Httpseducation - Gov.gyweb2index - Phpstudents Resourcessecondary School Resourcessecondary Text Bookshome Economics168 Ho

You might also like

Download as pdf or txt
Download as pdf or txt
You are on page 1of 200

%FD<":FEFD@:J

#FI0<:FE;8IP0:?FFCJ
FFB

1PIFE< !FII@J 8E; "D<IJFE 08DL<CJ


()'"+*+
CCLJKI8K@FEJ
-I<M@FLJ";@K@FEJ
)PE<KK<%LEK< /<M@<N@E>
#I8E:<J0?<G?<I;
1PIFE< !FII@J  !<J@>E@E> K?< :FM<I
8ID<E+LIJ<
/@K8)FN<CC  FFI;@E8K@E>K?<8:K@M@K@<J
6M<KK<4@CCJ!<#I<@K8J
LII<EK";@K@FE
6MFEE</FJ<
0LGGFIK0K8==
"IE8%8I<NFF;
38E<JJ8%8II@JFE
1?<CJ8$8IE<KK<
+8;@8%FCC@E>JNFIK?
-8KI@:@8!FCG?@E!8M@;
08D8EK?8 FCC@EJ
%8Q<CCC<PE<
+8K?8C@<1I@D
/LK?!FNE<I FEM<EFI
,==@:<IJF=K?<*"/!2E@K /<M@<N@E>
+@B@K8 I8@> (<P9F8I;@E>
0LGGFIK0K8==
!FF;D8KK@<0@E>?  FFI;@E8K@E>K?<8:K@M@K@<J
-<K8C@E<*<!FE8C;8E;
-?@C *@E>F  0KPC@E>  !<J@>E@E> K?< :FM<I
)L:P4@CC@8DJ B<P9F8I;@E>

i
FGPI@>?K

-L9C@J?<;9P
*&+&01/6,#"!2 1&,+
+1&,+) "+1/"#,/"!2 1&,+)/"0,2/ "!"3"),-*"+1 + "/!
$<FI><KFNE $26+
#@IJK-L9C@J?<; 
0<:FE;";@K@FE 
1?@I;";@K@FE 
&0+    

ii
#,/"4,/!

LII@:LC8 DLJK 9< =C<O@9C< <EFL>? KF I<JGFE; KF K?< <O@JK<EK@8C E<<;J F= K?< :?@C;I<E @E 8 :?8E>@E>
JF:@<KP 1<OK9FFBJN?@:?8I<8@;J@EK?<;<C@M<IPF=K?FJ<:LII@:LC8DLJK9<I<M@J<;8E;<;@K<;8JF=K<E
8JK?<E<<;8I@J<JKFD8B<K?<D:FEK<DGFI8IP@E@E=FID8K@FE8E;GI<J<EK8K@FE

<:8LJ< F= K?<J< K?@E>J FE< N<C:FD<J K?< I<M@J<; <;@K@FEJ F= K?< J<:FE;8IP J:?FFC K<OK9FFBJ N@K?
G@:KLI<J@E8GGIFGI@8K<:FCFLIJ

4< N@J? KF :FDD<E; 8CC K?FJ< G<IJFEJ I<JGFEJ@9C< =FI K?@J G8@EJK8B@E> <==FIK =FI ?8M@E> ;FE< 8
NFIK?N?@C<AF9 1?<E8K@FEJ:?@C;I<E8E;K?<@IK<8:?<IJN@CC9<E<=@KJ@>E@=@:8EKCP9<:8LJ<F=K?@J<==FIK

*8PK?<@E;LJKIPF=K?<<;@KFIJ9<JL@K89CPI<N8I;<;9PK?<N@J<LJ<F=K?<I<M@J<;J<:FE;8IPJ:?FFC
K<OKJ

-I@P8*8E@:B:?8E;
*@E@JK<IF=";L:8K@FE

iii
-/"# "

1?@J J<I@<J F= J<:FE;8IP K<OK9FFBJ?8J <MFCM<; =IFD K?< =@IJK 8E; J<:FE; J<KJ F= J<:FE;8IPK<OK9FFBJ
N?@:? N<I< GC8EE<; =FI JKL;<EKJ @E 0<:FE;8IP 0:?FFCJ  E @DGFIK8EK DF;@=@:8K@FE @J K?8K K?< E<N
J<:FE;8IP9FFBJ?8M<9<<E;<J@>E<;=FIJKL;<EKJ<OGFJ<;KF8CCKPG<JF=J<:FE;8IP<;L:8K@FE 0<E@FI
0<:FE;8IP0:?FFCJ 'LE@FI0<:FE;8IP0:?FFCJ8E;K?<J<:FE;8IP;@M@J@FEJF=-I@D8IP0:?FFCJ

1?<9FFBJ?8M<9<<EGI<G8I<;N@K?K?<:FDDFE:LII@:LCLD@E=F:LJ8E;N@CC9<=FLE;KF9<:FEJ@JK<EK
N@K? DFJK F= K?< :FE:<GKJ ;<8CK N@K? @E K?< :LII@:LCLD >L@;<J =FI K?<J< J:?FFCJ  &K @J ?FG<; K?8K K?<
@EKIF;L:K@FEF=K?<J<9FFBJKFK?<;@==<I<EKC<M<CJF=J<:FE;8IP<;L:8K@FEEFN<M@;<E:<;@E$LP8E8 N@CC
?<CGKFI<DFM<JFD<F=K?<;@JG8I@K@<JN?@:?<O@JK@E8::<JJ@E>JL@K89C<C<8IE@E>D8K<I@8CJ

iv
!&+)',+!'&+' '%'&'%!* 

&+1"/ /")1&,+0%&-0 
6,2//"0,2/ "0 
"5"/ &0"0 
02**/6 

()!&!($*,&)$/!&+ .* !&()'**

!"#&+&1&,+,#)2+!/64,/( 
/"0,+0#,/)2+!"/&+$ 
".2&-*"+120"!&+)2+!/64,/( 
)2+!"/&+$ ".2&-*"+1 
0&+(0 
4,,!"+ 120 
,&)"/0 
40%&+$ * %&+"0 
!/6&+$".2&-*"+1 
#&+&0%&+$".2&-*"+1 
*1"/&)020"!&+)2+!/64,/( 
*"1%,!0,# )2+!"/&+$ 
1%"40%&+$-/, "00 
02**/6 

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

!"#&+&1&,+ 
41"/ 
!"1"/$"+10 
)" %"0 
#/& /&+0"0,/#/&  ,+!&1&,+"/0 
01&##"+&+$$"+10 
"5"/ &0"0 
02**/6 

 )$$* 

M
!"#&+&1&,+ 
"5"/ &0"0 
02**/6 

 !%(')+&' /!& 

!"#&+&1&,+ 
1%"0(&+ 
1%"%&/ 
1%"1""1% 
%+!0+!+&)0 
1%"#""1 
),1%"0 
02**/6 

 !&+)',+!'&+' ',*.!)/ 

%,20"4&#"/6 &!0 
/"+!20",# )"+&+$*1"/&)0 
02**/6 

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

0+&11&,+ 
!201 
!&/1 
02**/6 

 !&+)',+!'&+'''&&,+)!+!'& 

1%"#,,!4""1 
$/""++!6")),43"$"1)"0 
#10+!,&)0 
#,,!+21/&"+10 
,*&+&+$#,,!0#,/$,,!%")1% 
,+!&1&,+000, &1"!4&1%-,,/+21/&1&,+ 
0&$+0,#$,,!%")1% 
 1&3&1&"0 
02**/6 

M@
   

 

 

$ $%%&$ $%  %(%   

 

%'$  $ &%  

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

&  %&+ 

&$& & ! %"  '$%  

 

 

& "!$&  ! +   

"$%!  +  

%!!    &%  

  " "$ 

 

&!% !!!   

!   

 

 

 &$"$&   $"  

$" $(&! %  

 ' !& $" 

 
 

%"#$$ 

 &$!'&!   

  

  

 

 

'&&+  

 

 

  

  #&"$"'!% $  

%'$ #'" &   

  

  

%) #'" &  

 

 

  "#"  

%!'$% ! $%   

  

&(&% 

 

'%% ! !&&!  

 
 

 

  "#$"%$%"#  

$%$%   

$%+$ %$%   

+$ %    

  

&(&% 

%'$+  

  #&$!%#  

!!%  $% 

&(&%  

  

%'$   

$    

'&&    

  

 $$'%!$)!$ %&&%+    

 

 #"  

$& +!'$ !) %  

$!$+   

$!$+ &$ #'" &  

&$ %$$    &$ % %   

$!$+ % &  &    %  

*"$ & )&$ %  


%'$+  

 
%FD<":FEFD@:J
*8E8><D<EK

O
&EK?@J:?8GK<IPFLN@CCC<8IE89FLK D8E8>@E>K@D<
@EK<I I<C8K@FEJ?@GJ D8E8>@E><E<I>P
:FDDLE@:8K@FE D8E8>@E>JB@CC
;<:@J@FE D8B@E> D8E8>@E>DFE<P
D8E8>@E>J<C=8E;I<JFLI:< D8E8>@E>?FLJ<?FC;<HL@GD<EK

86C@4    =;4%098<6*98::A

%8M< PFL <M<I D8;< 8 I8J? ;<:@J@FE 9<:8LJ< 89FLK @K  LK K?<I< @J EF E<<; J@E:< PFL :8E
PFLN<I<LEJLI<!@;PFL<M<I>F8CFE>N@K?8 :?8E>< K?@J J@KL8K@FE  6FL :8E <HL@G PFLIJ<C=
JL>><JK@FED8;<9P8=I@<E;9<:8LJ<PFL:FLC; N@K?BEFNC<;><8E;JB@CCJ=FI<M<IP;8PC@=< 8E;
EFKD8B<LGPFLID@E;*FJKC@B<CP K?<8EJN<I PFL :8E C<8IE ?FN KF D8B< >FF; :?F@:<J =FI
KF K?<J< HL<JK@FEJ @J P<J 8E; PFL =<<C 98;CP PFLIJ<C=  1?@J @J N?8K %FD< ":FEFD@:J @J 8CC


89FLK :C8JJ89FLKPFLIJ<C=
4< 8CC BEFN K?8K K?< ?FD< @J 8 /8A<J? *P E8D< @J /8A<J? 8E; & C@M< 8K
;N<CC@E>GC8:<=FIK?<D<D9<IJF=8=8D@CP 1?< *8?8@:FEP /<>@FE &C@M<N@K?DP=8K?<I8E;
<:FEFD@JK@JJFD<FE<N?FD8E8><J>FF;J8E; DFK?<I &?8M<=@M<9IFK?<IJ8E;FE<J@JK<I
J<IM@:<J  JF K?8K K?< %FD< ":FEFD@JK @J *@JJ 1?8EBPFL M<IP DL:?  /8A<J?  +FN C<K LJ
JFD<FE<N?FD8E8><JK?<?FD<<EJLI@E>K?8K ?<8I =IFD KNF FK?<I G<IJFEJ =IFD KNF FK?<I
8CC D<D9<IJ F= K?< =8D@CP 8I< ?8GGP I<>@FEJ
:FD=FIK89C<  :C<8E  N<CC EFLI@J?<; 8E; /<>@E8 *P E8D< @J /<>@E8  & 8D =IFD 8IK@:8
8GGIFGI@8K<CP ;I<JJ<;  <J@;<J GIFM@;@E> =FI /<>@FE  C@M< N@K? DP DFK?<I 8E; & 8D K?<
PFLIJ<C= 8E; =8D@CP  %FD< ":FEFD@:J :8E 8CJF FECP:?@C;
C<8; KF <O:@K@E> :8I<<IJ  0FD< F= N?@:?  NFLC; *@JJ1?8EBPFL /<>@E8 0FD<FE<<CJ<GC<8J<
I<HL@I<=LIK?<IKI8@E@E>8KK<:?E@:8C@EJK@KLK@FEJ 0?8LE8 4<CC  DP E8D< @J 0?8LE8  & 8D =IFD
:FCC<><J 8E; LE@M<IJ@K@<J  N?@C< =FI FK?<IJ $IFM< /<>@FE   & C@M< N@K? DP >I8E;G8I<EKJ
KI8@E@E>FEK?<AF9NFLC;9<JL==@:@<EK DPLEK08I8?8E;DP2E:C<'F?E
*@JJ 1?8EB PFL  0?8LE8  +FN  N< ?8M< ?<8I;
=IFD JKL;<EKJ =IFD K?I<< I<>@FEJ N?F ?8M<
;@==<I<EKKPG<JF=J@KL8K@FEJ

1?<I<=FI< @K :8E 9< J8@; K?8K @E 8EP :C8JJIFFD


J@KL8K@FE K?<=FCCFN@E>D8P9<I<M<8C<;
8KK@KL;<J
9<C@<=J
><JKLI<J
86C@4   2:0AA@==;A8BC0B8=<
G8KK<IEJF=JG<<:?
%8AA$FF; DFIE@E>  :C8JJ &K @J E@:< KF J<< PFL 9<?8M@FLI
FLK =FI K?< =@IJK ;8P F= J:?FFC  -C<8J< K<CC K?<


/<>8I;C<JJ F= K?< =8D@CP J@KL8K@FE @E N?@:? FE<
D8P =@E; ?@DJ<C=  ?<IJ<C=  K?< HL8C@KP F= K?<
<OG<I@<E:<J >8@E<; NFLC; J?8G< K?< N8P PFL
K?@EB F= 8E; I<8:K KF FK?<IJ  K?< K?@E>J PFL
KI<8JLI<8E;K?<=I@<E;JPFLD8B<
86C@4  10:0<24350;8:GA8BC0B8=<

1?@J@E;@:8K<JK?8KG=C 8I< G=C


4@K?@E898C8E:<;=8D@CPJ@KL8K@FE K?<=FCCFN@E>
=<8KLI<J<O@JK
1?<I<=FI< PFL 8I<  LE@HL< @E <M<IP N8P  FK?<IJ
:FD=FIK
D8P CFFB C@B< PFL  9LK K?<P 8I< EFK PFL  PFL
CFM<
E<<; KF BEFN 8E; C@B< PFLIJ<C=  %FN PFL =<<C
J<:LI@KP
89FLK PFLIJ<C= @J PFLI :FE:<GK  "OG<I@<E:<J
N@K?@EPFLI=8D@CP8I<K?<D8@E@E=CL<E:<@EK?<
9L@C;@E>F=PFLIG<IJFE8C@KP8JN<CC8JPFLIJ<C=
:FE:<GK

86C@4  38ABC@14350;8:G

&E 8 ;@JKLI9<; =8D@CP J@KL8K@FE  K?< =FCCFN@E>


KI8@KJD8P9<I<M<8C<;
@EJ<:LI@KP
C8:BF=CFM<
E<<;=FI:FDG8E@FEJ?@G 86C@4  2=<5834<BE4::6@==;43>4@A=<


*0!.  .!(0%+*/$%,/ =;;C<820B8=<
4?8K @J D<8EK 9P :FDDLE@:8K@FE
1?<I< 8I< ;@==<I<EK KPG<J F= I<C8K@FEJ?@GJ  ?<I<
FDDLE@:8K@FE @J K?< KI8EJD@JJ@FE FI G8JJ@E>
8I<8=<N<O8DGC<J
FEF=
=8D@CP
G<<I
K<8:?<IGLG@C
9FP>@IC
&EFI;<IKF=<<C:FD=FIK89C< 9FE;<; JLGGFIK@M<
8E; J<C= :FE=@;<EK @E FLI I<C8K@FE  J?@GJ N@K?
FK?<IJ N<E<<;KF9<
=C@A4:D4A !FEFKGI<K<E;KF9<N?8KN<
8I<EFK FIKF?8M<N?8KN<;FEFK?8M<
98<3 1?FL>?K=LCE<JJ@JM<IP@DGFIK8EK 
428A8=<  ;098<6
B@E; NFI; FI 8:K NFLC; >F 8 CFE> N8P
KFN8I;J D8B@E> JFD<FE< =<<C >FF; J PFLI 8N8I<E<JJ F= PFLIJ<C= 8E; PFLI

89FLKK?<DJ<CM<J I<C8K@FEJ?@GJ ?<@>?K<E<;  PFL NFLC; ?8M<

8<B4@4AB8<6 0?FN 8E @EK<I<JK @E N?8K I<8C@J<; K?8K PFL N<I< D8B@E>  8E; NFLC;

FK?<IJ 8I< J8P@E> FI ;F@E>  0?8I< 8E :FEK@EL< KF D8B< ;<:@J@FEJ  0FD< F= K?<J<

@EK<I<JK@E> <OG<I@<E:< FI 8:K@M@KP N@K? ;<:@J@FEJ 8I< N?8K KF N<8I  N?<I< PFL N@CC >F

FK?<IJ 8E;K?<KPG<F=I<C8K@FEJ?@GJPFLN@CC<E:FLI8><

0 6==3 A>=@B 4@E N?<E PFL :8E  9LK 0FD< F= K?<J< ;<:@J@FEJ PFL D8B< 8J 8 >IFLG

CFJ< >I8:<=LCCP  J@E:< N< 8CC :8EEFK N@E N?@C< FK?<IJ 8I< PFLI ;<:@J@FEJ  &K @J @DGFIK8EK

8CCK?<K@D< K?8K N?<E PFL E<<; KF D8B< 8 ;<:@J@FE  PFL

2=C@B4=CA0<36@028=CA 18B<K@D<KF9< D8B< K?< 9<JK ;<:@J@FE GFJJ@9C<  9<:8LJ< PFL

GFC@K< 8E;D8B<FK?<IJ=<<C:FD=FIK89C< ?8M< KF C@M< N@K? K?< ;<:@J@FE PFL D8B<  1?<

@EPFLIGI<J<E:< ;<:@J@FEPFLD8B<N@CCDFLC;PFLIGI<J<EK8E;
=LKLI<C@=<


1?<;<:@J@FEJD8;<8I<98J<;LGFEPFLIM8CL<J (=8<BA+==<A834@.74<%098<60
8E;>F8CJ
428A8=<
&;<EK@=PK?<GIF9C<D
4?8K 8I< M8CL<J 1?<J< 8I< @;<8J K?8K 8I<
)@JKK?<GFJJ@9C<8CK<IE8K@M<J
@DGFIK8EK KF PFL  &= @K @J @DGFIK8EK KF PFL K?8K
&;<EK@=P@DGFIK8EK8JG<:KJ
PFL CFFB PFLI 9<JK 8K 8CC K@D<J  6FL N@CC D8B<
&;<EK@=PK?<:FEJ<HL<E:<F=<8:?
<M<IP <==FIK KF <EJLI< K?8K PFLI G<IJFE8C
8CK<IE8K@M<
8GG<8I8E:<@J8K8CCK@D<J 8K@KJ9<JK 6FLD8P
*8B<PFLI;<:@J@FE
M8CL<K@D<  JFK?8K PFL8I< 8CN8PJ FE K@D< 8E;
PFL D8B< <M<IP <==FIK KF 9< GLIGFJ<=LCCP
F::LG@<;=FIDFJKF=K?<K@D<
+1..!/+1.!/
.70B8A06=0: J @E;@M@;L8CJ N< 8CC ?8M< I<JFLI:<J  4?8K 8I<
I<JFLI:<J1?<J<8I<K?@E>JK?8K:8E9<LJ<;FI
8 JLGGCP F= JFD<K?@E> K?8K N@CC K8B< :8I< F= 8
 >F8C @J JFD<K?@E> PFL JKI@M< KF 8KK8@E  1?<J<
E<<;
8I< K?@E>J PFL N8EK FLK F= C@=<  8E; K?@E>J PFL
1?<I<8I<KNF>IFLGJF=I<JFLI:<J
NFIB KF 8:?@<M<  0?FIK K<ID >F8CJ D8P :?8E><
%LD8E
8JPFL>IFNFC;<I8E;D<<KE<NJ@KL8K@FEJ8E;
EFE ?LD8EFID8K<I@8C
:?8CC<E><J 0?FIKK<ID>F8CJ@E:CL;<K?@E>JPFLR
C;0<@4A=C@24A8<2:C34
D8PN8EKKF8:?@<M<FM<I8J?FIKG<I@F;F=K@D<
K@D<
N?@C<CFE>K<ID>F8CJ8I<K?FJ<N?@:?N@CCJ?8G<
K8C<EKJ
PFLI =LKLI<  N?<K?<I PFL N8EK KF >F KF
<E<I>P
LE@M<IJ@KP 8E; ?8M< 8 :8I<<I  FI @= PFL N8EK KF
?<8CK?
?8M<8=8D@CP
BEFNC<;><
NFIB:8G8:@KP
8KK@KL;<J


&=<7C;0<@4A=C@24A8<2:C34 N?@:?N@CC?<CGPFLKFLJ<JFD<F=PFLID8K<I@8C
DFE<P I<JFLI:<J <==<:K@M<CP  N?@C< @E K?< I<D8@E;<I F=
:FDDLE@KPI<JFLI:<J < > :CL9 K?@J:?8GK<IN<N@CC@EKIF;L:<K?<;@J:LJJ@FEFE
JG8:< K?< @DGFIK8E:< F= JFD< I<JFLI:<J 8E; ?FN KF
D8K<I@8CGFJJ<JJ@FEJ LJ<K?<D
K@D<
J 8 JKL;<EK PFL ?8M< :<IK8@E I<JGFEJ@9@C@K@<J
1?<J<8I<
%0<068<6A4:50<3@4A=C@24A
9<@E> 8E 8:K@M< C<8IE<I  K8B@E> G8IK @E
*8E8><D<EK @J K?< LJ< F= I<JFLI:<J N< ?8M<
;@J:LJJ@FEJ
< > K@D< DFE<P 8E;<E<I>P KF 8:?@<M<>F8CJ
C@JK<E@E> :8I<=LCCP KF <OGC8E8K@FEJ 8E;
4?@C< N< N<I< K8CB@E> 89FLK ;<:@J@FE D8B@E>
8JB@E>HL<JK@FEJ
N<I<=<II<;KF>F8CJ8E;M8CL<J &EK?@JJ<:K@FE
NI@K@E>;FNE8JJ@>ED<EKJ
N<8I<8>8@EI<=<II@E>KF>F8CJ8E;M8CL<J JN<
;F@E>?FD<NFIBFEK@D<
NFIB KFN8I;J 8:?@<M@E> FLI >F8CJ  N< @EK<I8:K
GI8:K@:@E>JF:@8CJB@CCJF=><KK@E>8CFE>N@K?
N@K? FLI <EM@IFED<EK 8E; ;<M<CFG 8 J<K F=
FK?<IJ
M8CL<J 1?@E>J K?8K 8I< @DGFIK8EK KF LJ 8E;
N?@:? 8I< I<=C<:K<; @E FLI >F8CJ 8E; GC8EJ 8I<
<OGI<JJ<; @E FLI 9<?8M@FLI 8E; @E=CL<E:< FLI %0<068<6B8;4
;<:@J@FEJ 1@D< @J K?< ;LI8K@FE F= K?< @EK<IM8C N?<E
8:K@M@K@<J F::LI  &K @J 8 I<JFLI:< K?8K :8EEFK 9<
1?<J< M8CL<J ?8M< 9<<E ;<I@M<; =IFD =8D@CP @E:I<8J<; FI ;<:I<8J<;  %FN @K @J D8E8><;
=I@<E;J  JF:@<KP  ?<I<;@KP =8:KFIJ  8E; 8J D8B<J K?< ;@==<I<E:<  &K :8E 9< JG<EK N@J<CP FI
@E;@M@;L8CJN<;<K<ID@E<K?< @DGFIK8E:<F=FLI N8JK<; K?IFL>? GFFI D8E8><D<EK  &= N< GC8E
M8CL<J ?FN KF LJ< K@D< N@J<CP  <==@:@<E:P N@CC @E:I<8J<
@ED8EPN8PJ
1F 9< 8 :FDG<K<EK D8E8><I @E K?< ?FD< @E
KF;8PJ NFIC; N< E<<; KF GI8:K@:< 8 I8E>< F= 4< :8E D8E8>< FLI K@D<  1?< 89@C@KP KF
JB@CCJ &EK?<=FCCFN@E>:?8GK<IJF=K?@J9FFB PFL JL::<JJ=LCCP 8::FDGC@J? K8JBJ @E K?< 8DFLEK F=
N@CC 9< <OGFJ<; KF K?< BEFNC<;>< 8E; JB@CCJ K@D<N<?8M<@J8JB@CCK?8K:8E9<;<M<CFG<; 

>FF; N8P KF ?<CG LJ D8E8>< FLI K@D< @J KF HL8C@KP I<JLCKJ 8E; =ILJKI8K@FE  2J@E> K@D< 8E;
GI<G8I< 8 K@D< GC8E  J N< D8E8>< K@D<  N< <E<I>P@J8>FF;N8PKFGC8E
J?FLC; 8CJF GC8E =FI C<@JLI< K@D<  @E N?@:? N<
:8IIPFLK8:K@M@K@<JN<<EAFP
%0<068<6A98::
,LI 89@C@KP KF ;F 8 AF9 @J :8CC<; 8 JB@CC
+=3=:8AB *8E8><D<EK F= JB@CCJ ;<M<CFGJ 8J N< G<I=FID
 )@JK 8CC K?< K8JBJ K?8K PFL NFLC; C@B< KF AF9J FI K8JBJ  P D8E8>@E> 8E; LJ@E> FLI JB@CCJ
8::FDGC@J? N@J<CPN<D8P8CJFJ8M<FEFK?<II<JFLI:<JJL:?
 0KI@B< FLK N?8K PFL ;FEK I<8CCP E<<; KF 8JK@D<8E;<E<I>P
;F
 II8E><K?<K8JBJ@EFI;<IF=GI@FI@KP
%0<068<6;=<4G
*FJK@DGFIK8EK
CC @E;@M@;L8CJ 8E; =8D@C@<J E<<; DFE<P KF 9LP
&DGFIK8EK
>FF;J8E;J<IM@:<J 1?<DFE<PK?<:?@C;JG<E;J
+FKM<IP@DGFIK8EK
NFLC;9<?@JGF:B<KDFE<P DFE<P<8IE<;=IFD
 CCF:8K<K@D<=FIK?<GI@FI@KPK8JBJ
;F@E> <II8E;J FI ;F@E>8 G8IK K@D< AF9FI 8 >@=K
 ?<:BPFLI GI@FI@K@<J:FEJK8EKCP
=IFD JFD<FE<  ;LCKJ  FE K?< FK?<I ?8E;
 IFJJ<8:?K8JB8J@K@J8::FDGC@J?<;
NFLC; I<:<@M< DFE<P =IFD N8><J  J8C8I@<J
 KK?< <E;F=K?<;8P JK8IKK?<E<OK ;8PJ
I<EKJ @EK<I<JKJFI89LJ@E<JJ
C@JK@E:CL;@E>8EPK8JBJEFK:FDGC<K<;
 &E:CL;<K?<8:K@M@K@<J=FICFE>K<ID>F8CJ
CC F= LJ J?FLC; D8B< 8 9L;><K @= N< 8I< KF
;<I@M<D8O@DLD9<E<=@K=IFDFLIDFE<PN?@C<
%0<068<64<4@6G N<8I<NFIB@E>KFN8I;8:?@<M@E>FLI>F8CJ 6FL
"E<I>P @J K?< 89@C@KP KF ;F NFIB 8E; @J 8EFK?<I D8P 8JB N?8K @J 8 9L;><K 1?@J @J 8 GC8E =FI
M8CL89C< I<JFLI:< N?@:? DLJK 9< D8E8><; JG<E;@E> DFE<P  'LJK 8J PFL GC8E KF J8M< K@D<
N@J<CP ,LIG<IJFE8C<E<I>PFIK?<89@C@KPKF><K ;F@E> 8:K@M@K@<J  @E K?< J8D< N8P PFL GC8E KF
K?< AF9 ;FE< :8E 9< D8E8><; 8J N< GC8E FLI JG<E; FE E<<;J 9<=FI< PFL J8K@J=P PFLI N8EKJ
8:K@M@K@<J AF9JFIK8JBJKF9<;FE< 1IP@E>KF;F 4<:8E8CJFJ8M<N?<EN<9L;><K
KFF D8EP K?@E>J 8K FE< K@D< D8P P@<C; GFFI )<8IE@E>KF JG<E; 8E; J8M< DFE<P N@J<CP@J FLI


B<P KF 9<:FD@E> JL::<JJ=LC =@E8E:@8C GC8EE<IJ
4!.%/!/
1?< DFJK <==<:K@M< D<K?F; F= D8E8>@E> FLI
DFE<P @J KF ?8M< 8 9L;><K  &K 8CCFNJ LJ KF J<<  "O8D@E< PFLI G<IJFE 8E; PFLI
?FN DL:? N< ?8M<  N?8K N< E<<; 8E; ?FN 9<?8M@FLI
DL:?N<?8M<KFJG<E; &;<EK@=PFE<8JG<:KF=PFLIJ<C=N?@:?PFL
8I<EFKB<<E89FLK
8 4I@K< ?FNK?@J:8E9<:?8E><;
%0<068<67=CA47=:34?C8>;4<B
9 4FIB8K:?8E>@E>K?@J8JG<:K 
J FLI :FFB@E>  N8J?@E>  8E; :C<8E@E> JB@CCJ
: /<:FI; N?8K PFL ;@; 8E; ?FN
@E:I<8J<  N< N@CC 9<>@E KF LJ< J<M<I8C G@<:<J F=
CFE> @K KFFB PFL KF :?8E>< K?@J
<HL@GD<EK  4< DLJK D8B< JLI< K?8K N< I<8;
8JG<:K
K?< FG<I8K@E> @EJKIL:K@FEJ N?@:? 8::FDG8EP
 6FL 8I< 8KKI8:K<; KF /<9<::8/F9<IK @E
K?<J<  1?<J< D8EL8CJ J?FLC; 9< B<GK @E FE<
K?<E<OK:C8JJ
CF:8K@FEJFK?8KN<:8E=@E;K?<DHL@:BCPN?<E
8 4I@K< ;FNE K?< GFJJ@9C< 8:K@FE
N<?8M<HL<JK@FEJ89FLKLJ< :8I<8E;JKFI8><
PFL :8E K8B< 89FLK K?<
8KKI8:K@FE
4?<EN<GC8E=FI<==<:K@M<LJ<F=I<JFLI:<JN<
9 4?8K8I< PFL>F@E>KF;F
8I< GI8:K@:@E> D8E8><D<EK
 "O8D@E< FE< F= K?< 8:K@M@K@<J PFL :8IIP
FLK;LI@E>8EP;8P
,LI I<JFLI:<J K@D<  <E<I>P  DFE<P  JB@CCJ 8E;
8 /<:FI; K?< JK<GJ 8E; K@D< PFL
<HL@GD<EK 8I< N?8K N< D8E8>< ;8@CP  4<
EFID8CCP JG<E; ;F@E> K?@J
J?FLC;I<D<D9<IK?8K<8:?I<JFLI:<@JM8CL89C<
8:K@M@KP
8E; JFD<K@D<J C@D@K<;   GC8E D8P 9< 8 LJ<=LC
9 E8CPJ< K?< JK<GJ PFL K8B< 8E;
KFFC 8J N< C<8IE <==<:K@M< D8E8><D<EK F= <8:?
J<< @= PFL :8E J8M< JFD< K@D< @E
F=FLII<JFLI:<J
;F@E>K?<8:K@M@KP
 "JK@D8K< ?FN DL:? K@D< PFL JG<E;
&E FI;<I KF 8:?@<M< K?<J< HL8C@K@<J N< E<<; KF
;LI@E>K?<;8P;F@E>EFK?@E>
LE;<IJK8E;FLIJ<CM<J8E;FK?<IJ
 &;<EK@=P8=LE8:K@M@KPPFL<EAFP;LI@E>
K?< ;8P 8E; 8;; K?@J KF PFLI C@JK F=


8:K@M@K@<J 8E; <O8D@E< N?8K PFL DLJK 9LP EFN
 *8B<8C@JKF=K?<@K<DJPFLNFLC;C@B<KF 8E;K?<GI@:<=FI@K
9LP ?<:BK?@JC@JKKFJ<<  0<<N?8KPFL:8E8==FI;
8 N?8KPFLE<<;  3@J@KK?<98EB8E;8JB89FLKK?<J<IM@:<J
9 N?8KPFL:8E;FN@K?FLK K?<P F==<I  *8B< LG 8 J:I8G 9FFB 89FLK
 "O8D@E< K?< K?@E>J PFL E<<; 8E; J<< %FN:8EK?<98EB?<CGD<
N?8K PFL E<<; KF 9LP KF;8P 8E; N?8K
PFL :8E 9LP KFDFIIFN FI E<OK N<<B FI
8KK?<<E;F=K?<DFEK?
 ?<:BKFJ<<?FNDL:?DFE<PPFL?8M<


1)).5
.4 0D4$40@<B+70B

"8:?@E;@M@;L8C@JLE@HL<
&E8:C8JJIFFDJ@KL8K@FE<8:?G<IJFE?8J?@J?<IFNEKI8@KJ 8KK@KL;<J8E;9<C@<=J
4@K?@E 8 98C8E:<; =8D@CP :FD=FIK  CFM< 8E; J<:LI@KP 8I< JFD< F= K?< HL8C@K@<J K?8K <O@JK 8J
8>8@EJK@EJ<:LI@KP C8:BF=CFM< E<<;=FI:FDG8E@FEJ?@GK?8K8I<=FLE;@E8;@JKLI9<;=8D@CP
-<IJFEJ 8I< J?8G<; 9P N?8K K?<P @E?<I@K  K?<@I G?PJ@:8C JKIL:KLI< 8E; K?<@I @EK<CC@><E:< N?@:?
GFIKI8PK?<@IG<IJFE8C@KP
-FJ@K@M<<OG<I@<E:<J8I<K?<I<JLCKF=8:FE=@;<EK N<CC >IFFD<;G<IJFE
1?<I<8I<;@==<I<EKB@E;JF=I<C8K@FEJ?@GJ =FI<O8DGC< =8D@CP G<<I K<8:?<IGLG@C 9FP>@IC
1F =<<C :FD=FIK89C< 9FE;<; JLGGFIK@M< 8E; J<C= :FE=@;<EK @E FLI I<C8K@FEJ?@GJN@K? FK?<IJ  N<
E<<;KF9<FLIJ<CM<J
FDDLE@:8K@FE @J KI8EJD@JJ@FE FI G8JJ@E> FE F= FLI @;<8J K?IFL>? JG<8B@E>  NI@K@E>  C@JK<E@E>
C@M@E> =8:@8C<OGI<JJ@FEJ 8DFE>FK?<IJ
!<:@J@FEJD8;<8I<><8I<;KFN8I;J9FK?J?FIKK<ID8E;CFE> K<ID>F8CJN?@:?8I<8CJF98J<;FE
M8CL<J
>F8C@JJFD<K?@E>FE<JKI@M<JKF8KK8@E9<:8LJ<@K@JN?8K@JE<<;<;=FIFE<JN<C=8I<
38CL<8I<@;<8JK?8K@DGFIK8EKKF@E;@M@;L8CJ
1?<I<8I<@DGFIK8EKGF@EKJKF:FEJ@;<IN?<E8II@M@E>8K8;<:@J@FE
CC@E;@M@;L8CJ?8M<I<JFLI:<J8M8@C89C<KFK?<DN?@:?8I<<@K?<I?LD8EFID8K<I@8C
*8JK<IPF=8I8E>< F=JB@CCJ@EKF;8PJNFIC;@JE<<;<;@EFI;<IKF9<8:FDG<K<EK?FD<D8E8><I


&EK?@J:?8GK<IPFLN@CCC<8IE89FLK
!"%*%0%+*+"(1* .5
K?< @DGFIK8E:< F= C8LE;<I@E> :CFK?<J 8E; 3+.'
?FLJ<?FC;8IK@:C<J
1?@J @J K?< N8J?@E>  ;IP :C<8E@E>  KI<8K@E> 8E;
K?< ;@==<I<EK KPG<J F= <HL@GD<EK 8E;
=@E@J?@E> F= ?FLJ<?FC; 8IK@:C<J 8E; G<IJFE8C
D8K<I@8CJ LJ<; ;LI@E> K?< C8LE;<I@E>
>8ID<EKJ
GIF:<JJ
:C8JJ@=@:8K@FEF=<HL@GD<EKLJ<;@EC8LE;IP
NFIB
K?< :FII<:K LJ< :C<8E@E> 8E; :8I< F=
C8LE;<I@E><HL@GD<EK
K?< ;@==<I<EK D<K?F;J @EMFCM<; @E K?<
C8LE;<I@E>GIF:<JJ
K?<8GGIFGI@8K<D<K?F;=FIK?<I<DFM8CF=
JK8@EJ 86C@4   :=B74A3@G8<6=CBA8348<B74AC<

86C@4  !@=<+01:4


86C@4   :=B74A=<70<64@A3@G8<68< 0@==;


86C@4  $0C<3@G0A94B

86C@4  !@=<


!/+*/"+.
(1* !.%*#
4<C8LE;<IKF
GIFDFK<>FF;?<8CK?
B@CC><IDJ
@DGIFM<K?<8GG<8I8E:<F=:CFK?@E>8E;

D8@EK8@E8GC<8J8EKJD<CC
GIFCFE>K?<C@=<F=:CFK?@E>8E;?FLJ<?FC;
86C@4  !@=<=0@3 8IK@:C<J
KFI<DFM<;LJK;@IKJK8@EJ

-1%,)!*01/! %*
(1* .53+.'
"HL@GD<EK LJ<; @E C8LE;IP NFIB 8I< GLK @EKF
K?I<<>IFLGJ
N8J?@E>
;IP@E>
86C@4  .0A78<6%0278<4 =@E@J?@E>

1* !.%*# !-1%,)!*0
.* !& )/!& !&!* !&

&IFE@E>9F8I; @IFE@E>K89C< JB@IK


48J?@E>D8:?@E<KL9 J@EB 9F@C<IJ !IP<IJ ;IP@E>:89@E<KJ :CFK?<J ?F8I; JC<<M<9F8I;
NI@E><IJ 98J@E 9ILJ? C@E< GIFGJ :CFK?<JG<>J G<> :CFK?<J98JB<K &IFE :CFK?<J
N8J?9F8I;JKFE>J 9FNCJ 9L:B<KJ 98JB<K GI<JJ@E>:CFK?J JGI@EBC<I 8@I@E>
:LG9F8I; ?8E><IJ 9ILJ?

%*'/ ++ !*1/


1?<J< J?FLC; 9< 8K C<8JK KN<EKP :<EK@D<K<IJ 1?<J< 8I< LJ<; =FI :FCC<:K@E> N8K<I 8E; =FI
;<<G  &= GFJJ@9C<  8 ;FL9C< J@EB J?FLC; 9< LJ<; JF8B@E> 8E; N8J?@E>  C<8E K?FIFL>?CP 8=K<I
8JK?<J<D8B<N8J?@E>8E;I@EJ@E><8J@<I 1?<I< LJ< 4?<EEFK@ELJ< B<<GKL9J=@CC<;N@K?:FC;
8I< M8I@FLJ KPG<J F= J@EBJ  1?< DFJK JL@K89C< N8K<I
J@EBJ =FI C8LE;IP NFIB 8I< D8;< F= GFI:<C8@E
8E; JK8@EC<JJ JK<<C  48J? 8E; ;IP K?<D N<CC
8=K<ILJ< 2J<8D@C;89I8J@M<KFI<DFM<JK8@EJ

86C@4  .==34<BC1A

86C@4 *8<9


+%(!./ 8I<
0@E>C<KL9N8J?<IN@K??8E;NI@E><I
)8I>< ?<8MP GFKJ FI K@EJ :8E 9< LJ<; N?<E 0@E>C<KL9N8J?<IN@K?<C<:KI@:NI@E><I
9F@C<IJ 8I< EFK 8M8@C89C<  1?<P J?FLC; ?8M< 8 1N@E KL9 D8:?@E< N@K? N8J?@E> KL9 8E;
?<8MP98J<D8;<F=@IFEFIJK8@EC<JJJK<<C JG@E;IP<I
0<D@ 8LKFD8K@: D8:?@E< N?<I< N8J?@E>
8E;JG@E;IP@E>8I<:FDGC<K<;@EFE<KL9
#LCCP 8LKFD8K@: D8:?@E< N?<I< K?<
:FEKIFCJ8I<J<K=FI<8:?KPG<F=N8J?

86C@4   =8:4@

/$%*#$%*!/

86C@4   *8<6:4BC1
86C@4  (033:4
=@068B0B=@

86C@4   @=<B$=038<60CB=;0B82

1?<J<8I<LJ<;N?<EC8LE;<I@E>C8I><HL8EK@K@<J
F=JF@C<;8IK@:C<J 1?<PJ8M<LJK@D<8E;<E<I>P 86C@4  (C:A0B=@

C<8M@E> LJ=I<< KF ;F FK?<I 8:K@M@K@<J ;LI@E> K?< 86C@4   +E8<BC1B=>:=034@
N8J?@E>K@D< 1?<I<8I<D8EPKPG<JF=N8J?@E>
D8:?@E<J 1?<DFJK:FDDFEFE<J@ELJ<KF;8P

86C@4   :=B74A10A94BA
86C@4   )4D=:D8<63@C; =@BC;1:402B8=<

0A8<A=E:A0<3C294B
.@8<64@A 1?<J< D8P 9< GC8JK@:  <E8D<C  JK8@EC<JJ JK<<C
1?<J< 8I< <JJ<EK@8C @= N8J?@E> @J ;FE< 9P?8E; 8CLD@ELD FI >8CM8E@J<; @IFE  1?<P 8I< LJ<;=FI
1?<P8I<<@K?<I?8E;FI<C<:KI@:8CCP;I@M<E 1?<P K?<:FCC<:K@FEF=N8K<I8E;=FIJK<<G@E>:CFK?<J
8I<C@>?K <8JPKFFG<I8K<8E;D8P9<=@KK<;KF8 8E; ?FLJ<?FC; 8IK@:C<J  MF@; LJ@E> :F8IJ<
JK8E;  8 K89C< FI K?< <;>< F= 8 J@EB  /L99<I 89I8J@M< =FI :C<8E@E>  48J? 8E; ;IPK?FIFL>?CP
IFCC<IJJ?FLC;9<I@EJ<;8E;N@G<;;IP8=K<ILJ< 8=K<ILJ<
1?< IFCC<IJ J?FLC; 9< NI8GG<; 8E; JKFI<;
J<G8I8K<CP

:=B74A0A94BA
1?<J< 8I< LJ<; KF :8IIP 8E; JKFI< ;@IKP :CFK?<J
86C@4   C294B1=E:0<3BC1
8E;?FLJ<?FC; 8IK@:C<J  1?<P 8I< LJ<; KF K8B<
N<K C8LE;IP KF ?8E> =FI ;IP@E>  1?<P GI<M<EK
:CFK?<J =IFD :FCC<:K@E> 8;;<; ;@IK 8E; ;LJK .0A78<6@CA74A
1?<P 8I<D8;< :?@<=P F= GC8JK@:  N@I< FI E@99@ 1?<J< 8I< LJ<; @E K?< I<DFM8C F= ;@IK =IFD
48J?8E;;IPK?FIFL>?CP K?FJ<D8;<F=GC8JK@: ?<8M@CP JF@C<; 8IK@:C<J FI D8K<I@8CJ  1?<P 8I<
8E;N@I< 9<=FI<JKFI@E> D8;< =IFD NFF; 8E; GFCPK?<E<  C<8E 9<=FI<
8E; 8=K<I LJ<  -C8:< FE @KJ J@;< KF ;IP KF 8MF@;
;<JKIFP@E> K?< 9I@JKC<  CCFN KF ;IP K?FIFL>?CP


9<=FI<JKFI@E>

86C@4  +=<6A

86C@4   .0A78<61@CA7 .5%*#!-1%,)!*0


*>8<@G4@A
.0A78<6=0@3A 1?<J< 8I< K?< DFJK <==@:@<EK ;<M@:<J =FI

1?<J< 8I< 8CJF BEFNE 8J ALB< 9F8I;J 8E; 8I< <OKI8:K@E> N8K<I =IFD N8J?@E>  1?<P :8E 9<

D8;<F=NFF;8E;GC8JK@: 1?<P?8M<CFLMI< C@B< 9FL>?K 8J @E;@M@;L8C D8:?@E<J FI 9L@CK @E N@K?

FI D8K:?<; JLI=8:<J N?@:? 8@; K?< I<DFM8C F= K?< N8J?@E> D8:?@E<  1?< :CFK?<J :8E 9< GLK

?<8MP ;@IK K?IFL>? =I@:K@FE  48J? 8E; ;IP @E 8 @EKFK?<D8:?@E<JF8B@E>N<K8E;JGLEKF;8DG

:FFCGC8:<8E;JKFI<8N8P=IFD?<8K ;IP @E 8 =<N D@ELK<J  0FD< =89I@:J 8I< <M<E


;I@<;<EFL>?I<8;PKF9<@IFE<;

+C;1:4@G4@A
1?<J< :8E 9< J<G8I8K<; FI 8KK8:?<; KF
8LKFD8K@:D8:?@E<J 1?<PI<DFM<<O:<JJN8K<I
><EKCP9PN8ID8@I8E;:8E9<LJ<;N@K?<@K?<I
86C@4   .0A78<61=0@3 >8JFI<C<:KI@:@KP

+=<6A @G8<6018<4BA
1?<J<8I<D8;<F=NFF; D<K8CFI?8I;GC8JK@: 1?<J<8I<LJ<;=FI;IP@E>8IK@:C<J 8CJF=FI8@I@E>

1?<P8I<DFJKLJ<=LC=FII<DFM@E>:CFK?@E>8E; :CFK?<J8E;?FLJ<?FC;C@E<E 1?<P:8E 9<>8JFI

?FLJ<?FC;8IK@:C<J=IFD9F@C@E>N8K<I ;P<J8E; <C<:KI@:8CCPFG<I8K<;

:FIIFJ@M<JL9JK8E:<J


@G8<6)029A
1?<J<8I<LJ<;=FI;IP@E>FI8@I@E>8E;8I<D8;<
F= NFF;  GC8JK@: FI 8CLD@ELD  1?<J< J?FLC; 9<
EFE JK8@E@E>

86C@4   :=B74A:8<40<3>=>A

:=B74A(46A
1?<J< 8I< LJ<; KF ?FC; :CFK?<J FI ?FLJ<?FC;
8IK@:C<JFE8C@E< 1?<P8I<D8;<F=NFF; D<K8C
:FM<I<;N@K?GC8JK@:8E;GC8JK@: 1?<PJ?FLC;9<
=I<<=IFD;LJK8E;J?FLC;9<B<GK@E898>N?<E
86C@4   @G8<6@029
EFK@ELJ< 0KFI<;IP

:=B74A$8<4A0<3(@=>A
1?<J< :8E 9< ALJK C<E>K? F= C@E<J FI IFK8K@E>
C@E<J  1?<P 8I< D8;< F= IFG<  D<K8C FI GC8JK@: 86C@4   :=B74A>46A

1?<P J?FLC; 9< JKIFE> <EFL>? KF K8B< K?< !<JG@K<K?<8;M8EK8><J@ELJ@E><HL@GD<EK8E;


N<@>?K F= K?< ?<8M@<JK N8J?@E>  4@G< 9<=FI< <8JP:8I<=89I@:J K?<?FLJ<N@=<?8JKFJG<E;8
?8E>@E>FLK:CFK?<J -IFGJJ?FLC;9<=@ID@EK?< :FEJ@;<I89C< 8DFLEK F= K@D< @IFE@E>  &K :8E 9<
>IFLE;8E;K8CC<EFL>?KF <E89C< K?<C@E<JKF9< K@I@E>N@K?K?<NIFE>N<@>?KF=@IFEFI@=K89C<@J
=@KK<;?@>?LG KF:8K:?K?<N@E; -IFGJFIGFJKJ KFF?@>?
8I<D8;<F=NFF;FID<K8CN@K?GLCC<P=@KK@E>J


%*%/$%*#!-1%,)!*0
!@=<A
1?<P M8IP @E N<@>?K  ;<J@>E  :FCFLI 8E; GI@:<
1?<P:8E9<<C<:KI@:FI=C8KJ8; 1?<<C<:KI@:@IFE
D8P9<;IP JK<8DFIJGI8P 86C@4  !@=<8<61=0@3

!@=<*B0<30<3 =:34@
1?<J<8I<LJ<;KFI<JKK?<=C8KFIJ8@;@IFEJ@=8
K89C< @J LJ<;  1?< ?FC;<I @J KF ?FC; K?< J8;=C8K
@IFEKFGI<M<EKK?<?<8K=IFD:FD@E>@E:FEK8:K
N@K?K?<?8E;

86C@4   *=;48@=<ACA43:=<606=
0<64@A !))*
#FIK?@JGLIGFJ<8:?8@I :CFK?<J;IP<IFI:CFK?<J
!@=<8<6+01:4 =0@3 ?FIJ<:8E9<LJ<;KFGLKALJK@IFE<;FIGI<JJ<;
1?@JJ?FLC;9<N<CC G8;;<;N@K?8:C<8EJDFFK? 8IK@:C<J8E;:CFK?@E>9<=FI<JKFI@E>
:FM<I FI FE 8 K89C< GIFK<:K<; 9P 8 9C8EB<K
:FM<I<;N@K?8:C<8EJ?<<KLJ<;=FI@IFE@E>

86C@4   0<64@

#@>  %8E><I

86C@4  !@=<+01:4


0!.%(/1/! %*
(1* .53+.'
1?<I< 8I< 8 M8I@<KP F= N8J?@E> GIF;L:KJ =FI
C8LE;IP NFIB  4@K? K?< @EKIF;L:K@FE F= E<N
C8LE;IP NFIB D8K<I@8CJ  N8J?@E> @J C<JJ 86C@4   $8?C8334B4@64<BA

;<D8E;@E>  *8K<I@8CJ 8I< GIF;L:<; KF JL@K


<M<IP KPG< F= =89I@: FEK?< D8IB<K  N?@C< JFD<
8I<GIF;L:<;KFI<DFM<G8IK@:LC8IJK8@EJ 4?<E
LJ<;:8I<=LCCP K?<P>@M<>FF;I<JLCKJ9LK @=LJ<;
@E:FII<:KCP  K?<P :8E ;8D8>< FLI :CFK?@E> 8E;
?FLJ<?FC;8IK@:C<J
86C@4   (=E34@4334B4@64<BA

.0B4@
1?@J @J E<:<JJ8IP =FI C8LE;IP NFIB  9LK EFK 8CC
N8K<I @J JL@K89C<  48K<I :8E <@K?<I 9< JF=K FI
?8I; 9LK JF=K N8K<I @J 9<JK =FI C8LE;IP NFIB  &=
N8K<I@J?8I;8J:LDN@CC=FIDN?<E;<K<I><EK@J
LJ<; 8E; N@CC ;@J:FCFLI :CFK?<J D8B@E> K?<D
86C@4   0@34B4@64<BA
>I<P

4B4@64<B
1?@J@J8JL9JK8E:<N?@:?N?<E8;;<;KFN8K<I
@DGIFM<J K?< :C<8EJ@E> 8:K@FE  1?< ;<K<I><EKJ
LJ<;@EC8LE;IPNFIB8I<

86C@4   :40274A


.78B4<4@A @82B8=<
1?<J<8I<><E<I8CCPLJ<;=FIN?@K<E@E>:FKKFEJ 0L@K89C< =FI:FKKFE8E;C@E<E8IK@:C<J 1?<KPG<J
C@E<EJ J@CBJ8E;NFFCC<EJ 1?<P:8E8CJF9<LJ<; F==I@:K@FE8I<
KF :FLEK<I8:K P<CCFNE<JJ  0FD< ;<K<I><EKJ 8I< ?8E;=I@:K@FEJL@K89C<=FIC@>?KCP
8;;<;N@K?FGK@:8CN?@K<E<JJ K?LJI<;L:@E>K?< JF@C<;8IK@:C<J
LJ< F= C8LE;IP 9CL<  CL< @J LJ<; @E K?< C8JK
I@EJ@E> N8K<I  0FD< N?@K<E<IJ 8I< 9CL<  9C<8:? .%0%+*5$*
I8@E8E;JLE

01@82=<38B8=<4@A
1?<J<8I<JG<:@8CGIF;L:KJ;<J@>E<;KF9<LJ<;
@EK?<C8JKI@EJ@E>N8K<IKFJF=K<E=89I@:J8E;KF
GI<M<EK:CFK?<J=IFD:C@E>@E>KFK?<JB@E

*B8554<4@A
86C@4  +G>4A=55@82B8=<
1?<J< 8I< 8M8@C89C< @E ;@==<I<EK =FIDJ  < >
GFN;<I<;  @EJK8EK 8E; JGI8P =FIDJ  0K8I:? @J
*! %*#* -1!!6%*#
FE<<O8DGC<F=8JK@==<E<I 1?<LJ<F=8JK@==<E<I
0L@K89C<=FINFFC J@CB8E;K?<JPEK?<K@:J
@J 9<:FD@E> C<JJ @DGFIK8EK 8J DF;<IE =89I@:J
I<HL@I<C@KKC<FIEFJK@==<E@E>

!0$+ / +"
1* !.%*#
1?<I<8I<KNF98J@:D<K?F;JF=C8LE;<I@E>

86C@4  #<4038<60<3A?C44H8<6


.%0%+* 5.1%*#+. 4?@K< 8E; G8JK<C J?8;<J F= EPCFE 8E;
#I@:K@FE 9PLJ@E>8 C8LE;IP 9ILJ? JL@K89C< K<IPC<E< < > J?@IKJ
=FI9ILJ?@E>:FCC8IJ :L==J 8E;E<:BC@E<J IK@:C<J I<HL@I@E> ><EKC< ?8E;C@E>  < >
#I@:K@FE 9P LJ< F= 8 J:IL99@E> 9F8I; GC<8K<;>8ID<EKJ
JL@K89C< =FI?<8M@CPJF@C<;8IK@:C<J +<N:CFK?<J 8CN8PJ:?<:B>8ID<EKJ=FI
C89<CJK?<E=FCCFN@EJKIL:K@FEJGI<:@J<CP
"EJLI< K?8K 8CC GF:B<KJ 8I< <DGK@<;
$!3/$%*#,.+!// Q@GG<IJ :CFJ<;  EFE N8J?89C< KI@DD@E>J

1?<JK<GJ@EK?<N8J?@E>GIF:<JJ8I< E<<;C<JFIG@EJ8I<I<DFM<;

JFIK@E>
D<E;@E>
I<DFM8CF=JK8@EJ
JK<<G@E>
N8J?@E>
;IP@E>
=@E@J?@E>

86C@4  *=@B8<6=52:=B74A1GBG>40<32=:=C@


*=@B8<6
CFK?<J DLJK 9< J<G8I8K<; @EKF >IFLGJ
8::FI;@E> KFK?<N8PK?<PN@CC9<KI<8K<;;LI@E>
N8J?@E>
1PG<JF==89I@: N?@K<:FKKFEJ8E;C@E<EJ
N@K?FLKJG<:@8C=@E@J?<J
FCFLI =8JK :FKKFEJ 8E; C@E<EJ  < >
J?<<KJ
FKKFEJ8E;C@E<EJK?8K?8M<CFFJ<;P<J
%<8M@CPJF@C<;8IK@:C<J:CFK?<J


%4<38<6
1<8IJDLJK9<D<E;<;GIFG<ICPKF8MF@;=LIK?<I
;8D8><;LI@E>K?<N8J?@E>GIF:<JJ

86C@4  )4;=D8<6AB08<A5@=;2:=B74A

*B44>8<6
%<8M@CP JF@C<; 8IK@:C<J DLJK 9< JK<<G<; 9<=FI<
N8J?@E> KF CFFJ<E ;@IK  9LK :FCFLI<; 8IK@:C<J
DLJK EFK 9< JK<<G<; LEC<JJ K?< ;P< @J =8JK
86C@4 %4<38<6:=B74A
(@K:?<E KFN<CJ 8E; ?8E;B<I:?@<=J J?FLC; 9<
JK<<G<;J<G8I8K<CP=IFDFK?<I8IK@:C<J

)4;=D0:=5AB08<A
?<:B =FI JK8@EJ  1I<8K K?<D J<G8I8K<CP @= K?<P
8I<EFKC@B<CPKF9<I<DFM<;;LI@E>
1?< KI<8KD<EK F= JK8@EJ ;<G<E;J FE K?<
:?<D@:8C E8KLI< F= K?< JK8@E K?< 8>< F= K?<
JK8@E K?< K<OKLI< 8E; :FCFLI =8JKE<JJ F= K?<
=89I@:
86C@4  *B44>8<62:=B74A
2J< K?< :FII<:K JK8@E I<DFM<I N@K? :8I<  8J
JFD<:8EN<8B<EK?<=89I@:FI8==<:KK?<:FCFLI
CN8PJI@EJ<=89I@:JK?FIFL>?CP8=K<ILJ@E>JK8@E
I<DFM<IJ

0K8@EJ J?FLC; 9< I<DFM<; 9<=FI< N8J?@E>  8J


N8J?@E>JFD<K@D<JK<E;KF=@OJK8@EJ


.0A78<6 *B8554<8<6
1?<I< 8I< KNF KPG<J F= N8J?@E> ?8E; 8E; 0K@==<E@E> 8><EKJ  1?<J< 8I< LJ<; @E C8LE;IP
D8:?@E< #FI?8E;N8J?@E>GIF:<<;8J=FCCFNJ NFIBKF
#@CC8C8I><98J@EN@K?N8K<I 8;;JK@==E<JJKFD8K<I@8CJ
0K<<G :CFK?<J =FI 8GGIFO@D8K<CP ?8C= 8E GI<M<EK G<E<KI8K@FE F= ;@IK @EKF
?FLIKFJF=K<E<O:<JJ8E;JKL99FIE;@IK =89I@:J "O8DGC<J F= JK@==<E@E> 8><EKJ 8I<
/<DFM<:CFK?<J8E;;@J:8I;=@IJKN8K<I JK8I:?8E;8I89@:
/<=@CC 98J@E N@K? :C<8E N8K<I  8;;
;<K<I><EK8E;I<GC8:<:CFK?<J .78B4<8<6064<BA
/L9KFI<DFM<?<8MP;@IK
4?@K<E@E>8><EKJ8I<F=K?I<<B@E;J E8D<CP
/L9LJ@E>K?<98CCF=K?<?8E;J
!LI@E> N8J?@E>  JG<:@8C 8KK<EK@FE DLJK
   
9<G8@;KFK?<D@;;C<F=K?<E<:BC@E<8E;
1?<J< 8I< 8;;<; KF D8B< =89I@:J CFFB N?@K<I
:FCC8I  K?< GF:B<KJ  K?< :L==J  K?< =IFEK
1?@J @J 9<:8LJ< K?<P @E:I<8J< K?< 8DFLEK F=
9FKKFD 98E;J8E;LE;<I8IDJ
C@>?K I<=C<:K<; =IFD K?< =89I@:  1?<P 8I< EFK
0@E:< K?< 8I<8J D<EK@FE<; 89FM< :FD< @EKF
9C<8:?<J 1?<P8;;9CL<E<JJKFK?<=89I@:8E;JF
:FEK8:K N@K? G8IKJ F= K?< 9F;P K?8K G<IJG@I<
D8P:8LJ<:?8E><@EG8JK<C:FCFLIJ
K?<PNFLC;E<<;JG<:@8C8KK<EK@FE
=K<I ;@IK ?8J 9<<E I<DFM<;  I@EJ<
$,*
K?FIFL>?CP -8P JG<:@8C 8KK<EK@FE KF
K?< =FC;J @E K?< >8ID<EKJ N?<I< J:LD
D8P>8K?<I
/@EJ< KN@:< 8>8@E  KF ><K I@; F= 8CC K?<
;<K<I><EK
0HL<<Q< NI@E> J?8B<8E;GLKKF;IP
86C@4  :C4
0FD< :CFK?<J D8P EFK I<HL@I< NI@E>@E>
K?<I<=FI< ?8E>LGKF;I@G ;IP CL<8J8J<G8I8K<JL9JK8E:<@JEFKDL:?LJ<;
+FN @K @J 8;;<; KF K?< ;<K<I><EK ;LI@E>


D8EL=8:KLI@E>  1?< LJ< F= K?< 9CL< 98> @E K?< 0?8B<>8ID<EKJ9<=FI<?8E>@E>FLK K?@J
=@E8CJK8><F=I@EJ@E>@JKFI<DFM<K?<P<CCFNE<JJ ?<CGJKFI<DFM<NI@EBC<J
F= N?@K< :FKKFEJ 8E; C@E<EJ KF D8B< K?<D CFFB %8E>>8ID<EKJK?<N8PK?<P8I<NFIEKF
N?@K<I B<<G K?<@I J?8G<  0FD< >8ID<EKJ 8I<
9<JK;I@<;=C8K

$ * %8E>J?<<KJ8E;K89C<:CFK?J<M<ECPFM<I
K?<C@E<
1?<J< 8I< E8KLI8C FI :?<D@:8C JL9JK8E:<J LJ<;
-<> ;I<JJ<J 8E; 9CFLJ<J =IFD K?<
:?@<=CP FE N?@K< FI ;@J:FCFLI<; 8IK@:C<J KF
J?FLC;<IJ 8E; ?8E> 8CC >8ID<EKJ 8E;
I<JKFI< K?< N?@K< :FCFLI  < >  JLEC@>?K  D8IM<O
8IK@:C<JFEK?<>I8@EC@E<
:?CFIFO I8@E
-<> K?I<< FI =FLI ?8E;B<I:?@<=J
KF><K?<I
1PG<JF=;IP@E>8I<8J =FCCFNJ

'CB3==@3@G8<6
86C@4   :40274A
1?< DFJK JL@K89C< :FE;@K@FE =FI ?FLJ<?FC;

@G8<6 ;IP@E>@J9I<<Q<8E;JLEC@>?K 1?@JKPG<F=FG<E


8@I ;IP@E> >@M<J K?< =I<J?E<JJ N?@:? EF FK?<I
!IP@E>@JM<IP @DGFIK8EK@EK?<N8J?@E>GIF:<JJ
D<K?F;;F<J
1?< D8@E 8@D F= ;IP@E> @J KF I<DFM< DF@JKLI<
0LEC@>?K8:KJ8J8E8KLI8C;IP@E>8><EK
1?< GF@EKJ KF 9< :FEJ@;<I<; N?<E ;IP@E> 8E;
?8E>@E>FLK8I<8J=FCCFNJ
1?<C@E<J8E;G<>JDLJK8CN8PJ9<:C<8E
!IP8IK@:C<JFEK?<NIFE>J@;<
%8E> N8J?@E> @E K?< 9I<<Q<  JLEC@>?K
9C<8:?<J N?@K<8IK@:C<J
%8E> :FCFLI<; 8IK@:C<J @E K?< J?8;<
86C@4   @G8<6=CB3==@A
9<:8LJ<K?<JLEC@>?KD8P=8;<K?<D


!<3==@3@G8<6 @IFE@E>FIGI<JJ@E>
1?< J<:I<K F= JL::<JJ=LC @IFE@E> @J KF LJ< K?<
1?@JD<K?F;@JE<<;<;N?<E@K@JEFKGFJJ@9C<KF
:FII<:KK<DG<I8KLI<=FIK?<D8K<I@8C
;IP@EK?<JLE &K@J;FE<9P?8E>@E>:CFK?<JFE8
C@E< I8:BFI?8E><I8E;GC8:@E>898J@EFI8G8E
&IFE@E>@JK?<8GGC@:8K@FEF=GI<JJLI<8E;
KF:FCC<:KK?<;I@GFI9PNI8GG@E>@E8;IPKFN<C
8 :FEK@ELFLJ DFM<D<EK F= K?< @IFE
LEK@CK?<PJKFG;I@GG@E>
8CFE> K?< =89I@: KF I<JKFI< K?< 8IK@:C< KF
IK@:C<J C89<CC<; 3@G J?FLC; 9< ?LE> FLK
@KJ FI@>@E8C J?8G<  1?@J @J 8CJF E<:<JJ8IP
N@K?FLKNI@E>@E>
;LI@E>;I<JJD8B@E>
-I<JJ@E> @J K?< 8GGC@:8K@FE F= ?<8K 8E;
GI<JJLI<  9P ?FC;@E> K?< @IFE FE K?<
8IK@:C< =FI 8 J?FIK K@D<  C@=K@E> @K LG 8E;
GI<JJ@E> @K FE KF K?< JLI=8:< LEK@C
I<HL@I<;I<JLCKJ8I<8:?@<M<; 1?<N<@>?K
F= K?< D8K<I@8C ;<K<ID@E<J K?< 8DFLEK
F=GI<JJLI<E<<;<;
1?<><E<I8CILC<J=FI@IFE@E>8I<8J=FCCFNJ

86C@4  @G8<6 86C@4  5B4@E0A78<620@@G8<


8<3==@A 07=E:=5E0B4@B=B74:8<4 $IFLG 8IK@:C<J =FI @IFE@E> 8::FI;@E> KF
K?<K<DG<I8KLI<KF9<LJ<;

8<8A78<6 &IFE 8CC ;FL9C< 8E; K?@:B G8IKJ FE K?<


NIFE>J@;<

1?<8@D @E=@E@J?@E>:CFK?<J@JKF?8M<K?<DCFFB &IFEJ<8DJFEK?<NIFE>J@;<

8JE<N8E;E<8K8JGFJJ@9C< &IFE KI@DD@E>J  C8:< 8E; <D9IF@;<IP FE

&E FI;<I KF F9K8@E >FF; I<JLCKJ  JFD< K?< NIFE> J@;<  9P GI<JJ@E> FE KF 8 G8;

@E=FID8K@FE FE C89FLI J8M@E> ;<M@:<J FI KF>@M<8I8@J<;<==<:K

<HL@GD<EK  @DGIFM<; ;<K<I><EKJ 8E; C8LE;IP &IFEJD8CCG8IKJ < > :FCC8IJ8E;:L==J

NFIBJB@CCJ8I<EFN@EKIF;L:<; =K<IK?<:CFK?<J &IFE LEK@C 8CC DF@JKLI< @J I<DFM<; KF

?8M< 9<<E;I@<;  K?<P J?FLC; EFN 9< I<8;P=FI GI<M<EKD@C;<N8E;NI@EBC@E>



#FC; 8::FI;@E> KF KPG<  FI ?8E> FE
?8E><IJ
@IK?FIFL>?CP9<=FI<JFIK@E>

F4@28A4A
 +8D<=@M<JD8CC8E;=@M<C8I><G@<:<JF=
C8LE;IP<HL@GD<EK
 )@JK=FLII<8JFEJ=FIN8J?@E>:CFK?<J
 )8LE;<I 8 :FKKFE 8IK@:C< 8E; C@JK K?<
D8K<I@8CJLJ<;


1)).5
.4 0D4$40@<B+70B
)8LE;IP NFIB @J K?< N8J?@E>  ;IP :C<8E@E>  KI<8K@E> 8E; =@E@J?@E> F= ?FLJ<?FC; 8IK@:C<J 8E;
G<IJFE8C>8ID<EKJ
1?<I<8I<I<8JFEJ=FIN8J?@E>:CFK?<J8E;?FLJ<?FC;8IK@:C<J < > KFGIFDFK<>FF;?<8CK?
)8LE;IP NFIB <HL@GD<EK @J :C8JJ@=@<; LE;<I K?<J< ?<8;@E>J N8J?@E> :CFK?<J 98JB<K ;IP@E>
:CFK?<JC@E<=@E@J?@E> @IFE
1?<I< 8I< ;@==<I<EK KPG<J F= D8K<I@8CJ LJ<; @E C8LE;IP NFIB  < >  N8K<I ;<K<I><EKJ  N?@K<E<IJ
=89I@::FE;@K@FE<IJ
1?<I<8I<KNF98J@:D<K?F;JF=C8LE;<I@E>:CFK?<J=I@:K@FE BE<8;@E>8E;JHL<<Q@E>
1?<C8LE;<I@E>GIF:<JJ=FCCFNJ8EFI;<I8E;@EMFCM<JJFIK@E> D<E;@E> I<DFM8CF=JK8@EJ JK<<G@E>
N8J?@E> JK@==<E@E> N?@K<E@E> ;IP@E>8E;=@E@J?@E>


&EK?@J:?8GK<IPFLN@CCC<8IE89FLK &E K?@J :?8GK<I N< N@CC 9< ;<8C@E> N@K? K?<J<
D8K<I@8CJN?@:?N@CC8JJ@JKPFL 8@;J K?<@IJFLI:<J @DGFIK8E:<8E;=LE:K@FEJ@E
;LI@E> C8LE;IP NFIB  KF D8E8>< :CFK?@E> C8LE;IP NFIB   >FF; BEFNC<;>< F= K?<J< N@CC
8E;?FLJ<?FC;8IK@:C<JN<CC ?<CG PFLKF <OG<I@<E:< C<JJ ;8D8>< KF :CFK?@E>
K?< G8IK N8K<I GC8PJ @E K?< C8LE;<I@E> 8E; ?8E;J  8E; 8CJF GIF;L:< 9<KK<I 8E;
GIF:<JJ8I<8JN?<I<N8K<I@JF9K8@E<; J8K@J=P@E>I<JLCKJ
K?<N8PJF=>IFLG@E>N8K<I )<KLJCFFB8KN8K<I8J8E<:<JJ@KP@EC8LE;<I@E>
GLI@=P@E>N8K<IKFD8B<@KLJ89C<
K?< <==<:KJ F= @DGLI< N8K<I FE :CFK?@E>
8E; ?FLJ<?FC;8IK@:C<J 0!.
K?< @DGFIK8E:< F= ;<K<I><EKJ @E C8LE;IP
1?@JGC8PJ8E @DGFIK8EKG8IK @E C8LE;IPNFIB  &K
NFIB
@J :FDGFJ<; F= KNF >8J<J %P;IF><E 8E;
N8PJF=>IFLG@E>;<K<I><EKJ
,OP><E 48K<I@JF9K8@E<;=IFDM8I@FLJJFLI:<J
N8PJF=D8B@E>JF8G
JKI<8DJ  I@M<IJ 8E; C8B<J JLI=8:< N8K<I  N<CCJ
N?8KD8B<JLG8>FF;JF8G
8E; JGI@E>J >IFLE; N8K<I  8E; K?< :FCC<:K<;
K?<:C8JJ@=@:8K@FE8E;LJ<JF=JF8G

!"%*%0%+*
)8LE;IP 8@;J 8I< D8K<I@8CJ N?@:? ?<CG KF J8M<
K@D< 8E; <E<I>P @E K?< D8E8><D<EK F= FLI
:CFK?@E> 8E; ?FLJ<?FC; 8IK@:C<J  0FD< F= K?<J<
8I<N8K<I ;<K<I><EKJ 9CL<8E;JK8I:?

86C@4  *=C@24A=5.0B4@  .4::


I8@EN8K<I

86C@4 *=C@24A=5.0B4@  *B@40; 86C@4  *=C@24A=5.0B4@  )08<

86C@4 *=C@24A=5.0B4@  $094


86C@4 *=C@24A=5.0B4@  (=<3


/8@E=8CC9<>@EJ8:P:C<N?@:?@J:FEK@ELFLJ8JJ?FNE@E#@> 

86C@4 +74E0B4@2G2:4

)FFB@E> 8K K?< N8K<I :P:C< N< :8E J8=<CP J8P K?8K N8K<I :FEK8@EJ ;@==<I<EK B@E;J F= JL9JK8E:<J K?LJ
D8B@E>@K?8I;FIJF=K

0@3 E0B4@ @J N8K<I N?@:? :FEK8@EJ :<IK8@E :8C:@LD8E;D8>E<J@LDJ8CKJ


<C<D<EKJ  < >  :8C:@LD 9@:8I9FE8K< D8>E<J@LD 0F=KN8K<IC8K?<IJ<8J@CP
9@:8I9FE8K<  :8C:@LD JLCG?8K<  8E; D8>E<J@LD &K;F<JEFK=FID8J:LD
JLCG?8K< &K@JJL@K89C<=FIN8J?@E>

1?<?8I;N8K<I@J;@M@;<;@EKFKNF>IFLGJ
70@02B4@8AB82A=570@3E0B4@
+4;>=@0@G70@3<4AA
%8I;N8K<I@J;@==@:LCKKFC8K?<IN@K?JF8G 1?@JD8P9<I<DFM<;9P9F@C@E> JK?<
&K@JEFKJL@K89C<=FIN8J?@E> N8K<I9F@CJK?<:?<D@:8CJJ@EBKFK?<
9FKKFDF=K?<:FEK8@E<IC<8M@E>K?<N8K<I
&KC<8;JKFN8JK<F=JF8G DL:?JF=K<I

(4@;0<4<B70@3<4AA
70@02B4@8AB82A=5A=5BE0B4@
48K<I@JJ8@;KF?8M<G<ID8E<EK?8I;E<JJ
*=5B E0B4@ @J N8K<I K?8K ;F<J EFK :FEK8@E
@=@K:FEK8@EJ:8C:@LD8E;D8>E<J@LD

JLCG?8K<-<ID8E<EK?8I;E<JJ:8EFECP?<
I<DFM<;9PN8K<IJF=K<E<IJ < > 1F <DLCJ@=P >I<8J<  1?@J D<8EJ K?8K JF;8
N8J?@E>JF;8FIJF;@LD9@:8I9FE8K< FI @E JFCLK@FE?FC;J K?< >I<8J< JLJG<E;<; @E
9FK?J8CKJ FI8O ?FLJ<?FC;8DDFE@88E; JD8CC >CF9LC<J @E K?< N8K<I 8E; B<<GJ @K
:8C>FE8I<8CJF<==@:@<EK@EI<DFM@E> 8N8P=IFD=89I@:J
?8I;E<JJ

:40<A8<6>@=>4@B84A=5E0B4@
+@40B;4<B5=@>4@;0<4<B 70@3 0!.
?FC;J;@IK@EJLJG<EJ@FE
E0B4@
G<E<KI8K<J=89I@:JD8B@E>K?<DN<K
0!./+"0!*%*#,(*0/ JF=K<EJJK@==<E<IJ< > JK8I:?
1?<J<:FEK8@E8E8KLI8CD@E<I8C:8CC<;7<FC@K< ;@JJFCM<J;@IK
N?@:? I<DFM<J :8C:@LD J8CK =IFD N8K<I  1?@J D<CKJ>I<8J<8E;JF=K<EJEFE >I<8JP;@IK
JD8CCN8K<IJF=K<E<I:8E?<=@O<;KFK?<K8G

0$!.$!)%(/
8A03D0<B064A=570@3<4AA8<E0B4@
1?<J< :?<D@:8CJ 8I< ><E<I8CCP 8;;<; KF K?<
. *!//%*30!.1/!/
N8K<I9<=FI<@KG8JJ<J@EKFK?<=@CK<I9<;JJFK?8K
;<GFJ@KJ @E B<KKC<J 8E; 9F@C<IJ JF K?8K
8EP ;<GFJ@KJ =FID<; :8E 9< I<DFM<; 9P K?<J<
DFI<=L<C@JLJ<;
9<;J  < > 8C>FE  8C>FE :FD9@E<J HL@:BCP N@K?
;<GFJ@KJ@E8?FKN8K<IJPJK<DN?@:?:8E
J8CK @E K?< N8K<I 8E; CF:BJ K?<D LG  D8B@E>
I<JLCK@E8E<OGCFJ@FE
K?<D?8IDC<JJ8E;C<8M@E>K?<N8K<IJF=K
D8@EJKF9<:FD<9CF:B<;
0!./+"0!*!./
N8JK8>< F= JF8G DFI< JF8G DLJK 9<
1?<J<8I<:?<D@:8CJLJ<;KFD8B<?8I;N8K<I
LJ<; 8E;  8J 8 :FEJ<HL<E:<
JF=K
?FD<D8B<IJ D8P ?8M< KF GLI:?8J< 8
,E<KPG<F=N8K<IJF=K<E<I@JN8J?@E>JF;8 &K@J
N8K<IJF=K<E<I K?<:FJK=FIC8LE;<I@E>@J
LJ<;=FIK?<=FCCFN@E>GLIGFJ<J
?@>?<I8E;<OKI8:C<8E@E>@JE<:<JJ8IPKF
1F JF=K<E ?8I; N8K<I 9P AF@E@E> N@K? K?<
I<DFM<J:LD=IFD98K?J8E;J@EBJ
?8I;<E<IJ KF =FID 8 N?@K< GFN;<I N?@:?
J<KKC<J@EK?<:FEK8@E<I

!0!.#!*0/ 3D0<B064A=5A=0>:4AA34B4@64<BA
1?<P ;@JJFCM< DFI< I<8;@CP K?8E JF8G @E
!<K<I><EKJ8I<JL9JK8E:<JN?@:?8:KN@K?N8K<I
:FC; N8K<I 8E; 8I< K?<I<=FI< JL@K89C< =FI
KFD8B<K?@E>J:C<8E 1?<P8I<GIF;L:<;@EK?<
N8J?@E>8KCFNK<DG<I8KLI<J
=FIDF=K89C<KJ GFN;<IJ C@HL@;J8E;C8B<J=FI8
1?<P =FID EF J:LD N?<E LJ<; @E ?8I;
M8I@<KPF==89I@:J
N8K<I
!<K<I><EKJ8I<;@M@;<;@EKFKNFD8@E>IFLGJ
0FD<?8M<>I<8K<I :C<8EJ@E> GFN<IJ8E;
8I< <JG<:@8CCP >FF; =FI :C<8E@E> M<IP ;@IKP
*=0> 0<3 A=0>G 34B4@64<BA< >  ?FLJ<?FC;
8E;>I<8JP8IK@:C<J
JF8GJ  KF@C<K JF8G  JF8G GFN;<IJ  JF8G =C8B<J
1?<P 8I<:?<8G<I @E K?< CFE>ILE K?<I< @J
8E;JG<:@8C?8I;JF8GJ8E;GFN;<IJ 8J@:8CCP8CC
EF E<<; KF LJ< <OKI8 8><EKJ C@B< 9FI8O
JF8GJ8E;JF8GP;<K<I><EKJ8I<D8;<9P?<8K@E>
8DDFE@8  M@E<>8I  J8CK FI FK?<I N8K<I
8E@D8C 8E;FI M<><K89C< =8KJ 8E; F@CJ N@K? 8E
JF=K<E@E> GIF;L:KJ N?<E ;F@E> C8LE;IP
8CB8C@
NFIB
*=0>:4AA 34B4@64<BA < >  0F=C8E !@J? N8J?@E>
C@HL@;J 0HL<<QP  !FM< 0F8GC<JJ ;<K<I><EKJ 8I<
8A03D0<B064A =5 A=0>:4AA
8CJF:8CC<;JPEK?<K@:JF8GJFIJF8GC<JJ:C<8E<IJ
1?<P @E:CL;< C@HL@; 8E; GFN;<I<; :C<8E<IJ 8E; 34B4@64<BA
N8J?@E> GIF;L:KJ N@K? 8 JF8G 98J<  "8ICP &E@K@8CCP K?<P8I<<OG<EJ@M<
J:@<EK@JKJ;@J:FM<I<;K?8KJF8GJL9JK@KLK<J:FLC; 1?<I<@JE<<;=FI8::LI8K<D<8JLI<D<EK
9< GIF;L:<; =IFD :<IK8@E M<><K89C<J 8E; =@J? 0FD<:8E9<@II@K8K@E>KFK?<EFJKI@CJ
F@CJ &KJ?FLC;9<EFK<;K?8KJF;@LD:8I9FE8K<@J CFK?<J K?8K ?8M< 9<<E N8J?<; N@K?
EFK @E:CL;<; @E K?< GI<G8I8K@FE F= JF8GC<JJ JF8GC<JJ;<K<I><EKJ<8J@CPG@:BLGF@C=IFD
;<K<I><EKJ K?<?8@I8E;9F;P

*=C@24A=5A=0>
E@D8C=8K9<<= K8CCFN8E;D8I@E<F@CJ
3<><K89C< F@CJ G8CD B<IE<C  :FKKFE  JFP8 9<8E

86C@4  F0;>:4A =5 A=0>A 0<3 A=0>:4AA



34B4@64<BA
>IFLE;ELK :FKKFE8E;FC@M< +G>4A0<3CA4A=5A=0>5=@:0C<3@G
1?< K<OKLI< F= K?< =@E@J?<; GIF;L:K M8I@<J
E=@9
8::FI;@E> KF K?< =8KJ FI F@CJ =IFD N?@:? @K @J
D8;<
1?<?8I;E<JJ@EJF8GJ;<G<E;JFE !10.(/+,
1?@J@JLJL8CCP?8I;8E;N?@K<8E;JFLI:<;=IFD
K?<D<K?F;LJ<;=FID8B@E>@K
F@CJ JL:? 8J FC@M<  &K @J D8;< 9P ;IP@E> C@HL@;
K?<8DFLEKF=DF@JKLI<I<DFM<;;LI@E>
JF8GJ 8=K<I I<=@E@E>  1?< JF8G @J :LK KF K?<
GI<G8I8K@FE
I<HL@I<;J@Q< ;I@<; K?<EJK8DG<;8E;NI8GG<;
K?<C<E>K?F=K@D<=FI ;IP@E>
@E G8G<I  &K @J JL@K89C< =FI N8J?@E> =@E< 8IK@:C<J
989@<J8E;:?@C;I<EJN<8I
1?<:C<8EJ@E>GIFG<IK@<JF=JF8G M8IP8::FI;@E>
KF
+1/!$+( /+,
K?<=8KJ8E;F@CJLJ<;@E@KJGI<G8I8K@FE
1?@J@JD8;<=IFD:F:FELKF@C I<;G8CDF@C C8I;
K?<8DFLEKF=8CB8C@JLJ<;
FIK8CCFN &K@JI<8;@CPJFCL9C<@EN8K<I &K@JLJ<;
=FI<M<IP;8PC8LE;<I@E>GLIGFJ<J
70@02B4@8AB82A=506==3A=0>
==3A=0> +,,+3 !.

?8J>FF;:C<8EJ@E>GFN<I 1?@J@JD8;<=IFDC@HL@;JF8G@EN?@:?I<;G8CD

:FEK8@EJEF?8ID=LCJL9JK8E:<N?@:?N@CC F@C  :F:FELK F@C 8E; G8CD B<IE<C F@C ?8M< 8CJF

8;M<IJ<CP8==<:KK?<:FCFLIFI=@9I<F=K?< 9<<ELJ<;

D8K<I@8CJ &K @J JGI8P<; =IFD 8 EFQQC<  8E; 8J @K :FD<J @E
:FEK8:K N@K? 8@I @K =FIDJ 8 GFN;<I  $FF; JF8G
GIF;L:<J8>FF;C8K?<I@E8EP8DFLEKF=
GFN;<IJ :FEK8@E =FIKP KF =@=KP G<I:<EK F= JF8G
N8K<I
GCLJ FK?<I :C<8E@E> 8><EKJ N?@:? ?<CG KF >@M<
@JJFCL9C<@E8EPK<DG<I8KLI<F=N8K<I
<O:<C C<EKI<JLCKJ
C<8M<JEFD8IBJFEK?<JB@E8=K<ILJ<
,E< JL9JK8E:< N?@:? @J JFD<K@D<J 8;;<; KF
JF8G GFN;<IJ KF I<DFM< JK8@EJ 8E; 8:K 8J 8
9C<8:?@E>8><EK@J A=38C;>4@1=<0B4


+FK< 48J?@E> GFN;<I @J NK JF8G N8K<I
GFN;<I 8J @K ;F<J EFK ?8M< K?< GIFG<IK@<J  F=  -C8:<FEM<IPCFN?<8KFI9PK?<J@;<F=8
JF8G &K:FEK8@EJ8C8I><G<I:<EK8><F= N8ID :FFB@E> JLI=8:< LEK@C JF8G @J
JF;@LD :8I9FE8K< FI JF;@LD G<I9FE8K<  0L:? ;@JJFCM<; !F EFK9F@C
GFN;<IJ 8I< JL@K89C< =FI LJ< @E N8J?@E>  0KFI<@EA8IJ
D8:?@E<J  1?<P :8E 9< LJ<; N?<E C8LE;<I@E>
C8I>< N?@K< 8IK@:C<J  8I<=LC I@EJ@E> @J E<:<JJ8IP
KF><KI@;F=J:LD=FID<; (!$!/
C<8:?<J 8I< E8KLI8C FI :?<D@:8C JL9JK8E:<J
+, ('!/ LJ<;FEN?@K<FI;@J:FCFLI<;8IK@:C<JKF@DGIFM<
1?<J< 8I< GIF;L:<; 9P GFLI@E> D<CK<; GLI<
K?<@I :FCFLI  4@K? @DGIFM<; N8J?@E> GFN;<IJ
JF8GJ FM<I ?FK IFCC<IJ  KF ><K I@; F= K?< N8K<I
JF8G GFN;<IJ 8E; FK?<I C8LE;IP I<8><EKJ
>I8;L8CCP  C<8M@E> 89FLK  DF@JKLI<  1?@J @J
?FN<M<I 9C<8:?@JC<JJLJ<;
:FE:<EKI8K<;JF8G JFC@KKC<@JI<HL@I<;KF=FID8
C8K?<I  &K @J LJ<=LC N?<I< 8 ?8I; JF8G @J EFK
C<8:?@E> I<DFM<J K?< P<CCFN K@EK =IFD =89I@:J
;<J@I89C< 8E; N?<I< <8J@CP ;@JJFCM<; JF8G @J
4@K?K@D<8E;LJ< E8KLI8C:FCFLI=8;<J8E;K?<
I<HL@I<;
8IK@:C<P<CCFNJ
1?<I<8I<KNFD<K?F;JF=9C<8:?@E>
+,&!((5
1?@J@JD8;<=IFDJ:I8GJF=JF8GJ &K@JLJ<;=FI
&0BC@0:1:40278<6
N8J?@E>;<C@:8K<=89I@:J
1?@J @J 8CJF :8CC<; C8NE  >I8JJ  FLK;FFI FI FG<E
8@I9C<8:?@E> &K@JM<IPJ@DGC<8E;;F<JEFKE<<;
!%,! +,!((5
8EP JG<:@8C <HL@GD<EK  &K @J 8 D@C; 8E; JCFN
%0B4@80:A 0:I8GJ F= JF8G 98K? 8E; C8LE;IP
D<K?F;9LKJ8=<KFLJ<FE8CDFJK8CC=89I@:J
N8K<I

%4B7=3
%4B7=3
 48J? 8E; JGI<8; JF8G<; 8IK@:C<J FE
 0?I<;JF8G=@E<CP
>I8JJ
 -LK @EKF G8E 8E; 98I<CP :FM<I N@K? :FC;

 "OGFJ< K?<D KF E8KLI8C C@>?K FI JKIFE> K?<C8JKI@EJ@E>N8K<IFIN?<EJK@==<E@E>8IK@:C<J
JLEC@>?K FI>8ID<EKJ
 0GI@EBC<K?<DN@K?JF8GPN8K<I8JF=K<E
8J GFJJ@9C<  ,9J<IM< ?FN K?<P :?8E>< *F;<IEN8J?@E>GFN;<IJ8E;JF8G GFN;<IJ8I<
:FCFLI  4?<E K?<P ?8M< I<>8@E<; K?< =FIK@=@<; N@K? G<I9FE8K< 8E; K?< FGK@:8C
;<J@I<;:FCFLI :FEK@EL<C8LE;<I@E> 9I@>?K<E@E> 8><EK N?@:? N@CC >@M< 8;;<;
9I@>?KE<JJKFK?<N8J? &K@JEFNLEE<:<JJ8IPKF
LJ< K?< KI8;@K@FE8C 9CL< 98> FI C@HL@; 9CL<
74;820:1:40278<6
+8KLI8CN?@K<E@E>8><EKJ8I<JK@CCLJ<=LCKF;8P@E
0<M<I8C GI<G8I8K@FEJ 8I< 8M8@C89C< @E C@HL@; 8E;
JFD<G8IKJF=K?< :FLEKIP
GFN;<I<;=FID

(//!/+"(!$%*##!*0/ %4B7=3A=5E78B4<8<6
 +8KLI8C 4?@K< 8IK@:C<J J?FLC; 9<
'F838H8<61:40274A N8J?<; JF8G<;8E;JGI<8;FEK?<>I8JJ
1?<J<:8E9<F9K8@E<;E8KLI8CCP8E;:?<D@:8CCP FI 9LJ? 8E; <OGFJ<; KF JLEC@>?K  1?<P
#FI E8KLI8C 9C<8:?@E>  :?<:B EFK<J FE C8NE FI J?FLC; 9< JGI@EBC<; F=K<E N@K? JF8GP
>I8JJ9C<8:?@E> N8K<I LEK@C K?< ;<J@I<; I<JLCKJ 8I<
8:?@<M<; 8E;K?<E :FEK@EL<C8LE;<I@E>
74;820:1:40274A  F@C@E> @J 8CJF 8E <O:<CC<EK D<K?F; =FI
*FJK?FLJ<?FC;9C<8:?<J8I<FO@;@Q@E>9C<8:?<J N?@K<E@E> :FKKFE 8E; C@E<E >8ID<EKJ
0FD< <O8DGC<J 8I< JF;@LD ?PGF:?CFI@K< N@K?K?<8;;@K@FEF=;<K<I><EKJ
?P;IF><E G<IFO@;<  JF;@LD G<I9FE8K<  1?<J<  CL<@E>
>@M< F== FOP><E N?@:? ><KJ @E :FEK8:K N@K? K?< IK@:C<J J?FLC; ?< K?FIFL>?CP
P<CCFNK@EK8E;9C<8:?<J@KFLK I@EJ<; KF I<DFM< 8CC KI8:<J F=
JF8G9<=FI<9CL<@E>
0HL<<Q< K?< 9CL< 98> FI 8;;
.78B4<8<6064<BA
C@HL@; 9CL< KF :FC; N8K<I LEK@C
4?@K<E@E>8><EKJ8I<E<:<JJ8IPKFD8B<N?@K<J
N8K<I@JG8C<9CL<FIJBP9CL<
N?@K<I8E;:FCFLI<;J9I@>?K<I 1?<P8I<LJ<;@E


0K@IK?<N8K<I FK?<IN@J<K?<9CL< 0FD<:FEK8@EFGK@:8C9I@>?K<E<IJN?@:?@DGIFM<
N@CCJ<KKC<@EFIFEK?<J@;<JF=K?< K?< :FCFLI F= N?@K< 8IK@:C<J  8E; I<JKFI< K?<
?FNC FI@>@E8C JF=K =<<C KF =89I@:J  JL:? 8J KFN<CJ 8E;
!@G K?< 8IK@:C<J FE< 8K 8 K@D< @E M<JKJ
K?<9CL<N8K<I DFM@E>@K8IFLE;
CN8PJ;@GN?@K<J9<=FI< :FCFI<; ,A4=5501@822=<38B8=<4@A

*/!  " *1!-'0!%)# *0-. #%1! /$! -/%'! 


#89I@: :FE;@K@FE<IJ ?8M< 8 :F8K@E> 89@C@KP FE
1%)!#- -%).! '24. .,0!!5! *0/ /$! 2/!-
=@9I<J K?<I<=FI<@K@J@DGFIK8EKKF;@JKI@9LK<K?<
"-*(/$!'0!#"/!-0.!
:FE;@K@FE<I <M<ECP FM<I K?< 8IK@:C<J KF 9<
KI<8K<;

.%.%*/!/+.".% &=B4
-!/ -! (0./ ! /&!) /* -%).! ''

+* %0%+*!./ !/!-#!)/.*0/!"*-!++'4%)#/$!"-%


*) %/%*)!-
1?<J< 8I< JG<:@8CCP GIF;L:<; KF ?< LJ<; @E K?<
//% $!'  %-/ %. !3/-!(!'4 %""%0'/ /*
C8JK I@EJ@E> N8K<I F= K?< C8LE;<I@E> GIF:<JJ  KF
-!(*1!
>@M<JF=K<I=@E@J?8E;89<KK<I=<<C 1?<P?8M<8E
8EK@JK8K@: <==<:K FE =89I@:J  K?<I<9P GI<M<EK@E>
K?<D =IFD :C@E>@E> KF K?< 9F;P 8E; G@:B@E> LG
;@IK<8J@CP

1?<J< G8IK@:LC8I GIF;L:KJ 8I< 8CJF F=


:FEJ@;<I89C< LJ< FE 8IK@:C<J D8;< =IFD D8E
D8;<=@9I<J N?<I<8JK8K@:<C<:KI@:@KP9L@C; LG
F::LIJ ;LI@E> N<8I  6FL ?8M< EF ;FL9K 86C@4  01@822=<38B8=<4@A

<OG<I@<E:<;K?<:C@E>@E>F=EPCFEJC@GJ8E;?<8I;
K?< :I8:BC< F= JK8K@:  <JG<:@8CCP N?<E >8ID<EKJ
D8;<=IFDD8E D8;<=@9I<J8I<NFIE KF><K?<I

0%""!*%*##!*0/ M8I@FLJKPG<JF=JK@==<E<IJ

0K@==<E@E> 8><EKJ 8I< LJ<; @E C8LE;IP NFIB KF 0.$!/


I<JKFI<E8KLI8CJK@==E<JJKFD8K<I@8CJN?@:??8M< 1?<J< 8I< 8M8@C89C< @E GFN;<I  >I8@E  98CC FI
CFJK K?<@I JK@==E<JJ ;LI@E> J<M<I8C N8J?@E>J  8E; JGI8P =FID  0K8I:? @J F9K8@E<; =IFD GC8EKJ @E
KF>@M<8>CFJJPJLI=8:<K?8KN@CCEFKJF@C<8J@CP M8IP@E> HL8EK@K@<J  8JJ8M8 8E; I@:< >@M< 8 ?@>?
G<I:<EK8><F=JK8I:?
*F;<D JPEK?<K@:J  :I<8J< I<J@JK8EK 8E; >C8Q<;
=@E@J?<; =89I@:J ;F EFK I<HL@I< JK8I:?@E> '+.+)*+) *
%FN<M<I  JFD< D8E D8;< =89I@:J D8P I<HL@I< 0AA0D0 AB0@27 1?@J @J:?<8G 8E; <8J@CP D8;<
JK@==<E@E> &KD8B<J=@E@J?@E><8J@<I8E;GI<M<EKJ 1?FIFL>?;IP@E>@JI<HL@I<; 1?@JKPG<F=JK8I:?
K?<=89I@:=IFD9<:FD@E>JF@C<;<8J@CP ><C8K@E@Q<J 8K 8 M<IP CFN K<DG<I8KLI< &= LJ<;
:FII<:KCP@K>@M<J<O:<CC<EKI<JLCKJ

%0B4@80:ACA430AAB8554<8<6064<BA )824 AB0@27 1?@J @J =@E< 8E; G<E<KI8K<J K?<


=@9I<J &K>@M<JK?< J8D<I<JLCK8J:8JJ8M8JK8I:?
0FD< D8K<I@8CJ LJ<; KF D8B< JK@==<E@E> 8><EKJ
*C60@ AB8554<4@ 1?@J >@M<J 8 C@>?K JK@==E<JJ KF
8I< I@:<  D8@Q<  8IIFNIFFK  :8JJ8M8  JL>8I  >LD
EPCFEJ
8I89@: N8O<J 9FI8O8E;GFK8KF

'$.+)*+) *
0K8I:? GFN;<I @J D@O<; KF 8 K?@:B C@HL@; N@K?
:FC; N8K<I 8E; K?< ;I@<; 8IK@:C< JK8I:?<; N@K?
K?@J D@OKLI<   ?FK @IFE DLJK K?<E 9< LJ<; KF
><C8K@E@Q< K?<JK8I:?>I8@E8E;;IPK?<=89I@:JF
86C@4  F0;>:4A=5AB8554<8<6064<BA
K?8K@K9<:FD<JJK@==

+G>4A=5AB8554<8<6064<BA !<AB0<B AB0@27 1?@J R@J F9K8@E<; =IFD C8LE;IP


JK8I:?  &K @J GI< :FFB<; 8E; D8;< @EKF =@E<
1?<I< 8I< D8EP KPG<J F= JK@==<E@E> 8><EKJ  1?<
GFN;<I FI >I8@E N?@:? ;@JJFCM<J I<8;@CP @E :FC;
LJ< F= ?FK N8K<I JK8I:?  N?@:? ?8J 9<>LE KF
N8K<I &K@JM<IP<8JPKFLJ<
;<:C@E<  ?8J 9<<E 8CK<I<; 9P K?< GIF;L:K@FE F=
(:0AB82AB0@27 1?<J<8I<F9K8@E<;@EC@HL@;=FID
@EJK8EKJK8I:? &EK?@J:?8GK<IN<N@CC;@J:LJJK?<

8E; 8I< J@DGC< KF LJ< 9LK J?FLC; ?< ;@CLK<; 8E; I8PFE  ?LK DLJK 9< ;@CLK<; @EKF 8 N<8B
1?<J<JPEK?<K@:JL9JK8E:<J8I<JL@K89C<=FIM<IP JFCLK@FE9<=FI<LJ<
C@>?K N<@>?K=89I@:J 1?<J< GIF;L:KJ >@M<=89I@:J
8 :<IK8@E 8DFLEK F= JK@==E<JJ  1?< =@E@J? C8JKJ &=B4 $!)0.%)#()0"/0-! ./-$'24.
8=K<IN8J?@E> 89FLKK?I<<FI=FLIN8J?<J -!"0''4"*''*2/$!%)./-0/%*).#%1!)4/$!
()0"/0-!-
=@0F 1?@J@J8D@C;JK@==<E@E>8><EKF9K8@E<;@E
*()/*+) )'*'$
GFN;<I<; =FID  &K @J LJ<; FE =@E< =89I@:J =FI
1?@J@JF9K8@E<;@E8<IFJFCJGI8P:8EJ8E;@JLJ<;
JC@>?KJK@==<E@E> 1?@JGIF;L:K:8E?<;@JJFCM<;@E
;LI@E> =@E@J?@E>  &K @J 8 D@OKLI< F= E8KLI8C 8E;
:FC;N8K<I8E;LJ<;FE@KJFNEFI@E?FKN8K<I
JPEK?<K@: JL9JK8E:<J  &K @J 9<JK LJ<; FE :FCC8IJ
8E;8;;<;KFJK8I:?KF>@M<<OKI8JK@==E<JJ
8E;:L==J8E;FE8I<8JN?@:?I<HL@I<D8O@DLD
JK@==E<JJ  &K @J M<IP <OG<EJ@M< 8E; J?FLC; 9<
C; @0182 1?@J JL9JK8E:< @J F9K8@E<; @E
:8I<=LCCPLJ<; KF GI<M<EK JK@:B@E>KF K?< JFC< F=
:IPJK8C =FID =IFD GCLD FI 8I89@: KI<<J  &K @J 8E
K?< @IFE
<O:<CC<EKJK@==<E<I=FIM<IP=@E<=89I@:J < > J@CB


4!.%/!/

 FDGC<K<K?<=FCCFN@E>K89C<

 4?8K FK?<I JL9JK8E:<J 8I< 8;;<; KF JF8G GFN;<I KF I<DFM< JK8@EJ 8E; 8:K 8J 8 K?@:B<E@E>
8><EK
 )@JK=@M<JF8GP8E;=@M<JF8GC<JJ;<K<I><EKJ


1)).5
     

)8LE;IP 8@;J 8I< D8K<I@8CJ N?@:? ?<CG KF J8M< K@D< 8E; <E<I>P @E K?< D8E8><D<EK F= FLI
:CFK?<J8E;?FLJ<?FC;8IK@:C<J
48K<IGC8PJ8M<IP@DGFIK8EKG8IK@EC8LE;IPNFIB
48K<I@JF9K8@E<;=IFD;@==<I<EKJFLI:<J
1?<I<8I<KNF>IFLGJF=N8K<I
1?<I<8I<N8PJF=KI<8K@E>G<ID8E<EK?8I;N8K<I
48K<I?8J:C<8EJ@E>GIFG<IK@<J
1?<I<8I<;@J8;M8EK8><JF=?8I;E<JJ@EN8K<I
!<K<I><EKJ8I<JL9JK8E:<JN?@:?8:KN@K?N8K<IKFD8B<JLI=8:<J:C<8E
1?<I<8I<KNFD8@E>IFLGJF=;<K<I><EKJ
1?<I<8I<;@==<I<EKJFLI:<JF=JF8G
>FF;JF8G?8J:?8I8:K<I@JK@:J
0F8G:8E9<D8;<@EKFA<CCP
C<8:?<J8I< LJ<;FEN?@K<FI;@J:FCFLI<;8IK@:C<JKF@DGIFM<K?<@I:FCFLI
4?@K<E@E>8><EKJ8I<E<:<JJ8IPKFD8B<N?@K<JN?@K<I8E;:FCFLI<;J9I@>?K<I
1?<I<8I<:<IK8@E@DGFIK8EKILC<JKF=FCCFNN?<E9CL<@E>D8K<I@8CJ
=89I@: :FE;@K@FE<IJ 8I< JG<:@8CCP GIF;L:<; KF 9< LJ<; @E K?< C8JK I@EJ@E> N8K<I F= K?<
C8LE;<I@E>GIF:<JJ KF>@M<8JF=K<I=@E@J?8E;89<KK<I=<<C
JK@==<E@E>8><EKJ8I<LJ<;@EC8LE;IPNFIBKFI<JKFI<E8KLI8CJK@==E<JJKFD8K<I@8CJ


&EK?@J:?8GK<IPFLN@CCC<8IE89FLK
K?< ;<=@E@K@FEF=:8I< C89<CJ
:8I<C89<CJJPD9FCJ8E;K?<@ID<8E@E>
G8IKJF=>8ID<EKJFEN?@:?K?<J<C89<CJ8I<CF:8K<;
><E<I8C:8I<C89<CC@E>:F;<J

)FFB 8K K?< :8I< C89<CJ 9<=FI< 9<>@EE@E> KF 1?<KI8;<E8D<F=K?<=89I@: @=8EP


C8LE;<I  1?@J @J E<:<JJ8IP 9<:8LJ< F= K?< 1?< #@E@J?<J N?@:? ?8M< 9<<E 8GGC@<; KF
ELD9<IF=JPEK?<K@:=89I@:JEFNFEK?<D8IB<K K?<=89I@:
1F><KK?<9<JKFLKF==89I@:J @K@J<JJ<EK@8CK?8K JG<:@8C :8I< @EJKIL:K@FEJ =FI N8J?@E>
K?< I@>?K KI<8KD<EK @J >@M<E KF K?< >8ID<EK FI ;IP@E> @IFE@E> ;IP:C<8E@E>8E;JKFI@E>
8IK@:C<  N?<K?<I @K @J N8J?<; 9P ?8E; FI
D8:?@E<
(:024E74@45=C<3
8I< C89<CJ 8I< 8KK8:?<; KF I<8;P D8;<

!"%*%0%+* >8ID<EKJ  1?<P N<I< D8@ECP 8KK8:?<; KF K?<


E<:B F= >8ID<EKJ  9LK KF;8P  KF J8M< K@D< 8E;
8I< C89<C 8KK8:?<; FE K?< =89I@: FI >8ID<EK =FI :FEM<E@<E:<  K?<P 8I< 8KK8:?<; KF M8I@FLJ
;<J:I@9<J K?< =@9I< :FEK<EK 8E; D<K?F;J F= G8IKJ F= K?< >8ID<EKJ  < >  :L==J  J@;< J<8DJ
C8LE;<I@E> FI ;IP :C<8E@E> 8E; =@E@J?@E>  &K 8CJF N8@JK 8E;K?<J<CM<;><F=JFD<=89I@:J
J?FN K?< :FII<:K N8J?@E> K<DG<I8KLI<J
N8J?@E>D8:?@E<J<KK@E>8E;@IFE@E>J<KK@E>
*G;1=:A
8I<C89<CJ8I<@EK<IE8K@FE8C:F;<JN?@:?:8E9<
!<5=@;0B8=<5=C<3=<020@4:014: LE;<IJKFF; <M<IPN?<I<  1?<I< 8I< =@M< 98J@:
1?<=89I@:8E;=@9I<F=N?@:?K?<>8ID<EK JPD9FCJ LJ<; N@K? M8I@8K@FEJ KF >@M< K?<
FI8IK@:C<@JD8;< N8J?@E> K<DG<I8KLI<  N8J?@E> D8:?@E< 8E;


@IFEJ<KK@E>J ;IP@E>8E;9C<8:?@E>@EJKIL:K@FEJ

0A82 8<B4@<0B8=<0: 20@4 :014::8<6


AG;1=:A

!@=<8<6
%FK@IFE FKKFE )@E<E 3@J:FJ<

48ID@IFE -FCP<JK<ID@OKLI<J NFFC


++(%.+* :FE;@K@FEJ8KHLFK<;KL9K<DG<I8KLI<
:IPC@: +PCFE -FCP<JK<I
*8:?@E<N8J?89C<NFFC
.5(!*%*# 8E;NFFC 9C<E;J 4FFCN8J?
*8P9<;IP:C<8E<; ,K?<I N?@:?I<HL@I< IFB<E98I
C<KK<IJ 8E;FI 98I 9<E<8K? DL:?I<;L:<;
K?< :@I:C< N@CC @E;@:8K< K?< D@E@DLD N8J?@E>
I<HL@I<;GIF:<JJKF;IP:C<8E<I :FE;@K@FEJ

E 5 K?IFL>? 8EP JPD9FC %8E;N8J?FECP


D<8EJ !,+,1 !FEFKD8:?@E<N8J?

0@8<65=@G=C@2:=B74A
CN8PJLJ<K?<I<:FDD<E;<;:8I<C89<C8;M@:<
KF 8:?@<M< K?< 9<JK I<JLCKJ 8E; ?<CG KF D8B<
PFLI:CFK?<J8KKI8:K@M<8E;CFE>C8JK@E>

/$01*1)!.
IK@:C<JN?@:?N@CC FKKFE
N@K?JK8E;EFID8C
D8O@DLD N8J?@E> 48J?
:FE;@K@FEJ8KHLFK<;KL9
K<DG<I8KLI< +F98I
0PEK?<K@:8IK@:C<J 0PEK?<K@:J
<8JP:8I<:FKKFEJ
8E;9C<E;JN?@:?N@CC
N@K?JK8E;I<;L:<; 48J?
D<;@LD N8J?@E>


4!.%/!/ 1F =@E; FLK N?<K?<I K?< ;<K<I><EK
GI<J<EK@JJF8GFI8JPEK?<K@:;<K<I><EK
!<AB@C2B8=<A
 "OGC8@E N?8K @J D<8EK 9P K?< =FCCFN@E> !@JJFCM< 8 C@KKC< F= K?< GFN;<I FI
JF=KN8K<I ?8I;N8K<I C@HL@; @E 8 JD8CC HL8EK@KP F= ;@JK@CC<;
 6FL8I<C@M@E>@E8:FDDLE@KPN?<I<K?< N8K<I@E8K<JKKL9<FI8:LG ,9J<IM<
JLGGCP F= N8K<I @J ?8I;  0L>><JK K?I<< N?8K?8GG<EJ
D<K?F;J PFL NFLC; LJ< KF JF=K<E K?< ;; 8E <HL8C 8DFLEK F= N8K<I KF
N8K<I N?@:?PFL?8M<8;;<;8G@E:?F=J8CK
 FDG8I< K?< LJ< F= KNF ;@==<I<EK KPG<J )@JKPFLI=@E;@E>J8E;:FE:CLJ@FE
F= JK@==<E<IJ @E K?< C8LE;<I@E> F= :FKKFE  FCC<:KC89<CJJ8DGC<JF=;<K<I><EKJ8E;
8IK@:C<J :FDG@C< 8 J:I8G9FFB  GC8:@E> PFLI
 )@JKK?<=FLI@IFEJ<KK@E>J8E;K?<=89I@:J =@E;@E>J@E>IFLGJ
KF9<LJ<;8K<8:?J<KK@E>  FCC<:K C89<CJ =IFD K?I<< ;@==<I<EK
 !<=@E< 8E; C@JK K?< K<IDJ LJ<; KF 8IK@:C<J>8ID<EKJ 8E; <OGC8@E K?<
;<J:I@9<N8J?@E>K<DG<I8KLI<J D<8E@E>F=<8:?
 4I@K<89I@<=8::FLEKF=K?<D8EL=8:KLI<
F=JF8G

 +4AB =< 34B4@64<B >@=3C2BA


1)).5
     
 :8I<C89<C@JK?<@E=FID8K@FE8KK8:?<;FEK?<=89I@:FI>8ID<EK
:8I<C89<C;<J:I@9<JK?<=@9I<:FEK<EK
:8I<C89<C;<J:I@9<JK?< D<K?F;JF=C8LE;<I@E> FI;IP:C<8E@E>8E;=@E@J?@E>
8I<C89<CJJ?FNK?<:FII<:KN8J?@E>D8:?@E<J<KK@E>J 8E;@IFEJ<KK@E>J


&EK?@J:?8GK<IPFLN@CCC<8IE89FLK 8E; N?P @K J?FLC; 9< B<GK :C<8E  1?< 9F;P :8E
N?8K@J?P>@<E<@KJ@DGFIK8E:< 9< B<GK :C<8E 9P =I<HL<EK N8J?@E> N@K? JF8G
:8I<F=K?< JB@E 8E; N8K<I 9LK K?<I< 8I< :<IK8@E G8IKJ F= K?<
I<8JFEJ=FI98K?@E> 9F;P JL:? 8J K?< JB@E  K?< ?8@I  K?< EFJ<  <8IJ
>FF;>IFFD@E>8@;J <P<J  K<<K?  =<<K  ?8E;J 8E; E8@CJ K?8K E<<;
:8I<F=K?<?8@I JG<:@8C:8I<
:8I<F=K?<K<<K?
KPG<JF=K<<K?
?8E;J8E;E8@CJ $!/'%*
K?<=<<K
-<IJFE8C :C<8EC@E<JJ 8E; >FF; >IFFD@E> 9<>@EJ
:C<8EC@E<JJF=:CFK?@E>
N@K?K?<JB@E

!"%*%0%+* 1?< FLKJ@;< F= K?< 9F;P @J :FDGC<K<CP :FM<I<;


9P 8 K?@E C8P<I F= D8K<I@8CJ N?@:? N< :8CC K?<
%P>@<E< @J K?< JKL;P F= K?< N8PJ @E N?@:? N< JB@E 1?<JB@E@J@E:FEJK8EK:FEK8:KN@K?K?<8@I
?<CG FLIJ<CM<J 8E; FK?<IJ KF 9< ?<8CK?P 8E; N@E; 8E; ;LJK 8E; J?FLC; 9< B<GK :C<8E  &K @J
:C<8E P?<8CK?P8E;:C<8EN<D<8EB<<G@E> D8;<LGF=KNFC8P<IJ
K?< 9F;P GIF:<JJ<J NFIB@E> GIFG<ICP  <@E> <G@;<ID@J8E;
?<8CK?P;F<JEFKD<8EFECP9<@E>N<CC 9LK@K ;<ID@J
D<8EJ =<<C@E> N<CC 8E; 9I@>?K  <8K@E> 8E;
JC<<G@E> N<CC  NFIB@E> 8E GC8P@E> ?8I; 8E; 8CJF 1?< 4>834@;8A @J K?< JLI=8:< FI FLK<I C8P<I F=
9<@E> 8C<IK 8E; @EK<I<JK<; @E N?8K @J >F@E> FE K?<JB@EN?@:?@JD8;<LGF=C8P<IJF=:<CCJ 1?<
8IFLE;PFL ;<ID@J FI KIL< JB@E @J D8;< LG F= :FEE<:K@M<
K@JJL<8E; :FEK8@EJ9CFF;M<JJ<CJ E<IM<J >C8E;J
"M<IPFE< J?FLC; C<8IE KF B<<G K?< 9F;P :C<8E 8E;?8@I9LC9J

48J? K?< JB@E =I<HL<EKCP  <JG<:@8CCP K?<
G8IKJ K?8K ><K DFJK ;@IKP ?8E;J  GL9@:
8I<8
48J?K?<=8:<8E;E<:B NFIB@E>;FNEKF
K?<=<<K

&=B4  2-( /$ %. /$! !.%!./ )  (*./


+'!.)/ 24 *" (&%)# .0-! 2! -! '!) )
86C@4   @=AAA42B8=<=5B74A98< "-!.$''*1!-

1?< JB@E DLJK 9< B<GK M<IP :C<8E 9<:8LJ< @K @J


K?<FLK<IGIFK<:K@M<:FM<I@E>F=K?<9F;P &=@K@J )40A=<A5=@10B78<6
8CCFN<;KFI<D8@E;@IKP 98:K<I@8N@CC9I<<;FE@K 4<98K?<KF
8E; >I8;L8CCP =@E; K?<@I N8P @EKF K?< 9F;P I<DFM<JLI=8:<>I<8J<8E;;@IK
K?IFL>?K?<JN<8K8E;F@C>C8E;J8E;K?<DFLK? I<DFM<98:K<I@8
IL98N8PLEN8EK<;JB@E:<CCJ
0D8CC 8DFLEKJF= JN<8K 8E; F@C FFQ< FLK FE KF I<DFM< JK8C< JN<8K 8E; D8B< LJ E@:< KF
K?<JLI=8:<F=K?<JB@E8E;@=K?<J<8I<8CCFN<; 9<E<8I
KF I<D8@E K?<P N@CC D8B< K?< G<IJFE JD<CC B<<GFLIJ<C= I<JG<:K
LEGC<8J8EK  1?< <G@;<ID@J @J D8;< LG F= ;<8; >8@E8=<<C@E>F==I<J?E<JJ8E;N<CC 9<@E>
;IP =C8KK<E<;:<CCJK?8K8I<8CN8PJ9<@E>IL99<;
F== 8E; I<GC8:<;9P E<N FE<J  1?<J< ;IP =C8B<J
N@CC9CF:BK?<K@EPJN<8K8E;F@CKL9<J@EK?<JB@E
8E;GIF;L:<8ELEGC<8J8EKJD<CC

:40<:8<4AA=5B74A98<
8K?< I<>LC8ICP  ;IP K?< JB@E K?FIFL>?CP
8E; :?8E>< >8ID<EKJ  J@E:< ><IDJ :8E9<
KI8EJ=<II<;=IFD:CFK?<JKF=FF; 86C@4   %0B4@80:A5=@E0A78<6


6FL D8P 8K K?@J G<I@F; F= C@=< <OG<I@<E:<
GIF9C<DJ N@K? 9C8:B?<8;J 8E; G@DGC<J FE PFLI
=8:< !FEFKNFIIPN<?8M<8CC?8;K?<D J@E:<
K?@J@JG8IKF=>IFN@E>LG 4?8K;FPFL;F89FLK
K?<D 2J< 8 D<;@:8K<; JF8G  8E; ><EKCP
D8JJ8>< 8J PFL C8K?<I PFLI =8:< I@EJ<
K?FIFL>?CP N@K? :C<8E  :FFC JF=K N8K<I  KN@:<
86C@4 0@4=5A98< ;8@CP MF@;=8KKP=FF;J8JDL:?8JGFJJ@9C<

-<IJFE8C =I<J?E<JJ @J M<IP @DGFIK8EK  4< BEFN


K?8K G<IJG@I8K@FE @J 8 E8KLI8C 8E; E<:<JJ8IP
GIF:<JJ 9LK N?<E @K I<8:?<J K?< JLI=8:< F= K?<
$!$%.
JB@E  @K @J 8:K<; LGFE 9P 98:K<I@8 8E; 9<>@E KF 1?< ?8@I @J 8 K?I<8; C@B< FLK>IFNK? =IFD 8 CFE>
;<:FDGFJ< K?LJ:8LJ@E>8ELEGC<8J8EKJD<CCKF E8IIFNFG<E@E>@EK?<JB@E:8CC<;8=FCC@:C< &K@J
;<M<CFG 8E<O:<CC<EKKI8G=FI8CCB@E;JF=;LJK8E;;@IK &K
J?FLC;EFK9<N8J?<;KFFF=K<E8JK?@JI<DFM<J
IDG@KJ 8I< K?< NFIJK F==<E;<IJ  8E; ?<I< @J K?<E8KLI8CF@C %FN<M<I@KDLJK9<B<GK:C<8E
N?<I< N< E<<; KF :FEJ@;<I KNF I<D<;@<J
0<B8>4@A>8@0<B 8E; 34=3=@0<BA  %<I< 8I< JFD<
<O8DGC<J :40<:8<4AA=5B74708@
1?< ?8@I DLJK 9< B<GK :C<8E 9<:8LJ< @K @J EFK
F=K<E :FM<I<; 8E; JF HL@:BCP ><KJ ;@IKP  &K :8E
GIFM@;<8N8ID:FD=FIK89C<?FD<=FI=C<8J8E;
C@:<:FEJ<HL<EKCPK?<?8@IJ?FLC;9<
N8J?<;8KC<8JKFE:<N<<BCPFI=FIKE@>?KCP
;<G<E;@E>FEK?<K<OKLI<F=K?<?8@I
9ILJ?<;8E;:FD9<;;8@CPKFI<DFM<;@IK
;LJK8E;;8E;IL==
&=B4 '24.&!!+*(.) -0.$!.'!)
86C@4  <B8>4@A>8@0<BA0<334=3=@0<BA


86C@4 *70;>==8<6

86C@4  =EB=E0A70 1@CA7

$!0!!0$
+8KLI<GIFM@;<;LJN@K?K<<K?KF :?<NFLI=FF;
=FI GIFG<I ;@><JK@FE 8E; K?<I<=FI< >FF; K<<K?
86C@4 0B7A0:BA 8I< <JJ<EK@8C KF ?<8CK?  1?<P J?FLC; 9< B<GK


:C<8E 3@J@KJKFK?<;<EK@JKJ?FLC;9<I<>LC8I JF CK?FL>? K<<K? N<I< D<8EK =FI :?<N@E> =FF;
K?8KK<<K?:8E9<@E>FF;I<G8@I K?<I< @J EF ;FL9K K?8K K?<P :8E 8CJF D8B< FI
D8I PFLI 9<8LKP @D8><  !<EK@JKJ ?8M< =FLE;
N8PJ F= ?<CG@E> PFL @= PFLI K<<K? >IFN
8NBN8I;CP 9LKK?<P :8E>FJF=8I8E;K?<I<JK@J
LGKFPFL

&=B4 *0- /$%-  .!/ *" /!!/$ 2%'' )*/ !


.0++'%! 4)/0-!

86C@4 (0@BA=50B==B7


:40<:8<4AA=5B74B44B7
1?< K<<K? J?FLC; 9< B<GK :C<8E 9<:8LJ< =FF;
J:I8GJ I<D8@E @EK?< JG8:<J 9<KN<<E K?<D 8E;
98:K<I@8 9I<<;@E> @E K?< =FF; GIF;L:< ;<:8P
1?<I<=FI< =FI >FF; :C<8E K<<K? =FCCFN K?<J<
@EJKIL:K@FEJ

:C<8E K<<K? 8=K<I <8:? D<8C FI 8K C<8JK


KN@:<;8@CP
9ILJ?K<<K?8N8P=IFDK?<>LDKF8MF@;
9IL@J@E>K?<>LDJ
LJ<8>FF;EFE >I@KKPKFFK?G8JK<JFK?8K
K?< GIFK<:K@M< C8P<I F= <E8D<C :FM<I@E>
K?<K<<K?@JEFKJ:I8K:?<;
B<<GKFFK?9ILJ?:C<8E
<8K898C8E:<;;@<K
@E:CL;<=FF;JKF9<N<CC:?<N<;
8MF@;=FF;JN@K?8?@>?JL>8I:FEK<EK
;FEFKLJ<J?8IGF9A<:KJ < > E<<;C<JFI
86C@4 @CA78<6B74B44B7
G@EJKFI<DFM<=FF;=IFDK<<K?
LJ<K<<K?=FI<8K@E>FECP 8MF@;9I<8B@E>
K?I<8;  :I8:B@E> ELKJ  8E; FG<E@E>
9FKKC<J * /* *%(/
LJ<8E8EK@J<GK@:DFLK?N8J?KF;<JKIFP
%8E;J :8E 9< N<CC :8I<; =FI FI E<>C<:K<;
FI8C98:K<I@8
-<FGC< EFK@:< ?8E;J  K?<P 8I< 8CN8PJ FE M@<N
8E;@K@JE@:<IKF9<GIFL;F=K?<DK?8EKF=<<C
C@B< ?@;@E> K?<D  1?< ?8E;J 8I< DFI<
FM<INFIB<;K?8E8EPFK?<IG8IKF=K?<9F;P8E;

LEC<JJ :8I< @JK8B<E  K?< ?8I; NFIB N@CC C<8M< 8 E8@C9<>@EJKF>IFNALJKLE;<IK?<=FC;F=JB@E
KI8;< D8IB  /FL>? ?8E;J 8I< ;@==@:LCK KF B<<G 8K K?< 98J< F= K?< E8@C  &K @J M<IP @DGFIK8EK KF
:C<8E 8I< LE?P>@<E@: =FI =FF; GI<G8I8K@FE 8E; B<<GE8@CJJ?FIK JDFFK? <;><;8E;:C<8E
8I<LE8KKI8:K@M<

48J?  I@EJ< 8E; ;IP ?8E;J K?FIFL>?CP 8=K<I $!"!!0


NFIB  FI LJ@E> K?< C8M8KFIP  8J N<CC 8J 9<=FI<
1?<=<<K:8IIPK?<N<@>?KF=K?< N?FC<9F;P8E;
8E; 8=K<I ?8E;C@E> =FF;  4<8I >CFM<J =FI ;@IKP
JG<:@8C :8I< 8E; R8KK<EK@FE J?FLC; 9< G8@; KF
NFIB  :C<8E@E>FI >8I;<E@E>  2J< 8 ?8E; :I<8D
K?<D  1?<P J?FLC; 9< N8J?<; 8E; ;I@<;
FI CFK@FE 8=K<I N8J?@E> KF B<<G K?<D JDFFK?
K?FIFL>?CP 8E; :FII<:K =FFKN<8I J?FLC; 9<
8E;JF=K
NFIE KF GI<M<EK K?< ;<M<CFGD<EK F= GIF9C<DJ
< > :FIEJ 9LE@FEJ8E;8K?C<K<J=FFK

(+0$!/
&K @J M<IP @DGFIK8EK K?8K PFLI :CFK?@E> @J B<GK
:C<8E  1?@J @J E<:<JJ8IP 9<:8LJ< ;@IKP :CFK?@E>
8CCFN C@:< KF 9I<<; 8E; 8I< LEK@;P 8E;
LEGC<8J8EK  !@IKP :CFK?<J <E89C< ><IDJ KF
DLCK@GCP 8E; :8E :FEK8D@E8K< =FF; 8E; JGI<8;
@E=<:K@FE  0G<:@8C :8I< J?FLC; 9< K8B<E N@K?
LE;<I:CFK?@E>

CC:CFK?<JJ?FLC;9<N8J?<;FI:C<8E<; CFK?<J J?FLC; 9< =@E@J?<; GIFG<ICP 8E;
=I<HL<EKCP NFIEKFJL@KK?<F::8J@FE
2E;<I:CFK?@E>  JF:BJ 8E; JKF:B@E>J
J?FLC;9<:?8E><;8E;C8LE;<I<;;8@CP

1)).5
     

%P>@<E<:FEKI@9LK<JKF >FF;?<8CK?
1?<9F;P:8E9< B<GK :C<8E9PN8J?@E> N@K? JF8G 8E; N8K<I  <JG<:@8CCP G8IKJ JL:? 8JK?< JB@E
?8@I EFJ< <8IJ <P<J K<<K? =8:< ?8E;J8E;E8@CJ
-<IJFE8C:C<8EC@E<JJ8E;>FF;>IFFD@E>9<>@EN@K?K?<JB@E


&EK?@J:?8GK<IPFLN@CCC<8IE89FLK
K?<D<8E@E>F=?FLJ<N@=<IP +1/!3%"!.5 % /
N?8K?FLJ<N@=<IP<EK8@CJ
&E K?< ;8@CP :C<8E@E> 8E; D8@EK<E8E:< F= K?<
?FLJ<N@=<IP<HL@GD<EK
M8I@FLJJLI=8:<JN@K?@EK?<?FD< K?<?FLJ<N@=<
:8I<8E;LJ< F=?FLJ<N@=<IP<HL@GD<EK
KNF;@==<I<EKKPG<JF=8@;J 1?< 8@;JLJ<;8I<
:C<8E@E> <HL@GD<EK LJ<; KF :8IIP FLK
:C<8E@E> 8><EKJ  < >  ;<K<I><EKJ  8:@;J
?FLJ<?FC;:?FI<J
J:FLI@E>GFN;<IJ G8JK<
D8K<I@8CJ LJ<; @E K?< D8EL=8:KLI< F=
GFC@J?<J < > N8OGFC@J?
:C<8E@E><HL@GD<EK
LJ<F= <8:?KPG<F=:C<8E@E><HL@GD<EK
:C<8E@E>8><EK@J8JL9JK8E:<LJ<;KFI<DFM<
?FN KF :?FFJ< 8GGIFGI@8K< :C<8E@E>
;@IK8E;>I<8J< &KI<DFM<JK?<;@IK9P;@JJFCM@E>
<HL@GD<EK
>I<8J<8E;?FC;@E>K?<;@IK@EJLJG<EJ@FE@EK?<
:8I<  :C<8E@E> 8E; JKFI8>< F= ?FLJ<?FC;
N8K<I  %FLJ<?FC; ;<K<I><EKJ 8I< JF8G FI
:C<8E@E><HL@GD<EK
JPEK?<K@: ;<K<I><EKJ LJ<; =FI :C<8E@E> JLI=8:<J
%FLJ<N@=<IP :FE:<IEJ <M<IPFE< KF;8P J@E:< N<
N@K?@EK?<?FD< &KNFIBJ9<KK<I@=N8IDN8K<I
?8M< KF :FD9@E< @KJ GI8:K@:<J N@K? FK?<I AF9J
@JLJ<;9<:8LJ<?<8K?<CGJKFD<CKK?<>I<8J<
1?< NFIB @E K?< ?FD< @J JK@CC :FDGC<O 8CK?FL>?
>I<8KCP 8@;<; 9P DF;<IE @EM<EK@FEJ
!<K<I><EKJ :8E <@K?<I 9< D@C; FI JKIFE>
%FLJ<N@=<IP <EK8@CJ 8 M<IP N@;< BEFNC<;>< F=
1?<I<=FI<  @E FI;<I KF GI<M<EK ;8D8>< N?<E
D8EP 8I<8J  < > :C<8E@E> F= K?< ?FLJ<
:C<8E@E>  @K @J M<IP @DGFIK8EK KF BEFN K?<
J8E@K8K@FE  GLI:?8J@E>  :FFB@E> 8E; J<IM@E> F=
:FDGFJ@K@FEF=K?<8IK@:C<FIJLI=8:< JFK?8KK?<
=FF; 8E;8E8GGI<:@8K@FEF=:FCFLI8CJF
:FII<:KKPG<F=;<K<I><EK:8E9<LJ<;


=CA47=:31:40274A 820@1=<0B4=5A=30
1?<J<8I<LJ<;KFN?@K<EC@E<EJ8E;:FKKFEJ9LK &K@JM<IPLJ<=LCKF?8M<K?@J:C<8E@E>8><EK@EK?<
N@K?K?<D8EL=8:KLI<F=D8EP?8I;GC8JK@:K?<P ?FLJ<   C@KKC< JF;8 8;;<; KF K?< I@EJ@E> N8K<I
8I< EFN LJ<; KF N?@K<E J@EBJ  ;@J@E=<:K N8JK< N?<E :C<8E@E> I<=I@><I8KFIJ FI FK?<I GC8JK@:
G@G<J  8I9FI@K< JLI=8:<J 8E; C8M8KFIP G8EJ JLI=8:<J  C<8M<J 8 D@C; 8CB8C@E< =@CD N?@:?
4?<ELJ@E>9C<8:?@E8C8M8KFIPG8E ;FEFKLJ< ;@J:FLI8><JK?<>IFNK?F=DFLC;J8E;98:K<I@8
8EP FK?<I :C<8EJ<I 8K K?< J8D< K@D<9<:8LJ< @K
N@CC GIF;L:< :?CFI@E< >8J N?@:? @J M<IP
0CAB82A=30
GF@JFEFLJ  0KFI< 9C<8:?<J FLK F= I<8:? F=
1?@J @J 8 M<IP JKIFE> JL9JK8E:< N?@:? :8LJ<J
:?@C;I<E
9LDJN?<E@KKFL:?<JK?<JB@E &K:8E9<LJ<;@E
K?< ?FD< =FI :C<8E@E> FM<EJ K?8K 8I< K?@:BCP
=CA47=:30;;=<80 :F8K<;N@K?=FF; ;@IKFI>I<8J<
1?@J@J8JKIFE>>I<8J<JFCM<EKN@K?8;@JK@E:K@M<
JD<CC &K@JM<IPLJ<=LC =FI:C<8E@E>I<8CCP>I<8JP
*2=C@8<6>=E34@A
JLI=8:<J
1?<J< 8I< LJ<; KF I<DFM< F9JK@E8K< ;@IK =IFD
JLI=8:<J  <JG<:@8CCP  <HL@GD<EK  1?<P 8I<
;;8=<N;IFGJF=8DDFE@8KF89FNCF=N8ID
:FDGFJ<;F=M<IP=@E<J8E;FIFK?<I=@E<>I@KFI
N8K<I 8E; ;<K<I><EK  &K @J LJ<=LC =FI :C<8E@E>
I@:< ?LJB  < >  M@D  N8O  1?<P @E:CL;< 8E 8CB8C@
>I<8JP ?8@I 9ILJ?<J  (<<G 9FKKC<J :FM<I<; @E 8
KF ?<CG I<DFM< >I<8J<  < >  JF8G GFN;<I 8E;
:FC;GC8:< FLKF=K?<I<8:?F=:?@C;I<E
9C<8:?

-8<460@ 1?<P8I<LJ<;KFI<DFM<;@IK=IFD>C8JJ <E8D<C


1?@J@J8D@C;?FLJ<?FC;8:@; =<N;IFGJ8;;<; 8E; N@CC EFK J:I8K:? K?<J< JLI=8:<J @= LJ<;
KF I@EJ@E> N8K<I N@CC I<DFM< 8CC KI8:<J F= JF8G C@>?KCP  1?<P J?FLC; EFK 9< LJ<; FE JDFFK?
=IFD G8@EK<; JLI=8:<J  C<8M@E> K?<D :C<8E 8E; GC8JK@:J FI >CFJJ G8@EK 9<:8LJ< K?<P N@CC J:I8K:?
=I<<=IFDJD<8IJ 8E;;LCCK?<JLI=8:<


*2=C@8<6>0AB4A
1?<J< 8I< 8CJF LJ<; KF I<DFM< ;@IK 9LK 8I<
D@C;<I @E LJ<  1?<P :FEK8@E >CP:<I@E<  N?@:?
?<CGJKFGIFK<:KK?<?8E;J 1?<P8I<JL@K89C<=FI
JG8J  98K?J  C8M8KFI@<J  K@C<J 8E; <E8D<C
JLI=8:<J

.8@4E==:
86C@4   (=:8A74A
4@I<NFFCFIJK<<CNFFC@J8M<IPJKIFE>89I8J@M<
:C<8E<IN?@:?@JLJ<;=FI:C<8E@E>;@IK=IFDGFKJ
=CFFIJ 8E; ?FLJ<?FC; D<K8CJ  &K @J 8CJF LJ<; KF
.0F>=:8A7
:C<8E JLI=8:<J 9<=FI< I<G8@EK@E>  0FD< N@I<
1?@J@JLJ<;FENFF;<E=CFFIJ8JN<CC8JFEK@C<
NFFC 8I< D8;< @E G8;J =@CC<; N@K? JF8G 8E;
FI :<I8D@: 8E; 8CJF FE =LIE@KLI<  &K :8E 9<
89I8J@M<GFN;<I<JG<:@8CCP=FI:C<8E@E>GFKJ8E;
9FL>?K 8J8N8OG8JK<FI<DLCJ@FE
G8EJ FM<EJ8E;K89C<N8I<

&=B4 %-! 2**' ) ! *0#$/ %) 1-4%)# =:=C@43E0F>0AB4


#- !. "*-!3(+'! 1?@J@JLJ<;=FI:FCFLI<;K@C<J8E;:<D<EK=CFFIJ
- ! 1!-4 "%)! 2J< JG8I@E>CP  J@E:< KFF DL:? N@CC D8B< K?<
- !  1!-4*-.! =CFFIJC@GG<IP8E;N@CCEFKGIF;L:<8J?<<E

(=:8A74A ;C:A8=<>=:8A7
*8EP JLI=8:<J @E K?< ?FD< I<HL@I< I<>LC8I &K@JLJ<;FEK@C<FI:<I8D@:=CFFIJN?@:?:8E9<
GFC@J?@E> KF GIFK<:K K?<D  KF @E:I<8J< K?<@I C@=< NFIB<;8E;GFC@J?<;@EFE<FG<I8K@FE
8E; B<<G K?<D JDFFK? 8E; 8KKI8:K@M<  1?<
GFC@J?:?FJ<EJ?FLC;9<JL@K89C<=FIK?<JLI=8:<
*8:82=<4>=:8A7
1?@J @J LJ<; FE 8EP JLI=8:< N?<I< 8 ?@>? >CFJJ
1?<I<8I<D8EPKPG<JF=GFC@J?FEK?<D8IB<K

8E;;LI89@C@KP8I<;<J@I89C< :40<8<64?C8>;4<BCA43
C<8E@E> <HL@GD<EK FI KFFCJ 8I< <JJ<EK@8C KF

.!* 1/!+" <E89C< LJ KF ;F K?< AF9 N<CC  1?<I< 8I< 98J@:
<HL@GD<EK N?@:? 8I< E<<;<; =FI :C<8E@E>

(!*%*#)0!.%(/ N?8K<M<I K?< J@Q< F= K?< ?FD<  0FD< 98J@:


:C<8E@E> <HL@GD<EK 8I< 9IFFDJ  9ILJ?<J
/<8; C89<CJ 8E; ;@I<:K@FEJ :8I<=LCCP ;LJKG8E DFG ;LJK<IJ 9L:B<KJ 9FNCJ8E;9@EJ
9<=FI<LJ<
!F EFK N8JK< D<8JLI< 8DFLEK E<<;<; 4?<E:C<8E@E>K?<?FD< 8=<NG@<:<JF=J@DGC<
FI LJ<8JC@KKC<8JGFJJ@9C< <HL@GD<EK:8E;FK?<AF98J<==@:@<EKCP8JJFD<
0FD< :C<8E@E>8@;J 8I<GF@JFEFLJ  0KFI< DF;<D 8E; <OG<EJ@M< FE<J  0FD< F= K?<
N<CC 8N8P =IFD =FF; 8E; K?< I<8:? F= DF;<IE :C<8E@E> 8GGC@8E:<J 8I< EFK I<8CCP
:?@C;I<E <JJ<EK@8C =FI :C<8E@E> K?< ?FD< 9LK N?<E
!FEFKGLKG8:B<KJFEN<KJLI=8:<J GIFG<ICP:?FJ<E8E;LJ<; K?<P;FD8B<K?<AF9
FM<IGIFG<ICP9<=FI<JKFI8><8E;N?<E <8J@<I J8M@E>K?<?FD<D8B<IK@D<8E;<E<I>P
EFK@ELJ<
4?<E :C<8E@E> 8 C8M8KFIP  8CN8PJ FG<E 4< EFN ;<8C N@K? JFD< J@DGC< :C<8E@E> KFFCJ
N@E;FNJ8E;;FFIJ =FIM<EK@C8K@FE 8E; <HL@GD<EK N?@:? 8I< F= >I<8K ?<CG KF K?<
2J< K?< D@C;<JK :C<8E@E> 8@; =FI K?< AF9 ?FD<D8B<I
KF9<;FE< < >
=FI 98K?J 8E; N8J? 98J@EJ LJ< :C<8E@E>
G8JK<I8K?<IK?8EJ:FLI@E>GFN;<I
=FINFFCC<EJ 8E; J@CBJ  LJ< 8 JG<:@8C D@C;
:C<8EJ<I
=FIJ@CM<I LJ<8J@CM<I:C<8E<I
=FI9I8JJ LJ<89I8JJ:C<8E<I

86C@4   =CA47=:31@==;A0<31@CA74A


=CA47=:31@==;A0<31@CA74A AF9J

1?<J< 8I< LJ<; KF I<DFM< ;LJK 8E; ;@IK =IFD


;0<;034 =@ AG<B74B82 A=C@24 +PCFE 8E;
JLI=8:<J 8E; 8CJF KF >8K?<I ;LJK @E 8 G8E =FI
FK?<IJPEK?<K@:D8K<I@8CJ8I<LJ<;=FID8B@E>8CC
;@JGFJ8C
B@E;J F= 9IFFDJ 8E; 9ILJ?<J  0FD< 9ILJ?<J
N?@:? E<<; KF 9< G8IK@:LC8ICP JK@== 8I< D8;< F=
4FF;<E8E;GC8JK@:G8IKJJ?FLC;9<JDFFK?8E;
JG<:@8CD<K8CC@:=@9I<J
9<N<CC<;8KK?<<;><JKFGIFK<:K=LIE@KLI<=IFD
;8D8><  FEJKIL:K@FE ?8E;C<J J?FLC; 9<
1F;8P 9I@JKC<J8I<D8;<@E8M8I@<KPF=:FCFLIJ
:FD=FIK89C<KF?FC;
1?< KL=KJ FI 9I@JKC<J 8I< :?@<=CP F= EPCFE
GFCPK?<E<FI-FCP3@EPC ?CFI@;< - 3
1?<P 8I< D8;< =IFD 8 M8I@<KP F= D8K<I@8CJ 8E;
JF GIFM@;< M8IP@E> HL8C@K@<J @E 9IFFDJ 8E;
9ILJ?<J  1?< 9I@JKC<J 8I< F9K8@E<; =IFD K?I<< ,A4A=51@==;A
D8@EJFLI:<J %8E; 9IFFDJ FI N?@JBJ D8;< =IFD K?<
D@;I@9 F= G8CD C<8M<J 8E; FK?<I C<8M<J
<8;0: 8I<LJ<;=FIJN<<G@E>8CCKPG<JF==CFFIJ
3<><K89C< ,C;8E;NFIEFE<J8I<LJ<=LC=FI:<D<EK
*8E D8;< =CFFIJ8E;FLK<IJLIIFLE;@E>J
0<8;0: A=C@24 1?<J<8I<:?@<=CP=IFDK?< )FE> ?8E;C<; 9IFFDJ 8I< E<<;<; =FI
?8@I FEK?< ?@;<J F= 8E@D8CJ < > ?FIJ< 8E;G@> :C<8E@E>:<@C@E>8E;N8CCJ
1?<P 8I< F= M8IP@E> ;<>I<<J F= JK@==E<JJ KF JL@K *<;@LD C<E>K? 9IFFDJ 8I< LJ<=LC =FI
K?<AF9 < > G@>=FIC8LE;IP9ILJ?<J JN<<G@E>=CFFIJN@K?FLKJKFFG@E>
)FE> ?8E;C<;9IFFDJ ?8I;8E;JK@== 8I<
D464B01:4A=C@24 1?<M<><K89C<=@9I<LJ<;=FI 9<JK =FI JN<<G@E> K?< JLIIFLE;@E>J 8E;
D8B@E> 9IFFDJ @J D8@ECP ;I@<; C<8M<J F= K?< :C<8E@E>>LKK<IJ
G8CD>I8JJ D@;I@9F=K?<:F:FELKG8CD N<<;J
KN@>J 8E; D8EP FK?<IJ  1?<J< GIF;L:< 9IFFDJ &=B4 +7470@31@==;58BB43E8B7 0AB82920<14
8E; 9ILJ?<J N@K? 9I@JKC<J N?@:? :8E 9< <@K?<I CA435=@2:40<8<6E0::A0<3248:8<6A
JK@==FIJF=K < >  J@J8C =FI8M8I@<KPF=:C<8E@E>

,A4A=51@CA74A (<<G CFE> ?8E;C<; 9IFFDJ N@K? 9I@JKC<J
LGN8I;J
%8E; 9IFFDJ N@K? JF=K 9I@JKC< =FI
0KFI< 9IFFD @E 8 :LG9F8I; FI 9IFFD
9ILJ?@E> @EKF :FIE<IJ 8E; :I<M@:<J 8E;
I8:B
=FII<DFM@E>JLI=8:<;LJK
CN8PJ I<DFM< ;LJK 8E; =CL== 9<=FI<
0:IL99@E> 9ILJ?<J D8;< F= KL=K FI JK@==
JKFI@E>
9I@JKC<J =FI J:IL99@E> :<D<EK  K@C<; FI
4<K 9IFFDJ 8E; 9ILJ?<J J?FLC; 9<
NFF;<E =CFFIJ GC8@EFIN?@K<NFF;8E;
J?8B<E 8=K<I LJ<  ;IP FLK;FFIJ  @=
FK?<IJLI=8:<JN?@:?I<HL@I<J:IL99@E>
GFJJ@9C<  8CCFN@E> NFF;<E ?<8; 8E;
FKKC<9ILJ?<J=FIN8J?@E>N8K<I9FKKC<J
?8E;C<KF;IPK?FIFL>?CP
8E;;<:8EK<IJ
(<<G CF:8CCP D8;< 9IFFDJ CP@E> =C8K FI
0K@== ?FLJ<?FC; 9ILJ?<J =FI :C<8E@E>
?8E>@E>9PK?<?<8;
:8IG<KJ LG?FCJK<IP IL>J D8KJ
)8M8KFIP 9ILJ?<J =FI :C<8E@E> K?<
C8M8KFIP9FNC :40<8<6 1@==;A0<31@CA74A

CG8<6 1@==;A0<31@CA74A
1IPKF9LP>FF;HL8C@KPN@K?=@E<KL=KJ -LCCK?<D
KF J<< K?8K K?<P 8I< =@ID 9<=FI< 9LP@E>  ?<8G
FE<JF=K<E?8M<GFFIHL8C@KPKL=KJN?@:?K8E>C<
8E;;8D8><<8J@CP 1?<9I@JKC<N@CC9<:CFJ<CPJ<K
FE>FF;HL8C@KP9ILJ?<J

86C@4  :40<8<61@CA7


0@4 =5 7=CA47=:3 1@CA74A 0<3
48J? 9IFFDJ 8E; 9ILJ?<J F::8J@FE8CCP
1@==;A
9LKEFK KFFF=K<E8J K?@J :8E CFFJ<E K?<
2J<K?<D=FIK?<:FII<:KAF9
9I@JKC<J
2J< K?< :C<8E<JK 9ILJ? =FI K?< :C<8E<JK
/<DFM<;@IK8E;=CL==N@K?8EFC;JB<N<I
AF9
FIG@<:<F=N@I<

48J? @E N8ID JF8GP N8K<I  9<8K@E> K?< CAB4@A0<3>=:8A7@06
9I@JKC<J LG 8E; ;FNE @E K?< N8K<I  ;;
1?<J<J?FLC;9<JF=KJFK?8KK?<P;FEFKJ:I8K:?
8DDFE@8@=9ILJ? @J>I<8JP
JLI=8:<J N?<E ;LJK@E> ;F EFK C<8M< =L==
/@EJ<@EN8IDN8K<I
9<?@E; 1?<P8I<<8J@CPD8;<=IFDFC;:CFK?<JFI
0?8B<N<CC8E;?8E>K?<DKF;IPJFK?8K
?FLJ<?FC;C@E<E < > K89C<:CFK?J J?<<KJ JB@IKJ
K?< N8K<I ;I@GJ 8N8P =IFD K?< ?<8; FI
1?<D8K<I@8CJ?FLC;9<JF=K9LKEFK=CL==P
?8E;C<  FI GC8:< K?<D N@K? K?< 9I@JKC<J
;FNE KF GI<M<EK 9I<8B@E> ?<8; 8E;
,A40<320@4=53CAB4@A
?8E;C<J
2J< :FC; N8K<I =FI N8J?@E> JK@== #FC; @EKF 8 G8;  K?< J@Q< F= PFLI ?8E;

?FLJ<?FC; 9ILJ?<J KF 8MF@; JF=K<E@E> N@K? EF CFFJ< <;><J KF :8K:? F9A<:KJ @E

K?<=@9I< 0K@==<E9P I@EJ@E>  @E  :FC; K?<N8P

N8K<I8E;J8CK K89C<JGFFEF=J8CKKF /<DFM< FIE8D<EKJ 9<=FI< ;LJK@E>

GKJ N8K<I JB@IK@E>9F8I;J =LIE@KLI<

F:FELK=@9I<9IFFDJJ?FLC;9<N8J?<; !LJK FIE8D<EKJ 8E; GC8:< K?<D FE 8

@E GC8@E N8K<I FECP  8J JF8G 8E; ?FK KI8P

N8K<IK<E;KFJF=K<EK?<=@9I<J 0?8B<;LJK<IFLK;FFIJKFI<DFM<;LJK

          1I@DFIJK@K:?=I8P<;<;><J

          48J? =I<HL<EKCP @E N8ID JF8GP N8K<I

  ,@C ;LJK<IJ :8E 9< LJ<; KF >@M< GFC@J?<;


=LIE@KLI<8J?<<E
;; ;@J@E=<:K8EK KF ;8DG ;LJK<I =FI
CAB>0<A
:C<8E@E>K?<J@:B IFFD
!LJK G8EJ 8I< LJ<; =FI :FCC<:K@E> 8E; :8IIP@E>
+FK< 1IP KF B<<G ;LJK<IJ F= FE< :FCFLI =FI
8N8P ;LJK =IFD K?< =CFFI 8=K<I JN<<G@E> 8N8P
G8IK@:LC8IAF9JJL:?8JGFC@J?@E> C8M8KFIP
=IFD K?< :FIE<IJ  1?<P 8I< D8;< F= D<K8C FI
GC8JK@: 9LK N?<I< K?<J< 8I< EFK 8M8@C89C<  8
G@<:< F= :8I;9F8I; FI JK@== G8G<I :8E 9< LJ<;
48J?D<K8CFIGC8JK@:;LJKG8E8=K<ILJ<


*FGJ 1?<=F8DFIJGFE><DFGJ?FLC;9<N<CC
1?<J<8I<LJ<;=FIK?<I<DFM8CF=JLI=8:<;LJK I@EJ<; JHL<<Q<;8E;GLKKF;IP
=IFDNFF;<E K@C<;FIC@EFC<LD=CFFIJ 1?<PD8P *FGJLJ<;=FIGFC@J?@E>=FFIJJ?FLC;9<
8CJF ?< LJ<;=FI GFC@J?@E> 8E; IL99@E> GFC@J?<; J?8B<E FLK ;FFIJ  N8J?<; F::8J@FE8CCP
=CFFIJ DFGJ?FLC;?<GIFM@;<;=FI<8:?AF9 8E;I@EJ<;K?FIFL>?CP@E?FKN8K<I

1?<CFE>?8E;C<;DFGJ8I<LJ<;=FI=CFFIJN?@C<
*>=<64A
K?< J?FIK ?8E;C<; DFGJ 8I< =FI ;LJK@E> C<;><J
1?<J< 8I< LJ<; =FI N8J?@E> LG  1F B<<G K?<D
8E; KFG JLI=8:<J  4?<E LJ@E> ;LJK@E> DFGJ
:C<8E =FCCFNK?<J<@EJKIL:K@FEJ
B<<G 8 :C<8E FE< =FI ;LJK@E> C@>?K :FCFLI<;
48J? K?<D N<CC 8=K<I LJ<  JHL<<Q< 8E;
JLI=8:<J 8E; N?@K< G8@EK NFIB 8E; 8EFK?<I =FI
C<8M<@E8E8@IPGC8:<KF;IP
;8IB JLI=8:<J  #F8D FI JGFE>< DFGJ 8I< M<IP
/<DFM< JC@DP JF8G 9P JF8B@E> @E 8
GFGLC8I@EJFD<?FD<J #<8K?<IDFGJ8I<LJ<;
JFCLK@FE F=J8CK8E;N8K<I
=FI;LJK@E>=I8>@C<8IK@:C<JFII<8:?@E>@E;@==@:LCK
/@EJ<K?<DN<CC@E:FC;N8K<I
:FIE<IJ

C294BA0<31=E:A
0@40<32:40<8<6
1?<J< D8P 9< >8CM8E@Q<;  <E8D<C FI GC8JK@:
*FGJ 8I< LJ<=LC =FI :FCC<:K@E> ;LJK
-I<J<EKCP  K?<P 8I< D8;< D8@ECP F= C@>?KN<@>?K
HL@:BCP@E;8@CP:C<8E@E>
GC8JK@:J  D8B@E> K?<D :?<8G 8E; <8JP KF :8IIP
1?<P D8P ?< ;8DG<; N@K? C@HL@; GFC@J?
N@K?FLK;<JKIFP@E>FK?<IJLI=8:<J
N?@:? G@:BJ LG ;LJK 8E;  8K K?< J8D<
K@D< GFC@J?<J8JLI=8:<
L:B<KJ 8I< D8@ECP LJ<; =FI :8IIP@E> N8K<I =FI
0?8B< DFGJ K?FIFL>?CP FLK F= ;FFIJ KF
:FFB@E> 8E; N8J?@E> 1?<P 8CJF ?<CG KF D8B<
I<DFM<8CC;LJK
N8J?@E> JLI=8:<J <8J@<I @= KNF 9L:B<KJ 8I<
48J? @E N8ID JF8GP N8K<I 8E; I@EJ<
GIFM@;<; FE< =FI N8J?@E> N8K<I 8E; FE< =FI
K?FIFL>?CP
I@EJ@E>
0HL<<Q< J?8B<N<CC8E;;IP@EK?<FG<E
48J? K?<D 8=K<I LJ<  ;IP FI JKFI< K?<D @E 8
8@I JKFI<N?<E;IPN@K?DFG?<8;LG
:LG9F8I;


+FK<  :FM<I<; N8JK< 9L:B<K FI 9@E @E K?< @0<3 FE<K?8K@J:FDDFECPLJ<;
B@K:?<E@J<JJ<EK@8C .0BB064 N@CC EFK FG<I8K< GIFG<ICP @=
K?<I<@JEFK8;<HL8K<<C<:KI@:@KP
A054BG J8=<KP =<8KLI<J J?FLC; 9<
-02CC; 2:40<4@A 20@>4B AE44>4@A
GIFM@;<; < > :8K:?<J8E;=@E><I>L8I;J
0<3>=:8A74@A
F>42B43 LJ< :FEJ@;<I N?8K K?<
1?<J< 8I< <OG<EJ@M< 9LK 8I< M<IP LJ<=LC @= K?<P 8GGC@8E:< N@CC ;F  @KJ C@D@K8K@FE 8E;
:8E 9< 8==FI;<;  1?<P 8I< @EM8CL89C< =FI JG<:@8C=<8KLI<J
K?FIFL>? :C<8E@E>  1?< 8KK8:?D<EKJ I<DFM< C0@0<B44 8 :C<8I  @E;@:8K@FE  F=  K?<
CFFJ< ;LJK =IFD NFF;<E =CFFIJ  :8IG<KJ  IL>J D8EL=8:KLI<IJN8II8EK@<J8E;J<IM@:<
8E; LG?FCJK<IP  1?<P J?FLC; 9< KI<8K<;
8::FI;@E>KFK?<D8EL=8:KLI<IJ@EJKIL:K@FEJ
*B=@064

*;0::4:42B@820:0>>:80<24A
-FIK89C<<C<:KI@:8GGC@8E:<J:8EI<;L:<K?<K@D<
8E; <E<I>P E<<;<; =FI D8EP ?FLJ<?FC; AF9J
<=FI< ;<:@;@E> FE K?< GLI:?8J< F= 8EP JD8CC
8GGC@8E:<J  :8I<=LCCP :FEJ@;<I <8:? F= K?< <@>?K
GF@EKJ C@JK<; 9<CFN 8E; :?FFJ< K?< 8GGC@8E:<J
K?8KN@CC>@M< >FF;J<IM@:<

86C@4  *B=@8<61@==;A

=<AB@C2B8=< ?<8MP <EFL>?  =@O<; FE


1?@J @J M<IP @DGFIK8EK @E K?< :8I< F= 8CC
K?< K89C<  8 JDFFK? =@E@J? 8E; G8IKJ
<HL@GD<EK  %FLJ<?FC; :C<8E@E> <HL@GD<EK
=@KK<;GIFG<ICP
J?FLC;9<JKFI<;@E8:LG9F8I;N<CC8N8P=IFD
'>4@0B8=< K?< :FEKIFCJ J?FLC; 9< <8JP
=FF;FI:CFK?@E> 1?@J@JE<:<JJ8IP9<:8LJ<D8EP
KF LE;<IJK8E;  I<8:? 8E; FG<I8K< N@K?
GFC@J?<J8E;:C<8E@E>8><EKJ?8M<JKIFE>JD<CCJ
?<8KI<J@JK8EKD8K<I@8CJ
N?@:? :8E 9< 89JFI9<; 9P =FF; 8E; :CFK?@E>
4A86< J?FLC; GC<8J< K?< <P< 8MF@;
(<<G GFC@J?<J 8E; :C<8E@E> 8><EKJ 8N8P =IFD
?8I; KF :C<8E:I<M@:<J

:?@C;I<E 9LK K?<J< J?FLC; 9< I<8;@CPI<:F>E@J<; 9IFFDJ J?FLC; 9< LGJ@;< ;FNE FI ?8E> KF K?<
8E; 8M8@C89C< N?<E E<<;<;  1?<P J?FLC; 9< N8CC  0L:K@FE :C<8E<I =@O<; KF K?< N8CC  0L:K@FE
GIFG<ICP :FM<I<; KF 8MF@; JG@CC@E> 8E; ;IP@E> :C<8E<I8KK8:?D<EKJD8P9<B<GK@E89FOFI98>
FLK /8>JJ?FLC; 9<JKFI<;=FC;<;@E89FO8=K<I N?@:? @J <8J@CP :8II@<; 8IFLE; K?< ?FLJ<  1?<
N8J?@E>8E;;IP@E> ILJ?<J8E;9IFFDJJ?FLC; ?FJ< J?FLC; 8CJF 9< ?LE> K?LJ ?<CG@E> KF
9< GC8:<; @E 8 :LG9F8I; ?8E>@E> =IFD ?FFBJ GI<M<EK :I8:BJ8E;JGC@KJ

1)).5
. -$)&++ +
%FLJ<N@=<IP:FE:<IEJ<M<IPFE< J@E:<@K?8JKF9<:FD9@E<;N@K?FK?<IJAF9J
%FLJ<N@=<IP @E:CL;<J :C<8E@E> F= K?< ?FLJ<  J8E@K8K@FE  :8I< F= K?< <EM@IFED<E K  :FFB@E> 8E;
J<IM@E>F==FF;
#FI;8@CP:?FI<J@E K?<?FD<  KNF;@==<I<EKKPG<JF=:C<8E@E>8@;J8I<LJ<;KFD8@EK8@EM8I@FLJ
JLI=8:<J < > :C<8E@E>8><EKJ;<K<I><EKJ 8@;J J:FLI@E> GFN;<IJ G8JK< GFC@J?<J
1?<I<8I<98J@:<HL@GD<EKE<<;<;=FI:C<8E@E> < > 9IFFDJ 9ILJ?<J ;LJKG8E DFG
1?<J<8I<J@DGC<8E;<==@:@<EK
&K@J@DGFIK8EKKF:8I<8E;LJ<:C<8E@E>D8K<I@8CJGIFG<ICP < > I<8;C89<CJ8E;;@I<:K@FEJ
:8I<=LCCP9<=FI<LJ< ;FEFKN8JK<
1?<I<8I<DFI<DF;<IE:C<8E@E><HL@GD<EK 8E;8GGC@8E:<J K?FL>?<OG<EJ@M< 9LK
@=:?FJ<EGIFG<ICP N@CC J8M<K@D<8E;<E<I>P
"HL@GD<EK8E;D8K<I@8CJDLJK9<GIFG<ICPJKFI<;KF8MF@;;8D8>< < > K?<PJ?FLC;9<
JKFI<;N<CC8N8P=IFD=FF;FI:CFK?@E>


&EK?@J:?8GK<IPFLN@CCC<8IE89FLK %FLJ<=C@<J  :F:BIF8:?<J  I8KJ D@:<  =C<8J 8E;
K?< D<8E@E> F= J8E@K8K@FE @E K?< ?FD< D8EP FK?<I @EJ<:KJ 8E; 8E@D8CJ 8I< :8II@<IJ F=
8E;JLIIFLE;@E>J ;@J<8J< ><IDJ  1?LJ  @K @J @DGFIK8EK KF I<DFM<
N?8K@J;LJK K?<J<:8II@<IJ
:?8I8:K<I@JK@:JF=;LJK
98J@:N8PJF=I<DFM@E>;LJK=IFDIFL>? &E8CC:FLEKI@<J@E:CL;@E>$LP8E8?<8CK?F==@:@8CJ
JLI=8:<J 8J N<CC 8J I<DFM@E> ;LJK =IFD ?8M< J<<E K?< E<<; =FI GIFG<I J8E@K8K@FE KF
JDFFK?=C8KJLI=8:< @DGIFM< 8E; D8@EK8@E K?< ?<8CK? F= :@K@Q<EJ
ILC<J=FIJN<<G@E> $FM<IED<EK ?8J J<K LG D<8JLI<J KF GIFDFK<
ILC<J=FI;LJK@E> J8E@K8K@FE8E;<E=FI:<J8E@K8IPI<>LC8K@FEJ
N?8K@J;@IK
K?<I<DFM8CF=;@IK 1?< =8D@CP ?8J 8E @DGFIK8EK G8IK KF GC8P @E
:C8JJ@=@:8K@FE F= ?FLJ<?FC; I<=LJ< ?<CG@E>K?<$FM<IED<EK8JN<CC8J<EJLI@E>K?<
<O8DGC<F=<8:?KPG<F=I<=LJ< ?<8CK? F= 8CC =8D@CP D<D9<IJ 9P ><KK@E> I@; F=
I<8JFEJ =FI ;@JGFJ@E> F= ?FLJ<?FC; ;@J<8J< 8E; GIFDFK@E> >FF; ?<8CK?  < >
I<=LJ< <EJLI@E> GLI< N8K<I JLGGCP @E K?< ?FLJ<
D<K?F;J F= ;@JGFJ@E> F= ?FLJ<?FC; D8@EK8@E@E> =I<J? 8@I  GIFG<I ;@JGFJ8C F= I<=LJ<
I<=LJ< 8E; ?LD8E N8JK<  :FEKIFC F= 9F;P N8JK<
LJ<8E;:8I<F=K?<I<=LJ<>8I98><9@E :FEKIFC F= ?FLJ<?FC; G<JKJ  D8@EK8@E@E> K?<
JLIIFLE;@E>J8E;8>FF;;I8@E8><JPJK<D

*%00%+*
1?@J @J K?< GI8:K@:8C 8GGC@:8K@FE F= D<8JLI<J
;<J@>E<; KF GIFK<:K 8E; GIFDFK< ?<8CK?

1/0 0A82E0GA=5@4;=D8<63CAB
<8K@E> 9ILJ?@E> J?8B@E>
1?@J @J ;IP ;LJK N?@:? I<JKJ FE JLI=8:<J  &K @J
$8K?<I@E>8E;;@JG<EJ@E>
<M<IPN?<I<9LKJ<<ED8@ECP@E9LJPGC8:<J &K@J
$8K?<I@E>8E;;<JKIFP@E>
D8;<LGF=G8IK@:C<JN?@:?=CF8K@EK?<N@E; &K@J
FCC<:K@E>9PJL:K@FE
@EM@J@9C< @E K?< 8@I LEC<JJ J<<E 8CFE> 8 I8P F=
C@>?K  &K :8E 9< I<DFM<; N@K?FLK K?< LJ< F= 8
)4;=D0: =5 3CAB 5@=; @=C67
:C<8E@E>8><EK &K:8E9<:FCC<:K<;FE8;LJK<IFI
9P 9ILJ?@E>  JN<<G@E> FI JL:K@FE !LJK @J D8;< AC@5024A
LG F= @EFI>8E@: 8E; FI>8E@: JL9JK8E:<J 8IG<KJ :8E 9< GC8:<; FE <@K?<I IFL>? FI
"O8DGC<J F= @EFI>8E@: ;LJK 8I< J<8 J8E;  JFFK JDFFK? JLI=8:<J  <>@E 9P 9ILJ?@E> K?< NIFE>
8J?8E;:?8CBN?@C<FI>8E@:;LJK8I<JB@E =@9I<J N8P F= K?< G@C< 8E; <E; 9P JDFFK?@E> @K ;FNE
F= D8K<I@8CJ  ;I@<; <O:I<K8 =IFD ?LD8EJ 8E; K?< I@>?K N8P  0N<<G K?< ;LJK FEKF 8 JDFFK?
8E@D8CJ =C8KJLI=8:<8E;K?<E:FCC<:K@K@E8;LJKG8E

70@02B4@8AB82A=53CAB   100( '!)!- %. *)! *" /$! !./


(!/$* .*"-!(*1%)# 0./"-*(-+!/.
1/0
$F<J8CFE>N@K?K?<N@E;=FI8G<I@F;F=
K@D< 8E;9<:8LJ<@K@J?<8M@<IK?8E8@I @K )4;=D0: =5 3CAB 5@=; A;==B7 5:0B
<M<EKL8CCPJ<KKC<JFE=8KJLI=8:<J AC@5024A:==A43CAB
#@O<JI<8;@CP8E;<8J@CP
CC IFFDJ DLJK 9< JN<GK 8E; ;LJK<; <M<IP;8P
&J :8L>?K 8E; ?<C; <8J@CP FE IFL>?
9<:8LJ<;LJK:FEK8@EJ;@J<8J<><IDJ8E; @=C<=K
JLI=8:<J  :8LJ@E> :C<8E@E> KF 9< DFI<
CP@E>@EK?<?FLJ<N@CC9<9CFNEFEKFFLI=FF;
;@==@:LCK
8E; 9< :FEJLD<;  1?@J :FLC; :8LJ< @CCE<JJ<J
&J:FDGC<K<CP;IP
JL:? 8J ;PJ<EKIP 8E; ;@8II?<8  FI N?<E
9I<8K?<; @EKF FLI CLE>J  D8P :8LJ< :FC;J FI
<M<EKL9<I:LCFJ@J !LJK@JM<IPLEJ@>?KCPKFCFFB
8K 8E; :8E 9< M<IP @II@K8K@E> N?<E J<KKC<; FE


=LIE@KLI< FI =CFFIJ  &= 8CCFN<; KF J<KKC< KFF CFE> $8K?<I;LJK@E8;LJKG8E FIFE8G@<:<
FE :CFK?<J  FIE8D<EKJ 8E; =LIE@J?@E>J  @K F=E<NJG8G<IFI:8I;9F8I; 4I8G@EK?<
9<:FD<J;@IKN?@:?@JDFI<;@==@:LCKKFI<DFM< E<NJG8G<I 8E;GC8:< @E K?< >8I98>< 9@E
FI K8B< FLKJ@;< @E GI<G8I8K@FE =FI
9LIE@E>
/<DFM<8EPI<D8@E@E>=CL===IFD9IFFD
8E; ;LJK =IFD ;LJK G8E  0KFI< N@K?
9I@JKC<JF=9IFFDKLIE<;LG
/<GC8:<=LIE@KLI<
,G<E8CC;FFIJ8E;N@E;FNJ

)C:4A5=@3CAB8<6
86C@4   *E44>8<6

)C:4A5=@AE44>8<6
-C8:< 8CC =LIE@KLI< KF FE< J@;< F= K?<
IFFD
CN8PJ 8CCFN ;LJK KF J<KKC< 8=K<I
/<DFM<:8IG<KJ8E;D8KJ
JN<<G@E> 9<=FI<9<>@EE@E>KF;LJK
(<<G N@E;FNJ 8E; ;FFIJ J?LK  KF
2J< 8 JF=K :CFK? =FC;<; @EKF 8 G8; KF
GI<M<EK;LJK=IFD9CFN@E>89FLK GI<M<EK;LJK=IFDJ:8KK<I@E>89FLK
0K8E; 9<?@E;K?<9IFFD8E;;FEFKI8@J< 0K8IK 9P ;LJK@E> K?< ?@>?<JK K?@E>J =@IJK
@KKFF?@>? 8E;NFIBD<K?F;@:8CCP8IFLE;K?<IFFD
0N<<GK?<;LJK@E=IFEKFI8KK?<J@;<F= &K@J@DGFIK8EKKF;LJKC<>JF=K89C<J8E;
PFL E<M<I KFN8I;JPFL :?8@IJ  J?<CM<J  N@E;FN C<;><J 8E;
2J<J?FIKFM<IC8GG@E>JKIFB<J FIE8D<EKJ
4?<E =@E@J?<; JN<<G@E> FE< J<:K@FE -FC@J?JDFFK?JLI=8:<J8CFE>K?<N8PF=
I<DFM<=LIE@KLI<8E;:FEK@EL<JN<<G@E>
K?< >I8@E
K?<FK?<I
0?8B< K?< ;LJK<I F::8J@FE8CCP @E K?<


FG<E8@I8N8P=IFDK?<N@E;KF><KI@;F= GC8JK@: EPCFE ;LJK <K:
8::LDLC8K<;;LJK C@HL@; K?@J @J :FCC<:K<; @E >LKK<IJ 8E;
4?<E=@E@J?<; J?8B<K?<;LJK<IFLKJ@;< =CFNJ @EKF JKI<<K ;I8@EJ FI KI<E:?<J
FIN8J? ;IP =FC;8E;GLK8N8P )8LE;<I@E> N8K<I D8P ?< JGI@EBC<; FE
K?<JLIIFLE;@E>JKFB<<G;FNEK?<;LJK
)8M8KFIP8E;98K?IFFDN8K<I@J=LJ?<;
%.0 ;FNE@EKFK?<J<GK@:K8EB

1?@J@J=@O<;;LJK8KK8:?<;KF8IK@:C<JFIJLI=8:<J
"O8DGC<JF=C@HL@;I<=LJ<8I<
9P N8K<I >I<8J<FIK8IE@J?8E;DLJK9<I<DFM<;
N8K<I=IFD98K?J J@EBJ8E;N8J?98J@EJ
<@K?<I9P;@JJFCM@E>@KN@K?8>I<8J<JFCM<EKFI8
N8K<I LJ<; @E K?< B@K:?<E 8E; =FI
K8IE@J? JFCM<EK FI LJ@E> 8E 89I8J@M< N?@:? N@CC
:C<8E@E>K?<
IL98N8PK?<;@IK9P=I@:K@FE
=CFFIJ8E;N8CCJ
N8K<ILJ<;=FIC8LE;<@E>
)4;=D0:=538@B
N8K<I=IFDK?<C8M8KFIP
!@IK@JI<DFM<;9P:C<8E@E>N@K? I8@EN8K<I
N8K<I8E;JF8GFIJF8GC<JJ;<K<I><EK
N8K<I  JF8G 8E; 8E 89I8J@M< J:FLI@E>
)40A=<A5=@38A>=A8<6=5 7=CA47=:3
8><EK 
8>I<8J<JFCM<EKFECP < > G<KIFC @45CA4
8>I<8J<89JFI9<EK < > :?8CB &K @J @DGFIK8EK KF ><K I@; F= ?FLJ<?FC; IL99@J?
8EPK?@E> @EK?<?FD< FI JLIIFLE;@E>J N?@:? @J
EFKLJ<=LC 8JHL@:BCP8JGFJJ@9C<
8A>=A0:=5@45CA4
KFD8@EK8@E?<8CK?PC@M@E>
+1/!$+( .!"1/!
KF@DGIFM< K?<8GG<8I8E:<8E;9<8LK@=P
1?@JD8P9<:C8JJ@=@<;8J
K?< JLIIFLE;@E>J
,I>8E@: ;<8;CFN<IJ JK8C<=FF; C<8M<J
KF GI<J<IM< K?< C@=< F= ?FLJ<?FC;
M<><K89C< JB@EJ  J:I8GJ F= =FF; =IFD
=LIE@J?@E>J < > :8IG<KJ
GC8K<J
KF JKFG K?< 8KKI8:K@FE F= I8KJ  =C@<J 8E;
@EFI>8E@: 9IFB<E :IF:B<IP  >C8JJ  K@EJ

FK?<I@EJ<:KJ %4B7=3A=538A>=A8<6=57=CA47=:3
KF GI<M<EK LEGC<8J8EK JD<CCJ N?@:? 8I<
@45CA4
GIF;L:<; 9P I8G@;CP ;<:FDGFJ@E>
0FC@;I<=LJ<@J;@JGFJ<;F=9P
FI>8E@:I<=LJ<
LIE@E> LIE I<=LJ< K?8K N@CC EFK IFK
9<:8LJ< @EFI>8E@: I<=LJ< CFFBJ LEK@;P
< > I8>J G8G<I G@<:<JF=NFF;
N?<E C<=K CP@E> 89FLK  &K K8B<J LG JG8:<
LIP@E> "DGKP K@EJ  9IFB<E 9FKKC<J 8E;
8E;D8B<J:C<8E@E>K<;@FLJ
GC8K<J  :LGJ  9L:B<KJ  J?FLC; 9< 9LI@<;
KF8MF@;I8@EN8K<I:FCC<:K@FEK?8KNFLC;
9I<<;DFJHL@KF<J
FDGFJK@E> 0FD< I<=LJ< D8B< >FF;
D8ELI< =FI K?< JF@C  < >  M<><K89C<
G<<C@E>J  =IL@K JB@EJ  <>> J?<CCJ  !@> 8
86C@4  8A>=A0:=5)45CA4  C@<8<6
?FC< GLKK?<D@E 8E;8CCFNKFIFK
2J@E>8E@D8C=FF; 0:I8GJF==FF; 9FE<J
8E; M<><K89C< G<<C@E>J8I< LJ<; KF =<<;
8E@D8CJ  1?<J< J?FLC; 9< GLK @E 8
J<G8I8K< ?8>9@E 8E; B<GK :FM<I<; KF
GI<M<EK =C@<J 8E; I8KJ N?@:? 8I< ;@J<8J<
86C@4 8A>=A0:=5)45CA4  C@G8<6
:8II@<IJ
0KFI@E> -C8:< IL99@J? K?8K :8EEFK 9<
;@JGFJ<;F=@E8EPFIK?<K?I<<N8PJ@E
8 ;LJK9@E 1?@J N@CC K?<E9< ;@JGFJ<; F=
9PK?< 8LK?FI@K@<J:FE:<IE<;

86C@4  8A>=A0:=5)45CA4  =;>=A8<6


,A40<320@4=5B7460@106418<
,A4
"M<IP =8D@CP J?FLC; ?8M< KNF I<=LJ<
9@EJ 8 JD8CC :FM<I<; FE< @E K?< B@K:?<E

8E;8C8I><FE<FLKJ@;<@EK?<P8I;  *'4/$!)! %). -! $!+!- ) '%#$/!-
1?<9@EJ?FLC;9<<8J@CP8::<JJ@9C<KFK?< /$)0/ )*/. 0-'!.#'1)%.! %-*)%).
=8D@CP !1!-+0/)4'%,0% .*-)4/$%)#2!/%)/$!%)
1?<9@EDLJK9<B<GK:FM<I<;KFGI<M<EK
K?< 9I<<;@E> F= =C@<J 8E; I8@E I<8:?@E>
K?<:FEK<EKJ
8I<J C@E< K?< 9@E N@K? E<NJG8G<I FI 8
GFCPK?<E<98>
4I8G 8CC I<=LJ< 9<=FI< GLKK@E> @EKF K?<
9@E
"DGKPK?<D8JF=K<E8JGFJJ@9C<
48J? K?< 9@E 8J F=K<E 8J GFJJ@9C< N@K?
?FK JF8GP N8K<I  I@EJ< N@K? ;@J@E=<:K8EK
N8K<I8E;GLKKF;IP@EK?<JLE 86C@4  0@106418<A 106A


1)).5
     

08E@K8K@FE@JK?<I<DFM8CF=;@J<8J<J8E;K?<GIFDFK@FEF=>FF;?<8CK? < > <EJLI@E>GLI<N8K<I


JLGGCP@EK?<?FLJ< D8@EK8@E@E>=I<J?8@I GIFG<I;@JGFJ8C F=I<=LJ< <K:
!LJK@JD8;<LGF=G8IK@:C<JN?@:?=CF8K@EK?<N@E;8E;J<KKC<FE=C8KJLI=8:<J
1?<I<8I<=FLI98J@::?8I8:K<I@JK@:JF=;LJK < > @K=@O<JI<8;@CP8E;<8J@CP @K@J:FDGC<K<CP;IP
1?<I<8I<98J@:N8PJF=I<DFM@E>;LJK < > ?<8K@E> 9ILJ?@E> >8K?<I@E>8E;;@JG<EJ@E>
!@IK@J=@O<;;LJK8KK8:?<;KF8IK@:C<JFIJLI=8:<J9PN8K<I >I<8J<FIK8IE@J?
!@IK @J I<DFM<; 9P :C<8E@E> N@K? N8K<I 8E; JF8G FI JF8GC<JJ ;<K<I><EK N8K<I  JF8G 8E; 8E
89I8J@M<8>I<8J<JFCM<EKFECP < > G<KIFC 8>I<8J<89JFI9<EK < > :?8CB
?FLJ<?FC; I<=LJ< D8P 9< :C8JJ@=@<; 8J FI>8E@: M<><K89C< JB@EJ  @EFI>8E@: K@EJ  C@HL@; I<=LJ<
N8K<ILJ<;8=K<I C8LE;<I@E>
&K @J @DGFIK8EK KF ><K I@; F= ?FLJ<?FC; IL99@J? 8J HL@:BCP 8J GFJJ@9C<  < >  KF D8@EK8@E ?<8CK?P
JLIIFLE;@E>
0FC@;I<=LJ<@J;@JGFJ<;9P9LIE@E> :FDGFJK@E> LJ@E>8J8E@D8C=FF;


&EK?@J:?8GK<IPFL N@CCC<8IE89FLK K?<M8I@FLJJ@>EJF=>FF; ?<8CK?< >>FF;
;<=@E@K@FE F= ELKI@K@FE  FM<I ELKI@K@FE DLJ:C<KFE<
D8C ELKI@K@FE8E;98C8E:<;;@<K N8PJKF@;<EK@=PD8CELKI@K@FE
=FF; ELKI@K@FE8E;?<8CK? ?FNKF:?FFJ<=FF;J=FI8GG<8I8E:<8E;
K?<=FF;N<<8K ?<8CK?
K?< ELKI@<EKJ GI<J<EK @E =FF;J  K?<@I
=LE:K@FEJ8E;:FE;@K@FEJ8JJF:@8K<;N@K? . '*)# #* .   () -!'%.!  /$/
GFFIELKI@K@FE "**  )  $4#%!)! $1! ) !""!/ *) $!'/$


*2!1!- )0/-%/%*) 2. )*/ -!*#)%.!  . 
.%!)! 0)/%' /$! !#%))%)# *" /$! /2!)/%!/$
!)/0-4 * 4 %/ %. /0#$/ %) (*./ .$**'. .
** ) 0/-%/%*)) /$!(%)%(.-!/*
./0 4 "**  )  /$! )0/-%!)/. /$!4
*)/%)
.$*2 $*2 /$!.! )0/-%!)/. +-*(*/!
$!'/$) 2!''!%)#

 -! /$! $!(%' .0./)!. %) "**


/$/#%1!"** ./$!%-1'0!.
 %./$!./0 4*""** )0/-%!)/.) /$!%-
!""!/*)/$!* 4
 %.)4'%,0% *-.*'% 2$%$2!!/ *- -%)&
/*+-*1% !/$!* 42%/$)0/-%!)/.

$!"++ 3!!0
#FF;@J8EPC@HL@;FIJFC@;N?@:?N<;I@EBFI<8K
KFGIFM@;<K?<9F;PN@K?ELKI@<EKJ
4?8K N< <8K FI ;I@EB ;<G<E;J FE 8 ELD9<I F=
=8:KFIJ  0FD< F= K?<J< 8I< FLI G<IJFE8C K8JK<
FLI:LCKLI<8E;<M<EK?<I<>@FE@EN?@:?N<C@M<
&E8I98;FJ :FF :FF8E;=CP@E>=@J?8I<GFGLC8I
=FF;J 8E; @E '8D8@:8  8:B<< 8E; J8CK =@J? 8I<
;<C@:8:@<J  4?8K<M<I FLI :?F@:< 8CC =FF;J :FD<
=IFDGC8EKJ8E;8E@D8CJ


%<I< 8I< JFD< =FF;J :FDDFECP <8K<E 1?<J< @E:CL;<; @E K?@J >IFLG 9<:8LJ< F= K?<@I ?@>? =8K
=FF;J 8I< GC8:<; @EKF J@O >IFLGJ 8E; LJ<; :FEK<EK
K?IFL>?FLKK?< 8I@99<8E

$46C;4A<CBA0<3A443A
==35@=;0<8;0:A !#0(!.!# .*4 !). +%#!*) +!.
'&!4!!).$%&+!.$))
%-4-* 0/. 0/.!# +!)0/. .$!2 )0/. '(*)
!#(%'&$!!.!!##.'!.$** . )0/.
!#!!"$%&!)) 2%' (!/.0$. !! . !#*//*).!! +0(+&%).!!
') %#0)
1?@J >IFLG :FEJ@JKJ F= ;I@<; G<8J 8E; 9<8EJ
*FJK G<FGC< <EAFP K?<J< =FF;J  <M<E K?FL>? D8KLI<J?<CC<;G<8J ELKJ8E;J<<;J
K?<P8I<?@>?CPGI@:<; 1?<P8I<F=K<EK?FL>?KF=
8JE<:<JJ@K@<J@E8EPN<CC98C8E:<;D<8C 1?@J @J
EFKKIL< &K@JHL@K<GFJJ@9C<KF9<N<CCEFLI@J?<;
N@K?FLKLJ@E>=FF;J=IFD8E@D8CJFLI:<J

86C@4   $46C;4A<CBA0<3A443A

1?<P GIFM@;< K?< 9F;PN@K?K?< J8D< ELKI@<EKJ


8J=FF;J=IFD8E@D8CJ

#I<J? G<8J 8E; 9<8EJ K?8K 8I< <8K<E @E K?<@I


86C@4   ==3A5@=;0<8;0:A
GF;J< > 9FI88E;J8@D< ;FEFK9<CFE>KFK?@J
>IFLG
CK?FL>? JKI<8BP 98:FE  9LKK<I  >?<< 8E; GFIB
=8K 8I< GIF;L:KJ =IFD 8E@D8CJ  K?<P 8I< EFK

*B0>:45==3A &E $LP8E8  K?<J< M<><K89C<J 8I< BEFNE 8J
>I<<EJ

      -%!*-)"'*0-)


+./+-* 0/..0$.(-*)%
        -! "-0%/
..1.2!!/+*//*))) +')/%)

0K8GC<=FF;J8I<K?FJ<=FF;JK?8K=FIDK?<9LCB
F=K?<;@<K <:8LJ<K?<P8I<K?<:?<8G<JK=FF;J
@E FLI D8IB<K  JFD< G<FGC< K<E; KF <8K KFF
86C@4  @44<0<3G4::=ED464B01:4A
DL:?F=K?<D
0FD< D8P 9< J<IM<; I8N  9LK :8I< DLJK 9<
K8B<E N?<E GI<G8I@E> K?<D  1?<@I ELKI@K@M<
M8CL< D8P 9< CFJK @= GFFICP ?8E;C<; 8E; D8P
9<:FD< :8II@<IJ F= :?FC<I8 8E; FK?<I ?8ID=LC
;@J<8J<J  @= K?<P 8I< N8J?<; @E :FEK8D@E8K<;
N8K<I  8I<DLJK8CJF9<K8B<EKF8MF@;K?<CFJJ
F=ELKI@<EKJ;LI@E>:FFB@E>
86C@4  *B0>:45==3

@C8BA

.!!** 5!((+3 $!--%!. *-)#!. )). #01 +!-


()#*!..*0-.*+++2

2!#!0(!/ +%)!++'! +*(!#-)/! (((4 ++'!


.$!2
 *-+0(+&%).%(!+!.
/*(/*--*/*$-* 1?<I<@J8N@;<M8I@<KPF=K8JKP=IL@KJ8M8@C89C<@E
  ''**! *'!1!. $LP8E8
+&$*4'!//0!#!


C<8;KFFM<IN<@>?K ?<8IK;@J<8J<8E;?@>?9CFF;
GI<JJLI<

86C@4 @C8BA

86C@4  0BA0<3=8:A

1?<P D8P 9< LJ<; I8N FI :FFB<;  #IL@KJ D8B<


6FL D8P 9< NFE;<I@E> N?P K?<I< @J EF JG<:@8C
D<8CJ8KKI8:K@M<9<:8LJ<F=K?<@II@:?:FCFLI8E;
D<EK@FEF=JL>8IJ JN<<KJ8E;FK?<I@K<DJJL:?
M8I@<;K<OKLI<J
8J G<GG<I  JG@:<J 8E; ?<I9J  4< 8CC BEFN K?8K
K?<J<@K<DJ8I<LJ<;<M<IP;8PKF8;;=C8MFLIKF
F:FELK A<CCP 8E; 8MF:8;F 8I< EFK @E:CL;<; @E
;@J?<J  9LK JL>8IJ 8E; JN<<KJ ?8M< 9<<E
K?@J>IFLG9<:8LJ<F=K?<@I?@>?=8K:FEK<EK
86C@4 @C8BA 9LK
FD@KK<; 9<:8LJ< K?<P :8E 9< ?8ID=LC KF FLI
:F:FELKN8K<I@JEFID8CCPLJ<;8J8=IL@K;I@EB
?<8CK?  @= D@JLJ<;  1FF DL:? JL>8I 8E; JN<<KJ
@EFLI;@<K:8E:8LJ<FM<IN<@>?K 8E;@DGIFG<I

0/* +%(/ 9ILJ?@E>F=FLIK<<K?8=K<ILJ@E> K?<DR:8EC<8;


KFKFFK?;<:8P
**&%)# *%' (-#-%)! 0//!- (4*))%.!
#$!! '-  +!)0/ 0//!- 1* * .$*-/!)%)# -<GG<I JG@:<J 8E;?<I9JN<I<EFKD<E K@FE<;
./-!&4*)+*-&"/ 9<:8LJ< K?<P 8I< I<>8I;<; 8J EFE =FF; @K<DJ
0FD< @K<DJ 8I< :8CC<; EFE =FF; @K<DJ 9<:8LJ<
EP=FF;K?8K@JI@:?@E=8K9<CFE>JKFK?@J>IFLG F= K?<@I CFN ELKI@<EK :FEK<EK  ,K?<IJ 8I< M<IP
#8KJ 8E; =8KKP =FF;J 8I< M<IP M8CL89C< @E =FF; I@:?JFLI:<JF=JFD<ELKI@<EKJ 9LKK?<P 8I<JK@CC
GI<G8I8K@FE  ?LK K?<P J?FLC; FECP 9< LJ<; @E >@M<EK?@JE8D<9<:8LJ<K?<P8I<<8K<E@EJL:?
JD8CCHL8EK@K@<J 1FFDL:?=8K@EFLID<8CJ:8E JD8CC8DFLEKJK?8KK?<PFECPGIFM@;<FLI9F;@<J


N@K? D@ELK< HL8EK@K@<J F= K?< ELKI@<EKJ K?<P 1?<I<8I<FM<I=@=KPELKI@<EKJ *8EPF=K?<D8I<
:FEK8@E 8C@B< JFK?<P?8M<9<<E>IFLG<;KF><K?<I 1?<
J@O>IFLGJFI:C8JJ<JF=ELK@<EKJ8I<

    
8I9F?P;I8K<J GIFK<@EJ =8KJ M@K8D@EJ
1?<I< 8I< D8EP 8E; M8I@<; I<8JFEJ  0FD< F= D@E<I8CJ8E;N8K<I
K?<J<8I<
9<:8LJ<F=?LE><I *=C@24A
N<E<<;<E<I>PKF;FNFIB
*FJK=FF;J:FEK8@EDFI<K?8EFE<ELKI@<EK 9LK
=FI>IFNK?8E;I<G8@I
@EM8IP@E>HL8EK@K@<J 1?<=FCCFN@E>@J8C@JKF=K?<
N?<EN<8I<?8GGP
J@O ELKI@<EKJ 8E; JFD< F= K?<@I 9<JK =FF;
N?<EN<8I<J8;
JFLI:<J
N?<EN<8I<E<IMFLJ
N?<EK?<I<@J8G8IKP
.+$5 .0!/
N?<EG<IJFEJM@J@KK?<?FD<
1?<I<8I<KNFKPG<JF=:8I9F?P;I8K<J
"8K@E> @J JFD<K@D<J ;FE< =FI :LCKLI8C 8E;
0K8I:?P  =FF;J JL:? 8J P8D  :8JJ8M8
I<C@>@FLJI<8JFEJ
GC8EK8@E I@:< :FIE =CFLI
8EPFLK?@EBF=8EPFK?<II<8JFEN<<8K
0L>8IJ8E;JN<<KJJL:?8JJL>8I ?FE<P
DFC8JJ<J JPILGJ

++ *10.%!*0/
.+0!%*/
#FF; @J F= M8CL< KF LJ 9<:8LJ< @K JLGGC@<J FLI #FF;=IFD8E@D8CJJL:?8JD@CB :?<<J<
9F;@<J N@K? :?<D@:8C JL9JK8E:<J K?8K B<<G LJ =@J? GFLCKIP D<8K
8C@M<8E;?<8CK?P !FPFLBEFNK?<E8D<>@M<E )<>LD<J  ELKJ 8E; J<<;J JL:? 8J JFP8
KFK?<J<JL9JK8E:<J 9<8EJ  G@><FE G<8J  G<8ELKJ  GLDGB@E
J<<;J
1?<:?<D@:8CJL9JK8E:<J@E=FF;K?8K>@M<K?< <I<8CJ JL:? 8J N?<8K  F8KJ  N?FC<
=FF;@KJM8CL<8I<:8CC<;ELKI@<EKJ N?<8K =CFLI


0BA K?I<<K<8DJ@EN?@:?K?<PNFIB

#8KJ 8E; F@CJ JL:? 8J D8I>8I@E<  C8I;


FC@M< 0@1=7G3@0B4A 50BA
GIFM@;<<E<I>P=FINFIB8E;N8IDK?
D8PD8B<9F;P=8KFI=C<J?

-8B0;8<A
#IL@KJ JL:? 8J :?<II@<J  G8G8N  FI8E><J
D8E>F<J G@E<8GGC<J

FCFLI<; M<><K89C<J JL:? 8J :8IIFKJ


KFD8KF<J :8C8CFF GLDGB@E
86C@4  78:3@4<A98>>8<6
,K?<I=FF;JJL:?8J;I@<;G<8J 9<8EJ
ELKJ C<8EGFIB =@J? <>>J8E;D@CB

(@=B48<A
%8<4@0:A 9L@C; 8E; I<G8@I :<CCJ 8E; K@JJL<J D8P
)<8ED<8K <>>PFCB D@CB J<8 =FF; DFC8JJ<J GIFM@;<<E<I>P
:F:F8  :LIIP GFN;<I <EI@:?<; :<I<8CJ  ;I@<;
=IL@KJ

.0B4@
#IL@K M<><K89C<AL@:<J8E;D@CB

C<2B8=< 86C@4 *829278:3

"8:? ELKI@<EK ?8J 8 JG<:@8C =LE:K@FE FI G8IK KF


GC8P@E B<<G@E>LJ8C@M<8E;?<8CK?P 3<IPF=K<E
K?<P NFIB 8J 8 K<8D  0KL;P K?< ELKI@<EKJ 8E;
K?<@I =LE:K@FEJ 8E; J<< @= PFL :8E @;<EK@=P K?<

%8<4@0:A .0B4@
9L@C;8E;I<G8@I:<CCJ8E;K@JJL<J ?<CGJI<>LC8K<9F;PGIF:<JJ<J < > 9F;P
I<>LC8K< 8E; D8@EK8@E 9F;P GIF:<JJ<J K<IEG<I8KLI<
< > ?<8IK9<8K

86C@4   278:3A:44>8<6

86C@4   1=G3@8<98<6E0B4@
-8B0;8<A
0@E:< N< EFN BEFN K?8K EF FE< =FF; :FEK8@EJ
GIFK<:KK?<9F;P=IFD;@J<8J<J
<EFL>?F=8CCJ@OELKI@<EKJE<<;<;9PK?<9F;P
?<CG K?< 9F;P LJ<  FK?<I ELKI@<EKJ =FI
K?<;@<KFID<8CK?8KN<:?FFJ<DLJK:FEK8@E8
<E<I>P8E;>IFNK?8E;I<G8@I
N@;< M8I@<KP F= =FF;J  &K @J @DGFIK8EK KF <8K 8
N<CC98C8E:<;D<8C

+)%*%*#"++ /"+.
#++ $!(0$
1?<I<8I<J<M<I8CN8PJF=<EJLI@E>K?8K8D<8C@J
98C8E:<; /<D<D9<I@E>K?<JFLI:<JF=ELKI@<EKJ

86C@4   278:340B8<66C0D0 @J FE< F= B<<G@E> KI8:B F= K?<D  1?< J@DGC<JK
N8PF=8II@M@E>8K898C8E:<;;@<K@J9PLJ@E>K?<
!8@CP#FF;$L@;<


1?< 8I@99<8E =FF; >L@;< ?8J J@O =FF; >IFLGJ NFIC; ?8M<8J D8EP8J<@>?K =FF;>IFLGJ N?@C<
LKJFD<=FF;>L@;<JLJ<;@EFK?<IG8IKJF=K?< FK?<IJ?8M<FECPK?I<<

7==A8<65==35=@=C@0>>40@0<240<3740:B7
!&)60"/3&+$0#,/!&##"/"+1$"$/,2-0
    *8C<J #<D8C<J
#FF;J *K?J 6IJ 6IJ ,M<IPIJ ,M<IPIJ

)<>LD<J   
FCFLI<;3<><K89C<J     
#FF;=IFDE@D8CJ     
#IL@KJ     
#8KJ8E;,@CJ     

,E<J<IM@E> 8GGIFO@D8K<CP  :LG FI 8I< KNF =FF; >IFLGJK?8K GIFDFK< >IFNK?  KNF
FQ=FF;=IFD8CC>IFLGJ<O:<GK#8KJ8E; K?8K GIFK<:K 8E; I<>LC8K< FLI 9F;@<J 8E; KNF
,@CJ K?8K GIFM@;< <E<I>P  2J@E> FE< =FF; =IFD <8:?
,E< J<IM@E> F= #8KJ 8E; ,@CJ G8@I:8EK?<I<=FI<GIFM@;<8:?<8GP<K98C8E:<;
8GGIFO@D8K<CP  KJG GLI< =8K  FI  KJG D<8C
=8KKP =FF; 0FLI:< #FF; L;><K@E> =FI
8I@99<8E#8D@C@<J  # + & 
=FLIFI=@M<=FF;>IFLGJ 0@DGCP8;;=FF;J=IFD
1?< J@DGC<JK N8P F= GC8EE@E> D<8CJ LJ@E> K?< FE<FIKNFF=K?<>IFLGJEFKLJ<; KF8EP F=K?<
!8@CP #FF; $L@;< @J 9P :?FFJ@E> 8K C<8JK FE< >FF;K?I<< >IFLG:FD9@E8K@FEJ
=FF;=IFD<8:?=FF;>IFLG
*<8CJ D8;< LG F= =FF;J =IFD K?< KNF =FF;
6FL :8E GC8E 98C8E:<; D<8CJ N@K? 8J =<N 8J >IFLGJ JK8GC<J 8E; =FF;J =IFD 8E@D8CJ FI
K?I<<=FF;>IFLGJ@==FF;J8I<:?FJ<EN@J<CP JK8GC<J 8E; C<>LD<J :8E 9< HL@K< EFLI@J?@E>
1?< 0@O #FF; $IFLGJ :?8IK J?FNJ LJ K?8K K?<I< 9LK K?<P J<C;FD :FEK8@E 8CC J@O ELKI@<EKJ @E K?<


I@>?K8DFLEKJ K?8E K?<@I 9F;@<J I<HL@I<  <M<EKL8CCP ;<M<CFG
K?< =FID F= D8CELKI@K@FE BEFNE 8J FM<I
ELKI@K@FE  ,E< F= K?< :FDDFE :FE;@K@FEJ
+* %0%+*///+%0! 8JJF:@8K<; N@K? FM<I ELKI@K@FE @J FM<IN<@>?K FI
F9<J@KP  "O:<JJ GFLE;J 8I< >8@E<; 8E; K?<
3%0$,++.*10.%0%+*
G<IJFE D8P =<<C LE:FD=FIK89C< N?<E
4?<EG<FGC<;FEFKKIPKF98C8E:<K?<@ID<8CJ G<I=FID@E> :<IK8@E 8:K@M@K@<J  9LK K?< <==<:K @K
N< J8P K?8K K?<P 8I< GI8:K@J@E> 98; ELKI@K@FE ?8JFEFE<J?<8CK?@J<M<ENFIJ< "OKI8N<@>?K
-<FGC<N?FGI8:K@J<98;ELKI@K@FEFM<I8G<I@F; GLKJ<OKI8JKI8@EFEK?<?<8IK C@M<I8E;B@;E<P
F= K@D< <M<EKL8CCP 9<:FD< D8CEFLI@J?<; ' 8E; :8LJ<J G8@E=LC :FE;@K@FEJ F= K?< AF@EKJ 8E;
@J K?< #I<E:? NFI; =FI 98;  ?<E:< K?< NFI; 9FE<J  !@89<K<J  ?<8IK ;@J<8J< 8E; ?@>? 9CFF;
D8CELKI@K@FE  -<IJFEJ JL==<I@E> =IFD GI<JJLI< K?<C<8;@E>:8LJ<JF=?FJG@K8C@J8K@FE@E
D8CELKI@K@FE D8P 9< LJ@E> 8 ;@<K K?8K ?8J KFF $LP8E8  8I< 8CC BEFNE KF 9< 8JJF:@8K<; N@K?
DL:? FI KFF C@KKC< F= FE< FI DFI< ELKI@<EK F9<J@KP
-<IJFEJ N?F :FEJK8EKCP I<:<@M< DFI< ELKI@<EKJ

%<I< 8I<JFD<:FD9@E8K@FEJK?8K:8E9<LJ<;


1?FJ< N?F :FEJK8EKCP LJ< ;@<KJ N@K? 8E :LKJ8E;9IL@J<J
@EJL==@:@<EK 8DFLEK F= ELKI@<EKJ ;<M<CFG &EJFD<G8IKJF=K?<NFIC;K?<I<@JJFC@KKC<=FF;
8EFK?<I=FIDF=D8CELKI@K@FEN?@:?@JBEFNE8J K?8K JFD< G<FGC< >F N@K?FLK =FF; =FI CFE>
LE;<I ELKI@K@FE  0FD< :FDDFE ;<=@:@<E:P G<I@F;J F= K@D<  1?@J J@KL8K@FE :8E C<8; KF
;@J<8J<J 8JJF:@8K<; N@K? LE;<I ELKI@K@FE 8I< JK8IM8K@FE8E;<M<EKL8CCP ;<8K?
8E8<D@8  J:LIMP  9<I@ 9<I@  8E; GIFK<@E <E<I>P 8J< JKL;@<J J?FN K?8K G<IJFEJ N?F JLIM@M<
D8CELKI@K@FE  -"* :?@C;?FF; D8CELKI@K@FE D8P 8:HL@I< ?8E;@:8GJ
@E ;<M<CFGD<EK K?8K 8==<:K K?<@I <EK@I< C@M<J
$IFLGJ F= G<IJFEJ DFJK C@B<CP KF JL==<I =IFD
D8CELKI@K@FE8I<
PFLE>:?@C;I<E
GI<>E8EKNFD<E8E;ELIJ@E>DFK?<IJ
K?<<C;<ICP

%#*/+"#++ $!(0$
?<8CK?P@E;@M@;L8C
-FJKLI<@J>FF;
4<@>?K8E;?<@>?K8I<JL@K89C<=FI8><
0B@E @J LE9C<D@J?<;  JDFFK? 8E; JF=K
86C@4    +E= BG>4A =5 N@K?  EF  J@>EJ F= <O:<JJ@M< ;IPE<JJ FI
;0:<CB@8B8=<
JN<CC@E>
0FD<K@D<J  G<IJFEJ N?F 8I< GFFICP EFLI@J?<; 1<<K? 8E; 9FE<J 8I< =@ID 8E; N<CC
;F EFK JL==<I =IFD 8 JG<:@=@: ;@J<8J<  &EJK<8; ;<M<CFG<;
K?<P *LJ:C<KFE<@J>FF;
K@I<<8J@CP %8@I?8J9F;P8E;@JF=K?<:FII<:K:FCFLI
=@E;@K;@==@:LCKKF:FE:<EKI8K< 8E;K<OKLI<
:8K:?8:FC;<8J@CP *L:FLJD<D9I8E<J8I<G@EB8E;DF@JK
D8P 8CJF K8B< 8 CFE> K@D< KF ?<8C =IFD %8J I<J@JK8E:< KF :FDDLE@:89C< ;@J<8J<

JL:?8J:FC;J %LE><I

%8J 8 I<8C@JK@: FLKCFFB 8E; @J ><E<I8CCP +<IMFLJ

8C<IK :?<<I=LC8E;<E<I><K@: 3@J@K


/<C@>@FLJ
/<JKJ I<C8O<J8E;JC<<GJN<CC

8 6FL 8I< 8K PFLI =I@<E;J ?FD< KF D<<K


?<I G8I<EKJ  0?< ?8J J<IM<; 8 >C8JJ F=
;I@EB8E;JFD<:FFB@<J
9 0@E:< PFLI =8K?<I C<=K ?FD< KF :FCC<:K
PFLI I<GFIK 9FFBC<K PFL ?8M< 9<<E
<8K@E>:FEK@EL8CCP
: 6FL ILJ?<; FLK K?@J DFIE@E> N@K?FLK
9I<8B=8JK JF PFLI JKFD8:? @J >IFNC@E>
6FLJE<8BFLKKF><K8HL@:BJE8:B
; &K @J !@N8C@ 8E; PFLI E<@>?9FLI ?8J
@EM@K<;PFLKFAF@E8J<IM@:<8E;G8IK8B<
F=JFD<JN<<KD<8K
 +LKI@<EKJ8E;K?<@I=LE:K@FEJ
86C@4   740:B7G8<38D83C0:
4?8K@JK?<D8AFI=LE:K@FEF=>I<<E8E;P<CCFN

0%2%0%!/ M<><K89C<J
 1?<I<@J8>IFLGF=ELKI@<EKJK?8K?<CGJFK?<I
 FDGC<K<K?<=FCCFN@E>K89C< ELKI@<EKJKFGIF;L:<<E<I>P
 !<K<ID@E<PFLII<8JFEJ=FI<8K@E> 8 +8D<K?@J>IFLGF=ELKI@<EKJ
/<8; <8:?JK8K<D<EK 9<CFN K?<E GLK K?< C<KK<I 9 1?<J< ELKI@<EKJ 8CJF ?<CG GIFK<@EJ 8E;
@E K?< :FCLDEJ KF @E;@:8K< PFLI I<8JFE =FI D@E<I8CJKF 8E; K@JJL<J
<8K@E> : 4?8K FK?<I =LE:K@FE ;F<J K?@J >IFLG F=
ELKI@<EKJ?8M<
 /8K<K?<GC8K<
 2J<K?<0@O#FF;$IFLG ?8IKKF?<CGPFL

;<:@;<N?<K?<IK?<=FCCFN@E>D<ELJ8I< -8IKPJE8:B

98C8E:<; -8KK@<J

 +8D< K?< =FF; >IFLGJ K?8K ?8M< 9<<E -<8ELK9@J:L@K

LJ<; @E GC8EE@E> <8:? D<EL  !F EFK


=FI><K K?< =8KJ 8E; F@CJ K?8K D@>?K ?8M<  +LKI@K@FE8CE<<;

9<<ELJ<;=FI=IP@E> /<8; K?< G8JJ8>< 9<CFN 8E; 8EJN<I K?<

%=@<8<6;40: HL<JK@FEJK?8K=FCCFN

,I8E><AL@:<
F@C<;<>> 6FLI =I@<E; '8E ?8J 9<<E =<<C@E> @CC =FI HL@K<
1F8JK JFD<K@D<JFJ?<;<:@;<;KFM@J@K8;F:KFI
#IL@KGLE:? 1?<;F:KFIKFC;?<IK?8KJ?<@JJL==<I@E>=IFD8
GIFK<@E ;<=@:@<E:P ;@J<8J< 8E; J?< DLJK <8K
%8330G;40: :<IK8@E=FF;J@EC8I><IHL8EK@K@<J @=J?<N8EKJKF
#I@<;:?@:B<E
=<<CN<CC8>8@E
0K<N<; D@E@:8
?F:FC8K<
@:< :I<8D

-@><FE G<8J -@><FE G<8J :FFB LG


)<>LD<

-LDGB@E
$I<<E 8E; P<CCFN M<><K89C< 0K<8D<; GLDGBE

?<IIP ;I@EB


8 4?@:? =FID F= D8CELKI@K@FE @J '8E : 4?P J?FLC; '8E LJ< DFI< F= K?< =FF;J
JL==<I@E>=IFD PFLC@JK<;8K 
9 )@JK =@M< =FF;J K?8K PFL K?@EB K?< ;F:KFI
NFLC; 8;M@J<'8EKFLJ<

1)).5
     

1?<J@O=FF;>IFLGJ8I<
=FF;J=IFD8E@D8CJ < > D@CB :?<<J<D<8K
C<>LD<J ELKJ8E;J<<;J < > GLDGB@EJ<<; :8J?<NELK 9C8:B<P<JK8GC<=FF;J < > I@:< :FIE
:8JJ8M8 GC8EK8@E
>I<<E8E;P<CCFNM<><K89C<J < > GLDGB@E :8C8CFF
=IL@KJ < > :?<II@<J 98E8E8J FI8E><J
=8KJ8E;F@CJ < > 9LKK<I :FFB@E>F@C C8I;

1?<=LE:K@FEJF=K?<J<>IFLGJ8I<
8I9F?P;I8K<J GIFM@;<<E<I>P=FINFIB8E; N8IDK?
GIFK<@EJ 9L@C;8E;I<G8@I:<CCJ8E;K@JJL<J
D@E<I8CJ I<>LC8K<8E;D8@EK8@E9F;PGIF:<JJ<J
M@K8D@EJ GIFK<:KK?<9F;P=IFD;@J<8J<J
=8K JLGGC@<J?<8KKFK?<9F;P
N8K<I ?<CGJI<>LC8K<9F;PGIF:<JJ<J

FE;@K@FEJ 8JJF:@8K<; N@K? GFFI ELKI@K@FE 8I< =FI <O8DGC< FM<IN<@>?K FI F9<J@KP 8E8<D@8
8E; 9<I@ 9<I@
FE;@K@FEJ8JJF:@8K<; N@K? >FF; ELKI@K@FE 8I< =FI <O8DGC< N < C C  ; < M < C F G < ; K<<K? 9FE<J
8E; JDFFK? JB@E

= C78B 270?C4A H>D F8;; ;40A= 01>DC

C74 <4C7>3B >5 F48678=6 0=3 <40BDA8=6


C74 AD;4B 5>A BD224BB5D; <40BDA8=6 0=3
F48678=6


0=3 0??;80=24B

,-5;1.1+);165 )5, <:- 6. 21;+0-5

86 #40BDA8=6 B?>>=B


#40BDA8=6 2D?B 0A4 >5 CF> CH?4B )7>B4 F8C7
;8?B 0A4 DB43 5>A <40BDA8=6 ;8@D83B 0=3 C7>B4
F8C7>DC 0A4 DB43 5>A <40BDA8=6 3AH 8=6A4384=CB
"8@D83 <40BDA8=6 2D?B 0A4 DBD0;;H <034 >5
CA0=B?0A4=C <0C4A80; 0=3 <0H B7>F >=4 >A <>A4
>5 C74 5>;;>F8=6 B20;4B >5 <40BDA4<4=C >= C74
B834B >D=24B ?8=CB >A ;8CA4B

 M <;  <;


 <;

#4C0; B?0CD;0B ;>>:;8:4 :8C274= :=8E4B 1DC


C748A 1;034B 0A4 A>D=3 5;4G81;4 0=3 3D;; )74H 0A4
DB43 5>A ;4E4;;8=6 <40BDA8=6 2D?B 0=3 B?>>=B
CDA=8=6 8C4<B ;>>B4=8=6 10:43 ?A>3D2CB 5A><
10:8=6 ?0=B 0=3 B?A4038=6 ?0BC4B 0=358;;8=6B

!8C274= B20;4B 0A4 DB45D; 5>A F48678=6 ;0A64


@D0=C8C84B >5 B>;83 8=6A4384=CB )74 CF> <>BC
2><<>=;H DB43 CH?4B0A4 C74 140< B20;4 0=3 C74
B?A8=6 B20;4 >F4E4A C74A4 8B 0;B> 0 =4F
4;42CA>=82 CH?4 :8C274= B20;4 C70C 70B 144=
A424=C;H ?DC >= C74 <0A:4C 4B834B F48678=6
8=6A4384=CB C78B B20;4 0;B> 8=3820C4B 20;>A84
20A1>7H3A0C4 0=3 50C 2>=C4=C >5 >E4A 
5>>3B


#8G8=6 4@D8?<4=C 74;? DB C> 1;4=3 8=6A4384=CB
C>64C74A 1DC B><4 >5 C74< 20= 74 DB43 5>A 0
E0A84CH >5 >C74A C0B:B )DA=8=6 4@D8?<4=C 8 B
DB43 5>A ;85C8=6 0=3 CDA=8=6 5>>3 3DA8=6 C74
2>>:8=6 ?A>24BB

'4'+% ,3)/ 0A4 DB43 C> 7>;3 8=6A4384=CB


F78;4 C74H 0A4 148=6 <8G43 )74H 2><4 8=
E0A8>DB B8I4B 0=3 <0H 14 <034 >5 ?HA4G <4C0;
?;0BC82 >A 24A0<82<0C4A80;B ,834 <8G8=6 7>F;B
0A4 <>A4 2><5>AC01;4 C> DB4 F74= 70=3
F78B:8=6 >A BC8AA8=6 70B C> 14 3>=4 F78;4 344?
1>F;B 0A4 0 14CC4A 27>824 F74= 0 A>C0AH F78B: 8B
148=6 DB43

'4'+% /-,,+/ 0A4 ;>=670=3;43 B?>>=B C70C


0A4 DB43 5>A 2><18=8=6 8=6A4384=CB )74H 0A4
DBD0;;H <034 >5 ?;0BC82 <4C0; >A C8=46A08=43
F>>3


86  'D114A >A ?;0BC82 B?0CD;0

0=3140C4AB<0H14B8<?;4F8A4F78B:>A<>A4
2><?;4GA>C0AHF78B:B)74H0A4DB435>A 140C8=6
466B <8G8=6 C78= 10CC4AB 0=3 A42>=BC8CDC8=6
?>F34A438=6A4384=CB

86 0=3 140C4A

/0.5 )#+"#./ 0A4 DB43 C> 2DC >A 1;4=3 50C


8= C> 5;>DA F74= <0:8=6 ?0BCA84B ?;08= 20:4B
0=3 18B2D8CB )F> :=8E4B 0 5>A: >A C74 58=64A C8?B
<0H14 DB43 8= ?;024 >5 ?0BCAH 1;4=34AB

86 &0BCAH 1;4=34A

86 AH8=6 B?0CD;0B

,+%/ 0A4 8=BCAD<4=CB F8C7 CF> ;>=6 0A<B


9>8=43 0C >=4 ?>8=C )74H 0A4 DB43 5>A 6A0B?8=6
<40C10:43 ?>C0C>4B 0=3 >C74A 5>>3B C70C A4@D8A4
CDA=8=6 3DA8=6 2>>:8=6 )74H 0A4 0;B> DB43 5>A
6A44= E464C01;4 B0;03B 0=3 824 2D14B

86  )>=6


+'2#/ +" -##)#./ 2><4 8= 0 E0A84CH >5
B70?4B 0=3 B8I4B C> BD8C >DA <0=H 5>>3
?A4?0A0C8>= =443B &44;4AB ;8:4 :=8E4B F8C7 B7>AC 86  !=854 0=3 ?44;4A
1;034B 0A4 DB43 5>A ?0A8=6 0=3 2DCC8=6 5AD8CB 0=3
E464C01;4B!=8E4B F8C7 ;>=64A 1;034B 0A4 DB43
5>A B;828=6 27>??8=6 0=3 2DCC8=6 <40C 58B7
!=8E4B F8C7 B4AA0C43 4364B 0A4 DB43 5>A B;828=6
1A403 4C2

86  !8C274= B740A


'0!&#+ /&#./ 0A4 BCDA3H B28BB>AB )74H 0A4
DB43 5>A 2DCC8=6 5>>3 8C4<B BD27 0B E464C01;4B
0=3 58B7 58=B )7>B4 F8C7 B0F 43643 1;034B 70E4
C74 14CC4A 6A8??8=6 ?>F4A )74 70=3;4B >5 B><4
B740AB 0A4 50B78>=43 C> 5D=2C8>= 0B C74 =DC
2A02:4AB 0=3 1>CC;4 0=3 ;83 >?4=4AB

86  A0C4A 0=3 B7A4334A

E464C01;4B

86  >>3 <8;; >A <8=24A


.%*!./ /0.%*!./  * /%!2!/

)74B4 0A4 0 E0A84CH >5 ?4A5>A0C43 DC4=B8;B 5>A


3A08=8=6 0=3 B4?0A0C8=6 2>0AB4A ?0AC82;4B 5A><
58=4A >=4B


0B 1A40320:4 2>>:84B ?0CC84B 0=3 <D558=B
.'+#./ /0.'+#./ +" /'#2#/ 0A4 1>F;
B70?43 DC4=B8;B 2>=B8BC8=6 >5 0 5A0<4 F8C7 <4B7
>A 60DI4 )74H 0A4 DB43 5>A B>AC8=6 B>;83B 5A><
;8@D83B 0=3 2>0AB4 <0CC4A 5A>< 58=4A ?0AC82;4B
)74 B>;83 >A 2>0AB4 <0CC4A 8B A4C08=43 8= C74
<4B7 F78;4 C74 ;8@D83 ?0BB4B C7A>D67 (84E4B
0A4 0;B> DB43 5>A A43D28=6 B>5C 5>>3B C> 0
D=85>A< ?D;?

86 (CA08=4A 0=3 B84E4

)78B 6A>D? 8=2;D34B ?>CB ?0=B 0=3 >E4=F0A4


)74H 2><4 8= E0A8>DB 34B86=B 0=3 B8I4B 0=3 20=
14 <034 5A>< <4C0; 6;0BB >A 24A0<82 <0C4A80;
8=8B74B E0AH 5A>< =>=BC82: 2>0C8=6B C> C7>B4
C70C B?443 D? C74 1A>F=8=6 ?A>24BB

.5'+% -+/ >A /('))#0/ 0A4 B70;;>F DC4=B8;B 86 AH8=6 ?0= >A B:8;;4C
5>A C>? >5 C74 A0=64 2>>:8=6 )74H 70E4 ;>=6
70=3;4B 0=3 <0H 70E4 ;83B AH8=6 ?0=B 0A4 DB43
5>A 5AH8=60=3 ?0= 1A>8;8=6

1!#-+/ 0=3 -,0/ 0A4 344?4A C70= 5AH8=6


?0=B 0=3 0A4 64=4A0;;H DB43 5>A 2>>:8=6 5>>3 8=
;8@D83 (0D24 ?0=B DBD0;;H 70E4 >=4 ;>=6 70=3;4
F78;4 ?>CB DBD0;;H 70E4 B7>AC 70=3;4B #>BC 86  (0D24?0= >A ?>C
B0D24?0=B 0=3 ?>CB 70E4 ;83B ><<>= B8I4B
0A4 @D0AC @D0AC @D0ACB 0=3 @D0ACB  "
M  " "

('+% -+/ 0A4 DBD0;;H <034 >5 <4C0; 1DC


B><4 0A4 <034 >5 >E4=?A>>5 6;0BB 8554A4=C 86  0:8=6 ?0=B
CH?4B >5 ?0=B 0A4 0E08;01;4 5>A 10:8=68C4<B BD27


,/0'+% -+/ 0A4 ;0A64 740EH 3DCH ?0=B F7827
<0H 14 48C74A A42C0=6D;0A >A >E0; )74H <0H 70E4
0 CA8E4C >A A02: C> 0;;>F 5>A 4E4= 1A>F=8=6

('+% "'/&#/ >A !//#.,)#/ <0H 14 <034 >5


>E4= >A 5;0<4 ?A>>5 6;0BB >E4= >A 5;0<4 ?A>>5
40AC74=F0A4 >A E8CA4>DB 4=0<4; (><4 >5 C74B4
<0C4A80;B 20= 14 DB43 48C74A 8= C74>E4= >A >E4A 0
<>34A0C4 5;0<4 )74B4 2>>:4AC>C01;4 38B74B
B0E4 C8<4 8= 38B78=6 0=3 F0B78=6 0BC74H 20= 14
C0:4= 38A42C;H 5A>< C74 2>>:4A C> C74 C01;4 #>BC
2><4 F8C7 <0C278=6 ;83B


!/1.%*# %*#.! %!*0/

$0- 14769;)5+- 6. >-1/015/ )5,


86   #40BDA8=68=6A4384=CB
4-):<915/
)40274A )>30H F4 F8;; 14 <40BDA8=6 0=3
F48678=6 3AH 0=3 ;8@D83 8=6A4384=CB
,48678=6 0=3 <40BDA8=6 0;;>F DB C> ;0BB #8BB F8;; F4 A40;;H DB4 5;>DA BD60A 0=3
?A>3D24 0 ?4A542C 38B7 4E4AHC8<4 >>3 A4BD;CB <0A60A8=4
0A4 02784E43 4E4AHC8<4 1420DB4 <>BC A428?4B
'094B7  0B:43 <H <D<<H 5>A <8;: B>  20=
70E4 144= C4BC43 A4?40C43;H C> 4=BDA4 C70C
74;? C>>
)40274A >HB 0=3 68A;B 8= >A34A 5>A H>DA 38B74B
C> 14 A867C 8= C4GCDA4 0=3 5;0E>DA F4
<DBC 14 022DA0C4 8= <40BDA8=6 0=3
F48678=6 #0H  70E4 CF> 74;?4AB
)70=: H>D >==0 0=3 '094B7

,48678=6 0=3 <40BDA8=6 0;;>F DB C>


2><?8;4 A428?4B C70C20= 14 DB43 BD224BB5D;;H 1H
>C74AB 5C4A H40AB >5 4G?4A84=24 B><4 ?4AB>=B
)40274A .4B1>HB 0=3 68A;B F4 F8;; <40BDA4 C74
;40A= C> 4BC8<0C4 @D0=C8C84B 508A;H F4;; DC
3AH 8=6A4384=CB F8C7 2D?B 0=3 B?>>=B
1420DB4 8C 8B=>C 2DBC><0AH 5>A C74< C> F4867 >A
8ABC ;4CB C8;; C74 2D? F8C7 C74 BD60A C>
<40BDA4 C74H 20==>C C4;; >C74AB F70C @D0=C8C84B
C74 1A8< C74= ;4E4; F8C7 B?0CD;0 >A
<DBC 14 DB43 C> >1C08= 6>>3 A4BD;CB
?;08= 43643 :=854

<0:4 022DA0C4 4BC8<0C4B >5 C74 =D<14A >5


)40274A H 3>8=6 B>C742D?F8;;=>C68E4 C74
B4AE
2>AA42C <40BDA4<4=C


)40274A &;024 C74 2D? >= 0 ;4E4; BDA5024 (C>>?
D=C8; C74 4H4B 0A4 ;4E4; F8C7 C74
<40BDA8=6 ?>8=C A4@D8A43
'094B7 $>F ;;?>DA C74 <8;: #8BB 0=3
2742: C74 ;4E4;
>==0 "4C <4 <40BDA4 B><4 C>>

86  )74 B20;4

)> 14 BD224BB5D; >A 022DA0C4 F74= <40BDA8=6


C74A4 0A4 CF> C78=6B C70C F4 <DBC 3>

,74= DB8=6 <40BDA8=6 B?>>=B 0=3 3AH


<40BDA8=6 2D?B B8<?;H 58;; C74 2D? >A B?>>= C>
C74 1A8< C74= ;4E4; >55 F8C7 C74 BCA0867C 4364>5
0 B?0CD;0

!.*%*#0+ 1/!)!/1.%*#
!-1%,)!*0

$ #

86  #40BDA8=6 2D?

)> DB4 C74 ;8@D83 <40BDA8=6 2D? ?;024 C74 2D? >=
0    BDA5024 BC>>? D=C8; C74       
    34B8A43 46 C74= ?>DA
>A 70E4 B><4>=4 ?>DA ;8@D83 8=C> C74 2D? D=C8; 8C
8B 4G02C;H 8= ;8=4 F8C7 H>DA <40BDA8=6 ?>8=C


"8@D83B BD27 0B <8;: F0C4A 0=3 <4;C43 50C 0A4
14BC <40BDA43 8= ;8@D83 2D?B 0B C74B4 2D?B 70E4
4GCA0 B?024 0C C74 C>? C> ?A4E4=C B?8;;064 420DB4
<>BC ;8@D83 2D?B 0A4 CA0=B?0A4=C C74H 0;B> 0;;>F
DB C> B44 C74 ;4E4; >5 ;8@D83B <>A4 2;40A;H
<40BDA8=6 B?>>=B>A 3AH <40BDA8=6 2D?B 70E4 C>
14 DB43 5>A <40BDA8=6 ;8@D83B 3> =>C <40BDA4
>E4AC74 <8G8=6 1 > F ; 0 B >=4 4GCA0 B?8;; 20=

-):<915/,9?15/9-,1-5;:

C>64C74A >= BC0=38=6


=6A4384=CB BD27 0B 6A0C43 2>2>=DC 27>??43 3A843 2DCB 3>F= >= C74 ?8;4D? >5 38B74B C70C 8B >5C4= ;45C
5AD8CB 0=3 1A4032AD<1B B7>D;3 14 ;867C;H 1478=3 5>A >C74AB C> F0B7 D? (8=24 <>BC >5 C74
?A4BB43 8=C> <40BDA8=6 2D?B D=C8; ;4E4; F8C7 C74 F>A: 0C B27>>; F8;; 14 3>=4 8= 6A>D?B
C>? (>;83 50CB BD27 0B<0A60A8=4 B7>D;3 0;B> 14   8B 0;B> 0= 8<?>AC0=C ?0AC >5 ?A02C820;B
?A4BB43 58A<;H 8=C> 2D?B145>A4 C74H 0A4 ;4E4;;43 >>?4A0C8>= <40=B ;40A=8=6 C> F>A: F8C7 4027
>55 >C74A ,74= 4027 <4<14A >5 0 C40< 3>4B 78B >A
74A 9>1 0=3 5>;;>FB C74 C40274AB 8=BCAD2C8>=B C74
6A>D? F8;; 14 BD224BB5D;

86  &A4?0A8=6 5>A ?A02C820; F>A:

4A4 0A4 B><4 C8?B C70C 74;? 5>>3 ?A4?0A0C8>=


C> 6> B<>>C7;H

'403 A428?4B 145>A4 ?A02C820;B 5 0 BC4? 8B =>C


2;40A;H D=34ABC>>3 B44: C74 03E824 >5 H>DA
C40274A

#0:4 0 ;8BC >5 4@D8?<4=C =44343 0=3 2>;;42C


C74< 145>A4 C74 ?A02C820; 1468=B )78B 0;;>FB


?;0C4 0=3 3>8;4H C> B4AE4

0C74A 0;; 8=6A4384=CB C74= F4867 0=3


<40BDA4 C74 4G02C 0<>D=CB BC0C43 8= C74
A428?4       
        
    

86  )40<F>A: ?;0=

   #40BDA4 8=6A4384=CB

=6A4384=CB =44343

 0 2A40< <0A60A8=4 0=3 BD60A


.>9
- 63A 37 011 0<<07.0 ,7/ 6354
-,4371 98@/0; =0,<9887


("(*'$($")'(%!(

#8G8=6 1>F;

>E4A

%0$!* /"!05

0;;>F43


86  ;4CA820; 0??;80=24B B7>D;3 14 70=3;43 F8C7
3AH 70=3B

86   DC 0F0H 5A>< C741>3H


E>83DB8=6270A2>0;58A4B834B>A2>0;?>CB8=B834
01D8;38=6DA=8=6270A2>0;68E4B>55;0A64
0<>D=CB>520A1>=<>=>G834

.!0)!*0 +" /%),(! %*&1.%!/

= 0;; B4E4A4 20B4B >5 8=9DAH 0=3 ?>8B>=8=6 C0:4


C74 ?4AB>= C> 0 3>2C>A 8<<4380C4;H

>>; C74 0A40 F8C7 2>;3 F0C4A 5 C74 1D< 8B


B4A8>DB 2>E4A 8C F8C7 0 2;40= 2;>C7    ?DC
6A40B4 >A >8; >= 0 1D< > =>C CAH C> 2;40= 1D<B
>A 1A40: 1;8BC4AB

$" $ ("#


$4E4A ?DC ?>8B>=B 8= 2D?1>0A3B F74A4 5>>3 )#!0.'! /&,!(/
8B :4?C (><4>=4 <0H 022834=C0;;H ?82: D?
C74 FA>=6 2>=C08=4A
$4E4A ?DC ?;0BC82B F74A4 C74H 20= 20C27
058A4 (><4 ?A>3D24 ;0A64 0<>D=CB >5 C782:
1;02:B<>:4 0=3 ?>8B>=>DB 60B4B


> =>C <>E4 C74 ?4AB>= >A 68E4 0=H CA40C<4=C

=424BB0AH
0=HC78=6 C> 3A8=: 0B C74 ?4AB>= <0H =443 C> 14
68E4= 0=04BC74C82

,'/,+'+%


2

3

4
10:8=6 ?>F34A
(8=24 C74 C40B?>>= 8= 78B B4C F0B <8BB8=6 74
1>AA>F43 >=4 5A>< 78B #><B C01;4F0A4

0??A>G8<0C4 4@D8E0;4=CB
C40B?>>=B  C01;4B?>>=

>D=24B  M 2D?
6A0<B

&4C4A ?>DA43 5;>DA 8=C> C74 B20;4 ?0= C74=


?;0243 C74 ?0= >= C74 B20;4


86  50;;

!8C274= 4@D8?<4=C 8B <034 5A>< E0A8>DB <4C0;B B70?4B 0=3 B8I4B

<?4A80; D=8CB >5 <40BDA4<4=C 20= 14 2>=E4AC43 C> <4CA82 D=8CB


&A02C820; F>A: A4@D8A4B ?A4?0A0C8>=

22834=CB 20= 14 ?A4E4=C43


!./+*( $5#%!*!

8<?>AC0=24 0=3 <4C7>3 >5


;0D=34A8=6
?A>?4A 70=3;8=6 0=3 ?A4?0A0C8>= >5 5>>3 C>
?A4E4=C 2>=C0<8=0C8>=
,0B78=670=3B145>A4?A02C820;B<0HB44<
D==424BB0A8;H58=82:H0=3F40A8=60=0?A>=<0H
B44<5DBBH1DCC74A48B06>>3A40B>=F7H F4
B7>D;3>1B4AE4C74B40=3>C74A7H684=4 ?A02C824B
)74H74;? DBC> :44?5>>3B0545>A40C8=6

$! %),+.0*! +" $5#%!*!

(7>AC B;44E4B

;40= 70=3B F4;;


<0=82DA43 =08;B


)74 14BC E4=C8;0C8>= ?;D<18=6 0=3 ;867C8=6 =424BB0AH
0E08;01;4 B7>D;3 14 2>=B834A43 8= C74 34B86=
'8=B4 C7>A>D67;H
>5 C74 1D8;38=6
0=6 C> 3AH 8= >?4= 08A
34@D0C4 BD??;84B >5 F0C4A 5>A A46D;0A
2;40=8=6 0=3 5>>3 ?A4?0A0C8>=

"! "++ $* (%*# $%0/

#0:4 BDA4 C74A4 8B 6>>3 =>= B;8??4AH 5;>>A


2>E4A8=6 0=3 0 F0BC4 18= F8C7 2>E4A

,0B7 70=3B 145>A4 70=3;8=6 5>>3 0=3 14 BDA4


C> 2;40= D=34A =08;B

86  ,0B770=3B145>A4
70=3;8=65>>3
86  >>3 "01>A0C>AH

'0!&#+$,,"/ ) ,.0,.'#/

!44? ?4CB >DC >5 C74 :8C274= 1420DB4 B<0;;


18CB >5 C748A 2>E4A8=6 20= 5;>0C C7A>D67 C74 08A
0=3 <0H 20AAH 102C4A80
8B8=542C 27>??8=6 1>0A3B ?4A8>3820;;H F8C7
0 27;>A8=4 1;4027 B>;DC8>=  CB? 1;4027 C>
 ;8CA4B F0C4A
*B4 0 C0BC8=6 B?>>= >=;H >=24 C74= F0B7 8C
145>A4 DB8=6 8C 0608=

86  >E4A =>B4 0=3 <>DC7

66,


1**.5

>>3 7H684=4 ?A4E4=CB 5>>3 B?>8;064 0=3 ?A>C42CB DB 5A>< 70A<5D;


102C4A80

&4AB>=0; 7H684=4 ?A><>C4B ?A834 8= 0??40A0=24 0=3 6>>3 7018CB


"0D=34A8=6 >5 :8C274= 2;>C7 A4@D8A4B C74 DB4 >5 F0A< >A 7>C F0C4A
F8C7 0 18C >5 B>30 B>0? >A 38B8=542C0=C
)74A4 8B 0 2>AA42C F0H C> 14 0CC8A43 5>A ?A02C820;B
(054 70=3;8=6 >5 5>>3 8=E>;E4B F0B78=6 70=3B 145>A4 70=3;8=6 5>>3


66, 9-7)9);165
= C78B 270?C4A H>D F8;; ;40A= 01>DC
F7H B><4 5>>3B <DBC 14 2>>:43
<0:4 5>>3 40BH C> 3864BC 46 581A4B 8=
5>>3 B>5C4= 0=3 B4?0A0C4 4G?>B8=6
C74 <4C7>3B DB43 C> 2>>: 5>>3 =DCA84=CB C>
46 1>8;8=6 5AH8=6 0=3 10:8=6
34BCA>H 70A<5D; BD1BC0=24B 46 B><4
AD;4B 0=3 5>>3B BD8C01;4 >5 1>8;8=6 0=3 70A<5D; 102C4A80 8= <8;: 20= 14 :8;;43 0C
10:8=6 =>A<0; 2>>:8=6 C4<?4A0CDA4B

03E0=C064B 0=3 38B03E0=C064B 5>A 1>8;8=6 <0:4 5>>3 0CCA02C8E4 46 5>>3B BD27 0B
0=3 10:8=6 <40C 0=3 20:4 <8GCDA4B 0A4 0??40;8=6 F74=
2>>:43

A4038=6 0=3 D=34ABC0=38=6 0 A428?4


BC8<D;0C4 3864BC8E4 46 C74 0A><0
>5 5A4B7;H 10:43 1A403 <0H 20DB4 3864BC8E4
B><4 2><<>= 2>>:8=6 C4A<B 9D824B C> 5;>F

40C4= 4E4AH 30H 20= 14 <>=>C>=>DB

?A>E834 7>C 5>>3 8= 2>;3 F40C74A 46 0 7>C


2D? >5 14E4A064 8B <>BC F4;2><43 >= 0 A08=H
30H

8<?A>E4 5;0E>A 46 C74 4GCA02C8E4B 8= <40C


!0$+ / +" ++'%*#

66,: :<1;)*3- .69 *61315/

"<3-: .69 *61315/

>D;3 H>D ;8BC >C74A 502C>AB C70C <0H 05542C


H>DA 27>824 >5 2>>:8=6 <4C7>3B

+%(%*#

,=)5;)/-: 6. *61315/


,74= 10:8=6

>>3 <0H 14 1A>:4= 3>F= 1H >E4A1>8;8=6


0=3 5;0E>DA<0H 14 ;>BC
)74A4 8B B><4 ;>BB >5 E8C0<8=B 0=3 <8=4A0;B
>>3 C4=3B C> 6> B>DA 40B8;H
C8B 0 ;4=6C7H ?A>24BB
F74= ?;028=6 38B74B F8C78= C74 >E4= <0:4
6>>3 DB4 >5 C4<?4A0CDA4 38554A4=24B )74 C>?
B74;5 8B DBD0;;H J C> J  7>CC4A C70= ;>F4A
B74;E4B
0E>83 10:8=6 5>>3 C70C 68E4B >55 <>8BCDA4
0;>=6 F8C7 C7>B4 C70C A4@D8A4 0 2A8B? 58=8B7

(><4 5>>3B 70E4 0= 0CCA02C8E4 1A>F= 2>;>DA


>>3B 0A4 <>A4 C0BCH 0B ;4BB 5>>3 9D824B 0A4
;>BC
>>3 A4@D8A4B ;8CC;4 0CC4=C8>=
86  0:8=6
(4E4A0; 38B74B 20= 14 2>>:43 0C C74 B0<4
C8<4
 8B C74 2>>:8=6 >5 5>>3 8= 0= 4=2;>B43 >>3 C4=3B C> 70E4 0 14CC4A :44?8=6 @D0;8CH
B?024 F8C7 ;8CC;4 >A =>50C (><4C8<4B5>>3 <0H
14A>0BC43 8= 0= 4=2;>B43 B?024 = 1>C7 20B4B C74
>E4= C4<?4A0CDA4 8B ;>F4A43 05C4A C74 >DCB834 >5
C74 5>>3 70B 144= B;867C;H 1A>F=43

%=;H 6>>3 @D0;8CH <40C 20=14 DB43


#D27 >5 C74 <>8BCDA4 8B ;>BC 74=24 <0=H
#40CB >5 0 6>>3 @D0;8CH 58B7 9D82H 5AD8CB
5>>3B B7A8=:
E464C01;4B 0=3 BC0A27H 5>>3B BD27 0B 1A403B
?0BCA84B ?D338=6B 0=3 2>>:84B


*0!.,.!0%*#  .!%,!
40C>E4= C>  J   J  0B #0A: 
A40B4 C7A44  ?8=C 2DBC0A3 2D?B >=4
'428?4B 20= 14 34B2A8143 0B 6D834;8=4B 5>A
38B7
?A4?0A8=6 38B74B 027 A428?4 20AA84B 0 =0<4
)74 =0<4 DBD0;;H 68E4B DB 0= 8340 >5 C74 CH?4 ,0A< <8;: C> 1;>>3 740C
>5 38B7 F4 0A4 01>DC C> ?A4?0A4 C <867C 40C 466 BD60A 0=3 4BB4=24
4E4= BD664BC C74 B>DA24 >5 C74 A428?4 46
4<4A0A0 AD8C &D=27 )74 BC0=30A3 5>A< 8B C74 (;>F;H 033 <8;: C> 466 <8GCDA4 F78;4 BC8;;
BCH;4 <>BC 5A4@D4=C;H DB43 8= B27>>;B "8:4 0;; 140C8=6 64=C;H
F4;; FA8CC4= BCH;4B 8C 70B CF> <08= ?0ACB CA08= <8GCDA48=C>8=38E83D0; 2DBC0A3 1>F;
0;8BC >5 8=6A4384=CB 0=30<>D=CB =424BB0AH 38B7 0=3 033 0 30B7 >5 =DC<46
5>AC74 38B7 &;024 2DBC0A3 2D?B 38B7 8= 0;0A6410:8=6 CA0H
&>DA F0C4A 8=C> C74 10:8=6 CA0H B> C70C 8C
38A42C8>=B 0=3 >A34A 8= F7827 8=6A4384=CB 2><4B 70;5 F0H D? C74 2DBC0A32D?B 38B7
B7>D;3 14 2><18=43 &;024>=C74<833;4B74;5>5C74>E4=
0=310:4 5>A <8=DC4B >A D=C8;
2DBC0A3 8B58A<;H B4C >= <833;4 B74;5
= C78B 0=3 >C74A BCH;4B >5 A428?4 FA8C8=6 >5 >E4=
8=6A4384=CB 0A4 DBD0;;H ;8BC43 022>A38=6 C> C74
>A34A 8= F7827 C74H 0A4 DB43 )74 38A42C8>=B 5>A (4AE4B ?4AB>=B
?A4?0A8=6 0=3 2><18=8=6 8C4<B 0A4 0;B> 68E4= 8=
C74 >A34A 8= F7827 C74H B7>D;3 14 3>=4 )78B
4=BDA4B 0 B<>>C7 5;>F >5 F>A: 0=3 ?A4E4=CB 0
!%,! .!2%0%+*/
F0BC4 >5C8<4 = <>BC A428?4B C74 D=8CB >5 <40BDA4<4=C 0A4
 A428?4 8B FA8CC4= 8= C74 BC0=30A3   >A B7>AC4=43 ,4 B7>D;3 CAH C>
BCH;4 142><4 50<8;80A F8C7 C74 ;8BC >5 011A4E80C43
<40BDA8=6 C4A<B 0=3 >C74A 2><<>=;H DB43
011A4E80C8>=B 145>A4 DB8=6 0=H CH?4 >5 A428?4


*#1#! +" 0$! .!%,!

-9);- 86   1;4=34A

>=8>=

86  4A0C8=6 5;>DA

-);
86 7>??8=6 20AA>CB 0=3 >=8>=B
)><8GF8C7@D82:>E4A0=3D=34A<>C8>=B
DB8=60 B?>>=>A140C4ADBD0;;HC><0:40<8GCDA4
B<>>C7>AC>8=2;D3408A

)> B>5C4= 0=3 1;4=3 F8C7 0 B?>>= >A <8G4A D=C8;


B<>>C7 2A40<H 0=3 ;867C )74 2>;>DA 0=3 C4GCDA4 0A4
B86=BC70C<0=HC8=H08A1D11;4B70E4 144=4=2;>B43

86  40C8=6
86   A 4 0 < 8 = 6 1DCC4A 0=3 BD60A
3-5,


86  42>A0C8=6 0 20:4

86  (?A8=:;8=6 ?4??4A

86  0A=8=B78=6 58B7


3)@- 17-
 C78= 2>0C8=6 C70C 8B 0??;843 C> C74 BDA5024 >5 )> 5>A< 342>A0C8E4?0CC4A=B 1H 5>A28=6 B>5C
?0BCA84B 4C2 C> 68E4 0B744= 40C4=466 <8;: <8GCDA4B BD27 0B 828=6 0=3 2A40<43?>C0C>4B
0=3BHAD? 0A4 B><4BD1BC0=24B DB43 C> 68E40 C7A>D67 ?8?4B >A C78<1;4B
6;0I4

86  ;0I8=6 BF44C1A403 86   = 828=6 C78<1;4


"<*
)> 38BCA81DC4 B>;83 50C 8= 3AH 8=6A4384=CBDB8=6
9);- 58=64A C8?B

)> AD1 5>>30608=BC 0 6A0C4A C>>1C08= 58=4


?0AC82;4B

86   'D118=68=50C 8=3AH 8=6A4384=CB

86  A0C8=6 2>2>=DC


#-):65
)> 033 B40B>=8=6BBD27 0B ?4??4A0=3 B0;C
9-):-
)> AD1 ;867C;H F8C7 50C

86   "4E4;8=6 0B?>>= >5B40B>=8=6


#09-,
)> C40A >A2DC 8=C> B<0;; ?8424B >A BCA8?

86   A40B8=6 010:8=6 ?0=

86  (7A4338=6

#1-=-#1.; %C74A 8<?>AC0=C 8=5>A<0C8>= C70C <0H 14 68E4=
8=0 A428?4 0A4
C74=D<14A 0=3 B8I4>5 B4AE8=6B C70C F8;;
)> ?DC 3AH 8=6A4384=CB C7A>D6705;>DA B85C4A >A 14?A>3D243 1H C74 A428?4
B84E4 8= >A34A C> 04A0C4 0=3 A4<>E4D=F0=C43
?0AC82;4B C74 0??A>G8<0C4 C8<40=3 >E4=
C4<?4A0CDA4 =443435>A ?A4?0A8=6 C74
38B7 ,74= C74>E4= C4<?4A0CDA4 8B
68E4=0C C74 C>? >5 C74 A428?4 F40A4
A4<8=343 C>?A4740C C74 >E4=
C74 2>BC >5 C74 38B7 )78B 8=5>A<0C8>=
74;?B 7><4 <0:4AB C> 27>>B438B74B
F8C78= C748A <40=B

86  (85C8=6 5;>DA C74 4@D8?<4=C 0=3 B8I4>5 2>>:F0A40=3


38B74B C>14 DB43 )78B 74;?B C74
8=4G?4A84=2437><4 <0:4AB C> 27>>B4
2>>:F0A40=3 B4AE8=6 38B74B C70C 0A4 >5
#;19 C74 2>AA42C B8I45>A C74 @D0=C8C84B148=6
?A4?0A43

)> <8G1H <>E8=6 B?>>=>A>C74A 8<?;4<4=C 8=


028A2D;0A <>C8>=

86  (C8AA8=6 8=6A4384=CB

#;9)15
)> B4?0A0C4 ;8@D83 5A>< B>;835>>31H <40=B>5 0
B84E4>A BCA08=4A

86  (CA08=8=6 C> B4?0A0C4 ;8@D83 5A><


B>;83


1>8;8=6

1>8;8=6


)74 E0A8>DB <4C7>3B >5 2>>:8=6 20= 14 2;0BB85843 0 B <>8BC
7 4 0 C  3 A H 740C 0=3 7>C 50C

8A42C8>=B 6 8 E 4 = 8= 0 A428?4 0A4 FA8CC4= 8= C74 >A34A 8= F7827 C74


C0B:B 0A4 3>=4

)4A<B DB43 8= 5>>3 ?A4?0A0C8>= 0A4 8<?>AC0=C 8 = D=34ABC0=38=6 0


A428?4


$($#


%5,-9:;)5,15/ +36;015/
*0.+ 10%+*

86  ;>C78=6 

 
&0BC4 C74 586DA4F8C7 3A4BB >= 0 B744C
>5 ?0?4A C> 1468= H>DA 2;>C78=6 ?A>942C
1>>:

01A82B <0H 14 834=C85843


1H
C>D27
<4C7>3B >5 2>=BCAD2C8>=

 
8554A4=CCH?4B>52;>C78=6
8=5>A<0C8>= 01>DC DB A4BB 8B 0 5>A< >5
;0=6D064 0=3 20= 14 0=0;HB43 0=3 D=34ABC>>3
9DBC 0B F40=0;HB4 C74 B?>:4= F>A3 ,4 B7>D;3
> H>D :=>FC70C H>DA 3A4BB B4=3B >DC ?4AB>=0; C74A45>A4 14 4GCA4<4;H 20A45D; C> F40A
<4BB064B 01>DC H>D 2;>C78=6 C70C 68E4 2>AA42C 8<?A4BB8>=B >5 F7>
F4 0A4

E4= 145>A4 F4 B0H 0=HC78=6 01>DC >DA &4>?;4 F7>70E4 BCD3843 0=30=0;HB43 3A4BB >E4A
B4;E4B >DA 3A4BB <0:4B <0=H 8<?>AC0=C BC0C4 C74 H40AB 70E4 2>=2;D343 C70C C74A4 0A4 C7A44
<4=CB 01>DC F7> F4 0A4 BD664BCB >DA 10B82 A40B>=B 5>AF40A8=62;>C74B
64=34A

E0;D4B
<>>3
*C8;8CH C> <0:4 ;8E8=6 0=3 F>A:8=6 40B84A
0BB>280C4B 0=3 <>A4 2><5>AC01;4
9>1
?4AB>=0; @D0;8C84B BD27 0B 20A45D;=4BB 0=3
=40C=4BB CCA02C8>=  C> 0CCA02C 0CC4=C8>=
)74B4 A40B>=B 2>=5>A< C> B><4 10B82 ?A8=28?;4B
8= >DA E4A10; 2><<D=820C8>=


0%(%05


B7>D;3 14 C08;>A43 C> BD8C C74 9>1 0A<4=CB
#+0663 F8C7 B78AC >A A>;;43 2>;;0AB >A B8<?;4 2>;;0A ;4BB
=42:;8=4B 0A4 (D8C01;4 (;44E4;4BB 60A<4=CB
(27>>;B 8= DH0=0 A4@D8A4 0;; ?D?8;B C> F40A B7>D;3 14 0E>8343 &>2:4CB 0A4 5D=2C8>=0; 0=3
D=85>A<B *=85>A<B <DBC 2>=5>A< C> 2>;>DA B7>D;3 14 033430A<4=CB B7>D;358C C74 1>3H
0=3 BCH;4 ?A4B2A8143 1H C74 B27>>; *=85>A<B 1DC <DBC =4E4A 14 C>> 2;>B4 C>
F78;4 B4AE8=6 DC8;8C0A80= ?DA?>B4B 834=C85H
?D?8;B 0=3 74;? DB C> ?;024 C74< 8= B?428582
6A>D?B )7DB D=85>A<B 0A4 0;B> BC0CDB
BH<1>;B F4 F0=C ?4>?;4 C> A4B?42C DB 0=3
>C74A <4<14AB >5 >DA B27>>; F4 <DBC 14
20A45D; 7>F F4 2>=3D2C >DAB4;E4B 8= ?D1;82
0=3 ?A8E0C4 ?;024B #0:4D? ;0A64 40AA8=6B
0=3 >C74A 5>A<B >5 94F4;;4AH 0A4 =>C F>A=
F8C7 D=85>A<B >>3 6A>><8=6 7>F4E4A 8B
E4AH 8<?>AC0=CB>>DA 2;>C78=6 C44C7 =08;B 708A
0=3 B:8= B7>D;3 0;; 14 2;40= 0=3 F4;;:4?C

0<9+0 #769;:

(?>ACB BD664BC BCA4=D>DB 02C8E8C84B B>


2;>C78=6 B7>D;3 14 <>A4 5D=2C8>=0; >A
DC8;8C0A80= A0C74A C70= 0CCA02C8E4 >A 5>A (C0CDB
(8<?;4 BCH;4B F8;; ?A>E834 2><5>AC 0=3 0;;>F
40BH <>E4<4=C 01A82B B7>D;3 14 01B>A14=C
0=3 70A3F40A8=6 >CC>= ) B78ACB 0A4 14BC 5>A
C74B4 02C8E8C84B

$9)=-3
,4 20= F40A 2;>C78=6 5>A 0=H >5 C74
A40B>=B DC8;8CH BC0CDB >A 0CCA02C8>= F74=
CA0E4;;8=6 34?4=38=6 >= F74A4 F4 0A4 6>8=6
01A82B DB43 0A4 <>A4 8<?>AC0=C 0B C74
&692 >220B8>= F8;; 34C4A<8=4 C74 BD8C01;4 BCH;4
)A0E4;;8=6 1H 1DB 20A >A 08A 2A05C A4@D8A4B
)74 F>A: ?;024 8B 0 5>A<0; >=4 1DC 38554A4=C 2A40B4 A4B8BC0=C 501A82B C> 0E>83 DB ;>>:8=6
5A>< 27DA27 8= C70C 85 F4 0A4 C>> 3A4BB43 1- D=C83H >= 0AA8E0; 0C >DA 34BC8=0C8>=
F4 C4=3 C> 38BCA02C C74 ?4>?;4 F4 0A4 "867CF4867C 2;>C78=6 8B 14BC F74= F4 70E4 C>
4<?;>H43 C> B4AE4 F4 0A4 C>> 20BD0; >A ?02: 5>A CA0E4; 1H 08A )74H 0A4 ;4BB 1D;:H 0=3
B;>??H 8= 3A4BB ?BH27>;>68BCB B0H F4 38B?;0H A43D24 F4867C 4B?4280;;H F74= C74A4 8B ;8<8C43
C74 B0<4 0CC8CD34 >= C74 9>1 A4BB 5>A %55824 1066064 0;;>F0=24 DB8=4BB CA0E4;;4AB

B4;3>< C0:4 <0=H ?8424B >5 2;>C78=6 74=24
C7>B4 B4;42C43 B7>D;3 1440BH C> ;0D=34A 0=3
@D82: 3AH8=6

!0'2'0'#/
4=BDA8=6 C70C H>DA
1>3H 5A>< 7403 C> C>4

 (>0: B><4 8= F0C4A C> B44 F7827 >=4B 01B>A1


F0C4A 8= C74 B7>AC4BC C8<4 &DC C74<C> 3AH 0=3
B44 F7827 >=4B 3AH 58ABC .>D F8;; =443 C>
=D<14A C74< C> :44? 0 A42>A3 ,4 F8;; =>F 38B2DBB C74 8<?>AC0=24 >5 6>>3
?>BCDA4 2;40= B:8= 708A 70=3B =08;B 0=3 544C
0B C74H A4;0C4 C> ;>>:8=6 H>DA 14BC

66, 76:;<9-

>DB4 F40A


#;)5,15/

(C0=3 4A42C 10;0=28=6 H>DA F4867C 4@D0;;H >=


1>C7 544C

#1;;15/

&)3215/


C74 C>8;4C 0=3145>A4 70=3;8=6 501A82B .>DA =08;B
5>A< C74 ?A>C42C8E4 2>E4A8=6 5>A H>DA 58=64A C8?B
0=3 B7>D;3 14 20A43 308;H !44? C74< B7>AC 0=3
=>C78=6 8B 3>=4 C> A4<>E4 ?4AB?8A0C8>= 5A>< F4;; B70?43 1H DB8=6 0 =08; 58;4 (7>AC 58=64AB
C74 B:8= C74 ?>A4B F8;;142><4 2;>6643A4BD;C8=6 8= B7>D;3 70E4 ;>=6 =08;B 0=3 ;>=6 58=64AB
B:8= 8AA8C0C8>= B?>CB 1;02: 7403B 0=3 )44=064A B7>D;3 DB4 0 ?0;4 >A =0CDA0; C8=C =08;
D = ? ; 4 0 B 0 = C 1>3H >3>DA  308;H 10C7 F8;; ?>;8B7 )74 <>A4 4G>C82 2>;>DAB 0A4 DB43 0B
74;? 2;40=B4 C74 1>3H 0=3 <0:4 H>D 544; 2>BCD<4 94F4;;4AH 0=3 B7>D;3 1;4=3 F8C7 C74
B<4;; 0=3 ;>>: 6>>3 *B4 0 2;40= 10C7 A06 C> 2>;>DA >5 H>DA >DC58C ;0:43 =08; ?>;8B7 0=3
0??;H C74 BD3B C> C74 1>3H '8=B4 F8C7 2>;3 F0C4A 278??43 38ACH =08;B 0A4 D=B867C;H 0=3 34CA02C 5A><
C> 2;>B4 C74 ?>A4B 0=3 3AH C7>A>D67;H *B4 0 0 F4;; 6A>><43 0??40A0=24
34>3>A0=C C> 2>=CA>; 1>3H>3>DA

##0

8C8=6>5H>DA58=64A=08;B
)0??8=6H>DA58=64AB
(=0??8=6H>DA:=D2:;4B
*B8=6 H>DA 70=3B 8= 0= 05542C43 F0H
F74=H>D 0A4 C0;:8=6

 
C> <0:4 ;8E8=6 0=3 F>A:8=6 40B84A 0=3 <>A4 2><5>AC01;4

;>C78=6 E0A84B 022>A38=6 C> C74 >220B8>=B 5>A F7827 8C F8;; 14 F>A=

 
 #->15/3)*69);69?-8<174-5;
)$$# $")%#%'
$###$ #!% $
$#$"% #!% $$#$$" # !% $'$)%
$# #!% $"%
'$%#$# #!% $
'$"$

!/1.%*#!-1%,)!*0

 
-# *#/1.#/ >5 6>>3 @D0;8CH <034 >5
501A82 >A E8=H; F8C7 <4CA82 0=3 8<?4A80;
<0A:8=6B 0A4 C74 14BC 27>824 5>A C0:8=6
<40BDA4<4=CB )74B4 0A4 DB43 C> C0:4 1>3H
<40BDA4<4=CB <40BDA4 ?0CC4A= ?8424B 0=3
501A82B

86  #0A:8=6 4@D8?<4=C

)A028=6 F744;B 0A4 DB43 C> CA0=B54A <0A:8=6B


5A>< C74 ?0CC4A= >= C> C74 501A82 )74A4 0A4
B4E4A0; CH?4B >5 CA028=6 F744;B )74 =443;4 ;8:4
?>8=CB 0A4 DB43 5>A 740EH 501A82B ,744;B F8C7
B0F ;8:4 ?>8=CB 0A4 DB43 5>A ;867C C> <438D<
F4867C 501A82B )74A4 8B 0;B> 0 B<>>C7 F744;
F7827 F>A:B F4;; >= 34;820C4 501A82B

 
<0A:8=6B >= 501A82B C4<?>A0A8;H )4BC >= 0 B2A0?
501A82 145>A4 DB8=6 #0A:4AB 5>A FA8C8=6 20==>C
14 DB43 8= ?;024 >5 501A82 <0A:4AB

!3%*# -1%,)!*0

86  DCC8=6 4@D8?<4=C

 
#03##+ 0A4 B7>AC4A C70= B70A?B F8C7 14E4;;43

F>>; >A C782: C7A403 C7A>D67 E0A8>DB B8I43


7>;4B

4H4B DB43 5>A C7A4038=6 ?40A;B 0=3 1403B


&# /)##2# ,."
)74 B;44E4 1>0A3 ;>>:B ;8:4 0 <8=80CDA4 8A>=8=6
1>0A3 0=3 8B DB43 >= C>? >5 C74 =>A<0; 8A>=8=6
1>0A3C 8B DB43 5>A ?A4BB8=6 8A>=8=6 =0AA>F0A40B
C70C F8;; =>C 58C >= 0= 8A>=8=6 1>0A3 B> 8C 8B ?>BB81;4
C> ?A4BB 8A>= 0 B8=6;4 ;0H4A >5 501A82 C8B ?03343
;8:4 C74 8A>=8=6 1>0A3

 F4;; &# +##")# ,."


34B86=43 8A>= B7>D;3 70E4 C74 5>;;>F8=6
540CDA4B )74 =443;4 1>0A3 8B 0 ?A4BB8=6 083 F7827 8B <034
D? >5 A>FB >5 58=4 =443;4B >A B7>AC F8A4B 0AA0=643
40BH C> 70=3;4 0=3 =>C C>> 740EH 2;>B4;H >= 0 740EH 3DCH 501A82 BD27 0B 20=E0B C
0= 8=BD;0C43 0=3 2><5>AC01;4 70=3;4 8B DB43 0B C74 8A>=8=6 1>0A3 5>A ?A4BB8=6 ?8;4
501A82B C> ?A4E4=C C74 ?8;4 5A>< 5 0CC4=8=6 F74=
?A4BB43

0 ?>8=C 5>A 8A>=8=6 8=C> 60C74AB 0=3 ?;40CB


&# 0'),./ &*
740C D? 4E4=;H 0=3 @D82:;H
)74 C08;>AB 70< 8B 0 58A<;H ?03343 70<B70?43
2DB78>= F 8 C 7 A>D=343 4 = 3 B  C 8B DB43 F 7 4 =
&# '.,+'+% ,." ?A4BB8=6 2DAE43 0A40B BD27 0B 30ACB 0=3 2DAE43
8C74A 0= 8A>=8=6 1>0A3 >A 0 5;0C BDA5024 20= 14 B40<B  ?A4BB8=6 <8CC B4AE4B C74 B0<4 5D=2C8>=
DB43 F74= 8A>=8=6 )74 8A>=8=6 1>0A3 8B <>BC 1DC 8C 8B B<0;;4A 0=3 20= 14 B;8??43 >E4A 0 70=3 >A
BD8C01;4 F74= 8A>=8=6 B70?43 60A<4=CB 0=3 C74 C8? >5 0 B;44E4 1>0A3
0AC82;4B 0B 8C F>D;3 ?A4E4=C 8A>=8=68= 2A40B4B >=
C74 ?>AC8>=B =>C 8= 2>=C02C F8C7 C74 8A>= )74 &# /#* .,))
1>0A3 B7>D;3 14 BCDA3H 0=3 039DBC01;4 B> C70C8C 8B
>5 2><5>AC01;4 74867C 5>A C74 F>A:4A )74 5>;38=6 )74B40< A>;; 8B 0 58A<;H ?03343 A>;;43 2DB78>=
CH?4 8B A42><<4=343 5>A 40BH BC>A064 F7827 8B ?;0243 D=34A 0 B40< F74= ?A4BB8=6 C>
?A4E4=C A8364B 5A>< 5>A<8=6 0;>=6 C74 B40< ;8=4

C 8B 03E8B01;4 C> DB4 0 BC40< 8A>= >= 8A>=8=6


1>0A3 F7827 8B ?4A5>A0C43 )78B ?A4E4=CB C74
BC40< 5A>< 2>;;42C8=6 >= C74 1>0A3 2>=34=B8=6
0=3 <0:8=6 C74 2>E4A8=6 30<?


 >;;42C ?82CDA4B >A <0:4 B:4C274B >5
B4F8=6 ;01>A0C>AH 4@D8?<4=C
 A>D? C74< 022>A38=6 C> C748A
5D=2C8>=
 &0BC4 4027 8=C> H>DA ;>C78=6 &A>942C
>>:



1**.5
    

(4F8=6 ;01>A0C>AH 4@D8?<4=C 20= 14 6A>D?43 022>A38=6 C> DB4


#40BDA8=6 4@D8?<4=C 8B DB43 5>A <40BDA8=6 ;4=6C7B 0=3 F83C7B 5>A 0=3 3DA8=6
2>=BCAD2C8>= ? A > 2 4 B B 4 B 
(><4 ?8424B >5 <40BDA8=6 4@D8?<4=C 0A4 C0?4 <40BDA4 H0A3 >A <4CA4 BC82:
B:8AC <0A:4A0=3 74< 60D64
#0A:8=6 4@D8?<4=C 8B DB43 5>A <0A:8=6 8<?>AC0=C 2>=BCAD2C8>= ?>8=CB
(><4 ?8424B >5 <0A:8=6 4@D8?<4=C 0A4 C08;>AB 270;: 270;: ?4=28; CA028=6 F744;
0=3 3A4BB<0:4AB 20A1>= ?0?4A
DCC8=6 4@D8?<4=C 8B DB43 5>A 2DCC8=6 501A82 C7A403B0=3 1DCC>=7>;4B
(><4 ?8424B >5 2DCC8=6 4@D8?<4=C 0A4 3A4BB<0:4AB 2DCC8=6 B740AB ?8=:8=6 B740AB
4;42CA82 B28BB>AB CA8<<8=6 B28BB>AB 0=3 B40< A8??4A
(4F8=6 4@D8?<4=C 8 B DB43 C> ?4A5>A< C74 B4F8=6 02C
(><4 ?8424B >5 B4F8=6 4@D8?<4=C 0A4 B4F8=6 <0278=4 =443;4B ?8=B0=3 C78<1;4B
8=8B78=6 4 @ D 8 ? < 4 = C 8 B DB43 C> 68E4 0 B<>>C7 0??40A0=24 0=3 58=8B7 C> 8C4<B <034

%C74A ?8424B <0H 14 34B8A01;4 1DC =>C 4BB4=C80; 5>A C74 10B82 9>1 )74 14BC A4BD;C 20= 14
02784E43 85 C74 H 0A4 DB43 2>AA42C;H 0=3 20A4 8B C0:4= 8= BC>A8=6 C74<


 1*-9:6..)*91+

H C74 4=3 >5 C74 270?C4A H>D B7>D;3 :=>F

0 1A845 78BC>AH >5 2>CC>= !=8;;43 $4CC43


C74 <08= BC064B 8= C74 ?A>3D2C8>= >5 2>CC>=
501A82B

C> 4G?;08= B><4 >5 C74 58=8B74B 0??;843 C>


8<?A>E4 C74 @D0;8CH >5 2>CC>= 501A82B
C74 DB4B >5 2>CC>= 581A4B 0=3 501A82B
,>E4=

DB43


+1.!/ +" "%.!/

01.) $' .#/ $.,* -)+0/

C74 5 0G ?;0=C

 
.,1-/ ,$ *+*"# $' .#/

&>;H0<834B =H;>=B
&>;H4BC4AB
2AH;82B
&>;HE8=H;27;>A834B
&+
&>;HDA4C70=4 4;0BC><4AB
??0A4; 501A82B

&# 0&.## *'+ %.,1-/ ,$ 0#40')#


$ .'!/

=3DBCA80; 501A82B

 


86 

86  A>D?B>5 C4GC8;4 501A82B

 
>5
2>CC>= 501A82 ?A>3D2C8>= 8= C74 F>A;3 D=C8; C74 58ABC
,>A;3 ,0A =380 0=3 78=0 B>>= 34E4;>?43 C748A
>F= 8=3DBCA84B 0=3 0A4 =>F C74 ;4038=6 2>CC>=
?A>3D24AB 8= C74 F>A;3

,00,+ -.,"1!0',+

>CC>= 1>;;B >A B443 ?>3B >CC>= 5;>F4A

86  >CC>=1>;;B0=35;>F4A

>CC>= 8B C74 B443 581A4 >5 0?;0=C F7827 6A>FB


<08=;H 8= CA>?820; 2;8<0C4B )74 <08= ?DA?>B4
5>A C74 ?A>3D2C8>= >5 C78B ?;0=C 8B C> ?A>E834 ;8=C
,74= >;D<1DB 0=3 >C74AB 38B2>E4A43 C74 C74 708A ;8:4 581A4B F7827 0A4 0CC02743 C> C74
$4F ,>A;3 C74H 5>D=3 C70C 2>CC>= F0B B443B )74 2>CC>= ?;0=C 140AB 2A40<H F78C4
F834;H DB43 1H C74 =20B >5 &4AD )74 5;>F4AB F7827 142><4 ?8=:8B7 0B C74H 6A>F
#0H0B >5 C74 .D20C0= &4=8=BD;0 0=3 C74 >;34A )74H 58=0;;H F8C74A ;40E8=6 0 1D3;8:4
IC42B >5 #4G82> C4<B >5 2;>C78=6 0=3 B70?4 20;;43 C74 2>CC>= 1>;; >A B443 ?>3,74=
7>DB47>;3 0AC82;4B F4A4 0;; <034 >5 2>CC>= C74 1>;; A40274B <0CDA8CH 8C 1DABCB >?4= A4E40;8=6
0 <0BB >5 B>5C F78C4581A4B
)74B4 581A4B 0A4 >5 E0AH8=6 ;4=6C7B 0=3
@D0;8CH 34?4=38=6>= C74 E0A84CH >5 2>CC>= 5A><
F7827 C74 581A4B 0A4 >1C08=43
)74A40A4 C7A44 <08= E0A84C84B >52>CC>= 581A4B

LC> M 8=274B 0=3 ?A>3D24 C74 58=4BC


@D0;8CH 2>CC>=501A82B (40 B;0=3 0=3
 
6H?C8>= 2>CC>=B 14;>=6 C> C78B 6A>D?

01A82B ?A>3D243 5A>< C74B4 58 1 A4B


0A4 >5 <438D< F4867C @D0;8CH

B80C82 0=3 =380= 2>CC>=B 0A4 >5 C78B


E0A84CH
)74 A8?4 2>CC>= 1>;;B 0A4 ?82:43 1H
70=3 F74A4E4A C74A4 8B 0= 01D=30=24 >5
<0=D0; ;01>DA )78B <4C7>3 >5 ?82:8=6 8B
3>=4 8= 78=0 0=3 =380 #>A4
34E4;>?43 2>D=CA84B 4<?;>H C74
<4270=820; <4C7>3 >5 70AE4BC8=6
>CC>= 70AE4BC43 1H 70=3 70B ;4BB
CA0B7 2>=C4=C 8<?DA8C84B C70= 2>CC>=
70AE4BC43 1H <0278=4B )74 <0278=4B
2>;;42C;40E4B 0=3 CF86B 0;>=6 F8C7 581A4B
5C4A 70AE4BC8=6 C74 2>CC>= 581A4B
0A4 A4<>E43 5A>< C74 B443B 8= 0 <0278=4
20;;43 C74 68= DA8=6 68==8=6 C74 B443B
0A4 B4?0A0C43 5A>< C74 581A4B (><4  '8=6 B?8==8=6
8<?DA8C84B 0;B> 3A>? >DC 0C C78B BC064
81A4B 0A4 6A0343 0=3 ?02:43 8=C> 10;4B
F48678=6 0??A>G8<0C4;H  ;1B 4027 0=3
B4=C C> <8;;B 5>A ?A>24BB8=6 8=C> 501A82B
>CC>= B443B0A4 DB43 5>A C74 <0=D502CDA4
>5 2>CC>= B443 >8; 0=3 BC>2: 5443

 ,40E8=6 >= 0 ;>><

 
,2'+% DAC74A 3A0F8=6 >DC 0=3 B;867C;H
CF8BC8=6 C74 380<4C4A >5 C74 B8;E4A '>E8=6B
4<4A64 0C C78B BC064 K

 ,40E8=6
.0A=B <0H 14 B?D= 8= CF> 38A42C8>=B
,74= C74 10;4B 0AA8E4 0C C74 B?8==8=6 <8;;
C74H 0A4 1A>:4= 0=3 4G0<8=43 5>A @D0;8C84B
B?4285843 8= 6A034 )78B E4A8584B
B0;4 ?DA270B4 06A44<4=C 0=3 ?A>E834B
4BB4=C80; 8=5>A<0C8>= 5>A C74 A46D;0C8>= >5
<0278=4B


0%2%0%!/ E>8;4C82:8=6B0C44=60A10A38=4?>?;8=
B44ABD2:4A2A4C>==4 30<0B:

#.!#.'/0',+
)74 CA40C<4=C >5 2>CC>= 501A82B F8C7 0 B>;DC8>= >5
B>38D< 7H3A>G834 D=34A C4=B8>= )78B 68E4B C74
501A82 0 ;DBCA4 0=3 8<?A>E4B 8CB 0558=8CH 5>A 3H4B

 58=8B7 C70C<8=8<8B4B C74 C4=34=2H >5 501A82B C>


2A40B4 0=3 74;?B C74< C> B743 FA8=:;4B

+$,.'/0',+
501A82B C4=3 C> B7A8=: 05C4A 58ABC ;0D=34A8=6 85

01A82B 0A4 CA40C43 B> C70C C74H <0H 14 7D=6 C>

,*# !,00, + $ .'!/

4A40A44G0<?;4B>52>CC>=501A82B

4=8<20;82>20<1A82 C4AAHC>F4;;8=62>A3DA>H
3A8;;;0F=<DB;8=>A60=384?8@D4 30<0B:

/!/ +" +00+*

 %#$")


;0<4 A4B8BC0=24
(7A8=: A4B8BC0=24


81A4B <0H 14 >1C08=43 5A>< =0CDA0; >A <0=<034 B>DA24B

(?4280; 58=8B74B <0H 14 0??;843 C> 8<?A>E4 C74B4 @D0;8C84B


>CC>= 581A4B 0A4 BCA>=6 0=3 E4AB0C8;4 501A82B ?A>3D243 5A>< C74< 20= F8C7BC0=3 70A3
F40A8=6 0=3 0A4 40BH C> ;0D=34A


 )*91+#;9<+;<9-:
#)0 8B <034 1H0??;H8=6<>8BCDA4 740C0=3
?A4BBDA4 C> B7>AC F>>; 581A4B )78B ?A>24BB
1>DC C74 38554A4=C F0HB >5 8=C4A;>2:B C74< 8= 0 <0CC43 ;0H4A )74
<0:8=6 501A82B C427=8@D4 DB43 74A4 8B :=>F= 0B 54;C8=6
4;C8=6 8BB083 C> 14 C74 58ABC <4C7>3 DB43 1H
<0= C> ?A>3D24 501A82B
F>E4= :=8CC43
2A>274C43 0=3 1A08343 #),+ 8B ?A>3D243 1H 0 <4C7>3 B;867C;H
B8<8;0A C> C70C >5 54;C )74 581A4B DB43 0A4
2>CC>= >A A0H>= F7827 3> =>C <0CC =0CDA0;;H
;8:4 F>>; B> 0 1>=38=6 064=C 70B C> 14 DB43
)78B C427=8@D4 8B :=>F= 0B 5DB8=6
>F C> 2><?0A4 F>E4=0=3 :=8CC43
501A82B
01A82 BCAD2CDA4B 0A4 5>A<43 F74= C4GC8;4
581A4B

#4C7>3

#4C7>3
86  $>=F>E4= 501A82B

,>E4= :=8CC43 0=3 >C74A CH?4B >5 501A82


%.!/".%/ BCAD2CDA4B 0A4 5>A<43 5A>< 581A4B B?D= 8=C>
H0A=B C74= <034 8=C> 501A82B

5>A<5;0C ;0H4AB

 
%.!/ 5.*/ (! 5.*/
".%/ 01;43 H0<B 2>=B8BC >5 CF> >A <>A4 ?;843 H0A=B
01A82 CF8BC43 C>64C74A )74H 0A4 DB43<08=;H 5>A 740EH
.0A=B
8=3DBCA80; 501A82B
?;H
(8=6;4

86   8554A4=CCH?4B>5H0A=

?>;H4BC4A 1;4=3B
,4 A403 8= C74 ;0BC 70?C4A C70C 2>CC>= 581A4B
<0H 14 B?D= 8= 38A42C8>=B >5 ( >A / CF8BCB )74
?DA?>B4 >5 C74B4 CF8BCB 8B C> 18=3 C74 581A4B
C>64C74A C> 68E4 C74< BCA4=6C7

'+%)# 5.+/



)'#" 5.+/
)F> >A <>A4 B8=6;4 H0A=B 0A4 CF8BC43 C>64C74A C>
5>A< ?;843 H0A=B  ?;H 2>=B8BCB >5 CF> >A <>A4
B8=6;4 H0A=B CF8BC43 C>64C74A C> 5>A< >=4 46 0
CF> ?;H H0< F>D;3 2>=B8BC >5 CF> B8=6;4 ?;HB
B8<8;0A;H 0 C7A44 ?;H C7A44 B8=6;4 ?;HB &;843
H0<B 0A4 BCA>=64A 0=3 <0:4 14CC4A @D0;8CH
501A82B

 
86 )74 F40E8=6 ?A>24BB

'*-)# /0.1!01.#/

(  ,*-,1+" /0.1!01.#/

>A<8=6 >5 B743B 14CF44= C 7 4 F0A? H0A=B C>


0;;>F C74 8=B4AC8>= >5 F45C H0A=B

 

#" 
 '&
 $''&
 #$"#$'&

 
 - )F8;;

0 &;08= F40E4 1 >?B02: E0A80C8>=


>5 ?;08= F40E4

 G )F8;;

0B:4C >A 7>?B02: 0=3 708A2>A3 F40E4B 0A4


E0A80C8>=B >5 C74 ?;08= F40E4

)74 CF8;; F40E4 5>A<B 3806>=0; ;8=4B 02A>BB C74


501A82 )78B F40E4 8B DB43 C> ?A>E834 BDA5024
342>A0C8>= 6A40C4A F4867C 0=3 14CC4A 3A0?8=6
@D0;8CH 4AA8=6 1>=4 8B >=4 E0A80C8>= >5 CF8;;
F40E4

0 4AA8=61>=4 CF8;;

 
  

(0C8= >A B0C44= F>E4= 501A82B 70E4 F45C 0=3



F0A? H0A=B 5;>0C8=6 >= C748A BDA5024B )78B
A4BD;CB 8= B<>>C7 0=3 ;DBCA>DB 501A82B (0C44=
501A82B 0A4 C7>B4 F8C7 C74 F45C 50243 5;>0CB
(0C8=B 0A4 C7>B4 F8C7 C74 F0A? 50243 5;>0CB
)74B4 20= 14 2;40A;H B44= 85 4G0<8=43 D=34A
0 <82A>B2>?4

')#3#2#

&8;4 F40E4B 0A4 5>A<43 F74= 0338C8>=0; B4A84B


>5 F0A? 0=3 F45C H0<B 5>A< 0 ?8;4 >= C74
BDA5024 &8;4 H0<B <0H 14 2DC >A D=2DC 8= C74
501A82
>A3DA>H 0=3 E4;E4C 0A4 4G0<?;4B >5 2DC ?8;4
501A82B)4AAHC>F4;;8=68B0=4G0<?;4>5D=2DC ,45C :=8C 501A82B 70E4 A81B 02A>BB C74 501A82 ,0A?
?8;4501A82 :=8C501A82B70E4A81B 0;>=6C74;4=6C7>5C74501A82
)74B42>AA4B?>=3C>F0A?0=3F45CH0A=B8=0F>E4=
501A82

 
  
86   A0838=6
A>274C ;8:4 :=8CC8=6 BC0AC43 0B 0 ;48BDA4 02C8E8CH
5>A ;0384B C 8B F>A:43F8C7 >=4 2>=C8=D>DB H0A= A0838=6 >A ?;08C8=6 8B 0 ?A>24BB >5
;8:4 :=8CC8=6 8=C4AF40E8=6 >A 8=C4AF8=8=6 BCA8?B >5
501A82B 3806>=0;;H 0=3 ;4=6C7F8B4
)74A4 0A4 CF> 5>A<B >5 1A0838=6
 7>>: 8B DB43 5>A 5>A<8=6 C74 ;>>?B 8= CD1D;0A 0=3 5;0C A083 8B 0 =0AA>F
2>=CA0BC C> =443;4B DB43 8= :=8CC8=6 501A82 DB43 5>A CA8<<8=6 (><4
1A08343 501A82B 0A4 2>A3B 4;0BC82B
.,!&#0 0 A4=27 F>A3 <40=8=6 0 7>>: 8B>=4 A82:A02: 1A083B
>5 C74 40B84BC C4GC8;4 2>=BCAD2C8>=B C> F>A: C 0;B>
?A>3D24B C74 @D82:4BC A4BD;CB A>274C 8B =>C 0B
4;0BC820B:=8CC8=6C<0H14F>A:430B
4368=6B>A0B2>;;0AB143B?A403B2708A102:B 0%2%0%!/
0=3 3A4BB4B


1A08343
F>E4=
2A>274C43
 G0<8=4 C74< 20A45D;;H C> B44 C74 38554A4=C

86  A>274C 
C74 ?;08= F40E4 0=3 E0A80C8>=B
>5 C74 ?;08= F40E4
C74 CF8;; F40E4 0=3 E0A80C8>=B >5
C74 CF8;; F40E4
B0C8= 0=3 B0C44= F40E4B
F0A? 0=3 F45C :=8CC43 501A82B

.>DA C40274A F8;; 0BB8BC 8= C74 0AA0=64<4=C >5


C74B4 F8C7 C74 =424BB0AH =>C4B 8= H>DA ?A>942C
1>>:


1)).5

    


)74A4 0A4 CF> F0HB >5 2><18=6 581A4B C> ?A>3D24 501A82B
0 581A4B 501A82B
1 581A4B  H0A=B  501A82B
%=;H 581A4B  501A82B 0A4 20;;43 =>=F>E4= 501A82B
.0<B <0H 14 B8=6;4 ?;843 >A 201;43
&;843 H0A=B 0A4 BCA>=6 0=3 0A4 DB43 C> <0:4 A46D;0A 501A82B
01A82B <0H 14 <034 8 = B8<?;4 >A 2><?>D=3 BCAD2CDA4B
,>E4= 501A82B 70E4 CF> B4CB >5 H0A=B 8=C4A;0243 0C A867C 0=6;4B C> 4027 >C74A
,0A? H0A=B 0A4 ?0A0;;4; C> C74 B4;E4364 0;>=6 C74 ;4=6C7 >5 C74 501A82 ,45C
H0A=B 0A4 02A>BB C74 F83C7 > 5 C74 501A82 5A>< B4;E4364 C>B4;E4364
>A3B 4;0BC82 0=3 B7>4;024B 0A4 B><4 4G0<?;4B >5 1A08343 501A82B
)74A4 0A4 10B82 F40E4B
!=8CC8=6 0=3 2A>274C F4A4 >A868=0;;H ;48BDA402C8E8C84B 5>A ;0384B
!=8CC8=6 8B 3>=4 F8C7 CF> >A <>A4 =443;4B DB8=6 0 2>=C8=D>DB ;4=6C7 >5
H0A=
A>274C 8B F>A:43 F8C7 0 7>>: DB8=6 0 2>=C8=D>DB ;4=6C7 >5 H0A=


 #->15/$-+0518<-:

 
501A82B <?4A80; #4CA82

<4C7>3B >5CA0=B54AA8=6 ?0CC4A= <0A:8=6B >=C>  8=   <

 8=  <
 8=  <
$++/%*# ".%/
     

     

<=8;0<




31 7/><=;3,5,7/=0A=3506,=0;3,5<

      
)74544;0=31470E8>DA>50501A82F8;;
34C4A<8=48CBBD8C018;8CH5>AC740AC82;4>A
60A<4=CC>14 2>=BCAD2C43 027501A8270B
24AC08=270A02C4A8BC82B>5C74581A4F7827
34C4A<8=48CB?4A5>A<0=24C8B8<?>AC0=CC70C
C74=0CDA4>5C74501A828B5D;;HD=34ABC>>3B>0B
C>DB48CBD224BB5D;;H =38E83D0;B 0;B> DB4 501A82B C> 4=70=24 0=3
38B6D8B4 586DA4 540CDA4B  B;8< ?4AB>= <0H
1DH 0 B;867C;H 1D;:84A 501A82 C70= 0 740E84A
?4AB>= )44=064AB 20= 27>>B4 501A82B C70C 70E4
;0A64A ?A8=CB C70= C7>B4 5>A C>33;4AB  B7>AC
0=3 ?;D<? ?4AB>= <0H <0:4 DB4 >5 E4AC820;
BCA8?4B F78;4 C74 ?4AB>= F7> 8B C0;; 0=3 B;8<
<0H DB4 7>A8I>=C0; BCA8?4B


,74= 27>>B8=6 501A82B 2>=B834A 05C4A20A4 9DBC 0B <D27 0B F74= 1DH8=6 0 A403H<034 60A<4=C >A
0AC82;4 0 501A82 A4@D8A4B 3AH 2;40=8=6 >A 70=3 F0B78=6 8C F8;; 2>BC <>A4 8= C4A<B >5 C8<4 0=3
<>=4H  60A<4=C C> 14 F>A= >5C4= <DBC 14 <034 >5 <0278=4 F0B701;4 501A82
5 C74 60A<4=C 0AC82;4 34B86= A4@D8A4B CF> ?8424B >5 501A82 8C 8B 8<?>AC0=C C70C C74H B7>D;3 1>C7 14
3H450BC F0B701;4 0C C74 B0<4 C4<?4A0CDA4 >A C70C 1>C7 <0H 14 3AH2;40=01;4

">>: 5>A 50D;CB 0=3 30<064 F74= 1DH8=6 501A82B  501A82 B7>D;3 14 4E4=;H 3H43 &;083B >A >C74A
34B86=B C70C 0A4 ?A8=C43 >= C74 501A82 <DBC 14 =40C 0=3 D=1;DAA43 742: 20A45D;;H 5>A C74B4 34542CB
F7827 0A4 <0A:43 F8C7 BCA8=6B C7A403B 0=3 C0?4 >= B4;E4364B 5>A 40BH 834=C85820C8>= (><4 501A82
BC>A4B <0:4 0= 0;;>F0=24 >= C74 ;4=6C7 8= 2><?4=B0C8>= 1DC C74 2>=BD<4A B7>D;3 8=B8BC >= 0
50D;C;4BB ;4=6C7

01A82B 2><4 8= 0 F834 A0=64 >5 ?A824B B BD27 8C 8B =>C 03E8B01;4 C> 1DH C74 <>BC 4G?4=B8E4 >A C74
2740?4BC 501A82 C> <0:4 H>DA 58ABC 0AC82;4 60A<4=C  2740? 501A82 <0H 14 70A3 C> 2DC D=A0E4;B
C74 <8=DC4 H>D 2DC 8C B;8??4AH C> 70=3;4FA8=:;4B 40B8;H 0=3 >A 8B 385582D;C C> B4F
&A824B B7>D;3 14 =>C43 0=3 A40B>=B 5>A 38554A4=24 8= 2>BC 0??A4280C43 >A 8=BC0=24 CF> 2>CC>=
501A82B F7827 0??40A E4AH B8<8;0A 8= F40E4 2>;>DA 34B86= 0=3 F4867C <0H B7>F 2>=B834A01;4
38554A4=24B 8= ?A824 %= 8=E4BC860C8>= 8C <0H 14 5>D=3 C70C >=4 70B 0B?4280; 58=8B7 BD27 0B 3A8?
3AH >A 2A40B4A4B8BC0=C F78;4 C74 >C74A 70B =>=4 >A C74H <0H 14 >5 38554A4=C F83C7B

C 8B 0 6>>3 ?A8=28?;4 0;F0HB C> 1DH C74 14BC 501A82 C70C 20= 14 055>A343 0=3 C>A4<4<14A C70C 0 6>>3
2>CC>=8B ?A454A01;4 C> 0 <>A4 6;0<>A>DB 1DC B7>33H A0H>= >5 C74 B0<4 ?A824


0%2%0%!/

 >;;42C 501A82 2DCC8=6B B0<?;4B ;0A64A ?8424B F8;; 14 14BC 0=3 :44? C74< 8= 0 18C 106
)74B4 B0<?;4B F8;; 0BB8BC H>D 8= 608=8=6:=>F;4364 0=3 D=34ABC0=38=6 >5 C74 E0A8>DB CH?4B
>5 501A82B


 (CD3H C74 501A82 2DCC8=6B 5>A C4GCDA4 0=3 ?0CC4A= 34B86= &0BC4 8= H>DA ;>C78=6 &A>942C >>: 0
8=27 B@D0A4 B0<?;4 >5 4027 >5 C74 5>;;>F8=6 34B86=B 
F>E4=
?A8=C43
>=4F0H

44; C74 F4867C 0=3 2><?0A4 >=4 F8C7 0=>C74A
>;3 C74 501A82 2DCC8=6 8= H>DA 70=32ADB7 8C >?4= H>DA 70=3B B44 85 8C2A40B4B 0=3
85 3>4B 3>4B 8C A42>E4A >4B 8C 544; 70A3 >A B>5C

)AH C> BCA4C27 8C 0=3 B44 85


C74A4 8B ;8CC;4 >A => 68E4 0C 0;;

 
>A <>A4 F45C C7A403B F8C7 0 ?8= )0:4 7>;3 >5
C74 C7A403 0=3 ?D;; 64=C;H B;8??8=6 C74 <0C4A80;
0;>=6

.,+'+%
(><4501A82B142><42A40B43F74=C74H0A4
5>;343A>=8=68BC7458ABCBC0648=C74
?A4?0A0C8>=>5501A82)78B8B3>=410B820;;HC>
A4<>E42A40B4B0=34=BDA4BC74501A82;84B5;0C
>=C742DCC8=6 F>A:8=6C01;4

(7>D;3 C74 C7A403 1A40: 2>=C8=D4 2DCC8=6


0;>=6 C74 ;8=4 8C 70B <034 D=C8; C74 4=3 20= 14
?82:43 D? 0608= '4?40C C74 ?D;;8=6 0=3
0.'%&0#+'+% 2DCC8=6 B4@D4=24 D=C8; H>D A4027 C74 >C74A
B4;E4364 >;3 C74 501A82 8= 70;5 ;4=6C7F8B4
0=3 2742: 85 C74 2DC 4364 8B ;4E4; 5 C74 2DC
4364 3>4B =>C <44C 2>AA42C;H H>D F8;; C74=
=443 C> BCA0867C4= C74 6A08=
DC 0??A>G8<0C4;H  2 < 8=27 8=C> C74
B4;E4364 F8C7 B28BB>AB 0B B44= &82: D? >=4
 
#40BDA4<4=C 4@D8E0;4=CB 0A4 <>A4 DB45D; C70=
4G02C 2>=E4AB8>=

5 C74 <0C4A80; 8B A81143 2742:43 >A


F>E4= =>C ?A8=C F8C7 0 ?0CC4A= DB4
C78B 0B 0 6D834 5>A 2DCC8=6 5A>< >=4
B4;E4364 C> C74 >C74A 742: C74 <0C4A80;
C> B44 85 8C F8;; C40A 0??A>G8<0C4;H 
2< 8=27 5A>< C74 4=3 B=8? 8=C> >=4
B4;E4364 F8C7 B28BB>AB )40A B70A?;H C>
>??>B8C4 B834 C74= 2DC C74 B4;E4364
C74 501A82 C40AB 40B8;H A4?40C C74 C40A8=6
?A>24BB 0C >C74A 4=3

$0??43 >A ?8;4 501A82 B7>D;3 14 2DC >= 0


C7A403 *=A0E4; C7A403B >= C74 F45C 4364
D=C8; >=4 C7A403 20= 14 ?D;;43 >55 C74
F7>;4 F83C7 >5 C74 501A82

!/1.%*#

#40BDA8=6 8B 0 <40=B >5 4BC8<0C8=6 C74 0<>D=C 86  (42C8>= >5 C0?4 <40BDA4 B7>F8=6
>5 501A82 =44343 5>A C74 60A<4=C >A 0AC82;4 C> <4CA820=38<?4A80;<40BDA4B
14 2>=BCAD2C43#40BDA8=6 8B 0;B> =424BB0AH C>
4=BDA4 2>AA42C 58C 0=3 58=8B7 >5 C74 .'%*#
0AC82;4 60A<4=C )74 4@D8?<4=C DB435>A
<40BDA8=6 70E4 144=834=C858430=3 38B2DBB43 = 70?C4A  F4 834=C85843 C74 4@D8?<4=C
)74 C0?4 <40BDA4 8B C74 <>BC 5A4@D4=C;H DB43 5>A <0A:8=6 0=3 C748A DB4B ,74= ?A4?0A8=6
5A>< C74 ;8BC >5 <40BDA8=6 4@D8?<4=C 501A82 DB4 C74B4 ?8424B >5 4@D8?<4=C C> <0A:
>;;>F8=6 8B 0 C01;4 >5 B4F8=6<40BDA4<4=CB 2DCC8=6 0=3 BC8C278=6 ;8=4B 0=3 0??;H 34B86=B
F7827BCD34=CBDBD0;;H 58=3 385582D;CH 8= >=C> 501A82
;>20C8=6 >= C74 C0?4 <40BDA4(><4 >5 C74B4
<40BDA4<4=CB 70E4 144= 834=C85843 >= C74 C0?4
<40BDA4 5>A 5DAC74A 2;0A85820C8>=

 
C74 CA028=6 F744; 0=3 3A4BB<0:4AB 20A1>=
>A C08;>AB 270;: >A ?4=28; 8B DB43 20A4 <DBC 14
C0:4= C> 4=BDA4 C70C => <0A:8=6 8B E8B81;4 >=
C74 A867C B834 >5 C74 60A<4=C 0AC82;4 F74=
2><?;4C43 ?8=B 0A4 DB43 DB4 C74 A867C
B8I4 5>A C74 501A82 C4GCDA4 >0AB4 ?8=B DB43
C> <0A: 0 58=4 501A82 F8;; ;40E4 7>;4B 8= C74
501A82 4 BDA4 C> DB4 3A4BB<0:4AB BC44; ?8=B
F8C7 B70A? ?>8=CB 0B >C74A ?8=B 14=3 40B8;H
(8I4B A0=64 5A><  2<

100%*#

/8

!44? C74 1>CC>< >5


C74B740ABC>D278=6C74C01;4 F78;42DCC8=6

 
,40A 0 C78<1;4 4B?4280;;H F74= B4F8=6
58A< 501A82B C> ?A>C42C C74 58=64A C8? 5A><
*B8=6 501A82 2DCC8=6B 5A>< H>DA 18C 106
148=6 ?84A243 C 0;B> 74;?B C> <0:4
?A4?0A4 0 B0<?;4 >5 4027 BC064 8= C74
B C 8 C 2 7 4 B A46D;0A
BCA0867C4=8=6 >5 F>E4= 501A82 DB8=6 C74
3A0F= C7A403 <4C7>3 #>D=C C74 B0<?;4B ,>A: >=4 BC8C27 0C 0 C8<4 C> ?A4E4=C C74
8= H>DA ;>C78=6 &A>942C >>: C7A403 5A>< :=>CC8=6 0=3 C> 74;? 4=BDA4
BCA0867C BC8C278=6 5 C74BC8C278B 8=2>AA42C;H
(:4C27 0 5AD8C >A E464C01;4 >= 0 ?8424 >5
F>A:43 8C 8B 40B84A C> D=?82: >=4 BC8C27
?0?4A
8=BC403 >5 B4E4A0; BC8C274B
 E>83 ?D;;8=6 BC8C274B C>> C867C 0B C78B
*B8=6 0 ?;08= ?8424 >5 501A82 ?8= 0=3 2DC 20DB4B ?D2:4A8=6
>DC C74 5AD8C >A E464C01;4 DB8=6 C74
,74= C7A4038=6 C74 =443;4 5>A B4F8=6 8C
8=5>A<0C8>= ?A>E8343 >= C74 2DCC8=6 >DC >5
B7>D;3 14 C7A40343 F8C7 C74 4=3 ;45C >=
501A82
C74 A44; 0=3 C78B DB43 0B C74 B7>AC4A >5 C74
 &0BC4 C74 2DC>DC ?0CC4A= 8=C> H>DA CF> ;4=6C7B >5 C7A403 = C78B F0H C74
;>C78=6 ?A>942C 1>>: C7A403 F8;; 14 DB43 8= C74 B0<4 38A42C8>= 0B
C70C 8= F7827 8C 70B 144= CF8BC43 8C F8;; 14
;4BB ;8:4;H C> :=>C >A 5A0H
/'!/0'0!&#/

   
   
 
7>>B4C74A867CCH?4>5C7A4030=3C74A867C CH?4>5
=443;4 270=64C74=443;4 85 =424BB0AH  B70A?
(4;42C C74 2>AA42C BC8C27 5>A C74 F>A: C> ?>8=C=443;48BA42><<4=3435>AB4F8=6F>E4=
14 3>=4 501A82B0 10;;?>8=C5>A:=8CB0=30F4364?>8=C5>A
;40C74AB0=3E8=H;B

0BC4= >= 0=3 >55 B42DA4;H

 
$40C4=8=6


#!,.0'2# 0A4 DB43 C> 68E4
0=3 >A 033 0 2>;>DA5D; 58=8B7 C> 0 60A<4=C >A
#*-,..5 0A4 DB43 C> :44? ;0H4AB 0AC82;4 (><4 =40C4=8=6 BC8C274B BD27 0B ;>>?
>5 501A82 C>64C74A C4<?>A0A8;H 05C4A ?8==8=6 BC8C27 0=3 74AA8=6 1>=8=6 20= 0;B> 14 DB43
)74H 0A4 A4<>E43 05C4A C74 ?4A<0=4=C BC8C27 8B 0B 342>A0C8E4 BC8C274B #0C278=6 >A
F>A:43*B4 0 2740? 0=3 2>=CA0BC8=6 C7A403 B> 2>=CA0BC8=6 C7A403B <0H 14 DB43
0B C> <0:4 8C 40BH C> A4<>E4

'%,+) 0!('+% 8B DB43 C>7>;3 "8BC C74 1A0=3 =0<4B >5 =0CDA0; 0=3
;0H4AB >5 501A82 58A<;H C>64C74A F8C78= BH=C74C82 C7A403B 0E08;01;4 8= H>DA
0= 0A40C :44?B C74 501A82 5;0C F74A4 0 2>D=CAH
A>F >5 C02:8=6 2>D;3 20DB4 0 A8364
&0BC4 B8G  38554A4=C CH?4B >5 70=3
'),./ 0!('+% 8B DB43 5>A B4F8=6 =443;4B 8= H>DA ;>C78=6 &A>942C
CA0=B54AA8=6 <0A:8=6B 5A>< 0 ?0?4A >>: 0=3BC0C4 C74 DB4 >5 4027
?0CC4A= D=C> 3>D1;4 ;0H4AB >5 501A82 *B4
8C C> <0A: B40< ;8=4B 30ACB CD2:B 0=3 $0<4 0=3 B:4C27 C4=   342>A0C8E4
>C74A 2>=BCAD2C8>=BH<1>;B BC8C274B

?A4E4=C8=6 A0F 4364B 5A>< 5A0H8=6


)7A403


)74 502C>AB C> 2>=B834A F74= 27>>B8=6 501A82B 0A4
C74 0AC82;4 C> 14 <034
C74 20?018;8CH >5 C74 ?4AB>= DB8=6 C74 501A82
501A82 C4GCDA4
34B86= >= C74 501A82
8=38E83D0; ?A454A4=24
C74 >220B8>=

01A82B 0A4 0E08;01;4 8= 38554A4=C F83C7B F7827 BD664BC C748A 4=3 DB4B
C> ?A4?0A4 501A82B 5>A B4F8=6 F4 <DBC 
8A>= C> A4<>E4 2A40B4B

<40BDA4 A4@D8A43 0<>D=CB


CA0=B54A ?0CC4A= <0A:8=6B
2DC >DC DB8=6 B70A? 2DCC8=6 B740AB
(C8C274B <0H 14 C4<?>A0AH >A ?4A<0=4=C C74 =0<4B BD664BC C748A DB4B

&4A<0=4=C BC8C274B 0A4 9>8=8=6102:BC8C27 <0278=8=6 >E4AB4F8=6


$40C4=8=6 BC8C274B 0A4 74<<8=6 I86I06 BC8C278=6 > E 4 A 2 0 B C 8 = 6  0=3
74AA8=61>=8=6


-:1/56369

.!0%*#5+1. +3* !/%#*

HC744=3>5C78B270?C4AH>DB7>D;3:=>F
7>F C> 2A40C4 B8<?;4 34B86=B 5>A
342>A0C8E4 ?A>942CB
C> 4G?;>A4 H>DA 4=E8A>=<4=C 5>A 8340B
5>A 34B86= 0=3 2>;>DA
10B82 2>;>DA ?A8=28?;4B
4@D8?<4=C 0=3 C7A403B DB43 5>A
4<1A>834AH
10B82 6A>D?B >5 4<1A>834AH BC8C274B
7>F C> F>A: 10B82 4<1A>834AH BC8C274B

     $" %$$  "

86  
>;38=6
?0?4A

B2A0?1>>:5>ADB4;0C4ADC?0?4A34B86=B<0H )40274AB>50AC20=140B:435>A0BB8BC0=248=
14DB43>=CA0H2;>C7B?8;;>F20B4BC>F4;BC01;4 0AA0=64<4=CB >5 B70?4B C>02784E42>AA42C
=0?:8=B0=3<0C278=6C01;42;>C7B4<1A>834A43 ?A>?>AC8>=B>5;8=45>A<0=310;0=244BB4=C80;
?82CDA4B
4;4<4=CB8=034B86=

#/'%+'+% 3'0& )'+#/ +" /&-#/


#/'%+'+% $.,* +01.#

G0<?;4>58340B5A><=0CDA4

0B82 B70?4 A4?40C43 C> 5>A< 34B86=B

";,.=3.0 /;,@371=20678=371/0=,35<

0;5 3A>?


,+/'"#. !,),1. ,),1. '+ +01.#
">>:0A>D=3 0C >DA =0CDA0; 140DC84B )74 A08=
1>F 18A3B 5;>F4AB 0=3 5AD8CB 8= 0 E0A84CH >5
2>;>DAB ;40E4B CA44B >5 38554A4=C B7034B 0=3
C>=4B $0CDA4 70B ?A>E8343 DB F8C7 ;>CB >5
8340B 5>A 2>;>DA BB02 $4FC>= 38B2>E4A43 0=3
4G?;08=43 7>F F4 B44 C74B4 2>;>DAB 0B 0 A4BD;C
>5 ;867C 5 F4 0A4 =>C B:8;;43 8= 2><18=8=6
2>;>DAB BD224BB5D;;H F4 20= B?4=3 B><4 C8<4
>1B4AE8=6 =>C4 C74 38554A4=C 7D4B
C>=4B C8=CB 0=3 B7034B C F8;; 14 DB45D; C>
70E4 B><4 2>;>DA8=6 <0C4A80; 8= >A34A C> 2>?H
C74 4G02C 2>;>DAB 5A>< =0CDA4 )74 2>;>DA
0AA0=64<4=C 8= 0 B<0;; 0A40 20= ?A>E834
4=>D67 8340B 5>A C74 2>AA42C 27>824 >5 2>;>DAB
5>A C7A403B 501A82 ?8424B 0=3 >C74A2>;>DA
B274<4B 5>A 34B86=B

86  >;>DAF744;


 
,),1.'+ .0 A4424 0=3 '><4 703 4<1A>834A43 1>A34AB
=284=C =380 0=3 &4AB80 34E4;>?43 34;820C4
)74 0AC8BC DB4B ?86<4=CB C> 4G?A4BB 2>;>DA )74B4 34B86=B 8= A827 2>;>DA C C74 1468==8=6 >5 C74
2>;>DAB 0A4 A40;;H 8<8C0C8>=B >5 C74 >=4B B44= 8= C7 24=CDAH E4BC<4=C 0=3 27DA27 70=68=6B
=0CDA4 )74 >=;H CAD4 2>;>DAB 0A4 C7>B4 >5 C74 F4A4 ;0E8B7;H 4<1A>834A43
B?42CAD< 0B B44= 8= 0 A08=1>F )74 2>;>DA F744;
C7
>A 28A2;4 8B 0 B8<?;4 <4C7>3 DB43 8= 0AC C> 4G?;08= = C74 24=CDAH A0=24 B> ?A8I43 B:8;;43
2>;>DA 4<1A>834AH C70C <4= 0=3 F><4=703 C> B4AE4 0=
 1;4=3 >5 CF> 039024=C 2>;>DAB F8;; ?A>3D24 0??A4=C824B78? >5 4867C H40AB 145>A4 40A=8=6 2A05C
(42>=30AH 2>;>DAB A42>6=8C8>= ,74= C74 &8;6A8<B 0=3 >C74A
=6;8B7 2 >;>=8BCB 20<4 C> <4A820 C74H
1A>D67C B0<?;4B 5A>< C748A 7><4;0=3 0=3
;0C4A 34E4;>?43 C748A >F= 4<1A>834AH 34B86=B
= 4<1A>834AH <0278=4 F0B 8=E4=C43 0A>D=3
  0=30B0A4BD;C2><<4A280;?A>3D2C8>=>5
70=3<034 4<1A>834AH ;0A64;H 342;8=43
)74B4 2>;>DAB 0A420;;43 7D4B 1;D4
)74 ;867C=4BB >A 30A:=4BB >5 0 2>;>DA 8B
A454AA43 C> 0B 8CB 0,+# )>30H C74A4 0A4 >E4A C7A44 7D=3A43  
38554A4=C 4<1A>834AH BC8C274B )78B <0H B44=
,74= C74 7D4 8B <8G43 F8C7 1;02: 8C ?A>3D24B
0;0A<8=6 0C 58ABC 1DC F74= 8C 8B A40;8B43 C70C C74 0AC
0 /&"# >5 C70C 7D4 ,74= 8C 8B <8G43 F8C7 >5 4<1A>834A8=6 F8C7 C74 =443;4 1460= 0B 40A;H 0B
F78C4 0 C8=C >5 C74 7D4 8B ?A>3D243 A4H43 C74 "0:4 F4;;4AB 0=3 B?A403 0=3 34E4;>?43
2>;>DAB 0A4 ?A>3D243 F74= 1;02: 0=3 F78C4 0A4 C7A>D67>DC C74 F>A;3 C74= 8C 8B =>C BDA?A8B8=6 C70C
03343 C> 7D4B )78B 4G?;08=B F7H F4 B44 C74A4 8B B> ;0A64 0 2>;;42C8>=
38554A4=C B7034B >A 2>;>DAB 0B F4 F>D;3
=>A<0;;H B0H >5 0 ?0AC82D;0A 501A828= BC>A4B >C7 70=3 0=3 <0278=4 4<1A>834AH 0A4 BC8;;
F4 0A4 C> DB4 C74B4 2>;>DAB BD224BB5D;;H 8= >DA 0224?C01;4 <40=B >5 501A82 342>A0C8>= 1DC
34B86= F4 F8;; 70E4 C> ;40A= F7827 2>;>DAB F8;; 1420DB4 >5 C74 4<?70B8B >= <0BB ?A>3D2C8>=
5>A<6>>3 1;4=3B >A 2>=CA0BCB <0278=4 4<1A>834AH 8B <>A4 >5C4= DB43 C 8B
DB43 C> 342>A0C4 C01;4 0=3 143 ;8=4=B 27DA27
%DA 0AC ;4BB>=B F8;; ?A>E834 4G4A28B4B F7827 20= E4BC<4=CB F><4=B 0=3 278;3A4=B 2;>C78=6 C>
74;? 8= 34E4;>?8=6 C74B4 B:8;;B <>=>6A0< C>F4;B 70=3:4A27845B B78ACB 0=3
1;>DB4B 0=3 C> <0:4 B;44E4 8=B86=80 BD27 0B C7>B4
DB43 1H C74 0A<43 5>A24B
).+% !.5
'/0,.5 ,$ #* .,'"#.5
<1A>834AH 8B >=4 >5 C74 >;34BC 5>A<B >5 501A82
342>A0C8>= B 40A;H 0B C74 "0:4 F4;;4AB
B8<?;4 4<1A>834AH F>A: F0B 3>=4 1>DC
 H40AB 06> 60A<4=CB 5A>< 0=284=C 6H?C
 
).+% !.5 0$.! * 501A82B 74=8;;4 =443;4B 0A4 ;>=64A 0=3 C782:4A
0=3 70E4 ;0A64A 4H4B C70= 2A4F4; =443;4B F7827
!-1%,)!*0 <0:4 C74< BD8C01;4 5>A DB4 F8C7 740E84A C7A403B
0=3 501A82B

###"#
<1A>834AH C7A403B 0A4 0E08;01;4 8= 0 F834 A0=64
>5 F4867CB 0=3 2>;>DAB )74 <>BC 2><<>= )74B4 B7>D;3 14 B70A? F8C7 ?>8=C43 1;034B C>
C7A403B 0A4 <034 5A>< 2>CC>= 0=3 F>>; 1DC ?DA4 ?4A<8C 40BH CA8<<8=6 0F0H >5 C74 4G24BB 501A82
B8;: ;8=4= BH=C74C82 0=3 <4C0;;82 C7A403B 20= 8= 2DC F>A: 0B F4;; 0B 5>A B=8??8=6 C74
0;B> 14 DB43 (><4 C7A403B 0A4 C867C;H CF8BC43 C7A403B
0=3 20==>C14 38E8343 F78;4 >C74AB 0A4 <034 D?
>5 B4E4A0; BCA0=3B F7827 20= 14 B4?0A0C43 C> 68E4
0 58=4A C7A403 )74 BCA0=3B 20= 14 ?DC C>64C74A C> .*/"!..%*# * 0.%*#
68E4 38554A4=C F4867C 0=3 2>;>DA 2><18=0C8>=B
(><4 C7A403B 0A4 =>C 2>;>DA 50BC 74=24 85 C74
!/%#*/
4<1A>834A43 0AC82;4 8B C> 14 F0B743 4=BDA4
2>;>DA 50BC C7A403B 0A4DB43 =27>A &40A; 0=3 $"#"#
& >0CB 0A4 ?>?D;0A 1A0=3 =0<4B >5 2>CC>=
4<1A>834AH C7A403B )74A4 0A4 CF> CH?4B >5 2><<4A280; CA0=B54AB
B8=6;4 8<?A4BB8>= 0=3 C74 <D;C8 ?A8=C )74
B8=6;4 8<?A4BB8>= 20= 14 DB43 >=;H >=24 F78;4
""' C74 <D;C8?A8=C 20= 68E4 0B <0=H 0B 4867C
8<?A4BB8>=B &;024 C74 CA0=B54A 8= C74 ?>B8C8>=
>C7 70=3 0=3 <0278=4 4<1A>834AH F8;; 14 F74A4 C74 4<1A>834AH 8B C> 14 F>A:43 5024
<>A4 BD224BB5D; 85 C74 501A82 8B 74;3 C0DC 8= 0= 3>F=F0A3B >= C74 501A82 40C C74 8A>= C>
4<1A>834AH 7>>? 8B =>C >=;H 40B84A C> 70=3;4 C74 C4<?4A0CDA4 A4@D8A43 0=3 ?A4BB >E4A C74
1DC C74 BC8C274B F8;; 14 <>A4 A46D;0A 0=3 CA0=B54A5>A 0 54F B42>=3B C> A4;40B4 C74 8=:
38BC>AC8>= >5 C74 501A82 F8;; 14 :4?C C> 0
<8=8<D< C74 4<1A>834AH 8B C> 14 F>A:43
>E4A 0 ;0A64 0A40 C74= C74 7>>? 20= 14 40B8;H
$"
<>E43 0;>=6 C74 501A82 05C4A 0 ?>AC8>= >5 C74 )78B <4C7>3 8B DB43 5>A CA0=B54AA8=6 34B86=B
BC8C278=6 70B 144= F>A:43 5A>< ?0?4A C> 501A82 C 8B 3>=4 F8C7 C74 DB4 >5
CA028=6 ?0?4A 0=3 ?4=28; &;024 C74 CA028=6
?0?4A 5024 3>F=F0A3B >= C74 501A82C74= ?;024
# C74 3A0F8=6 >A CA028=6 >5 C74 34B86= >= C>?
A0F >E4A 0;; ;8=4B F8C7 0 B70A? ?>8=C43
A4F4; 0=3 74=8;;4 =443;4B 0A4 A42><<4=343 ?4=28;
5>A 70=3 4<1A>834AH 0B C74H 70E4 ;0A64A 4H4B
4=4A0; 'D;4B5>A,>A:8=6<1A>834AH
C70= >A38=0AH =443;4B C> 022><<>30C4 0 C782:4A
C7A403 A4F4; =443;4B 0A4 <438D< ;4=6C7 0=3 %=;H F4;; <034 60A<4=CB >A 0AC82;4B B7>D;3 74
BD8C01;4 5>A F>A:8=6 F8C7 58=4 0=3 <438D< F4867C 4<1A>834A43

 
)74 34B86= <DBC 74 BD8C01;4 5>A C74
501A82 0=3 0AC82;4 60A<4=C
$4E4AF>A:4;01>A0C434B86=B>=?>>A
@D0;8CH501A82B
;F0HB DB4 2>;>DA 50BC C7A403B 85 C74
0AC82;4

,0B7 1H B@D44I8=6 64=C;H

(@D44I4 1H 70=3 0=3 ;40E4 C> 70;5


3AH

86 <1A>834AH BC8C274B


0 %DC;8=4 BC8C274B

       

)74 =0<4B >5 B><4 6A>D?B 0A4

!=>F;4364 >5 34B86= 0=3 2>;>DA CF> C>?82B


0;A403H 38B2DBB43 20= =>F 14 5D;;H DC8;8I43
C> ?A>3D24 8=C4A4BC8=6 501A82 58=8B74B DB8=6


4<1A>834AH BC8C274B 027 4<1A>834AH BC8C27 20=
14 0 34B86= 8= 8CB4;5 0=320= 14 E0A843 C> ?A>3D24
<0=H ?;40B8=6 A4BD;CB %=24 H>D 70E4 02@D8A43
C74 B:8;; >5 F>A:8=6 4<1A>834AH BC8C274B
BD224BB5D;;H C74= 4G?4A8<4=C F8C7 C74< 4A4
0A4 B><4 B8<?;4 <4C7>3B H>D 20= DB4

A40C4 0 1>A34A 34B86= 1H A4?40C8=6 C74


BC8C27 8= A>FB
%=24 C78B 8B 02784E43 2DC 0=3 0AA0=64
501A82 4=3B >= C> C74 102:6A>D=3 501A82

BC8C278=6 20= 14 342>A0C8E4 0=3 70=3


F>A:43>A BC8C2743 1H <0278=4
5DAC74A 4<1A>834AH F>A: 20= 14 3>=4 1H
0338=6 ;8=4B 0=3 B>;83 ?8424B D=C8; C74
?82CDA4 >A 34B86= 8B 2><?;4C43
3> =>C 2>=58=4 4<1A>834AH C> ;8=4B 0A>D=3
C74 4364B >5 B70?4B A0C74A ;4C 8C 14 ?0AC
>5 C74 34B86= ;8=:8=6 ?8424B C>64C74A 0=3
4<?70B8B8=6 >C74AB C> 2A40C4 0 70A<>=8>DB
F7>;4 =>C 9DBC 0 B4A84B >5 8B>;0C43
B70?43 >DC;8=43 F8C7 342>A0C8E4 BC8C274B

4,!.%)!*0%*#3%0$".%!* /

)74 C427=8@D4 >5 DB8=6 501A82 4=3B C> 342>A0C4


60A<4=CB 0=3 7><4 5DA=8B78=6B 8B :=>F= 0B
0??;8@D4 >A0??;843 F>A:43 #>C85 2DC 5A>< >=4
?8424 >5 501A82 8B BC8C2743 >= C> 0 102:6A>D=3
501A82 C> ?A>3D24 0 342>A0C8E4 45542C


1)).5

)74 F0HB >5 2A40C8=6 34B86=B 0A4


1H 5>;38=6 ?0?4A 0=3 2DCC8=6 B70?4B >= C74 4364B >5 5>;3B
1D8;38=6 D? 34B86=B 5A>< B8<?;4 B70?4B

)74CF>C74>A84B>52>;>DA 0A4

A4BD;C >5 ;867C


C74 0AC8BC82 C74>AH 0B A4?A4B4=C43 >= C74 %BCF0;3 >A 2>;>DA 28A2;4

;>>?43 BC8C274B

)70C 0??;8@D4 8B 0=>C74A 5>A< >5 501A82 342>A0C8>= C 8=E>;E4B C74 DB4 >5 501A82 4=3B
0;>=6 F8C7 4<1A>834AH BC8C274B



;8@D83C70C?A4E4=CB C746A>FC7>564A<B>A102C


#.' #.'
?A>;>=643 ?4A8>3

C> <8G 8=6A4384=CB C7>A>D67;H

544;8=6 >A <4BB064 B4=C 1H C74 1>3H

8B C74 2>>:8=6 >5 5>>3 8= A0?83;H 1D11;8=6 ;8@D83 F7827 8B ;0C4A


;>F4A43 C> B8<<4A8=6 ?>8=C

A454AB C> F>E4= >A ?;08C43 5 0C A>D=3 >A CD1D;0A =0AA>F 501A82B

BD1BC0=24B DB43 8= B>0? ?>F34AB C> <0:4 C74< 4558284=C 0B 0 34C4A64=C

A43 ?08=5D; BF4;;8=6 0C C74 10B4 >5 C74 186 C>4 F8C7 C74 C782:4=8=6>5
C74 B:8=

0 ?A>24BB >5 ?0BB8=6 501A82B 14CF44= >=4 >A <>A4 740C43 A>;;4AB

0 ?;08= F>E4= D=58=8B743 2>CC>= 501A82

0 2;>B4;H F>E4= 2>CC>= 501A82 20;4=34A43 C> 02784E4


0 78676;0I43 58=8B7

*,1$)%#
 F0H >5 <0:8=6 >=4B ;8E8=6


0 B?4280; 540CDA4 4=BDA8=6 C70C 2>;>DAB 3> =>C =>C82401;H
270=64 3DA8=6 C74 =>A<0; ;854 >5 C74 60A<4=C )74 2>;>DA
B7>D;3 =>C 5034 8= ;0D=34A8=6 >A 3AH 2;40=8=6

0 ?;40B8=6 2><18=0C8>= >5 2><?;4<4=C0AH 2>;>DAB


0 ?A>24BB 5>A A4<>E8=6 0;; B7>AC 581A4B 0=3 8<?DA8C84B
5A>< 2>CC>= C70C 70B 144= 20A343

BD1BC0=24 C70C 0;;>FB 740C >A 4;42CA828CH C> ?0BB C7A>D67


8C 40B8;H
?>CB 0=3 ?0=B DB43 5>A 2>>:8=6 0=3 10:8=6

;40A=8=6 7>F C> F>A: F8C7 4027 >C74A

0 70A3 C782: ?08=5D; 6A>FC7 >5 B:8= >= 0C>4 DBD0;;H


20DB43 1H F40A8=6 0 C867C B7>4

0 D=8C >5 <40BDA4 DB43 C> 34=>C4 C74 58=4=4BB >A2>0AB4=4BB >5 0 H0A=

0 5>;343 ;8=4 ?A4BB43 8=C> C74 501A82

0 58=8B7 C70C <8=8<8B4B C74 C4=34=2H >5 501A82B C> 2A40B4


0=3 74;?B C74< C> B743 FA8=:;4B

0 501A82 CA8<<8=6 >A ;024 <034 1H 8=C4A;>2:8=6 BD224BB


B8E4 ;>>?B >A BC8C274B F8C7 0 7>>: >A =443;4

C74 6A08= >5 C74 501A82 C70C AD=B 5A>< B4;E4364 C> B4;E4364
0C A867C 0=6;4B C> C74 ;4=6C7F8B4 6A08=

0 B8<?;4 6D834;8=4 5>A ?;0==8=6 =DCA8C8>DB <40;B 0=3


B=02:B 0=3 5>A 9D368=6 5>>3 27>824B 5>A >=4 30H
C8=H ?0AC82;4B >5 3403 B:8= F7827 2>;;42C >= C74 B20;?
0=3 A>>CB >5 C74708A

#!'/',+

0 CF8;; 501A82 DBD0;;H <034 5A>< 2>CC>= C 8B40B8;H A42>6=8B43 1H 8CB


CA038C8>=0; 8=386>1;D4 2>;>DA F0A? 0=3 6A0H >A <>CC;43 F78C4 58;;8=6 0=3
8CB ;45C 70=3 CF8;;5024 

<=89< 8; .8?0;< >9 -,/ <6055< 87 -8/B 01 /08/8;,7= <,5?0 53:>3/
#,",.+0/

#-,.0*#+0

#.*'/  C74 CAD4 >A 8==4A B:8=

#0#.%#+0/  C74B4 BD1BC0=24B F7827 02C F8C7 F0C4A C> <0:4 0AC82;4B

#2'!#/  C>>;B >A ;0A64 ?8424B >5 4@D8?<4=C F7827 0A4 DB43 C>
2><?;4C4 C0B:B @D82:;H

0=3 BD60AB 3D4 C> C74 ?A>3D2C8>= >5 8=BD558284=C 8=BD;8=


B 0 A4BD;C <>A4 6;D2>B4 8B ?A4B4=C 8= C74 1;>>3

'.0  C78B 8B 58G43 3DBC 0CC02743 C> 0AC82;4B >A BDA5024B 1H F0C4A

'/!&.%#/  B><4C78=6 C70C 8B 68E4= >55 >A ?A>3D243 1H F>D=3B 8=

'/&#/  <8GCDA4B >5 5>>3B ?A4?0A43 5>A 40C8=6 (><4 0A4 B4AE43
2>>:43 F78;4 >C74AB 0A440C4= A0F

14 2><?;4C43 8= C74 B7>AC4BC C8<4 ?>BB81;4

F8C7>DC FA8=68=6 0A4 7D=6 C> 3A8?3AH 0A<4=CB 3A843


C78B F0H 70E4 0 <8=8<D< >5 FA8=:;4B 0=3 =443 ;8CC;4 >A => 8A>=8=6

1/0  C8=H ?0AC82;4B 5>D=3 >= C74 BDA5024 F7827 20= 141;>F=
01>DC 1H F8=3 0=3 F7827 B 4 C C ; 4 >= BDA5024



B><4>=4 F7> <0=064B 6>>3B 0=3 B4AE824B

0 <8GCDA4 >5 ;8@D83B BD27 0B >8; 0=3 F0C4A 8= F7827 E4AH


58=4 3A>?B >5 >=4 BC0H 4E4=;H B20CC4A43 C7A>D67>DC C74
>C74A
DA68=6 ?4AB>= C> 3> <>A4

?4AB>=B >A >1942CB 0A>D=3 H>D

8=2834=CB F7827 05542C H>D ?4AB>=0;;H 48C74A C7A>D67


>1B4AE0C8>= >A 2>=C02C

=0CDA0; 9D824B 5>D=3 8= <40C F7827 38BB>;E4 3DA8=6 2>>:8=6


0=3 68E4 <40C 8CB 270A02C4A8BC82 5;0E>DA
;0A64 BC8C274B 4@D0;;H B8I43 0=3 B?0243 DB43 5>A 7>;38=6 CF> >A <>A4
?8424B >5 501A82 C4<?>A0A8;H C>64C74A

0=H F>E4= :=8CC43  ?;08C43 1A08343 54;C43 >A =>=F>E4= <0C4A80; <034
>5 581A4B >A H0A=B
<4BB064 >A 544;8=6 38B?;0H43 >= C74 5024

?0A4=CB 0=3 278;3A4= 5>A<8=6 0 7>DB47>;3

=0CDA0; >A <0=  <034 BD1BC0=24B DB43 C> 5>A< C74 H0A=B >5 501A82B

20= F8C7BC0=3 C74 740C >5 5;0<4B

20=F8C7BC0=3C74740C>55;0<4B


)** )#

,,"

8B C74 AD118=6 >5 CF> BDA5024B C>64C74A

#)0'+'6# 20?01;4 >5 5>A<8=6 0 64;

C74 38A42C8>= >5 501A82 C7A403B )74 H0A=B AD==8=6 ?0A0;;4; C> C74
B 4 ; E 4 3 6 4 5>A< C74 ;4=6C7F8B4 6A08= C74 H0A= AD==8=6 5A><B4;E4364 C>
B4;E4364 5>A< C74 2A>BBF8B4 6A08=

0 ?>;8B743 0??40A0=24 5A>< 7403 C> C>4

C74 F0H 8= F7827 H>D 20A4 5>A H>DA ?4AB>= 46 708A =08;B 4C2



)'0'+%

)1* '+%

)5 5.+

,!&'+%

.#-.#-.0',+

#)0',+/&'-


8<?DA8C84B 5>A<8=6 0C C74 BDA5024 >5 0 ;8@D83

!1.25

7>F >=4 B44B 78< 74AB4;5

#)$!,+$'"#+!#

C> C78=: 7867;H >5 >=4B4;5

0 =0AA>F C867C;H F>E4= 4364 >= C74 ;4=6C7F8B4 6A08= >5 C74 501A82

C8<4 B?0= F8C78= F7827 5>>3B B7>D;3 14 DB43 5>A 14BC A4BD;C

'**#.'+% 2>>:8=6 5>>3 0C 0 C4<?4A0CDA4 9DBC 14;>F 1>8;8=6 ?>8=C

C74 018;8CH C> ?4A5>A< 0 9>1

1;02: ?>F34AH BD1BC0=24 5>A<43 1H 1DA=8=6 F>>3

38B2>;>DA0C8>= 5>D=3 >= 501A82B >A 0AC82;4B

BC0A27H 5>>3B F7827 5>A< C74 <08= ?0AC >5 ?4AB>=B 384C

340C7 >A 2>=38C8>= >5 4GCA4<4 7D=64A

C74 DB4 >5 2;>C78=6 C> 834=C85H >DA 9>1 A4;868>= 0=3 >C74A
6A>D?B >A60=8B0C8>=B C> F7827 F4 14;>=6

C> B>0: 8= ;8@D83

0 38A42C8>=>5C74CF8BC8=H0A=B5A><C>?;45CC>1>CC><A867CA4B4<1;8=6
C74;>=6BCA>:4>5C74;4CC4A(

8B 0 ?8424 >5 4@D8?<4=C F7827 8B DB43 C> 3A0F 8= 3DBC 0=3 B<0;;
?0AC82;4B >5 38AC


#401.# C74 @D0;8CH >5 C74 BDA5024 >5 0 60A<4=C

C74 3DA0C8>= >5 C74 8=C4AE0; F74= 02C8E8C84B >22DA

.'0/ 270A02C4A8BC82B >A 0= 0B?42C >5 1470E8>DA

+"#.+10.'0',+ C74 2>=38C8>= C70C A4BD;CB F74= C74 1>3H A4248E4B


C>> ;8CC;4 >5 >=4 >A <>A4 =DCA84=CB

#.*'+ 70A<5D; >A D=?;40B0=C 0=8<0;B 0=3 ?0A0B8C4B

,%1# C74 ?A4E08;8=6 50B78>=

.- C74 ;4=6C7 F8B4 C7A403 8= F>E4=501A82

#2#

#$0 C74 F83C7 F0HB C7A403 8= 0 F>E4= 501A82

'"0& C74 7>A8I>=C0; <40BDA4<4=C >5 0 ?8424 >5 501A82

0 =0CDA0;;H >22DAA8=6 <8=4A0; 5>D=3 8= 0 F0C4A B>5C4=8=6


#,)'0# ?;0=C 0=3 58;;8=6 ?82:B ?4A 8=27 8= 0=H 501A82 C70C 70B 144=
F>E4= C 8B 0;B> DB43 C> <40= C74 58=8B7 0=3 0??40A0=24
>5 C74 2;>C7 5>A B0;4 >E4A C74 2>D=C4A >A  C74 58=8B743
  03'/0 60A<4=C BC0C4
0 38A42C8>= >5 C74 CF8BC 8= H0A=B 5A>< C>? A867C C> 1>CC><
;45C A4B4<1;8=6 C74;>=6BCA>:4>5C74;4CC4A/



You might also like