Understanding Social Determinants of Health in Rural Nicaragua

%' &'$ $$E
% !&
$J (%&J *"!%$!
!$ (%&J

-"(', -+&"''-, ,("%, % ,%. ' %

)(%"Z' % %&!$ % & ' % #'$%
!' !& )+-&'-( #"'(- ' %
)+"((%"-+"&,-+%X(
!$!"!$
%" #(,V"&%-)V+3+(+W .3
!!$!$%
+$+%('!/++W%'3,
+'2%"' #'-! ('3%,)+%-

-(, '+%,
&! % &$ &%

75,:/./4+6>/;<31+-3O6
%!%%' "!J
%&!$ % & ' %
#'$% !'
!&"$& &! !&
"$!!&$%&$F!

%/././4+6>/;<31+-3O6 #"'(-
C:/+7%=,C:/+./4 767-353/6<7
M6/+./6>/;<31+-3O6

DFC658CDCF
&,7
%=@@=5A)5@57=CG+5ACG %=7
#CG\6=A9@9H)\F9N
=F97HCF5.&% #=BCH9;5 +C8F];I9N
+9GD
9"BJ9GH=;57=`B
.&% #=BCH9;5

%%!$%
: /3: %</362+:< )<

B =@CGC:]5 89 @5 8I757=`B -9G=G
8C@9G79BH9G H]CD9G M +IGCG M @5 6aGEI985 89 GIG F5]79G 7I@HIF5@9G 9B
"GF59@ H9B89B7=5G7IFF=7I@5F9G6=@=B;b9G
5.29:;.261*9;?*177,75
&G7
&5F=C #CG\ &9B8CN5 =F97HCF '57=CB5@ 89 "BJ9GH=;57=`B M
DCGH;F58CG.&%
3 %&%%
!%(F;5B=N57=`B&IB8=5@89@5,5@I8
!"%(F;5B=N57=`B)5B5A9F=75B589,5@I8@5,5@I8
%&=B=GH9F=C89 ,5@I8
%%,=GH9A5%C75@89H9B7=`B"BH9;F5@9B,5@I8
!% &C89@C89,5@I85A=@=5FMCAIB=H5F=C
"%H9B7=`B)F=A5F=59B,5@I8
" )@5B'57=CB5@899G5FFC@@C
" %)@5B'57=CB5@89,5@I8
%%CA=G=`B 899H9FA=B5BH9G ,C7=5@9G89@5,5@I8
WB8=7989 9G5FFC@@C!IA5BC
!(6>9H=JCG899G5FFC@@C89@&=@9B=C
$ +9;=`BIH`BCA589@ H@[BH=7C'CFH9
$% +9;=`BIH`BCA589@H@[BH=7C,IF
&CJ=A=9BHCCAIB5@'=75F5;b9BG9
" &975B=GACCCF8=B58CF89@D5]G
33 &!$
98=7C 9GH9HF565>C5=CGHC8CDC89FCGC858CF89@5G56=8IF]5M@5 7=9B7=5DCF85FBCG9@

5B<9@C @5G :I9FN5G M @5 7CB:=5BN5 D5F5 9ADF9B89F 9@ 75A=BC 89 @5 =BJ9GH=;57=`B 7CB 9@
DFCD`G=HC89C6H9B9FBI9J5G9LD9F=9B7=5G5G]A=GAC7CBHF=6I=F9BA5H9F=589G5@I85EI9
BI9GHF5 '=75F5;I5 G95IBD5]G75858]5 A9>CF @@9BC89@7CBC7=A=9BHC89@5F95@=858 EI9
BCGFC895
333 $ &!
;F589N7C 9GD97=5@A9BH9 5@ ;FIDC 89 7C@56CF58CF9G EI9 :I9FCB D5FH9

:IB85A9BH5@D5F5HC8C9@DFC79GC89@5=BJ9GH=;57=`B8CB89DFCDCF7=CB5FCBHC8C
9@7CBC7=A=9BHCB979G5F=CD5F5 EI99GH9HF565>C:I9F5DCG=6@9
@5 .B=J9FG=858 &5FH]B %IH9FC DCF 6F=B85FBCG 9@ 5DCMC M @5 7C@56CF57=`B M

DFCDCF7=CB5F@CG:CFA5HCG9=BGHFIA9BHCG89=BJ9GH=;57=`B
3> $%'
CAC =BJ9GH=;58CF9G 89 @5 IB=J9FG=858 &5FH=B %IH9FC <9ACG 56CF858C 9@ H9A5 P
5:97H57=CB9G89H9FA=B5BH9GGC7=5@9G89@5G5@I89B@5DC6@57=`B89@ ;/-<7:;+6<+4=-3+ 4+;
9=/,:+.+; ./ 4+ -75=63.+. 5+6-7<+4 89D5FH5A9BHC 89 #=BCH9;5 9B 9@ D9F=C8C 89@ "
HF=A9GHF989@5_C5@" HF=A9GHF989@5_C P9B9@7I5@BCGDFCDIG=ACG7CBC79F@5G
75F57H9F]GH=75G GC7=C89AC;F[:=75G 9 =89BH=:=75F 5EI9@@CG :57HCF9G EI9 =B:@IM9B 9B 9@
89G9EI=@=6F=C89@5J=H5@=858897585=B8=J=8ICD5F59@5B[@=G=G89@CGA=GACG
@DFCD`G=HC
89 9GH99GHI8=C 9G<579F IB5F9J=G=`B6=6@=C;F[:=75GC6F9@CG8C7IA9BHCGA[G=ADCFH5BH9G
F9;=GHF58CG9B@CGa@H=ACG5_CG GC6F9@CG89H9FA=B5BH9G GC7=5@9G
)5F5@C;F5F@CG C6>9H=JCG
89 9GH5=BJ9GH=;57=`BG95D@=75FCB 9B7I9GH5G 7IM5=B:CFA57=`B F97CD=@585:CFAC @57C@IAB5
J9FH96F5@ 89@ HF565>C
7569 G9_5@5F EI9 9GH9 9GHI8=C 9G 89 9G 89G7F=DH=JC 89 7CFH9
HF5BGJ9FG5@8CB89 G9IH=@=N`9@AI9GHF9C5@95HCF=C G=AD@97CBIB5 AI9GHF589 D9FGCB5G
CBG97I9BH9 5@5B[@=G=G 9G9J=89BH9EI9@5A5MCFD5FH989 @5DC6@57=`B 7CBG=9BH9 89@CG

5J5B79G 9BG5@I89B @CGa@H=ACG5_CGG=B9A65F;C9L=GH9B8=:9F9B7=5G G=;B=:=75H=J5G9B 9@
B=J9@ 89 D9F79D7=`BM5IHCD9F79D7=`B89@5 G5@I8 589A[G@5G J5F=57=CB9G89G5@I89BHF9
<CA6F9GMAI>9F9G 9BF9@57=`B7CB @57I@HIF5MGI89G9AD9_C9B@5GC7=9858
F57=5G5@ 56CF85>9899GH99GHI8=CM@5=BH9FDF9H57=`B89IBF=C89=B:CFA57=`BG9 @C;F`

7CADF9B89F @5F9@57=`B 9L=GH9BH9 89@A5F7CGC7=5@@5 G5@I8 89GH575B8C9B9GH97CBH9LHC@5
=B:@I9B7=5EI9<5BH9B=8C@5 98I757=`B 9@ ;\B9FCM @575DH57=`B89:=7=9BH989@CGG=GH9A5G
G5B=H5F=CG
! & !
2$%$$
22 % #

222 #%
2= #$&
!&%
%# &
%%$
%#! %(% $%&
' %' $
%' #
%' $$!B $
' !#&% %#'$%C
' &$%
' % $
' $&!&$% $@$ $'$%E
( % #$%$)!%# $#%$'$%
( !#$!%'%C#
( $%
!%&
!#$!%'%C#$&
!%&
%
"&'$%E
&$%#%E#)$&% $$%&
!# % % !#$E&$%#

' #%# $E

' % $)%$!#!# $% % $)$$ #C

' %$$%#&% $! $!## % $

!%& '

$$)$&$ #$&% $

$$ $#$&% $
' $$$&$E

' &$ $
' # $
!%& '
#$
!%& '
( $
&%
%*+4*976709*5*-.,;2=2-*-.:
%*+4*!9.:<8<.:;7-.4*6=.:;20*,2F6
'$%
&#$.>7-.4*<.:;9*

&#:;*-72=24

&# #.4202F6
&#
-*-
&##.4202F6

&# ,<8*,2F675+9.:

&# ,<8*,2F6<3.9.:

&#609.:7:*:,<4267

&# 609.:7:<3.9.:

&#'2=2.6-*!9782*

&#*68*-.,2-7-..6/.95.-*-.:

&#76:<5.*40H6;287-.-970*:

&# #.420276

&#
% #$

"'&!
&$!'!
CAC =BJ9GH=;58CF 89 @5 .B=J9FG=858 &5FH=B %IH9FC <9 D@5BH958C 9@ 5B[@=G=G 89 @5G
5:97H57=CB9G 89 @CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 9B 9@ G97HCF ,5BH5 %I7=5 c %5G
EI96F585 89@57CAIB=85889&5B7CH5@89D5FH5A9BHC89#=BCH9;5 9B9@D9F=C8C89@DF=A9F
HF=A9GHF9 89@ 5_C G56=9B8C EI9 9@ 5B[@=G=G CDCFHIBC 89@ 9GH58C 89 G5@I8 89 @CG
=B8=J=8ICG 9BF9@57=`B7CB@5G8=:9F9BH9G:CFA5G89J=859GIB5:IB7=`B9G9B7=5@89@5G5@I8
Da6@=75 7CBGH=HIM\B8CG9 :IB85A9BH5@ D5F5 A9>CF5F 9@ 8=G9_C M @5 =AD@9A9BH57=`B 89
DC@]H=75G 9GHF5H9;=5G M DFC;F5A5G EI9 @CG;C6=9FBCG @CGDFC:9G=CB5@9G G5B=H5F=CG M @5
GC7=98589B7CB>IBHC9>97IH5BD5F55@75BN5F@5 9EI=858 9BG5@I8M9@ 6=9B9GH5F <IA5BC
GCGH9B=6@9
!5G=8CB979G5F=C7CBGI@H5F8=:9F9BH9G:I9BH9G6=6@=C;F[:=75GGC6F99GHI8=CGACBC;F[:=7CG
MDFC;F5A5G89@5GCF;5B=N57=CB9GF97HCF5G89G5@I8 EI9G9<5BF95@=N58C H5BHC5B=J9@
=BH9FB57=CB5@ 7CAC 5 B=J9@ B57=CB5@ EI9 89G7F=69B @5 =B:@I9B7=5 EI9 H=9B9B @CG
89H9FA=B5BH9G GC7=5@9G89@5G5@I8 <57=9B8C\B:5G=G 9B@5G89G=;I5@8589GGC7=C97CBÀ=75G
898CB89G9 HCA` @5=B:CFA57=`BEI9 89AI9GHF5@57=9BH=:=7=858MJ9F57=85889BI9GHFC
9GHI8=C H9B=9B8C9B7I9BH5 @5G75F57H9F]GH=75GGC7=C89AC;F[:=75GMGC7=C7I@HIF5@9G89@5
DC6@57=`B9B@5EI9G9F95@=N` 9@9GHI8=C
96=8C 5 @CG DFC6@9A5G 89 G5@I8 5 @CG EI9 G9 9B:F9BH5 @5 DC6@57=`B <9 DFCDI9GHC 85F
G5@=855@5G=BH9FFC;5BH9GEI9G9D@5BH95B F9GD97HC5@5G8=:9F9B7=5G89G5@I89BHF9B@CG
8=:9F9BH9G9GHF5HCGGC7=5@9G89@57CAIB=858HF5N[B8CBCGC6>9H=JCG 7CB7F9HCG 7CAC65G9G
:IB85A9BH5@9G D5F5 5@75BN5F @CG 7CBC7=A=9BHCG B979G5F=CG EI9 G9 F9EI=9F9B D5F5
7CADF9B89F@5GG=A=@=HI89GM8=:9F9B7=5G89G5@I889@5GD9FGCB5GMD5F59GHCHCA5ACG
IB5D5FH989@5DC6@57=`B9B5B[@=G=G9B9GH975GCA5MCF9G89EI=B795_CG 8998585@5G
EI9G9@95D@=7C9B7I9GH5G9BGIG <C;5F9G 8CB89G9DCB9B5DFI965@5GJ5F=56@9G5HF5J\G
89@5@97HIF5 9=BH9FDF9H57=`B89@5GA=GA5G

GH9HF565>C=BJ9GH=;5H=JC7CBGH589C7<C:579G 9B7585IB5899@@5GG956CF85BDIBHCG
=ADCFH5BH9GD5F5@5 7CADF9BG=`BM :IB85A9BH57=`B89 @5H9A[H=75 9B9GHI8=C
B@5DF=A9F5
D5FH9 9B7CBHF5ACG @5 =BHFC8I77=`B 5@ H9A5 EI9 7CBH=9B9 =B:CFA57=`B F9@9J5BH9 M
;9B9F5@=N585 G9;I=8C 89 @CG 5BH97989BH9G EI9 7CBH=9B9B =B:CFA57=`B B57=CB5@ 9
=BH9FB57=CB5@GC6F9 9GHI8=CG F9@57=CB58CG65G58CG 9B@5DFC6@9A[H=7589@CG89H9FA=B5BH9G
GC7=5@9G 89 @5 G5@I8 9B @5G a@H=A5G 8\7585G
-5A6=\B G9 9LD@=75 89 A5B9F5 6F9J9 @CG
ACH=JCGEI9 =ADI@G5FCB@5 F95@=N57=`B89 @5=BJ9GH=;57=`B M@5 =ADCFH5B7=5EI9H=9B95B=J9@
GC7=5@M G5B=H5F=C
B @5 G9;IB85G9 DF9G9BH5=B:CFA57=`BEI985GCDCFH97=9BH]:=7C 5@CG C6>9H=JCGD@5BH958CG
B @5 H9F79F5 G9 G9_5@5B @5G 9GHF5H9;=5G M A9HC8C@C;]5 9AD@9585 9B @5 9@56CF57=`B 89@
8C7IA9BHC
%5 7I5FH5 :5G9 G9 A=89 9 =BH9FDF9H5B @5 J5F=56@9 7I5@=H5H=J5
%5 EI=BH5 :5G9
7CBH=9B9@CGF9GI@H58CG89@5=BJ9GH=;57=`B 9B@5G9LH5G9DF9G9BH5B 7CB7@IG=CB9G 9B@5
G\DH=A5G9D@5BH95BF97CA9B857=CB9G
B@5 a@H=A5:5G9 G9 AI9GHF5IB5 G9F=989:I9BH9G
6=6@=C;F5:]5G7CBGI@H585G 8IF5BH99@DFC79GC89=BJ9GH=;57=`B
58CEI99@5B[@=G=G89H9B=8C89@5G75F57H9F]GH=75GGC7=C89AC;F[:=75GM7I@HIF5@9G89IB5
DC6@57=`B9G89J=H5@=ADCFH5B7=5 9B@CGDFC79GCG G5B=H5F=CGG9 C6G9FJ` EI9 @5A5MCFD5FH9
89@5DC6@57=`B9B9GHI8=C9G58I@H57CBIB89D9FGCB5GEI9DCG99B9BHF9 M
5_CGG9;I=8C89@ 7CB98589G9BHF9 M9@ H=9B989 5 9@ 89
5_CG5A5G9@ 895H5A6=\B9L=GH9IB 7CB98589GEI9CG7=@5B9BHF9M
@5 F9@=;=`B EI9 A[G DF98CA=B5 9G @5 75H`@=75 7CB IB G9;I=8C 89@ 89
9J5B;\@=7CG D9FC <5M H5A6=\B IB EI9 BC D9FH9B979 5 B=B;aB ;FIDC F9@=;=CGC
9B
7I5BHC 5 @5 9G7C@5F=858 89 9GHCG 9@ 7IFGC @CG 9GHI8=CG DF=A5F=CG 9@ @@9;C 5
G97IB85F=5589A[G89@ EI9:I9FCB5@:569H=N58CGG=B9A65F;C9@ BCG569@99FB=
9G7F=6=F G=9B8C @CG 5@HCG B=J9@9G 89 65>5 9G7C@5F=858 IB :57HCF =ADCFH5BH9 9B @CG
89H9FA=B5BH9G89@5G5@I8
@89@5DC6@57=`B 9B:9FAC9B@CGa@H=ACG8CG5_CG89@C
7I5@9@89@CG75GCGGCB AI>9F9G 9B7CAD5F57=`B 7CB9@ D9FH9B97=9BH95@G9LC
A5G7I@=BC7IMCA5F;9B898=:9F9B7=5 9BG5@I89GBCH56@99BHF95A6CG;\B9FCG 5G] A=GAC
<5MIB5BCH56@98=:9F9B7=59B9@F=9G;C 89D58979F9B:9FA98589GC HF5GHCFBCGDFC8I7=8CG
DCF GIGH5B7=5G 89DF9GCF5G DI9GHC EI9 9@ 89 @CG <CA6F9G 7CBGIA9 5@;aB H=DC 89
8FC;5G G=B 9A65F;C 9@ ;\B9FC :9A9B=BC 5@75BN5 GC@C IB
GHCG :57HCF9G =B<=69B 9@

9EI=@=6F=C89G5@I8899B@5 7CAIB=858 DCF 9B89 <579BDF97=GC IB9GD97=5@9B:CEI9 9B@5G
:CFA5G 89J=J9B7=5G89 7585GI>9HC 9BF9@57=`B7CBGI;F58C896=9B9GH5F:]G=7CMA9BH5@
& &%

7CBH=BI57=`B G99BHF9;5IB5G9F=9899GHI8=CGF95@=N58CG5B=J9@B57=CB5@9=BH9FB57=CB5@
F9GD97HC5@CG89H9FA=B5BH9GGC7=5@9G89@5 G5@I87CACJ5F=56@989D9B8=9BH9
&=B=GH9F=C 89 ,5B=858 CBGIAC M =9B9GH5F ,C7=5@ =B:CFA5 EI9 RR%5G 7F=G=G

97CBÀ=75G GIDCB9B F=9G;CG D5F5 @5 G5@I8 89 @5 DC6@57=`B 5@H9F5B8C @CG F97IFGCG
8=GDCB=6@9GD5F5@59>97I7=`B89DC@]H=75GDa6@=75G=B7@IM9B8C@5GG5B=H5F=5G89GHFIM9B8C
9AD@9CF98I7=9B8C@5GF9BH5G:5A=@=5F9GM;9B9F5B8CA=;F57=CB9GA5G=J5G
'CC6GH5BH9
BC<5M@9M9GIB=J9FG5@9GGC6F9@5GF9577=CB9G89@5G5@I85BH9@5G7F=G=G97CBÀ=75G858C
EI9 89D9B89B 89@ 7CBH9LHC =BGH=HI7=CB5@ 7I@HIF5@ M GC7=5@ M 89 @5 =BH9BG=858 8IF57=`B M
J9@C7=85889@575]855G]7CAC89@CGH=DCG89F9GDI9GH5GDa6@=75GMGC7=5@9G
)CFH5BHC
@CG9:97HCG89@5G7F=G=G89D9B89B9B;F5BA98=8589@5GDC@]H=75G89DFCH977=`BGC7=5@89
@5F9889G9;IF=85889@GH58C89@=9B9GH5FM89@5J9FH96F57=`B89@5GF989GGC7=5@9GM
:5A=@=5F9G
99GH9AC8C7F=G=GEI9<5BH9B=8C@I;5F9B@CGA=GACG5_CG<5B5:97H58C89
A5B9F58=GD5F58=GH=BHCGD5]G9G9B:IB7=`B89@CG9@9A9BHCGG9_5@58CG
G=A=GACBC9G
:[7=@7I5BH=:=75F@CG9:97HCG89@57F=G=G97CBÀ=75GC6F9@5G5@I8
@CGDFC6@9A5G;9B9F5@9G
89=89BH=:=75F7CBF=;CFF9@57=CB9G8975IG5M9:97HCG95_589BCHFCGDFC6@9A5G9GD97]:=7CG
F9@57=CB58CG7CB@57FCBC@C;]589@57F=G=GM@5GA98=85G89GI=BH9BG=8585G]7CAC89@5
8=GDCB=6=@=858 89 85HCG 9B H=9ADC M :CFA5 5897I58CG D5F5 F95@=N5F @CG 5B[@=G=G
9 @CG
9GHI8=CG F95@=N58CG 9B 8=GH=BHCG D5]G9G GC6F9 5BH9F=CF9G 7F=G=G @CG F9GI@H58CG GCB
GCFDF9B89BH9A9BH97CBHF58=7HCF=CGM9B5@;IBCG75GCG7CBHF5=BHI=H=JCG
BAI7<CG75GCG
@5G7F=G=GG9<5BJ=GHC57CAD5_585G89A9>CF5G9B@5G5@I8DC6@57=CB5@G=6=9B9BCHF5G
C75G=CB9GG9=89BH=:=759@9:97HC7CBHF5F=C
G=A=GACG98969G9_5@5FEI9@CG9:97HCGGCB
5G=A\HF=7CG9B@5DC6@57=`B5:97H5B8CA[G5GI6;FIDCGJI@B9F56@9G7CAC@5G:5A=@=5G7CB
A=9A6FCG 89G9AD@958CG @CG =BA=;F5BH9G @CG B=_CG M @CG 5B7=5BCG
%5 F9J=G=`B 89 @5
@=H9F5HIF5GC6F9@CG9:97HCG89@5F97=9BH97F=G=G<5GH5C7HI6F989 BC<5=89BH=:=758C
IB=AD57HCB9;5H=JCGC6F9@59JC@I7=`B89@59GD9F5BN589J=85B=GC6F9@5ACFH5@=8589B

;9B9F5@G=6=9B9L=GH9DC@\A=75GC6F9@59JC@I7=`B89@5H5G589GI=7=8=CG
BA5H9F=589
G5@I8 5IHCD9F7=6=85 H5ADC7CG989H97H5IB9AD9CF5A=9BHC;9B9F5@G=6=9BG]G9=89BH=:=75B
;FIDCG 7IM5 9JC@I7=`B <5 9AD9CF58C 89G9AD@958CG 9GD97=5@A9BH9 @CG 89 @5F;5
8IF57=`BMAI>9F9GG=B9GHI8=CG
RR
B@CG9H9FA=B5BH9G,C7=5@9G89@5,5@I8 CA]B;I9N ,5BH5A5F]5 D

EI9D@5BH95
EI9
%5G75IG5G89@5G89G=;I5@8589GGC7=5@9GG9 G=Ha5B 9B @58=GHF=6I7=`B89G=;I5@9B9@

AIB8C M9B@CG 9GH58CG 89 DC89F@CG =B;F9GCG @CG6=9B9GM@CG G9FJ=7=CGM DCF@C
7CBG=;I=9BH9=B>IGH=75GEI95:97H5B5@5G7CB8=7=CB9G89J=8589 @5GDC6@57=CB9G89
:CFA5=BA98=5H5MJ=G=6@9 5779GC5@55H9B7=`B G5B=H5F=5 9G7C@5F=N57=`B 98I757=`B
7CB8=7=CB9G 89 HF565>CM H=9ADC@=6F9 J=J=9B85 7CAIB=8589GDI96@CGC7=I8589GM
@5 DCG=6=@=85889H9B9F IB5 J=85 DFCGD9F5
9GH575 EI9 e@5 9B:9FA9F]5 7CAIB=H5F=5
H=9B9IB5F9GDCBG56=@=858=ADCFH5BH99B9GH5J=G=`B89@5G5@I87CB8=7=CB585DCF@CG
89H9FA=B5BH9GGC7=5@9G89@5G5@I8,,
GH5 79F75B55@CGIGI5F=CG895H9B7=`B
DF=A5F=5 9GF9GDCBG56@989CF;5B=N5F57H=J=8589G7CAIB=H5F=5GF95@=N5F98I757=`B
D5F5@5G5@I8MD5FH=7=D5F 9B@5GDC@]H=75G@C75@9G
-5@7CAC58I79 I5FB9FCG D

G9<59J=89B7=58CEI9@CG89H9FA=B5BH9GGC7=5@9G
89@5G5@I8H=9B9B=B:@I9B7=58=F97H59BJ=8589@5GD9FGCB5G=B7@IM9B8CGIG5@I89G 5G]
EI9 @5 7C@CB=5 @ 9FA=H5_C DF9G9BHC J5F=CG :57HCF9G B9;5H=JCG 9B GI 65FF=C 75F9B7=5
97CBÀ=75 @5 7I5@ =B:@IM9 9B 9@ 7CGHC 89 G9FJ=7=CG 89 G5@I8 89 75@=858 7CBH5A=B57=`B
5A6=9BH5@ DF=B7=D5@A9BH9 <979G 9B @5 J]5 Da6@=75 @C EI9 DFCJC75 8=GH=BH5G =B:977=CB9G
89@=B7I9B7=5M8FC;58=77=`B:57HCF9GEI9C75G=CB5BFC6CGM@9G=CB9GCAI9FH9GDCF57HCG
89J=C@9B7=589BHFC89@57CAIB=858
99GH9 A=GACAC8CG9<5B<97<C9GHI8=CG89F9@57=`B9BHF99H9FA=B5BH9G ,C7=5@9G89

@5,5@I8M9@9A65F5NC9B@558C@9G79B7=5H5@9G9@F95@=N58C DCF/9@[GEI9N )5;I585
D
9GH56@97=9B8CEI9 e@CG ,, EI9DF9J5@97=9FCB9BGI9GHI8=C :I9FCB89G9F7=`B 9G7C@5F
IB=`B @=6F9 5A5G 89 75G5G 65>C B=J9@ 5758\A=7C =B=7=C H9ADF5BC 89 @5G F9@57=CB9G
G9LI5@9GMGC@CIBH9F7=C<=GCIGC89 @CGG9FJ=7=CG89G5@I8f
B @CG DF=B7=D5@9G 89H9FA=B5BH9G GC7=5@9G 5GC7=58CG 5 @5 ACFH5@=858 A5H9FB5G 9B 7=B7C
,"%",89 '=75F5;I589@ 899B9FC5@ 898=7=9A6F9 !9FF9F5
D
5@9;5EI9
@CG DF=B7=D5@9G 89H9FA=B5BH9G 5GC7=58CG 5 AI9FH9G A5H9FB5G 9B '=75F5;I5

C7IFF=85G9B@CG,"%",89#=BCH9;5 &5H5;5@D5<CBH5@9G+' M +,89 9B9FC
58=7=9A6F989@ :I9FCB 9@9GH58C89G5@I8DF9J=C89@5;9GH5BH9(+ )

8IF5BH9 @5 9JC@I7=`B 89@ 9A65F5NC (+
)
5G] 7CAC 9@
5779GC 5 @CG G9FJ=7=CG 89 G5@I8
H5A6=\B =B:CFA5 EI9 CHFCG :57HCF9G :I9FCB
9GHFI7HIF5@9G @CG 7I5@9G 9B:F9BH5B @5G AI>9F9G D5FH=7I@5FA9BH9 @5G EI9 9J=H5B 9B
NCB5G FIF5@9G 9G@5@9>5B]589@CGG9FJ=7=CG89G5@I8DCF@CEI99@:57HCF8=GH5B7=5:I9
89H9FA=B5BH9 D5F5 @5 ACFH5@=858 (+
)
5G] 7CAC @5 :5@H5 89
7CBHFC@9G DF9B5H5@9GM @55H9B7=`B8CA=7=@=5F89@D5FHC
(HFC 9GHI8=C F9@57=CB58C 9G 9@ 89 @CF9G D

EI=9B 5@9;5 EI9 @5 A58F9
58C@9G79BH9GC@5MG=B5DCMCF9:I9FN5@57CB8=7=`BGC7=5@65>589@5AI>9F MGI89D9B89B7=5
H=9B9A[G8=:=7I@H58897CBG9;I=F=B;F9GCG5897I58CGD5F5A5BH9B9FG95G]A=GA5MD5FGI
<=>C @5G DCG=6=@=8589G 97CBÀ=75G GCB @=A=H585G M5 EI9 BC <5B C6H9B=8C H=9ADC D5F5
5DF9B89F5@;aBC:=7=CC58EI=F=F98I757=`B:CFA5@589A[GBCGC@CDFC8I79IBB=_C5@7I5@9G
DC7CDCG=6@9EI9@9DI985DFCJ99F5H9B7=`B89G5@I898I757=`B6[G=75G=BCEI9H5A6=\B
D9FD9HI5IB9GEI9A589DC6F9N5EI9F9D9F7IH99B9@89G5FFC@@C=BH9;F5@899GHCGB=_CG
9B@5A98=85EI9@5A58F9BCH9B;55DCMCGC7=5@M :5A=@=5F9GGIA5A9BH9@=A=H58C
B9@5B[@=G=G89@5 G=HI57=`B 89G5@I8MF97CA9B857=CB9GD5F59@89G5FFC@@CG5B=H5F=C89

'=75F5;I5 %5(),8=7=9A6F9D
BCH=:=75EI9eG98C7IA9BH5 @5 F9@57=`B 9BHF9
@CG 89H9FA=B5BH9G GC7=5@9G89@5G5@I8 89@5DC6@57=`BB=75F5;b9BG99GD97=5@A9BH989@5G
89G=;I5@8589GGC7=C 97CBÀ=75G GC6F9@5G5@I889 @CG=B8=J=8ICG
,9 89AI9GHF5 7CAC@CG
DFC6@9A5G89G5@I8G98=GHF=6IM9B89A5B9F589G=;I5@9=B>IGH55:97H5B8C9GD97=5@A9BH9
5 @CG A[G DC6F9G M 5 EI=9B9G DCF F5NCB9G ;9C;F[:=75G G9 9B7I9BHF5B 9L7@I=8CG 89@
89G5FFC@@Cf
B@57CAIB=858 89 &5B7CH5@ 9@89G5FFC@@C89@5G5@I8 Da6@=75 <5H9B=8C Aa@H=D@9G 9B:CEI9G

5D5FH=F89@CG@=B95A=9BHCG89@CGG=GH9A5G89G5@I8 @5 7CAIB=858 @5:5A=@=5M9@ =B8=J=8IC
,=B 9A65F;C BC9L=GH9B8C7IA9BHCG=BJ9GH=;5H=JCGGC6F99GH5 H9A[H=75 MG=6=9B@CG<5M

BC9GH[B56=9FHCG5@ Da6@=7C G=9B8C9GH5@5DF=A9F5=BJ9GH=;57=`BEI9G9 F95@=N5 MDCF @CEI9
9GB979G5F=C9@7CBH57HC 8=F97HC 7CB@5 DC6@57=`BA=GA5D5F5 @5F97C@977=`B8985HCGMGI
DCGH9F=CF 5B[@=G=G HCA5B8C 7CAC DIBHC 89 D5FH=85 @5 I6=757=`B ;9C;F[:=75 M @CG
7CBC7=A=9BHCG9AD]F=7CG 89@5G 7CB8=7=CB9GG5B=H5F=5GM@5G=HI57=`B89G5@I889@@I;5F
&$"! ! ! &)&!

%&'!
GH5 =BJ9GH=;57=`BG9G=Ha59B@5DC6@57=`B89@G97HCF,5BH5%I7=5 c %5GEI96F585GM5@C
@5F;C899GH5GDF=A9F5GD[;=B5G9DF9G9BH5F59@7CBH9LHC9B9@EI9G9@C75@=N5F97CFF9F9ACG
@CG 9@9A9BHCG A[G ;9B\F5@9G EI9 GCB @5G 7=F7IBGH5B7=5G GC7=C97CBÀ=75G DC@]H=75G
9GHFI7HIF5@9G 9 =BH9FA98=5G EI9 5:97H5B @5G 9G:9F5G 89 G5@I8 H5@ 7CAC @CG =B;F9GCG @5
98I757=`B9@;\B9FC@5C7ID57=`B@57@5G9GC7=5@589A[G89@5G7=F7IBGH5B7=5GA5H9F=5@9G
9@7CADCFH5A=9BHC89@CG=B8=J=8ICG9B@5GC7=9858M@CG:57HCF9G 6=C@`;=7CG
B@5DF=A95
9H5D5 G9 <579 IB5 DF9G9BH57=`B 6F9J9 89@ 9B:CEI9 89@ 9GHI8=C G9 <56@5 89 @5G
9LD97H5H=J5GD@5BH9585GDCF9@;FIDC=BJ9GH=;58CFG9;I=8C89IB5;5@9F]589=B:CFA57=`B
F9@9J5BH9 EI9 :CFA5 IB5 65G9 :IB85A9BH5@ 9@ D5F5 @5 7CADF9BG=`B 89 @CG :9BÀ9BCG
=BJC@I7F58CG9B75ADC89577=`BG9AI9GHF5@CGA\HC8CGM9GHF5H9;=5G9AD@9585GD5F5
5@75BN5F @CG C6>9H=JCG
-5A6=\B G9 89G7F=69B @5G J5F=56@9G EI9 85B F9GDI9GH5 5 @5G
8=:9F9BH9G=BH9FFC;5BH9GEI99A5B5B89@56CF85>989@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8
@5=BH9FDF9H57=`B89@CG85HCG:=B5@A9BH9G9_5@5ACG@CG5GD97HCGGC6F9G5@=9BH9G9BHC8C
GIDFC79GC

( !&(!%
!&(! $
B5@=N5F @5 5:97H57=`B 89 @CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 M 9@ 6=9B9GH5F 9B @5
DC6@57=`B 89@ G97HCF ,5BH5 %I7=5 %5G EI96F585G 89 @5 7CAIB=858 89 &5B7CH5@
89D5FH5A9BHC89#=BCH9;59B9@D9F=C8C89@"HF=A9GHF989@5_C
!&(!%%"E!%
9H9FA=B5F @5G 75F57H9F]GH=75G GC7=C89AC;F[:=75G 89 @5 DC6@57=`B 9B 9GHI8=C D5F5
58EI=F=FIB565G98985HCG
"89BH=:=75F @5G 5:97H57=CB9G 8=F97H5G 89 @CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8
A98=5BH9@5F97CD=@57=`B 89=B:CFA57=`BF9@9J5BH9
"BH9FDF9H5F@5=B:CFA57=`BC6H9B=8589@;FIDC899GHI8=CD5F5DF9G9BH5FF9GI@H58CG

( "$' & &$ (%&H
B'C% %! !% &$ &% %!% %' #'

&!"!J %&!$% &' %#'$%
!' !&"$& &! !& "$!!
&$%&$F!

CAC 9B HC85GD5FH9G 89@AIB8C9B9@ G97HCF ,5BH5%I7=5 @5G D9FGCB5G 7I@HIF5@A9BH9

75F9BH9G H=9B9BA9BCG5779GC5@CGF97IFGCGG5B=H5F=CG6[G=7CGM5@G=GH9A589G5@I89B
GI 7CB>IBHC 9G 5G] 7CAC 9B:9FA5B M AI9F9B 7CB A5MCF :F97I9B7=5 EI9 5EI9@@CG EI9
D9FH9B979B 5;FIDCGEI9C7ID5BDCG=7=CB9GGC7=5@9GA[G DF=J=@9;=585G 9GHCG9<579A[G
7F]H=7C9B5@;IBCG89@CG;FIDCGA[G JI@B9F56@9G
GH5G =B9EI=8589GG9A5BH=9B9B 5D9G5F
89 EI9 BIB75 5BH9G <5B 9L=GH=8C 9B 9@ AIB8C @5G @CG 7CBC7=A=9BHCG M @5 G9BG=6=@=858 9
=BH9F\GDCF@CGH9A5GEI95H5_9B5@5G5@I87CAC9B@557HI5@=858
%5 A5MCF D5FH9 89 @CG DFC6@9A5G 89 G5@I8 G9 DI989B 5HF=6I=F 5 @5G 7CB8=7=CB9G
GC7=C97CBÀ=75G89@5GD9FGCB5G
,=B9A65F;C5D9G5F89@5G DC@]H=75G89G5@I8 =ADI@G585
DCF9@;C6=9FBC57HI5@ <5B DF98CA=B5B8C@5G9B:9FA98589G M @CGDFC6@9A5GG5B=H5F=CGG9
<5B A5BH9B=8C M @5G =B9EI=8589G 9B G5@I8 M 5H9B7=`B <5B 5IA9BH58C
9BHFC 89 @5G
H9A[H=75G 9GHI8=585G DCF @5 GC7=C@C;]5 G9 9B7I9BHF5 5EI9@@5 EI9 =BJ9GH=;5 @5 G5@I8 M @5
9B:9FA9858G9;aBGIG7CB8=7=CB9GGC7=5@9G
B 9GH975GC BCG9HF5H589@CEI9<579C
89>589<579FIB=B8=J=8ICG=BC89@5G7CB8=7=CB9G9B@5GEI99G5D9FGCB5G99B7I9BHF5
@CEI989H9FA=B5@5G5@I8M@59B:9FA9858

( '%&!
CAC=BJ9GH=;58CF 89@5 .B=J9FG=858 &5FH=B%IH9FC.&%<9 DF97=G58C56CF85F9@H9A5
e-"(' %(,-+&"''-,,("%,%,%.'%)(%"('
%,-(+,'-%." c %,*.+, %(&.'"&'(-%
)+-&'-(#"'(- '%)+"((%)+"&+-+"&,-+%X(
f H9B=9B8C 9B 7I9BH5 9@ D9FH=B9BH9 9B:CEI9 EI9 <5B H9B=8C @5G DC@]H=75 89 G5@I8
Da6@=75 =ADI@G585G DCF 9@ G=GH9A5 89 ;C6=9FBC G5B8=B=GH5 9B @5G a@H=A5G 8\7585G 89
57I9F8C7CB@5@9M89G5@I8 EI9H=9B9DCFC6>9HCHIH9@5F9@89F97<CEI9H=9B9HC85D9FGCB5
89 8=G:FIH5F 7CBG9FJ5F M F97ID9F5F GI G5@I8 9B 5FACB]5 7CB @C 9GH56@97=8C 9B @5G
8=GDCG=7=CB9G @9;5@9G M BCFA5G 9GD97=5@9G H5A6=\B H9B=9B8C 9B 7CBG=89F57=`B 9@
=ADCFH5BH95J5B79EI9<5 H9B=8C 9@&C89@C89,5@I85A=@=5FMCAIB=H5F=C &(, 9B
9@G97HCFFIF5@ MDF=B7=D5@A9BH95@9GH=A5F@5G8=:9F9B7=5G89G5@I8M6=9B9GH5F9BHF9@CG
<56=H5BH9G 898=7<57CAIB=858
%5 9B:9FA9F]5 7CAIB=H5F=5 9B75F;585 89 DFCJ99F G9FJ=7=CG 89 G5@I8 9B @5 NCB5 FIF5@
89G9AD9_5 IB5:IB7=`B7FI7=5@5@5<CF5895AD@=5F9@5779GC5@5G5@I89BD5FH=7I@5F9B
DFCAC7=`B89@5 G5@I8 @5DF9J9B7=`B89@5G 9B:9FA98589G G=B89>5F5 B58=9 @C7I5@BCG
ACH=J`5@@9J55756C9GH5=BJ9GH=;57=`B G=9B8C 89BI9GHF5 HCH5@=B7IA69B7=5=BJ9GH=;5FM
7CBC79F 5EI9@@CG DFC6@9A5G EI9 DCB9B 9@ F=9G;C @5 G5@I8 89 @5G D9FGCB5G M 5 @5 J9G
:CFH5@979FBI9GHFCG7CBC7=A=9BHCG7CACDFC:9G=CB5@9GG5B=H5F=CG
99GH5 A5B9F5 9@ 9GHI8=C J5 8=F=;=8C57CBC79F@5 G=HI57=`B 89G5@I889@57CAIB=858M

5EI9@@CG:57HCF9G89H9FA=B5BH9EI9=B:@IM9B9@@C 89A5B9F58=F97H5C =B8=F97H5 BCG85@5
D9FGD97H=J5 B979G5F=5 D5F5 DCB9F 9B 7CBH9LHC M 9B:C75F @CG DFC6@9A5G 5GC7=58CG 5 @5G
8=:9F9B7=5G G5B=H5F=5G 9B @C EI9 9EI=J5@9 5 BI9GHF5G 75D57=8589G M FC@ 9B 9@ G=GH9A5 89
G5@I8
GH9HF565>C;9B9F5 9GD97=5@A9BH99B 9@ D9FGCB5@ 89G5@I8MCF;5B=GACG89:CA9BHC
89@ 89G5FFC@@C GC7=5@ M HC85G 5EI9@@5G D9FGCB5G EI9 8=GDCB;5B 89 9GH9 8C7IA9BHC IB5
J=G=`B7@5F59=BH9;F5@89@5=B:@I9B7=5EI9H=9B9B @CG 89H9FA=B5BH9G GC7=5@9G 89 @5G5@I8M9@
6=9B9GH5F 9B75A=B58C 5 A9>CF5F @5 5H9B7=`B 9B 5EI9@@CG G97HCF9G DC6@57=CB5@9G A[G
JI@B9F56@9G

( &! %
IF5BH99@ DFC79GC=BJ9GH=;5H=JC BCG9DF9G9BH5FCB @=A=H57=CB9G 5@ACA9BHC895D@=75F@CG

=BGHFIA9BHCG 896=8C5EI9@5 DC6@57=`B G9 ACGHF`7C@56CF58CF55@ 6F=B85F@5=B:CFA57=`B
DCF @C H5BHC G9 7IAD@=` 7CB @5G BCFA5G 89 =BJ9GH=;57=`B 9GH56@97=85G G=B DFC6@9A5G
G=;B=:=75H=JCG9B HC85GGIG9H5D5G
%CEI9:57=@=HC@5=BH9FDF9H57=`B89@CG85HCG M9@@C;FC89
@CGC6>9H=JCGD@5BH958CG

( %'"'%&!%C%!% (%&J

TI[@9GGCB@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8EI9<5B5:97H58C5@5DC6@57=`B
89@G97HCF,5BH5%I7=5 %5GEI96F585G89@57CAIB=85889&5B7CH5@89D5FH5A9BHC
89#=BCH9;59B9@D9F=C8C89@"HF=A9GHF989@5_C

TI[@9GGCB@5G75F57H9F]GH=75GGC7=C89AC;F[:=75G89@5DC6@57=`B9B9GHI8=C

TI[@9GGCB@5G5:97H57=CB9G8=F97H5G89@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8

TI[@9G9G@5"BH9FDF9H57=`B89@5=B:CFA57=`BC6H9B=8589@;FIDC899GHI8=C

) &!$%&%*"&$! %$ &%
(%&!
/5F=56@9 9:=B=7=`B "B8=758CF9G G75@589 "BGHFIA9BHCG
/5@CF9G
9H9FA=B5F @5G 5F57H9F]GH=75G 858 c B7I9GH5
c
75F57H9F]GH=75G GC7=C89AC;F[:=75G GCB 9@
c
GC7=C89AC;F[:=75G89@5 7CB>IBHC 89 75F57H9F]GH=75G c
c
DC6@57=`B 9B 9GHI8=C 6=C@`;=75G
c
D5F5 58EI=F=F IB5 65G9 GC7=C97CBCA=7C7I@HIF5@9G EI9 5A5G
8985HCG
9GH[B DF9G9BH9 9B @5 DC6@57=`B
,9LC &5G7I@=BC B7I9GH5
GI>9H5 5 9GHI8=C HCA5B8C
9A9B=BC
5EI9@@5G EI9 DI985B G9F
GH58C7=J=@ ,C@H9FC
A98=6@9G
5G58C B7I9GH5
7CAD5_58C
+9@=;=`B 75H`@=75 B7I9GH5
J5B;\@=75
(HF5G
5F57H9F]GH=75G ,9 @@5A5 57H=J=858 97CBÀ=75 5 (7ID57=`B B7I9GH5
GC7=C97CBÀ=75G 7I5@EI=9F57H=J=858@56CF5@8CB89
'=J9@5758\A=7C )F=A5F=5 B7I9GH5
G9 ;9B9F5 9@ =BH9F75A6=C 89
,97IB85F=5
DFC8I7HCG 6=9B9G C G9FJ=7=CG
.B=J9FG=H5F=C
D5F57I6F=F@5GB979G=8589G89@5
@:569H=N58C
DC6@57=`B
AD@9C G5@5F=58C
-F565>CDFCD=C

%5G5@I89GIB9GH58C89 T!5GI:F=8C89
CB8=7=`B89G5@I8 7CAD@9HC6=9B9GH5F:]G=7CA9BH5@ 5@;IB5 TI[@ 9B7I9GH5
MGC7=5@MBCGC@5A9BH9@5 9B:9FA98589B@CG
5IG9B7=5895:977=CB9GC a@H=ACG8CG5_CG
9B:9FA98589G
T-=9B95@;IB5 ,=
9B:9FA9858C 'C B7I9GH5
7CB8=7=`B
<9F98=H5F=5
TCBGIA95@;aB ,=
H=DC898FC;5G 'C B7I9GH5
TCBEI9
:F97I9B7=5H9 B7I9GH5
<579GIB7<9EI9C
A\8=7C
TEI\IB=85889 9BHFC89G5@I8 B7I9GH5

G5@I857I89G !CGD=H5@
7I5B8C9B:9FA5G @]B=75
DF9J=G=CB5@
@]B=75DF=J585
B;9B9F5@TÀC B7I9GH5
9J5@I5F]5GI
G5@I8
5HCGGC7=CDC@]H=7CG9B %5GC7=C@C;]5DC@]H=75G9 T.GH987F99EI9@5 B7I9GH5
G5@I8 DF9C7ID5DCF9@5B[@=G=G G=HI57=`B
GC7=C@`;=7CM:9BÀ9BCG GC7=CDC@]H=7589@
DC@]H=7CGEI9J5B89G899@9GH58C D5]G=B:@IM99B@5
M@5GC7=98587=J=@<5GH5@5 G=HI57=`B89G5@I8
:5A=@=5=BJ9GH=;5B8CH9A5G7CAC 89@57CAIB=858
@57=I8585B]5@CGACJ=A=9BHCG
T@;IB5J9N@9 ,= B7I9GH5
GC7=5@9G
<5B7C6F58CDCF 'C
GI5H9B7=`B9BIB5
=BGH=HI7=`B89G5@I8
Da6@=75

T+97=695@;aB
69B9:=7=C89@CG B7I9GH5
DFC;F5A5G
=ADI@G58CGDCF9@
&"',9B@5
7CAIB=858
) "$%"&(&H$
;<+.7 ./4+:</ GH5=BJ9GH=;57=`BH=9B99@9GH58C89@5FH989BHFC89@CG5BH97989BH9G
M 9@ A5F7C H9`F=7C EI9 :I9 @C EI9 8=C :IB85A9BHC 5@ HF565>C 5 HF5J\G 89 @5 F9J=G=`B 89
8=:9F9BH9G:I9BH9G6=6@=C;F[:=75GM9GHI8=CGACBC;F[:=7CG8CB89G9D@5GA5@5=B:@I9B7=5EI9
H=9B9B @CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 9B @5G DC6@57=CB9G <IA5B5G H9B=9B8C 9B
7I9BH5@5F9@57=`B899GHCG7CB8=:9F9BH9G7I@HIF5GM9GH=@CG89J=85GDFCD=CG8975859GHF5HC
5G]7CAC9@7CADCFH5A=9BHC897585=B8=J=8IC9BHCFBC5@5A6=9BH99B 9@EI9G989G5FFC@@5
M G9 89G7F=69B @CG 8=:9F9BH9G :57HCF9G EI9 5:97H5B 9@ 9EI=@=6F=C 89 G5@I8 589A[G 89 @5G
F9GDI9GH5G89@G=GH9A5G5B=H5F=C5BH99GHCG

) !! %&!
:97H57=CB9G89H9FA=B5BH9GGC7=5@9G89@5G5@I89B@5DC6@57=`B89@ ;/-<7:;+6<+4=-3+ 4+;

9=/,:+.+; ./ 4+ -75=63.+. +6-7<+4 89D5FH5A9BHC 89 #=BCH9;5 9B 9@ D9F=C8C 89 @
HF=A9GHF989@5_C

"&'!
"$%"&(&H$%'
$!&!$!
76-/8<=+43A+-3O6

/</:536+6</ *I97CBGH=HIM9@575IG5EI989H9FA=B5C897=895@;CEI9G97CBG=89F5
=ADCFH5BH9

%+4=.;/1P64+!%GIB9GH58C897CAD@9HC6=9B9GH5F:]G=7CA9BH5@ MGC7=5@MBC
GC@5A9BH9@55IG9B7=5895:977=CB9GC 9B:9FA98589G

3/6/;<+: GH58C89@5D9FGCB57IM5G7CB8=7=CB9G:]G=75GMA9BH5@9G@9DFCDCF7=CB5B
IBG9BH=A=9BHC89G5H=G:577=`BM HF5BEI=@=858

"7,:/A+ ,=HI57=`B 9B @5 7I5@ BC 9G DCG=6@9 G5H=G:579F @5G B979G=8589G :]G=75G M
DG=7C@`;=75G 6[G=75G 89 IB5 D9FGCB5 DCF :5@H5 89 F97IFGCG 7CAC @5 5@=A9BH57=`B @5
J=J=9B85@598I757=`B@55G=GH9B7=5G5B=H5F=59@5;I5DCH56@9C@59@97HF=7=858

.=-+-3O6 CFA57=`B 89GH=B585 5 89G5FFC@@5F @5 75D57=858 =BH9@97HI5@ ACF5@ M
5:97H=J589@5GD9FGCB5G8957I9F8C7CB@57I@HIF5M@5G BCFA5G897CBJ=J9B7=589@5
GC7=98585@5EI9D9FH9B979

L6/:7 CB>IBHC89D9FGCB5GC7CG5GEI9H=9B9B75F57H9F]GH=75G 7CAIB9G

/571:+0M+ GHI8=C 9GH58]GH=7C 89 @5G DC6@57=CB9G <IA5B5G G9;aB GI
9GH58CM8=GHF=6I7=`B9BIBACA9BHC89H9FA=B58C
%7-37471M+ GHI8=C 89 @5G GC7=98589G <IA5B5G M 89 @CG :9BÀ9BCG F9@=;=CGCG
97CBÀ=7CG5FH]GH=7CG 9H7EI9 C7IFF9B9B9@@5G
+:+-</:M;<3-+; I5@=858=7=F7IBGH5B7=5EI99GDFCD=589IB5D9FGCB5CIB57CG5 M

DCF@57I5@G989:=B9CG98=GH=B;I989CHF589GIA=GA59GD97=9

%3;</5+./;+4=./6 3-+:+1=+
%5 (F;5B=N57=`B )5B5A9F=75B5 89 @5 ,5@I8 D

=B:CFA5 EI9 P9B
'=75F5;I57CBH5657CBIB5DC6@57=`B89

<56=H5BH9G)/89@CG
7I5@9G9@GCB<CA6F9GM9@AI>9F9G9@HCH5@89@5DC6@57=`BIB
F9G=899B9@[F95IF65B5M9B9@)57]:=7C
@
89@HCH5@89DC6@57=`B89@
D5]G G9 5IHC =89BH=:=75 7CAC D9FH9B97=9BH9 5 IB 89H9FA=B58C DI96@C =B8];9B5 C
7CAIB=858\HB=75
957I9F8C7CB@CGHF9Ga@H=ACG79BGCG'=75F5;I5F98I>CGIH5G5
897F97=A=9BHCDC6@57=CB5@899B9@D9F]C8C 5 9BHF9
%5 9GD9F5BN589J=855@B579FD5F59@D9F]C8C G9<5=B7F9A9BH58C
9B
5_CG 89G89 9@ EI=BEI9B=C 5BH9F=CF 9GH=A[B8CG9 9B
5_CG
%5G
9B:9FA98589G89@G=GH9A57=F7I@5HCF=C@5G75IG5G9LH9FB5GMHIACF9GGCB@5GHF9G
DF=A9F5G75IG5G89AI9FH9
)9FG=GH9B5@H5GH5G5G89ACFH5@=858A5H9FB59=B:5BH=@M
89ACF6=@=8589GD97=:=75DCF9B:9FA98589GHF5BGA=G=6@9G8=5FF9=75GF9GD=F5HCF=5G
89HF5BGA=G=`BG9LI5@/"!,"M89HF5BGA=G=`BJ97HCF=5@
)CFCHFC@58CH=9B895
=B7F9A9BH5FG9@5ACF6= ACFH5@=858DCF9B:9FA98589G7F`B=75GM75IG5G9LH9FB5G
%5DC6F9N59G9@DF=B7=D5@89H9FA=B5BH9GC7=5@89@9GH58C89G5@I889@5DC6@57=`B
B=75F5;b9BG9
'=75F5;I5 G=;I9 G=9B8C 9@ G9;IB8C D5]G A[G DC6F9 89 A\F=75
%5H=B5
,99GH=A5EI9@5DC6F9N5;9B9F5@9B'=75F5;I59B9@5_C:I989@

M@5DC6F9N59LHF9A589@

@
89@5DC6@57=`B9B985889HF565>5F9GH[
57H=J59B9@A9F758C89HF565>C
%5%9M 9B9F5@89,5@I89GH56@979EI9@5F97HCF]5
89@,97HCF7CFF9GDCB895@&=B=GH9F=C89,5@I8&"',9@ 7I5@9GH[9B75F;58C89

7CCF8=B5F CF;5B=N5F GID9FJ=G5F =BGD977=CB5F 7CBHFC@5F F9;I@5F CF89B5F M J=;=@5F
@5G577=CB9G89G5@I8
@)@5B'57=CB5@89,5@I8 9GH56@9797CBA5MCF
DF97=G=`B@CG5@75B79G89@5)C@]H=75'57=CB5@89,5@I8
%5%9M 9B9F5@89,5@I8M
GI +9;@5A9BHC 9GH56@979B @CG 8=J9FGCG F9;]A9B9G M D@5B9G EI9 ;5F5BH=N5B @5
7C69FHIF5M5779GC5@CGG9FJ=7=CG89G5@I8
@&"',9G9@CF;5B=GACF9GDCBG56@9
89 ;5F5BH=N5F 9@ 5779GC 89 @5 DC6@57=`B 5 @CG 8=:9F9BH9G F9;]A9B9G M DFCH9;9F 9@
89F97<C89@CGIGI5F=CG59GH5F=B:CFA58CGM5F97=6=FIB55H9B7=`B8975@=858
@
&"',9G9@DF=B7=D5@C:9F9BH989G9FJ=7=CG89G5@I89B9@D5]G5HF5J\G89GIF98
89G9FJ=7=CG9B9@DF=A9FMG9;IB8CB=J9@9G895H9B7=`B
%CGG9FJ=7=CGA\8=7CG89@
9>\F7=HC M 89@ &=B=GH9F=C 89 ;C69FB57=`B GCB DF=B7=D5@A9BH9 7IF5H=JCG M DF9GH5B
G9FJ=7=CG 5 GIGA=9A6FCG 57H=JCG M 5 GIG:5A=@=5F9G
-5A6=\B 6F=B85B G9FJ=7=CG 5
5G9;IF58CG5HF5J\G89GIGADF9G5G&\8=75GDF9J=G=CB5@9G&)
%57C69FHIF5
895H9B7=`BDCFD5FH989 @5G=BGH=HI7=CB9GG99GH=A59B&=B=GH9F=C89G5@I8
"',,
5:=@=58CG M :5A=@=5F9G C69FB57=`B M >9F7=HC 9 =BGH=HI7=CB9G
DF=J585G
F5BD5FH989@5DC6@57=`B7CAD@9A9BH5@CGG9FJ=7=CG89&"',7CB
G9FJ=7=CG DF=J58CG M 89@ G97HCF ('
'C HC8CG @CG 5G9;IF58CG 5@ "',, 9GH[B
7I6=9FHCGDCF9@+\;=A9B=BH9;F5@EI9=B7@IM9B:9FA9858M&5H9FB=858G=BCEI9
D5F59@5_C9L=GH9IB
895G9;IF58CG5@"',,EI9aB=75A9BH9H=9B9B
69B9:=7=CG9B9@+\;=A9B89"BJ5@=89N/9>9NM&I9FH9
@ DFC79GC89:CFA57=`B89
+97IFGCG!IA5BCGD5F59@,97HCF,5@I8G9<57989G89=BGH=HI7=CB9G:CFA58CF5G
@5GEI99B;9B9F5@9GH[B65>C@5HIH9@58979BHFCGIB=J9FG=H5F=CGDa6@=7CGMDF=J58CG
@&"',7I9BH57CBIBCBJ9B=CC@97H=JC8CB89G99GH56@979B@CG8969F9GM
89F97<CG 89 @CG AD@958CF9G M AD@958CG ;5F5BH=N5B8C @5 D5FH=7=D57=`B 89 @CG
HF565>58CF9G 5 HF5J\G 89 GIG F9DF9G9BH5BH9G G=B8=75@9G 9B HC8CG @CG DFC79GCG 89
CFAI@57=`B>97I7=`B,9;I=A=9BHCMCBHFC@89@DF9GIDI9GHC
@&"',7I9BH5
7CB IB @=GH58C 89 A98=75A9BHCG 9G9B7=5@9G EI9 G9 F9J=G5 7585 8CG 5_CG M G9
DI6@=75DCFGIBCA6F9;9B\F=7C
@"',,7I9BH57CBIB@=GH58C6[G=7CC6@=;5HCF=C89
A98=75A9BHCGEI9@5G&)8969BDFCJ99F5@CG5G9;IF58CG
@9EI=D5A=9BHC89@
)F=A9F'=J9@89H9B7=`B9G=BGI:=7=9BH9D5F5<579F:F9BH95@5G89A5B85G89@CG
IGI5F=CG 89 9GHCG G9FJ=7=CG
B 9@ ,9;IB8C '=J9@ 89 H9B7=`B 9L=GH9B ;F5J9G
DFC6@9A5G 89 A5BH9B=A=9BHC 89 @CG 9EI=DCG 9L=GH9BH9G M BC G9 7I9BH5 7CB 9@

D9FGCB5@ 5897I58C D5F5 9GH5 H5F95
%5 %9M 9B9F5@ 89 ,5@I8 M GI +9;@5A9BHC
A5B85 @5 =AD@9A9BH57=`B 89@ ,=GH9A5 89 5F5BH]5 89 5@=858
,9 89G5FFC@@5B
5I8=HCF]5GA\8=75GDF9J9BH=J5GM7CFF97H=J5G
G]A=GACG9F95@=N5BB7I9GH5G89
,5H=G:577=`B89@CG.GI5F=CGLH9FBCG89:CFA5D9F=`8=75
B 9@&"',=B=7=`
IBDFC79GC89F9:CFA5H9B8=9BH95HF5BG:CFA5FGIAC89@C89;9GH=`B89@CGG9FJ=7=CG
89G5@I865G58C9B@5F9;=CB5@=N57=`BM@5GI68=J=G=`BDCF[F95G89G5@I8<57=5@CG
,"%",7IM59GHFI7HIF59B;9B9F5@G95>IGH55@58=J=G=`BDC@]H=7C58A=B=GHF5H=J5 5
B=J9@89D5FH5A9BH5@MAIB=7=D5@7CB9L79D7=`B9B@5G8CG+9;=CB9GIH`BCA5G89@
H@[BH=7CM9B8CG89D5FH5A9BHCG
@,"%",7CBGH=HIM9IB5IB=858=BH9FA98=59BHF9
@558A=B=GHF57=`B79BHF5@M@CG9GH56@97=A=9BHCGDFCJ998CF9G89G9FJ=7=CG89G5@I8
%5 D5FH=7=D57=`B 7=I8585B5 9B @5 ;9GH=`B 89@ G97HCF 9G IBC 89 @CG DFC79GCG EI9
J=9B9B 7CBGC@=8[B8CG9 9B 9@ [A6=HC B57=CB5@ 5 HF5J\G 89@ CBG9>C '57=CB5@ 89
,5@I8 D9FC 7CB A5MCF \B:5G=G 9B @CG B=J9@9G @C75@9G
B @CG ,"%", G9 <5B
7CB:CFA58C @CG CBG9>CG 89 ,5@I8 7CB IB ;F58C AIM 8=J9FGC 89 D5FH=7=D57=`B
7=I8585B5 89 57I9F8C 5 @5G 75F57H9F]GH=75G 89 7585 89D5FH5A9BHC C +9;=`B
IH`BCA5 89@ H@[BH=7C M 589A[G G9 7I9BH5 7CB @5 D5FH=7=D57=`B 89 @5G
89@9;57=CB9G 89 @5G 8=GH=BH5G =BGH=HI7=CB9G ;I69FB5A9BH5@9G 89 57I9F8C 5 @C EI9
9GH56@979 @5 %9M 9B9F5@ 89 ,5@I8
D5FH=F 89@ 5_C 7CB 9@ 5G79BGC 89@
C6=9FBC 89 +97CB7=@=57=`B M .B=858 '57=CB5@ G9 J=9B9 =ADI@G5B8C @5
e C69FB56=@=858 9AC7F[H=75f 5 HF5J\G 89 DFC79GCG @9;]H=ACG 89 D5FH=7=D57=`B
7=I8585B5M@5F9GH=HI7=`B89@CG89F97<CG7=I8585BCG@CEI9=AD@=757CBGHFI77=`B
89 IB5 7=I8585B]5 57H=J5
HF5J\G 89 9GH5 G9 DF9H9B89 =ADI@G5F DFC79GCG
DFC:IB8CG 89 75A6=C 9B @5 GC7=9858 D5FH=9B8C 89 @5 HCA5 89 7CB7=9B7=5 89 GI
75D57=858899>9F79F9@DC89FM9@=ADI@GC 89J5@CF9G\H=7CG ACF5@9GEI9@@9J9B5@
89G5FFC@@C<IA5BC=BH9;F5@f
"74M<3-+ 6+-376+4./ ;+4=.

Q

957I9F8C7CB9@G=GH9A589;C6=9FBCEI9<5F9;=8C5@5DC6@57=`BB=75F5;b9BG9
9B@CGa@H=ACG 5_CGG9<5<97<CBCH56@99@;F5B5J5B79EI9<5H9B=8C9@G97HCF

G5@I8 9BA975B=GAC89=B:F59GHFI7HIF5GF97IFGCG<IA5BCGMDFC;F5A5G8=F=;=8CG
5@CG8=:9F9BH9GG97HCF9G89JI@B9F56=@=8589B G5@I8
&"',)
A9B7=CB5
EI9 eG9 <5 :CFAI@58C 9B :IB7=`B 89 @5G B979G=8589G 89 @5G D9FGCB5G :5A=@=5G M
7CAIB=8589GEI9;5F5BH=799@G9FJ=7=C;F5HI=HCMIB=J9FG5@5@CGG9FJ=7=CG89G5@I8
9 =;I5@ A5B9F5 G9 <5 9EI=@=6F58C @5 DF9J9B7=`B M DFCAC7=`B 7CB @5 5H9B7=`B
7IF5H=J5 9B:5H=N5B8C 9B 9@ HF5HC F9GD9HICGC 7[@=8C M <IA5BC EI9 8969 F97=6=F @5
DC6@57=`B 9B @CG G9FJ=7=CG 89 G5@I8 GC6F9 HC8C 9B 7CB8=7=CB9G 89 9EI=858
GC@=85F=858D5FH=7=D57=`BGC7=5@M5779GC5@55H9B7=`B89@5G5@I8
89A[G89@C
5BH9F=CFH5A6=\B9GH[CF=9BH5855@:CFH5@97=A=9BHC5FH=7I@57=`BMHF5BG:CFA57=`B89@
,=GH9A5 '57=CB5@ 89 ,5@I8 9GD97=5@A9BH9 5@ 89G5FFC@@C 89 IB BI9JC &C89@C 89
,5@I85A=@=5FMCAIB=H5F=CG=9B8CGIDIBHC89D5FH=85@57CB79D7=`B=BH9;F5@M
AC89FB5 89 @5 5H9B7=`B 9B G5@I8 7CB 9B:CEI9 89 )FCAC7=`B 89 @5 ,5@I8 M @5
)F9J9B7=`B 89 F=9G;CG 85B8C F9GDI9GH5 5G] 5 @5 7CAD@9>=858 89 @5 G=HI57=`B
9D=89A=C@`;=75 89 @5 DC6@57=`B M @CG 89H9FA=B5BH9G 89 @5 G5@I8 585DH5B8C @5G
=BH9FJ9B7=CB9G 89 G5@I8 5 @5G 75F57H9F]GH=75G ;9C;F[:=75G DC@]H=75G 7I@HIF5@9G M
\HB=75G 89 @5 DC6@57=`B F9G75H5B8C @5 A98=7=B5 DCDI@5F M HF58=7=CB5@
)5F5
;5F5BH=N5F@5=AD@9A9BH57=`BM7IAD@=A=9BHC89@5DF9G9BH9)C@]H=75G989G5FFC@@5F[
IBDFC79GC89ACB=HCF9CM9J5@I57=`BD9FA5B9BH9D5F589H9FA=B5FGI9:97H=J=8589
=AD57HC 9B @5 G=HI57=`B 89 @5 G5@I8 89 @5 DC6@57=`B 5G] 7CAC @CG 5J5B79G 9B @5
ACJ=@=N57=`BD5FH=7=D57=`B7=I8585B589@CGCBG9>CG89@)C89F=I8585BC9B@5
;9GH=`BDa6@=7565G9:IB85A9BH5@D5F5@5HF5BG:CFA57=`BM6=9B9GH5F89HC8CGf
>+6-/;/65+</:3+./;+4=.

&"', c'"+ .)

CAIB=75 EI9e9@ C6=9FBC89+97CB7=@=57=`BM
.B=858'57=CB5@7CB8I7=8CDCF9@DF9G=89BH95B=9@CFH9;5M@57CAD5_9F5
+CG5F=C &IF=@@CJ=BC5F9GH=HI=F9@89F97<C5@5G5@I8;F5HI=H5M8975@=858MD5F59@@C
G9<5H9B=8CEI98CH5F89=B:F59GHFI7HIF575DH5FD9FGCB5@A\8=7CM899B:9FA9F]5
D9FGCB5@89G5@I8M@5:CFA57=`B89@CGA=GACG89=;I5@A5B9F58CH5F899EI=DC
D5F5;5F5BH=N5F7C69FHIF5M5779G=6=@=8585@5DC6@57=`B

@8C7HCF,[9BN5;F9;ÈI9:I97CB9@=B=7=C89@ C6=9FBCG5B8=B=GH5EI9G9
CF;5B=NÌB&C89@C89,5@I85A=@=5FMCAIB=H5F=CEI9<5GH59@ACA9BHC<5B
CF;5B=N58CA=@G97HCF9G5H9B8=8CDCFIB9EI=DC:5A=@=5FM7CAIB=H5F=C7CBGI
6F5NC9LH9BG=JC7CB@5F9889@]89F9G7CAIB=H5F=CG=BH9;F58CGDCFA[G89A=@
A=9A6FCG
7HI5@A9BH9 G9 7I9BH5 7CB <CGD=H5@9G 89 F9:9F9B7=5 B57=CB5@ GCB
<CGD=H5@9GF9;=CB5@9G 89D5FH5A9BH5@9GMDF=A5F=CG
'=75F5;I57I9BH57CB 79BHFCG89G5@I8 A=@DI9GHCG89G5@I8

F957H=J5FCB75G5G65G9GG97I9BH57CBA=@ 75G5G65G9GMG95AD@=`@5F98
8975G5GA5H9FB5GD5G5B8C895 75G5GA5H9FB5G
2G9<5BJ9B=8C
7CB:CFA58C@5G75G5GD5F5D9FGCB5G 7CBB979G=8589G9GD97=5@9G5FH=7I@58CG7CB
@5G5@75@8]5G89@DC89F7=I8585BC
I9BH5B7CBIB5F988979BHFCG9GD97=5@=N58CGGCB@CGEI9<5M9B9GHCG
ACA9BHCG9BHF9@CG7I5@9G9GH[9@9BHFC'=75F5;b9BG989=5;B`GH=7CM
+9:9F9B7=59@9BHFCB57=CB5@ 89+58=CH9F5D=59@9BHFC'57=CB5@89=HC@C;]59@
9BHFC89@H5-97BC@C;]59@9BHFC'57=CB5@89B8CG7CD]5M@CG8CG79BHFCG89
C:H5@AC@C;]5
9G89<5GH59GH5:97<5G9<5BDI9GHC5:IB7=CB5FHCA`;F5:CG
F9GCB58CF9G5BH9G@CGHCA`;F5:CG7C6F565B8`@5F9G
A=@ <9FA5BCGM<9FA5B5GG9<5B=B7CAD5F58C5@DFC;F5A59A6@9A[H=7C
-C8CG7CB/CN
9 5@G9<56=@=H5FCB7@]B=75GA`J=@9G7CBD9FGCB5@A\8=7CM

9B:9FA9F]5G9<5B6F=B858C5A[G89
A=@@CB9G895H9B7=CB9G5DFCH5;CB=GH5G
897CAIB=8589G5@9>585G9B7CBGI@H5GA\8=75GC8CBHC@`;=75G
9@97HFC75F8=C;F5A5G )5D5B=7C@5CI

,97F9`9@=BGH=HIHC89A98=7=B5B5HIF5@MH9F5D=57CAD@9A9BH5F=5GG97I9BH5B7CB
7@]B=75G7CBG9<5B6F=B858CA=@5H9B7=CB9G5B=J9@B57=CB5@f
7./47./%+4=.+5343+:@75=63<+:3+
'=75F5;I5
&=B=GH9F=C 89 ,5@I8
C6=9FBC 89 +97CB7=@=57=`B M .B=858 '57=CB5@
&5F7CCB79DHI5@89@&C89@C89,5@I85A=@=5FMCAIB=H5F=C&(,&"',
&5B5;I5 98
A5FNC
,9F=9'C
&(, 897@5F5EI9P@&C89@C89,5@I8
5A=@=5FMCAIB=H5F=C7CACG99GH56@9799B@5%9M9G9@=BGHFIA9BHCG5B=H5F=C
EI9F97C;9@5J=G=`BDC@]H=75M97CBÀ=7589@GH58C89BHFC89@75ADC89@G97HCF
G5@I8 7CBGH=HIM\B8CG9 9B @5 :CFA5 89 CF;5B=N57=`B 89 @5G 577=CB9G =BHF5 9
=BH9FG97HCF=5@ 5G] 7CAC GI =AD@9A9BH57=`B 9EI=H5H=J5 M 9:=7=9BH9 9B IB 9GD57=C
;9C;F[:=7C DC6@57=CB5@ 89H9FA=B58C J5F=56@9 89 57I9F8C 5 @CG 9@9A9BHCG EI9 @C
75F57H9F=N5B
=7<C &C89@C 9G 9@ 7CB>IBHC 89 BCFA5G DFC798=A=9BHCG
=BGHFIA9BHCG A5BI5@9G M 8=GDCG=7=CB9G EI9 85B @5G @]B95G 89 577=`B D5F5 GI
=AD@9A9BH57=`B
B:C75@55H9B7=`B5@5G:5A=@=5GD9FGCB5GM7CAIB=8587CACIB
DFC79GC7CBH=BIC7CBACA9BHCG=BH9FF9@57=CB58CG89DFCAC7=`BMDFCH977=`B89
GIG5@I8F97ID9F57=`BMF9<56=@=H57=`B7I5B8C@5DC6@57=`BC@5D9FGCB59B:9FA5B
CGI:F9B8=G75D57=8589GHC8C9@@C7CBIB9B:CEI9DF9J9BH=JC5AD@=CM7CB577=CB9G
8=F=;=85G5@5D9FGCB5@5:5A=@=5@57CAIB=858M5@A98=C5A6=9BH9EI9@9FC895
GH9&C89@C;9B9F5=B=7=5H=J5G8975A6=C9B@57I@HIF5M9GHFI7HIF589@G97HCFG5@I8
D5F5 G5H=G:579F @5G B979G=8589G M 9@ 9>9F7=7=C 89 @CG 89F97<CG <IA5BCG
7CBHF=6IM9B8C5A9>CF5FGI75@=85889J=858IF5BH9HC8C9@7=7@CJ=H5@
9 57I9F8C 7CB 9@ +9;@5A9BHC 89 @5 %9M 9B9F5@ 89 ,5@I8 GCB C6>9H=JCG 89@
&C89@C89,5@I85A=@=5FMCAIB=H5F=C

&9>CF5F @5G 7CB8=7=CB9G 89 G5@I8 89 @5 DC6@57=`B ;9B9F5B8C 57H=J=8589G
CDCFHIB5G9:=7579G8975@=858M7CB75@=89N75D579G89;9B9F5F75A6=CG
'=75F5;I5+9;@5A9BHC%9M 9B9F5@89,5@I8
(D
=H
FHC
_C

D9FGCB5@9G:5A=@=5F9GM7CAIB5@9G7CB\B:5G=G9B@5DF9J9B7=`BM@5DFCAC7=`B
89@5G5@I8

,5H=G:579F@5GB979G=8589G89G9FJ=7=CG89G5@I889@5DC6@57=`B

)FCH9;9F899D=89A=5G5@5DC6@57=`B

&9>CF5F@575@=85889@CGG9FJ=7=CGF9GDCB8=9B8C5@5G9LD97H5H=J5G89@5
DC6@57=`B9BF97=6=FG9FJ=7=CG89G5@I88975@=8587CB75@=89N<IA5B5

CFH5@979F@55FH=7I@57=`B9BHF9@CG8=:9F9BH9G=BH9;F5BH9G89@G97HCFG5@I8
5G]7CAC@57CCF8=B57=`B=BH9F=BGH=HI7=CB5@9=BH9FG97HCF=5@
@ &C89@C 89 ,5@I8 5A=@=5F M CAIB=H5F=C 9GH[ 65G58C 9B @5 9GHF5H9;=5 89
5H9B7=`B DF=A5F=5 9B G5@I8 9BH9B8=85 7CAC e@5 5G=GH9B7=5 G5B=H5F=5 9G9B7=5@
65G585 9B A\HC8CG M H97BC@C;]5G DF[7H=75G 7=9BH]:=75A9BH9 :IB85A9BH58C M
GC7=5@A9BH9579DH585DI9GH55@5@75B7989HC8CG@5GD9FGCB5GM:5A=@=5G89@5
7CAIB=858A98=5BH9GID@9B5D5FH=7=D57=`BM5IB7CGHCEI9@57CAIB=858M9@
D5]GDI985BGCDCFH5F9BHC85G@5G9H5D5G89GI89G5FFC@@C7CB9GD]F=HI895IHC
F9GDCBG56=@=858 M 5IHC89H9FA=B57=`B f
)5F5 A9>CF5F @5 G5@I8 @5 5H9B7=`B
DF=A5F=5 G9 79BHF5 9B @5 G5@I8 89 @5G D9FGCB5G 9B @CG 7CBH9LHCG 89 @CG CHFCG
89H9FA=B5BH9G9G897=F9B9@A98=C:]G=7CMGC7=5@9B9@EI9@5GD9FGCB5GJ=J9B
9GHI8=5BHF565>5BMG9F97F95BA[GEI99B9B:9FA98589G9GD97]:=75G
$/.-75=63<+:3+/6;+4=.
BIB5 F9IB=`B 89@5 &=G=`B"BH9;F5@89@5F9DI9GH55@5=B:977=`B89@/"!M@5G

"-, 89@ G=GH9A5 89 G5@I8 M 5DCMC <57=5 @5 =BBCJ57=`B @5 5AD@=57=`B M @5
GCGH9B=6=@=85889@5(),(&,&"', )
9LDCB9EI9 e@5 D5FH=7=D57=`B
9B@57CAIB=8589GD5F5AI7<CGMAI7<5GD9FGCB5GIB7CADFCA=GC@5H9BH99B
5GD97HCGF9@57=CB58CG5GIG=BH9F9G9GDFC6@9A5GB979G=8589GM89F97<CG
,9
F95@=N589A5B9F5CF;5B=N585MBCCF;5B=N5859BHC8C9@D5]G
9G899@&'
DFCACJ9ACG@5 GHF5H9;=589CAIB=8589G,5@I856@9G9B7CFF9GDCB89B7=55
@5G 9GHF5H9;=5G M DC@]H=75G 89@ C6=9FBC 9B @C :IB85A9BH5@ 9@ &(,
B
'=75F5;I5 DC89ACG 5:=FA5F EI9 %5 CAIB=858 9G D5FH9 :IB85A9BH5@ 9B @5
)FC8I77=`B ,C7=5@ 89 @5 ,5@I8 7CAC 9G@56`B DF=A5F=C 89 )5FH=7=D57=`B
CAIB=H5F=5 9B ,5@I8 9B '=75F5;I5 .B5 9LD9F=9B7=5 9L=HCG5 89:9BGCF]5G M
DFCAC7=`B899GH989F97<CM9B@55FH=7I@57=`BM89G5FFC@@C895@=5BN5G7CB9@
GH58C M @5 ,C7=9858 =J=@
@ FC@ 89 @5 +98 CAIB=H5F=5 89 ,5@I8 M GI
7CADCG=7=`B %5 +98 CAIB=H5F=5 89 ,5@I8 9G @5 9LDF9G=`B CF;5B=N585 9B @CG
H9FF=HCF=CGD5F5ACH=J5F@5D5FH=7=D57=`B89@57CAIB=858F95@=N5B8C@56CF9G89
)FCAC7=`BM)F9J9B7=`B7CB@5GD9FGCB5GM@5G:5A=@=5G89G89GIJC@IBH5F=58C
GC7=5@ DCF A9>CF9G 7CB8=7=CB9G 89 J=85 89 @5G :5A=@=5G M @5 7CAIB=858 9B
;9B9F5@
,985DCF=;I5@89G89HF9GJ5@CF9G :IB85A9BH5@9G@ /C@IBH5F=58C@5
,C@=85F=858M@5 )5FH=7=D57=`B7CAC 75H9;CF]5GGC7=5@9G9LDF9G585G7CB<97<CG
7CB7F9HCG9B9@8]558]59BHF99@@5M89G89@5DC6@57=`B
GH[=BH9;F585 DCFIB7CB>IBHC8957HCF9G7CAIB=H5F=CGEI99B@C:IB85A9BH5@
GCB AI>9F9G M <CA6F9G 9B GI A5MCF]5 >`J9B9G
,9 DF9G9BH5B
A5MCF9GB=J9@9G899BHIG=5GACM7CADFCA=GC9B[F95GFIF5@9GC G9A=FIF5@9GM
9B 65FF=CG IF65BC A5F;=B5@9G
B @CG 65FF=CG 89 7@5G9 A98=5 9G A[G 8=:]7=@ @5
D5FH=7=D57=`B D9FC5IB5G]7CBH5ACG7CB9LD9F=9B7=5G9L=HCG5G
%CG57HCF9GEI9=BH9;F5B@5+98CAIB=H5F=589,5@I8

%5G M @CG F=;58=GH5G )CDI@5F9G 89 ,5@I8 57HCF 7@5J9 EI9 89G89 9@
JC@IBH5F=58C 7CAIB=H5F=C DFCAI9J9 C D5FH=7=D5 89 =B=7=5H=J5G 9B G5@I8 9B GIG
65FF=CGC7CAIB=8589G
9B9F5@A9BH9F95@=N57<5F@5G7CAIB=H5F=5GJ=G=H5G75G5
575G5D@[H=75G9BD5F9H7

@ )FCACHCF C )FCACHCF5 89 ,5@I8 G 9@ 57HCF DCF 9L79@9B7=5 D5F5 @5
CF;5B=N57=`B89DFC79GCGCD@5B9G89@57CAIB=858
-F565>5DCF@C;9B9F5@7CB
;FIDCG 89 6F=;58=GH5G
"B:CFA5 75D57=H5 M 5G9;IF5 @5G A9H5G 9B GI
7CAIB=858
GIB/C@IBH5F=C9B@57CAIB=858

@ C@ /C@
C@56CF58CF /C@IBH5F=C 7HCF 7CAIB=H5F=C 9GD97=5@=N58C C
:CFA58CA[G5BH99@H9A589@5&5@5F=5
GH5A6=\BJC@IBH5F=C
,IDF9G9B7=5G9
A[G9B [F95GFIF5@9G

%5)5FH9F5C)5FH9FC7HCF7CAIB=H5F=C5B79GHF5@EI9G9<57C@C758C7CAC
D5FH9 :IB85A9BH5@ 89 @5 +98 CAIB=H5F=5 89G89 GI FC@ <CM 8]5 89 6F=B85F
7CBG9>9F]55@5G9A65F5N585GM:5A=@=5F9GGC6F99@A5B9>C89@9A65F5NCMD5FHC
G 7@5FC EI9 9G IB 7CAD@9A9BHC 5 @5 F97HCF]5 89@ &"', GC6F9 9@ H9A5
)5FH=7=D57=`BCAIB=H5F=59B,5@I89B'=75F5;I5.B59LD9F=9B7=59L=HCG5

%]89F9G 89 ,5@I8 9B @5 CAIB=858 (HF5G D9FGCB5G EI9 89G89 GI
7CADFCA=GCGC7=5@M7CAIB=H5F=CG9CF;5B=N5BCGCB D5FH9899GH59LHF5CF8=B5F=5
9LDF9G=`B DCF @5 G5@I8 9B GIG 7CAIB=8589G
(HFCG 7HCF9G CAIB=H5F=CG M
,C7=5@9G )CH9B7=5@A9BH9 GCB D5FH9 89 9GH5 9LD9F=9B7=5 89 D5FH=7=D57=`B M
;9GH=`B GC7=5@ 7CAIB=H5F=5 89 @5 G5@I8 DFCACHCF9G5G A=9A6FCG 89 ('
=;@9G=5G:IB857=CB9GC57H=J=GH5G89@5GDC6@57=CB9G7@5J9GEI989G89G89GI
7CADFCA=GCF95@=N5B577=CB9G9BGIG97HCFC7CAIB=858
$/4+-3O6 ./4+;-3/6-3+;./4+;+4=.-764+ ;7-37471M+
-5@7CACA9B7=CB5 CBN[@9N D
@5 GC7=C@C;]5 9GIB57=9B7=5GC7=5@B57=859B
9@G=;@C1"1EI989ACF`9B7CA9BN5F5=BJ9GH=;5FH9A5GF9@57=CB58CG7CB@5G5@I889
@5DC6@57=`B M5EI9G`@C:=B5@=N585@5,9;IB85 I9FF5&IB8=5@9@H9A5G97CA9BN`5
HF5H5F 9B :CFA5 5758\A=75
BH9G 89 9G9 9J9BHC <56]5 G=8C =;BCF58C M5 EI9 BC 9F5
7CBG=89F58C IB H9A5 GC7=C@`;=7C M DCFEI9 BC G9 9F=;]5 7CAC 7CBGH=HIM9BH9 89 @5
9GHFI7HIF5M@5B5HIF5@9N5GC7=5@
9<97<C5BH9G899G5:97<5EI=9B9G9GHI8=565B@5G
7CB8=7=CB9GGC7=5@9G89@59B:9FA98589F5BaB=75A9BH9@CGA\8=7CG
%5 G5@I8 Da6@=75 7CAC 7=9B7=5 7CAC 75ADC 89 577=`B M 7CAC 8C7HF=B5 7CBGH=HIM9 @5
CF=9BH57=`B6[G=759B@C7CB79DHI5@M9B@C DF[7H=7C 89@5F9@57=`B9=BH9F577=`B89 @5
7=9B7=5GC7=5@ M@5G5@I8A=9BHF5G9@7CBC7=A=9BHCGC7=C@`;=7C<5G=8C89H9FA=B5BH9D5F5
7CBC79F M 9LD@=75F @CG DFC6@9A5G 89 G5@I8 7C@97H=J5 5 DIBHC 89 D5FH=85 89 @5G
75F57H9F]GH=75G9GHFI7HIF5@9G89@5G8=GH=BH5GGC7=98589G+9J
I65B5,5@I8 )I6@=75J

B=I85889@565B5>I@ 8=7
/=GH589G899G5 D9FGD97H=J5@5 G5@I8J=9B97CAC
IB:9BÀ9BC 9GHF97<5A9BH9@=;5855@5G7CB8=7=CB9G89J=85 89@5 DC6@57=`B EI9GC@C
DI989G9F9LD@=758CDCFA98=C89IB9B:CEI9=BH9;F5@M G=GH9A[H=7C
%5 F9J=GH57I65B5 89G5@I8 Da6@=75 9BGI56CF85>989 ,C7=C@C;]5 M,5@I8

+9:@9L=CB9G
D5F5@5 577=`B 8=7
898I79EI99@ 9GHI8=CGC7=C@`;=7CF9GI@H5AIMaH=@ 9B@5DF[7H=75
89@5G577=CB9G89G5@I8D5F589H9FA=B5F9@ DFC6@9A59B GI75F[7H9F AI@H=:57HCF=5@
>IBHC 5
@59D=89A=C@C;=55MI855A98=FGI=AD57HC D9FC 589A[G:57=@=H59@9GH56@97=A=9BHC89@5G
F9@57=CB9G9L=GH9BH9G9BHF9@5G7CB8=7=CB9G89J=85 89H9FA=B585G7CB8I7H5G M:57HCF9G89
F=9G;C EI9 DI989B 89G5FFC@@5F 9B:9FA98589G
@ 5:FCBH5F 9GH5 F9@57=`B 9BHF9 @CG:57HCF9G

GC7=5@9G @5G5@I8M@5 9B:9FA9858 9@D9FGCB5@89G5@I8G9589BHF59BF9@57=CB9G89A5MCF
7CAD@9>=858 H5@9G 7CAC @5 =B:@I9B7=5 89 @5 9B:9FA9858 C @5 G5@I8 GC6F9 @5G 7CB8I7H5G M
J=79J9FG5 89D9B89B7=5F97=DFC75 EI95GIJ9N9G=B:@I=85DCF @5 F9@57=`B 89@<CA6F97CB
GI9BHCFBCGC7=5@MDCF@5DCG=7=`BGC7=C97CBÀ=75EI9C7ID59B9GH99BHCFBC
/</:536+6</;%7-3+4/;./4+%+4=.%%
B 9@ 56CF85>9 89 @CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 9B @5 F9;=`B 89 @5G
5A\F=75G @5 (F;5B=N57=`B &IB8=5@ 89 @5 ,5@I8 D
89H9FA=B5 EI9 e@CG
9H9FA=B5BH9G ,C7=5@9G 89 @5 ,5@I8 ,, 7CAC e@5G 7=F7IBGH5B7=5G 9B EI9 @5G
D9FGCB5G B579B 7F979B HF565>5B J=J9B M 9BJ9>979B =B7@I=8C 9@ 7CB>IBHC A[G
5AD@=C89:I9FN5GMG=GH9A5GEI9=B:@IM9BGC6F9@5G7CB8=7=CB9G89J=857CH=8=5B5f

GH5G:I9FN5GMG=GH9A5G=B7@IM9BDC@]H=75GMG=GH9A5G 97CBÀ=7CGDFC;F5A5G 89
89G5FFC@@C BCFA5G M DC@]H=75G GC7=5@9G M G=GH9A5G DC@]H=7CG
%5G 7CB8=7=CB9G
5BH9F=CF9GDI989BG9F5@H5A9BH98=:9F9BH9GD5F5J5F=CGGI6;FIDCG89IB5DC6@57=`B
MDI989B85F@I;5F58=:9F9B7=5G9B@CGF9GI@H58CG9BA5H9F=589G5@I8
GDCG=6@9
EI9G95=B9J=H56@9EI95@;IB5G899GH5G7CB8=7=CB9GG95B8=:9F9BH9G9B7I5@75GC
G97CBG=89F5B89G=;I5@8589GH5@7CAC9GDCG=6@9 EI99GH5G 8=:9F9B7=5GDI985BG9F
=BB979G5F=5G M 9J=H56@9G 9B 7I5@ 75GC G9 7CBG=89F5B =B9EI=8589G M DCF
7CBG=;I=9BH9A9H5G5DFCD=585GD5F5DC@]H=75G8=G9_585GD5F55IA9BH5F@59EI=858f
7;./</:536+6</;;7-3+4/;./4+;+4=.@4+/9=3.+.;+63<+:3+
(&,A9B7=CB5EI9@57CA=G=`BGC6F9@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8 H=9B9

IB5 J=G=`B;@C65@89 9GHCG
%5A5@5G5@I889 @CGDC6F9G9@;F58=9BH9GC7=5@89G5@I889BHFC
89@CGD5]G9GM@5G;F5B89G89G=;I5@8589GG5B=H5F=5G9BHF9@CGD5]G9G9GH[BDFCJC7585GDCF
IB58=GHF=6I7=`B89G=;I5@5B=J9@AIB8=5@MB57=CB5@89@DC89F@CG=B;F9GCG@CG6=9B9GM
@CGG9FJ=7=CGMDCF@5G7CBG=;I=9BH9G=B>IGH=7=5GEI95:97H5B5@5G7CB8=7=CB9G89J=8589@5
DC6@57=`B 89 :CFA5 =BA98=5H5 M J=G=6@9 5779GC 5 5H9B7=`B G5B=H5F=5 9G7C@5F=N57=`B
98I757=`B 7CB8=7=CB9G 89 HF565>C M H=9ADC @=6F9 J=J=9B85 7CAIB=8589G DI96@CG C
7=I8589G M 5 @5 DCG=6=@=858 89 H9B9F IB5 J=85 DF`GD9F5
G5 8=GHF=6I7=`B 89G=;I5@ 89

9LD9F=9B7=5GD9F>I8=7=5@9GD5F5@5G5@I8BC9G9BB=B;aB75GCIB:9BÀ9BCQB5HIF5@SG=BC
9@ F9GI@H58C 89 IB5 B9:5GH5 7CA6=B57=`B 89 DC@]H=75G M DFC;F5A5G GC7=5@9G 89:=7=9BH9G
5FF9;@CG97CBÀ=7CG=B>IGHCGMIB5A5@5;9GH=`BDC@]H=75
%CG89H9FA=B5BH9G9GHFI7HIF5@9G
M@5G7CB8=7=CB9G89J=859BGI7CB>IBHC7CBGH=HIM9B@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8
EI9GCB@575IG589@5A5MCFD5FH989@5G89G=;I5@8589GG5B=H5F=5G9BHF9@CGD5]G9GM89BHFC
897585D5]G
%57CAIB=858=BH9FB57=CB5@DI9897CFF9;=F9G5 G=HI57=`BD9FC D5F59@@C8969
57HI5F7CB75F[7H9FIF;9BH9M89 :CFA5GCGH9B=85 5B=J9@=BH9FB57=CB5@B57=CB5@M@C75@

9G75@5 AIB8=5@ @5G DFC:IB85G 89G=;I5@8589G 9B @5G F9@57=CB9G89 :I9FN5 M @CG 57I9F8CG
97CBÀ=7CGH=9B9BF9D9F7IG=CB9G9B@59EI=858G5B=H5F=5
@@CBCG=;B=:=759BB=B;aBAC8C
EI9 <5M5 EI9 89>5F 89 @58C CHFCG B=J9@9G 89 577=`B
%CG ;C6=9FBCG B57=CB5@9G M @C75@9G
DI989B7CBHF=6I=F7CBG=89F56@9A9BH9M@5CA=G=`B G958A=F589@5:I9FN589@5GC7=9858
7=J=@ M 89 @CG ACJ=A=9BHCG @C75@9G EI9 DF9GH5B 5MI85 =BA98=5H5 9B @5G 7CAIB=8589G 9
=B7=H5B5 @CGDC89F9GDa6@=7CG5@75A6=C
79J98C# &5FH]B9N M.HG%9B9@ &5BI5@89&98=7=B5)F9J9BH=J5M ,C7=5@

.B=858
%5
,5@I8 MGIG89H9FA=B5BH9G
%5,5@I8Da6@=75 M@5&98=7=B5 )F9J9BH=J5
D
898I79B EI9
%5 DC6F9N5 @5G 89G=;I5@8589G GC7=5@9G @5 8=G7F=A=B57=`B @5 J=J=9B85 DC6F9 @5
=BG9;IF=858 5@=A9BH5F=5@5G 7CB8=7=CB9G89J=85DC7CG5@I856@99B@5=B:5B7=5M @5:5@H5
89HF565>C 9G@575IG5 89@5A5MCFD5FH989@5G9B:9FA98589GAI9FH9GM89G=;I5@8589G
9BG5@I89BHF9@CGD5]G9GM89BHFC89IBA=ACD5]G 9GH5G89G=;I5@8589GGCB8F5A[H=75G
MF9EI=9F9BIF;9BH95H9B7=`BM577=`B
AC8C899>9AD@CDC89ACG7=H5F@58=:9F9B7=5
9B@59LD97H5H=J589J=85EI9H=9B9IB5<56=H5BH989,=9FF5 %9CB5 9B U:F=75 C77=89BH5@
M EI9 9G 89 5_CG 7CB @5 89 IB5 D9FGCB5 EI9 B579 9B #5D`B EI9 9B DFCA98=C
5@75BN5F[ 5J=J=F75G=5_CGC@CG5_CGA9BCGEI9 J=J=F[ IB5D9FGCB5DC6F99B@CG
GH58CG.B=8CG 9B7CAD5F57=`B7CBIB5895@HCG=B;F9GCG9B9@A=GACD5]G
B=K4/;;7647;./</:536+6</;;7-3+4/;./4+;+4=.@/4,3/6/;<+:

B@5 F9J=GH5 9GD5_C@5 89 9GHI8=CG 9ADF9G5F=5@9G
,9;IB85 \DC75
BIA9FC GC6F9
,5@I8MDCG=7=`BGC7=C97CBÀ=759J=89B7=59AD]F=75F97=9BH99B9@D5BCF5A5=BH9FB57=CB5@
M9B GD5_5D
#=A\B9N CFH9;5=B:CFA5BEI9
%CG 89H9FA=B5BH9G9GHFI7HIF5@9G<579B5@IG=`B5@7CBH9LHCGC7=C97CBÀ=7CMDC@]H=7C9B9@
EI9G99B7I9BHF5B@CG=B8=J=8ICG9G897=F@CG:57HCF9GEI95:97H5B5@59GHFI7HIF589IB5
GC7=98585G]7CAC@58=GHF=6I7=`B89DC89FM89F97IFGCG
'CGF9:9F=ACG5@;C6=9FBCM@CG
5;9BH9G97CBÀ=7CGMGC7=5@9G7CACGCB@5G
CFDCF57=CB9G @CG 7I5@9G 89H9FA=B5B 9 =B:@IM9B 9B @5G DC@]H=75G A57FC97CBÀ=75G

DC@]H=75G 89@ 9GH58C 89 6=9B9GH5F 98I757=`B G5B=858 D9BG=CB9G 9H7
M DC@]H=75G 89@
A9F758C89HF565>C
89A[GH5A6=\BG9=B7@IM9B9B9GH95D5FH58C@CGJ5@CF9GGC7=5@9GM
7I@HIF5@9GEI9GIGH9BH5B@5GDC@]H=75GM@5G>9F5FEI]5G
)CFCHFC@58C9L=GH9B@CEI99GHCG
5IHCF9G <5B 89BCA=B58C e9>9G 89 89G=;I5@858f @CG 7I5@9G 89H9FA=B5B F95@A9BH9 @5G
CDCFHIB=8589G 89 H9B9F IB5 6I9B5 G5@I8 C BC DCB=9B8C 9B 9J=89B7=5 @5 9L=GH9B7=5 89
89G=;I5@8589G 9B G5@I8 896=8C 5@ DC89F @5 >9F5FEI=N57=`B 9@ DF9GH=;=C M 9@ 5779GC 5 @CG
F97IFGCG
GHCG:57HCF9GGCB@57@5G9GC7=5@5@5EI9G9D9FH9B9N759@;\B9FC@59858@5
9HB=5M9@H9FF=HCF=C89F9G=89B7=5
)CFa@H=ACIBH9F79F9@9A9BHC5=B7@I=F9B9@AC89@C89
;9B9F57=`B 89 89G=;I5@858 GCB @CG :57HCF9G =BH9FA98=CG EI9 G9 5HF=6IM9B 5 @5G
7=F7IBGH5B7=5GA5H9F=5@9G897585D9FGCB57CAC@5J=J=9B859@HF565>C@CG=B;F9GCGC@CG
:57HCF9G897CADCFH5A=9BHC6=C@`;=7CGDFCD=CG897585D9FGCB5EI99GH56@979BGI9GH=@C
89 J=85 7CAC GCB DCF 9>9AD@C 9@ H565EI=GAC 5@7C<C@ C H=DC 89 8=9H5 EI9 DI989B
89G9B7589B5F 5 GI J9N 7=F7IBGH5B7=5G DG=7CGC7=5@9G 7CAC 9GHF\G @56CF5@ 89DF9G=`B M
5BG=9858
=B5@A9BH9 @575@=858M5779G=6=@=8585@G=GH9A589G5@I89GCHFC:57HCFEI=N[G
A9BCGF9@9J5BH9D9FC89@A=GACAC8C89H9FA=B5BH989@589G=;I5@858
%CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8M9@6=9B9GH5F=B7@IM9B
BHCFBCGC7=5@ M97CBÀ=7C
BHCFBC:]G=7CM
5F57H9F]GH=75G D9FGCB5@9G M7CADCFH5A=9BHCG=B8=J=8I5@9G

B @CG89H9FA=B5BH9G GC7=5@9GM6=9B9GH5FGI6>9H=JC89@55IHCD9F79D7=`B9BG5@I89B
<=@9 CBN[@9NFC;I9HH D
7=H5EI9
@ a@H=AC AC89@C 89 @CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 &C89@C 89 @5
CA=G=`B89@CG9H9FA=B5BH9G,C7=5@9G89@5,5@I889@5(&,
:I9 89G5FFC@@58C DCF @5 CA=G=`B 89 @CG 9H9FA=B5BH9G ,C7=5@9G 89 @5 ,5@I8
,, 7CB 9@ C6>9H=JC 89 DC89F 7F95F IB A5F7C D5F5 9@ 8=G9_C 9
=AD@9A9BH57=`B89DC@]H=75GG9;aB8=GH=BHCGB=J9@9G
9@A=GACAC8CH5A6=\B
G97F9`D5F5=89BH=:=75F9BEI\9H5D5G9DFC8I79B@5G=B9EI=8589GM7ÀCG9
F9@57=CB5B 9GHCG 89H9FA=B5BH9G 9BHF9 G] 89 H5@ A5B9F5 89 DC89F 9BHF9;5F IB
A5D5 D5F5 @5G =BH9FJ9B7=CB9G M 9J5@I57=CB9G 9B G5@I8 Da6@=75
GH9 BI9JC
A5F7C 7CBGH5 89 HF9G B=J9@9G DF=B7=D5@A9BH9 9@ 7CBH9LHC GC7=C97CBÀ=7C M
DC@]H=7C@CG89H9FA=B5BH9G9GHFI7HIF5@9GM@CG89H9FA=B5BH9G=BH9FA98=CG
76</?<7;7-37/-76O53-7@874M<3-7
%5,,D
5:=FA5EI99GH97CBH9LHC 9GH[F9:9F=8C55EI9@@CG:57HCF9GEI9G9
9B7I9BHF5B9BIBB=J9@A57FCMEI9BCDI989BG9FA98=8CG89A5B9F5=B8=J=8I5@
@
7CBH9LHC7CBH=9B9@CG:57HCF9G7I@HIF5@9G9GHFI7HIF5@9GM:IB7=CB5@9G5@G=GH9A5GC7=5@
G=HI57=`B EI9 =B:@I=F[ GC6F9 9@ G=;I=9BH9 B=J9@ 89 89H9FA=B5BH9G 7CFF9GDCB8=9BH9 5
5EI9@@CG89H=DC9GHFI7HIF5@9G
@ 7CBH9LHC 9GH[ :CFA58C DCF 7=B7C DIBHCG 9GD97]:=75A9BH9

@ DF=A9FC 89 9@@CG
7CFF9GDCB895@5;C69FB5BN59@7I5@=B7@IM9@5GB979G=8589GGC7=5@9G@5D5FH=7=D57=`B
89@5GC7=98587=J=@@558A=B=GHF57=`BDa6@=759H7
BG9;IB8C @I;5F G99B7I9BHF5@5
DC@]H=75 A57FC97CBÀ=75 @5 7I5@ =B7@IM9 @5 DC@]H=75 ACB9H5F=5 @5 DC@]H=75 :=G75@ @5
65@5BN589D5;C89@CGD5]G9GMH5A6=\B@5GID9FJ=G=`B89@FC@EI99@ A9F758CC7ID59B
@5GC7=9858
)CGH9F=CFA9BH9G9=B7@IM9B@5GDC@]H=75GDa6@=75GM@5GGC7=5@9G5A65G7CB
9@ C6>9H=JC 89 A9>CF5F 9@ 6=9B9GH5F 89 @5 DC6@57=`B DCF @C EI9 7CBH=9B9B 5EI9@@5G
F9@57=CB585G7CB9@HF565>C@598I757=`B@5J=J=9B859H7
"ADCFH5BH99G89GH575FEI9
9GHCG 9@9A9BHCG DI989B 57HI5F 7CAC 5ACFH=;I58CF9G C =B7F9A9BH58CF9G 89 @5G
8=:9F9B7=5G 9B G5@I8 89 @5 DC6@57=`B G=HI57=`B DCF @5 7I5@ G9 9F=;9B 7CAC 5@H5A9BH9

F9@9J5BH9G
=B5@A9BH9 G9 =B7@IM9B @CG J5@CF9G GC7=5@9G M 7I@HIF5@9G EI9 J5B 5
9B7I58F5F9GH5Ga@H=A5GDC@]H=75G8957I9F8C5IBA5F7C9GD97]:=7C
9@ A=GAC AC8C G9 =B7@IM9 @5 ;@C65@=N57=`B 7CAC IB 9@9A9BHC 89 F9@9J5B7=5 89@
7CBH9LHC9BH5BHCEI989H9FA=B55GD97HCGGC7=5@9GDC@]H=7CGM97CBÀ=7CG89HC8CG@CG
D5]G9G896=8C5@5=BH9;F57=`B89@5G97CBCA]5G89@CGD5]G9G5IB59G75@5AIB8=5@
GH9:9BÀ9BC=AD@=75IB=BH9F75A6=C=ADCFH5BH989:@I>CG89D9FGCB5G=B:CFA57=`BM
75D=H5@9G9@EI9<5F9D9F7IH=8CGC6F9@5G89G=;I5@8589G9BHF9@5GB57=CB9Ge5EI9@@CG
D5]G9GM5EI9@@5G7@5G9GGC7=5@9GEI9M5;CN565B89IB57@5F5J9BH5>5GC7=C97CBÀ=75
<5BF97=6=8C@CGDF=B7=D5@9G69B9:=7=CGM;5B5B7=5G899GH9DFC79GCMJ=79J9FG5

/</:536+6</;;<:=-<=:+4/;
B @CG 89H9FA=B5BH9G GC7=5@9G M 6=9B9GH5F GI6>9H=JC :57HCF9G 9LD@=75H=JCG 89 @5

5IHCD9F79D7=`B9B G5@I8 CBN5@9GFC;I9HH D
&9B7=CB5 EI9
GH9B=J9@857I9BH5895EI9@@CG9>9GEI989H9FA=B5BCDCFHIB=8589G89G5@I889
57I9F8C58=GH=BH5G>9F5FEI]5GMDCG=7=CB9G GC7=5@9GG9;aB9@5779GC5@DC89F5@
DF9GH=;=CM5IB5G9F=989F97IFGCGJ5@CF58CG GC7=5@A9BH9
@ <97<C89D9FH9B979F
5 5@;IBC 89 @CG 9GD57=CG 89 @5G >9F5FEI]5G C DCG=7=CB9G GC7=5@9G A9FA5F[ C
DCH9B7=5F[ @5 G5@I8 89 @CG =B8=J=8ICG @C EI9 5 GI J9N G9 HF58I7=F]5 9B IB5
F9DFC8I77=`B89@5G7CB8=7=CB9G89J=859BEI9G989G9BJI9@J9B7CH=8=5B5A9BH9
!57=9B8C \B:5G=G 9B @5 G=HI57=`B 89 G5@I8 89 '=75F5;I5 9B F9@57=`B 7CB @CG G=GH9A5G
GC7=5@9G @5 (), )
897@5F5 EI9 e%5 G=HI57=`B 89 DC6F9N5 89H9FA=B5IB5 65>5
75@=85889J=85D5F5@5A5MCF]589@5DC6@57=`B9LDF9G5859B@=A=H585GCDCFHIB=8589GM
:5@H5 89 ;5F5BH]5 89 89F97<CG :IB85A9BH5@9G
@ WB8=79 89 9G5FFC@@C !IA5BC "! <5
5IA9BH58CI6=75B8C5@D5]G9B9@;FIDC8989G5FFC@@C<IA5BCA98=C
%5DC6F9N59LHF9A5
9GA5MCF9B@5GDC6@57=CB9G=B8];9B5GM9BAIB=7=D=CG89@H@[BH=7CM:FCBH9F=NCG
%5:5@H5
895779GC5G5@I85:97H59BHF99@M89@5DC6@57=`B
%5GB979G=8589G=BG5H=G:97<5G
9B G5@I8 GCB A5MCF9G 9B @5 +9;=`B IH`BCA5 89@ H@[BH=7C 'CFH9 +' +9;=`B
IH`BCA5 89@ H@[BH=7C ,IF +, +]C ,5B #I5B +,# #=BCH9;5 M &5H5;5@D5
9 @5
)C6@57=`B97CBÀ=75A9BH957H=J59EI=J5@9BH95 <56=H5BH9G 9@
BC9GH[

58G7F=H55@5G9;IF=858GC7=5@M @CG 5G9;IF58CG 57H=JCGF9DF9G9BH5B9@
89
<56=H5BH9G C7ID58CG M 9@
89 @5 DC6@57=`B 97CBÀ=75A9BH957H=J5 89@
D5]G
@89@CGA9BCF9G897=B7C5_CGD58979B8989GBIHF=7=`B7F`B=75
)9G95EI9
9L=GH9B =ADCFH5BH9G 5J5B79G 9B @5 :CFAI@57=`B 89 DC@]H=75G M 9GHF5H9;=5G F9@5H=J5G 5 @5
,9;IF=858@=A9BH5F=5 'IHF=7=CB5@H5BHC 9B9@)@5B'57=CB5@899G5FFC@@C)'7CAC9B
9@)@5B'57=CB5@89,5@I8)',=B7@IM9B@]B95G89577=`B9GD97]:=75GD9FCEI9G9<5B
9LDF9G58C 9B 577=CB9G 8=GD9FG5G M 8ID@=7585G
B=J9@ 89 <C;5F9G @5 =BG9;IF=858
5@=A9BH5F=59GH[F9@57=CB5857CB9@89G9AD@9C9@GI69AD@9CM@CG65>CGB=J9@9G89=B;F9GC
EI989H9FA=B5B@5=B75D57=858:=B5B7=9F5897I6F=F@575B5GH56[G=75
)F98CA=B59@HF565>C
=B:CFA5@9@GI69AD@9C9G89 M9@ 89G9AD@9C:F5B7C9G89

@G5@5F=CA]B=ACBC
7I6F9@575B5GH56[G=759BB=B;IBC89@CGG97HCF9G89@597CBCA]5
B9@G97HCF98I75H=JC
D9G9 5 @5 9L=GH9B7=5 89 DC@]H=75G M D@5B9G G97HCF=5@9G @5 :5@H5 89 5779GC ;9C;F[:=7C M
97CBÀ=7C5@598I757=`B 89H9FA=B5EI9G99B7I9BHF9B9L7@I=8CG89@G=GH9A598I75H=JC9@
89@5DC6@57=`B9BHF9 5_CG
%59G7C@5F=858DFCA98=C89@5DC6@57=`BA5MCF89
5_CG9G89
5_CG
,=B9A65F;C@5DC6@57=`B9BG=HI57=`B899LHF9A5DC6F9N55D9B5G
5@75BN5
5_CG 899G7C@5F=858A=9BHF5GEI9@5DC6@57=`BBCDC6F9@C;F5
5_CGM@5
FIF5@5D9B5G
5_CG9@ 5B5@:569H=GAC5:97H95@89@5DC6@57=`BA5MCF89G9=G5_CG
B @CG 89H9FA=B5BH9G GC7=5@9G M 6=9B9GH5F GI6>9H=JC :57HCF9G 9LD@=75H=JCG 89 @5

5IHCD9F79D7=`B 9B G5@I8 9B 7<=@9 CBN5@9G FC;I9HH D
A9B7=CB5 EI9 @5
,,7@5G=:=757CAC89H9FA=B5BH9G9GHFI7HIF5@9G89@5G5@I8
5"B;F9GCG9F9@57=CB58=F97H5A9BH97CB9@5779GC5F97IFGCGA5H9F=5@9G@CEI9
G9 A5B=:=9GH5 9B 9@ 7CBGIAC EI9 H=9B9B @5G D9FGCB5G D5F5 DCH9B7=5F C BC GI
G5@I8
)CF9>9AD@CG9DI989=BJ9FH=F9BF97IFGCGEI95:97H9B8=F97H5A9BH99B9@
6=9B9GH5F7CAC@C 9G@55G=GH9B7=55@=A9BH57=`BA5H9F=5@9G89J=J=9B85CEI9
@C 5:97H9B 89 A5B9F5 =B8=F97H5 DCF A98=C 89 @5 98I757=`B EI9 9BHF9;5
<9FF5A=9BH5GD5F59@5IHC7I=858C

6 8I757=`B 9GIB 89H9FA=B5BH9 GC7=5@ EI9 85 7I9BH5 89 @5 HF5BG=7=`B 89 @5
DCG=7=`B GC7=C97CBÀ=75 EI9 H9B]5B @CG D58F9G <57=5 @5 DCG=7=`B
,C7=C97CBÀ=75 89IB5D9FGCB558I@H59BH5BHCEI9J5589H9FA=B5F9@B=J9@
89=BGHFI77=`B9AD@9CM9B7CBG97I9B7=59@=B;F9GC89IB5D9FGCB5
@5 J9N
7CACA9B7=CB5 À9NM =A\B9N %598I757=`B9GIB5=ADCFH5BH9
:I9BH989F97IFGCGGC7=5@9GMDG=7C@`;=7CGEI9=B:@IM9B9B9@9GH58C89G5@I889
@5GD9FGCB5GM9B@558CD7=`B899GH=@CG89J=85G5@I856@9G
*I=9B9G5@75BN5B
IBA5MCFB=J9@98I75H=JCH=9B89B5DF9:9F=F<[6=HCGA[GG5@I856@9GM59J=H5F@CG
=BG5@I6F9G
IBEI9 BC 9L=GH9 IB aB=7C A975B=GAC DCF 9@ 7I5@ @5 98I757=`B
=B:@IM9GC6F9@5G5@I8G9G569EI99@G=GH9A598I75H=JC>I9;5IBD5D9@7@5J99B
9@DFC79GC895@:569H=N57=`B9BG5@I8MDI989G9FIB:57HCFDFCH97HCFM7CFF97HCF
89 89G=;I5@8589G GC7=5@9G 9B @5 =B:5B7=5 M 58C@9G79B7=5
)CF 9@@C G9 <579
B979G5F=5IB59:97H=J57CCF8=B57=`B9BHF9@5GDC@]H=75G89G5@I8M@5GDC@]H=75G
8998I757=`BDFCACJ=9B8C@59EI=858
7 (7ID57=`B 9G IB 89H9FA=B5BH9 @=;58C 7CB 8=J9FGCG 5GD97HCG GC7=5@9G
B
DF=A9F @I;5F @5 C7ID57=`B 89 IB5 D9FGCB5 =B8=75 @5G 8=GH=BH5G 9LDCG=7=CB9G 5
F=9G;CGD9@=;FCGCB=J9@9G899GHF\G9B9@5A6=9BH9@56CF5@
9@A=GACAC8C
85 7I9BH5 89 IB5 >9F5FEI]5 G9;aB 9@ =B;F9GC 89 @5 D9FGCB5 DCG=7=`B GC7=5@ 9
=BH9@97HC
=B5@A9BH9H5A6=\BG99B7I9BHF59GHF97<5A9BH9@=;58C5@5GF989G
895DCMCM@55IHCBCA]589IB=B8=J=8ICD5F5@5F9GC@I7=`B89DFC6@9A5G
%5 (&, 5:=FA5EI9 e%CGF=9G;CG D5F5@5G5@I89B9@@I;5F89HF565>C

=B7@I=8CG 9@ 75@CF 9@ FI=8C 9@ DC@JC @CG DFC8I7HCG EI]A=7CG D9@=;FCGCG @5G
A[EI=B5G =BG9;IF5G M 9@ 9GHF\G DG=7CGC7=5@ DFCJC75B 9B:9FA98589G
C7ID57=CB5@9GMDI989B5;F5J5FCHFCGDFC6@9A5G89G5@I8
%5G7CB8=7=CB9G 89
9AD@9C@5C7ID57=`BM@5DCG=7=`B9B@5>9F5FEI]589@@I;5F89HF565>CH5A6=\B
5:97H5B5@5G5@I8
%5GD9FGCB5GEI9HF565>5B65>CDF9G=`BC9B7CB8=7=CB9G89
9AD@9CDF975F=5GGCBDFCD9BG5G5:IA5FA[GF95@=N5FA9BCG57H=J=858:]G=75M
H9B9FIB58=9H5 DC7CG5@I856@9

89A[G 89 @5 5H9B7=`B G5B=H5F=5 ;9B9F5@ HC8CG @CG HF565>58CF9G M
D5FH=7I@5FA9BH9@CG89DFC:9G=CB9G895@HCF=9G;CB979G=H5BG9FJ=7=CG89G5@I8
EI9 9J5@a9B M F98IN75B @5 9LDCG=7=`B 5 F=9G;CG C7ID57=CB5@9G 5G] 7CAC
G9FJ=7=CG 89 J=;=@5B7=5 A\8=75 D5F5 @5 89H977=`B DF97CN 89 9B:9FA98589G M
HF5IA5H=GACGC7ID57=CB5@9GMF9@57=CB58CG7CB9@HF565>C
%5G9B:9FA98589GF9GD=F5HCF=5G7F`B=75G@CGHF5GHCFBCG89@5D5F5HC@C7CACHCF
@5GD\F8=85G895I8=7=`BDFCJC7585GDCF9@FI=8CM@CGDFC6@9A5G 89@5D=9@GCB
@5G9B:9FA98589GC7ID57=CB5@9GA[G7CAIB9G
f
8 @5G9 GC7=5@ 9GH[ @=;58C 8=F97H5A9BH9 7CB @5 89:=B=7=`B F95@=N585 DCF 5F@CG &5FL
EI9=B8=75EI9@5G7@5G9GGC7=5@9G89F=J5B89@5GF9@57=CB9GGC7=5@9G89DFC8I77=`B
GHC
=B8=75 EI9 G9 9B7I9BHF5B 9B F9@57=`B 5 @CG AC8CG 89 DFC8I77=`B =AD9F5BH9G 9B IB
D9F=C8C89H9FA=B58C89@5<=GHCF=5
%5 CA=G=`B89@CG9H9FA=B5BH9G,C7=5@9G89@5
,5@I8 D

9:=B9 EI9 89 57I9F8C 5 @5 DCG9G=`B C BC 89 A98=CG 89
DFC8I77=`BM57ÀC\GH589H9FA=B5F9@57=CB9G89DC89FM7CBHFC@GC6F9@CGCHFCG
@
C6>9H=JC89=B7@I=F9GHC9G85F7I9BH5897ÀC@5GeA57FC9GHFI7HIF5G7CACF9@57=CB9G
89 7@5G9 5 B=J9@ B57=CB5@ DI989B 5:97H5F A=7FC DFC79GCG 7CADCFH5A=9BHC
=BH9FD9FGCB5@ D9FC H5A6=\B 7ÀC A=7FC DFC79GCG DI989B 5:97H5F A57FC 9GHFI7HIF5G
J]5577=`B7C@97H=J5f
9 \B9FC9GH[F9:9F=8C5@5G75F57H9F]GH=75G89<CA6F9GMAI>9F9GEI9GCBGC7=5@M
7I@HIF5@A9BH9 7CBGHFI=85G 8=:9F9B7=[B8CG9 89@ G9LC EI9 9GH[ 6=C@`;=75A9BH9
89H9FA=B58C
@C6>9H=JC89 =B7@I=F9GH989H9FA=B5BH9G99B7I9BHF5F9@57=CB58C7CB9@
<97<C 89 EI9 <CA6F9G M AI>9F9G DI989B H9B9F 89GJ9BH5>5G 9B GI G5@I8 G9;aB @5G
7CB79D7=CB9GEI9H=9B97585GC7=9858F9GD97HC5@;\B9FC
)CF9>9AD@C9B @CGD5HFCB9G
89 A5G7I@=B=858 &5FH]B9N9B@@C7< 89G7F=69 EI9
@CGJ5FCB9GDI989BJ9FG95:97H58CGDCF<97<CG89J=C@9B7=5C5@7C<C@=GACA=9BHF5G
EI9 @5G AI>9F9G DI989B J9FG9 GCA9H=85G 5 8=G7F=A=B57=`B 9B @5 98I757=`B C 9B @5
C6H9B7=`B 89 DI9GHCG 9B @CG 9AD@9CG

B 9GH9 G9BH=8C G9 F975@75 @5 B979G=858 89
HF565>5F7CB8=5;B`GH=7CG8=:9F9BH9GD5F57585G9LCA[G5@@[89@CG:57HCF9G6=C@`;=7CG
HCA5B8C9B7CBG=89F57=`B89G89@5J9F98589@CGC7=5@@5G7CB8=7=CB9G89J=85M@CG
:57HCF9G89F=9G;CMDFCH97HCF9G89<CA6F9GM AI>9F9G
:+5N59HB=55@=;I5@EI99@;\B9FCBC9GH[F9:9F=8C5@5G75F57H9F]GH=75G6=C@`;=75G89
IB59HB=59BD5FH=7I@5FG=BCEI9G99B7I9BHF5@=;58C5@5G7CB79D7=CB9G7I@HIF5@9GEI9
H=9B9 IB5 GC7=9858 F9GD97HC 5 \GH5G
9 9GH9 AC8C EI=9B9G GCB D5FH9 89 ;FIDCG
A5F;=B58CGDI989B J9FG9 8=G7F=A=B58CG D5F5 9@5779GC 5 CDCFHIB=8589G899AD@9C
98I757=`BMF97IFGCG

9H9FA=B5BH9G=BH9FA98=CG
%5 ,, D

=B8=75 EI9 7CFF9GDCB89B 5 5EI9@@CG :57HCF9G DCF A98=C 89 @CG
7I5@9GCD9F5B@CG89H9FA=B5BH9G9GHFI7HIF5@9G89@5G5@I8F5N`BDCF@57I5@GCB5EI9@@CG
EI9G9A5H9F=5@=N5B5B=J9@89=B8=J=8ICGM85B7I9BH589@5G8=:9F9B7=5G9BG5@I89BHF9
9@@CG
9BHFC899GH9;FIDCG99B7I9BHF5B
5 =F7IBGH5B7=5G A5H9F=5@9G G9 9B7I9BHF5B 8=F97H5A9BH9 F9@57=CB58CG 7CB @5G

7CB8=7=CB9G89J=J=9B855;I575@=9BH9M:F]59B9@<C;5F75@9:577=`B65_C9GH\89BHFC
C :I9F5 89@ <C;5F DCG9G=`B 89 F9:F=;9F58CF @5J58CF5 C H9@\:CBC 65FF=C 75BH=858 89
D9FGCB5G9B 9@<C;5F56F=;C5@=A9BH57=`B9H7
EI9DCG99B@CG=B8=J=8ICG
B@5A98=85
EI99GH5G7=F7IBGH5B7=5GG95B89D9CF75@=858A[G9LDI9GHCG9GH5F[B5@5A5@5G5@I8
6 CADCFH5A=9BHC M :57HCF9G 6=C@`;=7CG 9B 9@ 7CADCFH5A=9BHC G9 =B7@IM9B 5EI9@@CG
:57HCF9GEI9DI989BG9FDFCH97HCF9GF95@=N57=`B8957H=J=858:]G=758CFA=FC7<C<CF5G
8=5F=5GCD9F>I8=7=5@9GD5F5@5G5@I8:IA5F6969F5@7C<C@9B9L79GCA=9BHF5GEI99B
@CG:57HCF9G6=C@`;=7CGG99B7I9BHF5B@5;9B\H=75@59858M9@G9LC
757HCF9G DG=7CGC7=5@9G9GH[BF9:9F=8CG5@59LDCG=7=`B57=F7IBGH5B7=5GMG=HI57=CB9G
89@5J=85EI9DI989BD9F7=6=FG97CAC5A9B5N5BH9GH9FF=6@9GC8=:]7=@9G89HF5H5F
B
;9B9F5@G99B7I9BHF5B@=;585G59D=GC8=CG9GHF9G5BH9GF9@57=CB58CG7CB@5D\F8=8589
9AD@9C C57CBH97=A=9BHCGJ=H5@9GB9;5H=JCG7CAC9@:5@@97=A=9BHC895@;aB:5A=@=5FC
D9FGCB5=ADCFH5BH9

8,=GH9A589G5@I8G9DCG=7=CB57CACIB89H9FA=B5BH9GC7=5@89@5G5@I89BH5BHCEI9
57Ha57CACIBA98=58CF9BHF9@59B:9FA985889@5GD9FGCB5GM5EI9@@5GDF[7H=75GEI9
@985F[B7IF5
GH5G=HI57=`B9GCF=;9B89=B9EI=858DCF9@5779GCM@575@=858899GH9
9GH9G9FJ=7=C
9@A=GACAC8C9@G=GH9A589G5@I89GIB75B5@D5F5@5D5FH=7=D57=`B89
@5GD9FGCB5G9B@5GDC@]H=75G89G5@I8DCFA98=C89@59J5@I57=`BM@5HCA589897=G=CB9G
5B=J9@A=7FC
9 C<9G=`B M 75D=H5@ GC7=5@ 7CAC IB 89H9FA=B5BH9 HF5BGJ9FG5@ 89 @5 G5@I8 9@ 75D=H5@
GC7=5@7CACF9@57=CB9GGC7=5@9GM89F97=DFC7=858DCFA98=C89@5G7I5@9GG97F955DCMC
MGCDCFH9D5F59@@C;FC89C6>9H=JCG 9BG5@I8
)5F59:97HCG899GH5=BJ9GH=;57=`BG9HF565>5F[7CB9@AC89@CDFCDI9GHCDCF@5(&,9B9@
5_C9BH5BHC=B7CFDCF5M8=:9F9B7=5@CG89H9FA=B5BH9GGC7=5@9GG9;aB@5=B:@I9B7=5EI9
H=9B9B GC6F9 9@ =B8=J=8IC 5@ 8=:9F9B7=5F@CG 9BHF9 9GHFI7HIF5@9G 9 =BH9FA98=CG
9@ A=GAC
AC8C89BHFC899GHCGa@H=ACG=B7@IM9BCG`@C7CB8=7=CB9GA5H9F=5@9GG=BCH5A6=\B5EI9@@5G
7=F7IBGH5B7=5G 89 @5 J=85 89 @5 D9FGCB5 EI9 @5 5:97H5B DG=7CGC7=5@A9BH9 @C EI9 DI989
F9GI@H5F 89 ;F5B F9@9J5B7=5 7I5B8C G9 A=89 @5 5IHCD9F79D7=`B 9B G5@I8 IB5 J5F=56@9
=BH9F9G5BH99BH5BHCEI9D9FA=H989H9FA=B5F@5=B:@I9B7=5EI9DCG99

"&'!
&!!!
!#' (%&J
!#' (%&!
'I9GHFC 9GHI8=C 9G 89G7F=DH=JC 7I5@=H5H=JC 8CB89 G9 56CF85 @5 H9A[H=75 7CB @5
5D@=757=`B 89 J5F=56@9G EI9 G9 A=89B 89 :CFA5 7I5@=H5H=J5 8CB89 BI9GHFC 9EI=DC 89
=BJ9GH=;57=`B56CF85 @5G75F57H9F]GH=75GDF=B7=D5@9G89@DFC6@9A57CBDF9C7ID57=`B
9BIB5CD9F57=`B89J5F=56@9GF9@57=CB585G89IB=BGHFIA9BHC7CBDF9;IBH5G56=9FH5G
M 79FF585G D5F5 85F@9 9@ =BH9F\G 5@ DFC6@9A5 =BJ9GH=;5H=JC M 89G7F=6=F IB5 G9F=9 89
57CBH97=A=9BHCG 5 HF5J\G 89 85HCG DF=A5F=CG M G97IB85F=CG EI9 89AI9GHF5B @5
=ADCFH5B7=589@5=BJ9GH=;57=`BM9@D5D9@EI9>I9;5@59B:9FA9F]57CAIB=H5F=59B9@
9B:CEI95@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8
&"!%&'!
@H=DC899GHI8=C5D@=758C9B9GH5=BJ9GH=;57=`B9G 89G7F=DH=JCDCFEI9G9HCA5FCB9B
7I9BH5@CG8=:9F9BH9G5GD97HCG895B[@=G=G9=BH9FDF9H57=`B89 6=6@=C;F5:]5G 7CBGI@H5GM
F9GI@H58CGC6H9B=8CG9B@55D@=757=`B89@CG=BGHFIA9BHCG
7IAD@=9B8C7CBF9GI@H58CG
M F97CA9B857=CB9G 7CAC D5FH9 DFCDI9GH5 9B @CG C6>9H=JCG =B=7=5@9G 65G58CG 5@
D@5BH95A=9BHC89@DFC6@9A5
$ ! ! &!

GH9 9GHI8=C D9FH9B979 5 [F95 89 7CBC7=A=9BHC G5@I8 M G9FJ=7=CG GC7=5@9G 858C EI9
6IG75 =89BH=:=75F M F98I7=F @5G 89G=;I5@8589G GC7=5@9G F9@57=CB585G 7CB @5 G5@I8
A98=5BH9IB5J=G=`B89AC;F[:=7589@ 7CBC7=A=9BHC65G58C 9B@5F95@=858G=HI57=CB5@
89GC7=5@7CH=8=5B56IG75B8CAC8=:=75FDCG=6@9GDF[7H=75G8989G=;I5@85889BHFC89@
G=GH9A5895H9B7=`B9B G5@I8

%'$ ! ! &!
@HF565>CD9FH9B979 5@GI6[F95 897CBC7=A=9BHC 89G9FJ=7=CG89G5@I8Da6@=75 DI9GHC
EI96IG75 F9GDI9GH5G7CB7F9H5GD5F5579F75FG95@5G8=J9FG5G F95@=8589G 5@5GEI9G9
9B:F9BH5 @5 9B:9FA9F]5 89 9B @5 DF[7H=75 GC7=5@ 9 =BH9@97HI5@ 7CADFCA9H=85 7CB 9@
6=9B9GH5F89@57CAIB=858
(%&J
957I9F8C5@F9;@5A9BHC89=BJ9GH=;57=`B89@5.&%9GH99GHI8=CD9FH9B9795@5@]B95
89 =BJ9GH=;57=`B 36-3./6-3+ ./ 4+ ;+4=. 8P,43-+ @ /4 ,3/6/;<+: ;7-3+4 @ 0+5343+:
,+;+.7 +4+;R-3/6-3+;./4+;+4=.S 8CB89H=9B975F57H9F]GH=75G<IA5B=H5F=5G
GH5G@]B95G
9GH[B6=9B 56CF8585G89G899@AC89@C89G5@I8:5A=@=5FM 7CAIB=H5F=5 G=9B8CIB589@5G@]B95G
A[G=ADCFH5BH9G89BHFC89@55G=GH9B7=5 GC7=5@
!$& (%&! GH99GHI8=C9G897CFH9HF5BGJ9FG5@DCFEI9HIJCIB

D9F=C8C89=B=7=CMIBD9F=C8C:=B5@HF5H5ACGA[G5DFC:IB8=8589@B=J9@9LD@=75H=JCD5F5
85F@9 9@ J5@CF A9F97=8C 5 @5G 57HI57=CB9G 89 9B:9FA9F]5 9B 9@ 7CBH9LHC 89 @5G
5:97H57=CB9G89@CG89H9FA=B5BH9G GC7=5@9G89@5 G5@I8 9B @5DC6@57=`B89@G97HCF,5BH5
%I7=5 89 @5 7CAIB=858 89 &5B7CH5@ 89D5FH5A9BHC 89 #=BCH9;5 9B 9@ D9F=C8C 89@
HF=A9GHF989@

'%&$&J$*%'&!%%&'!
%&$' &!
,95D@=7ÌB59B7I9GH59GHFI7HIF585MD@5B=:=75857CB 5BH9F=CF=858@5 7I5@@@9J5 D@5BH95A=9BHC
89 DF9;IBH5G 56=9FH5G M 79FF585G @5 A=89B J5F=56@9G 7I5@=H5H=J5G
)5F5 ;5F5BH=N5F @5
7CB:=89B7=5@=858 @5 9B7I9GH5 G9F[ @5 9B7I9GH5 G9F[ 7CAD@9H585 DCF 7585 IBC 89 @CG
9B7I9GH58CG65>C@5J=;=@5B7=589@CGF9GDCBG56@9G898=7<5=BJ9GH=;57=`B
"!! ' ($%!

'I9GHFCIB=J9FGC7CBGH589 D9FGCB5GEI9<56=H5B9B9@G97HCF,5BH5%I7=5 %5G
EI96F585G@5G 7I5@9G :I9FCBHCA585G89IB5:I9BH98985HCG 7CB:=56@9G5 HF5J\G89
@]89F9G7CAIB=H5F=CG
"!! '%&$
,9 @9G F95@=N5F5 9B7I9GH5 5 D9FGCB5G

GH5G :I9FCB G9@977=CB585G 5D@=75B8C @5
BCFA5 =BH9FB57=CB5@ D5F5 @5 7CB:=56=@=858 89 85HCG EI9 9GH56@979 EI9 H=9B9 EI9 G9F
A5MCF5@DCF7=9BHC8CB89 D5F5 @5 G9@977=`B 89@AI9GHF9C5D@=75ACG@5F9;@589HF9G
D5F5G575F@CGDCF79BH5>9G9GH56@97=8CG5@CGF9GI@H58CG
&"!'%&$
@ H=DC 89 AI9GHF5 7CFF9GDCB89 5 5@95HCF=C 7CBG=89F5B8C EI9 7585 9@9A9BHC 89 @5
DC6@57=`BH=9B9 @5DFC656=@=85889G9FG9@977=CB58C7CACD5FH989@5AI9GHF5DCF@C
H5BHC 9G9@H=DC89AI9GHF5EI98969F]5ACGIH=@=N5F9BBI9GHF5G=BJ9GH=;57=CB9GDCFG9F
F=;IFCGCM7=9BH]:=7C

"$! &!& !"$%J
'%&$
&I9GHF9C 5@95HCF=C G=AD@9 7CB@5aB=75J5F=5BH9EI99L=GH9IB BaA9FC :=>CEI9A5F75@5

G9@977=`B
GH9BaA9FCG975@7I@58=J=8=9B8C9@BaA9FC89@5DC6@57=`B9BHF99@BaA9FC
89@5AI9GHF5EI9G989H9FA=B`
(! !% %&$' &!%

%5J5@=857=`B89@CG=BGHFIA9BHCGG9F95@=N`5HF5J\G897CADFC65FEI9@CG=B8=758CF9G
89@5 =BJ9GH=;57=`B A=89B @5G J5F=56@9G 9B 9GHI8=C M @9G 85B G5@=85 5 @CG C6>9H=JCG
DFCDI9GHCG65G58CG9B@CGF9GI@H58CGC6H9B=8CG
' %%

)5F5@5 =BJ9GH=;57=`B899GH5H9A[H=75 DCF9@7CBH9LHCG5B=H5F=CEI9 5HF5J=9G5 9@D5]GM
9@ AIB8C G9 G9@977=CB` @5 DC6@57=`B EI9 <56=H5 9B 9@ G97HCF ,5BH5 c %I7=5 89 @5
7CAIB=85889&5B7CH5@89D5FH5A9BHC89#=BCH9;5

( $&$! %J
6-4=;3O6 %5GD9FGCB5G5@57I5@G9@95D@=75F589:CFA58=F97H59@:CFA5HCD5F5
C6H9B9FF9GI@H58CGEI9GCBDFCDCF7=CB58CG5@9GHI8=C
?-4=;3O6 )9FGCB5GEI9BCD9F9N75B5@@I;5F8CB89G99GH[F95@=N5B8C9@9GHI8=C
' & !$!

%5 =B:CFA57=`B G9 C6HIJC 89:I9BH9 DF=A5F=5 DCFEI9 F95@=N5ACG J=G=H5G 8=F97H5G 5 @CG
DC6@58CF9G89@57CAIB=8588CB89G9 5D@=7` =BGHFIA9BHCM:I9BH9G97IB85F=5DCFEI9
57I8=ACG 5 A98=CG H97BC@`;=7CG ;I]5G A9HC8C@`;=75G M ACBC;F5:]5G D5F5 F97CD=@5F
7=9FH5=B:CFA57=`B
$&$!%"!%
+ :/.3,343.+. G9HCA5FCB9B7I9BH5@5=B:CFA57=`BDF=A5F=58CB899F5B
7CBGI@H58CGMC6G9FJ58CG@5DC6@57=`B9B9GHI8=CD9FCH5A6=\BG9C6HIJC
=B:CFA57=`B 89@ D9FGCB5@ A\8=7C 9B:9FA9F5G M 5IL=@=5F9G 89@ 79BHFC 89
G5@I8:I9FCBD5FH989@57C@56CF57=`B89@F9GI@H58C
, 7603+,343.+. DFCDCF7=CB5@5J5@=857=`B89@CG=BGHFIA9BHCGG9F95@=N`
5HF5J\G89@57CADFC657=`BEI9@CG=B8=758CF9G89@5=BJ9GH=;57=`BA=89B
@5GJ5F=56@989:CFA57I5@=H5H=J59B9GHI8=CM@9G85BG5@=85G5@CGC6>9H=JCG
DFCDI9GHC65G58CG9B@CGF9GI@H58CGC6H9B=8CG
- &:3+61=4+-3O6 D5F59GHC:I9B979G5F=C@59@56CF57=`B=B=7=5@89@CG
C6>9H=JCGEI98565BG5@=855@5GH9CF]5M:IB85A9BH57=`B89@5
=BJ9GH=;57=`BDFCDI9GH5EI9:I9FCB7CB:=FA58CGA98=5BH9@59@56CF57=`B
89@=BGHFIA9BHCEI9G95D@=7`D5F5@5=B:CFA57=`B89@CGF9GI@H58CGM
8=G7IG=CB9GEI9DFCDCF7=CBC@5=BJ9GH=;57=`B

( &!!%*& %"$"$!% &!
&!%* %% !$H
&!! (%&!
B9GH99GHI8=CG95D@=7` 9@A\HC8C89=BJ9GH=;57=`B7I5@=H5H=J5 DCFEI9G99AD@95BJ5F=56@9G
7I5@=H5H=J5G EI985BG5@=85G5@DFC6@9A5A98=5BH99@=BGHFIA9BHC89F97C@977=`B8985HCG
( & % %&$' &!%"!%"$

$!! &!%
%5 F97C@977=`B8985HCGG9F95@=NÀ98=5BH9IBDFC79GCG=AI@H[B9C9G897=F5A98=85
EI9 5J5BN565 9@ 9GHI8=C G9 F97C@97H565 G9 5B5@=N565 9 =BH9FDF9H565 @5 =B:CFA57=`B
C6H9B=85)5F59@@CG97CB:CFAÌB9EI=DC898CG=BJ9GH=;58CF9GD5F5@55D@=757=`B89
=BGHFIA9BHCG
"$!% &!!%&!%
I9F95@=N58CMDFC79G58C7CB0CF8 M)CK9F)C=BH
%% !% &!% A98=85 EI9 G9 =65 F97CD=@5B8C @5 =B:CFA57=`B G9
DFC79G5FCB@CGF9GI@H58CGDFCAC7=CB5B8C@CG8=:9F9BH9GH=DCG895B[@=G=G89:CFA5
7I5@=H5H=J58CB89G989G5FFC@@5FCB9B8=:9F9BH9G9H5D5G

"&'!(
%%*%'%! $%'&!%

F[:=7C ,9LC
!
.5.6267 *:,<4267

/( %- +,*
9 57I9F8C 5 @CG 85HCG C6H9B=8CG 9@ 89 @5 DC6@57=`B 9B 9GHI8=C D9FH9B979 5@ G9LC
:9A9B=BCM9@ 5@;\B9FCA5G7I@=BCG=9B8CBCH56@9EI9BC9L=GH98=:9F9B7=5G=;B=:=75H=J5
5@ACA9BHC895B5@=N5F5A65G75H9;CF]5G89:CFA5=B8=J=8I5@9BF9@57=`B5@H9A5
F[:=7CGH58C=J=@

&62762+9. $74;.97 *:*-7

+,(#.#%

,9;aB9@9GHI8=C89@9GH58C7=J=@89@5GD9FGCB5G9B9GH5:=;IF5G9C6G9FJ5EI9@5A5MCF
D5FH9899GHCGH=9B9BIB=`B@=6F95@75BN5B8C9@G9;I=8C89@89<CA6F9GMAI>9F9G
GC@H9FCGMIB5DFCDCF7=`BA9BCF7CBIBGCB75G58CG
F5:=7C+9@=;=`B

=*60.42,* *;742,* 260<6*

%#"#0'
CB:CFA95@5G75H9;CF]5GF9@=;=CG5GD@5BH9585G9GH9;F5:=7C89AI9GHF5@5DF98CA=B5B7=5
89 =B8=J=8ICG 7CB =89C@C;]5 75H`@=75 9B F9@57=`B 7CB IB BaA9FC A9BCF 89 D9FGCB5G
9J5B;\@=75GM@59L=GH9B7=589IB57=:F5F98I7=85EI9BCD9FH9B9795B=B;aB;FIDCF9@=;=CGC
F[:=7C858

? ?
?
*5*: *
?

,9AI9GHF5EI9IB89@CGD5FH=7=D5BH9GDCG999BHF9 M5_CG 899858G9;I=8C89@

9BHF9@CG M5_CGIB 89 55_CGIB 8959@ H=9B989 5A[GM
7CBH=BI5B8C7CB9@ 895MIB 7IM5G98589GCG7=@5B9BHF9 M5_CG
F[:=7C+9@=;=`B

=*60.42,* *;742,* 260<6*

%#"#0'
J5@I58CG9B7I5BHC5GIH5N5899G7C@5F=8589@89@CG9B7I9GH58CG7IFG`@5DF=A5F=5
9BG9;IB8C@I;5F9GH[B@CGEI95@75BN5FCBGIG9GHI8=CGG97IB85F=CG 89@ 5@:569H=N58C
H5A6=\B<5MIB EI9G97CBGH=HIM9B=@9HF58CGMDCF a@H=AC@I;5FG9I6=75IBEI9
7IFG`M:=B5@=N`GIG9GHI8=CGGID9F=CF9G
F[:=7C (7ID57=`B \B9FC&5G7I@=BC

75+9.:

#&%&# ## # $%#&E
-)#0'(&* +

B9G9;F[:=7CG9DF9G9BH59B:CFA5DFCDCF7=CB5@@CGF5B;CGC7ID57=CB5@9GF9:9F9BH9G5@
;\B9FCA5G7I@=BC8CB89DC89ACGC6G9FJ5FEI9;F5BD5FH9899GHCG89G9898=75B5@5
5;F=7I@HIF5G=9B8C@557H=J=858A[G9>9F7=857CBIB9@HF565>57CAC>CFB5@9FC9@
G9898=755@7CA9F7=CM9BA9BCF7=:F5IB9>9F79@57CBGHFI77=`B
F[:=7C (7ID57=`B \B9FC&I>9F9G

<3.9.:

$$ $$%%$ #&%&# ##$ !
#

-)#0'-$ * +
@ =;I5@ EI9 9@ ;F[:=7C 5BH9F=CF G9 D@5GA5 89 :CFA5 F9DF9G9BH5H=J5 @5G C7ID57=CB9G 89@
;\B9FC :9A9B=BC 9B DF=A9F @I;5F GC6F9G5@9B @5G 5A5G 89 75G5 7CB IB @I9;C G9
I6=75B @5G 5G=GH9BH9G 89@ <C;5F @5G 7I5@9G F9DF9G9BH5B IB 9@ GCB 5;F=7I@HIF5
G9;I=85G89@EI9HF565>5B7CAC>CFB5@9F5GMIB898=7585G5@5C79B7=5
)
F[:=7C"B;F9GCG \B9FC&5G7I@=BC

75+9.:

'"* +(++-%#'(

CAC DIBHC =ADCFH5BH9 9G @5 =BJ9GH=;57=`B 5EI] G9 DF9G9BH5B 75H9;CF]5G 89 =B;F9GCG
97CBÀ=7CGA9BGI5@F9:9F9BH95@;\B9FCA5G7I@=BC8CB89G9DF9G9BH5IBEI9F97=69
=B;F9GCG9BHF9A=@MA=@7`F8C65GA9BGI5@9G58=:9F9B7=589@7IMCG=B;F9GCG GCB
9BHF9A=@MA=@A9BGI5@
F[:=7C (7ID57=`B \B9FC9A9B=BC

<3.9.:

% &!
'"* +(+-$ * +
CB797I9BH9 5 @5 :=;IF5 9B 9GH9 ;F[:=7C G9 DF9G9BH5B 8CG 75H9;CF=5G 89 =B;F9GCG
F9DF9G9BH5BH9G 5@ ;\B9FC :9A9B=BC
B DF=A9F5 9G75@5 G9 9B7I9BHF5B @5G EI9 F97=69B
=B;F9GCG9BHF9A=@MA=@A9BGI5@F9DF9G9BH58CDCFIB M9BG9;IB85@5GEI9H=9B9B
=B;F9GCG9BHF9A=@M A=@A9BGI5@MIBG=BC7ID57=`B5@;IB5
F[:=7C TI9BH57CBGIJ=J=9B85DFCD=5

$&% ''!# ! & % ''
#.# '*()#

,9;aB@CGF9GI@H58CG9@89@5DC6@57=`B7I9BH57CBGIJ=J=9B85DFCD=5F5N`BDCF@5
7I5@9GH57=:F5C7ID59@DF=A9F@I;5F9B@5H56@589J5@CF9GM9@ 7CBJ=J99B75G589
GIG:5A=@=5F9G
F[:=7C B@CG a@H=ACG5_CGT<5GI:F=8C895@;IB59B:9FA9858

% E $ & & # $ % E $ & # $
') #( '! *& +
957I9F8C5@5=B:CFA57=`B6F=B85859GH99GEI9A5G9DF9G9BH59@]B8=7989F9GDI9GH5G
DCG=H=J5GMB9;5H=JCG
%5DC6@57=`B9B7I9GH5859BF9@57=`B7CBGI9GH58C89G5@I89B@CG
a@H=ACG5_CG
BDF=A9F5DCG=7=`BG99B7I9BHF59@DFCA98=C89AI>9F9GEI9HIJ=9FCB5@;IB5
5:97H57=`B 89 G5@I8 7CB IB G9;I=85 89@ D9FH9B97=9BH9 5 <CA6F9G EI9 G9
9B:9FA5FCB9B@CGa@H=ACG8CG5_CG
F[:=7C TCBGIA95@;aBH=DC898FC;5G

#$ &#$
('+-& %"2',#)( *("+

GH5:=;IF5F9DF9G9BH59@BaA9FC89D9FGCB5GEI95:=FA5FCB7CBGIA=FA[G89IBH=DC89
8FC;5G M GI F9@57=`B 7CB @5 J5F=56@9 G9LC
B DF=A9F @I;5F G9 D@5GA5B @5G F9GDI9GH5G
DCG=H=J5G DCF D5FH9 89@ G9LC A5G7I@=BC 7CB IB M 9B G9;IB8C B=J9@ 9@ DFCA98=C 89
AI>9F9GEI9F9GDCB8=9FCBe,=f7CBIB5@=;I5@EI9@CG<CA6F9G
F5:=7C+9@=;=`B

=*60.42,* *;742,* 260<6*

%#"#('
CB:CFA95@5G75H9;CF]5G F9@=;=CG5GD@5BH9585G9GH9;F5:=7C89AI9GHF5@5DF98CA=B5B7=5
89 =B8=J=8ICG 7CB =89C@C;]5 75H`@=75 9B F9@57=`B 7CB IB BaA9FC A9BCF 89 D9FGCB5G
9J5B;\@=75GM@59L=GH9B7=589IB57=:F5F98I7=85EI9BCD9FH9B9795B=B;aB;FIDCF9@=;=CGC
F[:=7C858

? ?
?
*5*: *
?

,9AI9GHF5EI9IB89@CGD5FH=7=D5BH9GDCG999BHF9 M5_CG899858G9;I=8C
89@ 9BHF9@CG M5_CGIB 89 55_CGIB 8959@ H=9B9

89 5A[GM7CBH=BI5B8C7CB9@ 895MIB 7IM5G98589GCG7=@5B9BHF9
M5_CG
F[:=7CG7C@5F=858

=*60.42,* *;742,* 260<6*

J5@I58CG9B7I5BHC5GIH5N5899G7C@5F=8589@89@CG9B7I9GH58CG7IFG`@5DF=A5F=5
9B G9;IB8C @I;5F 9GH[B @CG EI9 5@75BN5FCB GIG 9GHI8=CG G97IB85F=CG 89@
5@:569H=N58CGH5A6=\B<5MIB EI9G97CBGH=HIM9B =@9HF58CG MDCF a@H=AC @I;5FG9I6=75
IBEI97IFG`M:=B5@=N`GIG9GHI8=CGGID9F=CF9G
F[:=7C (7ID57=`B \B9FC&5G7I@=BC

75+9.:

#&%&# ## # $%#&E
B9G9;F[:=7CG9DF9G9BH59B:CFA5DFCDCF7=CB5@@CGF5B;CGC7ID57=CB5@9GF9:9F9BH9G5@
;\B9FCA5G7I@=BC8CB89DC89ACG C6G9FJ5FEI9;F5BD5FH9899GHCG89G9898=75B5@5

5;F=7I@HIF5G=9B8C@557H=J=858A[G9>9F7=857CBIB9@HF565>57CAC>CFB5@9FC9@
G9898=755@7CA9F7=CM9BA9BCF7=:F5IB9>9F79@57CBGHFI77=`B
F[:=7C(7ID57=`B \B9FC&I>9F9G

<3.9.:

$ $$% % $ # &% &# # #$ !
$ #
@ =;I5@ EI9 9@ ;F[:=7C 5BH9F=CF G9 D@5GA5 89 :CFA5 F9DF9G9BH5H=J5 @5G C7ID57=CB9G 89@
;\B9FC :9A9B=BC 9B DF=A9F @I;5F GC6F9G5@9B @5G 5A5G 89 75G5 7CB IB @I9;C G9
I6=75B @5G 5G=GH9BH9G 89@ <C;5F @5G 7I5@9G F9DF9G9BH5B IB 9@ GCB 5;F=7I@HIF5
G9;I=85G89@EI9HF565>5B7CAC>CFB5@9F5GMIB898=7585G5@5C79B7=5
)
F[:=7C"B;F9GCG \B9FC&5G7I@=BC

75+9.:

CAC DIBHC =ADCFH5BH9 9G @5 =BJ9GH=;57=`B 5EI] G9 DF9G9BH5B 75H9;CF]5G 89 =B;F9GCG
97CBÀ=7CG A9BGI5@9G F9:9F9BH9G 5@ ;\B9FC A5G7I@=BC 8CB89 G9 DF9G9BH5 IB EI9

F97=69=B;F9GCG9BHF9A=@MA=@7`F8C65GA9BGI5@9G58=:9F9B7=589@7IMCG=B;F9GCG
GCB9BHF9A=@MA=@A9BGI5@
F[:=7C (7ID57=`B \B9FC9A9B=BC

<3.9.:

% &!
CB797I9BH9 5 @5 :=;IF5 9B 9GH9 ;F[:=7C G9 DF9G9BH5B 8CG 75H9;CF=5G 89 =B;F9GCG
F9DF9G9BH5BH9G 5@ ;\B9FC :9A9B=BC
B DF=A9F5 9G75@5 G9 9B7I9BHF5B @5G EI9 F97=69B
=B;F9GCG9BHF9A=@MA=@A9BGI5@F9DF9G9BH58CDCFIB M9BG9;IB85@5GEI9H=9B9B
=B;F9GCG9BHF9A=@M A=@A9BGI5@MIBG=BC7ID57=`B5@;IB5
F[:=7C TI9BH57CBGIJ=J=9B85DFCD=5

$&% ''!# ! & % ''

,9;aB@CGF9GI@H58CG9@89@5DC6@57=`B7I9BH57CBGIJ=J=9B85DFCD=5F5N`BDCF@5
7I5@9GH57=:F5C7ID59@DF=A9F@I;5F9B@5H56@589J5@CF9GM9@ 7CBJ=J99B75G589
GIG:5A=@=5F9G

%%!%$%'&!%
CB9@:=B89@C;F5F@CGC6>9H=JCGD@5BH958CG5@=B=7=C89@HF565>C89IB5A5B9F59:=75NM
GC6F9HC8C7CB:=56@9G9J57]C=B:CFA57=`BJ9F]8=759LHF5]85899B7I9GH5GD5F5GI5B[@=G=G
9 =BH9FDF9H57=`B 89 @C 7I5@ G9 C6HIJC @CG G=;I=9BH9G F9GI@H58CG @ 89G7F=6=F @5G
75F57H9F]GH=75G GC7=C89AC;F[:=75G 9B BI9GHF5 =BJ9GH=;57=`B 7IMCG D5FH=7=D5BH9G :I9FCB
D9FGCB5GA5MCF9G89 5_CGG9C6G9FJÈI9@5G98589GEI9A[GDF98CA=B5BGCB9BHF9
M5_CG7CBIBG9;I=8C89IB 9BHF9 MIB 895 5_CGIB
8959@ H=9B9895_CG5 A[G 7CBH=BI5B8C7CBIB 895MIB
DCG9998589G9BHF9 M5_CGDCF@CEI99GBCHCF=CEI9@5A5MCFD5FH989BI9GHF5
DC6@57=`B9B9GHI8=C9G58I@H57CB9@ 89G9LC&5G7I@=BCMIB EI9D9FH9B9795@
G9LC:9A9B=BC
@=B85;5FGC6F99@9GH58C7=J=@G989G7I6F=ÈI99@89@CG<CA6F9G
GCBGC@H9FCG9@75G58CGMIBH=9B9IB=`B@=6F9G=B9A65F;C9@G9LC:9A9B=BC
5@75BN5 9@ 9B IB=`B @=6F9 9@ 75G585G M 9@ GCB GC@H9F5G
B =ADCFH5BH9
A9B7=CB5FEI99@899GH5GD9FGCB5GGCB89FF9@=;=`B75H`@=759@9G9J5B;\@=75M
9L=GH9 IB EI9 F9:=9F9 BC D9FH9B979F 5 B=B;aB ;FIDC F9@=;=CGC 9B 7I5BHC 5@ B=J9@
5758\A=7C IB BaA9FC A5MCF 7CB 9@ 7IFGC @5 DF=A5F=5 C 5@ A9BCG 5@75BNC 9@ B=J9@
A98=C9GH5B8C9BG9;IB8C@I;5F@CGEI9@@9;5FCB5GIG9GHI8=CGG97IB85F=CG7CBIB
G9;I=8C89@ EI9:I9FCB5@:569H=N58CG9@ BC5G=GH=`5@59G7I9@5MGC@5A9BH9IB
7IFGC M :=B5@=N` GIG 9GHI8=CG GID9F=CF9G
B 9@ 7CBH9LHC C7ID57=CB5@ 9L=GH9 IB5 ;F5B
8=:9F9B7=59BHF99@D5D9@EI9>I9;59@;\B9FCA5G7I@=BC7CACDFCJ998CFM;9B9F58CF89
=B;F9GCG 97CBÀ=7CG D5F5 9@ 565GH97=A=9BHC H5BHC 89 GIG DFCD=5G B979G=8589G 89 G5@I8
7CAC89@CGG9FJ=7=CG6[G=7CG89@<C;5F 9@ 89@CG9B7I9GH58CGG9898=7555@;aBH=DC
89 HF565>C 89GH575B8C 9BHF9 9@@CG @CG EI9 89G9AD9_5B @5 5;F=7I@HIF5 7CB IB
F97=6=9B8C=B;F9GCG89G89A=@5dA=@7`F8C65GA9BGI5@GC6F9D5G5B8C9GH5G7=:F5G@CG
A[G DF=J=@9;=58CG 9@ HF565>5 7CAC >CFB5@9FC 7CB G5@5F=CG 89 A=@ c A=@ 7`F8C65G
A9BGI5@589A[G89IB7IM5C7ID57=`B9G9@7CA9F7=CMCHFC9>9F79@57CBGHFI77=`B
BC C6GH5BH9 9B @C F9:9F9BH9 5@ ;\B9FC :9A9B=BC GC@C IB 89D9B89 89 G] A=GAC
GC6F9G5@=9B8C@5G5A5G8975G59B75F;585G89@5GH5F95G89@<C;5FG=BG5@5F=C5@;IBC@C
EI9@5G<57989D9B8=9BH9G89GIG7CBMI;I9G9B5@;IBCG75GCG89GIGD58F9GC<=>CG9B
HC8CG@CG5GD97HCG9GH5GC7ID5B9@DF=A9F@I;5F9B@5H56@589J5@CF9G7CBIB9@
GCB5G=GH9BH9G89<C;5F7IMCGG5@5F=CGBCGC6F9D5G5B@CGA=@7`F8C65G58=:9F9B7=589
IBEI989D9B8989@55;F=7I@HIF5F97=6=9B8C9BHF9A=@M A=@7`F8C65GA9BGI5@
IB9G>CFB5@9F55@75BN5B8C9BHF9A=@MA=@7`F8C65GG=B89>5F5IB@58C9@EI9
9>9F79@58C79B7=58998I757=`BDF=A5F=5G9;I=8C89@ EI9@56CF57CACF97IFGCG5B=H5F=C
,C7=C7I@HIF5@A9BH9 9B @5 A5MCF]5 89 @CG <C;5F9G J=G=H58CG <56=H5B A[G 89 7I5HFC
D9FGCB5G9@7I9BH57CBJ=J=9B85DFCD=5M9BA9BCFA98=859@ F9GH5BH97CBJ=J9
7CBGIGD58F9GC:5A=@=5F9G79F75BCG9@H=9B95;I5B5HIF5@9BGIG75G5GDFCJ9B=9BH9
8957I]:9FCGEI985B8CIBEI9@5C6H=9B989J=J=9B85G79F75B5G9@7I9BH57CB
G9FJ=7=CG <=;=\B=7CG 9@ <579 F9:9F9B7=5 5 @CG 75GCG A[G JI@B9F56@9G 7CB A9BCF
DCG=6=@=8589G 97CBÀ=75G EI9 89:975B 5@ 5=F9 @=6F9 M GC@C IB 7I9BH5 7CB 9B9F;]5
9@\7HF=75
-9B=9B8C9B7CBG=89F57=`B@5G=HI57=`B89G5@I857HI5@9B'=75F5;I55@=BH9FFC;5F
5 @5 DC6@57=`B GCA9H=85 5 5B[@=G=G GC6F9 GI 9GH58C 89 G5@I8 9B @CG a@H=ACG 8CG 5_CG
9B7CBHF5ACG EI9 9@ GI:F=` 89 5@;IB5 9B:9FA9858 =B7@IM9B8C =B:977=CB9G
F9GD=F5HCF=5G 7CAD@=7585G EI9 BC :I9FCB HF5H585G 89 @C 7I5@ 9@ GCB AI>9F9G
5BH9DCB=\B8CG95IB 89@G9LCA5G7I@=BCDCF@CEI9G97CB7@IM9EI9@5GAI>9F9G
9B:9FA5BA[GEI9@CG<CA6F9G5IB5G]9GHCGa@H=ACGH=9B9BA5MCFF=9G;C89D58979F
5@;IB5G9B:9FA98589G577=89BH9GC:F57HIF5G858CEI99@ 7CBGIA5GIBCCA[G89
IBH=DC898FC;5GGID9F5B8C899GH5A5B9F55@;\B9FC:9A9B=BCEI9@@9;55D9B5G5IB

@9GH56@979F@5=B7`;B=H59B7I5BHC5@5:F97I9B7=59B@5EI9@CG=B8=J=8ICGG9F95@=N5B
IB7<9EI9CA\8=7C9B7CBHF5ACGEI99@57I895@A\8=7CIB5J9N5@A9GG=9B8CHC85G
AI>9F9G 9@ G9 7<9EI95 IB5 J9N 7585 A9G9G 89 @C 7I5@ 9@ 9EI=J5@9 5@ G9LC
:9A9B=BC 9@ F97=69 5H9B7=`B A98=75 IB5 J9N 5@ 5_C H9B=9B8C 9GH5 J9N IB A5MCF
BaA9FC9@;\B9FCA5G7I@=BC7CBIB 9@ D9FH9B97=9BH95@;\B9FC:9A9B=BCF97=69
=BGD977=`BA\8=75J979G5@5_CMDCFa@H=AC9@F9GDCB8=ÈI9BIB75 G9<579IB5
J5@CF57=`BA\8=75F97=6=9B8C@5GAI>9F9GIBM9@F9GHCGCBJ5FCB9G
-5A6=\BG9HCA5
9B 7I9BH5 EI9 9@ 89 @CG <CA6F9G 57I89B 5@ <CGD=H5@ C 7@]B=75G DF=J585G 7I5B8C
9B:9FA5B7CBIB65>C]B8=7989@ EI9J=G=H5B@CG79BHFCG89G5@I8=BJ9FG5A9BH99@
89 @5G AI>9F9G5G=GH95@ 79BHFC 89 G5@I8 I <CGD=H5@ M GC@C IB :F97I9BH5 @5G 7@]B=75G
DF=J585G
F5BD5FH9899GH5DC6@57=`B7CBG=89FCH9B9FAIM6I9B5G5@I8G=HI[B8CG99B
IB7CBG97I9BH989@EI9@5D9F7=6=`7CAC6I9B59@F9;I@5F=B7@IGCIB
F9:=F=ÈI9H9B]5A5@5G5@I8
CACa@H=ACDIBHC5@5B5@=N5F9@B=J9@89D9F79D7=`B89@5
G=HI57=`B 89 G5@I8 EI9 H=9B9 @5 7CAIB=858 9B F9@57=`B 7CB 9@ G=GH9A5 DC@]H=7C 9@

9GH=ACEI99@G=GH9A589;C6=9FBCMGIGDC@]H=75G 89G5@I8=B:@IM9B9B@5G=HI57=`B89G5@I8
89D5]GM89@57CAIB=85889IB5A5B9F5DCG=H=J55G=A=GAC9@5F;IA9BHC@C7CBHF5F=C
589A[G89IB EI9F9GDCB8=`BC9GH5F9BH9F58CCG=AD@9A9BH9BCDCB9F=BH9F\G5@CG
DC@]H=75G89;C6=9FBCB=89G5@I8@CEI9BCGCF=9BH5EI9@5A5MCFD5FH99GH[9B7CB:CFA=858
7CB @CG 5J5B79G EI9 G9 <5B <97<C 9B @CG a@H=ACG 5_CG M @5 :CFA5 7CB @5 EI9 G9 <5
9B:F9BH58C@CGDFC6@9A5GG5B=H5F=CG57HI5@A9BH9
@A=GACH=9ADCIB 9LDF9GCG9F
69B9:=7=58CDCFDFC;F5A5G9GD97=5@9G=AD@9A9BH58CGDCF9@&"',MIBA5B=:9GH`BC
F97=6=FB=B;aB69B\:=7CM5@5J9N9GH5F7CB:CFA97CB@5;F5HI=85889@5G5@I8Da6@=75M@5
5H9B7=`BA98=759B@CGa@H=ACG5_CG

( %%%'%J
58CEI9B=B;aB5GD97HC89@56=C@C;]5<IA5B5DI9895H9B89FG9:I9F589@7CBC7=A=9BHC
89 @5 !=GHCF=5 M @CG AC8CG 89 J=85 =B8=J=8I5@ M GC7=5@ BC DC89ACG 89>5F 5 IB @58C @CG
89H9FA=B5BH9GGC7=5@9G89@5G5@I8,,GCB@5G75F57H9F]GH=75GGC7=5@9G89BHFC89@5G
7I5@9G@5J=85H=9B9@I;5F
)

TF99IGH98EI9@5G=HI57=`BGC7=CDC@]H=7589@D5]G=B:@IM99B@5G=HI57=`B89G5@I8
-5@7CAC58I79 CBN5@9G89!5FC )
@BI9JCD5F58=;A589G5@I8M@5
=ADCFH5B7=5 89 @CG 89H9FA=B5BH9G GCB 9@9A9BHCG 7@5J9 9B @5G CF=9BH57=CB9G EI9 @5 (&,
J=9B9:57=@=H5B8C5@CG;C6=9FBCGD5F5EI9@@9J9B5756CDC@]H=75GG5@I856@9G9B75A=B585G
5;5F5BH=N5F9@9GH58C896=9B9GH5FM5=F9@=A=B5B8CDFC;F9G=J5A9BH9@5G89G=;I5@8589G89
G5@I8EI9G9<5B=8C7CBGH5H5B8C5HF5J\G89@CG8=:9F9BH9G9GHI8=CGGC6F9@5G5@I89B9@
AIB8C
B @5G5A6@95&IB8=5@89@5,5@I858CDH`@5F9GC@I7=`B89EI9@5DF=B7=D5@
A9H5 GC7=5@ 89 @5 (&, 9B @5G 8\7585G J9B=89F5G 8969 G9F 7CBG9;I=F EI9 HC8CG @CG
7=I8585BCG89@AIB8C;C79B89IBB=J9@89G5@I8EI9@9GD9FA=H5 @@9J5FIB5J=85GC7=5@M
97CBÀ=75A9BH9 DFC8I7H=J5
B 9GH9 75GC @5 A5MCF]5 89 @5G D9FGCB5G D9F7=69B @5
=B:@I9B7=5EI9H=9B9B@5GDC@]H=75G89;C6=9FBC9B@5G5@I8Da6@=757CAC9B899B75F;58C
89@ 6=9B9GH5F GC7=5@ M 89@ 565GH97=A=9BHC 89 =BGIACG A\8=7CG EI9 @5 DC6@57=`B
B=75F5;b9BG989A5B85G=B9A65F;CIB5A=BCF]57CBHF58=79@575D57=8587CB@5EI9G9
<579 :F9BH9 5 @CG DFC6@9A5G 89 G5@I8 9B 9GD97=5@ @5G G9 7I9GH=CB5B @5G 9GHF5H9;=5G
9>97IH585G DCF @5G 5IHCF=8589G D9FH=B9BH9G 89@ G=GH9A5 G5B=H5F=C 9B 7CCF8=B57=`B 7CB 9@
G=GH9A5DC@]H=7C@C7I5@BC9G5>9BC5@CEI9GI79899B8=:9F9BH9GD5]G9G89@AIB8C
<5J5FF]5M CBN[@9N=B85;5ACGEI99B'=75F5;I5@5G89A5B85G89G5@I8<5B858C
CF=;9B5IBBI9JCAC89@CG5B=H5F=C=ADI@G58CDCF9@;C6=9FBCF9JC@I7=CB5F=C9B@5Ga@H=A5G
8\7585GMEI9<5G=8CBCH56@95B=J9@79BHFC5A9F=75BC<57=9B8C\B:5G=G9B9@HF5H5A=9BHC
M DF9J9B7=`B 89 @5G 9B:9FA98589G 5G] 7CAC @5 DFCAC7=`B 89 @5 G5@I8 589A[G 89 @CG
5J5B79G 9B =B:F59GHFI7HIF5 EI9 D9FA=H9B 5 @5 DC6@57=`B 9@ 5779GC 5 @5 5H9B7=`B A98=75
HCA5B8C 9B 7I9BH5 EI9 BC <5 9L=GH=8C IB 9EI=DC A\8=7C 8=G7=D@=B58C M 898=758C 5 @5
5H9B7=`B7CAC9B@557HI5@=858

)
T@;IB5J9N@9<5B7C6F58C9B5@;IB5=BGH=HI7=`B89G5@I8Da6@=75B 9@;5GHC89
6C@G=@@C9BG5@I89B5A\F=75@5H=B5M9@75F=69F5NCB9G899:=7=9B7=5D5F5@59LH9BG=`B89@5
DFCH977=`BGC7=5@9BG5@I8@5(),897@5F5EI9
IBC89@CGDFC6@9A5GEI99B:F9BH59@G97HCF
9B9@[A6=HCAIB8=5@9G@5:5@H589:=B5B7=5A=9BHC9L=GH9BH9D5F57I6F=FB979G=8589G6[G=75G
89G5@I8
GHC9G9GD97=5@A9BH97=9FHC9B9@75GC89@CGD5]G9GA[GDC6F9G89@5F9;=`B
D9FCH5A6=\B@C9GD5F5@CGG97HCF9G=B:CFA5@9GMA5F;=B5@9G89@5G97CBCA]5G89=B;F9GCG
A98=CG89@CGD5]G9G@5H=BC5A9F=75BCG
@DF9;IBH5F5@5DC6@57=`BG=5@;IB5J9N<5F97=6=8C
7C6FCG DCF @5 5H9B7=`B 9B @CG 9GH56@97=A=9BHCG 89 G5@I8 Da6@=75 HC8CG F9GDCB8=9FCB 89
:CFA5 B9;5H=J5 DCF @C EI9 <5J5FF]5 M CBN5@9G 5:=FA5B EI9
HC85G @5G D9FGCB5G
9EI=H5H=J5A9BH9H=9B9B5779GC5@5G5@I8;F5HI=H5858CEI99@&"', 9G9@9B75F;58C89
;5F5BH=N5F9@5779GC@CGG9FJ=7=CG89G5@I8G=BB=B;aB7CGHC8957I9F8C5@5@9M;9B9F5@89
G5@I8@CEI9=B8=75EI9@5G8=:9F9B7=5G9BA5H9F=589G5@I8BC9GH[BDF9G9BH9G9BHF9@5G
D9FGCB5GA[GDF=J=@9;=585GM@5GA[GA5F;=B585G
)
T+97=695@;aB69B9:=7=C89@CGDFC;F5A5G=ADI@G58CGDCF9@&"',9B@57CAIB=858
G]7CACA9B7=CB59@&"', )
@5 5H9B7=`B 89 @5 G5@I8 7CAC 7CB79DHC
DC@]H=7589;C6=9FBC57H=J=858Da6@=75MDF[7H=75DFC:9G=CB5@<59JC@I7=CB58CF58=75@A9BH9
9B @CG a@H=ACG 5_CG
585 J9N <5M A[G 7CB7=9B7=5 EI9 @5 G5@I8 89 @5G D9FGCB5G BC
89D9B89 G`@C 89 @5G 6CB8589G 89 @CG G9FJ=7=CG 89 G5@I8 M EI9 @5G =BH9FJ9B7=CB9G
DF9J9BH=J5G 5 7585 =B8=J=8IC BC GCB GI:=7=9BH9G D5F5 A9>CF5F 9@ B=J9@ 89 G5@I8 89 @5
DC6@57=`B 5 A9BCG EI9 G9 =B:@IM5 GC6F9 @CG :57HCF9G EI9 @5 7CB8=7=CB5B
B @C EI9 5
G9FJ=7=CG89G5@I8G9F9:=9F9@CGAC89@CG895H9B7=`B57HI5@9GDFC7IF5BEI99B9@DF=A9F
B=J9@895H9B7=`BA[G5@@[EI9HF5H5F@CGACH=JCG89@5G7CBGI@H5GA\8=75GG9=AD@9A9BH9B
=BH9FJ9B7=CB9GEI97I6F5B89A5B9F57585J9NA[G=B7@IG=J5CHF5GB979G=8589G89G5@I8
9B 9@ 9GD57=C 89 @5 :5A=@=5 M @5 7CAIB=858
7HI5@A9BH9 @5 =BH9FJ9B7=`B GC6F9 @CG
89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 9G F97CBC7=85 7CAC =B8=GD9BG56@9 D5F5 5G9;IF5F
A9>CF5G9B9@B=J9@89G5@I889@5DC6@57=`B
,C6F99@D5FH=7I@5F9@D5D9@89@CGB=J9@9G89
;C6=9FBC 9B @5 =AD@9A9BH57=`B 89 D@5B9G M DFC;F5A5G =BH9FG97HCF=5@9G M 9@ D5D9@ 89@
7=I8585BC M 89 @5G CF;5B=N57=CB9G 89 @5 GC7=9858 D5F5 D5FH=7=D5F 9B 9@@CG M
F9GDCBG56=@=N5FG9DCF9@5IHC7I=858C89GIDFCD=5G5@I8<5BG=8C7585J9NA[GF9G5@H58CG
BBI9GHFC9GHI8=CG97I9GH=CB`5@5DC6@57=`BG=F97=695@;aB69B9:=7=C89@CGDFC;F5A5G
89G5FFC@@58CGDCF@9&"',9B@57CAIB=858D9FCGC@C9@ F9GDCB8=ÈI9M9@

5F;IA9BHCBCG9F69B9:=7=58CCG=AD@9A9BH9BC9GH5F9BH9F58C89@G=GH9A589G5@I8
9B
F9@57=`B59GHC<5J5FF]5M CBN[@9N9B7CBHF5ACGEI99L=GH9IB8\:=7=H897CBC7=A=9BHCG
GC6F9@5G9GHF5H9;=5G89G5@I8@C75@M7CAC7CBG97I9B7=5@5GD9FGCB5GBC5G=GH9B5@5G
IB=8589G89G5@I8D5F5HF5H5FGIGDFC6@9A5GG=9B8C9GH9IBC89@CGDF=B7=D5@9GDFC6@9A5G
9B9@5779GC5@CGG9FJ=7=CGG5B=H5F=CGDCF@5:5@H5897C;B=7=`B
)
9B @CG a@H=ACG 8CG 5_CG T<5 GI:F=8C 89 5@;aB 9B:9FA9858 %5 (), (&,
&9B7=CB5 EI9 @ D5]G DF9G9BH5 5J5B79G G=;B=:=75H=JCG 9B @CG =B8=758CF9G 89@ 9GH58C 89
G5@I8 9B:F9BH5B8C 89G5:]CG 7CAC @5 579@9F585 HF5BG:CFA57=`B 9D=89A=C@`;=75 9B @5
DC6@57=`B9@5IA9BHC89@5G9B:9FA98589G7F`B=75GBCHF5BGA=G=6@9G@CGF=9G;CGG5B=H5F=CG
F9@57=CB58CG7CB9@5A6=9BH9=B7@I=8CG75A6=CMJ5F=56=@=8587@=A[H=7575@=85889@5=F99B
=BH9F=CF9G@=A=H57=CB9G895779GCM75@=85889@CGG9FJ=7=CG895;I5MG5B95A=9BHC
@F9HC
89@&(,7CBH=Ba5G=9B8C@5DFC:IB8=N57=`BM5897I57=`B=BH9F7I@HIF5@@5F98I77=`B89
@5G 6F97<5G 89 5H9B7=`B 5 @CG ;FIDCG A[G JI@B9F56@9G M @5 J=;=@5B7=5 89 @CG :57HCF9G 89
F=9G;CGMDFCH97HCF9G89@5G5@I8
B9@D5]GG9<5B89G5FFC@@58C=BH9FJ9B7=CB9G9:97H=J5G
9B 9@ G97HCF G5@I8 7CB 89G5:]CG 5BH9 @5 5A9B5N5 89 6FCH9G 9D=8\A=7CG 9B:9FA98589G
9A9F;9BH9GMF99A9F;9BH9G:[FA57CF9G=GH9B7=5@5A=;F57=`B89DC6@57=`B
957I9F8C5
@5=B7`;B=H5GC6F99@BaA9FC89D9FGCB5GEI99B:9FA5FCB9B@CGa@H=ACG8CG5_CG9B9@
G97HCF,5BH5@I7=5@5GEI96F585G9@89 @5DC6@57=`B9B7I9GH585D5897=`895@;aBH=DC
899B:9FA9858=B7@IM9B8C@5G=B:977=CB9G89J]5GF9GD=F5HCF=5GBCHF5H585G
)
TCBGIA9G
5@;aB H=DC 89 8FC;5G B @CG 89H9FA=B5BH9G GC7=5@9G 9B 9@ 7CBGIAC 89 GIGH5B7=5G
DG=7C57H=J5G 9B 9GHI8=5BH9G IB=J9FG=H5F=CG 9B 9FFC75@ '5FJ[9N (75ADC +=J9FC
M !9FF9F5 I9FF5 )
89GH575BEI9
%CG:57HCF9G89H9FA=B5BH9G89@5G8=:9F9B7=5G=B8=J=8I5@9G89G5@I8GCB8=GH=BHCG9BHF9DC6@57=CB9G
I5B8CG9<56@58989H9FA=B5BH9GGC7=5@9GG9=BH9BH57CADF9B89F 7ÀC@5G75IG5G89@CG75GCG
=B8=J=8I5@9G G9 F9@57=CB5B 7CB @5G 75IG5G 89 =B7=89B7=5 89 9B:9FA9858 9B @5 DC6@57=`B
eD=89A=C@C;]5 89@ IGC 89 8FC;5G 9B A\F=75 %5H=B5 M 9@ 5F=69 .B 9B:CEI9 89 G5@I8
Da6@=75fDCF@CA9BCGA=@@CB9G89<CA6F9GM A=@@CB9G89AI>9F9G89A\F=75%5H=B5
M 9@ 5F=69 GI:F9B HF5GHCFBCG 75IG58CG DCF 9@ IGC 89 8FC;5G H5@9G 7CAC 89D9B89B7=5 M
CHFCGD5897=A=9BHCG 9B 5@;aB ACA9BHC89GI J=85
B9GH9 9GHI8=C G9 9B7CBHF` EI9 @CG
HF5GHCFBCG 896=8C 5@ IGC 89 8FC;5G H=9B9B 7CBG=89F56@9G F9D9F7IG=CB9G 9B @CG G=GH9A5G

5G=GH9B7=5@9G 89 AI7<CG D5]G9G 89 @5 F9;=`B 5G] 7CAC 9B @5 G5@I8 M 9B 9@ H=DC 89
8=G75D57=85889@5GD9FGCB5G9B@CG5_CGA[GDFC8I7H=JCG89GIGJ=85G.B 89@5G
D9FGCB5G9GHI8=585GF9GDCB8=ÈI97CBGIA95@;aBH=DC898FC;589DF9GCF5G89@G=GH9A5
B9FJ=CGC79BHF5@9GHCG9BGIA5MCF]5<CA6F9G7CBDC7CGF97IFGCG97CBÀ=7CG9AD@9CG
89:=7=9BH9G M 89 65>5 9G7C@5F=858 =B7@IM9B8C IB5 75BH=858 A9BCF 89 AI>9F9G 7CB
75F57H9F]GH=75G G=A=@5F9G
!57=9B8C <=B75D=\ 9B 9GH5 F9@57=`B <5J5FF]5 M CBN5@9G
F9:9F=ACG EI9 @CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 @CG <97<CG DFC658CG @5G
7=F7IBGH5B7=5G97CBÀ=75GMGC7=5@9G5GC7=585G5@5DC6F9N55:97H5B@5G5@I889DCFJ=85
589A[G @CG 5GD97HCG DG=7CGC7=5@9G 7CBHF=6IM9B 5 ;9B9F5F 9G5G 8=:9F9B7=5G IB5 6I9B5
G5@I8 =AD@=75 F98I7=F B=J9@9G 89:F575GC 9B@5 98I757=`B M 9B 9@89G9AD@9C M A9>CF5F @5
75@=85889@5J=J=9B85
@5DCMCGC7=5@M@5G6I9B5GF9@57=CB9GGCB:IB85A9BH5@9G896=8C5
EI9<579BG9BH=F5@5GD9FGCB5G7I=8585GEI9F=85G9GH=A585GMJ5@CF585G
CBF9@57=`B
5@7CBGIAC898FC;5G9GIB5F9GDI9GH55@589G=BH9;F57=`BGC7=5@M589A[G7CBHF=6IM95
579BHI5F @5G 89G=;I5@8589G 9B 9@ [A6=HC 89 @5 G5@I8
%5G D9FGCB5G AI7<5G J979G G9
F9:I;=5B9B9@7CBGIAC89GIGH5B7=5GDG=7C57H=J5GD5F5BCG9BH=F@58IF9N589@5G=HI57=`B
97CBÀ=75MGC7=5@EI99GH[BJ=J=9B8CG=B9A65F;C@C7CB@@9J55IB5897589B7=589G5@I8
=BH9BG=:=75B8C @CG 7CB8=7=CB5BH9G EI9 DFCJC75FCB GI 7CBGIAC
,9;aB 9GH9 9GHI8=C 9@
7CBGIAC 89 GIGH5B7=5G DG=7C57H=J5G 9GH[ F9@57=CB58C 7CB H=DC 89 J=J=9B85 89:=7=9BH9
=B;F9GCG65>CGG9F:5A=@=5ACBCD5F9BH5@89G9AD@9CC5@H589J=J=9B85
)
TCBEI9:F97I9B7=5H9<579GIB7<9EI9CA\8=7C%5(), )
89:=B9EI9f
@7CBC7=A=9BHC9D=89A=C@`;=7CGC6F9@5G9B:9FA98589GD9FA=H97@5G=:=75F@5GMC6H9B9FIB5
A98=8589GI=ADCFH5B7=5MDCG=6=@=85889DF9J9B7=`B
@7CBC7=A=9BHC89@5<=GHCF=5B5HIF5@
89 IB5 9B:9FA9858 BCG D9FA=H9 DF9J9B=F M DCF H5BHC @5 DCG=6=@=858 89 =BH9FJ9B=F
9:97H=J5A9BH9GC6F99@@5
B@5A=GA5A98=85@5CF;5B=N57=`B9GHFI7HIF5M75D57=85889
F9GDI9GH557HI5@MDCH9B7=5@89@DFCD=CG=GH9A589G9FJ=7=CG89G5@I857CFH5@575D57=858
897CBHFC@5F9=AD57H5F:5JCF56@9A9BH9GC6F9@5G5@I889@5DC6@57=`Bf
-9B=9B8C9B7I9BH5
@CGDFC6@9A5G89G5@I857HI5@5@=BJ9GH=;5FGC6F9@5:F97I9B7=57CB@5EI9@CG=B8=J=8ICGG9F95@=N5B
IB7<9EI9CA\8=7C9B7CBHF5ACGEI9@5A5MCF]589@5GAI>9F9GF9EI=9F989F9J=G=`BA\8=75A[G
89IB5J9N5@5_CDCF8=:9F9BH9GACH=JCG9B9GD97=5@@5GAI>9F9G9B9858:\FH=@ G=B9A65F;C@5
A5MCF D5FH9 89 @CG <CA6F9G BIB75 J=GH5B IB5 =BGH=HI7=`B 89 G5@I8 G=9B8C DC7CG @C EI9 G9
7<9EI95BIB5J9N5@5_CM5@;IBCG9B75GCG897CAD@=757=CB9G=AD=8=9B8C899GH5A5B9F5@5

9:=757=589@G=GH9A589G5@I8:5A=@=5FM7CAIB=H5F=C M9B7CBG97I9B7=55;F5J5B8C9@8=5;BCGH=7C
89GIGDFC6@9A5GG=9GEI99L=GH9B<5J5FF]5M CBN5@9G9GH56@979ACGEI9.B7<9EI9C
A\8=7C7CBG=GH99BIB59J5@I57=`B7@]B=75:]G=755G]7CACIB5 9BHF9J=GH5A\8=75D5F589H9FA=B5F
9@9GH58C89G5@I8897585D9FGCB5
GH9H=DC 89F9J=G=`BDI9895MI85F589H97H5FDFC6@9A5G5BH9G
89EI9G9DF9G9BH9B9G897=F 89DF9J9B=F5@;IB59B:9FA9858;F5J9EI9DCF7I9GH=CB9G<9F98=H5F=5G
G9DI8=9F5B @@9;5F5H9B9FC9J=H5F7CB5@;IB5FIH=B5EI95:97H99@9GH58C89G5@I89BGIHCH5@=858
D5F589H97H5F5BCA5@]5GC6=9B8=5;BCGH=75FCDCFHIB5A9BH98=:9F9BH9GD5897=A=9BHCG
)
TB;9B9F5@7CAC9J5@a5GIG5@I8%5(),(&,A9B7=CB5EI9e%59J5@I57=`B89
=B8=758CF9G 89 G5@I8 8969 =BJC@I7F5F 9B @5 A98=85 89 @C DCG=6@9 5 @5G D9FGCB5G 7@5J9
F9@57=CB585G7CB@5DFC8I77=`B9@5B[@=G=G@5=BH9FDF9H57=`B8985HCG9=B:CFA57=`B
GH5G
D9FGCB5G8969B7CBC79F@CGDFC79GCGEI98969BF95@=N5FG9D5F5ACB=HCF95F@5GH9B89B7=5G
M@CG7CBH9LHCG@C75@9GF9;=CB5@9GMB57=CB5@9G
G 7CBJ9B=9BH9F97CF85FEI9@5A5MCF]5
89@CG85HCG9=B:CFA57=`B89G5@I89G;9B9F5855B=J9@@C75@DCFHF565>58CF9G@C75@9G89
G5@I8EI97CBC79BA9>CF@5G75F57H9F]GH=75G:CFH5@9N5GM@=A=H57=CB9G899GCG85HCGM@5
=B:CFA57=`B89F=J585
@89@5DC6@57=`B5@I8=`H9B9F6I9B5G5@I8 5IBEI95@;IBCG
H9B]5BD58979BA5@9GH5F9GH9ADCF5@9GCD5G5>9FCG5@CG7I5@9GBC@9HCA5B=ADCFH5B7=5
9@9LDF9GC;CN5F89AIM6I9B5G5@I8G9;I=8C89@7CBG5@I8F9;I@5FMGC@CIB5
DFCDCF7=`BA9BCF89@F9GDCB8=`H9B9FA5@5G5@I87IM5GD9FGCB5GGCBA5MCF9G89
5_CG
<5J5FF]5M CBN[@9N898I7=ACGIB5F9@57=`B9GHF97<59BHF9@59B:9FA9858M@CG
89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 9GHCG 9GH[B F9@57=CB58CG 7CB 5GD97HCG H5B J5F=58CG
7CAC @CG 6=C@`;=7CG 97CBÀ=7CG @56CF5@9G 7I@HIF5@9G EI9 ;9B9F5B J5@CF9G 98I75H=JCG
G5B=H5F=CGMF9@=;=CGCG89H9FA=B5B8C@57CB8I7H5 89@=B8=J=8ICGIG7F99B7=5G

( ! '%! %
)5F585F7IAD@=A=9BHC5@CGC6>9H=JCGDFCDI9GHCG G9F97C@97HC =B:CFA57=`B:IB85A9BH5@
GC6F9 @5G 75F57H9F]GH=75G GC7=C 89AC;F5:]5G M 7I@HIF5@9G 89 @5 DC6@57=`B 5 HF5J\G 89
=BGHFIA9BHCG7CB:=56@9G:CFA5B8CIB565G98985HCGEI9:57=@=H`9@ 9BH9B8=A=9BHC89@5G
7=F7IBGH5B7=5G7CB8=7=CB5BH9G89@5J=H5@=858C 5HCB]589 @5GD9FGCB5G89A5B9F5=B8=J=8I5@
B@5=BH9FDF9H57=`B89@CG85HCG G95B5@=N5FCB8=J9FGCG5GD97HCG8=F97H5A9BH9F9@57=CB58CG
7CB@5G=HI57=`BF95@89BI9GHFC75ADC89577=`BMG9F9GIA=9FCB@CGA[GF9@9J5BH9G
B
9GH9G9BH=8C9@\B:5G=G9B@5GF9@57=CB9G9L=GH9BH9G9BHF99@A5F7CGC7=5@M@5G5@I8BCGC@C
<59BF=EI97=8C@57CADF9BG=`B895@;IBCGD5897=A=9BHCGG=BCH5A6=\B8=:9F9BH9G5GD97HCG
9B 9@ EI9<579F 89 @5 A98=7=B5 7CAC @5 98I757=`B 9@ 7CBHFC@ 9D=89A=C@`;=7C M @5G
F9@57=CB9G=ADF9G7=B8=6@9G 9BHF9@CGF97IFGCGG5B=H5F=CG7CB@57CAIB=858
99GH5A5B9F5DF9G9BH5ACG@CGF9GI@H58CG899GH9 9GHI8=C 8CB89 DC89ACGJ9F EI99@

89 @5 DC6@57=`B D5897=` 89 5@;aB H=DC 89 9B:9FA9858 896=8C 5 @5 7CB:@I9B7=5 89
8=:9F9BH9G:57HCF9G89H9FA=B5BH9GEI9 7CBJ9F;9B9B@5G5@I89B:9FA985889@CG=B8=J=8ICG
89@C7I5@9@89D9FH9B979F5@;\B9FC:9A9B=BCM9@ 5@;\B9FCA5G7I@=BCG=9B8C
BCH56@9 @5G8=:9F9B7=5G89G5@I8 MF9EI9F=A=9BHC895H9B7=`B9BHF9<CA6F99GMAI>9F9G
589A[G89@=ADCFH5BH9BaA9FC89D9FGCB5G7CB65>CB=J9@5758\A=7CF9G5@H5B8C9BHF9
9@@CG IB5DFCDCF7=`B A5MCF7CB9@ EI9 7IFGC@5DF=A5F=5C5@A9BCG5@75BNC9@B=J9@
A98=C9GH5B8C9BG9;IB8C@I;5F@CGEI9@@9;5FCB5GIG9GHI8=CGG97IB85F=CG7CBIB
G9;I=8C89@ EI9:I9FCB5@:569H=N58CG9@ BC5G=GH=`5@59G7I9@5MGC@5A9BH9IB
7IFGCM:=B5@=N`GIG9GHI8=CG GID9F=CF9G :57HCFEI9@=A=H5@5C6H9B7=`B897CBC7=A=9BHCG
M<[6=HCGG5@I856@9GEI95MI89B57I=85F89G]A=GACGCHCA5F7CBHFC@89@5G7=F7IBGH5B7=5G
EI95:97H5B9@ 6=9B9GH5F
-5A6=\B9B7CBHFÈI99@ 89@CGD5FH=7=D5BH9G7CBGIA9 IBC
A[GH=DCG89 8FC;5G7CFF9GDCB8=9B8C9@ 5@;\B9FCA5G7I@=BCM9@5@G9LC:9A9B=BC
5IA9BH5B8C899GH5A5B9F59@F=9G;C89D58979F899B:9FA98589GCGI:F=F@9G=CB9G
@
9B:CEI989@CGDFC;F5A5GG5B=H5F=CG9B9GH57CAIB=858<5A9>CF58C@5G7CB8=7=CB9G89
G5@I8 89@5DC6@57=`BG=B9A65F;C7CAC9GDFCD=C89HC85GC7=9858BC89>5899L=GH=F

8=:9F9B7=5G9BF9@57=`B5@CG89H9FA=B5BH9GGC7=5@9GEI95@H9F5BEI989IB5ICHF5A5B9F5
5@H9F5B@CGF9GI@H58CGM89G9EI=@=6F5B9@5J5B79<57=5 BI9J5GA9H5G
( $!! %
@D9FGCB5@89G5@I88969H9B9FIB565G985HCG9L57HCGEI9D9FA=H5B7CBC79F
@5G7=F7IBGH5B7=5GGC7=5@9GM7I@HIF5@9G EI9=B:@IM9B 9B@5G5@I889@5DC6@57=`BM
5G]6F=B85FIB55H9B7=`B8=F=;=858957I9F8C5@5GB979G=8589G899GH5
%5G =BH9FJ9B7=CB9G G5B=H5F=5G 8969B 79BHF5FG9 9B ;FIDCG 89 DC6@57=`B

9LDI9GH5G 5 7CB8I7H5G 89 F=9G;C 7CBG97I9BH9 89@ 5B[@=G=G 89 :57HCF9G EI9
5@H9F5B @5 9GH56=@=858 89 @5 G5@I8 89 @5 DC6@57=`B
-9B=9B8C 9B 7I9BH5 EI9 @5
98I757=`B9BG5@I89G9@5FA5DF=B7=D5@D5F5F98I7=F@5G8=:9F9B7=5G89G5@I89B
@5 7CAIB=858
%5 DFCAC7=`B 89G5@I858EI=9F9IB5 7I9GH=`B 89 9GH58C 7CBJ=FH=\B8CG9 9BIB

DFCD`G=HC B57=CB5@ =B7CFDCF5B8C @5 DF9J9B7=`B 89 9B:9FA98589G 9B HC8C GI
5@75B79 7CB 9@ DFCD`G=HC 895;F5B85F @5 J=56=@=85889 @5GDC@]H=75G 89 G5@I8 M
F98I7=F@GI6CF8=B57=`B89@5DF9J9B7=`B5@5CF=9BH57=`B7IF5H=J5
@ 7CBC79F @5 G=HI57=`B 89 G5@I8 89 @5 DC6@57=`B M @5G 5:97H57=CB9G 89 @CG
89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 9B @CG a@H=ACG 5_CG 9B:9FA9F]5 9G IB5
DFC:9G=`B7@5J9 D5F5@5DFCAC7=`B89@5G5@I8896=8C5EI97CBGH=HIM9IB75ADC
89 577=`B 9GHF5H\;=7C 89 75F5 5 @5 7CAIB=858 D5F5 J=;=@5F M 7CBHFC@5F 9GH5G
5:97H57=CB9G9B@5A98=8589GIGDCG=6=@=8589G
@9GHI8=CD9F=`8=7C89@CGDFC6@9A5GG5B=H5F=CG5MI855A9>CF5F@5G=HI57=`B89
G5@I8M7F95F9GHF5H9;=5GD5F5 9B:F9BH5F@CG

"&'!(
!$%
%CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8IB5D9FGD97H=J589G899@H5@@9F@5H=BC5A9F=75BC
89@CG,, =@989H9FA=B5BH9G@5G5@I8 ) )
+9@57=`B 89 @5 GC7=C@C;]5 7CB @5G 7=9B7=5G 89 @5 G5@I8
!HHDG7=9@C
G8
7IG7=9@C
D<DG7F=DHG7= 5FHH9LHD=8
F=G=G97CBÀ=75MG5@I89BGD5_5
&G76G
;C6
9G9GH58 GHI8=CG9GH58]GH=75G8C7G
7F=G=G97CBÀ=75MG5@I8D8:
)9F:=@89@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I89B'=75F5;I5
!HHDGKKK
D5<C
CF;B=7=B89L
D<DCDH=CB7CA 8C7A5BJ=9K8CK@C5875H9;CFM
G@I;G=GH9A5G 89 G5@I8 89 G9FJ=7=CG 89 G5@I8 M H97BC@C;=55@=5G D9F:=@ 89 @CG
G=GH9A5G 89 G5@I8 89 '=75F5;I5"H9A=8
&C89@C 89 ,5@I8 5A=@=5F M CAIB=H5F=C &(,
<HHDGKKK
D5<C
CF;B=7=B89L
D!DCDH=CB7CA 8C7A5BJ=9K8CK@C5875H9;CHFM
G@I;DI6@=757=CB9G 5BH9F=CF9G5@=5G AC89@C 89 G5@I8 :5A=@=5F M 7CAIB=H5F=C
)5FH=7=D57=`B 7CAIB=H5F=5 9B @5 G5@I8 89 '=75F5;I5
KKK
A7B=75F5;I9BG9
CF;8C7IA9BHCG9LDCG=7=CB&"',
)
)C@]H=75B57=CB5@89G5@I8
<HHDG9LHF5B9H
K<C
=BH7CIBHFMD@5BB=B;7M7@9GG=H9G89:5IH:=@9GD@5BB=B; 7M7@9G
F9DCG=HCFMB=75F5;I5 DC@=H=75 B57=CB5@ 8 G5@I8
CA=G=`B 89 @CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8
<HHDG5DDG
K<C
=BH;676K<CD8: :=@9G ,) )
9H9FA=B5BH9GGC7=5@9GM6=9B9GH5FGI6>9H=JC:57HCF9G9LD@=75H=JCG89@55IHCD9F79D7=`B
9B G5@I8 9B <=@9
+9DCG=HCF=C
I7<=@9
7@6=:;GHF95A5B8@9 89H9FA=B5BH9GGC7=5@9GdM
6=9B9GH5FGI6>9H=7C7CAC:57HCF9G9LD@=75H=JCG89@55IHC
D9F79D7=CB89G5@I89B7<=@9
D8:G9EI9B79 =G!5@@CK98M
9H9FA=B5BH9G ,C7=5@9G 89 @5 ,5@I8

<HHDGKKK
D5<C
CF;9GH9A5G89H9FA=B5BH9G
GC7=59G G5@I8

H9LH%5CF;5B=N57=CBAIB8=5@89@57CB8=7=CB9G89@5J=85
7CH=8=5B5f
7CA=G=`BGC6F9@CG89H9FA=B5BH9GGC7=5@9G 89@5G5@I8
<HHDG5DDG
K<C
=BH;676K<5D8: D
D8:
)5HFCB9G89 A5G7I@=B=858M:9A=B=8585GC7=58CG 5@7=7@C89@5J=C@9B7=589;\B9FC
=@9
7IG9FG7=J9FNCB98CK@C58G H9LHC89@5FH=7I@C

D8:
DCFH9GD5F59B:F9BH5F@5D5B89A=5(/"

""DG
IG57
98I
;H
KD 7CBH9BH5D@C58G@=6FC ' 7CJ=8 9@ 75GC 89
'=75F5;I5 DCFH9G D5F5 9B:F9BH5F @5 D5B89A=5 8=7=CB "")
9H9FA=B5BH9GGC7=5@9G89@5G5@I8
<HHDGKKK
H9G9CDF9GG
7CA
,5@I8 M DCG=7=`B GC7=C97CBÀ=75 9J=89B7=5 9AD]F=75 F97=9BH9 9B 9@ D5BCF5A5

=BH9FB57=CB5@ M 9B GD5_5
=@97.IG9FGD78CK@C58G8=5@B9H
G5@I8MDCG=7=CBGC7=C97CBCA=75
D8:
8I757=`B89H9FA=B5BH989@5G5@I8 5:97H585 DCF9@7CJ=8

!HHDGKKK
95GD
9G

)9F:=@ 89 @CG G=GH9A5G 89 G5@I8 9B '=75F5;I5
<HHDG=F=G
D5<C
CF;6=HGHF95A<5B8@9
)9F:=@G=GH9A5GG5@I8'"4GD5
D8:
G9EI9B79 =G@@CK98MOH9LH%57C69FHIF5895H9B7=BD
CFDF=J58CGM89@G97HCF('
)C@]H=75 B57=CB5@ 89 G5@I8 9B '=75F5;I5
<HHDG9LHF5B9H
K<C
=BH7CIBHFMD@5BB=B;7M7@9GG=H9G89:5I@H:=@9GD@5BB=B;47M7@94F9DCG=
HCFMB=75F5;I5B=75F5;I54DC@=H=754B57=CB5@4894G5@I84
D8:

J5B79G 89 G5@I8 9B '=75F5;I5
<HHDGKKK
9@ 8=;=H5@
7CA5FH=7I@CGJ9FH=HI@C B=75F5;I5 5J5B79G 9B @5 G5@I8
89@ 5@
%5(/" M@CG9H9FA=B5BH9G,C7=5@9G89@5,5@I8
%5G897@5F57=CB9G89@A5
H5 MGH5B5$5N5>=GH[B
<HHDG7=9@C
G@8
7IG7=9@C
D<DG7F=DHG7=45FHH9LHD=8,
F=G=GDCF(/" M56CF85>9=BH9;F5@89@5G5@I8
<HHDGKKK
95GD
9GK967CFCB5J=FIGMG5@I8DI6@=757F=G=G DCF 7CJ=8 M 56CF85>9
=BH9;F5@ 89 @5 G5@I8
%5G5@I8MGIG7CAD@=757=CB9GGC7=5@9GDC@]H=75GM98I75H=J5GIBA5F7C89
F9:9F9B7=5D5F5@CG7I=858CG899B:9FA9F]5
<HHDF56=85
I<I
9G8GD5796=HGHF95A<5B8@9 6 L
D8:
]5AIB8=5@89@5G5@I8
7CBGHFI=FIBAIB8CA[G>IGHC9EI=H5H=JCMG5@I856@9
<HHDGKKK
D5<C
CF;9G75AD5B5G8=5 AIB8=5@ G5@I8 7CBGHFI=F AIB8C A5G
>IGHC G5@I856@9
9H9FA=B5BH9GGC7=5@9G9B9@7CBGIAC89GIGH5B7=5GDG=7C57H=J5G9B9GHI8=5BH9G
IB=J9FG=H5F=CG9B
<HHDKKK
G7=9@C
98I
IMG7=9@C
D<DG7F=DHG7=45FHH9LHD=8,

&`8I@CG89DF=B7=D=CG899D=89A=C@C;]5D5F59@7CBHFC@899B:9FA98589G&()
CBHFC@899B:9FA98589G9B@5DC6@57=`B
<HHDGKKK
D5<C
CF;6F58A8C7IA9BHG&()4,)4&C8445HI5@
D8:
"ADCFH5B7=589@CG7<9EI9CGA\8=7CG
<HHDGKKK
577I 7<9?
7CA
AL6=9B9GH5F=ADCFH5B7=5 89 @CG 7<9EI9CG A98=7CG
"'"(+,,%.GD97HCG7CB79DHI5@9GMCD9F5H=JCG
<HHDGKKK
D5<C
CF;<E=B89L
D<DCDH=CB7CA47CBH9BHJ=9K5FH=7@9=8 <95
@H< =B8=75HCFG 7CB79DHI5@ 5B8 CD9F5H=CB5@ 7CBG=89F5H=CBG G97H=CB
"H9A=8G<CK5@@ @5B;9G
%CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8M@5G:IB7=CB9G9G9B7=5@9G89@5G5@I8Da6@=75
GC7=5@
<HHDGKKK
A98=;F5D<=7
7CAD8:GG5@>5@=G7CG> G> >
D8:

"&'!(
)!%

)! 6-=/;<+
' ($%$& '&$!% !&
'%&"!!
@;FIDC89=BJ9GH=;58CF9G89@5.&% 9GH[ F95@=N5B8CIB9GHI8=CGC6F9@5G5:97H57=CB9G89

@CG 89H9FA=B5BH9G GC7=5@9G 89 @5 G5@I8 7CB 9@ C6>9H=JC 89 7CBC79F @CG :57HCF9G
GC7=C89AC;F[:=7CGEI9=BH9F:=9F9B9B@5G5@I889@5DC6@57=`BDCF@CH5BHCB979G=H5ACGGI
5DCFH9 7CAC DC6@58CF9G 89 9GH5 7CAIB=858
%5 =B:CFA57=`B EI9 BCG 6F=B89 G9F[
89H9FA=B5BH9D5F59@@C;FC89@CGC6>9H=JCG899GH99GHI8=C
+<7;1/6/:+4/;
)
'CA6F9GM5D9@@=8CG
)
858 ),9LC&
)+9@=;=`B 5H`@=75 J5B;\@=75 (HF5G
)
GH58C 7=J=@ ,C@H9FC5)
'=J9@5758\A=7C
5G58C5)
(7ID57=`B
7CAD5_58C5
+<7;;7-374+,7:+4/;
)
T-F565>557HI5@A9BH9
,= 'C
)
,=HF565>5=B8=EI9

G5@5F=58C
-F565>5DCFGI7I9BH5
)
TI[@9GGIG5@5F=CC=B;F9GCA9BGI5@
+<7;;7-37-=4<=:+4/;
)
'IA9FC89:5A=@=5444444444444444
)
TI9BH57CBJ=J=9B85DFCD=5
,=444 'C444
)
TI9BH57CBG9F6=CG6[G=7CG
;I5DCH56@9
B9F;]59@\7HF=75
G9FJ=7=CG<=;=\B=7CG
( +<7;;7-37874M<3-7;/6;+4=.
)
T.GH987F99EI9@5G=HI57=`BGC7=CDC@]H=7589@D5]G=B:@IM99B@5 G=HI57=`B89
G5@I8
T@;IB5J9N@9<5B7C6F58CDCFGI5H9B7=`B9BIB5=BGH=HI7=`B89G5@I8Da6@=75
,= 'C
T+97=695@;aB69B9:=7=C89@CGDFC;F5A5G=ADI@G58CGDCF&"',9B@5
7CAIB=858
%3<=+-3O6./;+4=.

)
B@CGa@H=ACG8CG5_CGT<5GGI:F=8C 895@;IB59B:9FA9858
)
T-=9B95@;IB59B:9FA9858C7CB8=7=`B<9F98=H5F=5
)
TCBGIA9G 5@;aBH=DC898FC;5G
,= 'C
)
TCBEI9:F97I9B7=5H9<579GIB7<9EI9CA\8=7C
)
I5B8C9B:9FA5G5G=GH9G5
9BHFC89G5@I8
!CGD=H5@
@]B=75DF9J=G=CB5@
@]B=75DF=J585
(HFCG
)
B;9B9F5@T7ÀC9J5@I5F]5GHIG5@I8
+<7;;7-37874M<3-7;/6;+4=.
) T.GH987F99EI9@5G=HI57=`BGC7=CDC@]H=7589@D5]G=B:@IM99B@5G=HI57=`B89G5@I889
@57CAIB=858
)
T@;IB5J9N@9<5B7C6F58CDCFGI5H9B7=`B9BIB5=BGH=HI7=`B89G5@I8Da6@=75
)
T+97=695@;aB69B9:=7=C89@CGDFC;F5A5G=ADI@G58CGDCF9@ &"',9B @5
7CAIB=858

)!
:7671:+5+
+:A7
% *('("*& ,#.# +
-<3>3.+./;

-9A5;9B9F5@
M H9A5 L

89@=A=H58C
)@5BH95A=9BHC L
89@DFC6@9A5
(6>9H=JCG
L
BH97989BH9G
L
,:34
BH97989BH9G
L
#IGH=:=757=`B
L
&5F7C H9`F=7C
L L L
+@7
=G9_C
A9HC8C@`;=7C L L
(D9F57=`B89
J5F=56@9G L
"BHFC8I77=`B L
=6@=C;F5:]5GM
5B9LCG L

)!":/;=8=/;<7
% * +-)- +,( %'. +,#"#0'
-<3>3.+. 7;<7
EI=DC897CADIHC `F8C65G
-F5BGDCFH9 7`F8C65G
@=A9BH57=`B 7`F8C65G
CD=5G `F8C65G
-CH5@ `F8C65G

)! !&!$E%

Understanding Social Determinants of Health in Rural Nicaragua

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Understanding Social Determinants of Health in Rural Nicaragua

Uploaded by

Copyright:

Available Formats



    

$J  (%&J *"!%$!

-"(', -+&"''-, ,("%,  % ,%. ' %

+'2%"' #'-! ('3%,)+%-

&! % &$  &%

: /3: %</362+:<   )<

%%CA=G=`B 899H9FA=B5BH9G ,C7=5@9G89@5,5@I8

 WB8=7989 9G5FFC@@C!IA5BC

$  +9;=`BIH`BCA589@ H@[BH=7C'CFH9

98=7C 9GH9HF565>C5=CGHC8CDC89FCGC858CF89@5G56=8IF]5M@5 7=9B7=5DCF85FBCG9@

333 $ &!

;F589N7C 9GD97=5@A9BH9 5@ ;FIDC 89 7C@56CF58CF9G EI9 :I9FCB D5FH9

 @5 .B=J9FG=858 &5FH]B %IH9FC DCF 6F=B85FBCG 9@ 5DCMC M @5 7C@56CF57=`B M

CBG97I9BH9 5@5B[@=G=G 9G9J=89BH9EI9@5A5MCFD5FH989 @5DC6@57=`B 7CBG=9BH9 89@CG

F57=5G5@ 56CF85>9899GH99GHI8=CM@5=BH9FDF9H57=`B89IBF=C89=B:CFA57=`BG9 @C;F`

22 % #

' $$$&$E 

  #$

B @5 G9;IB85G9 DF9G9BH5=B:CFA57=`BEI985GCDCFH97=9BH]:=7C 5@CG C6>9H=JCGD@5BH958CG

  & &%

&=B=GH9F=C 89 ,5B=858 CBGIAC M =9B9GH5F ,C7=5@   =B:CFA5 EI9 RR%5G 7F=G=G

B@CG9H9FA=B5BH9G,C7=5@9G89@5,5@I8 CA]B;I9N ,5BH5A5F]5  D

%5G75IG5G89@5G89G=;I5@8589GGC7=5@9GG9 G=Ha5B 9B @58=GHF=6I7=`B89G=;I5@9B9@

-5@7CAC58I79 I5FB9FCG D

99GH9 A=GACAC8CG9<5B<97<C9GHI8=CG89F9@57=`B9BHF99H9FA=B5BH9G ,C7=5@9G89

@CG DF=B7=D5@9G 89H9FA=B5BH9G 5GC7=58CG 5 AI9FH9G A5H9FB5G 9B '=75F5;I5

(HFC 9GHI8=C F9@57=CB58C 9G 9@ 89 @CF9G   D

B9@5B[@=G=G89@5 G=HI57=`B 89G5@I8MF97CA9B857=CB9GD5F59@89G5FFC@@CG5B=H5F=C89

B@57CAIB=858 89 &5B7CH5@ 9@89G5FFC@@C89@5G5@I8 Da6@=75 <5H9B=8C Aa@H=D@9G 9B:CEI9G

,=B 9A65F;C BC9L=GH9B8C7IA9BHCG=BJ9GH=;5H=JCGGC6F99GH5 H9A[H=75 MG=6=9B@CG<5M

  &$"! ! ! &)&!

B'C% %! !% &$  &% %!%   %' #' 

CAC 9B HC85GD5FH9G 89@AIB8C9B9@ G97HCF ,5BH5%I7=5 @5G D9FGCB5G 7I@HIF5@A9BH9

99GH5 A5B9F5 9@ 9GHI8=C J5 8=F=;=8C57CBC79F@5 G=HI57=`B 89G5@I889@57CAIB=858M

IF5BH99@ DFC79GC=BJ9GH=;5H=JC BCG9DF9G9BH5FCB @=A=H57=CB9G 5@ACA9BHC895D@=75F@CG

TEI\IB=85889 9BHFC89G5@I8 B7I9GH5

:97H57=CB9G89H9FA=B5BH9GGC7=5@9G89@5G5@I89B@5DC6@57=`B89@ ;/-<7:;+6<+4=-3+ 4+;

+:+-</:M;<3-+; I5@=858=7=F7IBGH5B7=5EI99GDFCD=589IB5D9FGCB5CIB57CG5 M

%5 (F;5B=N57=`B )5B5A9F=75B5 89 @5 ,5@I8   D

 "74M<3-+ 6+-376+4./ ;+4=.

&"', c'"+ .  )

'=75F5;I57I9BH57CB 79BHFCG89G5@I8 A=@DI9GHCG89G5@I8

9 5@  G9<56=@=H5FCB 7@]B=75GA`J=@9G7CBD9FGCB5@A\8=7CM

BIB5 F9IB=`B 89@5 &=G=`B"BH9;F5@89@5F9DI9GH55@5=B:977=`B89@/"!M@5G

 $/4+-3O6 ./4+;-3/6-3+;./4+;+4=.-764+ ;7-37471M+

%5 F9J=GH57I65B5 89G5@I8 Da6@=75 9BGI56CF85>989 ,C7=C@C;]5 M,5@I8

(&, A9B7=CB5EI9@57CA=G=`BGC6F9@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8 H=9B9

79J98C# &5FH]B9N M.HG%9B9@ &5BI5@89&98=7=B5)F9J9BH=J5M ,C7=5@

CFDCF57=CB9G @CG 7I5@9G 89H9FA=B5B 9 =B:@IM9B 9B @5G DC@]H=75G A57FC97CB`A=75G

@ 7CBH9LHC 9GH[ :CFA58C DCF 7=B7C DIBHCG 9GD97]:=75A9BH9

B @CG 89H9FA=B5BH9G GC7=5@9G M 6=9B9GH5F GI6>9H=JC :57HCF9G 9LD@=75H=JCG 89 @5

B @CG 89H9FA=B5BH9G GC7=5@9G M 6=9B9GH5F GI6>9H=JC :57HCF9G 9LD@=75H=JCG 89 @5

%5 (&,  5:=FA5EI9 e%CGF=9G;CG D5F5@5G5@I89B9@@I;5F89HF565>C

C6H9B7=`B 89 DI9GHCG 9B @CG 9AD@9CG

%5 ,,   D

5 =F7IBGH5B7=5G A5H9F=5@9G G9 9B7I9BHF5B 8=F97H5A9BH9 F9@57=CB58CG 7CB @5G

 $ ! ! &!

 !$& (%&!  GH99GHI8=C9G897CFH9HF5BGJ9FG5@DCFEI9HIJCIB

 "!! ' ($%!

,9 @9G F95@=N5F5 9B7I9GH5 5  D9FGCB5G

&I9GHF9C 5@95HCF=C G=AD@9 7CB@5aB=75J5F=5BH9EI99L=GH9IB BaA9FC :=>CEI9A5F75@5

$J (%&J *"!%$!

-"(', -+&"''-, ,("%, % ,%. ' %

+'2%"' #'-! ('3%,)+%-

&! % &$ &%

: /3: %</362+:< )<

%%CA=G=`B 899H9FA=B5BH9G ,C7=5@9G89@5,5@I8

WB8=7989 9G5FFC@@C!IA5BC

$ +9;=`BIH`BCA589@ H@[BH=7C'CFH9

98=7C 9GH9HF565>C5=CGHC8CDC89FCGC858CF89@5G56=8IF]5M@5 7=9B7=5DCF85FBCG9@

333 $ &!

;F589N7C 9GD97=5@A9BH9 5@ ;FIDC 89 7C@56CF58CF9G EI9 :I9FCB D5FH9

@5 .B=J9FG=858 &5FH]B %IH9FC DCF 6F=B85FBCG 9@ 5DCMC M @5 7C@56CF57=`B M

CBG97I9BH9 5@5B[@=G=G 9G9J=89BH9EI9@5A5MCFD5FH989 @5DC6@57=`B 7CBG=9BH9 89@CG

F57=5G5@ 56CF85>9899GH99GHI8=CM@5=BH9FDF9H57=`B89IBF=C89=B:CFA57=`BG9 @C;F`

22 % #

' $$$&$E

#$

B @5 G9;IB85G9 DF9G9BH5=B:CFA57=`BEI985GCDCFH97=9BH]:=7C 5@CG C6>9H=JCGD@5BH958CG

& &%

&=B=GH9F=C 89 ,5B=858 CBGIAC M =9B9GH5F ,C7=5@ =B:CFA5 EI9 RR%5G 7F=G=G

B@CG9H9FA=B5BH9G,C7=5@9G89@5,5@I8 CA]B;I9N ,5BH5A5F]5 D

-5@7CAC58I79 I5FB9FCG D

99GH9 A=GACAC8CG9<5B<97<C9GHI8=CG89F9@57=`B9BHF99H9FA=B5BH9G ,C7=5@9G89

(HFC 9GHI8=C F9@57=CB58C 9G 9@ 89 @CF9G D

B9@5B[@=G=G89@5 G=HI57=`B 89G5@I8MF97CA9B857=CB9GD5F59@89G5FFC@@CG5B=H5F=C89

B@57CAIB=858 89 &5B7CH5@ 9@89G5FFC@@C89@5G5@I8 Da6@=75 <5H9B=8C Aa@H=D@9G 9B:CEI9G

,=B 9A65F;C BC9L=GH9B8C7IA9BHCG=BJ9GH=;5H=JCGGC6F99GH5 H9A[H=75 MG=6=9B@CG<5M

&$"! ! ! &)&!

B'C% %! !% &$ &% %!% %' #'

CAC 9B HC85GD5FH9G 89@AIB8C9B9@ G97HCF ,5BH5%I7=5 @5G D9FGCB5G 7I@HIF5@A9BH9

99GH5 A5B9F5 9@ 9GHI8=C J5 8=F=;=8C57CBC79F@5 G=HI57=`B 89G5@I889@57CAIB=858M

IF5BH99@ DFC79GC=BJ9GH=;5H=JC BCG9DF9G9BH5FCB @=A=H57=CB9G 5@ACA9BHC895D@=75F@CG

TEI\IB=85889 9BHFC89G5@I8 B7I9GH5

:97H57=CB9G89H9FA=B5BH9GGC7=5@9G89@5G5@I89B@5DC6@57=`B89@ ;/-<7:;+6<+4=-3+ 4+;

+:+-</:M;<3-+; I5@=858=7=F7IBGH5B7=5EI99GDFCD=589IB5D9FGCB5CIB57CG5 M

%5 (F;5B=N57=`B )5B5A9F=75B5 89 @5 ,5@I8 D

"74M<3-+ 6+-376+4./ ;+4=.

&"', c'"+ .)

'=75F5;I57I9BH57CB 79BHFCG89G5@I8 A=@DI9GHCG89G5@I8

9 5@G9<56=@=H5FCB7@]B=75GA`J=@9G7CBD9FGCB5@A\8=7CM

BIB5 F9IB=`B 89@5 &=G=`B"BH9;F5@89@5F9DI9GH55@5=B:977=`B89@/"!M@5G

$/4+-3O6 ./4+;-3/6-3+;./4+;+4=.-764+ ;7-37471M+

(&,A9B7=CB5EI9@57CA=G=`BGC6F9@CG89H9FA=B5BH9GGC7=5@9G89@5G5@I8 H=9B9

79J98C# &5FH]B9N M.HG%9B9@ &5BI5@89&98=7=B5)F9J9BH=J5M ,C7=5@

CFDCF57=CB9G @CG 7I5@9G 89H9FA=B5B 9 =B:@IM9B 9B @5G DC@]H=75G A57FC97CB`A=75G

@ 7CBH9LHC 9GH[ :CFA58C DCF 7=B7C DIBHCG 9GD97]:=75A9BH9

B @CG 89H9FA=B5BH9G GC7=5@9G M 6=9B9GH5F GI6>9H=JC :57HCF9G 9LD@=75H=JCG 89 @5

B @CG 89H9FA=B5BH9G GC7=5@9G M 6=9B9GH5F GI6>9H=JC :57HCF9G 9LD@=75H=JCG 89 @5

%5 (&, 5:=FA5EI9 e%CGF=9G;CG D5F5@5G5@I89B9@@I;5F89HF565>C

%5 ,, D

5 =F7IBGH5B7=5G A5H9F=5@9G G9 9B7I9BHF5B 8=F97H5A9BH9 F9@57=CB58CG 7CB @5G

$ ! ! &!

!$& (%&! GH99GHI8=C9G897CFH9HF5BGJ9FG5@DCFEI9HIJCIB

"!! ' ($%!

,9 @9G F95@=N5F5 9B7I9GH5 5 D9FGCB5G

&I9GHF9C 5@95HCF=C G=AD@9 7CB@5aB=75J5F=5BH9EI99L=GH9IB BaA9FC :=>CEI9A5F75@5

(! !% %&$' &!%

' %%

' & !$!

( & % %&$' &!%"!%"$

%%*%'%! $%'&!%

/( %- +,*

,9AI9GHF5EI9IB89@CGD5FH=7=D5BH9GDCG999BHF9 M5_CG 899858G9;I=8C89@

F[:=7C (7ID57=`B \B9FC&5G7I@=BC

#&%&# ## # $%#&E

F[:=7C (7ID57=`B \B9FC&I>9F9G

'"* +(++-%#'(

F[:=7C (7ID57=`B \B9FC9A9B=BC

% &!

'"* +(+-$ * +

$&% ''!# ! & % ''

#.# '*()#

F[:=7C B@CG a@H=ACG5_CGT<5GI:F=8C895@;IB59B:9FA9858

% E $ & & # $ % E $ & # $

') #( '! *& +

('+-& %"2',#)( *("+

F[:=7C (7ID57=`B \B9FC&5G7I@=BC

#&%&# ## # $%#&E

F[:=7C (7ID57=`B \B9FC9A9B=BC

% &!