Documentos de Académico
Documentos de Profesional
Documentos de Cultura
! "
#
$
%
&
'
( &
)
*+%
&
$
$+*,-.%
/(
0
1
/ 2-*3 #
$
%
&
'
( & )
'>-.-6;25:019G?@1>
$>;3>-9-018@;??@A05;?(:5B1>?5@->5;?(
(:5B1>?50-001>-:-0-
>595:-850-0#>3-:5F-0->591:#>3-:5F-0;9;0-850-01?E>1?<A1?@-:@1>:-/5;:-8-8
1:J91:;>595:-8E?A>18-/5J:/;:8;??@-0;?-8850;?
#83-81:-%-9I>1F$;335
!G?@1>1:1>1/4;$1:-8:@1>:-/5;:-8
"'"
"'-+(."f'
;<?D?9?XD:;H?C;D(H=7D?P7:EO:?<;H;D9?79?XD9EDEJHEIJ?FEI:;;B?JEI
&E:;BEI:;H?C;D(H=7D?P7:E%KFI>7 97J;=EH?P79?XDO;J7F7I
&E:7B?:7:;I:;BEI HKFEIH?C?D7B;I
-?FEBE=V7:;B7I(H=7D?P79?ED;IH?C?D7B;I
BE8@;J?LEFH?D9?F7B:;B7I(H=7D?P79?ED;IH?C?D7B;I
H?C;D-H7DID79?ED7BOIKH;B79?XD9ED;B<;DXC;DE:;BEIIJ7:EI7BB?:EI
BH?C;D(H=7D?P7:EOIK9H;9?C?;DJE H;IKBJ7:E:;B7 BE87B?P79?XD
H?C;D(H=7D?P7:EOH?C;D?8;HDUJ?9E
?8;H9H?C;D 9?8;H;IF?ED7@;O9?8;H=K;HH79ECEDK;L7I7C;D7P7I;DB7I;=KH?:7:
)H?D9?F7B;I HKFEIH?C?D7B;I
NKD?XD,EL?UJ?97
&7<?7I+KI7I
%7&7<?7B87D;I7
&7<?7I"J7B?7D7I
H?C;D -H7DID79?ED7B 9ED 7I; ;D IV7 -HV7:7I >?D7I O %7 27AKP7
#7FED;I7
)H?D9?F7B;I HKFEIH?C?D7B;II;=YDEJHEI7KJEH;I
&7<?7I+KI7I
(JHEI HKFEIH?C?D7B;I+KIEI
HKFEIH?C?D7B;I:;KHEF7:;BIJ;
(H=7D?P79?XDH?C?D7B"J7B?7D7
HKFEIH?C?D7B;I'?=;H?7DEI
79JEH;I<79?B?J7:EH;I:;B7F;D;JH79?XD:;BH?C;D(H=7D?P7:E
EDI;9K;D9?7I:;BH?C;D(H=7D?P7:E
('%.,"(',
"%"( +e
'1(,
!
"'%#(R"
B,;HL?9?EH?JSD?9E:;"DJ;B?=;D9?7H?C?D7B:;<?D;7B9H?C;DEH=7D?P7:E9ECE
TD0;@D84A 4<?A4B0 > 06AD?028N= 34 ?4AB>=0B 8=E>;D2A030B 4= 4; 34B0AA>;;> 34
02C8E83034B 8;L28C0B 4= 5>A<0 2>=C8=D030 2DH0 <4C0 ?A8=28?0; 4B ;0 >1C4=28N= 34
14=45828>B 42>=N<82>B B8= 2>=B834A0A ;0 4G8BC4=280 34 ;0B 5A>=C4A0B =028>=0;4B 2><>
D=0;8<8C0=C434BD02CD0AU
,;=YD -80;> BEI =HKFEI 9H?C?D7B;I IED BEI FH?D9?F7B;I H;IFEDI78B;I :;B 79JK7B <;DXC;DE
=BE87B:;KD7DK;L7;9EDECV7:;=K;HH7 ;DB79K7B;IJ7I7=HKF79?ED;I ;D?DJ;H799?XD9ED
EJHEI 79JEH;I 9H;7D :;IEH:;D O L?EB;D9?7 ;D TJA40B B8= ;4HU O IJ7:EI <7BB?:EI ;D ;B CKD:E
9ECE ;D EBEC8?7 <=7D?IJSD E %V87DE 9ED ;B FHEFXI?JE :; :;I7HHEBB7H 79J?L?:7:;I
:;B?9J?L7I :; 7BJE BK9HE 9ECE B7 FHE:K99?XD :; :HE=7 ;B JHS<?9E :; 7HC7I O B7 ;NFBEJ79?XD
9B7D:;IJ?D7:;H;9KHIEID7JKH7B;I%7H;<;H?:77KJEH7:;DEJ7BEI?=K?;DJ;
T"90 0C,8;70 4> ?30 097423?09492 /4>?49.?4:9 >30 /=,B> -0?B009 =0A:7@?4:9,=D
B,=> ,9/ 90B B,=> $0A:7@?4:9,=D B,=> 4==02@7,= B,=> 2@0==477, B,=>
49>@=209.40> 0?. 49 ,9/ :1 ?308>07A0> 8@//70 ,7/:=M> -49,=D ,9/ ?4807490
-0.,@>0 ?30D 080=20 /@=492 ?30 :7/ :7/ ),= -@? .,==DN 3,=-4920=> :1 ?30
90B1:=8>:1B,=1,=0U
'9 0508;7: 0> 7, /4>?49.4J9 0>.7,=0.0/:=, <@0 /4-@5, 09?=0 7,> 2@0==,>
=0A:7@.4:9,=4,> D 7,> 9@0A,> 2@0==,> ,> 2@0==,> =0A:7@.4:9,=4,> 2@0==,>
4==02@7,=0> 2@0==477,> 49>@=209?0> 0?. .:91@9/09 09 >I 84>8,> 7, 7I90, /0
?408;: /0 ,7/:= ;:=<@0 >@=209 /@=,9?0 7, A405, @0==, =I, ;0=: 770A,9
;=0.@=>:=0>/07,>9@0A,>1:=8,>/02@0==,
IJEI79JEH;I?DJ;HD79?ED7B;IDE;IJ7J7B;I;?B;=7B;IJ?;D;DB797F79?:7::;79JK7H7JH7LUI:;
B7I<HEDJ;H7IF;HEJ7C8?UD7B?DJ;H?EH:;BEIIJ7:EIB9H?C;DEH=7D?P7:E;IKDFHE8B;C7GK;
L7 ;D 9EDJH7 :;B EH:;D CKD:?7B O ;IJEI =HKFEI 9H?C?D7B;I 7FHEL;9>7D B7I :;CE9H79?7I
;C;H=;DJ;I GK;IEDB7ICSI:U8?B;I F7H7:;I;IJ78?B?P7HB7I BEGK;JH7;9ECE9EDI;9K;D9?7
IK:;8?B?J7C?;DJE?DIJ?JK9?ED7BO;9EDXC?9E
D ;B ;I9;D7H?E ?DJ;HD79?ED7B :; ;IJEI J?;CFEI ;N?IJ;D EH=7D?P79?ED;I :; J;HHEH?ICE =BE87B
GK; 9E;N?IJ;D 9ED EH=7D?P79?ED;I :;B 9H?C;D D7H9EJ;HHEH?ICE FEH ;@;CFBE IJEI =HKFEI
EH=7D?P7:EI J?;D;D 7B?7DP7I 9ED =HKFEI J;HHEH?IJ7I O :;I7HHEBB7D :?IJ?DJ7I 79J?L?:7:;I 9ECE
JHS<?9E:;:HE=7I 9EDJH787D:E:;7KJEI JH7J7:;F;HIED7I JHS<?9E:;E8H7I:;7HJ;HE87:7I
$7B:EH $7B:EH &7HO ';M(B:07HI(H=7D?P;:/?EB;D9;?D7 BE87B?P;:H7,J7D<EH:,J7D<EH:
.D?L;HI?JO)H;II 7B?<EHD?7 D::?J?ED
#EKHD7BE<&?B?J7HO7D:,JH7J;=?9,JK:?;IFS=
>JJFIMMMF7II;?:?H;JE9EC7HGK?LE
A7B:EH
C7HO
D;M
7D:
EB:
M7HI
"
;DJH; EJHEI -7C8?UD 9EC;J;D :;B?JEI H;B79?ED7:EI 9ED BEI <H7K:;I :; I;=KHEI :;B?JEI
;9EBX=?9EI <H7K:;87D97H?EO9EHHKF9?XD
V7PEBEH7:E FI?9XBE=E9EBEC8?7DE 7<?HC7GK;B7I7HC7I :HE=7I ?D<EHC79?XD?D:KIJH?7BO
C?B?J7H :?D;HE :; EH?=;D ?BV9?JE C7J;H?7B;I H7:?E79J?LEI C7DE :; E8H7 ?B;=7B JHS<?9E :;
F;HIED7I XH=7DEI >KC7DEI ;C8H?ED;I E8H7I :; 7HJ; 7D?C7B;I ;DJH; EJHEI I; :;<?D;D
9ECE 8?;D;I 9KOE ?DJ;H97C8?E 7 D?L;B CKD:?7B GK; FEH BE :;CSI >7D =;D;H7:E KD DK;LE
I;9JEH;DB7;9EDECV7=BE87B
,;=YD;B_>A<;01//5J:5:-:/51>-";>@1-91>5/-:;_B7IFH?D9?F7B;I<K;DJ;I:;
=7D7D9?7I ?B;=7B;I IED ;B JHS<?9E :; :HE=7I ;B <H7K:; 87D97H?E BEI <H7K:;I 9ED J7H@;J7 :;
9HU:?JE ?DIEBL;D9?7I FKD?8B;I O BEI :;B?JEI IE9?;J7H?EI %7 C7OEH F7HJ; :;B :?D;HE :; EH?=;D
?B;=7BGK;?D=H;I77BI?IJ;C7<?D7D9?;HE FHE9;:;:;B9H?C;DEH=7D?P7:ED?L;B?DJ;HD79?ED7B
BEI =HKFEI 9H?C?D7B;I CSI ;N?JEIEI I; K8?97D ;D "J7B?7 #7FXD EBEC8?7 +KI?7 KHEF7 :;B
IJ; '?=;H?7O;B%;@7DE(H?;DJ;
BFH;I;DJ;JH787@E:;?DL;IJ?=79?XDEH?;DJ7IKE8@;J?LEFH?D9?F7B>79?7B7:;<?D?9?XD:;B9H?C;D
EH=7D?P7:E ?DJ;HD79?ED7B FHE<KD:?P7D:E ;D IK D7JKH7B;P7 O EH?=;D IKI CE:7B?:7:;I O B7I
:?IJ?DJ7I J?FEBE=V7I GK; I; B; 79KW7D I?C?ICE 8KI97 ;NFB?97H B7 D7JKH7B;P7 :;B LVD9KBE :;B
9H?C;DEH=7D?P7:E?DJ;HD79?ED7B9EDB7I:?DSC?97I:;B79JK7BCKD:E=BE87B?P7:E:;CSI I;
78EH:7HSBE9ED9;HD?;DJ;7B9H?C;D9?8;HDUJ?9E_BB7C7:E9ECYDC;DJ;9ECE9?8;H9H?C;D_O
I;>7HSKD7;NFEI?9?XD79;H97:;BEIFH?D9?F7B;I79JEH;IO=HKFEI9H?C?D7B;IGK;;N?IJ;D>EO
FEH>EO;D;BCKD:E
8 ;.61@5B; 31:1>-8 01 1?@- 5:B1?@53-/5J: 1? 0-> - /;:;/1> A: 9->/; 5:@>;0A/@;>5;
38;.-8 018 />591: ;>3-:5F-0; 8-? 0521>1:/5-? =A1 9-:@51:1 /;: ;@>;? @5<;? 01 0185@;?
-?I/;9;8;?9;018;?E9;0-850-01?01895?9;18-95?9-9-:1>-?14-/191:/5J:
- 8- @5<;8;3I- 01 8-? ;>3-:5F-/5;:1? />595:-81? E - 8;? ;.61@5B;? <>5:/5<-81? 01 H?@-?
'-9.5H: -:-85F-9;? 18 />591: @>-:?:-/5;:-8 E ?A >18-/5J: /;: 18 21:J91:; 01 8;?
?@-0;? 2-8850;? ?A />1/5951:@; >1?A8@-0; 01 8- 38;.-85F-/5J: E ?A B5:/A8-/5J: /;: 18
/5.1>/>591:
125:5/5J:1>591:#>3-:5F-0;
)7H7 :;<?D?H 9H?C;D EH=7D?P7:E >7O GK; 9EDI?:;H7H B7 FH;C?I7 :; GK; J7DJE 34;8C> O 2A8<4=
IED :EI 9ED9;FJEI J7DJE B;=7B;I 9ECE CEH7B;I 9KO7 H;B79?XD :?H;9J7 >7 I?:E >ED:7C;DJ;
V7P EBEH7:E ;HD7D:E `2A8<4= >A60=8I03>2A8<8=>;>6L0?B82>;>6L0 34; 2A8<4=a &B82>;>6L0 84=CL5820
EBEC8?7
:;<;8H;HE:;B
B7D9E EH:;HE "I?:EHE H?C?D7B?:7: (H=7D?P7:7 O &;H97:EI "B;=7B;I ,7D ,;87IJ
FS=
#
;IJK:?7:7 :;I:; :?L;HIEI FKDJEI :; L?IJ7 ,7BLE F7HJ?9KB7H;I ;N9;F9?ED;I JE:E 9H?C;D
?DLEBK9H79?;HJE=H7:E:;EH=7D?P79?XD O7I;77KD7;I97B7C;DEHEKD7:;7B97D9;=BE87B
;J;HC?D7H;BBVC?J;:;BEGK;9EDIJ?JKO;;B9H?C;DEH=7D?P7:EDE;IKD7EF;H79?XDI;D9?BB7
9ECEJ7CFE9EBE;II?JK7HBEIBVC?J;IGK;I;F7H7D;IJ;IK89ED@KDJE:;B9H?C;D9EDH;IF;9JE7
EJH7I H;7B?:7:;I ?B;=7B;I 9?H9KD:7DJ;I BBE >7 I?:E KD7 <K;DJ; 9EDJ?DK7 :; 9EDJHEL;HI?7
:;DJHE :; B7I ?;D9?7I ,E9?7B;I GK; ;D IKI :?IJ?DJ7I L;HJ?;DJ;I I; >7D E9KF7:E :;B
<;DXC;DE
8.-:1?1:;I9H?8;GK;;B9H?C;DEH=7D?P7:EDE;N?IJ;9ECEJ?FE?:;7B I?DE9ECEKD`=H7:Ea
:;79J?L?:7:9H?C?D7BE9ECEKDFKDJE:;B`;IF;9JHE:;B;=?J?C?:7:a
%7:;B?D9K;D9?7EH=7D?P7:7;IKD<;DXC;DEDE9EDL;D9?ED7BGK; 7KDGK;>7;N?IJ?:E:;I:;
>79;O7CK9>EI7WEI 9EDB7;H7:;B7=BE87B?P79?XD;9EDXC?97O;B7L7D9;:;B7J;9DEBE=V7
;D BE YBJ?CEI 7WEI >7 7:GK?H?:E J7B :;I7HHEBBE GK; >7 I?:E J;C7 :; <EHEI CKD:?7B;I O
H;=?ED7B;I%79ECFB;@?:7::;:?9>E<;DXC;DE?D?9?7FH;9?I7C;DJ;9EDIK9ED9;FJK7B?P79?XDO
:;<?D?9?XDBEB7H=E:;BJ?;CFEO;DIKJH7J7C?;DJEFEHBEI:?IJ?DJEI7KJEH;II;B;>79EDE9?:E
9ED B7I 79;F9?ED;I :; H?C;D (H=7D?P7:E E 87@E B7:;DEC?D79?XD :; ;B?D9K;D9?7
(H=7D?P7:7
;B C?ICE CE:E A-: %A10- !1:H:01F 7<?HC7 `EC?;DPE FEH FHEFED;H GKU F7H7 CV DE
;N?IJ; :?<;H;D9?7 ;DJH; B7I :;DEC?D79?ED;I ;B?D9K;D9?7 (H=7D?P7:7 O H?C?D7B?:7:
(H=7D?P7:7 FK;I 7BK:;DI?D :K:7 7B C?ICE <;DXC;DE -7B L;P B7 FH?C;H7 >7 I?:E KJ?B?P7:7
>79;KDEI7WEI 9K7D:E9EC;DPS87CEI79EDE9;H;BFHE8B;C7GK;I;DEI7L;9?D787 F;HE
YBJ?C7C;DJ; ;D BEI <EHEI ?DJ;HD79?ED7B;I FHE:K9JE I;=KH7C;DJ; :; B7 JH7:K99?XD :;B ?:?EC7
?D=BUI I;KJ?B?P7CSIB7:;H?C?D7B?:7:(H=7D?P7:7
(JH7IJEJ7BC;DJ;;B;C;DJ7B;I9ECEB7;NFH;I7:7FEH)1531:0 :;B7.D?L;HI?:7::;EBED?7
;D B;C7D?7 :;<?D; ;B 9H?C;D EH=7D?P7:E 9ECE `:;B?D9K;D9?7 9EC;J?:7 FEH KD7 FBKH7B?:7:
:;F;HIED7Ia
8-71?81E:;B7.D?L;HI?:7::;%K?I?7D7;DBEIIJ7:EI.D?:EI GK?;DH;FHE:K9;B7:;<?D?9?XD
FHEFK;IJ7FEH;BFH?C;H9EBEGK?E?DJ;HD79?ED7B:;B7"'-+)(%;DH7D9?7;D :;<?D;;B
<;DXC;DE :;B 9H?C;D EH=7D?P7:E 9ECE ;CFH;I7 E =HKFEI :; F;HIED7I 9ECFHEC;J?:7I ;D
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
7FVJKBE %7:;<?D?9?XD:;B9H?C;DEH=7D?P7:EI;=KD:EFSHH7<EGK?DJEH;=BXD
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
7FVJKBE %7:;<?D?9?XD:;B9H?C;DEH=7D?P7:EI;=KD:EFSHH7<EGK?DJEH;=BXD
+E@7I+E:HV=K;P H?IJ?D7 `EHHKF9?XD@;<KD:7C;DJ7BIE8H;;BGK;:;I97DI7DB7I<EHC7I:;9H?C;D
EH=7D?P7:Ea =C4AS>AD< &7:H?:
FS=
+E@7I+E:HV=K;P H?IJ?D7 `EHHKF9?XD@;<KD:7C;DJ7BIE8H;;BGK;:;I97DI7DB7I<EHC7I:;9H?C;D
EH=7D?P7:Ea =C4AS>AD< &7:H?:
FS=
$
KD7 79J?L?:7: ?B;=7B9EDJ?DK7 GK; J?;D; 9ECE <?D FH?D9?F7B B7 E8J;D9?XD :; 8;D;<?9?EI 9ED
?D:;F;D:;D9?7:;B7I<HEDJ;H7ID79?ED7B;Ia
;I:; ;B FKDJE :; L?IJ7 ;9EDXC?9E ;CFH;I7H?7B E 9EHFEH7J?LE I; >7D ;B78EH7:E ;DJH;
EJH7I B7 :;?50;>; 8-:/; ;>01>; E9JEH ;D;H;9>E :;B7 .D?L;HI?:7: :;B )7VI /7I9E
GK;7BH;<;H?HI;7B7IEH=7D?P79?ED;I:;B?9J?L7I?DJ;HD79?ED7B;I 7<?HC7`UIJ7IJ?;D;D7>EH7KD7
EH?;DJ79?XD ;CFH;I7H?7B O97F?J7B?IJ7 JH787@7D I;=YD 9H?J;H?EI ;9EDXC?9EI ;IJE ;I 9ED KD7
FB7D?<?979?XD:;IKI79J?L?:7:;I EH?;DJ7:7IFEHB7:;C7D:7:;8?;D;IOI;HL?9?EI?B;=7B;I 9ED
:?L?I?XD:;BJH787@EO9EDB7<?D7B?:7::;E8J;D;H=7D7D9?7IB:;B?D9K;DJ;EH=7D?P7:E;IKD
;CFH;I7H?E O B7 EH=7D?P79?XD 79JY7 9ECE KD7 7KJUDJ?97 ;CFH;I7 9H?C?D7B GK; 7IKC; BEI
CE:;BEIO;IJHK9JKH7IFHEF?7I:;BCKD:E:;B7?D:KIJH?7O:;BEID;=E9?EI,;>78B7:;B7`?D:KIJH?7
:;B9H?C;D :;`;CFH;I7I9H?C?D7B;IaO :7:EIK97HS9J;HJH7DID79?ED7B :;`CKBJ?D79?ED7B;I
:;B9H?C;Da
%EI GK; :;<?D;D ;B JUHC?DE :; <EHC7 7CFB?7 F7H7 GK; I;7 ;B #K;P ;B GK; 97B?<?GK; ;B 97IE
I?=K?;D:EIKJH7:?9?XD@KH?IFHK:;D9?7B J7B;B97IE:;BEIIJ7:EI.D?:EI:;CUH?97GK;;D;B
J053;$1:-8018?@-0;01-852;>:5- :;<?D;;B9H?C;DEH=7D?P7:E:;B7I?=K?;DJ;C7D;H7
`A8<4=%A60=8I03>2>=B8BC44=3>B><JB?4AB>=0B@D42>=D=?A>?NB8C>342>=C8=D8303B4
8=E>;D2A0= 4= D=0 > <JB 34 ;0B B86D84=C4B 02C8E83034B 0 ;0 >54AC0 34 184=4B 8;460;4B H
B4AE828>B ?>A 494<?;> 4; E828> ;0 DBDA0 4C2KC4A0 H 1 34;8C>B 34
?A43028N=?>A494<?;>4;A>1>4;0CA02>4C2KC4A0U>4; N386> &4=0; 34; BC03>34
#8BB8BB8?8@D434C4A<8=0@D44; 2A8<4=>A60=8I03>2>=B8BC44= T3>B > <JB ?4AB>=0B @D4
2>=B?8A0=2>=BC0=C4H2>=9D=C0<4=C4?0A02><4C4A34;8C>B?0A0>1C4=4A14=45828>BU
8J053;$1:-8-819G: :;<?D;;BH?C;D(H=7D?P7:E9ECE`B7L?EB79?XDFB7D?<?97:7:;B7
B;O 7B E8@;JE :; 7:GK?H?H 8;D;<?9?EI ;9EDXC?9EI E FE:;H 9KOEI :;B?JEI IED
?D:;F;D:?;DJ;C;DJ; E ;D IK 9ED@KDJE :; ;IF;9?7B =H7L;:7: O I; BB;L7D 7 978E FEH CSI :;
:EIF7HJ?9?F7DJ;IGK;9EEF;H7D;D;BC7H9E:;KD7:?L?I?XDB78EH7BFEHKDF;HVE:E:;J?;CFE
FHEBED=7:E E ?D:;J;HC?D7:E KJ?B?P7D:E 7 ;IJHK9JKH7I 9EC;H9?7B;IEF7H7 9EC;H9?7B;I E 8
L?EB;D9?7 K EJHEI C;:?EI:;?DJ?C?:79?XD E9?D<BK;D9?7 ;D B7 FEBVJ?97 ;D BEI C;:?EI :;
9ECKD?979?XD ;D B7 7:C?D?IJH79?XD FY8B?97 ;D ;B I?IJ;C7 :; @KIJ?9?7 O ;D B7 ;9EDECV7
B;=VJ?C7a
)EH BE J7DJE I; FK;:; :;9?H GK; ;D BEI EH:;D7C?;DJEI @KHV:?9EI :;B CKD:E ;N?IJ;D :EI
C7D;H7I :; H;=KB7H ;B H?C;D (H=7D?P7:E FEH KD B7:E ;IJSD 7GK;BBEI GK; 9ED:;D7D B7I
79J?L?:7:;I ?BV9?J7I GK; H;7B?P7D ;IJEI =HKFEI :; C7D;H7 ?D:?L?:K7B?P7:7 O7 I;7 ;B JHS<?9E :;
+E@7I +E:HV=K;P H?IJ?D7 `EHHKF9?XD @; <KD:7C;DJ7B IE8H; ;B GK; :;I97DI7D B7I <EHC7I :; 9H?C;D
EH=7D?P7:Ea =C4AS>AD< &7:H?:
FS=
+E@7I +E:HV=K;P H?IJ?D7 `EHHKF9?XD @; <KD:7C;DJ7B IE8H; ;B GK; :;I97DI7D B7I <EHC7I :; 9H?C;D
EH=7D?P7:Ea =C4AS>AD< &7:H?:
FS=
+E@7I+E:HV=K;P H?IJ?D7 `EHHKF9?XD@;<KD:7C;DJ7BIE8H;;BGK;:;I97DI7DB7I<EHC7I:;9H?C;D
EH=7D?P7:Ea =C4AS>AD< &7:H?:
FS=
%
:HE=7I B7 ;NJEHI?XD E ;B 8B7DGK;E :; 97F?J7B;I 97IE ;IF7WEB ,?D ;C87H=E :;I:; ;B EJHE
;NJH;CE ;N?IJ;D EJHEI 9X:?=EI F;D7B;I GK; 9ED:;D7D B7 FHEF?7 F;HJ;D;D9?7 7 BEI =HKFEI
9H?C?D7B;I?D:;F;D:?;DJ;C;DJ;:;BEI:;B?JEI9EC;J?:EI
)7H7 B7 EDL;D9?XD :; '79?ED;I .D?:7I O ;B?D9K;D9?7 (H=7D?P7:7 I; ;DJ?;D:; FEH =HKFE
:;B?9J?LEEH=7D?P7:E
0 0 D= 6AD?> 4BCAD2CDA03> 34 CA4B > <JB ?4AB>=0B @D4 4G8BC0 3DA0=C4 284AC> C84<?> H @D4
02CO4 2>=24AC030<4=C4 2>= 4; ?A>?NB8C> 34 2><4C4A D=> > <JB 34;8C>B 6A0E4B > 34;8C>B
C8?858203>B2>=0AA46;>0;0?A4B4=C4>=E4=28N=2>=<8A0B0>1C4=4A38A42C0>8=38A42C0<4=C4
D=14=45828>42>=N<82>D>CA>14=45828>34>A34=<0C4A80;
1 &>A T34;8C> 6A0E4U B4 4=C4=34AJ ;0 2>=3D2C0 @D4 2>=BC8CDH0 D= 34;8C> ?D=81;4 2>= D=0
?A8E028N=34;814AC03<JG8<0340;<4=>B2D0CA>0M>B>2>=D=0?4=0<JB6A0E4
2&>AT6AD?>4BCAD2CDA03>UB44=C4=34AJD=6AD?>=>5>A<03>5>ACD8C0<4=C4?0A0;02><8B8N=
8=<4380C0 34 D= 34;8C> H 4= 4; @D4 => =424B0A80<4=C4 B4 70H0 0B86=03> 0 BDB <84<1A>B
5D=28>=4B5>A<0;<4=C43458=830B=870H02>=C8=D83034=;02>=3828N=34<84<1A>>4G8BC0D=0
4BCAD2CDA034B0AA>;;030
3&>AT184=4BUB44=C4=34AJ;>B02C8E>B342D0;@D84AC8?>2>A?>A0;4B>8=2>A?>A0;4B<D41;4B
>8=<D41;4BC0=681;4B>8=C0=681;4BH;>B3>2D<4=C>B>8=BCAD<4=C>B;460;4B@D402A438C4=;0
?A>?84303D>CA>B34A427>BB>1A43827>B02C8E>B
4&>AT?A>3D2C>34;34;8C>UB44=C4=34AJ;>B184=4B342D0;@D84AL=3>;434A8E03>BD>1C4=83>B
38A42C0>8=38A42C0<4=C434;02><8B8N=34D=34;8C>
5&>AT4<10A6>?A4E4=C8E>U>T8=20DC028N=UB44=C4=34AJ;0?A>781828N=C4<?>A0;34CA0=B54A8A
2>=E4AC8A 4=094=0A > <>E4A 184=4B > ;0 2DBC>380 > 4; 2>=CA>; C4<?>A0;4B 34 184=4B ?>A
<0=30<84=C>4G?4383>?>AD=CA81D=0;D>CA00DC>A83032><?4C4=C4
6&>AT342><8B>UB44=C4=34AJ;0?A8E028N=2>=20AJ2C4A3458=8C8E>34184=4B?>A3428B8N=34
D=CA81D=0;>34>CA00DC>A83032><?4C4=C4
7&>AT34;8C>34C4A<8=0=C4UB44=C4=34AJC>3>34;8C>34;@D4B434A8E4D=?A>3D2C>@D4?D430
?0B0A02>=BC8CD8A<0C4A8034D=34;8C>3458=83>4=4;0ACL2D;>34;0?A4B4=C4>=E4=28N=
8 &>A T4=CA460 E868;030U B4 4=C4=34AJ ;0 CK2=820 2>=B8BC4=C4 4= 3490A @D4 A4<4B0B 8;L28C0B >
B>B?427>B0BB0;60=34;C4AA8C>A8>34D=>><JBBC03>B;>0CA0E84B4=>4=CA4=4=K;2>=4;
2>=>28<84=C> H 109> ;0 BD?4AE8B8N= 34 BDB 0DC>A83034B 2><?4C4=C4B 2>= 4; 58= 34 8=E4BC860A
34;8C>B4834=C85820A0;0B?4AB>=0B8=E>;D2A030B4=;02><8B8N=34KBC>B
9 &>A T>A60=8I028N= A468>=0; 34 8=C46A028N= 42>=N<820U B4 4=C4=34AJ D=0 >A60=8I028N=
2>=BC8CD830 ?>A BC03>B B>14A0=>B 34 D=0 A468N= 34C4A<8=030 0 ;0 @D4 BDB BC03>B
<84<1A>B70=CA0=B54A83>2><?4C4=2804=;0B2D4BC8>=4BA46830B?>A;0?A4B4=C4>=E4=28N=
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
7FVJKBE %7:;<?D?9?XD:;B9H?C;DEH=7D?P7:E
&
H@D470B83>341830<4=C4502D;C030342>=5>A<83032>=BDB?A>2438<84=C>B8=C4A=>B?0A0
58A<0A A0C85820A 024?C0A > 0?A>10A ;0 >=E4=28N= > 0374A8AB4 0 4;;0 ;0B A454A4=280B 0 ;>B
TBC03>B &0AC4U 2>= 0AA46;> 0 ;0 ?A4B4=C4 >=E4=28N= B4 0?;820AJ= 0 4B0B >A60=8I028>=4B
34=CA>34;>B;L<8C4B34BD2><?4C4=280
N?IJ; KD7 ;NJH;C7 :?L;HI?:7: :; ;IJ7I :;<?D?9?ED;I IE8H; H?C;D (H=7D?P7:E GK; L7
L7H?7D:E ;DEHC;C;DJ; :; KD F7VI 7 EJHE 9ED<EHC; 7 B7I :?<;H;DJ;I <EHC7I GK; 7:GK?;H;D
J7B;I EH=7D?P79?ED;I ;D IKI SC8?JEI ;IJ7J7B;I ;8?:E 7 ;IJ7 :?L;HI?:7: ;D 7B=KD7I
B;=?IB79?ED;II;?D9BKO;9ECE9H?C;DEH=7D?P7:E;B:;B?JE:;J;HHEH?ICE
,; FK;:; >78B7H :; 9H?C;D EH=7D?P7:E 9K7D:E 9ED<BKO;D 9ED:?9?ED;I J7DJE :;B =HKFE
?DLEBK9H7:E 9ECE :; B7I 79J?L?:7:;I ?B;=7B;I 7 B7I GK; I; :;:?97D DJH; B7I FH?C;H7I ;I
H;B;L7DJ; ;B >;9>E :; GK; ;N?IJ7 KD7 H;KD?XD ?CFEHJ7DJ; :; F;HIED7I 9KOE E8@;J?LE I;7
9EC;J;H:;C7D;H79EDIJ7DJ;OF;HC7D;DJ;79JEI97B?<?97:EI9ECE:;B?JEI;DB7@KH?I:?99?XD
;DB7GK;79JY7DE7BBV;D:ED:;J;D=7DIK87I; FEHBEGK;FE:;CEI7<?HC7HGK;I;=YD+;I7
';IJ7H;I ;B H?C;D (H=7D?P7:E 9EDI?IJ; ;D `3>B > <JB ?4AB>=0B @D4 2>= D= ?A>?NB8C> 34
2>=C8=D8303B48=E>;D2A0=4=D=0><JB34;0BB86D84=C4B02C8E83034B0;0>54AC034184=4B
8;460;4B H B4AE828>B ?>A 494<?;> 4; E828> ;0 DBDA0 4C2KC4A0 H 1 34;8C>B 34 ?A43028N= ?>A
494<?;>4;A>1>4;0CA02>4C2KC4A08E4AB>BC8?>B4B?42L582>B3402C8E83032A8<8=0;B4B8CO0=
34=CA> 34 ;0 3458=828N= 34 2A8<4= >A60=8I03> BC>B C8?>B ?D434= B4A 06AD?03>B 4= 28=2>
20C46>AL0B64=4A0;4B#058002C8E83034B2A8<8=0;4B>A60=8I030B%?4A028>=4BE828>B0B
=46>28> 2>=C8=D03> 34 BD<8=8BCA0A 184=4B H B4AE828>B 8;460;4B ?>A 494<?;> 3A>60B
?A>BC8CD28N=DBDA09D46>
0=30B340B0;C0=C4BE4=343>A4B340ACL2D;>BA>103>B6AD?>B
@D4 B4 >A60=8I0= H B4 8=E>;D2A0= 2>=C8=D030<4=C4 4= D= C8?> 2>=2A4C> 34 A>1> 2><>
?A>H42C>B 34 5A0D34 3>2D<4=C>B 5A0D3D;4=C>B A>1>B 2>= 0;;0=0<84=C> 34 <>A030 A>1> 34
2>274BHB42D4BCA>B3420<8>=4BH03@D8B828N=34184=4BA>103>B&0=38;;0B6AD?>B@D4
7024=20DB02><O=?0A08=E>;D2A0AB44=02C>B8;460;4B)4AA>A8BC0B6AD?>B348=38E83D>B
@D4 B4 2><18=0= ?0A0 2><4C4A 02C>B 2A8<8=0;4B 4B?42C02D;0A4B 2><> 4; 0B4B8=0C> > 4;
B42D4BCA> 34 ?4AB>=0B ?A><8=4=C4B ?0A0 4A>B8>=0A ;0 2>=580=I0 34; ?O1;82> 4= 4; 6>184A=>
4BC01;4283>?>AA0I>=4B?>;LC820B>?0A0E4=60A?>A0;6O=06A0E8>
.D7;IF;9?<?9?:7::;B9H?C;DEH=7D?P7:E;IIK97F79?:7:F7H7FHEJ;=;HI;:;C7D;H7;<?97P
<H;DJ;7GK?;D;I>79;D9EDJ;D9?XD7IK97F79?:7::;799?XD O7I;7:;I:;=HKFEI9H?C?D7B;I
H?L7B;IE:;I:;;BIJ7:EIJ7FHEJ;99?XDI;9EDI?=K; FEHKD7F7HJ; 7JH7LUI:;B7KJ?B?P79?XD
:;B7L?EB;D9?7EB77C;D7P79H;V8B;:;KI7HB7 OB7?DJ?C?:79?XD O FEHEJH7 FEHC;:?E:;B7
(H=7D?P79?XD:;B7I'79?ED;I.D?:7I )HEO;9JE:;EDL;D9?XD:;B7I'79?ED;I.D?:7I9EDJH7B7;B?D9K;D9?7
(H=7D?P7:7-H7DID79?ED7B /?;D7 D;NE";<?D?9?ED;IFS=
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
7FVJKBE %7:;<?D?9?XD:;B9H?C;DEH=7D?P7:EH;IKC;D:;BJ;H9;HFSHH7<EGK?DJEH;=BXD
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
7FVJKBE %7:;<?D?9?XD:;B9H?C;DEH=7D?P7:EH;IKC;D:;BJ;H9;HO9?J7:;B9K7HJEFSHH7<EH;=BED;I
'
9EHHKF9?XD :; <KD9?ED7H?EI FY8B?9EI GKV ;I ?CFEHJ7DJ; J;D;H ;D 9EDI?:;H79?ED GK; B7
L?EB;D9?7;IKD797H79J;HVIJ?979ECYD7EJHEIJ?FEI:;34;8C>B
"> @D4 3854A4=280 ;0 E8>;4=280 0B>28030 2>= 4; 2A8<4= >A60=8I03> 4B @D4 4B 4BCAD2CDA030 H
38A42C0 H BD >194C8E> => 4BCJ 4= 5028;8C0A ;0 CA0=B54A4=280 34 A42DAB>B 4= D= 34C4A<8=03>
<><4=C> B8=> ?>A 4; 2>=CA0A8> 4= 0<?;80A ;0 ?>B828N= 34; 6AD?> @D4 ?A02C820 4; 2A8<4=
>A60=8I03>0;8=C4A8>A34D=<4A203>2>=2A4C>(8;0E8>;4=28050E>A4240;2A8<4=>A60=8I03>0
2>=B46D8A4;8<8=0A2><?4C83>A4B;02>AAD?28N=0B8<8B<>;42>=2434;0?>B818;8303344E8C0A
4;0?0A0C>;468B;0C8E>2><?A0=3>8=<D=8303H >38A8684=3>;0B064=280B34B46DA83032>=CA0;0
2><?4C4=280
)7H7GK;;N?IJ7KD<;DXC;DE:;9H?C;DEH=7D?P7:E ;BJ?FE:;34;8C>B9EC;J?:EI:;8;DJ;D;H
<K;HJ;IH;F;H9KI?ED;IIE9?7B;I O7I;7;DJUHC?DEI:;B7L?EB;D9?79EDGK;I;;@;9KJ7 ;DB7I
FUH:?:7I;9EDXC?97IGK;9ECFEHJ7E;D9K7BGK?;HEJH797H79J;HVIJ?97GK;=;D;H;7DI?;:7:E
?D:?=D79?XD;DJH;B79?K:7:7DV7;D=;D;H7B
B9H?C;DEH=7D?P7:E;IJS?DLEBK9H7:E;D:;B?JEI9ECEB7FHEIJ?JK9?XD ;B@K;=EE;BJHS<?9E:;
:HE=7I GK; 787H97D B7 FHE:K99?XD O :?IJH?8K9?XD :; DK;LEI 8?;D;I O I;HL?9?EI 9ED ;B
9ECFED;DJ;:;J;D;HKDL7BEH7W7:?:E
IFEI?8B;:;:K9?HGK;;B9H?C;DEH=7D?P7:EJ?;D;IK;@;FH?D9?F7B;D:;B?JEII?DLV9J?C7I)EH
J7DJE B7 79JK79?XD :;B IJ7:E DE IXBE I; L;HS :?<?9KBJ7:7 FEH B7 ?DJ?C?:79?XD E B7 9EHHKF9?XD
I?DE FEH KD7 ?D799?XD >79?7 B7 7FB?979?XD :; @KIJ?9?7 FEH F7HJ; :; B7I ;DJ;I ; ?DIJ?JK9?ED;I
@KHV:?97I?DLEBK9H7:7I:7:7;IJ79ED:?9?XD
521>1:/5-?1:@>18;?0185@;?018>591:#>3-:5F-0;E;@>;?@5<;?010185@;?
9EDJ?DK79?XD KD=HS<?9E?BKIJH7J?LEGK;:;B?C?J7B7I:?<;H;D9?7I;DJH;BEI34;8C>B:;BH?C;D
(H=7D?P7:E9EDEJHEIJ?FEI:;:;B?JEI
?:ED; #K7D"=D79?ED `D8KI97:;KD7H;IFK;IJ7;<?97P9EDJH7;BH?C;D(H=7D?P7:Ea AN=820B34;A8<4=
8BC>A80B@D4B44B2A814=2>=I7D=H; K;DEI?H;I
FS=BE=?7H?EB7'79?XD
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
7FVJKBE %7:;<?D?9?XD:;B9H?C;DEH=7D?P7:E9?J7:;B9K7HJEFSHH7<E9?J7J;NJK7B
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
7FVJKBE %7:;<?D?9?XD:;B9H?C;DEH=7D?P7:EFSHH7<E
&EDJ;HE&ED97:7 %K?IB;N7D:;H)UH;P %?7D78H?BO !;HH;H7dD=;B7 `;3;J7I7&7H7IED9;F9?ED;I
:;&7<?7OH?C;D(H=7D?P7:E;DCUH?97%7J?D7 '4E8BC034'4;028>=4B=C4A=028>=0;4BBCA0C4680H,;=KH?:7:
.D?L;HI?:7:&?B?J7H'K;L7 H7D7:7 E=EJS
FS=
+;I7 ';IJ7H;I 7HBEI H?C;D (H=7D?P7:E -H7DID79?ED7B ;<?D?9?XD &7:H?:
FSHH7<E :;I9H?F9?XD
:;B9K7:HE?<;H;D9?7I;DJH;BEI;B?JEI:;BH?C;D(H=7D?P7:EIOEJHEIJ?FEI:;;B?JEI
+;I7 ';IJ7H;I 7HBEI H?C;D (H=7D?P7:E -H7DID79?ED7B ;<?D?9?XD :;B 9H?C;D EH=7D?P7:E &7:H?:
FSHH7<E
&EDJ;HE &ED97:7 %K?I B;N7D:;H 8H?B )UH;P %?7D7 !;HH;H7 D=;B7 :; 3;J7I 7 &7H7I ED9;F9?ED;I :;
&7<?7OH?C;D(H=7D?P7:E;DCUH?97%7J?D7 E=EJS
/EBKC;D D;HE
#KD?E FS=
A<?4-/-@13;>5F-/5J:E1@-<-?
9EDJ?DK79?XD L7H?EI :; BEI CE:;BEI :;I7HHEBB7:EI FEH +;I7 ';IJ7H;I ;D IK 7HJV9KBE
TA8<4=%A60=8I03>)A0=B=028>=0;3458=828N=20DB0BH2>=B42D4=280BU
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
7FVJKBEB7'7JKH7B;P7:;BH?C;D(H=7D?P7:E
B :/07: #,/=49: :; 9H?C;D EH=7D?P7:E ;I 7GK;B ;D ;B GK; JE:7 B7 79J?L?:7: :;B?9J?L7 :;B
=HKFE9H?C?D7B;IJS9EDJHEB7:7FEHKD74BCAD2CDA07BJ7C;DJ;@;H7HGK?P7:7OKD7YD?97:?H;99?XD
:; C7D:E 7@E BEI FB7DJ;7C?;DJEI :; ?9A?; O 7C8;J7 KDE :; BEI ;B;C;DJEI
97H79J;HVIJ?9EI:;B7IC7<?7I ;DFH?D9?F?EB7I?J7B?7D7IEI?I;GK?;H;;NFBV9?J7C;DJ;B7C7<?7
I?9?B?7D7 O FEIJ;H?EHC;DJ; B7I VJ7BE
7C;H?97D7I ;I ;B >;9>E :; 9EDIJ?JK?H KD KD?L;HIE :;
I;DJ?:E 87I7:E ;D JH7:?9?ED;I 9EIJKC8H;I E ?D9BKIE L7BEH;I IE9?7B;I GK; L7D 7 I;H
H;FHE:K9?:EI;D;B9ECFEHJ7C?;DJE9H?C?D7B:;B7C7<?7IVI;BB;=7 FEH;@;CFBE 7B9ED9;FJE
:; (C;HJS E 7B FH;IJ?=?E IE9?7B :;B C7<?EIE I?9?B?7DE EH?=?D7B :; <?D;I :;B I?=BE 1"1 GK?;D
?D9BKIE 9ECFB;C;DJ787 E 7 L;9;I H;;CFB7P787 7B IJ7:E ;D B7 IEBK9?XD :; FHE8B;C7I
9ECKD;I
B!;018;9<>1?->5-87:?<;H;D9?7:;B7DJ;H?EH ;IJS9ED<?=KH7:EFEH?D:?L?:KEIGK;79JY7D
9ECE;CFH;I7H?EIF;DI7DJ;IEH79?ED7B;IO9EDIJHKO;D;CFH;I7I9H?C?D7B;IE7IE9?79?ED;I
GK; I; 7OK:7D :; C7D;H7 ?D<EHC7B O <BK?:7 9ED EJHEI =HKFEI 7KJXDECEI F;HE I?D 9H;7H
7B?7DP7I:KH7:;H7I9ED9H;J7I);J;H+;KJ;HI;DIKE8H7BH?C;D;IEH=7D?P7:EI;FK;:;
>7O7HKD7FEIJKH7CSICE:;H7:7GK;KJ?B?P7JUHC?DEI;9EDXD?CEIIE8H;;IJ;CE:;BE
; :/07:270>4,7GKVI;BE=H7B7C7N?C?P79?XD:;BEI<BK@EI:;?D<EHC79?XD;DB7F?HSC?:;
:; B7 ;IJHK9JKH7 :; C7D:E O B7 ?D?9?7J?L7 F;HIED7B ;IJS H;:K9?:7 7B CVD?CE DJH; IKI
97H79J;HVIJ?97I I; ;D9K;DJH7 KD7 :?I9?FB?D7:7 ;IJHK9JKH7 9;DJH7B :; C7D:E ;D B7 9K7B B7I
?DIJHK99?ED;I<BKO;D:;7HH?87>79?7787@E >79?7BEIFKDJEICSIF;GK;WEI
; :/07: &=@>? C7DJ?;D; I?C?B?JK: 9ED B7I =H7D:;I 7IE9?79?ED;I ;CFH;I7H?7B;I GK;
;N?IJ?;HED ;D IJ7:EI .D?:EI ;D ;B I?=BE 1"1 O 7 FH?D9?F?EI :;B I?=BE 11 ,; 97H79J;H?P7 FEH
J;D;H KD7 YD?97 ;IJHK9JKH7 EF;H7J?L7 F;HE <KD9?ED7 9ED KD7 :?IJH?8K9?XD :; B7 FHEF?;:7:
:;I9;DJH7B?P7:7 %EI =HKFEI 9ED9H;JEI I; :;:?97HV7D 7 IK8EH:?D7H IKI EF;H79?ED;I 7 B7
;IJH7J;=?7 =BE87B C;DEI ;IJH?9J7 GK; C7H97D BEI =;H;DJ;I :;B )ADBC QIJEI :?IJH?8KO;D B7I
9KEJ7I :;B D;=E9?E J;HH?JEH?7B;I E I;9JEH?7B;I 9ED<EHC; 7B FE:;H ;9EDXC?9E :; BEI
H;FH;I;DJ7DJ;IFEHIKB7:E BEIIK8EH:?D7:EIJ?;D;D;BC7D;@E:;B7JEC7:; :;9?I?ED;I;D
H;B79?XD7B7;@;9K9?XD:;:?9>7;IJH7J;=?7IE8H;KD97CFE:;@K;=E9ED9H;JE9EDIKFHEF?E
;DJEHDE ;NJ;H?EH IJ7I 79J?L?:7:;I I; ?DL?;HJ;D ;D 7IKDJEI 9ECKD;I O I; H;:?IJH?8KO;D 7 B7
9YFKB7 I?=D?<?97D:EIKC7OEH8;D;<?9?E7<KJKHE
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B%7D7JKH7B;P7:;B9H?C;DEH=7D?P7:E &7:H?:
FSHH7<E
&EDJ;HE&ED97:7%K?IB;N7D:;H 8H?B)UH;P %?7D7 !;HH;H7 D=;B73-,&+,
(')"(',&"2+"&'(+ '"3('&Q+"%-"' E=EJS
/EBKC;D
D;HE#KD?E FS=
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B%7D7JKH7B;P7:;B9H?C;DEH=7D?P7:E &7:H?:
FSHH7<E
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B%7D7JKH7B;P7:;B9H?C;DEH=7D?P7:E &7:H?:
FSHH7<E
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B%7D7JKH7B;P7:;B9H?C;DEH=7D?P7:E &7:H?:
FSHH7<E
!
B :/07: /0 >:.4,.4J9 /0 :80=.4: ;IJ7 97H79J;H?P7:E FEH B7 79JK79?XD ?D:;F;D:?;DJ;
:; BEI :?H?=;DJ;I O C7DJ?;D;D 9EB78EH79?ED;I F;H?X:?97I F7H7 >78B7H IE8H; <79JEH;I
;IJH7JU=?9EI 9ECE FHEO;9JEI :; ?DL;HI?XD GK; H;GK?;H;D KD 97F?J7B GK; IKF;H7 BEI D?L;B;I
;9EDXC?9EI :; 97:7 KDE :; BEI =HKFEI 9ED@KDJ7C;DJ; IJ7 9EEH:?D79?XD FH;J;D:; ;L?J7H B7
FH;I;D9?7:;7=;DJ;I:?IHKFJ?LEI9ECE;BIJ7:EF7H7;B8K;D<KD9?ED7C?;DJE;D9ED@KDJE
:;BC;H97:E
B :/07:=,?0=94/,/;I7GK;B;D;BGK;I;;IJ78B;9;B79EEF;H79?XD9EDEJHEI7=;DJ;I:;B
C;H97:E 9ECYD D ;IJ7 CE:7B?:7: DE ;N?IJ?HV7D D? H;KD?ED;I F;H?X:?97I <EHC7BC;DJ;
;IJ78B;9?:7I D? KD 9K;HFE :?H?=;DJ; 9ECYD ,; 97H79J;H?P7 FEH J;D;H KDEI B?D;7C?;DJEI :;
9ECFEHJ7C?;DJE I?C?B7H;I GK; 9ED<EHC7D KD7 IE9?7B?P79?XD 9ECYD ;D B7 9K7B BEI 9EDJ79JEI
F;HIED7B;I FEH 7IKDJEI DE FHEF?EI :;B D;=E9?E IED <H;9K;DJ;I O 7OK:7D 7 B7 9H;79?XD :;
LVD9KBEI E97I?ED7B;I F7H7 JH787@EI 9ED9H;JEI 7IE9?79?ED;I CKO L7H?78B;I ;DJH; BEI =HKFEI
GK;<?D7B?P7D;D;BCEC;DJE;DGK;I;J;HC?D7;I779J?L?:7:F7H7B7GK;I;@KDJ7HED
8!;018;B;8A@5B;01 A<?4-/-@13;>5F-/5J:E1@-<-?
%1?- "1?@->1? >79; H;<;H;D9?7 7 $1@1> A<?4- JH7J7D:E :; 9EDIJHK?H KD7 97J;=EH?P79?XD
GK; DE IEBE I?HL7 F7H7 9ECF7H79?ED;I ?DJ;HD79?ED7B;I I?DE GK; J7C8?UD F;HC?J7 7D7B?P7H B7
;LEBK9?XD:;BEI=HKFEI9H?C?D7B;I?L?:;B7L?:7:;BEI=HKFEI9H?C?D7B;I;DJH;I;J7F7I 7
JH7LUI:;B7I9K7B;IL7D:;I7HHEBBSD:EI;>7IJ77B97DP7HIKC7OEH=H7:E:;IE<?IJ?979?XD ;DB7
GK;O7DEFE:HV7D9EDI?:;H7HI;:;DJHE:;BC7H9E:;B9H?C;DEH=7D?P7:E;DI;DJ?:E;IJH?9JE
9@9,;=480=,1,>04;6AD?>2A8<8=0;4BC0AL02>=5>A<03>?>AD=0D=6AD?>A43D283>4=
D=0 I>=0 10AA8> > C4AA8C>A8> 4= 2>=2A4C> ;0B ?>?D;0A4B ?0=38;;0B B >1B4AE01;4 ;0
E8>;4=2803454=B8E034;02D0;B4B8AE4=?0A02>=B4AE0A4;2>=CA>;B>1A44;C4AA8C>A8>2>=4;
?A>?NB8C>C0=C>344;8<8=0A4=4<86>B2><>342A40AD=<>=>?>;8>B>1A44;DB>8;L28C>34
;05D4AI0">B02C>B2A8<8=0;4BBD4;4=4BC0A<>C8E03>B?>A;0A42><?4=B08=<4380C0@D4B4
>1C84=4H;0B0C8B50228N=<JB@D4?>A?A>?NB8C>B184=?;0=858203>BH0;0A6>?;0I>=4BC0
4C0?04;2A8<4=>A60=8I03>4B8=BCAD<4=C0;9@9,0?,;,;:>?0=4:=4BC0B06AD?028>=4B
CA0=B2DAA4= 34 D=0 4C0?0 ?A430C>A80 0 >CA0 ?0A0B8C0A80 2D0=3> 64=4A0= D=0 8=C4A0228N=
2>AAD?C>A02>=;>BB42C>A4B;46LC8<>B34?>34A;2A8<4=>A60=8I03>344BC05>A<0>1C84=4
A42DAB>B4=5>A<03420?8C0;8=5>A<028N=H2>=>28<84=C>4<?A4B0A80;H;>6A04G?0=38ABDB
A434B0;>BB42C>A4B;46LC8<>B34;042>=><L0"02>AAD?28N=?>;LC820@D4E034;0<0=>34
;0 ?A>E8B8N= 34 184=4B H B4AE828>B 8;L28C>B BD<8=8BCA0 4BC>B =4G>B 34 D=8N= H 4; 2A8<4=
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B%7D7JKH7B;P7:;B9H?C;DEH=7D?P7:E &7:H?:
FSHH7<E
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
FS=
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I &7:H?:
.D?L;HI?:7:KJXDEC7:;&7:H?:
"
>A60=8I03>?0B00B4AD=B>28><JB@D4D=B8AE84=C434;BC03>9@9?0=.0=0>.,7J934
;04E>;D28N=34;82C8E0;04C0?0B8<18NC820C><0;D60A4=;>BB42C>A4B?>;LC82>BH42>=N<82>B
;46LC8<>B64=4AJ=3>B434?4=34=280B?0A0BD?A>?8><0=C4=8<84=C>34;>B<>=>?>;8>BH
;0BA434B34;2A8<4=>A60=8I03>
!;0-850-01?018;?>A<;?>595:-81?
+E@7I +E:HV=K;P ?D:?97 GK; B7 :;B?D9K;D9?7 EH=7D?P7:7 ;D BEI YBJ?CEI 7WEI O FEH ;B
?D9H;C;DJE :; :?9>E <;DXC;DE J7C8?UD >7D ?DJ;DJ7:E :;<?D?H ;B JUHC?DE EH=7D?ICEI
IKFH7D79?ED7B;I J7B;B97IE:;B7:;<?D?9?XDGK;;DB7I'79?ED;I.D?:7II;>7L;HJ?:EIE8H;B7
:;B?D9K;D9?7 EH=7D?P7:7 )EH IK F7HJ; B7 :;B?D9K;D9?7 EH=7D?P7:7 F;HF;JH7 IKI 79JEI ;D
<EHC7 KIK7B 7 JH7LUI :; ;CFH;I7I ?BV9?J7I :; >;9>E E :; :;H;9>E O J?;D:;D 7 KJ?B?P7H B7
?DJ?C?:79?XDOB7L?EB;D9?7
DJ7DJE B7:;B?D9K;D9?7JH7DID79?ED7BEH=7D?P7:7 OJE:E;BJ?FE:;79J?L?:7:9H?C?D7B9KOE
?D?9?EO9EDIKC79?XDJH7IF7I7D<HEDJ;H7IO@KH?I:?99?ED;I?DJ;HD79?ED7B;IN?IJ;KD;IJK:?E
I?IJ;CSJ?9E:;BEI<79JEH;IGK;>7D9EDJH?8K?:E7B<EHJ7B;9?C?;DJEO;NF7DI?XD:;;IJEI=HKFEI
9H?C?D7B;IJH7DID79?ED7B;II;=YDB7:E9JEH7KH7 K;HH7:;/?BB7B7P BEI<79JEH;I<79JEH;I
:;;NF7DI?XD ;DJH;BEICSIH;B;L7DJ;I BEII?=K?;DJ;I
%7I=K;HH7IBE97B;IOH;=?ED7B;I F7HJ?;D:E:;B7I:EI 9ED<B7=H79?ED;I CKD:?7B;I :; B7
FH?C;H7 C?J7: :;B ,?=BE 11 IKC7:7 7 B7 :; /?;JD7C O BEI CSI H;9?;DJ;I 9ED<B?9JEI
8UB?9EI<H7JH?9?:7I 9ECEBEI9HK;DJEIO>EHH;D:EI;D<H;DJ7C?;DJEI:;B7;N2K=EIB7L?7
O:;+K7D:7 GK;>7DB7DP7:E7BCKD:EC?BBED;I:;C?DEHV7IUJD?97I:;H;<K=?7:EI;D
:?I9EDJ?DK?:7:9KBJKH7B
%7;NJ;DI?XDOF;D;JH79?XD:;B7IC7<?7I 9ECE>7E9KHH?:E 9ED B7 27AKP7 @7FED;I7
GK; 9K;DJ7 9ED CSI :; 9?;D C?B C?;C8HEI :?IJH?8K?:EI ;D
=HKFEI 9ED H;9KHIEI
7DK7B;IIKF;H?EH;I7
C?BBED;I:;:XB7H;I
%7 EI7 'EIJH7 ,?9?B?7D7 BEI 7HJ;B;I EBEC8?7DEI O &;N?97DEI BEI 9K7B;I EF;H7D
78?;HJ7C;DJ;9ED=H7D:;I?DL;HI?ED;I;D;BI?IJ;C7<?D7D9?;HE ;DJH;EJHEI
B :;I;CFB;E O B7 FE8H;P7 B7 97H;D9?7 :; <K;DJ;I :; JH787@E B7 C7H=?D7B?:7: O
787D:EDE=K8;HD7C;DJ7B:;=H7D:;II;9JEH;IKH87DEIOHKH7B;I:;DK;IJH7IE9?;:7:
;IF;9?7BC;DJ;;DBEI9EDJ?D;DJ;I7<H?97DEOB7J?DE7C;H?97DE9ED<EHC7DBEI=HKFEIGK;
IED<S9?BC;DJ;KJ?B?P7:EIF7H7<EHC7H7:;FJEI7B9H?C;DEH=7D?P7:E
%7 9EHHKF9?XD =;D;H7B?P7:7 %7 E9JEH7 %;J?9?7 ;7JH?PF<;B87KD ;D KD7 FED;D9?7
IE8H;B7?DI;=KH?:7:9?K:7:7D7 IEIJ?;D;%79EHHKF9?XD;I>?@7:;B7?CFKD?:7: GK;
;I;B=UD;HE
+;I7';IJ7H;I 7HBEI H?C;D(H=7D?P7:E-H7DID79?ED7B;<?D?9?XD 7KI7IOEDI;9K;D9?7I %7
'7JKH7B;P7:;BH?C;D(H=7D?P7:E &7:H?: FSHH7<E
+E@7I +E:HV=K;P H?IJ?D7 `EHHKF9?XD @; <KD:7C;DJ7B IE8H; ;B GK; :;I97DI7D B7I <EHC7I :; 9H?C;D
EH=7D?P7:Ea =C4AS>AD< &7:H?:
FS=
+E@7I+E:HV=K;P H?IJ?D7 `EHHKF9?XD@;<KD:7C;DJ7BIE8H;;BGK;:;I97DI7DB7I<EHC7I:;9H?C;D
EH=7D?P7:Ea =C4AS>AD< &7:H?:
FS=
#
ECE 9EDI;9K;D9?7 KD FHE8B;C7 GKU JH7:?9?ED7BC;DJ; >78V7 I?:E :; VD:EB; BE97B :; EH:;D
FY8B?9E I;>79EDL;HJ?:E;DB7=H7DFH;E9KF79?XD:;BEIF7VI;I;D;BSC8?JECKD:?7B27GK;
FED;D;DF;B?=HEB7L?78?B?:7::;B7IIE9?;:7:;I:;97:7IJ7:E 7I?C?ICEB7?D:;F;D:;D9?7
:;BEI=E8?;HDEI B7?DJ;=H?:7::;B7I?DIJ?JK9?ED;I B7:;CE9H79?7;DJH;EJH7I7:?9?ED7B;I,;
JH7J7:;KD:;I7<VE9K7B?J7J?L7C;DJ;:?<;H;DJ;GK;FH;J;D:;FED;H;BFE:;H;IJ78B;9?:E7IK
:?IFEI?9?XDI;L?:;DJ;GK;BEI;<;9JEI:;B9H?C;DEH=7D?P7:E ;D;IF;9?7B;BH;B79?ED7:E9ED
;B D7H9EJHS<?9E >7 J;D?:E ;<;9JEI IKIJ7D9?7B;I IE8H;B7 ;9EDECV7 O B7 C?IC7 IE9?;:7: ;D
:?<;H;DJ;IF7?I;IN?IJ;KD79H;9?;DJ;97F79?:7::;B9H?C;DEH=7D?P7:EGK;>7I?:E:;9?I?L7
F7H7 KD7 ;HEI?XD 9ED H;IF;9JE 7 B7 B;=?J?C?:7: :;B IJ7:E ;DJH; 7B=KDEI I;=C;DJEI
J;HH?JEH?7B;IOFE8B79?ED7B;I 7BH;:;:EH:;BCKD:EI?C?ICE DE>7O:K:7GK;B7=BE87B?P79?XDO
B7?DJ;=H79?XD:;BEIF7VI;IF7H79ECF;J?H;D;IJEIJ?;CFEI >7DFEJ;D9?7B?P7:EO<79?B?J7:EBEI
:;B?JEIJH7DID79?ED7B;I B7:;B?D9K;D9?7EH=7D?P7:7
B7KJEH7HBEI+;I7 I;W7B7
`$> >1BC0=C4 ;0 A4;028N= 4=CA4 4BC0=D4E0 38<4=B8N= 34; 2A8<4= >A60=8I03> H BD
0?0A828N= 2><> 0<4=0I0 0 ;0 B46DA8303=028>=0; 4 8=C4A=028>=0; BC03>B *=83>B
=> 4B =8 C0= 8=>2D0 =8 C0= 38A42C0 2><> ?>3AL0= BD64A8A ;0B 34B2A8?28>=4B 34
<D27>B0DC>A4B"038=J<8201DA>2AJC82034;0B064=280B34B46DA8303702>=CA81D83>
34 <0=4A0 3428B8E0 0 ;0 ?A44<8=4=280 34; 2A8<4= >A60=8I03> 4= ;0 3458=828N= 34 ;>B
A84B6>B H 0<4=0I0B 02CD0;4B H ?A4E8B81;4B "0 BO18C0 34B0?0A828N= 34 ;0 0<4=0I0
B>E8KC820 349N D= E02L> 4= 4; 0=J;8B8B 34 B46DA8303 @D4 3DA0=C4 28=2D4=C0 0M>B B4
701L0 2>=B06A03> 20B8 4G2;DB8E0<4=C4 0 ;0 64>?>;LC820 ;0 4B20;030 =D2;40A H 4;
2><?;49> <8;8C0A8=3DBCA80; &0A0 A><?4A 4BC0 38=J<820 ?4AE4AB0 @D4 8<?;820
D=0A43D228N=8=<8=4=C434BDB0B86=028>=4B?A4BD?D4BC0A80B4BC>B>A60=8B<>BA4C><
0A>= D=2>=24?C>34B46DA8303<4=>B <8;8C0A8I03> @D4 5;>A428N 4= 4;?4A8>3> 34
4=CA46D4AA0B 0;3F8= 0=0;8I0A>= ;>B <>E8<84=C>B 34 ;0 >?8=8N= ?O1;820 HB4
+E@7I +E:HV=K;P H?IJ?D7 `EHHKF9?XD @; <KD:7C;DJ7B IE8H; ;B GK; :;I97DI7D B7I <EHC7I :; 9H?C;D
EH=7D?P7:Ea =C4AS>AD< &7:H?:
FS=
+7CED;J "=D79?E` K;HH7I:;BI?=BE11"'K;LEIC?;:EIDK;L7I7C;D7P7IaH;D78?;HJ77H9;BED7
FS=
+;I7';IJ7H;I 7HBEI /(%."f' +"'- % %"'.'" (+ '"3 -+','"('%
',)Ra&7:H?:
FS=
$
<>E84A>= ?0A0 A42D?4A0A4; C4AA4=> ?4A383> 109> ;0 9DBC8582028N= 34 3>B =D4E0B
0<4=0I0B@D44=A40;83034A0=<DH0=C86D0B4;C4AA>A8B<>H4;2A8<4=>A60=8I03>$>
4B20BD0;?>AC0=C>@D4D=54=N<4=>34?>ABL0=C86D>2>=C>30;04E>;D28N=@D470
?>383> BD5A8A 4= ;0 O;C8<0 3K2030 70H0 E4=83> 0 2D1A8A 0 4B20;0 <JB A43D2830 ;0
0DB4=280 34 0<4=0I0B @D4 ?A4E4L0 ;0 34B0?0A828N= 34 ;>B A46L<4=4B 34; B>280;8B<>
A40;$0H;>AU
'5<;8;3I-018-?#>3-:5F-/5;:1?>595:-81?
$>51@; $-89- :;I9H?8; O 7D7B?P7 B7I EH=7D?P79?ED;I 9H?C?D7B;I 7 JH7LUI :; B7I I?=K?;DJ;I
J?FEBE=V7I
%7 @;H7HGKV7 ;IJSD:7H GK; J?;D; KD IEBE BV:;H 7:;CSI :; KD7 @;H7HGKV7 ;IJ78B;9?:7
:?I9?FB?D7:7 O ;IJH?9J7 N?IJ; KD7 7I?=D79?XD :; J7H;7I O <H;9K;DJ;C;DJ; 7B=KD7 <EHC7 :;
9X:?=E?DJ;HDE:;9ED:K9J7 DEE8IJ7DJ; ;IJE:;8;;IJ7H?CFBV9?JEODEH;=?IJH7:EE<?9?7BC;DJ;
B J7C7WE :; ;IJEI =HKFEI FK;:; L7H?7H :;I:; I;H KDE H;B7J?L7C;DJ; F;GK;WE ;I :;9?H
9ED<EHC7:E FEH KDEI FE9EI ?D:?L?:KEI >7IJ7 =HKFEI 9ED<EHC7:EI FEH L7H?EI 9?;DJEI ,?D
;C87H=E ;D B7 C7OEHV7 :; BEI 97IEI IK J7C7WE IK;B; I;H :; :?;P
7 9?D9K;DJ7
C?;C8HEI FEH =HKFE %7 J;D:;D9?7 7 KJ?B?P7H B7 9EHHKF9?XD 9ECE ?DIJHKC;DJE F7H7 IKI
79J?L?:7:;IFH?C7H?7I;ICKO7BJ7-E:EIBEI=HKFEI:;>?D7?:;DJ?<?97:EI;D;B;IJK:?E:;B
")_;DJHE:;"DL;IJ?=79?ED;I?;DJV<?97I);D7B;IOH?C?D7BVIJ?97I_I;;D9K;DJH7D;D
;IJ7J?FEBE=V7
IJEI =HKFEI =;D;H7BC;DJ; >7D I?:E 9H;7:EI 7BH;:;:EH :; KD IEBE ?D:?L?:KE GK?;D
<H;9K;DJ;C;DJ; :7 IK DEC8H; 7B =HKFE 9H?C?D7B )EH ;@;CFBE BEI =HKFEI 9>?DEI IED :;
J7C7WE C;:?7DE 9ED<EHC7:EI FEH KD7 97DJ?:7: :; C?;C8HEI GK; L7 :;I:; B7I 9?D9K;DJ7
>7IJ7 B7I :EI9?;DJ7I
F;HIED7I 7FHEN?C7:7C;DJ; O J?;D;D KD7 ;IJHK9JKH7
@;HSHGK?97;IJH?9J79EDKD9X:?=E:;>EDEH H;=B7I?DJ;HD7IOKD778IEBKJ7B;7BJ7:7B@;<;%EI
C?;C8HEIIEDH;9BKJ7:EI;D;B87@ECKD:E9H?C?D7BO;D;B:;BEI;N_9EDL?9JEI F;HEJ7C8?UD
>7O C?;C8HEI GK; IED H;9BKJ7:EI :; ;DJH; BEI E<?9?7B;I =K8;HD7C;DJ7B;I O BEI I;HL?:EH;I
FY8B?9EI
B 79KCKB7H H?GK;P7I BEI =HKFEI 9H?C?D7B;I ?DL?;HJ;D ;D D;=E9?EI B;=VJ?CEI 9ECE BE IED BEI
97I?DEI 9BK8;I DE9JKHDEI O H;IJ7KH7DJ;I (JHEI =HKFEI GK; ;D97@7D ;D ;IJ7 J?FEBE=V7 IED
7GK;BBEI FHEL;D?;DJ;I :; KHEF7 :;B IJ; FH?D9?F7BC;DJ; :; +KI?7 KB=7H?7 %?JK7D?7 O
.9H7D?7 7KDGK; ;IJEI I; 97H79J;H?P7D FEH I;H H;B7J?L7C;DJ; F;GK;WEI )EI;;D KD7 9B7H7
;IJHK9JKH7 @;HSHGK?97 O I; 97H79J;H?P7D FEH 7BJEI D?L;B;I :; :?I9?FB?D7 ?DJ;HD7 O HEB;I
9B7H7C;DJ; :;<?D?:EI F7H7 JE:EI O 97:7 KDE :; BEI C?;C8HEI B ;IJ?BE :; C7D:E ;I
=;D;H7BC;DJ;7KJEH?J7H?EOB7E8;:?;D9?77B@;<;;IB7BB7L;F7H7B79E>;I?XD:;B=HKFEBKIE
%
EF;H79?ED;I:;;IJHK9JKH79H?C?D7B<B;N?8B;IED9EDJHEB7:7IFEHKDF;GK;WEDYC;HE:;79JEH;I
FH?D9?F7B;I ECE ;@;CFBE FE:HV7CEI H;C?J?HDEI 7 =HKFEI ;D9EDJH7:EI ;D B;C7D?7 O ;D
!EB7D:7 ;D ;IJ; YBJ?CE F7VI I; >7 :;J;9J7:E ;DJH; IKI 79J?L?:7:;I B7 :; JHS<?9E :; I;H;I
>KC7DEI 7:7 C?;C8HE :;B =HKFE J?;D; KD HEB :;J;HC?D7:E ;D ;B FHE9;IE :; JHS<?9E IJEI
=HKFEIJ?;D;DB797H79J;HVIJ?97:;I;H:;KD7;IJHK9JKH7CSI>EH?PEDJ7BGK;L;HJ?97B;?D9BKO;D
L7H?7ID79?ED7B?:7:;I =;D;H7BC;DJ;:;BEIF7VI;I:ED:;JH787@7DI:;H;97B97HGK;;BKIE
:; B7 L?EB;D9?7 DE ;I KD7 97H79J;HVIJ?97 FH?D9?F7B :; ;IJEI =HKFEI I?C?ICE ?DJ;HD7C;DJ;
J?;D;DKD7;IJHK9JKH7OEH=7D?P79?XDCKO<B;N?8B;
+;IF;9JE :; B7I H;:;I 9H?C?D7B;I ;D IK C7OEHV7 ;IJSD :;J;HC?D7:7I FEH B7I 79J?L?:7:;I
?BV9?J7I:;IK@;JEI9B7L;IGK;97C8?7D<H;9K;DJ;C;DJ;IKI7B?7DP7IIJEIIK@;JEIFK;:;DDE
9EDI?:;H7HI; 7 IV C?ICEI 9ECE C?;C8HEI :; KD =HKFE :;B?9J?LE ;D ;IF;9V<?9E DE B; :;8;D
7B=YD J?FE :; 9ED<?7DP7 7 9?;HJ7 7=HKF79?XD D? J7CFE9E IED 9EDI?:;H7:EI 7IV FEH IK@;JEI
;NJ;HDEI
"D:;F;D:?;DJ;C;DJ;:;;BBE J?;D;D;DB79;I9EDKD7I;H?;:;FHEO;9JEI:;B?9J?LEIDJH;IKI
97H79J;HVIJ?97I I; FK;:;D ;D9EDJH7H 7 %7I H;:;I 9H?C?D7B;I <H;9K;DJ;C;DJ; ;IJSD
9ED<EHC7:7I FEH KD DYC;HE <79J?8B; :; C7D;@7H O 9EDJHEB7H 8 %EI B7PEI O B;7BJ7:;I
F;HIED7B;I IED :;J;HC?D7DJ;I F7H7 ;B C7DJ;D?C?;DJE :; B7 H;: O 9ED<?=KH7D B7 9B7L;
:;J;HC?D7DJ;:;B7IH;B79?ED;I9,?8?;D;IJ7I;IJHK9JKH7I@;HSHGK?97IIEDC;DEI:?<V9?B;I:;
?:;DJ?<?97H FEH B7I 7KJEH?:7:;I O IK @;H7HGKV7 I; HECF; 9K7D:E 7B=YD ?D:?L?:KE 9B7L; ;I
H;CEL?:E 9ED B7I H;:;I 9H?C?D7B;I ;I CSI FHE878B; GK; B7I 7KJEH?:7:;I FK;:7D ?:;DJ?<?97H
79J?L?:7:;I :; 9?;HJEI ?D:?L?:KEI 9B7L;I O 9K7D:E ;IJEI IED 7HH;IJ7:EI E @KP=7:EI B7 H;:
I?CFB;C;DJ;I;H;<EHC77I?C?IC77BH;:;:EH:;DK;LEIIK@;JEIO79J?L?:7:;I:BJ7C7WEO
B7D7JKH7B;P7:;B7I79J?L?:7:;I:;97:7H;:9H?C?D7BL7HV7<H;9K;DJ;C;DJ;O;BKIE:;B7
L?EB;D9?7DE9EDIJ?JKO;KD797H79J;HVIJ?97;IJHK9JKH7B:;;IJEI=HKFEIF;HEI?;IKD;B;C;DJE
?DIJHKC;DJ7B ; ?D9?:;DJ7B O7 GK; IK ;D<EGK; FH?D9?F7B H7:?97 ;D B7I 7BJ7I >78?B?:7:;I O
<79KBJ7:;I:;IKIC?;C8HEI
8#.61@5B;$>5:/5<-8018-?#>3-:5F-/5;:1?>595:-81?
B E8@;J?LE FH?D9?F7B :; ;IJ7I EH=7D?P79?ED;I 9H?C?D7B;I ;IJS ;D<E97:E ;D B7 H;DJ78?B?:7:
;9EDXC?97 O ;B :;B?JE I?;D:E BEI C;:?EI ?B;=7B;I O 9H?C?D7B;I KD ?DIJHKC;DJE F7H7 ;IJEI
<?D;I
B9H?C;DEH=7D?P7:EH;7B?P7B7C7OEHF7HJ;:;IKI79J?L?:7:;I87@EDE9?ED;IOF;HIF;9J?L7I
;CFH;I7H?7B;I =K?SD:EI; :; 9H?J;H?EI ;9EDXC?9EI O 7D7B?P7D:E B7I H;F;H9KI?ED;I :; B7
)H7:E,7B:7HH?7=7 /V9JEH ,E8H;B7H?C?D7B?:7:(H=7D?P7:7;D;B);HYO;BHJV9KBEZ:;BX:?=E);D7B
H?8EKH=
FS=
'
799?XD ?DL;IJ?=7J?L7 O F;D7B?P7:EH7 :;B IJ7:E ; ;IJ7 C7D;H7 ;IJHK9JKH7D IK 79J?L?:7: ;D
7IF;9JEI9ECEB7:?L?I?XD:;BJH787@EOB7;IF;9?7B?:7::;B7C7DE:;E8H7
TBC>B6AD?>B2A8<8=0;4B?D434=;;460A00;20=I0A0;C>B=8E4;4B344542C8E830334;82C8E0
;> @D4 =424B0A80<4=C4 ;>B 2>=E84AC4 4= D= 4;4<4=C> 0CA02C8E> ?0A0 0B>280A;> 0
2034=0B D >A60=8I028>=4B <0H>A4B 34=CA> 34 ;0B 2D0;4B B4 >?4A0 2>= 6A03>B 34
?4;86A>B8303B>280;<0H>A4B;;4EJ=3>;>B002CD0A<D270BE424B345>A<0B0=6D8=0A80
"0B 0B>28028>=4B 8;L28C0B >A868=0A80B ?0B0= 0BL 0 03>?C0A ;>B 2><?>AC0<84=C>B 34 ;0B
06AD?028>=4B<0H>A4B@D4;0B8=2>A?>A0=70284=3>?A>?80B2>=3D2C0B>1B4AE030B4=
;0B)A8030B>;0>BB0$>BCA0U
)EHIKF7HJ;I-F;8;>-0; ;DIKB?8HENH?C;D(H=7D?P7:EO)?H7J;HV7a7<?HC7
T#D27>B 34 ;>B 34;8=2D4=C4B >A60=8I03>B CA01090= 5A42D4=C4<4=C4 2><> 4<?A4B0A8>B
@D4 ?0B0= 0184AC0<4=C4 34B0?4A28183>B 2><> 8;460;4B ?4A> @D4 6>I0= 34
A42>=>28<84=C>B>280;2><>6A0=34B4<?A4B0A8>B>4G8C>B>B7><1A4B34=46>28>B=
'DB80 ?>A 494<?;> B46O= 4A=0A3 &>D;4C ;0 2>=4G8N= 4=CA4 ;0 42>=><L0 ;460; H ;0
8;460;B4>1B4AE034<0=4A02>=CD=34=C44;
34;0B02C8E83034B2><4A280;4B4BCJ=
;86030B 0 ;>B 6AD?>B 34;8=2D4=280;4B >A60=8I03>B = 4BC4 ?0LB
4<?A4B0B
C84=4=0;6>@D4E4A2>=4;2A8<4=>A60=8I03>">B6AD?>B2A8<8=0;4B2>=CA>;0=4;
34;B8BC4<058=0=284A>$>4G8BC420B8=8=6O=6AD?><058>B>ADB>@D4=>?>B40E0A80B
B>2843034B48=2;DB>BD?A>?8>10=2>=&4AO;>B8=6A4B>B34;03A>60BD?>=4=<JB
34;34;&20B84;
4=4;20B>34>;><1804;
34;0B4G?>AC028>=4B34
>;8E80 H ;0 @D8=C0 ?0AC4 34 ;0B 34 &0:8BCJ= BC> 70 ?4A<8C83> ;0 02D<D;028N= 34
6A0=34B ?0CA8<>=8>B 42>=N<82>B 8;460;4B "0 2>=24=CA028N= 4= ?>20B <0=>B 34 ;0
A8@D4I002D<D;03034;B42C>A8;460;;470303>D=6A0=?>34A42>=N<82>H?>;LC82>4=
2>=BC0=C40D<4=C>0;02A8<8=0;8303>A60=8I030U
)EH;@;CFBE ;DF7VI;I9ECEEBEC8?79K7D:E;BIJ7:EDE9EDI?=K;9KCFB?H9EDIK:;8;HO
9ED IKI <KD9?ED;I 9E;H9?J?L7I 8SI?97I FEH <7BJ7 :; FH;I;D9?7 ;D :;J;HC?D7:EI J;HH?JEH?EI ;D
;IJEIBK=7H;I7F7H;9;D?DIJ?JK9?ED;IF7H7
;IJ7J7B;I 78?;HJ7C;DJ;?B;=7B;IO:;9EDDEJ79?ED;I
9H?C?D7B;I GK; BE IKIJ?JKO;D D EF?D?XD :; +K8?E ;B 9EDJHEB GK; BE=H7D B7I C7<?7I IE8H; KD
J;HH?JEH?E ;I 7 JH7LUI :;B KIE :; B7 <K;HP7 %7 L?EB;D9?7 B7 7C;D7P7 ; ?DJ?C?:79?XD IED
;B;C;DJEIGK;<7LEH;9;D7BE=H7HKD9EDJHEBC?B?J7H;DKD7PED7O97C8?7HB7IH;=B7I:;@K;=E
:;;I;BK=7H%7IC7<?7I>7DBB;=7:E7E<H;9;HI;HL?9?EI:;FHEJ;99?XD GK;I;BB;L7D7978E
(II7 +E@7I B7K:?E `H?C;D (H=7D?P7:E O )?H7J;HV7a '4E8BC0 34 4A427> =5>A<JC82> ,7DJ?7=E :; >?B;
FS=
)EKB;J ;HD7H:O+7K<;H 178?;H `-VJKBE:;B97FVJKBE?:;B7HJV9KBEa*=0<0580=BE87B E=EJS
FS=
C;:?7DJ; B7 9EEH:?D79?XD O B7 9;DJH7B?P79?XD :; B7I 79J?L?:7:;I C?IC7I 7IE9?7:7I 7 B7
9EHHKF9?XD
B 9H?C;D EH=7D?P7:E 787H97 EH=7D?P79?ED;I :; D?L;B ?DJ;HD79?ED7B 9EDL?HJ?UD:EI; ;D
CKBJ?D79?ED7B;I :;B :;B?JE EH=7D?P7:E 9ED 9EDE9?C?;DJEI J;9DEBX=?9EI O @KHV:?9EI I :;
H;B;L7DJ; C;D9?XD BE :?<V9?B GK; ;I 7 D?L;B ?DL;IJ?=7J?LE
@K:?9?7B :;I9K8H?H 7 BEI IK@;JEI GK;
<EHC7D F7HJ; :; ;IJEI 79JEI 9H?C?D7B;I BE GK; B;I F;HC?J; 9EDJ?DK7H :; <EHC7 ;D9K8?;HJ7 ;D
79J?L?:7:;I ?B;=7B;I )EH BE J7DJE F7H7 79787H 9ED ;B 9H?C;D EH=7D?P7:E ;D B7I IE9?;:7:;I
79JK7B;II;H;GK?;H;:;;I<K;HPEI;DJE:EIO97:7KDE:;BEI7IF;9JEI:;B7L?:79EJ?:?7D7
9ECE BE IED ;B IE9?7B 9KBJKH7B B;=7B =K8;HD7C;DJ7B O ;IJ7J7B B =H7D F;B?=HE :;B 9H?C;D
EH=7D?P7:E ;I GK; B7 LV9J?C7 ;I B7 IE9?;:7: ;DJ;H7 O ;IE JH7; 9ECE 9EDI;9K;D9?7 B7
?DIJ?JK9?ED7B?P79?XD:;B7?B;=7B?:7:
>591:@>-:?:-/5;:-8E?A>18-/5J:/;:1821:J91:;018;??@-0;?2-8850;?
8/-801->0;F- IEIJ?;D;GK;;DCK9>EIJ;HH?JEH?EI:;BFB7D;J7 9ECEJ7C8?UDBE:;I9H?8;
&7HO $7B:EH ;N?IJ;D 79JEH;I BE97B;I :; 97HS9J;H DE ;IJ7J7B GK; 9EC8?D7D IKI ?DJ;H;I;I 9ED
BEI:;EH=7D?P79?ED;I9H?C?D7B;IJH7DID79?ED7B;IF7H7:7HEH?=;D7B<;DXC;DE:;BEIIJ7:EI
<7BB?:EI E SH;7I I?D B;O GK; I; 9EDL?;HJ;D 7IV ;D BEI DY9B;EI :; FB7D;79?XD FHE:K99?XD O
:?IJH?8K9?XD:;H;:;ICKD:?7B;I:;JH7DI799?ED;I?BV9?J7I
%E7DJ;H?EHI;:;8;7GK;BEIIJ7:EI<7BB?:EIIEDIJ7:EI
'79?XD9ED=E8?;HDEICKO:U8?B;I
E?D;N?IJ;DJ;I ;DBEIGK;FH;:EC?D7DB7L?EB;D9?7 ;B:;IEH:;DOB7;I97I;P)ED;D;D=H7L;
F;B?=HE B7 I;=KH?:7: O ;B 8?;D;IJ7H :; IKI FE8B79?ED;I O FB7DJ;7D KD7 7C;D7P7 7 IJ7:EI
L;9?DEI 7 JH7LUI :;B :;I8EH:; :; B7 JKH8KB;D9?7 FEBVJ?97 O =H7D:;I <BK@EI :; H;<K=?7:EI ,;
9EDI?:;H7GK;;BIJ7:E<7BB?:E>7<H797I7:E;D9EDIEB?:7H;BFE:;HFEBVJ?9E:;IKJ;HH?JEH?E
BEI IJ7:EI <7BB?:EI J7C8?UD I; B;I BB7C7 IJ7:EI ?DL?78B;I IJ7:EI ;D <7B;D9?7 E IJ7:EI
9EB7FI7:EI
9ED=
+K8?E &7KH?9?E `H?C;D;"CFKD?:7:FH;9?I?ED;IIE8H;B7L?EB;D9?7a 8BC>A80H(>284303 &;:;BBVD F
)>;DIKDJEI"DJ;HD79?ED7B;IFEHB7.D?L;HI?:7::;/?H=?D?7 IJ7:EI.D?:EI;97H?E:E9JEH7BKBB8H?=>JO
7IE9?7:E FEI
:E9JEH7B ;D )7P O ,;=KH?:7: "DJ;HD79?ED7B :; B7 KD:79?XD &79HJ>KH O :;B ,E9?7B ,9?;D9;
+;I;7H9>EKD9?B IJ7:EI.D?:EI"DL;IJ?=7:EHL?I?J7DJ;;DB7IKD?L;HI?:7:;I:;7C8H?:=;O!7HL7H:?H;9JEH
:;BFHE=H7C7:;IJK:?EI%7J?DE7C;H?97DEI:;B;DJHE&?BB;H:;B7.D?L;HI?:7::;/?H=?D?7I;IEH797:UC?9E:;
B7 97:;C?7 ?FBECSJ?97 :;B );HY EDIKBJEH ?DJ;HD79?ED7B :; +;B79?ED;I NJ;HD7I :; B7 #KDJ7 :;B 9K;H:E :;
7HJ7=;D7 )79JE D:?DE I FHE<;IEH 7IE9?7:E :;B ;F7HJ7C;DJE 97:UC?9E :; ?;D9?7I ,E9?7B;I O
9EEH:?D7:EH:;B7;IF;9?7B?:7::;+;B79?ED;I"DJ;HD79?ED7B;I:;B7I9K;B7:; E8?;HDEO)EBVJ?97I)Y8B?97I:;
B7)EDJ?<?9?7.D?L;HI?:7:7JXB?97:;B);HY_).)
,KISH;7I:;?DJ;HUIIEDB7;9EDECV7FEBVJ?97?DJ;HD79?ED7B
;B 7DSB?I?I 9HVJ?9E :;B :;I7HHEBBE ;9EDXC?9E ;B 7DSB?I?I 9HVJ?9E :;B 9ED9;FJE O H;7B?:7: :; BEI IJ7:EI 7BB?:EI
;DJH;EJHEI
;>;0A6>34;03K203034
;0BB8CD028>=4B3450;4=28034BC03>BB4384A>=
<D;C
!>B>E> H (><0
IJEI IJ7:EI 9EB7FI7:EI IED IJ7:EI
'79?XD GK; >7D BB;=7:E 7B ;NJH;CE :; B7 <7B;D9?7 E
<7BJ7 :; KD7 7KJEH?:7: O B;O O7 GK; IEBE ;N?IJ; KD EH:;D FEBVJ?9E :;HHKC87:E B I?IJ;C7
FEBVJ?9E I; >7 :;I7HJ?9KB7:E O BEI HEB;I :;B =E8?;HDE :;@7D :; CEIJH7H ;IF;9?7B?P79?XD %7
5A06<4=C028N= ?>;LC820 ;I ;B 7IF;9JE CSI I?=D?<?97J?LE :;B 9EB7FIE ,;=YD BB?I BEI H7I=EI
;I;D9?7B;I :; BEI IJ7:EI <7BB?:EI IED B7 ?D97F79?:7: :; =7H7DJ?P7H ;B ?CF;H?E :; B7 B;O ;B
EH:;D;DIKIJ;HH?JEH?EIOB7?D97F79?:7::;9KCFB?H9?;HJ7IE8B?=79?ED;I8SI?97I
B9ED9;FJE`IJ7:E<7BB?:EaI?=D?<?97;B<7BBE:;BIJ7:EF7H77I;=KH7HIK<KD9?XDFH?D9?F7B GK;
;I ;D ;B 9ED9;FJE 9BSI?9E :; &7N 0;8;H C7DJ;D;H ;B CEDEFEB?E B;=VJ?CE :; B7 L?EB;D9?7
FEBVJ?97IJO 'E7C>ECIAO
E<H;9?XKD9ED9;FJE:;IJ7:E<7BB?:ECSI
7CFB?E 7B 97J;=EH?P7H DE IEBE ;B CEDEFEB?E :; B7 L?EB;D9?7 9ECE CEJ?LE :;B <7BBE J7C8?UD
?D9BKOXBEIE8@;J?LEI:;BIJ7:ED;B9ED9;FJE:;IJ7:E<7BB?:EI;9EDJ;CFB7;DBEIIK9;IEI
FEBVJ?97C;DJ;CSI9ECFHEC;J;:EH;I9ECE=K;HH7I9?L?B;I ?DEF;H7D9?778IEBKJ7:;B=E8?;HDE
=K;HH7I9ED;B;NJ;H?EH ;N?IJ;D9?7:;=K;HH?BB7IGK;:?IFKJ7D;B9EDJHEBJ;HH?JEH?7BOB77KI;D9?7
78IEBKJ7:;BIJ7:E:;;H;9>E
B97B:;7H:EP7 #7L?;H `-VJKBE:;B97FVJKBEE7HJV9KBEa %EIIJ7:EI7BB?:EIB7
!?IJEH?72B7C8?E,E9?7BFS=
B97B:;7H:EP7 #7L?;H `-VJKBE:;B97FVJKBEE7HJV9KBEa ">BBC03>B0;;83>B;08=5;D4=28034;:;I7HHEBBE %?C7
FS=
B97B:;7H:EP7 #7L?;H `-VJKBE:;B97FVJKBEE7HJV9KBEa ">BBC03>B0;;83>B;08=5;D4=28034;:;I7HHEBBE %?C7
FS=
B 9ED9;FJE :; `IJ7:E <7BB?:Ea :;L?;D; :;B H;FEHJ; `(C0C4 08;DA4 )0B: >A24 '4?>ACa :; B7
=;D9?7;DJH7B:;"DJ;B?=;D9?7:;BEIIJ7:EI.D?:EI;D;B7WE:;B<?D:;BH;FEHJ;;H7
?:;DJ?<?97H:;C7D;H79K7DJ?J7J?L7GKUF7VI;IFE:HV7D9EDI?:;H7HI;`<7BB?:EIaOFEH;D:;9ECE
H?;I=E7B7I;=KH?:7:?DJ;HD79?ED7BOB7I;=KH?:7:D79?ED7B:;IJ7:EI.D?:EI
)EIJ;H?EHC;DJ;;D
:;IFKUI:;BEI7J7GK;IJ;HHEH?IJ7I:;B:;I;FJ?;C8H;:;
;B
EDI;@E:;,;=KH?:7::;IJ7:EI.D?:EI :;F;D:?;DJ;:;BFH;I?:;DJ;:;BEIIJ7:EI.D?:EI
:;<?D?X7BEIIJ7:EI<7BB?:EI9ECE;DJ;I:;H?;I=E7B7I;=KH?:7:D79?ED7B:;IJ7:EI.D?:EI
O;IJ78B;9?XKD7;IJH7J;=?7?DJ;=H7BF7H7B7?DJ;HL;D9?XDO9EEF;H79?XD;D:?9>EIF7VI;I
ECE I; I;W7BX FH;L?7C;DJ; ;B 9ED9;FJE :; `IJ7:E <7BB?:Ea I; >7 <KD:7C;DJ7:E ;D :EI
L?I?ED;I :?<;H;DJ;I IE8H; ;B IJ7:E D FH?C;H BK=7H ;B 9ED9;FJE IE9?EBX=?9E :;B IJ7:E
H;B79?ED7:E 9ED IK CEDEFEB?E B;=?J?CE :; B7 L?EB;D9?7 D I;=KD:E BK=7H 87I7:E ;D BEI
E8@;J?LEI:;BIJ7:E GK;;D;B97IE:;>ECIAOIEDBEIE8@;J?LEIFHE9B7C7:EIFEH;BC?ICE
IJ7:E D B7 J;EHV7 =;D;H7B :;B IJ7:E DE >7 >78?:E KD 9EDI;DIE IE8H; ;B IJ7:E O ;N?IJ;
KD7:?L;HI?:7:7CFB?7:;9EHH?;DJ;I:;F;DI7C?;DJEI9B7HEGK;;B9ED9;FJEIE9?EBX=?9E:;
0;8;HO;B@KHV:?9E>7DI?:EB7IL?I?ED;IFH;:EC?D7DJ;I:;BIJ7:E
D=EB7 KHKD:? %?8;H?7 B7 +;
%;ED7
"D9H;C;DJE;DB7L?EB
K;HH79?L?B
.IE:;BJ;HHEH9EDJH7BEI9?K:7:7DEI
"D<H7;IJHK9JKH7:;J;H?EH7:7E?DIK<?9?;DJ;
3;F;:7 ?B +7YB 7EI)EBVJ?9E%7FEBVJ?97;IKD97EI;D97C?DE7BEH:;DBE=:;9?;D9?7FEBVJ?97OEF?D?XD
*KU ;I IJ7:E <7BB?:E O IJ7:E :U8?B KV7 8SI?97 IE8H; IJ7:E <7BB?:E O IJ7:E :U8?B ;IC?J?<?979?XD O
9EDJ;NJK7B?P79?XD RDJ; 4B 4; >A864= 34; 2>=24?C> BC03> 50;;83> ED9;FJE (C0C4 08;DA4 )0B: >A24 '4?>AC
IJO EB:IJED; # KHH - + ,KHAE ) - O .D=;H ' ,J7J; 7?BKH; -7IA EH9;
+;FEHJ ;DJH7B"DJ;BB?=;D9;=;D9O
B97B:;7H:EP7 #7L?;H `-VJKBE:;B97FVJKBEE7HJV9KBEa ">BBC03>B0;;83>B;08=5;D4=28034;:;I7HHEBBE %?C7
FS=
B97B:;7H:EP7 #7L?;H `-VJKBE:;B97FVJKBEE7HJV9KBEa ">BBC03>B0;;83>B;08=5;D4=28034;:;I7HHEBBE %?C7
FS=
!
H;9?;DJ;ID?L;B;I:;CEHJ7B?:7:?D<7DJ?B
B;L7:
)H;<;H;D9?7FEHCED;:7I;NJH7D@;H7I;DB7IJH7DI799?ED;I9EJ?:?7D7I
,;L;H7;I97I;P:;7B?C;DJEI
;@;CFBE:;IJ7:E9EB7FI7:E 9EDJEJ7B7KI;D9?7:;B77KJEH?:7: 9ECEBE
T)>20=3> 4; C4<0 2>= A4;028N= 0; &4AO 2
;0
8=3DBC
4E4
8=5>A<4341A070<">F4=C70;4;>2D4=C4<4=C4C8CD;03>
U
<8=>B>4B2D1A4">F4=C70;D=02A4284=C4
?B
)A0109> B>1A4 4BC03>B 50;;83>B 34; 6>184A=> =>AC40<4A820=> 0B86=010 0; &4A
U
B;I:;B78K;D7=E8;HD7DP7IEDBEI
I?=K?;DJ;I
B97B:;7H:EP7 #7L?;H `-VJKBE:;B97FVJKBEE7HJV9KBEa ">BBC03>B0;;83>B;08=5;D4=28034;:;I7HHEBBE %?C7
FS=
B97B:;7H:EP7 #7L?;H `-VJKBE:;B97FVJKBEE7HJV9KBEa ">BBC03>B0;;83>B;08=5;D4=28034;:;I7HHEBBE %?C7
FS=
B97B:;7H:EP7 #7L?;H `-VJKBE:;B97FVJKBEE7HJV9KBEa ">BBC03>B0;;83>B;08=5;D4=28034;:;I7HHEBBE %?C7
FS=
"
D;EB?8;H7B?ICE
8/;:/1<@;01?@-0;2-8850;>7I?:E9K;IJ?ED7:E;DB7B?J;H7JKH7797:UC?97OFEH;NF;HJEI
;D 7I?IJ;D9?7 ?DJ;HD79?ED7B FEH I;H 9EDI?:;H7:E ;F?IJ;CEBX=?97C;DJ; ?CFH;9?IE 9ED
?D97F79?:7: :; I;H YJ?B F7H7 =;D;H7H FEBVJ?97 FY8B?97 7:;CSI :; I;H FHEF7=7D:VIJ?9E O
FEBVJ?97C;DJ;CEJ?L7:E
)7H7 >;;7?
;B 9ED9;FJE :; IJ7:E <7BB?:E DE ;NFB?97 8?;D B7I :?<;H;DJ;I 9EOKDJKH7I
GK; I; L?L;D ;D BEI F7VI;I GK; J?;D;D 9ED<B?9JEI 7HC7:EI O =K;HH7I 9?L?B;I GK; :;8?B?J7D IK
;N?IJ;D9?7 ?D9BKIE7H=KC;DJ7GK;>7OKD79ED<KI?XD;DJH;IJ7:E<7BB?:EODE
IJ7:E:ED:;
>7O KD7 7KI;D9?7 78IEBKJ7 :;B IJ7:E O BEI ;B;C;DJEI GK; BE 9EDIJ?JKO;D ;DJ?UD:7I;
IE8;H7DV7 J;HH?JEH?EO=E8?;HDE
)7H7 50-: 145>
;B 9ED9;FJE :; IJ7:E <7BB?:E <K; L?D9KB7:E FEBVJ?97C;DJ; 7B
J;HHEH?ICE?DJ;HD79?ED7B >79?;D:EF7I7H7BEIF7VI;I7IV97J7BE=7:EI9ECE`8=2D103>A0Ba:;
79J?L?:7: J;HHEH?IJ7 145> 9H?J?97 ;IJ7 FEIJKH7 O 7H=KC;DJ7 GK; DE >7O LVD9KBE H;7B ;DJH;
J;HHEH?ICE?DJ;HD79?ED7BOIJ7:EI<7BB?:EI
)7H7 4->81? ' -88
DE >7O KJ?B?:7: ;D JUHC?DEI :; FEBVJ?97 FY8B?97 :;B 9ED9;FJE :;
IJ7:E <7BB?:E H=KC;DJ7 GK; >7O KD7 ;N9;I?L7 7=H;=79?XD :; <79JEH;I GK; FE:HV7D
:;J;HC?D7HI;9ECE<7BB?:E7KDIJ7:E;DBEIVD:?9;IGK;I;>7D9H;7:E%K;=E ;NFED;GK;
;B9ED9;FJEDEFK;:;I;H9EHH;IFED:?;DJ;7B:;IJ7:E<K;HJ;NFB?97GK;BEIVD:?9;IJ?;D;D
KD7 97H=7 DEJ78B; :; 7FEOE 7 B7 :;CE9H7J?P79?XD B 9ED9;FJE 9ED<KD:; B7 H;B79?XD ;DJH;
`4BC0C0;8303a O F7P :;CSI 7H=KC;DJ7 GK; >7O KD F7J;HD7B?ICE E99?:;DJ7B O KD FE9E
;DJ;D:?C?;DJE:;B7F7B78H7<7BB7H
%7IFH?D9?F7B;I97H79J;HVIJ?97I:;KDIJ7:E<7BB?:EIED ;DH;IKC;DB7FUH:?:7:;9EDJHEB
<VI?9E:;BJ;HH?JEH?E E:;BCEDEFEB?E;D;BKIEB;=VJ?CE:;B7<K;HP7<79KBJ7::;DB<?4A8D<
;B :;8?B?J7C?;DJE E FUH:?:7 :; B7 7KJEH?:7: B;=VJ?C7 ;D B7 JEC7 :; :;9?I?ED;I B7
?D97F79?:7:F7H7IKC?D?IJH7HI;HL?9?EI8SI?9EI#KIJ?9?7 ,;HL?9?EI)EIJ7B;I ,7BK: :K979?XD
#
- -5@I F7H;9; 787D:ED7:E 7 IK IK;HJ; :;IFKUI :;B 7FE97BVFJ?9E J;HH;CEJE :;B F7I7:E
%7 GK; <K;H7 B7 FH?C;H7 D79?XD B7J?DE7C;H?97D7 ;D ?D:;F;D:?P7HI; O 78EB?H B7
;I9B7L?JK: ;D
-H7I ;B J;HH;CEJE JKLE GK; I;H ?D9BK?:7 ;D B7 B?IJ7 :; F7?I;I ;D
F;B?=HEFEH;BED:E&KD:?7BF7H7BEI&EDKC;DJEI,>A;3#>=D<4=CBD=3;D?D=BUI
. &A0G: &A0G:018&A>7F;I7HGK;B7?D:;F;D:;D9?7:;,K:SD:;B,KH;D@KB?E:;
O7 >7 I?:E H;9EDE9?:7 FEH B7 ECKD?:7: "DJ;HD79?ED7B I?=K;D I?;D:E 7C8EI IJ7:EI
<7BB?:EI
/ %1<K.85/- 19;/>G@5/- 018 ;:3; ;I KD L7IJE J;HH?JEH?E GK; >7 I?:E 7HH7I7:E FEH
I7D=H?;DJEI 9ED<B?9JEI O <UHH;7I :?9J7:KH7I :;I:; IK ?D:;F;D:;D9?7 :; B7 8HKJ7B
9EBED?P79?XD ;B=7 %7 K;HH7 :;B EBJSD J7C8?UD 9EDE9?:7 9ECE B7 K;HH7 &KD:?7B
<H?97D7 ;DE9?:?E ED=EB;WE I; JH7JX :; ;CFH;I7I ;NJH7D@;H7I 7HHE@7D:E B;W7 7B
<K;=EF7H7<79?B?J7H;BI7GK;E:;BEIH;9KHIEID7JKH7B;I:;BF7VI
0 ,59.-.A1 ;I EJHE J;HH?JEH?E 9ED ?DC;DI7I H?GK;P7I D7JKH7B;I 7:C?D?IJH7:7I 9ED KD
I?D<VD:;:;IFHEFXI?JEI ;DJH;BEIGK;CK9>EIH;9K;H:7DB7>?F;H?D<B79?XDGK;;D;B7WE
BB;LX 7 IK 87D9E 9;DJH7B 7 ?CFH?C?H 8?BB;J;I :;
8?BBED;I :; :XB7H;I ,?D
;C87H=E BEI FH?D9?F7B;I 9?H9K?JEI JKHVIJ?9EI I?=K;D 78?;HJEI 9ECE BEI 799;IEI 7 B7I
9UB;8H;I 7J7H7J7I :; /?JEH?7 %K;=E :;B :;HHE97C?;DJE :; B7 :?9J7:KH7 :; +E8;HJ
78H?;B&K=78; B79K7B:KHX7WEIO GK;H;9?UD;D;B
7IKI7WEI797KI7
:;B =EBF; :; IJ7:E B?:;H7:E FEH ;B @;<; :;B ;@UH9?JE EDIJ7DJ?DE >?M;D=7 ;I FK;IJE
87@E7HH;IJE:EC?9?B?7H?E
1 4-0 B?C?J7 FH;9?I7C;DJ; 9ED B7 H;=?XD :;B 7H<KH 7B ;IJ; O 9ED B7 +;FY8B?97
;DJHE7<H?97D7FEH;BIKH>7:;IEJHE;@;CFBE:;:;I9EBED?P79?XD:;I7IJHEI7GK;L7
7HH7IJH7D:E7;IJ;;DEHC;F;:7PE:;d<H?97:;C7B;DF;EH
2 %1<K.85/-1:@>;-2>5/-:-;IKDF7VI:ED:;;DCK9>7IPED7IIXBE;N?IJ;B7B;O:;B7
I;BL77H8?JH7H?;:7:O7D7HGKV7D;B;I9K;JE97FVJKBEGK;">=4;H&;0=4CB;:;:?97 I;
B7FH;I;DJ79ECE;Bd<H?97A40; FE8B7:7FEH=;DJ;CKO79E=;:EH7 7F;I7H:;B7
FH;:EC?D7DJ;7D7HGKV7
3 &;9-85-J?;D;;BJH?IJ;>EDEH:;I;H;BIJ7:ECSI<7BB?:E:;BCKD:EK;DE :;>;9>E
D?I?GK?;H7FE:;CEI;IJ7HI;=KHEI:;GK;I;77YDKDIJ7:E9JK7BC;DJ; 7KDGK;DE
;IJUDH;9EDE9?:7I 7BC;DEI:EI:;IKIH;=?ED;IO7I;>7D;IJ78B;9?:E9ECEF7VI;I
?D:;F;D:?;DJ;I,EC7B?B7D:?7O)KDJB7D:?7
4 (JHEI ;@;CFBEI :;IJ7:EI <7BB?:EI ;D !105;#>51:@1 BEI ;D9EDJH7CEI;D >-7 &5>5-
23-:5?@G: 9ED CSI :; JH;?DJ7 7WEI :; 9ED<B?9JEI GK; I; L7D ;D97:;D7D:E KDE JH7I
$
EJHE :;I:; B7 D;<7IJ7 ?DL7I?XD ,EL?UJ?97 ;D '? GK; :;9?H :; 5.5- 9ED 7:7<?
GK?;D=E8;HDX7WEI :;I:;7B
GK; ;D<;8H;HE:;
JH7I;B9ED<B?9JE
GK;:;I;C8E9X;DKD7H;8;B?XD7=H7D;I97B7OKD=H7L;9ED<B?9JE7HC7:E7B;DJ7:EO
7FEO7:E FEH B7 (-' O EJHEI F7VI;I 7<?D;I BE GK; >78V7 ?D?9?7:E 9ECE KD7
C7D?<;IJ79?XDJ;HC?DX;DKD7=K;HH79?L?B B7FH?C;H7;DB7)H?C7L;H7dH78;%7IJHEF7I
EFEI?JEH7I BE=H7HED :EC?D7H =H7D F7HJ; :;B J;HH?JEH?E B?8?E &?IKH7J7 O ;D=7I? O
97FJKH7HEDB797F?J7B-H?FEB? JH7IBE9K7B 7:7<?>KOX7,?HJ;9EDJ?DK7D:E:;I:;7BBVKD
=E8?;HDE F7H7B;BE 7B :;B 9EDI;@E D79?ED7B :; JH7DI?9?XD %K;=E :; I;C7D7I I?J?7:E
7:7<?<K;>;H?:EOJH7IIK97FJKH7FEHBEIH;8;B:;I ;@;9KJ7:EFEHUIJEI;DE9JK8H;:;
-H7I B7 97V:7 :; 7:7<? ;D %?8?7 I; FHE:K@E FUH:?:7 :; 7KJEDECV7 ;9EDXC?97
KD7 C7OEH FH;I;D9?7 :;B I;9JEH FH?L7:E ;D B7 ?D:KIJH?7 :;B F;JHXB;E B7 ;N?IJ;D9?7 :;
C?B?9?7I?DJ;=H?IJ7IO?>7:?IJ7IGK;:?IFKJ7D7B=E8?;HDE;B9EDJHEB:;SH;7I:;BF7VI OB7
9EDJH7J79?XD :; ;CFH;I7I :; I;=KH?:7: FH?L7:7 F7H7 >79;H ;B ;GK?L7B;DJ; 7 B7I
<KD9?ED;I:;9EDJHEB:;B<HEDJ;H7I :7D:EIVDJEC7I:;KDIJ7:E<7BB?:E
5 D +A3;?8-B5- JH7I B7 CK;HJ; :; -?JE O 9ED ;B =E8?;HDE :; &?BEI;L?9 I; ?D?9?X ;B
:;IC;C8H7C?;DJE:;BF7VIFEH9K;IJ?ED;IUJD?97I
B7F
I78;H
8>591:#>3-:5F-0;E?A/>1/5951:@;>1?A8@-0;018-8;.-85F-/5J:
B:;I7HHEBBEJ;9DEBX=?9EOIKI7L7D9;I >7D?DJ;DI?<?97:EO;NF7D:?:E;B9H?C;D7=H7D;I97B7
?DJ;HD79?ED7BF7HJ?H:;B7:U97:7:;BEIDEL;DJ7 9EDB7?DJ;DI?<?979?XD:;B7 BE87B?P79?XD
;DB7GK;KHEF7;H7O7KD9EDJ?D;DJ;I?D<HEDJ;H7IO9ED;B:;HHKC87C?;DJE:;B7>AC8=034
84AA> I;:7B7JEHC;DJ7F;H<;9J7F7H7B7;NF7DI?XD:;B9H?C;DEH=7D?P7:E O7GK;BEI=HKFEI
JH7DID79?ED7B;I:;:;B?D9K;DJ;ICEIJH7HEDKD7=H7D7=?B?:7:F7H7;DJH7H;D9EDJ79JE9EDBEI
F7VI;I :;B IJ; KD7 L;P GK; I; :;HHKC87HED BEI H;=VC;D;I 9ECKD?IJ7I BE GK; >7 J;D?:E
`;NJH7EH:?D7H?7IaOCKOF;HD?9?EI7I9EDI;9K;D9?7I :;B7C7DE:;B:;I9EDJHEB?DJ;HDE GK;>7
J;D?:E KD7 <K;HJ; ?D<BK;D9?7 D;=7J?L7 F7H7 B7 ;LEBK9?XD <KJKH7 :; 7GK;BBEI IJ7:EI H;9?UD
I7B?:EI :;B F7H7:?=C7 9ECKD?IJ7 9JK7BC;DJ; BEI =HKFEI 9H?C?D7B;I >7D 79;B;H7:E IK
B97B:;7H:EP7 #7L?;H `">BBC03>B0;;83>B;08=5;D4=28034;:;I7HHEBBEa %?C7
FS=
%
:;B I;9JEH ;CFH;I7H?7B I?D BEI C;97D?ICEI F7H7B;BEI :; 9EDJHEB IJ7 JH7DI<EHC79?XD >7
=;D;H7:E KD :;IEH:;D ?DJ;HDE >7 ;L?:;D9?7:E B7I :;8?B?:7:;I O <7B;D9?7I :; B7I ;IJHK9JKH7I
;N?IJ;DJ;I:;7KJEH?:7:OB;=?J?C?:7: B7IH;J?9;D9?7I:;B7FE8B79?XD79K7BGK?;HJ?FE:;DK;LE
9EDJHEBIJ7J7B ;BH;IKH=?C?;DJEO7=K:?P7C?;DJE:;9ED<B?9JEIUJD?9EI O;B:;ICEHED7C?;DJE
:;B7F7H7JE@K:?9?7B FEB?9?7BO:;?DJ;B?=;D9?7OIKIK8EH:?D79?XDOE9EEF;H79?XD9ED;B9H?C;D
EH=7D?P7:E
5.1>/>591: /5.1>1?<5;:-61 E /5.1>3A1>>- /;9; :A1B-? -91:-F-? 1: 8-
?13A>50-0
B H?C;D (H=7D?P7:E O ;B H?C;D ?8;HDUJ?9E DE IED I?DXD?CEI ;B FH?C;HE 79JY7
C7OEHC;DJ; ;D ;B CKD:E H;7B O DE ;D ;B CKD:E 9?8;HDUJ?9E E :; B7I H;:;I B I;=KD:E ;B
H?C;D ?8;HDUJ?9E ;I F;HF;JH7:E FEH ?D:?L?:KEI O DE FEH EH=7D?P79?ED;I 9H?C?D7B;I ,?D
;C87H=E ;B =H7:E :; 9E?D9?:;D9?7 ;DJH; BEI :EI <;DXC;DEI :;B?9J?LEI FHE878B;C;DJ;
7KC;DJ7HS 9EDI?:;H78B;C;DJ; :KH7DJ; BEI FHXN?CEI 7WEI B H?C;D (H=7D?P7:E KI7 ;B
"DJ;HD;J F7H7 ;B <H7K:; .D ;@;CFBE :; ;IJE <K; BE E9KHH?:E ;D E9JK8H; :;B 7WE
;D KD
>;9>EGK;JKLECK9>EGK;L;H9ED;B7D9E:;,?9?B?7;D"J7B?7B=HKFE9H?C?D7BI;FHEFKIE
:;IL?7H 9K7JHE9?;DJEI C?BBED;I :; :XB7H;I GK; B7 .D?XD KHEF;7 >78V7 :;I?=D7:E F7H7
FHEO;9JEI;D,?9?B?7 F;HE;BFB7DDEI;BB;=X7H;7B?P7HFEHGK;KDE:;BEIC?;C8HEI:;B=HKFE
?D<EHCX 7 B7I 7KJEH?:7:;I )EH BE J7DJE 9B7HE ;IJS GK; ;B H?C;D (H=7D?P7:E ;D9K;DJH7
;DEHC;I EFEHJKD?:7:;I :; =7D7D9?7I 9ED ;B 9H;9?C?;DJE :; B7 87D97 O ;B 9EC;H9?E
;B;9JHXD?9E
%7 :?L;HI?<?979?XD :;B H?C;D (H=7D?P7:E ;D L7H?7I <EHC7I :; 9HVC;D;I ;D ;B "DJ;HD;J ;IJS
;IJH;9>7C;DJ; H;B79?ED7:7 9ED ;B ?DLEBK9H7C?;DJE :; 7GKUB ;D BE GK; I; 97J;=EH?P7 9ECE
9HVC;D;I<?D7D9?;HEI9ECEFEH;@;CFBE B7I79J?L?:7:;I:;B7IC7<?7IDEHJ;7C;H?97D7OHKI7I
;D 07BB ,JH;;J B <H7K:; 8KHISJ?B H;B79?ED7:E 9ED ;B "DJ;HD;J :7 9ECE H;IKBJ7:E F7H7 BEI
?DL;HI?ED?IJ7IKD7FUH:?:7:;:?;PC?BC?BBED;I:;:XB7H;I.,
FEH7WE
BH?C;D(H=7D?P7:E8KI97?DJ;HHKCF?HBEII?IJ;C7I:;?D<EHC79?XD 9ECKD?979?XDO:;IJHK?H
:7JEI IV ;B 9H;9?C?;DJE :; B7 ;NJEHI?XD 9?8;HDUJ?97 ;I KD7 J;D:;D9?7 :; ;IJ7I <EHC7I :;
7=HKF79?ED;I?BV9?J7I.D;@;CFBE<K;BEGK;IK9;:?X7<?D;I:;B7WE
9K7D:EI;;CFB;X
+;I7 ';IJ7H;I 7HBEI H?C;D (H=7D?P7:E -H7DID79?ED7B ;<?D?9?XD 7KI7I O EDI;9K;D9?7I &7:H?:
LEBK9?XDH;9?;DJ;:;B9H?C;DEH=7D?P7:EIKJH7DID79?ED7B?P79?XD FSHH7<E
%7HA?D 7D?;B `;B?JEIB;9JHXD?9EIa <4A820=0>;4CL==5>A<0C8E>34;0<10903034;>BBC03>B*=83>BS
&0=0<J
B7OJED
FS=
'
KDL?HKI:;DEC?D7:E`">E41D6U FH;J;D:?;D:E=7D7H;B799;IE79EDJH7I;W7I:;9K;DJ7I:;B
*=8>= 0=: :; ,K?P7 O 87D9EI ;D IJ7:EI .D?:EI 'KD97 I; ;I9B7H;9?X GK?UD;I <K;HED BEI
GK; H;7B?P7HED ;IJ7 ;IJ7<7 F;HE :; ?=K7B CE:E DE <K; CSI GK; KD7 ;L?:;D9?7 :; GK; ;B
H?C;D?8;HDUJ?9E9EC;DP7HS97:7L;PCSI;DBK=7H;IGK;DEJ?;D;DB;O;I:?H?=?:7I9EDJH7
UB
(JH7 J;D:;D9?7 ;I GK; I; KJ?B?P7 ;B "DJ;HD;J F7H7 7KC;DJ7H B7I EFEHJKD?:7:;I :; B7L7H :?D;HE
C;:?7DJ;B7<79JKH79?XD<H7K:KB;DJ7:;CSI 7BFHEF7=7HI;;B:?D;HEOB787D97;B;9JHXD?9EI
J7C8?UD7KC;DJ7DB7IEFEHJKD?:7:;I:;E9KBJ7HBEICEL?C?;DJEI:;BEIFHE:K9JEI:;B9H?C;D
)EH EJHE B7:E ;N?IJ; B7 9H;9?;DJ; 9ED97J;D79?XD ;DJH; BEI F?H7J7I 9?8;HDUJ?9EI O ;B 9H?C;D
EH=7D?P7:E 27 GK; ;IJEI =HKFEI IED >S8?B;I ;D ?:;DJ?<?97H B7I EFEHJKD?:7:;I F7H7 DK;L7I
;CFH;I7I O 79J?L?:7:;I ?BV9?J7I )EH BE GK; ;I FEI?8B; FHEDEIJ?97H 9ECE ;B "DJ;HD;J O ;B
9H;9?C?;DJE FHE=H;I?LE :;B 9EC;H9?E ;B;9JHXD?9E E<H;9;D DK;L7I O ;DEHC;I F;HIF;9J?L7I :;
=7D7D9?7I?BV9?J7I
,;=YD$458)5885-9? FHE<;IEH:;IJK:?EI:;,;=KH?:7:"DJ;HD79?ED7B :;B7.D?L;HI?:7::;
)?JJI8KH=
`=0M>BA4284=C4B;>B6AD?>B34;A8<4=%A60=8I03>H34;=0A2>CAJ582>34<D4BCA0=D=4BC8;>
<DHA458=03>3402CD028N=*=494<?;>4B4;20B>2>;><180=>;0B>A60=8I028>=4B2A8<8=0;4B
34 3827> ?0LB 4<?;40= ?AJ2C820B 4<?A4B0A80;4B A46D;0A4B 34 38E4AB8582028N= 34 <4A203>B H
?A>3D2C>B H 4G?;>C0= ;>B =D4E>B <4A203>B 4= DA>?0 %22834=C0; H ;0 4G *=8N= (>E8KC820
B8<8B<> DC8;8I0= 4B?4280;8BC0B 58=0=284A>B ?0A0 ;>6A0A CA0=B0228>=4B 34 ;0E03> 34 38=4A>
)>3> 4BC> 70 64=4A03> <0H>A ?4A54228>=0<84=C> H ?A>C4228N= 4= BDB 34;8C>B 6A0280B 0;
4<?;4>344G?4AC>B9DAL382>BH58=0=284A>B0;C0<4=C4?A4?0A03>B4=CA0=B0228>=4B58=0=284A0B
H 4= ;0 4G8BC4=280 34 A45D68>B 4= 9DA8B38228>=4B 58=0=284A0B 4GCA0C4AA8C>A80;4B BC0B
06AD?028>=4B => 4=2D4=CA0= ;0 =424B8303 34 34B0AA>;;0A BD 4G?4A84=280 CK2=820 4= 2D0=C> 0
;0B A434B 2814A=KC820B 4;;>B ?A4584A4= C><0A 2>=C02C> 2>= 0@D4;;>B 4B?4280;8BC0B @D4
?4AC4=424=0;02><D=830334?8A0C0B8=5>A<JC82>B0B46DAJ=3>B4<4380=C4D=02><18=028N=
34A42><?4=B0BH0<4=0I0B34@D4B4;;4E4=0201>4=5>A<04542C8E0H458284=C4;0BC0A40B
@D4;4BB>=0B86=030BU
;D;H7BC;DJ; ;BH?C;D(H=7D?P7:EH;7B?P7IKIEF;H79?ED;IEJ?;D;D87I;I;DBEIBC03>B
0;;83>B BEI IJ7:EI CSI :U8?B;I O7 GK; B7I 7KJEH?:7:;I DE IED J7D HV=?:7I O I; 9EHH;D
C;DEH;I H?;I=EI 7I?C?ICE ;B "DJ;HD;J 7KC;DJ7 B7I =7D7D9?7I 7B CSN?CE :; ;IJ7 79J?L?:7:
:;B?9J?L7 O7 GK; J7C8?UD BEI H?;I=EI IED C;DEH;I O ;I 97I? ?CFEI?8B; BB;=7H 7 :;I9K8H?H B7I
79J?L?:7:;I GK; I; H;7B?P7D FEH C;:?E :; ;IJ; 97D7B I?C?ICE ;B "DJ;HD;J 9ECE C;:?E :;
0?BB?7CI )>?B `(H=7D?P;:H?C;7D:O8;H9H?C;,OD;H=?;I -H;D:I 7D:+;IFEDI;I "DJ;HD7J?ED7B"D<EHC7J?ED
)HE=H7CI D B;9JHED?9 #EKHD7B E< J>; ., ;F7HJC;DJ E< ,J7J; _ K=KIJ
/EBKC; 'KC8;H
07I>?D=JED FS=
!
EF;H79?XD 7DXD?CE :; B7I 87D:7I 9H?C?D7B;I ;I <KD9?ED7B F7H7 B7 H;7B?P79?XD :;B <H7K:; ;B
HE8EOB7;NJEHI?XD
)5885-9? I;W7B7BEI?=K?;DJ;
`;2A8<4=>A60=8I03>704;4683>B84<?A48=3DBCA80B?0AC82D;0A4B2><>>194C8E>B348=58;CA028N=
?0A0 0BL ?>34A 8<?;0=C0A BD 8=5;D4=280 8;L28C0 =C4A8>A<4=C4 34BC020A>= 4=CA4 KBC0B ;0B
8=3DBCA80B 34 ;0 2>=BCAD228N= H 34; CA0=B?>AC4 34 10BDA0 4= $D4E0 ->A: H 4= C0;80 H ;0B
8=3DBCA80B34;010=20H34;0;D<8=8>4='DB804B344BC0?4AB?42C8E04;A8<4=%A60=8I03>
4;=C4A=4CH4;2A428<84=C>34;2><4A28>4;42CAN=82>B4?A4B4=C0=2><>=D4E>B>194C8E>B34
8=58;CA028N= H 494A2828> 34 8=5;D4=280 E8B8N= @D4 BD684A4 @D4 ;0 C42=>;>6L0 H ;0B 58A<0B 34
B4AE828>B34;=C4A=4C3414=2D830AB4?0AC82D;0A<4=C434BDBB>28>BH58=0=2803>A4B5DCDA>Ba
`; 54=N<4=> 34=><8=03> 2><> ;>10;8I028N= 70 ?4A<8C83> 4; 0224B> <0B8E> 0 D=0
38E4AB8303 34 >1A0B 8=C4;42CD0;4B H ?A4BC028>=4B 0ACLBC820B 2>=C4=830B 4= <O;C8?;4B <438>B
5LB82>B B>?>AC4B H @D4 6A0280B 0 ;0B =D4E0B C42=>;>6L0B 0B>28030B 0 ;0B 2><D=82028>=4B
?D434= B4A A4?A4B4=C03>B H 38BCA81D83>B 4= 5>A<0C>B 3868C0;4B BC0B E4=C090B >5A424=
?>C4=280;4B 34 0?A>E4270<84=C> 34 ;>B <>3>B 34 4G?;>C028N= 34 ;>B 2>=C4=83>B @D4
;L28C0<4=C40?A>E42703>B?D434=;;460A0>5A424AD=02><?4=B028N=<DH2>=E4=84=C4?0A0
@D84=4B 7D184A4= ?0AC828?03> 4= C>3> 4; ?A>24B> @D4 70 ;;4E03> 0 ;0 2>=2A428N= 34 D=
4B5D4AI>2A403>Aa
I?C?ICE BEI J?JKB7H;I :; :;H;9>EI :; 7KJEH O EJHEI H;B79?ED7:EI IED 7<;9J7:EI
D;=7J?L7C;DJ;FEHBEI;<;9JEI:;B7I79J?L?:7:;I?BV9?J7IGK;7JHEF;BB7DIKI:;H;9>EIOFEHB7
<7BJ7:;L?=?B7D9?7;<;9J?L7EB7:;:?979?XDD;9;I7H?7:;F7HJ;:;BEIEH=7D?ICEI;D97H=7:EI
:;L;B7HFEHB7FH;L;D9?XD:;B:;B?JEBH?C;D(H=7D?P7:EH;7B?P7B779J?L?:7::;FHE:K99?XD
F?H7J7 OJH7J7:;7FHEL;9>7H7BCSN?CEB7IL;DJ7@7IGK;E<H;9;DBEIC;:?EI:?=?J7B;I I?JK79?XD
GK; :;I;C8E97 ;D ;B B7L7:E :; :?D;HE O B7 E8J;D9?XD :; =7D7D9?7I ?B;=7B;I ECE BE
C;D9?ED7 8-A05; #??- T>= A4B?42C> 0 ;>B 4B5D4AI>B >A84=C03>B 70280 ;0 ?A>C4228N=
8=C4A=028>=0;<D;C8;0C4A0;34;>B34A427>B340DC>AH34;>B34A427>B2>=4G>B4;?A8<4A8=C4=C>
5D4 7427> 2>= 7, :9A09.4J9 /0 0=9, ;,=, 7, ;=:?0..4J9 /0 7,> :-=,> 74?0=,=4,> D
,=?I>?4.,> /0
>=E4=8> 34 4A=0 *=0 34 ;0B <JB =>C01;4B 20A02C4ALBC820B 34 4BC4
8=BCAD<4=C> 8=C4A=028>=0; 4B @D4 >5A424 ?A>C4228N= 0 502C>A4B 42>=N<82>B > ?0CA8<>=80;4B
<JB24A20=>B0;4B?LA8CD?A4B4=C44=;0B;468B;028>=4B@D4B48=B4AC0=4=4;<>34;>34;AD;4
>5 ;0F H C0<18K= 2>=B834A0 ;>B 34A427>B <>A0;4B 03>?C0=3> 4; 4B?LA8CD ?A4B4=C4 4=
;468B;028>=4B34;>BBC03>B344A427>@D4B4A864=?>ACA03828>=4B;460;4B34>A34=5A0=2>
64A<J=820%CA>B8=BCAD<4=C>BH02D4A3>B70=B83>0?A>103>B34B344=C>=24BC0;4B2><>
0?BB?7CI )>?B `(H=7D?P;:H?C;7D:O8;H9H?C;,OD;H=?;I -H;D:I 7D:+;IFEDI;I "DJ;HD7J?ED7B"D<EHC7J?ED
)HE=H7CI D B;9JHED?9 #EKHD7B E< J>; ., ;F7HJC;DJ E< ,J7J; _ K=KIJ
/EBKC; 'KC8;H
07I>?D=JED FS=
0?BB?7CI )>?B `(H=7D?P;:H?C;7D:O8;H9H?C;,OD;H=?;I -H;D:I 7D:+;IFEDI;I "DJ;HD7J?ED7B"D<EHC7J?ED
)HE=H7CI D B;9JHED?9 #EKHD7B E< J>; ., ;F7HJC;DJ E< ,J7J; _ K=KIJ
/EBKC; 'KC8;H
07I>?D=JED FS=
!
7,:9A09.4J99?0=,80=4.,9,>:-=007/0=0.3:/0,@?:=09:-=,>74?0=,=4,>.409?I14.,>D
,=?I>?4.,> /0
:9A09.4J9 9?0=,80=4.,9, 7, :9A09.4J9 '94A0=>,7 >:-=0
0=0.3:>/0@?:=/0
:9A09.4J9'94A0=>,77,:9A09.4J99?0=9,.4:9,7>:-=0
;=:?0..4J9 /0 7:> ,=?4>?,> 49?H=;=0?0> : 050.@?,9?0> 7:> ;=:/@.?:=0> /0 1:9:2=,8,> D
7:> :=2,94>8:> /0 =,/4:/41@>4J9 /0
:9A09.4J9 /0 $:8, 07 :9A094: ;,=, 7,
;=:?0..4J9/07:>;=:/@.?:=0>/01:9:2=,8,>.:9?=,7,=0;=:/@..4J99:,@?:=4E,/,/0
>@> 1:9:2=,8,> /0 :9A094: :9:2=,8,> D 8F> =0.409?0809?0 07 .@0=/:
>:-=0 7:> >;0.?:> /0 7:> 0=0.3:> /0 #=:;40/,/ 9?070.?@,7 =07,.4:9,/:> .:9 07
:80=.4:.@0=/:#/0 D7:>&=,?,/:>/07," #>:-=00=0.3:/0@?:=
&" D >:-=0 9?0=;=0?,.4J9 : 50.@.4J9 D :9:2=,8,> &" ,8-:> /0
&=,?,/:> 9?0=90? /0 7, " # 2CD0;<4=C4 B86D4 B84=3> 4B4=280; @D4 B4 0E0=24 4= ;0
2>;01>A028N=4=CA4C>3>B;>BC8CD;0A4B3434A427>B?0A04=5A4=C0A;>B?A>1;4<0B@D4;4BB>=
2><D=4BH4=4B?4280;@D44;BC03>C><4B4A80<4=C44=2D4=C0;0B02C8E83034B342A8<4=
>A60=8I03> @D4 B4 0B>280= 2>= ;0 B4A84 34 8;L28C>B @D4 B4 E8=2D;0= 2>= ;0 ?8A0C4AL0 H 4; DB>
8=0342D03>34;0B=D4E0BC42=>;>6L0BU
5.1>/>591:E185.1>@1>>;>5?9;/;9;:A1B-?-91:-F-?1:8-?13A>50-0
'E FE:;CEI :;@7H :; C;D9?ED7H ;D ;B FH;I;DJ; 7HJV9KBE ;B ?8;H9H?C;D GK; KI7 ;B
9?8;H;IF79?E F7H7 H;7B?P7H IKI :;B?JEI 7 <?D :; E8J;D;H 8;D;<?9?EI ;9EDXC?9EI 7FEOSD:EI;
F7H7;BBE;DB7IH;:;I:;9ECKD?979?ED;IOI?IJ;C7I:;?D<EHC79?XD;B;9JHXD?9EII?C?ICE
DEIFE:;CEIFH;=KDJ7H\*KUJ?;D;D;D9ECYD;B?8;H9H?C;D ?8;H;IF?ED7@;O?8;H=K;HH7
\*KU799?ED;II;>7DJEC7:E7D?L;B?DJ;HD79?ED7BF7H7H;IFED:;H7;IJ7I7C;D7P7I
B <;DXC;DE :; "DJ;HD;J >7 9EDBB;L7:E J7C8?UD 7 B7 7F7H?9?XD :; DK;LEI FHE8B;C7I 18
5.1>/>591: O 18 5.1>@1>>;>5?9; B ?8;H9H?C;D KI7 ;B 9?8;H;IF79?E F7H7 H;7B?P7H IKI
:;B?JEI 7 <?D :; E8J;D;H 8;D;<?9?EI ;9EDXC?9EI 7FEOSD:EI; F7H7 ;BBE ;D B7I H;:;I :;
9ECKD?979?ED;I O I?IJ;C7I :; ?D<EHC79?XD ;B;9JHXD?9EI QIJ; 787H97 :;I:; ;B :;B?JE
;9EDXC?9E 9ECE ;B <H7K:; ?D<EHCSJ?9E B7 <7BI?<?979?XD ;IF?ED7@; ?D<EHCSJ?9E 2><?DC4A
702:8=6 B7 F?H7J;HV7 9EC;H9?7B O EJHEI 9HVC;D;I 9EDJH7 B7 FHEF?;:7: ?D:KIJH?7B O ;B 9H?C;D
EH=7D?P7:E
%EI9?8;H:;B?D9K;DJ;IO9?8;H9H?C?D7B;IKI7DB7H;:F7H7
? (8J;D;H:?D;HE:;<EHC7<H7K:KB;DJ7
?? BEGK;7H FS=?D7I M;8 :; ?DIJ?JK9?ED;I EH=7D?P79?ED;I ;CFH;I7I E
=E8?;HDEI
??? )HEF7=7H C7BM7H; J7B 9ECE KD L?HKI KD7 102:3>>A KD IFOM7H; E KD
=KI7DE O
?L B7DGK;7H:?D;HE7<?D:;H;9?8?H;B:?D;HEFHE9;:;DJ;:;B<H7K:;;DIK9K;DJ7
9EHH?;DJ;OH;C?J?HBE7KDJ;H9;H:;IJ?D7J7H?E
(II7 +E@7I B7K:?E `;H;9>EI :; 7KJEH 9ED;NEI 9ECE >;HH7C?;DJ7I ;IJH7JU=?97I F7H7 7L7DP7H >79?7 KD7
,E9?;:7::;BEDE9?C?;DJEB97IE:;>?B;a,7DJ?7=E:;>?B;
FS=
!
B ?8;HJ;HHEH?ICE ;N9;:; 7B ?8;H9H?C;D ,; :;<?D; 9ECE B7 <EHC7 ;D B7 GK; ;B J;HHEH?ICE
KJ?B?P7 B7I J;9DEBE=V7I :; B7 ?D<EHC79?XD F7H7 ?DJ?C?:7H 9E799?ED7H E 97KI7H :7WEI 7 =HKFEI
IE9?7B;I9ED<?D;IFEBVJ?9EIOH;B?=?EIEI,;9EDI?:;H7GK;;B?8;HJ;HHEH?ICE>7H;7B?P7:EKD
KIE F7I?LE :; "DJ;HD;J FK;IJE GK; BEI 7J7GK;I ?D<EHCSJ?9EI I; >7D B?C?J7:E 7 9EB7FI7H
I;HL?9?EI :; I?J?E M;8 :; ?DIJ?JK9?ED;I E ;CFH;I7I HE87H ?D<EHC79?XD ?DKJ?B?P7H I?IJ;C7I :;
9ECKD?979?XDE9EDJH7?D<EHC7H FEHBEGK;I;FK;:;:;9?HGK;DEI;>7FHE:K9?:EKD7J7GK;
9?8;HDUJ?9EGK;97KI;=H7D:;IFUH:?:7IO9EDBB;L;7>78B7H:;7J7GK;I9?8;HJ;HHEH?IJ7I
BKIE:;"DJ;HD;JFEHF7HJ;:;BEI=HKFEIJ;HHEH?IJ7II;9;DJH7 FH?D9?F7BC;DJ; ;D
? (8J;D;H<?D7D9?7C?;DJEF7H7IKI97KI7I?B;=VJ?C7I
?? %B;L7H7978EKD7=K;HH7FI?9EBX=?97OFHEF7=7H;BJ;HHEH ;BC?;:E C;:?7DJ;
;B ;IF7H9?C?;DJE :; ?D<EHC79?XD ;GKVLE97 7C;D7P7I :?LKB=79?XD :;
?CS=;D;I:;IKI7J;DJ7:EIOL?:;EI:;JEHJKH7I
??? <;9JK7HH;9BKJ7C?;DJE:;C?;C8HEI
?L &7DJ;D;H9ECKD?979?XD9EDIKIEH=7D?P79?ED;I
L EEH:?D7HO;@;9KJ7H799?ED;I
L? D9EDJH7H ?D<EHC79?XD F7H7 IKI FEI?8B;I E8@;J?LEI O 7:E9JH?D7H
?:;EBX=?97C;DJ;OFHECE9?ED7HIKIEH=7D?P79?ED;I
%79?8;H=K;HH7;I;DJE:EI?C?B7H7BEIF7H7:?=C7I:;B7=K;HH77I?CUJH?97O:;B7=K;HH7JEJ7B
;B<KD:7C;DJE:;UIJ7;I;BI?=K?;DJ;
? %EI ;<;9JEI FK;:;D 7B97DP7H 7 JE:EI BEI 9?K:7:7DEI 7:C?D?IJH79?ED;I
?DIJ?JK9?ED;I O ;CFH;I7I :;B IJ7:E 7KDGK; DE ;IJUD 9ED;9J7:EI 7B
9?8;H;IF79?E
?? "DLEBK9H7 LEBKDJ7H?7 E ?DLEBKDJ7H?7C;DJ; 7 JE:EI BEI 9?K:7:7DEI
7:C?D?IJH79?ED;I ?DIJ?JK9?ED;IO;CFH;I7I:;BIJ7:E
??? %7 H;B79?XD ;DJH; ;<?979?7 O 9EIJ; ;I CKO 7BJ7 FEI?8B;C;DJ; B7 CSI 7BJ7 O7
GK;FK;:;?DKJ?B?P7HI?IJ;C7I8SI?9EIO9HVJ?9EI:;KDF7VI9EDKD9EIJ;F7H7
;B7J797DJ;;NJH7EH:?D7H?7C;DJ;87@E
?L 'E D;9;I?J7 :; KD7 ?D<H7;IJHK9JKH7 =H7D:; O 9EIJEI7 9ECE B7 ?D:KIJH?7 :;
7HC7C;DJE 9BSI?9E _ J;HH;IJH; D7L7B 7UH;E ,EBE D;9;I?J7D F;HIED7I 9ED
CKO8K;D7<EHC79?XD;D?D=;D?;HV7?D<EHCSJ?97O;DFI?9EBE=V7 ?D9BKI?L;
L D B7 9?8;H:;<;DI7 F7I?L7 :;8;D F7HJ?9?F7H JE:EI BEI 9?K:7:7DEI
7:C?D?IJH79?ED;I ?DIJ?JK9?ED;IO;CFH;I7I:;BIJ7:E 97:7KDE7IKD?L;BO
9EDIKIC;:?EI
L? I CKO :?<V9?B FHE87H <;>79?;DJ;C;DJ; B7 7KJEHV7 :; KD 7J7GK; BE GK;
FHEFEH9?ED7 KD 7DED?C7JE CKO =H7D:; O 9EDL?;HJ; 7 B7 9?8;H=K;HH7 ;D KD7
=K;HH7FUH<?:7
ECEI;>7FE:?:E;NFB?97H ;BF7H7:?=C7:;B7?8;H=K;HH7;IKD7C;P9B7:;BEIF7H7:?=C7I
:;B7=K;HH7JEJ7BO:;B7=K;HH77I?CUJH?97GK;9EDL?;HJ;D7B7?8;H=K;HH7;DCKOF;B?=HEI7
FEH IKI FEI?8B;I ;<;9JEI O FEH IK F;H<?:?7 :;CSI 9H;7 KD C7H9E 9ED9;FJK7B DK;LE B7
!!
?8;HI;=KH?:7: F7H7 ;B 9K7B ;I D;9;I7H?E 9H;7H 9ED9?;D9?7 ;D JE:EI BEI 9?K:7:7DEI 9ECE
?D:?L?:KEIO9ECEIJ7:E
%EI ;<;9JEI :; B7 9?8;HDUJ?97 FK;:;D I;H ;CFB;7:EI 9ECE ;B 7HC7 FUH<?:7 :;B I?=BE 11" O7
GK; B7I 7C;D7P7I IED H;7B;I F;HE I; F;H9?8;D FEH ;B 9ECYD :; BEI CEHJ7B;I :; C7D;H7
:?<KI7 FEH BE GK; DE >7O KD 9EDE9?C?;DJE 7:;9K7:E :; BEI :7WEI GK; FK;:; FHE:K9?H KD
7J7GK; ?D<EHCSJ?9E %EI KIK7H?EI :; I?IJ;C7I ?D<EHCSJ?9EI J?;D;D =H7D:;I :?<?9KBJ7:;I F7H7
F;H9?8?H9B7H7C;DJ;B77C;D7P79?8;HDUJ?97 BEGK;:?<?9KBJ7CK9>EB79ED9?;D9?79?XD
B ?8;H;IF?ED7@;! ,;=YD ;B :?H;9JEH :; "DJ;B?=;D9?7 '79?ED7B :; BEI .. -91? %
8-<<1>I;:;<?D;B7I9?8;H7C;D7P7I;DJUHC?DEI:;]9?8;H7J7GK;I^O]9?8;H;IF?ED7@;^KD
]9?8;H7J7GK;^;IKD7EF;H79?XDE<;DI?L7DE9?DUJ?979EDB7?DJ;D9?XD:;9H;7H;<;9JEI<VI?9EIE
C7D?FKB7H 7BJ;H7HEIKFH?C?H:7JEI)K;:;?H:;I:;KD7EF;H79?XD:;:;D;=79?XD:;I;HL?9?E
GK; ?CF?:; J;CFEH7BC;DJ; ;B 799;IE 7 KD I?J?E ]M;8^ 7 KD 7J7GK; 9EDJH7 KD7 JKH8?D7 :;
=;D;H79?XD:;;D;H=V7GK;97KIXKD:7WE<VI?9EOKD7F7=XDGK;:KHXL7H?EI:V7I
B ]9?8;H;IF?ED7@;^ I; H;<?;H; 7 ?DJHKI?ED;I ;D B7I H;:;I :; 799;IE 7 ?D<EHC79?XD I;DI?8B;
:?FBECSJ?97 C?B?J7H E ;9EDXC?97 .D7 IEBK9?XD ;I B7 ?8;H?DJ;B?=;D9?7 ?:;DJ?<?97H B7I
LKBD;H78?B?:7:;I;?D:?L?:K7B?P7HBEIF;B?=HEI;N?IJ;DJ;IOFEJ;D9?7B;I ;BBEH;IKBJ7CKO:?<V9?B:;
H;7B?P7H :;8?:E7B797H;D9?7:;<HEDJ;H7I:;B9?8;H;IF79?E ;B799;IE7H;:;I87@E7DED?C7JE
FEH ;BBE ;B KIE :; C;:?EI :; I;=KH?:7: H;IKBJ7 CSI <79J?8B; 7KDGK; ;N?IJ; J7C8?UD B7
FEI?8?B?:7::;GK;I;7DLKBD;H7:EI
(JH7 IEBK9?XD FEI?8B; ;I ;B ;IJ78B;9?C?;DJE :; EH=7D?ICEI =K8;HD7C;DJ7B;I :;IJ?D7:EI
;N9BKI?L7C;DJ; 7 B7 BK9>7 9EDJH7 BEI 7J7GK;I 9?8;HDUJ?9EI N?IJ;D C7D;H7I GK; FE:HV7D
;CFB;7HI;9ECEBVD;7I:;799?XD;IJH7JU=?97I7B7I;=KH?:7:9?8;HDUJ?97;B?D9H;C;DJE:;B7
97F79?:7: :; FH;L;D9?XD :;J;99?XD ?DL;IJ?=79?XD O H;IFK;IJ7 7DJ; B7I 9?8;H7C;D7P7I 9ED
7FEOE:;KDC7H9E@KHV:?9EEF;H7J?LEO;<?97P(JH7C7D;H7I;HV7B7=7H7DJV7:;B7I;=KH?:7:
:;BEII?IJ;C7I:;?D<EHC79?XDOB7IH;:;I:;9ECKD?979?ED;I;?D<H7;IJHK9JKH7I9ECKD;I7
JE:7IB7I:C?D?IJH79?ED;I)Y8B?97II?C?ICE B7C;@EH7:;B7I;=KH?:7::;B7IJ;9DEBE=V7I
:;B7?D<EHC79?XDOB79ECKD?979?XD-"
)EH EJHE B7:E B7 97F79?J79?XD :; FHE<;I?ED7B;I ;D 9?8;HI;=KH?:7: I?C?ICE B7 ?CFB7DJ79?XD
:; KD7 9KBJKH7 :; 9?8;HI;=KH?:7: IXB?:7 FEH BE GK; I; :;8;HS 9ED9?;DJ?P7H 7 BEI 9?K:7:7DEI
FHE<;I?ED7B;I O ;CFH;I7I :; B7 ?CFEHJ7D9?7 :; B7 I;=KH?:7: :; B7 ?D<EHC79?XD O :;B KIE
H;IFEDI78B; :; B7I DK;L7I J;9DEBE=V7I O :; BEI I;HL?9?EI :; B7 IE9?;:7: :;B 9EDE9?C?;DJE O
FEHYBJ?CEI;:;8;HSD?DJ;DI?<?97HB79EB78EH79?XD?DJ;HD79?ED7B,;FHECEL;HSDBEI;I<K;HPEI
J;D:;DJ;I79EDI;=K?HKD9?8;H;IF79?E?DJ;HD79?ED7BGK;F;HI?=7DKD;DJEHDEI;=KHE
B EDL;D?E :; K:7F;IJ IE8H; ;B ?8;H9H?C;D ;I ;B FH?C;H JH7J7:E ?DJ;HD79?ED7B GK; 8KI97
>79;H <H;DJ; 7 BEI :;B?JEI ?D<EHCSJ?9EI O BEI :;B?JEI ;D "DJ;HD;J C;:?7DJ; B7 7HCED?P79?XD :;
B;O;I D79?ED7B;I B7 C;@EH7 :; B7I JU9D?97I :; ?DL;IJ?=79?XD O ;B 7KC;DJE :; B7 9EEF;H79?XD
;DJH;B7ID79?ED;I,KFH?D9?F7BE8@;J?LE ;I7FB?97HKD7FEBVJ?97F;D7B9ECYD;D97C?D7:77B7
FHEJ;99?XD:;B7IE9?;:7:9EDJH7;B?8;H9H?C;D ;IF;9?7BC;DJ;C;:?7DJ;B77:EF9?XD:;KD7
B;=?IB79?XD7:;9K7:7O;B<EC;DJE:;B7EEF;H79?XD"DJ;HD79?ED7B
!"
F;I7H:;KDC7H9E@KHV:?9E9ECYD B7;B?C?D79?XD:;E8IJS9KBEI@KH?I:?99?ED7B;IF7H7<79?B?J7H
B7 7FB?979?XD :; B7 B;O :; :;B?JEI ?D<EHCSJ?9EI I?D <HEDJ;H7I DE FK;:; I;H FEI?8B; :;DJHE :;
;IJ;C7H9E%7JH7DIFEI?9?XD:;B7I:?IFEI?9?ED;I:;BEDL;D?E;DB7B;=?IB79?XDD79?ED7B;I
:?<V9?B ;IF;9?7BC;DJ;I?I;H;GK?;H;B7?D9EHFEH79?XD:;B7I;NF7DI?ED;IIKIJ7D9?7B;IGK;L7D
;D9EDJH7:;BEIFH?D9?F?EI9EDIJ?JK9?ED7B;I,;;IJSJH787@7D:E9EDEJHEIF7VI;IF7H79EC87J?H
B7 :;B?D9K;D9?7 JH7DID79?ED7B ?D9BK?:E ;B :; 7OK:7H 7 EJH7I D79?ED;I 7 9EDIJHK?H IKI
97F79?:7:;I:;7FB?979?XD:;B7B;O,;I?=K;9EDB7BK9>79EDJH7;BJ;HHEH?ICE?DJ;HD79?ED7BO
;D <HKIJH7H BEI 7J7GK;I J;HHEH?IJ7I GK; I; >7D FB7D;7:E O FK;IJE ;D C7H9>7 ;D "DJ;HD;J 'E
>7O :K:7 :; GK; 97:7 D79?XD :;8; FHEJ;=;H 7 IKI 9?K:7:7DEI 9EDJH7 B7 :;B?D9K;D9?7 O BEI
7J7GK;I;DBVD;7 O<K;H7:;BVD;7
$>5:/5<-81?>A<;?>595:-81?
D(:5J:&;B5H@5/-
9JK7BC;DJ; ;B B?8H; JHSDI?JE :; B7I F;HIED7I O BEI 8?;D;I ;DJH; BEI IJ7:EI :; B7 .D?XD
KHEF;7J7C8?UD .>78;D;<?9?7:E7GK?;D;IF;HJ;D;9;D77GK;BB7 F;HEJ7C8?UD>7I?:E
7FHEL;9>7:EFEHBEI=HKFEI9H?C?D7B;I
!-25-?%A?-?
IF;HJ?D;DJ;:;9?HGK; 79JK7BC;DJ;;N?IJ;D:E9;C?B
=HKFEI9EDJH;IC?BBED;I:;
C?;C8HEI &?;C8HEI GK; ?D9BKO;D ;N C?;C8HEI :; B7 $ _EC?JU F7H7 B7 ,;=KH?:7: :;B
IJ7:E_;DIKJH7:K99?XD7B7IJ;BB7DE ;NC?B?J7H;IO87DGK;HEI
-H;I9?;DJEI
=HKFEI EF;H7D ;D CSI :;
F7VI;I EC?D7D B7 :?IJH?8K9?XD :; B7 :HE=7
:;DEC?D7:7 KGC0B8B O 814A34;8=2D4=280 7 JH7LUI :;B KIE :; B7I J7H@;J7I :; 9HU:?JE IJ;
=HKFE >7 9H;9?:E :;I:; B7 97V:7 :;B ECKD?ICE O7 GK; UIJ; JKLE B7 97F79?:7: :; I797H
F7HJ?:E:;B7H;:?IJH?8K9?XD:;H;9KHIEIGK;I;:?EJH7IO9EDB7FH?L7J?P79?XD:;B7;9EDECV7
IE9?7B?IJ7 B H?C;D (H=7D?P7:E )EIJ
,EL?UJ?9E ;IJS ?DLEBK9H7:E ;D =H7D ;I97B7 :; B7
;9EDECV7 FH?L7J?P7:7 %7I C7<?7I HKI7I ;IJSD :?IFK;IJ7I 7 7IKC?H H?;I=EI C7OEH;I GK; BEI
?DL;HI?ED?IJ7I9ECKD;I FEHBEGK;GK?;D;I9ED<EHC7D;BH?C;D(H=7D?P7:E;NFBEJ7DOI797D
FHEL;9>E:;B7FH?L7J?P79?XD:;B7;9EDECV7B;=VJ?C7
%7I 79J?L?:7:;I ?BV9?J7I :; ;IJEI =HKFEI IED B7 9EC;H9?7B?P79?XD :; C7J;H?7I FH?C7I O :;
;GK?FEC?B?J7H%EI=HKFEI9H?C?D7B;IHKIEII;9ED;9J7D9EDEJHEIHKIEI;NF7JH?7:EI;DB7.
O ;D .. IJSD ?DLEBK9H7:EI ;D FHEIJ?JK9?XD @K;=EI :; 7P7H 7I;I?D7JEI L;>V9KBEI
HE87:EI ;DJH;EJHEI:;B?JEI-7C8?UD;IJSD?DLEBK9H7:EI;D79J?L?:7:;I9H;7:7IFEHKDEH:;D
CKD:?7B7BJ;H7:EGK;?CFB?97B7;NFEHJ79?XD?B;=7B:;F;JHXB;E ;B9EDJH787D:E:;7HC7I ;DJH;
EJHEI
DB7I?JK79?XDGK;L?L;+KI?7>EO;D:V7 ;I;L?:;DJ;GK;B7?D<H7;IJHK9JKH7B;=7BO;BI?IJ;C7
:;C7DJ;D?C?;DJE:;BEH:;DFY8B?9EDE>7DFE:?:E9EC87J?H;BH?C;D(H=7D?P7:EBEH:;D
!#
FY8B?9E>7IJ7;BCEC;DJEDE>7FE:?:EI;H9EDJHEB7:EFEH;B7F7H7JE9;DJH7B?P7:E:;BIJ7:E
D?J7CFE9E7F7HJ?H:;B7:?IEBK9?XD:;B7.D?XD,EL?UJ?97 O7GK;;DCK9>EIIJ7:EI FEH;B
9EDJH7H?E :?9>7:;I9;DJH7B?P79?XD>7:7:E9ECEH;IKBJ7:EB7<7BJ7:;9EDJHEB;I<HEDJ;H?PEI :;
DEHC7IB;=7B;I?D7FB?978B;I ;DJH;EJHEID;=7J?LEI;IJ7:EI:;9EI7I
B H?C;D (H=7D?P7:E ;D ;B 7WE :; :?E KD =H7D I7BJE :; 9H;9?C?;DJE F7I7D:E :; B7
;N?IJ;D9?7 :; I;J;9?;DJEI E9>;DJ7 O 9?D9E =HKFEI 9H?C?D7B;I 7 KD DYC;HE :; 9?D9E C?B
I;?I9?;DJEIDEL;DJ7OKDE=HKFEI:KH7DJ;B7UFE97:; EH879>ELD;B7WE:;
;IJEI =HKFEI I; ?D9H;C;DJ7HED 7 E9>E C?B
B =E8?;HDE HKIE 9H;; GK; B7 C7<?7 HKI7
9EDJHEB7 ;B
:; BEI D;=E9?EI FH?L7:EI O ;B
:; B7I 9ECF7WV7I ;IJ7J7B;I K;DJ;I DE
;IJ7J7B;IF?;DI7DGK;;IJEI=HKFEI9EDJHEB7D;B
:;BEI87D9EIHKIEI
-!-25-8.-:1?-
IJS9ED<EHC7:7FEH=HKFEIGK;IED9EDE9?:EI9ECE0A4B ;IJEI=HKFEI9H;9?;HED;DJE:E
I;DJ?:E 9ECE9EDI;9K;D9?7:;B7 K;HH7:;BEI7B97D;IK;J7DJ7B7?D<BK;D9?7:;B7C7<?7
7B87D;I7 GK; BB;=X >7IJ7 ;B FKDJE :; KIKHF7H B7 7KJEH?:7: =K8;HD7C;DJ7B %7 79J?L?:7:
FH?D9?F7B :; BEI0A4B ;I ;B 9EDJH787D:E :EC?DSD:EBE 79JK7BC;DJ; ;D KHEF7 B E8@;JE :;B
9EDJH787D:EFK;:;L7H?7H:;I:;;B9EC8KIJ?8B;>7IJ7;BJHS<?9E?B;=7B:;F;HIED7I
B=E8?;HDEH;IF7B:7JS9?J7C;DJ;7;IJEI=HKFEI 7B?=K7BGK;B7FEB?9V7.D;@;CFBE9B7HE:;BE
7DJ;H?EH;I;B9EDJH787D:E:;CSI:;:?;PC?B
!>B>E0A4B
FEHC;I:KH7DJ;B7=K;HH7
IE I?=D?<?9X F7H7 ;B H?C;D (H=7D?P7:E 7B87DUI =7D7D9?7I ;DJH; BEI JH;I ., O 9K7JHE
.,C?BBED;I:;:XB7H;IFEH7WE
D ;B 7WE :; B7 "'-+)(% ?D:?9X GK; BEI 7B87D;I;I AEIEL7H;I J;DV7D B7 CSI =H7D:;
F7HJ?9?F79?XD ;D ;B C;H97:E :; 74A>L=0 :; BEI F7VI;I :; ,K?P7 KIJH?7 UB=?97 B;C7D?7
!KD=HV7 +;FY8B?97>;97 'EHK;=7O,K;9?7,XBE;DB;C7D?7O,K?P7 BEI0A4B9EDJHEB7D
;B
:;B C;H97:E :; 74A>L=0 %7 HKJ7 87B9SD?97 9ECE 97D7B :; JH7DIFEHJ; :; B7 :HE=7
=;D;H7KDL7BEH;IJ?C7:E:;9K7JHE9?;DJEI.,
C?BBED;I:;:XB7H;IOC7D;@7;B
:;
B774A>L=0:;IJ?D7:7F7H7B7L;DJ7;D;B9EDJ?D;DJ;;KHEF;E%EI0A4BJ7C8?UDI;;D9K;DJH7D
;D $EIELE O &79;:ED?7 7B97DP7D:E 7B?7DP7I 9ED B7 C7<?7 ?J7B?7D7 B7 9K7B I; :;I7HHEBB7HS 7
9EDJ?DK79?XD
B =E8?;HDE :; B87D?7 7B J;D;H B7 97H79J;HVIJ?97 :; I;H KD =E8?;HDE :U8?B 9EDJH?8KO; I?D
8KI97HBE O I?D GK; I;7 IK ?DJ;D9?XD 7 B7 I?JK79?XD 7DJ;H?EHC;DJ; :;I9H?J7 O7 GK; >7O KD
:;J;H?EHEFEBVJ?9EGK;>79H;7:EKD7C8?;DJ;9XCE:EOI?DH;IJH?99?ED;IF7H7;BJHS<?9E?BV9?JE
IJEI=HKFEIFHEIF;H7D7B;IJ7H<H;DJ;7KD=E8?;HDE:U8?B KD7<7BJ7:;B;=?IB79?XDF;D7B ;B
>78;HFEB?9V7I9EHHKFJEIOC7B7IH;=KB79?ED;I87D97H?7I
);HIED7I GK; F;HJ;D;9;D 7 KD7 ECKD?:7: QJD?97 GK; ;IJS 7:I9H?J7 7B J;HH?JEH?E :; $EIELE ;D B7 );DVDIKB7
7B9SD?97 ;D;B,KH;IJ;:;KHEF7
!$
-?!-25-?@-85-:-?
IJSD9ED<EHC7:7IFEH7BH;:;:EH:;L;?DJ;O9?D9EC?B
C?;C8HEIK8?97:EIIEB7C;DJ;
;D"J7B?7O:EI9?;DJEI9?D9K;DJ7C?B
C?;C8HEI7<?B?7:EI;DJE:E;BCKD:E
%7I FH?D9?F7B;I C7<?7I ?J7B?7D7I IED B7 ,14, %4.474,9, BE97B?P7:7 ;D EI7 'EIJH7 GK; ;IJS
9ED<EHC7:7 FEH 7FHEN?C7:7C;DJ; 9?D9K;DJ7 O C?B
C?;C8HEI :; BEI 9K7B;I 9?;DJE
9?D9K;DJ7
<7C?B?7II;;IF;9?7B?P7D;D;BJHS<?9E:;:HE=7I B7;NJEHI?XD:;;CFH;I7H?EI O
9EB78EH7D9EDI?D:?97JEI9H?C?D7B;I:;JE:E;BCKD:EOB7 ,14,/07,,8:==,K8?97:7;D
'SFEB;I
7CF7W7 GK; ;IJS 9ECFK;IJ7 FEH I?;J; O C?B
C?;C8HEI ;DJH; BEI 9K7B;I
;N?IJ;D9?;DJEJH;?DJ7
<7C?B?7I
(JH7IC7<?7IIEDB7,8:==,!L=,9230??,BE97B?P7:7;D7B78D7GK;;IJS9ED<EHC7:7FEH
7BH;:;:EH :; 9?D9E O C?B
F;HIED7I O 9?;DJE O 9?D9K;DJ7
b':H?D; O B7 !@:A,
%,.=,:=:9,'94?F7:I9H?J77)K=B?7GK;;IJS9ECFK;IJ7FEH:EIC?B
C?;C8HEIO
9?D9K;DJ7
<7C?B?7I
I?C?ICE GK?I?;H7 7=H;=7H 9ECE KD7 C7<?7 ?DJ;H;I7DJ; GK; ;IJKLE H;B79?ED7:7 7 B7 C7<?7
?J7B?7D7 F;HE GK; JKLE IKI 7DJ;9;:;DJ;I ;D .. 78?SD ,FEBB7DIAO ;D IK B?8HE B7 &7<?7
#K:?7 97FVJKBE FS=?D7 :;DEC?D7 T!>B74A $>BCA0 7B @;M?I> CE8 E C7<?7 @K:V7
DEHJ;7C;H?97D7
I;J?FE:;EH=7D?P79?ED;IC;D9?ED7,FEBB7DIAO
>@D8IJ2>=<0H>A?A428B8N=<>E8<84=C>B
B>280;4B 34;82C8E>B 4A0= 60=6B 34 $4F ->A: ;834A03>B 0 ?A8=28?8>B 34 B86;> ?>A #>=:
0BC<0= 86 02: .4;86 +027 "4F8B ;;0<03> C0<18K= 82;N= ">D84 #0G .F4A1027 4=CA4
>CA>B ><?8C84A>= 2>= ;>B 8C0;80=>B ?>A 4; 2>=CA>; 34; 4B?028> <058>B> 34 $D4E0 ->A: A0=
C0<18K= D= A4BD;C03> 34 ;0 674CC8I028N= D= 2><?>=4=C4 5D=30<4=C0; 4= ;0 B>28> 4C=>6A05L0
=>AC40<4A820=0"0<05809D3L0=>4A0D=54=N<4=>4G2;DB8E0<4=C4=4FH>A:8=>*=034;0B
10=30B <JB 8<?>AC0=C4B 5D4 ;0 ?0=38;;0 ?OA?DA0 34 4CA>8C ">B 60=6BC4AB9D34>0<4A820=>B
?0AC828?0A>= 34 =46>28>B A4;028>=03>B 2>= ;0 ?A>BC8CD28N= H ;0 3A>60 >=CA>;0A>= 4B?028>B
8<?>AC0=C4B 4= ;0 1DA>2A0280 B8=3820; ?A43><8=0=C4<4=C4 4= 4; B8=3820C> 34; E4BC83> H 4= 4;
B8=3820C> 34; CA0=B?>AC4 "0 ?A4B4=280 9D3L0 4=;0 <0580 H 4=28A2D8C>B 34 CAJ582> 8;460; 5D4
B84<?A4D=<>C8E>?0A0;>B0=C8B4<8C0BH;>B38B2DAB>B0=C88=<86A028N=<?4I0A>=0;A4343>A
34;
4=4;674C>9D3L>34$4F->A:2>=;010=3034=><8=030#0=>$46A0-838B738A86830
?>A 02>1"4E8=B:H70A;4B"8C>55B:HH >B4?7)>?;8=B:H
7BSD %EB7 `BK=;:;B7IEHFEH79?ED;I&7<?EI7Ia ;D:H7&U:?97 '4E8BC034D<0=83034B &7:H?:
FS=
!%
"0 :>B74A =>BCA0 B4 >A60=8IN 2>= BD ?A>?80 ?4AB>=0;8303 ?4A> CDC4;030 ?>A ;0 <0580
?A43><8=0=C4<4=C4B828;80=04>CA05>A<0=>7D184A0?>383>7024A;>)0=C>;0<05802><>;0
:>B74A=>BCA04A0=B>BC4=43>A4B34D=B42C>A34;4BC01;8B7<4=C2>=CA04;2D0;?>ABD?D4BC>
=> 810=4= 2>=CA0<10B B4AEL0= 0 ;0 $028N= 0<4A820=0 H0; <?4A8> 34B34 5D4A0 34 ;0;4H
5>A<0;$> 5><4=C010= =8=6D=0 2ALC820 34; >A34=CA03828>=0; =8 34; >A34=<>34A=>
4BC01;4283>=CA>?>;N6820<4=C4 5D=28>=010= 2><> 4BCAD2CDA0B 34 0B8<8;028N= (>BC4=L0=
4;>A34= B>280; 0 ;0E4I @D4 4GC>AB8>=010= 0 BDB?4AB>=4A>B H ;> 702L0= 34B34 D=0
7>B?8C0;0A80674CC8I028N=U
>591:'>-:?:-/5;:-8/;:.-?11:?I-'>5-0-?45:-?E8-+-7AF-
%7I &=I,/,> 349,> I; :;I7HHEBB7D :;DJHE :; >?D7 O -7?MSD C7OEHC;DJ; J?;D;D 9?;DJE
9?D9K;DJ7 C?B
87D:7I 9ED C?BBED;I :; C?;C8HEI (F;H7D ;D >?D7 CK9>7I
EH?=?D7H?7I :; !ED= $ED= -7?MSD O ;B H;IJE :;B CKD:E IJSD CKO <EHJ7B;9?:7I ;D BE GK;
H;IF;9J77B7<7BI?<?979?XD:;7HJV9KBEI:;:?L;HI7VD:EB;.D;@;CFBE:;;IJEI=HKFEIIEDBEI
%9,6030,/> GK; ;IJSD ;IF;9?7B?P7:EI ;D ;B JHS<?9E ?B;=7B :; F;HIED7I ;IF;9?7BC;DJ; >79?7
.. 7D7:SOKIJH7B?7
IJ7I -H?7:7I GK; >79;D F7HJ; :; B7 %:.40/,/ %0.=0?, 349, I; H;CEDJ7D 7B C;DEI 7B
+;?D7:E:;BCF;H7:EH-D=67Q4=6:;B7:?D7IJV7&7D9>YGK;;N?IJ?X;D;B,?=BE1/"",ED
IE9?;:7:;I I;9H;J7I !ED= $ED= ;I ;B K7HJ;B ;D;H7B :; ;IJ7I -HV7:7I %7 %@9 *00 "9
J?;D;<7C7:;I;HB7-H?7:7CSI=H7D:; 9EDKD797DJ?:7:7FHEN?C7:7:;C?;C8HEI;DJH;BEI
9K7H;DJ7 O I?;J; C?B
O BEI I;I;DJ7 C?B
C?;C8HEI ;IJEI =HKFEI I;
97H79J;H?P7DFEHB7IE<?IJ?979?XD:;IKICUJE:EI;DB7I79J?L?:7:;IGK;H;7B?P7D 79J?L?:7:;I
GK;I;FK;:;D;DKC;H7H;D;BJHS<?9E:;:HE=7I ;BB7L7:E:;:?D;HE B79EHHKF9?XD B7F?H7J;HV7
9?8;HDUJ?97 B7I<7BI?<?979?ED;I BEI<H7K:;I:;J7H@;J7I:;9HU:?JE ;B9EDJH787D:E:;F;HIED7IO
;B9EDJHEB:;BEIC;H97:EI9>?DEI
B=7DIJ;H?ICE;I;BC7OEHFHE8B;C7?BV9?JE:;#7FXDOIKC7OEHH;FH;I;DJ7DJ;;IB7*,6@E,
,;:90>, :;DJHE :; ;IJ7 EH=7D?P79?XD 9H?C?D7B ;N?IJ;D 79JK7BC;DJ; CSI :; C?B
87D:7I GK; IKC7D KD JEJ7B 7FHEN?C7:E :; E9>;DJ7 O C?B
C?;C8HEI GK; I;
;IF;9?7B?P7D;DB7;NJEHI?XD:;9ECF7WV7IO;BJHS<?9E:;F;HIED7I
%7 27AKP7 #7FED;I7 :EC?D7 B7 :?IJH?8K9?XD :; <4C0=54C0<8=0 7 D?L;B CKD:?7B IJ; =HKFE
JKLE IKI EHV=;D;I ;D ;B ,?=BE 1/"" :KH7DJ; BEI ,?=BEI 1/""" O 1"1 ;IJEI ,7CKHS?I I;
,FEBB7DIAO 78?SD "0#0580 D3L04=H=;DJ?D7 K;DEI?H;I
FS=
7A;H0+7OCED: `0?8C0;8B<B278;;4B44;8ACH#>=4H0=37>FC>A4=4FC74A44#0A:4C,OIJ;Ca
'K;L7#;HI;O
FS=
!&
7HC7I ;B HE8E :; L;>V9KBEI ;B <H7K:; ?CFK;IJE O 87D97H?E O ;B B7L7:E :; :?D;HE
9K;DJ79ED79J?L?:7:;I?DJ;HD79?ED7B;I;DKHEF7 "IH7;B CUH?97;DJH7B ,KH7CUH?97
;?DDKC;H78B;I9?K:7:;I;D..
>8,47:A>6,D,;IJS9ECFK;IJ7FEHC?B
C?;C8HEI7GK?;D;I>79;BB;L7H7978E
IKI EF;H79?ED;I ;D B7I 9;H97DV7I 7B $H;CB?D ;IJS FHE<KD:7C;DJ; H;B79?ED7:7 9ED B7
FHE:K99?XD O 9EC;H9?7B?P79?XD :; :HE=7I ;B <H7K:; 9EHFEH7J?LE ;B JHS<?9E >KC7DE B7
;NJEHI?XD O ;B B7L7:E :; :?D;HE ?D<EHCSD:EI; 7 JH7LUI :; :;9;D7I :; ;CFH;I7I
<7DJ7IC7I K8?97:7I ;D ;B ;NJH7D@;HE ;IJ; =HKFE 9K;DJ7 9ED EF;H79?ED;I
?DJ;HD79?ED7B;I;DKHEF7 CUH?97:;B,KH &UN?9E 7D7:SO..
B HKFE :2470A4.3 ;IJS ;D978;P7:E FEH GK?;D BB;L7 IK C?ICE DEC8H; ,;C?ED
&E=?B;L?9> GK?;D 9KH?EI7C;DJ; 9K;DJ7 9ED KD =H7:E 7L7DP7:E ;D 9EDECV7 CEJ?LE
FEH;B9K7BI;B;BB7C7;B>==C4;864=C4,KIFH?D9?F7B;IEF;H79?ED;I9EDI?IJ;D;D;B
9EDJH787D:E :; 7HC7I ;B JHS<?9E :; :HE=7I B7 FHEIJ?JK9?XD B7 ;NJEHI?XD BEI <H7K:;I
9EHFEH7J?LE O 87D97H?E ;B HE8E :; F?;P7I :; 7HJ; 7:;CSI :; GK; I; B;I 7:@K:?GK; ;B
>;9>E:;I;HIEIF;9>EIEI:;9EDJH787D:E:;C7J;H?7B;IDK9B;7H;I
B HKFE H?C?D7B %:79?>0A>6,D, J?;D; 87@E IK C7D:E 9?D9E C?B
C?;C8HEI
UIJ7;IKD7EH=7D?P79?XDGK;JKLEIK<KD:79?XD;D;B7WE:;
;DKDIK8KH8?E:;B7
9?K:7: :; &EI9Y B=KD7I L;9;I ;I BB7C7:7 J7C8?UD 9ECE A86030 34; (>; IJS
;D978;P7:7FEH,;H=;?&?B>7?BEL GK?;DB7>79;EF;H7H;D79J?L?:7:;I?BV9?J7I9ECEB7I
:HE=7I ;BJHS<?9E>KC7DE B7FHEIJ?JK9?XD ;BI;9K;IJHE B7;NJEHI?XD ;B9EDJH787D:E:;
7HC7I ;B HE8E :; L;>V9KBEI ;B <H7K:; ?CFK;IJE O 87D97H?E O ;B B7L7:E :; :?D;HE
9K;DJ79ED79J?L?:7:;I?DJ;HD79?ED7B;I;DKHEF7 "IH7;B CUH?97;DJH7B ,KH7CUH?97
;?DDKC;H78B;I9?K:7:;I;D..
>8,47:A>6,D,;IJS9ECFK;IJ7FEHC?B
C?;C8HEI7GK?;D;I>79;BB;L7H7978E
IKI EF;H79?ED;I ;D B7I 9;H97DV7I 7B $H;CB?D ;IJS FHE<KD:7C;DJ; H;B79?ED7:7 9ED B7
FHE:K99?XD O 9EC;H9?7B?P79?XD :; :HE=7I ;B <H7K:; 9EHFEH7J?LE ;B JHS<?9E >KC7DE B7
;NJEHI?XD O ;B B7L7:E :; :?D;HE ?D<EHCSD:EI; 7 JH7LUI :; :;9;D7I :; ;CFH;I7I
<7DJ7IC7I K8?97:7I ;D ;B ;NJH7D@;HE ;IJ; =HKFE 9K;DJ7 9ED EF;H79?ED;I
?DJ;HD79?ED7B;I;DKHEF7 CUH?97:;B,KH &UN?9E 7D7:SO..
B HKFE :2470A4.3 ;IJS ;D978;P7:E FEH GK?;D BB;L7 IK C?ICE DEC8H; ,;C?ED
&E=?B;L?9> GK?;D 9KH?EI7C;DJ; 9K;DJ7 9ED KD =H7:E 7L7DP7:E ;D 9EDECV7 CEJ?LE
FEH;B9K7BI;B;BB7C7;B>==C4;864=C4,KIFH?D9?F7B;IEF;H79?ED;I9EDI?IJ;D;D;B
9EDJH787D:E :; 7HC7I ;B JHS<?9E :; :HE=7I B7 FHEIJ?JK9?XD B7 ;NJEHI?XD BEI <H7K:;I
"
9EHFEH7J?LE O 87D97H?E ;B HE8E :; F?;P7I :; 7HJ; 7:;CSI :; GK; I; B;I 7:@K:?GK; ;B
>;9>E:;I;HIEIF;9>EIEI:;9EDJH787D:E:;C7J;H?7B;IDK9B;7H;I
(4.?:=:@?KD;NE<?9?7B:;B7$ I;>79EDL;HJ?:EO;I>EOFEH>EOKDE:;BEICSI
?CFEHJ7DJ;IJH7<?97DJ;I:;7HC7I?B;=7B;I:;I:;FH?D9?F?EI:;B7WE:;
%7I<K;DJ;I
7<?HC7DGK;;IJ;=HKFE9H?C?D7B;D978;P7:EFEHEKJ7:;CSI:;EF;H7H;D+KI?7 BE
>79;7BEB7H=EO7D9>E:;EJHEIF7VI;I:;B77DJ?=K7.D?XD,EL?UJ?97 KHEF7:;BIJ;
O )7A?IJSD %7I ;DJH;=7I GK; H;7B?P7 B7 7=HKF79?XD ?D9BKO;D 7HC7I F;GK;W7I
7C;JH7BB7:EH7I CKD?9?ED;I CEHJ;HEI L;>V9KBEI8B?D:7:EI J7DGK;IO>;B?9XFJ;HEIF7H7
GK;I;7DKI7:EI;DI?JK79?ED;I:;9ED<B?9JE;Dd<H?97-7C8?UD>79;;DJH;=7:;7HC7I
7BEIJ7B?87D;I;D<=7D?IJSDIJ;=HKFE9H?C?D7BJ?;D;I;:;:;C7D;H7?DJ;HC?J;DJ;O
FEHCEC;DJEIJ7DJE;DBEIC?H7JEIdH78;I.D?:EI9ECE;D+KI?7
#@>;?>A<;?>595:-81?%A?;?
.8?97:EI ;D :>.K >;6>?AD03=4=B:0H0 &>3>;/B:0H0 !DA60=B:0H0
"HD14A4CB:0H0 "4=8=B:0H0 &DB78=B:0H0 %A4:7>EB:0H0 )060=B:0H0
0;0B78:78=B:0H0>ACB>EB:0H0OBC4=CDAHBB>280C8>=
D9B7:EI7%,9#0?0=>-@=2:)0<1>EB:0H0!0I0=B:0H0#0;HB74E:0H0O
%BC0=:8=B:0H0
%7I :;DEC?D7:7I $-:0588-? 41/41:-? %1B78=0 13D;:0A3HA>E0
)B4=CA0;=0H0H%BC0=:8=B:0H0
>A<;?>595:-81?01A>;<-018?@1
DJH;BEICSI7=H;I?LEIOL?EB;DJEII;FK;:;D;DKC;H7HBEI=HKFEIFEI;;:EH;I:;KD
IKIJH7JE UJD?9E 9ECE BE IED BEI :; ;EH=?7 HC;D?7 &EB:EL7 B87D?7 IBEL;D?7
HE79?7 $EIELE EID?7
!;HP;=EL?D7 O,;H8?7%7I79J?L?:7:;I?BV9?J7IGK;:;I7HHEBB7D
;IJ7I 7=HKF79?ED;I ?D9BKO;D B7 FHE:K99?XD O 9EC;H9?7B?P79?XD :; :HE=7I B7 JH7J7 :;
F;HIED7I B7FHEIJ?JK9?XD ;BHE8E:;9E9>;IO;B7I7BJE7;DJ?:7:;I87D97H?7I
#>3-:5F-/5J:>595:-8@-85-:-
%77FB?979?XD:;B7B;O;D"J7B?7O;D..>7H;:K9?:EJ;DK;C;DJ;;B:EC?D?E:;B7
C7<?7 F;HE ;IJ7 H;:K99?XD >7 9EDI?IJ?:E YD?97C;DJ; ;D :?IC?DK?H B7 FHEB?<;H79?XD :;
EJHEI =HKFEI :;B?9J?LEI %7I C7<?7I ?J7B?7D7I 9K;DJ7D 9ED KD ;IJ?C7:E :;
7FHEN?C7:7C;DJ; L;?DJ; O 9?D9E C?B
C?;C8HEI O 9;H97 :; :EI9?;DJEI
9?D9K;DJ7 C?B
7<?B?7:EI ;D JE:E ;B CKD:E IJSD ;IF;9?7B?P7:7I ;D B7
7A;H 0 +7OCED: `0?8C0;8B<B 278;;4B 44; 8ACH #>=4H 0=3 7>F C> A4=4F C74 A44#0A:4C ,OIJ;Ca
'K;L7#;HI;O
FS=
7A;H 0 +7OCED: `0?8C0;8B<B 278;;4B 44; 8ACH #>=4H 0=3 7>F C> A4=4F C74 A44#0A:4C ,OIJ;Ca
'K;L7#;HI;O
FS=
7A;H 0 +7OCED: `0?8C0;8B<B 278;;4B 44; 8ACH #>=4H 0=3 7>F C> A4=4F C74 A44#0A:4C ,OIJ;Ca
'K;L7#;HI;O
FS=
"
7A;H 0 +7OCED: `0?8C0;8B<B 278;;4B 44; 8ACH #>=4H 0=3 7>F C> A4=4F C74 A44#0A:4C ,OIJ;Ca
'K;L7#;HI;O
FS=
7A;H0+7OCED: `0?8C0;8B<B278;;4B44;8ACH#>=4H0=37>FC>A4=4FC74A44#0A:4C,OIJ;Ca
'K;L7#;HI;O
FS=
7A;H0+7OCED: `0?8C0;8B<B278;;4B44;8ACH#>=4H0=37>FC>A4=4FC74A44#0A:4C,OIJ;Ca
'K;L7#;HI;O
FS=
"
FUH:?:7 :; 9EDJHEB <VI?9E :;B J;HH?JEH?E ?DIJ7KH7D:E IK FHEF?7 7:C?D?IJH79?XD ;D BEI J;HH?JEH?EI
9EDJHEB7:EI7BDEH;IJ;:;BF7VIOB7?D;IJ78?B?:7:FEBVJ?97BBEBE>79;DC;:?7DJ;;BI;9K;IJHE
797C8?E:;H;9ECF;DI7I9ECE;B97IE:;B7I
7:EB;I9;DJ;II;9K;IJH7:7I7J;DJ7:EI
9EDJH7?=B;I?7I C;H97:EIO9EB;=?EIH;9BKJ7C?;DJE:;D?WEI9EC87J?;DJ;IH;:7:7I77B:;7I
;D<H;DJ7C?;DJEI9ED;B;@UH9?JE
-E:E ;I; <>3DB >?4A0=C8B DEI BB;L7 7 FH;=KDJ7HDEI I? '?=;H?7 ;I E DE KD IJ7:E <7BB?:E
EDI?:;H;CEIGK;7BDEJ;D;H9EDJHEB9?;HJ7ISH;7I;D;BDEH;IJ;>79;DGK;I;9KCFB7DKDE
:;BEI;B;C;DJEI:;IJ7:E<7BB?:E%K;=E ;B:;8?B?J7C?;DJE:;B77KJEH?:7:B;=VJ?C7;D;IEI
J;HH?JEH?EI9ED:?9?ED7;B;@;H9?9?E:;FE:;H:;B=E8?;HDE9;DJH7BO:;B7I?DIJ?JK9?ED;I;IJ7J7B;I
GK;8H?D:787DI;HL?9?EI;D;IEIBK=7H;I-;D?;D:EFH;I;DJ;EJHEI:EI;B;C;DJEI;D;B97IE
:;'?=;H?7 9EDI?:;HEGK;;IKDIJ7:E<7BB?:E
-/@;>1?-/585@-0;>1?018-$1:1@>-/5J:018>591:#>3-:5F-0;
D B7 :U97:7 :; BEI 7WEI
FEH ;@;CFBE ;D ;B 97IE 9EBEC8?7DE ;B D7H9EJHS<?9E <K; B7
L;DJ7D7 :; EFEHJKD?:7: B?=7:7 7 F7KJ7I IE9?7B;I :; 9EDIKCE :; IKIJ7D9?7I ?B;=7B;I O
FI?9E79J?L7I ;D BEI IJ7:EI .D?:EI 9ECE ;I ;B 97IE :; B7 9E97VD7 O 97:7 KDE :; IKI
:;H?L7:EIFEHBEGK;I;=;D;HXKD7:;C7D:7 O7I;7;DIK<EHC7:;7B97BE?:;9ECEBE;I;B
2A02:)EHBEGK;;D9ED9BKI?XD ;B9H?C;DEH=7D?P7:E9EDI?=K;F7I7HB7I<HEDJ;H7IO;L7:;;B
FH?D9?F?E :; 9EDJHEB J;HH?JEH?7B :; BEI IJ7:EI :;@7D:E :; B7:E IKI ?:;7I IK IE8;H7DV7 O IK
FHS9J?97FEBVJ?97
I?C?ICE ;B D7H9EJHS<?9E ;I KD7 7C;D7P7 =BE87B 7 B7 I;=KH?:7: O ;N?IJ;D <79JEH;I GK;
<79?B?J7D ;B D7H9EJHS<?9E J7B O 9ECE IK9;:; ;D ;B <79JEH ;9EDXC?9E O7 GK; J?;D; KD7 =H7D
H;DJ78?B?:7: ;D ;B 9KBJ?LE :; B7 >E@7 :; 9E97 (JHE <79JEH ;I ;B IE9?7B B7 9KBJKH7 ?B;=7B :; B7
9E97 B7 <7BJ7 :; L7BEH;I O B7 97H;D9?7 :; CE:;BEI BE97B;I :; UN?JE B7 ;N?IJ;D9?7 :;
:?IJEHI?ED;I9KBJKH7B;I87ISD:EI;;DB7@KIJ?<?979?XDGK;JE:E9KBJ?LE:;>E@7:;9E97;I:;KD
IKFK;IJE97HS9J;HI7=H7:EOIKKIE;IJH7:?9?ED7B;B7C?IC7C7D;H7 ;DB79H;;D9?7;DIKI
FHEF?;:7:;I 7B?C;DJ?9?7I N?IJ;D EJHEI <79JEH;I 9ECE ;B FEBVJ?9E _?DIJ?JK9?ED7B;I 9ECE FEH
;@;CFBEB7;I97I7EDKB7FH;I;D9?7:;BIJ7:E7IV9ECE;BC7B<KD9?ED7C?;DJEO9EHHKF9?XD
;D;B7F7H7JE@K:?9?7B B7:?IFED?8?B?:7::;B7IKIJ7D9?7 <7BJ7:;9EDJHEBFEB?9?7BOB7<7BJ7:;KD
7:;9K7:E9EDJHEB:;?DIKCEIGKVC?9EI
D9ED9BKI?XD ;BD7H9EJHS<?9EDEIF;H@K:?97IE9?7BC;DJ;O:;J;H?EH77BI;H>KC7DE 7F7HJ;:;
?D9H;C;DJ7HB7L?EB;D9?7OB7:;B?D9K;D9?7 7=K:?P7B7:;I;H9?XD;I9EB7H ?CFB7DJ7KD79KBJKH7
:;B C?;:E ?D9H;C;DJ7 BEI D?L;B;I :; FHEIJ?JK9?XD O B7 9EHHKF9?XD =;D;H7 9H?I?I O :;IJHKO;
+( B?8HE`BFHE8B;C7:;B7I:HE=7I;D);HYa %?C7 :;7=EIJE:;B
"!
<7C?B?7IOFHELE97B7;NFBEJ79?XD?D<7DJ?BO@KL;D?BDJH;BEI<79JEH;IFEBVJ?9EI_?DIJ?JK9?ED7B;I
L?EB7 BEI ;H;9>EI !KC7DEI 7J;DJ7 9EDJH7 ;B IJ7:E :; ;H;9>E O B7 ;CE9H79?7 ; B7
C?IC7C7D;H7DEIF;H@K:?97;9EDXC?97C;DJ; O7GK;8KI97?CFB7DJ7HKD7D7H9E
;9EDECV7O
=;D;H7D KD7 C7OEH FE8H;P7 2 DE EBL?:;CEI BEI ;<;9JEI ;D ;B C;:?E 7C8?;DJ; :ED:; I;
FHE:K9;:;<EH;IJ79?XDFEH7CFB?7HBEI97CFEI:;9KBJ?LE:;>E@7:;9E97 B79EDIJHK99?XD:;
F?IJ7I :; 7J;HH?P7@; O B78EH7JEH?EI I; >7 BB;L7:E 7:;B7DJ; B7 J7B7 GK;C7 O ;B?C?D79?XD :;
8EIGK;I O FB7DJ7I <EH;IJ7B;I FHELE97 B7 ;HEI?XD O :;I;HJ?<?979?XD :;B IK;BE 7KC;DJ7 B7
9EDJ7C?D79?XD:;IK;BEIO9KHIEI:;7=K7O=;D;H7B7FUH:?:7:;:?L;HI?:7:8?EBX=?97
-E:E BE C;D9?ED7:E BVD;7I 7HH?87 H;<;H;DJ; 7B D7H9EJHS<?9E BE FK;:; 9EC87J?H ;B IJ7:E
97FJKH7D:E 7 BEI D7H9EJH7<?97DJ;I ;HH7:?97D:E BEI 9KBJ?LEI ?BV9?JEI :; 9E97 O JE:E 9KBJ?LE :;
C7H?>K7D7 O 7C7FEB7 ;I7HHEBB7D:E FHE=H7C7I ?DJ;=H7B;I :; B7I PED7I 7<;9J7:7I O
H;9KHH?;D:E 7 B7 EEF;H79?XD "DJ;HD79?ED7B )EB?9?7B O #K:?9?7B SI?97C;DJ; ;B HEB :; B7
IE9?;:7:J;D:HV7GK;I;H:;FH;L;D9?XD
-7C8?UD;IH;IF;9JE7B79KBJKH7FEBVJ?97:;KD:;J;HC?D7:EF7VIIFEI?8B;7FH;9?7HBE;D;B
9ED@KDJE:;L7BEH;IO79J?JK:;IGK;?D<EHC7DO<EHC7DB7799?XDFEBVJ?97:;BEI9?K:7:7DEI27
GK;;BH?C;D(H=7D?P7:EFK;:;7<;9J7H:;C7D;H7;I;D9?7B;B;DJEHDEIE9?7BO<VI?9E:;B7I
D79?ED;I:;CE9HSJ?97I :?IJEHI?ED7D:E7DJ;BEIE@EI:;BEI9?K:7:7DEIB7IBVD;7IGK;I;F7H7D
BE B;=7B :; BE ?BV9?JE FK:?;D:E =;D;H7H B;7BJ7:;I 7BJ;HD7J?L7I :;8?:7I 7B IJ7:E O
9EDI;9K;DJ;C;DJ; FHELE97D:E 97C8?EI ;D B7 EF?D?XD FY8B?97 GK; 7<;9J7D :; C7D;H7
D;=7J?L77B<KD9?ED7C?;DJE:;BI?IJ;C7
%7IEH=7D?P79?ED;I:;B?9J?L7IJ?;D;D;B E8@;J?LE:;8KI97HIKIKF;HL?L;D9?77DJ;KD7FEI?8B;
?DJHEC?I?XD:;BIJ7:E;DIKI79J?L?:7:;I?BV9?J7IE:;B?9J?L7IBUN?JE;DBEID;=E9?EI?B;=7B;I
GK; BB;L7D 7 978E IK 9H;9?C?;DJE ;CFH;I7H?7B B7 H?GK;P7 GK; 79KCKB7D I; JH7:K9;D ;D
DK;L7I :;C7D:7I FEBVJ?97I IE9?7B;I O ;9EDXC?97I GK; I; 7HJ?9KB7D ;D JEHDE 7 B7 7IF?H79?XD
:; BEI =HKFEI 9H?C?D7B;I :; <EHC7H F7HJ; :; B7 UB?J; IE9?7B ;9EDXC?97 O FEBVJ?97 :;B F7VI O7
GK;I?;CFH;I;>7DI;DJ?:E;N9BK?:EI)EH;I7H7PXD JH7J7D:;B;=?J?C7HIKH?GK;P7<H;DJ;7B7
9?K:7:7DV7 ;D =;D;H7B O BB;L7D:E L?:7I EIJ;DI?8B;I O JH7J7D:E :; ?DJ;HH;B79?ED7HI; 9ED B7I
UB?J;I FEBVJ?97I BEI C;:?EI :; 9ECKD?979?XD B7 7:C?D?IJH79?XD :; @KIJ?9?7 O ;B SC8?JE
<?D7D9?;HE
:/;:/8A?5J:1805:1>;8;?-EA0-.-?@-:@1-31:1>->8135@5950-0?;/5-8-:@18;?019G?
/5A0-0-:;? '-:@; 1? -?I =A1 1?@-? ;>3-:5F-/5;:1? />595:-81? A@585F-: ?A 05:1>; 1:
5:B1>?5J:?;/5-8/;9;<;>1619<8;1:8-/;:?@>A//5J:01;?@1:@;?-?B5B51:0-?<->-8;?
1?@>-@;?9G?<;.>1?018-?;/510-0A:1619<8;011?;2A118/-?;01$-.8;?/;.->
8-? -<;>@-/5;:1? - 1B1:@;? <K.85/;? E <>1?1:@-/5;:1? <K.85/-? 8- ;21>@- 01 .51:1?
<K.85/;?-/;9A:50-01?1:8-?=A18--/@A-/5J:018?@-0;1?<>G/@5/-91:@1:A8-1
1?@-9-:1>-8;?3>A<;?/>595:-81?B1:/;9;A:9105;2G/5818.8-:=A1-951:@;01?A?
/-<5@-81?;.@1:50;?019-:1>-58I/5@-
""
&13K: ->8;? %1?- "1?@->1? 1: ?A 85.>; >591: #>3-:5F-0; '>-:?:-/5;:-8 C;D9?ED7
GK; ;B H?C;D (H=7D?P7:E I; L; H;<EHP7:E DE IXBE FEH B7I ;IJHK9JKH7I IE9?E;9EDXC?97I O7
FH;;N?IJ;DJ;I I?DE J7C8?UD FEH KD7 C;DJ7B?:7: O 9KBJKH7 9EB;9J?L7I FH;:EC?D7DJ;C;DJ;
:;IL?7:7I-7C8?UD I; J?;D:; 7 C7D?FKB7H 7 FE8B79?ED;I 9ED H;JH7IE ;9EDXC?9E O 9ED
:;I?=K7B:7:;I IE9?7B;I O7 GK; BEI =HKFEI 9H?C?D7B;I 8KI97D J;D;H ?D<BK;D9?7 :; :;9?I?XD
:;DJHE :; BEI JH;I FE:;H;I GK; 9ED<EHC7D ;B IJ7:E IE I; :;8; 7 GK; B7 :?DSC?97 :; B7I
EH=7D?P79?ED;I?BV9?J7I7=H7D;I97B7GK?;H;7I;C;@7HI;7B7I<EHC7I:;79JK79?XD:;=HKFEI
GK; I; CK;L;D ;D ;B C7H9E :; B7 B;=7B?:7: ED ;B E8@;JE :; FHEBED=7H IK ;N?IJ;D9?7 9ECE
=HKFE9H?C?D7BF7H7IKI8;D;<?9?EII?C?ICE 9K7D:E;BIJ7:E;IJ7:;IB;=?J?C?P7:E:;IKI
7F7H7JEI?DIJ?JK9?ED7B;ICK;IJH7IK?D;<?9?;D9?7F7H78H?D:7HKD77:;9K7:7I;=KH?:7:FY8B?97
O;IJE:;@79B7HEB7?DJ?C79?XDOB79EHHKF9?XD:;DJHE:;BI?IJ;C7@K:?9?7BOFEB?9?7B:;BFHEF?E
;IJ7:E
#,=, ,=7:> $0>, !0>?,=0> T= 2>=B42D4=280 ;> 4B4=280; ?0A0 ;0 BD?4AE8E4=280 H
2A428<84=C> 34 D=0 >A60=8I028N= 34;82C8E0 4B ;0 2>=BCAD228N= 34 ;0I>B 5D4AC4B H 3DA034A>B
4=CA4 4; B8BC4<0 34 9DBC8280 ;460; H 4; 2N386> =>A<0C8E> 8;L28C> @D4 ?4A<8C0= D=0 2>4G8BC4=280
?02L5820HD=00B8BC4=280A42L?A>20(4A4@D84A434D=02><?;8283034=CA40<1>BB8BC4<0B@D4
?>B818;8C4 ;0 B>;D28N= 34 2>=5;82C>B 4=CA4 ;>B 6AD?>B 2A8<8=0;4B H 4;4<4=C>B 4GC4A=>B 0 ;0
>A60=8I028N= 4= ;>B CKA<8=>B <JB 50E>A01;4B ?0A0 ;>B ?A8<4A>B 0D=@D4 C0<18K= ?D434=
A454A8AB4 0 2>=CA>E4AB80B 34=CA> 34 ;0 >A60=8I028N= > 4=CA4 6AD?>B 3854A4=C4B B8= ;>B 2>BC4B
=460C8E>B 34 ;0 DC8;8I028N= 34 E8>;4=280 4= <0=>B 34 ?0AC82D;0A4B H 2>= 4; 0?>H> 34 ;0
;468C8<83034BC0C0;H34BDB5D4AI0B342>0228N=BL?D4BB4CA0=B584A4=8=C4=28>=030<4=C4
0;4BC03>38E4AB>B2>BC4B34CA0=B0228N=34;0B02C8E83034B8;L28C0B2>=4;2>=>28<84=C>34@D4
4BC0 24B8N= ?>A 4; 2>=CA>; @D4 494A24= B>1A4 ;>B NA60=>B 3428B>A8>B => E0 0 8<?;820A
2>=B42D4=280B=460C8E0B4=4;5DCDA>?A4E8B81;4U
I?C?ICE B7 ?DJ?C?:79?XD :; ;IJEI =HKFEI :; 9H?C;D EH=7D?P7:E ;I FEI?8B; FEHGK; 9K;DJ7D
9ED9EDJ;9DEBE=V7:;YBJ?C7=;D;H79?XDF7H77HC7H7IKI?DJ;=H7DJ;IO9XCFB?9;I BEI9K7B;I
F;H9?8; I7B7H?EI 7BJEI ; B7 C?IC7 C7D;H7 B7 9EHHKF9?XD GK; =;D;H7D 7<;9J7 7B IJ7:E :;
;H;9>E FEH BE GK; I; 9H;7D :;I?=K7B:7:;I 7DJ; B7 B;O O :;IB;=?J?C79?XD 7B I?IJ;C7 B;=7B O
:;CE9HSJ?9E
BH?C;D(H=7D?P7:E7B?DJ?C?:7H7BIJ7:E>79;?CFEI?8B;B7?CFB;C;DJ79?XDOEF;H7J?L?:7:
:; B7I FEBVJ?97I FY8B?97I FEH BE GK; B7 9EHHKF9?XD E8J?;D; 8;D;<?9?EI O ;IE JH7; 9ECE
9EDI;9K;D9?7IB7=;D;H79?XD:;KD7;9EDECV7D79?ED7B<?9J?9?787I7:7;DB7?B;=7B?:7:
.D97IE?CFEHJ7DJ;IE8H;9EHHKF9?XDGK;DEI;FK;:;:;@7H:;DEC8H7HOGK;787H97797I?
JE:7 CUH?97 %7J?D7 ;I ;B 97IE `"0E0 0C>a ;B 9K7B I;=YD B7I 7KJEH?:7:;I :; H7I?B ;I B7
C7OEH ?DL;IJ?=79?XD ;D 7DJ?9EHHKF9?XD :; B7 >?IJEH?7 :; IK F7VI % (&+"(
B
''(&'&!$'& "#&# +$&#'# $#! # -#)''*$#')# '&
($'!& "#&# +$'$&!)($& '((!%,&&$
"#
9K7B >7 ?DLEBK9H7:E 7 BEI FH?D9?F7B;I F7HJ?:EI JH7:?9?ED7B;I J7B;I 9ECE ;B `&0AC83> 34 ;>B
)A010903>A4Ba79JK7BF7HJ?:E:;=E8?;HDEGK;O7BB;L787;D;BFE:;H:;I:;;B7WE
7B7
<;9>7 ;B`&0AC83>&A>6A4B8BC0a ;B`&0AC83>34;#>E8<84=C>4<>2AJC82>A0B8;4M>a;DJH;EJHEI
7IV 9ECE <?=KH7I :; B7 FEBVJ?97 8H7I?B;W7 O :;B ;CFH;I7H?7:E 8H7I?B;WE BB;=7D:E ?D9BKIE 7
I7BF?97H :; :?9>EI ;I9SD:7BEI :; 9EHHKF9?XD 7 FEBVJ?9EI :; EJHEI F7VI;I ;D :ED:; EF;HX
%341A427C KDE :; BEI FH?D9?F7B;I =HKFEI ;9EDXC?9EI ?DLEBK9H7:EI ;D JE:7I ;IJ7I
?DL;IJ?=79?ED;I
B DEC8H; `"0E0 0C>a I; :;8?X 7B KIE :; KD7 H;: :; B7L7D:;HV7I O ;IJ79?ED;I :; I;HL?9?E
KJ?B?P7:EI F7H7 CEL;H L7BEH;I :; EH?=;D ?BV9?JE %7 :;DKD9?7 ?D?9?7B F7HJ?X :;B ;CFH;I7H?E
!;HC;I&7=DKI;D;B
9K7D:E;B=HKFE:;79KI7:EI?DJ;DJXB7L7H:?D;HE;DIK;CFH;I7
D=4; =3OBCA80 O ><KA28> F7HJ?H :; B7 :;DKD9?7 ?D?9?7B <K;HED ;CFH;D:?:7I :?<;H;DJ;I
?DL;IJ?=79?ED;I GK; J;HC?D7HED 9ED B7 ?:;DJ?<?979?XD :; 9K7JHE =H7D:;I =HKFEI 9H?C?D7B;I
:?H?=?:EI FEH 7HBEI !78?8 >7J;H B8;HJE 2EKII;< ';BC7 &?JIK; );D7IIE $E:7C7 O +7KB
!;DH?GK; ,HEKH )EB?9?7 ;:;H7B :; H7I?B
I?C?ICE I; ;IJ?C7 GK; ;B ;IGK;C7 :;
9EHHKF9?XDOIE8EHDEI77BJEI97H=EI:;B7;CFH;I7&4CA>1A0B;DJH;
O
:;IL?XFEHBE
C;DEI
C?BBED;I:;H;7B;IKDEI
C?BBED;I:;;KHEI
%7 (F;H79?XD "0E0 0C> BB;=X 7B =H7D FY8B?9E ;D C7HPE :;
9ED B7 :;J;D9?XD :;
F;HIED7I ;D L7H?EI IJ7:EI :; H7I?B F;HE >78V7 9EC;DP7:E ;D @KB?E :;
9K7D:E B7
)EB?9V7 ;:;H7B :; KH?J?87 )7H7DS :;I9K8H?X KD7 H;: :; B7L7:E :; :?D;HE :; J7C7WE
C;:?7DEGK;EF;H787:;I:;H7I?B?7O,TE)7KBE-H7IC;I;I:;?DL;IJ?=79?XD ;B>?BE7978X
BB;LSD:EB;I :; LK;BJ7 7B IJ7:E :; )7H7DS :ED:; L?LV7 ;B 97C8?IJ7B8;HJE 2EKI;<< ;NF;HJE
;D8B7DGK;E:;:?D;HE L?;@E9EDE9?:E:;B7)EB?9V7;:;H7BOKDF;HIED7@;<KD:7C;DJ7B;D;B
;D=H7D7@;:;I9K8?;HJE
-H7I IK :;J;D9?XD ;D C7HPE BB;=X 7 KD 79K;H:E :; :;B79?XD FH;C?7:7 9ED B7 )EB?9V7 IKI
J;IJ?CED?EI O BEI :; EJHE `9EB78EH7:EHa 9ED B7 #KIJ?9?7 )7KBE +E8;HJE EIJ7 ;N:?H;9JEH :;
87IJ;9?C?;DJE :; );JHE8H7I >?9?;HED ;NFBEJ7H ;B 97IE GK; >7 I7BF?97:E 7 FEBVJ?9EI
8H7I?B;WEI-E:7;IJ7I?JK79?XD I7BF?9X7B779JK7BFH;I?:;DJ7IKIF;D:?:7;D;B97H=E ?BC7
+EKII;<<:7:EGK;7B9EC?;DPE:;;IJEI>;9>EI?BV9?JEI ;BB7:;I;CF;WX;B97H=E:;&?D?IJH7
:;D;H=V7O&?D7I:KH7DJ;;B=E8?;HDE:;IKFH;:;9;IEH%KB77,?BL7
,?8?;D;DKDFH?C;HCEC;DJEB7I:;DKD9?7I<K;HEDH;7B?P7:7I9EDJH7IK7DJ;9;IEHOC7;IJHE
FEBVJ?9E UIJ7?DJ;DJX8B?D:7HBE:;JE:7IB7I?DL;IJ?=79?ED;I7BDEC8H7HBE#;<;:; 78?D;J;:;B7
)H;I?:;D9?7 :;B H7I?B B DEC8H7C?;DJE :; %KB7 =;D;HX KD7 =H7D EB7 :; FHEJ;IJ7I ;D JE:E
H7I?B :7:E GK; <K; L?IJE FEH B7 9?K:7:7DV7 O FY8B?9E ;D =;D;H7B 9ECE KD7 C;:?:7 :;
FHEJ;=;H O E8IJHK?H B7I ?DL;IJ?=79?ED;I +7PXD FEH BE 9K7B BEI F7HJ?:EI :; B7 EFEI?9?XD
FH;I;DJ7HEDKD7:;C7D:77DJ;;BC7=?IJH7:E"J7=?877JJ7)H;J7';JE:;B-H?8KD7B;:;H7B:;
NJH7V:E:;B?7H?EB)7VI %7IB7L;I:;B7IE);JHE8H7I &7:H?: :;C7HPE:;B
"$
H7I?B?7 9EDJH7 :?9>E DEC8H7C?;DJE 7H=KC;DJ7D:E IK DKB?:7: ;D BEI FHE9;IEI @K:?9?7B;I
78?;HJEI9EDJH7%KB7O:7D:E9ECEH;IKBJ7:EGK;IKIF;D:?;H7:?9>EDEC8H7C?;DJE
IK L;P B7 EFEI?9?XD 9EDI?:;HX GK; J7B DEC8H7C?;DJE FE:HV7 9ED<?=KH7H 9H?C;D :;
H;IFEDI78?B?:7::;B7FH;I?:;DJ7+EKII;<< BEI9K7B;I I;=YDB79EDIJ?JK9?XD8H7I?B;W7 IEDKDE
:; BEI CEJ?LEI GK; 79;FJ7 F7H7 H;7B?P7H KD @K?9?E FEBVJ?9E F7H7 :;IJ?JK?H 7B #;<; :; IJ7:E
:;DEC?D7:E8<?4027<4=C;DH7I?B)EH;IJ7H7PXD ;IGK;I;9EDI?:;H7GK;;IJ7C;:?:7
J;HC?DX FEH >KD:?H CSI B7 ?C7=;D O FEI?9?XD :; ?BC7 :7:E GK; FEH ?DJ;DJ7H FHEJ;=;H 7 IK
C;DJEH FEBVJ?9E FHEJ;99?XD GK; <?D7BC;DJ; DE I; BB;=X 7 9EDIKC7H ;I GK; =;D;HX B7I
9ED:?9?ED;I FEBVJ?97I O B;=7B;I F7H7 GK; B7 EFEI?9?XD ?D?9?; ;B J7D J;C?:E 8<?4027<4=C
IKIF;D:?;D:E 7 B7 FH;I?:;DJ7 :; IKI <KD9?ED;I F7H7 GK; B7I ?DL;IJ?=79?ED;I O ;B FHE9;IE
C?ICE 9EDJ?DY; 9ED<EHC; BEI FHE9;:?C?;DJEI B;=7B;I 8H7I?B;WEI 7IKC?;D:E B7 @;<7JKH7 :;
IJ7:E;BL?9;FH;I?:;DJ; &?9>;B-;C;H
-;C;H :;B)7HJ?:E:;B&EL?C?;DJE;CE9HSJ?9EH7I?B;WE F7HJ?:EFEBVJ?9E:;9;DJHE?PGK?;H:7
GK; <K; 7B?7:E :;B )7HJ?:E :; BEI -H787@7:EH;I :;I:; GK; ?BC7 JECX B7 FEIJ7 7 %KB7 ,?D
;C87H=E C?;DJH7I I; :?I9KJV7 B7 FEI?8?B?:7: :; B7 7F;HJKH7 :; KD FHE9;IE :; 8<?4027<4=C
9EDJH7B7FH;I?:;DJ7?BC7+EKII;<< <K;<?BJH7:7;DBEIC;:?EI:;9ECKD?979?XDKD797HJ7:;
-;C;H :?H?=?:7 7 +EKII;<< ;D B7 GK; I; CEIJH787 ?D9ED<EHC; 9ED ;B F7F;B GK; J;DV7 UB O IK
F7HJ?:E ;D ;B E8?;HDE 8H7I?B;WE :;I9H?8?UD:EI; 9ECE KD L?9;FH;I?:;DJ; :;9EH7J?LE
"'(
9EDJE:EIBEI;I9SD:7BEIO:;DKD9?7IGK;9EC;DP7HED7:7HI;I7BF?97D:E
7%KB7O7BF7HJ?:E:;=E8?;HDE ;B)7HJ?:E:;B&EL?C?;DJE;CE9HSJ?9EH7I?B;WE <?D7BC;DJ;B;
GK?JX IK 7FEOE 7B )- I?;D:E ;IJEI BEI GK; 7B CEC;DJE :; LEJ7H ;D 7C87I 9SC7H7I :;B
ED=H;IE 8H7I?B;WE BEI GK; <?D7BC;DJ; ?D9B?D7HED B7 87B7DP7 7 <7LEH :; B7 IKIF;DI?XD :;
?BC7>EH7 8?;D ;B :; 7=EIJE <?D7BC;DJ; ;B ,;D7:E H7I?B;WE I?=K?;D:E BE ;IJ78B;9?:E
;D B7 B;=?IB79?XD :; IK F7VI :;87J?X B7 I?JK79?XD :; B7 FH;I?:;DJ7 ?BC7 O JH7I KD7 7CFB?7
LEJ79?XD :; LEJEI 9EDJH7
I; H;GK;HV7D F7H7 L797HB7 ;I :;9?H LEJEI <K;
:;IJ?JK?:7 F;HE I?D I;H ?D>78?B?J7:7 :; FE:;H ;@;H9;H 97H=E FY8B?9E ;D ;B <KJKHE %
(&+"(
IJ7 I?JK79?XD =;D;HX CK9>7I 9HVJ?97I :;DJHE :; B7 H;=?XD FEH F7HJ; :;
=E8?;HDEI :; ?PGK?;H:7 J7B;I 9ECE EB?L?7 /;D;PK;B7 9K7:EH '?97H7=K7 O F7HJ?:EI :;
?PGK?;H:7 GK; DE :K:7HED ;D 97B?<?97H :?9>7 799?XD :; =EBF; F7HB7C;DJ7H?E BB7C7D:E 7
9EDIKBJ7EH;J?H7D:E7IKI;C87@7:EH;I;DI;W7B:;FHEJ;IJ7FEHB7I?JK79?XD?CF;H7DJ;%
(&+"(
%E IKI9?J7:E ;D H7I?B ;I ;B H;IKBJ7:E :; KD7 9H?I?I :; 9EHHKF9?XD I?D FH;9;:;DJ;I ;D IK
>?IJEH?7CE:;HD7,?8?;DI;FK;:;FED;H;D:K:7B7B;=?J?C?:7::;BEIEFEI?JEH;IGK;LEJ7HED
;D 9EDJH7 :; ?BC7 CK9>EI :; ;BBEI IEIF;9>EIEI :; ;IJ7H ?DLEBK9H7:7I ;D BEI ;I9SD:7BEI
"0E0 0C> BEIC;97D?ICEI;CFB;7:EIIEDB;=7B;I H;IF;J7D:E;BEH:;D9EDIJ?JK9?ED7BOFEH
;IJ;CEJ?LEDE9EDI?:;H7CEI;IJ7:;IJ?JK9?XD9ECE`=EBF;F7HB7C;DJ7H?Ea
"%
%7IJ?CEI7C;DJ; BEI @K?9?EI FEBVJ?9EI DE D;9;I7H?7C;DJ; H;IFED:;D 7 9H?J;H?EI :; @KIJ?9?7 E
B;=?J?C?:7: F;HE IED C;97D?ICEI GK; BEI 9EDIJ?JKO;DJ;I 8H7I?B;WEI ?D9BKO;HED ;D IK 97HJ7
C7=D7 O GK; FEH BE J7DJE IED B7I H;=B7I :;B @K;=E F7H7 JE:EI BEI 79JEH;I :; B7 FEBVJ?97
8H7I?B;W7 FK:?;D:E F;H@K:?97HBEI E 8;D;<?9?7HBEI :;F;D:?;D:E :;B BK=7H ;D :ED:; ;IJEI I;
FEI?9?ED;D ; JE:7 ;IJ7 I?JK79?XD ;B =H7D =7D7:EH >7 I?:E -;C;H O IK F7HJ?:E O7 GK; FEH
FH?C;H7L;P;DIK>?IJEH?7;B)7HJ?:E:;B&EL?C?;DJE;CE9HSJ?9EH7I?B;WE>7BE=H7:EBB;=7H
7B FE:;H I?D =7D7H KD7 ;B;99?XD :;J7BB; GK; FE:HV7 :;8?B?J7HBE FEH DE J;D;H KD7 B;=?J?C?:7:
D79?:7 ;D B7I KHD7I 2 GK; FEH BE J7DJE BEI I?CF7J?P7DJ;I :; ?BC7 O :;B )7HJ?:E :; BEI
-H787@7:EH;I 7FHEL;9>7HSD F7H7 ?DJ;DJ7H :;8?B?J7H IK =E8?;HDE FEH I;H ;B 9EDI?:;H7:E FEH
;IJEIYBJ?CEI9ECE;BFH?D9?F7BJH7?:EHGK;J;HC?DEFEH?D9B?D7HB787B7DP7;DIK<7LEH
I?C?ICE 7 H7VP :; BEI FHE8B;C7I :;B 97IE :; 9EHHKF9?XD ;C8B;CSJ?9E O CSI =H7D:; :; B7
>?IJEH?7 H7I?B;W7 "0E0 0C> I; >7D ?DLEBK9H7:E 7 BEI FH?D9?F7B;I F7HJ?:EI JH7:?9?ED7B;I J7DJE
:;DJHE:;H7I?B J7B;I9ECE;B`)7HJ?:E:;BEI-H787@7:EH;IaF7HJ?:E:;=E8?;HDEGK;O7BB;L7
;D ;B FE:;H :;I:; ;B 7WE
>7IJ7 B7 :;IJ?JK9?XD :; B7 FH;I?:;DJ7 +EKII;<< ;B `)7HJ?:E
)HE=H;I?IJ7a ;B`)7HJ?:E:;B&EL?C?;DJE;CE9HSJ?9EH7I?B;WEa;DJH;EJHEI7IV9ECE<?=KH7I
:; B7 FEBVJ?97 8H7I?B;W7 O :;B ;CFH;I7H?7:E 8H7I?B;WE BB;=7D:E ?D9BKIE 7 I7BF?97H :; :?9>EI
;I9SD:7BEI:;9EHHKF9?XD7FEBVJ?9EI:;EJHEIF7VI;I9ECE;D;B97IE:;B);HY:ED:;EF;HX
(:;8H;9>J KDE :; BEI FH?D9?F7B;I =HKFEI ;9EDXC?9EI ?DLEBK9H7:EI ;D JE:7I ;IJ7I
?DL;IJ?=79?ED;I
-E:7 ;IJ7 I?JK79?XD 9ECE C;D9?ED7CEI 7DJ;H?EHC;DJ; BB;LX 7 B7 :;IJ?JK9?XD :;B 97H=E :;
FH;I?:;DJ7 :; H7I?B :; ?BC7 +EKII;<< GK; <K; 79KI7:7 :; 9ED<?=KH7H 9H?C;D :;
H;IFEDI78?B?:7: I;=YD B7 9EDIJ?JK9?XD 8H7I?B;W7 7 JH7LUI :;B :;DEC?D7:E 8<?4027<4=C ;D
H7I?B O7 GK; JH7JX :; FHEJ;=;H 7 %KB7 7 ,?BL7 O ;I7I C;:?:7I :; FHEJ;99?XD BB;L7HED 7 B7
E8IJHK99?XD:;B7I?DL;IJ?=79?ED;II;=YDBEIF7HJ?:EI:;B7EFEI?9?XDGK;9B7H7C;DJ;GK;HV7D
B7 :;IJ?JK9?XD :; +EKII;<< ;D ;IF;9?7B :; &?9>;B -;C;H GK; ;I :;B )7HJ?:E :;B &EL?C?;DJE
;CE9HSJ?9E H7I?B;WE F7HJ?:E FEBVJ?9E :; 9;DJHE ?PGK?;H:7 GK; <K; 7B?7:E :;B )7HJ?:E :; BEI
-H787@7:EH;I :;I:; GK; ?BC7 JECX B7 FEIJ7 7 %KB7 O 7>EH7 79JK7B FH;I?:;DJ; :; H7I?B
=H79?7I7B8<?4027<4=CGK;?D9B?DXB787B7DP77<7LEH:;B7IKIF;DI?XD:;?BC7
I?C?ICE ;D ;B );HY ;IJ7 EB7 :; 9EHHKF9?XD BB;LX 7 B7 <?I97BV7 '79?ED7B :; B7 +;FY8B?97 7
H;7B?P7H B7I ?DL;IJ?=79?ED;I 9EHH;IFED:?;DJ;I O 79KI7H 7B ;N FH;I?:;DJ; B;@7D:HE -EB;:E :;
>78;H 9EC;J?:E 79JEI :; 9EHHKF9?XD 7B H;9?8?H
C?BBED;I :; :XB7H;I 7C;H?97DEI :; B7
;CFH;I7 H7I?B;W7 (:;8H;9>J 7 97C8?E :; <7LEH;9;HB7 9ED B7 B?9?J79?XD :; :EI JH7CEI :; B7
97HH;J;H7 "DJ;HE9;SD?97 9K7D:E I; :;I;CF;WX 9ECE FH;I?:;DJ; :; B7 C?IC7 C7D;H7 B7
<?I97BV7B;EH:;DX7-EB;:EEH:;D:;FH?I?XDFH;L;DJ?L7FEH;B97IE(-/:ED:;J7C8?UD
;IJ787D?DLEBK9H7:EIIK;IFEI7B?7D;$7HF ;B;CFH;I7H?E#EI;<&7?C7D LH7>7C7D(DO
,>7?7D(D ;D;BFHE9;IEI;=K?:EFEHB7I9ECFH7I?DCE8?B?7H?7IH;7B?P7:7IFEHB7;CFH;I7
E<<I>EH;9EJ;L7EDIKBJ?D= HEKF
"&
9JK7BC;DJ; ;B;NFH;I?:;DJ;-EB;:EI;;D9K;DJH7<K;H7:;B)7VIO7YDB7"'-+)(%DE>7
:?9J7:EKD7EH:;D:;97FJKH79EDJH7;B;NFH;I?:;DJ;-EB;:EI?DE<K;H7FE9E ;B&?D?IJ;H?E
)Y8B?9E ?D<EHCX 7 B7 ?I97BV7 9EDJH7 :;B?JEI :; 9EHHKF9?XD :; %7C87O;GK; 9?J7H 7 BEI
;NFH;I?:;DJ;I(BB7DJ7!KC7B7 B7D 7H9V7OB;@7D:HE-EB;:E9ECEF7HJ;:;B7?DL;IJ?=79?XD
FEH:;B?JEI9EDJH7B77:C?D?IJH79?XD;DB77:@K:?979?XD:;BFHEO;9JE(BCEI7IV9ECEJ7C8?UD
9?JX7;N<KD9?ED7H?EI:;UIJEI E8?;HDEI
B:;I;DB79;F7H7;B;NFH;I?:;DJ;!KC7B77IV9ECEF7H7B7;NFH?C;H7:7C7'7:?D;!;H;:?7
GK?;D<K;KD7FH;I;D9?79EDIJ7DJ;J7DJE;DB797CF7W7:;IK;IFEIE9ECE;DB7FH;I?:;D9?7
:;B C?ICE FHE:K@E KD7 IKFK;IJ7 KIKHF79?XD :; <KD9?ED;I :;B FH;I?:;DJ; 7IV 9ECE :; IKI
C?D?IJHEI 7IV BE 7<?HCX B7 C?IC7 FH;I?:;D9?7 IJE :;I;D97:;DX GK; ;B #K;P +?9>7H:
ED9;F9?XD 7H>K7D9>E :?9J7I; C;I;I :; FH?I?XD FH;L;DJ?L7 9EDJH7 (BB7DJ7 !KC7B7 O
'7:?D; !;H;:?7 IJE I; :;8; 7 GK; B7 <?I97BV7 ;I GK?;D ?DL;IJ?=7 7 B7 F7H;@7 FEH
IKFK;IJ7C;DJ; >78;H H;9?8?:E C?BBED;I :; :XB7H;I :; B7 9EDIJHK9JEH7 8H7I?B;W7 (:;8H;9>J
:KH7DJ;B797CF7W7;B;9JEH7B9EHH;IFED:?;DJ;7B
FEO7:EI ;D FHK;87I 9ECE B7I 7=;D:7I :; B7 ;N FH?C;H7 :7C7 GK; CK;IJH7D BEI ?D=H;IEI
F;H9?8?:EI FEH B7I 97CF7W7I FH;I?:;D9?7B;I ;D ;B
I; B;I 79KI7 FEH B7L7:E :; 79J?LEI
(BB7DJ7 !KC7B7 ;I ;B I;=KD:E FH;I?:;DJ; FEH ;B GK; B7 <?I97BV7 F?:; FH?I?XD FH;L;DJ?L7 9ECE
F7HJ;:;B97IE(:;8H;9>JBFH?C;HE<K;B;@7D:HE-EB;:E GK?;D>EOJ?;D;EH:;D:;97FJKH7
F;HE7B7<;9>7 I?=K;B?8H;
I?C?ICE C;D9?ED7 ;B :?7H?E >;70 :; ,7E )7KBE GK; !KC7B7 ;<;9J?L7C;DJ; H;9?8?X
C?BBED;I :; :XB7H;I FHEL;D?;DJ;I :; B7 ;CFH;I7 (:;8H;9>J %7 H;L?IJ7 0A4C0B H;L;BX KD7
9ED<;I?XD:;B8H7I?B;WE#EH=;7H7J7GK?;D7FEO787B7L;HI?ED:;GK;!KC7B7;<;9J?L7C;DJ;
H;9?8?XBEIC?BBED;IGK;>78V7DBB;=7:E7IK:;IJ?DE;D;<;9J?LE7JH7LUI:;'7:?D;!;H;:?7
IJ7 9ED<;I?XD 7:;CSI <K; 7FEO7:7 FEH ;B C?ICE &7H9;BE (:;8H;9>J 7DJ; B7I 7KJEH?:7:;I
8H7I?B;W7I D 9ED9BKI?XD ;B &?D?IJ;H?E )Y8B?9E 9E?D9?:; GK; 7C8EI 9EC;J?;HED ;B :;B?JE :;
B7L7:E:;79J?LEIJ7DJE;DB7I97CF7W7I:;B
O
B :?7H?E ; ><4A28> ?D<EHCX GK; B7 <?I97BV7 J?;D; DK;L7I FHK;87I ;DJH; B7I GK; ;IJ7HV7D
JH7DI<;H;D9?7I :; :?D;HE GK; !;H;:?7 >78HV7 H;9?8?:E :; B7 9K;DJ7 :;B )7HJ?:E '79?ED7B?IJ7
>79?7B7IKO7%EI!KC7B7>78HV7D7KC;DJ7:EIKF7JH?CED?EF;HIED7B9EDB7I:ED79?ED;I:;
/;D;PK;B7 :; (:;8H;9>J O :; EJH7 9EDIJHK9JEH7 8H7I?B;W7 (, I?C?ICE B7 ,7B7 );D7B
'79?ED7B :;B )E:;H #K:?9?7B EH:;DX ;B ;D97H9;B7C?;DJE :; BEI !KC7B7 FEH KD F;HVE:E
C;I;I FH;L;DJ?L7C;DJ; ; B7 C?IC7 C7D;H7 ;B >;HC7DE :;B ;N FH;I?:;DJ; !KC7B7
DJ7KHE I; ;D9K;DJH7 ;D97H9;B7:E :;I:; ;B
9K7D:E <K; @KP=7:E O 9ED:;D7:E 7
7WEI:;FH?I?XD
"'
?7H?E;BEC;H9?E `KSB;IB7H;B79?XD;DJH;(:;8H;9>JO%7L7#7JEa %?C7 :;:?9?;C8H;:;B
?7H?EBEC;H9?E `))$H;DKD9?77IK97H=EO7<?HC7GK;>78HSJH7DI?9?XDEH:;D7:7 %?C7 :;C7HPE:;B
?7H?EB7+;FY8B?97 `(BB7DJ7O'7:?D;I7B;D:;FH?I?XDFEH<7BBE:;B-H?8KD7BEDIJ?JK9?ED7Ba %?C7 :;78H?B
:;B
#
&7:KHE J7C8?UD <K; 79KI7:E FEH >78;H H;9?8?:E IE8EHDEI FEH F7HJ; :; B7 ;CFH;I7 F;HE
I?=K;;D;BFE:;HFEHB7E8L?7:?9J7:KH7GK;79JK7BC;DJ;L?L;OL?L?X/;D;PK;B7
)E:;CEI9ED9BK?H7<?HC7D:EGK; -;<1>-/5J:,A,,?:/;91:FJ1:
1:>-?58 -
A?@5/5- 01?/A.>5J =A1 8-? <>5:/5<-81? /;:?@>A/@;>-? 01 1?1 <-I? <-3-.-: ?;.;>:;?
<->-;.@1:1>8-?9G?3>-:01?85/5@-/5;:1?<K.85/-?015:2>-1?@>A/@A>- -5:B1?@53-/5J:
019;?@>J=A11?13>A<;;<1>-.-018-95?9-9-:1>-1:18>1?@;01<-I?1?019H>5/-
-@5:-E1:;@>-?<->@1?0189A:0;/;9;1:&A5F-E:3;8-
?595?9; <;019;? -25>9-> =A1 18 >591: #>3-:5F-0; 31:1>- <>;.819-? 01
;.1>:-.5850-0 5:1?@-.5850-0 25:-:/51>- 1: 8;? 91>/-0;? 2-88-? 1?@>A/@A>-81? 1: 8-
1/;:;9I- E @;0; 1?@; -21/@- 01 9-:1>- :13-@5B- - 8;? /5A0-0-:;? E -8 ?5?@19-
019;/>G@5/;
$->- ->8;? %1?- "1?@->1? T"0 2>=2;DB8N= 34 4BC0B CA4B ?A4<8B0B ;0 2>AAD?28N= ;0
8=C8<83028N= H ;0 B0CDA028N= 4B @D4 4= ;0B B>2843034B 34<>2AJC820B 4; ?A8=28?0; ?8;0A 34 BD
;468C8<8303 4; BC03> 34 4A427> B4 C>A=0 8=45820I 4 8=9DBC> ?0A0 ;>B 28D3030=>B (4 2A40=
34B86D0;3034B 0=C4 ;0 ;4H 4 8<?D=8303 64=4A0;8I030 ?0A0 D= B42C>A 34 ;0 ?>1;028N= 2>= ;0
2>=B86D84=C434B;468C8<028N=34C>3>4;B8BC4<0;460;0;>B>9>B34;>B28D3030=>B"0B0;C0B
94A0A@DL0B 34 ;0B >A60=8I028>=4B 2A8<8=0;4B => A42814= ;0B B0=28>=4B 2>AA4B?>=384=C4B B8=>
@D4 4= <D27>B 20B>B >1C84=4= D= CA0C> <DH 50E>A01;4 "0 ?4A24?28N= 34 @D4 ;0 20?028303
42>=N<820 34C4A<8=0 ;0B A4B>;D28>=4B 9D38280;4B ?A>E>20 D= 4542C> 34 8<8C028N= 4= <D27>B
8=38E83D>B H 6AD?>B => 8<?;8203>B 38A42C0<4=C4 4= 02C8E83034B 34 2A8<4= >A60=8I03> @D4
4=CA0=4=4;?4;86A>B>9D46>3438A8<8ABDB8=C4A4B4B?0AC82D;0A4B0CA0EKB34;0B8=BC8CD28>=4B
4BC0C0;4B?4A>=>2>=5D=30<4=C>4=;09DBC8280;460;B8=>4=;>BA42DAB>B58=0=284A>B34;>B
;8C860=C4B =C4 BD 8=458284=280 ?0A0 >C>A60A ?A>C4228N= 0 ;>B 34A427>B H ;814AC034B 0;6D=>B
?D434= >?C0A 8=2;DB> ?>A ;0 2>=BC8CD28N= 34 49KA28C>B ?A8E03>B 2>= ;>B @D4 BDBC8CD8A 0; 4BC03>
2><> <438> 34 ?A>?>A28>=0A B46DA8303 0;4=C0=3> ?>A D=0 ?0AC4 D=0 4B?8A0; 34 E8>;4=280 H
4GCA0;460;83034=;0A4B>;D28N=342>=5;82C>B@D42>=3D240;0?0A0<8;8C0A8I028N=4542C8E034;0
2><D=8303 H 0 ;0 AD?CDA0 B>280; H ?>A >CA0 0 D= 0D<4=C> 34 ;>B 2>=5;82C>B 8=C4A?4AB>=0;4B
0=C4 ;0 ?4AB?42C8E0 34 @D4 ;0 8<?D=8303 010A20 2030 E4I <0H>A4B J<18C>B 34 ;0 E830
2><D=8C0A8034;0BB>2843034B34<>2AJC820BU
/;H7B:? +E8;HJE+7CVH;P)E==? (B=7B;D7 `H7I?B;D;B79JK7B9EDJ;NJE"DJ;HD79?ED7Ba %?C7
+;I7';IJ7H;I
#
;:?1/A1:/5-?018>591:#>3-:5F-0;
N?IJ;D :EI =H7D:;I 9EDI;9K;D9?7I :;B H?C;D (H=7D?P7:E ;D B7 ;IJHK9JKH7 FEBVJ?97 :; KD
F7VIO;DIKIE9?;:7:9?L?B%7FH?C;H7:;;BB7I9EDI?IJ;;D;B:;8?B?J7C?;DJE:;B7I;IJHK9JKH7I
FEBVJ?97I ;9EDXC?97I O :;B EH:;D IE9?7B :;B F7VI :ED:; :;B?DGK;D 7<;9J7D:E J7C8?UD B7
;IJ78?B?:7: O ;B 9H;9?C?;DJE :; B7I ?DIJ?JK9?ED;I :;CE9HSJ?97I IK L;P ;B ?CF79JE GK; ;B
H?C;D (H=7D?P7:E J?;D; ;D B7I ;IJHK9JKH7I :;B IJ7:E :?IC?DKO; IK >78?B?:7: F7H7 8H?D:7H
I;HL?9?EI FHEJ;=;H7B7FE8B79?XD OC7DJ;D;HB79ED<?7DP7:;BEI9?K:7:7DEI;D;B E8?;HDEO
B7 ;CE9H79?7 I?C?ICE B7I ;IJHK9JKH7I :; =E8?;HDE :U8?B;I B7 :;I?=K7B:7: O B7 <7BJ7 :;
EFEHJKD?:7:;I;9EDXC?97I7B?C;DJ7DB7I79J?L?:7:;I9H?C?D7B;I%7I;=KD:79EDI;9K;D9?7;I
GK;;BH?C;D(H=7D?P7:EB?C?J7B7;NFH;I?XD?D:?L?:K7BO:;BEIC;:?EIO7GK;?DJ?C?:77B7
=;DJ;GK;;IJS;D9EDJH7:;BC?ICE
;B7C?IC7C7D;H7 ;BH?C;D(H=7D?P7:E:;8?B?J7B7I;IJHK9JKH7IFEBVJ?97I B7;9EDECV7O;B
EH:;DIE9?7B:;BEIF7VI;I;DBEIGK;7GK;BBEIJ?;D;DIK87I;KEF;H7D%7?D;IJ78?B?:7:9?L?B
GK;H;IKBJ7:;;BBE<EC;DJ7B79EC?I?XD:;:;B?JEIO7<;9J7;B9H;9?C?;DJE:;B7I?DIJ?JK9?ED;I
:;CE9HSJ?97I D B7 IE9?;:7: 9?L?B B7I 9EDI;9K;D9?7I :;B H?C;D (H=7D?P7:E IED B7I
B?C?J79?ED;IGK;UIJ;;@;H9;IE8H;B7;NFH;I?XD?D:?L?:K7BOB7B?8;HJ7::;FH;DI7)EH;IE ;B
H?C;D (H=7D?P7:E L7 ;D :;JH?C;DJE :; B7I :;CE9H79?7I ;N?IJ;DJ;I ;IF;9?7BC;DJ; ;D B7I
IE9?;:7:;I ;D FHE9;IE :; JH7DI?9?XD :;CE9HSJ?97 ,; FK;:; :;9?H ;DJED9;I GK; 9K7DJEI
C7OEH;I =E8?;HDEI :;CE9HSJ?9EI ;N?IJ7D >78HS KD7 C7OEH ;IJ78?B?:7: FEH ;IE ;B H?C;D
(H=7D?P7:E?DJ;HD79?ED7B;IJS;D9EDJH7:;B7I;CE9H79?7IBC?ICEJ?;CFE:;GK;JH7J7:;
:;8?B?J7H9K7BGK?;H=E8?;HDE:;CE9HSJ?9E9EHHECF?;D:E?D:?L?:KEI;?DIJ?JK9?ED;I
D;BSC8?JE;9EDXC?9E B7I;CFH;I7IC0?034A0B;D;BC;H97:E @KIJ?<?97:7IYD?97C;DJ;FEH
IK 97F79?:7: F7H7 ;B 8B7DGK;E O DE FEH IKI 8;D;<?9?EI _O FEH J7DJE FEH B7 9ECF;J?J?L?:7:
F;HC?J;D7;IJEID;=E9?EI`IK9?EIaL;D:;HIKIFHE:K9JEIEI;HL?9?EIFEH:;87@E:;B9EIJE BE
GK;9EDJH?8KO;7;NFKBI7H:;BC;H97:E7;CFH;I7H?EIB;=7B;I?D>78?B?J7:EIF7H79ECF;J?H87@E
;IJ7I9?H9KDIJ7D9?7I:;J7DFHE<KD:E:;I;GK?B?8H?E.D;@;CFBE9B7HE:;;BBE;IB7F?H7J;HV7:;
F;BV9KB7I :?I9EI9ECF79JEI:;CYI?97 ;J9
)EH YBJ?CE B7I EH=7D?P79?ED;I 9H?C?D7B;I 9EDIJ?JKO;D KD7 7C;D7P7 7 KD I;9JEH 97F?J7B :; B7
;9EDECV7 9ECE BE ;I ;B <?D7D9?;HE O7 GK; FHECK;L; ?DIJ?JK9?ED;I :; B7 C?IC7 ;IJ?HF; I?D
;I9HYFKBEI O ;HEI?ED7D:E 7 B7I B;=VJ?C7I 7 JH7LUI :; 9ECFB;@EI ;IGK;C7I :; 8B7DGK;E :;
:?D;HE GK; <?D7BC;DJ; FK;:;D C?D7H B7 9ED<?7DP7 :; BEI 9?K:7:7DEI ;D 9K7BGK?;H J?FE :;
;DJ?:7:;9EDXC?97
,7DIX
+K8;HJ 7D?;B %7"DJ;HD79?ED7B?P79?XD:;B7;B?D9K;D9?7(H=7D?P7:7 ,7DJ?7=E:;ECFEIJ;B7
FS=_
KHSD&7HJVD;P D=UB?97 `;2A8<4=>A60=8I03>4;BC03>H;04<>2A0280U;>B20B>B34<KA8204=CA0;H
4;7H?8; &7:H?:
FS=
#
#" (&#"&
7 ?<V9?BC;DJ; KD E8?;HDE FE:HV7 IEBK9?ED7H KD FHE8B;C7 JH7DID79?ED7B 9ED C;:?:7I
D79?ED7B;I KD?B7J;H7B;I CE:E :; ;@;CFBE EBEC8?7 F?:; 7OK:7 7 IJ7:EI .D?:EI 87@E ;B
:;DEC?D7:EOCKO8?;D9EDE9?:E&;0=>;><18027GK;IJ7:EI.D?:EIJ?;D;?DJ;H;I;I;D
GK;EBEC8?7DE9EB7FI; O:;GK;J7CFE9EI;9EDL?;HJ7;DKDI7DJK7H?EJ;HHEH?IJ7 I?JK79?XD
GK;FK;:;;L?J7HI??DJ;HL?;D;:?H;9J7C;DJ;
8 &UN?9E IXBE H;9?8; 7OK:7 :; IJ7:EI .D?:EI FEH O F7H7 B7 BK9>7 9EDJH7 BEI 9SHJ;B;I :;B
D7H9EJHS<?9EOB7?DC?=H79?XD?B;=7BIJ7:EI.D?:EIIVJ?;D;9EDJHEBIE8H;IKI<HEDJ;H7I F;HE
J?;D; B7 D;9;I?:7: :; 9EEF;H7H 9ED ;B F7VI C;N?97DE 79;H97 :; B7 FHE8B;CSJ?97 :;B <BK@E
C?=H7JEH?E ;B9EDJHEBIE8H;BEIFK;HJEIO;B=7IJE;DL?=?B7D9?7:KH7DJ;L;?DJ?9K7JHE>EH7I
:?7H?7I
9%EI=E8?;HDEIIVI;8;D;<?9?7D:;B7I79J?L?:7:;I:;B9H?C;DEH=7D?P7:EJH7DID79?ED7B)EH
;@;CFBE '?=;H?7;IKDE:;BEIF7VI;ICSI9EHHKFJEI:;BCKD:E7IV9ECE&UN?9E7D?L;B:;
CUH?97%7J?D7 797KI7:;BCKO8?;D?DIJ7KH7:EB7L7:E:;:?D;HEOB7;N?IJ;D9?7:;F7H7VIEI
<?I97B;I%7IFHS9J?97I:;9EHHKF9?XD8;D;<?9?7D7:;J;HC?D7:EI=E8?;HDEIF;HC?I?LEI O7GK;
7B I;H ;CFH;I7I 9H?C?D7B;I FK;:;D 8;D;<?9?7H ;9EDXC?97C;DJ; 7KDGK; ?B;=7BC;DJ; 9B7HE
;IJS7:;J;HC?D7:EIFEBVJ?9EIEF7HJ?:EI
:%7IH;B79?ED;I8?B7J;H7B;IFK;:;D7BJ;H7HI;OE97I?ED7HKD9ED<B?9JE;D;BCEC;DJE;DGK;
79JEH;IDE;IJ7J7B;IIED97KI7EI;9EDL?;HJ;D;DKD77C;D7P7F7H7B7I;=KH?:7:D79?ED7B
%7FH;I;D9?7 FEH;@;CFBE:;B7 K;HH?BB7:;B7I+K;HP7IHC7:7I+;LEBK9?ED7H?7I:;
EBEC8?7 ;D EBEC8?7 E97I?EDX C7OEH;I VD:?9;I :; L?EB;D9?7 O 9H?C?D7B?:7: FED?;D:E ;D
J;B7 :; @K?9?E B7 IE8;H7DV7 :;B IJ7:E 9EBEC8?7DE ;D E97I?ED;I 9K7D:E FEH ;@;CFBE I;
FHE:K9V7 B7 ?DJ;HL;D9?XD :;B ;@UH9?JE 9EBEC8?7DE ;D J;HH?JEH?E ;9K7JEH?7DE L?EB7D:E B7
IE8;H7DV7 :; 7GK;B F7VI JE:E 9ED ;B E8@;J?LE YBJ?CE :; 97FJKH7H ;<;9J?L7C;DJ; C?;C8HEI
9B7L;IOBV:;H;I:;B7I+;D;B
%K;=E:;;IJE O7;D;B7WE
I;BB;LX7978E
;BFB;8?I9?JEIE8H;BEI79K;H:EI:;F7P:;
GK;<K;;BC;97D?ICE:;H;<H;D:79?XDF7H7
7FHE87H BEI 79K;H:EI ;DJH; ;B E8?;HDE 9EBEC8?7DE O B7I + %7I LEJ79?ED;I <K;HED
D;=7J?L7I O7 GK; B7 FE8B79?XD BK;=E :;
7WEI 7FHEN?C7:7C;DJ; :; 9ED<B?9JE ;NFH;IX IK
H;9>7PE 7 BEI 79K;H:EI ;DJH; ;B E8?;HDE O B7I + ;D %7 !787D7 K87 IJ7 I;H?; :;
79K;H:EI797F7H787DB7H;<EHC7HKH7B B7F7HJ?9?F79?XDFEBVJ?97 ;B9;I;7B<K;=EO>EIJ?B?:7:;I
8?B7J;H7B;I B7 IEBK9?XD 7B FHE8B;C7 :; B7I :HE=7I ?BV9?J7I ;J9 D 9ED9BKI?XD ;B 79K;H:E I;
BB;=X7;IJ78B;9;H7F;I7H:;BLEJE;D9EDJH7:;B7FE8B79?XD
;ECE9EDI;9K;D9?7:;B7=BE87B?P79?XD ;BJHS<?9E?BV9?JE:;B7:HE=7>77KC;DJ7:EO7GK;
>7 9H;9?:E ;B <BK@E :; F;HIED7I B7 ;NF7DI?XD :;B EC;H9?E "DJ;HD79?ED7B O B7 9H;9?;DJ;
C7H=?D79?XDIE9?7B;?DIJ?JK9?ED7B:;BIJ7:E;D7CFB?7I<H7D@7IKH87D7IOHKH7B;IEBEC8?7
#!
7YD ;I ;B F7VI 9ED C7OEH FHE:K99?XD :; 9E97VD7 ;D ;B CKD:E IE DE I?=D?<?97 GK; BEI
9SHJ;B;I:;;I;F7VIJ;D=7DD;9;I7H?7C;DJ;;B9EDJHEB:;JE:7IB7IHKJ7I ;BJHS<?9EC?ICEOB7
:?IJH?8K9?XD O7 GK; ;D B7 79JK7B?:7: ;N?IJ; KD7 C7OEH 9EDI;9K;D9?7 :; EH=7D?P79?ED;I
?B;=7B;I :; :?IJ?DJ7 D79?ED7B?:7:
B 9H?C;D EH=7D?P7:E ;D B7I C7<?7I VJ7BE7C;H?97D7I IED EH=7D?P79?ED;I GK; J?;D;D KD7
;IJHK9JKH7 L;HJ?97B CKO EH=7D?P7:7 ;DJHE :; B7 ;IJHK9JKH7 >78V7 ;B 0?> 38 CDCC8 0?8 E ;B
`97FE :; JE:EI BEI 97FEIa O ;B B;C7 FH?D9?F7B ;H7 B7 "4H 34; B8;4=28> EI7 GK; 7B F7IE :;B
J?;CFEDEI;H;IF;JXO7GK;B7B;7BJ7:;DJH;C7<?EIEI97C8?X2 :;<?D?J?L7C;DJ;;B?D=H;IE;D
;BJHS<?9E:;:HE=7I<K;KD7:;B7IH7PED;IFEHB7I9K7B;IB7L;HJ?97B:?I9?FB?D7:;B7IC7<?7I
VJ7BE7C;H?97D7II;H;IGK;8H7@X%7I=7D7D9?7IFEH;BJHS<?9E?BV9?JE:;:HE=7I>7J;DJ7:E7B7I
C7<?7I CSI FE:;HEI7I :;B CKD:E ?J7B?7D7I HKI7I 9>?D7I 7 ?D=H;I7H :;DJHE :;B CKD:E :;B
D7H9EJHS<?9E
<&K9>EIEF?D7DGK;F7H7IJ7:EI.D?:EIB7BK9>77DJ?
B7L7:E:;:?D;HEO7DE;IFH?EH?J7H?7
7 C;DEI GK; ;IJU L?D9KB7:7 9ED B7I 79J?L?:7:;I J;HHEH?IJ7I B 9EC87J; ;DJED9;I 9EDJH7 ;B
B7L7:E:;:?D;HEI;BB;L77978EI?;CFH;O9K7D:EI?HL7:;<?D7D9?79?XD7BJ;HHEH?ICE FEHBE
GK;I;9EDL?;HJ;;DKDC;:?EF7H7FH;I;HL7HPED7IEI9KH7I:;DJHE:;BI?IJ;C7<?D7D9?;HEGK;
8;D;<?9?7DIXBE7BEIF7VI;IH?9EIOGK;F;HL;HI7C;DJ;E8B?=7D7BEIF7VI;I:;B-;H9;H&KD:E
7 ?DJ;=H7HI; 7 UB 'E >7O :K:7 GK; ;B L79VE :; FE:;H GK; I; FH;I;DJ7 ;D ;IJEI BK=7H;I
FHEF?9?7GK;I;7:K;W;D:;UB;IJHK9JKH7I:;FE:;HFH?L7:E_9B7D;I I;WEH;I:;B7=K;HH7_
7KJE?CFK;IJ7I FEH H7PXD :; IK <K;HP7 GK; ;D B7 C7OEHV7 :; BEI 97IEI I;HSD FEH IK FHEF?7
D7JKH7B;P7L?EB;DJ7IOGK;<S9?BC;DJ;FE:HSD :;I:;;I7FB7J7<EHC7 ;NFEHJ7HIKI79J?L?:7:;I
_J;HHEH?ICE 9H?C;DEH=7D?P7:E_<K;H7:;IKI:?<KC?D7:7I<HEDJ;H7I-E:EBE9K7BIKFED;KD
<;DXC;DE7B7HC7DJ;GK;C?D7B7=E8;HD7DP7CKD:?7B OGK;FK;:;9EDJH?8K?H;DEHC;C;DJ;7
B7?D;IJ78?B?:7:H;=?ED7B9EDKD?DD;=78B;;<;9JE`2>=C068>a
=DFHEIF;9J?L7 ;I?DD;=78B;GK;;DL7H?EIIJ7:EI<7BB?:EI>7OEH=7D?P79?ED;I9H?C?D7B;I
JH7ID79?ED7B;I F;HE B7 ;N?IJ;D9?7 :; B7I C?IC7I DE ;I 9ED:?9?ED7:7 7 B7 FH;I;D9?7 :; ;IJ;
<79JEH)EHBEJ7DJE BEII;HL?9?EI:;?DJ;B?=;D9?7OB7I;=KH?:7:?DJ;HD79?ED7B :;8;D;D<E97HBEI
?DIJHKC;DJEI O B7I FEBVJ?97I F7H7 9EC87J?H ;IJ; C7B ;D I?JK79?ED;I 9ED9H;J7I O I;=YD B7
H;7B?:7::;97:7F7VIEIE9?;:7: DE87@EB7BKF7:;KD9H?J;H?E=;D;H7B?P7:EO=;DUH?9E2DE
IEBE ;IE I?DE GK; ;I D;9;I7H?E 7D7B?P7H ;IJ; <;DXC;DE 9ECE F7HJ; :;B 97C8?E ;D B7
9ED9;F9?XD :; I;=KH?:7: =BE87B ?H C7I 7BBS :;B 9K?:7:E :; B7I <HEDJ;H7I O ;D<E97HI; ;D ;B
9K?:7:E:;B7F;HIED7 :;B9?K:7:7DE=BE87B;;IJ7<EHC7 7DJ;B7IDK;L7I7C;D7P7I 9ECE
;B9?8;H9H?C;D ;D<H;DJ7HBE9ED;BC?ICED?L;B:;<K;HP7I B7FEJ;D9?79?XD:;B79?8;HI;=KH?:7:
B FH?D9?F7B <79JEH GK; >7 F;HC?J?:E ;B <EHJ7B;9?C?;DJE :;B 9H?C;D EH=7D?P7:E ;D ;IJ; CKD:E
=BE87B?P7:E ;I B7 <7BJ7 :; 9ED=HK;D9?7 ;DJH; KD7 7C;D7P7 :; 97HS9J;H JH7ID79?ED7B O B7I
H;IFK;IJ7I :; 7B97D9; D79?ED7B ; ;IJ7 C7D;H7 ;I ?CFH;I9?D:?8B; B7 9H;79?XD :;
?DIJHKC;DJEI :; 9EC87J; JH7ID79?ED7B;I ;<;9J?LEI I? ;I GK; DE I; :;I;7 FHECEL;H B7
;NF7DI?XD:;;IJ;C7BOF7VI;I;DI?JK79?XD:;9H?I?I FHXN?CEI7I;H9EDI?:;H7:EIIJ7:EI
<7BB?:EIFEHB7ECKD?:7:"DJ;HD79?ED7B 9ECEFK;:;I;H;B97IE:;/;D;PK;B7F7H7I;HL?H:;
#"
;@;CFBE I;9EDL?;HJ7D;D97B:E:;9KBJ?LE:;DK;L7IOCSI<K;HJ;IEH=7D?P79?ED;I9H?C?D7B;I
CKD:?7B;I
" D 9K7DJE 7 B7 L7BEH79?XD GK; I; FK;:; >79;H :; ;IJ7I ;IJHK9JKH7I :;DJHE :; KD C7H9E
7I?CUJH?9E I;FH?L?B;=?7KD7799?XDC?B?J7H;IF;9?7B?P7:7-7DJEBEI&7H7I9ECEBEI3;J7IIED
7C;D7P7I7I?CUJH?97IOFK;:;D 797KI7:;IKEH?;DJ79?XDKH87D7 H7I=EI:;E<;HJ79KBJKH7BO
CEL?B?P79?XDIE9?7BO:;<?D?J?L7C;DJ; FEHIK97F79?:7::;9ED<EHC7HH;:;I 7YDFEH<K;H7:;
IK J;HH?JEH?E BB;=7H 7 I;H J;D?:7I ;D 9K;DJ7 9ECE 7C;D7P7I H;=?ED7B;I E ?D9BKIE
JH7DID79?ED7B;I
# B 9?8;H9H?C;D KI7 ;B 9?8;H;IF79?E F7H7 H;7B?P7H IKI :;B?JEI B 9?8;HJ;HHEH?ICE ;N9;:; 7B
9?8;H9H?C;D I?C?ICE ;B 9?8;HJ;HHEH?ICE IEBE >7 >;9>E KD KIE F7I?LE :;B "DJ;HD;J 7 B7
79JK7B?:7:%79?8;H=K;HH7;I;DJE:EI?C?B7H7BEIF7H7:?=C7I:;B7=K;HH77I?CUJH?97O:;B7
=K;HH7 JEJ7B FEH BE GK; I; FK;:; 9EDI?:;H7H KD7 C;P9B7 :; BEI :EI BE GK; B7 9EDL?;HJ; 7 B7
9?8;H=K;HH7 ;D CKO F;B?=HEI7 FEH IKI FEI?8B;I ;<;9JEI IV D79; B7 9?8;HI;=KH?:7: 9ECE
?DIJHKC;DJE :; 9ED9?;DJ?P79?XD :; BEI ?D:?L?:KEI DJ; ;B 9?8;H;IF?ED7@; D79; B7
9?8;H?DJ;B?=;D9?7 O B7 ?CFB7DJ79?XD :; KD7 9KBJKH7 :; 9?8;HI;=KH?:7: IXB?:7 7IV 9ECE B7
?DJ;DI?<?979?XD:;B79EB78EH79?XD?DJ;HD79?ED7B
$ B );HY ;D<H;DJ7 :?<;H;DJ;I 7C;D7P7I B7 FH?C;H7 ;I B7 :;B?D9K;D9?7 EH=7D?P7:7 _
FH?D9?F7BC;DJ; ;B D7H9EJHS<?9E
GK; 7J;DJ7 9EDJH7 B7 I;=KH?:7: :; B7I ?DIJ?JK9?ED;I O :; BEI
9?K:7:7DEI ; >;9>E B7 ?DI;=KH?:7: 9?K:7:7D7 ;B FHE8B;C7 GK; CSI 7<;9J7 >EO 7 BEI
F;HK7DEI ;IFHE:K9JE;D8K;D7C;:?:7:;B799?ED7H:;BD7H9EJHS<?9ED79?ED7B;?DJ;HD79?ED7B
7:;CSI :; B7 FE8H;P7 B7 <7BJ7 :; ;:K979?XD O B7I :;<?9?;D9?7I ;IJHK9JKH7B;I :;B ;IJ7:E
-7C8?UD7HH7IJH7CEIFHE8B;C7I:;7WEI7DJ;H?EH;I9ECE;BJ;HHEH?ICE
##
#%Q
B87D;I; #, %A60=8I43A8<48=%DA)8<4B/?H=?D?7D:;HIED)K8B?I>?D=
B97B:;7H:EP7 #
">BBC03>B0;;83>B;08=5;D4=28034;4B0AA>;;>%?C7;DJHE:;
IJK:?EIF7H7;B;I7HHEBBEOB7)7HJ?9?F79?XD
)
7A;H0 +
0?8C0;8B<B278;;4B44;8ACH#>=4H0=37>FC>A4=4FC74A44#0A:4C
(HBC4<';M#;HI;O#E>D0?B;O,EDI "D9
+(
; ?A>1;4<0 34 ;0B 3A>60B 4= 4; &4AD 4(DB?D;5
L7?B78B;7JMMM9;:HEEH=F;MMM:HE=7I=BE87BEH=F;
EC;H9?E
D0; 4B ;0 A4;028>= 34 %341A427C H "0E0 0C> 4(DB?D;5
L7?B78B; 7J >JJFHFFF;FEB?J?97=E8?;HDE9K7B
;I
B7
H;B79?ED
:;
FFA
9ED
E:;8H;9>J
O
B7L7
@7JE
DEJ?9?7
DEJ?9?7
499;II;:&7HPE
5
KHSD &7HJVD;P d
; 2A8<4= >A60=8I03> 4; BC03> H ;0 4<>2A0280 ;>B 20B>B 34
<KA820 4=CA0; H 4; 0A814 &7:H?: KD:79?XD F7H7 B7I +;B79?ED;I "DJ;HD79?ED7B;I O ;B
?SBE=ENJ;H?EH
+"
FH;I?:;D9?7
I;D7:E
L?LE
DEJ?9?7
C?9>;B
J;C;H
7C;D7P7
B7
;IJ78?B?:7:
:?BC7
HEKII;<<
&7IED $ +KII?7D (H=7D?P;: H?C; 0B4 ,4BC4A= '4B4AE4 >DA=0; >5 =C4A=0C8>=0;
"0FFF
('. &A>H42C> 34 >=E4=28N= 34 ;0B $028>=4B *=830B 2>=CA0 ;0 4;8=2D4=280
%A60=8I030)A0=B=028>=0;/?;D7I7C8B;7 ;D;H7B
)UH;P 787BB;HE #
; 4;4<4=C> &>;LC82> 4= ;>B AL<4=4B 2>=CA0 ;0 D<0=8303 "0
4G?0=B8N=34;0586DA00;A8<4=%A60=8I03>)A0=B=028>=0;H4;20B>34;0B%A60=8I028>=4B
34$0A2>CA05820=C4B#4G820=0B4=4;B4G4=8>
&7:H?:OA?DIED
)EB?9?7 ;:;H7B :; H7I?B
&>;8280 434A0; 34 A0B8; 4D BVD;75
L7?B78B; 7J >JJFMMMF<=EL8H7=;D9?7DEJ?9?7I
EF;H797E
B7L7
@7JE
:;I7HJ?9KB7
H;:;
:;
B7L7=;C
:;
:?D>;?HE
;C
;IJ7:EI
)EKB;J +7K<;H 1
*=0 #0580 ;>10; E=EJS .D?L;HI?:7: ,7DJE -ECSI :;
GK?DE
#%
)H7:E ,7B:7HH?7=7 /
(>1A4 ;0 A8<8=0;8303 %A60=8I030 4= 4; &4AO H 4;ACL2D;>
P
34;N386>&4=0;H?8EKH=.D?L;HI?JU:;H?8EKH=
+;FK8B?97 %
%;;0=C0 D<0;0 H $038=4 4A4380 B0;4= 34 ?A8B8>= ?>A 50;;> 34 )A81D=0;
>=BC8CD28>=0; 4(DB?D;5
L7?B78B; 7J >JJFIB7H;FK8B?97F;FEB?J?97
EBB7DJ7
>KC7B7
D7:?D;
>;H;:?7
I7B;D
FH?I?ED
<7BBE
JH?8KD7B
9EDIJ?JK9?ED7B
499;II;:78H?B
5
,7DIX
+K8;HJ
%7 "DJ;HD79?ED7B?P79?XD :; B7 ;B?D9K;D9?7 (H=7D?P7:7 *=8B28
8B2DBB8>=&0?4ABFF
,;L?BB7 - ;A8<4=%A60=8I03>IBID
->EC7I '7OBEH + &7<?7I COJ>I 7D: C7HA;JI ED J>; J>;EHO E< ;DJ;HFH?I; 9H?C; "D
)A0=B=0C8>=0;%A60=8I43A8<4E>;
=O<
-EHEDJE.D?L;HI?JOE<-EHEDJE)H;II
-+',)+'""'-+'"('%
)'$(&'$-$)'$)%$"4DBVD;75
L7?B78B;7J>JJFMMMJH7DIF7H;D9OEH=9F?
9F?
&KO
#'
"*#&
521>1:/5-?1:@>18;?0185@;?018/>591:;>3-:5F-0;E;@>;?@5<;?010185@;?
>591: #@>;?@5<;?
#>3-:5F-0; 01185@;?
)HE:K99?XDO
:?IJH?8K9?XD +;:?IJH?8K9?XD
'>-:?-//5J: :;DK;LEI :;B7H?GK;P7
8?;D;IO ;N?IJ;DJ;
I;HL?9?EI
'5<;01 "DJ;H97C8?E -H7DI<;H;D9?7
>18-/5;:1? CKBJ?B7J;H7B 8?B7J;H7B
:@1>/-9.5; EDI;DIK7B "DLEBKDJ7H?E
$;?5.81? \%7 "D:?L?:KEIE
BI/@59-? IE9?;:7: ;CFH;I7I
!;>-850-0 C8?=K7 'E7C8?=K7
\H?C?D7B?P7H 7IJ?=7H7B
B7 9H?C?D7B
$;8I@5/- IE9?79?XD
$K.85/- +;IJ7KH7HB7
\"DJ;H9;FJ7H FHEF?;:7:
BEI9J?LEI
->EC7I '7OBEH + #0580B <HC7B 0=3 <0A:4CB >= C74 C74>AH >5 4=C4A?A8B4 2A8<4
)A0=B=0C8>=0;%A60=8I43A8<4E>;
=O<
-EHEDJE.D?L;HI?JOE<-EHEDJE)H;II(JEWE:;
F7=?J7:EFEH+;I7';IJ7H;I7HBEI
&13A>50-09A8@50591:?5;:-8E8-?:A1B-?-91:-F-?
'>G25/;01
>;3-?
&1>1?4A9-:;?
51:1?>;.-0;?
91:-F-?@>-05/5;:-81? >9-?
8-:=A1;018<>;0A/@;01
-/@5B50-01?58I/5@-?
$
185:/A1:/5-'>-:?:-/5;:-8 B-?5J:@>5.A@->5-
#>3-:5F-0-
185@;?/5.1>:H@5/;?
-8?525/-/5J:011=A5<;?
181/@>J:5/;?
"A1B-?91:-F-?
?<5;:-615:0A?@>5-8
$>5:/5<-81?#>3-:5F-/5;:1?01>591:#>3-:5F-0;1:18!A:0;
";9.>1018- "K91>;01 A3->1?01#<1>-/5J: #.61@;?01
#>3-:5F-/5J:>595:-8 :@13>-:@1?018-? '>G25/;
#>3-:5F-/5;:1?
'>5-0-?45:-?
(H?=?D7BC;DJ;;IJ78B;9?:EI;D
!ED=$ED= F;HE;DB7
79JK7B?:7:C7DJ?;D;D7B?7DP7I
9EDEJHEI=HKFEI;DB7>?D7
$
,;;D9K;DJH779J?L7;DB7I
%@9*00"9
C?;C8HEI FH?D9?F7B;I9?K:7:;I:;
7FHEN?C7:7C;DJ; KHEF7Od<H?97:;B,KH
,KI;:;;IJSH7:?97:7;D
>?D7 7KDGK;J?;D;D79J?LEI
424=.70:D>
C?;C8HEI ;D;B+;?DE.D?:E KHEF7
7FHEN?C7:7C;DJ; .. O7D7:S
,K87I;EH?=?D7BC;DJ;;IJKLE
7D9B7:7;DFH?D9?F?E;D!ED=
$ED= F;HE7>EH7;IJS:?H?=?:7
>79?7JE:7>?D7IJS79J?L7
C?;C8HEI ;DKHEF7 .. KIJH7B?7
7FHEN?C7:7C;DJ; ?B?F?D7I #7FXD O-7?MSD
IJ78B;9?:EI;D!ED=$ED=
9J?LEI;DKIJH7B?7(F;H7
):=:@;> 9ECEJH?7:7"D9BKO;,>>?
)> ,>%=">: OEJHEI
=HKFEI
,KI;:;;IJS;D-7?MSD
9J?LE;D.. KHEF7
'94?0/,8-::
C?;C8HEI 7D7:SOCUH?97%7J?D7
7FHEN?C7:7C;DJ;
:@=%0,>
C?;C8HEI ,;:;;D-7?MSD 9ED79J?L?:7:
7FHEN?C7:7C;DJ; ?DJ;HD79?ED7B
%@924,9
C?;C8HEI -7?MSD
7FHEN?C7:7C;DJ;
&4,9,: ,9
C?;C8HEI7FHEN -7?MSD
-+-7AF--<;:1?-
,;:;;D$E8; O(I7A7
7KDGK;9EDEF;H7J?L?:7:;D -H7J7:;
EH;7:;B,KH -7?MSD F;HIED7I
?B?F?D7I "IB7I:;B)79V<?9E 9EC;H9?E
*,8,2@.34@84
C?;C8HEI KHEF7 7D7:S .. I;NK7B JHS<?9E
7FHEN?C7:7C;DJ; &UN?9E CUH?97;DJH7BO :;:HE=7I
,KH7CUH?97 9EDJH787D:E
:;7HC7IO
`->; B7H=;IJ ADEMD =7D= ?D J>; :;8?;D;I
MEHB: ?I 97BB;: J>; 27C7=K9>?
KC? ED; E< I;L;H7B =HEKFI H7V9;I
9EBB;9J?L;BOH;<;HH;:JE?D#7F7D7I
`27AKP7 a 7 J;HC J>7J ?I HEK=>BO
;GK?L7B;DJ JE J>; C;H?97D KI; E<
`C7<?7a ->; 27C7=K9>? KC?
C7A; CEH; CED;O <HEC :HK=
$
EH=7D?P;:
9H?C;
=HEKFI
?D
J>;
MEHB:
7I;;D-EA?E 9ED -HS<?9E:;
EF;H7J?L?:7:OD;NEI;D!ED= :HE=7I JH7J7
$ED= -7?MSD ?B?F?D7I >KC7D7
%@84D:>34,4
C?;C8HEI CUH?97:;B,KHO.. 9EC;H9?E
7FHEN?C7:7C;DJ; I;NK7B
;NJEHI?XD
@K;=E?B;=7B
#K;=E?B;=7B
!ED=$ED= EH;7:;B,KH JHS<?9E:;
9,2,B,,4
C?;C8HEI ?B?F?D7I CUH?97:;B,KHO :HE=7I KIKH7
7FHEN?C7:7C;DJ; .. OJHS<?9E;D;B
SC8?JE:;B7
9EDIJHK99?XD
D:6@?:,4
C?;C8HEI #7FXD EH;7O>?D7
7FHEN?C7:7C;DJ;
#@>;?>A<;?>595:-81??5G@5/;?
-HS<?9E:;
:=0,9:> :HE=7IO
@K;=E?B;=7B
-HS<?9E
474;49:> >KC7DEO
9EDJH787D:E
-HS<?9E:;
&,47,9/0>0> :HE=7I
>KC7DEO
FHEIJ?JK9?XD
-HS<?9E:;
(40?9,84?,> :HE=7IO
>KC7DE
-HS<?9E:;
,8-:D,9:> :HE=7IO:;
H;=?IJHEI
-HS<?9E:;
$!
,:>4,9:> :HE=7IO:;
H;=?IJHEI
-HS<?9E:;
:HE=7I
4=8,9:> C?B?9?7I I;9K;IJHEI O
JHS<?9E
>KC7DE
A>?;018>591:#>3-:5F-0;E?A9-:1>-01-/@A->
8;3$;>!53A18!->I:.1>;";B519.>1
'41!-25- -;?-";?@>-'41+-7AF-
!1D5/-:->@18?M'41A:01>C;>805?>A810.E-/;9<81D:1@C;>7;2/>595:-8>;A<?
1>1P?4;C@41E25@@;31@41>
$$
;9<->-/5J:010125:5/5;:1?6A>I05/-?01/>591:;>3-:5F-0;
;?@-%5/- 1E/;:@>-8-0185:/A1:/5-;>3-:5F-0->@
5:/;
A-@19-8- 1E/;:@>-8- 8&-8B-0;> 1E/;:@>-18>591:#>3-:5F-0;E185@;?
#"(;:B1:/5J:01
0185:/A1:/5-;>3-:5F-0- 01%1-85F-/5J:;9<816->@5:/
$-81>9;>@
>@
`)7H7;<;9JEI:;B7
FH;I;DJ;%;OI;9EDI?:;H7
=HKFE:;B?9J?LEEH=7D?P7:E
KEH=7D?P79?XD9H?C?D7B 7
9K7BGK?;H=HKFE
;IJHK9JKH7:E:;JH;IECSI
`)7H7BEI<?D;I:;B7 F;HIED7I GK;;N?IJ7 `DJ?UD:;I;FEH:;B?D9K;D9?7EH=7D?P7:7 KD=HKFE;IJHK9JKH7:E:;
FH;I;DJ;EDL;D9?XD :KH7DJ;9?;HJEJ?;CFEOGK;
:EIECSIF;HIED7IGK;;N?IJ7:KH7DJ;9?;HJEJ?;CFEOGK;79JY;
79JY;9ED9;HJ7:7C;DJ; 9ED9;HJ7:7C;DJ;9ED;BFHEFXI?JE:;9EC;J;HKDEECSI:;B?JEI
7)EH`=HKFE:;B?9J?LE 9ED;BFHEFXI?JE:; =H7L;Ia
EH=7D?P7
:EaI; 9EC;J;HKDEECSI:;BEI
;DJ;D:;HSKD=HKFE :;B?
JEII?=K?;DJ;I
`,;9EDI?:;H79H?C;DEH=7D?P7:E7GK;BB7<EHC7:;:;B?D9K;D9?7
;IJHK9JK
H7:E:;JH;IE GK;I;97H79J;H?P7FEHFHEL;D?H:;KD=HKFE;IJHK9JKH7:E:;:EIE
CSIF;HIED7IGK;;N?I
%E7DJ;H?EH 9EDB7<?D7B?:7: CSIF;HIED7I GK;;N?IJ7:KH7DJ;9?;HJEJ?;CFEOGK;79JY;
J7:KH7DJ;9?;HJEJ?;CFE :;E8J;D;H :?H;9J7E 9ED9;HJ7:7C;DJ;9ED;BFHEFXI?JE:;9EC;J;HKDEECSI:;B?JEI
OGK;79JY;9ED9;HJ7:7
?D:?H;9J7
C;DJ;KD
C;DJ;9ED;BFHE
FXI?JE 8;D;<?9?E;9EDXC?9EE:;
9K7BGK?;HVD:EB;F7H7IVE )7H7BEI;<;9JEI:;B7FH;I;D
J;%;O 9EDIJ?JKO;D:;B?JEI:;
:;9EC;J;HKDEECSI
H;7B?P79?XD9ECFB;@7BEI;DKC;H7:EI79EDJ?DK79?XD 9K7D:EI;
:;B?JEI=H7L;IE:;B?JEI F7H7J;H9;HE
9KCFB77B=KD7:;B7I9?H9KDIJ7D9?7II?=K?;DJ;I*K;>7O7I?:E
J?F?<?97:EI9ED7HH;=BE7
H;7B?P7:EFEH:EIECSIF;HIED7I GK;B7799?XDH;97?=7IE8H;:EIE
B7FH;I;D
J;EDL;D9?XD )EH=HKFE;IJHK9JKH7:EI; CSILV9J?C7I EGK;IKF;HF;JH79?XDFHELEGK;7B7HC7E9EDCE9?XD
9EDC?H7I7E8J;D;H :?
;D
J;D:;HSKD=HKFEDE IE9?7B?9>EI:;B?JEIIED7!EC?9?:?EI?CFB;E7=H7L7:E8,;
H;9J7E?D:?H;9J7
C;DJ; <EHC7:E<EHJK?J7C;DJ;F7H7 9K;IJHEO 9NJEHI?XDa
KD8;D;<?9?E;9EDXC?9E B79EC?I?XD?DC;:?7J7:;
KEJHE8;D;<?9?E:;EH:;D KD:;B?JEO;D;BGK;DE
C7J;H?7Ba D;9;I7H?7C;DJ;I;>7O7
7I?=D7:E7IKIC?;C8HEI
<KD9?ED;I<EHC7BC;DJ;
:;<?D?:7ID?>7O7
9EDJ?DK?:7:;DB79ED:?9?XD
:;C?;C8HEE;N?IJ7KD7
;IJHK9JKH7:;I7HHEBB7:7a
#>3-:5F-/5;:1?>595:-81?!-25-?-:0-?G>@181?
#>3-:5F-/5;:1?@1>>;>5?@-?1:189A:0;?13K:N-<5@-85?9?/45881?1185>@E
!;:1E-:04;C@;>1:1C@41>11!->71@&E?@19O
TABLE 3.10 (Continued)
Groups with Estimated Operatives
in the Hundreds Areas
Armed Islamic Group Algeria
‘Asbat al-Ansar Lebanon
Basque Fatherland and Liberty (ETA) Spain and France
al-Gama’a al-Islamiyya Egypt
Harakat ul-Mujahidin Kashmir, with bases in Pakistan
Islamic Movement of Uzbekistan Uzbekistan, Afghanistan, Tajikistan,
Kyrgyzstan, and Pakistan
Jaish-e-Mohammed Kashmir, India, and Pakistan
Palestinian Islamic Jihad Israel and Palestine Occupied
Territories
Palestine Liberation Front Middle East
Popular Front for the Liberation Israel and Palestine Occupied
of Palestine Territories, with bases in Syria and
probably Lebanon
Popular Front for the Liberation of Israel, Palestine Occupied Territories
Palestine—General Command and other parts of Middle East
Real IRA Northern Ireland, Ireland, and U.K.
Salafist Group for Call and Combat Algeria
Sendero Luminoso (Shining Path) Peru
7A;H0+7OCED: `0?8C0;8B<B278;;4B44;8ACH#>=4H0=37>FC>A4=4FC74A44#0A:4C,OIJ;Ca 'K;L7
#;HI;O
)S=
Buy your books fast and straightforward online - at one of world’s
fastest growing online book stores! Environmentally sound due to
Print-on-Demand technologies.
Buy your books online at
www.morebooks.shop
¡Compre sus libros rápido y directo en internet, en una de las
librerías en línea con mayor crecimiento en el mundo! Producción
que protege el medio ambiente a través de las tecnologías de
impresión bajo demanda.
Compre sus libros online en
www.morebooks.shop
KS OmniScriptum Publishing
Brivibas gatve 197
LV-1039 Riga, Latvia info@omniscriptum.com
Telefax: +371 686 204 55 www.omniscriptum.com