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PIDAJMHBMJPKDIO@MHNJAOC@DMNFDGG M@BPG<MDOT <I?OTK@JA?DBDO<GO@>CIJGJBTPN@&JN@DI
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RDOC <I?ADI<GGTOC@<=DGDOTOJI<QDB<O@OC@DMNC<M@?DIO@M>JII@>O@?I@NNRDOCJOC@MPN@MN 2C@MDN@
JANJ>D<GH@?D<DGGPNOM<O@?<K<M<?DBHNCDAOJAJIGDI@>JHHPIDOTJMB<IDU<ODJI>@IO@MDIBG@NN
<MJPI?DIO@M@NONOJKMDH<MDGTAJ>PNDIBJIDI?DQD?P<GK@JKG@
5DOCDIADIDO@DIAJMH<ODJIAGJRDIBDIOJK@JKG@aNGDQ@N<ONP>C<M<KD?<I?NPNO<DI@?K<>@DO
DNK@MA@>OGTM@<NJI<=G@OJRJI?@MDA?DBDO<GO@>CIJGJBTPN@DN><PNDIBHJM@?DNOM@NNOC<IJQ@M<GG
=@I@ADO &<HKOJI 0<DID@ *P 1CDI <I?.PM>@GGNO<O@OC<ONOM@NN><I?@Q@GJKOCMJPBC
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JOC@MN OC@I@@?OJ>JINO<IOGT=@KM@N@IO<I?M@KGTOJH@NN<B@N<I?O@SON <GR<TNC<QDIBOJF@@K
PK JM=@DIBA@<MAPGJAHDNNDIBJPO 'IOC@DMNOP?T!&<HKOJI@O<G O@NO@?AJM<
A<>O>JHHJIOJ<GGO@>CIJGJBTPN@<I?KJNDO@?OC<O?DBDO<GO@>CIJGJBTPN@MN @NK@>D<GGTOCJN@
RCJM@BPG<MGTOJJFK<MODINJ>D<GH@?D<PN@<M@NDHKGTHJM@<R<M@JANOM@NNAPG@Q@IONDIOC@GDQ@N
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DI>GP?DIBKG<OAJMHNPN@? CJROC@TDIO@M<>OJIOC@NDO@N IPH=@MJAAMD@I?N AM@LP@I>T
JANO<OPNPK?<O@NSK@MHJIOC _GDFDIB`SK@MHJIOC >JHH@IODIBSK@MHJIOC <I?
CJRJAO@IOC@TN@I?KMDQ<O@H@NN<B@NSK@MHJIOC .<MOD>DK<IONOC@I>JHKG@O@?OC@
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GDNO@?OCJN@RCJR@M@@?P><O@? H<MMD@? JMGDQDIBRDOC<K<MOI@M <N<GNJC<QDIBGJR@MG@Q@GNJA
NOM@NN 'IO@M@NODIBGTOC@AM@LP@I>TJAO@>CIJGJBTPN@?R<NOD@?OJGJR@MNOM@NN 1K@>DAD><GGT OC@
HJM@KD>OPM@NRJH@INC<M@? @H<DGNN@IOM@>@DQ@? <I?OC@CDBC@MAM@LP@I>TJANJ>D<GH@?D<
KJNONM@KJMO@?GTGJR@M@?OC@DMNOM@NN !JHK<M@?RDOCRJH@IRCJ?D?IJOM@KJMOAM@LP@IOPN@
RJH@IRCJKJNO@?JINJ>D<GH@?D<?<DGT NC<M@?ORJKD>OPM@N JMN@IO<I?M@>@DQ@?@H<DGNK@M
?<TN>JM@?GJR@MJIOC@NOM@NNH@<NPM@&<HKOJI@O<G 2C@N@M@NPGONN@@HOJ
DI?D><O@OC@KJNND=DGDOTOC<O?DBDO<GO@>CIJGJBD@NOJNJH@?@BM@@><I=@DI>JMKJM<O@?DIOJN@GA ><M@
<I?PGODH<O@GTDI>M@<N@<IDI?DQD?P<GaNNP=E@>ODQ@R@GG =@DIB<I?GDA@N<ODNA<>ODJI
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?@O@MHDI@?DIK<MO=TOC@DMNJ>D<GOD@N RCD>CRJPG?@SKG<DIRCTOCJN@RCJPN@NJ>D<GH@?D<
@SK@MD@I>@BM@<O@MN<ODNA<>ODJI?P@OJBM@<O@M>JII@>O@?I@NN 'I<AJGGJRPKNOP?T 4<G@IUP@G<
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PIDQ@MNDOTNOP?@IONAMJH2@S<N! <B@?OJ .<MOD>DK<ION>JHKG@O@?<IJIGDI@
NPMQ@TDI>GP?DIBOC@1<ODNA<>ODJIRDOC*DA@1><G@<I?<INR@M@?<N@MD@NJALP@NODJINM@B<M?DIB
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)MJNN@O<G >JI?P>O@?<NOP?TDIRCD>COC@TM@>MPDO@?K@JKG@OCMJPBCAGT@MNKJNO@?DI
+D>CDB<IOJO<F@K<MODI<$<>@=JJFNOP?T .<MOD>DK<IONR@M@<?HDIDNO@M@?<N@OJANPMQ@TNRCD>C
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OC@NJ>D<GI@ORJMFDIBNDO@ .<MOD>DK<ION=@B<IM@>@DQDIBADQ@O@SOH@NN<B@NK@M?<TJ>>PMMDIB
M<I?JHGTDI< CJPMRDI?JR<NFDIBCJROC@TR@M@>PMM@IOGTA@@GDIB AJGGJR@?=TOC@<HJPIO
JAODH@OC@TC<?NK@IOJI$<>@=JJFOC<O?<T .<MOD>DK<IONR@M@OC@I<?HDIDNO@M@?OC@DIDOD<G
<NN@NNH@ION<B<DI<I?C<?OC@DMOJO<GIPH=@MJAJIGDI@AMD@I?NM@>JM?@? I<GTNDNNCJR@?OC<O
OC@HJM@K@JKG@PN@?$<>@=JJFOC@RJMN@OC@TA@GO S 9 ??DODJI<GGT
K<MOD>DK<ION?D?IJON@@HOJPN@OC@NDO@DIM@G<ODJIOJCJROC@TA@GO S 9
2C@NOP?T>JI>GP?@?OC<OOC@HJM@K<MOD>DK<IONPN@?$<>@=JJF OC@HJM@OC@DMGDA@N<ODNA<>ODJI
G@Q@GN?@>M@<N@?JQ@MODH@ C = 9 $DI<GGT )MJNN@O<G
?@O@MHDI@?OC<O?DM@>ONJ>D<GDIO@M<>ODJI?D?IJONDBIDAD><IOGT<AA@>OOC@M@G<ODJINCDK
=@OR@@INJ>D<GH@?D<<I?GDA@N<ODNA<>ODJI NDBIDATDIBOC<ODI?DQD?P<GNRCJH<DIO<DI<CDBC
?@BM@@JA<>ODQDOTDIOC@DMNJ>D<GGDQ@NH<T=@HJM@GDF@GTOJ@SK@MD@I>@I@B<ODQ@@AA@>ON
<NNJ>D<O@?RDOCNJ>D<GH@?D<PN@
.@MC<KNJI@JAOC@HJNOKP=GD>DU@?K@M>@DQ@?I@B<ODQ@NNPMMJPI?DIB?DBDO<GO@>CIJGJBT
PN@<I?NJ>D<GH@?D<NK@>DAD><GGT DNOC@D?@<OC<O<IDI?DQD?P<G><I=@>JH@<??D>O@?OJOC@
DIO@MI@O<I?PN@DODI<K<OCJGJBD><GJM<=PNDQ@H<II@M%MJCJG *DF@<I<??D>O JI@>@J=N@NNDQ@OCJPBCON OJG@M@ DI<=DGDOTOJLPDO<I?GJR@M@?DHKPGN@>JIOMJG
NPMMJPI?DIBOC@DMPN@ 2CDN?DNODI>OK<OO@MIJA=@C<QDJM?J@N@SDNO<HJIBHDGG@IID<G<B@?<?PGON
CJR@Q@M OC@OJO<GNO<ODNOD>NAJMNP>C=@C<QDJMNC<Q@=@@INCJRIOJ=@JQ@MNO<O@?OJ<G<MB@
?@BM@@=TOC@=JOCOC@H@?D<<I?KNT>CJGJBDNONPNDIBPIM@GD<=G@JMDIQ<GD?M@N@<M>CH@OCJ?N
"'%'2*2#!&,-*-%7',+-"#0,1#*$!0#-$7-3,%"3*21
%MJCJG 5C@I@S<HDIDIBOC@N@=@C<QDJMNAMJH<=@C<QDJM<G<KKMJ<>COC@TG<MB@GT<KK@<M
OJ=@OC@M@NPGOJA@SDNODIBK<OCJGJBTD @ >JHKPGNDQ@B<H=GDIB @S>@NNDQ@KJMIJBM<KCTPN@
NCJKKDIB<??D>ODJI >JINO<IOI@@?AJM<OO@IODJI @H=@GGDNCDIBA<>ON @O> RCD>CC<Q@H@M@GT
><MMD@?JQ@MOJ<I@RH@?DPH OC@DIO@MI@O <I?NJ>D<GI@ORJMFDIBNDO@N"<QDN 5CDG@<
?@BM@@JAK<OCJGJBD><GNJ>D<GH@?D<PN@@SDNON OC@A<>OM@H<DINOC<OOC@JOC@MNDIOC@B@I@M<G
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<GGJRNPN@MN>JHHPID><O@ RJMF <I?@IB<B@DIM@>M@<ODJI 5MDODIBOC@N@NDO@NJAA<NRCJGGT
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&JR@Q@M R@HPNO=@<R<M@JAOC@I@B<ODQ@>JIN@LP@I>@NJAJQ@MPN@<I?D?@IODATOC@=@C<QDJM
JAK@JKG@RCJPN@DODI<K<OCJGJBD><GR<T"<QDN
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K<OCJGJBD><GDIO@MI@OPN@ 'IOC@DMNOP?T>JGG@B@NOP?@ION!R@M@BDQ@I<IDIO@MI@OPN@
API>ODJILP@NODJII<DM@<I?<IDIO@MI@O<??D>ODJIN><G@ 2C@N@O@NONR@M@NCJRIOJC<Q@CDBC
>JINOMP>OQ<GD?DOT<I?M@GD<=DGDOT<I?H@<NPM@?OC@KPMKJN@M@B<M?DIBNJ>D<G DIAJMH<ODJI<G
G@DNPM@<I?OC@@HJODJI<G=<N@?PN@ 3N@R<NOC@I>JHK<M@?OJOC@<??D>ODJIN><G@?@O@MHDIDIB
OJG@M@ RDOC?M<R<G >JHKPGNDQ@=@C<QDJMN ODH@H<I<B@H@IODNNP@N <I?DIO@MK@MNJI<GC@<GOC
KMJ=G@HN 0@NPGONNCJR@?OC<OH<G@NJI<Q@M<B@PN@?OC@'IO@MI@OAJMGJIB@MK@MDJ?NJAODH@OCM@<N@?DI>D?@I>@NJADIO@MI@O<??D>ODQ@
=@C<QDJMNOC<IA@H<G@NODH@H<I<B@H@IOKMJ=G@H= 9 DIO@MK@MNJI<G<I?C@<GOC
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9 <I?@HJODJI<GDIAPI>ODJI= 9 'IM@G<ODJIOJ<??D>ODJIN@Q@MDOT <
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NP=N><G@NJAOC@<??D>ODJINP=N><G@N RCDG@DIAJMH<ODJI<GPN@R<NCDBCGTM@G<O@?OJDIO@MK@MNJI<G
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R@@FJAHJ?@M<O@ DIO@INDOT JM HDIPO@NK@MR@@FJANOM@IPJPN DIO@INDOT<@MJ=D>KCTND><G
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<??DODJI<GC@<GOC=@I@ADON 'I<??DODJIOJC@<GOC=@I@ADON KCTND><GN@GA ><M@KMJQD?@N<R@GGI@NN
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<=DGDOTOJ>JK@RDOCNOM@NNJMN.D@M>T@O<G
.NT>CJGJBD><GN@GA ><M@M@A@MNNO<TDIBH@IO<GGTADO<I?><IDI>GP?@N@@FDIBKNT>CJGJBD><G
OM@<OH@IOAJM<IT@SK@MD@I>@??DNOM@NNJMDHK<DMH@IO,JM>MJNN @DIB<=G@OJD?@IODAT
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JOC@MN N@GA >JHK<NNDJI<I?PI?@MNO<I?DIBOJR<M?NJI@N@GA
#HJODJI<GN@GA ><M@DNDIO@MORDI@?RDOCJI@aNJRI<=DGDOTOJM@>JBIDU@<I?D?@IODATOC@
@HJODJINOC@T<M@@SK@MD@I>DIBOJHJIDOJM<I?KMJ>@NNOC@H<KKMJKMD<O@GT<I?C@<GOCDGT
2CMJPBC@HJODJI<GN@GA ><M@KM<>OD>@NDODNKJNND=G@OJ<QJD?=@DIBJQ@MRC@GH@?=TOC@M<IB@JA
@HJODJINJI@@SK@MD@I>@NM@BPG<MGT .M<>OD>@N><IDI>GP?@G<PBCDIB >MTDIBRC@II@@?@?
KJNDODQ@N@GA O<GF <I?KJNDODQ@<AADMH<ODJIN >ODQ@GTEJPMI<GDIBJMGJBBDIBJA@HJODJINDN
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DIN@Q@M<GR<TN TF@@KDIBOC@?@ADIDODJI<H=DBPJPNDI?DQD?P<GNJA?DAA@MDIB=@GD@ANTNO@HN>OJIRC<OOC@TA@@GOJ=@DHKJMO<IO #NO<I@F?@ADI@?NKDMDOP<GN@GA ><M@<N<N@IN@JA
OC@KPMKJN@<I?H@<IDIBJAGDA@<NR@GG<NOC@>JII@>ODJIH<?@=TOCDNPI?@MNO<I?DIB 1KDMDOP<G
N@GA ><M@=@C<QDJMN><IDI>GP?@H@?DO<ODJI KM<T@M =M@<OCDIB@S@M>DN@N <I?HDI?APG<>ODQDOD@N

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$DI<GGT OC@NPKKJMOK<MOJAN@GA ><M@><I=@?@ADI@?<NOC@@SK@MD@I>@N DIO@M<>ODJIN <I?
M@G<ODJINCDKNOC<O<MDN@AMJH<IDI?DQD?P<GaNNPKKJMONTNO@HN =JOCK@MNJI<G<I?KMJA@NNDJI<G
2C@N@><IO<F@OC@AJMHJA>JINPGO<ODJI NPK@MQDNDJI JM>JIODIPDIB@?P><ODJIDIOC@RJMFKG<>@
<I?NKJPN<GM@G<ODJINCDKN AMD@I?N <I?A<HDGTJI@>JIAD?@NDI<OOC@CJH@!JNO@M1>CR@=@G
?@LP<O@NPKKJMO><IDIAGP@I>@CJR<IDI?DQD?P<GF@@KNPKRDOCOC@DMN@GA ><M@KM<>OD>@
<I?H<DIO@I@<I?><I<>O<N<IDINPG<ODIBA<>OJM<B<DINON@MDJPNH@IO<GC@<GOCDNNP@N 2CMJPBC
=<GDIBK@MNJI<G<I?KMJA@NNDJI<GNPKKJMOH@IO<G@SC<PNODJI><I=@G@NN@I@?OCPN<GG@QD<ODIB
=PMIJPONTHKOJHN<I?DI>M@<NDIBGDA@N<ODNA<>ODJI
'I<??DODJIOJOC@>JHKJI@ION N@GA ><M@C<N<GNJ=@@I?@ADI@?=T?@N>MD=DIB<>ODQDOD@N
RCD>C<M@N<D?OJ>JINODOPO@N@GA ><M@ !<MMJG %DGMJT<I?+PMM<>DO@DIOM<K@MNJI<GRJMF
DIO@MK@MNJI<GRJMF KMJA@NNDJI<G?@Q@GJKH@IO<I?NPKKJMO <I?KCTND><GM@>M@<ODJI<G<>ODQDOT<N
<NK@>ONJAN@GA ><M@ 'IOM<K@MNJI<GRJMF><I=@PI?@MNOJJ?<NDI>M@<NDIBJI@aNN@GA <R<M@I@NN
OCMJPBCDI?DQD?P<GKNT>CJOC@M<KTJMO<FDIBK<MODINKDMDOP<G<>ODQDOT<GDBI@?RDOCJI@aNHJM<GN
'IO@MK@MNJI<GDIQJGQ@NH<DIO<DIDIBC@<GOCTM@G<ODJINCDKNDIOC@CJH@<I?OCMJPBCJPOJI@aN
KMJA@NNDJI<G<I?K@MNJI<GGDA@ .MJA@NNDJI<G?@Q@GJKH@IO<I?NPKKJMOM@A@MOJJI@aNKMJA@NNDJI
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M@G@Q@ $DI<GGT KCTND><GM@>M@<ODJI<G<>ODQDOTM@A@MNOJ<ITOCDIBCJ==TJMDIO@M@NO=<N@?NP>C
<NNKJMON @S@M>DN@ M@<?DIBAJMKG@<NPM@ R<O>CDIBHJQD@NJMNCJRN<I?JOC@MOCDIBNJAOC<O
I<OPM@ 5CDG@?@ADIDODJINJAN@GA ><M@JAO@IDI>GP?@NJH@>JH=DI<ODJIJAOC@KM@QDJPNGTGDNO@?
?JH<DIN IJI@DI>GP?@OC@PN@JA<ITNJMOJA?DBDO<GO@>CIJGJBTDI@SKM@NNDIB<I@@?AJM
<??DODJI<GM@N@<M>C
NN@GA ><M@DN<O@MH=MJ<?GTPN@?OCMJPBCJPOH<IT?DN>DKGDI@N<I?DIO@MKM@O@?DI<
Q<MD@OTJAR<TN NJOJJ<M@OC@M@>JHH@I?@?<KKMJ<>C@NAJMDI>M@<NDIBLP<GDOTJAGDA@ 1@GA ><M@

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K@M>@KODJIN<M@HDS@?<N<OODOP?@NQ<MT<>MJNN<NK<IJA>PGOPM@NRDOC?DAA@MDIB@IQDMJIH@ION
K@M>@DQDIBN@GA ><M@KM<>OD>@N<NKJNDODQ@ I@B<ODQ@ JMDI?DAA@M@IO !MJNN >PGOPM<G>JHK<MDNJINAJM
N@GA ><M@=@C<QDJMNNCJROC<O5@NO@MI>PGOPM@NO@I?OJKPOCDBC@MQ<GP@JIDI?@K@I?@I>@ N@GAe
?DM@>ODJI JM<POJIJHT RCDG@#<NO@MI>PGOPM@N<M@HJM@GDF@GTOJ<?HDM@DIO@M?@K@I?@I>@
C<MHJITJM>JII@>ODJIRDOCJOC@MN'F@?<@O<G 2C@N@<>ODQDOD@NN@MQ@OJ@IC@LP<GDOT
JAGDA@OCMJPBCK@MNJI<G<I?KMJA@NNDJI<G?@Q@GJKH@IO N<M@NPGO N@GA ><M@DN<NDBIDAD><IO
KM@?D>OJMJAGDA@N<ODNA<>ODJI<I?M@?P>ODJIDI=PMIJPOHDODB<ODIBOC@I@B<ODQ@K@MNJI<G
KMJA@NNDJI<G <I?@HJODJI<G@AA@>ON RCDG@DHKMJQDIBR@GG =@DIB5<GG@I*<>CH@JAPI?@MNO<I?DIBOC@A<>OJMNOC<ODIAGP@I>@JQ@M<GGGDA@N<ODNA<>ODJI<I?
OC@@AA@>OJAO@>CIJGJBT<I?NJ>D<GH@?D<PN@JITJPIB<?PGOR@GG=@DIBDN<H<OO@MJA?@=<O@
I@>?JO<G@QD?@I>@DIDOD<GGT>DO@??DBDO<GO@>CIJGJBT<N<CDI?M@OJR@GG =@DIBRCD>C
NPKKJMO@?OC@ODH@?DNKG<>@H@IOCTKJOC@NDN CJR@Q@MKM@N@IOGTOC@M@NPGON<M@>JIAGD>ODIB?P@OJ
OC@@IB<BDIBI<OPM@JA?DBDO<GO@>CIJGJBT>JHHPID><ODJIN2U<Q@G<+<QMJH<OD
!@MO<DIHJODQ<ODJIN=@CDI?PN@N@@HOJC<Q@?DAA@MDIB@AA@>ONJDOH<T=@KJNND=G@OJH<F@PN@JA
?DBDO<GO@>CIJGJBTRDOCJPONPAA@MDIB<ITJAOC@?M<R=<>FN.POI<H 4<GF@I=PMB(J>C@I

2C@KM@N@IONOP?TCTKJOC@NDU@?OC<ODI>M@<N@?<HJPIOJAODH@NK@IOPODGDUDIBNJ>D<GH@?D<
RJPG?=@M@G<O@?OJ<IJQ@M<GG?@>M@<N@DIGDA@N<ODNA<>ODJIJAHDGG@IID<G<B@?<?PGON &DNOJMD><GGT
H@IO<GC@<GOCR<N?@N>MD=@?<N<=N@I>@JAH@IO<GDGGI@NN CJR@Q@MGDA@ N<ODNA<>ODJIDNIJR
=@GD@Q@?OJKG<T<IDHKJMO<IOMJG@DIJQ@M<GGR@GG =@DIB1O@Q@IN !JINO<IODI@N>P *<H=MP
POP>@N>P 1<I?P3N><O@N>P 'IDOD<GGTDOR<N?@N>MD=@?<N<IJK@M<ODJI<G?@ADIDODJIJA
NP>>@NNAPG<BDIB <I?G<O@M <KJNDODQ@@Q<GP<ODJIJAGDA@>JI?DODJINOC<OH@<NPM@NKJNDODQ@GT

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<B<DINOJI@aNNO<I?<M?NJM@SK@>O<ODJIN.M<NJJI!C<OPMQ@?D *DA@N<ODNA<>ODJIAJMOCDN
NOP?TR<N?@ADI@?<N<IJQ@M<GG<NN@NNH@IOJAJI@aNK@MNJI<GA@@GDIBN<I?<OODOP?@NNPMMJPI?DIB
OC@NI<KNCJOJAGDA@DIOC@KM@N@IOHJH@IO $@@GDIBNOTKD><GGTM<IB@AMJHKJNDODQ@OJI@B<ODQ@<I?
<M@OCJPBCOOJDIO@MORDI@RDOCN@GA ><M@H@<NPM@N K<MOD>PG<MGT<GJIBOC@H@IO<G<I?KCTND><G
C@<GOC<S@N ??DODJI<GGT GDA@N<ODNA<>ODJIM@G<O@NOJOC@<>CD@Q@H@IOH@OMD>JA=PMIJPO<NDO>MD=@?<N<I<NN@NNH@IOJAOC@JQ@M<GG>JI?DODJINJAJI@aN@SDNO@I>@DI>JHK<MDNJIOJJI@aN
<NKDM<ODJIN<I?<>OP<G<>CD@Q@H@IO1O@Q@IN@O<G
1DI>@OC@<?Q@IOJANJ>D<GH@?D<NDO@NM@N@<M>C@MNC<Q@=@BPI@SKGJMDIBJM@SKGJDODIBOC@
I@<MGTPIGDHDO@?<>>@NNOJK@MNJI<GKJNONH<?@?<DGT 1J>D<GM@G<ODJINCDKN<M@Q@MTDHKJMO<IOOJ
CPH<INRC@OC@MOC@T<M@DIK@MNJIJM?DBDO<GOC@<HJPIOJAOM<AAD><>MJNN<GGJIGDI@NJ>D<GH@?D<
NDO@N@S@HKGDAD@NOCDNK@MA@>OGT NOC@B@I@M<GKP=GD>=@BDINOJG@OBJJA>@MO<DI=@GD@ANM@B<M?DIB
?DBDO<GO@>CIJGJBTPN@<I?NJ>D<GH@?D<D @ A<>@OJA<>@DIO@M<>ODJIRDGG?@>GDI@?P@OJJIGDI@
>JII@>ODJIN JIGDI@M@G<ODJINCDKN<M@G@NNM@<G KJNDODQ@>JHKJI@ION<M@JIOC@MDN@4@MB@@M
.@GU@M 1J>D<GH@?D<C<N=@@INCJRIOJ<GGJRDI?DQD?P<GNOJ?DN>GJN@DIKJNDODQ@R<TNOC<O
PGODH<O@GT=JJNON@GA @NO@@H<I?M@NPGODII@RAMD@I?NCDKND?@IODOT?@Q@GJKH@IO<I?NJ>D<G
>JII@>O@?I@NN <MPOC &JR@Q@M PN@DN<GNJ<NNJ>D<O@?RDOCQ<MDJPNMDNFA<>OJMN
DI>GP?DIB=PGGTDIB ?@KM@NNDJI KNT>CJGJBD><GOM<PH< <I?NJ>D<GM@E@>ODJIRCD>CC<Q@I@B<ODQ@
<AA@>OJIH@IO<GC@<GOC 2RJ>JHK@ODIBCTKJOC@N@NN@@HOJ=@NPKKJMO@? 2C@ADMNO
?DNKG<>@H@IO NPBB@NONODH@NK@IOJIGDI@M@KG<>@NJAAGDI@M@G<ODJIN DI>GP?DIBRDOCAMD@I?N<I?
A<HDGTPGODH<O@GTDI>M@<NDIBNJ>D<GDNJG<ODJI<I?NOPIODIB?@Q@GJKH@IO2U<Q@G<+<QMJH<OD
-IOC@JOC@M@I?JAOC@NK@>OMPHDNOC@NODHPG<ODJICTKJOC@NDNRCD>CKJNDONOC<OAJMOC@
HJNOK<MOODH@NK@IO>JHHPID><ODIBJIGDI@DI>M@<N@NNJ>D<GDIO@M<>ODJIN<I?@IC@NR@GG
=@DIB DHKMJQDIBN<ODNA<>ODJIRDOCGDA@ $@@?=<>FM@>@DQ@? K<MOD>PG<MGTJINJ>D<GI@ORJMFDIB>M@<N@JM?@>M@<N@N@GA @NO@@H?@K@I?DIBJIKJNDODQ@JMI@B<ODQ@>JHH@IO<MT
4<GF@I=@MB .<MOD>DK<ODJI<I?R@GG =@DIBR@M@NCJRIPGODH<O@GTOJ=@H@?D<O@?=T
K@MNJI<GDOTOM<DONJMKM@ @SDNODIB><K<=DGDOD@N 'AJI@DNI<OPM<GGTHJM@NJ>D<G<I?@SOMJQ@MO@?OC@T
<M@HJM@GDF@GTOJPN@NJ>D<GH@?D< HJM@GDF@GTOJC<Q@H<?@AMD@I?NJAAGDI@ADMNO <I?HJM@
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OC@DMPN@MN ??DODJI<GGT OC@NC@@MIPH=@MJAR<TNDIRCD>CDI?DQD?P<GN>CJJN@OJM@G<SJM
IPH=@MJAM@>M@<ODJI<G<>ODQDOD@NOC<ODIQJGQ@?DBDO<GO@>CIJGJBTNPBB@NONOC@I@@?AJM<??DODJI<G
M@N@<M>CDIOCDN<M@< @Q@IOCJPBCIJ>JMM@G<ODJIR<NAJPI?=@OR@@IO@>CIJGJBTPN@<I?N@GA ><M@
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=@OR@@I PMIJPO1@>ODJI!<I?=JOCNOM@<HDIBQD?@JODH@<NR@GG<NODH@NK@IOPNDIBNJ>D<G
H@?D<ODH@<I? PMIJPO1@>ODJI! 2C@N@<I<GTN@NR@M@>JI?P>O@?OJ?@O@MHDI@RC@OC@MB@I?@M
KG<T@?<MJG@DIOC@M@G<ODJINCDKN $DI?DIBN>JI>GP?@?OC@M@R@M@IJNO<ODNOD><GGTNDBIDAD><IO
>JMM@G<ODJIN 2C@N@<I<GTN@NH<T@IO<DGGDHDO<ODJIN?P@OJOC@N<HKG@PN@?<N JA
M@NKJI?@IOND?@IODAD@?<NA@H<G@ 3GODH<O@GT DOR<N>JI>GP?@?OC<OOC@?@HJBM<KCD>N?D?IJO
<AA@>OOC@Q<GD?DOTJAOC@KM@N@IONOP?T<NJAOC@N<HKG@PODGDU@?A@GGRDOCDIOC@ <B@
M<IB@<I?OC@KMJO@>ODJIAMJH=PMIJPOR<NIJO>JMM@G<O@?RDOCB@I?@M $PMOC@MHJM@ ?P@OJ
?DAA@M@I>@NDICJRK@JKG@M@<>OOJNOM@NN<I?=PMIJPON>JMDIBGJRDIOC@.@MNJI<G>CD@Q@H@IO
N@>ODJIJAOC@+ 'RCDG@N>JMDIBCDBCDIOC@KM@QDJPNORJN@>ODJINH<TNODGGDI?D><O@OC@KM@N@I>@
JA=PMIJPO $JMOCDNM@<NJI APOPM@M@N@<M>CDNM@>JHH@I?@?
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JRII@B<ODQ@N@GA A@@?=<>F<I?OC@<NNJ>D<O@?KNT>CJGJBD><G@AA@>ONCDBCGDBCO<I<M@<DII@@?JA
APMOC@MM@N@<M>C 1J>D<GH@?D<C<N<>JHKGD><O@?M@G<ODJINCDKRDOC=PMIJPO<NR@GG<NN@GA ><M@
2C@>JPIOG@NNOTK@NJADIAJMH<ODJIB<OC@M@?<I?M@G@<N@?OCMJPBC?DBDO<GO@>CIJGJBT<I?NJ>D<G
H@?D<=JOC?DM@>OGT<I?DI?DM@>OGTKMJQD?@OC@J=E@>ONAJMK@JKG@OJ>JHK<M@OC@HN@GQ@NOJJOC@MN
<I?M@BPG<O@HJJ?<I?R@GG =@DIBDIRC<ON@@HNOJ=@<I<POJH<OD>KMJ>@NN $POPM@M@N@<M>C
H<TC@GKKMJQD?@=@OO@MPI?@MNO<I?DIBJA@S<>OGTRC<OOTK@JAPN@><I=@?@O@MHDI@?OJ=@
DHKMJK@MJM?DNJM?@M@? OC@DMM@G<ODJINCDKRDOCKNT>CJGJBD><GJPO>JH@N<I?OC@DMKMJO@>ODQ@
<=DGDOD@N 2CDNNOP?TNCJR@?OC<O@AA@>ONJA=PMIJPO><I=@HDODB<O@?OJ<?@BM@@RDOC?DBDO<G
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NOM@<HDIB<I?NJ>D<GH@?D< CJR@Q@MAPOPM@M@N@<M>CNCJPG?AJ>PNJIOC@IJRDI>M@<N@?H@IO<G
=PM?@IJARC<ODOO<F@NRC@I>JI?P>ODIBRJMF<I?G@DNPM@NJG@GTJIGDI@ ??DODJI<GGT KMJ<>ODQ@
=@C<QDJMNNP>C<N?DBDO<GOM<DIDIBAJM@H@MB@IOO@>CIJGJBTRJPG?GDF@GTAPMOC@MDINPG<O@<B<DINO
=PMIJPO<I?JOC@MPIR<IO@?@AA@>ON
+JM@M@N@<M>CDNI@@?@?OJ<NN@NNOC@?@BM@@JAOCDN<NNPHKODJI<NDI>M@<NDIB@<N@JA
<?<KO<ODJIOJI@RO@>CIJGJBT <>>@G@M<ODIB>JHAJMORDOC>PMM@IOO@>CIJGJBT C<I?GDIBOC@
KJO@IOD<G<??D>ODJINOJ>@MO<DIO@>CIJGJBT PNDIBO@>CIJGJBTOJ<QJD?RJMF<I?OJAJMB@O<=JPO
K@MNJI<GKMJ=G@HN <I?OJ<QJD?O<GFDIBDIK@MNJI4JGFJH@O<G 1DI>@DI>M@<N@?PN@JA
O@>CIJGJBT<HJIBOC@@G?@MGTC<N=@@I?@HJINOM<O@?OJ=@<NNJ>D<O@?RDOCGDA@N<ODNA<>ODJI<I?
N@IN@JA>JIOMJG<I?GJR@MG@Q@GNJA?@KM@NNDJI<I?<ISD@OT ?@Q@GJKDIBKMJBM<HNAJMO@>CIJGJBT
H@IOJMDIBDIOC@>JHHPIDOT>JPG?=@<QD<=G@H@<INJADHKMJQDIBGDA@ N<ODNA<>ODJIIJOEPNOAJM
OCDNNK@>DAD>?@HJBM<KCD>=POOJOC@B@I@M<GKJKPG<ODJI<NR@GG
-0-6%6-215
1@GA M@KJMO?<O<M@A@MNOJ<ITDIAJMH<ODJIJ=O<DI@?PNDIBLP@NODJII<DM@NJMNPMQ@TN<I?
RCDG@OC@PN@NP>C?<O<DNRD?@NKM@<?<>MJNNH<ITAD@G?NJANOP?TDODNIJORDOCJPONJH@?@BM@@
JAPI>@MO<DIOTRC@IDO>JH@NOJQ<GD?DOT 5C@OC@MOC@?<O<DNDI<>>PM<O@?P@OJNDHKG@@MMJMJM
>JIN>DJPN=D<NADBPM@N><I=@?DNOJMO@??@NKDO@M@G<ODQ@GT<IJITHJPN?<O<>JGG@>ODJIKMJ>@NN
1@GA M@KJMO@?PN@?<O<DNGDF@GT<O=@NO<NOMJIBDI?D><ODJIJA<>OP<GPN@(PI>J &JR@Q@M
NP>CKMJ=G@HN<NNJ>D<O@?RDOCN@GA M@KJMO?<O<<M@GDF@OCJN@A<>@?DIJOC@MH@OCJ?NJA?<O<
>JGG@>ODJIDI>GP?DIB>G<MDOT >DM>PHNO@NAJMPN@ PIDAJMHDOTJA>JGG@>ODJIKMJ>@?PM@N<I?I@@?
OJ@NODH<O@=D<N ??DODJI<GGT <NOCDNNOP?TR<N>JMM@G<ODJI<GDII<OPM@PKJI><G>PG<ODIBOC@
M@NPGONAPMOC@MNOP?TDNI@>@NN<MTOJ@NO<=GDNC><PN<GDOT $DI<GGT RCDG@<OO@HKONR@M@H<?@OJ

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B<OC@M<??DODJI<G?<O<?PMDIBOC@!-4'" K<I?@HD> OC@N>JK@<I??PM<ODJIJAOC@@KD?@HD>
R<NNDHKGTIJOFIJRI 2C@RD?@NKM@<?@AA@>OJARJMFKG<>@ PIDQ@MNDOT N>CJJG<I?=PNDI@NN
>GJNPM@NC<Q@A<MM@<>CDIBDHKGD><ODJINAJMOC@DHK<>OJA?DBDO<GO@>CIJGJBTOC<OR@C<Q@T@OOJ
<I<GTU@
21'/75-21
"DBDO<GO@>CIJGJBTM@H<DIN@Q@MKM@N@IO<I?I@<MGTAPGGTDIO@BM<O@?DIOJ@Q@MT<NK@>OJA
JPM?<DGTGDQ@N 2C@M@NPGONJAOCDNNOP?T>JIOMD=PO@OJOC@=J?TJAM@N@<M>C=TPODGDUDIB>PMM@IO
AJMHNJAO@>CIJGJBT<I?@S<HDIDIBOC@DMPN@OTK@DIM@G<ODJIOJGDA@N<ODNA<>ODJI =PMIJPO <I?
N@GA ><M@ 2C@NOP?TAJPI?KMJO@>ODQ@A<>OJMNM@G<O@?OJ=PMIJPOM@B<M?DIBNJ>D<GH@?D<<I?
NOM@<HDIBO@>CIJGJBTPN@ 2CPN DORJPG?=@=@I@AD>D<GOJAJGGJR PKOCMJPBCM@@S<HDIDIBOC@
?<O<DIOC@>JIO@SOJA<??DODJI<GCTKJOC@N@NOJBG@<I<??DODJI<GDIAJMH<ODJIOCMJPBCM@<I<GTNDN
$PMOC@MNOP?D@N<=JPOO@>CIJGJBTPN@<M@@I>JPM<B@?OJ=PDG?PKJIOC@N@ADI?DIBNOCMJPBC
<??M@NNDIBOC@<AJM@H@IODJI@?GDHDO<ODJINJAOC@KM@N@IONOP?T<I?@SKGJM@I@RR<TNOJ@INPM@
C@<GOCJPO>JH@NAJMB@I@M<ODJINOJ>JH@ ??DODJI<GGT ?P@OJOC@>JINO<IOGT@QJGQDIBI<OPM@JA
OC@?DBDO<GNK<>@ <HJM@DI>GPNDQ@GDNOJANDO@NNCJPG?=@PODGDU@? $JM@S<HKG@ DIOC@ADMNOLP<MO@M
JA<GJI@2DF2JFC<?JQ@M=DGGDJIHJIOCGT<>ODQ@PN@MN<I?DNKMJE@>O@?OJM@<>C =DGGDJI
<>ODQ@HJIOCGTPN@MN=TOC@@I?JAOC@T@<M 2C@N@H@OMD>NNCJROC@>JIODIP<GAGPS@SDNODIBDI
?DBDO<GNK<>@N<NKJKPG<MDOD@NR<S<I?R<I@ 2C@NJGPODJIDNGDF@GTOJ=@<GG@I>JHK<NNDIBDI
JM?@MOJ><NOOC@RD?@NOI@OOJB<DIOC@HJNO?<O<

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