!
!
"
: >@=47:= 7AB7BCH7=</:3
67 A7/;=
"
=<B@= :/ D7=:3<H/ AC::3 2=<<3
=<B@= :/ B@/BB/ 27 >3@A=<3
=<B@= :3 #CB7:/H7=<7 3<7B/:7 3;;7<7:7
=<B@= :/ >32=47:7/ 3 :/ >=@<=5@/47/ ;7<=@7:3
=<B@= =5<7 4=@;/ 3 1/CA/ 27 27A1@7;7</H7=<3
&3@ :/ D/:=@7HH/H7=<3 23::3 1=;>3B3<H3 3 := AD7:C>>= >@=43AA7=</:3
23::3 2=<<3 <3::/ > /
&3@ : 3;>=E3@;3<B 23::3 2=<<3 <3::/ A173<H/ 3 <3::/ @713@1/
&3@ :/ 1C:BC@/ 27 53<3@3 3 :U3;>=E3@;3<B 43;;7<7:3
&3@ 4/D=@7@3 :U7;>@3<27B=@7/ 43;;7<7:3
&3@ :3 >/@7 =>>=@BC<7BI B@/ C=;= 3 2=<</
&3@ 7<4=@;/@3 3 A3<A707:7HH/@3 7 17BB/27<7
&3@ := AD7:C>>=
&3@ :3 >=:7B7163 /BB7D3 27 1=<17:7/H7=<3 D7B/ :/D=@=
&3@ :/ BCB3:/ 57C27H7/@7/ 23::3 >3@A=<3 1=< 27A/07:7BI
(3B3 >3@ :3 &/@7 %>>=@BC<7BI
!
"/D=@= >=:7B7163 A=17/:7 3 >/@7 =>>=@BC<7BI A=<= :3 23:3563 163 ;7 A=<= AB/B3 /4472/B3 3 @7B3<5= 17 A7/
5@/<23 1=3@3<H/ 3 C< 4=@B3 1=::35/;3<B= B@/ ?C3AB7 B@3 3:3;3<B7
"/ 5@/<23 3 2744717:3 A472/ 23: =D3@<= K 27 /DD7/@3 7: @7A/</;3<B= 3 :/ @7>@3A/ 31=<=;71/ 23: <=AB@=
&/3A3 /:: 7<A35</ 27 C</ ;/557=@3 3?C7BI <=< A=:= B@/ 53<3@7 ;/ /<163 B@/ 53<3@/H7=<7 A31=<2= C</
1=<13H7=<3 /;>7/ 23::3 >/@7 =>>=@BC<7BI 'C3AB7 =073BB7D7 >3<A= >=AA/<= 3AA3@3 1=<A35C7B7 >C<B/<2=
AC::U34471/17/ :/ 1=<1@3B3HH/ 3 :/ A=AB3<707:7BI 23::3 ;7AC@3 2/ /2=BB/@3 5:7 AB3AA7 1@7B3@7 163 ;7 5C72/<=
<3:: 3A3@17H7= 23::/ 23:35/ /::3 &/@7 =>>=@BC<7BI
"UCA= 3447173<B3 23::3 :7;7B/B3 @7A=@A3 27A>=<707:7 23D3 5C72/@17 >3@ 2/@3 >73</ /BBC/H7=<3 /::3 >=:7B7163
</H7=</:7 3 /: @7A>3BB= 235:7 7;>35<7 3C@=>37 3 7<B3@</H7=</:7 >3@ :/ >@=;=H7=<3 23: >@7<17>7= 23::3 >/@7
=>>=@BC<7BI 3 >3@ :/ >@3D3<H7=<3 7: 1=<B@/AB= 3 :/ @7;=H7=<3 27 =5<7 4=@;/ 27 27A1@7;7</H7=<3
$3::U/;07B= 27 C</ AB@/B357/ 163 A7 7<B@3117/ 1=< 7 B3;7 23: :/D=@= 3 23::3 >=:7B7163 A=17/:7 3 7< C<U=BB71/
C<7B/@7/ 27 BCBB3 :3 4=@H3 163 1=<1=@@=<= /::U/443@;/H7=<3 27 C</ A=173BI >7N 57CAB/ 4=<2/B/ AC: @71=<=
A17;3<B= 237 27@7BB7 3 23::3 >/@7 =>>=@BC<7BI >3@ BCBB7 7: #7<7AB3@= B@/;7B3 7: 7>/@B7;3<B= >3@ :3 &/@7
%>>=@BC<7BI 1=AB7BC7A13 7: >@3A727= 3 7A>7@/ B/:3 /H7=<3
#=:2 >>- 7>- :=91=:
"
!
=< ?C3AB= >711=:= =>CA1=:= 7: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI 7<B3<23 /113<23@3 7 @74:3BB=@7 AC
?C/<B= K AB/B= 4/BB= 3 AC ?C/<B= /<1=@/ 1UK 2/ 4/@3 >3@ 5/@/<B7@3 :3 >/@7 =>>=@BC<7BI >3@ BCBB7 <3AAC<=
3A1:CA= &=163 ;/ 7<17A7D3 >/57<3 D=:B3 /2 7::CAB@/@3 :3 27443@3<B7 /@33 B3;/B7163 AC::3 ?C/:7 ?C=B727/
</;3<B3 A7/;= 7;>35</B7
,7=:3<H/ 1=<B@= :3 2=<<3 B@/BB/ 27 >3@A=<3 ;CB7:/H7=<7 53<7B/:7 43;;7<7:7 >32=47:7/ 3 >=@<=5@/47/ ;7
<=@7:3 27A1@7;7</H7=<7 @/HH7/:7 D/:=@7HH/H7=<3 237 B/:3<B7 43;;7<7:7 >/@7 =>>=@BC<7BI B@/ C=;7<7 3 2=<<3
27A/07:7BI B3;7 7;>=@B/<B7 3 23:71/B7 1=< C< C<71= 23<=;7</B=@3 1=;C<3 7: >73<= @71=<=A17;3<B=
A3<H/ 3A1:CA7=<3 /:1C</ 237 27@7BB7 3 237 >@7<1L>7 4=<2/;3<B/:7 1C7 A7 4=<2/ :/ <=AB@/ =AB7BCH7=<3
%5<7 >@=53BB= =5<7 /H7=<3 =5<7 /BB7D7BI @3/:7HH/B/ 2/: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI A7 7A>7@/
>@=>@7= / ?C37 >@7<1L>7 23::/ /@B/ =AB7BCH7=</:3 163 6/<<= 1=<B@70C7B= / 4/@ 1@3A13@3 3 / ;/BC@/@3
:/ 1=A173<H/ 1=::3BB7D/ C5C/5:7/<H/ B@/ :3 >3@A=<3 A3<H/ 27AB7<H7=<3 27 A3AA= @/HH/ :7<5C/ =>7<7=<7
>=:7B7163 1=<27H7=<7 >3@A=</:7 = A=17/:7 3 >/@7BI 27 /113AA= /7 >C00:717 C44717 3 /::3 1/@7163 3:3BB7D3 /:
47<3 27 5/@/<B7@3 :3 >/@7 =>>=@BC<7BI B@/ 2=<<3 3 C=;7<7
3@B= 7: 1/;;7<= 2/ >3@1=@@3@3 <=< K AB/B= 3 <=< K A3;>:713 32 /<1=@/ =557 17 A=<= =AB/1=:7 2/ AC
>3@/@3 #7 @743@7A1= /5:7 A?C7:70@7 163 /<1=@/ >3@;/<5=<= B@/ C=;7<7 3 2=<<3 <3::U=11C>/H7=<3 <3::/
@3B@70CH7=<3 <3: @/557C<57;3<B= 27 >=A7H7=<7 />71/:7
: <=AB@= A4=@H= K 27 AC>3@/@3 7 27D/@7 4/D=@3<2= 7: 1/;07/;3<B= 1C:BC@/:3 <313AA/@7= >3@ 1=<A3<B7@3 /
BCBB7 Q C=;7<7 3 2=<<3 27 1=<?C7AB/@3 :357BB7;7 B@/5C/@27 >/@B3<2= 2/ >=A7H7=<7 27 >/@7BI D/:=@7HH/<2=
:3 1/>/17BI 32 7 ;3@7B7
$3::U/C5C@/@3 C</ 0C=</ :3BBC@/ /CA>71= 163 :/ 1=AB/<B3 /BB7D7BI 23: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@
BC<7BI >=AA/ 1=<B@70C7@3 / @3<23@3 ?C3AB= &/3A3 A3;>@3 >7N A3<A707:3 /::3 >/@7 =>>=@BC<7BI 32 /::3 @7
A=@A3 163 2=<<3 3 C=;7<7 >=AA=<= =44@7@3 >3@ :/ AC/ 1@3A17B/ 3 >3@ 7: 03<3AA3@3 1=;C<3
:9>
AA #-?=5C5- 1 %:>1
"
"
!
"/ 475C@/ 7AB7BCH7=</:3 23:
595>?=: ;1= 71 #-=5 ";;:=?@95?D </A13 <3:
: #7<7AB@= K AB/B= /447/<1/B= 2/:
7: 5;-=?5819?: ;1= 71 #-=5 ";;:=?@95?D >@3AA= :/ &@3A723<H/ 23: =<
A75:7= 237 #7<7AB@7 :/ AB@CBBC@/ 163 6/ 7: 1=;>7B= 27 >@=;C=D3@3 3 1==@27</@3 :3 >=:7B7163 27 >/@7 =>>=@BC<7BI 3 :3
/H7=<7 27 =D3@<= D=:B3 / >@3D3<7@3 3 @7;C=D3@3 :3 27A1@7;7</H7=<7
: & #
@3:/B7D= /::/ 23:35/ 27 1=;>3B3<H3 /::/ &@=4 AA/ :A/ =@<3@= #7<7AB@= 23: "/D=@= 3 23::3
&=:7B7163 A=17/:7 1=<43@;/ C</ B3<23<H/ 7</C5C@/B/ <3:
27 /;>:7/;3<B= 23::3 1=;>3B3<H3 23: #7<7AB@=
>3@ :3 &/@7 %>>=@BC<7BI 7< /BBC/H7=<3 23::3 7<271/H7=<7 >@=D3<73<B7 2/::3 7AB7BCH7=<7 7<B3@</H7=</:7 32 3C@=>33 7<
C</ 27@3H7=<3 163 2/::/ >@=;=H7=<3 23::/ >/@7BI 27 53<3@3 3 7: 1=<B@/AB= /::3 27A1@7;7</H7=<7 />>@=27 /::/ 27;3<
A7=<3 23::/ 0521>- 015 05=5??5 0177- ;1=>:9- 917 >19>: ;5F -8;5: 'C3AB/ @71=;>@3<23 27D3@A3 /@33 27 >@=;=
H7=<3 3 1==@27</;3<B= 27 /H7=<7 27 =D3@<= 7<B7;/;3<B3 1=::35/B3 B@/ 27 :=@= 3 D=:B3 /
P /AA71C@/@3 :U/BBC/H7=<3 23::3 >=:7B7163 7< ;/B3@7/ 27 27@7BB7 3 >/@7 =>>=@BC<7BI 27 53<3@3 1=< @743@7;3<B= /7
B3;7 23::/ A/:CB3 23::/ @713@1/ 23::/ A1C=:/ 3 23::/ 4=@;/H7=<3 23:: /;073<B3 23::/ 4/;75:7/ 23: :/D=@=
23::3 1/@7163 3:3BB7D3 3 23::/ @/>>@3A3<B/<H/ 27 53<3@3
P A=AB3<3@3 7 27@7BB7 C;/<7 23::3 2=<<3 3 7 27@7BB7 23::3 >3@A=<3
P >@3D3<7@3 3 @7;C=D3@3 :3 27A1@7;7</H7=<7 >3@ BCBB7 7 4/BB=@7 >@3D7AB7 2/: B@/BB/B= 7AB7BCB7D= 23::/ =;C<7BI
3C@=>3/ /<163 >@3A7323<2= 7: =;7B/B= 237 #7<7AB@7 >3@ :U7<27@7HH= 3 :/ 5C72/ AB@/B3571/ 7< ;/B3@7/ 27
BCB3:/ 237 27@7BB7 C;/<7 >@3AA= :/ &@3A723<H/ 23: =<A75:7= 237 #7<7AB@7 1=< :3 1=;>3B3<H3 27 1C7 /: & #
/: ?C/:3 >@3<2=<= >/@B3 7 #7<7AB@7 = :3 /CB=@7BI 2/ 3AA7 23:35/B3 <=<16J =@5/<7A;7 27 >/@7BI 32
/<163 7< @3:/H7=<3 / B/:7 >@=0:3;/B7163 <3::3 :=@= 7<B3@1=<<3AA7=<7 1=< 7: 43<=;3<= 23::U7;;75@/H7=<3
P /2=BB/@3 :3 7<7H7/B7D3 <313AA/@73 >3@ :/ >@=5@/;;/H7=<3 : 7<27@7HH= 7: 1==@27</;3<B= 32 7: ;=<7B=@/557=
237 =<27 )B@CBBC@/:7 C@=>37 7< ;/B3@7/ 27 >/@7 =>>=@BC<7BI 23:35/ 163 K AB/B/ /;>:7/B/ /::/ >/@B317>/
H7=<3 /::U/BB7D7BI 27 7<B35@/H7=<3 23::3 >/@7 =>>=@BC<7BI <3::3 >=:7B7163 1=;C<7B/@73
P >@=;C=D3@3 3 1==@27</@3 :3 /H7=<7 23: =D3@<= 27 1=<B@/AB= /::= A4@CBB/;3<B= 3 B@/BB/ 23::3 >3@A=<3 /::/
D7=:3<H/ 1=<B@= :3 2=<<3 <=<16J /::/ D7=:/H7=<3 237 27@7BB7 4=<2/;3<B/:7 /::U7<B35@7BI 23::/ >3@A=</ 3 /::/
A/:CB3 23::3 2=<<3 3 23::3 0/;07<3
: #7<7AB@= 23: "/D=@= 3 23::3 &=:7B7163 )=17/:7 1=< 23:35/ /::3 &/@7 %>>=@BC<7BI A=<= 1=<43@7B3 /:B@3AL :3 4C<H7=<7
27 1==@27</;3<B= 23::3 /BB7D7BI AD=:B3 2/ BCBB3 :3 &C00:7163 ;;7<7AB@/H7=<7 7< ;/B3@7/ 27 >@3D3<H7=<3 /AA7
AB3<H/ /<163 7< A323 :35/:3 3 BCB3:/ 237 ;7<=@7 2/::= A4@CBB/;3<B= 3 2/:: /0CA= A3AAC/:3 /7 A3<A7 23::U/@B
1=;;/ 23::/ "3553 <
<=<16J @3:/B7D/;3<B3 /: 1=<B@/AB= /::/ >32=>=@<=5@/47/ 27 1C7 /::/ :3553
<
::U/;>:7/;3<B= 23::3 23:3563 /: #7<7AB@= 6/ 1=@@7A>=AB= :U3AB3<A7=<3 3 7: @7<<=D/;3<B= 23::3 1=;>3B3<H3 23:
7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI
: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI K 27@3BB= 2/: =<A
DD &/B@7H7/ 3 (=A3 / 1C7 A=<= 1=<43@7B3 :3 23:3563
Violenza sulle donne, Stalking e Pari Opportunità per persone con disabilità, ed è articolato su tre uffici di livello
dirigenziale generale: Affari internazionali e Interventi in campo sociale, Parità e Pari Opportunità, Interventi
strategici e Comunicazione e UNAR (Ufficio Nazionale Antidiscriminazioni Razziali). Ad essi si affianca l’incarico
di consulenza, studio e ricerca affidato ad un Referendario con funzioni dirigenziali di livello generale.
Chi siamo
DIPARTIMENTO PER LE PARI OPPORTUNITÁ
Largo Chigi, 19 - Roma
Tel. 06 6779 2612
Fax 06 6779 2613
[email protected]
Sito internet: http://www.pariopportunita.gov.it
CAPO DEL DIPARTIMENTO
Cons. Avv. Patrizia DE ROSE
Tel. 06 6779 2440
Fax 06 6779 2471
[email protected]
INCARICO DI FUNZIONE DIRIGENZIALE DI LIVELLO
GENERALE DI CONSULENZA, STUDIO E RICERCA
Ref. Alessandra DE MARCO
Tel. 06 6779 2532
Fax 06 6779 2955
[email protected]
UFFICIO PER LA PARITÀ E LE PARI OPPORTUNITÀ,
GLI INTERVENTI STRATEGICI E LA COMUNICAZIONE
Direttore generale
Dott.ssa Rosalba VELTRI
Tel. 06 6779 2491
Fax 06 6779 2465
[email protected]
UFFICIO PER GLI AFFARI INTERNAZIONALI E GLI INTERVENTI IN CAMPO SOCIALE
Direttore generale
Cons. Michele PALMA
Tel. 06 6779 2430
Fax 06 6779 2463
[email protected]
UFFICIO PER LA PROMOZIONE DELLA PARITÀ DI TRATTAMENTO E LA RIMOZIONE
DELLE DISCRIMINAZIONI FONDATE SULLA RAZZA E SULL’ORIGINE ETNICA (UNAR)
Direttore generale
Cons. Marco DE GIORGI
Tel. 06 6779 2270
Fax 06 6779 2272
[email protected]
5
"
!
: 7>/@B7;3<B= K 7;>35</B= <3: 1=<B@/AB= /::/ D7=:3<H/ 27 53<3@3 1=< 7<B3@D3<B7 ;=:B= 1=<1@3B7 3 1=< C< />
>@=117= B@/AD3@A/:3 3 ;C:B727A17>:7</@3 #=;3<B= 13<B@/:3 27 B/:3 7;>35<= K @/>>@3A3<B/B= 2/::U/>>@=D/H7=<3
/ <=D3;0@3
23: >@7;= &7/<= </H7=</:3 1=<B@= :/ D7=:3<H/ 27 53<3@3 3 := AB/:97<5 1=< 7: ?C/:3 :U B/:7/ /44@=<B/
7: 43<=;3<= 23::/ D7=:3<H/ 1=<B@= :3 2=<<3 7< ;=2= =@5/<71= 32 7< A7<3@57/ 1=< 7 >@7<17>/:7 /BB=@7 1=7<D=:B7 /
:7D3::= B3@@7B=@7/:3
#
!" ! , "!
"!'%"
)"
!,
! %
" &'
!
: &7/<= </H7=</:3 1=<B@= :/ D7=:3<H/ 27 53<3@3 3 := AB/:97<5 1=AB7BC7A13 := AB@C;3<B= >3@ 3:/0=@/@3 3 AD7:C>>/@3
:/ AB@/B357/ </H7=</:3 27 >@3D3<H7=<3 3 1=<B@/AB= /::/ D7=:3<H/ <=<16J :U/H7=<3 27 >@=B3H7=<3 BCB3:/ 7<A3@7;3<B=
3 @37<A3@7;3<B= 23::3 D7BB7;3 "/ <313AA7BI 27 >@327A>=@@3 7: &7/<= K </B/ 2/::/ 1=<A/>3D=:3HH/ 163 >3@ 1=<B@/
AB/@3 34471/13;3<B3 7: 43<=;3<= K <313AA/@7= 7<B35@/@3 5:7 7<B3@D3<B7 @3>@3AA7D7 1=< >=:7B7163 32 /H7=<7 >C<BC/:7
3 1==@27</B3 7< /;07B= A=17/:3 32C1/B7D= 7<4=@;/B7D= 3 <=@;/B7D= : &7/<= K AB/B= 3:/0=@/B= /BB@/D3@A= C< >3@
1=@A= >/@B317>/B= >/@B3<2= 2/: :7D3::= </H7=</:3 >3@ 57C<53@3 / :7D3::= :=1/:3 1=7<D=:53<2= BCBB7 7 A=553BB7
7<B3@3AA/B7 3 >@3D323<2= A>31747163 /H7=<7 27 7<B3@D3<B= <37 A3BB=@7 A=17= 1C:BC@/:3 A/<7B/@7= 31=<=;71= :357
A:/B7D= 3 57C27H7/@7=
: &7/<= @3/:7HH/ :3 A35C3<B7 47</:7BI
/AA71C@/@3 C< :7D3::= 27 7<4=@;/H7=<3 /235C/B= 2744CA= 32 34471/13
5/@/<B7@3 3 7;>:3;3<B/@3 C</ @3B3 B@/ 7 13<B@7 /<B7D7=:3<H/ 3 B@/ 5:7 AB3AA7 3 B3@@7B=@7 7< ;=2= 2/ /AA71C@/@3
7< C</ :=571/ 27 1=::/0=@/H7=<3 3 27 7<B35@/H7=<3 /AA7AB3<H/ AC BCBB= 7: B3@@7B=@7= </H7=</:3
/AA71C@/@3 := AD7:C>>= 27 BCBB3 :3 >@=43AA7=</:7BI 163 3<B@/<= 7< 1=<B/BB= 1=< :3 B3;/B7163 23::/ D7=:3<H/
27 53<3@3 /: 47<3 27 2744=<23@3 A3;>@3 >7N :/ 1C:BC@/ 237 27@7BB7 23::/ >3@A=</ 3 23: @7A>3BB= B@/ 7 53<3@7
>@3D323@3 C</ @/11=:B/ AB@CBBC@/B/ AC 2/B7 3 7<4=@;/H7=<7 23: 43<=;3<= >3@ 1=;>@3<23@:= ;35:7= 3 A3
5C7@<3 :U3D=:CH7=<3
>=B3<H7/@3 :3 4=@;3 27 /AA7AB3<H/ 3 A=AB35<= /::3 2=<<3 D7BB7;3 27 D7=:3<H/ 32 /7 :=@= 475:7
% &"%& &' !, '
: &7/<= </H7=</:3 1=<B@= :/ D7=:3<H/ 27 53<3@3 3 := AB/:97<5 K AB/B= 47</<H7/B= >3@ 7: 073<<7=
>/@7 / ;7:7=<7 27 3C@= /AA35</B3 /: 7>/@B7;3<B= 2/::/ "3553 7</<H7/@7/
:3553 <
23:
!(
%"
#(
('
1=< @7A=@A3
713;0@3
'H
: <C;3@= 27 >C00:71/ CB7:7BI
/BB7D/B= 2/: 7>/@B7;3<B= :U ;/@H=
</A13 1=;3 A3@D7H7= >C00:71= <3:
: 7<B3<B= 3A1:CA7D= 27 4=@<7@3 /A1=:B= 3 A=AB35<= /::3 2=<<3 D7BB7;3 27 D7=:3<H/ 3 <3:
1=< :U3<B@/B/ 7< D75=@3
23::/ "
7< B3;/ 27 /BB7 >3@A31CB=@7 D73<3 >=B3<H7/B= >3@ =44@7@3 A=AB35<= /<163 /::3 D7BB7;3 27 AB/:97<5
: <C;3@= K /BB7D=
=@3 AC
>3@
57=@<7 /113AA707:3 5@/BC7B/;3<B3 2/ @3B3 47AA/ 3 ;=07:3 1=< C<U/11=
5:73<H/ ;C:B7:7<5C3 "3 =>3@/B@717 B3:34=<7163 4=@<7A1=<= C</ >@7;/ @7A>=AB/ /7 07A=5<7 23::3 D7BB7;3 =44@3<2=
7<4=@;/H7=<7 CB7:7 3 /DD717</<2=:3 5@/2C/:;3<B3 /7 A3@D7H7 1=< : /AA=:CB/ 5/@/<H7/ 23:: /<=<7;/B= /:
7
1/A7 27 D7=:3<H/ 163 @7D3AB=<= 1/@/BB3@3 27 3;3@53<H/ D3<5=<= /11=:B7 1=< C</ A>317471/ >@=132C@/ B31<71=
=>3@/B7D/ 1=<27D7A/ 1=< :3 4=@H3 23::U=@27<3 $37 B3@@7B=@7 1=< 7 ?C/:7 K AB/B= AB7>C:/B= 7: &@=B=1=::= 27 7<B3A/ :/
167/;/B/ K >@3A/ 7< 1/@71= 27@3BB/;3<B3 2/: 13<B@= /<B7D7=:3<H/ ?C/:3 A3@D7H7= @343@3<B3 23::/ (3B3 / :7D3::= :=1/:3
/:
7: 7>/@B7;3<B= 6/ @3/:7HH/B= >3@7=27163 3 1/>7::/@7 1/;>/5<3 27 7<4=@;/H7=<3 AC: <C;3@= 27 >C00:71/
CB7:7BI
>3@ >=@B/@3 / 1=<=A13<H/ 23: A3@D7H7= 7: >7N 3:3D/B= <C;3@= 27 2=<<3 >=AA707:3 : <C;3@= 27 167/;/B3
K 1@3A17CB= D3@B757<=A/;3<B3 27;=AB@/<2= :U3A7AB3<H/ 27 C</ 5@/<23 ?C/<B7BI 27 1/A7 27 D7=:3<H/ A=;;3@A7 <3:
:U/@1= 27 ?C3AB7 /<<7 7:
6/ 4=@<7B= /AA7AB3<H/ / 17@1/
7:
23::3 ?C/:7 27 </H7=</:7BI AB@/<73@/
% ' ! , "!
!' ) "
2=<<3 D7BB7;3 27 ?C/:A7/A7 4=@;/ 27 D7=:3<H/
!,
"/ (3B3 K AB/B/ /DD7/B/ 2/: 7>/@B7;3<B= <3:
7< 4=@;/ A>3@7;3<B/:3 >3@ 1=7<D=:53@3 7 27D3@A7 /BB=@7 / D/@7=
B7B=:= 7;>35</B7 <3::/ :=BB/ /: 43<=;3<= 23::/ D7=:3<H/ 1=<B@= :3 2=<<3 :3 ;;7<7AB@/H7=<7 3<B@/:7 1=;>3B3<B7
7< ;/B3@7/ 7 13<B@7 /<B7D7=:3<H/ 57I 3A7AB3<B7 AC: B3@@7B=@7= 7 A3@D7H7 A=17= A/<7B/@7 >C00:717 3 >@7D/B7 3 5:7 3<B7 :=1/:7
R<=27S 23::/ (3B3 23<=;7</B7 ;07B7 *3@@7B=@7/:7 27 (3B3 = *( A=<= 1=AB7BC7B7 2/ =;C<7 = &@=D7<13 1=< 7
?C/:7 7: 7>/@B7;3<B= AB7>C:/ C< &@=B=1=::= 2 7<B3A/ 47</:7HH/B= / >@=;C=D3@3 /H7=<7 27 A3<A707:7HH/H7=<3 3 1=<
B@/AB= /::/ D7=:3<H/ 27 53<3@3 <=<16J /::/ 1=AB7BCH7=<3 = @/44=@H/;3<B= 23::3 @3B7 :=1/:7 /<B7D7=:3<H/ ::/ 0/A3
23::U/11=@2= K AB/B/ >=AB/ : 7<B35@/H7=<3 23: A3@D7H7= </H7=</:3
1=< 7 A3@D7H7 A=17= A/<7B/@7 >C00:717 3 >@7D/B7
=553BB= 27 C< ;=<7B=@/557= >3@7=271= 3 1=AB/<B3 2/ >/@B3 23: 7>/@B7;3<B=
"/ @3B3 K =557 1=AB7BC7B/ 2/::3 17BBI 27 =:=5</ &/:3@;= $/>=:7 ,3<3H7/ &3A1/@/ &@/B= =A3<H/ A3@<7/ *@73AB3
(/D3<</ $C=@= &=B3<H/ =AB/ *=@7<= "/B7</ 5@753<B= (3557= ;7:7/ /3<H/ 3 2/::3 >@=D7<13 27 3<=D/
<1=</ /@7 /B/<7/ /A3@B/ @=B=<3 *3@/;= &3A/@= +@07<=
* /@:3BB/ <2@7/ *@/<7 3 :/ &@=D7<17/
CB=<=;/ 27 =:H/<=
! !,
!'"
#%"
''
!' ) "
!,
: 7>/@B7;3<B= 7< /BBC/H7=<3 23::3 /BB7D7BI >@=5@/;;/B3 <3: &7/<= 2U H7=<3 </H7=</:3 6/ 3;/</B= <3:
B@3
A>3174717 /DD7A7 >C00:717 23AB7</B7 / AC>>=@B/@3 3 /;>:7/@3 :U/BB7D7BI 237 <C;3@=A7 A=553BB7 >C00:717 3 23: >@7D/B=
A=17/:3 7;>35</B7 <3::U/AA7AB3<H/ 3 A=AB35<= /::3 D7BB7;3 27 D7=:3<H/ 27 53<3@3 3 AB/:97<5
=< C< >@7;= /DD7A= >C00:71/B= /2 /5=AB=
@7D=:B= /7 =;C<7 7< >/@B3</@7/B= 1=< 3<B7 >C00:717 32 =@5/<7H
H/H7=<7 23: B3@H= A3BB=@3 7: 7>/@B7;3<B= 6/ 7<B3A= >@=;C=D3@3 32 3AB3<23@3 :3 @3B7 /<B7D7=:3<H/ :=1/:7 3 :/ :=@=
1/>/17BI 27 =44@7@3 7<B3@D3<B7 7<B35@/B7 27 >@3D3<H7=<3 3 1=<B@/AB= /::/ D7=:3<H/ 27 53<3@3 < @7A>=AB/ /::U/DD7A=
/ 1C7 A=<= AB/B7 23AB7</B7
27 3C@= A=<= >3@D3<CB3
>@=>=AB3 >@=53BBC/:7 =< C< A31=<2= /DD7A=
>C00:71/B= / <=D3;0@3
7: 7>/@B7;3<B= 6/ 4=@<7B= C</ @7A>=AB/ 1=<1@3B/ 2/ B3;>= /BB3A/ 27 A=AB35<= /7
13<B@7 /<B7D7=:3<H/ =>3@/<B7 AC: B3@@7B=@7= </H7=</:3 3 6/ 2/B= 7;>C:A= /::/ 1@3/H7=<3 27 <C=D7 13<B@7 A=>@/BBCBB=
<3::3 H=<3 23: >/3A3 2=D3 :/ :=@= 1/@3<H/ @357AB@/D/ @7A>=AB3 7AB7BCH7=</:7 ;/<1/<B7 >3@ 7: A=AB35<= :/ >@=B3H7=<3
3 :U/11=5:73<H/ /::3 D7BB7;3 < @7A>=AB/ /::U/DD7A= / 1C7 A=<= AB/B7 23AB7</B7
27 3C@= A=<= >3@D3<CB3
>@=>=AB3 >@=53BBC/:7
<47<3 1=< C< B3@H= /DD7A= >C00:71/B= A3;>@3 <3: ;3A3 27 <=D3;0@3 A7 K D=:CB= @7D=:53@3 := A5C/@2= /::/ 4=@
;/H7=<3 >@=43AA7=</:3 235:7 =>3@/B=@7 A/<7B/@7 7<B3@<7 /::3 AB@CBBC@3 =A>32/:73@3 32 7;>35</B7 <3::/ 23:71/B/ /B
B7D7BI 27 >@7;= 7<B3@D3<B= @7D=:B/ /::3 D7BB7;3 27 D7=:3<H/ 47A71/ 3 A3AAC/:3 "U=073BB7D= 47</:3 K 27 /BB7D/@3 7< BCBB/
B/:7/ /:;3<= <C=D7 &@=<B= )=11=@A= 1=< >@=132C@3 A>31747163 >3@ :3 D7BB7;3 27 D7=:3<H/ 27 53<3@3 < @7A>=AB/
/::U/DD7A= / 1C7 A=<= AB/B7 23AB7</B7
3C@= A=<= >3@D3<CB3
>@=>=AB3 >@=53BBC/:7
!' &
"!
'%
! &'% , "!
!'%
: 7>/@B7;3<B= 2/ B3;>= >=<3 7< 3AA3@3 7<B3@D3<B7 47</:7HH/B7 / @/44=@H/@3 7: 1=<B@/AB= /: 43<=;3<= 23::/ D7=
:3<H/ ;327/<B3 :/ AB7>C:/ 27 A>3174717 &@=B=1=::7 3 =<D3<H7=<7 1=< /:B@3 ;;7<7AB@/H7=<7 3<B@/:7 23::= )B/B=
: &@=B=1=::= 2 7<B3A/ B@/ 7: #7<7AB@= >3@ :3 &/@7 %>>=@BC<7BI 3 7: #7<7AB@= 23::/ 743A/ 6/ 7AB7BC7B= C</ A3H7=<3
BB7 >3@A31CB=@7 23::U @;/ 237 /@/07<73@7 "/ 1=::/0=@/H7=<3 >@3D323 C<= AB@3BB= @/11=@2= B@/ 7: 7>/@B7;3<B=
32 7: $C1:3= <B7 )B/:97<5 47</:7HH/B= /::U3:/0=@/H7=<3 27 AB@/B3573 1=;C<7 27 >@3D3<H7=<3 3 1=<B@/AB= 235:7 /BB7
>3@A31CB=@7 3 27 >@=B3H7=<3 23::3 D7BB7;3 : $C1:3= /@/07<73@7 K 1=;>=AB= 2/ 1/@/07<73@7 B@/ 1@7;7<=:=57 >A7
1=:=57 A=17=:=57 07=:=57 3 7<4=@;/B717
: &@=B=1=::= 2 7<B3A/ B@/ 7: #7<7AB@= >3@ :3 &/@7 %>>=@BC<7BI 3 7: #7<7AB@= 235:7 <B3@<7 6/ @3A= >=AA707:3 7: @/11=@2=
B@/ :3 %% 3 7:
>3@ :/ 53AB7=<3 237 1/A7 27 D7=:3<H/ / 1/@/BB3@3 27 3;3@53<H/ 1=< 7: B@/A43@7;3<B= 27@3BB=
27 167/;/B/ 2/:
/7 >@3A727 23::3 %% >@3A3<B7 AC: B3@@7B=@7= / 7<=:B@3 >3@;3AA= 27 @3/:7HH/@3 C</ 4=@;/H7=<3
=;=53<3/ 3 A>317471/ >3@ BCBB= 7: >3@A=</:3 23::3 %% 7;>35</B= <3: A=11=@A= /::3 D7BB7;3 27 D7=:3<H/ 27 53<3@3
"!'% &'"
" &'
!
)B/:97<5 K C< B3@;7<3 7<5:3A3 :3BB3@/:;3<B3 R4/@3 :/ >=AB/S 163 7<271/ C< 1=;>=@B/;3<B= /AA7::/<B3 3 7<D/A7D=
23::/ D7B/ /:B@C7 @3/:7HH/B= ;327/<B3 :/ @37B3@/H7=<3 7<A7AB3<B3 27 1=<2=BB3 7<B@CA7D3 ?C/:7 B3:34=</B3 />>=AB/
;3<B7 >327</;3<B7 47<= <37 1/A7 >7N 5@/D7 /::/ @3/:7HH/H7=<3 27 1=<2=BB3 27 >3@ AJ @3/B= ;7</113 7<57C@73 2/<
<3557/;3<B7 /55@3AA7=<7 47A7163
:7 /BB7 27 D7=:3<H/ A>317/:;3<B3 ?C3::7 27 </BC@/ A3AAC/:3 A>3AA= A=<=
>@3132CB7 2/ /BB7 >3@A31CB=@7 'C3AB3 >3@A31CH7=<7 Q 163 6/<<= >3@ D7BB7;3 A=>@/BBCBB= 2=<<3 7< C< 1/A= AC
2C3 A=<= /2 =>3@/ 27 3F ;/@7B7 3F 1=<D7D3<B7 3F 472/<H/B7 ;/ >=AA=<= 3AA3@3 1=;>7CB3 /<163 2/ 1=<=A13<B7
1=::3567 = 3AB@/<37 /:;3<= 7:
27 7B/:7/<7 A=>@/BBCBB= 2=<<3 <3 A=<= AB/B7 D7BB7;3 A35C7B= 23::U3AB3<A7=<3
23: 27A>=A7B7D= 27 /11=5:73<H/ 23: )3@D7H7=
/<163 /: 43<=;3<= 235:7 /BB7 >3@A31CB=@7 2/ A3BB3;0@3
A7<= / A3BB3;0@3
A=<= >3@D3<CB3
167/;/B3 @75C/@2/<B7 A35</:/H7=<7 @3:/B7D3 /: 43<=;3<= 23::= AB/:
97<5 AC C< B=B/:3 27 167/;/B3 >3@B7<3<B7 >/@7 /
1=< C</ >3@13<BC/:3 27 7<1723<H/ >/@7 / 17@1/
@/H73 /::/ "3553 />@7:3
<
:= AB/:97<5 K =557 @71=<=A17CB= 1=;3 @3/B= /<163 7< B/:7/ "/ :3553 4=@
B3;3<B3 D=:CB/ 2/: #7<7AB@= >3@ :3 &/@7 %>>=@BC<7BI @/>>@3A3<B/ C</ @7A>=AB/ 1=<1@3B/ >3@ :/ :=BB/ 1=<B@=
?C3AB/ 4=@;/ 27 D7=:3<H/ / C</ @313<B3 @713@1/ @7AC:B/ 7<4/BB7 163 AC B@313<B= 23:7BB7 1=;;3AA7 4@/ >/@B<3@ =
3F >/@B<3@ :U
6/ 1=;3 D7BB7;3 :3 2=<<3 3 <3:
237 1/A7 A7 B@/BB/ 27 1@7;7<7 /<<C<17/B7 7< ?C/<B= A7 D3@747
1/<= 2=>= C< >3@7=2= >7N = ;3<= :C<5= 27 ;=:3AB73 3 >3@A31CH7=<7
!
!
&' '
"U7<2/57<3 AB/B @3/:7HH/B/ <3:
AC: B3;/ 6/ >=@B/B= / 1=<=A13<H/ A7/ 235:7 =>3@/B=@7 163 23: 5@/<23 >C00:71=
:/ @7:3D/<H/ 163 :/ D7=:3<H/ AC::3 2=<<3 32 7< >/@B71=:/@3 :/ D7=:3<H/ 2=;3AB71/ @7D3AB=<= <3: <=AB@= >/3A3 :
7>/@B7;3<B= <3::U/>@7:3
6/ AB7>C:/B= C< <C=D= /11=@2= 1=< :U )* * >3@ /557=@</@3 /:
:U7<2/57<3 1=<
:U=073BB7D= 27 4=@<7@3 :3 AB7;3 23::/ D7=:3<H/ 47A71/ 3 A3AAC/:3 :/ 27</;71/ 23::/ D7=:3<H/ :3 1=<A35C3<H3 32 7
4/BB=@7 27 @7A167= 1=< >/@B71=:/@3 /BB3<H7=<3 /::/ D7=:3<H/ 2/ >/@B<3@ <3::U/;07B= 23::/ ?C/:3 A/@I >=AA707:3 @7:3D/@3
:/ D7=:3<H/ >A71=:=571/ 31=<=;71/ 47A71/ 3 A3AAC/:3 :/ AB=@7/ 23::/ D7=:3<H/ <=<16J := AB/:97<5 =;3 <3::/
>@31323<B3 327H7=<3 23::U7<2/57<3 D3@@/<<= 7<B3@D7AB/B3 B3:34=<71/;3<B3 :3 2=<<3 2/7 /7 /<<7 : 1/;>7=<3
K 1=;>=AB= 2/ 17@1/
2=<<3
"/ B@/BB/ 27 3AA3@7 C;/<7 1=AB7BC7A13 C< 5@/D7AA7;= @3/B= :/ ;3@17471/H7=<3 23::/ >3@A=</ C;/</ 3 :/ A=>@/44/
H7=<3 23::/ AC/ 275<7BI 3 237 AC=7 27@7BB7 4=<2/;3<B/:7 %>>=@A7 /: 43<=;3<= 23::/ B@/BB/ >3@ B/:3 @/57=<3 <=<
>CM 163 =@73<B/@A7 /::/ BCB3:/ 237 27@7BB7 C;/<7 23::3 D7BB7;3 ?C/:C<?C3 A7/ :U7<B3<H7=<3 237 B@/4471/<B7
=;3 ;=:B7 &/3A7 3C@=>37 :U B/:7/ K 7<B3@3AA/B/ =@;/7 2/ ?C/A7 C< D3<B3<<7= 2/ ?C3AB= 43<=;3<= : 7>/@B7
;3<B= >3@ :3 &/@7 %>>=@BC<7BI :U ;;7<7AB@/H7=<3 3<B@/:3 1C7 K 23;/<2/B= 7: 1==@27</;3<B= 235:7 7<B3@D3<B7
B3A7 /::/ >@3D3<H7=<3 32 /: 1=<B@/AB= 23::/ B@/BB/ 27 >3@A=<3 32 7< >/@B71=:/@3 /::U/AA7AB3<H/ 3 @37<B35@/H7=<3
A=17/:3 23::3 D7BB7;3 AD=:53 >3@ ?C3AB= ;=:B3>:717 /BB7D7BI 7< ;/B3@7/ A7/ / :7D3::= </H7=</:3 163 B@/<A</H7=</:3
: 47<3 27 >@=;C=D3@3 3 ;=<7B=@/@3 B/:7 /BB7D7BI 7: 7>/@B7;3<B= A7 /DD/:3 23::/ =;;7AA7=<3 <B3@;7<7AB3@7/:3
>3@ 7: A=AB35<= /::3 D7BB7;3 27 B@/BB/ D7=:3<H/ 3 5@/D3 A4@CBB/;3<B= 163 @/>>@3A3<B/ C< 7;>=@B/<B3 =@5/<= 7<
B3@7AB7BCH7=</:3 27 1==@27</;3<B= 3 1=<B@=::= 235:7 7<B3@D3<B7
@=<B3557/@3 :/ B@/BB/ 27 3AA3@7 C;/<7 DC=: 27@3 ;3BB3@3 7< 1/;>= 7<17A7D3 AB@/B3573 7<B3@1=<<3AA3 27 >@3D3<H7=<3
BCB3:/ 3 1=<B@/AB= 27 :7D3::= </H7=</:3 3 B@/<A</H7=</:3 C3 >@7<17>7 4=<2/;3<B/:7 23D=<= 7<4=@;/@3 B/:7 AB@/
B3573 :/ BCB3:/ 237 27@7BB7 C;/<7 3 :U/>>@=117= ;C:B727A17>:7</@3 7<B35@/B=
&=716J :/ B@/BB/ K C< 43<=;3<= 3AB@3;/;3<B3 1=;>:3AA= 32 7< 1=<B7<C/ 3D=:CH7=<3 K 4=<2/;3<B/:3 /447/<1/@3
/7 A7AB3;7 :357A:/B7D7 /::3 >=:7B7163 3 /5:7 7<B3@D3<B7 /235C/B7 AB@C;3<B7 27 =AA3@D/H7=<3 23: 43<=;3<= 3 27 D/:C
B/H7=<3 23::3 /H7=<7 7<B@/>@3A3 C</ :3BBC@/ />>@=4=<27B/ 32 /557=@</B/ K 7<27A>3<A/07:3 >3@ ;C=D3@A7 7< ;/<73@/
34471/13 V 3A/BB/;3<B3 ?C3AB= 7: 1=;>7B= 163 7: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI 6/ /4472/B= /::U%AA3@D/B=@7=
AC: 43<=;3<= 23::/ B@/BB/ 235:7 3AA3@7 C;/<7 7AB7BC7B= 1=<
# 23:
;/@H=
>@3D323<2= 163 A7 =11C>7 27
P ;=<7B=@/@3 3 /</:7HH/@3 7: 43<=;3<= 23::/ B@/BB/ 235:7 3AA3@7 C;/<7
P ABC27/@3 7 @7AC:B/B7 237 >@=53BB7 47</<H7/B7 /7 A3<A7 23::U/@B
:5A
3 23::U/@B
23::/ :3553
P D3@7471/@3 :U/BB7D7BI 23: <C;3@= D3@23 </H7=</:3 /<B7B@/BB/
P AD7:C>>/@3 C< A7AB3;/ 7<4=@;/B7HH/B= 27 @/11=:B/ 237 2/B7 163 @3<2/ >7N 34471/13 :/ :3BBC@/ 3 :U/</:7A7 23:
43<=;3<= <3: @7A>3BB= 23::3 5/@/<H73 27 @7A3@D/B3HH/ /5:7 3D3<BC/:7 2/B7 A3<A707:7
P 1=<2C@@3 @713@163 3 ABC27 AC: 43<=;3<= 23::/ B@/BB/ A7/ / :7D3::= </H7=</:3 163 7<B3@</H7=</:3
"U%AA3@D/B=@7= =>3@/ 2C<?C3 /: 47<3 27 /447/<1/@3 3 AC>>=@B/@3 :3 /BB7D7BI 23::/ =;;7AA7=<3 7<B3@;7<7AB3@7/:3
>3@ 7: A=AB35<= /::3 D7BB7;3 27 B@/BB/ D7=:3<H/ 3 5@/D3 A4@CBB/;3<B=
& &'
! , "!
# % ) ''
'% ''
&& &' !,
!'
% , "! &"
: A7AB3;/ 7B/:7/<= 27 >@=B3H7=<3 =>3@/B7D= 2/:
3 1==@27</B= 3 1= 47</<H7/B= 2/: 7>/@B7;3<B= >3@ :3 &/@7
%>>=@BC<7BI >@3D323 C</ AB@CBBC@/ 1=;>=A7B/ >3@ :U/AA7AB3<H/ 23::3 >3@A=<3 B@/4471/B3 163 A7 1=;>=<3 27 B@3
4=<2/;3<B/:7 >7:/AB@7 27 /H7=<3 3;3@A7=<3 723<B7471/H7=<3 3 >@7;/ /AA7AB3<H/ 7<1:CA7=<3 A=17/:3 /7 ?C/:7 A=<=
1=::35/B7 /:B@3BB/<B7 27A>=A7B7D7 27 7<B3@D3<B=
P $C;3@= ,3@23 $/H7=</:3 /<B7 B@/BB/
P &@=5@/;;/ 27 >@7;/ /AA7AB3<H/ /7 A3<A7 23::U/@B
23::/ :3553
R#7AC@3 1=<B@= :/ B@/BB/ 27
>3@A=<3S R AB7BCH7=<3 27 C<= A>317/:3 >@=5@/;;/ 27 /AA7AB3<H/ >3@ :3 D7BB7;3 237 @3/B7 >@3D7AB7 2/5:7
/@B71=:7
3
23: 1=2713 >3</:3S
P &@=5@/;;/ 27 /AA7AB3<H/ 3 7<B35@/H7=<3 A=17/:3 >@3D7AB= 2/::U/@B
23: 2 :5A
R*3AB= C<71= 23::3
27A>=A7H7=<7 1=<13@<3<B7 :/ 27A17>:7</ 23::U7;;75@/H7=<3 3 <=@;3 AC::/ 1=<27H7=<3 23::= AB@/<73@=S R)=5
57=@<= >3@ ;=B7D7 27 >@=B3H7=<3 A=17/:3S 3 2/::U/@B
23: @35=:/;3<B= 27 /BBC/H7=<3 23: *3AB= C<71= &(
: $C;3@= ,3@23
Q =>3@/B7D= 6
K 5@/BC7B= 3 /<=<7;= 3 1=<A3<B3 27 3<B@/@3 7< 1=<B/BB= 1=<
>3@A=</:3 A>317/:7HH/B= ;C:B7:7<5C3 AA= 4=@<7A13 7<4=@;/H7=<7 23BB/5:7/B3 AC::/ :357A:/H7=<3 3 AC7 A3@D7H7 5/
@/<B7B7 /::3 >3@A=<3 B@/4471/B3 A4@CBB/B3 7< B/:7/ 3 AC @71673AB/ 7<27@7HH/ ?C3AB3 C:B7;3 D3@A= 7 A3@D7H7 A=17= /AA7
AB3<H7/:7 ;3AA7 / 27A>=A7H7=<3 <3::U/;07B= 237 >@=5@/;;7 3F /@B
"
32 3F /@B
2 :5A
:
A3@D7H7= K /@B71=:/B= 7< C</ >=AB/H7=<3 13<B@/:3 163 =>3@/ 7< AB@3BB= @/11=@2= 1=< 7 >@=53BB7 R/@B S 32 7< >/@
B71=:/@3 1=< />>=A7B3 AB@CBBC@3 7AB7BC7B3 >@3AA= ?C3AB7 C:B7;7 23<=;7</B3 RC<7BI B3@@7B=@7/:7 =>3@/B7D3S 'C3AB3
6/<<= 7: 1=;>7B= 27 >@3<23@3 7< 1/@71= :3 A35</:/H7=<7 >@=D3<73<B7 2/: <C;3@= D3@23 3 >@=DD323@3 / D/:CB/@3 7:
1/A= 32 7<D7/@3 :/ >@3AC<B/ D7BB7;/ 27 B@/BB/ = A4@CBB/;3<B= /7 A3@D7H7 23271/B7 23: B3@@7B=@7= 27 @743@7;3<B=
: A3@D7H7= K /:B@3AL @7D=:B= /7 17BB/27<7 163 D=5:7/<= A35</:/@3 A7BC/H7=<7 27 A4@CBB/;3<B= <=<16J /5:7 =>3@/B=@7
23: A3BB=@3 /: 47<3 27 /53D=:/@3 7: :/D=@= 27 @3B3 / :7D3::= </H7=</:3
>@=53BB7 /@B
5/@/<B7A1=<= /AA7AB3<H/ /::3 >@3AC<B3 D7BB7;3 27 B@/BB/ 3 / ?C3::3 57I 723<B7471/B3 1=;3 B/:7 >3@
C< >3@7=2= ;7<7;= 27 B@3 ;3A7 163 =D3 >=AA707:3 >CM 3AA3@3 3AB3A= /2 /:B@7 B@3 ;3A7 "3 >3@A=<3 >@3A3 7< 1/@71=
2/ 3<B7 >C00:717 = 23: >@7D/B= A=17/:3 6/<<= 27@7BB= /2 /235C/B3 1=<27H7=<7 27 /::=557= 27 D7BB= 27 /AA7AB3<H/ A/
<7B/@7/ 3 :35/:3 < ;=:B7 1/A7 1=<1:CA=A7 7: >@=53BB= 7<27D72C/:3 /@B
:3 >3@A=<3 1=<B7<C/<= /2 3AA3@3 /AA7AB7B3
<3::U/;07B= 237 >@=53BB7 /@B
/:
/:
/:
/:
7 >@=53BB7 /@B
47</<H7/B7 A=<= AB/B7
>3@ C</ A>3A/ 1=;>:3AA7D/ 27
/BB@/D3@A= 7 >@=53BB7 /@B
A=<= AB/B3 /AA7AB7B3
>3@A=<3 B@/4471/B3
;7:7=<7 27 3C@=
>@=53BB7 /@B
23::/ 2C@/B/ 27 ;3A7 5/@/<B7A1=<= /::3 >3@A=<3 B@/4471/B3 :/ >=AA707:7BI 27 /11323@3 /2 C</
A3@73 27 A3@D7H7 32 /BB7D7BI 7< 0/A3 /: >7/<= 27 /AA7AB3<H/ 7<27D72C/:7HH/B= 3:/0=@/B= 7< 0/A3 /7 :=@= 07A=5<7 A>3174717
/11=5:73<H/ @3A723<H7/:3 1=C<A3::7<5 >A71=:=571= /AA7AB3<H/ :35/:3 ;327/H7=<3 :7<5C7AB71= 1C:BC@/:3 /11=;
>/5</;3<B= /7 A3@D7H7 A=17= A/<7B/@7 4=@;/H7=<3 >@=43AA7=</:3 B7@=17<7 /H73<2/:7 AC>>=@B= <3::/ @713@1/ 23: :/
D=@= 7<A3@7;3<B= :/D=@/B7D=
/:
/:
7 >@=53BB7 /@B
47</<H7/B7 A=<= AB/B7
>3@ C</ A>3A/ 1=;>:3AA7D/ 27
;7:7=<7 27 3C@=
/:
/:
=:B@3
>3@A=<3 A=<= 3<B@/B3 7< 1=<B/BB= 1=< 7 >@=53BB7 /@B
2/ 1C7 6/<<= @713DCB=
C</ ?C/:163 4=@;/ 27 AC>>=@B= 7<4=@;/H7=<7 1=<AC:3<H/ >A71=:=571/ 1=<AC:3<H/ :35/:3 /11=;>/5</;3<B7
A=17= A/<7B/@7 27 ?C3AB3 6/<<= >/@B317>/B= /2 C< >@=5@/;;/ 27 >@=B3H7=<3 A=17/:3
>3@A=<3
03<34717/@7 27 ?C3AB= >@=5@/;;/ >=AA=<= 7<=:B@3 CAC4@C7@3 27 C< R>3@;3AA= 27 A=557=@<= B3;>=@/<3= >3@ ;=B7D7 C;/<7B/@7S
<B@/;07 7 >@=5@/;;7 27 /AA7AB3<H/ >@3D32=<= 7: 1= 47</<H7/;3<B= Q /BB@/D3@A= C< 0/<2= 1=<57C<B= /<<C/:3 Q
27 >@=53BB7 @3/:7HH/B7 2/ 3<B7 :=1/:7 3 = /AA=17/H7=<7 163 >3@ >/@B317>/@3 /::U/DD7A= >C00:71= 23D=<= 3AA3@3 7A1@7BB3
/::/ A31=<2/ A3H7=<3 23: (357AB@= 23::3 /AA=17/H7=<7 3 235:7 3<B7 163 =>3@/<= / 4/D=@3 235:7 7;;75@/B7
/:
7: 7>/@B7;3<B= 1==@27</ 7 :/D=@7 27 C< */D=:= B31<71= 7<B3@7AB7BCH7=</:3 1=AB7BC7B= /: 47<3 27 3:/0=@/@3
7: >@7;= &7/<= </H7=</:3 27 /H7=<3 1=<B@= :/ B@/BB/ 27 3AA3@7 C;/<7
%
%
!' %) !'"
: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI 6/ >@=;=AA= <3: 1=@A= 235:7 /<<7 23::3 @713@163 7<B3@D3<B= 47</:7HH/B3
/2 3AB3<23@3 :3 1=<=A13<H3 /2 =557 /<1=@/ :7;7B/B3 AC::3 <C=D3 4=@;3 27 A4@CBB/;3<B= >/@/ A167/D7AB71= 27 3A
A3@7 C;/<7 C< 43<=;3<= 163 <35:7 C:B7;7 /<<7 A7 K 2@/;;/B71/;3<B3 /55@/D/B= ;/<743AB/<2=A7 7< ;/<73@/
A3;>@3 >7N /@B71=:/B/ 3 A>3AA= 7< 1=<<3AA7=<3 1=< :/ B@/BB/
"3 @713@163 A=<= AB/B3 ;7@/B3 /::U/>>@=4=<27;3<B= 23: 43<=;3<= @7A>3BB7D/;3<B3 C</ 7< /;>/<7/ 32 7< &C5:7/
3 :U/:B@/ 7< /:/0@7/ 3 )717:7/ / >/@B3 23::/ :=@= ;3AA/ 7< =>3@/ /<163 C</ A3@73 27 A3;7</@7 7<4=@;/B7D7 B3;/B717
AD=:B7 <3::3 @357=<7 7<B3@3AA/B3 2/: 43<=;3<= 1=< 1=7<D=:57;3<B= 237 27D3@A7 /BB=@7 B3@@7B=@7/:7 =@H3 23::U=@27<3
3 =>3@/B=@7 A=17/:7 'C3AB3 /BB7D7BI D3<5=<= @3/:7HH/B3 <3::U/;07B= 23::/ #7AC@/
23: &%$ )& .. % & !$
* !)%%$ !
..$ $&#$ 3 ( ! %073BB7D=
'' ) 'H !
#" !' %! , "!
$3: 1=@A= 235:7 /<<7 7: 7>/@B7;3<B= 6/ @/44=@H/B= A3;>@3 >7N :U/BB7D7BI 7< 1/;>= 7<B3@</H7=</:3 @3:/B7D/;3<B3
/5:7 7<B3@D3<B7 7< ;/B3@7/ 27 B@/BB/ 27 >3@A=<3
:7D3::= 3C@=>3= 7: 7>/@B7;3<B= K AB/B= 3<B3 >@=>=<3<B3 3 1/>=47:/ 27 2C3 >@=53BB7 47</<H7/B7 <3:U/;07B= 23:
&@=5@/;;/ 1=;C<7B/@7= & * #( $# $ #
(
#'( & " 0 ( $# & #('
P
. $# (& #'# . $# ! #( &' (($& ! % & ! $#(& '($ !! (& ((
% &'$# ' $%$ ' &)(( " #($ ! *$& ( *$
#(
. $#
'' '( #.
!! * (( "
(
@3/:7HH/B= 7< AB@3BB/ 1=::/0=@/H7=<3 1=< :U% " %@5/<7H
H/H7=<3 <B3@</H7=</:3 23: "/D=@= K 47</:7HH/B= /::U/</:7A7 23: 43<=;3<= 23: :/D=@= A=;;3@A= 235:7 7;
;75@/B7 3 23: :/D=@= >/@/ A167/D7AB71= 23::3 0C=<3 >@/B7163 3A7AB3<B7 3 /::U/BB7D/H7=<3 27 >@=13AA7 27 7< 4=@
;/H7=<3 3 4=@;/H7=<3 235:7 /BB=@7 163 =>3@/<= <3: A3BB=@3
P
* !)%%$ )# & #'# ( $# !
&& ! "
# '" % & ! * (( "
(& (( (& % ' $& #
'( # . $#
*(# + @3/:7HH/B= 7< AB@3BB/ 1=::/0=@/H7=<3 1=< :U #& 27 ,73<</ <B3@</B7=</: 3<B@3 4=@ #75@/B7=<
&=:71G 3D3:>=;3<B AD7:C>>/ C< A7AB3;/ 27 1==>3@/H7=<3 7AB7BCH7=</:7HH/B= B@/ &/3A7 ;3;0@7 23::U+<7=<3
C@=>3/ 3 &/3A7 *3@H7 /: 47<3 27 5/@/<B7@3 C</ 53AB7=<3 =@5/<71/ 237 1/A7 B@/<A</H7=</:7 27 B@/BB/ 27 >3@A=<3
3 1=<27D723@3 /235C/B7 AB/<2/@2 >3@ :/ >@=B3H7=<3 23::3 D7BB7;3 32 7: B@/BB/;3<B= 237 2/B7 A3<A707:7
: 7>/@B7;3<B= K AB/B= 7<=:B@3 >/@B<3@ 7< /:B@7 2C3 >@=53BB7 >@3A3<B/B7 <3::U/;07B= 23: ;323A7;= >@=5@/;;/ 3C@=>3= 2/
P (=;/<7/ 53<H7/ $/H7=</:3 1=<B@= :/ B@/BB/ 27 >3@A=<3 >@=53BB= (% ) 163 6/ 1=;3 =073BB7D= 7<B3@D3<B7
;7@/B7 /::/ @72CH7=<3 23: <C;3@= 27 2=<<3 B@/4471/B3 2/::/ (=;/<7/ 3 2/::/ C:5/@7/ D3@A= :U B/:7/ 3 :/ )>/5</
32 /::/ A3<A707:7HH/H7=<3 AC: 43<=;3<= 23::/ B@/BB/ / A1=>= 27 A4@CBB/;3<B= A3AAC/:3
P )/D3 B63 67:2@3< B/:7/ >@=53BB=
( 163 6/ 1=;3 =073BB7D= 7<B3@D3<B7 ;7@/B7 / @/44=@H/@3 :/ 1==>3@/
H7=<3 B@/ A=553BB7 >C00:717 3 >@7D/B7 7< B/:7/ @317/ 3 (=;/<7/ <3: 1/;>= 23::U723<B7471/H7=<3 3 23::U/AA7
AB3<H/ 237 ;7<=@7 D7BB7;3 3 = >=B3<H7/:;3<B3 D7BB7;3 27 B@/BB/
<47<3 7: 7>/@B7;3<B= K >/@B<3@ 27 C< >@=53BB= 47</<H7/B= <3::U/;07B= 23: &$ & ""
" ( $ !! $"" '' $#
)&$%
% & !
$$% & . $#
$#
'
( &.
# !!3 &
!!
" & . $#
!!3 ' !$
C@=>3 72
* #C:B7 >@=;=AA= 2/::U % " V C< >@=5@/;;/ 073<</:3 >3@ @/44=@H/@3 :/ 1==>3@/
H7=<3 B@/ $753@7/ 3 B/:7/ 7< ;/B3@7/ 27 723<B7471/H7=<3 23::3 D7BB7;3 27 B@/BB/ >3@A35C7;3<B= 237 B@/4471/<B7 3 /A
A7AB3<H/ /::3 D7BB7;3 "/ AC/ 1=;>=<3<B3 27 @713@1/ Q AD=:B/ A7/ 7< B/:7/ 163 7< $753@7/ 3 1==@27</B/ 2/:
7>/@B7;3<B= Q A7 >@=>=<3 27 7<2/5/@3 AC: 4:CAA= ;75@/B=@7= 237 <753@7/<7 D3@A= :U B/:7/ 1=< C< /BB3<H7=<3 A>3
17471/ /::/ B@/BB/ / A1=>= 27 A4@CBB/;3<B= :/D=@/B7D= $=< ;/<1/<= 1=<B@70CB7 D=:B7 / 1=<A=:72/@3 :/ 1==>3@/H7=<3
7AB7BCH7=</:3 07:/B3@/:3 :/ 1@3/H7=<3 27 C< 5@C>>= 27 :/D=@= ;C:B7 /53<H7/ >3@ :/ >@=;=H7=<3 27 0C=<3 >@/B7163
A3;7</@7 27 4=@;/H7=<3 >3@ 5:7 =>3@/B=@7 7<B3@D3<B7 27 A3<A707:7HH/H7=<3 3 4=@;/H7=<3 >3@ 7 5@C>>7 / @7A167= 7<
B3@D3<B7 27 /AA7AB3<H/ 32 7<B35@/H7=<3 >3@ :3 D7BB7;3 C</ D=:B/ @7;>/B@7/B3
: 7>/@B7;3<B= 6/ 1=:B7D/B= 7< ;=2= >/@B71=:/@3 7 @/>>=@B7 27 1=::/0=@/H7=<3 07:/B3@/:3 1=< :/ (=;/<7/ &/3A3 27
=@757<3 23::/ ;/557=@ >/@B3 23::3 D7BB7;3 27 B@/BB/ >@3A3<B7 7< B/:7/ */:3 1=::/0=@/H7=<3 6/ >=@B/B= /::/ 1=<1:C
A7=<3 27 C< >@=B=1=::= 2U7<B3A/ B@/ 7: 7>/@B7;3<B= 7: #7<7AB3@= 23: "/D=@= :3 (357=<7 7B/:7/<3 32 7: #7<7AB3@= @=
;3<= 23: "/D=@= /;75:7/ 3 &/@7 %>>=@BC<7BI 47@;/B= / C1/@3AB 7: :C5:7=
"U/11=@2= >@3D323 :/
1==>3@/H7=<3 3 7: 1==@27</;3<B= 23::3 /BB7D7BI 7< ;/B3@7/ 27 1=<B@/AB= /::/ B@/BB/ 27 >3@A=<3 3 /AA7AB3<H/ 23::3
D7BB7;3 @3/:7HH/B3 1=< :3 @7A=@A3 23: =<2= )=17/:3 C@=>3= >@=5@/;;/H7=<3
!
)7 K AB7;/B= 7< 17@1/ ;7:/ 7: <C;3@= 27 2=<<3 7;;75@/B3 A=557=@</<B7 7< B/:7/ 163 6/<<= AC0LB= ?C3AB/ >@/B71/
= >@7;/ 27 D3<7@3 7< B/:7/ = 2C@/<B3 7: A=557=@<= B=@</<2= <37 >/3A7 27 =@757<3 = 7< B/:7/ AB3AA/ =<A723@/<2=
:3 17@1/
0/;07<3 3 57=D/<7 27 ;3<= 27 /<<7 >@=D3<73<B7 2/7 &/3A7 27 B@/27H7=<3 3A17AA=@7/ :3 D7BB7;3
>=B3<H7/:7 27 ?C3AB/ >@/B71/ =557 A=<= 17@1/ 7:
7: 163 A75<7471/ 163 >=AA707:7 D7BB7;3 <37 >@=AA7;7 /<<7 B@/ :3
0/;07<3 3 57=D/<7 /4@71/<3 @3A723<B7 7< B/:7/ A=<= 17@1/
=< @75C/@2= /: 43<=;3<= 23::3 ;CB7:/H7=<7 53<7B/:7 43;;7<7:7 7: =D3@<= 7B/:7/<= 6/ /2=BB/B= :3 <313AA/@73 7<7
H7/B7D3 :357A:/B7D3 >3@ >@3D3<7@3 1=<B@/AB/@3 3 A/<H7=</@3 ?C3AB/ >@/B71/ +</ A3@73 27 ;7AC@3 A=<= AB/B3 7<B@=
2=BB3 /BB@/D3@A= :U/2=H7=<3 23::/ :3553 53<</7=
<
1=<B3<3<B3 R 7A>=A7H7=<7 1=<13@<3<B7 :/
>@3D3<H7=<3 3 7: 27D73B= 23::3 >@/B7163 27 ;CB7:/H7=<3 53<7B/:3 43;;7<7:3S : :357A:/B=@3 7B/:7/<= 6/ 7<?C/2@/B= 7:
>@=0:3;/ A=>@/BBCBB= 7< C<U=BB71/ 27 @7A>3BB= 23::/ 275<7BI 3 23::/ :703@BI 43;;7<7:3 >/@B3<2= 2/::/ 1=<A723@/
H7=<3 23::/ :3A7=<3 27 ?C37 27@7BB7 C;/<7 @7B3<CB7 7<D7=:/07:7 2/: <=AB@= 27@7BB= </H7=</:3 ?C/:7 7: 27@7BB= /::/ A/:CB3
/::/ A/:CB3 @7>@=2CBB7D/ /::/ :703@BI 7<27D72C/:3 /::U7<B35@7BI 23::3 2=<<3 3 23::3 0/;07<3
"/ :3553 < 23:
23:35/ 7: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI / >@=;C=D3@3 3 A=AB3<3@3 7: 1==@27</
;3<B= 23::3 /BB7D7BI AD=:B3 2/7 #7<7AB3@7 1=;>3B3<B7 /7 47<7 23::/ >@3D3<H7=<3 /AA7AB3<H/ /::3 D7BB7;3 32 3:7;7
</H7=<3 23::3 >@/B7163 # 3 /2 /1?C7A7@3 2/B7 3 7<4=@;/H7=<7 / :7D3::= </H7=</:3 3 7<B3@</H7=</:3 7< >/@B71=:/@3
AC::3 /BB7D7BI AD=:B3 3 AC::3 AB@/B3573 27 1=<B@/AB= >@=5@/;;/B3
&3@ :/ 2347<7H7=<3 3 :/ 1=<13@B/H7=<3 23::3 /H7=<7 2/ >@=;C=D3@3 7< 1=3@3<H/ 1=< :3 47</:7BI 23::/ 17B/B/ :3553
2/:
K AB/B/ 7AB7BC7B/ 2/: #7<7AB@= >@= B3;>=@3 >3@ :3 >/@7 =>>=@BC<7BI :/ =;;7AA7=<3 >3@ :/ >@3D3<H7=<3
32 7: 1=<B@/AB= 23::3 ;CB7:/H7=<7 53<7B/:7 43;;7<7:7 1=;>=AB/ 2/7 271/AB3@7 1=7<D=:B7 7< B/:3 /;07B= 3 >@317A/
;3<B3 2/: #7<7AB3@= 23::U <B3@<= 2/: #7<7AB3@= 235:7 44/@7 AB3@7 2/: #7<7AB3@= 23: "/D=@= 3 23::3 &=:7B7163 )=
17/:7 2/: #7<7AB3@= 23::/ )/:CB3 2/: #7<7AB3@= 23::U AB@CH7=<3 2/::/ =<43@3<H/ )B/B= (357=<7
"/ =;;7AA7=<3 K /BBC/:;3<B3 7< 4/A3 27 @71=AB7BCH7=<3
$3:
:/ =;;7AA7=<3 7<B3@;7<7AB3@7/:3 6/ />>@=D/B= 7: >@7;= &7/<= &@=5@/;;/B71= 47</:7HH/B= /2 7<271/@3
>@=5@/;;7 D=:B7 /::/ >@3D3<H7=<3 3 /: 1=<B@/AB= 27 B/:7 >@/B7163 7<271/<2= B@/ :U/:B@= /;07B7 27 /H7=<3 3 :7<33 27
7<B3@D3<B7 A>3174717
"/ 47</:7HH/H7=<3 27 ?C3AB= &7/<= K AB/B/ 231:7</B/ 2/: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI <3::U/;07B= 27 C<
DD7A= >C00:71= <3:
>3@ 7: 47</<H7/;3<B= 27 >@=53BB7 D=:B7 /::/ >@3D3<H7=<3 3 /: 1=<B@/AB= 23::3 >@/B7163 27
;CB7:/H7=<7 53<7B/:7 43;;7<7:7 7< =BB3;>3@/<H/ 27 ?C/<B= >@3D7AB= /::U/@B 23::/ :3553 < 23:
/ 1C7 6/<<=
>/@B317>/B= (357=<7 <B7 :=1/:7 AB@CBBC@3 23: )3@D7H7= )/<7B/@7= $/H7=</:3 3 %@5/<7A;7 23: *3@H= )3BB=@3
"U DD7A= K AB/B= >@327A>=AB= <3::U=BB71/ 27 B@3 ;/1@= /@33 27 7<B3@D3<B=
/ @713@1/ /H7=<3 =DD3@= 7<2/57<7 AC: 43<=;3<= 3 /</:7A7 27 4/BB707:7BI >3@ 7: ;=<7B=@/557= 235:7 7<B3@D3<B7
>3@ :/ D/:CB/H7=<3 23::U7;>/BB= 3 :/ 1@3/H7=<3 27 @3B7 7<B35@/B3
0 1/;>/5<3 7<4=@;/B7D3 3 27 A3<A707:7HH/H7=<3 /7 47<7 23::/ >@3D3<H7=<3 3 23: 1=<B@/AB= @7D=:B3 /7 <C=D7 ;7
5@/<B7 3 / ?C3::7 57I @3A723<B7
1 1=@A7 27 4=@;/H7=<3 3 /557=@</;3<B= >3@ 2=13<B7 3 ;327/B=@7 AC::/ BCB3:/ 237 27@7BB7 23::/ >3@A=</ 7< >/@
B71=:/@3 23::/ 2=<</ />>/@B3<3<B7 / 1=;C<7BI >@=D3<73<B7 2/ &/3A7 / @7A167= #
)C::/ A1=@B/ 23::U3A>3@73<H/ ;/BC@/B/ /BB@/D3@A= :/ @3/:7HH/H7=<3 23::3 /H7=<7 47</<H7/B3 2/: 7>/@B7;3<B= / A3
5C7B= 23: 17B/B= DD7A= >C00:71= :/ =;;7AA7=<3 <3: 53<</7=
6/ @32/BB= C< A31=<2= &7/<= &@=5@/;;/B71=
23::3 >@7=@7BI 27 7<B3@D3<B= </H7=</:7 27 >@3D3<H7=<3 3 1=<B@/AB= 23::3 # 163 A7 7<B3<2=<= >3@A35C7@3 <3: @7
A>3BB= 23::U/@B 23::/ "3553 <
*/:3 >7/<= <3: 4300@/7=
K AB/B= 1=<27D7A= /<163 1=< :3 @/>>@3A3<B/<H3 >7N A75<7471/B7D3 23::U/AA=17/H7=<7
A;= =>3@/<B3 <3: A3BB=@3 3 235:7 <B7 :=1/:7 : 7>/@B7;3<B= 6/ /:B@3AL 3:/0=@/B= C</ 0=HH/ 27 /@B71=:/B= 27
<B3A/ 2/ A=BB=>=@@3 /::/ =<43@3<H/ )B/B= (357=<7 AC7 1@7B3@7 27 @7>/@B7H7=<3 23::3 @7A=@A3 :3 47</:7BI :3 ;=2/:7BI
/BBC/B7D3 <=<16J 7: ;=<7B=@/557= 23: A7AB3;/ 27 7<B3@D3<B7 2/ AD7:C>>/@3 >3@ :/ >@3D3<H7=<3 32 7: 1=<B@/AB= 23:
43<=;3<=
: <C=D= &7/<= &@=5@/;;/B71= >@3D323 :/ >@327A>=A7H7=<3 27 7<B3@D3<B7 7<<=D/B7D7 47</:7HH/B7 /::U/BBC/H7=<3 23::3
A35C3<B7 /@33 27 7<B3@D3<B= ;=23::7 7<<=D/B7D7 3 A>3@7;3<B/:7 D=:B7 /::/ @3/:7HH/H7=<3 27 C</ AB@/B357/ 27 A7AB3;/
</H7=</:3 1=@A7 27 4=@;/H7=<3 ;7@/B7 / 1=:=@= 163 =>3@/<= AC ?C3AB= B3;/ = 7< /;07B7 1=<<3AA7 >@=;=H7=<3 27
/BB7D7BI 7<4=@;/B7D3 3 27 A3<A707:7HH/H7=<3
)7 A35</:/<= /:B@3AL :3 A35C3<B7 7<7H7/B7D3 @3/:7HH/B3 / :7D3::= </H7=</:3
P "/ 1/;>/5</ </H7=</:3 R$3AAC<= 3A1:CA=S 47</<H7/B/ 2/: 7>/@B7;3<B= <3::U/;07B= 23::U DD7A= 23:
163 A7 @7D=:53 27@3BB/;3<B3 /7 53<7B=@7 7;;75@/B7 >C<B/<2= /::/ :=@= @3A>=<A/07:7HH/H7=<3 @7A>3BB= /::/ 23
17A7=<3 27 >@/B71/@3 :3 # AC::3 :=@= 475:73
P "/ 1/;>/5</ </H7=</:3 R $ Q # S >@=;=AA/ 2/ ;<3ABG <B3@</B7=</: 1=< 7: AC>>=@B= 23: 7>/@B7;3<B=
P )>3174717 1=@A7 27 4=@;/H7=<3 3 27 /557=@</;3<B= 7< >/@B71=:/@3 @7D=:B7 / 2=13<B7 3 ;327/B=@7 1C:BC@/:7 47
</<H7/B7 2/: 7>/@B7;3<B= 163 :/D=@/<= / 1=<B/BB= 1=< 1=;C<7BI >@=D3<73<B7 2/ >/3A7 27 B@/27H7=<3 3A17AA=@7/
*/:7 1=@A7 6/<<= >@3D7AB= :U7<A3@7;3<B= 23::/ B3;/B71/ 23::U32C1/H7=<3 /7 27@7BB7 23::3 2=<<3 3 7< >/@B71=:/@3
/::/ :=@= A/:CB3
<=:B@3 A7 DC=:3 @71=@2/@3 :U7;>35<= 23: 7>/@B7;3<B= / :7D3::= 7<B3@</H7=</:3
P
: 3 A3BB3;0@3
A7 K AD=:B/ / (=;/ <3::U/;07B= 23::/ &@3A723<H/ B/:7/</ 23:
:/ >@7;/ =<
43@3<H/ 7<B3@</H7=</:3 1=<B@= :/ D7=:3<H/ AC::3 2=<<3 163 6/ @70/27B= :U7;>=@B/<H/ 27 32C1/@3 BCBB3 :3 A=
173BI /7 D/:=@7 23::UC5C/5:7/<H/ A3<H/ 27AB7<H7=<3 27 A3AA= 27 @/HH/ 27 @3:757=<3 27 :7<5C/ 27 =>7<7=<7 >=:7
:7B7163 27 1=<27H7=<7 >3@A=</:7 3 A=17/:7
P
: 7>/@B7;3<B= 6/ 7<=:B@3 >@=;=AA= 3 1==@27</B= 7 A723 3D3<B AC: B3;/ 23::3 #
<3::U/;07B= 23::3 A3A
A7=<7 /<<C/:7
23::/ =;;7AA7=<3 AC::= AB/BCA 23::/ 2=<</ )- >@3AA= :3 $/H7=<7 +<7B3 /
$3E .=@9
<47<3 A7 A=BB=:7<3/ :U7;>35<= 23: #7<7AB@= =@<3@= 7< =11/A7=<3 23::/ AC/ @313<B3 >/@B317>/H7=<3 /::/ O A3A
A7=<3 23::/ )- 4300@/7=
<3: 1=@A= 23::/ ?C/:3 6/ 3A>@3AA= >73<= A=AB35<= /::U/2=H7=<3 27 C</ >@=AA7;/
(7A=:CH7=<3 %$+ /2 6=1 AC::3 #
: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI K /BB7D/;3<B3 7;>35</B= AC::3 B3;/B7163 163 @75C/@2/<= :/ BCB3:/ 237
;7<=@7 1=< >/@B71=:/@3 @743@7;3<B= /7 43<=;3<7 23::U/0CA= 3 23::= A4@CBB/;3<B= A3AAC/:3 /BB@/D3@A= :U/H7=<3 27
2C3 27443@3<B7 =@5/<7A;7 7: =;7B/B=
"= &3
=;7B/B= 7<B3@;7<7AB3@7/:3 27 1==@27</;3<B= >3@ :/ :=BB/ /::/
>32=47:7/ Q 3 :U%AA3@D/B=@7= >3@ 7: 1=<B@/AB= 23::/ >32=47:7/ 3 23::/ >=@<=5@/47/ ;7<=@7:3
:
"= &3 163 /57A13 1=;3 C<= A>317471= AB@C;3<B= 27 1==@27</;3<B= 7<B3@;7<7AB3@7/:3 B3A= / 5/@/<B7@3 C<
@/11=@2= AC: >7/<= >=:7B71= 23::3 /H7=<7 2/ AD7:C>>/@3 / :7D3::= </H7=</:3 7< ;/B3@7/ 27 1=<B@/AB= /::/ >32=47:7/
K >@3A732CB= 2/: #7<7AB@= 1=< 23:35/ /::3 >/@7 =>>=@BC<7BI 32 K 23>CB/B= / AD=:53@3 /7 A3<A7 23::/ :3553 <
:/ 4C<H7=<3 27 1==@27</;3<B= 23::3 /BB7D7BI AD=:B3 2/ BCBB3 :3 &C00:7163 ;;7<7AB@/H7=<7 7< ;/B3@7/ 27
>@3D3<H7=<3 3 BCB3:/ 237 ;7<=@7 2/::= A4@CBB/;3<B= 3 2/::U/0CA= A3AAC/:3 :U%AA3@D/B=@7= >3@ 7: 1=<B@/AB= 23::/
>32=47:7/ 3 23::/ >=@<=5@/47/ ;7<=@7:3 1=AB7BC7A13 7<D313 :U=@5/<7A;= =>3@/<B3 >@3AA= 7: 7>/@B7;3<B= >3@ :3
&/@7 %>>=@BC<7BI 1C7 K 23;/<2/B= := AD=:57;3<B= 27 /BB7D7BI 27 1/@/BB3@3 >7N >@=>@7/;3<B3 B31<71= Q A173<B7471=
"U%AA3@D/B=@7= K AB/B= 7AB7BC7B= >@3AA= :/ &@3A723<H/ 23: =<A75:7= 237 #7<7AB@7 /7 A3<A7 23:: /@B71=:=
1=;;/
07A 23::/ :3553 /5=AB=
<
7<B@=2=BB= 2/::/ :3553 4300@/7=
<
1=< 7: 1=;>7B= 27 /1?C7A7@3
3 ;=<7B=@/@3 7 2/B7 3 :3 7<4=@;/H7=<7 @3:/B7D7 /::3 /BB7D7BI AD=:B3 2/ BCBB3 :3 >C00:7163 /;;7<7AB@/H7=<7 >3@ :/
>@3D3<H7=<3 3 :/ @3>@3AA7=<3 23::/ >32=47:7/ /BB@/D3@A= :U7AB7BCH7=<3 27 C<U/>>=A7B/ 0/<1/ 2/B7
: AC= (35=:/;3<B= 7AB7BCB7D= #
=BB=0@3
<
1=AL 1=;3 ;=27471/B= 2/: # 2713;0@3
<
/BB@70C7A13 B@/ :U/:B@= /::U%AA3@D/B=@7= 7: 1=;>7B= 27
/ >@=;C=D3@3 ABC27 3 @713@163 AC: 43<=;3<=
0 @32753@3 C</ @3:/H7=<3 B31<71= A173<B7471/ /<<C/:3 / 1=<AC<B7D= 23::3 /BB7D7BI AD=:B3 /<163 /7 47<7 23::/
>@327A>=A7H7=<3 23::/ (3:/H7=<3 /<<C/:3 23: &@3A723<B3 23: =<A75:7= 237 #7<7AB@7 /: &/@:/;3<B= /@B
1=;;/ :3553 /5=AB=
<
1 >@327A>=@@3 7: &7/<= $/H7=</:3 27 >@3D3<H7=<3 3 1=<B@/AB= 23::U/0CA= 3 23::= A4@CBB/;3<B= A3AAC/:3 237
;7<=@7 2/ A=BB=>=@@3 /::U/>>@=D/H7=<3 23: =;7B/B=
"= &3
2 /1?C7A7@3 7 2/B7 7<3@3<B7 :3 /BB7D7BI 27 ;=<7B=@/557= 3 27 D3@7471/ 237 @7AC:B/B7 1==@27</<2=<3 :3 ;=2/:7BI 3
:3 B7>=:=573 27 /1?C7A7H7=<3 32 /AA71C@/<2=<3 :U=;=53<37BI
"U%AA3@D/B=@7= AD=:53 7<=:B@3 C< @C=:= /BB7D= 7< @/>>@3A3<B/<H/ 23: 7>/@B7;3<B= AC: D3@A/<B3 3C@=>3= 3 7<B3@
</H7=</:3 A=>@/BBCBB= <3::U/;07B= 237 >@7<17>/:7 =@5/<7A;7 @/>>@3A3<B/B7D7 1=;>3B3<B7 3 A3<A707:7 /::3 B3;/B7163
1=<<3AA3 /::UC<7D3@A= R7<4/<H7/S
*@/ :3 /BB7D7BI 1=<2=BB3 7< ;/B3@7/ 27 >@3D3<H7=<3 3 1=<B@/AB= 23::/ >32=47:7/ <3: A3BB3;0@3
7: 7>/@B7;3<B=
>3@ :3 &/@7 %>>=@BC<7BI 6/ >@3A3<B/B= C< DD7A= >C00:71= >3@ 7: A=AB35<= / >@=53BB7 >7:=B/ >3@ 7: B@/BB/;3<B= 27
;7<=@7 D7BB7;3 27 /0CA= 3 A4@CBB/;3<B= A3AAC/:3
"U7<7H7/B7D/ K 47</:7HH/B/ /::/ >@=;=H7=<3 27 7<7H7/B7D3 >7:=B/ 163 /AA71C@7<= >@3AB/H7=<7 27 B7>= A=17= /AA7AB3<H7/:3
/7 ;7<=@7 D7BB7;3 237 @3/B7 27 /0CA= 3 = A4@CBB/;3<B= A3AAC/:3 7< C</ >@=A>3BB7D/ 27 4=@B3 7<B35@/H7=<3 B@/ 7
A3BB=@7 A=17/:3 A/<7B/@7= 3 57C27H7/@7= 163 D/2/ / A=>>3@7@3 :/ 27A=;=53<37BI 23::3 >@=132C@3 163 D3<5=<= /B
B7D/B3 2/7 A3@D7H7 A=17= A/<7B/@7 B3@@7B=@7/:7 7< ?C3AB= A3BB=@3 "U DD7A= @/>>@3A3<B/ C<U7<7H7/B7D/ /:B/;3<B3 7<<=
D/B7D/ <3::U/;07B= 23::/ >@=B3H7=<3 237 ;7<=@7 D7BB7;3 27 /0CA= 3 A4@CBB/;3<B= A3AAC/:3 3 1=AB7BC7A13 :/ >@7;/
3A>3@73<H/ 7<B@/>@3A/ AC: >7/<= 7AB7BCH7=</:3 D=:B/ / 1=:;/@3 7: 5/> >@3A3<B3 7< ?C3AB= 1/;>= 2U/H7=<3
"U=073BB7D= AB@/B3571= 23::U DD7A= K ?C3::= 27 >@=;C=D3@3 7<B3@D3<B7 / 4/D=@3 237 ;7<=@7 D7BB7;/ 27 /0CA= 3 A4@CB
B/;3<B= A3AAC/:3 163 A7 1/@/BB3@7HH7<= >3@ C</ 4=@B3 >@=>3<A7=<3 /: @/11=@2= B@/ BCBB3 :3 @7A=@A3 =>3@/B7D3 3
7AB7BCH7=</:7 23: A7AB3;/ :=1/:3 AA= 4/ @743@7;3<B= /::3 R"7<33 27 7<27@7HH= </H7=</:7 >3@ 7: 1=<B@/AB= 23::/ >32=47:7/
3 23::/ >=@<=5@/47/ ;7<=@7:3S 7<271/B3 <3::U/;07B= 23: &7/<= 073<</:3 </H7=</:3 27 /H7=<7 3 27 7<B3@D3<B7 >3@ :/
BCB3:/ 237 27@7BB7 3 := AD7:C>>= 237 A=553BB7 7< 3BI 3D=:CB7D/
'' ) 'H !' %! , "!
*@/ :3 >@7<17>/:7 /BB7D7BI 7< /;07B= 7<B3@</H7=</:3 K A75<7471/B7D= :U7;>35<= 23::U%AA3@D/B=@7= <3::U/;07B= 23::3
/H7=<7 >=AB3 7< 3AA3@3 2/: =<A75:7= 2U C@=>/ >3@ :/ >@3D3<H7=<3 32 7: 1=<B@/AB= 23: 43<=;3<= 23::/ D7=:3<H/
A3AAC/:3 / 2/<<= 237 ;7<=@7 7< >/@B71=:/@3 /BB@/D3@A= 7: &@=5@/;;/ R =AB@C7@3 C<U C@=>/ >3@ 3 1=< 7 0/;07<7S
32 7 AC=7 AC113AA7D7 AD7:C>>7
< B/:3 1=<B3AB= 1@C17/:3 3 27 >@7;= >7/<= K AB/B= 7: @C=:= 23::U%AA3@D/B=@7= @/>>@3A3<B/<B3 >3@ :U B/:7/ <3: <3
5=H7/B= 23::/ =<D3<H7=<3 23: =<A75:7= 2U C@=>/ >3@ :/ >@=B3H7=<3 237 ;7<=@7 2/::U/0CA= 3 2/::= A4@CBB/;3<B=
A3AAC/:3 =<D3<H7=<3 27 "/<H/@=B3 3<B@/B/ 7< D75=@3 7: :C5:7=
3 <3::U3D3<B= :/<17= 23::/ /;>/5</ 23: =<A75:7=
2U C@=>/ R+<= AC 7<?C3S >3@ 1=;0/BB3@3 :/ D7=:3<H/ A3AAC/:3 AC7 ;7<=@7 B3<CB=A7 / (=;/ 7: 3 <=D3;0@3
/:
/:
:U%AA3@D/B=@7= 6/ /57B= / AC>>=@B= 23::U/BB7D7BI 23: =1/: &=7<B </H7=</:3 AC7 27@7BB7 23::U7<4/<H7/
3 :U3:7;7</H7=<3 27 =5<7 4=@;/ 27 D7=:3<H/ / 2/<<= 237 ;7<=@7 >@3AA= 7: =<A75:7= 2U C@=>/ : 4=1/: >=7<B @/>>@3
A3<B/ :U7<B3@4/117/ 1=< 7: =<A75:7= 2U C@=>/ 3 @71=>@3 C< @C=:= 7AB7BCH7=</:3 27 R@3B3S AC: >7/<= </H7=</:3 @7A>3BB=
/::UC<7D3@A= R7<4/<H7/S *@/ :3 /BB7D7BI >7N @313<B7 A7 A35</:/ :U/BB7D7BI 27 1==@27</;3<B= >3@
P 7: 1=<B@70CB= 7B/:7/<= /::/ =HH/ 23::/ <C=D/ )B@/B357/ 23: =<A75:7= 2U C@=>/ AC7 27@7BB7 23: 0/;07<= >3@
5:7 /<<7
>@3A3<B/B/ / #=</1= 7< =11/A7=<3 23::/ =<43@3<H/ 27 /:B= :7D3::= B3<CB/A7 7:
<=D3;0@3
32 /2=BB/B/ 2/: =;7B/B= 237 #7<7AB@7 23: =<A75:7= 2U C@=>/ 7: 4300@/7=
P 7: 1=;;3<B= 7B/:7/<= /::/ (/11=;/<2/H7=<3
23: =;7B/B= 237 #7<7AB@7 23: =<A75:7= 2U C@=>/
/5:7 )B/B7 #3;0@7 AC::/ >/@B317>/H7=<3 237 0/;07<7 3 235:7 /2=:3A13<B7 /2=BB/B/ 7:
;/@H=
"U%AA3@D/B=@7= B@/ :3 /:B@3 6/ A35C7B= 32 K BCBB=@/ 7;>35</B= AC 27D3@A3 32 7;>=@B/<B7 7<7H7/B7D3 B@/ 1C7
P 7: <35=H7/B= 163 6/ 1=<2=BB= /::U/2=H7=<3 23::/ <C=D/ 7@3BB7D/ C@=>3/
+ 23: 2713;0@3
@3:/B7D/ /::/ :=BB/ 1=<B@= :U/0CA= 3 := A4@CBB/;3<B= A3AAC/:3 237 ;7<=@7 3 :/ >=@<=5@/47/ ;7<=@7:3
P 7 :/D=@7 23: =;7B/B= <B3@;7<7AB3@7/:3 237 7@7BB7 +;/<7
+ >3@ BCBB= 17M 163 @75C/@2/ :U/BBC/H7=<3 7<
B/:7/ 23::/ =<D3<H7=<3 %$+ AC7 27@7BB7 23: 4/<17C::= 3 :U7;>:3;3<B/H7=<3 23: &@=B=1=::= %>H7=</:3 163 A7
=11C>/ 27 D3<27B/ 237 0/;07<7 >@=AB7BCH7=<3 ;7<=@7:3 3 >32=>=@<=5@/47/ 23::/ 47<3 23:
K :/ @32/H7=<3
23: 1=<B@70CB= 7B/:7/<= /: )=<2/557= 5:=0/:3 AC: R4=::=E C>S @3:/B7D= /::= )BC27= 23::3 $/H7=<7 +<7B3 AC::/
D7=:3<H/ / 2/<<= 237 ;7<=@7
P 7: >@=53BB= R)D7:C>>= 27 C</ ;3B=2=:=57/ >3@ 723<B7471/@3 3 AC>>=@B/@3 7 0/;07<7 163 A=<= AB/B7 A4@CBB/B7
A3AAC/:;3<B3 >3@ :/ >@=2CH7=<3 27 7;;/57<7 >32=>=@<=5@/47163S 47</<H7/B= 2/::/ =;;7AA7=<3 C@=>3/
<3::U/;07B= 23: >@=5@/;;/ R&@3D3<B7=< /<2 756B 5/7<AB @7;3
Q
S
P :/ >/@B317>/H7=<3 /: >@=5@/;;/ )/43@ <B3@<3B 23::/ =;;7AA7=<3 C@=>3/ 7< ;/B3@7/ 27 <C=D7 ;327/ 3
BCB3:/ 237 ;7<=@7
P :/ >/@B317>/H7=<3 /::3 7<7H7/B7D3 23::U 53<H7/ 23::U+<7=<3 3C@=>3/ >3@ 7 27@7BB7 4=<2/;3<B/:7 ( @75C/@2=
/::U3:/0=@/H7=<3 27 />>=A7B7 7<271/B=@7 27 D/:CB/H7=<3 23:: 7;>/BB= 23::3 ;7AC@3 :357A:/B7D3 3 23::3 >=:7B7163
/2=BB/B3 2/:: + >3@ 5/@/<B7@3 C< :7D3::= A3;>@3 ;/557=@3 27 >@=B3H7=<3 237 27@7BB7 237 ;7<=@7
I
%
!,
!"%
/: ;/557=
>@3AA= 7: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI K /BB7D= B@/ 5:7 /:B@7 C< )3@D7H7= 2U3;3@53<H/
;7<=@7 /BB@/D3@A= 7: <C;3@=
)7 B@/BB/ 27 C< A3@D7H7= B3:34=<71= 2U3;3@53<H/ 53AB7B= 2/::U AA=17/H7=<3 R) % )
: *3:34=<= HHC@@= %$"+)S /: ?C/:3 167C<?C3 0/;07<= /2=:3A13<B3 = /2C:B= >CM @7D=:53@A7 >3@ A35</:/@3
C</ A7BC/H7=<3 27 >3@71=:= 7;;327/B= 3 7< 53<3@/:3 A7BC/H7=<7 27 27A/57= @75C/@2/<B7 :U7<4/<H7/ 3 :U/2=:3A13<H/
: A3@D7H7= K 47</:7HH/B= / 4=@<7@3 /AA7AB3<H/ >A71=:=571/ <=<16J 1=<AC:3<H/ >A71= >32/5=571/ >3@ A7BC/H7=<7 27
27A/57= 163 >=AA/<= <C=13@3 /::= AD7:C>>= >A71= 47A71= 27 0/;07<7 3 /2=:3A13<B7 K 4=@<7B= AC BCBB= 7: B3@@7B=@7=
</H7=</:3
6 AC
>3@ BCBB7 7 57=@<7 23::U/<<= 3 A3<H/ =<3@7 >3@ 7: 167/;/<B3 : )3@D7H7=
27A>=<3 27 C</
AB@CBBC@/ 7<4=@;/B71/ 163 AC>>=@B/ :/ @/11=:B/ 23::3 7<4=@;/H7=<7 3 27 C</ 0/<1/ 2/B7
!
*CBB7 7 17BB/27<7 6/<<= >/@7 275<7BI A=17/:3 3 A=<= 35C/:7 2/D/<B7 /::/ :3553 A3<H/ 27AB7<H7=<3 27 A3AA= 27 @/HH/
27 :7<5C/ 27 @3:757=<3 27 =>7<7=<7 >=:7B7163 27 1=<27H7=<7 >3@A=</:7 3 A=17/:7 =AL @317B/ : /@B71=:= 23::/ =AB7
BCH7=<3 B/:7/</ 32 / 5/@/<H7/ 27 ?C3AB= >@7<17>7= =>3@/ 7< B/:7/ 2/:
: +44717= >3@ :/ >@=;=H7=<3 23::/
>/@7BI 27 B@/BB/;3<B= 3 :/ @7;=H7=<3 23::3 27A1@7;7</H7=<7 4=<2/B3 AC::/ @/HH/ = AC:: =@757<3 3B<71/ +$ (
" +$ ( K C< =@5/<7A;= </H7=</:3 163 4/ >/@B3 23::/ @3B3 235:7 ?C/:7BG =273A >@3A3<B7 7< =5<C<= 237 &/3A7
#3;0@7 23:: +<7=<3 C@=>3/ 7AB7BC7B7 /BB@/D3@A= :/ 27@3BB7D/ 1=;C<7B/@7/ <
"/ AC/ 4C<H7=<3 K 7<</<H7BCBB= ?C3::/ 27 >@3D3<7@3 3 @7;C=D3@3 :3 27A1@7;7</H7=<7 4=<2/B3 AC:: =@757<3 3B<71/ =
@/HH7/:3 23::3 >3@A=<3 A3003<3 <35:7 C:B7;7 2C3 /<<7 /007/ 3AB3A= :3 >@=>@73 1=;>3B3<H3 /<163 /5:7 /:B@7 /;07B7
27 27A1@7;7</H7=<3 >@3D7AB7 2/::/ <=@;/B7D/ 7<B3@</H7=</:3 ?C/:7 :3 1=<D7<H7=<7 >3@A=</:7 3 @3:757=A3 : 3BI :3 27
A/07:7BI : =@73<B/;3<B= A3AAC/:3 3 : 723<B7BI 27 53<3@3
" +$ ( /57A13 /BB@/D3@A= C</ D/AB/ A3@73 27 AB@C;3<B7 >3@ :/ BCB3:/ 23::3 D7BB7;3 /BBC/:7 3 >=B3<H7/:7 23::3 27
A1@7;7</H7=<7 <=<16J 237 :=@= 3443BB7 <37 27D3@A7 A3BB=@7 23::/ D7B/ A=17/:3 /;;7<7AB@/B7D/ 32 31=<=;71/ 23: <=
AB@= &/3A3
&@7;= 32 3AA3<H7/:3 B@/ 5:7 AB@C;3<B7 23:: /H7=<3 +$ ( K 7: =<B/1B 3<B3@ >3@ :/ @7:3D/H7=<3 23::3 23<C<13 27
/BB7 27A1@7;7</B=@7 A7/ 2/ >/@B3 23::3 D7BB7;3 163 235:7 3D3<BC/:7 B3AB7;=<7 : =<B/1B 3<B3@ =>3@/ /BB@/D3@A=
C< <C;3@= D3@23 C< A7B= 7<B3@<3B 3 C</ 1/A3::/ 27 >=AB/ 3:3BB@=<71/ 32 6/ 1=<A3<B7B= 7: B@/BB/;3<B= 27 =:B@3
7AB@CBB=@73 27 27A1@7;7</H7=<3 <3: A=:= /<<=
&3@ : 7<B3@13BB/H7=<3 237 43<=;3<7 27 27A1@7;7</H7=<3 @/HH7/:3 3 <=< : +$ ( /57A13 /<163 B@/;7B3 C< >@=>@7=
;=<7B=@/557= 27@3BB= 3 1=AB/<B3 163 7<B3@3AA/ A7/ 7 ;3HH7 27 1=;C<71/H7=<3 A7/ :/ @3B3 7<B3@<3B ;/ /<163 5:7
/BB7 23::3 &C00:7163 ;;7<7AB@/H7=<7 :=1/:7 3 </H7=</:7
@/H73 /2 C</ :/@5/ @3B3 27 >/@B3</@7/B7 1=< =@5/<7HH/H7=<7 27 1/B35=@7/ >/@B7 A=17/:7 =@5/<7A;7 27 D757:/<H/ 3
BCB3:/ ?C/:7 :/ &=:7H7/ &=AB/:3 7: #7<7AB3@= 235:7 <B3@<7 :
%# 7: =<A75:7= $/H7=</:3 =@3<A3 3 :/ =<A75:73@/
$/H7=</:3 27 &/@7BI : +$ ( 2I A35C7B= /::3 23<C<13 >3@D3<CB3 32 /7 1/A7 @7:3D/B7 2 C44717= =44@3<2= AC>>=@B=
7<4=@;/B7D= 32 =@73<B/;3<B= 57C@7271= /::3 D7BB7;3 27 27A1@7;7</H7=<3 32 3443BBC/<2= /BB7D7BI 27 1=<17:7/H7=<3
7<4=@;/:3 B@/ :3 >/@B7 " +44717= 7<=:B@3 >CM 4=@<7@3 @/11=;/<2/H7=<7 3 >/@3@7 AC ?C3AB7=<7 1=<<3AA3 /::3 27A1@7
;7</H7=<7 3 >@=>=@@3 ;=2747163 23::/ <=@;/B7D/ D753<B3 'C/:=@/ @7:3D7 237 1=;>=@B/;3<B7 >3@A35C707:7 >3</:
;3<B3 7<47<3 : +$ ( <3 7<4=@;/ : CB=@7BI 7C27H7/@7/ 1=;>3B3<B3
BB@/D3@A= ?C3AB/ 1=AB/<B3 /H7=<3 27 ;=<7B=@/557= 3 1=<B/BB= 1=< :3 D7BB7;3 27 27A1@7;7</H7=<3 <=<16J 5@/H73
/2 7<2/57<7 1=;;7AA7=</B3 /2 6=1 AC:: /<2/;3<B= 237 27D3@A7 43<=;3<7 27A1@7;7</B=@7 <37 D/@7 1=<B3AB7 B3@@7B=@7/:7
3 A=17/:7 : +$ ( A7 K /443@;/B= <3: B3;>= ?C/:3 13<B@= 7<4=@;/B7D= 7<27>3<23<B3 AC:: 3D=:CH7=<3 23::3 27A1@7
;7</H7=<7 3 : 34471/17/ 235:7 AB@C;3<B7 <=@;/B7D7 27 BCB3:/ /BB7D7 7< B/:7/ < >/@B71=:/@3 : +$ ( >C00:71/ 2C3 @/>
>=@B7 /<<C/:7 AC: >@=>@7= =>3@/B= "/ (3:/H7=<3 /: &/@:/;3<B= 3 :/ (3:/H7=<3 /: &@3A723<B3 23: =<A75:7= 3 27D3@A7
ABC27 27 A3BB=@3 =:B@3 /2 /557=@</@3 1=AB/<B3;3<B3 C</ 0/<1/ 2/B7 7<4=@;/B7D/ =< :7<3 AC: A7B= EEE C</@ 7B
$35:7 C:B7;7 B@3 /<<7 7: <C;3@= 237 1/A7 27 27A1@7;7</H7=<3 @7:3D/B7 2/:: +$ ( K >@3AA=16J B@7>:71/B= 3 ?C3AB= K
AB/B= >=AA707:3 5@/H73 / B@3 4/BB=@7 27 >@3D3<H7=<3 AC 1C7 : +44717= 6/ 2317A= 27 >C<B/@3
: >@7;= K @/>>@3A3<B/B= 2/:: /H7=<3 27 A3<A707:7HH/H7=<3 AD=:B/ 7< ;=2= ;/AA7117= /BB@/D3@A= 1/;>/5<3 32
3D3<B7 :=1/:7 3 </H7=</:7 27 1=;C<71/H7=<3 :1C<7 27 ?C3AB7 6/<<= @75C/@2/B= :/ >@=;=H7=<3 23:: +44717= 3 23:
$C;3@= ,3@23 /:B@7 A7 A=<= 1=<13<B@/B7 AC B3;7 A>3174717 1=;3 : 7<1:CA7=<3 237 (=; /;>/5</ =AB/ :/ D7=
:3<H/ AC::3 2=<<3 AB@/<73@3 :/ )3BB7;/</ 1=<B@= 7: (/HH7A;= 3 :/ )3BB7;/</ =<B@= :/ ,7=:3<H/ 'C3AB3 C:B7;3
1/;>/5<3 7< >/@B71=:/@3 6/<<= D7AB= 7: 1=7<D=:57;3<B= 27@3BB= 27 A1C=:3 ;3273 3 AC>3@7=@7 27 BCBB/ B/:7/ 3 : =@
5/<7HH/H7=<3 27 2317<3 27 7<7H7/B7D3 B3@@7B=@7/:7
: 1=7<D=:57;3<B= 23: ;=<2= 57=D/<7:3 7<=:B@3 K AB/B= 7: 13<B@= 27 C</ D/AB/ /BB7D7BI 27 A3<A707:7HH/H7=<3 7<4=@
;/H7=<3 3 ;=07:7B/H7=<3 17D71/ @7D=:B/ /7 @/5/HH7 A=BB= 7
/<<7 =DD3@= :/ 1@3/H7=<3 23::/ @3B3 27 D=:=<B/@7/B=
57=D/<7:3 $ ( 1=<B@= :3 27A1@7;7</H7=<7 @/HH7/:7 /DD7/B/ <3:
1=< =:B@3
>/@B317>/<B7 32 7< 4/A3 27
/;>:7/;3<B= <3:
: A31=<2= 4/BB=@3 27 >=B3<H7/;3<B= 23:: /BB7D7BI 23:: +$ ( K @/>>@3A3<B/B= 2/: >@=5@/;;/ 27 4=@;/H7=<3 235:7
=>3@/B=@7 /BB7D7 <37 27D3@A7 A3BB=@7 23: 1=<B@/AB= /::3 27A1@7;7</H7=<7 ?C/:7 /2 3A3;>7= :3 4=@H3 23:: =@27<3 7 57=@
</:7AB7 5:7 =>3@/B=@7 A=17/:7 3 23::3 >C00:7163 /;;7<7AB@/H7=<7 B/: >@=>=A7B= A=<= AB/B7 /DD7/B7 235:7 /11=@27 27
1=::/0=@/H7=<3 1=< :/ &=:7H7/ 27 )B/B= :/ 323@/H7=<3 $/H7=</:3 23::/ )B/;>/ 3 <C;3@=A7 3<B7 :=1/:7 163 1=<
A3<B7@/<<= : /BB7D/H7=<3 27 1=@A7 >3@ BCBB= 7: 073<<7=
: B3@H= 4/BB=@3 1@C17/:3 27 7<B3@D3<B= K :/ @3/:7HH/H7=<3 27 C</ @3B3 27 /<B3<<3 B3@@7B=@7/:7 27 >@3D3<H7=<3 @7:3D/
H7=<3 3 1=<B@/AB= 23::3 27A1@7;7</H7=<7 7<B3@1=<<3AA3 1=< 7: =<B/1B 3<B3@ +$ ( 32 /BB7D3 7< ;=2= 1/>7::/@3
AC BCBB= 7: B3@@7B=@7= </H7=</:3 'C3AB/ @3B3 K 7< 1=@A= 27 /BB7D/H7=<3 5@/H73 /2 C</ A3@73 27 >@=B=1=::7 27 7<B3A/
1=< 3<B7 :=1/:7 32 /AA=17/H7=<7 27 A3BB=@3 163 1=<A3<B=<= 7: >=B3<H7/;3<B= 3 :/ ;3AA/ 7< @3B3 27 A>=@B3::7 32
/:B@3 AB@CBBC@3 57I 3A7AB3<B7 32 /BB7D7 AC: B3@@7B=@7=
'C3AB/ >=:7B71/ 27 >@=AA7;7BI @7A>3BB= /::3 D7BB7;3 3 27 >@3A727= B3@@7B=@7/:3 27@3BB= 5@/H73 /: AC>>=@B= 32 /: >=
B3<H7/;3<B= 23::3 @7A=@A3 57I >@3A3<B7 / :7D3::= :=1/:3 1=AB7BC7A13 7: >C<B= 1/@27<3 27 C</ AB@/B357/ 27 A7AB3;/
+$ ( D=:B/ /::/ >@3D3<H7=<3 3 /: 1=<B@/AB= 27 BCBB3 :3 4=@;3 27 27A1@7;7</H7=<3 163 5C723@I : /H7=<3 23:: +44717=
>3@ 7: >@=AA7;= 073<<7=
"!'
'
!' %
V =>3@/B7D= 2/: 2713;0@3
32 K @/557C<5707:3 B@/;7B3 7: <C;3@= D3@23
5@/BC7B= 32 /BB7D=
2/: :C<32L /: D3<3@2L 2/::3
/::3
<=<16J /BB@/D3@A= A35</:/H7=<7 =< :7<3 27@3BB/;3<B3 2/: A7B=
EEE C</@ 7B $3:
7: =<B/1B 3<B3@ +</@ 6/ B@/BB/B= =:B@3
7AB@CBB=@73 27 27A1@7;7</H7=<3
@7
A>3BB= /::U/<<= >@31323<B3 :/ ;/557=@ >/@B3 23::3 ?C/:7 @3:/B7D3 /::U/;07B= 23: :/D=@=
D7B/ >C00:71/
2/7 ;/AA ;327/
3 2/7 A3@D7H7 >C00:717
A35C7B3 2/::/
@/ 7 1=;>7B7 23: 1=<B/1B 13<B3@
P @/11=5:73@3 A35</:/H7=<7 23<C<13 3 B3AB7;=<7/<H3 AC 4/BB7 3D3<B7 @3/:BI >@=132C@3 32 /H7=<7 163 >@3
57C271/<= :/ >/@7BI 27 B@/BB/;3<B= B@/ :3 >3@A=<3 A7/ >3@ ;=B7D7 27 @/HH/ =@757<3 3B<71/ 163 >3@ =@73<B/
;3<B= A3AAC/:3 723<B7BI 27 53<3@3 3BI 27A/07:7BI >3<A73@= @3:757=A=
P =44@7@3 /AA7AB3<H/ 7;;327/B/ /::3 D7BB7;3 23::3 27A1@7;7</H7=<7 4=@<3<2= 7<4=@;/H7=<7 =@73<B/;3<B= 3
AC>>=@B= >A71=:=571=
P /11=;>/5</@3 :3 D7BB7;3 23::3 27A1@7;7</H7=<7 <3: >3@1=@A= 57C@7A27H7=</:3 ?C/:=@/ 3AA3 23172/<= 27 /57@3
>3@ :U/113@B/;3<B= 3 :/ @3>@3AA7=<3 23: 1=;>=@B/;3<B= :3A7D=
& ''
!
L , "!
"!'%"
% ,, & "
/: /:
;/@H=
:U+</@ 6/ >@=;=AA= :U, )3BB7;/</ 27 H7=<3 =<B@= 7: (/HH7A;= : ;/@H= 7< =1
1/A7=<3 23::/ 7=@</B/ #=<27/:3 1=<B@= 7: (/HH7A;= >@=1:/;/B/ 2/::U%$+ / (=;/ 32 7< 1=<B3;>=@/<3/ 7<
/:B@3
17BBI 2U B/:7/ :U+</@ 6/ =@5/<7HH/B= C</ :C<5/ R1/B3</ C;/</S 7<B=@<= /7 ;=<C;3<B7 3 /::3 >7/HH3 A7;
0=:= 23: <=AB@= &/3A3 1=< := A:=5/< R$= / BCBB7 7 @/HH7A;7S
::3 =@3
7< >C<B= <3::3 27D3@A3 17BBI 1=7<D=:B3 C< D/@735/B= >=>=:= /<B7 @/HH7AB/ 4/BB= 27 ABC23<B7 7<A3
5</<B7 D=:=<B/@7 23::U/AA=17/H7=<7A;= 1=;C<7BI AB@/<73@3 3 1=;C<7 17BB/27<7 A7 K >@3A= >3@ ;/<= 32 6/ 17@1=<
2/B= 7 :C=567 A7;0=:= 23::/ 1C:BC@/ 7B/:7/</ >3@ ;/<743AB/@3 >C00:71/;3<B3 7: @747CB= 23: @/HH7A;= 3 23::/
F3<=4=07/
V ?C3AB/ A=:= C</ 23::3 <C;3@=A3 7<7H7/B7D3 163 :U+</@ 6/ @3/:7HH/B= 2C@/<B3 ?C3AB/ C:B7;/ 327H7=<3 23::/ )3B
B7;/</ 27 H7=<3 =<B@= 7: (/HH7A;= >@=;C=D3<2= 7< >7N 27
17BBI 7B/:7/<3 3D3<B7 7<4=@;/B7D7 /BB7D7BI :C271=
/55@35/B7D3 3 27 >7/HH/ ;=;3<B7 27 @74:3AA7=<3 3 27 4=@;/H7=<3 <37 :C=567 27 :/D=@= 3 27 ABC27= 1=<
7: 1=7<D=:57;3<B= 27 3<B7 :=1/:7 ;=<2= 23::/ A1C=:/ 4=@H3 A7<2/1/:7 32 7;>@3<27B=@7/:7 /AA=17/H7=<7 23: A3BB=@3
3 1=;C<7BI AB@/<73@3
)35</:7/;= B@/ :3 /:B@3 7: =<D35<= 7<B3@</H7=</:3 =@5/<7HH/B= / (=;/ 2/ +</@ 3 <A7 AA=17/H7=<3 $/H7=</:3
)B/;>/ <B3@1C:BC@/:3 7 57=@<7 3 />@7:3
AC: B3;/ R#327/ 3 7D3@A7BI 7< B/:7/ 3 7< C@=>/S 3 :/ /;>/5</
</H7=</:3 27 A3<A707:7HH/H7=<3 7< 1=::/0=@/H7=<3 1=< :/ %%& 163 6/ D7AB= :/ 27AB@70CH7=<3 7< >7N 27
>C<B7
D3<27B/ 27
A6=>>3@ 1=< := A:=5/< R : @/HH7A;= <=< 1=<D73<3S
L(! % "
#(!'"
! (& "!
%"
"!' ''" ! , "!
& !'
! !'
# % L ''( , "!
&'% '
AB@CH7=<3 :/D=@= A/:CB3 3 /::=557= A=<= 7 ?C/BB@= 1/@27<7 AC 1C7 A7 0/A/ :/ R)B@/B357/ </H7=</:3 2U7<1:CA7=<3 237
(=; )7<B7 3 /;7</<B7S 7: 2=1C;3<B= @3/:7HH/B= 2/: #7<7AB@= >3@ :/ ==>3@/H7=<3 7<B3@</H7=</:3 3 >3@ :U <B3
5@/H7=<3 <2@3/ (711/@27 3 163 1=7<D=:53@I 7 #7<7AB3@7 23: "/D=@= 3 &=:7B7163 )=17/:7 <B3@<= 7CAB7H7/ )/:CB3
#7C@ 32 <B7 :=1/:7 /BB@/D3@A= C</ R1/07</ 27 @357/S 1==@27</B/ AC: B3@@7B=@7= 2/::U+</@ : 2=1C;3<B= 163 /23;>73
/::3 @71673AB3 23::/ =;;7AA7=<3 3C@=>3/ 1=< :/ =;C<71/H7=<3
23: />@7:3
K AB/B= 7<D7/B= @CF3::3A
7:
4300@/7=
: &7/<= >@3D323 >3@ 7 >@7;7 2C3 /<<7 7<B3@D3<B7 >3@ R/C;3<B/@3 :/ 1/>/17BG 0C7:27<5 7AB7BCH7=</:3 3 23::/ A=173BI
17D7:3 >3@ :U7<1:CA7=<3 A=17/:3 237 (=; )7<B7 3 /;7</<B7S /BB@/D3@A= :U/BB7D/H7=<3 27 R>7/<7 :=1/:7 >3@ :U7<1:CA7=<3
A=17/:3 23::3 1=;C<7BIS CB7:7HH/<2= R@7A=@A3 >@=D3<73<B7 2/::/ B@/A1=@A/ 3;3@53<H/ 1=;;7AA/@7/:3 <3: B3@@7B=@7=
23::3 (357=<7 /;>/<7/ "=;0/@27/ "/H7= &73;=<B3 3 ,3<3B= 3 /2 =557 /<1=@/ <=< 7;>35</B3S <=:B@3 1UK :U7<
271/H7=<3 27 >@=;C=D3@3 C< A7AB3;/ >3@;/<3<B3 27 13<B@7 B3@@7B=@7/:7 1=<B@= :3 27A1@7;7</H7=<7 /BB@/D3@A= C</
@3B3 27 /<B3<<3 B3@@7B=@7/:7 53AB7B/ 2/::U+</@ >3@ :/ @7:3D/H7=<3 3 :/ >@3A/ 7< 1/@71= 237 43<=;3<7 27 27A1@7;7</H7=<3
)=<= >@3D7AB3 1/;>/5<3 27 7<4=@;/H7=<3 >3@ :U/00/BB7;3<B= 235:7 AB3@3=B7>7 3 :U3:/0=@/H7=<3 27 C< ;=23::= 27
>/@B317>/H7=<3 23::3 1=;C<7BI (=; )7<B7 3 /;7</<B7 /7 >@=13AA7 2317A7=</:7 </H7=</:7 3 :=1/:7 : B3AB= 1=;>:3B=
23::/ )B@/B357/ K 27A>=<707:3 AC: A7B= EEE C</@ 7B
#%" %
! %
"!'%"
& %
! , "! # % "% !'
!'" & &&(
!' 'H
&3@ ?C/<B= 1=<13@<3 :3 27A1@7;7</H7=<7 1=<<3AA3 /::U=@73<B/;3<B= A3AAC/:3 3 /::U723<B7BI 27 53<3@3 :U+$ ( 6/
/23@7B= /: >@=5@/;;/ 073<</:3 27 /AA7AB3<H/ B31<71/ 47</<H7/@7/ 7AB7BC7B= 2/: =<A75:7= 2U C@=>/ R =<B@/AB= 23::/
27A1@7;7</H7=<3 0/A/B/ AC::U=@73<B/;3<B= A3AAC/:3 3 723<B7BI 27 53<3@3S @7D=:B= / Q )B/B7 #3;0@7 7<27D72C/B7
1=;3 03<34717/@7 3 47</:7HH/B= /::/ 1==>3@/H7=<3 B@/ )B/B7 ;3;0@7 23: =<A75:7= 2U C@=>/ <3::3 /H7=<7 27 1=<B@/AB=
23::/ 27A1@7;7</H7=<3 >3@ =@73<B/;3<B= A3AAC/:3 3 723<B7BI 27 53<3@3 7< :7<3/ 1=< :/ (/11=;/<2/H7=<3 /2=BB/B/
2/: =;7B/B= 237 #7<7AB@7 # (
: >@=53BB= >@3D323 7<B3@D3<B7 <3::3 A35C3<B7 /@33 B3;/B7163
?C3::/ 23: 1=<B@/AB= 237 >@357C27H7 3 235:7 AB3@3=B7>7 <37 1=<4@=<B7 23::3 >3@A=<3 " * <37 ;/AA ;327/ B@/;7B3
1/;>/5<3 27 7<4=@;/H7=<3 3 A3<A707:7HH/H7=<3 2/ @3/:7HH/@A7 / :7D3::= </H7=</:3 /H7=<7 27 ;=<7B=@/557= A7AB3
;/B71= 23: :7<5C/557= 237 ;327/ >3@ :/ >@3D3<H7=<3 23::U7<17B/;3<B= /::U=27= =;=4=071= 3 B@/<A 4=071= 6/B3
A>3316 /BB7D7BI 27 4=@;/H7=<3 AC::/ 27A1@7;7</H7=<3 >3@ ;=B7D7 27 =@73<B/;3<B= A3AAC/:3 3 723<B7BI 27 53<3@3
@7D=:B3 /7 57=@</:7AB7 : A31=<2= /AA3 @75C/@2/ :/ >@3D3<H7=<3 32 7: 1=<B@/AB= 23: 0C::7A;= =;=4=071= 3 B@/<A4=071=
7< :7<3/ 1=< ?C/<B= 57I /DD7/B= 1=< :3 7<7H7/B7D3 23::/ )3BB7;/</ 1=<B@= :/ D7=:3<H/ >=B3<H7/<2= 5:7 7<B3@D3<B7 7<
;/B3@7/ /<B727A1@7;7</B=@7/ <37 1=<4@=<B7 23::3 27D3@A3 1=;>=<3<B7 23::/ A1C=:/ ABC23<B7 53<7B=@7 2=13<B7 3
27@753<B7 /<163 B@/;7B3 :/ >C00:71/H7=<3 3 2744CA7=<3 27 C< RD/23;31C;S /2 6=1 < 1=<B7<C7BI 1=< :3 /H7=<7
57I 7< /BB= 2/ >/@B3 23::U+$ ( @3:/B7D/;3<B3 /::/ >@3D3<H7=<3 3 /: 1=<B@/AB= 23::/ 27A1@7;7</H7=<3 <37 1=<4@=<B7
23::3 >3@A=<3 " * <3: ;=<2= 23: :/D=@= A7 >=B3<H73@I :U7;>:3;3<B/H7=<3 23::3 /BB7D7BI 7< ?C3AB= A3BB=@3 1=<
/H7=<7 >=A7B7D3 27 27D3@A7BG ;/</53;3<B 7: >=B3<H7/;3<B= 3 :/ 2744CA7=<3 23::3 7D3@A7BG 6/@B3@A :/ A3<A707:7H
H/H7=<3 23::3 >/@B7 A=17/:7 A7<2/1/:7 3 2/B=@7/:7 /<163 B@/;7B3 3D3<B7 27 A1/;07= 27 0C=<3 >@/AA7 3 >C00:71/H7=<3
27 ;/B3@7/:3 /2 6=1
!! !
!
)C::/ AB@/2/ 23::/ >73</ /BBC/H7=<3 23::3 27A>=A7H7=<7 >3@ :/ >/@7BI 3 :3 >/@7 =>>=@BC<7BI 7: 7>/@B7;3<B= A7 ;C=D3
>3@ /C;3<B/@3 :/ >@3A3<H/ 23::3 2=<<3 7< >=A7H7=<7 3;3@53<B7 <=:B@3 ;327/<B3 >@/B7163 :/D=@/B7D3 3 1C:BC@3
=@5/<7HH/B7D3 27 ?C/:7BI 7<B3<23 AD7:C>>/@3 >=:7B7163 >3@ 7: :/D=@= >C00:71= 163 A/>>7/<= D/:=@7HH/@3 :U/>>=@B=
23::3 :/D=@/B@717 3 237 :/D=@/B=@7 23::3 /;;7<7AB@/H7=<7 >C00:7163
=< :/ 7@3BB7D/ AC::3 ;7AC@3 >3@ @3/:7HH/@3 >/@7BI 3 >/@7 =>>=@BC<7BI B@/ C=;7<7 3 2=<<3 <3::3 ;;7<7AB@/H7=<7
&C00:7163 Q A=BB=A1@7BB/ 2/7 #7<7AB@7 >3@ :/ &C00:71/ ;;7<7AB@/H7=<3 <<=D/H7=<3 3 >3@ :3 &/@7 %>>=@BC<7BI 3
>C00:71/B/ 7< + 7: :C5:7=
Q 7: 7>/@B7;3<B= =44@3 /7 D3@B717 23::3 ;;7<7AB@/H7=<7 7< >/@B71=:/@3 /7 @3
A>=<A/07:7 235:7 +44717 23: >3@A=</:3 C< /CA7:7= >3@ =@73<B/@3 :3 >=:7B7163 27 53AB7=<3 23::3 @7A=@A3 C;/<3 3 27
=@5/<7HH/H7=<3 23: :/D=@= A31=<2= :7<33 27 /H7=<3 1=<4=@;7 / ?C37 >@=>=A7B7 "/ 7@3BB7D/ 167323 /::3 ;;7<7
AB@/H7=<7 23AB7</B/@73 27 3443BBC/@3 C</ @3:/H7=<3 /<<C/:3 163 A/>>7/ 2/@3 C</ ;7AC@/ 23: 5@/2= 27 /BBC/H7=<3
23::3 27A>=A7H7=<7 <=@;/B7D3 D753<B7 7< ;/B3@7/
:=@= D=:B/ 7: 7>/@B7;3<B= 23::/ C<H7=<3 &C00:71/ 3 7: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI /</:7HH/<= 7 2/B7
>3@D3<CB7 >@327A>=<3<2= C</ @3:/H7=<3 27 A7<B3A7
< >/@B71=:/@3 7 2/B7 @71673AB7 @75C/@2/<= :3 /H7=<7 7<B@/>@3A3 7< ;/B3@7/ 27 @31:CB/;3<B= 3 53AB7=<3 23: >3@A=</:3
27 3:7;7</H7=<3 3 >@3D3<H7=<3 23::3 27A1@7;7</H7=<7 27 /2=H7=<3 237 >7/<7 B@73<</:7 27 /H7=<7 >=A7B7D3 27 =@5/
<7HH/H7=<3 23: :/D=@= 3 27 4=@;/H7=<3 3 1C:BC@/ =@5/<7HH/B7D/
: ;=<7B=@/557= 23::U/>>:71/H7=<3 23::/ 7@3BB7D/ 6/ @/557C<B= :/ ?C7<B/ /<<C/:7BI @357AB@/<2= C< 7<1@3;3<B=
1=AB/<B3 23::U7<B3@3AA3 3 23::/ >/@B317>/H7=<3 23::3 ;;7<7AB@/H7=<7 163 2/::3
23::/ >@7;/ @7:3D/H7=<3 23:
A=<= >/AA/B3 /2 =:B@3
23::/ @7:3D/H7=<3 7< 1=@A= 'C3AB= B@3<2 >=A7B7D= A35</:/ 1=;3 :/ 7@3BB7D/ A7/
27D3<B/B/ C<= AB@C;3<B= 27 :/D=@= >3@ :3 27@3H7=<7 23: >3@A=</:3 3 >3@ 5:7 =@5/<7A;7 163 A7 =11C>/<= 27 5/@/<B7@3
>/@7 =>>=@BC<7BI B@/ 7 ?C/:7 >/@B71=:/@;3<B3 A75<7471/B7D7 7 =;7B/B7 +<717 27 /@/<H7/ @313<B3;3<B3 1=AB7BC7B7
/7 A3<A7 23::U/@B
23::/ " <=D3;0@3
<
,/ A=BB=:7<3/B= 163 >7N 23::/ ;3BI 23::3 @3:/H7=<7 A=<= >3@D3<CB3 2/::3 /;;7<7AB@/H7=<7 :=1/:7 3 B@/ ?C3AB3 :/
;/557=@/<H/ K 1=AB7BC7B/ 2/ =;C<7 >711=:7 3 ;327 ;=AB@/<2= 1=;3 :U/BB3<H7=<3 /::/ D/:=@7HH/H7=<3 23::3 @7
A=@A3 43;;7<7:7 A7/ ;=:B= 2744CA/ AC: B3@@7B=@7=
*@/ :3 ;;7<7AB@/H7=<7 3<B@/:7 BCBB7 7 #7<7AB3@7 2/ /<<7 @7A>=<2=<= 1=< A=::317BC27<3 3 >3@;3BB=<= 1=AL 27
;=<7B=@/@3 :U3D=:CH7=<3 23::3 >=:7B7163 / :7D3::= 13<B@/:3 +</ 0C=</ @7A>=AB/ 3;3@53 /<163 2/::3 AB7BCH7=<7 +<7
D3@A7B/@73 163 >C@ <3::/ :=@= 1=;>:3AA7BI 53AB7=</:3 =5<7 /<<= <=< 27;3<B71/<= 27 A35</:/@17 :3 :=@= 7<7H7/B7D3
=<A=:72/B/ K =@;/7 :/ @7>=AB/ 237 >@7<17>/:7 <B7 27 >@3D723<H/ ;3<B@3 7< 1@3A17B/ K :/ @7A>=AB/ 235:7 <B7 >@=
D7<17/:7 3 235:7 <B7 A/<7B/@7 'C3AB7 A35</:7 >=A7B7D7 ;=AB@/<= 163 :/ D/:=@7HH/H7=<3 23::3 27443@3<H3 B@/ C=;7<7 3
2=<<3 3 23::3 1=;>3B3<H3 27 :/D=@/B=@7 3 :/D=@/B@717 3 :/ @7;=H7=<3 27 ?C/:A7/A7 4=@;/ 27 27A1@7;7</H7=<3 A=<=
C< D/:=@3 /557C<B= <3::/ 53AB7=<3 23::3 @7A=@A3 C;/<3 23::U ;;7<7AB@/H7=<3 &C00:71/
< ?C3AB= /;07B= K AB/B= 7<=:B@3 1=AB7BC7B= C< 5@C>>= 27 :/D=@= 1=;>=AB= 2/ @343@3<B7 235:7 +44717 "357A:/B7D7 3
237 7>/@B7;3<B7 A7/ 23::/ C<H7=<3 &C00:71/ A7/ 23::3 &/@7 %>>=@BC<7BI 1=< :/ 1=::/0=@/H7=<3 23::/ =<A75:73@/
$/H7=</:3 27 &/@7BI >3@ 7: AC>>=@B= /::/ 1=AB7BCH7=<3 3 A>3@7;3<B/H7=<3 27 B/:7 =;7B/B7
V AB/B/ /BB7D/B/ C</ 1/A3::/ 27 >=AB/ 3:3BB@=<71/ ;=<7B=@/557=1C5 5=D3@<= 7B /BB@/D3@A= :/ ?C/:3 7: 5@C>>= 27
:/D=@= 4=@<7A13 AC>>=@B= /::3 ;;7<7AB@/H7=<7 <3::/ >@7;/ 4/A3 27 /DD7= 237 +
V AB/B= 7<=:B@3 3:/0=@/B= C<= A163;/ 27 @35=:/;3<B= 7<B3@<= 237 + 1=;3 AB@C;3<B= 27 :/D=@= 27 </BC@/ 7<
4=@;/:3 3 <=< D7<1=:/<B3 163 =5<7 + >=B@I /2/BB/@3 /::3 >@=>@73 3A753<H3 <=:B@3 K >=AA707:3 1=<AC:B/@3 :3 @7
A>=AB3 /7 ?C3A7B7 >7N 4@3?C3<B7
' >@3A3<B/B7 2/::3 ;;7<7AB@/H7=<7
: 7>/@B7;3<B= >@=DD323 7<=:B@3 /2 3443BBC/@3 C< ;=<7B=@/557= AC::/ 1=AB7BCH7=<3 237 =;7B/B7 +<717 27 /
@/<H7/ 23::3 &C00:7163 ;;7<7AB@/H7=<7 3 23::3 =;;7AA7=<7 27 >/@7BI 235:7 %@27<7 >@=43AA7=</:7 AC227D7A7 >3@
A3BB=@7 &C00:7163 ;;7<7AB@/H7=<7 3<B@/:7 <B7 &C00:717 (357=<7 &@=D7<13 =;C<7 +<7D3@A7BI %@27<7 >@=
43AA7=</:7 1=< :U=073BB7D= 27 /DD7/@3 1=< 3AA7 >3@1=@A7 27 1=::/0=@/H7=<3 1=;C<7
: 7>/@B7;3<B= >@=DD323 7<=:B@3 /::U/BBC/H7=<3 23::/ 7@3BB7D/ 23: 2713;0@3
B@/BB/;3<B= B@/ C=;7<7 3 2=<<3 <3::U/113AA= / 03<7 3 A3@D7H7 47</<H7/@7 3 :/ :=@= 4=@<7BC@/
AC::/ >/@7BI 27
< >/@B71=:/@3 4=@<7A13 C<U/AA7AB3<H/ /::3 >3@A=<3 :3A3 @7A>=<23<2= /7 ?C3A7B7 >3@D3<CB7 3A/;7</<2= :3 1@7B717BI
A=BB=>=AB3 /::U/BB3<H7=<3 23: 7>/@B7;3<B= ;327/<B3 :U7<27@7HH= 27 >=AB/ 3:3BB@=<71/ >/0A 5=D3@<= 7B >@=;C=D3
ABC27 3 @713@163 4=@;C:/ @/11=;/<2/H7=<7 3 >/@3@7 AC ?C3AB7=<7 1=<<3AA3 / 27A1@7;7</H7=<7 27 53<3@3 2744=<23
:/ ;/AA7;/ 1=<=A13<H/ >=AA707:3 235:7 AB@C;3<B7 27 BCB3:/ 3 >@=;C=D3 >@=53BB7 27 /H7=<7 >=A7B7D3
#
!
: <C;3@= 27 2=<<3 163 >3@A35C3 C</ 1/@@73@/ A173<B7471/ K /C;3<B/B= <=B3D=:;3<B3 <35:7 C:B7;7 D3<BU/<<7 <=
<=AB/<B3 17M A=:= C</ ?C=B/ ;7<7;/ 23::3 >=A7H7=<7 />71/:7 <3: ;=<2= 23::/ @713@1/ K =11C>/B= 2/ 2=<<3 )3
1=<2= 7: (/>>=@B= 23:
23::/ =;;7AA7=<3 C@=>3/ R)63 75C@3A )B/B7AB7163 3 7<271/B=@7 AC::/ &/@7BI 27
3<3@3 <3::/ )173<H/S :3 2=<<3 @/>>@3A3<B/<= 7< B/:7/ 7:
235:7 ABC23<B7 C<7D3@A7B/@7 7:
237 @713@1/B=@7
A=>@/ :/ ;327/ 3C@=>3/ 163 A7 /BB3AB/ /:
;/ A=:= 7:
@/557C<53 :3 >=A7H7=<7 27 :3/23@A67> (7AC:B/
?C7<27 3D723<B3 163 /<163 <3: 1/;>= A173<B7471= A7 @7B@=D/<= ;=:B7 237 43<=;3<7 27 3A1:CA7=<3 3 27A1@7;7</H7=<3
163 1=:>7A1=<= 7: 53<3@3 43;;7<7:3 /<163 7< /:B@7 A3BB=@7 23::/ D7B/ >=:7B71/ 31=<=;71/ 3 A=17/:3
< ?C3AB= A13</@7= 7: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI A7 K 7;>35</B= 4=@B3;3<B3 7< ?C3AB7 C:B7;7 /<<7 <3:
>@=;C=D3@3 /H7=<7 3 >@=53BB7 >3@ 4/D=@7@3 :U/113AA= 23::3 2=<<3 /: A3BB=@3 A173<B7471= B31<=:=571= 3 23::/ @713@1/
1=< := A1=>= 27 3D7B/@3 :U3<=@;3 A>@31= 27 B/:3<B7 7< ?C3AB= A3BB=@3 AB@/B3571= >3@ :/ 1@3A17B/ 31=<=;71/ A7/ /
:7D3::= 3C@=>3= A7/ / :7D3::= </H7=</:3
#%"
''" #%
& J#%
'&!
!
% $(
'+ ! &
!
K
: >@=53BB= &(
) 47</<H7/B= 2/::/ =;;7AA7=<3 C@=>3/ 1=< @7A=@A3 1=;C<7B/@73 / D/:3@3 AC: , &@=5@/;;/
'C/2@= >3@ :/ @713@1/ A173<B7471/ 3 B31<=:=571/ 3 2/: =D3@<= 7B/:7/<= 6/ /DCB= 1=;3 =073BB7D= >@7<17>/:3 ?C3::=
27 1=;>/@/@3 :3 27D3@A3 AB@/B3573 /BBC/B3 / :7D3::= 7<B3@</H7=</:3 >3@ >@=;C=D3@3 :/ >@3A3<H/ 23::3 2=<<3 <37
:C=567 2317A7=</:7 <3::3 7AB7BCH7=<7 >C00:7163 @743@7B3 /::/ @713@1/ A173<B7471/ 3 6/ 1=7<D=:B= +<7D3@A7BI 32 7AB7BCB7
27 @713@1/ </H7=</:7 32 7<B3@</H7=</:7 CAB@/:7/ +)
/<7;/@1/ +<563@7/ (35<= +<7B= : >@=53BB= K AB/B=
1/@/BB3@7HH/B= 2/7 ?C/BB@= A35C3<B7 /A>3BB7
P 7: B3<B/B7D= 27 7<B35@/@3 7 >7N 7;>=@B/<B7 @7AC:B/B7 23@7D/<B7 2/::= ABC27= 3 2/::3 0C=<3 >@/AA7 27 :=BB/ /::/ A3
5@35/H7=<3 D3@B71/:3 A7/ <3:: /;07B= 23::/ A173<H/ A7/ 7< D/@7 /:B@7 /;07B7 >@=43AA7=</:7 A=17/:7 3 >=:7B717
P 7: @/44=@H/;3<B= 23::/ 1=;>@3<A7=<3 237 :35/;7 B@/ : 3A1:CA7=<3 23::3 2=<<3 3 ?C3::/ 163 >CM 3AA3@3 23
47<7B/ 1=;3 C</ 7<AC447173<B3 A=17/:7HH/H7=<3 23: 53<3@3 <3::/ A173<H/ D/:3 / 27@3 :/ @3A7AB3<H/ 23::/ 1=
;C<7BI A173<B7471/ <3: @71=<=A13@3 3 53AB7@3 :3 27</;7163 A=17/:7 3 27 53<3@3 163 5C72/<= :/ >@=2CH7=<3 3
:/ D/:CB/H7=<3 23::/ @713@1/ A173<B7471/
P : />>@=117= 1=;>/@/B7D= 2/ C< >C<B= 27 D7AB/ 53=5@/471= 1=< : 7<1:CA7=<3 27
>/3A7 A7/ 3C@=>37 A7/ <=< 3C@=>37
>/@B<3@ >@=D3<73<B7 2/
P : =@73<B/;3<B= /: 03<16;/@97<5 A=>@/BBCBB= >3@ 1=<1@3B7HH/@3 :3 7<271/H7=<7 7< B3@;7<7 27 >=:7B7163
: >@=53BB= A7 K 1=<1:CA= / 2713;0@3
1=< :/ >@3A3<B/H7=<3 /::/ =;;7AA7=<3 C@=>3/ 23::3 "7<33 C72/
>3@ >@=;C=D3@3 :/ >@3A3<H/ 23::3 2=<<3 <37 >=AB7 2317A7=</:7 @3:/B7D7 /::/ @713@1/ A173<B7471/ <3::3 +<7D3@A7BI 3
<37 13<B@7 27 @713@1/
#%" ''" * &' J*" ! &
! & !'
! '
!" "
% %& '' ! '
% & % K
' %
'
!
%
!
!'
: >@=53BB= - )* 1= 47</<H7/B= 2/::/ =;;7AA7=<3 C@=>3/ /BB@/D3@A= 7: , &@=5@/;;/ 'C/2@= >3@ :/ @713@1/
A173<B7471/ 3 B31<=:=571/ 3 2/: =D3@<= 7B/:7/<= 6/ /DCB= 1=;3 =073BB7D= >@7<17>/:3 ?C3::= 27 /C;3<B/@3 :3 1/
>/17BI 23::3 7AB7BCH7=<7 A173<B747163 3 B31<=:=57163 <3: ;=<7B=@/@3 27@753@3 3 /</:7HH/@3 :/ 27D3@A7BI 27 53<3@3 /:
: 7<B3@<= 23::/ :=@= =@5/<7HH/H7=<3 / BCBB7 7 :7D3::7 /BB@/D3@A= :U/BBC/H7=<3 27 /H7=<7 A>3@7;3<B/:7 163 A7 A=<= AD=:B3
/::U7<B3@<= 27 B@3 3<B7 3C@=>37 53<H7/ 3@=A>/H7/:3 C@=>3/ )
@/C<6=43@ <AB7BCB3 =4 (3A3/@16
%3
:U+<7D3@A7BI 27 /@6CA 7< /<7;/@1/
: &@=53BB= 6/ >@3D7AB= 7<=:B@3 7 A35C3<B7 ?C/BB@= =073BB7D7 A>3174717
P >@327A>=@@3 /H7=<7 1==@27</B3 1=< := A1=>= 27 @7;C=D3@3 7 4/BB=@7 163 7;>327A1=<= :/ 1=<27H7=<3 27 C</
>73</ 32 3443BB7D/ C5C/5:7/<H/ 27 53<3@3 <3::3 1/@@73@3 A173<B747163
P 2347<7@3 C< A3B 27 :7<33 5C72/ >3@ >@=;C=D3@3 :/ 27D3@A7BI 27 53<3@3 <3::3 7AB7BCH7=<7 A173<B747163
P >@=;C=D3@3 C<= A1/;07= 3 C< B@/A43@7;3<B= 27 1=<=A13<H3 AC::3 >=:7B7163 @75C/@2/<B7 7: 53<23@ 27D3@A7BG
;/</53;3<B B@/ 7 D/@7 B7>7 27 AB7BCB7 27 @713@1/
P AC>>=@B/@3 C< 27/:=5= 27 /:B= :7D3::= B@/ 5:7 3A>3@B7 3 7 :3/23@A 23::3 7AB7BCH7=<7 A173<B747163 >C00:7163 3 >@7D/B3
: >@=53BB= A7 K 1=<1:CA= / <=D3;0@3
1=< :/ >@3A3<B/H7=<3 /::/ =;;7AA7=<3 C@=>3/ 23::3 "7<33 C72/
>3@ :/ 27D3@A7BI 27 53<3@3 <3::3 =@5/<7HH/H7=<7 A173<B747163 3 B31<=:=57163
#%" ''" &'
& J &'%( '(% '% !& "%
' "! '"
)
! %
$( '+ ! & !
: >@=53BB= )*
) 1= 47</<H7/B= 2/::/
(713@1/ 3 <<=D/H7=<3 23::/ =;;7AA7=<3 C@=>3/ /::U7<B3@<= 23:
, &@=5@/;;/ 'C/2@= 23::/ (713@1/ 3 2/: =D3@<= 7B/:7/<= 6/ 1=;3 =073BB7D= :/ >@=;=H7=<3 23::/ >/@7BI 27
53<3@3 <3: ;=<2= 23::/ A173<H/ 3 23::/ @713@1/
: >@=53BB= 7<7H7/B= <3: 3<</7=
/D@I C</ 2C@/B/ 27 /<<7 3 >=AA7323 C< 1/@/BB3@3 4=@B3;3<B3 7<<=D/B7D=
A7 4=<2/ AC::U=073BB7D= 27 /DD7/@3 3 @3/:7HH/@3 / :7D3::= 3C@=>3= 237 1/;07/;3<B7 AB@CBBC@/:7 @7A>3BB= /: B3;/ 23::3
&/@7 %>>=@BC<7BI <3::/ A173<H/ 3 <3::/ @713@1/ /BB@/D3@A= :/ 2347<7H7=<3 :U/2=H7=<3 3 :/ /BBC/H7=<3 27 /H7=<7 >@/
B7163 3 7<B3@D3<B7 @7D=:B7 /2 @3/:7HH/@3 1=<1@3B/;3<B3 B/:7 1/;07/;3<B7 /::U7<B3@<= 23::3 7AB7BCH7=<7 A173<B747163 3
27 @713@1/ A31=<2= C< ;=23::= 1=;C<3 3C@=>3= /BB@/D3@A= :U/2=H7=<3 27 >7/<7 2U/H7=<3 /2 6=1 7<B3@<7 1=<1@3B7 3 ;7AC@/07:7
: &@=53BB= D323 :/ >/@B317>/H7=<3 27 >/@B<3@ 3C@=>37 B@/ 7 ?C/:7 :U+<7D3@A7BI )B/B/:3 27 #7:/<= B/:7/ @/C<6=43@
3A3::A16/4B <AB7BCB3 Q 3@;/<7/ :U+<7D3@A7BI 27 /@6CA Q /<7;/@1/ "U+<7D3@A7BI :3F/<2@C =/< CH/ (=
;/<7/ :U+<7D3@A7BI (/20=C2 Q %:/<2/ 3 :U/AA=17/H7=<3 ) % Q B/:7/ "/ 47<3 237 :/D=@7 K >@3D7AB/ / 2713;0@3
#%"'" " " L !' & &(
# % "##"%'(! 'H !
&
!,
: &@=B=1=::= 2U <B3A/ B@/ 7: #7<7AB@= >3@ :3 &/@7 %>>=@BC<7BI 3 7: #7<7AB@= 23::U 2C1/H7=<3 +<7D3@A7BI 3 (713@1/
47@;/B= <3: A3BB3;0@3
6/ /DCB= 1=;3 =073BB7D= ?C3::= 27 3:/0=@/@3 ;7AC@3 1=<1@3B3 >3@ 1=<A35C7@3 :/
>/@7BI 27 53<3@3 <3::/ A173<H/ 1=;0/BB3@3 :/ A=BB=@/>>@3A3<B/<H/ 23::3 2=<<3 <37 A3BB=@7 A173<B74717 4/D=@7@3
:U/D/<H/;3<B= 23::3 1/@@73@3 23::3 2=<<3 ;75:7=@/@3 :/ >@3A3<H/ 23::3 2=<<3 <3: ;3@1/B= 23: :/D=@= <3: A3BB=@3
A173<B7471= 3 7< >/@B71=:/@3 <37 >=AB7 2317A7=</:7
: AC223BB= &@=B=1=::= 6/ 7AB7BC7B= C< */D=:= 27 1=<13@B/H7=<3 1=;>=AB= 2/ 3A>3@B7 </H7=</:7 >@=D3<73<B7 2/ /:B@7
#7<7AB3@7 2/::3 +<7D3@A7BI 3<B@7 27 @713@1/ 3 :/ A=173BI 17D7:3 7 ?C/:7 6/<<= 7<27D72C/B= AB@/B3573 1=<1@3B3 4=1/
:7HH/<2= 7: :=@= :/D=@= AC >@7=@7BI A>31747163 7< >/@B71=:/@3 :/ >@=;=H7=<3 3 :U/BBC/H7=<3 23::/ /@B/ C@=>3/
237 (713@1/B=@7 7< =BB71/ 27 53<3@3 :/ >@327A>=A7H7=<3 23::/ >@=>=AB/ 7B/:7/</ >3@ 7: 4CBC@= >@=5@/;;/ ?C/2@=
C@=>3= 23::/ @713@1/ 1=< :U=073BB7D= 27 7<A3@7@3 :U =BB71/ 27 53<3@3 <37 1=<B3<CB7 3 <3::/ AB@CBBC@/ 23::/ <C=D/ >@=
5@/;;/H7=<3 >@3D7AB/ >3@ 7:
=@7H=<
:/ >@327A>=A7H7=<3 27 /H7=<7 >3@ 4/D=@7@3 :U/D/<H/;3<B=
23::3 1/@@73@3 A173<B747163 23::3 2=<<3 3 >3@ :/ 2744CA7=<3 23::/ 1C:BC@/ 27 53<3@3 <3: ;=<2= 23::/ A1C=:/
#
: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI =>3@/ >3@ @/557C<53@3 :/ >/@7BI B@/ 2=<<3 3 C=;7<7 1=<A723@/<2= :3 A>3
174717BI 43;;7<7:7 1=;3 3:3;3<B7 163 4=<2/<= 7: @C=:= 23::3 2=<<3 <3::/ A=173BI $3: @7A>3BB= 23::3 27443@3<H3 A7
7<B3<23 /53D=:/@3 :3 2=<<3 <3::= AD=:57;3<B= 23::3 :=@= /BB7D7BI 3 1=<A3<B7@3 :=@= :U/113AA= / @C=:7 2/ A3;>@3
2=;7<7= 3A1:CA7D= 235:7 C=;7<7 /<163 ;327/<B3 :U7<27D72C/H7=<3 27 AB@C;3<B7 <=@;/B7D7 32 /;;7<7AB@/B7D7 7<
5@/2= 27 4/D=@7@3 C< @3/:3 3;>=E3@;3<B
< ?C3AB/ >@=A>3BB7D/ 2=>= :3 >=A7B7D3 3A>3@73<H3 23::/ A31=<2/ ;3BI 235:7 /<<7
K AB/B/ D/@/B/ C</ C:
B3@7=@3 327H7=<3 23: >@=53BB= 4=@;/B7D= =<<3 >=:7B71/ 3 7AB7BCH7=<7 >3@1=@A7 4=@;/B7D7 >3@ :/ 1C:BC@/ 27 53<3@3
3 23::3 >/@7 =>>=@BC<7BI 163 A7 @3/:7HH3@/<<= <3::U/@1= 235:7 /<<7 /11/23;717
3
< B/: ;=2= 7: 7>/@B7;3<B= 7<B3<23 1=<A=:72/@3 3 >=B3<H7/@3 7 @7AC:B/B7 1=<A35C7B7 ;75:7=@/<2=<3 /: 1=<B3;>=
:U34471/17/ AC::/ 0/A3 23::3 0C=<3 >@/B7163 57I A>3@7;3<B/B3
< 2/B/ /5=AB=
K AB/B= >C00:71/B= :U DD7A= >3@ 7: 47</<H7/;3<B= 27 7<7H7/B7D3 A>317/:7AB7163 / 1/@/BB3@3 4=@
;/B7D= >3@ :/ 2744CA7=<3 23::/ 1C:BC@/ 27 53<3@3 <3::3 7AB7BCH7=<7 1C:BC@/:7 A=17/:7 3 >=:7B7163 47</:7HH/B3 / ?C/:7471/@3
3 /C;3<B/@3 :/ >@3A3<H/ 3 :/ >/@B317>/H7=<3 23::3 2=<<3 <3::/ D7B/ /BB7D/ 163 6/ D7AB= :/ >@3A3<B/H7=<3 27 <
>@=53BB7 2/ >/@B3 23::3 +<7D3@A7BI 7B/:7/<3 AB/B/:7 3 <=< AB/B/:7 @71=<=A17CB3
"/ 47</:7BI 237 1=@A7 K :U/1?C7A7H7=<3 2/ >/@B3 237 >/@B317>/<B7
P 27 1=;>3B3<H3 53<3@/:7 =@73<B/B3 /::/ 1=<=A13<H/ 23::U3D=:CH7=<3 AB=@71/ 23::3 ?C3AB7=<7 27 53<3@3 23::3
B3=@73 >3@ :/ >@=;=H7=<3 27 >/@7 =>>=@BC<7BI 23::/ 57C@7A>@C23<H/ </H7=</:3 3 1=;C<7B/@7/ AC: >@7<17>7=
23::UC5C/5:7/<H/ 27 53<3@3 23::U=@5/<7HH/H7=<3 3 4C<H7=</;3<B= 23::3 7AB7BCH7=<7 >/@:/;3<B/@7 3 5=D3@</
B7D3 7< B/:7/ 3 7< C@=>/ 23:: =@27</;3<B= 23::= )B/B= 7B/:7/<= 3 AC3 /@B71=:/H7=<7 B3@@7B=@7/:7
P 27 1=;>3B3<H3 A>31747163 =@73<B/B3 17=K /::U/>>:71/H7=<3 23::/ >@=A>3BB7D/ 27 53<3@3 <3::U/;07B= 23::3 7AB7
BCH7=<7 3 23::/ >=:7B71/ 3 /::/ :=@= 231:7</H7=<3 7< @743@7;3<B= /5:7 AB@C;3<B7 =>3@/B7D7 27A>=<707:7 <37 27D3@A7
/;07B7 27A17>:7</@7 3 /11/23;717
#
$3::U/;07B= 23::U=073BB7D= @3:/B7D= /: A=AB35<= /::U7;>@3<27B=@7/ 43;;7<7:3 27D3@A3 A=<= :3 /H7=<7 ;3AA3 7< 1/;>=
2/: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI
<4/BB7 1=< 31@3B= 23: #7<7AB@= 23: 53<</7=
7<B35@/B= 7< 2/B/ 4300@/7=
K AB/B= @71=AB7BC7B= 7:
=;7B/B= >3@ :U ;>@3<27B=@7/ 3;;7<7:3 27 1C7 4/<<= >/@B3 17<?C3 ;;7<7AB@/H7=<7 13<B@/:7 3 :3 ;/557=@7 =@5/
<7HH/H7=<7 27 A3BB=@3 @/>>@3A3<B/B7D3 / :7D3::= </H7=</:3 'C3AB= 6/ 7: 1=;>7B= 27 7<27@7HH/@3 3 >@=5@/;;/@3 :3
/H7=<7 / A=AB35<= 23::U7;>@3<27B=@7/ 43;;7<7:3 27 1C7 /5:7 /@BB
3 A35C3<B7 23: 231@3B= :357A:/B7D= <
23:
=2713 >3@ :3 &/@7 %>>=@BC<7BI /<163 /BB@/D3@A= :/ >@=;=H7=<3 27 ABC27 3 @713@163 AC: B3;/
,/ A35</:/B= 7<=:B@3 163 >3@ 17M 163 @75C/@2/ :3 7<7H7/B7D3 27 @/11=:B/ 3 /</:7A7 237 2/B7 7< ;/B3@7/ 27 7;>@3<27B=@7/
43;;7<7:3 7: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI 7<A73;3 /: #7<7AB3@= >3@ := )D7:C>>= 31=<=;71= Q 1=< 1C7
7< 2/B/ =BB=0@3
K AB/B= 47@;/B= C< &@=B=1=::= 2U <B3A/ =@73<B/B= /::/ @3/:7HH/H7=<3 27 /BB7D7BI 47</:7HH/B3
/::/ >@=;=H7=<3 23: >@7<17>7= 27 >/@7 =>>=@BC<7BI Q 32 7< 1=::/0=@/H7=<3 1=< +<7=<1/;3@3 6/ >@=;=AA= :/ @3
2/H7=<3 27 C< R(/>>=@B= </H7=</:3 AC::U7;>@3<27B=@7/ 43;;7<7:3S 57C<B= <3:
/::/ A31=<2/ 327H7=<3 "U=073B
B7D= 23::= ABC27= K 27 5/@/<B7@3 C< ;=<7B=@/557= >3@7=271= 237 2/B7 23: 43<=;3<= 1=;>:3B= 27 />>@=4=<27;3<B7
B3;/B717 @7B3<CB7 27 7<B3@3AA3 >=AA707:7BI 27 /113AA= /::3 @7A=@A3 47</<H7/@73 7<7H7/B7D3 >3@ :U7<<=D/H7=<3 3 /C;3<B=
23::/ 1=;>3B7B7D7BI /: 47<3 27 1=AB7BC7@3 C< >/B@7;=<7= /557=@</B= 27 1=<=A13<H/ AC::U7;>@3<27B=@7/ 43;;7<7:3
7B/:7/</
A35C7B= 23::/ >/@H7/:3 /0@=5/H7=<3 23::/ "
R H7=<7 >=A7B7D3 >3@ :U7;>@3<27B=@7/ 43;;7<7:3S <3:
1=< :U3<B@/B/ 7< D75=@3 23: =2713 23::3 >/@7 =>>=@BC<7BI B@/ C=;= 3 2=<</ 2 :5A
A=<= D3<CB7
;3<= 5:7 7<13<B7D7 2/ >/@B3 23::= )B/B= /::3 7<7H7/B7D3 >@=;=AA3 2/::U7;>@3<27B=@7/ 43;;7<7:3 ;3<B@3 :3 (357=<7
6/<<= 1=<B7<C/B= 1=< @7A=@A3 >@=>@73 / A=AB3<3@3 7<B3@D3<B7 7< ;/B3@7/ /BB@/D3@A= 1=<B@70CB7 7< 1=<B= 1/>7B/:3
1=<B@70CB7 7< 1=<B= 7<B3@3AA7 4=<27 27 5/@/<H7/ 4=<27 27 @=B/H7=<3 311
: 7>/@B7;3<B= 163 53AB7A13 / 27D3@A= B7B=:= 7<B3@D3<B7 47</<H7/B7 2/7 =<27 )B@CBBC@/:7 =<2= )=17/:3 C@=>3=
3 =<2= C@=>3= 27 )D7:C>>= (357=</:3 3 /: 47<3 27 4=@<7@3 7< >/@B71=:/@3 /::3 (357=<7 7B/:7/<3 7< @7B/@2= 27 AD7
:C>>= 7<27@7HH7 AB@/B35717 32 =>3@/B7D7 / A=AB35<= 23::U7;>@3<27B=@7/ 43;;7<7:3 /<163 /BB@/D3@A= :/ 2744CA7=<3 3
:= A1/;07= 27 0C=<3 >@/AA7 6/ /DD7/B= / >/@B7@3 2/:
C</ A3@73 27 /BB7D7BI 27 />>@=4=<27;3<B= D=:B3 /2 7<
2/5/@3 :/ @3/:BI A=17= 31=<=;71/ 23::3 AC117B/B3 (357=<7
7M /<163 7< :7<3/ 1=< 7: 2=1C;3<B= 163 =@73<B/ 32 7<27@7HH/ :/ AB@/B357/ </H7=</:3 27 7<B3@D3<B= 3 :3 @7A=@A3 163
:/ >=:7B71/ 1=;C<7B/@7/ 27 1=3A7=<3 6/ 23AB7</B= /::U B/:7/ 'C/2@= )B@/B3571= $/H7=</:3
: 47<3 27
>@=;C=D3@3 1=<27H7=<7 4/D=@3D=:7 /::= AD7:C>>= 1=<B@/AB/<2= :3 27A>/@7BI B3@@7B=@7/:7 3 7<1@3;3<B/<2= :3 =>>=@
BC<7BI 23::3 1/B35=@73 AD/<B/557/B3 7< 1C7 @73<B@/<= /<163 :3 2=<<3 7: 'C/2@= )B@/B3571= $/H7=</:3 >@3D323
163 <3::3 (357=<7 163 >@3A3<B/<= C< ;/557=@3 @7B/@2= 27 AD7:C>>= /:/0@7/ /;>/<7/ &C5:7/ 3 )717:7/ D3<5/<=
/BBC/B7 7<B3@D3<B7 27 A=AB35<= /7 A7AB3;7 >@=2CBB7D7 /<163 ;327/<B3 A>31747163 /H7=<7 27 AC>>=@B= /::U7;>@3<27
B=@7/:7BI 43;;7<7:3
< B/:3 1=<B3AB= A7 K /<H7BCBB= 13@1/B= 27 D3@7471/@3 /<163 ;327/<B3 :UCB7:7HH= 27 ;3B=2=:=573 7<B3@</H7=</:7 A3
3 7< ?C/:3 ;7AC@/ 3A7AB/<= A>3174717BI 163 >=AA=<= 3AA3@3 @71=<2=BB3 /: 1=<B3AB= 23::3 /@33 53=5@/47163 23::3
?C/BB@= (357=<7 A=>@/ 17B/B3 163 1=AB7BC7A1=<= 7: 1=A7223BB= T%073BB7D= =<D3@53<H/U <3: <=AB@= &/3A3 V AB/B/
2347<7B/ C</ T#/>>/ *3=@71/ 23::3 %>>=@BC<7BI ( $& >3@16J @/>>@3A3<B/ :/ 0/A3 27 @743@7;3<B= 7>=B3B71/
23::3 :7<33 5C72/ 163 >3@;3BB=<= 27 ;75:7=@/@3 :3 /H7=<7 7<B@/>@3A3 / :7D3::= @357=</:3 3 7< >/@B71=:/@3 /BB@/D3@A=
:3 @7A=@A3 1=;C<7B/@73 / 27A>=A7H7=<3 23::3 ?C/BB@= (357=<7 7 A7 @743@7A13 /: ;75:7=@/;3<B= 23::UCB7:7HH= 27 >=:7
B7163 27 7<13<B7D/H7=<3 47</<H7/@7/ >3@ :/ @3/:7HH/H7=<3 27 7<D3AB7;3<B7 ;/B3@7/:7 3 7;;/B3@7/:7 >3@ :U/DD7= 27
7;>@3A/ 3 >3@ := AD7:C>>= 3 :U7<<=D/H7=<3 <3::3 7;>@3A3 43;;7<7:7 57I 3A7AB3<B7 <=<16J /::/ >@=;=H7=<3 27 /7CB7
31=<=;717 D=C163@ 2/ CB7:7HH/@3 >3@ :U/1?C7A7H7=<3 27 A3@D7H7 @3/:7 >3@ :/ 4=@;/H7=<3 :/ 1=<AC:3<H/ 3 :U/11=;
>/5</;3<B= A7/ <3::/ 4/A3 27 AB/@B C> 27 7;>@3A/ ;/ /<163 3 A=>@/BBCBB= <3::/ 4/A3 27 AD7:C>>= 3 1=<A=:72/;3<B=
23::U/BB7D7BI )7 @71=@2/<= 7<47<3 :3 /BB7D7BI 27 # (+$& # >3@ :U7<4=@;/H7=<3 @7A>3BB= /::3 =>>=@BC<7BI =443@B3 2/5:7
AB@C;3<B7 27 %$! - /7 D/@7 :7D3::7 3 >3@ := A1/;07= 27 0C=<3 >@/AA7 3 :/ 53AB7=<3 /AA=17/B/ 23::3 >@=0:3;/B7163 @7
1=@@3<B7 */:7 /BB7D7BI AC::/ A17/ 27 0C=<3 >@/B7163 57I A>3@7;3<B/B3 2=D@3003@= 3AA3@3 CB7:7HH/B3 >3@ /DD7/@3
:U/113AA= / A3@D7H7 27 " #($& # ;3AA7 7< 1/;>= 27@3BB/;3<B3 2/ C</ @3B3 27 7;>@3<27B@717 27 AC113AA= =>3@/<B7
AC7 A7<5=:7 B3@@7B=@7 27 @743@7;3<B=
+< />>@=4=<27;3<B= A>317471= K AB/B= 23271/B= /::/ >@=;=H7=<3 23::/ >@3A3<H/ 43;;7<7:3 <3::U/;07B= 23::/
& # $#$"- ;327/<B3 :/ D3@7471/ 23::/ A3<A707:7BI 3 :U3D3<BC/:3 AB@/B357/ 7>=B7HH/B/ / :7D3::= 23::3 (357=<7 =<
D3@53<H/ /: 47<3 27 /AA71C@/@3 :/ 1@3A17B/ 23::U31=<=;7/ D3@23 1=< := AD7:C>>= =11C>/H7=</:3 3?C7:70@/B= B@/ 7 53
<3@7 "/ & # $#$"- ?C/:3 A3BB=@3 /2 /:B/ >=B3<H7/:7BI 27 AD7:C>>= >CM 7<4/BB7 @/>>@3A3<B/@3 C<U=>>=@BC<7BI
27 1@3A17B/ 1=<1@3B/ 7< 27D3@A7 A3BB=@7 3 >3@ 27D3@A3 1/B35=@73 27 :/D=@/B=@7 ?C/:7471/B7 B@/ 1C7 >@7<17>/:;3<B3 :3
2=<<3 /::U/</:7A7 3;3@53 1=;3 :/ >@3A3<H/ 3 7: 1=<B@70CB= 43;;7<7:3 <3::U/;07B= 23::U31=<=;7/ D3@23 A7 >=
B@3003@= 1=<A723@/@3 C< >C<B= 27 4=@H/ 7< ?C/<B= >=B3<H7/:;3<B3 7< 5@/2= 27 7<<=D/@3 7: ;=2= 7< 1C7 :3 =@5/
<7HH/H7=<7 D3<5=<= 1=<2=BB3 A31=<2= :3 <C=D3 3A753<H3 23::U31=<=;7/ : :/D=@= 6/ >@3D7AB= :/ @3/:7HH/H7=<3 27
C<U/</:7A7 27 03<16;/@9 23::3 D/@73 7<7H7/B7D3 7<B@/>@3A3 7< B/:3 1=<B3AB= / :7D3::= </H7=</:3 1=;C<7B/@7= 3 7<B3@
</H7=</:3 <=<16J :/ 2347<7H7=<3 27 C< ,/23;31C; >3@ :3 (357=<7 =<D3@53<H/ /::U7<B3@<= 23: ?C/:3 D3<5=<=
7<27D72C/B7 7<B3@D3<B7 A>3174717 163 >@3D32=<= >@7<17>/:;3<B3 7<13<B7D7 / AC>>=@B= 27
P
;>@3A3 43;;7<7:7 57I 3A7AB3<B7 3 =>3@/<B7 <35:7 /;07B7 23::/ & #
P
( &( )% / 1=<2CH7=<3 43;;7<7:3
P
;>@3A3 163 AD7:C>>/<= >3@1=@A7 27 1@3A17B/ @7D=:B3 /::3 2=<<3
$#$"-
P (3/:BI 7;>@3<27B=@7/:7 /: 43;;7<7:3 163 3:/0=@/<= >@=>=AB3 27 3113::3<H/ <3::U/;07B= 237 & # )' # ''
=< @743@7;3<B= /::3 >31C:7/@7BI B3@@7B=@7/:7 =<D3@53<H/ K AB/B= @3/:7HH/B= C<= ABC27= @3:/B7D= /::3 4=@;3 27 7<
13<B7D= >3@ 7;>@3A3 43;;7<7:7 /BB7D/B3 7< (357=<3 /:/0@7/ 163 6/ @3AB7BC7B= C</ 4=B=5@/47/ 7<B3@3AA/<B3 23::/
@3/:BI 1/:/0@3A3 1=< /:1C<7 3:3;3<B7 27 >31C:7/@7BI : ?C/2@= 163 3;3@53 2/::3 7<B3@D7AB3 3443BBC/B3 1=< @743@7
;3<B= /::3 274471=:BI :35/B3 /::/ 1=<2CH7=<3 27 C<U7;>@3A/ R@=A/S K 7< 1=<B@=B3<23<H/ @7A>3BB= /7 >@7<17>/:7 4/BB=@7
163 53<3@/:;3<B3 A7 CA/<= >3@ A>735/@3 :/ 0/AA/ >@=>3<A7=<3 23::3 2=<<3 / 4/@3 7;>@3A/ :7D3::= </H7=</:3
/2 3A3;>7= :/ 274471=:BI 27 1=<17:7/@3 :/D=@= 3 4/;75:7/ K @71=<=A17CB/ 1=;3 C</ 23::3 >@7<17>/:7 23B3@;7</<B7
23::/ A1/@A/ >/@B317>/H7=<3 23::3 2=<<3 /: ;=<2= >@=2CBB7D= 3 23: :/D=@= < /:/0@7/ /: 1=<B@/@7= A3;0@/<=
3;3@53@3 D7<1=:7 A>3174717 :35/B7 /: 1=<B3AB= A=17= 1C:BC@/:3 :=1/:3 3 /::/ B7>=:=57/ 27 /BB7D7BI 7<B@/>@3A/ A7AB=<=
17=K R>@=43AA7=<7S 163 D3<5=<= @71=<=A17CB3 2/: 1=<B3AB= 1=;3 />>/<</557= 235:7 C=;7<7 3 ?C/:A7/A7 <=D7BI =
;=27471/ 23::= AB/BCA ?C= D73<3 D7AB/ 1=< A13BB717A;= 3 7< /:1C<7 1/A7 /227@7BBC@/ /DD3@A/B/ D/:=@7 3 :3 <=@;3
A=17/:7 A=<= >3@ := >7N A4/D=@3D=:7 /::/ :3/23@A67> 23::3 2=<<3 7< /H73<2/ 3 7< /:1C<7 1/A7 7: >@357C27H7= 27 53<3@3
A3;0@/ >@=D3<7@3 A7/ 2/ C=;7<7 163 2/::3 AB3AA3 2=<<3 $=<=AB/<B3 ?C3AB/ <=< 4/17:3 A7BC/H7=<3 27 1=<B3AB= :/
/:/0@7/ 6/ >3@M A>3@7;3<B/B= 1=< AC113AA= := AB@C;3<B= T>@3AB7B= 2U=<=@3 2=<<3U 163 6/ @357AB@/B= C</ 4=@
B7AA7;/ >/@B317>/H7=<3 1=< 17@1/
2=;/<23 27 /53D=:/H7=<3 >@3A3<B/B3
)=<= AB/B7 @3/:7HH/B7 A>3174717 />>@=4=<27;3<B7 /<163 AC::U7;>@3<27B=@7/:7BI 43;;7<7:3 7< (357=<3 )717:7/ 1=<4:C7B7
<3::/ @32/H7=<3 27 T'C/23@<7U 163 7::CAB@/<= :/ 27;3<A7=<3 23: 43<=;3<= / :7D3::= @357=</:3 1=< C< 4=1CA A>3
17471= AC::U7;>@3<27B=@7/:7BI 23::3 2=<<3 7;;75@/B3 /BB@/D3@A= :U/</:7A7 235:7 AB@C;3<B7 27 A=AB35<= /BB7D/B7
$3: 1=<B3AB= <=< 4/17:3 23::3 (357=<7 =<D3@53<H/ A7 1=<43@;/ >3@B/<B= C</ 4=@B3 D7D/17BI 7;>@3<27B=@7/:3 /:
43;;7<7:3 &C@ <=< 27;3<B71/<2= :/ A=D@/AB7;/ 237 2/B7 2=DCB7 /::/ >@3A3<H/ 23::3 2=<<3 R>@3AB/<=;3S /: )C2
:U7;>@3<27B=@7/ 43;;7<7:3 K 1@3A17CB/ /<163 7< ?C3AB7 2C3 /<<7 27 >@=4=<2/ 1@7A7 31=<=;71/ "/ 27;3<A7=<3 >=
A7B7D/ 23: 43<=;3<= /<1=@ >7N 7< ?C3AB= >3@7=2= 27 2744717:3 1=<57C<BC@/ AC553@7A13 2C<?C3 :U=>>=@BC<7BI 27
>@=;C=D3@3 7<B3@D3<B7 3 AB@C;3<B7 27 @/44=@H/;3<B= 23::U7;>@3<27B=@7/ 43;;7<7:3 1=;3 AB@/B357/ >3@ :/ 1@3A17B/
23::U=11C>/H7=<3 23::3 2=<<3 3 7: AC>>=@B= 23::= AD7:C>>= :=1/:3
>@7<17>/:7 3A7B7 27 B/:3 /BB7D7BI 6/<<= @713DCB= /;>7/ D7A707:7BI /BB@/D3@A= :/ ;3AA/ 7< @3B3 AC: >=@B/:3 23::/ (3B3
>3@ :3 &/@7 %>>=@BC<7BI 3 :/ 2744CA7=<3 23::3 >C00:71/H7=<7 @3/:7HH/B3
<47<3 B@/ :3 @313<B7 /BB7D7BI ;3@7B3D=:7 27 ;3<H7=<3 27 1C7 7: 7>/@B7;3<B= A7 K 4/BB= >@=;=B=@3 A=AB3<7B=@3 @73<B@/
7: >@=53BB= 3C@=>3= R 3Q-7< Q CA7<3AA <B@3>@3<3C@A67> -=;3< 7< $3BE=@9S 1= 47</<H7/B= 2/::/ =;;7A
A7=<3 C@=>3/ AC: 0/<2= R C@=>3/< $3BE=@9 =4 #3<B=@A 4=@ -=;3< <B@3>@3<3C@AS 7: 1C7 =073BB7D= K ?C3::= 27
=44@7@3 /::3 <3= 7;>@3<27B@717 7B/:7/<3 /BB@/D3@A= C< >3@1=@A= 4=@;/B7D= /@B71=:/B= B3AB7;=<7/<H3 17@1/ :U=@5/
<7HH/H7=<3 3 :/ 53AB7=<3 27 7;>@3A/
"
"/ =;;7AA7=<3 >3@ :3 >/@7 =>>=@BC<7BI B@/ C=;= 3 2=<</ K C< =@5/<= 1=<AC:B7D= 3 27 >@=>=AB/ >@3A732CB= 2/:
#7<7AB@= >3@ :3 &/@7 %>>=@BC<7BI %>3@/ >@3AA= 7: 7>/@B7;3<B= 1=< 7: 1=;>7B= 27 4=@<7@3 C< AC>>=@B= B31<71=
A173<B7471= AC: B3;/
'C3AB/ =;;7AA7=<3 K 27A17>:7</B/ 2/::U/@B 23: 231@3B= :357A:/B7D= <
23:
3 AC B/:3 0/A3
P >@=>=<3 /: #7<7AB@= ;=2747163 <=@;/B7D3 <313AA/@73 / @7;C=D3@3 ?C/:A7/A7 4=@;/ 27 27A1@7;7</H7=<3 27
@3BB/ = 7<27@3BB/ <37 1=<4@=<B7 23::3 2=<<3 32 / 1=<4=@;/@3 : =@27</;3<B= 57C@7271= /: >@7<17>7= 27 >/@7 =>
>=@BC<7BI 4@/ C=;= 3 2=<</ >3@ 17M />>=@B/ 3:3;3<B7 7<4=@;/B7D7 2=1C;3<B/:7 B31<717 3 AB/B7AB717 CB7:7 /
>@327A>=@@3 1=@@3BB/;3<B3 5:7 /BB7 <=@;/B7D7
P @/11=5:73 /</:7HH/ 32 3:/0=@/ 2/B7 >3@ D3@7471/@3 := AB/B= 27 /BBC/H7=<3 23::3 >=:7B7163 27 >/@7 =>>=@BC<7BI
<37 D/@7 A3BB=@7 23::/ D7B/ >=:7B71/ 31=<=;71/ 3 A=17/:3 3 A35</:/@3 3D3<BC/:7 7<7H7/B7D3 1=@@3BB7D3
P @32753 C< @/>>=@B= /<<C/:3 >3@ 7: #7<7AB@= AC::= AB/B= 27 /BBC/H7=<3 23::3 >=:7B7163 27 >/@7 =>>=@BC<7BI
P =44@3 1=<AC:3<H/ B31<71/ 3 A173<B7471/ /2 6=1 7< @3:/H7=<3 / A>31747163 >@=0:3;/B7163 AC @71673AB/ 23:
#7<7AB@= = 23: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI
P 1=<2C13 ABC27 3 @713@163 7< ;/B3@7/ 27 >/@7 =>>=@BC<7BI 4@/ C=;= 3 2=<</
!!
:: 7>/@B7;3<B= 6/ ;3AA= 7< /BB= C< /@B71=:/B= >7/<= 27 1=;C<71/H7=<3 1=< := A1=>= 27 A=AB3<3@3 :3 /BB7D7BI AC:
1/;>= 3 27 7<4=@;/@3 3 A3<A707:7HH/@3 :/ 1=;C<7BI AC::3 B3;/B7163 >7N @7:3D/<B7 2/: >C<B= 27 D7AB/ >@/B71= 3B71=
3 A=17/:3
: >@7<17>/:3 =073BB7D= K AB/B= ?C3::= 27 R/11=@17/@3 :3 27AB/<H3S 4@/ :U7AB7BCH7=<3 3 :3 >3@A=<3 />@3<2= C< 27/:=5=
4=<2/B= AC: @71=<=A17;3<B= 3 :U3;>/B7/ %11C>/<2=A7 27 B3;7 23:71/B7 3 B/:D=:B/ 2=:=@=A7 :/ AB@/B357/ 27 1=;C
<71/H7=<3 K A3;>@3 7<4=@;/:3 :/D=@/ >3@ @7A=</<H/ 32 3:C23 7 B=<7 /C:717 = /:5727 1=< 7: 47<3 27 >3<3B@/@3 A=BB= :/
</BC@/:3 @3B3 23::3 @3A7AB3<H3 1@3/<2= 1=<A/>3D=:3HH/ 3 >/@B317>/H7=<3
"3 1/;>/5<3
G
J L 7L:=- 05 =1-35=1K
447AA7=<3 AB/;>/ BD @/27= E30 0B:
"/ 1/;>/5</ /57A13 AC::U3D=1/H7=<3 23: A=;;3@A= :/ >/C@/ :/ D3@5=5</ 3 :/ @/007/ 1/CA/B3 2/5:7 /0CA7 7<D7
B/<2= / @3/57@3 @/H73 /2 C</ B/A9 4=@13 27 C=;7<7 ;3HH7 3 AB@CBBC@3 :3 D7BB7;3 <=< A=<= >7N A=:3 / :=@= D73<3
=443@B= C<= AB@C;3<B= A>317471= 2/ 1C7 @713D3@3 /7CB= 7:
C< <C;3@= 23271/B= / ?C3AB3 3;3@53<H3 A=17/:7
G
-8;-39- /:9?=: 7- A5:719C- >@771 0:991 J - A5:719C- >@771 0:991 -AA1719- 57 8:90: I %5>;1??71 0:991 =5>;1??- 57 8:90:K
447AA7=<3 AB/;>/ BD @/27= E30 0B:
V C</ 1/;>/5</ 27 A3<A707:7HH/H7=<3 4=<2/B/ AC::/ 4=@H/ 23::/ A7;0=:=57/ C</ @=A/ 07/<1/ 7<1=<B/;7</B/ <3
1@=B7HH/B/ 2/ C< D3:3<= <3@= +<U71=</ 4=@B3 3 ;3;=@/07:3 163 @/>>@3A3<B/ 7: ;/:3 >=@B/B= 2/ ?C/:A7/A7 53AB=
27 D7=:3<H/ 3 :3 1=<A35C3<H3 27AB@CBB7D3 163 <3 1=<A35C=<=
G &?-76593 J$@-90: 71 -??19C5:95 05A19?-9: ;1=>1/@C5:91K
447AA7=<3 AB/;>/ BD @/27= E30 0B:
+</ 23::3 1/;>/5<3 >7N 1=;>:3AA3 1=;3 7: >@=0:3;/ 163 /44@=<B/ )>735/ A7<B3B71/;3<B3 1=A/ A7 7<B3<23 >3@
)B/:97<5 ?C/:7 1=;>=@B/;3<B7 23D=<= 3AA3@3 231=27471/B7 1=;3 A35</:7 27 >3@71=:= 7<4=@;/ 163 := )B/:97<5 K
27D3<B/B= C< @3/B= >3@A35C707:3 32 7<D7B/ /::/ 23<C<17/ ,73<3 ;3AA= 7< A13</ 7: 1@3A13<B3 A3<A= 27 /<A7/ 3 27
7;>=B3<H/ 23::3 D7BB7;3 163 27D3<B/<= >@757=<73@3 7< 1/A/ <3::/ >@=>@7/ AB3AA/ D7B/ /AA327/B3 2/ C</ 4=@;/ >7N
A=BB7:3 ;/ 7<A7<C/<B3 27 /55@3AA7=<3 >A71=:=571/
G
9:=1>>5- 1 @7585- J&1 -85 <@-7/@9: 0-375 ;1>:K
447AA7=<3 AB/;>/ BD @/27= E30 0B:
"/ 1/;>/5</ >=<3 :U/BB3<H7=<3 AC ?C3::U/@1= B3;>=@/:3 163 A3>/@/ :/ >@327A>=A7H7=<3 2/::/ >/B=:=57/ 'C3AB=
B7>= 27 =@73<B/;3<B= AB@/B3571= 3A>@7;3 :/ 1=;>:3AA7BI 23::3 ;/:/BB73 /:7;3<B/@7 AB@3BB/;3<B3 7<B@3117/B3 /::/
27;3<A7=<3 /443BB7D/ 7<D7B/<2= /2 C< >@7;= >/AA= D3@A= C</ D3@/ >/@B317>/H7=<3 <3::/ D7B/ 237 1/@7 1=< :U/B
B3<H7=<3 27 1C7 6/<<= 07A=5<= >3@ 7: >@=>@7= 3?C7:70@7= 32 /: ;75:7=@/;3<B= 23::3 AC3 1=<27H7=<7 (/>>@3A3<B/
C<7B/@7/;3<B3 2C3 >/B=:=573 1=<D3@53<B7 7< /:1C<7 B@/BB7 ;/ 1=< 1=<<=B/H7=<7 3 2353<3@/H7=<7 3AB@3;/;3<B3
27443@3<B7 32 /@B71=:/B3
G
:9?=: 71 8@?57-C5:95 3195?-75 218859575 J!1>>@9: 1>/7@>:K
*D E30
"/ 1/;>/5</ K C< 7<D7B= /2 /00/<2=</@3 >@/B7163 0@CB/:7 3 D7=:3<B3 AB7;=:/<2= :3 </BC@/:7 3 >@7<17>/:7 7<1:7</
H7=<7 237 53<7B=@7 7: 03<3AA3@3 3 :/ BCB3:/ 237 >@=>@7 475:7 ,73<3 >@=>=AB= C< ;=23::= 5:=0/:3 27 1@3A17B/ 3 27
3D=:CH7=<3 27 ;=23::7 1=<27D7A7
G
:9?=: 7- A5:719C- 91771 >/@:71 J : 05/: !" -77- )5:719C-K
*D E30
/;>/5</ 27 AC>>=@B= /::U/H7=<3 27 A3<A707:7HH/H7=<3 1=<B@= :/ D7=:3<H/ <3::3 A1C=:3 V AB/B= A13:B= C< B3AB7;=
<7/: 57=D/<3 3 4/;=A= B@/ 7 57=D/<7 #/@1= /@B/ >3@ 4/D=@7@3 7: >@=13AA= 27 7;;323A7;/H7=<3 3 >/@B317>/H7=<3
27 ?C3: B/@53B +< R@/5/HH= 23::/ >=@B/ /11/<B=S 163 K A7 K /443@;/B= 5@/H73 /::3 AC3 1/>/17BI 3 A7 ;3BB3 7< 57=1=
<37 AC=7 ;=;3<B7 27 274471=:BI >@=>=<3<2= C< ;=23::= 1=;>=@B/;3<B/:3 >=A7B7D=
G
:9?=: 7- '=-??- J
K
*D E30
"/ B@/BB/ 235:7 3AA3@7 C;/<7 K C</ >@=4=<2/ D7=:/H7=<3 237 27@7BB7 C;/<7 3>>C@3 /<1=@/ =557 K >@/B71/ 2744CA/ "/
1/;>/5</ 7<4=@;/ 32 /557=@</ AC: 43<=;3<= @71=@2/<2= 163 5:7 3AA3@7 C;/<7 <=< >=AA=<= 3AA3@3 @72=BB7 /
;3@13 <D7B/ / @7D=:53@A7 /: <C;3@= /<B7B@/BB/
G
:9?=: 7- 0:;;5- 05>/=5859-C5:91 >@771 0:991 05 :=53591 >?=-951=- J 15 E >:7: >?=-951=- >5-8: 9:5
- 2-=91 @9L1>?=-91-K
447AA7=<3 AB/;>/ @/27= E30 0B:
/;>/5</ / 4=@B3 7;>/BB= 71=<=5@/471= ,7A7 27 2=<<3 AB@/<73@3 163 ;=AB@/<= 7;>@3AA3 1=;3 171/B@717 >/@=:3
3 4@/A7 27A1@7;7</<B7 : ;3AA/557= 3 :/ 167/;/B/ AC 1C7 :U/<<C<17= A7 />@3 3 A7 167C23 A=<= 0/A/B7 AC::/ =>>=
A7H7=<3 B@/ :/ 1=<27H7=<3 27 AB@/<73@/ 3 ?C3::/ 27 3AB@/<3/ 7< />>/@3<H/ A7;7:7 3 7< A=AB/<H/ 7<47<7B/;3<B3 27AB/<B7
"/ 1=<27H7=<3 27 AB@/<73@/ K 23B3@;7</B/ AB=@71/;3<B3 >3@ :/ 2=<</ 7;;75@/B/ >3@16K :37 A7 B@=D/ / D7D3@:/ >3@
4=@H/ ;/557=@3 "/ 1=<27H7=<3 27 3AB@/<3/ K ?C3::/ 7< 1C7 :/ 1=AB@7<53 167 A7 @747CB/ 27 1=<=A13@:/ 1=;3 >3@A=</
3 :/ /::=<B/</ 2/ AJ 1=: ;/@167= 235:7 C:B7;7 'C3ABUC:B7;/ K =553BB= 27 A13:B/ C</ A13:B/ 163 / 27443@3<H/ 27 :37
<=7 /007/;= A3;>@3 7 ?C3::/ 3AB@/<37BI A7/;= >3@17M 7 @3A>=<A/07:7
G
:9?=: 5 ;=135@05C5 A1=>: %:8 1 &59?5 J :>?-K
*D E30 0B:
/;>/5</ D=:B/ /2 />@7@3 :U=BB71/ AC>3@/<2= 7: >@357C27H7= 32 7 D/:=@7 <35/B7D7 163 D3<5=<= A>=<B/<3/;3<B3
/AA=17/B7 /::3 1=;C<7BI (=; )7<B7 3 /;;7</<B7 $3::= A>=B 2C3 B3AB7;=<7/: 27 AC113AA= @=; 7@=<7HH/<= AC:
:U/113H7=<3 <35/B7D/ 237 B3@;7<7 3 AC::/ 1=<1@3B/ 75<=@/<H/ 23: >C00:71= 7< ;3@7B= /::3 :=@= >@=D3<73<H3 A>=
AB/<2= 7: >3A= AC: D/:=@3 >=A7B7D= 23::U/CB=7@=<7/ B7>71= 23::/ :=@= 53<B3
G #=1A19C5:91 /:9?=: 57 '@8:=1 0177- #=:>?-?- J!:9 E 7- 2:=?@9- /41 .-??1 57 ?@8:=1 0177- ;=:>?-?M 7- ;=1A19C5:91K
447AA7=<3 AB/;>/ BD @/27= E30 0B:
$3: 1/A= 23: *C;=@3 23::/ &@=AB/B/ 7 >@7<17>/:7 <3;717 A=<= 27A7<4=@;/H7=<3 >75@7H7/ 3 >/C@/ "/ ;/557=@ >/@B3
23::/ >=>=:/H7=<3 <=< K 1=<A/>3D=:3 163 1=< :U/D/<H/@3 23::U3BI :/ >@=AB/B/ K /2 /:B7AA7;= @7A167= BC;=@/:3 "/
1/;>/5</ :/D=@/ AC::U3A=@17HH/H7=<3 23::/ >/C@/ /BB@/D3@A= :UCA= 27 A7;0=:7 A1/@/;/<B717 @=<7HH/<2= AC: 4/B/
:7A;= 1=::3BB7D= 1@3/ 27D3@B7;3<B= 3 >/@B317>/H7=<3 3 D371=:/ 7<17A7D/;3<B3 /::/ >@3D3<H7=<3
G
5>-.575?D J .575?D 05A1=>1 >?1>>- A:375- 05 A5?-K
447AA7=<3 AB/;>/ @/27= E30 0B:
"3 27A/07:7BI 5@/D/<= 2@/;;/B71/;3<B3 AC::3 4/;75:73 A>3AA= :/A17/B3 A=:3 <3::/ 1C@/ 23::3 >3@A=<3 27A/07:7
$3: <=AB@= &/3A3 :/ >3@13H7=<3 A=17/:3 23::/ 27A/07:7BI @7;/<3 :/1C<=A/ 3 27AB=@B/ "U=073BB7D= 23::/ 1/;>/5</
K 27 R@=D3A17/@3 7: >C<B= 27 D7AB/S &@7D/B7 23::3 1=<27H7=<7 27 AD7:C>>= =BB7;/:7 A7/;= BCBB7 27A/07:7 7;>/@7/;= /
@71=<=A13@17 <35:7 /:B@7 /BB@/D3@A= :/ 1=<=A13<H/ 32 7: @71=<=A17;3<B= 23::3 A=553BB7D7BI (747CB/@A7 27 3<B@/@3 /
1=<B/BB= 1=< :/ 27A/07:7BI K C< B7;=@3 = C</ @3A7AB3<H/ 163 >3</:7HH/ 167 :/ >@=43AA/ %5<7 27A/07:3 K C< ;=<2=
27 @71163HH/ >3@ =5<C<= 27 <=7
G
:9?=: 7L"8:2:.5- J!1>>@9- 05221=19C-K
447AA7=<3 AB/;>/ @/27= E30 0B:
>@357C27H7 @3<2=<= 173167 5:7 =;=4=07 /: >C<B= 27 >=@@3 :U=@73<B/;3<B= A3AAC/:3 27 C</ >3@A=</ /: D3@B713 23::/
A1/:/ 237 :=@= 1@7B3@7 27 /113BB/H7=<3 /:B@C7 =< ?C3AB/ 1/;>/5</ /007/;= D=:CB= 1/>=D=:53@3 ?C3AB/ A1/:/ 53
@/@1671/ 27 D/:=@7 4/13<2= 1=;>@3<23@3 /::U=;=4=0= 163 K 7<A3<A/B= 3A>@7;3@3 C< 57C27H7= AC::/ A3AAC/:7BI
?C/<2= D7 A=<= 1/@/BB3@7AB7163 @75C/@2/<B7 :/ >3@A=</:7BI 27 =5<7 3AA3@3 C;/<= 03< >7N 4=<2/<B7 3 235<3 27 /BB3<H7=<3
G
90:81?=5:>5 J 90: /41 K
*D E30
"U3<2=;3B@7=A7 K C</ ;/:/BB7/ 43;;7<7:3 7< :/@5= /C;3<B= 163 1=:>7A13 7< ;=2= A>3AA= 7<D7A707:3 32 /A7<B=;/
B71= :3 2=<<3 47< 2/::U3BI >C03@/:3 "/ ;/:/BB7/ >=1= 1=<=A17CB/ ;=:B= A>3AA= <=< @73A13 /2 3AA3@3 27/5<=AB7
1/B/ 3 ?C7<27 B@/BB/B/ >@3D3<B7D/;3<B3 1@3/<2= >/B=:=573 7@@3D3@A707:7 ;/ A=>@/BBCBB= @3<23<2= :3 2=<<3 /443BB3
A7;7:7 / ;/:/B3 7;;/57</@73 >3@ :/ A=173BI "/ 1/;>/5</ @/11=<B/ /BB@/D3@A= C< 27/@7= 7::CAB@/B= :3 >3@35@7</H7=<7
47A7163 3 >A71=:=57163 23::/ 2=<</ /BB@/D3@A= 2C3 53<3@/H7=<7 / 1=<4@=<B= 7<4=@;/<2= 7< 167/D3 </@@/B7D/ 237
A7<B=;7 3 23::3 AB@CBBC@3 / 1C7 @7D=:53@A7
G
J 81=319C- 59:=5K J
- 7591- /41 05A501 5 859:=5 0-77- A5:719C-K
447AA7=<3 AB/;>/ @/27= E30 0B:
"/ 1/;>/5</ DC=:3 A3<A707:7HH/@3 32 7<4=@;/@3 7: >C00:71= AC: 4/BB= 163 7 43<=;3<7 27 D7=:3<H/ ?C=B727/<7 A=<=
A3;>@3 >7N 4@3?C3<B7 A>3AA= <=< 13 <3 @3<27/;= 1=<B= @7A167/<2= 27 75<=@/@:7 "U=073BB7D= AB@/B3571= K 27 5C72/@3
:3 >3@A=<3 / :3553@3 A35<7 27 27A/57= />>/@3<B3;3<B3 7<D7A707:7 ;/ >@=4=<27 3 7<23:307:7 +</ 1/;>/5</ 27 4=@B3
7;>/BB= 3;=B7D= 163 ;3BB3 7< A13</ 5:7 AB/B7 2U/<7;= 23::3 D7BB7;3 3D723<H7/<2=<3 /BB3557/;3<B7 27 27A/57=
3A>@3AA7D7 3 1=@>=@37 >=1= D7A707:7 / C< =1167= <=< /BB3<B= +</ 1=;C<71/H7=<3 27@3BB/ 1=< C</ ;7AA7=< 1=<1@3B/
A3<A707:7HH/@3 32 3A=@B/@3 167 K D7BB7;/ = B3AB7;=<3 27 D7=:3<H/ / 167323@3 /7CB= 3 23<C<17/@3 :
K :/ :7<3/
B3:34=<71/ 27 >@=<B= 7<B3@D3<B= 23271/B/ /7 ;7<=@7 3A>=AB7 / A7BC/H7=<7 27 >3@71=:=
< @743@7;3<B= /::U=@5/<7HH/H7=<3 27 3D3<B7 >C00:717 32 7<7H7/B7D3 >3@ /11@3A13@3 7: 5@/2= 27 7<4=@;/H7=<3 3 A3<
A707:7HH/H7=<3 237 17BB/27<7 AC7 B3;7 23::3 >/@7 =>>=@BC<7BI 7: 7>/@B7;3<B= 6/ 7AB7BC7B= <35:7 C:B7;7 /<<7 7: &@3;7=
R&/@7 %>>=@BC<7BIS <3::U/;07B= 23::/ #=AB@/ <B3@</H7=</:3 2 @B3 7<3;/B=5@/471/ 27 ,3<3H7/
: @71=<=A17;3<B= D73<3 /AA35</B= /::U=>3@/ 23::/ A3:3H7=<3 C44717/:3 163 ;35:7= 7<B3@>@3B/ C< ;3AA/557= 27 23
<C<17/ = 27 A>3@/<H/ @7A>3BB= /: B3;/ 23::/ 27A1@7;7</H7=<3 23::U7<B=::3@/<H/ 23::/ 27AC5C/5:7/<H/ A=17/:3 = 27
53<3@3
$3:
7: &@3;7= K AB/B= /AA35</B= / R,3<3@3 <3@/S AB=@7/ 27 )//@B873 1=;>@/B/ 7< 4@71/ <3:
3 >=@B/B/
7< C@=>/ 1=;3 A167/D/ AC113AA7D/;3<B3 <3:
K AB/B= >@3;7/B= R A7;>:3 :743S * % ! 27 << C7 163
K D/:A= / 3/<73 > :/ =>>/ ,=:>7 >3@ :/ ;75:7=@ 7<B3@>@3B/H7=<3 43;;7<7:3
"U/443@;/H7=<3 23::/ >/@7BI B@/ C=;7<7 3 2=<<3 3 :/ :=BB/ /2 =5<7 4=@;/ 27 27A1@7;7</H7=<3 0/A/B/ AC: A3AA= :/
@/HH/ = : =@757<3 3B<71/ :/ @3:757=<3 = :3 1=<D7<H7=<7 >3@A=</:7 5:7 6/<271/> : 3BI = :3 B3<23<H3 A3AAC/:7 A=<= 2/
A3;>@3 /: 13<B@= 23: ;=23::= A=17/:3 23::U+<7=<3 C@=>3/
" /@B71=:= 23: (35=:/;3<B= 3<3@/:3 AC7 =<27 )B@CBBC@/:7 (35
6/ >@3D7AB= :U7<B35@/H7=<3
23::/ >@=A>3BB7D/ 27 53<3@3 3 23: >@7<17>7= 27 <=< 27A1@7;7</H7=<3 7< BCBB3 :3 4/A7 27 >@=5@/;;/H7=<3 /BBC/H7=<3
7;>:3;3<B/H7=<3 3 D/:CB/H7=<3 237 =<27 )B@CBBC@/:7 >3@ @3<23@3 7 >@=13AA7 27 1@3A17B/ 3 AD7:C>>= /::/ >=@B/B/
27 BCBB7 <3AAC<= 3A1:CA=
$3::/ &@=5@/;;/H7=<3 237 =<27 )B@CBBC@/:7
7: >@7<17>7= 27 >/@7 =>>=@BC<7BI 3 27 <=< 27A1@7;7</H7=<3
/BB@/D3@A/ B@/AD3@A/:;3<B3 7 >@=5@/;;7 </H7=</:7 3 @357=</:7 A7/ <3::U/;07B= 23: =<2= )=17/:3 C@=>3= )
163 <3::U/;07B= 23: =<2= C@=>3= 27 )D7:C>>= (357=</:3
)(
"U/BBC/:3 >@=5@/;;/H7=<3 /11/<B= /5:7 =073BB7D7 B@/27H7=</:7 237 =<27 )B@CBBC@/:7 >@3A3<B/ <C=D3 =>>=@BC<7BI
3 <C=D3 AB@/B3573 163 @75C/@2/<= :3 2=<<3 5:7 7;;75@/B7 3 :3 /:B@3 1/B35=@73 7<B3@3AA/B3 2/ 43<=;3<7 27 27A1@7
;7</H7=<3 : 1=<B3AB= 3C@=>3= A7 >=<3 1=;3 :C=5= 27 4@=<B73@/ AC::3 B3;/B7163 237 27@7BB7 C;/<7 23::/ 13<B@/:7BI
23::/ >3@A=</ 3 23::/ ?C/:7BI 23::/ D7B/ <37 B3@@7B=@7 D3@A= C< >@=5@3AA= 163 K 7<A73;3 31=<=;71= 3 17D7:3 < ?C3
AB/ D7A7=<3 :/ >=A7H7=<3 23::3 2=<<3 3 237 5@C>>7 27A1@7;7</B7 <37 1=<B3AB7 31=<=;717 3 >@=2CBB7D7 <3::/ A=173BI
3 <3::3 7AB7BCH7=<7 K C</ ?C3AB7=<3 13<B@/:3 23::3 >=:7B7163 @357=</:7 27 AD7:C>>= 3 23::/ AB@/B357/ 23: 'C/2@= )B@/
B3571= $/H7=</:3 ')$ 4/BB=@3 27 1@3A17B/ 3 27 AD7:C>>= : ')$ 3D723<H7/ 7< >/@B71=:/@3 1=;3 <3: 1/;>= 23::3
>/@7 =>>=@BC<7BI >3@;/<5/<= 4=@B7 1@7B717BI A>3173 <3: #3HH=57=@<= 3 1=;3 A7/ /<1=@/ 27 4=@B3 /BBC/:7BI :/ <3
13AA7BI 27 1=;0/BB3@3 BCBB3 :3 4=@;3 27 27A1@7;7</H7=<3 V <313AA/@7= >3@M @31C>3@/@3 C</ D7A7=<3 AB@/B3571/
27 1=;3 C</ 34471/13 >=:7B71/ 27 >/@7 =>>=@BC<7BI 27 53<3@3 3 >3@ BCBB7 >=AA/ 1=<B@70C7@3 /: >73<= @/557C<57;3<B=
23::3 >@7=@7BI 7<27D72C/B3 <3: ')$ AB3AA= 5/@/<B3<2= :U/113AA= 27 BCBB3 :3 1=;>=<3<B7 23::/ >=>=:/H7=<3 /7 >@=
13AA7 27 AD7:C>>= 3 7: >73<= CB7:7HH= 23: >=B3<H7/:3 C;/<= / 27A>=A7H7=<3
< ?C3AB= ?C/2@= 27 @743@7;3<B= <3 1=<A35C3 163 =073BB7D7 1=<B3<CB7 ;=2/:7BI 27 7<B3@D3<B= 3 AB@C;3<B7 /BBC/B7D7
23::/ >@=5@/;;/H7=<3
23D=<= 3AA3@3 /AAC<B7 A31=<2= C</ :=571/ 163 B3<5/ 1=<B= 23::3 ;=:B3>:717
27;3<A7=<7 7< 1C7 :3 27A>/@7BI 3 :3 27A1@7;7</H7=<7 6/<<= :C=5= 3 2=D3 K ?C7<27 <313AA/@7= 7<1723@3 1=< /H7=<7 27
1=<B@/AB= 3 >@3D3<H7=<3 V <313AA/@7= 7< ?C3AB= A3<A= /57@3 AC::/ 0/A3 27 C< />>@=117= 163 1=<A723@7 / BCBB=
B=<2= =5<7 4/A3 23: >3@1=@A= 27 D7B/ @/44=@H/<2= :/ >=A7H7=<3 A=17/:3 27 B/:7 A=553BB7 )7 B@/BB/ ?C7<27 27 B3<23@3
D3@A= >=:7B7163 237 A3@D7H7 >=:7B7163 23::U7AB@CH7=<3 3 4=@;/H7=<3 >=:7B7163 27 A=AB35<= /::U/113AA= 3 /: ;/<B3
<7;3<B= 27 :/D=@7 27 0C=</ ?C/:7BI >=:7B7163 27 A=AB35<= /::/ D7B/ /BB7D/
V <313AA/@7= 163 C</ AB@/B357/ 27 /H7=<3 1/@/BB3@7HH/B/ 2/ C< :7D3::= 27 1=;>:3AA7BI 3:3D/B= >C<B7 /::/ @3/:7HH/
H7=<3 27 C</ A=:72/ /BB7D7BI 27 " #'(& " # AC ?C3AB3 ;/B3@73 : 7>/@B7;3<B= AB/ >3@B/<B= 1=<B@70C3<2= 7<
;/<73@/ 23B3@;7</<B3 /::/ ;3AA/ 7< 1/;>= 3 /: >=B3<H7/;3<B= 27 /H7=<7 7< B/:3 27@3H7=<3 1=< >/@B71=:/@3 @743
@7;3<B= /::U/BB7D7BI 27 AC>>=@B= 3 27 7<27@7HH= /::3 /;;7<7AB@/H7=<7 13<B@/:7 3 @357=</:7 B7B=:/@7 27 >@=5@/;;7 =>3
@/B7D7 >3@ :3 A>31747163 >@=0:3;/B7163 1=<<3AA3 /::3 >=:7B7163 27 >/@7 =>>=@BC<7BI 7<1:CA7=<3 A=17/:3
27A1@7;7</H7=<3 3 BCB3:/ 237 27@7BB7
@7AC:B/B7 27 B/:3 7;>35<= 1=<B@70C7@/<<= / ;75:7=@/@3 :U3443BB7D/ /2=H7=<3 23: ;3B=2= 23: " #'(& " # 47</
:7HH/B= /2 /AA71C@/@3 163 BCBB3 :3 >=:7B7163 B3<5/<= 1=<B= 23: :=@= 7;>/BB= 7< B3@;7<7 27 >/@7 =>>=@BC<7BI 3 27
<=< 27A1@7;7</H7=<3 <3::/ 4/A3 27 >7/<7471/H7=<3 /BBC/H7=<3 3 D/:CB/H7=<3 7< 1=3@3<H/ 1=< :3 >=:7B7163 2347<7B3
2/::U+<7=<3 C@=>3/
: 7>/@B7;3<B= 7< ?C/:7BI 27 13<B@= 27 1=;>3B3<H/ </H7=</:3 AC::3 B3;/B7163 23::3 >/@7 =>>=@BC<7BI K :U/;;7
<7AB@/H7=<3 </H7=</:3 @3A>=<A/07:3 / D/@7= B7B=:= >3@ :U/BBC/H7=<3 27 7<B3@D3<B7 7<3@3<B7 B/:7 B3;/B7163 <3::U/;07B=
237 =<27 )B@CBBC@/:7 < >/@B71=:/@3 7: 7>/@B7;3<B= K 7< ?C3AB= ?C/2@= @7A>3BB7D/;3<B3 03<34717/@7= <3: &@=
5@/;;/ %>3@/B7D= $/H7=</:3 &%$ =D3@</<13 3 /AA7AB3<H/ B31<71/
)(
3 =@5/<7A;= 7<B3@
;327= <3: &%$ =D3@</<13 3 /H7=<7 27 A7AB3;/ )
3<B@/;07 @7D=:B7 /::3 (357=<7 23::U%073BB7D=
=<D3@53<H/ /:/0@7/ /;>/<7/ &C5:7/ )717:7/
#%" %
"# % ' )" ! , "!
#"!
' I &%
J ") %! !
&& &' !, '
!
K
$3::U/;07B= 27 B/:3 &%$ 7: 7>/@B7;3<B= 6/ 2347<7B= C< &$ (($ % & ( *$
'' '( #.
#
&% * 47</:7HH/B=
/: @/44=@H/;3<B= 23::3 AB@CBBC@3 =>3@/B7D3 3 23::3 1=;>3B3<H3 7< ;/B3@7/ 27 >/@7 =>>=@BC<7BI 3 <=< 27A1@7;7</
H7=<3 /::U7<B3@<= 23::3 /;;7<7AB@/H7=<7 @357=</:7 23::U%073BB7D= =<D3@53<H/ BB@/D3@A= 7: &% * A7 7<B3<23 1=<
B@70C7@3 /: @/44=@H/;3<B= 32 /::/ ?C/:7471/H7=<3 23::3 >=:7B7163 27 >/@7 =>>=@BC<7BI @3/:7HH/B3 / :7D3::= @357=</:3
<=<16J 1=AB@C7@3 <C=D7 >3@1=@A7 27 7<B3@D3<B= >3@ @3/:7HH/@3 :/ >73</ 7<B35@/H7=<3 A=17/:3 23::3 4/A13 27 >=>=:/
H7=<3 / @7A167= 27 27A1@7;7</H7=<3 1=AL 1=;3 AB/07:7B= 2/7 (35=:/;3<B7 1=;C<7B/@7 7< ;/B3@7/ 3 2/7 AC113AA7D7
/BB7 27 >@=5@/;;/H7=<3 </H7=</:7 : &% * 3:/0=@/B= >@7<17>/:;3<B3 AC::/ 0/A3 23::U/</:7A7 237 4/007A=5<7 ;/
<743AB/B7 2/::3 (357=<7 =<D3@53<H/ >@3D323 C</ A3@73 27 7<B3@D3<B7 / D/:3<H/ @357=</:3 3 B@/AD3@A/:3 D=:B7 / 5/
@/<B7@3 <37 27D3@A7 ;=;3<B7 23::/ >@=5@/;;/H7=<3 1=;C<7B/@7/ :/ 1=@@3BB/ 53AB7=<3 23: >@=13AA= 27
" #'(& " # 163 <3::/ AC/ <C=D/ /113H7=<3 <=< @75C/@2/ >7N A=:= :3 >/@7 =>>=@BC<7BI 27 53<3@3 ;/ /<163 :3
>=:7B7163 27 >@3D3<H7=<3 2/ =5<7 4=@;/ 27 27A1@7;7</H7=<3
: 7>/@B7;3<B= 2C<?C3 K 167/;/B= /2 /AA71C@/@3 163 BCBB7 5:7 7<B3@D3<B7 >=AB7 7< 3AA3@3 57I / >/@B7@3 2/::/ 4/A3
27 >@=5@/;;/H7=<3 B3<5/<= 1=<B= 23::3 >/@7 =>>=@BC<7BI >3@ BCBB7 17M /: 47<3 27 @/44=@H/@3 :/ 1/>/17BI /;;7<7
AB@/B7D/ 237 B3@@7B=@7 @7A>3BB= / B3;/B7163 7;>=@B/<B7 3 B@/AD3@A/:7 /::3 >=:7B7163 27 AD7:C>>= @357=</:7 3 1=<B@70C7@3
7< B/: ;=2= /::/ 1=AB@CH7=<3 27 C< A7AB3;/ AB@CBBC@/B= 3 2744CA= 27 $* &# # 23::3 >/@7 =>>=@BC<7BI 3 23::/ <=<
27A1@7;7</H7=<3
"U7<B3@D3<B= 23: 7>/@B7;3<B= @3/:7HH/B= 7< ?C3AB7 /<<7 K AB/B= 47</:7HH/B= / @/557C<53@3 7 A35C3<B7 =073BB7D7 53<3@/:7
P 4/D=@7@3 7: 1/;07/;3<B= =@5/<7HH/B7D= 23::3 & 7< 4C<H7=<3 27 C< @/44=@H/;3<B= 23::3 >=:7B7163 27 >/@7
=>>=@BC<7BI 3 27 <=< 27A1@7;7</H7=<3
P >@=;C=D3@3 :U/235C/;3<B= 23::3 1=;>3B3<H3 B31<7163 23::3 & 1=< :U=073BB7D= 27 ;75:7=@/@3 3 ?C/:7471/@3
C:B3@7=@;3<B3 :3 >=:71G /BBC/B3 / :7D3::= @357=</:3 <37 2C3 /;07B7 27 7<B3@D3<B= 27 1=;>3B3<H/ 23: &%
%:B@3 / B/:7 =073BB7D7 53<3@/:7 7: &% 7<B3<23 @/557C<53@3 7 A35C3<B7 =073BB7D7 A>3174717
P 1=<A=:72/@3 :U/>>:71/H7=<3 23: >@7<17>7= 27 " #'(& " # 27 >/@7 =>>=@BC<7BI 3 <=< 27A1@7;7</H7=<3 /BB@/
D3@A= 7: AC>>=@B= B31<71= /::3 /;;7<7AB@/H7=<7 B7B=:/@7 27 >@=5@/;;7 =>3@/B7D7
P >@=;C=D3@3 :/ 1=AB@CH7=<3 27 @3B7 A7/ / 1/@/BB3@3 7<4=@;/B7D= A7/ >3@ := AD7:C>>= 23::3 1=;>3B3<H3 AC: B3@
@7B=@7=
P ;75:7=@/@3 :3 1=;>3B3<H3 235:7 =>3@/B=@7 >3@ 4/D=@7@3 :U7<B3@</:7HH/H7=<3 23: >@7<17>7= 27 >/@7 =>>=@BC<7BI
3 <=< 27A1@7;7</H7=<3 <3::/ 2347<7H7=<3 32 /BBC/H7=<3 237 &@=5@/;;7 3 237 >@=53BB7
P >@=;C=D3@3 4=@;3 7<<=D/B7D3 27 7<B3@D3<B= >C00:71= >3@ 4/D=@7@3 A7/ :U/113AA= 23::3 2=<<3 /: ;=<2= 23:
:/D=@= A7/ 7: 1=<B@/AB= 27 =5<7 4=@;/ 27 27A1@7;7</H7=<3
&3@ :U/BBC/H7=<3 27 B/:7 7<B3@D3<B7 7: 7>/@B7;3<B= A7 /DD/:3 27 C< 5@C>>= 27 :/D=@= 27 3A>3@B7 163 =>3@/ / :7D3::=
B@/AD3@A/:3 3 27 5@C>>7 27 :/D=@= :=1/:7 163 D3<5=<= /BB7D/B7 >@3AA= :3 (357=<7 =<D3@53<H/ >3@ 5/@/<B7@3 C< AC>
>=@B= A>317/:7AB71= /::3 AB@CBBC@3 @357=</:7 >@3>=AB3 /::U/BBC/H7=<3 237 >@=5@/;;7 =>3@/B7D7 )(
7 @313<B3 7: 7>/@B7;3<B= 6/ @7<<=D/B= :/ >@=>@7/ AB@/B357/ 27 7<B3@D3<B= AC::/ 0/A3 235:7 =@73<B/;3<B7 1=;C
<7B/@7 1=<B3<CB7 <3::/ )B@/B357/ C@=>/
23::/ )B@/B357/ >3@ :/ >/@7BI
23::/ =;;7AA7=<3 C@=>3/
3 23::= AB/B= 27 /D/<H/;3<B= 237 >@=5@/;;7 =>3@/B7D7 @357=</:7 163 6/ >=@B/B= /::U7<27D72C/H7=<3 27 C:B3@7=@7 3
@7<<=D/B7 4/007A=5<7 3;3@53<B7 23::3 (357=<7 =<D3@53<H/ *CBB= 17M A31=<2= C</ :=571/ 27 7<B35@/H7=<3 3 1=;
>:3;3<B/@73BI 1=< ?C/<B= 7: 7>/@B7;3<B= 6/ >@3D7AB= 27 /BBC/@3 <3::U/;07B= 23: &@=5@/;;/ / D/:3@3 AC: ) 3
;327/<B3 5:7 7<B3@D3<B7 47</<H7/B7 2/ 4=<27 </H7=</:7 "3 /H7=<7 27 /AA7AB3<H/ B31<71/ A7 1=<13<B@3@/<<= >3@B/<B=
AC C< <C1:3= 27 B3;7 >@7=@7B/@7 7< 1=3@3<H/ 1=< :/ AB@/B357/ </H7=</:3 23: 7>/@B7;3<B= @7:/<17= 23: B3;/ 23::/
D/:CB/H7=<3 13<B@/:7BI 23::U7;>@3<27B=@7/:7BI 43;;7<7:3 3 23: :/D=@= /CB=<=;= 1=;3 :3D/ >3@ :U7<1:CA7=<3 A=17=
31=<=;71/ 237 A=553BB7 / @7A167= 27 27A1@7;7</H7=<3 >@=;=H7=<3 23::/ 1=<17:7/H7=<3 D7B/ :/D=@= 1=<B@/AB= /::/
D7=:3<H/ 27 53<3@3 AD7:C>>= 3 D7D707:7BI 23: B3@@7B=@7= 7< =BB71/ 27 A71C@3HH/ 3 :35/:7BI
#%" %
#"!
&
"# % ' )" ! , "!
&
J ") %! !
, "!
& &'
K
BB@/D3@A= 7:
$* &# #
. $# ' '( " 7: 7>/@B7;3<B= 7< ?C/:7BI 27 %@5/<7A;= <B3@;327= K B7B=:/@3
27 C< A7AB3;/ 27 /H7=<7 >3@ A=AB3<3@3 >@=13AA7 27 7<27@7HH= 3 27 =@73<B/;3<B= >3@ :3 (357=<7 =<D3@53<H/ D=:B7 /
1=;0/BB3@3 7 5/> 3A7AB3<B7 <37 27D3@A7 /;07B7 23::/ 4=@;/H7=<3 3 23: :/D=@= 1=< @743@7;3<B= B/<B= /::U/113AA= 32
/::/ >3@;/<3<H/ <3: ;3@1/B= 23: :/D=@= ?C/<B= /::3 ;7AC@3 >3@ 4/D=@7@3 :/ 1=<17:7/H7=<3 B@/ D7B/ >@7D/B/ 3 D7B/
:/D=@/B7D/ /: 47<3 27 1@3/@3 =>>=@BC<7BI 27 >/@B317>/H7=<3 /::= AD7:C>>= @71=<=A17;3<B= 23::3 1=;>3B3<H3 3 ;=
07:7BI A=17/:3 >3@ BCBB7 1=:=@= 163 D7D=<= 1=<27H7=<7 27 27A1@7;7</H7=<3
" =073BB7D= 53<3@/:3 163 7: 7>/@B7;3<B= 7<B3<23 @/557C<53@3 /BB@/D3@A= B/:7 /H7=<7 / D/:3@3 AC: ) K ?C3::= 27
1=<B@70C7@3 /2 3:3D/@3 :3 1/>/17BI 23::3 /;;7<7AB@/H7=<7 <3::/ >@=5@/;;/H7=<3 3 53AB7=<3 27 C</ >=:7B71/ @3
57=</:3 4=<2/B/ AC::/ >@3D3<H7=<3 3 AC: 1=<B@/AB= 27 =5<7 4=@;/ 27 27A1@7;7</H7=<3 <=:B@3 7< /BBC/H7=<3 27
?C/<B= AB/07:7B= 2/:: /@B
23: (35=:/;3<B= 3<3@/:3 237 =<27 )B@CBBC@/:7 A=<= AB/B7 >@3D7AB7 7 A35C3<B7 =073BB7D7
A>3174717
# !
%&$' ) &
"%! & %&$ '' '$'( #$ !! "%! " #( . $#
"%$ ! ! *$&$ !! $&" . $#
! ' '( "
$#$" $ '$
!! % & $%%$&()# (/ (&
$##
)$" #
!
')% & & ! '( & $( % & & ( !! $&"
' & " # . $#
' ( ')!! & .. ! $& #
$#* #. $# % &'$# ! ! ' ! (/ ! (/ ! $& #( " #($ ' '') !
(#
! & ! $# !
/: >C<B= 27 D7AB/ 237 1=<B3<CB7 AB@C;3<B7 7: 7>/@B7;3<B= <3: 1=@A= 23::U/BBC/H7=<3 23: &@=5@/;;/ 6/ >@=
;=AA= >@=13AA7 27 4=@B3 ;=23@<7HH/H7=<3 A=17/:3 163 /11=;>/5<7<= := AD7:C>>= 31=<=;71= =<A723@/<2= 5:7
A?C7:70@7 163 7<B3@3AA/<= :/ >=>=:/H7=<3 43;;7<7:3 <3: #3HH=57=@<= 3 :/ <313AA7BI 27 >@=1323@3 /::/ 1=AB@CH7=<3
27 C< A7AB3;/ 27 $* &# # 23::3 R>/@7 =>>=@BC<7BI >3@ BCBB7S K AB/B= <313AA/@7= /AA71C@/@3 C<U/;>7/ 32 =@5/
<7HH/B/ 27A>=<707:7BI 27 AB@C;3<B7 3 ;=2/:7BI 27 7<B3@D3<B= 47</:7HH/B7 / AC>3@/@3 :3 4=@B7 1@7B717BI /<1=@/ 3A7AB3<B7
163 A7 @357AB@/<= <37 D/@7 /;07B7 27 :/D=@= < 1=3@3<H/ ?C7<27 1=< :3 >@7=@7BI 7<27D72C/B3 2/: ')$ 1=< 7: )
A=<= AB/B3 7<27D72C/B3 A>31747163 :7<33 27 /BB7D7BI 163 7<B3@D3<5=<= AC /A>3BB7 >/@B71=:/@;3<B3 @7:3D/<B7 >3@ 7:
@/557C<57;3<B= 235:7 =073BB7D7 3A>:717B/;3<B3 7<27D72C/B7
< >/@B71=:/@3 >3@ ?C/<B= @75C/@2/ 7: >@7;= =073BB7D= A>317471=
B3@D3<B=
A7 >@=>=<5=<= :3 A35C3<B7 B7>=:=573 27 7<
P
H7=<3 AC::/ >@327A>=A7H7=<3 27 ;=23::7 =@5/<7HH/B7D7 163 4/D=@7A1=<= :U/@;=<7HH/H7=<3 B@/ D7B/ >@=43AA7=
</:3 3 D7B/ >@7D/B/
P
H7=<3 AC::U7<27D72C/H7=<3 27 ;=2/:7BI 27 7<B3@D3<B= 47</:7HH/B3 / >@=;C=D3@3 :/ >/@7BI 27 /113AA= >3@ :3
2=<<3 <37 A7AB3;7 23: :/D=@=
P
H7=<3 AC::/ >@327A>=A7H7=<3 27 ;=23::7 27 7<B3@D3<B= 47</:7HH/B7 /::U7<A3@7;3<B= 3 /::/ >3@;/<3<H/ 23::3
2=<<3 <37 A7AB3;7 23::U7AB@CH7=<3 23::/ 4=@;/H7=<3 23::/ @713@1/ 3 23: A7AB3;/ A=17/:3 3 1C:BC@/:3
P
H7=<3 AC::/ >@=;=H7=<3 27 7<B3@D3<B7 >7:=B/ 27 1=<B@/AB= /::3 4=@;3 27 D7=:3<H/ AC::3 2=<<3
P
H7=<3 AC::U7;>:3;3<B/H7=<3 3 1=<A=:72/;3<B= 23::U/H7=<3 27 A7AB3;/ AC: ;=<7B=@/557= :/ D/:CB/H7=<3 7<
167/D3 27 53<3@3 3 7: 07:/<17= 27 53<3@3
P
H7=<3 AC::U7<27D72C/H7=<3 2744CA7=<3 3 B@/A43@7;3<B= 27 0C=<3 >@/AA7 7< ;/B3@7/ 27 >/@7 =>>=@BC<7BI 27
53<3@3
P
H7=<3 27 A3<A707:7HH/H7=<3 3 2744CA7=<3 23::/ 1C:BC@/ 27 53<3@3 /BB@/D3@A= A7/ := AD7:C>>= 23::/ @3B3 23::3
>/@7 =>>=@BC<7BI A7/ :U/DD7= 3 7: A=AB35<= 27 C< >3@1=@A= 27 /<7;/H7=<3 @7D=:B= /7 B3@@7B=@7 /::3 /;;7<7AB@/
H7=<7 3 /::3 >/@B7 A=17/:7 AC::3 >/@7 =>>=@BC<7BI 27 53<3@3
&3@ ?C/<B= @75C/@2/ 7: A31=<2= =073BB7D= A>317471=
A=<= 7< D7/ 27 /BBC/H7=<3 :3 A35C3<B7 B7>=:=573 27 7<B3@D3<B=
P
H7=<3 27 7<27D72C/H7=<3 3 2744CA7=<3 27 ;=2/:7BI A>31747163 27 7<B3@D3<B= >3@ 7: AC>3@/;3<B= 235:7 AB3@3=
B7>7 @743@7B7 /::3 27443@3<H3 23@7D/<B7 2/::/ @/HH/ 2/::U=@757<3 3B<71/ 2/::/ @3:757=<3 2/::/ 27D3@A7BI 27 =>7<7=
<3 2/::3 27A/07:7BI 2/::U3BI 1=AL 1=;3 2/::U=@73<B/;3<B= A3AAC/:3
P
H7=<3 AC::/ >@=;=H7=<3 27 @3B7 7<B3@7AB7BCH7=</:7 / AC>>=@B= 23: :/D=@= 237 B/@53B 163 D7D=<= 1=<27H7=<7 27
AD/<B/557=
P
P
H7=<3 27 A>3@7;3<B/H7=<3 23::/ B@/A43@707:7BI 235:7 7<27@7HH7 =>3@/B7D7 >@327A>=AB7 >3@ :/ D/:CB/H7=<3 7< 167/
D3 27 53<3@3 /::/ D/:CB/H7=<3 A3<A707:3 /::3 27D3@A3 4=@;3 27 27A1@7;7</H7=<3
H7=<3 27 1=AB@CH7=<3 27 0/<163 2/B7 AC::/ 27A1@7;7</H7=<3
P
H7=<3 27 A3<A707:7HH/H7=<3 3 2744CA7=<3 237 D/<B/557 23@7D/<B7 2/ /H7=<7 27 @/44=@H/;3<B= 237 5@C>>7 27
A1@7;7</B7 @7D=:B7 /: B3AACB= /AA=17/B7D= /::3 =@5/<7HH/H7=<7 <=< 5=D3@</B7D3 /: >/@B3</@7/B= 7AB7BCH7=</:3
31=<=;71= 3 A=17/:3
P
H7=<3 27 >@=;=H7=<3 23::/ 5=D3@</<13 23::3 >=:7B7163 3 235:7 AB@C;3<B7 27 7<1:CA7=<3 A=17/:3 3 27 1=<B@/AB=
/::/ 27A1@7;7</H7=<3 <37 1=<4@=<B7 23::3 1=;C<7BI (=; )7<B3 3 /;;7</<B7
P
H7=<3 27 723<B7471/H7=<3 /</:7A7 3 B@/A43@7;3<B= 27 0C=</ >@/AA7 7< ;/B3@7/ 27 <=< 27A1@7;7</H7=<3
, "! #%" "&&
# %'
!'" # % &(# % %
) %
! %
"3 27A1@7;7</H7=<7 7<4:C7A1=<= AC::/ >3@;/<3<H/ <3: ;3@1/B= 23: :/D=@= 3 AC7 >3@1=@A7 27 1/@@73@/ 23::3 2=<<3 3
1=;>=@B/<= C</ @72CH7=<3 23::3 =>>=@BC<7BI 27 1@3A17B/ 23::/ <=AB@/ 31=<=;7/ A31=<2= AB7;3 23::/ /<1/ 2 B/
:7/ 7<4/BB7 7: 1=<A35C7;3<B= 23::U=073BB7D= 23: *@/BB/B= 27 "7A0=</ 27 C< B/AA= 27 =11C>/H7=<3 43;;7<7:3 /:
1=;>=@B3@3003 C< /C;3<B= 23: & " 47<= /:
: 7>/@B7;3<B= 6/ 7<B3A= >3@B/<B= />>@=4=<27@3 /BB@/D3@A= A>31747163 7<7H7/B7D3 7 >@7<17>/:7 4/BB=@7 27 27A1@7;7
</H7=<3 AC::3 2=<<3 <3: ;3@1/B= 23: :/D=@= 1=< >/@B71=:/@3 @743@7;3<B= /::/ A7BC/H7=<3 23::3 @357=<7 163 @357
AB@/<= /<1=@/ C< 4=@B3 @7B/@2= 27 AD7:C>>= ?C/:7 /:/0@7/ /;>/<7/ &C5:7/ 3 )717:7/ / ;=B7D= 23::/ ;/557=@3
R1@7B717BIS 235:7 /A>3BB7 /</:7HH/B7
5221=19C5-75 >-7-=5-75 05 3191=1 >C@ 3AA3<2= 2744CA= 7< BCBB/ C@=>/ 7: 43<=;3<= 237 27443@3<H7/:7 A/:/@7/:7 27
53<3@3 = # & % - % @7AC:B/ 7< B/:7/ >/@B71=:/@;3<B3 3D723<B3 <=:B@3 A3;>@3 7< B/:7/ 7: 5/> @3B@70CB7D=
;327= /BB@70C707:3 / 27443@3<H3 @3;C<3@/B7D3 <3::3 1/@/BB3@7AB7163 >@=2CBB7D3 6/ A35C7B= C< (& # 1@3A13<B3 /
>/@B7@3 2/::/ 47<3 235:7 /<<7 =BB/<B/ 47<= /::/ ;3BI 235:7 /<<7 <=D/<B/ "3 27443@3<H3 @3B@70CB7D3 27 53<3@3 A=<=
?C/<B7471/07:7 7< /:;3<= ?C7<2717 >C<B7 >3@13<BC/:7 1=< >/@B71=:/@7 1/B35=@73 27 :/D=@/B@717 >3</:7HH/B3 47<= / /:
@7A>3BB= / :=@= 1=::3567 1=< :3 ;323A7;3 1/@/BB3@7AB7163
1/CA/ 27 C< ;/@1/B= A?C7:70@7= <3::/ AC227D7A7=<3 23: :/D=@= 27 1C@/ 32 7< ?C3::= 2=;3AB71= :3 2=<<3 A=<=
1=AB@3BB3 / 23271/@3 /: :/D=@= @3B@70C7B= ;=:B3 ;3<= =@3 235:7 C=;7<7 +</ ;/2@3 :/D=@/B@713 7<4/BB7 23271/
?C/A7 =BB= =@3 3 ;3HH/ /: 57=@<= /: :/D=@= 2=;3AB71= 32 /::/ 1C@/ 237 475:7 3 237 >/@3<B7 C< >/2@3 :/D=@/B=@3 D3
<3 A>3<23 />>3</ 17<?C3 <=:B@3 :/ ;/557=@3 7<AB/07:7BI :/D=@/B7D/ A>3@7;3<B/B/ 2/::/ 1=;>=<3<B3 43;;7<7:3
23::/ 4=@H/ :/D=@= <3 /C;3<B/ 7 >3@7=27 27 27A=11C>/H7=<3 32 7</BB7D7BI "/ ;7<=@3 ?C/<B7BI 27 :/D=@= >@3AB/B/
<=< A7 B@/2C13 A=:/;3<B3 7< C</ A3<A707:3 @72CH7=<3 23::3 =>>=@BC<7BI 27 5C/2/5<= 7;;327/B= ;/ /<163 27
?C3::3 27 AD7:C>>= >@=43AA7=</:3 3 27 1/@@73@/ 4CBC@7 "/ 1=<17:7/H7=<3 47<7A13 2C<?C3 >3@ 27D3<B/@3 B3;/ 13<B@/:3
/<163 <3::U/;07B= 23::U/</:7A7 23::3 27AC5C/5:7/<H3 @3B@70CB7D3 B@/ C=;7<7 3 2=<<3 4/13<2= /<1=@/ C</ D=:B/
3;3@53@3 :/ <313AA7BI 27 >=:7B7163 163 2/ C</ >/@B3 4/D=@7A1/<= :/ 1=<17:7/H7=<3 B@/ :/D=@= @3B@70C7B= 3 <=< @3
B@70C7B= /::/@5/<2= :U=443@B/ 27 A3@D7H7 /::/ 4/;75:7/ 3 2/::U/:B@/ >@=;C=D/<= C</ 3443BB7D/ 1C:BC@/ 23::/ >/@7BI
/53<2= 7< >/@B71=:/@3 AC::/ @7;=H7=<3 235:7 AB3@3=B7>7 27 53<3@3 <3::U/;07B= 23::3 /BB7D7BI 2=;3AB7163
: # & % - % 6/ /<163 @74:3AA7 AC::/ >/@B317>/H7=<3 43;;7<7:3 "/ >@=A>3BB7D/ 27 :/D=@7 27A1=<B7<C7 3 ;/:
>/5/B7 1=AB7BC7A13 C< 4=@B3 27A7<13<B7D= /: :/D=@= >3@ ;=:B3 2=<<3 163 >@343@7A1=<= @74C57/@A7 <3::/ D/:=@7HH/H7=<3
/::U7<B3@<= 23: @C=:= ;/B3@<= <=<=AB/<B3 :3 /A>3BB/B7D3 27 C=;7<7 3 2=<<3 @7A>3BB= /: :/D=@= <=< A7/<= 1=AL 274
43@3<B7 )=227A4/H7=<3 >@=43AA7=</:3 3 AB/07:7BI :/D=@/B7D/ @7;/<5=<= 7<4/BB7 5:7 3:3;3<B7 1@C17/:7 >3@ :/ >@=>@7/
@3/:7HH/H7=<3 AC: :C=5= 27 :/D=@= "/ 2744CA7=<3 3 :UC<7D3@A/:7HH/H7=<3 237 A3@D7H7 /::/ 4/;75:7/ 32 /::/ >3@A=</
A=<= 2C<?C3 7: >@7;= 3 4=<2/;3<B/:3 >/AA= D3@A= C</ 3443BB7D/ 1C:BC@/ 23::/ >/@7BI 163 >3@;3BB/ /::3 2=<<3 27
>=B3@ 231723@3 3 >@=53BB/@3 7: >@=>@7= @C=:= /::U7<B3@<= 23::/ 4/;75:7/ 3 23::/ A=173BI A3<H/ D7<1=:7
: 7>/@B7;3<B= / 4@=<B3 27 ?C/<B= @7:3D/B= 6/ 7<27D72C/B= 7<7H7/B7D3 3 0C=<3 >@/AA7 163 >=AA/<= 4/D=@7@<3 7: AC
>3@/;3<B= /BB@/D3@A= 7: ) ;327/<B3 7: ?C/:3 A/@3003 >=AA707:3 47</<H7/@3 /H7=<7 27 A7AB3;/ D=:B3 /2 />>@=
4=<27@3 1/CA3 3 ;/<743AB/H7=<7 23: 43<=;3<= <37 27D3@A7 1=<B3AB7 @357=</:7 3 :=1/:7 ;/ /<163 ;327/<B3 /H7=<7
27 1=;C<71/H7=<3 A3<A707:7HH/H7=<3 3 2744CA7=<3 AC: B3@@7B=@7= 32 /H7=<7 27 /11=;>/5</;3<B= 23::3 /H73<23 163
1=;>=<5=<= 7: B3AACB= 31=<=;71= 23::3 @357=<7 =<D3@53<H/
5>/=5859-C5:95 5905=1??1 7: 43<=;3<= 27 2744717:3 @7:3D/H7=<3 @7AC:B/ /<1=@/ >/@B71=:/@;3<B3 2744CA= <=<=AB/<B3
7 >@=5@3AA7 27 1/@/BB3@3 <=@;/B7D= 3 1C:BC@/:3 @3/:7HH/B7 /<163 AC::/ A>7<B/ 23::3 <=@;/B7D3 />>@=D/B3 / :7D3::=
1=;C<7B/@7= >3</:7HH/@3 :U/113AA= 3 :/ >3@;/<3<H/ 23::3 2=<<3 <3: ;3@1/B= 23: :/D=@= A/@3003@= 2C<?C3
/<1=@/ 4/BB=@7 1=;3
P :C=567 1=;C<7 3 AB3@3=B7>7 /AA=17/B7 /2 3A3;>7= /::U/AA3<H/ >3@ ;=B7D7 1=<<3AA7 /::/ 1C@/ 4/;7:7/@3 /::/
>@3AC<B/ <=< 72=<37BI / @71=>@7@3 C< 13@B= @C=:= 311
P :U7<27D72C/H7=<3 <3::3 4/A7 27 A3:3H7=<3 23: >3@A=</:3 27 >@3@3?C7A7B7 163 >7N 2744717:;3<B3 A7 @7:3D/<= <3::/
1=;>=<3<B3 43;;7<7:3 23::/ >=>=:/H7=<3 3A 7<271/H7=<3 27 C<U/:B3HH/ ;7<7;/ 1/:1=:/B/ AC AB/<2/@2 @7
43@7B7 /::/ >=>=:/H7=<3 ;/A167:3 /<163 ?C/<2= ?C3AB7 <=< @7AC:B/<= 7<27A>3<A/07:7 >3@ := AD=:57;3<B= 27
C</ 13@B/ /BB7D7BI
P 4/BB=@3 RB3;>=S 163 / A31=<2/ 23::U/113H7=<3 7< 1C7 D73<3 7<B3A= Q 3A @7572= = R4:3AA707:3S Q >CM 1=<27
H7=</@3 :/ >/@B317>/H7=<3 3 :U/113AA= 23::3 2=<<3 / 13@B3 =11C>/H7=<7 = :7;7B/@<3 :3 >@=A>3BB7D3 27 1/@@73
@/ 3 :/ 1=@@3:/B/ 2744CA7=<3 27 ;=23::7 27 :/D=@= R/: ;/A167:3S 163 A7 B@/2C1=<= 7< C</ A13:B/ B@/ D7B/ >@=
43AA7=</:3 3 D7B/ >@7D/B/
P :/ R23 D/:=@7HH/H7=<3S 23::3 1=;>3B3<H3 23::3 :/D=@/B@717 7<1/>/17BI 7<B@7<A31/ 23::U=@5/<7HH/H7=<3 23:
:/D=@= 27 />>@3HH/@3 3 A4@CBB/@3 /235C/B/;3<B3 :/ >@=43AA7=</:7BI /1?C7A7B/ 2/::3 2=<<3 >3@ 4/BB=@7 27
1/@/BB3@3 53<3@/H7=</:3 = 1C:BC@/:3 >/@B71=:/@;3<B3 3D723<B3 7< A3BB=@7 /2 3:3D/B= 1=<B3<CB= B31<71=
7<<=D/B7D= 3A /@167B3BBC@/ C@0/<7AB71/ 311
P 43<=;3<7 27 A35@35/H7=<3 =@7HH=<B/:3 = D3@B71/:3 /<163 27 1/@/BB3@3 1C:BC@/:3 /2 3A 1=<13<B@/H7=<3 27
2=<<3 A=:= 7< /:1C<7 A3BB=@7 >@=2CBB7D7 3 A1/@A/ >@3A3<H/ 43;;7<7:3 7< @C=:7 27@753<H7/:7
&3@ AC>3@/@3 ?C3AB3 27A1@7;7</H7=<7 7: 7>/@B7;3<B= 6/ 7<27D72C/B= 7<7H7/B7D3 27 1/@/BB3@3 AB@CBBC@/:3 3 1C:BC@/:3
?C/:7 7: AC>3@/;3<B= 23::/ R1C:BC@/ 23::/ >@3A3<H/S 1=;3 3:3;3<B= 27 D/:CB/H7=<3 3 @71=<=A17;3<B= 23::/ >@=
43AA7=</:7BI :/ 4:3AA707:7BI 1=<B@/BBC/:3 :/ BCB3:/ 23: 27@7BB= /::/ 1/@@73@/ 3 23: @71=<=A17;3<B= 23: @C=:= 7AB7BCH7=
</:3 @7D3AB7B= 7<27>3<23<B3;3<B3 2/::3 ;=2/:7BI 27 =@5/<7HH/H7=<3 23: :/D=@=
-A:=: -?5;5/: 218859571 A31=<2= 7 2/B7 @/11=:B7 2/: 3<A7A >3@ 7: 7>/@B7;3<B= <3::3 @357=<7 =<D3@53<H/ :/
4:3AA707:7BI =:B@3 / 231:7</@A7 >@3D/:3<B3;3<B3 /: 43;;7<7:3 K 27D3<CB/ R4:3AA71/@73BIS "/ >@31/@73BI A7 1=<475C@/
7<4/BB7 1=;3 C</ 4=@;/ 1=<B@/BBC/:3 163 7< />>/@3<H/ 1=<A3<B3 :/ 1=<17:7/H7=<3 3 :/ >3@;/<3<H/ AC: ;3@1/B=
23: :/D=@= ;/ 7< @3/:BI D/ / A1/>7B= 23::= AD7:C>>= 27 1/@@73@/ 3 23::/ AB/07:7BI :/D=@/B7D/ 1=< :/ 1=<A35C3<H/ 27
7;>327@3 /::3 :/D=@/B@717 /B7>7163 C</ >@=53BBC/:7BI / ;327= :C<5= B3@;7<3 $3 K 1=<A35C7B/ :/ @32/H7=<3 27 :7<33
5C72/ >3@ :U7;>:3;3<B/H7=<3 27 C< ;=23::= 27 7<B3@D3<B= / A=AB35<= 23::3 :/D=@/B@717 /B7>7163 2/ @3/:7HH/@A7 AC
A1/:/ @357=</:3 47</:7HH/B= / A4@CBB/@3 :/ 4:3AA707:7BI 237 B3;>7 27 :/D=@= 1=;3 C</ 23::3 =>>=@BC<7BI >=AA707:7 7<
C< >3@1=@A= :/D=@/B7D= /@B71=:/B= 4=<2/B= AC C</ ;/557=@3 ;=07:7BI 3 C</ ;/557=@3 >@=43AA7=</:7HH/H7=<3
-A:=: 5==13:7-=1 218859571 7: :/D=@= 7@@35=:/@3 43;;7<7:3 /AAC;3 27D3@A3 1/@/BB3@7AB7163 7< @3:/H7=<3 /: A35
;3<B= 27 >=>=:/H7=<3 43;;7<7:3 3A/;7</B= A3 >3@ :3 2=<<3 AB@/<73@3 := AB/BCA 27 :/D=@/B=@3 7@@35=:/@3 A7 /007</
<3::/ ?C/A7 B=B/:7BI 237 1/A7 /::/ A7BC/H7=<3 27 7::35/:7BI 23@7D/<B3 2/::= AB/BCA 27 7;;75@/B/ 1:/<23AB7</ <3: 1/A=
23::3 7B/:7/<3 7<D313 A7 B@/BB/ 53<3@/:;3<B3 27 C</ 4=@;/ 27 :/D=@= 163 :3 >7N 57=D/<7 1=<A723@/<= 1=;3 RB@/<
A7B=@7/S 3 <313AA/@7/ >3@ /11323@3 /: ;3@1/B= 23: :/D=@= ;=B7D7 >3@ 7: @71=@A= /: :/D=@= 7@@35=:/@3 A=<= >@7<17
>/:;3<B3 :U7;>=AA707:7BI 27 B@=D/@3 :/D=@= @35=:/@3
23: 1/;>7=<3 3 :U7<1=<17:7/07:7BI 23::3 >@3AB/H7=<7 27
:/D=@= 1=< 7 D7<1=:7 4/;7:7/@7
)3003<3 D7AACB= 1=;3 C< 7;>735= B3;>=@/<3= 27 4/BB= >3@ ;=:B3 2=<<3 7B/:7/<3 7: :/D=@= 7@@35=:/@3 27D3<B/
C</ RB@/>>=:/S 2/ 1C7 K 2744717:3 CA17@3 Q A=>@/BBCBB= >3@ ?C3::3 2=<<3 163 A>3@7;3<B/<= C</ 1=<27H7=<3 27 >/@
B71=:/@3 R230=:3HH/S >3@A=</:3 : 7>/@B7;3<B= @7:3D/ 2C<?C3 1=;3 C</ 27D3@A/ 1=<13H7=<3 23::/ 4:3AA707:7BI :/
D=@/B7D/ >7N 13<B@/B/ AC 3A753<H3 1=<<3AA3 /: 171:= 27 D7B/ >=B@3003 3AA3@3 AC447173<B3 >3@ 2/@3 C< 1=<B@70CB=
A75<7471/B7D= /::/ @72CH7=<3 23: :/D=@= 7@@35=:/@3 A>317/:;3<B3 A3 /AA=17/B/ / AB@/B3573 27 23B3@@3<H/ 3 >@3D3<
H7=<3 23: 43<=;3<= 3 27 >@=;=H7=<3 27 1=;>=@B/;3<B7 1=<4=@;7
+</ 167/D3 27 :3BBC@/ 163 6/ >@=2=BB= @7AC:B/B7 27 7<B3@3AA3 /BB73<3 /::U/</:7A7 AC::3 2=<<3 7</BB7D3 163 6/<<=
/DCB= 7< >/AA/B= 3A>3@73<H3 :/D=@/B7D3 <AB/07:7BI 1=<B@/BBC/:3 3 D7<1=:7 4/;7:7/@7 @7AC:B/<= 3AA3@3 5:7 3:3;3<B7
163 >7N 235:7 /:B@7 6/<<= 1/CA/B= :U/::=<B/</;3<B= 23::/ 2=<</ 2/: :/D=@= ::/ 0/A3 23::U7<B3@@CH7=<3 23::/ >@3
1323<B3 /BB7D7BI :/D=@/B7D/ D7 A=<= A=AB/<H7/:;3<B3 @/57=<7 :35/B3 A7/ /::3 3A753<H3 27 1C@/ 237 475:7 A7/ /2 3D3<B7
1=<<3AA7 /: @/>>=@B= 27 :/D=@= 1=;3 :/ A1/23<H/ 23: 1=<B@/BB= 7: :713<H7/;3<B= = :/ 167CAC@/ 23::U/H73<2/ :
@73<B@= <3: ;3@1/B= 23: :/D=@= >3@ 1=:=@= 163 6/<<= /00/<2=</B= :U=11C>/H7=<3 >3@ 23271/@A7 /7 475:7 @7AC:B/ >7N
>@=0:3;/B71= /<163 >3@16J A>3AA= K 7<27>3<23<B3 2/: 5@/2= 27 1=::/0=@/H7=<3 23: >/@B<3@ <3::/ 53AB7=<3 235:7
7;>35<7 2=;3AB717 "/ 4:3AA707:7BI =@/@7/ 3 :/ 27A>=<707:7BI 27 A3@D7H7 >3@ :U7<4/<H7/ A/@3003@= 7<D313 /:1C<3 23::3
1=<27H7=<7 <313AA/@73 >3@ 7: @73<B@= <3: ;3@1/B= 23: :/D=@=
"!'% ('"
# %'
!'"
#%" %
, "!
" (! ' %
: 7>/@B7;3<B= AB/ >/@B317>/<2= /BB7D/;3<B3 /7 <35=H7/B7 >3@ :/ 2347<7H7=<3 237 (35=:/;3<B7 =;C<7B/@7 >3@ 7:
4CBC@= >3@7=2= 27 >@=5@/;;/H7=<3
: 7>/@B7;3<B= K 4/D=@3D=:3 /2 C</ ;/557=@3 1/@/BB3@7HH/H7=<3
235:7 /A>3BB7 7<3@3<B7 :3 >=:7B7163 27 53<3@3 3 :/ <=< 27A1@7;7</H7=<3 <37 @35=:/;3<B7 /<163 ;327/<B3 :U723<B747
1/H7=<3 27 />>=A7B7 AB@C;3<B7 ?C/:7 >@=132C@3 3 1@7B3@7 27 A3:3H7=<3 23::3 =>3@/H7=<7 ;/557=@;3<B3 AB@7<53<B7
(313<B3;3<B3 6/ 4=@<7B= C< 1=<B@70CB= 7< ;3@7B= /::3 1=<27H7=</:7BI 3F /<B3 @7A>3BB= /::/ 1C7 4=@;C:/H7=<3 /B
BC/:3 :U B/:7/ A3;0@/ A=227A4/@3 5@/< >/@B3 237 1@7B3@7 >=AB7 / :7D3::= 1=;C<7B/@7= 1=;3 >@31=<27H7=<7 >3@ D/:CB/@3
7: @7A>3BB= 23: >@7<17>7= 27 >/@7BI 27 53<3@3 3 27 <=< 27A1@7;7</H7=<3
!, ') # %
)"% %
" #
!' % 'H '%
"!
&'%(''(%
&3@ ;75:7=@/@3 :3 ;=2/:7BI 27 1=<4@=<B= 3 27 @/11=@2= 1=< :3 ;;7<7AB@/H7=<7 (357=</:7 =<D3@53<H/ 3 5/@/<B7@3
:/ 1=;>:3;3<B/@73BI B@/ :3 7<7H7/B7D3 7<B@/>@3A3 2/: 7>/@B7;3<B= <3::U/;07B= 237 =<27 )B@CBBC@/:7 A=<= AB/B7 @3
13<B3;3<B3 7AB7BC7B7
P 7: */D=:= 27 ==@27</;3<B= =<57C<B= )( ) ?C/:3 A323 27 1=<4@=<B= 3 270/BB7B= AC::3 >/@7 =>>=@BC<7BI
<3::U/;07B= 23::U/BBC/:3 &@=5@/;;/H7=<3 237 =<27 )B@CBBC@/:7 3 AC7 @7AC:B/B7 1=<A35C7B7 <=<16J ?C/:3 :C=5=
>3@ :/ 2347<7H7=<3 27 AB@/B3573 3 AB@C;3<B7 27 7<B3@D3<B= 1=<27D7A7 : */D=:= K >@3D7AB/ :/ >/@B317>/H7=<3
23::3 CB=@7BI 27 3AB7=<3 23: &%$
) 3 23: &%$ * =:B@3 163 23::3 CB=@7BI 27 53AB7=<3 237 &@=5@/;;7
=>3@/B7D7 @357=</:7 )( 32 ) "/ 47</:7BI 23: */D=:= K 27 1=<A3<B7@3 /7 A=553BB7 1=7<D=:B7 27 1=<13<B@/@A7
AC::3 B3;/B7163 27 7<B3@3AA3 >@=;=AA3 2/: 7>/@B7;3<B= /: 47<3 27 4/D=@7@3 A7<3@573 3 ;=2/:7BI 27 /BBC/H7=<3
235:7 7<B3@D3<B7 A31=<2= C<U=BB71/ 27 1=;>:3;3<B/@73BI B@/ 7 4=<27 3 27 A7<3@573 B@/ :3 /H7=<7 4/D=@3<2= 1=AL
7: @317>@=1= A1/;07= 27 3A>3@73<H3 : B/D=:= A/@I /:B@3AL :/ A323 >3@ @/11=5:73@3 3 @7A>=<23@3 /2 3A753<
H3 1=;C<7 /::3 @357=<7 7< B3@;7<7 27 7<27@7HH= :7<33 5C72/ AB@C;3<B7 =>3@/B7D7 163 A/@/<<= AD7:C>>/B7 2/:
7>/@B7;3<B= <3::U/;07B= 237 &%$
*3
)
P 7: */D=:= B31<71= AC7 B3;7 23: ;=<7B=@/557= 3 23::/ D/:CB/H7=<3 7< =BB71/ 27 >/@7 =>>=@BC<7BI 23::3 >=:7B7163
>C00:7163 >3@ >@=;C=D3@3 3 A=AB3<3@3 :/ 1=::/0=@/H7=<3 7AB7BCH7=</:3 D=:B/ /::U/BBC/H7=<3 23: >@7<17>7= 27
27 >/@7 =>>=@BC<7BI <3::U/;07B= 23::/ &@=5@/;;/H7=<3 3 4/D=@7@3 := AD7:C>>= 27 C</ 1C:BC@/ D=:B/ /::U7;>:3
;3<B/H7=<3 27 C< A7AB3;/ 27 D/:CB/H7=<3 =@73<B/B= /::3 >/@7 =>>=@BC<7BI
"
' '"
!
% ,," "% !'
!'"
"
: 7>/@B7;3<B= /: 47<3 27 D3@7471/@3 3 ;/AA7;7HH/@3 :U34471/17/ 237 @7AC:B/B7 3 23::3 /H7=<7 @3/:7HH/B3 AC::3 B3;/B7163
>@7=@7B/@73 7<27D72C/B3 <3::U/;07B= 237 =<27 )B@CBBC@/:7 6/ @313<B3;3<B3 7AB7BC7B= 7: =;7B/B= 27 <27@7HH= 3
%@73<B/;3<B= % AC::3 7<7H7/B7D3 27 >/@7 =>>=@BC<7BI >@=;=AA3 / D/:3@3 AC: &%$
) 3 AC: &%$
* : =
;7B/B= 6/ :U=073BB7D= 27 /</:7HH/@3 7 >@=2=BB7 3 :3 @713@163 @3/:7HH/B3 AD=:53<2= C<U/BB7D7BI 27 =@73<B/;3<B= 7<27
@7HH= 3 AC>>=@B= /::3 AB@/B3573 27 7<B3@D3<B= >@=;=AA3 : >@7<17>/:3 1=;>7B= 23: % /<163 AC::/ 0/A3 237
@35=:/;3<B7 1=;C<7B/@7 D753<B7 K ?C3::= 27 4/D=@7@3 :U34471/13 @/557C<57;3<B= 235:7 =073BB7D7 <3: ?C/2@= 23::3
7<7H7/B7D3 3 235:7 7<B3@D3<B7 47</<H7/B7 <3::U/;07B= 237 =<27 )B@CBBC@/:7
# %'
# , "!
&
"! %"!'" (%"#
G @=:;1-9 !1?B:=6 :9 1901= -59>?=1-8593
: 7>/@B7;3<B= @/>>@3A3<B/ :U B/:7/ 7<A73;3 /: #7<7AB3@= 23: "/D=@= 3 23::3 &=:7B7163 A=17/:7 <3::U/;07B= 23::=
)&$% # (+$& $# # &
#'(& " #
: <3BE=@9 6/ : =073BB7D= 27 1=<27D723@3 3 >@=;C=D3@3 B@/ 27D3@A7 &/3A7 23:: +<7=<3 C@=>3/ := A1/;07= 27 7<4=@
;/H7=<7 3A>3@73<H3 @7AC:B/B7 3 0C=<3 >@/AA7 >3@ ;75:7=@/@3 : /113AA= 23::3 2=<<3 /: ;3@1/B= 23: :/D=@= 3 7: @/>
>=@B= 4@/ :/ D7B/ >@=43AA7=</:3 3 :/ A43@/ >@7D/B/ <B3<23 7<4/BB7 7<B35@/@3 :/ 27;3<A7=<3 27 53<3@3 <3::3 >=:7B7163
3C@=>33 =11C>/H7=</:7 3 27 7<1:CA7=<3 A=17/:3 /BB@/D3@A= : CB7:7HH= 23: =<2= )=17/:3 C@=>3= ) 1=< := A1=>=
27 1=7<D=:53@3 7 27D3@A7 '(
$! & </H7=</:7 /;>:7/@3 7: 270/BB7B= 3C@=>3= :/ 2744CA7=<3 3 :/ 1=<27D7A7=<3 27 AB@/B3573 1=;C<7
: <3BE=@9 K AB/B= 7AB7BC7B= 7:
4300@/7=
/ @CF3::3A /::/ >@3A3<H/ 23::/ =;;7AA7=<3 C@=>3/ 163 6/
3D723<H7/B= : 7;>=@B/<H/ 27 C< />>@=117= 7<B35@/B= 3 B@/AD3@A/:3 23::3 >=:7B7163 27 53<3@3 3 23::3 >/@7 =>>=@BC<7BI
/ BCBB3 :3 >=:7B7163 >C00:7163
G
7 =@;;: 05 -7?: 75A177: ;1= 57 31901= 8-59>?=1-8593 915 :905 &?=@??@=-75
"U/BB7D/ 3 1=AB/<B3 >/@B317>/H7=<3 23: 7>/@B7;3<B= /: @C>>= 27 /:B= :7D3::= >3@ 7: 53<23@ ;/7<AB@3/;7<5 <37
=<27 )B@CBBC@/:7 / AC>>=@B= 23: #7<7AB3@= 23::= )D7:C>>= 1=<=;71= 6/ /AA71C@/B= C</ 3443BB7D/ >@=;=H7=<3
23::/ 1C:BC@/ 27 53<3@3 /::U7<B3@<= 23: =<2= 3C@=>3= 27 AD7:C>>= @357=</:3
)( 3 23: =<2= )=17/:3 C@=>3=
)
: @C>>= K 7<4/BB7 C< =@5/<7A;= 1=::357/:3 1=;>=AB= 2/ BCBB7 7 @3A>=<A/07:7 </H7=</:7 23::/ >@=5@/;;/
H7=<3 1=;C<7B/@7/ ?C/:3 AB@C;3<B= >7N 72=<3= >3@ /AA71C@/@3 C</ 3443BB7D/ >@=;=H7=<3 23::/ 1C:BC@/ 27 53<3@3
7< BCBB7 7 =<27
)1=>= 23: @C>>= K /:B@3AL ?C3::= 27 1=<A=:72/@3 7 @/>>=@B7 B@/ 7 A7<5=:7 ;3;0@7 /: 47<3 27 4/17:7B/@3 7: 4:CAA= 27 7<
4=@;/H7=<7 0C=<3 >@/B7163 3A>3@73<H3 3 2=1C;3<B7 < >/@B71=:/@3 := A1/;07= 27 7<4=@;/H7=<3 K 4=1/:7HH/B= AC
/:1C<3 ;/1@=/@33 27 @7:3D/<B3 7<B3@3AA3 )7 4/ @743@7;3<B= /:: 7<B35@/H7=<3 1=;>7CB/ B@/ 7 27D3@A7 =<27 )B@CBBC@/:7
/: 47<3 27 7;>:3;3<B/@3 :3 AB@/B3573 3 5:7 AB@C;3<B7 >3@ := AD7:C>>= 23::/ >@=A>3BB7D/ 27 53<3@3 /::/ 2744CA7=<3
237 2/B7 AB/B7AB717 27 53<3@3 3 /:: 7<27D72C/H7=<3 27 =>>=@BC<7 7<271/B=@7 /::/ 4=@;/H7=<3 235:7 /;;7<7AB@/B=@7 3
237 23AB7</B/@7 235:7 7<B3@D3<B7 /::3 ;3B=2=:=573 CB7:7HH/B3 >3@ ;=<7B=@/@3 3 D/:CB/@3 : /BBC/H7=<3 23::/ >@=5@/;;/H7=<3
: 7>/@B7;3<B= 1=;3 /<B717>/B= 6/ A3;>@3 5/@/<B7B= C</ 1=AB/<B3 >/@B317>/H7=<3 /7 :/D=@7 23: @C>>= /<163
/BB@/D3@A= :/ 27DC:5/H7=<3 27 0C=<3 >@/B7163 1=<2=BB3 / :7D3::= </H7=</:3 3 @357=</:3 AC7 B3;7 27 >@=>@7/ 1=;>3
B3<H/ $3::= A>317471= 2C@/<B3 :3 C:B7;3 @7C<7=<7 23: @C>>= 7: 7>/@B7;3<B= 6/ >@3A3<B/B= 2C3 3A>3@73<H3 >=
A7B7D3 27 7<B3@D3<B= @3/:7HH/B3 2/::/ (357=<3 )717:7/</ 7< B3;/ 27 7;>@3<27B=@7/ 43;;7<7:3 3 2/::/ (357=<3
&73;=<B3 7< B3;/ 27 1=<17:7/H7=<3 D7B/ :/D=@= R"/ 7BBI +<7D3@A7B/@7/ 23::/ =<17:7/H7=<3S "3 AB3AA3 A=<=
AB/B3 1=<A723@/B3 3 D/:CB/B3 3A>3@73<H3 27 AC113AA= /<163 / :7D3::= 7<B3@</H7=</:3
#%"'" "
!' & &' #(
'
G 7 #=:?:/:77: 05 9?1>- /:9 57 &5>?18- !-C5:9-71 05 )-7@?-C5:91
: 7>/@B7;3<B= 7< /BBC/H7=<3 237 @313<B7 =@73<B/;3<B7 1=;C<7B/@7 3 @7A>=<23<2= /2 C</ 3A753<H/ 1=;C<3 ;/
<743AB/B/ 2/::3 (357=<7 =<D3@53<H/ 6/ A75:/B= <3: 57C5<=
C< &@=B=1=::= 2U <B3A/ 1=< 7: )7AB3;/ $/H7=</:3
27 ,/:CB/H7=<3 >3@ :/ @3/:7HH/H7=<3 235:7 =073BB7D7 27 A=AB35<= /: 1/;07/;3<B= <3::3 >@/B7163 27 D/:CB/H7=<3 235:7
7<D3AB7;3<B7 >C00:717 : &@=B=1=::= 6/ : =073BB7D= 27 >=@@3 7< 3AA3@3 :3 <313AA/@73 A7<3@573 >3@ AC>>=@B/@3 :3 /;
;7<7AB@/H7=<7 @357=</:7 03<34717/@73 235:7 7<B3@D3<B7 AC7 4=<27 AB@CBBC@/:7 27 1=;>3B3<H/ 23: 7>/@B7;3<B= <3::/
>@327A>=A7H7=<3 235:7 AB@C;3<B7 27 D/:CB/H7=<3 7< 167/D3 27 53<3@3 3 <=< 27A1@7;7</H7=<3
G #=:?:/:775 05 9?1>- /:9 71 (95A1=>5?D
: 7>/@B7;3<B= 6/ AB7>C:/B= 2C3 &@=B=1=::7 27 <B3A/ 1=< :U+<7D3@A7BI 23::/ /:/0@7/
57C5<=
3 1=< :U+<7
D3@A7BI 27 )/:3@<= 53<</7=
163 6/<<= 27;=AB@/B= 27 /D3@ AD7:C>>/B= C</ ,% &( ' AC::/ ?C3AB7=<3 23::/
>@=;=H7=<3 23::/ >/@B317>/H7=<3 43;;7<7:3 /: ;=<2= 23: :/D=@= /BB@/D3@A= :/ >@3D7A7=<3 = :/ >@=;=H7=<3 27
A3@D7H7 27 =@73<B/;3<B= 4=@;/H7=<3 /11=;>/5</;3<B= A>3174717 23271/B7 /::3 2=<<3 3 /::3 >3@A=<3 / @7A167= 27
27A1@7;7</H7=<3 )1=>= 237 >@=B=1=::7 K ?C3::= 27 1=::/0=@/@3 1=< 7: ;=<2= /11/23;71= >3@ >@=;C=D3@3 3 4/D=@7@3
:= AD7:C>>= :=1/:3 3 :U7<A3@7;3<B= 23::3 2=<<3 <3: ;3@1/B= 23: :/D=@= /<163 ;327/<B3 :U7<1@=17= B@/ :/ 2=;/<2/
3 :U=443@B/ 27 :/D=@= 1=< @743@7;3<B= /5:7 A>3174717 1=<B3AB7 :=1/:7 7 A35C7B= :3 47</:7BI 3 5:7 7<B3@D3<B7 >@3D7AB7
!
&$($ $!!$ #( ' % & ! & $&. " #($ !$ '* !)%%$
& %%$&()# (/2 !!3 # * &' (/ !!
! &
(( * (/ $## ''
! ' &* . $ 1 %$&( !!$ % &
"U=073BB7D= 23: &@=B=1=::= K ?C3::= 27 >@=;C=D3@3 :3 >/@7 =>>=@BC<7BI 4/13<2= :3D/ AC: @C=:= AB@/B3571= 163
:U+<7D3@A7BI @7D3AB3 <3::U/;07B= B3@@7B=@7/:3 3 A=17/:3 27 @743@7;3<B= B/: 47<3 :U+<7D3@A7BI 23::/ /:/0@7/
6/ 7AB7BC7B= C<= R)>=@B3::= >3@ :3 &/@7 %>>=@BC<7BIS ?C/:3 A3@D7H7= 27 1=<AC:3<H/ 3 =@73<B/;3<B= /: :/D=@=
>3@ 7 57=D/<7 :/C@3/<27 3 :/C@3/B7 1=< >/@B71=:/@3 /BB3<H7=<3 /::UCB3<H/ 43;;7<7:3 32 /7 A=553BB7 AD/<B/5
57/B7 >3@ 27A/07:7BI 7: 1C7 =073BB7D= K 4/D=@7@3 :U=11C>/07:7BI 3 1=<A3<B7@3 /7 >@=>@7 CB3<B7 27 @71=<=A13@3 3
>=B3<H7/@3 :3 >@=>@73 /BB7BC27<7 3 1=;>3B3<H3 ;327/<B3 AB@C;3<B7 27 /11=;>/5</;3<B= <3::/ 4/A3 27
;3AA/ / >C<B= 23: >@=>@7= 23A723@7= >@=43AA7=</:3 A3@D7H7 @3A7 2/::= )>=@B3::= A7 >@34755=<= :U=073BB7D= 27
1=<B@70C7@3 / 2744=<23@3 AC: B3@@7B=@7= :/ 1=<A/>3D=:3HH/ 3 :3 1=;>3B3<H3 <313AA/@73 /::/ 4=@;/H7=<3 1@3/
H7=<3 3 /443@;/H7=<3 27 <C=D3 7;>@3<27B@717 /<163 /BB@/D3@A= 7: B@/A43@7;3<B= 27 D/:=@7 3 1=;>=@B/;3<B7
7;>@3<27B=@7/:7 34471/17 ;7@/B7 /::U7<A3@7;3<B= <37 >@=13AA7 27 AD7:C>>= 31=<=;71= :=1/:3 3 <3: ;=<2= 23:
:/D=@= : A3@D7H7= 3@=5/B= ;7@/ A=>@/BBCBB= / >@=;C=D3@3 32 /11=;>/5</@3 :/ 1@3/H7=<3 23::U7;>@3A/ 7<
C< =BB71/ 27 53<3@3 /@B71=:/B= AC::U/11=5:73<H/ 3 AC::/ 1=<AC:3<H/ 5@/BC7B/ /::3 /A>7@/<B7 7;>@3<27B@717
&$($ $!!$
# & !
#( ' % & ! & $&. " #($ !$ '* !)%%$
(( * (/ $## ''
& %%$&()# (/2 !!3 # * &' (/
! &#$
!1
#(&$
$ )" #( . $# ')!
"U=073BB7D= 27 @/44=@H/@3 5:7 7<B3@D3<B7 1=<<3AA7 /::/ >@=;=H7=<3 23::U=11C>/H7=<3 43;;7<7:3 3 /::U7<1=<B@=
B@/ 2=;/<2/ 3 =443@B/ 27 :/D=@= 7< 167/D3 27 53<3@3 A=AB3<CB7 2/::U+<7D3@A7BI 27 )/:3@<= 7< ?C3AB= 1/A= 4/
:3D/ AC: @C=:= AB@/B3571= 23: R 3<B@= 27 2=1C;3<B/H7=<3 AC::/ C:BC@/ 27 3<3@3 3 :3 &/@7 %>>=@BC<7BIS
1=AB7BC7B= <3:
163 B@/ :3 /:B@3 /BB7D7BI >@=;C=D3 >@=53BB7 7<B3@</H7=</:7 1=<<3AA7 /2 /BB7D7BI 27 @713@1/
@3:/B7D3 /::= AD7:C>>= 235:7 /A>3BB7 B3=@717 23: @/>>=@B= 4@/ >/@7BI 3 27443@3<H3 /:: 7<B3@<= 23::3 B@/A4=@;/
H7=<7 AB=@71= 1C:BC@/:7 23::3 A=173BI =@<7A13 7<=:B@3 /BB@/D3@A= 7: >=@B/:3 23::3 &/@7 %>>=@BC<7BI C<= A>=@
B3::= 27 7<4=@;/H7=<3 1=<AC:3<H/ 3 =@73<B/;3<B= AC7 B3;7 1=<17:7/H7=<3 237 B3;>7 27 :/D=@= 3 27 D7B/
27@7BB7 A3@D7H7 A/:CB3 :/D=@= 1/@@73@/ 4=@;/H7=<3 4/;75:73 :357A:/H7=<3 1C:BC@/ B3;>= :703@= 311
G
7 #=:?:/:77: 05 59?1>- /:9 57 :9>5375: !-C5:9-71 :=19>1 1 7L-C5:91 05 /:9?=->?: -77- A5:719C- /:9?=:
71 0:991
: <=D3;0@3
K AB/B= 47@;/B= C< &@=B=1=::= 27 7<B3A/ B@/ 7: 7>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI 3 7: =<A75:7=
$/H7=</:3 =@3<A3
: &@=B=1=::= @7<<=D/ : 7<B3A/ 57I /DD7/B/ 1=< :/ 47@;/ 27 2C3 >@=B=1=::7 @7A>3BB7D/;3<B3 <35:7 /<<7
3
47</:7HH/B7 /::/ 2347<7H7=<3 27 C< >@=53BB= 27 ABC27= @713@1/ 3 4=@;/H7=<3 1=< : =073BB7D= 27 AD7:C>>/@3 2744=<23@3
3 D/:=@7HH/@3 :/ 1C:BC@/ 23::3 >/@7 =>>=@BC<7BI <3::3 :703@3 >@=43AA7=<7 3 7< >/@B71=:/@3 <3::/ >@=43AA7=<3 4=@3<A3
: <C=D= &@=B=1=::= 2 <B3A/ A7 1=<13<B@/ AC 2C3 /H7=<7 7< >/@B71=:/@3
P :/ :=BB/ /::3 27A1@7;7</H7=<7 0/A/B3 AC =@73<B/;3<B= A3AAC/:3 @/HH/ =@757<3 3B<71/ = 53=5@/471/ </H7=</
:7BI 1=<27H7=<7 27 27A/07:7BI 3BI @3:757=<3 1=<D7<H7=<7 >3@A=</:7 1=< >/@B71=:/@3 @743@7;3<B= /5:7 AB@C;3<B7
57C@72717 3 57C@7A27H7=</:7 27 BCB3:/
P 7: 1=<B@/AB= /2 =5<7 4=@;/ 27 D7=:3<H/ 1=<B@= :3 2=<<3
< @3:/H7=<3 / ?C3ABUC:B7;= >C<B= 7: &@=B=1=::= 7<B3<23 1=<B@70C7@3 /::/ >@=;=H7=<3 27 C</ AB@/B357/ 7<B35@/B/ 27
>@3D3<H7=<3 1=<B@/AB= 3 @7;=H7=<3 23::3 27A1@7;7</H7=<7 1=;>@3A3 BCBB3 :3 4=@;3 27 D7=:3<H/ 1=<B@= :3 2=<<3
7< ?C/<B= 7<B3A3 1=;3 5@/D7 D7=:/H7=<7 237 27@7BB7 C;/<7 3 4/BB=@3 27 =AB/1=:= /: 1=<A35C7;3<B= 23::/ >/@7BI 27
53<3@3 <=<16J 27 AD7:C>>= 32 7;>:3;3<B/H7=<3 27 @3B7 :=1/:7 >3@ :/ @7:3D/H7=<3 3 :/ >@3A/ 7< 1/@71= 237 @3:/B7D7
43<=;3<7
$3::U/;07B= 27 B/:3 &@=B=1=::= K AB/B= 3:/0=@/B= C< ;=23::= 27 >3@1=@A= 4=@;/B7D= ;C:B727A17>:7</@3 >3@ /DD=1/B7
163 7<B3<2/<= 1=<A35C7@3 C</ A>317471/ ?C/:7471/ >@=43AA7=</:3 <3::3 ;/B3@73 /BB7<3<B7 / BCBB3 :3 4=@;3 27 D7=:3<H/
1=<B@= :3 2=<<3 >3@ /447/<1/@:3 <3: >3@1=@A= 27 CA17B/ 2/::/ D7=:3<H/ "U7<7H7/B7D/ </A13 >3@ 4=@<7@3 C< D/:72= A=
AB35<= <3::3 4/A7 >7N 2C@3 23: >3@1=@A= 27 CA17B/ 2/::/ D7=:3<H/ =AA7/ ?C3::3 23: >@=1327;3<B= 17D7:3 3 >3</:3 3
B73<3 1=<B= 23::/ >/@B71=:/@3 DC:<3@/07:7BI 163 1/@/BB3@7HH/ :3 2=<<3 D7BB7;3 27 D7=:3<H/
: >3@1=@A= K D=:B= /::/ 1@3/H7=<3 27 D3@3 3 >@=>@73 */A9 =@13 "35/:7 Q 163 A/@/<<= /BB7D/B3 7< 17/A1C</ (357=<3
=<D3@53<H/ 1=<B@= =5<7 4=@;/ 27 D7=:3<H/ 3 27A1@7;7</H7=<3 R DD=1/B7 163 2743<2=<= :3 2=<<3S >@=43AA7=
<7AB7 1=;>3B3<B7 3 4=@;/B7 7< 5@/2= 27 A=AB3<3@3 :3 2=<<3 D7BB7;3 27 D7=:3<H/ : >@=53BB= @7AC:B/ >/@B71=:/@;3<B3
7<<=D/B7D= 7< ?C/<B= 7<B3<23 >@=;C=D3@3 :/ A>3@7;3<B/H7=<3 27 C< ;=23::= 27 R/2D=1/1GS 4=@;/<2= >@=43A
A7=<7AB7 7< 5@/2= 27 4/@A7 1/@71= 23::/ BCB3:/ 27 A=553BB7 230=:7 7< ?C3AB= 1/A= :3 2=<<3 D7BB7;3 27 D7=:3<H/ / ;=
B7D= 23::/ :=@= 5@/<23 DC:<3@/07:7BI /: B3;>= AB3AA= >/B@=17</<2= /BB7D/;3<B3 3 A=AB3<3<2= >C00:71/;3<B3
:3 :=@= 1/CA3
#%"
''" J
% #"%
K
: 7>/@B7;3<B= 6/ A=BB=A1@7BB= <3::U=BB=0@3 23:
C< &@=B=1=::= 27 <B3A/ 1=< 7: #7<7AB3@= 23::= )D7:C>>=
1=<=;71= >3@ :/ >@=;=H7=<3 27 /BB7D7BI B3A3 / >3@A35C7@3 5:7 =073BB7D7 23::/ >/@7BI 27 B@/BB/;3<B= 3 23::/ @7;=
H7=<3 23::3 27A1@7;7</H7=<7 <3::U/;07B= 23: &@=53BB= R 57@3 &%(
S 47</<H7/B= 1=< @7A=@A3 23: &%$
=D3@</<13 3 AA7AB3<H/ B31<71/
=073BB7D=
: &@=B=1=::= >@3D323 163 :3 /H7=<7 2/ 7<B@/>@3<23@3 D3@@/<<= @3/:7HH/B3 B@/ 5:7 /:B@7 <35:7 /;07B7 27 /BB7D7BI @3:/B7D7
/::3 A35C3<B7 B3;/B7163
P
P
P
P
P
P
P
A3@D7H7 >3@ :/ ?C/:7BI 23::/ D7B/
7;>@3<27B=@7/ 43;;7<7:3
A7AB3;7 27 D/:CB/H7=<3 7< =BB71/ 27 53<3@3
;=23::7 =@5/<7HH/B7D7 3 53AB7=</:7 1=< />>@=117= 27 53<3@3
:=BB/ /: 27A/57= A=17/:3 43;;7<7:3
>@3D3<H7=<3 3 1=<B@/AB= 23::3 27D3@A3 4=@;3 27 27A1@7;7</H7=<3
7<1:CA7=<3 A=17/:3 3 :/D=@/B7D/ 23::3 2=<<3 ;75@/<B7
: >@=53BB=
( 6/ := A1=>= 27 @/44=@H/@3 :3 1/>/17BI 3 :3 1=<=A13<H3 23::3 ;;7<7AB@/H7=<7 R23AB7</B/@73S
=>3@/<B7 <37 B3@@7B=@7 23::3 (357=<7 =<D3@53<H/ /BB@/D3@A= :U/BB7D/H7=<3 27 53;3::/557 1=< ;;7<7AB@/H7=<7 R=4
43@3<B7S =>3@/<B7 <3: B3@@7B=@7= </H7=</:3 3 1=;C<7B/@7= D=:B7 /: B@/A43@7;3<B= 27 ;3B=2=:=573 27 1=<=A13<H3 27
A7AB3;7 =@5/<7HH/B7D7 3 53AB7=</:7 7<<=D/B7D7 3 7< 53<3@/:3 27 0C=<3 >@/B7163 ;/BC@/B3 <3::U/;07B= 23::/ >@=
5@/;;/H7=<3 </H7=</:3 3 1=;C<7B/@7/
< B/:3 1=<B3AB= 7: 7>/@B7;3<B= 7< ?C/:7BI 27 /;;7<7AB@/H7=<3 </H7=</:3 27 @743@7;3<B= >3@ :3 B3;/B7163 23::3
>/@7 =>>=@BC<7BI 3 23::/ <=< 27A1@7;7</H7=<3 1==@27</ AC>>=@B/ 3 >@=;C=D3 :/ @3/:7HH/H7=<3 27 >@=53BB7 27 53
;3::/557= AC7 B3;7 27 1=;>3B3<H/
#
!" ! , "!
% "%
: 7>/@B7;3<B= >/@B317>/ /7 :/D=@7 23: =;7B/B= B31<71= 23:
23271/B= /::U/>>@=4=<27;3<B= 23::3 B3
;/B7163 @75C/@2/<B7 :/ >/@B317>/H7=<3 23::U B/:7/ /:: +<7=<3 C@=>3/ >3@ :/ 2347<7H7=<3 23: <C=D= &7/<= </H7=</:3
27 @74=@;/ >3@ :U/BBC/H7=<3 23::/ )B@/B357/ C@=>/
< B/:3 /;07B= 7: 7>/@B7;3<B= 6/ 1=<43@;/B= 7: >@=>@7=
7;>35<= <3: A=AB3<3@3 :3 7<7H7/B7D3 / 4/D=@3 23::/ 1=<17:7/H7=<3 @/44=@H/<2= 7: 1==@27</;3<B= </H7=</:3 3 >@3
D323<2= <3::3 (357=<7 :U7<27D72C/H7=<3 27 C< >@3A727= C<7B/@7= 163 @/11=@27 :3 >=:7B7163 >3@ :/ 1=<17:7/H7=<3 3
/55@3567 7< B/: ;=2= 3A>3@73<H3 3 1=;>3B3<H3 4=@;/B3A7 <3: B3;>= 3D7B/<2= C</ 4@/;;3<B/H7=<3 235:7 7<B3@
D3<B7 )7 K /:B@3AL >@=>=AB= 27 4/D=@7@3 := AD7:C>>= 27 >@=47:7 27 1=;>3B3<H3 <3::U/;07B= 23::/ 4=@;/H7=<3 3 23:
:U7AB@CH7=<3 B/:7 2/ @3<23@3 /BB@/3<B7 :3 >@=43AA7=<7 3 7 ;3AB73@7 :35/B7 /::/ 1=<17:7/H7=<3 5@/H73 /2 =>>=@BC<7
7<B3@D3<B7 <=@;/B7D7 3 @35=:/;3<B/@7 / :7D3::= @357=</:3 3 </H7=</:3 )7 7<B3<23 7<=:B@3 @/44=@H/@3 :U7;>35<= / A=
AB3<3@3 3 4/D=@7@3 ;=2/:7BI 27 >@3AB/H7=<3 27 :/D=@= 3 B7>=:=573 1=<B@/BBC/:7 4/17:7B/<B7
" !- & # !- A7/ <3:
A3BB=@3 >C00:71= A7/ 7< ?C3::= >@7D/B=
#%"
''" J
!& & !
! "%#"% & !"K I #%" %
#%" % &&
: 7>/@B7;3<B= AB/ @3/:7HH/<2= <3: 1=@A= 23::U/<<= 3C@=>3= AC::U7<D31167/;3<B= /BB7D= 7: >@=53BB= 23<=;7</B=
R#3<A A/</ 7< 1=@>=@3 A/<=S <3::U/;07B= 23: &@=5@3AA &@=5@/;;/ =;C<7B/@7= >3@ :U=11C>/H7=<3 3 :/ A=:72/
@73BI A=17/:3 : >@=53BB= 163 @75C/@2/ :3 >=:7B7163 3 5:7 7<B3@D3<B7 / 4/D=@3 27 C< 7<D31167/;3<B= A/<= /BB7D= 3
275<7B=A= A7 /@B71=:/ 1=;3 A35C3
BB7D7BI 27 @713@1/ AC::3 27443@3<H3 27 53<3@3 7< 3BI /D/<H/B/ 3 AC7 27D3@A7 /A>3BB7 >@=0:3;7 27 7;>/BB= AC 2=<
<3 3 C=;7<7 7< C</ >@=A>3BB7D/ 27 7<D31167/;3<B= /BB7D=
(7:3D/H7=<3 @7D=:B/ /: B/@53B 23::3 2=<<3 2/
/
/<<7 47</:7HH/B/ /2 7<2/5/@3 :3 3A753<H3 A>31747163 27
B/:3 B/@53B <=<16J 7 >@7<17>/:7 =AB/1=:7 /: >@=:C<5/;3<B= 23:: =11C>/H7=<3 3 A>3@7;3<B/H7=<3 @7D=:B/ /:
B/@53B 23::3 2=<<3 /<H7/<3 2/7
/<<7 7< >=7 Q D=:B/ /::/ >@=53BB/H7=<3 27 C< 13<B@= 1=;C<7B/@7= '$ !
) 163 A7 =11C>3@I 27 /44@=<B/@3 27D3@A7 /A>3BB7 :35/B7 /: 03<3AA3@3 >A71=47A71= ?C/:7 :/ A=:7BC27<3 3 /
AD=:53@3 D/@73 /BB7D7BI D=:B3 /2 /C;3<B/@3 :/ 27A>=<707:7BI 27 A3@D7H7 >3@ 5:7 /<H7/<7
347<7H7=<3 27 :7<33 5C72/ 27 >@=53BB/H7=<3 >3@ : 7<B@=2CH7=<3 23::/ >@=A>3BB7D/ 27 53<3@3 <3::3 >=:7B7163 27
7<D31167/;3<B= /BB7D= 3 A/<=
BB7D7BI 27 A3<A707:7HH/H7=<3 163 A/@/<<= AD7:C>>/B3 <3: 1=@A= 23::U7<B3@= >@=53BB= /BB@/D3@A= :/ @3/:7HH/H7=<3 27
E=@9A6=> 3 $ )' &$)% 1=< 27D3@A7 '(
$! &
!
!' %) !' #% ) &'
)
" ! , "!
"/ 1=<17:7/H7=<3 B@/ 7 B3;>7 27 D7B/ 3 27 :/D=@= @/>>@3A3<B/ C</ 23::3 >=:7B7163 163 1=<A3<B3 27 /44@=<B/@3 7< ;/
<73@/ C<7B/@7/ :/ ?C3AB7=<3 23::U=11C>/H7=<3 43;;7<7:3 3 ?C3::/ 23: :/D=@= 27 1C@/ 4/;7:7/@3 23::3 @3A>=<A/07:7BI
>3@A=</:7 3 27 ?C3::3 >@=43AA7=</:7 B@=>>= A>3AA= D7AACB3 1=;3 /<B7B3B7163 : @313<B7AA7;= @/>>=@B= )* * 27
13;0@3
@7:3D/ 163 A=<= 17@1/ ;7:7=<7
;7:/ 7:
23::/ >=>=:/H7=<3 27 @743@7;3<B= :3 >3@A=<3
163 <3:
27167/@/<= 27 >@3<23@A7 @35=:/@;3<B3 1C@/ 27 475:7 1=/07B/<B7 ;7<=@7 27 /<<7 =>>C@3 27 /:B@7 0/;
07<7 27 /2C:B7 ;/:/B7 27A/07:7 = 27 /<H7/<7
"3 2=<<3 A=<= 1=7<D=:B3 7< ?C3AB= B7>= 27 @3A>=<A/07:7BI 27 1C@/ >7N A>3AA= 235:7 C=;7<7
1=<B@= 7:
3 /<163 >3@ ?C3AB= @7AC:B/ >7N 0/AA/ :/ :=@= >/@B317>/H7=<3 /: ;3@1/B= 23: :/D=@= *@/ :3 ;/2@7 27
/<<7 :/
?C=B/ 27 =11C>/B3 K >/@7 /:
;3<B@3 B@/ 7 >/2@7 @/557C<53 7:
: 7>/@B7;3<B= >3@ :3 &/@7 =>>=@BC<7BI 6/ 1=<13@B/B= <C=D7 AB@C;3<B7 >3@ :/ 1=<17:7/H7=<3 1=< :3 (357=<7 7<
A323 27 =<43@3<H/ +<7471/B/ )B/B= (357=<7 7BBI 3 CB=<=;73 :=1/:7 A=BB=A1@7D3<2= 7:
/>@7:3
:U <B3A/
=<17:7/H7=<3 237 B3;>7 27 D7B/ 3 27 :/D=@= :/ ?C/:3 >@3D323 AC =5<7 B3@@7B=@7= @357=</:3 7<7H7/B7D3 7< 4/D=@3 23::3
2=<<3 3 235:7 C=;7<7 163 :/D=@/<= 3 <3: 1=<B3;>= AD=:5=<= 1=;>7B7 27 1C@/ 237 0/;07<7 = 23::3 >3@A=<3
/2C:B3 7< 274471=:BI
"3 @7A=@A3 >/@7 /
;7:7=<7 27 3C@= =:B@3 7:
23::3 @7A=@A3 23: =<2= >3@ :3 >=:7B7163 @3:/B7D3 /7 27@7BB7 32 /::3
>/@7 =>>=@BC<7BI A=<= AB/B3 /AA35</B3 / BCBB3 :3 (357=<7 7B/:7/<3 A31=<2= 1@7B3@7 1=<27D7A7 3 /BBC/:;3<B3 A=<=
7< >73</ 4/A3 27 /BBC/H7=<3 :3 7<7H7/B7D3 >@=5@/;;/B/
+< @C>>= 27 :/D=@= </H7=</:3 1==@27</B= 23: 7>/@B7;3<B= >3@ :3 &/@7 =>>=@BC<7BI 3 1=AB7BC7B= 2/ : 7>/@B7
;3<B= 23::/ /;75:7/ 2/7 @/>>@3A3<B/<B7 @357=</:7 23A75</B7 2/::/ =<43@3<H/ C<7471/B/ 2/::U <17 3 2/::U+& 6/
;3AA= / >C<B= C< A7AB3;/ C<7B/@7= 27 @7:3D/H7=<3 235:7 7<B3@D3<B7 3 ;=<7B=@/ :UCB7:7HH= 23::3 @7A=@A3 3 :/ @3/:7HH/
H7=<3 237 A3@D7H7 27 1=<17:7/H7=<3 >@=5@/;;/B7
@/H73 /::U <B3A/ 7< ;=:B7 B3@@7B=@7 K AB/B= @/44=@H/B= 7: A7AB3;/ 237 A3@D7H7 >3@ :U7<4/<H7/ 3A7AB3<B7 @71=<=A13<2=
C< D=C163@ /::3 4/;75:73 >3@ 7: >/5/;3<B= 237 B7193B = >3@ :U/113AA= / AB@CBBC@3 >@7D/B3 )/@235</ 3 #/@163
4/D=@3<2= :U/::C<5/;3<B= 23::U=@/@7= 27 />3@BC@/ 237 <727 ,3<3B= 3 :/ >@=53BB/H7=<3 27 C< @/H7=</:3 A7AB3;/ 27
A3@D7H7 >3@ :/ 1=<17:7/H7=<3 /A7:71/B/ U 7< 1=@A= 27 ;75:7=@/;3<B= /:B@3AL :/ @3B3 3A7AB3<B3 27 /A7:7 <72= 53AB7B/
2/7 27AB@3BB7 A=17= A/<7B/@7 "75C@7/ = 2/::/ &@=D7<13 ;7:7/ (=;/5</ 3 A7 AB/ A>3@7;3<B/<2= :U/>3@BC@/ 27 <727
7< H=<3 @C@/:7 &73;=<B3
"3 >=:7B7163 27 1=<17:7/H7=<3 @75C/@2/<= 7<=:B@3 :U/DD7= 27 /BB7D7BI 4=@;/B7D3 >3@ :3 2=<<3 /2C:B3 CA17B3 2/: ;3@
1/B= 23: :/D=@= >3@ 3A753<H3 27 1=<17:7/H7=<3 *=A1/</ 32 ;7:7/ (=;/5</ < /:B@3 (357=<7 &C5:7/ D3<5=<=
3@=5/B3 4=@;3 27 A=AB35<= /::/ 53<7B=@7/:7BI /BB@/D3@A= C</ 7<B35@/H7=<3 /: @3227B= 23::3 :/D=@/B@717 ;/2@7 7<
/AB3<A7=<3 4/1=:B/B7D/ >3@ 5/@/<B7@3 :=@= 7:
237 1=<B@70CB7 < /:B@3 /<1=@/ &73;=<B3 3 "=;0/@27/ A=<=
@71=<=A17CB7 /::3 7;>@3A3 7<13<B7D7 >3@ 4/D=@7@3 7: @73<B@= /: :/D=@= 23::3 2=<<3 4C=@7CA17B3 >3@ 7;>=AA707:7BI / 1=<
17:7/@3 D7B/ 3 :/D=@=
)3;>@3 <3::U/;07B= 23::U <B3A/ =<17:7/H7=<3 :3 (357=<7 6/<<= 7<B@=2=BB= <C=D3 ;=2/:7BI 27 >@3AB/H7=<3 27 :/
D=@= 3 B7>=:=573 1=<B@/BBC/:7 4/17:7B/<B7 /;7:G @73<2:G >@=;C=D3<2= <3: A3BB=@3 >@7D/B= 3 7< ?C3::= >C00:71=
;=23::7 =@5/<7HH/B7D7 4:3AA707:7 B3:3:/D=@= >/@B B7;3 8=0 A6/@7<5 3 8=0 @=B/B7=< >3@ :/ 1=<17:7/H7=<3 237 B3;>7
237 :/D=@/B=@7 3 23::3 :/D=@/B@717 &73;=<B3 0@CHH= *=A1/</ 3 /:1C<3 17BBI AB/<<= =@5/<7HH/<2= 5:7 =@/@7 237
A3@D7H7 1=;>/B707:;3<B3 1=< :3 3A753<H3 27 1C@/ @/>>@3A3<B/B3 2/::3 2=<<3 &C5:7/
!' %) !'
)
% &(
"!
&'%(''(%
(%"#
"U/BBC/:3 >@=5@/;;/H7=<3
@70/27A13 1=< 4=@H/ :/ AB@/B35717BI 23::3 >=:7B7163 27 1=<17:7/H7=<3 ?C/:3
AB@C;3<B= >3@ :U/443@;/H7=<3 23: >@7<17>7= 27 >/@7BI <3: ;3@1/B= 23: :/D=@=
*CBB3 :3 >=:7B7163 47</:7HH/B3 / 4/D=@7@3 :/ 1=<17:7/H7=<3 B@/ D7B/ 3 :/D=@= 27 2=<<3 3 C=;7<7 @/>>@3A3<B/<= C<=
237 1/@27<7 2/7 ?C/:7 27>3<23 :U/443@;/H7=<3 23: >@7<17>7= 27 >/@7 =>>=@BC<7BI <3: ;3@1/B= 23: :/D=@= :U C@=>/ 6/
2/ B3;>= @313>7B= B/:3 <313AA7BI D/@/<2= /<163 /BB@/D3@A= :U/H7=<3 23: =<2= A=17/:3 3C@=>3= 7<271/H7=<7 3
2=1C;3<B7 /BB7 / @7167/;/@3 :U/BB3<H7=<3 3 =@73<B/@3 :U/H7=<3 235:7 )B/B7 ;3;0@7 /: 47<3 27 7;>:3;3<B/@3 >=:7B7163
<3::U=BB71/ 23::/ 1=<17:7/H7=<3 237 B3;>7 27 D7B/ 3 :/D=@=
: 7>/@B7;3<B= /BB@/D3@A= 7: =<2= )=17/:3 C@=>3= >@3D323 :/ @3/:7HH/H7=<3 27 /H7=<7 27 A7AB3;/ 47</:7HH/B3 /
2744=<23@3 >@3AA= :3 (357=<7 =<D3@53<H/ 7<B3@D3<B7 @3:/B7D7 /: B3:3:/D=@= >/@B B7;3 8=0 A6/@7<5 0/<1/ 23:
B3;>= =@5/<7HH/H7=<3 237 B3;>7 23::3 17BBI 1=<5327 >/@3<B/:7 <=:B@3 7<B3<23 >@327A>=@@3 ;=23::7 27 7<B3@D3<B=
3 27 ;=<7B=@/557= AC: 43<=;3<= 23: ;=007<5 3 23::3 ;=:3AB73 AC7 :C=567 27 :/D=@=
&3@B/<B= /<163 7< A7<3@57/ 1=< 5:7 7<B3@D3<B7 >@=;=AA7 3 1=47</<H7/B7 1=< :3 @7A=@A3 </H7=</:7 7: 7>/@B7;3<B= 6/
1=<2=BB= />>@=4=<27;3<B7 A>3174717 D=:B7 /::U7<27D72C/H7=<3 27 0C=<3 >@/B7163 3 /::/ AC113AA7D/ 2347<7H7=<3 27
;=23::7 27 7<B3@D3<B= / 03<34717= 23::3 (357=<7 =<D3@53<H/ 7 A35C7B= A7 3D723<H7/<= :3 >@7<17>/:7 7<7H7/B7D3 >@=;=AA3
G @:91 ;=-?5/41 >@77- ;=:8:C5:91 05 -??5A5?D 591=19?5 7- /@=- 0:85/575-=1 / >/@B7@3 2/::U7<?C/2@/;3<B= B3=
@71= 23::3 >=:7B7163 27 1=<17:7/H7=<3 / :7D3::= </H7=</:3 1=< >/@B71=:/@3 @75C/@2= /: :/D=@= 27 1C@/ 2=;717:7/@3
3 2/::/ @71=5<7H7=<3 237 >@7<17>/:7 7<B3@D3<B7 /BBC/B7 2/::3 (357=<7 <3::U/;07B= 23::/ >@=5@/;;/H7=<3 1=;C<7B/@7/
A=<= AB/B7 723<B7471/B7 ;=23::7 27 /H7=<7 B@/A43@707:7 /7 B3@@7B=@7 23::/ =<D3@53<H/ 7<27D72C/<2= :3 '( %& (
/BBC/B3 7< ;/B3@7/ 2/ >/@B3 23::3 (357=<7 <3: ?C/2@= 23::/ >@=5@/;;/H7=<3 1=;C<7B/@7/ 7< /BBC/H7=<3 27 C</
AB@/B357/ C<7B/@7/ 27 A=AB35<= /::3 4/;75:73 3 A=>@/BBCBB= /::3 2=<<3 163 ;/557=@;3<B3 @7A3<B=<= 23::3 274471=:BI
27 1=<17:7/H7=<3 B@/ D7B/ >@7D/B/ 3 D7B/ >@=43AA7=</:3 : A7AB3;/ 237 A3@D7H7 27 1C@/ 2=;717:7/@3 7<4/BB7 1=7<D=:53
7< >/@B71=:/@ ;=2= :3 2=<<3 7;;75@/B3 163 =>3@/<= A>3AA= 7< 1=<27H7=<7 27 A1/@A/ BCB3:/ 3 5/@/<H7/
: &% @7B73<3 163 :U7<13<B7D/H7=<3 23: :/D=@= 27 1C@/ >CM 1=<B@70C7@3 / >@=;C=D3@3 :U=11C>/H7=<3 3 / A=AB3<3@3
:3 4/;75:73 163 <313AA7B/<= 27 A3@D7H7 27 /AA7AB3<H/ /235C/B7 / 1=<17:7/@3 7 B3;>7 D7B/ :/D=@= :B@/ /BB7D7BI 27 @7
13@1/ 163 ;3@7B/ 27 3AA3@3 ;3<H7=</B/ K ?C3::/ @3:/B7D/ /::U7<27D72C/H7=<3 27 7<7H7/B7D3 7<<=D/B7D3 27 1=<17:7/H7=<3
1=< >/@B71=:/@3 /BB3<H7=<3 /::3 27D3@A3 B7>=:=573 27 *$) & 3 /::= AD7:C>>= 27 <727 3 A3@D7H7 1=<2=;7<7/:7 27
' (( # >3@ :/ >@=;=H7=<3 27 /H7=<7 >7:=B/ AC7 B3@@7B=@7 23::/ =<D3@53<H/ "/ @713@1/ K AB/B/ 1=<2=BB/ 1=< := A1=>=
27 1=<B@70C7@3 / >@=;C=D3@3 /BB@/D3@A= :7<33 5C72/ 3 27 7<27@7HH= :U=443@B/ 27 A3@D7H7 27 AC>>=@B= 7<1@3;3<B/@3
:/ >@3A3<H/ 3 ;75:7=@/@3 :/ 53AB7=<3 3 :U=443@B/ 237 A3@D7H7 / 4/D=@3 23::/ 1CAB=27/ 237 0/;07<7 3 27 /AA7AB3<H/ /5:7
/<H7/<7 = 27A/07:7 */:3 ;=23::= 7<<=D/B7D= >CM @/>>@3A3<B/@3 C<= AB@C;3<B= 27 7<B3@D3<B= @3>:71/07:3 <3::3 (3
57=<7 23::U=073BB7D= =<D3@53<H/ <3::U/;07B= 23::/ >@=5@/;;/H7=<3 @357=</:3 23: =<2= A=17/:3 3C@=>3=
G #1=/:=>5 05 59/7@>5:91 >:/5-71 1 7-A:=-?5A- 1 05 /:9/575-C5:91 ;1= 71 01?19@?1 8-0=5 K 7<<35/07:3 1=;3 AC
A35;3<B7 >/@B71=:/@;3<B3 230=:7 23::/ >=>=:/H7=<3 43;;7<7:3 A7 >@=2C1/<= 3443BB7 27 R1C;C:/H7=<3 235:7 AD/<
B/557S 7;>=AA707:7BI 27 23:35/@3 = 1=<27D723@3 7: :/D=@= 27 1C@/ 274471=:BI 27 7<A3@7;3<B= :/D=@/B7D= 311 1=<
1=<A35C3<B3 /C;3<B= 237 1=<<3AA7 @7A167 27 ;/@57</:7HH/H7=<3 (7AC:B/ / B/: 47<3 3;0:3;/B71/ :/ @71=5<7H7=<3
D=:B/ / 1=;>@3<23@3 :/ A7BC/H7=<3 23::3 23B3<CB3 ;/2@7 3 237 @3:/B7D7 >3@1=@A7 27 7<1:CA7=<3 A=17/:3 3 :/D=@/B7D/
3 27 1=<17:7/H7=<3 163 =:B@3 / 23:7<3/@3 C< @7B@/BB= 27 ?C3AB3 2=<<3 57=D/<7 AB@/<73@3 7< ;=:B7 1/A7 1=< /:B@7
475:7 163 D7D=<= 4C=@7 2/::3 AB@CBBC@3 >3<7B3<H7/@73 1=< :U/:B@= 53<7B=@3 = /:B@7 4/;7:7/@7 3 ?C7<27 >/@B71=:/@;3<B3
3A>=AB3 / 27A1@7;7</H7=<7 ;C:B7>:3 : &% /::U3A7B= 23::= ABC27= @7B73<3 163 ;7AC@3 /:B3@</B7D3 /::/ 23B3<H7=<3 /
BCB3:/ 23: @/>>=@B= B@/ 23B3<CB3 3 475:7 ;7<=@7S A7/<= 4=<2/;3<B/:7 3 163 <313AA7B7<= 27 <C=D7 ;=23::7 =@5/<7H
H/B7D7 163 4/D=@7A1=<= :/ 1=<17:7/H7=<3 >3@ :3 2=<<3 23B3<CB3 32 7 1=@@3:/B7 >3@1=@A7 27 7<1:CA7=<3 :/D=@/B7D/ 3
@37<A3@7;3<B= A=17/:3 "U3A>3@73<H/ 235:7 AB7BCB7 27 CAB=27/ BB3<C/B/ >3@ #/2@7 23B3<CB3
# ;=AB@/
1=;3 :/ BCB3:/ 23: ;7<=@3 7< C< /;073<B3 27D3@A= 2/: 1/@13@3 B@/27H7=</:3 /007/ 3443BB7 >=A7B7D7 /<163 AC::3
;/2@7 163 <3 @7AC:B/<= @3A>=<A/07:7HH/B3 'C3AB= B7>= 27 23B3<H7=<3 A7 @7D3:/ /<163 >7N 1=<A=</ / 4/D=@7@3 :U7<
AB/C@/@A7 27 >3@1=@A7 27 7<1:CA7=<3 A=17= :/D=@/B7D/
!
"
=< :/ :3553
#7AC@3 >3@ :/ BCB3:/ 57C27H7/@7/ 23::3 >3@A=<3 1=< 27A/07:7BI D7BB7;3 27 27A1@7;7</H7=<7
A=<= AB/B7 7<B@=2=BB7 <3: <=AB@= =@27</;3<B= 5:7 AB@C;3<B7 57C@72717 72=<37 / 5/@/<B7@3 :U3443BB7D/ >/@7BI 27 B@/BB/
;3<B= >3@ :3 >3@A=<3 27A/07:7 3 / >@=;C=D3@3 :3 :=@= >/@7 =>>=@BC<7BI AA7 3AB3<2=<= / BCBB3 :3 A7BC/H7=<7 27 27
A1@7;7</H7=<3 :/ >/@B71=:/@3 BCB3:/ 57C@7A27H7=</:3 57I >@3D7AB/ >3@ :3 >3@A=<3 1=< 27A/07:7BI 163 <3 A=<= D7BB7;/
7< /;07B= :/D=@/B7D= )=<= :357BB7;/B7 /2 /57@3 7< 57C27H7= 7< 4=@H/ 27 23:35/ :3 /AA=17/H7=<7 3 5:7 3<B7 7<27D72C/B7
1=< 231@3B= 1=<57C<B= 23: #7<7AB@= >3@ :3 &/@7 %>>=@BC<7BI 3 23: #7<7AB@= 23::/ )=:72/@73BI )=17/:3 A75:/B= 7: 57C5<=
"/ :3553 7< =553BB= 6/ 7<B3A= >@=;C=D3@3 :/ >73</ /BBC/H7=<3 23: >@7<17>7= 27 >/@7BI 27 B@/BB/;3<B= 3 23::3 >/@7 =>>=@
BC<7BI <37 1=<4@=<B7 23::3 >3@A=<3 1=< 27A/07:7BI /@B :3553
/: 47<3 27 5/@/<B7@3 :=@= 7: >73<= 5=27;3<B= 237
27@7BB7 17D7:7 >=:7B717 31=<=;717 3 A=17/:7 A/<17B7 2/::U/@B 23::/ =AB7BCH7=<3 : >@7<17>7= 27 >/@7BI 27 B@/BB/;3<B= 1=;>=@B/
163 <=< >=AA/ 3AA3@3 >@/B71/B/ /:1C</ 27A1@7;7</H7=<3 27@3BB/ = 7<27@3BB/ 7< >@357C27H7= 23::3 >3@A=<3 1=< 27A/07:7BI
"
"/ (3B3 >3@ :3 &/@7 %>>=@BC<7BI @/>>@3A3<B/ C</ 23::3 /H7=<7 27 1=;C<71/H7=<3 A3<A707:7HH/H7=<3 3 2744CA7=<3
/2 /:B= 1=<B3<CB= AB@/B3571= <3::U/;07B= 235:7 7<B3@D3<B7 AC7 =<27 )B@CBBC@/:7 >@=;=AA7 2/: &%
: B/@53B / 1C7 A7 @7D=:53 K C< >C00:71= D/@735/B= 1=AB7BC7B= A7/ 2/ R/223BB7 /7 :/D=@7S ;;7<7AB@/H7=<7 @357=</:7
3 &@=D7<13 CB=<=;3 ;;7<7AB@/H7=<7 13<B@/:7 &/@B3</@7/B= 7AB7BCH7=</:3 3 A=17= 31=<=;71= 163 2/ BCBB7 1=
:=@= 17BB/27<7 =>3@/B=@7 >C00:717 = >@7D/B7 7;>@3A3 @713@1/B=@7 311 163 / D/@7= B7B=:= A=<= 7<B3@3AA/B7 2/::3 B3
;/B7163 7< =553BB=
: >@=53BB= @3/:7HH/B= 1=< 7: 47</<H7/;3<B= 23: =<2= )=17/:3 C@=>3= ) 3 23: =<2= C@=>3= >3@ := )D7:C>>=
(357=</:3
)( K C<= AB@C;3<B= 1=<13>7B= >3@ := A1/;07= 27 7<4=@;/H7=<7 27 3A>3@73<H3 >@=53BBC/:7 3 27
0C=<3 >@/AA7 4@/ 5:7 /BB=@7 23::3 >/@7 =>>=@BC<7BI 163 A7 >@=>=<3 27 3AA3@3 C</ >7/BB/4=@;/ ;C:B7;327/:3 >3@ :/
1=<27D7A7=<3 3 :/ 2744CA7=<3 27 >@=>=AB3 ;3B=2=:=57163 3 27 AB@C;3<B7 =>3@/B7D7 /BB7<3<B7 :3 >/@7 =>>=@BC<7BI
1=< >/@B71=:/@3 @743@7;3<B= /::/ >@=5@/;;/H7=<3 32 /BBC/H7=<3 237 =<27 AB@CBBC@/:7 / 1C7 A=<= 23271/B3 />
>=A7B3 A3H7=<7
: 7>/@B7;3<B= /: 47<3 27 4/D=@7@3 :/ 27DC:5/H7=<3 3 :/ B@/A43@707:7BI 23::3 3A>3@73<H3 27 AC113AA= 7< B3;/ 27 >/@7
=>>=@BC<7BI 3 <=< 27A1@7;7</H7=<3 <=<16J 27 5/@/<B7@3 :/ ;/AA7;/ D7A707:7BI 23::3 /BB7D7BI 27 @713@1/ ABC27= 3
>@=2CH7=<3 2=1C;3<B/:3 @3/:7HH/B3 6/ @313<B3;3<B3 /BB7D/B= C< A3@D7H7= 27 # +'! (( & "3 <3EA:3BB3@ 7< >/@
B71=:/@3 @/>>@3A3<B/<= C<= AB@C;3<B= 27 />>@=4=<27;3<B= 3 D3<5=<= 2744CA3 ;327/<B3 C</ />>=A7B/ " ! #
! '( 27 BCBB7 5:7 '(
$! & 3 23: >/@B3</@7/B= 31=<=;71= 3 A=17/:3 7 A35C7B= A7 >@3A3<B/<= 0@3D3;3<B3 :3 >@7<
17>/:7 B3;/B7163 B@/BB/B3
G :9/575-C5:91 A5?- 7-A:=: "/ <3EA:3BB3@ 7::CAB@/ 5:7 3A7B7 23::3 >@7<17>/:7 7<2/57<7 1=<2=BB3 2/: 7>/@B7;3<B=
<3::3 (357=<7 =<D3@53<H/ 3 23::3 7<2/57<7 7<B3@</H7=</:7 163 ;=AB@/<= 1=< 167/@3HH/ 1=;3 >3@ 3A753<H3 1=<
<3AA3 /::/ 1=<17:7/H7=<3 :3 2=<<3 @7AC:B7<= >3</:7HH/B3 <3::U/;07B= 23: 17@1C7B= 31=<=;71= >@=2CBB7D= =AB@3BB3
/ @71=@@3@3 /: >/@B B7;3 @35=:/@;3<B3 >7N 235:7 C=;7<7 :3 :/D=@/B@717 ;/2@7 6/<<= B/AA7 27 =11C>/H7=<3 >7N 0/AA7
@7A>3BB= /::3 :/D=@/B@717 A3<H/ 475:7 < B/:7/ :/ A7BC/H7=<3 23::3 ;/2@7 :/D=@/B@717 1=<B7<C/ /2 /55@/D/@A7 A=>@/BBCBB=
<3::3 (357=<7 23: #3HH=57=@<= 2=D3 7 27D/@7 =11C>/H7=</:7 B@/ 2=<<3 3 C=;7<7 A=<= /<1=@/ >7N ;/@1/B7 7 A3@D7H7
27;7<C7A1=<= 3 /C;3<B/<= 27 >@3HH= 7: :/D=@= K A3;>@3 ;3<= 5/@/<B7B= 3 >7N >@31/@7= )3<H/ 27;3<B71/@3 163
/<163 :3 1C@3 27 /<H7/<7 3 27A/07:7 ?C/A7 A3;>@3 @71/2=<= AC::3 2=<<3 "/ <3EA:3BB3@ />>@=4=<27A13 ?C3AB/ A7
BC/H7=<3 27 1@7B717BI 3 :3 /H7=<7 /BB7D/B3 2/ 7>/@B7;3<B= >3@ 1=<B@/AB/@:/
G 8;=1905?:=5- 218859571 "/ <3EA:3BB3@ />>@=4=<27A13 7: 43<=;3<= 3 7::CAB@/ :3 /BB7D7BI 7<B@/>@3A3 2/: 7
>/@B7;3<B= >3@ :3 &/@7 %>>=@BC<7BI >3@ A=AB3<3@3 :U7;>@3<27B=@7/ 43;;7<7:3 <3::3 (357=<7 =<D3@53<H/ $3: <=
AB@= &/3A3 17@1/ C< ?C/@B= 23::3 7;>@3A3 7B/:7/<3 A=<= @=A/ C< ;7:7=<3 3 ?C/BB@=13<B=;7:/ 2=<<3 6/<<= A13:B=
27 />@7@3 C</ >@=>@7/ /BB7D7BI 1=< 1/@/BB3@7AB7163 3 A>3174717BI 163 A3;0@/<= @7CA17@3 / 4@=<B3557/@3 :/ 1@7A7 31=
<=;71/ /<163 <3: #3HH=57=@<= 7M <=<=AB/<B3 >3@;/<5=<= 27D3@A3 1@7B717BI A=>@/BBCBB= <3::3 4/A7 AC113AA7D3
/::= AB/@B C> 3 <3::U/113AA= /7 47</<H7/;3<B7
G 9/7@>5:91 >:/5-71 "/ >@=5@/;;/H7=<3 3C@=>3/ >3@ 7: >3@7=2=
Q
>@3D323 7<B3@D3<B7 A>317471/
;3<B3 =@73<B/B7 /2 /C;3<B/@3 :/ 1=3A7=<3 B3@@7B=@7/:3 3 A=17/:3 ,7AB/ :/ 13<B@/:7BI 23::3 >=:7B7163 27 1=3A7=<3
A=17/:3 @7A>3BB= /::U/53<2/ </H7=</:3 32 3C@=>3/ 23: E3:4/@3 :/ <3EA:3BB3@ 23A1@7D3 :U7<B3@D3<B= 23: 7>/@B7;3<B=
/: 47<3 27 2347<7@3 32 /BBC/@3 /H7=<7 1/>/17 27 7<B3@D3<7@3 A7/ AC: A7AB3;/ 27 >@=5@/;;/H7=<3 3 53AB7=<3 23::3 >=
:71G 163 AC5:7 AB@C;3<B7 /D3<B7 C< 7;>/BB= AC7 B3@@7B=@7 27 @743@7;3<B= >3@ C</ 1=<1@3B/ 32 34471/13 7;>:3;3<
B/H7=<3 23::3 AB3AA3