Está en la página 1de 145

  

    

      

  
         
 
 
 

 

    
    
    
  
 

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

       
        
 


    
          
 
  
$    .

  /
  ! 
 ,#
    0  1  
 2   
  $
  

 
   ! 
 ,"#    
 $
    


       .

 
           

  ! 
 ,""# ( 

  3 4  (
 +
& 

5,5
  
 
% 6
 7% $
8
 !3 
#
9
$ !7:;  #<9
 


!7: 6#( !7 
   
% $
8
 #% 9 
!7 6.-
 #
:% *    
9
 -  
*-

 
(
!=>??#:
!=>>@#.

     
 
!=>>A#





 
 


      
 
 


    
  
   
 



       


! 

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

   '''  

#  #   ()  #*     


(+ (,-#./ (  +   0 1 2 3 40
1  -5 6 78$ 779:9 6 ;$ (  
/ ) <=> 789 ?@:A?9A$ BC <=> 789 ?@:A?9A>
3 #   D  

+   (  
6    10$ - $ -   0 1$ $
. 0 1$ 6 ;$ (&     0 1$  & 
!"#$%&'()*)+,&)-*(*()&

! ./"#0
-            / 
                 
    "         
(              !  $
                "
  /    $  $  $  $ 
    " '           '    '  
              
                

3"  '''  

+  #   ()  #*           


(+ (,-#./ (  +   0 1 2 3 40
1  -5 6 78$ 779:9 6 ;$ 0
+ <=> 789 ?@:A?9A$ BC <=> 789 ?@:A?9A>
#  D  

+    E6(


+    E4 F  G
!"#$%&'()*)+,&)-*(*()&

3   H :A9:    (+ (,-#./ (  +   0 1 2 3 40
 
(   " 6 ; :A9:




5>?=5>?<?7N16?B=139P>I=E>4?45<1F941
d)GD7A:B6HI:UG>8DHNB:ID9DAU<>8DH9:A6;:CDB:CDAD<S6d










:GBQC/6G<6H J>AARC
)GD;:HDGI>IJA6G
.C>K:GH>969):96<U<>86'68>DC6A
D<DIQ

dDADB7>6
 


 




-67A69:8DCI:C>9DH



54931D?B91



&BP<?7?



&1BD55>?=5>?<?7N145<165>?=5>?<?7N1

 

CDE49?>D?B>?1<165>?=5>?<?7N145<165>?=5>?<?7N1"1@B57E>D1@?B5<
=MD?4?

 
"165>?=5>?<?7N13?=?@B?2<5=1=5D?4?<P793?

 

"?C@B?2<5=1C=5D?4?<P793?C45<165>?=5>?<?7N1

 
XWB1<1C3?C1C=9C=1CY

 
5C3?>5H9P>45<113D9DE4>1DEB1<5@?:MIB54E339P>

 
?BB5<139P>

 
*5=1D9J1B


"1CF1B9139?>5C


5C3B9@39P>45<:>9DH?45<15C5>391


&B9>39@9?453?BB57929<9414


097J1745 5><1D5=1D9J139P>


CD14?45<13E5CD9P>



CDE49?"1C65>?=5>?<?7N1C


>DB?4E339P>


&B5CE@E5CD?C


V>AEMC5>D94?-9DD75>CD59>6E5E>65>?=5>P<?7?

 

CDE49?
5>?=5>?<?7N1I85B=5>MED93145<D5HD?


V'EM5CE>D5HD?


C3B9DEB1D5HD?I=E>4?


5<1491<M3D9315H@<93139P>3?=@B5>C9P>


,"13?>DB92E39P>45<5CDBE3DEB1<9C=?


,(5>?F139P>45<C5>D94?45<19>D5B@B5D139P><1<53DEB1


,5<13?=@<5=5>D1B954145CDBE3DEB15H@5B95>391CE2:5D9F145<C5>D94?


,=?4?453?>3<EC9P>5<31BK3D5BB14931<45<19>D5B@B5D139P>I<13?=E>9414
9>D5B@B5D1>D5






&1BD5)E:5D?6?B=139P>I=E>4?45<1F941



CDE49?,?B=139P>I=E>4?45<1F941


<DNDE<?X=E>4?45<1F941Y

 
<=E>4?3?=?XD5BB5>?E>9F5BC1<453B55>391Y

 
<=E>4?3?=?X8?B9J?>D545<?C8?B9J?>D5CY


"16?B=139P>45<=E>4?<16?B=139P>5>5<=E>4?


)E:5D?@C9AE5I6?B=139P>


"149=5>C9P>45CE:5D?CEC5B@CNAE93?


<DNDE<?X395>391YI5<@B?2<5=145<16?B=139P>



<B5D?B>?1<X=E>4?45<1F941Y@B5395>DN6931=5>D5414?


<X=E>4?45<1F941YI<1F1B9541445395>391CAE545C@<95715<CE:5D?5>CE
=E>451B


<DNDE<?X=E>4?45<1F941YI<1395>3911@B9?B9

 
"16?B=139P>CE2:5D9F15>5<F5B5C5>391C


?>3<EC9P>



&1BD5$E5CDB?=E>4?45<1F941



CDE49?,<D95=@?5>X<8?=2B5=E5BD?Y


&B5CE@E5CD?C45<5CDE49?


"1DB1>C6?B=139P>45<15H@5B95>391I45<13?>35@DE1<9J139P>45<1
D5=@?B1<9414

 
<D95=@?


5>X<8?=2B5=E5BD?Y


:AE6HD9:21B21B95639F9<9J139P>

 
A694?<1DBN1NADH49C@?C9D9F?C39F9<9J1D?B9?C


6A<JC6H9:A6HKS6HE6G6:A45C=?>D1:59:A6>9DA6IGS68>K>A>O6IDG>6


?<?6P><13?>CD9DE39P>CE2:5D9F13?=?9>49F94E139P>



CDE49?,X"1CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5Y


>DB?4E339P>


"1@?5CN1I5<@?5=13?=?CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5

 
"1CE2F5BC9P>3?=?65

 

"1653?=?CE2F5BC9P>

 
,
<1BD53?=?=KC1<<K45<?F9C92<5

 
,"1CE2F5BC9P>45<N4?<?@?B5<93?>?

 





CDE49?,
5C3B9@39P>65>?=5>?<P793145<4?<?B

 
#?>14?<?7N1IC?<9@C9C=?DB1C35>45>D1<

 
1391E>145C3B9@39P>65>?=5>?<P793145<4?<?B

 
<4?<?BICEC3<1C5C

 
5C3B9@39P>453E1DB?5C35>1C

 
><149B5339P>45<>K<9C9CB56<5H9F?

 
?>3<EC9?>5C@B?F9C9?>1<5C

 

>5H?

 

1BD11=9=15CDB?1>95<5BB5B1(5CDB5@?5><145C@5494145CE=179CD5B9?

 

92<9?7B16N1

 

1D?CC?2B5<1@B?F5>95>39145<?CCDE49?C

 




 




54931D?B91

 #68D7D I6B7>RC AA6B69D B6I:GC6AB:CI: `#6


8D7>IDaFJ:=6AA:<69D6CDHDIGDH:CIG:7:C9>8>D
C:HIG6N:C9D7:C9>8>DC:HNEDG:HD9:H9:6CI:H
9: K:GAD AD =: AA6B69D `5>5493DEC  :C>ID
7:C9>ID7:C9:8>9Da

DCG:CDK69D6BDG
IJ67J:AD

:GBQC
 




&BP<?7?

6H>H>C9J96HH:EJ:9:6;>GB6GFJ:ID9D;:CDB:CUAD<D:BEG:C9: `JC6K:O:CA6
K>96aA6I6G:69::MEA>86GFJR:CI>:C9:EDG;:CDB:CDAD<S6
:H9:AJ:<DAD=>OD!JH
H:GAN9:6=S:C69:A6CI:H:G:E>I:JC6NDIG6K:OA6I6G:6N:HFJ:H::M><:FJ::AAD
D8JGG6EG:8>H6B:CI:EDGFJ::A`I:GG:CDaHD7G::A8J6AH:A67DG6I>:C:FJ:H:G8JAI>
K69DJC6NDIG6K:O

CG:6A>969CDB:=:EGDEJ:HIDA6B:CI696I6G:6:C:HI:A>7GD
&>D7?:I>KD:HBJ
8=DBQHBD9:HID
"CI:CID8DCH><C6G@B?2<5=1CFJ:B:E6G:8:FJ:CDH:=6CG:HJ:A
IDHN:CBJ8=DHH:CI>9DHEJ:9:CH:G:H:C8>6A:H9::C;G:CI6GH>H:FJ>:G:FJ:A6;:
CDB:CDAD<S6K6N669:A6CI:

&>H6AJBCDH:C:HE:8>6AADH9:A6%>8:C8>6IJG6:C>ADHD;S69:A6.C>K:GH>969):
96<U<>86'68>DC6AB:=6CBDI>K69DJC6NDIG6K:OE6G6FJ:D;G:O86JC`JGHD9:
:CDB:CDAD<S6a
 'D 9:H86GID AA:<6G 6 =68:GAD 6A<JC6 K:O
 ,>C :B76G<D BQH FJ:
`:CH:T6G ;:CDB:CDAD<S6a I:C<D JC :HE:8>6A 6;:8ID EDG `=68:G ;:CDB:CDAD<S6a d
8DBDAD=:EG68I>869DJC6NDIG6K:O:C8DCB>H:HIJ9>6CI:H9:9D8IDG69DdJC6HK:
8:HHD7G:A6;:CDB:CDAD<S6B>HB6DIG6HK:8:HHD7G::AHJ?:IDNHJ;DGB68>UCdDHD
7G:ADH:;:8IDH9:;DGB68>UC:CFJ:RA9:K>:C:dDIG6HBQHHD7G::ABJC9D9:A6K>96
dN BQH 8DC8G:I6B:CI: HD7G: CJ:HIGD BJC9D 9: A6 K>96 A6I>CD6B:G>86CD HD7G: A6H
:HIGJ8IJG6H9:AB>HBDHJI:BEDG6A>969DHJ8DI>9>6C>969EDG:?:BEADd

!:K>HID:CIG:B>H8DA:<6HFJ:=68:CA>7GDHHD7G:D5?BN1I@BK3D93145<165>?=5>?
<?7N1DHD7G::A1>K<9C9CB56<5H9F?
&>>CI:GRHEDG:AI:B6:HIQG:;A:?69D:CEDG:?:B
EAD=67:GIG69J8>9DJC6D7G68DC:H6DG>:CI68>UCD=67:GEJ:HID:CEGQ8I>86ADH:?:G
8>8>DH HJ<:G>9DH :C A6 DIG6
 ):GD =: 6EG:C9>9D FJ: A6 ;:CDB:CDAD<S6 CD :H 8DH6 9:
:GJ9>8>UC
>:GI6B:CI:I:C<D:A=DCDGN:C8>:GIDBD9DA6IG6CFJ>A>9699:=67:GB:
HDB:I>9D6ID96HA6HEGJ:76H8DBD)38?<1B:C;:CDB:CDAD<S6E:GDB:>CI:G:H6BJ
8=DBQHA6>CK:HI><68>UCA66K:CIJG69:AE:CH6B>:CIDA6H:C969:A9>QAD<D8DCID9DH
ADH`=:G:?:Had8DBDADHAA6BU+>8cJGd

CB>6CI:G>DGA>7GDEC5>391I@B5C5>391459?CB:;J>EDG86B>CDHFJ:ED8DH
FJ>:G:C IG6CH>I6G :C A6 JC>K:GH>969 EV7A>86 dA6>8>HI6 N :C BJ8=DH 86HDH 6CI>I:SHI6d

HI6K:OID96KS69:H8DC8:GI69DEDGA6<53DEB16B1>39C31>145<1@?2B5J1:CB6CDH9:
':<G>:CG:6A>969!6G9IN':<G>:C=@5B9?=:KJ:AIDEDGADH;J:GDH9:ADI6CIDFJ:
9:7:BDH6AB6GM>HBDE6G6E:CH6GCJ:HIG668IJ6A>969:A68DCI:8>B>:CID

-6AK:O6=DG6B>H6B><DHI:UAD<DHNG:A><>DHDHE>:CH:CFJ:86B7>R9:76C9D
,>C
:B76G<D8DBDH:K:GQ:HI:IG6N:8IDHUAD;DGB6E6GI:9::HDFJ:E6G6BS:H>C9>H

E:CH67A:FJ:CD=6N6JC:HFJ:B6DJC86CDC9:`8G>I>8>969aFJ:A6;>ADHD;S6HUADH:
EJ:968DBEG:C9:G9:H9:A6G:CJC8>66ID96I>:GG6H:<JG66ID96I>:GG6EGDB:I>96N
H>C:B76G<D6A>:CI::C8696JC69:HJH:A67DG68>DC:HAD6G86CDNA6JIDES6



%6&B9=5B1&1BD58DBEJ:HI6ADHIG:HEG>B:GDHCDE49?CH::C;D868DC8G:I6NE6GI>
8JA6GB:CI:6AI:B6FJ:EJ:9:H:GAA6B69DH>CBQH65>?=5>?<?7N145<165>?=5>?
<?7N1
H:C:HI6QG:69:>CK:HI><68>UC9DC9:6E6G:8:CADHEGD7A:B6G:A68>DC69DHI6C
ID8DC:ABRID9D8DBD8DCA69D8IG>C6;:CDB:CDAU<>869DC9:H::CIG:A6O6A6>CK:HI>
<68>UC;:CDB:CDAU<>868DCA6=:GB:CRJI>86

%6)57E>41&1BD58DBEJ:HI6EDG:A8J6GIDCDE49?H:DG>:CI6:HE:8S;>86B:CI:HD
7G:JC69:A6HQG:6HFJ::CB>:CI:C9:G>BEA>86DH><C>;>86:A;JIJGD9:A6;:CDB:CD
AD<S66H67:GHJ86E68>9699:96G8DCA69>B:CH>UCHJ7?:I>K69:H9::AEJCID9:K>HI6
9:A6EH>8DAD<S6;:CDB:CDAU<>869DC9:H:67G::A9>QAD<D8DC:AEH>8D6CQA>H>H:C;>C
9DC9:H:EG:H:GK6ADBQH86CUC>8D9:A6;:CDB:CDAD<S6NH:9:HEA>:<6A6EDH>7>A>969
9:>GBQH6AAQ9::AA6B>HB6

%6*5B35B1&1BD58DBEJ:HI6EDGADHCDE49?CFJ>CID6HREI>BD:HJC6H:G>:9:6EA>
868>DC:H 9: A6 ;:CDB:CDAD<S6 6 :HI6 W$E5CDB1 =MB931 G:HE:8I>K6B:CI: HD7G:
CJ:HIG6K>K:C8>69:AI>:BEDNADHEGD7A:B6HFJ::AADIG6:8DCH><D6A69>H8JH>UC;:
CDB:CDAU<>868DCI:BEDGQC:66A6ED7G:O68DBDAJ<6G9::CJC8>68>UC9:A6G:H>HI:C
8>66A6:ME:G>:C8>69:A9DADG8DBDG69>86A>9699:A:CA68::CIG:AD;67A:NAD>C:;67A:



H9>;S8>AH67:GFJR:HADFJ:86JI>K69:A6:H8G>IJG6686HD:HA66K:CIJG69:A6A:8IJ
G6 D FJ>OQ :H :A 9>QAD<D
 ,DC I6CI6H A6H =DG6 9: 9>QAD<D HDA>I6G>D d:C :A HDA>ADFJ>D
HIJ9>D/"":CA6A:8IJG6d8DCDIGDHd:C8DBE6TS6:C8DCK:GH68>DC:H:CA6HBQH
K6G>696H8>G8JCHI6C8>6dFJ:6A867DH>CJCDEGDEDCRGH:ADK>:C:6A6AJODIGDA>7GD

,>H:H><J:CA6HEQ<>C6HFJ:K>:C:CH>C9J96ADFJ:H:=6AA6GQ:H:H6H:G>:9:9>QAD
<DHFJ:H:=6C:CIG:I:?>9D
.CDHEDG:?:BEAD8DC%JO ADG>6QG9:C6HHIJ9>D"""
E6G6=67A6GHD7G:A6=:GB:CRJI>86;:CDB:CDAU<>869:)6JA+>8cJGDIGDH8DCCIDC>D
3>G>UC HIJ9>D " E6G6 9>H8JI>G :A EGD7A:B6 9:A BRID9D :C A6 ;:CDB:CDAD<S6 DIGDH
8DC !6GGN )
 +::9:G HIJ9>D "" E6G6 IG6I6G A6H ;:CDB:CDAD<S6H DIGDH 8DC 6GADH
CG>FJ: +:HIG:ED HIJ9>D /" E6G6 IG6I6G A6 ED7G:O6 8DBD FJ>OQ`EGD7A:B6 G69>
86Aa9:A<>GDI:DAU<>8DNA6G:H>HI:C8>68DBDKS6DIGDH8DC ):9GD#J6CG>HI>OQ76A
8DC6GADHGIJGD J:K6G6N8DC J>AA:GBDJHI6B6CI:36BJ9>DHIJ9>D/E6G6


=68:G FJ: A6 I:BEDG6A>969 H: CDH G:K:A: 9:H9: CJ:HIG6 A>I:G6IJG6 8DBD EG:H:CI68>UC
9:CJ:HIG6:ME:G>:C8>6BJC96CD K>I6A

:H9:AJ:<DID9DH:HIDH9>QAD<DHI>:C:CJC676H:8DBVCA6;:CDB:CDAD<S69:!JH
H:GAd9:A6FJ:K:DED86G:8:E8>UCN9:H6GGDAAD:CA6B6I:G>68DC8G:I69:A6EH>8DAD<S6
;:CDB:CDAU<>86d
%DFJ::HIJ9>D9::AA6:C:HI:A>7GD:HE6GI:9:JC9>QAD<D:C9:
H:CKDAK>B>:CID8DC#JA>DRH6G/6G<6H:?6G6CDHIJ9>D"/

DC86H>ID9DHADHB:C8>DC69DH8DBE6GIDB>H>IJ68>UC9:8DC9>H8SEJAD9:B>:HI>
B69DB6:HIGD6C>:A!:GG:G6+:HIG:EDd9:6=SFJ:8>:GG::HI6D7G68DCA61BD1FJ:
A:S:CHJ=DB:C6?:8J6C9D9:8>9>UG:I>G6GH:9:A686GG:G6EV7A>86d
>:GID:HJC686G
I6SCI>B6E:GD6AB>HBDI>:BED:HJCI:HI>BDC>DEV7A>8D9:8JQCID9:7:B>6AB6N
B>8J:GED6HJ9:A>8696:CH:T6CO6
,>C:HI:I:HI>BDC>D:CB>:CI:C9:GA6KDO`;DG
B68>UCa:C:AISIJAD9:A6D7G6FJ:96GS6:CJCEA6CDB:G6B:CI::HE:8JA6I>KD



B:CJ9DE>:CHDFJ::A`QHE:GDNJCFJ:9:A68QI:9G6ad8DBDAD:MEG:H676$6CId
H:IDGC66AB>HBDI>:BED:CAJ<6G9::C8J:CIGDN9:9>HE:GH>UC
:6=SFJ::CB>
86HDE:GHDC6AA6H>IJ68>UC9: ,9C9D9>7)38?<1B:C:A:E6GIB:CID;)=>ADHDE=N6C9
!JB6C>I>:H:CA6.C>K:GH>IND;-:M6H6IGA>C<IDCH:68DBDJC6HJ:GI:9:`G:I>GD:H
E>G>IJ6Aa:C9DC9:EJ:9DJC6NDIG6K:O96GB:6A68DC8AJH>UC9:I6G:6H:HI6K:O
:HI:A>7GD
)DG:HDNEDGA68UC86K66B>HI699:B>H8DA:<6H:C:HI::CIDGCD9DNB>
6<G69:8>B>:CID:C:HE:8>6A6B>6C;>IG>UC:AEGD;
9G
!6GGN)
+::9:G


GA>C<IDC-:M6H
.
9:6<DHID9: 

 


 



&1BD5
5>?=5>?<?7N145<165>?=5>?<?7N1


CDE49?
>D?B>?1<165>?=5>?<?7N145<165>?=5>?<?7N1
"1@B57E>D1@?B5<=MD?4?

b:A;6BDHDBRID9D;:CDB:CDAU<>8DCD:M>HI:
'D:M>HI:JCBRID9DVC>8D8676A7>:C
9:;>C>9DFJ:=6N6H>9D;DGBJA69DEDG!JHH:GADEDG:ABDK>B>:CID;:CDB:CDAU<>8D:CIDGCD
HJNDN6A8J6AFJ:E696GA:8DCH:CI>9D:A6E:A6I>KD9:;:CDB:CDAU<>8D
.CDH6JIDG:HD;:
CDB:CUAD<DHAA6B6C`BRID9D;:CDB:CDAU<>8Da6JC68DH6NDIGDH 6DIG6N6A<JC6HK:8:H
:HI6H8DH6HH::C8J:CIG6C:C:;:8ID:C!JHH:GAdCDGB6AB:CI:H:IG6I69:6A<JCD9:ADH6JIRC
I>8DHBRID9DH9:A6;:CDB:CDAD<S6dE:GDDIG6HK:8:HCDH::C8J:CIG6CBQHFJ::CA6H>9:6H
B>HB6H9:I6A6JIDG8DBDJC68DBEG:CH>UCE6G8>6ADE6GI>8JA6G9:A6HD7G6H9:!JHH:GAD9:
6A<JCD 9: HJH H:<J>9DG:H
 HI: I:B6 9: A6 >C:M>HI:C8>6 9:A BRID9D ;:CDB:CDAU<>8D :C :A
H:CI>9D6EJCI69D:HIQ:HE:G6C9DFJ:H::H8G>76JC6I:H>HFJ:6K:G><W:A6HG6ODC:H9:A:C<6
TDN69:BQHG:8DE>A:ADHH:CI>9DH8DGG:8IDH:>C8DGG:8IDH:CFJ:H:=6JH69DA6:MEG:H>UC

CIDC>D3>G>UC*J>?6CD E
 

ACDE49?>CIGD9J8:JC6CQA>H>H<:C:G6A9:A@B?2<5=145<=MD?4?:C:A8DCI:MID9:
A665>?=5>?<?7N145<165>?=5>?<?7N1
%6H:88>UC"9>H8JI:A6H86G68I:GSHI>86H5@9CD5
=?<P7931C9::HI:EGD7A:B6
CA6H:88>UC""H::CJB:G6CN6C6A>O6CADH@B9>39@9?C
=5D?4?<P793?C 9: A6 >CK:HI><68>UC ;:CDB:CDAU<>86
 C A6 H:88>UC """ H: B>G6C A6H
EG>C8>E6A:H K:GI>:CI:H 8GSI>86H 9: :HI6 9>H8JH>UC :C A6H >CK:HI><68>DC:H 8DCI:BEDGQ
C:6H


H9>;S8>AAA:<6G6JC68DC8AJH>UC9:;>C>I>K6HD7G:FJR:HADFJ:H:9>H8JI:76?D:AIS
IJAD`BRID9D;:CDB:CDAU<>8Da>C8AJHD867:A69J96G:A6I>K66A6EG:HJCI6:M>HI:C8>6
9:AB>HBD
,D7G::HI:9:76I:6AB:CDHH:EJ:9:C`6A>C:6Ga9DHK:GI>:CI:HEG>C8>E6
A:H
A<JCDH6;>GB6CFJ::M>HI:B7G:: !:GG:G6 E
 +::9:G 
N :C DIG6 IG69>8>UC !:A9  DIGDH :C 86B7>D EDC:C :C 9J96 I6A EDH>8>UC
3>G>UC :=C@: ':CDC 

)DGADEGDCIDEA6CI:6GA6EG:<JCI6:HEJ:9:9:8>GH:JC6:A67DG68>UC`B:I6I:UG>86a
D`B:I6B:ID9DAU<>86aFJ::CA6IG69>8>UC9:A69>H8>EA>C6K>:C:6I:C:G:ACDB7G:9:
65>?=5>?<?7N145<165>?=5>?<?7N1
6?D:HI:86BEDH:>C8AJN:CA6HEG:<JCI6HG:A6
8>DC696H 8DC A6 >CK:HI><68>UC FJ: 7JH86 :H8A6G:8:G D5=KD931=5>D5  FJR :H A6 ;:CD


H8DCD8>9D:A=:8=D9:FJ:A6;:CDB:CDAD<S6H:86G68I:G>O6EDGD5=1D9J1B
.C69:A6H86G68I:GSHI>86H9:A6
>CK:HI><68>UC;:CDB:CDAU<>869:!JHH:GA:HFJ:D5=1D9JP9>K:GHDH6HJCIDH:C9>K:GH6H>CK:HI><68>DC:H
HS
EDG :?:BEAD A6H ?@5B139?>5C 414?B1C 45 C5>D94? 1 <1 <P7931 A6 3?>395>391 9>D5B>1 45< D95=@? A6 7M>5C9C

B:CDAD<S6 N :C E6GI>8JA6G EG:<JCI6H 9:A H><J>:CI: I:CDG A6 65>?=5>?<?7N1 ^I>:C:
BRID9DNH>H:G:HEDC9:6;>GB6I>K6B:CI:^8JQA:HHDCHJH86G68I:GSHI>86H^8JQA:H
:C<:C:G6A:ABD9D9:=6AA6GK6A>9:O6HJH>CK:HI><68>DC:H^FJRH:>C8AJN::C65
>?=5>?<?7N1 76?D :A ISIJAD `8>:C8>6a ID96 K:O FJ: H: G:8A6B6 `8>:C8>6 :HIG>8I6a
^8UBD H: G:A68>DC6 A6 65>?=5>?<?7N1 8DC DIG6H E:GHE:8I>K6H ;>ADHU;>86H ^FJR G:A6
8>DC:HH:=6C:HI67A:8>9D:CIG:A665>?=5>?<?7N1NDIG6H9>H8>EA>C6HEDG:?:BEADA6
HD8>DAD<S6A6EH>8DAD<S6A6=>HIDG>6D9:DIG6E6GI:A6;SH>86A67>DAD<S6A6HB6I:
BQI>86H:I8
C8>:GIDBD9D:HEDH>7A:G:8DCHIGJ>GA689CD?B9145<=?F9=95>D?65>?
=5>?<P793?6I:C9>:C9D6:HI6H9>G:88>DC:H

CIG:6A<JCDH9:ADHEGD7A:B6HFJ:H:=6CEA6CI:69D8DCI:BEDGQC:6B:CI::C6D
9:H9: A6 65>?=5>?<?7N1 H: EJ:9:C 9:HI686G 9:CIGD 9: :HI: 86BED EDG :?:BEAD A6H
H><J>:CI:HKB51C@B?2<5=KD931C
CI:A6F1B95414459>F5CD97139?>5CAA6B696H65>?=5>?<P7931CFJ:I>:C:C9>HI>C
IDHEGDEUH>IDH:C;DFJ:HEGD8:9>B>:CIDH^FJRFJ>:G:9:8>G:A ISIJAD `6BEA>Da 65>?
=5>?<?7N1 DBD H: H67: EDG ><J6A H: G:8A6B6C ;:CDB:CUAD<DH !JHH:GA !:>9:<
<:G :C BJ8=DH 6HE:8IDH 696B:G :GG>96 +>8cJG E:GD ><J6AB:CI: !:CGN
'6C8N&6G>DC
CIDC8:HFJ:96A68J:HI>UC^FJRI>:C:C9:`8DBVCa:HIDH>CK:HI>
<69DG:HNHJH>CK:HI><68>DC:HE6G6FJ:EJ:96CJH6GA6B>HB6`>9:CI>;>868>UCa
)6G66A<JCDHd8DBD)
+>8cJG E
dA6;:CDB:CDAD<S6 :HA6HJB69:A6
D7G6=JHH:GA>6C6N9:A6H=:G:?S6H8DCIG6!JHH:GA
CIDC8:H867:EA6CI:6G^H::M><:
H:G`=:G:?:aE6G6B6CI:C:GDEG:H:GK6GA66JI:CI>8>9699:A6;:CDB:CDAD<S6:CHJ>C
I:CID9:9B1<1C3?C1C=9C=1CH>I6A;J:G6^FJR86G68I:G>O6JC6`=:G:?S6aN^8U
BDH::K6AV6HJE:GI>C:C8>6
CI:A6EG::B>C:C8>69:A645C3B9@39P>:C:A8DCI:MID9:A6;:CDB:CDAD<S6dJC6
NDIG6K:OG:>I:G696EDG!JHH:GAdH:67G:A68J:HI>UC^AA:<66`I:DGS6Ha6`:MEA>86
8>DC:Ha2H>676C9DC6:HI6HVAI>B6H:CIDC8:H^FJRFJ>:G:9:8>G:CHJ8DCI:MID:A
ISIJAD `8>:C8>6a S6O hAK6G:O   ':CDC   /6G<6H J>AARC   FJS
>C8AJHDFJ:96A68DCIGDK:GH>6HD7G::AE6E:A9:A66G<JB:CI68>UC9:CIGD9:A69>H8>
EA>C6 ;:CDB:CDAU<>86 6A<JCDH 8DCH>9:G6C FJ: :C :AA6 A6 1B7E=5>D139P> :H 6A<D 6HS
8DBD B:G86C8S6 EGD=>7>96 B7G::   B>:CIG6H DIGDH 8DCH>9:G6C FJ: A6 1B7E
=5>D139P> :H E6GI: 9: A6 :HIGJ8IJG6 9: A6 ;:CDB:CDAD<S6 EG:8>H6B:CI: :C 8J6CID
395>391N:C:HE:8>6A:C8J6CID395>3915CDB93D1+::9:G 



CE2:5D9F145<5C@139?A67M>5C9C45<1<P7931A6945145<169<?C?6N1:A=E>4?45<1F941A6H5CDBE3DEB1C75
>5B1D9F1CA63B9C9C45<1C395>391C5EB?@51C:I8
-6B7>RCH:D8JEU9:A665>?=5>?<?7N145<165>?=5>?<?
7N1
:CIGD9::HI:VAI>BD9:ADH=DG>ODCI:HI:BQI>8DHH:T6A69DH:HFJ:H:9:H6GGDAA6:HI::HIJ9>D


-6B7>RCH:H67:FJ:A6;:CDB:CDAD<S6:CBJ8=DHH:CI>9DH:HJC6AJ8=63?>DB1
A6>1DEB1<9J139P>
,>C:B76G<DH:8DCHI6I6JC6KS6G:A:K6CI:8DCI:BEDGQC:6B:CI:
:CA6AA6B696>1DEB1<9J139P>45<165>?=5>?<?7N1):I>DI:I6A
 
^,><C>;>86:HID
JC6`8DCIG69>88>UC:CADHIRGB>CDHa
 'D HD7G6 G:8DG96G FJ: A6 ;:CDB:CDAD<S6 :C E6GI: BQH FJ: `:H8J:A6a d6JCFJ:
I6B7>RCAD=6N6H>9DNFJ>OQADH:6dH:9:;>C:8DBD=?F9=95>D?,E>:<:A7:G< 

^)DGFJRH:96:HI:9:HEA6O6B>:CIDHID>C8AJHDAA:K66G:<>HIG6G:A=:8=D9:FJ:
BQHFJ:8ECC5B<91>?C=6N65>?=5>P<?7?C!:GG:G6 
:6=SFJ:I:C<6H:CI>9D
FJ:H:=6<6:H;J:GODHEDG86G68I:G>O6G@5BN?4?C75>5B139?>5CND5>45>391CB7G::
 

C:HI::HIJ9>DA66I:C8>UCH:8:CIG6:CJC6HE:8IDFJ::CE6GI:6IG6K>:H6ID9DHADH
8J:HI>DC6B>:CIDH EG:8:9:CI:H :A =MD?4?
 %6 G>FJ:O6 9:A EGD7A:B6 :HIQ :C FJ: 6A
B>HBDI>:BED9:CIGD9:A6B>HB6D7G69:!JHH:GAH:EJ:9:C:C8DCIG6G:MEDH>8>DC:H
H>HI:BQI>86H9:AB>HBDdH:6C:?:BEADH451CXX6 H@5B95>391I:E939?XX
66HS8DBDA6H8DCH>9:G68>DC:H9:ABDN3E<?5>?=5>?<?7N145<1>393<?@5491
B9DK>931 N :C <:C:G6A A6 9>H8JH>UC HD7G: A6 65>?=5>?<?7N1 5=@NB931 9: E1 .d
E:GDH>BJAIQC:6B:CI:H:EJ:9:K:GFJ::C86969B1<1C3?C1C=9C=1C9:8696JC6
9:A6H>CK:HI><68>DC:H9:!JHH:GAKJ:AK:NH:96JC6B53B5139P>45<=MD?4?

:6=SFJ:FJ:E66H:K:G6GFJ:A6EG:<JCI6EDG:ABRID9D:CA6;:CDB:CDAD<S6I>:C:
9>K:GH6H9>G:88>DC:H
CJC69::AA6HI>:C:FJ:K:G8DCA6B6C:G68DBDH:9:;>C::C
HS:AA68DBD9>H8>EA>C66H67:G395>3915CDB93D1DB97EB?C1:C:H6B>HB69>G:88>UC
ADFJ:FJ:96:C8J:HI>UC:HHJ86GQ8I:G5@9CD5=?<P793?
CHJ8DCI:MIDH:EA6CI:6:A
@B?2<5=145<CE:5D?:HID:H9:FJ>:C:?:8JI6DG:6A>O6A65@?:MFJ:C>E>:G9:HJ86
GQ8I:G 9: @B9=5B1 @5BC?>1 C> :H :CI:C9>9D D :HIJ9>69D 9:H9: A6 @C93?<?7N1 d
:HE:8>6AB:CI: 9:H9: A6 AA6B696 @C93?<?7N1 5=@NB931d
 FJS :A EGD7A:B6 EG>C8>E6A
FJ:H:9:G>K6:H:A9:I:C:G6A6K>HI6FJR>CKD86:AISIJAD`8>:C8>6aISIJAD6A8J6AJC6
NDIG6K:O9:8DB>:COD6;>C9:HJ86GG:G668J9:
!JHH:GA/6G<6H J>AARC 

)DG 7G:K:969 EJ:9: 9:8>GH: 6 A6 E6G FJ: A6 ;:CDB:CDAD<S6 :H 395>391 B97EB?C1 N
395>39161<92<5':CDC 

(IG6 9: A6H 9>G:88>DC:H :C FJ: 6E6G:8: :A EGD7A:B6 9:A BRID9D :H :C G:A68>UC 8DC
ADH`EGD8:9>B>:CIDHaHD7G:ID9DH>H:EA6CI:6A68J:HI>UC^8UBDAA:K6G6867DA6>C
K:HI><68>UC;:CDB:CDAU<>86)G:<JCI6FJ:A6CO6DEJ:9:A6CO6G6AI:GG:CD9:`;6H:Ha
N`:HFJ:B6HaFJ:H>H::HI67A:8:CGS<>96B:CI:AA:K6CDAA:K6GS6C6I:C:G:A86GQ8I:G
9:JC6`IR8C>86aFJ::CHSCDH:9>;:G:C8>6GS69:A31>?>EDG:?:BEAD@?C9D9F9CD1

C:HI::HIJ9>DH:DG>:CI6:A>CI:GRH6BDHIG6GFJ:6DBD 395>39161<92<5A6;:
CDB:CDAD<S6:E>HI:BDAU<>86B:CI:CDH:9>;:G:C8>69:A6H9:BQHEGQ8I>86H9:>CK:HI>

<68>UC':CDC N7%6;:CDB:CDAD<S68DBE6GI:8DCG>HIUI:A:H:CHJ:M
EDH>8>UC9:#5D16NC931[  A6I:H>H:H:C8>6Ad686HD9:7>966ADH:HIJ9>DH9:
!JHH:GA8DCG:CI6CDdH:<VCA68J6A`E:GD6A>CK:HI><6GA6H8DH6HB>HB6HA:H67G>:
GDC:A86B>CDaFJ::C8A6K:9:!JHH:GAG:O6`W<1C3?C1C=9C=1Ca
DC:AADH:
>C9>86FJ:A6;:CDB:CDAD<S6FJ::H:C8>6AB:CI::H=MD?4?I>:C:@B9>39@9?CE:GDCD
@B?3549=95>D?C
HD7K>DFJ:8DCADHEG>B:GDHH:AA:<6JC6HJ:GI:9:B57E<139P>FJ:
E:GB>I:9>;:G:C8>6GFJR:HNFJRCD:H65>?=5>?<P793?:C:A9:H6GGDAAD9:ADHEGD8:
HDH>CK:HI><6I>KDH



"165>?=5>?<?7N13?=?@B?2<5=1=5D?4?<P793?

H8DCD8>9D:A=:8=D9:FJ:A6(5C5O1FJ:=>8>:G6G:<:9:A69<?C?6N145<11B9D
=MD931G:<: 86B7>U:A9:HI>CD9:A68DBEG:CH>UC9:!JHH:GA 9:HJEGDE>6
B6C:G6 9: >CK:HI><6G N :A >CI:CID 9: G:HEDC9:G I6A:H D7?:8>DC:H 9>:GDC DG><:C E6G6
JC667><6GG69676I6AA69:!JHH:GA8DCN8DCIG6:A@C93?<?79C=?
)6G6G:HJB>GADHJB6
G>6B:CI::C:H6D7G6=6NJC`9:H8J7G>B>:CIDa:H:C8>6AE6G6ID96A6;:CDB:CDAD<S6
6H67:GFJ:A6:H:C8>69:ACVB:GDG69>86:C:ACJB:G6G:CA6DE:G68>UCDA668I>K>969
EH>8DAU<>869:8DCI6G
%6D7?:8>UC9:G:<:I6B7>RC9>8=DHJB6G>6B:CI::HFJ::H
ID EDC: 6 A6 6G>IBRI>86 :C JC6 9:E:C9:C8>6 9:A HJ?:ID FJ: 8DC9J8: 6A @C93?<?79C=?
8JNDG:HJAI69DD8DCH:8J:C8>6:H:AB5<1D9F9C=?

^UC9:N8UBDH:K:A6>C;AJ:C8>69::HI68GSI>869:G:<:C:HE:8>6A:C>F5CD9
7139?>5C <P7931C
 AAS 8>I6C9D 6 D:I=: !JHH:GA 9:8A6G6 FJ: `DCIG6 C696 HDBDH
BQH H:K:GDH FJ: 8DCIG6 ADH :GGDG:H 676C9DC69DHa >F5CD97139?>5C <P7931C K
:
 E


%6D7G6B:C8>DC696:HJC>CI:CID9:8>H>KD9:6H:<JG6GA6D7?:I>K>9699:A6AU<>
869:A6B6I:BQI>869:A6H:HIGJ8IJG6H;DGB6A:H
-6AD7?:I>K>969CD9:E:C9:9:AHJ?:
IDE:GD:AH:CI>9DN:AH><C>;>869D9:A6B>HB6>BEA>86HJ68I>K>969:A65>?=5>?<?79
J1B

^CFJR8DCH>HI:I6A65>?=5>?<?79J1B:H8G>ID:CJC:?:BEAD:MIG:B696B:CI:H:C
8>AAD:HJC6:HIGJ8IJG6JC6A<DG>IBDJC6HK6G>67A:H>CHI6C8>696HNJCG:HJAI6
9D FJ: CD 9:E:C9:C :C HJ F1<945J 9:A HJ?:ID E:GD 8JND C5>D94? :C 86B7>D HS 9:
E:C9:9:FJ:JCHJ?:IDd8J6AFJ>:GHJ?:IDdKJ:AK66G:8DGG:GD6:;:8IJ6GA6DE:G68>UC
E6G69:HEA:<6G:HIGJ8IJG66A<DG>IBDK6G>67A:HNG:HJAI69D



 +:FJ>:G: JC6 :MEDH>8>UC 9:I6AA696
 ,>C :B76G<D 6FJS HUAD H: >C9>86 A6 :MEG:H>UC C5>D94? )9>> dFJ:
G:;>:G: JC AE95> HJ?:ID 9: A6 :ME:G>:C8>6d H>:BEG: K6 68DBE6T696 :C A6 D7G6 9: !JHH:GA 9: A6 :MEG:H>UC
F1<945J 5<DE>7 dFJ: RHI: 9:K:C<6 EDG G:;:G:C8>6 6A `I>:BED D7?:I>KDa 6A `96ID D7?:I>KDa :I8
 D A6
`8DBEG:H>UC>CI:GHJ7?:I>K6aH:GQH>:BEG:JC31=@?459>F5CD97139P>d


%6AJ8=69:A6H>F5CD97139?>5C<P7931C:HJC>CI:CID9:HJE:G6G:A@C93?<?79C=?N
8DC:AAD;JC96GA665>?=5>?<?7N1:CA6FJ:H:1C57EB1:A@?<??2:5D9F?DA6?2:5D9F9
41445<1<P7931E:GD6AB>HBDI>:BED:HJC>CI:CID9::HI67A:8:G6A CE:5D?3?=?
6E5>D545<13?>CD9DE39P>45C5>D94?

%6 65>?=5>?<?7N1 :H d9:H9: HJH 8DB>:CODHd JC B5D?B>? 6 A6 CE2:5D9F9414 8DBD
;J:CI:9:A63?>CD9DE39P>45<C5>D94?
*J:RHI:G:86><6HD7G:ADAU<>8DAD;Q8I>8DAD
8JAIJG6AADHJ7?:I>KDB>HBD:HH>CBQH31=@?45B565B5>391E:GDCD6AI:G6:A=:8=D
9:FJ::HA6 CE2:5D9F9414A6FJ::CID9DHADH86HDH 45C@<95715<C5>D94?45<?414?
)DG:HDI6B7>RCH:EJ:9:9:8>GFJ:A6DE:G68>UC:H:C8>6AD;JC96B:CI6A9:A6;:CD
B:CDAD<S6:AEJCID9:E6GI>969::AA6:HB54E339P>65>?=5>?<P7931

(54E339P>ADFJ:>C9>86:HA6DE:G68>UC:H:C8>6A9:B53?>4E339P>B54E3 B59:AD
?2:5D9F?6ADCE2:5D9F?
):GD:HI6DE:G68>UCIG6:8DCH><DA6CEC@5>C9P>D45C3?>5H9P>
D5@?:M9:A613D9DE4>1DEB1<68I>IJ9:CA68J6AH>CBQHH:96EDG:HI67A:8>9DD7?:I>
KDN:HI67A::AH:CI>9D8DBDH>CD9:E:C9>:G69:JCFJ>:CFJ:I>:C:FJ:KDAK:G6ED
C:G:CBDK>B>:CIDHJ9:HEA>:<J:

FJSI>:C:H:CI>9D>C9>86GFJ:A6:MEG:H>UCI6CB:CI696XW<1C3?C1C=9C=1CY:H
EDGADB:CDH>C8DBEA:I6EJ:HIDFJ:9:?69:>C9>86G:A8DCI:MID:C:A8J6AH:68JTU

,:IG6I69:JC6B7>:CI:8JAIJG6A:C:A8J6AH:I:CS6C9>;:G:CI:H:H8J:A6HNBDK>B>:C
IDH ;>ADHU;>8DH FJ: EGDEJ<C676C EDG `_/DAK:G 6 G>HIUI:A:Ha D EDG `_/DAK:G 6
$6CIa:I8
8DBDIG6I6C9D9:=6AA6G:CA6HI:DGS6HNADHBRID9DH9::HI:I>ED9:6JID
G:HJC6E6C68:6E6G6ID9DHADH9:H6;SDHFJ:IJK>:G:FJ::C;G:CI6GA6>CK:HI><68>UC;>
ADHU;>86

XW<1C3?C1C=9C=1CY:MEG:H6JCEJCID9:K>HI68GSI>8D6CI:ID9D:H8DA6HI>8>HBD
6CI:ID96>CKD868>UC9:A@B9>39@9?451ED?B94146CI::A676C9DCD9:A6:ME:G>:C8>6
HJ7?:I>K69:BJC9D9:H9:A64139P>45C5>D94?6ADD7?:I>KDEDGE6GI:9:JCHJ?:ID
FJ:AD:ME:G>B:CI6

XW<1C3?C1C=9C=1CYH:T6A6A6B54E339P>DA6B53?>4E339P>B54E3 B59:AD969D
d9:A96IDD7?:I>KD9:A6H:HIGJ8IJG6Hd6A6CE2:5D9F94143?>CD9DEI5>D545<C5>D94?
HI6
D7H:GK68>UCI6B7>RC>BEA>869:8>GFJ::A<5=1I>:C::AG>:H<D9:H:G>CI:GEG:I69D8D
BDJC6;DGB6:M68:G76969:A:BE>G>HBDNH>C:B76G<D:HJC6:MEG:H>UC9:ADFJ:
E6G69U?>86B:CI:H:EJ:9:9:H><C6G8DBDJCCE2:5D9F9C=??2:5D9F9CD1
PHI:8DCH>HI::C
D?B>1BCE2:5D9F?<??2:5D9F?:HID:H:CB54E39BB54E3 B5I6CID5<?DB?8DBD<??DB?
6A65C65B145@B?@95414#549D139?>5C31BD5C91>1CX6A6:H;:G69:JC6HJ7?:I>
K>969FJ:AD8DCHI>IJN::CHJH:CI>9D

FJS:H9DC9::CIG6:C?J:<D:AEGDN:8ID9:395>391B97EB?C1  9:"169<?C?6N1
3?=?395>391B97EB?C1
^*JR>C9>86:HI:ISIJAD:H9:AJ:<DH:EJ:9:A::G:A6HJCID

9:H9: 9>K:GH6H E:GHE:8I>K6H
 !6N 9DH :C A6H 8J6A:H I>:C: JC E6E:A 9:8>H>KD A665>?
=5>?<?7N1 :H 1>D9>1DEB1<9C=? N 1>D989CD?B939C=?
 C 6B7DH 86HDH !JHH:GA G:6A>O6
JC6G:>K>C9>868>UC9:AHJ?:IDFJ:C>:HIQ9:I:GB>C69DEDGA:N:H9:A6C6IJG6A:O6C>AD
:HIQEDGA6H9:A6=>HIDG>6
(ADFJ::HADB>HBD:AHJ?:ID:H@B?D?6?>D1>1B9:AH:CI>
9D9:BJC9D

=DG67>:C6HJB>9DFJ::AHJ?:ID:H;J:CI:9:H:CI>9D^H:EJ:9:ID96KS6=67A6G9:
395>391A6HJCID:HFJ::CA6:H;:G69:ADHK6ADG:HA6;>ADHD;S6:H3?=@B?=9C?MD93?
B5<979?C?
C:HI69>G:88>UCADFJ:7JH86:H=6AA6GJC6F5B414E>9F5BC1<ID?D1<45<?
AE5:CHS5C<?8E=1>?/6G<6H J>AARC
 E
 
2E6G69U?>86B:CI:AD
FJ::C8J:CIG68696FJ>:C8DBDHJ?:IDI>:C:FJ:F1<5B@1B1E>?IF1<5B@1B1D?4?C

C:HIDG69>86A6EGDE>:9698>:CIS;>86N:E>HI:BDAU<>869:A665>?=5>?<?7N1FJ:A6H
>CK:HI><68>DC:HH:G:6A>O6CKDAK>RC9DH:=68>6:AHJ?:ID9:H8G>7>:C9DHJH:ME:G>:C8>6H
:AH:CI>9DFJ:966:AA6H:C:ABJC9D9:A6K>96NH>BJAIQC:6B:CI:8J6CIDBQH9:
I6AA696:HA645C3B9@39P>CE2:5D9F145<15H@5B95>39145=E>4?ICEC5>D94?BQHAD<G6
86EI6G5CDBE3DEB1CE>9F5BC1<5CAE5F1<5>@1B1E>?IF1<5>@1B1D?4?C
;>C9:8J:C
I6HA6D7?:I>K>9699:ADHCVB:GDH9:ACJB:G6G9:AHJB6G9:A G:HI6G:I8
K6A:E6G6
JCDNK6A:E6G6ID9DHE:GDI6B7>RC8696FJ>:CH::C6BDG68DBDID9DH:HE:G6NHJ
;G:8DBD8J6AFJ>:G6DIGD:I8

FJS:H9DC9:K>:C:68J:CI6H:A65>?=5>?<?79J1B8DBDJCFJ:=68:GFJ:H:G><:EDG
:A@B9>39@9?453?BB57929<9414ADFJ:6E6G:8:8DBD8?B9J?>D5H:B:96H>:BEG:5>I
45C45=9@5BC@53D9F1
PHI6CD:H8DBEA:I6
(IGDEJ:9:`K:Ga6HE:8IDHD5C3?BJ?CFJ:
CD:HIQC6CI:BS
::HDH:IG6I6:CA6;:CDB:CDAD<S69:FJ:ADK>HIDEDGBSEJ:96
H:GK>HIDEDGDIGD9:FJ:AD>CK>HIDEDGBSDIGDEJ:96=68:GADK>H>7A:

=DG6 7>:C A6 ;:CDB:CDAD<S6 D5=1D9J1 >? C9CD5=1D9J1
 *5=1D9J1B :H `KDAK:G A6
6I:C8>UC66A<DaE1,E

=DG6ED9:BDH65>?=5>?<?79J1B:HID:HK:GA6
:ME:G>:C8>6HJ7?:I>K68DCG:HE:8ID6ABJC9D9:<?6?B=1<9:<?1B9D=MD93?9:<?=1
D5=KD93?E:GDAJ:<DCJ:HIG6`B>G696aH:9:HEA6O6=68>6A63?>CD9DE39P>45<1C?2:5D9
F94145C3E<DEB1<5C9:ADHB>IDH9:ADHG>IDH
^UBDH:96:C869686HDD<?6?B=1<
D<?3E<DEB1<:I8
6AHJ?:IDHI::H:AEJCID9:A6D5=1D9J139P>A6B>G696H:9>G><:
H>:BEG::CJC69>G:88>UC9:I:GB>C696
XWB1<1C3?C1C=9C=1CYEG:H:GK6A6:HE:8>
;>8>9699:869639B3E>=E>4?45<1F941EJ:H:CHS8696JCDI>:C:HJ;DGB6A>969HJ
A:<6A>969HJA:<6A>;DGB>969HJ:HIGJ8IJG6
/6GS6CEJ:HA6H;DGB6H9:96GH:8696JCD
9::HIDH39B3E>=E>4?CI6CID8DBDA6H;DGB6HFJ:CDHDIGDHI:C:BDH9:K>K>GADH8696
JCD9::AADH
2H>C:B76G<D8DBDHJ?:IDHED9:BDH>9:CI>;>86GFJ:6=DG6:HI6BDH:C
JC6 :H8:C6 N JC :H8:C6G>D 6869RB>8D FJ: CDH K6BDH 6 8DBEDGI6G CDHDIGDH N ADH
DIGDH 9: 8DC;DGB>969 8DC :A 8?B9J?>D5 3?=R> 8A6GD 8696 FJ>:C :C HJ D?BB5>D5 45

F9F5>391C:ME:G>B:CI6GQHJ8J:GEDEGDE>D8DCHJH8>C:HI:H>6H8DCHJ=JBDG:HNHJH
E6H>DC:H:I8
E:GD68IJ6GQ9:8DC;DGB>9698DC:A8?B9J?>D59:A65C35>11314M=931

26JCFJ:A6CE2F9BD95B1H67GS68UBDNEDGFJR:HIQ9:HB6G8QC9DH:9:A8?B9J?>D539B
3E=E>41>?8DBE6GI>9D8935D>E>3
CIDC8:HADFJ:FJ:968DCF1<945J9:CIGD9::HI:
:CIDGCDE>:G9:HJH:CI>9DEDG:?:BEAD:CA6:H8:C6;6B>A>6GdA6B:H69:A8DB:9DG
A68D8>C6:I8
d
:AB>HBDBD9DA6B6C:G68DBDH:IG6I6CA6H?2:5D9F94145C6?B=1
<5CE>:G9:d6AB:CDH>C>8>6AB:CI:dHJK6A>9:OE6G667D86GA6H?2:5D9F94145C3E<DEB1
<5C
%DVC>8DFJ:96HDAJ8>UC9:8DCI>CJ>9696ID96H:HI6H:ME:G>:C8>6H9:AHJ?:ID:C
ADH 9>K:GHDH 39B3E>=E>4?C :H FJ: ID9DH :AADH :HIQC HDEDGI69DH :C JC 8?B9J?>D5 FJ:
ADH 6A7:G<6 6 H67:G FJ: HDC `;G6<B:CIDHa D `6HE:8IDHa 9:A =E>4? 45 <1 F941 EDG
:HD:HFJ:;:CDB:CDAU<>86B:CI:H:=68:G:A68>UC6RA8DBD8?B9J?>D545<?C8?B9
J?>D5C
&>:CIG6HI6CIDA6HJ7?:I>K>969FJ:H:9:HEA6O69:JC39B3E>=E>4?6DIGD:M
E:G>B:CI6A6@5BC@53D9F941445<1C@5BC@53D9F1CCDHUAD8DBDA6FJ:I>:C::C9>K:G
HDHBDB:CIDH9:AI>:BEDH>CD8DBDA6HFJ::ME:G>B:CI6CADHDIGDHNRA8DCG:HE:8ID
6:AADH

CIDC8:HCD:HFJ:=6N6JCC9CD5=1H>CDBQH7>:CFJ:6=DG6H:D5=1D9J16HS6=DG6
9:DIG6B6C:G6
,>C:B76G<D8696HJ?:ID6AG:A68>DC6GH:8DC ?2:5D?C8DC3?C1CAE5
?2:5D9F1NFJ:6E6G:8:C:C:AB6G8D9:HJ:ME:G>:C8>68DCHI>IJN::A C9CD5=145<?C
<E71B5C)ICD5=45B%BD8;
E1.,E
 
H6E6GI>G9:A3E5B@?FJ:A6H8DH6H
:HIQCBQH8:G86DBQHA:?DH6A69:G:8=6D6A6>OFJ>:G96:I8
NH>C:B76G<DID96
KS6CD:HIQ969D:CHS:A5C@139?
PHI:K>:C:HD7G:K>:C:8DBDJC69451<9J139P>9:A6
:ME:G>:C8>69:HEA6O6GH:ID9DI:C:GHJAJ<6G:I8

(H:6A6H9DHE6A67G6HC9CD5=1ND5=16E6G:8:C:C:AJC>K:GHD8DC8:EIJ6A9:A6;:
CDB:CDAD<S69:!JHH:GAE:GDA6EG>B:G69:H><C6:A=?4?451D5>5BC55<CE:5D?:CHJ
=E>451B6AD:ME:G>:C8>69DA6H:<JC96>C9>86A6EDHIJG6:E>HI:BDAU<>86NB:ID9D
AU<>86H:<VCA68J6AA66I:C8>UCH:9>G><::CJC6JDIG69>G:88>UC8DCG:HE:8ID6<?AE5
1@1B535:HID:H8DCG:HE:8ID6ADH65>P=5>?C

^*JR>CI:GRHI>:C:A69>;:G:C8>6:CIG: C9CD5=1ND5=1?B45>139P>45<15H@5B95>391
CE2:5D9F145=E>4?N5>6?31=95>D?1D5>39?>1<6?3EC9>745<1=9B1419>F5CD971D9F1
9:H9::AEJCID9:K>HI6:E>HI:BDAU<>8DCHSCI:H>HFJ::A <5=1XW<1C3?C1C=9C
=1CY>BEA>86FJ:8696K:OA6>CK:HI><68>UCKJ:AK:NG:8DB>:CO6>C8AJHDEDGA6G:
9:;>C>8>UC9:6FJRH:KJ:AK:A66I:C8>UC9:8UBD:HHJ96GH:N:C8DCH:8J:C8>6H>
:H8>:GIDFJ:A6;:CDB:CDAD<S6I>:C:EDG6HSAA6B6GADHJCDH@?CDE<14?CD@B9>39@9?C
=5D?4?<P793?C:CG><DGCD=6N`8AQJHJA6H9:EGD8:9>B>:CIDa






"?C@B?2<5=1C=5D?4?<P793?C45<165>?=5>?<?7N1

^JQA:HHDCADH@?CDE<14?CD@B9>39@9?C=5D?4?<P793?C9:A6;:CDB:CDAD<S68DC
I>CJ68>UCH:=68:EG>B:GDJC`A>HI69Da9::AADHNAJ:<DH::MEDC:C

%6A>HI6:H
 XWB1<1C3?C1C=9C=1CY
 5C3?>5H9P>45<168I>IJ9C6IJG6A:ED?RIG:9J88>UC
 ?BB5<139P>
 *5=1D9J139P>
 ,1B9139?>5C
 5C3B9@39P>45<:>9DH?45<1:H:C8>6
 &B9>39@9?453?BB57929<9414N
 097J1745 5><1D5=1D9J139P>



XWB1<1C3?C1C=9C=1CY

&:ID9DAU<>86B:CI: 8DCH>9:G69D :A <5=1 9: A6 ;:CDB:CDAD<S6 AD FJ: G:8A6B6 :H
6HJB>GA6@B9=5B1@5BC?>1
'DH:IG6I69:68:EI6G8UBD=6CK>HIDADHDIGDHd:C:HE:
8>6A A6H `6JIDG>969:Had :A BJC9D JC 6HE:8ID 9:A BJC9D JC 39B3E>=E>4? D BQH
EGDE>6B:CI:JC6B579P>
%6EG>B:G6NH>:BEG:>C8DBEA:I6I6G:6:HG:8JE:G6GNEG:
H:GK6GA6;J:CI:9:H:CI>9D9:ABJC9D6H67:GA6CE2:5D9F9414

)G:8>H6B:CI:6A:C86G6GA6I6G:69:K:G8UBDH:96:H6DE:G68>UC9:96GH:CI>9D6A
BJC9D:H8J6C9DN9DC9:H:9:H8J7G:A6CE2:5D9F9414DB1C35>45>D1<
PHI6:HI6AEDG
FJ::CHSN9:H9:HS96H:CI>9D6ADFJ:6E6G:8:8DBDI6A6CI:HS:HID:HEDGFJ:I>:
C:JC6@?D5>3913?>CD9DEI5>D5
-D9D:AEGD7A:B69:A6;:CDB:CDAD<S6G69>86:C96G
8J:CI69:8UBDH:9:HEA>:<6:H6DE:G68>UC969DG69:H:CI>9D8UBDHDCADHEGD8:HDH
9:8DCHI>IJ8>UC9:H:CI>9D

=DG67>:C:AC5>D94?6E6G:8:8935D>E>3
HSED9GS6FJ:96GG:9J8>9D6JC5CDE49?
C9>3BP>93?EGDE>D9:65>?=5>?<?7N15CDKD931
,>C:B76G<DID9DADFJ:6E6G:8:I>:C:
JC8125BC94?NJC@?45B<<571B1C5BJC=6O9:B5D5>39?>5CN9:@B?D5>39?>5C
)DG


!JHH:GAAA6B6`G:<>UCa8;
451CK
:
EE
 686969>B:CH>UC9:ABJC9D:CHJHEDH>7>A>969:H
9: 96GH: H:6 A6 9: AD C6IJG6A H:6 A6 9: AD ;DGB6A H:6 A6 9: AD =>HIUG>8D H:6 A6 9: AD 8JAIJG6A H:6 A6 9: AD
8DI>9>6CD:CHJHK6G>6CI:HN`86E6Ha


:HDB>HBD6ID9D41BC58935D>E>3H>C8GUC>8DA::H>C=:G:CI:A6D5=@?B1<9414JC
5CDE49?4913BP>93?EGDE>D6HJK:O9:A665>?=5>?<?7N175>MD931

HS:CIDC8:H:A<5=19:A6;:CDB:CDAD<S6K6A:EDG><J6AE6G6A665>?=5>?<?7N15C
DKD931A6FJ:9:H8G>7::A96GH::C:A@B5C5>D5F9F?:C:A@B5C5>D5F9F95>D5N6AB>H
BDI>:BEDE6G6A665>?=5>?<?7N175>MD931A6FJ:9:H8G>7:8UBD:AC5>D94?=6AA:<6
9D68DCHI>IJ>GH:N9:HEA:<6GH:FJR=DG>ODCI:H9:H:CI>9DH:6CI>8>E6C:CAD969D
2
HD7G: ID9D :C :HI6 VAI>B6 K:GH>UC 9: A6 ;:CDB:CDAD<S6 :H 9DC9: :AA6 >BEDC: 8DBD
EGDN:8ID45C4?7=1D9J1BEJ:HEDG1EDM>D931d:HID:HK>K>96N:?:8JI696:C@B9=5B1
@5BC?>1dFJ:=6N6H>9DJC63?>CD9DE39P>45C5>D94?RHI6EJ:9:JC6NDIG6K:O>1DE
B1<9J1BC5IDGC6GH:9>1EDM>D931

%6 AJ8=6 9: A6 ;:CDB:CDAD<S6 8DBD E:GB6C:CI: EDC:G :C :?:8J8>UC 9: HJ <5=1
;JC96CI::HA69:A45C=?>D1:59:A6>1DEB1<9J139P>FJ:JC6NDIG6K:OG:IDGC6H::C
IGDC>O6 9D<B6I>O6 N H: =68: K>H>UC =:<:BUC>86 9: BJC9D =:<:BUC>86 :C A6F941
C?<9D1B9145<1<=1BJ8=DBQH:CA6F94161=9<91B:CADH@B?35C?C456?B=139P>:C
A613D9F9414395>DN6931:CA6@BK3D931@?<ND931:I8

HSEJ:H9DC9:H:>CHI6A:A6D5C9C75>5B1<45<=E>4?JCD:A5CFJ:H:IDB6EDG
K:G969:GD:HI67A:N9:;>C>I>KD6=SB>HBDH:=68:>BE:G6I>KD 65>?=5>?<?79J1BKDA
K:G6K:G8UBDH:96CA6H8DH6HE6G6:ACE:5D?:C@B9=5B1@5BC?>1
)DG:HID:HFJ:A6
;:CDB:CDAD<S6 :H 6CI>B:I6;SH>86 N BQH FJ: :HIJ9>6G :A C5B H: :C86B>C6 6A :HIJ9>D
>C8:H6CI:9:AH:CI>9D969D6ABJC9D:CFJ::;:8I>K6B:CI:K>K>BDH



5C3?>5H9P>45<113D9DE4>1DEB1<5@?:MIB54E339P>

^UC9: N 8UBD 8DB>:CO6 A6 ;:CDB:CDAD<S6 J6C9D H: CEC@5>45 A6 D5C9C 75>5B1<
45<=E>4?H:DE:G6H>BJAIQC:6B:CI:JC6G:CJC8>66A6B:I6;SH>86JC6FE5<D11<CE
:5D?N6HJHEGD8:HDH9:3?>CD9DE39P>DB1C35>45>D1<45<C5>D94?
CA6F941>1DEB1<ID
9DE6G:8:I:C:GCDHUADHJH:CI>9DH>CDHJK6ADG9:K:G969ID9DE6G:8::HI6GD7?:I>
K6B:CI::HI67A:8>9DE>1=5C15CE>1=5C1E>1@E5BD15CE>1@E5BD1
%6;:CDB:CD
AD<S6EG:I:C9:JC6HDA68DH6:HI67A:8:G:AH:CI>9DFJ:8696FJ>:C:C@B9=5B1@5BC?
>1DIDG<66 <?414?JC6B:H6:HJC6B:H6HUADH>IJ68>DC6ANEDH>8>DC6AB:CI:
C
DIG6@?C939P>455H9CD5>391EJ:9:69FJ>G>G9>HI>CIDHK6ADG:HH:IDGC66C96B>D:H8J9D
A:T6NID96KS6H>B6CI>:C:A6B>HB6@?C939P>455H9CD5>391HJF1<?B45=5C16=DG6
:H=5C1455CDE49?D=5C1453?=54?BD=5C14535<52B139P>:I8



:HI67A:8>9DdEDGA6H`6JIDG>969:Ha:CA68JAIJG6dN:HDB1C35>45>D1<:CA6B:9>96:C
FJ:6ADE:G6GA6:AHJ?:IDKJ:AK:9:H9:HS696GH:CI>9D6ADFJ::CHS6E6G:8:6CI:RA



?BB5<139P>

B:CJ9DH:JH6A6:MEG:H>UC9>D5>39?>1<94148DBDADEGDE>D9:A6;:CDB:CDAD<S6

,>EDG6A<DH:86G68I:G>O6:HI69>H8>EA>C6:HEDG6I:C9:G6A65CDBE3DEB19>D5>39?>1<45
<13?>395>391
DBDSC9>8:;:CDB:CDAU<>8D>CI:C8>DC6A>969>BEA>86FJ:E6G63E1<
AE95B@5>C1=95>D?d>?5C9Cd=6N8DBDEDAD8DGG:A6I>KD1<7?@5>C14?d>?5=1d
!JH
H:GAB>HBD:CJC6CDI66E>R9:EQ<>C69:B9C9CE1,X>C9>86FJ:`b
ID9D:AIG676?D9:B>K>96;J:9DB>C69DEDGA6I6G:69:JC6:A67DG68>UCH>HI:BQI>86
9::HI:1@B9?B99:A68DGG:A68>UCaIG69
#
/
"G>76GC: E
 

+:E>IQBDHADA63?BB5<139P>9:H><C6:A=:8=D9:FJ:=6NJC6G:8>EGD8>969:CIG: 5<
@5>C1BN<?@5>C14?5<1=1BN<?1=14?<15C@5B1N<?5C@5B14?:I8
%6>CK:HI><6
8>UCED9GQB:ID9DAU<>86B:CI::C6A<JCDHBDB:CIDH:C;6I>O6G6A<JCD9:ADHEDADH
A6>?5C9CD:A>?5=1
,>C:B76G<D6JCFJ::C;6I>O69D6A<JCD9::AADHCD9:H6E6G:8:
:ADIGD

"C8AJHDA6D7G6B>HB69:!JHH:GAEJ:9:K:GH:8DBDM>61C9C:C6A<JCD9::HDHED
ADH:A@?<?>?5=KD93?:HJC6HJ:GI:9:?2:5D9F941445<1<P79318DBDH::HIJ9>6:C
>F5CD97139?>5C<P7931CB>:CIG6H:A@?<?>?MD93?:H6HJIJGCDA6EJ:HI69:A6B>G6
:CADHEGD8:HDH8DCHI>IJI>KDH9:AH:CI>9D8DBDD8JGG:C:CA6F941C?<9D1B9145<1<=1
8DBD:H:HIJ9>696:C451C
):GD=6NJCBDB:CID:CFJ:H:8:CIG6A66I:C8>UC:C
A63?BB5<139P>B>HB676?DHJ6HE:8ID9:=E>4?45<1F9416E6GI>G9:>C9>868>DC:H
9:451CFJ:EGD;JC9>O66ADA6G<D9:  =6HI6AA:<6G6A6D7G68>B:G6NEGD<G6
BQI>86FJ::HB9C9C

=DG67>:C3?BB5<139P>:C:A8DC?JCID9:AE:CH6B>:CID;:CDB:CDAU<>8D9:!JHH:GA
CDH:T6A6C>`9>D5>39P>aC>`F?<E>D1445ZaC>`5H@53D1D9F181391Za8DBDHJ8:9:
6 B:CJ9D :C :A JHD 9: :HI6 :MEG:H>UC :C A6 K>96 8DI>9>6C6 8DBD 8J6C9D JCD 9>8:
`I:C<D>CI:C8>DC:H9:=68:G:?:G8>8>Da
'D
'DH:IG6I69::HI:JHD

%6KDO9>D5>39?>1<9414:CA6;:CDB:CDAD<S69:!JHH:GA>C9>86A63?BB5<139P>>?5C9C
>?5=1
 ,: EJ:9: B>G6G 6 JC6 N DIG6 8DBD JC @B?2<5=1 D5PB93? D 5@9CD5=?<P793? d
8DBD9:=:8=DADB:C8>DC6!JHH:GA:CA68>I66CI:G>DGdH>C:B76G<D6FJSADIG6I6
BDH8DBD@B9>39@9?=5D?4?<P793?6ID9DEGD8:HD9:>CK:HI><68>UC;:CDB:CDAU<>86
A:8DC8>:GC::HI67A:8:G:CFJR6HE:8ID9:A68DGG:A68>UCHJJ7>86:A>?5=1A6>?5C9C
A63?BB5<139P>B>HB6N6JCFJ::C;6I>8:6A<JCD9:ADHEDADHCDHUAD=6NFJ:BDH

A F?<F5B <1 1D5>39P> C?2B5 1<7? H: G:8JE:G6 5? 9@C? A6 @B9=5B1 @5BC?>1 9: JC
FJ>:CFJ:EGD8JG6:HI67A:8:G:AH:CI>9DHJ96GH:
-6AK:O:HI:`E6HDaD`BDB:CIDa
9:A6;:CDB:CDAD<S6G:8J:G9:9DHCD8>DC:H86CUC>86HD8DCK:C8>DC6A:H9:A6>CK:HI>
<68>UC EDH>I>K6 45<9=9D139P> N 45=1B3139P> :A ;:CDB:CUAD<D CD EG:I:C9: :HIJ9>6G
<1B51<94143?=?E>D?4?H>CD5<D?4?45<?414?
)G:8>H6B:CI:7JH86C9D:HI:96GH:
:C8J:CIG6FJ:HJ`B>G696a:HJC6E:GHE:8I>K6NFJ:EDG:HDB>HBDEJ:9:H:GK6G>6
968DBEA:B:CI6968DGG:<>96

)GDE>D 9: A6 ;:CDB:CDAD<S6 :H FJ: CD =6N JC 6HE:8ID 9>B:CH>UC D :H8DGOD 9:A
=E>4?45<1F941FJ:CDEJ:96H:GI:B6I>O69D6CI:H7>:C:CA6B:9>96:CFJ:6A<D
45D5>RA:HK>K>9DEDGJCFJ>:C5?9@C?H:IDGC665>?=5>?<?79J12<5
:6=SFJ:A6
>CK:HI><68>UC :C :HI: 86BED 9>H8>EA>C6G EJ:96 KDAK:GH: 6 AD HJ7?:I>KD B>HBD 6 A6H
:HIGJ8IJG6H9:A6>CI:G688>UCH>B7UA>866A6I:BEDG6A>9696A6H:HIGJ8IJG6H9:AD;DG
B6A:I8
^*JR>BEA>868>DC:HIG6::HID8DCH><DE6G6:ABRID9D^686HDD7A><666B
EA>68>DC:H BD9>;>868>DC:H 6AI:G68>DC:H : >C8AJHD G:9:;>C>8>DC:H :C 8696 9B 6 8696
3?C1=9C=1^EJ:9:8DCH>9:G6GH:><J6AD:FJ>K6A:CI::ABD9D9:>CK:HI><6G8DC>C
9:E:C9:C8>69:A6B579P>FJ:H:6HDB:I>966:HIJ9>D
AB6G<:C9:A6HEG:<JCI6HEG:8:9:CI:H:A6HJCID:HFJ:A6D5=1D9J139P>:HJC49C
@?>5BC5N49C@?>5BA66I:C8>UC
C:HI:EGD8:HDH:E6H69:AD`>C;DGB:a66FJ:AADFJ:
I>:C:H:CI>9D:C:A86BED9:A6:ME:G>:C8>6EGDE>6
2HD7G::AADH:HFJ:H:9:HEA>:
<6CA6H


"1CF1B9139?>5C

DBD :C :A :?:BEAD 6CI:G>DG EJ:9D @B9=5B1 D1>41 >B6<>C6G A6 B:H6 FJ: 6=DG6
H>GK:E6G6:HI6G:JC>UC8DBDA6B>HB6:CFJ:H:EJ9>:G6=68:GJCQ<6E:DJC68:A:
7G68>UCG:A><>DH6DA6G:E6G68>UC9:JC67DB7>AA6:C:HI:H6AUCE:GDI6B7>RCEJ:9D
C57E>41D1>41:C:AEA6CD9:B>>B6<>C68>UC:A:K6GA686H>=6HI6:AI:8=D9:BD9D
FJ:FJ:9:6 8BH
9:AB>HBDDEJ:9D:CA6A>7G:;6CI6HS69:?6GA6FJ:FJ:9:6
8BH
9:AHJ:AD

CA6@B9=5B1D1>419:F1B9139?>5C8DCI>CV6H>:C9DB:H6
,UAD86B7>6HJ;JC8>UC

CA6C57E>41D1>419:F1B9139?>5C:CJC86HDDE:G6GS6BQH8DBD6C96B>DD8DBD
6E6G69DGFJ:8DBD`B:H6a:AH:<JC9DBDK>B>:CID9:A6H:<JC96K6G>68>UCH:GK>GS6
686HD9:E:A96TD9:EA6I6;DGB69:HDEDGI:9:A68QI:9G6

^*JRCDHD;G:8::CIDC8:H:A86BED9:A6HF1B9139?>5CCEG>C8>E>DA6BJAI>EA>8>
969>C9:;>C>969:EDH>7>A>969:H9:96GH:9:ADB>HBDA68DH6ADD7?:I>KD:ABJC9D

JC6K:OB54E394?15C65B145@B?@95414
2H>C:B76G<D:CA6HF1B9139?>5C=6N`H:C
I>9DH 9: B:H6a FJ: CD H: EJ:9:C K6A>96G
 )DG :?:BEAD EJ:9D >B6<>C6G A6 B:H6 H>C
E6I6HE:GD>C8AJHD:C:AEA6CD9:A6;6CI6HS6:HIQ6EJCID9:86:GB>:CIG6HEJ:9D:C
86B7>D >B6<>C6GA6 HJHE:C9>96 EDG I>G6CI:H 9:H9: :A I:8=D
 ( EJ:9D >B6<>C6GA6 9:
=>:ADI6CID8DBD9:6>G::CA6EG>B:G6 F1B9139P>`8DCI>CV6H>:C9DB:H6a:CA6H:
<JC96HUADAD:HB>:CIG6HA6:HIR>B6<>C69D

DC G:HE:8ID 6 8J6AFJ>:G 1C@53D? :C FJ: 6A<D H: =68: =1>9695CD? :H EDH>7A: 45:1B
F171B1<19=179>139P>
2H:IG6I6CDHUAD9:45:1B<1H>CDI6B7>RC9:8135B<1F171B

%6H3?C1CFJ:C541>DC5=1>9695CD1>@E545>C5B45?DB1=1>5B1
%6>CK:HI><68>UC
CD H: 9:I>:C: :C A6H F1B9139?>5C E:GD A6H G:FJ>:G: E6G6 =68:G 21C3E<1B HD7G: :AA6H
CJ:K6HEDH>7>A>969:H9:96GH:9:9:HEA:<6GH::AC5>D94?45C5B

^)6G6FJRID9DH:HIDHGD9:DHEDG:AF171B45<19=179>139P>CG:HJB>96H8J:CI6H
E6G6AD<G6GA6


5C3B9@39P>45<:>9DH?45<15C5>391

>:GID6B:CJ9DH:6AJ9:6A6 65>?=5>?<?7N18DBDJC6395>39145<145C3B9@39P>
455C5>391C8DBDJC6B:ID9DAD<S6E6G6A69:H8G>E8>UC9:5C5>391C@EB1CN9:@EB1C
5C5>391C
,>H:6SHA6ID9D8DCI:C>9DDID9D:CJC8>69DDID9DEGDN:8IDB:I6;SH>8D:H6
B6C:G69:6AJ9>G6A6;:CDB:CDAD<S6:H:M68I6

%DFJ:AD<G6:AF1B91B45<1CF1B9139?>5CFJ:H:DE:G6A>7G:B:CI::CA6;6CI6HS6:H
FJ:6A867DD;G:8:JC6DN@931EDG:?:BEAD9:CIGD9:A68J6AA6B:H6:HB:H68DCI>
CV6H>:C9DB:H6
C86B7>D=6N F1B91>D5CFJ:H:I>:C:CFJ:9:H:8=6GEDGFJ:HUAD
I>:C:K6ADGDH:CI>9D:CA6:H;:G69:A6>B6<>C68>UCI>141=KC

6EI6GAD9>F1B91>D55><1F1B9139P>:H=6AA6GH:6CI:A6:H:C8>6RHI6EJ:9:H:G3?>
D5=@<141
 : =:8=D I6B7>RC 867: =67A6G 9: A6 ;:CDB:CDAD<S6 8DBD :A =MD?4? 45
3?>D5=@<139P>455C5>391CH@5B95>391I:E939?)6GI:"""XX6

%69:H8G>E8>UC9::H:C8>6HCDEDGH:G6A<DH>H:FJ>:G:`VAI>BDa:C:AEGD8:HD9:A6
>CK:HI><68>UC ;:CDB:CDAU<>86 I>:C: FJ: H:GAD ><J6AB:CI: VAI>BD :C A6 EG:H:CI68>UC
9:ADHG:HJAI69DH
&QH7>:CADFJ::C8J:CIG6:AA:8IDG:A>CK:HI><69DGHDCADHG:HJA
I69DH9:45C3B9@39P>455C5>391CH>C:HI:G:8DGG>9DEG:K>D
)>RCH:H:EDG:?:BEAD:C
A6H9:H8G>E8>DC:H9:A686B6:C?C1I5C@139?9:(
DAACDLD:C<C5>45B?45<
31=@?9:&
!:>9:<<:GD:CA6H8DC9J8I6H9:B6A6;:9:#
)
,6GIG: :C<C5BI<1
>141D:C"1FE5<D11<8?71B9:
,8=JIO:C"1C5CDBE3DEB1C45<=E>4?45<1F941

C ADH 86HDH EG:8:9:CI:H H: 8DCHI6I6 JC6 DG9:C68>UC 9: ADH G:HJAI69DH 8DBD EG>B:G

IUE>8DFJ:H:EG:H:CI66ADHA:8IDG:HH>C:B76G<DA6>CK:HI><68>UCI>:C:FJ:AA:<6G6
H:GK6A>9696 B57B5C1>4?9:H9:AD 9>F1B91>D5=68>6A6H F1B9139?>5C
FJSH:;JC96A6
3?BB57929<94149:A6>CK:HI><68>UC;:CDB:CDAU<>86

!6N 6A B:CDH 9DH EG:<JCI6H FJ: 9:?6 :HI: EG>C8>E>D B:ID9DAU<>8D  ^JQC9D H:
EJ:9:96GEDG8DBEA:I6DI:GB>C696D8DC8AJ>96A6 45C3B9@39P>9:AD9>F1B91>D5N
 ^8UBD H: EJ:9: D7I:C:G `<:C:G6A>969a N `JC>K:GH6A>969a :C A6 45C3B9@39P> 45
5C5>391
-6CIDA6D5=1D9J139P>8DBDA6HF1B9139?>5CEJ:9:CH:GDCDEG:H:CI696HEDG:A>C
K:HI><69DGNCDD7HI6CI:A6B6C:G68DBD=6CH>9DDE:G696HJC6NDIG6HDC:A8DCI:
C>9D9:A


&B9>39@9?453?BB57929<9414

^*JR:HADFJ:H:HDB:I:69>H8JH>UC:CIG:ADH >CK:HI><69DG:H;:CDB:CUAD<DHC
HSCI:H>HA6H45C3B9@39?>5C594MD931C
2^FJR:HADFJ:H:9>H8JI:%6 F1<945J45<1C
45C3B9@39?>5C
 PHI6H EJ:9:C `E:G9:Ga HJ K6A>9:O H> :H FJ: 6 BS CD H: B: 96 AD FJ:
DIGD=69:H8G>IDE:GDI6B7>RCEJ:9:HJ8:9:GFJ:NDCDAD<GDK:G:AE6HD9:A6F1B91
39P>6A69>F1B91>J1NK>8:K:GH6

,>A6;:CDB:CDAD<S6:H JC6 395>3915CDB93D1I6B7>RC867:9:8>GFJ::HJC6 395>391
61<92<5NEDG:AADB>HBD3?BB5792<5:AK:GEJGD:CFJ:86EIDA6:H:C8>69:6A<DI>:C:
FJ:ED9:GH:GBDHIG69D6ADH9:BQH:AADHI>:C:CFJ:ED9:GK:GAD8DBDH>:HIJK>:G6C
:CB>AJ<6GI6B7>RCA6H9:H8G>E8>DC:H9:DIGDH=6C9:H:GK>HI6HEDGBS8DBDH>ND
:HIJK>:G6:CHJAJ<6G

A@B9>39@9?453?BB57929<9414CDHUAD:HJC66EA>868>UC;Q8I>869:A69>B:CH>UC9>
D5BCE2:5D9F1 9: A6 9>F5CD97139P> 65>?=5>?<P7931 I6B7>RC 8DC :HI: @B9>39@9? FJ:96
:MEAS8>ID:A=:8=D9:FJ:ADFJ:H:HDB:I:6:HIJ9>DI>:C:FJ: H:G8DBJC>869DHJH
EGD8:HDHNHJHG:HJAI69DH
%63?BB57929<9414>CKD86EDGI6CID9>D5BCE2:5D9F94143?
=E>93139P>3BND931:89CD?B9394149:A8DCD8>B>:CID9:AH67:G

HJIJGCDA661<929<9414dFJ:9:CJ:KD67G:6A68GSI>86d:HE6G69:8>GAD8DCJC6
B:IQ;DG69:A6B:9>8>C61>DN4?D?8DCIG6:A9D<B6I>HBD:A6JIDG>I6G>HBDNA6>BEDH>
8>UC
:ADFJ:H:IG6I68DC:HI:6HE:8ID9:A63?BB57929<9414:HFJ::A@B9>39@9?45
1ED?B9414H:69:HEA6O69DNHJE:G69D

)G:8>H6B:CI:EDGFJ:A661<929<9414NA63?BB57929<9414K>:C:C?JCI6HA6CO6CDEGD
N:8I6CA6>CK:HI><68>UC;:CDB:CDAU<>86:C:A



097J1745 5><1D5=1D9J139P>

%6;:CDB:CDAD<S6:HH>:BEG:8DBDJCG:8DB:CO6G
,:IG6I69:JC8>8AD>C;>C>IDD5
=1D9J139P> F1B9139P> 45C3B9@39P> 45 5C5>391 3?BB57929<9414
 :H9: A6H >F5CD971
39?>5C<P7931C!JHH:GAAA6BU6:HI:EGD8:9:GJ97J17ADK>HID:CID9D86HD:HJC6H
E:8IDD:H8DGODDJC6H:G>:9::AADH
,>:BEG:EJ:9:CK6G>6GCDHUADEDGA669DE8>UC
9: CJ:KDH `EJCIDH 9: B>G6a H>CD EDG A6 9>CQB>86 9: IG6CH;DGB68>UC 9: 6A<JC6H 9:
A6HD7?:I>K>969:HEDG:?:BEAD9:A6H8JAIJG6A:H

"C=:G:CI: 6A 65>?=5>?<?79J1B :H :A G:8DCD8>B>:CID 9: FJ: ID9D 96GH: :H E6G8>6A
8DBEA:I67A:9>6S8<E>78DGG:<>7A:8DBEA:B:CI67A:
,:IG6I6HS9:JC6395>391B9
7EB?C1@5B?61<92<5


%6 >CK:HI><68>UC ;:CDB:CDAU<>86 H: I>:C: FJ: E:CH6G 8DBD JC 5D5B>? B53?=5>J1B
FJ:I>:C:FJ:F?<F5B1<1C3?C1C=9C=1CE6G6FJ:6AD5=1D9J1B<1CH:AD<G:JC6CEC@5>
C9P> 45 <1 13D9DE4 >1DEB1< HUAD :CIDC8:H I>:C: H:CI>9D 96G E6HD 6A A>7G: ?J:<D 9: A6
>B6<>C68>UC:C:AF1B91B45<1CF1B9139?>5CFJ:dH>CDAK>96GEDGJCHDADBDB:CIDA6
9>49C?<E29<9414 9: A6 3?BB5<139P>\ EGD8:9: 6 A6 7VHFJ:96 9: AD 9>F1B91>D5 E6G6 HJ
45C3B9@39P> 594MD931 B>HB6 FJ: HDB:I: >C8:H6CI:B:CI: 6A @B9>39@9? 45 3?BB57929<9
414FJ:AA:K66AEGD8:HD9:>CK:HI><68>UC6G:IDGC6GJC6NDIG6K:O6A6H3?C1C=9C=1C
B:9>6CI::AO><O6<:CA6>CK:HI><68>UC

86HD AD :MEJ:HID H: EJ:96 G:EG:H:CI6G H>CD 8DBEA:I6 E6G8>6AB:CI: H:<VC :A H>
<J>:CI:<GQ;>8D


B1693?$? 
5<J97J175><19>F5CD97139P>65>?=5>?<P7931



CD14?45<13E5CD9P>

1<929<9414 I 3?BB57929<9414 HDC 9: A6 :H:C8>6 9: A6 65>?=5>?<?7N1
 : =:8=D :A
BD9:HID :?:G8>8>D FJ: D;G:8: :HI: :HIJ9>D ;DGB6 E6GI: 8DBD H: 9>?D 9: AD FJ: BJ
8=DH=6CEGDEJ:HID76?D:AISIJAD65>?=5>?<?7N145<165>?=5>?<?7N1

^*JRA>B>I68>DC:HIG6:8DCH><DA6;:CDB:CDAD<S6A<JCDHE>:CH6CFJ::AA6FJ:96
EG:H69:A6CD8>UC86GI:H>6C69:HJ?:IDNFJ:EDG:HDB>HBDG:HJAI6H:GJC6:MEG:
H>UC9:A63?>395>391=?>?<P7931
C:HI:=DG>ODCI:9:A68GSI>86HJG:;JI68>UCED9GS6
8DCI:C:GH::CA6H><J>:CI::MEG:H>UC`2DCDI:C<DFJ:>B6<>C6GN8DCHI>IJ>G:CB>
:H;:G69:EGDE>:969:AEJCID9:K>HI69:ADIGD
6HI68DCFJ:H6A<69:AEG:H>9>D9:=N
8DC8>:C8>6NA:EG:<JCI:a
,:<VC:HI:EA6CI:6B>:CIDA6;:CDB:CDAD<S6CD=6AD<G69D
6GG>76G6A`<>GDA>C<WSHI>8DaN:CE6GI:A6I6G:69:A61=@<9139P>65>?=5>?<P793145
<165>?=5>?<?7N1G69>86GS6:C96GE6HD6A61339P>3?=E>931D9F1
,:<VC:HIDH6JIDG:H
HUAD:CIDC8:HA6;:CDB:CDAD<S6ED9GS6H:GHD8>DAD<S6EDASI>86:HIJ9>DH8JAIJG6A:H

(IGDH6HJIJGCDK:CFJ:A6;:CDB:CDAD<S6CD:HC>EJ:9:H:GJC6B:ID9DAD<S69:
A6H 8>:C8>6H HD8>6A:H EG:8>H6B:CI: EDGFJ: :AA6H :M><>GS6C :A E6HD 9: A6 3?>395>391
=?>?<P7931FJ:H:76H6:C:AEJCID9:K>HI69:A6@B9=5B1@5BC?>1:C9>G:88>UC9:
ED9:G96G8J:CI69:AEJCID9:K>HI69:A6C57E>41@5BC?>1
%DHFJ:A:D7?:I6CN:M>
<:C:HI:E6HD6;>GB6CFJ:HUAD:CIDC8:HED9GS6H:G395>3913?7>9D9F1>1DEB1<9J139P>
65>?=5>?<?7N1I69<?C?6N145<1=5>D5D5?BN1>1BB1D9F1@5BC@53D9F189CDPB931>1BB1
D?<?7N1

&>H>C8:G6DE>C>UC:HFJ:ID9D:AADE>9:6A6;:CDB:CDAD<S69:?6G9:H:G;:CDB:CD
AD<S6G69>86A>O68>UCNEDI:C8>69:AHJ?:IDFJ:HUADG:>K>C9>869D8DBDI6A;JC96>CI:G
HJ7?:I>K>9698DCH:CI>9DN6JI:CI>8>969

)6G6BSADBQHH><C>;>86I>KD:HA6EJ:HI6:C:K>9:C8>69:FJ:A665>?=5>?<?7N1>?
D95>5=MD?4?H>CDFJ::AA65C5>CNE>=MD?4?FJ:H:G><:EDG3<KECE<1CD@B9>39@9?C
=5D?4?<P793?CFJ:;JC96C68696E6HDCJ:K6H6EGDM>B68>DC:H6A6H3?C1C=9C=1C:C
:AH:CI>9D6G>HIDIRA>8D9:FJ::HHUADA6>CK:HI><68>UC9::AA6HADFJ:67G::A86B>CD

 




CDE49?
"1C65>?=5>?<?7N1C
DB:CI6G>DH6AI:MID-9DD75>CD59>>E>316E5E>65>?=5>P<?7?9:!6GGN)
+::9:G

0>II<:CHI:>CJH676ADHIRGB>CDH`;:CDB:CDAD<S6aN`;:CUB:
CDHadE:GD:CC>C<JC6E6GI::C;DGB6K:G76ADEDG:H8G>IDCDH
:C8DCIG6BDHJC6:MEA>868>UC9:ADFJ:RAFJ>:G:9:8>G8DC:HDH
IRGB>CDHd

!6GGN)
+::9:G 

%6;:CDB:CDAD<S6:HI6B7>RCJC6`,68=:aJC68DH6JC6HJC
IDN8DBDI6ACD=69:86G:8:G9:>CI:GRHE6G6ADH;:CDB:CUAD
<DHN6FJ:9:6A<JC6B6C:G6HJHB>HBDHBDK>B>:CIDHNE6
HDHHDC9>G><>9DHEDGA6CD8>UCFJ:I>:C:C9::AA6NFJ:EG68I>
86C

CIDC>D3>G>UC*J>?6CD 



>DB?4E339P>

HI:CDE49?:HJC6GREA>866A6C:<6I>K69:AG
!6GGN)
+::9:G   
HD7G::AH:CI>9D9:AISIJAD65>?=5>?<?7N1:C:AE:CH6B>:CID9:%J9L><0>II<:CHI:>C

)6G6AA:K6G6867D:AEGDEUH>ID9:A:H8G>IDH:96CVC>86B:CI:9DHE6HDH
C:AEG>B:GD
H:I:B6I>O68UBDA6F?JD:MEG:H>UC65>?=5>?<?7N1CDEJ:9:H:G8DCH>9:G6968DBD
EGDE>:969:M8AJH>K69:ADH=:G:9:GDH9:A6IG69>8>UC67>:GI6EDG9BJC9!JHH:GA:C
:AH:<JC9DE6HDH:9>H8JI:8UBD9:CIGD9:AE:CH6B>:CID9:%
0>II<:CHI:>C:AISIJAD
;:CDB:CDAD<S6 D7I>:C: N 6A86CO6 JC E6GI>8JA6G H:CI>9D FJ: I>:C: JC 9:HI>CD D JC6
eIG6N:8IDG>6>9:6AfFJ:9:H:B7D86:CA6K:GI>:CI:9:65>?=5>?<?7N1<9>7SNCD9316EDG
I696EDGJHI>C:C:A8DCI:MID9:A669<?C?6N11>1<ND931



&B5CE@E5CD?C

CI: ID9D FJ>:GD AA6B6G A6 6I:C8>UC HD7G: 8UBD `;:CUB:CDa `BJC9Da `K>96a
`>CIJ>8>UCa`A:C<J6?:a:CIG:DIGDHISIJADHC>HDCEGDE>:9699:A6;>ADHD;S6C>9:C>C
<JC69:A6HK:GI>:CI:H;>ADHU;>86HFJ::CA6=>HIDG>6HDCN=6CH>9D
DC?:IJGD>C8AJHD
FJ:CJC86AA:<6GQC6H:G9:C>C<JC6K:GI>:CI:I:UG>86NI6BED8D9:JC86BEDE6GI>8J
A6G9::ME:G>:C8>6H=JB6C6H



)G:HJEDC<D><J6AB:CI:FJ::AISIJAD65>?=5>?<?7N1dFJ:9:H><C6JCI>ED9::?:G8>
8>D;>ADHU;>8Dd6JCFJ:B:C8>DC6JC6K:GI>:CI:E6GI>8JA6G9:;>ADHD;S6CD:H9DB>C>D
:M8AJH>KD9:C>C<JC6;>ADHD;S6:CE6GI>8JA6GFJ>:GD9:8>G65>?=5>?<?7N1:H:ACDB
7G:9:JC6;>ADHD;S6E6GI>8JA6GE:GDA6EGQ8I>86;:CDB:CDAU<>86CD:H9DB>C>D9:ADH
;>AUHD;DH 9: :H6 K:GI>:CI:
 HS EDG :?:BEAD H: EJ:9: A:<SI>B6B:CI: =67A6G 9: JC6
`;:CDB:CDAD<S6 9: A6 :C;:GB:969a dA6 FJ: EG68I>86C EDG :?:BEAD ADH BR9>8DH
8J6C9D >CI:GGD<6C 6A E68>:CI: D A6 FJ: 9:HEA>:<6 :A E68>:CI: 8J6C9D :A67DG6 HJ G:H
EJ:HI6E6G6:ABR9>8Dd><J6AB:CI:=6NJC6`;:CDB:CDAD<S6;SH>86aFJ:EG68I>86:A
;SH>8D8J6C9D9:H8G>7::A86BED9:HJH:ME:G>B:CIDHD9:HJH8DCH>9:G68>DC:HI:UG>
86HG:A68>DC696HDG:;:G>96H8DBD`=:8=DHa=6NJC6;:CDB:CDAD<S69:A66GFJ>I:8IJ
G68J6C9DH:`BJ:HIG6aB:9>6CI::A`9>H:TDa:A`=DG>ODCI:9:H:Ga9:A6D7G6EGDN:8
I696

)G:HJEDC<D >C8AJHD FJ: `;:CDB:CDAD<>O6Ga :H JC6 68I>K>969 >CI:A:8IJ6A =JB6C6
8DI>9>6C6 FJ: AA:K6 6 FJ: ADH HJ?:IDH `9:H8G>76Ca HJH :ME:G>:C8>6H EJ:96C =68:GH:
:CI:C9:G9:ADHDIGDHEJ:96C:CI:C9:GADFJ:ADHDIGDHG:;>:G:C8DCHJHE6A67G6HD8DC
HJH>BQ<:C:HD8DCHJH<:HIDH

"C8AJHD 76?D 8>:GI6H 8>G8JCHI6C8>6Hd:H 9:8>G 6I:C>9DH 6`8>:GI6H 9:;>C>8>DC:Had H:
EJ:9:=67A6G9:JC6`;:CDB:CDAD<S6@6CI>6C6adFJ:H:ED9GS6AA6B6G`;:CDB:CDAD
<S69:A;:CUB:CDad9:JC6`;:CDB:CDAD<S6=:<:A>6C6adBQH:MEG:H6B:CI:9:JC6
`;:CDB:CDAD<S6 9:A :HESG>IJad 9: JC6 `;:CDB:CDAD<S6 C6GG6I>K6a dD 9:A `68ID 9:
H:<J>GJC6=>HIDG>6ad9:JC6`;:CDB:CDAD<S6=:GB:CRJI>86a:>C8AJHD9:JC6`=:G
B:CRJI>86;:CDB:CDAU<>86a

DC?:IJGDFJ:H:EJ:9:NI6AK:OH:9:7:=67A6G9:JC6`;:CDB:CDAD<S69:A6;:
CDB:CDAD<S6aFJ::CI6A86HDI:C9GS6FJ:9:H8G>7>G:A;:CUB:CD9:A65>?=5>?<?79
J1BNHJHBVAI>EA:HK6G>68>DC:HI6CID:CA6K>K:C8>68DBD:CA68DBEG:CH>UCNA69:H
8G>E8>UC9:ADH;:CUB:CDHd9:BJC9D9:H:G9:G:6A>969d

%6 ;:CDB:CDAD<S6 EJ:H :C JC H:CI>9D BJN 6BEA>D N :C 8>:GID BD9D F17? I>:C:
FJ:K:G8DCA6G:;:G:C8>6H>HI:BQI>86dDAU<>86d6ADH65>P=5>?C
:H9::HI:EJCID9:
K>HI6E6G:8:FJ:>C8AJHDH:EJ:9:=6AA6GJC`6>G:9:;6B>A>6a8DCISIJADH8DBD65>?
=5>9C=?65>?=5>1<9C=?65>?=M>93?:>C8AJHDH:EJ:9::MI:C9:GI6AC:MD=6HI6ISIJ
ADH8DBD1@1B95>3911@1B5395>3911@1B535B

CIDC8:HA6;:CDB:CDAD<S6;JC9696EDG9BJC9!JHH:GAI>:C:JC6E6GI>8JA6G9:;>
C>8>UC9:ID9DHADHISIJADH>BEA>869DHE6G68DBEG:C9:GA69>H8>EA>C6
CJC:?:G8>8>D
9:EGD;>A6M>H9:AA:C<J6?:H:I:C9GS68DCH:8J:CI:B:CI:FJ::HI67A:8:GFJR9:H><C6:A
ISIJAD;:CDB:CDAD<S6E6G6RHI:E:GD><J6AB:CI:E6G6DIGDH6JIDG:HFJ:=6CJI>A>O69D
A6B>HB6:MEG:H>UC




V>AEMC5>D94?-9DD75>CD59>6E5E>65>?=5>P<?7?

DCADH6CI:G>DG:HEG:HJEJ:HIDHEGDEDC<DK6G>6GA6EG:<JCI6;DGBJA696EDG!6GGN)

+::9:G :C ADH IRGB>CDH :C FJ: FJ:9U :CJC8>696
 )6G6 :AAD 6A<JCDH 9: ADH EA6CI:6
B>:CIDH9::HI:VAI>BD6JIDGK>:C:C6A86HD
CE6GI>8JA6G+::9:GA:H><J:A6E>HI66A
=:8=D9:FJ::CA6D7G69:0>II<:CHI:>C9:B6C:G6`EDH>I>K6aH:EJ:9:8DBEGD76G:A
JHD9:AISIJAD;:CDB:CDAD<S6
 "<J6AB:CI:6JCFJ:JC6VC>86K:OH::C8J:CIG6 =5>
39?>14?:MEG:H6B:CI::ACDB7G:9:9BJC9!JHH:GA

C:;:8ID:CA6H%2C5BF139?>5C69<?CP6931C:MEG:H6B:CI:H:9>8:

X
.C6EGDEDH>8>UC:HIQ8DBEA:I6B:CI:6C6A>O6969:H9::AEJCID9:K>HI6AU<>8DH>HJ<G6BQ
I>86:H68A6G696EDG8DBEA:IDd>C9:E:C9>:CI:B:CI:9:HJBD9D9::MEG:H>UC
%DEDH>7A:NC:8:
H6G>D:HH:E6G6GADFJ::H:H:C8>6A9:ADFJ::H>C:H:C8>6A:CCJ:HIGDA:C<J6?:dAD8J6A9:H:B7D
86 :C A6 8DCHIGJ88>UC 9: JC A:C<J6?: ;:CDB:CDAU<>8D
 %6 ;:CDB:CDAD<S6 :H A6 <G6BQI>86 9:
6FJ:AADH=:8=DHHD7G:ADH8J6A:HA6;SH>868DCHIGJN:HJHI:DGS6H


JCFJ:H:EJ:9:C96GBJ8=DHGD9:DHEDGA6>?39P>4565>?=5>?<?7N19:0>II<:CH
I:>C:CAD:H:C8>6AFJ:968DC;><JG6968DCA6>C9>868>UC6CI:G>DG
6HI::CIDC8:H8DC
G:I:C:G8DBD>9:68:CIG6AFJ:A6`;:CDB:CDAD<S6:HA6<G6BQI>86a
>:GI6B:CI:HD7G:
:HI6VAI>B6H:8J:CI68DCJC6D7G68DBEA:I6dEDGAD9:BQHA6BQH:MI:CH69:ID96A6
EGD9J88>UC7>7A>D<GQ;>869:0>II<:CHI:>Cd

)6G6B6CI:C:G:AB6G8D9:G:;:G:C8>6EGDEJ:HIDEDG0>II<:CHI:>C867:G:8DG96GFJ:
:CADHE145B>?CJE<I#1BBP>N6=67S6>C9>869DFJ:`8DBEG:C9:GJC6;G6H:H><C>
;>868DBEG:C9:GJCA:C<J6?:aE
 
:H9:6AAS9:HEA6O6A66I:C8>UC6A8DC8:EID9:
7B1=KD931
29::AA6G:;>:G:FJ:

%69>;:G:C8>6:CIG:<G6BQI>86H9:`G6OUCaN`86JH6a:HH>B>A6G6A6:M>HI:CI::CIG:`BDI>KDaN
`86JH6a
:A686JH6HUADEJ:9:9:8>GH:FJ:JCDCDEJ:9:8DCD8:GA6H>CDHUAD8DC?:IJG6GA6
)DG
DIG6E6GI:H:9>8:;G:8J:CI:B:CI:`,>C9J96I:C<DFJ:8DCD8:GEDGFJRAD=>8:a=67A6C9D9:A
BDI>KD
J6C9D9><D`HUADED9:BDH8DC?:IJG6GA686JH6E:GD8DCD8:BDH:ABDI>KDaK:G:BDH
bFJ::HI::CJC8>69D:HJC:CJC8>69D<G6B6I>86A
A`ED9:BDHaH:G:;>:G:6JC6EDH>7>A>969
AU<>86E



%6;:CDB:CDAD<S6EJ:H9:A6FJ:H:IG6I66FJS:HVC>86N:M8AJH>K6B:CI:9:A6FJ:
H: DG>:CI6 6 A6 45C3B9@39P> 9: A6 @?C929<9414 <P7931
 'D H: IG6I6 9: >G BQH 6AAQ E:GD
I6BED8DH:EJ:9:9:?6G9:6GG>76G6AAJ<6G:CJC8>69D
)J:9::CIDC8:H9:8>GH:FJ:A6
;:CDB:CDAD<S69:0>II<:CHI:>CH:EJ:9::CI:C9:G8DBDJC69:H8G>E8>UC9451<9D5BN
EDG:AADB>HBD9:ADFJ:9:7:68DCI:8:G:C:AQB7>IDCD9:A63?=@B5C9P>45<?C65


>P=5>?C45<=E>4?H>CD:C:A9:A65>P=5>?45<13?=@B5>C9P>45<=E>4?:H9:8>G
CDH:DG>:CI66`A6H8DH6HB>HB6HaH>CD`6A68DBEG:CH>UCB>HB69:A6H8DH6Ha

)DG:HD9:7:H:G8DCH>9:G69DADFJ:H::CI>:C9:I6CIDEDG65>P=5>?8DBDEDG45C
3B9@39P>

CA6B1=KD93169<?CP6931HD7G::AISIJAD65>P=5>?>C9>8U

X
HDI>:C:FJ:K:G8DC:AEGD7A:B69:H>JC6BQFJ>C6ED9GS6E:CH6G
H8DBD8J6C9D9:
8>BDH`%6KDAJCI69CDEJ:9:H:GJC;:CUB:CDEDGFJ:ID9D;:CUB:CD:H6A<DFJ:D8JGG:H>B
EA:B:CI: CD 6A<D FJ: CDHDIGDH =6<6BDH
a ):GD :H H:<JGD FJ: I6B7>RC I>:C:H :ME:G>:C8>6H
8J6C9D BJ:K:H KDAJCI6G>6B:CI: :A 7G6OD 6JCFJ: ADH ;:CUB:CDH 9:A =68:G N ADH 9:A D7H:GK6G
H:6C8A6G6B:CI:9>HI>CIDH
):GD6FJS=6N86HDHBJN9>K:GHDH

X
%6>CI:C8>UCE6G:8:>CI:GEG:I6G96GA6>CI:GEG:I68>UC9:;>C>I>K6

):CH:BDH:CJCA:C<J6?:9:H><CDe67HIG68IDfIG69J8>9D6JCA:C<J6?:E>8IUG>8DCD6B7><JD

)6G:8:GS6CD=67:GDIG6HEDH>7>A>969:H9:>CI:GEG:I68>UC
)D9GS6BDH9:8>GFJ:CDK>K>BDH:C:A
A:C<J6?:9:H><CDHH>CD:C:A8J69GDE>CI69D
?:BEADH8J69GD8>C:HJ:TD


.C68DH6EJ:H:H:A65>P=5>?JC6=S1FJ:HUADEJ:9:H:G6I:C9>9D:C8J6CID
969D
H:18N:CHJEJGD96GH:EJ:9:H:G5>:AHJ?:IDd8DBDADH;:CUB:CDH9:A6KD
AJCI69dD:C:ABJC9Dd8DBDHDCADH=:8=DH;SH>8DHd
=DG67>:CI:C:G;:CUB:CDH
:C:HI:H:CI>9DCD:HG:6A>O6GJC665>?=5>?<?7N19:ADHB>HBDH
6G:AE6HD9:A;:
CUB:CD6A6;:CDB:CDAD<S6:H><J6AB:CI:IG6CH>I6G9:A`96GH:a6A6`8DBEG:CH>UC9:
A6B6C:G69:96GH:aHUADFJ:RHI6HUADEJ:9:H:G:K6AJ6969451<9D5B

C :HI: 86HD A6 9>D5B@B5D139P> :H EDG 9:8>GAD 6HS :A 5>3E14B5 9:A HJ?:ID ;G:CI: 6A
BJC9D
CIDC8:H:H:6=S1CDHUAD`>CI:GEG:I6aH>CDFJ:E6G:8:`96GA6>CI:GEG:
I68>UC9:;>C>I>K6a
,:9:HEA>:<66HSJC?J:<DE6GI>8JA6GB:CI:JC?J:<D9:A:C<J6?:

C A6 EGDE>:969 9: RHI: E6G:8: :HI6G 9>8=D dN :C HJ 8DCI:MID N 8>G8JCHI6C8>6 :HIQ
9>8=DD?4?d9:B6C:G69:;>C>I>K6

(7K>6B:CI: H: ED9GQ 86B7>6G 9: ?J:<D 9: A:C<J6?: N :CIDC8:H H:GQ K6G>696 A6
E:GHE:8I>K6
,>C:B76G<DC>:CA6EG>B:G6C>:CA6H:<JC96C>:C>H>IJ68>UC9:?J:
<D H: 676C9DC6 A6 EG:I:CH>UC 9: K6A>9:O >C8AJHD 9: K:G969 9: AD :HI67A:8>9D :C :A
?J:<D:C:A8DCI:MID9:8696?J:<D9:;>C>9D

/:6BDH6=DG6JC6H>C9>868>DC:HEJCIJ6A:HHD7G:A645C3B9@39P>
CEG>B:G6>CHI6C
8>6JC6HD7H:GK68>DC:HEGDK:C>:CI:H9:A6H8DCK:GH68>DC:H9:0>II<:CHI:>C8DC+JH=
+=::H"5339?>5CI3?>F5BC139?>5CC?2B55CDMD931@C93?<?7N1I3B55>391B5<979?C1d
I6B7>RCG:;:G>96HEDG!
)
+::9:G:CHJ:H8G>ID:C8DB:CIDd

X
4+=::H=>OD60>II<:CHI:>C6A<JC6EG:<JCI6HD7G:HJ`I:DGS6a9:A69:869:C8>6
5
^)>:CH6JHI:9FJ:I:C<DJC6I:DGS6^*J::HIDN9>8>:C9DADFJ::H9:869:C8>6%DFJ::HIDN
=68>:C9D:H9:H8G>7>G9>;:G:CI:H8DH6HAA6B696H9:869:C8>6b

X
)6G668A6G6GH:8DCG:HE:8ID6:MEG:H>DC:H:HIRI>86H=6NFJ:9:H8G>7>GBD9DH9:K>96




C:A:CA68::CIG:45C3B9@39P>N65>?=5>?<?7N10>II<:CHI:>C:HE:8S;>86B:CI:H:T6A6
:CA6H%2C5BF139?>5C69<?CP6931C

"
X
bMEA>86G:HBQHFJ:9:H8G>7>GE:GDID96:MEA>868>UC8DCI>:C:JC69:H8G>E8>UC

"/
X
b-D96HCJ:HIG6H;DGB6HA>C<WSHI>86HHDC:MIG6S96H9:CJ:HIGDA:C<J6?:;SH>8DCDG
B6A N CD EJ:9:C JH6GH: :C I:DGS6 9:A 8DCD8>B>:CID D :C ;:CDB:CDAD<S6 H>C 9>HIDGH>DC6G 6 HJH
D7?:IDH

%6:MEG:H>UCB>HB6eNDE:G8>7DMf:HIQIDB6969:ABD9D9::MEG:H>UC;SH>8DNM9:7:GS6H:G
6FJSJCD7?:IDd:
<
JC8J:GED
%6H8DH6HN6K6CEDGB6A86B>CDH>:HI6:MEG:H>UCH:6EA>86:C
A6;:CDB:CDAD<S6:C9DC9:M9:7:G:;:G>GJC96IJB
)DGFJ::CIDC8:HC>eNDfC>eE:G8>7DfED
9GS6CI:C:GHJHH:CI>9DHEG:K>DH


A :CA68: :CIG: 65>?=5>?<?7N1 N 45C3B9@39P> FJ:96 6HS 8A6G6B:CI: ;>?69D E:GD 6A
B>HBDI>:BEDH:9:A>B>I6:A6A86C8:9:HJ;JC8>UC
CEG>B:GIRGB>CD=6N:CA68::C
8J6CID :;:8I>K6B:CI: A6 65>?=5>?<?7N1 EGDEJ:HI6 EDG 0>II<:CHI:>C 5C =5B1=5>D5
45C3B9@D9F1
*J:969:A>B>I696A66E>39P>65>?=5>?<P7931:C8J6CIDH:DG>:CI668DB
EG:C9:G:A8DBEG:C9:GD68DCD8:G:A8DCD8:G

%665>?=5>?<?7N19:0>II<:CHI:>CH:DG>:CI6645C3B929B9451<9D5BA6H6?B=1C@EB1C
9:ADH?J:<DH9:A:C<J6?:HJ@?C929<9414<P7931

,> G:IDGC6BDH 6 CJ:HIG6 G:;:G:C8>6 6 ADH E145B>?C JE< I #1BBP> :C :;:8ID CDH
FJ:96 JC EGD7A:B6 FJ: CD =:BDH EA6CI:69D dBJ8=D B:CDH G:HJ:AIDd 6 H67:G H>
`8DBEG:C9:GJC6;G6H:H><C>;>868DBEG:C9:GJCA:C<J6?:aN8DBEG:C9:GJCA:C<J6?:
H><C>;>868DBEG:C9:GJC6;DGB69:K>96d8DBDH:9:9J8:9:A6I:DGS69:ADH?J:<DH
9:A:C<J6?::C>F5CD97139?>5C69<?CP6931CdFJ:96A6EG:<JCI6^8UBDH:G:A68>DC6C
`?J:<DH9:A:C<J6?:aN`BJC9D9:A6K>96a
*J:968A6GDFJ:ADH?J:<DH9:A:C<J6?:8DI>9>6CDHCDHDCJCI:GG:CDKQA>9D9:>C
9J88>UCE6G68DBEG:C9:GA6H:HIGJ8IJG6 9451<9D5B9:AA:C<J6?:B>HBD6IG6KRH9:HJ
;:CDB:CDAD<S6E:GDFJ:968A6GDI6B7>RCFJ:ADH?J:<DH9:A:C<J6?:HDC6?B=1C45
F941
CIG:HS:HI6H9DHI:H>HE6G:8:CCDH:G8DBE6I>7A:H

CB>:CI:C9:GA6>C8DBE6I>7>A>969d6JCFJ:CDH:G:HJ:AK:dH:9>HJ:AK:EGD;>AQ8I>
86B:CI:H>H:6I>:C9::A=:8=D9:FJ::CIDC8:H0>II<:CHI:>CCDH:EGDEDC:JC665
>?=5>?<?7N145<=E>4?45<1F941H>CD9:A<5>7E1:5dG:86><6RADCDHD7G::ABJC9D
9:A6K>96d

A 867D G:HJAI6 >BEGD8:9:CI: :M><>G 6 0>II<:CHI:>C JC 8DBEGDB>HD 8DC :A ISIJAD
=E>4?45<1F941
C86B7>DHSG:HJAI6G6ODC67A::MEA>8>I6GI6CIDA6CD8>UC9:;:CU
B:CD 9: ;:CDB:CDAD<S6 9: A:C<J6?: N 9: ;:CDB:CDAD<S6 9:A A:C<J6?: FJ: FJ:96



AEA:DC6HBD8DC;><JG69DEDGADHIRGB>CDH9451<9D5BN6?B=1C@EB1CFJ>:G:=68:GK>H>7A::A?J:<DG:8SEGD8D
9:3?=@B5>45B65>?=5>?<P7931=5>D5N45C3B929B

%6:MEDH>8>UC9:I6AA6969::HI6I:H>HA6=:9:H6GGDAA69D:C`#J:<DH9:A:C<J6?:NBJC9D9:A6K>96Y
C
5>?=5>?<?7N145<C5BI45<<5>7E1:5
D<DIQA:?6C9GS6%>7GDH EE
 Q


9>HE:GH66ADA6G<D9:HJDG68JA6G N6EG>DGSHI>86D7G6 d8DBD 8G:D 68:GI696B:CI: A6
86A>;>86!
)
+::9:G:CHJ:HIJ9>D

)DG8DCI:G6FJ:96CJ:HIG6EDH>8>UCHD7G::AEJCID9:K>HI6:MEJ:HIDEDG!
)
+::
9:G
;:FJ:H>EDG;:CDB:CDAD<S6H::CI>:C9:A69:H8G>E8>UC9451<9D5B9:A6HEDH>7>
A>969:H AU<>86H 9: ADH ?J:<DH 9: A:C<J6?: 0>II<:CHI:>C ;J: JC ;:CDB:CUAD<D
 ^*JR
6A86C8:HFJRA>B>I68>DC:HFJRK6A>9:OFJR:;>868>6:I8
I>:C:CE;:CDB:CDAD<S6H
6HJCIDFJ:H:9:7:K6ADG6G
"<J6AB:CI:^FJREDH>7>A>969:H9:8DDE:G68>UCH:9:G>K6C
:CIG:EDG:?:BEADA6;:CDB:CDAD<S69:0>II<:CHI:>CNA69:!JHH:GADA69:!:<:AD
A69:$6CIDA69:!:>9:<<:GD+>8cJGHDIGD6HJCID

'DD7HI6CI::HI>BD8DCK:C>:CI::K>I6GJC6CQA>H>H;DGO69DFJ:CDHAA:K:D6JC9>Q
AD<D>BEDH>7A:D6JCBDCUAD<D8DBE6GI>9D
:=:8=DA665>?=5>?<?7N19:A=E>4?
45 <1 F941 D 9:A 5;CD1C9C D 9:A 13D? 45 C57E9B E>1 89CD?B91 I>:C:C d76?D 9>HI>CI6H
E:GHE:8I>K6Hd:AG:8DCD8>B>:CID9:CE:5D?8DBD6E5>D545C5>D94?9:A6:ME:G>:C8>6d
9:BJC9D9:H:G9:G:6A>969d

C86B7>D:C:AH:CD9:ABDK>B>:CID6C6ASI>8DN9:;>ADHD;S69:AA:C<J6?:=6N`DIG6
;:CDB:CDAD<S6a686HDID96:AA69:G>K6969:A6E:GHE:8I>K667>:GI6EDG0>II<:CHI:>C

6HI:G:8DG96GFJ:

%6A>C<WSHI>869:JHI>CEG:I:C9:H:GJC6;:CDB:CDAD<S6A>C<WSHI>86EDGFJ:8J6C9D:M6B>C6
BDHFJR9>GS6BDH8JQC9DFJRE6A67G6HJH6GS6BDH:CFJRH>IJ68>DC:HCD:HI6BDH8DCH>9:G6C9D
B:G6B:CI:A6HE6A67G6HD`ADHH><C>;>869DHaH:6CADHFJ:;J:G:CH>CDI6B7>RCA6HG:6A>969:H
E6G6=67A6G9:A6H8J6A:HJH6BDHE6A67G6Hb

bA6;:CDB:CDAD<S6A>C<WSHI>869:JHI>C:HJC6B6C:G69:67DG96G:AEGD7A:B6DA6EG:<JC
I69:8UBDH:G:A68>DC6CA6HE6A67G6H8DC:ABJC9D

bA6;:CDB:CDAD<S6A>C<WSHI>86BJ:HIG6FJ:EDGADHB:CDH:CIG:A:C<J6?:NG:6A>969FJ::A
EGD7A:B69:A6;>HJG6:HJC;6AHDEGD7A:B6NFJ::C:HIDH86HDH:ABRID9D9:>C;:G>G;:CUB:CDH
CDA>C<WSHI>8DH6E6GI>G9::K>9:C8>6HA>C<WSHI>86H:H>C6EGDE>69D


HI6I6A;:CDB:CDAD<S6I>:C:K>96EGDE>6
-G6I6G9:G:9J8>GD?41;:CDB:CDAD<S66A6
8DBEG:CH>UCFJ:9::AA6=6D;G:8>9DA6IG69>8>UC67>:GI6EDG
!JHH:GA:H:C8>:GID
BD9D:BED7G:8:GID96A6K6G>:9699:=1>965CD139?>5C9:A;:CUB:CD9:A65>?=5>?
<?79J1BN9:A6:ME:G>:C8>6B>HB69:BJC9D6AFJ:ID96H:AA6H6EJCI6C8DBDSC9>8:

 



 UB:O >G6A9D9DA;D%:UC
9<?C?6N11>1<ND931I<5>7E1:53?D9491>?
D<DIQ.,-d E




CDE49?
5>?=5>?<?7N1I85B=5>MED93145<D5HD?

HI:CDE49?8:CIG6A66I:C8>UC:CADFJ::HJCI:MIDE6G6)
+>8cJG
)6G6:AADH:86
G68I:G>O6CA6HG:A68>DC:H9:A6:H8G>IJG68DC:AI:MIDN8DC:ABJC9DH:B>G6=68>6A6
9>6AR8I>86:MEA>868>UC 8DBEG:CH>UCH::M6B>C6A68DCIG>7J8>UC9:A:HIGJ8IJG6A>HBD6A
:HIJ9>D9:AI:MIDH::HI67A:8:CA6HEDH>7>A>969:H9:G:CDK68>UC9:AH:CI>9D9:A6>C
I:GEG:I68>UC 6 E6GI>G 9: A6 A:8IJG6 H: 6JH8JAI6 A6 8DBEA:B:CI6G>:969 :HIGJ8IJG6
:ME:G>:C8>6 HJ7?:I>K6 :C :A 9:HEA>:<J: 9:A H:CI>9D 6 E6GI>G 9: A6 A:8IJG6 N 9:A I:MID
;>C6AB:CI:6BD9D9:8DC8AJH>UCH::HIJ9>6:A86GQ8I:GG69>86A9:A6>CI:GEG:I68>UCN
A68DBJC>969>CI:GEG:I6CI:6E6GI>G9:G>HIUI:A:HN9:)>:G8:



V'EM5CE>D5HD?

DC:HI:ISIJAD>9:CI>;>8UJCD9:HJH:H8G>IDH)
+>8cJG :C5<D5HD?1<113
39P>>C1I?C4585B=5>MED931
&RM>8D


EE
  IG69
)67ADDGDC6

AEGD7A:B667DG969DEDG:A6JIDGH:EJ:9:H>CI:I>O6G6HS^8UBDH:G:A68>DC6C5H@<9
3139P>N3?=@B5>C9P>EDGJCA69DNEDGDIGD^8UBDH:EJ:9:A>7:G6GA6H:<JC96
8DCG:HE:8ID6A6H9:E:C9:C8>6HFJ:68JHU8DCG:HE:8ID6A6H395>391C>1DEB1<5C

DCG:HE:8ID6A=E>4?45<D5HD?6E6G:8:C6AB:CDHIG:HBDB:CIDHE6G6HJ:HIJ9>D

.CD9>8:G:A68>UC6HJ5CDBE3DEB1NHJHBVAI>EA:H:>CIG>C8696HG:A68>DC:H>CIG6I:MIJ6
A>969 >CI:GI:MIJ6A>969 8DBEDC:CI:H G:A68>DC:H :I8
 DIGD 9>8: G:A68>UC 6 A6 :ME:
G>:C8>6FJ:K>K::ACE:5D?8DCG:HE:8ID6AB>HBDN:H6:AAD6ADFJ:H:EJ:9:AA6B6G
A649=5>C9P>@C93?<P7931:CA6FJ:H:7JH868DBEG:C9:G6A6JIDGB:?DG9:ADFJ:RA
B>HBD H: EJ:9: 8DBEG:C9:G N JC I:G8:GD :H A6G:A68>UC :C FJ: H: 8DCHIGJN:C ADH
H:CI>9DHNADHHJ?:IDHEDGKS69:A6>CI:G688>UC9:ADHI:MIDH867:9:8>GA649=5>C9P>
9>D5BCE2:5D9F1I6CID9:AC5>D94?8DBD9:A6:ME:G>:C8>6EGDE>69:ACN=9C=?

:H9:AJ:<D:A:H8G>ID9:+>8cJGH:EJ:9:A::G6AB:CDH9:H9:IG:HE:GHE:8I>K6HA6
;:CDB:CDAU<>86A6=:GB:CRJI>86NA6:HIGJ8IJG6A>HI6
FJSH:K66B>G6G:CA6EG>B:G6
9::AA6H
)6G6:HI::;:8ID8DCK>:C:G:8DG96GFJ::CI6AE:GHE:8I>K6=6N9DHEDADH8D
GG:A6I>KDHFJ:H:JC:CDH::CIG:A6O6CEDGA63?BB5<139P>6H67:GCE:5D?N?2:5D?
HI6
IGS6968DC;><JG6A65CDBE3DEB19>D5>39?>1<9:A6:ME:G>:C8>6=JB6C6





FJSID96KS6H:966AB565B5>D5BQHFJ:JCK6ADG:A86GQ8I:G9:JC6F1B912<5dFJ:
8DCH:8J:CI:B:CI: EJ:9: IDB6G D 6HJB>G 49CD9>D?C F1<?B5Cd H:6 :CIDC8:H FJ: I6A
B565B5>D5JC6HK:8:H6AJ966AD9>8=DADFJ:H:FJ>HD9:8>G6ABJC9D9:AFJ:H::HIQ
=67A6C9D6ADHHJ?:IDHFJ:H::MEG:H6C:I8
,>CID96KS6:HI67A:8:GA6H 9>CD1>391C45
F1<?B H: EJ:9: 9:8>G FJ: :A 49C3EBC? H>:BEG: 5CDK 5> 3?BB5<139P> 3?> 5< B565B5>D5

=DG67>:C9:A6K6G>:9699:K6ADG:HFJ:EJ:9:IDB6G:AG:;:G:CI:867:9:HI686GFJ:
`bB:9>6CI:A6;JC8>UCG:;:G:C8>6A:AA:C<J6?:eG:>CI:<G6:AJC>K:GHDfb
-D9D
9>H8JGHDH::C8J:CIG6bK>C8JA69Db6ABJC9DaE
  
^*JREJ:9:FJ:G:G9:
8>G=E>4?)J:9:H:G9:H9:<?AE5F95>51<31C?D<?AE5131535d8DBDAD6;>GB6%

0>II<:CHI:>C6A8DB:CO6G:A*B13D1DECd=6HI6A6HF1B954145C45<41BC51<15H@5B95>
3916H67:GA6EJG6;68I>8>969dD#E>4?+>?d:AC5>D94?dK>K>9D:C@B9=5B1@5B
C?>1d :A C97>969314? 8DBE6GI>9D d:C A6 5H@5B95>391 3?=@1BD941 ? 9>D5BCE2:5D9F1 45
C5>D94?
HSA665>?=5>?<?7N145C57E9BE>189CD?B91HJEDC:FJ:`+:B>I>G6A6G:6A>
969:CVAI>B6>CHI6C8>6:HG:B>I>G6:HI6G:6A>969FJ:EJ:9:H:GBDHIG6965>D?B>?
9:ADH=67A6CI:H5>D?B>?H>H:EJ:9:9:8>G9:A6EGDE>6>CHI6C8>69:9>H8JGHDa`4

FJ>:CEGD;>:G:JC9>H8JGHDdH:6=67A69DD:H8G>IDdC5B5695B511<7?AE5?DB?4525@?
45B]F5B^?]F5B96931B^?]F1<941B^
2H>C:B76G<DE:H:6FJ:JCI:MIDEJ:9:6AJ
9>G6DIGDI:MIDd8DBD:CADH86HDHA68>I6:A8DB:CI6G>DA6<ADH6A68GSI>86A>I:G6G>6
8>:CIS;>86;>ADHU;>86d9:6=SCDH:9:HEG:C9:FJ:H:6HJB6A6:M>HI:C8>6D:A96GH:9:
A6`bE:GHE:8I>K69:AI:MID67HDAJIDa`4
:H6HJ:GI:9:945?<?7N1FJ:6HJB:FJ:
RA :H JC 5> CN JC6 HJ:GI: 9: 594?C H>C 5>31B>139P>
 CI:H 7>:C AD FJ: H: 6HJB: :H
FJ: :M>HI: N H: 9:HEA>:<6 JC `b 8J6H>BJC9D 9: ADH I:MIDH D <9D5B1DEB1 ba E

 FJ::HI6AEDGFJ:H>:BEG:=6NJCFJ>:CE6G6:A8J6A:CIG6DH6A:9:A8>G8J>ID9:
A6 5H@5B95>391 45 C5>D94?
 `b  :HI: BJC9D H: AD EJ:9: AA6B6G >B6<>C6G>D :C :A
H:CI>9D9:FJ::HIQ@B5C5>D969314?EDGAD:H8G>ID:C:AAJ<6GB>HBD9DC9::ABJC9D
:HI676@B5C5>D14?EDG:A=67A6E:GD:HI:>B6<>C6G>D:HRAB>HBDJC68G:68>UC9:A6
A>I:G6IJG6:HJC>B6<>C6G>DA>I:G6G>Da`4
6AFJ:H>:BEG:96CK>96ADHHJ?:IDH:CHJ
:ME:G>:C8>6
H:C:HI:8DCI:MIDFJ:H:EJ:9::K>9:C8>6GFJ::C`b:AI:MIDbCD
=6NAD8JIDGEGDE>6B:CI:=67A6C9Da`4
NFJ:`b:A6JIDG:H>CHI>IJ>9DEDG:AI:M
IDa`4




HI6:HA6K:GH>UC9:!JHH:GA&JC9D.CD&JC9D ,J7?:I>KD&JC9D "CI:GHJ7?:I>KDG:HE:8I>K6B:CI::C
451C451CNB9C9C


 A EDC:G AD 9>8=D :C G:A68>UC 8DC A6 5CDBE3DEB1 9>D5>39?>1< H: K: FJ: 6HS 8DBD 6A K:G H: K:6 6A<D 6A
:H8J8=6GH::H8J8=66A<D6AH:CI>GH:H>:CI:6A<D:I8
I6B7>RC6FJS:CID9DHADH86HDH5<D5HD?C5B5695B51
1<7?




5<1491<M3D9315H@<93139P>3?=@B5>C9P>

C A6 IG69>8>UC 67>:GI6 EDG 0
 >AI=:N H: EJ:9: 6;>GB6G FJ: `b H: 5H@<931 6 A6
B6C:G69:AbC6IJG6A>HI6DbH:9>D5B@B5D16A6B6C:G69:A=>HIDG>69DGaE
 

C86B7>D:C`b:HI::CH6NDa+>8cJG`:M><:JC6G:CDK68>UC9:ADH9DH8DC8:E
IDH 9: :MEA>868>UC N 9: >CI:GEG:I68>UC N <G68>6H 6 :HI6 G:CDK68>UC JC6 8DC8:E8>UC
B:CDH 6CI>CUB>86 9: HJH G:A68>DC:Ha `4 N :C :HI: H:CI>9D 7JH86 =68:G K>H>7A: A6
491<M3D9315H@<93139P>3?=@B5>C9P>8DCA68J6AH:AD<G6:HI67A:8:GA6BJIJ68DBEA:
B:CI6G>:969 :CIG: JC6 N DIG6 8DBD BDB:CIDH 9>;:G:CI:H 9: 6EGDM>B68>UC 6A I:MID

)6G6:AADH:I>:C:FJ::K>9:C8>6G:A=:8=D9:FJ:8DCRAN:CRAH:AD<G6`b;>?68>UC
N b 8DCH:GK68>UCa :HID :H FJ: `b A6 :H8G>IJG6 8DC;>:G: 6 ADH H><CDHa E
 
:HI:C>K:A9::HI67>A>969FJ:E:GB>I:IG6I6GADH8DBD1<7?5>5<=E>4?AE549351<7?
C?2B55<=E>4?
2H>C:B76G<D`b:C:A8DG6OUCB>HBD9:A8DC8:EID9:>CI:GEG:
I68>UCG:C68::A8DC;A>8ID:CIG::A86GQ8I:G>CIJ>I>KD>CK:G>;>867A:FJ:RA9:7:6A8DC
8:EIDEH>8DAD<>O6CI:9:8DBEG:CH>UC6A8J6AH:ADHJ7DG9>C6ba`4
^)DGFJRC
VAI>B6 >CHI6C8>6 EDGFJ: H>:BEG: A6 >CI:GEG:I68>UC :H 6HJCID 9: A6 @B9=5B1 @5BC?>1

,>C:B76G<D6FJSH:HJGI:JC6E6G69D?6A6@B9=5B1@5BC?>19:A9>DMB@B5D5G:9J8:<1
@B9=5B1@5BC?>19:A6JIDGd45<9>D5B@B5D14?d6HJ5C65B145@B?@95414
DC:AADA6
@B9=5B1@5BC?>19:A9>D5B@B5D14?:H:C:;:8IDC57E>41@5BC?>1N:A9>DMB@B5D5:C
8>:GIDBD9D=67A66HJCDB7G:ADHJHI>IJN:
)DG:HD6E6G:8:8DBDJC>9:6A^>GG:6A>
O67A:9:A685B=5>MED931`>AI=:N8DB:CI6C9D6,8=A:>GB68=:GeA;>CVAI>BD9:
A6 =:GB:CRJI>86 :H 8DBEG:C9:G 6A 6JIDG B:?DG 9: AD FJ: RA H: =6 8DBEG:C9>9D 6 HS
B>HBDf
!:6FJSA6EH>8DAD<S69:A68DBEG:CH>UCa`4

%6B:CI696E6G69D?6AA:K6I6CID6A@C93?<?79C=?8DBD6A89CD?B939C=?
)6G6!JH
H:GAHUAD=67GQJC6B6C:G69:H6A>G9::HI:6IDAA69:GD6H67:GB:9>6CI:A69451<9:A6
395>391B97EB?C1>9:6AFJ::C8J:CIG6HJH76H:HI6CID:CA6?2:5D9F941445<C5>D94??2
:5D9F14? 8DBD :C :A 65>?=5>?<?79J1B 45< C5>D94? 414?
 C :;:8ID :C A6H >F5CD971
39?>5C<P7931CH:EDC::C:K>9:C8>6FJ:A6?2:5D9F139P>=68:FJ::AC5>D94?K>K>9D:C
@B9=5B1@5BC?>1EDG6A<J>:CHD7G:JCBJC9D:;:8I>KDEJ:96E6H6G9:AEA6CD9:A6
5H@5B95>391CE2:5D9F19:BD9DFJ:FJ:9::MEJ:HID @1B1D?4?CNFJ:6=SEJ:96H:G
8G>I>869D8DGG:<>9D8DBEA:B:CI69D
2EG:8>H6B:CI:EDGFJ:H:IG6I69:JCC5>D94?



DBD;J:G6A68GSI>869:!JHH:GA6>AI=:N:C:A6GIS8JAD"169<?C?6N13?=?395>3915CDB93D1  NA6FJ:
EGD9J?:G6:H6H:K:G6N:C8>:GIDBD9DFJ:?DH6G:688>UC9:>AI=:N


FJSH:D7H:GK6C9:CJ:KDADHEDADHCE:5D?Nd:C:HI:86HDdD5HD?
%66I:C8>UCH:
EJ:9:KDAK:G6A@?<?D5HD?
CI6AKJ:AI69:A66I:C8>UC:AI:MIDEJ:9:H:G:HIJ9>69D
:CHJ5CDBE3DEB1H:EJ:9:>C8AJHD:HIJ9>6G8DBD`I:MIDH>CBJC9Da`H>C6JIDGa:C
`HJHG:A68>DC:H>CI:GC6Ha
):GDH>7>:CH:EJ:9::HIJ9>6GA6 5CDBE3DEB19>D5B>1 D9>
DBN>C53145<D5HD?I6B7>RC:HEG:8>HDD7H:GK6GFJ::AI:MID:HI6AEDGFJ:B6CI>:C:JC
=6O9:G:A68>DC:H8DC:A6JIDG8DC:AA:8IDG8DCDIGDHI:MIDH8DC:ABJC9D
CIDC
8:HA6`b>CI:G8:E8>UC b9:AI:MIDb8DCJCBJC9DFJ:H:EJ:96BDHIG6GN
8DCHJ7?:I>K>969:HFJ:EJ:96C9>6AD<6Ga`4

FJSH:DE:G6JC6`bIG6CH;:G:C8>6=68>6:A<E71B9:AI:MIDdAJ<6GFJ::HJCCD
AJ<6GdaNRHI6`8DCHI>IJN:JCEGDN:8IDba`4
HHUADEDGJC69:8>H>UCB:ID9D
AU<>86 FJ: `b :A A:8IDG 9:8>9: B6CI:C:GH: :C :A <E71B 45< D5HD?a N :C A6 `b A6
3<1ECEB145<D5HD?a`4
'DD7HI6CI:9:ID9DHBD9DHH>:BEG:H:EJ:9:G:HI>IJ>G:A
@?<? CE:5D? N A6H BVAI>EA:H G:A68>DC:H 9: RHI: 8DC ?DB?C 6HS 8DBD 9: JC I:MID 8DC
DIGDHI:MIDH
,:8DBEG:C9:FJ:A6`b>CI:G8:E8>UCa:CA6`b9D7A:IG6H8:C9:C8>6
9:A9>H8JGHD=68>6JCBJC9DN=68>6DIGDaE
 EJ:HIDFJ:A6`>CI:G8:E8>UCaD
`>CI:GGJE8>UCa 9: A6H G:A68>DC:H D5HD?1ED?B D5HD?<53D?B D5HD?D5HD?C D5HD?=E>4?
>BEA>86G:8DCD8:GFJ::AA6H:HIQC6=S9696H

::HI:BD9D8J6C9DH:96A6B>G696:HIGJ8IJG6A9:AI:MIDH: D7H:GK6FJ:`b6
E:H6G9:FJ:A6:H8G>IJG6:HIQ9:AB>HBDA69DFJ::A=67A6:CG:A68>UC8DCA6A:C<J6
9:AA69D9:A9>H8JGHDA6:HE:8>;>8>9699:A6:H8G>IJG6:CG:A68>UC8DC:A=67A6:;:8I>K6
H:76H6:CG6H<DH:HIGJ8IJG6A:HHJH8:EI>7A:H9:H:GIG6I69DH8DBD6CQAD<DH9:A6A:C
<J6:C:A9>H8JGHDaE
 :HID:HH:EJ:9:DE:G6GdEJ:9:9:8>GH:dJC649C5339P>
E6G6 K:G CD HUAD ADH :A:B:CIDH FJ: 8DBEDC:C A6 :HIGJ8IJG6 H>CD A6H G:A68>DC:H FJ:
8DCH:GK6 A6 B>HB6 6HS 8DBD :A 9:K:C>G 9: A6H >CI:G688>DC:H 9:CIGD 9: :AA6 d
>CI:G688>DC:HH>C8GUC>86HdN9::AA6:C:AI>:BEDd>CI:G688>DC:H9>68GUC>86Hd
J6C9D
H:6EA>86:HI:;DGB69::HIJ9>D6C6ASI>866A=9D?H::C8J:CIG6FJ:A6E>94142KC931:C
RA :H :A =9D5=1 `b JC B>I:B6 b :H JC K6ADG 9: DEDH>8>UC FJ: 8DGG:HEDC9: 6
BJ8=6HDG68>DC:HE6GI>8JA6G:HN8DCHI>IJN:bJCe=6O9:G:A68>DC:Hfb;JC8>UC
H><C>;>86CI:b:HbA68DB7>C68>UCA69>HEDH>8>UC9:ADHB>I:B6H:CHJB6A6
:HIGJ8IJG69:AB>IDaE
 
HI::?:BEADE6G69><BQI>8DBJ:HIG6FJ:`AB>ID6E6



9>;:G:C8>69:A6IG69J88>UC9:)67ADDGDC6:HI:;G6<B:CIDADIG69J8: 67G>:AG6COJ:FJ:8DBD`b
A6 9>D5BBE@39P> AA:K696 6 867D EDG :A EGDE>D I:MID 8DC ID96H A6H G:A68>DC:H 9:A BJC9D 6A FJ: ED9:BDH
G:;:G>GCDHN8DCA6HHJ7?:I>K>969:H8DCA6HFJ:ED9:BDH9>6AD<6GaE
HJ7G6N66?:C66AI:MID

%6 :MEG:H>UC `>CI:G8:E8>UCa dFJ: EGDE>6B:CI: CD 6E6G:8: :C :A +d FJ>OQ H: EJ:9: 9:G>K6G 9:
`>CI:G8:EI6GaDFJ>OQ:AIG69J8IDGDGDC6I>:C::CB:CI:`>CI:GH:88>UCa
FJSEJ:H=6NJCEGD7A:B6:CA6
IG69J88>UCFJ:I>:C::;:8IDH:CA6>CI:GEG:I68>UC9:A6>9:6

CA6EG:E6G68>UC9::HI::HIJ9>DCDH:IJKD6B6CDA6K:GH>UC:C;G6C8RH


G:8::CIDC8:H8DBDJC6HJ:GI:9:>CHIGJB:CIDAU<>8DFJ:9>HB>CJN:A6H8DCIG69>88>D
C:HE6G6HJE:G6GA6HaE
 

):GD JC6 8DH6 CD 9:7: E:G9:GH: 9: K>HI6 8DC :A 1>K<9C9C 5CDBE3DBEB1< BJ:HIG6
+>8cJG`b=:BDH:MEA>869D:AB>IDE:GDCDbAD=:BDH>CI:GEG:I69D
)DGB:
9>D9:A6CQA>H>H:HIGJ8IJG6A6E6G:8:A6AU<>869:A6HDE:G68>DC:HFJ:EDC:C:CG:A68>UC
BJIJ6ADH=68:H9:G:A68>DC:HNFJ:8DCHI>IJN:eA6A:N:HIGJ8IJG6A9:AB>ID8DCH>9:G6
9Dfa`4
AK6ADG9:A1>K<9C9C5CDBE3DEB1<:H:A9:D;G:8:GA6:MEA>868>UC9:ADHEGD
8:HDH>CIGSCH:8DH6AB>ID:C8J6CIDI:MIDN:C8J6CID9>H8JGHDE:GD6=SCDH:6<DI6A6
B6C:G6:CFJ:EJ:9:H:GB>G69D
)6G6:HI67A:8:GHJC5>D94?=6NFJ:96GJCeH6AIDf6
A6>CI:GEG:I68>UC

HSEJ:H`b45C3B?>?<?79J1B:AG:A6IDb=68:6E6G:8:GA6AU<>86C6GG6I>K6HJ7
N68:CI: 6A I>:BED C6GG6I>KDa E
 
 HID :H AD FJ: D;G:8: :A 1>K<9C9C 5CDBE3DEB1<
E:GD:C:HI6B>G696`CVAI>B6>CHI6C8>6:AG:A6IDH:G:9J8>GS66JC68DB7>C6IDG>69:
6A<JC6H JC>969:H 9G6BQI>86H dEGDB:I:G IG6>8>DC6G >BE:9>G 6NJ96G :I8RI:G6d FJ:
H:GS6C ADH E6G69><B6H 9: A6 688>UCa `4 6HS :CIDC8:H I6A 1>K<9C9C :H JC EJCID 9:
E6GI>96E6G6A69>D5B@B5D139P>E:GDID96KS6;6AI6AA:K6GRHI66HJ:MEDH>8>UC

'D D7HI6CI: JC G:HJAI69D H: 9:7: 9:HI686G 6 H67:G `b :MEA>86G : >CI:GEG:I6G H:
=6AA6GQC:C9:76I:HD7G::AB>HBDI:GG:CD:C:A>CI:G>DG9:A6B>HB6:H;:G69:AA:C
<J6?:aE
  
,:HJE:G66HSA6DEDH>8>UCFJ:A:<U>AI=:NNBQH7>:CH:67G:A6
8DBEA:B:CI6G>:969 FJ: :M><: JC EJCID 9: K>HI6 ;:CDB:CDAU<>8D :C :A :HIJ9>D 9:A
H:CI>9D


,
(5>?F139P>45<C5>D94?45<19>D5B@B5D139P><1<53DEB1

.C68DH6:H8A6G6E6G6FJ::AI:MID68IV:8DBDI6AH:G:FJ>:G:FJ:6E6G:O866A<53
D?B:C:A13D?45<53DEB19:RHI::CA6<53DEB1
2:H:13D?5CH>:BEG:9>D5B@B5D1D9F?

)DG >CI:GEG:I68>UC EG>B:G6 N EG>B6G>6B:CI: H: :CI>:C9: :A >C?:GID 9: JC I:MID :C
8J6CID9>H8JGHD8DCDIGDHI:MIDH8DCDIGDH9>H8JGHDH:CA6A67DG8DCHI>IJI>K69:AH:C
I>9DEDGE6GI:9:AHJ?:ID
'>A6:H8J8=6C>A6A:8IJG6:C8J6CID68IDHHDCE6H>KDH>B
EGD9J8I>KDH
-D9DAD8DCIG6G>DJCDNDIGDHDC:CID9DHADH86HDHB5F9F9693139P>45<
C5>D94?
HSEJ:H`b:AI:MID8DBD:H8G>IJG6:HE:G6NG:8A6B6JC6A:8IJG6
%6A:8
IJG6 :H EDH>7A: EDGFJ: :A I:MID CD :HIQ 8:GG69D :C HS B>HBD H>CD 67>:GID =68>6 DIG6
8DH6A::G:H:CID96=>EUI:H>H6GI>8JA6GJC9>H8JGHDCJ:KD6A9>H8JGHD9:AI:MID
HI6
6GI>8JA68>UC9:JC9>H8JGHD8DC:A9>H8JGHD9:9:CJC8>6:CA68DCHI>IJ8>UCB>HB69:A
I:MIDJC686E68>969DG><>C6A9:8DCI>CJ68>UCFJ::HHJ86GQ8I:G67>:GID
%6>CI:GEG:


!6NEJ:9:9:8>GH:JC4?2<52E3<5
C:AEG>B:GDH:9:HEA>:<6A68DBEG:CH>UC9:HS
N9:A68JAIJG6EDGA6>CI:GEG:I68>UC9:AI:MID:C:AH:<JC9DH:9:HEA>:<6A68DBEG:C
H>UC9:AI:MIDEDGG:;:G:C8>66A6D7?:I>K>9699:HJ:HIGJ8IJG6N6A6>CI:MIJ6A>969FJ:
AD HDEDGI6 `)DG JC A69D d69K>:GI: +>8cJGd A6 6JID8DBEG:CH>UC B>HB6 E6H6 EDG :A
GD9:D9:A68DBEG:CH>UC9:ADHH><CDH9:8JAIJG6:CADH8J6A:H:ANDH:9D8JB:CI6N
H:;DGB6EDG:ADIGDA68DBEG:CH>UC9:AI:MIDCD:HJC;>CE6G6HSB>HB6H>CDFJ:
B:9>6I>O6A6G:A68>UC8DCH><DB>HBD9:JCHJ?:IDb
bA6G:;A:M>UCb:Hb
A6B:9>68>UC9:ADHH><CDHN9:A6HD7G6HNbA6:MEA>868>UCbH:>C8DGEDG68D
BD >CI:GB:9>6G>6 :C :A EGD8:HD 9: A6 6JID8DBEG:CH>UC B>HBD
 b :C A6 G:;A:M>UC
=:GB:CRJI>86dD:CA6=:GB:CRJI>86G:;A:M>K6dA68DCHI>IJ8>UC9:ACN=9C=?NA69:A
C5>D94?HDC8DCI:BEDGQC:DHaE
  
HSEJ:H6A8DBEG:C9:GdJCI:MIDdCDH8DB
EG:C9:BDHN6A8DBEG:C9:GCDH96BDHCJ:KDH=DG>ODCI:H9:H:CI>9D6AI:MID6ADH
I:MIDH

K6C8:BDHID96KS6JCDHE6HDH:C49B5339P>45<CE:5D?3?=?@?<?45<13?BB5<139P>

!JHH:GA#549D139?>5C31BD5C91>1CX=67AU9:A65C65B145@B?@95414D9:A9QG
H:CDH:C1>1<?7?>:AC5>D94?I6CID9:A?DB?8DBD9:<??DB?
AADD8JGG:EDGJC6?@5
B139P>B54E3D9F1
CA6;:CDB:CDAD<S69:!JHH:GAB54E339P>FJ>:G:9:8>GB53?>4E3
39P>DFE5<D145<?414?EDG:?:BEAD8DBD?2:5D9F?6A65C65B1CE2:5D9F1
/:6BDH
6=DG6 ^FJR E6H6 8J6C9D :HI6 B54E339P> 6 A6 5C65B1 45 @B?@95414 H: DE:G6 HD7G: :A
D5HD?%DFJ:G:HJAI66=S:HFJ:`bA6>CI:GEG:I68>UC 135B3197E1<18DCK>:GI::C
3?>D5=@?BK>5?NC5=5:1>D54:ADIGDADDIGD:AI:MID5AD8J6A:HK:G969:G6B:CI:=6
8:G@B?@9?ADFJ::CEG>C8>E>D:G65HDB1O?aE
  
,:IG6I6EJ:H9:EDC:G:C:A=D
G>ODCI: 9: HS AD FJ: :G6 1:5>? 9: 41B C5>D94? 6A I:MID 9:H9: A6 @B9=5B1 @5BC?>1 9:
FJ>:C AD A::
 HS EJ:H `b A6 >CI:GEG:I68>UC 8DBD 6EGDE>68>UC b 49:HI6865 :A
86GQ8I:G13DE1<9:A6>CI:GEG:I68>UCA6A:8IJG6:H8DBDA6:?:8J8>UC9:JC6E6GI>IJG6
BJH>86A B6G86 A6 G:6A>O68>UC A6 68IJ6A>O68>UC 9: A6H EDH>7>A>969:H H:BQCI>86H 9:A
I:MIDa`4
,:EJ:9:68:EI6GA65H9CD5>3915>CN45<D5HD?E:GD:HI:I>:C:FJ:H:G13
DE1<9J14?B:9>6CI:A6DE:G68>UCHJ7?:I>K6B:9>6CI:A6A:8IJG6NA68DCH:8J:CI:>CI:G
EG:I68>UC
FJS:H9DC9:H:D7H:GK6:A`b86GQ8I:G9:G:6A>O68>UCEGDE>D9:A6>C
I:GEG:I68>UCa :HID:HA6A:8IJG6:H:?:8J8>UC9:AH:CI>9D
:H9:AJ:<DFJ:`%6H
DG68>DC:H9:AI:MIDH><C>;>86C8935D>E>3a`4
H:G:FJ>:G:K:G8UBD`b:AI:MID
13DE1<9J14?:C8J:CIG6JC:CIDGCDNJCEV7A>8DG:IDB6HJBDK>B>:CID>CI:G8:EI69DN
HJHE:C9>9D9:G:;:G:C8>6=68>6JCBJC9DN6HJ?:IDH
ABJC9D :H:A9:AA:8IDG:A
HJ?:ID:H:AA:8IDGB>HBDaE
 
AA:8IDGCD:HJC6ERC9>8:9:AI:MIDH>CDFJ::H
A6EDI:C8>6FJ:AD6C>B6FJ:AD=68:H:GFJ:ADKJ:AK:9:HJEJGD:HI6Gd8DBD;68I>

8>969d6H:CI>9DEDGFJ:=6NCE:5D?FJ:5:53ED1:AH:CI>9DH:EJ:9:6;>GB6GFJ:`b
A6A:8IJG6b:Hb68DCI:8>B>:CID:>CHI6C8>69:9>H8JGHDa`4

FJSH:96:AE6
HD9:AEA6CD9:A6C9>D1H9CNA65CDBE3DEB16AEA6CD9:A6C5=K>D931EJ:HCDH:IG6I6
HUAD9:JC?J:<D9:G:A68>DC:H:CIG::A:B:CIDH8DCJC9:I:GB>C69DDG9:CH>CDFJ:
`)DGHJH:CI>9D:AI:MIDb6=DG6I>:C:EDGHJH><C>;>869DJC69>B:CH>UCH:BQCI>
86a `4

 H :C A6 6E:GIJG6 6A H:CI>9D 9DC9: :A HJ?:ID I>:C: HJ EA:C6 K6A>9:O 9DC9:
A67DG6N9:HEA>:<6
'DH:86:6HSC>BJ8=DB:CDH:CJC6EH>8DAD<S6H>CDFJ:H:K:
JC6>CI:G9:E:C9:C8>6:CIG:5CDBE3DEB1D7?:I>K6D7?:I>K696:HI67A::CHJH>C8GDCS6N
;AJN:CI::CHJ9>68GDCS6NCE:5D?FJ:G:68I>K6G:68IJ6A>O6N9:HEA>:<6


,
5<13?=@<5=5>D1B954145CDBE3DEB15H@5B95>391CE2:5D9F145<C5>D94?

AEGDN:8ID9:+>8cJGEGD8JG6`HJE:G6GaA6`DEDH>8>UC6CI>CUB>86NEG:H:CI6GA66G
I>8JA68>UCFJ:=6GS68DBEA:B:CI6G>DH:A6CQA>H>H:HIGJ8IJG6ANA6=:GB:CRJI>86a`4


C:A;DC9D9:ADFJ:H:IG6I6:H9:B6CI:C:GH::C:AEJGDQB7>ID9:A68DGG:A68>UC
CE:5D? D5HD? N :C K:G A6 ;JC8>UC 3?BB5<139?>1< FJ: 8DBEDGI6 A6 9>D5B@B5D139P>
 HS
:CIDC8:H`b8696JC69:A6H9DH68I>IJ9:HbG:B>I:6A6DIG6EDGG6H<DHFJ:A:
HDCEGDE>DHa`4

&>:CIG6HA66EGDM>B68>UC6A65CDBE3DEB1D;G:8:JC6EDH>7>A>9699:
86G68I:G>O6GI6CIDADH:A:B:CIDH8DCHI>IJN:CI:H8DBDA6H>CI:G688>DC:H9:H9:JCEJC
ID9:K>HI6:MEA>86I>KDA66EGDM>B68>UC>CI:GEG:I6I>K6D;G:8: A6HEG:<JCI6H9:H9:A6H
8J6A:H8D7G69:HEA>:<J::AC5>D94?
:CJ:KDKDAK>:C9D6AB>ID:HIDH:EJ:9:>AJH
IG6G8DC:AH><J>:CI::?:BEAD

C:AIG6CH;DC9D9:AB>ID=6NJC6EG:<JCI6FJ::HJC6EG:<JCI6 HJB6B:CI:H><C>;>86I>K6JC6EG:
<JCI6HD7G:A6K>96NHD7G:A6BJ:GI:^H:C68:9:JCDHDADD9:9DH"C8AJHD;DGB6A>O696:CA6;><JG6
<?=9C=?>13545<?=9C=??45<?DB?:HI6EG:<JCI6:HA69:A66C<JHI>6HD7G::ADG><:C^9:9UC9:
K>:C::A=DB7G:C68:9:A6I>:GG6D9:HJHE69G:Hb:HI6;JC8>UCb9:AB>ID8DBDG:A6ID9:ADH
DGS<:C:H :H A6 FJ: H: =6 FJ:G>9D EDC:G :CIG: E6GRCI:H>H
 A 6CQA>H>H :HIGJ8IJG6A CD AA:<6 6 :AJ9>G :HI6
;JC8>UCHUADA6EDHI:G<6E6G6BQH69:A6CI:E
 


)DC:GEG:<JCI6HFJ:AA:C:C9:H:CI>9DA69>H:88>UCFJ:D;G:8:JC66EGDM>B68>UC:H
IGJ8IJG6A=68:FJ:H:HJE:G:A6K>H>UCB:G6B:CI:6C6ASI>869:ADH8DCI:C>9DH8JAIJG6
A:H
%6HEG:<JCI6HFJ:H:;DGBJA6:A>CI:GEG:I:E:GB>I:C76H6G:C:A6CQA>H>HJC>GBQH
6AAQ9:A6:HIGJ8IJG6DH>H:EG:;>:G:86EI6GA6:HIGJ8IJG6EGD;JC96:CHJG:A68>UC8DC
A6K>969:AHJ?:IDNEG:8>H6B:CI:8DCA6K>969:AHJ?:ID:CA68JAIJG6
C:HI6KS6H:
EJ:9:K:G:A1>K<9C9C5CDBE3DEB1<8DBDJC65D1@1
)6G6+>8cJGRHI6:H`JC6:I6E6dN
JC6 :I6E6 C:8:H6G>6d :CIG: JC6 >CI:GEG:I68>UC >C<:CJ6 N JC6 >CI:GEG:I68>UC 8GSI>86
:CIG:JC6>CI:GEG:I68>UC9:HJE:G;>8>:NJC6>CI:GEG:I68>UCEGD;JC96aE
 
%69>6

AR8I>86 :A >G N K:C>G 9: 5CDBE3DEB1 6 CE:5D? 9: 5H@<93139P> 6 3?=@B5>C9P> ;JC96 AD
FJ::A6JIDG96:CAA6B6G`JCVC>8D1B3?85B=5>MED93?a`4
FJ:>CI:<G6`A6H68I>IJ
9:HDEJ:HI6H9:A6:MEA>868>UCNA68DBEG:CH>UC:CJC68DC8:E8>UC<AD76A9:A6A:8IJ
G6 8DBD G:8JE:G68>UC 9:A H:CI>9Da `4

 C VAI>BD IRGB>CD :A 1B3? 85B=5>MED93?
I>:C9:JC@E5>D5:CIG:I:MIDNHJ?:ID
H:HI:@E5>D5:AFJ:E:GB>I::A9:HEA6O6B>:CID
9:>CI:GEG:I68>UC68DBEG:CH>UCNK>8:K:GH6
HS:AI:MIDB>HBDH:8DCK>:GI::CEDG
I69DG9:>CI:C8>DC6A>969:HFJ:CD9:E:C9:C:HIG>8I6B:CI:9:A6JIDGNRHI6H6AH:G:M
EA>8>I696HEDG:AA:8IDGEDC:C:C:?:8J8>UC9>K:GHDHBD9DH9:K>969:688>UC
:6=S
FJ:`bA6>CI:C8>UCD:AD7?:I>KD9:AI:MIDCD:H6ISIJADEG>BDG9>6AA6>CI:C8>UC
9:A6JIDGA6HK>K:C8>6H9:A:H8G>IDG6A6H8J6A:HH:GS6EDH>7A:AA:<6GH>CDADFJ:FJ>:G:
:AI:MIDADFJ:FJ>:G:9:8>GE6G6FJ>:CD7:9:8:6HJ:M=DGI68>UC
%DFJ:FJ>:G::A
I:MID:H>CIGD9J8>GCDH:CHJH:CI>9Dba`4

FJSE:H:6ID9D:AG:8DCD8>B>:CID
FJ:H:=68:6AHJ?:ID=6NJC66JIDCDBS6G:A6I>K69:AI:MID8DBD9:A6>CI:C8>UCN9:A
H:CI>9D FJ: HDC EDGI69DH EDG RA
 2 H>C :B76G<D :HID :HI67A: J D7?:I>KD 9: N :C :A
I:MIDAD:HHUADG:A6I>K6B:CI:
)J:H9:CJ:KDE6G6K>K>;>86GH:G:FJ>:G:HJ?:ID A:8IDG

C:HI6:H;:G6`b:MEA>86G:H:MIG6:GA6:HIGJ8IJG6:H9:8>GA6HG:A68>DC:H>CI:GC6H
9: 9:E:C9:C8>6 FJ: 8DCHI>IJN:C A6 :HIQI>86 9:A I:MID >CI:GEG:I6G :H IDB6G :A 86B>CD
9:AE:CH6B>:CID67>:GIDEDG:AI:MIDEDC:GH:A6GJI6=68>6:A?B95>D59:AI:MIDa`4


,UADEDGFJ:=6NJCI:MID969DdEDGI69DG9:>CI:C8>DC6A>969:HNH:CI>9Dd:HEDH>7A:
>CI:GEG:I6GAD9:H8J7G>GHJ813914P>45dH:DG>:CI6I>:C9: 


,
=?4?453?>3<EC9P>
5<31BK3D5BB14931<45<19>D5B@B5D139P>I<13?=E>94149>D5B@B5D1>D5

+>8cJGG:8JGG:635B3145<19>D5B@B5D139P>9:G>HIUI:A:HE6G6BDHIG6G:A86GQ8I:G
G69>86A 9: A6 >CI:GEG:I68>UC
 ,: EJ:9: :CI:C9:G EDG 9>8=D 31BK3D5B B14931< :A FJ: A6
>CI:GEG:I68>UC6CI:H9:G:;:G>GH:6AI:MIDd6ADHI:MIDHd:HJC6;DGB6DG><>C6G>69:G:
A68>UC9:AHJ?:ID8DC:ABJC9D
C:;:8IDD7H:GK6:A6JIDG`"CI:GEG:I6GE6G6G>HIU
I:A:Hb:HADFJ:N6=68::AEG>B:GA:C<J6?:6AB:9>6I>O6G8DCH><CDHCJ:HIG6G:A6


FJS=6NJCASB>I::CIG:A685B=5>MED931NA65HM75C9C
+>8D:JGA69D8JB:CI6:CADHH><J>:CI:HIRGB>CDH
`bJC*1D25B938DbH::MEG:H68DBDJCG:A6ID9:688>UCe>DH=>ODbfNJC-?BD25B938DbJCG:A6
ID9:E6A67G6He>DH9>?DN:HD;J:f
bA6>CI:GEG:I68>UC 6CI:H9:H:G:A68ID9:A:MR<:I6:H:A68ID9:A
I:MIDA6G:A68>UC:CIG:IG69>8>UC:>CI:GEG:I68>UC:HJC6G:A68>UC>CI:GC66AI:MID>CI:GEG:I6GE6G6:A:MR<:I6
:HEDC:GH::C:AH:CI>9D>C9>869DEDG:HI6G:A68>UC9:>CI:GEG:I68>UCHDHI:C>96EDG:AEGDE>DI:MIDaE
 

FJS=6NJC68>:GI69><6BDH6EJ:HI69:+>8D:JGEDGA6?2:5D9F9414I6CID9:A6H>CI:C8>DC6A>969:H8D
BD9:AH:CI>9D9:AFJ::AI:MID:HEDGI69DG
AASB>I::CIG: 5HM75C9CN85B=5>MED931:CIDC8:HH:G:A68>DC6
8DC:A31BK3D5B=KC?2:5D9F?9:A6EG>B:G669>;:G:C8>69:A31BK3D5B=KCCE2:5D9F?9:A6H:<JC96
JCFJ::C
HS:HI:I:B6I>:C:JC:CDGB:>CI:GRH:M8:9:ADHASB>I:H9:ADFJ::HIQEJ:HID:C:HIJ9>D


8>UC8DCA6H8DH6HaE
 
HS:AI:MID:HJC6>CI:GEG:I68>UC9:H:<JC9DD9:I:G8:G
DG9:CE:GD6CI:H9::BE:O6G8DCADHI:MIDH:9:HEA>:<6:H6:ME:G>:C8>69:N8DC:A
A:C<J6?:FJ:96H:CI>9D6ABJC9D
,>7>:CH:EJ:9:9:8>G;:CDB:CDAU<>86B:CI:3?
>?35B 5C F9F9B H: EJ:9: 96G JC E6HD :C 9>G:88>UC 9: A6 =:GB:CRJI>86 E6G6 6;>GB6G
FJ>OQ 8DC B6NDG G69>86A>969 F9F9B 5C 9>D5@B5D1B
 : 6=S FJ: H: EJ:96 D7H:GK6G FJ:
`bA6>CI:GEG:I68>UC:H:A9>H8JGHDB>HBD:HID9D9>H8JGHD
 bA6>CI:GEG:I68>UC
:H>CI:GEG:I68>UC=5491>D5:AA:C<J6?:6CI:H9:H:G>CI:GEG:I68>UC C?2B5:AA:C<J6?:a
`4

C:H:<5>7E1:5AE5C?=?C6CI:H9:E6H6G6ADHC>K:A:H9:A6EG:9>868>UCN9:A
EG:9>869D9:CIGD9:A9>H8JGHDN9:A9>H8JGHD;>?69D8DBDI:MID9>D5B@B5D1=?C1<F9
F9BF9F9=?C9>D5B@B5D1>4?
):GD:A>CI:GEG:I6G>C8AJN:ID9DHADHEGDCDB7G:HE:GHDC6
A:HND>CI:GEG:IDIV>CI:GEG:I6HRA>CI:GEG:I6CDHDIGDH>CI:GEG:I6BDH:AADH>CI:GEG:
I6C:I8
`%D>BEDGI6CI:E6G6CDHDIGDH:HFJ::HI6G:A68>UC9:H><CD6>CI:GEG:I6CI::H
JC6G:A68>UC67>:GI6:C:AH:CI>9D9:FJ:=6NH>:BEG:DIGD>CI:GEG:I6CI:HJH8:EI>7A:
9:B:9>6I>O6GA6EG>B:G6G:A68>UCaE
  
A?J:<D9:A6HBVAI>EA:H>CI:GEG:I6
8>DC:H E6H6 EDG A6 K>K:C8>6 9: ADH HJ?:IDH :C HJH 9>HI>CI6H EDH>8>DC:H 9: :M>HI:C8>6
E6H6EDGADHI:MIDHFJ::MEG:H6CADH9>H8JGHDH9:ADH9>K:GHDH>CIRGEG:I:HE6H6EDGA6
>CI:G688>UC9:9>HI>CIDHHJ?:IDH8DCHJHBJC9DH8G:6C9DCJ:K6H8DBJC>969:H9:H:C
I>9D

CA6VAI>B69:A6H9>G:88>DC:HH:T6A696HH:EJ:9:8:CIG6GA66I:C8>UC:CA6:HE:8>
;>8>9699:AI:MIDNHJG:A68>UC8DCA63?=E>941445C5>D94?9:A6FJ:9:E:C9:8DBD
9>CD1>39169>1<A6F1<945J
PHI69:E:C9:EDG8DBEA:ID9:A63?=E>94149>D5B@B5D1>
D5
HSEJ:HH:<VC+>8cJG`bA6H:G>:67>:GI69:ADH>CI:GEG:I6CI:HFJ:H:>C8DG
EDG6C6A6G:A68>UC9:JCH><CD8DCJCD7?:IDEDC:9:B6C>;>:HIDJC6G:A68>UCIG>6C
<JA6GD7?:ID H><CD >CI:GEG:I6CI:FJ:EJ:9:H:GK>G9:BD9:ADE6G6DIGDIG>QC<JADFJ:
H:8DCHI>IJN::C:AC>K:A9:AI:MID
AD7?:ID:H:AI:MIDB>HBD:AH><CD:HA6H:BQCI>
86EGD;JC969:HI68696EDG:A6CQA>H>H:HIGJ8IJG6ANA6H:G>:9:>CI:GEG:I6CI:H:HA686
9:C69:>CI:GEG:I68>DC:HEGD9J8>96HEDGA68DBJC>969>CI:GEG:I6CI::>C8DGEDG696H6
A69>CQB>869:AI:MID8DBD:AIG676?D9:AH:CI>9DHD7G:HSB>HBDaE
 
HI:IG6
76?D:H:CHSA68JAIJG6A6=>HIDG>69:A68JAIJG6FJ:EDG8>:GID8DCHI>IJN:6AHJ?:ID
FJ: H: 8DCHI>IJN: 6 HJ K:O 8DCHI>IJN:C9D :A H:CI>9D
 HI6 :H A6 8DBEA:?>969 9: A6
6?B=139P>45<C5>D94?45<CE:5D?N45<13E<DEB1FJ:H>BJAIQC:6B:CI::H 697EB139P>
45< CN =9C=? 3?>697EB139P> 45 CN 1< 45C@<571B 5< C5>D94? N B53?>697EB139P> 45 <1
3E<DEB1 




*J::HIDI:C<6DCDFJ:K:G8DC:A=?45<?45<1DB9@<5=N=5C9C:H6A<DFJ:H:EJ:9:K:G:MEADG69D:CADH
:H8G>IDH9:%

QG9:C6H&:?S6 N 


):H: 6 ID96 A6 ;JC8>UC FJ: 8JBEA: 6FJS :A HJ?:ID +>8cJG AA:<6 6 A6 8DC8AJH>UC 9:
FJ:`bEDG:A8DC8:EID6G>HIDIRA>8D9:>CI:GEG:I68>UCNbEDG:A8DC8:EID9:>C
I:GEG:I68>UC 9: )>:G8: :HI6BDH :C 8DC9>8>DC:H 9: 45C@C93?<?79J1B b CJ:HIG6 CD
8>UC9:>CI:GEG:I68>UCN9:G:;:G>GA66AIG676?DB>HBDFJ:H::?:8JI6:C:AI:MIDaE

 
FJS:AE6E:A9:AHJ?:ID:H68I>KDE:GD:AH:CI>9DCD8DBEDGI6JC69:E:C
9:C8>68DCG:HE:8ID6RA
&QH7>:CH:EJ:9:9:8>GFJ:`A9:8>G9:A6=:GB:CRJI>86:H
JCG: 9:8>GFJ:G:68I>K6:A9:8>G9:AI:MIDaE
 

 




&1BD5

)E:5D?6?B=139P>I=E>4?45<1F941


CDE49?,
?B=139P>I=E>4?45<1F941

C:HI:CDE49?H::MEDC:C3?>35@D?C2KC93?C9:!JHH:GA:CG:A68>UC8DCADHISIJADH
=E>4?45<1F941N6?B=139P>
,:=68::C:HI:DG9:CEDGFJ:A66?B=139P>45<CE:5D?
I>:C:AJ<6G:C:A=E>4?45<1F9416AB>HBDI>:BED:ACE:5D?6?B=1:AH:CI>9D=>HIU
G>8DEDASI>8DHD8>6A9:A=E>4?45<1F941
%DHCJB:G6A:H N9:A6EG>B:G6E6GI:
HDCG:IDB69DH9:JC6:A67DG68>UCEG:K>69:A6JIDGI>IJA696#E>4?45<1F941I65>?
=5>?<?7N145<<E71B

%6 I:H>H 8:CIG6A 9:A CDE49? 9:H6GGDAA696 :C A6 H:<JC96 E6GI: :H FJ: :A CE:5D? 6A
6?B=1BC5H:6?B=16HSB>HBDN6?B=1A68JAIJG66A8DCHI>IJ>GH:8DBD57?9>49F94E1<
IG6CH;DGB6NG:8DC;><JG6:A`:H8:C6G>Da:C:A8J6AH:G:6A>O6:HID:H:A=E>4?F9D1<d
8DCHJ<5>7E1:5N9:BQH9>CD9DE39?>5Cd:H3?>4939P>45@?C929<941445<13?>CD9DE39P>
45<CE:5D?E:GDRHI::CA6B:9>96:CFJ:AD6EGDE>6AD9>D5BF95>5NADDB1>C6?B=1

CA6E:GHE:8I>K6;:CDB:CDAU<>86:AI:B69:A66?B=139P>I>:C:FJ:H:G:HIJ9>69D:C
HJH:CIG:A6O6B>:CIDH8DC:AISIJADCE:5D?FJ::H3?C1=9C=19:A6@C93?<?7N165>?=5
>?<P7931
HSEJ:HA68J:HI>UCH:EJ:9:;DGBJA6G6HS:A:HIJ9>D9:A6@C93?<?7N165
>?=5>?<P793196;JC96B:CID6A68DBEG:CH>UC9:ADH@B?35C?C6?B=1D9F?C
DBD:C
DIG6H IG69>8>DC:H :H >BEDH>7A: E:CH6G A6 @5417?7N1 H>C JC6 76H: @C93?<P7931 dFJ:
8DC;><JG6:A31=@?A6@C93?@5417?7N1d
FJS8A6GD:HIQH:HJ<>:G:NH::HIJ9>6:HI:
VAI>BD:CH:CI>9D;:CDB:CDAU<>8D


CA6?>65B5>39145,95>1EGDCJC8>696EDG!JHH:GA:AN:A 9:B6ND9: 
H::C8J:CIG6JC6>C9>868>UCEJCIJ6AHD7G::AH:CI>9D9:AISIJAD6?B=139P>I6A8DBDH:
:CI>:C9::CA6E:GHE:8I>K6;:CDB:CDAU<>86A66?B=139P>5C5=@?45B1=95>D?45<CE:5
D?
,:IG6I69:FJ:8696FJ>:CH:IDB:EDGHSB>HBDA6G:HEDCH67>A>9699:ABJC9DHJ
H:CI>9D E:GD H>BJAIQC:6B:CI: E6G6 FJ: :AAD D8JGG6 :H >BE:G6I>KD FJ: 8696 FJ>:C
:?:GO6A68GSI>869:ID9DAD969DEDGA6IG69>8>UC
HI68GSI>869:7::CHJH;JC96B:C
IDHEDC:G:C:K>9:C8>6ADH6A86C8:HNA6HA>B>I68>DC:H9:ID9DHADHK6ADG:H6A6AJO9:
JCEGDN:8ID9:K:G969JC>K:GH6ANIDI6AFJ:6A86C8::AH:CI>9D9:AD=JB6CDA6K>96

A6H H>IJ68>DC:H G:6A:H N HJEJ:HI6H ADH ;>C:H FJ: DG>:CI6C A6 :ME:G>:C8>6 A6H CDGB6H
IG69>8>DC6A:HADHK6ADG:HE:GHDC6A:HN8JAIJG6A:H:A9:G:8=DA67:AA:O6:I8

)DGIG6I6GH:9:69>5CNF1<?B5CFJ:I>:C:CFJ:H:G:M6B>C69DH9>DE9D?@5BC?>15dFJ:
EDG I6CID 676C9DC6C ID9D 8DBEDGI6B>:CID N 8DBEGDB>HD <G:<6G>Dd :H FJ: !JHH:GA
69K>:GI:9:HJEDHIJG6`bND:AEG:HJCIDG:688>DC6G>DHDN BJ8=DBQHG69>86AN
BJ8=DBQHG:KDAJ8>DC6G>DFJ:ADHFJ:68IJ6AB:CI:H:BJ:HIG6CI6CG69>86A:H:CHJH
E6A67G6Ha"169<?C?6N15><13B9C9C45<18E=1>94145EB?@51
/
:
E
  
AG69>86
A>HBDNA6G:KDAJ8>UCFJ:>CKD868DCH>HI::C:A9:HEA>:<J:9:A686E68>9699:68IJ6G
8DBD175>D59:8696CE:5D?:CA6EG6M>HEDASI>86HD8>6A8JAIJG6A=>HIUG>86E:GD6HS
B>HBDE:GHDC6A;6B>A>6G>CHI>IJ8>DC6A

^UBDD8JGG::H: 5=@?45B1=95>D?)6G6!JHH:GA9:ADFJ:H:IG6I6:H9:A9:H8J
7G>B>:CID9:ACN=9C=?
2:HIDHUADEJ:9:H:GG:6A>O69DEDGA6HKS6H9:A6>CK:HI><6
8>UCNEDGA6HKS6H9:A6:9J868>UC
FJS867:=68:GRC;6H>H:CFJ:A6>CK:HI><68>UC
8DBD A6 8DC8>7: A6 ;:CDB:CDAD<S6 >C8AJN: A6 @B9=5B1 @5BC?>1 N H: 96 9:H9: :AA6
B>HB6
CIG:I6CIDA6:9J868>UC:HA6688>UC9:JC6D5B35B1@5BC?>1FJ:6A9>G><>GH:6
JC6 C57E>41 @5BC?>1 EGDE>8>6 FJ: RHI6 :C 86A>969 9: @B9=5B1 @5BC?>1 EDI:C8>:
9:HEA>:<J:NG:6A>8:HJHEDI:C8>6H6CSB>86H
HSAD:MEG:H6!JHH:GA

%6;>ADHD;S6FJ:H:K6EGDE6<6C9D:CA6H;DGB6H9:A6>CK:HI><68>UCN9:A6688>UC:9J86I>K6:?:G8:
JC9D7A::;:8ID:HE>G>IJ6A
)DGJCA69D:HADBQH:H:C8>6A9:A668I>IJ9I:UG>869:A=DB7G:FJ:;>ADHD;6
A6E:8JA>6GEDHIJG6A69:8>H>UC9:CD69B>I>GH>C8J:HI>DC6GC>C<JC6DE>C>UC68:EI696C>C<JC6IG69>
8>UCH>CD9:EG:<JCI6G:CH:<J>96G:HE:8ID9:ID9DADIG69>8>DC6AB:CI:69B>I>9D:C:AJC>K:GHDEDG
HJK:G969:CHSEDGJC6>9:6A>969
):GDCD:HHDA6B:CI:JC6CJ:K6EDHIJG69:8DCD8>B>:CID
CK>GIJ9
9:HDB:I:GA65=@9B95:CI:G66CDGB6H>9:6A:H6A6H9:K:G969>C8DC9>8>DC6A6E6G:8:9:>CB:9>6IDJC
86B7>D9:<G6C6A86C8::CA6EG6M>HIDI6A9:A6:M>HI:C8>6=JB6C6EDGI6CID9:ID96K>968JAIJG6ARHI6
N6CD9:7:G:<>GH:EDGJC6>C<:CJ65=@9B958DI>9>6C6NIG69>8>DC6AH>CDEDGA6K:G969D7?:I>K6
HSA6
K:G969H:8DCK>:GI::CJCK6ADG67HDAJIDFJ:IG6:8DCH><D:C:ABDK>B>:CID9:A6;DGB68>UC8JAIJG6AN
HJ 8DCHI6CI: G:E:G8JH>UC :C A6 ;DGB68>UC 9: ADH C>TDH JC6 EG6M>H JC>K:GH6AB:CI: IG6CH;DGB696
 ,>
8DCH>9:G6BDH8DCBQH9:I:C>B>:CIDA6SC9DA:9::HI6IG6CH;DGB68>UC8DBEG:C9:BDH>CB:9>6I6B:CI:
ADFJ::H>C:K>I67A:,>A6>9:6<:C:G6A9:A6K:G969:CHSH:8DCK>:GI::CA6CDGB6JC>K:GH6A9:ID96H
A6HK:G969:HG:A6I>K6HFJ:6E6G:8:C:CA6K>96=JB6C69:A6HK:G969:H9:H>IJ68>DC:HG:6A:HNHJEJ:H
I6H:AAD6A86CO6I6B7>RCID96HA6HCDGB6HIG69>8>DC6A:HA6H9:A9:G:8=DA6H9:A67:AA:O69:A6;>C6A>
9699:ADHK6ADG:H9DB>C6CI:H9:A6HE:GHDC6HK6ADG:H9:86G68I:G:HE:GHDC6A:H:I8RI:G6"169<?C?6N1
5><13B9C9C45<18E=1>94145EB?@51
K
:
E
 



<DNDE<?X=E>4?45<1F941Y

DBDH:EJ:9:8DCHI6I6G:C9>K:GHDHAJ<6G:HA6B6C:G6:CFJ:!JHH:GAAD`9:;>C>Ua
dBQH7>:C867:9:8>GAD86G68I:G>OUAD9:H8G>7>UAD6HJB>UdI>:C:;UGBJA6H8696K:O
BQHEG:8>H6H
/6A:A6E:C66FJSB:C8>DC6G9DH9::AA6`I:GG:CDJC>K:GH6A9:8G::C
8>6a!JHH:GA
 XE
NHH
N`=DG>ODCI:9:ADH=DG>ODCI:Ha2N4
XE



Q  
FJS:HC:8:H6G>DG:8DG96GA69>;:G:C8>6:CIG:`BJC9DaN`BJC9D9:A6
K>96a
&>:CIG6H6FJRA:HIQ8DBEJ:HID9:A6HEA6CI6HADH7DHFJ:HC6I>KDHA6HE>:9G6H
ADHGSDHADHEA6C:I6HA6H<6A6M>6H:HID:HA6EJG6;68I>8>969#E>4?+>?:AH:<JC
9D>C9>86K=29D?455H@5B95>39145<CE:5D?<E71B45<1C?@5B139?>5CF9D1<5C45<CE:5
D?I<13?=E>9414"525>CG5<D

=DG67>:C^8UBDH:CDH96:A`BJC9D9:A6K>96a!JHH:GA69K>:GI:FJ:<9>7SNCD9
31=5>D5C549=5>D14?!JHH:GA
 X
2H>C:B76G<DBQH6AAQ9:ID96`86E6a
D`8J7G>B>:CIDaA>C<WSHI>8D:HADFJ:H:CDH:CIG:<6:CHJEJG6G69>86A>969:C8J6CID
K>K>BDH:HID:HEG: EG:9>86I>K6B:CI:D8DBDCDHADG:8J:G96#DHR%:O6B6%>B6
A6`E>:9G6HD7G:A68J6AAADGU&6G>Da
FJSED9:BDH6AJ9>G6A<E71BC13B?=>:GQI>86
B:CI: H><C69D H><J: H>:C9D A6 B>HB6 `B6I:G>6A>969a E:GD 6=DG6 HDEDGI6 :A C97>?
C13B?N69:BQH6AAS8DCK:G<:JC63?=E>9414E6G6:C8DCIG6GH:N8:A:7G6GE6G6G:
8>7>G6AG:8>RCC68>9DE6G69:HE:9>G6ADHBJ:GIDHE6G68DC;>GB6GNG6I>;>86G:CA6;:
=:G:C8>69:ADHB6NDG:HN8DBEGDB>HD9:8696HSB>HBDFJ:A66HJB:E6G68DCH6
<G6GA6JC>UC9:ADH6B6CI:H
#E>4?45<1F941EJ:H:H=E>4?45<C5>D94?:ME:G>
B:CI69DEDG=NNEDGADH?DB?CEDG>?C?DB?C



<=E>4?3?=?XD5BB5>?E>9F5BC1<453B55>391Y

DBD:HH67>9DJCD9:ADH6JIDG:HFJ:BQHK6ADGU!JHH:GA9JG6CI:ID96HJ86GG:G6
8>:CIS;>86;J:6
!JB:
2H>6A<VC8DC8:EIDA:9:7:6!JB:I6CID8DBD6A:BE>
G>HBD7G>IQC>8D:HEG:8>H6B:CI:HJCD8>UC9:5<956
(7K>6B:CI:CDH:IG6I69:JC6
6HJC8>UC6H:86HC>BJ8=DB:CDH68GSI>86
)DG:A8DCIG6G>D:H:C:A6A:<6ID8DCIG6
:H86GI:HFJ:6E6G:8:d8DBD:C!JB:dA6CD8>UC`8G::C8>6a

H8>:GIDFJ:6AIG6I6G8DCA6:ME:G>:C8>69:AHJ?:ID:C:ABJC9D9:A6K>96JC65F9
45>391H:>BEDC:ID96DE:G68>UCK>I6AG:FJ>:G:NI>:C:JC`HJ:AD8DBVCa:CHS6JC
FJ:EJ9>RG6BDHEDC:GADID9D:C9J96:ABJC9DB>HBDN6:HIQ;J:G69::AA6
'D:H:A
3?79D? A6 @B9=5B1 5F945>391 H>CD :A =E>4?
 2 ^EDG FJR )J:HID FJ: D 7>:C ;DGB6
E6GI:9:A18N:C:AFJ:CDH:C8DCIG6BDH8DBDH:G:HK>K>:CI:HD7>:C:H:A18N:C:A
FJ:H:CDHD;G:8:CID9DHN8696JCD9:ADH3?BB5<1D?Cd:>9RI>8DHNB6I:G>6A:HCDRI>
8DHNCD:BQI>8DHd9:A68DC8>:C8>6
:6=SFJ::A>CI:CID9::MEA>8>I6GADEJ:96AA:K6G
6A68>:C8>6NRHI6VAI>B6EG:8>H6B:CI:EDGA6=E>41>5941445<=E>4?H:6d8DBDA6



DBD8DBEA:B:CID9::HI6;DGBJA68>UCH:EJ:9:K:GA6>C9>868>UCFJ:=68:!JHH:GA:CB9C9C6H67:G
`-D9De;JC96B:CIDf6A86CO69DG:B>I:9:=:8=D9:CJ:KD6DIGDH;JC96B:CIDHID9D=DG>ODCI:67>:GID9:H
E>:GI6CJ:KDH=DG>ODCI:HaB9C9CXE
 


AA6B6 !JHH:GAd B6I:G>6 9: JC6 4PH1 E>9F5BC1< :HID :H :A =E>4? 45 <1 F941 B>HBD
:HIQ@B5414?N:H:AI:GG:CD:C:A8J6AH::K>9:C8>6ID964?>139P>

'D:HEDGI6CIDFJ:IJK>RG6BDHFJ:`9:BDHIG6GaA6:M>HI:C8>6 9:ABJC9D:HFJ:
8J6AFJ>:G DE:G68>UC K>I6A >C8AJN:C9D A6H 9: =?CDB139P> N 45=?CDB139P> EGDE>6H 9:
A6H8>:C8>6HN6EG:HJEDC:A6:M>HI:C8>69:ABJC9D

,:EG:8>H66=DG6EGD;JC9>O6G:AH:CI>9D9:AISIJAD`8G::C8>6a:C:HI:86HD
PHI6EDG
HJEJ:HID CD :H JC6 :K>9:C8>6 N I6BED8D :H JC6 >CIJ>8>UC
 )6G6 67G:K>6G H: EJ:9:
69K:GI>G FJ: :HI6 :MEG:H>UC BJ:HIG6 AD C?2B55>D5>494? 5> <? 5>D5>494?
  E6GI>G 9:
6FJRAN:HE:8>6AB:CI:8J6C9D9:?69:H:GI6A:HEDH>7A:>G9:ADEG:HJEJ:HIDEDGKQ
A>9D`6HS:>C9:;>C>96B:CI:a6A96IDFJ:EJ:9:H:GK>G9:HDEDGI:E6G6AD6HJB>9D:C
:H:IGQCH>IDA63B55>391EJ:9:H:G9:8:E8>DC696DEA:C69:8DCI:C>9D
C8J6CIDHJH
I6CI>KD3B55>391:H8DBDH:H67::;:8ID9:A6688>UCBDK>B>:CIDK:G7D9:3B55B
8G::BDH8J6C9D6AB:CDHI:BEDG6AB:CI:H:6SHA6A69J96:CJC6DE:G68>UC8D<CDH
8>I>K6A68G::C8>6I>:C:EJ:H:A86GQ8I:G9:JC 5CD14?=5>D1<45@B9=5B?B45>':
CDC :C:AA6:AHJ?:IDH>BEA:NAA6C6B:CI:H:6I>:C:6A41BC5d9:8DH6HD7?:IDH
H>IJ68>DC:H?J>8>DHEG:?J>8>DH:I8
d
-6A:HI69DB:CI6AH>:BEG:EJ:9:H:GEJ:HID:C
8J:HI>UC

B55=?C3B55>391CFJ:D;G:8:CJCC>K:A9:`:HI67>A>969a9:A41BC59:ABJC9D6CD
HDIGDHEDC:BDHCJ:HIG6H8G::C8>6H:C9J968J6C9DADFJ:8G::BDHHJ;G:JC9:H68D
EA: 8DC ADH =:8=DH 8DC DIG6H 68I>IJ9:H >CI:C8>DC6A:H 9: DIGDH HJ?:IDH 8DC CJ:HIGDH
G:8J:G9DH8DCCJ:HIG6H:ME:8I6I>K6H:I8
C8J6CID`I:GG:CDJC>K:GH6A9:8G::C8>6a
:A=E>4?45<1F941:H:A:HE68>D:AAJ<6GA6J7>868>UCFJ:DG9>C6G>6B:CI:=67>I6
BDH8DC:AEG:?J>8>D9:CDI:C:GEG:?J>8>DHHD7G:RA
%6K>K:C8>6>C<:CJ69::HI:9QG
H:CDHE6H>K6B:CI::A=E>4?9:B6C:G6ID96KS6>C8J:HI>DC696:>C8J:HI>DC67A:8DC
;><JG6ADFJ:`8G::BDHa

^*JRH:CDH96EJ:H8DBD`I:GG:CDJC>K:GH6Aa:H9:AJ:<DCD:H:HI686AA:D:H
I::9>;>8>DD:HI:9S6D:HI66J9>:C8>6H>CD5CDBE3DEB1CFJ:EDH>7>A>I6CCDB93D?C5>CE
B>H:G :C :A BJC9DH>CA6H8J6A:HA6:ME:G>:C8>6B>HB6CD:HG:6A>O67A:
ISIJAD9:
:?:BEAD
A6I:BEDG6A>969:A8125BC94?:AC5B1AENI18?B1:A@?45B<<571B1C5B
:A:HE68>D:A:HI6GND6FJSN.9
6AAQ:A:HI6G86968DH6:CHJH>I>D:AI:C:G8696
8DH6HJH>I>D:AED9:GB:G:;:G>G6A6H8DH6H9:ABJC9D9:B>BJC9D9:ABJC9DFJ:
I:C:BDH:C8DBVC8DCA6EDH>7>A>9699:FJ::ADIGD.9
JDIGDH8DBEG:C96C:CRH
I6JDIG6A:C<J6ADFJ:9><D
A6A:C<J6A6A>C<W>HI>8>969ADHHSB7DADHADH>8DCDHA6HB6G86HA6HH:T6A:H>C9>
8>DHFJ:E:GB>I:C96G68DCD8:G6ADIGDCDHUADB>H:G:C:ABJC9DH>CD:AH:CI>9D

9:ABJC9DE6G6BSA6EDH>7>A>9699:FJ::ADIGDKS6A6>9:68>UC86EI:B>:ME:G>:C
8>69:BJC9D6E6GI>G9:HJEGDE>6:ME:G>:C8>69:BJC9D
A68DGEDG6A>969:AH:G8J:GED9:B>8J:GED:CIG:DIGDH8J:GEDH d6CSB>8DHD>C
6C>B69DHd :A ED9:G :C8DCIG6G 8DC B> 8J:GED 8DH6H EJG6H 8DH6H FJ: :CIG6C :C :A
86BED9:B>:ME:G>:C8>69:BJC9D:CB>BJC9:6G:C:ABJC9:6G9:ABJC9D

:HID:H6BD9D9::?:BEAD6ADFJ:H:AA6B6`:HIGJ8IJG6H9:ABJC9D9:A6K>96a

2RHI6H:C8J6CIDI6A:H6AI>:BEDHDC=?4EC5CC5>49N=?4EC3?7>?C35>49:HID:H
BD9DH9:H:GNBD9DH9:8DCD8:G



<=E>4?3?=?X8?B9J?>D545<?C8?B9J?>D5CY

DHIRGB>CDH:HIQC:C3?BB5<139P>E:GHE:8I>K6N=DG>ODCI:
:A`BJC9D9:A6K>96a
H:EJ:9:=67A6G8DBD6B:CJ9DAD9>8:!JHH:GA6AB>HBDI>:BED8DBD`=DG>ODCI:
9:ADH=DG>ODCI:HaN8DBD`E:GHE:8I>K>9699:A6HE:GHE:8I>K6Ha
C:AH:<JC9DH:CI>
9D:HIQ>C8AJ>96A6EG>B:G6E:GHDC69:FJ>:CE:G8>7::A=DG>ODCI::C:AEG>B:GD:HIQ
>C8AJ>96A6B6I:G>6A>969FJ:H:D;G:8:E:G8:EIJ6AB:CI:6AHJ?:ID
)GDE>D9:A=DG>ODCI:
:HFJ::CHJ96GH:H:96E:GHE:8I>K>O69D:HID:H:C8J6CID`ASB>I:K>HJ6Aa6E6G:8:
8DBDA6A:?6CS6FJ:6A86CO6:AHJ?:ID8DCHJB>G696B>:CIG6H:C8J6CIDE:GHE:8I>K6
D;G:8:A6`:HI6C8>6a9:FJ>:CE:G8>7:8UBDAD969D6JCHJ?:ID9:JC6EJG6G:<>UCd
H:6:AA6B6I:G>6A;DGB6A>B6<>C6I>K66AJ8>C6I>K6;>8I>8>6:I8
:C;>CADFJ:!JHH:GA
9:CDB>C69;DE=E1..E
d:B:G<::CI6CIDH:CI>9D8DCBVAI>EA:HEDH>7>
A>969:H9:9:H:CKDAK>B>:CIDBDI>K69DEDGA6:ME:G>:C8>69:AHJ?:ID :C :A BJC9D

:=:8=DJC69:A6H;DGB6H9::MEA>8>I6GA63?BB5<139P>8?B9J?>D5@5BC@53D9F1:H
EG:8>H6B:CI:86G68I:G>O6C9D6A=DG>ODCI:8DBD8DC?JCID9:EDH>7>A>969:HDE:GHE:8
I>K6HFJ:H:D;G:8:C:CJC6HJCIDH>IJ68>UCDB6I:G>6
):GD:A=DG>ODCI:6AB>HBD
I>:BED:HASB>I::HE68>DHJE:G;>8>:AJ<6GE6>H6?:;GDCI:G6IRGB>CDI:BEDG6AC>K:A
:HIG6I>;>869D
A867DEJ:H:A=DG>ODCI::H9:HJNDJC65CDBE3DEB18I<MD931:A=DG>
ODCI:CDH:H8DBVC6ADH9>K:GHDHHJ?:IDH:CJC6H>IJ68>UCE:GD6CI::AB>HBD8696
JCD9::AADHI>:C:N8DCH:GK6HJEGDE>6E:GHE:8I>K68DC:AADFJ:96:C:K>9:C8>6FJ:
:A=DG>ODCI::H`8DBVCa`D7?:I>KDa`D7?:I>K69DaD`>CI:GHJ7?:I>K>O69DaB>:CIG6HA6
E:GHE:8I>K6:H`>C9>K>9J6Aa`HJ7?:I>K6a`EGDE>D8:EI>K6aD`>C9>K>9J696a



`b:A8J:GED:HI6B7>RCJC68DH6JC68DH6;SH>868DBD8J6AFJ>:G6DIG66HSEDGI6CID:AA6I6B7>RCI>:C:
HJ:HE68>DN:HAA:C6968DCJC6B6I:G>6EGDE>6N8DCJC6B6I:G>6FJ:A::H6C:M6
PA:HJC68DH6:CIG:DIG6H
8DH6H N :CIG: :AA6H RA I>:C: HJH 86B7>DH 9: AJ<6G :HIQ :HI68>DC69D D :M68I6B:CI: :C BDK>B>:CID 8DBD AD
=68:CDIG6H8DH6H
b:HEG:8>H6B:CI:JC8J:GED:AEDGI69DG9:A57?:A57?I>:C:H:CH68>DC:HN:HI6HH:C
H68>DC:HHDCeAD86A>O696Hf:C:A8J:GED:CE6GI:6FJS8DBDE:CH6B>:CIDHN:CE6GI:6AAS>CB:9>6I6B:CI:EDG
A6H6E6G:8:C8>6HaE1.,EQ<
   


*J::HJC65CDBE3DEB18I<MD931CD86B7>6:A=:8=D9:FJ:H:66AB>HBDI>:BEDJC6
5CDBE3DEB1 594MD931 :H 9:8>G 8DBEDGI6 AE1 =E>4? :A H:G =?4EC 5CC5>49 N =?4EC
3?7>?C35>49
H8A6GDFJ::A=DG>ODCI::HD7?:I>KDNEDG:AADB>HBD:CRADG:HE:8ID
6RAED9:BDH9:;>C>G68J:G9DHD9:H68J:G9DH9:G>K69DH9:A6EAJG6A>9699:E:GHE:8I>
K6H9:ADHHJ?:IDH:HID:H9:A6HBVAI>EA:H>CI:GEG:I68>DC:HFJ:ID9DHN8696JCD9:
:AADHEJ:96C=68:G
DBDE:GHE:8I>K6:A>CI:GEG:I6CI:dFJ:8696JCD9:CDHDIGDH:Hd
D;G:8:JC6`K>H>UCaFJ:I>:C:JC69D7A:EDH>7>A>9699:H:GHDB:I>9663?>DB?<3BND93?
:A>CI:GEG:I6CI:FJ:HDBDHK6A>96E6G6HSNE6G6ADHDIGDHHJ8DBEG:CH>UC9:A6=DG>
ODCI6A>9699:ABJC9D

)DG 9:;>C>8>UC N EDG EG>C8>E>D A6 =DG>ODCI6A>969 9: ADH =DG>ODCI:H :H >C;>C>I6 N A6
E:GHE:8I>K>O68>UC :C FJ: 686:8: :A H:G >CI:GEG:I69D EDG :A >CI:GEG:I6CI: FJ: HDBDH
I6B7>RCAD:H
JC6D7?:I>K>969>A>B>I696A::H8DGG:A6I>K6JC6HJ7?:I>K68>UC>A>B>I6
96><J6AB:CI:
2:CID9D86HDJCDNDIGD:CHJ9:H:CKDAK>B>:CIDD7:9:8:C6<5I5C
45 5CDBE3DEB1 8DBD EDG :?:BEAD :C :A =DG>ODCI: 9: A6 8DBEG:CH>UC B6I:BQI>86 H:
EJ:9:=6AA6G`7:AA:O6N:A:<6C8>6aA6EG>B:G6>BEA>86A6H>BEA>8>969NA6H:<JC96A6
8A6G>969NCD:HFJ:EDG:AADH:E>:G96A6K>K:C8>6:HIRI>866VC8J6C9DA6:ME:G>:C8>6
A:<6A>;DGB:H><6:HI6C9D:C:A=DG>ODCI:;DGB6A
/:6BDH:AB>HBD:?:BEAD:C:A86HD
9:A6E:GHE:8I>K>9699:;>C>9DHADH86G68I:G:H9:JCE:GHDC6?:A>I:G6G>DH:6:A86HD9DC
*J>?DI:9:%6&6C8=6N,6C8=D)6CO6,=:GAD8@!DAB:HNG
06IHDC+6H@DAC>@DK
N,DC?6A68DC9J8I69:ADHB>HBDH>BEA>86<5I455CDBE3DEB1ADFJ:=6AA6B69D&>
?6SA6?ISC A61ED?>?=N145<@5BC?>1:5
)J:9:HJ8:9:GFJ:H:6IG>7JN6C86G68
I:G:H 9: ,6C8=D )6CO6 6 9DC *J>?DI: 8DBD AD =68: ,6K6I:G   :C HJ D7G6>C
DBE339?>5C @1B1 ?<F941B 5< 'E9:?D5 EJ:9: H:G FJ: ,6C8=D )6CO6 H: G:A68>DC: 8DC
JA8>C:6 6IG>7JNRC9DA: ADH K6ADG:H FJ>?DI:H8DH E:GD IG6IQC9DA6 8DBD A9DCO6 %D
G:COD
A=DG>ODCI:9:ADHE:GHDC6?:HCD86B7>6EDGA6E:GHE:8I>K6FJ:JCCJ:KD>C
IRGEG:I:EJ:9696GA:6:AADHE:GDFJ:96:C9>H8JH>UCA6K6A>9:O9::HI6HVAI>B6H



"16?B=139P>45<=E>4?<16?B=139P>5>5<=E>4?

)6G6!JHH:GA`ABJC9D:H8DCHI>IJ>9Da
`HJC6e;DGB68>UCf]529<45^8DCHI>
IJ>96:CA6HJ7?:I>K>969FJ:;AJN:CI:B:CI:8DCHI>IJN::ABJC9Da
C:HI:H:CI>9D:H
`8DCHI>IJ8>UC;AJN:CI:aEJ:9:9:8>GH:`8DBDJCH:CI>9D9:H:GaE1....

:H9:AJ:<D:C:HI66?B=139P>`H:8DCHI>IJN:8DCHI6CI:B:CI:JC@B5C5>D59>D5BCE2
:5D9F?8DBDH>BJAI6C:>969>CI:GHJ7?:I>K6H>CIRI>869:8JGHDH9:K>96 8DBD8JGHDH9:


EG:H:CI: 8696 JCD 9: ADH 8J6A:H :HIQ >BEA>869D :C 8696 JCD 9: ADH DIGDHa E1
.... 

=DG67>:C:HI66?B=139P>CD8DC8>:GC:I6CHUAD6AH:CI>9Dd9><6BDH9:A6K>969:
A6:M>HI:C8>6d
76G86EDG><J6AA6968>UC:HE68>DI:BEDG6A`%66?B=15C@139?D5=
@?B1<a:HID:H`%6;DGB68>UC5CD1<D;Q8I>869:JCD7?:ID8J6AFJ>:G6:ME:G>:C8>6
9DEDGBS6=DG6NAA:<69D6H:G8D<CDH8>7A::CHJ;DGB68>UC75CD1<D<938H:EG:H:CI6
76?D A6H EDH>7A:H ;DGB68>DC:H 5CD1<D5> :C <:C:G6A FJ: EJ:9: I:C:G 8DBD D7?:ID
:HE68>6AJCD7?:IDEA:C6B:CI:9:H8DCD8>9DaE1....  
HSEJ:HH:EJ:9:
6;>GB6GFJ::A96GH:>CIJ>I>KD96AJ<6G6A9:H:CKDAK>B>:CID9:BJAI>EA>8>969:H9:6?B
=1C9:4?>139P>9:A6613D939414EG:8>H6B:CI:EDGFJ::CHJ:ME:G>:C8>6G:AHJ?:ID
CDHUAD3?>6?B=1H>CDFJ:3?>697EB1NB53?>697EB1:AH:CI>9D9:AD969D
`<=E>4?
5C]8?=?7M>5?^3?>B5C@53D?1<?5C@139?D5=@?B1<N:HE:8S;>86B:CI:E6G6ID96HA6H
e8DH6HfFJ:A:HDC>C=:G:CI:HbE:GDI6B7>RC9:A6HEAJG6A>969:HG:6A:HFJ:A:HDC
>C=:G:CI:HNFJ:HDCe8DC;><JG696Hf8DBDI6A:H:C:A613DE=8DCD8>9D8DBD:CID96
EDH>7>A>969:HID:HI>:C:JC6;DGB68>UC5CD1<DJC>I6G>6 EAJG6AFJ:><J6AB:CI:I>:
C:HJH>HI:B69:EDH>7>A>969:H9:;DGB68>UCaE1....  
DC:HIDEJ:HAD
FJ:H:EJ:9:6;>GB6G:HFJ:ID9D96GH::C:ADG9:C;Q8I>8D96AJ<6G6JC66?B=139P>
FJ:EJ:9:JC6NDIG6K:OH:G 3?>697EB141EG:8>H6B:CI:EDGFJ:H>:BEG::AA6H8DC
I>:C:C JC `H>HI:B6 9: EDH>7>A>969:H 9: ;DGB68>UCa :H 8DBD H> H: 9>?:G6 FJ: 6 ID96
<P79316?B=1<A:8DGG:HEDC9:JC6DB1C35>45>D1<
CIDC8:H867:D7H:GK6GFJ:`,>6=D
G6K:BDH:ABJC9D969D8DBDJCBJC9DB:G6B:CI:EDH>7A:H>G:E:CH6BDH6G7>IG6
G>6B:CI::A613DE=9::HI:BJC9D8DCHJ;DGB69:K6A>9:OIG6H8:C9:CI6A:HIRI>86N
G:8DGG:BDHID96HA6HEDH>7>A>969:HA>7G:HDBQH7>:CA6HEGDN:8I6BDHA>7G:B:CI::C
A6;6CI6HS6:CIDC8:HD7I:C:BDH:A594?C]=E>4?^8DBDA6:H:C8>6>CK6G>6CI:FJ::H
>C=:G:CI: 6 ID9D :A BJC9D EDH>7A: 8DC8:7>7A: FJ: H: =6 9: 8DCHIGJ>G 6 E6GI>G 9:A
BJC9D;Q8I>8DEG:8>H6B:CI:EDGB:9>D9:A6K6G>68>UCA>7G:d:C:AH>HI:B6FJ:HJG<:
8DC :AAD 8DBD H>HI:B6 9: EDH>7>A>969:H :>9RI>86H
 =DG6 :H 8DBEG:CH>7A: 9: HJND
b FJ: 6A 594?C eBJC9Df I6B7>RC 9:7: E:GI:C:8:G A6 ;DGB6 :HE68>DI:BEDG6A A6
;DGB69:8DC;><JG68>UC9:ABJC9DN9:ID9DBJC9D>B6<>C67A:aE1.... 

*J::A96GH:;Q8I>8DH:6HJH8:EI>7A:9: 6?B=139P>:CADHBD9DH9:3?>6?B=139P>
3?>697EB139P>NB53?>697EB139P>CDH><C>;>86FJ::AHJ?:IDEJ:96=68:GAD9:B6C:G6
86EG>8=DH6
CI:H7>:CID9D:AADD8JGG:9:8DC;DGB>9698DC`JC6G:<A69:8DC;DGB6
8>UC5CD1<DE>7aFJ:IG6:8DCH><D`JC:HI>AD;DGB6A?B=)D9<aNFJ::CVAI>BD
IRGB>CD 8DGG:HEDC9: 6 `JC6 =DBD<:C:>969 :C A6 ;DGB68>UC 75CD1<D<938a E1
.... 



HS :CIDC8:H H: EJ:9: :MEA>86G FJ: 6A I:C:G IG6CH688>DC:H >CI:GHJ7?:I>K6H EJ:96C
96GH:9>K:GHDHBD9DH9:8DBJC>868>UCN:CI:C9>B>:CID
`%6HG:6A>969:H9:I:GB>C6
96HN;DGB68>DC:H5CD1<D5>HDC9>HI>CI6HN8696EG:H:CI:;Q8I>8D9:ABJC9DB>HBD
E:GD HDC ;DGB68>DC:H 9: JC EG:H:CI: =DBD<RC:D 8DBD ;DGB6 9: H>BJAI6C:>969 N
;DGB6 9: ID9DH ADH BDK>B>:CIDH N 9:;DGB68>DC:H :C A6H 8J6A:H H>C :B76G<D 9: A6
;DGB68>UCJC>I6G>6G:HJAI6JC6;DGB68>UCJC>I6G>6
%6;DGB6:HA6;DGB68>UC>C6AI:G6
7A: FJ: 676G86 ID96H A6H ;DGB68>DC:H E6GI>8JA6G:H N HJH K6G>68>DC:H E1 ....

 696 FJ>:C :C HJ :C8J:CIGD 8DC A6 ;68I>8>969 9:HEA>:<6 BJAI>EA>8>969:H 9:
;DGB68>UC FJ: H: :C8J:CIG6C :C A6 ISE>86 9: A6H EDH>7>A>969:H 9: H:CI>9D
 %6 ;DGB6
8>UC 9: H:CI>9D :CIDC8:H CD HUAD B6CI>:C: N EG:H:GK6 86GQ8I:G >CI:GHJ7?:I>KD H>CD
FJ:5?9@C?;JC96:A@B9>39@9?453?BB57929<9414
H6E6GI>G9:A6ISE>86N:A9:HEA6
O6B>:CID:CIG:HJH:MIG:BDHFJ:ADHHJ?:IDHEJ:9:C8DBJC>86GH::CI:C9:GH:

C G:A68>UC 8DC A6 ;DGB68>UC ADH DIGDH CD HDC JC 6ERC9>8: H>CD JC6 8DC9>8>UC 9:
EDH>7>A>969 9:A 96GH: 9:A H:CI>9D `:A BJC9D E6G6 BS :H BJC9D EDG B:9>D 9: ADH
DIGDH9:A6H:ME:G>:C8>6H9:ADH8DCD8>B>:CIDH:I8
FJ:69DEID9::AADHFJ:H:B:
8DBJC>86C9:BD9D68IJ6ANKDAJCI6G>DB>:CIG6HFJ:6A6K:OADHDIGDH:CID9DG:H
E:8ID dI6B7>RC AD FJ: :AADH FJ>:G:C 8DBJC>86G :MEG:H6Gd HDC :AADH E6G6 BS HUAD 6
E6GI>G9:B>:ME:G>:C8>66JCFJ:8DBDDIGDH:M>HI:CI:H:C:ABJC9DHUADH:6CE6G6BS
EDG B:9>D 9: ADH DIGDH 9: ADH :;:8I>KDH N EDH>7A:H :I8
 C ID9D :HID H: :C8J:CIG6
JCD 8DC DIGDNJCJCD :C DIGD9:ID9DHADH=DG>ODCI:HHJ7?:I>KDH>C8AJ>9D:C:AADA6
8DBJC6A>O68>UC<:C:G6I>K6NHJ8DBJC6A>O68>UC9:ID9DHADH=DG>ODCI:H:CID96HA6H
;DGB6H9:8DBJC>969aE1.... 



)E:5D?@C9AE5I6?B=139P>
AB>HBDI>:BED:H:K>9:CI:FJ:ADFJ:N6:H969D:C:ME:G>:C8>68DBJC>I6G>68DBDI6A;DG
B68>UC:HE>G>IJ6A:C:ABQH6BEA>DH:CI>9D9:ABJC9DADFJ:N6:H969D8DBDJCD7?:ID8JA
IJG6AEJ:9:H:GK>GJC6NDIG6K:OE6G6JC6CJ:K668I>K>9699:I:GB>C696NEJ:9:69FJ>G>G>C8AJ
HDCJ:KDH:CI>9D8JAIJG6A
&JNJC>K:GH6AB:CI:CD=6NC696D7?:I>K6B:CI:G:6AFJ:CDEJ:96
69FJ>G>G6A<JC69:I:GB>C68>UC9:EGDEUH>IDD8DCI:C:GJCH:CI>9D>BEG:HDEDGJC6HJ7?:I>K>969
RHI: EJ:9: :CIDC8:H :K:CIJ6AB:CI: H:G HJ7H:8J:CI:B:CI: :CI:C9>9D ?JHID :C :H: H:CI>9D EDG
ID9DHADHFJ:E:GI:C:8:C6JC6NA6B>HB68DBJC>9699::HDHFJ:EJ:9:BJIJ6B:CI::CI:C9:G
H:JCDH6DIGDHNEJ:9:H:G:ME:G>:C8>69D8DBDJC6GIS8JAD8DCHI6CI:9:ABJC9D8>G8JC96CI:

"C8AJHDADHH:G:H=JB6CDHB>HBDH6VC8J6C9D;JC8>DC6CBQH8DBDHJ?:IDH8G:69DG:H9:8JAIJ
G6HDC6AB>HBDI>:BEDD7?:IDH8JAIJG6A:HJCDHE6G6ADHDIGDH
)DG:?:BEAD:AADHHDCH>BJAIQ
C:6B:CI::9J869DHN86E68:H9:H:G:9J869DH
9J86G:HA6:?:8J8>UC9:JC6GI:NJCDEJ:9:
G:8DCD8:GJC67J:C6DB6A6:9J868>UC:CJC6E:GHDC6
%686E68>I68>UCN6H:68>:CIS;>866GISH
I>86DIR8C>86B:CI:EGQ8I>86:HJC6:?:8J8>UC8JAIJG6AFJ:966ADHH:G:H=JB6CDHJC6;DGB69:
H:CI>9DEA6HB696:C:AADH
HSADHH:G:H=JB6CDHI>:C:C8JAIJG6:CBJ8=6H8A6H:H9:;DGB6HED
H>7A:H
 AADH I>:C:C 9:I:GB>C68>DC:H 9: EGDEUH>ID >BEG:H6H HD7G: :AADH N :ME:G>:C8>67A:H :C :A
8DCI:MID9::ME:G>:C8>6EDG:?:BEAD8DBD;JC8>DC6G>DH9:A<D7>:GCDD;>8>6A:HNDIGDH;JC8>D
C6G>DH9:A:HI69DD8DBD;JC8>DC6G>DH9:8DBJC>969:H:8A:H>QHI>86HJDIG6H8DBJC>969:HE1
.  



!6N8DC8:EIDH:H:C8>6A:H6A:HIJ9>D9:A6HG:A68>DC:H:CIG:6?B=139P>59>D5BCE2:5D9
F9414:CA6:MEDH>8>UC9:
!JHH:GA
BD9D9::?:BEAD:CIG::HIDH8DC8:EIDHH:
:C8J:CIG6C ADH SC9>8:H @C93?<?7N1 dFJ: EDG 7G:K:969 9>G:BDH G:;>:G: A6 CE2:5D9F9
414HJ:HIJ9>Dd:9>D5BCE2:5D9F9414dFJ:><J6AB:CI:EDG7G:K:9699>G:BDHG:;>:G:
A6 3E<DEB1 A6 F941 3?=E>9D1B91 A6 1339P> 3?=E>931D9F1 A6 89CD?B91 A6 ?B71>9J139P>
C?391<A6H9>CD9DE39?>5C:HI6H9DHVAI>B6HI6B7>RCAA6B696HEDG!JHH:GA&5BC?>1<9
4145C45%B45>)E@5B9?B:CIG:A6HFJ:867:9:HI686GA661=9<91:A21BB9?A65C3E5<1
A639E414A6>139P>:ACD14?A63?=E>941445>139?>5CNBQH6AAQDBQH68Q9:
ID96H:HI6H:MEG:H>DC:H:A<5>7E1:5

,:96A68>G8JCHI6C8>69:FJ::ACE:5D?6A6?B=1BC5H:6?B=16HSB>HBDN;DGB6A6
8JAIJG66A8DCHI>IJ>GH:8DBD57?9>49F94E1<IG6CH;DGB6NG:8DC;><JG6:A`:H8:C6G>Da
:C:A8J6AH:G:6A>O6:HID:H:A=E>4?F9D1<d8DCHJ<5>7E1:5N9:BQH9>CD9DE39?>5Cd
:H3?>4939P>45@?C929<941445<13?>CD9DE39P>45<CE:5D?E:GDRHI::CA6B:9>96:C
FJ:AD6EGDE>6AD9>D5BF95>5NADDB1>C6?B=1

=DG6 7>:C :HID >BEA>86 FJ: ADH HJ?:IDH dID9DH N 8696 JCDd HDC @5BC@53D9F1C 9:A
B>HBD =E>4? F9D1< FJ: A:H H>GK: 9: 8?B9J?>D5
 ^UBD H: @B5697EB1> 3?>697EB1> N
B5697EB1> dEDG JH6G A6H :MEG:H>DC:H 9: )
 +>8cJGd CE2:5D9F94145C N =E>4? F9D1<
,:<VCCJ:HIGD68IJ6A:HI69D9:8DBEG:CH>UC:HI6EG:<JCI6:HA63?C1=9C=19:A6@C9
3?<?7N165>?=5>?<P7931

C A6H "5339?>5C 45 @C93?<?7N1 65>?=5>?<P7931 H: BJ:HIG6 :A E6E:A EG:EDC9:G6CI:
9:ADH3?>35@D?C9:6?B=139P>:9>D5BCE2:5D9F9414



"149=5>C9P>45CE:5D?CEC5B@CNAE93?

,>EDG6A<DH:86G68I:G>O6A6;DGB68>UC:CA6E:GHE:8I>K6;:CDB:CDAU<>86:HEDGFJ:
HUADEJ:9:96GH:9>DE9D?@5BC?>15
H9:=:8=DJC6G:CJC8>6I6CID6A6HD8>:9699:
B6H6H8DBD6A6B6H>;>868>UC
HIDB>HBD>BE>9:FJ:H:G:G>?6JCS8B5BDJC31E
49<<?FJ:5=2BE:5A6HB6H6HFJ:A66C:HI:H>:
):CH6GA66?B=139P>>BEA>86JC6FE5<D1
1<CE:5D?
/:6BDH:C:A:CA68::CIG:CE:5D?N6?B=139P>


"131B13D5B9J139P>89CDPB931
C7J:C68J:CI68DBDAD=6:MEA>869D:A;:CDB:CUAD<D8DADB7>6CD6C>:A!:GG:G6
+:HIG:ED`ADHEGD7A:B6H;>ADHU;>8DHCDI>:C:HDAJ8>UCH>CD=>HIDG>6a
!JHH:GAH::C
;G:CI6 8DC A6 @C93?<?7N1 :C HJ IG69>8>UC =>HIUG>86 N H:T6A6 JCDH 89D?C FJ: 8DCH>9:G6


;JC96B:CI6A:H 6 H67:G HJ ;JC968>UC H:<VC RA EDG E6GI: 9: )A6IUC E1 .  A6
H>HI:B6I>O68>UC9:A6B>HB6:CA6D7G69:G>HIUI:A:HHJdEDG6HS9:8>GADd31N41:C:A
:BE>G>HBDE1.N:C:AC6IJG6A>HBDE1.:CA6D7G69:%D8@:FJ>:C
6HJIJGCDEJHD9:G:A>:K::A:HIJ9>D9:A6`:ME:G>:C8>6>CI:GC6aB:9>6CI:JC6`I:D
GS69:A8DCD8>B>:CIDaNFJ:H>C:B76G<D`CJC86AA:<U69:H8G>E8>DC:HH>HI:BQI>86H
NEJG6HaEDG:HI6HKS6H`4


,UAD9:E6HD9><6BDH6FJS!JHH:GACDIDB6:C8DCH>9:G68>UC:A C68>B>:CID9:A6
EH>8DAD<S6 :C EG:HD8GQI>8DH I6A:H 8DBD A8B:UC 9: GDIDC6 N !:GQ8A>ID 9: P;:HD
I6BED8DCDI6FJ:H:8J:CI68DCJC66BEA>68DBEG:CH>UC9:A:HIJ9>D9:A6@C9AEM:C
A6 G:8>6CI><J6dAD8J6A:CIG:DIG6H6I:HI><J6A6D7G69:AB>HBDCDB7G:G:6A>O696
EDG"GL>C+=D9:d

=DG67>:CE:H:6FJ:!JHH:GAB:C8>DC6dHD7G:ID9D:C6G6H9:G:8DG96G6ADH;JC
969DG:H9:A6 @C93?<?7N1>1DEB1<9CD19:AH><AD1"1d6#
&WAA:G
!
0:7:G/DA@
B6CC!:AB=DAIO!:G>C<
-
:8=C:GN0JC9IE1.CDH:9:I>:C::CJC6
:MEDH>8>UC9:A6H8DC8:E8>DC:H9:ADHB>HBDH
C86B7>D6<J9>O6A6B>G696I6CID:C
0
>AI=:NE1. 8DBD:C
G:CI6CDE1. B6:HIGDH9:FJ>:
C:H!JHH:GAIJKDJC6:HIG:8=68DA67DG68>UC:CHJEGD8:HD:9J86I>KD9:FJ>:C:H:C
VAI>BDIRGB>CD6HJB:NIG6CH;DGB6A6=:G:C8>69:JC6@C93?<?7N1FJ:FJ>:G:CDHUAD
AA:<6G6H:G395>391B97EB?C1>AI=:NE1.H>CDFJ:I>:C:I:B6HDCV8A:DHI:
BQI>8DH8:CIG6A:H8DBD:H:A9:A69>D5>39?>1<9414G:CI6CDE1. 

CHJ>CIGD9J88>UC=>HIUG>866JCFJ::H>C8>9:CI6A:HG:A:K6CI:A6G:;:G:C8>66DA
O6CD dFJ>:C 6A A69D 9: %:>7C>O N 6CI:H 9: )>IQ<DG6Hd BJ:HIG6 A6 ?2:5D9F9414 9: AD
AU<>8DN9:ADB6I:BQI>8D6A6E6GFJ:BJ:HIG6FJ:E6G6FJ::AA6AA:<J:6C5>D94?>B
EA>86NB5AE95B5<1?@5B139P>CE2:5D9F1EDG:?:BEAD9:E:CH6G9:8DCI6G9:?JO<6G
E1.

-6B7>RC9:E6HD!JHH:GABJ:HIG68UBDdH:<VCA6:MEDH>8>UC9:>AI=:NdI6CID:C
$6CI8DBD:C:A:BE>G>HBD7G>IQC>8D`A6H8>:C8>6H9:A:HESG>IJNbID9DHADHBD
K>B>:CIDH9:G:;DGB69:A6AU<>86BD9:GC6N9:A68GSI>869:A6G6OUCb;J:GDCID
96HJC>A6I:G6AB:CI:9:I:GB>C696HEDGA68>:C8>6C6IJG6AaE1.

 


"13?>DB92E39P>459<D85II<1<9=9D139P>45<1=9C=1
^*JR A: 9:7: A6 @C93?<?7N1 65>?=5>?<P7931 6 A6 D7G6 9: 0
 >AI=:N  &>G:BDH
EG>B:GD:C<:C:G6AA68DCIG>7J8>UC9:>AI=:N6A86BED<:C:G6A9:A6EH>8DAD<S6
,:
<VC!JHH:GARHI:6EDGI6
 %6 8A6G>969 9: FJ: JC6 `8>:C8>6 G><JGDH6a 9:7: IG6CH>I6G EDG `ADH EGD7A:B6H
EH>8DAU<>8DH b E:GI:C:8>:CI:H 6 A6 :HE>G>IJ6A>969 >C9>K>9J6A N 8JAIJG6Aa E1
.  N :HID >BEA>86 :C VAI>BD IRGB>CD 676C9DC6G A6 `EH>8D;SH86 9: ADH
H:CI>9DHa`4


 %6 >9:6 9: FJ: A6 EH>8DAD<S6 9:7: `>C96<6G :C ID96H E6GI:H A6 K>96 8DC8G:I6 9:A
:HESG>IJ>C9>K>9J6ANHD8>D=>HIUG>86aE1.

 %6I6G:69:A6EH>8DAD<S69>G><>966=68:G`JC6e8GSI>86f9::H6G6OUCFJ:DE:G6:C
A6H8>:C8>6HHD8>D=>HIUG>86HbJC68A6G>;>868>UC:E>HI:BDAU<>869:A6:H:C8>6N
9:A6EDH>7>A>9699::H6>CI:GEG:I68>UCa`4


 %6 >9:6 9: FJ: :C HJ >CK:HI><68>UC A6 EH>8DAD<S6 G:FJ>:G: `HJ7DG9>C6G A6H
6E6G>:C8>6H 9: A6 K>96 EHSFJ>86 6 JC C:MD 86JH6Aa E1 .  6A `VC>8D >5H?
5C@9B9DE1< E>9F5BC1<=5>D5 414? @?B <1 5H@5B95>391 9>D5B>1 49>>5B5 B618BE>75a
E1.:A8J6A:HJC`C:MD:CA6>CIJ>8>UC>CI:GC6a`4


 A EGDN:8ID 9: FJ: A6 EH>8DAD<S6 :C I6CID 8>:C8>6 9:A :HESG>IJ I>:C: EDG I6G:6
`:CI:C9:G N =68:G >CI:A><>7A: 

 A6 JC>969 9:A K>K>G :HE>G>IJ6A 9:A 68IJ6G 9:A


8G:6G B:9>6CI: :A :HI67A:8>B>:CID 9: JC6 >CIJ>8>UC JC>I6G>6 FJ: G:<G:H6 6A C:MD
:HE>G>IJ6A>CI:GC6B:CI::ME:G>:C8>67A:6A9:JCDB>HBDN6A9:ADHDIGDHaE1
. 

 %6 HJ<:G:C8>6 9: FJ: :C HJ >CK:HI><68>UC B:IU9>86B:CI: A6 EH>8DAD<S6 :C HJ
`6CQA>H>H 8>:CIS;>8Da G:FJ>:G: AA:K6G 6 867D :A :HIJ9>D 9: `A6 ;DGB68>UC 9: ADH
8DC8:EIDH N A6 9:H8G>E8>UC H>HI:BQI>86 b HD7G: JC6 76H: EJG6B:CI: >CIJ>I>K6a
E1.

 %6 8DBEG:CH>UC 9: FJ: A6 `I6G:6a 9: A6 EH>8DAD<S6 G69>86 :C A6 `:M=>7>8>UC
9:H8G>EI>K69:ADHbI>EDH9:C:MDHaEHSFJ>8DH:C`6C6A>O6GH>HI:BQI>86B:CI:N
9:H8G>7>G:CHJHI>EDAD<S6HADH:CIG:I:?>9DHb9:JCC:MD:HIGJ8IJG6AaE1.

 2 EDG :HI6 KS6 `;DGB6H :HE>G>IJ6A:H 4FJ:5 HJG<:C 9: DIG6H
 %6H 68I>K>969:H
EHSFJ>86H HJ7?:I>K6H N A6H 13DE139?>5C 9: ADH HJ?:IDH b :C 8DBVCa E1 .
 :C 9DC9: H: :MEDC: `A6 JC>969 9: A6 K>96 EHSFJ>86 8DBD JC6 JC>969 9:



FJSH:9:7:G:8DG96GFJ:0
>AI=:N9:H6GGDAAUCDHUADJC69CD?B9145<1@5417?7N1H>CDFJ:HJCD8>UC
;J:GI: 9: 3?>5H9P> 1 69>5C :H :C HS JC EDHIJA69D E6G6 A6 E:96<D<S6
 HI: EDHIJA69D =6 H>9D :H8A6G:8>9D
B:9>6CI::A:CA68:9:A6=:GB:CRJI>868DCA6E:96<D<S6


:ME:G>:C8>6K>K>96a`4

HI6EH>8DAD<S6:H`9:H8G>EI>K6aNH:8DC8>7:N:?:8JI6
`EJG6B:CI:HD7G:A6>CIJ>8>UCa`4


 %6 EG:HJC8>UC 9: FJ: A6 EH>8DAD<S6 :CIDC8:H CD 9:E:C9: 9: JC G:>CD 9:
C:8:H>969D9:9:I:GB>C68>UCH>CD9:`ADH:CIG:I:?>9DH:HE>G>IJ6A:HaFJ:HDCADH
`:CIG:I:?>9DH9:A6BDI>K68>UCa`4


CG:HJB>96H8J:CI6HEJ:9:9:8>GH:;J:>AI=:N:A;JC969DG9:A6@C93?<?7N18DBD
395>39145<5C@NB9DEN8DBDI6AH>C9:E:C9:C8>69:A6H395>391C>1DEB1<5C
):GDCD
AD<GU>AI=:NH:<VC!JHH:GAFJ::HI6H8DCIG>7J8>DC:HAA:<6G6C6JC1EDM>D93?5CD1DE
D?45395>391
&QH6VC
 >AI=:NFJ:9UEG:HD9:A@?C9D9F9C=?E1.
 :CDIGDHIRGB>CDH:HKS8I>B69:A45D5B=9>9C=?EDG:?:BEAD6AIG6I6G9:9:9J8>G
9:A6H8DC9>8>DC:H=>HIUG>86HNHD8>6A:H9:A6GI>HI6HJ8G:68>UCHJEGD9J88>UC:C
VAI>B6HHJ6GI:E1. 
2EDG:HDB>HBD
 ,J`:MEA>868>UCa:H`EJG6B:CI:>C9>K>9J6Aa`4
:C7J:C68J:CI6EDG6I:C:GH:6
A6AA6B696`:ME:G>:C8>6>CI:GC6aE1. 

 )DG :HD BQH FJ: AA:<6G 6 A6 45C3B9@39P> 6JIRCI>86 N G69>86A 9: 5CDBE3DEB1C
@CNAE931C d:C :HI: H:CI>9D 65>?=5>?<P7931Cd FJ:96 :CGDA69D :C :A >9:6 9:
EG:H:CI6G<5I5CN76H6G:C:AA6HA6D5?BN1E1. 

 HS EJ:H `:C A6 >CHI6C8>6 >C9>K>9J6A >AI=:N b CD 4=65 =:8=D 8A6GD b A6
9>;:G:C8>6 :CIG: C:8:H>969 :HIG>8I6 D :CI:C9>B>:CID 5H@<931D9F? : >C9J88>UC
:BESG>86aE1. 


'DD7HI6CI:8DCIG6G>D6?J>8>DH9:!JHH:GA:CDIG6HD7G6HHD7G:>AI=:NdFJ:7>:C
H:EJ:9:CI>A96G9:9:H86A>;>869DG:Hd:C:HI6H"5339?>5CG:8DB>:C96`JC:HIJ9>DBQH
8J>969DHD9:ID9DHADH:H8G>IDH9::HI::HESG>IJ:MIG6DG9>C6G>DaE1.


B5>D1>?ICE3?>DB92E39P>C?2B5<1>CI:C8>DC6A>969
DBD:CDIGDHAJ<6G:H9:HJD7G66FJS!JHH:GACDHG:8J:G96FJ::A8DC8:EID9>D5>
39?>1<9414=67S6H>9D68JT69DEDGADH:H8DAQHI>8DHE1.6H67:G`A6EGDE>:
969a9:A68DC8>:C8>6`9:G:A68>DC6GH:8DCD7?:IDHa`4

):GD69:BQH9:A8DC8:EID
9>D5>39?>1<9414 ^FJR D;G:8: 6 A6 @C93?<?7N1 G:CI6CD E6G6 FJ: RHI6 H: 8DCK>:GI6 :C
JC6 1EDM>D931 395>391 .C BRID9D 8DCH>HI:CI: :C JC `K:G >CI:GCDa E1 .  

^*JR>BEA>86:HIDCVAI>BDIRGB>CDED9:GHJE:G6GA6 9>DB?C@5339P>8DBDG:8JGHD
E6G6:A:HIJ9>D9:AD=5B1=5>D5CE2:5D9F?
,>BJAIQC:6B:CI:A63?BB5<139P>D;G:8:d
EDG6HS9:8>GADd?2:5D?N=MD?4?



C8J6CID?2:5D?
 >D5>39?>1<9414 9:H><C6 `A6 :H:C8>6 ;JC96B:CI6A 9: ID96 A6 K>96 EHSFJ>86 A6
8DC8>:C8>68DBDH>:C9D8DCH8>:CI:9:6A<DaN:C:H:H:CI>9D`A6:K>9:C8>69:A6
:ME:G>:C8>6>CI:GC6aE1. 

 %69>D5>39?>1<9414:H`JC686G68I:GSHI>86;JC96B:CI6A9:A6K>96EHSFJ>86FJ::H
96969:AID9D>CB:9>6I6N:K>9:CI:B:CI:6CI:H9:ID96HA6HI:DGS6Ha`4


 C 8J6CID 3?>395>391 A6 9>D5>39?>1<9414 D;G:8: :A `8DCI:C>9D 9: A6 :ME:G>:C8>6
K>K>969:E:G8>7>G:CHSB>HB6aE1. 

 %6 9>D5>39?>1<9414 :H `:A :ME:G>:C8>6G K>K>9D BDB:CIQC:6B:CI: :C HS B>HBD
bJC:ME:G>:C8>6GHJ7?:I>KDK>K>9DbJCE:G8>7>G9:baE1.9:A
8J6A867:9:8>G`:M>HI6DCD:AD7?:IDa`4



C8J6CID=MD?4?
 %69>D5>39?>1<9414H:9>HI>C<J:N`EJ:9:H:G9>HI>C<J>96:CA6>CIJ>8>UC>CI:GC6a
E1.

 %6 9>D5>39?>1<9414 `:H 9696 >CB:9>6I6B:CI: 6 A6 :K>9:C8>6 9: A6 :ME:G>:C8>6
>CI:GC6a`4


):GDBQH6AAQ9:G:CI6CD:A:HIJ9>D9:A69>D5>39?>1<9414>BEA>86
 `b G:<G:H6G 9:H9: A6H 86I:<DGS6H 7QH>86H 9: D7?:IDH 8DBD D7?:IDH 9: A6
8DC8>:C8>6 b 465 A6 BJAI>EA>8>969 :CI:G6 9: BD9DH EDH>7A:H 9: 8DC8>:C8>6 EDG
ADH8J6A:HI6A:HD7?:I>K>969:HK>:C:C6A68DC8>:C8>6E6G6CDHDIGDHaE1.

 %6 >CK:HI><68>UC HD7G: A6 8DC8>:C8>6 :C 8J6CID >CI:C8>DC6A EGD8JG6 `8A6G>;>86G
b A6 ;JC8>UC I:A:DAU<>86 9: b BD9DH 9: 8DC8>:C8>6 E6G6 A6 EGD9J88>UC
H>CIRI>869:A6K:G969EDGB:9>D9:A6G6OUCa`4


 %6 `8DC8>:C8>6 b :H b JC6 G:EG:H:CI68>UC AD<G696 :C BVAI>EA:H ;DGB6H
9:BDHIG67A:HNHSCI:H>HE:GI>C:CI:H9DC9:FJ>:G6>CI:C8>DC6A:H9>G><>96H6B:I6H
b6>9:6H9:K:G969a`4


 C ;>C A6 >CK:HI><68>UC HD7G: A6 9>D5>39?>1<9414 :H `JC6 >CK:HI><68>UC
9:H8G>EI>K6a :HID :H JC6 `>CK:HI><68>UC EH>8DAU<>86a FJ: G:86: HD7G: `AD
EHSFJ>8D 8DGG:A6I>KD 6 A6H D7?:I>K>969:H >CI:C8>DC696H :C 8696 86HDa :HID :H
HD7G: `A6 BJAI>EA>8>969 9: BD9DH EHSFJ>8DHa E1 .  :C ADH FJ: ADH
;:CUB:CDHHDCI6A:H:CA6:ME:G>:C8>6HJ7?:I>K6 >CI:GHJ7?:I>K6


"1945145<1@C93?<?7N13?=?395>391I3?=?395>3915CDB93D1
AEGDN:8ID9:A6 @C93?<?7N1395>DN6931 :HdE6G6!JHH:GAd6AB>HBDI>:BED:FJ>K6
A:CI:6JC6395>3911@B9?B99:AD@CNAE93?NEDG:HDB>HBD:HJC6@C93?<?7N165>?


=5>?<P7931
::HI:BD9D`:A8DCI:C>9DI:DGRI>8D8:CIG6A:CA6EH>8DAD<S68>:CIS;>86
EH>8DAD<S6>C9>K>9J6ANEH>8DAD<S6HD8>6AN8DBD8DCH:8J:C8>6BQH6K6CO696ID96
8>:C8>6 :MEA>86I>K6 9:A :HESG>IJ 8DCH>HI: :C JC6 8>:C8>6 ;:CDB:CDAU<>86 N 1 @B9?B9
:H:C8>6A 9: AD EHSFJ>8Da E1 . 
 DBD I6A :CIDC8:H `A6 EH>8DAD<S6 1 @B9?B9
47JH865 :HI67A:8:G AD b :H:C8>6AB:CI: C:8:H6G>D E6G6 AD EHSFJ>8D 8DBD I6A H>C AD
8J6AA6EH>FJ:NA6K>96EHSFJ>86:H67HDAJI6B:CI:>C8DC8:7>7A:aE1. 

=DG67>:CAD9:H8J7>:GIDEDG!JHH:GAI6CID:C"  8DBD:C455>  
AA:K6 6 8DBEG:C9:G FJ: `A6 ;:CDB:CDAD<S6 IG6H8:C9:CI6A I>:C: A6 86G68I:GSHI>86 49:5
FJ:8696JC69:HJHEGDEDH>8>DC:H69B>I:H:GIG6CH;DGB696:CJC6EGDEDH>8>UCEH>8D
AU<>86 1 @B9?B9 :C :A H:CI>9D C6IJG6Aa 6HS EJ:H `JC BRID9D ;:CDB:CDAU<>8D :H:C
8>6AB:CI:H>B>A6GEJ:9:I6B7>RC;JC96GJC6EH>8DAD<S61@B9?B9aE1.

,>C:B76G<DID96KS6=68:;6AI68A6G>;>86GFJR9:H><C6CADHISIJADH@C93?<?7N1dN:C
<:C:G6A@CNAE93?d:C8J6CID395>3911@B9?B9


%D1@B9?B9
JCFJ:G:FJ>:G6A668A6G68>UC>CB:9>6I69:FJ:CDH:EJ:9:C:FJ>E6G6G:CHJHG:H
E:8I>KDHBRID9DHH:EJ:9:=67A6G9:`A6EH>8DAD<S61@B9?B9b8DBDA6HB6I:BQI>
86H9:A:HESG>IJaE1. 
):GD:CHS^FJR:HAD1@B9?B9
 H `JC6 :HIGJ8IJG6a b 8DC A6 EGDE>:969 9: FJ: :H I6A `BQH 6AAQ 9: ID96
I>EDAD<S6:BESG>86aE1. 
 N EDG :AAD :H AD FJ: E:GB>I: 8DC;DGB6G JC K:GH>UC `:MEA>86I>K6 I:DGRI>86 9: A6
:ME:G>:C8>6aE1. 

 HA6>9:6>C;>C>I6`4


 H:A8DC?JCID9:`K:G969:HEJG6B:CI:>9:6A:Hb9>H8:GC>96H8DBDK:G969:H:C
A6C:8:H>969>C8DC9>8>DC6969:HJJC>K:GH6A>969aE1.

 HA6`968>UCa6CI:H9:ADH=:8=DHN9:JCBJC9D9:=:8=DHE1.

 H :A :HIJ9>D 9: `D7?:IDH >9:6A:Ha FJ: AA:K6 6A 9:H6GGDAAD 9: `8>:C8>6H 9:
>GG:6A>969:Ha :C EGD8JG6 9: 8DBEG:C9:G `A6 >9:6 b 4FJ:5 I:DGRI>86B:CI:
<D7>:GC6JCG:>CD6JID8DCI:C>9DaE1.

 H:A8DC?JCID9:`D7?:I>K>969:Hb48DC5:M>HI:C8>6ID96HEDGHSB>HB6HN:CHS
B>HB6HaE1.

 H :A 3?BB5<1D? `9: :HE:8>:H EHSFJ>86H 6 H67:G JC G:>CD 9: K:G969:H
>C8DC9>8>DC6AB:CI: C:8:H6G>6H N JC>K:GH6A:H G:;:G:CI:H 6A 5H@5B95>391B F9F94?a
E1.

 H`:K>9:C8>66CI:HFJ:ID96eI:DGS6faE1.



 H `JC EJCID 9: E6GI>96 EDH>7A: b E6G6 :A 6H8:CHD 6 JC6 ;:CDB:CDAD<S6 N
JC6;>ADHD;S6IG6H8:C9:CI6A:HaE1. 


2 H>C :B76G<D AD FJ: `E:GI:C:8: >CH:E6G67A:B:CI: 6 A6 C6IJG6A:O6 EGDK:: 9@C?
613D?JC6>C;>C>9699:A:N:H67HDAJI6B:CI:C:8:H6G>6E6G6A6C6IJG6A:O6;68IJ6AaE1
.


%D@CNAE93?A6@C93?<?7N1
DCA6:MEG:H>UC`@CNAE93?Y!JHH:GAG:;>:G:`=:8=DHa:CADH8J6A:H6E6G:8:A6`:M
E:G>:C8>6:MEAS8>I6>CI:GC6aE1.:C:HI:H:CI>9D:HA6:ME:G>:C8>6HJ7?:I>K6
B>HB6
 ,: IG6I6 9:A 8DC?JCID 9: H:CI>B>:CIDH 68I>IJ9:H E:CH6B>:CIDH :HE:G6CO6H
E1.9:`A668I>K>9699:?JO<6GaE1.:CVAI>BDIRGB>CD9:A6HF9
F5>391C45<?CCE:5D?CF9F5>391CFJ:CJC86HDC6>HA696HNFJ:8DC;><JG6C:A5>D?B>?
CE2:5D9F?@CNAE93?D5C@9B9DE1<`:CHJH:CIG:I:?>9DHHJHBDI>K68>DC:H>C9>868>DC:H
:I8
a:H6:HID8DCHJH`BDB:CIDH9:bC:MDHa6ADFJ:H:EJ:9:96G:ACDB7G:
9: `;JC8>UC EHSFJ>86a :C I6CID BDB:CIDH `FJ: HDC K>K>9DH >CH:E6G67A:B:CI:a
E1.

CIDC8:HEJ:9:9:8>GH:AD @CNAE93? H:96:C`:ME:G>:C8>6HHJ7?:I>K6HK>K>96HFJ:
8DBEG:C9:CA68DC8>:C8>6K6G>6CI:9:ADHD7?:IDHaN:C:H:H:CI>9DAD@CNAE93?:C
IDC8:H H: 96 :C `68IDHa FJ: 6A ><J6A FJ: ADH `HJ?:IDH E:GI:C:8:C 6A BJC9D G:6Aa
E1. 
%D@CNAE93?:CI6CID8DC?JCID9:`68IDHHJ7?:I>KDHaG:K:A6`:HIGJ8
IJG6HaRHI6H=68:CA6HK:8:H9:`;JC968>DC:H9:A6:ME:G>:C8>6K>K>96:CA6H8J6A:H
A6HD7?:I>K>969:H9:I6A86GQ8I:GAA:<6C6H:GD7?:IDH9:A68DC8>:C8>6NHD7G:ID9D
AA:<6C6H:G:K>9:CI:B:CI:6JID9696HaE1.

%D @CNAE93? I>:C: 8DBD 86GQ8I:G ;JC96B:CI6A A6 9>D5>39?>1<9414 E1 .  
 2
EJ:HID `FJ: A6 >CI:C8>DC6A>969 :H A6 86G68I:GSHI>86 :H:C8>6A 9: AD FJ: :H :HE:8S;>86
B:CI:EHSFJ>8DaE1.9:H9::AEJCID9:K>HI6B:ID9DAU<>8DH:EJ:9::HIJ
9>6G8DC:AD7?:I>KD9::H8A6G:8:GAD9:H9:JCEJCID9:K>HI6`9:H8G>EI>K6B:CI:8DB
EG:CH>7A:aN4
:HIDH><C>;>86FJ:AD@CNAE93?H:>CK:HI><6

b8DBD8DGG:A6I>KD6A6HD7?:I>K>969:H>CI:C8>DC696H:C869686HDN:HE:8>6AB:CI:A6HD7?:I>K>96
9:HAU<>86B:CI:>9:6A:H6HSA6BJAI>EA>8>9699:BD9DHEHSFJ>8DH:CADH8J6A:HEJG6B:CI::CA6>C
B6C:C8>69:A6K>96EHSFJ>86ADH8DC8:EIDH?J>8>DHI:DGS6HHDC;DGB69DH8DBDJC>969:H9:H:CI>9D
>9:6AB:CI: >9RCI>86H 8DC ADH G:HE:8I>KDH BD9DH 9: H:G K:G969:G6B:CI: HJEJ:HID D :K>9:CI:B:CI:
E1.


::HI:BD9D6E6G:8:A6@C93?<?7N165>?=5>?<P79318DBD86BED9::HIJ9>D9::H
IDH65>P=5>?CN6AB>HBDI>:BED8DBD9>F5CD97139P>6EG>DG>455CD5B59>?4565


>P=5>?C @CNAE93?C @EB?C E1 .  
 HI6 8>:C8>6 :CIDC8:H 6E6G:8: `9:A>C:696
HD7G:A6>CIJ>8>UCEJG6B:CI:9>G><>966A>CI:G>DGa`4


=DG67>:CAD@CNAE93?d:H9:8>GADCE2:5D9F?dHUADH:96:C9>D5BCE2:5D9F9414E1
.  :C3?=E>94143E<DEB1<E1. :C:HESG>IJ8DBVCE1
. 9:CIGD9:A6 F9413?=E>9D1B91E1. B:9>6CI:A6 3?=E>93139P>
E1.:H9:8>G:C;DGB6`8DBJC>I6G>6B:CI:HJ7?:I>K6aE1.


?B=16?B=139?>5CI6?B=139P>
67: :CIDC8:H H:T6A6G FJ: A6 >CK:HI><68>UC 65>?=5>?<P7931 FJ: H>:BEG: EGD8JG6
A645C3B9@39P>594MD931:HID:HA69:H8G>E8>UC9:A66?B=1@EB1:C8J6CIDG:86:HD7G:
AD@CNAE93?:C:ABD9D9:@C93?<?7N165>?=5>?<P7931I>:C9:63?=@B5>45BA6H`;DG
B6H ISE>86H 9: E:GHDC6A>969:H 86G68I:G:H I:BE:G6B:CIDH 6HD8>68>DC:Ha E1 .
BQH6AAQ9:A6H`;DGB6H:BESG>86HE6GI>8JA6G:HaE1. 
HS:CIDC8:HA6
K6A>9:O9::HI69>F5CD97139P>G69>86:CFJ:EJ:9696G8J:CI69:A6H`;DGB6H:HIGJ8IJ
G6A:HJC>K:GH6A:H49:5A6JC>9699:ADH:HESG>IJHE:GHDC6A:HH>C<JA6G:H:C:HESG>IJ8D
BVCaE1. :HID9:H9:AJ:<D>BEA>8696G8DCA6`8DBEG:CH>UCEJG69:4A6H5
;DGB6HH:CH>7A:HaE1. :C:ABD9D9:`;DGB6HEJG6H9:EGDEDH>8>UC ?J>8>D
EDH>7A:H N A6H <5I5C ;DGB6A:H FJ: A6H EGDEDH>8>DC:H 8DBD I6A dH> :AA6H H: EG:I:C9:C
8DBDK:G969d9:7:CH6I>H;68:GaE1. 

FJS:HC:8:H6G>D69K:GI>GFJ:A69:H8G>E8>UC9:6?B=1CEJ:9:D8JGG>GdND8JGG:C:
8:H6G>6B:CI: N :C JC EG>B:G BDB:CIDd C?2B5 <? 414? :C I6CID B6C>;:HI69D 5CDKD9
31=5>D5NCDD7HI6CI:I6A8DBEG:CH>UCG:FJ>:G:H:G8DBEA:B:CI696C:8:H6G>6B:C
I:EDGA6B53?>CDBE339P>75>MD931
HS:CIDC8:HA6@C93?<?7N165>?=5>?<P7931 9:H
8G>7: ADH EGD8:HDH 9: A6H `;DGB68>DC:H :HE>G>IJ6A:H 8DCHI>IJI>K6Ha E1 .  A6
`;DGB68>UC9:8DC8:EIDHaE1.A6H`;DGB68>DC:H8>:CIS;>86HaE1. 
:C;>C9:ADFJ:IG6I6I6A@C93?<?7N1:H9:A69:H8G>E8>UC9:ADHEGD8:HDH9:`69FJ>H>
8>UC 9: ID96H 4A6H5 ;DGB68>DC:H EGD9J8>96H :HE>G>IJ6AB:CI:a E1 .   FJ: :C
VAI>BDIRGB>CDHDC`;DGB68>DC:HFJ:6E6G:8:C:C:AE:CH6G6H:GI>K6B:CI:?J9>86I>KD
8DBD8DC8:EIDH?J>8>DH>C;:G:C8>6H:I8
aE1. :C:ABD9D9:`;DGB68>UC
9:H:CI>9DaE1. FJ:I>:C::A86GQ8I:G9:`;DGB68>DC:HHJ7?:I>K6B:CI:EGD
9J8>96H:C:A:ME:G>:C8>6GK>K>9DN:C:A=68:G9:A6;DGB68>UCaE1. N
RHI6:CID9D86HDK>:C:6H:GJC6`;DGB68>UCH>HI:BQI>869:4AD51@B9?B9aE1.

)DG:AADA6@C93?<?7N165>?=5>?<P7931:HIJ9>68UBD`A6K:G969b:HHJ7?:I>
K6B:CI: ;DGB696 :C A6 68I>K>969 9: ?JO<6Ga E1 .  N 8UBD :AA6 G:86: HD7G:
`ADHD7?:IDH>9:6A:Hb4FJ:5AA:<6C6H:G;DGB69DH:CA68DC8>:C8>6aE1.
8DBDJC66?B=139P>9451<E1.


%665>?=5>?<?7N1:CE6GI>8JA6G:CHJBD9D9:@C93?<?7N165>?=5>?<P79318DCH>HI:
:C`=68:G9:A6 3?BB5<139P>VC>86:CIG:ADH ?2:5D?C9451<5C9:A6:H;:G6AU<>86B:CI:
EJG6 N :A 5H@5B95>391B F9F94? CE2:5D9F1=5>D5 @CNAE93? 3?=? 13D9F9414 45 6?B=139P>
JCI:B69:>CK:HI><68>UCaE1.:H9:8>G:AA6:H:A:HIJ9>D9:A6`;DGB68>UC
<G69J6A9:H:CI>9DaE1.9:A`:A:ME:G>:C8>6GHJ7?:I>KDK>K>9DNA6;DGB6
8>UC68I>K69:JCHJ?:IDFJ::H8DCH8>:CI:9:bI6A:HD7?:I>K>969:HaE1.




<DNDE<?X395>391YI5<@B?2<5=145<16?B=139P>

-G:H6HJCIDH6E6G:8:C8DBD;JC96B:CI6A:H:C:HI6:MEDH>8>UC6H67:G :A6A86C
8:9:AISIJAD8>:C8>6A65C65B1D5=KD931J?2:5D?HD7G::A8J6AG:86:A6>CK:HI><6
8>UCEH>8DAU<>86N:A?2:5D9F?9:A6@C93?<?7N18DBD395>391

V'EM9>49315<DNDE<?395>391
)6G6 !JHH:GA `>:C8>6 JC>K:GH6AB:CI: N 8DBD I6A G:EG:H:CI6 :A >9:6A 9: 8DCD8>
B>:CIDH>HI:BQI>8D:C;DGB68DC8AJH>K6D:CA6;DGB69:JCBRID9DFJ::C67HDAJID
?JHI>;>86:K>9:C8>6JC6K:ONE6G6ID9DNE6G6ID9DHaE1.
:H9:AJ:<DE>9
F5BC1<9414:C8>:GIDBD9D>CKD86>535C9414:HID:HADFJ:H:96N8UBDH:I>:C:FJ:
96G6HSNCD9:DIG6B6C:G6
):GD6AB>HBDI>:BED:M><:A6HJE:G68>UC9:A63?>D9>
75>391 N 9:A B5<1D9F9C=?
 )DG :HD A6 8>:C8>6 :H 8DC9>8>UC 9: EDH>7>A>969 9:A BJIJD
:CI:C9>B>:CID9:A6K:G969N9:A68DGG:88>UCdD3?BB57929<9414dH>CDHAA:<QG6BDH
66E6GI6G9:A6K:G969

*J:6FJSK:C<66A86HDA6C9CD5=139414:H8DBEG:CH>7A:NAD:H:C:HE:8>6AH>H:
:CI>:C9: 8DBD EGD8:9:G B:IU9>8D FJ: ?JHI>;>86 A6 :K>9:C8>6 E6G6 JCD N E6G6 ID9DH
:HID:HFJ::CHSEJ:9:BDHIG6GA6K6A>9:ONAA:<69D:A86HDA6K:G9699:A6H6H:G8>D
C:H

%6EH>8DAD<S6CDHUAD9:7:H6I>H;68:G:H6H8DC9>8>DC:HH>CDFJ:I>:C:FJ:8DB:CO6G
EDG:HI67A:8:GHJ5C65B1D5=KD931D6FJ:AADHD7G:AD8J6AKJ:AK:A66I:C8>UC`4



"15C65B1D5=KD931E?2:5D?45<1@C93?<?7N1
67::CIDC8:HH:T6A6GFJ:`%6EH>8DAD<S6I>:C:FJ:KRGH:A6H8DCADH=:8=DH:HE>G>
IJ6A:H8DCADH=DB7G:HNADH6C>B6A:H:CA6B:9>96FJ:H:6CH:G:H:HE>G>IJ6A:HNFJ:
HDEDGI:CAD:HE>G>IJ6A:AHJ8:9:GEHSFJ>8D48DCAD58DBVC465b6CIGDEDAD<S6EH>


8DAU<>86NEH>8DAD<S66C>B6A8DC:AG:>CD=JB6CDN:A6C>B6A:CHJHG:HE:8I>KDHAS
B>I:HaE1.

*J:A668I>K>969:HE>G>IJ6AEJ:9:H:G69?J9>8696I6CID66C>B6A:H=JB6CDH8DBDCD
=JB6CDHEJ:9:H:G:K>9:C8>69DBVAI>EA:B:CI:
JCDHNDIGDHH:A:HEJ:9:6IG>7J>G
>BEJAHDH9:H:DH:ME:8I6I>K6HG:8J:G9DHE6IGDC:H9:G:8DCD8>B>:CID>C8AJHDK>96
8DA:8I>K6
2CDHUADH:A:HEJ:9:6IG>7J>GH>CDFJ:I6A:H13D9F94145CEJ:9:CH:G?2
C5BF141C:CJCDHNDIGDH

=DG6 7>:C =6N ASB>I:H FJ: 9>;:G:C8>6C 6C>B6A:H =JB6CDH 9: CD =JB6CDH
 &:C
8>DC:BDH 6 <J>H6 9: :?:BEAD A6 9>;:G:C8>6 :C A6 :A67DG68>UC I6CID :C :A DG9:C 9:A
<5>7E1:5NdEDGHJB>HBD8JAI>KDdA63E<DEB1

ADFJ:9>G><:A66I:C8>UCA6H>CK:HI><68>DC:HEH>8DAU<>86HEJ:H:H6A613D9F9414
5C@9B9DE1<


<?2:5D9F?45<1@C93?<?7N1
CG:HJB>96H8J:CI6H`8J6C9DJCD=67A69:EH>8DAD<S6H:G:;>:G:b6JC6395>
39145<1C=KCE>9F5BC1<5C6?B=1CI<5I5C45<?C8538?C5C@9B9DE1<5CaE1.

6G8J:CI69:I6A:H6?B=1CN<5I5C:HA6B:I66A6FJ:6EJCI6A6>CK:HI><68>UC

,>C:B76G<D:A:HIJ9>D9:`AD:HE>G>IJ6AaH:IG6CH;DGB6:C@C93?<?7N165>?=5>?<P
79318J6C9DD;G:8:`8A6G>9698DCG:HE:8ID6A68DC:M>UCJC>I6G>69:AD:HE>G>IJ6A:C:A
BJC9D8DC8G:ID:CG:A68>UC8DCHJHK6G>6H;DGB6HDG><>C6G>6HN8DC:H6H;DGB6H9:
G>K696H :C A6H 8J6A:H :A BJC9D 8DC8G:ID :ME:G>:C8>69D :HIQ HJ?:ID 6 A6 8JAIJG6 N =6
H>9DHJ?:I69D6:AA6:CH>:BEG:CJ:K6H;DGB6HaE1. 

'D:HEJ:HFJ:9:AD@CNAE93?1>9=1<>?8E=1>?H:EJ:96=68:GJC6:MIG6EDA68>UC
E6G68DBEG:C9:GAD=JB6CD
!67GQ8A6GD96IDH:ME:G>:C8>6H:K>9:C8>6HFJ:EJ9>:
G6CH:G8DBJC:H
):GDA6 3E<DEB18DBDB5CD?:H:CHSJC5H3545>D5FJ:D7A><66A6
BD9>;>868>UCCDHUAD9:BRID9DHH>CDI6B7>RC9:?2:5D?N9:?2:5D9F?C
%6@C93?<?
7N165>?=5>?<P7931G:86:HD7G:A6K>966CSB>86=JB6C6FJ:HUAD:HI6A:CA6:H;:G6D
G:<>UC9:A68JAIJG6d8DCHJA>C<W>HI>8>969NHJHK6G>6CI:Hd



<B5D?B>?1<X=E>4?45<1F941Y@B5395>DN6931=5>D5414?

^UBDH:CDH96?B979>1B91=5>D5:A=E>4?FJSCDH=6AA6BDH6CI:JC6E6G69D?6
:ABJC9DH:CDH96?B979>1B91=5>D5B53E295BD?45C5>D94?NEDG:AADB>HBDCDH:
CDH96?B979>1B91=5>D5
HID:HEDGJCA69D8J6C9DCDH6?B=1=?C5>5<N6?B=1=?C
5< C5>D94? 45< =E>4? N6 :HIQ B53E295BD? 45 C5>D94?C dFJ: :C BJ8=DH G:HE:8IDH H:


:C8J:CIG6C >1DEB1<9J14?C
 CIDC8:H A6 I6G:6 9: JC6 1EDM>D931 @C93?<?7N1 65>?=5>?
<P7931G69>86:CFJ:ID9DHN8696JCD9:ADHHJ?:IDHEJ:96C6A86CO6G:A#E>4?+>?
:H9:8>G6FJRAFJ::H76H:NI:GG:CD8DBVCHD7G::AFJ:76H8JA6CID9DHADHH:CI>9DH
8DC ADH 8J6A:H EJ:9: H:G G:8J7>:GID EDG A6H 9>;:G:CI:H EDH>8>DC:H HJ7?:I>K6H
>CI:GHJ7?:I>K6H
^UBD:CIDC8:HAD<G6G:H:D7?:I>KD><QBDHAD:CJC6HDA6;G6H:
EGD8JG6C9DJCB5D?B>?DJC6B53?>4E339P>B54E3 B56A#E>4?+>? 6ABQHDG><>
C6G>D 6A FJ: EJ:9: H:G KJ:AID 6 K>K>G 8DBD ;J:CI: 9: ID96 EDH>7>A>969 9: H:CI>9D
6FJ:AFJ:H:CDH96:CEA:C6N8DBEA:I69>DE9D9F9414:AFJ:EJ:9:96GH::CBVAI>EA:H
9>G:88>DC:H9:H:CI>9D#E>4?+>?FJ:K6A>96D9:;G6J96CJ:HIG6H>CIJ>8>DC:HH:CI>
9DH969DHEDH>7>A>969:HE6G6A68DC8G:8>UC9:A6:ME:G>:C8>6dFJ:H:G:>I:G6D>CK6A>
96EDGA613DE139P>6AK>K>GADE>1I?DB1F5J\

)J:HIDHEJ:H:C:A:H8:C6G>D9:A63E<DEB1A6@C93?<?7N165>?=5>?<P7931>C>8>6HJ
I6G:68DCA6B53?>4E339P>B54E3 B56A`BJC9D9:A6>CIJ>8>UCEG: 8>:CIS;>86a:CI6C
IDRHI:H:968DBD`BJC9D9:K>K>G:;:8I>KDaE1.
CRHI:H:96CA6H`8DH6H
:ME:G>:C8>696Ha:CA6B:9>96:CFJ:`6E6G:8:CbN6E6G:8:C8DBD8DH6H:M>HI:C
I:HaE1.FJ:8DC;DGB6CN8DC;><JG6C`CJ:HIGDBJC9D:CIDGCD+=G5<Da
`4
8DBDHJ:AD9:`CJ:HIGDIG676?D8>:CIS;>8Da`4

HI:=E>4?5>D?B>?AD:H`9:
BJN 86B7>6CI: 6E6G>:C8>6a N `AD :ME:G>:C8>6BDH K6G>67A: N 8DBD :C E:GB6C:CI:
IG6CH;DGB68>UC9:HSB>HBDa:CRANHD7G:RA`CJ:HIG6He6EG:=:CH>DC:Hf86B7>6CN
CJ:HIG6HDE>C>DC:HbG:K>HI:CCJ:HIG6:ME:G>:C8>6G:K>HI:CHJH:CI>9D8DCCJ:K6H
86E6H9:H:CI>9Da`4

::HI:BD9DAD969D6CJ:HIG6:ME:G>:C8>6EJ:9:H:GN:H
;G:8J:CI:B:CI:BD9>;>869D`AJ:<D9:8DCH>9:G68>DC:H8:G86C6Ha
C:HI6H8DCH>9:G6
8>DC:HCDHUAD>C8AJ>BDHDEDC:BDH76?D6CQA>H>HADH`H:9>B:CIDH9:A6H68I>K>969:H
:HE>G>IJ6A:HEG:K>6HaH>CDFJ:A6H8J:HI>DC6BDHNI6B7>RCCDH8J:HI>DC6BDH>C8AJHD
:CIDGCD9:A6EDH>7>A>9699:AA:<6G6=6AA6G`JCBJC9D:;:8I>K6B:CI:EG: I:DGRI>8Da
H>RHI:`EJ:9:6A<JC6K:OH:G:C8DCIG69D:CA6:ME:G>:C8>6EJG6A>7G:9:H:9>B:CIDH
H:CI>9DH9:AE:CH6GEG:K>Da`4


HS >C8AJHD CJ:HIGD A:C<J6?: A6H E6A67G6H 8DC FJ: G:;:G>BDH :A BJC9D :C 8J6CID
969D8DCH:CI>9DFJ:96:C9>H8JH>UCA6H`E6A67G6H:MEG:H6CA6H8DH6HK>HI6H:CJC6
G:;:G:C8>69:H:CI>9DFJ:8J6C9DH:8A6G>;>86CDHAA:K66IGQH6CJ:HIG6HEGDE>6H68I>
K>969:HN6A6H9:DIGDHaE1.
67:EJ:HA69J96H>EJ:9:AA:<6G6H:G86E
I69D :H: #E>4?+>? :C HJ ?B979>1B95414?B979>1<9414 N H>C :B76G<D I:C9:C8>6A


`:>C:0:AIa:HA6:MEG:H>UCJH696:CE1.EG:;>:GDIG69J8>GA68DBD#E>4?+>?H><J>:C9D:AJHD9:A6
:MEG:H>UCJI>A>O696EDG
3>G>UCE6G6IG69J8>G6A86HI:AA6CDA6:MEG:H>UC`59>5CDGB6A@DCHI>IJ>:GI:-5<D6AH
9>:L6=G:0:AIaE1,E
A
 A6HJ7G6N6FJ::H6?:C66AI:MID8DC;><JG6A6:MEG:H>UC#E>4?
+>?FJ:NDEG:;>:GDEDC:G:C8JGH>K6NB6NVH8JA6E6G6>C9>86GHJ86GQ8I:GEG>B:GDEG>B6G>DFJ:96AJ<6G6
A6+BB618BE>7D5H@5B95>391?B979>1<


B:CI: AD :CIG:K:BDH AD 6CI>8>E6BDH AD >CIJ>BDH H: CDH 96 6JCFJ: EJ:96 H:G 9:
B6C:G6>C8DBEA:I6:CI6CID:H`:ME:G>:C8>69DID9D:AI>:BEDN6E:H6G9:ID9DHADH
86B7>DH 9: 6EG:=:CH>DC:H N 6CI:H 9: 8J6AFJ>:G E:CH6G FJ: EJ9>:G6 9:HEJRH K:C>G 6
?J<6GJCDN:H:B>HBDBJC9D8DCG:HE:8ID6A8J6AH:EJ:9:C=68:G6H:G8>DC:HNH:
EJ:9:>CI:CI6GD7I:C:G8DCD8>B>:CID:H8DCI>CJ6B:CI::ME:G>:C8>69DaE1.
6HS :CIDC8:H 867: 9:8>G FJ: :HI: #E>4?+>? :H A6 EG>B:G6 :;:8I>K>969 :A 86BED
EG>B6G>D9:A6:ME:G>:C8>6N49:RHI:CDHUAD9:7:H6A>G:ABJC9DK:G969:GD:A9:
A6 >CK:HI><68>UC 8>:CIS;>86 H>CD JC6 :HIGJ8IJG6 JC>K:GH6A C:8:H6G>6 N 1 @B9?B9 N4


C;6I>8RBDHAD
AAJ<6G9:DG><:C9:ID96HA6H8>:C8>6H;68IJ6A:HD7?:I>K6HDADFJ::H:FJ>K6A:CI:
9:ID96HA6H8>:C8>6H9:ABJC9D:HJCDN:AB>HBD
A#E>4?+>?9559>5-5<D
6AFJ:ID96H:AA6HH:G:;>:G:C:HDG><>C6AB:CI:969DEBC@BS>7<938757525>8DBD:A
BJC9D:ME:G>:C8>6AB618BE>7CG5<DH>BEA:6HS8DBD9>G:8I6:>CB:9>6I6B:CI:E:G
8>7>9D:CHJEG:H:CI6GH:N8DBD=67>:C9DH>9DE:G8>7>9DNG:8DG969D:CA6B:BDG>6
8DCG:HE:8ID6HJE6H69D
'DHDIGDHEDH::BDHD69FJ>G>BDH8DCD8>B>:CIDBVAI>EA:D
8>:C8>6H 8DC8:GC>:CI:H 6A BJC9D E1 . 
 HI: BJC9D :H :A `HJHIG6ID ;>C6A 9:
ID9DH ADH E:CH6B>:CIDHa :C RA :H 9DC9: H: CDH 96 :C`A6 E:G8:E8>UC AD E:G8>7>9Da
N4
N:H8DBDAD`6EG:=:C9:BDHNEGD<G:H>K6B:CI:IDB6BDH8DCD8>B>:CIDa
=D
G6 7>:C :A I:C:G JC 8DCD8>B>:CID JC C5>D94? 9:A #E>4?+>? CD G:K:A6 EDG HS JC6
F5B414HD7G:RABJ8=6H9:CJ:HIG6H6EG:8>68>DC:H9:7:CH:GJC6`A>HI6I68=696aFJ:
AA:<66H:GI6AEDGFJ:`H:9:HI6868DBDeCD:C86?6CI:faE1. 
HS:CIDC8:H
H:8DBEG:C9:I6CIDCJ:HIG6:ME:G>:C8>68DBDCJ:HIGD8DCD8>B>:CID:HIQCH>:BEG::C
BDK>B>:CIDE1. NADFJ:H:F1<9418DBDC5>D94?AD<G6I6AF1<?BE6G6`ID
9DHCDHDIGDHa:C`HSCI:H>H>CI:GHJ7?:I>K6aE1.C


%6KJ:AI61C?2B5I5>:A#E>4?+>?8DBDD7?:ID9:A6@C93?<?7N165>?=5>?<P7931
>BEA>86G:8DCD8:GFJ:`:AD7?:IDFJ:E:G8>7DFJ:H:96:CHSB>HBDa:HN`E:GI:C:8:
b6A8UBDHJ7?:I>KD9:968>UC9:A6:ME:G>:C8>6aN:CI6CIDI6A:H`JC=DG>ODCI:
67>:GID9::ME:G>:C8>6HEDH>7A:HNH>:BEG:8DCI>CJ6HaN4EDGI6CID`JCDN:AB>H
BDBJC9D:H8DCI>CJ6B:CI::ME:G>:C8>69DaN4E:GD:AC5>D94?969D6ABJC9DN
A6 F1<945J 9: I6A C5>D94? :H F1B91>D5 EG:8>H6B:CI: EDGFJ: H: 96 :C 9>;:G:CI:H E:GH
E:8I>K6H:CK6G>:9699::ME:G>:C8>6HHJ7?:I>K6H

C:HI6B53E@5B139P>DB53?>4E339P>DB5D?B>?dB54E3 B5d9:A#E>4?+>?RHI:
H: EJ:96 `:ME:G>:C8>6G b ?B979>1<9D5B :C 8:GI:O6 b45 :C :A B6G8D JC>K:GH6A 9:
JC68:GI:O6JC>I6G>69::M>HI:C8>6bC:A;AJ>G9:A6:ME:G>:C8>6JC>K:GH6AaCDH:
:ME:G>B:CI6:ABJC9DHUADEDGE6GI:HH>CDFJ:A6HJ7?:I>K>969 K69:HEA:<6C9DJC>


969:HBQHE6H>K6FJ:68I>K6B:CI:=6HI66A86CO6GJC6 5H@5B95>391D?4?9>3<EC9F1D
E>9F5BC1<:CA68J6AH:9R:CHS:AC5>D94?



<X=E>4?45<1F941YI<1F1B9541445395>391CAE545C@<9571
5<CE:5D?5>CE=E>451B

,> A6 >CK:HI><68>UC 65>?=5>?<P7931 9:H8J7G: FJ: :H C:8:H6G>D JC B5DB?35C? d
B5D?B>?B53?>4E339P>B54E3 B5d6A#E>4?+>?:CIDC8:HH>CBQHH:EJ:9:6;>G
B6GFJ:A6`9:H8G>E8>UCG:B>I:6IGQH6A6>CIJ>8>UCaE1.
CA6>CIJ>8>UCI>:
C:FJ:AA:<6G696GH:`b:ABJC9DIDB69D8DBDJCID9D8DBD:CI:GDNJC>I6G>Da
N8DC`EGDE>:969:H8DA:8I>K6HFJ:bHDCEGDE>:969:H9:ABJC9D:CI:GDNbI6A:H
EGDE>:969:HEJ:9:Cb6E6G:8:GHUADH>IG6:BDHADHG:HE:8I>KDH=DG>ODCI:HK68SDH6
A6>CIJ>8>UCaE1. 
%DH:?:BEADHBQHK>H>7A:H9::HI:DE:G6GdFJ:N6=6C
H>9D:MEJ:HIDH:CA6;>ADHD;S6BD9:GC6EDG$6CIdHDCI>:BED:HE68>DN86JH6A>969

,>C:B76G<D:CHJ@EB5J1:ABJC9DB>HBDI>:C:FJ:D;G:8:GH:8DBDI6A:C8J6CID
6?B=1@EB1
H:K>9:CI:FJ:EJ:9D:ME:G>B:CI6G:A=JB:96AN:CRAA6<G6B6:AQG
7DAA66G7DA:96:A6<J6NHJHG:A68>DC:H8DC<G6B6QG7DAN6G7DA:96ADH6E6GI6B:C
IDH ADH :9>;>8>DH A6H 86AA:H ADH H:BQ;DGDH ADH 86GGDH :I8
 2 H>C :B76G<D`A6 8>J
969a`:AE6SHa`:ABJC9DaHDC12CDB1339?>5C9>GS6BDH6?B=1C@EB1C
HS:CIDC
8:HH:8DBEG:C9:9:41D?CC9>7E<1B5CH>C<JA6GB:CI:969DHEJ:9DE6H6G612CDB13
39?>5C 6 75>5B1<9J139?>5C E>9F5BC1<5C
 A =E>4? B>HBD 9:K>:C: `b :ME:8I6I>K6
JC>K:GH6A>C9:I:GB>C6969:968>DC:H;JIJG6H9:JC:HI>ADH>B>A6GNb:HI:=DG>ODCI:
>CIJ>I>KDH><C>;>86b8DCI>CJ68>UC9:I:GB>C696aE1.

H:CIDC8:HA6CE2:5D9F9414DB1C35>45>D1<969DG69:H:CI>9DA6FJ:6E6GI>G9:JC6
`BJAI>EA>8>9699:G:6A>969:HH>C<JA6G:Ha9:HEA>:<6`:C>C;>C>969JCID9D8DC:8I69D
JCDFJ::HJC>I6G>6B:CI:;DGB69D8DBDJCID9DaNRHI:`I>:C:EGDE>:969:H9:JC>
969 A6H 8J6A:H b HDC :C HS B>HB6H EGDE>:969:H b 9:A ID9Da E1 . 
 %6
4139P>9>DE9D9F1I>:C:EDG6HSAA6B6GA6@B?@95414E>9D9F1
)DGRHI6H:9:HEA>:<6A6D?
D1<941445@B?@954145C45<?414?N:HI6D?D1<9414E:GI:C:8:6AD969DB>HBD
,>H:
B:96A6B:H6>CIJ>I>K6B:CI:I6B7>RCH:B:96CHJHEGDE>:969:HHUADFJ:I:C9GQC
FJ:H:G9:HEA:<696H9>G><>:C9DA66I:C8>UC6=DG66JC6;6OD:H8DGOD6=DG69>G><>RC
9DA66DIGD
'DH:IG6I69:`9DHaB:H6HH>CD9:A6B>HB6FJ:EJ:9:H:GB>G6969:H9:
9>HI>CI6HE:GHE:8I>K6HBQH6VCCDI:C<DFJ:6I:C:GB:65CD1=5C16K3D93141416B5>
D51=NH>CDFJ:EJ:9DIG6I6GA6EJG667HIG688>UC=5C1
HSEJ:H`b<>G6C9DCJ:H
IG6K>HI6=68>6A68DCHI>IJ8>UC9:G:6A>969:HH>C<JA6G:HH:=68:6E6G:CI:bJC6I>ED


AD<S6FJ:H:HDHI>:C:JC>K:GH6AB:CI:E6G6A68A6H:9:8DCI:C>9DHN9::HIGJ8IJG6>CI:G
C6aE1.:CA69>DE939P>dH:6FJ:;J:G:ADFJ:H:B:9>:G:dH:B:D;G:8:JC
E>9F5BC1<H:6:A=E>4?DE6GI>8JA6G>O6C9DB>:ME:G>:C8>69:A6HH>C<JA6G>969:HA6
B:H6:A=JB:96A:A:9>;>8>D:I8

,: EJ:9: 6=DG6 6;>GB6G FJ: 6JCFJ: ID96 D9@939414 9>DE9D9F1 dA6 67HIG688>UC B:H6
:9>;>8>D:I8
DD9@?<?7N1d:HE>9F5BC1<HUAD=6NJC6D?D1<9414E>9F5BC1<6H67:G:A
=E>4?FJ:EJ:9:6A7:G<6GADD?4?
C:HI:H:CI>9D:ABJC9D:H8?B9J?>D5458?B9J?>
D5C`b:ABJC9D:CI:GDI>:C:JC6;DGB6JC>K:GH6ANbJC6G:HIG>88>UC8DCG:H
E:8ID 6 8DCI:C>9DH 6 IG6KRH 9: ADH 8J6A:H EG:8>H6B:CI: HUAD A6H E6GI:H 6 B>:B7GDH
FJ:I>:C:CJC8DCI:C>9DE6GI>8JA6GEJ:9:C69:8J6GH:6A6;DGB6IDI6AaE1.

HS :CIDC8:H 969D :H: 8?B9J?>D5 45 8?B9J?>D5C `b 96BDH 8DC A6H EGDE>:969:H
BQHJC>K:GH6A:HN8DCHI>IJI>K6HG:<>DC6A:HEDG:?:BEADID968DH6G:6A8DBDD7?:ID
I:BEDG6AND7?:ID:HE68>6AaE1.
H:CIDC8:HB:9>6CI:A69>DE939P>FJ:H:
<6C6DH:I>:C:8DBDB5>49=95>D?:A=E>4?
2H>BJAIQC:6B:CI::H6RHI::AFJ:H:
G:;>:G:CCDHUADCJ:HIG6HDE:G68>DC:HK>I6A:H8DI>9>6C6HH>CDI6B7>RCCJ:HIG6H68I>K>
969:H8D<C>I>K6H9:H>9:G6I>K6HKDA>I>K6H:HIRI>86H
A=E>4?H>BJAIQC:6B:CI:=68:
A6HK:8:H9:B579P>45<1CB579?>5CNH:CDH968DBDB579P>@1BD93E<1Bd9:AD8>:CIS
;>8DAD7:AADAD7J:CD:I8


CJC9:H8J7G>B>:CIDCJC866JH8JAI69DBQH6AAQ9:A:HI>AD<:CRG>8D>C8AJ>9D:CCJ:HIG6:ME:G>:C8>6
BJC9DED9GS6BDHEGD8JG6G:A=1D5B91<=5>D5C97>96931>D53?>35@D?45<=E>4?FJ:IG6:6A6:MEG:H>UC
8>:CIS;>86A6;DGB6:HIGJ8IJG6AJC>K:GH6A9:ABJC9D8DBDJCBJC9DB:G6B:CI:9::ME:G>:C8>6H>BEA:

bID96HA6H8>:C8>6H9:ABJC9DFJ:bEJ:9:CH:G;JC9696HH:9:7:CG:;:G>G6:HI6;DGB6:HIGJ8IJ
G6AN6ID96HA6H;DGB6HE6GI>8JA6G:HFJ:HDC67JC96CI:B:CI:>C8AJ>96H:C:AA6HUADbADFJ:H:6FJ:
:ABJC9D:ME:G>:C8>6AEJG6B:CI:8DBD:ME:G>:C8>69D9:7::M=>7>GbA6H9:I:GB>C68>DC:HJC>K:GH6
A:H9:H:CI>9D9:7:C:8:H6G>6B:CI:H:GK>G8DBD;JC968>UCE6G6ID968>:C8>69:ABJC9DE1.


%6@C93?<?7N165>?=5>?<P7931H:DG>:CI6:CIDC8:H6A68DBEG:CH>UC9:A6B6C:G6
8DBD:ACE:5D?:CHJ5H@5B95>3919>D5BCE2:5D9F1@B5697EB13?>697EB1NB53?>697EB1d
JC6NDIG6K:Od:A=E>4?HJC5>D94?HJH@?C929<94145C@BK3D93?5H9CD5>391B91C
2CD
D7HI6CI:H:G:;>:G:JC6NDIG6K:O6A=E>4?:CCE41BC5
=DG67>:C:AHJ?:IDCDH:
H6I>H;68:8DCK>K>G9:B:G6HN86B7>6CI:H?@9>9?>5CdFJ:EDGAD9:BQHHDC@B9=5B1C
I5C5>391<5C6?B=1C454139P>dHD7G::A=E>4?
,>IJ69D6FJSJC6NDIG6K:OH:G:
:BEG:C9::AEGDN:8ID9:JC6395>391B97EB?C1:CEG>B:G6>CHI6C8>6HD7G::ABJC9D
:C I6CID D5BB5>? E>9F5BC1< HD7G: :A FJ: G:6A>O6 HJ @B1H9C N EGD<G:H>K6B:CI: HD7G:
B579?>5CFJ:9:A>B>I6E6G6HJB6NDGNB:?DG8DBEG:CH>UC

bA6:MEADG68>UCN;DGB68>UC9:H8G>EI>K69:A8DC8:EID:ME:G>:C8>6AIDI6A9:ABJC9D:H:CHSB>HB6
JC6G:EG:H:CI68>UC8>:CIS;>86JC6EG>B:G68>:C8>6 BJC9DEG:8:9:ID96HA6H8>:C8>6H BJC9DA6H8J6
A:H 8DBD G><JGDH6B:CI: ;JC9696H 7JH86C 9DB>C6G HJ BQH EGD;JC9D HJ:AD FJ>:G:C H6I>H;68:G A6 9:
B6C969:BRID9D8>:CIS;>8D<:CJ>CDB:9>6CI:A68A6G>9698DC8:GC>:CI:6HJEGDE>6;JC968>UCEG:8>


H6B:CI:6A68>:C8>69:H8G>EI>K69:ABJC9D8DBDBJC9D:ME:G>:C8>6AIDI6A6HS8DBD6HJ86GQ8I:G<:
CRG>8DE1.



<DNDE<?X=E>4?45<1F941YI<1395>3911@B9?B9

%68>:C8>69:A6FJ:H:=68:G:;:G:C8>6:H`b:HI68>:C8>6 BJC9D9:A6;DGB6:H
IGJ8IJG6A JC>K:GH6A 9:A BJC9D :ME:G>:C8>6A 8DBD I6A :HI6 8>:C8>6 FJ: :H EG>B:GD :C
:AA6 B>HB6 I>:C: HJ ;DGB6 EJG6 8DBD 8>:C8>6 EJG6 1 @B9?B9a E1 .  
 ):GD
^8UBDG:6A>O6GJC68>:C8>61@B9?B9HD7G:A6:HIGJ8IJG6 BJC9D8DCHJ86GQ8I:GJC>K:G
H6A 67: 9:8>G H: :M><: JC B53EBC? 1 <1 5H@5B95>391 RHI6 :C 8J6CID 6I:C>96 6A
`BJC9DE6H69DEG:H8G>7:HJ:HI>AD9:H>B>A6G>969E6G6:A;JIJGDaN46HS:CIDC8:H
;68IJ6AB:CI: 76H69DH :C A6 :ME:G>:C8>6 H: EJ:9: `8DCH>9:G6G FJR EJ:9: :CIDC8:H
D8JGG>GN8UBDH:ED9GS6K:GaN4:A=E>4?:C;>C:CCJ:HIGDK>K>G:CCJ:HIGD:M
E:G>:C8>6G:A=E>4?N`,><J>:C9DA6H:ME:G>:C8>6H9:AEGDE>DIG:C9:H:CI>9DCDED
9:BDH=68:GC696H>CEGDN:8I6G:A>C9:I:GB>C69DBJC9D;JIJGD:C:A:HI>ADJC>K:GH6A
9:AE6H69DaN4

>:GID 96 AD B>HBD 9:8>G 21C14?C 5> <1 5H@5B95>391 FJ: 5=@NB931=5>D5
 C :HI:
H:CI>9D:CCJ:HIGDF9F9B=E>41>?CDH;DG?6BDH:ME:8I6I>K6HEDG:?:BEAD `:HE:G6
BDHFJ::AE:GGD>CI:CI:BDG9:G:A=J:HDFJ:H:A:A6C8:aE:GDI6A:H3?>?39=95>D?C
CDI>:C:C>535C9414867:9:8>G`:HIDCDD95>5FJ:HJ8:9:GCD:HJC6C:8:H>969:H
IG>8I6aN4
2A68>:C8>6ADFJ:7JH86:H:HI6I6A>535C9414

FJSH:EG:H:CI6C9DHBDB:CIDH9:A=MD?4?A6D5=1D9J139P>NA6F1B9139P>
.C6N
DIG6HDCEJ:9:9:8>GH:5CDB1D5791CE6G69:H=68:GH:9:A6;68I>8>9699:AD;Q8I>8D9:
AD969DHUAD:BESG>86B:CI::C;>CE6G66GG>76G6AB59>?45<?C65>P=5>?C@EB?C9:
AD1@B9?B9

"C9>FJ:BDH:CIDC8:H>535C9414:H9>4939?9:395>D96939414`-D96C:8:H>969H:CI>
96:HJC6H:T6>C9>86I>K69:JC 1@B9?B9:C:AH:CI>9D9:JC6JC>K:GH6A>969>C8DC9>
8>DC696AA6B6966ED9S8I>86FJ:EJ:9:H:GK>HI68DBDI6AaE1. 
:HIDEDG
7G:K:969ED9:BDHAA6B6GADADD5=KD93?
FJSH:CDH9:H8J7G:A6EG>B:G6:HI6C8>6D
E6HD9:A=MD?4?
*5=KD93?:H1AE5<<?1<?AE549B979=?C<11D5>39P>
2A69>G><>BDH
:CA6>CK:HI><68>UC8>:CIS;>8665>?=5>?<P7931E6G6AA:<6G631@D1BI45C3B929B<?9>
F1B91>D5
):GDAD9>F1B91>D5CDH:969:JC6K:OEDGID96HH>CJC:H;J:GODB:IU9>8D
ID9DAD8DCIG6G>D=6NFJ:8DCFJ>HI6GAD

=DG6 :BE>:O6 6 FJ:96G :C :K>9:C8>6 8UBD EGD8:9: :HI6 8>:C8>6 `76C9DC:BDH
:HI:=:8=DaE1. 
&>:CIG6HA6>CK:HI><68>UCH:B6CI:C<66I6966RAHUADED
9GQG:;:G>GH>C<JA6G>969:HN:C8DCH:8J:C8>6CDH:=6AA6GQ:CN6CI:ADE>9F5BC1<
%6

8>:C8>6EGD8JG6AD1@B9?B9:C:AH:CI>9D`9:JC6JC>K:GH6A>969>C8DC9>8>DC696D7I:
C>96B:9>6CI::AB>G6GN:AK:Ga:HEDG:AADFJ:`9:B6C96FJ:H:A:A>7:G:9:A=:8=D

A=:8=D:CCJ:HIGD86HD:H:ABJC9D:;:8I>K6N;68IJ6AB:CI::ME:G>:C8>69DEDGCD
HDIGDH8DC:HI6H8DH6H;68IJ6A:HaE1.  
^UBD=6AA6G:CIDC8:HAD9>3?>
4939?>14?AD@EB?A66?B=1:A594?CH8>:GIDFJ:AD;Q8I>8DH:CDH969:BJ8=6H
B6C:G6HE:GD`C696CDH>BE>9:I6C6G7>IG6G>6>B6<>C68>UC9::HI:=:8=D9:DIG6B6
C:G69:?6GCJ:HIG6;6CI6HS6K6<6G8DBDFJ>:G6NEGD9J8>G;6CI6HS6HEJG6HFJ:8DB
E6G696H 8DC :A =:8=D HDC 9: ID96H A6H ;DGB6H 8DH6 ;>88>DC:H N BJC9D ;>88>DC:Ha
E1 .  
 "<J6AB:CI: EDG 7G:K:969 6 :HID H: EJ:9: AA6B6G A6H F1B9139?>5C :A
=MD?4?45<1CF1B9139?>5CDF1B912<5C
HS:CIDC8:HEJ:9:K:GH:FJ:AD;Q8I>8D:H
JC@E>D?45@1BD941E6G6D5=1D9J1BE:GD:H>BE:G6I>KD45:1BF171B1<19=179>139P>


2D9><D;6CI6HS6@EB1
2DEJ:9D:CA6;6CI6HS6>B6<>C6G:A76C8DB6GGUC8DBDE>CI69D9:K:G9::C
IDC8:HFJ:96JC6:M>HI:C8>6>C9>K>9J6AbHUADFJ:>B6<>C69D8DBD86B7>69D
):GD6HS8DBD:HD
H:IG6CH;DGBUNDEJ:9DIG6CH;DGB6GID9DHN8696JCD9:ADH=:8=DH:CJC6;>88>UC:C6G7>IG6G>:969:H
A>7G:H
2DEJ:9D>B6<>C6G8DBDJC6EJG6;>88>UCJC76C8D8DCJC6H>G:C6H:CI696:CRA:CC>C<VC
AJ<6GDI>:BEDA>7G:9:ID9DE:HD9::;:8I>K>969A>7G:9:8J6AFJ>:GG:HIG>88>UC6ABJC9D;68IJ6A
C
AJ<6G9:EG:;:G>G:ABJC9D;68IJ6AJ7>8QC9DB::C:AHJ:AD9:HJ68:EI68>UC;68IJ6A:CAJ<6G9::C8DC
IG6GID96>CHI6C8>69:>B6<>C6GADDIGDFJ::AFJ::HJC6CJA>969:C8DC:M>UC8DCHJ:M>HI:C8>6N:C
8DC;A>8ID8DCHJC:MD:BESG>8DdNDEJ:9D:C86B7>D9:?6G8696IG6CH;DGB68>UC;>88>DC6AH:G><J6A6
:AA6N9:?6GA6H:G:CHSB>HB6HUAD8DBDJC6EDH>7>A>969H><J>:CI:6:HI6HDIG6HEDH>7>A>969:H
!68>:C9D
:HID ND 676C9DCD:AHJ:AD 9:HJ68:EI68>UCNEDC<DB>68:EI68>UC:ME:G>:C8>6A;J:G69:?J:<DEDG
9:8>GAD6HS
CIDC8:HA6:ME:G>:C8>6;68IJ6AB:96HUADJC8DB>:COD:?:BEA6GE6G6:A:HI>AD9:;6CI6
HS6HA>7G:H6A6HFJ:NDA:H9DN;DGB6H>CDIG6B6C:G69::BEA:6GA6H8DBD6A<DE6G6H:G68:EI69D

,><J>:C9D:HID8DBDJCBD9:ADND9:I:GB>CDBVAI>EA:H8DE>6H>B6<>C696H8DBD8DH6HN;>88>DC:H
8DC8G:I6B:CI: H>B>A6G:H 6 RA =68>:C9D :HID ND EJ:9D H>HI:BQI>86B:CI: <J>6G B> 6G7>IG6G>:969 A>7G:

2D K6GSD H>HI:BQI>86B:CI: A6 ;DGB6 9: A6 :ME:G>:C8>6 FJ: H>GK: 8DBD JC 8DB>:COD D B:?DG FJ: :H
:ME:G>:C8>696:CRAN6H:6H><J>:C9DJCBDB:CIDH>C<JA6GDID9DHHJHBDB:CIDHH>C<JA6G:H

2D>B6<>CDID9D8DBDK6G>69DN:C8696B6C:G6EDH>7A:EDG:?:BEADND9:?DA6;><JG6;68IJ6A:M
I:C9:GH:N:C8D<:GH:BJN6G7>IG6G>6B:CI:9:?D86B7>6G:A8DADG:CDIGDH8DADG:H86B7>6G9:FJ>:IJ96
BDK>B>:CID9:BDK>B>:CID:CH>:BEG:CJ:KDHBDK>B>:CIDH:I8
E1. 


%6F1B9139P><92B55><161>D1CN1:HJC8DB>:CODG:E>IQBDHAD9:45C@B5>49=95>D?
9:A6613D939414A6F1B9139P>:H<92B5N1B29DB1B91
2H>C:B76G<D:CI6CIDDB1>C6?B
=139P>69339?>1<B:D;G:8:JC3?=95>J?5:5=@<1B
E6GI>G9:RHI::C8J6CID=?45
<? EJ:9D 45D5B=9>1B =R<D9@<5C 3?@91C
 ):GD >C9>86 !JHH:GA`e^)6G6 FJR H>GK:f H:
EG:<JCI6GQC .9H
a
 +:;A:M>DC:BDH HD7G: :HI6 8J:HI>UC
 C :;:8ID ID9D :HI: ?J:<D
G:E>IQBDHAD 8DCH>HI:CI: :C 45:1B F171B 1 <1 9=179>139P> CD :H :H:C8>6AB:CI: 9>;:
G:CI:9:AFJ:D7G6JDE:G6:CHJK>968DI>9>6C6JC:C6BDG69DDFJ>OQ9:AFJ:AA:K6
6867D:AED:I6

HS:CIDC8:H867:9:8>G:CHS:AF1B91B<92B55><161>D1CN1:H3?>4939P>>535C1B91
E6G69:HEG:C9:GH:9:AD;Q8I>8DE6G6=68:GEA6C:HE:GHDC6A:HE6G6<DO6G8DCA6B:G6
68I>K>969 ;6CI6H>DH6 E6G6 8G:6G EAQHI>86B:CI: E6G6 =68:G ;>88>DC:H A>I:G6G>6H d
CDK:ASHI>86HEDRI>86HdE6G6=68:G8>:C8>6:I8
H>C:B76G<D8DBDH:=69>8=D:C:A

86BED:HE:8S;>8D9:A68>:C8>6:HI63?>4939P>>535C1B91CD:HCE69395>D5E6G6G:6A>O6G
A6D7G68>:CIS;>86d686HDC>C<VCDIGDI>ED9:D7G6A6EDRI>86A6:M>HI:C8>6G>6:I8d

:6=SFJ:H:6>BE:G6I>KD96GJCE6HDBQH6H67:G8DCK:GI>G:HI:EGD8:HD>C>8>6A:C
JC6 5CDB1D5791 C9CD5=KD931
 J6C9D H: 96 :HI: E6HD H: 6GG>76 6A BRID9D E6G6 F5B <1C
5C5>391CE6G61@B585>45B5<1@B9?B9



"16?B=139P>CE2:5D9F15>5<F5B5C5>391C

%69>;:G:C8>6G69>86A:CIG::AF17?NID96KS6>C>8>6A:H;J:GOD:CFJ:H:AA:K66867D
A6F1B9139P><92B55><161>D1CN1NA69>F5CD97139P>395>DN693165>?=5>?<P7931G69>86
:CFJ::HI6VAI>B6I>:C9:6<131@D139P>I1<145C3B9@39P>45<15C5>391
'DD7HI6CI:
:H C:8:H6G>D ><CDG6G `EDG JC BDB:CID A6 EG:<JCI6 8DC8:GC>:CI: 6 A6 :H:C8>6 9: JC
BJC9D8DBDI6A8DC:A;>C9:9:H8G>7>GA6;DGB6:CA6FJ:6G7>IG6G>:969:H>B6<>C696H
IDB696HJC>K:GH6AB:CI:96CAJ<6G6:HI6<G6CG:EG:H:CI68>UCFJ::HAA6B696:AK:G9:
JC1@B9?B9aE1.
HS:H8DBDH:8DCHI>IJN:A6`K6G>68>UC8DBD:AE6HD9:
8>H>KD:CA69>HD8>68>UC9:AD;68IJ6AEDG;6CI6HS6d:A594?C8DBDAD>CK6G>67A:ad
%6
G>FJ:O6 9: :HI: E6HD =5DP493? D =5D?4?<P793? CD HUAD I>:C: FJ: H:G 8DBEG:C9>96
H>CDEG68I>8696


1C:AEA6CD9:A69>F5CD97139P>395>DN693165>?=5>?<P79316A6EG:<JCI6`e^)6G6
FJRH>GK:fH:EG:<JCI6GQC.9H
aHJ8:9:A6H><J>:CI:`^*JRHJG<::CB:9>D9:A6H
K6G>68>DC:HA>7G:H9:JCDG><>C6Ad9><6BDH9:JC68DH6d8DBD:A>CK6G>6CI:ADC:8:
H6G>DA6;DGB6JC>K:GH6AA6;DGB6:H:C8>6AH>CA68J6A6A<D 9::H68A6H:8DBD:HI6
8DH68DBDJC:?:BEAD9:HJ8A6H:CDH:GS69:AID9D8DC8:7>7A:aE1.
'D
H: >CK:HI><6 E6G6 B6CI:C:G 13D9F1 A6 9=179>139P> CI:H 7>:C 9: AD FJ: H: IG6I6 d
D5B35B@1C?45<=MD?4?d:H9:?2D5>5BAD9>F1B91>D56H67:G6FJ:AA6DN@931D6FJ:AA6
5CDBE3DEB1 FJ: 9: CD H:G EG:H:GK696 :H >BEDH>7A: FJ: 5>31:5> ADH 5:5=@<?C 45 CE
3<1C5
HSEJ:H

b:C:A:?:G8>8>D9:A6K6G>68>UC6G7>IG6G>69JG6CI:A68J6AADFJ:9>;>:G::CA6K6G>68>UCCD:H9:>C
I:GRHE6G6CDHDIGDH8DBD:A`FJRaD:A8DCI:C>9DFJ:FJ:96C:8:H6G>6B:CI:>CK6G>67A::CA68D>C8>
9:C8>6JC6:H:C8>6JC>K:GH6A:HEG:H:GK696
)D9:BDHEDG:AAD9>G><>GCJ:HIG66I:C8>UC=68>6:HID8D
BD=68>6ADC:8:H6G>6B:CI:>CK6G>67A::CI6AK6G>68>UC:?:G8>I696:C:ABD9D9:AD`DE8>DC6AaN8DCI>
CJ6G9:8J6AFJ>:GB6C:G69:AID9D
CD15C5>391E>9F5BC1<5C5<594?C<1`>9:6a5>5<C5>D94?@<1DP>9
3?@5B?1@B585>4941@EB1=5>D5 I<92B545D?41C<1C9>D5B@B5D139?>5C=5D16NC931CH
6
I
NEDG:HID
IDB696EG:8>H6B:CI:8DBDCDHAA:<66H:G9696:C>CIJ>I>K>969>CB:9>6I6:C:AK:G9:>9:6HFJ:HJG<:C
9:I6AB6C:G6E1.




FJSI>:C:FJ:96GH::CIDC8:HJC`594?CEJGDa76?DRHI:FJ:96C>C8AJ>9DHD6H>B>
A69DH`ADH86HDHH>C<JA6G:HAD<G69DH:CA6K6G>68>UCaE1.HUADFJ:`H:8G:
I6B:CI::HI>EJA6BDHFJ:A6HK6G>6CI:H9:7:CH:GbDE8>DC6A:H :C:ABJC9DaN4

:C8J6CID86HDHD8DC8G:8>DC:H9:594?C:CHJHBVAI>EA:HEDH>7>A>969:H


2HC:8:H6G>D9>;:G:C8>6GF1B9139P>9:1<D5B139P>
&>:CIG6HA6`K6G>68>UC>C8AJN:
HJ 594?C 8DBD JC6 A:N 9: C:8:H>969a E1 .  A6 1<D5B139P> AD 5H3545 =6HI6
8DCHI>IJ>G DIG6 5C@5395
 )D9:BDH E:CH6G 8DBD :?:BEAD :C JC6 =5C1 9:CIGD 9: CE
DN@9315>>E5CDB13E<DEB1I>:C::CIG:HNI6AIJG6BQH6AI6;JC<>GQ8DBD:H86E6G6I:
D8DBDDIGDD7?:ID45>DB?45?DB1DN@931
AB>HBD86HDK6A:8DCG:HE:8ID6DIG66A
IJG6H:GQJC6EA6I6;DGB6JDIGDD7?:ID45>DB?45?DB1DN@931
)6G69:8>GAD9:JC6B6
C:G6BJNG:HJB>96:A594?CK6GS6E:GDCDH:6AI:G6


3%69>F5CD97139P>395>DN693165>?=5>?<P7931:HIQDG>:CI6966F5B5C5>391CD6<1
945139P>E1.AD8J6A>BEA>86:CA6:ME:G>:C8>6CE2:5D9F19>D5BCE2:5D9F1=6
8:GH: 6 JC6 B5@B5C5>D139P> 6E>41=5>D1< FJ: I>:C: A6 6?B=1 9: JC X=?45<? 7EN1Y
E1 .  RHI: =68: A6H K:8:H 9: `EG>B:G B>:B7GD 9: JC6 BJAI>EA>8>969 9: K6
G>6CI:H 67>:GI6B:CI: >CI:GB>C67A:a
 FJS H: I>:C: 9: CJ:KD FJ: A6 F1B9139P> :H :A
`EGD8:HD9:;DGB6GK6G>6CI:Ha:AA6I>:C:JC`86GQ8I:G9:DE8>DC6A>969ad:H9:8>GH:
=6A>7:G69D9:A6>535C9414dN:H`G:6A>O69D:CA68DC8>:C8>69:;DGB6GBQHK6G>6C
I:HaE1.

'DD7HI6CI:ID9D:HID>BEA>86FJ:H:AA:<66JC`K:GJC>K:GH6A8DBD594?CaN4:H
JCK:G:C`JCC>K:ABQH6AIDaFJ:H:G:A68>DC6N;JC96:HI6`BJAI>EA>8>969b8DC
A6HK6G>6CI:HFJ::;:8I>K6B:CI:6E6G:8:C:CA6>CIJ>8>UCaN46FJSJCD8DBD>CK:H
I><69DG H: 9:HEG:C9: 9:A BD9:AD D :?:BEAD >C>8>6A FJ: <JS6 A6 >CIJ>8>UC N I6C HUAD
8J:CI6 8DC `ID9DH ADH 86HDH H>C<JA6G:Ha FJ: :C A6 `H:8J:C8>6 9: HJH 6E6G>8>DC:H D
3?9>3945>391C CE@5B@E5CD1Ca :C JC6 `H:8J:C8>6a D;G:8:C `JC6 JC>969 H>CIRI>86a
E1. 

%6F1B9139P><92B5AA:<66A6945139P>8DBDH:K:6IG6KRH9:IG:HBDB:CIDH>`A6
BJAI>EA>8>969a>>`A68DC:M>UCJC>I6G>6:C8D>C8>9:C8>68DCI>CJ6aN>>>`A6>9:CI>
;>868>UC 9: AD FJ: 8DC8J:G96 :CIG: A6H 9>;:G:C8>6H 9>HI>C<J>RC9DA6Ha E1 . 

,UAD6HS`=67G:BDH<6C69D:A594?CaN4


4=DG6:HC:8:H6G>D9>HI>C<J>G:CIG:75>5B1<9J139P>5=@NB931:945139P>
HI69>H
I>C8>UC:HC:8:H6G>6EG:8>H6B:CI:EDGA68:G86CS69:JC6NDIG6
'D:HFJ:9:8>:CIDH


D B>A:H 9: D7H:GK68>DC:H H: AA:<J: 6 JC6 E>9414 FJ: AJ:<D EJ9>:G6 H:G 6AI:G696 D
IG6CH;DGB696EDGJC6CJ:K6D7H:GK68>UC 

CI:H7>:CH>H:AD<G6d8DBD:HEDH>7A:dA631@D139P>45<594?C:CIDC8:H

bADFJ:E:GI:C:8:6A594?C8DBDHJ8DGG:A6ID>CH:E6G67A:ADFJ::HAA6B69DA6:MI:CH>UC9:A59
4?C9:A6`:H:C8>6EJG6B:CI:8DC8:EIJ6AaA6>C;>C>9699:EDH>7A:H>CHI6C8>6HH>C<JA6G:HFJ:HDC>C
8AJ>96H:CRAFJ:HDCHJH`H>C<JA6G>O68>DC:HaFJ:@?B4539B<?@<1DP>931=5>D55CDK>5>B5<139P>3?>
M< 5> B5<139P> 45 @1BD939@139P> H
6
I
 G:A68>UC 8DBD >CHI6C8>6 H>C<JA6G 6A 594?C 8DBD HJ :H:C8>6 N
:AA6CDHEGDEDG8>DC6A68DCK>88>UC9:FJ:8696>CHI6C8>6H>C:M8:E8>UCE6GI>8>E6:CHJ:H:C8>6NHJH
BDB:CIDH :H:C8>6A:H
 ,:G K>HID 6FJS :C 8DGG:A68>UC :H 9: JC6 E6GI: :A JC>K:GH6A :C HS B>HBD N 9:
DIG6 E6GI: A6 :MI:CH>UC 8DBD A6 IDI6A>969 E:GD I6B7>RC 8DBD 8J6AFJ>:G >CHI6C8>6 H>C<JA6G 9:A ID9D
E1.


/:6BDH 8UBD H: >CIGD9J8: 6FJS A6 @1BD939@139P> 8DBD 6HJCID
 'D :H FJ: :A 594?C
E6GI>8>E:9:ADC9>7E<1BD6K3D93?:HID:H9:<?414?:CADH=:8=DH
)DG:A8DCIG6G>D
:HFJ:ADH>C<JA6GEGDE>8>6:A9:HEA6O6B>:CID9:A6DB1I53D?B919451<45<1=9B141FJ:
E:GB>I: 86EI6G A6 5C5>391
 C 8J6CID RHI6 :H 86EI696 9: G:IDGCD H: 8DCK>:GI: :C JC
E>9F5BC1<9:A8J6AADC9>7E<1B:HJC69>CD1>391FJ:@1BD939@1d:CHJE:8JA>6G>969d9:
6A<JCDH9:ADH31B13D5B5C45<?E>9F5BC1<:C8J6CIDI6A
%DH>C<JA6GK>:C::CIDC8:H6
`E6G:8:GH::C9>HI>C8>UC9:A6E6GI>8>E68>UCaE1. 
FJSADH>C<JA6G;Q8I>8D
G:HJAI6H:G`8DCIG6E6GI:aN4D3?BB5<1D?9:AD1@B9?B9


5HS8DBDH:EJ:9:D7I:C:G:AE>9F5BC1<1@B9?B9E6GI>:C9D9:AC9>7E<1B:HEDH>7A:
`K:G >9:6H H>C :BE:O6G :C A6 :ME:G>:C8>6a E1 .  
 )DG 7G:K:969 867: 9:8>G
`>9:6H5945EJGDEJ:9:CI6B7>RC;JC8>DC6G:AA6HB>HB6H8DBDK6G>6CI:HN:CIDC8:H
JCJC>K:GH6AEJ:9:9:CJ:KDH:G9>HI>C<J>9D9::AA6H:CJCC>K:ABQH6AIDJC6 9451
C9>9451CD9:>9:6HJC6>9:68JN6:MI:CH>UC8DCH>HI:9:>9:6HNHUADB:9>6I6B:CI:
9: HJH >9:6A:H H>C<JA6G:Ha E1 . 
 HI: F5B 9451C H>:BEG: EJ:9: H:G F1B914?
E1.
C<:C:G6A:HADFJ:E6H68J6C9DH:=68:A6>CK:HI><68>UCAU<>86B6
I:BQI>86
C:A>CI:G>DG9:AD>CIJ>9DH:96CCDHUAD<5I5C455CDBE3DEB1H>CDFJ:RHI6H
HDC9:HEA:<696H:CHJH=E<D9@<9394145C

%6I6G:69:A6@C93?<?7N165>?=5>?<P7931:CIRGB>CDH9:!JHH:GAG69>86:C8A6G>;>
86G:A`BRID9D9:>9:68>UCaRHI:8DCH>HI::CJC`=68:GEJG6B:CI::HE>G>IJ6A9:AFJ:
G:HJAI6 JC EGD9J8ID :HE>G>IJ6A :C >CI:A><>7>A>969 :K>9:CI:
 PA :C HS B>HBD D;G:8: JC
:?:BEAD9:HJEGDE>68A6H:9:9:H8G>E8>DC:H4:C5JC6G69>86AEH>8DAD<S6FJ::H9>G><>
96 =68>6 :A K>K>G :HE>G>IJ6A 465 JC =68:G :HE>G>IJ6A EDG HS B>HBDa E1 .  9:
:HI: BD9D :C A6 >CK:HI><68>UC 9: A6 @C93?<?7N1 65>?=5>?<P7931 `9:7:BDH 6EG:C9:G


FJS9:E6HDK>:C:6A86HDB:C8>DC6G5<@B?2<5=145<19>4E339P>:C:AH:CI>9DFJ:A:96$
+
)DEE:G
8;
"1<P793145<19>F5CD97139P>395>DN6931
&69G>9-:8CDH IG69
/S8IDG,QC8=:O9:3676A6E
N
HH



EG>B:GDA67DG>DH6B:CI:6G:;A:M>DC6GHD7G::HI:H:G68I>KDHNIG6:GADI6C<>7A:B:CI:6
A6K>HI6
+:6A>O6C9DCJ:HIG6K>9668I>K6HUADADHG:HJAI69DHE6HD6E6HD:HIQC:CCJ:H
IGDK:G6EG:=:CH>KDaN4


^CFJR8DCH>HI::C;>C9:8J:CI6HA6I6G:69:A6 @C93?<?7N165>?=5>?<P7931)D
9:BDH9:8>GAD6=DG6:CJC6HDA6;G6H::CA6 3?>F5BC9P>CE2:5D9F145<1=9B141
,:
IG6I6EJ:H9:1@B5>45B1F5B:;:8I>K6B:CI:E>1N?DB1F5J
C:HI:F5BCDHUADED
9:BDH9:8>GFJ:ADF9CD?:H86B7>6CI:I6B7>RC:H86B7>6CI:AE95><?F5
26HS:C
:HI6 9>6AR8I>86 dF9CD?F5Bd KJ:AK: N 6E6G:8: A6 >CI:GHJ7?:I>K>969 8DBD `AJ<6Ga 9:
1@B585>C9P>N9:F1<94139P>9:AH:CI>9D



?>3<EC9P>

 %66?B=139P>I>:C:AJ<6G:C:A=E>4?45<1F941:CRHI:6AI>:BEDH:6?B=1:A
CE:5D?dB:9>6CI:HJ1339P>6?B=1D9F1dRHI:6HJK:O6?B=1:A=E>4?45<1F941
:CHJH:CI>9D=>HIUG>8DEDASI>8DHD8>6A


 ACE:5D?6A6?B=1BC5H:6?B=16HSB>HBDN6?B=1A68JAIJG66A8DCHI>IJ>GH:8DBD
57?9>49F94E1<IG6CH;DGB6NG:8DC;><JG6:A`:H8:C6G>Da:C:A8J6AH:G:6A>O6:HID
:H :A =E>4? F9D1< d8DC HJ <5>7E1:5 N 9:BQH 9>CD9DE39?>5Cd :H 3?>4939P> 45
@?C929<941445<13?>CD9DE39P>45<CE:5D?E:GDRHI::CA6B:9>96:CFJ:AD6EGDE>6
AD9>D5BF95>5NADDB1>C6?B=1


 %6 6?B=139P> H: :CIG:A6O6 8DC :A CE:5D? RHI: :H 3?C1 =9C=1 9: A6 @C93?<?7N1
65>?=5>?<P7931


 A :HIJ9>D 9: A6 @C93?<?7N1 65>?=5>?<P7931 96 ;JC96B:CID 6 A6 8DBEG:CH>UC 9:
ADH@B?35C?C6?B=1D9F?C


 %6 @5417?7N1 G:FJ>:G: JC6 76H: @C93?<P7931 dFJ: 8DC;><JG6 A6 @C93?@5417?7N1d

PHI6H>E>:CH6:ACE:5D?:HJC@B?I53D?9:@C93?<?7N165>?=5>?<P7931


 %6 @C93?<?7N1 65>?=5>?<P7931 :H JC E:GB6C:CI: B5D?B>? D B53?>4E339P>
B54E3 B5 6 A6 ;J:CI: EGSHI>C6 9:A H:CI>9D 6 H67:G 6 ID9DH N 6 8696 JCD :C
@B9=5B1@5BC?>1


 HI:B5D?B>?DB53?>4E339P>B54E3 B5:HEGDE>8>69D6HSB>HBDEDG:AB5DB?35C?
6A#E>4?+>?:C:AFJ:H:CDH96:CA6:ME:G>:C8>6EG: 8>:CIS;>86:HG:IGD8:HD6A
#E>4?+>?:C8J6CID+B6?B=


 HI: #E>4?+>? CD HUAD :H ;J:CI: 9: 9>DE9D9F9414 969D EJ:H H>:BEG: :C
9>DE939?>5CH>CDFJ:RA:HA6;J:CI:E6G68J6AFJ>:G6DIGDH:CI>9DEDH>7A:H:6DCD
8>:CIS;>8D
2H>C:B76G<D:HJC=9C=?=E>4?@1B1D?4?C




 FJS :CIDC8:H H: :CI>:C9: FJ: 8J6AFJ>:G6 N ID9D H:CI>9D @1BD5 45 I B5D?B>1 6A
#E>4?+>?
:H9:RA:H8DBDH:6?B=1H:CI>9D3?>35@D?12CDB1339P>1339P>
=E>4? C5B45<=E>4? CE:5D? CE:5D?5>5<=E>4? 3E<DEB1 F9413?=R>
3?=E>9414F9413?=E>9D1B91


2 :H 8A6GD ID9D C5>D94? H: @B56?B=1 @B5697EB1 3?>6?B=1 3?>697EB1 N
B53?>6?B=1B53?>697EB1EDGA6688>UC9:JCCE:5D?E:GD:CID9DHADH86HDHRHI:
H:K6A>96:CA6K>968DBE6GI>96:C9>D5BCE2:5D9F9414

 




&1BD5

$E5CDB?=E>4?45<1F941

CDE49?,

<D95=@?5>X<8?=2B5=E5BD?Y

d"CK:HI><68>UC9:;:CDB:CDAD<S6<:CRI>86d

CDE49? 9: ;:CDB:CDAD<S6 <:CRI>86 FJ: :M6B>C6 A6 8DCHI>IJ8>UC 9: A6 HJ7?:I>K>969
6;>GB6I>K6 86GI:H>6C6 HD7G: HJ:AD 6B:G>86CD
 %6 >CK:HI><68>UC H: DG>:CI6 6 9>H8JI>G
6A<JC6HI:H>H9:)
/>GCDd:CHJ9>QAD<D8DC,>BDC9DCdHD7G:A6D5=@?B1<9414:CADH
EGD8:HDH9:>C9>K>9J68>UC:CFJ:H:8DCHI>IJN:A6HJ7?:I>K>969

)6G6:AADH:86G68I:G>O6A6IG6CH;DGB68>UC9:A6:ME:G>:C8>6NA68DC8:EIJ6A>O68>UC
9:AI>:BED9:A8DCI:MID;DG9>HI66AEDHI;DG9>HI6NH:8DC;GDCI6A6I:H>H;:CDB:CDAU<>
86HD7G:A6I:BEDG6A>969"8DBD76H:E6G6EG:H:CI6G:AI>:BED:C<8?=2B5=E5BD5
45?B139?'E9B?71

A 6CQA>H>H BJ:HIG6 A6 G:A68>UC :CIG: `8>K>A>O68>UCa N `76G76G>:a 8DBD AJ<6G :C :A
FJ:H:>CHI6A6A6:B:G<:C8>69:AND:CBRG>86%6I>C6
,:EG:H:CI6:A6G<JB:CIDHD
7G::AI>:BED:CJCD9:ADH8J:CIDH9:!DG68>D*J>GD<6<8?=2B5=E5BD?"" 
,:
86G68I:G>O6A6CD8>UC9:D95=@?:C:AE6HD9:21B21B95639F9<9J139P>""
,:6AJ9:6
A6 94?<1DBN1 9:HEA:<696 :C IDGCD 6 ADH 49C@?C9D9F?C 39F9<9J1D?B9?C "" 
 ,: >C9>86C
6A<JC6H9:A6HKS6HE6G6:A45C=?>D1:59:A6>9DA6IGS68>K>A>O6IDG>6""

,: 9>H8JI: :A ;:CUB:CD 9: A6 8DCHI>IJ8>UC HJ7?:I>K6 :C HJ 8DI:?D 8DC A6 >C9>K>9J6
8>UC8DBD8DAD;UC9:ACDE49?"""


&B5CE@E5CD?C45<5CDE49?
!:HDHI:C>9DNHDHI:C<DFJ:A6EG>C8>E6A;JC8>UC9:A6;>ADHD;S6:CJC6HD8>:9698D
BDA68DADB7>C6:HA69:45C=?>D1B5<@1DB91B31<9C=?/6G<6H J>AARC E
 
N HH

 A 6HJCID :H FJ: H>C H67:GAD RHI: H: 6<6O6E6 N 6E6G:8: 8DC 9>K:GHD GDHIGD

-6B7>RC d8DBD A6 HJ7?:I>K>969 D :A 86E>I6A>HBDd :A @1DB91B31<9C=? :H @B?D593?
!JHH:GA!J6
11"""  E
6E6G:8:76?D`A:C<J6?:H8GSI>8DHadBJ8=6HK:8:H
:C A6H KD8:H 9: EGD;:HDG:H 6EDHI69DH N 6EDAIGDC69DH :C A6 H:<JG>969 9: 9DH D IG:H


8DC8:EIDHd
 )DG 8DCIG6 :A 45C=?>D1:5 45< @1DB91B31<9C=? 6HJB: FJ: CD =6N `AJ<6G
H:<JGDaHD7G:A6I>:GG6:C:A8J6A`:8=6GG6S8:Had:CA6`I>:GG6a9:A6;>ADHD;S6:CA69:
A6 >9:DAD<S6 :C A6 9: A6 EDASI>86 :C A6 9: ADH E6GI>9DHd EJ:HID FJ: :A E:CH6B>:CID
B>HBD:H>P=145:CMH?4?:C5H9<9?

HI6 >CK:HI><68>UC :H JC :HIJ9>D 9: 65>?=5>?<?7N1 75>MD931
 %D FJ: H: EDC: :C
8J:HI>UC6FJS:HA67M>5C9C45<1CE2:5D9F9414169B=1D9F131BD5C91>1HD7G:HJ:AD6B:
G>86CD
:6=SFJ:H:=6N6:A:<>9DJCI:MID8>B:GD9:A6A>I:G6IJG6A6I>CD6B:G>86C6<
8?=2B5=E5BD?9:!DG68>D*J>GD<6  *J>GD<6 EE
  EG:8>
H6B:CI:JC:H8G>ID:C8A6K69D:CA63?>6B?>D139P>39F9<9J139P>I21B21B95

A IDCD FJ>OQ EDARB>8D :C FJ: H: :MEDC: CD AA:<6 :C C>C<VC 86HD 6 JC6 EDHIJG6
E6GI>9>HI6NCDEDGFJ::A6JIDG86G:O869::AA6H>CDBQH7>:CEDGA68D>C8>9:C8>68DC
A6 I:H>H A>7:G6A 9:7>96 6 A6 8DC;GDCI68>UC ,@A6G +DGIN ADH A>7:G6A:H :A E:CH6B>:CID
A>7:G6A6H67:G6FJ:AA6EDHIJG6FJ:HDHI>:C:FJ:A6H8DCK>88>DC:HG:A><>DH6HA6>CI>
B>969 9:A KDID :C :A 8J7S8JAD 9:A 8:GI6B:C :A:8IDG6A N A6H DE8>DC:H H:MJ6A:H ID9D
:AAD:H:H;:G69:A69>D9=94149:A6F941@B9F1416A6H8J6A:HCD9:7:688:9:GC>:A
HI69DC>A6:CH:T6CO6C>A6DE>C>UCEV7A>86/6G<6H J>AARC E
6 
2
BQH6AAQ9:A6I:H>HB:CI696EDGA68DCK>88>UC9:FJ:A6;>ADHD;S6JC6NDIG6K:OH:
IG6CH;DGB6:CEDASI>86HUADFJ:DE:G696:HI6IG6CH;DGB68>UCI1>?5C69<?C?6N1I81I
AE5B55=@B5>45BA6I6G:6H:EG:8>H6F?<F5B9>9391B<169<?C?6N1

DBD H: CDI6GQ :HI6 >CK:HI><68>UC H: DG>:CI6 6 9>H8JI>G 6A<JC6H 9: A6H I:H>H 9: 

':<G>&
!6G9I&
%6OO6G6IDN/>GCD :C:HE:8>6AK>HI6H:C:HI:VAI>BD6J
IDG8DBDG:EG:H:CI6CI:9::H:BDK>B>:CIDFJ:9>H8JI:A629?@?<ND931:C:A=DG>ODCI:
FJ:>CI:G:H6:C:HI::HIJ9>D

:H9:AJ:<DE6G6:A;:CDB:CUAD<DA63?C1=9C=1:HA6CE2:5D9F94146E5>D5@BNCD9>1
45<C5>D94?N:C:HE:8>6A9:AD95=@?
)G:8>H6B:CI:IG6H=67:GH:9>8=DFJ:`:A=DB
7G:=6BJ:GIDa:C:CIGD:JGDE6:CBRG>86%6I>C6CDHFJ:96A6I6G:69:K:G9UC9:
N8UBD:BE>:O6:H:EGD8:HD

'D :H EJ:H FJ: H: HJH8G>76 1 @B9?B9 JC6 >9:6 D JC 8DC8:EID 9: CE2:5D9F9414 D 9:
D5=@?B1<9414 dH:<VC !JHH:GA :HIDH @?<?C :HIQC 5> 3?BB5<139P> >GGDBE>7A:d
 CI:H
7>:C:HFJ:JC6NDIG6HDC5CDBE3DEB1C1@B9?B945<=E>4?45<1F941
!:BDHIG6I69D
HJ 3?BB5<139P> 9>49C?<E2<5 HJ 3?BB5C@?>45>391 /6G<6H J>AARC  +::9:G   E

6E:GD6=DG6E:GH:<J>BDH9DHD7?:I>KDH
 ,>IJ6G A6 3?C1 =9C=1 :C HJ <RC:H>H :C :A D5BB5>? =E>4? 45 <1 F941
A6I>CD6B:G>86CD""N


 K6CO6G :C :A 9>QAD<D HD7G: A6 29?@?<ND931 !6G9I  ':<G>   E
  N HH

HD7G:A676H:9:86I:<DGS6H8DBD9>=1>5>391NDB1C35>45>391 8DBDBD9DH9:
E:CH6GA6=>HIDG>6CJ:HIG6=>HIDG>6"N""


CEGD8JG69::HIDHD7?:I>KDHH:96CADHH><J>:CI:HE6HDH
  ,: 86G68I:G>O6 A6 IG6CH;DGB68>UC 9: A6 :ME:G>:C8>6 N A6 8DC8:EIJ6A>O68>UC 9:A
8DCI:MID;DG9>HI66AEDHI;DG9>HI6E6G6:AADH:8DC;GDCI6A6I:H>H;:CDB:CDAU<>86HD7G:
A6I:BEDG6A>969)6GI:"

 ,: EG:H:CI6 :A 6G<JB:CID HD7G: :A I>:BED :C JCD 9: ADH 8J:CIDH 9: !DG68>D
*J>GD<6<8?=2B5=E5BD?)6GI:"" 

 ,:86G68I:G>O6A6CD8>UC9:D95=@?:C:AE6HD9:21B21B95639F9<9J139P>)6GI:
""

 ,: 6AJ9: 6 A6 94?<1DBN1 9:HEA:<696 :C IDGCD 6 ADH 49C@?C9D9F?C 39F9<9J1D?B9?C
)6GI:""

 ,: >C9>86C 6A<JC6H 9: A6H KS6H E6G6 :A 45C=?>D1:5 9: A6 >9DA6IGS6 8>K>A>O6IDG>6
)6GI:""

 ,: 9>H8JI: :A ;:CUB:CD 9: A6 8DCHI>IJ8>UC HJ7?:I>K6 :C HJ 8DI:?D 8DC A6
>C9>K>9J68>UC8DBD8DAD;UC9:A:H8G>ID"""


%6 8DCH>9:G68>UC FJ: H: =68: 9:A I>:BED :C :HI: :HIJ9>D :M><: JC 9>QAD<D 8DC :A
B6GM>HBD EH>8D6CQA>H>H9:A6ASC:6>C9>8696':<G>!6G9I%6OO6G6ID<6B7:CN:C
:HE:8>6A:CA6E:GHE:8I>K69:)6DAD/>GCD

%6 G:A68>UC :CIG: ;:CDB:CDAD<S6 N B6GM>HBD EH>8D6CQA>H>H !DNDH /QHFJ:O  
E
6:H9:ADG><:CB>HBD9:6FJRAA6
&QH6AAQ9::HI:DG><:C9:G6C8>6:H8D
CD8>9DI6CID:A9>QAD<D9:#
)
,6GIG:9:H9:A6;:CDB:CDAD<S6I6CID8DC:AB6GM>HBD
8DBD8DC:A)6GI>9DDBJC>HI6
C:H69>G:88>UCI6B7>RCH::C8J:CIG6A6D7G69:&

&:GA:6J )DCIN 8GSI>8D 6 HJ K:O 9:A 8DBJC>HBD 8DBD IDI6A>I6G>HBD N 8DBD I:GGDG

B7DH6JIDG:H6HJIJGCDIG676CG:A68>UC8DC:AEH>8D6CQA>H>H

C"I6A>69:HI686A6>CK:HI><68>UCE>DC:G69:
)68>:HIG>8ID;:CDB:CUAD<DFJ:G:
8DCHIGJN:A6E>39P>45<1C395>391CI5<C97>969314?45<8?=2B58DC67>:GI6B>G69:
A6EDH>8>UCB6GM>HI6:CG:A68>UC8DC:AE:CH6B>:CID9:
 G6BH8>

%6I6G:6:BEG:C9>96:C:HI6>CK:HI><68>UC:HA69:86G68I:G>O6GADFJ:D;G:8:A6A:8
IJG6B6GM>HI6 EH>8D6C6ASI>869:/>GCDHD7G:ADH 5653D?C45CE2:5D9F9414d:C:ABD9D
9:>C9>K>9J68>UCdNADFJ:>BEA>86HJ9:H6GGDAAD:CA6>CK:HI><68>UC;:CDB:CDAU<>86




 (IGDH ;G6<B:CIDH 9: :HI: 9>QAD<D H: =6C :MEJ:HID :C LLL
EGD;:HDGK6G<6H<J>AA:C
LDG9EG:HH
8DB
:HE:8S;>86B:CI::CG:A68>UC8DCISIJADH8DBDG:H>HI:C8>6:M>A>DRMD9D8D<C>I6G>69DED7G:O6



"1DB1>C6?B=139P>45<15H@5B95>391I45<13?>35@DE1<9J139P>45<1D5=@?B1<9414

^*JR :H AD FJ: =6 86B7>69D :C CJ:HIG6H K>K:C8>6H N CJ:HIG6H 8DC8:E8>DC:H 9:A
I>:BEDA<JC6H9:A6HK:GI>:CI:H9:A6;>ADHD;S69:AH><AD11H:=>8>:GDC86G<D9:A6
G:;A:M>UCHD7G::AI>:BEDNHD7G:A6I:BEDG6A>969
JCFJ:=6NK6G>6HK:GH>DC:H9:A6
;:CDB:CDAD<S6:C8JNDB6G8D9:G:;:G:C8>6A6I:BEDG6A>969:H`8DH6B>HB6aE6G6A6
>CK:HI><68>UC867::C;6I>O6G9DH9:A6HFJ:FJ:96C:C8J:HI>UC:C:A9:76I:8DCI:B
EDGQC:D %6K:GH>UCI:UG>86NB:ID9DAU<>869:A6;:CDB:CDAD<S6HD7G:A6D5=@?
B1<94149:7>966
!JHH:GA968J:CI69:FJ:H>BJAIQC:6B:CI::AA6:HCE2:5D9F9414
12C?<ED1N9:G:IDGCDA6CE2:5D9F941412C?<ED1:HD5=@?B1<9414d8DBDAD>C9>86I6C
ID:C:AX9:A6H"5339?>5C45<13?>395>3919>D5B>145<D95=@?!JHH:GA E

8DBD:AX 9:B9C9C!JHH:GA  E
  d
CIG:I6CID:CA6;:CDB:CD
AD<S6 9: !:>9:<<:G :H A6 I:BEDG6A>969 A6 FJ: 67G: A6 8DBEG:H>UC 9: FJ: :A 1C59>
=6AA6A6G69>86A>9699:HJ:M>HI:C8>6:C8J6CIDC5B@1B1<1=E5BD5d8DBDAD>C9>86:C
)5BID95=@?:C:AX!:>9:<<:G E
d
,:6EJ:HFJ:H:AA6B:`HJ?:IDa
D `1C59>a H:6 FJ: ID9D HJ 9:HEA>:<J: D8JGG6 :C >CI:GHJ7?:I>K>969 D :C G:A68>UC
=9DC59>H:6FJ:ADD7H:GK::C:A9:HE:GI6G9:ABJC9D;67G>ADFJ:H:ADK:6:CA6
86BE>T67J8UA>86A6;:CDB:CDAD<S6FJ:966I6966JCAE95>FJ::ME:G>B:CI6:AI>:B
EDRA:HA6;J:CI:9:A68J6A`7GDI6a

%DFJ:=686B7>69D:H:A=:8=D9:FJ:`4C5J:HIGDI>:BEDH:86G68I:G>O6EDGJCBD
9D9:EGD9J88>UCFJ:BDK>A>O6:C7:C:;>8>DEGDE>DID96HA6HEG:GGD<6I>K6H;JC96B:C
I6A:H9:A6:HE:8>:?=?)1@95>C;68JAI699:A:C<J6?:6JIDGG:;A:M>UC6;:8IDHIDC6
A>969:H:BDI>K6HN<JHIDH:HIRI>8DH86G:C8>69:>CHI>CIDH:HE:8>6A>O69DH696EI68>UC6
AD>BEG:K>HID;6B>A>6G>9698DCADEDH>7A:a/>GCD E
 
&QH6VC6CIGDEDAU
<>86B:CI: H: IG6I6 9: A6 B54E339P> 9>CDBE=5>D1< 9:A ?=? )1@95>C 6 ?=? 125B
EDGFJ:H:G:FJ>:G:FJ:ID96HA6HEDI:C8>6H:HE>G>IJ6A:HH:6C8DC9J8>96H6;DGB6H9:
EGD9J88>UC>CH:GI6H9:CIGD9::AA6H
%DFJ:H:EDC::C8J:HI>UC:H:CIDC8:HA6:H
IGJ8IJG6B>HB69:A6HJ7?:I>K>969
)D8D6ED8DDH:67HDG7:d9:H9:ADHH>HI:B6H9:
EGD9J88>UCdDH::A>B>C6:A`AJ<6Ga9DC9:68DCI:8:A649CD5>D9?1>9=9
PHI6N6CD:H
BQHK>K:C8>6`9:A6I:BEDG6A>9698DBDe9:HI>:GGDfbIG>7JA68>UC:M>A>DKJAC:G6
7>A>969 :GG6C8>6 CDHI6A<>6 9:H:D >CVI>Aa +>8D:JG   E
  EDGFJ: ID96H :HI6H
K>K:C8>6H CD I>:C:C AJ<6G :C :A 8>G8J>ID 86E>I6A>HI6 FJ: =68: 9: ID96H A6H EDI:C8>6H
6CSB>86H9>HEDH>I>KDE6G6A6EJ:HI6:CB6G8=69:A6H;DGB6H9:IG676?DN9:EGD9J8
8>UC



,:IG6I6:CIDC8:H:C:HI6B54E339P>9:FJ::AD95=@?HUADH:64EB139P>FJ:H:EJ:
96B:9>GFJ:H:6D7?:IDFJ:H:EJ:9:I6H6GNH>C:B76G<DH:9:HEA>:<6JC6E6G69D
?6EDGFJ:6A>CIGD9J8>G:CA6EGD9J88>UCID96HA6HEDI:C8>6H6CSB>86H`bA668I>K>
969A67DG6A8696K:OEJ:9:B:9>GH:B:CDH76HQC9DH::CJC>969:H67HIG68I6H9:I>:B
EDN6FJ:>C8AJN:6HE:8IDHFJ:=6HI66N:GB>HBDE:GI:C:8S6C6A6:H;:G69:A8DCD8>
B>:CID9:A:I=DH9:A6:BDI>K>969
)DGDIGDA69DH>C:B76G<D:AI>:BED9:IG676?D
H><J:H>:C9DB:9>96HD8>6AK><:CI:a/>GCD E
 
C:HI6E6G69D?6H>7>:CADH
EGD8:HDH9:>C8DGEDG68>UC9:A6HEDI:C8>6H6CSB>86HFJ>:G:CG:9J8>GA6HHUAD6B:9>96
d=DG6H 9: IG676?D SC9>8:H 9: 8G:6I>K>969 688>UC 8DDE:G6I>K6 =67>A>969:H HD8>6A:Hd
6=SB>HBD6E6G:8:JC@E>D?456E71=6NJCG:HID>BEG:9:8>7A:CD 8J6CI>;>867A:FJ:
7>:C EJ:9: KDAK:GH: 8DCI:BEA68>UC :HIRI>86 :C ADH BD9DH 9: G:7:A9S6 G:H>HI:C8>6 N
HJ7K:GH>UC
 HI6 E6G69D?6 9:HEA:<696 JC6 N DIG6 K:O :H A6 B>HB6 FJ: H: :CIGDC>O6
8DBD3?>DB149339P>N:HA6FJ:B6CI>:C::CBDK>B>:CIDA6HIG6CH;DGB68>DC:H9:A6
:ME:G>:C8>6I6CID9:I>:BED8DBD9:HJ7?:I>K>9698935D>E>3

FJS:CIDC8:H=6NFJ:IDB6GCDI69:6A<JC6H9:A6HIG6CH;DGB68>DC:H9:A6K>96
6<GS8DA6dEG:;DG9>HI6d6A6;67G>Ad;DG9>HI6dN9:RHI66A6HD8>:9699:A75>5B1<9>D5
<<53DdEDHI;DG9>HI6d
696JC69::AA6H:C86GC6HJEGDE>6B6C:G69:9:HEA:<6GA6I:B
EDG6A>969
/>GCD8>I6"1F9D117B19:%J8>6CD>6C86G9>E6G6BDHIG6GFJ:`4:5A86B
E:H>CDH:BJ:K:A:CI6B:CI:EDGFJ:HJIG676?DH><J:A6H:HI68>DC:HRACDEJ:9:H:B
7G6G:C?JA>DN8DH:8=6G:C;:7G:GD
AD7G:GDH:BJ:K:Q<>AB:CI:E:GDH>:HIQ:CA6
869:C69:BDCI6?:EDGFJ:6=SA:=6C8DCIG6S9DADHI>:BEDH9:A6EGD9J88>UCNH>CD
86B>C66:H:G>IBDI>:C:EGD7A:B6Ha/>GCD EE
 
C:AEG:;DG9>HBDN:C
:A;DG9>HBDI6CID:A86BE:H>CD8DBD:AD7G:GDG:HE:8I>K6B:CI:IJK>:GDCNI>:C:CJC
AJ<6GH:<JGDJC6:HI67>A>969
%6HAJ8=6HEDGA6HG:>K>C9>868>DC:H9:JCDHNDIGDHH:
:C86B>C6C6B6I:G>A>O6G:H6:HI67>A>969
HD:HADFJ:H:=6E:G9>9D:C:AEDHI;DG9>H
BD`b:A8>C>HBD:HIQ:C8DC:M>UC8DCA6>C:HI67>A>9698GUC>869:A6H;DGB6H9:K>96
NADH?J:<DHA>C<WSHI>8DH68IJ6A:H
HI6>C:HI67>A>969EDC:6A6K>HI6I6CID:C:AIG676?D
8DBD:C:AI>:BEDA>7G:A6HB57<1C9:HCJ96HFJ::HIGJ8IJG6C6GI>;>8>6AB:CI:ADHQB7>
IDH9:688>UCa/>GCD E
 
:=:8=DI6CID:AH67:G9:A86BE:H>CD8DBD:A
9:A DE:G6G>D :C A6 ;Q7G>86 :HI676C A>B>I69DH 9: B6C:G6 I6A FJ: HJ 6EG:C9>O6?: ED9S6
H:G G:<JA69D 7>:C ;J:G: :C :H8J:A6H 9: EG>B:G6H A:IG6H D :C :H8J:A6H IR8C>86H
 %6
IG6CH;DGB68>UCG69>86A6A6FJ:AA:K6:AEDHI;DG9>HBD:H6FJ:H:G:FJ>:G61@B5>45B1
1@B5>45B CD H: IG6I6 9: 6EG:C9:G JC 8DCI:C>9D dEDG 6BEA>D D :MI:CHD FJ: ;J:G6d
H>CD JC6 =67>A>969 D JC 8DC?JCID 9: =67>A>969:H 7VHFJ:96 9D8JB:CI68>UC G:HDAJ
8>UC 9: EGD7A:B6H JHD 9: I:8CDAD<S6H IG676?D :C <GJED 8DBE:I:C8>6 :C 9>K:GH6H
A:C<J6H


=S:H8J6C9DH:9>;JB>C6ID96CD8>UC9:A6I:BEDG6A>9698DBD:MEG:H>UC9:A6:M
E:G>:C8>6HJ7?:I>K6CD=6NJCFJ>:CFJ:EDG:A:88>UCH::B76GFJ::CA66K:CIJG69:A
E:CH6B>:CID
=DG68696FJ>:CI>:C:FJ::CIG6G:C:AQB7>ID9:A68DBE:I:C8>68D<
C>I>K6E6G6:HI6G:CEDH>7>A>9699:>CH:GI6GH:I6CID6AIG676?D8DBD6ADHEGD8:HDHEGD
9J8I>KDH:HI6G9:CIGD9:RHIDHCD:HJC6:A:88>UC
AI>:BED9:EG:E6G68>UCCD8:H6

!6HI6A6VAI>B6=DG69:>CH:G8>UC:C:AB:G869DA67DG6AN:CA6K>96EGD9J8I>K6:M><:
:HI6G:CEGD8:HDH9:86E68>I68>UC9::CIG:C6B>:CID9:G:8>8A6?:

:ID96HA6H=67>A>969:H8D<C>I>K6HA69:A=67A6:HA6FJ:H: =6>CI:CH>;>869DI6CID
:CHJH;JC8>DC:H9:JHD8DBD9:>CI:G86B7>D
,:=67A6H>C8:H6GNEDG9DFJ>:G
DC
A6:A>B>C68>UC9:A649CD5>D9?1>9=9I6B7>RC9:H6E6G:8::AH>A:C8>D
'69>:H:G:H>HI:6
=67A6G
'D=6NE6<6H>CDH:=67A6H>CDH:=68:IG6CH688>UC9:HSB7DADH
HS:CIDC
8:H69>;:G:C8>69:A68GSI>86=:8=6EDG!:>9:<<:G6A6812<14EBN1FJ:E6G:8S68DC;>
C6966A`I>:BEDA>7G:a/>GCD E
B6CI:C:G:CE:GB6C:CI:;JC8>DC6B>:CID
:A=67A6ADH?J:<DH9:A:C<J6?:=68:A6H9:K:8:H9:`E>KDI: 9:A6EGD9J88>UC8DC
I:BEDGQC:6a/>GCD E

,:=67A66ID96=DG6N8DCID9DHADH>CHIGJB:CIDH
6A 6A86C8: dADH B:CH6?:H 9: I:MID ADH 8:AJA6G:H A6H K>9:D8DC;:G:C8>6Hd N :C ID96H
E6GI:HdCDHUAD:CA6B:H6;6B>A>6GI6B7>RC:C:A86;R:CA6;>:HI6:CA6H6A69:8A6
H:H D 9: 8DC;:G:C8>6H :C :A EJ:HID 9: IG676?Dd
 ,: =67A6 :C N :CIG: ID96H A6H 86E6H
:I6G>6H=67A6CA6H<:CI:H9:ID96HA6H:969:HE6<6CEDG=67A6G8D7G6CEDG=67A6G
,:
7JH86CNH::C8J:CIG6CH:K:C9:CNH:8DBEG6CEA6C:HE6G6=67A6G>A>B>I696B:CI:

-D9D:ABJC9D8G:::HI6GBQHA>7G:8J6CIDBQHEJ:96=67A6G
HI:=67A6G9:HB:9>9D
IG6:A6>AJH>UC9::HI6G8696K:O8DBJC>869D8DCB6NDGG:A68>UC8DCADHDIGDH9:H
EA>:<6A6HJEDH>8>UC9:FJ:8696K:OH:8DBEG:C9:B:?DGA6K>96EGDE>6A6C6IJG6A:
O6A6EDASI>86ID9D
HI::H:ADG><:C9:A68G>H>H9:A`E6G69><B6G:;:G:C8>6A>HI6
%6
8G>H>H9::HI:E6G69><B6:HIQ:CADH=1CC=5491a/>GCD E
6HS:CIDC8:H

A6H=67A69JGS6HCDHUADCD8DCHI>IJN:CJC6:ME:G>:C8>6ED7G:N9:HEG:8>67A:H>CDFJ:8DC8>:GC:C9>
G:8I6B:CI:6AIG676?D6A6EGD9J88>UCHD8>6A
-G:>CI66TDH6IGQH:CBJ8=6H;Q7G>86H=67S686GI:A:HFJ:
>CI>B676Ce,>A:C8>DH:IG676?6f
AFJ:IG676?67686AA676
,:8DB:CO6766eE6GADI:6GfHDA6B:CI:6A6
H6A>969:A6;Q7G>86D9:A6D;>8>C6
%6EG>C8>E6ACDK:9699:AEDHI;DG9>HBD8DCH>HI::C=67:G>CIGD9J8>
9D:AA:C<J6?::C:AIG676?D
!DN:C8>:GI6HD;>8>C6H7>:CED9GS6C6E6G:8:G8DA<69DH86GI:A:H:HE:8JA6
G:H66FJ:AADH9:=68:6TDHFJ:9>?:G6CeFJSH:IG676?6_!67A:Cf/>GCD E



696 A6 >AJH>UC D A6 IG6BE6 9: FJ: 6 B6NDG 86CI>969 9: I>:BED =67A6C9D B6NDG
8DBEG:CH>UCH:8G:6CA6H8DC9>8>DC:H9:EDH>7>A>969E6G6FJ::A=67A6:CIG:9:9>
K:GH6HB6C:G6H:C:AB:G869DI6CID9:IG676?D8DBD9:EGD9J88>UCH:G:HE6GADI:6C
9D:H:A6B7>:CI:G:FJ:G>9DE6G6:A >989<9C=?G:N;JH H:=67A6:CK>KD:C
ASC:6:CI>:BEDG:6A6H>C8GUC>86B:CI:
FJS9:K:C>9D:A=67A6:CK6ADG9:86B7>D
H:GD76A6HJ7?:I>K>969
/>GCD8>I6ADHBE>4B9CC5  9:&6GME6G6BDHIG6G

8UBD:A`GD7D9:AI>:BED9:IG676?DaI>:C:6=DG6JC6`CJ:K676H:a6H67:G`:AH>H
I:B69:BQFJ>C6H6JIDB6I>O696Ha:H:C:HI:8DCI:MIDFJ:`:AI>:BED9:IG676?D8:H6
N9:7:8:H6G9:H:GHJB:9>96NEDG8DCH><J>:CI::AK6ADG9:86B7>D9:7:8:H6G9:
H:GA6B:9>969:AK6ADG9:JHDa/>GCD E
 
HS:CIDC8:HH:EJ:9:D7H:G
K6G 8UBD A6 E6G:?6 :A 6B><D ADH 8DCI:GIJA>DH ADH :HIJ9>6CI:H E6GADI:6C 8DC DIGDH
H>C8GUC>86 D 6H>C8GUC>86B:CI: B>:CIG6H 8DBE6GI:C CJ:HIGD I>:BED CJ:HIG6 B:H6
CJ:HIG68A6H:
2CDHUAD`6I>:C9:CaDIG6H8DCK:GH68>DC:H9:6HJ:IDI6B7>RC`G:HEDC
9:Ca8J:HI>DC:H`H:G>6Ha9:IG676?D9:C:<D8>DH9:K>6?:H9:6<:C96
AI>:BED9:
A6>CI>B>969H:G:9J8:6C696H:C>=>A>O6
:H6E6G:8>96JC6I:BEDG6A>969EGDE>6H:
:K6C:8:A6>CI>B>969HUADFJ:96CG:A68>DC:H;JC8>DC6A:H

HS:CIDC8:HADFJ:FJ:96:H:AIG>JC;D9:A6G6OUC>CHIGJB:CI6A9:AEDH>I>K>HBD

,:IG6CHBJI6A6HJ7?:I>K>969EDGH:G>:H9:BQFJ>C6HE6GA6CI:HE6GADI:6CI:HFJ:FJ:
96C8696K:OBQH>CH:GI6H:C:HIGJ8IJG6H9:B6H6H9:B6H6H8696K:OBQH6BDG;6H

+:9J8>96 ID96 :ME:G>:C8>6 N ID96 :MEG:H>UC HJ7?:I>K6 6 HJ =67A6G B6FJSC>8D `b A6
8G>H>H9:A86E>I6A>HBDCD:HIQN6>BEJI6966A6H9:HEGDEDG8>DC:H>CI:GC6H9:JCBD9D
9:EGD9J88>UC76H69D:C:AI>:BED9:IG676?D9>HIG>7J>9D>C9>K>9J6AB:CI:b
)6H6C
6AEG>B:GEA6CDBQH7>:CA6H8DCIG69>88>DC:HA68:G6CI:H:CIG:JCEGD8:HDEGD9J8I>KD
6=DG68DDE:G6I>KDD8DA:8I>KDFJ:=DN<>G69>G:8I6B:CI:HD7G:A68>:C8>6NA6I:8
CDAD<S6NJC6JC>9699:B:9>969:A6G>FJ:O6ID96KS68D>C8>9:CI:8DCA686CI>9699:
IG676?D >C8DGEDG696 6 A6 EGD9J88>UCa />GCD   E
  :HID :H H: E6<6 EDG :A
CVB:GD 9: =DG6H FJ: H: =67A6 dN CD HUAD E6G6 FJ>:C:H 6I>:C9:C JC 31<< 35>D5Bd H:
8D7G6A68DCHJAI6H:8D7G6A6=DG69:8A6H:H:8D7G6EDGG:HEDC9:G8DGG:DHH:E6<6
EDGH:G:H8J8=69DH:E6<6EDGH:6I:C9>9DH:E6<6EDG:H8J8=6G

=S:H9DC9:H:9:HEA>:<6:AK6ADG9:A68>:C8>6NA6I:8CDAD<S6JHDHK6G>69DH9:A
75>5B1<9>D5<<53DFJ:H:IG69J8:8DBD>CI:G86B7>D9:HSB7DADHd8JN6:MEG:H>UCE6G6
9><BQI>86:H:A=67A6d
H:C:HI:8DCI:MID:CFJ:H:H:T6A6FJ:`CI:HFJ:;D8D9:
8G>H>HA69:HEGDEDG8>UC:CIG::AE6E:A67HDAJID9:AH67:GNA6>BEDGI6C8>69:8G:8>:CI:
9:AI>:BED9:IG676?D=6969DAJ<6G6JC6CJ:K6N:HI67A:;DGB69:9DB>C>Da/>GCD
 E
 
2^EDGFJRH:96A69:K6AJ68>UC9:AI>:BED9:IG676?DCVAI>BDIRG
B>CDEDGFJ:CDH:E6<6EDGA6H8?B1C<12?B141CdEDGA64EB139P>45<5C6E5BJ?dH>CD
EDG A6 G:HDAJ8>UC 9: ADH EGD7A:B6H :H 9:8>G H: 67G: :A >BE:G>D 9: A6 8DBE:I:C8>6
6JCFJ:H:A6G:8J7G68DC:AGDE6?:=JB6C>I6G>D9:A68DDE:G68>UC


AI>:BED:M8:9:CI:bG>FJ:O6EDI:C8>6AH:B6C>;>:HI68DBDB>H:G>69:E:C9:C8>69:HD8JE68>UC
:HIGJ8IJG6AdEGDKD8696EDGA6H>CK:GH>DC:HCDEDGHJ;6AI6d;A:M>7>A>O68>UC>A>B>I696:C:A:BEA:D9:
A6;J:GO69:IG676?DEGDA>;:G68>UC9:?:G6GFJS6HG:HI67A:8>B>:CID9:6G86SHBDH9>H8>EA>C6G>DHE6G68DC
IGDA6G6>C9>K>9JDHN6CDHDB:I>9DH6ADHEG:8:EIDH9:AH>HI:B6;67G>A/>GCD EE
  




)D8D6ED8D:CIDC8:H9:H6E6G:8::CG><DG:ADB121:?NH:96AJ<6G:M8AJH>K6B:C
I:6A6@B?4E339P>
HI:86B7>D:HIQH><C69DEDGA69:H6E6G>8>UC9:A6;GDCI:G6:CIG:
A6K>96EG>K696NA6K>96EV7A>86EJ:HIDFJ::H:CA6>CI>B>9699:A=D<6G9:A6:ME:
G>:C8>68DBE6GI>968DCADH6B><DH9DC9:H:I>:C:FJ:6;>C6GJC6NDIG6K:O:A75>5
B1<9>D5<<53D 6FJS:H9DC9:FJ:96:C:K>9:C8>6FJ:ADHHJ?:IDHHDCHUADDE:G6G>DH9:A
;:CUB:CD:CHS67HIG68IDN6JIUCDBDFJ:8DCHI>IJN::AB59>?45<C125B:A9:A68>:C
8>6A6I:8CDAD<S6A6IR8C>86A6RI>86NA6:HIRI>86:CB:9>D9:H9:AJ:<D9:G:A68>D
C:HCDHUAD6CUC>B6H:>BE:GHDC6A:HH>CD:CIG:I:?>96HJC6NDIG6K:OEDGA6=67A6
9JGS6EDG:AE6GADI:DEDG:A8DI>AA:DdCDHUAD9:A6HG:K>HI6H9:A8DG6OUCI6B7>RC9:
A68>:C8>6NA6I:8CDAD<S69:A6EDASI>86NA6:ME:G>:C8>6HD8>6A9:A6RI>86NA6:HIRI>
86d
%68G>H>H9:A6HD8>:9699:AIG676?D8DCH>HI:6CI:HFJ:C696:C:A=:8=D9:FJ:A6G>FJ:O6HD8>6A:HIQ
EGD9J8>96EDGA68>:C8>6EDG:A75>5B1<9>D5<<53D6CI:HFJ:EDG:AIG676?D9>HIG>7J>9DEDG:A>C9>K>9JD

b %6 8>:C8>6 A6 >C;DGB68>UC :A H67:G :C <:C:G6A A6 8DDE:G68>DC H: EG:H:CI6C 8DBD A6 76H: 9: A6
EGD9J88>UC
AADHN6CDBQH:AI>:BED9:IG676?D
HI:I>:BED8DCI>CV6K6A>:C9D8DBDE6GQB:IGD9:A
9:H6GGDAADN9:A6G>FJ:O6HD8>6A
bAI>:BED9:IG676?D8DCHI>IJN:bJCEGD8:HD8DCIG69>8IDG>D
I:6IGD9:;JG>DH6H6CI>CDB>6HN9:9:H8DC8:GI6CI:HE6G69D?6H
AI>:BED9:IG676?D:HA6JC>9699:B:
9>96K><:CI:E:GDCD:HA6K:G969:G6/>GCD E
 





 />GCD 9:H6GGDAA6 HJ :HIJ9>D dD ;G6<B:CIDH 9:A B>HBDd HD7G: A6 3?>CD9DE39P> 45< CE:5D? :C #E<D9DE4 I
@B9>39@9?459>49F94E139P> />GCD 
C:HI::H8G>ID 8DCA69>G:88>UC>C9>86969>H8JI:A6D5?BN145<1
9>49F94E139P>9:,>BDC9DC
C:HI:8DCI:MID:AISIJADCE:5D?G:;>:G:JC@B?35C?459>49F94E139P>6JC6E6G
8>6A:>C8DBEA:ID
^)DGFJR)DGFJ::ACE:5D?CDHUAD:HEDI:C8>6N9:HEA>:<J:9:A6G68>DC6A>969H>CDI6B
7>RC9:A6H;J:GO6H9>3?>C395>D5CEDGFJ::ACE:5D?CDH:6JID8DCHI>IJN:H>CDFJ:9:K>:C:N9:K>:C:I:BED
G6AB:CI:
 HS EJ:H =6N JC6 76H: ;:CDB:CDAU<>86 E6G6 8DBEG:C9:G CD HUAD AD @B59>49F94E1< H>CD E6G6
8DBEG:C9:G8UBDHD7G::AA6H:9:HEA>:<6A63?>CD9DE39P>

HI676H:;:CDB:CDAU<>86:H:HIJ9>696:CHJHG:HE:8I>KDH=DG>ODCI:HI6CIDEDG,>BDC9DC8DBDEDG/>GCD
6 E6GI>G 9: &
 &:GA:6J )DCIN dA:8IDG 9: 451C  9: !JHH:GAd 9:H9: HJ D7G6 8>B:G6 5>?=5>?<?7N1 45 <1
@5B35@39P>

%63?>CD9DE39P>CE2:5D9F1G69>86:C:AEGD8:HDFJ:AA:K669>49F94E139P>AD969DID96KS6@B59>49F94E1<:C
8J6CID75>5B1<9>D5<<53Dd6H67:G`A6E:G8:E8>UC:AA:C<J6?:A6B:BDG>6ADH6;:8IDH
+DA:HN;JC8>DC:H4:C5
:C:AB6G8D9:AEDH;DG9>HBD8D>C8>9:CEGD;JC96B:CI:8DCA6e:M>HI:C8>6<:CRG>86f8DC:A1DDE>7CG5C5>a
/>GCD E
d
A75>5B1<9>D5<<53D:HIQEJ:H8DC;DGB69DEDG`8J6A>969:HJC>K:GH6A:HaHUADFJ:RHI:
:H3?>4939P>45@?C929<94149:JC6RED86A6EDHIBD9:GC6A6EDHI;DG9>HI6d/>GCDA6H=68:8D>C8>9>Gd

)G:8>H6B:CI: EDGFJ: :A CE:5D? :HIQ 5>DB5 3125 A6H 6<J6H :C 8>:GID BD9D C6I6IDG>6H 9: A6 @B5
9>49F94E139P>NA6HI>:GG6HdD8DHI6Hd9:A69>49F94E139P>:CE:GB6C:CI:K6>KRCH:=67A69:RA8DBD1>6929?

C:H:EGD8:HDH:C9>7E<1B9J16A86EI6GN=68:GG68>DC6AADEG: 969DNH:45CC9>7E<1B9J16AHJB:G<>GH::CA6H
EDI:C8>6H9:AD>C8DCH8>:CI:

:K>:C:C:8:H6G>6JC69>HI>C8>UC:CIG:`>C9>K>9JDaN`HJ?:IDa
&>:CIG6H:AEG>B:GD:HJC9:HEA>:<J:9:9>
;:G:C8>68>UC9:`AD.CDa`EG>BDG9>6Aa`C6IJG6Aa:AH:<JC9D:H`6C;>7>DaEJCIDB:9>D:CIG:>1DEB1d@B5
9>49F94E139P>dN3E<DEB1d9>49F94E?d
A69>;:G:C8>6:CIG:`>C9>K>9JDaN`HJ?:IDaH:A:I>:C:FJ:>CI:<G6GA6
CD8>UC`H>C<JA6G>969aN:AG:HE:8I>KD9:HEA>:<J:9:A6B>HB66H67:GC9>7E<1B9J139P>
^*JR:HA6C9>7E<1B9
J139P>M68I6B:CI:JC:HI6G:CIGQCH>ID9:@B59>49F94E?69>49F94E?EGD8:HDFJ:CDI:GB>C6NCDI:GB>C6
EDGA63?>4939P>1>692919:C5BCE:5D?
PHI:CJC86I:GB>C69:G68>DC6A>O6GD=68:GEA:C6B:CI:8DCH8>:CI:A6H
;J:GO6H >C8DCH8>:CI:H :C ;>C AD @B59>49F94E1<
 HI: :H :A ?J:<D >GG:9J8I>7A: 9: A6 I:BEDG6A>969 H:G HJ?:ID
FJ:H:>C9>K>9J668DHI69:HJEG: >C9>K>9J6A>969H>C<JA6G>OQC9DH::CJCEGD8:HD>C;>C>ID:9>695B9

AEGD7A:B6FJ:H:9:G>K69::HI:6CQA>H>HE6G6A6;:CDB:CDAD<S6:HFJ::AA6CD=6BDHIG69D6AHJ?:ID:CHJ
:HIGJ8IJG66C;>7>6CD=6969D:A9:7>9DEJ:HID6AD>C8DCH8>:CI:6A6HEJAH>DC:HFJ:96:CIDC8:HEG:H69:
JCG68>DC6A>HBD68GSI>8D
:HI:8DCIG6EJCIDH:KJ:AK::C:A8>:GG:9::HI::HIJ9>D8;
"""


,>A6K:G9699:A8DCD8>B>:CID9:A68>:C8>6H:K6A>96:CA6:ME:G>:C8>6:CIDC8:H:A
IG676?D=6E:G9>9DHJK:G969:AI>:BED9:IG676?DH:=69:K6AJ69D:CG6OUC9:HJHJ
?:8>UC6ADHEGD8:HDHEGD9J8I>KDH
%6AA6B696`G>FJ:O6HD8>6Aa:HIQ:CID9DHADHHJ?:
IDHN:CC>C<JCD:CIG:E6G:HCD=6N9>;:G:C8>6EDG=67A6GJC6A:C<J6H:G8DBE:I:CI:
:C :A B6C:?D 9: JC HD;IL6G: E6GI>8>E6G 9: 9:I:GB>C696H 8DBJC>969:H 9: :ME:GIDH
I:C:G688:HD69:I:GB>C696H76H:H9:96IDHEGD9J8>GJCI>ED9:HDAJ8>UC`EGD9J8I>
K6adH:6:AA68>:CIS;>86DI:8CDAU<>86:C:ABJC9D9:A66869:B>6D9:A6>C9JHIG>6d

&QH 6VC E6G6 E:GB6C8:G 9:CIGD 9: 8>:GI6H `8DBJC>969:H 9: 9>QAD<Da H: G:FJ>:G:
B6CI:C:G 8>:GIDH C>K:A:H 9: 8DBE:CI:C8>6 FJ: >C9>FJ: FJ: HJH E6G:H CD E>:G9:C :A
I>:BED :CIG: HS N 6A >CI:G68IJ6G 8DC JCD
 )DG :HD :H FJ: :A IG676?D =6 E:C:IG69D ADH
AJ<6G:HBQHG:8DC9>IDH9:A6K>96EG>K6969:A6>CI>B>969
:6=SFJ:H:9:766;>GB6G
FJ:`4=5DN:AI>:BEDHD8>6AE6G:8:H6A>9D9:HJH<DOC:HEJ:HN6CD=6NC696FJ:9>H
I>C<66AI>:BED9:IG676?D9:AG:HID9:A6H68I>K>969:H=JB6C6H
bID9D:H9>HI>CID
9:ADH8G>I:G>DHFJ:G:<JA6C:AI>:BED9:CD IG676?D
26CD:M>HI:ASB>I:C:IDFJ:H:
E6G::AI>:BED9:IG676?D9:A9:CD IG676?D
b:C:AEDH;DG9>HBDbA6eK>969:A6
B:CI:f :HIQ EA:C6B:CI: >C8AJ>96 :C :A I>:BED :HE68>D 9: A6 EGD9J88>UC EG:K6A:8:
JC6=DBD<:C:>969:H:C8>6Aa/>GCD E
 
'>TDHN69JAIDHE6GI>8>E6C9:A6
B>HB6 9:HB:HJG6 9: H67:G 9: 8DBE:I>G 9: G:C9>G
 "BEAS8>I6B:CI: ADH ?J:<DH :A:8
IGUC>8DHI6CID8DBDADH9>HEDH>I>KDH9><>I6A:HHDCADHG:<6ADH9:8JBEA:6TDH9:C6
K>9699::;:BRG>9:H:CA6EGD;:H>UC
%DFJ:H:G:<6A66AC>TD6AE69G:6A6B><D:H
JC 9>HEDH>I>KD E6G6 FJ: :CIG: 8696 K:O BQH 68IJ6A>O69D 6 ADH G:<SB:C:H 9: EGD9J8
8>UC
AIG676?DH:K6IDB6C9DADH:HE68>DHBQH>CJH>I69DH9:A6>CI>B>9699:AD8>D
9:A6>CI:G688>UCHD8>6A

A`CD IG676?DaH:IDGC6HJ76AI:GCD9:A6EGD9J88>UCEDGFJ::HIQ:C;JC8>UC9:RHI6
RHI6:HI6CIDHJ;J:CI:9:H:CI>9D8DBDHJG6OUC9:H:G
C:HI:B6G8D9:G:;:G:C8>6
`bA69:HD8JE68>UC:HIG676?DCDG:BJC:G69D:AIG676?Db:H9:HD8JE68>UCG:BJ
C:G696
bCJC86H:9:?69:IG676?6GbH:IG676?6H>:BEG:9:B:CDH
HI6;DGBJ
A68>UCE6G69U?>86NI6B7>RC8DCIG69>8IDG>66I:HI><J6:CHJ8DC?JCIDA6H6A>969:7>
H6<G6H9:AI>:BEDHD8>6Aa/>GCD E
 
HS:CIDC8:HADH>C9>K>9JDHHDC6J
E69DHE6G6FJ:ID9D:AEG:HJCIDI>:BEDA>7G:9:AFJ:8G::C9>H;GJI6G:HIR9:JC6JDIG6
;DGB6 :CA6O69D 8DC A6 EGD9J88>UC N6 CD HUAD 8DBD G:E6G68>UC D G:HI6JG68>UC 9:
;J:GO6HE6G6A6EGD9J88>UC
=DG6I6B7>RCH:86G<6HD7G::H:I>:BED:A:CIG:C6B>:C
IDA6EG:E6G68>UC:A9>H:TDA69D8JB:CI68>UCA6EG:;><JG68>UC9:ID9DHADH:HFJ:
B6H9:>CI:GK:C8>UC:CADHQB7>IDH9:AIG676?DDBQH:M68I6B:CI:9:A6EGD9J88>UC

HSEDGI6CID`4A566CI><J69>HI>C8>UC:CIG:eIG676?DfNeCD IG676?DfH:G:HJ:AK:6=D
G6:CIG:K>96G:IG>7J>96NK>96CDG:IG>7J>96
A8DC;SC:CIG: JC6NDIG6:H6G7>IG6G>D

86B7>6CI: HJ?:ID 6 9:8>H>DC:H EDASI>86Ha />GCD   E
  E:GD :C ID9D 86HD
ADH>C9>K>9JDHI>:C:CFJ:6H>HI>GA6EGD9J88>UCCDHUAD9:H9:H>CDI6B7>RC68DHI6H9:
HJ>CI>B>969 HUADFJ:RHI6I6B7>RCH:H68G>;>86`9:7J:C6<6C6a:C6G6H9:JC7>:
C:HI6GFJ:K>GIJ6AB:CI:8696K:OFJ:H:68:G86HJ8DCH:8J8>UCH:6A:?6EDGA6H9:
B6C96H9:CJ:KDH9::HIQC96G:H9:86A>969

^UBD H: 96 :CIDC8:H A6 9>;:G:C8>6 :CIG: eI>:BED 9: IG676?Df N eI>:BED 9: EGD
9J88>UCfHI6:HA68J:HI>UCFJ:CDH::A67DGU9:H9::AEJCID9:K>HI69:A6H9DH;:
CDB:CDAD<S6H8>I696HA6H9:!JHH:GANA69:!:>9:<<:G
&QH6AAQ9:JC6I:DGS69:AD
HD7G::ACE:5D?9:JC6I:DGS69:ADHD7G::A1C59>H:G:FJ>:G:K:G:A@B?2<5=145<
D95=@?:CHJ:CA68:8DCA6EGD9J88>UC8DCA6:8DCDBS68DCA6EDASI>86
`C:AEDHI
;DG9>HBDHJ7H>HI:JC6H:E6G68>UC:CIG:eI>:BED9:IG676?DfNJCH>:BEG:BQH6BEA>D
eI>:BED9:EGD9J88>UCfa/>GCD E
 
%69>HI>C8>UC9:&6GMADFJ:BJ:HIG6
:H FJ: :A I>:BED 9: H>:B7G6 :H D95=@? 45 DB121:? B>:CIG6H :A 9: B69JG68>UC 9:A
<G6CD:HD95=@?45@B?4E339P>RHI:I>:C:FJ:K:G8DCA6K><>A6C8>69:A6BQFJ>C66J
IDBQI>86 FJ: 8DGG:HEDC9: 6A D7G:GD`:C :A EDHI;DG9>HBD :A eI>:BED 9: A6 EGD9J8
8>UCf8DBEG:C9::AI>:BED9:CD IG676?DA68DDE:G68>UCHD8>6AFJ:G69>86:CRA
:
CDB>CDbeI>:BED9:EGD9J88>UCf6A6JC>969>C9>HDAJ7A:9:K>96G:IG>7J>96NK>96
CDG:IG>7J>96IG676?DNCD IG676?D8DDE:G68>UCHD8>6A:B:G<>96N8DDE:G68>UCHD8>6A
HJB:G<>96
 A eI>:BED 9: IG676?Df :H HUAD JC 8DBEDC:CI: N CD C:8:H6G>6B:CI: :A
BQHG:A:K6CI:9:AeI>:BED9:EGD9J88>UCf6HS68DG969Da/>GCD E
 
FJS
:HIQ:AEGD7A:B6FJ:FJ:96:C:K>9:C8>6A6G:9J88>UC9:AI>:BED6EGD9J88>UC:H:C
HS:AIG>JC;D9:A6G6OUC86A8JA69DG6dA6FJ:>CHI6JGUA6BD9:GC>969A6FJ:H:8DCK>G
I>U:C9JG6C8>UC8J6CI>;>8696d
,UADFJ::H:I>:BEDN6CD:HHJ;>8>:CI:
%6EGD9J8
8>UC8DADC>O6ID96HA6H:H;:G69:A6HJ7?:I>K>969d8DCHJ8DBEA68:C8>6dN9:HI686A6
>AJH>UC 9: I:C:G :A I>:BED 8DBD EGDE>D B>:CIG6H :C G:6A>969 =6 H>9D 6EGDE>69D EDG
A6HG:9:H9:EGD9J88>UCN8DCHJBD

:H9: AJ:<D :HI6 G:9J88>UC 9:A I>:BED 6 A6 :H;:G6 9: A6 EGD9J88>UC I6B7>RC IG6:
8DCH><D:;:8IDHHD7G:A6B6C:G69::CI:C9:GA6EAJHK6AS6
,>:BEG:RHI6;J:9:7>966A6
:C6?:C68>UCFJ:<:C:G6A668JBJA68>UCEG>B:GDDG><>C6G>6NAJ:<D8DBD8DC8:CIG6
8>UC9:86E>I6A
,>6CI:HH:I6H676JCI>:BEDE6G6H:G>CH:GID:C:AIG676?D8DCJCG:
B6C:CI:FJ:9:H9:H>:BEG:E:GI:C:8S66AHJ?:ID6=DG6H:=6AA:<69D6AH>I>D:C:A8J6A


&>HG:HJAI69DH9:>CK:HI><68>UC:C:HI:EJCIDN8DCDIGDH6G<JB:CIDHAA:<668DC8AJH>DC:HH:B:?6CI:H6
A6HD7I:C>96HEDG)
#
G>HI>OQ76A:CHJH:HIJ9>DHHD7G:>CI>B>969NI:BEDG6A>969:CA6HD7G6H9:
$6;@6
8DCE:GHE:8I>K6;:CDB:CDAU<>86G>HI>OQ76A!DNDH 
&>EG>C8>E6A8GSI>866A6:A67DG68>UC9::HI:6JIDG
:HA69:FJ:9:?6;J:G69:AB6G8D9:HJH8DCH>9:G68>DC:HA6A>I:G6IJG6A6I>CD6B:G>86C6
#JHI6B:CI::C:A=DG>
ODCI:9:AA:C6G:H:K68SDH:9:H6GGDAA6A6H:<JC96E6GI:9::HI::HIJ9>D
-6B7>RC:HI69>G:88>UC9:A6CQA>H>HH:
=6 :;:8IJ69D :C EC5>391 I @B5C5>391 45 9?C /6G<6H J>AARC   6HS 8DBD :C #E>4? 45 <1 F941
"9D5B1DEB1<1D9>?1=5B931>1 J:K6G6BUGI:<J> 


`b:AEAJHK6ADG:CA6RED86 EDHI;DG9>HI6:HIQ9:I:GB>C69DHD7G:ID9DEDG:A=>6ID
:CIG:JCI>:BED9:EGD9J88>UCCD8DBEJI69D8DBDI>:BED9:IG676?DN:AI>:BED9:
IG676?DEGDE>6B:CI:9>8=D
b8J:CI6bA6H:E6G68>UC:CIG:I>:BED9:EGD9J88>UC
dFJ: >C8AJN: :C HS 6A CD IG676?D N HJ E:8JA>6G EGD9J8I>K>969d N I>:BED 9: IG676?Da
/>GCD E
 
CI:HEJ:H:G6JC6E6GI:9:AI>:BEDHJ7?:I>KD:AFJ:H::C6?:
C6766=DG6HDCID96HA6H:H;:G6H9:A6:ME:G>:C8>6A6HFJ:FJ:96C6:ME:CH6H9:A6
EGD9J8I>K>96986E>I6A>HI6



<D95=@?

=DG6CJ:HIG66I:C8>UCH:9>G><:6 <8?=2B5=E5BD?8J:CID9:!DG68>D*J>GD<6

,:IG6I69::HI67A:8:GA6<RC:H>H9:A6:ME:G>:C8>69:AI>:BEDBD9:GCDHJ7?:I>KD6J
ID6;>GB69DHD7G:HJ:AD6B:G>86CD
,:EG:H:CI6:A6G<JB:CIDHD7G::AI>:BED)6GI:
"" H:86G68I:G>O6A6CD8>UC9:D95=@?:C:AE6HD9:21B21B95639F9<9J139P>)6GI:
""  H: 6AJ9: 6 A6 94?<1DBN1 9:HEA:<696 :C IDGCD 6 ADH 49C@?C9D9F?C 39F9<9J1D?B9?C
)6GI:""NH:>C9>86C6A<JC6H9:A6HKS6HE6G6:A45C=?>D1:59:A6>9DA6IGS68>K>A>
O6IDG>6)6GI:""



5>X<8?=2B5=E5BD?Y

DBD A6 K>96 A6 BJ:GI: HD7G:K>:C: H>C FJ: H: 6AI:G: :A C5>D94? 45< E>9F5BC? :A
eD95=@?3PC=93?fA64EB139P>
)6G6:AA67G>:<DFJ:EGDI6<DC>O6:A8J:CID9:!DG68>D
*J>GD<6<8?=2B5=E5BD?dEJ7A>869DDG><>C6AB:CI::CH
H
:C:A):G>U9>8D"1
$139P>:A9:?JC>D9:  dID9D68DCI:8::C B>CJIDH
-6AK:O9:ID9DH6FJ:
AADH:CADHFJ:8DCH>HI>UHJ:M>HI:C8>6:HHUAD:C:AADH8J6C9DH:IDGC6C5B@1B1<1
=E5BD5 D FJ>OQ B:?DG 8J6C9D C545C3E2B55><1=E5BD5 5;C9CD95>4?
 ):GD :C HJ
86HDCD=6N@B?I53D?CBQH7>:CADFJ:FJ:96:HA6EDH>7>A>9699:=68:GJC76A6C
8: ^9: AD FJ: ;J: -6A K:O CD
 .C 76A6C8: 9: A6 `>C9>;:G:C8>6 9: A6 C6IJG6A:O6a
*J>GD<6 E
H::HIQBJG>:C9D8DCI:BEA68A6G6B:CI:FJ::HIQBJ:GIDN
H>C:B76G<D`'696C696=686B7>69D
,UADRA:H9>HI>CID
:H9:=68:9DHB>CJIDH
HJE:GHDC6HJE:GHDC6A>969K>K>:CI:C696I>:C:FJ:K:G8DC:AEDIG:GDFJ:;DGBU:A
B>HBD8DCA66O6969JG6CI:8>C8DB:H:H8DCH:8JI>KDHC>8DC:A76C6C6AD7G69:HJH
HDA6H B6CDH
 '> 8DC HJ ;6B>A>6
 !6 H>9D 6GG6C869D 7GJH86B:CI: C6IJG6AB:CI: EDG
D7G69:JC68QH86G6AJHIGDH6NJCB68=:I::C:AK>:CIG:
!68:9DHB>CJIDHH:BJ:G:a

*J>GD<6 E

-D9DADFJ:E6G:8S6I:C:GJCH:CI>9DH:9:HK6C:8:H:;J<6

,UADFJ:96:A67HJG9DAD67HJG9D
->G69D:CA6<G6B>AA6`bH:G:H>HI:6b69B>
I>GJC;:CUB:CD9::H6IG6H8:C9:C8>66CI::A6HE:8IDCDGB6AN BDCUIDCD9:8J6CID
B>G6a*J>GD<6 E

'DAA:<6C>BJ8=DB:CDH6A68DC8AJH>UC9:FJ:<1
F9415CE>1@1C9P>9>RD9<
C86B7>DA6:ME:G>B:CI6H:AA:C6:CJCDIG6HDIGD>CHI6C
I:9::H6:K>9:C8>6BJ966CUC>B6
'>H>FJ>:G6ED9GQ8DCIQGH:AD6DIGDH
,DAD:C:A
G:I>GDVAI>BD9:AVAI>BDHJHE>GDDN:`A6HKD8:HbEGUM>B6Hd_)>6E>Qda*J>GD<6
E
:C:HE:8>6AA69:HJ=>?Dd`A6KDO9:HJ8=>8=DB:CDGa*J>GD<6 
E
d6FJ>:CCDEJ9DC6GG6GA:HJ:ME:G>:C8>6SCI>B6EDHIG:G6
26CD=6NC696FJR
=68:G
 ,: 9:HA><6 9: A6 K>96 B>:CIG6H HJ 8676AAD `HJ B6A686G6a *J>GD<6  E

 8DCIG6 A6 GJI>C6 >C;6AI67A: >C;6I><67A: `H: 9:8>9: 6 E6H6G :CIG: :A EDHI: N :A
=DB7G:I:C9>9DdFJ:N6=69:H86CH69Da*J>GD<6 E


*J>GD<6CDEDC:6AA67G>:<D:C:AEA6CD9:G:K:A6GJC6G:;A:M>UCBDG6AC>RI>86C>
EDASI>86
-6BED8DAD=68:K:G8DBD6A<J>:CFJ:=6AA:<69D6JC63?>395>39145CN
A
A67G>:<DHUAD;J::CHJBJC9:6GJC63?>395>3915>CN
CG:6A>969CDH:9>;:G:C8>6
769:AA67G6CISD9:AB68=:I:9:ADHG6NDH9:AHDA
/>KS6JCI>:BEDH>CI>:BEDJCRM
I6H>H A6 :I:GC>969
 ,UAD :C :H: BDB:CID EDHIG:GD `)J:9: 6A:?6GH: 8DC A6 B:CI: H>
FJ>:G:EJ:9:H>FJ>:G:676C9DC6GJC>CHI6CI:HJ8J:GEDNK:G9:H9::AI6?6B6GEDGRA
8DCHIGJ>9D:AIG>K>6AE6>H6?:9:H>:BEG:a*J>GD<6 E

:H8J7G:6A;>CA6
9>;:G:C8>6 :CIG: :A I? 5=@NB93? N :A I? DB1C35>45>D1<
 !68: K6G>6CI:H K6G>68>DC:H

(7G6 8DC HJ B:CI: 6 KDAJCI69
 )G68I>86 A6H K6G>68>DC:H
 ,: 9:H8J7G: 6 HS B>HBD
K>RC9DH:JCDIGD:ADB1C35>45>D1<

-D9DE6HUEDG688>9:CI:
`b6A76?6G:A6A6B7G:9:EV6NE6H6G:A8J:GEDHJE>R
>OFJ>:G9D G:H76AU HD7G: JC IGDOD 9: 8DGI:O6 9:HEG:C9>96 9:A EDHI: 6 I>:BED FJ: :A
B68=:I:H:A::H86E6769:A6B6CD
&>:CIG6H86S6:A=DB7G:IJKDA6>BEG:H>UCHJ
B6B:CI:A:?6C69:CDK:G:AB68=:I:9:EA6CD:C:AHJ:ADa*J>GD<6 E
 

G6CJCID9DI6C>CI:<G69DdB68=:I:86BEDA67G>:<DA67G6CISDdNRA:AA67G>:<DH:
:ME:G>B:CI6768DBDE6GI:9:AE6>H6?:
,UAD6A=6AA6GJC9:H68DEA:9::H:D?4?1B=P
>93?A:HD7G:K>:C:A65;C9CD5>391`EG:8>UB:CI6AB:CI:A6:MI:CH>UCNA6IG6N:8IDG>6
9:AB68=:I:9:CIGD9:HJK>:CIG:N69FJ>G>U;GS6B6I:BQI>86:>C:MDG67A:A6H:<JG>
9699:FJ:68676769:AA:<6G6AIRGB>CD9:HJ:M>HI:C8>6a*J>GD<6 E
 
,S
=5>D1<=5>D5NHUAD:CIDC8:H:CJCG:8DGG>9DSCI>BDH>A:C8>DHD*J>GD<6 E

 6HS 6E6G:8>U HJ 5H9CD5>391
 "C8AJHD 6A 8DB>:COD 9: :HI: 45C5><135 61D1< 8DCI>
CJ676K>K6B:CI:6GBUC>8D8DC:AE6>H6?:
:=:8=D`I:C9>9D:CA6<G6B>AA668DHI6
9D HD7G: :A A69D 9:G:8=D I6A 8DBD RA FJ:GS6
 %6 7D86 FJ: 6867676 9: 67GSGH:A: :C
ID96HJ:MI:CH>UC686769:8:GG6GH:
HI6768DBD=J7>:G69:H:69D:HI6GA6HGD9>AA6H

9D7A696HNA6B6CD>OFJ>:G96HD7G::AE:8=Da*J>GD<6 E
 JC6HJ:GI:9:
EDH>8>UC ;:I6A RA :C A6 7DAH6 C6I6IDG>6 6A G>IBD 9:A 9:HEA6O6GH: 9: HS =68>6 `%6
BJ:GI:
bA:N;6I6A68:EI696NEG:K>HI6a*J>GD<6 E
 NH>C:B76G<D:H
:C:AA68J6C9D=6AA6BDH`:H:BDB:CIDHJEG:BD:CIG:ID9DH:CFJ:A6CO6BDH:AVA
I>BDHJHE>GDa*J>GD<6 E
 :ME>G68>UC:I:GC>969
2H>C:B76G<D6ID9D
d6RA:C:AHJ:AD6A76C6C6A`-D9DID9D:M68I6B:CI:8DBDH>:BEG::AHDA9:;J:
<D :A 6>G: K>7G6CI: N HDA>I6G>D ADH 76C6CDH >CBUK>A:H :A 6A6B7G69D 9: EDHI:H FJ:
EGDCIDI:C9GQFJ:86B7>6Gba*J>GD<6 E
 dA::B76G<6A:8J7G:A::M8:
9::AB>HI:G>D`:CIG::A>CHI6CI:68IJ6AN:H6EDHIG:G6:ME>G68>UCa
&>HI:G>DFJ:CDH:
E>:CH6FJ:CDH::CI>:C9:_I>:BED:C;J<6;J<6H>CI>:BED ,::HIQBJG>:C9D
2
ID96KS6ID9D<G6K>I6H>CH:CI>9DH>CH67:GAD`_FJR9:HJ:TDHIG6HIDGCDH:HE:G6CO6H
N9G6B6HEG:HJB>BDH:CCJ:HIG6K>96_*JRCDHG:H:GK66VC:HI6:M>HI:C8>6AA:C69:
K><DG6CI:H9:HJ:A>B>C68>UC9:A:H8:C6G>D=JB6CDa*J>GD<6 E
 
D
BD:CA6:MEG:H>UC9:)
+>8cJGd9:H9:AJ:<DH>CID96:H6;>ADHD;S6d,9F?81CD1<1
=E5BD5
^*JRK>K::CCDHDIGDH:CADDIGD,S686HD:AB>HI:G>D
C:A;DC9DA68:G
I:O69:FJ::ABJC9DFJ:FJ:96EGDCIDI:C9GQFJ:86B7>6G^E6G6FJR^8UBD^=6
8>69UC9:
H:CE:5D?DB1C35>45>D1<dK>KD6VCK>KDdFJ:K:=68>6:ACE:5D?5=@NB93?d`&J:GID

)J:9: 8DCH>9:G6GH: BJ:GID :C HJ 8UBD96 EDHIJG6a *J>GD<6  E
  d H67:
FJ:`/66BDG>G
GS6;6I6A:>C:AJ9>7A:B:CI:K66BDG>Ga*J>GD<6 E
 

H: =DB7G: H: `G:H>HI: d_:H I6C >BEG:K>HID :H: =DGGDGa
 ^JQA ^8JQA =DGGDG -6C
HUAD EG:<JCI6G EG:<JCI6GH: `^*JR =6 86B7>69Da
 2 G:HEDC9:G I:C:G FJ: G:HEDC
9:G`'696a*J>GD<6 E
 
%DFJ:=DGGDG>O6:H:AH>A:C8>D9:ADH:HE68>DH
>C;>C>IDH
,S
!DGGDG>O6FJ:A6C6IJG6A:O6:H>CBJC:68J6AFJ>:GBJ:GI:
-D9D;AJN:

&DK>B>:CID>C8:H6CI:I>:BEDH>CI>:BEDB:G69JG68>UC`bH>:CI:G:HDC6G:C:A
EJ:CI:8>IDADHE6HDH9:A8676AADa*J>GD<6 E

2H>C:B76G<D:AI>:BED
K>:C:9:HS;AJN:9:H9:HS`bEGDCID9:7:GQ86B7>6GADEDGDIGDI>:C:N6ED8DKJ:
ADa *J>GD<6  E
  HS 86B7>6G :A B68=:I:
 A 86B7>D CD K>:C: 9: ;J:G6
K>:C:9:HS`-G6H9>:O6TDH9:7DHFJ:a*J>GD<6 E

.CDB>HBD:HFJ>:C
31EC1N6CI:KR:A;>C9:HS9:HJEGDE>6I:BEDG6A>969
AA67G>:<DCDH:9:H8J7G:8D
BDC5B@1B1<1=E5BD5C545C3E2B55><1=E5BD5





FJSH:EJ:9:9:8>G8DC/>GCD ,>BDC9DC@B59>49F94E14?HJ?:ID:CA6H6<J6HC6I6IDG>6H9:AD>C8DCH8>:C
I:9:ADCD G68>DC6A



:AE6HD9:21B21B95639F9<9J139P>

FJS:H9DC9:ID9DH:IG6CH;DGB6
AG:A6ID68DCI:8:8DBD53?9:A6AJ8=69:8>K>A>
O68>UC 8DCIG6 76G76G>: ,6GB>:CID  FJ: EG:9DB>C6 `C A6 EG>B:G6 :I6E6 9:A
8G>DAA>HBD   a&:CIDC E
 
%68>K>A>O68>UCHJK:HI><>DHUADH:
B6C>;>:HI6:CA6;><JG6C6IJG6A>O6969:AB68=:I:
AA67G>:<D :C:AG:A6IDCDBJ:G:
EDG e86JH6H C6IJG6A:Hf d8DBD JC E6GD 86G9S68D EDG :?:BEADd C> EDG JCe688>9:CI:
C6IJG6AfdJC9:GGJB7:JCQG7DAFJ:H:9:HEADB6:I8
d
'6969::HD
H:ABD9:HIDN
H:C8>AADB68=:I:
PHI::H:AFJ:EGD9J8:JCH6AID;J:G69:AI>:BED9:AMHD1C9C:CFJ:
H: 96 A6 6GBDCS6 :A FJ: 8A6K69D :C :A K>:CIG: e86JH6f :A 9:K:C>G CE:5D? d
V9>49F94E14? C9>7E<1B9J14?d 5H9CD5>D5 :M>HI:C8>6 FJ: C545C3E2B55><1=E5BD5
C95>4?dH>CEGDN:8IDdC5B@1B1<1=E5BD5
,UADA639F9D1C9:H8J7G:A6CE2:5DF9414A6
5H9CD5>391
CA686BE>T67J8UA>86ID9D:HJC>969B>HB>969>CI:<G68>UC9::A:B:C
IDH
 ):GD A6 39F9D1C dEGD9J8>96 EDG ADH =DB7G:Hd H: KJ:AK: 8DCIG6 ADH =DB7G:H
 'D
=6NFJ:AA:<6G6AGJ>9D>C6C:9:A6HBQFJ>C6HFJ:ADH=DB7G:HIDB6CEDGA6KDO9:
>DH
6HI6:AH>BEA:N:C:HI:86HD:ABSH:GDB68=:I:
'DHDCADHEJT6A:H9:ADH
8DBE69G>IDH FJ: I>:C:C :C HS A6 EDI:C8>6 N :A 9:HI>CD 9: A6 BJ:GI: CD :H A6 BJ:GI:
FJ:EDGI6CADHEJT6A:H:CA6G>T6B6A6C9G69:AB6A:K6?::CB:9>D9:A6HB>ADC<6H

'DHDCADHB68=:I:HFJ:7G>AA6CNHJ:C6C=6HI6FJ:8DGG:A6H6C<G::C:AAJE6C6GD
;G:CI: 6 RA :CIG: ADH FJ: FJ:G:AA6C EDG A6 B>C6 BJA6I6 BDGD8=6 =>E:G7UG:6 GJ7>6
EQA>96DG>:CI6A
H:AE68S;>8DB68=:I:9:A=DB7G:HDAD:CA6A67G6CO6FJ::CIG:EV6N
8E=EC968DC:AK>:CIG:9:AA67G>:<D

^*J>RCH>6HSH:EJ:9:EG:<JCI6Gd8DBDH>H:IG6I6G69:eE:GHDC66A<JC6fd<6C6A6
8DC;GDCI68>UC^8>K>A>O68>UCD76G76G>:JG6CI:9>:O6TDH:AA67G>:<D=69:BDHIG6
9D8DCHJ8JAI>KD 8JAIJG6:CHJ9>49F94E139P>FJ:`H67:BJN7>:C8UBDH:B6C:?6
JCB68=:I:9:BDCI:a*J>GD<6 E

!6969DJCDG9:C6GI>;>8>6A6A6>1DE
B1=6IG6O69DH>:I:86AA:HFJ:8DC;DGB6CHJ76C6C6A`A=DB7G:NHJB68=:I:686
7676C 9: A>BE>6G A6 FJ>CI6 86AA: 9:A 76C6C6A
 6AIQ76CA:H 6VC 9DH 86AA:Ha *J>GD<6
E
 
 6C69JG6CI::H68>;G6A676I6AA6A63E<DEB1
'D:H:AA67G>:<DC>JC
E6HIDGCUB696C>JCE:H869DG;JGI>KDC>JC86O69DG=6B7G>:CID
A=DB7G:81C5>
D14?CECB51<5CD95>5<E71BC?2B5<1D95BB1
CA6F539>414G:6A>O6HJA67G6CO6`H67:
BJN7>:CFJ:6HJH:HE6A96H:HIQ:A86B>CD6AEJ:GIDCJ:KDNFJ::CA69>G:88>UC9:
HJ 867:O6 6AAQ 676?D N68: :C :A ;DC9D 9:A K6AA: :A )6G6CQ 9DGB>9D 8DBD JC A6<Da
*J>GD<6  E
  
 !6 9:?69D 9: H:G JC B><G6CI: :C RMD9D :C :M>A>D
 86HD
E6G:8: =6AA6G A6 E6O 9: A6 86BE>T6 7J8UA>86
 -D9D 6 HJ 6AG:9:9DG 9DB:T69D EDG :A


8JAI>KD BJ:HIG6 :A H:TDGSD 8DC :A 8J6A ID9D AD CE:5D1 6 HJ KDAJCI69
 ,J <12B1>J1 :H
<1D1 <1DEC 9>A6I696 :MI:C9>96
 DC :AA6 =6 6E>494? 6E>4 B5 JC6 :MI:CH>UC 5H
D5>C?HJ:MI:CH>UCB5C5HD5>C15=68DCHI>IJ>9D=6HI69DC9:EJ:9:9:8>GH:HJA6
I>;JC9>D<1D96E>4E=

H:AHJ?:IDFJ:H:6;>GB6I?@95>C?I?5H9CD?H:=69>49F94E14?H:=6=:8=DCE:5
D?
>:GIDH:EGDN:8I66`HJBJ?:GNHJH9DH=>?DHaFJ:K>:C:C`67JH86GADE6G66A
BDGO6Ga*J>GD<6 E

-6B7>RCRAH:6;>GB6:C:AADHCD8DBDG:A68>DC:H
EA:C6HNIDI6A:H9:9>D5BCE2:5D9F9414d9:G:8DCD8>B>:CID9:A1<D5B9:9>D5B45@5>45>
391d
 AADH ;DGB6C E6GI: 9: HJ 6E>4? 6E>4EC 9: HJ 85B5414 9: HJ 69>31 BRCD931

86HDHDCHJ5HD5>C9P>HJ1@M>4935

H:I?FJ:H:6;>GB6:H6AB>HBDI>:BED:AFJ:H:e<6HI6fNH:e:C<6HI6f:CA6A6
7G6CO6
CHJEJG66;>GB68>UCH:C>:<6
%DFJ:A:E:GB>I::A9DB>C>D:AB68=:I:6A
867DAD9DB>C6ADHDB:I:ADB6I6AD9:HIGJN:K6>KRC9:@B59>49F94E139P>:9>49
F94E139P>G:IDGCD6C;>7>D9:AHJ?:ID9:I>:GG6;>GB:66<J6NK>8:K:GH6
%6E6O7J8U
A>86dFJ:>CKD86:AE6HIDG76?D:A;G:H8DG9:A=6N69:A(5C@?>C?1,5B<19>59:6GSDd
FJ:969:GGJ>96EDG:A;G:C:HS9:A6EGD9J88>UCFJ:>BEDC::A8JAI>KD:C;>CFJ:8DC
K>:GI::CGR9>IDHA639F9<9J139P>

>:GID HDC ADH 6A7DG:H 9: A6 BD9:GC>969 HD7G: HJ:AD 6B:G>86CD JC6 HJ7?:I>K>969
FJ:A>I:G6AB:CI:31=@51
1=@51EDGBDCI:HN8DA>C6HEDGK6AA:HNEDGGSDH
*J:
K66ADH86BEDHN=68:A6A67G6CO6E6G6IDGC6G6AEJ:7AD6A68>J969N8DCK:GI>GADID
9D :C B:G869D :C 8DCI67A:
 `6A>7QC H: =6 969D 8J:CI6 9: FJ: EGUHE:GD A: =6 >B
EJ:HIDJC68JAIJG68DCA68J6AAD9DB>C6N=69:8>9>9D676C9DC6GA6E6G6=68:GH:9:
DIG6a3:6 E

86HDAD9:H8J7G::AA67G>:<D:CA6EDH>8>UC;:I6AFJ:<DO6
8DBD6CI:H6A69:HJBJ:GI:9:CJ:KD6A>7QCFJ:H:9:HE>9:9:)GUHE:GD
):GDH67:
FJ:RHI:A:EGDE>CUA6:HID8696;>C6A9>6AR8I>869:EV6NB68=:I:

%639F9<9J139P>6K6CO6
%J:<DK:C9GQCA6H<?3?=?D?B1C:AHJ>8>9>D9:*1>7E9D?#D
HRA7:GID"<A:H>6HDGG:6d  d8DAD;UC9:*1>7?65B?Jd9:A9:H6GGDAAD9:A
67JHD9:A:8D8>9>DdN8DC:AA6HID96HA6H;DGB6H9:8DGGJE8>UCK6G>DE>CI6H;DGB6H
9:EGDHI>IJ8>UCE>AA6?:HD7G:ADEV7A>8D9:EDASI>8DHH>C@?<9CD8DCIG6A6@?<9C
,J?:
IDHFJ:6AHJ?:I6GFJ:96C6H>9DH6A6`86869:A9:BDC>Da8DCJCVC>8DAJ<6GE6G6:A
<D8:9:A=JGIDA6EG>H>UC



A694?<1DBN1NADH49C@?C9D9F?C39F9<9J1D?B9?C
^HJC66AI:GC6I>K6;J<6GH:9:AD95=@?45<1@B?4E339P>39F9<9J1D?B91'D:HA6I:H>H
FJ:HDHI:C<D
&QH6VCCD=6N:H86E6IDG>6
,:K69:JC6>9DA6IGS66DIG69:A639F9<9

J139P>NHJCE:5D?EGDI6<UC>8DBD9:GCD6HJG:HE:8I>K6 453?>CDBE339P>
/6>KRC9:A
6C;>7>D
,UADFJ:6AAA:<6G6RHI6D1=@?3?81IC1<F139P>dEDGFJ:>?81IC1<F139P>d

2A6;>ADHD;S69:CJC8>6N6CJC8>6E:GDCD:H<JS6C>:HI6C96GI:
,J9:8>G86:DK>K:
:C:A86BED6<DC6AJC9:8>G:CIG:BJ8=DH
,>6A<J>:CeAD8G::f=6GQ>9:DAD<S6DED
ASI>86DHD8>DAD<S6D:8DCDBS6
2:HIDCD:HIQB6AHUADFJ:I1>?5C69<?C?6N1E:C
H6B>:CID8GSI>8D9:8DCHIGJ88>UC
A6H6OUC
AS9DAD;6H8>C6N86JI>K6A6B>G696EG:8>H6B:CI:EDGFJ:CDH::C8J:CIG6:CRAC696FJ:CDH:9:76
:MEDC:G6A6B>G6966IG6:GA68DAB6GA6G:I:C:GA6
A9DB>C>D:C:A8J6AG:>C6EDG8DBEA:IDd:A9DB>
C>D9:A6B>G696:HID:H9:ADB>G67A:d76HI6I6B7>RCE6G6G:8>7>GAD:AS9DAD86JI>K6A6B>G696HUAD:C
I6CIDADB>G67A:AD8DBEG:C9:
AS9DAD9:E:C9:9:A6B>G696FJ:H6I>H;68:EJ:HIDFJ:H>A6B>G696CD
9:H:6G6H6I>H;68:GH::CRA:CIDC8:H:AS9DADCDI:C9GS66HJHD?DHC>C<JC69><C>969
%68GSI>868DGG>:CI:
9:AS9DADH:EG:<JCI68DC:HIJE:;688>UC8UBD:HEDH>7A:69DG6G8DBD9>K>C>9696FJ:AADFJ:A6HB6CDH
FJ: DG6C 68676C ED8DH >CHI6CI:H 6CI:H 9: ;DG?6G :H8JAE>G 9:8DG6G :C JC6 E6A67G6 9: ;67G>86G
&6G>DC E



^)DG FJR ;6H8>C6 :A S9DAD ^EDG FJR C68: 8G:8: N H: G:EGD9J8: A6 >9DA6IGS6 &QH
6VC^EDGFJRH>C;>ADHD;S6A6>9DA6IGS6>?=E5B5N:C86B7>DH:C6IJG6A>O6IDB6C6
IJG6A:O6:CHSNEDGHSH:G:EGD9J8:,SEDGFJ::HJC6H6AK6<J6G96
`'DHUAD:AE:A>
<GDH:9:;>C:6E6GI>G9:A6DG><>C6G>67VHFJ:969:JCG:E6GDH>CDb:HDH:B6C>
;>:HI68DBDA6;DGB6:HE:8S;>869:G:E6GD
AE:A><GDb8DCH>HI::CJC6=DGG>E>A6CI:
:HIG6I:<>69:H6AK68>UCdH>H:B>G6:C:A8JAID9:A6eE:FJ:T6E6IG>6fRIC>86EDG:?:B
EAD
%69>6AR8I>86:CIG:I:BDGNG:E6GDH:G:HJ:AK::CVAI>BDIRGB>CD:CA69>6AR8I>86
:CIG: ;DGB6H 6AI:GC6I>K6H 9: EGDI:88>UCa />GCD   E
 
 %DH BQH >C<:CJDH
>BEJI6GQC A6 >9DA6IGS6 6 ADH FJ: 6HJB:C JC 8G:9D G:A><>DHD
 ,UAD FJ: :C A6H ;DGB6H
E6GI>9>HI6H I6B7>RC H: 6<6O6E6 A6 >9DA6IGS6 :A EJ:7AD JC6 HJ:GI: 9: ;JC96B:CID >C
8DC8JHD>DH 86JH6 VAI>B6686HDA>I:G6AB:CI:BD9:GC>O69D76?D:ACDB7G:9:@B?
<5D1B914?
ADH68:C9G69DHE6GI>9>HI6H>C8AJHDA:HD;JH86FJ:=6N66E6G:8>9D:A3?7
>9D1B9?
)>:CH6C:CHJ>C<:CJ>969H>CASB>I:HFJ:H:IG6I69:JC`EGDA:I6G>D9:8A6H:
6AI6a

5C=?>D1B<194?<1DBN1:H6HJBD9D45C=?>D1B5<@1DB91B31<9C=?
HA6HJE:G68>UC
9:ID96;DGB69:RMI6H>HN9::I:GC>9699:ADH8DC8:EIDH9:A6HEGQ8I>86H8JAIJ6A:H

->:C:CG6OUCADHE6GI>9>HI6H68RGG>BDH:CCDFJ:G:GA6;>ADHD;S6
CHJRMI6H>H6HJB:C
JCI>:BEDH>CI>:BED:CFJ:N669K>CDA6K:G969H:G:K:AU
%A6B6C`B:G6>CI:GEG:I6
8>UCa6A6BE6GD9:A6*5C9CE>4M39=19:&6GMHD7G::J:G768=6A6;>ADHD;S6B>:C
IG6HE:GIG:8=69DH:CCD8>DC:H>9DAQIG>86HHUADD;G:8:C4917>PCD93?C
&>HBDHFJ:AA:
K6C6A6E6GQA>H>H
'DDG>:CI6CC>A6H688>DC:H9:G:H>HI:C8>6C>:CI>:C9:C:CFJR8DC
H>HI:6=DG6A6ED7G:O6FJ:H:=68:RMD9DN:M>A>D
C86B7>D:CHJH8UBD9DHN4?<?C
3?>35@DE1<5C>BEDHI6CCJ:K6H;DGB6H9:A6B:I6;SH>86FJ:I>:C:`:H:C8>6Ha`H:G:C
HSaNJC`6JIRCI>8DNG:6AEGDN:8ID:>9:69:AHI69Da:H:HS7J:CD
28696BDC6<J>


AAD K>:C: 8DC 86CI6A:I6 6 EGD8A6B6G A6H K:G969:H 9: JAIG6IJB76 FJ: 6H>:CI6C :C A6H
`6JIDG>969:HaH>CH67:GFJ:6=SEG:8>H6B:CI:N68::AE6IG>6G86

^J<6GH:9:FJRARMD9DN:A:M>A>DFJ:>BEA>86A6G:H>HI:C8>6G:8A6B6C9:?6G6ADH
BJ:GIDHAADG6C9D6HJHBJ:GIDH
,>:AS9DADH:9:GGJB76E>:G9:CID96H:<JG>969HD7G:
A6I>:GG6
,DCADHHDCQB7JADHFJ:H:IDGC6C;JCQB7JADH
'DH:9>HI>C<J:C9:A6JIDG>
I6G>DFJ:AADG6NG:;JC;JT6:CHJHDA:969EDG:AED9:GE:G9>9D
FJSH:>CHI6A6A64965
B5>391 :A 4965B5>4? :CIG: 45C=?>D1B N 45C21>31B 6A E6IG>6G86
 *J>:C AD 45C=?>D1
`ED96a:ABDCI:FJ:EGDI:<:A6I>G6CS6AD9:?6K:GI6C>C:GB: 8DBD8J6AFJ>:G6DIGD
BDGI6Ad686HD=6HI6FJ:BJ:G6NFJ:9:E>8DI:69DEDGADH<6AA>C6ODH8DBD:C:A%D?
O?45<@1DB91B31d
C86B7>DFJ>:CAD45C21>31EG:H:GK6A67JI686FJ>:G:H:CI6GH:
:C:AA6CD:H86E6O9:AJ8=6G8DCIG6:AED9:GH>CDFJ:AJ8=6EDGEDH::GADN:C:H6
AJ8=6H::C8:<J:8:



6A<JC6H9:A6HKS6HE6G6:A45C=?>D1:59:A6>9DA6IGS68>K>A>O6IDG>6

:HBDCI6G A6 D5=@?B1<9414 :H KDAK:G HD7G: !DG68>D *J>GD<6 E6G6 >CI:GE:A6G 8UBD
H:>CHI6JGU:ACE5O?39F9<9J1D?B9?
'DH:IG6I69:8DC9:C6GADI6BED8D9:H6AK6GAD
H
:AE6HD9:JC6CE2:5D9F94146E>414?B1HUA>96N;>?66JC6CE2:5D9F9414<NAE941:CA6
FJ:ID9D:H5653D?E:GDADFJ:H:6;>GB66=DG6H::K6EDG6:C:;AJK>DHFJ:96CE6G6
>CI:<G6G>C8AJ>G:>BEDHI6G
-D96H:HI6H;DGB6H9:AI>:BEDd6;>GB6I>K6HdHDC>CI:CIDH
G>9S8JADH9:=68:G H:HJ?:IDN=RGD:FJ::CHJHDG9>9:OI:GB>C66JID:A>B>C69DEDG:A
B68=:I:8DC:A8J6A>BEDC:HJH:TDGSDd6EA6HI69DEDGHJS9DADH:6>DH:A8DC8:E
IDA6I:DGS6:AE6GI>9Dd

^*JRH:9:HEG:C9:9:ID9D:HI:9:HBDCI6?:"CB6C:C8>69:A68DC8>:C8>6
A9>QAD
<D:CIG:A69>=1>5>39145<13?>395>391NA69>=1>5>39145<?C=?4?C45<1CE2CD1>
391HUAD:BE>:O6
%D8DBVC:CIG::AA6H:CIG::HI6H;DGB6H9:>CB6C:C8>69:7>96H6A
E:CH6B>:CID ?J9SD :H FJ: H: G:H>HI:C 6 ID96 ;DGB6 9: >1DEB1<9C=?
 ,: ED9GQ =68:G
`8>:C8>6adNBJ8=DBQH`>9:DAD<S6adN>1DEB1<9J1BH:CI>B>:CIDH6;:8IDHEJAH>DC:H
:C;>C3?>1DECB6HHUADH:GQJC6B59693139P>
C86B7>DA6FE5<D11<19>=1>5>391
:CHJ1>D9>1DEB1<94145653D9F1d:CHJ@EB1B56<5H9F9414d>BEA>86:A5D5B>?B5D?B>?45
<?=9C=?8DB:CO6GNG:8DB:CO6GADH6CQA>H>HFJ:9:HBDCI6CID96K:8>C969NID9D
6;>C86B>:CID:CADH:<JGD
,:IG6I69:A9:HEA>:<J:9:HJ7?:I>K>969FJ:E6GI:9:AD@B5
9>F949F94E1<NH:9>49F94E1H>CI:GB>C6GCJC86A6I6G:69:C9>7E<1B9J139P>FJ:I>:C:
FJ:KDAK:GHD7G:A6;J:CI:CJIG>8>69:AHSE6G6KDAK:G6G:8DB:CO6GHJ8DCHI>IJ8>UC



%6@1B14?:145<D95=@?9:CJ:KD8DBD:CA6H?>65C9?>5C%>7
1"6E
1"9:
H6C<JHISCKJ:AK:NH:EG:H:CI6G:CDK696EDGFJ::AI>:BEDFJ:H:E:CHU:CI:C6H
CD :H :A 9: -6<6HI: EDGFJ: :A 9: A6 86BE>T6 7J8UA>86 CD :H :A 9: A6 ;Q7G>86 :A 9:A
EGDN:8ID8>K>A>O6IDG>DCD:H:A9:AEGDN:8ID9:8DADC>6A
696JCD9::AADHKJ:AK:6H:G
9:H8G>IDN:C8696JCD9::AADHKJ:AK:NH:;JC96HJH:CI>9D:C>CI:GHJ7?:I>K>969:C
=>HIDG>8>969:CHD8>6A>9698DBVCN8DBJC>I6G>6
FJS:H9DC9: :A D95=@?45<9=@5
B9?HJH6?B=1C453?>DB?<FJ:3?>CD9DEI5>CE2:5D9F94145CNCE:5D1>d6A8DCHJBD6A6
EGD9J88>UC6A7>DED9:Gd:HB6I:G>69:A6G:;A:M>UC;>ADHU;>86;:CDB:CDAU<>86E6G6
EGD9J8>G9:CJ:KD?DB16E71
,UADFJ:6AAA:<6G6JCCJ:KDAJ<6GN86B7>6G9:5H
DB1O?6F539>?/>GCD E
=67GQ9:CJ:KDFJ:EGDE>8>6GDIGD9:HBDCI6?:
DIGD:M>A>DDIGDRMD9D

%669<?C?6N13?=?45C=?>D1:55CMH?4?EDGFJ:HUADI>:C:AJ<6G:CA6B5C9CD5>391
^
FJRADFJ:H:G:H>HI:A6;>ADHD;S6:H6ID96;DGB69:CD1DECAE?:AA6H67:FJ:HD7G:
ID9D6E>4?HD7G::A8J6A31=@55:ACE:5D?E6G69=@?>5BCEC5O?BN?9:K>:C::CS9DAD
FJ:H:`:C86GC6a:C9>HEDH>I>KDHd:AB68=:I:9:<8?=2B5=E5BD?dFJ:I:GB>C6:C
:AK>:CIG:9:AA67G>:<D
&QH6AAQ9:ID9D6E>4?:HIQAD9>6E>414?:AAJ<6GFJ:H:9:H
E:?66A9:HE:?6G:AE:CH6G6A67G><6GAD9=@5>C14?
2H>AD9=@5>C14?:H:AK>:?D6A
I:G869D:CIG:&BPC@5B?N1<92K>:HEDGFJ::AE:CH6GHUADH:9:HEA>:<6:C"1D5=@5C
D148DBD:CH:TU:CIG:DIGDH,=6@:HE:6G:HD7G:BRG>86



?<?6P><13?>CD9DE39P>CE2:5D9F13?=?9>49F94E139P>

C:AEA6CD9:A69:H8G>E8>UC;:CDB:CDAU<>86H::K>9:C8>6FJ:=6NJCD95=@?9:H
EA:<69D HJ7?:I>K6B:CI: :C :A QB7>ID 9: AD @R2<93? E6G6 8696 K>K:C8>6 N E6G6 8696
:H;:G6 9: :ME:G>:C8>6 I>:BED E6G6 A6 E6GI>8>E68>UC EDASI>86 I>:BED E6G6 :A IG676?D
I>:BEDE6G6A6:H8G>IJG6I>:BEDE6G6A6A:8IJG6I>:BEDE6G6A68G:68>UCd:CA6K6G>:
969:H :C A6H FJ: RHI6 H: B6C>;>:HI6d =6N I>:BED E6G6 A6 G::A67DG68>UC N :C ;>C
I>:BEDE6G6:A9:HEA>:<J:9:A6:M>HI:C8>6DD95=@?F9F94?:CG:A68>UC8DC:A1<D5BD
:53D14? =68>6 RA I>:BED 9: 68D<>96 !8QB1 9: :GG>96 I>:BED 9: G:H>HI:C8>6 :
6JAA::GG>96!:HH:AI>:BED9:G:7:A9S66BJH:I8

&QH 6AAQ 9:A QB7>ID EV7A>8D =6N D95=@? 45< CE:5D? D D95=@? N>D9=? d9: C68:G 9:
8DEJA6G9:G:EGD9J8>GH:9:BDG>G=6NI>:BED9:K6<6GI>:BEDEGDE>DdI>:BED9:A6
;6B>A>6 I>:BED 9: A6 9:HE:9>96 I>:BED 9:A 9:HED?D I>:BED 9: A6 G:E6G68>UC dN H>
RHI:I6B7>RC:H:53D14?CDAD:H81391H>CD3?>:ADIGDd



CIG::A@R2<93?N:AN>D9=?H:9:HEA>:<6:AI>:BED9:A8DCIG6ID:AI>:BED9:A6:H
8J:A6:A9:A:BEG:C9:GFJ:AA:<68DCK:GI>GH::C:BEG:H6

):GD6CI:H9:ID96H:HI6HK6G>:969:HN6A;>C6A9::AA6H=6ND95=@?45<7?35
PHI:
AD8DCI>:C:ID9D8DBDJC;JC9D8DBDJC;DC9DFJ:JC6NDIG6K:OH::MEADG6dFJ:
H:EJ:9::MEADG6GdI>:BED9:=68:GH:G:HEDCH67A:9:HS9:ABJC9D9:HJH:CI>9D9:
ADHCD C68>9DH9:ADHBJ:GIDH9:AH:CI>9D9:ID96:HI6K>96

AI>:BED^6CI:8:9:6ID96DIG6@?C929<94145CDBE3DEB1<45<C5>D94?9:A6CE2:5D9F9
414N:CHS:H5C65B1453?>CD9DE39P>9:A6CE2:5D9F9414%DFJ:FJ:96:CDEDH>8>UC
:H:A:C;DFJ:65>?=5>?<P793?8DC:A@C93?1>1<ND93?6G6SO9:A6D5=@?B1<9414^:HRHI6
8DCHI>IJ>96EDG:AHJ?:IDD:C86B7>D:H:AA6A6FJ:8DCHI>IJN:6AHJ?:IDD^:H:A
HJ?:ID:AFJ:JC6K:O8DCHI>IJ>9D8DCHI>IJN::AI>:BEDNH>:HI:VAI>BD;J:G6:A86
HD^8UBDAD8DCHI>IJN:
%DFJ:>BEA>8665>?=5>?<?79J1B5<D95=@?:HEG:8>H6B:CI:FJ::HIQ@B5414?D4?
>14?HUADEDGFJ:AD:HIQd686HD:C:ABD9D9:AD@B59>49F94E1<dH:EJ:9:8DCHI>
IJ>GD>C9>K>9J6GH>C<JA6G>OQC9DADN^8UBD*J>OQEDGD8DC:A<5>7E1:5:C:ABD9D
9:A 812<1
 ,> ;:CDB:CDAU<>86B:CI: H: 6HJB: FJ: 5< =E>4? C5 41 <9>7SNCD931=5>D5
C549=5>D14? :CIDC8:H ^8UBD H: 8DCHI>IJN: 6 HJ K:O :A A:C<J6?: ^:CIG6:C RA :C
?J:<DA6I:BEDG6A>969
%DHBD9:ADH:CI:CH>UC>BEA>86CFJ::CJCD:A65>?=5>?<P793?6AI>:BED3?C=?
<P793?d6AFJ:I6B7>RCH:EJ:9:AA6B6G`9JG68>UCadH:A:96H:CI>9D9:H9:HSHD7G:AD
@B59>49F94E14? :A HJ?:ID AA:<6 6 AA:C6GAD 9: H:CI>9D AD >C9>K>9J6 H>C<JA6G>OQC9DAD

CIG:I6CID:C:ABD9:AD@C93?1>1<ND93?9:ADFJ:H:IG6I6:H9:KDAK:GA6B>G6966A6
5CDBE3DEB145<<5>7E1:5dFJ:67G6O6EDG8DBEA:ID:A812<1dFJ::H:CHSAD>C8DCH
8>:CI:E6G6FJ:d:HI67A:8>9D8DBDJC`EDOD=DC9Da:A`9:AE6H69DadJC6K:O96
9DEJ:96H:GD5=@?B1<9J14?

A `EDODa d^9>5<E3D12<5d 9:A >C8DCH8>:CI: :H 1D5=@?B1< N H>C :B76G<D RA :H JC
DB121:14?B9>31>C12<58DBD1D5=@?B1<dEDGHJ86GQ8I:G9:5CDBE3DEB1d:HE>D95=@?
C9>D95=@?I6B7>RC:C:HI:H:CI>9DEJ:9:9:8>GH::H5D5B>?
,:IG6I69:JC6;J:CI:
9: 5=1>139P> d8DBD :C A6 8DC8:E8>UC 9: )ADI>CDd E:GD AD FJ: H: `BD96A>O6a d
BD9DH9:A6HJ7HI6C8>6H:<VCA68DC8:E8>UC9:
,E>CDO6d:H`:I:GCDaNAD`BD96
A>O6aEG:8>H6B:CI::A<5>7E1:5
CA69>;:G:C8>6:CIG:`NDaN`BSa:AEG>B:GD:HA6
:MEG:H>UCE6G6>C9>86GFJ:6A<J>:CIDB6A6E6A67G6:CDIGDHIRGB>CDH6FJSH::BE>:
O6 6 8DC;><JG6G 45C45 CN :A H:CI>9D FJ: H: EJ:9: 96G dH>IJ68>DC6A N 8>G8JCHI6C8>6A
B:CI:d6A`;DC9DaD`IG6CH;DC9Da9:AAD9>3?>C395>D5

^*JRK>:C:6FJS6FJ:G:G9:8>GI?,>CBQH<E71B45C455<3E1<C5D?=1<1@1<12B1

FJSEJ:H:H9DC9:H:>CIGD9J8::A812<18DBD6HJCID
C7J:C68J:CI6:A8J:GED

6AH:GCDB7G69DH:8DCFJ>HI6H:=68:EGDE>D
A812<1B:9>6E6G6FJ:ADHHJ?:IDHH:
8DCHI>IJN6C N =67>I:C :C :A A:C<J6?:
 H: `B>C>=DBDH6E>:CHa C>TD I:GB>C6 CDB
7G69D N EGD<G:H>K6B:CI: H: AD >CIGD9J8: :C :A 812<1
 PHI6 CD :H 8DCHIGJ>96 EDG :A
HJ?:IDH>CDFJ:6A:HI6G96969:H6;S668696FJ>:CE6G6FJ:AA:<J:6H:G>C9>K>9J69D
H>C<JA6GHJ?:ID

=DG67>:C^CD:H:AEDHI;DG9>HBD:AeAJ<6Gf9:69K:C>B>:CID9:AD95=@?<P793?9:
6FJ:A FJ: H: 96 :C :A DG9:C 9:A E:CH6G 8DBD DG9:C69DG 9: A6 :ME:G>:C8>6 EGDE>6
8J6C9DH:G:6A>O6A6I6G:69:A6>C9>K>9J68>UC
AD95=@?<P793?:HJC6>C;:G:C8>6CD:HJC6:HIGJ8IJG68DCHI>IJN:CI:9:AHJ?:ID
A
>C8DCH8>:CI:CD:HI:BEDG6ABQH6VC:H6I:BEDG6A
ABJC9D:H:M8G:8:C8>69:AND
I6B7>RCA6G:6A>969N:C8DCH:8J:C8>6:AD95=@?^:HRHI:8DC9>8>UC9:EDH>7>A>969
9:A812<1^8UBDB6CI:C:GA6G:A68>UC>?5C9C>?5=1EDG:?:BEAD:C:A86HD9:A6
6AJ8>C68>UC
,>:BEG::AHJ?:IDH:EGD9J8::C8DCI68ID8DC:A812<1
696HJ?:IDH:8DCHI>IJN::C
IG::C 8DC:AA6EDGHJE6GI::AA:C<J6?:CDI>:C:I>:BED:HHUAD5CDBE3DEB1
AI>:B
EDH:6EA6O6:HEDHI:G>DG6A68DCHI>IJ8>UC9:HJ?:ID
.C6K:O:CIG6:AHJ?:ID:C:A81
2<19:K>:C:C:8:H6G>6B:CI::AI>:BED8696FJ>:C:CEG>B:G6E:GHDC6EJ:9:=67A6G
9:eB>I>:BEDf8DBDHJEGDE>68DC;><JG68>UCHJ7?:I>K6
HS:A>C8DCH8>:CI::H:H
IGJ8IJG68DBDAD:HA:C<J6?:
2H>C:B76G<D:ACE:5D?:Hd:CHJ@EB?F9F9BdB5C94E?
9BB54E3D92<5^BQH6AAQd6CI:HD9:HEJRHd9:ID9DI>:BED,>:AHJ?:ID:H`EGDID;DCI6
C6Ga 9:A I>:BED ^:H RA B>HBD I:BEDG6A FJS H: H>IV6 :A =>6ID >C8DCH8>:CI:
8DCH8>:CI:E:GD^HDC`A69DHa9:JCB>HBD C59>9:A1C59>C;>C^EJG65H9CD5>
391
=DG6 7>:C H: EJ:9: =67A6G 9: JC `I>:BED AU<>8Da H>C 9JG68>UC :H 9:8>G JC
`I>:BEDH>CI>:BEDa
AE6G:8:G:AD95=@?<P793?`K>K:a9:IG:H8DC8:EIDH:H:C8>6
A:H >CHI6CI: 9: K:G A6EHD E6G6 8DBEG:C9:G N BDB:CID 9: 8DC8AJ>G
 ^)DG FJR
AA6B6G`I>:BEDAU<>8Da6ADFJ:HUADH:A:EJ:9:6IG>7J>GK6ADG9:I6A9:H9:;J:G69:A
8DCI:MIDAU<>8DA>CHI6CI:9:K:G9:?6JC6>C8U<C>I6,:EG:8>H6G:HEDC9:G5H@?CD

H:>CHI6CI:I>:C:FJ:G:HDAK:GH::C:A9:K:C>G8DBDA6G:HDAJ8>UC9:A6IG6B68DCHJ
EGDE>:9699:`=J:AA6a
HI6G:HDAJ8>UCG:FJ>:G:JCD95=@?>?3B?>?<P793?

AIG6CH8JGG>G9:AI>:BEDG:K:A6D:A:K66H><C>;>868>UCAD969D:CA6:ME:G>:C8>6
A
I>:BEDAU<>8D:HJC6IDGH>UC
'D:HEJ:HFJ:CD=6N6I>:BEDH>CDFJ::HIQG:EG>B>
9D
FJS:CIDC8:HEJ:9:9:8>GH:=6N`I>:BEDA>7>9>C6AaJCI>:BED9:A<D8::CHJ
G69>86A>969 :A eBSf 9: A6 :MEG:H>UC eB> I>:BEDf
 FJS FJ>OQ :H 9DC9: 9:K>:C:C A6H
>9:CI>969:H :C HJ EGDE>D FJ:=68:G
 C RA H: 9:HEA>:<6 :A H:G 8DBD I:BEDG6A :C JC
96GH:FJ:B>9:RHI:CDH:EJ:9:9:I:GB>C6G9:JC6K:OEDGID96HC>8DBD8DCHI>IJI>

KDC>8DBD8DCHI>IJ>9DH>CD8DBDJC6HJ:GI:9:FJ>6HBDJC6`@EB1Had8:CIGD9:A
AE91C=?dFJ:I:GB>C68DCJCK6ADGG:A6I>KD:C869686HD

"16?B=139P>45<CE:5D?CE3?>CD9DE39P>5C<1@E5CD15><925BD1445<5>D5CE7?35
AE55C3141AE95>5C5<D95=@?45<NDEJ:9DAE5C545C@<95715>314131C?3?>CD9DE
IM>4?C5
HA6:H;:G69:AD95=@?9>=1>5>D5^5=1>1>D59:A68DC8>:C8>6

29:CJ:KDE6G6:AHJ?:IDADFJ:FJ:96:HJCI>:BEDE6G66<G69:8:G:AD95=@?45
13?7941!8QB1

 



CDE49?,
X"1CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5Y

C:ACDE49?H:EA6CI:6:AEGD7A:B66E6GI>G9:A6D7G69:#
%
&6G>DC<3BE3545
<?F9C92<5H:86G68I:G>O6"1@?5CN1I5<@?5=13?=?CE2F5BC9P>45<?F9C92<5@?B<?
9>F9C92<5H:96E6HD6A6CQA>H>H9:"1CE2F5BC9P>3?=?65N6BD9D9:G:K:GHD"165
3?=?CE2F5BC9P>8DC:HIDHEG:HJEJ:HIDHH:B>G66JC86HD9:<1BD53?=?=KC1<<K
45<?F9C92<5:CJC68DCHIGJ88>UC8DBE6GI>969:H:CI>9D:CIG:?2B11BD9CD1N@R2<93?
E6G68:GG6GA6:MEDH>8>UC8DC:A:HIJ9>D9:=JB>A969NED7G:O6:C"1CE2F5BC9P>45<
N4?<?@?B5<93?>?


>DB?4E339P>
CHJD7G6<3BE3545<?F9C92<5 #:6C %J8&6G>DC6AJ9:6A6B:CI696`HJ7
K:GH>UCa E
 
 PHI6 H: 9:HEA>:<6 :C A6 491<M3D931 45< 93?>? X=9B141Y\
X@5BC@53D9F1Y
HI6`HJ7K:GH>UCa:HJCBD9:ADDJC:HI>AD9:45C1C9=95>D?D9:45C
@B5>49=95>D?FJ:E:GB>I:6AB>HBDI>:BEDJC6KJ:AI66AHJ?:ID6ARHI: 8135BC5I6A
:C8DBJC>969d:C9>D5BCE2:5D9F9414dK>968DCADHDIGDH:C9>G:88>UC9:A9:HEA>:<J:
9:AH:CI>9D

%6`HJ7K:GH>UCaFJ:H:EDC::C:HIJ9>DI>:C:5653D?C456?B=139P>CD:HFJ:=6N6
JCAE95>AE54M6?B=11?DB?:HFJ:A6`HJ7K:GH>UCaK>:C:9:A9:HEA>:<J:9:AH:CI>9D
9:A >8DCD 8DBD ;:CUB:CD FJ: :C HS 9:HEA>:<6 =DG>ODCI:H 9:H9: A6 E:GHE:8I>K6 9:
8696FJ>:CFJ:AD:C;G:CI6
:6=SFJ:`A8J69GD9:7::9J86GCDH6K:GAD
%69>HI6C
8>6:CIG::AS9DADN:A>8DCDH:9:;>C::C:HI:EJCIDaE

FJS:C8>:GIDBD9DH:
45C=1D5B91<9J1DH:45C3?C96931ADK>H>7A:
-6B7>RC:CRA6E6G:8:H:;:CDB:C>O6:A
45C@B5>49=95>D?
=S:CIDC8:HFJ>:CAD:C;G:CI6NE:GB>I:HJ9:HEA>:<J:H:45C1C5
E:GB>I>:C9DA6:B:G<:C8>69:AH:CI>9D9:A>8DCD
PHI::HJC86B>CD=68>6`:AG:>CD9:
AD>CK>HIDaE


%6EGDE>:9699:A6`HJ7K:GH>UCa:HIQ6HD8>6966A4?>
*J:RHI:I>:C:FJ:H:G414?
:HJC6HE:8IDE:GDFJ:6AB>HBDI>:BED`ID969DC68>UCE>9:FJ:H:A6G:8>76aE

:H:ADIGD6HE:8ID8DCHI>IJI>KD9:A4?>
A=:8=D:HFJ:6AE:CH6GNFJ>OQ6A>CI:C
I6G:;:8IJ6G:A4?>6E6G:8:BQH>CB:9>6I6B:CI:8DBEG:CH>7A:A68DC9>8>UC9:4?>1
4?B FJ: A6 9: 4?>1D1B9?
 ^UBD 6HJB>G :C HJ ;:CDB:C>969 A6 H:<JC96 8DC9>8>UC
8DBD`HJ7K:GH>UCaA;>C6AHUAD:C:AA6:HEDH>7A:FJ:`ED96BDHG:8>7>GA6G:K:A6
8>UCaE
 



CVAI>BDIRGB>CDA6`HJ7K:GH>UCa:H`=JB>A969a`68ID9:G::CKSDa`G::CKSDDG>
<>C6AaE
 
^UBDEJ:9:EJ:H=67>A>I6GH:A6:CFJ:H:IDB6EDH:H>UC9:HS
EG:8>H6B:CI:B:9>6CI::A45C1C9=95>D?
^)DGFJRH:EJ:9:IG6I6GA6`HJ7K:GH>UCadK>HI69:H9:ADH@B?35C?C6?B=1D9F?C45<1
CE2:5D9F9414d8DBD5653D?CG:HJB>96H8J:CI6HEDGFJ:CD=6NEDH>7>A>9699: 41B
6?B=1 6A H:CI>9D 8DBD H> 6A<J>:C EJ9>:G6 DB1>C=9D9B<? 6A DIGD
 CI:H 7>:C BQH FJ:
41B6?B=16AH:CI>9DH:IG6I69:EGDE>8>6GHJ9:HEA>:<J:9:A6BJAI>EA>8>9699:E:GH
E:8I>K6H :C FJ: H: D;G:8: 9:H9: 8696 FJ>:C 8DBD @B9=5B1 @5BC?>1 FJ: H: ?J:<6 HJ
EGDE>DH:CI>9D9:HS6A9:HEA:<6G:CHS:AH:CI>9DFJ:9:K>:C:EDGA668I>IJ9=JB>A9:
6CI::A`>8DCD4FJ:5B:G:8:A6K:C:G68>UCaE
 
FJS:C@B9=5B1@5BC?>1FJ>:C
B>G6=68>6:A>8DCDE6G69U?>86B:CI:6AG:8>7>GAD6A68D<:GADA:D;G:8:`A6A>BDHC6
9:JC6B>G696aE
 FJ:>BEA>86:>BEDC:HJ9:HEA>:<J:
%6 E6G69D?6G69>86:C
FJ:A6HJ7?:I>K>969CDE>:G9::A86GQ8I:G8DCHI>IJN:CI:9:A9:HEA>:<J:9:ADH=DG>ODC
I:H9:A>8DCDE:GD:AA6B>HB6H:E>:G9:DH:45C1C56A9:HEA:<6GAD9:H9:HJE:GHE:8I>
K6

,>:C6A<VCAJ<6GH:86EI6EJ:HA6G69>86A>9699:A665>?=5>?<?7N145<4?>:H:CA6
`HJ7K:GH>UCa 8DBD JC6 EDH:H>UC FJ: 6A H:G EDH:S96  :;:8IV6 N G69>86A>O6 :A
45C1C9=95>D?
^,:EJ:9:8DC:8I6G:CIDC8:H:HI:5653D?456?B=139P>8DCA6BSHI>86
:CHJHK:GI>:CI:H`9:AC125BF9F9B9:AC125B1=1B9:AH67:G H::CA65>DB571C9>=5
4941 45C=54941 9>3?>=5>CEB12<5 9:A 5H35C? 45 1=?Ba /6G<6H J>AARC   E

NHH

-G6IDEJ:H9:96G6HS6A<JCDHE6HDHBQH6AAQ9:ADFJ:=:BDHED9>9DK>
HJ6A>O6G:CCJ:HIG6H>CK:HI><68>DC:HEG:K>6HI6CIDHD7G::A4?>8DBDHD7G::A45C1C9
=95>D?6=DG68DBD`HJ7K:GH>UCaFJ:H:6H>:CI6:CA6=JB>A9698DBD;:CDB:CDAD
<S6dFJ:EDC:6AG>HID:C:A8:CIGD9:A6=>HIDG>6d



"1@?5CN1I5<@?5=13?=?CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5

%DFJ:H:D;G:8:6A6K>H>UCI>:C:A6EGDE>:9699::HI6G:C:A:HE68>D
B:CDH8A6
GDFJ:H:IG6I:9:AD969D:C9>DE939P>
!6NEJ:H9>;:G:C8>6:CIG:F5BD9>DE9B
2H>C
:B76G<D:C6B76HDE:G68>DC:H=6NDH:D;G:8:AD`969D:CE:GHDC6a
%69>DE939P>
H>BJAIQC:6B:CI:EJ:9:=68:GG:;:G:C8>66ADE:G8>7>9DE:GDH:9:HEA>:<68DBD@<EC
G:HE:8ID6:AA6I6B7>RCEJ:9:I:C:GEDGG:;:G:CI:<?9>F9CD?>CIJNDFJ:JC6688>UC:H
`:;:8IDa9:JCF1<?B
/:QBDHAD6B6C:G69::?:BEADH



339P> ,1<?B
DC68>UC8DBD6NJ9669:H6BE6G69DH ,DA>96G>969
:KDAJ8>UC9:ADFJ:6A<J>:C=69:?69D !DCG69:O
%A:<6966I>:BEDE6G6A68A6H: JBEA>B>:CID
CIG:<69:ADHB6I:G>6A:H9::HIJ9>D )GD;:H>DC6A>HBD

,>C:B76G<DADFJ::HIQB:G6B:CI:K>HIDJC6K:OK6ADG69DdDEJ:HID:CG:A68>UC
8DCADHK6ADG:HFJ:EJ:9:CH:GK>G9:BDI>K68>UCdI6B7>RCEJ:9:AA:K6G6JC6C6IJG6
A>O68>UCFJ::MIG6KS6A68DBEG:CH>UC
%6HB>HB6H688>DC:HEJ:9:C:HI6GH><C696HEDG
K6ADG:H9>;:G:CI:H
/DAK6BDH6K:GADH:?:BEADH

339P> ,1<?B
DC68>UC8DBD6NJ9669:H6BE6G69DH K6H>UC9:>BEJ:HIDH
:KDAJ8>UC9:ADFJ:6A<J>:C=69:?69D HE>G68>UC9:G:8DCD8>B>:CID
%A:<6966I>:BEDE6G6A68A6H: -:BDG6A9:HE>9D
CIG:<69:ADHB6I:G>6A:H9::HIJ9>D -G6HA69D9:G:HEDCH67>A>9696A<GJED

CA6F1B9139P>:CIDC8:HH>:BEG:H:EJ:9:EDC:G:C8J:HI>UCAD969DAD>1DEB1<9
J14?
%665>?=5>?<?7N145<?CF1<?B5C6HS8DBDA665>?=5>?<?7N145<1@5B35@39P>
:HJC6AJ8=6EDGA6 CE@5B139P>9:A6 F9C929<9414E:GDI6B7>RC:HJC>CI:CIDE:GB6
C:CI: EDG =6AA6G :A B59>? 45 <1 =?D9F139P>
 2 H>C :B76G<D :C A6 8DBJC>868>UC ED
9:BDH3?>3?B41B`=6NJC6B:H6NHD7G:A6B:H6JCK6HD9:6<J6a`.9
:HIQ;G:CI:
6BSa`.9
=67A6a`AAJ:K:a`HDCA6HE
B
a`HJ86B>H6:H6OJAa`.9
B:B>G6
8DC9:H9RCa:I8
(EJ:9D9>G><>G6=DG6B>6I:C8>UC6HJH>CI:G:H:H`.9
H:FJ>:G:
>C;DGB6G HD7G: :A I:B6 9: A6 CE2F5BC9P> 45 <? F9C92<5 @?B <? 9>F9C92<5a `.9
 8DBD
;:CDB:CUAD<DH67:FJ:!JHH:GA=67AU9:e<165>?=5>?<?7N13?=?E>@EB?F5BfaN
`.9
HDHE:8=6FJ:NDKDN66AJ9>G6A6H"5339?>5C45 
HD7G:"1945145<165>?
=5>?<?7N1a `ND 8DC?:IJGD K6ADGD FJ: .9
 FJ>:G: K:G 8UBD KDN 6 6G<JB:CI6G :C
IDGCD68UBD&6G>DCH:9:HA>C969:A665>?=5>?<?7N18DBDF9C9P>8DBDF9C929<9414
8DBD@B5C5>391a
`*J>OQ:C:A;DC9D.9
8G::FJ:NDA:D6&6G>DC8DBDH>6HJB>:G6
N9:H6GGDAA6G6A68GSI>869::GG>966A6@B5C5>3916A665>?=5>?<?7N145<1@B5C5>391
:>C8AJHD6A6=5D16NC93145<1@B5C5>391a

^UBDC541:C6B7DH86HDHA6F1B9139P>CVAI>BDIRGB>CD^=6N9DH68:E8>DC:H
9:>CIJ>8>UC^-:C:BDH8DBDIG6H;DC9D:AB59>?45<1=?D9F139P>/6BDH8DC:HID
VAI>BD^EDGFJR9>G>?DA66I:C8>UC:CIRGB>CDHE:G8:EIJ6A:H6B:H6K6HDE:GHDC6
HDC>9D8A>B6=DG6D:C:ADIGD86HD^EDGFJR9>G>?DB>6I:C8>UC6K6ADG:HBDI>K6
8>DC:H>CI:G:H:H8G::C8>6HIG69>8>DC:H


EG>B:G6K>HI6>?5C=KC3?>6912<55<B59>?45<?F9CD?AE55<B59>?45<?9>F9CD?N
H>C:B76G<D:C:AQB7>ID9:A69>DE939P>ID9D:HF9C929<9414
DCA6B>HB6EGDE>:
969EJ:9D9:8>GFJ:`K:DaJC`K6ADGaFJ:JC6`8DH6a
B7DHI>:C:C86GQ8I:G9:?2
:5D?NADI>:C:CEDGFJ::C6A<VCBDB:CIDEDG@B?3549=95>D?CCE2:5D9F?CdFJ:EDG
7G:K:969ED9:BDHAA6B6G@B?35C?45<65>?=5>?<?79J1BdAD1<<5>45H:IDGC61AE5>
45<??DB?H:IDGC65C65B145@B?@95414CDHUAD`ADKSaH>CDFJ:`6AK:GAD:BE:8R6
8DCHI>IJ>GADN6=DG6CDADK:DNH>C:B76G<DADI:C<D6FJS8DCHI>IJ>9Da

=DG67>:C^FJRI>:C:FJ:K:G6FJSA6CE2F5BC9P>AEGD7A:B6:H:A14F5>9=95>D?
45<1>1DEB1<9J139P>
/>A686AA::CHJE:CJB7G6:A?6OBSC9:CD8=::ME>9>:C9DHJ
E:G;JB:;G:H8D:A76C8D?JCID6AQG7DAA6CD8=::HIG:AA696
=DG6ADHR
%D=:8DCHI>
IJ>9D 6=S :HIQC 86AA: QG7DA N 76C8D E:GD KDN 9: EG>H6 CD =6N DADG C> :HIG:AA6H C>
>CK>I68>UC6AG:EDHD
=DG6:HI6H`8DH6HaHUADB>9:CD:MI>:C9:CA69>HI6C8>6
`&>H
B6H8DH6HaFJ:=6CE:G9>9DHJF1<?B9:`8DH6HB>HB6Ha
,><J:C6=S
*J>OQHDC:C
HS 86B7>6CI:H E:GD BQH 86B7>6CI:H HDC B>H 9>K:GH6H @?C939?>5C 45 5H9CD5>391 B>
=?D9F139P>`=6HI6A6HEGDE>6HE:C6HCDH=68:CHDCG:SGa1>39P>45<1F941@B?6E>
41DIGQ;6<D9:A68>J9699:A6K>968>J9696C6`8>J9699:ED7G:H8DG6ODC:Ha
):GD
6FJS A6 =?D9F139P> H: =6 G:9J8>9D 6 5H@5B95>391 @C93?<P7931 KDAK6BDH 6 A6 13D9DE4
65>?=5>?<P7931:A?6OBSC9:CD8=:H:EGDBJ:K:DG66JCH:CI>9DDG66DIGD`N?6
BQHAA:<6GQ:AVAI>BDK:GHDa
DBD:ADABD6AJ9>9DEDG
&68=69D`DABDFJ>:GD
6CDI6G:CB>86GI:G6 A6<G68>69:IJG6B6K:G9:8>96aE>?<=?C53?
):GD:H:DA
BD:HK>:?D=6H>9D=:C9>9DEDG:AG6ND:CHJB>I69:HIQED9G>9D=6G:8>7>9DA6H
AAJK>6H 9: 67G>A N :A HDA 9: B6ND :H 8:CI:C6G>D :C A6 8DA>C6 A: A6B: A6 8DGI:O6 JC
BJH<D6B6G>AA:CIDI>:C:A68DGI:O67A6CFJ:8>C6:AIGDC8DADI>:C:86G8DB>9DNEDA
KDG>:CIDCD:H8J6AADHQA6BDH=67>I69D9:GJ>H:TDG:HA:IG:E6JC:?RG8>ID9:=DGB>
<6HN:HIQJG9>9D9:I:A6H<G>H:H9:6G6T6H
HI:DABD@EB1613D94148D7G6H:CI>9DN
H:K6A>968DBDB69:G6B:A:C69:86BE6C6A6CO69:86GGDNJ<D9:86GG:I6=D<J:G6
;6B>A>6G`:CJC6BSH:G686H:I6a
HI:DABD:CHJEJGDH:G;Q8I>8D:HJCH:G9:?6C9D
9:H:GNAA:<6C9D6H:GDIG68DH6DIGDH:CI>9D3?C1=9C=1IG6CH;DGB696JC6NDIG6
K:O :C 9>K:GHDH K6ADG:H :C 9>K:GHDH H:CI>9DH :C 9>K:GH6H E:GHE:8I>K6H 9: H:G
 2 5<
@?5D1F5<?9>F9CD?K:<?D?41FN1>?NH67:FJ:ADEJ:HID6CI:ADHD?DHd:C:K>9:C
8>6EJG6EG>B:G6EG>B6G>6d:HHUADJC66CI>8>E68>UC:A6CJC8>DD:A6CI>8>ED9:JC
45C@<957E545C5B

A ED:I6 EJ:9: DE:G6G N DE:G6 :A IGQCH>ID 9: C5B5>CN 6 C5B@1B1CN EG:8>H6B:CI:
EDGFJ:F5<?9>F9CD?5><?F9CD?
%6=9B14145<@?5D1:HJC6=9B141AE5CE2F95BD5
A
BJC9D:CIDC8:HH:67G:8DBDD5BB5>?E>9F5BC1<453B55>391CD9::HI6D9:6FJ:AA6
8G::C8>6:CE6GI>8JA6GH>CD9:A6HBVAI>EA:HEDH>7>A>969:H9:96GH:FJ::CHSA6HJ7?:

I>K>969EJ:9:EGDBDK:Gd9>DE9D?@5BC?>15N5>@B9=5B1@5BC?>1dNFJ::CA6>CI:G
688>UCH:K6A>96C8DBD8?B9J?>D5C45C5>D94?

2H>C:B76G<D:A@?5D1C545C1C545CNCD>C9>86`6CI:HFJ:I?I:8DCK>:GI6:Cba
`6CI:H 9: FJ: =5 86A>:CI:H 8DBD ;J:<D 9: =9 =D<6Ga :I8
 ,>:C9D @B9=5B1 @5BC?>1
9:AED:B6`AE95B?6CDI6G:C=986GI:G6adC1Dd6AJ9:6JCDR3E1<AE95BDRFJ::C
IG::C:A?J:<D9:AH:CI>9D9:A6EGDBD8>UC6H:CI>9D9:DHD7G:A6;68I>8>969

!6NEJ:H:C:AED:I66AB:CDHJC64?2<5CE2F5BC9P>
CEG>B:GIRGB>CD:AED:I6
CD68:EI6CDEJ:9:68:EI6GE>H:CI>9D8DBDR>93?C>8DBDR>93?FK<94?9:DHD7G:
ADFJ:1@1B535HD7G::A65>P=5>?FJ:H:9:HEA>:<6FJ:H:96
CH:<JC9DIRGB>CD
:A ED:I6 `=67A6a ^=67A6 ^=67A6 RA :C @B9=5B1 @5BC?>1 8DBD @B9=5B1 @5BC?>1
3?=?C9Z3?=?C9;J:G6A:T69DG86GE>CI:GD 3?=?C9;J:G6BSH:G686H:I67DG9:9:
86B>CDIDG7:AA>CDHDEAD9:A6HH>:GG6H
%6CE2F5BC9P>@?MD931:CHS45C5>3145>15<
C5>D94?AD67G:ADBJAI>EA>86:C;>CAD9:H9D<B6I>O6EDGJCA69DE:GDEDG:ADIGD
;G:CI:6A=DG>ODCI:;Q8I>8DH:9:HEA6O6d8DBD@B9=5B1@5BC?>1d6A6@5BC@53D9F145<
?DB?:>C8AJHDd8DBDH:K>Dd45<??DB?CDHUAD812<145<C5BH>CDFJ:812<145<
=?4? 3?=? C5 812<1 45< C5B ;J:<D 6>G: I>:GG6 6<J6 CE 812<1 C5 D?B>1 812<1 45<
C5B
C8>:GIDBD9DA6F9C929<94149:AED:I69:RA8DBDHJ?:IDH: 9>F9C929<9J1E6G6
FJ:H:=6<6F9C92<5:AH:G9:ADIGD:AH:G9:ADDIGD:AH:G9:AH:G
%6DE:G68>UCEDRI>
86:H:CHSJC6;DGB69:9:H6H>B>:CIDADK>H>7A::CHS:H:AED:B6CD:AED:I6

*J>:GDH:GG:8DG969DB:CDH8DBDED:I6FJ:8DBD 6B><D FJ: 6A<J>:C G:E>I6 JC6 869:C8>6 9: JC
76ID9:GDHID9:A=DB7G:FJ:K>D:CA6B:9>6CD8=::AQG7DAFJ:H6C<G6A6GJONFJ:E>:CH:FJ:
EDGEG>B:G6K:OA6DNU9:B>HA67>DH
%D9:BQHCDB:>BEDGI6:HE:GDFJ::ADAK>9DCDH:9:BDG:

:H8DCD8:BDHADH9:H><C>DH9:AJC>K:GHDE:GDH67:BDHFJ:G6ODC6G8DCAJ8>9:OND7G6G8DC?JHI>8>6
:H6NJ96G6:HDH9:H><C>DHFJ:CDCDHH:GQCG:K:A69DH
*J>:GDBDG>G9:AID9DFJ>:GDBDG>G8DC:HI:
8DBE6T:GDB>8J:GED#DG<:%J>HDG<:H+>1?B139P>


,:IG6I68DBD:CA6DE:G68>UCBSHI>869:JC6B14931<9J139P>45<I?FJ:AA:K6dEDG
A6 CE2F5BC9P>d 6 HJ 45C1C9=95>D?
 ,S H> G:;>:G: A6 5H@5B95>391 45< ?DB? <1 @B9=5B1
@5BC?>15C5<?DB?E:GDH>6AJ9:6A?J:<D9:ADH:A:B:CIDH6ABDK>B>:CID8UHB>8D<?
@B9=5B?5>CN5C<??DB?
HD`DIGDa>?5CN4?<?NCD=6NEDH>7>A>969:HE6G6A694?<1
DBN1
-6BED8D:ADIGD:HS9DADC>H:>9DA6IG6
%6DE:G68>UCEDRI>86:H:C86B7>D5@9
61>N1
%DFJ:H:B6C>;>:HI6:H:AB?CDB?F9F95>D5HJ;G>:CI:6B6CI:<DO6CI:45<?DB?
ADFJ:H:B6C>;>:HI6:H:A8DHBDH6<J6;J:<D6>G:I>:GG6H:<VC:A86HD

%6HJ7K:GH>UC9:A68IDEDRI>8DG69>86:C65>?=5>?<?79J1BI6CIDA65H@5B95>391CE2
:5D9F145=E>4?8DBD:ABJC9DB>HBD:CHJ96GH:A6HJ7K:GH>UCG69>86:C=68:GADH
9:HEA:<6G6JC6NDIGD:C8J6CID65>P=5>?C:CE:GB>I>GHJ1@1B535>391@EB16E6
G:8:C8>6 FJ: I>:C: >C;>C>IDH BD9DH 9: 9:H:CKDAK>B>:CID
 A 65>?=5>?<?79J1B :H A6

 
5@9@81> 1


>:GID:AED:I6`:C8J:CIG6aAD969DAD969DH:A:B6C>;>:HI6
):GDRAB>HBD>C8D6
:A;:CUB:CDE6G6FJ:H:IG6B>I:HJEA:C>;>868>UC
HI:>C8D6G9>38? B5G:86:5>D
C?2B5 5@9 AD B6C>;:HI69D AD B6C>;>:HID 
k  E6G6 =68:G FJ: H: 9:H6I:C
BVAI>EA:H ;DGB6H 9: 9:H:CKDAK>B>:CID D 9: 9:HEA>:<J: N H>C :B76G<D 9:H9: 6CI:H
9:>C8D6G:CEGD9:BVAI>EA:HEDH>7>A>969:H9:9:HEA>:<J::AED:I6ADH67:EDG6CI>8>
E69D `CD AA:<6GQ ?6BQH :A VAI>BD K:GHDa
 : 6=S A6 >BEDH>7>A>969 9: A6 >9DA6IGS6 :
>C8AJHD9:AS9DAD
CHJHJ7K:GH>UC:AED:I66CI>8>E6FJ:ID9DH:CI>9DHUAD>C>8>6ADH
IGQB>I:H9:CJ:K6H9>G:88>DC:HFJ:HJ6E>39P>:HI6CHUAD9>3?1D9F1

^)DGFJREJ:HKDAK:GA66I:C8>UC6A6@?5CN16A13D?@?MD93?6A@?5D9J1B8DBD<E
71B9:A6CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5)DGFJ:ADK>HIDAD969DADB6C>
;>:HIDHDCHUAD>C9>8>DH9:BVAI>EA:HEDH>7>A>969:H9:H:CI>9DNEDGFJ:A6:MEG:H>UC
9: 6A<JC6H 9: A6H 9>G:88>DC:H 9: H:G HDC HUAD E:GHE:8I>K6H 9: =DG>ODCI:H H>:BEG:
67>:GIDH6A6:MEADG68>UC
MEADG68>UCFJ:EDG6CI>8>E69DH:6HJB:8DBD>C8DBEA:
I6
:H9:AJ:<D:A68IDEDRI>8DI6B7>RC:H:ME:G>:C8>69:AED:I6E:GD6FJS8DBDH:
K:A:8DC8>:GC:I6CID6A6GI>HI6EAQHI>8Dd8DBDAD=6BDHIG69D&6G>DCd8DBD6ID9D
HJ?:IDFJ::CHJBJC9:6GH:9:H=68:9:A668I>IJ99D<BQI>86N9:A6C6IJG6A>O68>UC

)DG6HS9:8>GAD@?5D9J1B:H45C>1DEB1<9J1B
H:C:A@?5D9J1BFJ:G69>86:A65>?=5>?
<?79J1B
 A 65>?=5>?<?79J1B :H A6 5@961>N1
 A 65>?=5>?<?79J1B 8DBD @?5D9J1B FJ:
G:6A>O6A65@961>N1:HCE2F5BC9P>3?>DB1<1F9C929<9414:H@?5D9J1BFJ:H:9:H=68:9:
AD K>HID E6G6 =68:GH: 6 A6 BJAI>EA>8>969 9: 9>G:88>DC:H 9: AD 9>F9CD?
 C VAI>BD IRG
B>CD :A @?5D9J1B :H :A 9:H8J7G>B>:CID 9: A6 HJ7?:I>K>969 67HDAJI6 8DBD =DCI6C6G N
;J:CI:EGSHI>C69:AH:CI>9D
,UADFJ::HI:=DCI6C6GN;J:CI:EGSHI>C6:C869686HD:H
8696 FJ>:C :C @B9=5B1 @5BC?>1
 A @?5D9J1B :H :A 9:HEA>:<J: 9:A HJ?:ID AE1 CE:5D?
FJ: :H 8696 FJ>:C :C @B9=5B1 @5BC?>1 FJ: <<1=1 1 C5B d6 C5BC5>D94?d :A QG7DA A6
GD86A6AAJK>6A6=D<J:G6:A6BDG:AD9>DA66A:<GS6A6IG>7JA68>UC:I8
A@?5D9J1B
:HA6:E>;6CS6FJ::HIQ:CB6G8=6:C9:H:CKDAK>B>:CID8139M>4?C5C5>D94?

  
:CIDC8:H>C9>86BD9D9:G:6A>O68>UCEGD8:9>B>:CID9:EGQ8I>86BQ<>86:H
A6`86CI>969=:8=>O696a9:A6FJ:=67A6#DHR%:O6B6%>B6:HADFJ::AHJ?:IDEGD
BJ:K:6H:CI>9DNAA:<66I:C:GADE6G6HSNE6G6DIGDH8DBD6A<DKQA>9D8DBDADFJ:
:CIG6:C:A8>G8J>ID9:A6>CI:G688>UC
FJS:H9DC9:8696FJ>:CKJ:AK:NDE:G68DBD
;J:CI:9:H:CI>9D9:HS9:ADHDIGDH9:ADDIGD9:A=67:GH>9D9:AH:G9:AED9:GAA:
<6G6H:G
FJSID9D:HI:BEDG6A>969K>K>96:C@B9=5B1@5BC?>1FJ:H:9>G><:5>@5B
C?>16A6@5BC?>145<?DB?NK>K:C8>6ADFJ::CHSC5415>@5BC?>1:HA65@961>N1
FJ:=68:9:AH:CI>9DJC6NDIG6K:OJC6EJ:HI6:C8>G8J>ID9:=DG>ODCI:H9:H:G9:H9:
A6E:GHE:8I>K69:FJ>:CAD:C;G:CI68DBD:ME:G>:C8>69:K>96
%6@?N5C9C:HA6:HIGJ8
IJG66<DC6A9:A6HJ7K:GH>UC>C8:H6CI:9:AH:CI>9DFJ:H:G:H>HI:6ID9DHADH:B76I:H

9: A6 >1DEB1<9J139P> :H HJ7?:I>K>969 IG6H8:C9:CI6A FJ: H: 45C1C5 9: HS B>HB6 :C A6
B59F9>493139P>45<1<D5BN9:<??DB?



"1CE2F5BC9P>3?=?65

CJCA69D:HIQ:AG>IJ6AA6G:E:I>8>UC9: <?C95=@B5=9C=?:A6TDA>IVG<>8D:C:A
DIGD <1 5H@5B95>391 C95=@B5 >E5F1 9: KDAK:G 6 =6AA6GH: 6CI: :A <DNC9=? /6G<6H
J>AARC EE
 N 
"?C95=@B5=9C=?G:8J:G96A6:C86GC68>UC:A
C68>B>:CIDA6E6H>UCA6BJ:GI:A6G:HJGG:88>UC:A>CK>:GCDA6EG>B6K:G6:AK:G6CD
:ADIDTD
%65H@5B95>391C95=@B5>E5F1:C86B7>D:C8J6AFJ>:GBDB:CIDE:GB>I::A
9:HEA>:<J:81391<?<D?H:6EDG:C86GC68>UCDEDGG:HJGG:88>UCJC6NDIG6K:O:C
8J6AFJ>:GBDB:CIDH::C86GC6NC68::CBS:A <DNC9=?BJ:G:NG:HJ8>I6:CBS:A
B9CD?

C8>:GIDBD9D:AG>IJ6AH:5><1J1dN=6HI68>:GIDEJCIDH:5>3145>1d8DCADHG>I
BDH9:A6I>:GG6N8DCADHI>:BEDH9:A68DBJC>969FJ:H:9:HEA>:<6:C:AA6
C86B
7>DA6:ME:G>:C8>6EGDE>6SCI>B69:ADH6<G69D9:ADH6CIDH:45C5><1J1dN:C8DC
H:8J:C8>6H:45C5>3145>1d9:AD8DBVC9:ADB>HBD

2CD:HFJ::CB:9>D9:A68DBJC>969CDH:EJ:96I:C:GA6:ME:G>:C8>6SCI>B68DC
:A<DNC9=?:HFJ:>?=5812<1:C86B7>D>?C812<1
'DH:9>G><:6BS:CB>H>C<J
A6G>969 H>CD 8DBD B>:B7GD 9: JC6 ><A:H>6 9: JC6 8DBJC>969
 HS I6B7>RC CD :H
FJ:8J6C9DSCI>B6B:CI:B:9>G>?D6A<DNC9=?NRA=5812<1CDCDH=67A:6ID9DH:H
FJ:8696FJ>:C:CA6HDA:9699:A6AB6AD:C8J:CIG6N=6AA6A6HK6G>6CI:H9:ADFJ:9:
B6C:G6VC>86:>C9>K>9J6AA:9>8::A<DNC9=?

)DG AD 9:BQH :C :A G>IJ6A =6N JC 6A<VC 69B>C>HIG69DG :C A6 K>96 SCI>B6 HUAD
FJ:96 A6 HDA:969 :C FJ: 8696 FJ>:C EGD;:H6 HJ ;: =68>RC9DA6 K6A:G d6CI: HS B>HBD
E6G6 HS B>HBD EDG HS B>HB6d
 C A6 K>96 SCI>B6 H: 9:HEA>:<6 A6 8DBEG:CH>UC N :A
8DBEGDB>HD8DC:A<DNC9=?
=SHDA>I6G>D8696FJ>:CDE:G6A6CE2F5BC9P>9:HS8DC
N 8DCIG6 HS E6G6 FJ: :A <DNC9=? K:C<6 N H: 9:HEA>:<J: :C HS :C 8696 FJ>:C
 C A6
CE2F5BC9P>A69:8>H>UCN:A68ID9:G>K69D9::AA6FJ:H:G:6A>O68DBD1339P>H:=6
8:C9=@ED12<5CE6G63141AE95>AE51CE=1CE3BEJ
2H>C:B76G<DADFJ:H:K:d<1
@EB1F9C929<9414dG:86:HD7G::A68IDE:GD6CI:G>DG6:AA6:HIQA69:8>H>UCA69:I:GB>
C68>UC:AFJ:G:GFJ::CHJ9>F9C929<9414;JC96CA6688>UC

%6CE2F5BC9P>:HIQ6AAQ:CA6:H;:G69>F9C92<545<1F?<939P>6CI:H9:ID96:MEG:H>UC
FJ:B6I:G>6A>8:6A<JC69:HJH9>G:88>DC:H
2HUAD6=S:C:H69>F9C929<9414FJ>:CI>:C:
;: 68D<: A6H E6A67G6H 9:A <DNC9=? N A6H EDC: EDG D7G6 6JCFJ: ADH 8>G8JCHI6CI:H d

B>:B7GDH 9: 9>HI>CI6H 8DBJC>969:Hd CD I>:C:C EDG FJR H67:G C:8:H6G>6B:CI: FJR
BDI>K6A69:8>H>UCFJR6CI:8:9:6A6688>UC8JQA:HA68G::C8>6SCI>B6d686HDCD9:
8A6G696 >C9:8A6G696 >C9:8A6G67A:d FJ: BJ:K: 6 A6 688>UC
 ,>C :B76G<D H> 6A<J>:C
=68:K>H>7A:AD>CK>H>7A:9:A`;JC96B:CIDa9:HJ688>UCCDK:DCDH:B:=68:F9C92<5
<?9>F9C92<5I6CHUADB:FJ:96CA6H6AI:GC6I>K6H9:8G::GA:9J96G9:HJHE6A67G6HDH:G
>C9>;:G:CI: 6 :AA6H
 )J:9D 6E6G:CI6G FJ: A: 8G:D EJ:9D B6C>;:HI6G B> >C9>;:G:C8>6
EJ:9D86AA6GB>9J96E:GDH>:BEG:G:688>DCD6HJ;:8DCB>;:
%DFJ:H::C;G:CI6:C
A6 8DBJC>868>UC HDC ?J:<DH 9: >CI:C8>DC:H BQH FJ: ?J:<DH 9: A:C<J6?: HDC 9DH D
BQH>CK>H>7>A>969:HEGD8JG6C9D=68:G6A<D8DBVC

%6CE2F5BC9P>:HED9:G8G::G:C:ADIGD6E:H6G9:ADHE:H6G:H:H6AO6GCDH8DCIG6ID
96:K>9:C8>6E6G6ED9:GH>IJ6GA6:HE:G6CO6A68DC;>6CO6:A6GGD?D6A6EGDK>9:C8>6
H>CBQH6BE6GDFJ::A9:>DH
(EDG:A8DCIG6G>DK>K>G:A9:H6BE6GDIDI6A9:HB:
9>9D >C=UHE>ID
 H 8A6GD I6CID 6GGD?D 8DBD 9:H6BE6GD HDC K>K:C8>6H 9:HCJ96H FJ:
:ME:G>B:CI68696FJ>:C8DBDHJ?:ID6GGD?DD9:H6BE6GDHDC><J6AB:CI::MEG:H>DC:H
9:A6CE2F5BC9P>9:AHJ?:IDFJ:H::CIG:<6:CID9DNEDGID9D6A<DNC9=?DFJ:1@1BD1
CE=9B14145NC51@1BD145<1=9B1419:A<DNC9=?
DBDFJ>:G6FJ:H:6:AHJ?:ID
I>:C:JC6F5BC9P>FJ:HUAD:HHJN6EGDE>6HUAD>BEJI67A:6HSB>HBDH:IG6I69:81
35BC5 31B7? 9: K>K>G 8DC D H>C >DH
 'D =6N :CIDC8:H EG:K6A:C8>6 D EG>B68S6 E6G6
JC69:A6H9DHK:GH>DC:H:>C8AJHDE6G6:AFJ:H:=68:86G<D:CA6I:G8:G69:A69>49
65B5>3918DBDCE9414

/>K>G:CIDC8:HA6;:dDA6;6AI69:;:DA6>C9>;:G:C8>6;G:CI:6A6;:dHDC9>K:GH6H
:MEG:H>DC:H9:A6CE2F5BC9P>:C:ABD9D9:F9413?=@B?=5D941
DBEGDB:I>96^8DC
FJRDCA6CE2F5BC9P>8DCA6EDHIJG6H:<VCA68J6AID9DKJ:AK:6H:CI>9D6E6GI>G9:A
HSB>HBDFJ::H8696FJ>:C
DBEGDB>HD8DC:AIG6HIDGCD8DCA6G:KDAJ8>UCN8DCA6
9:HIGJ88>UC 9: A6 BDG6A
 H 86B>CD =68>6 A6 RI>86
 &QH FJ: 3?CDE=2B5 D 8K29D? A6
CE2F5BC9P>:H6?B=1458129D1B:HJCB5C949B:HJC=?B1BFJ:H:=68:RMD9DN:M>A>D
6A;>ADHD;6G
&>:CIG6H6FJ:AA6:HdDEJ:9:H:Gd85B5>391>C;DGB68>UC=67A69JGS6RHI6
:HA6G69>86A>969:CA6FJ:8696FJ>:CI>:C:FJ:KDAK:G68135BC531B7?9:A6K:GH>UC
FJ: HDHI>:C: :H 6;>GB68>UC 9: A6 HJ7?:I>K>969 FJ: H: 9:H8J7G: N H: G:6A>O6 6JIDG:H
EDCH67A:
C><J6AH:CI>9DB>:CIG6HA6BDG6A68J9:6A6KDO9:AE6IG>6G86E6G6A:<>I>
B6GA6688>UCEGDE>6A6RI>867JH86A6KDOEGDE>6E6G63?=@B5>45BC5H>C:A>CI:GRH
9:>BEDC:GHJ9:8>G6A1<D5BdH:6=>?D6AJBCD8DC8>J9696CD8DC<RC:G::I8
d

%6CE2F5BC9P>9:A6;:G69>86:C8DBEGDB:I:GH:8DCADFJ:H:8G:::C=68:GADK6A:G
d:CHS8DBDK6ADGFJ:H:B6I:G>6A>O6:CA6688>UCd
%6CE2F5BC9P>EDG:HDB>HBD:H
ED?@N1
*J>:C:ME:G>B:CI6A6;:ADHJ7K>:GI:ID9DEDGFJ:HUADEJ:9:=6AA6GH:6CI:HS
B>HBD 8DBD G:HEDCH67A: 9:A H:CI>9D 9:A BJC9D
 ):GD 6A HJ7K:GI>G H: E>:G9: 6 HS

B>HBDEJ:HIDFJ:CDH:6AO6E6G6A66;>GB68>UC:<UA6IG6H>CDE6G6FJ:d6IG6KRHHJ
NDdAD8G:S9DAA:<J:6EA:C>IJ9
=DG6=6NFJ:>CK:GI>GADHIRGB>CDH
CIDC8:HH:G:
FJ>:G:K:G


"1653?=?CE2F5BC9P>

^CFJR:H:CADFJ:H:EDC:;::H9:AJ:<DCDEJ:9:H:G:CADK>H>7A::CADFJ:
=6N:CADFJ:H:I>:C:
%6;::HA:K6CI6GA6B>G696=68>6AD>CK>H>7A:=68>6AD<D?
=68>6:A<DNC9=?
2:A<DNC9=?:HIQI6C6AIDFJ:A6B>G696H:E>:G9:H::MIG6KS6=6
8>6AD<D?NH::MIG6KS6EDGFJ:ADBQH<D?9:A<DNC9=?:H9>F9C929<9414@EB1
%6B>
G6966IG6K>:H6ID9DADK>H>7A:E6G6ED9:GH:=6AA6G:C9>G:88>UC9:AD<D?9:A<DNC9=?

%6B>G696FJ:H:9>G><:6:AADEDG6CI>8>E69DH67::CHJ9:HEA>:<J:FJ:CD6A86CO6
C>6A86CO6GQHJD7?:I>KDNH>C:B76G<DCDEJ:9:DIG68DH6FJ:7JH86G:A9:HEA6O6
B>:CID9:A6IG6N:8IDG>6>9:6A9:A6B>G696
CIDC8:HFJ>:CB>G6=68>6AD<D?=68>6
:A<DNC9=?H67:FJ:C>C<VCK>H>7A::HG:;:G:CI:9:AD:HE:G69D
&QH7>:C6JE69DEDG
<? >?F9CD? EDG <? 9>F9C92<5 EDG A6 @EB1 9>F9C929<9414 ;G6CFJ:6 :A EG>B:G :H8DAAD 6
H67:GID9DS9DADN:C8DCH:8J:C8>6ID96>9DA6IGS6

`*J:96C:A=DB7G:N:A6AB6aCD=6N8DBJC>969C>8DBJC>UCFJ:EJ:96C9:H
EA:<6GA6K>H>7>A>9699:AD>CK>H>7A:
CI:H7>:C9:H8J7G>GAD>A>B>I69D9:A6>CK>H>7>A>
9696JE6A6B>G6966>GBQH6AAQ
%6>CK>H>7>A>969>GG:;:G:CI:H:8DCK>:GI::CG:;:G:C
I:9:ID96IG6H8:C9:C8>69:ID9D9:HEA6O6B>:CID=68>6:AG:>CD9:B:GDHNEJGDHK6
ADG:H
%D>CK>H>7A:K6A:EDGFJ:A6B>G696AD=68:K6A:G6AFJ:G:G8DCFJ>HI6GAD6AFJ:
G:GG:K:A6GAD
2A6G:K:A68>UC9:AD>CK>H>7A:H:8DCK>:GI::C:A>BEJAHD9:A6HD7G6H

,DCA6HD7G6HA6HFJ:BJ:HIG6CCDA6HE6A67G6H

,:IG6I6EJ:H9:45C8135BC545<1F9C929<9414
CIDC8:HFJ:96:A=DG>ODCI:9:65>?
=5>?<?79J1B<?9>F9CD?9:68:G86GH:dH>CI:GB>C6G9:EDH::GADd6AD9>F9C92<5
HI6:H
A6;:FJ:HJ7K>:GI:NHJ7K>:GI:EDGFJ:>C8AJHDA69>HEDH>8>UC 69:HEA6O6GH:=68>6AD
9>F9C92<5H:76H6:CJC=6O9:8G::C8>6HH>CEGJ:76HH>C<6G6CIS6HH>CEDH>7>A>9699:
9:H=68:GAD6C969D:C:H69>G:88>UC
HA6;::CAD:HE:G69DADFJ:H:IDGC6:C;JC
96B:CID9:A6688>UCADFJ::MEA>86A66E6G>8>UCN:A9:HEA>:<J:9:A6HD7G6HN6A
D7G6GFJ>:CD7G6H:9:HEA6O69:HJ<E71BD?@?CD?@?9676C9DCQC9DAD=68>6ADEDP
@93?N9:H9::A8DB>:CODH:H67:FJ:CDH:AA:<6EA:C6B:CI:6AAJ<6G7JH869DE:G
H:<J>9D6B69D
CHJ9:HEA6O6B>:CID=68>6ADEDP@93?:AHJ?:ID@95B455<<E71BN
H>C:B76G<DJC6NDIG6K:OH:<?31<9J1<?31<9J1<?1C@9B14?



%6;:ADEDC:6JCD9:86G66ADEDP@93?N6AB>HBDI>:BEDA:=68:KDAK:G6JCD:A
GDHIGD =68>6 FJ>:C:H 8>G8JA6C D B6G8=6C :C IDGCD 6 A6 ED?@N1
 A H:CI>9D VAI>BD 9:
8DBJC>9699:C:MDHD8>6AN8DBJC>I6G>D76H8JA6:CA6ED?@N1:HID:H:CA69>F9C929
<94149:ADFJ:H::HE:G6NH>BJAIQC:6B:CI:BJ:K:N=68:9:HEA6O6G=68>6:H: >?
<E71B
FJSH:8>:GC:A6;::CE6G69D?6H:HE:G6GAD>C:HE:G69DK:G=68>6AD>CK>H>7A:
8G::GAD>C8G:S7A:68:EI6GAD>C68:EI67A:E:G9DC6GAD>BE:G9DC67A:
A;>CN6A867D
A6;::H:H8QC96ADAD8JG6H>CG6OUC
,:I:GB>C6EDGI6CID8G:N:C9DH>CBQHNEDG
FJ:HS
H:CIDC8:HA6;:A6FJ:EGD9J8:N9:HEA>:<6A65@961>N1

%6;::H6BDG9:HB:9>9DEDGFJ::HE:G6H>C8QA8JADNH>C8DCIG6EG:HI68>UC:C8J6CID
6BDGA6;::HJC6EJ:HI6G69>86A:CA>7:GI698DC:AA6N6CDFJ:96C696FJ:6I:N9:
I:GB>C:
H:CHJEJGD9:HEA>:<J::AB59>?45<1=?D9F139P>12C?<ED1
6?DHJ6BE6GD
HUAD FJ:96 8DBD HJ H>CUC>BD A6 5C@5B1>J1 JC6 :HE:G6 >A>B>I696 : >C8DC9>8>DC696
FJ:EGDE>8>6E:GDCD;J:GO6:A69K:C>B>:CID9:ADD?41FN1>?
%6;::H69K>:CIDFJ:
:HE:G6:A69K:C>B>:CID9:ADFJ:H:=6B6C>;:HI69D8DBDEJG6>CK>H>7>A>969

^)DGFJREJ:HA6;::HHJ7K:GH>K6)DGFJ:CDH:6I>:C:6C>C<JC6BDG6A6C>C<VC
8U9><D BQH 7>:C :H H67>9JGS6 JC C125BF9F9B JC C125BB5C949B :C IGQCH>ID EDG :HI6
I>:GG6JCC125BDB1>C9D1B=68>6:A>?<E71B9:A6ED?@N1:CRMD9DN:C:M>A>D=68>6AD
FJ:CDH:K:=68>6ADFJ:CDH:EJ:9:K:G
%6;:HJ7K>:GI:EDGFJ:CDH:6I>:C:6A6
K>H>7>A>9699:AD969DH>CD6A68G::C8>6;>GB::CFJ:K:C9GQ`JC8>:ADCJ:KDNJC6
I>:GG6CJ:K6a
2:H8G::C8>668I>K6G:6A>O6I>K6:;>86O

"1 65 5C CE2F5BC9F1 @?BAE5 CP<? C5 @E545 F9F9B 45C45 I 3?=? @?2B5J1 CD H: I>:C:
C696H:<JGDCDH:FJ>:G:C696H:<JGDCDH:6HE>G66C696H:<JGD
HJCCDGDIJC9D6
A6EGDE>:9696A668JBJA68>UC6A6<6C6C8>66AGR9>ID6AEG:HI><>D6AED9:G
%6;:
9:H9:A6ED7G:O69:K:A6ID9D8DBDK6C>9698DBDK6CD`_/6C>9699:K6C>969:Ha

%6;:8DBDED7G:O6:HA6>B6<:C8GSHI>86G:9>K>K6:C:A)D7G:8>ID9:HSH8DCID9D
NHJH:HI><B6HE:GD:C:HE:8>6A:HA6ED7G:O6FJ:HJE:G68GSI>86NG69>86AB:CI::A
86E>I6A>HBDFJ:9:H8J7G::C:AH:GK>8>DA6G6OUC9:H:G9:A6K>96FJ:6B6B:9>6CI:
A6 =DHE>I6A>969 FJ: 68D<: H>C 9>HI>C<D FJ: IG676?6 8DC 6G9:CIS6 E6G6 FJ: A6H 8DH6H
FJ:<>B:CEDGAA:<6G6EA:C>IJ9:C8J:CIG:CHJ9:HEA>:<J:IDI6AHJE6GJHS6


%6>B6<:C8GSHI>869:A)D7G:8>ID9:HSHBJ:HIG68UBDA6;::C8J6CIDED7G:O6G:K:A6
HJ :;>868>6 8DCIG6 :A ED9:G HDB:I>RC9DH: 6 RA E6G6 FJ: H: BJ:HIG: :C HJ 9:HCJ96
>CDE:G6C8>6A6C:<68>UC9:A6K>96A6:MEADH>UC9:KS8I>B6H:A;6C6I>HBDC6G8>H>HI6





,
<1BD53?=?=KC1<<K45<?F9C92<5

`^*JR:H:HIDa;J::AISIJADFJ:9>D&6GS6"H67:A/6G<6HG7:AQ:O6JC69:HJH:M
EDH>8>DC:H9: 1<<5B9*E;D
+:N@?6KS@d"HA6C9>69:67G>A6 9:B6ND9:
 
%66GI>HI69>?D6!:A<6,C6:,><JG9HHDC`,>NDEJH>:G6JCISIJAD6A6D7G6:H
I6GS68DCIGDA6C9DADFJ:ADH:HE:8I69DG:HK:CE:GD9::HI6B6C:G6EJ:9DD7I:C:GJC6
>CI:GEG:I68>UC 67>:GI6 N :A :HE:8I69DG EJ:9: EDC:G HJ EGDE>6 K>H>UC HD7G: A6 D7G6a
C #?B7E>2<1494 

  K:G =IIE LLL
E:E>C6
C:I :H 6GI>8JADH 9: EG:CH6

=IBA

ABDI>KD9:A6:MEDH>8>UCEJ:9:86I6AD<6GH:8DBD`:ME:G>B:CI6Aa
A:ME:G>B:C
IDH>6HSH:EJ:9:=67A6G8DCHIU9:IG:HE6GI:H
CA6EG>B:G6H:7JH8UC57E9B<15H@B5C9P>45<1@9>DEB1C?2B55<<95>J?:CE6A67G6H
9:A66GI>HI6`2DEDC<DA6E>CIJG66<J696HD7G::AA>:CODN8DCI>CJD8DCADFJ:K:D
8J6C9DA6E>CIJG6H:H:86aH:IG6I6769:96G>C>8>D6A6:MEG:H>UC9:?6GFJ:EDGHSH:
67G>:G6JC8JGHD6A6E>CIJG6N9:EGDH:<J>G:A9>QAD<D:CIG:A6E>CIJG6:AA>:CODNA6
6GI>HI6
.C6K:O8DBEJ:HI6A6H:G>:d9:=:8=DH>CCDB7G:>C>8>6AB:CI:dH:6IG:K>U6
;DGBJA6G:A>CI:GGD<6CI:9:A6G:;:G:C8>6

%6H:<JC96E6GI:9:A`:ME:G>B:CIDa8DCH>HI>U:C9:?6GH>CISIJADA6HD7G6HN:C=68:G
G:<>HIGD dI6CID EDG :A :HE:8I69DG 8DC JC 8DB:CI6G>D :H8G>ID :C 2<?7 69?JCID 6 A6H
D7G6H8DBDEDGA66GI>HI66ABD9D9:DB121:?4531=@?d
,:IG6IUEJ:H9:JC6EGD
EJ:HI68DC?JCI6A>I:G6AB:CI:9:@B?4E339P>45C5>D94?

%6I:G8:G6NVAI>B6E6GI:G:<G:HUA6D7G66A66GI>HI6
AAS8DC:AB6I:G>6AG:8DA:8I6
9D:AIG676?D8DCH>HI>U:C>?=2B1B<1C?2B1CFJ:HDCADHCDB7G:HFJ:68IJ6AB:CI:
AA:K6C
A867D:HI6G:HEDCH67>A>9699:>?=2B1B:HHUAD>BEJI67A:6A66GI>HI6E:GD
:H:MEG:H>UC9:A9>QAD<DK>KD:C:AFJ::HE:8I69DGN6GI>HI63B51>E>1F9C929<9414HD
7G:A676H:9:AD>CK>H>7A:EJ:HID:C?J:<D:CADK>H>7A:

^,:IG6I68DC:A`:ME:G>B:CIDa9:G:IDGC6G:A@?45B>?=9>14?B6A:HE:8I69DG)D
9GS6H:GJC6B6C:G69::CI:C9:GAD
BSB:E6G:8:FJ:H:IG6I69:DIG68DH6EDC:G:C
?J:<DA69>F9C929<9414AE55H@B5C1<1?2B1:C;>CH:IG6I69:AE5<?9>F9C92<57EN5<?
F9C92<5 9: FJ: :A 4?> 45 <? 9>F9C92<5 H: DB1>C@1B5>D5 :C :A 49K<?7? ?2B11BD9CD1
5C@53D14?B1BD9CD1
HSEJ:HAD9>F9C92<5I>:C:A6EGDE>:9699:4?>E6G6ID9D:ABJC
9D9:>CI:G688>UC8G:69DF5:9>F5F95BD5NCE2F95BD5B53925N41

%6@B?4E339P>45C5>D94?FJ:H:6AJ9>U6AB>HBDI>:BEDI>:C:A6EGDE>:9699:5653
D?456?B=139P>:AG:HJAI69DH:6?B=16E6GI>G9:A66?B=1FJ:A:96A66GI>HI6E:GDA6
6GI>HI6FJ:8DCHJD7G66?B=1JC45C@<957E545C5>D94?:CA6:ME:G>:C8>69:A:HE:8I6

9DG 9: CJ:KD C5 12B5 1 C5B 6?B=141 EDG :A EJCID 9: K>HI6 =:GB:CRJI>8D FJ: 3?>
6?B=1:A:HE:8I69DG:C8J6CID>CIRGEG:I:G69>86A
%6HJ7K:GH>UC:HIRI>86G69>86:CFJ:
A66GI>HI6H>IV6JC=DG>ODCI:E:GD:H:A:HE:8I69DGFJ>:CAD8>G8JC96ADB:GD9:6N6A
;>C6AEGDBJ:K::HID:H@B?=E5F5<1613D9394141C5>D94?

FJSEJ:HA61BD9CD1:H175>D545<19>F9C929<9414:CDBK>C9D?45<1F9C929<9414:CHJ
65>?=5>9414=68>6DIG6F9C929<9414FJ:6AH:GK>HI6D8JAI6DIG6HEDH>7>A>969:H9::M
EG:H>UCDA6H9>K:GH6H6AI:GC6I>K6HFJ:I>:C:AD 9>F9C92<59:AA:<6G6H:GK>HID6HSH:6
HUADE6G8>6AB:CI:K>HID

%DFJ:4?>1A66GI>HI66A:HE:8I69DG:H>C9>8>D9:A6@?C929<941445F5B:C:;:8IDA6
@B?@9541445<?4?>14?5C<19>F9C929<9414FJ::A67DG696I6B7>RCEDG:A:HE:8I69DG
67G:JC6F9C929<94144?>1>D5d9:H:CI>9D9:K:G9699:7:AA:O6d
%6:M8:A:C8>69:AD
FJ::C8J:CIG6FJ>:CK:HSH:67G:EDGFJ:=6NJCFJ>:CFJ:ADK:E:GDA6:M8:A:C8>6
9:AD>CK>HID:HFJ:JC6K:OKJ:AID6K:GH:67G:6A6>C;>C>IJ99:CJ:K6HEDH>7>A>96
9:H9:H:GK>HID
,:IG6I69:G:8JE:G6GA6>C;6C8>6:C:AK:G9:HJ7K:GI>GID9DADK>HIDd
H:6>C9>K>9J6AD8DA:8I>K6B:CI:dE6G6688:9:G6AG:>CD9:ADC95=@B5=9C=?FJ:KJ:A
K:6:HI6G969D8DBDEJG649C@?>929<9414

%DBQH9>HEJ:HID9:ID9D:HAD>CK>H>7A:E:GD=6NFJ:I:C:GD?DHE6G6K:GADEJ:H
HUADH:67G::CN8DBDB1D9?3?B49C
,UADFJ>:CI:C<68DG6OUC6;:8IDH:ME:8I6I>K6H
EJ:9:K:G:A6GI:
&QHFJ:CDB7G6GADAD7JH86BQHFJ:EDH::GADAD9DC6
CA69D
C68>UC 9:A 6GI: :A 6GI>HI6 9DC6 E:GD I6B7>RC 9DC6 :A :HE:8I69DG
 HIR :C B6CDH 9:
FJ>:C:HIRA6D7G6:H>C6EGDE>67A:EJ:HIDFJ:HJEGDE>:969:H8E9B9:JCH:CI>9D;>?D
NED9:GD7G6GND7G6GH>C8:H6G
*J:6A<J>:CE6<J:EDGA6D7G69:6GI:CDE:GB>I:C>
=67>A>I6 6A `9J:TDa =68:GH: EDH::9DG 9: ID96H A6H 9>G:88>DC:H N EDH>7>A>969:H 9:
H:CI>9D
 CI:H 7>:C A6 D7G6 :H86E6d6JCFJ: 8>G8JA: :C B:9>D 9: RAd 6A EG:H>9>D 9:A
86E>I6A>HBD
CHJ9:HCJ9:ONHJED7G:O6A6D7G6H:A:K6CI6E6G6=68:GBQH=JB6CD6
HJH:HE:8I69DG:H8E=ECAE5C5<5F1>D1I1>418E=ECFJ:9:A6I>:GG6K>:C:N=6
8>6A6I>:GG6K68E=ECFJ:=6AA6HJ=JB>A9698DBDH>CD:CB:9>D9:A68DCI>C<:C8>6
9:ID9Dd8DBD:H8DCI>C<:CI:FJ:ADH:HE:8I69DG:H9:HEA>:<J:C:AH:CI>9D9:AD>CK>H
ID:C6A<JC69:A6HBVAI>EA:HEDH>7>A>969:H9:9:H:CKDAK>B>:CIDd

!6NFJ:6EG:C9:G6K:G8DBDAD>C9>86&6G>DCN:HA6D7G69:6GI:BQHFJ::A6G
I>HI6 A6 FJ: =6 9: :CH:T6GCDH 6 K:G D BQH 7>:C :H :C A6 D7G6 9: 6GI: 9DC9: 8696
FJ>:C9>DE9D?@5BC?>156EG:C9:GQ6K:GN:M68I6B:CI:6K:GAD>CK>H>7A:6H>IJ6GAD
H>CH>I>6GAD




,
"1CE2F5BC9P>45<N4?<?@?B5<93?>?

AS9DADHJHE:C9:A6B>G696:A>8DCDA6>BEJAH6A6:A:K6=68>6AD<D?
%6D7G69:
6GI:A6D7G6EAQHI>86NE6GI>8JA6GB:CI:A6E>CIJG6CDCDH:C<6T6ID9DAD8DCIG6G>D
CDH:CH:T66K:GADFJ:CDH:K:CDH:C;G:CI6JC6NDIG6K:O8DCAD>CK>H>7A:
!6N
6GI:FJ:I>:C:A6EGDE>:9699:A66GI:H6CS66CI:ID9DK>K:NH:9>KJA<68DCA6HGDI6I>
K6H8DCADHB6NDG:HB:9>DH9:9>;JH>UC
HJC6K>H>7>A>969BQHFJ:N6CDA6CO66AD
>CK>H>7A:
 H JC D7?:ID 9: 8DCHJBD FJ: FJ:96 G:9J8>9D 6 6E>39P> 453?B1D9F1
 H A6
9:869:C8>69:A6GI:FJ:ADIG6CH;DGB6ID9D:C1BDN3E<?453?>CE=?
HS:CA6BQFJ>
C69:8DCHJBDA6D7G6FJ:96G:9J8>966S9DADA6>9DA6IGS6AD8DCK>:GI:ID9D:CF9C929
<9414
'DHUADH:K::A1BDN3E<?453?>CE=?EDG><J6AH:8DCHJB:A6`K>969:A6GI>H
I6aFJ:H:IDGC6:CS9DADNH:>9DA6IG68DBDH>H:IG6I6G69: DIGD`7>:Ca9:AFJ:H:
EJ:9:9>HEDC:G=6N86B>H:I6HN8AJ7:H9:;6CH
,::C8J:CIG6CD7G66GI>HI6:HE:8I6
9DGNBJC9D9:A8DCHJBDID9DH:CJCB>HBDEA6CD
.CDHK:C9:CDIGDH8DBEG6C
ID9DHHDC8DCHJB>9DG:H:C9>K:GHDHC>K:A:H

)6G6:HI::;:8IDCD=6N9>;:G:C8>6:CIG::AN4?<?N:AF1<?B4531=29?D:A1BDN3E<?
45 3?>CE=?
 -D9DH :HIQC 9:I:GB>C69DH EDG A6 :HIGJ8IJG6 9:A 86E>I6A>HBD
 A 6GI: H:
KJ:AK:8DCIG6:H6>BEDH>8>UCNBQH7>:C:HJC7D>8DI68I>KD8DCIG6:A8DCHJBD
=S
H:BJ:HIG68DBDC:<68>UC9:AH:CI>9D9:A6GI:B:G869D8DCHJBDG:EGD9J88>UC:H
CD7>HBD :J;DG>6
 C A6 8DCIG68DGG>:CI: FJ: H><C>;>86 :A 6GI: :H 9DC9: :B:G<: :A
>8DCD 9:HD8JAI68>UC 9: AD 9>F9C92<5 8DBD EDH>7>A>969 VAI>B6 9: A6 K>H>UC FJ: =68:
K>H>7A:ADB6C>;>:HID:C;JC8>UC9:AD9>F9CD?

A S9DAD 9:;DGB6 ID9D H:CI>9D EDGFJ: AD 6CFJ>ADH6 AD G:E>I: AD `IG6CHB>I:a D
`IG6CHK6H6a9:JC=DG>ODCI:=>HIUG>8DDK>K:C8>6A6DIGDEDG:A8DCIG6G>D:A>8DCDAD
8DC;DGB6 EDGFJ: >C;6I><67A:B:CI: KJ:AK: N 67G: A6 9>F9C929<9414 FJ: I>:C9: 6 H:G
D8JAI696EDGA6>9DA6IGS6
=DG67>:CHUAD=6NJCFJ>:CFJ:EJ:9:9:HIGJ>GA6>9DA6
IGS6:AHJ?:ID:C68I>IJ9EDRI>86:C:A:C8J:CIGD8DC:A6GI:8DBD>C;6C8>6G:8D7G696

C:A>8DCDH:EGDH><J::CA69>G:88>UC9:AD9>F9C92<5

^CFJRH:CI>9DAD9>F9C92<5:H;:CUB:CDHI::H:AEGD7A:B68DC:AFJ:H::C;G:CI6
A6 65>?=5>?<?7N1 45< 93?>? H: IG6I6 9: JC =1>965CD1BC5 45 <? AE5 >? C5 =1>9695CD1

FJS :H 9DC9: A6 HJ7?:I>K>969 8DCHI>IJN:CI: I>:C: FJ: KDAK:G 6 A6H 6E5>D5C 45 <?
9>1@1B5>D5>C8AJHD:CA6:H;:G69:JC;:CUB:CD8JN6EGDE>:969:HCDHUADCD6E6G:
8:G H>CD D8JAI6GH:
 %D >CK>H>7A: I>:C: A6 EGDE>:969 9: FJ: 8J6CID BQH H: G:K:A6 H>
BJAIQC:6B:CI:BQHH:D8JAI6
A86HDE6IRI>8D:HA6GJOID9DFJ:96K>HID8DCK:GA6
NH>C:B76G<DID9DH:D8JAI66AK:GA6
CHJE6I:I>HBDA6GJOG:8J:G96:A86B>CD6A

UA<DI6E:GD=68:>CK>H>7A::AH:CI>9DSCI>BDNEGSHI>CDFJ:I>:C:E6G6FJ>:CKS6:A
>8DCDG:8J:G96:AF913BE39C
2H>RHI:6E6G:8::CIDC8:HD8JAI6:AH:CI>9DEA:CD9:A6
8GJ8>;>M>UC :A >DH />KD :C86GC69D G:9J8>9D 6A B:CDG E6G6 A6 H6AK68>UC 9: ID9DH

%6H:G>:9:K6G>6CI:H9:A96GH:9:A6GJOH>:BEG:K66BDHIG6GJCEDADN6D8JAI6G6A
B:CDH:ADIGD

%6 65>?=5>?<?7N1 45< 93?>? 9:H8J7G: A6 =JB>A969 N A6 9:H8J7G: EDGFJ: G:8DCD8:
FJ: A6 HJ7?:I>K>969 8DCHI>IJN:CI: H: H>IV6 6CI: 96IDH FJ: :M8:9:C HJ EDH>7>A>969 9:
86EI6G:AID9D8DCD:CJC`<DAE:9:K>HI6a
HA6=JB>A9699:H67:GFJ::A8DCD8>
B>:CID:HE6G8>6AE:GD6AB>HBDI>:BED:HA6=JB>A9696CI:A69:CH>969NA6>C676G
867>A>9699:AID9DSCH>ID:C:A>8DCD

A>8DCD:HDH:BJ:HIG6DH:B6C>;>:HI6:HEARC9>9DEDGFJ:=6NJCFJ>:CE6G6FJ>:C
NEDGFJ>:C:HEA:CDNH>C:B76G<DA6;J:CI:9:H:CI>9D9:A>8DCD=6AA6HJED7G:O6
6CI::A>8DCDB>HBD:CA6BJAI>EA>8>9699:;DGB6H9:B6C>;:HI68>UC
A;DG?69DG9:A
>8DCDAD9:H8J7G:8DBD;J:CI:9:G:B>H>DC:HFJ:CD6<DI6GQC>RAC>C>C<JCD9:HJH
8DC<RC:G:H

%6 EA:C>IJ9 9: A6 HJ7K:GH>UC FJ: G:6A>O6 :A >8DCD :H A6 =JB>A969
 %6 8DC9>8>UC 9:
=JB>A969 dK>GIJ9 6HE>G68>UC ;DGB6 9: K>96d EJ:9: H:G B6I:G>6 9: :CIG:C6B>:CID
8DBJC>I6G>D9:KDIDHI:BEDG6A:HDE:GE:IJDH9:G:K>H>UCD8DGG:88>UC;G6I:GC6E:GD
HUADEJ:9:H:GK>K>96:C@B9=5B1@5BC?>1EDG6A<J>:CFJ:H:A6:8=668J:HI6H8DBD
ED7G:O6
 "1@?2B5J15C<15>31B>139P>45<93?>?8A6BDG9:AH>A:C8>D=:8=DEDG6A
<J>:CEDGA6IDI6A>9699:ADH;>:A:H9:ADHK>KDHN9:ADHBJ:GIDHEA:<6G>6EDGA6H6A
K68>UC 9: ID9DH 9: ID9D
 ,UAD 9:H9: A6 ED7G:O6 9:8>9>96 8DBD DE8>UC EDASI>86 H:
=68:K:GA6>C?JHI>8>6A6>C>FJ>9699:A86E>I6A>HBDA6>C=JB6C>9699:A68DBE:I:C8>6

%665>?=5>?<?7N145<93?>?BJ:HIG66AED7G:8DBDK>H>7>A>9699:ID96A6>C?JHI>8>6
FJ:H:=68:>CK>H>7A::CADHI:BEADH9:A86E>I6A>HBDDB14535>D5BCE6CI6AA6H<><6CI:H
:C&6C=6II6CD:C,=6C<=Q>N6I:HEAJIU8G6I6HFJ:68D<:C6ADHEGDBDIDG:H9:A8G68@
:8DCUB>8D 9: 06AA ,IG::I A6 ED7G: K>J96 :H >8DCD FJ: =68: K>H>7A: A6 >CK>H>7>A>969
FJ:=6CAD<G69DADHK>8I>B6G>DH9:BDIDH>:GG6DADHI:C:9DG:H9:A86E>I6AFJ:EGDI:<:
A6HBJAI>C68>DC6A:H8DCADHHD8>DH8G>DAADH:AED7G:=JRG;6CD:H>8DCD9:A67:HI>6A>
969>CK>H>7A:9:A6<J:GG6;G6IG>8>96ADHED7G:H9:HEA6O69DHHDC>8DCD9:A6>CK>H>7>A>
O68>UCFJ:=6C8DCFJ>HI69D6H6C<G:N;J:<DADHI:GG6I:C>:CI:H8DCHJ8D=DGI:E6G6
B>A>I6GNHJHQJA>8DHH:C6IDG>6A:HNEG:H>9:C8>6A:H
%DHED7G:H9:ID9DHADHI>:BEDHN
9:ID9DHADHAJ<6G:HHDCA6F?JAE53<1=1@?B:ECD9391HDC:AAA6B69D9:A<DNC=?HDC
A6K>C9>868>UCFJ::A:K6NAA:K66:C6AI:8:GAD=JB6CD=6HI6ADBQH<D?
%DHED7G:H
8DBD >8DCD 9:A <DNC9=? HDC AA6B69D G:8A6BD G:EGD8=: H6C8>UC K:G<W:CO6


9:H6;J:GDHDCI:HI>BDC>D9:A6>C?JHI>8>6FJ:DG>:CI6=68>6A6E6O=68>6A6G:E6G68>UC
=68>6ADH>:BEG:>C686769D9:A6G:E6G68>UC

%DHED7G:H8DBD>8DCD65>?=5>?<?79J1>A6HH>IJ68>DC:H>C?JHI6HD7A><6C6B6CI:
C:GA6=JB>A969;G:CI:6A66GGD<6C8>6A6DEJA:C8>6A6HD7:G7>6FJ:>C;JC9:A6G>FJ:
O6:AED9:GN:AH67:G

>:GIDA6GJO:H:A>8DCD9:ADH>8DCDH
):GD:CB:9>D9:A86E>I6A>HBDA6GJOH:
:C86GC6:C:AED7G:
%6CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5:HA6KJ:AI66A6GJO
=:8=68J:GEDN6AB69:AED7G:
AED7G::HA68GSI>86K>K6N68IJ6CI:9:ID9D:A;G686
HD9:A86E>I6A>HBD
A6GD:HID=6NFJ:I6E6GAD=6NFJ:><CDG6GADI:C:BDHFJ:E:G9:G
ADHD?DHNCDK:GADHED7G:HFJ:CDH8>G8JC96C
CIDC8:HADB:?DG:HI:C:GBQHNBQH
=DG6H9:I:A:K>H>UC9:B51<9D95C9:/?=5<<1=?9:'E9M>AE95B5C5B=9<<?>1B9?:A
=JRG;6CD9:"GQCD9:A<:8>G6HK>HIDEDGA6I:A:K>H>UC:HIQBJNEGUM>BD;G:CI:6B>
H>AAUCB>:CIG6H8DBDA6H=6B7JG<J:H6HFJ:B>CJIDH6IGQHB:EGDBD8>DCUA6B>HB6
`E6CI6AA6BQ<>86aEDGHJEGDM>B>969HJ<:B>9DNHJ9DADGH:GQB>I><69D:CB>CJIDH
EDG*85)ECC?^C)8?G
%6CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5:HKDAK:G6I:C:G
H:CH>7>A>969BDG6A:HE6H6G9:A96ID:HI69SHI>8D9:ACVB:GD9:8>J9696CDHEDG9:76?D
9:A6ASC:69:ED7G:O6:MIG:B6E6G6KDAK:G6K:G:AGDHIGD9:B>6AJBCDD9:A69:
E:C9>:CI::C:AHJE:GB:G869D:CFJ:8DBEGDB>HKSK:G:H:CA6K:8>C9699:B>6E6G
I6B:CID

G:CI:6A6=:<:BDCS69:A86E>I6A>HBDA6CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5:H
:AE6HD:C9>G:88>UC9:AG:8DCD8>B>:CID9:ADIGD:HA6B>G696FJ::C;G:CI6A6EA:C>IJ9
9:AGDHIGD:H:AG:IDGCD9:A6=DHE>I6A>969:HA6EJ:HI6:C?J:<D9:A668D<>96:HA6
EJ:HI6:C:H8:C69:A6EDASI>869:ADHAJ<6G:H:HA69:;:CH69:A6I>:GG6:C8J6CID1B31
3?=R>8DBD9:G:8=D9:ADH>?>1394?C:C;>C:H:AG::C86CI6B>:CID9:ABJC9DEDG
:A6BDG9:A8J6AA6G:>K>C9>868>UC9:AED7G::H:A>8DCD9:JC6>CK>H>7>A>969:MIG:B6
:A<DNC9=?FJ:G:8A6B6?JHI>8>6E6G6HJH=>?DHFJ:C:8:H>I66NJ96E6G6FJ::ABJC9D
AA:<J:6EA:C>IJ9NE:G;:88>UC
H:A6BDGFJ:CD8DCD8:BQHASB>I:6JIRCI>8DFJ:A6
AD8JG6A69:HB:HJG6NA6GJO
HG>HIDFJ:E6H6NFJ:KJ:AK:6AA6B6GE6G6H:GH:
<J>9D

 



CDE49?,
5C3B9@39P>65>?=5>?<P793145<4?<?B

d:A6:ME:G>:C8>6>CIGDEQI>869:9DADGd

DHG:;:G:CI:HI>:C::HI:CDE49?A6EG:<JCI6EA6CI:696EDG#JA>6/6A:CI>C6"G>76GC:
:C 4=E>4 ECC5B< <1 65>?=5>?<?7N1 3?=? =?>14?<?7N1 H
 H
 869:B>6
'68>DC6A9:>:C8>6H9:J:CDH>G:H E
 NA6EG:<JCI69:ADH:5B3939?C
EGDEJ:HIDHEDG%:HI:GB7G:::C>K<9C9CB56<5H9F?+>1@B9=5B19>DB?4E339P>1<1
9>F5CD97139P>65>?=5>?<P7931&DG:A>6#>I6C?Q;DG6 E


PHI6HI>:C:CA6H><J>:CI:;DGBJA68>UCG:HE:8I>K6B:CI:
 ^CFJR8DCH>HI:A6G:CDK68>UC=JHH:GA>6C69:A6BDC69DAD<S6
 ^HEDH>7A:H:CI>G:A9DADG9:ADIGD
C HJH 9DH 9>;:G:CI:H ;DGBJA68>DC:H I6A 8DBD AD 8DBEG:C9D :A EGD7A:B6 :H JCD
VC>8D ^:H EDH>7A: I:C:G 688:HD 6 A6 :ME:G>:C8>6 9:A DIGD 1<D5B HI6 EG:<JCI6 FJ:
JC6NDIG6K:OKJ:AK66=68:GEG:H:C8>6I>:C:8DCH><D:CJC6G:HEJ:HI66;>GB6I>K6A6
EDH>7>A>969 9: G:6A>O68>UC 9: A6 3?=E>93139P> 8E=1>1 N BQH 6AAQ 9: :AA6 A6
;JC96B:CI68>UC 9: A6H 395>391C C?391<5C
 C HJ G:HEJ:HI6 C:<6I>K6 :C 86B7>D H:
=6AA6:A6;>C86B>:CID9:;>C>I>KD:C:AC?<9@C9C=?

'D D7HI6CI: HJ 7G:K:969 :HI: CDE49? H: 9>K>9: :C IG:H E6GI:H A6 EG>B:G6
#?>14?<?7N1 I C?<9@C9C=? DB1C35>45>D1< A6 H:<JC96 1391 E>1 45C3B9@39P>
65>?=5>?<P793145<4?<?BA6I:G8:G6><149B5339P>45<1>K<9C9CB56<5H9F?

C HJ :HIGJ8IJG6 :A 9DADG =JB6CD A6 K>K:C8>6 FJ: I:C:BDH 9:A B>HBD N A6
EDH>7>A>9699::ME:G>B:CI6G:CCJ:HIG6:H;:G69:EGDE>:969:A9:ADIGD:HJC6HJ:GI:
9: `H>IJ68>UC ASB>I:a :C A6 8J6A D 7>:C H: 688:9: 6A 1<D5B D 7>:C RHI: :H HUAD JC6
61>D1CN1HUAD:M>HI::C:A86BED9:CJ:HIG6HK6G>68>DC:H>B6<>C6I>K6H

-6AK:O6CI:H9:9B1<13?C1=9C=1D7?:ID9::HI6:A67DG68>UCI>:C:H:CI>9D6I:C9:G
A6 >9:6 B7G:: `%6 E6A67G6 e>C96<68>UCf 8DBEDGI6 :CIDC8:H JC6 G:;:G:C8>6 6 6A<D
8DC9DH:HE:8>:H

45



,:EG:8>H6:CIDC8:H9>;:G:C8>6G:A C?<9@C9C=?FE<71B9:AC?<9@C9C=?DB1C35>45>D1<

FJRA HJEDC: JC I? FJ: 9:H9: HS ;JC96 :A BJC9D d:C 8>:GID BD9D A6 BUC696
A:>7C>8>6C6d RHI: :C 86B7>D :M><: A6 3?=E>9414 9>D5B=?>K4931 9: I?5C
DB1C35>45>D1<5C

A I? :H 8>:GI6B:CI: 5C65B1 45 @B?@95414
 :H9: :A 57? :A BJC9D AA:<6 6 I:C:G
H:CI>9DAA:<6><J6AB:CI:6H:CI>9D:ADIGD
AI?:H;J:CI:9:H:CI>9DE6G6HSB>HBD

)DG:HDEJ:9:K:GH:!JHH:GA68J9:6A8DC8:EIDA:>7C>8>6CD
'DH:IG6I6EJ:H9:JC
:GGDGB:ID9DAU<>8DD86I:<DG>6A
C8J6AFJ>:G69:ADH9DHB6G8DH9:G:;:G:C8>6:AI?
:H JC6 =P>141
 'D 867: 9J96 =6N 9>;:G:C8>6H E6G6 %:>7C>O RHI6 :H EG::M>HI:CI: :
>C;>C>I6EDGADI6CID:H5D5B>1K>K::CJCI>:BEDH>CI>:BEDH>C6CI:HNH>C9:HEJRH

)6G6!JHH:GA:C86B7>DA6=P>141:C8J6CIDI?:HD5=@?B1<941412C?<ED1B9C9C
X E
  K
:
"5339?>5C4565>?=5>?<?7N145<13?>395>3919>D5B>145<D95=@?X
E
K
6
E
K
:
FJ:H:BD96A>O6>CI:GHJ7?:I>K6B:CI:

/6N6BDHEJ:H6%:>7C>O
):H:6FJ:RAIG6I6:MEG:H6B:CI::CHJ7G:K:IG6I69D9:
#?>14?<?7N1d6HS8DBD:CDIGDAJ<6G:H9:HJD7G6dADFJ::CI>:C9:EDG=P>141:C
B>:CI:C9:G:H:CADH&B9>39@9?C45<1>1DEB1<5J1I45<1B13916E>414?C5>B1JP>
X  9DC9: =68: JC6 6EGDM>B68>UC BQH :MEAS8>I6 HD7G: :AAD 6AAS D7H:GK6 FJ: `%6
CE2CD1>391:HJCH:G86E6O9:688>UC
HH>BEA:D8DBEJ:HI6
%6CE2CD1>391C9=@<5:H
A6 FJ: CD I>:C: E6GI:H
 %6 3?=@E5CD1 :H A6 G:JC>UC 9: A6H HJ7HI6C8>6H H>BEA:H D
=P>141C
 #?>1C :H JC6 E6A67G6 <G>:<6 FJ: H><C>;>86 JC>969 D AD FJ: :H JCDa
%:>7C>O E


PA B>HBD 6CDI6 FJ: A6H BUC696H CD EJ:9:C 9>HI>C<J>GH: BQH FJ: EDG HJH
@5B35@39?>5C N HJH 1@5D939?>5C X  EJ:H :C HJ H>BEA>8>969 :AA6H EJ:9:C I:C:G
`BJAI>EA>8>9699:A6HBD9>;>868>DC:Ha
CA6BUC696`A6@5B35@39P>

:H:A:HI69D
>CI:G>DG

FJ:G:EG:H:CI6A6H8DH6H:MI:GC6HNA61@5B35@39P>

:HA63?>395>391D
8DCD8>B>:CID G:;A:M>KD 9: :H: :HI69D >CI:G>DG FJ: CD EJ:9: 96GH: C> :C ID96H A6H
6AB6HC>H>:BEG::CA6B>HB66AB6aXE


A B:CDH 8DC 9>G:88>UC 6 A6 =?>14?<?7N1 =JHH:GA>6C6 :H :C ADH I:MIDH EG:8>I69DH
9DC9: FJ:96 JC `6C8A6?:a FJ: E:GB>I: :CI:C9:G EDG FJR H: G:8JGG:
;:CDB:CDAU<>86B:CI: 6A B:CI69D ISIJAD :A DE:G6G :<DAU<>8D :H H>C BQH
=?>14?<P793?

AI?9:H9:HSB>HBD3?>CD9DEI5:AH:CI>9D9:ADDIGDX<?5HDB1O?YF94
#X
E
 9:ADIGDX45<5HDB1O?Y92N4:CIDC8:H@5B3925I6B7>RC:ANDH:G:;>:G:6HS


 : :HI6 8DBJC>969 N 9: :HIDH I?5C =6N JC6 :MEDH>8>UC 9:A EGDE>D !JHH:GA :C K6G>DH AJ<6G:H
 'J:HIG6
8DBEG:CH>UC9::AAD=6FJ:969DH>HI:B6I>O696CJ:HIG6>CK:HI><68>UCHD7G: "1B5@B5C5>D139P>3?=@ED139?>1<
45 49<5=1C =?B1<5C >F5CD97139P> 65>?=5>?<P7931 45 5@9CD5=?<?7N1 5H@5B9=5>D1< /6G<6H J>AARC  
 


B>HBD 3?>CD9DEIM>4?C5 :CIDC8:H 68DCI:8: A6 1@5B35@39P>
 =DG6 7>:C :H: I? FJ:
3?>CD9DEI56ABJC9DN6A1<D5BNFJ:C53?>CD9DEI586HJ6AB:CI:C?II?5CD5I?
'D
D7HI6CI::H:I?3?>CD9DEI5>D5I6B7>RC:G:HDRN:HM<:H9:8>GA66E>39P>3?>CD9DED9F1
:H=?>K4931=5>D5A6:HIGJ8IJG69:AI?

: B6C:G6 EDH>I>K6 N :C 8DCH:8J:C8>6 :MEAS8>I6 !JHH:GA JH6 A6 :MEG:H>UC
C?<9@C9C=? DB1C35>45>D1< 8;
 # X  E
 
 PHI: ;J: EJ:HID 8DBD 6E>41=5>D?
6E>41>D59:ANDN9:A69>D5BCE2:5D9F9414/6G<6H J>AARC E
 NHH


'DE6G:8:EJ:HC:8:H6G>D`H6AK6Ga6!JHH:GA9:A668JH68>UC9:`VAI>BD76HI>UC9:
A6 ;>ADHD;S6 9: A6 8DC8>:C8>6a D 9: A6 9: `>9:6A>HI6a
 'J:HIG6 6EGDM>B68>UC 6 A6
I:BQI>86 BJ:HIG6 FJ: I>:C: H:CI>9D :C 6G6H 9: 9:;:C9:G I6CID 6A HJ?:ID 8DBD 6 A6
HJ7?:I>K>969KDAK:G6EDC:G9:EG:H:CI:FJ:H:K>K:G69>86AB:CI:A6E6G69D?69:FJ:
>?C 3?=E>931=?C I >? >?C 3?=E>931=?C H: EJ:9: =68:G K:G 6A DIGD A6 :ME:G>:C8>6
EGDE>6E:GDCJC86H:EJ:9:86EI6GAE15H@5B95>391A6:ME:G>:C8>69:ADIGDADB>HBD
:A DIGD I>:C: >C9>8>D 9: CJ:HIG6 :ME:G>:C8>6 E:GD CD EJ:9: K>K>GA6 AE1 5H@5B95>391
@B?@91

:6=SA6C:8:H>9699:G:9J8>GA6:ME:G>:C8>69:A1<D5B6A65C65B145@B?@954148;

#X9:A6K>K:C8>6:C1>1<?7?>

A:M6B:C9:A69>;:G:C8>6:CIG:CE:5D?NCE2:5D9F9414I>:C::CIDC8:HAJ<6G6FJS:A
EG>B:GD :H @C93?<P793? A6 H:<JC96 :H DB1C35>45>D1<
 %D FJ: A6 =P>141 :C HS
:ME:G>B:CI6:HSC9>8:9:FJ:8J6AFJ>:G6DIG6I:C9GS6FJ:K>K>GAD1CN59>4569>941=5>D5
H>:HI6AADFJ:JCCE:5D?5H@5B9=5>D1I>:C:FJ:H:G6HSNI6AE6G6A6CE2:5D9F9414E6G6
A6:MEG:H>UC67HIG68I69:C5BCE:5D?
,:IG6I6:C;>C9:8J:CI6H9:A69>;:G:C8>6:CIG:
E>? =9C=? dCE:5D? @C93?<P793?d N E>? =KC d8J6AFJ>:G6 FJ: I:C<6 A6 8J6A>969 9:
CE:5D?:C;>CH:IG6I69:A6CE2:5D9F9414DB1C35>45>D1<d

CIDC8:H A6 I:H>H FJ: H: HDHI>:C: 6FJS :H FJ: A6 =P>141 :H A6 5CDBE3DEB1 45 <1
CE2:5D9F9414 :AA6 B56<5:1 :A BJC9D 8DBD 8J6AFJ>:G6 DIG6 I:C9GS6 FJ: G:;A:?6G AD
:M>HI:CI:
 A 57? :H JC VC>8D 96GH: 5> CN 414?B 45 C5>D94?
 'D D7HI6CI: RHI: H:
8DCHI>IJN:
 A 57? :A BJC9D H: A: 96 A>C<WSHI>86B:CI: H:9>B:CI69D H@5B95>391 I
:E939?X E
 K
:
X E
K
:


C:A9B1<1C3?C1C=9C=1CFJ:96A6EG:<JCI6^ED9:BDH:ME:G>B:CI6G:A4?<?B9:A
DIGD ,> H: FJ>:G: 6=S H: 96 JC E6HD 9: A6 9>B:CH>UC 8D<CDH8>I>K6 6 A6 H:CH>I>K6
>C8AJHD76?D8>:GI6H8>G8JCHI6C8>6HH:676G86A6:H;:G6KDA>I>K6
ME:G>B:CI6G:A4?<?B
45< ?DB? HJEDC: FJ: H: 54EAE5 A6 C5>C929<9414 =?B1< FJ: H: :HIR 67>:GID CD HUAD 6


`

:C8J6CIDBUC696EG>B><:C>6

8DCHI>IJN:


,UAD:HEDH>7A:FJ:9>;:G:CI:H<GJEDH9:BUC696HN
9>;:G:CI:H BJC9DH :HIRC G:8SEGD86B:CI: :C JC6 G:A68>UC 6CQAD<6 6 A6 FJ: =6N :CIG: CDHDIGDH B>HBDH N ADH
<GJEDH9:BUC696HFJ::K:CIJ6AB:CI:E:GI:C:O86C6BJC9DH:HI:A6G:HFJ:CDHHDC>CK>H>7A:Ha#X E




`8DCD8:GaA6`H>IJ68>UC9:ADIGDaH>CDFJ::CHSB>HBD9:H9:CJ:HIG6HEDH>8>DC:H9:
:M>HI:C8>6:HI:BDH9>HEJ:HIDH6`K>K>GHJK>K:C8>6a

,: IG6I6 EJ:H 9: :M6B>C6G 8UBD 68DCI:8: :C A6 =P>141 A6 :ME:G>:C8>6 9: =68:G
EGDE>6D9:G:9J8>G6HJ5C65B145@B?@95414ADFJ::ADIGDK>K:



1391E>145C3B9@39P>65>?=5>?<P793145<4?<?B


<4?<?BICEC3<1C5C



<1C5C454?<?B:AFJ:JCD:ME:G>B:CI6;SH>86B:CI::AFJ::ME:G>B:CI66;:8I>K6
D:HE>G>IJ6AB:CI:

A 6NC93? EJ:9: 6 HJ K:O 9>K>9>GH: :C :A FJ: H: EGD9J8: 8DBD :;:8ID 9: 86JH6H
:MI:GC6H JC B6GI>AA6OD JC6 86S96 JC 688>9:CI: 6JIDBDK>ASHI>8D :I8
 :A FJ: I>:C:
86JH6H>CI:GC6H:A9:H<6HI:9:CJ:HIGDHBVH8JADHEDGCJ:HIG6KDAJCI6G>6:MEDH>8>UC6A
:?:G8>8>D:AFJ:6E6G:8:8DBD:;:8ID9:A9:H<6HI:9:CJ:HIGDHUG<6CDH:I8

-6B7>RC:A@CNAE93?I>:C:86JH6H:MI:GC6HN9>B:CH>DC:H86JH6A:H>CI:GC6H
)6G6:A
EG>B:G86HD:AGDBE>B>:CID9:JC8DBEGDB>HD9:DIGD=68>6CDHDIGDH:A:C<6TDA6
IG6>8>UC HDC :C 86B7>D 9>B:CH>DC:H >CI:GC6H A6 9:8:E8>UC 86JH696 EDG A6H
:ME:8I6I>K6H FJ: JCD B>HBD H: =6 ;DG?69D 6HS EDG :?:BEAD 8J6C9D JCD H: =6
>BEJ:HID JC6 B:I6 N CD A6 AD<G6 d8DGG:<>G JC A>7GD :C JC E:G>D9D 9:I:GB>C69D 9:
I>:BEDAA:<6G6.EDH>8>UCHD8>6AD:8DCUB>86:I8
d8J6C9DJCDEGD8JG6/G:688>UC
:CADH9:BQHdCJ:HIGDHH:G:HFJ:G>9DHCJ:HIGDH6B><DH:I8
d6A867D:C;>C8J6C9D
H:EA6CI:6JCDd9:H9:JCDB>HBDd:ME:8I6I>K6H8DCG:HE:8ID6ADH9:BQHN:AADHH>C
EGDEDCRGH:ADCDH9:;G6J96C



<4?<?B@B?@9?I5<4?<?B45<?DB?EG>B:G6K>HI6ADFJ:CDH8DBE:I:6;>GB6G:H
FJ::A9DADG:HJC6:ME:G>:C8>6FJ:H:K>K:5>@B9=5B1@5BC?>1
:=:8=DH>AA:<D6
`H:CI>G:A9DADG9:ADIGDaHDNNDFJ>:CADH>:CI:H:GQ:CIDC8:HB>EGDE>D9DADGN
CD:A9DADG9:ADIGD

HS :CIDC8:H BQH FJ:`H:CI>G :A 9DADG 9:A DIGDa EJ:9D `8DB E69:8:GB:a :C ;>C
EJ:9DAA:<6G=6HI6A6`8DBE6H>UCa
67::CIDC8:HFJ:B:EG:<JCI:^I:C<D688:HD
6A9DADG9:ADIGDD686HD:HEG:;:G>7A:EA6CI:6GA68J:HI>UC^I:C<D9DADGB>9DADG
6CI:NEDG:A9DADG9:ADIGD


!6HI6 6FJS HDC EG:<JCI6H FJ: H: =6AA6C :C :A DG9:C I:UG>8D
 `DBD 7J:CDH
;:CDB:CUAD<DHaF1I1=?C1<1C3?C1C=9C=1C
%63?C1=9C=1:C:HI:86HDI>:C:FJ:
IG6I6GH::C6A<JC6:ME:G>:C8>6EG:8>H69:9DADGI:C9GQ:CIDC8:HFJ:IG6I6GH:D7>:C9:
JC9DADG6NC93?D7>:C9:JC9DADG@CNAE93?.CDNDIGDHDC:H;:G6H9:A6:ME:G>:C8>6
9>D5B>1H:K>K::CA6D5=@?B1<9414@B?@916JCFJ:H:G:;>:G66JCBJC9D:;:8I>KD9:
A6K>96d:CJCDH86HDHK>K>9DEDGJCD5>@B9=5B1@5BC?>1:CDIGDH86HDHK>K>9D9:
CJ:KD5>@B9=5B1@5BC?>13?=?C9:C1>1<?7?>JCD:HIJK>:G6:CA6H>IJ68>UCD:C
A6EDH>8>UC9::M>HI:C8>69:ADIGDd



5C3B9@39P>453E1DB?5C35>1C

+>4?<?B@CNAE93?6NC93?E>4?<?B3?=@1BD94?
&: EGDEDC<D :C EG>B:G IRGB>CD EA6CI:6GB: JC `AJ<6Ga D JC `:?:BEADa 9DC9:
:AADH 8DCK:G<:C
 &: H>IVD ;G:CI: 6 9DH `9DADG:H 8DCK:G<:CI:Ha :C JCD :HIDN :C JC
86;Rd:A?=9>P9:A686AA:N69:H6E6G:8>9Dd
&:=6AAD8DCJC6<G6C9:6B><69:
B>6AB6
B7DH:HIJK>BDH:C:A8JGHD9:A6I6G9:6CI:G>DG6CJ:HIGDG6ID68IJ6A:C:A
86;R :C A6 B>HB6 G:JC>UC
 AA6 EH>8UAD<6 ND ;>AUHD;D
 ,: `9>HIG>7JNUa A6 86G<6
6869RB>86
 AA6 8DC JC6 7J:C6 ;DGB68>UC E6G6 . 8QI:9G6
 C EV7A>8D d686HD EDG
><CDG6C8>6686HDEDGB>HD<>C>6686HDEDGJC6HJ:GI:9:`EGJ:76ad;J:9:H86A>;>8696
EDG:A:86CD

HID>86B:CI: HD7G:K>K>U 6 A6 I6G9: 9: G:JC>UC
 %J:<D 9: A6  ;J>BDH 6 A6 

(G9:C6BDHH:C9DHKD9@68DCIUC>86
-6CHUADI:GB>C6BDH9:DG9:C6G:AA6G:8DG9U
JC K:GHD 9: 
 6G8S6d%DG86 FJ: 6 ;: AD 9:8S6 ID9D `8DBE69G: I:C<D JC6 =:G>96
9:H9::AE:8=D6A6<6G<6CI6a

A 9DADG ;SH>8D `68DBE6TUa 6A EHSFJ>8D
 2D B>HBD AD :ME:G>B:CIR 8DBD :C :A
K:GHD9:
 6G8S6d%DG86E:GDHD7G:ID9D8DBD:A9DADGFJ:B>6B><6:HI676CDB93D?
C5>CE :ME:G>B:CI6C9D
 'D I:CS6 G67>6 8DC :A :86CD dI6B7>RC B> 6B><Dd :C
8DCH:8J:C8>6 CD :HI676 G:H:CI>9D
 G6 :A 9DADG 9: B> 6B><6 K>K>9D EDG BS :C
EG>B:G6E:GHDC6EDGB>6B><6N8DCB>6B><6
CG><DG6JC68DCK:G<S6C:CBSHJ
9DADGEHSFJ>8DNHJ9DADG;SH>8D

CID9D86HDND6H>HISI6CID6A6:H8:C68DBD6A9DADG:C86A>9699:D5CD97?

A6GD =67A6BDH 6 A6 E6G FJ: 8DCHJB>BDH JCD N DIGD N =6HI6 JC I:G8:G IG6<D
 A
9:HEA:<6GH:A68DCK:GH68>UC:AA6E6HU9:A9DADG6A6:ME:G>:C8>69:B5C5>D9=95>D?ND
EDGB>86A>9699:D5CD97?:C86B7>DE6HR6A69>497>139P>N6E:CH6GFJR=6GS68696


JCD ;G:CI: 6 A6 H>IJ68>UC
 A 867D RHI6 H: HDAK:CIU E6G6 7>:C 9: B>H 6B><DH ID9DH
6EG:C9>BDH9::H6:ME:G>:C8>6


%DB?4?<?B@CNAE93?6NC93?E>4?<?B3?>F9F94?
%6VAI>B6K:OFJ:CDH9:HE:9>BDH;J::CJC6:GDEJ:GID:A9:G6C@;JGI
/:CS6BDH
9: 9S6H 9: >CI:CHD 6BDG 6A 67G><D EG>B6K:G6A 9: ,8=L6GOL6A9
 %D 9>?>BDH ID9D AD
K>K>BDHID9D
'D;6AAUC696C>:CA68DBJC>868>UCC>:CA6:HE:G6CO6

2DEGD8JGREDGB>;DGB68>UCB6CI:C:GB>:HID>8>HBD
C9JK>BDHEDG:A6:GDEJ:G
ID
DBEGUE:FJ:TDH9:I6AA:H`_bE6G6FJ: CDB: DAK>9:Ha
%DHG:8>7S9:HJHB6
CDHFJ:7:HR8DC9:I:GB>C68>UCN8DCB>:9D

AI>:BED8DGGS6>C8:H6CI:
&>6CH>:969CDI:CS6B6C:G69:H:G 9:H8G>I6
-6BED8D
=DNA6EJ:9D9:H8G>7>G
86HDE6AE>I676:C:A8DG6OUC9:6B7DH :A:HE6CIDHDI:BDG
9:FJ:CDKDAK:GS6BDH66B6GCDH8DBD:CIDC8:H
86HD:AD95=@?C94?8>:GID:CHJ
EA:C>IJ967GS6:CHJ>C8:GI>9JB7G:67HDAJI6:AD95=@?D?41FN1>?

%A:<U :A BDB:CID 6=S 9:;>C>I>KD 9: A6 E6GI>96
 ,JH =:GBDHDH D?DH :G6C IDGG:CI:H
FJ:6E6<676ID96AA6B69::HE:G6CO6
,JGDHIGD8DC<:HI>DC69D:G6:CAD67HDAJIDA6
:MEG:H>UCIDI6A9:A9DADG
%A6B6CE6G6>C<G:H6G6H6A6N:AA6IDB6:AH:C9:GD
%6K:D
>GH:E6HD6E6HD
,JB6CD>OFJ>:G96GDO6HJE:8=DHD7G::A8DG6OUC8DBDH>EJ9>:G6
8DCH:CI>GAD 68DBE6H6GAD
 'DH 96BDH JC VAI>BD 7:HD N N6 ;J:G6 9:A 6A86C8: 9: B>H
7G6ODH H: K6 =68>6 A6 EJ:GI6
 ,J B6CD 9:G:8=6 68DBE6T6 6 A6 >OFJ>:G96 HD7G: HJ
8DG6OUCSCI>B6B:CI:69DADG>9D
,><J:6K6CO6C9D
GJO6A6EJ:GI6
J6C9DEG:KRFJ:
CD :HI6G:BDH BQH JCD 6A 6A86C8: 9: A6 B>G696 9:A DIGD 67G: HJH B6CDH 8DBD 9DH
E6ADB6H FJ: E6GI>:G6C :A KJ:AD N H>:CID FJ: HJ 69>UH K>CD 6 EDH6GH: 6=DG6 :C B>
E:8=D

26CDCDHK>BDHBQH
,6A<D9:AAJ<6G9:CJ:HIG69:HE:9>96N:H:9DADGFJ:C6GGDH:
=68: BQH >CI:CHD =6HI6 I:C<D FJ: H:CI6GB: EDG JC 86;R
 -D96KS6 H: FJ: CD =:
:ME:G>B:CI69D8DCBQHD8DCI6A;J:GO6C>C<VCDIGD69>UH

CIDC8:HH:FJ:CD;J:3?=@1C9P>d8DBD8DCB>8DA:<6dADFJ::ME:G>B:CIR
C
K:G969;J:3?>4?<5>391

C ADH 9DH 86HDH E:H: 6 A6 9>;:G:C8>6 9: A6H H>IJ68>DC:H H: FJ: =: I:C>9D
:ME:G>:C8>6H 9: 6B6G E:GD A6 :HIGJ8IJG6 9:A 9DADG =6 K6G>69D
 %6 8DBVC =6 H>9D A6
:ME:G>:C8>6;SH>869:9DADGFJ:68DBE6T66AEHSFJ>8D


 


<4?<?B@CNAE93?6NC93?E>4?<?B3?=R>
86HD9:7:GS6AA6B6GADB:?DG`8DBJC>I6G>Da
A6C86B>B69G:=67S6:BE:O69D6
E:G9:GHJH6AJ9
)G>B:GD9:?U9:86B>C6GAJ:<DG:9J8>966A686B68DBDB>67J:AD
dHJE69G:dAA6BU6HJH=>?DHE6G66K>H6GCDHFJ::AA6H:>766BDG>G

)6H6BDH JC A6G<D N 7:AAD ;>C 9: H:B6C6 ?JCIDH
 D8>C6BDH AA6B6BDH 6 CJ:HIGDH
6B><DH=>8>BDH;DIDH86CI6BDH

A 9S6 9: B> 9:HE:9>96 :AA6 B: AA6BU ?JCID 6 HJ 86B6
 C JC6 ;DGB6 SCI>B6
8DCH8>:CI:N6B><67A:8DCID96HJ;:B:9>DHJ7:C9>8>UC
AA6NNDCDH9:HE:9>BDH
8DCA68:GI:O69:FJ:CDCDHKDAK:GS6BDH6K:G:C:HI6K>96

-DBR:A86B>CD
CH>A:C8>DB>H=>?6HB>8UCNJ<:NNDCD=67A6BDH9:RHI:C>9:
C>C<VC6HJCID9JG6CI::AK>6?:9:G:<G:HD
'DHB:I>BDH:CA69>CQB>869:A6H:B6C6

A8DB:CO6G:AK>:GC:HH><J>:CI:9:9>8>:B7G:DS6AI:AR;DCD:CB>D;>8>C66B>
8UCNJ<:`_%A6B66GB:C>6_E6G:8:FJ:9:7:C=DHE>I6A>O6G6A6C86a
%A6BR
&>
=:GB6CD
,>C9G6B6I>HBDH:A>B>IU69:8>GB:`A6C86686769:BDG>Ga

&:;J>6B>86H6
DC8:GI:O69:EG:E6G6GB>K>6?:E6G6GB:C>6
%A:<JR6B>86H6

&>H =>?6H N B> BJ?:G :HI676C IG>HI:H
 +:O6BDH A6 CDK:C6 9: 6<J>C6A9D 67G>BDH ADH
G:<6ADH 9: C6K>969
 ,JE: :C ADH 67G6ODH 9: :AA6H FJ: :ME:G>B:CI676C 8DCB><D B>
9DADG FJ: CD :A 9: A6 BJ:GI: D EDG A6 BJ:GI: 9: A6C86 H>CD B> 9DADG :H:
H:CI>B>:CID>C9:H8G>EI>7A:9:ERG9>96N9:HDA:969

%A:<6BDH 6A DIGD 9S6 6 GB:C>6
 8DBE6T6BDH :A ;RG:IGD
 C A6 B>H6 B>H
=:GB6CDH B: E>9>:GDC FJ: 6<G69:8>:G6 6 ADH 6B><DH 9: A6 ;6B>A>6
 C G:6A>969
H6AK6C9D A6H ;DGB6A>969:H B: A>B>IR 6 :MEG:H6G A6 <G6I>IJ9 EDG =67:G 8DBE6GI>9D
I6CIDHNI6C7:AADHBDB:CIDH6AA69D9:A6C86

,6A>BDH =68>6 :A 8:B:CI:G>D
 &>H =:GB6CDH N ND AJ:<D AD 8DB:CI6BDH
:ME:G>B:CI6BDH JC6 HJ:GI: 9: 9:H<6GG6B>:CID 8J6C9D 86NU A6 EG>B:G6 E6A696 9:
I>:GG6HD7G::A6I6V9

AG:<G:HD:CA6I6G9:6A686H6I6B7>RC9>?:GDC=67:GH>9DJCED8D;:A>8:H8J6C9D
ND:KDFJR8DC<G6I>IJ9ID9DADK>K>9D6AA69D9:CJ:HIG6B69G:

G6 :C :;:8ID JC 9DADG EHSFJ>8D N 6A B>HBD I>:BED JC 9DADG ;SH>8D
 PHI: HJG8U
CJ:HIGDH 8J:GEDH =6HI6 FJ:96G :MI:CJ69DH
 A 867D H: IG6IU EJ:H 9: JC 9DADG FJ:
3?>=?39?>1


+>4?<?B6NC93?@CNAE93?
ADA6G<D9:B>K>969:E69G:8DCBQH9:JC8J6GID9:H><ADH>:BEG:=:H>9Dd:C
B6I:G>69:H6AJ99:B>H=>?6HdBQH7>:CJC`6NJ96CI:a



J6C9DEDGEG>B:G6K:OIJK:FJ:6HJB>Gd8DBDFJ>:C9>8:dA6;JC8>UC9:`I>IJA6Ga
:HIQ76BDH:C%>B6
&6GS6"H67:AA6H:<JC969:B>H=>?6HH::C;:GBU
A8DB>:COD
ADIDBR8DCA69:7>9686AB6
!67S6:A:<>9DJC=DI:A:CA6IJGSHI>86ODC69:&>G6;AD
G:H
CIG:DIG6H8DH6H:A=DI:AD;G:8S6H:GK>8>DBR9>8D>C8AJ>9D
)DGHJEJ:HIDCDIJK:
RH:8DBD8G>I:G>D9::A:88>UCE:GD`:CH>IJ68>UCa=>8:JHD9:A96ID

&:A66I:C9>:GDC
:8>9>BDH&6GS6-:G:H6B>=>?6B:CDGNND`9DGB>GaDB:?DG
E:GB6C:8:G?JCID6&6GS6"H67:A

J>:CE:GHDC668DBEG6GADHB:9>86B:CIDH
,:ADH69B>C>HIG6BDH
%69DA:C8>6CD
8JG676
)6H676:AI>:BED
%6HB6C>;:HI68>DC:H9:9DADG8DB:CO6GDCHD7G:A6HE
B

-D96KS66A6H 6
B
CD=67S6B:?DGS6
&6GS6-:G:H6NND8696FJ>:CEDGHJA69D
;GDIQ76BDHCJ:HIG6HB6CDHNJC6K:O86A>:CI:HA6H>BEDCS6BDH:CA6ODC69:BQH9D
ADG9:CJ:HIG6:C;:GB>I6

HS6GG>76BDH6A6H6
B
:8>9SFJ:CDH6I:C9>:G69:CJ:KD:ABR9>8D9:A=DI:A
PA
A6:M6B>CUN6A867DB:9>?D`HUADE6G6FJ::HIRIG6CFJ>ADAARK:A66AH:GK>8>D9:JG
<:C8>6Ha
 -DB6BDH JC I6M> A6 AA:K6BDH =ED1D9C =ED1>49C A: 69B>C>HIG6GDC ADH
B>HBDB:9>86B:CIDHHUADFJ:EDGKS6>CIG6K:CDH6

/DAK>BDH6A=DI:A
DGB>BDHJC6=DG6
VCEG:D8JE69DAA6BR6B>8UCNJ<:NA:
8DCHJAIRH>:HIJK>:G6:CB>86HDFJR=6GS6^E:GB6C:8:G:C:A=DI:A:C%>B6G:<G:H6G
9: >CB:9>6ID 6 D<DIQ D IDB6G 8DBD AD I:CS6 EG:K>HID 6 A6H  =DG6H JC KJ:AD 6
JH8D
AA6 N &6GS6 "H67:A FJ: =6C H>9D BJN 6B><6H ID96 A6 K>96 8DC;:G:C8>6GDC 31
 
B>CJIDH
 A 867D KDAK>BDH 6 =67A6G
 &: 9>?D `_/:CI: IG6CFJ>AD _D8SC6A: :HI6 CD
8=:a
HSH:=>OD
PHI6H>CBQH:HJC6:ME:G>:C8>6>CIGDEQI>869:9DADG

DCID9DHADH86HDH:H>CK6G>6CI::A86GQ8I:G;SH>8DFJ:I>:C::A9DADG



><149B5339P>45<>K<9C9CB56<5H9F?

%6>CK:HI><68>UC:BEG:C9>969:?6JCDHEG>B:GDHG:HJAI69DH
CEG>B:GIRGB>CDE6
G:8:FJ:6ID9D4?<?BAD68DBE6T6JC65H@5B95>3916NC931
^UBDEJ:96H:GRHI6H
JC6EG:<JCI6FJ:I>:C:9>K:GH>9699:G:HEJ:HI6H:CID9D86HDCDG:HJAI6EDH>7A:d6A
E6G:8:GdE:CH6G:A4?<?BH>CJCe68DBE6T6CI:f;SH>8D

C H:<JC9D AJ<6G H><J>:C9D A6H >C9>868>DC:H 9: %
 B7G:: H: EJ:9: 86G68I:G>O6G
E6G6:A6CQA>H>HJC8J69GD9:AH><J>:CI:I>ED
 



_=29D?45<15H@5B95>391 *9@?455H@5B95>391
DBE6GI>9D DB E6H>UC
DCK>K>9D DC 9DA:C8>6
DBJC>I6G>D DC BD8>UC
"C9>K>9J6A>O69D "CIGDE6IS6

CI:G8:GAJ<6GFJ:968DBDDIGDG:HJAI69D9:A6>CK:HI><68>UCA6K>K:C8>69:4?<?B
6A B>HBD I>:BED B54E35 A6 :ME:G>:C8>6 9:A DIGD 6 B> :H;:G6 9: EGDE>:969 E:GD CD
6<DI6:AH:CI>9D9::H6`HJa:ME:G>:C8>6:C:H6G:9J88>UC
C;>CA6K>K:C8>6@?B3?>
D1<<14?45<?DB?:HJC>C9>8>D9:A6:ME:G>:C8>6FJ:RA:ME:G>B:CI6E:GDCD:H:A
D?4?9:AH:CI>9DFJ:RAB>HBDA:EJ:9:DIDG<6G

C8J6GIDAJ<6G:A?DB?:HE6GI:BQHFJ:ID9D9:JC>?C?DB?C
,>B>GD:CA6I:A:K>
H>UC:A<:HID9:9DADGB>:ME:G>:C8>6:HIDI6AB:CI:9>;:G:CI:FJ:H>:C:A86BED9:B>
:ME:G>:C8>68DGEDG6AD><DK:DH>:CID:AAA6CID9:AC>TDdFJ:6JCFJ:9:H8DCD8>9Dd
FJ:96>C8AJ>9D:CB>:ME:G>:C8>69:BJC9DDFJ:B:>C8AJN::CHJBJC9DK>I6A
C
;>CEJ:HCJ:HIG6H9:H8G>E8>DC:HH:G:;>:G:C6K>K:C8>6H:CA6e8:G86CS6f

CFJ>CIDAJ<6GA6:ME:G>:C8>69:8DBE6GI>G:A9DADG9:ADIGD96JCE6HDBQHH:IG6
I6CDHUAD9:A6e8:G86CS6;SH>86fH>CD9:A6:ME:G>:C8>69:8DCHIGJ88>UC8DBE6GI>96
9:AH:CI>9D:C;>C:C:H:C8>6H:IG6I69:A6D5=@?B1<941412C?<ED1
,UADB::H967A:
:ME:G>B:CI6G :A 9DADG 9:A ?DB? :C 8J6CID =9C=? d`A6 B>HB6 <:CI:a `<:CI: 8DBD
JCDa`B><:CI:a`_bFJ:86CI:B><:CI:ad
'DEJ:9D:ME:G>B:CI6G8DCA6B>HB6
>CI:CH>969:A9DADG9:?DB?FJ::HB>8DCD8>9D6A9:A?DB?=9C=?FJ::HB>6B><D
`9: ID96 A6 K>96a 9: B> 6B696 FJ: :A 9: B> 6B><6 :A 9: EG>BD FJ: :A 9: B> =:G
B6CD:A9:E69G:FJ::A9:B>ISD

C:HI6E:FJ:T6>CK:HI><68>UC:A86B>CD9:A>K<9C9CI6CHUAD=68DB:CO69D6I:C:G
JC 9:H6GGDAAD B56<5H9F?
 ,: IG6I6 9: E6H6G 9:A @1D5D9C=? 9: A6 45C3B9@39P> D;G:8>96 6
JC6 8DBEG:CH>UC :;:8I>K6B:CI: G:6A>O696 9:H9: A6 :ME:G>:C8>6 9: G68>DC6A>O6G CJ:H
IG6HK>K:C8>6H9:BJC9D:C:ABJC9D:;:8I>KD9:A6K>969:ID9DHADH9S6H



?>3<EC9?>5C@B?F9C9?>1<5C

"G>76GC:%29DE
H><J>:C9D6!JHH:GA=6BDHIG69DFJ:A6K>K:C8>69:ADIGD
CD;JC8>DC6E6G6CDHDIGDH8DBD31EC1H>CD8DBD=?D9F139P>
-6AD7H:GK68>UCI>:C:
8DCH><D A6 HJE:G68>UC 9:A EDH>I>K>HBD :A 86JH6A>HBD 8>:CI>;>8>HI6
 &QH 6AAQ 9: :AAD
867: I6B7>RC EG:<JCI6GH: ^EDG FJR =?D9F1 AD FJ: =?D9F1 ^8UBD 68DCI:8: FJ: AD


FJ:DIGDK>K:D=6K>K>9DDADFJ:DIGDG:EG:H:CI6AE1F9F5>391@B?@91H:B:IDGC6=9
F9F5>391
A =?D9F? :C8J:CIG6 JCD 9: ADH AJ<6G:H BQH :H8>7A:H :C A6 :ME:G>:C8>6 :HIRI>86
 %6
CDK:A6A61BD11<@14B5B:BDI>K6H:CI>B>:CIDH>C9><C68>UC
&:EG:<JCID^UBD
:H EDH>7A: FJ: !:GB6CC $6;@6 CD =6N6 ED9>9D `EDC:GH: :C :A AJ<6Ga 9: G6CO HJ
=>?D 2 :C DIG6 :H;:G6 9: 8DCH>9:G68>DC:H ^EDG FJR :C 9>B:CH>DC:H EG:8>H6H 9: A6
:ME:G>:C8>6 EGDE>6 JC K:GHD E6G:8: =67:G H>9D :H8G>ID EDG CDHDIGDH ^)DG FJR CDH
`9:H<6GG6a EDG :?:BEAD A6 H:G>: HD7G: ,>BUC DASK6G 9: %J8>6CD #6G6B>AAD ^)DG
FJRH6A>BDH8DC`>G6aIG6HK:G 

 A6E:AS8JA69:
:GIDAJ88>
0
>AI=:NE:CHU:CA6A>I:G6IJG6NEDG:MI:CH>UC:C:A6GI:8DBD5C@5:?45<1<=1

HI6 BUC696 FJ: HDN ND `EJ9>:G6 :HI6G :C :A AJ<6G 9:A DIGDa
 DBD CE:5D? 893 5D
>E>3B::C8J:CIGD:CA68DC9>8>UC9:`D7H:GK69DGaE:GDEJ9>:G6H:G:AFJ:B6AIG6
I6 D :H B6AIG6I69D 8DBD =>?D :A FJ: N6 CD EJ:9: `FJ:G:G H>C EG:H:CI>Ga :A FJ: H:
`=JC9::CA6C696ad8DBDA6H:8J:C8>6FJ:EG:H:CIU%
#6G6B>AADdJCD9:ADHFJ:
FJ:96H>CI>:GG6H>CC696
'D:H:ACE:5D?:HA6CE2:5D9F9414A6FJ:H:=68:B6C>;>:HI6

C:AH:CI>9D=:>9:<<:G>6CD9:AIRGB>CD:CHJD7G6GA6D7G6D7G6HD7G:A6CE2:5D9F9
414CDHD7G:JC`BSaDJC`NDa
(7G6HD7G:`JCDBQHa
%6D7G6D7G6BQH6AAQ9:A
CE:5D?

C;>CA68DC8AJH>UCEGDK>H>DC6A9::HI6>CK:HI><68>UC:HFJ:5<4?<?B45<?DB?5C5H
@5B9=5>D14?5><1@?C939P>45<1CE2:5D9F94143?=?D1<I5>3E1>D?D1<
ADIGDCE:5
D?B:BDI>K6=:H>I6C9DB>EDH>7>A>9699::M>HI:C8>69:5CD1B5>CE<E71B

 




>5H?

1BD11=9=15CDB?1>95<5BB5B1(5CDB5@?
5><145C@5494145CE=179CD5B9?

)DE6NQC9:6<DHID9: 

&6:HIGD6C>:A

A::H8G>7D:HI686GI68DBDG:HEJ:HI66A6HDA>8>IJ9FJ:B:;DGBJA6G6 J>AA:GBD)RG:O
%6+DII69:AA:K6GA6E6A67G6:HI6CD8=:E6G6G:C9>GA:=DB:C6?:
A<RC:GD:E>9S8I>
8D8G:DCDH:69:8J6GS66HJB6C:G69:H:GdI6BED8D6A6BS6d
-6BED8D:HFJ::A
<RC:GD :E>HIDA6G =6N6 H>9D JC6 CDI6 86G68I:GSHI>86 9: CJ:HIG6 G:A68>UC
 86HD =67G:
BDH>CI:G86B7>69DJCE6GNCDBQH6AAQ9: 8DGG:DH:A:8IGUC>8DH
C86B7>D8DC
.9
FJ:G>9DB6:HIGDB>:ME:G>:C8>6:HA69:JC8DCI>CJ69D:>C>CI:GGJBE>9D9>QAD
<D
:=:8=D:HI:6TDH:8JBEA:CIG:>CI6:CFJ:EDGEG>B:G6K:O=67>:C9DI6CHUAD
I:GB>C69DB>H:HIJ9>DH9:EG:<G69Dd:CJC:H8:C6G>DFJ:.9
8G:D9:JCID9DA66
8JAI699:>ADHD;S6A6B1>39C31>E=(5F9CD145<1C395>391C45<5C@NB9DEA6=:B:GD
I:86A6;DGB68>UC9:ADHFJ:;J:GDCB>HEGD;:HDG:HdNH>:C9D8DBEA:I6B:CI:EG:H:C
I::CA66JH:C8>69::H668JAI699:8>9S>G66A>E6G68DCD8:GAD

:H9: :H: A:?6CD 9S6 =6HI6 =DN HUAD =: :ME:G>B:CI69D d8DBD 9><Dd JC >C8:H6CI:
9>QAD<D6HJA69D
><DCDHUAD8DC.9
H>CD8DC!JHH:GANADH8AQH>8DH9:A6;:CD
B:CDAD<S6 8DC A6 8DBJC>969 ;:CDB:CDAU<>86 8DADB7>6C6 N A6I>CD6B:G>86C6 8DC
BJ8=DH9:ADHFJ::HI6BDH6FJS=DN6A6BE6GD9:HJ6B>HI69:C:HI:G:8>CID

)G:8>HD9:8>GA:FJ:8J6C9DE>:CHD:CA6H:CH:T6CO6HFJ:CDH=6969D6E6G:8:C:C
86H8696JC6A>HI6>C676G867A:
*J>:GD6AB:CDHHJB6G>6B:CI:8DBE6GI>G6A<JC6H9:
:AA6H8DCADH6B><DHFJ:CDH68DBE6T6C
-6AK:OJC6;G6H:9:A6HFJ:.9
=6G:8676
9D8DBD:HA69:RA>M9:+:HIG:ED:CA68:A:7G6%B139P>9:  EGD;:G>96:C:HI6
7:AA68>J969H>CI:I>O6:A8:CIGD9:ADFJ::HCJ:HIG6I6G:6`_!:6FJSA6D7G6B6:HIG6
9:A6;>ADHD;S6:A=DB7G:a

C8>:GIDBD9DH>A6;>ADHD;S6CD:HIQDG>:CI6966:CI:C9:GCJ:HIGDBJC9DNCJ:HIG6
K>968DBDHJ?:IDH9::HI:BJC9DA6;>ADHD;S6:H<?3EC1>?><E35>4?JC6KDOFJ:CD
HJ:C6JC6AJOFJ:CD7G>AA6
86HDB:G6E6A67G:GS6

6C>:A.9
CDH=6:CH:T69DFJ:;>ADHD;6BDHE6G6H:G8DBDCDHAD>C9>8U!JHH:GA
6JIRCI>86B:CI: 6E>39?>1B9?C45<18E=1>9414
):GDADBQH>BEDGI6CI:FJ::HDCD

CDH8DCK>:GI::C6G8DCI:H
DBDBJ8=DHDIGDHNDAD=:K>HIDHS=68>:C9DK6A:GHJH
EJCIDH 9: K>HI6 E:GD 67G>RC9DH: 6 A6H >9:6H 68I>IJ9:H N 8DBEDGI6B>:CIDH FJ: ADH
DIGDH:M=>7:C:CCJ:HIGD:CIDGCD
2:C:HID@B?=?F95>4?1C5>D94?CDA6E6GI>8JA6G
;DGB69::CI:C9:G.9
A6H8DH6HH>CDA6G69>86A>9699:C5B@5BC?>1I6CID.9
8DBD
8696JCD9:ADHFJ:8DCK>K>BDH:C:HI:EG:H:CI:8DCJC6;J:GI:86E68>9699:G:8D
CD8:GADFJ:CDH=6CA:<69DCJ:HIGDHEG:9:8:HDG:H6AI>:BEDFJ:JC8DBEGDB>HD8DC
CJ:HIGDHHJ8:HDG:H

'DB:G:;>:GD8DC:AADEDG:?:BEADI6CHUAD6HJI>IQC>86A67DGIG6HHJG:<G:HD9:
JGDE6EGD8JG6C9DEG:8>H6GFJR=6=67>9D9:E:CH6B>:CID;>ADHU;>8D:CCJ:HIGDHJ:
ADE6IG>Dd8DCADFJ:AA:<6G66H:GNCDEDGHJBDI>K68>UCA6EG>B:G67>7A>D<G6;S69:
A6;>ADHD;S6:CDADB7>6d6JCFJ:I6B7>RCB:G:;>:GD6:AAD
"C9>8DFJ::HI6BDI>K6
8>UC I6B7>RC H: :K>9:C8>U :C HJ G:HE:ID >C8AJHD EDG :A CDB7G: 9: A6 N6 B:CI696
B1>39C31>E=6A68J6A.9
H:A>B>IU6>C9>86GA:HJ=DG>ODCI:8DC:AHJ7ISIJADFJ:ID
96KS6EDGI6B5F9CD145<1C395>391C45<5C@NB9DE

!:K>HID8UBD.9
:C:?:BEADHBJN8DC8G:IDH=6`A>I><69Da6;6KDG9:ADFJ:EJ
9>:G6I:C:G9:G68>DC6AD9:G69>86AA68DC9J8I69:JC6?DK:C

/DN 6 :M8JH6GB: EDG 8DCI6G JC6 :ME:G>:C8>6 SCI>B6 FJ: 6 BS N 6 B> ;6B>A>6 CDH
IG6CH;DGBU
&>=>?6B6NDGFJ:9U:B76G6O696HD7G:ADH 6TDH
.9
FJ:G>9D6C>:A
N&NG>6BHJ:HEDH6CDHUADCDH68D<>:GDC:CHJ86H6E6G6:H8J8=6GCDHH>CDFJ:.9

6HJB>UA6I6G:69:`A>I><6Ga6;6KDG9:B>=>?69S6IG6H9S6NBJN:C:H:EGDEUH>ID
AA6BUDK>H>IU6B>;6B>A>66B>=>?6D6BS8DCB6NDG;G:8J:C8>6FJ::CADHIG6IDH9:
CJ:HIG6H>CK:HI><68>DC:H

.9
>C9>8UJC6NDIG6K:OFJ::CA6G:A68>UC9:A6FJ:AA:<U6C68:GB>C>:I6EDG>C
B69JG6FJ:;J:G6:G6JC6:MEG:H>UC9:A6BDG.9
8J>9U9:FJ:A6@B9=5B1@5BC?>1
8DC8G:I6ND7?:I>K69:B>=>?6N9:B>C>:I6H:B6CIJK>:G6C8DBD:AG:;:G:CI:9:A8J>
969D9:A68D<>B>:CIDFJ:A6G:A68>UC9:B>C>:I68DCHJE69G:;J:G6JC6NDIG6K:O
EGDE>8>696FJ:H:K>:G6:C:H6:ME:G>:C8>6:HE:8S;>869:A6K>96K>K>96:A=DG>ODCI:
9:A6E:GHDC6

)DG:HDNEDGBJ8=6HDIG6HG6ODC:H.9
ADH67:6C>:A:CB>86H68J6C9DAA:<6H:
:ME:G>B:CI6:AH:CI>9D9:JC6;:8IDEGD;JC9DFJ:BJ:HIG6A6HB1J?>5C45<3?B1JP>

,JEDC<DFJ:B>H=>?6HH67:C9:A6>BEDGI6C8>6FJ:.9
I>:C:E6G6A6K>966869RB>86
NE6G6A6=>HIDG>6>CI:A:8IJ6A9:CJ:HIG6E6IG>6E:GD:HIDNH:<JGDFJ::A6;:8ID8DCFJ:
H::MEG:H6C6CI:N9:.9
HUADI>:C:EG:H:CI::HI6=>HIDG>8>969=JB6C6FJ:96H:CI>
9D6A6K>96EDG:A6;:8IDNH>867:A6:MEG:H>UCEDGA6I:GCJG6

,RFJ::HIDFJ::HIDN9>8>:C9DADHDGEG:C9:GQ
,RFJ:CJC86H:AD=::MEG:H69DE:
GD:HJCI:HI>BDC>DD7?:I>KD9:ADFJ:K:DNDFJ:CDH:CH:T66E6GI>G9:A8DG6OUCE6

G6 =68:GCDH 8696 K:O BQH E:GHDC6H :C BJIJD G:8DCD8>B>:CID
 ,J HDA>96G>969 :C A6H
BQH9>K:GH6H8DH6H9:A6K>968DC8G:I6FJ::ME:G>B:CI6CA6HE:GHDC6H9:HJ:CIDGCDd
B>;6B>A>6NND>C8AJ>9DHd8DBDAD=::ME:G>B:CI69DCDI>:C:ASB>I:H

2FJ>:GD9:8>GA:6CI::HI66J9>:C8>6CJC86=:DS9D9:HJHA67>DHJC6;G6H:9:H86A>
;>869DG69:C>C<JC6E:GHDC6
"C8AJHD6H67>:C96H9:FJ:H:A:=6N6CD7H:GK69D8DC
9J8I6HH6C8>DC67A:HADHJNDCD:H?JO<6GD8DC9:C6GH>CDBQH7>:C8DBEG:C9:GN
H>:HIQ6HJ6A86C8:HJ<:G>GHJH8>I6GEGDE>8>6G

):GD BQH 6AAQ 9:A 5C@139? 45 <1 F941 @B9F141 FJ:G>9D &6:HIGD .9
 CDH =6 969D
:?:BEAD 9: A6 F941 3?=E>9D1B91
 &J8=DH 9: ADH 6FJS G:JC>9DH E:GD JC >C8DCI67A:
CVB:GD 9: 6JH:CI:H =:BDH >9D 6 HJH 8A6H:H N :HE:8>6AB:CI: 6 HJH H:B>C6G>DH E6G6
A::G6HJA69DE6G6>CI:GEG:I6GID9DHN8696JCDEDGHJEGDE>6867:O6
28A6GD:CIG:
:HDH3141E>?6E6G:8:CHJHEGDE>6H>CI:GEG:I68>DC:HHS:GJ9>I6HE:GDCJC866E67J
AA6CI:HC>?6BQH6JIDG>I6G>6H

'D HR 8J6CI6H K:8:H ADH H:B>C6G>DH I:GB>C6GDC H>:C9D JC 9>QAD<D :MI:C9>9D =6HI6
=DG6H9:A6HB69GJ<696:CHJ86H6:CA686H69:6A<JCD9:HJH9>H8SEJADH>C8AJN:C9D
A6BS6C>HR8JQCI6HK:8:H=:BDHK>6?69D6:K:CIDH8DBDRHIDH6;>C86H9:6B><DH
HUADE6G68DCK:GH6Gd8DBD8J6C9D6C9JK>BDH:CA+:I>GD:C86H69:+6;6:AAUG:O
8DCA68DBE6TS69:)J7A>D+:HIG:EDdE6G6K>K>G;>ADHU;>86B:CI::CIG:6B><DH

'D HR EDG FJR HUAD EDG B:C8>DC6G 6A<JCDH 9: ADH FJ: =:BDH H>9D 8DBE6T:GDH 9:
K>6?:9><DEDG:?:BEAD):9GD#J6CG>HI>OQ76A%JO ADG>6QG9:C6H#J6C&6CJ:A
J6GI6H#DG<:"KQCGJOHUADEDGB:C8>DC6G66A<JCDH9:ADHEG:H:CI:HCDHUADI:G
B>C6BDH H>:C9D JC6 8DBJC>969 HS 9: ;:CDB:CUAD<DH E:GD :H:C8>6AB:CI: 9: 6B>
<DH
 .9
 AD :CH:T6 BJN 8DADFJ>6AB:CI: `_%6 >CI:GHJ7?:I>K>969 =:GB6CD
 %6 >CI:G
HJ7?:I>K>969adCDHAD=6:MEG:H69DBJ8=6HK:8:Hd
:8>G:HID:HH:C8>AADE:GD8DC
;><JG6GAD8DBEA:?D
2H>C:B76G<D:HI::HESG>IJ9:8DBJC>9699:>CK:HI><6G8DBD
BD9:HIDH IG676?69DG:H 9: 96G 867>96 6 ID96H A6H ;DGB6H 9: CJ:HIGD BJC9D K>I6A :H
JC6 CDI6 86G68I:GSHI>86 9: AD FJ: =68: 9: HJ ;>ADHD;6G JC =DG>ODCI: FJ: H: CDH IDGC6
8DBVC

:CIGD9::HI:H:CI>9D9:8DBJC>969KDN6E:GB>I>GB:EDC:GJC:?:BEAD
%68G:6
8>UC9:A>E1B9??<?=291>?455>?=5>?<?7N1
,RFJ:):9GD#J6C6A;JC96GADE6
HU6HJ86H6E6G68DCHJAI6GA6>C>8>6I>K6
=DG6:HJCEGDN:8ID8DDE:G6I>KD:CIG:6B>
<DHFJ:=68:BDH9::HI:EGDN:8IDJCH:CI>9DBJNSCI>BD9:8DDE:G68>UC9:8DBJ
C>9699:IG676?D
HI>ADBJN>CHE>G69D:CADFJ:.9
CDH=6:CH:T69D

):GD:AH:CI>9DH>:BEG:6I:CID6ABJC9D9:A6K>96CDH=6EJ:HIDH>:BEG:6`E:CH6G
HD7G: CDHDIGDH B>HBDHa
 G:D FJ: C>C<JCD 9: CDHDIGDH HJH 6AJBCDH :HI6BDH 9>H
EJ:HIDH6:HIJ9>6GH>C9:7>9DH>CHIGJB:CIDH8DBD8DCD8>B>:CID 9:A6HA:C<J6H8D

CD8>B>:CID9:ADHI:MIDHDG><>C6A:Hd9:!JHH:GANADH9:BQH;:CDB:CUAD<DHdH>C:A
H:<J>B>:CID9:ADH8DC8:EIDHH>CADH8DCI:MIDH9:CIGD9:ADH8J6A:H6E6G:8:CADHI:M
IDH:I8
2BJN:C:A8:CIGD9:A6A:8IJG6FJ:CDH=6:CH:T69D9:!JHH:GA=6:HI69DN
:HI6GQEG:H:CI:A68DCI>CJ>9699::H6EG>B:G6>CIJ>8>UCFJ:JC6NDIG6K:O.9
=6:M
EJ:HID8DBDA6BQH8A6G6EDH>7>A>9699:K:GID9D:AE:CH6B>:CID9:A;>AUHD;D8DBDJC
EGDN:8IDSCI:<GDNJC>I6G>D

,>C:B76G<D&6:HIGD8DBDCDHADH=6EJ:HID:C:K>9:C8>6A6G:8JE:G68>UCAA:K696
6867DEDG.9
9:I:MIDH8:CIG6A:H9:CJ:HIG6=>HIDG>68JAIJG6AdEDC<DHUADJCDH8J6C
IDH:?:BEADHHJG:8JE:G68>UC9:B6CJH8G>IDH8DADC>6A:HA6:9>8>UC9:ADH6JIDG:H9:
A6"AJHIG68>UC:CDADB7>6A6:9>8>UC9:ADH:H8G>IDH9:RA>M9:+:HIG:EDHJ6BEA>6
NEG:8>H6G:H:T69:A68DGG:HEDC9:C8>69:#JA>DCG>FJ:A6C8DN%J>H%UE:O9:&:
H6:CIG:DIGDH86HDHdCDH>C9J8:8DBD9>8:A686GI69:ADH8DA:<>6A:H9:A,6C6GID
ADBR6AK>GG:NHE:A:I6dFJ:I6B7>RC.9
=68DB:CI69Dd`68DCD8:G:AHJ:ADFJ:=6
7>I6BDHa

):GDBQH6AAQ9:JC6B>G696BJN6I:CI69:CJ:HIG6=>HIDG>6FJ:G>9D&6:HIGDHJIG6
76?DCDH>BE:A:6:HIJ9>6GCJ:HIGD:;:8I>KDBJC9D9:A6K>96KDN6G:8DG96G6FJSI6C
HUAD:A9:G:8=D6A6K>96:A9:G:8=D6AIG676?DA69:BD8G68>6JC6K:G969NJCK6ADG
RI>8D :C 8DCHIGJ88>UC
 2 :HID AD =6 =:8=D .9
 IDB6C9D ID9DH ADH G>:H<DH N 8DCH:
8J:C8>6H9::H6H:A67DG68>DC:H;:CDB:CDAU<>86H
AEG>B:GD9:ADHB:C8>DC69DHFJ:
.9
8DBEJHDNA:NU:C9>K:GH6H8>J969:H9:AE6SH:CB:9>D9:CJ:HIGDC:;6HIDE:GSD
9D 9:A `HI6IJID 9: H:<JG>969a AA:KU 6 FJ: .9
 N HJ ;6B>A>6 E69:8>:G6C :H: >C?JHID
6AA6C6B>:CIDEDGA6H;J:GO6HB>A>I6G:HFJ::C86GC6G6CA6>BEA:B:CI68>UC9::H::HI6
IJID
CIG:I6CID:AH:<JC9D9::AADHI6B7>RCA:S9D6FJSN6AAQ9>DAJ<6GE6G6JC69:
8>H>UC9:A,'9:EJ7A>86GAD:CKDAJB:CE6G6<:C:G6GJC6>CI:GEG:I68>UC?JHI6B:C
I:9::HI6`:HIGJ8IJG69:ABJC9D9:A6K>96a
AVAI>BD9::HI6H:G>:6CD9J96GADN
ADHREDGB>:ME:G>:C8>68DC8G:I68DBD9>G:8IDG9:A6H8J:A69:%>9:G6O<D:BD8GQ
I>8DE6G6:CIDC8:HCDHUAD6B7>:CIUA6HH:H>DC:H9:A6H6B7A:6'68>DC6ADCHI>IJ
N:CI: 9:   H>CD A6 >CI:GEG:I68>UC FJ: 9:7>:GDC =68:G 9: :AA6 A6H BJ?:G:H N ADH
=DB7G:H9:A6H9>K:GH6HG:<>DC:H9:AE6SH6AIG6I6G9:EDC:GA6:C;JC8>DC6B>:CID

HS8G:DNDHJB6<>HI:G>D66A86CO69D6A6C68>UCE:GD=6H>9D68DBE6T69D9:JC
I:HI>BDC>D 9: IG676?D 9: G:;A:M>UC 9: :H8G>IJG6 9: :9>8>UC 9: 9>;JH>UC
 HI: :H :A
E:G;>A 9: A6 9:HEGDEDG8>UC 9: A6 I6G:6 FJ: .9
 =6 >9D EDC>:C9D :C CJ:HIG6H B6CDH

J6C9D:CA6:CIG:K>HI69: 8DC8:9>966+D7:GID,6A6O6G;J:>CI:GGD<69D6BD
9D9:8DAD;UC`^*JRE>:CH66C>:A!:GG:G68DBDE:GHDC69:6C>:A!:GG:G68DBD
;>AUHD;DaHJG:HEJ:HI6;J:9J7>I6I>K6
,:A>B>IU69:8>GCDHFJ:H>6A;>C6A9:HJK>96
!JHH:GAH:8DCH>9:G676JC>6L>75BFJRED9GS6E:CH6G.9
9:.9
B>HBD
26<G:<U

FJ:HJB6NDGH6I>H;688>UC8DCH>HIS6:C=67:G8DCIG>7J>9D68G:6GJC6>C;G6:HIGJ8IJG6
E6G6 A6 ;>ADHD;S6 :C DADB7>6 E6G6 FJ: 6A<JC6 K:O H: EJ9>:G6 =67A6G 9: 6JIRCI>8DH
B6:HIGDH:CCJ:HIGDI:GGJTD

,>ADD7G69DEDG.9
:HHUADJC6EDGI:6A6>C;G6:HIGJ8IJG6^*JR:H:CIDC8:HADFJ:
CDHDIGDHHJH6AJBCDHN9>H8SEJADH9:7:BDHAA:K6G6IRGB>CD
_,>6AB:CDHIJK>RG6BDHA686E68>969NA6E68>:C8>69:68D<:G6CJ:HIGDH:HIJ9>6C
I:H9:=68:G9:HJHK>96H`8DH6B>HB6a:CA6HCJ:HIG6H9::HIJ9>6GE6G6<J>6GADH&?B
<?CC5>45B?C45<69<?C?61Bd8DBD.9
=6AA6B69D6AA>7GDFJ:H:GQA6CO69D:AEGUM>BD
AJC:H:CA6.C>K:GH>9699:,6CJ:C6K:CIJG6:CD<DIQd_H>IJK>RG6BDHA69:9>86
8>UC 9: IG6I6G 8DC A6 B>HB6 >BEDGI6C8>6 :C :A I:MID 9: JC :HIJ9>6CI: HJH 67><6GG6
B>:CIDH9:G:9688>UCE6G68DA67DG6GA:H=6HI6=68:GADH>CI:A><>7A:H8DBDA6IG69J88>UC
9:JCI:MID9:JC6A:C<J6FJ:CD9DB>C6CJ:HIGD6AJBCD=6HI6ED9:GA:96GA6H76H:H
6ADFJ::CHJ7VHFJ:96:A:HIJ9>6CI:6HE>G668DBEG:C9:G_,>9><DH>6AB:CDHIJ
K>RG6BDH:HIDFJ:BJ8=DHDIGDHNND=:BDHK>K>9D6HJA69D
):GD.9
CDHUADCDH=6AA:K69D6BJ8=DH9:A6B6CD=6HI6FJ>I6GCJ:HIG6HEG>C8>E6
A:HIDGE:O6H:CCJ:HIG6>C=67>A>9699:>CK:HI><69DG:H9::H8G>IDG:H
.9
6ID9DHN86
96JCD9:HJH9>H8SEJADHCDH=6EJ:HID:CADH:H8:C6G>DH8DBDDG69DG:H8DBD:MED
H>IDG:H8DBD8DC;:G:C8>HI6H
26;6AI69:ID9DAD9>8=DCDH=67JH869DADH86B>CDH
E6G6 >G 6 DIGDH E6SH:H 6 DIG6H A:C<J6H 6 DIG6H 8JAIJG6H
 A<VC 9S6 H: I:C9GQ FJ: G:
8DCHIGJ>GAD>CK:HI><69DEDG.9
9>GS6BDHEDG>CI:GEJ:HI6HE:GHDC6H
+:K>HI6H8DBD
A6N6B:CI696B1>39C31>E=&B1H9C69<?CP6931ADHE145B>?C4569<?C?6N1<1D9>?1=5
B931>1:CIG:DIG6H^8JQCI6H8DCIG>7J8>DC:H8DCI>:C:CFJ:;J:GDC=:8=6H76?DHJIJ
I:A69>H8JI>96H:CA6H6A69:HJ86H6;JC9696H:CA>7GDHFJ:.9
EJHD:CB6CDH9:ADH
6JIDG:H8DC;G6<B:CIDHFJ:.9
IG69J?D2^8JQCI6HHDC;GJID9:=>EUI:H>HFJ:=6C
I6A69G69DHJB:CI:FJ:<:C:GDH6B:CI:.9
=6EJ:HID6A6A86C8:9:ADH?UK:C:HFJ:
JC6HK:OG:6A>O696H8DCI>:C:C:AG><DG9:HJK>H>UC9: A68>:C8>6E:GD8DC67HDAJID
G:HE:ID9:A6:A67DG68>UC9:DIGD9:A:HIJ9>6CI:
&6:HIGD.9
CDH=6AA:K69D69DC9:=6ED9>9DN6VC8J6C9DCDH=:BDH>9D=68>:C
9DB6NDG:HH><J:8J>96C9DCJ:HIGDHEGDN:8IDHCJ:HIGDHBRID9DHCJ:HIGDH86B>CDH

-:C:GAD:CIG:CDHDIGDHH>:BEG::HJC69>8=6NCDHUADEDGHJH67>9JGS6FJ:H>:BEG:
A6:MEG:H6:CADHIRGB>CDHBQH8:G86CDHNH:C8>AADHH>CDEDGFJ:.9
d8DBDADG:8A6
B6:AED:B69:&6G>D:C:9:II>dCDH>CK>I6JC6NDIG6K:O6`9:;:C9:GA66A:<GS6a

+:8J:G9D 8DBD E6GI: 9: A6H :MEG:H>DC:H 9: A6 6A:<GS6 JC6 D86H>UC BJN 8DC8G:I6

-:GB>C6BDHJCD9:ADHDC<G:HDH"CI:GC68>DC6A:H9:>ADHD;S6%6I>CD6B:G>86C6:C
A6.C>K:GH>969,6CID-DBQH
CIG:ADH8DC8JGG:CI:HH:=6AA676CJ:HIGD6B><DN8DA:
<6 J>AA:GBD !DNDH 6 FJ>:C 8DBD 6 I6CIDH DIGDH .9
 A: 8DCD8: d8DBD ED8DHd HJ

D7G6
:;:C9S68DBD6=DG6!DNDHA6`9:IG6H8:C9:CI6A>O68>UCa9:A6G6OUC:HID:H
A6G:CJC8>66A69>B:CH>UCIG6H8:C9:CI6A9:A6;:CDB:CDAD<S6N:AADE6G696G:A<>GD
=68>6A6I:DGS69:A6688>UC8DBJC>86I>K6=68>6A6H8>:C8>6H9:A69>H8JH>UC
CI::AAD
8DCHJ=67>IJ6A<:HID9:HDCG>H6.9
=>ODA67GDB6`_ J>AA:GBDADFJ:E6H6:HFJ:
IV:G:H9:B6H>69D8G:N:CI:a
%6=DC9JG69:A68GSI>86NADH6A86C8:H9:A6B>HB6CD
H:D8JAI6C

!:I:C>9DK:A696H:CFJ:CDH:=69>8=D;DGB6AB:CI:JC6;G6H:9:;>ADHD;S6H>CG:
CJC8>6G6:AA6HUAD9:7GDB6:C7GDB6
DC+6;6:AAUG:OD8DC):9GD#J6C6FJ>:
C:H.9
ADH=6IG6I69D9:`_HI:>C9>K>9JDa
28A6GDCDHUADAD=68:EDGHJCDI67A:
B6A6B:BDG>6E6G6ADHCDB7G:HEGDE>DHH>CDEDGAD>BEA>869D:C:HI:ISIJAD9:H9:
A6H6G86C6H9>H8JH>DC:H9:A6H8J:A6G6C8>H86C6
26=DG6FJ:B:C8>DCD:HI6H8J:
A6 B: E:GB>ID 9:8>GA: 6CI: :HI6 6J9>:C8>6 FJ: BJ8=DH 9: ADH G6H<DH 9:H8G>IDH =DN
6FJSB:=68:C8DBEG:C9:G8J6C9D.9
H>C=68:GEGDH:A>I>HBD=69>8=D`_-:C<DJC
:HESG>IJ;G6C8>H86CDa
26:AAD9:7D6<G:<6GH:JC::A=:8=D9:FJ::H.9
JC8G:
N:CI:
!:K>HIDFJ:AD=69>8=D8DBDJC6>C9>868>UC9:JCG6H<D9:HJH:GE:GHDC6A
E:GDCDI:C<D8DC8>:C8>69:=67:GK>HIDJC HDAD<:HID9:9D<B6I>HBDD9:;G688>D
C6B>:CIDD9:H:<G:<68>UC6E6GI>G9::HI:FJ:H:<VCAD8G:D:HJCEG:HJEJ:HID9:HJ
K>96

'DI:C<DJC6;DGB68>UC69:8J696E6G6=67A6G9::HI:6HE:8ID9:HJ;:
,UADEJ:9D
9:8>GA: 8DBD JC6 8DCHI6I68>UC FJ: H> HJ BD9D 9: K>K>G :HIQ 76H69D :C :AA6 B: 96
E6G6 E:CH6G FJ: :H: =DG>ODCI: CD HUAD B:G:8: ID9D G:HE:ID H>CD FJ: HJ K>K>G :H JC
:?:BEAD9:8D=:G:C8>6N9:I:HI>BDC>DFJ:=68:C9:H:67A::HI:BD9D9:K>K>G

.9
B:=69>8=D:C:AKJ:AD=68>6)DE6NQCFJ:A68DC;:G:C8>69:AB>RG8DA:HE6H69D
NA6FJ:A::GQ:AAJC:HEGUM>BDH:GS6CG:HE:8I>K6B:CI:HJE:CVAI>B6NVAI>B6>CI:G
K:C8>DC:HEV7A>86H
,RFJ:H:GS6JC9:A>IDdFJ:N6AD=6H>9D6AB:CDH9:B>E6GI:d
E:9>GA: BQH H>:BEG: BQH N BQH
 ,>:BEG: AD =: K>HID 8DBD JC6 ;J:CI: >C6<DI67A:

,>:BEG:FJ:A:=:BDHE:9>9D6NJ96.9
=668J9>9D:CCJ:HIGDEGD

'D=6N9J96FJ:G>9D&6:HIGDH>:BEG:ADI:C9G:BDHEG:H:CI:
'DHUAD:CHJHE6A6
7G6HH>CDN:C:HE:8>6A:C:HID9:8135B45<169<?C?6N1E>1D1B51E>@B?I53D?
,>6A
<JC6 K:O AA:<6BDH 6 I:C:G JC E:CH6B>:CID ;>ADHU;>8D 8G:D ND I:C9GQ FJ: C68:G 9:
JC6DC968DG9>6A8DBDA6FJ:.9
=6>CHJ;A69D:CCDHDIGDH
G:DFJ::H:A:<69DH:
9>K:GH>;>86N:HIQSCH>ID:CBJ8=DH9:CDHDIGDHN9:CJ:HIGDH6AJBCDH

>:GIDH>9:6A<J>:CEJ:9:H:G9>8=D:AK:GHD`ID96KS6CD:H=DG69:9:H86CH6Ga9:
%:UC9: G:>;;FJ:G>9D&6:HIGD:H9:.9
HIDNBJN8DCK:C8>9DFJ:A68DCHI6C8>6
9:AB>RG8DA:HE6H69DA:N:C9D>BE:867A:B:CI:8DCHJAJE6dH67:9DG:H8DBDHDBDH
9:HJ:CDGB:G:HE:IDEDGA66J9>:C8>6N6A6E6GHJHH:K:G6H9:;>8>:C8>6HK>HJ6A:H9:

ADH VAI>BDH 6TDHd 6A ><J6A FJ: :A A6CO6B>:CID 9: HJ A>7GD N6 B:C8>DC69D &?B <?C
C5>45B?C45<69<?C?61B:AEGUM>BDAJC:HCDHFJ:96GQCdJCDNDIGD<:HIDd8DBDJC6
8DCHI6C8>69:AK:GHD9:%
9: G:>;;NBQH6AAQ9::AADNCDEDG:MEG:H6GB:9:H>9:
G6I>K6B:CI:I:C<DA68:GI:O69:FJ::CA6EG>K68>969HJK>96HJ:H8G>IJG6EGDH:<J>GQ
FJ: :C :A 6B67A: 68D<>B>:CID 9: HJ 6E6GI6B:CID H:<J>GQ G:8>7>:C9D 8DCHJAI6H 9:
8DA:<6H9::HIJ9>6CI:H9:6B><DH
,JH:G9>6AU<>8DFJ>OQ8:H::CJC69:HJHB6C>
;:HI68>DC:HE:GD8DCI>CJ6GQH>C;>C

*J:G>9D6C>:A&6:HIGDN6B><D<G68>6HEDGHJB6<>HI:G>DEDGHJI:HI>BDC>DEDG
HJ 7DC969 EDG HJ 68D<>B>:CID EDG HJH :H8G>IDH EDG HJH A>7GDH
 G68>6H :C ;>C EDG
BDHIG6GCDH:AH:CI>9DG69>86A9:A6:HE:G6CO6EDGAA:K6G6867DJC6K>96FJ:9:BJ:H
IG6d8DBD.9
B>HBDAD=69>8=DdFJ:69<PC?6?C95=@B5C55C>C;>:G>3?=?AE5B95>4?
<<571B1C5B<?

A9:H6;SDFJ:FJ:966CI:CDHDIGDH:H:A9:G:HEDCH67>A>O6GCDH9::H6>C;G6:HIGJ8IJG6
FJ:.9
=68DCIG>7J>9D68G:6GE:GD6CI:ID9D:A9:=68:Gd8DBD.9
AD=6=:8=Dd
`K:G969:CA6:ME:G>:C8>6a:H6;G6H:9:!JB:`,RJC;>AUHD;DE:GD:CB:9>D9:ID96
IJ;>ADHD;S6HRJC=DB7G:aFJ:AA:K66JC6G:8DBEDH>8>UC;:CDB:CDAU<>86!JHH:GA6A
=67A6G9:A6;>ADHD;S68DBD`I6G:6>C;>C>I6a8DC7VHFJ:969:AH:CI>9D9:JC6=JB6C>
969FJ:6HE>G668DBEG:C9:GH::CHJK:G969JC>K:GH6ANIDI6A


DCH>C8:GD6;:8ID9:9>H8SEJAD

:GBQC
 




92<9?7B16N1

<J>GG:CIDC>D
 `DCH>9:G68>DC:HHD7G::ABJC9D9:A6K>96a
C(5F9CD1,5>5J?<1>1459<?C?
6N1'\ EE
QN'\  EE
Q

G>HI>OQ76A!DNDH)
#
 
>D9=9414I*5=@?B1<94145>?=5>?<?7N159>DE939P>@?MD931D<DIQ

6?ISC&>?6SA
 &B?2<5=1C45<1@?MD93145?CD?95FC;9
&RM>8D
[9
-G69
-6I>6C6J7CD
K6

:=C@:A>O67:I=
 `A8DC8:EIDEGDI:>8D9:6;:8I>K>969:C!JHH:GA
:ADHI:MIDH6ADH;:CUB:CDH
B>HBDHa
C>E1B9?3?<?=291>?4565>?=5>?<?7N1
/DA
""" EE
 

QG9:C6H&:?S6%JO ADG>6
 <79B?45<D95=@?813915<<E71B+>1@B9=5B11@B?H9=139P>45B9C
DPD5<5C15945775B
C>E1B9?3?<?=291>?4565>?=5>?<?7N1
/DA
"""EE
 

QG9:C6H&:?S6%JO ADG>6
 1391E>185B=5>MED93145<<E71B
C>E1B9?3?<?=291>?4565>?
=5>?<?7N1
/DA
"/EE
  

S6O hAK6G:O #:HVH &
   `^H !JHH:GA JC ;JC968>DC6A>HI6 A<JC6H G:;A:M>DC:H 8DC BDI>KD 9: JC
;G6<B:CID9:"13B9C9C45<1C395>391C5EB?@51Ca
C(5F9CD1"17E>1B6ND EE
 

G:N;JH !
  
 '>=>A>HBD :C ASC:6 :A ;JIJGD 9: A6 I:8CDAD<S6 9: A6 >C;DGB68>UC K>HID EDG ,]G:C
$>:G@:<66G9:C 
?<9?C  

B7G:: %:HI:G
 >K<9C9C B56<5H9F? +>1 @B9=5B1 9>DB?4E339P> 1 <1 9>F5CD97139P> 65>?=5>?<P7931
 %J>H
+DBQC+676C6FJ:
-G69
&DG:A>6#>I6C?Q;DG6 EE

B7G::%:HI:G
5>?=5>?<?7N13?>D9>E141?>DB92E39?>5C1<165>?=5>?<?7N145<13E<DEB1
&DG:A>6#>
I6C?Q;DG6 

G:<: DIIAD7C3B9D?C<P793?C5=K>D93?C-:8CDH&69G>9 

6AA6<=:G ,=6JC  36=6K> 6C
   *85 &85>?=5>?<?7931< #9>4 > >DB?4E3D9?> D? &89<?C?@8I ?6
#9>41>4?7>9D9F5)395>35
'
2
+DJIA:9<:

UB:O >G6A9D9DA;D%
 `9<?C?6N11>1<ND931I<5>7E1:53?D9491>?Y
D<DIQ.,-d EE

J:K6G6BUGI:<J>

 
#E>4?45<1F941"9D5B1DEB1<1D9>?1=5B931>1D<DIQ,6C)67AD

!6G9I&
':<G>
 
=@5B9?
>M>D-G69
6G8:ADC6)6>9UH

!:>9:<<:G&
 
)5BID95=@?
+>K:G6-G69
,6CI>6<D.C>K:GH>I6G>6

!:GG:G6+:HIG:ED6C>:A
 &?B<?CC5>45B?C45<69<?C?61B
D<DIQ.C>K:GH>9699:,6CJ:C6K:CIJG6

!DNDH /QHFJ:O
   
 :CDB:CDAD<S6 N B6GM>HBD :C A6 D7G6 9: !:G7:GI &6G8JH:
 451C I ,1<?B5C
  

!JHH:GA 
   
 &81>D1C95 9<425GECCDC59> B9>>5BE>7     :C !66< &6GI>CJH '>?=D;;
E1..

!JHH:GA9BJC9
 0EB&8L>?=5>?<?79545C9>>5B5>059D25GECCDC59>C   :C!66< 
EE
E1.

!JHH:GA9BJC9
 1BD5C91>9C385#549D1D9?>5>E>4&1B9C5B,?BDBL75 !<H
,
,IG6HH:G
:C
!66<&6GI>CJH'>?=D;;   EE
E1

!JHH:GA9BJC9
 B618BE>7E>4+BD59<+>D5BCE38JEB5>51<?79545B"?79;
!6B7JG<A66HH:C
 DK:GI
!GH<
%
%6C9<G:7:

!JHH:GA 9BJC9
    &8L>?=5>?<?79C385 &CI38?<?795 ,?B<5CE>75> )?==5BC5=5CD5B  
 :C
!66<'>?=D;;E1.



!JHH:GA9BJC9
 95!B9C9C45B5EB?@19C385>-9CC5>C3816D5>E>4495DB1>CJ5>45>D1<5&8L>?=5
>?<?795G<6COJC<H76C9
-:MI:6JH9:B'68=A6HH  
:C!66<&6GI>CJH'>?=D;; EE
E1
,

!JHH:GA9BJC9
 "P79316?B=1<I<P7931DB1C35>45>D1<>C1I?45E>13BND93145<1B1JP><P7931

&RM>8D.'&
-G69
%J>H/>AADGD

!JHH:GA 9BJC9
   9>7 E>4 (1E=
 ,?B<5CE>75> 

 :C !6<J: &6GI>CJH '>?=D;;
 !GH<
 .

A6:H<:H
E11/"

!JHH:GA 9BJC9
   ?B=1<5 E>4 *B1>CJ5>45>D1<5 "?79; ,5BCE38 59>5B !B9D9; 45B <?79C385>
,5B>E>6DE11/""
:C!66<&6GI>CJH'>?=D;;
!GH<

!DA:CHI:>C

!JHH:GA9BJC9
 >F5CD97139?>5C<P7931C
&69G>9+:K>HI69:(88>9:CI:IG69
&6CJ:A 6G8S6&D
G:CI:N#DHR 6DH

!JHH:GA9BJC9
  H@5B95>391I:E939?
&RM>8D.'&EE
-G69
#6H+:JI:G
>I69D 

!JHH:GA9BJC9
  "169<?C?6N13?=?395>3915CDB93D1
H
H
'DK6IG69
AH6-67:GC><

!JHH:GA9BJC9
  "169<?C?6N15><13B9C9C45<18E=1>94145EB?@51
C"169<?C?6N13?=?395>391
5CDB93D1
H
H
9
'DK6EE
  

!JHH:GA 9BJC9
   "1 9451 45 <1 65>?=5>?<?7N1 9>3? <5339?>5C &RM>8D &69G>9 J:CDH >G:H

-G69
&><J:A 6G8S6 6GU

!JHH:GA9BJC9
 95@8L>?=5>?<?C79C385#5D8?45EC75GL8<D5*5HD5
,IJII<6GI+:8A6B
&>I
:>C:G>CA:>IJC<!:G6JH<:<:7:CKDC$A6JH!:A9

!JHH:GA9BJC9
 451CB5<1D9F1C1E>165>?=5>?<?7N1@EB1IE>169<?C?6N165>?=5>?<P7931
&RM>
8D


IG69
#DHR 6DH
451CK
:


!JHH:GA 9BJC9
   #549D139?>5C 31BD5C91>1C
 &69G>9 -:8CDH  IG69
&6G>D 
 )G:H6H 8>I69D
#
!JHH:GA9BJC9
  "13B9C9C45<1C395>391C5EB?@51CI<165>?=5>?<?7N1DB1C35>45>D1<
6G8:ADC6
GSI>86
-G69
#68D7D&JTDON,6AK69DG&6H
>I69DB9C9C

!JHH:GA 9BJC9
   *89>7 1>4 )@135 "53DEB5C ?6 

 GD9G:8=I DHIDC %DC9DC $AJL:G 86
9:B>8)J7A>H=:G
-G6CH
+>8=6G9+D?8:L>8O

!JHH:GA9BJC9
 "5339?>5C4565>?=5>?<?7N145<13?>395>3919>D5B>145<D95=@?&69G>9-GDII6

-G69
<JHISC,:GG6CD9:!6GD

!JHH:GA9BJC9
 451CB5<1D9F1C1E>165>?=5>?<?7N1@EB1IE>169<?C?6N165>?=5>?<P7931"92B?
)57E>4?>F5CD97139?>5C65>?=5>?<P7931CC?2B5<13?>CD9DE39P>&RM>8D
-G69
CIDC>D3>G>UC*J>
?6CD
>I69D451C

!JHH:GA 9BJC9
   95 "525>CG5<D EC<57E>75> 45B F?B757525>5> -5<D E>4 98B5B !?>CD9DED9?>
*5HD51EC45=$138<1CC  \  
+D8=JH,DL6:9
E1....
,EG>C<:GDG9G:8=IIG69
+D7:GID
06AIDC

!JHH:GA 9BJC9
   "1 3B9C9C 45 <1C 395>391C 5EB?@51C I <1 65>?=5>?<?7N1 DB1C35>45>D1<
 H
 H

)GDB:I:DIG69
#JA>6/
"G>76GC:

"G>76GC: #JA>6 /6A:CI>C6
   4=E>4 ECC5B< <1 65>?=5>?<?7N1 3?=? =?>14?<?7N1 H
 H

869:B>6'68>DC6A9:>:C8>6H9:J:CDH>G:HEE

%:>7C>O
0
 C3B9D?C69<?CP693?C
H
H
9
=6G86HEE

&6G>DC #
%
  
 9?C C9> 5< C5B 
 6GG:ID #
 6HH6H N 

 +:HIG:ED -G69
 />A67D6 AA6<D
CH6ND

&:CIDC,
 
<3E5>D?89C@1>?1=5B931>?>D?<?7N13BND93?89CDPB931&RM>8D



':CDC -=DB6H
   `%6 ;:CDB:CDAD<S6 8DBD 8>:C8>6 ;6A>7A:a
 C ?85B5>391
 /DA
  ?JA>D
9>8>:B7G: EE
 



':CDC -=DB6H
  
 ECC5B<C *85?BI ?6 D85 #5>D1<
 "C -=
 ':CDC  %
 B7G:: 9>IH
 CCE5C 9>
ECC5B<C451CEE
 
DG9G:8=IDHIDC%DC9DC$AJL:G869:B>8)J7A>H=:GH

):I>DI#:6C:I6A
 $1DEB1<9J9>7@85>?=5>?<?7ICCE5C9>?>D5=@?B1BI&85>?=5>?<?7I1>4?7
>9D9F5)395>35
,I6C9;DG9,I6C;DG9.C>K:GH>IN)G:HH

*J>GD<6 !
  
 A =DB7G: BJ:GID
 C ,
 &:CIDC < 3E5>D? 89C@1>?1=5B931>? >D?<?7N1 3BND93?
89CDPB931EQ<H
  
&RM>8D



+::9:G !6GGN )
 "1 @B1H9C 65>?=5>?<P7931 45 ECC5B<
 D<DIQ ,6C )67AD   IG69
 :GBQC /6G<6H
J>AARC

+::9:G !6GGN )
   `-9DD75>CD59> >5F5B G1C 1 &85>?=5>?<?79CDY
 C ?EB>1< ?6 B9D9C8 )?395DI ?6
&85>?=5>?<?7I/DA 'D
(8ID7:G 

+::9:G!6GGN)
 `0>II<:CHI:>CCJC86;J:JC;:CDB:CUAD<Da
C+::9:G!6GGN)
NDIGDH
"5>7E1
:549=5>C9P><9>7SNCD931I5HDB1<9>7SNCD931
D<DIQ.C>K:GH>969):96<U<>86'68>DC6AEE
  

+>8cJG )
  
 "1 =5=?B91 <1 89CD?B91 5< ?<F94? J:CDH >G:H DC9D 9: JAIJG6 8DCUB>86 IG69

<JHISC':>G66AKD

+>8cJG)
 
*95=@?I>1BB139P>?>697EB139P>45<D95=@?5>5<B5<1D?89CDPB93?/DA
"

':>G6
&RM>8D,><AD11"

+>8cJG)6JA
 V'EM5CE>D5HD?C9CD?B91I>1BB1D9F9414
6G8:ADC6)6>9UHIG69
 67G>:AG6C
OJ:FJ:,6=JFJ>AAD

+>8cJG )6JA
   V'EM 5C E> D5HD? C 5< D5HD? 1 <1 1339P> >C1I?C 4585B=5>MED931 
 &RM>8D



EE
  IG69
)67ADDGDC6

+>8cJG)6JA
 <^53?<545<1@8M>?=5>?<
795
)6G>H/G>C

,6GB>:CID

 
13E>4?9F9<9J139P>3?>DB121B21B95 H
H
H
9
E
>

,6K6I:G:GC6C9D
 >CDBE339?>5C@1B1?<F941B5<'E9:?D5
&69G>9-6JGJH

,>BDC9DC
  
 #?4? 45 5H9CD5>391 45 <?C ?2:5D?C DM3>93?C &
 &6GISC:O N )
 +D9GS<J:O H
H

)GDB:I:D

,>BDC9DC
  
 "1 9>49F94E139P> 1 <1 <EJ 45 <1C >?39?>5C 45 6?B=1 I 45 9>6?B=139P> )
 "G:H
H
H
%68:7G6:9>8>DC:HN9>IDG>6A68IJH

,E>:<:A7:G< !:G7:GI
   *85 &85>?=5>?<?7931< #?F5=5>D  9CD?B931< >DB?4E3D9?>
 -=: !6<J:
'>?=D;;
 
KDAH >4549D9?>
-=:!6<J:'>?=D;;
 
KDAH B4549D9?>
L>I=I=:8DAA67DG6I>DC
D;$6GA,8=J=B6CC
-=:!6<J:'>?=D;;
 

/6G<6H J>AARC
 
&5>C1BC?2B5>?C?DB?C=9C=?CD<DIQ,6C)67AD

/6G<6H J>AARC
 
EC5>391I@B5C5>391459?C
5CDE49?C65>?=5>?<P793?CD<DIQ,6C)67AD

/6G<6H J>AARC
  +::9:G !
 )
  
 )5B I C5>D94? 1391 E>1 65>?=5>?<?7N1 DB1>C35>45>D1<
85B=5>MED931D<DIQ,6C)67AD96
:9>8>UC

/6G<6H J>AARC :GBQC #51>9>77:IL::C&85>?=5>?<?7I1>45B=5>5ED93C
*?G1B4C15B=5
>5ED931<*B1>C35>45>D1< &85>?=5>?<?7I
 :CIDC 'DGI= -:M6H )=>ADHDE=>86A HHD8>6I>DC &6G8=  
 EE

/6G<6H J>AARC :GBQC
 5>?=5>?<?7N145<C5BI45<<5>7E1:5
D<DIQA:?6C9GS6%>7GDHEE

/6G<6H J>AARC :GBQC
   "1 B5@B5C5>D139P> 3?=@ED139?>1< 45 49<5=1C =?B1<5C >F5CD97139P> 65
>?=5>?<P7931455@9CD5=?<?7N15H@5B9=5>D1<
D<DIQ.C>K:GH>969):96<U<>86'68>DC6A EE

/6G<6H J>AARC :GBQC
 "15H@5B95>39145C5B
D<DIQ,6C)67AD

/>GCD )
  
 &JAI>IJ9 : >C9>K>9J68>UC 
 6AIO6 -G69
 #E<D9DE45C 
=IIE BJAI>IJ9:H
H6B>O96I
C:I &JAI>IJ9:H  :8:B7:G 
DCHJAI69D 9:?JA>D9: 

/>GCD)
 
B1=KD93145<1=E<D9DE4
 UB:O-G69
&69G>9-G6;>86CI:H9:,J:TDH

0>II<:CHI:>C %J9L><
 `E145B>?C JE< I #1BBP>Y
 &69G>9 -R8CDH d DA
 HIGJ8IJG6 N ;JC8>UC 
 EE



0>II<:CHI:>C%J9L><
 B1=KD93169<?CP6931
&RM>8D.C6B EE

0>II<:CHI:>C%J9L><
  "5339?>5CI3?>F5BC139?>5CC?2B55CDMD931@C93?<?7N1I3B55>391B5<979?C1

6G8:ADC6)6>9UH   EE

0>II<:CHI:>C%J9L><
 %2C5BF139?>5C69<?CP6931CY&RM>8D.C6BEE

3:6%
 
9<?C?61B<?E>9F5BC1<@?B<?@B?6E>4?D<DIQ.C>K:GH>969:CIG6A

3>G>UC*J>?6CDCIDC>D
 `%6CD8>UC9:;:CDB:CDAD<S6N:AAA6B6966A6H8DH6HB>HB6Ha
C5B
=5>MED931 I 65>?=5>?<?7N1
 &RM>8D .C>K:GH>969 "7:GD6B:G>86C6 d J69:GCDH 9: >ADHD;S6 'D
   
EE
 Q

3>G>UC*J>?6CDCIDC>D
 +>19>DB?4E339P>1ECC5B<
CJD1@1<1@1
MIG6DG9>C6G>D9: 
EE
 

3J7>G>16K>:G
 <8?=2B5I9?C
[9
&69G>9A>6CO69>IDG>6A

 


1D?CC?2B5<1@B?F5>95>39145<?CCDE49?C


&BP<?7?>CR9>ID

CDE49?
>D?B>?1<165>?=5>?<?7N145<165>?=5>?<?7N1>CR9>ID;J:EG:H:CI69D8DBDA:88>UC:C:AD8IDG69D:C
>ADHD;S69:A6.C>K:GH>969#6K:G>6C6D<DIQ :G
,:B:HIG:9: N8DCA6B>HB6;JC8>UC:C:AJA6
7>:GI69:A6.C>K:GH>9699:CI>DFJ>6&:9:AASC :G
,:B:HIG:9: 


CDE49?
"1C65>?=5>?<?7N1C
C+::9:G!6GGN)
NDIGDH
"5>7E1:549=5>C9P><9>7SNCD931I5HDB1<9>7SNCD931
D<D
IQ.C>K:GH>969):96<U<>86'68>DC6AEE
  


CDE49?
5>?=5>?<?7N1I85B=5>MED93145<D5HD?
"CR9>ID
)G:E6G69DE6G6:A,:B>C6G>DD8IDG6A"185B=5>MED93145
&(93[EBJH6<6HJ<Qd>C86J:GDH.C>K:GH>969):96<U<>86'68>DC6A :G
,:B:HIG:9:


CDE49?,
?B=139P>I=E>4?45<1F941
"CR9>ID
)G:H:CI69D:C:A,:B>C6G>DD8IDG6A?B=139P>59>D5BCE2:5D9F9414

D<DIQ.C>K:GH>969):96<U<>86'68>DC6A :G
,:B:HIG:9: N8DBD"5339P>:C:AJA67>:GI69:A6
.C>K:GH>9699:CI>DFJ>6&:9:AASC :G
,:B:HIG:9: 


CDE49?,
<D95=@?5>X<8?=2B5=E5BD?Y
8:EI69DE6G6HJ:9>8>UC:C?<9?C'D
 :G
,:B:HIG:9: A:S9D
)5=1>145<169<?C?6N1D<DIQ.C>K:GH>969):96<U<>86'68>DC6A 


CDE49?,
X"1CE2F5BC9P>45<?F9C92<5@?B<?9>F9C92<5Y>CR9>ID
%:S9D:C:A,:B>C6G>DA >GDI:DAU<>8D.C>K:GH>969
)DCI>;>8>6DA>K6G>6C6 :G
,:B:HIG:9: 


CDE49?,
5C3B9@39P> 65>?=5>?<P7931 45< 4?<?B
 C 5>?=5>?<?7N1 I <9D5B1DEB1 D<DIQ .C>K:GH>969 ):96<U<>86
'68>DC6A EQ<H
Q 


1BD11=9#15CDB?1>95<5BB5B1(5CDB5@?5><145C@5494145CE=179CD5B9?>CR9>ID
%:S9D:CC549?C
65>?=5>?<P793?CI85B=5>MED93?C#E>4?45<1F941I395>391CC?391<5C
)DE6NQC.C>K:GH>9699:A6J86
6A9:6<DHID9: 




Buy your books fast and straightforward online - at one of worlds
fastest growing online book stores! Environmentally sound due to
Print-on-Demand technologies.

Buy your books online at


www.get-morebooks.com
Compre sus libros rpido y directo en internet, en una de las
libreras en lnea con mayor crecimiento en el mundo! Produccin
que protege el medio ambiente a travs de las tecnologas de
impresin bajo demanda.

Compre sus libros online en


www.morebooks.es
VDM Verlagsservicegesellschaft mbH
Heinrich-Bcking-Str. 6-8 Telefon: +49 681 3720 174 info@vdm-vsg.de
D - 66121 Saarbrcken Telefax: +49 681 3720 1749 www.vdm-vsg.de

También podría gustarte