L?:K;BB;:;9>7GK;9?JEO;D;DH;B7J?EDU
IED;DL?HEDD;C;DJKH87?D

%n7H9 (GM7<CA5;=EI9 =7H:; KD; GK7B?JY FBKI ?DJ?C; ;J H?JK;BB;



%n;IJ>YJ?GK; :; B7 F7H<KC;H?; H;DLE?; U KD; IEHJ; :; FKH?<?97J?ED
L?IK;BB; ;J IOC8EB?GK; :; B7 C7J?ZH; 78@;9J;
 &ED KH?D; FKBLYH?IY;
:7DI C;I ;D:HE?JI FHY<YHYI :; )7H?I Dn7@EKJ; F7I I;KB;C;DJ KD;
DEKL;BB; 9EK9>; :; FEKHH?JKH; C7?I ?CFH?C; 7KII? CED 7<<;9J
>KCEH7BUB7:;DI?JYIOC8EB?GK;:;B7L?BB;
DYF7HF?BB7DJCEDKH?D;
@;:;L?;DI KD;F7HJ?;HY;BB;;JIOC8EB?GK;:;B7L?BB;@;C7HGK;7?DI?
CEDDEKL;7KJ;HH?JE?H;7<<;9J?<
%n?C7=;:KF7H<KCIKFFB7DJ;9;BB; :;
BnKH?D; ;J B7 JH7DI<EHC; IOC8EB?GK;C;DJ
 BB; IEHJ :; Bn78@;9J?ED :K
HYI?:KFEKH;DJH;H:7DIB;BKN;:;B7F7H<KC;H?;



,;BED ;EH=;I/?=7H;BBE 7K 1/"" ZC;I?Z9B;B; F7H<KC D; I; B?C?J7?J
F7I U B7 :?II?CKB7J?EDEK7KFB7?I?H?BI?=D?<?7?JJHZI 9ED9HZJ;C;DJB7
FKH?<?97J?ED
 c $9 D5F:IA >CI9 =7= HCIG @9G F^@9G
 !@ 9GH 8=F97H9A9BH
5GGC7=VRIBC6>9H89DFCDF9HV
!@GV8I=H@jC8CF5H
%5=G =@9GH9BAXA9
H9ADGDIF=:=75H9IF
$j=BJ9FG9=AAV8=5H8IcG5@9d9H8V>RG57CFF97H=CB

3

4 $j=@@IG=CB 5 65G7I@V >IGEIjR 89J9B=F FV5@=HV


 d  7DI Bn7HJ :; B7
C7I97H7:; ;J:; Bn7FF7H;D9; B;F7H<KC ;<<79; 7KJ7DJ GKn?B :?II?CKB;
B7 I7B;JY ;J B;I C7KL7?I;I E:;KHI
 i F7HJ?H :; 9;JJ; DEJ?ED DY=E9?Y;
:; FHEFH;JY @7? ?DJHE:K?J CED KH?D; g I7B; h :7DI BnKD?L;HI :;
FKH?<?97J?EDIF;9J79KB7?H;:KF7H<KC

%7 FHEFH;JY GK? 7K 1/"" ZC; I?Z9B; JH7:K?I7?J :n78EH: ;IJ>YJ?GK; ;J
9?L?B?JY 7 87I9KBY JEKJ 7K BED= :; Bn>?IJE?H;
 K :Y8KJ :K 1"1 ZC;
I?Z9B;B;CEJg>O=?ZD;h9ECC;D9;UE99KF;HKD; FB79;?DY:?J;
 "B
D; In7=?J FBKI :nKD 7:@;9J?< GK7B?<?7DJ B7 I7DJY C7?I Bn;DI;C8B; :;I
:?IFEI?J?<I ;J:;I I7LE?HI <7LEH?I7DJIED ;DJH;J?;D
7DI 9;DEKL;7K
9EDJ;NJ;>O=?YD?GK;BnKJ?B?I7J?ED:KF7H<KC79>7D=Y:;HaB;
,?7L7DJ
B; F7H<KC I;HL7?J U JHECF;H ;J U 97CEK<B;H BnE:EH7J ?B E99KF;
:YIEHC7?IKD;IF79;8;7K9EKFFBKIFHE9>;:;B7CE:;;J:;IL7B;KHI
8EKH=;E?I;I :; B7 IE9?YJY CE:;HD;
 L;9 B; :YL;BEFF;C;DJ :; B7
DEJ?EDCY:?97B;:n>O=?ZD;B;F7H<KCL7<?D?HF7H:;L;D?HKD;<H?LEB?JY
:;B79EDIECC7J?ED:;BKN;

%;I F7H<KCI 7<<?9>;DJ 7K@EKH:n>K? KD; ?C7=; :; BKN; EIJ;DI?8B;


97BGKY; IKH B; :?I9EKHI :; Bn?D:?L?:K :; B7 HYKII?J; :K 9KBJ; :K
9EHFI ;J U F7HJ?H :; Bn?C7=; IKF;H<?9?;BB; :K IK@;J
 i Bn;D9EDJH;
:;I ?:Y7KN 9EDJ;CFEH7?DI :n>O=?ZD; :; IY:K9J?ED ;J :; 8;7KJY
7I;FJ?IYI ;J ?D:?L?:K7B?IJ;I KD 9EKH7DJ :n7HJ?IJ;I F7H<KC;KHI FHEFEI;


:;I <H7=H7D9;I ?DIF?HY;I :;I >KC;KHI 9EHFEH;BB;I 78@;9J;I
 %EHIGK;
@nKJ?B?I;KD<B79ED:;F7H<KCFEKHYF7HF?BB;HCEDKH?D;:7DIB7L?BB;@;
C?DIZH; :7DI 9;JJ; :YC7H9>; :; 9HY7J?ED :; 9EDJH; <H7=H7D9;I
:YL;BEFFY;I U F7HJ?H :;I E:;KHI >KCEH7B;I 78@;9J;I
 &ED g F7H<KC
:nKH?D;h8EKB;L;HI;B;I?:Y7KN7I;FJ?IYI :nKD;IY:K9J?ED9EDIJHK?J;U
JH7L;HI :;I E:;KHI IODJ>YJ?GK;I GK? JHECF;DJ BnE:EH7J
 "B C7HGK; B;
J;HH?JE?H;7L;9B7HY7B?JYEB<79J?L;:;IF>YHECED;IFHYI;DJ;I :7DICED
KH?D;


+V7FVH=CBG %5;B=:=EI9G :nDJE?D; %?; 9HYY; ;D   FEKH B7


F7H<KC;H?; QJ7J %?8H; :n(H7D=; ;IJ KD; <H7=H7D9; :Y9ED9;HJ7DJ; F7H
I;I DEJ;I CYJ7BB?GK;I ;J ?E:Y;I GK? H7FF;BB;DJ B;I E:;KHI :; I7D=
:;IF;HC; :;IK;KH;J:;B7?JC7J;HD;B
 #;IK?I 7BBY;I;DJ?HB; F7H<KC
;D 8EKJ?GK; ;J @; D; B; JHEKL; F7I :Y=EcJ7DJ
 %; F7H<KC ;II7O;
:n7=?H 9ECC; KD; IEHJ; :; F>YHECED; 7HJ?<?9?;BB; @EK7DJ KD HaB;
:7DI Bn7JJH79J?ED I;NK;BB; 8;7K9EKF FBKI HY;BB; GK; B;I F7H<KCI
JH7:?J?EDD;BI
 ,;BED DJE?D; %?; B7 F7H<KC;H?; QJ7J %?8H; :n(H7D=;
7L7?JBn?:Y;:;<7?H;KDF7H<KCFHELE97J;KHGK?97II;B;I 9E:;I;JGK?
D; FB7?I; F;KJ [JH; GKnU 9?DG F;HIEDD;I 7K CED:;
 )EKH :YL;BEFF;H
+V7FVH=CBG %5;B=:=EI9G B; F7H<KC;KH I;IJ ?DJYH;IIY 7K CY97D?IC;
:;I <BK?:;I ?DJ;HD;I GK?FHELEGK;DJ B; :YI?H c "j5= 9GG5MV 898CBB9F
IB9C89IFR 7<5EI9 :@I=89 =ADCFH5BH 85BG @9 7CFDG <IA5=B
 )I9 79
GC=H @j58FVB5@=B9 @9 G5B; @9 @5=H A5H9FB9@ @5 GI9IF @5 G5@=J9 9H @9
GD9FA9ed 

%;I F>YHECED;I IEDJ =YDYH7B;C;DJ FHE:K?J;I F7H :;I =B7D:;I


;NE9H?D;I EK IY9HYJY;I 7L;9 BnKH?D; ;BB;I I;HL;DJ :; C;II7=;
9>?C?GK; ;DJH; B;I ?D:?L?:KI
 ; DEC8H;KI;I YJK:;I I9?;DJ?<?GK;I ;J


IE9?E FIO9>EBE=?GK;I;II7O;DJ:;9ECFH;D:H;B79ECFB;N?JY:;I;<<;JI
FIO9>EBE=?GK;I :;I E:;KHI IKH B;I YCEJ?EDI ;J B; 9ECFEHJ;C;DJ
>KC7?D
 %7 CYCE?H; FIO9>E EB<79J?L; 9EDD7?J 8?;D B;I E:;KHI
9EHFEH;BB;IGK?FHELEGK;DJB;:YI?HB?Y7KN?DIJ?D9JII;NK;BI

: /:1&,+0$+&#&.2"0 F7H<KC 051+0'+'<5#5+$3'&B3#0)'

+V7FVH=CBG %5;B=:=EI9G ;IJ KD; <H7=H7D9; GK? YJ78B?J KD; DEKL;BB;


H;B7J?ED 7L;9 B7 F7H<KC;H?; :; B7 IY:K9J?ED
 "B In7=?J 9ECC;
7KF7H7L7DJ :nKD; JHECF;H?; :; BnE:EH7J C7?I F7I FEKH 979>;H EK
:?II?CKB;HKD;C7KL7?I;E:;KH
;F7H<KCFHYJ;D:H;JH79;H7HJ?<?9?;BB;
C;DJ Bn;D@;K :; 9ECCKD?97J?ED ;J IY:K9J?ED :;I F>YHECED;I
 %7
IYF7H7J?ED ;DJH; B;I 8EDD;I ;J B;I C7KL7?I;I E:;KHI 9EHFEH;BB;I I;
IJHK9JKH; 7K D?L;7K :; B7 <H7^9>;KH :;I >KC;KHI
 ;HJ7?D;I E:;KHI
9EHFEH;BB;I FHELEGK;DJB;:YI?H=HV9;7KNF>YHECED;I9;F;D:7DJ9;
:YI?H F;KJ :?IF7H7^JH; GK7D: B;I IY9HYJ?EDI IZ9>;DJ ;J :;L?;DD;DJ
7?=H;I IKH B7 F;7K
 +V7FVH=CBG %5;B=:=EI9G FHEFEI; KD; <H7=H7D9;
97F78B; :YB7H=?H 7HJ?<?9?;BB;C;DJ 9;J ?DIJ7DJ IY:K9J;KH :; <H7^9>;KH
>KCEH7B;
 %; F7H<KC <ED9J?EDD; 9ECC; KD; F>YHECED; 7HJ?<?9?;BB;
JEK@EKHI<H7?I;JIY:K9J;KH


L;9CEDF7H<KCFIO9>EC7=?GK;C7?IIKHJEKJ7L;9B;I DCH<=75=F9G
@; FHEFEI; 7KII? KD; :YC7H9>; GK? ?D9EHFEH; Bn;IJ>YJ?GK; :; B7
F7H<KC;H?; B;I E:;KHI >KCEH7B;I GK? FHELEGK;DJ B; :YI?H =HV9; 7KN
F>YHECED;I
 ;F;D:7DJ CED lKLH; H;IJ; B?C?JY; 7K 9>7CFI
;IJ>YJ?GK;
 &;I g F7H<KCI h D; IEDJ F7I 9EDIJHK?JI 7L;9 :;I
F>YHECED;I7HJ?<?9?;BI?BI9EDJ?;DD;DJ:;I<BK?:;IHY;BIGK?L?;?BB?II;DJ
B;KH E:;KH :?IF7H7^J 7L;9 B;I 7HJ;<79JI :; 9EDI;HL7J?ED
 #n7KH7?I 8?;D
LEKBKHYKII?HU:YL;BEFF;HKD;J;9>D?GK;:;9EDI;HL7J?ED97F78B;:;
FHYI;HL;H B7 <H7^9>;KHEB<79J?L;:;I IY9HYJ?EDI ;C8EKJ;?BBY;I :7DI C7
9EBB;9J?EDFEKHFEKLE?HE<<H?H7KIF;9J7J;KHB7FEII?8?B?JY:;B;II;DJ?H

KII?:7DIKD;BE=?GK;:nlKLH;:n7HJGK?JH7DI?J;:7DIBnKD?L;HI :;B7
F7H<KC;H?; B; :;I?=D;H &7H9 JB7D FHEFEI; BnE:;KH :; IY9HYJ?EDI
<YC?D?D;I EH=7IC?GK;I
 %7 <H7=H7D9; (9H=H9 %CFHb 7 YJY :YL;BEFFY;
;D F7HB;F7H<KC;KH;HJH7D:K9>7K<EKH:n7FHZIKDY9>7DJ?BBED
:n>KC;KH L7=?D7B; HY9KFYHY; U B7 IEKH9; F7H Bn7HJ?IJ;
 ECC; B;I
+V7FVH=CBG %5;B=:=EI9G ?B In7=?J :nKD; <H7=H7D9; GK? FHEFEI; B7
H;9EDIJHK9J?ED7HJ?<?9?;BB;:;IE:;KHI9EHFEH;BB;IB?Y;I7KNF>YHECED;I
I;NK;BB;I
 (9H=H9 %CFHb 9EDI;HL; B7 <H7?9>;KH EB<79J?L; :;I >KC;KHI
L7=?D7B;I IY9HYJY;I F;D:7DJ B;N9?J7J?ED ;J B7 @EK?II7D9; :7DI KD;
<H7=H7D9; 7F>HE:?I?7GK; ;J ?DJ;DI;
 )HE:K?J ;D IYH?; ;NJH[C;C;DJ
B?C?JY; (9H=H9 %CFHb 9ECFJ; I;KB;C;DJ 9;DJ <B79EDI I?=DYI
DKCYHEJYI;J9;HJ?<?YIF7HBn7HJ?IJ;

QL;DJK;BB;C;DJ @nKJ?B?I; C;I IY9HYJ?EDI L7=?D7B;I <H7^9>;I 9ECC;


F7H<KC
 #; Dn7? F7I Bn>78?JK:; :; F7HB;H IE9?7B;C;DJ :; 9; =;IJ; ;J
F;HIEDD; Dn7 @7C7?I YJY :YH7D=Y F7H CED E:;KH :; F>YHECED;
I;NK;BB;
 K 9EDJH7?H; ?B I;C8B; 8?;D @EK;H IED HaB; :n7JJH79J?ED


EB<79J?L;
#n7??D9EHFEHY9;JJ;FH7J?GK;:;FK?I B7:EB;I9;D9;
 ,?@; C;
H7FF;BB; 8?;D 9nYJ7?J KD 9EDI;?B :; g IY:K9J?ED h :EDDY :7DI KD
C7=7P?D; <YC?D?D
 "B In7=?J F;KJ [JH; :nKD; >78?JK:; 9EKH7DJ; C7?I
IE9?7B;C;DJ :?II?CKBY;
 )EHJ;H BnE:;KH :; BnEH=7IC; ;IJ KD =;IJ;
:; IY:K9J?ED 9YD;IJ>YI?GK; GK? In7HJ?9KB; 7K D?L;7K :;I FKBI?EDI
I;NK;BB;I IED ;<<?979?JY F;KJ :YF7II;H B; 9>7CFI :;I 9EDIJHK9J?EDI
IOC8EB?GK;I

"1&1",/1 F7H<KC#3% 5.#0'353#0&6%*#6(163



7DIKD;IFH?J FBKI7HJ?IJ?GK; GK;LYH?J78B;C;DJ9ECC;H9?7B;J7KII?
FBKI FHE9>; :; CED g F7H<KC h FIO9>EC7=?GK; Bn7HJ?IJ; D=;BE
(H7P?E )H;=ED? 7 :YL;BEFFY ;D   B; F7H<KC (99HMb :EDJ B7
9ECFEI?J?ED :E?J [JH; 9ECFBYJY; 7L;9 :?N =EKJJ;I :nKH?D; :; IED
KJ?B?I7J;KH
 (99HMb;IJKD; HYLEBKJ?ED9KBJKH;BB; :7DI B;CED:;:;B7
F7H<KC;H?;
 ; F7H<KC GK? 9EDJ?;DJ GK;BGK;I =EKJJ;I :nKH?D; HY;BB;
:YH7D=; YDEHCYC;DJ
 "B JH79; KD; B?=D; :?H;9J; ;DJH; Bn7HJ ;J B7
F7H<KC;H?; :YF7II7DJ 9>7GK; 9E:; IE9?7B CEH7B EK YJ>?GK;
7FFEHJ7DJ U BnE:EH7J KD; 9ECCKD?97J?ED FH?C?J?L; 7K D?L;7K :;I
F>YHECED;I
 (99HMb ;IJ KD; <H7=H7D9; KD?GK; GK? C7HGK; B;


J;HH?JE?H; EB<79J?< ;J ?D:?L?:K;B :; 9>7GK; F;HIEDD; GK? EI; FEHJ;H
9;F7H<KCKH?D7?H;
"BD;In7=?JFBKI:;<?=;H:7DIKD;<7KII;<H7^9>;KH
B;I >KC;KHI ;J B;I F>YHECED;I >KC7?D;I B7 C7J?ZH; 78@;9J; ;IJ
HY;BB;C;DJ FHYI;DJ;
 ; F7H<KC 8EKI9KB; B;I J78EKI IE9?E 9KBJKH;BI
FEKH IEHJ?H :;I IJYHYEJOF;I :; B7 F7H<KC;H?; ;J :;L;D?H KD; JH79;
7<<;9J?L; :; BnE:EH7J
 )EHJ;H KD J;B F7H<KC KH?D7?H; ;IJ 7KII? KD;
IEHJ; :n79J; FIO9>EC7=?GK; KD; 7<<?HC7J?ED EB<79J?L; :; B7 HY7B?JY
C7JYH?;BB;GK?YJ78B?J:;IH;B7J?EDI:n?:;DJ?JY;J:n7BJYH?JYEH=7D?GK;

""16 F7H<KC 0)'.13#;+13')10+

-EKJ ;D 7BB7DJ ;D9EH; FBKI BE?D :7DI Bn78@;9J?ED >KCEH7B; Bn;7K :;
JE?B;JJ; C7I9KB?D; +IFD@IG :YL;BEFFY; ;D   F7H Bn7HJ?IJ; 7D=B7?I
#7CC?;'?9>EB7IFHEFEI;KD;<H7=H7D9;?DIF?HY;:;BnE:;KH:;I <Z9;I

,;BEDBn7HJ?IJ;B;B?LH; =GHC=F989@5A9F89:;EC?D?GK;%7FEHJ;  7
YJY B7 HY<YH;D9; 9ED9;FJK;BB; FEKH B7 9HY7J?ED :; B7 <H7=H7D9;
 L;9
+IFD@IG #7CC?; '?9>EB7I F7H9EKHJ B; 9>;C?D ?DL;HI; U 9;BK? :;
B7 F7H<KC;H?; :K 1/"" ZC; I?Z9B; GK? ;II7O7?J :; :?II?CKB;H B;I
C7KL7?I;I E:;KHI =HV9; U B7 IKF;HFEI?J?ED :; 8EDD;I E:;KHI



EDJH7?H;C;DJ7KN+V7FVH=CBG%5;B=:=EI9G :;(9H=H9%CFHb;JC[C;
:; (99HMb GK? FHEFEI;DJ :;I H;9EDIJHK9J?EDI EB<79J?L;I :;I
F>YHECED;IB?Y;I7KFB7?I?H+IFD@IGL7@KIGKnUB7B?C?J;:;Bn78@;9J?ED
EB<79J?L;  B7 C;H:; >KC7?D;
 n;IJ 8?;D :7DI Bn;D@;K :; Bn78@;9J?ED
EB<79J?L;GK;Bn7HJ?IJ;7HJ?9KB;IEDlKLH;;NJH[C;;J:YH7D=;7DJ;

2/-)20 F7H<KC#//+'+%*1.#4

L;9 B;I DCH<=75=F9G @n7? 7KII?:YL;BEFFY GK;BGK;I gF7H<KCI h<7?JI


7L;9 C;I <Z9;IKD F;K :n;7K;J GK;BGK;I =EKJJ;I :; <EHC7B:Y>O:;

7DIB7C;H:;>KC7?D;?BDnO7F7I :;F>YHECED;IB?Y;I7KFB7?I?H;J
UB7IY:K9J?EDDEKIIECC;I?9?:7DIB;9>7CF:;Bn78@;9J?EDI?CFB;
:?H;9J; ;J9HK;
 +IFD@IG JEKJ 9ECC; C;I g F7H<KCI :;C;H:; h EDJ
YJY 9HYYI FEKH :YH7D=;H BnE:EH7J ;J B7 L?I?ED =HV9; U B7 CYCE?H;
9YD;IJ>YI?GK; B?Y; U B7 FEKHH?JKH;
 "B In7=?J :nlKLH;I 8;7K9EKF FBKI
FHE9>;I :; Bn7HJ 9ED9;FJK;B GK; :nKD :?7BE=K; ;DJH; Bn7HJ ;J B7
F7H<KC;H?; 9ECC;H9?7B; 9ECC; 9n;IJ B; 97I :;I 7KJH;I F7H<KCI
7D7BOIYI



-EKJ;I 9;I <H7=H7D9;I GK?JH7L7?BB;DJ 7K D?L;7K:; BnE:EH7J =HV9; 7KN
>KC;KHI ;J 7KN F>YHECED;I >KC7?D;I FHEFEI;DJ KD; BE=?GK;
:7JJH79J?ED HYFKBI?ED I;C8B78B; U B7 HY7B?JY C7JYH?;BB; FHYI;DJ; :7DI
B7 FIO9>EC7=?;
 B;N7D:HE #E:EHEMIAO ;NFB?GK; GK; F7H<E?I B;I
9EDI;?BI :; FIO9>EC7=?; :;C7D:;DJ BKJ?B?I7J?ED :; C7J?ZH;I GK; B7
FBKF7HJ:;I=;DI9EDI?:ZH;DJ9ECC;I7B;IEKJ78EK;I U97KI;:; B;KH
9ED:?J?ED ?CFKH; ;J HYFK=D7DJ; :ED9 ;N9BK; ;J ?DKJ?B; C7?I 9;IJ
FHY9?IYC;DJ FEKH 9;JJ; H7?IED GK;BB;I IEDJ :EKY;I :nKD; ;<<?979?JY
9;HJ7?D;B?Y;UB7HY7B?JYC7JYH?;BB;

%nKJ?B?I7J?ED:;F7H<KCI GK?7=?II;DJ 9ECC; :;I F>YHECED;I ;IJKD


=;IJ; :; IY:K9J?ED 97F78B; :n?D<BK;D9;H B7 9EDIJHK9J?ED FIO9>?GK;
;J IE9?7B; :K IK@;J
 ,EKL;DJ DEJH; FIO9>Y H7J?EDD;BB; DEKI ;CF[9>;
:799;FJ;H ;J :; 9ECFH;D:H; 9;HJ7?D;I g FKBI?EDI h EK g :YI?HI h
YJH7D=;IGK?F;KL;DJI;JH7DI<EHC;H;DJH7KC7IIK?L?I:;H;<EKB;C;DJ
:n7D=E?II; ;J :; :YFH;II?ED
 %;I 79J;I FIO9>EC7=?GK;I GK? C;JJ;DJ
;DI9ZD;B;IHYI?:KI9EHFEH;BI;II7O;DJ7KII?:;HY=B;HB;IH;<EKB;C;DJI
GK; DEKI 7LEDI ;DL;HI DEJH; FHEFH; 9EDIJ?JKJ?ED EH=7D?GK; ?BI
7=?II;DJ :; <7XED U YJ78B?H KD :?7BE=K; I;DI?8B; ;DJH; B7 H7?IED ;J
Bn?DIJ?D9JB;HY;B;JB;IOC8EB?GK;BnEH=7D?GK;;JB;FIO9>?GK;

%n79J; FIO9>EC7=?GK; FEKH FH;D:H; FEII;II?ED:nKD J;HH?JE?H; ;IJ ;D


;<<;JBn79J;?DIJ?D9J?<:;FEII;II?EDJ;HH?JEH?7B;HY7B?IYF7HB;I7D?C7KN

%;I9>?;DIIKHJEKJB;ICVB;IKH?D;DJ:;F;J?J;IGK7DJ?JYIFBKI?;KHI<E?I
F7H@EKHFEKH C7HGK;H7L;9 BnE:;KH97H79JYH?IJ?GK;:;B;KHKH?D;B;I
J;HH?JE?H;IE99KFYI;J9EDJHaBYIF7H;KN
)EKHB;I>KC7?DIKH?D;H:7DI
Bn;IF79;KH87?D;IJ8;7K9EKFFBKIB?Y7KI?CFB;8;IE?DF>OI?EBE=?GK;


GKnU KD; FKBI?ED :; C7HGK7=; J;HH?JEH?7B;
 )EKHJ7DJ 9; =;IJ; F;KJ
7KII?7LE?HKD;9EDDEJ7J?ED?DIJ?D9J?L;;J7<<?HC7J?L;

#n7? LEKBK 9EDIJHK?H; CED 79J; FIO9>EC7=?GK; 7L;9 KD; Y9H?JKH;


IOC8EB?GK;FHY9?I;C7?I?B7KH7?JFK[JH;FBKII?CFB;78@;9J;J:?H;9J

#n7KH7?I FK KH?D;H :?H;9J;C;DJ :7DI B7 HK;
 ;HJ7?D;C;DJ@n7KH7?I :c
C; 979>;H FEKH C; :YI>78?BB;H B; C?D?CKC FEII?8B; FEKH KH?D;H
799HEKF?; ;J I7DI C; CEK?BB;H
 .H?D;H :7DI Bn;IF79; KH87?D ;IJ KD;
FH7J?GK; 8;7K9EKF FBKI 9EKH7DJ; 9>;P B;I >ECC;I GK; F7HC? B;I
<;CC;I
%7F>OI?EBE=?;C7I9KB?D;B;KHF;HC;J:nKH?D;H:;8EKJ;JI7DI
7LE?H 8;IE?D :; I; :YI>78?BB;H
 ;JJ; <79?B?JY EH=7D?GK; ;IJ 7KII?
9KBJKH;BB;C;DJ;D9EKH7=Y;KH?D;H:7DIB7HK;;IJKD79J;:;L?H?B?JY;J
B7 FH7J?GK; ;IJ ;NJH[C;C;DJ HYF7D:K; :7DI B; 9ECFEHJ;C;DJ
C7I9KB?D

)EKH B;I <;CC;I B7 I?JK7J?ED ;IJ 9ECFBZJ;C;DJ ?DL;HI; ;J F7I
I;KB;C;DJ 7K D?L;7K F>OI?EBE=?GK;
 ;FK?I Bn;D<7D9; B;I <?BB;I
7FFH;DD;DJU9EDJHaB;HB;KH;DL?;:nKH?D;HB;F;J?J=7HXED;IJIEKL;DJ
;D9EKH7=YUg7HHEI;HhB;I FB7DJ;I J7D:?IGK;B7<?BB;JJ;:E?J9>;H9>;H
:;I JE?B;JJ;I FEKH FEKLE?H IEKB7=;H I;I 8;IE?DI KH?D7?H;I
 ;JJ;
:?<<YH;D9; GK? F7HJ :nKD; 9ED:?J?ED F>OI?EBE=?GK; ;NJH7FEB; B;
9>7CF EH=7D?GK; ;J 7L7D9; IKH B; 9EDJ;NJ; 9KBJKH;B FEKH 97IJH;H
;D9EH; KD; <E?I B; 9ECFEHJ;C;DJ :K 9EHFI <YC?D?D >KCEH7B
 )EKH
HY7B?I;HCED79J;FIO9>EC7=?GK;I7DIC;:YI>78?BB;H:7DIB7HK;@n7?
;K8;IE?D:K<B79ED:;F7H<KCFEKHYF7HF?BB;HCEDKH?D;
.D>ECC;
7KH7?JFKI?CFB;C;DJKH?D;H:;8EKJ:7DI9>7GK;;D:HE?J


D JH7L7?BB7DJ IKH B; <7DJ7IC; KH?D7?H; GK? Y97HJ; B;I I;N;I ;J
;D:E9JH?D;B;9ECFEHJ;C;DJIE9?7B;:K=;DH;BnlKLH;CB8I=H 
:; #7D?D; DJED? :EDD; B7 FEII?8?B?JY 7KN <;CC;I :; HY7B?I;H
Bn;NJH7L7=7D9; :nKH?D;H :;8EKJ
 'Y; 7KN 7>7C7I ;D  #7D?D;
DJED? 7 :YCYD7=Y 7L;9 I7 <7C?BB; ;D BEH?:; ;D 
 7DI KD;
?DJ;HL?;M FEKH B7 H;LK; HJ ?D C;H?97  #7D?D; DJED? ;NFB?GK;
GKn;BB; 7 =H7D:? ;D Y9EKJ7DJ :;I >?IJE?H;I :; F?H7J;I GK? YJ7?;DJ
8;7K9EKFFBKI HY;BB;I GK;:;I <7DJ7?I?;I
,ED<HZH; BK?7H79EDJY;:;I
>?IJE?H;I IKH DD; EDD;J KD; <;CC; ?HB7D:E 7CYH?97?D; GK? I;
<7?I7?J F7II;H FEKH KD F?H7J; >ECC; 7KN 7H7_8;I F;D:7DJ B; 1/"""
ZC;I?Z9B;
)EKHD;F7IYL;?BB;HB;IIEKFXEDIDD7EDD;JKJ?B?I7?JKD
7HJ;<79J ;D9YH7C?GK; 7<?D :nKH?D;H :;8EKJ
);J?J; <?BB; #7D?D;DJED?
YJ7?J <7I9?DY; F7H Bn7FF7H;?B :nDD; EDD;J ;J B; <7?J :n7LE?H JHEKLY
:7DIB;9ECC;H9;FBKI?;KHI7DDY;IFBKIJ7H::;IE8@;JI9EDXKIFEKH
B;C[C;KI7=;7HYL;?BBYI;IIEKL;D?HI

%nE8@;J9EDIJHK?JF7H#7D?D;DJED?FEKHF;HC;JJH;7KN<;CC;I:nKH?D;H
:;8EKJ 7 FH?I B7 <EHC; :nKD; =7H=EK?BB;
 %nE8@;J U B7 <EHC; FBKJaJ
F>7BB?GK;F;HC;J7KN<;CC;I :;L?LH;B7<7DJ7?I?;B?8YH7JH?9;:nKH?D;H
:;8EKJ
 %;I =7H=EK?BB;I :;I 9HY7JKH;I ?D<;HD7B;I H;FHYI;DJ;DJ FEKH
#7D?D;DJED?BnEC8H;:;DEJH;FIO9>Y
%n7HJ?IJ;79>E?I?KD;=7H=EK?BB;
=H?<<ED KD >O8H?:; :; :?<<YH;DJI 7D?C7KN
 BB; ;IJ F7HJ?; :K FH?D9?F;
GKnKD;<;CC;GK?KJ?B?I; KDE8@;J FEKHKH?D;H:;8EKJ;IJKD;<;CC;
>O8H?:;;BB;7KDF>7BBKIJ;CFEH7?H;GK?BK?F;HC;J:;F;H<EHC;HKD;
<?9J?EDF>OI?EBE=?GK;

i Bn7?:; :; IED CB8I=H #7D?D;DJED? 7 KH?DY :K >7KJ :K >HOIB;H
K?B:?D= U';M2EHA
;JJ;F;H<EHC7D9;F;KJ[JH;9ECFH?I;:7DI KD;


BE=?GK; JHZI FHE9>; :; B7 FIO9>EC7=?; :; B;N7D:HE #E:EHEMIAO
HY7B?I;H B7 <7DJ7?I?; :nKH?D;H :;8EKJ 9ECC; KD >ECC; ;IJ KD 79J;
IE9?7B;C;DJ B?8YH7J;KH FEKH B;I <;CC;I
 .H?D;H :;8EKJ 7K 8EH: :K
L?:; ;N?IJ;DJ?;B :nKD =H7JJ; 9?;B ;IJ KD; C7D?ZH; :; C7HGK;H KD
J;HH?JE?H; 7<<;9J?< ;NJ;DI?< KD; IEHJ; :n;N79;H87J?ED :K FEKLE?H
F>7BB?GK; C7I9KB?D
 #7D?D; DJED? @EK?J :; BnKH?D; IKH JEKJ; B7 L?BB;
9ECC; KD=H7D: F>7BBKI >O8H?:;
BB; C7HGK; IEDJ;HH?JE?H;7<<?HC;
IED FEKLE?H ;J IEHJ :K 9;H9B; L?9?;KN :;CFH?IEDD;C;DJ 9ECFEHJ;
C;DJ7B:;I<;CC;I


,+!2&1 E8@;JKH?D7?H;#0+0' 0510+

.H?D;H:7DIBn;IF79;FK8B?9;IJKD79J;B?8YH7J;KHFEKHB;I<;CC;IKD
=;IJ; FIO9>EC7=?GK; 97F78B; :; H;9EDIJHK?H; B;KHEH=7D?9?JY97IJHY;

)BKI?;KHI 7HJ?IJ;I I;CF7H;DJ :; 9; <7DJ7IC; FEKH C7HGK;H B;KH
J;HH?JE?H;;JIn7<<?HC;HIOC8EB?GK;C;DJL?I U L?I:;B7IE9?YJY
%;FHE@;J
9A=B=B9 B5F7<M HY7B?IYF7HB; 9EKFB; :nKIJH7B?;DIC7D:7 #7C;I
;J)7KBECFJEDF>EJE=H7F>?;:;I<;CC;I;DJH7?D:nKH?D;H:;8EKJEK
799HEKF?; U JH7L;HI B;KHI L[J;C;DJI EK I7DI 9KBEJJ; :7DI Bn;IF79;
FK8B?9 EK ?DJ?C;
%;I C;?BB;KHI 9B?9>YI :; B;KHFHE@;J EDJ YJY FK8B?YI


:7DI B;I JHE?I LEBKC;I :K B?LH; 9A=B=B9 B5F7<M  =F@G D=GG=B; =B
DI6@=7 

%; FHE@;J:Y<;D: Bn?:Y; GKnKD;LH7?; 7D7H9>?IJ; :E?JI;CEK?BB;HFEKH


KH?D;H
 %;I CE:ZB;I F>EJE=H7F>?YI :Y<?;DJ B; :?I9EKHI F>7BBE9H7J?GK;
GK? :EDD; I;KB;C;DJ 7KN >ECC;I B; :HE?J :nKH?D;H :;8EKJ :7DI
Bn;IF79;FK8B?9
;I<?BB;IIn;<<EH9;DJ:nKH?D;H9ECC;:;I>ECC;I;J
;BB;I O 7HH?L;DJ FH;IGK;
 %nKH?D; :Y8EH:; :; B;KHI 9KBEJJ;I 9EKB; 7K
BED=:;B;KHI 9K?II;I ;J@7C8;I?C8?8;B;<ED::;B;KHI F7DJ7BEDI EK
CEK?BB; B7 @KF; GK? 9EBB; UB;KHI <;II;I
;I <;CC;I H;L;D:?GK;DJB7
B?8;HJY:nKH?D;HDn?CFEHJ;Eb9ECC;B;I>ECC;I;BB;IL;KB;DJB7?II;H
B7 C7HGK; :; B;KH F7II7=; ;JIn7FFHEFH?;DJBn;IF79; FK8B?9 7L;9 KD;
7IIKH7D9;GK?9EKB;:;IEKH9;

,;BEDC7D:7 #7C;I 9;I CE:ZB;I DnEDJ 7K9KD; H;J;DK; B;KH KH?D;


IEHJ 7L;9 KD; B?8;HJY @EK?II?L;
 BB;I HY7B?I;DJ B; <7DJ7IC; KH?D7?H; B;
FBKI 7D9?;D:KCED:; KD <YJ?9>;C7I9KB?DJEKI B;I >ECC;I H[L;DJ
:;LE?HKD;<;CC;7KNJE?B;JJ;IC7?I7KII?<YC?D?D
%n79J;:;CEK?BB;H
I7 9KBEJJ;D5BHMD=GG=B;;IJKD7D9?;D<7DJ7IC;<YC?D?DGK?H7FF;BB;
Bn;D<7D9;BnYFEGK;EbB;IH;<EKB;C;DJI KH?D7?H;IDnYJ7?;DJF7I;D9EH;
79GK?I ;J <7?H; g F?F? 7K B?J h YJ7?J ;D9EH; 799;FJ78B;
 YDKY;I
:n?D>?8?J?EDI9;I <?BB;II;F;HC;JJ;DJBn7=HY78B;I;DI7J?ED:;I;DJ?HKD
B?GK?:;9>7K:I;HYF7D:H;;DJH;B;KHI@7C8;I7IIE9?Y7KFB7?I?H:;I;
IEKB7=;HGK7D:EDIn;IJH;J;DKJHEFBED=J;CFI

C7D:7#7C;II;:Y:?;UF>EJE=H7F>?;H:;IF;H<EHC7D9;I:;<YJ?9>;I
U,O:D;O:;FK?I 
)EKHJ7DJFEKHB;FHE@;J9A=B=B9B5F7<M;BB;
Dn7F7I JH7L7?BBY 7L;9:;I CE:ZB;I FHE<;II?EDD;BB;IB7 8;7KJY :;I;I


<;CC;I :Y9EKB; :; B7 :YJ;DJ; DY=B?=;DJ; :; B;KH IEKB7=;C;DJ
KH?D7?H;
 %7 F>EJE=H7F>; Dn7 F7I C?I Bn799;DJ :;I ?C7=;I IKH B7
FEHDE=H7F>?; EK IKH B; =B7CEKH B;I <?BB;I D; IEDJ F7I C7GK?BBY;I ;J
FEHJ;DJ :;I L[J;C;DJI EH:?D7?H;I :; L?BB; B?DJYH[J 9;DJH7B ;IJ B;
FHE9;IIKI KH?D7?H; BK? C[C;
"BIn7=?J:nKD=;IJ;JHZI 7D9HY:7DI:7DI
B7 FIO9>EC7=?; B7 H;9EDIJHK9J?ED IOC8EB?GK; :K IK@;J ;D 79J?ED
KH?D7?H;;IJFBKI?CFEHJ7DJ;GK;B7L7B;KH;IJ>YJ?I7DJ;:;I?C7=;I
%;I
9EHFII;C? DKI :;I<;CC;I D;IEDJF7IDY9;II7?H;C;DJIY:K?I7DJI?BI
D; HY?JZH;DJ F7I Bn;IJ>YJ?GK; :K 9EHFI E8@;J :;I <YJ?9>;I C7I9KB?DI

%7 LKBDYH78?B?JY ;J B?DIK8EH:?D7J?ED ;NFH?CY;I F7H B;I <;CC;I GK?
EI;DJ KH?D;H :7DI KD B?;K FK8B?9 ;IJ YL?:;DJ; :7DI B;I ?C7=;I
 BB;I
:Y<?;DJ DEJH; CED:; 7I;FJ?IY ;J F>7BBE9H7J?GK; 7L;9 B; IEKH?H; :nKD
IEKB7=;C;DJKH?D7?H;B?8YH7J;KH

"*&+&+"+/ %6   IYH?;F>EJE=H7F>?GK; /#0&##/'4



,7DI Bn7<<?HC7J?ED FEB?J?GK; :K B?;K FK8B?9 C7?I 7L;9 Bn7<<;9J?L?JY :;
Bn?DJ?C; B7 F>EJE=H7F>?; $9 =JCF79 ;NJH7?J; 9G <=GHC=F9G JF5=9G
  :; ,EF>?; 7BB; ;IJ B; H;=?IJH; IEKL;D?H :nKD H?JK;B KH?D7?H;


7KII? B?Y 7K <7DJ7IC; <YC?D?D :nKH?D;H :;8EKJ
 "B In7=?J :nKD;
FIO9>EC7=?;KH?D7?H;HY7B?IY;:7DIB;I;DIIOC8EB?GK;C;DJ?DL;HI;7K
C?;D
BEHIGK;@n7?C7HGKY7L;9CEDKH?D;B;J;HH?JE?H;7<<;9J?<:nKD;
H;B7J?ED GK? L;D7?J :; 9ECC;D9;H ,EF>?; 7BB; 7 HY7B?IY KD =;IJ;
KH?D7?H;:;:;K?B;J:;IK8B?C7J?ED:;I7IYF7H7J?ED

%7F>EJE=H7F>?;7YJYHY7B?IY; 9ECC;KDH?J; :;F7II7=;B7 :;HD?ZH;


C?I; ;D 79J?ED:nKDH?JK;B KH?D7?H;GK?YJ7?J<HYGK;DJ:7DI B; 9EKFB;
c 5BG A9G :5BH5GA9G 7j9GH AC= @j<CAA9
 F9; Gj9B 5D9FUI J=H9

j9GHD9IH XHF9DCIFEIC= IB>CIF=@Aj5DFCDCGV89@9:5=F9D=GG9F
9@5
89J=9BHIBF=HI9@9BHF9BCIG>9A97C@@5=G89FF=WF9@I=>98V6CIHCBB5=G
R @j5J9I;@9 GCB D5BH5@CB >9 DF9B5=G GCB DVB=G >9 Aj9::CFU5=G 89 @9
D@579F 85BG @5 DCG=H=CB 5DDFCDF=V 89 6=9B J=G9F
 (I=G >9 @9 F9BHF5=G
BCB7<5@5AA9BH9H:9FA5=G@56F5;I9HH9
(9I5DFWG BCHF9GVD5F5H=CB>9
DFCDCG5= R F9; 89 :5=F9 @5 D<CHC GCIJ9B=F 89 79 F=HI9@
 !@ 5779DH5

@CFG85BG IBGHI8=C89FCC?@MBGCIG@jC9=@ 89@575A9F5>9@j5= :5=H
D=GG9F85BGIBG95I9BD@5GH=EI9
97@=7<VA9G9FJ=H89DFVH9LH9DCIF
DCG9F @5A5=B GIFGCB G9L9 IB9 89FB=WF9 :C=G
9 GC=F@R >j5779DH5= @9
8=JCF79
d 

%7 F>EJE=H7F>?; CEDJH; B; 9EHFI >78?BBY :nKD >ECC; B7 J[J; ;J B;I
F?;:I IEDJ9EKFYI F7HB;97:H7=;<E97B?IYIKHIEDFYD?IGK?IEHJF7HB7
8H7=K;JJ; FEKH KH?D;H
 %; FYD?I :; Bn>ECC; ;IJ J;DK F7H B7 C7?D
:; ,EF>?; 7BB; GK? ;IJ 979>Y; :;HH?ZH; BK?
 )EKH B7 :;HD?ZH; <E?I
Bn7HJ?IJ; KH?D; IOC8EB?GK;C;DJ :;8EKJ U JH7L;HI B; FYD?I :; IED ;N
9ECF7=DED
 %nlKLH; :; ,EF>?; 7BB; ;IJ KD; BKJJ; 9EDIJ7DJ; 9EDJH;
BnEK8B? 7O7DJ :?J ;BB; KD; JHZI C7KL7?I; CYCE?H;
 ,7 FH7J?GK;
7HJ?9KB; :;I IJH7J7=ZC;I FEKH 9EC8B;H I;I 7CDYI?;I DEJ;H FH;D:H;


:;IF>EJEI<7?H;:;IL?:YEIY9H?H;:;I B;JJH;I:;IFH7J?GK;I HY;BB;I;J
GK?H;9EDIJHK?I;DJFEYJ?GK;C;DJB7CYCE?H;
DJH;<?9J?ED7HJ?IJ?GK;;J
L?;HY;BB;B;GKEJ?:?;D;IJ;NFBE?JYF7HBn7HJ?IJ;@KIGKnUB;KHIB?C?J;I
"B
In7=?J :;B7 C?I; ;D I9ZD; :;Bn78I;D9; KD; <7XED:; IKHCEDJ;H B;I
CEC;DJI:;HKFJKH;;J:;H;9EDIJHK9J?ED:;IE?
%n78I;D9;;IJJEK@EKHI
78I;D9; :; GK;BGK; 9>EI; :; GK;BGKKD EK :; IE? C[C;
 ,;BED
&7=7B? '79>J;H=7;B Bn7KJE8?E=H7F>?; :; Bn78I;D9; 7FF7H7^JIEKL;DJ
9>;P,EF>?; 7BB; 9ECC;KD;DY9HEBE=?; 7DJ?9?FY;KD=;IJ;KBJ?C;
:n7FFHEFH?7J?ED:;IE?

" &3,/ " F>EJE=H7F>?;12*+'#..'

$9 =JCF79 ;IJ KD H?J; :n7:?;K GK? I;BED B;I CEJI :; Bn7HJ?IJ; 7 YJY
DY9;II7?H; FEKH 799;FJ;H B; :?LEH9;
 %7 F>EJE=H7F>?; ;IJ B7
FIO9>EC7=?;:;:;K?B:;IEDC7H?7=;
;J>ECC;I7DIJ[J;GK?KH?D;
U JH7L;HI B;I C7?DI :nKD; <;CC; ?DL?I?8B; ;IJ I;KB;C;DJ BnEC8H; :;


IED ;N C7H? KD F;HIEDD7=; :?IF7HK GK? D;N?IJ; GK;D J7DJ GK;
IEKL;D?H:nKD<7DJ7IC; KH?D7?H;
;JJ; 9EK9>;<7DJ7IC7J?GK;:; H;D:
B;HY;BFBKI FEYJ?GK; I;DI?8B;;J IKHFH;D7DJ C7?I 7L;9 KD<EHJ FE?:I
:7KJ>;DJ?9?JY 9ED:?J?ED DY9;II7?H; FEKH YJ78B?H B; :?7BE=K; ;DJH;
Bn?D9EDI9?;DJ ;J B;HY;B
;JJ; 9ECCKD?97J?ED;IJ B;FE?DJ :799HE9>;
FIO9>?GK; B; FBKI ?CFEHJ7DJ :; B7 FIO9>EC7=?; F;HC;JJ7DJ U
B?D9EDI9?;DJ B7 IK8B?C7J?ED :KJH7KC7J?IC; U JH7L;HI KD 79J; HY;B;J
IOC8EB?GK;GK?Dn77K9KD?DJYH[JFH7=C7J?GK;
%7FIO9>EC7=?; C;J
;D I9ZD; KD J>YVJH; HY;B ?DJ;HFHYJY F7H :;I <7DJaC;I FHEL;D7DJ :;
Bn?D9EDI9?;DJ ;BB; HY7B?I; IOC8EB?GK;C;DJ B7 =KYH?IED ?CFEII?8B; U
9ECFH;D:H;;JUL;H87B?I;H


,;BED &7HO EK=B7I :;FK?I HED?IB7M &7B?DEMIA?  B7 DEJ?ED :;
C7=?; FH?C?J?L; 7 I;I EH?=?D;I :7DI Bn;NFH;II?ED :;I YCEJ?EDI
:; Bn?D:?L?:K ;J F7I <EH9YC;DJ :7DI KD; 9HEO7D9; 78IEBK; :;
9>7D=;C;DJ C7JYH?;B ;J ;NJ;HD; U JH7L;HI B; H?J;
 %;I H?J;I @EK;DJ KD
HaB; 9HY7J;KH 7K D?L;7K :;I 79J;I
 %;I IOC8EB;I 9EDJH?8K;DJ U B7
9EEH:?D7J?ED :K 9;HL;7K ;J :K 9EHFI
 D <EKHD?II7DJ KD 97:H; 7KN
IOC8EB;I B; H?J; F;HC;J :; 9ED9;DJH;H Bn7JJ;DJ?ED ;J :; <79?B?J;H B7
F;H9;FJ?ED
%;H?J;Dn;NJYH?EH?I;F7II;KB;C;DJB;NFYH?;D9;?BCE:?<?;
7KII? Bn;NFYH?;D9; F7H B7 C7D?ZH; :EDJ ?B Bn;NFH?C;
 D 9ED9HYJ?I7DJ
IOC8EB?GK;C;DJB7I?JK7J?EDB;I79J;KHI:KH?JK;B;N;H9;DJKD9EDJHaB;
IKHB7HY7B?JY
%;C7=?9?;DFH?C?J?<D;NY9KJ;F7I KD;IEHJ;:;C?H79B;
C7JYH?;B ?B HZ=B; KD; GK;IJ?ED IOC8EB?GK; 7L;9 IED ?D9EDI9?;DJ ;J
B?D9EDI9?;DJ9EBB;9J?<:K=HEKF;

&7H9;B&7KII  :?I7?JGK;B7IE9?YJYFH?C?J?L;I;F7O7?J7L;9B7<7KII;
CEDD7?;GKn;IJ B7 C7=?;
 ,;BED &7HO EK=B7I  &7H9;B &7KII 7L7?J


JEHJ:;9ECF7H;HB7C7=?;U:;B7<7KII;CEDD7?;
%n7H=;DJF;HC;J:;
CKBJ?FB?;H B;I H;B7J?EDI Y9EDEC?GK;I :c U I7 97F79?JY :nYJ78B?H KD;
9ED<?7D9; 7L;9 B; FK8B?9
,7DI 9;JJ; 9ED<?7D9;Bn7H=;DJ D;L7KJFBKI
H?;D
 )EKH B;I H?J;I ?B In7=?J :; B7 C[C; BE=?GK; B;KHI IOC8EB;I D;
IEDJ;<<?979;IGK;:7DI B7 C;IKH;Eb?BI ?DIF?H;DJ9ED<?7D9;
%;IH?J;I
FH?C?J?<I IEDJ 9ECC; :; B7 8EDD; CEDD7?; J7DJ GKn?BI <EH9;DJ
Bn7:>YI?ED ;JB79HEO7D9;:;I =;DI
%7FIO9>EC7=?; <ED9J?EDD; 7KII?
9ECC; KD; IEHJ; :; CEDD7?; IOC8EB?GK; ;BB; YJ78B?J :;I Y9>7D=;I
;DJH; B?D9EDI9?;DJ ;J B; HY;B :7DI B; FHE9;IIKI :; IK8B?C7J?ED :;I
JH7KC7IF;HIEDD;BI


%;I :YC7H9>;I 7HJ?IJ?GK;I GK? C;JJ;DJ B;I H;B7J?EDI IOC8EB?GK;I ;J


?DJ;H >KC7?D;I 7K FH;C?;H FB7D 9ED9;FJK;B 7HJ?9KB;DJ 7KII? KD
Y9>7D=; JH7DI<EHC7J;KH ;J C7=?GK; GK? Y9>7FF; 7K FB7D FKH;C;DJ
;IJ>YJ?GK; :; BnlKLH;
 ,? DEKI 7D7BOIEDI 7JJ;DJ?L;C;DJ 9;HJ7?D;I
:YC7H9>;I H;B7J?EDD;BB;I :; Bn7HJ 9EDJ;CFEH7?D U JH7L;HI BnEFJ?GK;
FIO9>EC7=?GK; :nB;N7D:HE #E:EHEMIAO ?B 7FF7H7^J GK; B; FIO9>E
C7=?9?;D 7:EFJ; KD; FEIJKH; 97F78B; :n7HJ?9KB;H ;J :n7:7FJ;H B;I
FHEFEI?J?EDIFIO9>EC7=?GK;I:7DIKD;IFH?J9HY7J?<?DJH?DIZGK;U9;BK?
:; Bn7HJ
 ; <7?J @; HY7B?I; D7_L;C;DJ :; B7 FIO9>EC7=?; IEKI <EHC;
:nlKLH;:n7HJ:;FK?IBED=J;CFI

;KN7DI ;J:;C?7FHZI B7 B;9JKH;:;-7HEJ7K97<Y%;-YCYH7?H;;JB;


9EDJ79J 7L;9 B7 FIO9>EC7=?; :nB;N7D:HE #E:EHEMIAO @; C; IK?I
C7H?Y;7L;9CED9ECF7=DED
 %; 8;IE?DFIO9>EC7=?GK;:;C7HGK;H
9;CEC;DJI??CFEHJ7DJ:7DIBn>?IJE?H;:;DEJH;9EKFB;Cn7FEKIIY;U
HY7B?I;H :;KN lKLH;I GK? EDJ B?Y 7HJ FIO9>EC7=?; ;J DEJH; HY7B?JY
EH=7D?GK; ;J 7<<;9J?L;
 #n7? 8HE:Y CED FHYDEC 7L;9 C;I 9>;L;KN


:7DI B; 97B;XED GK; CED C7H? 7 FEHJY B; @EKH :; DEJH; C7H?7=; ;J
7L;9 I;I 9>;L;KN @n7? 8HE:Y IED FHYDEC :7DI C7 9KBEJJ;
 'EI
7BB?7D9;IEDJ7KII?YJYY9>7D=Y;I;DJ7DJGKn79J;FIO9>EC7=?GK;;BB;I
EDJ YJY <7?J;I U B7 <7XED:;I =>CIL *9@=EI5=F9G >7F?JH; 
 >7GK;
7BB?7D9;FEHJ;KD<?B:;9>;L;KN:;Bn7KJH;?BIEDJYJY<?NYI:7DIB;L?:;
:nKD; H7?DKH; >EH?PEDJ7B; GK? ;DJEKH; B;I 8?@EKN
 #n7? 7KII? 9HYY KD;
87=K; :; <?7DX7?BB;I Eb ;IJ I;HJ?; KD; g F?;HH; h IEB?J7?H; <7?J; :;
HYI?D;GK?9EDJ?;DJDEI9>;L;KN;JGK;BGK;I=EKJJ;I:;DEJH;I7D=

06 %,*$&"!"/&$" 97B;XED;J9KBEJJ;8HE:YI7L;99>;L;KN


#0+'..#&'163#

%;I 79J;I FIO9>EC7=?GK;I I; JHEKL;DJ U KD FE?DJ :n?DJ;HI;9J?ED


I;DI?8B; ;DJH;<?9J?ED :;Bn7HJ;JHY7B?JY :; C7FHEFH;L?;F;HIEDD;BB;

#n7? JEK@EKHI =7H:Y KD; FHEN?C?JY YL?:;DJ; ;DJH; Bn7HJ ;J L?;
DY7DCE?DI ?B ;N?IJ7?J JEK@EKHI KD; :?IJ7D9; ?DJH?DIZGK; U B7 <?9J?ED

7DI 9>7GK;F;H<EHC7D9; L?:YE 7HJ EKIYH?;F>EJE=H7F>?GK;GK; @;
HY7B?I; CED 9EHFI FH;D: KD 9ECFEHJ;C;DJ <?9J?L;C;DJ 9EDIJHK?J 9;


IEDJ :;I 79J?EDI I?D=KB?ZH;C;DJ :YL;BEFFY;I FEKH 8H?I;H 9;HJ7?D;I
DEHC;I :K 9ECFEHJ;C;DJ IE9?7B IJ7D:7H:
 L;9 B7 DEJ?ED :;
FIO9>EC7=?;9;JJ;87HH?ZH;<?9J?L;;IJ:;L;DK;CE?DIYF7?II;
*K7D:
@; C; FHECZD; :7DI )7H?I 7L;9 CED <B79ED :; F7H<KC KH?D; GK7D:
@nE<<H;:KI7D=C;DIJHK;BU";C7D@TEKF7HB7I?CFB;FHYI;D9;:;CED
7BB?7D9; :;C7H?7=; U CED:E?=J CED 9EHFI 7HJ?IJ?GK; ;J CED 9EHFI
HY;BI; 9ED<ED:;DJ
i JH7L;HI B7 FIO9>EC7=?;@;FHEFEI; :;I lKLH;I

:n7HJGK?EDJ7KII?KD;<ED9J?EDHY;BB;:7DIC7L?;

;FK?I 9;JJ;FH?I;:;9EDI9?;D9;IOC8EB?GK;@;D;F;KNFBKI979>;H
CED IK@;J IE9?7B :;HH?ZH; C;I <?9J?EDI 7HJ?IJ?GK;I 9;I <?9J?EDI IEDJ
;D;<<;J ?D:?IF;DI78B;I :7DI B7 9EDIJHK9J?ED:;CED[JH;FIO9>?GK;

L;9 B7 FK?II7D9; FIO9>EC7=?GK; @n7? C[BY KD F;K :; B7 HY7B?JY
:; B7 L?; :7DI C7 FHE:K9J?ED 7HJ?IJ?GK; KD; HY7B?JY GK? :YF7II;
B7H=;C;DJ JEKJ; ;DL?; :; JH7DI<EHC7J?ED IE9?7B;
 #; HY7B?I; :;I
=;IJ;I 97F78B;II;KB;C;DJ:;JH7DI<EHC;HB;gCE?h7?DI?@nE<<H; 7K
IF;9J7J;KH CED =;IJ; :n7KJE =KYH?IED FIO9>EC7=?GK; ;D J7DJ
GKn;NFYH?;D9;;IJ>YJ?GK;
;F;D:7DJB7 FIO9>EC7=?; D; H;IF;9J;B;
F79J;7L;9 B7HY7B?JY GK; :7DI KDFH;C?;HJ;CFI9;BK? :; Bn79J?ED;J
:; I;I ?DJ;DJ?EDI FIO9>?GK;I HY;BB;I
 ; Dn;IJ GK; :7DI KD I;9ED:
J;CFI GK; B; LH7? :;L?;DJ B7 LYH?JY :; CED ?D9EDI9?;DJ  KD; LYH?JY
C7=?GK;C;DJ97BGKY;IKHC7HY7B?JYEH=7D?GK;;JFIO9>?GK;



B;@7D:HE#((+(0,$2%5BI9@89DGM7<CA5;=9)7H?IB8?D&?9>;B F
 

  "DJ;HL?;M 7L;9 B;@7D:HE #((+(0,$2  >JJF MMM


79J;FIO9>EC7=?GK;
9EC
F7=;679J; F7=;679J;
>JCB
 5BG IBD9H=H75:VR7CHV89@55F989$MCB7<5EI9A9F7F98= G9H=9BB9BH89G@97HIF9G

89 ,5FCH
 j56CF8 7jVH5=H @9>5B8FC "C8CFCKG?M EI= @=G5=H @9G 75FH9G 5I ,VAVF5=F9
A5=BH9B5BH7j9GHGCB8=G7=D@9%CF9BCEI= :5=H@9G@97HIF9G89,5FCH
$9G=LA5FG >9GI=G
5@@V9 5I ,VAVF5=F9 5J97 IB95A=9 DCIF IB9 GV5B79 89 @97HIF9 89,5FCH
 !@ Gj5;=H 8jIB9
@97HIF9 ;F5HI=H9 5J97 IB9 G9I@9 EI9GH=CB
 "j5= =BH9FFC;V9 @9 ,5FCH D5F F5DDCFH R A9G
8=::=7I@HVG 8j585DH5H=CB5::97H=J9R (5F=G
"9A9F5DD9@@9EI9 %CF9BC Gj9GH 7CB79BHFVGIF
IB9 HF=589 8975FH9G @9 8=56@9 @j=ADVF5HF=79 9H @5 H9ADVF5B79
 DD5F9AA9BH 7jVH5=H @5
H9ADVF5B79EI= 6@CEI5=H@9DCIJC=F7<5FB9@89@j=ADVF5HF=79

f@5:=B89@57CBGI@H5H=CB
%CF9BC Aj58CBBVIB c57H9DGM7<CA5;=EI9dR:5=F9
 "989JF5=G VD5FD=@@9F89G;CIHH9G
:F5[7<9G89ACBIF=B985BGA9G9B8FC=HGDFV:VFVG89(5F=G9H85BG@9GEI5HF97C=BG89A5
A5=GCB DCIFA5FEI9F ACBH9FF=HC=F95::97H=:
 "j5= FV5@=GV9ACB c 57H9DGM7<CA5;=EI9d
85BG @j9GD579 H9ADG 89A5HIF5H=CB5::97H=J98jIB7CAD@9H 7<5B;9A9BH VACH=CBB9@
 "j5=
7CAA9B7V9RA5FEI9FACBH9FF=HC=F9RD5FH=F8jIBc7<9NAC= dC`>9J=J5=GG9I@9DCIF
:=B=F85BGIBc7<9NBCIG5ACIF9ILd
>JJFI L?C;E
9EC   
#KB?7$+",-/g.D;Y9H?JKH;I7DII?=D;Ih(CIJC=FG89@j<CFF9IFGG5= GIF@j56>97H=CB

)7H?I,;K?B  FF
 

B;@7D:HE#((+(0,$2%5BI9@89DGM7<CA5;=9)7H?IB8?D&?9>;B F
 

 7HEB ?BB?=7D7:YL;BEFFYKD;FH;C?ZH;:Y<?D?J?ED:;BnYJ>?GK;:K75F9:7DI B;97:H;


:nKD;YJK:;:;FIO9>EBE=?;CEH7B;
)7H<E?I7FF;BYgYJ>?GK;:; B7IEBB?9?JK:;h B; 75F9
;IJKD;HY<B;N?EDCEH7B;GK?H;=HEKF;B;I I;DI :n7JJ;DJ?ED:;IE?D:;H;IFEDI78?B?JY:;
FHYL;D7D9; ;J9
 %;J;HC;:; IEBB?9?JK:; H;DLE?; U B7 :?C;DI?ED 7<<;9J?L; 9ECC; KD;
7JJ?JK:; KD;:?IFEI?J?ED YJ>?GK;UBnY=7H: :;Bn7KJH; ?CFB?GK7DJ KD;<EHC;:n;CF7J>?;

%7 :?C;DI?ED FH7J?GK; :K 75F9 F;KJ :YI?=D;H KD; 79J?L?JY LE?H; KD JH7L7?B :; IE?D EK
:n;DJH;J?;D
7HEB "%%" ' -B9JC=L 8=::VF9BH9 (CIFIB9VH<=EI98I75F9 JH7:K?JF7H

$M?7J;A)7H?IB7CC7H?ED 

!6=89A 

 )7JH?9?7))+&' $9GCI7= 89G 5IHF9GVH<=EI99HDC@=H=EI98I75F9)7H?I9EB;:;I

!7KJ;IJK:;I;D,9?;D9;I,E9?7B;I FF
 

  %7 9EBED?I7J?ED ;IJ KD FHE9;IIKI :n?DL7I?ED ;J :nE99KF7J?ED 8HKJ7B; :nKD J;HH?JE?H;
YJH7D=;HDED E99?:;DJ7B 9EDIJHK?JIKHB;FHYJ;NJ;?:YEBE=?GK; :;g:YL;BEFF;C;DJ :;B7
9?L?B?I7J?EDh9EBED?IY;
;JJ;?:YEBE=?;;IJ<ED:Y;IKHB7IKFFEI?J?ED:nKD;gIKFYH?EH?JY
9KBJKH;BB;h:;I D7J?EDI 9EBED?I7JH?9;I
 ;F;D:7DJ9;J7H=KC;DJ D;J?;DJF7I9ECFJ;:;
9;HJ7?DI7IF;9JI9KBJKH;BIJ;BIGK;B;IIE?DI9EHFEH;BIB;F7HJ7=;:;I8?;DI9ECCKDI;JB;
H;IF;9J:; B7 D7JKH;FBKI :YL;BEFFYI :7DI B;I IE9?YJYI 9EDI?:YHY;I F7HB;I E99?:;DJ7KN
9ECC;gFH?C?J?L;Ih

 ;EH=;I/" +%%( $9DFCDF99H @9G5@9$j<M;=WB98I 7CFDG 89DI=G @9%CM9Bk;9

)7H?I,;K?B F


!6=89AFF
  

 "DJ;HL?;M7L;9DJE?D;%?;>JJF =H7?D:;CKI9
8BE=IFEJ
<H   B; C;97D?IC; :;I

<BK?:;I ?DJ;H?;KHI 97
>JCB
EC?D?GK;%)(+- =GHC=F989@5A9F89)7H?I>H?IJ?7DEKH=E?IQ:?J;KH 


 
"DJ;HL?;M 7L;9 #7D?D;DJED?  >JJF MMM
7HJ?D7C;H?97C7=7P?D;
9EC D;MI <;7JKH;I
C7=7P?D; @7D?D; 7DJED?
 C7D:7#&,;J )7KB (&)-(' 9A=B=B9B5F7<M=F@G D=GG=B;=BDI6@=7 &C
 

B7JJ879> :?J?EDI +;KII 


C7D:7#&,;J)7KB(&)-(' 9A=B=B9B5F7<M
=F@G D=GG=B;=B DI6@=7 &C
  B7JJ879> :?J?EDI +;KII  
C7D:7 #&,;J )7KB
(&)-('9A=B=B9B5F7<M =F@G D=GG=B;=B DI6@=7 &C
  B7JJ879>:?J?EDI +;KII


,EF>?;%%9G<=GHC=F9GJF5=9G8=LHB;I9J;IIK: FF
 

 &7=7B?'!-+ %g->YVJH;:nEC8H;I9>;P,EF>?;7BB;B;IC?I;I;DI9ZD;:K
CE? ;J :; Bn78I;D9; h :7DI ;HJH7D: +/", ;J &7_JY ,'.0+- =@9F +CD<=9
5@@9*9JI9!BH9FAV8=5@=HVG =GHC=F99H,<VCF=989GFHG 89G $9HHF9G9H 89G,97<B=EI9G
Df&EDJHY7B.D?L;HI?JY:;&EDJHY7B 

  ,?=<H?;: H;:;H?9A '% g &7B?DEMIA? ED &7=?9 7D: +;B?=?ED h :7DI %5B 5B8

I@HIF9 %ED:H;I :
 +
 ?HJ>  F
   
 ?JY :7DI  &7HO (. %, 9 @5
GCI=@@IF9GG5=GIF@9GBCH=CBG89DC@@IH=CB 9H89H56CIJH7:K?JF7HDD; KYH?D)7H?I%7
Y9EKL;HJ; F


 &7H9;B &.,, gIGK?II;:nKD;J>YEH?;=YDYH7B;:;B7C7=?; h :7DI +C7=C@C;=9 9H

BH<FCDC@C;=9"DJHE:K9J?EDF7HB7K:;%YL? ,JH7KII)7H?I).

 &7HO(. %,9@5GCI=@@IF9GG5=GIF@9GBCH=CBG89DC@@IH=CB 9H89H56CIJH7:K?J


F7HDD; KYH?D)7H?I%7Y9EKL;HJ; FF
 



 B

  

%; J?II7=; ;IJKD; J;9>D?GK; GK; @; :YL;BEFF; 7HJ?IJ?GK;C;DJ :;FK?I


BED=J;CFI
 D H7D9; @n7? <?D? F7H JEKHD;H C7 FHE:K9J?ED L;HI :;I
>EH?PEDI :?<<YH;DJI C7?I B;I <?BI DEJ7CC;DJ B;I <?BI :; 9>;L;KN
9EDJ?DK;DJU<7?H;F7HJ?;:;C;IgJ;NJKH;I hFB7IJ?GK;I
7DI 9;I;DI
B7 F;H<EHC7D9; ,=GG5;9 HH57<V 7 YJY HY7B?IY; ;D :Y9;C8H;   U
BE997I?ED :; B7 +C=FV9 (9F:CFA5H=J9 :K EBBEGK; "DJ;HD7J?ED7B FH
,9ADG(9F:CFA5B79V75@9F@9G;9GH9GEH=7D?IY;F7HB;$56CF5HC=F9
8I 9GH9
 %7 J>YC7J?GK; 9;DJH7B; :K 9EBBEGK; YJ7?J B7 GK;IJ?ED :K
H9ADG :7DI B;I =;IJ;I 7HJ?IJ?GK;I
 #n7? FHEFEIY 7L;9 ,=GG5;9 HH57<V
KD; F;H<EHC7D9; Eb B;I =;IJ;I :; J?II7=; YJ78B?II;DJ KD; <EHC;
IOC8EB?GK;C;DJF7HJ?9KB?ZH;:;:Y9ECFJ;HB;J;CFI;DJH;B;IHOJ>C;I
8?EBE=?GK;I GK? <EDJ FEKII;H B;I 9>;L;KN ;J B7 97:;D9; :K =;IJ; :;
J?II7=;


KII?9ECC;FEKHB7 L?:YE F;H<EHC7D9;FH9AZG=55D=@@5F=GHY7B?IY;


7K HYI?B ;DJH;   ;J   @n7? B7?IIY FEKII;H 7KF7H7L7DJ C;I
9>;L;KN F;D:7DJ FBKI?;KHI CE?I
 i BnYFEGK; :nFH9AZG=5 5D=@@5F=G
CED E8@;9J?< YJ7?J :; B7?II;H FEKII;H C;I 9>;L;KN FEKH ;DIK?J; B;I
H7I;H@;:;L7?I7LE?H7II;P:;C7J?ZH;97F?BB7?H;FEKHJ?II;HKD;9KBEJJ;
:;9>;L;KN
#n7L7?I9EKFYC;I9>;L;KN:7DIBn?DJ?C?JY:;CED7J;B?;H
:;L7DJKD97CYI9EF;
#;LEKB7?I:;FK?IBED=J;CFIH;L?I?J;HB;I=;IJ;I
:; 9; J?II7=; 97F?BB7?H; :; <7XED FK8B?GK; ;J 7L;9 KD J;CFI :;
HY7B?I7J?ED FBKI 9EKHJ
 7DI B; =;IJ; :; J?II7=; B; J;CFI ;IJ KD;


GK;IJ?ED9;DJH7B;GK? :EDD; IEDHOJ>C;UB7 F;H<EHC7D9;;J:;II?D;
7KII?IED <EHC7J
 %;J;CFI :; J?II7=; :;B7 9KBEJJ;;D9>;L;KN 7YJY
;NJH[C;C;DJBED=@n7?:cJH7L7?BB;HGKEJ?:?;DD;C;DJF;D:7DJJHE?I EK
GK7JH;CE?DI


)EKH H;IF;9J;H B; J;CFI :; B7 +C=FV9 (9F:CFA5H=J9 :K 9EBBEGK; @;
:;L7?IJ?II;HKD;GK7DJ?JY:;9>;L;KN8;7K9EKFFBKIHY:K?J;
#n7?:ED9
;KBn?:Y;:;J?II;HB;I9>;L;KN7L7DJ:;B;I9EKF;H
-?II;HC;I9>;L;KN
7L;9 B7 J[J; 7JJ79>Y; 7K CYJ?;H ;D 7O7DJ CED L?I7=; ;CFH?IEDDY
:;HH?ZH;B79>7^D;7YJYB;CEJ;KH:;B7F;H<EHC7D9;9HYY;UBn?C7=;
:nKD 9EHFI 97F78B; :; g I7KJE J?II;H h  9ECC; KD; 7H7?=DY; GK?
9H79>;I7JE?B;
)EKHB;I79J?EDI97F?BB7?H;I @;:E?I B7?II;HFEKII;HC;I
9>;L;KN ;J J;D?H 9ECFJ; :; 9;JJ; HY7B?JY EH=7D?GK;
 K :Y8KJ :;I
:?I9KII?EDI 7KJEKH:K9EBBEGK; C;I 9>;L;KNYJ7?;DJ C? BED=I ;J @n7?
:c7HH[J;H:;B;I 9EKF;HFEKHGKn?BIIE?;DJ7II;PBED=I7<?D:;FEKLE?H
B;I J?II;H JEKJ ;D =7H:7DJ KD; :?IJ7D9; C?D?C7B; 7L;9 B; CYJ?;H
 #;
LEKB7?I;CFH?IEDD;H9ECFBZJ;C;DJCEDL?I7=;;J:?IF7H7^JH;:;HH?ZH;
C;I 9>;L;KN J?IIYI
 ECC; @; Dn7L7?I F7I 7II;P :; J;CFI FEKH
E8J;D?HB7BED=K;KH7:YGK7J;@n7?:c7:7FJ;HC7F;H<EHC7D9;


n78EH:@n7?9EDIJHK?JKDF;J?JCYJ?;HUJ?II;HFEKH<7?H;:;I J;IJI@n;D
7? 9ED9BK GK; @; FEKL7?I J?II;H ;DJH; :?N ;J :EKP; 9;DJ?CZJH;I :;
9>;L;KN 7L;9 CED L?I7=; B; FBKI FHZI FEII?8B; :; B7 9>7^D;
 #n7?
9EDIJHK?J ;DIK?J; B; CYJ?;H U J?II;H :Y<?D?J?< :; <7XED U [JH; 7II?I;
7K IEB @7C8;I FB?Y;I ;J 9HE?IY;I  KD; FEI?J?ED CY:?J7J?L; ;J JHZI
9ED<EHJ78B; GK; @; FEKL7?I =7H:;H F;D:7DJ JEKJ; B7 :KHY; :; B7
F;H<EHC7D9;
%;I :?C;DI?EDI :K97:H;;J:;I F?;:I :KCYJ?;HEDJYJY
YJ78B?;I ;D<ED9J?ED:;9;JJ;FEI?J?ED
 "B In7=?J:nKDCYJ?;HUJ?II;H :;


>7KJ; B?II;JHZI I?CFB;I7DID7L;JJ;F;?=D;EK87=K;JJ; 
;KNF?;:I
;D CYJ7B C7?DJ?;DD;DJ KD 97:H; ;D 8E?I
 %7 9>7^D; <7?J; :; <?BI :;
DOBED 7 YJY J;D:K; ;DJH; B;I 9BEKI FB7DJYI :7DI B;I :;KN 87HH;I
>EH?PEDJ7B;I
;JJ;J;9>D?GK;:; J?II7=;97F?BB7?H;;DCYJ?;H:;>7KJ;
B?II;I7DID7L;JJ;?CFB?GK;GK;B;ICZ9>;I:;9>;L;KNIE?;DJ9EKIK;I
FEKHGKn;BB;ID;InY9>7FF;DJF7I7KCEC;DJ:KJ?II7=;

)EKH B7 F;H<EHC7D9; ,=GG5;9 HH57<V @nYJ7?I L[JK; :; B7 C[C;
9>;C?I;:;DK?JGK;9;BB;:KH7I7=;:;C;I9>;L;KN;J:K87?D:;I;B
YF7?I
 #n7? 9EKIK ;J8HE:Y9;JJ;;IFZ9; :;g97C?IEB; :n>EIF?9;h ;D
  FEKH B7 F;H<EHC7D9; (5F @9G F=H9G 7CFDCF9@G HY7B?IY :7DI B;
&KIY; "D?CT :; )7KB7 U ;BE !EH?PEDJ;
 II?I; 7K IEB @n7? F7IIY
FBKI?;KHI >;KH;I U :;II?D;HC;I F?;:I 7L;9 :;I <?BI :; 9>;L;KN ;J :;
Bn;7K
DC[C; J;CFI GK; @;NY9KJ7?I B; :;II?DIKH B; IEBKD; L?:YE
YJ7?JFHE@;JY; IKHCED9EHFI
7DI B7 L?:YE @; :;II?D7?I 7L;9 :;I <?BI
:;9>;L;KN9EBBYI7L;9:;Bn;7KIKHB7L?JH;:K8EN:;B7:EK9>;


;JJ; 9>;C?I; :; DK?J ;D 9EJED Y9HK 7 YJY B; JYCE?D :; FBKI?;KHI
H?JK;BI 97F?BB7?H;I U 9>7GK; F;H<EHC7D9; @n7? 8HE:Y :; DEKL;BB;I
F>H7I;I 7L;9 C;I 9>;L;KN
 Q9H?JI ;D FEHJK=7?I EK ;D <H7DX7?I 9;I
8HE:;H?;I F;KL;DJFH;D:H; :;I <EHC;I :YB?97J;I ;J FH;IGK; ?DL?I?8B;I
7L;9 KD I;KB <?B :; 9>;L;KN EK YF7?II;I ;J 7FF7H;DJ;I 7L;9 :;I
CZ9>;I:;9>;L;KN;J<?B:;IE?;
%797C?IEB;Cn7HH?L;7KN9>;L?BB;I;J
7 :;I C7D9>;I BED=K;I C7?I ;BB; ;IJ <7?J; :nKD 9EJED BY=;H GK? D;
9>7K<<;F7I
ECC; B7F;H<EHC7D9; ,=GG5;9HH57<V7YJYHY7B?IY; ;D
:Y9;C8H; @n7? :c C;JJH; FBKI?;KHI IEKI 9EK9>;I :; 9EBB7DJI FEKH D;
F7I7LE?H<HE?:
&7B=HYB;I:?<<YH;D9;I9B?C7J?GK;I;DJH;B7H7D9;;JB;


HYI?B @; LEKB7?I KJ?B?I;H B7C[C;9>;C?I;:; DK?J :;I F;H<EHC7D9;I
97F?BB7?H;IFHY9Y:;DJ;I


%7F;H<EHC7D9; ,=GG5;9HH57<V97YJYHY7B?IY;:7DIKD;=H7D:;I7BB;
:K :;HD?;H YJ7=; U ,7?DJ >7HB;I
 %; CYJ?;H YJ7?J FB79Y U Bn7D=B; Eb
I; J;D7?J B; 8K<<;J :K 9E9AJ7?B @; LEKB7?I =7H:;H KD 97H79JZH; DED
IF;9J79KB7?H; UCED 79J?ED
%; FK8B?9FEKL7?JJH7L;HI;HBn;IF79; I7DI
FEHJ;H 8;7K9EKF :n7JJ;DJ?ED U CED 79J?ED EK I7HH[J;H GK;BGK;I
C?DKJ;I FEKHH;=7H:;H :; FHZI C;I =;IJ;I
-HE?I 7KJH;I F;H<EHC7D9;I
7L7?;DJ B?;K I?CKBJ7DYC;DJ :7DI :n7KJH;I I7BB;I
 %; FK8B?9 9?H9KB7?J
;DJH;B;IGK7JH;I7BB;I;J:;J;CFI;DJ;CFI:;I=HEKF;IFBKIEKCE?DI
DEC8H;KNI7HH[J7?;DJFEKHIK?LH;CED79J?ED

%;FHE9;IIKI:;J?II7=;Dn7F7IYJYI?CFB;@;D;FEKL7?IF7I8EK=;HB7
J[J; EK CYBE?=D;H :K CYJ?;H U J?II;H
 )EKH B; J?II7=; 97F?BB7?H; B;I
CZ9>;I :;9>;L;KN D; IEDJ F7I I;KB;C;DJFEIY;I ;DJH;B;I <?BI :;B7
9>7^D;?B<7KJ7KII?<7?H;:;KNFE?DJI:;9EKJKH;U9>7GK;<?B
ECC;
B7 :?IJ7D9; ;DJH; CED L?I7=; ;J B7 9>7^D; YJ7?J HY:K?J; B; JH7L7?B :;
9EKJKH;YJ7?J;D9EH;FBKIFHY9?I;JB;DJGK; :7DI KD J?II7=;97F?BB7?H;
DED7JJ79>Y
%;ICZ9>;I:;9>;L;KNJ?IIY;II;H;D9EDJH;DJUF;?D;7K
C?B?;K:;B79>7^D;
#;Dn7?F7IFK<7?H;:?IF7H7^JH;CEDL?I7=;:;HH?ZH;
KDJ?II7=;YF7?IC7?I@nYJ7?I8?;D7JJ79>Y;UCEDCYJ?;HUJ?II;HDEKI
IECC;I :;L;DKI KD I;KB 9EHFI
 ECC; KD; 7H7?=DY; @; J?II7?I B;I
<?BI GK? FEKII;DJ :; CED FHEFH; 9EHFI FEKH 9EDIJHK?H; C7 JE?B; ;J
C;CFH?IEDD;HCE? C[C;
*K7D:@;Dn7L7?IFBKI :;9>;L;KNUJ?II;H
@n7?FH?I:;=H7D:I9?I;7KN;DCYJ7B;J@;C;IK?I 9EKFY;B;I9>;L;KN
FHZI :KJ?II7=;;DC;B?8YH7DJ
.D;<E?IB?8H;@;IK?IF7HJ?;;DB7?II7DJ


IKH FB79; CED J?II7=; 97F?BB7?H;
 %7H7?=DY; ;IJ F7HJ?; C7?I B7 JE?B;
HECFK;H;IJ;JEK@EKHIBU9ECC;B;IEKL;D?H:nKD9EHFI78I;DJ

&00$"11 %:  F;H<EHC7D9;#0+'..#&'163#


7DI 9>7GK;F;H<EHC7D9; GK;@; HY7B?I; ;D FK8B?9EK:7DI Bn7J;B?;H
Bn7IF;9J H?JK;B ;IJ ;NJH[C;C;DJ ?CFEHJ7DJ
 #; D; 9EDXE?I F7I BnlKLH;
=;IJK;BB; I7DI B; FE?:I IOC8EB?GK; :K H?JK;B
 *K7D: @; C;JI CED
9EHFI ;D 79J?ED 7HJ?IJ?GK; 9n;IJ 7KII? CED 9EHFI F;HIEDD;B HY;B
9KBJKH;BFEB?J?GK;;JIOC8EB?GK;GK?;IJ;D@;K
#;L?;DI:nKD;9KBJKH;
Eb B; H?JK;B @EK; KD HaB; ;D9EH; JHZI I?=D?<?97J?< :7DI B7 IE9?YJY
-HZI
BE?D:;B7KIJYH?JY:;I<[J;IE99?:;DJ7B;IB;IHYI?B?;DI?DL;IJ?II;DJB;KH
9EHFIB;KHVC;;JB;KH<7DJ7?I?;:7DI B;H?JK;B:?EDOI?7GK;;J;N9;II?<
:K97HD7L7B
.DCEC;DJ:7DIB;GK;BEDF;KJL?LH;KD;:;KN?ZC;L?;
?D97HD;H:?<<YH;DJ;I ?C7=;I:;IE?;DKJ?B?I7DJKDC7JYH?;BIOC8EB?GK;
IFY9?<?GK;  B; :Y=K?I;C;DJ B;I 9EKB;KHI B7 CKI?GK; B7 :7DI; B7
FEYI?;;JB;IF;HIEDD7=;ICOJ>?GK;I
%7:C@=597HD7L7B;IGK;;IJH?;KI;
B?8H;8EK<<EDD;:YHY=BY;9n;IJB7<[J;:;B79>7?H:K:YIEH:H;;J:;I
;N9ZI
"BIn7=?J:nKD;<[J;FHE<7D;C7?I;DH79?DY;:7DIB7IJHK9JKH;:K
I79HYGK?BK?:EDD;B7IEB;DD?JYH?JK;BB;:K:YIEH:H;

,;BED&?A>7_B7A>J?D;B;97HD7L7B;IJBnE997I?EDFEKHB;F;KFB; :;
H;DL;HI;H:;<7XEDIOC8EB?GK;;JF;D:7DJKD;FYH?E:;B?C?JY;JEKJ;I
B;I >?YH7H9>?;I ?DIJ?JKY;I ;DJH; B; FEKLE?H ;J B;I :EC?DYI ;DJH; B;
DE8B;;JB;JH?L?7B;DJH;B;>7KJ;JB;87I;DJH;B;H7<<?DY;JB;=HEII?;H
;DJH; B; I79HY ;J B; FHE<7D;
 %7 <[J; 97HD7L7B;IGK; 9HY; KD ;IF79;
J;CFI >EHI:KGKEJ?:?;D;JB;:Y:EK8B;C;DJ:;IE?EKLH;B;N?IJ;D9;
:nKD; :;KN?ZC; L?;
 &7?I :7DI B; 97HD7L7B JEKJ D;IJ F7I <7H9; I7
B?8;HJY ED?H?GK; <ED:; KD; FK?II7D9; :; JH7DI<EHC7J?ED ;<<;9J?L; :K
HY;B
%; H?J; DEKI 799EH:; B; :HE?J :; @EK?H :; B7B?8;HJY :;L?EB;HB;I
HZ=B;I>78?JK;BB;I:;B7L?;;DIE9?YJY


n;IJ 7L;9 Bn;IFH?J :Y >?YH7H9>?IY B?8H; >EH?PEDJ7B ;J :Y8EH:7DJ :K
H?JK;B97HD7L7B;IGK;GK;@;9EDXE?I 9>79KD:;C;IH?JK;BI 7HJ?IJ?GK;I

"B D; In7=?J F7I :nKD; H;II;C8B7D9; ;IJ>YJ?GK; EK 97H?97JKH7B; C7?I
:nKD; C[C; YD;H=?; IOC8EB?GK; :; B?8;HJY ;J :; 9HY7J?ED <?9J?L;

*K7D: @; Cn>78?BB; 7L;9 C7 9>;C?I; :; DK?J 8HE:Y; 7L;9 C;I
9>;L;KN @n7:EFJ; 9ECC; :7DI B; 97HD7L7B KD; :;KN?ZC; <EHC;
:; L?;  7HJ?IJ?GK; H?JK;BB; COJ>EBE=?GK; <?9J?L; ;J FHE<ED:YC;DJ
IOC8EB?GK;
 #; B?LH; CED 9EHFI ;J CED ;IFH?J 7K =;IJ; 7HJ?IJ?GK; @;
IK?ICE? C[C;C7?I@;IK?I7KII?:7DIKD;7KJH;F;7K7L;9KD;7KJH;
9>;L;BKH;KD7KJH;C7IGK;
#n;D:EII;B;HaB;:;9;HJ7?DIF;HIEDD7=;I
COJ>EBE=?GK;I B?JJYH7?H;I <7DJ7IJ?GK;I ;J ?HHY;BI JEKJ ;D =7H:7DJ B7
FK?II7D9;:;CED?:;DJ?JYKD?GK;;J?DJH7DI<YH78B;

K 9EKHI :K H?JK;B 7HJ?IJ?GK; @; 9HE?I; C7 HY7B?JY 9>7HD;BB; 7L;9 C7
<7DJ7?I?;IOC8EB?GK;
&ED9EHFI;IJBUC7?IC;I=;IJ;IL?;DD;DJ:nKD
KD?L;HIED?H?GK;
#; J;IJ;B;IB?C?J;I :;CED9EHFI ;J:;C7 <7DJ7?I?;
I7FK?II7D9;:;9>7D=;C;DJIOC8EB?GK;C7?I7KII?HY;B;JFIO9>?GK;

#n?D97HD;C;IF;HIEDD7=;IC7?I?BD;In7=?JF7I :nKD;C?I;;D I9ZD;
J>YVJH7B;@;D;HYFZJ;F7I@;D;H;FHYI;DJ;F7I@;D;IK?IF7I:?H?=Y;

>7GK;F;H<EHC7D9;;IJKD?GK;;BB;F;KJ[JH;H;L?I?JY;HY79J?LY;HY
?D9EHFEHY; C7?I @7C7?I HYFYJY;
 #; FHYF7H; KD; Y9H?JKH; 7L;9 B;I
YBYC;DJI IOC8EB?GK;C;DJ ?CFEHJ7DJI FEKH B7 F;H<EHC7D9; C7?I
Bn?CFHEL?I7J?ED;IJJEK@EKHI ?CC?D;DJ;;JBn?DJ;H79J?ED7L;9B;FK8B?9
7KII?
&;I F;H<EHC7D9;I D;IEDJF7I :;I IF;9J79B;IC7?I :;I H?JK;BI
EbB;I7IF;9JI FHE<7D;I ;J I79HYI7HJ?IJ?GK;I ;J;IJ>YJ?GK;I 9HY;DJKD
DEKL;7K IOC8EB?GK; ?D97HDY F7H C;I =;IJ;I :7DI KD; ;NFYH?;D9;
EH=7D?GK;C;DJI?D=KB?ZH;


,=GG5;9 HH57<V C7JYH?7B?I; FBKI?;KHI COJ>;I
 ;BK? :; B7 <;CC;
7H7?=DY; ;IJ KD; HY<YH;D9; IOC8EB?GK; ?CFEHJ7DJ;
 K HYI?B @n7?
=7H:Y F;D:7DJBED=J;CFI :7DI CED7J;B?;HKD; =H7D:;JE?B; <7?J; F7H
:;KN 7H7?=DY;I
 BB;I YJ7?;DJ :7DI B; F;J?J @7H:?D IEKI C7 <;D[JH;

ECC; ;BB;I C7D=;7?;DJ B;I CEKIJ?GK;I @;B;I 7? =7H:Y;I
 #n7? F7IIY
:;I >;KH;I U JH7L7?BB;H IKH CED CYJ?;H U J?II;H ;J U H;=7H:;H B;I
CEKL;C;DJI :;I 7H7?=DY;I
 BB;I H;IJ7?;DJ ?CCE8?B;I GK7D: IEK:7?D
KD ?DI;9J; JEC87?J :7DI B;KH JE?B;
 BB;I IEHJ7?;DJ :; B;KH 7FF7H;DJ;
BYJ>7H=?; ;J 7L7DX7?;DJ H7F?:;C;DJ FEKH ;C87BB;H Bn?DI;9J; :7DI KD
9E9ED
 ;I F;J?J;I J?II;H7D:;I 7D?C?IJ;I CnEDJ JEK@EKHI <7I9?DY;
 %7
L?J;II;UB7GK;BB;;BB;IF;KL;DJg9H79>;HhB;KH<?BJHZI<?D;JHYI?IJ7DJ
;IJ?CFH;II?EDD7DJ;

7DI $9G %VH5ACFD<CG9G :n(L?:; B7 COJ>EBE=?; :nH79>DY I;


FHYI;DJ; 9ECC; KD; 7BBY=EH?; :; B7 :EC?D7J?ED C7I9KB?D; :7DI B7
9KBJKH;=H;9GK;
H79>DYYJ7?JKD;IKF;H8;J?II;H7D:;GK?7EIY:Y<?;H
)7BB7I J>ZD7
 7DI KD :K;B :; J7F?II;H?;I J>ZD7 7 H;FHYI;DJY B;I
:?;KN=H;9I:7DIJEKJ;B;KH=H7L?JY
H79>DYUIEDJEKH7?BBKIJHY:7DI
:;I ?C7=;I ;NJH[C;C;DJ ;NFH;II?L;I B; >7H9ZB;C;DJ I;NK;B GK; B;I
:?;KN C7I9KB?DI <7?I7?;DJ IK8?H7KNCEHJ;BB;IU9;HJ7?D;I DOCF>;I;J
C[C; UGK;BGK;I :?L?D?JYI
  D 9EBZH;B7 :Y;II; L?;H=; 7:Y9>?HYB7
J7F?II;H?; :nH79>DY ;J Bn7 <H7FFY; 7K L?I7=; 7L;9 I7 D7L;JJ;

YI;IFYHY;H79>DY7J;DJY:;I;F;D:H;C7?IJ>ZD7Bn7;CF[9>Y;
:; CEKH?H Bn7 JH7DI<EHC7DJ ;D 7H7?=DY; JEK@EKHI IKIF;D:K; F7H IED
<?B

H79>DY B7 <;CC; 7H7?=DY; :;I CYJ7CEHF>EI;I :n(L?:; YJ7?J KD;


g FHEJE <YC?D?IJ; h KD; CEHJ;BB; ?DIEKC?I; GK? 7 EIY :Y<?;H B7


IJHK9JKH; IOC8EB?GK; :K F7JH?7H97J :; Bn7DJ?GK?JY =H;9GK;
 )EKH 7LE?H
:Y<?Y B;I :?;KN H79>DY F;KJ [JH; ?DJ;HFHYJY; 9ECC; B7 <?=KH; :;
Bn7HJ?IJ; 9HY7JH?9;
 H79>DY ?D97HD; FEKHJ7DJ KD F7H7:EN; ;BB; 7
:YIJ78?B?IY B7 >?YH7H9>?; :K F7JH?7H97J I7DI YJ78B?HKD; JH7DI<EHC7J?ED
:7DI B7 H;B7J?ED :; :EC?D7J?ED
 ,n7<<?HC;H 9EDJH; KD FEKLE?H;IJ ;D
;<<;JLEKBE?HFH;D:H;9; FEKLE?HFEKHIE?H;D<EH9;HB; FEKLE?H
7DI
9; I;DI H79>DY ;J J>ZD7 7FF7H7?II;DJ 9ECC; B7 C[C; <?=KH;
Bn?D97HD7J?ED :K F7H7:EN; ;DJH; FEKLE?H ;J YC7D9?F7J?ED
 %7
:?IFHEFEHJ?ED :K COJ>; :nH79>DY HYI?:; :7DI IED :YI?H :;
H;9EDD7?II7D9;:n;N9;BB;D9; ;J :n?DIEKC?II?EDGK? Bn7 9ED:K?J;UB7
FKD?J?ED ;NJH[C;
 %n>?IJE?H; :nH79>DY :;L?;DJ 7?DI? KD; 7BBY=EH?;
9ECFB;N; IKH B;I B?C?J;I <YC?D?D;I <79; 7K FEKLE?H :; B7 IE9?YJY
F7JH?7H97B;

);D:7DJ B7 F;H<EHC7D9; ,=GG5;9 HH57<V @n7? ?D97HDY KD; IEHJ;


:nH79>DYKD;<;CC; 7H7?=DY;GK?;C87HH7IIY;:7DII7FHEFH;JE?B;
7 :c 9EKF;H I;I <?BI FEKH I; B?8YH;H
 ;JJ; <;CC; 7H7?=DY; ;IJ
9>7II;KI;;JFHE?;7KC[C;J;CFI;BB;79HYYKDF?Z=;GK?7<?D?F7H
Bn;CFH?IEDD;H
 %7 I;KB; IEBKJ?ED FEKH IEHJ?H :; 9; JH7GK;D7H: ;IJ
B; :Y9EKF7=; :K <?B GK? B7 IEKJ?;DJ ;J B7 9ED:7CD; KD IK?9?:;
IOC8EB?GK;
%79>7^D; :;CEDCYJ?;HUJ?II;HEKB7JE?B; :n7H7?=DY;
F;KJ [JH; 9ECFH?I; 9ECC; B7 IE9?YJY F7JH?7H97B; GK? ;D<;HC; B;I
<;CC;I :7DI B;I HaB;I :?JI g <YC?D?DI h
 ;JJ; <;CC; 7H7?=DY; 7
7IIKCY I7 IEKC?II?ED 9ECC; KD; )YDYBEF;   ;BB; J?II; JEKJ;I B;I
J79>;I IE9?7B;I C7DK;BB;I ;J :EC;IJ?GK;I ?CFEIY;I F7H B7 IE9?YJY
F7JH?7H97B;C7?I;BB;<?D?JF7HInYJEK<<;H:7DII79ED:?J?EDIE9?7B;C;DJ
?D<YH?;KH;
 %7 <;CC; 7H7?=DY; ;DL;BEFFY; F7H IED <?B F;KJ [JH;


B7BBY=EH?; :nKD;<;CC;EFFH?CY;87JJK; EKL?EBY;
,ED L?I7=;IED
?:;DJ?JY;JI;I:HE?JI:?IF7H7?II;DJ:;HH?ZH;B7g9>7^D;IE9?7B;hEbB;I
BE?IF7JH?7H97B;IIEDJgJ?IIY;IhF7H;BB; C[C;

%n7H7?=DY; 9; F;J?J 7D?C7B J?II;H7D: ;J <7I9?D7DJ 7 YJY IJ?=C7J?IY;


9ECC; YJ7DJ C7BY<?GK; IED FE?IED ;IJ :;L;DK B; IOC8EB; :;I
IEH9?ZH;IB7JH79;:KC7B>;KHB?Y;7K<YC?D?D
)HEJ;9JH?9;;JJ;HH?<?7DJ;
;D C[C; J;CFI Bn7H7?=DY; <7I9?D; 7KJ7DJ GK;BB; HYFK=D;
 %7 <?=KH;
:; B7 <;CC; 7H7?=DY; ?C7=; :nKD FEKLE?H <YC?D?D HY?<?7DJ 7 YJY
B7H=;C;DJ H;FHYI;DJY; :7DI Bn7HJ 9EDJ;CFEH7?D ;J %EK?I; EKH=;E?I
FEKHH7?J[JH;B7C7JH?7H9>;:;9;JJ;JH7:?J?ED
%n7HJ?IJ;7H;DL;HIYB;IEHJ
:nH79>DY I;I 7H7?=DY;I IEDJ :;L;DK;I YDEHC;I ;J C;D7X7DJ;I

%5A5BBn7H7?=DY;=Y7DJ;:; C;JB;IF;9J7J;KH:7DIB7FEI?J?ED
:nKD;D<7DJ
%n7CFB?<?97J?ED;N7=YHY;:;B?DI;9J;GK?I;C8B;H;=7H:;H
I7 FHE?;I;9EDIJ?JK; 9ECC; KD:?IFEI?J?<:;IKHL;?BB7D9;
%n7H7?=DY;
;IJ KD; HY<YH;D9; UB7CZH; :;Bn7HJ?IJ; ;JUIED JH7L7?B:;J7F?II?ZH;

BB;YLEGK; Bn7KJEH?JY C7J;HD;BB; :7DI B7 JH7DIC?II?ED :;I J;9>D?GK;I
;J :;I 7<<;9JI
 %nE8IJ?D7J?ED :;I 7H7?=DY;I UJ?II;HB;KHI JE?B;I ;JU InO
J;D?HUBn7<<cJH;DLE?;7KJH7L7?B:;J?II7=;7KJH7L7?B:;H;IJ7KH7J?ED:;
J7F?II;H?;I GKn799ECFB?II7?;DJ I;I F7H;DJI
 ,ODEDOC; :; FHEJ;9J?ED
;J:;:YLEH7J?ED Bn7H7?=DY; =?=7DJ;IGK; :; %EK?I;EKH=;E?I ?D97HD;
Bn?C7=; :nKD; <;CC; F>7BB?GK; KD; CZH; 97IJH7JH?9; GK? <EHC;
I?CKBJ7DYC;DJB; FEKLE?H;JB; 9EDJH; FEKLE?H
 DJH;:YDED9?7J?ED;J
YDED9?7J?ED B;I 7H7?=DY;I =Y7DJ;I :; %EK?I; EKH=;E?I ;<<;9JK;DJ ;J
YL7BK;DJ B;I FEII?8?B?JYI :; InY9>7FF;H U JH7L;HI B7 FHE:K9J?ED
7HJ?IJ?GK;:;9;HJ7?DI:YJ;HC?D?IC;I<YC?D?DI;JC7J;HD;BI



*+ I9KBFJKH;16+4'163)'1+4

%;I:9AA9G H=GG9IG9GIEDJKD;HY<YH;D9;HY9KHH;DJ;:7DIB7FHE:K9J?ED
:; FBKI?;KHI 7HJ?IJ;I 9EDJ;CFEH7?DI
 %7 F;H<EHC7D9; ?DIJ7BB7J?ED;BB;
+@IA69F  :;#7D?D; DJED? ?D97HD; KD; 9>?CZH; COJ>EBE=?GK;
;DJH; H79>DY ;J )YDYBEF;
 )EKH 9;JJ; F;H<EHC7D9; Bn7HJ?IJ; 7 LY9K
:7DI B7 =7B;H?; :n7HJ F;D:7DJ KD CE?DI
 >7GK; DK?J ;BB; :EHC7?J
9EDD;9JY; U KD YB;9JHE;D9YF>7BE=H7CC;  FEKH YJ78B?H KD;
JH7DI9H?FJ?ED =H7F>?GK; :;I H[L;I ;J :; B?D9EDI9?;DJ
  );D:7DJ B7
@EKHDY; #7D?D; DJED? InE99KF7?J :; J?II;H B; CEJ?< =H7F>?GK; :;I
H[L;I :;B7DK?J7DJYH?;KH;
BB;7HY7B?IY9;JJ;F;H<EHC7D9;I?N<E?I;J
;BB;7 79>;JY IKHFB79;KD;9>;C?I;:; DK?J:?<<YH;DJ; FEKH9>79KD;
:n;BB;
 %; <?B KJ?B?IY FEKH J?II;H B;I B?=D;I 9EBEHY;I :; I;I H[L;I YJ7?J
9;BK?:;B79>;C?I; :;DK?JGKn;BB;:Y<7?I7?JF;J?JU F;J?J
i B7C;IKH;
GK; B7 9>;C?I; :; DK?J HYJHY9?II7?J B7 <78H?97J?ED :; B7 9EKL;HJKH;
7L7DX7?JF;HC;JJ7DJ7?DI?UBn7HJ?IJ;:;I; 9EKLH?H7L;9 B;NJHYC?JY :;
IEDJ?II7=;F;D:7DJB7DK?J
 ;=;IJ; 9O9B?GK; IK==ZH; KD;J7KJEBE=?;
FEYJ?GK; ;BB; I; 9EKLH; 7L;9 I;I H[L;I 7BEHI GKn;BB;;IJ;D JH7?D :;
H[L;H



)2*"/ ?DIJ7BB7J?ED;JF;H<EHC7D9;#0+0' 0510+

K9EKHI:;IEDJ?II7=;#7D?D;DJED?:?I9KJ7?J7L;9B;IL?I?J;KHI
BB;
;NFB?GK7?J B; FHE9;IIKI :; 9HY7J?ED ;J :; HY7B?I7J?ED :; IED lKLH;
HYFED:7?J 7KN GK;IJ?EDI ;J Y9EKJ7?J :;I >?IJE?H;I IKH B;I H[L;I

%n?DJ;H79J?ED7L;9B;FK8B?9;IJJHZI ?CFEHJ7DJFEKHBn7HJ?IJ; ;BB;9HE?J
GK; 9;B7 Bn;CF[9>; :; :;L;D?H KD E8@;J 7K I;?D :; IED lKLH; ;J
F;KJ [JH;;D9EH;FBKI?CFEHJ7DJ;BB;JH7DI<EHC;BnlKLH;;DKD;;DJ?JY
L?L7DJ; ;D 9EDIJ7DJ; JH7DI<EHC7J?ED ?B In7=?J8?;D:;B7FK?II7D9; :K
H?JK;B
>7GK;9O9B;F;H<EHC7J?<:;+@IA69F7YJY9ED9BKBEHIGK;JEKJ
B;J?IIK:;B79>;C?I;:;DK?J7YJYJH7DI<EHCY;D9EKL;HJKH;

L;9 +@IA69F #7D?D; DJED? @EK; B; HaB; :nKD; IEHJ; :nH79>DY
JEK@EKHI ;DHEKBY; :7DI IED FHEFH; <?B  9;BK? :; I;I H[L;I
 "B In7=?J
9ECC; FEKH B7 F;H<EHC7D9; ,=GG5;9 HH57<V :nKD FHE9;IIKI :;
J?II7=;7KJE 9EDIJHK9J;KH
H79>DY;IJB7H7?=DY;GK?J?II;7L;9B;<?B:;
IE?; GK? IEHJ :; IED 9EHFI  CE? @; J?II; 7L;9 B; <?B :; 9>;L;K GK?
FEKII; :;C7J[J; ;J#7D?D; DJED? J?II; 7L;9 B; <?BIOC8EB?GK; GK?
IEHJ:;I;IH[L;I
#7D?D;DJED?=7H:;7KII?B;C[C;HOJ>C;:;J?II7=;
9O9B?GK; GK; )YDYBEF;
 %; J?II7=; ;J B; :Y J?II7=; 9EHH;IFED:;DJ 7K
FEJ;DJ?;B :; H;FHE:K9J?ED 9O9B?GK; :K 9EHFI <YC?D?D 7L;9 I;I


C;DIJHK;I
 EDJH7?H;C;DJ U H79>DY )YDYBEF; ;IJ KD; <;CC;
IEKC?I;IEDJH7L7?B:; J?II;KI; Dn;IJ F7I KD 79J;:;:YDED9?7J?ED:K
F7JH?7H97J ?B H;FHYI;DJ; B7IIKH7D9; :; B7 C7?IED B; 9ED<EHJ :K
:EC;IJ?GK;B7IY9KH?JY:;9;GK?H;IJ;;DFB79;
L;9+@IA69F#7D?D;
DJED? :;L?;DJ KD; )YDYBEF; 9EDJ;CFEH7?D; GK? Dn7JJ;D: F7I B;
H;JEKH :; IED 7CEKH F;H:K C7?I B; H;JEKH :K JH7KC7 H;<EKBY
 ,7DI
:Y<7?H; F;D:7DJ B7 DK?J B; JH7L7?B HY7B?IY :KH7DJ B7 @EKHDY; Bn7HJ?IJ;
YJ78B?JIED9O9B;DE9JKHD; :?KHD;:;J?II7=;FBKJaJ9ECC;KD;&E?H;
GK? D; J?II; F7I B; :;IJ?D :;I 7KJH;I C7?I IED FHEFH; ?D9EDI9?;DJ

#7D?D;DJED?:;L?;DJ:ED9KD;9EC8?D7?IED:;9;IJHE?IF;HIEDD7=;I
:;B7COJ>EBE=?;=H;9GK;)YDYBEF;H79>DY;JB;I&E?H;I

%;I &E?H;I IEDJ :;I :?L?D?JYI =H;9GK;I GK? <ED:;DJ B7 CYJ7F>EH; :K
:;IJ?D F;HIEDD?<?Y; F7H B; JH7L7?B :; J?II7=; :;I JHE?I IlKHI  @CH<C
<?B;KI;$57<VG=G YGK?B?8H;B;<?B;JHFCDCG9EKF;B;<?B:;B7L?;

#7D?D;DJED?HY7B?I;7L;9+@IA69FB;JH7L7?B:;IJHE?I&E?H;IC7?I;BB;
J?II;YGK?B?8H;;J9EKF;B;<?B:;IED?D9EDI9?;DJ
,EDJH7L7?B:;J?II7=;
;IJ KD; JH7DI9H?FJ?ED FEYJ?GK; :;I H[L;I ;J :; B?D9EDI9?;DJ KD
J;HH?JE?H; COIJYH?;KN ;J YD?=C7J?GK; GK? D; F;KJ F7I [JH;
9ECFBZJ;C;DJ I7?I? F7H B; B7D=7=;
L;9 ,=GG5;9HH57<V@n799ECFB?I
7KII?B; JH7L7?B :;I JHE?I &E?H;I @; <?B; J?II; YGK?B?8H; ;J 9EKF; C;I
9>;L;KN
 HV9;UB7CYJ7F>EH;:KJ;CFI@;J?II;;J@;9EKF;B;:;IJ?D
EH=7D?GK;:;C7FHEFH;9>;L;BKH;

&ED J?II7=; ;J 9;BK? :; #7D?D; DJED? IEDJ 8?;D :;I JH7L7KN
g <YC?D?DI h :n7JJ;DJ;DY7DCE?DI ?B DnO 7 F7I 7JJ;DJ; :KD >ECC;
C7?I 7JJ;DJ; FEKH KD; F7HJ?; F;H:K; :; DEKI C[C;I
 #n7JJ;D:I GK;
C;I9>;L;KNH;FEKII;DJ;J@;9ECFJ;B;J;CFI ;DJ?II7DJCEDFHEFH;


:;IJ?D EH=7D?GK;
 #7D?D; DJED? 7JJ;D: B; H;JEKH :; I;I JH7KC7I
H;<EKBYI:;JEKJ9;GK?D;F;KJF7I[JH;;NFH?CYF7HB;B7D=7=;;JGK?
7YJY979>Y:7DI I7FIO9>Y
;IEDJ:;ICOJ>EBE=?;I9EDJ;CFEH7?D;I
:;I<;CC;IJ?II;KI;I:;I9EDJ;I:;<Y;IEbB7<;CC;Dn7JJ;D:GKn;BB;
C[C;D;J?II;GK;IED:;IJ?D;J7L;9IEDFHEFH;<?BFEKHFEKLE?HI;
HY?DL;DJ;H
 "B In7=?J :ED9 :; J?II;KI;I B?8YHY;I :;I JH7KC7I ;J :;I
H;<EKB;C;DJI :KF7JH?7H97JKD;<E?IH;L;DKIIKHB79>7^D;:KCYJ?;HU
J?II;H B;I JH7KC7I IEDJ <?D7B;C;DJ IK8B?CYI :7DI B7 9EDIJHK9J?ED
FEYJ?GK;:;IED?D:?L?:K7B?JYIEB?J7?H;

;IJ Y=7B;C;DJ :;I COJ>EBE=?;I ;J :;I 9EDJ;I :; <Y;I 97F?BB7?H;I
GK; IEDJ DY;I B;I F>EJE=H7F>?;I :; B7 IYH?; 5=FMH5@9G   :n"D;I
$EP?9
L;9KD;;IJ>YJ?GK;8K9EB?GK;:YB?97J; ;J799;II?8B; Bn7HJ?IJ;
F>EJE=H7F>?; :;I <;CC;I :EDJ B;I 9>;L;KN FH;DD;DJ :;I <EHC;I
?DKI?JY;I
 %7 9>;L;BKH; :; 9;I CE:ZB;I :;L?;DJ B;I 9EH:;I :nKD;
>7HF; B;JH?9EJ :7DI B;I 7?=K?BB;I B;I IE?;I :nKD; 8HEII; B; D?::nKD
E?I;7KB;<?B <?BYF7HKD<KI;7KEK:;JHZIBED=I<7KN 9?BI
%;KHI 9EHFI
;J 9>;L;KN ?DJ;H7=?II;DJ 7L;9 :;I E8@;JI ?D7JJ;D:KI YJ78B?II;DJ KD
:?7BE=K; FEYJ?GK; ;J I?D=KB?;H GK? H7FF;BB; BnKD?L;HI ED?H?GK; :;I
9EDJ;I:;<Y;I
%79@@95I6C=G8CFA5BH:n"D;I$EP?9D;F?GK;F7IIED
:E?=J:7DIB;<KI;7K;BB;I;I;HJ:;BnEKJ?BFEKH<?B;HI;I9>;L;KN
?DI?
9ECC; :7DI B7 F;H<EHC7D9; ,=GG5;9 HH57<V B7 CE:ZB; I; H;JHEKL;
7JJ79>Y; F7H I;I 9>;L;KN U KD EKJ?B :; J?II7=;
 %; CYJ?;H U J?II;H;J
<KI;7K IEDJ :;KN L?;KN ?DIJHKC;DJI GK? 9EDJ?DK;DJ U [JH; KJ?B?IYI
:; DEI @EKHI ?BI YJ78B?II;DJ KD; H;B7J?ED :?H;9J; 7L;9 KD; DEJ?ED
IJYHYEJOFY;:;B7<YC?D?JYFHYI;DJ;:7DIB?C7=?D7?H;:;ICOJ>EBE=?;I
;J:;I9EDJ;I:;<Y;I


%;I F>EJE=H7F>?;I :n"D;I $EP?9 IEDJ8;BB;I:YB?97J;I ;J 8?;DHYIEBK;I
;IJ>YJ?GK;C;DJ DY7DCE?DI ?B In7=?J :; C?I;I ;D I9ZD; 8HZL;I ;J
JHKGKY;I 9ED:?J?ED GK? ;DJH7L; B;KHFK?II7D9; 7HJ?IJ?GK;
 %;I ?C7=;I
FH;DD;DJ KD; 9EDDEJ7J?ED FKYH?B; ;J ?BBKIJH7J?L;
 %7 IYH?; JEK9>;
9;HJ7?DI 7IF;9JI :; B7 FK8B?9?JY ;J :; B7 CE:; 9EDJ;NJ; :7DI B;GK;B
B7 FEYJ?GK; :;I 9>;L;KN ;IJ ;NFBEHY; :; <7XED ;IJ>YJ?IY; ;J F;K
FHE<ED:;
 "D;I $EP?9 ;IJ KD; @;KD; 7HJ?IJ; GK? ;IJ 7KII? :7DI;KI; ;J
CE:ZB; FHE<;II?EDD;BB;B;I IJYHYEJOF;I <YC?D?DI :; B7CE:; ;J :;B7
:7DI;IEDJ<B7=H7DJI:7DI 9;I ?C7=;I
%7LKBDYH78?B?JY:;ICE:ZB;I;IJ
YL?:;DJ;?BIn7=?J:;B7<H7=?B?JYYHEJ?GK;:;IDOCF>;I

&/61)"0 IYH?;F>EJE=H7F>?GK;0'41;+%

.DH;=7H:FBKI<YC?D?IJ;;JB?8YH7J;KH9ECC;9;BK?:;,=GG5;9HH57<V
;J :; +@IA69F I; I;HJ :;I IJYHYEJOF;I :; B7 g <YC?D?JY h FEKH
GK;IJ?EDD;H IK8@;9J?L;C;DJ B7 FB79; :; B7 <;CC; :7DI B7 IE9?YJY
F7JH?7H97B;
 )EKH 9;B7 ?B <7KJ 7LE?H KD 9ECFHEC?I YL?:;DJ 7L;9 B;
JH7KC7 FHEL;D7DJ :; B7 HY7B?JY F>7BBE9;DJH?GK; EK 7L;9 B7 H;
I?=D?<?97J?ED IOC8EB?GK; :; BnEH:H; YJ78B?
 ?<<YH;CC;DJ :; #7D?D;
DJED?;J:;CE? C[C;"D;I $EP?99HY;:;8;BB;I?C7=;I:;<;CC;I


CYJ7CEHF>EIY;I ;DDOCF>;I 97F?BB7?H;I:;I )YDYBEF;I ED?H?GK;I ;J
YD?=C7J?GK;IGK?IEDJ;D9EH;IEKC?I;I7KLEO;KH?IC;E8@;9J?L7DJ:K
F7JH?7H97J

%;ICOJ>EBE=?;IB7B?JJYH7JKH;;JB;I9EDJ;I:;<Y;I7KJEKH:;I9>;L;KN
;J:;I;I FHEFH?YJYI :; J?II7=;;JJH;II7=;EDJJEK@EKHIYJYKD;IEKH9;
:n?CFEHJ7DJ;I HY<YH;D9;I FEKH B; :YL;BEFF;C;DJ :; CED JH7L7?B
7HJ?IJ?GK;
ECFH;D:H;B7IJHK9JKH;:;9;IHY<YH;D9;IFEKHFEKLE?HB;I
;NFBEH;H:;<7XEDB?8YH7JH?9;;J7KJ>;DJ?GK;;IJB7J79>;<ED:7C;DJ7B;
:nKD;FEYJ?GK;GK?F;KJH;JEC8;HJHZI<79?B;C;DJ:7DI9;HJ7?DI9B?9>YI
:;BnKD?L;HI:?Jg<YC?D?Dh
%;I 9>;L;KNGK?F;KFB;DJBn?C7=?D7?H;:;
Bn7HJ?IJ; 8HYI?B?;D -KD=7 IEDJ FEKH CE? KD; ?CFEHJ7DJ; HY<YH;D9;
FB7IJ?GK; ;J IOC8EB?GK;
 -KD=7 ;IJ KD >ECC; DY7DCE?DI ?B ;IJ
97F78B; :n78EH:;H :;I GK;IJ?EDI 9>ZH;I 7KN <;CC;I FEKH7BB;H 8?;D
7K :;BU :; B7 HY<YH;D9; COJ>EBE=?GK; EK >?IJEH?GK;
 %n7HJ?IJ; 7 9HYY
I7 FHEFH; COJ>EBE=?; 97F?BB7?H; FEKH DEKHH?H B?8H;C;DJ Bn?C7=?D7?H;
ED?H?GK;:;I;IlKLH;I

7DI B; B?LH; 5FCEI9G 89 $MG  -KD=7 H79EDJ; Bn>?IJE?H; :;I
L=D<CD5;9G75D=@@5=F9G:;IIlKHII?7CE?I;IGK?I;H7?;DJDY;IKD?;IF7H
B;I 9>;L;KN
 )7HC? :; DEC8H;KI;I ?DIJ7BB7J?EDI HY7B?IY;I F7HBn7HJ?IJ;
B;I 9>;L;KN D7JKH;BI EK 7HJ?<?9?;BI EDJ YJY KJ?B?IYI FEKH C7JYH?7B?I;H
I7 FEYI?; L?IK;BB; 87HEGK; ;J ?DIEB?J;
 ,;BED -KD=7 KD; 7C?;
7DJ>HEFEBE=K;BK?7L7?J:EDDYB;IJ;NJ;I:KD7JKH7B?IJ;:7DE?I0?B>;BC
%KD: U FHEFEI :nKD COJ>; :nEH?=?D; :K F;KFB; DEH:?GK;
 ,;BED 9;
COJ>;B7IYF7H7J?ED :;I @KC;BB;I FEKL7?J [JH;:7D=;H;KI;FEKH JEKJ;
B7 :;I9;D:7D9; :K F;KFB;
 %;I >78?J7DJI EDJ :ED9 :Y9?:Y :n7JJ;D:H;
@KIGKnUB7 FK8;HJY:;I<?BB;JJ;IFEKH:Y9?:;H:;B;KHIEHJ
*K7D:B;KHI


FE?BI FK8?;DI EDJ 9ECC;D9Y U FEKII;H B;JH?8KD7B 7 :Y9?:Y GK; B;I
N?F>EF7=;I :;L7?;DJ [JH; IYF7HY;I EK I79H?<?Y;I
 ;L7DJ B; H;<KI :;I
IlKHI:n[JH;IYF7HY;I;BB;IEDJYJY:Y97F?JY;IF7HKDI;KB9EKF
%;KHI
J[J;I ;D9EH; H;B?Y;I F7H B;I 9>;L;KN EDJ YJY ;NFEIY;I :7DI B; F7OI
F;D:7DJBED=J;CFI
 %7 FKJHY<79J?ED:;I 9HVD;I 7IYF7HYB;I J?IIKI D;
B7?II7DJ :; B7 8;BB; 9>;L;BKH; 8BED:; GKKD JHEF>Y; I;9 ;J CEH8?:;

)BKIJ7H:B;I97BF7YJYLEBYF7HKD87D:?JGK?7LKB;JHEF>Y;9ECC;
KD 8;7K 97:;7K FEKH IED YFEKI;
 BB; 7 9EDI;HLY B; :ED ?DJ79J
;DB;L7DJ I;KB;C;DJ KD; F7?H; :; <?BI :; 9>;L;KN FEKH 8HE:;H KD;
?C7=;FHEL;D7DJ :;I;I H[L;I
K9EKHI :;B78HE:;H?; ;BB; I; H;D:?J
9ECFJ; GK; B;I 9>;L;KN I; CYJ7BB?I7?;DJ FHE=H;II?L;C;DJ FH;D7DJ
Bn7FF7H;D9;:;BnEH

&-%,-$"0
-&))&/"0 ?DIJ7BB7J?EDI;JIYH?;F>EJE=H7F>?GK;60)#

-KD=79EDJ?DK;IEDHY9?JJEKJ;DCYB7D=;7DJ:;I HY<YH;D9;I UFHEFEI


:n7KJH;IJ;NJ;I:?JII9?;DJ?<?GK;I
iF7HJ?H:;9;IYJH7D=;ICOJ>EBE=?;I
KD; IYH?; :; F>EJE=H7F>?;I ;J :n?DIJ7BB7J?EDI IKH B;I N?F>EF7=;I
97F?BB7?H;I I; :YL;BEFF;
%;I @KC;BB;I I; 87B7:;DJ;J @EK;DJ;DJH; B;I


YBYC;DJI 97F?BB7?H;I :;I ?DIJ7BB7J?EDIGK?IEDJ?DIF?HYI:;B?C7=?D7?H;
:; Bn7B9>?C?;
 ;I FB7GK;I ;D 9K?LH; ;J ;D <;H IEDJ H7II;C8BY;I ;D
YGK?B?8H;UBn7?:;:n7?C7DJI;J:;IBED=I <7?I9;7KN:;<?BI:;<;H;J:;
9K?LH; I;CC[B;DJ ;DJH; B;I FB7GK;I ;J In7JJ79>;DJ U :;I F;?=D;I
=?=7DJ;IGK;I

-KD=7 9ECC; JEKJ; KD; =YDYH7J?ED :n7HJ?IJ;I 8HYI?B?;DI GK? EDJ


8;7K9EKF ?D<BK;D9Y CED JH7L7?B I; I?JK; :7DI KD; FHE8BYC7J?GK;
9>ZH; 7KN FHEFEI :; %O=?7 B7HA ;J !YB?E (?J?9?97 B; H7FFEHJ ;DJH;
Bn;IFH?JB7C7J?ZH;;JB;H?JK;B
;IEDJ:;I :YC7H9>;I7HJ?IJ?GK;IEbB7
HY7B?JY C7J?ZH; ;J 9EHFI ;IJ 7HJ?9KBY; 7L;9 B; 9EDJ;DK IOC8EB?GK;
:; BnlKLH;
 ; IEDJ :;I HY 7HH7D=;C;DJI IOC8EB?GK;I :; DEKL;BB;I
COJ>EBE=?;I :;I >?IJE?H;I ?DL;DJY;I :;I H;9>;H9>;I I9?;DJ?<?GK;I
<?9J?L;I :;I DYEBE=?IC;I :K B7D=7=; ;J9
 )EKHJ7DJ ?BI D; IEDJ F7I
FHYI;DJIFEKH@KIJ?<?;H;NFB?GK;HEK9EDJ;NJK7B?I;HBnlKLH;?BIEDJYJY
9EDIJHK?JI 7L;9 BnlKLH; ;J<EDJF7HJ?; :; I7 IJHK9JKH;FEYJ?GK;
-KD=7
FHEFEI; KD FHE9;IIKI 9HY7J?< Eb B7 B?8;HJY Dn;IJ F7I I;KB;C;DJ
FB7IJ?GK; C7?I 7KII? B?JJYH7?H;
%;I COJ>EBE=?;I <?9J?L;I FH;DD;DJ KD;
7CFB;KH JHZI YL?:;DJ; ;J FK?II7DJ;
 %n7HJ?IJ; 7 9HYY KD; D?9>; :;
9HY7J?L?JYJ;BB;C;DJ<Y9ED:;7L;99;ICOJ>;IGK;Bn7JJ79>;C;DJUKD;
GK;B9EDGK; HY7B?JY :;L?;DJ H;B7J?L; ;J ?DKJ?B;
 7DI 9; 9EDJ;NJ;
IOC8EB?GK;C;DJ B?8H; B7 C7JYH?7B?I7J?ED FB7IJ?GK; Dn?BBKIJH; F7I B;
B7D=7=;;BB;;IJDY;:;I7HY 7HJ?9KB7J?ED
n;IJ:7DI9;JJ;7JCEIF>ZH;
:;B?8;HJYFEYJ?GK;78IEBK;GK;B;HY 7HH7D=;C;DJFEB?J?GK;C7?IF7I
:KJEKJFEB?J?IY;IJLYH?J78B;C;DJFEII?8B;;JI?=D?<?97J?<
-KD=7B?8ZH;
B;IIJYHYEJOF;II7DI;D9HY;H:n7KJH;II;ICOJ>EBE=?;I 9ECC;D9;DJ;J
<?D?II;DJ 7L;9 BK? ;BB;I D;D=;D:H;DJ F7I :; DEKL;7KN 7HH7D=;C;DJI


IOC8EB?GK;I >?YH7H9>?I7DJ 7K I;?D:;B7IE9?YJY =7H7DJ?II7DJ7?DI? KD
KD?L;HIED?H?GK;<H7D9>;C;DJB?8H;

*K7D: @; FHEFEI; C;I H?JK;BI F;H<EHC7J?<I @nYJ78B?; 7KII? :;I


COJ>EBE=?;I <?9J?L;I GK? 9ECC;D9;DJ ;J <?D?II;DJ 7L;9 BnlKLH;

%EHIGK; @; D9F:CFA9 B7 <;CC; 7H7?=DY; GK? J?II; 7L;9 I;I FHEFH;I
9>;L;KN @; FHEFEI;KDHY 7HH7D=;C;DJIOC8EB?GK; :; C7 9>;L;BKH;
;J :; CED ?:;DJ?JY <YC?D?D;
 &ED B78;KH :; J?II;KI; 7IIKC; KD;
9EDDEJ7J?ED FEYJ?GK;C;DJ 9H?J?GK; GK? Y9>7FF; 7K :YJ;HC?D?IC;
F>7BBE9H7J?GK; :;I COJ>;I 9B7II?GK;I JEKJ ;D B;I H;:Y<?D?II7DJ 7L;9
KD;IK8@;9J?L?JY F;HIEDD;BB;
 #; FH;D:IB; <?B :; C7L?; ;D C7?D;J@;
J?II; KD :;IJ?D <7DJ7IJ?GK; B?8YHY :;I 97IJH7J?EDI :; B7 IE9?YJY
F7JH?7H97B;
"D<BK;D9Y;F7HB;I :YC7H9>;I7HJ?IJ?GK;I:;%O=?7 B7HA;J
!YB?E (?J?9?97 GK? 7HJ?9KB;DJ >EH?PEDJ7B;C;DJ B;I H;B7J?EDI ;DJH; B;
9EHFI Bn;IFH?J ;J B; H?JK;B @; J?II; :;I <?9J?EDI GK? :YI7HJ?9KB;DJ B;
FEKLE?H U Bn?DJYH?;KH C[C; :;I IJHK9JKH;I :; HYFH;II?ED ;J :;
:EC?D7J?ED

L;9 KD H;=7H: 7KII? ?DJ?C; ED?H?GK; ;J 97F78B; :n7HJ?9KB;H KD;
9H?J?GK; >EH?PEDJ7B; 7KN IJHK9JKH;I :; FEKLE?H &ED7 !7JEKC 7
:YL;BEFFY FBKI?;KHI lKLH;I 97F?BB7?H;I
 ,7DI KD FHEFEI IFY9?<?GK;
Bn7HJ?IJ;79EBB;9JYI;I9>;L;KNF;D:7DJI?N7DIFEKH<EHC;H:;IF;J?J;I
8EKB;I
7DIBn?DIJ7BB7J?ED*97C@@97H=CB &ED7!7JEKC7KJ?B?IY
KD; =H7D:; GK7DJ?JY :; 9;I F;J?J;I 8EKB;I YF7HF?BBY;I IKH B; IEB :;
<7XEDFH;IGK;?DL?I?8B;
JJ79>YI B;I KDI7KN7KJH;I:;JHZI BED=I<?BI
:; 9>;L;KN F;D:7DJ :K FB7<ED:
 KII? ?DL?I?8B;I GK; B7 IE?; :nKD;
7H7?=DY; ?BI F;KL;DJ [JH; ?:;DJ?<?YI I;KB;C;DJ 7K JEK9>;H
 7DI
Bn;IF79;?DIJ7BB7J?ED;BDF9GEI9L?:;KDI;KBYBYC;DJLEBKC?D;KN7JJ?H;


B;H;=7H:KD;J78B;
)EIYIKH9;JJ;J78B;EDH;JHEKL;KDF;J?JCYJ?;HU
J?II;H C7DK;B 7L;9 KD J?II7=; HY7B?IY 7L;9 B;I <?BI :; 9>;L;KN :;
Bn7HJ?IJ;


%7 :YB?97J;II; :; 9; J?II7=; GK? H7FF;BB; U FBKI?;KHI D?L;7KN C;I
J?II7=;I 97F?BB7?H;I C;J ;D YL?:;D9; B7C8?=K_JY IOC8EB?GK; :;I
9>;L;KN
 ;JJ; C7J?ZH; ?CFKJH;I9?8B; ;IJ I?=D; :; 8;7KJY ;J :;
IY:K9J?ED ;D YJ7DJ 7JJ79>Y; 7K 9EHFI B; :Y=EcJ ;J Bn78@;9J?ED
YC;H=;DJ GK7D: ;BB; JEC8;
 %;I 8EKB;I :; 9>;L;KN 7K IEB IEDJ
:;I JH79;I :; I7B;JY KD; FEBBKJ?ED GK? C79KB; Bn;IF79; I79H7B?IY
:; Bn7HJ
 %;I <?BI GK? F;D:;DJ :K FB7<ED: F;KL;DJ YJ78B?H KD;
;NFYH?;D9; ;D9EH; FBKI :H7IJ?GK; :n78@;9J?ED
 +;JHEKL;H KD <?B :;
9>;L;KN:7DIB7DEKHH?JKH;F;KJFHELEGK;HB; :Y=EKJ[JH;JEK9>YF7H
KD <?B ?D9EDDK F;KJ Y=7B;C;DJ FHELEGK;H KD I;DJ?C;DJ :n78@;9J?ED

L;9 *97C@@97H=CB &ED7 !7JEKC C;J ;D YL?:;D9; B; F7H7:EN; B7
8;7KJY <H7=?B;:KJ?II7=;97F?BB7?H;;JB;:Y=EKJGKnKDI;KB<?B:YJ79>Y
F;KJ YL;?BB;H
 &;I J?II7=;I ;J 9;KN :; &ED7 !7JEKC HYJ78B?II;DJ
BnEH:H;7K I;?D:K:YIEH:H; :;I <?BI :YJ79>YI
+;B?YI F7I U KD 9EHFI
C7?I B;I KDI 7KN 7KJH;I B;I <?BI :; 9>;L;KN IEHJ;DJ :; Bn78@;9J?ED
HYI?:K;BB;
;JJ;7C8?L7B;D9;HYLZB;UGK;BFE?DJKD;C7J?ZH;I?<?D;;J
?DI?=D?<?7DJ; F;KJ IKI9?J;H :; B7 HYFKBI?ED U JH7L;HI IED :YIEH:H;
IOC8EB?GK;


%7 GK7I? ?DL?I?8?B?JY :; BnlKLH;:;&ED7 !7JEKCIJ?CKB;B; JEK9>;H


KD =;IJ; GK? YLEGK; B; :YIEH:H; :; B7 I7B;JY 97F?BB7?H;
 %7 I7B;JY
78IEBK; Dn;N?IJ; F7I ;BB; ;IJ H;B7J?L; 7K H;=7H: ;J 7KN 9EDDEJ7J?EDI
IOC8EB?GK;I GK? ;DJEKH;DJ B; IK@;J
 BB; Dn;IJ @7C7?I KD?GK; KD
YLYD;C;DJ ?IEBY ;BB; :YF;D: JEK@EKHI :nKD IOIJZC; :; L7B;KHI FHY


:Y<?D?;I FEKH B7 :YJ;HC?D;H ;D J7DJ GK; I7B;JY
 *97C@@97H=CB ;IJ
B; HYIKBJ7J :nKD; 9ECFB;N; HY<B;N?ED IKH B7 FEBBKJ?ED 9EHFEH;BB;
?CFB?GK7DJ :;I H;B7J?EDI GK? LEDJ :; BnEH:H; 7K :YIEH:H; :; Bn[JH;
7KDED [JH;:;B7<EHC;UBn?D<EHC;;J:;B7L?;UB7CEHJ


" ,))" 1&,+ ?DIJ7BB7J?ED10##516/

,KH B;I FHE8BZC;I CYJ7F>OI?GK;I GK? I; FEI;DJ IKH B7 D7JKH; :; B7
I7B;JY &7HO EK=B7I  7<<?HC; GK; Bn7JJ?JK:; ;DL;HI B;I <H7=C;DJI ;J
HYI?:KI H;@;JYI F7II; F7H :;KN F>7I;I
 K FH;C?;H IJ7:; B;I HYI?:KI
EDJ KD H;IJ; :n?:;DJ?JY ED B;I 9EDI?:ZH; 9ECC; :;I <H7=C;DJI
?D:YI?H78B;I :; B7 9>EI; :EDJ ?BI IEDJ ?IIKI
 %7 :;KN?ZC; F>7I;
FKBLYH?I;B7C7J?ZH;:;JEKJ;?:;DJ?JY
%7I7B;JY:;I9>;L;KN7FF7HJ?;DJ
U B7 FH;C?ZH; F>7I; ;BB; =7H:; B; :7D=;H :; IED ?:;DJ?JY
 i JH7L;HI
B;I9>;L;KN&ED7!7JEKCYJ78B?JKD;FHYI;D9;;N9;II?L;C7?II;KB;
C;DJ FHE@;JY; :nKD 9EHFI :?IF;HIY ;J 78I;DJ
 %EHIGK; @n787D:EDD;
CED CYJ?;H U J?II;H 7L;9 C;I 9>;L;KN @nYJ78B?; KD; C[C; IJHK9JKH;
:n78I;D9;9EHFEH;BB;UJH7L;HIB7FHYI;D9;97F?BB7?H;
%;I:;KNlKLH;I
H;C;JJ;DJ;DGK;IJ?EDB;ICE:ZB;I :;9ECFEHJ;C;DJ;DL;HIB7I7B;JY


;DJ7DJGKn7<<?HC7J?ED;J;DJ7DJGKnYL?J;C;DJKD;7D7BE=?;:;BnEH:H;
IE9?7BL?I U L?I:;I:?<<YH;DJID?L;7KN:;IOCYJH?;EK:;>?YH7H9>?;

?BB;:n;N?BYIF7B;IJ?D?;DI7K%?87D;J:;FK?IB;:Y8KJ:;B7=K;HH;;D
 ;BB; C[C; ;N?BY; U %ED:H;I &ED7 !7JEKC 7 :c H; 9EBB;9J;H
;BB; C[C; I; H; 9ED9;LE?H U JH7L;HI KD ;DI;C8B; :; <H7=C;DJI
<H7=?B;I :nKDIK@;JJEK@EKHI;D:;>EHI :;I7FB79;
 nYJ7?JI;KB;C;DJ
UJH7L;HIB7H; 9EBB;9J?ED:; IE?GKn;BB;7FKIn7:7FJ;HU I;I F;HJ;IU
BnYBE?=D;C;DJ:;I;IJH7:?J?EDI ;J:;I7<7C?BB;KD9HE?I;C;DJ7L;9B7
:YFEII;II?ED :; IE?
 D KJ?B?I7DJ B7 :7D=;H;KI; FK?II7D9; :; I;C?
?:;DJ?JYFHYI;DJ;:7DIB;I9>;L;KNBn7HJ?IJ;7H;9EDIJHK?JKD;DEKL;BB;
?:;DJ?JY IOC8EB?GK; Eb B; :YIEH:H; ;IJ Bn;II;D9;
 &ED7 !7JEKC ;IJ
KD; H79>DY 9EDJ;CFEH7?D; ;BB; J?II; B7 H;9EDIJHK9J?ED :K g IE? h
7L;9 IEDFHEFH;<?BFH;IGK; ?DL?I?8B;9ECC; Bn>?IJE?H;:;8;7K9EKF
:;HY<K=?YI
,EDlKLH;:YFBE?;KD;IJH7JY=?;FEKHH;FHYI;DJ;HKD79J;
:n;<<79;C;DJC7?I7KII?:;JH7DI=H;II?ED


7DI B; 97:H; :;I H?JK;BI 5F7<5\EI9G Bn7C8?L7B;D9; IOC8EB?GK; :;I


9>;L;KN :;L?;DJ KD; ?CFEHJ7DJ; FK?II7D9; :; HY I?=D?<?97J?ED :; B7
C7J?ZH; HYI?:K;BB;
 %;I H?J;I 97F?BB7?H;I :; 9EKF; ;J :; 9E?<<KH;
;D=;D:H;DJB;I9>;L;KN:Y9EKFYI;DJ7DJGKnE8@;JF7HJ?;BB;I9>;L;KN
:;L?;DD;DJ KD; 9>EI; ;D ;BB; C[C;
 %7 :?I@ED9J?ED ?D9BKI?L; GK?
7HJ?9KB;BnE8@;JHYI?:K;B7L;9B;9EHFIYJ78B?JB; gH;B?GK7J hGK?<ED:;
BnY9>7D=; IF?H?JK;B
 .D; CZ9>; :; 9>;L;KN :YJ79>Y; FH;D: :7DI B;
97:H;H?JK;BB7IJHK9JKH;F7HJ?;BB;:Kg<YJ?9>;h97F78B;:nY9>7FF;H7K
:YJ;HC?D?IC; )>7BBKI k:?F; 7IJH7J?ED GK? <ED:; B; <YJ?9>; 7D7BOIY
F7HB7FIO9>7D7BOI;
,;BED ?BB;I ;B;KP;;JYB?N K7JJ7H? B?DJYH[J
:;I ;J>DEBE=K;I FEKH B; <YJ?9>; ;IJ ?D<BK;D9Y F7H B7 FIO9>7D7BOI;



)EKHJ7DJ FEKH Bn;J>DEBE=K; B;I 9>;L;KN ;D J7DJ GKnE8@;J F7HJ?;B D;
H;FHYI;DJ;DJF7IKDF>7BBKIIOC8EB?GK;7=H;II;KH;JIYF7HY:K9EHFI

%; FHE8BZC; I; FEI; :nKD; <7XED FBKI B7H=; ;D=BE87DJ FEKLE?H
FEB?J?GK; <EH9; Y9EDEC?GK; ;J FK?II7D9; H;B?=?;KI; :;I 7IF;9JI
?DIYF7H78B;I:K<YJ?9>;5F7<5\EI9

.D IOC8EB; EK KD <YJ?9>; F7HJ?;B IEDJ :;I C7D?<;IJ7J?EDI :nKD;
g C79>?D; :YI?H7DJ; h
 )EKHJ7DJ DEKI D; IECC;I F7I :7DI KD;
:OD7C?GK;:K:YI?H<ED:YIKHKD;I;NK7B?JY;N9BKI?L;C;DJl:?F?;DD;
;J <7C?B?7B;   C7?I FBKJaJ IKH KD; IK8 :YJ;HC?D7J?ED <ED9J?EDD7DJ
:n78EH: :7DI B;I ;DI;C8B;I IE9?7KN ;J I;9ED:7?H;C;DJ :7DI
B7 IJHK9JKH; <7C?B?7B;
 %;I A57<=B9G 8VG=F5BH9G <ED9J?EDD;DJ :7DI
B;I A57<=B9G GC7=5@9G 9ECC; I? ;BB;I =7H:7?;DJ B;KH HY=?C;
FHEFH;
  .J?B?I;HB7C7J?ZH; 97F?BB7?H; F7HJ?;BB;;DJ7DJ GK;FK?II7D9;
IOC8EB?GK; :nKD; IYF7H7J?ED 9EHFEH;BB; I7DI 97IJH7J?ED I7DI B;
<7DJ7IC;F>7BBE9H7J?GK;;IJ KD;:YC7H9>;<YC?D?IJ; GK?;D=;D:H;B;
:YI?HB?8H;:7DIB;I A57<=B9GGC7=5@9G
%;I HYI?:KI 97F?BB7?H;IIEDJ:;I
<YJ?9>;I I7DI EH:H;I7DI 97IJH7J?EDEKL;HJU JEKJ;I B;I FEII?8?B?JYI :;
HYEH=7D?I7J?ED IOC8EB?GK; YJ78B?;I U JH7L;HI BnEH:H; H?JK;B
 %;I
FK?II7D9;I 9EDJH7:?9JE?H;I :nEH:H; ;J :YIEH:H; :;I <?BI :; 9>;L;KN
:YJ79>YI IEDJ ;D9EH; FBKI YL?:;DJ;I GK7D: KJ?B?IY;I ;D J7DJ GK;
C7J?ZH;J?II;H7D:;

%;JH7L7?BC7DK;B:;C;I J?II7=;I 97F?BB7?H;IJ;BIGK;,=GG5;9HH57<V


;JB79KBEJJ; ;D 9>;L;KNHYLZB;B7 8;7KJY;JB7:YB?97J;II; :; 9;I <?BI
GK? :YJ79>YI :K 9EHFI >KC7?D IEDJ 9ECFH?I ;D J7DJ GKn78@;9JI
 %;
J?II7=;HYJ78B?JB7DEJ?ED:;g8;7KJYhF;H:K;7L;9B;:Y9EKF7=;EK
B7F;HJ;:;I9>;L;KN
%;J?IIK97F?BB7?H;:EDD;KDDEKL;7K9EHFIU9;I


9>;L;KN ?B F;HC;J KD; DEKL;BB; B;9JKH; FEI?J?L; JEKJ ;D =7H:7DJ B7
GK7B?JYFEBBK7DJ;:;:YIEH:H;:;I9>;L;KN:YJ79>YI
%;J?II7=;;IJKD;
79J?ED :nEH:H; KD JH7L7?B GK? 7 YJY 9KBJKH;BB;C;DJ 7IIE9?Y 7K
:EC;IJ?GK; ;J 7K <YC?D?D
 &YB7D=;H BnEH:H; IOC8EB?GK; :K JH7L7?B
g <YC?D?D h :; J?II7=; GK? 7IIKH;B7IJHK9JKH; F7JH?7H97B; ?DJH?DIZGK;
7K :YIEH:H; :;I 9>;L;KN :YJ79>YI FHEC;KJ KD JHEK8B; 7K I;?D :;I
>?YH7H9>?;IIOC8EB?GK;I

KJEKH:;B7FEYJ?GK;:KJ?II7=;97F?BB7?H;9;D;IEDJF7I I;KB;C;DJ
B;I FEII?8?B?JYI ED?H?GK;I;JB?8H;IGK?IEDJ7HJ?9KBYIB7:YIJ78?B?I7J?ED
:;I >?YH7H9>?;I HY;BB;I ;IJ 7KII? C?I; ;D 97KI;
 %; :YIEH:H; In?D<?BJH;
F7HJEKJ Eb ?B O 7L7?J :; BnEH:H; ;J B; JH7L7?B :; IEKC?II?ED <YC?D?D;
:;L?;DJBn7HJ?I7D7J:;B7B?8YH7J?ED:;I:E=C;I7KJEKH:;IED9EHFII;I
:Y9>;JI CYCE?H;I ;J <?9J?EDI
 %;I 7HJ?IJ;I GK? H; I?=D?<?;DJ B; JH7L7?B
<YC?D?D:;J?II7=;IE?JUJH7L;HIBn?D9EHFEH7J?ED:;IJH7KC7I FHEL;D7DJ
:KHY;B IE?JUJH7L;HI B;8EKB;L;HI;C;DJ:;I IJHK9JKH;I >?YH7H9>?GK;I
FHEC;KL;DJ B7 B?8YH7J?ED :; B7 <;CC; ;D KJ?B?I7DJ B;KH FHEFH;I
IJYHYEJOF;I C?IE=OD;I
 )EKH [JH; KD; 7HJ?IJ; ;D=7=Y; 7L;9 B;
<YC?D?IC; ?B DnO 7 F7I 8;IE?D:; D?;HEK:YL7BEH?I;H B;I JH7L7KN:?JI
g<YC?D?DI hJ;BI GK; B; J?II7=;B7 8HE:;H?;B79E?<<KH;B7 9K?I?D;B;
CYD7=; EK B; IE?D ;DL;HI B;I ;D<7DJI ?B <7KJ JEKJ I?CFB;C;DJ
JH7L7?BB;H 7K I;?D :;I A57<=B9G 8VG=F5BH9G
 D IK?L7DJ B7 F;DIY; :;
?BB;I;B;KP;;JYB?N K7JJ7H? IKHB;I A57<=B9G 8VG=F5BH9G B; 9EHFI
;IJ KD; A57<=B9 CF;5B9 8H7D9>Y; IKH KD; A57<=B9 VB9F;=9 JEK@EKHI
:7DIKD;H;B7J?ED:;<BKN;J:;9EKFKH;:K:YI?H
?DI?IKHB7A57<=B9
7<9J9IL @n799EKFB; KD; A57<=B9 5FH=GH=EI9 <ED:Y; IKH KD; YD;H=?;
J?II;H7D:;FEYJ?GK;;JIK8@;9J?L;


 ;FK?I B; :Y8KJ :; C;I YJK:;I :E9JEH7B;I @; F7HJ?9?F; U :;I IY7D9;I FH7J?GK;

J>YEH?GK;I FHEFEIY;I F7HB;$56CF5HC=F98I 9GH9 =HEKF;:;H;9>;H9>;<ED:YU)7H?I 


F7H7H87H7 EHC?I ;J &YB7D?;);HH?;H
 D   JHE?I 7KJH;I :E9JEH7DJ;I ;J CE? C[C;
:EDJ B;I H;9>;H9>;I 9E_D9?:;DJ 7L;9 B;I GK;IJ?EDI 9>ZH;I 7K %78EH7JE?H; 7LEDI YJY
?DL?JY;I F7H 7H87H7 EHC?I ;J&YB7D?; );HH?;H U F7HJ?9?F;H7K 9EC?JY:nEH=7D?I7J?ED :K
9EBBEGK;

 .DCYJ?;HUJ?II;HI;9ECFEI;;II;DJ?;BB;C;DJ:;:;KN87HH;IF7H7BBZB;I
"BIIKFFEHJ;DJ

B;I<?BIF7H7BBZB;I:;B79>7^D;
(D:?IJ?D=K;:;KNIEHJ;IFH?D9?F7B;I:;CYJ?;HIB7>7KJ;
B?II;;J B7 87II; B?II;
 %; CE:;:; JH7L7?B ;IJ B; C[C; C7?I :7DI B; FH;C?;HCYJ?;H B7
9>7^D;;IJ L;HJ?97B;J7D:?IGKn;BB;;IJ>EH?PEDJ7B;:7DIB;I;9ED:
7DI B;I CYJ?;HI FBKI
IEF>?IJ?GKYI:;I 9EH:;B;JJ;I EK B?II;I I;HL;DJUF?D9;H;JUIEKB;L;H:;:;KN;D:;KNB;I
<?BI :; B7 9>7^D; F7H KD CY97D?IC; :; 87=K;JJ;I
 %7 JH7C; I; <7?J ;D B7DX7DJ
JH7DIL;HI7B;C;DJB7D7L;JJ;9>7H=Y;:;B7?D;9EBEHY;:7DIBn;IF79;<EHCY;DJH;B7D7FF;
:;<?BIIJ7J?EDD7?H;I;JB7D7FF;:;<?BIIEKB;LYIF7HB;IB?II;I

 &?A>7_B$!-"'$jhIJF989F5BUC=G*569@5=G9H@57I@HIF9DCDI@5=F95I%CM9Bk;9

9HGCIG@5*9B5=GG5B79JH7:K9J?ED:;D:HY;+E8;B)7H?I 7BB?C7H:  FF


   

  c $5 %VCB=9BB9 89GG=B9 IFCD9 56IGV9 D5F @j=A5;9 8jIB H5IF95I 3

4 $jCIJF=WF9
F9DFVG9BH95IGG=GHVF=9DF=GCBB=WF98jIB5=;@9EI=@jVHF9=BH 9@@9F9DFVG9BH9$V857CI7<V9
GCIG@9G5=@9G8jIB7M;B9DI=G 9B7CF9"ID=H9F757<VGCIG@5:CFA98jIBG5HMF99HF9B85BH
AWF98989IL9B:5BHG@569@@9DF=B79GG9:=@@989&M7HVIGDF9B5BH@9GHF5=HG8jAD<=HFMCB
DCIFH9GV8I=F9^F9=B989,=FMBH<9G97<5B;95BH9BCFDCIFHFCAD9F5B5V9B :@5AA9
DCIFHFCAD9F@5:=@@98jGCDIG 69F;9FDCIF%BVACGMB9G9FD9BH 6=;5FFVDCIF@5:=@@989
VC
 d(/" $9G %VH5ACFD<CG9G JH7:K?JF7H ;EH=;I %7<7O;)7H?I 7BB?C7H: 
FF
  

  cH @9G (FVH9B85BHG <SH9BH A9G BC79G9H >9AV8=H9 89G FIG9G


  "9IB9G <CAA9G A9G

(FVH9B85BHGDI=GEI9@98=J=B'8MGG9IG9GHACFH 79GG9N89<SH9F A9G BC79G>IGEIjR79


EI9>j5=957<9JVDCIFEI9A9G:=@GB9F9GH9BHD5G=BIH=@9G79@=B79I@8I<VFCG$59FHWG3

4
9H 5@CFG D9B85BH @9>CIF >9H=GG5=G @5 ;F5B89 HC=@9 9H D9B85BH @5BI=H 5M5BH 5@@IAV89G
HCF7<9G>9@58V:5=G5=G
=BG=D9B85BHHFC=G 5BG>9757<5= A5FIG99HHFCAD5=@9G?<5=9BG
3

4 5@CFG5J9FH=G D5FA9G 7<=9BB9G89 G9FJ5BH9G=@G A9GIFDF=F9BH 9H A9 A9B57WF9BH 9H


7CBHF9A5JC@CBHV >9:IG 7CBHF5=BH98j57<9J9F A5HC=@9
 H A5=BH9B5BH >9B9DI=G D@IG
VJ=H9F A9G BC79G B9 HFCIJ5BH D@IG 5I7IB9 FIG9
 d !(&r+ $j'8MGGV9 JH7:K?J F7H
%;9EDJ;:;%?IB;)7H?IBF>EDI;%;C;HH; FF
 
c(5F79EI9A5A9=@@9IF95A=9VH5=HA5AWF99HEIj9@@9VH5=H5IGG= =BH9@@=;9BH9D5H=9BH9

DFCDF9 9H IH=@9 F5=GCBB56@9 9H =B8=GD9BG56@9 EIjIB95F5=;BV9


 @@9 DCIJ5=H G9 8V:9B8F9
9@@9 AXA9
 d %EK?I; (.+ (", '89 R A5 AWF9 IYH?; :; D;K< FE?DJ;I IZ9>;I
799ECF7=DYI:nKDJ;NJ;)7H?I:?J?EDI:K,EBIJ?9; F


  .D 9;HJ7?D HOJ>C; :7DI B; CEKL;C;DJ :;I O;KN F;D:7DJ B; IECC;?B ?D:?GK;

BnE99KHH;D9; :nKD H[L;


 %nYB;9JHE;D9YF>7BE=H7CC; ;IJ :ED9 97F78B; :; JH7:K?H; B;I
CEKL;C;DJIE9KB7?H;I7IIE9?YI7KNH[L;I:7DIKD;H;FHYI;DJ7J?ED=H7F>?GK;

  &+(' 7D ))%%33( CO ;J %#+ .+!+-! M7 "5B=B9 BHCB=

$dID79>J"DA-H;;:?J?ED
F
 


 c@@98CBB5B5=GG5B795IL9GH=BV9G7CAA95IL%CFHG5IL%C=F9G7CAA95IL#WF9G

J9B;9F9GG9G =AD=HCM56@9G  R @CH<^ =@9IG9 $57<WG=G ,=F9 5I +CFH HFCDCG @j!B:@9L=6@9 


79@@9GEI= 5ILACFH9@GR@5B5=GG5B798CBB9BH8j5JC=F@96=9B 7CAA9@9A5@  7CAA9R
79@@9G EI= 89G <CAA9G 9H 89G 8=9IL DCIFGI=J9BH @9G HF5BG;F9GG=CBG  9H >5A5=G 79G
8V9GG9G @RB9A9HH9BH IB H9FA9R@9IFH9FF=6@97C@WF95J5BH8j5JC=F 9BF9HCIF:5=H8CB89
@9IFJ=;=@5B79A5IJ5=G9R@j5IH9IF89@5:5IH9 EI9@EIj=@GC=H
d!Q,"( ,<VC;CB=9$5
B5=GG5B7989G8=9ILJH7:K?JF7HDD?;EDD7<Y)7H?I:?J?EDI+?L7=;I F


-.' ,IB;55FFC7C89$ZF=CG,WE)7KBEEI79'7?<O FF
 

&7HO(. %,9@5GCI=@@IF9GG5=GIF@9GBCH=CBG89DC@@IH=CB 9H89H56CIJH7:K?J


F7HDD; KYH?D)7H?I%7Y9EKL;HJ; F
 

  &?9>7;B +!+ KO +-- ;J 7J>;H?D; 3 !+ %CB5 5HCIA $CB8F9G
)>7?:ED F

 ?BB;I %.3 ;J YB?N .--+" 5D=H5@=GA9 9H G7<=NCD<FVB=9 ,CA9  $jBH=
 

g8=D9)7H?I&?DK?J FF
   

  c 'B7FC=H GCIJ9BH EIjg8=D9 7j9GH :57=@9 7j9GH 8CBBV


 %5=G =@ Bj9B 9GH D5G 5=BG= 

g8=D9GIDDCG9IB9:5BH5GA5H=EI9FVDF9GG=CB89GA57<=B9G 8VG=F5BH9G
HDCIFEIC=85BG
EI9@ 6IH GH =@ JF5=A9BH BV79GG5=F9CI GCI<5=H56@9 89 GjM D@=9F  H 5J97 EIC=  )I9
A9HHF985BG@9HF=5B;@9h8=D=9B5J97EIC=G9:CFA9Fd!6=89AF


  c $9G A57<=B9G 8VG=F5BH9G GCBH 89G A57<=B9G 6=B5=F9G R FW;@9 6=B5=F9 CI FV;=A9

5GGC7=5H=:HCI>CIFGIB9A57<=B97CID@V95J97IB95IHF9
3

4j9GHEIj=@M5HCI>CIFGIB9
A57<=B9DFC8I7HF=798jIB:@IL9H IB95IHF9EI= @I=9GH7CBB97HV9CDVF5BH IB97CIDIF9
IBDFV@WJ9A9BH89:@IL@9G9=B @56CI7<9
3

4$98VG=FB979GG98j9::97HI9F@97CID5;9
89:@IL7CBH=BIG9H8jC6>9HG D5FH=9@G 9GG9BH=9@@9A9BH :F5;A9BH5=F9G 9H :F5;A9BHVG
 $98VG=F
:5=H7CI@9F7CI@99H7CID9
3

4(C7<989G95IL9H75@7I@G8IF9=B:@IL897<9J9IL:@IL89
65J9 :@IL 89 GD9FA9 89 A9F89 CI 8jIF=B9 EI= GCBH DFC8I=HG D5F 89G C6>9HG D5FH=9@G
@9GEI9@GDFC8I=G9BH8j5IHF9G:@ILF97CIDVGD5F8j5IHF9G:@ILHCIH:@IL@5:F5;A9BH5H=CB89
@jC6>9H
d!6=89AF
 




 B
   

%7 F;H<EHC7D9; 5BEI9HBH<FCDCD<5;9 7 7KII?YJY HY7B?IY; :7DI B;


97:H; :nKD; C7D?<;IJ7J?ED :K %78EH7JE?H; :K ;IJ;
 )EKH B; 9E9AJ7?B
:;HY9;FJ?ED:K+97CB8IFCD95B(F5;A5H=GACB:9F9B79KD;IE?HY;
F;H<EHC7J?L; (9F:CFA=B; $=J9G 7 ;K B?;K ;D I;FJ;C8H;   :7DI B7
I7BB; :;I <[J;I :; B7 ED:7J?ED ;B=; ?;HC7DI %7FaJH; U B7 ?JY
.D?L;HI?J7?H;U)7H?I
"DIF?HY;:K>7FF;D?=   5DD9B=B;G=B(5FHG;J
:; Bn;II7? (9F:CFA=B; $=J9 :nBB7D $7FHEM 7?DI? GK; F7H B;I Y9H?JI
:; #E>D ;M;O ;D F7HJ?9KB?;H $jFH 7CAA9 LDVF=9B79 9;JJ;
F;H<EHC7D9; 9EBB;9J?L; 9ECFH;D7?J :;I 79J?EDI ;D =HEKF; ;J :;I
79J?EDI FED9JK;BB;I FHEFEIY;I ?D:?L?:K;BB;C;DJ F7H B;I F7HJ?9?F7DJI

#n7? FHEFEIY B7 F;H<EHC7D9; 5BEI9H BH<FCDCD<5;9 87IY; IKH B7
DEJ?ED :n5FH 7CAA9 9LDVF=9B79 FHEFEIY; F7H #E>D ;M;O
 $jFH
7CAA99LDVF=9B797YJYJH7:K?JJHZIJ7H:?L;C;DJ;DH7D9;;D  
7BEHI GK; 9;J EKLH7=; ;IJ KD; HY<YH;D9; ;II;DJ?;BB; :7DI B;I YJK:;I
:n7HJ 7K HYI?B :;FK?I 
  %;I J>YEH?;I :; #E>D ;M;O EDJ YJY
?DJHE:K?J;I 7K HYI?B F7H )7KBE H;?H;
 ;J ?CFEHJ7DJ FY:7=E=K; ;J
F>?BEIEF>;7KJ?B?IYB;FH7=C7J?IC;:;#E>D;M;O:7DI IEDEKLH7=;
(V85;C;=9 89G CDDF=AVG  :; 
 D7 &7; 7H8EI7 ?CFEHJ7DJ;
HY<YH;D9; :7DI B;DI;?=D;C;DJ :n7HJ 7K HYI?B 7 FK8B?Y IED FH;C?;H
B?LH;;DI7FFKO7DJIKHB;I9ED9;FJI:;#E>D;M;O;D 


%7 DEJ?ED :n5FH 7CAA9 9LDVF=9B79 7 YJY FB;?D;C;DJ 7II?C?BY; F7H


B;I 7L7DJ =7H:;I 8HYI?B?;DD;I
 %n;NFYH?;D9; ;IJ>YJ?GK; <ED:Y; IKH


Bn?DJ;H79J?ED HY;BB; 7L;9 BnlKLH; EK 7L;9 B;I 7KJH;I IF;9J7J;KHI 7
CEJ?LY B7 FHE:K9J?ED :; DEC8H;KN 7HJ?IJ;I 8HYI?B?;DI KD; JH;DJ7?D;
:n7DDY;I 7L7DJ GK; B; 9ED9;FJ :n9GH<VH=EI9 F9@5H=CBB9@@9 D; IE?J
:YL;BEFFY ;D H7D9; F7H '?9EB7I EKH?7K: 
 !YB?E (?J?9?97 ;J %O=?7
B7HA EDJ 9HYY L;HI B; :Y8KJ :;I 7DDY;I  :;I lKLH;I :n7HJ GK?
Dn;N?IJ;DJGK;=HV9;UB7F7HJ?9?F7J?ED:KIF;9J7J;KH

L;9B;I(5F5B;C@VG !YB?E(?J?9?977FHE<ED:YC;DJJH7DI<EHCY
Bn?:Y; C[C; :nlKLH; :n7HJ 7K :;BU :nKD; I?CFB; C7D?FKB7J?ED EK
?DJ;H79J?ED F>OI?GK; 7L;9 BnE8@;J 7HJ?IJ?GK;
 )EKH !YB?E (?J?9?97 B;I
(5F5B;C@VG D; FEKL7?;DJ F7I ;N?IJ;H ;D J7DJ GK; I?CFB;I E8@;JI ?BI
:;L7?;DJ [JH; ;D<?BYI IKH B; 9EHFI :7DI7DJ :K IF;9J7J;KH FEKH;N?IJ;H
;D J7DJ GKnlKLH; :n7HJ ;D J7DJ GKn;NFYH?;D9; ;IJ>YJ?GK; ;J H?JK;B
B?8;HJ7?H;
 L;9 B;I 97F;I 9EBEHY;I :;I (5F5B;C@VG !YB?E (?J?9?97
FHEFEI;KDH?J; I7DICOJ>;KD;;NFYH?;D9;97F78B; :;:?IIEK:H;B;I
<HEDJ?ZH;I;DJH;Bn7HJ;JB;9EHFI;DJH;Bn7HJ?IJ;;JB;IF;9J7J;KH;J;DJH;
BnlKLH; ;J B; F7HJ?9?F7DJ
 "B LEKB7?J FHECEKLE?H KD; ?DJY=H7J?ED
97F78B;:;9ED:K?H;B;IF;9J7J;KH:7DIKD;DEKL;BB;7JJ?JK:;YJ>?GK;
:;F7HJ?9?F7J?ED:;9EBB;9J?L?JY;J:;9>7D=;C;DJ
%;(5F5B;C@V;IJKD
BCB C6>9H ?B 7 YJY 9EDXK IK?J; 7K 9EDJ79J :n!YB?E (?J?9?97 7L;9
B;I :7DI;KHI :; BnY9EB; :; I7C87 %5B;I9=F5 :7DI B; 9EDJ;NJ;
Y9EDEC?GK;C;DJ F7KLH; ;J 9KBJKH;BB;C;DJ H?9>; :; B7 :5J9@5
 !YB?E
(?J?9?97 FHEFEI; :ED9 KD DEKL;7K 9ECFEHJ;C;DJ 7HJ?IJ?GK; KD
;N;H9?9; ;NFYH?C;DJ7B :; B7 B?8;HJY 97F78B; :; C;D;H B; IF;9J7J;KH
:7DI KD YJ7J 9HY7J?< ;J GIDF5G9BGCF=9@
 !YB?E (?J?9?97 ;IJ :;L;DK B;
>YHEIC7H=?D7B:;B79KBJKH;8HYI?B?;DD;


/+$,):0 E8@;JI?DJ;H79J?<I>.+1+5+%+%#

%nlKLH; :; %O=?7 B7HA 7 9ECFBZJ;C;DJ 8EKB;L;HIY B;I H;B7J?EDI


;DJH; BnE8@;J :n7HJ Bn7HJ?IJ; ;J B; FK8B?9
 ;I =7<CG I9KBFJKH;I DYE
9ED9HZJ;I ;J C7D?FKB78B;I :;I 7DDY;I   @KIGKn7KN IY7D9;I :;
B7 +HFI7HIF5H=CB 8I G9@: CYJ>E:; J>YH7F;KJ?GK; 7L;9 B;I C6>9HG
F9@5H=CBB9@G :;I 7DDY;I   B;I FHEFEI?J?EDI :; %O=?7 B7HA EDJ <7?J
:K 9EDJ79J F>OI?GK; B7 HYLYB7J?ED :K g IE? h ;J :; Bng 7KJH; h
 n;IJ
7L;9BnYD;H=?;9HY7J?L;:nKD;;NFYH?;D9;;IJ>YJ?GK;78IEBK;I;DI?J?L;
HY;BB;;J<ED:K;:7DIB7L?;GKEJ?:?;DD;GK;%O=?7B7HA7:YL;BEFFY
JEKJ;KD;IYH?;:;FHEFEI?J?EDI7HJ?IJ?GK;IF7HJ?9?F7J?L;I
%E?D:;Bn5IF5
:;IlKLH;I:n7HJJH7:?J?EDD;BB;II;IFHEFEI?J?EDI J79J?B;I:;L7?;DJ[JH;
HY7B?IY;I ?D:?L?:K;BB;C;DJ EK ;D =HEKF; 7L;9 :;I E8@;JI :; DEJH;
GKEJ?:?;D
 BB; 7 <ED:Y I;I FHEFEI?J?EDI J>YH7F;KJ?GK;I IKH B7
:5BH5GA5H=EI9 7CFDCF9@@9 :;I ;NFYH?;D9;I 97F78B;I :; IJ?CKB;H B;I
I;DI 9EHFEH;BI 7K :;BU :; B7 L?I?ED
 %; 9EDJ79J F>OI?GK; 7L;9 9;I
C6>9HG F9@5H=CBB9@G EK HF5BG=H=CBB9@G :;L7?J YL;?BB;H EK IEKB7=;H 9;I
<7DJ7IC7J?GK;I 9EHFEH;BB;I
 %O=?7 B7HA 7 JH7L7?BBY FBKI?;KHI 7DDY;I
9ECC; J>YH7F;KJ; 7L;9:;I FIO9>EJ?GK;I GK? 7L7?;DJ :;I >7BBK9?D7


J?EDI 9EHFEH;BB;I
 i JH7L;HI B;I IY7D9;I :; +HFI7HIF5H=CB 8I +9@:
B;I F7J?;DJI FEKL7?;DJ J;CFEH7?H;C;DJ H;IJHK9JKH;H B;KHI 9EHFI
FIO9>?GK;F>OI?GK;;JIOC8EB?GK;


%nlKLH; ;J B;I Y9H?JI :; !YB?E (?J?9?97 ;J :; %O=?7 B7HA IEDJ KD;
HY<YH;D9; C7@;KH; FEKH JEKJ 7HJ?IJ; 8HYI?B?;D YL?:;CC;DJ ?BI EDJ
8;7K9EKF ?D<BK;D9Y C7 FHEFH; :YC7H9>; 7HJ?IJ?GK;
 K HYI?B @n7?
H;<7?J :;I FHEFEI?J?EDI :; %O=?7 B7HA J;BB;I 5J9BH<FCDCD<5;=EI9
=@9H 8jV@5GH=EI9G ;J =5@C;I9 89 A5=BG :;I FHEFEI?J?EDI GK? KJ?B?I;DJ
:;I E8@;JI EH:?D7?H;I :K GKEJ?:?;D
 5BB=65@=GA9   :?<<ZH; :;I
7KJH;I;BB;9ECFEHJ;BnKJ?B?I7J?ED:nKD;9EC8?D7?IED;DFB7IJ?GK;JHZI
IFY9?<?GK;
 ?DI? 7L;9 5BEI9H BH<FCDCD<5;9 @n7? FHEFEIY KD;
H;9EDIJ?JKJ?EDF;HIEDD;BB;:; 5BB=65@=GA9KD;H;B;9JKH;97F78B; :;
9HY;HKD;DEKL;BB;;NFYH?;D9;:;:YLEH7J?ED9EHFEH;BB;

,;BED B7 9EDI?=D; :; %O=?7 B7HA FEKH 5BB=65@=GA9 KD F7HJ?9?F7DJ
In7BBED=;F7HJ;HH;7L;9B;I O;KN87D:YI
"BFEHJ;KD;9EC8?D7?IED;D
FB7IJ?GK;:EK8BY;:;J?IIK
iB7>7KJ;KH:KL;DJH;B79EC8?D7?IED;IJ
CKD?; :nKD; <;HC;JKH; Y9B7?H
 %;I 7KJH;I F7HJ?9?F7DJI 7L;9 B;I O;KN
Y=7B;C;DJ 87D:YIIn7IIE?;DJ7KJEKH:;BK? ;J IEHJ;DJ:;I <HK?JIGK?I;
JHEKL;DJ:7DIB7FE9>;FEKHB;IC7D=;H;JB;IF7HJ7=;H7L;9B;I7KJH;I

)EKH B7 H;B;9JKH; :7DI B; 97:H; :; (9F:CFA=B; $=J9G @n7? FHEFEIY B;
87DGK;J97DD?87B;IKHKD;J78B;;J7L;9KD9EDJ79JJ79J?B;FBKI:?H;9J

%79EC8?D7?IEDEH?=?D7B; 7YJYH;CFB79Y;F7HKD;>EKII;I;C8B78B;
U 9;BB;I KJ?B?IY;I :7DI B;I CEH=K;I
 "B In7=?J :nKD H;9J7D=B; :; J?IIK
8B7D9CKD?:nKD;<;HC;JKH;Y9B7?H
%7CE?J?Y:;B7>EKII;;IJ:EK8BY;
7L;9 :K FB7IJ?GK; JH7DIF7H;DJ FEKH YL?J;H BnY9EKB;C;DJ :K @KI :;I
<HK?JIJEKJ;DF;HC;JJ7DJB7H;IF?H7J?EDUBn?DJYH?;KH



++&)&0*" FHEFEI?J?ED9EBB;9J?L;:)+#.#3-

K:Y8KJ:;B7F;H<EHC7D9;@nYJ7?I7BBED=Y; ;J ?CCE8?B;IKHB7J78B;


J;B KD 97:7LH; :7DI I7 >EKII;
 )H;IGK; DK; @; D; FEHJ7?I GKnKD;
9KBEJJ; 9EKB;KH 9>7?H @nYJ7?I H;9EKL;HJ; :; <HK?JI HEK=;I EH7D=;I ;J
@7KD;I
 &7D=K; F7F7O; <H7?I; <H7C8E?I; ;J =H;D7:; YFBK9>Y;I ;J
9EKFY;I 9ECC;FEKHKD;I7B7:;:;<HK?JI
;KN7II?IJ7DJI EDJ87D:Y
B;IO;KN:;I GK7JH;F7HJ?9?F7DJI7II?I7KJEKH:;B7J78B;
%7:YLEH7J?ED
7 ;K B?;K FBKI?;KHI <E?I 7L;9 :;I F7HJ?9?F7DJI :?<<YH;DJI
 i 9>7GK;
:Y8KJ :; <;IJ?D B;I 7II?IJ7DJI EDJEKL;HJ B7 >EKII;;J=K?:YB;I C7?DI
:;I F7HJ?9?F7DJI
 #nYJ7?I ?CCE8?B; F;D:7DJ JEKJ; B7 F;H<EHC7D9; B;
I;KB CEKL;C;DJ YJ7?J 9;BK? :; C7 H;IF?H7J?ED
 &7 F;7K JH;CFY; :;
@KI H;II;DJ7?J B; JEK9>;H :YB?97J ;J Y=7HY :;I F7HJ?9?F7DJI GK?
9>;H9>7?;DJ B;I CEH9;7KN C7D=;78B;I
 L;9 B;I O;KN <;HCYI @nYJ7?I
JHZI 9ED9;DJHY; IKH BnE:;KH IK9HY :;I <HK?JI ;J IKH C7 F;7K >KC?:;
GK? H;II;DJ7?J B;I :E?=JI YJH7D=;HI ;NFBEH7DJ CED 9EHFI
 %n;DL;BEFF;
CEHJK7?H;7YJYH;<;HCY;GK7D:?BDnO;KJFH;IGK;FBKI :;<HK?JI
&ED
9EHFI 7 YJY ;C87BBY F7H B;I 7II?IJ7DJI :7DI B7 D7FF; 8B7D9>; :; B7
J78B;;JFEHJY>EHI:;B7I7BB;


%;NFYH?;D9; :; 9;JJ; F;H<EHC7D9; ;N79;H8; B7 I;DI?8?B?JY J79J?B;
:; B7 F;7K ;J :; Bn[JH; <79; U Bn;NFBEH7J?ED 9>7HD;BB;
 #; C; IK?I
IOC8EB?GK;C;DJE<<;HJ;UB7<7?C:;Bn7KJH;;J?BCn7g:YLEHY;h?B7
YJ78B?KD;IOC8?EI; =KIJ7J?L; ;J J79J?B; 7L;9 CED 9EHFI ;J7L;9 CED
[JH;
 #; D; I7L7?I F7I GK? YJ7?J ;D JH7?D :; C; JEK9>;H 9;HJ7?DI
F7HJ?9?F7DJI YJ7?;DJ 9EDDKI 9ECC; B;I C;C8H;I :K %78EH7JE?H; :K
;IJ;:n7KJH;ICnYJ7?;DJJEJ7B;C;DJYJH7D=;HI
DE<<H7DJCED9EHFIU
:;I?D9EDDKI@;C;I;DJ7?I<H7=?B;;JFK?II7DJ;;DC[C;J;CFI
#;C;
IK?I 9ED<?Y; U Bn7KJH; ;J ;D H;JEKH ?B In;IJ 9ED<?Y U CE? DEKI 7LEDI
Y9>7D=Y DEI 7D=E?II;I;JDEJH; 9EKH7=;
 ;H?JK;Bg7DJ>HEFEF>7=;h
L7 7K :;BU :; Bn7HJ FEKH Bn7HJ
'EJH; <7?CYJ7?J C7=?GK;IOC8EB?GK;
HY;BB; B?8H; GIDF5G9BGCF=9@@9 ;J JH7DI<EHC7JH?9;
 'EI 9EHFI EDJ YJY
FEHJYI 7K :;BU :; Bn;NFYH?;D9; ;IJ>YJ?GK; EH:?D7?H;
 ,7DI JEK9>;H 7K
H;B?=?;KN DEKI 7LEDI ;KKD;;NFYH?;D9; ;N?IJ;DJ?;BB;:; Bn7KJH;:7DI
KDH?J;I7DICOJ>;


%7 I9ZD; :K 9E9AJ7?B :; (9F:CFA=B; $=J9G Cn;IJ 7FF7HK; 9ECC;
KD CEJ;KH FEKH B7 :?IIEBKJ?ED :; Bn7HJ :7DI B7 L?;
 %n?:Y; :;
B7DJ>HEFEF>7=?; ;IJ L;DK; ?CCY:?7J;C;DJ U Bn;IFH?J
 &7D=;H ;IJ KD
79J; GKEJ?:?;D ;J 87D7B C7?I ?CFHY=DY :; <EHJ;I 9EDDEJ7J?EDI
IOC8EB?GK;I
 %7DJ>HEFEF>7=?; Dn;IJ F7I I;KB;C;DJ KD; FH7J?GK;
H?JK;BB;97H79JYH?IJ?GK;:;9;HJ7?DIF;KFB;Ig FH?C?J?<I h;BB;;IJ 7KII?
B7 87I; J>YEH?GK; ;J IOC8EB?GK; :; B7 9EDIJHK9J?ED 9KBJKH;BB;
8HYI?B?;DD;
 %n7DJ>HEFEF>7=?; B; H?JK;B :; :YLEH;H B;DD;C? L7?D9K
FEKH78IEH8;HI;IL;HJKI;IJ;D;<<;JKD79J;:;9ECCKD?ED
L;99;J
79J;B;IF;KFB;I7CYH?D:?;DIEDJ78IEH8YB;J78EKFEKHB;JH7DI<EHC;H
;D JEJ;C Bn;DD;C? I79HY I; JH7DI<EHC; 7?DI? ;D 7C?
 i F7HJ?H :; B7


CYJ7F>EH;:;Bn7DJ>HEFEBE=?;9KBJKH;BB;B;I HYI?B?;DI EDJ<ED:YB;KH
Bn?:;DJ?JY;JB;KHBn7BJYH?JY

+.2"1+1%/,-,-%$" F;H<EHC7D9;F7HJ?9?F7J?L;#0+'..#&'163#


7DI KD F7OI 9EBED?IY ;J CYJ?II; B7 9KBJKH; E99?:;DJ7B; Dn;IJ F7I
I;KB;C;DJ KD CE:ZB; C7?I KD; ?CFEI?J?ED >?YH7H9>?GK;
 ;FK?I B7
:Y9EKL;HJ; ;D   @KIGKn7KN 7DDY;I   B7 9KBJKH; 8HYI?B?;DD;
Dn;N?IJ7?J F7I :; <7XEDLH7?C;DJ 7KJEDEC; B;I 7HJ?IJ;I7H9>?J;9J;I
CKI?9?;DI FEZJ;I ;J9
 D; I; B?C?J7?;DJ F7I U KJ?B?I;H B7 9KBJKH;
;KHEFY;DD;9ECC; HY<YH;D9; ?BI H;FHE:K?I7?;DJB7 C[C; ;IJ>YJ?GK;
7L;9 KD g :Y9EH h JHEF?97B
 %; %5B=:9GH9 BH<FCDCD<5;9  
:n(IM7B: :; D:H7:; 7 ;<<;9JKY KD; LYH?J78B; HYLEBKJ?ED :7DI B7
9KBJKH; 8HYI?B?;DD;
 %; FEZJ; 7 <EH=Y B; 9ED9;FJ :n5BH<FCDCD<5;=9
7I@HIF9@@9I;BEDB;GK;BB;I 7HJ?IJ;I 8HYI?B?;DI:;L7?;DJg97DD?87B?I;Hh
B7 9KBJKH; ;KHEFY;DD; ;D 78IEH87DJ B;I 7IF;9JI ?CFEHJ7DJI ;J
787D:EDD7DJB;H;IJ;
"BIn7=?J7?DI?:;g:YLEH;HhBn7KJH;9KBJKH;BFEKH
78IEH8;HI;I FEKLE?HI ;J:;L;D?HFBKI FK?II7DJ
%;C7D?<;IJ;;D<EHC;
:; FEYI?; FHEFEI7?J 7KN 7HJ?IJ;I 8HYI?B?;DI :; I7KL;H B;I L7B;KHI
BE97B;IFBKJaJGK;:?D=YH;HB;I:?I9EKHI;NJ;HD;I
-;BI;H7?JB;9>;C?D
:K:YL;BEFF;C;DJ:nKDLYH?J78B;7HJCE:;HD;8HYI?B?;D

,;KB;Bn7DJ>HEFEF>7=?;DEKIKD?J

,E9?7B;C;DJ
Q9EDEC?GK;C;DJ
)>?BEIEF>?GK;C;DJ
4

5
-KF?EHDEJJKF?J>7J?IJ>;GK;IJ?ED
4

5
n;IJ GK;@7C7?IDEKI Dn7LEDI;KD? =H7CC7?H;I D? 9EBB;9J?EDI :;L?;KN LY=YJ7KN

'EKI Dn7LEDI F7I IK :7L7DJ7=; 9; GK? YJ7?J KH87?D IK8KH87?D <HEDJ7B?;H ;J
9EDJ?D;DJ7B
/?L7DJF7H;II;KI;C;DJIKHB7C7FF;CED:;:KHYI?B
4

5
&7?IDEKIDn7LEDI@7C7?I7:C?IB7D7?II7D9;:;B7BE=?GK;F7HC?DEKI
4

5
%n;IFH?J H;<KI;U9ED9;LE?H Bn;IFH?J I7DIB;9EHFI
 %n7DJ>HEFECEHF>?IC;
 'Y9;II?JY :K
L799?D 7DJ>HEFEF>7=?GK;
 )EKH 9EDJH;87B7D9;H B;I H;B?=?EDI :; CYH?:?;D
 J B;I
?DGK?I?J?EDI:;IYJH7D=;HI
4

5
#7C7?IDEKID;<cC;I97JY9>?IYI
'EKIDEKI7LEDI<7?JB;7HD7L7B

%n?D:?;D9EIJKCY;DIYD7J;KH:nCF?H;
4

5
'EKI7L?EDI:Y@UB;9ECCKD?IC;
'EKI7L?EDI:Y@UB7B7D=K;IKHHY7B?IJ;

%nV=;:nEH
4

5
#n7?:;C7D:YUKD>ECC;9;GKnYJ7?JB;HE?J
 "BCn7HYFED:KGK;9nYJ7?JB7=7H7DJ?;
:;Bn;N;H9?9;:;B7FEII?8?B?JY
;J>ECC;In7FF;B7?J 7BB?&7J>?7I
#;Bn7?C7D=Y
4

5


%7BKJJ;;DJH;9;GK?In7FF;BB;H7?J Bn"D9HYY;JB7HY7JKH;?BBKIJHY;F7HB79EDJH7:?9J?ED
F;HC7D;DJ; :; Bn>ECC; ;J :; IED-78EK
 %n7CEKH GKEJ?:?;D ;J B; CE:KI L?L;D:?
97F?J7B?IJ;
 DJ>HEFEF>7=?;
 8IEHFJ?ED :; Bn;DD;C? I79HY
 )EKH B; JH7DI<EHC;H ;D
-EJ;C
4

5
)EKHJ7DJ I;KB;IB;IFKH;IYB?J;IF7HL?DH;DJ UHY7B?I;HBn7DJ>HEFEF>7=?;9>7HD;BB;GK?
FEHJ;;D;BB;B;I;DIB;FBKIYB;LY:;B7L?;;JYL?J;JEKIB;I C7KN?:;DJ?<?YIF7HH;K:
C7KN97JY9>?IJ?GK;I
 ;GK?I;F7II;Dn;IJ F7IKD;IK8B?C7J?ED:;Bn?DIJ?D9J I;NK;B

n;IJBnY9>;BB;J>;HCECYJH?GK;:;Bn?DIJ?D9J7DJ>HEFEF>7=?GK;
 ;9>7HD;B?B:;L?;DJ
YB;9J?< ;J 9HY; Bn7C?J?Y
 <<;9J?< Bn7CEKH
 ,FY9KB7J?< B7 I9?;D9;
 "B I; :YL?; ;J I;
JH7DI<ZH;
 'EKI JEC8EDI :7DI Bn7L?B?II;C;DJ
 %7 87II; 7DJ>HEFEF>7=?; 7==BECYHY;
:7DIB;IFY9>YI:K97JY9>?IC;Bn;DL?;BnKIKH;B797BECD?;Bn7II7II?D7J
%7F;IJ;:;I
IE? :?I7DJ F;KFB;I 9KBJ?LYI ;J 9>H?IJ?7D?IYI 9n;IJ 9EDJH; ;BB; GK; DEKI 7=?IIEDI

DJ>HEFEF>7=;I
4

5
'EJH;?D:YF;D:7D9;Dn7F7I;D9EH;YJYFHE9B7CY;
4

5
EDJH; B7 HY7B?JY IE9?7B; L[JK; ;J HYFH;II?L; HYF;HJEH?Y; F7H H;K:  B7 HY7B?JY I7DI
9ECFB;N; I7DI <EB?; I7DI FHEIJ?JKJ?ED ;J I7DI FYD?J;D9?;HI :K  C7JH?7H97J :;
)?D:EH7C7

%5B=:9GH9BH<FCDCD<5;9(IM7B::;D:H7:;

%; C7D?<;IJ; FEZC; :n(IM7B: :; D:H7:; EFZH; KD; ?DL;HI?ED :;I
L7B;KHI ;DJH;B79KBJKH;:K9EBED;J9;BB; :K9EBED?I7J;KH?B:?IJ?D=K;
BKHEFY;D 9ECC; 7<<7?8B? F7H B; CE:; :; L?; 97F?J7B?IJ; 7L;9 I;I
C7B7:?;I FIO9>?GK;II;I9H?C;IJH7KC7I;JH;<EKB;C;DJI
%79KBJKH;
7CYH?D:?;DD; -KF? K7H7D? I;H7?J 87IY; IKH KD g C7JH?7H97J h I7DI
9ECFB;N; <EB?; EK FHEIJ?JKJ?ED
 %n78I;D9; :; E? %E? ;J +E? B7
FEBO=7C?; BnE?I?L;JY B7 DK:?JY Bn78I;D9; :; FHEFH?YJY FH?LY; :;
:?L?I?ED :; 9B7II;I ;J :n;NFBE?J7J?ED :K JH7L7?B EDJ <7?J :;I 9KBJKH;I
?D:?=ZD;IFHY 9EBEC8?;DD;IKDCE:ZB;KJEF?GK;:;IE9?YJY
L;9IED
C7D?<;IJ;(IM7B::;D:H7:;79EDIJHK?JB7J>YEH?;7DJ>HEFEF>7=;;J
BnKJEF?;:K%5HF=5F75H89(=B8CF5A5 


D In7FFHEFH?7DJ :;I :?I9EKHI F>?BEIEF>?GK;I ;J FH?C?J?L?IJ;I :;


IED J;CFI C7?I I7DI 7BBY=;7D9; U I;I HY<YH;D9;I (IM7B: :;
D:H7:; 7 IJHK9JKHY B7 J>YEH?; 7DJ>HEFEF>7=; IKH BnYJ>?GK; :; B7
:YLEH7J?ED;J:?=;IJ?ED:;H?;:H?9>'?;JPI9>;
 7DI779 CAC;J


VBV5@C;=9 89 @5 ACF5@9   H?;:H?9> '?;JPI9>; FHEFEI; Bn?D=;IJ?ED
:;I 7B?C;DJI 9ECC; KD YJ7J :; 9EDI9?;D9; 9H?J?GK; ?B :YCEDJH;
9ECC;DJ Bn7B?C;DJ7J?ED ;IJ KD; GK;IJ?ED I?CKBJ7DYC;DJ EH=7D?GK;
;J F>?BEIEF>?GK;
 i F7HJ?H :; 9; FE?DJ :; LK; B; F>?BEIEF>;
9ED:7CD; B7 H;B?=?ED @K:YE 9>HYJ?;DD; FEKH [JH; KD; g E8IJHK9J?ED
F>OI?EBE=?GK;h97H;BB;?D>?8; B;CYJ78EB?IC;:?=;IJ?<;J9H?J?GK; :;
Bn>ECC;
 L;9 B7 CEH7B; B;I J78EKI ;J B; g I;DJ?C;DJ :; 8EDJY h
Bn>ECC; 7FFH;D: U C7?JH?I;H I;I ?DIJ?D9JI ;J :YL;BEFF; KD =EcJ
F;HL;HJ? ;J KD; ?:Y; :; 9KBF78?B?JY ;J FY9>Y GK? BnYBE?=D;DJ :; B7
I?CFB?9?JY =K;HH?ZH; >;KH;KI; ;J I7?D;
 ,;BED H?;:H?9> '?;JPI9>; B7
CEH7B;;IJB7HK?D; :K9EHFI ;J?;KB7 :;IJHK9J?ED F>OI?EBE=?GK; :;
Bn>KC7D?JY
 'EKI :;LEDI :ED9 C7D=;H B;I J78EKI FEKH B?8YH;H B;I
>ECC;I:;II;DJ?C;DJI:;9KBF78?B?JY9EDIJHK?JIF7HB7H;B?=?ED


%7 J>YEH?; EIM7B:?;DD;   78EH:; :;KN GK;IJ?EDI <ED:7C;DJ7B;I


7K9lKH:;I :?I9KII?EDI F>?BEIEF>?GK;I:;I 7DDY;I  9ECC;DJ
9EDIJHK?H; KD; JH7:?J?ED 9KBJKH;BB; BY=?J?C; :7DI KD F7OI 9EBED?IY
;J 9ECC;DJ YJ78B?H KD; H;B7J?ED YGK?B?8HY; 7L;9 B;I JH7:?J?EDI
YJH7D=ZH;I
%n7DJ>HEFEF>7=?;;IJ7?DI?JEKHDY;UB7<E?IL;HI Bn?DJYH?;KH
;J L;HI Bn;NJYH?;KH
 DJH; B7 FHYE99KF7J?ED :; I7KL;H B; g <EBABEH; h
B;I L7H?7DJ;I B?D=K?IJ?GK;I B; IOD9HYJ?IC; B; CYJ?II7=; ;J9
 ;J
Bn;IJ>YJ?GK; :;I 7L7DJ =7H:;I :K CE:;HD?IC; ;KHEFY;D Bn7DJ>HEFE
F>7=?; 7 :EDDY KD J78B;7K :K HYI?B 9EDIJHK?J :; <7XED >?IJEH?E=H7
F>?GK;;JI9?;DJ?<?GK;B;FH?IC;;IJ>YJ?GK;:nKD;F;HIF;9J?L;<KJKH?IJ;
7 7FFEHJY B7 CE:;HD?JY
 %7 9KBJKH; 8HYI?B?;DD; ;IJ DY; IEKI B; I?=D;
:; B7 :YLEH7J?ED ?HHYLYH;D9?;KI; :nKD; 7BJYH?JY CKBJ?FB; ;J L7H?78B;

%7DJ>HEFEF>7=?; 7 DED I;KB;C;DJ <EKHD? B7 HYFEDI; 7K 8;IE?D


:n7<<HEDJ;H B7 FHYI;D9; :;I 9KBJKH;I 9EBED?I7JH?9;I C7?I 7KII? 7
9EDIJ?JKY B; FHE9;IIKI :; CYJ?II7=; 9KBJKH;B ?IIK :; Bn;NFYH?;D9;
FHEFH;LY9K;:7DIB7F7OI

7DI 9; 9EDJ;NJ; 9KBJKH;B F7HJ?9KB?;H Bng 7DJ>HEFEF>7=?; h ;IJ


:;L;DK;B787I;9ED9;FJK;BB;;JIOC8EB?GK;:;B79KBJKH;8HYI?B?;DD;

; 9ED9;FJ 79JK7B?IYF7H:?<<YH;DJI 7HJ?IJ;I ;J CEKL;C;DJI 9KBJKH;BI
H;IJ; FEKHJ7DJ KD; J>YEH?; KJEF?GK;  B7 >?YH7H9>?; 9KBJKH;BB; ;DJH;
9KBJKH; gD7J?L; h ;J9;BB; :;I 9EBED?I7J;KHI Dn7 @7C7?I YJY LYH?J78B;
C;DJ H;C?I; ;D 97KI; :7DI B; F7OI
 %7 C7@EH?JY :; B7 FEFKB7J?ED
8HYI?B?;DD; =7H:; KD YDEHC; 9ECFB;N; :n?D<YH?EH?JY 9KBJKH;BB;
Y9EDEC?GK;IE9?7B;;JFEB?J?GK;L?I U L?I:;IF7OIE99?:;DJ7KN
;JJ;
:YL7BEH?I7J?ED GK? L7 @KIGKn7K :YD?=H;C;DJ :;I C7D?<;IJ7J?EDI
9KBJKH;BB;I ;J H;B?=?;KI;I :nEH?=?D; 7CYH?D:?;DD; ;J 7<H?97?D; ;IJ
H79?IJ;
 %7 97JY9>?I7J?ED 9EBED?I7JH?9; 7 YJY ;<<?979;  :; B7
FEFKB7J?ED 8HYI?B?;DD; I; :Y9B7H; 9>HYJ?;DD;
 ,;BED Bn7DJ>HEFEBE=K;
8HYI?B?;D 7H9O +?8;?HE  B7 9EBED?I7J?ED 7K HYI?B I; 9EDIJ?JK;
9ECC; KD ;<<EHJF;HI?IJ7DJ :n?CFB7DJ;HKD; ;KHEFY7D?JY 7:7FJY; 7KN
JHEF?GK;I;J?D97HDY;:7DII;I CYJ?II7=;I
;F;D:7DJB;I97FH?9;I :;
Bn>?IJE?H; EDJ <7?J :; DEKI :;I HYI?B?;DI J;BI GK; DEKI IECC;I U B7
<E?I EFFEIYI 7KN 7<<7?H;I :; B7D9I ;J 7KN 9?L?B?JYI ;J   :; C7D?ZH;
?DJYH?EH?IY;DED KHEFY;DIJEKJ9ECC;DED "D:?;DI;JDED <H?97?DI

%7 HY79J?L7J?ED FBKI ;<<;9J?L; :K g CE:;HD?IC; 7DJ>HEFEF>7=; h


:n(IM7B::;D:H7:;7YJYHY7B?IY;F7HB7=YDYH7J?ED:n!YB?E(?J?9?97
;J %O=?7 B7HA
 %7 HFCD=7Q@=5   KD CEKL;C;DJ GK? 7 9HE?IY 7HJI
FB7IJ?GK;I J>YVJH; :7DI; CKI?GK; B?JJYH7JKH; FEYI?; ;J 9?DYC7
;IJ FHE878B;C;DJ B7 FBKI ?CFEHJ7DJ; C7D?<;IJ7J?ED 9KBJKH;BB; :;


Bn>?IJE?H; 8HYI?B?;DD;
D?CYI F7HB;I L7B;KHI :;B7 9EDJH; 9KBJKH; B;I
HFCD=75@=GH9GI;:?IJ?D=K;DJ:;I>?FF?;IDEH: 7CYH?97?DI:7DIB7C;IKH;
Eb?BI D;H;L;D:?GK7?;DJF7I B7H;D9EDJH; 7L;9KD; ;II;D9;IKFFEIY;
:;Bn>ECC; ;J :;B7D7JKH;
"BI:Y<;D:;DJ7K9EDJH7?H;KDFHE9;IIKI
:>O8H?:7J?ED ?D9EHFEH7DJB;I 9EDGK[J;I :; Bn?D:KIJH?;:;B7 J;9>DE
BE=?; ;J :; B7 9KBJKH; :; C7II; I7DI 7K9KD; 87HH?ZH; :; 9B7II;I :;
9KBJKH; EK :; =EcJ
 %n7DJ>HEFEF>7=?; HFCD=75@=GH9 7 ?DJY=HY I7DI
>?YH7H9>?; B;I F;HIEDD7=;I F>?BEIEF>?GK;I 7L;9 9;KN :;I 9KBJKH;I
FEFKB7?H;I;J:;IC7II;I

%O=?7B7HA7:YL;BEFFYKD;H;B7J?ED7HJ?IJ?GK; KD?GK;7L;9 B; 9EHFI


GK?Bn79ED:K?J;U:;L;D?H7HJ J>YH7F;KJ;BE?D:;ICKIY;I ;J =7B;H?;I

BB;;IJBn>YH?J?ZH;:KFHE@;J CE:;HD?IJ; 8HYI?B?;DH7:?97B;J:;FK?IB;
:Y8KJ IED JH7L7?B 7 YDEHCYC;DJ :YL;BEFFY B;I FHEFEI :;I 7L7DJ
=7H:;I CE:;HD;I
 %;I FHEFEI?J?EDI :; %O=?7 B7HA EDJ :YCOIJ?<?Y B7
<ED9J?ED:; Bn7HJ?IJ; ;DB;LY Bng 7KH7 h :;BnlKLH;:n7HJ;J:YI79H7B?IY
B;I C7JYH?7KN ;J B;I J;9>D?GK;I 78EKJ?II7DJ U :;I FHEFEI?J?EDI
J>YH7F;KJ?GK;I ;J H;B7J?EDD;BB;I
 ,;BED Bn7HJ?IJ; IKH IED FHE9;IIKI
:; 9HY7J?ED  c >9 Aj56GCF69 89 D@IG 9B D@IG 85BG IB DFC79GGIG
8j=BHFCJ9FG=CB DCIF 9BGI=H9DCB8F9hI: D5F hI:3

4 7j9GH A5 :5UCB


89 Aj5HH57<9F 5I ACB89  XHF9 :V7CB8V 9H CJI@9F
 3

4 7j9GH IB9
9LDVF=9B79G= 6=C@C;=EI9G= 79@@I@5=F9EIj9@@9Bj9GH7CAAIB=756@9EI9
8jIB9 A5B=WF9 79@@I@5=F9 9H CF;5B=EI9
 d   -EKJ 9ECC; %O=?7 B7HA
@; C; B7?II; g <Y9ED:;H h @n78IEH8; :;I HY<YH;D9;I EH=7D?GK;I
J>YEH?GK;I9KBJKH;BB;I;J7<<;9J?L;IFEKHgFED:H;hC;IlKLH;I

L;95BEI9HBH<FCDCD<5;9@;FHEFEI;KD;9ECCKD?ED9EHFEH;BB;
KD; F;H<EHC7D9; F7HJ?9?F7J?L; GK? 7 YJY g FED:K; h U F7HJ?H :;


CED CYJ?II7=; 9KBJKH;B
 #;II7O; :; IEHJ?H Bn7KJH; :K 9ED<EHJ :;
Bn?D:?L?:K7B?JY 9BEI; FEKH ;NFYH?C;DJ;H B7BJYH?JY
 #nE<<H; B; 9EDJ79J
J79J?B;7L;9CED9EHFI HY;B;JB7:YLEH7J?ED7L;K=B;:;C;I;DJH7?BB;I
IOC8EB?GK;I
 L;9 B; H;DL;HI;C;DJ :; Bn7DJ>HEFEF>7=?; 8HYI?B?;DD;
@; D; :YLEH; F7I Bn7KJH; E99?:;DJ7B @nE<<H; CED 9EHFI YJH7D=;H
;NEJ?GK;CYJ?IIY ;JI7KL7=;UB7:YLEH7J?EDH7<<?DY;:;IE99?:;DJ7KN
8B7D9I
#;Dn7:EFJ;F7IB;KH9KBJKH;:;F;KFB;9?L?B?IY9;IEDJ;KNGK?
:YLEH;DJC;IFEKLE?HIFH?C?J?<II7KL7=;I;JC7=?GK;I

L;9 B;IO;KN87D:YIB;I F7HJ?9?F7DJI EDJ YJY 9ED:K?JI U JEK9>;HC7


F;7K ?CFHY=DY; :K @KI IK9HY :;I <HK?JI
 %; 9EDJ79J F>OI?GK; ;DJH;
B;I ?D:?L?:KIFHE9>;I EKF7I Dn;IJ F7I >78?JK;B;DH7D9;
7DI B;I
CE?I GK? EDJ IK?L?CED:YCYD7=;C;DJ;D H7D9; @; IEK<<H7?I :nKD;
7D=E?II; :EDJ@;Dn?:;DJ?<?7?I F7I BnEH?=?D;
#;C;IK?I H;D:K;9ECFJ;
GK; F;HIEDD; D; Cn7L7?J JEK9>Y; :;FK?I FBKI?;KHI CE?I ;J GK; 9;
C7DGK; :; 9EDJ79J F>OI?GK; YJ7?J B7 IEKH9; :; CED 7D=E?II;
 K
HYI?B B;I F;HIEDD;I I; JEK9>;DJ I; FH;DD;DJ B;I C7?DI ;J I; I;HH;DJ
:7DI B;I 8H7I
 .D IEKH?H; F;KJ <79?B;C;DJ H;CFB79;H KD g 8ED@EKHh
EK KD g C;H9? h BnY:K97J?ED O ;IJ 8;7K9EKF FBKI 7<<;9J?L; GK;
FHEJE9EB7?H;
 ?H; g 8ED@EKH h I7DI ;DL?; EK I7DI H;=7H:;H :7DI B;I
O;KNF;KJF7H7^JH;?CFEB? ;J9ECCKD?GK;H 7L;9 KD =H7D:IEKH?H; ;IJ
FHY<YH78B;
 D H7D9; ;J :7DI FBKI?;KHI :n7KJH;I F7OI ;KHEFY;DI B;
9EDJ79J F>OI?GK; ;IJLY9K 9ECC;KD;?DL7I?ED
K HYI?B B; 9EDJ79J
F>OI?GK; <7?J F7HJ?; :;I H?J;I :; 9ECFEHJ;C;DJ ;J :n?DJ;H79J?ED GK?
H;D<EH9;DJB;I B?;DI 7<<;9J?<I
%;I ?D:?L?:KI D;IEDJF7I 9BEI :7DI B;KHI
97H7F79;I C7?I IEK9?;KN :n7<<;9J ;J Bn7<<;9J Y9>7FF; U B7 I?CFB;


L;H87B?I7J?ED
 (<<H?HB; 9EHFI U B7 g :YLEH7J?ED h :; Bn7KJH; F;KJ [JH;
;C87HH7II7DJ@;FHEFEI;KDY9>7D=;J79J?B;GK?Dn;IJF7I>78?JK;B

%;I B;9JKH;I YHEJ?GK;I EK C[C; FEHDE=H7F>?GK;I :; 5BEI9H


BH<FCDCD<5;9 IEDJ YL?:;DJ;I
 %7 >EKII; KJ?B?IY; :7DI C7 F;H<EH
C7D9; F;HC;J KD 9EDJ79J J79J?B; FBKI YL?:;DJ GK; BnEH?=?D7B;
 &ED
;DL;BEFF;CE8?B;D;InEKLH7?J;JD;I;<;HC7?JGKn7KD?L;7K:KL;DJH;
FEKHYL?J;HKD;B;9JKH;JHEFI;NK;BB;
.D9EHFI<YC?D?DJEJ7B;C;DJDK
;J :?IFED?8B; FEKL7?JH;DLEO;H 7KIJYHYEJOF; :; B7<;CC; E8@;J
 ;I
9EHFI :; <;CC;I EDJ :Y@U YJY KJ?B?IYI 9ECC; FB7J;7K :; DEKHH?JKH;
FEKHB;:?L;HJ?II;C;DJYHEJ?GK;;J@;LEKB7?IYL?J;H9;=;DH;:;B;9JKH;
C?IE=OD;
 D H;L7D9>; BnYHEJ?IC; ;IJ C7D?<;IJ; :7DI KD; H;B7J?ED
7KII?FHE9>;
-EK9>;HKD; F;7K>KC?:;;IJKD;;NFYH?;D9; YHEJ?GK;
I7DI [JH;DY9;II7?H;C;DJI;NK;BB;  9n;IJ :7DI 9;J ;DJH; :;KN GK;@;
LEKB7?IC;I?JK;H


,;BED ;EH=;I 7J7?BB;  JEKJ 79J; YHEJ?GK; 7 FEKH FH?D9?F; B7


:;IJHK9J?ED :; Bn[JH; <;HCY
 %7 DK:?JY InEFFEI; U BnYJ7J <;HCY ;BB;
EKLH;B;9EHFI UB7 9ECCKD?97J?EDYHEJ?GK;
&ED9EHFI :YDK:YYJ7?J
EKL;HJ 7K@;K YHEJ?GK; C7?I ?B D; I;FHYI;DJ7?JF7I 9ECC; J;HH?JE?H;
FHEF?9; U KD; :YC7H97J?ED <YJ?9>?IJ;
 &ED 9EHFI F7HJ?;BB;C;DJ
;D<;HCY:7DI KD;>7KII;CEHJK7?H;7L;9B;L;DJH;H;9EKL;HJ:;<HK?JI
HEK=; EH7D=YI 9ECC; :;I JH?F;I <7?I7?J :n7L7DJ7=; HY<YH;D9; U KD;
J78B;:n7KJEFI?;GKnU9;BB;:nKD87DGK;J FEHDE=H7F>?GK;
%n78@;9J?ED
L?IK;BB; GK? I; :Y=7=;7?J :; C;I g ;DJH7?BB;I h YJ7?J 97F78B;
:;CF[9>;HBn?CFH;II?ED:nKD;<7DJ7IC7J?GK;F>7BBE9H7J?GK;IKH CED
9EHFI


,;BED (IM7B: :; D:H7:; ,?=CKD: H;K: 7 :EDDY KD; :Y<?D?J?ED
HY:K9JH?9;UB7 DEJ?ED:; J78EK
%; 97DD?87B?IC; Dn;IJF7I B; gIJ7:;
FH?C?J?< :; B7 87H87H?; h ?DIJ?D9J 7KGK;B DEKI :;LEDI H;DED9;HFEKH
[JH; 9?L?B?IYI 9ECC; Bn7 :Y<;D:K ,?=CKD: H;K:
 )EKH (IM7B: :;
D:H7:; B; 97DD?87B?IC; ?DIZH; Bn>ECC; :7DI B7 9KBJKH; JEKJ 79J;
>KC7?D ;IJ IOC8EB?GK;C;DJ 7DJ>HEFEF>7=;
 ,?=CKD: H;K: 7 C?I
Bn?DIJ?D9JI;NK;B7K9;DJH;:;Bn79J?L?JY>KC7?D;(IM7B::;D:H7:;
7H;C?IBn7N;IKHBn?DIJ?D9J7DJ>HEFEF>7=;:KGK;BB7I;NK7B?JY;IJBnKD;
:;I <EHC;I FBKI 97H79JYH?IJ?GK;
 %7 H;B7J?ED ;DJH; 7DJ>HEFEF>7=?; ;J
I;NK7B?JY ;IJ YL?:;DJ; :7DI B7 F;H<EHC7D9; DY7DCE?DI ?B ;IJ
?CFEHJ7DJ :; =7H:;H B7 DEJ?ED :; I;NK7B?JY 9ECC; ?DJH?DIZGK; U
Bn7DJ>HEFEF>7=?; ;BB; Dn7IIKC; @7C7?I Bn7IF;9J 9;DJH7B :; Bn79J?ED
g97DD?87B;h

%7 FHEFEI?J?ED :; %O=?7 B7HA D; <7?J F7I HY<YH;D9; 7K =;DH; :; B7
F;HIEDD; g :YLEHY;h
,7DI HYLYB;HB;I;N;B;9EHFI ;D<;HCY:7DIB7
9EC8?D7?IED D; H;DLE?;F7I <EH9YC;DJU BnYHEJ?IC;
 %7I;NK7B?JY GK?
I; :Y=7=; :; 5BB=65@=GA9 ;IJ 8;7K9EKF FBKI <7DJ7IC7J?GK; GK;
L?IK;BB;
7DIC7F;H<EHC7D9;BnYHEJ?I7J?EDL?IK;BB;;JJ79J?B;:;CED
9EHFI <YC?D?D :YDK:Y ;J >KC?:; ;IJ YL?:;DJ;
 ?DI? JEK9>;H U
BnYHEJ?IC; JEKJ ;D Y9>7FF7DJ U BnE8@;9J?<?97J?ED :K 9EHFI <YC?D?D
:;L?;DJKD:Y<?C7@;KH
)EKHB;:YL;BEFF;C;DJ:;C7F;H<EHC7D9;@;
C; IK?I 7KII? ?DIF?HY; :; HY<YH;D9;I Eb B7 9EDDEJ7J?ED YHEJ?GK; :K
87DGK;J g 97DD?87B; h ;IJ FBKI YL?:;DJ;
 .D H?JK;B<;IJ?< EH=7D?IY ;D
 F7H &;H;J (FF;D>;?C 7 7KII? FHEFEIY KD <;IJ?D I;HL? IKH B;
9EHFIDK:nKD;<;CC;
)BKJaJ9EDXK9ECC;KDH?JK;BFH?DJ7D?;H:;B7


<Y9ED:?JY GKnKD H?JK;B 7DJ>HEFEF>7=; $9 :9GH=B 89 DF=BH9ADG 7 YJY
HY7B?IYU;HD;7L;9KDF;J?J=HEKF;:n7C?I:;Bn7HJ?IJ;

,;BED &;H;J (FF;D>;?C Bn?:Y; :; <7?H; KD H;F7I IKH B; 9EHFI DK
:nKD; <;CC; BK? ;IJ L;DK; BEHI :nKD; :?I9KII?ED ;DJH; 7C?I :7DI
KD H;IJ7KH7DJ :; ;HD;
 %;I 7C?I U GK? ;BB; ;D 7 F7HBY YJ7?;DJ
;DJ>EKI?7IJ;I
 %7 :?<<?9KBJY YJ7DJ :; JHEKL;H KD; <;CC; :?IFEIY; U
<7?H;B7gJ78B;h
-EKI7:C;JJ7?;DJGK;9;JJ;@;KD;<;CC;D;FEKL7?J
F7I<7?H;F7HJ?;:;B;KHI9EDD7?II7D9;I
g9HH9:9AA9BI989J5=HXHF9
9B9@@9 AXA9 9H DCIF BCIG HCIGIB9 5J9BHIF9
 h  %n7HJ?IJ;7<?D?F7H
JHEKL;HKD;@;KD;<;CC;FH[J;U@EK;HB;@;K
%;<;IJ?DIn;IJ:YHEKBY;D
7LH?B :7DI Bn7J;B?;H :nKD 7C? F;?DJH;
 %; C7J?D :K 87DGK;J &;H;J
(FF;D>;?C;IJ F7HJ?;9>;H9>;H ;D <EH[J:;I 7DYCED;I:; FH?DJ;CFI
8B7D9>;I ;J BY=ZH;C;DJ HEK=;I
 BB; 7 FHYF7HY I;KB; B7 @;KD; <?BB;
YJ;D:K; ;J ?CCE8?B; IKH B7 J78B; F;D:7DJ GK; I;I 7C?I 7JJ;D:7?;DJ
:7DI B7 F?Z9; U9aJY
%n7HJ?IJ; 7 :n78EH:9EKL;HJB;I F?;:IB; 87I :;I
@7C8;IB;I C7?DI;JB;I7L7DJ 8H7I:;I;HL?;JJ;I8B7D9>;I
%; L?I7=;7
YJY F;?DJ ;D:EHY ;J B7 J[J; H;9EKL;HJ;:; HEI;I C?CEI7I ;J :; <HK?JI
9ED<?JI :; JEKJ;I B;I 9EKB;KHI @KIGKn7KN YF7KB;I
 ,KH B;I 9K?II;I
Bn7HJ?IJ; 7 :?IFEIY :;I B7D=EKIJ;I KD =H7D: IJ;7A J7HJ7H; ;J FK?I KD;
9;?DJKH;:;9>7CF?=DEDI9HKIUB79HZC;
,KHB7FE?JH?D;:;B79HZC;
<EK;JJY;7L;9:;I9EF;7KN:;9>E9EB7JEK:K9EKB?I:;<H7C8E?I;
BB;
7;D9EH;7FFB?GKY:;I8EK:E?HIJEKJ7KBED=:;B7FE?JH?D;;J:;I8H7I

%;I 7DYCED;I EDJ YJY F7HI;CY;I IKH B;I F7HJ?;I :; B7 J78B; DED
9EKL;HJ;F7HB;9EHFI
FHZI B;<;IJ?DB7<?BB;7YJY;CC;DY; FEKHI;
B7L;H;JIn>78?BB;H;J;BB;;IJH;L;DK; 7<?D:;=EcJ;HUB7F7HJ C?I; :;
9aJYUIED?DJ;DJ?ED


)BKIJ7H:B7C[C;7DDY;KD:;KN?ZC;<;IJ?D:KFH?DJ;CFI7;KB?;KU
)7H?IUBnE997I?ED:n+(,NFEI?J?ED"DJ;+D7J?(D7B;:K,KHHY7B?IC;
UB7=7B;H?;7D?;BEH:?;H
.D;7KJH; @;KD;<?BB;7I;HL?:;gJ78B;h

EK9>Y; IKH KD; J78B; :7DI KD; I7BB; :; B7 =7B;H?; ;BB; 7L7?J :;I
B7D=EKIJ;I :K IJ;7A J7HJ7H; ;J :;I 9>7CF?=DEDI
 ,;BED 7D?;B
,FE;HH?9;JJ;:;KN?ZC;@;KD;<;CC;DnYJ7?JF7ILH7?C;DJDK;C7?I
9EKL;HJ; :nKD; 9EC8?D7?IED HEI;
 7DI B;I F>EJE=H7F>?;I E<<?9?;BB;I
:K:;KN?ZC; <;IJ?DDEKI H;JHEKLEDIFEKHJ7DJJHE?I?C7=;I EbB7 @;KD;
<;CC; ;IJ JEJ7B;C;DJDK;;J 9EKL;HJ;:; DEKHH?JKH;9ECC; FEKH B;
<;IJ?D :; ;HD;
 'Y7DCE?DI :n7KJH;I F>EJE=H7F>?;I ;D F7HJ?9KB?;H
:7DIB7F>EJE:;=HEKF;HY7B?IY;F7H0?BB?7C$B;?DFEKHB;C7=7P?D;
/E=K;B7@;KD;<;CC;7YJYH;CFB79Y; F7HKDC7DD;GK?D
(DF;KJ
;D 9ED9BKH; GK; FBKI?;KHI <;IJ?DI :?<<YH;DJI EDJ ;K B?;K F;D:7DJ
Bn;NFEI?J?ED


%; <;IJ?D :; &;H;J (FF;D>;?C<7?J F7HJ?; :; B7 BE=?GK; FHELE97JH?9;
:K IKHHY7B?IC;
 ;F;D:7DJ Bn7HJ?IJ; DnE<<H; F7I IED FHEFH; 9EHFI ;J
;BB;F7HJ?9?F;JEKJ9ECC;B;I 7KJH;I ?DL?JYI7K87DGK;JYHEJ?GK;
%;I
F7HJ?9?F7DJI =7H:;DJ7?DI? KD; :?IJ7D9; 7II;P <H7FF7DJ; 7L;9 B7 @;KD;
<;CC;
,;BEDBn7HJ?IJ;c:=B89DFVJ9B=F8j9A6@V9HCIHA5@9BH9B8I
BCIGVH=CBGHFC=G7CID@9G
,FC=G<CAA9G9H5J97@5:9AA9GIF@5H56@9
HFC=G :9AA9G
 9 BjVH5=H 8CB7 D5G c @5 :9AA9 7CAA9 C6>9H 89
8VG=F DCIF @9G <CAA9G d
 jVH5=H D@IH^H IB :9GH=B 89 DF=BH9ADG >9
8=F5=G AXA9 IB F=HI9@ DF=BH5B=9F 89 @5 :V7CB8=HV DCIF HCIG @9G
D5FH=7=D5BHG
d J8?;DGK;Bn7HJ?IJ;Dn7?JF7ILEKBK:EDD;HBn?C7=;:;
<;CC; E8@;J U I7 g J78B; h 9;BB; 9? Dn;D FH;D: F7I CE?DI B7 FB79;
:nKD; 9>EI; GK? 7 YJY H;CFB79Y; F7H KD C7DD;GK?D :7DI :n7KJH;I


L;HI?EDI :K <;IJ?D
 %;I 7IF;9JI <;IJ?<I ;J 9ECCYCEH7J?<I IEDJ 8?;D
FHYI;DJI C7?I B7 9EDDEJ7J?ED C7=?GK; Dn;IJ F7I YL?:;DJ;
 %;I
7C8?J?EDI :; &;H;J (FF;D>;?C I;C8B;DJ [JH; FBKJaJ ;IJ>YJ?GK;I ;J
COJ>?GK;I GK; FHEFH;C;DJ COIJ?GK;I EK C7=?GK;I  B;I FK?II7D9;I
gFH?C?J?L;IhIEDJ9B7?H;IC7?I;D9EH;JHZIIJYHYEJOFY;I;J<ED:Y;IIKH
B7<H?LEB?JY:KIF;9J79B;YHEJ?GK;
Q9>7FF;H7KNIJYHYEJOF;I9HYYI F7H
B;CE:;HD?IC;E99?:;DJ7BIKHB;IH?JK;BI gFH?C?J?<Ih;IJ9;DJH7B:7DI
CED lKLH;
 ?DI? B; <;IJ?D :; &;H;J (FF;D>;?C F;KJ In7HJ?9KB;H
<79?B;C;DJ9ECC;KD9EDJH; ;N;CFB;;IJ>YJ?GK;

"#"01&+!"-/&+1"*-0 F;H<EHC7D9;F7HJ?9?F7J?L;'3'522'0*'+/

%nY9>7D=; :; FEKLE?HI IOC8EB?GK;I ;IJ FEKH CE? 9;DJH7B :7DI


B; <;IJ?D F7HJ?9?F7J?<
 7DI Bn>?IJE?H; 8HYI?B?;DD; :;KN YLYD;C;DJI
C7HGK7DJI YLEGK;DJ B7 L7B;KH C7=?GK; :K 87DGK;J 7DJ>HEFEF>7=;
FEKHB;IF;KFB;I7CYH?D:?;DI
%;87J;7KGK?;D 9ED:K?I7?J);:HE
;HD7D:;I ,7H:?D>7B;FH;C?;HYL[GK; :KHYI?BGK?7L7?JB7C?II?ED
:;97JY9>?I;HB7FEFKB7J?ED?D:?=ZD;7L7?J<7?JD7K<H7=;IKHB79aJ;:K
F7OI HY9;CC;DJ 9EDGK?I;
 %;I ?D:?=ZD;I 7;JY EDJ :YLEHY BnYL[GK;
;J B;I GK7JH; L?D=JI :?N C;C8H;I :; BnYGK?F7=;
 ,;BED B7 BY=;D:;


:YLEH;H BnYL[GK; B;KH F;HC;JJ7?J :; In7FFHEFH?;H I7 FK?II7D9; ;D
7B?C;DJ7DJB;KHL7B;KH=K;HH?ZH;
)BKIJ7H:Bn7L;DJKH?;H7BB;C7D:!7DI
,J7:;D97FJKHYF7HB;I?D:?=ZD;I-KF?D7C8T7<7?BB?[JH;:YLEHY:7DI
KD 87DGK;J H?JK;B
 *K7D: B; CEC;DJ ;IJ L;DK B;I ?D:?=ZD;I EDJ
H;DED9Y U B;KH FHE@;J 9EDI?:YH7DJ GKn?B C7DGK7?J :; 8H7LEKH;
 %7
BV9>;JYYL?:;DJ;:;9;JYJH7D=;H7KH7?J;<<79YBn7FFYJ?J7DJ>HEFEF>7=;

%7 8H7LEKH; ;J B7 :?IJ?D9J?ED :; Bn[JH; :YLEH78B; IEDJ :;I YBYC;DJI
;II;DJ?;BI :7DI B7 9ECCKD?ED97DD?87B;
 ,7DI 7:C?H7J?ED FEKHBn[JH;
:YLEHY B; 97DD?87B?IC; I; L?:; :; JEKJ I;DI
 *K7D: @; CnE<<H; ;D
J7DJ GK; <;CC; 8HYI?B?;DD; ;J ;NEJ?GK; 7K 87DGK;J 7DJ>HEFEF>7=;
:;I E99?:;DJ7KN @n?DL;HI;B;I HaB;I :;:YLEH7J;KH;J :; :YLEHY
 n;IJ
CE? BnYJH7D=ZH; Bn;DD;C?; I79HY; FB;?D; :; FEKLE?HI C7=?GK;I GK;
B;I :YLEH7J;KHI :YI?H;DJ 78IEH8;H
 "B D; In7=?J F7I :nKD; I?CFB;
?DL;HI?ED :; HaB;I C7?I :nKD; :YC7H9>; GK? FHYJ;D: :Y9EBED?I;H B;
9EHFI;JIED?:;DJ?JY9KBJKH;BB;


/;HI B7 <?D :;I 7DDY;I   B;I 9>;H9>;KHI :M7H: ,7_: !EC?
>78>7 ;J 7O7JH? ,F?L7A EDJ :YL;BEFFY B7 J>YEH?; FEIJ 9EBED?7B?IJ;
IEKI Bn?D<BK;D9; :;&?9>;B EK97KBJ #79GK;I ;HH?:7 #79GK;I %797D
;J H7DJP 7DED
;I FH?D9?F7KN H;FHYI;DJ7DJI :K FEIJ 9EBED?7B?IC;
EDJFH?I 9ECC;FE?DJ :;:YF7HJ B;I C[C;I 7FFHE9>;I FHE8BZC;I ;J
;D@;KN :K CEKL;C;DJ7DJ>HEFEF>7=;8HYI?B?;D
 %; FEIJ 9EBED?7B?IC;
L;KJ [JH; KD; HYI?IJ7D9; <79; 7KN =EKL;HD;C;DJI 9EBED?7KN ;J U I;I
9EDIYGK;D9;I
"BIn7=?J:n7D7BOI;H:;IH;B7J?EDI 9EBED?7B;I ;J:;FEI;H
B7 GK;IJ?ED :; Bn799ECFB?II;C;DJ :; B7 :Y9EBED?I7J?ED
 %; FEIJ
9EBED?7B?IC;;II7?;:;H;IJ7KH;H9>;PB;I9EBED?IYIB;KHFHEFH;B7D=K;


;J :; FHELEGK;H KD 9>7D=;C;DJ 97F78B; :; B?8YH;H B;I 9KBJKH;I
9EBED?IY;I:;B;KH9ED:?J?EDFYH?F>YH?GK;;JEFFH?CY;

!EC?>78>7 78EH:;Bn>O8H?:?IC;9ECC;KD;<EHC;:;HYI?IJ7D9;
:7DI B7GK;BB; ?B I; F7II;KD; ?DL;HI?ED IJH7JY=?GK; :7DI B; FHE9;IIKI
:; :EC?D7J?ED
 ,;BED Bn7KJ;KH :7DI B7 9EBED?I7J?ED ?B O 7 KD;
KJ?B?I7J?ED7C8?L7B;DJ;:KC?CYJ?IC;9KBJKH;B
%;I9EBED?IYI?C?J;DJB7
9KBJKH; 9EBED?I7JH?9; I7DI [JH; 7:7FJYI U B7 9KBJKH; :K 9EBED?I7J;KH

,ED ?C?J7J?ED <?D?J F7H ?DJY=H;H :;I YBYC;DJI :; I7 FHEFH; 9KBJKH;
9HY7DJ KD JHE?I?ZC; ;IF79; GK? D; 9EHH;IFED: D? U B7 9KBJKH;
:K 9EBED?I7J;KH D? U 9;BB; :K 9EBED?IY
 7DI 9; DEKL;B ;IF79;
:n>O8H?:?IC; B;I IOC8EB;I 9KBJKH;BI F;KL;DJ [JH; H;DY=E9?YI
 ?DI?
Bn>O8H?:?IC; :n!EC? >78>7 ;IJ 9ECFH?I 9ECC; KD; IK8L;HI?ED :K
:?I9EKHI 9EBED?7B
 %n>O8H?:?IC; FHYI;DJ :7DI Bn7DJ>HEFEF>7=?; F;KJ
:YIJ78?B?I;H B;I ;D@;KN :K 9EBED?7B?IC; 9KBJKH;B ;J FEB?J?GK; C7?I
?B F;KJ 7KII? :Y9EBED?I;H B; 9EHFI
 %7 9HY7J?ED 7HJ?IJ?GK; :; 9EHFI
EH=7D?GK;I;J9KBJKH;BB;C;DJ>O8H?:;I 78EH:;B;IDEJ?EDI :n?:;DJ?JY;J
:7BJYH?JY 8?;D 7K :;BU :; B7 I?CFB; :?L;HI?JY EH=7D?GK; ;J 9KBJKH;BB;
:;I 9EHFI
 %n>O8H?:7J?ED :;I ?:;DJ?JYI 9EHFEH;BB;I ;J 9KBJKH;BB;I F;KJ
9HY;H KD; 9ED:?J?ED I;DI?8B;C;DJ EKL;HJ; GK? Y9>7FF; 7KN
:?9>EJEC?;I;DJH;EFFH?CY;JEFFH;II;KH

7DI B; CED:; 97F?J7B?IJ; =BE87B?IY ;J 9EDD;9JY GK; DEKI >78?JEDI
7K@EKH:n>K?EbB;I ?:;DJ?JYI9KBJKH;BB;I IJ78B;I EDJYJYH;CFB79Y;IF7H
:;I CED:;I ?C7=; YF>YCZH;I ;J 9ECC;H9?7B?I78B;I B7 IK8@;9J?L?JY
<B;N?8B; 7 FH?I 9EHFI
 %7 IK8@;9J?L?JY :YJ79>Y; :; I;I J;HH?JE?H;I
>78?JK;BI ?D9EHFEH; :YIEHC7?I B; F7H7:EN; :; B7 J;CFEH7B?JY
?:;DJ?J7?H;
,;BED,K;BO+EBD?AB7JH7:?J?ED7DJ>HEFEF>7=;7FH?IKD;


9EDDEJ7J?ED DY=7J?L; 7L;9 B; 97F?J7B?IC; B?8YH7B
 %n;NFYH?;D9;
7DJ>HEFEF>7=; 7 :EDDY D7?II7D9; U KD; IK8@;9J?L?JY >OF;H<B;N?8B; 
FHE9;IIK;BB; I?D=KB?ZH; ;J ?CF;HIEDD;BB;
 7DI 9; 9EDJ;NJ; IEKI B;
9ECC7D:;C;DJ :; Bn;=E B; 9H?JZH; GK? EH?;DJ; Bn;<<EHJ :; 9HY7J?ED
?:;DJ?J7?H; 9;II; :n[JH; YJ>?GK; ;J :;L?;DJ D7H9?II?9E C;H97DJ?B;
 ;
DEKL;7K CE:; :n?:;DJ?JY FH;D: 9EHFI :7DI KD; IK8@;9J?L?JY :; JOF;
G<CKFCCA
 ; GKnED ;NFEI; U Bn7KJH; 9; IEDJ B;I YBYC;DJI :;I
:;HD?;HIB7D9;C;DJI:;ICED:;I ?C7=;IKD;;IFZ9;:;C7HA;J?D=:;
IE?

7DI 9; CED:; :n?C7=;I =7H7DJ?;I BnlKLH; :; %O=?7 B7HA 7FF7H7^J
9ECC; FBKI ;II;DJ?;BB; GK; @7C7?I  ;D FHEFEI7DJ B; F7H7:EN;
:K I;DI?8B; Bn;NFYH?;D9; :K L;HJ?=; :; B7 <7DJ7IC7J?GK; 9EHFEH;BB;
GK? ;CF[9>; JEKJ 9EDJHaB; ;J JEKJ; IJ78?B?JY
 #; FHEFEI; CED
H?JK;B <7DJ7IC7J?GK; :; :YLEH7J?ED ;D HY79J?L7DJ 9>7HD;BB;C;DJ
B; 5BB=65@=GA9 :; %O=?7 B7HA ;J ;D ?DL;HI7DJ B;I HaB;I 7DJ>HEFE
F>7=;I :;I L7B;KHI 97F?J7B?IJ;I ;J C7H=?D7B;I :; DEJH; 9ED@ED9JKH;
9EDJ;CFEH7?D;
 %;I F7HJ?9?F7DJI :YLEH;DJ KD g 9EHFI h ?D;HJ; ;J
:YFEKHLK :; CED:;I ?C7=;I :; 9ED<?7D9; ;D IE? :n?BBKI?EDI :;
=7H7DJ?;I EK :; FHE:K9J?L?JY 97F?J7B?IJ;
 "BI :YLEH;DJ KD g 9EHFI h
5IHF9 :nEb YC7D; KD; L?L79?JY YHEJ?GK; ;J <H7=?B; BE?D :; Bn?D;HJ?;
7I;FJ?GK; FHECK; F7H B; 97F?J7B?IC;
 7DI KD CED:; I? YJ>YHY :;
FBKI ;D FBKI B?C?JY U B7 9ECCKD?97J?ED L?HJK;BB; :;I DEKL;BB;I
J;9>DEBE=?;I JEK9>;H Bn7KJH; ;IJ :;L;DK ;N?IJ;DJ?;B
 *K7D: B;I
?:;DJ?JYI9KBJKH;BB;IIEDJ97F?J7B?IY;IBnYHEJ?IC;:?IF7H7^J7K:YJH?C;DJ
:;B7 FEHDE=H7F>?; L?HJK;BB;;J:; B7 <H?=?:?JY ?D:?L?:K7B?IJ; :;I 9EHFI
GK?D;I; JEK9>;DJFBKI
?DI?B7 <7DJ7IC; 97DD?87B;:;L?;DJ;D9EH;


FBKI 9H?J?GK;;DL;HI B;I CE:ZB;I 9?L?B?I7J?EDD;BI9ECFEHJ;C;DJ7KN;J
9ECC;H9?7KN
#;CnE<<H;7L;9KD9EHFI <7?J:;9>7?H:;F;7K>KC?:;
;J :; 9>7B;KH
 #n787D:EDD; JEKJ; 7BJYH?JY FEKH GKn?B D; H;IJ; GK; B7
C7J?ZH; HY;BB; :YDK:Y; EKL;HJ; ;J 78@;9J; :; CED 9EHFI C?I U
:?IFEI?J?ED:KH?JK;B:;:YLEH7J?ED

7DI B7 FHE:K9J?ED :;I 7HJ?IJ;I 9EDJ;CFEH7?DI ;D=7=YI 7L;9


B7DJ>HEFEF>7=?; B7 HY9;FJ?ED :K 9ED9;FJ D; I; C7D?<;IJ; FBKI
9ECC; :7DI B;I CEKL;C;DJI CE:;HD?IJ;I
 K :;BU :;I IJYHYEJOF;I
E99?:;DJ7KN ;J :; B7 FEB7H?JY 9KBJKH;BB; B;I 7HJ?IJ;I I; I;HL;DJ :;
9; 9ED9;FJ FEKH 7=?H IK8@;9J?L;C;DJ 9EDJH; B;I :?<<YH;DJ;I <EHC;I
:nEFFH;II?ED ;J :; :EC?D7J?ED
 EHFEHY?JY ?:;DJ?JY ;J >O8H?:7J?ED
IEDJ 7K 9;DJH; :;I ;D=7=;C;DJI :;I 7HJ?IJ;I 7DJ>HEFEF>7=;I
9EDJ;CFEH7?DI
 %7 9EDIJHK9J?ED :nKD; ?:;DJ?JY D7J?ED7B; DY9;II7?H;
FEKHB7FH;C?ZH;=YDYH7J?ED:KCEKL;C;DJ79ECFBZJ;C;DJF;H:KI7
I?=D?<?97J?ED
 ?DI? Bn7DJ>HEFEF>7=?; ;IJ :;L;DK; KD; IJH7JY=?; GK?
HYLEGK; B;I 9EDIJHK9J?EDI :n?:;DJ?JYI 9KBJKH;BB;I <?N;I ;D <7L;KH
:nKD JH7?J;C;DJ 9HY7J?< :n7BJYH?JYI
 DJH; B7 HY7B?JY 9>7HD;BB; ;J B;I
CYJ7F>EH;IL?IK;BB;IB;I 7HJ?IJ;I FHEFEI;DJFBKI GK;:;I 7BBY=EH?;I:K
97DD?87B?IC; 7L;9 :;I :YC7H9>;I 9H?J?GK;I B;KHI lKLH;I IEDJ
97F78B;I:;H;C;JJH;?:;DJ?JY;J7BJYH?JY;DGK;IJ?ED


L;9 KD; FHEFEI?J?ED FBKJaJ ;IJ>YJ?GK; GK; F7HJ?9?F7J?L; B7


F;H<EHC7D9; 5B=65@   :; &7H9E )7KBE +EBB7 C;J ;D I9ZD; B;
9EHFI:;Bn7HJ?IJ;;J:;:;KN7KJH;IF;H<EHC;HI9ECC;In?BI7=?II7?J:;
8EK9>;H?;
;ICEH9;7KN:;9EHFI ?D;HJ;IIEDJ;NFKBIYI;J7L7BYIF7H
KD <EKH
 %7 F;H<EHC7D9; 7 ;K B?;K F;D:7DJ B; L;HD?II7=; :; IED
;NFEI?J?ED U B7 7B;H?7/;HC;B>E U ,WE )7KBE
 .D; :;I lKLH;I YJ7?J


KD;87D7B;9K?I?D?ZH;UGK7JH;8HcB;KHI?DIJ7BBY;9EDJH;KDCKH8B7D9

;J;CFI;DJ;CFIKDEKFBKI?;KHICEH9;7KN:;9EHFI>KC7?DIDKI
;J JH;CFYI :7DI Bn>K?B; :nEB?L; IEHJ7?;DJ :K <EKH 9ECC; :; B7 9>7?H
CEHJ; FEKIIY; L;HI Bn;NJYH?;KH
 i 9>7GK; <E?I GK; B; <EKH I;C8B7?J
g9H79>;HhEKg7L7B;HhB;ICEH9;7KN:;9EHFIB7FEHJ;FHE:K?I7?JKD
<EHJ8HK?J:;9>E97JJ?H7DJBn7JJ;DJ?ED:;IIF;9J7J;KHI
%7F;H<EHC7D9;
7 :KHY > C?D
 IE?J FH;IGK; JEKJ; B7 :KHY; :K 9E9AJ7?B :;
L;HD?II7=;
DJH;9>7GK;9>E9:nEKL;HJKH;;J:;<;HC;JKH;:;B7FEHJ;
:K<EKHB7 F;H<EHC7D9;FHEFEI7?J:;IJ78B;7KN L?L7DJI ?CCE8?B;I :;
8H7I @7C8;I J[J;I F?;:I EK C7?DI <YC?D?DI ;J C7I9KB?DI
 %; CKH
:;HH?ZH;B79K?I?D?ZH;YJ7?J<79J?9;;J979>7?JKDB?JH;B?Y7K<EKH
%;JHE?I
9EHFIFEIYIIKH9;B?JDnYJ7?;DJF7I;DJ?ZH;C;DJL?I?8B;I

-H7DI?J7DJ ;DJH; :?<<YH;DJI CY:?7I 7HJ?IJ?GK;I &7H9E )7KBE +EBB7


FHEFEI; :;I :?7BE=K;I F>OI?GK;C;DJ 78IKH:;I ;DJH; B; 9EHFI ;J B;I
E8@;JI :EC;IJ?GK;I
 7DI 9;JJ; F;H<EHC7D9; B; <EKH :;L?;DJ KD
g CEDIJH; h GK? 7L7B; ;J 9H79>; :;I CEH9;7KN :; 9EHFI <YC?D?DI ;J
C7I9KB?DIDKI;JJH;CFYI:n>K?B;
%7<H7=?B?JY:K9EHFII7LKBDYH78?B?JY
;J IED YHEJ?I7J?ED H;DLE?;DJ U B7 C79>?D; ?D:KIJH?;BB;
 ;JJ; L?I?ED
78IKH:; :YDED9; B7 I9>?PEF>HYD?; :K IOIJZC; :; 9EDIECC7J?ED ;J
HYLZB; B; @;K F;HL;HI :K C7HA;J?D=
 -HZI BE?D :;I 9ED9;FJI CEH7KN
:nKD;IE9?YJYB;C7H9>Y;II7?;JEK@EKHI :;:?9J;HIED:YI?H7KN9EHFI
:;L;DKI ?D;HJ;I
 %n7HJ?IJ; YLEGK; IED lKLH; 7L;9 B7 CYJ7F>EH; :nKD
F;J?J =7HXED =BEKJED GK? 7L7B; JEKJ 9; GKn?B JHEKL; :;L7DJ BK?

'EKHH?JKH; FEKH B; 9EHFI ;J FEKH Bn?DIJ7DJ 9HY7J?<
-EKJ H;DJH; :7DI B7
C79>?D; BK:?GK; :K F;J?J =7HXED GK? :;L?;DJKD CEDIJH; ;JGK? 7K
B?;K:;9HY;H:YJHK?JJEKJ
%;F;J?J=7HXED;IJKD;CYJ7F>EH;:;B;DL?;


7DJ>HEFEF>7=;:K8;IE?D:;JEKJ;NFYH?C;DJ;HFEKHFEKLE?H;DIK?J;
9HY;H:;IHYIKBJ7JIJH7DI<EHC7J;KHI


+&) ?DIJ7BB7J?ED;JF;H<EHC7D9;#3%1#6.11..#

,7DI CYJ7F>EH; ;J 7L;9 KD; LEBEDJY H;B7J?EDD;BB; 9B7?H; %7\J?J?7


EKH=;J7FHEFEIY:7DII=G=B9F@j<IA5=B@9G;F5B8GD5GG5;9G89@5J=9
 KDH;F7IB?JJYH7B;C;DJ97DD?87B;<7?J:;IEDFB79;DJ7;J:;IED
B7?JC7J;HD;B
"BIn7=?J8?;D:nKDH?JK;B:;<;HJ?B?JY9YBY8H;HB7D7?II7D9;
:; I7 <?BB;
 +Y7B?IY ;D 9EBB78EH7J?ED 7L;9 B7 9>;< 9K?I?D?;H &7H?;
%7KH;DJ B; C;DK :K H;F7I YJ7?J9ECFEIY :; F;J?JI 9>7KIIEDI <7H9?I
7K FB79;DJ7  :nKD; CEKII; :; FB79;DJ7 7KN Y9B7JI :; F?IJ79>;I IKH
F7?D 7KN 9>VJ7?=D;I  :; 8HE9>;JJ;I :; FB79;DJ7 ;J FE?H; 7K C?;B ;J
9K?BBZH;I :; B7?J C7J;HD;B <?=Y 7L;9 lK< :; 97?BB; ;J 9H?IJ7KN :;
I;B
 ,7DI ;NFEI;H B7 9>7?H >KC7?D; ;J FHEFEI;H KD; :YLEH7J?ED
IOC8EB?GK; :K 9EHFI Bn7HJ?IJ; 7 JEK9>Y 7L;9 IED <;IJ?D 9EBB;9J?< B;
I;DIJH7DI9;D:7DJ7BFBKIFHE<ED::KH?JK;B7DJ>HEFEF>7=;

,;BEDBn7HJ?IJ;c$565G9 8IDFC>9H9GHIB9 F97<9F7<9897CAAIB=CB


85BG @9G ACA9BHG 7@9: 89 @9L=GH9B79 <IA5=B9
 $5 7I=G=B9 M 9GH
9BJ=G5;V9 R @5 :C=G 7CAA9 :57H9IF 89 7CBJ=J=5@=HV 9H 7CAA9 IB


DFC79GGIG89HF5BG79B85B79
3

4$5BCH=CB89F9D5GD5FH5;VM5DD5F5[H
7CAA9 J97H9IF8IB99LDVF=9B79 7C@@97H=J9 89 DF=G9G 89 7CBG7=9B79G
=B8=J=8I9@@9GEI=577CAD5;B9BH@9G;F5B8GD5GG5;9G
d 


2&0&+"/)>%2*&+)"0$/+!0-00$"0!")3&" H;F7I9EBB;9J?<
#?5+5+#163)'5

;H?JK;B;IJD;JJ;C;DJFBKIC7JH?7H97BGK;9;BK?:;ICYH?D:?;DIGK?
C7D=;DJ Bn;DD;C?L7?D9K :7DI KD; =K;HH;F7JH?7H97B;
"B In7=?J ?9? :;
:YLEH;HB;I FEKLE?HI :;B7<;HJ?B?JY<YC?D?D;
%n7HJ?IJ;FHEFEI;UBn7KJH;
:;C7D=;HI7 FHEFH; 9>7?HB; FB79;DJ7 GK?7 DEKHH? I7 <?BB; :7DI IED
KJYHKI;JB;B7?JGK?Bn77B?C;DJY7FHZIB7D7?II7D9;
&7D=;HB;FB79;DJ7
>KC7?D Dn;IJ F7I KD 79J; :7D=;H;KN EK ?CFHEFH; :K FE?DJ :; LK
DKJH?J?< ;J CY:?97B C7?I F;KJ [JH; 9>EGK7DJ 7K D?L;7K 9KBJKH;B
 D
;<<;J:7DI9;HJ7?D;I;IFZ9;I 7D?C7B;IB7<;C;BB;C7D=;IEDFB79;DJ7
@KIJ; 7FHZI Bn799EK9>;C;DJ FEKH 979>;H F7H<E?I JEKJ; FH;KL;
:nKD 799EK9>;C;DJ C7?I IEKL;DJ FEKH I; DEKHH?H
 %; FB79;DJ7 ;IJ
;NJH[C;C;DJ DKJH?J?< ;J F;KJ 7?:;H B7 <;C;BB; U HY9KFYH;H :;
Bn7<<7?8B?II;C;DJ FHELEGKY F7H Bn799EK9>;C;DJ
 )EKHJ7DJ B7 IE9?YJY
9EDJ;CFEH7?D; J;DJ; :n;<<79;H JEKJ 97H79JZH; 7D?C7B 78@;9J EK
?DIJ?D9J?<B?YUBn799EK9>;C;DJ>KC7?D


%; H?JK;B :; <;HJ?B?JY :; %7\J?J?7 EKH=;J ;IJ KD >ECC7=; U DEJH;
9ED:?J?ED 7D?C7B;
 D J7DJ GK; C7CC?<ZH;I DEKI IECC;I :;I
7D?C7KN97F78B;I:;DEKHH?HDEI;D<7DJI 7L;9DEKIC[C;I
&7?I ?9?
9K?I?DYI 7L;9 B7 IEF>?IJ?97J?ED :; B79K?I?D; <H7DX7?I; B;FB79;DJ7;J
B; B7?J C7J;HD;B IEDJ FHECKI 7K H7D= :n7B?C;DJI H7<<?DYI ?CFHY=DYI
:;9KBJKH;
%;H;F7I:;%7\J?J?7EKH=;J;DBZL;7?DI? B; 9EHFI <YC?D?D
:;Bn78@;9J?EDB?Y;UB7D7JKH;FEKHH;DJH;H:7DIB;:EC7?D;F7JH?7H97B
:; B7 g >7KJ; h 9KBJKH; =7IJHEDEC?GK;
 %n7HJ?IJ; FHEFEI; :; C7D=;H
Bng ;NEJ?GK; h 7L;9 KD g :H;II7=; h JH7:?J?EDD;B
 %; H?JK;B HYFED:
F7H<7?J;C;DJUB7JH7:?J?ED:KH;F7I :;<7C?BB;EK;DJH;7C?I
 "BIn7=?J
:nKD;79JK7B?I7J?ED;IJ>YJ?GK;:nKD;FH7J?GK;?DIJ?D9J?L;C;DJ7D?C7B;

*K7D: @n7? :Y9EKL;HJ 9;JJ; lKLH; @n7? ;K Bn;DL?; :; <7?H; KD;
FHEFEI?J?EDI;C8B78B;I?@7C7?I @n7?KD;D<7DJ
%7FK?II7D9;7<<;9J?L;
;J FIO9>EC7=?GK; :; 9; <;IJ?D :; B7 <;HJ?B?JY ;IJ 97F78B; :;
JH7DI9;D:;H B7 9>7?H U JH7L;HI B7 9>7?H
 "B In7=?J :nKD; ;NFYH?;D9;
;N?IJ;DJ?7B?IJ;;JB?8H;97F78B;:;:Y9EBED?I;HB;9EHFI<YC?D?D:;IED
78@;9J?EDH;FHE:K9JH?9;

,;BED,K;BO+EBD?A Bn;IJ>YJ?GK;:;Bng7HJ7DJ>HEFEF>7=;hI;:Y<?D?J
FEKHD;F7I7:>YH;H78IEBKC;DJUGK;B9EDGK;IOIJZC; :;HY<YH;D9;

;J 7HJ ;D=;D:H; KD; FB7IJ?9?JY 97F78B; :; CYB7D=;H :?<<YH;DJI
HYF;HJE?H;I 7L;9 KD; =H7D:; B?8;HJY :n?CFHEL?I7J?ED
 D H;FH;D7DJ B7
:OD7C?GK; :;I g C79>?D;I :YI?H7DJ;I h :; ?BB;I ;B;KP; ;J YB?N
K7JJ7H? ;BB; 7<<?HC; GK; B7 IK8@;9J?L?JY 7DJ>HEFEF>7=; In79JK7B?I;
;D <ED9J?ED :; :?<<YH;DJ;I IJH7JY=?;I :K :YI?H 7=?JY;I F7H :?<<YH;DJI
L;9J;KHI :; <EH9;
 %7 IK8@;9J?L?JY 9EDD7^J ;J ;NFBEH; B; CED:; U
JH7L;HI B; :YI?H KD I;DJ?C;DJ GK? CEJ?L; B7 H;9>;H9>; :; I;DI ;J :;


9H?JZH;I FEKH IYB;9J?EDD;H ;J 78IEH8;H B;I HY<YH;D9;I
 %; CE:; :;
IK8@;9J?L7J?ED 7DJ>HEFEF>7=; :YF;D: I?=D?<?97J?L;C;DJ :; Bn7BJYH?JY

%; :YI?H ;DL;HI B7 I?D=KB7H?JY :; Bn5IHF9 Bn;DL?; :;NFYH?C;DJ;H B7
:?<<YH;D9;;IJ B7 FK?II7D9;IK8@;9J?L; :; JEKJg7HJ7DJ>HEFEF>7=;h

;=;DH;:;H;B7J?ED7L;9Bn7BJYH?JYI;:?IJ?D=K;:;IC7D?<;IJ7J?EDIFBKI
9EKH7DJ;I :; B7IK8@;9J?L?JY 9EDJ;CFEH7?D; GK? 9EHH;IFED:;DJFBKJaJ
U:;I<EHC;I:;D7H9?II?IC;?:;DJ?J7?H;

*K7D: Bn7HJ?IJ;F;H<EHC;:;I <?9J?EDI I?D=KB?ZH;I :;I JH7?JI ;NJ;HD;I U


I7FHEFH;?:;DJ?JY9;Dn;IJFBKIBK?;JIED>?IJE?H;F;HIEDD;BB;GK?IEDJ
;D@;KC7?IKD;>O8H?:7J?ED;DJH;BK?;JB7<?9J?ED:nKD7KJH;[JH;GK?
;N?IJ; I;KB;C;DJ :7DI Bn7HJ
 ;JJ;DEKL;BB; 7BJYH?JY7HJ?IJ?GK; 97F78B;
:nYJ78B?HBn>O8H?:7J?ED;DJH; <?9J?ED;J ?:;DJ?JY:;Bn7HJ?IJ;FHEFEI; KD
CYJ?II7=;GK?I?D=KB7H?I;B;NFYH?;D9;7HJ?IJ?GK;
*K7D:@;:;L?;DIKD
97:7LH; B?LHY7K 87DGK;J 97DD?87B;@n>O8H?:; CED ?:;DJ?JY:7DI KD;
FK?II7D9; C7=?GK; :; CEHJ ;J :YHEJ?IC;
 &ED 79J?ED JHEK8B; 7KII?
Bn?:;DJ?JY :;I F7HJ?9?F7DJI B;KH :YI?H :; 9ECCKD?ED 7B?C;DJ7?H; ;J
J79J?B; FHEC;KJ Bn>O8H?:7J?ED :; DEI :?<<YH;DJ;I ?:;DJ?JYI 9EHFEH;BB;I

L;9 5BEI9HBH<FCDCD<5;9@7?;NFYH?C;DJY B7FK?II7D9; YHEJ?GK;
;JJHEK8B7DJ;:KJEK9>;H?DJ?C;;J7DEDOC;C7 F;7K 7 YJY>O8H?:Y;
7L;9 9;BB; :;I ?D9EDDKI 9HY7DJ KD; 7BJYH?JY ?D:Y<?D?;
 %7 :YLEH7J?ED
:;I<HK?JI7CEJ?LYKDF7HJ7=;97F78B;:;:Y9EBED?I;HDEI9EHFI;JDEI
?:;DJ?JYI <ED:7DJ 7?DI? KD; 7BJYH?JY 7DJ>HEFEF>7=; >O8H?:; ;J
JH7DI?JE?H;
FHZI B;<<ED:H;C;DJ :;I HaB;I ;J>D?GK;I :;I F;HIEDD7=;I
7DJ>HEFEF>7=;I CED 87DGK;J 7 :Y8EH:Y :7DI KD :YI?H :;
9ECCKD?EDHY;BB;;JIOC8EB?GK;7L;9B;9EHFI:;Bn5IHF9


#E>D02FH5G9LD9F=9B79';M2EHA&?DJED7B9>ECF7DO 

#E>D02$jFH7CAA99LDVF=9B79JH7:K?JF7H#;7D )?;HH;EC;JJ?)7H?I 7BB?C7H:

 

 #E>D02FH97CAC9LD9F=XB7=5JH7:K?JF7H&KH?BE(JTL?E)7;I%;C;I,WE )7KBE

8H?BKBJKH7B 

%;B?LH;7YJYY9H?J;D BEHIGK;Bn7KJ;KHI;JHEKL7;N?BY7K>?B?:c7KNF;HIY9KJ?EDI

:;B7:?9J7JKH;C?B?J7?H;
"DJ;H:?J7KHYI?B?B7YJYFK8B?Y:7DIB;F7OII;KB;C;DJ;D 

)7KBE +"+ (985;C;=5 8C CDF=A=8C +?E :; #7D;?HE )7P-;HH7 
 )7KBE +"+
(V85;C;=9 89G CDDF=AVG GI=J= 89 CBG7=9BH=G5H=CB 9H FVJC@IH=CB JH7:K?J F7H %K9?BB; ;J
&7HJ?7B%;<7O)7H?I%7:Y9EKL;HJ;

 D7&7;+(,*97CFH9G97C@5;9BG=B:@IXB7=589"C<B9K9MBC9BG=BC895FH9

BCF5G=@,WE)7KBEKJEH;IIIE9?7:EI 

'?9EB7I(.++".$9GH<VH=EI9F9@5H=CBB9@@9?@ED%;I)H;II;I:KHY;B 

 %;9ED9;FJ :;BCB C6>9H7YJY:YL;BEFFYF7H;HH;?H7 KBB7H;D 


%;BCB C6>9H D;
L?I;F7I U:YI?=D;HKDE8@;JDY=7J?<EKJEKJ9;GK?InEFFEI;7KNE8@;JIC7JYH?;BI
%;BCB
C6>9H Dn;IJ F7I KD 5BH= C6>9H C7?I KD E8@;J IFY9?7B GK? :E?J YJ78B?H B7 IODJ>ZI; :;I
;NFYH?;D9;I I;DIEH?;BB;I ;J C;DJ7B;I  KD 9EHFI F>YDECYDEBE=?GK; JH7DIF7H;DJ
?DJY=H7B;C;DJF;H9;FJ?8B;

  %; 9ED9;FJ :; GIDF5G9GCF=9@ 7 YJY :YL;BEFFY F7H !YB?E (?J?9?97 ;D 
 %;

IKFH7I;DIEH?;B ;IJ KD; IEHJ; :; :?B7J7J?ED :;I 97F79?JYI I;DIEH?;BB;I :K IF;9J7J;KH
I;C8B78B;U9;BB;97KIY;F7HBn;<<;J>7BBK9?DE=ZD;:;I:HE=K;IEKBn;NJ7I;:KI7C87;J:K
97HD7L7B
,;BED !YB?E (?J?9?97 B;I lKLH;I IKFH7I;DIEH?;BB;I I;H7?;DJ 97F78B;I :n7C;D;H
Bn?D:?L?:KU:Y9EKLH?HIED9;DJH;:;9HY7J?ED?DJ;HD;I7IFEDJ7DY?JY;NFH;II?L;;D:EHC?;
9ED:?J?EDDY;F7HB;GKEJ?:?;D

 %KB707D:;HB;O FIO9>?7JH;GK? 79EBB78EHY7L;9%O=?7B7HAFEKH B7+HFI7HIF5H=CB8I

+9@:JH7L7?BB;:;FK?IB;I 7DDY;I   :7DI Bn>aF?J7B B;9B<C899BHFCU+?E:;#7D;?HE


7L;99;IFHEFEI?J?EDI
;FK?IB;JH7L7?B:n7HJJ>YH7F?;:YL;BEFFYF7H'?I;:7,?BL;?H7:7DI
B;I 7DDY;I   Bn>aF?J7B ;IJ KD; HY<YH;D9; ?DJ;HD7J?ED7B; FEKH Bn7DJ?FIO9>?7JH?;
 %KB7
0'+%2'8F5;TCDCIGCIBC9GD5UC
FH97CBH9ADCFSB95GC:F=A9BHCDGZEI=7C9C
C6>9HCF9@57=CB5@89$M;=5@5F?+?E:;#7D;?HE+7HE 

 #KIGKnU Bn?DIJ7BB7J?ED :; B7 7C?BB; +EO7B; )EHJK=7?I; 7K HYI?B ;D   B799ZI U

BnY:K97J?ED YJ7?J JHZI H;IJH;?DJ


 %;I ?D:?=ZD;I YJ7?;DJ g 97JY9>?IYI h F7H B;I @YIK?J;I ;J
BnY9EB;YBYC;DJ7?H;YJ7?J?DJ;H:?J;7KNCYJ?I
L;9Bn7HH?LY;:;B77C?BB;+EO7B;FBKI?;KHI
?DIJ?JKJ?EDIEDJYJY9HYY;IQ9EB;:;&Y:;9?D;&KIY;+EO7B?8B?EJ>ZGK;+EO7B;#7H:?D
EJ7D?GK;;JBnQ9EB;'7J?ED7B;:;I ;7KN HJI9HYY;UBn7HH?LY;:;B7A=GG=CB:F5BU5=G9

)EKHJ7DJ B799ZIUBnY:K97J?ED ;JUB79KBJKH;;IJ H;IJYB?C?JY7KN9EBEDI ;KHEFY;DI
%;I
9KBJKH;I7CYH?D:?;DD;;J7<H?97?D;DnYJ7?;DJF7IH;9EDDK;I;JB;KHIC7D?<;IJ7J?EDI YJ7?;DJ
?DJ;H:?J;I
%7I;KB;9KBJKH;799;FJY;YJ7?JB79KBJKH;;KHEFY;DD;

(IM7B: :;'+;J ,K;BO+(%'"$ %5B=:9GH9BH<FCDCD<5;9 BH<FCDCD<5;=9

2CA6=9 JH7:K?JF7H%EH;D7#7D;?HE ;J +;D7K: 7H87H7I )7H?IB79A#79AQ:?J?EDI 


FF
 

 %;%5HF=5F75H 89(=B8CF5A5;IJ KD;KJEF?;:;B7JH7DI=H;II?ED
Q9>7FF7DJ7KNKJEF?;I

E99?:;DJ7B;I ;BB;H;CFB79;BnKJEF?;:;B79?L?B?I7J?EDF7HBnKJEF?;:;B787H87H?;
,KHB;I
HK?D;I :K F7JH?7H97J C;II?7D?GK; KD DEKL;7K :YF7HJ 7KH7?J B?;K <ED:Y IKH B; :HE?J
C7J;HD;BB;I8?;DI9EBB;9J?<IB7IE9?YJYI7DI9B7II;I;JB;IH;B7J?EDIEKL;HJ;I



  :H?7DE "-+j, '--( BHFCDC:5;=5 CGK5@8=5B5 IA F979=HIQF=C 9GHVH=7C 9

7=9BHZ:=7C,WE)7KBEDD78BKC; F


  H?;:H?9> '"-3,! 779 CAC 7CAA9BH CB 89J=9BH 79EI9@jCB9GH JH7:K?JF7H

!;DH?B8;HJ )7H?I&?BB;;J KD;DK?JI 


 H?;:H?9>'"-3,!$5VBV5@C;=989@5
ACF5@9JH7:K?JF7H)7JH?9A0EJB?D=)7H?I%  %?LH;:;)E9>;

  :H?7DE "-+j, '--( BHFCDC:5;=5 CGK5@8=5B5 IA F979=HIQF=C 9GHVH=7C 9

7=9BHZ:=7C,WE)7KBEDD78BKC; F
 

 (IM7B: :;'+;J ,K;BO+(%'"$ %5B=:9GH9BH<FCDCD<5;9 BH<FCDCD<5;=9

2CA6=9 JH7:K?JF7H%EH;D7#7D;?HE ;J +;D7K: 7H87H7I )7H?IB79A#79AQ:?J?EDI 


F
 
%;HFCD=75@=GA9EKHFCD=7Q@=5;IJKDCEKL;C;DJ9KBJKH;B7FF7HK7KHYI?B;DHY79J?ED7K

9EKF :nQJ7J:; 


,FCD=7Q@=5;IJB;J?JH;:nKD;?DIJ7BB7J?ED?DJ;H79J?L;HY7B?IY;F7H!YB?E
(?J?9?97;D 
%;:?IGK;,FCD=7Q@=5CI(5B=G 9H=F79BG=G :; ;IJ ?IIK:nKDFHE@;J
CKI?97B9EBB78EH7J?< GK?7HYLEBKJ?EDDYB7CKI?GK;FEFKB7?H;8HYI?B?;DD;
 %7FHEFEI?J?ED
:KHFCD=75@=GA9;IJB7@KNJ7FEI?J?ED ;DJH;B79KBJKH;:;C7II;;J9;BB;:;IYB?J;I
,;BEDB;
C;JJ;KH ;D I9ZD; HFCD=75@=GH9 #EIY;BIE &7J?D;P EHH[7  c (CIF 9LDF=A9F IB9 FV5@=HV
BCIJ9@@99H7CAD@9L9=@VH5=HBV79GG5=F989FV=BJ9BH9F89G:CFA9G75D56@9G8975DH9F79HH9
BCIJ9@@9FV5@=HVd
%7HY7B?JYYJ7?J 9;BB;:nKD F7OI ;D:YL;BEFF;C;DJ?D:KIJH?;B 7L;9KD;
FEFKB7J?EDCYJ?II;KD;9KBJKH;FEFKB7?H;JHZIH?9>;;JKD=EKL;HD;C;DJHYFH;II?<
7HBEI
,.%( :?H
 ,FCD=7Q@=5 -A5 F9JC@IUTC B57I@HIF5 6F5G=@9=F5 ,WE )7KBE EI79 
'7?<O F
 
 %O=?7%+$$M;=5@5F?7H9;BED;KD:79?`DJED?-UF?;I:;7H9;BED; FF


 

 c$j57H=J=HVG9LI9@@989F9DFC8I7H=CB9GH7CAAIB95IL5B=A5ILG9LIVG9H5IL<CAA9G

A5=G 5DD5F9AA9BH @9G <CAA9G G9I@G CBH :5=H 89 @9IF 57H=J=HV G9LI9@@9 IB9 57H=J=HV
VFCH=EI9 79 EI= 8=::VF9B7=9 @jVFCH=GA9 9H @j57H=J=HV G9LI9@@9 G=AD@9 VH5BH IB9 F97<9F7<9
DGM7<C@C;=EI9=B8VD9B85BH989@5:=B B5HIF9@@98CBBV985BG @5F9DFC8I7H=CB9H 85BG @9
GCI7=89G9B:5BHG
d ;EH=;I-"%%$jVFCH=GA9)7H?I&?DK?J F
 

 !6=89AF

  !;?A; ")%.+ "D=H?;: +. + ;J ;H;ED ,"/+'"! %9F9H 'DD9B<9=A
*VHFCGD97H=J9 7J7BE=K; :n;NFEI?J?ED (IJ<?B:;HD ;J %?BB; !7J@; 7DJP ;J %7& &KIY;
:n7HJCE:;HD;:n7HJ9EDJ;CFEH7?D;J:n7HJ8HKJ F


  ;B?D:7 H79; +'+ %9F9H 'DD9B<9=A FCA6F95?:5GH =B:IF5B8 657?5;5=B

,<97CB:@5H=CBC: =A5;9G @5B;I5;9 5B8 C6>97HG =B%9F9H 'DD9B<9=AjG 5DD@=9G DC9HFM


?;B;<;B:$;H8;H/;HB7= F


  !;?A; ")%.+ "D=H?;: +. + ;J ;H;ED ,"/+'"! %9F9H 'DD9B<9=A
*VHFCGD97H=J9 7J7BE=K;:n;NFEI?J?ED %?BB; !7J@;7DJP;J %7& &KIY; :n7HJCE:;HD;
:n7HJ9EDJ;CFEH7?D;J:n7HJ8HKJ F


  )IO9>?7JH; DY ;D &7HJ?D?GK; ;D  H7DJP 7DED 7<EKHD? B;I 87I;I :;B7F;DIY;

FEIJ9EBED?7B;
,;I:;KNB?LH;I B;I FBKI 9EDDKI (95I BC=F9 A5GEI9G 6@5B7G  ;J$9G
5ABVG 89 @5 H9FF9    EDJ ;K KD; =H7D:; ?D<BK;D9; IKH B; :YL;BEFF;C;DJ :K
FEIJ9EBED?7B?IC;

!EC?!!$9G@=9IL89@57I@HIF9-B9H<VCF=9DCGH7C@CB=5@9)7H?I)7OEJ 


 (IM7B: :;'+;J ,K;BO+(%'"$ %5B=:9GH9BH<FCDCD<5;9 BH<FCDCD<5;=9

2CA6=9 JH7:K?JF7H%EH;D7#7D;?HE ;J +;D7K: 7H87H7I )7H?IB79A#79AQ:?J?EDI 


FF
 

>JJF MMM
B7;J?J?78EKH=;J
EH= E67KJH;I69K?I?D;H
>JC

 ,K;BO+(%'"$ g,K8@;J?L?:7:;DJHEFE<T=?97h:7DI FH9CBH9ADCFSB95F5G=@9=F5

-B 9 9BHF9'IHFC G11"/e?;D7B"DJ;HD79?ED7B:;,WE)7KBE,WE)7KBEKD97XWE?;D7B
:;,WE)7KBE FF
  


 

 B

 


%n7HJ 7DJ>HEFEF>7=;7IIKC; JEKJ; I7 FK?II7D9; FEB?J?GK; :; H;C;JJH;


B;gCE?h;JBng7KJH;h;DGK;IJ?ED
CC7DK;B%YL?D7I IEKBZL;GK;
B;AC= D;I;H;C;JF7I;DGK;IJ?ED?B;IJH;C?I;DGK;IJ?EDF7HBn5IHF9

n;IJUF7HJ?H:;Bn5IHF9GK;F;KJIKH=?HB7JH7DI9;D:7D9;
"B7<<?HC;GK;
B7 LYH?J78B;JH7DI9;D:7D9; D; D7^J F7I :; B?DJYH?EH?JY :nKD[JH;C7?I
F;KJ [JH; YFHEKLY; 9ECC; KD; C?I; ;D 9H?I; :; B7 IK8@;9J?L?JY :K
AC=
 79; U Bn5IHF9 B7 IK8@;9J?L?JY :K AC= D; :Y=7=; F7I KD;
?:;DJ?<?97J?ED U Bn7KJH; 9ED:?J?ED GK? B; H;C;J ;D 97KI;
 *K7D:
@n;NFEI; CED 9EHFI >KCEH7B ;J HYI?:K;B @; :YLE?B; KD; ?:;DJ?JY
979>Y; :K AC= @n7<<?HC; BnY97HJ ;DJH; B; AC= 7CFDG CIJ9FH ;J Bn5IHF9
7CFDG 7@CG
 ;JJ; :?IIOCYJH?; ;DJH; B; AC= ;J Bn5IHF9 H;C;J Bn5IHF9 ;D
GK;IJ?EDF7HH7FFEHJ U AC=
 )EKHJ7DJ@; D; 9HE?I F7I GK;Bn5IHF9IE?J
97F78B; :nYJ78B?HKD; LYH?J78B; JH7DI9;D:7D9; I;KB;C;DJ U JH7L;HI B;
9EDJ79J L?IK;B 7L;9 CED 7BJYH?JY 7HJ?IJ?GK;
 ;JJ; ;NFYH?;D9; F;KJ
FHELEGK;HKD;:?IIOCYJH?;97F78B;:;FEKII;HBn5IHF9UI;H;C;JJH;;D
GK;IJ?ED
'Y7DCE?DI@;D;LE?IB7FH?I;:;H;IFEDI78?B?JYF7H H7FFEHJ
U Bn5IHF9 GKnU JH7L;HI KD; ;NFYH?;D9; :n7BJYH?JY A?D;IJ>YI?GK; GK? L7
7K :;BU:KL?IK;B
#;Dn7HH?L; U;DL?I7=;HB7 JH7DI9;D:7D9;I;KB;C;DJ
GK7D:B;AC=I;C;JI;DI?8B;C;DJ:7DIB7F;7K:;Bn5IHF9


%;I lKLH;I 5BEI9H BH<FCDCD<5;9 ;J '::F5B89G C@@97H=J9G R


!9A5B>QF;KL;DJFHELEGK;HKD;FH?I;:;H;IFEDI78?B?JY:KF7HJ?9?F7DJ
;<<?979; :7DI B7 C;IKH; :nKD; JH7DI9;D:7D9;
 ;I :;KN lKLH;I

 
FHEFEI?J?EDD;BB;I YJ78B?II;DJ KD :?7BE=K; ;DJH; B; AC= ;J Bn5IHF9 KD
Y9>7D=; 9EHFEH;B =;IJK;B IK8@;9J?< ;J IOC8EB?GK;
 %n;NFYH?;D9;
J79J?B; :K 5BEI9H BH<FCDCD<5;9 Cn7 F;HC?I :nYJ78B?H KD Y9>7D=;
HY;B7L;9 Bn5IHF9
 %n7BJYH?JY :; Bn5IHF9JEK9>7?J C7 F;7KC7?I 7KII? KD
9;HJ7?D D?L;7K :; JH7DI9;D:7D9; 9EHFEH;BB; ;J 7HJ?IJ?GK;
 #n7? E<<;HJ
Bn?:;DJ?JY :K AC= 9ECC; g DEKHH?JKH; h U Bn5IHF9 ?B Bn7 g :YLEHY; h
FHELEGK7DJKD;<?IIKH;:7DICED[JH;;J:7DIB;I?;D

;JJ; <?IIKH; Dn;IJ F7I KD I?CFB; I;DJ?C;DJ :n7D=E?II; ;BB; ;IJ KD;
6F=GIF9 :; Bn[JH; GK? DEKI 7 F;HC?I :;NFYH?C;DJ;H KD :YI?H
:nEKL;HJKH;UBn;NJYH?EH?JY
i JH7L;HI DEI =;IJ;I 7L;K=B;I:n;NFBEH7J?ED
9EHFEH;BB; DEKI 7LEDI C?I DEJH; GC= ;D GK;IJ?ED;J DEKI 7LEDI LY9K
KD;;NFYH?;D9;A?D;IJ>YI?GK;FHE9>;:;B7JH7DI9;D:7D9;
)EKHJ7DJ@;
D; LE?I F7I 9;JJ; JH7DI9;D:7D9; J;BB; GKn;BB; ;IJ FHEFEIY; F7H
CC7DK;B %YL?D7I C7?I FBKJaJ 9ECC; KD; IEHJ; :n<M6F=85H=CB
H9ADCF5=F9 7L;9 Bn7KJH; H;B7J?ED GK? Y9>7FF; U Bn7BJYH?JY
 %n5IHF9 ;IJ
Bn7BJYH?JY ;J :7DI FH;IGK; JEKJ;I C;I lKLH;I 9n;IJ8?;DBn7BJYH?JY GK?
YC;H=; :K AC= 5FH=GH=EI9
 ;F;D:7DJ B7 F;H<EHC7D9; 5BEI9H
BH<FCDCD<5;97KDH7FFEHJ:?<<YH;DJ7L;9Bn5IHF9
'EJH;9ECCKD?ED
IOC8EB?GK; ;IJ 7KII? A?D;IJ>YI?GK; DEI F;7KN EDJ Y9>7D=Y :;
Bn7BJYH?JY U 9>7GK; JEK9>;H
 %n;NFYH?;D9; :; C7D=;H KD CEH9;7K :;
<HK?JFHEL;D7DJ:K9EHFI:;Bn5IHF9FHEC;KJKDY9B7J<KI?EDD;B
%n5IHF9
:YLEH;KD;F7HJ?;IOC8EB?GK;:;CED9EHFI;J:7DIKD?DIJ7DJ<?9J?<@;
:;L?;DI KD;F7HJ?;:;BK?
ECC;:7DIB7IJHK9JKH;C7=?GK;:KH?JK;B
7DJ>HEFEF>7=;Bn5IHF9:YLEH;CED9EHFI;J78IEH8;CED;IFH?J

 
CC7DK;B%;L?D7IDEKICEDJH;GK;B7H;B7J?ED:;:?IIOCYJH?;;DJH;B;
AC= ;J Bn5IHF9 E8B?=;B; IK@;JU FH;D:H; 9EDI9?;D9; :; BK? C[C; ;JU
9>7D=;H 9n;IJ B; F>YDECZD; :ng 7BJYH7J?ED h
 %; IK@;J 9>7D=; ;D
<ED9J?ED :;I ?D<BK;D9;I ;N;H9Y;I F7H KD 5IHF9 I7DI FEKHJ7DJ F;H:H;
IED?:;DJ?JY
%n7BJYH7J?ED;IJKDLYH?J78B;FHE9;IIKI:;9EDD7?II7D9;:;
IE? GK? 9ECC;D9; GK7D: B; IK@;J FH;D: 9EDI9?;D9; GK; Bn5IHF9
Y9>7FF; U JEKJ; J;DJ7J?L; :; C7^JH?I;
 %; J;HC; g 7BJYH7J?ED h
IEKL;DJ 7IIE9?Y U B7 F;HJ; :n?:;DJ?JY :n?DJY=H?JY ;J U B7B?YD7J?ED ;IJ
FEKH CC7DK;B %YL?D7I KD FHE9;IIKI J;CFEH;B IODEDOC; :;
JH7DI<EHC7J?EDKD9ED9;FJDY9;II7?H;FEKHH;D:H;9ECFJ;:;Bn79J?ED
Y:K97J?L;;J:;JEKJ;<EHC;:;H;B7J?ED

L;9 C;I H?JK;BI 7HJ?IJ?GK;I Eb CED 7BJYH?JY <YC?D?D; EK CYJ?II; ;IJ
;D YL?:;D9; @; FHELEGK; KD; g 7BJYH7J?ED h 9>;P B; IF;9J7J;KH
 #;
FHEFEI; B7 H;D9EDJH; 7L;9 Bn5IHF9 7L;9 Bn7BJYH?JY :K 9EHFI >KCEH7B
Bn78@;9J?ED GK? Y9>7FF; 7K IK@;J 8?;D 9EDIJHK?J F7H B7 D9F:CFA5H=J=HV
F>7BBE9H7J?GK;
 ;F;D:7DJ B7 H;9EDD7?II7D9; ;J Bn799;FJ7J?ED :;
Bn5IHF9 ;IJ KD; 7C8?J?ED IEKL;DJ C7B ;IJ?CY;
 %n?CF79J DY=7J?< :;
Bn7BJYH?JY 9>;P B; IF;9J7J;KH F;KJ D?;H B7 L7B?:?JY IOC8EB?GK; :;
Bn7BJYH?JY C?I; ;D lKLH;
 %n?CF79J 7L;9 C;I lKLH;I >KCEH7B;I F;KJ
YL;?BB;HB7 H;IFEDI78?B?JY ;DL;HI Bn5IHF9 ;J Bn7BJYH7J?ED 9ECC; ?B F;KJ
;D:KH9?H;D9EH;FBKIBn?:;DJ?JY:KIF;9J7J;KH9ED<HEDJYUCED7BJYH?JY

%7 HY7B?I7J?ED :; C;I lKLH;I :n7HJ 7 7KII? C?I C7 FHEFH; ?:;DJ?JY
F;HIEDD;BB; ;D GK;IJ?ED KD; IEHJ; :n7BJYH7J?ED :K GC=
 #79GK;I
H:E?DE I;:?IJ?D=K;:;CC7DK;B%YL?D7I;D7D7BOI7DJBn7BJYH7J?ED
9ECC; KD FHE9;IIKI ?DJYH?;KH U B7 9EDIJ?JKJ?ED :K IK@;J GK? I;H7?J
97F78B; :; I; <7?H; ;J :; I; H;<7?H;
 "B In7=?J :nKD FHE9;IIKI :;

 
H;9EDD7?II7D9; :; I7 FHEFH; 7BJYH?JY ?DJYH?;KH;
 ,;BED 9; FHEFEI
Bn?:;DJ?JY:;L?;DJH;B7J?L;9EDIJHK?J;UJH7L;HI KD;:OD7C?GK;:;C?I;
;J H;C?I; ;D GK;IJ?ED :K IK@;J
)EKH#79GK;I H:E?DE   g "9 B9 GI=G
D@9=B9A9BHAC= AXA9EIj5J97@57CBG7=9B7989@5D@IF5@=HV9H89A9G
8=J=G=CBG
h &ED?:;DJ?JY?DJYH?;KH;;IJ:ED9g8?FEB7?H; h:nKD9aJY
?B O 7 Bn?:;DJ?JY IE9?7B; :nKD 9EHFI 9BEI ;J :; Bn7KJH; KD; ?:;DJ?JY
7HJ?IJ?GK; >KCEH7B; ;J :Y8EH:7DJ;
%n?:;DJ?JY>KCEH7B; :;CED 9EHFI
Dn;IJ F7I 97F78B; :; <ED:;H CED IK@;J IE9?7B ;BB; Y9>7FF; 7KN
DEHC;I;JJH7DI=H;II;B;IJ78EKI;BB;D;F;KJYC;H=;HI;KB;C;DJ:7DI
B7B?8;HJY FEYJ?GK; :; Bn7HJ
i JH7L;HI Bn7HJBn?:;DJ?JY>KCEH7B; :K AC=
In7KJEH?I;U;N?IJ;H:7DIB;I8HZ9>;I:KIE9?7B

%ng7BJYH7J?EDhGK;CED?:;DJ?JY7IK8?UJH7L;HIBn7HJ7<?D?F7H<EH=;H
KD;:;KN?ZC;?:;DJ?JYUCED9EHFIKD;?:;DJ?JYB?8YHY;:;IJ78EKI;J
GK?9EDJ;IJ;B;I ;D@;KN:KF7JH?7H97J
%;I F7H7:EN;I :;CED?:;DJ?JY
C7CZD;DJU9ECFH;D:H;Bn7BJYH?JY7KI;?DC[C;:;CED?:;DJ?JY :;
IK@;J 9EDIJ?JKY
 ; GK; @; IK?I 7K@EKH:n>K? D; 9EHH;IFED: FBKI U 9;
GK;@nYJ7?I EK@;FEKL7?I [JH;>?;H CED?:;DJ?JY;IJ:YIEHC7?I <ED:Y;
IKHB;I;NFYH?;D9;ILY9K;I:7DIBn7HJGK7D:B;I:;KNL;HI?EDI :;CED
?:;DJ?JYI;9ED<HEDJ;DJ
&ED?:;DJ?JYIE9?7B;DnYJ7?JF7IB7C[C;7L7DJ
:n7HH?L;H;DH7D9;EK7L7DJ:;Cn7<<?HC;H;DJ7DJGK;<YC?D?IJ;;BB;7
YJYH;C?I;;DGK;IJ?ED;JIn;IJ7BJYHY;
&ED?:;DJ?JY7HJ?IJ?GK;:;L?;DJ
9>7GK;@EKHFBKI B?8H;;BB; 7 IK8B?CYB;I JH7KC7I ;JB;I H;<EKB;C;DJI
GK;CED?:;DJ?JYIE9?7B;Dn7F7IYJY97F78B;:;JH7DI9;D:;H

)7KB +?9lKH   DEKI CEDJH; ;D9EH; B7 :?<<YH;D9; ;DJH; Bn?:;DJ?JY


F;HIEDD;BB; ;J Bn?:;DJ?JY D7HH7J?L; ;D B?;D 7L;9 B7 J;CFEH7B?JY

%n?:;DJ?JY =89AC[C;JY?CFB?GK;B7GK;IJ?ED:;B7F;HC7D;D9;:7DI

 
B; J;CFI
 %n?:;DJ?JY =DG9 ?FIY?JY I; <ED:; IKH Bn?DJ;HL;DJ?ED :;
Bn?:;DJ?JYD7HH7J?L;9EDIJ?JKY;F7HKD;CY:?J7J?ED:nEH:H;J;CFEH;B
"B
9>;H9>;U CEDJH;HGK;B7C?I;;D?DJH?=K;D7HH7J?L;F;HC;J:n?DJY=H;H
B7:?L;HI?JYB7L7H?78?B?JY;JBn?DIJ78?B?JY:7DIB7F;HC7D;D9;;J:7DIB;
J;CFI
 %;I L7H?7J?EDI <?9J?L;I :K F;HIEDD7=; IEDJ KD ;N;H9?9; :; B7
F;DIY; 97F78B; :; H;C;JJH; Bn?:;DJ?JY <?N; :K IK@;J ;D GK;IJ?ED

%n?:;DJ?JY D7HH7J?L;YJ78B?;7?DI?KD; CY:?7J?ED ;DJH;B7C[C;JY ;J :;
Bn?FIY?JY

*K7D: @n;NFYH?C;DJ; B?8H;C;DJ C;I >KC;KHI @n?D9EHFEH; :;I


F;HIEDD7=;I <?9J?<I ?DIF?HYI :; CED ?:;DJ?JY =DG9 JH7DI?JE?H; ;J
L7H?78B;
7DIB;J;CFIF;H<EHC7J?<:;BnlKLH;:n7HJ@n7?CED?:;DJ?JY
=89AIE9?7B;C;DJH;<EKBY;C7?I @n7?7KII?CED?:;DJ?JY =DG9B?8H;;J
:Y8EH:7DJ;
 i 9>7GK; lKLH; @; C; FHEFEI; KD; DEKL;BB; ?:;DJ?JY
=DG9 ;J KD DEKL;7K F;HIEDD7=; JH7DI?JE?H;
 &ED IK@;J IE9?7B;C;DJ
9EDIJ?JKY <?D?JF7H?D9EHFEH;H9;HJ7?DI 7IF;9JI:;CED?:;DJ?JY =DG9;J
B;I>O8H?:7J?EDIH;C;JJ;DJB7:?7B;9J?GK;:;CED?:;DJ?JY;DGK;IJ?ED

"B I;C8B; FEKHJ7DJ 7BB;H :; IE? GK; B;I 9>7D=;C;DJI :7DI CED
?:;DJ?JY =89A IE9?7B;C;DJ 9EDIJHK?J; IEDJ8;7K9EKF CE?DI YL?:;DJI
GK;B;I CYJ?II7=;I 7HJ?IJ?GK;I C7?I B7 JH7DI<EHC7J?ED;N?IJ; :7DI 9;I
:;KN?DIJ7D9;I


&;I lKLH;I :n7HJ IEDJ :;I 79J;I FIO9>EC7=?GK;I GK? 7?:;DJ CED
IK@;J IE9?7B;C;DJ 9EDIJ?JKY CED ?:;DJ?JY =89A U IK8B?C;H C;I
H;<EKB;C;DJI IE9?7KN ;J F;HIEDD;BI
 &7 FHE:K9J?ED 7HJ?IJ?GK; F;KJ
:ED9 YJ78B?H KD; 79J?ED J>YH7F;KJ?GK; FEKH CED FHEFH; [JH;

'Y7DCE?DI;BB;;N?IJ;7KII?:;<7XED7KJEDEC;9HY7J?L;;JFEB?J?GK;
:7DI B; CED:;
 "B D; In7=?J F7I :n7HJ J>YH7F?; C7?I :; FHE:K9J?ED

 
:nKD;IK8@;9J?L?JYI?D=KB?ZH;;J7KJ>;DJ?GK;97F78B;:;C;JJH;Bn5IHF9
IF;9J7J;KH EK F7HJ?9?F7DJ ;J B; AC= ;D GK;IJ?ED
 %;I F;HIEDD7=;I
FHEL;D7DJ :; CED ?:;DJ?JY 7HJ?IJ?GK; F;H<EHC;DJ :;I D7HH7J?EDI
I;DI?8B;I 97F78B;I :; IEKB;L;H :;I GK;IJ?EDI ;N?IJ;DJ?;BB;I ;J
FEB?J?GK;I H;B7J?L;I 7K 9EHFI >KCEH7B ;J HYI?:K;B
 ;I D7HH7J?EDI
7HJ?IJ?GK;I ;J H?JK;BB;I ?D9EHFEH;DJ KD :YI?H :n7BJYH?JY KD 7<<;9J GK?
H;C;J B;I ?:;DJ?JYI ;D GK;IJ?ED FEKH Bn>O8H?:7J?ED :K g CE? h 7L;9
Bng7KJH;h:7DIBn?CC7D;D9;KJEF?GK;GK?<ED:;Bn7HJ;JBn[JH;

 
CC7DK;B%Q/"',@HVF=HV9HHF5BG79B85B79)7H?I7J7&EH=7D7 

#79GK;I+("'($9G5J5H5FG89@jV8I75H=CB)7H?I).


!6=89AF
 

)7KB+"k.++C= AXA97CAA9IB5IHF9)7H?I,;K?B  F


 


 

 
 


 

 


 

 

 



%;I HYI?:KI 9EHFEH;BI IEDJ B7 C7J?ZH; FH;C?ZH; :; C;I lKLH;I :n7HJ
:;FK?I KD; :?P7?D; :n7DDY;I ;J CED H;=7H: ;DL;HI 9;I C7J?ZH;I 7
YDEHCYC;DJ 9>7D=Y 7K <?B :K J;CFI
 &;I FH;C?ZH;I HY9EBJ;I YJ7?;DJ
97F?BB7?H;I KJ?B?IY;I 9ECC; C7J?ZH; J?II;H7D:;
 %;I IY9HYJ?EDI
9EHFEH;BB;I EDJYJY?D9EHFEHY;I7L;9B;IDCH<=75=F9G:;I?DIJ7BB7J?EDI
GK?H7FF;BB;DJBn;IJ>YJ?GK; :;I L?JH?D;I :; F7H<KC;H?;EK :;I 7D9?;DI
7FEJ>?97?H;I
&EDE8@;9J?<?D?J?7B7L;9B;IgF7H<KCI h<7?JI:;C7J?ZH;
g 78@;9J; h YJ7?J :; C;JJH; B7 9EDIECC7J?ED ;J Bn;IJ>YJ?GK; :;I
FHE:K?JI:n>O=?ZD;;J:;8;7KJY;DGK;IJ?ED


%7FH;C?ZH;IK8IJ7D9;UH;CFB?HKD<B79EDDCH<=75=F9YJ7?JCEDI7D=
C;DIJHK;B 9EBB;9JY:nKDJ7CFEDKI7=Y ;JFH;IIY :?H;9J;C;DJ:7DI B;
HY9?F?;DJ
#n7?IK?L?<7I9?DY;B;9>7D=;C;DJ:;B79EKB;KH:KI7D=
%;
HEK=; L?< ;IJ :;L;DK 8HKD KD; :;C? >;KH; 7FHZI B7 9EBB;9J;
 )EKHB;
gF7H<KCh:;<Z9;I@n7?:cCYB7D=;H:;Bn;7KUB7C7J?ZH;FEKH7LE?H
KD; IK8IJ7D9; 7GK;KI; ;J 7?DI? H;CFB?H B; <B79ED
 #n7? LY9K
:n?DDEC8H78B;I;NFYH?;D9;I :;C7D?FKB7J?ED:; C7J?ZH;I HYI?:K;BB;I
;J CED :Y<? YJ7?J :; IKHCEDJ;H Bn78@;9J?ED
 %EHIGK; @nYJK:?7?I B;
9ED9;FJ:YL;BEFFYF7H#KB?7$H?IJ;L7 CED:Y=EcJYJ7?JH;B7J?L?IYF7H
B; 9EDJ79J <HYGK;DJ 7L;9 9;I C7J?ZH;I
 Z9;I FKI ;J LEC?II;C;DJ
FHELEGK;DJJEK@EKHI C7D7KIY;C7?I Bn78@;9J?ED:; C7J?ZH;I9ECC;
B;I7D=C;DIJHK;BB;IF;HC;B7I7B?L;B7CEHL; ;J BnKH?D; 7 :?IF7HK


 
#n7? IKHCEDJY B7 97IJH7J?ED GK? 9ED:7CD; KD; 8EDD; F7HJ?; :;I
>KC;KHI9EHFEH;BB;I


%n7<<;9J B?Y U Bn;NFYH?;D9; :; 9EBB;9J; ;J ;C8EKJ;?BB7=; :;I HYI?:KI


;IJ :;L;DK FBKI ?CFEHJ7DJ GK; Bn7IF;9J 9H?J?GK; ?D?J?7B
 %;I HYI?:KI
IEDJIEHJ?I :; Bn78@;9J?EDFEKHFH;D:H;B;HaB; :; H;B?GK;IFHY9?;KI;I

%7 FEYJ?GK; :;I H;B?GK;I 9EHFEH;BB;I ;IJ JEK@EKHI JHZI 9H?J?GK; FEKH
B;I IF;9J7J;KHI C7?I F;HIEDD;BB;C;DJ ;BB; ;IJ FBKI 7<<;9JK;KI;
;J FIO9>EC7=?GK; GK; FHELE97JH?9;
 ,? :7DI KD FH;C?;H CEC;DJ
B;I 8;7KN <B79EDI EDJ YJY KJ?B?IYI FEKH :YDED9;H B7 F;HL;HI?ED
:;I CE:ZB;I :; 9EDIECC7J?ED 7K@EKH:n>K? ?BI 7<<?HC;DJ B; IJ7JKJ
IOC8EB?GK;C;DJ>7KJ:;IH;B?GK;I
%;IFK?II7D9;IFIO9>EC7=?GK;II;
IEDJ ?CFHY=DY;I JH7DI<EHC7DJ B;I DCH<=75=F9G ;D KD; 9EBB;9J?ED
@7C7?I 79>;LY;
 .D; 9EBB;9J?ED GK? H79EDJ; :;I >?IJE?H;I 7L;9 B;I
HYI?:KI:K9EHFI:;IF;HIEDD7=;I

%; B7D=7=; ;CFBEOY FEKH :Y<?D?H B;I C7J?ZH;I EH=7D?GK;I 7 7KII?


9>7D=Y 7K<?B :KJ;CFI
i BnE997I?ED :nKD;9YHYCED?;:n-A65B85U
)7H?I @n7?H;XKKDg F7II; h :nKD; ;DJ?JY?D9EHFEHY;
#n7?:;C7D:YU
Bn;DJ?JY :;I 9EDI;?BI FEKH =YH;HIOC8EB?GK;C;DJ B;I H?JK;BI 7HJ?IJ?GK;I
Eb@nKJ?B?I;:;IHYI?:KI>KC7?DI9ECC;C7J?ZH;FH;C?ZH;
%n;DJ?JYCn7
:?J:;D;F7IC;HY<YH;HU9;IC7J?ZH;I;DKJ?B?I7DJB;CEJFVG=8IC7?I
7L;9B7DEJ?EDFEI?J?L;:;8CB
"BD;In7=?JF7I:;HY9KFYH;H:;IFVG=8IG
H;@;JYI C7?I :; H;9;LE?H :;I 8CB5H=CBG :; IK@;JI ?DJYH;IIYI F7H C7
:YC7H9>;
;JJ;:?<<YH;D9;:;F;HIF;9J?L;H;C;JB7DEJ?ED:n78@;9J?ED
;D GK;IJ?ED
 .D; C7J?ZH; IOC8EB?GK;C;DJ 78@;9J; I;BED B7
F;HIF;9J?L; @K:YE 9>HYJ?;DD; F;KJ 7LE?H KD; 9EDDEJ7J?ED FEI?J?L; ;J
JH7DI<EHC7JH?9;:7DIB;IH;B?=?EDI:?J;IgFH?C?J?L;Ih


 
%n7C8?=d?JY IOC8EB?GK; :K9>H?IJ?7D?IC;<7XEDD; 9;JJ;:YC7H9>;GK?
<B?HJ 7KII? 7L;9 B7 I79H7B?I7J?ED :;I :YFEK?BB;I 9EHFEH;BB;I :;I I7?DJI

L;9 C;I lKLH;I @; FHEFEI; B7 g I7D9J?<?97J?EDh :; JEKJ 9; GK? I;
:YJ79>; :K 9EHFI B5HIF9@@9A9BH g I79HY h
 #nYB7H=?I B7 DEJ?ED :;
I79H7B?I7J?EDUKDJ;BD?L;7KGK;JEKJg:EDhF;KJ[JH;gI79HYh
;
IEDJB;I 7<<;9JI GK?H;D:;DJGK;BGKnKDEKGK;BGK; 9>EI; I79HY
 ?DI?
B;I8CBGEH=7D?GK;IGK;@nKJ?B?I;:7DIC;IlKLH;IIEDJgI79HYIhJEKJ
9ECC; B;I H?J;I :n?DJ;H79J?ED 7L;9 9;I 8CBG
  B7 :?<<YH;D9; :;I
F;H<EHC7D9;I GK? ;N?IJ;DJ I;KB;C;DJ :7DI B; J;CFI YF>YCZH;
:K H?JK;B B;I H;B?GK;I EH=7D?GK;I F;KL;DJ 9EDI;HL;H B;KH 97H79JZH;
gI79HYhFEKHKD;FYH?E:;?D:YJ;HC?DY;
n;IJ7L;9B;9>7D=;C;DJ:;
F;HIF;9J?L; J;CFEH;BB; EbB; 9EHFI E<<H; IED:Y8EH:;C;DJ FEKH [JH;
<?=Y:7DIB;J;CFIgI79HYh:KH;B?GK7?H;7HJ?IJ?GK;GK;@;FHEFEI;B;
:;HD?;H9>7F?JH;:;9;JJ;H;9>;H9>;>KCEH7B;

 
#KB?7$+",-/(CIJC=FG89@j<CFF9IFGG5=GIF@j56>97H=CB)7H?I,;K?B 

 %;gF7II;h;IJ KD;g8YDY:?9J?EDhY9>7D=Y;;DYJ7J:;JH7DI;
%EHI :;B79YHYCED?;

:n-A65B85B;CY:?KC?D9EHFEH;KD;;DJ?JYKD;IFH?J 7<H?97?DEKCYJ?II; GK?F7HB;7K


9EDIKBJ7DJ
'EHC7B;C;DJ Bn;DJ?JY:EDD;:;I 9EDI;?BI IF?H?JK;BI ;JFHEFEI;:;IH?JK;BI ;D
>ECC7=;7KN'F=LQG

 

 

 

 

 

)EKHB7HY7B?I7J?ED:;C;I lKLH;I H;B?GK7?H;I@; 9EBB;9J; :;I HYI?:KI


9EHFEH;BIB;IC?;DI;J9;KN:;I:ED7J;KHI:;FK?I 
KNC7J?ZH;I
B?GK?:;I ;J FYH?II78B;I C;DIJHK;I IF;HC; KH?D; <Z9;I CEHL;
B7HC;I IK;KH I7B?L; EK B7?J C7J;HD;B @n7@EKJ; :;I =EKJJ;I :;
<EHC7B:Y>O:; 7L7DJ :; B;I I9;BB;H:7DI :;8;7KN <B79EDI :; F7H<KC
7D9?;DD;I<?EB;I:;CY:?97C;DJIEKC?D?7JKH;I:;8EKJ;?BB;I:n7B9EEB

;I <B79EDI H;B?GK7?H;I GK?F;KL;DJ 9EDJ;D?H7KII? :;I C7J?ZH;I DED
FYH?II78B;I 97B9KBI HYD7KN HE=DKH;I :nED=B;I FE?BI EK :;DJI :;
I7=;II; 9ECFEI;DJ B;I DCH<=75=F9G
 &ED 7JJ79>;C;DJ 7<<;9J?< 7KN
<B79EDI ;J7KNC7J?ZH;I In;IJ?DJ;DI?<?Y7L;9Bn?D9EHFEH7J?ED:nYBYC;DJI
9ECC; B;I 9;D:H;I :; C7 =H7D: CZH; ;J C;I IY9HYJ?EDI I;NK;BB;I
DKFJ?7B;I
 %EHI :; CED :YCYD7=;C;DJ ;D H7D9; BnKD; :; C;I
L7B?I;IYJ7?JH;CFB?;7L;9C;IlKLH;I:n7HJB;I<B79EDI FBKI FHY9?;KN
:;I DCH<=75=F9G :;I CZ9>;I ;J :;I J?II7=;I ;D 9>;L;KN ;J CED
CYJ?;H U J?II;H
 "DIJ7BB;HB;I <B79EDI :7DI 9>7GK; 7FF7HJ;C;DJ Eb @n7?
LY9K7<?D?F7H:;L;D?HKD?CFEHJ7DJH?J;:nE99KF7J?EDIOC8EB?GK;

%;I :;KN FH;C?ZH;I ?DIJ7BB7J?EDI DCH<=75=F9G YJ7?;DJ 9ECFEIY;I :;I


<B79EDI JH7DIF7H;DJI H;CFB?I :; IY9HYJ?EDI ;J :;I FB7GK;I :; L;HH;
CEDJY;I ;D g I7D:M?9> h 7L;9 :;I :;II?DI 97F?BB7?H;I 7K C?B?;K

DCH<=75=F9 ! YJ7?J KD; ?DIJ7BB7J?ED I9KBFJKH7B; ;BB; 9ECFEHJ7?J
FBKI?;KHI FB7GK;I :; L;HH; 9EBBY;I B;I KD;I 7KN 7KJH;I
 %7 :;KN?ZC;
?DIJ7BB7J?ED YJ7?JFBKI BY=ZH; 9ECFEIY; :; FB7GK;I ;JYJ7=ZH;I <?NY;I

 
9EDJH;B;CKH
;9;I :;KNFH;C?ZH;I?DIJ7BB7J?EDI?BD;H;IJ;GK;B;I
<B79EDI IKH B;IGK;BI @n7? =H7LY B;I DECI :;I IY9HYJ?EDI GK? B;I
H;CFB?II;DJ
 K 9EKHI :;I 7DDY;I IK?L7DJ;I B7 9EBB;9J?ED 7 FH?I
:?<<YH;DJ;I<EHC;I :n?DIJ7BB7J?ED:7DI CED7J;B?;H8HYI?B?;D
 i FHYI;DJ
B;I DCH<=75=F9G IEDJ ?DIJ7BBYI 9>;P CE? IKH JHE?I YJ7=ZH;I ;D L;HH;
FEIY;IIKH:;IYGK;HH;I;DCYJ7B


%;I <B79EDI :; B7 9EBB;9J?ED EDJ 7KII? 9>7D=Y I? :7DI KD FH;C?;H
J;CFI B7 JH7DIF7H;D9; YJ7?J ?CFEHJ7DJ; FEKH HYLYB;H B; 9EDJ;DK
C7?DJ;D7DJ B;I GK;IJ?EDI IOC8EB?GK;I ;J 7<<;9J?L;I IEDJ FBKI
YC?D;DJ;I
 "BI F;KL;DJ [JH;9EBEHYI EK7LE?H:;I CEJ?<I;J?BID;IEDJ
F7I JEKI H;CFB?I
%7 9EBB;9J?ED =H7D:?J F;J?J U F;J?J 7L;9 :;I <B79EDI
79>;JYIFEKHCE?EKE<<;HJIF7H:;I7C?IB;IH;CFB?H;IJKD;:;KN?ZC;
YJ7F; :K FHE9;IIKI
 i 9>7GK; LEO7=; 7K HYI?B @; H;DJH; 7L;9 :;I
97:;7KNEH=7D?GK;I
&;I7C?ICnEDJ:Y@UE<<;HJJEKJ;IEHJ;:;C7J?ZH;
EH=7D?GK;  COEC; =H7?II;KN 97B9?<?97J?EDI B79HOC7B;I 97B9KBI
HYD7KN ;J LYI?9KB7?H;I =H7?DI :; 8;7KJY :;DJI :; I7=;II; ;J9
 )EKH
7LE?HB;I 9;D:H;I:;C7=H7D: CZH;@n7?:;C7D:YB7F;HC?II?EDUC7
<7C?BB;
 #nYJ7?I 7K HYI?B FEKH C;I L797D9;I :; 'E\B GK7D: ;BB; ;IJ
:Y9Y:Y;@n7?:ED9;KBE997I?ED:;HY9KFYH;HKDF;K:; I;I 9;D:H;I
@KIJ;7FHZIB;IE8IZGK;I


,EKL;DJB;I8CBGCn7HH?L;DJ:7DI:;I;C87BB7=;I>EIF?J7B?;HIEK:7DI
:;IFEJI;DFB7IJ?GK;
%7JH7DIFEI?J?ED:7DIB;I<B79EDI;IJB;FHE9;IIKI
GK?B;I?D7K=KH;;DJ7DJGK;H;B?GK;KDH?JK;BGK?I9;BB;;JCEC?<?;B;I
IEKL;D?HI ;J B;I 7<<;9JI EH=7D?GK;I
 *K7D: GK;BGKnKD CnE<<H; KD;
<?EB; @; :;C7D:; U B7 F;HIEDD; :; C; :EDD;H 7KII? KD; C7J?ZH;
EH=7D?GK;FEKHH;CFB?HB;97:;7K
*K;BGK;I <E?I@;=7H:;B;I <B79EDI

 
L?:;IF;D:7DJ BED=J;CFI7L7DJ:; JHEKL;HB78EDD; C7J?ZH;FEKHB;I
H;CFB?H
 &;I :YC7H9>;I 7HJ?IJ?GK;I IEDJ :Y@U JHZI 9EDDK;I :7DI C;I
9;H9B;I 7<<;9J?<I H;9;LE?H :;I C7J?ZH;I EH=7D?GK;I EK :;I <B79EDI ;IJ
:;L;DKKD;IJ?CKB7J?EDFEKH9EDJ?DK;HC79EBB;9J?ED

%;I DCH<=75=F9G EDJ C7HGKY B; :Y8KJ :; C7 FEYJ?GK; HYI?:K;BB;
:;FK?I  7DI :; :YC7H9>; @; B;I 9EDXE?I 9ECC; KD; lKLH;
9EBB;9J?ED ;D 9EDIJ7DJ; 9EDIJHK9J?ED
 #n7? ;NFEIY B;I DCH<=75=F9G
FBKI?;KHI <E?I C7?I @; 9HE?I D; F7I [JH; 97F78B; :; L;D:H; EK :;
C; IYF7H;H :Y<?D?J?L;C;DJ :; B7 9EBB;9J?ED
 #n7?C;H7?I 8?;D GK; C7
FHEFH;:YFEK?BB;DCGH ACFH9AFK?II;<?D7B;C;DJ9ED9BKH;BnlKLH;
D
7JJ;D:7DJ @n;IFZH; 9EBB;9J;H ;J JH7DI<EHC;H ;D H;B?GK; B;I C7J?ZH;I
GK?C7HGK;HEDJ B;I CEC;DJI IOC8EB?GK;C;DJ ?CFEHJ7DJI :;C7 L?;

%;I DCH<=75=F9G IEDJ :;L;DKI KD; CYJ7F>EH; :; Bn7B8KC :;
F>EJE=H7F>?; B;I 8CBG :; 9EBB;9J?ED H;CFB?II;DJ 7KII? C7 CYCE?H;
7<<;9J?L;

7DI CED 7J;B?;H 8HYI?B?;D B;I DCH<=75=F9G EDJ FH?I B; HaB;
:ng7KJ;BIh<EHC7J7DJB;9EDJ;NJ;IOC8EB?GK;;J;IJ>YJ?GK;:;IH?JK;BI
F;H<EHC7J?<I
"BI EDJ:EDDYKDFE?:I :;IEB;DD?JYI79H7B?I7DJ;U JEKJ;I
C;I79J?EDI7HJ?IJ?GK;I
nYJ7?J7KJEKH:;I DCH<=75=F9GGK;@;C;IK?I
H7IY; B7 J[J; GK; @n7? J?IIY B7 9KBEJJ; ;J HY7B?IY B; FHE@;J 9EBB78EH7J?<
*9JXH9N JCIG 89 A9G 7<9J9IL
 "BI YJ7?;DJ 7KII? FHYI;DJI GK7D: @n7?
F;H<EHCY =@G ;JBn7H9(GM7<CA5;=EI9
,7DI B;I7LE?HB7I79H7B?I7J?ED
:;I HYI?:KI 9EHFEH;BI 7 YJY CED FH;C?;H 79J; FIO9>EC7=?GK;
 i
BnYFEGK; @; D; 9EDD7?II7?I F7I ;D9EH; B; 9ED9;FJ :nB;@7D:HE
#E:EHEMIAO C7?I B?DJ;DJ?ED FIO9>EC7=?GK; :;I DCH<=75=F9G ;IJ
9B7?H;
 #; D; =7H:;F7I B;I HYI?:KI :; Dn?CFEHJ;GK?;J@;D;HY9KFZH;

 
F7I:;IHYI?:KII7DI Bn7KJEH?I7J?ED:K:ED7J;KHI7K<;D97I:;:Y9ZI
?BIn7=?J:nKD;:YC7H9>;EbBnY9>7D=;IOC8EB?GK;7L;9B;:ED7J;KHEK
7L;9B7CEHJ:E?J[JH;YL?:;DJ;J:YB?8YHY

-,1%& &/"0   ?DIJ7BB7J?EDI#0+'..#&'163#

%;I DCH<=75=F9G IEDJ KD; IEHJ; :; A5HVF=5@=GA9 89 @j5::97H @n?DL;IJ?I
:7DIB7C7J?ZH;78@;9J;>KCEH7B;;JHYI?:K;BB;JEKJ;B7FK?II7D9;:;
BnY9>7D=;7<<;9J?<;JIOC8EB?GK;;DJH;B;gCE?h;JBng7KJH;h;DJH;B7


L?; ;J B7 CEHJ ;DJH; B; HY;B ;J B?C7=?D7?H;
 %7 C7J?ZH; EH=7D?GK;
YJ78B?J KD Y9>7D=; IE9?7B ;J IOC8EB?GK; GK? JEK9>; KD; DEJ?EDFBKI
g FH?C?J?L;h GK; CE:;HD;
 ;FK?I B7LZD;C;DJ :;I JYBY9ECCKD?97
J?EDI ;J :; Bn?DJ;HD;J DEI Y9>7D=;I IE9?7KN I; HYIKC;DJ IEKL;DJ U
B?CCY:?7J;JY L?HJK;BB;
%;I Y9>7D=;I IE9?7KN 7L;9 B7 FHYI;D9; HY;BB;
:;I 9EHFI IEDJ:;L;DKI :;FBKI ;D FBKI H7H;I
 %7:?IJ7D9;E9Y7D?GK;
GK? C; IYF7H; :K HYI?B Cn7 CEDJHY; Bn?CFEHJ7D9; 7<<;9J?L;
IOC8EB?GK;;JHY;BB;:;IY9>7D=;IEbB79>7?H;IJJH7L;HIY;F7HB;:YI?H
:m[JH;;DI;C8B;


,;BED #;7D 7K:H?BB7H: c !@ 9GH @jIHCD=9 EI= A9H :=B 5IL HCD=EI9G 89
@jSA99H8I7CFDG89@j<CAA99H89@5B5HIF98IFV9@9H8IBCB FV9@
89 @5 B5=GG5B79 9H 89 @5 ACFH
 5BG @CDVF5H=CB GMA6C@=EI9 @9G 89IL
H9FA9G D9F89BH @9IF DF=B7=D9 89 FV5@=HV
 d  "B DEKI CEDJH; GK; B;
IOC8EB?GK; Dn;IJ F7I KD 9ED9;FJ EK KD; 97JY=EH?; C7?I KD 79J;
:nY9>7D=; ;J KD H7FFEHJ IE9?7B GK? C;J <?D 7K HY;B GK? HYIEKJ
BnEFFEI?J?ED;DJH;B;HY;B;JBn?C7=?D7?H;
%;IOC8EB?GK;;IJ9;GK?C;J
<?DUB7:?I@ED9J?ED:nKDFH?D9?F;IF?H?JK;B:;B7IYF7H7J?ED;DJH;BnVC;
;JB;9EHFI
"B7<<?HC;;D9EH;GK;:7DIB;IOIJZC;9EDJ;CFEH7?DB7BE?
:; BnY9>7D=; IOC8EB?GK; Dn7 F7I 9>7D=Y
 7DI B; 9EDJ;NJ; FH?C?J?<
B;I Y9>7D=;I YJ7?;DJ YJ78B?I U JH7L;HI BnEFYH7J?ED IOC8EB?GK; :;
Bn?D?J?7J?ED Eb B7 CEHJ ;IJ :EDDY; ;J H;XK; :ED9 HYL;HI?8B; :7DI
BnY9>7D=; IE9?7B
 %n;D<7DJ DED ?D?J?Y Dn7 <7?J GK; D7^JH; 8?EBE=?GK;
C;DJ FEKH :;L;D?H KD [JH; IE9?7B ?B BK? <7KJ F7II;HF7HB7 D7?II7D9;
CEHJ?D?J?7J?GK;
7DI B;IOIJZC; 9EDJ;CFEH7?DB;gFH?NhGK; DEKI
F7OEDI FEKHB7 gHY7B?JY h :; 9;JJ; L?; FEKHI7L7B;KHFEI?J?L;;IJ B;
<7DJ7IC;9EDJ?DK;B:;B7 CEHJ
 'EKI 9EDJ?DKEDI :nY9>7D=;H7L;9 B;I


CEHJI C7?I DEKI F7OEDI 7L;9Bn7D=E?II; :; DEJH;FHEFH;CEHJ
'EKI
C7H9>7D:EDI 7L;9 DEI CEHJI IEKI B;I 7KIF?9;I :;B7 CYB7D9EB?; B;I
FH?C?J?<I L?L;DJ 7L;9 B;I B;KHI IEKI B;I 7KIF?9;I :K H?JK;B ;J :; B7
<[J;


7H:;H B;I 9;D:H;I :; C7=H7D: CZH; EKB;I 7@EKJ;H :7DI B;I 8?@EKN
H;B?GK7?H;IIEDJ:;I =;IJ;I GK?FHYJ;D:;DJUKDY9>7D=;7L;9 B7CEHJ
GK? D; IE?J F7I GK; CYB7D9EB?GK;
L;9 9;I H;B?GK;I @; 9EDI;HL; I7
C7JYH?7B?JYHYI?:K;BB;C7?I7KII?B;IL7B;KHIGK?DnEDJF7I:?IF7HK7L;9
I7CEHJ
DFEHJ7DJB;8?@EK@nYJ78B?;KDY9>7D=;IOC8EB?GK;7L;9I7
FK?II7D9; :ng 7D9[JH; h ;J:; g C7JH?7H9>; h
#n;II7O; :nYJ78B?H7L;9
Bn7HJKDY9>7D=;7L;9B7CEHJGK?Y9>7FF;UB7DEJ?ED:;L?;9ECC;
FHE:K9J?ED Y9EDEC?GK; ;J Bn?D:?L?:K7B?I7J?ED :; Bn[JH;
 #;7D
7K:H?BB7H: 7<<?HC;GK;I;KB;KD;78IKH:;J>YEH?;:;B7B?8;HJYF;KJ
FHYJ;D:H;GK;DEKI ;DIECC;IGK?JJ;I7L;9B7CEHJ
%7:;JJ;;DJH;B7
L?;;JB7CEHJ;IJKD?L;HI;BB;;J?D9;II7DJ;
,?B7CEHJD;F;KJF7I [JH;
Y9>7D=Y; :7DI KD H?JK;B IE9?7B ;J IOC8EB?GK; 9ECC; 9>;P B;I
FH?C?J?<I ;BB; I; H79>ZJ;H7 :7DI KD JH7L7?B ?D:?L?:K;B :; :;K?B
CYB7D9EB?GK;


7DIB;IIE9?YJYIIEKC?I;IUB7BE?:;BnD9[JH;B;9ECFB;N;:nk:?F;
Dn;N?IJ; F7I
 >;P B;I g FH?C?J?<I h B7 g <ED9J?ED IOC8EB?GK; h D;
In7HJ?9KB; F7I IKH B7 BE? :K )ZH; ;J B; FH?D9?F; :; HY7B?JY FIO9>?GK;
?D:?L?:K;B C7?I IKH KD FH?D9?F; 9EBB;9J?< :nY9>7D=;I
 %7 <?=KH;
IOC8EB?GK; :; C7 =H7D: CZH; In7HJ?9KB; FBKJaJ :7DI KD; BE? :;
BnD9[JH;GK;:nKD;BE?:K)ZH;9ED:?J?EDGK?C;:EDD;B7FEII?8?B?JY
:nY9>7D=;H7L;9I7CEHJ
#;7D7K:H?BB7H:;NFB?GK;GK;B;IOC8EB?GK;
Dn;IJ F7I KD; ?DIJ7D9; <ED:Y; F7H B7 CY:?7J?ED :nKD )>7BBKI KD;


<?=KH;C7@KI9KB;IKHB7GK;BB;In?D97HD;DJB;I?C7=;ICYJEDOC?GK;I :;
B7%E?;JB;IE8@;JI:;C7DGK;
%;IOC8EB?GK;;IJB;9O9B;:nY9>7D=;I
KDEH:H;GK?D7^J:;B7HYL;HI?8?B?JY:;IY9>7D=;I


%;I 9;D:H;I :; C7 =H7D: CZH; EDJ YJ78B? KD Y9>7D=; IOC8EB?GK;
JHZI IFY9?<?GK; DY7DCE?DI B7 FBKI =H7D:; F7HJ?; :;I H;B?GK;I :;I
DCH<=75=F9G D; FHEL?;DD;DJ F7I :; 9EHFI CEHJI
 L;9 B;I HYI?:KI
CEHJI :nEH=7D?IC;I L?L7DJI @;FHEFEI;KDY9>7D=;IOC8EB?GK; 7L;9
B7L?;7L;9 B7DEJ?EDC7JYH?7B?IJ;:;L?;
%;I >KC;KHI GK?InY9EKB;DJ
:K 9EHFI IEDJ :; B7 C7J?ZH; EH=7D?GK; FH[J; U CEKH?H B7 FEKHH?JKH;
;IJ B;KH :;IJ?D
 ?DI? GK7D: @7HH[J; B;KH :YJYH?EH7J?ED 7L;9 :K
<EHC7B:Y>O:; @; B;I g CEC?<?; h @; B;I <?=; :7DI B; J;CFI FHYI;DJ
:; CED 7<<;9J
 %;I HYI?:KI IEB?:;I 9>;L;KN ED=B;I :;DJI ;J
97B9?<?97J?EDI DnEDJ F7I 9; 97H79JZH;:; :Y9ECFEI?J?ED ?BI IEDJ :Y@U
<?=YI
 -EKJ;I B;I H;B?GK;I :;I DCH<=75=F9G IEDJ :ED9 g CEC?<?Y;I h
D7JKH;BB;C;DJ EK 7HJ?<?9?;BB;C;DJ
 n;IJ B7 9ED:?J?ED C7JYH?7B?IJ; :;
IK8IJ7D9;CEHJ; L?L7DJ;GK?YJ78B?JBnY9>7D=;IOC8EB?GK;:;BnlKLH;

%7C7J?ZH;7C8?L7B;DJ;97F78B;:nKD;HYL;HI?8?B?JY:;L?;;J:;CEHJ
F;KJYJ78B?HB;:?7BE=K;;DJH;B;I:;KN?DIJ7D9;I


%7CEHJ;IJB7I;KB;9;HJ?JK:;:;B7L?;;BB;<ED:;B7<H7=?B?JYB78;7KJY
;J B7 L7B;KH :; B7 L?;
 %;I DCH<=75=F9G IEDJ KD; IEHJ; :; J5B=HV
9EDJ;CFEH7?D; GK? YLEGK; B7 L?; ;J IED 97H79JZH; YF>YCZH;
 %;I
<B79EDI <EDJ HY<YH;D9; 7KN <H?LEB?JYI :; B7 L?; J;HH;IJH; F7H<KC ;J
7B9EEB EKU B7 H;9>;H9>; :; B7 =KYH?IED:K 9EHFI CY:?97C;DJI
 "BI
YLEGK;DJ B; 97H79JZH; JH7DI?JE?H; :; B7 L?; ;J B?CFK?II7D9; :; JEKJ;
H?9>;II; ;J I7=;II; :;L7DJ B7 CEHJ
 L;9 C7 9EBB;9J?ED @; 9YBZ8H; B7
<H7=?B?JY :; B7 L?; @nY9>7D=; IOC8EB?GK;C;DJ 7L;9 B;I CEHJI ;J 7L;9


B;I L?L7DJI
 #; H;BZL; B7 FK?II7D9; :; L?; 7L;9 :;I <BK?:;I I;NK;BI
C;DIJHK;I EK 7L;9 :K B7?J C7J;HD;B
#; JEK9>; U I7 <H7=?B?JY 7L;9 :;I
COEC;I EK :;I 97B9?<?97J?EDI C7B7:?L;I
 %; 9EHFI ;IJ 9EDIJ?JKY F7H
:;I C7J?ZH;I GK? F;KL;DJ 7KJ7DJ 9HY;H GKnYJ;?D:H; B7 L?; ;J 9;JJ;
9ECFB;N?JYEH=7D?GK;;IJ7K9lKH:;IDCH<=75=F9G


%;I HYI?:KI >KCEH7KN IEDJ D7JKH;BB;C;DJ ?D<EHC;I U CE?DI :n[JH;


9EDJ;DKI :7DI :;I HY9?F?;DJI
D;D<;HC7DJB;I <BK?:;I9EHFEH;BI:7DI
:;I 8;7KN <B79EDI @; B;KH :EDD; KD; <EHC; KD 9EHFI IOC8EB?GK;

IJ>YJ?GK;C;DJ B;I DCH<=75=F9G F;KL;DJ H7FF;B;H B7 F7H<KC;H?; EK
B;I 978?D;JI :; 9KH?EI?JYI
%7<7I9?D7J?EDL?IK;BB;:;IYBY=7DJI <B79EDI
DCH<=75=F9G YJ78B?J KD @;K :7C8?=K_JY Eb B; 9EDJ;DK 78@;9J F;KJ
:;L;D?HIY:K9J;KH
%7HYFKBI?ED8H?I;Bn7JJH79J?EDI;KB;C;DJUJH7L;HIB;
B7D=7=; 7L;9 B7 HY<YH;D9; Y9H?J; IKH B; <B79ED EK :7DI B7 <?9>;
J;9>D?GK;
%7 IY:K9J?EDL?IK;BB; :; BnlKLH; ;IJ :ED9 JHZI ?CFEHJ7DJ;
FEKH I7 9EDIJHK9J?EDIOC8EB?GK;
 %n;IJ>YJ?GK; :;I DCH<=75=F9G 7YJY
?DIF?HY; :;I E8@;JI ;D L;HH; H;JHEKLYI :7DI B;I 9@@G :; %EK?I;
EKH=;E?I


%7<H7=?B?JY:KL;HH;@EK;KDHaB;?CFEHJ7DJ:7DIBn;IJ>YJ?GK;:;I9@@G
B;I YBYC;DJI 7H9>?J;9JKH7KN IEDJ KJ?B?IYI 9ECC; KD; IEHJ; :;
FHEJ;9J?ED KD H;B?GK7?H; FEKH B;I E8@;JI <H7=?B;I GK? I; H;JHEKL;DJ U
Bn?DJYH?;KH
 DJH; B;I 9HK9>;I L7I;I :n7B9>?C?; <B79EDI :; F7H<KC
,>7B?C7H 87BBEDI ;J IF>ZH;I B;I L;HH;I :; %EK?I; EKH=;E?I IEDJ
FH;IGK; JEK@EKHI L?:;I
 ;I HY9?F?;DJI 7FF7H;CC;DJ I7DI <ED9J?ED
IEDJ 7D?CYI :nKD; BK;KH ?DJYH?;KH;
 %;I L;HH;I IEDJB?YI U BnY9EDEC?;
:EC;IJ?GK; U B7 9K?I?D; ;J U B7 JE?B;JJ; ?BI YLEGK;DJ Bn?:Y; :nKD;


g<;CC; C7?IEDh
%;9EHFICEH9;BY;IJBnKD;:;I7BBY=EH?;I9;DJH7B;I
:;BnlKLH;:;%EK?I;EKH=;E?I;JB;I<B79EDIOIEDJ?DJ?C;C;DJB?YI


,;BED %EK?I; EKH=;E?I  c $9 J9FF9 GI;;WF9 @5 :F5;=@=HV =B:=B=9 89 @5
D9FGCBB9 <IA5=B9
 3

4 !@G GCBH 89G 6I@@9G HF5BGD5F9BH9G


 !@G GCBH
9B:9FAVGJCIGBj5FF=J9ND5GR9IL
!@GGCBHG79@@VG G5BGDCGG=6=@=HV89
7CAAIB=75H=CB 3

4 +IDDCGCBG EI9 >9 J9IL EI9 79HH9 D9FGCBB9


Aj5=A99H  9@@9 9GHIB96I@@9>9 Bj5= 5I7IB577WG >9GI=G =B75D56@9
89A9:5=F99BH9B8F9CI5=AV9
d


"));J" :#&  ?DIJ7BB7J?EDI16+4'163)'1+4

KII?9ECC;FEKH%EK?I;EKH=;E?I9>79KD:;C;I <B79EDI ;IJKD;


F;HIEDD;>KC7?D;<H7=?B;>KCEH7B;;J;D<;HCY;;D;BB; C[C;
&;I
<B79EDI IEDJ7KII? I9;BBYI ;J@; IK?I Y=7B;C;DJ ?D97F78B; :; C; <7?H;
;DJ;D:H; EK 7?CY; U JH7L;HI ;KN
 )EKHJ7DJ ?BI D; IEDJ F7I L?:;I ?BI
IEDJ H;CFB?I :; IEKL;D?HI :;I CEC;DJI Eb BnY9>7D=; 9EHFEH;B YJ7?J
;D9EH; FEII?8B;
 &ED 9EDJ;NJ; ;IJ CE?DI F;II?C?IJ; U JH7L;HI B7
CYCE?H; 7<<;9J?L; @n7HH?L; U YJ78B?H KD Y9>7D=; IOC8EB?GK; 7L;9 B7
C7J?ZH; CEHJ;
 7DI B;I L;HH;I L?:;I :; %EK?I; EKH=;E?I BnY9>7D=;
;J B7 9ECCKD?97J?ED H;IJ;DJ CK;JI
 %;I DCH<=75=F9G 5 7CBHF5F=C


7HJ?9KB;DJB7FKBI?ED:; CEHJ9ECC;KDCEJ;KH:; L7BEH?I7J?ED :;B7
L?;


.D; :;I FEII?8?B?JYI :; CEDJ7=; :;I DCH<=75=F9G CEDJHY; BEHI :;
Bn;NFEI?J?ED $5 @=A=H989 ACB 8VG=F  U )7H?I 7 YJY ?DIF?HY; :;I
8E^J;I :; #EI;F> EHD;BB J;BB;I GK; (<5FA57M     %IG9IA
   ;J 56=B9H C: &5HIF5@ =GHCFM '6>97H  

%n;IJ>YJ?GK; :K g 978?D;J :; 9KH?EI?JY h ;IJ FHYI;DJ; :7DI B;I
DCH<=75=F9G ;J 7KII? :7DI B;I H;B?GK7?H;I HY7B?IYI 7L;9B;I J?II7=;I ;D
9>;L;KN
 ;I E8@;JI EDJ YJY 9HYYI IEKI Bn?D<BK;D9; ;IJ>YJ?GK; :;
BnYFEGK; /?9JEH?;DD;  Eb B;I H;B?GK;I CEHJK7?H;I BYIEJYH?IC;
Bn7B9>?C?;;J B;I I9?;D9;I D7JKH;BB;I I; H;@E?=D7?;DJ
#EI;F>EHD;BB7
7II;C8BYB;IYBYC;DJI:;9;I8E^J;I7L;9KD;9EDDEJ7J?EDGK??D9?J;U
B79KH?EI?JY<79;UBn?DJ;HH;B7J?ED;DJH; B;CED:;F>OI?GK;;J IF?H?JK;B
;DJH;Bn>ECC;;JB7D7JKH;
%n7HJ?IJ;778IEH8YB7I;DI?8?B?JYL?9JEH?;DD;
:;I7<7C?BB;GK?H;9K;?BB7?J;JHYKJ?B?I7?J:;I9>EI;IEH:?D7?H;I9ECC;
:;IJ7B?IC7DI



&+"1,#12/)&01,/6 ;J%/* 6   
7II;C8B7=;I14'2*130'..


%; 9ED9;FJ :; g 978?D;J :; 9KH?EI?JY h 7 KD I;DI ;N9BKI?L;C;DJ
9EDJ;CFEH7?D ;D H7FFEHJ 7L;9 B;I L?JH?D;I ?DJ;H79J?L;I :;I <[J;I
<EH7?D;IEKB;I =7B;H?;I:;@;KNCE:;HD;I
"D?J?7B;C;DJ?BIYJ7?;DJ:;I
E8@;JI :nYJK:; g YIEJYH?GK;I h 9EDDKI I;KB;C;DJ :;I >?IJEH?;DI
IFY9?7B?IJ;I
"BI DnEDJ YJY H;9EDDKI 9ECC; B;I FHY9KHI;KHI :KCKIY;
GK; JHZI HY9;CC;DJ
  %;KH ?D<BK;D9; ;IJ FEKHJ7DJ YL?:;DJ; :7DI
BnlKLH; :n7HJ?IJ;I IKHHY7B?IJ;I J;BI GK; &7H9;B K9>7CF ;J #EI;F>
EHD;BB C7?I 7KII? 9>;P B;I 9EDJ;CFEH7?DI 7C?;D !?HIJ DD;JJ;
&;II7=;H ;J >H?IJ?7D EBJ7DIA?
 i KD; YFEGK; Eb B7 97JY=EH?;
;IJ>YJ?GK; :K g 8;7K h ;IJ CE?DI F;HJ?D;DJ; ?B ;IJ FEII?8B; :; H;
IJ?CKB;HB79KH?EI?JY FEHJY;7KCED:; D7JKH;B J;BB;GKn;BB; ;N?IJ7?J 7K
:Y8KJ:;BnZH;CE:;HD;

%;9EBB;9J?EDD;KHFEIIZ:;:;I E8@;JI :7DI B; I;DI Eb?B L?J ;D ;KN ?B
InYL7:;C7=?GK;C;DJ:7DIKDCED:;FH?LY;JBE?DJ7?D
%n?CFEII?8?B?JY
:;9ECFBYJK:;:nKD;9EBB;9J?ED;IJ9ECF7H78B;UB7<7?C;BB;:EDD;
:;Bn?D<?D?7KJ;CFI
%;9EBB;9J?EDD?IC;7F7?I;B;I 7D=E?II;I :;CEHJ
IKHJEKJ:7DIKD;9EBB;9J?ED9ECC;B;IDCH<=75=F9GEbBnY9>7D=;7L;9
B7CEHJ;IJYL?:;DJ
%;I DCH<=75=F9G IEDJKDg978?D;J:;9KH?EI?JYIh
H;CFB?:;<7DJaC;IEH=7D?GK;IGK?YLEGK;DJB;C7DGK;
ED:YIKHB7
<ED9J?ED >?IJEH?GK; :K 978?D;J B; C7DGK; DEKHH?J BnYD?=C; :;
Bn;N?IJ;D9; :; ?;K
  %;I lKLH;I :n7HJ GK? KJ?B?I;DJ B7 IJHK9JKH; :K
978?D;J :; 9KH?EI?JYI 9>;H9>;DJ 7KII? BYD?=C7J?GK; C7?I :7DI B;I
I9?;D9;I EK :7DI B;I FH7J?GK;I 9KBJKH;BB;I EK8B?Y;I
 %;I DCH<=75=F9G
9>;H9>;DJUYJ78B?HKD;IEHJ;:;F9@=;5F9YD?=C7J?GK;;JIF?H?JK;BC7?I
I7DI?;K



%;I lKLH;I (CFHF5=H   :; +E8;HJ &EHH?I ;J -BH=H@98    
:;$?A?,C?J>H;@E?=D;DJ7KII?:;I7IF;9JIIOC8EB?GK;I;IJ>YJ?GK;I;J
<EHC;BI9>;HI7KNDCH<=75=F9G
>7GK;lKLH;FHEFEI;KD;9EBB;9J?ED
:; 8EKJ;?BB;I ?:;DJ?GK;I EF7GK;I ;J DECCY;I 7L;9 :;I HYI?:KI
9EHFEH;BI
 %n7KJEFEHJH7?J :; +E8;HJ &EHH?I ;IJ KD; HY<YH;D9; U I;I
FHEFH;I<BK?:;I9EHFEH7KN
%;I>K?J8EKJ;?BB;IEDJYJYFB79Y;I:7DIKD;
8E^J; GK?B;I;D97:H;?D:?L?:K;BB;C;DJ7L;9B;DEC:;9>7GK;<BK?:;
Y9H?J;D B;JJH;I 97F?J7B;I I7D= IK;KH IF;HC; I7B?L; <B;=C; B7HC;I
KH?D; ;J <Z9;I
 %nlKLH; :; $?A? ,C?J> 9ECFEHJ; :EKP; 8EKJ;?BB;I
7H=;DJY;I 7L;9 KD; IKH<79; C?HE?JY; 9>79KD; =H7LY; :K CED :nKD
<BK?:;9EHFEH;BY9H?J7L;9KD;FEB?9;=EJ>?GK;IF;HC;CK9KILEC?J
>K?B; B7HC;I I7D= B7?J I7B?L; :?7HH>Y; KH?D; IK;KH ;J FKI
 %;I
8EKJ;?BB;I :;I :;KN lKLH;I IEDJ FEKHJ7DJ L?:;I ?B In7=?J :nKD;
HY<YH;D9; IOC8EB?GK; 7KN HYI?:KI I7DI B7 FHYI;D9; HY;BB; :; B7
C7J?ZH;
 %;I 7HJ?IJ;I KJ?B?I;DJ B; B7D=7=; 9ECC; KD; <EH9; 7@EKJY; U
Bn;NFH;II?ED;IJ>YJ?GK;:;BnlKLH;

%; (CFHF5=H :; +E8;HJ &EHH?I ;IJKD;IEHJ; :; :?IJ?BB7J?ED :K g CE?h
KD; J;DJ7J?L; 97HJYI?;DD; :; BE97B?I;H B7 9EDD;N?ED ;DJH; B; 9EHFI
EH=7D?GK; ;J I7 9EDJH;F7HJ?; C;DJ7B;
 &EDJHY; 9ECC; KD 97J7BE=K;
:K 9EHFI EH=7D?GK; I7DI 7K9KD; JH79; :; Bm?:;DJ?JY F;HIEDD;BB; :;
Bn7HJ?IJ; BnlKLH; DEKI E<<H; KD 5BH= DCFHF5=H FBKJaJ GKnKD FEHJH7?J
 "B
In7=?J :nKD; C7D?<;IJ7J?ED :; B7 DEJ?ED :n5FH 9B H5BH EI9 @5B;5;9

;HCY;I;JEF7GK;IB;I8EKJ;?BB;ID;F;HC;JJ;DJF7IB7LYH?<?97J?ED:;
IED9EDJ;DK
 )EKHJ7DJ ?B Dn;IJ F7I DY9;II7?H; :; LE?HB7C7J?ZH;FEKH
9ECFH;D:H;B7FHEFEI?J?ED:;Bn7HJ?IJ;
%;I DECI:;I <BK?:;I:YI?=D;DJ
KD; <ED9J?ED =H7CC7J?97B; 9E>YH;DJ; B;KH <?78?B?JY IODJ7N?GK; ;IJ


8;7K9EKFFBKI?CFEHJ7DJ;GK;B;KHIJ7JKJEDJEBE=?GK;
%;I?=D?<?YDn;IJ
F7I?CFEHJ7DJBnKJ?B?I7J?ED:KI?=D?<?7DJ;IJJEKJ9;GK?9ECFJ;
7DI
B; 97I :;I DCH<=75=F9G B; B7D=7=; ;IJ 7KII? ?CFEHJ7DJ C7?I FEKH
7@EKJ;H :; B7 I?=D?<?97J?ED 7K I?=D?<?Y
 %; 9EDJ;DK ;IJ HY;B C7?I
?D<EHC; 9n;IJ B; B7D=7=; GK? 9ED<?HC; I7 LYH79?JY
 7DI B; @;K
:n7JJH79J?ED HYFKBI?ED :; BnlKLH; B; B7D=7=; ?DI9H?J B7 FK?II7D9;
78@;9J;IKHB7IY:K9J?EDL?IK;BB;:;I<B79EDI

,/1/&1 ?DIJ7BB7J?ED1$'35133+4

-BH=H@98 :; $?A? ,C?J> ;IJ 7KII? KD; 9EBB;9J?ED :; 8EKJ;?BB;I
7FF7H;CC;DJ L?:;I Eb B;B7D=7=; ;N;H9; KD HaB; <ED:7C;DJ7B
 B7
:?<<YH;D9; :; +E8;HJ &EHH?I ?B D; In7=?J F7I :nKD 7KJE FEHJH7?J B;
IF;HC;C;J;DYL?:;D9;GK;BnlKLH;Y9>7FF;UBnKD?L;HIF;HIEDD;B;J
?DJ?C; :; Bn7HJ?IJ;
 %;I 8EKJ;?BB;I IEDJ KD; HY<YH;D9; U KD; lKLH;
7DJYH?;KH; -BH=H@98 CC? C: CIFG
DJH;  ;J  Bn7HJ?IJ;7
HY7B?IY KD B?LH; 97B;D:H?;H Eb B;I FH?ZH;I :K JH7:?J?EDD;B $=JF9
8j 9IF9G  EDJ YJY H;CFB79Y;I F7H :;I ?CFH;II?EDI DECC7DJ :EKP;
<BK?:;I 9EHFEH;BI
 $?A? ,C?J> 7JJ79>; IEKL;DJ:K I;DI 7KN 9>?<<H;I;J
B;I :EKP;<BK?:;II;HY<ZH;DJU B7 DEJ?ED:;J;CFI B;I :EKP; >;KH;I
:;Bn>EHBE=;;JB;I:EKP;CE?I:;Bn7DDY;
>79KD;:;IF7=;I77KII?


YJY=H7LY;7L;9B7:7J; :nKD@EKH:;Bn7DDY;H;D<EHX7DJ9;I7BBKI?EDI
J;CFEH;BB;I;JIYGK;DJ?;BB;I7?DI?GK;B7GK7B?JYCY:?J7J?L;U JH7L;HIB7
IK==;IJ?ED :nKD; HY9?J7J?ED GKEJ?:?;DD; ;D 9EKHI
 ,;BED $?A? ,C?J>
c "j5J5=G @j<56=HI898j5=A9F

 @j=8V9 EI9 7<5EI9 <9IF9JCIG 5J9N IB9


GCFH9 89 AV8=H5H=CB EI9@EI9 7<CG9 R D9BG9F CI 7FC=F9
 "9 A9
89A5B85=G7CAA9BHBj=ADCFH9EI= DCIJ5=H7FC=F99BEIC= EI979GC=H
9H >j5= JCI@I :5=F9 IB 75@9B8F=9F V7F=H 5J97 89G :@I=89G DCIF M D9BG9F
HCIG@9G>CIFG
d 

+1&1)"!   ;J ,,(,#,2/0   


?DIJ7BB7J?ED;J97B;D:H?;H+-+/+5*

'EDBE?D :;I FHEFEI :; CY:?J7J?ED EH=7D?GK; :K CC? C: CIFG :;
$?A? ,C?J> B7 IYH?; :; B?LH;I :n7HJ?IJ; $=JF9G 89 CFDG 7 YJY 9EDXK;
FEKH Bn;NFEI?J?ED?D:?L?:K;BB; $5 @=A=H9 89 ACB 8VG=F HY7B?IY;
:7DI KD; 8EKGK?D;H?; U )7H?I
 %;I B?LH;I :nE997I?ED ;NFEIYI :7DI B7
8EKGK?D;H?; =7B;H?;EDJHYL;?BBYCED;DL?;:;:YL;BEFF;HKD;IYH?;:;
B?LH;I :n7HJ?IJ;
 ?DI? @n7? 79>;JY 9?DG B?LH;I :nE997I?ED 7L;9 :;I
9EKL;HJKH;I H?=?:;I ;J KD 8ED LEBKC; :; F7=;I
 %;I B?LH;I IEDJ
:;L;DKI :;I IKFFEHJI C7JYH?;BI FEKH B7 9HY7J?ED :n?C7=;I ;J
9ECFEI?J?EDI :; 9EBB7=;I 7L;9 B7 C7J?ZH; HYI?:K;BB; FHEL;D7DJ :K
9EHFI >KC7?D
 >79KD :;I 9?DG B?LH;I 7 YJY :Y:?Y U KD; C7J?ZH;


HYI?:K;BB;  B7HC;I I7D= ED=B;I :;DJI ;J F;7K
 %7 C7J?ZH; GK? B;I
DECC;;IJ HY;BB;C;DJ FHYI;DJ;7KCE?DI KD; <E?I :7DI 9>7GK;B?LH;
;J B;KH 9ECFEI?J?ED F;KJ [JH; 9ECFBYJY; 7L;9 :;I :;II?DI :;I
F>EJE=H7F>?;IEK:;F;J?JIE8@;JI


&3/"0!"
,/-0 IYH?;:;B?LH;I:n7HJ?IJ;#0+'..#&'163#


%; $=JF9 !  $5FA9G ;IJ KD B?LH; U 9EKL;HJKH; 8B;K H;CFB? :; =EKJJ;I
:Y9EKFY;I:;IF7=;I?DJYH?;KH;I
%;:Y9EKF7=;HY7B?IY:7DIKD=H7D:
DEC8H;:; F7=;I<EHC; KD; D?9>; 7II;P FHE<ED:; FEKHO BE=;H KD;
F;HB; JH7DIF7H;DJ; ;D <EHC; :; =EKJJ;
 7DI B; 9E?D EFFEIY KD;
<;D[JH; 7 YJY :Y9EKFY; FEKH =7H:;H KD F;J?J <B79ED 9EDJ;D7DJ C;I
B7HC;I
; B?LH; 9ECFEHJ; ;D9EH;:;I :;II?DI ;J F>EJE=H7F>?;I :nl?B
;D B7HC;I =EKJJ;I F;HB;I ;J <?EB;I ?IIK;I :; B7 9EBB;9J?ED :;I
DCH<=75=F9G
 %; 9>E?N :;I B7HC;I FEKH 9; FH;C?;H B?LH; ;IJ JHZI
F;HIEDD;B
 BB;I IEDJ 9EDIJ7DJ;I :7DI C7 L?; ?B In7=?J :ED9 :nKD;
C7J?ZH;IOC8EB?GK;C;DJ;II;DJ?;BB;FEKHJEKJ79J;FIO9>EC7=?GK;

%;$=JF9!! +5B;;IJKDB?LH;UB79EKL;HJKH;HEK=;L?<IKHB7GK;BB;@n7?
7@EKJY GK;BGK;I J79>;I :; L;HD?I HEK=; <ED9Y FEKHY9H?H; B;J?JH;
K
:Y8KJ KD; <;D[JH; FB7IJ?<?Y; FHEJZ=; KD; I;HL?;JJ; >O=?YD?GK; :7DI
B7GK;BB; KD; 8HE:;H?; HEK=; 7 YJY ;NY9KJY;
 ;DJH7B?IY; ;D 87I :;
F7=; ED JHEKL; ;DIK?J; KD; <;D[JH; GK? =7H:; KD F;J?J <B79ED 7L;9
CEDI7D=C;DIJHK;B
/;HI B7<?DKD;7KJH; <;D[JH;HYLZB;KDCEH9;7K
:; J?IIK J79>Y 7L;9 CED I7D= C;DIJHK;B
 7DI 9; B?LH; B; I7D= ;J
Bn?C7=?D7?H;:KHEK=; IEDJFBKJaJ B?YI 7K <YC?D?D
 7DI CEDB?LH; :;
IEH9?ZH;<YC?D?IJ;B;I7D=C;DIJHK;B;IJB;FBKI?CFEHJ7DJ;JI79HY
%;
I7D= F7JH?7H97B GK? 9EKB; :; B7II7II?D7J :; B7 L;D=;7D9; ;J :; B7
=K;HH;D?DJYH;II;F7IB79EDIJHK9J?EDFIO9>EC7=?GK;


%;$=JF9!!! 'B;@9G ;IJKDB?LH;U9EKL;HJKH;DE?H;7L;9:;I 9EBB7=;I


F;?DJKH;I <7?JI :; L;HD?I ;J HE=DKH;I :nED=B;I
 i Bn?DJYH?;KH :K B?LH;
KD;<;D[JH;=7H:;KD;<?EB;7L;9:;IHE=DKH;I:nED=B;I
7DI:n7KJH;I
D?9>;I CE?DIFHE<ED:;IEDJHEKL;:;I9EBB7=;I7L;9:;I<7KN ED=B;I
L;HD?I 9EBEHY ;J HE=DKH;I :nED=B;I
 %;I ED=B;I :; 9; B?LH; JH7DI?J;DJ


;DJH; B7 C7J?ZH; EH=7D?GK; ;J Bn;IJ>YJ?GK; 7HJ?<?9?;BB; :; B7 C7DK9KH;
<YC?D?D;
%;I ED=B;IJEKJ9ECC;B;I9>;L;KNIEDJKD;C7J?ZH; DED
FYH?II78B;;J<79?B;UHY9KFYH;H?BIn7=?J:nKDHYI?:KJH7:?J?EDD;BB;C;DJ
7IIE9?YUB7IEH9;BB;H?;;JUB7C7=?;

%; $=JF9 !.  9BHG 7 KD; 9EKL;HJKH; C7HHED IKH B7GK;BB; :;I
H7:?E=H7F>?;I :;DJ7?H;I EDJ YJY 9EBBY;I
 ; B?LH; 7 IKH=? :; B7
<7I9?D7J?EDFEKHC7FH;C?ZH;:;DJ:;I7=;II;;DB;LY;
%7H79?D;7L;9
JEKJ;I I;I DK7D9;I :; <EHC; ;J :; 9EKB;KH Cn7 YDEHCYC;DJ
?CFH;II?EDDY;
"D?J?7B;C;DJ@n7L7?I=7H:YB7:;DJ:7DIKD<B79EDC7?I
;D<;HC;H I;I <EHC;I Dn;IJF7I JHZI YL?:;DJ
 %7 <;D[JH; YJ7?J C;?BB;KH;
FEKH CEDJH;H B7 :;DJ :; <7XED L?I?8B;
 %; B?LH; 9ECFEHJ; 7KII?
GK;BGK;I :;II?DI :n7D7JEC?; :;DJ7?H;
 /;HI B7 <?D @n7? HY7B?IY KD
:Y9EKF7=;GK?H7FF;BB;B;I97L?JYI:;I:;DJICEB7?H;I


%; $=JF9 .  (95I ;IJ B; :;HD?;H :; B7 IYH?;


 ,7 9EKL;HJKH; 7 YJY
9ECFBZJ;C;DJ H;9EKL;HJ; 7L;9 :;I 9EK9>;I :; 9EBB7DJI 8;?=; KD;
IEHJ; :; F;7K 7HJ?<?9?;BB;
 .D =H7?D :; 8;7KJY HY;B 7 YJY ;DL;BEFFY
7L;9 :K FB7IJ?GK;JH7DIF7H;DJ;JFB79Y:7DI KD;<;D[JH;7KC?B?;K:K
B?LH;
 ;I F>EJE=H7F>?;I :; =H7?DI :; 8;7KJY ;J :;I FB?I :; B7 F;7K
IEDJ FHYI;DJI JEKJ 7K BED= :K B?LH;
 %7 F;7K ;IJ BnKD; :;I C7J?ZH;I
IEB?:;IB;I FBKI :?<<?9?B;IU9EDI;HL;HI?;BB; ;IJJHEF<?D; ;BB;F;KJI;
:Y9ECFEI;H9ECC;B;I IY9HYJ?EDI
,OC8EB?GK;C;DJ9>7H=Y;B7F;7K
YJ78B?J DEJH; Y9>7D=; J79J?B; 7L;9 B; CED:; 7?DI? 9; B?LH; ;NFBEH;
FBKJaJB;I7IF;9JIJ79J?B;IGK;L?IK;BI

%;I9?DG$=JF9G89CFDGIEDJ:;IB?LH;I:n?C7=;I;J:nE8@;JIGK;BGK;I
CEJI IEDJ 7HJ?9KBYI :7DI B7 9ECFEI?J?ED C7?I B; B7D=7=; Dn;IJ F7I


BnYBYC;DJ FH?D9?F7B
 #; C; HY<ZH; U ;KN 9ECC; :;I B?LH;I :; C7=?;
:7DI KD I;DI FBKJaJ 7BBY=EH?GK; ?BI DnEDJ F7I :; H;9;JJ;I EK :;
<EHCKB;I C7=?GK;I
 %;I $=JF9G 89 CFDI ;J B;I DCH<=75=F9G E99KF;DJ
;DI;C8B;Bn?C7=?D7?H; C7JYH?7B?IJ; :; B7IEH9;BB;H?; EK:; Bn7B9>?C?;

%n;IJ>YJ?GK; ?D9EHFEHY; 7KN HYI?:KI 9EHFEH;BI YJ78B?J KD :?7BE=K;
YL?:;DJ 7L;9 B; 978?D;J :; JH7L7?B :; B7 IEH9?ZH; EK :K 9>7C7D

EC8?DYI 7KN :YC7H9>;I F;H<EHC7J?L;I ?BI 7=;D9;DJ B;I FK?II7D9;I
EH=7D?GK;I;J7<<;9J?L;I:;C;I79J;IFIO9>EC7=?GK;I


%n;IJ>YJ?GK; :;I $=JF9G 89 CFDG Eb B7 C7JYH?7B?JY EH=7D?GK; ;DL7>?J
B;I F7=;I ;J ;<<79; B; B7D=7=; H7FF;BB; B;I B?LH;I 9HYYI F7H &?H@7C
B8KHD;DJH; ;J 
;I9>;L;KN>KC7?DIgFEKII;DJhIKHB;I
F7=;I L?;?BB?;I :; B?LH;I 97>?;HI C7=7P?D;I ;J @EKHD7KN
 %; F7F?;H
:;L?;DJKD;IEHJ;:;F;7KKD;C7J?ZH;EH=7D?GK;:nEbB7L?;YC7D;

%; 9EDJH7IJ; ;DJH; B7 HY=KB7H?JY :K J;NJ; ?CFH?CY ;J B; :YIEH:H; :;I
9>;L;KN ;IJ YL?:;DJ DY7DCE?DI 9; IEDJ B;I 9>;L;KN GK? =7H:;DJ
BnKD?9?JY;JB7<EHC; :;I F7=;I
%;I <;K?BB;I IEDJIEKL;DJJHZI 78^CY;I
F7H B7 :YJYH?EH7J?ED ;J B;I <?BI :; 9>;L;KN ;CF[9>;DJ B;KH 9ECFBZJ;
:YI?DJY=H7J?ED
%n7HJ?IJ;;CFBE?;KD;J;9>D?GK;:;<;KJH7=;GK?KJ?B?I;
:;CKBJ?FB;I7?=K?BB;I FEKHF;H9;HB;IKFFEHJ;J<?N;HB;I <?BI
 )EKHJ7DJ
Bn7FF7H;D9;Dn;IJF7IEH:EDDY;B;I9>;L;KNgFEKII;DJh9ECC;KD;
IEHJ; :; CE?I?IIKH; GK? I; FHEF7=; U B7 IKH<79; :;I F7=;I

IJ>YJ?GK;C;DJB;I 9>;L;KN7@EKJ;DJKD;9EK9>;:;FEKHH?JKH;;J :;
L?;?BB?II;C;DJ7KF7F?;H


-EKJ 9ECC; B;I $=JF9G 89 CFDG B;I ?CFH?CYI 97F?BB7?H;I :; &?H@7C
B8KHDIEDJ:;I9>?CZH;IEH=7D?GK;I:;Ig;DJ?JYIhGK?Y9>7FF;DJ7K
CED:; :;I E8@;JI ?D7D?CYI FEKH H;DJH;H :7DI BnKD?L;HI ED?H?GK; :;I


F;HIEDD7=;I ?D97HDYI
 %;I HYI?:KI 9EHFEH;BI =7=D;DJ KD DEKL;7K
9EHFI 7L;9 9;I B?LH;I B;I F7=;I :;L?;DD;DJ KD; F;7K GK? I;C8B;
L?L7DJ; 9ECC; BnY9EH9; :nKD 7H8H; Eb :;I 9>;L;KN :;I ED=B;I EK
:;I:;DJIFEKII;DJUB7FB79;:;I 9>7CF?=DEDI ;JCE?I?IIKH;I
%7HY
7HJ?9KB7J?ED FB7IJ?GK; :; B7 C7J?ZH; EH=7D?GK; ?CFH?C; KD B7D=7=;
I7DI CEJI EK =H7CC7?H; 9EDIJHK?J; U F7HJ?H :; Bn;NFYH?;D9;
A?D;IJ>YI?GK; ;J ED?H?GK; GK; B;I B?LH;I DEKI FHEFEI;DJ 7L;9 9;I
>?IJE?H;I

,11, ;J,1&7"+ E8@;JI+3,#/.$630

%7 IY:K9J?ED J79J?B; :;I lKLH;I :; &?H@7C B8KHD ;IJ 9B7?H; C7?I
Bn7HJ?IJ; KJ?B?I; IEKL;DJ :;I L?JH?D;I EK :;I 97:H;I FEKH FHEJY=;H 9;I
B?LH;I
 %;I E8@;JI 9EDIJHK?JI :; C7J?ZH; EH=7D?GK; IEDJ IEKL;DJ JHZI
:YB?97JI ;J ;CF[9>;H B; 9EDJ79J J79J?B; =7H7DJ?; B;KH FHYI;HL7J?ED

)EKHJ7DJ Bn;DL;BEFF; H;B?GK7?H; ;<<79; B;KH L?L79?JY
 #; 9HE?I GK;
BnlKLH;F;H:;DFK?II7D9; IOC8EB?GK; I7DI B7 FEII?8?B?JY:K9EDJ79J

%n;DL?; :; C7D?FKB;H B?LH;I 97>?;HI C7=7P?D;I ;J @EKHD7KN ;IJ
FH;IGK; ?DIJ?D9J?<
 EDJH7?H;C;DJ 7KN lKLH;I :; &?H@7C B8KHD %;I
$=JF9G89CFDGEDJYJY9EDXKIFEKH[JH;C7D?FKBYIF7HB;FK8B?9JEKJ
9ECC; B; $=JF9+9BGCF=9@   :; %O=?7 B7HA
%n?DJ;H79J?ED;IJ BnKD


:;I FE?DJI <EHJI :;I B?LH;I :n7HJ?IJ; ;CF[9>;H B;KH C7D?FKB7J?ED
7DD?>?B;B;KH9ED9;FJYBYC;DJ7?H;


7DI B; $=JF9 +9BGCF=9@ B;I <;K?BB;I IEDJ :;I FE9>;I ;D FB7IJ?GK;
JH7DIF7H;DJ 9EDJ;D7DJ :; Bn;7K :;I 9EGK?BB7=;I :;I 97?BBEKN :;I
9EF;7KN :7BKC?D?KC :;I YB7IJ?GK;I ;J9
 %; B?LH; 7 YJY 9EDXK FEKH
[JH;F7BFYB;H7FFEHJJ79J?B;;IJBn7IF;9JB;FBKI?CFEHJ7DJ:;BnlKLH;

%7L?I?ED@EK;KDHaB;I;9ED:7?H;@KIGKnUB7:;HD?ZH;F7=;GK7D:;BB;
H;:;L?;DJ 9;DJH7B; 7L;9 B7 FHYI;D9; :nKD C?HE?H
 7DI IED H;<B;J B7
F;HIEDD;GK?<;K?BB;JJ;B;B?LH;I;H;JHEKL;<79;UI7HY7B?JY;JU9;BB;:K
CED:;GK?B;DJEKH;
ECC;:7DI B;I $=JF9G89CFDGBn;N79;H87J?ED
:KH7FFEHJJ79J?B;7KN B?LH;I FH;D: B; F7I IKHB; B7D=7=; GK? <?D?J F7H
:?IF7H7^JH;

&3/""+0,/&") E8@;J?DJ;H79J?<:)+#.#3-

%n?CF79J:; B7 F;DIY;9EHFEH;BB;;JI;DIEH?;BB;:;%O=?7B7HA;IJJHZI


I?=D?<?97J?< :7DI C7 FHE:K9J?ED 7HJ?IJ?GK;
 K D?L;7K ;IJ>YJ?GK; DEI
:?<<YH;D9;I IEDJ YL?:;DJ;I C7?I B7 <7DJ7IC7J?GK; :K 9EHFI I;
C7D?<;IJ; 9B7?H;C;DJ :7DI C;I ;NFYH?;D9;I 7HJ?IJ?GK;I
 %n?DIJ7BB7J?ED
CFDCF5@@=G   ;IJ DY; :; Bn?D<BK;D9; :?H;9J; :;I ?DIJ7BB7J?EDI
FYDYJH78B;I :YL;BEFFY;I F7H %O=?7 B7HA ;J !YB?E (?J?9?97 ;DJH; B;I


7DDY;I   ;J 
 %EHI :; Bn;NFEI?J?ED HYJHEIF;9J?L; ,FCD=7Q@=5
IA5 F9JC@IUTC B5 7I@HIF5 6F5G=@9=F5  HY7B?IY; :7DI B; &KIY; :nHJ
&E:;HD; :; +?E :; #7D;?HE @n7? FK ;NFYH?C;DJ;H GK;BGK;I
FHEFEI?J?EDI ?DJ;H79J?L;I 9HYY;I F7HB;I :;KN7HJ?IJ;I
 %;I ?DIJ7BB7J?EDI
J79J?B;I,FCD=7Q@=5:;!YB?E(?J?9?97;J$5A5=GCB9GH@97CFDI:;%O=?7
B7HAEDJYJY;DJ?ZH;C;DJH;9EDIJHK?J;IUF7HJ?H:;IFHE@;JIEH?=?D7KN

%; 9EDJ79J J79J?B; 7L;9 B7 C7J?ZH; HYI?:K;BB; <7?J IEKL;DJ F7HJ?; :;
Bn;NFYH?;D9;7HJ?IJ?GK;GK;@;FHEFEI;7KNIF;9J7J;KHI:;C;IlKLH;I

&7B>;KH;KI;C;DJ :7DI B; 97:H; :;I ;NFEI?J?EDI <;IJ?L7BI ;J I7BEDI
:n7HJFBKIJH7:?J?EDD;BIB;9EDJ79JF>OI?GK;7L;9BnlKLH;:n7HJDn;IJF7I
FEII?8B;
7DIFBKI?;KHI 9?H9EDIJ7D9;I;DH7D9;;J7KHYI?B@n7?:c
;NFEI;H C;I lKLH;I :n7HJ I7DI FEKLE?H E<<H?H 7K IF;9J7J;KH B7
FEII?8?B?JY:;B;I JEK9>;H
%;FHE@;J+-(.!HY7B?IY ;DF7HJ;D7H?7J
7L;9B7 7B;H?;,J7HJ;H;J)7H?IHJ?IJ;ICn;IJ:ED97FF7HK9ECC;KD;
8EDD; EFFEHJKD?JY :n;NFBEH;H B; JEK9>;H 7L;9 KD F;K :; B?8;HJY
?DIJ?JKJ?EDD;BB;


%n?DIJ7BB7J?EDFYDYJH78B;CFDCF5@@=G7YJYIFY9?7B;C;DJ9EDXK;FEKHB;
FHE@;JGK?7;KB?;KU B7&7?H?;:KZC;U)7H?I ;D 
+-(.!
FHEFEI7?J :;I lKLH;I 9EDIJHK?J;I UJH7L;HI Bn;NFBEH7J?ED :n7KJH;I I;DI
GK;B7L?I?ED
%;FHE@;J7YJYYB78EHY;D9EEFYH7J?ED7L;9Bn7IIE9?7J?ED
:n7L;K=B;I ;J C7BLEO7DJI "  HEKF;C;DJ :;I "DJ;BB;9JK;BI
L;K=B;I ;J C8BOEF;I
 %;I 7HJ?IJ;I F7HJ?9?F7DJI 7K FHE@;J EDJ ;K
GK;BGK;I H;D9EDJH;I 7L;9 B;I C;C8H;I :; Bn7IIE9?7J?ED FEKH
;NFYH?C;DJ;H ;DI;C8B; :;I FHEFEI?J?EDI J79J?B;I EB<79J?L;I IEDEH;I
EK=KIJ7J?L;I



%7 HY<YH;D9; <ED:7C;DJ7B; :; CFDCF5@@=G ;IJBn?DIJ7BB7J?ED $5 A5=GCB
9GH @9 7CFDG
 (VBVHF5H=CB CJI@5H=CB ;9FA=B5H=CB 9LDI@G=CB  9HYY;
F7H%O=?7 B7HA FEKHB7 ?;DD7B; :;/;D?I;:; 
%n?DIJ7BB7J?ED;IJ
FHYI;DJY; 9ECC; KD g B78OH?DJ>; h :; >K?J CZJH;I :; BED= Eb B;
F7HJ?9?F7DJ;IJ?DL?JY U JH7L;HI;H:?<<YH;DJ;I 79@@I@9G GK? C?C;DJ JEKJ;I
B;I F>7I;I :; B7 =HEII;II;
 ;JJ; g C7?IED h CEDJH; B; H7FFEHJ
9ECFB;N; GKn;DJH;J?;DJ BnlKLH; :; %O=?7 B7HA 7L;9 B7 I;NK7B?JY

%n7HJ?IJ;7<<?HC7?JGK;IEDJH7L7?BDnYJ7?JF7I YBE?=DY:;B7L?EB;D9; :;
B7 I;NK7B?JY FK?IGKn?B B?8ZH; :;I ?DIJ?D9JI HY<HYDYI C7?I ?B Dn;IJ F7I
<EH9;C;DJ B?Y U B7 @EK?II7D9;
 L;9 9;JJ; ?DIJ7BB7J?ED B; IF;9J7J;KH
:;L?;DJ B7 IJHK9JKH;L?L7DJ; :nKD;7H9>?J;9JKH;9;BBKB7?H; 9n;IJBK?GK?
799ECFB?JBnlKLH;

*&0,+"01)" ,/-0 ?DIJ7BB7J?EDFYDYJH78B;:)+#.#3-

,;BED %O=?7 B7HA  c += @5 D9FH9 89 @=B8=J=8I5@=HV 9GH 89 HCIH9G @9G
:5UCBG =ADCGV9R@<CAA9AC89FB9@5FH=GH9@I= C::F9IB9J9B;95B79
9H@C775G=CB89G9 F9HFCIJ9F
BAXA9H9ADG EI=@ G9 8=GGCIH 85BG @9
ACB89EI=@ G9:CB885BG @97C@@97H=:@5FH=GH9 D9F8G5 G=B;I@5F=HVGCB
DCIJC=F 9LDF9GG=:
 !@ G9 7CBH9BH9 89 DFCDCG9F 5IL 5IHF9G 8XHF9 9IL
AXA9G 9H 85HH9=B8F9 @9 G=B;I@=9F VH5H 85FH G5BG 5FH
 d   L;9 9;I


FHEFEI?J?EDI B; IF;9J7J;KH I; B7?II; ;C87HGK;H :7DI B; :YCEDJ7=;
:;I<EHC;I;D<7L;KH:;DEKL;BB;I;NFYH?;D9;IJ79J?B;ILY9K;IF7HIED
9EHFI7K9EKHI:;B;NFYH?;D9;;IJ>YJ?GK;

%;I ?DIJ7BB7J?EDI FYDYJH78B;I :; !YB?E (?J?9?97 L?;DD;DJ :nKD


?C7=?D7?H; CE?DI 9EHFEH;B ;J ?DJ?C; ;J FBKI 9KBJKH;B IE9?7B ;J
FEB?J?GK;
 %n7H9>?J;9JKH; :;I :5J9@5G 8?:EDL?BB;I 7 YJY B7 FH?D9?F7B;
?DIF?H7J?ED FEKH B7 9HY7J?ED :; Bn?DIJ7BB7J?ED ,FCD=7Q@=5   B7 FH;C?ZH;
J;DJ7J?L; 9EDI9?;DJ; ;JE8@;9J?L;:n?CFEI;H KD; ?C7=; 8HYI?B?;DD; 7K
9EDJ;NJ;:;I7L7DJ =7H:;I
D YFEGK;EbB;F7OIYJ7?JIEKI KD;
:?9J7JKH;C?B?J7?H;<EHJ;C;DJC7HGKY;F7HB79;DIKH;Bn7HJ?IJ;7?DIJ7BBY
,FCD=7Q@=5:7DIB;I@7H:?DI:K&KIY;:nHJ&E:;HD;:;+?E:;#7D;?HE

YIE99KF7J?ED ;J9HY7J?L?JY I; CYB7D=;DJ:7DI BnlKLH; KD; HYFEDI;
EK KD; FHELE97J?ED 9EDJH; B;I 9ED:?J?EDI :; L?; U Bn?DJYH?;KH :nKD;
IE9?YJY:YJ;HC?DY;F7HKDJH7L7?B7KJEH?J7?H;;J7L;9 KD;8EDD;F7HJ?;
:;B7FEFKB7J?EDL?L7DJ:7DIB7F7KLH;JY;JUB7C7H=;:;B7CE:;HD?JY
?D:KIJH?;BB;

/,-& 8)& ?DIJ7BB7J?EDFYDYJH78B;>.+1+5+%+%#


%;FYDYJH78B;CFDCF5@@=G ;IJ:ED9Bn?IIK;:;9;I:;KNHY<YH;D9;IKD;
A=AXG=G:;Bn?DJYH?;KH9EHFEH;B;J?DJ?C;:;%O=?7B7HA9EDIJHK?J7L;9
Bn;IJ>YJ?GK; FHY97?H; :; !YB?E (?J?9?97
 %n?DIJ7BB7J?ED FH;D: B7 <EHC;
:nKD;9;BBKB;FBKJaJGK;:nKDB78OH?DJ>;
%n?:Y;?D?J?7B;YJ7?J:;HY7B?I;H
KD B78OH?DJ>; 9ECFEIY :nKD; ;DJHY; KD; 7H9>?J;9JKH; CE:KB7?H;
;J KD; IEHJ?;
 )EKHJ7DJ B;I 9EDJH7?DJ;I :n;IF79; :; B7 =7B;H?; CnEDJ
E8B?=Y; U HY:K?H; Bn?DIJ7BB7J?ED GK? 7 <?D? F7H 7LE?H KD; I;KB; 9;BBKB;
7L;9KD;EKL;HJKH;UJH7L;HIB7GK;BB;B;F7HJ?9?F7DJFYDZJH;;JIEHJ:;
BnlKLH;
ECC;:7DI 9;HJ7?DI FYDYJH78B;I:;!YB?E(?J?9?97?B In7=?J
:nKD; IJHK9JKH; =YECYJH?GK; CEDJY; 7L;9 KD; 7HC7JKH; ;D 8E?I
;JH;9EKL;HJ;7L;9:KJ?IIK
%;I gCKHI h;NJYH?;KHI EDJYJYH;9EKL;HJI
7L;9:KJ?IIK8;?=;J7D:?IGK;9;KN:;Bn?DJYH?;KHIEDJHEK=;<ED9Y


%; J?IIK 8;?=; 7 H;XK KD; =H7D:; L7H?YJY :; 8HE:;H?;I 9ECFEIY;I :;
CZ9>;I :;9>;L;KN ;J:Y9EKF;I :; JKBB; :;DJ;BB;9EBB7DJI 9EJED;J
IE?; J79>YI 7L;9 :K I7D= C;DIJHK;B
 "B In7=?J :nKD; CYJ7F>EH; :; B7
F;7K7L;9I;IJ;NJKH;IF?BEI?JYI;J:Y8EH:;C;DJI>KCEH7KN
DJH;B;I
IJHK9JKH;I 7H9>?J;9JKH7B;I F?9JKH7B;I ;J L;IJ?C;DJ7?H;I 9;I J?IIKI
J?;DD;DJ B; HaB; :n;DL;BEFF; GK? 9ED<ED: B;I CKHI :; B7 C7?IED
Bn7C;K8B;C;DJ B;I L[J;C;DJI ;J B7 F;7K KD CYB7D=; :; JEKJ;I B;I
9EK9>;I GK? DEKI FHEJZ=;DJ :K CED:; ;NJYH?;KH
 %n;DJHY; IEHJ?; ;IJ
Bn;D:HE?J:;JH7DI?J?EDKDgH?:;7Kh:;9>;L;KNIODJ>YJ?GK;I FHEJZ=;
BnEKL;HJKH;:KgJHEKhF7HEbB;IF;9J7J;KHFYDZJH;:7DI9;JJ;YJH7D=;
7H9>?J;9JKH;9;BBKB7?H;


%n?DJYH?;KH :; CFDCF5@@=G 7 YJY H;CFB? 7L;9 :;I g =BE8KB;I h EK :;I
g EH=7D;I h HEK=;I
 ; IEDJ :;I LEBKC;I EH=7D?GK;I GK? EDJ YJY
9EKIKI 7L;9 B; C[C; J?IIK GK? 9EKLH;Bn?DJYH?;KH;JH;CFB?I 7L;9 :;I


CEH9;7KN:;CEKII;9ECC;:;Ig9EKII?DIh
"BIFH;DD;DJ:?<<YH;DJ;I
<EHC;I ;JJ7?BB;IFEKH9HY;HKD;IF79;:n?DJ;H79J?EDJ79J?B; ;JEB<79J?L;
?BI EDJ H;XK KD; ;II;D9; :; 8HKC; :EH;?BB;H :n7HEC79>EBE=?; 
 #;
FHEFEI; :ED9 KD ;IF79; ?DJYH?;KH 9ED<EHJ78B; 7HEC7J?GK; :EKN
;J IJ?CKB7DJ 7K JEK9>;H
 "B In7=?J :nKD; CYJ7F>EH; :; BnKJYHKI KD
;D:HE?J J79J?B; I7DI 8;7K9EKF :; BKC?ZH; ;J BY=ZH;C;DJ FBKI =H7D:
GK; DEJH; 9EHFI KD ;DL?HEDD;C;DJ GK? IK==ZH; FHEJ;9J?ED I?B;D9;
?DJHEIF;9J?ED;J=YDYH7J?ED:;B7L?;


L;99;JJ;?DIJ7BB7J?EDFYDYJH78B;@n7?E<<;HJ7KIF;9J7J;KHBn;NFBEH7J?ED
J79J?B; :nKD; 7H9>?J;9JKH; EH=7D?GK; 97F78B; :nYJ78B?H KD; DEKL;BB;
<7DJ7IC7J?GK; :K 9EHFI >KCEH7B
 CFDCF5@@=G ;IJ CED ?DJ;HFHYJ7J?ED
F;HIEDD;BB;:;B7DEJ?ED:;C7?IED 9EHFI:;%O=?7B7HA
%;ICKHI :;
C7gC7?IED9EHFEH;BB; h IEDJH;CFB?I7L;9B;I HYI?:KI 9EHFEH;BI GK?
<7I9?D;DJ C;I FKBI?EDI :; 9EBB;9J?EDD;KI;
 %7 CEHJ ?DJH?DIZGK; U B7
9ED:?J?ED HYI?:K;BB; :; B7 C7J?ZH; EH=7D?GK; 7 YJY :Y<?Y; 7L;9
Bn?DJ;H79J?ED:KIF;9J7J;KHGK?H;:EDD;:;BnYD;H=?;L?J7B;UB79;BBKB;
CEHJ;
 %; F7HJ?9?F7DJ YJ78B?J KD; H; I?=D?<?97J?ED IOC8EB?GK; :; B7
C7J?ZH;UJH7L;HIBn?DJ;H79J?EDJ79J?B;7L;9B;HYI?:K :n7KJHK?B;I 9EHFI
YJH7D=;HII;<KI?EDD;DJ:7DIKD=;IJ;:Y<?7DJB;IB?C?J;I:;Bn7BJYH?JY

-EK9>;HB;IHYI?:KI9EHFEH;BI:n7KJHK?;IJKDJ78EKC7@;KH;J:Y<?;H9;
J78EK ;IJB;FH?D9?F7BE8@;9J?<:;9;JJ;?DIJ7BB7J?ED?DJ;H79J?L;
  #; D;
FHEFEI; F7I KD; I?CFB; <7DJ7IC7J?GK; J79J?B; :K 9EHFI @; FHEFEI;
7KII? Bn;<<ED:H;C;DJ :K J78EK GK? ;DJEKH; B; 9EHFI >KCEH7B

CFDCF5@@=G;IJKD;9EBB;9J?EDEH=7D?GK; 9EHFEH;BB;CYJ7CEHF>EIY;;D
7H9>?J;9JKH; 9;BBKB7?H; KD H;B?GK7?H; Eb B;I H;B?GK;I CEHJ;I EHD;DJ
Bn;DL;BEFF; :; B7 LH7? H;B?GK; B; 9EHFI >KC7?D L?L7DJ ;J 79J?< :K


F7HJ?9?F7DJ GK? :;L?;DJ B7 LYH?J78B; g H;B?GK; I79HY; h
 %; 8CB
EH=7D?GK; :;L?;DJ 7?DI? B7 ACBB5=9 :; BnY9>7D=; IOC8EB?GK; GK; @;
FHEFEI; U JH7L;HI B7 <7DJ7IC7J?GK; J79J?B; :K 9EHFI >KCEH7B ;J
HYI?:K;B


,/-,/))&0 ?DIJ7BB7J?EDFYDYJH78B;#0+'..#&'163#

-EKJ;IB;IlKLH;I:;9;9>7F?JH;FHEFEI;DJ:;IE8@;JIFB7IJ?GK;I9HYYI
U F7HJ?H :;I C7J?ZH;I EH=7D?GK;I :Y9>K;I :K 9EHFI >KC7?D
 %;I
<H7=C;DJI9EHFEH;BIEDJYJY7HJ?9KBYI:7DIB79EDIJHK9J?ED:;DEKL;7KN


9EHFI 7HJ?IJ?GK;I 97F78B;I :; H;:EDD;H <EHC; U Bn?D<EHC; ;J
I?=D?<?97J?EDIOC8EB?GK;UBn78@;9J?ED
;I E8@;JIIEDJ<7?JI:;C7J?ZH;
CEHJ; :7DI KD =;IJ; FB7IJ?GK; GK? ;N7BJ; B7 L?; ;J I7 <H7=?B?JY
 #;
97D7B?I; C;I FKBI?EDI :; L?; ;J :; CEHJ :7DI B7 9EDIJHK9J?ED :;
9EBB;9J?EDII7DI<?D;JI7DIFHEFEIYL?:;DJ
%;IlKLH;IFH;DD;DJ<EHC;
B;DJ;C;DJ 9ECC; :;I EH=7D?IC;I GK? FEKII;DJ IKH B;I :Y8H?I :nKD
9EHFICEHJ


%;I IY9HYJ?EDI I;NK;BB;IB;I C?;DD;I;J9;BB;I:;CEDC7H?EDJYJY9EBB;9JY;IF;D:7DJ

DEJH;LEO7=;:;DE9;IU&7BJ;;JIJE9AY;I:7DIKD8;7K<B79ED:;L;HH;IEK<<BY79>;JYIKH
FB79;:7DIBn^B;:; EPE
%;CEJ;CNCL;KJ:?H;>CI=GG5B79;DFEHJK=7?I

 )HE@;J 9EBB78EH7J?< :7DI B;GK;B @n?DL?J; B;I F;HIEDD;I ?DJYH;IIYI U In>78?BB;H 7L;9 B7
9KBEJJ; ;D 9>;L;KN ;J C; :EDD;H KD H;=?IJH;  F>EJE=H7F>?GK; <?BC?GK; D7HH7J?L;
FEYJ?GK;;J9

#;7D.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: F
 

  7DI C7<7C?BB; B7 g BE? h D7FF7HJ;D7?J F7I 7KN>ECC;I


 %;I BE?I EDJ JEK@EKHI YJY

<EH=Y;I ;J 7FFB?GKY;I F7H B;I <;CC;I 7L;9 KD; BE=?GK; GK? Y9>7FF7?J IEKL;DJ U B7
97IJH7J?EDJH7KC7J?GK;:KF7JH?7H97J

#;7D.+"%%+$jV7<5B;9GMA6C@=EI99H@5ACFH)7H?I 7BB?C7H: F
 

 -H7:K9J?ED :; Bn7D=B7?I <7?J F7H Bn7KJ;KH


 %EK?I;(.+ (", g &EHJ7B B;C;DJI )7J
,J;?H -7BAI M?J> %EK?I; EKH=;E?I h :7DI FH:CFIA Df  ';M2EHA @K?D  FF

 

  %;I C7?IEDI L?9JEH?;DD;I 8?;D C;K8BY;I 9ECFEHJ7?;DJ :;I g 9E?DI :; Bn7HJ h H;CFB?I

7L;9 KD;=H7D:;L7H?YJY:; IEKL;D?HI D7JKH;BI ;J 9KBJKH;BI ;NFEIYI IKH:;I YJ7=ZH;I EK
:7DI :;I 978?D;JI :;9KH?EI?JY
 i 9;JJ;YFEGK; B;I ;D<7DJI EDJ 7KII? 9ECC;D9Y 7 [JH;
;D9EKH7=YI UFH7J?GK;HB;9EBB;9J?EDD?IC;9ECC;KD;IEHJ;:n79J?L?JY Y:K97J?L;
 %OD:7
+EI9E;!+-" ' "CG9D<CFB9@@ &5J=;5H=B;H<9=A5;=B5H=CB 7J7BE=K;:n;NFEI?J?ED
07I>?D=JED,7B;C;J,7DH7D9?I9E27B;.D?L;HI?JO)H;II F
 

!6=89AF


7DIBnYJOCEBE=?;:;B7H;B?=?EDB;CEJH;B?;HF9@=;5F9<7?JL7BE?HGK;B7H;B?=?ED:;LH7?J

[JH;g79EI=F9@=9R=9I9HR@I=G9I@h

 H?7D 0"'$'0+ g)?9JKH?D= -;NJ;I +E8;HJ &EHH?I mm;;JB; ?D 7ENnn h :7DI

$7J?7,!'%%+;J'EKH70%%!BJ9GH=;5H=CBG,<9LD5B898 =9@8C:/F=H=B;=B H<9


/CF?GC:*C69FH%CFF=G%OED',Q:?J?EDI FF


.D$=JF98 9IF9G;IJKDB?LH;B?JKH=?GK;GK?F;HC;JJ7DJ:;IK?LH;B7B?JKH=?;:;I!;KH;I

D9ECFBYC;DJ:;9;H;9K;?B:;FH?ZH;IB?Y;I 7KN>;KH;I :;B7@EKHDY;B;B?LH;:>;KH;I
9ECFH;D: =YDYH7B;C;DJ KD97B;D:H?;HFEKHIK?LH;BYLEBKJ?ED:;B7B?JKH=?;JEKJ7K BED=
:;B7DDY;
"BI7=?J:KJOF;B;FBKI9EKH7DJ:EKLH7=;CY:?YL7B;DBKC?DY
"BI9EDIJ?JK;DJU
9;J?JH;KD;?CFEHJ7DJ;:E9KC;DJ7J?EDIKHB7L?;UB7<?D:K&EO;Do=;;JIEDJB7IEKH9;
:KD;?9EDE=H7F>?;IKHB79>HYJ?;DJYCY:?YL7B;

 -H7:K9J?ED:;Bn7D=B7?I<7?JF7HBn7KJ;KH
$?A?,&"-!#=?= +A=H<(F=BHGCC?G,<=B;G

';M2EHA&KI;KCE<&E:;HDHJ F
 

7HBEI,.%(,FCD=7Q@=5-A5F9JC@IUTCB57I@HIF56F5G=@9=F5,WE)7KBEEI79

'7?<O 


"DIJ7BB7J?ED9ECFEIY;:;:;KN9ECF7HJ?C;DJIEK978?D;IB7JYH7B;I;D<EHC;:;JKDD;B


DJH;B;I :;KNInYBZL;KD;=H7D:;J;DJ;;DFB7IJ?GK;JH7DIF7H;DJ ;D<EHC;:;=EKJJ;


%;I
978?D;IB7JYH7B;I EDJKD;7HC7JKH;;D8E?I DE?H;GK?;CF[9>;B7BKC?ZH;:;F7II;H
BB;I
IEDJKD?;I F7HKD J?IIK DE?HJH7DIBK9?:;
 %;I ;DJHY;I ;J B;I IEHJ?;I :; 9;I 9ECF7HJ?C;DJI
B7JYH7KNIEDJ:;I EKL;HJKH;I <;HCY;I F7H :;I 87D:;I YB7IJ?GK;I 9EKIK;I :;IEHJ;GK;B;
F7HJ?9?F7DJ :E?J B;I Y97HJ;H FEKHFEKLE?HF7II;H
 "B ;DJH; :7DI B;FH;C?;H9ECF7HJ?C;DJ
FBED=Y :7DI BnE8I9KH?JY JEJ7B;
 %EHIGKn?B C7H9>; IKH B; IEB H;9EKL;HJ :; J?IIK ?B 7 B7
I;DI7J?EDGK;B;IEB9Z:;IEKII;IF?;:I;J?BF;H:BnYGK?B?8H;
;JJ;F7HJ?;;IJ:YDECCY;
gFYDYJH7J?EDh
 )K?I B; F7HJ?9?F7DJ 7JJ;?DJ KD;7KJH;;DJHY; ?:;DJ?GK;UB7FH;C?ZH; ;J
799Z:; U KD; 7KJH; 9>7C8H; DE?H; :YDECCY; g ELKB7J?ED h
 ;J ;DL?HEDD;C;DJ ;IJ
I;C8B78B;7KFH;C?;H C7?I?B;IJ;D9EC8HY:;87BBEDI:;87K:HK9>;GK;B;F7HJ?9?F7DJ
:YFB79;7L;9IED 9EHFI;D 7L7DX7DJ
D IEHJ7DJ :;Bn;IF79;gELKB7J?ED hB;F7HJ?9?F7DJ
;DJH; :7DI KD ;IF79;EKL;HJ U F;?D;:YB?C?JY F7HBnYJE<<;JH7DIBK9?:;
K 9;DJH;:;9;J
;IF79;JH7DIF7H;DJ:YDECCYg=;HC?D7J?EDhInYBZL;B7=H7D:;J;DJ;;D<EHC;:;=EKJJ;

%;F7HJ?9?F7DJB;GK?JJ;FEKH;DJH;H:7DIB7I;9ED:;978?D;
,;C8B78B;UB7FH;C?ZH;;BB;
;IJ H;CFB?; :; g FE?BI h GK? LEDJ :K FB7<ED: @KIGKn7K IEB
 7DI 9; 9ECF7HJ?C;DJ
:YDECCY g ;NFKBI?ED h B; IEB ;IJ @ED9>Y :; F;J?J;I 87BB;I ;D FB7IJ?GK;
 FHZI 7LE?H
:YF7IIY B;I g FE?BI h B; F7HJ?9?F7DJ IEHJ :; B7 IJHK9JKH; ;D :Y8EK9>; IKH KD C?HE?H
:Y<EHC7DJ9ECFBZJ;C;DJY9B7?HY
n;IJB7<?D :;9;B78OH?DJ>;:;IJ?DYI;BEDB;I CEJI:;
%O=?7B7HAU<EKHD?HKD;;NFYH?;D9;J79J?B;<7DJ7IC7J?GK;;JIOC8EB?GK;:;Bn?DJYH?EH?JY
:K 9EHFI
 %O=?7 %+$ $M;=5 @5F? 7H9;BED; KD:79?` DJED? -UF?;I :; 7H9;BED;
FF
 

  -H7:K9J?ED :K FEHJK=7?I <7?J F7H Bn7KJ;KH


 %O=?7 %+$ &TH?E )+(, ;HH;?H7
.%%+$M;=5@5F?EB
HJ;H7I?B;?H7EDJ;CFEHVD;7+?E:;#7D;?HEKD7HJ;  
F


 -HEF?9TB?7;IJKDB78OH?DJ>;9EDIJHK?J 7L;9KD;7H9>?J;9JKH;?CFHEL?IY; :;I CEH9;7KN

:;8E?I:;97HJED;J:;IJ?IIKI 9EBEHYII;C8B78B;7KN<7L;B7I8?:EDL?BB;I
"BIn7=?J:nKD
I9YD7H?EJHEF?97B7L;9:;I FB7DJ;I 97H79JYH?IJ?GK;I ;J :;I F;HHEGK;JI
%;FK8B?9C7H9>7?J
F?;:IDKIIKHB;I78B;B;=H7L?;HBn;7K;J9
;D;II7O7DJ:;II;DI7J?EDIJ79J?B;I
iB7<?D:K
F7H9EKHIB;IF;9J7J;KH7<<HEDJ;KD7FF7H;?B:;-/7BBKCYKDIOC8EB;:;B7CE:;HD?JY;J
:; B7 DEKL;BB; ?C7=; :K HYI?B KD 9EDJH7IJ;YL?:;DJ 7L;9B7C?IZH;:; B7 FBKI =H7D:;
F7HJ?;:;B7FEFKB7J?ED

  %5FCA57<C@C;=9I;:?IJ?D=K;:; B5FCA5H<VF5D=9GK? KJ?B?I;:;I >K?B;I;II;DJ?;BB;I :;

FB7DJ;I FEKH IE?=D;H F7H 7FFB?97J?ED ?D=;IJ?ED EK ?D>7B7J?ED


 %5FCA57<C@C;=9
I?DJYH;II;GK7DJU;BB;UB79J?ED:;IE:;KHIIKHB;FIO9>?IC;

 &7B=HYC;IIJH7JY=?;I:n7<<HEDJ;C;DJ7KNJ78EKI >KCEH7KN B79;DIKH;?DIJ?JKJ?EDD;BB;

7<?D? F7H;N;H9;HIEDFEKLE?HIKHBnlKLH;
%7<?9>;J;9>D?GK;7YJYCE:?<?YB7HY<YH;D9;
7K I7D=  C;DIJHK;B ; YJY IKFH?CY; ;J Bn?DIJ7BB7J?ED 7 YJY :YFB79Y; FEKH 979>;H KD;
8HE:;H?; 7L;9 KD 9EBB7DJ ;J :;I 9>;L;KN GKn?DI?DK7?;DJ :;I FE?BI FK8?;DI
 ,;BED B;I
EH=7D?I7J;KHI:;Bn;NFEI?J?ED?BIn7=?II7?J:nKD;GK;IJ?ED:;gH;IF;9Jh;DL;HIB?DIJ?JKJ?ED
&7?H?;:KZC;799K;?BB7DJ:KFHE@;J+-(.!




 

  






%;I 9>;L;KNIEDJB7C7J?ZH; FH;C?ZH;;II;DJ?;BB;C;DJKJ?B?IY;:7DIB7


HY7B?I7J?ED :; C;I lKLH;I GK? ;CFBE?;DJ :;I J;9>D?GK;I 7HJ?I7D7B;I

;FK?I   @; :YL;BEFF; :?<<YH;DJ;I CYJ>E:;I :; J?II7=; ;J
:n7II;C8B7=;:;I 9>;L;KNGK?Cn7HH?L;DJ;D<EHC;:;8CB
#nEH=7D?I;
C;I *9@=EI5=F9G 5D=@@5=F9G :7DI :;KN =HEKF;I :nE8@;JI  =>CIL
*9@=EI5=F9G;JC[H9G*9@=EI5=F9G
%;I=>CIL*9@=EI5=F9GIEDJ:;I E8@;JI
:nKI7=; GKEJ?:?;D :;I 87=K;I 8EK9B;I :nEH;?BB; ;J F;D:;DJ?<I
<78H?GKYI 7L;9 :;I HYI?:KI >KC7?DI
 "B In7=?J :nKD; <7XED :; =7H:;H
FHZI :; IE? KD; F7HJ?; :; B7 C7J?ZH; 9EHFEH;BB; :nKD FHE9>;
 %;I
FH;C?;HI8?@EKNEDJYJY<78H?GKYI;D 7L;9:;IC7JYH?7KNJHEKLYI
:7DI B; 9ECC;H9;
 #n7? <7?J :;I 8HE:;H?;I 97F?BB7?H;I IKH :;I J?IIKI
J;?DJYI 7L;9:KI7D=C;DIJHK;B GK? EDJYJY 7FFB?GKY;I IKH B;I 8?@EKN
7L;9 B7 FHEJ;9J?ED:;97FK9>EDI ;DL;HH;
DIK?J;@n7?9HYYKD;IYH?;
:;8?@EKN7L;9:;IE8@;JI 97F?BB7?H;I?D9HKIJYI:7DI:;I97FK9>EDI :;
HYI?D;JH7DIF7H;DJ;
;IE8@;JIEDJYJY:YL;BEFFYI7L;9B;IJ;9>D?GK;I
:K 9HE9>;J :;I F;J?JI 8EKGK;JI EK 7H78;IGK;I ?D9HKIJYI :7DI B;I
CY:7?BBEDIEK87=K;I


FHZIB7HY7B?I7J?ED:;IFH;C?;HI8?@EKN@n7?9ECC;D9YUH;9;LE?H:;I
9ECC7D:;I
 )EKH KD; C;?BB;KH; :KH78?B?JY @n7? KJ?B?IY :;I 87I;I
<78H?GKY;I IKH C;IKH; 7L;9 :; Bn7H=;DJ EK:; BnEH F7H:;I 8?@EKJ?;HI

#n7?:YL;BEFFYB;I H;B?GK;I 97F?BB7?H;I?D9HKIJY;I :7DI B7HYI?D;9EKBY;
:?H;9J;C;DJIKHB;I 87I;I CYJ7BB?GK;I
L;9 9;JJ; J;9>D?GK; @n7? 9HYY


FEKH C7 IlKH KD; 87=K; 7L;9 I;I 9>;L;KN ;J B;I 9;D:H;I :; DEJH;
=H7D: CZH; KD; 9>?CZH; EH=7D?GK; GK? H;B?; CEHJ L?; ;J CYCE?H;
7<<;9J?L;


&',25")&.2&/"0   8?@EKN7L;99>;L;KN#0+'..#&'163#

iBnE997I?ED:;CEDC7H?7=;;D@K?BB;J @n7?9ECC7D:Y9>;PKD
8?@EKJ?;H B;I 87I;I ;D EH 8B7D9 FEKH KD; 87=K; IEB?J7?H; ;J :;KN
7BB?7D9;I
 7DI B7 H7?DKH; >EH?PEDJ7B; GK? ;DJEKH; B;I 7BB?7D9;I @n7?
?D9HKIJY DEI 9>;L;KN
.D<?B:;C;I 9>;L;KN:7DI Bn7BB?7D9;:; CED
C7H?;JKD<?B:;I;I9>;L;KN:7DIB7C?;DD;
)EKHB787=K;@n7?9EKBY


;D HYI?D; KD; F;J?J; g F?;HH; h FEB?; 9ECC; KD :?7C7DJ IEB?J7?H;
:7DIB7GK;BB;@n7??D9HKIJYKD9HE9>;JHY7B?IY7L;9KD<?B:;9>;L;KN:;
CED C7H?
KJEKH:; 9; <?B J?IIY ;D IF?H7B; @n7? 7@EKJY KD<?B :; C;I
9>;L;KN;JGK;BGK;I=EKJJ;I:;DEJH;I7D=

))&+ "0")&.2&/"0 8?@EKN7L;99>;L;KN#0+'..#&'163#

%;I=>CIL*9@=EI5=F9GJ?;DD;DJKDJHZI<EHJHaB;FIO9>EC7=?GK;:7DIB7
C;IKH; Eb ?B D; In7=?J F7I :; 8?@EKN EH:?D7?H;I C7?I :; 8?@EKN GK?
C7HGK7DJBn7JJ79>;C;DJHY;B;JIOC8EB?GK; ;DJH; B7 F;HIEDD; FEHJ7DJ
B; 8?@EK ;J 9;BB; <EKHD?II7DJ B7 H;B?GK;
 #; D; FEHJ; F7I KD; I?CFB;
87=K; :; C7H?7=; C7?I KD; F7HJ?; :K 9EHFI :; CED C7H?
 'EI
9>;L;KNYJ78B?II;DJKDY9>7D=;IOC8EB?GK;;DJH;DEJH;7<<;9J9>7HD;B
;J DEJH;9ECFHEC?I C7JH?CED?7B
)EHJ;H :7DI DEI IEKI L[J;C;DJI :;
C7H?7=; B; FHYDEC :; Bn7KJH; 8HE:Y 7L;9 I;I 9>;L;KN 7 9ECFBYJY
Bn79J; FIO9>EC7=?GK; :; DEJH; KD?ED
 'EKI 7LEDI :EDDY B7 =7H:;
IOC8EB?GK;:;DEIEH=7D;I =YD?J7KN BnKDUBn7KJH;
-EKJ9ECC;:7DI
B;I87=K;IB7C7J?ZH;EH=7D?GK;?DJ?C;;JHY;BB;:;DEI9>;L;KN7YJY
B7I?=D7JKH;IOC8EB?GK;:;DEJH;;D=7=;C;DJ7<<;9J?<



,;BED&?9>;B EK97KBJ IKHB; 9EHFI KJEF?GK; c $9A5GEI9 @9 G=;B9
H5HCIV@9:5F88VDCG9BHGIF@97CFDGHCIHIB@5B;5;9HCIHIB@5B;5;9
VB=;A5H=EI9HCIHIB@5B;5;97<=::FV G97F9HG57FVEI= 5DD9@@9GIF79
AXA9 7CFDG @5J=C@9B79 8I8=9I @5 DI=GG5B79 GCIF89 8IG57FV CI@5
J=J57=HV8I8VG=F
$9A5GEI9@9H5HCI5;9@9:5F8D@579BH@97CFDG85BG
IB 5IHF9 9GD579 =@G @9 :CBH 9BHF9F 85BG IB @=9I EI= Bj5 D5G 89 @=9I
8=F97H9A9BH85BG@9ACB89=@G:CBH89797CFDG IB:F5;A9BH8j9GD579
=A5;=B5=F9 EI= J5 7CAAIB=EI9F 5J97 @jIB=J9FG 89G 8=J=B=HVG CI 5J97
@jIB=J9FG 8j5IHFI=
 'B G9F5 G5=G= D5F @9G 8=9IL CI CB G9F5 G5=G= D5F @5
D9FGCBB9 EIjCBJ=9BH89GV8I=F9
BHCIH75G@9A5GEI9@9H5HCI5;9
@9 :5F8 GCBH 89G CDVF5H=CBG D5F @9GEI9@@9G @9 7CFDG 9GH 5FF57<V R GCB
9GD579DFCDF99HDFC>9HV85BGIB5IHF99GD579
d

ECC; B;I C7IGK;I ;J B;I J7JEK7=;I B;I 8?@EKN D;N?IJ;DJ F7I
I;KB;C;DJFEKH 79GKYH?HKD 9EHFI FBKI 8;7K;J C?;KN :Y9EHY
)EHJ;H
KD 8?@EK H;B?GK7?H; F;KJ <7?H; ;DJH;H B; IK@;J :7DI KD YJ7J :;
9ECCKD?97J?EDCOIJ?GK;;J:nKJEF?;9EHFEH;BB;
%;H;B?GK7?H;9EHFEH;B
;IJKD9EHFII7DI9EHFI<?=Y?B;IJJEK@EKHI8;7KB?CF?:;JH7DIF7H;DJ
BKC?D;KN 9EBEII7B ?DL?I?8B; FHEJY=Y 9n;IJ BnKJEF?; :nKD 9EHFI
?D9EHFEH;B
 7H:Y :7DI KD; 87=K; EK F;D:;DJ?< g @9 7CFDG 89J=9BH
GC@=897CAA9IB97<CG9VH9FB9@7CAA9IB8=9I
h&EC?<?YBnKJEF?;
:K 9EHFI F;HI?IJ; U JH7L;HI B; J;CFI
 %; 9EHFI GK? FEHJ; 9;I 8?@EKN
:;L?;DJ BK?7KII? KD 79J;KH KJEF?GK; 97F78B; :; 9ECCKD?GK;H 7L;9
KDB7D=7=; 9>?<<HY I;9H;J ;J I79HYGK;I;KBI B;I79J;KHI:;BnY9>7D=;
F;KL;DJH;9EDD7^JH;
%;9EHFI;IJ7?DI?7HH79>YUIED;IF79;FHEFH;;J
FHE@;JY:7DIKD7KJH;;IF79;9;BK?:;B7CYCE?H;:K:;K?B:K:YI?H


:; Bn7JJ79>;C;DJ ;J :; Bn7CEKH KD =;IJ; FIO9>EC7=?GK; GK? YJ78B?J
BnKJEF?;:nKD;B?7?IEDYJ;HD;BB;

%;I 9>;L;KN ;J I;I GK7B?JYI EH=7D?GK;I DEKI ?DJH?=K;DJ :;FK?I


BED=J;CFI
 %;I COJ>;I 7KJEKH :;I 9>;L;KN F;KL;DJ FHYI;DJ;H :;I
97H79JZH;I 8YDY<?GK;I C7BY<?GK;I FHE<7D;I EK I79HYI
 %;I 9>;L;KN
I?JK;DJBn?D:?L?:K:7DIIED9O9B;EH=7D?GK;7?DI?GK;:7DIIEDH7FFEHJ
7KN 9EKJKC;I ;J DEHC;I IE9?7B;I
 'EKI FEKLEDI ?:;DJ?<?;H FBKI?;KHI
F=H9G89D5GG5;9EK:n=B=H=5H=CBGK?KJ?B?I;DJ:;I9>;L;KN9ECC;E8@;J
JH7DI?JE?H;
 %;KH C7JYH?7B?JY JEK9>; Bn?DJ?C?JY :; Bn?D:?L?:K B; H;IF;9J
FEHJY U B7 F;HIEDD; U I;I H;IJ;I EH=7D?GK;I ;J U I7 CYCE?H;
 %;
9>;L;K ?CFKJH;I9?8B; ;IJ KJ?B?IY :7DI :; DEC8H;KI;I H;FHYI;DJ7J?EDI
:n7D9[JH;I EK FEKH g L?J7B?I;H h KD E8@;J H?JK;B EK KD 9O9B; :;
H;B7J?EDI

D IEH9;BB;H?; B;I 9>;L;KN IEDJ :EJYI :nKD YJH7D=; FEKLE?H ?BI IEDJ
9;DIYI 9EDI;HL;H 7FHZI B7 IYF7H7J?ED :;I H7FFEHJI ?DJ?C;I 7L;9
Bn?D:?L?:K
 7DI B;I 9KBJKH;I DED ;KHEFY;DD;I BnKI7=; :;I 9>;L;KN
799EH:; B;I FEKLE?HI U B;KHI 7D9?;DI FEII;II;KHI
 &Z9>;I I97BFI ;J
J[J;IFH?I;IUBn;DD;C?IEDJ97F78B;I:;DJH;J;D?H:;IH;B7J?EDI7L;9B;
CED:; :;I 7D9[JH;I
 %; I97BF?D= L?I7?J B;I FH?IEDD?;HI :;I =K;HH;I
;DJH; =HEKF;I LE?I?DI :EDJ B; 8KJ DnYJ7?J F7I B7 9EDGK[J; EK B7
H;9EDGK[J; :; J;HH?JE?H;I C7?I B7 L;D=;7D9; :n7<<HEDJI IK8?I
 %;I
JHEF>Y;I 97F?BB7?H;I IEDJ 9;DIYI <7?H;9?H9KB;HKD;YD;H=?; 7IIE9?Y;B;
FBKI IEKL;DJ U B7 <;HJ?B?JY :;I 9KBJKH;I U B7 FHEIFYH?JY :K =HEKF; ;J
7KN H7FFEHJI 7F7?IYI 7L;9 B;I 7D9[JH;I
 ,;BED >H?IJ?7D HEC8;H=;H
I97BF;H KD ;DD;C? D; L?I7?J F7I I;KB;C;DJ U Bn>KC?B?;H C7?I U I;


Bn7FFHEFH?;H  c +75@D9F VH5=H 8CB7 Gj5DDFCDF=9F @j9BB9A= G9G J9FHIG
GCB7CIF5;9GCB9GDF=H
d

7DI B; 9EDJ;NJ; ;KHEFY;D B7 FH7J?GK; :;I H;B?GK7?H;I 97F?BB7?H;I


YLEGK; 7KII? B7 F;HJ; ;J Bn78I;D9; KD =;IJ;:n>EDD;KHUB7 CYCE?H;
:;I 7D9[JH;I
 );D:7DJ B; 1/""" ZC; I?Z9B; U BnYFEGK; L?9JEH?;DD;
B;I 8?@EKN <78H?GKYI U F7HJ?H :; 9>;L;KN >KC7?DI IEDJ :;L;DKI U B7
CE:;
!78?JK;BB;C;DJ9B7IIYIF7HC?B;I8?@EKN:;:;K?BB;KHY9>7D=;
H;FHYI;DJ7?J7KII?KD;FH;KL;:n?DJ?C?JY:n7C?J?YEK:;9EKHJE?I?;
%7
H;?D;/?9JEH?77L7?JKD;<EHJ;H;B7J?ED7L;9B;I9>;L;KN:7DIB;I8?@EKN

%EHIGKn;BB;7L7?JI;?P;7DII7CZH;CEKH7DJ;BK?7:EDDY;IED:;HD?;H
97:;7KKDCY:7?BBED7L;9KD;CZ9>;:;I;I 9>;L;KN
)EKH/?9JEH?7
9; 8?@EK YJ7?J FBKI FHY9?;KN GK; JEKJ;I B;I F;HB;I ;J :?7C7DJI :K
CED:;
%;8H79;B;J7L;9:;ICY:7?BBEDI;D<EHC;:;9lKH9EDJ;D7DJ
B;I 9>;L;KN :;I D;K< ;D<7DJI :;B7 H;?D;/?9JEH?7 ;J:K FH?D9;B8;HJ
IKHL?J:7DIB7EBB;9J?ED+EO7B;


%;I 8?@EKN IEKL;D?HI 7L;9 :;I 9>;L;KN JH;IIYI IEKI KD9EKL;H9B; ;D
9H?IJ7BEDJYJY;DKI7=;:;FK?IB;1/"" ZC;I?Z9B;
K:Y8KJ:K1"1
ZC; I?Z9B; B;I EHD;C;DJI IEDJ :;L;DKI FBKI 9ECFB;N;I B;I CZ9>;I
YJ7?;DJ 9EBBY;I IKH KD; IKH<79; FB7D; ;J ;DIK?J; :Y9EKFY;I ;J
H7II;C8BY;I
.D;7KJH;J;9>D?GK;?DJHE:K?J;L;HI  FHEFEI7?J:;I
YBYC;DJI;DJHE?I:?C;DI?EDI
78H?GKYIUF7HJ?H:;9>;L;KNJ?IIYIB;I
9>7^D;I HEI;JJ;I EK 7H9I YJ7?;DJ ;D 9EDJ79J :?H;9J 7L;9 B7 F;7K
K
BED= :K 11 ZC; I?Z9B; B7 JH7:?J?ED :;I 8?@EKN H;B?GK7?H;I 7 <?D? F7H
:?IF7H7^JH; @K=Y; 9ECC; CEH8?:; EK :; C7KL7?I =EcJ ;BB; ;IJ
JEC8Y;:7DIBnEK8B?



/ ")"1!")"&+"& 1,/&   ;J &',25!&3"/0+EO7BEBB;9J?ED

7DI B; 9EDJ;NJ; :;I 7HJI FB7IJ?GK;I ;J :K :;I?=D 9EDJ;CFEH7?D B;I
8?@EKN H;B?GK7?H;I IEDJ HY7FF7HKI 7L;9 :?<<YH;DJ;I J;9>D?GK;I
 5=F
&97?@579  lKLH; :; &ED7 !7JEKC IFY9?7B;C;DJ:YL;BEFFY;
FEKHB7L?JH?D;:KC7=7I?D7HJ?;HUEH:;7KN;IJKD;IEHJ;:;8?@EKN
H;B?GK7?H;
%;I gF;HB;I h:;9;9EBB?;HEDJYJY<7?J;I7L;9B;I9>;L;KN
:; Bn7HJ?IJ; HEKBYI ;D 8EKB;I KD :YFBE?;C;DJ :; Bn?DIJ7BB7J?ED
*97C@@97H=CB  
 %7 8;7KJY <H7=?B; :K 9EBB?;H ;IJ YL?:;DJ; ?B D;
In7=?J F7I :nKD8?@EK9HYY FEKHBnKI7=;GKEJ?:?;D9ECC;C;I =>CIL
*9@=EI5=F9G ;J B;I 8?@EKN L?9JEH?;DI C7?I ?B =7H:; B;I C[C;I
FK?II7D9;I KJEF?GK;I I79HY;I ;J FIO9>EC7=?GK;I :;I H;B?GK;I
9EHFEH;BB;I
 5=F&97?@579 ;IJKDE8@;JH?JK;B9EDXKFEKH[JH; KJ?B?IY
:7DI:;ICEC;DJI:nKJEF?;9EHFEH;BB;EbEH:H;;J:YIEH:H;IEDJH;B?YI
:7DIKD9EC87J9EDIJ7DJ

D @EK7DJ 7L;9 B;I FK?II7D9;I :n7JJH79J?ED ;J :; HYFKBI?ED :K 9EHFI
<YC?D?DBn7HJ?IJ;7:YFB79Y:;B7J[J;7K9EKB;IOC8EB;:;B78;7KJY
<YC?D?D;
 %; 9EHFI <YC?D?D ;IJ 97F78B; :n78IEH8;H ;D IE? B7
9EDJH7:?9J?ED :n[JH; BnE8@;J :K :YI?H ;J :K :Y=EcJ <79; 7K H;=7H:


C7I9KB?D
ECC;B;9EHFI:nKD;<;CC; B;9EBB?;H:;&ED7!7JEKC
;IJ 8;7K <H7=?B; ;J :YB?97J C7?I 7KII? I7B; ;J HYFKBI?<
 "B :;L?;DJ KD
<YJ?9>;<79;7KH;=7H:C7I9KB?DKDFHE9;IIKI:nYHEJ?I7J?ED:nKD;F;HJ;
9EHFEH;BB; <YC?D?D;
'Y7DCE?DIBn7HJ?IJ; 9EDJ;IJ;B; F>7BBE9;DJH?IC;
:; B7 FIO9>7D7BOI; ;J FHEFEI; B7 F;HJ; 9EHFEH;BB; <YC?D?D; 9ECC;
GK;BGK; 9>EI; :n7KJH; GK; Bn;DL?; :K FYD?I EK Bn7D=E?II; :;
97IJH7J?ED
%n?HED?;:K9EBB?;H:;9>;L;KNH79>ZJ;Bn?9aD;I;N?IJ;:;B7
FIO9>7D7BOI; ;J B7?II; FB79; U KD; CYJ7F>OI?GK; B?8H; :; =;DH;

%nlKLH; ?D97HD; :;I H;B7J?EDI 7L;9 :;I :?H;9J?EDI CKBJ?FB;I Eb B;
:7D=;H :; B7 :?<<YH;D9; ;IJ DY=E9?Y
 &ED7 !7JEKC :YIJ78?B?I; B;I
9EDL;DJ?EDI:;B7H;FHYI;DJ7J?ED;DFH;D7DJB;HY;B9ECC;97:H;<;IJ?<
;J:YIJ78?B?I7DJ;BB;B?C?J;Bn;=E:KIF;9J7J;KHGK?;IJE8B?=Y:;IEHJ?H
:; IED B?;K 9ECCKD F>7BBE9;DJH?GK;
 BB; KJ?B?I; B; 9EHFI :; <7XED
F7H7:EN7B; KD 9EHFI 78I;DJ C7?I C7JYH?;BB;C;DJ HY;B 97F78B; :;
IOC8EB?I;H:7D=;H;JFK?II7D9;

&/" () " 9EBB?;H:;9>;L;KN10##516/

%;I 9EBB?;HI HHF57H=CB J9FG=CB   9HYYI F7H Bn7HJ?IJ; :;I?=D;H


$;HHO!EMB;OEDJ7KII?YJY;DJ?ZH;C;DJ:YL;BEFFYI7L;9:;I9>;L;KN


>KC7?DI
 ; <?D;I CZ9>;I :; 9>;L;KN <EHC;DJ :;I CEJ?<I 78IJH7?JI
EH=7D?GK;I ;J IOCYJH?GK;I 9ECC; KD; :;DJ;BB; ;D 9>;L;KN
 $;HHO
!EMB;O 7 KJ?B?IY :;I B7C;I :; I9?; 97IIY;I FEKH9EKF;H ;J J?II;H B;I
CZ9>;I :; 9>;L;KN ;BB; 7 JH7L7?BBY FBKI :; IE?N7DJ; >;KH;I FEKH
HY7B?I;H9>7GK;9EBB?;H
,7J;9>D?GK;Dn?D9EHFEH;F7IJEKI B;I <?BI:7DI
B;J?II7=;B;I CZ9>;I YF7?II;I <EHC;DJB;CEJ?< FH?D9?F7B;J FBKI?;KHI
<?BI IEHJ;DJ :; B7 JH7C; ;D FYJ7H:I
 ;I <?BI H;8;BB;I =7H7DJ?II;DJ B;
97H79JZH;g78@;9Jh:;I8?@EKN
-EKJ9ECC; 5=F&97?@579B78;7KJY
<H7=?B;;J7C8?=K\:;I9EBB?;HI HHF57H=CB J9FG=CBC;JJ;DJ;DGK;IJ?ED
B; :YIEH:H; 7IIE9?Y U B7 8;7KJY <YC?D?D;
 "B D; In7=?J F7I :nKD 8?@EK
:nKI7=; GKEJ?:?;D FEHJ;H 9; 9EBB?;H FHELEGK; B;I C[C;I GK;IJ?EDI
KJEF?GK;I I79HY;I ;J FIO9>EC7=?GK;I GK; B; 9EBB?;H :; &ED7
!7JEKC

11/ 1&,+3"/0&,+ 9EBB?;HI:;9>;L;KN'33:18.':

L;9 :;I J;9>D?GK;I 8;7K9EKF CE?DI <H7=?B;I GK; 9;BB;I :; &ED7
!7JEKC ;J :; $;HHO !EMB;O B;I 7HJ?IJ;I :;I?=D;HI &;B7D?; ?B;DA;H
;J DD7 ,9>M7C8EHD EDJ :YL;BEFFY :;I 8?@EKN ;NJH[C;C;DJ
IEF>?IJ?GKYI 7L;9 :;I C7JYH?7KN DE8B;I ;J :;I HYI?:KI >KC7?DI FEKH
BnKI7=;GKEJ?:?;D
-EKJ9ECC;B;I =>CIL *9@=EI5=F9G 9;I 8?@EKNIEDJ


KD; HY79J?L7J?ED 9EDJ;CFEH7?D; :;I JH7:?J?EDI L?9JEH?;DD;I
 &[C;
FHEFEIYI FEKH BnKI7=; GKEJ?:?;D ?BI D; IEDJ F7I ?IIKI :; I?CFB;I
FKBI?EDI :; CE:;B;I FEHJ;H;IJ KD79J;FIO9>EC7=?GK;;J KJEF?GK;
GK?Y9>7FF;UB7<H?LEB?JY;IJ>YJ?GK;:;I799;IIE?H;IEH:?D7?H;I


;FK?I   &;B7D?; ?B;DA;H KJ?B?I; I;I FHEFH;I 9>;L;KN FEKH


H;9HY;H :;I ?C7=;I F>EJE=H7F>?GK;I :7DI :;I CY:7?BBEDI :;I
8HE9>;I:;I87=K;I;J:;IF;D:;DJ?<I
;I?C7=;ID;H;FHE:K?I;DJF7I
:;IYLYD;C;DJIEK:;IF;HIEDD;IC7?I:;I?DIJ7DJIEH:?D7?H;I87D7BI
;J 97BC;I :; B7 L?; GKEJ?:?;DD;
 BB; B;I 9EBB; <?B F7H <?B IKH :;I
C7JYH?7KN 9B7?HI J;BI GK; Bn?LE?H; ;J BnY8ZD; H;9EKL;HJI ;DIK?J; :;
HYI?D;;J7FFB?GKYIIKHB;I87I;ICYJ7BB?GK;I
,;BED&;B7D?;?B;DA;H
c$9G.=7HCF=9BG CBH ;5F8V89G AV85=@@CBG 897<9J9IL 9H89G DCFHF5=HG
A=B=5HIF9G D9=BHG 5J97 89G 7CID9G 89 7<9J9IL 9H 89G D=;A9BHG DCIF
:=L9F @9GCIJ9B=F8jIB 5ACIFD9F8I
9@5 AXA9:5UCB>9;5F89 A9G
GCIJ9B=FG R HF5J9FG 89G =A5;9G D<CHC;F5D<=EI9G 7CBGHFI=H9G D5F @9G
@=;B9G 89 A9G DFCDF9G 7<9J9IL 89G F9GH9G D<MG=EI9G
"9B9 F9DFC8I=G
D5G @9G VJVB9A9BHG A5=G @9G A=BIH9G 8I 75@A9 8I 65B5@ 8I
8CA9GH=EI989GACA9BHGCF8=B5=F9G
d

"4")/6   CY:7?BBEDI:;9>;L;KN'.#0+'+.'0-'3


?DI? B;I ?C7=;I GKEJ?:?;DD;I :;I 8?@EKN :; &;B7D?; ?B;DA;H
JH7DIFEI;DJ B; IOC8EB?IC; L?9JEH?;D :7DI BnYFEGK; 9EDJ;CFEH7?D;

7?H;UC7D=;HFH;D:H;KD87?D<7?H;B;CYD7=;In>78?BB;HI;8HEII;H
B;I :;DJI EKIn7JJ79>;HB;I 9>;L;KNIEDJ:;I CEC;DJI87D7BIGK?EDJ
YJY ?CCEHJ7B?IYI 7L;9 B7 C[C; IEB;DD?JY :;I 8?@EKN L?9JEH?;DI
 "BI
YJ78B?II;DJ KD DEKL;7K H7FFEHJ 7K IEKL;D?H GK? :E?J [JH; =7H:Y
 ;
Dn;IJ FBKI B7 L?; :;I CED7HGK;I ;J :;I DE8B;I GK? CYH?J; :m[JH;
?CCEHJ7B?IY B;I CEC;DJI I?CFB;I :; B7 L?; EH:?D7?H; H;XE?L;DJ B;
C[C;FH?L?BZ=;

L;9KD;;IJ>YJ?GK;FBKIHE8KIJ;GK;9;BB;:;&;B7D?;?B;DA;HDD7
,9>M7C8EHD 7 :YL;BEFFY KD; IYH?; :; 8?@EKN 7L;9 :;I 9>;L;KN
>KC7?DI ;J B7 FEH9;B7?D; DE?H; :; >?D;  CYB7D=Y; U :;I 9;D:H;I
>KC7?D;I
 %7FEH9;B7?D;:EDD; <EHC; U:;I F;HB;I GK? 9EC8?DY;I U
:;I CZ9>;I :; 9>;L;KN 9HY;DJ KD; 7KJH; FEII?8?B?JY;IJ>YJ?GK; FEKH
B;I8?@EKNH;B?GK7?H;I
%;I%CIFB=B;'6>97HG IEDJ:;I8?@EKN:;
:;K?B FHEFEIYI 9ECC; KD >YH?J7=; IOC8EB?GK; ;J ;IJ>YJ?GK; :;
BnYFEGK;L?9JEH?;DD;
,;BEDDD7,9>M7C8EHDc$9GF9GH9G <IA5=BG
5;=GG9BH 7CAA9 IB =ADCFH5BH ACM9B 89 G9 GCIJ9B=F 8jIB XHF9 7<9F
8V7V8V=@GGCBH@9G D@IG8IF56@9G9H@9G D@IG=B8=J=8I9@G89G A5HVF=5IL
B5HIF9@G
d BB;IK==ZH;GK;B;I8?@EKNIE?;DJKJ?B?IYIFHZI:K9EHFI:;
B7 F;HIEDD; ;D :;K?B IOC8EB?I7DJ KD; :;HD?ZH; 9EDD;N?ED F>OI?GK;
;DJH;:;KN?D:?L?:KIC[C;7FHZIB7CEHJ

%;I8?@EKNHY7B?IYI7L;9:;I9>;L;KN>KC7?DIFEKHBnKI7=;GKEJ?:?;D
EK F7I JH7DI=H;II;DJ B;I FKBI?EDI :; CE:; 7L;9 KD; FK?II7D9;
KJEF?GK;
 %;I HYI?:KI <?=YI :7DI 9;I H;B?GK;I IEDJ YJ;HD;BI ?BI
YJ78B?II;DJ KD Y9>7D=; ;DJH; L?; ;J CEHJ GK? L7 7K :;BU :K :;K?B


>78?JK;B
 ; IEDJ :;I 9>?CZH;I GK? <KI?EDD;DJ B;I CE:;I :; L?;
9EDJ;CFEH7?DI 7L;9 B;I L7B;KHI IOC8EB?GK;I FHEFH;I 7K 9EDJ;NJ;
7H9>7_GK; Eb B;I 7D9[JH;I 7L7?;DJ FBKI :n?CFEHJ7D9; GK; B;I :?;KN
?C7=?D7?H;I;JB7BE?:KFZH;
;BK?GK?FEHJ;KDJ;B8?@EKY9>7FF;7KN
L7B;KHIGK?:Y<?D?II7DJB7L?;9ECC;FHE:K9J?L?JY

,2/+&+$'" 10 8?@EKN7L;99>;L;KN;J9;D:H;I 00#%*8#/$130

&;I lKLH;I 97F?BB7?H;I F;KL;DJ 7KII? FH;D:H; B7 <EHC; :;I C[H9G
*9@=EI5=F9G
 ;I E8@;JI 9HYYI FEKH FHEJY=;H ;J ;NFEI;H B;I H;B?GK;I
HY7B?IY;I :;FK?I  
 -?IIYI 9ECC; :;I EHD;C;DJI EK :;I IEKI
L[J;C;DJIB; 8KJ FH?D9?F7B :; 9;I C6>9HG HF5BG=H=CBB9@G ;IJ B7H;B7J?ED
J79J?B; 7L;9 B; F7HJ?9?F7DJ
 L;9 B; FHE@;J *9JXH9N JCIG 89 A9G
7<9J9ILB;IF7HJ?9?F7DJIEDJYJY?DL?JYIUIn>78?BB;H;J?DJ;H7=?H7L;9B;I
J?II7=;I 97F?BB7?H;I
 )EKHB;I 9EDI;HL;H EK B;I ;NFEI;H :7DI B; 97:H;
:;NFEI?J?EDI FBKI <EHC;BB;I Eb Bn?DJ;H79J?ED Dn;IJ F7I F;HC?I; @n7?
:YL;BEFFY :?<<YH;DJ;I 8E^J;I H;B?GK7?H;I
 EDIJHK?J;I ;D 79HOB?GK;
JH7DIF7H;DJEK;D8E?I7L;9EKI7DIFHEJ;9J?ED;DL;HH;;D<EHC;:;
97:H;EK97HHY;I;JIEB?:;IB;KHIC7JYH?7KN;J<EHC;IEDJYDEHCYC;DJ
L7H?Y7K<?B:KJ;CFI


;FK?I B; :Y8KJ :; B7 J>ZI; @n7? ;K BnE997I?ED :n;NFEI;H B;I C[H9G
*9@=EI5=F9G U 9?DG E997I?EDI :?<<YH;DJ;I  ;NFEI?J?ED ?D:?L?:K;BB; $5
@=A=H9 89 ACB 8VG=F   ;J ;NFEI?J?EDI 9EBB;9J?L;I VFC\B9G
(5F=GFH=GH9G ;J $9G !BGH5BHG.=8VC   ;J $5 G9A5=B9 :@CI9  

%EHI :;I ;NFYH?;D9;I H;B7J?EDD;BB;I @; CEKB; B;I F?Z9;I :?H;9J;C;DJ
IKH B; 9EHFI :K F7HJ?9?F7DJ
 7DI B; 9EDJ;NJ; :;I ;NFEI?J?EDI DED
?DJ;H79J?L;IB7 9ECFEI?J?ED;IJFBKI F?9JKH7B;
%n;D97:H;C;DJ FHEFEI;
KD; ;IJ>YJ?GK; >;HCYJ?GK; GK? B?C?J; B; :YIEH:H; 97F?BB7?H; ;J B7
FK?II7D9;JH7DI?J?EDD;BB;:;IE8@;JI

)EKH$5 @=A=H989ACB8VG=F@n7?9HYYB7IYH?; VG=F6>97H9ECFEIY;


:;JHE?I 8E^J;I H;B?GK7?H;I
%7FH;C?ZH;=7H:7?J B7 9KBEJJ;;D9>;L;KN
B7 :;KN?ZC; GK;BGK;I <B79EDI DCH<=75=F9G ;J B7 JHE?I?ZC; KD;
9ECFEI?J?ED :; J?II7=;I 97F?BB7?H;I L;HH;I ;J C?HE?HI
 #n7? 9>E?I? :;
FHYI;DJ;H B;I 8E^J;I ;J B;I $=JF9G 89 CFDG ;DJH; B;I B?LH;I :; B7
8EKGK?D;H?;
 7DI B7 C;IKH; Eb B; F;HIEDD;B :;C;KH7?J JEK@EKHI
FHYI;DJ :7DI 9; B?;K FHEFEI;H 7K IF;9J7J;KH KD H7FFEHJ J79J?B; 7L;9
B;I lKLH;I YJ7?J FEII?8B;
 .D; :;HD?ZH; H;B?GK; 97F?BB7?H; 7 YJY
:YL;BEFFY; FEKH Bn;NFEI?J?ED
 %7 F;HIEDD; ;D 9>7D=; :; B7 =;IJ?ED
:;I B?;KN Cn7 E<<;HJ I7 F;J?J; HE8; :; 87FJ[C; ;J :;KN CZ9>;I :;
9>;L;KN:;I7CZH;:Y9Y:Y;
BB;Cn77KII?F;HC?I;:;BK?9EKF;HB;I
9>;L;KN
#n7?:ED98HE:YB7HE8;7L;9B;I9>;L;KN:;9;JJ;:7C;;J:;
I7CZH;
L;99;JJ;lKLH;@n7?YJ78B?KD;9ECCKD?97J?ED:?H;9J;7L;9
B;B?;KB;IF;HIEDD;IGK?BnE99KF;DJ;JB;KHICYCE?H;I7<<;9J?L;I


:0&/'" 1 IYH?;:;8E^J;IH;B?GK7?H;I#0+'..#&'163#

)EKH VFC\B9G $98V:= 89G :9AA9G@n7?:YL;BEFFY B7IYH?; H;B?GK7?H;


$989IL=WA9G9L9
%n;NFEI?J?ED7YJYHY7B?IY; :7DIB7 7B;H?;,J7HJ;HU
';K?BBO IKH ,;?D;
L;9KD;:?H;9J?L;FBKJaJ9ECC;H9?7B;Bn?DJ;H79J?ED
DnYJ7?JF7I;DL?I7=;78B;
?DI?@n7?9EDXKBnlKLH;7L;9JHE?I97:H;I ;D
8E?IFHEJY=YIF7H:KL;HH;
;KN:;I97:H;I<EHC7?;DJU;KNI;KBIKD;
=H7D:; 7H78;IGK; ;J B; JHE?I?ZC; 7 H;XK KD J?II7=; ;J :;KN F;J?JI
EHD;C;DJI
)EKH<?D?HB7 9ECFEI?J?ED@n7?Y9H?J :;I 9?J7J?EDI J?HY;I :K


B?LH; $9 89IL=WA9 G9L9 :; ,?CED; :; ;7KLE?H 7L;9 CED I7D=
C;DIJHK;B
 ; :;HD?;HYBYC;DJ 7 YJ78B? KD; H;B7J?EDYL?:;DJ;7L;9B;
<YC?D?IC; ;J Bn78@;9J?ED :;I GK;IJ?EDI GK? EDJ F;H:K :; BnYL?:;D9;
7L;9 Bn;D97:H;C;DJ >;HCYJ?GK; :;I H;B?GK;I 97F?BB7?H;I
 7DI 9;JJ;
;NFEI?J?ED@n7?;K7KII?BnEFFEHJKD?JY:;CEDJH;HB;I=>CIL*9@=EI5=F9G
;J B7 C[H9 R %IG=EI9  ,9FDG=7<CF9 5D=@@5F=G
 i BnE997I?ED :;
(5F=GFH=GH9G @n7? ;NFEIY KD; :;KN?ZC; <E?I B7 IYH?; H;B?GK7?H; $9
89IL=WA9G9L9
%78E^J;H;B?GK7?H;GK?9EDJ?;DJB79KBEJJ;;D9>;L;KN
F7HJ?;:;B7IYH?;VG=F6>97H7YJYY=7B;C;DJCEDJHY;U$5G9A5=B9
:@CI9

"!"25&;*"0"5" IYH?;:;97:H;IH;B?GK7?H;I#0+'..#&'163#

%n?DJ;H79J?ED J79J?B; ;IJ ;NJH[C;C;DJ ?CFEHJ7DJ; FEKH C;I FHEFEI


7HJ?IJ?GK;IFEKHJ7DJ@;IK?IIEKL;DJ;CF[9>Y;:;FHEFEI;HKD9EDJ79J
7BB7DJ 7K :;BU :K L?IK;B
 %n?CFEII?8?B?JY :; IJ?CKB;H B; JEK9>;H
:;I IF;9J7J;KHI Cn7 7C;DY; U FHEFEI;H :?<<YH;DJ;I FEII?8?B?JYI
:n;NFEI?J?ED FEKH C;I lKLH;I ;J Bn;DL;BEFF; H;B?GK7?H; 7 YJY B;
<EHC7J B; FBKI 7:YGK7J U 9;JJ; HYEH=7D?I7J?ED ;IJ>YJ?GK; ;J
IOC8EB?GK;
,?B;IlKLH;I97F?BB7?H;ID;F;KL;DJF7I[JH;JEK9>Y;IEK


;NFYH?C;DJY;IIKHB7F;7KB;IFEII?8?B?JYI:;9ECCKD?97J?ED7L;9B;I
FK?II7D9;I C7=?GK;I :?IF7H7?II;DJ
 'Y7DCE?DI ;DL;BEFFY;I :7DI B7
IEB;DD?JY :;I H;B?GK7?H;I g I7?DJI h ;BB;I F;KL;DJ :?IFEI;H :7DI KD
I;DI FHE<7D;:; B7 C[C;IJHK9JKH;I79HY;;JC?H79KB;KI;799EH:Y;U
9;=;DH;:;H;B?GK;

,;BED'?9EB;!;HHC7DD &7I97H:IKHB;IH;B?GK;I:;II7?DJIc$97I@H9
89G F9@=EI9G G9 :CB89 GIF @9 DF=B7=D9 EI9 @9 7CBH57H @j=B;9GH=CB
@jIG5;9 @5 JVBVF5H=CB 8jIB9 7<CG9 5M5BH :5=H D5FH=9 5DD5FH9BI CI
5DDFC7<V IB9 D9FGCBB9F=7<99BJ9FHI:5=H D5FH=7=D9F5IL EI5@=HVG 89
79HH9 D9FGCBB9
 $9 8VJCH 9BJ=9BH R 5HHF=6I9F5IL F9@=EI9G IB9 J5@9IF
A5;=EI9
 d   ,K?L7DJ 9;JJ; 9HEO7D9; B;I H;B?GK;I I79HY;I 7L7?;DJ B;I
FEKLE?HI B;I FBKI :?L;HI =KYH?HB;I C7B7:;I H;D:H; B;I J;HH;I <;HJ?B;I
YBE?=D;H B7 F;IJ; ;J B7 <7C?D; 7IIKH;H B7 FHEJ;9J?ED :;I L?BB;I EK
:EDD;H B7 L?9JE?H; BEHI :;I 87J7?BB;I
 %; 9KBJ; :;I I7?DJI ;J :; B;KHI
H;B?GK;I7YJY?DJ;DIYC;DJFH7J?GKY:7DIB;9>H?IJ?7D?IC;C7?IBnKI7=;
:;I H;B?GK;I ;IJ KD?L;HI;B :;FK?I B;I FH;C?ZH;I H;B?=?EDI FH?C?J?L;I
 "B
In799;DJK; :7DI B;I H;B?=?EDI :EDJ B; <ED:7J;KH EK B;I :?L?D?JYI IEDJ
L;DKI IKH J;HH; B7?II7DJ :;I IEKL;D?HI :; B;KH L?; ;J :; B;KH
F;HIEDD;


7DI B; 9>H?IJ?7D?IC; B;I H;B?GK;I IEDJ DY;I :K 8;IE?D :; IKFFEHJI
9ED9H;JI :; B7 H;B?=?ED FEKH 9EDL;HJ?H B;I C7II;I
 %7 :YLEJ?ED 7KN
H;B?GK;I 7 FHELEGKY KD; LYH?J78B; 9>7II; 7KN H;IJ;I :;I I7?DJI ;J
C7HJOHI ;D9EH; U BnYFEGK; :; Bn;CF?H; HEC7?D
  D H7D9; B; HE?
>7HB;I "/ %; ;BCEHJ ;D 7 HY=BYBK? C[C;B;I :YJ7?BI :;I;I
E8IZGK;IBn7887O; HEO7B;:;,7?DJ ;D?IFEKHIED9EHFIB;9EKL;DJ
:;I HZH;I )H[9>;KHI U )7H?I FEKH IED 9lKH ;J BnY=B?I; 7887J?7B; :;


&7K8K?IIED FEKH I;I ;DJH7?BB;I
  ;I E8@;JI :; B7 9EBB;9J?ED :K
/?9JEH?7 7D: B8;HJ &KI;KC :; %ED:H;I ?BBKIJH;DJ Bn7FF7H?J?ED ;J
BYLEBKJ?ED:;IH;B?GK;I9EHFEH;BB;I
;IFH;C?;HI9;H9K;?BI7KN8?@EKN
;D 9>;L;KN B;I CEDKC;DJI <KDYH7?H;I EDJ YJY B; IKFFEHJ :; B7
:YLEJ?ED 7KN H;IJ;I I79HYI
 n78EH: HYI;HLYI 7KN <7C?BB;I HEO7B;I
B;I H;B?GK7?H;I :; :;K?B EDJFH?I JEKJ 7K BED=:K 1"1 ZC; I?Z9B; KD
;IIEH 9EDI?:YH78B;
 FHZI B7 H7D:; K;HH; ?BI EDJ YJY 7IIE9?YI
U Bn?:Y; :nKD; CEHJ J;HH?<?7DJ; GK? L;D7?J :; :Y9?C;H BnKHEF;
 %7
F>EJE=H7F>?; GK? HYFED: 7KII? 7K IOC8EB?IC; :K IEKL;D?H 7
H;CFB79Y :Y<?D?J?L;C;DJ BnKI7=; :;I 8?@EKN ;J :;I H;B?GK7?H;I ;D
9>;L;KN


FHZI I7 9ECFBZJ; :?IF7H?J?ED B;I EKLH7=;I ;D 9>;L;KN EDJ YC;H=Y
:7DI B; IKHHY7B?IC;
 AA5 ;IJ KD C6>9H HFCIJV KD 97:H; H;B?GK7?H;
GKnD:HY H;JED 7 E<<;HJ U #;7D #79GK;I %;8;B L;HI   FEKH IED
L?D=J?ZC;7DD?L;HI7?H;
9>;JY7KC7H9>Y7KNFK9;I:;,7?DJ (K;D?B
9EDJ?;DJ KD; =HEII; CZ9>; :; 9>;L;KN 8BED:7JJ79>Y; F7HKDHK87D
8B7D9 :7DI KD 9E?D B; FHYDEC g CC7 h ;IJ C7HGKY
  .D; <E?I
:?IF7HK :;I JH7:?J?EDI 9; =;DH; :nE8@;J ;IJ :;L;DK ;NJH[C;C;DJ
YJH7D=; :EJY :nKD; CEH8?:?JY :YB?97J; ;J I?D=KB?ZH;
 %;I C7H9>YI
7KN FK9;I YJ7?;DJ :; LYH?J78B;I 9>7DJ?;HI :; H;9>;H9>; FEKH B;I
IKHHY7B?IJ;I Bn;D:HE?J ?:Y7B FEKH H;JHEKL;H :;I E8@;JI g HY;BI h
FHEL;D7DJI :;I H[L;I :n7KJH;I YFEGK;I ;J :n7KJH;I 9KBJKH;I
  ,7DI
<ED9J?ED EK KJ?B?JY YL?:;DJ; C7?I 9>7H=YI IOC8EB?GK;C;DJ ;J
>?IJEH?GK;C;DJ 9;I E8@;JI I;H7?;DJ 97F78B;I :; HY7B?I;H B7
HY9ED9?B?7J?ED :K HY;B ;J :; Bn?C7=?D7?H; J;D:7D9; :; JEKJ; B7
:YC7H9>;IKHHY7B?IJ;


%5G7I@=B VA=B=B   :; &?C? )7H;DJ ;IJ KD 7KJH; 9KH?;KN
H;B?GK7?H;97F?BB7?H;IKHHY7B?IJ;
"BD;In7=?JF7I:nKDC6>9HHFCIJVC7?I
:nKD 7II;C8B7=; ;D97:HY :7DI B;GK;B ED H;JHEKL; KD; L;IJ; KD;
9>;C?I;;JKD;9H7L7J;;D9>;L;KN
%nlKLH; @EK; ?HED?GK;C;DJ7L;9
B;I IJYHYEJOF;I :K <YC?D?D ;J :K C7I9KB?D 9HY7DJ KD; 9>?CZH;
IKHHY7B?IJ;I7DI =;DH; :Y<?D?II78B;
)BKJaJGK;<7?H; :KFYD?I KDE8@;J
:;C7DGK;Bn7HJ?IJ;In7FFHEFH?;B79H7L7J;KDFYD?IIOC8EB?GK;;JBK?
7@EKJ; KD; FK?II7D9; :; <YC?D?JY
 K :;L;D?H 97F?BB7?H; B7 9H7L7J;
F>7BBKI FH;D: B; FEJ;DJ?;B <YC?D?D :n[JH; IEKH9; :n7JJH79J?ED ;J :;
HYFKBI?ED
%797IJH7J?EDH;JEC8;:ED9 IKHB79H7L7J;B;F>7BBKIIE9?7B
:;Bn>ECC;;JF7IIKHB;9EHFI:;B7<;CC;

**  E8@;JJHEKLY 0&3>3'510


0 2)&+ :*&+&+ 7II;C8B7=;+/+#3'05

7DI Bn7HJ 9EDJ;CFEH7?D B; H;B?GK7?H; 9EHFEH;B ;IJ HY7FF7HK I7DI


BnED?H?IC; IKHHY7B?IJ; C7?I 7L;9 KD ;IFH?J 9H?J?GK; IKH Bn78@;9J?ED
9EHFEH;BB;FBKIYL?:;DJ97H79JYH?IJ?GK;H;JHEKLY;;II;DJ?;BB;C;DJ9>;P
B;I7HJ?IJ;I;D=7=YI7L;9B;<YC?D?IC;
+5B;F9G5;F585 :;B?D;


)
 IEKBZL; B; FEKLE?H :; =;DH; :7DI B; 9EDJ;NJ; H;B?=?;KN
 %7 8E^J;
H;B?GK7?H; 9EDJ?;DJ B; I7D= B; FBKI ?CFKH 9;BK? :;I C;DIJHK;I
 %7
H;B?GK; I79HY; :; Bn7HJ?IJ; ;IJ KD HEI7?H; J7CFED KI7=Y
 *K;BGK;I
F;HB;I :nKD HEI7?H; ;J B7 9HE?N :K >H?IJH;CFB79;DJ B7 9EH:; KJ?B?IY;
FEKH ;DB;L;H B; J7CFED :K L7=?D
 ;J E8@;J H;DLE?; U Bn?C7=; :nKD
HEI7?H;IEHJ?:nKDL7=?D


+$/"0$/! E8@;JH;B?GK7?H; .+0'

;JJ; H;B?GK; Dn;IJ F7I 9ECC; B;I 7KJH;I ;BB; 7IIKC; IED 78@;9J?ED
:7DI I7 FHEFH; ?CFKH;JY IOC8EB?GK;
 7DI GK;BB; C;IKH; B; 9lKH
:YJYH?EHY :nKD HE? EK B7 B7D=K; CEC?<?Y; :nKD I7?DJ IEDJ CE?DI
HYFK=D7DJI GK; B; I7D= :; Dn?CFEHJ; GK;BB; <;CC;  %7 L7B;KH
IOC8EB?GK; :nKD; :YFEK?BB; 9EHFEH;BB; ;IJ H;B7J?L; 9EDJ;NJK;BB; ;J
E8Y?J U KD; IJHK9JKH; :; FEKLE?H FHY9?I;
 B?D; )
 E<<H; 7K I7D=:;I
<;CC;I B7 L7B;KH :K I79HY KD =;IJ; ?HED?GK; GK? :YIJ78?B?I; BnEH:H;
IOC8EB?GK; YJ78B?
 %n7HJ?IJ; 7 FHE<7DY B7 IJHK9JKH; :E=C7J?GK; :;
BnQ=B?I; 97J>EB?GK; I7 :YC7H9>; 97IJH; B; >H?IJ ;J B7 9HE?N GK?
IOC8EB?I;IEDF>7BBE9;DJH?IC;
L;9KDHEI7?H;:;I7D=C;DIJHK;BB7
9KBF78?B?JYH;JEC8;IKHB7 L?EB;D9; F7JH?7H97B; GK?7=H;II;;J L?EB;B;


9EHFI :;I <;CC;I
 ,79H7B?IY;I ;BB;I IEDJ :;L;DK;I :;I C7HJOH;I
9EDJ;CFEH7?D;IB;II7?DJ;I:nKDDEKL;BEH:H;IOC8EB?GK;97F78B;:;
<KI?EDD;HB;IF?H?JK;BB;FEB?J?GK;;JBn7HJ?IJ?GK;


%7 FHYI;D9; :K I7D= C;DIJHK;B :7DI B;I C[H9G *9@=EI5=F9G  $9
89IL=WA9 G9L9 :Y<?; 7KII? BnEH:H; IOC8EB?GK; GK? ;CF[9>; B7
I79H7B?I7J?ED :K 9EHFI <YC?D?D
 ,7DI KD; HY<YH;D9; H;B?=?;KI;
IFY9?<?GK; BnlKLH; I; FHYI;DJ; 9ECC; KD F9@=EI5=F9 5;BCGH=EI9
Eb B;I CEJI :; I7D= FHEFEI;DJ KD; FIO9>EC7=?; EK KD; IEHJ; :;
g FH?ZH; h <YC?D?IJ;
 %; H;B?GK7?H; I79H7B?I; CED I7D=;J B; :?I9EKHI
<YC?D?IJ;@;gFH?;hFEKHB7B?8YH7J?ED:;CEDKJYHKI7L;9IEDFHEFH;
I7D=
 %7 9EDJH7:?9J?ED ;IJ Bn;II;D9; IOC8EB?GK; :K I7D= KJYH?D ?B
FEHJ; JEKI B;I FHY@K=YI Bn78@;9J?ED B7 FEBBKJ?ED ;J B7 IEK?BBKH; C7?I
IED ;N?IJ;D9; ;IJ 7KII? B7 =7H7DJ?; :; B7 H;FHE:K9J?ED >KC7?D;
 ,?
9; I7D= :;L?;DJ I79HY ?B 7HH[J; :n;CFE?IEDD;H B;I 9EDIJHK9J?EDI
IOC8EB?GK;I:K9EHFI<YC?D?D

L;9B;I C[H9G *9@=EI5=F9G@n;II7?;:;JEK9>;HB7DEJ?ED:;:YFEK?BB;


I79HY; GK? ;IJ 7KII? ?CFHY=DY; :nKD; <EHJ; 9EDDEJ7J?ED :n78@;9J?ED

Y9EKF;H B;I 97:7LH;I :;I I7?DJI ;J :;I C7HJOHI FEKH 9HY;H :;I
H;B?GK;I H;B?=?;KI;I ;IJ KD =;IJ; CEH8?:; ;J IEC8H; DED BE?D :;I
?DJ;HFHYJ7J?EDI FY@EH7J?L;I IKH B; I97BF EK B;I JHEF>Y;I :;I H;B?=?EDI
FH?C?J?L;I
 %7 :YFEK?BB; I79HY; =7H:; JEK@EKHI B; 9aJY J;HH?<?7DJ :K
9EHFI :?B79YHY
 'Y7DCE?DI C;I H;B?GK7?H;I 97F?BB7?H;I IEDJ FBKI
FHE9>;I:;Bn;IJ>YJ?GK;:;I8?@EKNL?9JEH?;DI GK;:;I9EHFI :?B79YHYI

#; JH7L7?BB; B7 C7J?ZH; HYI?:K;BB; :7DI B; 8KJ :nE<<H?H :;I <EHC;I U
Bn?D<EHC;
&;IH;B?GK7?H;I JH7DI?J;DJ;DJH;FBKI?;KHI KD?L;HI COIJ?GK;I
I7DI 7<<?HC;HEKD?;HB;KHI L7B;KHI IF?H?JK;BB;I @; FHEFEI;:;I lKLH;I


>O8H?:;I:;I 9>?CZH;I 97F78B;I :; FHE<7D;H EKI79H7B?I;H Bn78@;9J?ED
9EHFEH;BB;

D Y9>7FF7DJ U B7 IJHK9JKH; <?=Y; ;J 7J;CFEH;BB; :;I H;B?GK7?H;I @n7?
HY7B?IY ;D   B7 L?:YE ?DIJ7BB7J?ED H;B?GK7?H; C[H9 R %IG=EI9 
,9FDG=7<CF9 5D=@@5F=G
 )HYI;DJY; :7DI B;I ;NFEI?J?EDI VFC\B9G $9G
!BGH5BHG.=8VC ;J $5 G9A5=B9:@CI9 BnlKLH; ;IJKD:YFBE?;C;DJ:;B7
L?:YE ,9FDG=7<CF9 5D=@@5F=G  
 +Y7B?IY; 7K HYI?B 7L;9 &7H9;BB;
%EKP7:7 :7DI B; 97:H; :K FHE@;J *9JXH9N JCIG 89 A9G 7<9J9IL B7
L?:YE 7 YJY :YL;BEFFY; U F7HJ?H :;I =;IJ;I :n?CFHEL?I7J?ED :; B7
:7DI;KI;
"DIF?HY; :;,9FDG=7<CF9B7CKI;=H;9GK;:;B7:7DI;;J:;
B7 FEYI?; &7H9;BB; %EKP7:7 7 ?D97HDY KD; CKI; :; B7 g :7DI;
97F?BB7?H;h

;HJ7?D;I ?C7=;I :K 9EHFI :7DI7DJ :; &7H9;BB; %EKP7:7 C;


H7FF;BB;DJKD;FEKFY; 87BB;H?D;GK?JEKHDE?;:7DII78E^J;UCKI?GK;

-HEKLY;F7H>7I7H:IKH?DJ;HD;JB7 8E^J;;D8E?IC7HGK;JY;7YL;?BBY
?CCY:?7J;C;DJ Bn?:Y; :; Bn?DIJ7BB7J?ED
 #n7? 8H?9EBY I7 9EKL;HJKH;
H;CFB7X7DJB;C?HE?HF7HKD;J78B;JJ;DKCYH?GK;
)EKHB787BB;H?D;@n7?
J?IIYKDF;J?JJKJK;D9HE9>Y:;9>;L;KN
#n7?7KII?9HYY:;KNH;B?GK;I
97F?BB7?H;I FEIY;I IKH B; I7J?D 8B;K GK? J7F?II; B; 9E<<H;J
 -EKI B;I
CY97D?IC;I :;B7 8E^J;<ED9J?EDD;DJ F7H<7?J;C;DJ B7 F;J?J;87BB;H?D;
:7DI; 7K IED :; I7 CKI?GK; U C7D?L;BB; F;D:7DJ GK; &7H9;BB;
%EKP7:7:7DI;:7DI B;L?:YE C?HE?H
%;I :;KNIEDJ>78?BBY;I7L;9:;I
8EK9B;I :; 9>;L;KN BnKD; ;IJ B; H;<B;J ?C7=?D7?H; :; Bn7KJH; B; H[L;
>KC7D?I7DJ:nKD(=BC77<=C



,=1"920&.2""/-0& %,/"
-&))/&0 L?:YE ?DIJ7BB7J?ED
#0+'..#&'163#

,;BED&?9>;BEK97KBJB;C?HE?H;IJBE=Y:7DIKD;IF79;?D799;II?8B;
KD ?DL?D9?8B; 7?BB;KHI GK? B?C?J; Bn;NFYH?;D9; FKH;C;DJ KJEF?GK; :K
9EHFI
c j9GH @9 A=FC=F9H 7j9GH @97585JF9 EI= 5GG=;B9BH IB9GD579R
@j9LDVF=9B79 DFC:CB8VA9BH 9H CF=;=B5@9A9BH IHCD=EI9 8I7CFDG  3

4


EI= :CBHH5=F99H5D5=G9BH9H:9FA9BHGIFIB97@^HIF9 79HH9;F5B89F5;9
IHCD=EI9 EI= 8V@56F9 9H JC@5H=@=G9 R7<5EI9 =BGH5BH BCHF9 7CFDG
 j9GH
;FS79R9IL 3

4EI9BCHF9 7CFDG Bj9GH D5G DIF99H G=AD@9 IHCD=9


d 
%;C?HE?HGK?DEHC7B;C;DJB?C?J;B;IKJEF?;I9EHFEH;BB;I:;L?;DJ7L;9
C[H9 R %IG=EI9 B; 9HY7J;KH :; 9;I KJEF?;I
 "B H;<BZJ; KD; ?C7=;
?D799;II?8B; ;J <7KII; ?B In7=?J :nKD :YI?H :n?BBKI?ED  BnKJEF?; :; B7
A=AXG=G9EHFEH;BB;
%;CY97D?IC;KJEF?GK;BK:?GK;;JE8IEBZJ;:;B7
8E^J; U CKI?GK;;IJ Bn5IHCA5H9 KD=;DH;:;C79>?D;GK?;II7?; :;
9EF?;H B7 D7JKH;
 %7 C7D?L;BB; JEKHD; ;J g HYL;?BB; h B7 87BB;H?D;
7D:HE_:;F;D:7DJ GK;&7H9;BB;%EKP7:7:7DI;L?HJK;BB;C;DJ:7DI B7
J78B;JJ;DKCYH?GK;
%;:Y97B7=;>?IJEH?GK;;DJH;B;I:;KNJ;9>DEBE=?;I
;CFBEOY;IFHEFEI;KD;<KI?ED;DJH;Bn7D:HE_:;CE:;HD;;JB;IF;9JH;
9EDJ;CFEH7?D:;KNH[L;I J;9>DEBE=?GK;I :; H;9HY7J?ED :; Bn>KC7?D

C[H9 R %IG=EI9 ;IJ KD H;B?GK7?H; GK? I79H7B?I; B; 9EHFI U JH7L;HI
BnKJEF?;:nKDC?CYJ?IC;YJ;HD;BB;C;DJ;DCEKL;C;DJ

%;I FEII?8?B?JYI ;IJ>YJ?GK;I GK; DEKI JHEKLEDI 7K@EKH:n>K? FEKH B7


9HY7J?ED :; L?:YE ?DIJ7BB7J?EDI IEDJ ?DDEC8H78B;I
 L;9 BnEKJ?B
J;9>DEBE=?GK; :?II?CKBY :7DI KD; C?I;;DI9ZD;7HJ?IJ?GK;B;9EHFI
L?HJK;B F;KJ FH;D:H; KD; FHYI;D9; <7DJ7IC7=EH?GK;
 7DI B; 97:H;
:;IL?:YE ?DIJ7BB7J?EDIGK?H;9HY;DJBn>KC7?D;DF;J?J <EHC7J ;D<;HCY
:7DI:;I H;B?GK7?H;I J;9>DEBE=?GK;I@;FHEFEI;Bn7D7BOI; :;I lKLH;I
+9@:@9GG =B H<9 65H<C: @5J5   :;)?F?BEJJ?+?IJ ;J CA6=@@5 
:;+K8YD+7CEI7BI7

+9@:@9GG =B H<9 65H< C:@5J5 ;IJ KD; L?:YE ?DIJ7BB7J?EDGK? F;KJ F7II;H
?D7F;HXK; :7DI Bn;IF79; :n;NFEI?J?ED
 HV9; U KD F;J?J JHEK :7DI B;
IEB ED F;KJLE?HKD; L?:YE:7DI B7GK;BB; Bn7HJ?IJ; D7=; DK; :7DI KD


87?D:;B7L;?D97D:;I9;DJ;
%7C?DKI9KB;?C7=;=;IJ?9KB7DJ;;DDE?H;
;J8B7D9:;Bn7HJ?IJ;;D9EDJH7IJ;7L;9B;HEK=; EH7D=Y:;B7 B7L;9H?;
7KIF;9J7J;KHg"9GI=GIGV99HJCIGXH9GIB9:@9IFh
/K;:n;D>7KJ
Bn7HJ?IJ;I;C8B; <H7=?B;;J?CFK?II7DJ;7K<ED::;IEDJHEK:; B7L;
%7
L?:YE :;L?;DJ KD ;IF79; F>OI?GK; ?DJY=HY IEKI B;I F?;:I :K
IF;9J7J;KH
 %; JHEK @EK; B; HaB; :nKD YJH7D=; F9@=EI5=F9 GK? =7H:; 9;
F;HIEDD7=;:YI;IFYHY;J9ED:7CDYUIEDYJ;HD;B87?D:;B7L;


")#)"00&+1%"1%,#)3 L?:YE ?DIJ7BB7J?ED+2+.155++45

)EKHJ7DJB7H;B?GK;)?F?BEJJ?+?IJ;IJL?L7DJ;;JIF;9JH7B;?BDnO7F7I:;
C7J?ZH; HY;BB; D? CEHJ;
 %7 CEHJ I;C8B; [JH; KD; YJ7F; :Y@U
IKHCEDJY;I?B;87?D:;B7L;;IJ?DJ;HFHYJY9ECC;KD;CYJ7F>EH;:;
Bn;D<;H
 %7 I79H7B?I7J?ED7HH?L; :ED9 F7H B7 :7CD7J?ED 7HJ?9KB7DJ KD;
7CBHF9 F9@=EI9B?DL;HI?EDIOC8EB?GK;:;BnKJEF?;H;B?GK7?H;
 %; 9EHFI
:;Bn7HJ?IJ;Dn;IJF7I 8;7KB?CF?:;9EBEII7B EK FHEJY=Y ?B ;IJ<H7=?B;
F;J?J I7DI 9EKB;KH ;J FB;?D :; IEK<<H7D9;
 'Y7DCE?DI?BIn7=?J:nKD;
IJHK9JKH; KJEF?GK; FHE9>; :; 9;BB; :K H;B?GK7?H; F7H9; GK; C[C;
I7DI BnKJEF?; :K 9EHFI H;B?GK; ;BB; F7HL?;DJ U C;JJH; B; 9EHFI
IEK<<H7D9; ;D 9ECCKD?97J?ED7L;9 BnKD?L;HI :;I :?L?D?JYI ;J :n7KJHK?



%;:Y97B7=;;DJH;B7J7?BB;>KC7?D;;JB7C?D?7JKH;:;)?F?BEJJ?+?IJC;J
B;IF;9J7J;KHUB7FB79;:nKD=Y7DJKDg:?;KhGK?FEKHH7?JB7I7KL;H

"HED?GK;C;DJ B; IF;9J7J;KH 7:EFJ; B; HaB; :nKD; ;DJ?JY I79HY; ?B ;IJ
7HH79>Y:;IED;IF79;FHEFH;;JFHE@;JY:7DIKD9EDJ;NJ;Eb?B:;L?;DJ
Bn?DGK?I?J;KH :; B7 :EKB;KH >KC7?D;
 ; F9@=EI5=F9 FHEFEI; :ED9
Bn;NFYH?;D9;KJEF?GK;:; 9ECCKD?97J?ED7L;9Bn7KJH; CED:;I7DIB7
H;B?GK;9EHFEH;BB;C7?I7L;9 JEKJBn;IF79;:K9EDJH; CED:;UJH7L;HI
B;<7DJ7IC;:;B7IEK<<H7D9;DCGH ACFH9A

CA6=@@5;IJKD;L?:YE ?DIJ7BB7J?ED:7DIB7GK;BB;EDF;KJH;JHEKL;HKD
I;KB E8@;J  KD; 7CFEKB; 7BBKCY; ;J 799HE9>Y; 7K FB7<ED:
 i
B?DJYH?;KH :; Bn7CFEKB; ?B O 7 KD; FHE@;9J?ED
 %;I FB7DJ;I :;I F?;:I
:nKD :7DI;KH :; 9B7GK;JJ;I :EDD;DJ Bn?CFH;II?ED GKn?B ;N?IJ; KD
8ED>ECC;;D<;HCY:7DIBn7CFEKB;
ECC;B;I87BB;H?D;I:;I 8E^J;I
U CKI?GK; B; :7DI;KH :; 9B7GK;JJ;I :; +K8YD +7CEI 7BI7 ;IJ KD
H[L; J;9>DEBE=?GK; :; H;9HY7J?ED :; Bn>KC7?D
 "B ;IJ B; IF;9JH;
9EDJ;CFEH7?D :;I 7D:HE_:;I 9?DYJ?GK;I :n7KJH; <E?I
?DI? Bn7CFEKB;
:;L?;DJ B; H;B?GK7?H; :; B7 A=AXG=G >KC7?D; 9EDJ;CFEH7?D;
 %7
:YFEK?BB;9EHFEH;BB;:;IH;B?GK7?H;I :;I I?Z9B;IF7IIYI ;IJ:;L;DK;KD
IF;9JH;<7DJ7IC7=EH?GK;:;DEJH;HY7B?JYJ;9>DEBE=?GK;
%;:7DI;KH:;
9B7GK;JJ;I ;IJ Bn?C7=; :nKD; KJEF?; FHE<ED:; KD 9EHFI FHYI;DJ :7DI
B;I =;IJ;I C7?I JEK@EKHI 7?BB;KHI :7DI I7 L?HJK7B?JY
 ,ED 9EHFI ;IJ KD
9EHFII7DI9EHFI;D<;HCY:7DIKDB?;KKJEF?GK;>EHI:;JEKIB?;KN

%;I JHE?I L?:YE ?DIJ7BB7J?EDI HY?JZH;DJ Bn?:Y; :; C7JYH?7B?I7J?ED


HY9?FHEGK; :; BnY9H7D 9ECC; 9EHFI ;J :K 9EHFI ;D J7DJ GKn?C7=;
L?:YEIK8IJ7DJ?L;
,;BEDC;B?7#ED;IBn?:Y;:;LE?HBnY9H7D9ECC;
KD;IEHJ;:;9EHFI7:;I?CFB?97J?EDID5F5 :VA=B=GH9G
DY9>7FF7DJ


U BnKJ?B?I7J?ED :; B7 L?:YE 9ECC; I?CFB; :?IFEI?J?< :; <78H?97J?ED
:n?C7=;I9;HJ7?DI 7HJ?IJ;I EDJ J;DJY :; Bn;NFBEH;H:; <7XED F>YDECY
DEBE=?GK;
7DI 9;I;DIB; A=FC=F B; HFCI9H Bn5ADCI@9 FH;DD;DJ KD
97H79JZH; :n?D97HD7J?ED :; B7 L?; U JH7L;HI B7 L?:YE
 C;B?7 #ED;I 
7<<?HC; ;D9EH; GK; B7 FHEFEI?J?ED :; )?F?BEJJ? +?IJ :K 9EHFI ;D J7DJ
GKng 9GD579G5BG :=B8jCIJ9FHIF9G hI;I;HJ:;B7J;9>DEBE=?;L?IK;BB;
FEKH<7?H;GK;B;9EHFIL?HJK;BgFYDZJH;B7I7BB;h;JBK?F;HC;JJ;7?DI?
:n>78?J;H  Bn;IF79;
 BB; :Y<;D: Bn?:Y; GK; B; FHE@;J :; )?F?BEJJ?
+?IJ:YI?DJZ=H;Bn?C7=;:K9EHFI :7DI Bn;IF79;
,;BEDBn7HJ?IJ;GK7D:
ED FHE@;JJ; KD; ?C7=; g @9 AIF G9 8=GGCIH 9H @j=A5;9 89J=9BH
5F7<=H97HIF9 h
 ; :YC7DJZB;C;DJ :; Bn?C7=; H;D: FEII?8B; B7
9EDIJHK9J?ED :n7KJH;I <EHC;I 9EHFEH;BB;I ;D :;>EHI :K :?I9EKHI
F>7BBE9;DJH?GK;KD;7HJ?9KB7J?EDD5F5:VA=B=GH9
"BD;In7=?JF7I:;D?;H
9H?J?GK;H:Y9EDIJHK?H; EK 9EDJH;:?H; B;:?I9EKHI F7JH?7H97B GK? CEKB;
B;I9EHFIC7?I:nEKLH?HB79HY7J?ED7HJ?IJ?GK;U:;I<EHC;I7CFB;IGK?
D;IEDJF7IC7HGKY;IF7HB;IDEHC;I8?D7?H;I:KI;N;

,*&)) L?:YE ?DIJ7BB7J?ED6$>0#/14#.4#


%; D5F5:VA=B=GA9 ;II7?;:nEKLH?HB7 GK;IJ?ED <YC?D?IJ;7KN LYH?J78B;I
9ECFB;N?JYI >KC7?D;I
 %7 :;KN?ZC; L7=K; <YC?D?IJ;   7 <H7D9>? B7
:?9>EJEC?;C7D?9>Y;DD;;DJH;<YC?D?D;JC7I9KB?DFEKH9ECFH;D:H;
GK;B;g=;DH;h ;IJFBKJaJKD; GK;IJ?EDGKnKD;HYFEDI;
;9ED9;FJ
FHEFEI; KD; CKBJ?FB?9?JY :n;NFH;II?EDI ;J :; 9ECFEHJ;C;DJI Eb B;
<YC?D?D D; L;KJ F7I <EH9YC;DJ :?H; <;C;BB; ;JC7I9KB?D D; I; HY:K?J
F7I7KNCVB;I
%n7HJD5F5:VA=B=GH9DnE<<H;F7I:n?C7=;IFEI?J?L?IJ;I:;I
<;CC;I FEKH H;DL;HI;H B;I IJYHYEJOF;I C7I9KB?DI C7?I :;I 9EHFI
>O8H?:;I7L;9:;I9ECFEHJ;C;DJIB?8H;I:;I:?I9EKHI:;FEKLE?H


7DI $9F9HCIF 8IFV9@  !7B EIJ;HH;FH;D:B; IYC?D7?H;:; #79GK;I


%797D IKHB;HY;BFEKH7D7BOI;HB7H;D9EDJH;JH7KC7J?GK;7L;9B;HY;B
GK;9;HJ7?D;I lKLH;I :n7HJ F;KL;DJ FHELEGK;H
 ,;BED#79GK;I %797D
B;HY;B;IJ9;GK?H;L?;DJ JEK@EKHI
%7HYFYJ?J?ED:;B7 HY7B?JYH;<EKBY;
F;KJ7FF7H7^JH;;D J7DJ GK; IOCFJaC; EK I?=D?<?7DJ @j5IHCA5HCB EK
9ECC;B;H;JEKH:nKD;H;D9EDJH;JH7KC7J?GK;7L;9B;HY;BB7HI7<V
 
%7HYFYJ?J?ED:; Bn?C7=;:7DI B79ED:?J?ED:j5IHCA5HCBF;KJ 9EDJ;D?H
EK <7?H; Y9H7D 7K H;JEKH JH7KC7J?GK; :K HY;B
 ?DI? #79GK;I %797D
FHEFEI; IED I9>YC7 :K H;=7H: EbBn?C7=; Y9H7D FHEJZ=; B; H;=7H:
9EDJH;B;H;JEKHJH7KC7J?GK;:KHY;B
%nY9H7D;IJB; B?;K:;CY:?7J?ED
?BF;HC;J7KIK@;J:;9EDJ;CFB;HBnE8@;JI7DI[JH;7L;K=BYF7HB;HY;B
i
F7HJ?H:;#79GK;I %797D!7BEIJ;HFHEFEI;:ED9GK;Bn7HJ78@;9JGK?
JEC8; DED I;KB;C;DJ :K 9aJY :; Bn?D<EHC; C7?I 7KII? :; BnE8I9ZD;
I;H7?J97F78B;:;:Y9>?H;HBnY9H7DGK?FHEJZ=;B;H;=7H:;JFHECEKLE?H
KD;H;D9EDJH;JH7KC7J?GK;7L;9B;HY;B


D HY<BY9>?II7DJ U F7HJ?H :; Bn7D7BOI; :; !7B EIJ;HIKH B; I9>YC7 :K
H;=7H: :; #79GK;I %797D ;J :; $5 BCIJ9@@9 V7CBCA=9 DGM7<=EI9 :;


>7HB;I &;BC7D  @; LEK:H7?I CEDJH;H 9ECC;DJ 9;HJ7?D;I L?:YE
?DIJ7BB7J?EDI Eb B; 9EHFI Bn;IF79; BnY9H7D B7 FHE@;9J?ED B; IED
Bn7H9>?J;9JKH; ;J B;I E8@;JI IEDJ 7HJ?9KBYI :; <7XED >O8H?:; F;KL;DJ
7KII? YJ78B?H KD; H;D9EDJH; :?H;9J; 7L;9 B; HY;B
 ,7DI FEKH 7KJ7DJ
:Y9>?H;H :; <7XED JH7KC7J?GK; BnY9H7D GK? FHEJZ=; B; HY;B 9;JJ;
H;D9EDJH;FEKHH7?JYJ78B?HKD;;NFYH?;D9;:;@EK?II7D9;;IJ>YJ?GK;


ECC; DEKI Bn7LEDI LK7KF7H7L7DJ >7HB;I &;BC7D FHEFEI;GK;B;


H7FFEHJ C7I9KB?D 7L;9 B; HY;B IE?J CY:?7J?IY F7H B; I?=D?<?7DJ ;J
Bn?DL;DJ?ED :;I 9ED9;FJI KD; <7XED:;C7^JH?I;H :;DECC;H9; GK?
FEKHH7?J [JH;JH7KC7J?I7DJ
 %;H7FFEHJ <YC?D?D 7L;9 B; HY;B I;H7?JFBKI
:?H;9J ;J CE?DI FHEJY=Y F7H B7 DEC?D7J?ED
 >7HB;I &;BC7D 7L7D9;
Bn?:Y;GK;B7<;CC;;DJH;J?;DJ7L;9B;HY;BKDCE:;:;@EK?II7D9;GK;
D; 9EDD7?II;DJ F7I 9;KN GK? IEDJ :K 9aJY C7I9KB?D
 c $5 >CI=GG5B79
D<5@@=EI95IBF5DDCFH 5ID<5@@IG9H @5>CI=GG5B79IHF9579 F5DDCFH
8=F97HBCBD5GRIB9=BGH5B79 @9D<5@@IG9GHIB9=BGH5B79 A5=G5J97
@9 FV9@
 3

4 =@ M 5 @R IB9 >CI=GG5B79 EI= Bj9GH D5G IB9 >CI=GG5B79


D<5@@=EI9 EI= Bj5 F=9B R JC=F 5J97 @jC6>9H D9H=H 5 9H EI= 9GH IB9
>CI=GG5B79D5FH=9@@985BGIBF5DDCFH 5IFV9@
d  ,;BED9;JJ; HY<B;N?ED
B; I9>YC7 :K H;=7H: :; #79GK;I %797D H;FEI;H7?J IKH KD H;=7H:
C7I9KB?D F7HJ7DJ :nKD H7FFEHJ 7L;9 B; HY;B JEK@EKHI CY:?7J?IY F7H
BnY9H7D

%;H;=7H: <YC?D?D I;H7?J:ED9FBKI A?D;IJ>YI?GK; ;JCE?DI9YHY8H7BU


JH7L;HI B;GK;B ?B I;H7?J FEII?8B; :nYJ78B?H KD; H;D9EDJH; DED
JH7KC7J?GK; 7L;9 B; HY;B
 7DI B;I L?:YE ?DIJ7BB7J?EDI Eb B; 9EHFI
L?:YE YC;H=; :; Bn7H9>?J;9JKH; ;J :;I E8@;JI 9n;IJ @KIJ;C;DJ 9;JJ;
>CI=GG5B79IHF9GK?;IJFHEFEIY;7KIF;9J7J;KH
*K7D:BnY9H7D L?:YE


:?IIEKJB;I9EHFI;J:EDD;L?;UBn;IF79;9n;IJ7KII?BnY9H7D:KI9>YC7
:K H;=7H: :; #79GK;I %797D GK? I; :?IIEKJ
 )EKHJ7DJ B; HY;B ;DL7>?J
Bn;NFYH?;D9;;IJ>YJ?GK;I7DI:Y9>?H;HBnY9H7D
L;99;JJ;:?IIEBKJ?EDB;
IF;9J7J;KHDn;IJ FBKI I;KB;C;DJ 9;BK? GK? H;=7H:; BnY9H7D?B ;IJ 7KII?
H;=7H:Y ?B :;L?;DJ F7HJ?; :; B7 HY7B?JY L?HJK;BB; :; BnlKLH;
 %7
@EK?II7D9; DED F>7BB?GK; YJ78B?; 7L;9 B;I E8@;JI J;9>DEBE=?GK;I 
JHEK8B; B7 B?C?J; ;DJH; B; HY;B ;J B; L?HJK;B ;J ?DIZH; Bn?C7=?D7?H;
:; <7XED IKHFH;D7DJ; :7DI B; HY;B ;D<;HC7DJ F7H ;N;CFB; B;I
F;HIEDD7=;I:7DIB;JHEK:7DIBn7CFEKB;;J:7DIB;C?HE?H


%;I 7IF;9JI ED?H?GK;I IEDJ ;NJH[C;C;DJ ?CFEHJ7DJI FEKH :EDD;H


KD DEKL;7K H;FZH; 7K IK@;J
 %nKD; :;I =H7D:;I 9EDIYGK;D9;I
9B?D?GK;I :;B7 @EK?II7D9; E8@;9J7B; F7HJ?;BB; ;IJ Bn7FF7H?J?ED:KIK@;J
5HCD=EI9GK?Dn7HH?L;FBKIUJHEKL;HI7FB79;:7DI B;CED:;
;IK@;J
I7DI 9EDI?IJ7D9; I7DI FHE@;J I7DI H[L;I D; F;KJ FBKI In7<<?HC;H
:7DI B7 JH?FB; :?C;DI?ED :K FV9@ :; Bn=A5;=B5=F9 ;J :K GMA6C@=EI9

K@EKH:n>K? ?B DnO 7 FBKI :n?CFEII?8B; FBKI :;B?C?J; DEKI IECC;I
97F78B;I :;JEKJ<7?H;C7?IDEKIL?LEDI7KII?:7DI Bn;DDK?;JIECC;I
I7DI 9HY7J?L?JY FH?I :7DI B; <BKN :; @EK?II7D9;CEDEJED; ;J9EDJ?DK;
:;I 7HJ?<?9;I J;9>DEBE=?GK;I
 ?DI? BnYBYC;DJ ?C7=?D7?H; :; BnlKLH;
:n7HJ :EDD; 7K IK@;J KD DEKL;7K H;FZH; B7 9EDI?IJ7D9; ED?H?GK;
:nKD :YI?H ?C7=?D7?H;
 'EKI :;LEDI 9>;H9>;H :;I DEKL;7KN FE?DJI
:n7D9H7=;FEKHDEJH;;N?IJ;D9;H;CFB79;HB;:YI?H?D9EDI9?;DJF7HKD
:YI?H ?C7=?D7?H; 9HY7J?< ;J ED?H?GK;
 .D :YI?H B?8H; DED F>7BB?GK;
C7?I97F78B;:;DEKII?JK;H:7DIKDDEKL;7KF79J;IOC8EB?GK;9;BK?
:nKD:;L;D?H <;CC;FBKJaJD5F5:VA=B=GH9
;9;<7?JC[H9R%IG=EI9
FHEFEI; :; CYB7D=;H B; :YI?H ?C7=?D7J?< :;I DEKL;BB;I J;9>DEBE=?;I


7L;9 B;I KJEF?;I 9EHFEH;BB;I :; Bn7KJEC7J; ;J :;I H;B?GK7?H;I I79HYI
KD;<7XED:;<7I9?D;HB;H;=7H:=HV9;UKD;@EK?II7D9;I7DI97IJH7J?ED

"B In7=?J :nKD H;B?GK7?H; GK? I79H7B?I; B;I KJEF?;I 9EHFEH;BB;I :7DI KD
;D=7=;C;DJ ;<<;9J?< 7L;9 IED J;CFI 7L;9 B7 9ED:?J?ED FIO9>?GK; :;
Bn[JH;>KC7?D9EDJ;CFEH7?D


%;I lKLH;I ?9? 7D7BOIY;I FHEFEI;DJ :;I 79JK7B?I7J?EDI IOC8EB?GK;I


:; B7 IJHK9JKH; H;B?GK7?H; FH?C?J?L; 9>HYJ?;DD; EK L?9JEH?;DD;

%nKJEF?; 9EHFEH;BB; FHYI;DJ; :7DI B;I H;B?GK;I I79HY;I 97F78B; :;
H;B?;HL?;;JCEHJC;J;DYL?:;D9; Bn7IF;9J J;CFEH;B:;DEI H;B7J?EDI
IE9?7B;I;JIF?H?JK;BB;I
%nEH=7D?9?JY9EHFEH;BB;Dn;IJF7IKD;FK?II7D9;
IOC8EB?GK;B?C?JY; UI7 9ED:?J?ED :; C7J?ZH;L?L7DJ;
FHZI B7 9>KJ;
:K 9EHFI 9>7GK; <H7=C;DJ =7H:; ;D IE? Bn;DL?; :; 9ECFBYJK:;
9EHFEH;BB; KD :YI?H <ED:Y IKH BnKJEF?; :nKD 9EHFI YJ;HD;B
 %7
9EDI9?;D9; :; B?CFEII?8?B?JY :; HY7B?I;H7K FHYI;DJ EK :7JJ;?D:H; U
@7C7?I KD;KJEF?; 7D?C;B7 9HY7J?ED7HJ?IJ?GK; :7DI B7GK;BB;B; 9EHFI
;IJ JH7L;HIY U B7 <E?I F7H I;I :YI?HI ;J I;I FKBI?EDI
 "B H;L?;DJ 7?DI? U
9;JJ; C[C; 9HY7J?ED :; FHEFEI;H KD CED:; ?C7=?D7?H; Eb BnKJEF?;
:;L?;DJB;L;HJ?=;:;9EDJ?DK?JY:KCE?:7DIBn7KJH;



&?9>;B (..%- $97CFDG IHCD=EI9 $9G <VHVFCHCD=9G )7H?I Q:?J?EDI %?=D;I  

FF
  

!6=89AF


  >H?IJ?7D +(&+ +,F=7<C@C;=EI9G-B95BH<FCDC@C;=989G 7<9J9IL9H89GDC=@G


&EDJHEK=;7O7H::?J?EDI FF
 

 >7HBEJJ;+;J#K:O+.("9K9@@9FM=BH<95;9C:)I99B.=7HCF=5A=FFCFHCH<9
KCF@8%ED:H;I->;H?J?I>&KI;KC F
 

!6=89AFF
  

 2L;I %;.+ 7L?: %/+ ' CC7DK;B $,+!Q+(.<9J9IL7<VF=G F=JC@=HVG


9HHFCD<V9G)7H?I&KIY;:K*K7?IH7DBO9J;I,K: F
 

D:HY;!'%(-g%;IE8@;JIJ;9>D?GK;I;JJ>ZC;Ih:7DI$9GCIJF5;9G9B7<9J9IL

$9IFGG97F9HG)7H?IQ:?J?EDI:;BnC7J;KH FF


/KIEKIBnEFJ?GK;:;B7C?IE=OD?;F7JH?7H97B;

&?9>7;B+!+ KO+--;J7J>;H?D;3 !+%CB5 5HCIA$CB8F9G)>7?:ED


F


-H7:K9J?ED:;Bn7D=B7?I<7?JF7HBn7KJ;KH
0;8 I?J;:;Bn7HJ?IJ; :;I?=D;H&;B7D?;?B;DA;H

>JJF MMM
C;B7D?;8?B;DA;H
9EC 9H;7J?ED
I>JCB
 )EH9;B7?D;:nEI :; >?D; EK @57?CB9<=B5 ;IJ KD JOF;:; FEH9;B7?D;:; FVJ;

:EK9;9ECFEIY;:;9;D:H;I:nEI:;C7JYH?;B<;B:IF7J>?GK;;J:;A7EB?D
YL;BEFFY;F7H
B;FEJ?;H7D=B7?IFEJ?;H#EI?7>,FE:;9;JJ;FEH9;B7?D;;IJ9EDDK;FEKHI;ID?L;7KNYB;LYI
:; 8B7D9>;KH JH7DIBK9?:?JY ;J HYI?IJ7D9;
 ,7>7KJ;HYI?IJ7D9; BK? F;HC;J :n[JH; FHE:K?J;
:7DI:;II;9J?EDIFBKIC?D9;IGK;B;I7KJH;IJOF;I:;FEH9;B7?D;

 -H7:K9J?ED:;Bn7D=B7?I <7?J F7H Bn7KJ;KH
+E8;HJ $%'-' 5=Fj9A +75F9j9A;HB?D

:?J?ED ;IJ7BJ;D F




 '?9EB; !++&'' &,+ $9G *9@=EI9G 89G +5=BHG CFA5H=CB7CIHIA=WF98jIB

8FC=H)7H?IQ:?J?EDI$B?D9AI?;9A F


!6=89AFF
 

 ?;DGK;B7:E9JH?D;E<<?9?;BB;:K,?Z=;FEIJEB?GK;;N9BK;<EHC;BB;C;DJ B7FEII?8?B?JY

:; JEK9>;H ;J :;:?L?I;H B;I 9EHFI I7?DJI FEKH ;D :?IJH?8K;H :;I H;B?GK;I B;I ;N9;FJ?EDI
:EDJBn>?IJE?H;7=7H:YB;IEKL;D?HIEDJDEC8H;KI;I
!6=89AFF
 

D:HY;!'%(-$9GCIJF5;9G9B7<9J9IL$9IFGG97F9HG)7H?IQ:?J?EDI:;BnC7J;KH

F
 

!6=89AF


;JJ;9>;L;BKH;;IJ:?J;7LE?H7FF7HJ;DK;UKD;9;HJ7?D;CC7GK?;DJH7DJ7K9EKL;DJ

I; <?J H7I;H B;I 9>;L;KN


 2L;I % .+ 7L?: %/+ ' CC7DK;B $,+!Q+(.
<9J9IL7<VF=GF=JC@=HVG9HHFCD<V9G)7H?I&KIY;:K*K7?IH7DBO9J;I,K: F



 D:HYH;JED7:Y<?D?B;IKHHY7B?IC;9ECC;KD;IEHJ;:;gHY7B?JY78IEBK;h97F78B;

:nYB7H=?H DEJH; ;NFYH?;D9; 7L;9 B;I E8@;JI ;J B?8YH;H DEJH; g 9EDI9?;D9; FEYJ?GK; :;I
E8@;JI h
 CC7DK;B ." (' $9 GIFFV5@=GA9 9H @jC6>9H $j9LDCG=H=CB )7H?I :?J?EDI :K
;DJH;)ECF?:EK F



  &?9>;B (..%- $97CFDG IHCD=EI9 $9G<VHVFCHCD=9G )7H?I Q:?J?EDI %?=D;I  

FF
  

 ,;BEDB7:Y<?D?J?ED:K:?9J?EDD7?H;%7HEKII;KD7KJEC7J;;IJKD;gA57<=B9EI=D5F@9

ACM9B 89 8=GDCG=H=:G AV75B=EI9G DB9IA5H=EI9G <M8F5I@=EI9G V@97HF=EI9G CI


V@97HFCB=EI9G9GH75D56@98j57H9G=A=H5BH79IL89G7CFDG5B=AVGh

g!5A5KCFB5B8MCI5F95:@CK9Fh

 C;B?7#(', +9@: !A5;9,97<BC@C;M*9DF9G9BH5H=CB5B8H<97CBH9ADCF5FMGI6>97H

%ED:H;I;J';M2EHA+EKJB;:=; F


 c+= @9DCGH:VA=B=GA9=AD@=EI9@5:=B8I :VA=B=GA9 RHF5J9FG @9H9FA9D5F5:VA=B=GA9 

5J97@9 DFV:=L9iiD5F5jj G=;B=:=5BH 9BAXA9 H9ADG ij7^H9R7^H9jj9H ii5I 89@Rjj >9H=9BG R


=B8=EI9FIBAC8W@97CB79DHI9@897F=H=EI99H8j9LD@CF5H=CBEI= 9GH R @5:C=G D5F5@@W@99H
7CBGHFI7H=:85BG @9G9BG89F9D9BG9F9H89F9DCIGG9F@9G@=A=H9GA5=GG5BG F9AD@579F@9G
DF9A=WF9G:VA=B=GH9G
d-H7:K9J?ED:;Bn7D=B7?I<7?JF7HBn7KJ;KH
!6=89AF
 

!6=89AF


  ,?FEKH&7HJ?D !;?:;==;H <56=H9F<7?JF7HJ?;:nKD 9EDJ?DKKC:n79J?EDI ?CFB?9?J;C;DJ

C7I9KB?D;I O 9ECFH?I 8VJ?H ;J F;DI;H FEKH )?F?BEJJ? +?IJ >78?J;H ;IJ B?Y 7KN ;IF79;I
F>OI?GK;I :; Bn7H9>?J;9JKH; :;I E8@;JI ;J :K 9EHFI
 %7 9E 7HJ?9KB7J?ED :K 9EHFI :;
)?F?BEJJ?+?IJ:;DEJH;9EHFI ;J:;Bn;IF79;7H9>?J;9JKH7B;IJ KD;CY:?J7J?ED D5F5:VA=B=GH9
;JKD;CKJ7J?ED:;B79ED9;FJ?EDFHE<ED:YC;DJC7I9KB?D?IY;:; B7IK8@;9J?L?JY>KC7?D;
FHEFEIY;F7H&7HJ?D !;?:;==;H
 &7HJ?D !" + gVJ?H >78?J;H ;J F;DI;Hh :7DI
GG5=G9HCB:VF9B79GJH7:K?JF7HD:HY)HY7K)7H?I 7BB?C7H: FF
  

 C;B?7#(', +9@: !A5;9,97<BC@C;M*9DF9G9BH5H=CB5B8H<97CBH9ADCF5FMGI6>97H

%ED:H;I;J';M2EHA+EKJB;:=; F


  %7 FH;C?ZH; L7=K; <YC?D?IJ; :Y<;D:7?J KD :?I9EKHI :; =;DH; B?C?JY 7KN <;CC;I

8B7D9>;I>YJYHEI;NK;BB;I;JFHEL;D7DJ:;I9B7II;ICEO;DD;IE99?:;DJ7B;I

  !7B (,-+ g%;H;JEKH :K;HY;B h $9F9HCIF8I FV9@ +=HI5H=CB 57HI9@@989@j5J5BH

;5F89HKN;BB;I%7B;JJH;LEBY; FF
   
  #79GK;I %' gKH;=7H:9ECC;E8@;JF;J?J7h $9GVA=B5=F9 89"57EI9G $575B

$=JF9 0! $9G EI5HF97CB79DHG :CB85A9BH5IL 89 @5DGM7<5B5@MG9  )7H?I Q:?J?EDI :K
,;K?B FF
 

 !7B(,-+g%;H;JEKH:KHY;Bh$9F9HCIF8IFV9@+=HI5H=CB57HI9@@989@j5J5BH ;5F89

HKN;BB;I%7B;JJH;LEBY; F
 

  #79GK;I %' gKH;=7H:9ECC;E8@;JF;J?J7h $9GVA=B5=F9 89"57EI9G $575B

$=JF9 0! $9G EI5HF97CB79DHG :CB85A9BH5IL 89 @5DGM7<5B5@MG9  )7H?I Q:?J?EDI :K
,;K?B F


  c )I9@EI9:C=G @jV7F5B G9A6@9 R 79 DC=BH 8V7<=FV EI9 @jC6>9H F9;5F8 9BJ5<=H BCB

G9I@9A9BH@9GI>9H 7CAA9 =A5;9A5=G@9GI6>I;I9AXA9


H79FH5=B9G=A5;9G898VG5GHF9
9H89;I9FF9BCIG:CBHF9GG9BH=F79EI97j9GHEI98jC77ID9F@j=ADCGG=6@9HFC=G=WA9DCG=H=CB
85BG@98=5;F5AA9@575B=9B89GCIH9B=F79F9;5F8DI@G5H=@9CIAXA989HCI7<9F@jC6>9H
C6G7WB9 G5BG IBV7F5BDCIFBCIG DFCHV;9F
d!7B (,-+ $9F9HCIF 8I FV9@+=HI5H=CB
57HI9@@989@j5J5BH ;5F89HKN;BB;I%7B;JJH;LEBY; F
 

  >7HB;I &%&' $5BCIJ9@@9 V7CBCA=9DGM7<=EI9 $5:5UCB89D9BG9F9H 89>CI=F

5I>CIF8j<I=-EKBEKI;Q:?J?EDIQHZI FF
 

!6=89AFF
 


  ,;BED >7HB;I &;BC7D B;I DEKL;7KN?DIJHKC;DJI J;9>DEBE=?GK;IGK;DEKI KJ?B?IEDI
GKEJ?:?;DD;C;DJ DEKI F;HC;JJ;DJ :n7=?H:?H;9J;C;DJ ;J ?CCY:?7J;C;DJ IKHB;HY;B
 ;I
E8@;JIJ;9>DEBE=?GK;IDEKI E<<H;DJKD;@EK?II7D9;:?H;9J;;JE8@;9J7B;7L;9B;HY;BDEKI
D; IECC;I FBKI :7DI B; :EC7?D; IOC8EB?GK; ;J ?D9EDI9?;DJ :;I E8@;JI :; C7DGK;
BnC6>9HD9H=H5:Y9EHJ?GKYF7H#79GK;I%797D
!6=89AF




 

  

 


%;I 8CBG 9EHFEH;BI FEYJ?GK;C;DJ CEC?<?Y;I :7DI B;I lKLH;I


7D7BOIY;I :7DI 9; 9>7F?JH; YJ78B?II;DJ BnKJEF?; :nKD; B?7?IED
9EHFEH;BB; YJ;HD;BB;
 %; 9EHFI GK? FEHJ; KD 8?@EK H;B?GK7?H; EK GK?
?DJ;H7=?J 7L;9 KD; H;B?GK; 9EHFEH;BB; ;IJ KD 9EHFI 7HH79>Y U IED
?D:?L?:K7B?JY8=G7CBH=BI9;JFHE@;JY:7DIKD;9ED:?J?ED?C7=?D7?H;Eb
B7 H;D9EDJH; YJ;HD;BB; ;J ?CFEII?8B; :;L?;DJ FEII?8B;
 ,;BED ;EH=;I
7J7?BB;  DEKI IECC;I :;I [JH;I 8=G7CBH=BIG DEKI IECC;I DYI ;J
DEKI CEKHHEDI I;KBI
 DJH; KD [JH; ;J Bn7KJH; ?B O 7 KD 78^C; KD;
:?I9EDJ?DK?JY
7DIKDI;DI9;J78^C;;IJB7CEHJ

&7B=HY DEJH; :?I9EDJ?DK?JY ?D:?L?:K;BB; DEKI 7LEDI B7 DEIJ7B=?; :;


B79EDJ?DK?JYF;H:K;
 ;EH=;I7J7?BB;7<<?HC;GK;B;F7II7=;:;BnYJ7J
DEHC7B U BnYJ7J :; :YI?H YHEJ?GK; IKFFEI; KD; :?IIEBKJ?ED H;B7J?L; :;
Bn[JH; :?I9EDJ?DK
 -EKJ; :OD7C?GK; YHEJ?GK; 9ECC;D9; 7L;9 KD;
:YDK:7J?EDGK? EKLH;B;I[JH;I 7K @;K YHEJ?GK;
%;I 9EHFI InEKLH;DJU
BnYHEJ?IC; :; B7C[C;<7XEDGKn?BI InEKLH;DJ U BnKJEF?; :nKD; B?7?IED
9EHFEH;BB; YJ;HD;BB;
 7DI B; F7II7=; :; Bn7JJ?JK:; DEHC7B; 7K :YI?H
YHEJ?GK;?B;N?IJ;KD;<7I9?D7J?ED<ED:7C;DJ7B;FEKHB7CEHJB7C[C;
<7I9?D7J?ED GK; DEKI FEKLEDI JHEKL;H :7DI BnKJEF?; H;B?GK7?H;

'Y7DCE?DIB7L?;:?I9EDJ?DK;D;:?IF7H7^JF7I:7DIB;I:;KN97I;BB;
;IJI;KB;C;DJH;C?I;;DGK;IJ?ED


%nKJEF?; ;NFYH?C;DJY; F7H BnYHEJ?IC; ;J F7H Bn7<<;9J GK? :Y=7=; :;I
H;B?GK;I9EHFEH;BB;I;IJ9;BB;:;B79EDJ?DK?JY:;I[JH;IFHYI;DJ;:7DI


B7 CEHJ ;J GK? H;C;J B7 H;FHE:K9J?ED ;D GK;IJ?ED
 ,;BED ;EH=;I
7J7?BB;9;JJ;;DL?;:;9EDJ?DK?JYJEK9>;7KII?B7DEJ?ED:;I79HY;J:;
I79H?<?9; H;B?=?;KN
 %7 9EDJ?DK?JY I; HYLZB; U JH7L;HI KD H?J; IEB;DD;B
GK? FHY9?F?J; B7 CEHJ :nKD [JH; :?I9EDJ?DK :7DI B7 9EDJ?DK?JY :K
I79H?<?9;
n7FHZI BK? B; G57FV:;I I79H?<?9;I FH?C?J?<I;IJ7D7BE=K; 7K
8=J=B :;I H;B?=?EDI CE:;HD;I
 %n;NFYH?;D9; COIJ?GK; L?;DJ :ED9 :K
L;HJ?=; :;9EDJ?DK?JY;J:7DI9;I;DI ;BB;H;II;C8B;UBnYHEJ?IC;;JU
BnKJEF?; H;B?GK7?H;
 %nE8@;J H;B?GK7?H; In?:;DJ?<?; U B7 :?I9EDJ?DK?JY :;
Bn7KJH; [JH; ;J Bn;NFYH?;D9;COIJ?GK; DEKI ?CFHZ=D; :K I;DJ?C;DJ :;
9EDJ?DK?JY


%7FEYI?;DEKIF;HC;J7KII?:;L?LH;KDL;HJ?=;:;B79EDJ?DK?JYc$5
DCVG=9 AWB9 5I AXA9 DC=BH EI9 7<5EI9 :CFA9 89 @jVFCH=GA9 R
@j=B8=GH=B7H=CB R @5 7CB:IG=CB 89G C6>9HG 8=GH=B7HG
 @@9 BCIG AWB9 R
@jVH9FB=HV9@@9BCIGAWB9R@5ACFH9HD5F@5ACFHR@57CBH=BI=HV @5
DCVG=99GH @jVH9FB=HV
d ?DI?B7FEYJ?GK;9EDIJHK?J; 7L;9B;I H;B?GK;I
9EHFEH;BB;I ;IJ KD; <EHC; :YHEJ?IC; KD; EKL;HJKH; L;HJ?=?D;KI; U
BnYJ;HD?JY U B7 CEHJ ;J U B7 9EDJ?DK?JY
 )EKHJ7DJ ?B In7=?J 8?;D :nKD;
KJEF?; ;J 9ECC; JEKJ; KJEF?; B7 9EDJ?DK?JY D; F;KJ @7C7?I [JH;
79>;LY;I;KB;C;DJ:YI?HY;


%7 9HY7J?ED :; H;B?GK7?H;I 9EHFEH;BI ;IJ KD; <7XED :nYJ78B?H KD @;K
YHEJ?GK;7L;9B7CEHJ
 ;EH=;I7J7?BB;7<<?HC;GK;9n;IJUF7HJ?H:;B7
9EDD7?II7D9;:;B7CEHJGK;BnYHEJ?IC;;IJ7FF7HK
%;:YIEH:H;I;NK;B
:;I>KC7?DIGK?Y9>7FF;UB7BE=?GK;I7?IEDD?ZH;:;I7D?C7KNL?;DJ
:K8;IE?D:nKDI;DJ?C;DJ:;9EDJ?DK?JY;NFYH?C;DJYL;HJ?=?D;KI;C;DJ
:7DI B; @;K YHEJ?GK;
 "B :?<<YH;D9?; B;I JHE?I C7D?<;IJ7J?EDI :;
BnYHEJ?IC;  :;I 9EHFI :;I 9lKHI ;J I79HY
 ,7DI DY9;II7?H;C;DJ


JEK9>;H B; :YI?H ;J B; @;K I;NK;B BnYHEJ?IC; ?DJH?DIZGK; U B7
9EDI;HL7J?ED:;IH;B?GK;I9EHFEH;BB;IJH7L;HI;B;IJHE?IDEJ?EDI


%;L;HJ?=;:;9EDJ?DK?JY:;IH;B?GK;I 9EHFEH;BB;IL?;DJ:;B7FK?II7D9;
FIO9>EC7=?GK; 97F78B; :; FHELEGK;H KD; JH7DI<EHC7J?ED FIO9>?GK;
9>;P IED FEHJ;KH
 )HE:K?H; EK =7H:;H KD H;B?GK7?H; 9EHFEH;B ;IJ KD;
:YC7H9>;GK?:Y=7=;KD;YD;H=?;97J>7HJ?GK;<ED:7C;DJ7B;:7DIB;I
FHE9;IIKI :; 9EDIJHK9J?ED ;J H;9EDIJHK9J?ED IOC8EB?GK; :;I 7<<;9JI

%n79J; FIO9>EC7=?GK; ;IJ JH7DI<EHC7J;KH B7 IEK<<H7D9; :EDD;
D7?II7D9; U KD; IK8B?C7J?ED
 %;I H;B?GK7?H;I F;KL;DJ <ED9J?EDD;H
9ECC; :;I 7CKB;JJ;I :;I g FEHJ; 8ED>;KH h GK? H;D<EH9;DJ B7
9ED<?7D9;;DIE?
87D:EDD;HEK:YJHK?H;KDH;B?GK7?H;9EHFEH;BF;KJ
[JH;KD;79J?EDY=7B;C;DJFK?II7DJ;97F78B;:;B?8YH;HB;FHEFH?YJ7?H;
:;II;DJ?C;DJI:;9KBF78?B?JYEK:EFFH;II?ED


%7 9EDIJHK9J?ED EK B7 :;IJHK9J?ED :;I H;B?GK7?H;I 9EHFEH;BI IEDJ :;I
:YC7H9>;I GK? H;II;C8B;DJ 7KN E<<H7D:;I I79HY;I
 ;I 79J?EDI
YJ78B?II;DJ KD; 9ECCKD?97J?ED :?H;9J; ;DJH; B?D9EDI9?;DJ ;J B; HY;B
F;HC;JJ7DJ B7 B?8YH7J?ED :;I FKBI?EDI ?D:YI?H78B;I
 ,;BED B;@7D:HE
#E:EHEMIAO g $CFGEIjVA9F;9 IB9 DI@G=CB 89 @=B7CBG7=9BH BCIG
B9 DCIJCBG BCIG 9B @=6VF9F EIj9B @5 FV5@=G5BH
 h  JH7D=;C;DJ
B;CFH?IEDD;C;DJ:;IH;B?GK;I9EHFEH;BB;I:7DIB;IH;B?GK7?H;I ;IJKD;
79J?ED B?8YH7JH?9;  ;BB; In7<<H7D9>?J :;I FKBI?EDI ?D:YI?H78B;I FEKH
HY7<<?HC;HB;I B?;DI :n7<<;9J;J :n7CEKH UJH7L;HI BnKJEF?; L;HJ?=?D;KI;
:;B79EDJ?DK?JY:KCE?:7DIBn7KJH;


-"%% ;EH=;I$jVFCH=GA9)7H?I&?DK?J 

 ;EH=;I-"%%$jVFCH=GA9)7H?I&?DK?J F


B;@7D:HE#((+(0,$2%5BI9@89DGM7<CA5;=9)7H?IB8?D&?9>;B F



 
 

 

   B
 

ED9BKH; KD; H;9>;H9>; ;IJ JEK@EKHI :?<<?9?B; B7 FH7J?GK; 7HJ?IJ?GK;


YJ7DJ F7H :Y<?D?J?ED ?DJ;HC?D78B;
 ;JJ; H;9>;H9>; FEKHH7 ;D ;<<;J
FH;D:H;:;DEKL;7KN9>;C?DI;J78EH:;H:;IGK;IJ?EDI:?<<YH;DJ;I
%7
J>ZI;H;L?;DJ:EDD;HKD; >ECE=YDY?JYJ>YEH?GK;;JHY<B;N?L;U9;GK?
H;BZL; :; <H7=C;DJI
 n;IJ KD; J;DJ7J?L; FEKH :EDD;HKD EH:H; U :;I
:YI?HI J78EKI ;J7D=E?II;I;D:YF7II7DJ B;I H;<EKB;C;DJI F;HIEDD;BI
;J IE9?7KN
 #;9EDIJHK?I KD; 9>?CZH;EH=7D?GK;C;DJ I;DI?8B; UF7HJ?H
:nKD9EHFI ?D?J?7B;C;DJ78@;9J?DJHE@;9JY;F7HB7C?I;;DYL?:;D9;:;
I7 <79; IOC8EB?GK;C;DJ 979>Y;
 ;JJ; <79; 979>Y; IEKL;DJ CE?DI
H;<EKBY;F7HB;F7JH?7H97J;JF7HB;IJ78EKIEH=7D?GK;I;J9KBJKH;BI;IJU
B7 <E?I B?8H; ;J I9>?PEF>HZD;
 %7 B?8;HJY 7HJ?IJ?GK; :n7II;C8B;H B;I
<H7=C;DJI ;IJ ?BB?C?JY; C7?I ;BB; D; F;KJ GK; <ED:;H :;I 9EHFI
IE9?7B;C;DJ ?DL?L78B;I ?D97F78B;I :; IK8?H B7 97IJH7J?ED
 ;I 9EHFI
7HJ?IJ?GK;I DnEDJ F7I :; IK@;J F7I :; B?C?J; F7I :; CEH7B;
 "BI
Dn;N?IJ;DJGK; F7H B7 <?9J?ED7HJ?IJ?GK; GK?B;KH:EDD;Bn?CFH;II?ED :;
L?;KD;;N?IJ;D9;IOC8EB?GK;;D:;>EHI:;Bn78@;9J?ED?CFEIY;F7H
B7IE9?YJY


;9EHFIF;KJIEKL;DJ[JH;CEDFHEFH;9EHFIYL;DJK;BB;C;DJB;9EHFI
:;Bn7KJH;C7?I ?B;IJJEK@EKHI KD9EHFII7DI IK@;JIE9?7B;C;DJ:Y<?D?
9n;IJ KD 9EHFI 7HJ?IJ?GK;
 #n7? FEKHJ7DJ LY9K :;I ;NFYH?;D9;I
F;HIEDD;BB;I GK7D: @n7? ;NFYH?C;DJY 9>79KD :; 9;I 9EHFI
 ;BB;I 9?
IEDJ ?DI9H?J;I FEKH JEK@EKHI :7DI C7 FIO9>Y
 %n;NFYH?;D9; LY9K; 7


=K?:Y CED Y9H?JKH; ;J C;I 9>E?N J>YEH?GK;I I7DI FEKH 7KJ7DJ C;
B?C?J;HUKDKD?L;HIJEJ7B;C;DJ?DJ?C;
 #n;II7?;7L;9Bn7HJ:n?DJ;HHE=;H
B7 IE9?YJY :; HYLYB;H B; HY;B
 ;B7 F;KJ B?8YH;H :;I L?EB;D9;I
IOC8EB?GK;I 9;BB; :KHYI?:K9EHFEH;BGK?E99KF;Bn;IF79;7HJ?IJ?GK;
;J:Y8EH:; :7DI B7IE9?YJY
%7 L?EB;D9;:; C;I lKLH;I ;IJ7C8?=K\

BB; Dn;IJ F7I I;KB;C;DJ :;IJHK9JH?9; ;BB; IY:K?J :7DI KD; :YB?97J;
DY=E9?7J?ED;IJ>YJ?GK;


%7L?EB;D9;;IJ?CC7D;DJ;UBn[JH;>KC7?D;BB;97H79JYH?I;B7IE9?YJY

,ED H;<EKB;C;DJ 9HY; KD; >7BBK9?D7J?ED FEKH Bn>ECC; GK? 9HE?J
FEKLE?H B7 C7^JH?I;H FEKH BnY97HJ;H
 BB; H;L?;DJ DY7DCE?DI IEKL;DJ
FEKH :Y9>?H;H JEKJ;I B;I KJEF?;I IE9?7B;I ;J ;DL7>?H B; HY;B
79; UB7
L?EB;D9; JEKJ 9; GK; DEKI FEKLEDI <7?H; ;IJ KD; DY=E9?7J?ED
IOC8EB?GK; GK? 7KJEH?I; I7 FHYI;D9; B?C?JY; ;J H?JK7B?IY;
 L7DJ
B>Y=YCED?;:;IL7B;KHIFHEFH;I:;IH;B?=?EDIF7JH?7H97B;IB;:?7BE=K;
IOC8EB?GK; 7L;9 B7 L?EB;D9; YJ7?J ;D9EH; FEII?8B;
 7DI KD 97:H;
5F7<5\EI9 B7L?EB;D9;FEKL7?J [JH; C7?JH?IY; F7H:;I H?J;I I79H?<?9?;BI
EK:;I7D=F7HB7FKH?<?97J?EDIOC8EB?GK;:;B7I7B;JYEKUJH7L;HIB;
:Y8EH:;C;DJ:;B7<[J;
%7L?EB;D9;9ECC;JEKJ;IB;I7KJH;IFKBI?EDI
>KC7?D;I FEKL7?JInY9>7D=;HB?8H;C;DJ ;J>EH?PEDJ7B;C;DJ :7DI :;I
CEC;DJIFHY9?I;JB?C?JYI

7DI B7IJHK9JKH; ;II;DJ?;BB;C;DJ8;BB?GK;KI; :K F7JH?7H97J CE:;HD;


B7 L?EB;D9; ;IJ 9EC87JJK; 7L;9 :n7L7DJ7=; :; L?EB;D9; :7DI KD @;K
GK? <ED:; B7 =K;HH; B; J;HHEH?IC; ;J B7 L?EB;D9; KH87?D;
 7DI B;I
<H79JKH;I:;IH7FFEHJI>KC7?DIB7L?EB;D9;F;KJ7KII?7<<B;KH;H;BB;;IJ
HY;BB; C7?I JEK@EKHI IOC8EB?GK;C;DJ 979>Y;
 "B In7=?J F7H ;N;CFB;
:; B7 L?EB;D9; ;DL;HI B;I <;CC;I B;I 'E?HI B;I >ECEI;NK;BI B;I


H;B?=?EDI C?DEH?J7?H;I B;I YJH7D=;HI 9EDJH; Bn7KJH; :7DI IED 7BJYH?JY

;JJ; L?EB;D9; D; F;KJ F7I [JH; 9EDJHY; =HV9; U B7 FK?II7D9;
8;BB?GK;KI; :K F7JH?7H97JFK?IGKn;BB; FHEL?;DJ:; I;I FHEFH;I ;D@;KN

&[C; ;DYJ7DJJEK@EKHI IOC8EB?GK;C;DJ Y97HJY; :K 9EDJ;NJ;IE9?7B
B7 L?EB;D9; F;KJ [JH; 7BBY=EH?GK;C;DJ DY=E9?Y; :7DI B7 F;HL;HI?ED
:K 97F?J7B?IC;
 BB; YC;H=; :;I FK8B?9?JYI I;N?IJ;I ;J H79?IJ;I EK
:;I <?9J?EDI I7D=K?D7?H;I :K :?L;HJ?II;C;DJ JYBYL?I?ED 9?DYC7 @;KN
L?:YE
 %7 L?EB;D9; ;IJ KD JH7KC7 IE9?7B :;L7DJ [JH; 9EDIJ7CC;DJ
H;<EKBY EK 9EDJH;97HHY ;BB; D; F;KJ FBKI ;N?IJ;H 7K D?L;7K :;I
Y9>7D=;I


&ED 9EHFI 7HJ?IJ?GK; IKFFH?C; GK;BGK;I H;<EKB;C;DJI ;J B7 L?EB;D9;


JH7DI8EH:; C7?I IOC8EB?GK; ;J DY=E9?Y; ;BB; D; FHYI;DJ; F7I KD
:7D=;HHY;BFEKHB7IE9?YJYI?DEDFKH;C;DJ;IJ>YJ?GK;
&;I H?JK;BI D;
F;KL;DJ YJ78B?H KD; LYH?J78B; DY=E9?7J?ED IOC8EB?GK; 7?BB;KHI GK;
:7DIB;97:H;7HJ?IJ?GK;
"BID;F;KL;DJF7I:?7BE=K;H7L;9B7 L?EB;D9;
HY;BB; :K CED:;
 ;JJ; DY=E9?7J?ED <?9J?L; H;DJH; :7DI B; 97:H;
C?9HEFEB?J?GK; :; H;B7J?EDI >KC7?D;I FHEFH;I 7K :EC7?D; 7HJ?IJ?GK;

%; IE9?7B D; F;KJ F7I FYDYJH;H 9; :EC7?D; JEH:K ;J ?CCEH7B :;
DY=E9?7J?ED 7L;9 B7 L?EB;D9;
 %7 L?EB;D9; GK? InY9EKB; 7L;9 C;I
>KC;KHI Dn;IJ F7I 9;BB; :; B7 H;L7D9>; D? 9;BB; DY=E9?Y; 7L;9 B;
97F?J7B?IC;C7?I9;BB;GK?7YJY979>Y;GK?7JEK@EKHI;N?IJY:7DIB;I
<H79JKH;I:KF7JH?7H97J


%; F7JH?7H97J ;IJ ;D 9H?I; ;J B; 8;IE?D :; HY7<<?HC;H IED >Y=YCED?;
FEB?J?GK; IE9?7B; ;J IOC8EB?GK; ;DJH7^D; B7 IE9?YJY :7DI KD;
I9>?PEF>HYD?;9EBB;9J?L;
,;BED>7HB;I &;BC7D B7<?=KH;F7J;HD;BB;
:EDJB7<ED9J?EDYJ7?J:;=7H7DJ?HB7I;NK7B?JY;J;DC[C;J;CFI:;BK?


?CFEI;HI7B?C?J;;IJ:;L;DK;7D79>HED?GK;
%;C7?DJ?;D:;B7 L?;7
JEK@EKHI 9EDIJ?JKY KD; B?C?J; U Bn799ECFB?II;C;DJ :; B7 @EK?II7D9;

'Y7DCE?DI 9;JJ; BE=?GK; D; <ED9J?EDD; GK; BEHIGK; B7 L?; ;IJ
9EDI?:YHY;9ECC;YJ7DJI79HY;
.D8?;D:EDDY;JH;XK:EDJB;g@;h
D; F;KJ GKn;D :?IFEI;H;J @EK?H I7DI @7C7?I ;D :;L;D?HFHEFH?YJ7?H;

K@EKH:n>K? B7 97IJH7J?ED :;L?;DJ KD; L7B;KH DY=7J?L;
 %; :HE?J U B7
L?; 7 <7?J FB79; 7K :HE?J U B7 @EK?II7D9;
 %7 <?=KH; :K FZH; E99KF;
C7?DJ;D7DJ B7 FB79; :K HY;B Eb ?B Y9>7FF; U B7 97IJH7J?ED
 'EKI
FEKLEDI7BEHI@EK?H;D:;>EHI:;B7@EK?II7D9;F>7BB?GK;DEKI L?LEDI
KD; @EK?II7D9; E8@;9J7B; GK? F;HC;J :; I7?I?H BnE8@;J HY;B BK? C[C;
E8@;JI J;9>DEBE=?GK;I ;J :; 9EDIECC7J?ED
 ;JJ; @EK?II7D9; ;IJ
KD?I;N; B;I :;KN I;N;I ;DJH;J?;DD;DJ :;I H;B7J?EDI Y=7B;I 7L;9 KD
C[C;E8@;J

%EHIGK; BnE8@;J:K:YI?HBngE8@;J 5 h :; #79GK;I%797DD;F;KJFBKI


[JH;:YI?=DY F7HKDE8@;JHY;B?BF;H:B;IKFFEHJ:; Bn7BJYH?JY
7DIB7
C;IKH; Eb ?B DnO 7 FBKI :; F5B8 IHF9  FEKH <ED:;H Bn7BJYH?JY B;
IKFFEHJ:;BngE8@;J5h:;L?;DJ9;BK?:KI;C8B78B;
>7HB;I &;BC7D
CEDJH;GK;DEKI IECC;I ;DJHYI :7DI KD;YFEGK;EbDEKI L?LEDIB7
9EDIJ?JKJ?ED:;=HEKF;I>ECE=ZD;I:nEbBn7BJYH?JY;IJ87DD?;
%n7BJYH?JY
:;L?;DJ :ED9 KD; GK;IJ?ED 9;DJH7B; :7DI B7 9ED<?=KH7J?ED FIO9>?GK;
;J IE9?7B;
 &;I lKLH;I :n7HJ;II7?;DJ :; <7?H; LE?HBn7BJYH?JY 9;BB; :;
CED 9EHFI <YC?D?D ;J YJH7D=;H I7DI LE?N ;J I7DI H;FHYI;DJ7J?ED
 D
JH7L7?BB7DJ 7HJ?IJ?GK;C;DJ B;I GK;IJ?EDI ;IJ>YJ?GK;I IOC8EB?GK;I ;J
7<<;9J?L;IH;B7J?L;IUBnY9EKB;C;DJ>KCEH7B:K9EHFIUI;IHYI?:KI;JU
IED;DJH;J?;D@;gF7HB;hUF7HJ?H:;CED?:;DJ?JY<YC?D?D;CYJ?II;;J


9EBED?IY;@;BZL;B;H;<EKB;C;DJ:;IJ78EKIE99?:;DJ7KN;J@n;NFEI;B7
L?EB;D9;;DL;HIB;9EHFI:?<<YH;DJ:;Bn7KJH;


&ED 9EHFI ;NFYH?C;DJ; B?8H;C;DJ I7 9>7?H ;J I;I >KC;KHI 7D?CY;I
F7H KD :YI?H IK8@;9J?< ;J 9HY7J?< GK? D; H;<EKB; F7I IED EH=7D?9?JY
?DJH?DIZGK;
,;BEDYB?N K7JJ7H?JEKIB;IF>YDECZD;I?CFEHJ7DJI :;
Bn79JK7B?JY ?CFB?GK;DJ :;I :?C;DI?EDI :; :YI?H ;J :; IK8@;9J?L?JY
 "B
7<<?HC; GK; B; 9ED9;FJ :; 9KBJKH; ;IJ FHE<ED:YC;DJ HY79J?EDD7?H;
GKn?B Dn;N?IJ; GKn7K D?L;7K :;I C7H9>YI :; FEKLE?H :;I C7H9>YI
Y9EDEC?GK;I ;J DED F7I 7K D?L;7K:; B7 FHE:K9J?ED :; B79HY7J?ED
;J :; B7 9EDIECC7J?ED HY;BB;
 %; 97F?J7B InE99KF; :; B7 IK@YJ?ED
Y9EDEC?GK; ;J B7 9KBJKH; :; B7 IK@YJ?ED IK8@;9J?L;
 "B :Y<;D: Bn?:Y;
GKn?B ;IJFEII?8B; :; InEFFEI;HU 9;JJ; g C79>?D; h:;FHE:K9J?ED :;
IK8@;9J?L?JY U JH7L;HI B; :YL;BEFF;C;DJ :;I CE:;I :; IK8@;9J?L7J?ED
I?D=KB?ZH;I
 "B In7=?J :; H;<KI;H B;I CE:;I :n;D9E:7=; FHYYJ78B?;I B;I
CE:;I:;C7D?FKB7J?EDFEKH9EDIJHK?H;:;I CE:;I:;I;DI?8?B?JY:;I
CE:;I:;H;B7J?ED7L;9Bn7KJH;:;ICE:;I:;9HY7J?L?JYGK?FHE:K?I;DJ
KD;IK8@;9J?L?JY I?D=KB?ZH;
 )EKH 9;B7 ?B<7KJ799;FJ;HB;I C7H=;I B;I
9KBJKH;I C?DEH?J7?H;I:;I J;HH?JE?H;I IK8@;9J?<I EbDEKI FEKLEDI DEKI
H;9EDD7^JH;DEKI799ECFB?H9ECC;gC7H=?D7KNh


;JJ; FEIJKH; H;@E?DJ B;I FHEFEI 7HJ?IJ?GK;I ;J FEB?J?GK;I 7HJ?9KBYI


F7H !YB?E (?J?9?97 :7DI B;I 7DDY;I    g +C=G IB A5F;=B5@ GC=G IB
<VFCGh
n;IJI;KB;C;DJUB7C7H=;:;B7IE9?YJYGKn?B;IJFEII?8B;:;
FHE9B7C;HKD:HE?JUB7I?D=KB7H?JY:7DI B;9>7CF:;JEKIB;ID?L;7KN
:; FHE:K9J?ED :?J; g 9KBJKH;BB; h I7DI GKn?B IE?J 9ED<?DY :7DI KD
DEKL;7KJOF;:;IK8@;9J?L?JYFHYYJ78B?;
YB?N K7JJ7H?7<<?HC;GKnKD;
FH7J?GK; FEB?J?GK; GK? FEKHIK?J B7 IK8L;HI?ED :; B7 IK8@;9J?L?JY :E?J


?DL;IJ?H B; 9lKH C[C; :; B7 IK8@;9J?L?JY :EC?D7DJ; ;D FHE:K?I7DJ
KD @;K GK? HYLZB; 7K B?;K :; B7 :YDED9;H
 )BKJaJ GK; :; LEKBE?H B7
B?8;HJY DEKI :;LEDI H;FH;D:H; Bn;IF79; :; B7 <7H9; ;D FHE:K?I7DJ
;D ?DL;DJ7DJ :;I IK8@;9J?L?JYI :YB?H7DJ;I
 ?DI? @; FHEFEI; :;I
F;HIEDD7=;I >KCEH7KN:YB?H7DJIB;KHI?D=KB7H?JY ;IJ97F78B;:;9HY;H
:;DEKL;BB;I<EHC;I:;IK8@;9J?L?JYFEKHB;KH78@;9J?ED9EHFEH;BB;


YB?N K7JJ7H? :?IJ?D=K; B; 9ED9;FJ :n?D:?L?:K :K 9ED9;FJ :;


IK8@;9J?L?JY
 %7FHY97H?JY:; B7 JEJ7B?JY :; Bn;=E ;IJ FEKHBK?YL?:;DJ;
;J B7 IK8@;9J?L?JY D; F;KJ F7I [JH; JEJ7B?I7DJ; EK 9;DJH7B?IY; IKH
Bn?D:?L?:K
%7FHE:K9J?ED:;B7F7HEB;:;I?C7=;I:;B7I;DI?8?B?JY:K
:YI?HD; 9EBB; F7I 7L;9 B7H;FHYI;DJ7J?ED :; Bn?D:?L?:K Y=E9;DJH?GK;

%n?D:?L?:K Dn;N?IJ; GK; 9ECC; 9EDIECC7J;KH :;I IOIJZC;I :;
H;FHYI;DJ7J?ED;J:;I;DI?8?B?JY
%7<7XED:EDJB;I?D:?L?:KIL?L;DJ9;JJ;
IK8@;9J?L?JY EI9?BB; ;DJH;  KD; H;B7J?ED :n7B?YD7J?ED ;J :EFFH;II?ED
EK ?DL;HI;C;DJ :n;NFH;II?ED ;J :; 9HY7J?ED
 7DI 9;JJ; :;HD?ZH;
Bn?D:?L?:K I; I?D=KB7H?I; ;D J7DJ GKn7HJ?IJ;
 7DI CED 97I @; C;
I?D=KB7H?I;FEKH9HY;H:;I<?9J?EDI9EHFEH;BB;I97F78B;I:;JH7L;HI;HB;I
F7OIB;I9KBJKH;I;JB;IYFEGK;I
DC[B7DJ:;IGK;IJ?EDIIOC8EB?GK;I
FHEFH;I 7K 9EDJ;NJ; 5F7<5\EI9 7KN F;HL;HI?EDI 97F?J7B?IJ;I GK?
FHEL?;DD;DJ :;I CE:;I :; 9EDIECC7J?ED KD; DEKL;BB; IK8@;9J?L?JY
9EHFEH;BB; 7HJ?9KB; KD; 7KJH; 97HJE=H7F>?; :;I :YI?HI 9EHFEH;BI
 &;I
lKLH;IB?8ZH;DJ7?DI?Bn?D:?L?:K:;B79KBF78?B?JYB?Y;7K9EHFI;JUI;I
>KC;KHI
 %7 9KBF78?B?I7J?ED ;IJ 9ECFH?I; F7H YB?N K7JJ7H? 9ECC;
KD; <ED9J?ED :; B7 IK8@;9J?L7J?ED 97F?J7B?IJ; ;J InE99KF;H :; 9;JJ;
FHE8BYC7J?GK;F7II;F7H:;IFHE9Y:KH;IC?9HEFEB?J?GK;I



K <ED:;C;DJ :; DEJH; IE9?YJY ?BI; JHEKL; KDCE:; F>7BBE9H7J?GK;
:;FHE:K9J?ED:;IK8@;9J?L?JY KD;FEB?J?GK;:K:YI?HGK?7FEKHI;KB
7N; :nEH?;DJ7J?ED Bn799KCKB7J?ED :n7H=;DJ :; FH;IJ?=; ;J :; FEKLE?H
Eb Bn7KJH; ;IJ :;L;DK E8@;J :n?DIJHKC;DJ7J?ED
 YB?N K7JJ7H? DEKI
CEDJH; GK; :7DI 9; CE:; :; FHE:K9J?ED KD; ;IFZ9; :; g <ED9J?ED
=HEII;II; h I; JHEKL; H;<EKBY  B7 FEII?8?B?JY :n[JH; <Y9ED:Y F7H
Bn7BJYH?JY :; 9HY;H :; DEKL;BB;I <EHC;I :n;N?IJ;D9; U F7HJ?H :nKD;
I;DI?8?B?JY B?Y; 7KN FHE9;IIKI LY9KI 7KN <EHC;I CKBJ?FB;I :;
IK8@;9J?L?JY
 g 'F EIj9GH 79 EI9 79 F9:CI@V G=BCB 9L57H9A9BH @9
89J9B=F :9AA9  += 7j9GH 79@5 HCIH9 FIDHIF9 5J97 @9 AC89 89
:CB7H=CBB9A9BH89@5GC7=VHV57HI9@@9D5GG9D5FIB89J9B=F :9AA9
h
L;9 B;I ;NFYH?;D9;I LY9K;I F7H C;I 9EHFI <?9J?<I @; FHEFEI; B7
9HY7J?ED :; DEKL;BB;I <EHC;I :n;N?IJ;D9; FEKH 9; :;L;D?H <;CC;

?DI? 9ECC; %O=?7 B7HA  @nYJ78B?I :;I g =HEII;II;I h <Y9ED:Y;I
F7H Bn7BJYH?JY @n78IEH8; B;I ?:;DJ?JYI B;I 7<<;9JI ;J B;I 9ED9;FJI FEKH
g 799EK9>;H h :;I lKLH;I GK? FHEFEI;DJ KD; DEKL;BB; IK8@;9J?L?JY
>KCEH7B; KD; 97HJE=H7F>?; :K :YI?H C7H=?D7B :nKD :;L;D?H <;CC;
:7DIKD;IE9?YJYF>7BBE9H7J?GK;


)EKH YB?N K7JJ7H? 9;KN GK? In;NFH?C;DJ :7DI B7 g <H7D=; h :; B7
C7H=?D7B?JY FEI;DJ :;I FHE8BZC;I GK? 9ED9;HD;DJ 9;JJ; <H7D=; C7?I
7KII?Bn;DI;C8B;:;B7IE9?YJY
"B7<<?HC;GK;B;IF;HIEDD;I GK?FEI;DJ
7K@EKH:>K? B;I FHE8BZC;I B;I FBKI 9HK9?7KN IKH Bn7L;D?H :;I IE9?YJYI
IEDJ B;I :?<<YH;DJ;I C?DEH?JYI C7H=?D7B;I
 D FH;D7DJ ;D 9>7H=; B7
IK8@;9J?L?JY ?D9EDI9?;DJ; :K 9>7CF IE9?7B C;I F;HIEDD7=;I <?9J?<I
EKLH;DJ KD 9>7CF :;NFYH?C;DJ7J?ED C?D?C; FEKL7DJ DY7DCE?DI
H;@E?D:H; :; F;HJ?D;DJ;I GK;IJ?EDI C?9HEFEB?J?GK;I
 DL7>?HB; H;=7H:


:;I IF;9J7J;KHI 7L;9 B7 HY7B?JY 9HK; :; CED 9EHFI :YLE?B; KD;
DEKL;BB; <EHC; :n;N?IJ;D9; IK8@;9J?L; ;J >KCEH7B; C7?I @; D; F;KN
F7I I7LE?H I? 9;I <EHC;I I;HEDJ 58CDHV9G F7H :n7KJH;I
 %nY9>7D=;
C7JYH?;B;IJ;<<;9J?< GK7D:@;H;XE?I :;Ig 97:;7KNHYI?:K;BIh :n7C?I
;J 7C?I :n7C?I FEKHJ7DJ 9;B7 Dn;IJ F7I C;IKH78B;
 %n7KJH; H;IJ;
JEK@EKHI KD COIJZH; ?DJEK9>78B; FB79Y :7DI B7 <?IIKH; I;DI?8B; :;
Bn7BJYH?JY


%; J;NJ; GK? 799ECF7=D; C7 FHE:K9J?ED 7HJ?IJ?GK; Dn;IJ F7I KD;
9EDIJHK9J?ED 9ED9;FJK;BB; 9E>YH;DJ; ;J <;HCY; ?B H;BZL; FBKJaJ KD;
78IJH79J?ED :; HY<YH;D9;I IOC8EB?GK;I >?IJEH?GK;I FEB?J?GK;I
;J>DE=H7F>?GK;I EKFIO9>7D7BOJ?GK;I EbHYI?:;H7?JB;I;DI 7HJ?IJ?GK;

%; JH7L7?B :; 9EBB;9J; :; I7?I?; ;J :nEH=7D?I7J?ED :;I I?D=KB7H?JYI :;
CED ?D9EDI9?;DJ 7HJ?IJ?GK; ;IJ FBKI ?CFEHJ7DJ GK; B; JH7L7?B
:nYB78EH7J?EDJ>YEH?GK;
%7DEJ?ED:?D9EDI9?;DJ:;7HB KIJ7L#KD= 
F;HC;J :; H;IJ?JK;H B;KH IFY9?<?9?JY 7KN FHE:K9J?EDI IYC?EJ?GK;I
:;I IE9?YJYI 5F7<5\EI9G ;J 7KN 9ED9;FJ?EDI COJ>EBE=?GK;I :;I
FHE:K9J?EDI IK8@;9J?L;I
 ;JJ; DEJ?ED :?D9EDI9?;DJ H;FEI; IKH KD;
Y9EDEC?; :;I VC;I :;I ;IFH?JI GK? D; F7II;DJ F7I F7H B; :?I9EKHI
I?=D?<?7DJC7?IF7HKD;;NFYH?;D9;;IJ>YJ?GK;;JIOC8EB?GK;


&ED ?D9EDI9?;DJ 7HJ?IJ?GK; H;@E?DJ 7KII? B;I DEJ?EDI :n?D9EDI9?;DJ


g97F?J7B?IJ?GK;h;JgC79>?D?GK;h:YL;BEFFYIF7H ?B;I ;B;KP;;J
YB?N K7JJ7H?
 "B g C79>?D; h I;I I?D=KB7H?JYI U JH7L;HI B; :YI?H
>KCEH7BKD;;IFZ9;:;<EH9;8HKJ;GK?7KH7?J8;IE?D:;F7II;HF7HB7
JH7C; IOC8EB?GK; F7H B7 97IJH7J?ED F7H B; JH7KC7 ;J F7H B7
IK8B?C7J?EDFEKHFH;D:H; ;D9ECFJ;B7 9ECFB;N?JY :; B7IK8@;9J?L?JY
9HY7J?L;
 %;I :YI?HI B?8H;I JH7L;HI;DJ CED 9EHFI ;J B;I HYI?:KI


:;L?;DD;DJ FEYJ?GK;I ?BI 7=;D9;DJ :;I ;NFYH?;D9;I ;J :;I Y9>7D=;I
IOC8EB?GK;I DED 97IJHYIDED H;<EKBYI EK ?IIKI :; JH7KC7I IK8B?CYI

?;D GK; C;I ;NFYH?;D9;I 7HJ?IJ?GK;I IE?;DJ 7D?CY;I F7H CED :YI?H
9EHFEH;B7HJ?IJ?GK;;JF;HIEDD;B@;:EDD;7KII?U9;BB;I 9?KD;L7B;KH
9EBB;9J?L;
 YB?N K7JJ7H? 7<<?HC; GK; B7 FHE:K9J?ED:; IK8@;9J?L7J?ED
97F?J7B?IJ?GK; J;D: U ?D:?L?:K7B?I;H B; :YI?H GK? I?DIJ7BB; :7DI KD
F>YDECZD;:;IYH?7B?I7J?ED:n?:;DJ?<?97J?ED:K:YI?HUJEKJ;IIEHJ;I:;
C7D?FKB7J?EDI
"BFHEFEI; :ED9KDFHE9;IIKI :;FHE:K9J?ED :; :YI?H
GK?Dn7H?;DULE?H7L;9 9; JOF;:n?D:?L?:K7B?I7J?EDKD;:YC7H9>; :;
B?8YH7J?EDGK?<ED:;B;J;HH7?DC?9HEFEB?J?GK;


*K7D:@;9EBB;9J;B;IHYI?:KI:;Bn7KJH;@;B;IHY?DIZH;:7DIKDDEKL;B
EH:H;IOC8EB?GK;@n?CFB?GK;B;I:YI?HI:7DIKDY9>7D=;H;B7J?EDD;B;J
I;DI?8B;
#n?DIJ7KH; 7BEHIKDDEKL;BEH:H;IK8@;9J?<7HJ?IJ?GK; ;JIE9?7B

%;IJ78EKI ;JB;IH;<EKB;C;DJI9EHFEH;BIIEDJ:YD7JKHYI F7HCED:YI?H
>KCEH7BHYI?:K;B;JB?8H;GK?FHEFEI;:;I<?9J?EDI;J:;IF;HIEDD7=;I
9EDIJHK?JI 7L;9 KD; ;NK8YH7D9;:;9>7?H
 &ED:YI?HInY9EKB;9ECC;
CED I7D= C;DIJHK;B ?D9EDJHaB78B;I JH7L;HIYI F7H B;I >EHCED;I F7H
BnY9EDEC?;IOC8EB?GK; GK? 7=;D9;B;I 9EDIJHK9J?EDI :n>O=?ZD; ;J :;
8;7KJY C7?I 7KII?F7HB;I79HY ;JF7HB7FIO9>EC7=?;
&ED :YI?H;IJ
E8I9ZD; ;J L?EB;DJ ?B ;IJ 97F78B; :; JH7DI=H;II;H BnEH:H; :; B7
IK8@;9J?L7J?ED97F?J7B?IJ;UJH7L;HIB;IC7H=;I


#; IK?I KD; KJEF?IJ; 7C8?=K\ @; LE?I :7DI B7 9>7?H >KCEH7B; ;J
HYI?:K;BB; :K 9EHFI :7DI B7 HY7B?JY 78@;9J; ;J DED 97IJHY; :K 9EHFI
I7DI IK@;J B; J;HH?JE?H; I;DI?8B;C;DJ FK?II7DJ FEKH B7 9EDIJHK9J?ED
:nKD; 97HJE=H7F>?; C7H=?D7B; Eb B; :YI?H :; 9HY7J?ED 7HJ?IJ?GK;
;IJ 97F78B; :nYJ78B?H KD; DEKL;BB; YJ>?GK; :K 9EHFI B?8H; :; B7


IK8@;9J?L?JY 97F?J7B?IJ; F>7BBE9H7J?GK; ;J 9EBED?I7JH?9;
 &ED KJEF?;
7C8?=K\YC;H=;9ECC;B7JH7DI=H;II?ED7DJ>HEFEF>7=;;BB;Y9>7FF;
7KN KJEF?;I E99?:;DJ7B;I 9?L?B?I7JH?9;I FEKH <ED:;H BnKJEF?; :; B7
87H87H?;
 ,KH B;I HK?D;I :K F7JH?7H97J C;II?7D?GK; KD; DEKL;BB;
KJEF?;<ED:Y; IKHBn>O8H?:7J?ED:K:HE?JC7J;HD;B;J:;I IK8@;9J?L?JYI
:YB?H7DJ;I7KH7?JB?;K


;JJ;H;9>;H9>;:E9JEH7B;In79>ZL;?9?C7?IB7FHE:K9J?ED7HJ?IJ?GK;;J
HY<B;N?L;;IJJEK@EKHI;D9EKHICED9EHFID;I7HH[J;F7I :;InY9EKB;H
;J:;DEKL;BB;I<?9J?EDIC;L?;DD;DJUBn;IFH?J7KCEC;DJEb@;HY:?=;
9;JJ; 9ED9BKI?ED
 i JH7L;HI B7 IK8@;9J?L?JY :; CED 9EHFI >KCEH7B ;D
Y9EKB;C;DJ@;IEKJ?;DIB7J>ZI;GKnKD;DEKL;BB;HY7B?JY9EHFEH;BB;;IJ
FEII?8B; JEKJ 9ECC; KD DEKL;B EH:H; IK8@;9J?< ;J IOC8EB?GK; ;IJ
FEII?8B;
 %;NFYH?;D9; 7L;9 Bn7BJYH?JY >KCEH7B; :;L?;DJ 7?DI? KD
?CFEHJ7DJ 9>;C?D FEKH B7 9EDIJHK9J?ED :; DEKL;BB;I FH?I;I :;
H;IFEDI78?B?JY YJ>?GK;I <79; U Bn7KJH; YH?=Y;I U JH7L;HI BnY9>7D=; :;
:YI?HI C?9HEFEB?J?GK;I :nKD :;L;D?H <;CC;
 L;9 C7 FHE:K9J?ED
7HJ?IJ?GK; ;J 7L;9 9;JJ; H;9>;H9>; :E9JEH7B; @; FHEFEI; 7?DI? C7
9EDJH?8KJ?ED U B7 9EDIJHK9J?ED :nKD; DEKL;BB; IK8@;9J?L?JY >KCEH7B;
:nKD :;L;D?H <;CC; KJEF?GK; ;J 7D7H9>?GK; :YI?H7DJ; :; 9HY;H
:n7?C;H :; JEK9>;H :nY9>7D=;H :n?DL;DJ;H KD 7KJH; 9EHFI I;DI?8B;
KD;7KJH;IE9?YJYKD;7KJH;F;H9;FJ?ED:;Bn[JH;


 >7HB;I &%&' $5 BCIJ9@@9 V7CBCA=9 DGM7<=EI9 $5 :5UCB 89 D9BG9F 9H 89>CI=F

5I>CIF8j<I=-EKBEKI;Q:?J?EDIQHZI 

%;F5B8IHF9IOC8EB?I;H;B7J?L;C;DJUKDIK@;J9;GK?;IJF;HXK:7KJHK?GK?D;IJF7I

IE?
 "BF;HC;JB7HY<B;N?ED97H?B ;IJ :YFEKHLK :;9;GK? ;IJ FH?I FEKHB7KJH;C7?I GK? D;
B;IJF7IB;F;J?J7KJH;

YB?N.--+";J,K;BO+(%'"$%=7FCDC@=H=EI9G)7H?I%;I;CF[9>;KHI:;F;DI;H;D
HED: 

  H7F;7K ?CFH?CY;D IYH?=H7F>?;7L;9B;ICEJI g+9>5A5F;=B5@G9>5<VFC= h;J7L;9B7

F>EJE=H7F>?;@EKHD7B?IJ?GK;:KLEOEK5F5895J5@C7II7II?DYF7HB7FEB?9;

YB?N.--+";J,K;BO+(%'"$%=7FCDC@=H=EI9G)7H?I%;I;CF[9>;KHI:;F;DI;H;D
HED: F
 

 c>9Aj56GCF6989D@IG 9BD@IG 85BG IBDFC79GGIG 8j=BHFCJ9FG=CBDCIF9BGI=H9DCB8F9

hI: D5F hI: 3

4 7j9GH A5:5UCB89Aj5HH57<9F 5I ACB89  XHF9 :V7CB8V9H CJI@9F


 3

4
7j9GH IB99LDVF=9B79G= 6=C@C;=EI9 G= 79@@I@5=F9 EIj9@@9Bj9GH 7CAAIB=756@9 EI98jIB9
A5B=WF979@@I@5=F99HCF;5B=EI9
 d%+$%O=?7$M;=5@5F?7H9;BED;KD:79?`DJED?
-UF?;I:;7H9;BED; FF
 

7HB KIJ7L#.' =5@97H=EI98I%C=9H89@!B7CBG7=9BH)7H?I 7BB?C7H: 





 


)
 =@G L?:YEnnmC?D
7D?;BB7:;&EKH7

)
   $9G HCFHIF9G JC@CBH5=F9G   9EBB7=; ;J B?LH; DD;JJ;
&;II7=;H

)
 IHH9F:@M#=GG9G  F;?DJKH;#7D?D;DJED?

)
 =@G IYH?;F>EJE=H7F>?GK;B?D;)

)
 @M@5G<9G L?:YE n nmC?D#;II?97!7HH?IED

)
 .9FB=G L?:YEn nmC?D
7D?;BB7:;&EKH7

)
  *98 =G H<97C@CF  IYH?; F>EJE=H7F>?GK; "D=H?:;HJ>ED
&E?D;

)
 FIB IYH?;F>EJE=H7F>?GK;7D?;BB7:;&EKH7

)
   @CFG HI Aj5A=9G   L?:YE n nmC?D
 "D=H?: ;HJ>ED
&E?D;

)
  7H=CB G9BH=A9BH5@   F;H<EHC7D9; ;J IYH?; F>EJE
=H7F>?GK; ?D7)7D;

)
 (9FF5 F;H<EHC7D9;+;=?D7#EIY 7B?D:E

)
  =A9BCD@5GH=5 F;H<EHC7D9;+;=?D7#EIY 7B?D:E

)
 9EI9@j95IAj58CBBV F;?DJKH;H?:7$7>BE

)
 5=B L?:YEnnmC?D
7D?;BB7:;&EKH7

)
 +5H=G:57H=CB F;H<EHC7D9;BA;$HOIJK<;A

)
 %5BBF5IB=A5@ L?:YE n nmC?D
/7B?;NFEHJ

)
 IF9?5 ?DIJ7BB7J?ED#7D?D;DJED?

)
 =@89BH5=F9 L?:YEn nmC?D
7D?;BB7:;&EKH7

)
  +5JCB 89 7CFDG   I7LED ;J F?Z9; FK8B?9?J7?H; '?9EB7
EDIJ7DJ?DE

)
  $j<M;=WB9 7CFDCF9@@9  DCIF IB9 5BH<FCDC@C;=9 89 @j<CAA9
AC89FB9 L?:YEn nmC?D
%7\J?J?7EKH=;J


)
  "9B9D9ILD5G A9ADX7<9F89AjV7CI@9F L?:YEn
C?D
7D?;BB7:;&EKH7

)
  CI8F9 GCIG @5 D95I   IYH?; :; F>EJE9EF?;I %7\J?J?7
EKH=;J

)
  CI8F9 85BG @5 A5=B 8jIB 5IHF9   FHEFEI?J?ED
?DJ;H79J?L;%7\J?J?7EKH=;J

)
 %5F75*9;=GHF585 L?:YEn nmC?D
%;J]9?7)7H;DJ;

)
   5GH=B; C:: AM KCA6   ?DIJ7BB7J?ED ;J F;H<EHC7D9;
7I;O#;DA?DI

)
  ,<9F9 K=@@ 69 6@CC8   IYH?; F>EJE=H7F>?GK; HL?:7
OIJHEC

)
 +99=B;*98 (FC>97H     IYH?;F>EJE=H7F>?GK;DD7
?8IED;J#E>7DD7,7CK;BIED

)
  '::F5B89 R !9A5B>Q   L?:YE nnn C?D
 7D?;BB7 :;
&EKH7

)
   ;IJ?L7B A6IJ57= %9@5 >ECC7=; U B7 :Y;II; #5A5?<M5
9J=-;CFB; KM7>7J?"D:?7

)
   ;IJ?L7B 7=H?9EB; W@W8V 9KBJKH; 2EHb8T YD?D '?=;H?7 ;J
-E=E

)
  '::F5B89 7C@@97H=J9 R !9A5B>Q   FHEFEI?J?ED F7HJ?9?F7
J?L;7D?;BB7:;&EKH7

)
  +=@<CI9HH9G  IYH?;F>EJE=H7F>?GK;D7&;D:?;J7

)
   $9G A9BGHFI9G 89 @5 V9GG9 CI $j5DCH<VCG9 89G :F5=G9G
  IYH?;F>EJE=H7F>?GK;)7KB HC7D: ;JJ;

)
 A9B F;H<EHC7D9;B?D;)

)
  *9JXH9N JCIG 89 ACB G5B;   IYH?; F>EJE=H7F>?GK;
7D?;BB7:;&EKH7

)
 +5BGH=HF9 IYH?;F>EJE=H7F>?GK;D7&;D:?;J7

)
  %9BGHF5@5   IYH?; :; F;?DJKH;I C;DIJHK;BB;I /7D;II7
-?;=I

)
  $9G ACI7<C=FG A9BGHFI9@G     ?DIJ7BB7J?ED %7\J?J?7
EKH=;J


)
 !G=@IACG=M5@IA5   IYH?;:;F;?DJKH;IC;DIJHK;BB;I
37D;B;&E>EB?

)
   7H9 (GM7<CA5;=EI9   L?:YE n nmC?D
 7D?;BB7 :;
&EKH7

)
  %VHFC   F;H<EHC7D9; 7D?;BB7 :; &EKH7 ;J 7D?;B7
BL;I

)
 +V7FVH=CBG%5;B=:=EI9G F7H<KCDJE?D;%?;QJ7J%?8H;
:n(H7D=;

)
  (9H=H9%CFH F7H<KC&7H9JB7D;HJH7D:K9>7K<EKH

)
  (99HM F7H<KCD=;BE(H7P?E)H;=ED?

)
 +IFD@IG F7H<KC#7CC?;'?9>EB7I

)
 CB8I=H E8@;JKH?D7?H;#7D?D;DJED?

)
  9A=B=B9 B5F7<M     IYH?; F>EJE=H7F>?GK;
C7D:7#7C;I

)
  $9=JCF79  F>EJE=H7F>?;,EF>?;7BB;

)
   (GM7<CA5;=9 89 %5F=5;9   97B;XED ;J 9KBEJJ; 8HE:YI
7L;99>;L;KN7D?;BB7:;&EKH7

)
  ,=GG5;9HH57<V F;H<EHC7D9;7D?;BB7:;&EKH7

)
 %5A5B  I9KBFJKH;%EK?I;EKH=;E?I

)
 +@IA69F ?DIJ7BB7J?ED;JF;H<EHC7D9;#7D?D;DJED?

)
  5=FMH5@9G IYH?;F>EJE=H7F>?GK;"D;I$EP?9

)
  0=D<CD5;9G 5D=@@5=F9G   ?DIJ7BB7J?EDI ;J IYH?; F>EJE=H7
F>?GK;-KD=7

)
 *97C@@97H=CB ?DIJ7BB7J?ED&ED7!7JEKC

)
 (5F5B;C@VG E8@;JI?DJ;H79J?<I!YB?E(?J?9?97

)
 5BB=65@=GA9 FHEFEI?J?ED9EBB;9J?L;%O=?7B7HA

)
  5BEI9H BH<FCDCD<5;9   F;H<EHC7D9; F7HJ?9?F7J?L;
7D?;BB7:;&EKH7

)
   $9 :9GH=B 89 DF=BH9ADG   F;H<EHC7D9; F7HJ?9?F7J?L;
&;H;J(FF;D>;?C

)
  5B=65@   ?DIJ7BB7J?ED ;J F;H<EHC7D9; &7H9E )7KBE
+EBB7


)
 I=G=B9F@j<IA5=B @9G ;F5B8G D5GG5;9G 89 @5J=9 H;F7I
9EBB;9J?<%7\J?J?7EKH=;J

)
  DCH<=75=F9G   ?DIJ7BB7J?EDI7D?;BB7:;&EKH7

)
 9@@!!  ?DIJ7BB7J?ED%EK?I;EKH=;E?I

)
 $9V:=  ?DIJ7BB7J?ED%EK?I;EKH=;E?I

)
  56=B9H C: &5HIF5@ =GHCFM   7II;C8B7=; #EI;F>
EHD;BB

)
 (<5FA57M   7II;C8B7=;I#EI;F>EHD;BB

)
 (CFHF5=H ?DIJ7BB7J?ED+E8;HJ&EHH?I

)
  -BH=H@98   ?DIJ7BB7J?ED$?A?,C?J>

)
  CC?C: CIFG   97B;D:H?;H$?A?,C?J>

)
   $=JF9G 89 CFDG   IYH?; :; B?LH;I :n7HJ?IJ; 7D?;BB7 :;
&EKH7

)
 $CHHC E8@;J&?H@7CB8KHD

)
 &CH=N9B E8@;J&?H@7CB8KHD

)
 $=JF9+9BGCF=9@ E8@;J?DJ;H79J?<%O=?7B7HA

)
  $5 A5=GCB 9GH @9 7CFDG   ?DIJ7BB7J?ED FYDYJH78B; %O=?7
B7HA

)
 ,FCD=7Q@=5 ?DIJ7BB7J?EDFYDYJH78B;!YB?E(?J?9?97

)
 EHFEH7BB?I ?DIJ7BB7J?EDFYDYJH78B;7D?;BB7:;&EKH7

)
 =>CIL*9@=EI5=F9G   8?@EKN7L;99>;L;KN7D?;BB7
:;&EKH7

)
 @@=5B79G*9@=EI5=F9G 8?@EKN7L;99>;L;KN7D?;BB7:;
&EKH7

)
 F579@9H89@5*9=B9.=7HCF=5   +EO7BEBB;9J?ED

)
 =>CILJ=7HCF=9BG8=J9FG+EO7BEBB;9J?ED

)
  5=F&97?@579 9EBB?;H:;9>;L;KN&ED7!7JEKC

)
 HHF57H=CB J9FG=CB 9EBB?;HI:;9>;L;KN$;HHO!EMB;O

)
  "9K9@FM     CY:7?BBEDI :; 9>;L;KN &;B7D?;
?B;DA;H


)
  %CIFB=B; '6>97HG   8?@EKN 7L;9 9>;L;KN ;J 9;D:H;I
DD7,9>M7C8EHD

)
  VG=F6>97H   IYH?; :; 8E^J;I H;B?GK7?H;I 7D?;BB7 :;
&EKH7

)
  $989IL=WA9G9L9 IYH?;:;97:H;IH;B?GK7?H;I7D?;BB7
:;&EKH7

)
 AA5  E8@;JJHEKLYD:HYH;JED

)
 %5G7I@=B VA=B=B 7II;C8B7=;&?C?)7H;DJ

)
 +5B;F9G5;F585 E8@;JH;B?GK7?H;B?D;)

)
  C[H9 R %IG=EI9  ,9FDG=7<CF9 5D=@@5F=G   L?:YE
?DIJ7BB7J?ED7D?;BB7:;&EKH7

)
 +9@:@9GG=BH<965H<C:@5J5 L?:YE ?DIJ7BB7J?ED)?F?BEJJ?
+?IJ

)
  CA6=@@5 L?:YE ?DIJ7BB7J?ED+K8YD+7CEI7BI7







%;IHY<YH;D9;I8?8B?E=H7F>?GK;IIEDJEH=7D?IY;I;DEH:H;7BF>78YJ?GK;
I7DI IYF7H7J?ED F7H JOF; :nEKLH7=;
 %?LH;I 7HJ?9B;I ;II7?I H;LK;I
97J7BE=K;I :n;NFEI?J?EDB?LH;I :n7HJ?IJ;;JHEC7DIIEDJFHYI;DJYI:7DI
KD;I;KB;B?IJ;:;HY<YH;D9;I7HJ?IJ?GK;I;JJ>YEH?GK;IDED >?YH7H9>?IYI


 &' ?EH=?E CAC +579F$9 DCIJC=FGCIJ9F5=B 9H @5J=9BI9


JH7:K?JF7H&7H?BZD;+7?EB7)7H?IQ:?J?EDI:K,;K?B 

'+ (IM7B: :; ;J +(%'"$ ,K;BO %5B=:9GH9 BH<FCDCD<5;9


BH<FCDCD<5;=9 2CA6=9 JH7:K?J F7H %EH;D7 #7D;?HE ;J +;D7K:
7H87H7I)7H?IB79A#79AQ:?J?EDI

'3".?:?;H$9%C= D95I)7H?IQ:?J?EDIKDE: 

+!+ &?9>7;B+-- KO;J3 !+ 7J>;H?D;%CB5 5HCIA


%ED:H;I)>7?:ED 

+("'(#79GK;I$9G5J5H5FG89@jV8I75H=CB)7H?I).

. +, &ED?GK; $9 8CI6@9 9H @5 %VH5ACFD<CG9 $j=89BH=:=75H=CB


AMH<=EI9 85BG @9 5B8CA6@V 6FVG=@=9B )7H?I &;H?:?;DI $B?D9AI?;9A


3/( &7HJ7 &7H?7 g )ELEI "D:]=;D7I DE BJE +?E ';=HE .D
;IJK:E :; 97IE :; DKF?9?7B?:7:; h :7DI 9AC;F5:=5 8CG DCJCG
=B8Z;9B5GBCF5G=@+?E:;#7D;?HE?E9HKP FF
 

$!-"' &?A>7_B $jhIJF9 89 F5BUC=G *569@5=G 9H @5 7I@HIF9


DCDI@5=F95I%CM9Bk;99HGCIG@5*9B5=GG5B79JH7:K9J?ED:;D:HY;
+E8;B)7H?I 7BB?C7H: 


+(, D7&7;*97CFH9G 9 7C@5;9BG !B:@IXB7=589 "C<B 9K9M
BC9BG=BC895FH9BCF5G=@,WE)7KBEKJEH;IIIE9?7:EI 

++2%7KH;DJ('- )?;HH; ;Jn('(+"(,7BL7JEH;g BEII7?H;


:; B7 F7H;DJY h :7DI *9JI9 $j<CAA9 Df     FF

 

,.%( 7HBEI :?H


 ,FCD=7Q@=5 -A5 F9JC@IUTC B5 7I@HIF5
6F5G=@9=F57J7BE=K;:n;NFEI?J?ED,WE)7KBEEI79'7?<O 


-"%% ;EH=;I =GHC=F989@jg=@)7H?I 7BB?C7H: 




6666666666$jVFCH=GA9)7H?I&?DK?J 


.+"%%+ #;7D $jV7<5B;9 GMA6C@=EI9 9H @5 ACFH )7H?I


7BB?C7H: 

./("+ ,?CED;; $989IL=WA9G9L9.C@


 5=HG9H @9G AMH<9G
)7H?I 7BB?C7H: 

6666666666 $9 89IL=WA9 G9L9 .C@
  $j9LDVF=9B79 JV7I9 )7H?I
7BB?C7H: 

 &7H?; %?I; ;J !&2(' +E8;HJ; $9G :=;IF9G 8I 7CFDG
'7DJ;HH;.D?L;HI?JY)7H?I1,E9?YJY:n;J>DEBE=?; 

' %/" #79A #(', %;IB?; -2%(+ ,?CED ;J !(.,+ H7?=
6>97HFH*9DI@G=CB5B889G=F9=B5A9F=75B5FH';M2EHA0>?JD;O
&KI;KCE<C;H?97DHJ 


+' &7H?; %7KH; ;J ,-(+,/ #ED7I :?H


 $CI=G9 CIF;9C=G
7J7BE=K;:n;NFEI?J?ED)7H?IQ:?J?EDI :K ;DJH; ;EH=;I )ECF?:EK
 


--%!"& HKDE g %;I 8B;IIKH;I IOC8EB?GK;I  ;II7? :n?DJ;HFHY


J7J?ED :;I H?J;I :n?D?J?7J?ED h JH7:K?J F7H B7K:; &EDE: :7DI
$j<CAA99H@5GC7=VHVDf)7H?I 7BB?C7H: FF
  

!! !EC? $9G @=9IL 89 @5 7I@HIF9


 -B9 H<VCF=9 DCGH7C@CB=5@9
)7H?I)7OEJ 


!--!+22 '7H;D:H7 '7J> =GHCFM C: H<9,5BHF=7 F9@=;=CB 
=GHCF=75@ *=HI5@=GH=7 5B8 (<=@CGCD<=75@ +HI8M ';M ;B>? &7DE>7H


",!() B7?H; :?H


 (5FH=7=D5H=CB C7IA9BHG C: CBH9ADCF5FMFH
%ED:H;I;J7C8H?:=;0>?J;9>7F;B;J->;&"-)H;II 

"-+j, '--( :H?7DE BHFCDC:5;=5 CGK5@8=5B5 IA F979=HIQF=C


9GHVH=7C97=9BHZ:=7C,WE)7KBEDD78BKC; 

R,! 78H?;B; (+,' );J;H ;J +'$ +?A; @?9 #FMGHI:9?


&57?HAC6=@B5?98AC6=@9/?;DD7,7CCBKD=IIB 

(.+ (", %EK?I; g &EHJ7B B;C;DJI )7J ,J;?H -7BAI M?J> %EK?I;
EKH=;E?Ih:7DIFH:CFIADf ';M2EHA@K?D FF
 

(.++".'?9EB7I GH<VH=EI9*9@5H=CBB9@@9?@ED%;IFH;II;I :K


HY;B 

+-(' 7L?: %; BH<FCDC@C;=9 8I 7CFDG 9H AC89FB=HV )7H?I
)H;II;I.D?L;HI?J7?H;I:;H7D9;

+(&+ + >H?IJ?7D ,F=7<C@C;=EI9G -B9 5BH<FCDC@C;=9 89G


7<9J9IL9H89GDC=@G&EDJHEK=;7O7H::?J?EDI


.'( :K7H:E (5GG5B8C 5 @=ADC =GH]F=5 85 <=;=9B9 D9GGC5@ BC


F5G=@,WE)7KBE 787H?JE 

.-%+ #K:?J> 9G 7CFDG EI= 7CADH9BH 9 @5 A5HVF=5@=HV 9H 89G
@=A=H9G8=G7IFG=J9G8IG9L9)7H?ICIJ;H:7C 


6666666666 ,FCI6@985BG @9 ;9BF9 $9 :VA=B=GA99H @5 GI6J9FG=CB89


@j=89BH=HV)7H?I%7Y9EKL;HJ; 

"%%(",+E=;H$j<CAA99H@9+57FV)7H?I 7BB?C7H: 

%%,EF>?;9G<=GHC=F9GJF5=9G8=LHB;I9J;IIK: 

&+(' 7D ))%%33( CO ;J %#+ .+!+-! M7


"5B=B9BHCB=$dID79>J"DA-H;;:?J?ED


+-. &?9>;B :; $j=BJ9BH=CB 8I EICH=8=9B.C@
  FHG 89 :5=F9
)7H?I 7BB?C7H: 

!'%(- D:HY; $9G CIJF5;9G 9B 7<9J9IL $9IFG G97F9HG )7H?I


Q:?J?EDI:;BnC7J;KH 

%+$ %O=?7 $M;=5 @5F? 7J7BE=K; :n;NFEI?J?ED 7H9;BED;


KD:79?`DJED?-UF?;I:;7H9;BED; 

%+$%O=?7)+(,&TH?E;J .%%+ ;HH;?H7$M;=5@5F?EB

HJ;H7I?B;?H7EDJ;CFEHVD;7+?E:;#7D;?HEKD7HJ; 

%+$:M7H:+9L=B8I75H=CBCF5=F<5B79:CFF=@GEIJED
!EK=>JED&?<<B?D 

%Q&'-7J>;H?D; ;J $+",-/ #K?B7 $9 :VA=B=B 9H @9 G57FV )7H?I
Q:?J?EDI,JE9A 

(!' 7J>O /CA9B ,F5BG:CFA=B; (C@=H=7G B @H9FB5H=J9 *9589F


';M2EHA';M2EHA.D?L;HI?JO)H;II 

(%%"' H7DXE?I; g /?I?8?B?JY ;J H;FHYI;DJ7J?ED h :7DI .F5=A9BH


VA=B=GA99H5FH H;DE8B;7J7BE=K;:n;NFEI?J?ED&7=7I7?D ;DJH;
D7J?ED7B:n7HJ9EDJ;CFEH7?D:; H;DE8B; FF
 

+",,%, DD; (FXH9F GCB 7CFDG 5I AMH<9 $9 :VA=B=B 9H @j5FH
7CBH9ADCF5=B)7H?IQ:?J?EDI:KYB?D 

+(' +7?D;H ;J + ,!,+  );JHKI $CI=G9 CIF;9C=G,<9


G97F9HC:H<99@@G&KD?9>)H;IJ;B 

/" BYC;DJ M;=WB9 6I77C 89BH5=F9 8I 0.!! WA9 5I 0!0 WA9
G=W7@99BF5B79)7H?I%n!7HC7JJ7D

!.& &?9>;B ;J !.+ )?;HH; =GHC=F9 =@@IGHFV9 89 @j5FH


89BH5=F9+HCA5HC@C;=99HC8CBHC@C;=9)7H?IQ:?J?EDI79EIJ7 

%.3 ?BB;I ;J .--+" YB?N 5D=H5@=GA9 9H G7<=NCD<FVB=9


,CA9 $jBH= g8=D9)7H?I&?DK?J 

6666666666 5D=H5@=GA9 9H G7<=NCD<FVB=9 ,CA9  %=@@9 D@5H95IL


)7H?I&?DK?J 

 
6666666666)Ij9GH 79EI9@5D<=@CGCD<=9)7H?I&?DK?J 

02#E>D$jFH7CAA99LDVF=9B79JH7:K?JF7H#;7D )?;HH;EC;JJ?
)7H?I 7BB?C7H: 

"" !.+&' ;EH=;I 'IJF=F .VBIG &I8=HV FXJ9 7FI5IHV


)7H?I 7BB?C7H: 

(. %,&7HO9 @5GCI=@@IF9GG5= GIF@9G BCH=CBG 89DC@@IH=CB9H


89H56CIJH7:K?JF7HDD; KYH?D)7H?I%7Y9EKL;HJ;

+0% !;DHO #ED> ;J +0% &7H=7H;J->ECFIED 9@989 FH


5B8:9A5@9DCK9F5ACB;H<91CFI65BEEC?D=JED"D:?7D7.D?L;HI?JO
)H;II 

")%.+ !;?A; +. + "D=H?;: ;J ,"/+'"! ;H;ED


%9F9H 'DD9B<9=A *VHFCGD97H=J9 7J7BE=K; :n;NFEI?J?ED (IJ<?B:;HD
;J%?BB;!7J@;7DJP;J%7&&KIY;:n7HJCE:;HD;:n7HJ9EDJ;CFEH7?D
;J:n7HJ8HKJ 


%"&?H9;7$9G57FV9H@9DFC:5B9)7H?IEB?E 

6666666666,F5=HV8j<=GHC=F989GF9@=;=CBG)7H?I)7OEJ 

' +  ,?H? :?H


 #=?= +A=H<  5H<9F=B;    7J7BE=K;
:n;NFEI?J?ED&?DD;7FEB?I07BA;HHJ;DJ;H 


"'$%)+% -EC =5@C;I9G =B (I6@=7 FH 7C8H?:=; &"- )H;II





(%())/?H=?D?; $j<VACFF5;=9 89G 7CBH9ADCF5=B9G &9@@M F75B 9H


<@CV9@5IA9&YH?=D79%;IEDJ;CFEH7?DI<7LEH?I 

(+&", 7H87H7 GH<VH=EI9 89 @5 J=9 CF8=B5=F9 )7H?I )H;II;I


.D?L;HI?J7?H;I:;H7D9;

(,-+ !7B CADI@G=J9 95IHM 7C8H?:=; ;J %ED:H;I ->; &"-


)H;II 

 
6666666666 $9 F9HCIF 8I FV9@ +=HI5H=CB 57HI9@@9 89 @j5J5BH ;5F89
HKN;BB;I%7B;JJH;LEBY; 

(..%- &?9>;B $9 7CFDG IHCD=EI9 $9G <VHVFCHCD=9G )7H?I


Q:?J?EDI%?=D;I 

+"+ )7KBE (V85;C;=9 89G CDDF=AVG GI=J= 89 CBG7=9BH=G5H=CB 9H


FVJC@IH=CB JH7:K?J F7H %K9?BB; ;J &7HJ?7B %;<7O )7H?I %7 :Y9EKL;HJ;


+. ,?=CKD: g %7 J[J; :; &Y:KI; h :7DI *VGI@H5HG =8V9G
DFC6@WA9G ,CA9 !!    )7H?I )H;II;I .D?L;HI?J7?H;I :;
H7D9; FF
 


666666666,CH9A9HH56CI)7H?I)7OEJ 

.+ 2L;I %; %/+ ' 7L?: ;J $,+!Q+(. CC7DK;B


<9J9IL 7<VF=G F=JC@=HVG 9H HFCD<V9G 7J7BE=K; :n;NFEI?J?ED )7H?I
&KIY;:K*K7?IH7DBO9J;I,K: 


+'+ ;B?D:7 H79; %9F9H 'DD9B<9=A FCA 6F95?:5GH =B :IF


5B8 657? 5;5=B,<9 7CB:@5H=CB C: =A5;9G @5B;I5;9 5B8 C6>97HG =B
%9F9H'DD9B<9=AjG5DD@=9GDC9HFM?;B;<;B:$;H8;H/;HB7= 

+ >7HBEJJ; ;J +.( #K:O "9K9@@9FM =B H<9 5;9 C: )I99B
.=7HCF=5  A=FFCF HCH<9 KCF@8 7J7BE=K; :n;NFEI?J?ED %ED:H;I->;
H?J?I>&KI;KC


--)7KB HC7D:$5JI@J99H@9GA9BGHFI9G89@58V9GG9$5@=69FHV
8IAC8W@9&7HI;?BB;B7DJ; 

666666666 )I5B8 @9G BMAD<9G D5F@9BH 89G BMAD<9G EI9 8=G9BH


9@@9G7J7BE=K;:n;NFEI?J?ED,7?DJ;DE^J:K,7KBJ-7H78KIJ; 


666666666 'B 9AAVB5;9 5I <SH95I $9 %IGV9 D<VAWF9 5I


<SH95I 89 $5 *C7<9 IMCB 7J7BE=K; :n;NFEI?J?ED %7 +E9>;
KOEDN?EC H7F>?9  


 
"%%" ' 7HEB -B9 JC=L 8=::VF9BH9 (CIF IB9 VH<=EI9 8I 75F9
JH7:K?JF7H
$M?7J;A)7H?IB7CC7H?ED 

"++ +;DY $5 .=C@9B79 9H @9 G57FV )7H?I :?J?EDI H7II;J ;J
H7IGK;BB; 

++ ;HC7D?; ,<9 9A5@9 IBI7< ';M 2EHA &9 H7M !?BB


.--+" YB?N ;J +(%'"$ ,K;BO %=7FCDC@=H=EI9G JH7:K?J F7H


+;D7KB:7H87H7I)7H?I%;I;CF[9>;KHI:;F;DI;H;DHED: 


." ('CC7DK;B$9GIFFV5@=GA99H@jC6>9H$j9LDCG=H=CB7J7BE=K;
:n;NFEI?J?ED)7H?I:?J?EDI:K;DJH; ;EH=;I)ECF?:EK 


!+-" ' %OD:7 +EI9E; "CG9D< CFB9@@ &5J=;5H=B; H<9


=A5;=B5H=CB 7J7BE=K; :n;NFEI?J?ED 07I>?D=JED ,7B;C ;J ,7D
H7D9?I9E27B;.D?L;HI?JO)H;II 

!2, EH7 <FCBC6=C@C;M !HG *C@9 =B @=B=75@ %98=7=B9 9B9F5@
=C@C;M5B8;F=7I@HIF9';M2EHA0?B;O %?II 

!" + &7HJ?D g VJ?H >78?J;H ;J F;DI;H h :7DI GG5=G 9H
CB:VF9B79G JH7:K?J F7H D:HY )HY7K )7H?I 7BB?C7H:  FF

 

!++&'' &,+ '?9EB; $9G *9@=EI9G 89G +5=BHG CFA5H=CB


7CIHIA=WF98jIB8FC=H)7H?IQ:?J?EDI$B?D9AI?;9A 

!Q,"( ,<VC;CB=9 $5 B5=GG5B79 89G 8=9IL JH7:K?J F7H DD?;


EDD7<Y)7H?I+?L7=;I 

!(&r+ $j'8MGGV9 JH7:K?J F7H %;9EDJ; :; %?IB; )7H?I Q9EB; :;I
BE?I?HI 

!.+-!;DH?;J&.,,&7H9;BGG5= GIF@5B5HIF99H@5:CB7H=CB8I
G57F=:=79)7H?I%?8H7?H?;YB?NB97D 

!.,-/-,?H?,&"-! $?A?;J+Q&('#;7D#=?= +A=H</9@@GDF=B;


7J7BE=K;:n;NFEI?J?ED)7H?I 7B;H?;%;BED= 


 
"+" +2%K9;9G9L9EI= Bj9B9GHD5GIB)7H?IQ:?J?EDI:;&?DK?J


666666666 +D97I@IA 9 @j5IHF9 :9AA9 )7H?I Q:?J?EDI :; &?DK?J




#$,(',>7DDED+C7=5@/CF?G(9F:CFA=B;FHG+IDDCFH=B;(I6@=7G
';M2EHA+EKJB;:=;

#&,C7D:7;J(&)-(')7KB9A=B=B9B5F7<M=F@GD=GG=B;=B
DI6@=7.C@
  B7JJ879>+;KII 


666666666 9A=B=B9 B5F7<M =F@G D=GG=B; =B DI6@=7 .C@


 
B7JJ879>+;KII 


666666666 9A=B=B9 B5F7<M =F@G D=GG=B; =B DI6@=7 .C@


 
B7JJ879>+;KII

#((+(0,$2 B;@7D:HE %5BI9@ 89 DGM7<CA5;=9 )7H?I B8?D


&?9>;B 

#(', C;B?7 +9@: !A5;9 ,97<BC@C;M *9DF9G9BH5H=CB 5B8 H<9


7CBH9ADCF5FMGI6>97H%ED:H;I;J';M2EHA+EKJB;:=; 

#.'  7HB KIJ7L =5@97H=EI9 8I %C= 9H 89 @!B7CBG7=9BH )7H?I
7BB?C7H: 

$+"&, ?C?JH? :?H


 (C=@G 9H +5B;5<=9FG  85BH<FCDC@C;=9
GC7=5@9)7H?IQ:?J?EDI:;Bn!;HD;


$%'-'+E8;HJ 5=Fj9A+75F9j9A;HB?D ;IJ7BJ;D 

$'" !- >H?I @CC8 *9@5H=CBG %9BGHFI5H=CB 5B8 H<9 'F=;=BG C:
I@HIF9';M!7L;D27B;.D?L;HI?JO)H;II 

$+.,,+EI7B?D:g%7FHE8BYC7J?GK;9EHFI ;IFH?J+E8;HJ&EHH?I ;D


IYH?;Ih:7DI*C69FH%CFF=G7J7BE=K;:n;NFEI?J?ED)7H?IQ:?J?EDI:K
;DJH; ;EH=;I)ECF?:EK FF
 


$+"'3"' + .HIKB7 %9F9H 'DD9B<9=A  8=::9F9BH F9HFCGD97H=J9


7J7BE=K;:n;NFEI?J?ED3KH?9>;J';M2EHA,J;CCB; 


 
$+",-/#KB?7(CIJC=FG89@j<CFF9IFGG5= GIF@j56>97H=CB)7H?I,;K?B


%' #79GK;I $9 GVA=B5=F9 89 "57EI9G $575B $=JF9 !!! $9G
(GM7<CG9G  )7H?IQ:?J?EDI:K,;K?B 

6666666666 $9 GVA=B5=F9 89 "57EI9G $575B $=JF9 0! $9G EI5HF9
7CB79DHG :CB85A9BH5IL 89 @5 DGM7<5B5@MG9  )7H?I Q:?J?EDI :K
,;K?B 


6666666666 g%; IOC8EB?GK;Bn?C7=?D7?H; ;J B; HY;B h:7DI I@@9H=B


=BH9FB989@jGGC7=5H=CB:F5BU5=G989DGM7<5B5@MG9 FF
 


%!.+- B7?H; IA9IFG $jV7CI@9A9BH 9B 5FH 7CAA9


<9FAVB9IH=EI97F=H=EI98I7CFDG8V:5=@@5BH)7H?I%n!7HC7JJ7D

6666666666 g %; I7D= C;DIJHK;B :7DI Bn7HJ 9EDJ;CFEH7?D DJH;


IY9HYJ?EDI;J<KH;KHKJYH?D;>?IJE?H;:nKD;>YH?J7=;h:7DI !-.
EC?D?GK; ;J%&'B7?H;*9DFVG9BH5H=CB9H AC89FB=HV)7H?I%;I
)K8B?97J?EDI:;B7,EH8EDD; FF
  

%'2+"  ' '7:;?@; ;J /" +%%( ;EH=;I $5 HC=@9HH9


&5=GG5B79 89 @j=BH=A9 7J7BE=K; :n;NFEI?J?ED )7H?I &KIY;
&7HCEJJ7D&ED;JQ:?J?EDI!7P7D 


%)(+-EC?D?GK; =GHC=F989@5A9F89)7H?I>H?IJ?7DEKH=E?I
Q:?J;KH 

%)(.  ?BB;I ;J !', &7H?; H7DXE?I; $9G :9AA9G @5


DCFBC;F5D<=9@VFCH=GA9)7H?IQ:?J?EDI:K,;K?B 

%.+  %ODD; C8M *<MH<AG <FCBC6=C@C;M 5B8 (95?


(9F:CFA5B79';M2EHA&EHHEM 

%%+DD?;(5FC@9899AA9)7H?I H7II;J 

%Q/" ,-+.,,B7K:;!BHFC8I7H=CBR@jhIJF989%5F79@%5IGG)7H?I
). 

 
6666666666 g %n;<<?979?JY IOC8EB?GK; h :7DI BH<FCDC@C;=9
+HFI7HIF5@9)7H?IQ:?J?EDI:;&?DK?J FF
  

6666666666*5799H<=GHC=F9*579 9H7I@HIF9)7H?I .',(B8?D


&?9>;B 


6666666666,F=GH9GHFCD=EI9G)7H?I)BED 


%Q/"', CC7DK;B @HVF=HV 9H HF5BG79B85B79 )7H?I 7J7 &EH=7D7




%"'$ .D? @CC8 5B8 &5H=CB ,<9 IFCD99B 9GH<9H=7G C: *579
)>?B7:;BF>?;.D?L;HI?JOE<);DI?BL7D?7)H;II 

6666666666 g&7D>EE:;C7B;D;II 7D: )EM;H h:7DI +C7=9HM :CF


CAD5F5H=J9+HI8MC:+C7=9HM5B8 =GHCFM7C8H?:=;7C8H?:=;
.D?L;HI?JO)H;II FF
 

%(+3 #KB?;DD; :?H


 $CI=G9 CIF;9C=G +HFI7HIF9G C: 9L=GH9B79 ,<9
9@@G&KD?9>)H;IJ;B 
7J7BE=K;:n;NFEI?J?ED

&+-"' C?BO ,<9 /CA5B =B H<9 C8M  I@HIF5@ B5@MG=G C:
*9DFC8I7H=CBEIJED;79ED 

&+1 $7HB $9 5D=H5@ gIJF9G 7CAD@WH9G ?8B?EJ>ZGK; :; %7


)BY?7:;)7H?I 7BB?C7H: 

&+3'( &?9>;B7 :?H


 =7H=CBB5=F9 8I 7CFDG )7H?I )H;II;I
.D?L;HI?J7?H;I:;H7D9; 


&--!0 <<HED ;J +&(' ,OBL?; "CG9D< CFB9@@ 9H @9G


GIFFV5@=GH9G R &9K 1CF? 7J7BE=K; :n;NFEI?J?ED %OED &KIY; :;I
;7KN HJI:;%OED 


&.,,&7H9;BgIGK?II;:nKD;J>YEH?;=YDYH7B;:;B7C7=?;h:7DI
+C7=C@C;=99HBH<FCDC@C;=9)7H?I). FF
 

&%&' >7HB;I $5 BCIJ9@@9 V7CBCA=9 DGM7<=EI9 $5 :5UCB 89


D9BG9F9H89>CI=F5I>CIF8j<I=-EKBEKI;Q:?J?EDIQHZI 

 
&,, +DD;JJ;$9G,CFHIF9G.C@CBH5=F9G (IJ<?B:;HD!7J@;
7DJP 

&2+ &;B?II7 ,<=7?9F H<5H K5H9F,<9 'F=;=BG C: @CC8 5G +MA6C@
5B8*=HI5@';M2EHA;J%ED:H;I+EKJB;:=; 

'!-+ % &7=7B? g->YVJH; :nEC8H;I 9>;P ,EF>?; 7BB;  B;I


C?I;I ;DI9ZD; :KCE? ;J:; Bn78I;D9; h:7DI +/", ;HJH7D: ;J
,'.0+- &7_JY =@9F +CD<=9 5@@9 *9JI9 !BH9FAV8=5@=HVG
=GHC=F9 9H ,<VCF=9 89G FHG 89G $9HHF9G 9H 89G ,97<B=EI9G Df 
&EDJHY7B.D?L;HI?JY:;&EDJHY7B FF
  

'%,?;=<H?;:H;:;H?9A g &7B?DEMIA?ED&7=?97D: +;B?=?ED h


:7DI%5B5B8I@HIF9%ED:H;I+7OCED:?HJ> FF
   

'(.+ #;7D 2L;I %; ;J /%'-" 7J>;H?D; g K I7D=  ;J :;I
<;CC;I!?IJE?H;CY:?97B; :; B7 C;DIJHK7J?EDU B7;BB;  QFEGK;h
:7DI@=C =GHC=F9:9AA9G9HGC7=VHVG  FF
  

'"-3,! H?;:H?9> =BG= D5F@5=H 25F5H<CIGHF5 JH7:K?J F7H


;D;L?ZL;?7DGK?I)7H?IB7CC7H?ED 

6666666666779 CAC7CAA9BHCB89J=9BH79EI9@jCB9GHJH7:K?J
F7H!;DH?B8;HJ)7H?I&?BB;;JKD;DK?JI 


6666666666 $5VBV5@C;=9 89 @5 ACF5@9 JH7:K?J F7H)7JH?9A 0EJB?D=


)7H?I% ;J%?LH;:;)E9>;

'"1(' &?=DED ;J %(3'( CF7HE "5B=B9 BHCB= 7J7BE=K;


:n;NFEI?J?ED7H9;BED;KD:79?`%77?N7 


'(!%"'%?D:7 g0>O>7L; J>;H;8;;DDE=H;7JMEC;D  7HJ?IJh


:7DI*,B9KG';M2EHA@7DL?;H  FF
 

'(/+ );J;H@?9 #FMGHI:9? $=EI=8@C;=7,<9 <9=;<HC: ?BCK@98;9


5B8GD998C:H<CI;<H/?;DD7!7J@;7DJP 

 
(%"/"+ ';?:; EC;I ; g !?IJ`H?7 :EI >T8?JEI :; >?=?;D; DE
H7I?B :EI IY9KBEI 1/""" 7E 11 h :7DI *9J=GH5 =A9BG_9G Df 
/?J`H?7.D?L;HI?:7:;;:;H7B:EIF]H?JE,7DJE  FF
 


(/" $9G %VH5ACFD<CG9GP8=H=CB 89"95B (=9FF9&VF5I85I JH7:K?J


F7H ;EH=;I%7<7O;)7H?I 7BB?C7H: 

)' ?D7 g %7 :EKB;KH h :7DI $9G *9JI9G D5F@V9G )7H?I ;DJH;
;EH=;I)ECF?:EKEBBEGK;?DJ;HD7J?ED7BC7? D
F

))+&' )7JH?9?7 ;J &(%"'"+ )7I97B;gYI;D9B7L;HB; 75F9h


:7DI CBHF9 @j=B8=::VF9B79 89G DF=J=@V;=VG  EIC= G9FH @9 75F9 )7H?I
)7OEJ FF
 

666666666 $9 GCI7= 89G 5IHF9G VH<=EI9 9H DC@=H=EI9 8I 75F9 )7H?I
9EB;:;I!7KJ;IQJK:;I;D,9?;D9;I,E9?7B;I

)-&' 7HEB; ,<9 +9LI5@ CBHF57H 7C8H?:=; )EB?JO )H;II




)3 (9J7L?E $9 @56MF=BH<9 89 @5 GC@=HI89 GI=J= 89 @5 F=H=EI9 89 @5
DMF5A=89JH7:K?JF7H#;7D B7H;D9;%7C8;HJ)7H?I 7BB?C7H: 

+'"r+ #79GK;I $9 D5FH5;9 8I G9BG=6@9 GH<VH=EI9 9H DC@=H=EI9


)7H?I%778H?GK;

++' );J;H =F758=5B *<MH<AG =B H<9 9BHF5@ &9FJCIG +MGH9A


%ED:H;I&79C?BB7D 

+" '+ #7D?D; *9@=;=CBG A=BCF=H5=F9G 9H7I@H9GA5F;=B5IL89 @j!B89


)7H?I)K8B?IK: 

+"k.+)7KB+C= AXA97CAA9IB5IHF9)7H?I,;K?B 

+(!>7HBEJJ;2CB9G IA=89G)7H?IQ:?J?EDID78;J 

+(%'"$ ,K;BO g ,K8@;J?L?:7:; DJHEFE<T=?97 h :7DI FH9


CBH9ADCFSB95 F5G=@9=F5 -B 9 9BHF9 'IHFC G 11"/e ?;D7B
"DJ;HD79?ED7B:;,WE)7KBE,WE)7KBEKD97XWE?;D7B:;,WE)7KBE
FF
  



+(&' &7J>?B:; FH J=8VC 9H A=G9 9B G7WB9 89 GC= )7H?I
%n!7HC7JJ7D 


,!&" >H?IJ?D7 g ,>E9A?D= J>; K:?;D9; ,>E9A?D= J>; HJ?IJ


;IJ>;J?9<<?D?J?;IJEJ>;L7DJ 7H:;?DBA;$HOIJK<;AnI0EHAh:7DI
:H9F H<9 J5BH ;5F89 CBH9ADCF5FM 9FA5B 5B8 IGHF=5B
LD9F=A9BH5@=@A+E9>;IJ;H7C:;D!EKI; FF
  

,"%/ #;7D 7 IJ9@I 5I@=GG9 =GHC=F9 9H 9GH<VH=EI9 89 @jVD=@5H=CB
=BH=A9)7H?IQ:?J?EDIECFB;N;I 

,(%(&(' (.8?=7?B B5 %9B8=9H5 @CC8 =F9 7J7BE=K;


:n;NFEI?J?ED)7H?I';M2EHA 7B;H?;%;BED=


,(.3&7H9;B7E;B>E;g)7H;DJ;I:;I7D=K;?D9;IJEIK8IJVD9?7
;H;B7XWEDEF;DI7C;DJE-?C8?H7h:7DI *9JI9%5B5LEB
 Df 
+?E :; #7D;?HE .D?L;HI?:7:; ;:;H7B :E +?E :; #7D;?HE   FF

 


,-(++ +E8;HJ ,!0+-3&' BB7D ;J !+$'!( )7KBE


$CI=G9CIF;9C=G%ED:H;I)>7?:ED 

,S,$"')7JH?9A$9(5F:IA)7H?I%;B?LH;:;FE9>; 


-.' ,IB;55FFC7C89$ZF=CG,WE)7KBEEI79'7?<O 

/',,!>H?IJ?D;%CB5 5HCIA7J7BE=K;:n;NFEI?J?ED)7H?I
Q:?J?EDI:K;DJH; ;EH=;I)ECF?:EK 

/" +%%( ;EH=;I$9DFCDF9 9H @9 G5@9$j<M;=WB9 8I 7CFDG 89DI=G


@9%CM9Bk;9)7H?IQ:?J?EDI:K,;K?B 

/",( (B=7 -BG99B %9B8=9H5 ,<9 -BDI6@=G<98 /CF?G C: B5


%9B8=9H5';M2EHA)H;IJ;B 

/"/"+(,  ,-+( :K7H:E %VH5D<MG=EI9G 75BB=65@9G $=;B9G


8j5BH<FCDC@C;=9 DCGH GHFI7HIF5@=GH9 )7H?I )H;II;I .D?L;HI?J7?H;I :;
H7D9; 



/(,-+%,>7HH7%EK?I;-B89F/F5DG<=GHCFMC:A9BGHFI5@<M;=9B9
H97<BC@C;M)BOCEKJ>%;N?D=JEDEEAI 

0%,!&?9>7;Bg+;7:?D=J>;+;7Bh:7DI!( ')7JH?9AEBC;J
)'"- %7B?J7 F=H=7=GA 5B8 $575B J>ZD;I .D?L;HI?JO E< ;EH=?7
)H;II  FF
 

0 '   + %  2 % K B 7  ' 8 F5 ; T C D C I G C I B C 9 G D 5 U C   F H 9
7CBH9ADCFSB95 GC:F=A9BHC DGZEI=7C 9 C C6>9HC F9@57=CB5@ 89 $M;=5
@5F?+?E:;#7D;?HE+7HE 

0!"- '?9EB7 ;J &9)+%' H;D:7 +@=D C: H<9 ,CB;I9 "5B=B9
BHCB= 7J7BE=K; :n;NFEI?J?ED B7I=EM ;DJH; <EH EDJ;CFEH7HO
HJI 


0"'$'0+ H?7Dg )?9JKH?D=-;NJ;I+E8;HJ&EHH?Imm;;JB;?D7


ENnnh:7DI,!'%%+$7J?7;J0%%'EKH7!BJ9GH=;5H=CBG,<9
LD5B898 =9@8 C: /F=H=B; =B H<9/CF?G C: *C69FH %CFF=G %OED ',
Q:?J?EDI FF
 

 




%;I HY<YH;D9;I DKCYH?GK;I ?C7=;I L?:YEI ?DJ;HL?;MI 7HJ?9B;I ;J


H;FEHJ7=;I ;J B;I B?;DI :;I I?J;I ?DJ;HD;J 9EDIKBJYI F;D:7DJ B7
H;9>;H9>; IEDJ EH=7D?IYI F7HEH:H; :n7FF7H?J?ED :7DI B; J;NJ; ;J :7J;
:;9EDIKBJ7J?ED


-EKJ;IB;IlKLH;IF;HIEDD;BB;IHY7B?IY;I;J7D7BOIY;I 7KBED=:;9;JJ;
H;9>;H9>; :E9JEH7B; I; H;JHEKL;DJ :E9KC;DJY;I :7DI B; I?J; 
MMM
:7D?;BB7:;CEKH7
9EC

/?:YE @M@5G<9G :; #;II?97 !7HH?IED 9EDIKBJY B;     >JJF


7H9>?L;
D;MI
IE<JF;:?7
9EC D;MI BOB7I> O;B7I>;I &7:; E< BO
%;=I  
/?:YE @CFG HI Aj5=A9G  :n"D=H?: ;HJ>ED &E?D; 9EDIKBJY B;
  >JJFI L?C;E
9EC   
/?:YE (9FF5:;+;=?D7#EIY 7B?D:E9EDIKBJYB;    >JJFI
MMM
OEKJK8;
9EC M7J9>L( 7/9)$NI
+;FEHJ7=; IKH +;=?D7 #EIY 7B?D:E 9EDIKBJY B;     >JJF
MMM
B;DDED
;I J;NJE :?7H?E CEIJH7H   H;=?D7 @EI; =7B?D:E DEI
:;@7 9ED B7 F?;B :; =7BB?D7
,ED:7=;g%;I>78?JK:;I:n>O=?ZD;:;IH7DX7?IhHY7B?IYF7HBn"DIJ?JKJ
:nQJK:;I :; &7H9>Y ;J :n(F?D?ED 9EDIKBJY B;      >JJF
MMM
8L7
<H <H IED:7=;I B;I6>78?JK:;I6:6>O=?;D;6:;I6<H7D97?I
/?:YE :;I C797GK;I J>7_B7D:7?I F;D:7DJ KD; B;XED :n>O=?ZD;
:;DJ7?H; 9EDIKBJY B;      >JJF MMM
C7N?I9?;D9;I
 9EC
C797GK; :;I C797GK;I <?BC;I ;D FB;?D; B;9ED :  >O=?;D;
:;DJ7?H;67HJ 
+;FEHJ7=; IKH Bn>O=?ZD; :;DJ7?H; :;I 8HYI?B?;DI HY7B?IY F7H B; I?J; '
=5F5G=@9EDIKBJYB;   >JJF E:?7
?=
9EC
8H DEJ?9?7 8H7I?B

 
    C;DEI :7 C;J7:; :EI >EC;DI KI7 ;I9EL7 :; :;DJ;
F7IJ7 ; <?E :;DJ7B :?P F;IGK?I7
+;FEHJ7=;IKHBn>O=?ZD;:;DJ7?H;:;I<H7DX7?IHY7B?IYF7HI?J;%;)E?DJ
9EDIKBJY B;      >JJF MMM
B;FE?DJ
<H ;:?JEI :K FE?DJ 7DD;
@;7D8B7D9 B;I <H7D97?I <79>;I 7L;9 B;KH 8HEII; 7 :;DJI   
6
/?:YE +5JCB 89 CFDG :; '?9EB7 EDIJ7DJ?DE 9EDIKBJY B;
   >JJF MMM
D?9EB79EIJ7DJ?DE
9EC
7H I7LED L?:;E
F>F
/?:YE $j<M;=WB9 7CFDCF9@@9  DCIF IB9 5BH<FCDC@C;=9 89 @j<CAA9
AC89FB9 :; %7\J?J?7 EKH=;J 9EDIKBJY B;     >JJF
MMM
B7;J?J?78EKH=;J
EH= E6L?:;E6>O=?;D;
>JC
+;FEHJ7=; IKH B7 g J7N; J7CFED h 9EDIKBJY B;      >JJF
MMM
B;CED:;
<H IE9?;J; 7HJ?9B;    B7 87?II; :; B7 J7N;
J7CFED LEJ;; 7 B 7II;C8B;;66
>JCB
+;FEHJ7=; IKH B7 9;DIKH; :n?C7=;I C;DIJHK;BB;I 9EDIKBJY B;
     >JJF C7:7C;
B;<?=7HE
<H IE9?;J; GK7D: ?DIJ7=H7C H;D?;
B;N?IJ;D9; :;I H;=B;I   
/?:YE CBGHFI=F9 G5 A5=GCB :; %7\J?J?7 EKH=;J 9EDIKBJY B;
  >JJF MMM
B7;J?J?78EKH=;J
EH= E6L?:;E69EDIJHK?H;
/?:YE %5F75 *9;=GHF585 :; %;J?9?7 )7H;DJ; 9EDIKBJY B;    
>JJFI MMM
OEKJK8;
9EC M7J9>L#+7A3M
0;8 I?J; :; Bn7IIE9?7J?ED7KIJH7B?;DD; 5FK=B.=GI5@ FHGGGC7=5H=CB
9EDIKBJYB;   >JJF MMM
:L77
D;J
7K
"DJ;HL?;M 7L;9 7I;O #;DA?DI 9EDIKBJY B;     >JJF
MMM
OEKJK8;
9EC M7J9>LG+33<!&PE
+;FEHJ7=; IKH B7 F;H<EHC7D9; :; 7I;O #;DA?DI 9EDIKBJY B;
     >JJF MMM
J>;=K7H:?7D
9EC 9ECC;DJ?I<H;;   :;9
 L7=?D7B AD?JJ?D= 7HJ?IJ :;<;D9;
BE= :K FHE@;J +99=B; F98 DFC>97H :nDD7 ?8IED ;J #E>7DD7
,7CK;BIED 9EDIKBJY B;     >JJF MMM
I;;?D=H;:
FHE@;9J
MEH:FH;II
9EC
0;8 I?J; :K -;CFB; K7H79O :;I EBB?D;I U &EDJH;K?B 9EDIKBJY B;
  >JJF MMM
J=9EBB?D;I
EH=

 
"DJ;HL?;M 7L;9 B;@7D:HE #((+(0,$2 9EDIKBJY B;   
>JJF MMM
79J;FIO9>EC7=?GK;
9EC F7=;679J; F7=;679J;
0;8 I?J; :; Bn7IIE9?7J?ED $5 VBVF5@9 CCDVF5H=J9 5FH=GH=EI9
DC@=H=EI9 9H GC7=5@9
 QLYD;C;DJ $5 G9LI5@=HV 89G :9AA9G (CIF @9G
:9AA9G 9H 79IL EI= 9B 7CBB5=GG9BH 9EDIKBJY B;     >JJF
MMM
B7=;D;H7B;
<H F 
-;NJ; :; )7KB HC7D: -- FEKH Bn;NFEI?J?ED $9G A9BGHFI9G 89 @5
V9GG9 EK $j5DCH<VCG9 89G :F5=G9G 9EDIKBJY B;     >JJF
?D<;HDE C7=7P?D;
9EC    B;I C;DIJHK;I :; B7 :;;II; EK
B7FEJ>;EI; :;I <H7?I;I F7KB 7HC7D: =;JJ;
/?:YEA9B:;B?D; )
9EDIKBJY B;    >JJFI L?C;E
9EC
 
"DJ;HL?;M 7L;9 /7D;II7 -" , FEKH B; !& &7=7P?D; 9EDIKBJY B;
  >JJF MMM
L7D;II7J?;=I
9EC 9H;7J?EDI C;DIJH7B7
+;FEHJ7=; IKH B; L?EB 9EBB;9J?< 9ECC?I 7K HYI?B 9EDIKBJY B;
   >JJF MMM
B;CED:;
<H 7C;H?GK;I 7HJ?9B;     KD
L?EB 9EBB;9J?< 7 H?E C;J B; 8H;I?B ;D ;CE?   
>JCB?
C <HMJ-!-?!

"DJ;HL?;M 7L;9 37D;B; &.!(%" 9EDIKBJY B;     >JJF
?IIKK
9EC ;B;D7JEN?97 :E9I P7D;B;6CK>EB?
"DJ;HL?;M 7L;9 DJE?D; %?; 9EDIKBJY B;      >JJF
=H7?D:;CKI9
8BE=IFEJ
<H   B; C;97D?IC; :;I <BK?:;I ?DJ;H?;KHI
97
"DJ;HL?;M 7L;9 #7D?D; DJED? 9EDIKBJY B;      >JJF
MMM
7HJ?D7C;H?97C7=7P?D;
9EC D;MI <;7JKH;I C7=7P?D; @7D?D;
7DJED? 
0;8 I?J; :; %7\J?J?7 EKH=;J 9EDIKBJY B;     >JJF
MMM
B7;J?J?78EKH=;J
EH= E67KJH;I69K?I?D;H
>JC
0;8 I?J; :; Bn7HJ?IJ; :;I?=D;H &;B7D?; ?B;DA;H 9EDIKBJY B;
  >JJF MMM
C;B7D?;8?B;DA;H
9EC

 
 
  



,(&&"+
+&+"&'-, 
+Q,.&Q 
%%"&"-&('Q,"+ 


 
%)+- .(+),-%n1)Q+"'.,',"%

 
 
%nQ!' ,2&(%"*.,,("',(+)(+%,

 "'-+(.-"(' 
 "%, 
 /+'", 
 "' 
 "%'-"+ 
 ('%.,"(' 

 
 
)(./("+,%n+-&',-+.%
 "'-+(.-"(' 
 #').1),&n&)p!+&nQ(.%+ 
 (+'i"&'#q 
 +/p-3 /(.,&(','  
 ('%.,"(' 

 
 

  
+"-.%,n(++-Q,(++
 "'-+(.-"('  
 -),2!(& "*.  
 -",, --!Q 
 '*.-'-!+()()!  
 ('%.,"('  

 
  
)(Q-"*.%+%"*.+Q,".%%
 "'-+(.-"('  
 (%%-"(''",&(+)(+%  
 +%"*."+,)"%%"+, 
 ('%.,"(' 

 
 
,.#-"/"-Q!.&(+%n.'/'"+ &&

-%," .+, 


+QQ+',"%"( +)!"*., 
,"-,"'-+'-  
-%,&-"r+,  

 

You might also like