Está en la página 1de 215









    








    "   
    "    " 
!     ! 
  






AUTOR: Silvia Hurtado Santiago

http://orcid.org/0000-0003-0110-3418

EDITA: Publicaciones y Divulgación Científica. Universidad de Málaga

Esta obra está bajo una licencia de Creative Commons Reconocimiento-NoComercial-


SinObraDerivada 4.0 Internacional:
http://creativecommons.org/licenses/by-nc-nd/4.0/legalcode
Cualquier parte de esta obra se puede reproducir sin autorización
pero con el reconocimiento y atribución de los autores.
No se puede hacer uso comercial de la obra y no se puede alterar, transformar o hacer obras derivadas.

Esta Tesis Doctoral está depositada en el Repositorio Institucional de la Universidad de Málaga


(RIUMA): riuma.uma.es
C(!02;0(:79(+5!(490(.5
MNO>C;HN?>?FJLIAL;G;>?I=NIL;>I?H+MC=IFIA[;=ILL?MJIH>C?HN?;F 
>?F;0HCP?LMC>;>>?(WF;A;;ONIL;>?F;N?MCMJL?M?HN;>;J;L;F;
I<N?H=C]H>?FN[NOFI>?>I=NILJILF;0HCP?LMC>;>>?(WF;A;NCNOF;>;

"$   "  G  !"!
& G$!  G !# & !F"! 
" !" F" !

-?;FCT;>;<;DIF;NONILCT;=C]H>?F;7(  58(,78()A57@4/S
>CL?==C]H>?F7,73B4(=57(22,70,8/S2(7( 58(,78()A
57@4/

 #
';N?MCMJL?M?HN;>;?MOH;I<L;ILCACH;FKO?HICH@LCHA?FIM>?L?=BIM>?
JLIJC?>;>CHN?F?=NO;FHCFIM>?L?=BIM>?JLIJC?>;>CH>OMNLC;FOINLIM
=IH@ILG?;FIL>?H;GC?HNIDOL[>C=IPCA?HN?-?;F?=L?NI'?ACMF;NCPI
>? >?;<LCFJIL?FKO?M?;JLO?<;?FN?RNIL?@OH>C>I>?F;'?S>?
+LIJC?>;>$HN?F?=NO;FL?AOF;LCT;H>I;=F;L;H>IS;LGIHCT;H>IF;M
>CMJIMC=CIH?MF?A;F?MPCA?HN?MMI<L?F;G;N?LC;GI>C@C=;>IJILF;'?S
  >? >?G;LTI 

$AO;FG?HN?;MOGI;HN?F;0HCP?LMC>;>>?(WF;A;S;HN?=O;FKOC?LINL;
CHMN;H=C;F;L?MJIHM;<CFC>;>KO?JO>C?L;>?LCP;LM??H=;MI>?JF;ACI>?
=IHN?HC>IM?HF;N?MCMJL?M?HN;>;=IH@ILG?;FIL>?H;GC?HNIPCA?HN? 




H(WF;A;;l >?l >?  













F 7 ,73B4 (=57(2 2,70,8 #IMJCN;F -?ACIH;F 0HCP?LMCN;LCI >?
(WF;A;  0HC>;> >? "?MNC]H >? .;FO> (?HN;F S F; 7( 58( ,78()A
57@4?J;LN;G?HNI>?+MC=I<CIFIA[;S(?NI>IFIA[;>?F;MC?H=C;M>?F
IGJILN;GC?HNI 0HCP?LMC>;>>?(WF;A;


 "


,O?B;HMOJ?LPCM;>IF;JL?M?HN?N?MCM>I=NIL;FNCNOF;>;
"$   "  G 
!"! & G$!  G !# &
!F"!" !" F" !

-?;FCT;>;JIL!02;0(:79(+5!(490(.5S=IHMC>?L;HKO??M;JN;J;L;
MOF?=NOL;S>?@?HM;J_<FC=;J;L;IJN;LJIL?FAL;>I>?I=NILJILF;
0HCP?LMC>;>>?(WF;A; 

+ILN;FGINCPIKO?>;=IHMN;H=C;?H?FJL?M?HN?>I=OG?HNI 

H(WF;A;l >?l >?  

7,73B4(=57(22,70,8  7( 58(,78()A57@4



5*957(4+(!02;0(:79(+5!(490(.5

 
 "!

 GCG;>L?JIL=L?;LS>?M;LLIFF;LF;/?L;JC;$=]HC=;=IHJ;MC]HS>?>C=;=C]H;

J;LN?MCAO;F?M +IL>;LG??FL?F?PISHIJ?LGCNCLKO?NI>I?FNL;<;DIM?L?;<MIL<C?L;?H

MOMJLIJC;ML;[=?M;FDO<CF;LM? 

 %IMZHNIHCI?LP;HN?MJMCKOC;NL;KO?PCMFOG<L]?FJIN?H=C;F>?FIMJLCG?LIM

C=IHIM S ;HCG] ; GC G;>L? ; ;JFC=;LFIM >? G;H?L; ALOJ;F ID;FW BO<C?L; PCPC>I J;L;

=IGJLI<;LF;<O?H;;=?JN;=C]HKO?F;N?L;JC;NC?H?BIS>[;?HNL?FIMJ;=C?HN?M 

  (?L=?>?M -O?>; JIL MO IF@;NI =C?HN[@C=I ;F >?M=O<LCL ?F JLCG?L J]MN?L MI<L?

/?L;JC; $=]HC=; ?H OH =IHAL?MI S ;F?HN;L ; MO ;ONIL; ; KO? FI ?MNLO=NOL;M? =IGI

JLIAL;G;?MJ?=[@C=I>?NL;N;GC?HNIJ;L;/'+ 

 OLIL;";PCHIJILCGJOFM;LG?;;<LCLOH;HO?P;F[H?;>?CHP?MNCA;=C]HKO?

J?LGCNC?M?<;M;LF;/?L;JC;$=]HC=;?HF;?PC>?H=C; 

 C?AIL?H;MJIL;JIMN;LJILG[;F=IHNL;N;LG??H?F?HNLIMCMN?H=C;F.;H

%O;H>?CIMSJILJIH?LG??H=IHN;=NI=IH!?LG[H(;SIL;F 

 !?LG[H(;SIL;FJIL>CLCACLGCN?MCM +IL;=?JN;L=IHL;JC>?TS>?N?LGCH;=C]H

?F L?NI >? ?GJ?T;L ; P;FC>;L ?GJ[LC=;G?HN? F; /?L;JC; $=]HC=; +IL ;NL;P?M;L =IHGCAI

FIM CHM;FP;<F?M GOLIM KO? M?J;L;H F; OHCP?LMC>;> >? FIM BIMJCN;F?M J_<FC=IM >? M;FO> 

+IL>?GIMNL;LKO?PI=;=C]HSM?HNC>I=IG_HFIMIHNI>IJ;L;FIAL;LOH;G?N; +ILMO

@;=CFC>;> J;L; CGJL?AH;L >? =C?H=C; FI KO? @OH=CIH; ?H F; JLW=NC=; =F[HC=; S JIL

=IHNLC<OCL;FJLIAL?MI>?F;M;FO>G?HN;F=IGI>CM=CJFCH;=C?HN[@C=; 

 

 

 
-IM;?LM;<ZJILMO?R=?J=CIH;F=;J;=C>;>>I=?HN?KO?BCTIKO?=IHNL;NI>I

JLIH]MNC=I G? ?H;GIL;M? >? F; +MC=IG?NL[; =O;H>I =OLM;<; h >? +MC=IFIA[; ?H ?F

GCMGIGIG?HNI?HKO?>?=C>[B;=?LF;N?MCMF?JLIJOM?MONONILCT;=C]HS=I>CL?==C]H 

 %IMZ"OTGWH+;LL;JILMO?HILG?S>?MCHN?L?M;>;;SO>;;FIF;LAI>??MNIM

;\IM @CH?M >? M?G;H; @?MNCPIM G?M?M >? P?L;HI  'WMNCG; KO? >?M>? F; IGCMC]H >?

I=NIL;>IHIM?F?JO?>;L?=IHI=?L=IGIINLI>CL?=NILGWMJO?MB;?D?L=C>I=IGIN;F 

  NI>IM FIM JMC=]FIAIM JMCKOC;NL;M S ?H@?LG?LIM KO? B;H =IF;<IL;>I

PIFOHN;LC;G?HN? ?H ?MN? ?MNO>CI >?LCP;H>I S I NL;N;H>I ; FIM J;=C?HN?M ?MJ?=C;FG?HN?

$M;<?F(I>?MNI);T;L?N M=;LF;N;'IFC+;NLC#?H;LS?MCL?Z 

 GCG;LC>IC?AIS;GCMBCDIMC?AIS FCM;JIL;JL?H>?L;PCPCLF;LA;MBIL;M

MCHG[ 

 
  

$ &!% 

!&(M "$%!  

$(&'$% 

$%'  

$!! "&'$$  

  ?96>.4H8 34<=H;4., /06 .98.0:=9 /0 =;,<=9;89 6F74=0 /0 

:0;<98,64/,/

 01484.4H8,.=>,6/0=;,<=9;896F74=0/0:0;<98,64/,/ 

 :4/0749692F, 

 =49:,=92084,A-,<0<-496H24.,< 

4,28H<=4.9 

?96>.4H8A.979;-464/,/ 

%>4.4/49A=;,<=9;896F74=0/0:0;<98,64/,/ 

&$& &!&$%&!$ !L& 

"$%! 

 ,;7,.9=0;,:4, 

 "<4.9=0;,:4,< 

 &0;,:4,.H84., 

   !;4208A5><=414.,.4H8=0H;4.,  

   9/9/0,:64.,.4H8/06,=0;,:4,  

   <=>/49<:;064748,;0<  

" & &!&%% 

!&(!%"M&%% 

 !-50=4?92080;,6 

  !-50=4?9:;48.4:,6 

  !-50=4?9<<0.>8/,;49< 

 4:H=0<4< 

  4:H=0<4<";48.4:,6 

  4:H=0<4<%0.>8/,;4,< 

 
 ,=0;4,6AE=9/9 

  4<0G9 

  ",;=4.4:,8=0< 

  ;4=0;49</048.6><4H8 

  ;4=0;49</00@.6><4H8 

 60,=9;4B,.4H8 

 ";9.0/47408=9/048=0;?08.4H8  

  &0;,:4,.H84.,08062;>:90@:0;4708=,6  

  &0;,:4,/0,:9A908062;>:9.98=;96  

(,;4,-60</060<=>/49  

 (,;4,-60<48/0:08/408=0<  

 (,;4,-60</0;0<>6=,/9  

8<=;>708=9</00?,6>,.4H8  

 $    

 (,;4,-60:;48.4:,6/0;0<>6=,/9 

 (,;4,-60<<0.>8/,;4,</0;0<>6=,/9 

8D64<4<0<=,/F<=4.9<  

$%'&!%  

%'%M  

"! %L % 

!$&+%*% 

! '%! % 

! %$! %C&% 

!$L 

 )!% 

80@9 FE@C;J35;P?@>;EM67KE;53(C@G;?5;3=67%L=393 

80@9 @?E7?;6@D67=AC@9C3>367,7C3A;3"5P?;53 

80@9 @?E7?;6@D67=AC@9C3>367E7C3A;3673A@I@ 

80@9 C;E7C;@DFE@=7D;P??@DF;5;63( 

 
"$G !

'; H?=?MC>;> >? L?;FCT;L F; JL?M?HN? CHP?MNCA;=C]H MOLAC] ?H ?F ;\I   =O;H>I

NIGZ=IH=C?H=C;>?KO?HCF;@OH>;G?HN;=C]HN?]LC=;HCFIM<O?HIML?MOFN;>IM=F[HC=IM

>?F;/?L;JC;$=]HC=;J?LGCN[;H;P;F;LMO?@C=;=C; +IL;KO?FF;ZJI=;F;N?L;JC;FF?P;<;

=;MC  ;\IM ;JFC=WH>IM? M?G;H;FG?HN? ; FIM J;=C?HN?M BIMJCN;FCT;>IM ?H ?F ?HNLI

MCMN?H=C;F>?.;H%O;H>?CIM>?(WF;A;JILJ;LN?>?MO=L?;>IL;.IF?>;>.;HNC;AI 

+;=C?HN?M S @;GCFC;L?M L?=IHI=[;H ;<C?LN;G?HN? F; ONCFC>;> >?F NL;N;GC?HNI S FIM

JLI@?MCIH;F?M?GJ?T;<;H;M?HNCL=OLCIMC>;>JIL?MI>?oF;/?L;JC;$=]HC=;p=OSIFC<LI

P; BIS JIL MO KOCHN; ?>C=C]H .;HNC;AI    !O? JL?=CM;G?HN? ; JLCH=CJCIM >?F ;\I

 KO??FBIMJCN;F>?=C>C]I@?LN;L/?L;JC;$=]HC=;?H@ILG;NI;G<OF;NILCIS=O<LCL;M[

F;>?G;H>;>?FJ_<FC=ICHN?L?M;>I .O;ONIL;HI>CMJIH[;>?NC?GJIJ;L;?FFIJILFIKO?

M?L[;SIGCMG;KOC?HMCHAL;HG;H?DIS<;DIMOMOJ?LPCMC]H=IG?HT;L[;;CGJ;LNCLF;?H

F;M=IHMOFN;M?RN?LH;M>?FBIMJCN;F F=;<I>?OHIMG?M?M>?=C>[B;=?LF;N?MCMJIL>IM

GINCPIM

 ';MILJL?M;SM;NCM@;==C]H=IHMOML?MOFN;>IM ?M>??FJLCH=CJCINOP?F;M?HM;=C]H>?

KO? F; /?L;JC; $=]HC=; ?L; OH; FF;P? G;?MNL; KO? ?H=;D;<; ; F; J?L@?==C]H ?H OH;

=?LL;>OL;@OH=CIH;<;J?M?;GCJI=IG;H?DI?HMOOMIM?A_H?F7665324<KO?L?=C<[;

>?FIMJ;=C?HN?M=IH/'+ 

  .O @;FN; >? LCAIL =C?HN[@C=I M? B;<[;H L?;FCT;>I P;LCIM ?MNO>CIM JL?FCGCH;L?M MCH ALOJI

=IHNLIFKO?>?MG?L?=[;FIM<O?HIML?MOFN;>IMI<M?LP;>IM?HJ;=C?HN?MS@;GCFC;L?M 

 ??MN?GI>IS>?MJOZM>?KO?.IF?>;>SSI?F;<ILWM?GIM?FG;HO;F>?OMI>?

/?L;JC;$=]HC=;JLCG?L;\ISG?>CI>?N?MCM  F;N?L;JC;JO>ICGJ;LNCLM?JIL

JLI@?MCIH;F?M;D?HIM;HIMINL;M?H?MN?JLCG?L?HM;SI=F[HC=I;F?;NILCT;>I 

 
 $"# !

% "?G7?E3C;@67DN?E@>3D67,$(

"$"F7DE;@?3C;@HA=@C3E@C;@67(7CD@?3=;636E;A@$N>;E7

#F7DE;@?3C;@67C76;4;=;636IHA75E3E;G3D

! %!$&$;DE3675@>AC@435;P?A3C3;?8@C>3C7?D3I@D5=N?;5@D

%%$%D53=3@=F>4;3A3C3G3=F3C7=*;7D9@+F;5;63

&,7C3A;3;3=M5E;5@@?6F5EF3=

%%3?F3=;39?PDE;5@IDE36NDE;5@67=@D,C3DE@C?@D%7?E3=7D

" @@6=;?;53=(C35E;57

5F35;@?7D67DE;>35;P? 7?7C3=;J363

%@67=@$;?73= 7?7C3=

D53=367"?363AE35;P?5@E;6;3?3

,7C3A;367%7?E3=;J35;P?

&3E;@?3="?DE;EFE7D@8!73=E:

%?EC7G;DE3=N?;53A3C3G3=F3C=@D,C3DE@C?@D67=<7""67=%3?F3=+%".

%&,7C3A;38@53=;J3637?=@DDBF7>3D

%&""%+IDE7>D,C3;?;?98@C>@E;@?3=(C76;5E34;=;EI3?6(C@4=7>+@=G;?9

&',C3E3>;7?E@:34;EF3=

&&,7C3A;38@53=;J3637?=3,C3?D87C7?5;3

&",C3DE@C?@$N>;E767(7CD@?3=;636

&"&,C3DE@C?@67DECMD(@DEC3F>LE;5@


 

 
!#

FNL;MNILHIF[GCN?>?J?LMIH;FC>;>/'+?MOHNL;MNILHIG?HN;FAL;P?;MI=C;>I

=IH OH OMI CHN?HMCPI >? FIM M?LPC=CIM >? M;FO> G?HN;F CH=FOMI =O;H>I ?F J;=C?HN? HI

;F=;HT; ?F MO@C=C?HN? H_G?LI >? =LCN?LCIM J;L; MO >C;AH]MNC=I  '; CH=C>?H=C; >? =;MIM

J;L?=?CL?H;OG?HNISMCHIM?>?N?=N;H?HMOM?MN;>[IMCHC=C;F?MFIMM[HNIG;MNC?H>?H;

=LIHC@C=;LM?;B;=?LM?L?MCMN?HN?MS;FCGCN;LF;@OH=CIH;FC>;>>?FJ;=C?HN? .CH?G<;LAI

F;>C@C=OFN;>>C;AH]MNC=;S?F?MNCAG;JILJ;LN?>?FIMJLI@?MCIH;F?MB;=?HKO??F/'+

NC?H>; ; CH@L;>C;AHIMNC=;LM? S KO? L;L; P?T M? ;<IL>? ; NC?GJI  *@L?=?L NL;N;GC?HNI

N?GJL;HI L?>O=? ?F H_G?LI >? =IGJFC=;=CIH?M  H F; JLW=NC=; =F[HC=; ?MNW GOS

?RN?H>C>I?FOMI>?@WLG;=IM;OHKO?OH;JMC=IN?L;JC;;>?=O;>;=IHFF?P;JILFIA?H?L;F

G?DIL?ML?MOFN;>IM (_FNCJF?MJMC=IN?L;JC;MB;H>?GIMNL;>IMO?@C=;=C;=IH?MN?NCJI>?

J;=C?HN?M J?LI MO ;==?MC<CFC>;> ?M FCGCN;>;  '; /?L;JC; $=]HC=; ?M OH NCJI >?

JMC=IN?L;JC; CHHIP;>IL; =OS; >OL;=C]H KO? ?M GWM <L?P? >? FI B;<CNO;F ?HNL?  S 

G?M?MKO?=IHMCMN??H@;PIL?=?L?F:?D:89EF;;>KOCMC=C]H>?B;<CFC>;>?MSF;L?>O==C]H

>? M[HNIG;M >? /'+ ; NL;PZM >?F OMI >? C=IHIM  MNO>CIM =O;MC?RJ?LCG?HN;F?M JL?PCIM

MI<L? /?L;JC; $=]HC=; B;H ?H=IHNL;>I OH; L?>O==C]H >? F; ;AL?MCPC>;> S OH; G?DIL

@OH=CIH;FC>;> ?HNL? FIM J;=C?HN?M KO? M? B;H MIG?NC>I ; ?FF;  MN? ?MNO>CI JCFINI

;F?;NILCT;>I ?P;F_; F; ?@C=;=C; >? F; /?L;JC; $=]HC=; ?H ;>IF?M=?HN?M S D]P?H?M =IH

C>?;=C]HMOC=C>;SM[HNIG;M>?J?LMIH;FC>;>F[GCN?=IGJ;L;>;=IHOH;JMC=IN?L;JC;>?

;JISI  A95+5 F ?MNO>CI M? FF?P] ; =;<I ?H ?F #IMJCN;F -?ACIH;F 0HCP?LMCN;LCI >?

(WF;A;  >IF?M=?HN?M S D]P?H?M     ;\IM =IH =IH>O=N;M MOC=C>;M I J;L;MOC=C>;M S

L;MAIM>?J?LMIH;FC>;>F[GCN?@O?LIH;MCAH;>IM;F;T;L?H>IMALOJIM/?L;JC;$=]HC=;

) IN?L;JC;>?;JISI)  ';P;LC;<F?JLCH=CJ;F>?L?MOFN;>I@O??F=;G<CI?H

F;M?P?LC>;>AFI<;F>?M[HNIG;M/'+.' >?MJOZM>?FNL;N;GC?HNI 'IML?MOFN;>IM

M?=OH>;LCIM @O?LIH MOC=C>;<CFC>;> C>?;=C]H CHN?HNIM MOC=C>;M S ;ONIF?MCIH?M HI

MOC=C>;M OMI >? M?LPC=CIM >? M;FO> G?HN;F =IHMOGI >? JMC=I@WLG;=IM S PCMCN;M ;

 
JLI@?MCIH;F?M ;DOMN? MI=C;F S ?RJ?LC?H=C; MO<D?NCP; J?L=?J=C]H >? G?DIL[; S

M;NCM@;==C]H=IHF;N?L;JC;L?=C<C>;>?MJOZM>?FNL;N;GC?HNIS;F;\I>?M?AOCGC?HNI  F

;HWFCMCM >? >;NIM M? FF?P] ; =;<I ; NL;PZM >? OH GI>?FI >? ?=O;=CIH?M A?H?L;FCT;>;M

"   ,8:29(+58)IM??H=IHNL;LIH>C@?L?H=C;M?MN;>[MNC=;G?HN?MCAHC@C=;NCP;M?HNL?

;G<;MN?L;JC;ML?MJ?=NI;F;L?>O==C]H>?F;M?P?LC>;>>?M[HNIG;M/'+ 'IM>IMNCJIM

>? NL;N;GC?HNI L?MOFN;LIH ?@?=NCPIM ;F @CH;FCT;L ?F ?MNO>CI S >?MJOZM >? OH ;\I >?

M?AOCGC?HNI  H FIM L?MOFN;>IM M?=OH>;LCIM F; /?L;JC; $=]HC=; GIMNL] MOJ?LCILC>;>

?MN;>[MNC=;G?HN?MCAHC@C=;NCP;=IHL?MJ?=NI;F;N?L;JC;>?;JISI?HM;NCM@;==C]H=IHF;

N?L;JC;;F@CH;F>?FNL;N;GC?HNIA  54*2:8054,8+?M?;OH;G;SILN?H>?H=C;;

F;G?DIL[;=F[HC=;FIML?MOFN;>IM>??MN??MNO>CIHIJ?LGCN?H=ILLI<IL;LF;BCJ]N?MCM>?

KO?F;/?L;JC;$=]HC=;M?;GWM?@C=;TKO?F;>?;JISISDOMNC@C=;HF;H?=?MC>;>>?FF?P;L

;=;<IHO?PIM?MNO>CIM=IHGO?MNL;MGWMAL;H>?M 

48(=57,.0897(+5"

7595*5256:)20*(+5#OLN;>I .;HNC;AI"OTGWH +;LL;?LM;<Z(;SIL;F 

(4:8*7095 +, 2( 9,808 ,4 675*,85 +, 7,;080D4#OLN;>I .;HNC;AI. "OTGWH +;LL;

% ?LM;<Z- (;SIL;F  

(2()7(8 *2(;, /?L;JC; $=]HC=; NL;MNILHI F[GCN? >? F; J?LMIH;FC>;> N?L;JC;

JMC=IF]AC=;NL;MNILHIM>?J?LMIH;FC>;> 

 

 


 IL>?LFCH?+?LMIH;FCNSCMIL>?L+CM;M?LCIOMG?HN;F>CMIL>?L;MMI=C;N?>QCNB;H

CHN?HMCP?OM?I@G?HN;FB?;FNBM?LPC=?M?P?HCHNB?;<M?H=?I@?HIOAB=LCN?LC;@IL;@OFF

>C;AHIMCM  $H=C>?H=? L;N?M ;JJ?;L NI <? CH=L?;MCHA ;H> QB?H HIN >?N?=N?> CH CNM ?;LFS

MN;A?M MSGJNIGM N?H> NI <?=IG? =BLIHC= >?P?FIJ ; L?MCMN;H=? NI NL?;NG?HN ;H>

JLI>O=?@OH=NCIH;FCGJ;CLG?HNM #IQ?P?L>C@@C=OFNSQCNB>C;AHIMCM;H>MNCAG;NCT;NCIH

@LIGNB?G?>C=;FJLI@?MMCIH=;OM?+NI<?OH>?L>C;AHIM?>;H>L;L?FSNL?;N?>CHNCG? 

;LFS MSGJNIG >?N?=NCIH ;H> CHN?LP?HNCIH G;S B?FJ ;FF?PC;N? ;>P?LM? FIHA N?LG

ION=IG?M  $=IHC= /B?L;JS CM ;H CHHIP;NCP? G;HO;F >LCP?H JMS=BINB?L;JS NB;N NL?;NM

+ MSGJNIGM CH ; MJ?=C@C= ;H> CHN?HMCP? G;HH?L  .?P?L;F JMS=BINB?L;JC?M B;P?

JLIP?H NB?CL ?@@C=;=S IH + J;NC?HNM <ON ;==?MM NI NL?;NG?HN CM A?H?L;FFS FCGCN?> 

$=IHC= /B?L;JS CM ;H CHHIP;NCP? JMS=BINB?L;JS QBIM? >OL;NCIH CM MBILN?L NB;H OMO;F

@LIGNIGIHNBM;H>;CGMNIJLIGIN?CHMCABNMECFF;=KOCMCNCIH;H>NB?L?>O=NCIHI@

MSGJNIGM ;MMI=C;N?> QCNB + NBLIOAB NB? OM? I@ M?P?L;F CG;A?M C=IHM  +L?PCIOM

JL?FCGCH;LS L?MOFNM ;L? JLIGCMCHA ;H> NB? CH>C=;NCIH CM NB;N $=IHC= /B?L;JS G;S <?

?@@?=NCP?CHL?>O=CHA;AAL?MMCP?<?B;PCIOL;H>@OH=NCIH;FCGJ;CLG?HN /B?;CGI@NBCM

MNO>SCMNI;MM?MMBIQ?@@?=NCP?$=IHC=/B?L;JSCMn=IGJ;L?>NI.OJJILN/B?L;JSCH;

L?;F =FCHC=;F M?NNCHA  ,9/5+8,80.4 /B? MNO>S NIIE JF;=? ;N -?ACIH;F 0HCP?LMCNS

#IMJCN;F I@ (WF;A;  >IF?M=?HNM ;H> SIOHA J?IJF?   NI   S?;LM IF> QCNB MOC=C>;F

C>?;NCIH M?F@ B;LGCHA <?B;PCIOL ;H> <IL>?LFCH? J?LMIH;FCNS >CMIL>?L NL;CNM ;H>

MSGJNIGM J;LNC=CJ;N?> CH NB? MNO>S  /B? MO<D?=NM Q?L? L;H>IGCT?> CHNI NQI ALIOJM

$=IHC=/B?L;JS) IL.OJJILN/B?L;JS)  /B?J;LNC=CJ;HNMQ?L?;MMCAH?>NI

?CNB?L ALIOJ IH ;   <;MCM  /B? JLCG;LS ION=IG? Q;M G?;MOL?> <S NB? =B;HA? CH

MSGJNIG M?P?LCNS  .?=IH>;LS ION=IG?M CH=FO>? =B;HA?M CH MOC=C>;F C>?;NCIH IL

;NN?GJNMHIH MOC=C>;FM?F@ CHDOLC?MOM?I@G?HN;FB?;FNBM?LPC=?MJMS=BIJB;LG;=IFIAS

 
;H> JLI@?MMCIH;F PCMCNM MI=C;F ;>DOMNG?HN ;H> MO<D?=NCP? ?RJ?LC?H=? J?L=?CP?>

CGJLIP?G?HN;H>NL?;NG?HNM;NCM@;=NCIH;@N?LNL?;NG?HN;H>;N@IFFIQOJ /B?JLCG;LS

?H>JICHN Q;M ; >?=L?;M? CH + M?P?LCNS MSGJNIGM ;M ;MM?MM?> <S NB? IL>?LFCH?

.SGJNIG 'CMN .'   ;N; Q;M ;H;FSM?> OMCHA A?H?L;FCT?> ?MNCG;NCHA ?KO;NCIH

" GI>?FM  ,8:298)IMCAHC@C=;HN>C@@?L?H=?MQ?L?@IOH><?NQ??HNB?L;JC?MQCNB

L?A;L> NI ; =B;HA? CH + MSGJNIG M?P?LCNS  INB NL?;NG?HNM L?MOFN?> CH <?CHA

?@@?=NCP? ;@N?L <INB =IGJF?NCIH I@ NL?;NG?HN ;H> ;N @IFFIQ OJ  *H NB? M?=IH>;LS

ION=IG?G?;MOL?M$=IHC=/B?L;JSMBIQ?>;MN;NCMNC=;FFSMCAHC@C=;HNCGJLIP?G?HNQCNB

L?A;L>MNINL?;NG?HNM;NCM@;=NCIH;NCNM=IH=FOMCIHA  54*2:80548FNBIOABNB?

L?MOFNM MBIQ ; BCAB?L N?H>?H=S @IL =FCHC=;F CGJLIP?G?HN NB?S >I HIN ;FFIQ NB?

=ILLI<IL;NCIH I@ NB? BSJINB?MCM NB;N $=IHC= /B?L;JS QCFF F?;> NI <?NN?L L?MOFNM NB;H

MOJJILNNB?L;JSBIQ?P?LNB?S>IDOMNC@SNB?H??>NIJ?L@ILGH?QMNO>C?MQCNB<CAA?L

M;GJF?M 













 
       
;52:*0D4/089D70*(+,2*54*,695+,97(8957452B309,+,6,7854(20+(+

'IM NL;MNILHIM >? J?LMIH;FC>;> /+ MIH J;NLIH?M J?LG;H?HN?M >? ?RJ?LC?H=C;

CHN?LH; S >? =IGJILN;GC?HNI KO? M? ;J;LN;H ;=OM;>;G?HN? >? F;M ?RJ?=N;NCP;M >? F;

=OFNOL;>?FMOD?NI >C@?L?H=C;>?FL?MNI>??H@?LG?>;>?MG?HN;F?MFIM/+HIMOLA?H;

J;LNCL >? OH JLI=?MI J;NIF]AC=I L?=IHI=C<F? HC ?PIFO=CIH;H >? OH GI>I >?N?LGCH;>I

&?H>?FF J?LINC?H?HMOCHC=CI?HF;;>IF?M=?H=C;I?HF;;>OFN?TN?GJL;H;SM?

=;L;=N?LCT;HJILM?LA?H?L;FCT;>IMJI=I@F?RC<F?M?MN;<F?M?H?FNC?GJISJILI=;MCIH;L

G;F?MN;LI>?N?LCILI?HF;PC>;;>OFN;G?LC=;H+MS=BC;NLC=MMI=C;NCIH  'IM/+

L?JL?M?HN;HOH;J;NIFIA[;?G?LA?HN?KO?;@?=N;;JLIRCG;>;G?HN?;F>?F;JI<F;=C]H

#O;HA?N;F  S=I<L;H?MJ?=C;FCGJILN;H=C;?H?FWG<CNI>?F;M;FO>G?HN;FJIL

F; >C@C=OFN;> >? MO ;<IL>;D? N?L;JZONC=I ?F AL;>I >? >CM=;J;=C>;> KO? JLI>O=?H S F;

MI<L?=;LA; KO? I=;MCIH;H HI MIFI ?H FIM >CMJIMCNCPIM ;MCMN?H=C;F?M MCHI ?H NI>I MO

?HNILHI.I?N?G;H1?LB?OFOMM?B<;?B  

)OG?LIM;M N?IL[;M B;H KO?LC>I ?RJFC=;L MO ILCA?H ; FI F;LAI >? F; BCMNILC; >? F;

+MCKOC;NL[; #CJ]=L;N?MMCAFI$1;  >?M=LC<[;NCJIM>?N?GJ?L;G?HNI;J;LNCL>?F;

JL?>IGCH;H=C; L?F;NCP; >? FIM >CMNCHNIM BOGIL?M =ILJIL;F?M M;HAO[H?I O IJNCGCMN;

M;HAL? G?F;H=]FC=I I J?MCGCMN; <CFCM H?AL; =IFZLC=I I CLLCN;<F? <CFCM ;G;LCFF; S

@F?GWNC=II;JWNC=I@F?G;M +LC=B;L> CHNLI>O=[;?F=IH=?JNI>?oFI=OL;GIL;Fp

=IGI ;HN?=?>?HN? >?F =IH=?JNI >? JMC=IJ;N[; ?H MO M?HNC>I GWM GI>?LHI ?LLCIM

 J;L; L?@?LCLM? ; F; CH=;J;=C>;> J;L; =IGJILN;LM? OHI GCMGI =IH >?=?H=C; S

JLIJC?>;>?HFIM;MOHNIM>?F;PC>;;OHKO?MCHFF?A;L;F>?FCLCI ?M>?F;/?IL[;>?F;

?A?H?L;=C]H (IL?F  F;M ?H@?LG?>;>?M G?HN;F?M =IHMNCNO[;H >?MPC;=CIH?M

J;NIF]AC=;M >? F; HILG;FC>;> KO? M? NL;HMGCN[;H A?H?L;=C]H ; A?H?L;=C]H >? G;H?L;

=;>; P?T GWM J;NIF]AC=; S =;OM;H>I CH;>;JN;=C]H MI=C;F ?H ;FAOH;M J?LMIH;M =IH

 
oJL?>CMJIMC=C]Hp A?HZNC=;  H   &I=B ;=O\;<; JIL JLCG?L; P?T ?F NZLGCHI

oJMC=IJ;N[;p I oJ?LMIH;FC>;> JMC=IJWNC=;p J;L; MOMNCNOCL ;F >? oFI=OL; GIL;Fp >?

+LC=B;L> ;OHKO? L?@CLCZH>IM? ;F GCMGI =IH=?JNI  IH F; ;J;LC=C]H >? F; N?IL[;

JMC=I;H;F[NC=;>?FIMCHMNCHNIM>?!L?O>  ?GJC?T;H;>?M=LC<CLM?>CMNCHNIML;MAIM

>? J?LMIH;FC>;> =IGI ?RJL?MC]H >? FIM CGJOFMIM CHBC<C>IM ?MNI >?D; ;NLWM ?F GI>?FI

GZ>C=I NL;>C=CIH;F KO? ?M JIMN?LCILG?HN? L?NIG;>I JIL &L?NM=BG?L    ;F JF;HN?;L

OH;JIMC<F?L?F;=C]H?HNL?F;=IHMNCNO=C]H@[MC=;SF;M=;L;=N?L[MNC=;M>?F;J?LMIH;FC>;> 

&L;?J?FCH  L?M=;N;?F=IH=?JNI>?JMC=IJ;N[;J;L;L?@?LCLM?;F;MoJ?LMIH;FC>;>?M

JMC=IJWNC=;Mp =IGI P;LC;=CIH?M <CIF]AC=;M ?MN; P?T >?HNLI >?F ?MJ?=NLI JMC=]NC=I

;OHKO? INLIM ;ONIL?M =IHMC>?L;H KO? MIH oH?OLIMCM >?F =;LW=N?Lp F?R;H>?L  -IMM

  '; HI=C]H >? KO? F;M JMC=IJ;N[;M HI MIH ?H@?LG?>;>?M G?HN;F?M =I?RCMN? JIL

N;HNI ?H ;KO?FF; ZJI=; =IH ?F JOHNI >? PCMN; B?L?>CN;LCI .=BH?C>?L   =IHDOA;

;G<;M =ILLC?HN?M >? J?HM;GC?HNI ; NL;PZM >?F =IH=?JNI oMOD?NIM KO? MO@L?H JIL F;

;HIG;F[; >? MO J?LMIH;FC>;>p S >?M=LC<? ;>?GWM  NCJIM >? J?LMIH;FC>;> J;NIF]AC=;

?H ?F JLCG?L MCMN?G; >? =;N?AIL[;M >? J?LMIH;FC>;> GOS =?L=;HI ;F MCMN?G; >?

=F;MC@C=;=C]H >C;AH]MNC=I S ?MN;>[MNC=I >? FIM NL;MNILHIM G?HN;F?M .( (;HO;F

C;AH]MNC=I S MN;>[MNC=I >? FIM /L;MNILHIM (?HN;F?M S $  F;MC@C=;=C]H

$HN?LH;=CIH;F>?F;M H@?LG?>;>?M 

'; JLCG?L; >?M=LCJ=C]H >?F NL;MNILHI F[GCN? >? J?LMIH;FC>;> N;F S =IGI M? =IHI=?

BIS >[; F; L?;FCT] -IMM?    =O;H>I B;<F;<; >? J;=C?HN?M 3@C56C=2?5 ?H NC?LL;

F[GCN? J;L; L?@?LCLM? ; KOC?H?M M? GIP[;H ?H OH; TIH; =L?JOM=OF;L ?HNL? F; L;T]H S F;

>?M?MJ?L;=C]H ?G;H?L;MCGCF;L.N?LH B;<[;>?N?=N;>IKO?;FAOHIMJ;=C?HN?M

HI?L;H=L]HC=;G?HN?JMC=]NC=IMJ?LIN;GJI=IJL?M?HN;<;HOH;H?OLIMCM?MN;<F?;?MIM

J;=C?HN?M FIM FF;G;<; F[GCN? I 3@C56C=:?6 S MOJOMI F; ;>DO>C=;=C]H >?F NZLGCHI F[GCN?

J;L; >?MCAH;L ; ?MN; =;N?AIL[;  MN? ?MN;>I F[GCN? >? F; J?LMIH;FC>;> B; L?=C<C>I INL;M

 
>?HIGCH;=CIH?M;FIF;LAI>?F;BCMNILC;>?F;JMCKOC;NL[;=IGINL;MNILHI;G<CP;F?HN?>?

F; J?LMIH;FC>;> J?LMIH;FC>;> =C=FIC>? NL;MNILHI CGJOFMCPI >? F; J?LMIH;FC>;>

J?LMIH;FC>;> CH?MN;<F? NL;MNILHI FW<CF >? F; J?LMIH;FC>;> S NL;MNILHI F[GCN? >?

J?LMIH;FC>;>=IGIM?>?HIGCH;BIS>[;(CFFIH;PCM   FJLCG?LCHN?HNI>?

=IHM?HMO;L FIM =LCN?LCIM >C;AH]MNC=IM J;L; ?MN? J;>?=CGC?HNI MOLA? ?H ?F ;\I  

=O;H>I ?F .(  $$$ FI L?=IA? DOHNI =IH ?F L?MNI >? NL;MNILHIM >? J?LMIH;FC>;> S ?F

L?NL;MI G?HN;F >?HNLI >?F D? $$ M?J;L;>I >?F L?MNI >? NL;MNILHIM JMCKOCWNLC=IM KO? M?

O<C=;<;H?H?F D?$ 4;M[M?B;G;HN?HC>IB;MN;KO??HMO_FNCG;P?LMC]H?F.( 

G?LC=;H +MS=BC;NLC= MMI=C;NCIH  ; JF;HN?; OH GI>?FI B[<LC>I >CG?HMCIH;F

=;N?AILC;F J;L; ?F >C;AH]MNC=I >? NL;MNILHI F[GCN? S FI NL;MF;>; DOHNI =IH ?F L?MNI >?

NL;MNILHIM >? J?LMIH;FC>;> S >?GWM NL;MNILHIM G?HN;F?M ; F; .?==C]H $$  F $ 

*LA;HCT;=CIH (OH>C;F >? F; .;FO>  ?M ?F MCMN?G; ?OLIJ?I >? =F;MC@C=;=C]H >?

?H@?LG?>;>?M G?HN;F?M S M? L?@C?L? ;F /'+ =IGI NL;MNILHI >? CH?MN;<CFC>;> ?GI=CIH;F

>?F;J?LMIH;FC>;>KO?JO?>?M?L>?NCJIF[GCN?JLW=NC=;G?HN??KOCP;F?HN?;F/'+>?F

.( $1 /- I >? NCJI CGJOFMCPI MIFI =IGJ;LN? ;FAOHIM :E6>D >?F .( $1 /-  ';

ONCFCT;=C]H >? OHI O INLI MCMN?G; =F;MC@C=;NILCI $  I .( KO?>; ; =LCN?LCI >?F

JLI@?MCIH;FJ?LI?HA?H?L;FM?ONCFCT;GWM?FMCMN?G;.(N;HNI;HCP?F>?=F[HC=;=IGI

>?CHP?MNCA;=C]H 

,-040*0D4(*9:(2+,97(8957452B309,+,6,7854(20+(+

?FIM>C?TNCJIM>?NL;MNILHI>?J?LMIH;FC>;>JLIJO?MNIM?H?F(;HO;FC;AH]MNC=I

S MN;>[MNC=I >? FIM /L;MNILHIM (?HN;F?M .( G?LC=;H +MS=BC;NLC= MMI=C;NCIH

 ?FGWM@L?=O?HN?>?<CFCN;HN?J?L>OL;<F?SG?DIL?MNO>C;>I?M?FNL;MNILHIF[GCN?

>? J?LMIH;FC>;> I /'+ F;MB@C?F>  $HNI==C;   "OH>?LMIH   .EI>IF ?N ;F 

    F/'+?MOHNL;MNILHI>?J?LMIH;FC>;>=;L;=N?LCT;>IJILF;CH?MN;<CFC>;>

?H F;M L?F;=CIH?M CHN?LJ?LMIH;F?M ?H F; C>?HNC>;> S ?H FIM ;@?=NIM DOHNI =IH OH;

 
CGJOFMCPC>;>CHN?HM;?H>CP?LMIM=IHN?RNIMKO?M?CHC=C;?HF;;>IF?M=?H=C;I=IGC?HTI

>?F;?>;>;>OFN;S=;OM;G;F?MN;LHIN;<F?ICGJC>?KO?F;J?LMIH;@OH=CIH?>?@ILG;

;>;JN;NCP;?HF;M>CMNCHN;MMCNO;=CIH?MJ?LMIH;F?MSMI=C;F?MMCHKO?JO?>;M?L;NLC<OC>I

;F?@?=NI>?=O;FKOC?LMOMN;H=C;O;@?==C]HGZ>C=;G?LC=;H+MS=BC;NLC=MMI=C;NCIH

 ; 

.O =IH=?JNO;FCT;=C]H B; C>I P;LC;H>I =IH ?F J;MI >?F NC?GJI  ?M>? OH ?H@IKO?

JMC=I>CHWGC=I&?LH<?LA >?@?H>[;F;ILA;HCT;=C]H3@C56C=:?6=IGI@ILG;AL;P?

>? ?MNLO=NOL;=C]H >? F; J?LMIH;FC>;> KO? ;_H =IH ?F M?HNC>I >? L?;FC>;> G;HN?HC>I

;FN?L;<;MCAHC@C=;NCP;G?HN?F;C>?HNC>;>SB;=[;KO?FIJ;=C?HN?MGIMNL;M?HG?=;HCMGIM

>?>?@?HM;JLCGCNCPIM?M=CMC]HIC>?HNC@C=;=C]HJLIS?=NCP; +;L;"OH>?LMIH.CHA?L

 ?FM[H>LIG?3@C56C=:?6M?>?@CH[;JILOH;M?LC?>?=IH>O=N;MG;HC@C?MN;MKO?FI

>C@?L?H=C;<;H>?INLIM=O;>LIM=F[HC=IM?HOHNCJI>??H@IKO?MCGCF;L;F;=NO;FMCMN?G;

.(KO?ONCFCT;F;HIMIFIA[;+ ?M>?INLIJOHNI>?PCMN;ECME;FD?H>?L?>DC;H

-IM?HNB;F&B;HC >?@?H>[;HKO?F;J?LMIH;FC>;>3@C56C=:?6?L;?HL?;FC>;>OH

NCJI >? NL;MNILHI ;@?=NCPI CAO;F KO? F; >?JL?MC]H ;N[JC=; F; =C=FINCGC; I ?F NL;MNILHI

<CJIF;L $$ =IH FIM KO? =IGJ;LN[; F; CHN?HMC>;> F;<CFC>;> S P;LC?>;> >? MOM M[HNIG;M 

+IMN?LCILG?HN?'CH?B;HLGMNLIHA.O;L?TFFGIH#?;L>  M?@I=;FCT;LIH?H

F;CH=;J;=C>;>>?FJ;=C?HN?F[GCN?;F;BIL;>?L?AOF;LMOM;@?=NIMS>?M;LLIFF;LIHOHNCJI

>?;<IL>;D?KO?;SO>;M?;=IG<;NCLN;F>C@C=OFN;>G?>C;HN??HNL?H;GC?HNI 'IM<O?HIM

L?MOFN;>IM>??MN??H@IKO?G;L=]OH;HN?MSOH>?MJOZM?H?FJLIH]MNC=I>?FNL;N;GC?HNI

>?F/'+?;NMIH-;I  +;L;&IBON ?FJ;=C?HN?3@C56C=:?6HI?L;GWM

KO? F; CH>C=;=C]H >?F @L;=;MI >? F; ?GJ;N[; >?F N?L;J?ON; =OS;M L?MJO?MN;M H?A;NCP;M

B;=C; ?F J;=C?HN? JL?I=OJ;=C]H M?HM;=C]H >? ?MN;L MC?H>I G;HCJOF;>I @LOMNL;=C]H

L?=B;TI S =;HM;H=CI B;=[;H KO? ?MN? L?JCNC?L; FIM J;NLIH?M L?F;=CIH;F?M KO? P?H[;

MO@LC?H>I >?M>? B;=[; NC?GJI S ;M?AOL;<;H MO CHNL;N;<CFC>;> ?H GO=BIM =;MIM  H FIM

_FNCGIM ;\IM S >;>; F; ?F?P;>; @L?=O?H=C; >? ;HN?=?>?HN?M NL;OGWNC=IM S M[HNIG;M

 
>CMI=C;NCPIM F; J?LMIH;FC>;> F[GCN? ?GJC?T; ; =IHMC>?L;LM? OH; ;FN?L;=C]H ;@[H ;F

NL;MNILHI >? ?MNLZM JIMNL;OGWNC=I  .?A_H F; N?IL[; >? F; >CMI=C;=C]H ?MNLO=NOL;F >? F;

J?LMIH;FC>;>>?*HHIP;H>?L#;LN#;LLCM ?F/'+?MOHNL;MNILHI>?>CMI=C;=C]H

M?=OH>;LCI L?F;=CIH;>I =IH OH; NL;OG;NCT;=C]H AL;P? S N?GJL;H; S OH ;J?AI

>?MILA;HCT;>I CAO;F KO? ?F / +/ =IGJF?DI S INLIM NL;MNILHIM >CMI=C;NCPIM #?LG;H

+?LLS1;H?L&IFE &LIFF (IMKO?L;"IHT;F?MP;H>?L#;LN 

5;H;LCHC"OH>?LMIH!L;HE?H<OLAB;OH=?S  

-?PCM;H>IF;?PIFO=C]HBCMN]LC=;>?F=IH=?JNI>?/'+?H=IHNL;GIMKO?S;>?M>??F

.( $$$    M? ;FO>[; ;F ILCA?H >?F /'+ ?H L?F;=C]H =IH OH P[H=OFI J;L?HN;F

NL;OGWNC=;G?HN?CH?MN;<F?>?HNLI>?F;N?IL[;JMC=I;H;F[NC=;>?F;ML?F;=CIH?MI<D?N;F?M

;OHKO? F;M JIMN?LCIL?M P?LMCIH?M .( $1 G?LC=;H +MS=BC;NLC= MMI=C;NCIH 

.(  $1 /- G?LC=;H +MS=BIFIAC=;F MMI=C;NCIH   S .(   G?LC=;H

+MS=BC;NLC= MMI=C;NCIH  ; >?D;H ;NLWM ?MN? ?H@IKO? S L?NIG;H FIM =LCN?LCIM

>C;AH]MNC=IM S =;N?AIL[;M >?F GI>?FI GZ>C=I NL;>C=CIH;F  M[ JIL ?D?GJFI F; C>?;=C]H

J;L;HIC>? NL;HMCNILC; S FIM M[HNIG;M >CMI=C;NCPIM AL;P?M =IGI HIP?HI =LCN?LCI

>C;AH]MNC=I >?F .( $1 /- J;L; /'+ M? =IHMC>?L;H OH; ;FN?L;=C]H G?L;G?HN?

=IAHCNCP; HI PCH=OF;>; =IH ?F NL;OG; HC =IH FIM M[HNIG;M >?F NL;MNILHI >? ?MNLZM

JIMNL;OGWNC=I / +/ O INLIM NL;MNILHIM >CMI=C;NCPIM  MN? GI>I >? =IH=?JNO;FCT;L ?F

/'+=IGI=;N?AIL[;>C;AH]MNC=;>?M>??FMCMN?G;.(MCAO?MC?H>I?FGWM?RN?H>C>I

;=NO;FG?HN??HNL?FIMJLI@?MCIH;F?M>?M;FO>G?HN;F 

'; CH?MN;<CFC>;> I >CML?AOF;=C]H ?GI=CIH;F KO? =;L;=N?LCT; ;F /'+ =IHMCMN? ?H

LWJC>;M @FO=NO;=CIH?M >? ;@?=NI CHN?HMI >C@[=CF?M >? L?AOF;L ?H MC GCMG;M I ?H F;M

=IHM?=O?H=C;M KO? ;=;LL?; =IH OH; >OL;=C]H >? BIL;M I >[;M (;LQ;B; +;LMIHM 

LIIG?  /;FCH?MN;<CFC>;>G;HNC?H?;F;MJ?LMIH;MIM=CF;H>I?HNL?OH?MN;>I>?

;FN; L?;=NCPC>;> S F; GWM ;<MIFON; CHBC<C=C]H >? ?GI=CIH?M A?H?LWH>IF?M ;HMC?>;>

=IH>O=N;M >CMLOJNCP;M I CGJOFMCPC>;> ;LJ?HN?L  /LOFF   S @;PIL?=C?H>I F;

  
;J;LC=C]H>?>CMNCHN;MJMC=IJ;NIFIA[;M+;LCM5Q?CA !L;HE .EI>IF"OH>?LMIH

+@IBF ?N ;F     ? B?=BI F; CH?MN;<CFC>;> ?M =IG_H ; F; G;SIL[; >? NL;MNILHIM

G?HN;F?M (IOEBN;LC;H (CHN;B (IL;H  MB?LMIH   .;HN;HA?FI ?N ;F   

J?LI =I<L; ?MJ?=C;F L?F?P;H=C; ?H ?F /'+ JILKO? L?JL?M?HN; MO JLCH=CJ;F =LCN?LCI

>C;AH]MNC=IG?LC=;H+MS=BIFIAC=;FMMI=C;NCIH SJILKO?;>?GWM?M?FGINIL

>?F;CGJOFMCPC>;>=IH>O=NO;F"OH>?LMIH  ';CGJOFMCPC>;>?MOH=IHMNLO=NIKO?

CGJFC=; P;LCIM =IGJIH?HN?M @OH=CIH;GC?HNI =IAHCNCPI ;FN?L;>I JIL F; CHN?L@?L?H=C;

?GI=CIH;F >C@C=OFN;> J;L; CHBC<CL I =IHNLIF;L =IH>O=N;M S @;FN; >? JF;HC@C=;=C]H MI<L?

F;M=IHM?=O?H=C;M>?FIM;=NIM(=#OAB;F;L;NH;MCHA;G MCHKO?G?>C?H?F

DOC=CIHCF;L;T]HSKO?F;J?LMIH;J?L=C<?=IGICHPIFOHN;LC;"O?LLC?LC)?>?LEIILH

/?G?    .IH JL?=CM;G?HN? F;M J?LMIH;M =IH OH; ;FN; CGJOFMCPC>;> ?F?P;>;

;@?=NCPC>;> H?A;NCP; S ?M=;M; ;@?=NCPC>;> JIMCNCP; F;M KO? NC?H?H G;SIL N?H>?H=C; ;

J?HM;L?HMOC=C>CI?CHN?HN;LFF?P;LFI;=;<I&;OLCHIG<LIPMEC#;FFKOCMN2LCABN

  

60+,30525.B(

 .??MNCG;KO??F  >?F;JI<F;=C]HA?H?L;FSOH;JLIJIL=C]H=L?=C?HN?>?

J?LMIH;MKO?L?=F;G;H;N?H=C]HJMC=IF]AC=;?HFIM>CMJIMCNCPIM>?;N?H=C]HJLCG;LC;S

?MJ?=C;FCT;>;    J;>?=?H ;=OM;>IM M[HNIG;M >? /'+ G?LC=;H +MS=BC;NLC=

MMI=C;NCIH  ; "OH>?LMIH #?LJ?LNT .EI>IF /ILA?LM?H  5;H;LCHC  

';TT;LC .BIE; +;J;HH;  &OFE;LHC   ?MN? JIL=?HN;D? M?L[; GO=BI G;SIL MC M?

=IHN;<CFCT;M?H F;M >C@C=OFN;>?M I J?LNOL<;=CIH?M >? F; J?LMIH;FC>;> KO? HI FF?A;H ;

L?JL?M?HN;LOHNL;MNILHI4;HAIC>/SL?L  'IM=;MIM>?/'+>C;AHIMNC=;>I

L?JL?M?HN;H?F  >?F;MPCMCN;M;FIMM?LPC=CIM>?M;FO>G?HN;FB;H?H%IP?P?N

;F  5CGG?LG;HB?FGCHMEC4IOHA S?F >?F;M;>GCMCIH?M?H

OLA?H=C;MB;JON'?P?F /IGEI/LOFF2II>.B?L  

  
'IM J?LMIH;M =IH /'+ JL?M?HN;H JLCH=CJ;FG?HN? CH?MN;<CFC>;> CHN?LJ?LMIH;F

>CMNILMC]H =IAHCNCP; S >CML?AOF;=C]H ?GI=CIH;F S =IH>O=NO;F "OH>?LMIH ?N ;F    

'; >CML?AOF;=C]H I CH?MN;<CFC>;> ?GI=CIH;F KO? ?M F; G;HC@?MN;=C]H GWM M?HMC<F? S

?MJ?=[@C=; >?F /'+ 5CGG?LG;H (OFN;=B ;FLSGJF?  B?FGCHMEC   MO?F?

?PIFO=CIH;L >?HNLI >? OH =IHNCHOI N?GJIL;F J;L; GIMNL;LM? =IH G;SIL =F;LC>;> ?H F;

;>IF?M=?H=C;B;H?H%;=EMIH?N;F  .N?JJ S;OHKO?;P?=?M?MPCMC<F?

S;>?M>?F;CH@;H=C;5;H;LCHC!L;HE?H<OLA&B?L;F?C=BG;L ?FG;SILJC=I

>? JL?P;F?H=C; S M?P?LC>;> M? ;F=;HT; ?H F; DOP?HNO> L?HM ?N ;F    B;H?H 

(=ON=B?IH .C?P?L/ILA?LM?H"OH>?LMIH'CP?MF?S&?H>F?L  .?A_H

?F.( ?F/'+JO?>?>C;AHIMNC=;LM?>?G;H?L;@C;<F?;HN?M>?FIM ;\IMMC?GJL?

KO? FIM M[HNIG;M M? JL?M?HN?H >OL;HN? ;F G?HIM  ;\I G?LC=;H +MS=BC;NLC=

MMI=C;NCIH  ;  )I I<MN;HN? ;FAOHIM JLI@?MCIH;F?M MIH L?;=CIM ; B;=?LFI JILKO?

=IHMC>?L;H KO? F; J?LMIH;FC>;> HI ?M ?MN;<F? HC ?MNW =IB?MCIH;>; ; N;F ?>;> LC=E

(OLL;S FIM?  2II>M   S N;G<CZH JIL ?F ?MNCAG; KO? ;=IGJ;\; ; ?MN?

>C;AH]MNC=IB;H?H%;=EMIH?N;F  &;?MMLOHH?LB;H?H ;)?QNIH

#IQ?MF;LEB;H?H  

F /'+ ;@?=N; JIL CAO;F ; ;G<IM AZH?LIM J?LI F;M GOD?L?M MIH GWM JLIJ?HM;M ;

<OM=;L ;SO>; +;LCM  < S JIL ?MI ?F  >? FIM >C;AH]MNC=IM F?M =ILL?MJIH>?H ;

?FF;MG?LC=;H+MS=BC;NLC=MMI=C;NCIH ; /;GJI=I?RCMN?HAL;H>?M>C@?L?H=C;M

?H =O;HNI ;F HCP?F >? >CML?AOF;=C]H ?GI=CIH;F KO? ?RJ?LCG?HN;H BIG<L?M S GOD?L?M

/'+ J?LI M[ KO? P;L[; ?F GI>I ?H KO? G;HC@C?MN;H F; CGJOFMCPC>;> 5FINHC=E

-INBM=BCF>  5CGG?LG;H   JIL FI A?H?L;F F;M GOD?L?M G;HC@C?MN;H GWM

H?A;NCPC>;> =IHNL; M[ GCMG;M JL?MC]H CGJOFMCPC>;> JIL ?D?GJFI G?>C;HN? =IH>O=N;M

M?RO;F?M >? LC?MAI S ;ONIF?MCIH?M MO@LCGC?HNI I ;G<CP;F?H=C; S MIFC=CN;H GWM ;SO>;

@;LG;=IF]AC=;KO?FIMBIG<L?MKO?MIHGWMJLIJ?HMIM;=;?L?H;>C==CIH?MS;<OM=;L

M?HM;=CIH?M HO?P;M >?M>? OH N?GJ?L;G?HNI ?RJFIMCPI CHN?LGCN?HN? =IH =;L;=N?L[MNC=;M

  
>? J?LMIH;FC>;> ;HNCMI=C;F IO=B;L> ?N ;F    (;HA;MM;LC;H .OGH?L 

*q;FF;AB;H    ? B?=BI B; FF?A;>I ; ;@CLG;LM? KO? ?F /'+ ?M F; ?RJL?MC]H

@?G?HCH; >?F NL;MNILHI ;HNCMI=C;F +;LCM   F >C;AH]MNC=I @ILG;F >? /'+ M?

?MN;<F?=?B;<CNO;FG?HN??HNL?FIM  ;\IM";L=[;']J?T(;LN[H+ZL?T*N[H'FIJ

 SFF?P;;MI=C;>IOH?F?P;>ILC?MAI>?MOC=C>CI5;H;LCHC!L;HE?H<OLA#?HH?H

-?C=B.CFE <5;H;LCHC!L;HE?H<OLA#?HH?H.CFE OH;;FN;N;M;>?

=IGIL<CFC>;> IB?H   <;D; =;FC>;> >? PC>; MI<L? NI>I ; HCP?F MI=C;F B;H?H

%IP?P  %;=EMIH   .I?N?G;H ?N ;F    S OH A;MNI ?=IH]GC=I CGJILN;HN? 

?H>?L ?N ;F    I>? 1IA?F 2;FE?L  &L^A?L   #^LT 5;H;LCHC

!L;HE?H<OLA-?C=B!CNTG;OLC=? ';S;L> '?C=BM?HLCHA'?C<CHA&LOM?

)?Q  '?Q?E?  ; (?OF>CDE (=;LNBS IOLE?  "L?HS?L   .I?N?G;H

-ICD?H1?LB?OFOMM=B<;=B   FH_G?LI>?PCMCN;M;G<OF;NILC;MS?F=IHMOGI

>? JMC=I@WLG;=IM JIL J;LN? >? ?MNIM J;=C?HN?M ?M =IGJ;L;<F? ;F >? ;KO?FFIM =IH OH

>C;AH]MNC=I>??MKOCTI@L?HC;.I?N?G;H?N;F  SMOJ?LCIL;F>?KOC?H?MJL?M?HN;H

OHNL;MNILHI>?JL?MCPIG;SIL?H>?L?N;F  OLHM?N;F  ;OHKO??F=IMN?

HIM;HCN;LCIJIL;<M?HNCMGIF;<IL;FIJL?MN;=CIH?MMI=C;F?M?MCH=FOMIG;SIL1;HMM?FN

?N;F   

.? B; >?GIMNL;>I KO? OH; JMC=IN?L;JC; ;>?=O;>; L?>O=? F; =;LA; ?=IH]GC=;

>?LCP;>;>?F;;N?H=C]H?MNIMJ;=C?HN?MLIQH?=E.N??L"LCMB;G B;H?H

?N ;F    B;H?H ?N ;F    B;H?H  (=ON=B?IH   !?CA?H<;OG ?N ;F 

  "F?HH !L;HEFCH  )I=E   (?OF>CDE ?N ;F    -O>> (;H>LOMC;E 

%ICH?L   .J?;LM .OFFCP;H (;LCH  "II>G;H   .N;HF?S  LIQH   S

KO? L?NL;M;L ?F >C;AH]MNC=I HI L?MJIH>? ; HCHAOH; ?PC>?H=C; =C?HN[@C=; B;H?H 

&;?MM   ;OH ;M[ ?H F; JLW=NC=; =F[HC=; MCAO? ?RCMNC?H>I N?H>?H=C; ;F

CH@L;>C;AH]MNC=I    '  (CFF?L (O?BF?HE;GJ  %;=I<MIH   5CGG?LG;H

 
-INBM=BCF>  B?FGCHMEC   S ?F NL;N;GC?HNI N?GJL;HI M? I@L?=? M]FI ?H L;L;M

I=;MCIH?MB;H?H &;?MM?N;F  ; 

 9056(95.,40(=)(8,8)052D.0*(8

'; ?NCIJ;NIA?HC; >?F /'+ >?<? ?RJFC=;LM? >?M>? OH; JIMC=C]H CHN?AL;>IL; KO?

=IHN?GJF? F; CHN?L;==C]H >? @;=NIL?M JMC=IF]AC=IM @;GCFC;L?M MI=CI=OFNOL;F?M S

H?OLI<CIF]AC=IM JO?M ;OHKO? ?F >C;AH]MNC=I M?; ?F GCMGI FIM @;=NIL?M >? LC?MAI S MO

?PIFO=C]H?H?FNC?GJIMIH>C@?L?HN?M?H=;>;=;MIC==B?NNC-IAIM=B  .?B;

PCMNI JIL ?D?GJFI KO? OH; GCMG; P;LC;HN? >? N?GJ?L;G?HNI JO?>? >?N?LGCH;L F;

;J;LC=C]H >? /'+ MC F; J?LMIH; ?M MIG?NC>; ; ?MNLZM ?;O=B;CH? &F?CH LIQ?FF

?L<C>A?  ";NTE? &IJJ   ?FMES ?N ;F    IHQ;S #IJQII> (IL?S 

.EI>IF ';JILN?+;LCM"ONNG;H-OMM?FF 'CH?B;H (;LN[H F;H=I

?N;F  (CFFIH;PCM +;LCM ;I=IHP?LNCLM??H@;=NIL>?JLIN?==C]H?

CH=FOMIA?H?L;L?@?=NIMJIMCNCPIMMC?F?HNILHI@;GCFC;L?M;>?=O;>I";L=[;']J?T?N;F 

 -CIOR.ZAOCH+;LCM  

?M>? ?F GI>?FI >? F; =;M=;>; ?GI=CIH;F ?F H?OLINC=CMGI ?F?P;>I OHC>I =IH

POFH?L;<CFC>;> ?GI=CIH;F ? CHP;FC>;=C]H J;L?HN;F A?H?L;L[; LOGC;=C]H S >CMJ;L;L[; F;M

=IH>O=N;MCH;>;JN;>;M?.BIHA"L;HN(OFFCHM .Q?;NN  ';LOGC;=C]H?MOH

G?>C;>IL NL;HM>C;AH]MNC=I ?HNL? F; JL?M?H=C; >? =C?LNIM L;MAIM >? J?LMIH;FC>;> S F;

;J;LC=C]H>?M[HNIG;M=F[HC=IM&IPW=M.=BG?FIQMTES";F;G<IM&^E^HS?C   

FAOHIM >? FIM ;MJ?=NIM >? POFH?L;<CFC>;> ?GI=CIH;F GWM <;L;D;>IM MIH ?F ?R=?MI >?

M?HMC<CFC>;>?GI=CIH;F;LJ?HN?L/LOFF ;PC==BCIFC(;@@?C LIQ?FF

?;O=B;CH?  'CH?B;H   'I@NC GCHC !;NBC &;L;GC "BC;MC  

M?HMC<CFCT;=C]H M?F?=NCP; B;=C; F;M ?RJ?LC?H=C;M ;>P?LM;M &I?HCAM<?LA ?N ;F    I

B;=C; F; ;HMC?>;> "L;NT /OFF  "OH>?LMIH   S ?H A?H?L;F FIM ;FNIM HCP?F?M >?

?GI=C]H <;M;F &OI !CNTJ;NLC=E (?N=;F@?  (=(;CH    'IM HC\IM ;FN;G?HN?

 
L?;=NCPIM B;=?H KO? F; M;FO> @[MC=; S ?GI=CIH;F >? @;GCFC;L?M S ;GCAIM M? L?MC?HN; ?H

@ILG;>?;HMC?>;>>?JL?MC]HM?HM;=C]H>?MI<L?=;LA;SJ?H;;CF?S"L?HS?L 

  "II>G;H ?N ;F     MNI =IHNLC<OS? ; KO? M? ?MN;<F?T=; OH NCJI >? ;J?AI

JLI<F?GWNC=I!IH;AS;N?G;H S;KO?;J;L?T=;HJ;NLIH?M>?;@LIHN;GC?HNI

@;GCFC;L KO? @;PIL?=?H ?F >?M;LLIFFI >? /'+ JIL ?D?GJFI ;KO?FFIM KO? NC?H>?H ; F;

CHP;FC>;=C]H >? F;M H?=?MC>;>?M J?LMIH;F?M 'CH?B;H ; KO? HI NIF?L;H F;

?RJL?MCPC>;>>?;@?=NIMH?A;NCPIM.;FMG;H'CH?B;H =IH?F?P;>IMHCP?F?M>?

BIMNCFC>;> S ?RJL?MCPC>;> ?GI=CIH;F L;>F?S ?N ;F    I =IH ;=NCNO>?M ?>O=;NCP;M

?RNL?G;M MI<L?JLIN?==C]H H?AFCA?H=C; CH=IB?L?H=C; -I>L[AO?T (?F]H  

5;H;LCHC?N;F  ;  

FAOH;MN?IL[;MMCN_;H?FILCA?H>?F/'+>CL?=N;G?HN??H?FI

M?HMC<CFC>;>KO?GO?MNL;HFIMJ;>L?M?HF;=LC;HT;>?MOMBCDIM;OHKO?HI?MOH@;=NIL

>?N?LGCH;HN?J;L;F;;J;LC=C]H>?/'+%IBHMIHIB?HB?H&;M?HLIIE 

.N??F?  .C?P?L    '; C>?HNC>;> M? >?M;LLIFF; ?H CHN?L;==C]H =IH F;M J?LMIH;M

>OL;HN? ?F =L?=CGC?HNI S MC ?F ?HNILHI HI ?M ;>;JN;NCPI ?MN; JO?>? KO?>;L >C@OM;

%iLA?HM?H   &?LL !CHF;SMIH .BILN (=ON=B?IH ?;L>  B;H?H    0H

?MNCFI>?PCH=OF;=C]H<;M;>I?H?FGC?>ISF;;G?H;T;;=NCP;L[;?FMCMN?G;>?;J?AI>?F

HC\I KO? <OM=;L[; JLIRCGC>;> S JLIN?==C]H >? MOM JLIA?HCNIL?M S JI>L[; A?H?L;L

G;F?MN;L?HFIMJ;>L?MFI=O;F;=NCP;L[;;OHGWM?F;J?AI>?FHC\IF?C<?LA-IMMIOQ

 !IH;AS    F ;G<C?HN? >?F BIA;L ;@?=N; ;F =IGJILN;GC?HNI >?F ;>IF?M=?HN?

ILHIP;FIP; #C=EM $;=IHI  (="O?   LIQ?FF ?N ;F    &B;H  &;G;F

  (CFF?L?N;F  -I>L[AO?T (?F]H 5;H;LCHC?N;F  S>?N?LGCH;F;

=;FC>;> >? F;M L?F;=CIH?M ;>OFN;M ;E?LG;HM &L;H?H<OLA 1;H $%T?H>IILH  %O@@?L

  .C?F;J?AI?M;HMCIMII>?MILA;HCT;>IF;M?RJ?=N;NCP;M>?L?F;=C]HMI=C;FHIM?

=ILL?MJIH>?L[;H =IH F;M >? FIM >?GWM FI KO? ILCACH;L[; OH >?M;DOMN? MI=C;F +;LCM

 
< S F; JIMC<CFC>;> >? M?HNCLM? JL?MCIH;>I ?H NI>I FI =IH=?LHC?HN? ; M?RO;FC>;>

IO=B;L>?N;F   

HCP?F?FG;SIL@;=NIL>?LC?MAIJ;L;>?M;LLIFF;L/'+?M?FNL;OG;

CH@;HNCF#?HA;LNH?LD>;=C= "LIMM-I>A?LM(`FF?L-^MMF?L  +;L?=?KO?FIM

HC\IM A?HZNC=;G?HN? POFH?L;<F?M KO? M? P?H ?RJO?MNIM ; ?MNL?MIL?M ?GI=CIH;F?M

H?A;NCPIM=IGIJIL?D?GJFI;<OMIM?RO;FI?GI=CIH;FG;HN?HC>II<OFFSCHAMO@LCL[;H

OH >?N?LCILI ?H MO JLI=?MI HILG;F >?F >?M;LLIFFI KO? I=;MCIH;L[; >CML?AOF;=C]H

?GI=CIH;FCGJOFMCPC>;>SF;JIMC<CFC>;>>?>?M;LLIFF;L/'++IOLMB;BLC;LFCT;>?

-;D;?CHC; .;GO?FM   FCHMIGHCI?MINL;P;LC;<F?KO?JI>L[;>?N?LCIL;L?F

@OH=CIH;GC?HNI=IAHCNCPIS?GI=CIH;F>?FHC\I;HCP?F>?FF]<OFI@LIHN;FSM?;MI=C;L[;

=IH F; ;J;LC=C]H JL?=IT >? /'+ (CH>?FF ?N ;F    (IL;F?M (O\IT LIIG? 

(;LQ;B;   ?B?=BIJ;L?=?KO?FIMHC\IM>??HNL?S ;\IM=IHCH>C=CIM>?

/'+MIHGWMJLIJ?HMIM;JL?M?HN;L;FN?L;=CIH?MH?OLI@CMCIF]AC=;MKO?FIMHC\IMM;HIM

"OT>?L +;LCM 5?FEIQCNT  !?F>G;H   /;G<CZH F; =LC;HT; =IH G;>L?M KO?

=OGJF?H=LCN?LCIMJ;L;/'+IF;;OM?H=C; M?J;L;=C]HG;N?LH;F>OL;HN?;FG?HIMOHG?M

>?HNLI >? FIM =CH=I JLCG?LIM ;\IM >? PC>; B;H MC>I L?F;=CIH;>IM =IH >Z@C=CNM

CHN?LJ?LMIH;F?M?HF;;>IF?M=?H=C;S?HF;?N;J;;>OFN;.EI>IF"OH>?LMIH(="F;MB;H

?N ;F    2?CMM ?N ;F   ;OHKO? ?F @;=NIL NL;OGWNC=I HI ?D?L=? OH LIF =;OM;F

?MJ?=[@C=I?HF;AZH?MCM>?F/'+ILHIP;FIP;?N;F   

C?LNIM     J;L?=?H >C@C=OFN;L ;OH GWM F; G;>OL;=C]H >? F;

C>?HNC>;> ?H HC\IM <CIF]AC=;G?HN? POFH?L;<F?M F; HI MI=C;FCT;=C]H N?GJL;H;

'?C=BM?HLCHA '?C<CHA &LOM? )?Q  '?Q?E?  < F; JZL>C>; >? ;ONILC>;>

@;GCFC;LF;@;FN;>?=IB?MC]HMI=C;FF;L?F;D;=C]H?HF;MF?S?M?F=;JCN;FCMGIF;JZL>C>;

>? JLCH=CJCIM ?F =L?=C?HN? J?MI >? F; CG;A?H S F; ;J;LC?H=C; ?F LWJC>I >?M;LLIFFI

N?=HIF]AC=I ?F =IHN;ACI MI=C;F +;LCM  'CM   +ZL?T 0L>WHCT .;HNIM ";L=[;

(IFCH; -;GIM -O<CI ';LLIM; ;LL;M=I +?L?L;   F;M M?J;L;=CIH?M  >CPIL=CIM

 
/IGEI ?N ;F    I F; BIGIM?RO;FC>;> "L;HN ?N ;F     %IBHMIH #OLF?S

?HE?F@;N#?LJ?LNT/;<?L N;G<CZHM?;MI=C;H=IH?F>C;AH]MNC=I>?/'+ 

';M $>?F/'+HI?MNWHMOD?N;M;OHGI>?FI?NCIJ;NIAZHC=I

M]FC>I  R=?FF?H=?   .CF<?LMQ?CA ?N ;F     +?LI F;M BCJ]N?MCM <CIFIAC=CMN;M

JF;HN?;H F; ?RCMN?H=C; >? OH @;=NIL >? B?L?>;<CFC>;> A?HZNC=; >?  KO? JI>L[;

DOMNC@C=;LKO??FNL;MNILHIM?;=CH=IP?=?MGWM@L?=O?HN??HNL?@;GCFC;L?M>?JLCG?LIL>?H

CMIL>?L    'IM ?MNO>CIM =IH NZ=HC=;M >? H?OLICG;A?H + / '@D:EC@? >:DD:@?

+@>@8C2A9J GO?MNL;H KO? =O;H>I OH J;=C?HN? /'+ M? P? ?RJO?MNI ; ?MN[GOFIM

H?A;NCPIM JIL ?D?GJFI ?H@;>I CH>O=C>I F; ;=NCPC>;> =?L?<L;F M? ;FN?L;  F MCMN?G;

F[G<C=I L?MJIHM;<F? >? L?;==CIH?M ?GI=CIH;F?M S M?HNCGC?HNIM ?HHS ?N ;F   

.=BOFT?.=BG;BF)C?>N@?F> ;.CF<?LMQ?CA?N;F  <S?F=]LN?R=CHAOF;>I

JIMN?LCIL KO? L?AOF; >?F LCNGI =;L>[;=I F; N?HMC]H ;LN?LC;F S F; CHBC<C=C]H P?L<;F M?

BCJ?L;=NCP;H IH?A;H ?N ;F    #?LJ?LNT ?N ;F    GC?HNL;M KO? F;M WL?;M

CH@?LCIL?M >?F =]LN?R JL?@LIHN;F L?F;=CIH;>;M =IH F; ;=NCPC>;> MI=CI?GI=CIH;F S F;

@OH=C]H ?D?=ONCP; =IHM=C?HN? OMB 'OO  +IMH?L   1;H -??EOG  S ?F

MCMN?G;>?L?=IGJ?HM;ML?>O=?HMO;=NCPC>;>(;BGII>FCFII#;MB?GC)IML;N;<;>

 &;LCGJIOL 1;TC@?BEBIL;HC    MN? >?M;DOMN? M? ;MI=C;L[; =IH OH; @;FN; >?

=IH?=NCPC>;> ?HNL? ?F =]LN?R JL?@LIHN;F S MCMN?G; F[G<C=I ;LL;M=I ?N ;F   

'?C=BM?HLCHA?N;F  ;.=B?LJC?N?N;F  KO?J?LGCNCL[;?HN?H>?LF;M?P?LC>;>

>? GO=BIM >? FIM M[HNIG;M ?GI=CIH;F?M S =IH>O=NO;F?M >?F /'+ 1;C ?N ;F   

=IGIF;;FN;?RJL?MCPC>;>>??GI=CIH?MH?A;NCP;M?HJLIJIL=C]H;F;MJIMCNCP;M-OI==I

;L=IH? F;M?HMC<CFCT;=C]HB;=C;F;;HMC?>;>"L;NT/OFF"OH>?LMIH 

S B;=C; =O;FKOC?L ?RJ?LC?H=C; CH=]GI>; I >C@[=CF KO? JO?>; JLIPI=;LF; ?LNM=B ?N ;F 

  %IP?P ?N ;F    F; >C@C=OFN;> J;L; G;H?D;L MCNO;=CIH?M -OI==I

GCLNB;P;M;A;G BIC &;CH  (=(;CH   .=BOFT? .=BG;BF  )C?>N@?F>

 
 < ?F <;DI ;LIOM;F 'CH?B;H ; F; @;FN; >? ?GJ;N[; !FOLS $=E?M 

.=BQ?CHF?   %?OHA 2;FNB?L &ILH ?LNM=B  #?LJ?LNT   F; CGJOFMCPC>;>

?LFCH -IFFM  $P?LM?H   ?JO?  '?HT?HQ?A?L   &L;OM? 0NT 2CHN?L

)C?>N@?F>  .=BG;BF   )?Q ?N ;F    .=BOFT? .=BG;BF  )C?>N@?F>  

P;H 5ONJB?H ?N ;F    F; @;FN; >? =IB?L?H=C; I =IH@OMC]H ?H MO H;LL;NCP; 'CH>

1;HQI?L>?H +?HH?L  .B;LJ   -;MGOMM?H ?N ;F    I ?F ;FNI LC?MAI >?

>?MA;MN? S >? @L;=;MI ;=;>ZGC=I "L;HN ?N ;F    /;SFIL %;G?M I<;>CFF; 

-??P?M /IGEI?N;F   

.?B;=IHMN;N;>IN;G<CZHOH;$    CGJFC=;>IM

?H ?F =IHNLIF >? CGJOFMIM F; ;AL?MC]H S ?F ;@?=NI >? ?MNIM J;=C?HN?M  'IM HCP?F?M >?

M?LINIHCH;MIHCHP?LM;G?HN?JLIJIL=CIH;F?M;FIM>?;AL?MCPC>;>?FFCHI+;L;>CMI

IA?NNI   S J;L?=? ?RCMNCL L?F;=C]H ?HNL? F;M =;N?=IF;GCH;M HIL;>L?H;FCH; S

>IJ;GCH; S F; >CML?AOF;=C]H >?F ;@?=NI I==;LI '??  (=FIME?S    *NLIM

H?OLINL;HMGCMIL?M S H?OLIGI>OF;>IL?M CGJFC=;>IM ?H F; AZH?MCM >?F /'+ MIH F;

P;MIJL?MCH; I==;LI &;PIOMMC #;OA?L IIJ?L  !?LLCM  ;=?NCF=IFCH;

.N?CH<?LA ?N ;F   W=C>IM AL;MIM 5;H;LCHC  !L;HE?H<OLA   =IF?MN?LIF

NG;=; &OFIAFO /?T=;H "?=C=C  0MNOH>;A   S ?F BCJINWF;GI BCJI@CMI

MOJL;LL?H;F-CHH?1;H>?HLCHE2ION?LM1;HS=E  +I=IM?MNO>CIMB;H

CHP?MNCA;>I ?F J;J?F >? F;M BILGIH;M M?RO;F?M ?H ?F /'+ J?LI J;L?=? KO? F;

=IH=?HNL;=C]H >? N?MNIMN?LIH; CHPIFO=L;>; ?H F; CHBC<C=C]H JL?@LIHNI;GCA>;F;L JI>L[;

?H=IHNL;LM? ?F?P;>; S >?N?LGCH;L OH; =IH>O=N; >IGCH;HN? N;HNI ?H BIG<L?M =IGI ?H

GOD?L?M =IH ?MN; J;NIFIA[; -;OM=B ?N ;F     /;G<CZH FIM =;G<CIM BILGIH;F?M

JLIJCIM>?F=C=FIG?HMNLO;FJLIA?MN?LIH;S?MNL;>CIFJI>L[;H;@?=N;L;F;?RJL?MC]H>?

M[HNIG;M/'+ CM?HFIBL (IOF?2;FF"CL>F?L.?A?LMNLIG  .?L[;H?=?M;LCI

HII<MN;HN??FO=C>;LG?DILF;M;FN?L;=CIH?MH?OLI=IAHCNCP;MKO?MO<S;=?H;F;J;NIFIA[;

/'+&IO>SM"OF;G;HC-OI==I JILKO?N;HNIF;BCJ?L;=NCP;=C]H;GCA>;F;L

 
)?Q ?N ;F    =IGI F; <;D; ;=NCPC>;> >?F =]LN?R JL?@LIHN;F ?MNWH >?M=LCN;M ?H

;>IF?M=?HN?MM;HIMMCH/'+!IH;AS'OSN?H 2;HA'??.CAG;H;JL?NNI

 S>?B?=BIOHL?=C?HN??MNO>CIHC?A;KO??RCMN;OH;<;M?@CMCIF]AC=;S;@CLG;KO?

F; _HC=; >C@?L?H=C; ?HNL? J?LMIH;M M;H;M S =IH /'+ ?M F; CHN?LJL?N;=C]H MO<D?NCP; KO?

B;=?H >? MOM ?RJ?LC?H=C;M H?A;NCP;M "L;NT -C=BGIH> CRIH "IL>IH B;JG;H 

/OFF  

 0(.4D890*5

H F; JLW=NC=; =F[HC=; ?F GZNI>I GWM ?RN?H>C>I J;L; >C;AHIMNC=;L /'+ ?M F;

?HNL?PCMN; HI ?MNLO=NOL;>; <;M;>; ?H ?F DOC=CI =F[HC=I >? OH N?L;J?ON; =IH ?RJ?LC?H=C;

JLI@?MCIH;F  '; >?M=LCJ=C]H L?NLIMJ?=NCP; >? M[HNIG;M MCNO;=CIH?M KO? FIM >CMJ;L;LIH S

?GI=CIH?M?RJ?LCG?HN;>;MJILJ;LN?>?FJ;=C?HN?/'+MO?F?M?L<;MN;HN?@C;<F?(H?CGH?

?N;F  ;OHKO?A?H?L;B;MN;OH GWM>?>C;AH]MNC=IM>?/'+KO?F;M?HNL?PCMN;M

?MNLO=NOL;>;MIM?GC?MNLO=NOL;>;MH>C]H?N;F   $>?;FG?HN?S;HN?M>?=IG?HT;L

F; ?HNL?PCMN; =F[HC=; >?<?L[;H ?RJFIL;LM? F;M JLCG?L;M M?\;F?M =IH>O=NO;F?M >? ;F;LG; ;

J;LNCL>?FIM=LCN?LCIM>C;AH]MNC=IMKO?JLIJIH??F(;HO;FC;AH]MNC=IS MN;>[MNC=I>?FIM

/L;MNILHIM(?HN;F?M.(G?LC=;H+MS=BC;NLC=MMI=C;NCIH <IF;F;MC@C=;=C]H

$HN?LH;=CIH;F>? H@?LG?>;>?M$ *LA;HCT;=CIH(OH>C;F>?F;.;FO>  ?M>??F

.( $1 /-?F>C;AH]MNC=I>?/'+CGJFC=;F;JL?M?H=C;>?OHG[HCGI>?=LCN?LCIMI

M[HNIG;M>?FIMKO?JLIJIH??FG;HO;F 'IM=LCN?LCIM>C;AH]MNC=IMJ;L; /'+M?A_H?F

.( $1 /-M?JL?M?HN;H?HF;/;<F; 

 
&,-6, 6.8*6.37).&,2C78.(374&6& 7*,D2*0"    

Patrón de inestabilidad 1. Esfuerzos desesperados para evitar el abandono


en las relaciones, real o imaginado.
autoimagen y afecto e 2. Patrón de relaciones interpersonales inestables e
impulsividad intensas. Alternancia entre los extremos de
manifestada por 5 idealización y devaluación.
(o más) de los 3. Alteración de la identidad: Inestabilidad intensa y
siguientes hechos persistente de la autoimagen y sentido del yo.
4. Impulsividad en 2 o más áreas potencialmente
autolesivas: gastos, sexo, drogas, conducción
temeraria, atracones alimentarios.
5. Comportamiento, actitud o amenazas recurrentes
de suicidio o conductas autolesivas.
6. Inestabilidad afectiva debida a una reactividad
notable del estado de ánimo.
7. Sensación crónica de vacío.
8. Enfado inapropiado e intenso, o dificultad para
controlar la ira (ej: exhibición frecuente de genio).
9. Ideas paranoides transitorias relacionadas con el
estrés o síntomas disociativos graves.

0HG;SILH_G?LI>?M[HNIG;MM?L?F;=CIH;=IHOH;G;SILM?P?LC>;>J;NIF]AC=;

>?F NL;MNILHI 5CGG?LG;H B?FGCHMEC 4IOHA ;FLSGJF?  (;LNCH?T   S

;OHKO?NI>IMFIMM[HNIG;MNC?H?H?FGCMGIJ?MIJ;L;>C;AHIMNC=;L/'+?FM[HNIG;GWM

?MN;<F? S ?MJ?=[@C=I NL;M >IM ;\IM >?M>? MO ;J;LC=C]H ?M ?F J;NL]H >? L?F;=CIH?M

CHN?LJ?LMIH;F?M CH?MN;<F?M 2?MM=BIF;L ?N ;F     F .( $1 PC?H? ;LL;MNL;H>I HI

I<MN;HN?OH;M?LC?>?FCGCN;=CIH?M;HCP?F=F[HC=IS>?CHP?MNCA;=C]HKO?B;H>;>IFOA;L

; OH; HO?P; JLIJO?MN; >? GI>?FI >C;AH]MNC=I ;_H ?H J?LCI>I >? JLO?<; ?F .( 

   ?M>? ?MN; HO?P; P?LMC]H ?F >C;AH]MNC=I >? /'+ L?KOC?L? F; JL?M?H=C; >?  I

GWM L;MAIM J;NIF]AC=IM >? J?LMIH;FC>;> =;N?AIL[;  F;<CFC>;> ?GI=CIH;F ;HMC?>;>

CHM?AOLC>;>>?M?J;L;=C]H>?JL?MC]HCGJOFMCPC>;>;MOH=C]H>?LC?MAIMSBIMNCFC>;>S

OH >?N?LCILI GI>?L;>I I AL;P? ;F G?HIM ?H  WL?;M >? @OH=CIH;FC>;> =;N?AIL[; 

C>?HNC>;> ;ONI>CL?==C]H J?LMIH;F ?GJ;N[; ? CHNCGC>;>  MN? NCJI >? ;<IL>;D?

>CG?HMCIH;F NC?H? ?H =O?HN; ?F >?M;LLIFFI H;NOL;F >?F NL;MNILHI >?M>? KO? ?F HC\I ?M

N?GJ?L;G?HN;FG?HN?POFH?L;<F?B;MN;KO?;J;L?=?HFIMJLCG?LIMM[HNIG;MB;H?H

  
&;?MM   '?HT?HQ?A?L  CF==B?NNC   L?=IA? <C?H MO P;LC;<CFC>;> S

B?N?LIA?H?C>;> ?HNL? FIM ;>IF?M=?HN?M .EI>IF   S ?M =IB?L?HN? =IH F;M L?=C?HN?M

ILC?HN;=CIH?M JMC=IF]AC=;M MI<L? ?F NL;HM>C;AH]MNC=I )ILNIH    +;L; ;FAOHIM

;ONIL?M?F.( JI>L[;=IHP?LNCLM??H?FGZNI>I>??P;FO;=C]H>?F@ONOLI 

*NLIMCMN?G;>?=F;MC@C=;=C]H>?NL;MNILHIM>?J?LMIH;FC>;>?M?F?OLIJ?II$ 

    ?M>? ?MN? ?H@IKO? ?F /'+ M? >?HIGCH; /L;MNILHI >? $H?MN;<CFC>;>

GI=CIH;F >? F; +?LMIH;FC>;> S ?MNW =;L;=N?LCT;>I JIL OH; G;L=;>; JL?>CMJIMC=C]H ;

;=NO;L>?G;H?L;CGJOFMCP;MCHN?H?L?H=O?HN;F;M=IHM?=O?H=C;MSOHWHCGICH?MN;<F?S

=;JLC=BIMIM?>CMNCHAO?H>IMP;LC;HN?M>?NL;MNILHIMO<NCJIF[GCN?SMO<NCJICGJOFMCPI

KO?=IGJ;LN?H;MJ?=NIMA?H?L;F?M>?CGJOFMCPC>;>S@;FN;>?=IHNLIFMI<L?OHIGCMGI 

 =IHNCHO;=C]H M? JL?M?HN;H FIM =LCN?LCIM >C;AH]MNC=IM >?F /L;MNILHI >? $H?MN;<CFC>;>

GI=CIH;F>?F;+?LMIH;FC>;>M?A_H?MN?MCMN?G;1?L/;<F; 

&,-6,   6.8*6.37).&,2C78.(374&6& 6&783623)*2*78&'.0.)&)13(.32&07*,D2*0   

F 60.30. Trastorno de inestabilidad emocional Incluye:


de la personalidad tipo impulsivo. Personalidad explosiva y agresiva
Trastorno explosivo y agresivo de la personalidad
Predomina la inestabilidad emocional y la ausencia
de control de impulsos. Son frecuentes las Excluye:
explosiones de violencia o un comportamiento Trastorno disocial de la personalidad (F. 60.2)
amenazante, en especial ante las críticas de
terceros.

F. 60.31. Trastorno de inestabilidad emocional Incluye:


de la personalidad tipo límite. Personalidad “borderline”
Trastorno “borderline” de la personalidad
Se presentan varias de las características de
inestabilidad emocional. Además, la imagen de sí
mismo, los objetivos y preferencias internas
(incluyendo sexuales) a menudo son confusas o
están alteradas. La facilidad para verse implicado
en relaciones intensas e inestables puede causar
crisis emocionales repetidas y acompañarse de una
sucesión de amenazas suicidas o de actos
autoagresivos (aunque estos pueden presentarse
también sin claros factores precipitantes)

  
HDOHCI>? M?JO<FC=;?F<ILL;>IL>?F;$ *LA;HCT;=C]H(OH>C;F>?F;

.;FO> KO?JF;HN?;OH;<IL>;D?>CG?HMCIH;F>?FIM/+MCGCF;L;FJLIJO?MNI>?M>?

?F .(  J?LI >?@?H>C?H>I ;>?GWM KO? HI B;S >C@?L?H=C;M ?M?H=C;F?M ?HNL? F;

?MNLO=NOL;>?F;J?LMIH;FC>;>>?FIMMOD?NIM=IH/+IMCHZFSKO?FI_HC=IKO?>?N?LGCH;

OH G?DIL I J?IL JLIH]MNC=I ?M MO HCP?F >? AL;P?>;>  'IM >IGCHCIM >? F; J?LMIH;FC>;>

JLIJO?MNIM MIH  CHN?LH;FCT;HN? FW<CF ;HMCIMI ?RN?LH;FCT;HN? BIMNCF >CMI=C;F

;H;H=WMNC=I J?L@?==CIHCMN; L[AC>I S ?MKOCTIC>? MOM=?JNC<F? S JI=I ?GJWNC=I 

+;L;F?F;G?HN? ?F $  JLIJIH? P;FIL;L F; AL;P?>;> >? FIM /+    >C@C=OFN;> >? F;

J?LMIH;FC>;> J?LNOL<;=C]H>?F;J?LMIH;FC>;> NL;MNILHIMCGJF?>?F;J?LMIH;FC>;>

 NL;MNILHI=IGJF?DI>?F;J?LMIH;FC>;>S NL;MNILHIM?P?LI>?F;J?LMIH;FC>;> ';

P;FIL;=C]H=IHDOHN;>?F>IGCHCISF;AL;P?>;>=IHMNCNOS??F?MKO?G;=F;MC@C=;NILCI>?

FIM /+ /SL?L   S J;L?=? KO? MO JO<FC=;=C]H >?@CHCNCP; JL?PCMN; J;L; ?H?LI >?

 JI>L[;>?D;L;NLWM?F@ILG;NIB[<LC>IJLIJO?MNI>?M>??F.( ;<;FFI  

H =;MI >? MIMJ?=B; >? OH >C;AH]MNC=I >? /'+ ; J;LNCL >? FIM =LCN?LCIM .( I

$  M?L[; =IHP?HC?HN? L?;FCT;L OH; ?HNL?PCMN; ?MNLO=NOL;>; I M?GC?MNLO=NOL;>; +?LLS

 0H;>?F;MGWMONCFCT;>;M?MF; HNL?PCMN;F[HC=; MNLO=NOL;>;J;L;FIMNL;MNILHIM

>?F D?$$>?F.( $1.$ $$!CLMN"C<<IH.JCNT?L2CFFC;GM?HD;GCH I

F; C;AHIMNC= $HN?LPC?Q @IL IL>?LFCH?M  -?PCM?> $ - ;LL;=BCH; ?N ;F   

;OHKO? ?H F; /;<F;  ;J;L?=?H P;LC;M GWM  'IM ;ONIL?ACMNLIM MIH INLI NCJI >?

CHMNLOG?HNI =OS; =;J;=C>;> JL?>C=NCP; ?M ?KOCP;F?HN? ; F; >? F;M ?HNL?PCMN;M "?CA?L

+?N?LM;?L #IJQII>?N;F  (?;H?S#;MECHA-?OJ?LN  .O

OMI>?G;H?L;;CMF;>;L?MOFN;JI=I@C;<F?;<;FFI1;F?HTO?F; J?LI;MI=C;>IM

; OH; ?HNL?PCMN; CH=L?G?HN; MO @C;<CFC>;> S >?N?LGCH; F; AL;P?>;> >?F >C;AH]MNC=I

#OJLC=BILHMN?CH.=BGCNN 5CGG?LG;HILS?FF    HF;/;<F;M?

  
JL?M?HN;H F;M JLCH=CJ;F?M P?HN;D;M ? CH=IHP?HC?HN?M >? =;>; OH; >? F;M B?LL;GC?HN;M

?HNL?PCMN;MS;ONIL?ACMNLIMGWM@L?=O?HN?G?HN?ONCFCT;>;MJ;L;F;?P;FO;=C]H>?F/'+ 

&,-6, "*28&/&7*.2(32:*2.*28*7)*03746.2(.4&0*7.278691*2837)**:&09&(.C2)*0 

    *   


 
         

 $"&#$ ?*5G* D6+2=8<-. *;B)*7*;272 '3@9;:/2/?'*' 49:8;3+4:5


#$"% ,87=.72-8 .=*5  0;4:5)542'# )':+-D8/)545
2*078<=2, $%" *-*9=*,2F7<8,2*5  */3+49/54'2
7=.;?2.@/8; 9*=;87.<-.*,,2F7 
8;-.;527.< '9'*'+4+2# 269>5<2?8<*/.,=8< /*+9+<+8/*'**+ '8-'*;8')/D4
".?2<.- 9<2,8<2<B;.5*,287.< *;;*,127*.=*5 9B4:53'9$!  ' 3/4;:59
27=.;9.;<87*5.<  
%:/2/*'*)2B4/)'+ +9':/+4*+8'9-59

/4<+9:/-'*58' *+5:859:8'9:58459
*+6+8954'2/*'*
2:'<'2/*+?
*/9)8/3/4':/<' "+7;/+8+
+4:8+4'3/+4:5
!9/)5*/4@3/)' 685,+9/54'2

5+99+49/(2+'2
)'3(/5

   $"&#$ 2=.6<<8+;.>7* 2;<=2++87 '3@9;:/2/?'*' 49:8;3+4:5


##$"% .<,*5*-. 9>7=8< #92=C.;  0;4:5)542' )':+-D8/)545
7=;.?2<=*5E72,* $%" " */3+49/54'2

<=;>,=>;*-*9*;*
58<=;*<=8;78<-.5 '9'*'+4+2# %95)2B4/)5+ '8-'*;8')/D4
3.-.5#& /4<+9:/-'*58   3/4;:59
6589+9/D4
:+D8/)'
"+7;/+8+
#+49/(2+6'8' +4:8+4'3/+4:5
*+:+):'8$!+4 685,+9/54'2
'*52+9)+4:+9
:/+4*+8'9-59*+
5:859:8'9:58459*+
6+8954'2/*'*

 
  $"&#$ 2=.6<-2,8=F62,8< 8;*70.;' <'2E'259E2:/359 '8-'*;8')/D4
##$"% *7,* 'C59  3/4;:59
A*6.7 $%" #*;8=2>< 
7=.;7*,287*59*;* D35*'>4':;8'2 "+7;/+8+
58<$;*<=8;78<-. '9'*5+4+2#  6'8'+2:+8'6+;:' +4:8+4'3/+4:5*+2
.;<87*52-*- 685,+9/54'2
#+952/)/:'4
+0+36259

 $"&#$ 2=.6<9*;*58< )*7*;272 8+<+ #/4'*'6:')/D4


#$"%$% ,;2=.;28<-.5# &>3*78?2,.=*5 +96'C52'
)*7*;272;*=270 " &$"9*;*$ .7   96+)/,/)'6'8'
<,*5./8; .<,*5*<-. 9>7=8< $! <'2E'2'E2:/3'
+8;-.;527. '9'*'+4+2 * 9>7=8< 9+3'4'
9.;<87*52=B #& /*+9+<+8/*'*
-2<8;-.; -25('2*+ +9':/+4*+8'9-59
9B4:53'9 *+5:859:8'9:58459
*+6+8954'2/*'*
#+49/(2+'2
)'3(/5 /*+9+<+8/*'*
'-;*'

 %$  2-. ;*<08<-. $B;.; /*+2'/4,2;+4)/' 4:/-;''4:+9*+


"#$"  9.;<87*52-*-<8+;. 5.A*7-.;  *+28'9-595(8+2' 7;+'6'8+)/+8'+2
!+8954'2/:> >7*.<,*5*-. </*'*+2'6+8954' #
99+993+4: 9>7=8< >9;,;4)/54'2/*'*
#).+*;2+
;+9:/54'8/5*+
+<'2;')/D4*+2'
6+8954'2/*'*

  %$  2=.6<.7.<,*5*< ;>.0.; 49:8;3+4:5 '8-' 2=.6<


"#$"  -. 9>7=8< .;;270.; */3+49/54'2
.;<87*52=B *;487'*=<87 53/*+
7?.7=8;B/8; #48-85   !856/+*'*+9 ,;4)/54'2/*'*
#  69/)53A:8/)'9 95258'9-59
<+., '*+);'*'9 6':52D-/)59
,1.+>;G*  
*'6:'*''2 !5)5

+96'C52 -+4+8'2/?'(2+658
2'+9)'9+?*+
#+;9'+4

 
65(2')/D4-+4+8'2 +9:;*/59
>)2B4/)'



 %$  2=.6<<8+;..<,*5* 81><.=*5  8+<+ 2=.6< +9':/+4*+8'9-59


"#$"  -. 9>7=8<-.* :/65/1+8: *+5:859:8'9:58459
8;-.;527.  9>7=8<  *+6+8954'2/*'*
#B69=862<= /*+9+<+8/*'**+
8*:>26#85.;.= 9B4:53'9$! #+8+,/+8+'2'
*5   E2:/3'9+3'4'
@)/2'62/)')/D4
53/*+
58:'*;8')/D4  ,;4)/54'2/*'*
3/4;:59 95258'9-59
6':52D-/)59
/'(2+><@2/*'

#+49/(2+'2

)'3(/5

!;+*+;9'89+
)535<,;..7270

  %$  2=.6<-2?2-2-8<.7 /815.=*5  8+<+ /*+


"#$"  <>+.<,*5*<* +96+)B,/)'3+4:+
8;-.;527. 9>7=>*;<8+;.   /*+9+<+8/*'**+ 2598+9;2:'*59*+2
?*5>*=2878/ 9>7=8< 9B4:53'9$! 685-8'3'*+

#.?.;2=B8?.;$26. :+8'6/'#$!!#
;+4'9
6856/+*'*+9 #+8+,/+8+'2
69/)53A:8/)'9 E2:/353+9
,/'(/2/*'*:+9:
8+:+9:<'2/*+?
)54<+8-+4:+
<'2/*+?
*/9)8/3/4'4:+

#+49/(2+'2
)'3(/5

 
  %$  2=.6<-862728< .;.C& 588/-+2' '6;4:;')/D4
"#$"  9<2,89*=85F02,8<B  *;;*,127* +=)+9/<' -25('29+5(:/+4+
69;.<2F75E72,* 058+*5 #85.; *<,>*5 -+4+8'2/?')/D4 *+96;A9*+9;3'8
58+*5 *6927< )'8'):+8B9:/)'*+9; 2'96;4:;')/54+9
 >20-.687= <+89/D458/-/4'2 *+259 2=.6<658
5?*;.C 9+6'8'*5
 58:'*;8')/D4


<'2E'9+<+8/*'*>
)'3(/5

'3@99+49/(2+'2
)'3(/50;4:5)54
2'# 

#/362+>,@)/2*+
'*3/4/9:8'8

  %$   2=.6< 25587$*?2< 58:'*;8')/D4 9:8;):;8'


"#$"  -2,8=F62,8< "B25587    3/4;:59 )5362+0'
>.<=287*;28 -2<=;2+>2-8<.7 

5E72,8>5=2*A2*5 .<,*5*< 9+23@9 58+,2+0'
-.25587 )545)/*5 )2'8'3+4:+259
 ;*<08< )8/:+8/59#
9*=85F02,8< *3/4/9:8'(2+*+ :8'9:58459
<E7-;86.<0;*?.-*- 3'4+8'/4*/</*;'2 )2B4/)59
68-.;*-*  5)52+):/<'
<E7-;86.<0;*?.-*- #525'*;2:59
<.?.;*B .<,*5*<-. =/9:+<+89/D4

,87=;85 /4,583':/?'*'

+:+):'
*+9</')/54+9*+2'
4583'2/*'*

  %$  2=.6<9;26.;8< >=,1.; <'2E':8'9:58459 '8-'*;8')/D4


"#$"  <87.<,*5*< ;*1*6".7 *+6+8954'2/*'*>   3/4;:59
277.<8=* ,5E72,*<B-.?*52-.C 8;*=1(# :8'9:58459 8+)53+4*'(2+
>5=291*<2, $.55.0.7 +35)/54'2+9 '62/)'8+4 
.;<87*52=B *15<=;86'B 9+9/54+9
7?.7=8;B *.66.;   ;>;:/2/?'*'
4:+868+:')/D4
  62/)')/D4 )5362+0'
9+4)/22'2@6/?>
*7=872#*5?*-8; 6'6+2 6'8:/8*+ 

 
"80.;<  *3/4/9:8'(2+*+ 'C59
3'4+8'/4*/</*;'2

5)52+):/<' /<+2/4:+2+):;'2
 G G# 
=/9:+<+89/D4  
/4,583':/?'*'

:+D8/)5

 %$   .<,*5*<  8;.B   62/)')/D4 '8-'*;8')/D4


"#$"  ,5E72,*< -. 9+4)/22'2@6/?> +4:8+ >
' %#! ,87<2-.;*,287.<9*;* ;=2C$*558 6'6+2;87527. 3/4;:59
'&(  .5=;*=*62.7=8 -. *;-.7*5&
"#$!  ?*52-.CB -. .;;*0>= *'6:'*''2 
;.5*,287.< #*7=*6*;E*   +96'C52
27=.;9.;<87*5.<
 ;+4'9
6856/+*'*+9
69/)53A:8/)'9

62/)'(2+*+
3'4+8'/4*/</*;'2
5)52+):/<'

=/9:+;4'
'*'6:')/D46'8'
'*52+9)+4:+9!


469/)525-B'
)2B4/)'>
65(2')/D4-+4+8'2
9/8<+)535
<,;..7270

 
     

  %$  2=.6<*9>7=>*;-. &*+*558.= 62/)')/D48@6/*' /<+2*++</*+4)/'


"#$"  *  9>7=8< *5   >,@)/2 ('05
A958;*=8;B

!>.<=2877*2;.8/  &'2/*+?
.;<87*52=B )54<+8-+4:+)54+2
:>8= 

  %$  2=.6<-2,8=F62,8< *;B)*7*;272 "@6/*'>,@)/2*+ "+)/+4:+3+4:+


"#$"  &>3*78?2,.=*5 ;9'8 <'2/*'*''2
,.*7   +96'C52659:+8/58
#,;..7270  96+)/,/)/*'* '2/4/)/5*++9:+
7<=;>6.7=/8; #85.;.=*5 )549/9:+4)/' +9:;*/5
+8;-.;527.   /4:+84',/'(/2/*'*
9.;<87*52=B :+9:8+:+9:

-2<8;-.;
#+49/(2+'2
*/'-4D9:/)5+4
'*52+9)+4:+9

FAOHIM ;ONIL?M L?=IGC?H>;H ;>GCHCMNL;L JLCG?LI ?F ;ONIL?ACMNLI J;L; >?N?=N;L

L;MAIMJ;NIF]AC=IMS>?MJOZM>OL;HN?F;?HNL?PCMN;?RJFIL;LFIM;@IH>I?FOMI;CMF;>I

>? ;ONIL?ACMNLIM JI>L[; =IH@OH>CL >C;AH]MNC=IM 5CGG?LG;H ?N ;F     'IM

;HN?=?>?HN?M @;GCFC;L?M >? ?H@?LG?>;> G?HN;F >?<?H L?@F?D;LM? ?H F; BCMNILC; >?F

J;=C?HN? /'+ S; KO? HI ?RCMN?H E6DED >? F;<IL;NILCI HC >? H?OLICG;A?H KO? ;SO>?H ;

>C;AHIMNC=;LFIJ?M?;FCGJILN;HN?=IGJIH?HN?<CIF]AC=I>??MN?NL;MNILHI?FMES?N;F 

 +;LCM ; IHNI>I?P;FO;LS>?N?=N;LOH=;MI>?/'+HI?MN;L?;@W=CFJILF;

=;HNC>;>SP;LC?>;>>?;MJ?=NIMJ;NIF]AC=IMCGJFC=;>IM?HMO>C;AH]MNC=IKO?JO?>?H

=IG<CH;LM?>?B;MN;G;H?L;M>C@?L?HN?MMCHM;FCLM?>?FIM=LCN?LCIM>C;AH]MNC=IM>?F

.( $1 /- CMECH  +;LCM    >?GWM >?N?LGCH;>IM L;MAIM >? J?LMIH;FC>;>

JO?>?H CH=L?G?HN;LM? S L?MOFN;L >?M;>;JN;NCPIM ?H ZJI=;M >? ?MNLZM NL;HMCNILCI MCH KO?

?FFICGJFCKO?OH>C;AH]MNC=I>?/'+G?LC=;H+MS=BIFIAC=;FMMI=C;NCIH  ';M

;ONIF?MCIH?M N;GJI=I MIH HC H?=?M;LC;M HC MO@C=C?HN?M J;L; ?MN;<F?=?L OH >C;AH]MNC=I

 
)I=E %ICH?L "IL>IH 'FIS> -C=B;L>MIH  +LCHMN?CH   S >? B?=BI F; N;M; >?

;ONIF?MC]H HI MOC=C>; ?H JI<F;=C]H DIP?H ?M MOJ?LCIL ; F; >? /'+ "F?HH  &FIHMES

  /;G<CZHL?NL;M;F;C>?HNC@C=;=C]H>?FNL;MNILHIF;H;NOL;F?T;?AIMCHN]HC=;>?MOM

M[HNIG;MHIJLIPI=;HG;F?MN;LKO?B;=?KO?FIMJ;=C?HN?MJC>;H;SO>;_HC=;G?HN?MC

H?=?MCN;H ;N?H=C]H OLA?HN? >?<C>I ; M[HNIG;M M?P?LIM ;<MIL<C?H>I AL;H =;HNC>;> >?

NC?GJI?M@O?LTISL?=OLMIMJILJ;LN?>?FN?L;J?ON;L<F?&L;M?;H  

 ;52:*0D4=*5357)020+(+

F/'+?G?LA?N[JC=;G?HN??HF;;>IF?M=?H=C;I;FJLCH=CJCI>?F;DOP?HNO>CAO;F

KO?INLIMNL;MNILHIMAL;P?M=IGIF;?MKOCTI@L?HC;?FNL;MNILHI<CJIF;LIF;M;>C==CIH?M

+;LCM >?B?=BIGO=BIM;>OFNIM>C;AHIMNC=;>IM>?/'+NOPC?LIHMOMJLCG?LIM

=IHN;=NIM=IHFIMM?LPC=CIM>?M;FO>G?HN;F?H?MN;?N;J;>?F;PC>;)?Q?N;F   

)IB;SOHMIFIM[HNIG;KO?>?N?LGCH?F;;J;LC=C]H>?/'+F?C<?LA?N;F  J?LI

?RCMN?HJIN?HN?MSL?=IHI=C<F?MJL?>C=NIL?M?HF;;>IF?M=?H=C;=IGIMIHF;>C@OMC]H>?

F; C>?HNC>;> ?=E?L "LCFI >?FF  (="F;MB;H   I?LCHA ?N ;F    ;LMN?H

%iLA?HM?H   'CH> ?N ;F    2?MN?H ?N;H  ?@C@?   M?HNCGC?HNIM

=L]HC=IM >? P;=[I &FIHMES   .NI@@?LM ?N ;F    CL; CH;JLIJC;>; ? CHN?HM;

";LH?N '?PS (;NN;H;B >?FF  (="F;MB;H  .NI@@?LM ?N ;F    GC?>I ;F

;<;H>IHI?=E?L?N;F  F;@;FN;>?G?N;M&;?MMLOHH?LB;H?H <I

F; >CML?AOF;=C]H ?GI=CIH;F 'CH?B;H ; +CHNI "L;J?HNCH? !L;H=CM  +C=;LC?FFI

 .NI@@?LM ?N ;F     *NLIM CH>C=;>IL?M >? POFH?L;<CFC>;> N?GJ?L;G?HN;F MIH F;

<;D;NIF?L;H=C;;F;@LOMNL;=C]HCGJOFMCPC>;>=IH>O=N;M>?LC?MAIS;G?H;T;MMOC=C>;M

OLE?  .N?JJ   ? F?L=K ?=OSJ?L  ? ;FOQZ   JLI<F?G;M

L?F;=CIH;F?M "OH>?LMIH   >CM@OH=C]H =IAHCNCP; N?H>?H=C;M J;L;HIC>?M S

;FO=CH;NILC;MB;H?H%;=EMIH?N;F  IA?MNIM;ONIF?MCPIM);E;L?N;F   

/;G<CZHM?=IHMC>?L;HPOFH?L;<F?MJ;L;>?M;LLIFF;L/'+FIMHC\IMKO?NC?H?HOH;PCMC]H

 
BIMNCF >?F GOH>I S GO?MNL;H ;AL?MCPC>;> I CH?MN;<CFC>;> ?GI=CIH;F >OL;HN? F;M

CHN?L;==CIH?M LC=E ?N ;F     H A?H?L;F F; ;J;LC=C]H N?GJL;H; >? M[HNIG;M M?

;MI=C;=IHOHG;FJLIH]MNC=IJILKO?;=;LL?;OHOMICHN?HMCPI>?FIMM?LPC=CIM>?M;FO>

G?HN;FIC>?N;F  G;SILLC?MAI>?MOC=C>CI4;F=B#IJQII>!?BIH"LCFI

 SOH;J?IL=;FC>;>>?PC>;IB?HL;Q@IL>%IBHMIH&;M?H (CFF?L?N

;F    .I?N?G;H ?N ;F   ; N?H #;P? ?N ;F     OHKO? JIL INLI F;>I F;

;>IF?M=?H=C; ?M OH GIG?HNI _HC=I J;L; NL;N;L M[HNIG;M S =IH>O=N;M J;NIF]AC=;M

LC=E?FF   B;H?H ?N ;F    B;H?H ?LE  /BIGJMIH   B;H?H 

(=ON=B?IH (=(;CH"OCGIH>;LHB;LN#;<CHMEC.NL?CH?L JO?M?M

=O;H>I?FJ?HM;GC?HNI;<MNL;=NIM?>?M;LLIFF;+C;A?N   S?FM?HNC>I>?OHI

GCMGI I C>?HNC>;> ;_H HI B; FF?A;>I ; =LCMN;FCT;L  LCEMIH  '?HT?HQ?A?L 

;MNLI    .C OH ;>IF?M=?HN? L?NL;M; I HI FF?A; ; @ILG;L OH M?HNC>I ?MN;<F? >? M[

GCMGI?MGOSJLI<;<F?KO?F;J?LMIH;FC>;>N?LGCH?@L;AG?HNWH>IM?S;>KOCLC?H>IF;

H?A;NCPC>;>KO?=;L;=N?LCT;;F/'+;>OFNI"OH>?LMIH?N;F  2CFECHMIH -S;H

2?MN?H   5?CAF?L #CFF  <L;B;G    '; >C@C=OFN;> M? ?H=O?HNL; ?H >?N?=N;L

=IH=?LN?T;FIMJLCG?LIMCH>C=CIM>?/'+JO?MGO=BIM;>IF?M=?HN?MGO?MNL;HOH;;FN;

L?;=NCPC>;> ?GI=CIH;F ';LMIH (IH?N; -C=B;L>M  2CFMIH   S <_MKO?>; >?

M?HM;=CIH?M G?>C;HN? ;==CIH?M >? LC?MAI =IH>O=CL <;DI ?@?=NIM >?F ;F=IBIF J?F?;M

JL;=NC=;L M?RI >? @ILG; JI=I M?AOL; OMI >? >LIA;M CF[=CN;M ?N= BIO>BOLS

F;E?GIL?B;LG;H  LQCH $LQCHOLA0BF?L;LN ;>?GWM

>? ?M=;M; ?GJ;N[; BIO>BOLS ?N ;F    S >C@C=OFN;> J;L; >;L M?HNC>I ; F;

CH@ILG;=C]H JIL ?D?GJFI =;JN;H L?=B;TI ?H ?RJL?MCIH?M @;=C;F?M KO? MIH H?ONL;M

(?S?L+CFEIHCM??P?LM MCHCGJFC=;LOH>C;AH]MNC=I>?/'+.J?;L 

/O=E?L(IFF?L  >?GWMNI>;M?MN;MFCGCN;=CIH?MHIMO?F?HM?LAFI<;F?MMCHI

KO?M?FCGCN;H;FIM=IHN?RNIMMI=C;F?M!CH?<?LA?N;F  +;L?N%?HH?H .N?CHG?NT

 .=BG;BF   MI<L? NI>I =O;H>I ?MNIM MIH ;G<CAOIM I =IGJF?DIM I?FF ?N ;F 

  
   &CFFAIL? *EC  4OLA?FOH /I>>   (IHE ?N ;F    .IMC= 1;MC= ?N ;F 

  /;GJI=IF;M;ONIF?MCIH?MMIH>?N?LGCH;HN?MJ;L;?MN;<F?=?L?F>C;AH]MNC=IJO?M

HC NI>IM FIM J;=C?HN?M /'+ M? B;=?H >;\I HC NI>; ;ONIF?MC]H ?M CH>C=;NCP; >? OH

>C;AH]MNC=I >? /'+ G?LC=;H +MS=BC;NLC= MMI=C;NCIH  ; >? B?=BI B;S GWM

;>IF?M=?HN?M =IH ;ONIF?MCIH?M HI MOC=C>;M KO? =IH /'+ "F?HH  &FIHMES   

>?GWMMIFI?F>?;>IF?M=?HN?M;=O>?;FBIMJCN;F>?MJOZM>?=IG?N?L?MN?NCJI>?

;=NIM #;QNIH #;LLCMM .CGECH ;F?  IH>   S ?H GO=BIM =;MIM  F;M

;ONIF?MCIH?M >?M;J;L?=?H ?MJIHNWH?;G?HN? (="F;MB;H ?N ;F    (IL;H ?N ;F 

  @ILNOH;>;G?HN?FIMM[HNIG;MGWM;AO>IM?CGJOFMCPIM>?F/'+MO?F?HM?LFIM

JLCG?LIM ?H L?GCNCL 5;H;LCHC   5;H;LCHC !L;HE?H<OLA -?C=B  !CNTG;OLC=?

 SNC?H>?H;MO;PCT;LM?CH=FOMI>?G;H?L;?MJIHN;H?;B;=C;;FIM ;\IM>??>;>

"OH>?LMIH ?N ;F    +;LCM    .CH ?G<;LAI FIM ;MJ?=NIM N?GJ?L;G?HN;F?M MIH

GWM L?MCMN?HN?M ;F NL;N;GC?HNI S ?MNWH L?F;=CIH;>IM =IH HOG?LIMIM L?CHAL?MIM

BIMJCN;F;LCIM #;P;MMS  #IJECH  ?F?P;>; =IGIL<CFC>;> IB?H   ;FNI

LC?MAI >? MOC=C>CI ISF? .B;P?L  'CH?B;H   S ?H A?H?L;F <;D; @OH=CIH;FC>;>

;=;>ZGC=;F;<IL;FSMI=C;F;N?G;H"OH>?LMIH(OF>?L CHEM?N;F  

B;H?H%IP?P?N;F  B;H?H "OH>?LMIH?N;F  .NI@@?LM 2CHN?LFCHA

?N ;F    2CHIAL;> IB?H  B?H   5;H;LCHC    ? B?=BI ;FAOHIM

J;=C?HN?M =IH /'+ M? GO?MNL;H CHM;NCM@?=BIM ;F L?=IHI=?L KO? F; JMC=IN?L;JC; L?>O=?

A?H?L;FG?HN? MO CGJOFMCPC>;> S ?F LC?MAI ?F MOC=C>CI J?LI HI G?DIL; MO ?MN;>I >?

WHCGI HC F; M?HM;=C]H >? P;=[I HC MO @OH=CIH;FC>;> F;<IL;F F?R;H>?L    .C F;M

CHN?LP?H=CIH?M >? =;LW=N?L JL?P?HNCPI G?DIL;M?H S M? ?RN?H>C?L;H ;HN? FIM JLCG?LIM

CH>C=CIMJMC=IJ;NIF]AC=IMKO?N;HNI?H?F/'+=IGI?H?FL?MNI>?NL;MNILHIMG?HN;F?M

MO?F?H;J;L?=?L?HF;DOP?HNO>+;N?F-;BG;H ?MJIMC<F?KO?M?JO>C?L;?PCN;L

MO =LIHC@C=;=C]H L?MCMN?H=C; ;F NL;N;GC?HNI S >?N?LCILI >?F ;DOMN? MI=C;F >? F; J?LMIH;

??M>I&H;JJ?+CH?  

  
'; JMC=IJ;NIFIA[; ?H HC\IM S ;>IF?M=?HN?M ;HMC?>;> >?JL?MC]H =IHMOGI >?

MOMN;H=C;MINL;MNILHIJIL>Z@C=CN>?;N?H=C]H?BCJ?L;=NCPC>;>JL?>CMJIH?;F;;J;LC=C]H

>?NL;MNILHIM>?J?LMIH;FC>;>?HF;PC>;;>OFN;CH=FOC>I?F/'+#?FA?F;H>&D?FM<?LA

/ILA?LM?H .N?JJOLE?#CJQ?FF'I?<?L  /;G<CZHFIMNL;MNILHIM>?

J?LMIH;FC>;> J;L?=?H JL?>CMJIH?L ; F; ;J;LC=C]H >? INL;M J;NIFIA[;M G?HN;F?M ; P?=?M

=IGIM?=O?F;L?MC>O;F>?FIMGCMGIM?LP?L;(;LN[H?T -;A;  'IMJLCH=CJ;F?M

NL;MNILHIM G?HN;F?M =IH FIM KO? M? MIF;J; ?F /'+ MIH >?JL?MC]H G;SIL ;HMC?>;>

NL;MNILHI>??MNLZMJIMNL;OGWNC=INL;MNILHIM;FCG?HN;LCIMNL;MNILHI<CJIF;LS;>C==CIH?M

G?LC=;H +MS=BC;NLC= MMI=C;NCIH   F;=E FOG +@IBF  #;F?   ";L=[;

']J?T ?N ;F    "L;NT /OFF ;LO=B ILHIP;FIP;  '?DO?T   *F>B;G ?N ;F 

/IGEI?N;F  5;H;LCHC?N;F  <  HGOD?L?MF;M=IGIL<CFC>;>?MGWM

@L?=O?HN?M MIH JIL ?D?GJFI FIM NL;MNILHIM ;FCG?HN;LCIM    F; ;HMC?>;>  S ?F

NL;MNILHI>??MNLZMJIMNL;OGWNC=I.;HMIH?.;HMIH? GC?HNL;MKO?INL;M=IGI

?F ;<OMI >? MOMN;H=C;M ;J;L?=?H =IH G;SIL JLI<;<CFC>;> ?H BIG<L?M 5FINHC=E ?N ;F 

   F /'+ M? ?H=O?HNL; @L?=O?HN?G?HN? ;MI=C;>I N;G<CZH =IH INLIM NL;MNILHIM >?

J?LMIH;FC>;> =IH=L?N;G?HN? ?F ;HNCMI=C;F BCMNLC]HC=I >?J?H>C?HN? I ?MKOCTIN[JC=I

M?AOC>I >?F J;L;HIC>? H;L=CMCMN; ?PCN;NCPI S J;MCPI ;AL?MCPI ;<;FFI    )I ?M

M?H=CFFI B;=?L OH >C;AH]MNC=I >C@?L?H=C;F JO?M GO=BIM >? FIM M[HNIG;M >?F /'+ MIH

=IGOH?M;INLIMNL;MNILHIMSJLIPI=;HM?H>IMMIF;J;GC?HNIM(IOEBN;LC;H?N;F  

.;HN;HA?FI ?N ;F    ;_H ;M[ ?RCMN?H ;FAOH;M >C@?L?H=C;M ?H MO J;NL]H >?

JL?M?HN;=C]HS?PIFO=C]HN?GJIL;FKO?L?MOFN;H_NCF?M?HF;?P;FO;=C]H>C;AH]MNC=; +IL

?D?GJFIF;CH?MN;<CFC>;>?GI=CIH;F?H?F/'+M??R;=?L<;?H=IHN?RNIML?F;=CIH;F?MHI

?M?H>]A?H;IM=CF;?HNL??F?H@;>IS?FG;F?MN;LHI?HNL?F;NLCMN?T;SF;?O@ILC;S?M

G?HIM>OL;>?L;KO??H?FNL;MNILHI<CJIF;L&I?HCAM<?LA?N;F   *NL;>C@?L?H=C;

F;CGJOFMCPC>;>>??MNIMJ;=C?HN?M;J;L?=??HMCNO;=CIH?M>??MNLZMHI?M=IHNCHO;=IGI

?H ?F /# S L?MJIH>? ; F; <_MKO?>; >? L?=IGJ?HM;M ; =ILNI JF;TI ?H ?F NL;MNILHI

  
;HNCMI=C;FF;L?=IGJ?HM;JO?>??MJ?L;L/OLH?L.?<;MNC;H/`M=B?L  .C?RCMN?

OH;JMC=IJ;NIFIA[;=IG]L<C>;=IH?F/'+S?MN?HIM?>?N?=N;F;L?GCMC]H>?M[HNIG;M

>?F INLI NL;MNILHI M? L?NL;M; &P;LMN?CH )IL>PCMN? L;AF;H>  2CF<?LA   S ?H

I=;MCIH?MMI<L?PC?H?OH>C;AH]MNC=I>?>?JL?MC]HG;SIL'SH=B(ILM?1CNN  

P?=?MN;F>C;AH]MNC=IHI?ML?;FJO?>?NL;N;LM?>?OH?MN;>I>?CHM;NCM@;==C]H=IHF;

PC>;KO?MIFIG?DIL;=O;H>IM?=IHNLIF;HFIMM[HNIG;M>?/'+S;FAIMCGCF;LI=OLLCL[;

=IH F; CH=?LNC>OG<L? S F; J?L=?J=C]H >? @;FN; >? =IHNLIF JLIJC;M >? FIM NL;MNILHIM >?

;HMC?>;> "OH>?LMIH ?N ;F     F /'+ JO?>? =I?RCMNCL N;G<CZH =IH NL;MNILHIM >?F

MO?\I -;GIM !L;HKO?FI !L;H?MKOC  ']J?T   I =IH ?H@?LG?>;>?M @[MC=;M

=L]HC=;M >? ILCA?H A;MNLICHN?MNCH;F =;L>CIP;M=OF;L A?HCNI OLCH;LCI S L?MJCL;NILCI ?HNL?

INL;M F ";<;F;QS&;NT.;L??H !L;HE?H<OLA5;H;LCHC .B?H#O

#O  ';?MJ?L;HT;>?PC>;J;L;?FJ;=C?HN?/'+?MCAO;FKO?J;L;INLIMNL;MNILHIM

G?HN;F?M AL;P?M >?  ;  ;\IM G?HIL KO? J;L; F; JI<F;=C]H A?H?L;F IFNIH 

(;H>?LM=B?C> 2;FE?L(="??LOMM SHIMIFIJILMOC=C>CIN;G<CZH

JIL GO?LN? H;NOL;F ?H L?F;=C]H =IH BW<CNIM >? PC>; JI=I M;FO>;<F?M JIL ?D?GJFI HI

B;=?L ?D?L=C=CI =IHMOGCL N;<;=I I ;F=IBIF I OM;L MIGH[@?LIM  ;H;FAZMC=IM

?H@?LG?>;>?M GZ>C=;M ;MI=C;>;M JIL ?D?GJFI >C;<?N?M I<?MC>;> O IMN?I;LNLCNCM S I

CH=FOMI JI<L?T; IFNIH  (;H>?LM=B?C>   *F@MIH "?LB;L> #O;HA LSMN;F 

.NLIOJ   2;FE?L ?N ;F     ? B?=BI ?H OH ?MNO>CI JLIMJ?=NCPI ;  ;\IM M?

?H=IHNL]KO??HJ;=C?HN?M/'+F;N;M;>?GILN;FC>;>?L;F;GCMG;JILMOC=C>CI

KO?JILINL;M=;OM;M5;H;LCHC?N;F   ';=IGIL<CFC>;>CGJFC=;A?H?L;FG?HN?OH;

G;SIL M?P?LC>;> J;NIF]AC=; 5CGG?LG;H ?N ;F    S OH; ;FN; N?H>?H=C; ; KO? ?F

J;=C?HN? M?; JIFCG?>C=;>I &?H>;FF OL<?=E  ;N?G;H   5;H;LCHC

!L;HE?H<OLA-?C=B#;LH?>!CNTG;OLC=?  

 
 !:0*0+05=97(8957452B309,+,6,7854(20+(+

FMOC=C>CI=IHMNCNOS?OHJLI<F?G;>?M;FO>J_<FC=;=OS;MN;M;M>?CH=C>?H=C;B;H

;OG?HN;>IOH ?HFIM_FNCGIM ;\IM;=NO;FG?HN??MF;M?AOH>;=;OM;>?GO?LN?

J;L; D]P?H?M >? ?HNL?  S  ;\IM >? NI>I ?F GOH>I 2ILF> #?;FNB *LA;HCT;NCIH

   (O=BIM >? FIM D]P?H?M KO? M? MOC=C>;H J;>?=?H OH; ?H@?LG?>;> JMCKOCWNLC=;

MO<S;=?HN? =IH @L?=O?H=C; /'+ H?MNCM ;AA? /OFF  %ICH?L   &OFFAL?H

-?H<?LA%;=I<MMIH +;LCM5Q?CA !L;HE -OH?MIH?MEIQ   

+;L;?FFIMF;N;M;>?MOC=C>CI?M>?F +IGJCFC?N;F  .C?P?L?N;F  

  P?=?M G;SIL KO? J;L; F; JI<F;=C]H A?H?L;F *F>B;G   -CNM=B?F  &CFJ?F;

 SJIL?H=CG;>?F;>?=O;FKOC?LINL;?H@?LG?>;>G?HN;F=O;H>I?F/'+M?MIF;J;

=IH;FA_HNL;MNILHI=IG]L<C>IB?HAB?HBQ?H B?H%?HECHM *F>B;G

  +ILMO?LN?F;C>?;=C]HMOC=C>;MO?F?GIP?L;FJ;=C?HN?=IH/'+;<OM=;L;N?H=C]H

GZ>C=;;HTB;@?N;F  S>?B?=BIB;MN;OH>?FIM=;MIMB;<[;H=IHN;=N;>I

=IH FIM M?LPC=CIM >? M;FO> G?HN;F I >? ?G?LA?H=C;M M;HCN;LC;M ?H ?F ;\I JL?PCI ; F;

=IHMOG;=C]H >?F MOC=C>CI S ?F  FI B;<[; B?=BI  G?M?M ;HN?M >? GILCL M?A_H OH

L?=C?HN? ?MNO>CI L?NLIMJ?=NCPI LI;><?;L QS?L OA?D;  -;I     F G;SIL

CH>C=;>IL>?LC?MAI>?MOC=C>CIJ;L;OHJ;=C?HN?=IH/'+?M?FOMI>?M?LPC=CIM>?M;FO>

G?HN;F >OL;HN? F;M ?N;J;M CHC=C;F?M >? <_MKO?>; >? NL;N;GC?HNI +IGJCFC "CL;L>C

-O<?LNI  /;N;L?FFC   /?G?M !L;HE?H<OLA !CNTG;OLC=?  5;H;LCHC   

/;G<CZH M? L?F;=CIH; =IH OH G;SIL LC?MAI >? MOC=C>CI ?F B?=BI >? N?H?L ?MN;H=C;M

L?J?NC>;M  JLIFIHA;>;M ?H OH BIMJCN;F MI<L? NI>I ?H FIM  G?M?M JIMN?LCIL?M ;F ;FN;

GZ>C=; 4?H ?N ;F     F JLCH=CJ;F GINCPI >? CHAL?MI BIMJCN;F;LCI J;L; ?MN;

JI<F;=C]H MO?F? M?L F; CH=C>?H=C; >? =IH>O=N;M ;ONIF?MCP;M C;ACHC F;L=]H /ILLO=I

.;F=?>I  ;LL;M=I !?LHWH>?T   JL?M?HN?M ?H ?F   >? FIM J;=C?HN?M

F;=E ?N ;F    ;LJ?HN?L  /LOFF   B;JG;H ?L<C>A? IIH?S #IHA 

'CH?B;H   (=(;CH ?N ;F    -CNM=B?F  &CFJ?F;   ;OHKO? ?MN? NCJI >?

 
A?MNIM ;J;L?=? N;G<CZH ?H ?F =IHN?RNI >? INLIM NL;MNILHIM >? J?LMIH;FC>;> ;HMC?>;>

>?JL?MC]HNL;MNILHIM;FCG?HN;LCIMI;>C==CIH?MH>IP?L+?JJ?L-S;<=B?HEI*LLC=I

 "C<<   &FIHMES *FNG;HHM  /OLEB?CG?L   )I=E ?N ;F     ';M

;ONIF?MCIH?MHIMOC=C>;MM??HNC?H>?H=IGIF?MCIH?MMOJ?L@C=C;F?MS>IFILIM;M;JFC=;>;M

MI<L??FJLIJCI=O?LJI>?G;H?L;L?J?NC>;G?LC=;H+MS=BC;NLC=MMI=C;NCIH ;

MCHKO??M=IH>;H>?M?I>?GILCL=IGII=OLL?=IHF;=IH>O=N;MOC=C>;!;P;TT; 

&;?MM?N;F   ?B?=BIFIKO?M?J?LMCAO?G?>C;HN??MN?NCJI>?;=NIM?ML?AOF;L

?GI=CIH?M ;FCPC;L F;M H?A;NCP;M  CH>O=CL F;M JIMCNCP;M LIQH ?N ;F    L?MIFP?L

>C@C=OFN;>?M CHN?LJ?LMIH;F?M ;ONI=;MNCA;LM? ?RJL?M;L >IFIL G?LC=;H +MS=BC;NLC=

MMI=C;NCIH   CMIL>?L   /LOFF ?N ;F    =IGOHC=;L H?=?MC>;>?M =L?;L

B?LC>;MPCMC<F?MKO?JI>?LNL;N;LJLIN?A?L;INLIM>?FJLIJCI>IFIL?PCN;L?FMOC=C>CI=IH

F; CHN?H=C]H >? M?AOCL PCPC?H>I S ?H >?@CHCNCP; M?HNCL =IHNLIF CF;TT?LI    H ?F

 >?FIM=;MIMF;JLW=NC=;;ONIF?MCP;=IGC?HT;B;=C;FIM ;\IM>??>;>S?HINLI

 ?HNL?FIM SFIM 5;H;LCHC!L;HE?H<OLA-C>IF@C?N;F  JLCH=CJ;FG?HN?

;HN? MCNO;=CIH?M MI=CI?GI=CIH;F?M >C@[=CF?M =IH@FC=NIM CHN?LJ?LMIH;F?M M?J;L;=C]H >?

M?L?M KO?LC>IM I G?L; M?HM;=C]H >? P;=[I  MECH   -;NBOM  'CH?B;H  

;OHKO?N;G<CZHJO?>?H>CMJ;L;LM?MCHKO?B;S;B;<C>I=IH@LIHN;=C]H;FAOH;?=E?LM

?N ;F     'IM J;=C?HN?M =IH /'+ MO?F?H M?L =IHM=C?HN?M >? ?MN;M >C@C=OFN;>?M

!CH?<?LA#O)OFF)?OMN>N?L.;EB?CGILF?NN S>?MOL?>O=C>;=;J;=C>;>

J;L;;JL?H>?L?HMCNO;=CIH?MMI=C;F?M?<FI?N;F  )ILFCHA&CG J?LI

=IHGINCPIIMCH?F?RJ?LCG?HN;HL?=B;TIJ?L=C<?HJ?FCALIS=IH?=N;H=IHOH;M?LC?>?

=L??H=C;M =;N;MNLI@CMN;M MI<L? M[ GCMGIM S MI<L? FIM >?GWM KO? B;<CNO;FG?HN? F?M

N?LGCH; >?M?MN;<CFCT;H>I &B;H  &;G;F    .CAH?L MN?LG;HH %;HM?H .;=BM?

;MJ;L&L;G?L SJLIPI=;HF;;J;LC=C]H>?;ONIF?MCIH?MHIMOC=C>;M "F?HH

(C=B?F !L;HEFCH #IIF?S  )I=E    MN? NCJI >? A?MNIM I=OJ;H OH HCP?F

CHN?LG?>CI ?HNL? F; G?L; C>?;=C]H MOC=C>; MCH JF;HC@C=;L S F; GO?LN? "OI  #;LMN;FF

 
  ";L=[; ']J?T ?N ;F    S L?JL?M?HN;H OH CGJILN;HN? @;=NIL >? LC?MAI J;L; ?F

MOC=C>CI M;LHIQ ?N ;F    LOHH?L ?N ;F    MECH   "F?HH  &FIHMES

  '?QCHMIBH -IB>?  .??F?S  2CFECHMIH &?FPCH -I<?LNM O<C=E; 

"II>S?L CH=L?G?HN;H>? ; P?=?MF;MJLI<;<CFC>;>?M>?GO?LN?>?HNLI>?F

JLCG?L;\I?;ONL;CM)?Q5?;F;H> (CHCMNLSI@#?;FNB  MI<L?NI>IMCM?OM;H

P;LCIM GZNI>IM ;ONIF?MCPIM ; F; P?T G?LC=;H +MS=BC;NLC= MMI=C;NCIH  ;  F

OG<L;F >?F >IFIL ?M ?F?P;>I ?H J;=C?HN?M =IH /'+ .=BG;BF  ;OGAYLNH?L  

J?LI MO <;D; NIF?L;H=C; ; F; @LOMNL;=C]H F?M >CMO;>? >? JLIPI=;LM? OH >;\I @[MC=I

CGJILN;HN?H?MNCM?H>?L.?F<S-C<?CLI%ICH?L H?MNCM"L;NT;AA?

/OFF  )II<MN;HN?F;?RJIMC=C]H=IHNCHO;;;=IHN?=CGC?HNIM>IFILIMIMS I>OLIM

S F;M ;ONIF?MCIH?M L?J?NC>;M P;H >?M;LLIFF;H>I ?H ?FFIM F; =;J;=C>;> J;L; JLIPI=;LM?

>;\I?HJLIJIL=CIH?M=L?=C?HN?M1;H*L>?H?N;F  MI<L?NI>IN?HC?H>I?H=O?HN;

KO? ?F >IFIL KO? JLIPI=; OH; CH=CMC]H ?H ?F <L;TI L?>O=? F; ;=NCPC>;> ;GCA>;F;L

HILG;FCT; F; =IH?=NCPC>;> =ILNIF[G<C=; -?CNT ?N ;F    S JLIPI=; OH; L?>O==C]H

MO<D?NCP; >? ?MNLZM 2CFFCM ?N ;F     O;H>I ;>?GWM >? B;=?LM? >;\I F; J?LMIH;

NC?H?C>?;=C]HMOC=C>;M?P?L;SJ?LMCMN?HN??FLC?MAI>?MOC=C>CI?MG;SIL%ICH?L 

)I=E?N;F  )IL>MNL^G.;GO?FMMIHUM<?LA 2?H #OHA";FFI/C?H

 SoM?F?JO?>?CLF;G;HIp=IH@;=CFC>;>+OLCHANIH2BCNFI=E ?H@ILG;

>? CHN?HNI ;<ILN;>I >;\I AL;P? I GO?LN? ;==C>?HN;F /OLH?L ?N ;F     )I M? B;H

?H=IHNL;>I>C@?L?H=C;ML?MJ?=NI;F;N?H>?H=C;;B;=?LM?>;\I?HNL?FIMJ;=C?HN?M/'+>?

;G<IM M?RIM *OG;S; ?N ;F    J?LI ?F MOC=C>CI =IHMOG;>I M? JLI>O=? GWM

@L?=O?HN?G?HN? ?H BIG<L?M MI<L? NI>I G?HIL?M >?   ;\IM .IFI@@ 'SH=B  &?FFS

   ';M CGJFC=;=CIH?M JMC=IMI=C;F?M S ?F JLIH]MNC=I MIH >CMNCHNIM MC OH; ;ONIF?MC]H

NC?H?CHN?H=C]HMOC=C>;IHIF;NC?H?JIL?MI?MCGJILN;HN?>C@?L?H=C;LFI?H=;>;=;MI

&;B;H+;NNCMIH (O?BF?HE;GJ  

 
 " """ !" F" !

#;MN; B;=? OHIM   ;\IM ?F /'+ M? =IHMC>?L;<; ?F >C;AH]MNC=I =IH J?IL

JLIH]MNC=I ?H JMC=IN?L;JC; !L??G;H +L?NT?L !F?GCHA   JO?M L?KO?L[;

;JLIRCG;>;G?HN??FNLCJF?>?NC?GJI>?NL;N;GC?HNIJ;L;;F=;HT;LF;GCN;>>?G?DIL[;

KO? ?H INLIM NL;MNILHIM #IQ;L> &IJN; &L;OM?  *LFCHMES  S B; FF?A;>I

CH=FOMI;=;N;FIA;LM?=IGIOH;?H@?LG?>;>CHNL;N;<F?(=(;CH?N;F   ?M>?KO?

'CH?B;H ?H   S .N?P?HMIH  (?;L?M ?H ?F ;\I  JO<FC=;L;H FIM JLCG?LIM

L?MOFN;>IMMI<L??FZRCNIJMC=IN?L;JZONC=I>?F;/?L;JC;C;FZ=NC=IIH>O=NO;F?H/'+

?;NMIH  -;I   S >OL;HN? FIM _FNCGIM  ;\IM ?F NL;N;GC?HNI >?F /'+ B;

?RJ?LCG?HN;>I OH CGJILN;HN? JLIAL?MI B;H?H  (=ON=B?IH   "OH>?LMIH

 '?C=BM?HLCHA?N;F  *F>B;G.EI>IF?H>?L .=BG;BF?N;F   

MNIMJ;=C?HN?MMCAO?HMC?H>I;>[;>?BISFIMKO?GWML?=OLMIMM;HCN;LCIM=IHMOG?H

?H PCMCN;M ; OLA?H=C;M .B?LLS  2BCF>?   +;LCM   +;M=O;F ?N ;F   

BIMJCN;F?M >? >[; &;LN?LO>  2CF<?LA   L?CHAL?MIM BIMJCN;F;LCIM #?LP[;M

#CAO?L;M(;LINI(;LN[H%CG?H?T>?FIM";F;H?M(;L=BWH.;H-IGWH0L[;)O\?T

(IL;F?M ';H;!?LHWH>?T.;H(;LN[H1CHOZ *<;H>I(;>LCA;F S

OMI>?G?>C=;=C]HOLHM?N;F  .I?N?G;H?N;F  J?LI?M@;=NC<F?=IHNLIF;L

F; L?=OLL?H=C; >? MOM M[HNIG;M 5;H;LCHC !L;HE?H<OLA -?C=B  !CNTG;OLC=?  

L?>O=CL ?F =IMN? ?=IH]GC=I KO? MOJIH? J;L; F; MI=C?>;> &;LN?LO>  2CF<?LA  

(?OF>CDE ?N ;F    5;H;LCHC ?N ;F    5;H;LCHC !L;HE?H<OLA -?C=B 

!CNTG;OLC=?   ? CH=FOMI G?DIL;L MO =;FC>;> >? PC>; MC ?F ;<IL>;D? ?M ;>?=O;>I

B;EBMMC5I?N*IMN?H>ILJ)IIL>TCD.IGG?LM .JCDE?LG;H  ';JMC=IN?L;JC;

?M?F_HC=INL;N;GC?HNI=OS;?@C=;=C;?MNW?GJ[LC=;G?HN?;P;F;>;J;L;/'+G?LC=;H

+MS=BIFIAC=;F MMI=C;NCIH   IOH=CF   R=?FF?H=?    IH ?MN? NCJI >?

;<IL>;D? ;FAOHIM J;=C?HN?M ;F=;HT;H L?GCMCIH?M MCHNIGWNC=;M >?F  ; FIM >IM ;\IM

 
>?F;FIM ;\IM5;H;LCHC!L;HE?H<OLA#?HH?H-?C=B.CFE 5;H;LCHC

!L;HE?H<OLA-?C=B";LL?NN SMOJ?LCIL?M;F NL;M ;\IM>?M?AOCGC?HNI

5;H;LCHC ?N ;F     ? G;H?L; MCGCF;L N;G<CZH M? B;H ?H=IHNL;>I L?GCMCIH?M >?F

;FIMG?M?M>?NL;N;GC?HNI;F;\I;FIM;\IMS;FIM ;\IM

"OH>?LMIH ?N ;F     OH ;M[ F; @;FN; >? =LCN?LCIM >C;AH]MNC=IM ?H F; KO? ?MNIM

?MNO>CIMM?<;M;HHICGJFC=;F;L?=OJ?L;=C]H;F;LAIJF;TI>??MNIMJ;=C?HN?MJILKO?FIM

M[HNIG;M;AO>IML?GCN?HJ?LIFIMN?GJ?L;G?HN;F?M=IGIF;>C@OMC]H>?F;C>?HNC>;>?F

GC?>I;F;<;H>IHIIF;ML?F;=CIH?M>?>?J?H>?H=C;KO?=IH>C=CIH;HOH;J?IL=;FC>;>

>?PC>;&;?MM?N;F  <5;B??L'CHEM'CO J?LG;H?=?H<;MN;HN??MN;<F?M

"OH>?LMIH?N;F  5;H;LCHC?N;F   

 F;<IL>;D?>?FMOC=C>CIB;?RJ?LCG?HN;>IN;G<CZHOHCGJILN;HN?;P;H=??HFIM

_FNCGIM;\IMS;OHKO?HI?RCMN?H@WLG;=IM>?GIMNL;>;G?HN?_NCF?MJ;L;MO;<IL>;D?

.J?;LM ?N ;F    ?RCMN?H JMC=IN?L;JC;M ?@C=;=?M J;L; ?MNIM J;=C?HN?M LIQH ?N ;F 

 !?CA?H<;OG?N;F  "F?HH?N;F  -O>>?N;F  .J?;LM?N;F  

.N;HF?SLIQH SN;G<CZHJ;L;MOM@;GCFC;L?M"II>G;H?N;F   

(73(*59,7(60(

F ;<IL>;D? @;LG;=IF]AC=I >?F /'+ =O?HN; ;_H =IH JI=; ?PC>?H=C; ?GJ[LC=;

CHEM?N;F  $HA?HBIP?H 'C?<1^FFG-`=E?L/CGG?L.NI@@?LM 

.NI@@?LM?N;F  MCH?G<;LAIMOOMI?HF;JLW=NC=;=F[HC=;?M=L?=C?HN?.NI@@?LM?N

;F    S ?MNW GWM ?RN?H>C>I KO? ?F >? =O;FKOC?L NCJI >? JMC=IN?L;JC;  R=?FF?H=?

  )I?RCMN?OHMIFIG?>C=;G?HNI?MJ?=[@C=;G?HN?CH>C=;>IJ;L;?MN?>C;AH]MNC=I

"OH>?LMIH'CHEM HCN;GJI=I;FAOHIKO?;SO>?;L?>O=CLF;M?P?LC>;>AFI<;F>?

MOM M[HNIG;M 'C?< 5;H;LCHC .=BG;BF 'CH?B;H  IBOM   J?LI ;FAOHIM

@WLG;=IML?MOFN;H_NCF?MJ;L;=IHNLIF;LFIMM[HNIG;MCGJOFMCPIMS;@?=NCPIM=IG]L<C>IM

BIC &;CH!CH=B(;MF;H>%?HECHM0HLOB MI<L?NI>I?HFIMGIG?HNIM>?

 
=LCMCM )C=E?F    ? B?=BI GO=BIM >? FIM J;=C?HN?M /'+ =IGC?HT;H ; M?L

G?>C=;>IM ?H MOM JLCG?L;M PCMCN;M ; OLA?H=C;M +;M=O;F ?N ;F     ? GIG?HNI S

GC?HNL;M F;M ;A?H=C;M L?AOF;>IL;M HI ;JLO?<?H F; CH>C=;=C]H >?F L?RJCJL;TIF

;HNCJMC=]NC=IKO??MNW;=NO;FG?HN??HJ?LCI>I>?JLO?<;?H?FNL;N;GC?HNI>?F/'+FIM

@WLG;=IM =OSIM ?@?=NIM J;L?=?H M?L GWM @;PIL;<F?M J;L; F; >CML?AOF;=C]H ?GI=CIH;F S

FIM JLI<F?G;M CHN?LJ?LMIH;F?M MIH FIM ;HNCJMC=]NC=IM >? JLCG?L; !FOJ?HNCRIF S >?

M?AOH>;A?H?L;=C]HLCJCJL;TIFS*F;HT;JCH;SFIM?MN;<CFCT;>IL?M>?FWHCGI=C>I

P;FJLIC=I /IJCL;G;NI S ';GINLCACH; ;OHKO? F; *F;HT;JCH; B; >?GIMNL;>I

CH=L?G?HN;L F; =IH>O=N; ;ONIF?MCP; S >?<? OM;LM? =IH =OC>;>I .NI@@?LM ?N ;F   

/;G<CZH M? L?=IGC?H>; JL?=;O=C]H ?H ?F OMI >? <?HTI>C;=?JCH;M 5 JIL MO ;FNI

JIN?H=C;F;>C=NCPISJILF;ML?;==CIH?MJ;L;>]DC=;M=IGIF;CHKOC?NO>SF;;ACN;=C]HKO?

MO?F?H ;J;L?=?L GWM @L?=O?HN?G?HN? ?H ?MNIM J;=C?HN?M KO? ?H F; JI<F;=C]H A?H?L;F

(;B?L?N;F   O;H>I?RCMN?>?M=IHNLIFCGJOFMCPI =IH>O=NO;FJO?>?H;\;>CLM?

W=C>IMAL;MIM*G?A; 'C?<?N;F  .NI@@?LM?N;F    MCGJILN;HN?N?H?L?H

=O?HN; N;G<CZH ?F JIMC<F? ?@?=NI MI<L? ?F J?MI =ILJIL;F KO? NC?H? F; *F;HT;JCH; JIL

;OG?HNI I ?F /IJCL;G;NI JZL>C>; >?F GCMGI MI<L? NI>I =O;H>I ?F /'+ ?M

=IH=IGCN;HN? =IH OH NL;MNILHI ;FCG?HN;LCI .NI@@?LM ?N ;F    ;M[ =IGI ?F OMI

=IH=IGCN;HN?>?>CMNCHNIM@WLG;=IM'C?<?N;F  IMOG;FOMIS?FLC?MAIMOC=C>;

JILCHA?MN;G?>C=;G?HNIM;G;MCP;&;H? 0LL;<;TI  

80*59,7(60(8

(WM>?NL?=?;FN?LH;NCP;MJMC=IN?L;JZONC=;MB;H>?GIMNL;>I;F=;HT;L?@?=NIM

<?H?@C=CIMIMMI<L??F/'+*O>LHNT#?LG?HM1?LBI?@&?H>;FF .NI@@?LM?N

;F   .IFI>??FF;M?RJFC=;HF;?NCIFIA[;SFIM@;=NIL?MKO?G;HNC?H?H?FNL;MNILHI

>?M>?MOJLIJCIG;L=IN?]LC=IB;HJO<FC=;>IOHJLINI=IFI>?NZ=HC=;MJ;L;MO;<IL>;D?

JLCILCT;HF;A?MNC]H>?FP[H=OFIN?L;JZONC=I=IGIJ;LN?CGJILN;HN?>?F?@?=NI>?F

 
NL;N;GC?HNISM?=IHMC>?L;HJILN;HNI?MJ?=[@C=;MF;/?L;JC;C;F?=NC=IIH>O=NO;F

/F;/?L;JC;<;M;>;?HF;(?HN;FCT;=C]H(/F;/?L;JC;@I=;FCT;>;?HF;

/L;HM@?L?H=C;/!+SF;/?L;JC;>?FIM MKO?G;M./*O>?N;F   ';M

JMC=IN?L;JC;M=IGJ;LN?H;>?GWMINL;M?LC?>?@;=NIL?M=IGOH?M=IGIMIHMO

JF;HC@C=;=C]H?MNLO=NOL;=C]HS?FZH@;MCMJMC=I?>O=;NCPIMI<L??FNL;MNILHI;N?G;H

&L;QCNT LCMN?;?N;F  *O>?N;F  .NI@@?LM?N;F  2;GJIF>?N

;F  KO?JI>L[;H?RJFC=;LMOHCP?F>??@C=;=C;N;HMCGCF;LMOJ?LCIL;F>?F

NL;N;GC?HNIB;<CNO;F/0I;F>?FL?MNI>?JMC=IN?L;JC;MHI?MJ?=[@C=;MJ;L;?F/'+

LCMN?;?N;F  '?PS(=(;CH;N?G;HFIONBC?L )?;=MCO-CTPC

'CH?B;H *O>?N;F    FCH=IHP?HC?HN?>?F;MN?L;JC;M?MJ?=[@C=;M?MKO?

L?MOFN;HJI=I;==?MC<F?MJ;L;GO=BIM>?FIMJ;=C?HN?M=IH/'+;N?G;H!IH;AS

 ;?;NMIH LCMN?;?N;F  #?LG?HM1;H.JFOHN?L?H1;H?HIM=B

1?LB?OF *O>?N;F  .NI@@?LM 2CHN?LFCHA?N;F  /OMC;HC HA

4?IG;HM >?<C>IJLCH=CJ;FG?HN?;MOF;LA;>OL;=C]H?;NMIH "F?HH

&FIHMES #;FF;F?I.N?P?HMIH(?;L?M &;?MM?N;F  ';H;?N;F 

 (=(;CH?N;F  .IF?L?N;F  =IGJF?DC>;>#?LG?HM?N;F  F;

@;FN;>?N?L;J?ON;M?RJ?LCG?HN;>IM;N?G;H!IH;AS LCMN?;?N;F  

I?LCHA?N;F  #?LG?HM?N;F  .N?P?HMIH?N;F  .NI@@?LM?N;F  

/OMC;HC HA4?IG;HM *O>?N;F  S?F;FNI=IMN??=IH]GC=IKO?

MOJIH?HJ;L;FIMM?LPC=CIMJ_<FC=IM>?M;FO>L;MMCHANIH&L;QCNT BIC&F;CH

?N;F  )ILFCHA&CG  OH;M[M?B;PCMNIKO?J;L;FIMJ;=C?HN?MGWM

AL;P?MJIL?D?GJFI;KO?FFIM=IHOH;G?HIL@OH=CIH;FC>;>=INC>C;H;;N?G;H

!IH;AS IKOC?H?MHIL?MJIH>?H;NL;N;GC?HNIMGWMA?H?L;FCMN;MBIC &;CH

F<?LN"OH>?LMIH ;FIMNL;N;GC?HNIM?MJ?=[@C=IML?MOFN;H=IMN? ?@?=NCPIM

;LHC=IN?N;F  L?NNM=BH?C>?L-C?>?F #?FF?L&^HCA F;LECH?N;F 

 ;PC>MIH/SL?L)ILLC?+;FG?L/SL?L %iLA?HM?H?N;F  (=(;CH

  
"OCGIH>.NL?CH?L;L>CMB'CHEM (=(;CH?N;F  +;LCM .N;HF?S

LI>MES)?FMIHOFCN  

FAOHIM;ONIL?MMIMNC?H?HHII<MN;HN?KO?F;G;SIL[;>?=;MIM>?/'+HIMIH

N;H AL;P?M HC L?KOC?L?H JMC=IN?L;JC;M N;H F;LA;M S ?MJ?=C;FCT;>;M ?H OH JLCH=CJCI MCHI

GWM <C?H JLIAL;G;M KO? JIL MO <L?P?>;> S PC;<CFC>;> JO?>;H I@L?=?LM? CH MCNO S >?

G;H?L; ?M=;FIH;>; BIC &;CH F<?LN  "OH>?LMIH  < +;LCM   ?H ?F

GIG?HNI ?H KO? ;HN? FIM JLCG?LIM M[HNIG;M ;AO>IM ?MNIM J;=C?HN?M MIFC=CN;H ;SO>;

BIC &F;CH ?N ;F    F;LECH ?N ;F    %iLA?HM?H   (=(;CH ?N ;F   

*O> ?N ;F    KO? ?M DOMN;G?HN? =O;H>I F; JMC=IN?L;JC; B; >?GIMNL;>I @OH=CIH;L

G?DIL ;N?G;H  !IH;AS   ;PC>MIH ?N ;F    &;LN?LO> ?N ;F    +;LCM

 5;H;LCHC  

'IMNL;N;GC?HNIMJLIFIHA;>IMHIB;H>?GIMNL;>II<N?H?LG?DIL?ML?MOFN;>IM?H

/'+KO?INLIMGWM<L?P?M;PC>MIH/L;H !ILOG>?.;FO>(?HN;FSAZH=C;

>[H@ILG;=C]   "L?HS?L )A /IQHM?H>  -;I   '?HT?HQ?A?L  ;MNLI

  'CH> ?N ;F    +;LCM   +LI<MN ?N ;F    5;H;LCHC    M GWM F;M

N?L;JC;M >? G?HIL >OL;=C]H J;L?=?H ;BILL;L L?=OLMIM M;HCN;LCIM MCH J?LDO>C=;L F;

>OL;<CFC>;> >? L?MOFN;>IM ';JILN? +;LCM ?LA?PCH !L;M?L  ;L>CH   MC?GJL?

KO??MNZH?MNLO=NOL;>;MLCMN?;?N;F  BIC &F;CH +;>CFF;/ILL?M(;LN[H

MJ[H %;CG?  %CGZH?T LLC?LI    FAOH;M >? F;M IJ=CIH?M JMC=IN?L;JZONC=;M HI

?MJ?=[@C=;M J;L; /'+ MIH F; N?L;JC; =IAHCNCPI =IH>O=NO;F ?=E  !L??G;H  ?F

HNL?H;GC?HNI J;L; F; -?AOF;=C]H GI=CIH;F S F; .IFO=C]H >? +LI<F?G;M ./ ++.

FOG?N;F  ?F?HNL?H;GC?HNI?HL?AOF;=C]H?GI=CIH;F?HALOJI;>;JN;=C]H>?F

./ ++. J;L; ;>IF?M=?HN?M  -" #?LPWM /ILL?M   /?L;JC; IAHCNCPI H;F[NC=;

/-SF?-SF? MNLO=NOL?>=FCHC=;FG;H;A?G?HN.(;N?G;H!IH;AS

 ; A?H?L;F JMS=BC;NLC= G;H;A?G?HN "+( ?LH;HE?  (=IGGIH  

  
N?L;JC;M =IGOHCN;LC;M CGJ;LNC>;M JIL N?L;J?ON;M ?RJ?LCG?HN;>IM /  %iLA?HM?H ?N

;F  N?L;JC;=IAHCNCP;;MCMNC>;=IHOHG;HO;F2?CH<?LA"OH>?LMIH#?HH?H

ONN?L N?L;JC;=?HNL;>;?H?F=FC?HN?//OLH?L JLINI=IFIMOHC@C=;>IM

J;L;?FNL;N;GC?HNINL;HM>C;AH]MNC=I>?FIMNL;MNILHIM?GI=CIH;F?M;LFIQ!;L=BCIH?

 .;O?L 5;P;F;?HNF?S2CFH?L *E2J:?8@??64E65H96?>@E:@?D)F?

:89 ;CF?S  "L?HS?L   ?F CHHIP;>IL #?FJCHA 4IOHA +?IJF? ;LFS #4+ 

B;H?H B;H?H?N;F  OHJLIAL;G;>?N?L;JC;=IAHCNCPI;H;F[NC=;J;L;F;

CHN?LP?H=C]H JL?=IT =IH ;>IF?M=?HN?M ?H LC?MAI >? =LCMN;FCT;=C]H >?F /'+ I CH=FOMI

N?L;JC;>?;JISI?H@ILG;NIALOJ;FCGJ;LNC>;MCMN?GWNC=;G?HN?F;LECH?N;F  I

JIL J;LN? >? JLI@?MCIH;F?M ?RJ?LCG?HN;>IM %iLA?HM?H ?N ;F     /I>IM ?MNIM

NL;N;GC?HNIM=O?HN;H;FG?HIM=IHOH?HM;SI=F[HC=IKO?=IHMN;N;OH;?@C=;=C;;=?JN;<F?

B;H?H F;LECH?N;F  LCMN?;?N;F  ?"LIIN?N;F  ';H;?N

;F  'CP?MF?S <*O>?N;F  .NI@@?LM?N;F  2;GJIF>?N;F  

2CF<?LA ?N ;F   5;H;LCHC   ?H ;FAOHIM =;MIM <;MN;HN? MCGCF;L ; F; >? F;M

N?L;JC;M?MJ?=[@C=;MF;LECH?N;F  %iLA?HM?H?N;F  (=(;CH?N;F   

O;H>IM?B;H=IGJ;L;>IFIM?@?=NIM>?OH;JMC=IN?L;JC;?MJ?=[@C=;=IGI/(/

I/!+=IH?FNL;N;GC?HNIB;<CNO;F/0FIMJLCG?LIMB;HI<N?HC>IG?DIL?ML?MOFN;>IM

KO? FIM M?AOH>IM ?H =O;HNI ; =IH>O=N;M MOC=C>;M M?P?LC>;> >? M[HNIG;M /'+ S

=IH>O=N;M J;L;MOC=C>;M ?H ?M? IL>?H BIC &;CH ?N ;F     /;G<CZH ./ ++. B;

>?GIMNL;>IMOJ?LCILC>;>>?L?MOFN;>IM@L?HN?;F/0?H=O;HNI;=O;HNI;M[HNIG;M>?

/'+ )  FOG ?N ;F    )  IM ?N ;F     O;H>I M? =IGJ;L;LIH

;FAOH;M N?L;JC;M ?MJ?=[@C=;M =IH NL;N;GC?HNIM =IGOHCN;LCIM CGJ;LNC>IM JIL ?RJ?LNIM

N;G<CZH FIM JLCG?LIM FIAL;<;H OH; G;SIL L?>O==C]H >? F; M?P?LC>;> >? F;

MCHNIG;NIFIA[;/'+N;G;\IGI>?L;>IJ?LI?HF;M=IH>O=N;MMOC=C>;MSJ;L;MOC=C>;M

HI M? B;FF;LIH >C@?L?H=C;M 6(/ G6CDFD /  ) %iLA?HM?H ?N ;F    /

G6CDFD /  )  'CH?B;H ?N ;F   8  .CH ?G<;LAI ;F =IGJ;L;L >CMNCHN;M

  
JMC=IN?L;JC;M?MJ?=[@C=;M6/!+G6CDFD/)F;LECH?N;F  /!+G6CDFD./

) "C?M?H FII ?N ;F   8 FIM L?MOFN;>IM @O?LIH JLW=NC=;G?HN? ?KOCP;F?HN?M 

/;G<CZH M? I<NOPC?LIH ?M=;M;M >C@?L?H=C;M =O;H>I F;M JMC=IN?L;JC;M ?MJ?=[@C=;M M?

=IGJ;L;LIH =IH JMC=IN?L;JC;M CH?MJ?=[@C=;M J?LI ?MNLO=NOL;>;M S ;JFC=;>;M

MCMN?GWNC=;G?HN?6(/P?LMOM.() ;N?G;H!IH;AS ;/!+S/

G6CDFD MOJJILNCP? NB?L;JS ) F;LECH ?N ;F    / G6CDFD "+( )  

(=(;CH ?N ;F    / G6CDFD / ) /OLH?L  8  FAOH;M N?L;JC;M

?MJ?=[@C=;M =IGI F; / ;JFC=;>;M ?H @ILG;NI L?>O=C>I >?  ;  G?M?M B;H

;F=;HT;>I L?MOFN;>IM MCGCF;L?M ; FIM >? MO P?LMC]H MN;H>;L> JIL FI G?HIM  ;\I

6(=(;CH ?N ;F    ) .N;HF?S ?N ;F   8  O;H>I HI ?M JIMC<F? ;JFC=;L

HCHAOHI>?FIMNL;N;GC?HNIM;HN?LCIL?M?F/0JO?>?M?LOHL?=OLMI;>?=O;>I!CH=B

$FC;ECM (;MF;H>  BIC &;CH    >?GWM B;S >CMJIHC<CFC>;> >? JLIAL;G;M

JMC=I?>O=;NCPIM MCGJF?M KO? J?LGCN?H CH@ILG;L ;F J;=C?HN? MI<L? MO NL;MNILHI S

?HNL?H;LFI ?H B;<CFC>;>?M J;L; MO G;H?DI JIL P[; CHN?LH?N 2?NN?L<ILA   I =IH

;MCMN?H=C;JL?M?H=C;F>OL;HN?MIFI M?G;H;MB;L<IH&L;G?LLIT&IFFS 

IH;F>+INN?L   MGWMM?B;PCMNIKO?CH=FOMIOH;MIF;M?MC]HJMC=I?>O=;NCP;

JO?>?M?L<?H?@C=CIM;J;L;?MNIMJ;=C?HN?M5;H;LCHC!L;HE?H<OLA  

+O?MNI KO? HC FIM NL;N;GC?HNIM S; ?RCMN?HN?M HC F;M G_FNCJF?M JMC=IN?L;JC;M KO?

B;H MOLAC>I ?H FIM _FNCGIM ;\IM B;H CH=L?G?HN;>I F; ?@C=;=C; >? F;M CHN?LP?H=CIH?M

JMC=IF]AC=;M (=H;FFS   M? L?=F;G; KO? F;M CHMNCNO=CIH?M J_<FC=;M >? M;FO>

=IHN?GJF?H HO?P;M S GWM <L?P?M @]LGOF;M J;L; ?F NL;N;GC?HNI >?F /'+ ?H F;M KO? M?

N?HA;H?H=O?HN;FIM_FNCGIM;P;H=?MMI<L?CHP?MNCA;=C]HH>;FO=C; ?"LIIN

1?LB?OF  /LCDM<OLA   ';H; ?N ;F    'CP?MF?S  ; 5;H;LCHC   S

N;G<CZH FIM @;=NIL?M =IGOH?M ; >CMNCHN;M N?L;JC;M ?MJ?=[@C=;M ?;NMIH   B;H?H

  ';H; ?N ;F    '?HT?HQ?A?L  ;MNLI   'CP?MF?S  ; 2HOE ?N ;F 

  5;H;LCHC   MC?H>I JLCILCN;LC; MO ;JFC=;=C]H ?H ?F =L[NC=I J?LCI>I >? F;

 
;>IF?M=?H=C; CMECH    'IM I<D?NCPIM >? =O;FKOC?L JMC=IN?L;JC; MIH L?>O=CL I

?FCGCH;L F; =IH>O=N; MOC=C>; 'CH?B;H ; ;JL?H>?L ?MNL;N?AC;M J;L; NIF?L;L F;

@LOMNL;=C]HSL?AOF;L?GI=CIH?M!;LMN;>(="?IQHPIH-;HMIH >?M;LLIFF;L

;FA_HNCJI>?;=NCPC>;>_NCFS@;=CFCN;L?FMO?\I%IBHMNIH  

RCMN?H JIL _FNCGI JLIAL;G;M JMC=I?>O=;NCPIM ?MJ?=[@C=;G?HN? >CLCAC>IM ;

@;GCFC;L?M S ;GCAIM >? J;=C?HN?M =IH /'+ KO? ?H FIM ?MN;>[IM CHC=C;F?M >?F NL;MNILHI

FF?A;H;MIJILN;LOHHCP?F>??MNLZMMOJ?LCIL;F?RJ?LCG?HN;>IJIL;GCAIMS@;GCFC;L?M

>? D]P?H?M =IH INL;M ?H@?LG?>;>?M AL;P?M =IGI ?F =WH=?L .?CA?LG;H ?N ;F     

HNL? FIM JLIAL;G;M GWM =IHI=C>IM >? ?MN? NCJI M? ?H=O?HNL; ?F >? IH?RCIH?M

!;GCFC;L?M#I@@G;H?N;F  #I@@G;H!LOTT?NNCON?;O =?HNL;>I?H?F

;JL?H>CT;D?>??MNL;N?AC;M_NCF?MJ;L;?FFIMGCMGIMSJ;L;L?=IL>WLM?F;M;FJ;=C?HN?KO?

F?M J?LGCN;H L?>O=CL MO G;F?MN;L ?PCN;L =C?LN;M L?;==CIH?M S @ILN;F?=?L F; =;J;=C>;> >?

;@LIHN;GC?HNI ?H FIM GIG?HNIM >? =LCMCM ';LLCPZ?   (CFF?L -;NBOM  'CH?B;H

  <IL>;LALOJ;FG?HN?;FIM=OC>;>IL?M>?FJ;=C?HN?/'+SJLCILCT;LMO<C?H?MN;L

NC?H?OHCGJ;=NIGOSJIMCNCPIJ;L;?FFIMCH=FOMI=O;H>I?FALOJI?MFF?P;>IJILINLIM

@;GCFC;L?M =IH OH <O?H G;H?DI JLW=NC=I >? ?MNL;N?AC;M M?A_H OH L?=C?HN? ?MNO>CI

JL?FCGCH;L(;LNCH#IFT2II>Q;L>;G?LIH   =IHNCHO;=C]HM?>?M=LC<?H

F;M=;L;=N?L[MNC=;M>?F;MJLCH=CJ;F?MJMC=IN?L;JC;M?MJ?=[@C=;M?CH?MJ?=[@C=;MKO??RCMN?H

J;L;NL;N;L/'+ 

#  

';/?L;JC;C;FZ=NC=IIH>O=NO;FI/( ( 'CH?B;H ; <?MOH;

P?LMC]HGI>C@C=;>;>?F;N?L;JC;=IAHCNCPI =IH>O=NO;F=IH;JILN;=CIH?M>?F;@CFIMI@[;

>C;FZ=NC=; S >? F; JLW=NC=; T?H  ?M>? ?MN; N?IL[; F; AZH?MCM >?F /'+ M? JLI>O=? ?H

CH>CPC>OIM ;FN;G?HN? M?HMC<F?M MIG?NC>IM ; OH ?HNILHI CHP;FC>;HN? ?H ?F KO? F;M

 
J?LMIH;M KO? F?M LI>?;H @;GCFC; =IF?ACI NL;<;DI HI J?L=C<?H HI ?HNC?H>?H HI

L?MJIH>?H>?@ILG;;>?=O;>;ICH=FOMI=;MNCA;HMOMH?=?MC>;>?MS=IGI=IHM?=O?H=C;

HI >?M;LLIFF;H F; B;<CFC>;> J;L; L?AOF;L MOM JLIJC;M ?GI=CIH?M  =NO;FG?HN? ?M F;

JMC=IN?L;JC;G?DIL?MN;<F?=C>;SGWM?RN?H>C>;?H?FNL;N;GC?HNI>?F/'+=IHGWM>?

?HM;SIM=F[HC=IMKO?;P;F;HMO?@C=;=C;&FC?G&L^A?L&IM@?F>?L 'CH?B;H

?N;F  *O>?N;F  +;HIM%;=EMIH#;M;H+;HIM .IF?L?N;F  

 .N?JJ JF?L%;BHA/LOFF   FJLIAL;G;/JLCILCT;F;L?>O==C]H>?F;

=IH>O=N; ;ONIF?MCP; S I MOC=C>; S JIMN?LCILG?HN? =;J;=CN; ;F CH>CPC>OI J;L; F;

L?AOF;=C]H?GI=CIH;FSF;ML?F;=CIH?MMI=C;F?M;NL;PZM>?=IGJIH?HN?MN?L;JZONC=IM

JLCH=CJ;F?MM?MCIH?MCH>CPC>O;F?M?HNL?H;GC?HNIALOJ;FM?G;H;F>:?57F=?6DD?@C=;=C;

CHN?LJ?LMIH;F NIF?L;H=C; >? G;F?MN;L S L?AOF;=C]H ?GI=CIH;F 4@249:?8 N?F?@]HC=I ;

>?G;H>;SL?OHCIH?M?HNL?JLI@?MCIH;F?M  HMO=IHDOHNI?MNIMOJIH?OHG[HCGI>?

BIL;M >? N?L;JC; ; F; M?G;H; FI KO? DOHNI =IH F; F;LA; >OL;=C]H >?F JLIAL;G; 

M?G;H;M  M?AOCGC?HNI S F; =IGJF?DC>;> >? F; @ILG;=C]H KO? L?KOC?L?H FIM

JLI@?MCIH;F?M KO? KOC?L;H CGJ;LNCLF; A?H?L; =IHNLIP?LMC; BIC  &F;CH ?N ;F   

MI<L?NI>IJILKO?M?B;PCMNIKO?GO=BIMJ;=C?HN?MG?DIL;HMCHH?=?MC>;>>?;JFC=;L?F

JLIAL;G; =IGJF?NI ;OHKO? ?MNI L?>OT=; J;L=C;FG?HN? MO ?@C=;=C; 'CH?B;H ?N ;F 

  M[JO?MB;HJLIFC@?L;>IHOG?LIM;M;>;JN;=CIH?M>?F;/=IH?HNL?H;GC?HNI

?H B;<CFC>;>?M 'CH?B;H ?N ;F    / J;L; ;>IF?M=?HN?M (?;H?S /;P;L?M 

#;MECHA -;NBOM(CFF?L /J;L;;<OMI>?MOMN;H=C;M'??;G?LIH

%?HH?L /J;L;NL;MNILHIM>?F;=IH>O=N;;FCG?HN;LC;&L^A?L?N;F  

/ J;L; ?F NL;MNILHI >? ?MNLZM JIMNL;OGWNC=I ;LHC=IN  +LC?<?   I / =IH

?HNL?H;GC?HNI ?H B;<CFC>;>?M J;L; F; @;GCFC; /  !./ !LOTT?NNC .;HNCMN?<;H 

#I@@G;H  

 
 "$ 

'; /?L;JC; <;M;>; ?H F; (?HN;FCT;=C]H I /( ;N?G;H  !IH;AS  ;

;>IJN; OH ?H@IKO? JMC=I>CHWGC=I ?HL;CT;>I ?H ?F MCMN?G; >? ;J?AI J;L; ?HN?H>?L F;

>C@OMC]H>?F?MN;>IG?HN;F>?OHIGCMGIS>?FINLI=IGI<;M?>?F>?M;LLIFFI>?F/'+

J;L;;FAOHIM;ONIL?MNI>;MF;MN?L;JC;MJ;L;/'+>?<?L[;HCH=FOCL?MN?NCJI>??H@IKO?

SLH?  A;H    F <;DI OG<L;F >? ;=NCP;=C]H KO? JL?M?HN;H FIM J;=C?HN?M =IH

;J?AI>?NCJICHM?AOLII>?MILA;HCT;>IL?>O=CL[;MO=;J;=C>;>J;L;G?HN;FCT;LS>;L[;

FOA;L ; G;FCHN?LJL?N;=CIH?M =IHN;ACI >? FIM ?MN;>IM G?HN;F?M ;D?HIM S F; >?M?MJ?L;>;

H?=?MC>;>>?L?=C<CLGO?MNL;M>?;@?=NI  MNIAO;L>;L[;L?F;=C]H=IHOH;>C@C=OFN;>J;L;

>C@?L?H=C;L FIM J?HM;GC?HNIM M?HNCGC?HNIM >?M?IM ? CHN?H=CIH?M JLIJC;M >? F;M >? FIM

>?GWM  ?M>? ?MN? ?H@IKO? F;M NZ=HC=;M I ?RJFC=;=CIH?M ?H M[ GCMG;M HI M?L[;H N;H

CGJILN;HN?M =IGI F; B;<CFC>;> G?HN;FCT;>IL; KO? M? A?H?L; ?H F; L?F;=C]H N?L;J?ON;

J;=C?HN? OH; L?F;=C]H N?L;JZONC=; =WFC>; ?GJWNC=; S P;FC>;HN? >?HNLI >? OH =IHN?RNI

M?AOLI S @F?RC<F? =;J;=CN;L[; ;F J;=C?HN? J;L; J?HM;L S ?RJL?M;LM? ;>?=O;>;G?HN? ?H

JIMN?LCIL?M MCNO;=CIH?M >? ?MNLZM L?F;=CIH;F ;N?G;H  !IH;AS    F JLIAL;G;

CH=FOS?M?MCIH?MCH>CPC>O;F?M?FN?L;J?ON;>?<?GIMNL;LGWM=OLCIMC>;>JIL?F?MN;>I>?F

J;=C?HN? KO? =IHI=CGC?HNI ALOJ;F?M JMC=I>L;G; S M?MCIH?M =IGOHCN;LC;M  .?A_H

>CMNCHN;ML?PCMCIH?MMCMN?GWNC=;MF;/(?M?FNCJI>?;<IL>;D?KO?>?MJOZM>?F;/

=O?HN; =IH OH G;SIL H_G?LI >? ?MNO>CIM KO? ;P;F;H MO ?@C=;=C; LCMN?; ?N ;F   

&P;LMN?CH?N;F  ';H; +;LCM ;B;>?GIMNL;>IL?>O=CLF;AL;P?>;>>?

FIM M[HNIG;M /'+ ;M[ =IGI F; N;M; >? MOC=C>CI ?F OMI >? M?LPC=CIM M;HCN;LCIM S >?

G?>C=;=C]H S F; @OH=CIH;FC>;> AFI<;F >? FIM J;=C?HN?M ;N?G;H  !IH;AS  

L`H? CG;AACI  >?F   !IH;AS  'OSN?H    RCMN?H ;>;JN;=CIH?M

N;G<CZH >? F; /?L;JC; <;M;>; ?H F; (?HN;FCT;=C]H +L;>; ?N ;F    -IMMIOQ 

!IH;AS  

 
 

';/?L;JC;>? MKO?G;M?M>??H@IKO?=IAHCNCPI4IOHA&FIMEI2?CMB;;L

  S ;FO>? ; OH; L?F;=C]H =;OM;F ?HNL? F;M JLCG?L;M ?RJ?LC?H=C;M H?A;NCP;M >? F;

CH@;H=C;SF;M=L??H=C;M?LL]H?;MMI<L?OHIGCMGI=IGI?RJFC=;=C]H>?F/'+  MN?NCJI

>? ;<IL>;D? M? @I=;FCT; ?H A?H?L;L =;G<CIM ?H F; ?MNLO=NOL; >? F; J?LMIH;FC>;> >?F

J;=C?HN? ; J;LNCL >? F;M >C@C=OFN;>?M H;NOL;F?M >? =O;FKOC?L MCNO;=C]H =INC>C;H;

MCLPCZH>IM?>?F;L?F;=C]HN?L;JZONC=;S>?;FAOH;M?RJ?LC?H=C;MNL;OGWNC=;M>?FJ;M;>I

J;L; GI>?L;L MOM L?;==CIH?M S G?DIL;L F; L?F;=C]H =IH FIM >?GWM  F OMI >? NZ=HC=;M

?GI=CIH;F?M JLIJC;M >? ?MN; N?L;JC; JIL ?D?GJFI G?NW@IL;M G?>CN;=C]H I C@=6

A=2J:?8D;SO>;;FJ;=C?HN?;FC<?L;LPC?DIM?MKO?G;M>CM@OH=CIH;F?MS;MOMNCNOCLFIMJIL

=IAHC=CIH?M?GI=CIH?MS=IGJILN;GC?HNIMGWMM;HIMKO?F?J?LGCN?H@OH=CIH;LG?DIL 

';M M?MCIH?M MIH B;<CNO;FG?HN? CH>CPC>O;F?M ;OHKO? ?RCMN? OH G;HO;F J;L; JI>?L

;JFC=;LF;M>?G;H?L;ALOJ;FSNC?H?HFOA;LOH;I>IMP?=?MJILM?G;H;MC?H>IJL?GCM;

KO??FJ;=C?HN?L?=C<;;JISI?HNL?M?MCIH?MJILJ;LN?>?FN?L;J?ON;?H=;MI>?=LCMCMI

>?M?MN;<CFCT;=C]H ?GI=CIH;F LHNT  P;H "?H>?L?H    '; /  B; >?GIMNL;>I

G?DIL;LF;MCHNIG;NIFIA[;/'+F;@OH=CIH;FC>;>=INC>C;H;SF;=;FC>;>>?PC>;>?FIM

J;=C?HN?M.?GJZLN?AOC&;LL?G;HLHNT?EE?L FIM=;G<CIMM?G;HNC?H?H

>?MJOZM >? OH ;\I >? M?AOCGC?HNI "C?M?H FII ?N ;F    J?LI ?F H_G?LI >?

?MNO>CIM MI<L? F; ?@C=;=C; >? ?MN? ?H@IKO? N?L;JZONC=I MCAO? MC?H>I ?M=;MI &?FFIAA 

4IOHA );>ILN?N;F   

 
" 

'; /?L;JC; @I=;FCT;>; ?H F; /L;HM@?L?H=C; I /!+ 4?IG;HM   ?GJF?;

>C@?L?HN?M=IH=?JNIMSNZ=HC=;MJMC=I>CHWGC=;MKO?B;HMC>IGI>C@C=;>;MSILA;HCT;>;M

>?HNLI >? OH ?H@IKO? MCMN?GWNC=I J;L; ;<IL>;L ?F /'+ S INLIM NL;MNILHIM >? F;

J?LMIH;FC>;> >? @ILG; ?MJ?=[@C=;  ?M>? ?MN? ?H@IKO? F; @;FN; >? =IB?L?H=C; ?HNL? F;

?RJ?LC?H=C; CH>CPC>O;F S ?F ?HN?H>CGC?HNI >? OHI GCMGI L?MJ?=NI ; FIM >?GWM

JLIPI=;L[;CHN?HMC>;>?GI=CIH;FG?=;HCMGIM>?>?@?HM;JLCGCNCPIMS;AL?MCPC>;>B;=C;

OHIGCMGISB;=C;INLIMM[HNIG;MNI>IM?FFIMJLIJCIM>?F/'+FIKO?CGJ?>CL[;KO?F;

C>?HNC>;>M?>?@CHC?L; OL;HN??FNL;N;GC?HNIA?H?L;FG?HN?>?HNLI>?FWG<CNIJLCP;>I

MOLA?H MCNO;=CIH?M H;NOL;F?M I ?F N?L;J?ON; F;M JLIPI=; KO? CH=CN;H ?GI=CIH?M

H?A;NCP;M ? CHN?HM;M ?H ?F J;=C?HN?  F N?L;J?ON; =F;LC@C=; =IH@LIHN; ? CHN?LJL?N; FI

I=OLLC>I>?HNLI>?OH?HNILHI;=IA?>ILS;ONZHNC=IKO?;=NCP;?H?FJ;=C?HN?OHJLI=?MI

>? CHN?L;==C]H S ?M=O=B; ?GI=CIH;F KO? @;PIL?=? ?F GIF>?;GC?HNI CHN?L;==CIH;F S F;

PCMC]HKO?NC?H?HFIMJ;=C?HN?M>?M[GCMGIM ';MM?MCIH?MMIH=;L;;=;L;SNC?H?HFOA;L

>IMP?=?MJILM?G;H;J?LIHIM?I@L?=?CHN?LP?H=C]HALOJ;F@;GCFC;LIG;H?DI>?=;MIM

S?MG?HIMCHN?HMCP;KO?F;M;HN?LCIL?M ';/!/;OG?HN;F;=;J;=C>;>>?G?HN;FCT;=C]H

;NL;PZM>?OH<O?HP[H=OFIN?L;JZONC=ISG;HNC?H?<O?HIML?MOFN;>IMMI<L?FIMM[HNIG;M

>? /'+ M?A_H F; G;SIL[; >? ?MNO>CIM JO<FC=;>IM F;LECH ?N ;F    I?LCHA ?N ;F 

 '?PS?N;F  4?IG;HM'?PS;FCAIL ;OHKO??H;FAOHI>??FFIM

HI MOJ?L] FIM L?MOFN;>IM >?F ALOJI >? =IGJ;L;=C]H "C?M?H FII ?N ;F     IGI

I=OLL?=IHF;M>?GWMJMC=IN?L;JC;M?MJ?=[@C=;M?MN;N;G<CZH=O?HN;=IHOH;;>;JN;=C]H

J;L;;>IF?M=?HN?M!I?FM=B*>IG&?LH<?LA  

 
  $!  $   

F ?HNL?H;GC?HNI J;L; F; -?AOF;=C]H GI=CIH;F S F; .IFO=C]H >? +LI<F?G;M I

./ ++.FOG?N;F  ?MOHJLIAL;G;>?ILC?HN;=C]H=IAHCNCPI =IGJILN;G?HN;F

KO? J?M? ; HI L?JL?M?HN;L OH NL;N;GC?HNI =IGJF?NI MO OMI =IH=IGCN;HN? =IH INL;M

JMC=IN?L;JC;MJ;L;?F;<IL>;D?>?F/'+?MNWGOS?RN?H>C>I>?<C>I;MOG;HO;FCT;=C]H

<L?P?>;> S ;>;JN;<CFC>;> J;L; >CMNCHNIM NCJIM >? J;=C?HN?M /'+ ";L=[; ']J?T ?N ;F 

  .OJLIAL;G;=IHMN;>?@;M?M?HF;JLCG?L;M??HNL?H;OH;M?LC?>?#;<CFC>;>?M

<WMC=;M CMN;H=C;GC?HNI IGOHC=;=C]H -?NI CMNL;==C]H @LIHN;GC?HNI >?

JLI<F?G;M MN;<F?=CGC?HNI>?(?N;MFCG?HN;=C]H.O?\I D?L=C=CI@[MC=I*=CI?N=

S?HF;M?AOH>;@;M?M?L?@O?LT;SJLI@OH>CT;?H?FNL;<;DIJL?PCI  FI<D?NCPI?M?>O=;L

; >CMNCHNIM GC?G<LIM >? F; @;GCFC; ;FF?A;>IM S ; FIM JLIJCIM N?L;J?ON;M MI<L? =]GI

AOC;L?CHN?L;=NO;L=IH?FJ;=C?HN?/'+  F@ILG;NI>?N?L;JC;?M?R=FOMCP;G?HN?ALOJ;F

J?LIM?L?=IGC?H>;;MI=C;LM?MCIH?MCH>CPC>O;F?MIG?>C=;=C]HB;G<F?MM?N;F   

F JLIAL;G; ./ ++. >CMGCHOS? F; =IH>O=N; J;L;MOC=C>; F;=E ?N ;F    "L;NT

';=LI=?"OH>?LMIH SG?DIL;?F@OH=CIH;GC?HNIAFI<;F>?FJ;=C?HN??H=O;HNI

; MCHNIG;NIFIA[; =IH>O=NO;F S ;@?=NCP; S PCMCN;M ; OLA?H=C;M "L;NT ?N ;F     'IM

L?MOFN;>IM J;L; ?MN; N?L;JC; MIH L;TIH;<F?G?HN? <O?HIM J?LI HI MOJ?LCIL?M ; FIM >?F

ALOJI=IHNLIFLCMN?;?N;F  *O>?N;F   

+?M? ; F; ;GJFC; I@?LN; N?L;JZONC=; KO? ?RCMN? J;L; NL;N;L ?F /'+ F; JLIJC;

H;NOL;F?T;>?FNL;MNILHI>C@C=OFN;MO;<IL>;D?&L;QCNT2;NMIH ';H;"IHT;F?M

(CL;J?CR .N?P?HMIH(?;L?MqHA?FI  'IMJLCH=CJ;F?MI<MNW=OFIM;F;

BIL; >? CHN?LP?HCL =IH ?MNIM J;=C?HN?M MIH F; B?N?LIA?H?C>;> >? M[HNIG;M #OGG?F?H

2CF<?LA&;LN?LO> %IB;HM?H&;LN?LO>+?>?LM?H"O>?!;FEOG MO

=IHNCHO; ;J;LC=C]H >?M;J;LC=C]H (?;H?S ?N ;F    F; =IGIL<CFC>;> =IH INL;M

JMC=IJ;NIFIA[;M 5CGG?LG;H ?N ;F    F; P;LC;<CFC>;> ?H ?F NCJI >? >?G;H>;M

5;H;LCHC S?F>C@[=CFNL;NIJ?LMIH;FKO?=;L;=N?LCT;;?MNIMJ;=C?HN?M=;OM;HN?>?

 
L?=B;TI ?HNL? FIM JLI@?MCIH;F?M F;S   F J;=C?HN? =IH /'+ >; F; CGJL?MC]H >?

?MN;L MC?GJL? ?H =LCMCM S >? HI L?=OJ?L;LM? HOH=; JO?M ?M ?R=FOMCP;G?HN? ?H ?MNIM

GIG?HNIM=O;H>IMO?F?J?>CL;SO>;;ONIF?MCIH?M=IH>O=N;MOC=C>;?CGJOFMCPC>;>?H

A?H?L;FPCL;GLI>MES.N;HF?S &?;FS*ALI>HC=TOE   MNIDOHNI

=IHNI>IFI;HN?LCILDOMNC@C=;?HAL;HJ;LN??F?MNCAG;KO?LI>?;;?MNIMJ;=C?HN?M?HFIM

M?LPC=CIM>?M;FO>G?HN;FI>H?L?N;F  &;?MM?N;F  <5;B??L?N;F   

+ILMC@O?L;JI=I?F >?FIMJ;=C?HN?M=IH/'+KO?MIFC=CN;HNL;N;GC?HNIHIFF?A;H;

CHC=C;LFI I HI F?M @OH=CIH; ';H;   ?HNL? OH   FI ;<;H>IH; ';H>?M

B;FE?LIGNICM S?F FICH=OGJF?-O<CIS+ZL?T  

)II<MN;HN??RCMN?HN;G<CZHCH>C=;>IL?M>?ZRCNI?H?FNL;N;GC?HNI;FAOHIMMIH

L?F;NCPIM;FJ;=C?HN?=IGI?FHCP?F>?>?N?LCILI?H?F@OH=CIH;GC?HNIAFI<;F;G?HIL

>?N?LCILI G?DIL JLIH]MNC=I BC?M;  !IH;AS   F; M?P?LC>;> >? M[HNIG;M ;

G;SIL M?P?LC>;> CHC=C;F >? M[HNIG;M G?DIL?M L?MOFN;>IM ;LHC=IN ?N ;F    N?H?L

OH =I=C?HN? CHN?F?=NO;F ;FNI .NIH?   F; ;OM?H=C; >? L;MAIM H;L=CMCMN;M +F;EOH

 IKO?F;M?RJ?=N;NCP;ML?MJ?=NI;F;N?L;JC;M?;HJIMCNCP;M%;=I<MIH;O=IG

 *NLIM@;=NIL?MM?L?F;=CIH;H=IH?FNL;N;GC?HNIJIL?D?GJFIF;>CMJIHC<CFC>;>>?

OH?MJ;=CICH>CPC>O;FSM?AOLIKO?@;=CFCN?F;=IGJL?HMC]H>?FCGCN;=CIH?MS@ILN;F?T;M

>?F J;=C?HN? !CH?<?LA #O %  )OFF )?OMN>N?L .;EB?CG  ILF?NN   F;M

=;L;=N?L[MNC=;M J?LMIH;F?M >?F N?L;J?ON; ?ONF?L .IG?;B &CGJ;L;  (CFF?L  

LCNM BLCMNIJB(CHNT  %iLA?HM?H?N;F  /ILL?M+;>CFF;(;LNCH?T(;LN[H

MJCH%;CG?%CGZH?TLLC?LI =IGIMO=;J;=C>;>J;L;=IH?=N;L=IH?FJ;=C?HN?

S ;F=;HT;L OH; <O?H; ;FC;HT; N?L;JZONC=; ;LHC=IN ?N ;F    #ILP;NB ?F -?

!F`=ECA?L  .SGIH>M   .NLCHA?L P;H (?CD?F &I?EEI?E &?LEBI@  ??EG;H

 SKO?F;;JFC=;=C]H>?FNL;N;GC?HNIM?;@C>?FCT;>;;J;LNCL>?OHG;HO;FOLF;E

O+L?    F @IG?HNI >? BW<CNIM M;FO>;<F?M >?M>? OH; ?>;> N?GJL;H; S F;

  
CGJFC=;=C]H @;GCFC;L ?H ?F JLI=?MI N?L;JZONC=I 2IFE &?H>;FF  ?C>;M  

N;G<CZH @;PIL?=?H F; I<N?H=C]H >? <O?HIM L?MOFN;>IM ?H JMC=IN?L;JC; CMECH +;LCM

-?H;O> -;T  5?FEIQCNT   B;H?H   (CFF?L ?N ;F    -O<CI S +ZL?T

  GC?HNL;M KO? F; @;FN; >? LONCH;M M;H;M >C@C=OFN; F; L?=OJ?L;=C]H JMC=IMI=C;F >?F

J;=C?HN? /'+ !L;HE?H<OLA  5;H;LCHC   &?OLIABFC;H !L;HE?H<OLA  5;H;LCHC

  

+;L?=? KO? F; G?DIL @]LGOF; ?H JMC=IN?L;JC; ?M F; =IG<CH;=C]H >? M?MCIH?M

ALOJ;F?M CH>CPC>O;F?M S @;GCFC;L?M S MC ?RCMN? LC?MAI MOC=C>; ;OG?HN;L ?F H_G?LI >?

M?MCIH?MCH>CPC>O;F?MS IB;=?LFF;G;>;MN?F?@]HC=;M?HNL?F;M=CN;M1;F?HNCH?;HEI@@

+IOFCH -?C>F?L  +;HN;FIH?    .?A_H ;FAOHIM ;ONIL?M F; BIMJCN;FCT;=C]H >? OH

J;=C?HN? =IH /'+ JI>L[; I=;MCIH;L GWM >;\I KO? <?H?@C=CI 'CH?B;H ; +;LCM

  J?LI MC ?H ;FA_H GIG?HNI @O?L; H?=?M;LCI OH CHAL?MI BIMJCN;F;LCI ?MN? >?<?L[;

M?L MIFI J;L=C;F  R=?FF?H=?   !ILOG >? .;FO> (?HN;F S AZH=C; >[H@ILG;=C]

  S FI GWM <L?P? JIMC<F? G?LC=;H +MS=BC;NLC= MMI=C;NCIH   &L;QCNT 

2;NMIH   %IBH " "OH>?LMIH   JLIJIH? OH ?MKO?G; ;MCMN?H=C;F <WMC=I

?MNLO=NOL;>I?H=O;NLIHCP?F?MM?A_H?FHCP?F>?AL;P?>;>>?FNL;MNILHI>?J?LMIH;FC>;>

$/L;N;GC?HNI;G<OF;NILCI$$/L;N;GC?HNI;G<OF;NILCICHN?HMCPI BIL;M M?G;H;

$$$ #IMJCN;FCT;=C]H J;L=C;F BIMJCN;F >? >[;   BIL;M >[; S $1 #IMJCN;FCT;=C]H

=IGJF?N;  BIL;M >[;  +IL N;HNI J;L; L?>O=CL F; M?P?LC>;> >? M[HNIG;M S G?DIL;L F;

@OH=CIH;FC>;> ?H D]P?H?M S ;>IF?M=?HN?M /'+ ?M L?=IG?H>;<F? ;JFC=;L OH JLIAL;G;

?MNLO=NOL;>I;G<OF;NILCIJL?=IT?MJ?=[@C=ICHN?HMCPI?ONF?L?N;F  %iLA?HM?H

?N ;F    .NLCHA?L ?N ;F    /ILL?M +;>CFF; (;LNCH?T (;LN[H MJCH %;CG? 

%CGZH?T LLC?LI   ?M=;FIH;>I +;LCM   S HI JLIFIHA;>I ?H ?F NC?GJI

LC=E?FF  +?LII@L?=?LOH;<IL>;D?=IGI?FKO?M?;=;<;>?>?M=LC<CL>?G;H?L;

JF;HC@C=;>;S=IIL>CH;>;?MCHPC;<F?>?HNLI>?F;L?>M;HCN;LC;GC?HNL;MHIM?>CMJIHA;

  
>? OH JLIAL;G; >CLCAC>I ; FIM J;=C?HN?M KO? GO?MNL;H FIM JLCG?LIM M[HNIG;M >? /'+

 R=?FF?H=? !ILOG>?.;FO>(?HN;FSAZH=C;>[H@ILG;=C] 

",7(60(*D40*(

';/?L;JC;$=]HC=;?MOHNCJI>?CHN?LP?H=C]HJMC=IF]AC=;>??H@IKO?CHN?AL;>IL

>CLCAC>; ; J?LMIH;M ;FN;G?HN? M?HMC<F?M S I ?GI=CIH;FG?HN? CH?MN;<F?M KO? ?H =;MIM

M?P?LIMJO?>?H;F=;HT;LOH>C;AH]MNC=I>?/'+  MN;N?L;JC;;JILN;MOJLIJCIGI>?FI

?RJFC=;NCPI MI<L? FIM @;=NIL?M S JLI=?MIM KO? MO<S;=?H ; F; =IH>O=N; CH?MN;<F?

DOMNC@C=;>I >?M>? FIM G;HO;F?M .( $1 /- S .(  S I@L?=? ;>?GWM OH GI>?FI

NL;HM>C;AH]MNC=I J;L; CHN?LP?HCL MI<L? F; >CML?AOF;=C]H ?GI=CIH;F S ?F >?M;DOMN? MI=C;F

>? F;M J?LMIH;M CH?MN;<F?M S >? MOM @;GCFC;M  +;L; ?FFI ONCFCT; OH; M?LC? >? JLCH=CJCIM

N?L;JZONC=IM JLI=?>?HN?M >? >C@?L?HN?M ?H@IKO?M N?]LC=IM G;SILG?HN? F; /

P;FC>;=C]H S ;=?JN;=C]H >? F; J?LMIH; =IGI GINIL >? =;G<CI =IH >CMJIHC<CFC>;> >?F

N?L;J?ON;?H=;MI>?=LCMCMS./ ++.JMC=I?>O=;=C]HNL;N;GC?HNI?H>IM@;M?MSOMI

>? OH F?HAO;D? =IG_H ;OHKO? N;G<CZH JO?>?H L?=IHI=?LM? ?F?G?HNIM >? INL;M

JMC=IN?L;JC;M =IGI F; <;M;>; ?H (?HN;FCT;=C]H :?D:89E J;L; F; >?M;=NCP;=C]H >?

L?MJO?MN;MJLI<F?GWNC=;M MKO?G;MMOMNCNO=C]H>?PC?DIMJ;NLIH?M>?J?HM;GC?HNIJIL

CGWA?H?M S G?NW@IL;M KO? MOM=CN;H =L??H=C;M ?GI=CIH?M S =IH>O=N;M ;>;JN;NCP;M

@I=;FCT;>;?HF;/L;HM@?L?H=C;;HWFCMCM>?MCNO;=CIH?M>C@[=CF?MKO?MOLA?H?H?F=IHN?RNI

>? F; N?L;JC; S >?MJC?LN;H F; ;AL?MCPC>;> >?F J;=C?HN? S G;NC=?M >? ILC?HN;=CIH?M GWM

A?H?L;FCMN;M =IGI F; .CMNZGC=; CGJFC=;=C]H @;GCFC;L IAHCNCPCMN; L;TIH;GC?HNI

MI=LWNC=IS>CMN;H=C;GC?HNI?GI=CIH;F#OG;HCMN;L?=OJ?L;=C]H>?L?=OLMIMH;NOL;F?M

J;L; M;H;L I "?MN;FN o;KO[ S ;BIL;p =IGI ?MNCFI >? PC>;  /;F?M JLCH=CJCIM HI MIH

;HN;A]HC=IMSM??H=O?HNL;HCHN?AL;>IMSL?JL?M?HN;>IM?HCGWA?H?MIC=IHIM>?HNLI

>?FGI>?FI>?/?L;JC;$=]HC=;>?;B[MO>?HIGCH;=C]H  FBCFI=IH>O=NIL>??MN?NCJI

>? ;<IL>;D? =IHMCMN? ?H L?=OJ?L;L F; =;J;=C>;> >? J?HM;GC?HNI L?@F?RCPI S =IHM=C?HN?

  
>?F J;=C?HN? ; J;LNCL >?F MCG<IFCMGI >? FIM C=IHIM CGWA?H?M ?GI=CIH;FG?HN? H?ONL;M

KO?;SO>;H;FJ;=C?HN?;=IGJL?H>?L;=?JN;LSL?MIFP?L>C@C=OFN;>?M>?F>[;;>[;JILF;

M?H=CFF?T >? FIM =IH=?JNIM KO? L?JL?M?HN;H  IGI L?KOCMCNI J;L; KO? ?MNI I=OLL; ?F

JLI@?MCIH;F >?<? AOC;L S ;=IGJ;\;L ;F J;=C?HN? G?>C;HN? ?F OMI >? L;TIH;GC?HNI

MI=LWNC=I >?M>? F; CG;A?H ;MZJNC=; B;MN; OH; =IH=FOMC]H MI<L? ?F G?DIL GI>I >?

L?MIFP?L =;>; JLI<F?G;  >?GWM >? ?MNI F; L?F;=C]H N?L;JZONC=; >?<? M?L =WFC>;

?GJWNC=;S;>;JN;>;;FLCNGI>?=;>;J;=C?HN?JO?MMIFI?HOH=IHN?RNI>?M?AOLC>;>S

;=?JN;=C]H M?LW ?MN? =;J;T >? ;<MNL;?LM? >? FIM C=IHIM S =IH?=N;L =IH ?RJ?LC?H=C;M

H?A;NCP;MJL?PC;M ';=IH?RC]H=IHOHIGCMGIS=IHFIM>?GWMJ;L?=?HM?L=F;P?J;L;

L?>O=CLF;M?HM;=C]H>?P;=[IN;HJLIJC;>?FJ;=C?HN?=IH/'+(CFF?L/IQHM?H>;S

"L?HS?L   ';MJLCH=CJ;F?MMCGCFCNO>?MS>C@?L?H=C;M?HNL?/?L;JC;$=]HC=;/

./ ++.SINL;MN?L;JC;MCHN?AL;NCP;MJO?>?HP?LM??HF;/;<F; 

 
&,-6,    6.2(.4&0*7 7.1.0.89)*7 < ).+*6*2(.&7 *286*    *6&4.& (C2.(& < 386&7

8*6&4.&7.28*,6&8.:&7

CARACTERÍSTICAS
de cada terapia TDC STEPPS TERAPIA OTRAS TERAPIAS
ICÓNICA INTEGRATIVAS
CONDUCTUAL
(+ filosofía dialéctica COGNITIVO- INTEGRADA Inespecífico
Enfoque teórico (base cognitivo- conductual)
+ práctica Zen) CONDUCTUAL
Psicoeducación Psicoeducación Psicoeducación Psicoeducación
++ ++ ++ +++
Contenido de las
sesiones Principios terapéuticos Principios terapéuticos Principios terapéuticos Enfoque interpersonal
(Insight , (Insight , (Insight , (Apoyo, Vínculo)
Validación, Validación, Validación,
Autoeficacia) Autoeficacia) Autoeficacia)

Manual de Poco estructurado Bastante estructurado Altamente estructurado Estructuración


terapia variable

Individual, grupal, Grupal Individual, grupal, Individual y familiar


Formato sesiones multifamiliar
familiar (recomendable también (recomendable también
individual) grupal)

Larga Media Corta Corta


Duración del (20-24 semanas
(8 meses (20 semanas (variable)
programa + 3 sesiones seguimiento)
+ seguimiento) +1 año de seguimiento)
Nivel de
Alta Alta Media Baja
Especialización
B
(Recomendable)
A C D Variable
Grado de (Muy recomendable para (Evidencia insuficiente)
(Ni recomendable ni (máximo C )
recomendación mujeres con intento suicidio desaconsejable)
repetido)


'; /?L;JC; $=]HC=; =IHMN; >? >IM ?F?G?HNIM <WMC=IM ?F GI>?FI CHN?AL;>I I

oG;J;p =IGI ?D? =?HNL;F >?F NL;N;GC?HNI S  C=IHIM KO? M? ;LNC=OF;H ?H NILHI ;F

GCMGI  F GI>?FI CHN?AL;>I I oG;J;p ?MNW MO<>CPC>C>I ?H >IM GI>?FIM I =CL=OCNIM

@OH=CIH;F?ML?JL?M?HN;>IM?H=IFIL?M>C@?L?HN?M

 (I>?FI?RFC=;NCPI>?F;=IH>O=N;CH?MN;<F?Io=CL=OCNI;G;LCFFIpKO?L?JL?M?HN;

F; BCJ]N?MCM >? @OH=CIH;GC?HNI >? F;M =IH>O=N;M CH;>;JN;>;M ?NCIFIA[; @;=NIL?M S

G?=;HCMGIMKO?FIG;HNC?H?H 

 (I>?FI N?L;JZONC=I I o=CL=OCNI P?L>?p KO? =IHNC?H? FIM JLCH=CJCIM S NZ=HC=;M

KO?;SO>;H;FJ;=C?HN?;L?AOF;LMOM?GI=CIH?M?H=IHNL;LMIFO=CIH?MS>CLCACLM?B;=C;

OH;G?N;PCN;F 

F;OHC]H>?;G<IMGI>?FIMI=CL=OCNIMG?>C;HN?OH;@F?=B;M?F?FF;G;oG;J;p>?

/?L;JC;$=]HC=;?FHIG<L?>?oG;J;p?MF;>?HIGCH;=C]HKO?>C?LIHFIMJLIJCIMJ;=C?HN?M

 
;F GI>?FI CHN?AL;>I JILKO? HIN;<;H KO? JI>[;H O<C=;LM? ?H ?F S >CLCACLM? >?M>? F;M

=IH>O=N;MCH;>;JN;>;MGI>?FI?RJFC=;NCPIB;=C;F;M?MNL;N?AC;M>?;@LIHN;GC?HNISF;G?N;

PCN;F GI>?FI N?L;JZONC=I MCAOC?H>I F;M @F?=B;M KO? AO[;H ?F JLI=?MI N?L;JZONC=I 1?L

!CAOL;  

42>;, 


VULNERABILIDAD META VITAL


-Pens. Dicotómico
-Esquemas cognitivos -
-Baja autoestima
Ilusión o expectativa
va
-Dependencia excesiva

Resp. compensatoria Frustración


Idealización-Persuasión Ansiedad
d

Enfriamiento

Frase llave
Autoagresión
A Heteroagresión
Escape
Afrontamientoo específic
específico
Pe
Pensamiento Pensamiento Pensamiento
“El Tiene la culpa” me olvido Automejora desde
“Yo
“Y no sirvo” Toma de Relación social:
“N puedo”
“No “¡Se va a enterar”! los errores
“L dejo todo”
“Lo Insultos, amenazas Conducta decisiones buscar acuerdos
Consumo tóxicos
•Conducta Gasto
Conducta:
Co Tr. Alimentación
•Insultos/ amenazas
Ayuno
Ay • Empujones/portazos Promiscuidad
Ai
Aislamiento Conducc. teme
Au
Autolesiones Objetivos en zig- zag

Nuevos problemas
N © Santiago, S.
Terapia Icónica
Solución
lucción
No elegidos en libertad Perseguir objetivos: manteterr ilus
ilusiones


3)*03.28*,6&)33F1&4&G)* *6&4.&(C2.(&13)*03*;40.(&8.:313)*038*6&4@98.(3

&@E3 35=3C3E@C;3 = V>3A3W 67 ,7C3A;3 "5P?;53 ;?5=FI7 7= >@67=@ 7HA=;53E;G@ 67 =3 5@?6F5E3 ;?7DE34=7
5;C5F;E@3>3C;==@7?DFA3CE7;JBF;7C63I7=>@67=@E7C3AMFE;5@5;C5F;E@G7C677?=3A3CE767C75:3$3
F?;P? 67 3>4@D >@67=@D 3 EC3GMD 67 =3 V8C3D7 ==3G7W I 7= V7?8C;3>;7?E@W 9FN3? 3= A35;7?E7 67D67 =3D
5@?6F5E3D67D363AE3E;G3D:35;3=3D@=F5;P?67=AC@4=7>3I=3>7E3G;E3=$@D3DA75E@D67GF=?7C34;=;636
C75F36C@D 7? C@D3 I 3>3C;==@ 57?EC@ I 7DBF;?3 DFA7C;@C ;JBF;7C63 67= V>3A3W 3A@CE3? ;?8@C>35;P?
5@>A=7>7?E3C;3D@4C7=@DC3D9@D67A7CD@?3=;636BF7DF4I357?3=3D5@?6F5E3D;?7DE34=7D


>?GWM>?F=CL=OCNI;G;LCFFIS?F=CL=OCNIP?L>??FoG;J;pL?=IA?OH;M?LC?>?

;MJ?=NIM >? POFH?L;<CFC>;> J?HM;GC?HNI >C=IN]GC=I ?MKO?G;M =IAHCNCPIM H?A;NCPIM

<;D;;ONI?MNCG;>?J?H>?H=C;?R=?MCP;<;D;NIF?L;H=C;;F;@LOMNL;=C]HS;HMC?>;>KO?

@;PIL?=?HIG;HNC?H?HF;J?LJ?NO;=C]H>?=IH>O=N;MCH?MN;<F?M=IGIJO?>?P?LM??HF;M

=;MCFF;M=IH?FL?<IL>?LIM;KO?;J;L?=?H?HF;!CAOL;  MNIM;MJ?=NIMM?NL;<;D;H=IH

 
?F L?MNI >? FIM C=IHIM >? F; N?L;JC; =IHMC>?L;>IM ;>S;=?HN?M ;F oG;J;p S >? FIM KO?

B;<F;L?GIM;=IHNCHO;=C]H  FoG;J;pM?=IHPC?LN?;M[?HOHFOA;L>?L?@?L?H=C;PCMO;F

KO? ?F J;=C?HN? N?LGCH; CHN?LCILCT;H>I S OM;H>I J;L; >?MJF;T;LM? PIFOHN;LC;G?HN? MCH

J?L>?LF;J?LMJ?=NCP;MI<L?M[GCMGIIJ;L;L??H=IHNL;LM?=;>;P?TKO?M?>?M?MN;<CFCT;

SL?NLI=?>?B;=C;?F=CL=OCNI;G;LCFFI .?A_H?FFIMGCMGIML?@C?L?HF;N?L;JC;F?M;SO>;;

NIG;L >CMN;H=C; L?MJ?=NI ; M[ GCMGIM ; M?HNCL =C?LNI =IHNLIF MI<L? MOM ?GI=CIH?M S ;

=IH?=N;L?MJIHNWH?;G?HN?=IHBCMNILC;MSL?=O?L>IM>?MOJ;M;>IKO?=I<L;HOHG;SIL

M?HNC>ISM?NIF?L;HG?DIL  MNIMO?F?L?MOFN;L?H=IH>O=N;MGWM;>;JN;NCP;M;>?GWM>?

=IH@?LCL ;F J;=C?HN? OH; M?HM;=C]H >? ;ONI?@C=;=C; KO? CHN?LLOGJ? MOMNCNOS? F;

;ONIG;NC=C>;> >? F; BCMNILC; JL?PC; >? @LOMNL;=C]H CGJOFMCPC>;> HO?PIM JLI<F?G;M S

GWM@LOMNL;=C]HKO?=;L;=N?LCT;;FJ;=C?HN?/'+LIQ?FF?N;F    H?FO;>LI 

M?>?M=LC<?H>C@?L?HN?MIJ=CIH?M>?>?MJF;T;GC?HNIMI<L??FoG;J;p 

>,/;9 37.'.0.)&)*7)*)*740&=&1.*28373'6**0F1&4&)*0& *6&4.&(C2.(&G


7D677=>@67=@7HA=;53E;G@67=35@?6F5E3;?7DE34=7=38CFDEC35;P?;>A=;537?EC3C7?7=5;C5F;E@3>3C;==@
+79Q?=3D53C35E7CNDE;53D67A7CD@?3=;6367H;DE;CN3?EC7D@A5;@?7D6767DA=3J3>;7?E@D@4C77=V>3A3W
,$>74,; <9-;0 69< :08<,7408=9< 802,=4?9<=@BF76;DC79F=3CN3I6;DA3C3CN3=33A3C;5;P?67DN?E@>3D
5=N?;5@D
*F>;35;P?;DC79F=35;P?">AF=D;G;636&F7G@D(C@4=7>3D%3I@C8CFDEC35;P?%LDCF>;35;P?U

- $0.>;;4; , 6,< ;0<:>0<=,< .97:08<,=9;4,< ;673=;J3C =@9C@D ?793C =3 C73=;636 @ >3?;AF=3C 3 =3D
A7CD@?3D67DF7?E@C?@BF7E7>A@C3=>7?E73IF63CN3?3C79F=3C7>@5;@?7DA7C@3=3=3C93==7G3CN3?67
GF7=E33=4F5=767D363AE3E;G@67=BF7D7;?E7?E343D3=;C

.",<,;,679/069=0;,:E>=4.9.4;.>4=9?0;/0ID79F;C7=D;9F;7?E7AC@57D@
%$&* %"$"$&!$%#'$') &$, !! 
FD53CF?35@9?;5;P?C7D;=;7?E78C3D7==3G7BF73IF67367E7?7CCF>;35;P?I353>4;3C6735E;EF6
+79F;63>7?E7FD3C7=6;DE3?5;3>;7?E@7>@5;@?3=7?8C;3>;7?E@A3C3EC3?BF;=;J3CD7
 %!$%&$&$! & &!%"+!#'!$%"&"$!
,@>3C675;D;@?7D5F3EC@53>;?@D
$=793C3F?35F7C6@EC36F5E@C9C3?@
AC7?67C67D67=@D7CC@C7DE7=M8@?@
( )$! ! %& %&!$!
-D3C=3EM5?;53V2;9239WBF7A7C>;E7357AE3C=@D;?7G;E34=7DC7EC@57D@DBF7;>A=;53E@6@AC@9C7D@
G;E3C537C7?7=V:@C313W;>AF=D;G@67=@9C3C>7E3D67>3D;36@3=E3D@A@5@C73=;DE3DBF7==7G3CN367
GF7=E33=4F5=7*F>;35;P?;DC79F=35;P?">AF=D;G;636&F7G@DAC@4=7>3D%3I@C8CFDEC35;P?U


 
70.,4=1:890-0*(*0D49,D70*(

';/?L;JC;$=]HC=;MOLA?>?F;JLW=NC=;=F[HC=;?H?F?HNLIMCMN?H=C;F.;H%O;H

>? CIM >? (WF;A;  H F; >Z=;>; >? FIM   ?F H_G?LI >? CHAL?MIM BIMJCN;F;LCIM JIL

CH?MN;<CFC>;> ?GI=CIH;F AL;P? ;OG?HN;<; S F; JMC=]FIA; .IF?>;> .;HNC;AI ']J?T

NL;<;D;>IL;>?F=?HNLIS=L?;>IL;>?F;N?L;JC;HIN;<;KO?FIMJ;=C?HN?M;MCGCF;<;HG;F

F;M M?MCIH?M S KO? MO ?PIFO=C]H ?L; F?HN;  H ?F CHN?HNI >? ?HN?H>?L FI KO? I=OLL[;

.IF?>;> ?GJ?T] ; L?F;=CIH;L F;M =IH>O=N;M CH?MN;<F?M >? MOM J;=C?HN?M ;ONIF?MCIH?M

J?F?;M@;GCFC;L?M;NL;=IH?M>?=IGC>;l?N==IHFIM;MJ?=NIM>?POFH?L;<CFC>;>KO?F;M

JL?=CJCN;<;H J?HM;GC?HNI >C=IN]GC=I <;D; ;ONI?MNCG; @LOMNL;=C]Hl?N= S F;M

=IHM?=O?H=C;M KO? ;=;LL?;<;H =;>; BCMNILC;F =IHN?H[; ?F =ILL?MJIH>C?HN? ;HWFCMCM

@OH=CIH;F>?F;=IH>O=N;CH?MN;<F?>??M?J;=C?HN? IHMN;<;H;FF[N;G<CZHFIMJLCH=CJCIM

INZ=HC=;MJMC=IF]AC=;MKO??H=;>;=;MIG?DILJ;L?=[;H;SO>;L;L?AOF;L?GI=CIH?MS

;;@LIHN;L>C@C=OFN;>?M;FAOH;M>??FF;M;GJFC;G?HN?=IHI=C>;M?H+MC=IFIA[;=IGIF;

@L;M? =F;P? >? "?H>FCH   F; L?MIFO=C]H >? JLI<F?G;M >? q5OLCFF;  "IF>@LC?>

   I B;<CFC>;>?M =IGJ?N?H=C;M MI=C;F?M ;>;JN;>;M J;L; J?LMIH;M =IH CH?MN;<CFC>;>

?GI=CIH;F S INL;M ?L;H ;JILN;=CIH?M JLIJC;M >? F;  =L?;>IL; >? F; N?L;JC; =IGI F;

NZ=HC=;>?F;JL?H>CT;D?>?M>?FIM?LLIL?MC=IHI>?FN?FZ@IHII?FC=IHI>?Fo5CAT;Ap

P?LMOM oBIL; S;p KO? ?L;H 1?L O;>LI  ?H MO _FNCGI JOHNI  IGI M? >CDI ?H ?F

;J;LN;>I;HN?LCIL>?FL?J;MI?RB;OMNCPI?CHN?AL;=C]H>?F;MBCJ]N?MCM@OH=CIH;F?MSF;M

JLCH=CJ;F?MCHN?LP?H=CIH?MN?L;JZONC=;MONCFCT;>;M?H>CMNCHNIMJ;=C?HN?MMOLACL[;F;<;M?

>?F;=NO;FoG;J;p>?/?L;JC;$=]HC=; 

>?GWM>?FoG;J;p>?/?L;JC;$=]HC=;.IF?>;>ONCFCT;<;INL;M?LC?>?CGWA?H?M

C=IHIM J;L; @;=CFCN;L ?F JLI=?M;GC?HNI S ;MCGCF;=C]H >?F oG;J;p S >?F >[; ; >[; ?H

A?H?L;F 'IMC=IHIMMIHOHH_G?LI>?N?LGCH;>I>?CGWA?H?MJIL?D?GJFIOHL[IOH;

NILL? >? FC<LIM OH ;<;HC=I l KO? MCG<IFCT;H >CP?LMIM ;MJ?=NIM ?GI=CIH;F?M S

L?F;=CIH;F?M JLI<F?GWNC=IM ?H F; PC>; =INC>C;H; >?F J;=C?HN? /'+ JIL ?D?GJFI ?F

 
>?M<IL>;GC?HNI ?GI=CIH;F F; L?MJIHM;<CFC>;> CH>CPC>O;F ?H F;MCHN?L;==CIH?M MI=C;F?M

F;MG_FNCJF?MG;H?L;M>?FIAL;LOHGCMGII<D?NCPIMCH@LOMNL;LM?lSF?>;H;==?MI;

OH;G?DIL=IGJL?HMC]HAFI<;F>?M[GCMGI>?FIM>?GWMS>?FGOH>I ';=F;P?>?FOMI

>?FIMC=IHIM?M?FJ;L;F?FCMGI?RCMN?HN??HNL??FOMII@OH=C]H=IH=L?N;>?FI<D?NI?H

=O?MNC]HSOH;PCMC]HGO=BIGWM=IGJF?D;S;<MNL;=N;>?F=IH=?JNIKO?L?JL?M?HN;F;

JIMC<CFC>;> >? ?RNL;JIF;L OH M?H=CFFI L;TIH;GC?HNI FCH?;F ; OH; MCNO;=C]H =INC>C;H;

?KOCP;F?HN?J?LIGO=BIGWM=IGJF?D;@;=CFCN;MO?HN?H>CGC?HNISL?=IH=?JNO;FCT;=C]H

S;FCPC;<O?H;J;LN?>?FMO@LCGC?HNI>?FJ;=C?HN? ?M>?;JLIRCG;>;G?HN??F;\I 

B;MN; ?F   .IF?>;> ?MNOPI C>?;H>I C=IHIM HO?PIM I <C?H L?ONCFCTWH>IFIM MC

=IHMN;N;<; GIPCFCT;=C]H ?GI=CIH;F S =IAHCNCP; ?H MOM J;=C?HN?M  '; MILJL?M; MOLAC]

=O;H>IOHOMO;LCIKO?B;<[;L?=C<C>I?F;FN;BIMJCN;F;LC;;\IM;NLWMPIFP[;;;=O>CL;F

=?HNLI;@CLG;H>IKO?;FAOHIM>?FIMC=IHIMYD6=6G6?O2?2=24236K2J=62JF5232?2

D@3C6==6G2C=@D>@>6?E@D564C:D:DZ j L;JIMC<F??HNIH=?MKO?FIMC=IHIM;>?GWM>?

@;=CFCN;LF;=IGJL?HMC]H>?FIMJLI<F?G;MNOPC?L;H?@?=NIN?L;JZONC=I;F;LAIJF;TI';

L?PCMC]HMCMN?GWNC=;SL?NLIMJ?=NCP;>?HOG?LIM;MBCMNILC;M=F[HC=;MFF?P];F;=L?;>IL;

>? F; N?L;JC; ; L?=IJCF;L OH NIN;F >?  C=IHIM  +;L; >?N?LGCH;L =O;F?M >? ?FFIM ?L;H

G?DILL?=IL>;>IMIY>LDSE:=6DZJ;L;F;G;SIL[;.IF?>;>?HNL?PCMN]N?F?@]HC=;G?HN?;

FIM J;=C?HN?M S ; MOM @;GCFC;L?M MC ?F g   L?=IHI=[; B;<?LFI ONCFCT;>I ?H ;FAOH;

MCNO;=C]H =L[NC=; I MC MO @;GCFC;L JI>[; C>?HNC@C=;L =F;L;G?HN? ?F HIG<L? I B;=[;

L?@?L?H=C;MCG<]FC=;;;FA_HC=IHI?MN??L;M?F?==CIH;>I?CH=FOC>I?HF;N?L;JC;SMCHI

M? >?M=;LN;<; M]FI  C=IHIM MOJ?L;LIH F; =LC<;  H ?F O;>LI  ;J;L?=? ?F ?D?GJFI

>?M;LLIFF;>I>?OHI>?FIMC=IHIMGWMONCFCT;>IM>?F;N?L;JC; 








 
>,/;9 /*1403)*973)*0.(323)*0&1*7&


-?3 >7D3 6747 5@?E3C 5@? 5F3EC@ AF?E@D 67 3A@I@ A3C3 BF7 E7?93 7BF;=;4C;@ I D73 7DE34=7 @? =3D
A7CD@?3D@5FCC73=9@A3C75;6@=3DA3E3D67=3>7D3D;>4@=;J3?=3D6;DE;?E3DLC73D67=3G;63BF7E@6@
D7C:F>3?@674767D3CC@==3CA3C3D7?E;CD74;7?C7=35;@?7DD@5;3=7D3875E@DD7?E;>;7?E@D67FE;=;636I
38;5;@?7D 7= 43C?;J BF7 AC@E797 =3 >7D3 3=F67 3 =3 F?;G7CD3= ?757D;636 67 3FE@5F;636@D 4LD;5@D 67
D3=F6 3=;>7?E35;P? DF7O@ 7<7C5;5;@ 8ND;5@ 7E5 =@D EC3G7D3O@D ;?6;53? BF7 67D67 5F3=BF;7C A3E3 D7
AF767355767C3=3D;9F;7?E7A@CBF7E@63D7DEL?5@?75E363D=3D35E;G;6367D67@5;@AF767?835;=;E3C
?F7G3DC7=35;@?7DD@5;3=7D7E5(@CQ=E;>@BF7=3DA3E3DD73?DP=;63DD3E;D8355;P?A7CD@?3=@7DEM?
:F753DD7?D35;P?67G35N@67A7?67CL67=9C36@67;>A=;535;P?I67=67D3CC@==@6753A35;6367D67=
A35;7?E7>;7?EC3DC73=;J3=335E;G;636


+;L;F?F;G?HN?JI=I>?MJOZM>?=IHMNLOCL?FoG;J;p>?F;N?L;JC;MO;ONIL;

?MNOPI=IHNL;MN;H>I?FGI>?FI?RJFC=;NCPI>?F;N?L;JC;=IHFIM=LCN?LCIMKO?FIM

G;HO;F?M.($1 /-S$  JLIJIH?HJ;L;?F>C;AH]MNC=I>?/'+ IGIJO?>?

P?LM??HF;/;<F;?RCMN?OH;=F;L;=ILL?MJIH>?H=C;?HNL?FIM?F?G?HNIM>?FGI>?FI

?RJFC=;NCPI=CL=OCNI;G;LCFFISFIM=LCN?LCIM>?F.( $1 /-J;L;/'+G?LC=;H

+MS=BIFIAC=;FMMI=C;NCIH 

&,-6,366*7432)*2(.&*286*037(6.8*6.37).&,2C78.(37)*0" 4&6& <*013)*03


*;40.(&8.:3)*0&(32)9(8&.2*78&'0*)* *6&4.&(C2.(&

Criterio DSM-IV- TR Modelo explicativo de la conducta inestable

1. Esfuerzos frenéticos para evitar un abandono real o Respuesta compensatoria: manipulación.


imaginario.
2. Relaciones interpersonales inestables e intensas, Aspecto de vulnerabilidad implicado: pensamiento dicotómico.
caracterizadas por la alternancia entre los extremos de Respuesta compensatoria: idealización.
idealización y devaluación. Heteroagresión: culpabilizar a otros.

3. Alteración de la identidad: autoimagen o sentido de Aspecto de vulnerabilidad implicado: pensamiento dicotómico.


si mismo acusado y persistentemente inestable Respuesta compensatoria: idealización.
Autoagresión.
4. Impulsividad (gastos, trastornos sexuales, abuso de Conductas de escape.
sustancias, etc)
5. Comportamientos, intentos o amenazas suicidas Autoagresión cuando se trata de intentos suicidas.
recurrentes. O automutilación. Manipulación cuando se trata de amenazas suicidas.
Heteroagresión cuando la intención es hacer sentir culpable.
6. Inestabilidad afectiva debida a una reactividad del Autoagresión como reacción ante la frustración (disforia).
estado de ánimo (disforia, irritabilidad, ansiedad) Heteroagresión como reacción ante la frustración (irritabilidad).
Aspectos de vulnerabilidad implicados: frustración y ansiedad.

7. Sentimientos crónicos de vacío Aspectos de vulnerabilidad: bajo autoconcepto, pensamiento


dicotómico, autoverbalizaciones negativas, creencias de
prejuicio, dependencia.
8. Ira inapropiada e intensa difícil de controlar Heteroagresión.

9. Ideación paranoide transitoria o síntomas Aspectos de vulnerabilidad implicados: bajo autoconcepto,


disociativos graves creencias de prejuicio, frustración y ansiedad.

 
>?GWM>??MNIMM[HNIG;M?FoG;J;pCH=FO[;=C?LNIM;MJ?=NIM>?POFH?L;<CFC>;>

KO?DOMNC@C=;<;H?FILCA?H>?F;=IH>O=N;CH?MN;<F?SKO?HI;J;L?=[;HHCM?G?H=CIH;<;H

?H?F.( $1 /-J?HM;GC?HNI>C=IN]GC=I?=E!L??G;H <;D;NIF?L;H=C;;

F;@LOMNL;=C]H(CFFIH;PCM I?MKO?G;M=IAHCNCPIMH?A;NCPIM4IOHA&FIMEI

2?CMB;;L OH;FCGCN;=C]HKO?;LL;MNL;<;?FG;HO;FHIMIFI?H?F/'+MCHI?HF;

G;SIL[; >? =;N?AIL[;M >C;AH]MNC=;M  \IM >?MJOZM ?F .(  ?GJ?T;L[; ; L?=IA?L

;FAOHIM>??MNIM;MJ?=NIM>?POFH?L;<CFC>;>?HF;>?M=LCJ=C]H>?F/'+=IGINL;MNILHI

J?LI ;OH MCH ;ALOJ;LFIM =IGI =;N?AIL[; >C@?L?H=C;>; HC M?J;L;LFIM =F;L;G?HN? >? F;M

=IH>O=N;M CH?MN;<F?M  *NL; ;JILN;=C]H >?F .(  @O? L?=IHI=?L FIM >Z@C=CNM ?H F;

@OH=CIH;FC>;>>?FIMJ;=C?HN?MMC<C?HHI?MN;<F?=?BCJ]N?MCM;FAOH;MI<L?MOAZH?MCMHC

MI<L??FG?=;HCMGI>?J?LJ?NO;=C]H>?FJLI<F?G;=IGIM?B;=?>?M>?/?L;JC;$=]HC=; 

';CHN?AL;=C]H>?>CMNCHNIM;MJ?=NIM>?POFH?L;<CFC>;>?H?FGI>?FI?RJFC=;NCPI

F; BCJ]N?MCM >? @OH=CIH;GC?HNI =CL=OF;L >? F; =IH>O=N; CH?MN;<F? S F; P;LC?>;> >?

?MNL;N?AC;MJ;L;L?AOF;L?GI=CIH?MS;@LIHN;LFIMJLI<F?G;M>;H=IHNCHOC>;>S>IN;H>?

AL;H CHN?LZM =F[HC=I S JLI<;<F?G?HN? N;G<CZH >C;AH]MNC=I ;F oG;J;p >? /?L;JC;

$=]HC=; 

M ;MCGCMGI JIMC<F? DOMNC@C=;L F; /?L;JC; $=]HC=; >?M>? F; /?IL[; +IFCP;A;F >?

+ILA?M   KO? >?@C?H>? KO? ?F MCMN?G; H?LPCIMI ;ON]HIGI ?GCN? NL?M J;NLIH?M >?

L?MJO?MN;J;L;JLIN?A?LF;PC>;

 IH?RC]HMI=C;F=O;H>I?F?HNILHIM?J?L=C<?=IGIM?AOLIH?LPCIP?HNLIP;A;F

 (IPCFCT;=C]H ;>L?HZLAC=; MC ?F MCMN?G; H?LPCIMI H?OLI=?JN; J?FCALI I ;G?H;T;

MCMN?G;MCGJWNC=I

 J;A;GC?HNI?CHGIPCFCT;=C]H=O;H>I?RCMN?;G?H;T;>?GO?LN?ICH>?@?HMC]H

H?LPCI>ILMIP;A;F 

  
'IM NL?M J;NLIH?M >? L?MJO?MN; JLIJO?MNIM >?M>? ?MN; N?IL[; J;L?=?H

=ILL?MJIH>?LM??HAL;HG?>C>;=IHFIM=IGJILN;GC?HNIMS;=NCNO>?MKO?M?L?=IA?H?H

?FoG;J;p>?/?L;JC;$=]HC=;

 CL=OCNI P?L>? ;ONI?@C=;=C; S M?AOLC>;>  F J;=C?HN? =O?HN; =IH >CMNCHN;M

NZ=HC=;M>?;@LIHN;GC?HNIJ;L;GI>?L;LF;CH@FO?H=C;>?FIM;MJ?=NIM>?POFH?L;<CFC>;>S

MIFO=CIH;LJLI<F?G;M 

 CL=OCNI ;G;LCFFI M?HM;=C]H >? J?FCALI S JZL>C>; >? =IHNLIF  H ?F CHN?HNI JIL

?M=;J;L ?M=;J? FO=B;L B?N?LI;AL?MC]H I ;<;H>IH;LM? ;ONI;AL?MC]H >?<C>I ; F;

;HMC?>;>M?A?H?L;HHO?PIMJLI<F?G;MSG;SIL@LOMNL;=C]H 

 +;LN? CH@?LCIL >? F; =IFOGH; o;ONI;AL?MC]Hp ?MN;>I >?JL?MCPI  HN? F; @;FN;

G;HN?HC>; >? ?MNL;N?AC;M >? ;@LIHN;GC?HNI ?@C=;=?M ?F J;=C?HN? M? =IF;JM; S JO?>?

;J;L?=?LLC?MAIMOC=C>; 

HMCNO;=CIH?M>?J?FCALIHO?MNLIMCMN?G;H?LPCIMINIG;>?=CMCIH?MCHG?>C;N;M

J?LI@L?=O?HN?G?HN??LL]H?;M +;L;?FFIOM;OHNCJI>?J?HM;GC?HNILWJC>I;ONIGWNC=I

?CHNOCNCPI&;GCH J?LIF;=;J;=C>;>>?JLI=?M;LCH@ILG;=C]HM?JC?L>?1;H>

>?L &IFE   S M]FI ?H FIM ?MN;>IM >? =;FG; ?F J?HM;GC?HNI M? PO?FP? F?HNI S

JI>?GIM B;=?L >?FC<?L;=CIH?M =IHM=C?HN?M S JL?=CM;M &;BH?G;H    +;L?=?

L;TIH;<F? ?MJ?=OF;L KO? ?H ?F =CL=OCNI ;G;LCFFI >? /?L;JC; $=]HC=; F;M J?LMIH;M

JC?HM;H S ;=N_;H >? G;H?L; LWJC>; S M?MA;>; GC?HNL;M KO? =O;H>I PO?FP?H ;F

=CL=OCNI P?L>? ?F JLI=?M;GC?HNI >? CH@ILG;=C]H M? L;F?HNCT; S F; =;J;=C>;> >?

L?@F?RC]HG?DIL; 'IMJ;=C?HN?M=IH/'+NC?H?HOH>Z@C=CN?D?=ONCPIS>?;N?H=C]H?H

F;G?GILC;>?NL;<;DIKO?F?MB;=?J?HM;L>?@ILG;LWJC>;MCHL?=OJ?L;LCH@ILG;=CIH?M

JL?PC;MGC?HNL;MJLI=?M;HCH@ILG;=C]HHO?P;(==FOL?#;Q?M;>>M 2CHN?L

 5B;HA  )IJO?>?HJILN;HNI?HN?H>?LF;PC>;>?G;H?L;L?;FCMN;SAFI<;F

MI<L? NI>I ?H ?F =IHN?RNI MI=C;F >?<C>I ; F;M >CMNILMCIH?M =IAHCNCP;M S J;NLIH?M >?

J?HM;GC?HNI >CM@OH=CIH;F?M KO? G;H?D;H >[; ; >[; ;LJ?HN?L  /LOFF  

  
&I?HCAM<?LA?N;F  'I@NCGCHC!;NBC&;L;GC"BC;MC +;L?N?N;F   

+?LI F; =;J;=C>;> G?N;=IAHCNCP; >?F J;=C?HN? /'+ ?MNW CHN;=N; ?H FIM =IHN?RNIM

J?L=C<C>IM =IGI M?AOLIM !CH?<?LA #O )OFF )?OMN>N?L .;EB?CG  ILF?NN  

+;L?N ?N ;F    S MC M? I@L?=? OH NL;N;GC?HNI ;>?=O;>I F; =;J;=C>;> J;L; CHN?AL;L

>C@?L?H=C;LS>IGCH;L>?F;CH@ILG;=C]HJO?>?FF?A;L;G?DIL;LJILFIKO??MH?=?M;LCI

CHP?MNCA;L ?H ?MN; F[H?; M?A_H OH L?=C?HN? G?N;HWFCMCM q<;N? ?FP?==BCI

C;JJIFCHI!?LLIL;G<CFF;    MJIMC<F?KO?F;PCMO;FCT;=C]H>?FoG;J;p>?

/?L;JC;$=]HC=;=IHFIMNL?M?MN;>IM?GI=CIH;F?MM?AOLC>;> J?FCALI CH>?@?HMC]H

L?JL?M?HN;>IM ?H =IFIL?M >C@?L?HN?M ?F MCG<IFCMGI >?F L?MNI >? C=IHIM ;>S;=?HN?M

KO? @;PIL?=?H F; ?PI=;=C]H ?MJIHNWH?; >? F; BCMNILC; <CIALW@C=; JL?PC; S ?F

=IHN?RNI >? OH; L?F;=C]H N?L;JZONC=; =WFC>; @;=CFCN?H F; L?AOF;=C]H ?GI=CIH;F S

G?DIL?H F; =;J;=C>;> G?N;=IAHCNCP; >? ?MNIM J;=C?HN?M MI<L? NI>I N?HC?H>I ?H

=O?HN;KO?

• ';MCGWA?H?MSFIM=IFIL?MCH@FOS?H?H?F?MN;>I>?WHCGICH=FOMI=IHNC?GJIM

>? ?RJIMC=C]H GOS <L?P?M 'I@NOM   >? B?=BI F;M CGWA?H?M JLIGO?P?H F;

=L?;=C]H >? ?F?G?HNIM G?HN;F?M JIMCNCPIM 1;HHO==C +?F;A;NNC BCILLC  (;TTIHC

  S JO?>?H FF?A;L ; G?DIL;L FIM M[HNIG;M >?JL?MCPIM 2?aF;O FIIM #^@FCHA 

.N?CF  

• ';M CGWA?H?M KO? P;H ;MI=C;>;M =IH ?RJ?LC?H=C;M ?GI=CIH;F?M L?F?P;HN?M MIH

G?DIL L?N?HC>;M ?H F; G?GILC; IHQ;S  ?QBOLMN  2;FE?L .EIQLIHMEC 

/BIGJMIH JO?MF;M?GI=CIH?MJIMCNCP;M@;PIL?=?HN;HNI?F;JL?H>CT;D?=IGIMO

JIMN?LCIL L?=O?L>I H>?LMIH  &IMMFSH   -C=B;L>MIH  S G?DIL;H

MILJL?H>?HN?G?HN?F;=;J;=C>;>J;L;B;=?L:?D:89ES;==?>?L;PCP?H=C;MJ;M;>;MB;MN;

?F GIG?HNI CH;==?MC<F?M MI<L? NI>I ?H J;=C?HN?M =IH /'+ .  (;LNCH ?F (IHN? 

"L;TC;HC  

  
• 0H; ?GI=C]H JIMCNCP; JIL <L?P? KO? M?;  A?H?L; ?@?=NIM J?LMCMN?HN?M ?H ?F

JLI=?MI>?L?AOF;=C]H;ON]HIG;&IE?N;F  =IGI=IHM?=O?H=C;>?F;?R=CN;=C]H

@CMCIF]AC=; ?PI=;>; ?H ?F MCMN?G; H?LPCIMI =?HNL;F 4INI &;NMOOL; $Q;H;A; 

.BCGIGOL;  ';L??P;FO;=C]HJIMCNCP;>?OH;?RJ?LC?H=C;JL?PC;JO?>?L?>O=CLF;

;N?H=C]H;F;;G?H;T;SG?DIL;LCH=FOMIF;@OH=C]H=;L>CIP;M=OF;L%;GC?MIH(?H>?M

)I=E  

• ';J?L=?J=C]H>?M?AOLC>;>S=IHNLIFMI<L?OHIGCMGISMI<L?F;M=CL=OHMN;H=C;M

>?;FL?>?>ILJI>L[;N?H?LOH?@?=NIGI>OF;>ILMI<L?F;;HMC?>;>?HJ;=C?HN?M=IH/'+

-IG?LIF;OM?FF);P;LLI#;LI*MG;']J?T";L=[;+;F;=CIM  

• MNIM G?=;HCMGIM CGJF[=CNIM KO? MO<S;=?H ; F; ?RJ?LC?H=C; ?GI=CIH;F HI FI

>?M?H=;>?H;HF;MJ;F;<L;M.=BIL? 

• 'IML?=O?L>IM;ONIL?@?L?H=C;F?M@ILN;F?=?HF;C>?HNC>;>IM?HNC>I>?OHIGCMGI

FO=E  'C;I   IHQ;S .CHA?L  /;ACHC   )?CMM?L  .CHA?L 

.;FIP?S  S N;G<CZH FI B;=? ?F 7665324< MI=C;F JIMCNCPI KO? ?MNIM  J;=C?HN?M

JO?>;H L?=C<CL &ILH -IMZ? #??E?L?H  -I?JE?    M JLI<;<F? KO? MC ?F

J;=C?HN? M? =IHI=? G?DIL JO?>; L?F;=CIH;LM? =IH G;SIL @FOC>?TS L?=C<CL OH 7665324<

JIMCNCPIKO?@ILN;F?T=;?FM?HNC>I>?M[GCMGI%iLA?HM?H &?LL?N;F   

• '; ;=NCP;=C]H S L?@ILGOF;=C]H >?F JLI<F?G; G?>C;HN? ?F OMI >? G?NW@IL;M S F;

<_MKO?>; >? ?R=?J=CIH?M J;L?=? ;MI=C;LM? =IH G?DIL[;M M_<CN;M ?H F; ?PIFO=C]H >?F

J;=C?HN? GC?HNL;M KO? ?F L?@ILT;GC?HNI JIMCNCPI S F; <_MKO?>; >CL?=N; >? =;G<CIM S

MIFO=CIH?MJI>L[;=IHFF?P;L?F?@?=NI=IHNL;LCI.=BCFFCHA?N;F    

';DOMNC@C=;=C]HN?]LC=;>?F;/?L;JC;$=]HC=;>?M>?FIMG;HO;F?M.(S

>?M>?F;/?IL[;+IFCP;A;FJI>L[;MOJIH?LF;@OMC]H>?F?H@IKO?JMC=IF]AC=I>?F

=IGJILN;GC?HNIBOG;HI=FWMC=IS>?F;H?OLI=C?H=C;=IAHCNCPI ;@?=NCP;?HOHMIFI

NL;N;GC?HNI 

 
5+5+,(620*(*0D4+,2(9,7(60(

F JLIAL;G; M? ?H=O?HNL; >CPC>C>I ?H =O;NLI G]>OFIM  (;J; >? /?L;JC;

$=]HC=; :?D:89E B;<CFC>;>?M <WMC=;M >? L?AOF;=C]H ?GI=CIH;F S ?MNL;N?AC;M >?

;@LIHN;GC?HNI ?MJ?=[@C=I   ,OCZH MIS =IHMNLO==C]H >? F; C>?HNC>;>  ;ONI?MNCG;  

#;=C; >IH>? PIS <_MKO?>; >? G?N;M J;L; F; ;ONI>CL?==C]H J?LMIH;F S   ]GI G?

L?F;=CIHI JIL ?F =;GCHI L?F;=CIH?M CHN?LJ?LMIH;F?M CHNCGC>;> S ?GJ;N[;  ';

>CMNLC<O=C]H>?FJLIAL;G;JILG]>OFIMI<?>?=?;@CH?M?R=FOMCP;G?HN?>I=?HN?MJ?LI

?HF;JLW=NC=;=INC>C;H;?FOMI>?C=IHIMHII<?>?=?;OHIL>?HJL?>?N?LGCH;>IMCHI

KO? =;>; J?LMIH; FIM ONCFCT; >?J?H>C?H>I >?F NCJI >? MCNO;=C]H  /I>IM FIM C=IHIM MIH

CH>?J?H>C?HN?M?HNL?M[J?LI=IGI;FO>?H;>CMNCHNIM;MJ?=NIM>?OHGCMGI=IH=?JNIF;

CH?MN;<CFC>;> ?GI=CIH;F ?F J;=C?HN? NC?H>? ; L?F;=CIH;LFIM ?H OH; ?MJ?=C? >? oL?> >?

C=IHIMp KO? F? J?LGCN? CHN?LJL?N;L S G;H?D;L MCNO;=CIH?M =IGJF?D;M  F H_G?LI >?

=IG<CH;=CIH?M>?OMI>?FIMC=IHIM?MCFCGCN;>IJO>C?H>I=;>;J?LMIH;?F?ACL;KO?FFIM

KO?F?L?MOFN;HGWM_NCF?M?H@OH=C]H>?MON?GJ?L;G?HNIS>?F;MCNO;=C]H;F;KO?M?

?H@L?HN? ';O<C=;=C]H>?=;>;OHI>?FIMG]>OFIMMI<L??FG;J;;J;L?=??HF;!CAOL; 

42>;, 

HACIA DONDE VOY

QUIEN
3

1
SOY 2

MAPA

4
© Santiago, S.
Nuevos problemas Terapia Icónica
Solución
SSolu
uciión

CÓMO ME RELACIONO POR EL CAMINO




366*7432)*2(.&*286**02D1*63)*1C)903<0&=32&)*0F1&4&G86&'&/&)&

 
'; /?L;JC; $=]HC=; ?M =IGJ;NC<F? =IH INLIM ?H@IKO?M N?L;JZONC=IM S JO?>?

I@L?=?LM?>?G;H?L;?R=FOMCP;I=IGI=IGJF?G?HNI>?FNL;<;DI>?INLIMJLI@?MCIH;F?M 

.O JLIAL;G; CH=FOS?  M?MCIH?M >? ALOJI  M?MCIH?M CH>CPC>O;F?M S  

GOFNC@;GCFC;L?M F; >OL;=C]H >?F JLIAL;G; ?M P;LC;<F? M?A_H F; AL;P?>;> >?F =;MI S ?F

@ILG;NI>?;JFC=;=C]HBIMJCN;F;LCII;G<OF;NILCIJ?LIMO?F?IM=CF;L?HNL?SG?M?M

SOH;\I>?M?AOCGC?HNI .CM?=IGJ;L;=IHF;G;SIL[;>?N?L;JC;M>CLCAC>;M;FJ;=C?HN?

=IH/'+F;>OL;=C]H>?F;/?L;JC;$=]HC=;?M<L?P?SM?;JFC=;?H>IM@;M?M

+LCG?L;@;M?I@;M?CHN?HMCP;

F @ILG;NI >? F;M 8,8054,8 +, .7:65 ?M MCGCF;L ;F >? OH M?GCH;LCI I N;FF?L

JMC=I?>O=;NCPI ?H ?F KO? NI>IM FIM ;MCMN?HN?M J;=C?HN?M JO?>?H NIG;L ;JOHN?M S

J;LNC=CJ;L;HN?F;MJL?AOHN;M>?FN?L;J?ON;MIHM?MCIH?M>?L?@F?RC]HS>CWFIAIMI<L?F;M

?MNL;N?AC;M >? ;@LIHN;GC?HNI MC ;FA_H J;LNC=CJ;HN? B;=? OH; JL?AOHN; >?G;MC;>I

?MJ?=[@C=; M? F? =IHPI=; J;L; M?MC]H CH>CPC>O;F  F ?HNILHI =WFC>I S M?AOLI >? ;SO>;

GONO;KO?M?A?H?L;?HF;MM?MCIH?M>?ALOJI@;=CFCN;KO?FIMJ;=C?HN?M;JL?H>;HHO?P;M

B;<CFC>;>?M  FN?L;J?ON;MCAO??FIL>?H>?FJLIAL;G;SL?JL?M?HN;?HNL?SC=IHIMJIL

M?MC]H;OHKO??FLCNGIJO?>?P;LC;LM?M?A_HF;M=;L;=N?L[MNC=;MI>?G;H>;M>?FALOJI 

F@CH;F>?=;>;M?MC]HM??HNL?A;OH@IFCIKO?L?MOG?FIM=IHN?HC>IMPCMNIM?H?M?>[; 

H F;M 8,8054,8 04+0;0+:(2,8 ?F N?L;J?ON; AO[; ;F J;=C?HN? J;L; KO? M?F?==CIH? JIL M[

GCMGI FIM C=IHIM KO? G?DIL M? ;>;JN;H ; =;>; MCNO;=C]H J;LNC=OF;L S FIM A?H?L;FC=? ;

INL;M MCNO;=CIH?M >? MO PC>; =INC>C;H; ;>?GWM >? P;FC>;L MOM ?GI=CIH?M H?A;NCP;M S

;SO>;LFI ; L?M=;N;L L?=OLMIM J?LMIH;F?M =IAHCNCPIM ?GI=CIH;F?M S =IH>O=NO;F?M KO?

@IG?HN?H MO ;ONI?@C=;=C;  +IL _FNCGI F;M 8,8054,8 -(3020(7,8 =5 3:290-(3020(7,8 >?F

JLIAL;G; HI MIH I<FCA;NILC;M J?LI M[ L?=IG?H>;<F?M J;L; KO? FIM GWM ;FF?A;>IM

;JL?H>;H;J?>CL >;L;SO>;S?PCN?H?HFIJIMC<F?N?H?LKO?CL;OLA?H=C;M>OL;HN?F;M

=LCMCM  /I>;M F;M M?MCIH?M >OL;H   GCHONIM ?H =O;FKOC?L; >? MOM @ILG;NIM  F G;SIL

 
CH>C=;>IL >? ZRCNI >? F; N?L;JC; ?M KO? FIM J;=C?HN?M H;LL?H MO=?MIM >? MO PC>;

?HNL?G?T=F;H>IFIMC=IHIM=IHH;NOL;FC>;> 

.?AOH>;@;M?I@;M?>?M?AOCGC?HNI

0H;P?T@CH;FCT;>;F;JLCG?L;@;M?NC?H?FOA;L?FM?AOCGC?HNI .O>OL;=C]H?M>?

;JLIRCG;>;G?HN? OH ;\I  OL;HN? ?MN? J?LCI>I MO?F?H I@L?=?LM?   M?MCIH?M

CH>CPC>O;F?M >? L?=O?L>I  $HC=C;FG?HN? F;M M?MCIH?M MIH GWM @L?=O?HN?M J?LI

J;OF;NCH;G?HN?S;G?>C>;KO?M?;@C;HT;HFIMC=IHIMM?P;H>CMN;H=C;H>IB;MN;KO?M?

JLI>O=??F;FN; OL;HN??MN;@;M?M?L?@O?LT;HFIMFIALIMM?MOJ?LPCM;HFIMC=IHIMKO?

?MNWOM;H>I=]GIFIMOM;SKOZL?MOFN;>IM?MNWI<N?HC?H>I O;H>IM?>?N?=N;;FAOH;

>C@C=OFN;>M?L?PCM;M?J?L@?==CIH;SM?NL;<;D;F;JL?P?H=C]H>?L?=;[>;M 

FJLIAL;G;>?/?L;JC;$=]HC=;JO?>?CGJ;LNCLM?JIL=O;FKOC?LJLI@?MCIH;F=IH

OH HCP?F >? @ILG;=C]H G?>CI S =IH ;SO>; >?F G;HO;F ?MNLO=NOL;>I J?H>C?HN? >?

JO<FC=;=C]H JIL FI KO? MO CGJF?G?HN;=C]H ?H F; JLW=NC=; =F[HC=; ?M <;MN;HN? @;=NC<F? 

#;S JLI@?MCIH;F?M ?H >C@?L?HN?M FI=;FC>;>?M ?MJ;\IF;M MO>;G?LC=;H;M S INLIM J;[M?M

?RNL;HD?LIM =IH N?L;J?ON;M <CFCHA`?M KO? ;JFC=;H F; /?L;JC; $=]HC=; <;MWH>IM? ?H FIM

=IHN?HC>IM >? OH FC<LI KO? L?=IA? ;FAOH;M NZ=HC=;M ;OHKO? HI CH=FOS? ?F JLIAL;G;

=IGJF?NI.;HNC;AI  

 89:+05867,20304(7,8

'; /?L;JC; $=]HC=; M? B; N?MN;>I ?H ;FAOHIM ?MNO>CIM JL?FCGCH;L?M =IH L?MOFN;>IM

GWMKO??MJ?L;HT;>IL?M;OHKO?F;MGO?MNL;MMC?GJL?B;HMC>IJ?KO?\;M  FJLCG?L?MNO>CI

JCFININOPIFOA;LMI<L? J;=C?HN?M GOD?L?MSBIG<L?M=IH>C;AH]MNC=I>?/'+KO?

M? ?H=IHNL;<;H CHAL?M;>IM ?H ?F GCMGI BIMJCN;F JMCKOCWNLC=I ?H KO? MOLA? F; N?L;JC; FIM

L?MOFN;>IM B;<F;LIH >? OH; G?DIL; MCAHC@C=;NCP; ?H =O;HNI ;F HCP?F >? =IH>O=N;M

>?M;>;JN;NCP;MC>?;=C]H =IH>O=N;;ONI;AL?MCP;B?N?LI;AL?MCP;S>??M=;J?SOH;G;SIL

=;J;=C>;>>?;>;JN;=C]HAFI<;F;HCP?F@;GCFC;LF;<IL;FSMI=C;FKO?M?G;HNOPI>OL;HN?;F

G?HIM >IM ;\IM >?MJOZM  ';M =IH>O=N;M >?M;>;JN;NCP;M M? GC>C?LIH ; NL;PZM >?  ?M=;F;M

 
NCJI 'CE?LN =L?;>;M 25 9@4 =IH IJ?L;NCPCT;=C]H >? =;>; OH; >? F;M =IH>O=N;M S ;=O?L>I

CHN?LDO?=?M >IH>?  J?HM;GC?HNI I P?L<;FCT;=C]H  =IH>O=N;M MCH L?J?L=OMC]H J;L; MO

PC>;=IH>O=N;M=IHL?J?L=OMC]HJ;L;MOPC>;=IH>O=N;MAL;P?MKO?CGJFC=;HJ?FCALI

J;L; F; CHN?ALC>;> @[MC=; S  =IH>O=N;M GOS AL;P?M =IH J?FCALI PCN;F .;HNC;AI ;MNLI

;\;G?LI "I>IS 1;FP?L>?  (;L=IM    F M?AOH>I ?MNO>CI M? L?;FCT] MI<L? 

;>IF?M=?HN?M KO? ;=O>[;H ; OH ?HNLI >? N?H=C]H +LCG;LC; >? '; -CID; =OGJFC?H>I OH

G[HCGI>?>IM=LCN?LCIM>C;AH]MNC=IM>?/'+M?A_H?F.( $1;OHKO??H?MN;I=;MC]HHI

JO>I >?N?=N;LM? ?@?=NI ;FAOHI IMN; *LNCT    *NLI ?MNO>CI GWM ?MN; P?T MI<L? OH;

GO?MNL; >?  J;=C?HN?M =IH /'+ MCH ALOJI =IHNLIF S =IH M?AOCGC?HNI ;  ;\IM ?MNW

J?H>C?HN?>?M?LJO<FC=;>IMOML?MOFN;>IMM?;FCH?;H=IHFIM>?FIM>IM?MNO>CIMJL?PCIM

;OHKO?=IHL?=;[>;M?H>IM>?FIMJ;=C?HN?MKO?B;<[;H=IHMOGC>IN]RC=IM;J;LNCL>?FIM

;\IMMCHM?MCIH?M>?L?=O?L>I 

H L?MOG?H J;L?=? JLCILCN;LCI I@L?=?L JMC=IN?L;JC; ;F J;=C?HN? =IH /'+ KO?

MIFC=CN;;SO>;?HFIMM?LPC=CIM>?M;FO>G?HN;F +;L;?FFIFIMJLI@?MCIH;F?M>?<?H=IHN;L

=IH;FA_HNCJI>?JMC=IN?L;JC;KO?L?MOFN?_NCFJ;L;F;G;SIL[;>?J;=C?HN?M=IH/'+S

KO? JO?>; ;JFC=;LM? >? G;H?L; ?M=;FIH;>;  /;F JMC=IN?L;JC; HI NC?H? JIL KOZ M?L

?MJ?=[@C=;J?LIM[?MN;LMCMN?G;NCT;>;S?MNLO=NOL;>; ';/?L;JC;$=]HC=;JI>L[;M?LOH;

<O?H;;FN?LH;NCP;J;L;L?>O=CLFIMM[HNIG;M/'+SMOM=IGJFC=;=CIH?MM?A_HM?>?>O=?

>? F; ?RJ?LC?H=C; =F[HC=; ;=OGOF;>; S >? P;LCIM ?MNO>CIM =O;MCI<M?LP;=CIH;F?M ?H FIM

_FNCGIM ;\IM  MN;N?MCML?JL?M?HN;?FJLCG?L?HM;SI=F[HC=IMI<L?F;?@?=NCPC>;>>?F;

/?L;JC; $=]HC=; ?H ?F KO? M? B; ONCFCT;>I OH; P?LMC]H L?>O=C>; >?  M?G;H;M >?

NL;N;GC?HNICHN?HMCPIM?MCIH?M>?L?J;MIMI<L?;>IF?M=?HN?MSD]P?H?M=IHN?H>?H=C;

MOC=C>; 

 

 
"""!!

FJL?M?HN?NL;<;DIMOLA?>?F;H?=?MC>;>>?P;FC>;L?GJ[LC=;G?HN?F;?@?=NCPC>;>

>?F;/?L;JC;$=]HC=;OHNCJI>?CHN?LP?H=C]HJMC=IF]AC=;=IH=?<C>;J;L;NL;N;LF;

CH?MN;<CFC>;>?GI=CIH;F  MN?NCJI>?;<IL>;D?=I<L;?MJ?=C;FCHN?LZM?HJ;=C?HN?MAL;P?M

KO?HIL?MJIH>?H;F@ILG;NIP?L<;F=FWMC=I>?N?L;JC;MI<L?NI>I=O;H>I?RCMN?OH

>C;AH]MNC=I>?/'+  F>CM?\I>??MN??MNO>CI=IHMCMN??HOH?HM;SI=F[HC=I=IHNLIF;>I

S;F?;NILCT;>I?H=IH>C=CIH?M>?JLW=NC=;=F[HC=;B;<CNO;F>?HNLI>?FWL?;;MCMN?H=C;F>?F

#IMJCN;F-?ACIH;F0HCP?LMCN;LCI>?(WF;A;KO?=O<L?OH;JI<F;=C]H>? 

B;<CN;HN?MS?H?FKO?B;=IF;<IL;>IF;0HCP?LMC>;>>?(WF;A;>?M>?HIPC?G<L?>?

 =IGC?HT;?FL?=FON;GC?HNIB;MN;DOFCI>? @CH;FCT;F;@;M?>?M?AOCGC?HNI 

.?>?=C>C]N?MN;LF;?@C=;=C;>?F;/?L;JC;$=]HC=;MI<L?;>IF?M=?HN?MSD]P?H?M=IH

CH?MN;<CFC>;>?GI=CIH;FSINLIMM[HNIG;M>?/'+KO?<OM=;L;H;SO>;?H?F.CMN?G;

+_<FC=I>?.;FO>JILKO?F;;J;LC=C]HN?GJL;H;>?>C@C=OFN;>?MMO?F?FF?P;L;FIMGWM

D]P?H?M;>?G;H>;L;N?H=C]HM;HCN;LC;;HTB;@?N;F  IC>?N;F  +IGJCFC

?N;F  /?G?M?N;F  MI<L?NI>I=O;H>I?RCMN?C>?;=C]HMOC=C>;4;F=B?N;F 

   FALOJI?RJ?LCG?HN;FL?=C<C]/?L;JC;$=]HC=;GC?HNL;MKO??FALOJI>?

=IGJ;L;=C]HM?;JFC=]OH;N?L;JC;>?;JISI G<;MCHN?LP?H=CIH?M;<IL>;<;HF;M

JLCH=CJ;F?MFCGCN;=CIH?M>?F/'+>?M>?OH?H@IKO?CHN?AL;>IL>?<;M?=IAHCNCPI

=IH>O=NO;FS@O?LIHCGJ;LNC>;MJILJMC=]FIAIMHIP?F?MMOJ?LPCM;>IMJILF;

CHP?MNCA;>IL;JLCH=CJ;F>?F?MNO>CI .CH?G<;LAI?RCMN?H=O;NLI>C@?L?H=C;M

@OH>;G?HN;F?M?HNL??FF;M F;/?L;JC;$=]HC=;>CMJIH[;>?OHGI>?FIN?]LC=IJLIJCI

GC?HNL;MKO?F;N?L;JC;>?;JISIHIFIMN?L;J?ON;M>?FALOJI?RJ?LCG?HN;F=IHN;<;H

=IHOHG;HO;F?MNLO=NOL;>IKO?AOC;<;F;MM?MCIH?MGC?HNL;MKO?FIM>?FALOJI=IHNLIF

M?AO[;H_HC=;G?HN?CH>C=;=CIH?MA?H?L;F?MF;/?L;JC;$=]HC=;ONCFCT]CGWA?H?M

C=IHIMKO?J;L?=?HCH@FOCL?H?F?MN;>I>?WHCGIGC?HNL;MKO?F;N?L;JC;>?;JISI

 
?MN;<;FCGCN;>;;F@ILG;NIP?L<;F=FWMC=IS;FALOJI>?/?L;JC;$=]HC=;HIM?F?

I@?LN]OH;M?MC]H>?>:?57F=?6DD=IGIM?BCTI=IH?FALOJI>?;JISI 


"$!G"!!

)1,90;5.,4,7(2

P;FO;LF;;JFC=;<CFC>;>?@?=NCPC>;>S;=?JN;<CFC>;>>?F;/?L;JC;$=]HC=;?HOH

=IHN?RNI>?JLW=NC=;=INC>C;H;=IHJ;=C?HN?M=IHM[HNIG;M>?/'+ 

)1,90;5704*06(2

?N?LGCH;L F; ?@?=NCPC>;> >? F; /?L;JC; $=]HC=; MI<L? F; M?P?LC>;> AFI<;F >?

M[HNIG;M/'+?H;>IF?M=?HN?MSD]P?H?M=IHC>?;=C]HMOC=C>; 

)1,90;58!,*:4+(7058

.? ?P;FO;LIH FIM ?@?=NIM >? F; /?L;JC; $=]HC=; MI<L? F;M MCAOC?HN?M P;LC;<F?M

MOC=C>;<CFC>;>C>?;=C]HCHN?HNIMMOC=C>;MS;ONIF?MCIH?MHIMOC=C>;MOMI>?M?LPC=CIM

>? M;FO> G?HN;F =IHMOGI >? @WLG;=IM S H_G?LI >? PCMCN;M ; JLI@?MCIH;F?M ;DOMN?

MI=C;F ?RJ?LC?H=C; MO<D?NCP; L?MJ?=NI ; F; CHN?LP?H=C]H J?L=?J=C]H >? G?DIL[; JIL

J;=C?HN?MS@;GCFC;L?MSHCP?F>?M;NCM@;==C]HS;>B?L?H=C;;F;GCMG; 

06D9,808

06D9,808704*06(2

.??MJ?L;KO?FIMJ;=C?HN?MKO?L?=C<;H/?L;JC;$=]HC=;GO?MNL?HOH;L?>O==C]H

?HF;M?P?LC>;>AFI<;F>?M[HNIG;M>?/'+G;SILL?MJ?=NI;F;F[H?;<;M?KO?FIMKO?

L?=C<;HN?L;JC;>?;JISI 

 
06D9,8088,*:4+(70(8

 'IM J;=C?HN?M KO? L?=C<;H /?L;JC; $=]HC=; L?>OT=;H F; MOC=C>;<CFC>;>

C>?;=C]H CHN?HNIM MOC=C>;M S ;ONIF?MCIH?M HI MOC=C>;M ?H G;SIL G?>C>; KO? FIM KO?

L?=C<;HN?L;JC;>?;JISIL?MJ?=NI;F;F[H?;<;M? 

 'IMJ;=C?HN?MKO?L?=C<;H/?L;JC;$=]HC=;B;A;HOHG?HILOMI>?M?LPC=CIM>?

M;FO> G?HN;F =IHMOGI >? @WLG;=IM S H_G?LI >? PCMCN;M ; JLI@?MCIH;F?M KO? FIM KO?

L?=C<;HN?L;JC;>?;JISIL?MJ?=NI;F;F[H?;<;M? 

  'IM J;=C?HN?M KO? L?=C<;H /?L;JC; $=]HC=; JL?M?HN?H OH G?DIL ;DOMN? MI=C;F

L?MJ?=NI;F;F[H?;<;M?KO?FIMKO?L?=C<;HN?L;JC;>?;JISI 

 ';?RJ?LC?H=C;MO<D?NCP;L?MJ?=NI;F;CHN?LP?H=C]HJ?L=?J=C]H>?G?DIL[;JIL

J;=C?HN?MS@;GCFC;L?MSHCP?F>?M;NCM@;==C]H=IHF;N?L;JC;>?FIMJ;=C?HN?MKO?L?=C<;H

/?L;JC;$=]HC=;M?LWG?DILKO?F;>?FIMKO?L?=C<;HN?L;JC;>?;JISI 

 ';;>B?L?H=C;;F;N?L;JC;>?FIMJ;=C?HN?MKO?L?=C<;H/?L;JC;$=]HC=;

M?LWMOJ?LCILKO?F;>?FALOJINL;N;>I=IHN?L;JC;>?;JISI 

(9,70(2=A95+5

08,C5

.? NL;N; >? OH ?HM;SI =F[HC=I ;F?;NILCT;>I =IH >CM?\I >? ALOJIM J;L;F?FIM S

M?AOCGC?HNI ; OH ;\I =IH NL?M GIG?HNIM >? ?P;FO;=C]H ; =IH>C=CIH?M <;M;F?M <

>?MJOZM >?F NL;N;GC?HNI   M?G;H;M S = NL;M  G?M?M >?M>? MO @CH;FCT;=C]H  MN?

?MNO>CIB;MC>I;JLI<;>IJIL?FIGCNZ>?VNC=;+LIPCH=C;F>?(WF;A;=IH@?=B;;<LCF>?

  MBM C=I    S ?MNW L?ACMNL;>I ?H ?F FCHC=;F/LC;F AIP L?=OLMI Q?< >?F

);NCIH;F$HMNCNON?MI@#?;FNB)$#)/   1?L) 3*  

 
(790*06(49,8

H ?F ?MNO>CI J;LNC=CJ;LIH   MOD?NIM >? ?HNL?  S   ;\IM  ?<C>I ; F;M

>C@C=OFN;>?M?H?FL?=FON;GC?HNIBO<IKO?L?;FCT;L;FAOH;M?HGC?H>;MMI<L??FJLINI=IFI

CHC=C;FM?;GJFC]?FL;HAI>??>;>CHC=C;FG?HN??MNCG;>I?HNL? S;\IMM?CHPCN]

;J;LNC=CJ;L;OHHO?PI=?HNLI>?M;FO>G?HN;F=IH=?LN;>ISM?;=?JN]F;J;LNC=CJ;=C]H

>? J;=C?HN?M =IH LC?MAI MOC=C>; ?F?P;>I AL;P?>;> >? F; C>?;=C]H MOC=C>; g KOC?H?M

CHC=C;FG?HN?C<;H;M?L?R=FOC>IM>?F?MNO>CI  MN;MGI>C@C=;=CIH?M@O?LIH=IGOHC=;>;M

S;ONILCT;>;MJIL?FIGCNZ>?VNC=;>?L?@?L?H=C;  H?F>C;AL;G;>?@FODI;J;L?=?NI>;

F;CH@ILG;=C]HL?F;NCP;;FL?=FON;GC?HNI!CAOL; 

42>;, 

Reclutamiento/
Screening
(N=63)
Excluidos (n=23)
3) Rechazan
R participar (n=21)
I
Incumplen criterios (n= 2)
Randomización
domiz
(n=40)

Evaluación
ación basal

Terapia Icónica
ca Terapia de apoyo
+ TAU + TAU
(n=20) (n=20)

10 semanas

Evaluación post-
st- Evalua
Evaluación post-
tratamiento tratamiento
(n=20) (n=19)

12 meses

Evaluación de Evalu
Evaluación de
seguimiento seguimiento
(n=17) (n=15)


.&,6&1&)*+09/373'6**06*(098&1.*283)*4&68.(.4&28*7<131*2837)**:&09&(.C2

 

OL;HN? ?F ?MNO>CI S =IH ?F @CH >? IJNCGCT;L MO J?LG;H?H=C; NI>IM FIM J;=C?HN?M

L?=C<C?LIH L?=IL>;NILCIM >? NL;N;GC?HNI S ;SO>;M ?=IH]GC=;M M?G;H;F?M J;L; MO

>?MJF;T;GC?HNI?H<OM rJ;=C?HN? M?MC]H 

 
709,7058+,04*2:80D4

/?H?L?HNL? S ;\IM 

+L?M?HN;LC>?;=C]HMOC=C>;M?A_HF;MO<?M=;F;KO?>?HNLI>?F; M=;F;IFOG<C;

J;L; P;FO;L ?F -C?MAI >? .OC=C>CI  ..-. +IMH?L ?N ;F    GC>? N;F P;LC;<F?

JOHNO;=C]Hg 

(IMNL;LOH?MNCFI>?J?LMIH;FC>;>NCJIF[GCN?M?A_H?FO?MNCIH;LCI RJFIL;NILCI

>? F; J?LMIH;FC>;> $$$  NL;MNILHI F[GCN?  + - $$$ /'+ ;<;FFI "OCFFZH .;F;T;L ?

$LOLNC; JOHNO;=C]HgMI<L? 

#;<F;L?MJ;\IF=IHF;MO@C=C?HN?@FOC>?T=IGIJ;L;L?=C<CLF;N?L;JC; 

 709,7058+,,<*2:80D4

.IMJ?=B;>?J?LMIH;FC>;>;HNCMI=C;FM?A_HF;MO<?M=;F;KO?=ILL?MJIH>?;?MN?

>C;AH]MNC=I JOHNO;=C]H g  >?HNLI >? F; HNL?PCMN; =F[HC=; ?MNLO=NOL;>; J;L;

>C;AH]MNC=IM>?F?D?$$>?F.( $1.$ $$!CLMN?N;F   

<OMII>?J?H>?H=C;>?;F=IBIF MOMN;H=C;MKO?JO?>;>C@C=OFN;LF;;>B?L?H=C;;F

NL;N;GC?HNIM?A_HMON?L;J?ON; 

;D;?RJ?=N;NCP;>?=;G<CI G?DIL;=IH?FNL;N;GC?HNIKO?L?=C<CLW

M?A_H F; M=;F; >? =L?>C<CFC>;> S ?RJ?=N;NCP;M  , ILEIP?=  );O 

JOHNO;=C]HfMI<L?  

 2,(9570>(*0D4

 'IM J;=C?HN?M>?F;GO?MNL;@O?LIH?MNL;NC@C=;>IMJIL?>;>S;F?;NILCT;>IM?H

>IMALOJIM?HJLIJIL=C]H  JIL?FCHP?MNCA;>ILJLCH=CJ;F +IMN?LCILG?HN?SMCAOC?H>I

F;GCMG;>CHWGC=;=;>;ALOJIPIFPC];>CPC>CLM??H>IMGCN;>?MB;MN;@ILG;LALOJIM

>?  J;=C?HN?M =;>; OHI >IM >? /?L;JC; $=]HC=; S >IM >? N?L;JC; >? ;JISI  'IM

N?L;J?ON;M;F=;LAI>?;G<;MCHN?LP?H=CIH?M@O?LIHJMC=]FIAIM=IHJI=;?RJ?LC?H=C;?H

 
F;;JFC=;=C]H>?N?L;JC;MALOJ;F?M?GJ;L?D;>IM;F;T;L>?GI>IKO?=;>;ALOJI=IHN;M?

=IH OH N?L;J?ON; S OH =IN?L;J?ON;  'IM JMC=]FIAIM ;MCAH;>IM J;L; ;JFC=;L /?L;JC;

$=]HC=;L?=C<C?LIHOH?HNL?H;GC?HNIMI<L?F;MNZ=HC=;M>?/?L;JC;$=]HC=;>? BIL;M

M?A_H?F(;HO;F>?/L;N;GC?HNI>?F;/?L;JC;$=]HC=;P?L?MKO?G;?H?F) 3*

JILJ;LN?>?F;CHP?MNCA;>IL;JLCH=CJ;F 'IMN?L;J?ON;M;MCAH;>IM;FALOJI=IHNLIF@O?LIH

;M?MIL;>IMMI<L?FIM=IHN?HC>IMCH@ILG;NCPIMSAOCIH?M>?;JISIKO?>?<[;HCH=ILJIL;L

?H MOM M?MCIH?M  0H; >? F;M M?MCIH?M >?F ALOJI =IHNLIF =IHMCMNC] ?H OH; M?MC]H >?

>:?57F=?6DD 

 75*,+030,495+,049,7;,4*0D4

 ';CHN?LP?H=C]HNOPIFOA;L?H>IMN;H>;M?H?LI ;<LCFSG;SI DOFCI>? ?H

=;>;N;H>;L?=C<[;HNL;N;GC?HNI>IMALOJIMOHIJIL=;>;NCJI>?CHN?LP?H=C]H )IM?

?MJ?L];L?=FON;L?FNIN;F>?J;LNC=CJ;HN?MMCHIKO?M??GJ?T;LIH;CGJ;LNCLF;MN?L;JC;M

=O;H>IF;JLCG?L;GCN;>>?F;GO?MNL;B;<[;MC>IL?=FON;>;>?<C>I;F;=IHP?HC?H=C;>?

I@L?=?LOH;<IL>;D?CHMCNOSMCH>?GIL;=O;H>IOHJ;=C?HN?MIFC=CN;;SO>;JLI@?MCIH;F

BIC &;CH?N;F  < (C?HNL;MN;HNI?FL?=FON;GC?HNI>?FL?MNI>?J;=C?HN?M>?F;

GO?MNL; M?AO[; ?H JLI=?MI  O;NLI ?L;H FIM >CMJIMCNCPIM ;MCMN?H=C;F?M KO? >?LCP;<;H

J;=C?HN?M J;L; ?MN? ?MNO>CI KOCJI >? .;FO> (?HN;F  .( 'CGIH;L .( )ILN?

0HC>;>>?.;FO>(?HN;F$H@;HNI %OP?HCF0.($%>?(WF;A;S?HNLIMCMN?H=C;F.;H

%O;H >? CIM  /I>IM FIM J;LNC=CJ;HN?M ALOJI ?RJ?LCG?HN;F S =IHNLIF G;HN?H[;H MO

NL;N;GC?HNI B;<CNO;F /0 >OL;HN? ?F ?MNO>CI B;<CNO;FG?HN? =IHMCMN?HN? ?H

JLCH=CJ;FG?HN?;HNC>?JL?MCPIM;HMCIF[NC=IMS?MN;<CFCT;>IL?M>?FWHCGIOH;M?MC]H>?

JMC=IN?L;JC;G?HMO;FI<CG?HMO;F=IH?FJMC=]FIAISL?PCMCIH?M@;LG;=IF]AC=;M=;>;

G?M?M =IH ?F JMCKOC;NL; >? L?@?L?H=C;  /?HC?H>I ?H =O?HN; KO? FIM ;>IF?M=?HN?M S

D]P?H?M =IH LC?MAI >? MOC=C>CI MIH ?MJ?=C;FG?HN? POFH?L;<F?M FIM J;LNC=CJ;HN?M >?

;G<IMALOJIM?RJ?LCG?HN;FS=IHNLIF=IHN;LIH=IHF;JIMC<CFC>;>>?MIFC=CN;LM?MCIH?M

 
CH>CPC>O;F?M =IH F; CHP?MNCA;>IL; JLCH=CJ;F ?H =;MI >? =LCMCM >OL;HN? S >?MJOZM >?F

NL;N;GC?HNI 

 ",7(60(*D40*(,4,2.7:65,<6,703,49(2

F ALOJI ?RJ?LCG?HN;F L?=C<C] OH NIN;F >?  M?MCIH?M >? /?L;JC; $=]HC=; ?H

@ILG;NIALOJ;F=IHOH;@L?=O?H=C;M?G;H;FSNL?MM?MCIH?M>?L?=O?L>I;F;MM?G;H;M

;FIMS;FIM G?M?MNL;MF;@CH;FCT;=C]H>?FNL;N;GC?HNI ';>OL;=C]H>?F;MM?MCIH?M

?L;>? GCHONIM=;>;OH; 'IM?H=O?HNLIMALOJ;F?M=IG?HT;<;H=IH?FL?J;MI>?F;

M?MC]H;HN?LCIL>OL;HN? GCHONIMJ;L;>?MJOZMCL;P;HT;H>I=IHFIMHO?PIM=IHN?HC>IM

>?F G]>OFI KO? =ILL?MJIH>C?M?   B;<CFC>;>?M <WMC=;M >? L?AOF;=C]H ?GI=CIH;F  

L?F;=CIH?MCHN?LJ?LMIH;F?M =IHMNLO==C]H>?F;C>?HNC>;> ;ONI?MNCG;S <_MKO?>;>?

;ONI>CL?==C]H J?LMIH;F  'IM J;LNC=CJ;HN?M =IHN;<;H =IH F; JIMC<CFC>;> ;>?GWM >?

=IHN;=N;L CH>CPC>O;FG?HN? =IH F; CHP?MNCA;>IL; JLCH=CJ;F ?H =;MI >? =LCMCM  'IM

=IHN?HC>IM >?F JLIAL;G; >? /?L;JC; $=]HC=; @CAOL;H ?H ?F ) 3*  ';M M?MCIH?M >?

ALOJI ?L;H MOJ?LPCM;>;M JIL F; CHP?MNCA;>IL; JLCH=CJ;F ; NL;PZM >? OH =LCMN;F

OHC>CL?==CIH;F O<C=;>I ?H F; M;F; >? N?L;JC; =IH ?F @CH >? >;L 7665324< ; N?L;J?ON;M S

=IN?L;J?ON;M >?MJOZM >? =;>; M?MC]H  .? @CFG;LIH ;>?GWM >IM M?MCIH?M >? ALOJI >?

/?L;JC;$=]HC=;J;L;KO?MO=L?;>IL;JO>C?L;=B?KO?;LKO?F;;JFC=;=C]H>?N?L;JC;@O?L;

@C>?FCT;>;  MF;JLCG?L;P?TKO?JILL?KO?LCGC?HNIM>?F?MNO>CIF;/?L;JC;$=]HC=;HI

?M CGJ;LNC>; JIL MO =L?;>IL; HC JIL F; CHP?MNCA;>IL; JLCH=CJ;F >?F ?MNO>CI MCHI JIL

N?L;J?ON;MHIP?F?M=IHOHHCP?F>?@ILG;=C]H?MJ?=[@C=;<;DI 

 ",7(60(+,(65=5,4,2.7:65*549752

F ALOJI =IHNLIF L?=C<C] CAO;F KO? ?F ALOJI >? /?L;JC; $=]HC=;  M?MCIH?M

M?G;H;F?M>?N?L;JC;?H@ILG;NIALOJ;FF;MNL?MM?MCIH?M>?L?=O?L>I;F;MM?G;H;M;

FIMS;FIM G?M?MSF;JIMC<CFC>;>>?=IHN;=N;L=IH?FCHP?MNCA;>ILJLCH=CJ;F?H=;MI

 
>?=LCMCM ';MM?MCIH?M>OL;<;H GCHONIM  H?F) 3*;J;L?=?OHL?MOG?H=IH

FIM=IHN?HC>IM>?FJLIAL;G;>?N?L;JC;>?;JISI?HNL?FIMKO?M??H=O?HNL;H?F;<IL>;D?

>? F; CH?MN;<CFC>;> ?GI=CIH;F S ?F =IHNLIF >? CGJOFMIM ?HNL?H;GC?HNI ?H B;<CFC>;>?M

MI=C;F?MS@IG?HNI>?F;;ONI?MNCG;JLCH=CJ;FG?HN? /I>;MF;MM?MCIH?M>?ALOJI@O?LIH

MOJ?LPCM;>;MJILF;CHP?MNCA;>IL;JLCH=CJ;F>?M>?>?NLWM>?OH=LCMN;FOHC>CL?==CIH;FJ;L;

JI>?L>;L7665324<;N?L;J?ON;MS=IN?L;J?ON;M>?MJOZM>?=;>;M?MC]H 


 $(70()2,8+,2,89:+05

 $(70()2,804+,6,4+0,49,8

 1;LC;<F?MMI=CI>?GIALW@C=;M

H ?F ?MNO>CI M? GC>C?LIH F;M MCAOC?HN?M P;LC;<F?M MI=CI>?GIALW@C=;M ?>;>

AZH?LI ?MN;>I =CPCF H;=CIH;FC>;> =IB;<CN;<CFC>;> =IH F; @;GCFC; >? ILCA?H HCP?F

?>O=;=CIH;FSMCNO;=C]HF;<IL;F 1?L/;<F; 

 $(70()2,8+,7,8:29(+5

 1;LC;<F?JLCH=CJ;F

.?P?LC>;>AFI<;F>?M[HNIG;M>?/'+G?>C;HN?F;?M=;F;@C56C=:?6'6CD@?2=:EJ

*J>AE@>#:DE.' IBOM?N;F  P;FC>;>IJIL.IF?L?N;F   

    1;LC;<F?MM?=OH>;LC;M>?L?MOFN;>I

    .OC=C>;<CFC>;>G?>C;HN?F;MMCAOC?HN?MG?>C>;M

  $>?;=C]H MOC=C>; ; NL;PZM >?F @=F>3:2*F:4:56 :DE@CJ @C>  ..-.

+IMH?L?N;F  P;FC>;>IJILF #;F;<[?N;F  

$HN?HNIM>?MOC=C>CI.$ )* 

ONIF?MCIH?MHIMOC=C>;M.$ )* 

 
      DOMN? MI=C;F G?>C;HN? F; D42=2 56 ?252AE24:Q? $" =B?<OL_; ?N ;F 

 

    0MI>?M?LPC=CIM>?M;FO>G?HN;FG?>C;HN?F;MMCAOC?HN?MP;LC;<F?M

IHMOGI>?JMC=I@WLG;=IM.$ )* 

/CJI>?JMC=I@WLG;=I 

HNC>?JL?MCPIM HMCIF[NC=IM MN;<CFCT;>IL?MIHNCJMC=]NC=IM 

 )_G?LI>?PCMCN;M;JLI@?MCIH;F?M>?M;FO>G?HN;F 

     RJ?LC?H=C;MO<D?NCP;>?FNL;N;GC?HNIG?>C;HN?

 +?L=?J=C]H>?G?DIL[;JILJ;LN?>?FJ;=C?HN?S>?MO@;GCFC; 

 .;NCM@;==C]H =IH ?F NL;N;GC?HNI L?=C<C>I ; NL;PZM >? F; D42=2 56 D2E:D7244:Q?

4@?6=EC2E2>:6?E@ ,ILEIP?=);O 

    >B?L?H=C;;FNL;N;GC?HNIG?>C;HN?OHL?ACMNLI>?;MCMN?H=C;;F;MM?MCIH?M>?

N?L;JC; 

 4897:3,4958+,;(2:(*0D4

  

F6DE:@?2C:@6IA=@C2E@C:@56=2A6CD@?2=:525 EC2DE@C?@=O>:E6

 + - $$$ /'+ ;<;FFI "OCFFZH .;F;T;L ? $LOLNC;   ?M OH CHMNLOG?HNI >?

D4C66?:?8 KO? <;MWH>IM? ?H F;M N?H>?H=C;M >? =IGJILN;GC?HNI S ?H FIM M[HNIG;M

>C;AH]MNC=IM >?F .( $1 /- J?LGCN? =IGJLI<;L MC OH J;=C?HN? NC?H? ?MNCFI >?

J?LMIH;FC>;> F[GCN?  ';M JOHNO;=CIH?M JO?>?H IM=CF;L ?HNL? OH G[HCGI >?  S OH

GWRCGI>?JOHNIMM?=IHMC>?L;KO?JOHNO;LJIL?H=CG;>?JO?>?M?LOH;M?\;F

>? ;F;LG; J;L; /'+ S F; I<N?H=C]H >? GWM >?  JOHNIM CGJFC=; F; MIMJ?=B; >? KO?

?RCMN;OH/'+AL;P?  F=O?MNCIH;LCI@O?>CM?\;>ISP;FC>;>I=IHP?LA?HN?G?HN?=IH?F

(($ $$$SMO=IHMCMN?H=C;CHN?LH;?M?F?P;>;2=72>?C@?3249|  

 
D42=2@=F>3:2A2C2G2=F2C6=):6D8@56*F:4:5:@

@=F>3:2*F:4:56 :DE@CJ @C>  ..-. +IMH?L ?N ;F    M? B; ONCFCT;>I F;

P?LMC]H ?MJ;\IF; >? F; ?M=;F; F #;F;<[ ?N ;F    KO? B; >?GIMNL;>I N?H?L OH;

=IHMCMN?H=C;CHN?LH;;>?=O;>;2=7256C@?3249_S;FN;P;FC>?T>CM=LCGCH;HN?A

  ;>?GWM >? M?L M?HMC<F? ;F =;G<CI S N?H?L P;FC>?T =IHP?LA?HN? S >CP?LA?HN? =IH

INL;M ?M=;F;M GOFNC CH@ILG?  F CHMNLOG?HNI J?LGCN? L?=IA?L ;J;LC=C]H AL;P?>;> S

@L?=O?H=C;>?F;C>?;=C]HS>?F;M=IH>O=N;MMOC=C>;M>OL;HN??FJ?LCI>I>??P;FO;=C]H 

H ?MN? ?MNO>CI M? GC>C] F; AL;P?>;> >? F; C>?;=C]H MOC=C>; ;=NO;F ; NL;PZM >? F;

=ILL?MJIH>C?HN?MO<?M=;F;IL>CH;F?HF;KO?M?L?=IA?H>CMNCHNIMNCJIM>?J?HM;GC?HNI

MI<L? MOC=C>CI >?M>?  >?M?IM >? GILCL B;MN;  C>?;=C]H =IH JF;H ?MJ?=[@C=I ?

CHN?H=C]H >? GILCL  .C ?F J;=C?HN? =IHN?MN; ;@CLG;NCP;G?HN? ;F G?HIM ;  >? F;M 

JL?AOHN;MJOHNO;=C]HgM?=IHMC>?L;KO?JL?M?HN;C>?;=C]HMOC=C>;  H=;MI>?M?L

IB;MN;F;ML?MJO?MN;M;@CLG;NCP;MI<N?HC>;MJOHNO;=C]Hg?HNIH=?MF;C>?;=C]HM?

=IHMC>?L;AL;P?SJO?>?CH@?LCLM?KO??FLC?MAIMOC=C>;?MG;SIL?MJ?=C;FG?HN?MCB;H

?RCMNC>ICHN?HNIMMOC=C>;ML?=C?HN?M)IL>MNL^G?N;F  2?H #OH?N;F   

?EC6G:DE24=O?:426DECF4EFC252A2C25:28?QDE:4@D56=6;6 56=*$ -

.$ $$ !CLMN "C<<IH .JCNT?L 2CFFC;GM  ?HD;GCH  F; ?HNL?PCMN; M?

MO<>CPC>? ?H  MO<?M=;F;M J;L; C>?HNC@C=;L FIM >CMNCHNIM NL;MNILHIM >? J?LMIH;FC>;>

M?A_H ?F .( $1  H ?MN? ?MNO>CI M? ONCFCT] ?R=FOMCP;G?HN? F; MO<?M=;F; >?

J?LMIH;FC>;> ;HNCMI=C;F =IGJO?MN; JIL OH; M?LC? >? JL?AOHN;M M?GC;<C?LN;M KO?

J?LGCN?H?RJFIL;L?FJ;NL]H>?L?MJO?MN;B;<CNO;F>?FJ;=C?HN?;HN?>CMNCHN;MMCNO;=CIH?M

; FI F;LAI >?F NC?GJI  ';M L?MJO?MN;M M? =IHN?MN;<;H ?HNL?  @;FMI S  JOHNIM

P?L>;>?LIM?A_H=]GI>?C>?HNC@C=;>IM?MC?HN??FJ;=C?HN?=IH=;>;;@CLG;=C]HMCMIH

 FIM :E6>D JOHNO;>IM =IH OH op ?RCMN? MIMJ?=B; >? NL;MNILHI ;HNCMI=C;F  HN? N;F

L?MOFN;>I S >OL;HN? ?F D4C66?:?8 CHC=C;F ?F J;=C?HN? ?L; ?R=FOC>I >? ?MN? ?MNO>CI  ';

 
?HNL?PCMN; NC?H? OH; <O?H; @C;<CFC>;> S P;FC>?T =IGI JLO?<; =IGJF?G?HN;LC; >? F;

?P;FO;=C]H>C;AH]MNC=;M?A_HFIM=LCN?LCIM>?FG;HO;F.( $1 

D42=2564C65:3:=:525J6IA64E2E:G2D

 , ILEIP?E  );O  F; ?M=;F; B; MC>I ONCFCT;>; ?H HOG?LIMIM ?MNO>CIM

?MJ;\IF?M J;L; G?>CL F;M ?RJ?=N;NCP;M >? G?DIL; >?F J;=C?HN? =O;H>I M? F? ?RJFC=; ?F

NL;N;GC?HNIKO?P;;L?=C<CL"IHTWF?T-I<F?M?N;F  .;HT?N;F  -;=BSF;?N

;F    H?MN??MNO>CIF;?M=;F;M?;JFC=]>OL;HN?F;JLCG?L;?HNL?PCMN;>?D4C66?:?8

J;L;=IGJLI<;LF;=IH@C;HT;KO?F?CHMJCL;<;;FJ;=C?HN??FNL;N;GC?HNII@L?=C>IoOH;

JMC=IN?L;JC;CHN?HMCP;J;L;NL;N;LF;CH?MN;<CFC>;>?GI=CIH;FpMCF?J;L?=[;F]AC=IMCF?

M;NCM@;=[;MCM?FIL?=IG?H>;L[;;OH;GCAIMC=L?[;KO?JI>L[;M?LF?_NCFJ;L;NL;N;LMO

JLI<F?G;;=NO;FOINLIMJLI<F?G;MSMCJ?HM;<;KO?JI>[;L?MOFN;LF?>?M;AL;>;<F? ;>;

:E6>M?JOHNO;<;MI<L?OH;?M=;F;>? ?H;<MIFONI; JOHNIMGO=B[MCGIJO>C?H>I

;F=;HT;LM? ?H =;>; =;MI OH; JOHNO;=C]H GWRCG; >?   JOHNIM  .C F; JOHNO;=C]H

;F=;HT;>;?L;fM?=IHMC>?L;<;KO??FJ;=C?HN?N?H[;OH;<;D;?RJ?=N;NCP;>?=;G<CI

IG?DIL;SKO?>;<;?R=FO[>I>??MN??MNO>CI 

 $(70()2,6704*06(2+,7,8:29(+5

@C56C=:?6'6CD@?2=:EJ*J>AE@>#:DE

.'  IBOM ?N ;F    ?M OHI >? FIM CHMNLOG?HNIM GWM ;GJFC;G?HN? ONCFCT;>IM

?H MO P?LMC]H L?>O=C>; J;L; ?P;FO;L F; M?P?LC>;> >? M[HNIG;M >?F /'+ ?H ?HM;SIM

=F[HC=IM .?B;ONCFCT;>IF;P?LMC]H?MJ;\IF;.IF?L?N;F  KO?=IHMN;>?:E6>D

;ONI L?@?LC>IMJOHNO;<F?M?HOH;?M=;F;#:<6CE>?JOHNIM>?M>? ?H;<MIFONIB;MN;

GO=B[MCGIJOHNO;=CIH?MJIL>?<;DI>?B;<F;L[;H>?OHJIMC<F?=;MI>?/'+F?P?

?HNL?  ;  JOHNIM MO?F?H M?L CH>C=;NCPIM >? =;MIM AL;P?M S JIL ?H=CG; >? 

J;=C?HN?M GOS AL;P?M  '; P?LMC]H ?MJ;\IF; ONCFCT;>; ?H ?F ?MNO>CI L?JLI>O=? OH;

 
?MNLO=NOL;OHC@;=NILC;F>?F;P?LMC]HILCACH;FIBOM?N;F  NC?H?<O?H;@C;<CFC>;>

J;L; ?F >C;AH]MNC=I |  ;FN; =IHMCMN?H=C; CHN?LH; 2=72 56 C@?3249 |  S

;>?=O;>;?MN;<CFC>;>N?MN L?N?MN{J  .CAOC?H>I?FJLINI=IFI?F=O?MNCIH;LCI

@O?;JFC=;>I?H?FGIG?HNI<;M;F>?MJOZM>?FNL;N;GC?HNIS;FIM G?M?M 

 $(70()2,88,*:4+(70(8+,7,8:29(+5

?E6?E@DDF:4:52DM??RJFIL]F;CH=C>?H=C;.$ )*>?CHN?HNIMMOC=C>;ML?;F?M>OL;HN??F

;\IJL?PCI;FCHC=CI>?F?MNO>CI?H?FJIMNL;N;GC?HNIS>?MJOZM>?F;\I>?M?AOCGC?HNI

; NL;PZM >? F; JL?AOHN; oj#;M =IG?NC>I ;=NIM JIN?H=C;FG?HN? ;ONI>?MNLO=NCPIM JIL FI

G?HIM=IH=C?LNI>?M?I>?GILCLHIH?=?M;LC;G?HN?;F p MN?NCJI>?;=NIMHI

NC?H?H =IHM?=O?H=C;M @;N;F?M HC N;GJI=I CGJFC=;H B?LC>; I >;\I @[MC=I JIL ?D?GJFI

CHA?LCL M? =IHMC>?L; CHN?HNI  ;OHKO? FO?AI M? ;PCM? >? ?FFI J?LI =IHMNCNOS?H OH

?F?G?HNI JL?>C=NIL >? MOC=C>CI =IHMOG;>I S MO ?P;FO;=C]H ?M CH>CMJ?HM;<F? ?H FIM

NL;N;GC?HNIM =F[HC=IM (IH>L;A]H .;FNCD?L;F CG<?F;  ILA?M   )I M? OM] F;

?M=;F;IFOG<C;. ..-.JILKO?F;?P;FO;=C]H<;M;F>??MN;P;LC;<F?;FO>[;;F;\IJL?PCI

SHI;FGIG?HNI?HKO?=IG?HT;<;F;N?L;JC;FIM>;NIMHI?L;H?KOCJ;L;<F?M;FIM>?FL?MNI

>? P;LC;<F?M M?=OH>;LC;M ;OHKO? PIFPC?L;H ; G?>CLM? ?H ?F JIMN NL;N;GC?HNI S ;F ;\I >?

M?AOCGC?HNI 

FE@=6D:Q??@DF:4:52%*D68S?=@D4C:E6C:@D56=*$A2C2+#'

+   M?A_H ?F .(  OH J;=C?HN? JL?M?HN; =LCN?LCIM J;L; OH >C;AH]MNC=I >?

;ONIF?MC]H HI MOC=C>; MC?GJL? KO? M? ;ONIF?MCIH? MCH F; CHN?H=C]H >? GILCL ?H L?F;=C]H

=IHOH;>C@C=OFN;>CHN?LJ?LMIH;FIM?HNCGC?HNIH?A;NCPISFIB;A;GWM>?P?=?M;F;\I

MC?H>I JF?H;G?HN? =IHM=C?HN? >? MO ;=NO;=C]H J?LI MCH M?HNCL =IHNLIF MI<L? ?FF; S

I=;MCIH;H>I =IHM?=O?H=C;M H?A;NCP;M J;L; MO PC>;  C=B; P;LC;<F? M? GC>C] >? @ILG;

=;N?A]LC=;.$ )*?H?F;\IJL?PCI;FCHC=CI>?F?MNO>CI;F@CH;FCT;L?FNL;N;GC?HNISOH

 
;\I >?MJOZM ?H ?F M?AOCGC?HNI P?L ) 3*   )I M? ONCFCT;LIH CHMNLOG?HNIM >?

?P;FO;=C]HP;FC>;>IMJ;L;G?>CL;ONIF?MCIH?MHIMOC=C>;M=IGI?F$HP?HNILSI@.N;N?G?HNM

;<ION .?F@  $HDOLS $.. "F?HH  &FIHMES   JILKO? HI L?=IA?H FIM =LCN?LCIM >?F

.(  I HI ?MNWH P;FC>;>IM ;F ?MJ;\IF =IGI ?F F?RC;H LINB?LM MM?MMG?HN I@ .?F@ 

$HDOLS.$2;MB<OLH+INNBI@@%OTQCH.NS?L  

,D@56D6CG:4:@D56D2=F5>6?E2=?FOMI>?M?LPC=CIM>?M;FO>G?HN;FM??P;FO];NL;PZM

>?F;MMCAOC?HN?MP;LC;<F?M

IHMOGI>?JMC=I@WLG;=IM?H?FGIG?HNI;=NO;F.$ )* 

/CJI >? @WLG;=I HNC>?JL?MCPIM HMCIF[NC=IM MN;<CFCT;>IL?M >?F WHCGI I

HMNCJMC=]NC=IM 

)_G?LI>?PCMCN;M;JLI@?MCIH;F?M>?M;FO>G?HN;F?H?F_FNCGI;\I 

D42=256 ?252AE24:Q?

$" =B?<OL_;?N;F  ?MOH;?M=;F;NCJI#:<6CEKO?J?LGCN?=IHI=?LF;;@?=N;=C]H

>?F;M>C@?L?HN?MWL?;M>?F;PC>;=INC>C;H;>?OH;J?LMIH;>?M?GJ?\IF;<IL;FMI=C;F

>?I=CI=IHF;J;L?D;S@;GCFC;L?HL?F;=C]H=IHOHJLI<F?G;JMC=IF]AC=I ';P;LC;<F?

M?GC>C]?H=IH>C=CIH?M<;M;F?M;F@CH;FCT;L?FNL;N;GC?HNIS?H?FM?AOCGC?HNI G;SIL

JOHNO;=C]H M? =IHMC>?L; KO? ?F J;=C?HN? NC?H? OH J?IL ;DOMN? MI=C;F  F CHMNLOG?HNI

=IHMN;>?:E6>D?MJ?=[@C=IMS AFI<;FMI<L??FAL;>I>?CH;>;JN;=C]HA?H?L;F=IH

OH;;FN;M?HMC<CFC>;>MCM?ONCFCT;OHJOHNI>?=ILN?AFI<;F>? S<O?H;?MJ?=C@C=C>;>

=IHOH;JOHNO;=C]H>?J;L;=;>;OHI>?FIM:E6>D ';?M=;F;JL?M?HN;OH;?F?P;>;

=IHMCMN?H=C;CHN?LH;2=7256C@?3249_S;FN;P;FC>?T>CM=LCGCH;HN?A  

 
'6C46A4:Q? 8=@32= 56 >6;@CO2 FIM J;=C?HN?M >?<[;H P;FIL;L =]GI M? ?H=IHNL;<;H NL;M

L?=C<CL?FNL;N;GC?HNI=IHL?MJ?=NI;MO?MN;>ICHC=C;F +;L;?FFIM?F?MI@L?=[;OH;?M=;F;

#:<6CE>?P;FIL?M=IHP;FILCHP?LMI>IH>? oGO=BIG?DILpo<;MN;HN?G?DILp

OHJI=IG?DILoMCH=;G<CIMpo;FAIJ?ILpo<;MN;HN?J?ILpSoGO=BI

J?ILp /;F?M=;F;M?;>GCHCMNL]?H>IMGIG?HNIM>?MJOZM>?FNL;N;GC?HNIS;F;\I>?

M?AOCGC?HNI  'IM J;=C?HN?M JO?>?H M?L ?H I=;MCIH?M I<M?LP;>IL?M JI=I @C;<F?M JIL FI

KO?MOM@;GCFC;L?MN;G<CZH>?<[;H=IHN?MN;LF;?M=;F;?H@OH=C]H>?=]GIJ?L=C<[;HKO?

M??H=IHNL;<;?FJ;=C?HN??H=;>;GIG?HNI 

D42=2 56 D2E:D7244:Q? 4@? 6= EC2E2>:6?E@ M? NL;N; >? OH; ;>;JN;=C]H >? F; ?M=;F; >?

=L?>C<CFC>;>S?RJ?=N;NCP;M ,ILEIP?=);O KO?M?ONCFCT]?H?FD4C66?:?8

J;L;G?>CLF;M?RJ?=N;NCP;M>?G?DIL;>?FJ;=C?HN?;HN?M>?CHC=C;L?FNL;N;GC?HNIKO?M?

F? B;<[; I@L?=C>I  F @CH;FCT;L ?F NL;N;GC?HNI S >?MJOZM >?F M?AOCGC?HNI PIFPC?LIH ;

L?=IA?LM? F;M GCMG;M =O?MNCIH?M >?M>? MO ?RJ?LC?H=C; MC F? B;<[; J;L?=C>I F]AC=I MC

?MN;<;M;NCM@?=BI=IH?FMCM?FIL?=IG?H>;L[;;OH;GCAIMCF?B;<[;L?MOFN;>I_NCFJ;L;

NL;N;L?FJLI<F?G;;=NO;FOINLIMJLI<F?G;MIMCB;<[;MC>I>?M;AL;>;<F?MI<L?OH;?M=;F;

NCJI #:<6CE >?  ?H ;<MIFONI ;  GO=B[MCGI JO>CZH>IM? ;F=;HT;L OH; JOHNO;=C]H

GWRCG;>? JOHNIM 

596C6?4:2 2= EC2E2>:6?E@ OH L?ACMNLI >? ;MCMN?H=C; ; F;M M?MCIH?M >? NL;N;GC?HNI

J?LGCNC]?P;FO;LF;;>B?L?H=C;;FF;N?L;JC; .?=IHMC>?L;LIH=OGJFC>IL?M>?FNL;N;GC?HNI

MCB;<[;H;MCMNC>I;FG?HIM;F >?F;MM?MCIH?M>?N?L;JC;?FJLIAL;G;=IHMN;<;>?

M?MCIH?M 








 
&,-6,H6*&7.278691*2837<131*2837)**:&09&(.C2)*0&7:&6.&'0*7)*6*7908&)3

*.$- "&+,*-%&,' %'%&,'
.$-"Y&
($"$ "$%'&!

%0?0;4/,/269-,6/0<F8=97,<&" %  3D3=
(@DEEC3E3>;7?E@
=@D >7D7D

($%%' $%

 "6735;P? (F?EF35;P?++*+ 3D3=


%' DF;5;63 D53=3 3 (@DEEC3E3>;7?E@
 9C3G7636 =@D >7D7D
  
@?6F5E3 *79;DEC@4;?3C;@+" &' $@D >7D7DAC7G;@D
DF;5;63  (@DEEC3E3>;7?E@
;?E7?E@D =@D >7D7D

FE@=7D;P??@ C;E7C;@D+%
 +" &' $@D >7D7DAC7G;@D
DF;5;63 (@DEEC3E3>;7?E@
 =@D >7D7D
   
 @?DF>@67 *79;DEC@4;?3C;@+" &' 
 8LC>35@D  
'%!%$(!%   3D3=
%' & ,;A@ CFA@678LC>35@ =@D >7D7D
      
  
    

     

  
.;D;E3D3 &Q>7C@67G;D;E3D $@D >7D7DAC7G;@D
AC@87D;@?3=7D  =@D >7D7D
 

  3D3=
'%&%! D53=367;?363AE35;P?" (@DEEC3E3>;7?E@
=@D >7D7D

)"$  %7<@CN3 D53=367>7<@CN3 (@DEEC3E3>;7?E@


%'&( 3FE@A7C5;4;63 +F4<7E;G3 =@D >7D7D

 %7<@CN3D79Q? D53=367>7<@CN3A7C5;4;63 (@DEEC3E3>;7?E@
3>;9@D  D53=3 3 =@D >7D7D
83>;=;3C7D
+3E;D8355;P? D53=367D3E;D8355;P? (@DEEC3E3>;7?E@
5@?7= 363AE35;P?67=) =@D >7D7D
EC3E3>;7?E@
$ &$& &! *79;DEC@4;?3C;@D;DE7?5;33 (@DEEC3E3>;7?E@
SD7D;@?7D9CFA3=7D+" &' =@D >7D7D

&@E3D +$  @C67C=;?7 (7CD@?3=;EI +I>AE@> $;DE G7CD;P? C76F5;63 ++*+ @=F>4;3 +F;5;67
!;DE@CI@C>+%FE@=7D;P??@DF;5;63D79Q?7=%3?F3=;39?PDE;5@IDE36NDE;5@67,C3DE@C?@D
%7?E3=7D+%"D53=367;?363AE35;P?5@E;6;3?3)D53=3675C76;4;=;636I7HA75E3E;G3D


 
 4@20808,89(+B890*58

.? FF?P;LIH ; =;<I ;HWFCMCM JIL CHN?H=C]H >? NL;N;L CH=FOS?H>I ; NI>IM FIM

J;LNC=CJ;HN?M?P;FO;>IMCH>?J?H>C?HN?G?HN?>?KO?BO<C?M?H=IGJF?N;>I?FNL;N;GC?HNI 

';M =;L;=N?L[MNC=;M MI=CI>?GIALW@C=;M M? L?=IA?H =IGI >?M=LCJNCPIM ?MN;>[MNC=IM ?H F;

/;<F; MCGCMGIM??R;GCH]F;=IGJ;L;<CFC>;>>?FIM>IMALOJIM>?NL;N;GC?HNI?H

F;F[H?;<;M?OM;H>IF;JLO?<;`J;L;F;MP;LC;<F?M=;N?A]LC=;MSF;JLO?<;E56*EF56?E

J;L; F;M P;LC;<F?M =IHNCHO;M KO? ;F=;HT;L;H F; HILG;FC>;> MC HI M? OM;<; ?F N?MN >?

$2?? .9:E?6J  'IM ;HWFCMCM >? F;M P;LC;<F?M >? L?MOFN;>I N;HNI JLCH=CJ;F?M =IGI

M?=OH>;LC;MM?L?;FCT;LIHG?>C;HN?GI>?FIM>??=O;=CIH?M>??MNCG;=C]HA?H?L;FCT;>;

"   M?H=C;FG?HN? FIM GI>?FIM "  MIH OH; ?RN?HMC]H >? FIM GI>?FIM FCH?;F?M

A?H?L;FCT;>IM "'(M ; G?>C>;M L?J?NC>;M S INL;M I<M?LP;=CIH?M =ILL?F;=CIH;>;M  ';

P;LC;<F?>?L?MJO?MN;JO?>?M?L=O;HNCN;NCP;IL>CH;F=O;FCN;NCP;I>?L?=O?HNI >?GWM

=IHFIMGI>?FIM" HI?MH?=?M;LC;F;CGJON;=C]H>?P;FIL?MJ?L>C>IMS;KO?MCZMNIM

MIH;F?;NILCIMF;?MNCG;=C]H>?FIMJ;LWG?NLIM?M<;MN;HN?LI<OMN;5C?AF?L   H

NI>IMFIMGI>?FIM?FEC2E2>:6?E@/?L;JC;$=]HC=;GDN?L;JC;>?;JISIM?B;CH=FOC>I

=IGI OH @;=NIL ?HNL? MOD?NIM S ?F E:6>A@ <;M;F JIMN NL;N;GC?HNI S  G?M?M >?

M?AOCGC?HNI =IGI OH @;=NIL CHNL; MOD?NIM I >? G?>C>;M L?J?NC>;M  H =;>; ;HWFCMCM M?

?R;GCH;HFIM?@?=NIMJLCH=CJ;F?M;M[=IGIF;CHN?L;==C]H?HNL?EC2E2>:6?E@SE:6>A@ .?

FF?P] ; =;<I OH ;HWFCMCM >? M?HMC<CFC>;> =IH F;M >C@?L?HN?M G;NLC=?M >? =ILL?F;=C]H

$H>?J?H>C?HN?- $HN?L=;G<C;<F?( >?J?H>C?HN?SHI?MNLO=NOL;>;?M=IACZH>IM?

?F GI>?FI KO? NOPC?L; OH; ,$ GWM <;D;  $( .+.. P?LMC]H   J;L; .:?5@HD M?

ONCFCT] J;L; FIM ;HWFCMCM ?MN;>[MNC=IM  '; MCAHC@C=;=C]H ?MN;>[MNC=; KO?>; >?@CHC>; =IGI

A SM?;JFC=]F;=ILL?==C]H>?@?76CC@?:;F;M=IGJ;L;=CIH?MG_FNCJF?MJIMNBI= 

 

 
 !#"!

? FIM  J;=C?HN?M >?LCP;>IM J;L; ?F ?MNO>CI  M? ?R=FOS?LIH JIL >CMNCHN;M

=;OM;MFIM L?MN;HN?M@O?LIH?MNL;NC@C=;>IMJIL?>;>S;F?;NILCT;>IM?HALOJIM>? 

=;>; OHI /?L;JC; $=]HC=; S N?L;JC; >? ;JISI  IGI JO?>? P?LM? ?H F; /;<F;  F;

GO?MNL;?MN;<;=IGJO?MN;JLCH=CJ;FG?HN?JILGOD?L?M=IHOH;G?>C;>??>;>

>?   ;\IM /   F  >? FIM J;LNC=CJ;HN?M =IHPCP[; =IH MO @;GCFC; >?

ILCA?HKO??H?F>?FIM=;MIM?L;H>?J;>L?SG;>L??MJ;\IF?M ';G;SIL[;>?

?FFIMN?H[;?MNO>CIM>??>O=;=C]HJLCG;LC;IM?=OH>;LC; SL?MJ?=NCP;G?HN?

SMIFI?F ?L;HOHCP?LMCN;LCIM  F>?F;GO?MNL;NL;<;D;<;OH ;NC?GJI

J;L=C;FS?FL?MN;HN?;NC?GJI=IGJF?NI ';G;SIL[;N?H[;BCMNILC;>?CHN?HNIM>?

MOC=C>CI) ?H/?L;JC;$=]HC=;S) ?HF;N?L;JC;>?;JISIS;FAOHIM

N;G<CZH>?;ONIF?MCIH?MHIMOC=C>;M) ?H/?L;JC;$=]HC=;S) ?HF;

N?L;JC;>?;JISI?H?F;\IJL?PCI;CHC=C;LM??F?MNO>CI )IM??H=IHNL;LIH>C@?L?H=C;M

?MN;>[MNC=;G?HN?MCAHC@C=;NCP;M?HNL?;G<IMALOJIM>?NL;N;GC?HNIL?MJ?=NI;HCHAOH;>?

F;MP;LC;<F?M;H;FCT;>;M?H?FGIG?HNI<;M;F 

 

 
&,-6,&6&(8*6A78.(&7'&7&0*7<&)-*6*2(.&&086&8&1.*283)*0374&68.(.4&28*7

     
&*;2*+5. $5:'2 $+8'6/' $+8'6/' K= 
  *+'65>5 )D4/)'
   
        
*'*  $                   

        
A4+85>3.;             
        
9:'*5/</2#85=.;8         
        
')/54'2/*'*6'8+4:'2              
'3(59+96'C52+9
        
5*5*+)54</<+4)/'             
,'3/2/'*+58/-+4
        
9:;*/59          
;26*;2*          
#.,>7-*;2*           
%72?.;<2-*-          
        
#/:;')/D4'(58'2          
8=;*+*3*            
$;*+*3**=2.6989*;,2*5            
$;*+*3**=2.698,8695.=8          
        

*.+8+4)/''2:8':'3/+4:5        
<2<=.7*I<.<287.<0;>9*5.<           
  
        

5362+:'+29+-;/3/+4:5             
 
        
G9+9/54+9/4*/</*;'2+9                    
#


?FIM J;=C?HN?ML?=FON;>IM=IGJF?N;LIHNL;N;GC?HNI?F >?FIM;MCMN?HN?M

;F ALOJI >? /?L;JC; $=]HC=;   J?LMIH;M S ?F  >? FIM ;MCMN?HN?M ;F >? ;JISI 

J?LMIH;M 1?L /;<F;   F NL;N;GC?HNI M? =IHMC>?L;<; =IGJF?N;>I =O;H>I ;MCMN[;H ;F

G?HIM ;F   >? F;M M?MCIH?M  0H NIN;F >?  J?LMIH;M   >? F; GO?MNL; CHC=C;F HI

=IGJF?N;LIHF;M?P;FO;=CIH?M>?M?AOCGC?HNI>?F?MNO>CIJILFIKO?NI>IMFIM;HWFCMCMM?

FF?P;LIH;=;<IMI<L?FIMJ;=C?HN?MKO?M[FIBC=C?LIH >?/?L;JC;$=]HC=;S >?F

ALOJI >? ;JISI  )I M? ?H=IHNL;LIH >C@?L?H=C;M ?MN;>[MNC=;G?HN? MCAHC@C=;NCP;M ?HNL?

ALOJIM =IH L?MJ?=NI ; FIM ;<;H>IHIM A  HC N;GJI=I F;M BO<I ?H ?F H_G?LI >?

M?MCIH?MCH>CPC>O;F?MKO?MIFC=CN;LIHFIMJ;=C?HN?M>?;G<IMALOJIM=IHMOJLI@?MCIH;F

>?L?@?L?H=C;I=IHF;CHP?MNCA;>IL;JLCH=CJ;F>OL;HN??FNL;N;GC?HNIA  

 
HF;/;<F;M?GO?MNL;HFIM?MN;>[MNC=IM>?M=LCJNCPIM>?F;MP;LC;<F?M>?L?MOFN;>IKO?
@O?LIH?P;FO;>IM?HNL?MGIG?HNIMF[H?;<;M?JIMN NL;N;GC?HNISM?AOCGC?HNIJ;L;
=;>;OHI>?FIMALOJIM>?N?L;JC; 


&,-6,78&)A78.(37)*7(6.48.:37)*0&7:&6.&'0*7)*6*7908&)34&6&(&)&8.43)*8*6&4.& *6&4.&
(C2.(&<8*6&4.&)*&43<3*2037).+*6*28*7131*2837)**:&09&(.C2

  3D3=   (@DEC3E3>;7?E@  +79F;>;7?E@

 D7>3?3D  >7D7D

   %   %   %




%48=97,=9692F,&" 65>5                  
% 
 )D4/)'                   

/0,.4H8<>4.4/, 65>5            
%%$%
 )D4/)'              
8=08=9<<>4.4/49         
<>50=9<      
         
         
>=960<4H889<>4.4/,    
<>50=9<
          
         
'<9/01D;7,.9< 65>5           
<>50=9<
 )D4/)'           
         
J?4<4=,<,       
:;910<498,60</0<,6>/
708=,6
            

8,/,:=,.4H8
        
65>5          
.9=4/4,8,
 )D4/)'             
         
%,=4<1,..4H8.986, 65>5         
=0;,:4,#
 )D4/)'            
         
059;,269-,6 65>5          
<>-50=4?,8/4?4/>9
 )D4/)'              
         
059;,269-,6 65>5      
:0;.4-4/,,7464,
 )D4/)'              


 
/;HNI?H?FALOJIKO?L?=C<C]F;/?L;JC;$=]HC=;=IGI?H?F>?N?L;JC;>?;JISI

F;M?P?LC>;>AFI<;FG?>C;>?M[HNIG;M>?/'+G?>C>;;NL;PZM>?F;?M=;F;.' M?

L?>ODI >?MJOZM >?F NL;N;GC?HNI >?  M?G;H;M  H ?F M?AOCGC?HNI ; FIM  G?M?M F;

M?P?LC>;>AFI<;FG?>C;=IHNCHO]L?>O=CZH>IM?;_HGWM?H;G<IMALOJIMP?L!CAOL; 

42>;, 

    














       


9289&(.32*71*).&7*27*:*6.)&))*7A2831&7)*  

.?L?>ODI;MCGCMGIF;AL;P?>;>>?F;C>?;=C]HMOC=C>;KO?@O?>CMGCHOS?H>I?H

;G<IMALOJIM>?M>?kCHN?H=C]H>?;=NO;L;FCHC=CI>?F?MNO>CIB;MN;k G?LI>?M?I

>?GILCLI>ILGCLM?SHI>?MJ?LN;L?HF;?P;FO;=C]H>?M?AOCGC?HNIP?L!CAOL; 

42>;,

    











       


9289&(.32*71*).&7*2,6&:*)&))*0&.)*&(.C279.(.)&

 
?@ILG;MCGCF;LM?JLI>ODIOH;>CMGCHO=C]HJLIAL?MCP;;FIF;LAI>?FIMNL?M

GIG?HNIMN?GJIL;F?M?HF;G?>C;>?F;MJOHNO;=CIH?M?HCH;>;JN;=C]H=INC>C;H;N;HNI

?H?FALOJI>?/?L;JC;$=]HC=;=IGI?H?F>?N?L;JC;>?;JISIP?L!CAOL; 

42>;,

    










     
  


9289&(.32*71*).&7*2.2&)&48&(.C2(38.).&2&

MCGCMGI M? =IGJLI<] KO? ?F H_G?LI >? J;LNC=CJ;HN?M KO? =IHMOG[;H

JMC=I@WLG;=IM ?H F; ?P;FO;=C]H <;M;F >?F ?MNO>CI @O? >CMGCHOS?H>I =IH ?F NC?GJI

?MJ?=C;FG?HN??H?FALOJI>?/?L;JC;$=]HC=;P?L!CAOL; 

42>;,

    










     
  


D1*63)*4&68.(.4&28*759*(32791*247.(3+?61&(37

 
FNCJI>?JMC=I@WLG;=IKO?=IHG;SIL@L?=O?H=C;=IHMOG[;HFIMJ;LNC=CJ;HN?M

>??MN??MNO>CI?L;H;HMCIF[NC=IM;HNC>?JL?MCPIMIF;=IG<CH;=C]H>?;G<IM  HF;/;<F;

M?L?=IA??FH_G?LI>?J;=C?HN?MKO?=IHMOG[;=;>;NCJI>?J;ON;G?>C=;G?HNIM;?H

?FGIG?HNI>??GJ?T;LF;N?L;JC;F[H?;<;M?SNL;M?F;\I>?M?AOCGC?HNI 

&,-6,D1*63)*4&(.*28*759*(32791A&(&)&8.43)*47.(3+?61&(37
         
               
       
    
  

          
 "
        
%

          
%
        

          
"
          
%%
         
 
         

&@E3D&+?D;@=NE;5@D?E;67AC7D;G@D+,DE34;=;J36@C7D67=L?;>@(?E;AD;5PE;5@D


HF;/;<F; M?GO?MNL;HFIML?MOFN;>IM>?F;HWFCMCM;NL;PZM>?FIMGI>?FIM>?

?=O;=CIH?M >? ?MNCG;=C]H A?H?L;FCT;>; "  KO? HIM J?LGCN?H P;FIL;L N;HNI FIM

?@?=NIMJLCH=CJ;F?M=IGI?F?@?=NI>?CHN?L;==C]H?HNL?FIM>IM@;=NIL?MCH=FOC>IM?FNCJI

>?E6C2A:2=IH>IMHCP?F?M/?L;JC;$=]HC=;PMN?L;JC;>?;JISIS?FE:6>A@=IHNL?M

HCP?F?MF[H?;<;M?JIMN NL;N;GC?HNISM?AOCGC?HNIOHHCP?F>?=IH@C;HT;>?F?F

?@?=NI JLCH=CJ;F >?FA@DEEC2E2>:6?E@ ?M >?=CL ?F ?@?=NI KO? ?P;F_; F; >C@?L?H=C; ?HNL?

F;M JOHNO;=CIH?M G?>C;M I<N?HC>;M JIL NI>IM FIM J;LNC=CJ;HN?M ; F;M  M?G;H;M >?

NL;N;GC?HNISF;MI<N?HC>;M?HF;F[H?;<;M?L?MOFN]?MN;>[MNC=;G?HN?MCAHC@C=;NCPI?HF;

 
L?>O==C]H>?M[HNIG;M/'+>?F;C>?;=C]HMOC=C>;S>?F;DOMN?MI=C;FJ?LIHI>?FOMI>?

JMC=I@WLG;=IM  MNI CH>C=; KO? N;HNI F; /?L;JC; $=]HC=; =IGI F; N?L;JC; >? ;JISI

J?LGCN?H L?>O=CL M[HNIG;M S G?DIL;L ?F @OH=CIH;GC?HNI =INC>C;HI ?H D]P?H?M =IH

C>?;=C]HMOC=C>;S?MNCFI>?J?LMIH;FC>;>/'+;F;M M?G;H;M>?NL;N;GC?HNI 

+IL INLI F;>I FIM L?MOFN;>IM GIMNL;LIH KO? ?F ?@?=NI >? F; CHN?L;==C]H

E6C2A:2A@DEEC2E2>:6?E@ HI L?MOFN] ?MN;>[MNC=;G?HN? MCAHC@C=;NCPI J;L; HCHAOH; >? F;M

P;LC;<F?M>?J?H>C?HN?M>??MN??MNO>CI  MNICH>C=;KO?F;L?>O==C]H>?M[HNIG;M/'+S

>?INL;MP;LC;<F?MM?=OH>;LC;M;FNL;MNILHI>?MJOZM>?FNL;N;GC?HNI@O?MCGCF;L?HFIM>IM

ALOJIM>?N?L;JC;SJILN;HNIHIM?B;FF;LIH>C@?L?H=C;M?MN;>[MNC=;G?HN?MCAHC@C=;NCP;M

?HNL?F;?@C=;=C;>?F;/?L;JC;$=]HC=;SF;>?N?L;JC;>?;JISI 

H =O;HNI ;F ?@?=NI JLCH=CJ;F >?F D68F:>:6?E@ L?MJ?=NI >? F; F[H?; <;M? ZMN?

L?MOFN]?MN;>[MNC=;G?HN?MCAHC@C=;NCPIJ;L;NI>;MF;MP;LC;<F?M;H;FCT;>;M?R=?JNIJ;L;?F

OMI >? JMC=I@WLG;=IM  MNI MOJIH? KO? >OL;HN? ;F G?HIM OH ;\I >?MJOZM M?

G;HNOPC?LIH FIM FIALIM J;L; ;G<IM ALOJIM >? NL;N;GC?HNI ?H =O;HNI ; M[HNIG;M /'+

C>?;=C]H>?MOC=C>CIS;DOMN?MI=C;FJ?LI?FOMI>?JMC=I@WLG;=IMM?G;HNOPI;OHHCP?F

?KOCP;F?HN?;F>?;HN?M>?CHC=C;LF;MN?L;JC;M 

+IL MO J;LN? ?F ?@?=NI >? CHN?L;==C]H E6C2A:2D68F:>:6?E@ HI L?MOFN]

?MN;>[MNC=;G?HN? MCAHC@C=;NCPI J;L; HCHAOH; >? F;M P;LC;<F?M >?J?H>C?HN?M >? ?MN?

?MNO>CI  MNICH>C=;KO?F;L?>O==C]H>?M[HNIG;M/'+S>?INL;MP;LC;<F?MM?=OH>;LC;M

;FNL;MNILHI@O?MCGCF;L?HFIM>IMALOJIM>?N?L;JC;NL;M G?M?M>?M?AOCGC?HNI 





 
&,-6, *7908&)37)*03713)*037)*(9&(.32*7)*78.1&(.C2*2*6&0.=&)&7

.3C;34=767C7DF=E36@  + "3= DE36NDE;5@ 
67/3=6
+;?E@>3E@=@9N3,$(+$       
,7C3A;3             
(@DE,C3E3>;7?E@              
+79F;>;7?E@               
,7C3A;3(@DE,C3E3>;7?E@               
,7C3A;3+79F;>;7?E@              

"6735;P?+F;5;63++*+      
,7C3A;3              
(@DE,C3E3>;7?E@                
+79F;>;7?E@               
,7C3A;3(@DE,C3E3>;7?E@              
,7C3A;3+79F;>;7?E@               

"?363AE35;P?5@E;6;3?3"       
,7C3A;3            
(@DE,C3E3>;7?E@            
+79F;>;7?E@              

,7C3A;3(@DE,C3E3>;7?E@             
,7C3A;3+79F;>;7?E@             
     
@?DF>@67AD;5@8LC>35@D
,7C3A;3           

(@DE,C3E3>;7?E@             

+79F;>;7?E@             

,7C3A;3(@DE,C3E3>;7?E@                 

,7C3A;3+79F;>;7?E@              

&@E3D??79C;E34 @78;5;7?E767C79C7D;P?+CC@C+E3?63C667=5@78;5;7?E767C79C7D;P?
""?E7CG3=@67@?8;3?J3673=&%3EC;J675@CC7=35;P?;?67A7?6;7?E7A3C3E@6@D=@D>@67=@D

 
H F; /;<F;  M? GO?MNL;H FIM ?MN;>[MNC=IM >?M=LCJNCPIM >? INL;M P;LC;<F?M >?

L?MOFN;>IM?=OH>;LC;MKO?HIM??P;FO;LIH?HF;F[H?;<;M?  HF;MP;LC;<F?M=;N?A]LC=;M

CHN?HNI>?MOC=C>CIS;ONIF?MC]HHIMOC=C>;F;>C@?L?H=C;>?JIL=?HN;D?M?HNL?FIM>IM

ALOJIM>?N?L;JC;M?;H;FCT];NL;PZM>?F;JLO?<;>?CH>?J?H>?H=C;BC =O;>L;>IN;HNI

?H ?F JIMN NL;N;GC?HNI =IGI ?H ?F M?AOCGC?HNI  H F;M P;LC;<F?M HOGZLC=;M PCMCN;M ;

JLI@?MCIH;F?M>?M;FO>G?HN;FM;NCM@;==C]H=IHF;N?L;JC;SG?DIL;AFI<;FJ?L=C<C>;JIL

?FJ;=C?HN?SJILF;@;GCFC;F;M>C@?L?H=C;M?HNL?F;MG?>C;M>?FIM>IMALOJIM>?N?L;JC;

N;HNI?H?FJIMN NL;N;GC?HNI=IGI?H?FM?AOCGC?HNI M?;H;FCT;LIH;NL;PZM>?F;JLO?<;

E >? *EF56?E J;L; >IM GO?MNL;M CH>?J?H>C?HN?M  'IM L?MOFN;>IM CH>C=;H KO? HI BO<I

>C@?L?H=C;M?MN;>[MNC=;G?HN?MCAHC@C=;NCP;MA ?HNL?FIM>IMALOJIM>?N?L;JC;HC

?H ?F JIMN NL;N;GC?HNI HC ?H ?F M?AOCGC?HNI ?H HCHAOH; >? F;M P;LC;<F?M ;H;FCT;>;M ;

?R=?J=C]H >? F; D2E:D7244:Q? 4@? =2 E6C2A:2  'IM J;=C?HN?M ; FIM KO? M? F?M ;JFC=] F;

/?L;JC; $=]HC=; GIMNL;LIH OH; G;SIL M;NCM@;==C]H =IH F; N?L;JC; G?>C>; ; NL;PZM >?F

=O?MNCIH;LCI  , KO? FIM KO? L?=C<C?LIH OH; N?L;JC; >? ;JISI L?MOFN;H>I ?MN;

>C@?L?H=C;?MN;>[MNC=;G?HN?MCAHC@C=;NCP;A ;FN?LGCH;L?FNL;N;GC?HNI;OHKO?HI

M?G;HNOPI?H?FM?AOCGC?HNIA  

'; ?RJ?LC?H=C; MO<D?NCP; >? FIM J;=C?HN?M L?MJ?=NI ;F NL;N;GC?HNI @O? JIMCNCP;

L?MJ?=NI;;G<;MCHN?LP?H=CIH?M HN?F;JL?AOHN;>?=]GIM??H=IHNL;<;H;FN?LGCH;L

?FNL;N;GC?HNI?H=IGJ;L;=C]H=IHMO?MN;>ICHC=C;FFIMJ;=C?HN?M>?FALOJI>?/?L;JC;

$=]HC=;;F=;HT;LIHOH;JOHNO;=C]HG?>C;>? ?KOCP;F?HN?;oOHJI=IG?DILpGOS

J;L?=C>;;F;I<N?HC>;JIL?FALOJI>?;JISIKO?@O?>?  'IM@;GCFC;L?MI;GCAIM

=ICH=C>C?LIH=IHFIMJ;=C?HN?M?HF;G?DIL[;J?L=C<C>;FIM>?FALOJI>?/?L;JC;$=]HC=;

FIM JOHNO;LIH =IH OH; G?>C; >?   S FIM >? N?L;JC; >? ;JISI >?   F ;\I >?

M?AOCGC?HNIF;J?L=?J=C]H>?G?DIL[;M?G;HNOPIGWMIG?HIM?MN;<F?N;HNIJ;L;FIM

J;=C?HN?M=IGIJ;L;MOM@;GCFC;L?MP?L/;<F;  

 
&,-6,   .+*6*2(.&7 *286* *6&4.& (C2.(& < 8*6&4.& )* &43<3 *2 *0 437886&8&1.*283 < *2 *0
7*,9.1.*283


 "9<=&;,=,7408=9 %02>47408=9 70<0<

($ A@I@ "5P?;53 K= A@I@ "5P?;53 K=

8=08=9/0<>4.4/49%%$%      M       M  



>=960<4H889<>4.4/,%      M      M   



(4<4=,< :;910<498,60< <,6>/     8         8  
708=,6 
%,=4<1,..4H8 .98 6, =0;,:4,               8 
8  
# 
059;,69-,6%>-50=4?,         8           8  
8/4?4/>9 
059;, 69-,6 "0;.4-4/,        8          8  
,7464, 


4 +7:33A=;536@=35@CC755;P?6732+*6632.


 
!#!G

'IM L?MOFN;>IM >? ?MN? ?MNO>CI >?GO?MNL;H KO? N;HNI F; /?L;JC; $=]HC=; =IGI F;

N?L;JC; >? ;JISI L?MOFN;H ?@C=;=?M ?H F; L?>O==C]H >? M[HNIG;M S ?H F; G?DIL; >?F

@OH=CIH;GC?HNI ?H D]P?H?M =IH C>?;=C]H MOC=C>; S ?MNCFI >? J?LMIH;FC>;> /'+ 

IH=L?N;G?HN?M?B;=IHMN;N;>IKO?;G<;MN?L;JC;MG?DIL;HF;M?P?LC>;>>?M[HNIG;M

F; MOC=C>;<CFC>;> ?F OMI >? M?LPC=CIM >? M;FO> G?HN;F S ?F ;DOMN? MI=C;F >? FIM

J;LNC=CJ;HN?M>?F?MNO>CI ';J?L=?J=C]H>?G?DIL[;JILJ;LN?>?J;=C?HN?MS@;GCFC;L?M

>?L?@?L?H=C;@O?JIMCNCP;J;L;;G<IMALOJIMJILCAO;F;OHKO??FHCP?F>?M;NCM@;==C]H

L?MJ?=NI;F;N?L;JC;@O?MCAHC@C=;NCP;G?HN?G;SIL?H?FALOJI>?/?L;JC;$=]HC=; +?M?;

HI B;<?L ?H=IHNL;>I >C@?L?H=C;M ?MN;>[MNC=;G?HN? MCAHC@C=;NCP;M ?HNL? ;G<IM ALOJIM

L?MJ?=NI ; F; G?DIL; =F[HC=; N;HNI F; P;LC;<F? JLCH=CJ;F >? L?MOFN;>I M?P?LC>;> >? F;

MCHNIG;NIFIA[;=F[HC=;=IGI?FL?MNI>?F;MP;LC;<F?MM?=OH>;LC;MMOC=C>;<CFC>;>OMI

>? M?LPC=CIM >? M;FO> G?HN;F ;DOMN? MI=C;F S ?RJ?LC?H=C; MO<D?NCP; >? F; N?L;JC; B;H

MC>IGWM@;PIL;<F?M?HF;/?L;JC;$=]HC=;N;HNI?HF;?P;FO;=C]HJIMNL;N;GC?HNI=IGI;

FIM G?M?M>?@CH;FCT;=C]H>?FNL;N;GC?HNI 

?M>?F;JLCG?L;BCJ]N?MCMM??MJ?L;<;KO?FIMJ;=C?HN?M>?FALOJI>?/?L;JC;

$=]HC=;L?>OD?L;HF;M?P?LC>;>AFI<;F>?M[HNIG;M>?/'+?HG;SILG?>C>;L?MJ?=NI;

F; F[H?; <;M? KO? FIM >?F ALOJI >? ;JISI  '; L?>O==C]H >? M[HNIG;M ;F=;HT;>; =IH

;G<;MN?L;JC;M@O?MCAHC@C=;NCP;N;HNI;F@CH;FCT;L?FNL;N;GC?HNI=IGI?H?FM?AOCGC?HNI

J?LI ?KOCP;F?HN? ?H ;G<IM =;MIM S MCGCF;L ; F; ;F=;HT;>; =IH INL;M JMC=IN?L;JC;M J;L;

/'+M?A_H>CMNCHN;ML?PCMCIH?MMCMN?GWNC=;MSG?N;HWFCMCMN;HNI?H;>OFNIM;N?G;H

!IH;AS  ; F;LECH ?N ;F    %iLA?HM?H ?N ;F    (=(;CH ?N ;F   

.JCNT?L  /OLH?L   =IGI ?H ;>IF?M=?HN?M KO? G;HC@C?MN;H FIM JLCG?LIM

M[HNIG;M>?FNL;MNILHIB;H?H%;=EMIH?N;F  .=BOJJ?LN?N;F    /;F

MCGCFCNO> >? L?MOFN;>IM MO?F? ?H=IHNL;LM? MC?GJL? KO? OH NL;N;GC?HNI M? ;JFCKO? >?

@ILG; G;HO;FCT;>; S ?MNLO=NOL;>; JIL N?L;J?ON;M =IH F; MO@C=C?HN? ?RJ?LC?H=C; I

 
MOJ?LPCMC]H =F[HC=; LCMN?; ?N ;F    *O> ?N ;F    .NI@@?LM 2CHN?LFCHA ?N ;F 

   M GWM FIM L?MOFN;>IM >? ?MN? ?MNO>CI MIH ;@CH?M N;G<CZH ; FIM >? ;FAOH;M

JMC=IN?L;JC;M ?MJ?=[@C=;M =IGI F; /?L;JC; C;F?=NC=I IH>O=NO;F ?H ;>IF?M=?HN?M

(=;OF?S ?N ;F    (?BFOG ?N ;F      S ?H ;>OFNIM IBOM ?N ;F   

(=(;CH ?N ;F    +LC?<? ?N ;F    /OLH?L   N?L;JC; =?HNL;>; ?H

(?HN;FCT;=C]H ?H F; /L;HM@?L?H=C; I ?H MKO?G;M ;N?G;H  !IH;AS   ;

F;LECH?N;F  !;LL?FF.B;Q2?<<?L %iLA?HM?H?N;F    H=O;HNI

;>OL;<CFC>;>>?L?MOFN;>IMF;G;SIL[;>??MNO>CIMHIB;H?H=IHNL;>I<O?HIML?MOFN;>IM

;F;LAIJF;TIJ;L;/'+;N?G;H!IH;AS IBOM?N;F  I?LCHA?N;F 

  'CH?B;H ?N ;F    S FIM KO? FI B;H B?=BI B; MC>I G?>C;HN? ?MNCG;=CIH?M >?

<;D;=;FC>;>I=IH;FNILC?MAI>?M?MAIMJIL?FN;G;\IL?>O=C>I>?F;GO?MNL;F;LECH?N

;F    ';OL?HMM?H ?N ;F    -IMMIOQ  !IH;AS   JIL F; G?NI>IFIA[;

ONCFCT;>;INNL;OR?N;F  IJILF;=;L?H=C;>??MNLO=NOL;=C]H>?F;N?L;JC;;JFC=;>;

%iLA?HM?H ?N ;F     M GWM OH L?=C?HN? G?N;HWFCMCM ?H=O?HNL; KO? F;M >C@?L?H=C;M

?HNL? FIM N;G;\IM >? ?@?=NI J?KO?\IM ; GI>?L;>IM ?H=IHNL;>IM ;F @CH;FCT;L OH;

JMC=IN?L;JC; ?MJ?=[@C=; I CH?MJ?=[@C=; >?M;J;L?=?H ?H ?F M?AOCGC?HNI LCMN?; ?N ;F 

   )O?MNLIM L?MOFN;>IM ?H =;G<CI M?\;F;H OH; G?DIL[; AL;>O;F >?M>? F;

@CH;FCT;=C]H >?F NL;N;GC?HNI B;MN; F; ?P;FO;=C]H @CH;F ; FIM  G?M?M FI KO? L?@F?D;L[;

OH;?MN;<CFCT;=C]H=F[HC=;SOH?@?=NI>OL;>?LI>?F;N?L;JC; 

HF;M?AOH>;BCJ]N?MCMM?JF;HN?;<;KO?FIMJ;=C?HN?M>?FALOJI>?/?L;JC;$=]HC=;

L?>O=CL[;H F; MOC=C>;<CFC>;> C>?;=C]H CHN?HNIM MOC=C>;M S ;ONIF?MCIH?M HI MOC=C>;M ?H

G;SILG?>C>;KO?FIMKO?L?=C<C?L;HN?L;JC;>?;JISI  H?MN?M?HNC>IS;OHKO?FIM>IM

ALOJIMG?DIL;LIH>?@ILG;MCAHC@C=;NCP;HIM??H=IHNL;LIH>C@?L?H=C;M?HNL?;G<IM  H

=O;FKOC?L=;MIF;MOC=C>;<CFC>;>ILC?MAI>?MOC=C>CI=IHMNCNOS?OH;>?F;MP;LC;<F?MGWM

M?HMC<F?M >? ?MN? ?MNO>CI ?MJ?=C;FG?HN? ; HCP?F >? =IH>O=N; MOC=C>;  MN? >;NI =I<L;

?MJ?=C;F CGJILN;H=C; N?HC?H>I ?H =O?HN; KO? M?A_H OH L?=C?HN? G?N;HWFCMCM F;

 
@L?=O?H=C; >? FIM CHN?HNIM MOC=C>;M MIH J;LNC=OF;LG?HN? >C@[=CF?M >? =IHNLIF;L ?H

;>IF?M=?HN?M =IH M[HNIG;M >? /'+ ; FIM    G?M?M >? L?=C<CL JMC=IN?L;JC; 2IHA

;BDC  &B;FC> &B;H    0H ?MNO>CI I<M?LP;=CIH;F JL?PCI MI<L? /?L;JC; $=]HC=;

L?;FCT;>I?HOH=IHN?RNIBIMJCN;F;LCIMI<L?OH;GO?MNL;>? MOD?NIMBIG<L?MS 

GOD?L?M =IH OH; ?>;> G?>C; >?  ;\IM M?\;F;<; ?H F; GCMG; >CL?==C]H >? FIM

L?MOFN;>IM>??MN??MNO>CI=IH=L?N;G?HN?M?=IGJLI<]KO?F;/?L;JC;$=]HC=;L?>O=[;

>?G;H?L;MCAHC@C=;NCP;C>?;=C]HS=IH>O=N;;ONI;AL?MCP;MI<L?NI>I?H?FM?AOCGC?HNI

;>IM;\IM.;HNC;AI;MNLI;\;G?LI"I>IS1;FP?L>?(;L=IM  

IH L?MJ?=NI ; F; N?L=?L; BCJ]N?MCM FIM J;=C?HN?M KO? L?=C<C?L;H /?L;JC; $=]HC=;

B;L[;HOHG?HILOMI>?M?LPC=CIM>?M;FO>G?HN;F=IHMOGI>?@WLG;=IMSH_G?LI>?

PCMCN;M;JLI@?MCIH;F?MKO?FIMKO?L?=C<C?L;HN?L;JC;>?;JISIS;OHKO?;G<IMALOJIM

L?>OD?LIH?FA;MNIF;>C@?L?H=C;HI@O?MCAHC@C=;NCP;  HL?F;=C]H=IH?FOMI>?M?LPC=CIM

JILJ;LN?>?FJ;=C?HN?/'+=;<?L?M;FN;LF;?F?P;>;=;LA;?=IH]GC=;KO?N;F>C;AH]MNC=I

S MOM =IGJFC=;=CIH?M =F[HC=;M MOJIH?H J;L; F; MI=C?>;> N;HNI JIL =IMN?M >CL?=NIM

G?>C=;=C]H PCMCN;M ;G<OF;NILC;M S L?CHAL?MIM BIMJCN;F;LCIM ?H>?L ?N ;F   

C;ACHCF;L=]H?N;F  OLHM?N;F  .I?N?G;H?N;F  =IGICH>CL?=NIM

JIL;<M?HNCMGIF;<IL;FJZL>C>;>?JLI>O=NCPC>;>IJL?MN;=CIH?M?=IH]GC=;M.EI>IF?N

;F  1;HMM?FN?N;F    HOH?MNO>CIJLIMJ?=NCPI; ;\IMM??H=IHNL]KO?

?F >?J;=C?HN?M/'+=IHMOG[;;FG?HIMJMC=I@WLG;=IM;F;P?T?F NIG;<;

g S ?F  B;MN; OH G[HCGI >?  MCGOFNWH?;G?HN? B;<CNO;FG?HN? ;HNC>?JL?MCPIM

;HMCIF[NC=IM ;HNCJMC=]NC=IM S ?MN;<CFCT;>IL?M >?F WHCGI ?H ?M? IL>?H 5;H;LCHC

!L;HE?H<OLA-?C=B#;LH?>?N;F   ';M?F?P;>;MN;M;M>?G?>C=;=C]H;F;MKO?M?

MIG?N? ?F J;=C?HN? /'+ M? G;HNC?H?H L?F;NCP;G?HN? ?MN;<F?M ; F;LAI JF;TI 5;H;LCHC

!L;HE?H<OLA -?C=B IHE?S  !CNTG;OLC=?   5;H;LCHC !L;HE?H<OLA -?C=B

#;LH?> ?N ;F    ;OH =O;H>I HI M? B; >?GIMNL;>I =F;L;G?HN? HC F; ?@C=;=C; HC F;

ONCFC>;> J;L; HCHAOHI >? FIM @WLG;=IM L;Q@IL> ?N ;F    R=?FF?H=?  

 
$HA?HBIP?H   .NI@@?LM ?N ;F     H HO?MNLI ?MNO>CI ?F   >? F; GO?MNL;

=IHMOG[; JMC=]NLIJIM ?H ?F GIG?HNI <;M;F MCH ?G<;LAI F; =C@L; M? L?>ODI ;F  

>?MJOZM >?F ;\I >? M?AOCGC?HNI  'IM >?N;FF?M MI<L? FIM JMC=I@WLG;=IM KO? =IHMOG[;H

FIMJ;=C?HN?M;HN?MS>?MJOZM>?F?MNO>CI;J;L?=?H?HF;/;<F; 

-?MJ?=NI ;F OMI ;G<OF;NILCI >? M?LPC=CIM >? M;FO> G?HN;F ?F J;=C?HN? /'+

L?JL?M?HN; ?HNL? ?F  S ?F  >? NI>;M F;M PCMCN;M ; =?HNLIM >? >[; S OLA?H=C;M

JMCKOCWNLC=;M B;H?H %IP?P ?N ;F    &ILT?EQ; ?FF 'CHEM /B;<;H?  2?<<

 SOH  >?F;M?MN;H=C;M?H=?HNLIMBIMJCN;F;LCIM'?C=BM?HLCHA?N;F  ; 

F A;MNI >? L?=OLMIM M;HCN;LCIM JIL J;LN? >? ?MN? NCJI >? =IF?=NCPI ?M G;SIL KO? J;L;

HCHA_HINLINCJI>?OMO;LCIJMCKOCWNLC=I?H>?L?N;F  5;H;LCHC?N;F  SB;

FF?A;>I ; =O?MNCIH;LM? MC ?M PC;<F? MO ;<IL>;D? >?M>? ?F M?LPC=CI J_<FC=I >? M;FO>

.N?P?HMIH ?N ;F    /OMC;HC HA  4?IG;HM    H ?F JL?M?HN? ?MNO>CI ?F

H_G?LIG?>CI>?PCMCN;M;JLI@?MCIH;F?M>?M;FO>G?HN;FJILJ;LN?>??MNIMJ;=C?HN?MM?

L?>ODI>?PCMCN;M?H?F;\IJL?PCI;FCHC=CI>?F?MNO>CI;>OL;HN??FM?AOCGC?HNIJ;L;

;G<IMALOJIM 

MN;<; JL?PCMNI N;G<CZH =IGI =O;LN; BCJ]N?MCM KO? FIM J;=C?HN?M KO? L?=C<C?L;H

/?L;JC; $=]HC=; JL?M?HN;L[;H OH G?DIL ;DOMN? MI=C;F KO? FIM KO? L?=C<C?L;H N?L;JC; >?

;JISI  G<IM ALOJIM G?DIL;LIH MCAHC@C=;NCP;G?HN? MO ;DOMN? MI=C;F N;HNI ?H ?F

JIMNL;N;GC?HNI =IGI ?H ?F M?AOCGC?HNI J?LI HI BO<I >C@?L?H=C; ?HNL? ALOJIM 

/L;>C=CIH;FG?HN?M?B;=IHMC>?L;>IKO??F>?N?LCILI@OH=CIH;F>??MNIMJ;=C?HN?M?MGWM

L?MCMN?HN? ;F NL;N;GC?HNI KO? FIM M[HNIG;M I FIM JLIJCIM L;MAIM >? J?LMIH;FC>;> S FIM

JI=IM?MNO>CIMKO?B;H?H=IHNL;>IOH;<O?H;L?=OJ?L;=C]HMI=C;FSAFI<;F;F;LAIJF;TI

B;HMC>I=IHJ;=C?HN?MKO?B;<[;HL?=C<C>IOHNL;N;GC?HNICHN?HMCPI>?F;LA;>OL;=C]H

 G?M?M>?N?L;JC;>?G?HN;FCT;=C]H?HLZACG?H>?BIMJCN;FCT;=C]HJ;L=C;F;N?G;H

 !IH;AS   KO? M? ?H=IHNL;<;H ?H JLI=?MI >? L?GCMC]H .EI>IF ?N ;F   

5;H;LCHC !L;HE?H<OLA #?HH?H -?C=B  .CFE  ; I =IH OH <O?H @OH=CIH;GC?HNI

 
@;GCFC;L5;H;LCHC!L;HE?H<OLA-?C=B2?>CA?N;F    MJIMC<F?KO?FIM<O?HIM

L?MOFN;>IM >? ?MN? ?MNO>CI M? >?<;H ; F; DOP?HNO> >? FIM J;LNC=CJ;HN?M S ; F; L?=C?HN?

;J;LC=C]H>?M[HNIG;MKO?B;HJIMC<CFCN;>IOH;<IL>;D?JL?=IT C?LN;G?HN??F;DOMN?

MI=C;F >?F J;=C?HN? /'+ ?H F; =IGOHC>;> MO?F? M?L <;MN;HN? FCGCN;>I L;G?L

/ILA?LM?H  &LCHAF?H   "L;HN ?N ;F    '?HT?HQ?A?L ';H? 'IL;HA?L 

&?MMF?L SMOMCHN?L;==CIH?M?H?F>[;;>[;MIH?MJ?=C;FG?HN?>C@[=CF?M(?S?L?N

;F  .CAH?L?N;F   ?B?=BIF;;HMC?>;>KO??RJ?LCG?HN;H?MNIMJ;=C?HN?M

>OL;HN? F;M M?MCIH?M >? ALOJI JIL ?D?GJFI ?F GC?>I ; M?L DOTA;>IM ?M F; JLCH=CJ;F

<;LL?L; J;L; ?F ;JL?H>CT;D? >? HO?P;M B;<CFC>;>?M S J;L; MO J?LG;H?H=C; ?H F; N?L;JC;

;LHC=IN IOF>L?S .;H>BO  +LC?<?   ;F CGJ?>CL KO? =IIJ?L?H S M? CHN?AL?H

>OL;HN?FIM?H=O?HNLIMMI=C;F?M-?HH?<?LA?N;F  .;OH>?LM"II>QCH-IA?LM

   HHO?MNLI?MNO>CI?H=IHNL;GIMKO?J?M?;F;=ILN;>OL;=C]H>?FNL;N;GC?HNI 

M?G;H;M S ; F; AL;P?>;> CHC=C;F >? FIM M[HNIG;M N;HNI F; /?L;JC; $=]HC=; =IGI F;

N?L;JC; >? ;JISI =IHNLC<OS?LIH ; L?>O=CL F; CH;>;JN;=C]H =INC>C;H; ?KOCP;F?HN? ; OH

G?DIL ;DOMN? MI=C;F ?H ?F JIMNL;N;GC?HNI /?L;JC; $=]HC=;   N?L;JC; >? ;JISI

   S N;G<CZH ;F ;\I >? M?AOCGC?HNI /?L;JC; $=]HC=;  N?L;JC; >? ;JISI

  '; >C@?L?H=C; ?HNL? ALOJIM ;F @CH;FCT;L ?F ?MNO>CI HI ;F=;HT] MCAHC@C=;=C]H

?MN;>[MNC=; A  J?LI @O? @;PIL;<F? J;L; ?F ALOJI >? /?L;JC; $=]HC=;   MNIM

L?MOFN;>IML?JFC=;HFIM>?OH?MNO>CIJL?FCGCH;LJL?PCI?H?FKO?F;/?L;JC;$=]HC=;FIAL]

G?DIL;LF;=;J;=C>;>AFI<;F>?;>;JN;=C]H>?FIMJ;=C?HN?M556@96?  A 

>OL;HN?FIM;\IMKO?>OL]?F?MNO>CI.;HNC;AI;MNLI;\;G?LI"I>IS1;FP?L>?

(;L=IM  ';@ILG;?HKO?M?>?N?LGCH]F;=;J;=C>;>AFI<;F>?;>;JN;=C]H>?

FIMJ;=C?HN?M@O?;J;LNCL>?FMOG;NILCI>?NL?M?M=;F;M'CE?LN>?JOHNIM=L?;>;M259@4

J;L;N;F?MNO>CI;HCP?FMI=C;FF;<IL;FS@;GCFC;L 

H =O;HNI ; F; ?RJ?LC?H=C; MO<D?NCP; S M;NCM@;==C]H >? FIM J;=C?HN?M =IH ?F

NL;N;GC?HNIL?=C<C>I=IGIKOCHN;BCJ]N?MCMM?JL?P?[;KO??MN;@O?L;G;SIL?H?FALOJI

 
>? /?L;JC; $=]HC=; KO? ?H ?F >? N?L;JC; >? ;JISI  )I M? ?H=IHNL;LIH >C@?L?H=C;M ?H

=O;HNI ; J?L=?J=C]H >? G?DIL[; JIL J;LN? >? J;=C?HN?M S @;GCFC;L?M >? ;G<IM ALOJIM

J?LIM[KO??FHCP?F>?M;NCM@;==C]H=IHF;/?L;JC;$=]HC=;@O?MCAHC@C=;NCP;G?HN?G;SIL

KO??F>?N?L;JC;>?;JISI +IL_FNCGIF;;>B?L?H=C;;F;N?L;JC;>?FIMJ;=C?HN?MKO?

L?=C<C?LIH/?L;JC;$=]HC=;@O?MOJ?LCILKO?F;>?FALOJINL;N;>I=IHN?L;JC;>?;JISI

;OHKO? F; >C@?L?H=C; HI ;F=;HT] OH P;FIL MCAHC@C=;NCPI   .? M;<? >? INLIM ?MNO>CIM KO?

OH; J?L=?J=C]H JIMCNCP; L?MJ?=NI ; F; N?L;JC; @;PIL?=? F; ;>B?L?H=C; ;F NL;N;GC?HNI

%;=I<MIH  ;O=IG  S @;=CFCN; ?F ;JL?H>CT;D? >? B;<CFC>;>?M ; F;LAI JF;TI

";L=[; ']J?T ?N ;F    JO>C?H>I ;FAOHIM J;=C?HN?M CH=FOMI FF?A;L ; L?>O=CL ?F

H_G?LI>?;ONIF?MCIH?MMOC=C>;MSHIMOC=C>;MKO?M?JLIPI=;H>OL;HN??FNL;N;GC?HNI

;LHC=IN"IHT;F?T(=;<?+LC?<?   HHO?MNLI?MNO>CI?FALOJI>?/?L;JC;

$=]HC=;KO?>]MCAHC@C=;NCP;G?HN?GWMM;NCM@?=BIKO??FALOJI>?;JISI=IHL?MJ?=NI;F

NL;N;GC?HNI L?=C<C>I A   S =IB?L?HN?G?HN? FIM J;=C?HN?M NOPC?LIH OH; G;SIL

;>B?L?H=C; ;F NL;N;GC?HNI   >?F ALOJI >? /?L;JC; $=]HC=; S  >?F >? ;JISI

;MCMNC?LIH ; GWM >?F   >? F;M M?MCIH?M S OH; G?HIL N;M; >? ;<;H>IHIM   ?H

/?L;JC;$=]HC=;S?HN?L;JC;>?;JISIA>C@?L?H=C;KO?HI;F=;HT]OHP;FIL

?MN;>[MNC=;G?HN?MCAHC@C=;NCPIJ?LIJ?LGCN?=ILLI<IL;LJ;L=C;FG?HN?F;M?RN;BCJ]N?MCM 

H=IHDOHNIFIM>;NIMJ?LGCN?HB;<F;L>?@;=NC<CFC>;>?@?=NCPC>;>ONCFC>;>S<O?H;

;=?JN;=C]H >? F; /?L;JC; $=]HC=; ?H ?F G?>CI =F[HC=I L?;F FI =O;F =IHNL;MN; =IH F;

?M=;M?T>?NL;N;GC?HNIMJMC=IN?L;JZONC=IMI@L?=C>IM?HF;;MCMN?H=C;J_<FC=;S=IHF;;FN;

N;M; >? ;<;H>IHIM N?L;JZONC=IM >? ?HNL? ?F  S ?F  ?H=IHNL;>; ?H FIM ?MNO>CIM

MI<L? CHN?LP?H=CIH?M ALOJ;F?M =IH J;=C?HN?M /'+ ';H>?M ?N ;F    KO? ?M F; HIN;

>IGCH;HN? ?H F; G;SIL[; >? CHN?LP?H=CIH?M ALOJ;F?M =IH ?MN; JI<F;=C]H C;ACHC

F;L=]H?N;F  O>G;H?G<S.IF>T(?LLS (=;OF?S?N;F  

(?BFOG ?N ;F    .=BOJJ?LN ?N ;F    M? B; FF?A;>I ; =IHMC>?L;L ; ?MNIM

J;=C?HN?M=IGIHIMIH;JNIMJ;L;L?=C<CLN?L;JC;>?ALOJIC;ACHCF;L=]H?N;F   

 
M H?=?M;LC; HI I<MN;HN? F; L?;FCT;=C]H >? HO?PIM ?MNO>CIM J;L; L?JFC=;L FIM L?MOFN;>IM

I<N?HC>IM ? C>?HNC@C=;L F; =IHNLC<O=C]H >? =;>; OHI >? FIM @;=NIL?M >? F; N?L;JC;

?MJ?=[@C=IM C=IHIM IL>?H ?H KO? M? CGJ;LN?H FIM G]>OFIM @ILG;NI >? F;M M?MCIH?M S

?@?=NI >? >IMCM L?MJO?MN; >?F N?L;J?ON; ? CH?MJ?=[@C=IM =IGI F; JL?=I=C>;> >? F;

CHN?LP?H=C]HB;H?H?N;F  +;LCM MO?MNLO=NOL;=C]H;N?G;H!IH;AS

 < (=(;CH ?N ;F    <L?P?>;> !CILCHC   +;LCM   ?F LZACG?H

;G<OF;NILCI ? CHN?HMCPI >? MOM M?MCIH?M ?ONF?L ?N ;F    %iLA?HM?H ?N ;F   

+;>CFF; /ILL?M ?N ;F    .NLCHA?L ?N ;F    ?F ;G<C?HN? >? M?AOLC>;> J;L; F;

CHN?L;==C]H ?HNL? CAO;F?M BIC &;CH ?N ;F   < F; ;==?MC<CFC>;> >?F NL;N;GC?HNI 

;N?G;H;GJ<?FF'OSN?H!IH;AS IF;CGJFC=;=C]H@;GCFC;L';LLCPZ?

  (CFF?L -;NBOM  'CH?B;H   ;OHKO? J;L?=? KO? NI>IM FIM ?F?G?HNIM

JMC=IN?L;JZONC=IM CHN?L;=N_;H ?HNL? M[ >? G;H?L; =IGJF?D; J;L; JLI>O=CL <?H?@C=CIM

#I@@;LNILA?.?RNIHF;LE2;GJIF>  

  
!F!

';;FN;JL?P;F?H=C;>?J?LMIH;M=IH/'+?FL?NL;MI>?MO>C;AH]MNC=IF;

?F?P;>;=;LA;;MCMN?H=C;F?H?FMCMN?G;J_<FC=I>?M;FO>SF;JI=;;==?MC<CFC>;>;FIM

JLIAL;G;M?MJ?=[@C=IM=IH>C=CIH;HFIMG;FIML?MOFN;>IMS?FJ?MCGCMGI?H?F

JLIH]MNC=I?PIFONCPI>?J?LMIH;M=IH/'+  RCMN?HNL;N;GC?HNIMJMC=IF]AC=IML?AF;>IMS

=IH<O?H;?PC>?H=C;=C?HN[@C=;J;L;?MN?NL;MNILHIJ?LIMOCGJF?G?HN;=C]H=IHFF?P;

A?H?L;FG?HN?F;LAIMJ?LCI>IM>?NC?GJIF;>CMJIHC<CFC>;>>?N?L;J?ON;M?HNL?H;>IM?H

MO;JFC=;=C]HSOH?F?P;>I=IMN??=IH]GC=IJILFIKO?MIH?M=;MIMFIM>CMJIMCNCPIM>?

M;FO>G?HN;FKO?JO?>?HI@L?=?LJLIAL;G;M>?NL;N;GC?HNIJ;L;?F/'+ FAOH;M>?F;M

G?>C>;MKO?JI>L[;HG?DIL;LN;FP?T?FJ;HIL;G;;=NO;F>?F/'+S>?INLIMNL;MNILHIM

G?HN;F?MAL;P?M?HMCNO;=C]HMCGCF;LM?L[;HI@L?=?LNL;N;GC?HNIMP?L>;>?L;G?HN?

CHN?AL;>IL?MKO?;=NO;M?HMI<L?FIMJLI=?MIMMO<S;=?HN?MGWM=IGOH?MHI?MJ?=[@C=IM

J;L;=;>;J;NIFIA[;SJLCILCT;L;HFIM@;=NIL?M>?JLIN?==C]H @ILN;F?T;M>?F;J;NIFIA[;

HIM]FIMI<L?POFH?L;<CFC>;>I@L?=CZH>IM??H?FGIG?HNI]JNCGI/ILN?FF; !?FCO?N

;F   $AO;FG?HN?CGJILN;HN?M?L[;MO;JFC=;=C]H?M=;FIH;>;S;>;JN;>;N;HNI;F;M

H?=?MC>;>?M>?=;>;J;=C?HN?=IGI;FIML?=OLMIM>?FIMKO?>CMJIH?F;M;HC>;>J_<FC=;

-;I#?C>;LCLI;><?;L   ';/?L;JC;$=]HC=;J;L?=?=OGJFCLN;F?ML?KOCMCNIM

M?=?HNL;?H@ILN;F?=?LFIM;MJ?=NIMJIMCNCPIM>?FJ;=C?HN?=IHCH?MN;<CFC>;>?GI=CIH;F

HIMIFI/'+G?>C;HN??FOMICHN?AL;>I>?>C@?L?HN?MNZ=HC=;MKO?MIH;JFC=;>;M?H

@ILG;NIALOJ;F?CH>CPC>O;FS;>;JNWH>IM?;F;MJ?=OFC;LC>;>?M>?=;>;=;MI >?GWM

?FB?=BI>?B;<?LMOLAC>I>?F;JLW=NC=;=F[HC=;?H?F=IHN?RNI>?OHBIMJCN;F?MJ;\IF

NC?H?NL?MCGJFC=;=CIH?MCGJILN;HN?M ';M?RJFC=;=CIH?MMI<L?=;>;C=IHIHIH?=?MCN;H

;>;JN;>;LM?;F;=OFNOL;?MJ;\IF; ';NL;HM=OFNOL;FC>;>>?FIMC=IHIMJO?>?@;=CFCN;LMO

OMI?HINLIMJ;[M?MS ;>;G]>OFIL?=IA?OHI<D?NCPIA?H?L;FS>;FOA;L;>CMNCHNIM

I<D?NCPIM?MJ?=[@C=IMFIKO?L?MOFN;=]GI>IJ;L;=O;FKOC?LN?L;J?ON;

  
 "'!&!

HJLCG?LFOA;LM?NL;N;>?OH?MNO>CI?GJ[LC=IL?;FCT;>I?HOH=IHN?RNIL?;FS

HI ?H =?HNLIM >? ?R=?F?H=C; HC F;<IL;NILCIM  *NL; @ILN;F?T; ?M KO? F; N?L;JC; B; MC>I

;JFC=;>;JILN?L;J?ON;MHI?MJ?=C;FCT;>IM?H/'+KO?L?=C<C?LIH?HNL?H;GC?HNIJ;L;F;

L?;FCT;=C]H>?F?MNO>CIFIKO?>?GO?MNL;MO@W=CFCGJF?G?HN;=C]HS;<L?F;JIMC<CFC>;>

>? @ONOLIM ?MNO>CIM >? L?JFC=;=C]H  ?<C>I ; F; DOP?HNO> >? FIM J;LNC=CJ;HN?M S ; MO

L?=C?HN? CH=ILJIL;=C]H ;F M?LPC=CI >? M;FO> G?HN;F HI M? ?P;FO] F; =IGIL<CFC>;>

JMCKOCWNLC=; HC F;M JMC=IN?L;JC;M L?=C<C>;M ?H FIM _FNCGIM  ;\IM HC F; ;>B?L?H=C; ;F

NL;N;GC?HNI @;LG;=IF]AC=I  /;GJI=I M? ?GJF?;LIH ?MNLC=NIM =LCN?LCIM >? ?R=FOMC]H S

_HC=;G?HN?M?>?M=;LN];FIMJ;=C?HN?M=IHJ?LMIH;FC>;>;HNCMI=C;FJ;L;?PCN;LJIMC<F?M

CHN?HNIM>?<IC=IN?I>?FALOJIS;;KO?FFIM=OSI=IHMOGI>?N]RC=IM@O?L;CGJILN;HN?

?H?M?=;MI?RCMNCL[;LC?MAI>?;<;H>IHI>?FNL;N;GC?HNI  FB?=BI>?CH=FOCLJ;=C?HN?M

=IH ?F?P;>I LC?MAI MOC=C>; ?M INL; ;JILN;=C]H CGJILN;HN? JILKO? NL;>C=CIH;FG?HN? FIM

?MNO>CIM MI<L? /'+ HI B;H G?>C>I MOC=C>;<CFC>;> C>?;=C]H CHN?HNIM MOC=C>;M S

;ONIF?MCIH?MHIMOC=C>;MG?HIM;OHMCF;MCHN?LP?H=CIH?MB;HMC>I<L?P?MJIL?D?GJFI

./ ++.  +IL INLI F;>I F; ?P;FO;=C]H >? P;LC;<F?M ; F;LAI JF;TI J?LGCN? =IHMN;N;L ?F

G;HN?HCGC?HNI >?F ?@?=NI >? F; N?L;JC; ; FIM  G?M?M >? @CH;FCT;=C]H >?F NL;N;GC?HNI 

>?GWMF;<;D;N;M;>?;<;H>IHIMSF;?P;FO;=C]H@;PIL;<F?>?F;N?L;JC;JILJ;LN?>?

FIM J;LNC=CJ;HN?M D]P?H?M =IH M[HNIG;M ;AO>IM KO? JC>?H ;SO>; >?GO?MNL; MO

;=?JN;<CFC>;>S;OAOL;MO@W=CFCHNLI>O==C]H?HF;=;LN?L;>?M?LPC=CIM>?M;FO>G?HN;F 

/;G<CZH HIM B;=? J?HM;L ?H F; =IHP?HC?H=C; >? L?;FCT;L ;>;JN;=CIH?M JIL L;HAIM >?

?>;>INCJIM>?JI<F;=C]HHC\IMJ?KO?\IM;G;M>?=;M;lJO?M?RCMN?HG;HO;F?MJ;L;

MO@ILG;=C]HS?F?HNL?H;GC?HNIHIL?KOC?L?GO=BINC?GJI 

  
 )II<MN;HN??F?MNO>CI=O?HN;N;G<CZH=IH;FAOH;MFCGCN;=CIH?M ';HI

L?;FCT;=C]H>?OH>C;AHIMNC=I=F[HC=IG?>C;HN??HNL?PCMN;?MNLO=NOL;>;L?MN;@C;<CFC>;>;

F;BIGIA?H?C>;>>?F;GO?MNL;KO?@O?M?F?==CIH;>;?H<;M?;=O?MNCIH;LCIM

;ONI;JFC=;>IMS4964<=:DED>?M[HNIG;M>?/'+ ';MN?L;JC;MG;HO;FCT;>;MJ?LGCN?HOH;

CGJF?G?HN;=C]H@C>?FCT;>;;OHKO?JO?>?HN;G<CZH>C@C=OFN;L?FG;H?DI>?=IH>O=N;M

KO?CHN?L@C?L?H?HF;N?L;JC; )II<MN;HN??FG;HO;F>?/?L;JC;$=]HC=;?M

MO@C=C?HN?G?HN?@F?RC<F?=IGIJ;L;;<IL>;LF;MJIMC<F?M=IHNCHA?H=C;MKO?MI<L?P?HA;H

;FIF;LAI>?F;N?L;JC;G?>C;HN?M?MCIH?MCH>CPC>O;F?M>?L?@O?LTI /;G<CZH?M=C?LNI

KO?I@L?=?LM?MCIH?MCH>CPC>O;F?M;>?G;H>;JO?>?J?LDO>C=;LF;BIGIA?H?C>;>>?

L?MOFN;>IM>?HO?MNLI?MNO>CIJ?LI?MG;H>;NILCICHN?LP?HCL?H=;MI>?;J;LC=C]HI

;AL;P;GC?HNI>?FIMM[HNIG;M;ONIF[NC=IM=O;H>IM?NL;N;>?J?LMIH;M=IHLC?MAI>?

MOC=C>CI =NO;FG?HN?>?FIMJ;LNC=CJ;HN?M>?F?MNO>CIMCAO?H?H=IHN;=NI=IHF;

CHP?MNCA;>IL;JLCH=CJ;F .??P;FO;LIHFIM?@?=NIM>?;G<;MN?L;JC;MMI<L?>CMNCHNIM

;MJ?=NIM>?F/'+J?LIHIM?GC>C?LIHFIMG?=;HCMGIM>?=;G<CIMI<L?FIMKO?

?MJ?=[@C=;G?HN?CHN?LPC?H?F;/?L;JC;$=]HC=;04,89()020+(+,35*054(2=IGI;MJ?=NI

=IG_H>?>C@?L?HN?MNL;MNILHIMJO?M?FI<D?NCPI?L;=IGJ;L;LMO?@C=;=C;=IHF;>?INL;M

N?L;JC;MJ;L;/'+ FAOHIMJ;=C?HN?M@O?LIHL?=FON;>IM?HOH=?HNLI=IH=?LN;>I)

?KOCP;F?HN?;F>?F;GO?MNL;J?LIMOM=;L;=N?L[MNC=;MHI>C@?L[;H>?F;M>?FIM

L?=FON;>IM?H=?HNLIMJ_<FC=IM  FH_G?LI>?>?LCP;=CIH?M@O?L?>O=C>ISF;GO?MNL;HI

;F=;HT]?FN;G;\I?MJ?L;>I IHOHG;SILN;G;\IGO?MNL;FKOCTWMM?JI>L[;H

?H=IHNL;L>C@?L?H=C;M?HNL?FIM>IMALOJIM?H=O;HNI;F;?@C=;=C;>?F;MN?L;JC;MS;KO?

FIML?MOFN;>IM;JOHN;H;OH;=C?LN;P?HN;D;>?F;/?L;JC;$=]HC=;KO?;>?GWMM?P;

B;=C?H>IG;SIL=IH?FNC?GJIF;>C@?L?H=C;?MG;SIL?H?FM?AOCGC?HNIKO?;FN?LGCH;L

F;N?L;JC;  MNIJI>L[;CH>C=;L;FAIKO?M?I<M?LP;N;G<CZH?HF;JLW=NC=;=F[HC=;S?M

KO??FJ;MI>?FNC?GJI;SO>;;;@C;HT;L?CH=FOMI;ONIG;NCT;L?FOMI>?FIMC=IHIM;

F;LAIJF;TI 

 
#!!

.?A_H FIM L?MOFN;>IM >? FIM ;HWFCMCM L?;FCT;>IM N;HNI F; /?L;JC;

$=]HC=;=IGIF;N?L;JC;>?;JISIL?MOFN;LIH?@?=NCP;MJ;L;NL;N;L;J?LMIH;M

D]P?H?M=IHM[HNIG;M>?/'+?C>?;=C]HMOC=C>; 

)I M? ?H=IHNL;LIH >C@?L?H=C;M ?MN;>[MNC=;G?HN? MCAHC@C=;NCP;M ?HNL?

;G<;M N?L;JC;M ?H =O;HNI ; F; L?>O==C]H >? MCHNIG;NIFIA[; >?F /'+ S ;F

L?MNI >? P;LC;<F?M M?=OH>;LC;M MOC=C>;<CFC>;> OMI >? M?LPC=CIM >? M;FO>

G?HN;FS;DOMN?MI=C;F )II<MN;HN??FHCP?F>?L?MOFN;>IM?MMCGCF;L;FKO?

;F=;HT;HINLIMNL;N;GC?HNIM?MJ?=[@C=IMJ;L;/'+M?A_H>CMNCHN;ML?PCMCIH?M

MCMN?GWNC=;M S G?N;HWFCMCM =IH ;>IF?M=?HN?M S ;>OFNIM /'+  '; P;LC;<F?

oM;NCM@;==C]H =IH F; N?L;JC;p M[ KO? L?MOFN] GWM @;PIL;<F? ?H ?F ALOJI KO?

L?=C<C]F;/?L;JC;$=]HC=; 

'; ?MNLO=NOL;=C]H S <L?P?>;> >?F JLIAL;G; >? /?L;JC; $=]HC=; =IH

MOM ?MNL;N?AC;M JL?P?HNCP;M ;JFC=;>;M >? G;H?L; ?M=;FIH;>; S F; <O?H;

;=?JN;=C]H JIL J;LN? >? FIM J;=C?HN?M B;=?H KO? M?; OH; <O?H; ;FN?LH;NCP;

J;L; F; JI<F;=C]H DIP?H =IH M[HNIG;M ;AO>IM >? /'+ MI<L? NI>I N?HC?H>I

?H=O?HN;F;?M=;M;;==?MC<CFC>;>>?F;KO?AIT;HINLIMNL;N;GC?HNIM=IGIF;

/IF;/?L;JC;>?(?HN;FCT;=C]HJILF;?MJ?=C;FCT;=C]HS?FH_G?LI>?

L?=OLMIMM;HCN;LCIML?KO?LC>IM 

H =O;FKOC?L =;MI M?L[; =IHP?HC?HN? L?;FCT;L ?MNO>CIM =IH GO?MNL;M

GWM ;GJFC;M KO? N?HA;H F; JIN?H=C; H?=?M;LC; J;L; >?N?=N;L J?KO?\IM

N;G;\IM>??@?=NIS>?@CHCL?FJ?MIL?F;NCPI>?FIM>CMNCHNIM?F?G?HNIMKO?

=IGJIH?HF;/?L;JC;$=]HC=;C=IHIM?MNLO=NOL;=C]H>?FJLIAL;G;IL>?H?H

KO? M? CGJ;LN?H FIM G]>OFIM @ILG;NI >? F;M M?MCIH?M ?@?=NI >?

>IMCM L?MJO?MN; >?F N?L;J?ON; S >OL;=C]H >? F; N?L;JC; S ?F;<IL;L

JMC=IN?L;JC;M=;>;P?TGWM?@C=;=?M;F;LAIJF;TI 

 

! !?"!

759,**0D4 +, 6,7854(8 = (403(2,8 'IM ;ONIL?M >?=F;L;H KO? FIM

JLI=?>CGC?HNIM M?AOC>IM M? =IH@ILG;LIH ; F;M HILG;M ZNC=;M >?F =IGCNZ >?

?RJ?LCG?HN;=C]H BOG;H; L?MJIHM;<F? MCAOC?H>I F;M J;ON;M ?MN;<F?=C>;M ?H F; "O[;

*).*-/S?HF;M"O[;M>?O?H;M+LW=NC=;MSF;?=F;L;=C]H>?#?FMCHEC 

54-0+,4*0(20+(+ +, +(958 'IM ;ONIL?M >?=F;L;H KO? B;H M?AOC>I FIM

JLINI=IFIM>?MO=?HNLI>?NL;<;DIMI<L?F;JO<FC=;=C]H>?>;NIM>?J;=C?HN?MM?A_H?F

-?AF;G?HNI"?H?L;F>?+LIN?==C]H>?;NIM>?F;0HC]H OLIJ?;-"+ 

,7,*/5 ( 2( 670;(*0+(+ = *548,49030,495 04-573(+5 'IM ;ONIL?M B;H

I<N?HC>I ?F =IHM?HNCGC?HNI CH@ILG;>I >? J;=C?HN?M S I MOD?NIM L?@?LC>IM ?H ?F

G;HOM=LCNI  MN?>I=OG?HNII<L;?HJI>?L>?F;CHP?MNCA;>IL;JLCH=CJ;F 

54-20*95+,049,7,8,8'IM;ONIL?M>?=F;L;HHIN?H?LHCHA_H=IH@FC=NI>?CHN?L?M?M 




























 
 F


ECME;F# . D?H>?L?>DC;H # -IM?HNB;F- # &B;HC( &   

S=FINBSGC=>CMIL>?L1;FC>;NCHA=LCN?LC;@ILCH=FOMCIHCHNB?<CJIF;L;@@?=NCP?

ALIOJ >6C:42?!@FC?2=@7'DJ49:2ECJ   m  

BNNJM >IC ILA  ;DJ  

F #;F;<[. .WCT+  OL]H+ ";LLC>I( ?H;<;LL? %CGZH?T lI<?M

%   1;FC>;=C]H>?F;P?LMC]H?H?MJ;\IF>?F;IFOG<C; .OC=C>?.?P?LCNS

-;NCHA.=;F? M=;F;IFOG<C;J;L; P;FO;L?F-C?MAI>?.OC=C>CI )6G:DE256

'D:BF:2EC:2/*2=F5$6?E2= m  

BNNJM >IC ILA  D LJMG    

F?R;H>?L! -IMM#  >M    SH;GC=JMS=BC;NLS 0HCP?LMCNSI@BC=;AI

+L?MM 

F?R;H>?L&   +??LMOJJILN@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?LG??NCHANB?

=B;FF?HA?NBLIOABJ;LNH?LMBCJ;H>=IFF;<IL;NCIH J +L?M?HN;NCIH;N4;F?

0HCP?LMCNSI@(?>C=CH?);NC 

G?LC=;H+MS=BC;NLC=MMI=C;NCIH   C;AHIMNC=;H>.N;NCMNC=;F(;HO;FI@(?HN;F

CMIL>?LM!IOLNB >CNCIH 

G?LC=;H+MS=BC;NLC=MMI=C;NCIH  ; G?LC=;H+MS=BC;NLC=MMI=C;NCIH.(  

(;HO;FC;AH]MNC=IS MN;>[MNC=I>?FIM/L;MNILHIM(?HN;F?M.( b 5:E@C:2=

$M5:42'2?2>6C:42?2 BNNJM >IC ILA  QDA P  C   

G?LC=;H+MS=BC;NLC=MMI=C;NCIH  < $2?F2=:28?QDE:4@JDE2EODE:4@56=@D

+C2DE@C?@D$6?E2=6D*$

 
G?LC=;H+MS=BC;NLC=MMI=C;NCIH+O<FCMBCHA   +96:>A=6>6?E2E:@?@78@@5

ADJ49:2EC:4>2?286>6?E:?E6?D6DD:@?D ?9@:"=2:?#F?56CD@?!65D

AA=:42E:@?@78@@5ADJ49:2EC:4>2?286>6?E7@C3@C56C=:?6A6CD@?2=:EJ5:D@C56C2

AC24E:42=8F:561IF  

G?LC=;H+MS=BIFIAC=;FMMI=C;NCIH   (;HO;FC;AH]MNC=IS MN;>[MNC=I>?FIM

/L;MNILHIM(?HN;F?M .( $1 /- 

H>;FO=C;% >?   N?H=C]H;F;MJ?LMIH;M=IH/L;MNILHI'[GCN?>?+?LMIH;FC>;>

?HH>;FO=[; $$+F;HCHN?AL;F>?.;FO>G?HN;F>?H>;FO=[; .?PCFF; I=OG?HNI

/Z=HC=I @?D6;6C:256*2=F5/:6?6DE2C6AQD:E@# 

H>?LMIH% -   LAOG?HNMIH=?LHCHA-?JL?M?HN;NCIHM@IL(?HN;F$G;A?LS 

'DJ49@=@8:42=)6G:6HDm 

H>C]Hu 1CH;L>?FF( ! (;N;F[% ' tFP;L?T C?H@O?AIM' 1;F?LI. );P;LLI

%  l;M;M(   IL>?LFCH?J?LMIH;FCNS>CMIL>?L>C;AHIMCMIH=IL>;H=?

<?NQ??H=FCHC=;F;H>M?GC?MNLO=NOL?>CHN?LPC?Q?P;FO;NCIH 4E2DDA2?@=2D56

'D:BF:2EC:2  m  

H>IP?L( . +?JJ?L ( -S;<=B?HEI&  *LLC=I " "C<<    

.?F@ (ONCF;NCIH;H>.SGJNIGMI@?JL?MMCIHHRC?NS;H>IL>?LFCH?+?LMIH;FCNS

CMIL>?L *F:4:562?5#:76+9C62E6?:?8692G:@C  m 

BNNJM >IC ILA  MOFC      

H?MNCM(  ;AA? ' /OFF( / %ICH?L/    F;LC@SCHANB?LIF?I@

?GINCIH>SML?AOF;NCIHCHNB?CHN?LJ?LMIH;F JMS=BIFIAC=;FNB?ILSI@MOC=C>;F

<?B;PCILCH;HOH>?LAL;>O;N?M;GJF? !@FC?2=@7'DJ49:2EC:4)6D62C49 m

 BNNJM >IC ILA  D DJMS=BCL?M  

 
H?MNCM(  ?H>?L/ 2 .?F<S  -C<?CLI%  %ICH?L/    .?R

;H>?GINCIHCHNB?;=KOCL?>=;J;<CFCNS@ILMOC=C>? C49:G6D@7*F:4:56)6D62C49

 m  BNNJM >IC ILA     

H?MNCM(  "L;NT& ' ;AA? ' /OFF( /   /B?CHN?L;=NCP?LIF?I@

>CMNL?MMNIF?L;H=?;H><IL>?LFCH?J?LMIH;FCNS>CMIL>?LCHMOC=C>?;NN?GJNM;GIHA

MO<MN;H=?OM?LMCHL?MC>?HNC;FNL?;NG?HN @>AC696?D:G6'DJ49:2ECJ   m

  BNNJM >IC ILA  D =IGJJMS=B    

L<F? S&L;M?;H'   @C56C=:?6A6CD@?2=:EJ5:D@C56C $2C282<:D/

&T@?@9F6.5D'C:?4:A=62D65DE6AA6542C62?53C:67ADJ49@E96C2AJ7@C

:?E68C2E6542C6D6EE:?8D

L?HM  .NIJM;=E( .JCNT?L JJ?F& O>?=E( 1^FTE?# l;LHIQ

.   IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH@IOL>C@@?L?HN;A?ALIOJM=LIMM

M?=NCIH;FMNO>SI@=IGGOHCNSL?MC>?HNMCH"?LG;HS !@FC?2=@7'6CD@?2=:EJ

:D@C56CD  m  BNNJM >IC ILA  J?>C9 99 

LHNTP;H"?H>?L?H#   .=B?G;/B?L;JS@ILIL>?LFCH?+?LMIH;FCNS

CMIL>?LBC=B?MN?L2CF?S .:=6J 

M;LHIQ% - +ILN;" .JCLCNI  GMFC?" F;LE?" 2;AH?L&  lL?HN

    .OC=C>?;NN?GJNM;H>HIHMOC=C>;FM?F@ CHDOLSCHNB?NL?;NG?HNI@

L?MCMN;HN>?JL?MMCIHCH;>IF?M=?HNM!CH>CHAM@LIGNB?/*-$MNO>S !@FC?2=@7

E96>6C:42?4256>J@79:=52?55@=6D46?E'DJ49:2ECJ m 

BNNJM >IC ILA  D D;;=   

MMI=C;NCIH +    C;AHIMNC=;H>.N;NCMNC=;F(;HO;FI@(?HN;FCMIL>?LML>

>CNCIH 

 
MMI=C;NCIH +   +L;=NC=?AOC>?FCH?@ILNB?NL?;NG?HNI@J;NC?HNMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

MMI=C;NCIH +   +L;=NC=?AOC>?FCH?@ILNB?NL?;NG?HNI@J;NC?HNMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

NG;=;( &OFIAFO( /?T=;H "?=C=C* 0MNOH>;A   .?LOG

=BIF?MN?LIF;H>F?JNCHF?P?FMCHJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

%6FC@ADJ49@3:@=@8J m  BNNJM >IC ILA  

PCL;G-  LI>MES . .N;HF?S  *=NI<?L  IL>?LFCH?J?LMIH;FCNS

>CMIL>?LMNCAG;;H>NL?;NG?HNCGJFC=;NCIHM 2CG2C5)6G:6H@7'DJ49:2ECJ 

BNNJM >IC ILA      

;CF?S-  "L?HS?L ! .   .OJJILNCHA;J?LMIHQCNBJ?LMIH;FCNS

>CMIL>?LMNO>SI@=;L?L<OL>?H;H>Q?FF <?CHA !@FC?2=@7'6CD@?2=:EJ

:D@C56CD m  BNNJM >IC ILA  J?>C9 99 

;CF?S-  "L?HS?L ! .   /B?L?F;NCIHMBCJ<?NQ??H?RJL?MM?>?GINCIH

;H>Q?FF<?CHA@IL@;GCFC?M;H>=;L?LMI@;L?F;NCP?QCNB<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L '6CD@?2=:EJ2?5$6?E2=62=E9  m 

BNNJM >IC ILA  JGB 

;E?LG;HM &L;H?H<OLA( % 1;H$%T?H>IILH( # %O@@?L!   '?MMCM

(IL?(?N; H;FSM?MI@.?HMCNCPCNS;H>NN;=BG?HN$HN?LP?HNCIHMCH ;LFS

BCF>BII> 'DJ49@=@8:42=F==6E:?  m  BNNJM >IC ILA  

    

;HTB;@ -CNN?L& (?LEF .=BOFN? #?L<L`AA?H* ';GG?LM # -I?JE?

.   "?H>?L>C@@?L?H=?MCH;=FCHC=;FM;GJF?I@J;NC?HNMQCNB<IL>?LFCH?

 
J?LMIH;FCNS>CMIL>?L !@FC?2=@7'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C     

;LFIQ #!;L=BCIH?/ % ?>M    JJFC=;NCIHI@NB?0HC@C?>+LINI=IF@IL

/L;HM>C;AHIMNC=/L?;NG?HNI@ GINCIH;FCMIL>?LM %F6G2/@C<&I7@C5

,?:G6CD:EJ'C6DD

;LHC=IN& IOF>L?S' .;H>BO. +LC?<?.   *P?L=IGCHA<;LLC?LMNI

MECFFMNL;CHCHACH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L,O;FCN;NCP?CHN?LPC?QMNO>S 

'#@*&%   BNNJM >IC ILA  DIOLH;F JIH?  

;LHC=IN& "IHT;F?T- (=;<?- +LC?<?.   .ECFFMOM?;H>=IGGIH

NL?;NG?HNJLI=?MM?MCH>C;F?=NC=;F<?B;PCIOLNB?L;JS@IL<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L !@FC?2=@7692G:@C+96C2AJ2?5IA6C:>6?E2='DJ49:2ECJ  m  

BNNJM >IC ILA  D D<N?J    

;LHC=IN& &;NM;EIO B;NNC) .;PCFF( !?;LHM) +LC?<?.   

!;=NILMJL?>C=NCHANB?ION=IG?I@JMS=BINB?L;JS@IL<IL>?LFCH?J?LMIH;FCNS

>CMIL>?LMSMN?G;NC=L?PC?Q =:?:42='DJ49@=@8J)6G:6H 

BNNJM >IC ILA  D =JL    

;LHC=IN& +LC?<?.   +IMN NL;OG;NC=MNL?MM>CMIL>?L;H>NB?ION=IG?I@

>C;F?=NC=;F<?B;PCIOLNB?L;JS@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L '6CD@?2=:EJ2?5

$6?E2=62=E9  m  BNNJM >IC ILA  JGB 

;LL;=BCH;% .IF?L% ;GJCHM( % /?D?LI +;M=O;F%  tFP;L?T l+ZL?T

.IF;1   1;FC>;=C]H>?F;P?LMC]H?MJ;\IF;>?F;C;AHIMNC=$HN?LPC?Q@IL

IL>?FCH?M -?PCM?>$ - 4E2DDA2?@=2D56'D:BF:2EC:2 m 

;N?G;H !IH;AS+   (?HN;FCT;NCIH <;M?>NL?;NG?HN@IL<IL>?LFCH?

  
J?LMIH;FCNS>CMIL>?L;JL;=NC=;FAOC>? %6H/@C<&I7@C5,?:G6CD:EJ'C6DD

;N?G;H&L;QCNT-   @C56C=:?6A6CD@?2=:EJ5:D@C56C2?6G:56?4632D65

8F:567@C86?6C2=:DE>6?E2=962=E9AC@76DD:@?2=D &I7@C5,?:G6CD:EJ'C6DD 

;N?G;H ;GJ<?FF 'OSN?H+ !IH;AS+   G?HN;FCT;NCIH <;M?>

;JJLI;=BNI=IGGIH@;=NILMCHNB?NL?;NG?HNI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

FCC6?E&A:?:@?:?'DJ49@=@8J BNNJM >IC ILA  D =IJMS=    

;N?G;H !IH;AS+    @@?=NCP?H?MMI@J;LNC;FBIMJCN;FCT;NCIHCHNB?

NL?;NG?HNI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?LL;H>IGCT?>=IHNLIFF?>NLC;F 

>6C:42?!@FC?2=@7'DJ49:2ECJ   m  

BNNJM >IC ILA  ;DJ  

;N?G;H !IH;AS+    4?;L@IFFIQ OJI@J;NC?HNMNL?;N?>@IL<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7'DJ49:2ECJ  m 

BNNJM >IC ILA  ;JJC ;DJ     

;N?G;H !IH;AS+  ; -;H>IGCT?>=IHNLIFF?>NLC;FI@IONJ;NC?HN

G?HN;FCT;NCIH <;M?>NL?;NG?HNP?LMOMMNLO=NOL?>=FCHC=;FG;H;A?G?HN@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7'DJ49:2ECJ   m

 BNNJM >IC ILA  ;JJC ;DJ     

;N?G;H !IH;AS+  < -;H>IGCT?>=IHNLIFF?>NLC;FI@IONJ;NC?HN

G?HN;FCT;NCIH <;M?>NL?;NG?HNP?LMOMMNLO=NOL?>=FCHC=;FG;H;A?G?HN@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7'DJ49:2ECJ   m

 BNNJM >IC ILA  ;JJC ;DJ     

;N?G;H !IH;AS+   $GJ;=NI@=FCHC=;FM?P?LCNSIHION=IG?MI@

G?HN;FCM;NCIH <;M?>NL?;NG?HN@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L C:E:D9!@FC?2=

  
@7'DJ49:2ECJ  m BNNJM >IC ILA  <DJ <J   

;N?G;H 2 "OH>?LMIH% (OF>?L-   /L?;NG?HNI@J?LMIH;FCNS

>CMIL>?L +96#2?46E BNNJM >IC ILA .     

?;NMIH% -;I.   +MS=BINB?L;JS@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

FDEC2=2D:2?'DJ49:2ECJ m 

?;NMIH%   (;ECHAJMS=BIFIAC=;FNL?;NG?HNM@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

;P;CF;<F? FDEC2=2D:2?'DJ49:2ECJ m 

BNNJM >IC ILA    

?;O=B;CH?/ + &F?CH ) LIQ?FF.  ?L<C>A? ";NTE? &IJJ' 

  (OFNC@CH;FCNSCHNB?>?P?FIJG?HNI@J?LMIH;FCNS>CMIL>?LMCIFIASy.?R

y HPCLIHG?HNCHN?L;=NCIHGI>?FI@;HNCMI=C;F;H><IL>?LFCH?NL;CNM 6G6=@A>6?E

2?5'DJ49@A2E9@=@8J BNNJM >IC ILA  .    

?;ONL;CM ' )?Q5?;F;H> (CHCMNLSI@#?;FNB   *F:4:56AC6G6?E:@?a2

C6G:6H@76G:56?46@7C:D<2?5AC@E64E:G6724E@CD2?5A@:?ED@767764E:G6

:?E6CG6?E:@?(CHCMNLSI@#?;FNB 

?<FI/ (?HM?<;=B 2CHA?H@?F>& -OFFEI?NN?L) .=BFIMM?L) LC?MM?H

(   .O<D?=NCP?G?GILS=IGJF;CHNM;H>G?GILSJ?L@ILG;H=?CHJ;NC?HNM

QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L $'DJ49:2ECJ   

BNNJM >IC ILA  M    

?=E /!L??G;H   364<J7C66>2?E6C2A:24@8?:E:G256=@DEC2DE@C?@D56

A6CD@?2=:525 '2:5QD -?NLC?P?>@LIG

BNNJM QQQ AIIAF? =IG M?;L=BK<?=ES@L??G;HN?L;JC;=IAHCNCP;>?FIMNL

;MNILHIM>?J?LMIH;FC>;>MRML@'?&E 4P(

  
E(KB"?L@I4J!9%).<,   N<GCM=BMIOL=?COC=NR @C

L%4E2Q(H(ET!IN(C!C?*I;)HA(!A! 

<GN@NKP?N O

?=E?L ! "LCFI (  >?FF2 . (="F;MB;H/ #   C;AHIMNC=

?@@C=C?H=SI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L=LCN?LC;CHBIMJCN;FCT?>;>IF?M=?HNM

IGJ;LCMIHQCNBBIMJCN;FCT?>;>OFNM >6C:42?!@FC?2=@7'DJ49:2ECJ  

 m  BNNJM >IC ILA  ;JJC ;DJ    

??M>I& &H;JJ?. +CH? .  .?JN?G<?L HRC?NS;H>HRC?NS

CMIL>?LMCHBCF>L?H;H>>IF?M=?HNM?P?FIJG?HN;F$MMO?M;H>$GJFC=;NCIHM@IL

.( 1 'DJ49:2EC:4=:?:4D@7%@CE9>6C:42 )$#+O<FC===?MM 

BNNJM >IC ILA  D JM=    

?FFCHI. +;L;>CMI IA?NNI!    @@C=;=S;H>NIF?L;<CFCNSI@

JB;LG;=INB?L;JC?M@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L %*CF8D 

BNNJM >IC ILA       

?FMES 2 ;MJC LM?H?;OFN' F?C>ILH2 !IH;AS+ "II>G;H( l

(I@@CNN/     NCIFIAC=;F@?;NOL?MI@<IL>?LFCH?J?LMIH;FCNSL?F;N?>

=B;L;=N?LCMNC=MCH;<CLNB=IBILNI@  S?;L IF>=BCF>L?H 6G6=@A>6?E2?5

'DJ49@A2E9@=@8J   m BNNJM >IC ILA  .   

?H>?L . IF;H- / .EI>IF  .;HCMFIQ  S=E$ - (="F;MB;H/ 

# l"OH>?LMIH% "   /L?;NG?HNONCFCT;NCIH<SJ;NC?HNMQCNBJ?LMIH;FCNS

>CMIL>?LM +96>6C:42?!@FC?2=@7'DJ49:2ECJ m  

BNNJM >IC ILA  ;JJC ;DJ   

?H>?L . .EI>IF  +;A;HI(  S=E$ - "LCFI ( .B?;( / l

 
"OH>?LMIH% "   +LIMJ?=NCP?;MM?MMG?HNI@NL?;NG?HNOM?<SJ;NC?HNMQCNB

J?LMIH;FCNS>CMIL>?LM 'DJ49:2EC:4*6CG:46Dm 

BNNJM >IC ILA  ;JJC JM   

?LFCH#  -IFFM / $P?LM?H.    IL>?LFCH?J?LMIH;FCNS>CMIL>?L

CGJOFMCPCNS;H>NB?IL<CNI@LIHN;F=ILN?R >6C:42?!@FC?2=@7'DJ49:2ECJ   

 m BNNJM >IC ILA  ;JJC ;DJ    

?LH;HE?% (=IGGIH   /L;CHCHACHAII>JMS=BC;NLC=G;H;A?G?HN@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCHL?MC>?H=SH;C>?NIF?;LHCHAMOJJILNCP?

JMS=BINB?L;JS@IL=B;FF?HACHA NI NL?;NJ;NC?HNM 'DJ49@5J?2>:4'DJ49:2ECJ 

BNNJM >IC ILA  J>JM      

?LLCIM"     OLIJ?;HPC?QMIHJ?LMIH;FCNS>CMIL>?LM=IH=?JNO;FBCMNILS 

@>AC696?D:G6'DJ49:2ECJ   m BNNJM >IC ILA 

 3  3

?LNM=B& ";G?L( .=BGC>N .=BGC>CHA?L$ 2;FNB?L. &YMN?F/ l

#?LJ?LNT.    &IJE@4:?2?5)65F4E:@?@7*@4:2=+9C62EJA6CD6?D:E:G:EJ

:?.@>6?.:E9@C56C=:?6'6CD@?2=:EJ:D@C56C >!'DJ49:2ECJ1IF    

-?NLC?P?>@LIGQQQ @CF CIH O=F ;= OE MJG MI@NQ;L? MJG 

?ONF?L'  .IG?;B& &CGJ;L;. (CFF?L&   .?F?=NCHANB?GIMN

;JJLIJLC;N?NL?;NG?HN@IL?;=BJ;NC?HN  ?E6C?2E:@?2=!@FC?2=@7=:?:42=2?562=E9

'DJ49@=@8J  m  BNNJM >IC ILA  D CD=BJ    

C;ACHCF;L=]H( /ILLO=I.;F=?>I( ;LL;M=I!?LHWH>?T   J?AI;F

NL;N;GC?HNIJMC=IN?L;JZONC=IALOJ;F?HJ;=C?HN?M=IHNL;MNILHIF[GCN?>?F;

J?LMIH;FC>;>  MNO>CIJCFINI?HJ;=C?HN?M>? ;;\IM *2=F5$6?E2=  

 
m 

CHEM  !?HNIH( (=;LNBS' '??/ >;GM  OAA;H   

+MS=BIFIAC=;FNB?L;JC?M@ILJ?IJF?QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L-?PC?Q 

+96@49C2?62E232D6@7*JDE6>2E:4)6G:6HD   

CHEM !?HNIH( (=;LNBS' '??/ >;GM  OAA;H   

+B;LG;=IFIAC=;FCHN?LP?HNCIHM@ILJ?IJF?QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L $H

@49C2?62E232D6@7*JDE6>2E:4)6G:6HD 

BNNJM >IC ILA    => 

CMECH- .   /L?;NG?HNI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCHSIONB !@FC?2=@7

E962?25:2?4256>J@79:=52?55@=6D46?E'DJ49:2ECJ  m 

-?NLC?P?>@LIG JG= ;LNC=F?M +( L?JILN;<MNL;=N

CMECH- . +;LCM%   C;AHIMCHA<IL>?LFCH?J?LMIH;FCNS>CMIL>?L $!a

2?25:2?$65:42=DD@4:2E:@?!@FC?2=!@FC?2=56=[DD@4:2E:@?$65:42=6

2?25:6??6   m  BNNJM >IC ILA   =G;D   

CMECH- . +;LCM% -?H;O>% -;T 5?FEIQCNT+   *ON=IG?MCH

QIG?H>C;AHIM?>QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH;>IF?M=?H=? !@FC?2=@7

E962?25:2?4256>J@79:=52?55@=6D46?E'DJ49:2ECJ  m  

F;=E 2 FF?H% .N %IBH +@IBF (=ILGC=E FOG)   

+L?>C=NILMI@L?MJIHM?NI.SMN?GM/L;CHCHA@IL GINCIH;F+L?>C=N;<CFCNS;H>

+LI<F?G.IFPCHA./ ++.@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?LH?RJFIL;NILS

MNO>S 4E2'DJ49:2EC:42*42?5:?2G:42  m 

BNNJM >IC ILA D      R

F;=E 2 FOG) +@IBF #;F?)   .OC=C>;F<?B;PCILCH<IL>?LFCH?

 
J?LMIH;FCNS>CMIL>?L+L?P;F?H=?LCME@;=NILMJL?>C=NCIH;H>JL?P?HNCIH !@FC?2=

@7'6CD@?2=:EJ:D@C56CD BNNJM >IC ILA  J?>C    

F;MB@C?F>- & $HNI==C;1   "LIQNBI@NB?FCN?L;NOL?IHNB?NIJC=I@

J?LMIH;FCNS>CMIL>?LM >6C:42?!@FC?2=@7'DJ49:2ECJ m 

BNNJM >IC ILA  ;JJC ;DJ   

F;S   =NO;=C]H;HN?FIMJ;=C?HN?M>?NL;NI>C@[=CF $m 

F?C<?LA -IMMIOQ/ !IH;AS+   >IF?M=?HN<L?;E>IQH;H>?G?LACHA

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L $H2?53@@<@7>6?E2=:K:?8:?>6?E2=962=E9

AC24E:46+2?53@@<@7>6?E2=:K:?8:?>6?E2=962=E9AC24E:46JJ m  

-?NLC?P?>@LIG

BNNJ ?TJLIRS FC<L;LS SILEO =; FIACHOLFBNNJ M?;L=B JLIKO?MN =IG >I=PC?Q  

;==IOHNC>  HBNNJ M@R M=BIF;LMJILN;F CH@I SILEOLF9P?L5 

 L@N9P;F9@GNCH@II@C @GNE?PGNR<IIEA?HL?<IIECN?GMC>+LI,+MS=$

)!*;NCNF?>IF?M=?HN<L?;

FO=E. 'C;I# 2   $2;M/B?L?@IL?$GL?;NCHA.?F@ IHNCHOCNS

/BLIOAB-?G?G<?LCHA*OL+?LMIH;F+;MN +96 ?E6C?2E:@?2=!@FC?2=@7

)6>:?:D46?462?5#:76)6G:6H  m  -?NLC?P?>@LIG

BNNJ QQQ CDLFL ILA IDM CH>?R JBJ $%-'-

FOG) .N %IBH +@IBF .NO;LN. (=ILGC=E FF?H% lF;=E 2 

  .SMN?GM/L;CHCHA@IL GINCIH;F+L?>C=N;<CFCNS;H>+LI<F?G.IFPCHA

./ ++.@ILIONJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?LL;H>IGCT?>

=IHNLIFF?>NLC;F;H> S?;L@IFFIQ OJ >6C:42?!@FC?2=@7'DJ49:2ECJ 

m BNNJM >IC ILA  ;JJC ;DJ     

 
I>?& 1IA?F- 2;FE?L% &L^A?L   #?;FNB=;L?=IMNMI@<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L;H>G;N=B?>=IHNLIFMQCNBG;DIL>?JL?MMCP?>CMIL>?L;

=IGJ;L;NCP?MNO>S<;M?>IH;HIHSGCT?>=F;CGM>;N; FC@A62?!@FC?2=@762=E9

4@?@>:4D  m  BNNJM >IC ILA M    

I>H?L IB?H !LC>?F. (;MBC;B( .?A;F( "LCHMBJIIH !CM=B?F/ 

$;H=O$   /B?;NNCNO>?MI@JMS=BC;NLC=BIMJCN;FMN;@@NIQ;L>BIMJCN;FCT;NCIH

;H>NL?;NG?HNI@J;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L $'DJ49:2ECJ

  m  BNNJM >IC ILA  M    S

IBOM( S?L . +LC?<?& &L`A?L &F?CH>C?HMN) .=BG;BF l.N?CF

-   C;F?=NC=;F<?B;PCIOLNB?L;JS@ILJIMN NL;OG;NC=MNL?MM>CMIL>?L;@N?L

=BCF>BII>M?RO;F;<OM?CHJ;NC?HNMQCNB;H>QCNBION<IL>?LFCH?J?LMIH;FCNS

>CMIL>?LL;H>IGCM?>=IHNLIFF?>NLC;F 'DJ49@E96C2AJ2?5'DJ49@D@>2E:4D 

 m BNNJM >IC ILA   

IBOM( &F?CH>C?HMN) 'CG<?LA?L( ! .NC?AFCNT-  IGM;FF;( B;JG;H

 ' l2IF@(   /B?MBILNP?LMCIHI@NB?IL>?LFCH?.SGJNIG'CMN

.' ?P?FIJG?HN;H>CHCNC;F>;N;IHJMS=BIG?NLC=JLIJ?LNC?M 

'DJ49@A2E9@=@8J  m BNNJM >IC ILA   

ILEIP?=/  );O.    L?>C<CFCNSI@;H;FIAO?NB?L;JSL;NCIH;F?M 

!@FC?2=@7692G:@C+96C2AJ2?5IA6C:>6?E2='DJ49:2ECJ m 

BNNJM >IC ILA      

ILHIP;FIP;(  #C=EM ( $;=IHI2 " (="O?(   .N;<CFCNS

=B;HA?;H>B?LCN;<CFCNSI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?LNL;CNM@LIG;>IF?M=?H=?

NI;>OFNBII>FIHACNO>CH;FNQCHMNO>S 6G6=@A>6?E2?5'DJ49@A2E9@=@8J 

 
m  BNNJM >IC ILA  .   

ILHIP;FIP;(  #OC<L?ANM? ( #C=EM ( &?S?M( (="O?( 

$;=IHI2   /?MNMI@;>CL?=N?@@?=NI@=BCF>BII>;<OM?IH;>OFN<IL>?LFCH?

J?LMIH;FCNS>CMIL>?LNL;CNMFIHACNO>CH;F>CM=IL>;HNNQCH>?MCAH !@FC?2=@7

3?@C>2='DJ49@=@8J    m  BNNJM >IC ILA  ; 

IM # P;H2?F  JJ?FI( / 1?L<L;;E( % + (   

-;H>IGCT?>IHNLIFF?>/LC;FI@;ON=B1?LMCIHI@.SMN?GM/L;CHCHA@IL

GINCIH;F+L?>C=N;<CFCNS;H>+LI<F?G.IFPCHA@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L 

+96!@FC?2=@7%6CG@FD2?5$6?E2=:D62D6 m  

BNNJM >IC ILA  )( < ?  > =@

IO=B;L>. "I><ION) .;<IOLCH.   .?RO;F;NNCNO>?M;H>;=NCPCNC?MCH

QIG?HQCNBIL>?LFCH?+?LMIH;FCNSCMIL>?LCHPIFP?>CHLIG;HNC=L?F;NCIHMBCJM 

!@FC?2=@7*6I2?5$2C:E2=+96C2AJ  m  

BNNJM >IC ILA      

L;MMCHANIH% &L;QCNT-   OMNL;F;MC;H>C;F?=NC=;F<?B;PCIOLNB?L;JSJCFIN

ION=IG?MNO>S @@?=NCP?H?MMONCFCNS;H>@?;MC<CFCNS FDEC2=2D:2?'DJ49:2ECJ

 m  BNNJM >IC ILA D      R

L?NNM=BH?C>?L -C?>?F #?FF?L. &^HCA# #   MSMN?G;NC=L?PC?QI@

?=IHIGC=?P;FO;NCIHMI@NL?;NG?HNM@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L '#@*&%

 BNNJM >IC ILA  DIOLH;F JIH? 

LC=E?FF (   C;AHIMCM;H>/L?;NG?HNI@IL>?LFCH?+?LMIH;FCNSCMIL>?LCH

NB?IFF?A?(?HN;F#?;FNB.?NNCHA FCC6?E'DJ49:2ECJ)6A@CED 

BNNJM >IC ILA M     T

 
LI;><?;L% # QS?L% OA?D;' -;I.    ILIH?LMqCHP?MNCA;NCIHMI@

MOC=C>?CHOMNL;FC;/B?BC>>?HNIFFI@IL>?LFCH?+?LMIH;FCNSCMIL>?L !@FC?2=@7

'DJ49:2EC:4)6D62C49 BNNJM >IC ILA  D DJMS=BCL?M    

LIQH" & ?=E / .N??L-  "LCMB;G% -   -CME@;=NILM@IL

MOC=C>?CHJMS=BC;NLC=IONJ;NC?HNM S?;LJLIMJ?=NCP?MNO>S !@FC?2=@7

@?DF=E:?82?5=:?:42='DJ49@=@8J m 

BNNJM >IC ILA   3    

LIQH( 5 HH?IGNICM& 'CH?B;H( ( 'CH?B;H2?NB;HEHA?F;(OLL;S

( ( >;GM& !IR. l.=BGC>N#   -?;MIHM@IL.OC=C>?NN?GJNM

;H>)IHMOC=C>;F.?F@ $HDOLSCH2IG?H2CNBIL>?LFCH?+?LMIH;FCNSCMIL>?L

  m  BNNJM >IC ILA   3 

L`H?( CG;AACI"  >?F(    (?HN;FCT;NCIH <;M?>ALIOJNB?L;JS@IL

CHJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L+L?FCGCH;LS@CH>CHAM =:?:42=

%6FC@ADJ49:2ECJ  m 

LOHH?L- +;LT?L+ #;@@H?L% .N??H- -IIM% &F?NN( -?M=B!   

+L?P;F?H=?;H>JMS=BIFIAC=;F=ILL?F;N?MI@I==;MCIH;F;H>L?J?NCNCP?>?FC<?L;N?

M?F@ B;LGCH;>IF?M=?HNM C49:G6D@7'65:2EC:4D2?55@=6D46?E$65:4:?6  

 m BNNJM >IC ILA ;L=BJ?>C    

O>G;H. # ?G<S .IF>T. (?LLS%   /CG? FCGCN?>ALIOJ

JMS=BINB?L;JS@ILJ;NC?HNMQCNBJ?LMIH;FCNS>CMIL>?LM*ON=IG?M;H>>LIJIONM 

?E6C?2E:@?2=!@FC?2=@7C@FA'DJ49@E96C2AJm 

BNNJM >IC ILA      

OLE?%  .N?JJ.    >IF?M=?HN>CMLOJNCP?<?B;PCIL;H><IL>?LFCH?

 
J?LMIH;FCNS>CMIL>?LMSGJNIGMCHSIOHA;>OFNG?H !@FC?2=@73?@C>2=9:=5

'DJ49@=@8J  m BNNJM >IC ILA M    

OLHM/ &H;JJ( ;NNS% #?;F?S #?H>?LMIH% 2;NN# 2LCABN 

  #IG?NL?;NG?HN@ILG?HN;FB?;FNBJLI<F?GMMSMN?G;NC=L?PC?Q 62=E9

+649?@=@8JDD6DD>6?E BNNJM >IC ILA  BN;  

OMB" 'OO+ +IMH?L(   IAHCNCP?;H>?GINCIH;FCH@FO?H=?MCH;HN?LCIL

=CHAOF;N?=ILN?R +C6?5D:?@8?:E:G6*4:6?46D m 

BNNJM >IC ILA  .      

ON=B?L% ) "L;B;G% -?H +IL;NB4 . /?FF?A?H ;BFMNLIG2 " S

&;?GG?L   ((+$  $HP?HN;LCI(OFNC@WMC=I>?+?LMIH;FC>;>>?

(CHH?MIN; ; >  $25C:5+5:4:@?6D\G:=2 

SLH?"  A;H%   -?PC?QI@NB? @@?=NCP?H?MM;H>(?=B;HCMGMI@

B;HA?@IL/BL??+MS=BIFIAC=;F$HN?LP?HNCIHM@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L 

=:?:42=*@4:2=.@C<!@FC?2= m  BNNJM >IC ILA M  

  S

;<;FFI1 1;F?HTO?F;%    P;FO;=C]H>?FIMNL;MNILHIM>?J?LMIH;FC>;>JIL

G?>CI>?OHCHMNLOG?HNI>?;ONICH@ILG??F + - 'D:4@=@8O2@?5F4EF2=

 m 

;<;FFI1   $2?F2=56EC2DE@C?@D56=2A6CD@?2=:525 $2?F2=56EC2DE@C?@D56

=2A6CD@?2=:5256D4C:A4:Q?6G2=F24:Q?JEC2E2>:6?E@BNNJM >IC ILA  

 

;<;FFI1    'IMNL;MNILHIM>?F;J?LMIH;FC>;>?H?F.( 0H;IJILNOHC>;>

J?L>C>;J;L;?FJLIAL?MI>?F=;GJI 692G:@C2='DJ49@=@8J 'D:4@=@8:2

  
@?5F4EF2=   m 

;<;FFI1  "OCFFZH% ' .;F;T;L$  $LOLNC;( %   +?LMIH;FCNSMNSF?M

;H>J?LMIH;FCNS>CMIL>?LM+MS=BIG?NLC==B;L;=N?LCMNC=MI@NB?KOIN RJFIL;NILS

,O?MNCIHH;CL?I@+?LMIH;FCNS $$$KOIN + - $$$ 692G:@C2='DJ49@=@8J 

'D:4@=@8:2@?5F4EF2=  

;LJ?HN?L- 2 /LOFF/ %   IGJIH?HNMI@?GINCIH>SML?AOF;NCIHCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LL?PC?Q FCC6?E'DJ49:2ECJ)6A@CED 

BNNJM >IC ILA M    

;LL;M=I% ' /;DCG; +ITI& [;T (;LMW( ;M;>I ']J?T $<IL% % 

LL;TIF;% 4OM(   (C=LIMNLO=NOL;FQBCN?G;NN?L>;G;A?;N

IL<CNI@LIHN;F;L?;MCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@77764E:G6

:D@C56CD  m  BNNJM >IC ILA  D D;>   

;PC==BCIFC( (;@@?C   -?D?=NCIH.?HMCNCPCNSCHIL>?LFCH?+?LMIH;FCNS

CMIL>?L;H>NB?IAHCNCP? @@?=NCP?+?LMIH;FCNS.SMN?G(?N; H;FSNC=

-?PC?Q '6CD@?2=:EJ:D@C56CD+96@CJ)6D62C492?5+C62E>6?E 

BNNJM >IC ILA  J?L 

?LP?L;" (;LN[H?T -;A;%   /L;MNILHIF[GCN?>?F;J?LMIH;FC>;>

J;L;>CAG;>?F;=IGIL<CFC>;>JMCKOCWNLC=; 5$M5:42'2?2>6C:42?2

B;<LIF# -;SH;F+   /B?=I I==OLL?H=?I@;ONCMNC=NL;CNM;H><IL>?LFCH?

J?LMIH;FCNS>CMIL>?LNL;CNMCM;MMI=C;N?>NICH=L?;M?>MOC=C>;FC>?;NCIHCHHIH=FCHC=;F

SIOHA;>OFNM @>AC696?D:G6'DJ49:2ECJ   m  

BNNJM >IC ILA  D =IGJJMS=B    

B;EBMMC! 5I?N% ( *IMN?H>ILJ% ( )IIL>TCD( ' .IGG?LM .JCDE?LG;H

  
(    @@?=NI@+MS=BINB?L;JS@ILIL>?LFCH?+?LMIH;FCNSCMIL>?LIH,O;FCNS

I@'C@?.SMN?G;NC=-?PC?Q;H>(?N; H;FSMCM !@FC?2=@7'6CD@?2=:EJ

:D@C56CD m  BNNJM >IC ILA  J?>C9 99

B;G<F?MM ;E?L ;O=IG ?ONF?L' ;FBIOH& LCNM BLCMNIJB+ 

  0J>;N?IH?GJCLC=;FFSP;FC>;N?>NB?L;JC?M$$ +96=:?:42='DJ49@=@8:DE

  m  

B;H?H %;=EMIH# INNIH. ( "F??MIH% ;P?S " ?NNM% l

(=ON=B?IH'   IGJ;LCHANBL??@ILGMI@?;LFSCHN?LP?HNCIH@ILSIONB

QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?LNB?(*4MNO>S.NO>SJLINI=IF@IL;

L;H>IGCM?>=IHNLIFF?>NLC;F +C:2=D   BNNJM >IC ILA  M   

R

B;H?H (   *ON=IG?MCHQIG?H>C;AHIM?>QCNB<IL>?LFCH?J?LMIH;FCNS

>CMIL>?LCH;>IF?M=?H=? ;LFS>?N?=NCIH;H>NCG?FSCHN?LP?HNCIH;L?@OH>;G?HN;F 

!@FC?2=@7E962?25:2?4256>J@79:=52?55@=6D46?E'DJ49:2ECJ 

B;H?H (   IL>?LFCH?+?LMIH;FCNSCMIL>?LCH4IOHA+?IJF?L?2?/B?L?

4?N!@FC?2=@7=:?:42='DJ49@=@8J m 

BNNJM >IC ILA  D=FJ  

B;H?H ( ?LE( /BIGJMIH&   $HN?AL;NCHA?;LFSCHN?LP?HNCIH@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>GII>>CMIL>?LM 2CG2C5)6G:6H@7'DJ49:2ECJ 

BNNJM >IC ILA  #-+ 

B;H?H ( %;=EMIH# % (=ON=B?IH' & %IP?P( O>A?IH+ #IE+ 4 

l(="ILLS+     ;LFSCHN?LP?HNCIH@IL;>IF?M=?HNMQCNB<IL>?LFCH?

J?LMIH;FCNS>CMIL>?LOMCHA=IAHCNCP?;H;FSNC=NB?L;JS-;H>IGCM?>=IHNLIFF?>NLC;F 

  
C:E:D9!@FC?2=@7'DJ49:2ECJ  m 

BNNJM >IC ILA  <DJ <J  

B;H?H ( %IP?P( D;D; (=IOA;FF +;H4O?H# -;QFCHAM l

4IONB#?;FNB*   *)% %&)&))# %')*&%# +/

 *&)) %&,+'+ %+/&,+ !@FC?2=@7'6CD@?2=:EJ:D@C56CD1IF 

 

B;H?H ( %IP?P( %;=EMIH# %   >;JNCP?@OH=NCIHCHA;H>

JMS=BC;NLC=MSGJNIGMCH;>IF?M=?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=

@7=:?:42='DJ49:2ECJm  BNNJM >IC ILA   %+ PH  

B;H?H ( &;?MM(   ?P?FIJG?HN;FJ;NBQ;SMNI<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L FCC6?E'DJ49:2ECJ)6A@CED BNNJM >IC ILA M   S

B;H?H ( (=ON=B?IH'   +L?P?HNCIH;H>?;LFSCHN?LP?HNCIH@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LOLL?HNMN;NOM;H>L?=?HN?PC>?H=? C:E:D9!@FC?2=

@7'DJ49:2ECJ BNNJM >IC ILA  <DJ <J    

B;H?H ( (=ON=B?IH' & "?LG;HI )CMNC=I# %;=EMIH# % 

(="ILLS+    /B?#4+ =FCHC=H?;LFSCHN?LP?HNCIHM?LPC=?@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7'DJ49:2EC:4'C24E:46 

BNNJM >IC ILA  JL;     @ 

B;JG;H ' ?L<C>A? ( IIH?S #IHA+ 4 'CH?B;H( (   

/?GJ?L;G?HN;M;JLIMJ?=NCP?JL?>C=NILI@M?F@ CHDOLS;GIHAJ;NC?HNMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m  

BNNJM >IC ILA  J?>C     

B;JON4 % '?P?F( %   ?GIAL;JBC=;H>FCHC=;F+LI@CF?MI@+;NC?HNM

 
2BI(;E?(OFNCJF?1CMCNMNI+MS=BC;NLC= G?LA?H=S.?LPC=?MLNC=F?CH

+MS=BC;NLC=.?LPC=?Mz 'DJ49:2EC:4*6CG:46Dm 

BNNJM >IC ILA  ;JJC JM   

B;L<IH+ &L;G?L0 LIT% &IFFS.   +96:>A=6>6?E2E:@?@78@@5

ADJ49:2EC:4>2?286>6?E:?E6?D6DD:@?D  ?9@:"=2:?F?56CD@?65D

AA=:42E:@?@78@@5ADJ49:2EC:4>2?286>6?E:7@C3@C56C=:?6A6CD@?2=:EJ5:D@C56C

2AC24E:42=8F:561IF  

B?HA B?H/ BQ?H B?H %?HECHM-   +MS=BIMI=C;F;H>

JMS=BC;NLC=LCME@;=NILM@ILMOC=C>?;M? =IHNLIFJMS=BIFIAC=;F;ONIJMSMNO>S +96

C:DE:D9!@FC?2=@7'DJ49:2ECJ  m -?NLC?P?>@LIG

BNNJM QQQ =;G<LC>A? ILA =IL? DIOLH;FM NB? <LCNCMB DIOLH;F I@

JMS=BC;NLS ;LNC=F? JMS=BIMI=C;F ;H> JMS=BC;NLC= LCME @;=NILM @IL

MOC=C>?     ! !! 

BC?M;( !IH;AS+   +L?>C=NCIHI@G?>COG N?LGION=IG?CH=FOMN?L

J?LMIH;FCNS>CMIL>?L@IFFIQCHAL?MC>?HNC;F;H>IONJ;NC?HNJMS=BIMI=C;FNL?;NG?HN 

'DJ49@E96C2AJ2?5'DJ49@D@>2E:4Dm 

BNNJM >IC ILA  

BIC &;CH' 2 F<?LN  "OH>?LMIH% "  ;  PC>?H=? ;M?>

/L?;NG?HNM@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L 2CG2C5)6G:6H@7'DJ49:2ECJ

m BNNJM >IC ILA  BLJ 

BIC &;CH' 2 F<?LN  "OH>?LMIH% "  <  PC>?H=? ;M?>

/L?;NG?HNM@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L$GJF?G?HN;NCIH$HN?AL;NCIH;H>

.N?JJ?>;L? BNNJM >IC ILA  #-+ 

 
BIC &;CH' 2 !CH=B ! (;MF;H>. - %?HECHM%  0HLOB /   

2B;N2ILEMCHNB?/L?;NG?HNI@IL>?LFCH?+?LMIH;FCNSCMIL>?L FCC6?E

692G:@C2=%6FC@D4:6?46)6A@CED  m BNNJM >IC ILA  M 

  T

BIO>BOLS. F;E?GIL?. % B;LG;H/   .I=C;F=IAHCNCP?>?P?FIJG?HN

>OLCHA;>IF?M=?H=? *@4:2=@8?:E:G62?57764E:G6%6FC@D4:6?46  m  

BNNJM >IC ILA  M=;H HMF 

C==B?NNC -IAIM=B!    >?P?FIJG?HN;FJMS=BIJ;NBIFIASJ?LMJ?=NCP?

IH;>IF?M=?H=? !@FC?2=@7@?DF=E:?82?5=:?:42='DJ49@=@8J 

BNNJM >IC ILA   3  

F;LECH% ! '?PS& ) '?HT?HQ?A?L( ! &?LH<?LA* !    P;FO;NCHA

NBL??NL?;NG?HNM@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?LGOFNCQ;P?MNO>S >6C:42?

!@FC?2=@7'DJ49:2ECJ m 

BNNJM >IC ILA  ;DJ     

I==;LI ! &;PIOMMC- % #;OA?L- ' IIJ?L/  !?LLCM !   

?L?<LIMJCH;F!FOC>1;MIJL?MMCH'?P?FM C49:G6D@76?6C2='DJ49:2ECJ

  BNNJM >IC ILA ;L=BJMS=    

I==;LI ! '??- (=FIME?S(   )IL?JCH?JBLCH?!OH=NCIHCH

+?LMIH;FCNSCMIL>?L+F;MG;!L??(#+"ILL?F;N?M$HP?LM?FSQCNB'C@?#CMNILS

I@AAL?MMCIH %**A64ECF>D  m 

BNNJM >IC ILA .   

IB?H+   BCF>?P?FIJG?HN;H>+?LMIH;FCNSCMIL>?L 'DJ49:2EC:4=:?:4D@7

%@CE9>6C:42 BNNJM >IC ILA  D JM=    

 
IB?H+ L;Q@IL>/ ) %IBHMIH% " &;M?H.   /B?=BCF>L?HCHNB?

=IGGOHCNSMNO>SI@>?P?FIJG?HN;F=IOLM?I@J?LMIH;FCNS>CMIL>?L !@FC?2=@7

'6CD@?2=:EJ:D@C56CD BNNJM >IC ILA  J?>C     

IC>% 4;HA( ?<<CHANIH+ (IL;H+ LOAB;/ %?HECHM- l0FFLC=B. 

  IL>?LFCH?J?LMIH;FCNS>CMIL>?L#?;FNBM?LPC=?OM?;H>MI=C;F@OH=NCIHCHA

;GIHA;H;NCIH;FBIOM?BIF>JIJOF;NCIH 'DJ49@=@8:42=$65:4:?6    m

 BNNJM >IC ILA .     

IFNIH 2 (;H>?LM=B?C>- 2   IHALO?H=C?MCHCH=L?;M?>GILN;FCNS

L;N?MS?;LMI@JIN?HNC;FFC@?FIMN;H>=;OM?MI@>?;NB;GIHAJO<FC=G?HN;FB?;FNB

=FC?HNMCH?CABNMN;N?M 'C6G6?E:?89C@?:4:D62D6  m  

IHQ;S  #IJQII> % (IL?S'  .EI>IF    IL>?LFCH?

J?LMIH;FCNS>CMIL>?LCM?KO;FFSNL;CN FCE?;H>MN;N? FCE?IP?LN?HS?;LMCH;>OFN

JMS=BC;NLC=J;NC?HNM !@FC?2=@73?@C>2='DJ49@=@8J  m 

BNNJM >IC ILA  ;<H 

IHQ;S(  ?QBOLMN.    /B?M?F@;H>L?=IFF?=NCP??RJ?LC?H=? 

AA=:65@8?:E:G6'DJ49@=@8J  m  BNNJM >IC ILA  ;=J   

IHQ;S(  .CHA?L%  /;ACHC   /B?M?F@;H>;ONI<CIAL;JBC=;F

G?GILSILL?MJIH>?H=?;H>=IB?L?H=? *@4:2=@8?:E:@? 

BNNJM >IC ILA  MI=I     

IMN; *LNCT   /?L;JC;C=]HC=;ALOJ;FJ;L;?FNL;N;GC?HNI>?F;CH?MN;<CFC>;>

?GI=CIH;F?MNO>CIJCFINI?HOH=?HNLI>?;N?H=C]HJLCG;LC;+ )6G:DE256

?G6DE:824:Q?:6?EO7:42 m 

INNL;OR% )IN?$  IONCNC?! (CFFC?LS( "?HIOCBF;=1 4;I. ) l

 
"O?S@@C?L!   IAHCNCP?NB?L;JSP?LMOM-IA?LC;HMOJJILNCP?NB?L;JSCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L/QI S?;L@IFFIQ OJI@;=IHNLIFF?>JCFINMNO>S 

'DJ49@E96C2AJ2?5'DJ49@D@>2E:4D m  

BNNJM >IC ILA  

IOH=CF) # ;H>( -   =:?:42=AC24E:468F:56=:?6D7@CE96>2?286>6?E@7

3@C56C=:?6A6CD@?2=:EJ5:D@C56C $6=3@FC?6FDEC2=:2%2E:@?2=62=E92?5

$65:42=)6D62C49@F?4:=

ISF?/ ) .B;P?L%  'CH?B;H( (   *HNB?JIN?HNC;F@ILC;NLIA?HC=

?@@?=NMI@JMS=BC;NLC==LCMCMM?LPC=?M/B??R;GJF?I@>C;F?=NC=;F<?B;PCILNB?L;JS

@IL;>OFNQIG?HQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7@?DF=E:?82?5

=:?:42='DJ49@=@8J m  BNNJM >IC ILA  ==J 

L;G?L1 /ILA?LM?H. &LCHAF?H   +?LMIH;FCNS>CMIL>?LM;H>KO;FCNSI@

FC@? JIJOF;NCIHMNO>S @>AC696?D:G6'DJ49:2ECJ m  

BNNJM >IC ILA  D =IGJJMS=B    

L;Q@IL>( % .;H;NCHC;- ;LL?NN OHHCHAB;G" ;F?* ";HAOFC+ l

-?CFFS% "   /B?=FCHC=;F?@@?=NCP?H?MM;H>=IMN ?@@?=NCP?H?MMI@

F;GINLCACH?CH<IL>?LFCH?J?LMIH;FCNS>CMIL>?LL;H>IGCT?>JF;=?<I =IHNLIFF?>

NLC;F >6C:42?!@FC?2=@7'DJ49:2ECJ m 

BNNJM >IC ILA  ;JJC ;DJ     

LC=E) - (OLL;S FIM? 2II>M&   IL>?LFCH?J?LMIH;FCNS@?;NOL?MCH

=BCF>BII>MBILN N?LGFIHACNO>CH;FMNO>S 6G6=@A>6?E2?5'DJ49@A2E9@=@8J

  m  BNNJM >IC ILA  .    

LCMN?;$  "?HNCFC IN?N  +;FIG<; ;L<OC OCDJ?LM+   

 
@@C=;=SI@JMS=BINB?L;JC?M@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?LMSMN?G;NC=

L?PC?Q;H>G?N; ;H;FSMCM !$'DJ49:2ECJ 

BNNJM >IC ILA D;G;JMS=BC;NLS   

LCNM BLCMNIJB+ (CHNT%    $GJFC=;NCIHMI@/B?L;JCMN @@?=NM@ILNB??MCAH

;H>H;FSMCMI@IGJ;L;NCP?.NO>C?MI@+MS=BINB?L;JC?M !@FC?2=@7@?DF=E:?8

2?5=:?:42='DJ49@=@8J  m BNNJM >IC ILA   3   

LIQ?FF.  ?;O=B;CH?/ + 'CH?B;H( (   CIMI=C;F

?P?FIJG?HN;F(I>?FI@IL>?LFCH?+?LMIH;FCNS F;<IL;NCHA;H> RN?H>CHA

'CH?B;HqM/B?ILS 'DJ49@=@8:42=F==6E:? m 

BNNJM >IC ILA  ;  

q<;N?' ?FP?==BCI" C;JJIFCHI1 !?LLI L;G<CFF;+    

IL>?LFCH?J?LMIH;FCNS>CMIL>?LG?N;=IAHCNCIH;H>JMS=BINB?L;JS !@FC?2=@7

7764E:G6:D@C56CD9EEAD 5@ BNNJM >IC ILA  D D;>    

q5OLCFF;/ % "IF>@LC?>( -    +LI<F?GMIFPCHA;H><?B;PCILGI>C@C=;NCIH 

!@FC?2=@73?@C>2='DJ49@=@8J  m  

BNNJM >IC ILA  B   

;PC>MIH& ( /L;H !   $GJ;=NI@NL?;NG?HNCHN?HMCNSIHMOC=C>;F

<?B;PCIL;H>>?JL?MMCIHCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L=LCNC=;FL?PC?Q 

!@FC?2=@7'6CD@?2=:EJ:D@C56CD   m  

BNNJM >IC ILA  J?>C9 99 

;PC>MIH& ( /SL?L+ )ILLC?% +;FG?L. % /SL?L#   IAHCNCP?

NB?L;JSP OMO;FNL?;NG?HN@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L+LIMJ?=NCP? S?;L

@IFFIQ OJ C:E:D9!@FC?2=@7'DJ49:2ECJ m 

 
BNNJM >IC ILA  <DJ <J  

?F?L=K ?=OSJ?L( ?;FOQZ   ?P?FIJG?HN;FG;HC@?MN;NCIHM

I@<IL>?LFCH?J?LMIH;FCNSJ;NBIFIAS@LIG;H;A? MJ?=C@C=>CG?HMCIH;FJ?LMIH;FCNS

>CMIL>?LNL;CN@L;G?QILE $H2?53@@<@7@C56C=:?6'6CD@?2=:EJ:D@C56C:?

9:=5C6?2?55@=6D46?EDJJ  m BNNJM >IC ILA    

9

?"LIIN - 1?LB?OF- /LCDM<OLA- 2   HCHN?AL;NCP?J?LMJ?=NCP?IH

JMS=BINB?L;J?ONC=NL?;NG?HNM@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7

'6CD@?2=:EJ:D@C56CD m BNNJM >IC ILA  J?>C     

?=E?LM% 2 ( 'I<<?MN;?F% P;H2CHA?H"  &?MM?FM- +  LHNT 

AA?L% $ (   /B?CH@FO?H=?I@MNL?MMIHMI=C;F=IAHCNCIHCHJ;NC?HNMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 'DJ49@?6FC@6?5@4C:?@=@8J   m  

BNNJM >IC ILA  D JMSH?O?H   

?HHS / !;H% !?FM. ";FCNT?L# .=BCFF?L &I?HCAM<?LA# 2   

.?HMCNCT;NCIHI@NB?H?OL;FM;FC?H=?H?NQILENIL?J?;N?>?GINCIH;FMNCGOFC

@IFFIQCHACHCNC;FB;<CNO;NCIHCHJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

>6C:42?!@FC?2=@7'DJ49:2ECJ m 

BNNJM >IC ILA  ;JJC ;DJ     

?JO?-  '?HT?HQ?A?L( !   )?OLI<?B;PCIL;FCG?HMCIH;F(I>?FI@

+?LMIH;FCNSCMNOL<;H=? $2;@C+96@C:6D@7'6CD@?2=:EJ:D@C56C ?55

-?NLC?P?>@LIG

BNNJ IPC>MJ IPC> =IG IPC>Q?< =AC/%.+" L?@?L?H=?JMS=) 2.

))   

 
?.BIHA# ' "L;HN ( ( (OFFCHM .Q?;NN. )   +L?=OLMILMI@NB?

?GINCIH;F=;M=;>?GI>?FI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L/B?LIF?I@

H?OLINC=CMG=BCF>BII>?GINCIH;FPOFH?L;<CFCNS;H>J;L?HN;FCHP;FC>;NCIH 

'6CD@?2=:EJ:D@C56CD+96@CJ)6D62C492?5+C62E>6?E  m 

BNNJM >IC ILA  J?L  

CF;TT?LI    >>L?MMCHAM?F@ CHDOLSCH;=IFF?A??HPCLIHG?HN

JMS=BI?>O=;NCIH;FJLIAL;G :DD6CE2E:@?3DEC24ED ?E6C?2E:@?2=*64E:@?+96

*4:6?46D2?5?8:?66C:?8m  -?NLC?P?>@LIG

BNNJ IPC>MJ IPC> =IG IPC>Q?< =AC/%..4) 2.)+" @OFFN?RN

JMS=)    

CMIL>?L) $ I@( #   +    IL>?LFCH?+?LMIH;FCNSCMIL>?L 

I?FF&  *FCZ IOLN?N+ ILL;>C ?FFq=KO; +?LLIO>) .=BQ;LNT. 

   NSJC=;FJLI=?MMCHAI@MI=C;F;HNC=CJ;NCIH;H>@??><;=ECH<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L %6FC@ >286=:?:42=    

BNNJM >IC ILA  D HC=F    

I?LCHA.  HTC !;<?L #CHLC=BM% ;BG?L% )ILNBI@@"   

+?LMIH;FCNS!OH=NCIHCHA;H>NB?ILNC=;F(C>FCH?.NLO=NOL?M H RJFIL;NILS

@(-$.NO>S '#@*&%  BNNJM >IC ILA  DIOLH;F JIH? 

I?LCHA. #^LT. -?HNLIJ( !CM=B?L &?LH( .=BOMN?L+ ?H?=E? l

O=BB?CG+   /L;HM@?L?H=? @I=OM?>JMS=BINB?L;JSP NL?;NG?HN<S

=IGGOHCNSJMS=BINB?L;JCMNM@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L-;H>IGCM?>

=IHNLIFF?>NLC;F C:E:D9!@FC?2=@7'DJ49:2ECJ m 

BNNJM >IC ILA  <DJ <J   

  
IH;F>! +INN?L ?>M    C:67:?E6CG6?E:@?7@C3@C56C=:?6A6CD@?2=:EJ

5:D@C56C2DA64ECF>8F:56 $6=3@FC?6*A64ECF> 

IH?A;H) # .;HCMFIQ  FOG<?LA# + !OF<LCABN- & ';=;>C? 

.EO>F;LMEC+ l2?RF?L    GSA>;F;BSJ?LL?;=NCPCNSCH<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L$GJFC=;NCIHM@IL?GINCIH;F>SML?AOF;NCIH :@=@8:42=

'DJ49:2ECJ  m  BNNJM >IC ILA .     3

OLF;E%  O+L? +   $GJF?G?HN;NCIHG;NN?LML?PC?QI@L?M?;L=BIH

NB?CH@FO?H=?I@CGJF?G?HN;NCIHIHJLIAL;GION=IG?M;H>NB?@;=NILM;@@?=NCHA

CGJF?G?HN;NCIH >6C:42?!@FC?2=@7@>>F?:EJ'DJ49@=@8J mm 

BNNJM >IC ILA M     

CM?HFIBL (IOF/  ?2;FF ) "CL>F?L. . .?A?LMNLIG.    

*P;LC;HBILGIH?M;H><IL>?LFCH?J?LMIH;FCNS>CMIL>?L@?;NOL?M+L?FCGCH;LS

?PC>?H=?@ILCHN?L;=NCP??@@?=NMI@?MNL;>CIF;H>JLIA?MN?LIH? :@=@8:42=

'DJ49@=@8J m BNNJM >IC ILA  D <CIJMS=BI    

F ";<;F;QS- &;NT' 4 .;L??H%   IGIL<C>CNS;H>;MMI=C;N?>M?P?LCNS

I@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>JBSMC=;FB?;FNB=IH>CNCIHMCH;H;NCIH;FFS

L?JL?M?HN;NCP?M;GJF? 'DJ49@D@>2E:4$65:4:?6  m 

BNNJM >IC ILA  +.4 < ?  ? =<

LCEMIH #   $>?HNCNS;H>NB?FC@?=S=F?.?F?=N?>J;J?LM 'DJ49@=@8:42= DDF6D

 m  -?NLC?P?>@LIG

BNNJ JMS=H?N ;J; ILA CH>?R =@G@;M?;L=B >CMJF;S-?=IL>0$   

LQCH    -CMEN;ECHA<?B;PCILMCHNB?;>IF?M=?HNJ;NC?HNQB?L?B;P?<?

<??HQB?L?;L?Q?AICHA'65:2EC:4??2=D  m  

  
M<?=  =B?<OL_;   ';?P;FO;=C]H>?FIMNL;MNILHIM>?F;J?LMIH;FC>;>

M?A_H?F.( -?=OLMIMSFCGCN;=CIH?M +6C2A:2'D:4@=@8:42 m 

BNNJM >IC ILA   .       

MECH(   /B??@@?=NMI@L?FCACIOMP?LMOMM?=OF;L?>O=;NCIHIHMOC=C>?C>?;NCIH

;H>MOC=C>;F;NNCNO>?MCH;>IF?M=?HNMCH/OLE?S *@4:2='DJ49:2ECJ2?5'DJ49:2EC:4

A:56>:@=@8J m BNNJM >IC ILA M    R

R=?FF?H=?) $ @IL# ;H>   IL>?LFCH?+?LMIH;FCNSCMIL>?LNL?;NG?HN;H>

G;H;A?G?HN 

!;HNIHC .;FP;>IL+ -IA?LM-   .J;HCMBP?LMCIHMI@NB?((+$ ;H>+$

HCHP?MNCA;NCIHI@=IH=OLL?HNP;FC>CNSQCNBBCMJ;HC=J;NC?HNM DD6DD>6?E 

m BNNJM >IC ILA      

!;LL?FF% ( .B;Q$  2?<<?L(    M=B?G; @I=OM?>;JJLI;=BNI

ALIOJJMS=BINB?L;JS@ILIONJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

L;H>IGCT?>=IHNLIFF?>NLC;F !@FC?2=@7692G:@C+96C2AJ2?5IA6C:>6?E2=

'DJ49:2ECJ  m BNNJM >IC ILA  D D<N?J   

!;LMN;>. ( (="?IQH' ( PIH-;HMIH& (    ;NCHA>CMIL>?LM;H>

J?LMIH;FCNS  MSMN?G;NC=L?PC?Q;H>G?N; ;H;FSMCM =:?:42=

'DJ49@=@8J)6G:6H BNNJM >IC ILA  D =JL    

!;P;TT; -   ONIF?MC]HHIMOC=C>;=]GIF;=F;MC@C=;=C]HAO[;?FNL;N;GC?HNI 

FCC6?E'DJ49:2ECJ m  

!?CA?H<;OG%  !IH;AS+ +CFFCHA. %IH?M 2CF>AIIM? ?<<CHANIH+ 

  L?;F QILF>MNO>SI@NB??@@?=NCP?H?MMI@/CHNB?0&);NCIH;F

#?;FNB.?LPC=? C:E:D9!@FC?2=@7=:?:42='DJ49@=@8J   m  

  
BNNJM >IC ILA D       R

!CH=B ! $FC;ECM  (;MF;H>. - BIC &;CH' 2   (?N;

H;FSMCMI@/L?;NG?HN;M0MO;F@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L '6CD@?2=:EJ

:D@C56CD+96@CJ)6D62C492?5+C62E>6?E BNNJM >IC ILA  J?L 

!CH?<?LA. & #O% )OFF& )?OMN>N?L . .;EB?CG( ILF?NN+ - 

  MMI=CN;NCP?F?;LHCHAJLI@CF?MCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

;=KOCMCNCIH&;GCH<FI=ECHA;H>G?N;=IAHCNCP?J?L@ILG;H=?9EEAD 5@ 

!CH?<?LA. & '?;PCNN% .N;BF . &LIH?G?L. ';H>LS  F?R;H>?L FI=B

 lILF?NN+ -   C@@?L?HNC;F1;FO;NCIH;H>'?;LHCHA!LIG.I=C;F;H>

)IHMI=C;FO?MCHIL>?LFCH?+?LMIH;FCNSCMIL>?L :@=@8:42='DJ49:2ECJ 

m BNNJM >IC ILA  D <CIJMS=B     

!CILCHC# %   /?IL[;S/Z=HC=;M>?JMC=IN?L;JC;M 5%F6G2-:D:Q?F6?@D

:C6D

!CLMN(  "C<<IH( .JCNT?L- 2CFFC;GM% ?HD;GCH'   .NLO=NOL?>

FCHC=;F$HN?LPC?Q@IL.( $1RCM$$+?LMIH;FCNSCMIL>?LM.$ $$ >6C:42?

'DJ49:2EC:4'C6DD ?4-?NLC?P?>@LIG

BNNJM HLNAQN>@ MNIL;A? AIIAF?;JCM =IG (A(,* Q)Q J>@

!CLMN( "C<<IH( .JCNT?L-   .NLO=NOL?>FCHC=;F$HN?LPC?Q@IL.( $1

RCM$$+?LMIH;FCNSCMIL>?LM.$ $$ >6C:42?'DJ49:2EC:4'C6DD ?4

!FOLS% ( $=E?M2 .=BQ?CHF?2   /B?<IL>?LFCH??GJ;NBS?@@?=NI

BCAB+CH>CPC>O;FMB;P?AL?;N?L?GJ;NBC=;<CFCNS*L;L?NB?SDOMNGIL?>C@@C=OFN

NIoL?;>p!@FC?2=@7)6D62C49:?'6CD@?2=:EJ  m 

BNNJM >IC ILA  D DLJ    

 
!I?FM=B+  *>IG  &?LH<?LA* !   /L?;NG?HNI@;>IF?M=?HNMQCNB

C>?HNCNS>C@@OMCIHGI>C@C=;NCIHI@NL;HM@?L?H=?@I=OM?>JMS=BINB?L;JS *2?E6

$6?E2=6F(F6364  m BNNJM >IC ILA   ;L

!IH;AS+ ;N?G;H  !?<LO;LS /B?>?P?FIJG?HNI@<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L G?HN;FCTCHAGI>?F !@FC?2=@7'6CD@?2=:EJ:D@C56CD 

"OCF@IL>+O<FC=;NCIHM$H=  BNNJM >IC ILA  J?>C    

!IH;AS+ 'OSN?H+   >?P?FIJG?HN;FG?HN;FCT;NCIH <;M?>;JJLI;=BNINB?

OH>?LMN;H>CHA;H>NL?;NG?HNI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 6G6=@A>6?E2?5

'DJ49@A2E9@=@8J BNNJM >IC ILA  .   

!ILOG>?.;FO>(?HN;FSAZH=C;>[H@ILG;=C];P;FO;=C]CKO;FCN;N?HM;FON$,.

IIL>   "O[;>?JLW=NC=;=F[HC=;MI<L?NL;MNILHIF[GCN?>?F;J?LMIH;FC>;> 

2C46=@?28M?4:2T:?7@C>24:QG2=F24:Q (F2=:E2E?*2=FE*6CG6:2E2=L56

#2*2=FE'=2:C64E@C56*2=FE$6?E2=:55:4E:@?D6A2CE2>6?E56*2=FE

6?6C2=:E2E562E2=F?J2

!L;HE?H<OLA! - 5;H;LCHC(   -?F;NCIHMBCJ<?NQ??H=OGOF;NCP?($;H>

MSGJNIG;NC=JMS=BIMI=C;F;H>G?>C=;FION=IG?MCHJ;NC?HNMQCNB<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C     

!L;HE?H<OLA! - 5;H;LCHC(    +?LMIH;FCNS>CMIL>?LM;H>G?>C=;F

=IGIL<C>CNS FCC6?E&A:?:@?:?'DJ49:2ECJ 

BNNJM >IC ILA  S=I   

!L??G;H +L?NT?L% !F?GCHA . & (    IL>?LFCH?+?LMIH;FCNSCMIL>?L 

$HFCHC=;FJJFC=;NCIHMI@IAHCNCP?/B?L;JS  ?=:?:42=AA=:42E:@?D@7

 
@8?:E:G6+96C2AJ*AC:?86C@DE@?$ 

!L?O>.    92C2<E6CF?5?2=6C@E:<?*:8>F?5C6F5. ?*:8>F?5C6F5

.1IF  

!LOTT?NNC; .;HNCMN?<;H ;#I@@G;H+    C;F?=NC=;F?B;PCIL

/B?L;JSQCNB!;GCFC?M :2=64E:42=692G:@C+96C2AJ:?=:?:42='C24E:46

AA=:42E:@?D24C@DD:D@C56CD2?5*6EE:?8D -?NLC?P?>@LIG

BNNJ <IIEM AIIAF? =IG <IIEMBF?HFLC>

AH2"J@<+0IC@H>JA+>KC;F?=NC=;F?B;PCIL/B?L;JSQCNB

!;GCFC?MINM ;P/,

0<MCA4P,I33-->L@*< !S"E5JOA HBNNJ <IIEM AIIAF? =IG <IIE

MBF?HFLC> AH2"J@<+0IC@H>JA+>KC;F?=NC=;F

";L=[;']J?T( / (;LN[H+ZL?T( ! *N[H'FIJ-   /L;N;GC?HNICHN?AL;F

>?F/L;MNILHI'[GCN?>?+?LMIH;FC>;> )6G:DE256#2D@4:24:Q?DA2P@=256

%6FC@AD:BF:2ECO2  BNNJM >IC ILA  M    

";LH?N&  '?PS& ) (;NN;H;B% % !  >?FF2 . (="F;MB;H/ #   

IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH;>IF?M=?HNM0<CKOCNIOMILMJ?=C@C=>6C:42?

!@FC?2=@7'DJ49:2ECJ    m  BNNJM >IC ILA  ;DJ    

"?CA?L+ % +?N?LM% - ;?L-    0MCHA;G?;MOL?I@=IAHCNCP?

>CMNILNCIHNI?R;GCH?NB?L?F;NCIHMBCJ<?NQ??HNBIOABNMOJJL?MMCIH;H><IL>?LFCH?

J?LMIH;FCNS@?;NOL?MGOFNC G?NBI>CHP?MNCA;NCIH '6CD@?2=:EJ2?5 ?5:G:5F2=

:776C6?46Dm BNNJM >IC ILA  D J;C>   

"C?M?H FII% 1;HS=E- .JCHBIP?H+ 1;H/CF<OLA2 CLEM?H 1;H

MM?FN/ lLHNT   *ONJ;NC?HNJMS=BINB?L;JS@IL<IL>?LFCH?

 
J?LMIH;FCNS>CMIL>?LL;H>IGCT?>NLC;FI@M=B?G; @I=OM?>NB?L;JSPMNL;HM@?L?H=?

@I=OM?>JMS=BINB?L;JS C49:G6D@76?6C2='DJ49:2ECJ m 

BNNJM >IC ILA ;L=BJMS=   

"F?HH - !L;HEFCH%  )I=E( &    PC>?H=? ;M?>+MS=BIMI=C;F

/L?;NG?HNM@IL.?F@ $HDOLCIOM/BIOABNM;H>?B;PCILMCH4IONB !@FC?2=@7

=:?:42=9:=52?55@=6D46?E'DJ49@=@8J  

BNNJM >IC ILA       

"F?HH - &FIHMES    *H? S?;LN?MN L?N?MNL?FC;<CFCNSI@NB?CHP?HNILS

I@MN;N?G?HNM;<IONM?F@ CHDOLS$.. DD6DD>6?E m 

BNNJM >IC ILA     

"F?HH - &FIHMES    )IHMOC=C>;F.?F@ $HDOLSCMIL>?LH GJCLC=;F

$HP?MNCA;NCIHCH>IF?M=?HN+MS=BC;NLC=+;NC?HNM !@FC?2=@7=:?:42=9:=52?5

5@=6D46?E'DJ49@=@8J m  

BNNJM >IC ILA      

"F?HH% % (C=B?F  !L;HEFCH%  #IIF?S% ( )I=E( &   +;CH

;H;FA?MC;;GIHA;>IF?M=?HNM?F@ CHDOL?LM 'DJ49:2ECJ)6D62C49  m 

BNNJM >IC ILA  D JMS=BL?M    

"II>G;H( ;HNBCH F;CL) % (;M=CN?FFC&  2CFMH;=E% B?H% l

)?Q .   L;H>IGCT?>NLC;FI@>C;F?=NC=;F<?B;PCILNB?L;JSCHBCAB LCME

MOC=C>;FP?N?L;HM !@FC?2=@7=:?:42='DJ49:2ECJ ?  m?  

BNNJM >IC ILA   %+ G 

"II>G;H( +;NCF0 /LC?<Q;MM?L% #I@@G;H+ 2?CHMN?CH5  )?Q 

  +;L?HN;F<OL>?H;MMI=C;N?>QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH@?G;F?

 
I@@MJLCHA !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C   

"L;HN ! BIO. + "IF>MN?CH-  #O;HA .NCHMIH! . .;B;/  l

-O;H2 %   +L?P;F?H=?=ILL?F;N?M>CM;<CFCNS;H>=IGIL<C>CNSI@.( $1

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L-?MOFNM@LIGNB?2;P?);NCIH;F JC>?GCIFIAC=

.OLP?SIHF=IBIF;H>-?F;N?>IH>CNCIHM !@FC?2=@7=:?:42='DJ49:2ECJ

m BNNJM >IC ILA   %+ PH  

"L;NT& ' ';=LI=? ( "OH>?LMIH% "   (?;MOLCHA=B;HA?MCH

MSGJNIGML?F?P;HNNI<IL>?LFCH?J?LMIH;FCNS>CMIL>?L@IFFIQCHAMBILN N?LG

NL?;NG?HN;=LIMMJ;LNC;FBIMJCN;F;H>CHN?HMCP?IONJ;NC?HNF?P?FMI@=;L? !@FC?2=@7

'DJ49:2EC:4'C24E:46  m  BNNJM >IC ILA   

   

"L;NT& ' -C=BGIH>% - CRIH "IL>IH& ' B;JG;H ' /OFF( / 

  (OFNCGI>;F;MM?MMG?HNI@?GINCIH;FL?;=NCPCNS;H>L?AOF;NCIHCHL?MJIHM?

NIMI=C;FL?D?=NCIH;GIHAM?F@ B;LGCHA;>OFNMQCNB;H>QCNBION<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L '6CD@?2=:EJ:D@C56CD+96@CJ)6D62C492?5+C62E>6?E

m  BNNJM >IC ILA  J?L 

"L;NT& ' /OFF( / ;LO=B  ILHIP;FIP;(  '?DO?T 2   

!;=NILM;MMI=C;N?>QCNB=I I==OLLCHA<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;GIHACHH?L

=CNSMO<MN;H=?OM?LMNB?LIF?MI@=BCF>BII>G;FNL?;NG?HNH?A;NCP?;@@?=N

CHN?HMCNS L?;=NCPCNS;H>?GINCIH>SML?AOF;NCIH @>AC696?D:G6'DJ49:2ECJ

 m  BNNJM >IC ILA  D =IGJJMS=B    

"L;NT& ' /OFF( / "OH>?LMIH% "   +L?FCGCH;LS>;N;IHNB?

 
L?F;NCIHMBCJ<?NQ??H;HRC?NSM?HMCNCPCNS;H><IL>?LFCH?J?LMIH;FCNS>CMIL>?L/B?

LIF?I@?RJ?LC?HNC;F;PIC>;H=? !@FC?2=@7'DJ49:2EC:4)6D62C49  m 

BNNJM >IC ILA  D DJMS=BCL?M    

"L?HS?L ! . )A! 4 4 /IQHM?H>( ' -;I.   +?LMIH;FCNS

>CMIL>?LG?HN;FB?;FNBJLCILCNS;L?; FDEC2=:2?2?5%6H062=2?5!@FC?2=@7

'DJ49:2ECJ BNNJM >IC ILA    

"LIMM- *F@MIH( ";G?LI@@( .B?;. !?>?L !O?HN?M( l2?CMMG;H

( (   IL>?LFCH?J?LMIH;FCNS>CMIL>?LCHJLCG;LS=;L? C49:G6D@7 ?E6C?2=

$65:4:?6   m BNNJM >IC ILA ;L=BCHN?  

"O?LLC?LC- )?>?LEIILH /?G? %   /B? @@?=NI@;H$GJOFMCP?

+?LMIH;FCNSIH*P?L?;NCHA;H>*<?MCNSOLL?HN.N;N?I@@@;CLM 'DJ49@=@8:42=

+@A:4D m -?NLC?P?>@LIGBNNJM BL=;E ML=? BL 

"OH>?LMIH%'CHEM+   2?53@@<@7@@5'DJ49:2EC:4$2?286>6?E'$7@C

3@C56C=:?6A2E:6?ED .2D9:?8E@?>6C:42?'DJ49:2EC:4'F3=:D9:?8

"OH>?LMIH% "   IL>?LFCH?J?LMIH;FCNS>CMIL>?L=FCHC=;FAOC>? !@FC?2=@7

=:?:42='DJ49:2ECJ    -?NLC?P?>@LIGBNNJ QQQ JMS=BC;NLCMN =IG

"OH>?LMIH% "   '3C:672?:?EC@5F4E:@?E@3@C56C=:?6A6CD@?2=:EJ

5:D@C56C5:28?@D:D@C:8:?D4@FCD62?5EC62E>6?E 

"OH>?LMIH% "   IL>?LFCH?J?LMIH;FCNS>CMIL>?L*HNIA?HSI@;>C;AHIMCM 

>6C:42?!@FC?2=@7'DJ49:2ECJ BNNJM >IC ILA  ;JJC ;DJ     

"OH>?LMIH% "   -?PCMCHANB?<IL>?LFCH?>C;AHIMCM@IL.( 1H;FN?LH;NCP?

JLIJIM;F !@FC?2=@7'6CD@?2=:EJ:D@C56CD m  

 
BNNJM >IC ILA  J?>C    

"OH>?LMIH% " #?LJ?LNT.  .EI>IF  /ILA?LM?H. 5;H;LCHC(  

  IL>?LFCH?J?LMIH;FCNS>CMIL>?L %2EFC6)6G:6HD:D62D6'C:>6CD 

BNNJM >IC ILA  HL>J   

"OH>?LMIH% " (IL?S'  .NION- ' .EI>IF  .B?;( / (="F;MB;H/ 

# l?H>?L .   (;DIL>?JL?MMCP?>CMIL>?L;H><IL>?LFCH?J?LMIH;FCNS

>CMIL>?LL?PCMCN?>'IHACNO>CH;FCHN?L;=NCIHM !@FC?2=@7=:?:42='DJ49:2ECJ 

BNNJM >IC ILA   %+ PH  

"OH>?LMIH% " .CHA?L( /   ?@CHCHA<IL>?LFCH?J;NC?HNM;HIP?LPC?Q 

>6C:42?!@FC?2=@7'DJ49:2ECJ BNNJM >IC ILA  ;DJ  

"OH>?LMIH% " .NION- ' (="F;MB;H/ # .B?;( / (IL?S'  "LCFI 

( l.EI>IF    /?H S?;L=IOLM?I@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

+MS=BIJ;NBIFIAS;H>@OH=NCIH@LIGNB?=IFF;<IL;NCP?FIHACNO>CH;FJ?LMIH;FCNS

>CMIL>?LMMNO>S C49:G6D@76?6C2='DJ49:2ECJm 

BNNJM >IC ILA ;L=BA?HJMS=BC;NLS  

"OI #;LMN;FF    @@C=;=SI@.OC=C>?+L?P?HNCIH+LIAL;GM@ILBCF>L?H

;H>4IONB =4@9@=:D>=:?:42=2?5IA6C:>6?E2=)6D62C49  

"OT>?L% +;LCM% 5?FEIQCNT+ !?F>G;H-   +MS=BIFIAC=;FLCME@;=NILM@IL

<IL>?LFCH?J;NBIFIASCHM=BIIF ;A?=BCF>L?H !@FC?2=@7E96>6C:42?4256>J@7

9:=52?55@=6D46?E'DJ49:2ECJ  m  

BNNJM >IC ILA      

#;FF% ;F?I. .N?P?HMIH% (?;L?M-   H =IHIGC=H;FSMCMI@

+MS=BINB?L;JS@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L+;NC?HNM +96!@FC?2=@7$6?E2=

 
62=E9'@=:4J2?54@?@>:4D m -?NLC?P?>@LIG

BNNJ QQQ H=<C HFG HCB AIP JO<G?>  

#;LLCM(   /B?#;OHN?>.?F@.NLO=NOL;FCMMI=C;NCIH;H>NB?/L?;NG?HNI@

BLIHC=/L;OG;NCT;NCIH 'DJ49:2EC:4*6CG:46D m  

BNNJM >IC ILA  ;JJC JM   

#;P;MMS  #IJECH% /   !;=NILMJL?>C=NCHAONCFCT;NCIHI@;=ON?

JMS=BC;NLC=CHJ;NC?HNM?LPC=?M<S@L?KO?HNFSBIMJCN;FCT?>J;NC?HNM @DA:E2=2?5

@>>F?:EJ'DJ49:2ECJ  m BNNJM >IC ILA  JM    

#;QNIH& #;LLCMM' .CGECH. ;F? IH>   .?F@ ONNCHA+;NC?HN

B;L;=N?LCMNC=MIGJ;L?>QCNB.?F@ +ICMIH?LM *F:4:562?5#:76+9C62E6?:?8

692G:@C  m  BNNJM >IC ILA  MOFC    

#?FA?F;H>( $ &D?FM<?LA /ILA?LM?H.   IHNCHOCNC?M<?NQ??H?GINCIH;F

;H>>CMLOJNCP?<?B;PCIL>CMIL>?LMCH;>IF?M=?H=?;H>J?LMIH;FCNS>CMIL>?LMCH

;>OFNBII> >6C:42?!@FC?2=@7'DJ49:2ECJ     m  

BNNJM >IC ILA  ;JJC ;DJ   

#?HA;LNH?L( + D>;=C= "LIMM1 -I>A?LM. (`FF?L( -^MMF?L2   

BCF>BII>;>P?LMCNSCH;MMI=C;NCIHQCNBJ?LMIH;FCNS>CMIL>?L>CG?HMCIHM)?Q

@CH>CHAMCH;HIF>>?<;N? FC@A62?'DJ49:2ECJ m 

BNNJM >IC ILA  D ?OLJMS    

#?LG;H% ' +?LLS%  1;H?L&IFE    BCF>BII>NL;OG;CH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7'DJ49:2ECJ  m 

BNNJM >IC ILA  ;DJ    

#?LG?HM( ' ( 1;H.JFOHN?L?H+ / 1;H?HIM=B 1?LB?OF-  

  
;LLC?LMNICGJF?G?HNCHANB?=FCHC=;FAOC>?FCH?IH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

CHNB?)?NB?LF;H>M 'DJ49:2EC:4*6CG:46D    m  

BNNJM >IC ILA  JM  JMM 9  

#?LJ?LNT.  C?NLC=B/ ( 2?HHCHA &LCHAM/  L<?LC=B. " 2CFFG?M& 

l.;MM#    PC>?H=?I@;<HILG;F;GSA>;F;@OH=NCIHCHACH<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L@OH=NCIH;F(-$MNO>S :@=@8:42='DJ49:2ECJ m

 BNNJM >IC ILA .     

#?LPWM/ILL?M"   ';L?AOF;=C]H;@?=NCP;GI>?FIMCHP?MNCA;=C]H?

CGJFC=;=CIH?MJ;L;F;M;FO>G?HN;FS@[MC=; )6G:DE256'D:4@=@8O26?6C2=/

A=:4252)6G:DE256#2656C24:Q?DA2P@=256D@4:24:@?6D56'D:4@=@8O2

 m 

#?LP[;M#CAO?L;M+ (;LINI(;LN[H' %CG?H?T>?FIM";F;H?M(;L=BWH+ .;H

-IGWH0L[; )O\?T(IL;F?M)   +MS=BC;NLC=L? BIMJCN;FCT;NCIHCH

G?HN;F>CMIL>?LM FC@A62?'DJ49:2ECJ .  

BNNJM >IC ILA  D ?OLJMS    

#I@@;LN ILA?! ( .?RNIH# F;LE ( 2;GJIF>    

+MS=BINB?L;JS@ILMI=C;FJBI<C;#IQ>I;FFC;H=?;H>=IAHCNCP?JLI=?MMCHN?L;=NNI

JLI>O=?ION=IG?'DJ49@E96C2AJ)6D62C49  m 

BNNJM >IC ILA       

#I@@G;H+  !LOTT?NNC  ON?;O   0H>?LMN;H>CHA;H>?HA;ACHA

@;GCFC?MH?>O=;NCIHMECFFM;H>MOJJILNJLIAL;G@ILL?F;NCP?MCGJ;=N?><S

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7$6?E2=62=E9  m 

BNNJM >IC ILA     

  
#I@@G;H+  !LOTT?NNC  ON?;O )?C>CN=B - +?HH?S LO=?( ' 

l.NLO?HCHA   !;GCFS=IHH?=NCIHMJLIAL;G@ILL?F;NCP?MI@J?LMIHM

QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 2>:=J'C@46DD m 

BNNJM >IC ILA D      R

#IJQII> % (IL?S'   >?F?H( * .B?;( / "LCFI ( .;HCMFIQ 

 l.EI>IF    IGJ;LCMIHI@$HN?LPC?Q;H>.?F@ -?JILN(?NBI>M

@ILNB?MM?MMG?HNI@IL>?LFCH?+?LMIH;FCNSCMIL>?LLCN?LC; 'DJ49@=@8:42=

DD6DD>6?E   m BNNJM >IC ILA      

#ILP;NB * ?F-?  !F`=ECA?L .SGIH>M   FFC;H=?CH

$H>CPC>O;F+MS=BINB?L;JS 'DJ49@E96C2AJ m  

BNNJM >IC ILA  ;  

#^LT. 5;H;LCHC(  !L;HE?H<OLA! - -?C=B  !CNTG;OLC=?"  

/?H S?;LOM?I@G?HN;FB?;FNBM?LPC=?M<SJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L;H>QCNBINB?L;RCM$$>CMIL>?LM 'DJ49:2EC:4*6CG:46D  m  

BNNJM >IC ILA  JM     

#IQ;L>& $ &IJN;. ( &L;OM?( . *LFCHMES    /B?IM? @@?=N

-?F;NCIHMBCJCH+MS=BINB?L;JS >6C:42?'DJ49@=@8:DE  m  

BNNJM >IC ILA   3   

#O;HA4 &INIP- ?"CLIF;GI" +L?NC HA?LG?S?L( ?HD?N l

&?MMF?L-    .( $1J?LMIH;FCNS>CMIL>?LMCHNB?2#*2ILF>(?HN;F

#?;FNB.OLP?SM C:E:D9!@FC?2=@7'DJ49:2ECJ  m 

BNNJM >IC ILA  <DJ <J  

#OGG?F?H 2CF<?LA/ &;LN?LO>.   $HN?LPC?QMI@@?G;F?J;NC?HNMQCNB

  
<IL>?LFCH?J?LMIH;FCNS>CMIL>?LQBI>LIJJ?>IONI@ALIOJJMS=BINB?L;JS 

?E6C?2E:@?2=!@FC?2=@7C@FA'DJ49@E96C2AJ 

BNNJM >IC ILA  CDAJ    

#OJLC=B. & ILHMN?CH- ! .=BGCNN/    .?F@ L?JILNG?NBI>IFIASCM

CHMO@@C=C?HN@ILCGJLIPCHANB?;MM?MMG?HN;H>=F;MC@C=;NCIHI@;RCM$$J?LMIH;FCNS

>CMIL>?LM !@FC?2=@7'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C    

#OLN;>I .;HNC;AI. "OTGWH +;LL;% ?LM;<Z- (;SIL;F!    $=IHC=

NB?L;JS@ILNB?L?>O=NCIHI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?LMSGJNIGM;GIHA

MOC=C>;FSIONBL;H>IGCT?>=IHNLIFF?>NLC;FJCFINMNO>S '6CD@?2=:EJ:D@C56CD

+96@CJ)6D62C492?5+C62E>6?E$2?FD4C:AE 

#OLN;>I .;HNC;AI. "OTGWH +;LL;% ?LM;<Z- ( (;SIL;F!   

@@?=NCP?H?MMI@C=IHC=NB?L;JS@ILNB?L?>O=NCIHI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

MSGJNIGM;GIHAMOC=C>;FSIONB.NO>SJLINI=IF@IL;L;H>IGCM?>=IHNLIFF?>NLC;F 

$'DJ49:2ECJ   BNNJM >IC ILA  M    R

$HA?HBIP?H/  JLCF  +B;LG;=INB?L;JS@IL<IL>?LFCH?J;NC?HNMOMCH?MM;M

OMO;FIL<S>?@;OFN!@FC?2=@7=:?:42='DJ49:2ECJ +BSMC=C;HM+IMNAL;>O;N?+L?MM

$H= BNNJM >IC ILA   %+ =IG 

$LQCH  OLA. % 0BF?L;LN   G?LC=;qM;>IF?M=?HNM2B?L?B;P?

Q?<??HQB?L?;L?Q?AICHA!@FC?2=@75@=6D46?E62=E9 .0++'  m

 BNNJM >IC ILA .  3   

%;=I<MIH) . ;O=IG #   ?MCAH;H>;MM?MMG?HNI@HIHMJ?=C@C=

=IHNLIFALIOJMCH<?B;PCILGI>C@C=;NCIHL?M?;L=B 692G:@C+96C2AJ m

 
  BNNJM >IC ILA .     

%;GC?MIH% + (?H>?M2  )I=E( &   $GJLIPCHA=ON?.NL?MM

-?MJIHM?M/B?+IQ?LI@-?;JJL;CM;F FCC6?E:C64E:@?D:?'DJ49@=@8:42=

*4:6?46 BNNJM >IC ILA      

%?OHA# 2;FNB?L. &ILH 2 ?LNM=B& #?LJ?LNT.     GINCIH;F

L?MJIHM?MNIL?=?CPCHAJ??L@??><;=EIHIJCHCIHMCH<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L '6CD@?2=:EJ:D@C56CD+96@CJ)6D62C492?5+C62E>6?Em 

BNNJM >IC ILA  J?L 

%IB;HM?H( &;LN?LO>. +?>?LM?H" "O>?/ !;FEOG   H

CHP?MNCA;NCIHI@NB?JLININSJ?P;FC>CNSI@NB?<IL>?LFCH?.( $1=IHMNLO=N 4E2

'DJ49:2EC:42*42?5:?2G:42 m BNNJM >IC ILA  D 

    R

%IBHMIH% " IB?H+ B?H# &;M?H. LIIE% .   +;L?HNCHA

<?B;PCILM;MMI=C;N?>QCNBLCME@ILI@@MJLCHAJ?LMIH;FCNS>CMIL>?L>OLCHA;>OFNBII> 

C49:G6D@76?6C2='DJ49:2ECJ m 

BNNJM >IC ILA ;L=BJMS=   

%IBHMIH+  #OLF?S-  ?HE?F@;N #?LJ?LNT.  /;<?L& #   

0H>?LMN;H>CHA GINCIH-?AOF;NCIHCHIL>?LFCH?+?LMIH;FCNSCMIL>?L

IHNLC<ONCIHMI@)?OLICG;ACHA !@FC?2=@7%6FC@ADJ49:2ECJ2?5=:?:42=

%6FC@D4:6?46D BNNJM >IC ILA  DHJ   

%IBHMNIH"    RJ?LC?H=?MI@>;CFSFC@?@ILJ?IJF?QCNB<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L;HI==OJ;NCIH;FJ?LMJ?=NCP? 

%ICH?L/    .9JA6@A=65:63JDF:4:56 

 
%iLA?HM?H -   $>?HNCNSMNSF?CHJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

;H>HILG;F=IHNLIFM !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C     

%iLA?HM?H -   $HPCN?>?MM;S$>?HNCNS;H><IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

!@FC?2=@7'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C    

%iLA?HM?H - !L?OH> iS?- %IL>?N# H>?LM?H &DiF<S?(   

*ON=IG?I@G?HN;FCT;NCIH <;M?>;H>MOJJILNCP?JMS=BINB?L;JSCHJ;NC?HNMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LL;H>IGCT?>NLC;F 4E2'DJ49:2EC:42

*42?5:?2G:42  m  BNNJM >IC ILA D      R

%IP?P( "L??H( B;H?H INNIH. IFNB?;LN( %;=EMIH#   

NN?HNCIH;FJLI=?MM?M;H>L?MJIH>CHANI;@@?=NCP?@;=?MCHSIONBQCNB<IL>?LFCH?

J?LMIH;FCNS@?;NOL?M 'DJ49:2ECJ)6D62C49  m 

BNNJM >IC ILA  D JMS=BL?M    

&;?MM( LOHH?L- B;H?H  ; IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH

;>IF?M=?H=? '65:2EC:4D m BNNJM >IC ILA  J?>M   

&;?MM( LOHH?L- B;H?H  < IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH

;>IF?M=?H=? '65:2EC:4D m BNNJM >IC ILA  J?>M   

&;?MM( 1IH?OG?LH 'CH>?HMND?LH;$  +;LT?L+ B;H?H (OH>N 

-?M=B! LOHH?L-   RCMC;H>CC=IGIL<C>CNS;H>JMS=BIMI=C;F

@OH=NCIHCHACH@?G;F?;>IF?M=?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

'DJ49@A2E9@=@8J m BNNJM >IC ILA   

&;B;H% +;NNCMIH (   +LIJIM;F@IL;CMNCH=NCP?C;AHIMCMNB??FC<?L;N?

 
.?F@-#;LG.SH>LIG?.# *F:4:562?5#:76-+9C62E6?:?8692G:@C   m

 BNNJM >IC ILA D  3  N<  R

&;BH?G;H   /BCHECHA@;MNNBCHECHAMFIQ  ?E6CAC6E2E:@?+2G:DE@4<#@?5@? 

&;GCH' %   +L?>C=N;<CFCNSMOLJLCM?;NN?HNCIH;H>=IH>CNCIHCHA 'F?:D9>6?E

2?5G6CD:G6692G:@C BNNJM >IC ILA   %+#     

&;H? 0LL;<;TI   (;H;A?G?HNqMLIF?CHMB;JCHAILA;HCT;NCIH;F=OFNOL? 

!@FC?2=@7%FCD:?8$2?286>6?E BNNJM >IC ILA D 

    R

&;LN?LO>. +?>?LM?H" DIL>;F L;<L;H>% !LCCM. #;;M?NBe l0LH?Me 

  ;SNL?;NG?HNI@J;NC?HNMQCNBJ?LMIH;FCNS>CMIL>?LM RJ?LC?H=?M@LIG;

)ILQ?AC;HNL?;NG?HNL?M?;L=BH?NQILE !@FC?2=@7'6CD@?2=:EJ:D@C56CD 

m BNNJM >IC ILA  J?>C      

&;LN?LO>. 2CF<?LA/   !LIGA?H?L;F>;SBIMJCN;FNL?;NG?HNNIMJ?=C;FCT?>

NL?;NG?HNJLIAL;GG?M  ?E6C?2E:@?2=)6G:6H@7'DJ49:2ECJ 

BNNJM >IC ILA       

&;OLCHF?R;H>L;IG<LIPMECF?R;H>L?#;FFKOCMN(C=B;?F2LCABN    

;CFSMOC=C>;FMOLA?;H>;NN?GJN?>MOC=C>?CH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

  @D7:@ 9DH62 

&?;FS *ALI>HC=TOE% .   (;LACH;FCT;NCIHI@IL>?LFCH?+?LMIH;FCNS

CMIL>?L !@FC?2=@7'DJ49:2EC:4'C24E:46  m  

BNNJM >IC ILA  JL;    >

&?FFIAA. # 4IOHA%    .=B?G;/B?L;JS@ILIL>?LFCH?+?LMIH;FCNS

 
CMIL>?L !=:?'DJ49@= m BNNJM >IC ILA  D=FJ   

&?H>;FF/ OL<?=E- ;N?G;H  !?<LO;LS +B;LG;=INB?L;JS@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L)$ AOC>?FCH? C:E:D9!@FC?2=@7'DJ49:2ECJ 

BNNJM >IC ILA  <DJ   

&?H>?FF-    /B?>CMNCH=NCIH<?NQ??HJ?LMIH;FCNS>CMIL>?L;H>G?HN;FCFFH?MM 

C:E:D9!@FC?2=@7'DJ49:2ECJ BNNJM >IC ILA  <DJ   

&?LH<?LA*   IL>?LFCH?+?LMIH;FCNS*LA;HCT;NCIH !@FC?2=@7E96>6C:42?

'DJ49@2?2=JE:4DD@4:2E:@?  m 

BNNJM >IC ILA       

&?LL$  !CHF;SMIH .BILN' (=ON=B?IH' & ?;L># B;H?H ( 

  /B?o.?F@p;H>IL>?LFCH?+?LMIH;FCNSCMIL>?LIH=?JNO;F;H>FCHC=;F

IHMC>?L;NCIHM 'DJ49@A2E9@=@8Jm 

BNNJM >IC ILA  

&?OLIABFC;H . !L;HE?H<OLA! - 5;H;LCHC(    /B?L?F;NCIHMBCJI@

=BLIHC=G?>C=;FCFFH?MM?MJIILB?;FNB L?F;N?>FC@?MNSF?=BIC=?M;H>B?;FNB=;L?

ONCFCT;NCIHNIL?=IP?LSMN;NOMCH<IL>?LFCH?J;NC?HNMIP?L;>?=;>?I@JLIMJ?=NCP?

@IFFIQ OJ !@FC?2=@7'DJ49:2EC:4)6D62C49  m   

BNNJM >IC ILA  D DJMS=BCL?M    

&B;H. &;G;F    >;JNCP?@;GCFS@OH=NCIHCHA;H><IL>?LFCH?J?LMIH;FCNS

>CMIL>?L(?>C;NCHALIF?I@CGJOFMCPCNS   BNNJM >IC ILA  %+(  

&CFFAIL?2  . *EC( 4OLA?FOH /I>>    .?R MJ?=C@C=

>?P?FIJG?HN;F=B;HA?MCH;GSA>;F;L?MJIHM?MNI;@@?=NCP?@;=?M %6FC@)6A@CE

m BNNJM >IC ILA      

 
&F?CH+ !;CLQ?;NB?L & ';QH. .N;FFG;H# ;GG?FF+    *ECF4EFC2=

DE:8>22?5:ED:>A24E@?962=E942C67@C4@?DF>6CD5:28?@D65H:E9@C56C=:?6

'6CD@?2=:EJ:D@C56CAC@E@4@=7@C2D4@A:?8C6G:6H 

BNNJM >IC ILA    LM  LM   P 

&FC?G. &L^A?L &IM@?F>?L%   C;F?=NC=;F<?B;PCILNB?L;JS@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LG?N; ;H;FSMCMOMCHAGCR?> ?@@?=NMGI>?FCHA 

!@FC?2=@7@?DF=E:?82?5=:?:42='DJ49@=@8Jm 

BNNJM >IC ILA  ;  

&FIHMES    2B;NCM?GJNCH?MMF;LC@SCHANB?NB=LCN?LCIH@IL<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C      

&FIHMES  *FNG;HHM/ ! /OLEB?CG?L   ?FC<?L;N?M?F@ B;LGCH;

HIH=FCHC=;FJIJOF;NCIH+L?P;F?H=?;H>JMS=BIFIAC=;F=ILL?F;N?M >6C:42?!@FC?2=

@7'DJ49:2ECJ    m   BNNJM >IC ILA  ;JJC ;DJ    

&I=B% '     :6ADJ49@A2E9:D496?$:?56CH6CE:8<6:E6? 

&I?HCAM<?LA# 2 ?HHS / !;H% 'CO3 "O?LL?LC. (;SMIH. % l

.C?P?L' %   /B?H?OL;F=ILL?F;N?MI@;HIG;FIOMB;<CNO;NCIHNIH?A;NCP?

?GINCIH;FJC=NOL?MCH<IL>?LFCH?;H>;PIC>;HNJ?LMIH;FCNS>CMIL>?LJ;NC?HNM 

>6C:42?!@FC?2=@7'DJ49:2ECJ   m 

BNNJM >IC ILA  ;JJC ;DJ     

&I?HCAM<?LA# 2 #;LP?S+  (CNLIJIOFIO1 .=BG?C>F?L% )?Q . 

"II>G;H( l.C?P?L' %   B;L;=N?LCTCHA;@@?=NCP?CHMN;<CFCNSCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7'DJ49:2ECJ m 

 
BNNJM >IC ILA  ;JJC ;DJ   

&I?HCAM<?LA# 2 .C?P?L' % '??# +CTT;L?FFI. )?Q . "II>G;H( l

+LIBIPHCE$   )?OL;F=ILL?F;N?MI@?GINCIHJLI=?MMCHACH<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L 'DJ49:2ECJ)6D62C49%6FC@:>28:?8   m  

BNNJM >IC ILA  D JM=S=BL?MHM    

&IBON#   V@>@4FC26=2?L=:D:D

&IE  I@@?S&  IBH(  ;N;FCHI' $ 1;=B;LEOFEM?GMOE/ FAI?

.  l!L?>LC=EMIH '   #IQ+IMCNCP? GINCIHMOCF>+BSMC=;F#?;FNB

+?L=?CP?>+IMCNCP?.I=C;FIHH?=NCIHM==IOHN@ILNB?0JQ;L>.JCL;F?NQ??H

+IMCNCP? GINCIHM;H>1;A;F/IH? 'DJ49@=@8:42=*4:6?46  m  

BNNJM >IC ILA    

&ILH 2 -IMZ?' ';#??E?L?H# - -I?JE?.   .I=C;F@??><;=E

JLI=?MMCHACH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

BNNJM >IC ILA .     3

&ILT?EQ;( $ ?FF+ ! 'CHEM+ . /B;<;H?' 2?<<. +   

MNCG;NCHANB?JL?P;F?H=?I@<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCHJMS=BC;NLC=

IONJ;NC?HNMOMCHA;NQI JB;M?JLI=?>OL? 

BNNJM >IC ILA  D =IGJJMS=B   

&IMMFSH. (    $G;A?;H>(CH> 

&IO>SM% 2 "OF;G;HC/ -OI==I    IL>?LFCH?+?LMIH;FCNSCMIL>?L

-?@CH?G?HNMCH+B?HINSJC=;H>IAHCNCP?+LI@CFCHA FCC6?E692G:@C2=

%6FC@D4:6?46)6A@CED  m  BNNJM >IC ILA  M    R

 
&IPW=M' ) .=BG?FIQMTESt ";F;G<IM &^E^HS?C"    -OGCH;NCIH

G?>C;N?MNB?L?F;NCIHMBCJ<?NQ??HJ?LMIH;FCNSILA;HCT;NCIH;H>MSGJNIGMI@

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>>?JL?MMCIH '6CD@?2=:EJ2?5 ?5:G:5F2=

:776C6?46D   BNNJM >IC ILA  D J;C>   

&L;?J?FCH    (;HC=>?JL?MMCP?CHM;HCNS;H>J;L;HIC; 

&L;OM? 0NT 2CHN?L )C?>N@?F>$ .=BG;BF   /B?';N?MN

)?OLICG;ACHA!CH>CHAMCHIL>?LFCH?+?LMIH;FCNSCMIL>?L FCC6?E'DJ49:2ECJ

)6A@CED  BNNJM >IC ILA M    T

&L;QCNT- 2;NMIH   IL>?LFCH?J?LMIH;FCNS>CIML>?L+;NBQ;SMNI

?@@?=NCP?M?LPC=?>?FCP?LS;H>=FCHC=;FNL?;NG?HNIJNCIHM .6==:?8E@?%6H06=2?5

$6?E2=62=E9@>>:DD:@?&442D:@?2='F3=:42E:@?D% EEA HHH>948@GE?K 

&L?NM=BG?L    "RCA6C32FF?592C24E6C 

&L^A?L .=BQ?CA?L0 .CJIM1 &FC?G. LHIF>- .=BOH?LN/ -?CH?=E?L

#   C;F?=NC=;F<?B;PCIOLNB?L;JS;H>;H;>>?>=IAHCNCP?<?B;PCIOL;F

NL?;NG?HNGI>OF?@IL?;NCHA>CMIL>?LMCHQIG?HQCNB<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L;H>;HIL?RC;H?LPIM;IL<OFCGC;H?LPIM;QBI@;CF?>NIL?MJIH>NI

JL?PCIOMNL?;NG?HNM HIJ?HNLC;FQCNB; !@FC?2=@7692G:@C+96C2AJ2?5

IA6C:>6?E2='DJ49:2ECJ  m 

BNNJM >IC ILA  D D<N?J   

&LIFF'   '+* @C56C=:?6D:?E96C2AJ %6H/@C<%/,*%@CE@?

&LO?A?L- ! ?LLCHA?L% (;LEIH&  2;NMIH .EI>IF    $HCNC;F

=IHMNLO=NCIHI@;G;F;>;JNCP?J?LMIH;FCNSNL;CNGI>?F;H>CHP?HNILS@IL.(  

'DJ49@=@8:42=$65:4:?6  m  

  
BNNJM >IC ILA .   

&OFFAL?H" -?H<?LA %;=I<MMIH'   H?GJCLC=;FMNO>SI@<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L;H>JMS=BC;NLC=MOC=C>?M !@FC?2=@7%6CG@FD2?5$6?E2=

:D62D6 m BNNJM >IC ILA      

&OI% - !CNTJ;NLC=E. (?N=;F@?- & (=(;CH.   GOFNC G?NBI>

F;<IL;NILSCHP?MNCA;NCIHI@?GINCIH;FL?;=NCPCNS;H>?GINCIHL?AOF;NCIH;<CFCNC?MCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7692G:@C+96C2AJ2?5IA6C:>6?E2=

'DJ49:2ECJ m BNNJM >IC ILA  D D<N?J    

&P;LMN?CH # )IL>PCMN?* L;AF;H>' 2CF<?LA/   *ONJ;NC?HN

JMS=BI>SH;GC=ALIOJJMS=BINB?L;JSmION=IG?ML?F;N?>NIJ?LMIH;FCNS>CMIL>?L

M?P?LCNS;A?;H>A?H>?L '6CD@?2=:EJ2?5$6?E2=62=E9  m 

BNNJM >IC ILA  JGB 

&P;LMN?CH # +?>?LM?H" !IFGI 0LH?Me %IB;HM?H( . #OGG?F?H 

l&;LN?LO>.   (?HN;FCT;NCIH <;M?>NL?;NG?HNILJMS=BI>SH;GC=NL?;NG?HN

JLIAL;GG?M@ILJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?LmNB?CGJ;=NI@

=FCHC=;FM?P?LCNS 'DJ49@=@8J2?5'DJ49@E96C2AJ+96@CJ)6D62C492?5'C24E:46

   m BNNJM >IC ILA J;JN  

' &   @C56C=:?6D:?E96C2AJ

';H;! "IHT;F?M(  (CL;J?CR   )CP?F?M;MCMN?H=C;F?MSL?KOCMCNIM

ILA;HCT;NCPIM?H?FNL;N;GC?HNI>?FIMNL;MNILHIM>?F;J?LMIH;FC>;> -?NLC?P?>@LIG

BNNJM QQQ L?M?;L=BA;N? H?N JO<FC=;NCIH   9)CP?F?M9;MCMN?H=C;F?M9S9L?KOC

MCNIM9ILA;HCT;NCPIM9?H9?F9NL;N;GC?HNI9>?9FIM9NL;MNILHIM9>?9F;9J?LMIH;FC>;>

';H;! !?LHWH>?T.;H(;LN[H( $ 1CHOZ% (   1;LC;<CFC>;>?HF;

  
JLW=NC=;G?>C=IJMCKOCWNLC=;?P;FO;>;G?>C;HN??F?MNO>CI>?FIML?CHAL?MIM

JMCKOCWNLC=IM;=ILNIJF;TI 4E2DDA2?@=2D56'D:BF:2EC:2  m 

';H;! .WH=B?T "CF !?LL?L' ']J?T +;N]H) 'CNP;H' (;L=IM. l+ZL?T

1    @?=NCPC>;>>?OHJLIAL;G;N?L;JZONC=ICHN?AL;>IJ;L;NL;MNILHIMAL;P?M

>?F;J?LMIH;FC>;> .?AOCGC?HNIJL;AGWNC=I>?G?M?M )6G:DE256'D:BF:2EC:2/

*2=F5$6?E2= m BNNJM >IC ILA  D LJMG    

';H;!! . ( (   j#;MN;KOZJOHNIF;MJMC=IN?L;JC;M?MJ?=[@C=;MJ;L;

?F7HNL;MNILHIF[GCN?>?F;J?LMIH;FC>;>MIH?@C=;=?M0H;L?PCMC]HMCMN?GWNC=;7H>?

FIM?MNO>CIM=IHNLIF;>IM;F?;NILCT;>IMJO<FC=;>I 4E2DDA'DBF:2EC?AC6?D2 

';H>?M. % B;FE?L.  IGNICM&    +L?>C=NCHA>LIJIONCHIONJ;NC?HN

>C;F?=NC=;F<?B;PCILNB?L;JSQCNBJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

L?=?CPCHAJMS=BC;NLC=>CM;<CFCNS @C56C=:?6'6CD@?2=:EJ:D@C56C2?5>@E:@?

JDC68F=2E:@?   BNNJM >IC ILA  M    

';JILN?' +;LCM% ?LA?PCH/ !L;M?L- ;L>CH% !   FCHC=;FION=IG?M

I@;MN?JJ?>=;L?JLIAL;G@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L '6CD@?2=:EJ2?5

$6?E2=62=E9 m BNNJM >IC ILA  JGB  

';JILN?' +;LCM% "ONNG;H# -OMM?FF%   +MS=BIJ;NBIFIAS=BCF>BII>

NL;OG;;H>J?LMIH;FCNSNL;CNMCHJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>

NB?CLMCMN?LM !@FC?2=@7'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C    

';LLCPZ?( +   IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH;>IF?M=?HNM/B?#? QBI

GOMN HIN <? H;G?>I@JMS=BC;NLS :2=@8F6D:?=:?:42=%6FC@D4:6?46   m

 

  
';LMIH- 2 (IH?N;" -C=B;L>M( # 2CFMIH.   IHNCHOCNSMN;<CFCNS

;H>=B;HA?CH>;CFS?GINCIH;F?RJ?LC?H=?;=LIMM;>IF?M=?H=? 9:=56G6=@A>6?E

   m  BNNJM >IC ILA   

';OL?HMM?H ( + #ONM?<;ON% !??HMNL; % ;F?M ' )IIG( % 

OMM=B<;=B% % 1l'OSN?H+   62D:3:=:EJ@7$6?E2=:K2E:@?2D65

+C62E>6?E7@C25@=6D46?EDH:E93@C56C=:?6DJ>AE@>D2A:=@EDEF5J 'DJ49@E96C2AJ

1IF   

';S;L>-   /B?=;M?@ILJMS=BIFIAC=;FNL?;NG?HN=?HNL?M C:E:D9$65:42=

!@FC?2= BNNJM >IC ILA  <GD    

';TT;LC .BIE; +;J;HH; &OFE;LHC&   OLL?HNB?;FNB=;L?

=B;FF?HA?MCHNL?;NCHANB?<IL>?LFCH?J?LMIH;FCNS>CMIL>?Lo?JC>?GC= C:E:D9

!@FC?2=@7$65:42='C24E:E:@?6CD 

'??) & ;G?LIH% %?HH?L'   MSMN?G;NC=L?PC?QI@CHN?LP?HNCIHM@IL

=I I==OLLCHAMO<MN;H=?OM?;H><IL>?LFCH?J?LMIH;FCNS>CMIL>?LM CF82?5=4@9@=

)6G:6H BNNJM >IC ILA >;L 

'?C=BM?HLCHA! '?C<CHA &LOM?% )?Q . '?Q?E?!  ; IL>?LFCH?

J?LMIH;FCNS>CMIL>?L $H+96#2?46E1IF JJ m 

BNNJM >IC ILA .     

'?C=BM?HLCHA! '?C<CHA &LOM?% )?Q . '?Q?E?!  < IL>?LFCH?

J?LMIH;FCNS>CMIL>?L $H+96#2?46E1IF JJ m 

BNNJM >IC ILA .     

'?HT?HQ?A?L( ! ;MNLI    +L?>C=NCHA=B;HA?CH<IL>?LFCH?

J?LMIH;FCNS0MCHAH?OLI<?B;PCIL;FMSMN?GMCH>C=;NILMQCNBCH;HCH>CPC>O;FALIQNB

 
=OLP?@L;G?QILE 6G6=@A>6?E2?5'DJ49@A2E9@=@8J 

BNNJM >IC ILA  .     

'?HT?HQ?A?L( ! CF==B?NNC   /IQ;L>;>?P?FIJG?HN;FJMS=BIJ;NBIFIAS

;JJLI;=BNI<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 6G6=@A>6?E2?5'DJ49@A2E9@=@8J 

BNNJM >IC ILA  .    3

'?HT?HQ?A?L( ! ';H?(  'IL;HA?L 2 &?MMF?L-    .( $1

+?LMIH;FCNSCMIL>?LMCHNB?);NCIH;FIGIL<C>CNS.OLP?S-?JFC=;NCIH :@=@8:42=

'DJ49:2ECJ m BNNJM >IC ILA  D <CIJMS=B    

'?PS& ) (=(;CH. ;N?G;H FIONBC?L/   /L?;NG?HNI@IL>?LFCH?

+?LMIH;FCNSCMIL>?L 'DJ49:2EC:4=:?:4D@7%@CE9>6C:42 

BNNJM >IC ILA  D JM=    

'?PS& ) (??B;H&  &?FFS& ( -?SHIMI% . 2?<?L( F;LECH% ! 

&?LH<?LA* !   B;HA?CH;NN;=BG?HNJ;NN?LHM;H>L?@F?=NCP?@OH=NCIHCH;

L;H>IGCT?>=IHNLIFNLC;FI@NL;HM@?L?H=? @I=OM?>JMS=BINB?L;JS@IL<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L !@FC?2=@7@?DF=E:?82?5=:?:42='DJ49@=@8J m

 BNNJM >IC ILA   3   

'?QCHMIBH+ ( -IB>?+ .??F?S% -   +MS=BIMI=C;FLCME@;=NILM@IL

@ONOL?;>IF?M=?HNMOC=C>?;NN?GJNM !@FC?2=@7@?DF=E:?82?5=:?:42='DJ49@=@8J

 m  BNNJM >IC ILA   R   

'C?<& 1^FFG -`=E?L" /CGG?L .NI@@?LM% (  

+B;LG;=INB?L;JS@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?LI=BL;H?MSMN?G;NC=L?PC?Q

I@L;H>IGCM?>NLC;FM C:E:D9!@FC?2=@7'DJ49:2ECJ 

BNNJM >IC ILA  <DJ <J  

 
'C?<& 5;H;LCHC(  .=BG;BF 'CH?B;H( ( IBOM(   

IL>?LFCH?J?LMIH;FCNS>CMIL>?L #2?46E m 

BNNJM >IC ILA .     

'CH>( 1;HQI?L>?H. +?HH?L! .B;LJ   $HJ;NC?HN;>IF?M=?HNMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L@?;NOL?M$>?HNCNS>C@@OMCIH;H>H;LL;NCP?

CH=IB?L?H=? '6CD@?2=:EJ:D@C56CD+96@CJ)6D62C492?5+C62E>6?E m

 BNNJM >IC ILA  J?L 

'CH?B;H( (  ; @8?:E:G63692G:@C2=EC62E>6?E@73@C56C=:?6A6CD@?2=:EJ

5:D@C56C 

'CH?B;H( (  < *<:==DEC2:?:?8>2?F2=7@CEC62E:?83@C56C=:?6A6CD@?2=:EJ

5:D@C56C*<:==DEC2:?:?8>2?F2=7@CEC62E:?83@C56C=:?6A6CD@?2=:EJ5:D@C56C

'CH?B;H( (   @>AC6?5:6?5@6=+C2DE@C?@#O>:E656'6CD@?2=:525$2?F2=

D@3C66=6?7@BF65:2=M4E:4@ 

'CH?B;H( ( LGMNLIHA#  .O;L?T FFGIH #?;L># '    

IAHCNCP? ?B;PCIL;F/L?;NG?HNI@BLIHC=;FFS+;L;MOC=C>;FIL>?LFCH?+;NC?HNM 

C49:G6D@76?6C2='DJ49:2ECJ   m  

BNNJM >IC ILA ;L=BJMS=     

'CH?B;H( ( IGNICM&  (OLL;S ( LIQH( 5 ";FFIJ- % #?;L># 

' l'CH>?H<ICG)   /QI S?;LL;H>IGCT?>=IHNLIFF?>NLC;F;H>@IFFIQ OJ

I@>C;F?=NC=;F<?B;PCILNB?L;JSPMNB?L;JS<S?RJ?LNM@ILMOC=C>;F<?B;PCILM;H>

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L C49:G6D@76?6C2='DJ49:2ECJ m 

BNNJM >IC ILA ;L=BJMS=   

'CH?B;H( ( &ILMFOH>&  #;LH?>( . ";FFIJ- % 'OHAO )?;=MCO 

 
 l(OLL;S "L?AILS (   C;F?=NC=;F<?B;PCILNB?L;JS@ILBCAB

MOC=C>?LCMECHCH>CPC>O;FMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?LL;H>IGCT?>

=FCHC=;FNLC;F;H>=IGJIH?HN;H;FSMCM !$'DJ49:2ECJ m 

BNNJM >IC ILA D;G;JMS=BC;NLS    

'CP?MF?S2 %  ; CMIL>?LCHNB?+LIJIM?>.( F;MMC@C=;NCIHI@+?LMIH;FCNS

CMIL>?LM =:?:42='DJ49@=@8J2?5'DJ49@E96C2AJ 

BNNJM >IC ILA  =JJ  

'CP?MF?S2 %  < (IPCHA<?SIH>MJ?=C;FCT?>NB?L;JC?M@ILIL>?LFCH?

+?LMIH;FCNSCMIL>?L/B?CGJILN;H=?I@CHN?AL;N?>>IG;CH @I=OM?>NL?;NG?HN 

'DJ49@5J?2>:4'DJ49:2ECJ  m 

BNNJM >IC ILA  J>JM   

'I@NC( GCHC !;NBC &;L;GC"BC;MC. ?N;F   IAHCNCP??GINCIH

L?AOF;NCIHMNL;N?AC?MCHJLCMCIH?LMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

'I@NOM !    -?G?G<?LCHA GINCIH;F P?HNM/B?!;N?I@?N;CF?>

$H@ILG;NCIH @8?:E:@?2?5>@E:@? m 

BNNJM >IC ILA    

'IL;HA?L 2 %;H=; .;LINCOM)   MM?MMG?HN;H>>C;AHIMCMI@

J?LMIH;FCNS>CMIL>?LM/B?$ CHN?LH;NCIH;FJ?LMIH;FCNS>CMIL>?L?R;GCH;NCIH

$+  !@FC?2=@796>:42= ?7@C>2E:@?2?5$@56=:?8 

'SH=B/ (ILM?% 1CNN   C;F?=NC=;F<?B;PCILNB?L;JS@IL>?JL?MM?>IF>?L

;>OFNM 692G:@C+96C2A:DE m 

(;B?L - (;AFCIH?( ;AF?S. .ONNILJ( #O% #  QCHA l.B?E?FF?

+ "    @@C=;=S;H>=IGJ;L;NCP??@@?=NCP?H?MMI@;NSJC=;F;HNCJMS=BINC=

 
G?>C=;NCIHM@ILI@@ F;<?FOM?MCH;>OFNMMSMN?G;NC=L?PC?Q;H>G?N; ;H;FSMCM 

!$!@FC?2=@7E96>6C:42?$65:42=DD@4:2E:@? 

BNNJM >IC ILA D;G;   

(;BGII>FCFII( #;MB?GC)IML;N;<;>/ &;LCGJIOL1;TC@?BEBIL;HC 

  /B?-IF?I@$GJOFMCPCNS.?HMCNCPCNSNI-?Q;L>;H>HB?>IHC;CH

CMNCH=NCIH+?IJF?2CNB.SGJNIGMI@IL>?LFCH?+?LMIH;FCNSCMIL>?L!LIG

*L>CH;LS+?IJF?  C2?:2?!@FC?2=@7'DJ49:2ECJ=:?:42='DJ49@=@8J 

BNNJM >IC ILA  CDJ=J   

(;HA;MM;LC;H. .OGH?L' *q;FF;AB;H   .?RO;F$GJOFMCPCNSCH2IG?H

C;AHIM?>2CNBIL>?LFCH?+?LMIH;FCNSCMIL>?L-?PC?QI@NB?'CN?L;NOL? 

*6IF2=55:4E:@?2?5@>AF=D:G:EJ  m  

BNNJM >IC ILA       

(;LC?E?.=BOJJ?LN# /CGG?LG;H(  FII% 1;H"?G?LN/ " 2C?LM?G;# 

( (CH>?L;;-  l);ON;( #    GINCIHL?AOF;NCIHNL;CHCHA@IL

;>IF?M=?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?LNL;CNML;H>IGCT?>=IHNLIFF?>

NLC;F !@FC?2=@7E96>6C:42?4256>J@79:=52?55@=6D46?E'DJ49:2ECJ

   BNNJM >IC ILA  D D;;=    

(;LN[H F;H=I .IF?L% 1CFF;FN;' !?FCO .IF?L  FC=?M( +ZL?T1 l

+;M=O;F%     RJFILCHANB?CHN?L;=NCIH<?NQ??H=BCF>BII>G;FNL?;NG?HN

;H>N?GJ?L;G?HN;FNL;CNMIHNB?M?P?LCNSI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

@>AC696?D:G6'DJ49:2ECJ m  

BNNJM >IC ILA  D =IGJJMS=B    

(;LNCH& #IFT/ 2II>Q;L>" ;G?LIH(     RJFILCHANB?$GJ;=NI@;

 
+??L '?> >O=;NCIH"LIOJ@IL'IP?>*H?MI@$H>CPC>O;FMQCNBIL>?LFCH?

+?LMIH;FCNSCMIL>?L+CFIN.NO>S @?E6>A@C2CJ2>:=J+96C2AJ  m

 BNNJM >IC ILA M    

(;LNCH. ?F (IHN?% "L;TC;HC+   $GJOFMCPCNSCMMO?MCH<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L;H>CNqMFCHEMQCNBCHMCABNNB?LIF?I@OLA?H=S 6=:J@? 

BNNJM >IC ILA  D B?FCSIH   ? 

(;LQ;B;. +;LMIHM) LIIG?(   (II>CHMN;<CFCNSG?HN;FCFFH?MM;H>

MOC=C>;FC>?;M-?MOFNM@LIG;BIOM?BIF>MOLP?S *@4:2='DJ49:2ECJ2?5'DJ49:2EC:4

A:56>:@=@8J  m  BNNJM >IC ILA M    

(=;OF?S ?LE( . M;LHIQ% - >LC;H( IB?H% &ILMFOH>& l

'CH?B;H( (    @@C=;=SI@>C;F?=NC=;F<?B;PCILNB?L;JS@IL;>IF?M=?HNM;N

BCABLCME@ILMOC=C>?;L;H>IGCT?>=FCHC=;FNLC;F $H!$'DJ49:2ECJ1IF JJ 

m BNNJM >IC ILA D;G;JMS=BC;NLS   

(==FOL?" #;Q?M % ;>>M( -   IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>

H?OLIJMS=BIFIAC=;FG?;MOL?MI@?R?=ONCP?@OH=NCIHMSMN?G;NC=L?PC?Q 

'6CD@?2=:EJ2?5$6?E2=62=E9  m BNNJM >IC ILA  JGB  

(="F;MB;H/ # "LCFI ( .;HCMFIQ  -;F?PMEC (IL?S'  

"OH>?LMIH% " l+;A;HI(   /QI S?;LJL?P;F?H=?;H>MN;<CFCNSI@

CH>CPC>O;F.( $1=LCN?LC;@ILM=BCTINSJ;F<IL>?LFCH?;PIC>;HN;H>I<M?MMCP?

=IGJOFMCP?J?LMIH;FCNS>CMIL>?LM/IQ;L>;BS<LC>GI>?FI@;RCM$$>CMIL>?LM 

>6C:42?!@FC?2=@7'DJ49:2ECJ  m 

BNNJM >IC ILA  ;JJC ;DJ   

(=#OAB ;F;L;NH;MCHA;G.   $GJOFMCPCNSCHJ?LMIH;FCNS>CMIL>?LM 

 
FCC6?E&A:?:@?:?'DJ49:2ECJ  m 

BNNJM >IC ILA  4* 

(=(;CH. ! "OCGIH>/ ;LHB;LN- #;<CHMEC' .NL?CH?L '   

L;H>IGCT?>NLC;FI@<LC?@>C;F?=NC=;F<?B;PCIOLNB?L;JSMECFFMNL;CHCHACHMOC=C>;F

J;NC?HNMMO@@?LCHA@LIG<IL>?LFCH?>CMIL>?L 4E2'DJ49:2EC:42*42?5:?2G:42

 m  BNNJM >IC ILA ;=JM 

(=(;CH. ! "OCGIH>/ .NL?CH?L ' ;L>CMB- % 'CHEM+ .   

C;F?=NC=;F<?B;PCILNB?L;JS=IGJ;L?>QCNBA?H?L;FJMS=BC;NLC=G;H;A?G?HN@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LFCHC=;FION=IG?M;H>@OH=NCIHCHAIP?L; S?;L

@IFFIQ OJ >6C:42?!@FC?2=@7'DJ49:2ECJ  m 

BNNJM >IC ILA  ;JJC ;DJ     

(=(;CH. ! 'CHEM+ . "H;G2 # "OCGIH>/ ;L>CMB- % &ILG;H' 

.NL?CH?L '   L;H>IGCT?>NLC;FI@>C;F?=NC=;F<?B;PCILNB?L;JSP?LMOM

A?H?L;FJMS=BC;NLC=G;H;A?G?HN@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?

!@FC?2=@7'DJ49:2ECJ   m  

BNNJM >IC ILA  ;JJC ;DJ    

(=H;FFS- %   (?=B;HCMGMI@?RJIMOL?NB?L;JS#IQH?OLIM=C?H=?=;H

CGJLIP?JMS=BIFIAC=;FNL?;NG?HNM@IL;HRC?NS>CMIL>?LM 

BNNJM >IC ILA  D =JL   

(?;H?S /;P;L?M- #;MECHA+   IJCHA;H>L?AOF;NCHA?GINCIHMJCFIN

MNO>SI@;GI>C@C?>>C;F?=NC=;F<?B;PCILNB?L;JSALIOJ>?FCP?L?>CH;=IFF?A?

=IOHM?FCHAM?LPC=? !@FC?2=@7>6C:42?@==68662=E9  m  

BNNJM >IC ILA      

 
(?;H?S- #;MECHA+ -?OJ?LN   +L?P;F?H=?I@<IL>?LFCH?J?LMIH;FCNS

>CMIL>?LCHOHCP?LMCNSM;GJF?M.SMN?G;NC=L?PC?QG?N; ;H;FSMCM;H>G?N;

L?AL?MMCIH '#@*&%  BNNJM >IC ILA  DIOLH;F JIH? 

(?BFOG' -;G<?LA( /iLGI?H % #;A; C?J' ( .N;HF?S # l

"LiBIFN   C;F?=NC=;F?B;PCIL/B?L;JSIGJ;L?>QCNB HB;H=?>0MO;F

;L?@IL>IF?M=?HNMQCNB-?J?;N?>.OC=C>;F;H>.?F@ #;LGCHA?B;PCIL

*ON=IG?MIP?L;*H? 4?;L!IFFIQ 0J !@FC?2=@7E96>6C:42?4256>J@79:=5

2?55@=6D46?E'DJ49:2ECJm 

BNNJM >IC ILA  D D;;=   

(?BFOG' /iLGI?H % -;G<?LA( #;A; C?J' ( ';<?LA. l

"LiBIFN   C;F?=NC=;F<?B;PCILNB?L;JS@IL;>IF?M=?HNMQCNBL?J?;N?>

MOC=C>;F;H>M?F@ B;LGCHA<?B;PCILL;H>IGCT?>NLC;F !@FC?2=@7E96>6C:42?

4256>J@79:=52?55@=6D46?E'DJ49:2ECJ   m  

BNNJM >IC ILA  D D;;=    

(?OF>CDE (=;LNBS IOLE?(  "L?HS?L ! .   /B?P;FO?I@

JMS=BIFIAC=;FNL?;NG?HN@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L.SMN?G;NC=L?PC?Q;H>

=IMNI@@M?N;H;FSMCMI@?=IHIGC=?P;FO;NCIHM '#@*&%  

BNNJM >IC ILA  DIOLH;F JIH?  

(?S?L +CFEIHCM+  ??P?LM "   2B;NqMCH;)?ONL;F!;=?

+?LMIH;FCNSCMIL>?LMNN;=BG?HN.NSF?M;H>NB?JJL;CM;FI@G<CAOIOM.I=C;F

O?M !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C      

(CFF?L -;NBOM% 4'CH?B;H(   *F:4:52=3692G:@CD:?25@=6D46?ED ?

  
:2=64E:42=3692G:@CE96C2AJH:E9DF:4:52=25@=6D46?ED ?:2=64E:42=3692G:@C

E96C2AJH:E9DF:4:52=25@=6D46?ED%6H/@C<%/#@?5@?,"+96F:=7@C5

'C6DD

(CFF?L ' -;NBOM% # 4'CH?B;H( (    ?4=F5:?872>:=:6D:?EC62E>6?E 

:2=64E:42=3692G:@C+96C2AJH:E9DF:4:52=25@=6D46?ED%6H/@C<%/ 

(CFF?L ' (O?BF?HE;GJ% % %;=I<MIH (   !;=NIL@C=NCIH

C;AHIMCHA<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH;>IF?M=?HNM =:?:42='DJ49@=@8J

)6G:6H BNNJM >IC ILA  D =JL    

(CFF?L  /IQHM?H>( ' ;S) % . "L?HS?L ! .    (?;MOLCHA

NB?MB;>IQMMSMN?G;NC=L?PC?QI@=BLIHC=?GJNCH?MMCH<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L '=@*&?6 ?  

BNNJM >IC ILA  DIOLH;F JIH?  

(CFFIH/ ;PCM- S(CFFIH   (($ $$$(;HO;F +MS=BIFCAS 'DJ49@=@8J

 

(CFFIH/ ;PCM-   +C2DE@C?@D56=2A6CD@?2=:525$LD2==L56=*$ - 

2C46=@?2$2DD@?

(CH>?FF%  *Q?HM% FP?M- LOHC* "IB 4 / #CM=I=E# l.;>?B 

 (;L=B "CP?=BCF>L?H;H>;>IF?M=?HNMNB?AC@NI@;AII>HCABNqMMF??J

=;FFNI;=NCIH *=66A$65:4:?6 .F??J(?> 

BNNJM >IC ILA  D MF??J  

(H?CGH?( !OLL- ( (?H>LSA;F ';Q( & LHIF> ( !F??MIH2 

  ?AL??I@ILL?MJIH>?H=??NQ??H-?NLIMJ?=NCP?;H>+LIRCG;F-?JILNM

I@IL>?LFCH?+?LMIH;FCNSCMIL>?L.SGJNIGM.SGJNIG/LCAA?LM;H> GINCIHM 

  
!@FC?2=@7'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C9 99 

(IH>L;A]H' .;FNCD?L;F( / CG<?F; ILA?M"   ';C>?;=CIHMOC=C>;

SMOL?F;=CIH=IHF;>?M?MJ?L;HT;?F;<OMI>?>LIA;MS;F=IBIF *2=F5$6?E2=

 m 

(IHE . (=FOL?  )?FMIH  5;L;BH CF>?L- ( '?C<?HFO@N l

+CH? .   >IF?M=?HNCGG;NOLCNSCH;NN?HNCIH L?F;N?><L;CH?HA;A?G?HNNI

?GINCIH;F@;=C;F?RJL?MMCIHM %6FC@ >286   m 

BNNJM >IC ILA .      

(IL;F?M (O\IT$ LIIG?( - (;LQ;B;.    MMI=C;NCIHI@+;L?HN

-?JILN?>.F??J+LI<F?GMCH ;LFSBCF>BII>2CNB+MS=BINC=;H>IL>?LFCH?

+?LMIH;FCNSCMIL>?L.SGJNIGMCH>IF?M=?H=? !$'DJ49:2ECJ   m 

BNNJM >IC ILA D;G;JMS=BC;NLS   

(IL;H+ I@@?S -IG;HCOE# *FMMIH ILM=BG;HH- ;LFCH%  

+;NNIH"    /B?H;NOL;FBCMNILSI@M?F@ B;LG@LIG;>IF?M=?H=?NISIOHA

;>OFNBII>JIJOF;NCIH <;M?>=IBILNMNO>S +96#2?46E  m 

BNNJM >IC ILA .     

(IL?F    +C2:EM56D5M8M?MC6D46?46DA9JD:BF6D:?E6==64EF6==6D6E>@C2=6D56

=[6DAN469F>2:?66E56D42FD6DBF:AC@5F:D6?E46DG2C:MEMD>2=25:G6D 96K!

2:==:NC6

(IL?S'    '6CD@?2=:EJDD6DD>6?E ?G6?E@CJAC@76DD:@?2=>2?F2=&56DD2

#'DJ49@=@8:42=DD6DD>6?E)6D@FC46D

(IMKO?L; "IHT;F?M P;H>?L#;LN*   IL>?LFCH?J?LMIH;FCNS>CMIL>?L

  
=BCF>BII>NL;OG;;H>MNLO=NOL;F>CMMI=C;NCIHI@NB?J?LMIH;FCNS '6CD@?2  

m 

(IOEBN;LC;H/ - (CHN;B- . (IL;H+ MB?LMIH+    GINCIH

>SML?AOF;NCIHCH;NN?HNCIH >?@C=CN BSJ?L;=NCPCNS>CMIL>?L;H><IL>?LFCH?J?LMIH;FCNS

>CMIL>?L @C56C=:?6'6CD@?2=:EJ:D@C56C2?5>@E:@?JDC68F=2E:@?  

BNNJM >IC ILA  M    

(O?BF?HE;GJ% %   .?F@ CHDOLCIOM<?B;PCIL;M;M?J;L;N?=FCHC=;FMSH>LIG? 

>6C:42?!@FC?2=@7&CE9@ADJ49:2ECJ BNNJM >IC ILA      

);>ILN( LHNT .GCN% # "C?M?H FII%  CE?F?H<IIG( .JCHBIP?H+ l

P;HS=E-   $GJF?G?HN;NCIHI@IONJ;NC?HNM=B?G;NB?L;JS@IL<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L.NO>S>?MCAH $'DJ49:2ECJ 

BNNJM >IC ILA   3  

);E;L* LOHH?L- .=BCFFCHA* B;H?H !CM=B?L" +;LT?L+ l&;?MM( 

  ?P?FIJG?HN;FNL;D?=NILC?MI@M?F@ CHDOLCIOM<?B;PCILMOC=C>;F<?B;PCIL

;H>MO<MN;H=?GCMOM?;H>NB?CL;MMI=C;NCIHQCNB;>IF?M=?HN<IL>?LFCH?J?LMIH;FCNS

J;NBIFIAS !@FC?2=@77764E:G6:D@C56CD  m 

BNNJM >IC ILA  D D;>    

)?;=MCO  -CTPC. ' 'CH?B;H( (   C;F?=NC=;F<?B;PCILNB?L;JS

MECFFMOM?;M;G?>C;NIL;H>ION=IG?I@NL?;NG?HN@IL<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L 692G:@FC)6D62C492?5+96C2AJm 

BNNJM >IC ILA  D <L;N   

)?CMM?L0   !CP?&CH>MI@.?F@ EHIQF?>A? '9:=@D@A9:42='DJ49@=@8J  m

 BNNJM >IC ILA     

  
)?Q . ;LJ?HN?L ( +?L?T -I>LCAO?T( ( -CJIFF' # P?>IH% +;NCF

0 l"II>G;H(   ?P?FIJG?HN;F>C@@?L?H=?MCH>C@@OMCIHN?HMIL

CG;ACHAJ;L;G?N?LMCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7'DJ49:2EC:4

)6D62C49 m  BNNJM >IC ILA  D DJMS=BCL?M     

)?Q . #;TF?NN  O=BM<;OG( . "II>G;H( (CN?FG;H.  

)?QG;LE- l.C?P?L' %   GSA>;F; JL?@LIHN;F>CM=IHH?=NCIHCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L %6FC@ADJ49@A92C>24@=@8J  m  

BNNJM >IC ILA  MD HJJ  

)?QNIH #IQ?M" F;LE'  B;H?H   +?LMIH;FCNS>CMIL>?L;=LIMMNB?

FC@?=IOLM? +96#2?46E BNNJM >IC ILA .     

)C=E?F(   LCJCJL;TIF?CHNB?/L?;NG?HNI@+;NC?HNM2CNBIL>?LFCH?

+?LMIH;FCNSCMIL>?LIO<F? FCH>+F;=?<I IHNLIFF?>.NO>S >6C:42?

!@FC?2=@7'DJ49:2ECJ   BNNJM >IC ILA  ;JJC ;DJ   

)I=E( & %ICH?L/  "IL>IH& # 'FIS> -C=B;L>MIH +LCHMN?CH( % 

  )IH MOC=C>;FM?F@ CHDOLS;GIHA;>IF?M=?HNMC;AHIMNC==ILL?F;N?M;H>

L?F;NCIHNIMOC=C>?;NN?GJNM 'DJ49:2ECJ)6D62C49  m 

BNNJM >IC ILA  D JMS=BL?M    

)IL>MNL^G+ .;GO?FMMIH( UM<?LA(   .OLPCP;F;H;FSMCMI@MOC=C>?LCME

;@N?L;NN?GJN?>MOC=C>? 4E2'DJ49:2EC:42*42?5:?2G:42 m 

BNNJM >IC ILA D    N<  R

)ILFCHA &CG.   @C56C=:?6'6CD@?2=:EJ:D@C56C 2?53@@<@7=:?:42=

'DJ49@=@8J@>A6E6?4:6D 

)ILNIH+ %   /L;HM>C;AHIMNC=ALIOJ/@IL;HRC?NS>CMIL>?L @@C=;=S

  
;==?JN;<CFCNS;H><?SIH> )6G:DE256'D:4@A2E@=@8:2/'D:4@=@8:2=:?:42 

 m  BNNJM >IC ILA  LJJ= PIF  HOG     

*<;H>I(;>LCA;F"   !;=NIL?M=F[HC=IML?F;=CIH;>IM=IH?FL?CHAL?MI>?

J;=C?HN?M=IHNL;MNILHI>?CH?MN;<CFC>;>?GI=CIH;F>?F;J?LMIH;FC>;> $65:4:?2

#682=56@DE2):42  m  

*F>B;G% ( .EI>IF ?H>?L   /L;N;>I>?FIMNL;MNILHIM>?

J?LMIH;FC>;>JJ m  

*F>B;G% (   IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>MOC=C>;FCNS >6C:42?

!@FC?2=@7'DJ49:2ECJ BNNJM >IC ILA  ;JJC ;DJ   

*F>B;G% ( .EI>IF  &?FFG;H#  #SF?L.  IC>A?) -IMHC=E' 

";FF;B?L+    IGIL<C>CNSI@;RCM$;H>;RCM$$>CMIL>?LM >6C:42?

!@FC?2=@7'DJ49:2ECJ   m BNNJM >IC ILA  ;DJ    

*F@MIH( "?LB;L>/ #O;HA LSMN;F. .NLIOJ/ .   +L?G;NOL?

GILN;FCNS;GIHA;>OFNMQCNBM=BCTIJBL?HC;CHNB?0HCN?>.N;N?M !$'DJ49:2ECJ

   m  BNNJM >IC ILA D;G;JMS=BC;NLS   

*LA;HCT;=CIH(OH>C;F>?F;.;FO>     M4:>2)6G:D:Q?56=2=2D:7:424:Q?

?E6C?24:@?2=56#2D?76C>65256D+C2DE@C?@D$6?E2=6DJ56=@>A@CE2>:6?E@

6D4C:A4:@?6D=O?:42DJA2FE2DA2C26=:28?QDE:4@$65:E@C  &$* 

BNNJM >IC ILA  

*LA;HCT;=C]H(OH>C;F>?F;.;FO>  ';*LA;HCT;=C]H(OH>C;F>?F;.;FO>

*(.JO<FC=;BISMOHO?P;F;MC@C=;=C]H$HN?LH;=CIH;F>? H@?LG?>;>?M$

 -?NLC?P?>@LIGBNNJM QQQ QBI CHN ?M H?QM LIIG >?N;CF     QBI

L?F?;M?M H?Q CHN?LH;NCIH;F =F;MMC@C=;NCIH I@ >CM?;M?M C=> 

  
*LNCT /;FFI( ;L>?H;F1 !?LL;AON( .;HN;G;L[;+   !C;<CFC>;>>?F

CHP?HN;LCI>??P;FO;=C]H>?F;J?LMIH;FC>;>+$?H=IHN?RNIM=BCF?HIMS

>C@?L?H=C;M?HNL?JI<F;=C]HA?H?L;FS=F[HC=; )6G:DE2$6I:42?256'D:4@=@8O2?

#O?62  

*O>( LHNT #?LG?HM( ' ( 1?LBI?@- &?H>;FF/   .J?=C;FCT?>

JMS=BINB?L;JC?M@IL;>OFNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?LMSMN?G;NC=

L?PC?Q;H>G?N; ;H;FSMCM FDEC2=:2?2?5%6H062=2?5!@FC?2=@7'DJ49:2ECJ 

BNNJM >IC ILA    

*OG;S;( !LC?>G;H. +B;G <IO<>;FF;B/ "O?F@C%  -IOCFFIH! 

  IL>?LFCH?J?LMIH;FCNS>CMIL>?LM?F@ GONCF;NCIH;H>MOC=C>?'CN?L;NOL?

L?PC?Q ?46A92=6 m BNNJM >IC ILA  D ?H=?J   

+;>CFF;/ILL?M (;LN[H( ;LFIM MJ[H%;CG?% tHA?F%CGZH?TLLC?LI( 

   FNL;N;GC?HNIALOJ;F>?;>IF?M=?HN?M"LIOJNB?L;JS@IL;>IF?M=?HNM

QCNBM?P?L?J?LMIH;FCNS>CMIL>?LM=IHN?RNO;F;JJLI;=B )6GD@4DA

%6FC@AD:B  m BNNJM >IC ILA  .     

+;HIM+ / %;=EMIH% 2 #;M;H* +;HIM   (?N; H;FSMCM;H>

.SMN?G;NC=-?PC?QMM?MMCHANB? @@C=;=SI@C;F?=NC=;F?B;PCIL/B?L;JS/ 

)6D62C49@?*@4:2=.@C<'C24E:46  m 

BNNJM >IC ILA      

+;L?N %?HH?H .N?CHG?NT .=BG;BF   CM;>P;HN;A?IOM>?=CMCIH

G;ECHACH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L+;LNC;FMOJJILN@LIG;G?N; ;H;FSNC=

L?PC?Q %6FC@D4:6?462?5:@3692G:@C2=)6G:6HD 

BNNJM >IC ILA  D H?O<CIL?P   

  
+;LCM%   HNCMI=C;F;H><IL>?LFCH?J?LMIH;FCNS>CMIL>?LM/QIM?J;L;N?>C;AHIM?M

ILNQI;MJ?=NMI@NB?M;G?JMS=BIJ;NBIFIAS@>AC696?D:G6'DJ49:2ECJ 

m BNNJM >IC ILA .  3  

+;LCM%  ; HRCIOMNL;CNM;HRCIOM;NN;=BG?HN;H>;HRCIOM =FOMN?LJ?LMIH;FCNS

>CMIL>?LM 2CG2C5)6G:6H@7'DJ49:2ECJ 

BNNJM >IC ILA     

+;LCM%  < HRCIOMNL;CNM;HRCIOM;NN;=BG?HN;H>;HRCIOM =FOMN?LJ?LMIH;FCNS

>CMIL>?LM 2CG2C5)6G:6H@7'DJ49:2ECJ 

BNNJM >IC ILA     

+;LCM%   $GJFC=;NCIHMI@FIHA N?LGION=IG?L?M?;L=B@ILNB?G;H;A?G?HNI@

J;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 2CG2C5)6G:6H@7'DJ49:2ECJ 

BNNJM >IC ILA    

+;LCM%   +?LMIH;FCNS>CMIL>?LMIP?LNCG? .2D9:?8E@?>6C:42?

'DJ49:2EC:4

+;LCM%   $MBIMJCN;FCT;NCIHOM?@OF@ILMOC=C>;FJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L!@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

+;LCM%   FCHC=;F/LC;FMI@/L?;NG?HN@IL+?LMIH;FCNSCMIL>?LM 'DJ49:2EC:4

=:?:4D@7%@CE9>6C:42 BNNJM >IC ILA  D JM=    

+;LCM%   +96EC62E>6?E@73@C56C=:?6A6CD@?2=:EJ5:D@C56C2?6G:56?4632D65

2AAC@249 %6H/@C<F:=7@C5 

+;LCM%  ;  @@?=NCP?H?MMI@>C@@?L?HNJMS=BINB?L;JS;JJLI;=B?MCHNB?NL?;NG?HN

I@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L FCC6?E'DJ49:2ECJ)6A@CED 

  
BNNJM >IC ILA M    

+;LCM%  <  MNCG;NCHANB?JL?P;F?H=?I@J?LMIH;FCNS>CMIL>?LMCHNB?=IGGOHCNS 

!@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C     

+;LCM%   .N?JJ?>=;L?H;FN?LH;NCP?NILIONCH??RN?H>?>NL?;NG?HN@ILJ;NC?HNM

QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 'DJ49:2EC:4*6CG:46D  m  

BNNJM >IC ILA  ;JJC JM    

+;LCM%   *E6AA6542C67@C3@C56C=:?6A6CD@?2=:EJ5:D@C56Ca>2<:?8EC62E>6?E

3C:6767764E:G62?52446DD:3=6 =;>?GC=+L?MM 

+;LCM% 'CM   ;HMI=CI=OFNOL;F;H>BCMNILC=;FG?=B;HCMGMCH@FO?H=?NB?

>?P?FIJG?HNI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L+C2?D4F=EFC2='DJ49:2ECJ  

 m  BNNJM >IC ILA     

+;LCM% 5Q?CA !L;HE#    S?;L@IFFIQ OJI@J;NC?HNMQCNB<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L @>AC696?D:G6'DJ49:2ECJ m 

BNNJM >IC ILA  =IGJ   

+;M=O;F%  ]L=IF?M ;MN;\I% "CHZM% ( "OLL?; (;LN[H .;HNIM- l

OF<?H;   #IMJCN;FCT;NCIH;H>JB;LG;=INB?L;JS@IL<IL>?LFCH?

J?LMIH;FCNS>CMIL>?LCH;JMS=BC;NLC=?G?LA?H=SM?LPC=? 'DJ49:2EC:4*6CG:46D

 m   BNNJM >IC ILA  JM     

+;N?F1 -;BG;H    >CNILC;FIGG?HN;LSH;A?H>;@ILAFI<;F=BCF>

G?HN;FB?;FNB 9:=52?55@=6D46?E$6?E2=62=E9  m 

BNNJM >IC ILA =;GB  

  
+?L?T1 ;LL;=BCH;% .IF?L% +;M=O;F%  ;GJCHM( % +OCA>?GIHN 

FP;L?T   $GJL?MC]H=F[HC=;AFI<;FJ;L;J;=C?HN?M=IHNL;MNILHIF[GCN?>?

F;J?LMIH;FC>;>$" /'+OH;?M=;F;M?HMC<F?;F=;G<CI /B?FCHC=;F"FI<;F

$GJL?MMCIH.=;F?@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L+;NC?HNM"$ +.=;F?

.?HMC<F?NI?N?=NB;HA?M 4E2DDA2P@=2D56'D:BF:2ECO2 m 

+ZL?T0L>WHCT .;HNIM";L=[;%( (IFCH;-;GIM- -O<CI';LLIM;1 ;LL;M=I

+?L?L;%' ( / $ S-    MJ?=NIMMI=CI=OFNOL;F?M?HF;AZH?MCM>?FIM

NL;MNILHIM>?J?LMIH;FC>;> 4E2DDA'D:BF:2ECO2  m 

+?LLS%    +LI<F?GM;H>=IHMC>?L;NCIHMCHNB?P;FC>;MM?MMG?HNI@J?LMIH;FCNS

>CMIL>?LM >6C:42?!@FC?2=@7'DJ49:2ECJ BNNJM >IC ILA  ;DJ   

+@IBF FOG) .N %IBH (=ILGC=E FF?H% F;=E 2   

-?FC;<CFCNS;H>P;FC>CNSI@NB?IL>?LFCH? P;FO;NCIHI@.?P?LCNS*P?L/CG?

 ./M?F@ L;N?>M=;F?NIG?;MOL?M?P?LCNS;H>=B;HA?CHJ?LMIHMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C      

+C;A?N%    +9649:=5TD4@?46AE:@?@7E96H@C=5 %6H/@C<2C4@FCEC246

.@C=5@C:8:?2=H@C<AF3=:D965  

+C;A?N%   +96@C:8:?D@7:?E6==:86?46:?49:=5C6? %6H/@C< ?E6C?2E:@?2=

,?:G6CD:E:6D'C6DD 

+CHNI "L;J?HNCH?2 ' !L;H=CM" +C=;LC?FFI (   IL>?LFCH?

J?LMIH;FCNS>CMIL>?LCH;>IF?M=?HNM@@?=NCP?;H>=IAHCNCP?@?;NOL?M !@FC?2=@7E96

>6C:42?4256>J@79:=52?55@=6D46?E'DJ49:2ECJ   m  

BNNJM >IC ILA     

  
+F;EOH (    +L?>C=NCIHI@ION=IG?CH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=

@7'6CD@?2=:EJ:D@C56CDm BNNJM >IC ILA  J?>C    

+IGJCFC( "CL;L>C+ -O<?LNI /;N;L?FFC-   .OC=C>?CH<IL>?LFCH?

J?LMIH;FCNS>CMIL>?LG?N; ;H;FSMCM $H%@C5:4!@FC?2=@7'DJ49:2ECJ1IF 

JJ  m BNNJM >IC ILA      

+IOLMB;BLC;L# FCT;>?# -;D;?CHC;&   BCF>BII> GINCIH;F<OM?;H>

IL>?LFCH?+?LMIH;FCNSCMIL>?L!?;NOL?M/B?(?>C;NCHA-IF?MI@NN;=BG?HN

.NSF?;H> GINCIH-?AOF;NCIH  C2?:2?!@FC?2=@7'DJ49:2ECJ=:?:42=

'DJ49@=@8J BNNJM >IC ILA  CDJ=J   

+L;>;+ ;>IO> )C=;MNLI- C?<?H& -`@?H;=BN ;S?L l?<<;HZ

(   (?HN;FCT;NCIH<;M?>NL?;NG?HN(/@IL<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L;GIHA;JIJOF;NCIHI@!L?H=B MJ?;ECHAJ;NC?HNM ?46A92=6 m

 BNNJM >IC ILA  D ?H=?J    

+LC=B;L>%    &7E96E6C>:?2E:@?D@7:?D2?:EJ  ?EC62E:D6@?:?D2?:EJ2?5

@E96C5:D@C56CD27764E:?8E96>:?5 

+LC?<?. B;NNC) ;LHC=IN& L?GH?L. ";AFC; &;NM;EIO l5CHEF?L

(    @@?=NCP?H?MM;H>IMN @@?=NCP?H?MMI@C;F?=NC=;F?B;PCIOL/B?L;JS

@IL.?F@ #;LGCHA+;NC?HNMQCNB+?LMIH;FCNSCMIL>?L+L;AG;NC=-;H>IGCM?>

IHNLIFF?>/LC;F 'DJ49@E96C2AJ2?5'DJ49@D@>2E:4D m 

BNNJM >IC ILA  

+LI<MN/ *q-IOLE?/ ?=E?L1 &$ a'$)" (?S?L. I@CHA?L l+C?B

    @@?=NCP?H?MMI@; 2??E$HJ;NC?HNC;F?=NC=;F?B;PCIL/B?L;JS@IL

IL>?LFCH?+?LMIH;FCNSCMIL>?L !@FC?2=@7'DJ49:2EC:4'C24E:46  m  

  
BNNJM >IC ILA  +- 

+OLCHANIH 2BCNFI=E%   *6=7 ?;FCJ724ED966E+7@C/@FE9,ADE2E6

6?E6C@7I46==6?46 +7@C/@FE9,ADE2E66?E6C@7I46==6?46)6D62C49724ED

2?57:?5:?8D

-;GIM% ( !L;HKO?FI !L;H?MKOC ']J?T   =NCNO>?M

>CM@OH=CIH;F?M?HJ;=C?HN?M=IHNL;MNILHIAL;P?>?J?LMIH;FC>;>CH?MJ?=C@C=C>;>

MCHNIG;NIF]AC=;S=;G<CI =:?:42/*2=F5  m 

BNNJM >IC ILA  D =FSM;    

-;I.;NBS;#?C>;LC+;LP;H?BLI;><?;L%    ?P?FIJG?HNMCH>C;AHIMCM;H>

NL?;NG?HNI@J?IJF?QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L FCC6?E&A:?:@?:?

'DJ49:2ECJ-@=F>6'F3 

-;MGOMM?H . %iLA?HM?H - *qIHHIL( ?HH?>M?H  "I>N&  

iS?- ?LHNM?H   /B?MNLO=NOL?I@J;MN;H>@ONOL??P?HNMCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L?;NCHA>CMIL>?L;H>I<M?MMCP? =IGJOFMCP?

>CMIL>?L 'DJ49@=@8J@7@?D4:@FD?6DD+96@CJ)6D62C492?5'C24E:46  m

 BNNJM >IC ILA  =HM 

-;NBOM% # (CFF?L '   C;F?=NC=;F?B;PCIL/B?L;JS;>;JN?>@ILMOC=C>;F

;>IF?M=?HNM 6-?@?L?H=?M8 *F:4:562?5#:76+9C62E6?:?8692G:@C  

-;OM=B% "Y<?F );AS& &F?CH>C?HMN) #?LJ?LNT.  ?LNM=B&   

$H=L?;M?>N?MNIMN?LIH?F?P?FM;H>=ILNCMIF;Q;E?HCHAL?MJIHM?MCHJ;NC?HNMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L"?H>?L;H>NL;CN;AAL?MMCP?H?MMG;NN?L 

'DJ49@?6FC@6?5@4C:?@=@8J m  

BNNJM >IC ILA  D JMSH?O?H    

  
-?CNT. &FO?NM=B- )C?>N@?F>$ &HILT/ 'CM. +;L?N l.=BG;BF 

  $H=CMCIH;H>MNL?MML?AOF;NCIHCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

)?OLI<CIFIAC=;FG?=B;HCMGMI@M?F@ CHDOLCIOM<?B;PCIOL C:E:D9!@FC?2=@7

'DJ49:2ECJ  m  BNNJM >IC ILA  <DJ <J  

-?HH?<?LA #?LG& #;BH .N;?<F?L& ';GG?LM # -I?JE?. 

  +?L=?JNCIHI@MI=C;FJ;LNC=CJ;NCIHCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

BNNJM >IC ILA  =JJ 

-C=B;L>MIH% /    -?JILN?>G?>C;NILM;H>CH>CPC>O;F>C@@?L?H=?MCHG?HN;F

CG;A?LS $6>@CJ@8?:E:@?m 

BNNJM >IC ILA  !  

-CHH?/ 1;H>?HLCHE2 2ION?LM' 1;HS=E-   ..-$NL?;NG?HNI@

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LL;H>IGCT?>JF;=?<I =IHNLIFF?>=FCHC=;FNLC;F@IL

@?G;F?J;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7

'DJ49:2ECJ   m  BNNJM >IC ILA  ;JJC ;DJ    

-CIOR .ZAOCH% - +;LCM%   C@@?L?HNC;F.OM=?JNC<CFCNSNINB?

HPCLIHG?HN;H>IL>?LFCH?+?LMIH;FCNSCMIL>?L 2CG2C5)6G:6H@7'DJ49:2ECJ 

BNNJM >IC ILA  #-+ 

-CNM=B?F'  &CFJ?F;' .   IL>?LFCH?+?LMIH;FCNSCMIL>?L $H+96

?4J4=@A65:2@7=:?:42='DJ49@=@8JJJ  m #I<IE?H)%0.%IBH2CF?S

.IHM$H= BNNJM >IC ILA    Q<?=J

-I>L[AO?T (?F]H1   +?LMIH;FC>;>@LIHN?LCT;F[GCN?Io<IL>?LFCH?p

=;L;=N?L[MNC=;M?NCIJ;NIAZHC=;M>C;AH]MNC=;MS?PIFONCP;M F256C?@D56

'D:BF:2ECO2@>F?:E2C:2 -?NLC?P?>@LIG

  
BNNJ >C;FH?N OHCLCID; ?M M?LPF?N ;LNC=OFI=I>CAI  CH@IL?MOG?HC>CIG;

.+

-IG?LIF;OM?FF( );P;LLI#;LI( 1 *MG;']J?T% % ";L=[;+;F;=CIM 

  ';J?L=?J=C]H>?=IHNLIF>?F;;HMC?>;>?H?FNL;MNILHIF[GCN?>?F;

J?LMIH;FC>;> X8@C256*2=FE -m 

BNNJM >IC ILA   ;AIL;M;FON    

-IMM?$     FCHC=;F?PC>?H=?MI@<IL>?LF;H>CHM;HCNS !@FC?2=@7%6CG@FD2?5

$6?E2=:D62D6  m BNNJM >IC ILA    



-IMMIOQ/ $ !IH;AS+   (?HN;FCT;NCIH ;M?>/L?;NG?HN@IL.?F@ #;LGCH

>IF?M=?HNM-;H>IGCT?>IHNLIFF?>/LC;F !@FC?2=@7E96>6C:42?4256>J@7

9:=55@=6D46?E'DJ49:2ECJ    m   ? 

BNNJM >IC ILA  % %    

-O<CI1 S+ZL?T   +C2DE@C?@D56=2A6CD@?2=:525 $25C:5=D6G:6C 

-O>>(  (;H>LOMC;E( %ICH?L/    /B?=;M?;A;CHMNHI MOC=C>?

=IHNL;=NM/B?=IGGCNG?HNNINL?;NG?HNMN;N?G?HN;M;JL;=NC=?;FN?LH;NCP? !@FC?2=

@7=:?:42='DJ49@=@8J BNNJM >IC ILA  D=FJ  

-OH?MIH ?MEIQ%    IL>?LFCH?J?LMIH;FCNS>CMIL>?LCHSIOHAMQ?>CMB

MOC=C>?M !@FC?2=@7%6CG@FD2?5$6?E2=:D62D6  m  

BNNJM >IC ILA      

-OI==I  GCLNB;P;M;A;G. BIC &;CH' 2 (=(;CH. !   )?OL;F

=ILL?F;N?MI@H?A;NCP??GINCIH;FCNSCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?LH

;=NCP;NCIH FCE?FCBII> ?MNCG;NCIHG?N; H;FSMCM :@=@8:42='DJ49:2ECJ  m

  
 BNNJM >IC ILA  D <CIJMS=B    

-OI==I  ;L=IH?  .?JN?G<?L  H?OLI<CIFIAC=;FGI>?FI@

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L.SMN?G;NC=;H>CHN?AL;NCP?L?PC?Q 2CG2C5

)6G:6H@7'DJ49:2ECJ /;SFIL;H>!L;H=CM'N> 

BNNJM >IC ILA  #-+ 

-SF? -SF?   IAHCNCP?H;FSNC=/B?L;JS $H2?53@@<@7

'DJ49@E96C2AJ ?E68C2E:@?JJ  m  

BNNJM >IC ILA  G?>JMS=B     

.;GO?FM%   +?LMIH;FCNS>CMIL>?LM JC>?GCIFIAS;H>JO<FC=B?;FNBCMMO?M 

?E6C?2E:@?2=)6G:6H@7'DJ49:2ECJ m 

BNNJM >IC ILA       

.;HMIH?-  .;HMIH?'    "?H>?LJ;NN?LHMCH<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L  ??@G2E:@?D:?=:?:42=%6FC@D4:6?46 m 

.;HN;HA?FI+ . 'CG<?LA?L( ! .NCAFG;SL #IO<?H( IIM?G;HM% 

1?LF?SM?H" l <H?L +LC?G?L0 2   H;FSTCHAMO<=IGJIH?HNMI@

;@@?=NCP?>SML?AOF;NCIHCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH=IGJ;LCMIHNIINB?L

=FCHC=;FALIOJMOMCHAGOFNCJF?? >C;LS>;N;M?NM @C56C=:?6'6CD@?2=:EJ:D@C56C

2?5>@E:@?JDC68F=2E:@?   BNNJM >IC ILA  M    T

.;HNC;AI. ;MNLI. ;\;G?LI "I>IS 1;FP?L>?. (;L=IM   

/?L;JC;C=]HC=;?HCH?MN;<CFC>;>?GI=CIH;F  MNO>CIJL?FCGCH;L F256C?@D56

'D:BF:2ECO2@>F?:E2C:2  m  

.;HNC;AI.   +C2E2?5@W:?6DE23:=:5256>@4:@?2=+6C2A:2 4Q?:42 $25C:5

)64FCD@DE6C2AMFE:4@D5':CL>:561IF  ?> 

  
.;O?L 5;P;F;. ?HNF?S& # 2CFH?L% "   /L;HM>C;AHIMNC=NL?;NG?HNI@

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>=IGIL<C>>CMIL>?LM=FCHC=;FL?JFC=;NCIH

M?LC?M !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C9 99 

.;OH>?LM&   "II>QCH" ( -IA?LM-    IL>?LFCH?J?LMIH;FCNS

>CMIL>?L<ONHIN?ONBSGC=<CJIF;L>CMIL>?LCM;MMI=C;N?>QCNB;@;CFOL?NIMOMN;CH

L?=CJLI=;F=IIJ?L;NCP?<?B;PCIOLCGJFC=;NCIHM@ILMJ?=NLOGGI>?FMI@GII>

>CMIL>?LM BNNJM >IC ILA .    

.=B?LJC?N. L`BF  *JC;FF;. -INB' %YH=E?' #?LQCA0   

FN?L?>?GINCIHJLI=?MMCHA=CL=OCNM>OLCHANB?;HNC=CJ;NCIHI@?GINCIH;FMNCGOFCCH

QIG?HQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L FC@A62?C49:G6D@7'DJ49:2ECJ2?5

=:?:42=%6FC@D4:6?46  m BNNJM >IC ILA M     R

.=BCFFCHA1 ) ' . ISF?& . -O<?F%  !F`=ECA?L 5CGG?LG;HH 

'ONT2    +;NC?HNMq;H>/B?L;JCMNMq=NCIHMIHNB?+L?=CJC=?I@B;HA?

.?MMCIH+LI=?MM?M?@IL?.O>>?H";CHM;H>.O>>?H'IMM?M !@FC?2=@7

'DJ49@E96C2AJ ?E68C2E:@?9EEAD 5@ BNNJM >IC ILA  CHN 

.=BG;BF ;OGAYLNH?L0   +;CHCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

$@56C?+C6?5D:?'92C>24@ADJ49:2ECJ  m  

BNNJM >IC ILA   

.=BG;BF #?LJ?LNT.  ?LNM=B&  H>?" !FIL# &CLM=B+ lIBOM( 

  (?=B;HCMGMI@>CMNOL<?>?GINCIHJLI=?MMCHA;H>MI=C;FCHN?L;=NCIHCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LMN;N?I@EHIQF?>A?;H>L?M?;L=B;A?H>;I@NB?

"?LG;HFCHC=;F-?M?;L=B0HCN @C56C=:?6'6CD@?2=:EJ:D@C56C2?5>@E:@?

  
JDC68F=2E:@?    BNNJM >IC ILA     

.=BH?C>?L&   !ILNM=BLCNN?>?L)?OLIFIAC? +SM=BC;NLC? @CED49C:EE66C

%6FC@=@8:6'JD49:2EC:6  m 

.=BIL? )   /B?LCABN<L;CHCGJFC=CNM?F@FC?M;NNB?=IL?I@JMS=BI;H;FSMCM 

'DJ49@2?2=JE:4:2=@8F6D BNNJM >IC ILA     

.=BOFT?' .=BG;BF )C?>N@?F>$  ; )?OL;FILL?F;N?MI@CMNOL<?>

GINCIH+LI=?MMCHACHIL>?LFCH?+?LMIH;FCNSCMIL>?L(OFNCGI>;F(?N;

H;FSMCM :@=@8:42='DJ49:2ECJm 

BNNJM >IC ILA  D <CIJMS=B    

.=BOFT?' .=BG;BF )C?>N@?F>$  < )?OL;FILL?F;N?MI@CMNOL<?>

GINCIH+LI=?MMCHACHIL>?LFCH?+?LMIH;FCNSCMIL>?L(OFNCGI>;F(?N;

H;FSMCM :@=@8:42='DJ49:2ECJm 

BNNJM >IC ILA  D <CIJMS=B    

.=BOJJ?LN# ( "C?M?H FII% 1;H"?G?LN/ " 2C?LM?G;# ( (CH>?L;;- 

  GG?FE;GJ+ ( " );ON;( #    @@?=NCP?H?MMI@;H?GINCIH

L?AOF;NCIHALIOJNL;CHCHA@IL;>IF?M=?HNM L;H>IGCT?>=IHNLIFF?>JCFINMNO>S 

=:?:42='DJ49@=@8J2?5'DJ49@E96C2AJ m 

BNNJM >IC ILA  =JJ 

.?CA?LG;H( - ?NNM% & #OF<?LN (=&?=BHC? -;SH?L1 & %IP?P( 

lB;H?H (    MNO>S=IGJ;LCHANB??RJ?LC?H=?MI@@;GCFS;H>@LC?H>M

I@SIOHAJ?IJF?QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L@?;NOL?MQCNB@;GCFS;H>

@LC?H>MI@SIOHAJ?IJF?QCNBINB?LM?LCIOMCFFH?MM?M;H>A?H?L;FJIJOF;NCIH;>OFNM 

@C56C=:?6'6CD@?2=:EJ:D@C56C2?5>@E:@?JDC68F=2E:@?   

  
BNNJM >IC ILA  M    

.?GJZLN?AOC"  &;LL?G;H LHNT ?EE?L( # %   .=B?G;

NB?L;JS@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L=IGJL?B?HMCP?L?PC?QI@CNM

?GJCLC=;F@IOH>;NCIHM?@@?=NCP?H?MM;H>CGJF?G?HN;NCIHJIMMC<CFCNC?M =:?:42=

'DJ49@=@8J)6G:6H BNNJM >IC ILA  D =JL   

.B?H  #O' 4 #O4 #   IGIL<C>CNSMNO>SI@<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L;JJFSCHA;MMI=C;NCIHLOF?GCHCHANINB?/;CQ;HH;NCIH;F

B?;FNBCHMOL;H=?L?M?;L=B>;N;<;M? $$65:42= ?7@C>2E:4D2?564:D:@?

$2<:?8   m BNNJM >IC ILA  M     

.B?LLS 2BCF>?( -   @C56C=:?6'6CD@?2=:EJ:D@C56C  ?$6CD6?

!)@DBG:DE5D2?53@@<@7ADJ49@=@8:42=2DD6DD>6?E42D64@?46AEF2=:K2E:@?

2?5EC62E>6?E1IF   

.C?P?L' % /ILA?LM?H. "OH>?LMIH% " 'CP?MF?S2 % &?H>F?L& .   

/B?<IL>?LFCH?>C;AHIMCM$$$$>?HNC@SCHA?H>IJB?HINSJ?M@ILA?H?NC=MNO>C?M 

:@=@8:42='DJ49:2ECJ BNNJM >IC ILA .     

.CAH?L.  MN?LG;HH%;HM?H- .;=BM?- ;MJ;L! &L;G?L0   .I=C;F

CHN?L;=NCIHJ;NN?LHMNB?L;JCMNL?MJIHMCP?H?MM;H>ION=IG?CHNL?;NG?HNM@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 'DJ49@=@8J2?5'DJ49@E96C2AJ+96@CJ)6D62C49

2?5'C24E:46 BNNJM >IC ILA J;JN 

.CF<?LMQ?CA F;LECH% ! "IF>MN?CH( &?LH<?LA* ! /O?M=B?L* '?PS& 

) l.N?LH  ; !;CFOL?I@@LIHNIFCG<C=CHBC<CNILS@OH=NCIHCHNB?=IHN?RN

I@H?A;NCP??GINCIHCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7

'DJ49:2ECJ   m  BNNJM >IC ILA  ;JJC ;DJ    

  
.CF<?LMQ?CA F;LECH% ! "IF>MN?CH( &?LH<?LA* ! /O?M=B?L* '?PS& 

) l.N?LH  < !;CFOL?I@@LIHNIFCG<C=CHBC<CNILS@OH=NCIHCHNB?=IHN?RN

I@H?A;NCP??GINCIHCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7

'DJ49:2ECJ   m  BNNJM >IC ILA  ;JJC ;DJ    

.CHA?L%  .;FIP?S+   +96C6>6>36C65D6=76>@E:@?2?5>6>@CJ:?

A6CD@?2=:EJ %6H/@C<+96C66'C6DD

.EI>IF    .=C?HNC@C=CMMO?MCHNB?L?PCMCIHI@J?LMIH;FCNS>CMIL>?LM@IL.(

 '6CD@?2=:EJ2?5$6?E2=62=E9 BNNJM >IC ILA  JGB  

.EI>IF  "OH>?LMIH% " (="F;MB;H/ # S=E$ - .NION- ' ?H>?L 

. l*F>B;G% (   !OH=NCIH;FCGJ;CLG?HNCHJ;NC?HNMQCNBM=BCTINSJ;F

<IL>?LFCH?;PIC>;HNILI<M?MMCP? =IGJOFMCP?J?LMIH;FCNS>CMIL>?L >6C:42?

!@FC?2=@7'DJ49:2ECJ m BNNJM >IC ILA  ;JJC ;DJ   

.EI>IF  "OH>?LMIH% " +@IBF 2C>CA?L/  'CP?MF?S2 % .C?P?L' 

%   /B?<IL>?LFCH?>C;AHIMCM$+MS=BIJ;NBIFIAS=IGIL<C>CNS;H>

J?LMIH;FNCNSMNLO=NOL? :@=@8:42='DJ49:2ECJ BNNJM >IC ILA . 

   

.EI>IF  +;A;HI(  ?H>?L . .B?;( / "OH>?LMIH% " 4?H. l

(="F;MB;H/ #   .N;<CFCNSI@@OH=NCIH;FCGJ;CLG?HNCHJ;NC?HNMQCNB

M=BCTINSJ;F<IL>?LFCH?;PIC>;HNILI<M?MMCP? =IGJOFMCP?J?LMIH;FCNS>CMIL>?L

IP?LNQIS?;LM 'DJ49@=@8:42=$65:4:?6 m 

BNNJM >IC ILA .    3

.EI>IF  .C?P?L' % 'CP?MF?S2 % "OH>?LMIH% " +@IBF 2C>CA?L/ 

   /B?<IL>?LFCH?>C;AHIMCM$$CIFIASA?H?NC=M;H>=FCHC=;F=IOLM? 

  
:@=@8:42='DJ49:2ECJ BNNJM >IC ILA .     

.I?N?G;H $ -ICD?H' # 1;H1?LB?OF- OMM=B<;=B% % 1   /B?

?=IHIGC=<OL>?HI@J?LMIH;FCNS>CMIL>?LMCHG?HN;FB?;FNB=;L? !@FC?2=@7=:?:42=

'DJ49:2ECJm BNNJM >IC ILA   %+ PH  

.I?N?G;H $ 1?LB?OF- OMM?B<;?B% % 1   /B?<OL>?HI@>CM?;M?CH

J?LMIH;FCNS>CMIL>?LMC;AHIMCM MJ?=C@C=KO;FCNSI@FC@? !@FC?2=@7'6CD@?2=:EJ

:D@C56CD m BNNJM >IC ILA  J?>C     

.IF?L% IG[HAO?T F;PZ ";L=[; -CTI 1?A;  FC=?M( (;LN[H F;H=I

 l+;M=O;F%    1;FC>;=C]H>?F;P?LMC]H?MJ;\IF;>?F(='?;H

.=L??HCHA$HMNLOG?HN@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L )6G:DE256'D:BF:2ECO2/

*2=F5$6?E2= BNNJM >IC ILA  D LJMG    

.IF?L% +;M=O;F%  /C;H;/ ?<LCX ;LL;=BCH;% ;GJCHM( % l+ZL?T

1   C;F?=NC=;F<?B;PCIOLNB?L;JSMECFFMNL;CHCHA=IGJ;L?>NIMN;H>;L>ALIOJ

NB?L;JSCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L GIHNBL;H>IGCM?>=IHNLIFF?>

=FCHC=;FNLC;F 692G:@FC)6D62C492?5+96C2AJm 

BNNJM >IC ILA  D <L;N   

.IF?L% +MS +;M=O;F%  ;GJCHM% ;LL;=BCH;% +OCA>?GIHN l+ZL?T

1   /B?L;JS+FOM*F;HT;JCH?@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L >6C:42?

!@FC?2=@7'DJ49:2ECJ    m  

.IF?L% 1;F>?JZL?T !?FCO .IF?L +;M=O;F%  +ILN?FF;( % (;LN[H F;H=I

 l+ZL?T1    @@?=NMI@NB?>C;F?=NC=;F<?B;PCIL;FNB?L;JS GCH>@OFH?MM

GI>OF?IH;NN?HNCIHCHJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 692G:@FC

)6D62C492?5+96C2AJ   m  BNNJM >IC ILA  D <L;N   

  
.IF?L% 1?A; !?FCO .IF?L /LODIFM% .INIt  FC=?M( l+;M=O;F%  

  1;FC>;NCIHI@NB?.J;HCMBP?LMCIHI@NB?<IL>?LFCH?MSGJNIGFCMNMBILN

@ILG.'  $'DJ49:2ECJ BNNJM >IC ILA   3  

.IFI@@+ # 'SH=B& " &?FFS/ (   BCF>BII>;<OM?;M;LCME@;=NIL@IL

MOC=C>;F<?B;PCILCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7'6CD@?2=:EJ

:D@C56CD  m  BNNJM >IC ILA  J?>C    

.IMC= 1;MC=5  <?LB;L>N% IM=B%  IGG?M' ';<?E& O=BB?CG 

1CPC;HC-   (CLLILH?OLIH;=NCP;NCIHMCH?H=I>CHAI@JMS=BC=J;CHCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L %6FC@ >286=:?:42= 

BNNJM >IC ILA  D HC=F   

.J?;L'   +966G6=@A:?8C2:?2?55@=6D46?E+JA:42=692G:@C'2EE6C?D ?

5@=6D46?E'DJ49@A2E9@=@8J2?5E966G6=@A:?8C2:? ?E68C2E:?8C2:?2?5

'C6G6?E:@?*4:6?46

.J?;LM + .OFFCP;H. - (;LCH' & "II>G;H(   .OC=C>;F-CME;H>

(;H;A?G?HNCHIL>?LFCH?+?LMIH;FCNSCMIL>?L $65:42=)6D62C49C49:G6D

  BNNJM >IC ILA   GL; PC 

.JCNT?L- '   /B?.NLO=NOL?>FCHC=;F$HN?LPC?Q@IL.( $$$ -.$ 

C49:G6D@76?6C2='DJ49:2ECJ 

BNNJM >IC ILA ;L=BJMS=     

.N;HF?S LI>MES )?FMIH%  OFCN-   LC?@C;F?=NC=;F?B;PCIL

/B?L;JS/ @ILMOC=C>;F<?B;PCIL;H>HIH MOC=C>;FM?F@CHDOLS C49:G6D@7

*F:4:56)6D62C49 m BNNJM >IC ILA     

.N;HF?S LIQH" &   .;@?NS+F;HHCHA$HN?LP?HNCIHLC?@$HN?LP?HNCIH

  
NI(CNCA;N?.OC=C>?-CME @8?:E:G62?5692G:@C2='C24E:46 m 

BNNJM >IC ILA  D =<JL;  

.N??F?# .C?P?L'   H;NN;=BG?HNJ?LMJ?=NCP?IH<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L>P;H=?MCHA?H? ?HPCLIHG?HN=IHMC>?L;NCIHM FCC6?E'DJ49:2ECJ

)6A@CED BNNJM >IC ILA M    

.N?CH<?LA % /L?MNG;H- (CNLIJIOFIO1 .?L<S( .CFP?LG;H% I==;LI 

l.C?P?L' %   ?JL?MMCP?L?MJIHM?NIJBSMIMNCAGCH?=B;FF?HA?CH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LJ;NC?HNM %6FC@ADJ49@A92C>24@=@8J m

 BNNJM >IC ILA  .  3  

.N?JJ.    ?P?FIJG?HNI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH;>IF?M=?H=?;H>

SIOHA;>OFNBII>$HNLI>O=NCIHNINB?MJ?=C;FM?=NCIH !@FC?2=@73?@C>2=9:=5

'DJ49@=@8J BNNJM >IC ILA M    

.N?JJ.  OLE?%  #CJQ?FF  'I?<?L-   /L;D?=NILC?MI@;NN?HNCIH

>?@C=CNBSJ?L;=NCPCNS>CMIL>?L;H>IJJIMCNCIH;F>?@C;HN>CMIL>?LMSGJNIGM;M

JL?=OLMILMI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?LMSGJNIGMCH;>IF?M=?HNACLFM !@FC?2=

@73?@C>2=9:=5'DJ49@=@8J  m BNNJM >IC ILA M  

 

.N?JJ.   JF?L % %;BHA. /LOFF/ %   /B??@@?=NI@>C;F?=NC=;F

<?B;PCILNB?L;JSMECFFMOM?IH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L@?;NOL?M !@FC?2=@7

'6CD@?2=:EJ:D@C56CD m BNNJM >IC ILA  J?>C     

.N?LH   +MS=BI;H;FSNC=$HP?MNCA;NCIHI@;H>/B?L;JSCHNB?IL>?L'CH?"LIOJ

I@)?OLIM?M +96'DJ49@2?2=JE:4(F2CE6C=Jm 

BNNJM >IC ILA      

  
.N?P?HMIH% (?;L?M- qHA?FI-   !CP? S?;LION=IG?I@IONJ;NC?HN

JMS=BINB?L;JSQCNB<IL>?LFCH?J;NC?HNM 'DJ49@=@8:42=$65:4:?6  m 

BNNJM >IC ILA .    

.NI@@?LM 2CHN?LFCHA% ( 1^FFG  -`=E?L" /CGG?L #O<;H>) 'C?<

&   +MS=BIFIAC=;FNB?L;JC?M@ILJ?IJF?QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

@49C2?62E232D6@7*JDE6>2E:4)6G:6HD 

BNNJM >IC ILA      JO<

.NI@@?LM% ( 1^FFG  -`=E?L" /CGG?L #O<;H>) 'C?<&   

+MS=BIFIAC=;FNB?L;JC?M@ILJ?IJF?QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L @49C2?6

2E232D6@7*JDE6>2E:4)6G:6HD m 

BNNJM >IC ILA      JO<

.NI@@?LM% 1^FFG  -`=E?L" /CGG?L #O<;H>) 'C?<&  

+B;LG;=IFIAC=;FCHN?LP?HNCIHM@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L @49C2?6

2E232D6@7*JDE6>2E:4)6G:6HD BNNJM >IC ILA    =>  JO<

.NIH?(    +9672E6@73@C56C=:?6A2E:6?EDDF446DD7F=@FE4@>62?5ADJ49:2EC:4

AC24E:46 %6H/@C<F:=7@C5'C6DD 

.NLCHA?L P;H(?CD?F &I?EEI?E &?LEBI@ ??EG;H  

IFF;<IL;NCP?;L?@ILJ;NC?HNMQCNBM?P?L?<IL>?LFCH?;H>)*.J?LMIH;FCNS

>CMIL>?LM=IGJ;L;NCP?GOFNCJF?=;M?MNO>SIHJLI=?MM?M;H>ION=IG?M $

'DJ49:2ECJ BNNJM >IC ILA   3 

/;SFIL% %;G?M' ( I<;>CFF;' -??P?M(    .=L??HCHA@IL

CMCHBC<CN?>CMIL>?L;M?MCH;IFF?A?+IJOF;NCIH+?L@ILG;H=?I@NB?.(./

./.$ $$ ,;H>+,  'DJ49@=@8:42=DD6DD>6?E  m 

  
BNNJM >IC ILA  ; 

/?G?M ( !L;HE?H<OLA! - !CNTG;OLC=?" ( 5;H;LCHC(    

?;NBM<SMOC=C>?;H>INB?L=;OM?M;GIHAJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L;H>J?LMIH;FCNS >CMIL>?L?>=IGJ;LCMIHMO<D?=NMIP?LS?;LMI@

JLIMJ?=NCP?@IFFIQ OJ !@FC?2=@7=:?:42='DJ49:2ECJ   m 

BNNJM >IC ILA   %+ G 

N?H#;P?( 1?LB?OF- &;;M?H<LII> P;HILMM?F;?L. /OCNBI@( &F?CHD;H

( >?"L;;@-   +L?P;F?H=?L;N?MI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

MSGJNIGMMNO>S<;M?>IHNB?)?NB?LF;H>M(?HN;F#?;FNB.OLP?S;H>$H=C>?H=?

.NO>S  $'DJ49:2ECJ   BNNJM >IC ILA  M    R

/IGEI- ' /LOFF/ % 2II>+ & .B?L& %   B;L;=N?LCMNC=MI@

<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCH;=IGGOHCNSM;GJF?IGIL<C>CNSNL?;NG?HN

ONCFCT;NCIH;H>A?H?L;F@OH=NCIHCHA !@FC?2=@7'6CD@?2=:EJ:D@C56CD m

 BNNJM >IC ILA  J?>C9 99 

/ILL?MC?AI+;>CFF;(;LNCH?T(;LN[H) MJCH%;CG?%%CGZH?TLLC?LI(  

   FNL;N;GC?HNIALOJ;F>?;>IF?M=?HN?M=IHNL;MNILHIMAL;P?M>?F;

J?LMIH;FC>;>}0H;;JLIRCG;=C]H=IHN?RNO;F"LIOJNB?L;JS@IL;>IF?M=?HNMQCNB

M?P?L?J?LMIH;FCNS>CMIL>?LM})6G:DE256#2D@4:24:Q?DA2P@=256

%6FC@AD:BF:2ECO2  m BNNJM >IC ILA  . 

   

/ILN?FF; !?FCO( ;\IM- ( ;LL;HN?M) IN?FF; !?LHWH>?T L;H>;! 

";L=[; ;GJ;SI% l1WTKO?T   /B?=B;FF?HA?I@JMS=BIFIAC=;F

L?M?;L=BIHG?HN;FB?;FNB =:?:42/*2=F5  m 

  
BNNJM >IC ILA  D =FSM;    

/LOFF/ % .IFB;H(  /L;A?MM?L. ' %;BHA. 2II>+ & +C;M?=EC/ ( 

2;NMIH   @@?=NCP?$HMN;<CFCNS(?;MOLCHA;IL?!?;NOL?I@IL>?LFCH?

+?LMIH;FCNSCMIL>?L2CNB =IFIAC=;F(IG?HN;LSMM?MMG?HN !@FC?2=@7

3?@C>2='DJ49@=@8J m BNNJM >IC ILA  ; 

/O=E?L ( (IFF?L'   +96>6E2>@CA9@D:D:?5:G:5F2E:@?2?5E96

25@=6D46?E3C2:?  ?)@6C.2=<6C5D5@=6D46?EADJ49@A2E9@=@8J

2?5E9625@=6D46?E3C2:? 

/OLH?L % CRIH "IL>IH& ' OMNCH.  -I>LCAO?T(  5;=B;LS

-IM?HNB;F( B;JG;H '   )IH MOC=C>;FM?F@ CHDOLSQCNB;H>

QCNBION<IL>?LFCH?J?LMIH;FCNS>CMIL>?LC@@?L?H=?MCHM?F@ CHDOLS;H>>C;AHIMNC=

=IGIL<C>CNS 'DJ49:2ECJ)6D62C49  m 

BNNJM >IC ILA  D JMS=BL?M    

/OLH?L .?<;MNC;H /`M=B?L*  (;L=B  $GJOFMCPCNS;H>FOMN?L

+?LMIH;FCNSCMIL>?LM FCC6?E'DJ49:2ECJ)6A@CED OLL?HN(?>C=CH?"LIOJ''

BNNJM >IC ILA M    

/OLH?L- (   );NOL;FCMNC=?P;FO;NCIHI@>C;F?=NC=;F<?B;PCILNB?L;JS ILC?HN?>

NL?;NG?HN@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L @8?:E:G62?5692G:@C2='C24E:46

 m  BNNJM >IC ILA .     

/OMC;HC HA+ 4?IG;HM!   IL>?LFCH?+?LMIH;FCNSCMIL>?L;LLC?LMNI

IL>?LFCH?+?LMIH;FCNSCMIL>?L/L?;NG?HN;H>*JJILNOHCNC?M@IL>PI=;=S 

'DJ49:2EC:4=:?:4D@7%@CE9>6C:42 BNNJM >IC ILA  D JM=    

/SL?L+   /B?=F;MMC@C=;NCIHI@J?LMIH;FCNS>CMIL>?LMCH$ $GJFC=;NCIHM@IL

  
@IL?HMC=JMS=BC;NLS C:>:?2=692G:@FC2?5$6?E2=62=E9 

BNNJM >IC ILA  =<G  

/SL?L+ F?R;H>?L%   F;MMC@C=;NCIHI@J?LMIH;FCNS>CMIL>?L C:E:D9!@FC?2=

@7'DJ49:2ECJ  m  BNNJM >IC ILA  <DJ   

1;C .@ILTCHC' 1CMCHNCHC- -C<?LNI( OFA;L?FFC "BCAFCHI l

?H?>?NNC!   ILNC=IFCG<C==IHH?=NCPCNSG?>C;N?MNB?L?F;NCIHMBCJ<?NQ??H

;>P?LM?=BCF>BII>?RJ?LC?H=?M;H>MSGJNIGM?P?LCNSCH<IL>?LFCH?J?LMIH;FCNS

>CMIL>?L %6FC@ADJ49@3:@=@8J m  BNNJM >IC ILA   

1;F?HNCH?.  ;HEI@@. ( +IOFCH- ( -?C>F?L  +;HN;FIH? 2 

  /B?0M?I@C;F?=NC=;F?B;PCIL/B?L;JS.ECFFM/L;CHCHA;M.N;H> FIH?

/L?;NG?HN.SMN?G;NC=-?PC?QI@NB?/L?;NG?HN*ON=IG?'CN?L;NOL? !@FC?2=@7

=:?:42='DJ49@=@8J   m BNNJM >IC ILA  D=FJ  

1;HMM?FN  $ CLEM?H  LHNT "C?M?H FII% # 1;HS=E- 

.JCHBIP?H+ l.?P?L?HM% '   *ON J;NC?HNJMS=BINB?L;JS@IL<IL>?LFCH?

J?LMIH;FCNS>CMIL>?LIMN ?@@?=NCP?H?MMI@M=B?G; @I=OM?>NB?L;JSP NL;HM@?L?H=?

@I=OM?>JMS=BINB?L;JS C:E:D9!@FC?2=@7'DJ49:2ECJ   m 

BNNJM >IC ILA  <DJ <J  

1;H*L>?H&  2CNN?/ & OELIQC=T&  L;CNBQ;CN?. - .?F<S  

%ICH?L/    /B?$HN?LJ?LMIH;F/B?ILSI@.OC=C>? 'DJ49@=@8:42=)6G:6H

m BNNJM >IC ILA  ; 

1;H-??EOG-   =KOCL?>;H>>?P?FIJG?HN;F<L;CH>SM@OH=NCIHCH<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L $H2?25:2?!@FC?2=@7'DJ49:2ECJ1IF  

P;H5ONJB?H' .C?J) %;=I<"  IG?M" .JL?HA?L 2CFF?H<ILA l

  
LHNT   FQ;SMIHAO;L> GINCIHL?AOF;NCIHCHQIG?HQCNB<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L=IGJ;L?>NIHIHJ;NC?HN=IHNLIFM;H>J;NC?HNMQCNB=FOMN?L 

J?LMIH;FCNS>CMIL>?L !@FC?2=@7'DJ49:2ECJ2?5%6FC@D4:6?46  m 

BNNJM >IC ILA   DJH  

1;H>>?L&IFE    +963@5J<66ADE96D4@C63C2:?>:?52?53@5J:?E96

962=:?8@7EC2F>2 %F6G2/@C<%/-:<:?8'C6DD 

1;HHO==C( +?F;A;NNC BCILLC (;TTIHC"   1CMO;FI<D?=NCG;A?LS

;H>;ONI<CIAL;JBC=;FG?GILS*<D?=N$G;A?LM;L?<?NN?L;NL?G?G<?LCHANB?CL

J?LMIH;FJ;MN $6>@CJ m 

BNNJM >IC ILA     

2;FE?L - (="??-  LOMM "   (ILN;FCNSCHG?HN;F>CMIL>?LM;H>

AFI<;F>CM?;M?<OL>?HCGJFC=;NCIHM;MSMN?G;NC=L?PC?Q;H>G?N; ;H;FSMCM !$

'DJ49:2ECJ m BNNJM >IC ILA D;G;JMS=BC;NLS    

2;FE?L2 - .EIQLIHMEC% % /BIGJMIH +   'C@?CM+F?;M;HN H>

(?GILS#?FJMNI&??J$NNB;N2;S)6G:6H@76?6C2='DJ49@=@8J m

 BNNJM >IC ILA       

2;GJIF>  (IH>CH" 2 (II>S( .NC=B! ?HMIH& BH# ) 

  G?N; ;H;FSMCMI@ION=IG?MNO>C?M=IGJ;LCHA<IH;@C>?JMS=BINB?L;JC?M

GJCLC=;FFSo;FFGOMNB;P?JLCT?M p'DJ49@=@8:42=F==6E:?  m  

BNNJM >IC ILA        

2;HA / '??. . .CAG;H( ;JL?NNI(   ?P?FIJG?HN;F=B;HA?MCH

NB?H?OL;F<;MCMI@CHN?LJL?NCHA=IGGOHC=;NCP?CHN?HN *@4:2=@8?:E:G62?5

7764E:G6%6FC@D4:6?46  m  BNNJM >IC ILA  M=;H HMF 

  
2;MB<OLH% % +INNBI@@' ( %OTQCH& - .NS?L (   MM?MMCHA.(

HIHMOC=C>;FM?F@ CHDOLS>CMIL>?LCH;=FCHC=;FM;GJF? 'DJ49@=@8:42=DD6DD>6?E

  m BNNJM >IC ILA  J;M  

2?CH<?LA$ "OH>?LMIH% " #?HH?H% ONN?L %   (;HO;F;MMCMN?>

=IAHCNCP?NL?;NG?HN@IL>?FC<?L;N?M?F@ B;LGCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

J;NC?HNM !@FC?2=@7'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C     

2?CMM( 5?FEIQCNT+ !?F>G;H-  1IA?F% #?SG;H( +;LCM%   

+MS=BIJ;NBIFIASCHI@@MJLCHAI@GINB?LMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

JCFINMNO>S 2?25:2?!@FC?2=@7'DJ49:2ECJ m 

BNNJM >IC ILA      

2?H #OHA& 0 * ";FFI% % /C?H 4   $H=C>?H=?I@MOC=C>?C>?;NCIH

;H>;NN?GJNMCH;>OFNM/B?  S?;L@IFFIQ OJI@;=IGGOHCNSM;GJF?CH

;FNCGIL?(;LSF;H> 'DJ49@=@8:42=$65:4:?6   m  

BNNJM >IC ILA .   

2?MM=BIF;L2 "LCFI ( .;HCMFIQ  .EI>IF  "OH>?LMIH% " .NION

- ' l.B?;( /   #@?8:EF5:?2=5:28?@DE:4677:4:6?4J@7*$ -

4C:E6C:27@C3@C56C=:?6#@?8:EF5:?2=5:28?@DE:4677:4:6?4J@7*$ -4C:E6C:27@C

3@C56C=:?6A6CD@?2=:EJ5:D@C56C2 J62CAC@DA64E:G6DEF5JA6CD@?2=:EJ5:D@C56C2

J62CAC@DA64E:G6DEF5J)64@>>6?565:E2E:@?)64@>>6?565:E2E:@? 

-?NLC?P?>@LIGBNNJM Q?MM=BIF;L Q?MF?S;H ?>O >CP@;=JO<M  

2?aF;O FIIM( #^@FCHA1 .N?CF-   1CMO;FG?HN;FCG;A?LS;H>

MSGJNIGMI@>?JL?MMCIHmL?MOFNM@LIG;F;LA? M=;F?Q?< <;M?>MNO>S $

  
'DJ49:2ECJ    BNNJM >IC ILA  M    

2?MN?H ?N;H ?@C@?%    $>?HNCNS>CMNOL<;H=?CH;>IF?M=?H=?

MMI=C;NCIHMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 6G6=@A>6?E2?5

'DJ49@A2E9@=@8J   m  BNNJM >IC ILA  .   

2?NN?L<ILA   $6?H:E93@C56C=:?6A6CD@?2=:EJ5:D@C56C2?52?E:D@4:2=

3692G:@FC4=:?:42=492C24E6C:DE:4D56G6=@A>6?E2=A6CDA64E:G6D2?5:?E6CG6?E:@?D

+96D:D7@C@4E@C2=68C66"2C@=:?D<2 ?DE:EFE6E 

2CF<?LA/ 0LH?Me !LCCM. $LCIH/ +?>?LM?H" &;LN?LO>.   *H?

S?;L@IFFIQ OJI@>;SNL?;NG?HN@ILJIILFS@OH=NCIHCHAJ;NC?HNMQCNBJ?LMIH;FCNS

>CMIL>?LM 'DJ49:2EC:4*6CG:46D   m  

BNNJM >IC ILA  JM  

2CFECHMIH -S;H/ 2?MN?H   $>?HNCNS>CMNOL<;H=?CH<IL>?LFCH?

J?LMIH;FCNS>CMIL>?LH?GJCLC=;FCHP?MNCA;NCIH >6C:42?!@FC?2=@7'DJ49:2ECJ

m BNNJM >IC ILA  ;JJC ;DJ   

2CFECHMIH+ &?FPCH- -I<?LNM O<C=E; "II>S?L$   FCHC=;F;H>

JMS=BIMI=C;FJL?>C=NILMI@MOC=C>?;NN?GJNM;H>HIHMOC=C>;FM?F@ CHDOLSCHNB?

>IF?M=?HN?JL?MMCIHHNC>?JL?MM;HNM;H>+MS=BINB?L;JS/LC;F+/ 

>6C:42?!@FC?2=@7'DJ49:2ECJ m 

BNNJM >IC ILA  ;JJC ;DJ    

2CFFCM! &OHCMM. &F?CH>C?HMN) );IOG% -?CNT. IFF. l.=BG;BF 

  /B?LIF?I@HI=C=?JNCP?CHJON;H>NCMMO?CHDOLSIHMNL?MML?AOF;NCIHCH

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L '2:? m 

BNNJM >IC ILA  D J;CH 

  
2CHIAL;>" IB?H+ B?H#   >IF?M=?HN<IL>?LFCH?MSGJNIGMCHNB?

=IGGOHCNS+LIAHIMCM@IL@OH=NCIHCHAIP?L S?;LM !@FC?2=@79:=5'DJ49@=@8J

2?5'DJ49:2ECJ2?5==:65:D4:A=:?6Dm 

BNNJM >IC ILA D      R

2CHN?L   NN?HNCIHNI?GINCIH;FMNCGOFCCH<IL>?LFCH?J?LMIH;FCNS>CMIL>?L ;

L?PC?QI@NB?CH@FO?H=?I@>CMMI=C;NCIHM?F@ L?@?L?H=?;H>JMS=BINB?L;J?ONC=

CHN?LP?HNCIHM @C56C=:?6'6CD@?2=:EJ:D@C56C2?5>@E:@?JDC68F=2E:@? 

BNNJM >IC ILA  M    T

2HOE. (=(;CH. 'CHEM+ . #;<CHMEC' (OLL;S% "OCGIH>/   

!;=NILML?F;N?>NI>LIJION@LIGNL?;NG?HNCHNQIIONJ;NC?HNNL?;NG?HNM@IL

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m 

BNNJM >IC ILA  J?>C9 99 

2IFE  &?H>;FF+  ?C>;M- .   IAHCNCP? <?B;PCIL;FNB?L;JS@IL

=BCF>;HRC?NS=IH@?LMFIHA N?LGJLIN?=NCIH@LIGMOC=C>;FCNS !@FC?2=@7E96

>6C:42?4256>J@79:=52?55@=6D46?E'DJ49:2ECJ m  

BNNJM >IC ILA  D D;;=    

2IHA% ;BDC &B;FC> &B;H.   +MS=BINB?L;JC?M@IL>IF?M=?HNMQCNB

.O<=FCHC=;F;H>IL>?LFCH?+?LMIH;FCNSCMIL>?L.SMN?G;NC=-?PC?Q;H>(?N;

H;FSMCM 2?25:2?!@FC?2=@7'DJ49:2ECJ 

BNNJM >IC ILA    

2ILF>#?;FNB*LA;HCT;NCIH   *F:4:56AC6G6?E:@?8=@32=:>A6C2E:G6 *F:4:56

'C6G6?E:@? BNNJM >IC ILA      

4;F=B( ( #IJQII> % !?BIH  "LCFI (   /B?CH@FO?H=?I@

  
<IL>?LFCH?J?LMIH;FCNS@?;NOL?MIHCHJ;NC?HN;>IF?M=?HNMOC=C>?LCME '6CD@?2=:EJ

:D@C56CD+96@CJ)6D62C492?5+C62E>6?E m 

BNNJM >IC ILA  J?L 

4;HA( IC>% /SL?L+   +?LMIH;FCNS+;NBIFIASL?=IL>?><SM?P?LCNS

H;NCIH;FMOLP?S C:DE:D9!@FC?2=@7'DJ49:2ECJ  m  

4?H. 2?CHMNI=E' ( H>IP?L( . .B??NM . .?F<S  .JCLCNI 

  +LIMJ?=NCP?JL?>C=NILMI@;>IF?M=?HNMOC=C>;FCNS GIHNBJIMN

BIMJCN;FCT;NCIH@IFFIQ OJ 'DJ49@=@8:42=$65:4:?6 m 

BNNJM >IC ILA .     

4?IG;HM!    /L;HM@?L?H=? @I=OM?>JMS=BINB?L;JS 'DJ49:2EC:4??2=D 

BNNJM >IC ILA        

4?IG;HM!  '?PS& ) ;FCAIL   /L;HM@?L?H=? @I=OM?>

JMS=BINB?L;JS 'DJ49@E96C2AJ m BNNJM >IC ILA  ;  

4INI &;NMOOL;/ $Q;H;A;& .BCGIGOL;4    @@?=NMI@I<D?=N=IFIL

MNCGOFCIHBOG;H<L;CH;=NCPCNC?MCHJ?L=?JNCIH;H>;NN?HNCIHL?@?LL?>NI ";FJB;

<;H>L?MJIHM? !@FC?2=@7'9JD:@=@8:42=?E9C@A@=@8J m 

BNNJM >IC ILA   DJ;  

4IOHA% &FIMEI% S2?CMB;;L(   *496>2E96C2AJ2AC24E:E:@?6CTD8F:56 

%6H/@C<F:=7@C5

5;B??L% 'CHEM+ . 'CO  .?JN?G<?L MM?MMG?HN;H> G?LA?H=S

(;H;A?G?HNI@.OC=C>;FCNSCH+?LMIH;FCNSCMIL>?LM 'DJ49:2EC:4=:?:4D@7%@CE9

>6C:42 BNNJM >IC ILA  D JM=    

  
5;H;LCHC( !L;HE?H<OLA!   JL?FCGCH;LSL;H>IGCT?>NLC;FI@

JMS=BI?>O=;NCIH@ILQIG?HQCNB<IL>?LFCH  .*BIMN !@FC?2=@7'6CD@?2=:EJ

:D@C56CD m -?NLC?P?>@LIG

BNNJ Q?< < ?<M=IBIMN =IG MCL? O< ?>O ?BIMN J>@PC?Q?L J>@PC?Q?LPC> MC>@=

<; @ < ;< ;;>  @ M?MMCIHGAL 

5;H;LCHC(   /B?.O<MSH>LIG;F+B?HIG?HIFIASI@IL>?LFCH?+?LMIH;FCNS

CMIL>?L 4?;L!IFFIQ 0J.NO>S >6C:42?!@FC?2=@7'DJ49:2ECJ 

 BNNJM >IC ILA  ;JJC ;DJ   

5;H;LCHC(    0J>;N?IHJB;LG;=INB?L;JSI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

FCC6?E'DJ49:2ECJ)6A@CED BNNJM >IC ILA M    

5;H;LCHC(    +MS=BINB?L;JSI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 4E2

'DJ49:2EC:42*42?5:?2G:42 BNNJM >IC ILA D      R

5;H;LCHC(  !L;HE?H<OLA! -   *G?A; @;NNS;=C>NL?;NG?HNI@QIG?H

QCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L>IO<F? <FCH>JF;=?<I =IHNLIFF?>JCFIN

MNO>S >6C:42?!@FC?2=@7'DJ49:2ECJ    m  

BNNJM >IC ILA  ;JJC ;DJ  

5;H;LCHC(  !L;HE?H<OLA! - O<I  .C=E?F  /LCEB; '?PCH 

-?SHIF>M1  ; RCM$=IGIL<C>CNSI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

>6C:42?!@FC?2=@7'DJ49:2ECJ   m  

BNNJM >IC ILA  ;DJ   

5;H;LCHC(  !L;HE?H<OLA! - O<I  .C=E?F  /LCEB; '?PCH 

-?SHIF>M1  < RCM$$=IGIL<C>CNSI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L 

@>AC696?D:G6'DJ49:2ECJ m  BNNJM >IC ILA .

  
 3  

5;H;LCHC(  !L;HE?H<OLA! - #?HH?H% -?C=B  .CFE& -  ; 

+MS=BIMI=C;F@OH=NCIHCHAI@<IL>?LFCH?J;NC?HNM;H>;RCM$$=IGJ;LCMIHMO<D?=NM

@IFFIQ?>JLIMJ?=NCP?FS@ILMCRS?;LM !@FC?2=@7'6CD@?2=:EJ:D@C56CD   m

 BNNJM >IC ILA  J?>C    

5;H;LCHC(  !L;HE?H<OLA! - #?HH?H% -?C=B  .CFE& -  <

*=NI<?L /B?(='?;H.NO>SI@>OFN?P?FIJG?HN(.*P?LPC?Q;H>

CGJFC=;NCIHMI@NB?@CLMNMCRS?;LMI@JLIMJ?=NCP?@IFFIQ OJ !@FC?2=@7'6CD@?2=:EJ

:D@C56CD BNNJM >IC ILA  J?>C      

5;H;LCHC(  !L;HE?H<OLA! - #?HH?H% -?C=B  .CFE& -   

+L?>C=NCIHI@NB? S?;L=IOLM?I@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?

!@FC?2=@7'DJ49:2ECJ  m 

BNNJM >IC ILA  ;DJ     

5;H;LCHC(  !L;HE?H<OLA! - #?HH?H% .CFE& -   /B?FIHACNO>CH;F

=IOLM?I@<IL>?LFCH?JMS=BIJ;NBIFIAS 4?;LJLIMJ?=NCP?@IFFIQ OJI@NB?

JB?HIG?HIFIASI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L >6C:42?!@FC?2=@7

'DJ49:2ECJ  m BNNJM >IC ILA  ;JJC ;DJ   

5;H;LCHC(  !L;HE?H<OLA! - &B?L;" . F?C=BG;L%   /L?;NG?HN

BCMNILC?MI@<IL>?LFCH?CHJ;NC?HNM @>AC696?D:G6'DJ49:2ECJ  m  

BNNJM >IC ILA  *(+  

5;H;LCHC(  !L;HE?H<OLA! - -?C=B !CNTG;OLC=?"   NN;CHG?HN

;H>MN;<CFCNSI@MOMN;CH?>MSGJNIG;NC=L?GCMMCIH;H>L?=IP?LS;GIHAJ;NC?HNMQCNB

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>;RCM$$=IGJ;LCMIHMO<D?=NM  S?;L

  
JLIMJ?=NCP?@IFFIQ OJMNO>S >6C:42?!@FC?2=@7'DJ49:2ECJ m 

BNNJM >IC ILA  ;JJC ;DJ   

5;H;LCHC(  !L;HE?H<OLA! - -?C=B  IHE?S'  !CNTG;OLC=?" ( 

  /L?;NG?HNL;N?M@ILJ;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>INB?L

J?LMIH;FCNS>CMIL>?LM  S?;LMNO>S 'DJ49:2EC:4*6CG:46D  m 

BNNJM >IC ILA  ;JJC JM   

5;H;LCHC(  !L;HE?H<OLA! - -?C=B  !CNTG;OLC=?" (   

!FOC>CNSI@NB?MO<MSH>LIG;FJB?HIG?HIFIASI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

IP?L S?;LMI@JLIMJ?=NCP?@IFFIQ OJ >6C:42?!@FC?2=@7'DJ49:2ECJ  

m BNNJM >IC ILA  ;JJC ;DJ     

5;H;LCHC(  !L;HE?H<OLA! - -?C=B  ";LL?NN!   /CG?NI

;NN;CHG?HNI@L?=IP?LS@LIG<IL>?LFCH?J?LMIH;FCNS>CMIL>?L;H>MN;<CFCNSI@

L?=IP?LS S?;LJLIMJ?=NCP?@IFFIQ OJMNO>S >6C:42?!@FC?2=@7'DJ49:2ECJ

m BNNJM >IC ILA  ;JJC ;DJ      

5;H;LCHC(  !L;HE?H<OLA! - -?C=B  #;LH?> ' !CNTG;OLC=?" ( 

  -;N?MI@JMS=BINLIJC=G?>C=;NCIHOM?L?JILN?><S<IL>?LFCH?J;NC?HNM;H>

;RCM$$=IGJ;LCMIHMO<D?=NMIP?L S?;LMI@JLIMJ?=NCP?@IFFIQ OJ !@FC?2=@7

=:?:42='DJ49@A92C>24@=@8J  m 

BNNJM >IC ILA  %+ 

5;H;LCHC(  !L;HE?H<OLA! - -?C=B  .CFE& - #O>MIH% $ 

(=.Q??H?S'    /B?MO<MSH>LIG;FJB?HIG?HIFIASI@<IL>?LFCH?

J?LMIH;FCNS>CMIL>?L S?;L@IFFIQ OJMNO>S >6C:42?!@FC?2=@7'DJ49:2ECJ

m BNNJM >IC ILA  ;DJ     

 
5;H;LCHC(  !L;HE?H<OLA! - -?C=B  2?>CA( ( IHE?S'  

!CNTG;OLC=?" (   /B?=IOLM?I@G;LLC;A? MOMN;CH?>=IB;<CN;NCIH;H>

J;L?HNBII>;GIHA<IL>?LFCH?J;NC?HNM@IFFIQ?>JLIMJ?=NCP?FS@IL S?;LM !@FC?2=

@7'6CD@?2=:EJ:D@C56CD  m BNNJM >IC ILA  J?>C9 99 

5;H;LCHC(  !L;HE?H<OLA! - -C>IF@C(  %;A?L #SG;H. #?HH?H% 

"OH>?LMIH% "   -?JILN?>=BCF>BII>IHM?NI@M?F@ GONCF;NCIH;GIHA

<IL>?LFCH?J;NC?HNM !@FC?2=@7'6CD@?2=:EJ:D@C56CD  m  

BNNJM >IC ILA  J?>C   

5;H;LCHC(  "OH>?LMIH% " !L;HE?H<OLA! - B;OH=?S '   /B?

L?PCM?>>C;AHIMNC=CHN?LPC?Q@IL<IL>?LFCH?MCM=LCGCH;NCHA+@LIGINB?LRCM

$$>CMIL>?LM !@FC?2=@7'6CD@?2=:EJ:D@C56CD   m 

BNNJM >IC ILA  J?>C   

5;H;LCHC(  "OH>?LMIH% " (;LCHI( ! .=BQ;LNT * !L;HE?H<OLA! 

-   BCF>BII>?RJ?LC?H=?MI@<IL>?LFCH?J;NC?HNM @>AC696?D:G6

'DJ49:2ECJ   m BNNJM >IC ILA   3  

5;H;LCHC(  /?G?M ( (;AHC' - AOCLL?  #?CH&  "II>G;H

(   -CME!;=NILM@ILIL>?LFCH?+?LMIH;FCNSCMIL>?LCH>IF?M=?HNM 

!@FC?2=@7'6CD@?2=:EJ:D@C56CD m BNNJM >IC ILA  J?>C9 99

5;H;LCHC(  1OD;HIPC=  +;L;=BCHC  IOF;HA?L% ' !L;HE?H<OLA! 

- #?HH?H%   .=L??HCHA(?;MOL?@IL+/B?(='?;H.=L??HCHA

$HMNLOG?HN@ILIL>?LFCH?+?LMIH;FCNSCMIL>?L(.$ + !@FC?2=@7'6CD@?2=:EJ

:D@C56CD m BNNJM >IC ILA  J?>C    

5;H;LCHC(  1OD;HIPC=  +;L;=BCHC  IOF;HA?L% ' !L;HE?H<OLA! 

 
- #?HH?H%   5;H;LCHCL;NCHAM=;F?@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?L

5) + !@FC?2=@7'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C     

5?CAF?L #CFF1 <L;B;G%   IL>?LFCH?J?LMIH;FCNS@?;NOL?M$HMN;<CFCNSI@

M?F@ ?MN??G;H>;@@?=N !@FC?2=@7*@4:2=2?5=:?:42='DJ49@=@8J m 

BNNJM >IC ILA  DM=J     

5B;HA2   B;L;=N?LCMNC=MI@2ILECHA(?GILSCH+;NC?HNMQCNBIL>?LFCH?

+?LMIH;FCNSCMIL>?L  ?G6DE:824:Q?=O?:42  

5CGG?LG;H( B?FGCHMEC$ 4IOHA  .?JN?G<?L  /B?!L?KO?H=SI@

+?LMIH;FCNSCMIL>?LMCH+MS=BC;NLC=+;NC?HNM 'DJ49:2EC:4=:?:4D@7%@CE9

>6C:42  FM?PC?L BNNJM >IC ILA  D JM=    

5CGG?LG;H( B?FGCHMEC$ 4IOHA ;FLSGJF?& (;LNCH?T%   $M

>CG?HMCIH;FM=ILCHAI@<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCGJILN;HNIHFS@IL

MO<NBL?MBIF>F?P?FMI@M?P?LCNS!@FC?2=@7'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C9 99 

5CGG?LG;H( ILS?FF2 #    C;AHIMCHA+?LMIH;FCNSCMIL>?LMCHNB?

IGGOHCNSIGJ;LCMIHI@.?F@ L?JILN;H>$HN?LPC?Q(?;MOL?M C49:G6D@7

6?6C2='DJ49:2ECJm 

BNNJM >IC ILA ;L=BJMS=     

5CGG?LG;H( ";FCIH?% ) B?FGCHMEC$ 4IOHA ;FLSGJF?& (ILA;H

/    I?MNB?>C;AHIMCMI@GOFNCJF?RCM$$>CMIL>?LMB;P?=FCHC=;F

MCAHC@C=;H=???2=D@7=:?:42='DJ49:2ECJ  m 

5CGG?LG;H( ";FCIH?% ) -OAA?LI % B?FGCHMEC$ 4IOHA ;FLSGJF?

 
& (="FCH=B?S%    .=L??HCHA@IL<CJIF;L>CMIL>?L;H>@CH>CHA

<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7=:?:42='DJ49:2ECJ   m   

BNNJM >IC ILA   %+ G   S?F

5CGG?LG;H( (OFN;=B(  ;FLSGJF?& B?FGCHMEC$   FCHC=;FFS

OM?@OFM=L??H@IL<IL>?LFCH?J?LMIH;FCNS>CMIL>?LCHJMS=BC;NLC=ION J;NC?HNM C:E:D9

!@FC?2=@7'DJ49:2ECJ  m  BNNJM >IC ILA  <DJ <J    

5CGG?LG;H( -INBM=BCF>' B?FGCHMEC$   /B?JL?P;F?H=?I@.( $1

J?LMIH;FCNS>CMIL>?LMCHJMS=BC;NLC=IONJ;NC?HNM >6C:42?!@FC?2=@7'DJ49:2ECJ

    m   BNNJM >IC ILA  ;JJC ;DJ   

5FINHC=E -INBM=BCF>' 5CGG?LG;H(   /B?LIF?I@A?H>?LCHNB?

=FCHC=;FJL?M?HN;NCIHI@J;NC?HNMQCNB<IL>?LFCH?J?LMIH;FCNS>CMIL>?L !@FC?2=@7

'6CD@?2=:EJ:D@C56CD m 

BNNJM >IC ILA  J?>C     




















 
%!

&0' 9836.=&(.C231.8@63:.2(.&0)*>8.(&)*?0&,&

















































 
&0' *7DF>7?675@?E7?;6@D67=AC@9C3>367,7C3A;3"5P?;53

 

&0;,:4, M'!  !"$  !  "$!


.H84., !&(K !% * #'$ ! ' %
%K%%

%%M  

&(! @>AC7?67C BF7 7D A@D;4=7 DFA=3?E3C =@D G;7<@D


A3EC@?7D 67 A7?D3>;7?E@D D7?E;>;7?E@D I 5@?6F5E3D
67D363AE3E;G3DA@C@EC@D>LDD3?@DD7CL?3AC7?6;6@D3=@=3C9@
67=AC@57D@E7C3AMFE;5@

! & !%

(C7D7?E35;P?

%@67=@7HA=;53E;G@67=35@?6F5E3;?7DE34=7G;DF3=;J35;P?67=
@CN97?IA7CA7EF35;P?67=AC@4=7>3A@C>76;@67=7DBF7>367
AC;?5;A3= 67 =3 E7C3A;3 F? AC@57D@ 5;C5F=3C 67= BF7 7D 6;8N5;=
D3=;C

6F535;P?A3C37=C75@?@5;>;7?E@67=3DC7355;@?7D5@9?;E;G3D
I 5@?6F5EF3=7D 67= A35;7?E7 5F3?6@ 7H;DE7 53C93 7>@5;@?3=
3FE@39C7D;P? :7E7C@39C7D;P? 7D53A7 ;673=;J35;P? I
>3?;AF=35;P?

.;DF3=;J35;P?67=>@67=@E7C3AMFE;5@;?E79C36@8@>7?E3?6@=3
7HA75E3E;G3A3C3=3ACPH;>3D7D;P?835;=;E35;P?6753>4;@

%%M  

&(! 6BF;C;C 7HA7C;7?5;3D 67 3AC7?6;J3<7 I :34;=;6367D


A3C3=3C79F=35;P?7>@5;@?3=

! & !%

=34@C35;P? 67= >@67=@ E7C3AMFE;5@ EM5?;53D A3C3 7=


3FE@>3?7<@677>@5;@?7D

C3D7==3G7A3C37=3FE@4=@BF7@67=@DA7?D3>;7?E@D?793E;G@DI
7=53>4;@6735E;EF6

?8C;3>;7?E@ A3C3 =3 6;DEC355;P? 6;DE3?5;3>;7?E@ 7>@5;@?3=


357AE35;P?I3?L=;D;D67=AC@4=7>3

?EC7?3>;7?E@ 7?  67 =3D  :34;=;6367D 4LD;53D BF7 D7


3AC7?67?7?7DE3E7C3A;3E@>367675;D;@?7D3AC7?6;J3<767=@D
7CC@C7DA3C3=33FE@>7<@C3IA7CD;DE7?5;3:35;3=3>7E37?8@C>3
67=.,=&,


 


M'!   & * "&L $! %


 &$"$%! %

%%M  

&(!%

HA7C;>7?E3C=3D7?D35;P?673FE@78;535;36FC3?E7=3D6;DE;?E3D
;?E7C355;@?7D5@?7=9CFA@

3G@C757C 7= 3AC7?6;J3<7 67 F?3 ?F7G3 8@C>3 67 C7=35;@?3CD7


5@?=@D67>LD

! & !%

 ?EC7?3>;7?E@ 7? =3 :34;=;636 67 D@=F5;@?3C 5@?8=;5E@D


;?E7CA7CD@?3=7DV7HAC7D3C>3=7DE3C==793?6@3F?35F7C6@W

+FAF7DE@DACL5E;5@D3C7D@=G7C7?9CFA@

%%M  

&(!HA7C;>7?E3C=3D7?D35;P?673FE@78;535;36FC3?E7=3D
6;DE;?E3D;?E7C355;@?7D5@?7=9CFA@

! & !%

 ?EC7?3>;7?E@ 7? =3 :34;=;636 67 D@=F5;@?3C 5@?8=;5E@D


;?E7CA7CD@?3=7D VC75;4;C 5CNE;53D D;? D7?E;CD7 @87?6;6@W I
6;DE3?5;3>;7?E@7>@5;@?3=67=3DC7=35;@?7D63O;?3D5F3?6@?@
7DA@D;4=7==793C3F?35F7C6@.(323)*01963)*(6.78&0

+FAF7DE@DACL5E;5@D3C7D@=G7C7?9CFA@

%%M 

&(!%

AC7?67C3;?E7CAC7E3C=3C73=;6365@?>3I@C@4<7E;G;636

(F7DE3 7? ACL5E;53 67 5@?6F5E3D BF7 C78=7<7? =3D ;?E7?5;@?7D I


67D7@DBF7:34;EF3=>7?E7DF7=7?;?:;4;CD7

*75@?57AEF3=;J35;P? 67 5@9?;5;@?7D I AC7<F;5;@D BF7 97?7C3?


5@?8=;5E@DC7=35;@?3=7D

! & !%

%3?7<@ 67 7>@5;@?7D I 5@9?;5;@?7D  BF7 6;8;5F=E3? =3D


C7=35;@?7D

!@DE;=;636 A@C 83=E3 67 8=7H;4;=;636 5C77?5;3 67 BF7 =3 G7C636
34D@=FE37H;DE7.(323)*01328*

 
'C9F==@ AC;@C;J3C =3 >7E3 G;E3= D;? BF7C7C VBF763C A@C
7?5;>3W

"?:;4;5;P? 3AC7?67C 3 C7DA7E3C I 6787?67C =@ BF7 A3C3 EN 7D


;>A@CE3?E7.(323)*0'30A,6&+3

HA75E3E;G3D:35;3=@D67>LDE@>3C=3;?;5;3E;G3I:357C A76;C
=@BF7?757D;E3D.(323)*06&13)*+036*7

;=EC@D5@9?;E;G@D67E75E3C=@D7DBF7>3D4LD;5@D67A7C57A5;P?
I DFDE;EF;C=@D A@C @EC@D >3D 363AE3E;G@D .(323 )* 0&7 ,&+&7 )*
(3036*7

EC;4F5;P?7HE7C?3;?;5;3C7=53>4;@D;?7DA7C3CA33D;G3>7?E7
3 BF7 @EC@D =@ :393? A7C@ :357C=@ 5@? C73=;D>@ .(323 )* 0&
8366*)*0.'637

+FAF7DE@DACL5E;5@DA3C3C7D@=G7C7?9CFA@

M'!  &*'&!%&

%%M 

&(! 3?3CD79FC;636A7CD@?3=I36BF;C;CF?D7?E;6@67=I@
>LD7DE34=7

! & !%

?53FJ3>;7?E@67=@DC3D9@D67A7CD@?3=;636.(323)*06A3

P>@7>A7J3C35@>A3C3CD75@?F?@>;D>@I3G3?J3C:35;3=3
DFA7C35;P? A3C3 7>A@67C3CD7 7? G7J 67 5@>A3C3CD7 5@? =@D
67>LD.(323)*0&7'&66&7

$3 ;>A@E3?5;3 67 C75@?@57CD7 F?@ >;D>@ I A@D;5;@?3CD7 5@?


C7DA75E@ 3 =@D 67>LD .(3237 )*0 1.1*8.713 < )*0
437.(.32&1.*283

%%M 

&(! 3?3CD79FC;636A7CD@?3=I36BF;C;CF?D7?E;6@67=I@
>LD7DE34=7

! & !%

%753?;D>@67A7CA7EF35;P?67=3D7?D35;P?67G35N@.(323)*
0&&98386&14&)*0&)*7(&0.+.(&(.C2

7D3CC@==@675F3=;6367DA@C>76;@67=3FE@5F;636@.(323)*
0&719B*(&7697&7

 @>7?E3C =3D E7?67?5;3D 67 355;P? A@D;E;G3D A3C3 >;?;>;J3C


AC@A@C5;@?3= I AC@9C7D;G3>7?E7 =3D ?793E;G3D .(323 )* 037
437.8.:37<2*,&8.:37

7D5F4C;>;7?E@ 67 5F3=;6367D @5F=E3D :FI7?6@ 67 =@D

  
AC7<F;5;@D;5@?@673=&68

%%M 

&(! 3?3CD79FC;636A7CD@?3=I36BF;C;CF?D7?E;6@67=I@
>LD7DE34=7

! & !%

(;DE3DA3C33=53?J3C7=7BF;=;4C;@A7CD@?3=.(323)*0&1*7&

(@C BFM 537>@D I 5P>@ D3=;>@D 67 =3 67A7?67?5;3


;?E7CA7CD@?3=.(323)*0&'&2)*6&

P>@7G;E3CBF7?@DA3C3=;57?=3DG;G7?5;3D67=A3D36@.(323
)*0&8*0&)*&6&B&

M'! '&!$M "$%! 

%%M 

&(! ?5@?EC3C=33FE@6;C755;P?A7CD@?3=>7E3G;E3=A3C3
8@CE3=757C 7= 5@?EC@= 67 =3 ;>AF=D;G;636 I C76F5;C A@D;4=7D
C;7D9@D

! & !%

$;47CE36GD7D5=3G;EF667=@D;>AF=D@DC75@?57AEF3=;J35;P?

(;DE3DA3C37?5@?EC3C=3>7E3G;E3=BF7=;47C3I63D7?E;6@3EF
G;63

DE34=75;>;7?E@67=3D>7E3D5@?5C7E3DBF73AC@H;>3?:35;3=3
G;E3=.(323)*0&'&2.(3

%%M  

&(! "?DE;93C =3 5@?6F5E3 AC@D@5;3= I =3 C7D;=;7?5;3 3?E7 =3


36G7CD;636

! & !%

$336G7CD;6365@>@97?7C36@C3677?7C9N3A3C33G3?J3C:35;3
=3>7E3.(323)*0'&6(3)*:*0&

(C;?5;A;@DIG3=@C7D5@>@9FN37?=3E@>367675;D;@?7D

<7C5;5;@DAC35E;5@DD@4C75P>@@EC3DA7CD@?3D:3?7?5@?EC36@
DFDAC@A;3D>7E3D

$"%!    % % %"'C% %%M  


(C7G7?5;P? 67 C753N63D ,3==7C 67 C7A3D@ 67 =3D 7DEC3E79;3D
3AC7?6;63D3=@=3C9@67=3D D7D;@?7D3?E7C;@C7DI7G3=F35;P?
A@DEEC3E3>;7?E@

$"%!  !%  %% %%M   (C7G7?5;P? 67

  
C753N63D*7G;D;P?67=3D:34;=;6367D3AC7?6;63D@>AC@435;P?
67 5F3?E3D I 5FL=7D :3? FE;=;J36@ 78;?;C A@D;4=7D D;EF35;@?7D
7?=3DBF7:3?E7?;6@6;8;5F=E36A3C3DF3A=;535;P?IC7A3D@67
=3D:34;=;6367DBF7=7:34CN3?D;6@QE;=7D7?6;5:3DD;EF35;@?7D

$"%!  !%  %% %%M   (C7G7?5;P? 67


C753N63D G3=F35;P? 67 D79F;>;7?E@ I A@DE7C;@C>7?E7 E3==7C
A3C3 7= C7A3D@ 67 =3D :34;=;6367D 3AC7?6;63D 5@>AC@43?6@
5F3?E3DI5FL=7D:3?FE;=;J36@




 

  
&0' *791*2)*(328*2.)37)*0463,6&1&)*8*6&4.&)*&43<3

 ++"Y& *$"'&+"&,*(*+'&$+
,7C3A;3 &(!
67 (C35E;53C =3 >@67C35;P? I 4QDBF763 67 35F7C6@D 7? F?
3A@I@ 3>4;7?E7D79FC@7;?8@C>3=
  !" J!
    
J
! & !%
(C7D7?E35;P?
.N67@ I 6743E7 T(F767? =@D 3>;9@D @ 5@?@5;6@D ==793C 3
5@?G7CE;CD77?83>;=;3TP>@67;>A@CE3?E77DA3C3E;5@?E3C
5@?7=3A@I@67F?3>;9@TDA@D;4=77?5@?EC3C3>;9@DA@C
;?E7C?7E

++"Y& $'+*"+ '+"&,*&,
&(!
(C35E;53C =3 >@67C35;P? I 4QDBF763 67 35F7C6@D 7? F?
3>4;7?E7D79FC@7;?8@C>3=
! & !%
.;67@ I 6743E7 T(3C3 BF7 D7 FD3? =3D C767D D@5;3=7D (3C3
5@=93CD7=8;7DA3C37?5@?EC3C3>;9@DUC;7D9@DBF7353CC73?

++"Y& "&+,"$"%'"'&$1'&,*'$
"%(-$+'+
&(!
743E;C =3D ;>A=;535;@?7D 67 =3 ;?7DE34;=;636 7>@5;@?3= I
5@>A3CE;C7DEC3E79;3DD@4C75P>@38C@?E3C=3
! & !%
DBF7>37HA=;53E;G@7<7675@@C67?363D357C53675P>@D7
@C;9;?3 7= 5NC5F=@ G;5;@D@ 67 =3 ;?7DE34;=;636 7>@5;@?3= I =3
6;8;5F=E36A3C3C79F=3C=37?=@DEC3DE@C?@D7>@5;@?3=7D
  !"    # " 
J
78;?;5;P?67;>AF=D;G;636$3EM5?;5367=3E@CEF9367E75E3C
=3 7>@5;P? A3C3C 7D5@?67CD7 A3C3 C7DA;C3C 67?EC@ 67=
53A3C3JP?D3=;CIA7?D3C7?F?3D@=F5;P?
  !"     
  J

%%M   "$"M   !! %
$'M  !!  !  "!*!   
&C $M !%! 
&(!
)F7 D73? 53A357D 67 5@?G;G;C I 5@?EC@=3C DFD AC@A;3D
7>@5;@?7DC77>A=3JL?6@=3DA@C@EC3D>LD363AE3E;G3D
    !"  
      $  
J! 
J
! & !%
30*40&<.2, = E7C3A7FE3 =77 F?3 A7BF7O3 :;DE@C;3 I =@D
A3CE;5;A3?E7D ;?E7CAC7E3? =3D 7>@5;@?7D BF7 7DE3 =7D :3
DFD5;E36@ 3 EC3GMD 67 DF 35E;EF6 6;DEC3N6@D 39C7D;G@D @
;?E7C7D36@D=C7DE@67=9CFA@674736;G;?3C7=?@>4C7I=3
;?E7?D;636 67 =3 7>@5;P? 3DN 5@>@ 7= E;A@ 67 7DEC3E79;3 BF7
A@6CN3FE;=;J3CD7A3C338C@?E3C=3
,M5?;5367#35@4D@?7?G;G@5@?>QD;53C7=3<3?E7678@?6@


 
%%M %%!%
&(!
AC7?67C 3 67E75E3C =3D :34;=;6367D D@5;3=7D ?3EFC3=7D BF7
5363F?@A@D77
! & !%
78;?;5;P?677>A3EN3I3D7CE;G;636<7>A=@DACL5E;5@D
30*40&<.2, V7= A3C39F3D 67 =3 3D7CE;G;636W D7 ==7G3 F?
A3C39F3D BF7 5363 A3CE;5;A3?E7 6747CL DF<7E3C A@C EFC?@D  =
E7C3A7FE3 7HA@?7 7<7>A=@D 67 D;EF35;@?7D 5@E;6;3?3D
;?5P>@63D$3A7CD@?3BF7A@CE77=A3C39F3D6747CL;>39;?3C
I7HAC7D3C5P>@D7BF7<3CN33?E77=C7DE@67=9CFA@

%%M %%!%
&(!
(@E7?5;3C=35@?6F5E33D7CE;G37?F?3>4;7?E7D79FC@
! & !%
30*40&<.2, AC7D7?E35;P? =@D A3CE;5;A3?E7D 6747?
AC7D7?E3CD73D;>;D>@D>3?E7?7C>;?FE@D675@?G7CD35;P?
5@? DF 5@>A3O7C@ 67 =3 67C75:3 I 7HAC7D3C 3?E7 7= C7DE@ 67=
9CFA@=3BF75C77BF77D=3>7<@C5F3=;63667DF5@>A3O7C@
$@D A3CE;5;A3?E7D 6747? AC79F?E3C 3 =@D E7C3A7FE3D 6F63D
D@4C77=5@?E7?;6@677D3D7D;P?@4;7?67=3D3?E7C;@C7DA3C3
38;3?J3CDFD5@?@5;>;7?E@D67D67=33D7CE;G;636

%%M   '&!  * %&!% 
!' M 
&(!
AC7?67C367E75E3C=3D?757D;6367DAC@A;3DI67=@D67>LD7?
=35@>F?;535;P??@G7C43=
! & !%
78;?;5;P? 67 3FE@;>397? 7 ;67?E;636 3 EC3GMD 67 =3
7G@535;P?67F?3A7CD@?33=3BF736>;C7?83>@D@D83>;=;3
3>;9@DU 5@? 7= 8;? 67 67E75E3C 53C35E7CNDE;53D D;>;=3C7D 7?
F?@>;D>@
        %  
 J J!    $
!  
HA@D;5;P? D@4C7 =@D 6;DE;?E@D 7DE;=@D 67 5@>F?;535;P?
A3D;G@ 39C7D;G@ @ 3D7CE;G@ (@DE7C;@C>7?E7 G;DF3=;J3? F?
G;67@ 7? 7= BF7 3A3C757? A7CD@?3D 5@? 6;87C7?E7D 7DE;=@D I
7==@D6747?D7C53A357D67;67?E;8;53C=@D

%%M     
&(!%
@>7?E3C=353A35;6365@?E7>A=3E;G3
7D3CC@==3C =3 :34;=;636 67 E@>3C A7CDA75E;G3 I 357AE3C 7=
AC@4=7>33BFNI3:@C3
F>7?E3C=3E@=7C3?5;33=38CFDEC35;P?
! & !%
$@D A3CE;5;A3?E7D D7?E36@D 7? 7= DF7=@ 6747CL? ;?EC@6F5;CD7
F?3 FG3 A3D3 7? =3 4@53 I D34@C73C=3 D;9F;7?6@ =3D
;?DECF55;@?7D 67= E7C3A7FE3 5@>@ 7HA7C;7?5;3 A7CD@?3= 67
5@?5;7?5;3A=7?3
+7 5@>A3CE7 7? 9CFA@ I D7 6743E7 D; D7 :3? 7HA7C;>7?E36@
53>4;@D7?=3A7C57A5;P?67=@DD7?E;6@D7?=3DD7?D35;@?7D
5@CA@C3=7D7?=3D7>@5;@?7D7?=@DA7?D3>;7?E@D
+7=7D;?6;53BF7=3;6737D;C6@>;?3?6@I97?7C3=;J3?6@=3
7HA7C;7?5;35@?E7>A=3E;G33D;EF35;@?7DAC@4=7>LE;53D
+7=7D7?EC793F?8@=;@5@?F?3D7C;767;?DECF55;@?7D4LD;53D
A3C3 BF7 AF763? AC35E;53C >LD 7<7C5;5;@D 7? 53D3 I E7C>;?3C
36BF;C;7?6@=3:34;=;636

 

%%M '&!%&
&(!
%7<@C3C7=?;G7=673FE@5@?5;7?5;3
! & !%
78;?;5;P? 67= EMC>;?@ 3FE@7DE;>3 I 67 =3D AC;?5;A3=7D
53C35E7CNDE;53DA7CD@?3=7D675363F?@5363A3CE;5;A3?E76747
3?@E3C 7? F? A3A7= =@D  36<7E;G@D BF7 5C77 BF7 >7<@C =7
678;?7? I 7?EC79LCD7=@ 3= E7C3A7FE3 67 >3?7C3 3?P?;>3
F3?6@D7EC3E767F?67875E@7=E7C3A7FE37HA=;53DFFE;=;636
I7=>@6@675@?G7CE;C=@7?5F3=;636
        I 
 J J!    $
!  

%%M  '&!%&
&(!
%7<@C3C=33FE@7DE;>3
! & !%
FE@7DE;>3=@DA3CE;5;A3?E7DC75;47?;?DECF55;@?7D357C5367
5P>@ 5F;63C DF 5F7CA@ 5@?@57C DFD 5F3=;6367D 5@?8;3C 7?
7==3D I 7>A7J3C 3 FD3C=3D A3C3 ?@ 67A7?67C 7? 7H57D@ 67 =3
3AC@435;P?D@5;3=
         
   J J! 
 $!  
FE@CC73=;J35;P?D7C5@?D5;7?E7D67DFD>7<@C7D5F3=;6367D
=@DA3CE;5;A3?E7D6747?A7?D3C7?3=9F?335E;G;636A@C=3BF7
AF763?D7?E;C5;7CE3>@E;G35;P?IA7?D3C6;87C7?E7D>@6@D67
7?EC3C7?5@?E35E@5@?7==3
  J
F " ! JG 
J

$"%!    % % %"'C% %%M  
*7A3D@ 67 =@D 5@?@5;>;7?E@D I 7DEC3E79;3D 3AC7?6;63D 3 =@
=3C9@67=AC@9C3>3I7G3=F35;P?67A@DEEC3E3>;7?E@

$"%!  !%  %% %%M   (C7G7?5;P? 67
C753N63D,3==7CA3C37=C7A3D@677DEC3E79;3D3AC7?6;63D

$"%!  !%  %% %%M  (C7G7?5;P?67
C753N63DG3=F35;P?67D79F;>;7?E@,3==7CA3C37=C7A3D@67
=3D7DEC3E79;3D3AC7?6;63DI7G3=F35;P?67D79F;>;7?E@


















 
&0'9830*7.C22379.(.)&7*,D2037(6.8*6.37)*0 ( 

 T,7 :3D AC@G@536@ ;?E7?5;@?363>7?E7 =7D;@?7D 7? 7= 5F7CA@ BF7 :3I3? AC@6F5;6@
D3?9C36@ :7>3E@>3D @ 6@=@CA@C7<7>A=@5@CE3CBF7>3CA;?5:3C9@=A73C8C@E3C
7?7H57D@7?7=Q=E;>@3O@ 67D67BF77>A7JP7DE3E7C3A;3
o ;4)'
o +459*+<+)+9
o /4)553@9<+)+9

 T?BFMA3CE767=5F7CA@
o ;C+)'9
o 8'?59
o '8'
o ;9259
o $854)5
o :859+96+)/,/)'8

 F3?6@=@:35N3D67D7343D>3C53F?3@G3C;3DC7DAF7DE3D
o 2/</'89;,8/3/+4:5+4,'*5:8/9:+?''49/+*'*/365:+4)/'H
o 549+-;/8+2'65>5*+'2-;/+4)547;/+4:/+4+9;4)54,2/):5
o ;:5)'9:/-'8:+
o #+4:/87;++9:@9</<5>+8+98+'2
o !'8'45.')+8'2-56+58>'7;+457;/+8+9358/8
o !'8'358/8
o :8'9+96+)/,/)'8

 #FDE@3?E7D67:357CE763O@E;7?7D>3C53F?3@G3C;3D
o /,/);2:'*+9)54;4'6+8954'
o #+4:/3/+4:5956+49'3/+4:594+-':/<59
+4,'*5*+68+9/D4'49/+*'*';:5)8B:/)'H
o !8+5);6')/D4*+<+87;+45:+)54:852'9
o !/+49'93;).5+4';:52+9/54'8:+';47;+459/+368+25.'-'9
o :8'9+96+)/,/)'8

 $@A7@CBF7E7:3D:75:@7D3CC3?53CE7=35@DEC367F?3:7C;63@F?A;7C5;?9 E3EF3<7
5@>@>F5:@
+" &'

 = 63O@ BF7 E7 :357D EC37 5@?D75F7?5;3D ?793E;G3D 7? EF 83>;=;3 5@? =@D 7DEF6;@D
EC343<@@3>;9@D
+" &'

 F3?6@ E7 :357D 63O@ 7C7D A=7?3>7?E7 5@?D5;7?E7 67 7==@ I ?@ 3 5@?D75F7?5;3 67
3=F5;?35;@?7D@5@?DF>@67EPH;5@D
+" &'

 %3C535@?F?35CFJ5FL?E@679C3G7:3==7936@3D7C7=63O@


 "$# "
    '   
 $#             
   

 $ #    ( %   


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

 

También podría gustarte