You are on page 1of 5

  


   

  

  
     
     
 
      
 
  

       
  



 



 

 


=FK >2CE:?FC;4 6D6=@:D2 5:2KFC;4 6D4C:DE:?2 82C4:2 >28C@FC;4 6D

6A2CE2>6?E@4@?@>Q256=2>AC6D2
-?:G6CD:525*6J"F2?2C=@D
%25C:5DA2R2

! 1 2:3)4 *3 *1 6:* ;.;.248 9.*3* 6:* 8*7 8489*3.'1* 5488.'1* 94 574;.)* 9-* 89:)*39 <.9- &3 .39*,7&9.;* ;.8.43 4+ 9-*
7&3)*8(&2'.48)*7.;&)48)*1&574):((.A3=*1(438:24*32&8& 57.3(.51*8 &3) !8 .3 9-*.7 (:77.(:1:2 &551=.3, &3 *):(&9.43&1
-&311*;&)4&)*9*7.47482*).4&2'.*39&1*8*;.)*39*8*3*151&3*9&1 .334;&9.439-74:,-9-*&(9.;*2*9-4)414,=9-&99-*+1.55*)(1&887442
)*8&774114 8489*3.'1* *8 :3& 3*(*8.)&) 6:* *8 57*(.84 &'47)&7 )*8)* 7*57*8*398
94)48 148 ?2'.948 *(43A2.(4 541@9.(4 84(.&1 *):(&9.;4 &8
:3.;*78.)&)*8(424(*39748)*+472&(.A3=)*.5:*)*38*7:3& $# ! ! " 
5.*>& (1&;* *3 &((.43*8 ).7.,.)&8 &1 )*8&774114 8489*3.'1* 8@ 1&      
.39*,7&(.A3 )* 148 4'/*9.;48 )* )*8&774114 8489*3.'1* ! *3 148
(*39748 )* *):(&(.A3 8:5*7.47 5&8& 547 .3974):(.7 (425*9*3(.&8 ! 
&1.3*&)&8(43*89484'/*9.;483*1(&84)*1&&8.,3&9:7&.7*((.A3)*
74):((.A3&5&7*(*:3&7*1&(.A3).7*(9&*397*148(439*3.)486:*8* $@D A=2?6D 56 6DEF5:@ 56 =2D E:EF=24:@?6D 6? 6= DA24:@
&'47)&3 *3 1& &8.,3&9:7& = *1 !  (*397&)4 *3 C,&7&39.>&7 FC@A6@565F424:S?+FA6C:@C+AC6E6?56?246C42C2=@D
24)&1.)&)*8 )* (438:24 = 574):((.A3 8489*3.'1*D !* 7*&1.>& :3& 2=F>?@D 2 =2 C62=:525 6>AC6D2C:2= :?G@=F4C2C=6D >ND
5745:*89&6:*.39*,7&*89*4'/*9.;4*3148(439*3.)48)*1&&8.,3&9:7& 24E:G2>6?E6 6? DF AC@46D@ 56 2AC6?5:K2;6 J AC@A@C4:@?2C F?
= 6:* 5*72.9* &1(&3>&7 1& (425*9*3(.& ,*3*7&1 C8*38.'.1.)&) -&(.& >2C4@72G@C23=6A2C2=225BF:D:4:S?565:G6CD2D4@>A6E6?4:2D 
9*2&82*).4&2'.*39&1*8=84(.&1*8D&5:*89&*357?(9.(&8*7*&1.>& LDE2D 5636? D6C 25BF:C:52D A@C =@D 6DEF5:2?E6D 2 =@ =2C8@ 56=
(43 1& 2*94)414,@& )* &:1& .3;*79.)& * *89& +472& 8* (438.,:* A6CQ@5@7@C>2E:G@EC232;2?5@6?42522D:8?2EFC2F?4@?;F?E@
+&(.1.9&7&1*89:).&39*:3&;.8.A3.39*,7&)47&)*14857.3(.5.48=! 566==2D 
*3 8: (:77.(:1:2 &51.(&3)4 :3& .334;&(.A3 *):(&9.;& 2*).&39* 1&
2*94)414,@&&(9.;&6:*7*57*8*39&*1&:1&.3;*79.)& $2D 2D:8?2EFC2D C6=2E:G2D 2 =2 >2E6C:2 :C644:S? 56
(C@5F44:S?J'A6C24:@?6D:?4@CA@C2?4@>A6E6?4:2D86?6C2=6D
 "   !%    J6DA64Q7:42DC6=24:@?252D5:C64E2>6?E64@?6=NC62567F?4:@?2=
 !
"  %  56AC@5F44:S? ?2=8F?2D8FQ2D5@46?E6D566DE2D2D:8?2EFC2D
6? 5:DE:?E2D -?:G6CD:5256D D6 :?4=FJ6 F?2 4@>A6E6?4:2
  "-*<471)<*1.;*.3-&894'*8:89&.3&'1*7*&9(-&3,*8 C6=24:@?252 4@? =2 [D6?D:3:=:K24:S? 924:2 =@D E6>2D
)*7.;*) +742 2&88 574):(9.43 &3) (438:259.43 -&;* 1*) 94 *;.)*39 >65:@2>3:6?E2=6D\  DE2 4@>A6E6?4:2 C6AC6D6?E2 56 >2?6C2
*3;.7432*39&1)*9*7.47&9.43439-*51&3*9!:89&.3&'1*)*;*1452*39.8 5:C64E2F?@3;6E:G@:>A@CE2?E65656D2CC@==@D@DE6?:3=6:?4=F:5@
& 3*(*88.9= <-.(- 2:89 '* &))7*88*) +742 &11 &7*&8 *(4342.( 6? =2 86?52   56 =2 -?6D4@ 6D 6= '+  C6=2E:G@ 2
541.9.(&1 84(.&1 *):(&9.43&1 #3.;*78.9.*8 &8 97&.3.3, &3)  . )#2#/4+8#2.0&#-+&#&'3&'%0/35.07120&5%%+;/3034'/+$-' 
(*39*78 (&3 '* & 0*= 51&=*7 .3 &(9.438 &.2*) &9 8:89&.3&'1*
)*;*1452*39 "-:8 9-* .39*,7&9.43 4+ 9-* !:89&.3&'1* *;*1452*39 6D56 =2 *- @?7656C24:S? 56 *64E@C6D 56 =2D
4&18 !8 .3 -.,-*7 *):(&9.43 (*39*78 .3;41;*8 .3974):(.3, -?:G6CD:5256DDA2R@=2DD64@?D:56C2BF6=2-?:G6CD:5256DF?
(425*9*3(.*8&1.,3*)<.9-9-*8*,4&1839-*(&8*4+9-*74):(9.43 6=6>6?E@ W7F?52>6?E2= J ?646D2C:@X A2C2 2=42?K2C =@D
&3&,*2*398:'/*(99-*7*.8&).7*(97*1&9.438-.5'*9<**39-*(439*398 '3;6E:G@D 56 6D2CC@==@ +@DE6?:3=6 '+  ? 6DE6 D6?E:5@
9-&9 &7* &))7*88*) .3 9-* 8:'/*(9 &3) 9-*  ! +4(:8*) 43 C62=:K2? F?2 AC@AF6DE2 56 244:@?6D 56 D6?D:3:=:K24:S? A2C2 =2
C,:&7&39**.3,8:89&.3&'1*(438:259.43&3)574):(9.4324)&1.9.*8D :>A=6>6?E24:S?56=286?52  6?EC6=2DBF6D66?4F6?EC2
574548&1.82&)*9-&9.39*,7&9*89-.84'/*(9.;*.39-*(439*3984+9-* =2 +@DE6?:3:=:K24:S? 4FCC:4F=2C 2 EC2GPD 56= 56D2CC@==@ 56
8:'/*(9&3)9-&9&114<87*&(-.3,9-*,*3*7&1(425*9*3(*8*38.9.;.9=
%PE@5@D5@46?E6DA2CE:4:A2E:G@DJ6=56D2CC@==@564@?E6?:5@D
94<&7)8 *3;.7432*39&1 &3) 84(.&1 .88:*8 "-* .251*2*39&9.43 .8
(&77.*)4:9<.9-9-*+1.55*)(1&8874422*9-4)414,=39-.8<&=.9.8
6DA64Q7:4@D6?=2D2D:8?2EFC2D 


-9958 <<<(7:*47, <5
(439*39 :514&)8

3+472*%#3.;*78.)&)*8%7:*
,*3)&

5)+

 '4EF3C6 %25C:5+(M
.!@?8C6D@!?E6C?24:@?2=D@3C6AC6?5:K2;6!??@G24:S?J@@A6C24:S?!&! 

'2,&,1$,& 48
D6?6DE64@?E6IE@5@?56=2DF?:G6CD:5256DE:6?6?6=C6E@ BF6C@5622=26>AC6D26I:8:P?5@=6244:@?6DD:8?:7:42E:G2D6?
56:?4=F:C=@D '3;6E:G@D566D2CC@==@+@DE6?:3=6'+6? DFDACN4E:42DAC@5F4E:G2DJ5686DE:S?2?D2=J*@E9  
=2 2>A=:2 82>2 56 DFD @76CE2D 7@C>2E:G2D J D6 6DA6C2 BF6 =2 $2D@DE6?:3:=:525>65:@2>3:6?E2=D64@?G:6CE66?@3;6E:G@A2C2
65F424:S? DFA6C:@C 2A@CE6 4@?@4:>:6?E@ 6 :??@G24:S? A2C2 >F492D566==2D FAA6D6!D:<2H2 (C2;@8@6E2=   
9246C7C6?E62=@D56D27Q@DD@4:2=6D64@?S>:4@DJ2>3:6?E2=6D 06DF?@3;6E:G@5656D2CC@==@D@DE6?:3=6 
2EC2GPD56=27@C>24:S?E2?E@56=A6CD@?2=2425P>:4@4@>@56
6D56 5:76C6?E6D N>3:E@D =2 6>AC6D2 C64:36 AC6D:@?6D A2C2
=@D6DEF5:2?E6D92=6E26E2=  AA  
2A@DE2C A@C =2 D@DE6?:3:=:525 >65:@2>3:6?E2=  6D56 6=
??2?:23J%@=:?2C: 6?6=4@?E6IE@56F?% >6C425@E2?E@A@C6=6?E@C?@86?PC:4@4@>@A@C6=6DA64Q7:4@
>6?4:@?2?=2:>A@CE2?4:256:?4@CA@C2C6=56D2CC@==@D@DE6?:3=6 56=D64E@C2=BF6A6CE6?646=26>AC6D2 6D56=2D@4:65252
6? E@5@ 6= 4FCC:4F=F> 56D56 F?2 A6CDA64E:G2 :?E68C252 J EC2GPD 56 =2 @A:?:S? AT3=:42 6? 86?6C2= J 2D@4:24:@?6D J
>F=E:5:D4:A=:?2CC64@?@4:6?5@6=G2=@C2R25:5@56A6CDA64E:G2D @C82?:K24:@?6D ?@ 8F36C?2>6?E2=6D  56D56 6= D64E@C
5:76C6?E6D 6? D@DE6?:3:=:525  @?D:56C2>@D :8F2=>6?E6 7:?2?4:6C@ 2 EC2GPD 56 :?G6CD@C6D AC@G665@C6D 56 7@?5@D J
:>A@CE2?E6 :?EC@5F4:C 6= 4@?46AE@ 56 56D2CC@==@ D@DE6?:3=6 4@>A2RQ2D 56 D68FC@D  6D56 =2 25>:?:DEC24:S? AT3=:42
E2>3:P?6?6DEF5:@D56C25@  :?6>2?J=2C<6  
? 6DE6 EC232;@ D6 AC6D6?E2 F?2 6IA6C:6?4:2 56 :??@G24:S? 236 AC68F?E2CD6 V4S>@ EC232;2C 6DE@D 4@?E6?:5@D
65F42E:G2 32D252 6? 6= 2F=2 :?G6CE:52 BF6 A6C>:E2 2 =@D 4@>A6E6?4:2D J 6= 6?7@BF6 56 AC:?4:A:@D J '+ 6? =2
6DEF5:2?E6D 25BF:C:C =2 4@>A6E6?4:2 [D6?D:3:=:K24:S? 924:2 2D:8?2EFC2DEF5:@DAC6G:@D92?56>@DEC25@BF6=22A=:424:S?
E6>2D >65:@2>3:6?E2=6D J D@4:2=6D\ J 2 =2 G6K =2 AF6DE2 6? 56>6E@5@=@8Q2DEC25:4:@?2=6D32D252D6?4=2D6D>28:DEC2=6D?@
ACN4E:4256=@D'+6?F?22D:8?2EFC2568C25@  4@?D:8F6? BF6 6= 2=F>?@ 25BF:6C2 4:6CE2D 4@>A6E6?4:2D
%2CEQ?(6R2 6E 2=   A@C =@ BF6 D6 9246 ?646D2C:@
(2C26==@D66=:8:S=22D:8?2EFC256:C644:S?56(C@5F44:S? 56D2CC@==2C>6E@5@=@8Q2D>ND?@G65@D2D%:?8@C2?46J2=G@
J2 BF6 E:6?6 F?2 C6=24:S? 5:C64E2 4@? =@D E6>2D A2C26?42>:?2C2=@D6DEF5:2?E6D924:2=272>:=:2C:K24:S?
>65:@2>3:6?E2=6DJA@CE2?E@4@?=@DAC:?4:A:@DJ@3;6E:G@D56 4@?=@DE6>2D>65:@2>3:6?E2=6D 
56D2CC@==@ D@DE6?:3=6 ? 4@?4C6E@ >F492D 56 =2D >6E2D
:?4=F:52D6?6='+ D6G6?C67=6;252D6?6DE22D:8?2EFC2E2=6D  $,'4+603
4@>@ [86DE:S? D@DE6?:3=6 J 6= FD@ 67:4:6?E6 56 =@D C64FCD@D
?2EFC2=6D\ [C65F4:C =2 86?6C24:S? 56 56D649@D >65:2?E6 $@D@3;6E:G@DBF6D6AC6E6?56?2=42?K2C4@?6DE2:?:4:2E:G2
24E:G:5256D 56 AC6G6?4:S? C65F44:S? C64:4=25@ J 56:??@G24:S?65F42E:G2D@?
C6FE:=:K24:S?\[2=6?E2C2=2D6>AC6D2D6?6DA64:2==2D8C2?56D  @?D68F:CBF6=@D2=F>?@DE6?82?F?2G:D:S?8=@32=6
6>AC6D2D J =2D 6>AC6D2D EC2?D?24:@?2=6D 2 BF6 25@AE6? :?E68C25@C2 56 =2 7F?4:S? 56 AC@5F44:S? J @A6C24:@?6D
ACN4E:42D D@DE6?:3=6D 6 :?4@CA@C6? :?7@C>24:S? D@3C6 =2 D@DE6?:3=62DQ4@>@56=@DAC:?4:A:@DJ'+ 
D@DE6?:3:=:5256?DF4:4=@56AC6D6?E24:S?56:?7@C>6D\ 
 !?46?E:G2C =2 A2CE:4:A24:S? 6 :>A=:424:S? 56 =@D
6 6DE2 7@C>2 D6 C62=:K2 F? A=2?E62>:6?E@ 24EF2= 924:2 =2 2=F>?@D >65:2?E6 6= A=2?E62>:6?E@ 56 AC@3=6>2D C62=6D J
>2E6C:25:C644:S?56@A6C24:@?6DD@DE6?:3=6 $2D@A6C24:@?6D >@E:G25@C6D 
D@DE6?:3=6D:?E68C2?=2@C:6?E24:S?EC25:4:@?2=56:C644:S?56
@A6C24:@?6D 924:2 =2 67:4:6?4:2 J 6= 36?67:4:@ 4@?  <$-+%0$,'4+60
4@?D:56C24:@?6D >ND 2>A=:2D 56 =@D DE2<69@=56CD :?E6C?@D J $26IA6C:6?4:256:??@G24:S?65F42E:G2BF6D6AC6D6?E292
6IE6C?@D J DF :>A24E@ >65:@2>3:6?E2= #=6:?5@C76C 6E 2=  D:5@56D2CC@==2525FC2?E66=4FCD@  6?=22D:8?2EFC2
  [:C644:S?56(C@5F44:S?\BF6D6:>A2CE66?6=D68F?5@4FCD@
56=C25@6?5>:?:DEC24:S?J:C644:S?56>AC6D2D +6EC2E2
     56F?22D:8?2EFC2@3=:82E@C:2564CP5:E@DJ4FJ@E:6>A@56
$2 2D:8?2EFC2 :C644:S? 56 (C@5F44:S? 56= C25@ 6? EC232;@56?EC@56=2F=2BF6525:DEC:3F:5@6? 9@C2D564=2D6D
5>:?:DEC24:S? J :C644:S? 56 >AC6D2D 23@C52 6= E6SC:42D J  9@C2D 56 4=2D6D ACN4E:42D  2? A2CE:4:A25@ EC6D
4@?@4:>:6?E@ 56= NC62 56 AC@5F44:S? J @A6C24:@?6D 6? =2 8CFA@D565@46?4:24@?F?E@E2=56  2=F>?@DJAC@76D@C6D 
6>AC6D2>2?F724EFC6C2=27F?4:S?56AC@5F44:S?4@?6?7@BF6
6DEC2EP8:4@ J E@>2 56 564:D:@?6D G:?4F=252D 2 AC@5F4E@     

AC@46D@ 42A24:525 =@42=:K24:S? J 42=:525 4@? F? >2C425@  '40&0-0):#-+11'&-#33200.
42CN4E6CE6SC:4@ACN4E:4@ (6C@72=E2F?A=2?E62>:6?E@6?6=BF6
=2AC@5F44:S?J=2D@A6C24:@?6DD@DE6?:3=6DD623@C56?4@?F? ? =@D T=E:>@D 2R@D 4252 G6K 6D >ND 923:EF2= ==6G2C 2 =2
6?7@BF6:?E68C25@C  ACN4E:42 6DEC2E68:2D 5:5N4E:42D :??@G25@C2D BF6 A6C>:E2? =2
A2CE:4:A24:S? 24E:G2 56= 6DEF5:2?E6 J =6D 6?42>:?6 924:2 =@D
$2 4@>A6E6?4:2 86?6C2= D6?D:3:=:K24:S? 924:2 =@D E6>2D 36?67:4:@D 56 D6C C6DA@?D23=6D 56 DF AC@A:@ AC@46D@ 56
>65:@2>3:6?E2=6DJD@4:2=6DDFC864@>@4=2G66?F?6?E@C?@ 2AC6?5:K2;6 
4@>@6=24EF2=525@BF6=2AC@E644:S?56=>65:@2>3:6?E6D6
4@?G:6CE6 6? F?2 AC:@C:525 A2C2 =@D 24E@C6D 64@?S>:4@D J ?6DE6D6?E:5@-+11'&-#33200.@[2F=2:?G6CE:52\D692
D@4:2=6D  DQ =2 D@4:6525 24EF2= 6DEN AC6@4FA252 A@C =2 4@?G6CE:5@ 6? F?2 >6E@5@=@8Q2 2>A=:2>6?E6 6DEF5:252 J
568C2524:S? 56= >65:@ 2>3:6?E6 4@>@ 4@?D64F6?4:2 56 =2 2A=:4252 6? 6= 4@?E6IE@ 56 65F424:S? DFA6C:@C <O2J^C J
24E:G:525 :?5FDEC:2= J2 BF6 DFA@?6 6= 4@?DF>@ 56 F?2 8C2? <O2J^C  
42?E:525 56 C64FCD@D J 56 6?6C8Q2 J 52 =F82C 2 C:6D8@D +@9C23: J !C2;   AA   567:?6? -+11'& -#33200.
>65:@2>3:6?E2=6D 8=@32=6D BF6 C6BF:6C6? D@=F4:@?6D 4@>@ [F? >@56=@ 56 :?DECF44:S? 5@?56 =@ BF6 D6 92 9649@
:?>65:2E2D *6K266 J =2>  2?6C;66   DE2 EC25:4:@?2=>6?E66?4=2D6D6EC2D=252224E:G:5256D6?42D2J=@
4C64:6?E6 AC6@4FA24:S? D@4:2= AC@G@42 42>3:@D 6? 6= 6?E@C?@

 '4EF3C6 %25C:5+(M
.!@?8C6D@!?E6C?24:@?2=D@3C6AC6?5:K2;6!??@G24:S?J@@A6C24:S?!&! 

49
BF6D6929649@EC25:4:@?2=>6?E66?42D2D6EC2?D7:6C64@>@ :>A=:424:@?6D 6DEC2EP8:42D J @A6C2E:G2D DFA@?6? A2C2 =2
24E:G:5256D564=2D6\  6>AC6D2 =2 (C@5F44:S? +@DE6?:3=6 ? 8CFA@ 6? 6= 2F=2 D6
5:D4FE6?=2DC6DAF6DE2DJ@3E:6?6?4@?4=FD:@?6D @>@EC232;@
+6EC2E256F?6?7@BF6BF64@>3:?26=2AC6?5:K2;62FES?@>@ 2FES?@>@ 4252 2=F>?@ 6?EC682 6?D2J@ 4CQE:4@ 56 =2 =64EFC2
32D25@ 6? G:56@D =64EFC2D 6E4 7F6C2 56= 2F=2 A2C2 FE:=:K2C 6= @?DF>@J(C@5F44:S?+@DE6?:3=6\ 
E:6>A@564=2D66?24E:G:5256D562AC6?5:K2;624E:G@D@4:2=56
5:D4FD:S? J C6D@=F4:S? 56 AC@3=6>2D 36JD6<6C2 J 2HD@? @? 6= E@A:4 =@8QDE:42 :?G6CD2 D6 3FD42 AC6D6?E2C =2 >:D>2
 *@E6==2C J 2:?  $@ J 6H  <O2J^C J 4@>@F?42>:?@924:2=2(C@5F44:S?+@DE6?:3=6 =@3;6E:G@6D
<O2J^C  4@?@46C BFP 6D =@8QDE:42 :?G6CD2 J DF :>A@CE2?4:2 6? =2
24EF2=:525A2C2=24@?D64F4:S?56=56D2CC@==@D@DE6?:3=6J4@>@
= D6==@ 5:DE:?E:G@ 56= -+11'& -#33200. A@C E2?E@ 6D 6= ?F6G@>@56=@56?68@4:@ +@3C66=42D@C62=56=C64:4=2;6 56
4@>AC@>:D@4@?6=4@?E6?:5@2EC2GPD56=2ACN4E:42AC@J64E@D 2A2C2E@D6=P4EC:4@D=@D2=F>?@DE:6?6?BF63FD42C:?7@C>24:S?
C6D@=F4:S?56AC@3=6>2DJ4@=23@C24:S?4@?4@>A2R6C@D=2:C A2C26=42D@4@?4C6E@56>SG:=6D6?32D62=2DD:8F:6?E6D:562D
6E2=    V)FP D6 9246 A2C2 6= C64:4=2;6 56 5:DA@D:E:G@D >SG:=6D
9@C2 3:6? E2= J 4@>@ 6DE23=646 C:DE@=   2?E6D 56 6D4C:3:C 5:DE:?E2D :?:4:2E:G2D  (C@AF6DE2D A2C2 4@?D68F:C F?2
A@?6C 6? ACN4E:42 6DE2 >6E@5@=@8Q2 6D ?646D2C:@ 56=:>:E2C =2D AC@5F44:S? D@DE6?:3=6 J C64:4=25@ A2C2 6= 42D@ 56 =@D
4@>A6E6?4:2D BF6 D6 AC6E6?56? 4@?D68F:C 56= AC@46D@ 56 5:DA@D:E:G@D >SG:=6D  ? 8CFA@ 6? 6= 2F=2 D6 5:D4FE6? =2D
6?D6R2?K22AC6?5:K2;646?EC25@6?6=2=F>?@BF64@>3:?6=@D C6DAF6DE2D J @3E:6?6? 4@?4=FD:@?6D  @>@ EC232;@ 2FES?@>@
4@?E6?:5@DE6SC:4@D4@?=2ACN4E:427F?52>6?E2526?AC@3=6>2D 4252 2=F>?@ 6?EC682 6?D2J@ 4CQE:4@ 56 =2 =64EFC2 [6DE:S? 56
56=2G:52C62= (@C6==@D69246?646D2C:@567:?:C=@D@3;6E:G@D C6D:5F@D6?2A2C2E@D6=P4EC:4@DJ6=64ECS?:4@D\ 
562AC6?5:K2;6BF6D6AC6E6?56?2=42?K2CA2C2A@DE6C:@C>6?E6 =E6>2G69Q4F=@6=P4EC:4@D623@C5256D56=2A6CDA64E:G256
@C82?:K2C=2D24E:G:5256DJE2C62D2?E6D5FC2?E6J56DAFPD56=2 =2 AC@5F44:S? J 6= 4@?DF>@  = @3;6E:G@ 6D 4@?@46C 4@>@ =2
4=2D6:=3@J6E2=    C6DAF6DE2 2 =2 ?@C>2E:G2 >65:@2>3:6?E2= ==6G2 2= D64E@C 56
+6 92 56>@DEC25@ BF6 6DE2 >6E@5@=@8Q2 5:5N4E:42 :>A24E2 2FE@>@4:S? 2= ?F6G@ AC@5F4E@ BF6 C6AC6D6?E2 6= 4@496
A@D:E:G2>6?E66?=24@?7:2?K2>@E:G24:S?J4@>AC@>:D@56=@D 6=P4EC:4@4@?>F492D:>A=:424:@?6D6?6=>@56=@56?68@4:@ 
6DEF5:2?E6DH:5:J(2J?E6C J2BF66=E:6>A@564=2D6 ,2>3:P? =2D >@E:G24:@?6D 6 :>A=:424:@?6D 924:2 =2 4@>AC2 J
D6 4@?G:6CE6 6? F?2 6IA6C:6?4:2 56 2AC6?5:K2;6 D:>:=2C 2 =2 FD@ 56 F? G69Q4F=@ 6=P4EC:4@  6D56 F? G:56@ BF6 :=FDEC2 =2
ACN4E:42C62= 66DE6>@5@6=?:G6=56>@E:G24:S?:?7=FJ66? AC@5F44:S? 56= 4@496 6=P4EC:4@ =@D 2=F>?@D 5636? 3FD42C
6='-+J6?6=?:G6=566D7F6CK@BF6=@D2=F>?@D565:42?2 :?7@C>24:S? D@3C6 6= :>A24E@ 56 =2 >:D>2 6? 6= >65:@
=2D24E:G:5256D562AC6?5:K2;6@=66E2=    2>3:6?E6 2DQ 4@>@ D@3C6 =@D ?F6G@D >@56=@D 56 ?68@4:@ J
4@?DF>@6?E@C?@2=4@4966=P4EC:4@:?4=FJ6?5@=2DA=2E27@C>2D
? 6= N>3:E@ 65F42E:G@ 86?6C2=>6?E6 =2 E6?56?4:2 92 D:5@ 5:8:E2=6D 56 %#23*#2+/)  ? 8CFA@ 6? 6= 2F=2 D6 5:D4FE6? =2D
>@E:G2C2=2=F>?25@56>2?6C26IECQ?D64256D4F:52?5@BF6D: C6DAF6DE2DJ@3E:6?6?4@?4=FD:@?6D 
D6 :?46?E:G2 =2 >@E:G24:S? :?ECQ?D642 =2D C64@>A6?D2D
25BF:C:52D AF656? D6C >2J@C6D  DQ 24ET2 6= 2F=2 :?G6CE:52  =7:?2=:K2C=22D:8?2EFC2D6AC@465:S2C64@86C:?7@C>24:S?
C@DD 6E 2=    >F6DEC2? BF6 6= 6?E@C?@ 56 (-+11'& 56=@D2=F>?@D>65:2?E6F?4F6DE:@?2C:@2?S?:>@ LDE6BF65S
%-#33200. :?46?E:G2 6= 4@>AC@>:D@ 4@? 6= >2E6C:2= @7C64:5@ 7@C>25@A@CAC68F?E2D2DFG6K4@>AF6DE2D56G2C:@DQE6>D
:>A=:42 2= 2=F>?@ 6? DF AC@46D@ 56 2AC6?5:K2;6 2 EC2GPD 56= BF6A6C>:E6?G2=@C2C5:DE:?E@D2DA64E@D4@>@=2:>A@CE2?4:256
6D7F6CK@@7C646F?2AC6A2C24:S?>NDAC64:D2J6?567:?:E:G2 =22D:8?2EFC26?=2D@DE6?:3:=:525=2D24E:G:5256D56D2CC@==252D
>6;@C2=@DC6DF=E25@D2425P>:4@D =225BF:D:4:S?564@>A6E6?4:2D=2>6E@5@=@8Q256D2CC@==252J
=@D C6DF=E25@D 56 2AC6?5:K2;6 2=42?K25@D  +6 FE:=:KS A2C2 =2
 %4+6+&#&'37!9%/+%#3 G2=@C24:S?56=@DQE6>DF?26D42=2$:<6CE56 A@4@:>A@CE2?E6
$26IA6C:6?4:2D66?>2C426?=2DACN4E:42D@3=:82E@C:2D56=2D 2  >FJ :>A@CE2?E6  56>ND D6 :?4=FQ2 F?2 AC68F?E2 56
2D:8?2EFC2D +67@C>2?8CFA@D56EC232;@6?EC6=@D2=F>?@D  G2=@C24:S?8=@32=56=26IA6C:6?4:2 
$@D E6>2D BF6 D6 23@C52? D@? =2 AC@5F44:S? D@DE6?:3=6 =2   *   
=@8QDE:42 :?G6CD2 J 6= G69Q4F=@ 6=P4EC:4@  ? 4252 F?@ 56 =@D
E6>2D D6 =6D 724:=:E2 :?7@C>24:S? 3ND:42 56 A2CE:52 J D6 =6D +6@3EFG:6C@?F?E@E2=56  4F6DE:@?2C:@DGN=:5@D 
24E:G2 >65:2?E6 AC68F?E2D 4FJ2 C6DAF6DE2 6I:86 5:76C6?E6D
? AC:>6C =F82C 92J BF6 56DE242C BF6 E@5@D =@D 2=F>?@D
244:@?6D DQ6?8CFA@D7@C>25@DA@CA6CD@?2DE:6?6?BF6
A2CE:4:A2?E6D 4@?D:56C2? BF6 6= NC62 56 AC@5F44:S? J
3FD42C 5@4F>6?E24:S? C62=:K2C AC@AF6DE2D 5:D4FE:C=2D
@A6C24:@?6D E:6?6 F?2 8C2? :>A@CE2?4:2 6? =2 AC@E644:S? 56=
6IA@?6C=2D J ==682C 2 4@?4=FD:@?6D  ,@5@ 6==@ 4@?
>65:@2>3:6?E6 =24@?D64F4:S?56G6?E2;2D64@?S>:42D
C6EC@2=:>6?E24:S?6?EC6=@D8CFA@DJ6=AC@76D@CBF66;6C4656
J6?=24@?D64F4:S?56='+?T>6C@   +:6?5@
>@56C25@C 
=22D:8?2EFC256:C644:S?56(C@5F44:S?=2T?:426?=2BF692?
(2C2 6= E6>2 AC@5F44:S? D@DE6?:3=6 6= @3;6E:G@ 6D BF6 =@D EC2E25@JEC232;25@=24@>A6E6?4:2[+6?D:3:=:K24:S?924:2E6>2D
6DEF5:2?E6D 4@?@K42? 6= 4@?46AE@ J DF :>A@CE2?4:2 6? =2 >65:@2>3:6?E2=6D\6?=2DE:EF=24:@?6D56 
4@?D64F4:S?562=8F?@D@3;6E:G@D5656D2CC@==@D@DE6?:3=6 $@D
$@D 2DA64E@D >6;@C G2=@C25@D A@C 6?4:>2 56  92?
8CFA@D C64:36? :?7@C>24:S? 4@? :562D 3ND:42D 56 =@ BF6 6D =2
C6DF=E25@ D6C =@D 4@?E6?:5@D 6? 86?6C2= J =2D 24E:G:5256D
AC@5F44:S?+@DE6?:3=64@?6;6>A=@D566>AC6D2DBF62AF6DE2?
2D@4:252D2=G69Q4F=@6=P4EC:4@6?A2CE:4F=2C (@C6=4@?EC2C:@
A@C=2>:D>2!?5:E6I%6=:N.682+:4:=:2,6D=2  ,C232;2?
=2D 24E:G:5256D >6?@D G2=@C252D D@? =2D BF6 6= 2=F>?@ 5636
7F6C2 56= 2F=2 6DE2 :?7@C>24:S? J E:6?6? BF6 3FD42C >ND
C62=:K2C7F6C2564=2D6G2=@C>65:@563:5@2BF6DFA@?6?
:?7@C>24:S?A2C2C6DA@?56CF?2D6C:6564F6DE:@?6D2DQD6=6D
F?>2J@C6D7F6CK@JEC232;@2FES?@>@A@CA2CE656=6DEF5:2?E6 
A:56 BF6 :56?E:7:BF6? 2DA64E@D 6? 4@>T? J 5:76C6?4:2D 56 =2
(C@5F44:S?+@DE6?:3=66?42526>AC6D2JBF6C6DA@?52?2VBFP

 '4EF3C6 %25C:5+(M
.!@?8C6D@!?E6C?24:@?2=D@3C6AC6?5:K2;6!??@G24:S?J@@A6C24:S?!&! 

50
$2D 4@>A6E6?4:2D BF6 =@D 2=F>?@D 4@?D:56C2? BF6 92?       
25BF:C:5@567@C>2>NDDS=:52AF?EF24:S?6?>65:2DFA6C:@C2
D@3C6 D@?=2DC6=2E:G2D2=242A24:52556EC232;@6?8CFA@ @?6DE6EC232;@D6AC@A@?6=2AF6DE26?ACN4E:4256='+ 
J =2 42A24:525 56 C2K@?2>:6?E@ 4CQE:4@ 256>ND 56 =2 C6=2E:G@2[)#2#/4+8#2.0&#-+&#&'3&'%0/35.07120&5%%+;/
4@>A6E6?4:2 D6?D:3:=:525 924:2 E6>2D D@4:2=6D J 3034'/+$-'\6?=22D:8?2EFC2:C644:S?56(C@5F44:S?56=C25@
>65:@2>3:6?E2=6D  ? 42>3:@ =2 4@>A6E6?4:2 >6?@D 6? 5>:?:DEC24:S? J :C644:S? 56 >AC6D2D 2 EC2GPD 56 =2
56D2CC@==252G2=@C>65:@:?76C:@C2D@3C6 6D=2C6=2E:G22 25BF:D:4:S? 56 =2 4@>A6E6?4:2 86?6C2= [+6?D:3:=:K24:S? 924:2
=242A24:52556C6D@=F4:S?56AC@3=6>2D  E6>2D >65:@2>3:6?E2=6D J D@4:2=6D\ :?4=F:52 6? 6= $:3C@
=2?4@56=2E:EF=24:S?J6?>F492D8FQ2D5@46?E6D565:DE:?E2D
? =@ C6=2E:G@ 2 =2 >6E@5@=@8Q2 56 4=2D6 :?G6CD2 =@D F?:G6CD:5256D6DA2R@=2D 
C6DF=E25@DA@?6?56>2?:7:6DE@BF6C6DF=E2D6CF?2>6E@5@=@8Q2
>FJ3:6?G2=@C252JBF6>6;@C26=FD@56E@5@D=@DC64FCD@D $2AF6DE26?ACN4E:4256=24@>A6E6?4:286?6C2=4:E252D692
5:5N4E:4@D FE:=:K25@D  56>ND 92 C6DF=E25@ D6C F?2 C62=:K25@2EC2GPD56=2>6E@5@=@8Q256-+11'&-#33200.@
>6E@5@=@8Q2 >FJ 67:42K  $@D AC@76D@C6D D@? >FJ 3:6? F=2 !?G6CE:52 =@ BF6 92 A6C>:E:5@ EC232;2C 256>ND 56 =2
G2=@C25@D4@?>65:2DDFA6C:@C6D26?4F2?E@2DF2A@CE24:S? +6?D:3:=:K24:S? 924:2 E6>2D >65:@2>3:6?E2=6D @EC2D
J 565:424:S?  $2D 24E:G:5256D BF6 D6 AC@A@?6? A2C2 BF6 =@D 4@>A6E6?4:2D 4FCC:4F=2C6D 4@>@ 6= EC232;@ 6? 6BF:A@
2=F>?@D=2DC62=:46?7F6C2564=2D6D:8F6D:6?5@6=2DA64E@A6@C 2AC6?5:K2;62FES?@>@J42A24:52556C2K@?2>:6?E@4CQE:4@ 
G2=@C25@>65:246C42?22256>ND=267:424:2@FE:=:52556 EC2GPD56E6>2D24EF2=6D:?4=F:5@D6?=22D:8?2EFC24@>@
=2D 24E:G:5256D 7F6C2 56 4=2D6 86?6C2? >2J@C 4@?EC@G6CD:2 @ C64:4=2;6AC@5F44:S?D@DE6?:3=6JG69Q4F=@6=P4EC:4@D6A@?66=
56D24F6C5@ 2= AC6D6?E2C >2J@C G2C:23:=:525 56DG:24:S? EQA:42 7@4@6?=2D@DE6?:3:=:5252>3:6?E2=E6?:6?5@=@D2=F>?@DBF6
DFA6C:@C2   3FD42C :?7@C>24:S? 2?2=:K2C=2 D:?E6E:K2C=2 D242?5@
? 4F2?E@ 2 =@D C6DF=E25@D 56 2AC6?5:K2;6 4@?D68F:5@D 6= 4@?4=FD:@?6DBF6D64@>A2CE6?6?=@D8CFA@D56EC232;@ 
2=F>?@ G2=@C2 BF6 =2 6IA6C:6?4:2 6DEN 5:D6R252 A2C2 9246C=6 @?D:56C2>@D BF6 =2 6IA6C:6?4:2 BF6 D6 AC6D6?E2 E:6?6
A6?D2CJ56D4F3C:C4F6DE:@?6DA@C>Q>:D>@2?E6D56BF6D62? :>A@CE2?E6D :>A=:424:@?6D ACN4E:42D  ? AC:>6C =F82C 2=
6IA=:4252DA@C6=AC@76D@C  C676C:CD6 6= 6;6 46?EC2= 2 F? E6>2 4@? F?2 AC@3=6>NE:42
?EPC>:?@D86?6C2=6D=2G2=@C24:S?8=@32=56=26IA6C:6?4:2 >65:@2>3:6?E2= J D@4:2= 56D2CC@==@ D@DE6?:3=6 D6 4@?D:56C2
56D2CC@==2526D6I46=6?E6J2BF6>ND56= 56=@D2=F>?@D 4=2G6 6= A2A6= AC@E28@?:DE2 56= 2=F>?@ 6? 4F2?E@ 2 =2
=@2AC64:2?567@C>2D@3C6D2=:6?E6AF?EF24:S?@   4@?4:6?4:24:S? J AC@AF6DE2D 56 D@=F4:S? 56 =2 AC@3=6>NE:42
>6?4:@?252  ? D68F?5@ =F82C 4@? 6DE2 6IA6C:6?4:2 D6
$2E23=2 C64@866=C6DF>6?56=@DC6DF=E25@D@3E6?:5@D2 4@?EC:3FJ62=2AF6DE26?ACN4E:4256244:@?6D56D6?D:3:=:K24:S?
EC2GPD 56 =@D 52E@D C64@8:5@D >65:2?E6 6= 4F6DE:@?2C:@ 56?EC@56=2D2F=2DF?:G6CD:E2C:2DA2C2=2:>A=6>6?E24:S?56=2
>@DEC2?5@ =@D G2=@C6D >65:@D >65:2?2 >@52 J 56DG:24:S? 86?52  6?C6=24:S?4@?6=4F>A=:>6?E@56=@D'+ 
EQA:42A2C24252F?@56=@DQE6>D56=4F6DE:@?2C:@ 
+623@C522DQ6?65F424:S?DFA6C:@CF?'+6= 5:DE:?E@
 *6DF=E25@DG2=@C24:S?6DEF5:2?E6D6IA6C:6?4:2 2=@D4@?D:56C25@D4=ND:4@D6?6DE6N>3:E@2D236C6=J

 %65:2 %65:2?2 %@52 ,QA:
        ?=@DACSI:>@D4FCD@DD6AC6E6?56:>A=2?E2C56?F6G@6DE2
749*((.A32*).4&2'    
 6IA6C:6?4:24@?6=7:?564@?E2C4@?52E@DBF6A6C>:E2?C62=:K2C
$*39&/&8*(43A2.(&8   
 6DEF5:@D 4@>A2C2E:G@D C6DA64E@ 56 =2 G2=@C24:S? 56 =2 >:D>2
438*(:(.A3!     
 A@C A2CE6 56 =@D 6DEF5:2?E6D 4@>@ 56 =2 25BF:D:4:S? 56 6DE2
      4@>A6E6?4:2 J @EC2D C6=24:@?252D 2 EC2GPD 56 C6DF=E25@D 56
439*3.)48 


  2AC6?5:K2;646?EC25@D6?6==2 
(9.;.)&)*8&:1&    
 
(9.;.)&)*8+:*7&&:1&       *  
      
 &>43&2.*394(7@9.(4       36JD6<6C2$ J2HD@?(   %@E:G2E:@?2?54@8?:E:G6
"7&'&/4*6:.54      =@25:?E967=:AA654=2DDC@@>567:?:E:@?C2E:@?2=62?52
3?1.8.8.3+472&(.A3     
 42== 7@C C6D62C49  +)*'2 '&5%#4+0/ 2'3'#2%* 
7,&3 1&3.+.(&(.A3    
&'6'-01.'/4
    
!*38.'.1.)&)2*)&2'     
 *841:(.A3574'1*2&8     <O2J^C   J <O2J^C %     ,96 7=:AA65 4=2DDC@@> 
      C6G:6H @7 :ED 25G2?E286D 2?5 492==6?86D  0.154'23 
*8&7741143:*;&8 


 &5%#4+0/  
(&5&(.)&)*8    
89@2:14&57*3).>&/* 


 ??2?:23   J %@=:?2C:      !?E6C5:D4:A=:?2C:EJ
:94342@&     (C24E:42= 2AAC@249 E@ 25G2?4:?8 65F42E:@? 7@C
&57*3).>&/* 


 DFDE2:?23:=:EJ2?57@CE96+FDE2:?23=66G6=@A>6?E@2=D 
49.;&)47&      !?E6C?2E:@?2="@FC?2=%2?286>6?E5F42E:@? Y 

       H:5: !  ,  J (2J?E6C %     ,96 :>A24E @7 2 7=:AA65
 */47& (425742.84   
   4=2DDC@@> 2AAC@249 @? DEF56?E =62C?:?8 6IA6C:6?46 
2*).4&2'.*39*    
0.154'23&5%#4+0/    
 * (434(.)4 9*2&8   

5472.2.824 2?6C;66 +      %2?286C:2= A6C46AE:@?D @7 4@CA@C2E6
       6?G:C@?>6?E2=:D> !?E6CAC6E2E:@?D 7C@> :?5FDECJ 2?5

 '4EF3C6 %25C:5+(M
.!@?8C6D@!?E6C?24:@?2=D@3C6AC6?5:K2;6!??@G24:S?J@@A6C24:S?!&! 

51
DEC2E68:4 :>A=:42E:@?D 7@C @C82?:K2E:@?D  052/#- 0( $@   #  J 6H #        4C:E:42= C6G:6H @7 7=:AA65
#/#)'.'/4 45&+'3
   4=2DDC@@> 492==6?86D :? #  65F42E:@? (@DD:3=6
D@=FE:@?D 2?5 C64@>>6?52E:@?D 7@C 7FEFC6 C6D62C49 
2?D2=( J*@E9#   /9J4@>A2?:6D8@8C66?2>@56= '3'#2%*#/&12#%4+%'+/4'%*/0-0)7'/*#/%'&-'#2/+/)
@7 64@=@8:42= C6DA@?D:G6?6DD  %#&'.7 0( #/#)'.'/4     
052/#-
  
%2CEQ?(6R2% $ Q2K2CC:5@ 2DE:==@ 2CC:@56=$ 
=2:C   %292C2;   J (C:>FD +     (6C7@C>2?46 2?5   DEF5:@4@>A2C2E:G@5642>3:@D>6E@5@=S8:4@DJ
A6C46AE:@? :? E96 7=:AA65 4=2DDC@@>  &5%#4+0/ #/& A6C46A4:S? 56= 2=F>?@ 6? =2 >2E6C:2 56 :C644:S? 56
+/(02.#4+0/!'%*/0-0)+'3     AC@5F44:S? J @A6C24:@?6D A2C2 =2 25BF:D:4:S? 56
C:DE@= ,  "     =:AA:?8 E96 =2DDC@@>  !'#%*+/) #/& 4@>A6E6?4:2D 6? 6= AC@46D@ 56 252AE24:S? 2= + 
'#2/+/)+/523+/)   '6+34# &' 02.#%+;/ ' //06#%+;/ &5%#4+6#
"/+6'23+4#2+#     
@=6 %  6:=5  J 2CC:D +     +EF56?E =62C?:?8
>@E:G2E:@? 2?5 ADJ49@=@8:42= 92C5:?6DD !?E6C24E:G6 %:?8@C2?46   J 2=G@      $@D C6DF=E25@D 56 =@D
67764ED @? DEF56?ED C624E:@?D E@ 2 >2?286>6?E 4=2DD  6DEF5:2?E6D6?F?AC@46D@566G2=F24:S?4@?>6E@5@=@8Q2D
%#&'.70(#/#)'.'/4'#2/+/)#/&&5%#4+0/
  5:DE:?E2D '6+34#&'/6'34+)#%+;/&5%#4+6#
  
   
92=6E2   +2C2:G2 %  $62=   :2=9@ !  J @CC2=9@   (C2;@8@ ,2?8 # J$2:#    @7:C>D86EH92E
   :896C 5F42E:@? 2?5 +FDE2:?23=6 6G6=@A>6?E E96J H2?E 7C@> !+'   25@AE:@? 2? FDEC2=:2?
@2=D +Z(@E6?E:2= @?EC:3FE:@? @7 E96 A6CDA64E:G6 052/#-0(-'#/'220&5%4+0/

   
-?56C8C25F2E6@FCD6D@7E96+49@@=@7+@4:2=+4:6?46D *6K266 1  J =2> *     >6C8:?8 !+'  
@7E96-?:G6CD:EJ@7LG@C2  534#+/#$+-+47
    6?G:C@?>6?E2= DE2?52C5D 2 DE6A3JDE6A :>A=6>6?E2E:@?
:=3@J%   6:?6C:49D+ J(2KK28=:2   ?92?4:?8 8F:56 #/#)'2+#-5&+4+/)052/#- 
  
DEF56?E6?8286>6?EFD:?8E967=:AA654=2DDC@@> 052/#- *@E6==2C   J 2:? "     *6D62C49 A6CDA64E:G6D 2?5
0(/542+4+0/'&5%#4+0/#/&$'*#6+02      C64@>>6?52E:@?D@?:>A=6>6?E:?8E967=:AA654=2DDC@@> 
C@DD %2C:?2C:%  @77>2?% 6+:>@?6# JFC<6 .'2+%#/,052/#-0(1*#2.#%'54+%#-'&5%#4+0/  
(     =:AA65 +- +EF56?E D2E:D724E:@? 2?5 E96  
4@==686 4=2DDC@@>  &5%#4+0/#- '3'#2%* 5#24'2-7 +@9C23: J!C2;   !>A=6>6?E:?87=:AA654=2DDC@@>

   FD:?8 5:8:E2= >65:2  4@>A2C:D@? @7 EH@
FAA6D   J !D9:<2H2 %     +FDE2:?23:=:EJ 6G2=F2E:@? 56>@8C2A9:42==J5:776C6?E8C@FADA6C46AE:@?D 0.154'23
5:G6C8:?8 C@FE6D C64@>3:?65 ,2D<D 7@C 2 ?6H /@C<:?8 +/5.#/'*#6+02    
C@FA @? %@56==:?8 2?5 G2=F2E:@? 7@C +FDE2:?23:=:EJ  
052/#-0(-'#/'220&5%4+0/      

#=6:?5@C76C( * +:?892=# J.2?/2DD6?9@G6$ &   
+FDE2:?23=6 @A6C2E:@?D >2?286>6?E  (C@5F4E:@? 2?5
'A6C2E:@?D%2?286>6?E    


 '4EF3C6 %25C:5+(M
.!@?8C6D@!?E6C?24:@?2=D@3C6AC6?5:K2;6!??@G24:S?J@@A6C24:S?!&! 

52

You might also like