Sustainability at the Millenium: Globalization, Competitiveness and the Public Trust

January 21-25, 2001 Ninth International Conference of Greening of Industry Network Bangkok

"#"$%&'%(&)&$*+,-+./00'+1/,2#3$&4&$*+&51)050'$%$&,'
%$+3,55#'&$*+)040)6+%+3%"0+"$#2*+,-+4&0$'%5
578+'.#*0'+$9:+(:;9+<=>?
5@8+'.#*0'+AB=>+<C>?
4:DE>=F+1@CGB;E:H:EI+3D>E@D

!"#$%!&$

5C7E+ D>H:@C>FD>E=J+ K@CED;E:C>+ K@CLD;E7+ M=:J+ =MED@+ ;CFKJDE:C>+ :>+ 4:DE>=F+ =>G+ CE9D@
GDHDJCK:>?+ ;CB>E@:D78+ $9D@D+ ND@D+ 7DHD@=J+ 7C;:=JO+ ED;9>CJC?:;=J+ =>G+ D;C>CF:;=J+ M=;EC@7O
N9:;9+ ;=B7D+ E9:7+ M=:JB@D8+ + %+ ?@DD>+ K@CGB;E:H:EI+ GDFC>7E@=E:C>+ K@CLD;E+ P.121Q+ N=7
:FKJDFD>EDG+ :>+ E9@DD+ GDFC>7E@=E:C>+ H:JJ=?D7+ :>+ 4:DE>=FO+ EC+ ;@D=ED+ D>H:@C>FD>E=J
K@CED;E:C>+=N=@D>D77+=E+=+;CFFB>:EI+JDHDJ8+$9D+MCB@+F=LC@+:77BD7+=GG@D77DG+:>+E9:7+K@CLD;E
ND@D+N=7EDN=ED@O+7CJ:G+N=7EDO+9BF=>+=>G+=>:F=J+N=7EDO+=>G+=?@:;BJEB@=J+;9DF:;=J+B7D8

%MED@+ C>D+ ID=@+ CM+ :FKJDFD>E=E:C>O+ E9D+ ?@D=ED7E+ @D7BJE+ N=7+ E9D+ =N=@D>D77+ ;@D=E:C>+ :>+ E9D
H:JJ=?D@7+E9@CB?9+E9D:@+=;E:C>7O+=>G+J:MD7EIJDO+N9:;9+@DMJD;E7++E9D+;9=>?D+:>+=EE:EBGD+ECN=@G7
D>H:@C>FD>E=J+K@CED;E:C>+:>+E9D+;CFFB>:EI8

%MED@+ ;CFKJDE:>?+ E9D+ K@CLD;EO+ H:JJ=?D@7+ :>+ E9D+ E9@DD+ GDFC>7E@=E:C>+ ;CFFB>:E:D7+ =@D
7B@K@:7:>?JI+F=:>E=:>:>?+E9D+.1+:FKJDFD>E=E:C>8+$9@DD+.1+ED=F7+9=HD+@D?BJ=@+FDDE:>?7+EC
:GD>E:MI+=>G+7CJHD+K@CRJDF7+:>+E9D++H:JJ=?D+C>+>CE+C>JI+D>H:@C>FD>E=J+RBE+=J7C+7C;:=J+:77BD78
$9D+ 7CJ:G+ N=7ED+ ;CJJD;E:C>+ ED=F7O+ R:C?=7+ ;C>7E@B;E:C>+ ED=F7+ =>G+ =>+ &15+ ;JBR+ ND@D
D7E=RJ:79DG+=>G+7BR7E=>E:=JJI+;C>E@:RBEDG++EC+E9D+;CFFB>:E:D78++,>D+ID=@+=MED@+;CFKJDE:C>O
:>+E9@DD+;CFFB>:E:D7O+H:JJ=?D@7+E9DF7DJHD7+B7:>?+E9D+ED;9>CJC?:D7O+GD7:?>7+JD=@>E+M@CF+E9D
K@DH:CB7+ ID=@O+ ;C>7E@B;EDG+ ST+ CE9D@+ R:C?=7+ KJ=>E7+ =>G+ C>D+ N=ED@+ 7BKKJI+ KJ=>E+ N:E9+ E9D
;=K=;:EI+CM+UV+FU+KD@+G=I8

$9D7D+ @D7BJE7+ K@CHD+ E9=E+ .1+ FDE9CGCJC?IO+ ECCJ7+ =>G+ ED;9>:WBD7+ =@D+ 7B;;D77MBJ+ =E+ =
;CFFB>:EI+ JDHDJ8+ + &E+ :7+ CRH:CB7+ E9=E+ .1+ =;E:H:E:D7+ R@:>?+ F=>I+ RD>DM:E7+ EC+ E9D+ H:JJ=?D@7
N9:;9+E9DI+E9DF7DJHD7+;=>+7B7E=:>+JC>?XED@F+=;E:H:E:D78

YDI+NC@G76+?@DD>+K@CGB;E:H:EIO+;JD=>D@+K@CGB;E:C>O+D>H:@C>FD>E=J+K@CED;E:C>O+7CJ:G+N=7ED
F=>=?DFD>EO+;CFFB>:EI+GDHDJCKFD>EO+=>G++D;CXH:JJ=?D8

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

!8!! .JCR=J+D>H:@C>FD>E=J+;@:7:7

%?D>G=+ S!+ :7+ =+ KJ=>+ MC@+ =;9:DH:>?+ 7B7E=:>=RJD+ GDHDJCKFD>E8+ &E+ N=7+ =GCKEDG+ :>+ E9D+ M:@7E
:>ED@>=E:C>=J+ 0=@E9+ "BFF:E+ :>+ !ZZSO+ JD=G:>?+ EC+ E9D+ GDHDJCKFD>E+ CM+ 7E@=ED?:D7+ :>+ C@GD@+ EC
K@CED;E+ CB@+ D>H:@C>FD>E8+ %>I+ ;CB>E@I+ KB@7B:>?+ GDHDJCKFD>E+ N:E9+ >C+ @D?=@G+ EC
D>H:@C>FD>E=J+;C>;D@>7O+N:JJ+R@:>?+;=E=7E@CK9:;+;C>7DWBD>;D7+>CE+C>JI+MC@+E9D+;CB>E@I+RBE
=J7C+E9D+NC@JG8

$9D+ D;C>CF:;+ GDHDJCKFD>E+ KCJ:;:D7+ CM+ FC7E+ GDHDJCK:>?+ ;CB>E@:D7+ 9=7+ JD=G+ EC
:>GB7E@:=J:7=E:C>+=>G+B@R=>:7=E:C>8++$9:7+@D7BJE7+:>+F=LC@+D>H:@C>FD>E=J+K@CRJDF7O+7B;9+ =7
MC@D7E+ GD?@=G=E:C>O+ =:@+ KCJJBE:C>+ =>G+ 7C:J+ GD?@=G=E:C>8+ $9D+ GDF=>G+ MC@+ D>D@?IO+ :>:E:=JJI
E9@CB?9+ E9D+ RB@>:>?+ CM+ NCCG+ =>G+ ;9=@;C=J+ =>G+ J=ED@+ RI+ ;C>7BFKE:C>+ CM+ ;C=JO+ C:JO+ >=EB@=J
?=7O+ 9=7+ @D7BJEDG+ :>+ =+ GDKJDE:C>+ CM+ >=EB@=J+ @D7CB@;D7+ =>G+ 9=7+ K@CGB;DG+ =GHD@7D+ DMMD;E78
"BJK9B@+ G:C[:GD7+ DF:EEDG+ M@CF+ :>GB7E@:D7+ 7B;9+ =7+ KCND@+ 7E=E:C>7+ :7+ C>D+ CM+ E9D+ ;=B7D7+ CM
=;:G+@=:>8+$9D+CHD@B7D+CM+9=@G+NCCG7+9=7+9=G+=+7:?>:M:;=>E+:FK=;E+C>+@=:>MC@D7E78

$9D+ \DI+ ;9=JJD>?D+ CM+ ?JCR=J+ 7C;:CXD;C>CF:;+ GDHDJCKFD>E+ :7+ EC+ :>ED?@=ED+ D>H:@C>FD>E=J
K@CED;E:C>+ N:E9+ K@CGB;E:H:EI+ D>9=>;DFD>E8+ 1@CGB;E:H:EI+ K@CH:GD7+ E9D+ M@=FDNC@\+ MC@
;C>E:>BCB7+ :FK@CHDFD>EO+ N9:JD+ D>H:@C>FD>E=J+ K@CED;E:C>+ K@CH:GD7+ E9D+ MCB>G=E:C>+ MC@
7B7E=:>=RJD+GDHDJCKFD>E8

!8S! .@DD>+K@CGB;E:H:EI+;C>;DKE7

$9D+ .@DD>+ 1@CGB;E:H:EI+ K@C?@=F+ :7+ E9D+ ;C>;D@EDG+ DMMC@E+ RI+ E9D+ %7:=>+ 1@CGB;E:H:EI
,@?=>:7=E:C>+P%1,Q+EC+=GG@D77+E9:7+;9=JJD>?D8+$9D+%1,+7E=@EDG+E9:7+K@C?@=F+:>+!ZZ]8+$9:7
K@C?@=F+ 9=7+ RDD>+ 7B;;D77MBJJI+ :FKJDFD>EDG+ :>+ 7DHD@=J+ CE9D@+ FDFRD@+ ;CB>E@:D78+ $9D
K@:F=@I+ MC;B7+ 9=G+ RDD>+ E9D+ =KKJ:;=E:C>+ CM+ .1+ EC+ "507O+ =7+ E9D7D+ 9=HD+ RDD>+ :GD>E:M:DG+ =7
;=B7:>?++7:?>:M:;=>E+D>H:@C>FD>E=J+K@CRJDF78

.@DD>+ 1@CGB;E:H:EI+ :7+ GDM:>DG+ RI+ E9D+ %1,+ =7+ =+ 7E@=ED?I+ :>+ N9:;9+ =KK@CK@:=ED+ ECCJ7O
ED;9>:WBD7O+ED;9>CJC?:D7+=>G+F=>=?DFD>E+7I7EDF+=@D+=KKJ:DG+EC+K@CGB;D+D>H:@C>FD>E=JJIX
M@:D>GJI+ ?CCG7+ =>G+ 7D@H:;D78+ + &>+ ?@DD>+ K@CGB;E:H:EI+ ;C>;DKE7O+ K@CGB;E:H:EI+ K@CH:GD7
MCB>G=E:C>+MC@+;C>E:>B=J+:FK@CHDFD>E+=>G+D>H:@C>FD>E=J+K@CED;E:C>+K@CH:GD7+=+M@=FDNC@\
MC@+7B7E=:>=RJD+GDHDJCKFD>E8

.@DD>+ 1@CGB;E:H:EI+ P.1Q+ :7+ =KKJ:;=RJD+ EC+ >CE+ C>JI+ E9D+ F=>BM=;EB@:>?+ 7D;EC@O+ RBE+ =J7C+ E9D
=?@:;BJEB@D+ =>G+ 7D@H:;D7+ 7D;EC@8+ .1+ =J7C+ =GG@D77D7+ E9D+ :>ED@=;E:C>+ RDENDD>+ D;C>CF:;
=;E:H:E:D7+=>G+;CFFB>:EI+GDHDJCKFD>E8+%>CE9D@+G:FD>7:C>+CM+.1+:7+E9D+@CJD+CM+E9D+KBRJ:;
7D;EC@+P?CHD@>FD>E+=>G+DGB;=E:C>Q+:>+D>H:@C>FD>E=J+K@CED;E:C>+=>G+=N=@D>D778

!8U! .@DD>+K@CGB;E:H:EI+GDFC>7E@=E:C>+K@C?@=F+P.121Q+:>+4:DE>=F

&>+4:DE>=FO+.121+N=7+:FKJDFD>EDG+M@CF+^BJI+!ZZ_+EC+^B>D+!ZZZ+N:E9+=+M:>=>;:=J+7BKKC@E
M@CF+ E9D+ %7:=>+ 1@CGB;E:H:EI+ ,@?=>:7=E:C>+ P%1,Q+ =>G+ E9D+ 2:@D;EC@=ED+ MC@+ "E=>G=@G7+ =>G

S
`B=J:EI+P"$%50`Q8+$9D+K@CLD;E++N=7+;C>GB;EDG+:>+U+;CFFB>:E:D7O+ENC+:>+E9D+'C@E96+$:>9
)C;+ =>G+ Y9=+ )I+ <=+ 4:JJ=?DX4:DE+ *D>+ G:7E@:;EX(=;+ .:=>?+ K@CH:>;D+ =>G+ :>+ E9D+ "CBE9O+ 5I
Y9=>9+(+H:JJ=?DX3B+39:+G:7E@:;EX<C+39:+5:>9+;:EI8+$9D@D+ND@D+E9@DD+F=LC@+;@:ED@:=+B7DG+EC
;9CC7D+ GDFC>7E@=E:C>+ H:JJ=?D7+ :>;JBG:>?+ E9D+ N:JJ:>?>D77+ CM+ E9D+ ;CFFB>:E:D7+ :>
:FKJDFD>E=E:C>O+E9D+JC;=J+?CHD@>FD>E+7BKKC@EO+ =>G+ E9D+ KCED>E:=J+ MC@+ FBJE:KJ:;=E:C>+ CM+ E9D
K@CLD;E+:>+CE9D@+H:JJ=?D7+:>+E9D+@D?:C>8+$9B7O+E9D+K@CRJDF7+M=;DG+RI+E9D+H:JJ=?D7+;CBJG+>CE
RD+B>:WBD+=>G+79CBJG+RD+EIK:;=J+EC+CE9D@+H:JJ=?D78

$9D+D[D;BE:HD+=?D>;I+N=7+E9D+4:DE>=F+1@CGB;E:H:EI+3D>E@D+P413Q+B>GD@+E9D+"$%50`O+:>
;CJJ=RC@=E:C>+ N:E9+ E9D+ 3D>E@=J+ 3CFF:77:C>+ CM+ 0GB;=E:C>+ =>G+ ";:D>;DO+ (C=@G+ CM
1@CK=?=>G=+ &>7E:EBE:C>+ CM+ 1@CH:>;:=J+ ;CFF:EEDD+ CM+ (=;+ .:=>?+ K@CH:>;DO+ E9D+ &GD=J+ =>G
3BJEB@=J+"D;E:C>+CM+<C+39:+5:>9+3:EIa7+1=@EI+3DJJ+=>G+E9@DD+7DJD;EDG+H:JJ=?D78

!"#"!! $%&'()*+,-.'/.0122*3-4.)'.)5-.-,'+'%6.'/.71-)+*%

4:DE>=F+ :7+ =>+ =?@:;BJEB@=J+ ;CB>E@I+ N:E9+ FC@D+ E9=>+ _Vb+ CM+ ECE=J+ KCKBJ=E:C>+ @DJI:>?+ C>
M=@F:>?8+$9D@DMC@D+E9D+=?@:;BJEB@=J+=>G+@B@=J+D;C>CFI+:7+;C>7:GD@DG+EC+RD+C>D+CM+E9D+FC7E
:FKC@E=>E+;CFKC>D>E7+:>+E9D+>=E:C>=J+GDHDJCKFD>E+K@C?@=F8

&>+@D;D>E+ID=@7O+E9D+=?@:;BJEB@=J+=>G+@B@=J+D;C>CFI+9=7+GDHDJCKDG+8+0;C>CF:;+=;E:H:E:D7+:>
@B@=J+ =@D=7+ 9=HD+ RD;CFD+ =;E:HDO+ =>G+ E9D+ =?@:;BJEB@=J+ =>G+ @B@=J+ D;C>CFI+ 9=7+ KJ=IDG+ =>
:FKC@E=>E+@CJD+:>+;9=>?:>?+JC;=J+D;C>CF:;+=>G+7C;:=J+;C>G:E:C>78+$9D@D+9=7+RDD>+=+>BFRD@
CM+CBE7E=>G:>?+=;9:DHDFD>E7+:>+E9D+=?@:;BJEB@=J+=>G+@B@=J+D;C>CFI+CM+4:DE>=F+GB@:>?+E9D
;B@@D>E+KD@:CG8

&FKJDFD>E=E:C>+ CM+ ;9=>?D7+ :>+ E9D+ @B@=J+D;C>CF:;+7E@B;EB@DO+9=7+ ;@D=EDG+=+F=@\DE+ N:E9+ =>

D[ED>7:HD+H=@:DEI+CM+?CCG7+MC@+JC;=J+:>9=R:E=>E7O+=>G+9=7+;@D=EDG+DFKJCIFD>E+:>+4:DE>=F8

1@CGB;E:C>+=>G+K@C;D77:>?+CM+:>GB7E@:=J+M@B:E7+=>G+7KD;:=J+E@DD7+9=7+GDHDJCKDG+:>+=+KC7:E:HD
G:@D;E:C>O+D7KD;:=JJI+ ;CMMDDO+@BRRD@O+ ;=79DN+ >BE7O+ KD=>BE7+ =>G+ CE9D@+ =?@:;BJEB@=J+ K@CGB;E78
$9D+ =;;BFBJ=EDG+ K@C;DDG7+ M@CF+ D[KC@E=E:C>+ N:JJ+ RD+ :>HD7EDG+ :>+ GDHDJCKFD>E+ CM+ @B@=J
=?@:;BJEB@D8+ (@DDG:>?+ J:HD7EC;\+ =>G+ KCBJE@I+ :7+ NDJJ+ GDHDJCKDGO+ =>G+ JD=G7+ EC+ E9D
D7E=RJ:79FD>E+CM+;D>E@=J:7DG+R@DDG:>?+=@D=7+7:F:J=@+EC+M=@F7O+E9=E+;C>E=:>+9:?9+K@CGB;E:H:EI
=>G+DMM:;:D>;I8

%?@:;BJEB@=J+ K@CGB;E:C>+ ;=>+ CHD@;CFD+ E9D+ 79C@E=?D+ CM+ MCCGO+ =>G+ ?@=GB=JJI+ D>7B@D+ MCCG
7D;B@:EI+ E9@CB?9CBE+ 4:DE>=F8+ /:;D+ K@CGB;E:C>+ :>;@D=7DG+ M@CF+ !_+ F:JJ:C>+ EC>7+ KD@+ ID=@
GB@:>?+ E9D+ KD@:CG+ CM+ !Z_]+ X+ !Z_c+ EC+ S!8T+ F:JJ:C>+ =>>B=JJI+ :>+ !Z_Z+ X+ !ZZVO+ Sd+ F:JJ:C>+ :>
!ZZ]O+Sc8T+F:JJ:C>+:>+!ZZT+=>G+U!8_T+F:JJ:C>+:>+!ZZ_8+e!!f

%?@:;BJEB@D+9=7+RD;CFD+=+7:?>:M:;=>E+D[KC@E8+&>+E9D+J=7E+]+ ID=@7O+N9:JD+E9D+=HD@=?D+D[KC@E
HCJBFD+CM+4:DE>=F+:>;@D=7DG+SVb++=>G++=?@:;BJEB@D+=;;CB>EDG+MC@+C>D+E9:@G+E9:7+HCJBFD8+&>
!Z_ZO+4:DE>=F+7E=@EDG+EC+D[KC@E+@:;D+EC+=>+:>ED@>=E:C>=J+F=@\DE8+4:DE>=F+=:F7+EC+:>;@D=7D
E9D+WB=>E:EI+=>G+E9D+F=@\DE+79=@D+CM+7KD;:=J+@:;D+RI+:>;@D=7:>?+WB=J:EI8+$9:7+N:JJ+7=E:7MI+E9D
GCFD7E:;+ ;C>7BFKE:C>+ GDF=>G+ =>G+ =J7C+ D[KC@E+ @DWB:@DFD>E78+ 3B@@D>EJIO+ 4:DE>=F+ :7
;C>7:GD@DG+=7+E9D+7D;C>G+J=@?D7E+@:;D+D[KC@ED@+:>+E9D+NC@JG8+e!!f

U
!"#"8! 9+01('+%-+)*2.144:-4.'/.)5-..;-0-2'&%-+).'/.0122*3-4

&>+E9D+@B@=J+=@D=7+CM+4:DE>=FO+E9D+JCN+7E=>G=@G+CM+J:H:>?+9=7+KJ=;DG+K@D77B@D+C>+D;C7I7EDF7
=>G+E9D+D>H:@CFD>E8+$9:7+;CFR:>DG+N:E9+@=K:G+KCKBJ=E:C>+?@CNE9+=>G+M=@F:>?+FDE9CG7+9=7
;=B7DG+=+GD?@DG=E:C>+CM+E9D+@D7CB@;D7+:>+F=>I+@B@=J+=@D=78

%;;C@G:>?+ EC+ =+ !ZZ]+ 4:DE>=F+ '=E:C>=J+ 0>H:@C>FD>E=J+ %?D>;I+ P'0%Q+ @DKC@E+ O+ /B@=J
GNDJJ:>?7+ ?D>D@=JJI+ =@D+ 7F=JJO+ =>G+ 9=HD+ :>7BMM:;:D>E+ =D@=E:C>+ =>G+ J:?9E8+ &>+ E9D+ @DFCED
FCB>E=:>CB7+ =@D=7O+ E9D+ DE9>:;+ F:>C@:EI+ ;CFFB>:EI+ 9=7+ =>+ B>9D=JE9I+ D>H:@CFD>EO+ N9:;9
:>;@D=7D7+E9D+@:7\+CM+;C>E@=;E:>?+G:MMD@D>E+G:7D=7D78+3C>E=?:CB7+=>G+K=@=7:E:;+G:7D=7D7+7B;9
=7+F=J=@:=O+:>ED7E:>=J+NC@F7O+=>G+@D7K:@=EC@I+G:7D=7D+=@D+;=B7DG+RI+B>;JD=>+=:@+=>G+N=ED@O
E9D7D+K@CRJDF7+>DDG+EC+RD+=GG@D77DG8+e'=E:C>=J+0>H:@C>FD>E=J+%?D>;I+P%Qf

&>+ E9D+ @B@=J+ H:JJ=?D+ =@D=7O+ K@CGB;E:C>+ =;E:H:E:D7+ CM+ ;CFFB>:E:D7+ G:MMD@+ =>G+ E9D@DMC@D
D>H:@C>FD>E=J+ :FK=;E7+ H=@I8+ %?@:;BJEB@=J+ =;E:H:E:D7+ E9=E+ K@CGB;D+ N=7EDO+ :FK=;E+ C>+ E9D
D>H:@C>FD>E8

&>+4:DE>=FO+E9D+M=@FD@7+9=HD+RDD>+B7:>?+S_U+\:>G7+CM+KD7E:;:GD7O+TS+\:>G7+CM+9D@R:;:GD7O+_
;9DF:;=J7+ MC@+ FCB7D+ \:JJ:>?+ =>G+ Z+ EIKD7+ CM+ >BE@:D>E+ ;9DF:;=J8+ 39DF:;=J7+ MC@+ KJ=>E
K@CED;E:C>+=@D+=RB>G=>E+RBE+C@?=>:;+;CFKCB>G7+;C>E=:>+ K9C7K9C@CB7+=>G+ ;9JC@:>D8+ $9D@D
=@D+RDENDD>+!TOVVV+EC+STOVVV+EC>7+CM+KD7E:;:GD7+=>G+;9DF:;=J+MD@E:J:7D@7+B7DG+:>+4:DE>=F
DHD@I+ID=@8+eUf

$9D+ B7D+ CM+ KD7E:;:GD7O+ 9D@R:;:GD7+ =>G+ ;9DF:;=J+ MD@E:J:gD@7+ :>+ =?@:;BJEB@D+ 9=7+ =GHD@7DJI
=MMD;EDG+ E9D+ 9D=JE9+ CM+ E9D+ KDCKJD8+ %;;C@G:>?+ EC+ E9D+ 7E=E:7E:;7O+ :>+ !ZZSO+ ]TcS+ KDCKJD+ ND@D
KC:7C>DG+RI+B>7=MD+F=>=?DFD>E+K@=;E:;D7O+=>G+=>+B>7B:E=RJD+B7D+CM+;9DF:;=J+;CFKCB>G7
=7+ MD@E:J:gD@78+ /D7:GBD7+ CM+ :>7D;E:;:GD7+ MCB>G+ :>+ =?@:;BJEB@=J+ K@CGB;E7+ =>G+ MCCG7EBMM7
=;;CB>EDG+ MC@+ US8T]b+ CM+ ECE=J+ =>=JIgDG+ 7=FKJD7O+ =FC>?+ E9:7+ cb+ D[;DDGDG+ F=[:FBF
=FCB>E+ E9@D79CJG7+ CM+ -%,hi<,+ P!Z_dQ8+ %GG:E:C>=J+ KD7E:;:GD+ JDHDJ7+ :>+ N=ED@+ =>G+ K=GGI
@:;D+ :>+ E9D+ JCNXJI:>?+ F=@79I+ J=>G7+ CM+ $=F+ 2:DKO+ ':>9+ (:>9+ K@CH:>;D7+ :>+ E9D+ G@I+ 7D=7C>
ND@D+ V8_TXU8]V+ F:;@C?@=FhJ:E@DO+ =>G+ :>+ 3=>+ $9C+ KJ=:>+ @D?:C>+ E9:7+ N=7+ V8ZXT8S
F:;@C?@=FhJ:E@D8++e'0%+P(Qf

0HD@I+ID=@+:>+@B@=J+=@D=7O+E9D@D+=@D+=KK@C[:F=EDJI+TVVXT]U+F:JJ:C>+EC>7+CM+N=7ED+K@CGB;DG
RI+GCFD7E:;+=>:F=J7+7B;9+=7+RBMM=JCO+;=EEJDO+K:?+=>G+KCBJE@I8+%JFC7E+=JJ+CM+E9D7D+N=7ED7+=@D
B7DG+=7+=>+C@?=>:;+MD@E:J:gD@+EC+KJ=>E7j+=+7F=JJ+KC@E:C>+:7+7;=EED@DG+C>+E9D+?@=77+M:DJG7+C@+:>
E9D+ GCFD7E:;+ ?=@GD>8+ 2B@:>?+ E9D+ NDE+ 7D=7C>O+ @B>CMM7+ R@:>?+ N=7ED+ M@CF+ E9D+ J=>G+ EC+ E9D
KC>G7O+ J=\D7O+ =>G+ @:HD@7+ =>G+ E9B7+ ;=B7D+ N=ED@+ KCJJBE:C>+ RI+ C@?=>:;+ F=EED@78+ &>+ E9D+ @B@=J
=@D=7+E9D+K@C;D77+CM+DBE@CK9:;=E:C>+9=7+@=K:GJI+GDHDJCKDG8+ &>+ =GG:E:C>O+R=G+7=>:E=E:C>+9=7
7E@C>?JI+;C>E@:RBEDG+EC+@B@=J+D>H:@C>FD>E=J+KCJJBE:C>+K@CRJDF7O+D7KD;:=JJI+N=ED@+KCJJBE:C>8
)=@?D+>BFRD@7+CM+;CJ:MC@F+R=;ED@:=+P!VOVVV+51'h!VVFJQ+=@D+:>+E9D+7B@M=;D+ N=ED@+ GBD+EC
E9D+@B>CMM+RD:>?+;C>E=F:>=EDG+RI+=>:F=J+=>G+9BF=>+N=7ED78+e'0%+P(Qf

]
-! .%//)01%*+,&$(2($304/$5*+*6*.3

$@D04<:<;7G7:80&@GG98G7:8

.7889:;0#8<=87>

#BE8<9:9:;0.1 I
VI 1?<::9:;
II
4@:98@=9:;0<:> .7:7=<89@:0<:>
%7A97F V III /A<?B<89@:0@C0.1
IV
*D89@:E

(GD?7G7:8<89@:0@C0.1
*D89@:E

-:?B@D+!6+":[+R=7:;+7EDK7+CM+.@DD>+1@CGB;E:H:EI+5DE9CGCJC?I

S8!! .1+=KK@C=;9

$9D+ .1+ FDE9CGCJC?I+ ;C>7:7E7+ CM+ E9@DD+ ;CFKC>D>E7+ :>;JBG:>?+ E9D+ K@CRJDFX7CJH:>?
=KK@C=;9O+ECCJ7O+ED;9>:WBD7+=>G+ED;9>CJC?:D7+B7DGO+=>G+E9D+H=JBD7+CM+7C;:=JO+D;C>CF:;+=>G
D>H:@C>FD>E=J+ =7KD;E78+ $9D+ M:@7E+ ;CFKC>D>E+ K@CH:GD7+ E9D+ M@=FDNC@\+ MC@+ .1
:FKJDFD>E=E:C>O+ N9:JD+ E9D+ J=7E+ ;CFKC>D>E+ K@CH:GD7+ ?B:G=>;D+ MC@+ ECCJ7O+ ED;9>:WBD7+ =>G
ED;9>CJC?:D7+B7DG+N:E9:>+E9D+M@=FDNC@\+CM+K@CRJDF+7CJH:>?8

S8S! "C;:CXD;C>CF:;+=>G+D>H:@C>FD>E=J+K@:>;:KJD7+=>G+H=JBD78

$9D7D+K@:>;:KJD7+=>G+H=JBD7+ND@D+B7DG+=7+F=LC@+;C>7:GD@=E:C>+M=;EC@7+MC@+E9D+CRLD;E:HD7+CM
E9D+ K@CLD;E7+ =>G+ N9=E+ EIKD7+ CM+ ECCJ7O+ ED;9>:WBD7+ =>G+ ED;9>CJC?:D7+ ND@D+ EC+ RD+ =GCKEDG8
/D7CB@;D+ ;C>7D@H=E:C>+ =>G+ KCJJBE:C>+ K@DHD>E:C>+ =@D+ F=LC@+ ;C>7:GD@=E:C>7+ MC@
D>H:@C>FD>E=J+7B7E=:>=R:J:EI8+%MMC@G=R:J:EI+:7+=>CE9D@+F=LC@+;C>7:GD@=E:C>+:>+E9D+;9C:;D+CM
ED;9>CJC?:D78+ %;E:HD+ K=@E:;:K=E:C>+ :>+ E9D+ K@CRJDF+ 7CJH:>?+ K@C;D77+ C@+ 7C;:=J+ M=;EC@+ N=7
@DWB:@DG+MC@+D>9=>;:>?+E9D+K@CRJDF+7CJH:>?+;=K=;:EI+CM+E9D+NC@\D@7+=>G+H:JJ=?D@78

T
H! (+/)$(I(&!$(*)0!)+0!)!63#(#0(##,/#

i:E9+ E9D+ 7BKKC@E+ CM+ %1,+ D[KD@E7+ =>G+ JC;=J+ D>H:@C>FD>E=J+ C@?=>:g=E:C>7O+ .1+ ED=F7
;C>GB;EDG+E9D+:GD>E:M:;=E:C>+=>G+=>=JI7:7+CM+E9D+D>H:@C>FD>E=J+:77BD7+:>+E9D7D+H:JJ=?D78+(I
B7:>?+ E9D+ 3=B7D+ =>G+ 0MMD;E+ P-:79XRC@>Q+ G:=?@=FO+ E9D+ @CCE+ ;=B7D7+ CM+ K@CRJDF7+ ;CBJG+ RD
:GD>E:M:DG8+ + %J7CO+ 9CJG:>?+ =+ R@=:>7EC@F:>?+ 7D77:C>+ CMED>+ JDG+ EC+ D[;DJJD>E+ ;=B7D+ =>=JI7:7
@D7BJE78+.1+ED=F7+:GD>E:M:DG+E9D+MCJJCN:>?+D>H:@C>FD>E=J+:77BD76

!"! 1@8<J?70 F<87=0 EBDD?KL+ $9D+ G@:>\:>?+ N=ED@+ CRE=:>DG+ M@CF+ E9D+ B>GD@?@CB>G+ N=ED@
@D7CB@;D+ N=7+ MCB>G+ EC+ RD+ 9:?9JI+ KCJJBEDGO+ F=:>JI+ M@CF+ :@C>+ =>G+ F=>?=>D7D8+ $9:7+ :7
EIK:;=J+MC@+E9D+@D?:C>7+:>+E9D+/DG+/:HD@+2DJE=+:>+E9D+>C@E9+=>G+E9D+5D\C>?+2DJE=+:>+E9D
7CBE9+CM+4:DE>=F8+$9D+=>=JI7:7+G=E=+79CNDG+E9=E+;C>;D>E@=E:C>7+CM+:@C>+=>G+F=>?=>D7D
ND@D+SV+ EC+ UV+ E:FD7+ :>+ D[;D77+ CM+ E9D+ KD@F:77:RJD+ J:F:E78+ -=D;=J+ F:;@CC@?=>:7F7+ M@CF
=>:F=J+ N=7ED+ 9=G+ =J7C+ ;C>E=F:>=EDG+ N=ED@+ M@CF+ E9D+ 79=JJCN+ NDJJ7+ B7DG+ MC@+ GCFD7E:;
KB@KC7D78+ 1D7E:;:GD7+ =>G+ ;9DF:;=J+ MD@E:J:gD@7+ ND@D+ ;C>7:GD@DG+ EC+ ;C>E@:RBED+ EC+ E9D
;C>E=F:>=E:C>+CM+E9D+N=ED@+E=RJD8

S8! !:9G<?0 <:>0 MBG<:0 F<E870 G<:<;7G7:8L0 5C7E+ CM+ E9D+ =>:F=J+ =>G+ 9BF=>+ N=7ED7
K@CGB;DGO+ND@D+B7DG+:>+E9D+M:DJG7+=7+=GG:E:C>=J+MD@E:J:gD@78+<CNDHD@O+9D=JE9+:77BD7+ND@D
C>D+ CM+ E9D+ F=LC@+ ;C>;D@>7+ :>+ E9D+ H:JJ=?D7O+ =7+ 7CFD+ CM+ E9D+ G:7KC7=J+ =>G+ @D;I;J:>?
FDE9CG7+ND@D+>CE+9I?:D>:;=JJI+7=E:7M=;EC@I8

U8! #@?9>0 F<E870 G<:<;7G7:80 9:0 8M70 A9??<;7EL+ 2BD+ EC+ =+ J:MD7EIJD+ ;9=>?DO+ E9D+ 7CJ:G+ N=7ED
?D>D@=EDG+N=7+:>;@D=7:>?+:>+ED@F7+CM+HCJBFD+=>G+;CFKC7:E:C>78++<CNDHD@O+E9D+H:JJ=?D7
9=G+>CE+D7E=RJ:79DG+=+7I7EDF=E:;+;CJJD;E:C>+=>G+G:7KC7=J+CM+E9D7D+N=7ED78

]8! (:N=7<E7>0 ,E70 @C0 !;=9NB?8B=<?0 &M7G9N<?EL+ &>+ C@GD@+ EC+ :>;@D=7D+ CM+ =?@:;BJEB@=J+ I:DJG
PE9CB?9E+ RI+ F=>I+ H:JJ=?D@7QO+ E9D+ =FCB>E7+ CM+ KD7E:;:GD7+ =>G+ ;9DF:;=J+ MD@E:J:gD@7+ B7DG
ND@D+ 7:?>:M:;=>EJI+ :>;@D=7:>?8+ $9D+ D[;D77:HD+ B7=?D+ CM+ E9D7D+ ;9DF:;=J7+ KC7DG+ 9D=JE9
@:7\7+=>G+D>H:@C>FD>E=J+;C>E=F:>=E:C>8

O! 1!%$(&(1!$(*)0*I0&*44,)($3

&E+ N=7+ D77D>E:=J+ EC+ R@:>?+ =JJ+ E9D+ 7E=\D9CJGD@7+ EC?DE9D@+ EC+ D>7B@D+ E9D+ :GD>E:M:;=E:C>+ =>G
:FKJDFD>E=E:C>+ CM+ F=[:FBF+ CKKC@EB>:E:D7+ MC@+ ;CFKJDED+ DMMD;E:HD>D778+ $9D+ >D;D77=@I
=7KD;E+MC@+7B;;D77MBJ+:FKJDFD>E=E:C>+CM+E9:7+K@C?@=F+N=7+E9D+:>HCJHDFD>E+CM+7E=\D9CJGD@78
$9:7+:>HCJHDFD>E+N=7+G:H:GDG+:>EC+ENC+;=ED?C@:D76+=+>=E:C>=J+JDHDJ+=>G+=+;CFFB>:EI+JDHDJ8

]8!! '=E:C>=J+JDHDJ

<"!"!! ='0-(+1+3.>':+,12.*+;.('2-4

$9D+.CHD@>:>?+3CB>;:J+;C>7:7EDG+CM+ @DK@D7D>E=E:HD7+CM+ .CHD@>FD>E=J+ ,@?=>:g=E:C>7j+ $9D

.CHD@>:>?+ 3CB>;:Jk7+ MB>;E:C>7+ ND@D+ EC+ K@CH:GD+ G:@D;E:C>+ =>G+ =GH:;D+ EC+ E9D+ 0[D;BE:HD
3CFF:EEDD+ :>+ :FKJDFD>E=E:>?+ CM+ E9D+ .1+ K@C?@=F8+ $9D:@+ :>HCJHDFD>E+ N=7+ D77D>E:=J+ EC
;@D=ED+E9D+J:>\7+@DWB:@DG+MC@+=+;C>GB;E:HD+KCJ:;I+M@=FDNC@\+E9=E+7BKKC@E7+E9D+GDHDJCKFD>E
=7K:@DG+RI+E9D+KDCKJD8

d
<"!"8! 9?-,:)10-.>'%%1))--.*+;.('2-4

$9D+ 0[D;BE:HD+ 3CFF:EEDD+ ;C>7:7EDG+ CM+ @DK@D7D>E=E:HD7+ CM+ "$%50`+ =>G+ 4138+ 5DFRD@7
M@CF+ 413+ ND@D+ E9D+ ;C@D+ 3CFF:EEDD+ FDFRD@78+ $9D7D+ ;C@D+ FDFRD@7+ ;C>GB;EDG+ FC7E+ 03
FDDE:>?7+=>G+FDDE:>?+F:>BEDa7+;CK:D7+ND@D+G:7E@:RBEDG+EC+CE9D@+FDFRD@78+$9D+@CJD7+CM+E9:7
3CFF:EEDD+ND@D+EC+;CC@G:>=ED+=>G+;C>GB;E+E9D+:FKJDFD>E=E:C>+NC@\7O+=>G+K@DK=@D+@DKC@E7
EC+E9D+%1,8

<"!"#! @',*2.*+;.-?)-(+*2.-?&-()4.*+;.('2-4

)C;=J+ D[KD@E7+ ND@D+ @D7KC>7:RJD+ MC@+ =BG:E:>?O+ =>=JIg:>?O+ ;C>7BJE:>?+ =>G+ DH=JB=E:>?+ =JJ+ E9D
D>H:@C>FD>E=J+ :77BD7+ :>+ E9D+ H:JJ=?D8+$9DI+ =J7C+;C>GB;EDG+E@=:>:>?+ ;CB@7D7+ MC@+ H:JJ=?D@7+ :>
E9D:@+;C>;D@>78

]8S! 3CFFB>:EI+JDHDJ

<"8"!! =A.)-*%

.1+ED=F7+ND@D+D7E=RJ:79DG+:>+D=;9+H:JJ=?D+=>G+;C>7:7EDG+CM+7DHD>+C@+D:?9E+FDFRD@7+M@CF
E9D+ ;CFFB>:EIa7+ F=>=?DFD>E+ =>G+ @DK@D7D>E=E:HD7+ CM+ JC;=J+ C@?=>:g=E:C>7+ 7B;9+ =7+ E9D
-=@FD@7+ #>:C>O+ iCFD>a7+ #>:C>O+ =>G+ *CBE9+ #>:C>8+ %FC>?+ E9:7+ .1+ ED=FO+ C>D+ FDFRD@
N=7+ =KKC:>EDG+ EC+ RD+ E9D+ ED=F+ JD=GD@+ N9C+ ECC\+ =JJ+ E9D+ @D7KC>7:R:J:E:D7+ CM+ .1+ ED=Fk7
=;E:H:E:D78+ 0=;9+ FDFRD@+ N=7+ @D7KC>7:RJD+ MC@+ C>D+ D>H:@C>FD>E=J+ :77BD+ EC+ 7CJHD+ :>+ E9D
;CFFB>:EI8+$9D:@+K=@E:;:K=E:C>O+GD;:7:C>7+=>G+GDHDJCKFD>E+9=G+=+?@D=E+:FK=;E+C>+>CE+C>JI
C>+ E9D:@+ CN>+ J:HD7+ RBE+ =J7C+ =;EDG+ =7+ =+ ;=E=JI7:7+ MC@+ JC>?+ ED@F+ ;9=>?D7+ :>+ KCJ:;:D7+ =>G
K@=;E:;D7+ E9=E+ N:JJ+ =MMD;E+ ;CFFB>:E:D78+ + 2B@:>?+ E9D+ E@=:>:>?+ ;CB@7D7+ ;C>GB;EDG+ RI+ 413O
H:JJ=?D@7+ ;C>E@:RBEDG+ B7DMBJ+ 7B??D7E:C>7+ MC@+ 7CJH:>?+ E9D+ D>H:@C>FD>E=J+ K@CRJDF7+ :>+ E9D:@
;CFFB>:E:D78+ $9DI+ =J7C+ ND@D+ N:JJ:>?+ EC+ ;C>E@:RBED+ E9D+ M:>=>;:=J+ =>G+ 9BF=>+ @D7CB@;D
@DWB:@DG+:>+F=:>E=:>:>?+E9D+.1+=;E:H:E:D7+:>+E9D:@+H:JJ=?D78

<"8"8! @',*2.'(3*+1B*)1'+.1+0'20-;.*+;.('2-4

$9D+ .1+ ED=F+ 9=G+ =GG:E:C>=J+ 7BKKC@E+ M@CF+ 7DHD@=J+ CE9D@+ C@?=>:g=E:C>78+ '=FDJIj+ $9D
1DCKJDk7+ 3CFF:EEDD+ CM+ 1@CH:>;D7O+ $9D+ (C=@G+ CM+ 3:EI+ 1@CK=?=>G=O+ 3CFFB>D7O+ -=@FD@7
#>:C>O+ iCF=>+ #>:C>O+ *CBE9+ #>:C>+ =>G+ &15+ ;JBR8+ $9:7+ 7BKKC@E+ + :>;JBGDG+ M:>=>;D7+ =>G
J=RC@+7:>;D+E9D+#>:C>k7+FDFRD@7+ND@D+FC7EJI+H:JJ=?D@7+=>G+N9C+ECC\+;=@D+CM+E9D:@+M=F:J:D78
$9D+ @CJD7+ CM+ E9D7D+ JC;=J+ C@?=>:g=E:C>7+ND@D+ ;@B;:=J+ MC@+ E9D+ 7B;;D77MBJ+ CBE;CFD+ CM+ E9D+ .1
K@C?@=F8+ + + i:E9CBE+ E9:7+ 7BKKC@EO+ E9D+ ;CFF:EFD>E+ CM+ E9D+ JC;=J+ F=>=?DFD>E+ =>G+ H:JJ=?D@7
;CBJG+>CE+RD+=;9:DHDG+=>G+E9D+;C>GB;E:>?+E9D+.1+K@CLD;E+NCBJG+9=HD+RDD>+G:MM:;BJE8

c
P! .10*1$(*)#0!)+0(416/4/)$!$(*)

i:E9+7BR7E=>E:=J+7BKKC@E+M@CF+%1,+D[KD@E7+=>G+JC;=J+D[KD@E7O+.1+H:JJ=?D+ED=F+FDFRD@7+CM
E9D+H:JJ=?D7+?D>D@=EDG+7DHD@=J+CKE:C>7+MC@+:FKJDFD>E=E:C>8+$9D7D+.1+CKE:C>7+@D7BJEDG+M@CF
E9D+R@=:>7EC@F:>?+7D;E:C>+CM+E9D+.1+ED=F7+@D?BJ=@+FDDE:>?8+"DHD@=J+B7DMBJ+.1+ECCJ7+7B;9+=7
E9D+ M:79RC>D+ G:=?@=FO+ MJCN+ ;9=@E+ =>G+ 7DJD;E:C>+ E=RJD7+ ND@D+ B7DG+ MC@+ ?D>D@=E:>?+ =>G
DH=JB=E:>?+.1+CKE:C>78

.1+CKE:C>7+ND@D+DH=JB=EDG+=;;C@G:>?+EC+MCB@+;@:ED@:=O+ED;9>:;=JO+D;C>CF:;=JO+D>H:@C>FD>E=J
=>G+7C;:=J+MD=7:R:J:EI8+.@=G:>?+ MC@+E9D+MD=7:R:J:EI+N=7+@=>\DG+M@CF+V+EC+!VO+N:E9+!V+RD:>?
E9D+FC7E+MD=7:RJD+CKE:C>+=>G+V+E9D+JD=7E8

%MED@+DH=JB=E:C>+=>G+;C>7:GD@=E:C>O+E9D+MCJJCN:>?+MD=7:RJD+.1+CKE:C>7+ND@D+7DJD;EDG6
X! 3C>7E@B;E:>?+R:C?=7+KJ=>E7O
X! %KKJI:>?+E9D+=D@CR:;+;CFKC7E:>?+FDE9CG+=E+9CB7D9CJG7O
X! &>7E=JJ:>?+=+KCE=RJD+;JD=>+N=ED@+7BKKJI+7I7EDF+MC@+7;9CCJ+=>G+;D>E@=J:gDG+9CB7D9CJG7O
X! 3C>7E@B;E:>?+=+G@=:>=?D+7I7EDFO
X! 3C>7E@B;E:>?+KBRJ:;+N=7ED+R:>7+=>G+7=>:E=@I+J=>GM:JJO
X! $@=:>:>?+H:JJ=?D@7+C>+&15+=>G+9CN+EC+=KK@CK@:=EDJI+B7D+MD@E:J:gD@7
X! 07E=RJ:79:>?+=+N=7ED+;CJJD;E:C>+ED=F+:>+E9D+H:JJ=?D

Q! !&5(/2/4/)$#0*I0$5/0.1+10!$0$5/0&*44,)($306/2/6

$9D+ ?@D=ED7E+ =;9:DHDFD>E+ CM+ E9:7+ K@CLD;E+ N=7+ ;9=>?:>?+ E9D+ F:>G7DE+ CM+ H:JJ=?D@7+ C>
D>H:@C>FD>E=J+ K@CED;E:C>+ =E+ ;CFFB>:EI+ JDHDJ+ E9@CB?9+ E9D:@+ =;E:C>7+ =>G+ J:MD7EIJDO+ N9:;9
@DMJD;EDG+=+;9=>?D+:>+=EE:EBGD+ECN=@G7+D>H:@C>FD>E=J+K@CED;E:C>+:>+;CFFB>:EI8+&>+=GG:E:C>O
H:JJ=?D@7+ ND@D+ N:JJ:>?+ EC+ ;C>E@:RBED+ EC+ E9D+ D>H:@C>FD>E=J+ K@CED;E:C>+ MB>G+ CM+ E9D:@
;CFFB>:EIO+N9:;9+:>G:;=EDG+E9=E+E9DI+@D;C?>:gDG+E9D+H=JBD+CM+E9D7D+FD=7B@D7+EC+E9D:@+J:HD78

5=77+ FDG:=+ N=7+ =EE@=;EDG+ RI+ E9D+ 7B;;D77MBJ+ .1+ FD=7B@D78+ + $9B7+ E9D+ FDG:=+ 9=7+ N:GDJI
K@CFCEDG+.1+:>+4:DE>=F8++/D?BJ=@+K@C?@=F7+C>+JC;=J+@=G:CO+$4+=>G+>DN7K=KD@7+ND@D+B7DG
EC+:>;@D=7D+E9D+=;;DKE=>;D+CM+.1+:>+;CFFB>:EI+=>G+?CHD@>FD>E8

d8!! /D7BJE7+CM+:FKJDFD>E=E:C>

%MED@+E9D+ ;CFKJDE:C>+ CM+ E9D+ K@CLD;EO+H:JJ=?D@7+:>+E9D+E9@DD+GDFC>7E@=E:C>+;CFFB>:E:D7+=@D

F=:>E=:>:>?+E9D+.1+:FKJDFD>E=E:C>8+$9@DD+.1+ED=F7+9=HD+@D?BJ=@+FDDE:>?7+EC+:GD>E:MI+=>G
7CJHD+ K@CRJDF7+ :>+ :Ea7+ E9D+ H:JJ=?D+ C>+ >CE+ C>JI+ D>H:@C>FD>E=J+ RBE+ =J7C+ 7C;:=J+ :77BD78+ + $9D
7CJ:G+N=7ED+;CJJD;E:C>+ED=F7O+R:C?=7+;C>7E@B;E:C>+ED=F7+=>G+&15+;JBR+ND@D+D7E=RJ:79DG+=>G
9=HD+7BR7E=>E:=JJI+;C>E@:RBEDG+EC+E9D+;CFFB>:E:D78++,>D+ID=@+=MED@+E9D+;CFKJDE:C>O+:>+E9@DD
;CFFB>:E:D7O+ H:JJ=?D@7+ E9DF7DJHD7+ B7:>?+ E9D+ ED;9>CJC?:D7O+ =>G+ GD7:?>7+ JD=@>E+ M@CF+ E9D
K@DH:CB7+ ID=@O+ ;C>7E@B;EDG+ ST+ CE9D@+ R:C?=7+ KJ=>E7+ =>G+ C>D+ N=ED@+ 7BKKJI+ KJ=>E+ N:E9+ E9D
;=K=;:EI+CM+UV+FU+KD@+G=I8

_
d8S! 3C7E+=>G+RD>DM:E7+CM+.1+=KKJ:;=E:C>

#>J:\D+CE9D@+K@CLD;E7+CM+E9D+%1,O+.1217+=@D+R=7DG+C>+=+M=;EC@I+C@+=+M=@FO+E9:7+.121+l
Z_hZZ+N=7+:FKJDFD>EDG+:>+H:JJ=?D7+=>G+;CFFB>:E:D78+$9D@DMC@DO+E9D+.121+:>+4:DE>=F+N=7
G:MMD@D>E+:>+7;CKD+=>G+;CFKJD[:EI+N9D>+;CFK=@DG+N:E9+=+M=;EC@I+C@+=+M=@F8+$9D+DMM:;:D>;I
CM+E9D+K@CLD;E+:7+G:MM:;BJE+EC+;=J;BJ=ED8+$9D+;=J;BJ=E:C>+CM+:>HD7EFD>E+EB@>CHD@+@=ED+:>+=@D=7
:>;JBG:>?+ G@:>\:>?+ N=ED@O+ 7CJ:G+ N=7ED+ F=>=?DFD>E+ C@+ N=7EDN=ED@+ N=7+ :FKC77:RJD+ EC+ RD
KD@MC@FDG8+ $9D+ RD>DM:E7+ M@CF+ E9:7+ K@CLD;E+ =@D+ =+ 9D=JE9:D@O+ ;JD=>D@+ D>H:@C>FD>E+ =>G+ =>
:FK@CHDFD>E+ :>+ E9D+ WB=J:EI+ CM+ J:MD8+ $9D+ CE9D@+ =@D=7+ 7B;9+ =7+ 9BF=>+ =>G+ =>:F=J+ N=7ED
F=>=?DFD>EO+:>ED?@=EDG+KD7E+F=>=?DFD>E+P&15Q+@D7BJE7+=@DD[KD;EDG+EC+RD+FD=7B@=RJD8+$9D
:>HD7EFD>E+ C>+ (:C?=7+ ED;9>CJC?I+ N:JJ+ RD+ @DEB@>DG+ N:E9:>+ MCB@+ ID=@7+ RI+ B7:>?+ (:C?=7+ MC@
;CC\:>?+KB@KC7D7O+=>G+R:CXMD@E:J:gD@+MC@+K=GGI+M=@F78+&15+NCBJG+9DJK+M=@FD@7+:>+K@CED;E:>?
E9D:@+;@CK+=>G+:>;@D=7:>?+=?@:;BJEB@=J+K@CGB;E:H:EI8

%K=@E+ M@CF+ E9D+ D>H:@C>FD>E=J+ RD>DM:EO+ E9:7+ K@CLD;E+ N=7+ =J7C+ 9=7+ 7:?>:M:;=>E+ D;C>CF:;
RD>DM:E78

$<J?70'6+0H=JB=E:C>+CM+.1+CKE:C>7+:FKJDFD>EDG+:>+E9D+H:JJ=?D

!"#$%&' (&)*'#+*&# 4&&567/26)$&8 96:;6<=/"*>$%?

,-./012.3 ,-./012.3 0+%&#@'3
&>7E=JJ:>?+ FDG:BF+ N=ED@+ 7BKKJI UV+F:JJ:C>7 !T8U+F:JJ:C>7 SU
KJ=>E+N:E9+E9D+;=K=;:EI+CM+UV+FUhG=I PSO!]TQ P!OVZVQ
&>7E=JJ:>?+(:C?=7+KJ=>E+P_+FUQm ]8T+F:JJ:C>7 S8!+F:JJ:C>7 Sd
PUS!Q P!TVQ
&>7E=JJ:>?+(:C?=7+KJ=>E+Pd+FUQ+mm d+F:JJ:C>7 !8d_+F:JJ:C>7 ]U
P]S_Q P!SVQ
&>7E=JJ:>?+(:C?=7+KJ=>E+PU+FUQ+mm U+F:JJ:C>7 !8VS+F:JJ:C>7 Ud
PS!]Q PcSQ
07E=RJ:79:>?+ =>G+ DWB:KK:>?+ 7CJ:G S+F:JJ:C>7 S8]+F:JJ:C>7 !V
;CJJD;E:C>+ED=F P!]UQ P!c!Q
&15+:FKJDFD>E=E:C> 'C>D !8S+F:JJ:C>7 &FFDG:=ED
P_dQ
"#!$%&'!(&)*+'!,-+./!0+'!/%1!$%+&23145+.!5)61-!0&/%!/%1!7&816!6)519
: :
""#! $%1! :5 ! +.6! ;5 ! (&)*+'! ,-+./'! 0141! /%1! <%&.+! 5)61-! 0&/%! /%1! =,,14! 6)51! )7! /%1! 6&*1'/&).
>%+5?14!5+61!)7!>)5,)'&/1!5+/14&+-9

Z
d8U! <D=JE9+=>G+0>H:@C>FD>E=J+(D>DM:E7

%MED@+ E9D+ ;CFKJDE:C>+ CM+ E9D+ K@CLD;EO+ E9D+ D>H:@C>FD>E=J+ =>G+ 9D=JE9+ RD>DM:E7+ ND@D
7B;;D77MBJJI+=;9:DHDG++MC@+E9D+N9CJD+;CFFB>:EI8

$9D+FC7E+:FFDG:=ED+RD>DM:E+N=7+E9D+@DGB;E:C>
CM+ N=ED@+ ;C>E=F:>=E:C>j+ E9:7+ N=7+ =;9:DHDG+ RI
@DJ=E:HDJI+ 7:FKJD+ =>G+ =KK@CK@:=ED+ ED;9>CJC?I
CM+ :@C>+ =>G+ F=>?=>D7D+ @DFCH=J8+ %JE9CB?9+ E9D
N=ED@+ 7BKKJI+ KJ=>E+ ;CBJG+ >CE+ 7D@HD+ =JJ
9CB7D9CJG7+:>+E9D+H:JJ=?DO+:E+NCBJG+RD+B7DG+=7+=
FCGDJ+ MC@+ E9D+ @D7E+ CM+ E9D+ ;CFFB>:EI8+ ,E9D@
9CB7D9CJG7+N9C+;CBJG+>CE+CRE=:>+K:KDG+E@D=EDG
N=ED@+ ;CBJG+ B7D+ =>CE9D@+ 7:FKJD+ FDE9CG+ EC
:>G:H:GB=JJI+@DFCHD+:@C>+=>G+F=>?=>D7D8

(:C?=7+ =>G+ ;CFKC7E:>?+ ED;9>CJC?:D7+ ND@D+ :>E@CGB;DG+ EC+ @DGB;D+ 9D=JE9+ @:7\78+ $9D+ @B@=J
D>D@?I+:77BD+N=7+=J7C+7CJHDG+RI+E9D+B7D+CM+(:C?=7+ED;9>CJC?IO+=7+:E+K@CGB;D7+?=7+MC@+=+MBDJ
=>G+J:?9E+7CB@;D8++$9:7+@DGB;D7+E9D+K@D77B@D+C>+E@DD+MC@D7E7+=7+=+7CB@;D+CM+MBDJ8++&>+=GG:E:C>O
E9D+ B7D+ CM+ E9D+ R:C?=7+ KJ=>E+ K@CH:GD7+ =+ RD>DM:;:=J+ C@?=>:;+ 7C:J+ MD@E:J:gD@8+ %J7CO+ R:C?=7
ED;9>CJC?IO+=>G+E9D+>DN+=D@CR:;+;CFKC7E:>?+ED;9>:WBD+ND@D+:>E@CGB;DG+EC+@DGB;D+E9D+9:?9
B7D+CM+;9DF:;=J+MD@E:J:gD@7+=>G+=7+=+;C7E+7=H:>?+FD=7B@D8+$9D+:FKJDFD>E=E:C>+CM+E9D+R:C?=7
ED;9>CJC?I+=J7C+;@D=EDG+=+>DN+F=@\DE+MC@+=+7F=JJX7;=JD+:>GB7E@I+:>+R:C?=7+;C>7E@B;E:C>+=>G
BE:J:E:D7+K@CGB;E:C>8

%+ 7CJ:G+ N=7ED+ F=>=?DFD>E+ 7I7EDF+ 9=7+ RDD>

D7E=RJ:79DG+ :>+ =JJ+ E9@DD+ GDFC>7E@=E:C>+ H:JJ=?D78
$9:7+ R@CB?9E+ =+ ;JD=>D@+ D>H:@C>FD>E+ MC@+ H:JJ=?D@78
$9D+FC7E+:FKC@E=>E+RD>DM:E+ N=7+ E9D+K@CFCE:C>+CM
;CFFB>:EI+ ;CCKD@=E:C>+ 7K:@:E+ =>G+ 7D>7D+ CM+ 7DJMX
@DJ:=>;D8

&>ED?@=EDG+ 1D7E+ 5=>=?DFD>E+ P&15Q+ N=7+ C>D+ .1

FD=7B@D7+ N9:;9+ @DGB;DG+ E9D+ B7=?D+ CM+ KD7E:;:GD78
$9D+DH:GD>;D+79CNDG+E9=E+E9D@D+N=7+BK+EC+=+UVb
GD;@D=7D+:>+KD7E:;:GD+B7D+GB@:>?+E9D+&15+:FKJDFD>E=E:C>+CM8++$9:7+:7+=+;JD=@+D>H:@C>FD>E=J
=>G+D;C>CF:;+RD>DM:E+EC+E9D+M=@FD@7+=>G+E9D+;CFFB>:EI8

d8]! 3=K=;:EI+RB:JG:>?

3=K=;:EI+ RB:JG:>?+ N=7+ C>D+ CM+ E9D+ F=:>+ =:F7+ CM+ + E9D+ .1+ :FKJDFD>E=E:C>+ =E+ ;CFFB>:EI
JDHDJ8+ %+ ECE=J+ CM+ !VTT+ KD@7C>7+ :>;JBG:>?+ D>H:@C>FD>E=J:7E7O+ ECK+ =>G+ F:GGJD+ F=>=?DFD>E
=>G+ H:JJ=?D@7+ =EED>GDG+ E9D+ E@=:>:>?+ ;CB@7D7+ =>G+ NC@\79CK7+ C>+ .1+ K@:>;:KJD7+ =>G
FDE9CGCJC?IO+ D>H:@C>FD>E=J+ K@CED;E:C>O+ 7CJ:G+ N=7ED+ F=>=?DFD>EO+ &15+ =>G+ R:C?=7+ =>G
;CFKC7E:>?+ ED;9>CJC?:D78+ %E+ E9D+ ;CFFB>:EI+ JDHDJO+ E9D+ K@CRJDFX7CJH:>?+ ;=K=;:EI+ 9=7
:>;@D=7DG+E9@CB?9+.1+FDE9CGCJC?I+B7D8+%MED@+E9D+.1+:FKJDFD>E=E:C>O+.1+ED=F7+9=7+=J7C
MDJE+?@D=E+;C>M:GD>;D+:>+K@CRJDF+7CJH:>?+=>G+nE9:7+NCBJG+RD+E9D+R=7:7+CM+E9D+7B7E=:>:>?+CM
.1+:>+;CFFB>:EIn+=7+D[K@D77DG+RI+YNC>?O+SVVV8

!V
%E+E9D+D>G+CM+K@CLD;EO+?@D=ED@+=N=@D>D77+CM+D>H:@C>FD>E=J+=>G+9D=JE9+:77BD7+N=7+=;9:DHDG
E9@CB?9+E9D+=;E:HD+K=@E:;:K=E:C>+CM+F=>I+FDFRD@7+CM+E9D+;CFFB>:EI8+$9D@D+ND@D+7DHD@=J
N=I7+ CM+ =EE@=;E:>?+ E9D+ K=@E:;:K=E:C>+ CM+ H:JJ=?D@7+ =>G+ F=>=?DFD>E8+ + $9:7+ :>;JBGDG
NC@\79CK7O+=>G+CR7D@H=E:C>=J+7EBGI+F:77:C>+EC+CE9D@+H:JJ=?D7+=>G+CHD@7D=7+PE9D+19:J:KK:>D78

&>+ =GG:E:C>O+ KBRJ:;+ K=@E:;:K=E:C>+ :>+ ;CFFB>:EI+ :77BD7+ :>;@D=7DG+ :>+ E9D+ GDFC>7E@=E:C>
H:JJ=?D78+$9D+F=>=?DFD>E+=>G+;CFFB>:EI+FDFRD@7+C@?=>:gDG+F=>I+FDDE:>?7+EC+G:7;B77
E9D:@+ ;CFFB>:EI+ :77BD7+ =>G+ K@CRJDF7+ CM+ >CE+ C>JI+ =>+ D>H:@C>FD>E=J+ >=EB@D+ RBE+ =J7C
@D?=@G:>?+ 7C;:CXD;C>CF:;+ GDHDJCKFD>E8+ $9D+ H:JJ=?D@7+ 9=HD+ GDFC>7E@=EDG+ E9=E+ E9DI+ =@D
=;E:HD+=>G+;C>M:GD>E+:>+7CJH:>?+E9D:@+K@CRJDF78

d8T! -BEB@D+1J=>7

&E+ :7+ K@CHDG+ E9=E+ E9D+ .1+ FDE9CGCJC?IO+ ECCJ7+ =>G+ ED;9>:WBD7+ 7B;;D77MBJJI+ NC@\+ =E+ =
;CFFB>:EI+JDHDJ8++&E+:7+;JD=@+E9=E+.1+=;E:H:E:D7+R@:>?+F=>I+JC>?XED@F+RD>DM:E7+EC+H:JJ=?D@7
N9:;9+;=>+RD+:>ED@>=JJI+7B7E=:>DG8

#>GD@7E=>G:>?+ .1+ K9:JC7CK9IO+ K@:>;:KJD7+ =>G+ FDE9CGCJC?I+ CM+ E9D+ %1,+ =7+ NDJJ+ =7+ E9D
:FKC@E=>;D+ CM+ .121+ MC@+ 4:DE>=F+ :>+ K=@E:;BJ=@O+ %1,+ =>G+ %1,a7+ FDFRD@+ ;CB>E@:D7O
2:@D;EC@=ED+MC@+"E=>G=@G7+=>G+`B=J:EI+=>G+E9D+4:DE>=F+1@CGB;E:H:EI+3D>E@D+=@D+N:JJ:>?+EC
K@CFCED+.1+:>+4:DE>=F8+&>+SVVVO+E9D+413+=@D+?C:>?+EC+D[K=>G+.1+EC+CE9D@+7:[+H:JJ=?D7+:>
4:DE>=F+=>G+;C>E:>BD+.121+D[ED>7:C>+K9=7D7+:>+E9@DD+H:JJ=?D78+&>+E9D+D[ED>7:C>+K9=7D+CM
.121XZ_O+CE9D@+=7KD;E7+CM+;CFFB>:EI+GDHDJCKFD>E+N:JJ+RD+=GG@D77DG+7B;9+=7+:>;CFD+=>G
LCR+ ?D>D@=E:C>+ N9:JD+ F=:>E=:>:>?+ =>G+ :FK@CH:>?+ D>H:@C>FD>E=J+ WB=J:EI8+ &>+ E9D+ >D[E+ MDN
ID=@7O+ 413+ N:JJ+ ;@D=ED+ =+ >=E:C>=J+ o.1+ =N=@Ga+ EC+ @DN=@G+ ;CFFB>:E:D7+ C@+ M=;EC@:D7+ N9:;9
7B;;D77MBJJI+:FKJDFD>E+=>G+7B7E=:>+.1+=;E:H:E:D78

!!
/DMD@D>;D78

!8! %7:=+1@CGB;E:H:EI+,@?=>:g=E:C>O+!ZZcO++=(--+.A(';:,)101)6".$+.A:(4:1).'/.C-))-(.D:*21)6
'/.@1/-E.%1,+$C\ICO+^=K=>
S8! %7:=>+1@CGB;E:H:EI+,@?=>:g=E:C>+SVVV++F(*1+1+3.G*+:*2.'+.=(--+.A(';:,)101)6E.%1,
$C\ICO+^=K=>
U8! 2:@D;EC@=ED+ MC@+ "E=>G=@G7+ =>G+ `B=J:EIO+ !ZZ_O+ H-&'(). '/. I:(0-6. '+. J&&21,*)1'+. '/
J3(1,:2):(-.>5-%1,*24.1+.71-)+*%O4:DE>=F8
]8! YNC>?O+ *8+ )DC>?O+ SVVVO+ =(--+. A(';:,)101)6. *+;. >'%%:+1)6. K-0-2'&%-+)". J. >*4-
I):;6.1+.71-)+*%O+K=KD@+EC+RD+K@D7D>EDG8
T8! '=E:C>=J+ 0>H:@C>FD>E=J+ %?D>;I+ P%QO+ !ZZ]O+ H-&'(). '+. I)*)-. '/. 9+01('+%-+). '/
71-)+*%O+4:DE>=F
d8! '=E:C>=J+0>H:@C>FD>E=J+%?D>;I+P(QO+!ZZ_O+H-&'().'+.I)*)-.'/.9+01('+%-+).'/.71-)+*%O
4:DE>=F
c8! '?BID>O+ A8+ <C>?+ P%QO+ !ZZZO+ =(--+. A(';:,)101)6. A('%')1'+. J,)101)1-4. 1+. 71-)+*%O
1@C;DDG:>?7+ CM+ &>ED@>=E:C>=J+ 3C>MD@D>;D+ C>+ 3JD=>D@+ 1@CGB;E:C>+ =>G+ "B7E=:>=RJD
2DHDJCKFD>EaZZO+$=:KD:O+$=:N=>O+/,3O+2D;DFRD@+!UX!cO+!ZZZO+KK8+cSZXcUZ8
_8! '?BID>O+A8+<C>?+P(QO+SVVVO+o=AKA.H-4:2)4.1+.L-M.=(--+.A('/12-.*).)5-.>'%%:+1)6N
@-0-2. 1+. 71-)+*%OO+ &.1%+ 'DN7JDEED@O+ &>ED@>=E:C>=J+ .@DD>+ 1@CGB;E:H:EI+ %77C;:=E:C>O
$=:N=>O+4CJ8+SO+5=I+SVVVO+KK+dX_8
Z8! '?BID>O+ A8+ <C>?+ P3QO+ =>G+ '?BID>O+ $8+ (8+ <=>?+ P%QO+ SVVVO+ P=(--+. A(';:,)101)6
A('3(*%4.*+;.*,)101)1-4N)5-.-?&-(1-+,-.'/.71-)+*%OO+.@DD>+1@CGB;E:H:EI+1@C?@=F7+=>G
=;E:H:E:D7+:>+E9D+%7:=>X1=;:M:;+/D?:C>O+%7:=>+1@CGB;E:H:EI+,@?=>:7=E:C>O+$C\ICO+^=K=>O
KK8+_TXZU8
!V8!"=\B@=:O+ YB>:EC79:+ PDG:EC@Q+ !ZZT+ + + >2-*+-(. A(';:,)1'+. /'(. =(--+. A(';:,)101)6E. %1,
$C\IC
!!8!"E=E:;=J+,MM:;DO+!ZZ_O+H-&'().'/.71-)+*%.9,'+'%1,O+4:DE>=F
!S8!4:DE>=F+ 1@CGB;E:H:EI+ 3D>E@DO+ !ZZZO+ F-,5+1,*2. H-&'(). '+. K-%'+4)(*)1'+. >'%%:+1)6
A('Q-,).IA9N=AKANRSN8TUSO+2:@D;EC@=ED+MC@+"E=>G=@G7+=>G+`B=J:EIO+4:DE>=F

!S