Teoria e ricerca
Collana del Dipartimento di Scienze dell’Educazione
e della Formazione
UNIVERSITÀ
DEGLI
1
STUDI
DI
TORINO
Direttore
Renato Grimaldi
Comitato scientifico
Paola Borgna
Redi Sante Di Pol
Cecilia Marchisio
Claudio Masiero
Marisa Pavone
Roberto Trinchero
Comitato redazionale
Antonio Falco
Maria Grazia Patella
Per conto della Collana ha seguito la redazione di questo volume il prof.
Paolo Sibilla.
Dipartimento di Scienze dell’Educazione e della Formazione
10124 Torino – Via Gaudenzio Ferrari 9/11
Tel. +39 011 670.3164 – Fax +39 011 670.3165
www.disef.unito.it
Valentina Porcellana
In nome della lingua
Antropologia di una minoranza
Copyright © MMVII
ARACNE editrice S.r.l.
www.aracneeditrice.it
[email protected]
via Raffaele Garofalo, 133 A/B
00173 Roma
(06) 93781065
ISBN
978–88–548–1359–5
I diritti di traduzione, di memorizzazione elettronica,
di riproduzione e di adattamento anche parziale,
con qualsiasi mezzo, sono riservati per tutti i Paesi.
Non sono assolutamente consentite le fotocopie
senza il permesso scritto dell’Editore.
I edizione: ottobre 2007
Ringraziamenti
Desidero ringraziare innanzitutto Paolo Sibilla che, con generosità
intellettuale e profonda umanità, mi è guida e maestro. La mia riconoscenza e il mio ringraziamento vanno a Matilde Callari Galli che ha
segnato con la sua presenza il mio percorso di ricerca arricchendolo di
continui stimoli intellettuali e a Tullio Telmon che, con le sue lezioni
“sul campo”, mi ha trasmesso la passione per la ricerca. A Renato
Grimaldi, direttore del Dipartimento di Scienze dell’educazione e della
formazione, va la mia gratitudine per la disponibilità e la fiducia. Sono
grata inoltre a tutti i docenti, i ricercatori e gli ex dottorandi del
Ce.R.Co. dell’Università di Bergamo per i tanti e bei momenti di confronto e discussione, in particolare a Cristina Grasseni e Elena
Bougleux. Ringrazio gli organi direttivi del Ce.S.Do.Me.O. per la collaborazione e l’associazione Effepi per la sua importante attività culturale. A Enzo Vayr, Pier Paolo Giors, Ugo Ponsero e agli amici di
Giaglione va il mio grazie affettuoso per la disponibilità al dialogo e
l’entusiasmo che hanno saputo trasmettermi. A Lia Zola grazie per
l’amicizia e la complicità, a Bertilla Corti e famiglia per il calore della
loro ospitalità, alla mia famiglia astigiana e valdostana per l’incrollabile sostegno, a Nicola Prinetti, marito e compagno di vita, per tutto, con
amore.
" =CA>3DI8>=4
%FIF<;@F /@:@EF<CFEK8EF 0?8C>;>
%8DFEK8>E8<C<JL<I8GGI<J<EK8Q@FE@ EKIFGFCF>@8<D@EFI8EQ<C@E>L@JK@:?< %<(C@DG@8;@<@CKI<EF8;8CK8M<CF:@KS
0?8C>;>
*L8E;FC8C<>><;@M<EK88KKFI<JF:@8C< ";<EK@KS;<CC8DF;<IE@KS "C;FGG@FDFM@D<EKFCF:8C<>CF98C< 0?8C>;>
"J@D9FC@;<CCl@E:<IK<QQ8
&@EFI8EQ<C@E>L@JK@:?<<A4E8E0;<KE@:F "DFM@D<EK@F::@K8E@E<CJL;;<CC8I8E:@8
<E<CC<M8CC@;<CC<CG@F::@;<EK8C@
jLKFEFD@88CG@E8k 0?8C>;>+
%@E>L8<@;<EK@KS
"CEFD<;<CC8C@E>L8
/<IJFLE8>I8=@8LE@=@:8K8
/<IJFLE8:>8=P 0?8C>;>+
&8GG<<:FE=@E@C@E>L@JK@:@ .E8=<JK8G<I@C?0C>8B 0?8C>;>+
%8M8C<EQ8J@D9FC@:8;<CC898E;@<I8
%898E;@<I8=I8E:FGIFM<EQ8C< %<=8J@;<CI@KF
'854A8<4=C8181;8>6A05828 "EKIF;LQ@FE<
@E;8CC<GI@D<<JG<I@<EQ<8M<MFJ:<C
KF ;@ GI8K@:8I< LE8 JFIK8 ;@ 8EKIFGFCF>@8
;<CC8 GIFJJ@D@KS 8E:?< J< Cl8KKI@9L@I< @E
DF;F 8GI@FI@JK@:F LE8 I<8C< <J@JK<EQ8 8
HL<JK8 HL8C@KS GL^ <JJ<I< @E>8EE<MFC< <
=LFIM@8EK< G<I:?W X =8:@C< J:FGI@I< E<CC<
=8J@ @E@Q@8C@ ;<C :FEK8KKF =FID< ;@ CK<I@KS
@EJFJG<KK8K<
)8FCF,@9@CC8G
" j"F < CFIFk X @C :8G@KFCF :?< 8GI< @C MFCLD< ;@ L8CK@<IF !8II@JFE
;<;@:8KF8CC8D@EFI8EQ88I9ZI<J?jCFIFkG<I!8II@JFEJFEFC<:FDL
E@KS ;@ C@E>L8 8C98E<J< ;<CCl"K8C@8 D<I@;@FE8C< 8II@M8K< @E "K8C@8 8
G8IK@I<;8C1/J<:FCF:?<I8GGI<J<EK8EFeLE8;<CC<D@EFI8EQ<<KE@:F
C@E>L@JK@:?< ;<C EFJKIF )8<J< D8 EFE ;@ HL<CC< =8DFJ< ;@=<J< <
:F::FC8K<f
E:?l@F ?F ;<:@JF ;@ F::LG8ID@ ;@ LE >ILGGF ;@ jCFIFk J@D@C< 8
HL<CCF;<J:I@KKF;8!8II@JFELE>ILGGF;@D@EFI8EQ8C@E>L@JK@:8GF:F
e=8DFJF ;@=<JF < :F::FC8KFf @ G8IC8EK@ =I8E:FGIFM<EQ8C< ;<CC< M8CC@
8CG@E<G@<DFEK<J@
8C@G8IC8EK@=I8E:FGIFM<EQ8C<:FJ[:FD<C<eGFGFC8Q@FE@8C
98E<J@:8K8C8E<><ID8E@:?<>I<:?<JCFM<E<<:IF8K<<HL<CC<G8IC8EK@
@C=I8E:<J<@C=I@LC8EF@CC8;@EFClF::@K8EF<@CJ8I;FfJFEF:FEJ@;<I8
K@;8CCF,K8KF@K8C@8EFLE8D@EFI8EQ8C@E>L@JK@:8JKFI@:8C8:L@C@E>L8X
KLK<C8K8
"C K<ID@E< =I8E:FGIFM<EQ8C< X LEl<K@:?<KK8 C@E>L@JK@:8 :?< @C
>CFKKFCF>F I8Q@8;@F "J8@8 J:FC@ :FE@^ E<C HL8E;F @E;@M@;L^
!++",('G
%l8IK@:FCF;<CC8%<>><@:<D9I<E
j'FID<@ED8K<I@8;@KLK<C8;<CC<D@
EFI8EQ< C@E>L@JK@:?< JKFI@:?<k I<:@K8 e"E 8KKL8Q@FE< ;<CCl8IK@:FCF ;<CC8 FJK@KLQ@FE< < @E
8IDFE@8:FE@GI@E:[G@><E<I8C@JK89@C@K@;8>C@FI>8E@JD@<LIFG<@<@EK<IE8Q@FE8C@C8+<GL99C@:8
KLK<C8C8C@E>L8<C8:LCKLI8;<CC<GFGFC8Q@FE@8C98E<J@:8K8C8E<><ID8E@:?<>I<:?<JCFM<E<<
:IF8K<<;@HL<CC<G8IC8EK@@C=I8E:<J<@C=I8E:FiGIFM<EQ8C<@C=I@LC8EF@CC8;@EFClF::@K8EF<@C
J8I;Ff
"EEFD<;<CC8C@E>L8
:8I8KK<I@:FDLE@E<CC<G8IC8K<;@8C:LE@;@G8IK@D<EK@=I8E:<J@>C@8KKL8C@
%F@I< +?_E< ,8_E<i<Ki%F@I< FL9J #LI8 @E !8LK<i,8MF@< ,8
MF@<"JXI<I_D<;<@:8EKFE@JM@QQ<I@;@'<L:?TK<C/8L; <EXM<
I@9FLI> < /8C8@J < ;<CC< M8CC@ 8CG@E< @K8C@8E< :FDGI<J< KI8 C8 /8CC<
;lFJK8<C8/8C,8E>FE<@E)@<DFEK<
"E D8E:8EQ8 ;@ LE <IF< < 8EK<E8KF =FE;8KFI< :FD< @C :FE;FKK@<IF
@FI>@F8JKI@FK8,:8E;<I9<>G<I >C@I9ZI<J?<@G8IC8EK@=I8E:FGIF
M<EQ8C< F 8CD<EF >C@ @EK<CC<KKL8C@ CF:8C@ ;<CC< :FDLE@KS I@:FEFJ:FEF@E I8Q@8;@F"J8@8J:FC@:FCL@:?<C@?8J:FG<IK@<j98K
K<QQ8K@k
.E8EK<E8KF:FDLE<J<IM<8I@:FJKIL@I<Cl<GFG<8;<C>ILGGF
8:<D<EK8I<Cl@;<EK@KS:FCC<KK@M88J<EK@IJ@:FDLE@KS
&8@CGIF9C<D88C
:<EKIF;<CC8I@=C<JJ@FE<XGIFGI@FHL<JKF:FCFIF:?<G8IC8EFLE8;<CC<
M8I@8EK@ C@E>L@JK@:?< =I8E:FGIFM<EQ8C@ GFJJFEF ;<=@E@IJ@ :FDLE@KS J@JKFEFLE8@;<EK@KS<LE8:LCKLI8=I8E:FGIFM<EQ8C@
%8JKFI@8<C8C@E>L@JK@:8G8@FEF;8I<I@JGFJK8E<>8K@M88HL<JK<;F
D8E;< @C ;FD@E@F C@E>L@JK@:F ;<CC< G8IC8K< =I8E:FGIFM<EQ8C@ EFE ?8
D8@M@JJLKFLE;<JK@EFGFC@K@:F<:FEFD@:F<JF:@8C<LE@K8I@F<C8C@E
>L8X=I8EKLD8K8@ELE8D@I@8;<;@M8I@8EK@CF:8C@
%l8EKIFGFCF>@8 G<I^ JKL;@8E;F C< I8GGI<J<EK8Q@FE@ :?< ClLFDF
:I<8G<IM@M<I<E<CDFE;FGL^;@J<>E8I<LEG8EFI8D8;@M<IJF
)8I<
:?<GIFGI@F>I8Q@<8CC8J:FG<IK8;@J:FC@<8CC8;@==LJ@FE<;@LEEFD<
LE@=@:8EK< @ ;@M<IJ@ >ILGG@ =I8E:FGIFM<EQ8C@ ;8GGI@D8 @E:FEJ8G<MFC@
;@ G8IC8I< @;@FD@ J@D@C@ 899@8EF C<EK8D<EK< @E@Q@8KF LE GIF:<JJF ;@
GI<J8 ;@ :FJ:@<EQ8 :?< J<D9I8 8M<IC@ GFIK8K@ F>>@ 8 G<EJ8IJ@ :FD<
LEl<KE@8KI8EJE8Q@FE8C<
"E@Q@8E;F8:FE=IFEK8IJ@KI8CFIFJL@K<D@;<CC8
C@E>L8?8EEFI@:FEFJ:@LKF;@:FE;@M@;<I<LE8D9@<EK<:FDLE<HL<CCF
8CG@EF<HL@E;@LE8J<I@<;@GIF9C<D@C<>8K@8CC8JFGI8MM@M<EQ8@ELE
K<II@KFI@FD8I>@E8C<<JG<JJF@E><E<IFJF
(>>@DFCK@j=I8E:FGIFM<EQ8
C@k G<EJ8EF 8 LE8 98E;@<I8 8 LE @EEF 8 LE8 E8Q@FE< ;@J<>E8K8 JLCC<
D8GG<8;LE8:>8=PC@E>L@JK@:8FCKI<:?<8;LE8>I8=@8LE@=@:8K8
G8IK@I<;8C8GF:?@8EE@;8CCl8GGIFM8Q@FE<;<CC8C<>><@K8
C@8E8;@KLK<C8;<CC<D@EFI8EQ<C@E>L@JK@:?<JKFI@:?<?FM@JKF:FJK@KL@IJ@
E<CC< M8CC@ =I8E:FGIFM<EQ8C@ G@<DFEK<J@ LE DFM@D<EKF :?< M8 FCKI<
Cl@EK<I<JJ< :LCKLI8C<
&@ JFEF :?@<JK8 ;@ HL8C< E8KLI8 GFK<JJ< <JJ<I<
HL<JKFDFM@D<EKFHL8C<E<=FJJ<@CJ<EJF HL8C< @DGFIK8EQ8GFK<JJ<
I@M<JK@I<G<I@G8IC8EK@<G<I:?W:@=FJJ<@ECFIFCl<J@><EQ8;@I@G<EJ8I<
C8GIFGI@8@;<EK@KS
"EKIF;LQ@FE<
%8)IFM@E:@8;@-FI@EF8:L@C8C<>><?8;<D8E;8KF@C:FDG@KF;@
;<C@D@K8I< Cl8D9@KF K<II@KFI@8C< ;<CC< GIFGI@< D@EFI8EQ< ?8 GFJKF @C
j)IF><KKFJKI8K<>@:FC@E>L<<:LCKLI<D@EFI@K8I@<kKI8>C@F9@<KK@M@:LC
KLI8C@ < GFC@K@:@ GI@FI@K8I@
8 HL<C DFD<EKF C< GFJJ@9@C@KS ;8K<
;8CCl8KKL8Q@FE<;<CC8C<>><<C8:8G@CC8I<8KK@M@KSJLCK<II@KFI@F;<>C@L=
=@:@ GIFM@E:@8C@ ?8EEF @EE<J:8KF LE GIF:<JJF ;<:@J@MF G<I @C
DFCK@GC@:8IJ@;@@E@Q@8K@M<8JFJK<>EF;<@>ILGG@;@D@EFI8EQ8C@E>L@JK@
:8:FDGI<J@HL<CC@=I8E:FGIFM<EQ8C@
I8Q@<8;LE@EK<IM<EKF<JK<IEF
J@X8MM@8KFHL@E;@LEGIF:<JJF;8@I@JLCK8K@@E:<IK@:?<K<EK8;@JFMI8G
GFII<@C:8DGFGFC@K@:F8C:8DGF:LCKLI8C<
"CM<EK8>C@F;@@EK<IM<EK@8KK@M89@C@J<:FE;FC8C<>><E8Q@FE8C<@D
GC@:8 C8 G8IK<:@G8Q@FE< ;@ ELFM@ 8KKFI@ :?< ?8EEF @E@Q@8KF 8;
@EK<I<JJ8IJ@8CK<D8;<CC<D@EFI8EQ<C@E>L@JK@:?<K<EK8E;F;@LJL=IL@I<
;<@=@E8EQ@8D<EK@8;<JJ8C<>8K@
"EGF:?@8EE@C<@E@Q@8K@M<8KLK<C8;<C
C< D@EFI8EQ< GI@D8 8GG8EE8>>@F ;@ GF:?< 8JJF:@8Q@FE@ :LCKLI8C@ <
;<CC<LE@M<IJ@KSJ@JFEF;@M<IJ@=@:8K<<JFGI8KKLKKFDFCK@GC@:8K<
8C?F@E@Q@8KF8J<>L@I<C<@E@Q@8K@M<:?<C8)IFM@E:@8@E8:
:FI;F :FE @C @G8IK@D<EKF ;@ ,:@<EQ< ;<C %@E>L8>>@F ;<CCl.E@M<IJ@KS
;@ -FI@EF ?8 GI<M@JKF JLC K<D8 ;<CC< D@EFI8EQ< C@E>L@JK@:?< GI<J<EK@
JLCJLFK<II@KFI@F
'<CEFM<D9I<XJK8KFFI>8E@QQ8KFLEJ<D@E8I@F
8 I@:FI;F ;<@ M<EKl8EE@ ;8CC8 :FJ@;;<KK8 j+@JFCLQ@FE< I=Wk C8 GI@D8
I@JFCLQ@FE<;<C)8IC8D<EKF<LIFG<F8KLK<C8;<CC<D@EFI8EQ<<KE@:?<<
C@E>L@JK@:?<8GGIFM8K8@CFKKF9I<
%l8EEFJL::<JJ@MFC8)IF
M@E:@8 < Cl.E@M<IJ@KS ;@ -FI@EF ?8EEF FI>8E@QQ8KF @C :FEM<>EF
j&@EFI8EQ<C@E>L@JK@:?<GIFJG<KK@M<G<IClFG<I8K@M@KS;@LE8C<>><k8C
%8C<>><GI<M<;<@EE8EQ@KLKKF:?<@FDLE@GFJJ8EFGIF:C8D8IJ@@E98J<8<C<D<EK@JKF
I@:@ 8GG8IK<E<EK@ 8; LE8 D@EFI8EQ8 C@E>L@JK@:8 :FEJ<EK< :?< C8 C@E>L8 D@EFI@K8I@8 J@8
LK@C@QQ8K8 E<CC< J:LFC< :FD< C@E>L8 ;@ @EJ<>E8D<EKF < :?< C< LE@M<IJ@KS @JK@KL@J:8EF :FIJ@ ;@
C@E>L8<:LCKLI8;<CC<D@EFI8EQ<
%8C<>><GIFDLFM<ClLK@C@QQF;<CC8C@E>L8;@D@EFI8EQ8E<CC8
M@K8 8DD@E@JKI8K@M8 E<>C@ L==@:@ < E<>C@ JGFIK<CC@ GL99C@:@ :FE:<;< =@E8EQ@8D<EK@ G<I
Cl<;@KFI@8G<I>C@FI>8E@;@JK8DG8G<IC<<D@KK<EK@I8;@FK<C<M@J@M<8:8I8KK<I<GL99C@:F<GI@
M8KF:?<LK@C@QQ@EFLE8;<CC<C@E>L<8DD<JJ<8KLK<C8<G<IC<8JJF:@8Q@FE@:?<899@8EF:FD<
=@E8C@KSC8J8CM8>L8I;@8;<CC<D@EFI8EQ<C@E>L@JK@:?<
)I<M<;<C8:I<8Q@FE<;@@JK@KLK@G<IC8KL
K<C8;<CC<KI8;@Q@FE@C@E>L@JK@:?<<:LCKLI8C@D@EFI@K8I@<FC8:FJK@KLQ@FE<;@J<Q@FE@8LKFEFD<
;<CC<@JK@KLQ@FE@:LCKLI8C@CF:8C@>@S<J@JK<EK@
8MFI@J:<@EFCKI<C8:FFG<I8Q@FE<KI8EJ=IFEK8C@<I8
<@EK<II<>@FE8C<8E:?<E<CCl8D9@KF;<@GIF>I8DD@;<CCl.E@FE<<LIFG<8
!0)DC4;034;;4;8=6D4<8=>A8C0A840
0==830;;0A8B>;DI8>=4A5PKK@;<CJ<D@E8I@F
-FI@EFEFM<D9I<)IFM@E:@8;@-FI@EF-FI@EF
"EEFD<;<CC8C@E>L8
HL8C< G8IK<:@G8IFEF 8::8;<D@:@ 8DD@E@JKI8KFI@ @EJ<>E8EK@ ;8 DFCK<
I<>@FE@@K8C@8E<<JKI8E@<I<<@I8GGI<J<EK8EK@;<CC<8JJF:@8Q@FE@CF:8C@
'<CCl<JK8K<D@XJK8KFGIFGFJKF;@:FCC89FI8I<:FD<I@:<I:8KI@
:< 8C ,(&( @C <EKIF ,KL;@ F:LD<EK8Q@FE< &<DFI@8 (I8C<
E8KF;8CCl@EK<J8JK@GLC8K8E<CEFM<D9I<KI8C8)IFM@E:@8;@-FI@
EF@CFDLE<;@ @8>C@FE<;FM<?8J<;<@C<EKIF@C@G8IK@D<EKF;@
,:@<EQ< ;<C %@E>L8>>@F ;<CCl.E@M<IJ@KS ;@ -FI@EF < ;L< FDLE@KS
&FEK8E<CK8/8CC<;@,LJ88JJ8/8CC<;@,LJ8</8C<E@J:?@8
"C
<EKIF,KL;@?8CFJ:FGF;@J8CM8>L8I;8I<C8D<DFI@8:FCC<KK@M8;<CC<
KI< :FDLE@KS 8CCF>CFKK< >8CCFIFD8EQ< ;<CC8 GIFM@E:@8 ;@ -FI@EF =I8E
:<J< =I8E:FGIFM<EQ8C< < F::@K8E8 I8::F>C@<E;F FI;@E8E;F
8I:?@M@8E;F<I<E;<E;F;@JGFE@9@C<F>E@8JG<KKF;<CC8:LCKLI8M<@:FC8K8
;8CC<C@E>L<;@D@EFI8EQ8
!F8::<KK8KFC8GIFGFJK8JG<I8E;F;@GFK<ID@>@FM8I<;@LEGLEKF;@
FJJ<IM8Q@FE<GI@M@C<>@8KF:?<D@G<ID<KK<JJ<;@DFE@KFI8I<:FEK<DGF
I8E<8D<EK<C< :FDLE@KS @CDFE;F8JJF:@8K@MF =I8E:FGIFM<EQ8C< < >C@
8DD@E@JKI8KFI@CF:8C@:?<JG<JJF:F@E:@;FEF:FEHL<CC@:?< L8CK@<IF
!8II@JFE :?@8D8 >C@ j@EK<CC<KKL8C@ CF:8C@k E<CC< CFIF I<C8Q@FE@ :FE >C@
8DD@E@JKI8KFI@GIFM@E:@8C@
"C<EKIF,KL;@J@XI@M<C8KFG<ID<LECLF>F;@8<?A46=0I8>=4J<
:FE;F Cl<JGI<JJ@FE< ;@ #<8Ei)@<II< (C@M@<I ;< ,8I;8E @DD<IJ8 E<C
HL8C< EFE ?F 8MLKF 9@JF>EF ;@ =@CD8I< GI<E;<I< 8GGLEK@ < 8EEFK8I<
KLKKF:@^:?<M<;<MFGF@:?W?F=8D@C@8I@QQ8KF:FE@C:FEK<JKF<?FM@J
JLKF C8 J@KL8Q@FE< ;8CCl@EK<IEF 8:HL@J<E;F >C@ JKILD<EK@ G<I
;<:F;@=@:8IC8
"EI<8CKSJG<JJFFCKI<8;FJJ<IM8I<JFEFJK8K8F>><KKF;@
FJJ<IM8Q@FE<<;@FJJ<IM8Q@FE@;8G8IK<;@@E=FID8KFI@<;@@EK<CC<KKL8C@
CF:8C@D8:FD<;@:<C8L;<%WM@i,KI8LJJClFJJ<IM8KFI<X<>C@JK<JJF
G8IK< ;<CClFJJ<IM8Q@FE< < ;LEHL< EFE GL^ JFKKI8IJ@ 8 HL<JKF >@F:F ;@
J>L8I;@@E:IF:@8K@
"8=>A0=I4;8=6D8BC8274?A>B?4CC8E4?4A;_>?4A0C8E8CL38D=0;4664=A82>A3>38ACDA>
4=A4CC834;2>=E46=>8=C4A=0I8>=0;4%8EQF-
J<iD8IQF)IFM@E:@8;@-FI@EF
-FI@EF
/
)(+%%' *= 24=CA> 38 3>2D<4=C0I8>=4 0 CDC4;0 34;;0 <4<>A80 >A0;4 8;
4(>"4$38806;8>=4@Ee%""
%@E>L<<@;@FD@;l"K8C@8fGG
i
#
i)
(%"/"+,+'!0?>;8C8@D43DC4AA08=BDA;0?A>3D2C8>=34B3>==O4B4=0=
C7A>?>;>684@EeEHLYK<fGG
i
"EKIF;LQ@FE<
&@JFEFJG<JJFJ<EK@K8:FD98KKLK8KI8;L<ILFC@HL<CCF;@8EKIFGF
CF>8 @DG<>E8K8 JLC :8DGF < HL<CCF ;@ I@:<I:8KI@:< ;<C <EKIF JKL;@
FD<I@:<I:8KI@:<;<C ,(&(G8IK<:@G8E;F8:FEM<>E@:FE=<I<E
Q<<;@98KK@K@@EG@`F::8J@FE@D@XM<ELK8C8K<EK8Q@FE<G<I;@=<E;<I<
C8jM<I@KS;<CC8J:@<EQ8k;@@EK<IM<E@I<G<I:FE=LK8I<8C:LE<K<FI@<JLC
C< D@EFI8EQ< C@E>L@JK@:?< :?< J<EK@MF GIFGFII<
&8 @C D@F ILFCF ;@
8EKIFGFCF>8jJLC:8DGFk?8J<DGI<GI<M8CJFI@:FI;8E;F@CDFE@KF;@
C<JJ8E;IFLI8EK@G<I:L@>C@<KEF>I8=@EFE;<MFEF;@M<EK8I<;<@?0A
C428?0=C82><?;4C8D8;<MFEF<JJ<I<B?4CC0C>A8F0B2>;C0C>A820BD0;8
38?A>54BB8>=4
%lj8EKIFGFCF>8k ?8 @EFCKI< :<I:8KF ;@ GI<M8C<I< JLCC8 jG<IJFE8k
JG<JJFJ<EQ8I@LJ:@I:@G<I:?W:FD<I@:FI;8)?@C@G8IC,8CQD8E
F99@8DF8==IFEK8I<Cl@D98I8QQF@CI@JFCFJ:?<IEFCl@E;@==<I<EQ8<C8I89
9@8 8::<KK8IC@ < ><JK@IC@ ;8 G<IJFE< :FDLE@ < JLG<I8IC@ ;8 8EKIFGFCF>@ G<I
8GG@8E8I<C8J@KL8Q@FE<<JK@DFC8I<@EFJKI@@E=FID8KFI@G<IFKK<E<I<;8K@LK@C@
8CC8EFJKI8I@:<I:8
%8M@K8;@:?@=8I@:<I:8JLC:8DGFX=FIK<D<EK<K<C<FCF>@
:8 @E;@I@QQ8K8 8; LE =@E< JG<:@=@:F D@I8K8 :FE LE8 M<E8KLI8 ;@ ;@J8>@F J@8
:LCKLI8C<:?<JF:@8C<
)<IHL8J@KLKK8C8;LI8K8;<CD@F:8DGF?F:<I:8KF;LEHL<;@@EK<I
GI<K8I< C8 G8IK< ;<CCl0B2>;C0C>A4 20BD0;4 ;<CCF JG<KK8KFI< 8KK<EKF :?<
;FM<M8<JJ<I<@JKIL@KFJL:@^:?<CF:@I:FE;8M8
"EG@`;@LElF::8J@FE<
?FJ<EK@KFCl@D98I8QQF;@@E:8IE8I<@C68DBC>2>=C46=>;<CG8IK<:@G8EK<
D8I>@E8C<
-IFM8I<@C?D=C>2842>;8CHL8C<FJJ<IM8I<<:FEK<DGFI8
E<8D<EK<M@M<I<C8J@KL8Q@FE<EFEXJK8KFJ<DGI<=8:@C<JG<:@8CD<EK<
E<>C@LCK@D@D<J@;<CC8I@:<I:8HL8E;FD@XJK8KF:FE:<JJFLEELFMF
ILFCFHL<CCF;<CCl<JG<IKF:?<;<M<@EJ<>E8I<:@^:?<?88GGI<JF;FGF
LECLE>F8GGI<E;@JK8KF
"EFCKI< Cl@E:FEKIF :FE @ >ILGG@ ;@ C@E>L8 =I8E:FGIFM<EQ8C< D@ ?8
:FJKI<KKF 8 I@=C<KK<I< JLCCF BC0CDB ;@ D@EFI8EQ8 JLC jJ<EK@IJ@ @E G<I@=<
I@8k<JGI<JJF;8DFCK@DFEK8E8I@JLCG<I:<G@IJ@:FD<:FCFE@QQ8K@;8CC8
D<EK8C@KS :@KK8;@E8
&@ ?8 :FJKI<KKF 8 I@G<EJ8I< 8CC< D@< GFJ@Q@FE@ JL
8C:LE@K<D@:FD<C<>I8E;@FG<I<GL99C@:?<C8C@E<8=<IIFM@8I@88;8C
.+'-"
)
,%3&'!>BCA0=84A>B>;8C0A8>=4;2D>A438C4=41A00CC84<8B50CC834;;0E>20
I8>=40=CA>?>;>6820@E.
"--"G
.+'-"
"EEFD<;<CC8C@E>L8
K8M<CF:@KSXGI<M@JK8GIFGI@F@E/8C,LJ8FC<I@:8;LK<@E8I<88CG@E8
;<CC<(C@DG@8;@@EM<IE8C@;@-FI@EF:?<C8:@KKS?8M@JJLKF:FD<
LE8>I8E;<FGGFIKLE@KS;@JM@CLGGFD8C8DFEK8>E8
"C:FEK8KKFGIF
CLE>8KF :FE >C@ @E=FID8KFI@ < JFGI8KKLKKF :FE >C@ @EK<CC<KKL8C@ CF:8C@
8EQ@:?W8@LK8ID@8;8M<I<LEHL8;IFG@`:?@8IF;<CC8J@KL8Q@FE<D@?8
JG<JJF:I<8KF;<@;L99@JLCC8:FII<KK<QQ88E:?<<K@:8;<CC8D@8FJJ<I
M8Q@FE< G8IK<:@G8EK< < JLCClFGGFIKLE@KS ;@ GL99C@:8I< @ ;8K@ ;8 D<
I8::FCK@
!F :8G@KF 8 D@< JG<J< :@^ :?< @EK<E;< &8K@C;< 8CC8I@ 8CC@
HL8E;FJ:I@M<:?<Cl8EKIFGFCF>FEFEGL^G@`:FEJ@;<I8I<C8I@:<I:8JLC
:8DGF<JKI8E<88CC<JL<J:<CK<<J@JK<EQ@8C@<JF:@FGFC@K@:?<
,<;8LE8G8IK<Cl@E=FID8KFI<EFEXG@`;@JGFJKF8=8IJ@>664CC8E8I
I0A4;8CCl8CKI8Cl8EKIFGFCF>F;<M<DLK8I<@CJLF@DG<>EFG8JJ8E;F;8
FJJ<IM8KFI< 8 @EK<IGI<K< ;<CC< ;@M<IJ< MF:@ :?< I8::F>C@< JLC :8DGF
/F:@ :?< HL8J@ D8@ C8J:@8EF @E;@==<I<EK@
&@ JFEF J<EK@K8 M@:@E8 8CC<
I@:?@<JK< ;<@ j=I8E:FGIFM<EQ8C@k JFC@;8C< E<CC8 I@M<E;@:8Q@FE< ;@ 8K
K<EQ@FE< G<I C8 DFEK8>E8 < G<I @ JLF@ 89@K8EK@
,G<JJF G<I^
8CCl<DG8K@8J@XJFMI8GGFJK8C8;<CLJ@FE<E<CJ<EK@ID@I@=@LK8K8;88C:L
E@@E=FID8KFI@@EHL8EKFjLE@M<IJ@K8I@8k<j:@KK8;@E8k
*L8J@@E<M@K89@CD<EK<EF@I8GGI<J<EK@8DF;<>C@<JKI8E<@D8I>@E8C@@E:FD
G<K<EK@ >F==@ J>8I98K@ < JG<JJF =LFI@ CLF>F
JJ<I< LE <JKI8E<F G<I LE
8EEF;<CC8GIFGI@8M@K8EFEXJ<DGC@:<HL8EKFJ8I<99<G@`G@8:<MFC<<JJ<I<
LED<D9IF8::<KK8KF8E:?<J<G@LKKFJKFJ@E>FC8I<F8CD<EFLEFJG@K<FEFI8
KF @ MLFC< G8I<::?@8 I<J@JK<EQ8 G<I 8==IFEK8I< C8 :FE;@Q@FE< ;<CCl<JKI8E<F
D8I>@E8C<
8CC< G8>@E< ;<@ D8EL8C@ C8 GI8K@:8 8EKIFGFCF>@:8 8GG8I< :FD<
LEl<JG<I@<EQ88MM<EKLIFJ8G<IC8HL8C<98JK<I<99<J:<>C@<I<LE:8DGF
HL8C:?<@E=FID8KFI<I<>@JKI8I<@EK<IM@JK<FJJ<IM8I<8EEFK8I<<8E;8I
J<E<G<IJ:I@M<I<LEI<JF:FEKF
,FCFC<>><E;F@;@8I@;<>C@8EKIFGFCF>@
G@` :?< C< CFIF DFEF>I8=@< J@ J:FGI< :?< E<JJLEF ;@ HL<JK@ G8JJ8>>@
8MM@<E<@EDF;F@E;FCFI<
:FJ[XJK8KF8E:?<G<ID<
-I8 @ GIF9C<D@ :?< EFE 8M<MF GI<M@JKF 8C DFD<EKF ;@ 8::<KK8I<
Cl@E:8I@:F8C<EKIFJKL;@:lXJK8K8C8;@==@:FCKS8jLJ:@I<;8C:8DGFk
"C
D@F@DG<>EFGI<JJF@C ,(&(?8I<JFDFCKF:FDGC<JJF<=8K@:FJF
&
%%+" %%"
)
,%3&'@E.
"--"G
"EKIF;LQ@FE<
@CGIF:<JJF;@;@JK8::FE<:<JJ8I@FG<IC8J:I@KKLI8<KEF>I8=@:8
"EFCKI<
J<EKF C8 I<JGFEJ89@C@KS ;<CC8 J:I@KKLI8 :FD< <M@K8I< ;@ :8;<I< E<CC8
582C8>= FD< I@:FJKIL@I< @ =8KK@ @E D8E@<I8 F9@<KK@M8 'FE X J<DGI<
=8:@C<<M@K8I<@C:F@EMFC>@D<EKF<DFK@MFJ@8JLC:8DGFJ@88CDFD<E
KF;<CC8I@<C89FI8Q@FE<;<@;8K@
!F K<DLKF ;@ :8;<I< E<CC8 582C8>= 8E:?< G<I LE 8CKIF DFK@MF 9<E
;<J:I@KKF;8I@JK@E8+FJJ@
'<C:FIJF;<CC8I@:<I:8ClFJJ<IM8KFI<G8IK<:@G8EK<GIFM8JFM<EK<8E:?<LE;@
J8>@F;@K@GF@EK<CC<KKL8C<JLC:8DGF:8G@K8EFE;@I8;F;@<JJ<I<8JJ8C@K@;8
;L99@ @E<I<EK@ C8 G<IK@E<EQ8 ;<C GIFGI@F DF;F ;@ GIF:<;<I< < ;<CClF>><KKF
JK<JJF;@I@:<I:8:FJ[:FD<Cl899@8DF:FJKIL@KF
@J@:?@<;<@EJFDD8J<:@^
:?<J@JK8=8:<E;F?8LEjJ<EJF8EKIFGFCF>@:FkJ<@CGIFGI@F8>@I<XjFIKF;FJ
JFk J< >C@ J:FG@ :FEFJ:@K@M@ GI<=@JJ8K@ ?8EEF ;8MM<IF LE8 C<>@KK@D@KS
:FEFJ:@K@M8
,LCC8G<IK@E<EQ8;<CD@FF>><KKF;@JKL;@FC8:FJKILQ@FE<@;<EK@
K8I@8 ;@ LE >ILGGF ;@ D@EFI8EQ8 C@E>L@JK@:8 D@ JFEF @EK<IIF>8K8
JG<JJFJFGI8KKLKKFG<I:?W@J<>E@;<CC8I@M<E;@:8Q@FE<@;<EK@K8I@8KI8@
>ILGG@ =I8E:FGIFM<EQ8C@ G@<DFEK<J@ JFEF ;<9FC@ 8GG<E8 899FQQ8K@
J<EQ8G8JJ8KF<:FELE=LKLIF@E:<IKF
'FE;@D<EF8CC8CL:<;<@G@`I<
:<EK@ JKL;@ ;@ 8EKIFGFCF>@8 GFC@K@:8 :?< J@ JFEF :FE:<EKI8K@ ;8 LE8
G8IK< JLC J@D9FC@JDF ;<C GFK<I< < ;<CC< I<C8Q@FE@ GFC@K@:?< ;8CCl8CKI8
JLCC<;@E8D@:?<;<CCl<KE@:@KS<JL@GIF:<JJ@;@:FJKILQ@FE<;<CC<@;<EK@KS
:FCC<KK@M<:<I:?<I^;@:?@8I@I<C8E8KLI8;@HL<JK@DFM@D<EK@<;@8E8
C@QQ8I<C<8Q@FE@8KKI8M<IJFC<HL8C@JFEF<JGI<JJ@
$ I<;F:?<@GIF9C<D@8@HL8C@?F=8KKFI@=<I@D<EKFJ@EFI8J@8EF:FE
;@M@J@;8:?@:FD<D<J@XKIFM8KF8=8I<I@:<I:88j:8J8GIFGI@8k
&8
X;8MM<IFj:8J8GIFGI@8kLECLF>F@E:L@J@X:FEJ@;<I8K@<JKI8E<@<@E
:L@J<IMFEF8EE@G<IK<JJ<I<LE8;@J:I<K8I<K<;@I<C8Q@FE@)@<I)8FCF
/@8QQF:?<?8:FE;FKKFC<JL<I@:<I:?<E<CCl8I<88CG@E8;<CClCK8/8C
J<J@88;LE:<EK@E8@F;@:?@CFD<KI@;8j:8J8k;L9@K8;<C=8KKF:?<
+(,,"G
"EEFD<;<CC8C@E>L8
C8>E8<C<CG@J@8EFM<I8D<EK<:FJ[M@:@E<8/<I:<CC@F8LE8EKIFGFCF>F
M<I:<CC<J<:?<:<I:?@;@JKL;@8IC<FG@`@E><E<I8C<8>C@8EKIFGFCF>@@K8C@8E@
<LIFG<@<F::@;<EK8C@:FD<8GI@D8M@JK8J<D9I<I<99<C<:@KFJLGGFII<
,L::<;< JG<JJF :?< 8CCl@EK<IEF ;<CC8 GIFGI@8 :LCKLI8 J:FGI<E;F
Cl8CK<I@KSI8GGI<J<EK8K8;8:FCL@:?<G<EJ8M8JLFJ@D@C<Cl8EKIFGFCF>F
:FDGI<E;8C8:FDGC<JJ@KS;<CC8JF:@<KS
'FEX;LEHL<C8;@JK8EQ8><
F>I8=@:8 8 ;<K<ID@E8I< @C :FE=@E< KI8B6D0A3>30E828=><B6D0A3> 30
;>=C0=>D8Cl@;<EK@KS:LCKLI8C<;@FJJ<IM8KFI<<FJJ<IM8KF
E8C@QQ8E;FC8D@8@;<EK@KS:LCKLI8C<@E=LEQ@FE<;<C:8DGF@;8K@
:?< I@K<E>F G@` I@C<M8EK@ JFEF C<>8K@ 8C D@F <JJ<I< >@FM8E<i;FEE8i
8EKIFGFCF>8i@K8CF=FE8i:@KK8;@E8
j @FM8E<k @E :FEKI8JKF :FE Cl<KS ;<@
D@<@@E=FID8KFI@@EK<CC<KKL8C@CF:8C@8DD@E@JKI8KFI@GIF=<JJFI@LE@
M<IJ@K8I@ :?< ?8EEF KI8 @ < >C@ 8EE@ j;FEE8k @E I8GGFIKF 8C
=8KKF:?<C8D8>>@FIG8IK<;<@D@<@@E=FID8KFI@JFEFLFD@E@j8EKIFGF
CF>8k @E FGGFJ@Q@FE< 8C ILFCF :?< JG<JJF MFC<M8EF =8ID@ I@M<JK@I< ;@
C@E>L@JK8;@8C<KKFCF>8D88EKIFGFCF>88E:?<:FD<:8K<>FI@8J:@<EK@=@
:8 ;LEHL< J:@<EQ@8KFiFJJ<IM8KFI< E4ABDB FJJ<IM8KF j@K8CF=FE8k @E
FGGFJ@Q@FE<8@;@8C<KKF=FE@j:@KK8;@E8k@EFGGFJ@Q@FE<8@DFEK8E8I@
"KI8KK@;<CC8D@8@;<EK@KS:LCKLI8C<:?<?8EEF:8LJ8KFD8>>@FI@;@=
=@:FCKS JFEF JK8K@ Cl<JJ<I< j8EKIFGFCF>8 @K8CF=FE8 < :@KK8;@E8k
)<I
I8>@FE@J@D@C@8=@E<8EE@,<KK8EK8C8@E-FLI8@E<<I8EVF@JL9<K@E
LEGI@DFDFD<EKF;<CC8CFIFI@:<I:8@E:<EKI8K8JL@DFM@D<EK@F::@K8E@
@E%@E>L8;F:8JFEFJK8K@I<JG@EK@;8>C@@E=FID8KFI@@EHL8EKFG<I:<G@K@
:FD<<JKI8E<@<8MM<IJ8I@
"CC89FI8KFI@F8CHL8C<8GG8IK<E<M8EF<I88
)8I@>@<>C@@E=FID8KFI@C@E>L8;F:@8E@JFJK<E<M8EF:?<E@<EK<;@jG8I@
>@EFk GFK<M8 GFIK8I< CFIF 8C:LE:?W ;@ GFJ@K@MF @C I@=@LKF M<E@M8 ;8
G8IK< ;<>C@ @EK<CC<KKL8C@ :?< MFC<M8EF GIFK<>><I< @C DFM@D<EKF ;8
LEl8E8C@J@<JK<IE88@CFIFF::?@;@JKILKK@M8
'<CCFJK<JJFDF;F8D<X
JK8KFI@DGIFM<I8KF;@<JJ<I<LE8jLE@M<IJ@K8I@8J8C@K8;8CC8:@KKSk
%8GI@D8;@:FKFD@8:?<?8I8GGI<J<EK8KFLEFJK8:FCFJFCF@EG8IK<
JLG<I8KF8CC8D@88::<KK8Q@FE<JLC:8DGFXHL<CC8j8EKIFGFCF>FE4ABDB
)
)
/"33(G
C8>E8/8CJ<J@8XLE:FDLE<;@D@EFI8EQ8N8CJ<I;<CClCK8
/8CJ<J@8 @E GIFM@E:@8 ;@ /<I:<CC@
,@ M<;8 8E:?< )
)
/"33( C7=82 70=64 8= 0 ,0;B4A
><<D=8CH8=C74C0;80=;?B)!
-?<J@J<G8IKD<EKF=EK?IFGFCF>P.E@M<IJ@KPFC
C<><%FE;FE
)
,+.%%"
-(.+"'
"EKIF;LQ@FE<
E8K@MFk
L8CK@<IF !8II@JFE EFK8 :?< >I8Q@< 8CCl8:HL@J@Q@FE< ;<C C@E
>L8>>@F JF:@F8EKIFGFCF>@:F < ;@ HL<CCF ;@8C<KKFCF>@:F <
JF:@FC@E>L@JK@:F>C@@EK<CC<KKL8C@CF:8C@>L8I;8EF:FELE:<IKFJFJG<KKF
<LE8:<IK8@EJF==<I<EQ8>C@LE@M<IJ@K8I@G<EJ8E;Fe?<:FJ8GFJJFEF
:8G@IE< CFIF >C@ 8EKIFGFCF>@ ;@ EF@ C ;@ =LFI@ ;<CC8 EFJKI8 I<8CKS
J8EEFJFCF@DGFI:@C8CFIFf
C@@E=FID8KFI@;@@<I@F8CD<EF8C:LE@@G@`>@FM8E@<@JKIL@K@
I@=@LK8EF@CILFCFG8JJ@MFCFIF8==@;8KF;8CC<@E:?@<JK<;@8C<KKFCF>@:?<<
8EKIFGFCF>@:?< < I@M<E;@:8EF C8 CFIF 20?028CL 38 0DC>8=C4A?A4C0AB8
FGFK8EK<@EK<IM@JK<:FE:<JJ<>C@@E=FID8KFI@?8EEFGI<JF:FJ:@<EQ8
;@JW<;<CM8CFI<;<CC8GIFGI@8:LCKLI8<;<CC8GIFGI@8;@M<IJ@KS@EK<E
;FEF HL@E;@ JG<E;<IC8 JLC D<I:8KF :LCKLI8C< GFC@K@:F <; <:FEFD@:F
(>E@@EKILJ@FE<XM@JK8:FEJFJG<KKFJ<EFE:FE8G<IK8FJK@C@KS
8CC8 I@:<I:8 JLC :8DGF JFEF <D<IJ@ 8E:?< @ C@D@K@ ;<CC8 =@>LI8
;<CCl@E=FID8KFI< LE@:F G<I @E;8>8I< C8 :FDGC<JJ@KS :FEK<DGFI8E<8
EFE98JK8LE8JFC8>L@;8LEJFCFGLEKF;@M@JK8D8XE<:<JJ8I@8
LE8GCLI8C@KS;@JF>><KK@KI8:L@EFEJFCFJ@E>FC<G<IJFE<KI8CFIF@EK<II<C8K<
D88E:?<@JK@KLQ@FE@CF:8C@F:FEK<ELK@:LCKLI8C@G@`8DG@4g5
"EHL<JK@:8J@
C< @E=FID8Q@FE@ LK@C@ < E<:<JJ8I@< 8CC8 :FJKILQ@FE< ;<C J8G<I< 8EKIFGFCF>@:F
M<E>FEF=FIE@K<8E:?<;8>C@JK<JJ@:FEK<JK@@E:L@J@JMFC><C8I@:<I:8
%8J<:FE;8;@:FKFD@8j:@KK8;@EFE4ABDBDFEK8E8IFkX=FIK<D<EK<
C<>8K88CC8GI@D8
%<LE@M<IJ@KS@E=8KK@EFEJFEF@CGIF;FKKF;<CDFE
;F ILI8C< D8 ;@ HL<CCF :@KK8;@EF < @E;LJKI@8C@QQ8KF
j,8C<E;F @E
DFEK8>E8kJ@M8I:8LE:FE=@E<@EM@J@9@C<D8GI<:@JFE<CC8D<EK<;<@
M8CC@>@8E@DFCKFD<EF@EHL<CC8;<>C@89@K8EK@;<CC8G@8ELI8
LEHL<
:?< LE jLE@M<IJ@K8I@F :@KK8;@EFk GI<K<E;8 ;@ J8C@I< @E DFEK8>E8 < :8
G@IE<ClFI>8E@QQ8Q@FE<@CJ<EJFGIF=FE;FepLEl8JJLI;@KSf
,FCF:?@
XE8KF<M@M<@EDFEK8>E8;@:FEF@CF:8C@GL^:FDGI<E;<IE<C8
I<8CKS@EKLKK8C8JL8GIF9C<D8K@:@KS
,:I@M<)@<I)8FCF/@8QQF8GIFGFJ@KF;<C>@L;@Q@FJL9[KF;8G8IK<;@
j8>>L<II@K@JKL;@FJ@CF:8C@k
!++",('G
"(+'(0;?D=C>38E8BC034;?A>64CC>8=0<82744C=>6A0582748=D=2>=C4BC>38
ZBE8;D??>[0;D278BC0=B4CC4=CA8>=0;4@E.
"--"GG
i
"EEFD<;<CC8C@E>L8
)@`MFCK<D@X:8G@K8KF;@J:FI><I<LE8:<IK8JFIGI<J8E<>C@F::?@;<@D@<@@E
K<ICF:LKFI@HL8E;FHL<JK@M<E@M8EF8J8G<I<:?<EFEJFCFEFE<IF;@C8>E8
D8EFE<IFE<GGLI<FI@>@E8I@F;@LE8HL8C:?<M8CC<8CG@E8
&@JFEFKIFM8KF
:FJ[E<CC8E<:<JJ@KSHL8J@;@;@=<E;<ID@;@;FM<IJG@<>8I<G<I:?WLEM<I:<CC<
J< LEF :?< <I8 E8KF < :I<J:@LKF @E G@8ELI8 8M<M8 8MLKF Cl@;<8 ;@ J8C@I< @E
DFEK8>E8G<I=8I<;<CC<I@:<I:?<8EKIFGFCF>@:?<8EQ@:?W8E;8IJ<E<@E=I@:8
F @E D<I@:8 %8K@E8 FGGLI< J< :@ K<E<M8 K8EKF 8 JKL;@8I< LE G<QQ<KKF ;@
JF:@<KSF::@;<EK8C<JK8IJ<E<8:8J8GIFGI@8
@^ :?< >C@ 89@K8EK@ ;<CC8 DFEK8>E8 EFE K<E>FEF @E :FEKF X :?< @C
CFIF DFE;F EFE X < EFE X D8@ JK8KF @DDLE< ;8 @E=CL<EQ< <JK<IE<<
:?<@C:FEK8KKF:LCKLI8C<?8:FEJ<EK@KF8CC<G<I@=<I@<;@=IL@I<;@ELFM<
I@JFIJ<K<:EFCF>@:?<:LCKLI8C@J@D9FC@:?<:?<I@DF;<CC8EF<@E
K<>I8EF @C D8K<I@8C< CF:8C< <J@JK<EK<
JG<JJF EFE J@ 8::FI>FEF ;@
<JJ<I< M@KK@D< ;<CC8 :FJKILQ@FE< D<;@8K@:8 :?< ;@G@E>< C8 DFEK8>E8
:FD<LECLF>F@E:L@J@:FE;L:<LE8M@K8J<DGC@:<8:FEK8KKF:FEC8
E8KLI8@E:FEKI8JKF:FEC8M@K8=I<E<K@:8<JKI<JJ8EK<;<CC8:@KKS
"EI<8CKS8E:?<Cl8D9@<EK<8CG@EFX@EJ<I@KF@ELEGIF:<JJF>CF98C<
;@ I@i:FJKILQ@FE< ;<>C@ <HL@C@9I@ @E :L@ >C@ <C<D<EK@ KI8;@Q@FE8C@ JFEF
@9I@;8K@:FE<C<D<EK@ :LCKLI8C@>CF98C@
*L<JKFGIF:<JJF@EM<:<;@<J
J<I< M@JJLKF :FE @C J<EJF ;<CC8 J=@;8 < ;<CCF JC8E:@F M<IJF @C =LKLIF X
G<I:<G@KF;8DFCK@JFCFE<>8K@M8D<EK<:FD<LEFJE8KLI8D<EKF;<CC8
I<8CKSKI8;@Q@FE8C<
*L<JKFXLEF;<@DFK@M@G<I:L@J@:<I:8LE8E:F
I8D<EKF 8C G8JJ8KF 8KKI8M<IJF ClLJF ;<CC8 C@E>L8 CF:8C< C8
I@=LEQ@FE8C@QQ8Q@FE<;@=<JK<Cl8G<IKLI8;@DLJ<@<KEF>I8=@:@C8I@GIF
GFJK8;@8KK@M@KS8IK@>@8E8C@KI8;@Q@FE8C@<:FJ[M@8
"C=LKLIF:FJK@KL@J:<@E=8KK@G<IDFCK@>ILGG@D@EFI@K8I@F:?<J@8LKFI8GGI<
J<EK8EF:FD<K8C@LE8;<CC<GFJK<@E >@F:FG@`=FIK@C8 G8LI8XHL<CC8;@
jJG8I@I<k ;@ EFE 8M<I 8C:LE 8MM<E@I< @E HL8EKF :FCC<KK@M@KS
)<I M@E:<IC8 F
HL8EKFD<EFG<Ij8;;FD<JK@:8IC8k@DFM@D<EK@<KE@:@QQ8EK@j@EM@K8EF8>L8I
;8I<@E;@<KIFG<I8:HL@J@I<LE8M@J@FE<;<C=LKLIFk
%8K<IQ8;@:FKFD@8:?<?F;FMLKF8==IFEK8I<JLC:8DGFXJK8K8HL<C
C8 j@K8CF=FEF E4ABDB ;@8C<KKF=FEFk
E:?< C8 C@E>L8 ;LEHL< :?<
GFKI<99< J<D9I8I< ClLCK@DF ;<@ G<EJ@<I@ G<I :?@ :FE;L:< I@:<I:?< 8E
)
)
/"33(G
+(,,"G
"EKIF;LQ@FE<
KIFGFCF>@:?<j8:8J8GIFGI@8kEFEXLE<C<D<EKF;8JFKKFM8CLK8I<;8
K8C8:FDGC<JJ@KS;<CG8EFI8D8C@E>L@JK@:F;<CC<M8CC@8CG@E<
'<CCl8I<8 =I8E:FGIFM<EQ8C< @C I<G<IKFI@F GCLI@C@E>L< ;<@ M8CC@>@8E@
:FDGI<E;<FCKI<8C?0C>8B@CG@<DFEK<J<Cl@K8C@8EF<@C=I8E:<J<
FE
LE8 :FDG<K<EQ8 G8JJ@M8 ;<C G@<DFEK<J< < ;@ 8C:LE< M8I@8EK@ =I8E:F
GIFM<EQ8C@ LE@K8 8CC8 :FDG<K<EQ8 8KK@M8 ;@ =I8E:<J< < @K8C@8EF ?F
8==IFEK8KF@C:8DGF
&8C8HL<JK@FE<;<CC8C@E>L8D@J@XGFJK88E:?<
@E 8CKI@ K<ID@E@ ;8KF :?< :FD< JFKKFC@E<8 L8CK@<IF !8II@JFE @C GIF
9C<D8 EFE X G@` JFCK8EKF HL<CCF ;@ @DG8I8I< C8 C@E>L8 CF:8C< e"C
GIF9C<D8XHL<CCF;@:FDLE@:8I<:FELEE8K@MF:?<G8IC8E;FC8C@E>L8
8EKIFGFCF>@:88;FG<I8HL<JK8C@E>L8:FD<I8Q@FE8C@QQ8Q@FE<:FD<;@
=<J8 :FD< J:?<IDFf
" jE8K@M@k ?8EEF @DG8I8KF K8CD<EK< 9<E< C8
C@E>L8 ;<CCF JG<:@8C@JK8 EFEFJK8EK< @E><EL@KS F <IIFI@ :?<
Cl8EKIFGFCF>F ;<M< :FE=IFEK8IJ@ :FE >C@ @E=FID8KFI@ 8E:?< JLC G@8EF
J:@<EK@=@:F
)<II<E;<I<GFC@=FE@:F@CD@FI<JF:FEKF?FI@K<ELKF@DGFIK8EK<@E
J<I@I< < 8E8C@QQ8I< ELD<IFJ@ JKI8C:@ ;@ K<JK@ J:I@KK@ ;8>C@ @E=FID8KFI@ <
9I8E@;@;@J:FIJ@GIFELE:@8K@@EF::8J@FE@GL99C@:?<@E:L@@CC@E>L8>>@F
J:@<EK@=@:FXJK8KF;<:C@E8KF8J<:FE;8;<@;@M<IJ@@EK<EK@GFC@K@:@<;@E
J<I@KF@ELE;@M<IJF:FEK<JKFJ<D8EK@:F
%<KI<;@8;@GI<J<EK8K<8EKIFGFCF>FE4ABDBE8K@MF:@KK8;@EFE4ABDB
DFEK8E8IF@K8CF=FEFE4ABDB;@8C<KKF=FEFI8GGI<J<EK8EFLE@EK<I<JJ8E
K< D<::8E@JDF ;@ 8LKF <; <K<IF I8GGI<J<EK8Q@FE< J@8 ;8 G8IK< ;<C
I@:<I:8KFI< J@8 ;8 G8IK< ;<CCl@E=FID8KFI<
%l@;<EK@KS =I8E:FGIFM<EQ8C<
G8JJ8 8KKI8M<IJF LE >I8E;< J=FIQF ;@ ;<=@E@Q@FE< ;@ :?< :FJ8 =>= X
=I8E:FGIFM<EQ8C<KLKK@:FCFIF:?<=>=JFEFE8K@E<CC<M8CC@=>=C8MF
I8EF E<CC< M8CC@ < =>= G8IC8EF ?0C>8B EFE JFEF =I8E:FGIFM<EQ8C@
KKI8M<IJF HL<JK< ;<C@D@K8Q@FE@ J@ KI8::@8 LE :FE=@E< GI<:@JF KI8 @C
>ILGGFI@JKI<KKF;<CjEF@kDFEK8E8I@?0C>8B0=CB<jCFIFk:@KK8;@E@@K8
CF=FE@
'FEFJK8EK<@=CLJJ@>CF98C@:?<@EM<JKFEF8E:?<C<G@`I<DFK<
M8CC@8CG@E<
C8GIF;LQ@FE<;@@;<EK@KS<:LCKLI8;@DFCK@>ILGG@:FEK@EL88>@F:8IJ@4g5<J
J<EQ@8CD<EK<E<CC8;@D<EJ@FE<CF:8C<:?<D<KF;FCF>@:8D<EK<EFEGFJJ@8DF
!++",('G
"EEFD<;<CC8C@E>L8
G<IK8EKFKI8J:LI8I<@CLF>?@GIF;L:FEF@DD8>@E8I@DF;<CC@J<EJF;@8GG8I
K<E<EQ8I8GGI<J<EK8Q@FE@;<CCl8CK<I@KS<@EK<IGI<K8Q@FE@;<CDFE;F
'<CC<GIFJJ@D<G8>@E<:<I:?<I^;@;<J:I@M<I<HL8EKF8E:FI8@CjCF
:8C<k < @E G8IK@:FC8I< Cl8D9@<EK< 8CG@EF J@8 ;<K<ID@E8EK< E<CC8
:FJKILQ@FE<@;<EK@K8I@8;<@>ILGG@;@C@E>L8 =I8E:FGIFM<EQ8C<;<C )@<
DFEK<F::@;<EK8C<
)<I=8I<HL<JKFD@8MM8II^;<CC8C<Q@FE<8CK8E@8E8
:?< JL>><I@J:< ;@ JKFI@:@QQ8I< @ =8KK@ :LCKLI8C@ < ;@ 8GI@IJ@ 8; LE8 GIF
JG<KK@M8DLCK@;@J:@GC@E8I<G<IGFK<IKI8::@8I<LEHL8;IF@CG@`GFJJ@9@C<
:FDGC<KF;<CC8I<8CKS@E;8>8K8
-<EK<I^@EFCKI<;@C<>8I<Cl@;<EK@KS:FE
Cl4?>B C8 D<DFI@8 JKFI@:8 ;<C >ILGGF :FE Cl4C7>B @ M8CFI@ :FDLE@
:FE@C;>6>BC8C@E>L8:FE;@M@J8:FE@C64=>B@C<>8D@@EK<IE@8C>ILG
GF<:FE@CC>?>BCl8D9@<EK<;@M@K8<Cl7018C0CE8KLI8C<
*L8EKF ;<KKF J@EFI8 I@98CK8 8E:?< Cl@DD8>@E< ;<CCl<KEFCF>F :?<
J:<E;< JLC :8DGF ;FD@E8 C8 J@KL8Q@FE< < @DGFE< C8 JL8 M@J@FE< ;<C
DFE;F
,G<JJF@E=8KK@EFEFJK8EK<C<:FDG<K<EQ< ;<CI@:<I:8KFI<<C8
JL88KK@KL;@E<8C;@8CF>F<8CCl8J:FCKFJFEF@JLF@@E=FID8KFI@8@DGFI
>C@ LE ILFCF 8CCl@EK<IEF ;<CC8 :FDLE@KS < 8 :FE:<;<I>C@ K<DG@ < JG8Q@
G<ICl@EK<I8Q@FE<
+(,,"G
-.%%"(i%-')
,""%%
8G@KFCF"
$#%"!!"#$' %<CG@:FJK@KL@J:FEFLEJ@JK<D8DFEKLFJF;@D@C8:?@CFD<KI@
HL8;I8K@8C:<EKIF;<CClLIFG8D<I@;@FE8C<
.E8 I<>@FE<DFCKFM8JK8
;LEHL<:?<@E>CF98;@==<I<EQ<<JFD@>C@8EQ<KI8C<GFGFC8Q@FE@:?<C8
89@K8EFM8I@8Q@FE@;@:C@D8=CFI8<=8LE8
,FCK8EKF;LI8EK<C<>C8:@8
Q@FE@ C< CG@ ?8EEF :FJK@KL@KF LE8 M<I8 98II@<I8 LE FJK8:FCF
@DGFJJ@9@C< ;8 M8C@:8I<
)<I @C =8KKF ;@ KIFM8IJ@ @E CLF>?@ J:8IJ8D<EK<
GIF;LKK@M@C<:FDLE@KSG@`@JFC8K<?8EEF;FMLKF8GI@IJ@8CCl<JK<IEFG<I
KIFM8I< I@JGFJK8 8@ GIFGI@ 9@JF>E@
*L<JK8 8G<IKLI8 J@ X :FE:I<K@QQ8K8
E<@J<:FC@E<>C@J:8D9@<E<CCl<D@>I8Q@FE<JK8>@FE8C<FK<DGFI8E<8
"E 8I<8 8CG@E8 =FIJ< @E D@JLI8 G@` <M@;<EK< :?< 8CKIFM< J@ I<8C@QQ8IFEF E<C
CLE>F G<I@F;F :FE;@Q@FE@ G<I C< HL8C@ ;<CC< D@:IFi8I<< J@KL8K< 8 I@;FJJF ;@
FGGFJK@M<IJ8EK@=LIFEFGIFK8>FE@JK<;@J:8D9@<:FEK8KK@:LCKLI8C@:FEK@EL@
C
;@CS;<CC<:FJKILQ@FE@@;<EK@K8I@<:@^=8I@K<E<I<:FD<J@8@DGFJJ@9@C<JFJK<E<
I<:?<C<J@E>FC<:FDLE@KS899@8EF8MLKFFI@>@E@8LKFEFD<<;<=@E@K<GF@:?W
8CC8 98J< ;@ HL<JK< =FID8Q@FE@ :lX @C D<K@::@8KF C8 D<J:FC8EQ8
Cl@E;<=@E@K<QQ8
%<I<>FC<;@LE8D9@<EK<;@==@:@C<:FD<HL<CCF8CG@EF?8EEFI@:?@<
JKF 8CClLFDF I@JGFJK< 8;8KK@M< JG<:@=@:?< G<I JFGI8MM@M<I< @E
DFEK8>E8C<:FDLE@KS?8EEF8;FKK8KFJKI8K<>@<GIF;LKK@M<D@JK<@E:L@
:FCK@M8Q@FE<<G8JKFI@Q@8?8EEF:FEJ<EK@KFLELK@C@QQF<==@:8:<;<CC<I@
JFIJ< ;@JGFE@9@C@
L< <I8EF C< J=<I< ;@ GIF;LQ@FE< E<C J@JK<D8
8>IFG8JKFI8C< KI8;@Q@FE8C< @ :8DG@ < @ GI8K@ GFJK@ E<CC< M@:@E8EQ< ;<C
M@CC8>>@F < @ G8J:FC@ ;@ 8CK8 HLFK8
" DFM@D<EK@ JK8>@FE8C@ ;LEHL<
?8EEF J:8E;@KF 8 CLE>F @C I@KDF ;<CC8 M@K8 ;<>C@ @E;@M@;L@ < ;<CC8 :F
DLE@KS
)<I J<:FC@ >C@ 89@K8EK@ ;<CC8 DFEK8>E8 JFEF 8E;8K@
G<I=<Q@FE8E;FCl<HL@C@9I@F:FE@CGIFGI@F8D9@<EK<E8KLI8C<
'<C,<KK<:<EKF@GI@D@M@8>>@8KFI@JM@QQ<I@=I8E:<J@<@E>C<J@J:FGI@
IFEFC<CG@C<CFIFFJJ<IM8Q@FE@J@I@M<C8IFEFLELK@C<D8K<I@8C<G<IC<
)
,""%%G
"EEFD<;<CC8C@E>L8
JL::<JJ@M< I@=C<JJ@FE@ ;<CCl8EKIFGFCF>@8 < ;<CCl<KEFCF>@8
*L<JK@ M@8>
>@8KFI@ G8I8CC<C8D<EK< 8>C@ <JGCFI8KFI@ ;<>C@ F:<8E@ < ;<@ DFE;@
<JFK@:@@E;@M@;L8IFEFE<Cj9LFEDFEK8E8IFkCl<HL@M8C<EK<<LIFG<F;<C
j9LFEJ<CM8>>@Fk
'<C@C9<IE<J<C9I<:?KMFE!8CC<IGL99C@:^@CJLFGF<D8;@
;8KK@:F84;?4= @E :L@E8KLI8 < LD8E@KS8CG@E<JFEF;<J:I@KK<:FD<
@EK8KK<<@E:FEK8D@E8K<
"C9LFEDFEK8E8IFXJ8EF<=<C@:<@E:8IE8C8
GLI<QQ8FI@>@E8I@8:FEKI8GGFJK88CC8M@K88IK@=@:@8C<JDF;8K8<:FIIFKK8
;<CClLFDF:@KK8;@EF:?<J@X8CCFEK8E8KF;8CC8E8KLI8
'LD<IFJ@=LIFEF
@G@KKFI@JFGI8KKLKKF@E>C<J@:?<@EKFIEF8CC8D<KS;<C,<KK<:<EKFM@8>
>@8IFEFE<CC8I<>@FE<8CG@E8<E<I@KI8JJ<IF@:8I8KK<I@GFJJ<EK@
'<CCF
JK<JJFG<I@F;FJ@DFCK@GC@:8IFEF<J@;@==LJ<IF@EKLKK8LIFG8C<>L@;<
;@ M@8>>@F E<CC< CG@ JG<JJF @CCLJKI8K< C< ;<J:I@Q@FE@ @ ;@8I@ ;@ M@8>
>@F C< I8::FCK< ;@ M<;LK< G@KKFI<J:?<
'<C11J<:FCFC<:8IKFC@E<<@
:8IK<CCFE@KLI@JK@:@I@E=FIQ8EF>C@JK<I<FK@G@;@LE89<CC<QQ88CG@E8GLI@
=@:8KI@:<<I@;L:FEF>C@89@K8EK@8=@>LI<8E<;;FK@:?<
&FE;<I $@C8E@ JFKKFC@E<8 :FD< ;8CC8 =@E< ;<C ,<KK<:<EKF =@EF 8CC8
GI@D8D<KS;<C'FM<:<EKF8CC8=@>LI8;<Cj9LFEDFEK8E8IFkJ@J@8JF
JK@KL@K8 HL<CC8 ;<C j:8KK@MF DFEK8E8IFk C<>8K8 8CC< :FE:<Q@FE@
;<K<ID@E@JK<<<MFCLQ@FE@JK<
%8I<8CKSJF:@8C<<:LCKLI8C<;<CC<GFGF
C8Q@FE@8CG@E<M@<E<;<J:I@KK8;8;@M<IJ@FJJ<IM8KFI@:FD<LE8=FID8;@
M@K8 GI@D@K@M8 :FD< JFGI8MM@M<EQ8 ;@ I<8CKS JF:@8C@ <C<D<EK8I@
@^
M8CJ< 8 ;@==FE;<I< E<CCl@DD8>@E8I@F ;<CC<O;8C4B <LIFG<<CFJK<I<FK@GF
;@ LE8 JF:@<KS 8II<KI8K8 J@8 <:FEFD@:8D<EK< J@8 :LCKLI8CD<EK< < ;@
LE8:FE;@Q@FE<LD8E8D@J<I89@C<
.E<J<DG@F;@HL<JKF8KK<>>@8D<EKF;@==LJFKI8>C@@EK<CC<KKL8C@<L
IFG<@J@GL^I@EKI8::@8I<@E8C:LE@J:I@KK@;@/@:KFI!L>F
,@C<>><E<C
JLF=E>H064;?4B4C%HAO=O4BGL99C@:8KFE<Ce"EGI<J<EQ8
;@HL<JKFJG<KK8:FCF@E<JGI@D@9@C<J@8II@M88:8G@I<@:I<K@E@;@:L@GLC
CLC8EFC8,M@QQ<I8<C8,8MF@8
%<CG@GIF;L:FEFDFCK@@;@FK@
'FEX
)
)
/"33(
)
!,,1!4;?8=4;;48<<068=8
\
@E!_D><>4;4;?8%84<>=C4+0;;4
3_>BC0!86DA80%A>E4=24\;?4B\UC43_IDA'7U=4\;?4B4=PE4+0;08B+0D3/@M8C;8
;@KFI@-FI@EFG
&
$"%'"
)
,""%%
8G@KFCF"
:FE:<JJF8KLKK<C<@EK<CC@><EQ<;@I@LJ:@I<8:FEM@M<I<:FEK8C@D<I8M@
>C@<f
@JF>E88KK<E;<I<C8J<:FE;8D<KS;<C'FM<:<EKFG<IKIFM8I<@GI@
D@JKL;@<KEF>I8=@:@;<;@:8K@8CDFE;F8CG@EF:?<D<KKFEF@EI<C8Q@FE<
@=8KKFI@KI8;@Q@FE8C@:FEC<;@E8D@:?<;<C:8D9@8D<EKF
"GI@D@K<EK8
K@M@8EKIFGFCF>@:@;@;<J:I@Q@FE<;<CDFE;F8CG@EFGI<J<EK8EFG<I^C<
CG@8E:FI8:FD<
D8I>@E8C@I@JG<KKF8CI<JKF;<CC8JF:@<KS<LIFG<8<:8I8KK<I@QQ8K<;8KI8KK@jGI@
D@K@M@k :?< C< 8MM@:@E8M8EF 8@ G8<J@ ;<C -<IQF &FE;F
%< CG@ 8GG8I@M8EF
8CCFJK<JJFK<DGFM@:@E<<I<DFK<<HL<JK88D9@>L8:FCCF:8Q@FE<JG@<>8G<I
:?W Cl8EKIFGFCF>@8 8CG@E8 J@ J@8 ;@ :FEJ<>L<EQ8 KIFM8K8 J@E ;8@ JLF@ @E@Q@
JFJG<J8KI8<JFK@JDF<;FD<JK@:@KS
*L<JK<@DD8>@E@;@J:FI;8EK@;<CDFE;F8CG@EF:FJKIL@K<;8FJJ<I
M8KFI@ <JK<IE@ JFEF JK8K< E<C K<DGF @EK<I@FI@QQ8K< ;8>C@ 89@K8EK@
;@M<EK8E;F0DC>\BC4A4>C8?8:FE:FEJ<>L<EQ<E<>8K@M<G<IC8CFIF@;<E
K@KS8LKFEFD@8<I<8C@QQ8Q@FE<
@^ :?< >C@ 89@K8EK@ ;<CC8 DFEK8>E8 F>>@ I@M<E;@:8EF X
Cl8LKF;<K<ID@E8Q@FE< @C GFK<I J:<>C@<I< :FD< ><JK@I< @C GIFGI@F 8D
9@<EK< < M@M<I< J<EQ8 8998E;FE8I< C< M8CC@
p @E;@JG<EJ89@C< G<I^
:FD<J:I@M<&FE;<I$@C8E@:?<<JJ@G<IGI@D@JLG<I@EF
C<I8GGI<J<EK8Q@FE@;<CC8DFEK8>E8KLKK<;lFI@>@E<LI98E8:?<?8EEF8::FD
G8>E8KF<K8CMFCK88EK@:@G8KF>C@@EK<IM<EK@;lF>E@><E<I<:?<JFEFJK8K@D<JJ@
@E8KKF@EHL<JK8I<>@FE<
'FEM8;@D<EK@:8K8@E=8KK@Cl8KKI8Q@FE<:?<;8;@
M<IJ@J<:FC@C8DFEK8>E8<J<I:@K8JLC:@KK8;@EF@CHL8C<MFCK88MFCK8M@GIF@<KK8
C8EFJK8C>@8;@LELE@M<IJFJ<CM8>>@F<@C;<J@;<I@F;@:FEHL@JK8I<<8;;FD<
JK@:8I<CFJG8Q@FE8KLI8C<
&8EFEXJFCFHL<JK@FE<;@<K<IF<8LKFiI8GGI<J<EK8Q@FE@
G8IK@I<
;8CC8 D<KS ;<CCl(KKF:<EKF @C DFE;F 8CG@EF M@JJ< C< GI@D< GIF=FE;<
KI8J=FID8Q@FE@
<IE8I;#8E@EG8IC8;@jJ<:FCF;@:I@J@<;@8;8KK8D<E
KFk G<I @C G<I@F;F :?< M8 ;8C 8CC8 M@>@C@8 ;<CC8 ,<:FE;8 L<II8
@K
@E+
/"(>IIDC84<8B4A018;8@E!_D><>4;4;?8:@K
G
)
)
/"33(G
+
.+-;<DC0<4=C>B>280;4=4;;_0A40<>=C0=00;2D=4A85;4BB8>=8@E
&+!"
+
.+- ,-%.))"GG
i
&
$"%'"
"EEFD<;<CC8C@E>L8
&FE;@8C< M<E>FEF :FJKIL@K< C< >I8E;@ I<K@ JKI8;8C@ < =<IIFM@8I@< KI8E
J8CG@E<<J@@E=@KK@J:<@CI<K@:FCF;@M@<J<:FE;8I@<:?<:FCC<>8EF8E:?<
C<G@`I<DFK<M8CC@8CC8G@8ELI8
-I8@C8EEF;<CC8GI@D88
J:<EJ@FE< ;<C &FEK< @8E:F ;8 G8IK< ;@ #8:HL<J 8CD8K < &@:?<C
89I@<C)8::8I;J@D9FC@:8;8K8;@E8J:@K8;<CCl8CG@E@JDF<@C
;8K8@E:L@DD8EL<CF@C<8L;<N8JK<CE8L<C<>L@;<)@<II< 8
JG8I;G8;I<<=@>C@F:FEHL@JK8IFEFClLCK@D8>I8E;<M<KK8M<I>@E<;<CC<
CG@C8&<@A<D<KI@E<C&8JJ@=;<JR:I@EJKLKKFCl8I:F8CG@
EFM<EE<<JGCFI8KF8GI<E;FC<CG@8CKLI@JDF<JK@MF<@EM<IE8C<;<CC8
I@::89FI>?<J@8:@KK8;@E8
G8IK@I<;8>C@8EE@-I<EK8;<C'FM<:<EKFJ@DFCK@GC@:8IFEFC<:<E
KI8C@@;IF<C<KKI@:?< C8 :FJKILQ@FE< < C8 :FE;LQ@FE< ;<@ ELFM@@DG@8EK@
I@:?@8D^ E<CC< M8CC@ @E><>E<I@ ;@I@><EK@ < @DG@<>8K@ j=FI<JK@<I@k < @C
=CLJJF ;<CC< D8K<I@< GI@D< ;<CC8 D8EF;FG<I8 < ;<@ :8G@K8C@ @E@Q@^ 8
JFKKFJK8I<8;<:@J@FE@GI<J<8CKIFM<
)F:F GI@D8 ;<C J<:FE;F :FE=C@KKF DFE;@8C< CF J:@ 8CG@EF ;@M<EE<
LEFJGFIKI@:FEFJ:@LKF<GI8K@:8KF;8LE9LFEELD<IF;@8GG8JJ@FE8K@
K8EKF;8=8MFI@I<C8E8J:@K8;@@DG@8EK@;@I@J8C@K8<;<CC<GI@D<JK8Q@FE@
@EM<IE8C@
-LKK8M@8 =L JFCK8EKF E<>C@ 8EE@ ,<JJ8EK8 :?< :FE
Cl@E8L>LI8Q@FE<;<@KLEE<CJKI8;8C@KI8EJ8CG@E@;<C I8E,8E<IE8I;F
;<C&FEK<@8E:F<;<CIWALJ@CKLI@JDF;@D8JJ8@EM8J<C8DFEK8>E8
GFIK8E;F @ GI@D@ <M@;<EK@ 9<E<=[:@ <:FEFD@:@
FEK<DGFI8E<8D<EK<
G<I^ <EKI8IFEF @E :I@J@ 8>I@:FCKLI8 < @E;LJKI@8 KI8MFCK< ;8CC8 DF;<I
E@QQ8Q@FE< ;8CCl8CC8I>8D<EKF ;<@ D<I:8K@ ;8CC8 :FE:FII<EQ8
%8
:@M@CKS<Cl<:FEFD@88CG@E8J@8;8KK8IFEFEFEJ<EQ8I<J@JK<EQ<8@DF
;<CC@@DGFJK@;8CC8:I<J:@K8;<CK<IQ@8I@F
*L<JKFG<I^GFIK^8GIF=FE;@
:8D9@8D<EK@E<>C@<HL@C@9I@8D9@<EK8C@<E<@KI8KK@;<CG8<J8>>@F
'<CM<EK<EE@FKI8@C<@CJ@M<I@=@:^HL<CCF:?<XJK8KF;<
=@E@KFj@C>I8E;<<JF;Fk;8CC<:FDLE@KS;<CC8DFEK8>E8JFGI8KKLKKF;8
HL<CC<;@G@::FC<;@D<EJ@FE@8HLFK<<C<M8K<<EFEI8>>@LEK<;8CCFJM@
CLGGF KLI@JK@:F
" GI@E:@G8C@ J<IM@Q@ J@ JGFJK8IFEF M<IJF @ =FE;FM8CC<
JGFGFC8E;FC<=I8Q@FE@G@`8CK<
"CDF;<CCF@E;LJKI@8C<J@@DGFJ<
#'"'2>=><804?80=85820I8>=4=4;;4;?8>22834=C0;8@E!_D><>4;4;?8:@K
GG
i
!
&(+,%!_8=3DBCA80;8II0I8>=4@E!_D><>4;4;?8:@K
GG
i
8G@KFCF"
%< KI8J=FID8Q@FE@ <:FEFD@:?< GFIK8IFEF 8 :8D9@8D<EK@ GIF=FE;@
8E:?< JLC G@8EF :LCKLI8C< < C@E>L@JK@:F :FD< I@C<M8M8 >@S E<C FII8;F I8JJ@
(JJ<IM@8DF :?< @C GIF:<JJF ;@ ;<:8;@D<EKF C@E>L@JK@:F ;<CC< M8CC@ 8CG@E< J@
8::FDG8>E88CCFIF;<:8;@D<EKF:LCKLI8C<<JF:@8C<
FM<@E=8KK@@CDFEK8E8
IF 8::<KK8 @E =FID8 J<DGI< G@` :FG@FJ8 HL<CCF :?< 899@8DF :?@8D8KF CF
jJG@I@KFkG@<DFEK<J<J@GL^:FEJ@:LI<QQ8G8IC8I<;@:FJ:@<EQ8;<CCl@E=<I@FI@KS
;<CC8 :LCKLI8<;<CC8JF:@<KS M8CC@>@8E8I@JG<KKF8HL<CC8;<CC8G@8ELI8
"EJF
JK8EQ8 GFKI<DF ;LEHL< ;@I< :?< C< I8>@FE@ ;<CC8 ;<:8;<EQ8 C@E>L@JK@:8 ;<CC<
EFJKI<M8CC@J@@;<EK@=@:8EF:FEHL<CC<;<CC8;<:8;<EQ8<:FEFD@:8;<CC8JF:@<
KS 8CG@E8
4g5 C8 DFEK8>E8 :?< LE K<DGF ;FM<M8 <JJ<I< <:FEFD@:8D<EK<
8LKFEFD8 I@JG<KKF 8CC8 G@8ELI8 X JK8K8 :FJKI<KK8 8 >I8M@K8I< @E DF;F J<DGI<
G@`D8I:8KFM<IJFHL<JKlLCK@D8
%<8EK@:?<M@<;@G<E<KI8Q@FE<;@@EEFM8Q@FE@
:LCKLI8C@<HL@E;@C@E>L@JK@:?<E<CC<EFJKI<M8CC@J@@EK<IILGG<IF@:<EKI@
;@@II8;@8Q@FE<;<CC<@EEFM8Q@FE@JK<JJ<DLK8IFEFC<8I<<;@D<I:8KF<C<I8
>@FE@ ;@ :FEK8KKF KI8 C< M8I@< :FDLE@KS I@D8J<IF J:FEMFCK< J@8 GLI< :FE LE
GIF:<JJF;LI8KFK8CMFCK8G8I<::?@J<:FC@
,G<JJF :<C8KF JFKKF I@:?@<JK< ;@ KLK<C8 C@E>L@JK@:8 < :LCKLI8C< ;<@
>ILGG@;@D@EFI8EQ8<J@JK<LE ;@J8>@F;lFI;@E< <:FEFD@:F<JF:@8C<
GF@:?WX@EHL<JKF:8DGF:?<M@<E<D8>>@FID<EK<8MM<IK@KF@CI8GGFI
KF;l@E=<I@FI@KS
"C KLI@JDF F>>@ ?8 I@GFIK8KF 89@K8EK@ 8CC8 DFEK8>E8 D8 89@K8EK@
?0AC\C8<4:?<C8G<I:<G@J:FEF:FD<LE8D9@<EK<;@:L@>F;<I<JFCF@E
8C:LE@ G<I@F;@ ;<CCl8EEF
HL<JKF DF;F ;@ M@M<I< CF JG8Q@F 8CG@EF
:FII@JGFE;FEF =FID< ;@ @EJ<;@8D<EKF ;<C KLKKF <JKI8E<< 8CCl8D9@<EK<
jI<GC@:?< :@KK8;@E<k KI8JGFIK8K< @E HLFK8
%8 DFEK8>E8 @EM<:< @E
HL8EKF8D9@<EK<FI@>@E8C<E<:<JJ@K8;@I@JGFJK<8;<>L8K<8CC8JL8:FE
=FID8Q@FE< < 8C JLF <HL@C@9I@F
p E<:<JJ8I@F :?< @ JLF@ 89@K8EK@8C;@
=LFI@ ;@ F>E@ JK<I<FK@GF @E@Q@EF 8 :FJKIL@I< < I@:FJKIL@I< @C GIFGI@F
DFE;FJF:@8C<<:FEFD@:F<:LCKLI8C<LJ:<E;F;8CC<@DD8>@E@GI<:F
JK@KL@K< :?< C8 ;<J:I@MFEF :FE G<JJ@D@JDF 8I<8 JFKKFJM@CLGG8K8
D8I>@E8C<<8II<KI8K8F:FEKIFGGFFKK@D@JDFCLF>F@E:FEK8D@E8KF<
:LCC8;<CC8KI8;@Q@FE<
+,,"G
i
,-%.))" )A0B5>A<0I8>=834;;_0<184=C4 <>=C0=> @E
&+!" +
,-%.))"GG
i
.+-
"EEFD<;<CC8C@E>L8
@JXC< )8EE8K@<I ;@8C<KKFCF>8 ?0C>8B0=C4 ;<CC8 ,M@QQ<I8 IFD8E;8
:I@K@:8C8M@J@FE<<JK<IE8<I@;LKKI@:<;<CC8DFEK8>E8=8KK8;@8CK<:@D<
@EE<M8K<JK<CC<8CG@E<<><EQ@8E<;@G@::FC<:FJKILQ@FE@@EC<>EF<G@<
KI8G8JKFI@<M8::?<J@C<EQ@FJ<DGC@:@KSE8KLI8
8CCl@EK<IEF:@^:?<EF@@EK<E;@8DFG<IjDFEK8>E8kEFE:FDGI<E;<8==8KKF
C<M8JK<;@JK<J<;@IF::@8<;@>?@8::@FI@J<IM8K<8CCl8CG@E@JDFEWC8:FCC<Q@FE<
;@@DD8>@E@;@RG@E8C;<;@:8K<8CC8M@K88CG@E8
C:FEKI8I@FC8DFEK8>E8J@
GI<J<EK8 :FD< LE8 ;@E8D@:8 LE <HL@C@9I@F ;8 :FEHL@JK8I< >I8Q@<
8CCl@EK<>I8Q@FE< :FDGC<JJ8 < :FJK8EK<D<EK< I@EEFM8K8 ;<CClLFDF < ;@ LE
8D9@<EK<:FJ[G8IK@:FC8I<
@8EE@ 8JK8>E<I@ J@E;8:F ;@ 8CD< :FDLE< =I8E:FGIFM<EQ8C<
;<CC8M8CC<;@C8;@,KLI8;<J:I@M<JLCC<G8>@E<;<CC8I@M@JK8e==<G@f
C8 J@KL8Q@FE< ;<CC8 JL8 QFE8
,<:FE;F C8 JL8 K<JK@DFE@8EQ8 J< >I8Q@<
8CC8 C<>>< J@ X I<>@JKI8KF LE D8>>@FI @EK<I<JJ< :LCKLI8C< E<@
:FE=IFEK@ ;<CC< M8CC@ :FJ[ EFE X JK8KF G<I C< HL<JK@FE@ JF:@Fi
<:FEFD@:?<
%l8KKL8C<J@KL8Q@FE<GFJ@K@M8<=8MFI<MFC<;8CGLEKF;@M@JK8:LCKLI8C<J@@E
J<;@8KLKK8M@8JL;@LE8I<8CKSJF:@8C<<;<:FEFD@:8;@==@:@C<FI=8E8;@LEK@GF
;@KLI@JDF@E:8;LK8M<IK@:8C<<@EJFJK8EQ@8C<;@==@:FCKSE<CCl8GGIF;F8ELFM@
DF;<CC@;@JM@CLGGF
&FCK<8KK@M@KSKLI@JK@:?<FI@:FE;L:@9@C@8CJ<KKFI<KLI@JK@
:FJFGI8MM@MFEF:FEJ:8IJF<EKLJ@8JDF@E9@C@:FKI8C8;<=@E@K@M8:?@LJLI8<
C8 GIFJ<:LQ@FE< =FIQ8K8 ;8CC8 D8E:8EQ8 ;@ 8CK<IE8K@M< @E 8KK<J8 :FJK8EK< ;@
HL8C:?<GIF;@>@FJ8JFCLQ@FE<;8CCl<JK<IEF
%<JK<JJ<I@JFIJ<GL99C@:?<M<E>F
EF :FEMF>C@8K< M<IJF 8CKI< I<8CKS G@` ;@E8D@:?< F JFC8D<EK< G@` 9C8JFE8K<
I<C<>8E;FC<EFJKI<M8CC8K<8CILFCF;@J<DGC@:@:FDG8IJ<C8;;FM<GFKI<99<IF
K8CMFCK8>@F:8I<@CILFCF;@GIFK8>FE@JK<4g5
'FE>@FM8@EFCKI<8CCl8KKL8C<;<
:C@EF KLI@JK@:F < @E ><E<I8C< JF:@8C< <; <:FEFD@:F @C GIF>I<JJ@MF <
@EK<ID@E89@C<JD8EK<CC8D<EKF;<@GF:?@J<IM@Q@GL99C@:@8E:FI8I@D8JK@;8CC<
GFJK<8CCl@JKILQ@FE<;8CCl8JJ@JK<EQ88CC8J8E@KS
4g5%8J8CM8>L8I;@8;<CC<G8I
K@:FC8I@KS C@E>L@JK@:?< < :LCKLI8C@ EFE GL^ GI<J:@E;<I< ;8CC8 KLK<C8 < ;8C
D8EK<E@D<EKFJLCK<II@KFI@F;<@GIFGI@89@K8EK@
,<@EK<IM<E@I<JL@K<D@;<CC8C@E>L8<;<CC8:LCKLI8GL^8GG8I@I<G@`
J<DGC@:< DF;@=@:8I< :FE GIFMM<;@D<EK@ C<>@JC8K@M@ < 8DD@E@JKI8K@M@
)''-"+ &D8 0 ?0A;O 3D B8;4=24 34 ;0 <>=C06=4 @E e'FLM<CC<J ;L <EKI<
;lRKL;<JI8E:FGIFM<EV8C<J+<EW0@CC@<EfGG
i
-I8;LQ@FE<D@8
,- '+"!_834=C8CL4C=82>\;8=6D8BC820D=_>??>ACD=8CL?4A;>BE8;D??>34;;4+0;
;8@Ee==<G@fGG
i
8G@KFCF"
J@KL8Q@FE@ :?< I@>L8I;8EF @C CA4=3 ;<DF>I8=@:F ClFI>8E@QQ8Q@FE< JF
:@8C< @ DF;<CC@ @EJ<;@8K@M@ @C HL8;IF<:FEFD@:F ><E<I8C<XLE8 J=@;8
;@>I8E;<GFIK8K8EFEJ<DGC@:<;88==IFEK8I<
,<EQ8@EK<IM<E@I<8E
:?<JLHL<JK<;@D<EJ@FE@G<I^X@DGIF989@C<:?<J@GFJJ8@EM<IK@I<LE
GIF:<JJF;@;<:8;<EQ8:?<J@GI<J<EK8:FD<C@E>L@JK@:F<:LCKLI8C<D8
:?<@EI<8CKS?8I8;@:@<DFK@M8Q@FE@DFCKFG@`GIF=FE;<
EI@:FCC8J@EFGIFGFE<;L<@GFK<J@G<IJG@<>8I<@CELFMFLJFGFC@
K@:F;<CC<@;<EK@KS:LCKLI8C@
.E8M<;<E<CI@:FEFJ:@D<EKF;<CC<JG<:@=@:@KS<E<@D8I>@E@;@8LKFEFD@8FK
K<ELK@ CF JKILD<EKF G<I 8MM@8I< =FID< ;@ JM@CLGGF :LCKLI8C< <; <:FEFD@:F
@EEFM8K@M<8CK<IE8K@M<8=FID<:FEJ<IM8KI@:@<;@J:I@D@E8KFI@<:?<@E=I8E>8EF
@CE<JJFJFKKFJM@CLGGFJM@CLGGFD@D<K@:F
%8M8CFI@QQ8Q@FE<;<CC<:LCKLI<CF
:8C@ J@ J8C;<I<99< :FE I@EEFM8K< =FID< ;@ 8G<IKLI8 LE@M<IJ8C@JK@:8 :FE @C
:F@EMFC>@D<EKF ;<@ >@FM8E@ < ;<>C@ @DD@>I8K@ < :FE C8 KLK<C8 ;<CCl8D9@<EK<
8KKI8M<IJFDF;<CC@;@JM@CLGGFJFJK<E@9@C@
.El8CKI8@GFK<J@M<;<@EM<:<@CGI<
M8C<I<;@LE8=FID8;@CF:8C@JDF:?<EFE=8G@`G8LI8<EFE;SG@`=8JK@;@F
EQ@8JJ<:FE;8K<E;<EQ<;FD@E8EK@
"CJLFC@D@K<=FE;8D<EK8C<:?<E<X8E
:?< C8 GFJJ@9@C@KS ;@ <J@JK<EQ8 X GIFGI@F @C =8KKF :?< <JJF EFE KF::8 @
D<::8E@JD@=FE;8D<EK8C@;<CGFK<I<<;<CCl<:FEFD@8D8:I<8G@::FC<8I<<;@
J<EJF < ;@ 8LKFEFD@8 E<CC< HL8C@ J@ GFJJFEF ><JK@I< GFK<I@ < I@JFIJ< CF:8C@ <
KIFM8I< LE I@G8IF ;8CC< KI8J=FID8Q@FE@ ;<CC8 >CF98C@QQ8Q@FE<
*L<JKF CF:8C@
,<:FE;F@;8K@I8::FCK@G<ILEl@E;8>@E<JMFCK8E<C;8CCl"+,"JK@KLKF;@I@:<I:?<<
:FEFD@:FiJF:@8C@ ;<C )@<DFEK< <D<I>< LE I<8C< JM8EK8>>@F :FDGC<JJ@MF ;<C K<II@KFI@F
DFEK8EFG@<DFEK<J<I@JG<KKF8CI<JKF;<CC8I<>@FE<J<J@:FEJ@;<I8Cl@E;@:8KFI<C<>8KF8CCl<KS
;<>C@89@K8EK@@C;<CKFK8C<;<>C@89@K8EK@@E8I<88CG@E8XLCKI8J<JJ8EK8:@EHL<EE<:FEKIF
@C;<CI<JKF;<CC8I<>@FE<
l8CKI8G8IK<Cl@DGFE@9@C<"+);@:?@8I8KF@ED<;@8E<CK<II@
KFI@F DFEK8EF I@JLCK8 @E=<I@FI< 8 HL<CCF ;<C I<JKF ;<C)@<DFEK< ;<C :@I:8
%l8I<8 8CG@E8
G@<DFEK<J<KLKK8M@8EFEXFDF><E<88CJLF@EK<IEF@C:FDGI<EJFI@FKLI@JK@:F;<CCl8CK8M8CC<
;@,LJ8<@C;@JKI<KKFK<JJ@C<;<C@<CC<J<i/8CJ<J@8@EJ@<D<8C/<I98EF:FE:<EKI8EFC8D8>>@FI
G8IK<;<@:FDLE@8G@`<C<M8KFK<EFI<;@I<;;@KF<:FEJLDF
%<8I<<JM8EK8>>@8K<:F@E:@;FEF
:FEC<M8CC8K<F::@;<EK8C@;<CC8GIFM@E:@8;@LE<F:FECl8CK8%8E>8C8M8CC<FI9<I8<:FD
GI<E;FEF E<C EFI; ;<CC8 I<>@FE< 8C:LE@ GLEK@ ;@ :I@K@:@KS :FD< ClCKF 8E8M<J< < C8
8EEF9@E8
%8GI<J<EQ8;@J<IM@Q@J@C<>88CC8;@D<EJ@FE<;<@:<EKI@<8CC8;<EJ@KS;<DF>I8=@:8
;<C K<II@KFI@F JLCC< HL8C@ <J<I:@K8EF HL8C:?< @E=CL<EQ8 C< :8I8KK<I@JK@:?< 8CK@D<KI@:?< <
Cl8::<JJ@9@C@KS
-LKK8C8=8J:@88I@;FJJF;<CC8G@8ELI88GG8I<G@`=8MFI@K8I@JG<KKF8CC8=8J:@88
DFEK<
%<<::<Q@FE@I@>L8I;8EFC<QFE<KLI@JK@:?<:?<M8EEF;8CCl8CK8M8CC<;@,LJ88CCl8I<8;@
%@DFE<)@<DFEK<
E:?<C8M@:@E8EQ88@D8>>@FI@:FCC<>8D<EK@JKI8;8C@F=<IIFM@8I@G8I<@E:@
;<I< GFJ@K@M8D<EK< JLCC< ;FK8Q@FE@ ;@ J<IM@Q@
%8 D8I>@E8C@KS J<D9I8 ;LEHL< eCl<==<KKF
:FE>@LEKF<8LKF8C@D<EK8KF;@<C<D<EK@;@;<GFK<EQ@8D<EKF<:FEFD@:F<;<DF>I8=@:F;@;<
:8;@D<EKF;<CC<I@JFIJ<K<II@KFI@8C@;@8JJ<EQ8;@JK@DFC@GIFM<E@<EK@;8CKLI@JDFf)
.+'4C
0;88G
+"'
"EEFD<;<CC8C@E>L8
JDF:?<J@GI<J<EK8@EK<I:C8JJ@JK8<:FEJ<IM8KFI<8@LK88><JK@I<@C:FEJ<EJF
F@C;@JJ<EJF
&8J8I<99<8E:?<;<JK@E8KF8;8I<JFCFCl@CCLJ@FE<;@LEI@=L>@F
E<CC8 D8I<8;<C:8D9@8D<EKF8GI<E;FC8JKI8;88;<CLJ@FE@<I<8Q@FE@8D8
I<>>@8K<
$" ! "'%#$
"CK<D8;<CC<D@EFI8EQ<XDFCKF:FDGC<JJFG<I:?W@C:FE:<KKFJK<J
JFX;@;@==@:@C<;<=@E@Q@FE<
,<;8LEC8KFLE8D@EFI8EQ8XLE>ILGGF
;@G<IJFE<:?<J@;@JK@E>L<G<IHL8C:?<8JG<KKF;8CCl8CKI8JFEF@E=@E@K@@
GFJJ@9@C@<C<D<EK@;@;@JK@EQ@FE<
8CGLEKF;@M@JK8>@LI@;@:F@>ILGG@
D@EFI@K8I@ JFEF HL<CC@ 8@ HL8C@ ClFI;@E8D<EKF 8JJ<>E8 LE KI8KK8D<EKF
JG<:@8C<:?<GL^<JJ<I<J@8;@=8MFI<J@8;@J=8MFI<
,<:FE;FC8;<=@E@
Q@FE<;@I8E:<J:F8GFKFIK@G@`JG<:@=@:8D<EK<C8D@EFI8EQ8X
LE>ILGGFELD<I@:8D<EK<@E=<I@FI<8CI<JKF;<CC8GFGFC8Q@FE<;@LEF,K8KF@E
GFJ@Q@FE<EFE;FD@E8EK<@:L@D<D9I@<JJ<E;F;@E8Q@FE8C@KS;<CCF,K8KF
GFJJ@<;FEF:8I8KK<I@JK@:?<<KE@:?<I<C@>@FJ<FC@E>L@JK@:?<:?<;@==<I@J:FEF
;8HL<CC<;<CI<JKF;<CC8GFGFC8Q@FE<<DFJKI8EF8E:?<JFCF@DGC@:@K8D<EK<
LEJ<EJF;@JFC@;8I@<KS;@I<KK88GI<J<IM8I<C8CFIF:LCKLI8KI8;@Q@FE@I<C@>@F
E<FC@E>L8
I<E;<I< G@` :FDGC<JJ8 C8 ;<=@E@Q@FE< X ClFJJ<IM8Q@FE< ;@ 8C:LE<
I<8CKS@E:L@LE8D@EFI8EQ8ELD<I@:8EFEJ@KIFM8@EGFJ@Q@FE<;@JL
9FI;@E8Q@FE< D8 8C :FEKI8I@F IFM<J:@8 8 GIFGI@F =8MFI< @ I8GGFIK@ ;@
GFK<I<
%8D@EFI8EQ8;@C@E>L8:8K8C8E8@E8K8CF>E8GL^:FJK@KL@I<LE
9LFE<J<DG@F@EHL8EKF=FID8K8;8LE89FI>?<J@8;FD@E8EK<JLCG@8
EF<:FEFD@:F:?<XI@LJ:@K88;@DGFIJ@I@JG<KKF8;LE8D8>>@FI8EQ8;@
%%,"'(G
)%""",.'")+-
)(-(+-" ; A468<4 34;;4 <8=>A0=I4 =4; B8BC4<0 34;;4 #0I8>=8 *=8C4 4 B42>=3>
;_0AC34;%0CC>BD838A8CC828E8;84?>;8C828@Ee+@M@JK8@EK<IE8Q@FE8C<;<@;@I@KK@;<CClLFDFf
GG
i:@K8KF@E
)%""" ,.'" )+-G
*L<JK8;<=@E@Q@FE<;@D@EF
I8EQ8 8>>@FIE8 HL<CC8 =FIDLC8K8 E<C ;8 &8I@F -FJ:8EF @E :L@ J@ =8:<M8 <JGC@:@KF
I@=<I@D<EKF8CC<I8QQ<C<>8K<8LE;<K<ID@E8KFK<II@KFI@F
%8D@EFI8EQ8X;<=@E@K8:FD<eHL<CC8
G8IK<;<CC8GFGFC8Q@FE<G<ID8E<EK<;@LEF,K8KF:?<C<>8K8;8KI8;@Q@FE@JKFI@:?<8;LE8GFI
Q@FE<;<K<ID@E8K8;<CK<II@KFI@F<=FIE@K8;@LE8:LCKLI8GIFGI@8EFEGL^<JJ<I<:FE=LJ8:FCC8
D8>>@FI8EQ8;<>C@8CKI@JL;;@K@8:8LJ8;<CC8;@M<IJ@KS;<CC8I8QQ8;<CC8C@E>L8F;<CC8I<C@>@F
E<f &
-(,'( !4 <8=>A0=I4 38 A0II0 38 ;8=6D0 38 A4;868>=4 =4; 38A8CC> 8=C4A=0I8>=0;4
CC@F::8-FI@EFG
8G@KFCF"
C@E>L8 :8JK@>C@8E8 =FID8K8 ;8 C8MFI8KFI@ @DD@>I8K@ ;8 QFE< D<EF I@:
:?< ;<CC8 ,G8>E8
%8 ;@E8D@:8 C@E>L@JK@:8 X ;LEHL< C<>8K8 G@` 8CC8
:8G8:@KS ;@ LE >ILGGF ;@ <C89FI8I< < KI8JD<KK<I< :LCKLI8 :?< 8C ;8KF
;<DF>I8=@:F
'<C DFE;F F::@;<EK8C< JKFI@:8D<EK< @C :FE:<KKF ;@ D@EFI8EQ8 J@
8GGC@:^;8GGI@D88CC<D@EFI8EQ<I<C@>@FJ<:FE@GIFMM<;@D<EK@KLK<C8I@
;@D<KS@EHL<:<EKF
FEC8+@MFCLQ@FE<=I8E:<J<J@@DGFJ<LEELFMF
:FE:<KKF GFC@K@:F ;@ E8Q@FE< C<>8KF 8CC8 JFMI8E@KS GFGFC8I< < @C FE
>I<JJF;@/@<EE8=LClF::8J@FE<G<I@EKIF;LII<@C:FE:<KKF;@D@EFI8EQ8
E8Q@FE8C<
,FCK8EKFE<C 11J<:FCFE<>C@8EE@KI8@CGI@DF<@CJ<:FE;F
:FE=C@KKFDFE;@8C<C<D@EFI8EQ<8JJLEJ<IFCFJK8KLKF;@>ILGG@;8KLK<
C8I<8C=@E<;@ eD8EK<E<I<<I8==FIQ8I<@C<>8D@:LCKLI8C@C@E>L@JK@:@<
JKFI@:@:?<C@8::FDLE8EFf
:FDGC@:8I<C8;<=@E@Q@FE<;@D@EFI8EQ8<HL@E;@8E:?<HL<CC8;@
D@EFI8EQ8C@E>L@JK@:8X@C:8I8KK<I<I<C8K@MF;@LE:FE:<KKF:?<JL9@J:<
DF;@=@:?<E<CK<DGF<JJ<E;FC<>8KF8=8KKFI@:FEK@E><EK@JKFI@:@<JF
:@8C@
"EG8IK@:FC8I<C8;<=@E@Q@FE<;@D@EFI8EQ8C@E>L@JK@:8@E8I<88CG@E8
:?<HL@G@`@EK<I<JJ8I8::?@L;<@EJW8JG<KK@C<>8K@8CC8:FJKILQ@FE<<
8CC8I8GGI<J<EK8Q@FE<;@@;<EK@KSDLCK@GC<
FD<JFJK@<E<)8FCF,@9@C
C8
@C K<D8 ;<CC< D@EFI8EQ< 8JJLD< LE I@C@<MF :<EKI8C< G<I C8 :FDGI<EJ@FE< ;<C
DFE;F8CG@EFE<CJLF=FID8IJ@E<CJLF;@M<E@I<<E<CJLF8KKL8C<:FE=@>LI8IJ@
<G<IHL<CCF:?<:F;<JKFDFE;FI8GGI<J<EK8E<CHL8;IF:FDGFJ@KF;<CC<JF
:@<KS<;<CC<:LCKLI<;lLIFG8
%l8EKIFGFCF>F :LCKLI8C< :FDG@< C8 JL8 ;@J:<J8 JLC :8DGF HL8E;F
FCKI<8CC<HL<JK@FE@GI<KK8D<EK<C@E>L@JK@:?<C<>8K<8CC<D@EFI8EQ<<E
KI8EF@E>@F:F:FE:<KK@:FD<HL<CC@;@@;<EK@KS<KE@8:LCKLI8J<EJF;@
8GG8IK<E<EQ8 :FDLE@KS KI8;@Q@FE< :?< M<E>FEF EFID8CD<EK< LK@C@Q
Q8K@ :FD< JKILD<EK@ ;@ 8LKFI8GGI<J<EK8Q@FE<
"C :8JF ;<@ >ILGG@ ;@
C@E>L8 =I8E:FGIFM<EQ8C< ;<C )@<DFEK< X G8IK@:FC8ID<EK< ;<>EF ;@ 8K
K<EQ@FE< G<I:?W E<>C@ LCK@D@ 8EE@ M@ J@ I@:FEFJ:FEF @ J<>E@ ;@ LE
I@JM<>C@F:LCKLI8C<
)%""",.'")+-G
)
,""%%G
"EEFD<;<CC8C@E>L8
%l<K@:?<KK8j=I8E:FGIFM<EQ8C<k=L:FE@8K8;8C>CFKKFCF>F I8Q@8;@F
"J8@8J:FC@E<CHL8E;FI8MM@J^:8I8KK<I@:FDLE@<;@JK@EK@M@I@
JG<KKF 8CC< 8CKI< C@E>L< E<FC8K@E< @E LE :<IKF ELD<IF ;@ G8IC8K<
;@JKI@9L@K<KI8"K8C@8I8E:@8<,M@QQ<I8
"CEFD<j=I8E:FGIFM<EQ8C<kJ@E;8CCl@E@Q@F=FIK<D<EK<:I@K@:8KF;8C
C8J:LFC8;@8C<KKFCF>@:8=I8E:<J<G<IC8JL88D9@>L@KS;8KF:?<@E;L:<
<IIFE<8D<EK<8G<EJ8I<8;LE8D<J:FC8EQ8KI8GIFM<EQ8C<<=I8E:<J<
8E:FI8F>>@EFEXLE@M<IJ8CD<EK<8::<KK8KF;8@C@E>L@JK@
8JKFE-L8@C
CFE JFJK@<E< :?< DFCK@ ;<@ C@E>L@JK@ :?< ;L9@K8EF ;<CCl<J@JK<EQ8 ;<C
=I8E:FGIFM<EQ8C<:FD<C@E>L88LKFEFD8J@8EF>@LEK@8HL<JK8:FE:CL
J@FE<GIFGI@F8:8LJ8;<CEFD<J:<CKF;8J:FC@
"C EFD< GIFGFJKF ;8 J:FC@ EFE X DFCKF =<C@:< D8 X JK8KF :FEJ<IM8KF
4g5
FGF8EE@9@JF>E8:FEJ@;<I8ICF@CEFD<:FEJ8:I8KFG<I:8KK@MF:?<J@8
%<K<FI@<=FIDLC8K<E<C;8"J8@8J:FC@8GIFGFJ@KF;<CC<G8IC8K<=I8E:FGIFM<EQ8C@
=LIFEF =FID8C@QQ8K< E<CCl8IK@:FCF 8GG8IJF E<C JLC K<IQF MFCLD< ;<CC8 I@M@JK8 eI:?@M@F
>CFKKFCF>@:F@K8C@8EFf;8CL@JK<JJF;@I<KK8
"CJ8>>@F(278II85A0=2>\?A>E4=I0;8XF>>@I@K<ELKF
jCl8KKF;@E8J:@K8k;<>C@JKL;@JLCC<G8IC8K< =I8E:FGIFM<EQ8C@
J:FC@J:I@M<M8 e?@8DF =I8E
:FiGIFM<EQ8C<LEK@GF@;@FD8K@:F@CHL8C<@EJ@<D<I@LE@J:<:FE8C:LE@JLF@:8I8KK<I@JG<:@=@:@
G@`8CKI@:8I8KK<I@:?<G8IK<JFE:FDLE@8C=I8E:<J<G8IK<CFJFEF8CGIFM<EQ8C<<EFEGIFM@<
E< >@S ;8 LE8 K8I;8 :FE=CL<EQ8 ;@ <C<D<EK@ ;@M<IJ@ D8 9<EJ[ 8KK<JK8 C8 JL8 GIFGI@8
@E;@G<E;<EQ8@JKFI@:8EFE>L8I@;@JJ@D@C<;8HL<CC8G<I:L@=I8;@CFIFJ@;@JK@E>LFEF>C@8CKI@
GI@E:@G8C@K@G@E<FiC8K@E@
%l8DG@8;@JK<J8;@;@8C<KK@@E:L@X8E:FI8<G<IFI8;8KFI@:FEFJ:<I<
@CK@GF=I8E:FiGIFM<EQ8C<8DD<KK<<I@:?@<;<:FD<F>E@8CKIF:FDGC<JJFE<FiC8K@EFJL;;@
JK@EQ@FE@ G8I<::?@< D8 :FJK@KL@J:< 8E:?< E<CClFI;@E< ><F>I8=@:F LE KLKKF :FEK@ELFf "
,(%"G
)<I:@^:?<I@>L8I;8@:FE=@E@;<CCl8I<8C@E>L@JK@:8=I8E:FGIFM<EQ8C<D8@
GI@D8 @E;@M@;L8K8 < ;<J:I@KK8 E<CC8 JL8 >CF98C@KS J:FC@ 8EEFK8M8 e%8 :LI8 ;@ ;<K<ID@E8I<
I@>FIFJ8D<EK< >C@ <JKI<D@ :FE=@E@ ;<C :FDGC<JJF =I8E:FiGIFM<EQ8C< ;<Ml<JJ<I< I@J<IM8K8 8
JKL;ALCK<I@FI@
*L@@EK8EKFJ@DFJKI<IS:FD<HL<JK8J<I@<;@M<IE8:FC@J@JK<E;8E<CC8I8E:@8
G<I C8 J<Q@FE J<KK<EKI@FE8C< ;<C <C=@E8KF ;@G8IK@D<EKF ;<CCl"J<I8 @E;@ G8JJ@ @C +F;8EF @E
;FGG@8;@I<Q@FE<M<IJFGFE<EK<G<IF::LG8I<LE8G8IK<<=FIJ<C8D8>>@FIG8IK<;<C%@FE<J<
< M<IJF KI8DFEK8E8 G<I =8I JL8 C8 J<Q@FE< D<I@;@FE8C< ;<CC8 FI>F>E8 ;@G8IK@D<EKF
;<CCl@EFE;<GF@:FD<@E:FCFEE8CFE>@KL;@E8C<8GG8I:?<Jl@E:LE<@EFEJ<EQ8G8K@I<DFC
K@ ;8EE@ KI8 @C =I8E:<J< 8 GFE<EK< < C<M8EK< K8EKF ;8 8KKI8M<IJ8I< Cl@EK@<I8 I8E:8iFEK<8 <
D<KK<I :8GF 9<E ;<EKIF 8C K<II@KFI@F CFI<E<J< J<Q@FE@ ;<@ ;@G8IK@D<EK@ ;<C #LI8 ;<C FL9J
;<CClCK8,8FE8<;<@/FJ>@
&8I8E:@8XF>>@;[8E:?<C8,8MFA8KLKK8=I8E:FiGIFM<EQ8C<<
JFE =I8E:FiGIFM<EQ8C@ E<CC8 ,M@QQ<I8 @ ;@8C<KK@ GIFGIA ;<@ :8EKFE@ ;@ @E<MI8 ;<C /8L; ;@
'<L:?TK<C:FELEG@::FCFKI8KKF;@HL<C;@<IE8KI8@C#LI8<@CC8>F;@@<EE<;<CC8D8>>@FI
G8IK< ;<C :8EKFE< ;@ I@9LI>F < ;<CC8 J<Q@FE< F::@;<EK8C< ;<C :8EKFE< /8CC<J<
@ HL8
;8CClCG@=@E8CD<EK<JG<KK8EF8HL<JKFJ@JK<D8@;@8C<KK@IFD8EQ@:?<JFEGIFGIA;<CC8/8CC<
;lFJK8 < HL<CCF;<CC8/8C ,F8E8 8183GG
i
=I
8CKI<J[ "
,(%" % "0H4A 4 8;
5A0=2>\?A>E4=I0;4@EeI:?@M@F CFKKFCF>@:F@K8C@8EFf""GG
i
8G@KFCF"
JJFX8::<KK89@C<8G8KKF:?<M<E>8:FEJ@;<I8KF:FD<LEEFD<8I9@KI8I@F:?<
EFE@E=CL<EQ8@CJ<EJF;@:@^:?<;<J@>E8
C;@CS;<CC8;<=@E@Q@FE<C@E>L@JK@:8XCl@;<8:?<<J@JK8LE8:LCKLI8
=I8E:FGIFM<EQ8C<:FII@JGFE;<EK<8CC8C@E>L88;<JJ<I<D<JJ8@E;@J:LJ
J@FE<e'FE?8J<EJFG8IC8I<;@j=I8E:FGIFM<EQ8C@k:FD<<KE@8F:FD<
E8Q@FE<?8@EM<:<J<EJF8EQ@X;lF99C@>FG8IC8I<;@=I8E:FGIFM<EQ8C<
:FD<=8D@>C@8;@G8IC8K<J@8GLI<GI@M<;@:F@EW<;@JK8E;8I;@QQ8
Q@FE< ;<C KLKKF 8LKFEFD8 I@JG<KKF J@8 8C =I8E:<J< j;lF]Ck J@8 8CC8
jC@E>L8;lF:kf
FD@E@HL< ,K@:? 8 JL8 MFCK8 JFKKFC@E<8 C< ;@==<I<EQ< :LCKLI8C@ KI8
LE8 QFE8 < Cl8CKI8 ;<CCl8I<8 C@E>L@JK@:8 =I8E:FGIFM<EQ8C< E<>8E;F
Cl<J@JK<EQ8;@LE8:LCKLI8:FE;@M@J8
,<F>E@I<>@FE<?8;@=8KKFLE8GIFGI@8:LCKLI8EFEJ@GL^8JJFCLK8D<EK<G8I
C8I< ;@ :LCKLI8 =I8E:FGIFM<EQ8C<
?< :FJ8 :@ GL^ <JJ<I< @E :FDLE< KI8 LE
M@>E8@FCFM8CC<J8EFLE=FID8>>@8@FJ8MF@8I;FLEJ<I@:FCKFI<C@FE<J<LE8C
C<M8KFI<;@GFCC8D<;<CC8I<JJ<<LED@E8KFI<;<CFI<QC8D8>>@FIG8IK<
@>EFI8;@G8IC8I<LE;@8C<KKF;<KKF=I8E:FGIFM<EQ8C<
-LCC@F-<CDFEJL>><I@M8>@SE<C:?<@C=I8E:FGIFM<EQ8C<=FJJ<
;<=@E@KF 8KKI8M<IJF <C<D<EK@ C@E>L@JK@:@ >C@ LE@:@ :FE:I<K@ I@JG<KKF 8
e:FJKILQ@FE@=8EK8JK@:?<<8I9@KI8I@<;8HL<CC<<KE@:?<8HL<CC<JKFI@:?<
<8DD@E@JKI8K@M<f
'<CCFJK<JJFK<DGFG<I^Cl8EKIFGFCF>@8GLIE<C
C8 JL8 8Q@FE< ;<:FJKILKK@M8 ;@ :FE:<KK@ :FD< HL<CC@ ;@ <KE@8 < :LCKLI8
;<M<@E;8>8I<JL@DFK@M@G<I:L@ClLFDFJ<EK<@C9@JF>EF;@M@M<I<@E
jI<8CKS@DD8>@E8K<k@DD8>@E8E;FC<:FJ[=FIK<D<EK<;8:I<;<IM@<=8I
C<:I<;<I<M<I<
%l@;<EK@KS<KE@:8GLI<JJ<E;FLE8:FJKILQ@FE<JF:@8C<
:FEK@E><EK<XG<I:<G@K8;8:FCFIF:?<M@J@I@:FEFJ:FEF:FD<LE;8KF
-."%%('G
-I8;LQ@FE<D@8
8JKFE-L8@CCFEGIFGFE<E<CClFKK@:8;<CC8
C@E>L@JK@:8;@8:IFE@:8LE8;<=@E@Q@FE<;@=I8E:FGIFM<EQ8C<e"C=I8E:FGIFM<EQ8C<XLEGIF;FK
KF ;<CC8 C8K@E@QQ8Q@FE< ;<CC8 8CC@8 ;<C EFI; 8CC@8 C@FE<J< < 8CC@8 <C>@:8 D8 HL<JKF
GIF;FKKF;<CC8C8K@E@QQ8Q@FE<;<CC8 8CC@8EFED<I@;@FE8C<'8I9FEE<J<<HL@K8E@8J@XJK8:
:8KF 8CC8 =@E< ;<CCl<GF:8 :8IFC@E>@8 ;8CC< 8CKI< C@E>L< >8CCFIFD8EQ< ;<C EFI; I@=@LK8E;F
8CD<EFLE8;<CC<@EEFM8Q@FE@=FE<K@:?<;<C"1J<:FCFCl@E;<9FC@D<EKF;<CC<MF:8C@EFE8:
:<EKL8K<@E@Q@8K8@EHL<JKFG<I@F;Ff8183G
KI8;LQ@FE<D@8
-
-%&('GG
i
,-"!G
-I8;LQ@FE<D@8
-
-%&('G
"EEFD<;<CC8C@E>L8
:FE:I<KF
L8CK@<IF !8II@JFE ;<J:I@M< HL<JK8 >F==D8E@8E8 D<JJ8 @E
J:<E88GIFGFJ@KF;<CC8D@EFI8EQ8I9ZI<J?<
C@ @EK<CC<KKL8C@ CF:8C@ F;@8EF >C@ <JG<IK@ :?< 8==<ID8EF <JJ<I< FID8@
Cl8I9<I<J?@K HL8J@ 8CCF JK8KF ;@ ;@8C<KKF K<EK8EF ;@ E8J:FE;<I< >C@ I9ZI<J?<
j;8CC8 C@E>L8 K8>C@8K8k 8C I@:<I:8KFI< :?< @E;8>8 E<CC< :FDLE@KS >@F:8EF 8C
I8;;FGG@F:FD<>C@J:FDD<KK@KFI@=8E8K@:@;<CCFKKF<@EJ@KL8Q@FE<;@@D98
JK8I;@D<EKF C@E>L@JK@:F >FE=@8EF C< KI8;@Q@FE@ C<KK<I8I@< 8I9ZI<J?< < GF@ :FE
ELFMFI8;;FGG@F>FE=@8EF@CELD<IF;@:FCFIF:?<E<CC<:FDLE@KS8MI<99<IF
:8G8:@KS<J<:LK@M<<JKILKKLI8C@E<C:F;@:<;<CC8C@E>L8J:I@KK88I9ZI<J?
&88>>@LE><!8II@JFEKLKKF:@^=8G8IK<;<CC<I<>FC<;<C>@F:F;<C
C8I8GGI<J<EK8Q@FE<JF:@8C<;@<KIFC8HL8C< eEFEJK8LE8M<I@KS:<C8K8
:?<C8J:@<EQ8;FMI<99<;@J:FGI@I<
%8M<I@KSJK8G@`8M8EK@@ELEGIF
><KKF =LKLIF @C K<JKF @EJFDD8 :?< >C@ 8KKFI@ @E:FEJ8G<MFCD<EK<
I<:@K8EFf
,KL;@8I<Cl<KE@:@KS:FEJ@JK<;LEHL<E<CCl8E8C@QQ8I<@CI<G<IKFI@F;<CC<
@;<EK@KS :?< >C@ @E;@M@;L@ < @ >ILGG@ ?8EEF 8 ;@JGFJ@Q@FE< <
E<CCl@E;8>8IE< C8 GIF;LQ@FE< < ClLK@C@QQ8Q@FE<
FD< JFJK@<E< %FL@J
ILDDFE; Cl<KE@:@KS X LE8 JKILKKLI8 M8I@89@C< ;@ I@J<IM8 :?< M@<E<
8KK@M8K8@E;<K<ID@E8K<:@I:FJK8EQ<JFCFJ<LK@C<
"CI@:FIJF8CCl<KE@:@KS8CCl@;<EK@KS8CG8IK@:FC8I@JDFC@E>L@JK@:FGL^
<JJ<I<C<KKF:FD<G8IK<;@LEGIF><KKFG@`FD<EF:FEJ8G<MFC<GFIK8
KF 8M8EK@ ;8CCl8=C4;;864=2890 G<I ;@IC8 :FE EK?FEP ,D@K? F ;8
8C:LE@@EK<CC<KKL8C@CF:8C@:FD<C@;<=@E@J:< L8CK@<IF!8II@JFE8GG8I
K<E<EK@ 8CC8 D@EFI8EQ8
JJ@ 8>@J:FEF E<C K<EK8K@MF ;@ :FJKIL@I< LE
>ILGGF:FE:8I8KK<I@JG<:@=@:@G<IFKK<E<I<M8EK8>>@<:FEFD@:@I@:FEF
J:@D<EK@GFC@K@:@F:LCKLI8C@<;LEHL<>8I8EK@I<LE=LKLIF8C>ILGGF
p@DGFIK8EK<JFKKFC@E<8I<:?<J@X;@=IFEK<8;LE=<EFD<EF@EDF
M@D<EKF 8CC8 D<JJ8 @E 8KKF ;@ J:<CK< <JGC@:@K< ;8 G8IK< ;@ D@EFI8EQ<
C@E>L@JK@:?<G<I;@DFJKI8I<JLCG@8EFGFC@K@:F<JF:@8C<C8GIFGI@8<J@
JK<EQ8e%<8>>I<>8Q@FE@JF:@8C@KI8;@Q@FE8C@DFJKI8EFLE8=CL@;@KSD8@
GI@D8;lFI8M<I@=@:8K8J<8C:LE<G<I;FEFC8CFIF:F<J@FE<8CKI<J<D
9I8EF =FID8IJ@ < 8 9<E >L8I;8I< DFCK@ JFEF @ J@EKFD@ :?< J<D9I8EF
!++",('GG
i
@K8KF@E)
)(.-" '-#
,-+"i'+-G
,&"-! !++",('
8G@KFCF"
@E;@:8I< Cl8GG8I@I< ;@ LE8 K<EJ@FE<M<IJFLE8ELFM8;<=@E@Q@FE<;<CC<
@;<EK@KSf
%lLJFJKILD<EK8C<;<CCl<KE@:@KSGL^<JJ<I<JG@<>8KF:FD<LE;@JGF
J@K@MF:LCKLI8C<D<JJF@E8KKF@EI@JGFJK88;LE8 ;<GI@M8Q@FE<J@8JLC
G@8EFD8K<I@8C<J@8JLHL<CCFJ@D9FC@:F
IEFC;GJK<@EJG@<>8@C9@
JF>EF;@<KE@:@KS:FE@C;<J@;<I@F;@J@:LI<QQ8<;@8==<KK@M@KS:?<GL^
<JJ<I<JF;;@J=8KKFJFCF8CCl@EK<IEF;@LE>ILGGFJ<EK@KF:FD<=8D@C@8I<
8CCl@EK<IEF;<CHL8C< eJ@GL^G8IC8I<C@9<I8D<EK<E<CC8GIFGI@8C@E>L8
JG<KK<>FC8I<;8EQ8I<<:8EK8I<C<GIFGI@<:8EQFE@KI@98C@f
FE>I8;@;@M<IJ@8E:?<DFCKF8KK<EL8K@:FD<E<C:8JF=I8E:FGIF
M<EQ8C< G@<DFEK<J< HL<JK@ DFM@D<EK@ :FCC<KK@M@ JFEF >L@;8K@ ;8CC8
G8IFC8jI@M<E;@:8Q@FE<k<@EG8IK@:FC8I< ;8CC8 I@M<E;@:8Q@FE< @;<EK@K8
I@8
&8 @ J<>E8C@ :?< 8II@M8EF ;8 CLF>?@ < ;8 >ILGG@ :?< 8GG8@FEF
:FD< G<I@=<I@:@ EFE M8EEF JFKKFM8CLK8K@ G<I:?W JFEF LE J@EKFDF ;@
D8C<JJ<I<JF:@8C<
!$" $& $(
.E :<IKF D8C:FEK<EKF J<IG<>>@8 @E=8KK@ E<CC< CF:8C@KS DFEK8E< G@<
DFEK<J@@EG8IK@:FC8I<8C:LE<@E@Q@8K@M<;@I@C@<MF@EK<IE8Q@FE8C<?8EEF
JLJ:@K8KF=FIK@:I@K@:?<HL8E;FEFE8G<IK<:FEK<JK8Q@FE@:?<?8E
EFI8==FIQ8KFG@`:?<Cl@;<EK@KS;@LEG8IK@:FC8I<>ILGGF;@D@EFI8EQ8
C@E>L@JK@:8C8G@`8DG@8@;<EK@KS;@j89@K8EK@;<CC<M8CC@8CG@E<k
&@I@
=<I@J:F 8CC< (C@DG@8;@ @EM<IE8C@ JMFCK<J@ E<C < 8C GIF><KKF ;@
:FJKILQ@FE< ;<CC8 C@E<8 =<IIFM@8I@8 8; 8CK8 M<CF:@KS -/ @E /8CC< ;@
,LJ8
%<@;<EK@KSK<II@KFI@8C@?8EEF@EDFCK@:8J@KIFM8KF8GGF>>@FE<@DF
M@D<EK@8D9@<EK8C@JK@@CK<II@KFI@FG<I:<G@KF;8>C@89@K8EK@:FD<CLF>F
;<CC<I8;@:@;@M<EK8K<8KIF;@I@M<E;@:8Q@FE@E<CC<HL8C@C<@JK8EQ<<:F
CF>@JK< J@ LE@J:FEF 8 HL<CC< @;<EK@K8I@<
(C@DG@8;@ @EM<IE8C@ < -/
?8EEF8MLKF:FD<J=FE;F8C:LE<M8CC@8CG@E<;<CC8GIFM@E:@8;@-FI@EF
<; <EKI8D9< C< @E@Q@8K@M< JFEF JK8K< GI<J<EK8K< ;8CC< @JK@KLQ@FE@ :FD<
F::8J@FE@;@JM@CLGGFG<I@CK<II@KFI@F
I8EG8IK<;<CC8GFGFC8Q@FE<CF
&
%%+" %%"G
&
"'"
&%."
%
,)-"'G
"EEFD<;<CC8C@E>L8
:8C<?8G<I^:I@K@:8KF@ @F:?@G<I8M<I:8LJ8KF<JGIFGI@<G<IEFE8M<I
8MLKFI@:8;LK<GFJ@K@M<<;LI8KLI<
pJ@>E@=@:8K@MF:?<C8:8E;@;8KLI8;@
-FI@EF 8CC< (C@DG@8;@ ;<C J@8 JK8K8 MFCLK8 < JFJK<ELK8 J@E
;8CCl@E@Q@F ;8CCl8DD@E@JKI8Q@FE< :FDLE8C< KFI@E<J< <
;8CCl><EQ@8 G<I >C@ "EM<JK@D<EK@ -FI@EF )@<DFEK< "-) D8 EFE ;8
:FDLE@<:FDLE@KSDFEK8E<;<CC<M8CC@8CG@E<:?<J8I<99<IFJK8K<;@
I<KK8D<EK<:F@EMFCK<E<@DFD<EK@;@>8I8
"C:8JF;<CC<(C@DG@8;@-FI@EFI<>@JKI8JFJK8EQ@8CD<EK<Cl8JJ<EQ8;@LE
:FE=IFEKF :FE C< :FDLE@KS CF:8C@ C< HL8C@ EFE JFEF JK8K< :FEJLCK8K< :@I:8
ClFGGFIKLE@KS;@:8E;@;8IJ@G<IFJG@K8I<@ @F:?@EWLE8MFCK8M@EK8C8:8E;@
;8KLI8 JFEF JK8K< :F@EMFCK< @E LE ;@98KK@KF JL J@K@ < DF;8C@KS ;@ :FJKILQ@FE<
;<CC<FG<I<FC@DG@:?<
"E D<I@KF8C -/C8 :I@J@EFEX8E:FI8I@<EKI8K8
"EHL<JKF:8JFC8
DF9@C@K8Q@FE< GFGFC8I< X DFCKF =FIK< < ClFGGFJ@Q@FE< ;<CC< 8DD@E@
JKI8Q@FE@ CF:8C@ < ;<>C@ 89@K8EK@ ;@ ;@M<IJ@ :FDLE@ ;<CC8 /8CC< ,LJ8 X
I@LJ:@K88I8CC<EK8I<C8:FCFJJ8C<FG<I8:?<@JLF@JFJK<E@KFI@;<=@E@J:F
EF JKI8K<>@:8
@S E<>C@ 8EE@ 'FM8EK8 E<@ :FDLE@ ;<CC8 D<;@8 /8CC<
,LJ8J@X8G<IKF@C;@98KK@KFJLCClFGGFIKLE@KS;@:FJKIL@I<LE8ELFM8C@
E<8G<I@KI<E@8;8CK8M<CF:@KS
"C:8JFX>@LEKF8>C@FEFI@;<CC8:IFE8:8
E8Q@FE8C< JFCF :FE Cl8MM@:@E8IJ@ ;@ J:8;<EQ< G<I Cl8MM@F ;<@ C8MFI@ <
:FECl8GGIFJJ@D8IJ@;<CC<(C@DG@8;@@EM<IE8C@;@-FI@EF
'<C:8
JF;<CC8/8CC<,LJ8JFKKFC@E<8EF8C:LE@8E8C@JK@:?<
EFEJ@KI8KK8K8EKF;@:FE=C@KKF8D9@<EK8C<:FD<8C:LE@CFMFII<99<IFI@;LKK@
M8D<EK< @EK<IGI<K8I< I<C<>8E;FCF E<CC8 :8J@JK@:8 CF:8C< ;<C E@D9P HL8EKF
G@LKKFJKF;@LE:FE=C@KKFJLCCl8CCF:8Q@FE<;<CC<I@JFIJ<JLCClFI;@E<;<CC<GI@FI@
KS:FE:L@LJ8IC<<G@`@E><E<I8C<JL@DF;<CC@:LCKLI8C@:?<JK8EEF8CC898J<
;<@GIF:<JJ@;@JM@CLGGF
'<CJLFJ8>>@F!034<>2A0I80274=>=2_P)8LC @EJ9FI>:@K8@C:8
JF ;<C -/ GFIK8E;FCF :FD< <J<DG@F ;@ D8E:8KF :F@EMFC>@D<EKF
GFGFC8I<E<@GIF:<JJ@;<:@J@FE8C@
)
+--""/%+"
%'3--G
'
,%"( 8B>114384=I0 28E8;4 4 A4B8BC4=I0 =>= E8>;4=C0 =4;;0 +0;;4 38 (DB0 @E '%%" ,+ "&
3.!--"G
8G@KFCF"
ILGG@G@::FC@<;@JK@EK@;@;<:@J@FEiD8B<ICFEK8E@;8CC<I<8CKSJF:@8C@JG<JJF
8II@M8EF 8; 8JJLD<I< ;<:@J@FE@ <II8K< :?< J=@;8EF @ ;<J@;<I@ ;@ ;<K<ID@E8K@
>ILGG@ ;@ :@KK8;@E@ < K8CMFCK8 ;@ @EK<I< :FDLE@KS
"C :8JF ;<CC8 -/ @E /8C ;@
,LJ8X8HL<JKFGIFGFJ@KF<D9C<D8K@:F
@I:8G<IJFE<?8EEF9CF::8KF
:FDGC<K8D<EK<@C8MFI@;@:FJKILQ@FE<;<CC8C@E<8=<IIFM@8I@88;8CK8M<CF:@KS
'<CC<JF:@<KSDF;<IE<C<;<:@J@FE@:?<EFE;<I@M8EF;8LEGIF:<JJF;@:F@E
MFC>@D<EKF GFGFC8I< GFJJFEF =8:@CD<EK< J=F:@8I< @E LE >I8;F ;@ G8I8C@J@
JLG<I@FI< I@JG<KKF 8 HL<CC< :?< E8J:FEF ;8 LE GIF:<JJF ;@ ;<C@9<I8Q@FE< :F
J:@<EK<D<EK<:FEKIFCC8KF
"CD8C:FEK<EKFJ@XKI8J=FID8KF@ELE8GIFK<JK8;@G@8QQ8:?<G<I^
EFE ?8 =8KKF J@EFI8 J:8KK8I< JFC@;8I@<KS ;@ D@EFI8EQ8 j<KE@:Fi
C@E>L@JK@:8kC<>8K88CC8GI<J<EQ8;@G8IC8EK@;@8C<KK@=I8E:FGIFM<EQ8C@
<F::@K8E@9<EJ[LEJ<EJF;@JFC@;8I@<KS:FD<89@K8EK@;<CD<;<J@DF
8D9@<EK<8CG@EF:?<J@8MM<IK<D@E8::@8KF
">ILGG@;@C@E>L8=I8E:F
GIFM<EQ8C<:?<GLI<89@K8EFC8D<;@8<98JJ8/8CC<;@,LJ8EFE?8EEF
<J@9@KFJ<>E@;@I@:FEFJ:@D<EKFE<C:FIJF;@HL<JK898KK8>C@8
"CC<>8D<
KI8 D@EFI8EQ8 C@E>L@JK@:8 < GIFK<JK8 X <D<IJF G<I^ E<C @E LE8
C<KK<I8 L==@:@8C< =8KK8 :@I:FC8I< ;8CCl8JJ<JJFI< 8CC< KI8;@Q@FE@ CF:8C@ ;<C
FDLE<;@FE;FM<<@ELEMFC8EK@EFJ:I@KKF@E=I8E:FGIFM<EQ8C<
"E
HL<JKF :8JF @C jEF@k :?< GIFK<JK8 G8IC8 LE8 C@E>L8 D@EFI@K8I@8 JKIL
D<EK8CD<EK< LK@C@QQ8K8 G<I :I<8I< LE8 ;@JK8EQ8 :LCKLI8C< < GFC@K@:8 ;8
:FCFIF:?<@DGFE>FEFC<;<:@J@FE@@EEFD<<E<CC8C@E>L8;<CCF,K8KF
%8 C<KK<I8 ;8K8K8 EFM<D9I< X @E;@I@QQ8K8 8@ J@E;8:@ ;<@
:FDLE@;@D@EFI8EQ8C@E>L@JK@:8J@8F::@K8E@J@8=I8E:FGIFM<EQ8C@<
8CC<8JJF:@8Q@FE@:LCKLI8C@==<G@<(LJ@K8E@F/@MF
8I@8D@:@
CFJ:@FG<IF><E<I8C<GIF:C8D8KF@E/8CC<;@,LJ8G<ID<I:FC<;[EFM<D9I<
J8ISLEDFD<EKFDFCKF@DGFIK8EK<<EFEJFCFG<I@M8CJLJ@E@I@K<E@8DF
@E=8KK@ :?< HL<CC8 GFKIS <JJ<I< >@LJK8D<EK< I@:FI;8K8 :FD< LE8 >@FIE8K8 :IL
:@8C<G<ICl8==<ID8Q@FE<;<CGI@E:@G@F;@8LKF;<K<ID@E8Q@FE<;<CC<:FDLE@KS
G<I @C ;@I@KKF ;<DF:I8K@:F ;@ <JJ<I< 8J:FCK8K@ ;@ ;@J:LK<I< < ;@ ;<:@;<I< ;<C
GIFGI@F=LKLIF
8 9<E 8EE@ @E LE8 /8CC< >@S GIF=FE;8D<EK< J<>E8K8 ;8 @E=I8JKILKKLI< <
M@<;@:FDLE@:8Q@FE<9<ECFEK8E@HL@E;@;8<>F@JD@CF:8C@JK@:@J@E;8:@8D
D@E@JKI8KFI@<GFGFC8Q@FE<J<EQ8;@JK@EQ@FE@G8IK@K@:?<J@FGGFE>FEF8;
LE:FE:<KKF;@GIF>I<JJF:?<EFEI@JG<KK8@CLF>?@C<D<DFI@<C8JKFI@8<C<
<:FEFD@< CF:8C@ :FEKI8JK8E;F LE =8I8FE@:F <; @EJFJK<E@9@C< GIF><KKF ;@ 8CK8
)
"',(+
G
"EEFD<;<CC8C@E>L8
M<CF:@KS=<IIFM@8I@8:?<%L:8&<I:8CC@D<K<FIFCF>F<J:@<EQ@8KF?8;<=@E@KF
e@ELK@C<<;<M8JK8EK<J@D9FCF;@LE8MFI8:@KS8D9@<EK8C<@E=@E@K8f
,@8DFGIF=FE;8D<EK<:FEM@EK@:?<8E:?<Cl8D9@KF;<CC<D@EFI8EQ<C@E>L@JK@
:?< j:FDLE@KSk @;<8C< ;@ :FE;@M@J@FE< ;@ GI@E:@G@ FCKI< :?< ;@ KLK<C8
:LCKLI8C<GFJJ8;@M<EK8I<LE8I<8CKS;@JFC@;8I@<KS<;@JFJK<>EF)<IHL<JKFM@
:?@<;@8DFLEJ<>EFLE8GI<J<EQ8LEl8;<J@FE<
FE@>FE=8CFE@;<@FDLE@
LE898E;@<I8LEFJKI@J:@FE<LEFJ:I@KKF:?<:@8@LK@8;8==IFEK8I<<8JLG<I8I<
LEDFD<EKF;@==@:@C<<@DGFIK8EK<8CK<DGFJK<JJF
"C MFC8EK@EF ;@JKI@9L@KF E<>C@ JK<JJ@ >@FIE@ @E F::8J@FE< ;<CC8 =FIK<
DF9@C@K8Q@FE< 8EK@i-/ X J:I@KKF E<CC8 M8I@8EK< =I8E:FGIFM<EQ8C< ;@
@8>C@FE<
ED8IKJ8G<IC8/8CJFL@Q8
<@=<E;<LEFLJG<IC@K<@E8M<E@@
<;@E@E8M8C8;8;QF8KI8M<IJ88;8C8=<IFM@8
%l8LKFJKI8;8C<JK8K8CC@=@C;C8CLKJ<
@FLEG8J<KFKCFLKI8=@:;@:8D@FEG<IC8I8EJ8
/FLCFLE:FC=8I<@E8=<IFM@8<I8;FLG@<CFLKLEE<C;FLI<AFLJ
,<LEJ8:FL<@EK<<C@GIF9C<D@8D9@<EK8C
%@KJ8D@E<C8J8CLK<;<C8GFGLC8J@FLE;<C8/8CJFL@Q8
FLEK@EFL<LEC8DF9@C@K8J@FLE
'F8FL-/-L@I@E%@FLE
'F8C8J<:FLE;8:8E8;FLI<AFLJ
<ID<LEC8/8CJFL@Q8
%FLJ:@FG<IF;<L@<KFLI<LJ;<C<8Q@<LE;<J
%8J8I88;@E<>FJ<
@D<:IFEFLM<D9IF
)8IK<J@G<LE8C8D8E@=<JK8J@FLE
)8IK<LE;88JFLC<@EGC8J8;FLD8IKJ88
)<I8I@M<<8,L@Q88EGC8Q8;lID@
'FLKIFLM<LE8
G8IK<LE8
FLI<LJ
8FL:FLE:<IK
JL@Q88EGC8Q8;lID@
8KI<<FLI<LJ
%8 FDFLE@K88 C< *L<DFLE<LJ G<IJFE<LJ ;C8 M8C8;8 C@ I8GI<J<EK8E
J@E;8:8CC@'F -/C8 "(&-I8M8C?<JF:@<K8 % +FC;@I<KK@-FI@EF
(,+"%<>8D9@<LE)IFE8KLI8!@IFJ?@D8 e"ED8I:@8G<IC8/8CJLJ8;@=<E;@8DF:@G<I@K<DG@8M<E@I<@ELE8M8CC<>@S8KKI8M<IJ8K8
;8CC8=<IIFM@8;8CCl8LKFJKI8;8C<JK8K8C@@=@C@;<CC8CL:<
*L@G8JJ8KLKKF@CKI8==@:F;<@:8D@FE
G<IC8I8E:@8MF>C@FEF8E:?<=8I<LE8=<IIFM@8<I8;;FGG@8I<@CKLEE<C;<CI<ALJJ<EQ8:FEK8
8G@KFCF"
%8C<KK<I8<@CMFC8EK@EFJFEFJK8K@GL99C@:8K@<:FDD<EK8K@JLCC8I@
M@JK8e==<G@f
pGIF989@CD<EK<@CGI@DFMFC8EK@EF;@HL<JKFK@GFJ:I@KKF@E=I8E:FGIFM<EQ8C<
<HL<JKFXLE9LFEDFK@MFG<IGL99C@:8ICFJLCC8EFJKI8I@M@JK8D8EFE@CJFCF
%8 >I8E;< DF9@C@K8Q@FE< ;<@ D<J@ J:FIJ@ :?< ?8 M@JKF KLKK8 C8 GFGFC8Q@FE<
;<CC8/8CC<;@,LJ8<;<CC8/8C<E@J:?@8@EJFI><I<:FEKIFC8-/I8GGI<J<EK8
LE DFD<EKF;@GI<J8;@:FJ:@<EQ8:FCC<KK@M8:?<J<>E8C8JKFI@8;<CC<EFJKI<
M8CC@<:?<GFKI<99<:8D9@8IE<@C;<JK@EF
*L8EKFXJL::<JJF@EHL<JK@>@FIE@<
>C@JM@CLGG@=LKLI@;@HL<JK8M@:<E;8EFEGFJJFEF<JJ<I<@>EFI8K@<D<I@K8EF;@
<JJ<I<:FEFJ:@LK@;8CC8M@M8MF:<;@:?@C@?8M@JJLK@
8KK8<::<Q@FE<G<IC8/8CC<;lFJK8I<>@FE<8JK8KLKFJG<:@8C<:?<
>F;<;@G8IK@:FC8I@8><MFC8Q@FE@C<M8CC@8CG@E<F::@;<EK8C@?8EEFJL9[
KF C8 :I@J@ ;<C GFCF @E;LJKI@8C< KFI@E<J< 8 :L@J@ JFEFI@MFCK<8 G8IK@I<
;8C J<:FE;F ;FGF>L<II8
%< G<I@=<I@< 8CG@E< ;LEHL< :<I:8EF ELFM<
I@JFIJ< <:FEFD@:?< < 8KK<EQ@FE< ;8 G8IK< ;<CCF ,K8KF < ;<CC< 8DD@E@
JKI8Q@FE@CF:8C@
'FEXC8GI@D8MFCK8:?<>C@89@K8EK@;<@:FDLE@;@DFEK8>E8J:<E
;FEF @E G@8QQ8 G<I I@M<E;@:8I< @ GIFGI@ ;@I@KK@
'<C >@L>EF ;<C FCKI<J<KK8EK8J@E;8:@;<CC<M8CC@8CG@E<G@<DFEK<J@>L@;8IFEFLE:FIK<F
;@ M8CC@>@8E@ CLE>F C< JKI8;< ;<C :<EKIF ;@ -FI@EF
"C DFK@MF ;<C D8C
:FEK<EKF <I8 C<>8KF 8@ ;<:I<K@ <D8E8K@ 8 J<>L@KF ;<CC8 C<>>< D<>C@F :FEFJ:@LK8 :FD< C<>>< 8C8JJF
" J@E;8:@ ;<ELE:@8M8EF @C
D8E:8KF :F@EMFC>@D<EKF ;<>C@ <EK@ CF:8C@ E<CC8 G@8E@=@:8Q@FE< <:FEF
D@:8<@C eK<EK8K@MF;@I<C<>8I<C8DFEK8>E88;LEILFCFJL98CK<IEF8
M8EK8>>@F ;<CC< 8I<< GI@M@C<>@8K< @E K<ID@E@ ;@ JM@CLGGF <:FEFD@:F <
JF:@8C<f8>>I8M8E;FLE8J@KL8Q@FE<>@SGI<:8I@88CC8;@JF::LG8Q@FE<
<8CCFJGFGFC8D<EKFJ@8>>@LE><M88CFIFG8I<I<C8ELFM8EFID8K@M8
:?<8MI<99<GFIK8KF8;LE9CF::FGI<JJF:?WKFK8C<;<CC<FG<I<GL99C@
:?<
I<@GIF9C<D@8D9@<EK8C@<C8J8CLK<;<CC8GFGFC8Q@FE<;<CC8/8CJLJ8FEK@EL@8DFC8DF9@C@K8
Q@FE<'F 8C -/ -FI@EF %@FE<'F 8CC8 J<:FE;8 :8EE8 ;<C I<ALJ=<ID@8DF C8 /8CJLJ8CF
J:@FG<IF ;@ FKKF FI< ;<CC< 8Q@<E;<C8 J<II8K8 ;<@ E<>FQ@D<I:FC<;[ EFM<D9I<
G8IK<:@G@8DF 8CC8 D8E@=<JK8Q@FE<G8IK@8DF ;8 LJJFC<EF G@8QQ8 ;<C D<I:8KFG<I 8II@
M8I<8,LJ8@EG@8QQ8;lID@@KIFM@8DF8CC<
G8IK@8DF8CC<
<8C:FE:<IKF8,LJ8
@E G@8QQ8 ;lID@ 8CC< %8 FDLE@KS 4DFEK8E85 @ FDLE@G<IJFE< ;<CC8 M8CC< @
I8GGI<J<EK8EK@ J@E;8:8C@ @ 'F -/ C8 "(& %8MFIF < JF:@<KS % + FC;@I<KK@ -FI@EF
(,+"%<>8D9@<EK<)IFE8KLI8!@IFJ?@D84DFE8DFLI5f
8G@KFCF""
% &$$$ "# @M<IJ@ JFEF >C@ 8KKFI@ :?< ?8EEF :FEKI@9L@KF 8 M8I@F K@KFCF < @E
K<DG@ ;@M<IJ@ 8CC8 =FIKLE8 ;<CCl<K@:?<KK8 j=I8E:FGIFM<EQ8C<k :?< G<I
DFCK@ F>>@ I@<DG@K8 ;@ J@>E@=@:8K@ @;<EK@K8I@ ;<J@>E8 LE8 :FDLE@KS
C@E>L@JK@:8 < :LCKLI8C< KI8EJ=IFEK8C@<I8
" ;@8C<KKFCF>@ ?8EEF :FE@8KF C8
;<=@E@Q@FE<<Cl?8EEF8GGC@:8K8;LI8EK<C<CFIF@E;8>@E@JLC:8DGFC<
8JJF:@8Q@FE@ :LCKLI8C@ 8 ;@=<J8 ;<CC8 C@E>L8 ?8EEF GIFDFJJF 8 G8IK@I<
;8>C@8EE@,<KK8EK8@E@Q@8K@M<;@M8I@F><E<I<8C:LE<G<IJFE8C@KSGFC@
K@:?< ?8EEF =8KKF ;<CC8 J8CM8>L8I;@8 ;<CC< D@EFI8EQ< LE 8I>FD<EKF
@DGFIK8EK< ;<CC< CFIF :8DG8>E< <C<KKFI8C@
.El<K@:?<KK8 JKILD<EK8C< X
;@M<EK8K8;LEHL<@CEFD<;@LE@EJ@<D<;@C@E>L<<@CEFD<J@XI@<DG@
KF;@J<EJF8CD<EFG<ILE:<IKFELD<IF;@G8IC8EK@:?<?8EEFM@JKF@E
<JJFLEF;<>C@<C<D<EK@GI@E:@G8C@;@LEl@;<EK@KS:FE;@M@J8
FD<E<C:8JF;<J:I@KKF;8<IE8E;LDFEKG<I@C*LW9<:@CEFD<
EFEXJFCFjHL<JK@FE<;@MF:89FC8I@Fk
)<I;<=@E@I:@:FD<>ILGGF8G8IK<J@8DFG8JJ8K@;8CC8;<EFD@E8Q@FE<;@8
E8;@<EJK<ID@E<:?<G<ICLE>FK<DGF;<J@>E8M8GI@D8;@KLKKF@:8E8;<J@;@
FI@>@E<=I8E:<J<8HL<CC8;@8E8;@<EJ=I8EV8@JGF@@E=@E<8HL<CC8;@*LW9W
:F@J
'FE:lX@EHL<JKFLE8J<DGC@:<HL<JK@FE<;@MF:89FC8I@F
*L<JK<G8IFC<
<JGI@DFEF C< CFKK< C< GFC<D@:?< @ K<EK8K@M@ 8GG8JJ@FE8K@ ;@ ;<C@D@K8Q@FE< ;@
LEl8GG8IK<E<EQ8;@LEl@;<EK@KS;@F9@<KK@M@
"E "K8C@8 @ G8IC8EK@ =I8E:FGIFM<EQ8C< G8@FEF 8M<I< I<:LG<I8KF :F
J:@<EQ8;@JW>I8Q@<8;LE8CKIF8KKFI<:?<?8;8KFLE8GGFIKF;<:@J@MF
8CDFCK@GC@:8IJ@;@@E@Q@8K@M<8JFJK<>EF;<CC<C@E>L<D@EFI@K8I@<E8Q@F
E8C@ E<>C@ LCK@D@ 8EE@
&@ I@=<I@J:F 8CC8 C<>>< E
j'FID< @E
D8K<I@8;@KLK<C8;<CC<D@EFI8EQ<C@E>L@JK@:?<JKFI@:?<k
'<C K<JKF ;<CC8 C<>>< J@ =8 I@=<I@D<EKF 8@ jG8IC8EK@ @C =I8E:Fi
GIFM<EQ8C<k < J@ :@K8 j@C =I8E:FiGIFM<EQ8C<k 8C J@E>FC8I< @C :?< GF
KI<99< @E;LII< 8 :FEJ@;<I8ICF LE8 C@E>L8 ;8@ :8I8KK<I@ LE@K8I@
p
.&('-G
-I8;LQ@FE<D@8
"EEFD<;<CC8C@E>L8
FGGFIKLEF@EFCKI<JFKKFC@E<8I<:?<C8C<>><KLK<C8HL<CC<:?<;<=@E@J:<
jC@E>L<k;@D@EFI8EQ8JKFI@:8<EFEj;@8C<KK@kjG8IC8K<kFj@;@FD@k
%<
G8IC8K<=I8E:FGIFM<EQ8C@:FJ[:FD<C<8CKI<@E;@M@;L8K<;8@C<>@JC8KFI@
JFEF;LEHL<GIFDFJJ<8;LEFBC0CDBG@`8CKFI@JG<KKF8HL<CCF@E:L@
JFEF EFID8CD<EK< I<C<>8K@ @ ;@8C<KK@ 8E:?< E<CC8 G<I:<Q@FE< ;<@ G8I
C8EK@
"C ;@98KK@KF JL :?< :FJ8 ;@JK@E>L8 LE8 C@E>L8 ;8 LE ;@8C<KKF X
DFCKF 8DG@F < ;<JK@E8KF GIF989@CD<EK< 8 I@D8E<I< 8G<IKF
+@GFIKF
HL@JFCK8EKFC8;<=@E@Q@FE<:?<;@C@E>L8;S @FM8EE@8KK@JK8)<CC<>I@
E@ e@C:FE:<KKF;@ jC@E>L8k XG<IEF@EFID8CD<EK<C<>8KF8HL<CCF;@
LE8BF@EXI@:FEFJ:@LK8<;8DG@8D<EK<;@==LJ8jC@E>L8kEFEGL^I@=<
I@IJ@8;LE8J<I@<;@G8IC8K<;@==<I<EQ@8K<=I8;@CFIF:FEM8I@8EK@JG<JJF
GIF=FE;<KI8J@E>FC@G8<J@F8;;@I@KKLI8KI8J@E>FC@M@CC8>>@f
,< J@ 8GGC@:8 HL<JK8 ;<=@E@Q@FE< 8C =I8E:FGIFM<EQ8C< I@JLCK8 :?<
Cl@EJ@<D< ;<CC< G8IC8K< :?< M8EEF JFKKF HL<JK8 <K@:?<KK8 EFE GFJJFEF
<JJ<I<;<=@E@K<:FD<C@E>L8;8KF@CELD<IF;<CC<M8I@8EK@@E:L@J@GI<
J<EK8<Cl8JJ<EQ8;@LE8:>8=P;@I@=<I@D<EKF
,@GL^:FEM<E@I<:?<@E
><E<I< @C :8I8KK<I< ;@ GIFDFQ@FE< ;@ LE ;@8C<KKF 8 C@E>L8 X <OKI8i
C@E>L@JK@:FGFC@K@:F:FD<@EHL<JKF:8JF
"CI@J:?@FXHL<CCF;@I@ELE
:@8I< 8CC8 I@::?<QQ8 ;<CC8 M8I@<KS C@E>L@JK@:8 8CC8 JL8 JGFEK8E<@KS <
GIF=FE;@KS:LCKLI8C<@E=8MFI<;@LEFBC0=30A3JFCFG<I@C>LJKF;@FG
GFII<LE8;8=6D0<EFELE;@8C<KKF8CC8C@E>L8L==@:@8C<
L@;F8I9@E8M<;<E<CC8KLK<C8;<CC<C@E>L<D@EFI@LE8eJ<DGC@:<
;@:?@8I8Q@FE< ;@ ;<DF:I8K@:8 9LFE8 MFCFEKSf I@K<E<E;F :?< E<JJLE8
8Q@FE<GFC@K@:8:?< 8D9@J:8JFCF8CC8J8CM8>L8I;@8;<CC8C@E>L8<EFE
K<E>8:FEKF;<CClFI>8E@QQ8Q@FE<JF:@8C<<;<:FEFD@:8;<C>ILGGF:?<
C8G8IC8<;<CC<JL<KI8J=FID8Q@FE@GFJJ8JFIK@I<I@JLCK8K@:FE:I<K@
JJ8J<IM<8:8CD8I<>C@8E@D@8;@JKI@9L@I<;<E8IF8:FDLE@KSHL8J@J<DGI<
@E;@==@:FCKS=@E8EQ@8I@<8=8IE8J:<I<@E@Q@8K@M<:LCKLI8C@:?<8CD<EFGFJJF
EF ;8I< LE :FEKI@9LKF 8CC8 DLJ<@=@:8Q@FE< ;<CC8 :LCKLI8 D@EFI< < @E=@E<
HL<JK@GIFMM<;@D<EK@GFJJFEFI@K8I;8I<LEGIF:<JJF;<><E<I8K@MF:?<J<=FJ
J<G@`M<CF:<GFKI<99<:I<8I<DFCK<I<8Q@FE@JF:@8C@<GFC@K@:?<
@K8KF@E ,)+"G
,)+"
+"'G
8G@KFCF""
)<I HL<C :?< I@>L8I;8 C8 GIFM@E:@8 ;@ -FI@EF C< G8IC8K< =I8E:FGIF
M<EQ8C@ @EJ@<D< 8 HL<CC< F::@K8E@:?< < 8C =I8E:<J< >F;FEF ;@ LE8
G8IK@:FC8I<8KK<EQ@FE<;8G8IK< ;<CCl8DD@E@JKI8Q@FE<
'<C@E=8KK@
Cl<EK< GIFM@E:@8C< 8 :L@ C8 C<>>< 8==@;8 @C :FDG@KF ;@ ;<C@D@K8I<
Cl8D9@KFK<II@KFI@8C<JL:L@@EJ@JKFEF>ILGG@;@D@EFI8EQ8?8C8E:@8KF
LEGIF><KKF8D9@Q@FJF@Cj)IF><KKFJKI8K<>@:FC@E>L<<:LCKLI<D@EFI@
K8I@<k
%8 )IFM@E:@8 ;@ -FI@EF EFE ?8 C@D@K8KF C8 JL8 8Q@FE< 8C JFCF
:FDG@KF9LIF:I8K@:FD8?8<C89FI8KFLEGIF>I8DD8;@@EK<IM<EK@D@
I8KF 8CC8 KLK<C8 < 8CC8 M8CFI@QQ8Q@FE< ;<@ >ILGG@ D@EFI@K8I@ GI<J<EK@
E<CC<JL<M8CC8K<8CG@E<
"C=I8E:FGIFM<EQ8C<?8:FJ[9<E<=@:@8KFE<>C@
LCK@D@ 8EE@ ;@ LE8 ELFM8 8KK<EQ@FE< :?< E< ?8 I@JM<>C@8KF C8 M@M8:@KS
:LCKLI8C< < 8JJF:@8Q@FE@JK@:8 FCKI< 8 JK@DFC8I< C8 E8J:@K8 ;@ LE J<EK@
D<EKF@;<EK@K8I@F
FD< JFJK@<E< )8LC L@:?FEE<K C8 :FJ:@<EQ8 ;@ LEl8GG8IK<E<EQ8
:FDLE<J<GGLI<8;LE8:FDLE@KS@DD8>@E8K8J@<JGI@D<8C@M<CC@;@
M<IJ@ Cl<KE@8 C8 E8Q@FE< CF JK8KF C8 G8KI@8 8 MFCK< M@JJLK@ @E LE
:FEK<JKF I@M<E;@:8K@MF J< EFE 8;;@I@KKLI8 :FE=C@KKL8C<
'<C :8JF =I8E
8G8IK<JL8C8+<>@FE<)@<DFEK<8KKI8M<IJF@Cj,<KKFI<)IFDFQ@FE<;<CG8KI@DFE@F:LC
KLI8C< < C@E>L@JK@:Fk ;8C GFIK8 8M8EK@ LE8 GFC@K@:8 G<I C8 KLK<C8 ;<CC< C@E>L< D@EFI@K8I@<
eE<CC8 :FEJ8G<MFC<QQ8 :?< D8EK<E<E;F M@M< C< KI8;@Q@FE@ I<>@FE8C@ J@ GFJJFEF >8I8EK@I< C<
@;<EK@KS:LCKLI8C@f
%8 @LEK8)IFM@E:@8C<;@-FI@EFE<CC8J<;LK8;<C;@:<D9I<?8@EFCKI<;<C@9<I8KF
Cl8GGIFM8Q@FE<;<C;F:LD<EKFj%<>><
%@E<<;@@E;@I@QQF@ED8K<I@8;@D@EFI8EQ<
C@E>L@JK@:?<JKFI@:?<;<CC8)IFM@E:@8;@-FI@EFk:?<GI<M<;<e8iQ@FE<KI8EJ=IFEK8C@<I8G<I
LE8;@E8D@:8@JK@KLQ@FE8C<;@:FJKILQ@FE<;@LEFJG8Q@F@EK<II<>@FE8C<F::@K8EF=I8E:FGIFM<E
Q8C< < =I8E:<J< 9i FJK@KLQ@FE< < @EJ<;@8D<EKF ;<CC8 FEJLCK8 GIFM@E:@8C< ;<@
J@E;8:@8JJ<JJFI@ :FDLE@ ;@ D@EFI8EQ8 C@E>L@JK@:8 8KKL8CD<EK< :i )IFGFJK8 8CCl.
)
)
G<I C8 :I<8Q@FE< ;@ LE :FFI;@E8D<EKF KI8 C< )IFM@E:< G@<DFEK<J@ @EK<I<JJ8K< ;8CC8 %<>><
-('/</(;i+@:?@<JK8;@:FE=IFEKF:FEC8+<>@FE<G<ICl@JK@KLQ@FE<;@LE8
:FEJLCK8I<>@FE8C<;<CC<GIFM@E:<;@D@EFI8EQ8C@E>L@JK@:8FCKI<8 -( ' /< /(G<IC8
;<=@E@Q@FE<;@@EK<IM<EK@:FE:<IK8K@<G<ID<>C@F;<KK8>C@8I<C<:FDG<K<EQ<;<C<>8K<@ED8K<I@8
<iQ@FE<G<I@CI@:FEFJ:@D<EKF;@LEj:FDLE<:F;@:<C@E>L@JK@:FkF;@jLE8C@E>L898E;@<I8k
G<I>C@8D9@K@K<II@KFI@8C@(::@K8E@<I8E:FGIFM<EQ8C@=iQ@FE<G<ICl8KKL8Q@FE<;<C:FEKI8KKF
+8@i,K8KF@ED8K<I@8;@&@EFI8EQ<%@E>L@JK@:?<>i8KK<;I8;@F::@K8EF<;@=I8E:FGIFM<EQ8
C< :FE 8Q@FE@ @EK<ID<;@< HL8C@ jD8JK<Ik F j:FIJ@ ;@ JG<:@8C@QQ8Q@FE< ;@ @EK<IGI<K8I@8KFk <
:FJK@KLQ@FE<;@LEC9F;@FG<I8KFI@HL8C@=@:8K@E<C:8DGF;<CC8C@E>L8F::@K8E8<=I8E:FGIF
M<EQ8C<?i,FJK<>EF8CC8C<>><:?<M<IISGI<J<EK8K8;8@FDLE@(::@K8E@=I8E:FGIFM<EQ8C@<
N8CJ<IG<Ij.JF;<CC<98E;@<I<JL@&LE@:@G@k@i&F;@=@:8;<CC<;@JGFJ@Q@FE@:FEK<ELK<E<CC8
%<>>< :
;
j&FI8KK@k :?< GI<M<;< Cl@E>C<J< :FD< LE@:8 C@E>L8 :FDLE@K8I@8 E<CC8
J:LFC8 GI@D8I@8 :?< =8 J@ :?< HL<CC8 JKFI@:8 =I8E:<J< J:FDG8@8 GIF>I<JJ@M8D<EK<
;8CCl@EJ<>E8D<EKFf
)
."!(''-
"EEFD<;<CC8C@E>L8
:FGIFM<EQ8C<C8I@M<E;@:8Q@FE<@;<EK@K8I@8XG8:@=@:88E:?<J<@J@D9F
C@ J:<CK@ JFEF ;@ K@GF E8Q@FE8C@JK@:F C8 98E;@<I8 @E :L@ ;FMI<99<
I@:FEFJ:<IJ@Cl@EK<IF jGFGFCF=I8E:FGIFM<EQ8C<k ;<CC<M8CC@8CG@E<@K8
C@8E<C8:8IK8><F>I8=@:8:?<;<C@D@K88C@M<CCF@EK<IE8Q@FE8C<@:FE=@E@
;<CCl8I<8C@E>L@JK@:8Cl@GFK<J@;@LE@EEF
HL<JK@J@D9FC@J@8==@8E:8
EF8I>FD<EK@J:@<EK@=@:@FGJ<L;FJ:@<EK@=@:@G<I;@DFJKI8I<CFBC0CDB
;@C@E>L8;<CCl@;@FD8;@D@EFI8EQ8HL8C@LE8KI8;@Q@FE<C<KK<I8I@8LE
:FDLE< J@JK<D8 FIKF>I8=@:F LE8 :>8=P C@E>L@JK@:8
%8 :FJKILQ@FE< @
;<EK@K8I@8 G8JJ8 @EFCKI< 8KKI8M<IJF @ :FIJ@ ;@ C@E>L8 < :LCKLI8
=I8E:FGIFM<EQ8C<:?<J@JFEFDFCK@GC@:8K@8G8IK@I<;8C@EHL8EKF
=@E8EQ@8K@;8CC8C<>><E8Q@FE8C<EFE:?W8KKI8M<IJFC8DLJ@:8@CK<8KIF
@E?0C>8B@;@Q@FE8I@@K<JK@;@>I8DD8K@:8
*L<JK@ KI8KK@ I@:?@8D8EF HL<CC@ :?< EE< &8I@< -?@<JJ< @EJ<I@J:<
E<CC8JL8 eC@JK8;@<C<D<EK@J@D9FC@:@<D8K<I@8C@:?<LE8E8Q@FE<;<
>E8;@HL<JKFEFD<;<M<F==I@I<fG<I<JJ<I<I@:FEFJ:@LK8:FD<K8C<
%8
C@JK8:FDGC<K8:FDGI<E;<
LE8JKFI@8:?<JK89@C@J:8C8:FEK@EL@KS:FE@>I8E;@8EK<E8K@LE8J<I@<;@<IF@
GIFKFK@G@;@M@IK`E8Q@FE8C@LE8C@E>L8;<@DFELD<EK@:LCKLI8C@LE=FC:CFI<
;<@CLF>?@J8:I@<LEG8<J8>>@FK@G@:FLE8D<EK8C@KSG8IK@:FC8I<;<CC<I8GGI<
J<EK8Q@FE@ L==@:@8C@ @EEF< 98E;@<I8<;<CC<@;<EK@=@:8Q@FE@G@KKFI<J:?<
:FJKLD<JG<:@8C@KS:LC@E8I@<F8E@D8C<KFK<D@:F
*L<JK@ J@D9FC@ JFJK@<E< C8 JF:@FCF>8 =I8E:<J< JFEF <DLC8K@ F I@
M<E;@:8K@ ;8 HL<@ >ILGG@ :?< MFII<99<IF <JJ<I< I@:FEFJ:@LK@ :FD<
E8Q@FE@
.El@GFK<J@GIFGFJK8;88C:LE@8LKFI@X:?<C8D<JJ8@E:8DGF
;@J@D9FC@J@8JFCF@CGI@DFG8JJF;<CCl8Q@FE<GFC@K@:8
"C I@:FIJF 8C J@D9FCF X LEF ;<@ GF:?@ :8E8C@ ;@ <JGI<JJ@FE< ;<CC8 I<J@JK<EQ8
HL8E;FC8J@KL8Q@FE<X9CF::8K8;8CGLEKF;@M@JK8;<CC<FGGFIKLE@KSGFC@K@:?<
@^M8C<8E:?<G<IC<=8J@@E:L@J@JK8:FJK@KL<E;FC8:8G8:@KS;@DF9@C@K8Q@FE<
;<C >ILGGF < @E :L@ F::FII< @E;@M@;L8I< F9@<KK@M@ GI8K@:89@C@ < I8==FIQ8I< 8C
K<DGFJK<JJFC8JFC@;8I@<KS@EK<IE8
&
-,,+(%(
)<ILE<C<E:F;<CC<@E@Q@8K@M<FI>8E@QQ8K<;8CC8)IFM@E:@8;@-FI@EF8=8MFI<;<CC<D@EF
I8EQ<C@E>L@JK@:?<NNN
GIFM@E:@8
KFI@EF
@K:LCKLI8D@EFI8EQ<
&
-!",,G
&
"'"
&%."GG
i
8G@KFCF""
.ElLCK<I@FI< @EK<IGI<K8Q@FE< X F==<IK8 ;8CC8 C<KKLI8 ;@ -?FD8J
!PCC8E; I@BJ<E 8KKI8M<IJF C8 HL8C< X GFJJ@9@C< JG@<>8I< C8 J:<CK8 ;@
HL<JK@J@D9FC@<EFE;@8CKI@@EHL8EKF:FEFJ:@LK@<I@:FEFJ:@LK@J@8;8@
D<D9I@;<C>ILGGFJ@8;8:FCFIF:?<E<JFEF8C;@=LFI@
E:?<:FCF
IF :?< EFE 8GG8IK<E>FEF 8C >ILGGF @E=8KK@ G8IK<:@G8EF 8CC8 JL8
C<>@KK@D8Q@FE<G<IHL<JKF DFK@MF@ J@D9FC@J:<CK@;<MFEF<JJ<I< :F<
I<EK@ < Cl@EK<I8 E8II8Q@FE< =ILKKF ;@ LEl8::LI8K8 J<C<Q@FE< ;<>C@
<C<D<EK@ ;<M< I@JLCK8I< :FEM@E:<EK<
"C C@E>L8>>@F D@K@:F I@=<I@KF 8C
G8JJ8KF<C8J:<CK8;@J@D9FC@<MF:8K@M@JFEFLK@C@QQ8K@G<II@8CC8::@8I<F
:I<8I<I8GGFIK@JF:@8C@:FE:FCFIF:?<GFJJFEF@EHL8C:?<DF;F<JJ<I<
C<>8K@;8LE;<JK@EF:FDLE<
%8 C<>>< E8Q@FE8C< 8KK<J8 ;8 ;<:<EE@ ;8 G8IK< ;<@ I8GGI<J<EK8EK@
;<CC<D@EFI8EQ<GI<J<EK@JLCK<II@KFI@F@K8C@8EF?88::I<J:@LKF C8 :FE
J8G<MFC<QQ8 8E:?< KI8 @ j=I8E:FGIFM<EQ8C@k ;@ 8GG8IK<E<I< 8; LE
>ILGGF C@E>L@JK@:F @;<EK@=@:8KF :FE LEF JG<:@=@:F EFD<
@EF 8 GF:?@
8EE@=8EFEFJK8EK<Cl8Q@FE<;@8C:LE<8JJF:@8Q@FE@:LCKLI8C@@CJ<EJF;@
8GG8IK<E<EQ8EFEJLG<I8M8@:FE=@E@;<CG8<J<;@FI@>@E<F;<CC8M8CC<<
@C K<ID@E< =I8E:FGIFM<EQ8C< <I8 GI<JJF:?W J:FEFJ:@LKF 8@ G8IC8EK@
"E
I<8CKS8E:FI8F>>@XJFCFLE<J@>LFELD<IF;@G<IJFE<8LJ8I<HL<JKF
K<ID@E<G<I;<J@>E8I<C8GIFGI@8C@E>L8D88C:LE@?8EEF@E@Q@8KF8J<I
M@IJ@ ;@ HL<JK8 <K@:?<KK8 C@E>L@JK@:8 G<I ;<=@E@I< J< JK<JJ@ < @C GIFGI@F
>ILGGF;@8GG8IK<E<EQ8
FCFIF :?< J@ GFJJFEF ;<=@E@I< >C@ 8KK@M@JK@ ;@ HL<JK8 GI<J8 ;@ :F
J:@<EQ8LK@C@QQ8EF@CEFD<;<CC8C@E>L88E:?<G<I@EK<E;<I<LE8J<I@<;@
:8I8KK<I@:LCKLI8C@:?<<JJ@JK<JJ@EFEJ8EEF;<J:I@M<I<:FEGI<:@J@F
E<:?<:8I8KK<I@QQ<I<99<IF@CjGFGFCF=I8E:FGIFM<EQ8C<k
%8 D@8 GIFCLE>8K8 FJJ<IM8Q@FE< JLC :8DGF E<CC< M8CC@ 8CG@E< G@<
DFEK<J@ ;@ ,LJ8 %8EQF ,8E>FE< C8 G8IK<:@G8Q@FE< 8; <M<EK@ C<>8K@
8CC8GIFDFQ@FE<;<CC8C@E>L8D@EFI@K8I@8@E "K8C@8I8E:@8<,M@QQ<I8
C8 =I<HL<EK8Q@FE< ;@ :<EKI@ JG<:@8C@QQ8K@ JLCC< D@EFI8EQ< C@E>L@JK@:?<
C<@EK<IM@JK<8K<JK@DFE@GI@M@C<>@8K@Cl8E8C@J@JF:@FC@E>L@JK@:8<JKFI@:8
;<CCl8I<8GI<J8@E<J8D<?8EEF8MLKFCFJ:FGF;@8E8C@QQ8I<C<DF;8C@
KS8KKI8M<IJFC<HL8C@LE:<IKFELD<IF;@G8IC8EK@=I8E:FGIFM<EQ8C<?8
-
!
+"$,'*B0=3)74<8=">34A=(>284C84BC7=828CH0=3#0C8>=0;8B<8=)A8=8
303 "0DA8C8DB 0=3 4H>=3 ,:8E;@E8M@8E .E@M<IJ@KP )I<JJ (JCF :@K8KF @E )
,+.%%"G
"EEFD<;<CC8C@E>L8
:FJKIL@KFI@;<=@E@KF<LK@C@QQ8KF8C:LE<:FDGFE<EK@:LCKLI8C@<@;<EK@K8
I@<:FD<JKILD<EK@;<CCl8Q@FE<GFC@K@:8
$$( "$(
lX;LEHL<;8:?@<;<IJ@J<J@8JK8K8C8DF;<IE@KS:FEC<JL<D@E8:
:< ;@ FDFCF>8Q@FE< 8; 8M<I J:8K<E8KF LE8 I<8Q@FE< M@JJLK8 :FD<
;@=<J8 ;<CC< KI8;@Q@FE@ C@E>L@JK@:?< < :LCKLI8C@ FGGLI< J< HL<JK8J@8C8
I@JGFJK8;@LE8G<I@=<I@8:?<M<IJ8@ELE8J@KL8Q@FE<;@:I@J@<:FEFD@:8
<G8IK<:@G8K@M88CC8M@K8GFC@K@:8
(8E:FI8:FD<JL>><I@J:<EK?FEP
,D@K?C<I8;@:@;<CA4E8E0;<KE@:FF;@<IEFGFJJFEF<JJ<I<@CI@JLCK8KF;@
LEl8DD@E@JKI8Q@FE<8::<EKI8KI@:<<;@LE>FM<IEFGI@MF;@I8GGI<J<E
K8K@M@KS
@:<IKFC8:I@J@;<CC8:FEK<DGFI8E<@KSGFIK88;LE8J=@;8<JKI<D8
D<EK< JK@DFC8EK< G<I Cl@DD8>@E8I@F :?< DFCK@GC@:8 >C@ <C<D<EK@ :?<
M8EEF8:FDGFII<HL<CCl@E<==89@C<:FE:<KKF:?<XCl@;<EK@KS
+@:FII<
I< 8C :FE:<KKF ;@ <KE@8 ;LEHL< GL^ <JJ<I< LE8 :FEJ<>L<EQ8 ;<C
;<J@;<I@F:FCC<KK@MF;@@;<EK@KSHL8E;F8CKI@K@G@;@I8>>ILGG8D<EKFJF
:@8C<< GFC@K@:FEFE=LEQ@FE8EF
,<:FE;F)8FCF )@JKF@ X C8 :I@J@ ;<CC8
I8GGI<J<EK8EQ8GFC@K@:88:I<8I<Cl<J@><EQ8@ELEELD<IF:I<J:<EK<;@
@E;@M@;L@;@I@;<=@E@I<@EK<I<JJ@:FDLE@<8;8I<M@K88ELFM<=FID<;@
@;<EK@KS :FCC<KK@M8 DFM@D<EK@ JKL;<EK<J:?@ <:FCF>@:@ =<DD@E@JK@ <K
E@:@<C@E>L@JK@:@
"C :FE:<KKF ;@ @;<EK@KS X @DG@<>8KF ;8@ >ILGG@ ;@ D@EFI8EQ8 :FD<
D<QQF ;@ I@M<E;@:8Q@FE< < ;8>C@ 8EKIFGFCF>@ :FD< JKILD<EKF
;l@E;8>@E<
C@ @E=FID8KFI@ I@:FIIFEF JG<JJF 8 HL<JKF :FE:<KKF GLI
J<EQ8J8G<ICFD8E<>>@8I<:FDGC<K8D<EK<LJ8E;FCFE<CC8JL88::<Q@F
E< G@` JK8K@:8 :?< K<E;< 8 @DDF9@C@QQ8I< Cl@E;@M@;LF < @C >ILGGF
8CCl@EK<IEF;@LE8JFC88GG8IK<E<EQ8 C@E>L@JK@:8I<C@>@FJ8E8Q@FE8C<
J<EQ8:?<C<;@M<IJ<:FDGFE<EK@J@8EFD<JJ<@EI<C8Q@FE<
"CI@:<I:8KF
I<8C:FEKI8I@F;<M<<JJ<I<8::FIKFE<C;<:C@E8I<@C:FE:<KKF;@@;<EK@KS
GCLI8C< E<CC8 JL8 =FID8 :FDGC<JJ8 < J=8::<KK8K8
%l@;<EK@KS :FD< C8
:LCKLI8X;<K<ID@E8K8;8@E=@E@K<:FD9@E8Q@FE@<DFCK<GC@:@<I<;@KS;8
,&"-!
%)%'-"'
)
)",-("
8G@KFCF""
GIF:<JJ@;@J<C<Q@FE<<C89FI8Q@FE<<@EK<IGI<K8Q@FE<;@<C<D<EK@ELFM@
:?< DF;@=@:8EF HL<CC@ <J@JK<EK@
)IFGI@F C8 :FDGC<JJ@KS @E :L@
Cl@E;@M@;LFXF>>@@EJ<I@KFCFGFIK88;LEl@;<EK@KSGCLI8C<:FDGFJ@K8
%l8GGIF::@F8EKIFGFCF>@:F8CCFJKL;@F;<CCl@;<EK@KSEFEGL^@EFCKI<
GI<J:@E;<I<;8CCl8CKI8j=8::@8k:?<J@GI<J<EK8F>E@MFCK8:?<J@:FJKIL@
J:< LE JW Cl8CKIF Cl8CK<I@KS
"C M8CFI< ;<CC8 ;@M<IJ@KS < ;<CC8
;@==<I<EQ@8Q@FE<EFEXJFCF;@JK8EQ8C8:<I8Q@FE<<JKI8E<@KSD88E:?<
:FEK@>L@KS:FE=IFEKF=8D@C@8I@KS
%l8EKIFGFCF>FE<C:FEK@ELFLJ:@I<;8CC8GIFGI@8@;<EK@KSG<IM<JK@I<
@G8EE@;<CCl8CKIFX@DG<>E8KFE<CC8;<:FJKILQ@FE<;<CCl@;<EK@KSJK<JJ8
:FJ[:FD<;<CC<:LCKLI<<;<CC<:FJ@;;<KK<KI8;@Q@FE@<HL<JKFEFEG<I
I@;LII<@C:FDGC<JJFD8G<I8E8C@QQ8I<C<:FDGFE<EK@;<CD<::8E@JDF
E<C JLF 8>@I<
"C :FE:<KKF ;@ :LCKLI8 GIFGFJKF ;8 ;N8I; -PCFI
E<CClFID8@ CFEK8EF EFE GL^ <JJ<I< <==@:8:<D<EK< @DG@<>8KF @E
HL<JKFK@GF;@I@:<I:8C8:LCKLI8<Cl@;<EK@KS;<@>ILGG@=I8E:FGIFM<E
Q8C@E<C:FEK@ELF=CLJJF:?<E<I@;<=@E@J:<@:FEKFIE@EFEGL^<JJ<I<
8E8C@QQ8K88KKI8M<IJFC8:FJKILQ@FE<<ClLE@KS;@:FEFJ:<EQ<:I<;<EQ<
8IK< DFI8C< ;@I@KKF :FJKLD< 9<EJ[ 8KKI8M<IJF C8 ;<:FJKILQ@FE< ;<CC<
;@M<IJ<G8IK@G<I>@LE><I<8:8G@I<:?<:FJ8I<JK8;@J@>E@=@:8K@MF
'<C ;<J:I@M<I< :@^ :?< :FDGFE< C8 D8::?@E8 @;<EK@K8I@8
Cl8EKIFGFCF>F ;<M< <JJ<I< :FEJ8G<MFC< :?< C8 JL8 J:I@KKLI8 EFE JFCF
JG@<>?<IS@CD<::8E@JDFD8GIF;LIISELFMFJ<EJF:?<8E;IS8;8C@
D<EK8I<C8D8::?@E8JK<JJ8
(CKI<8CC8:FEJ8G<MFC<QQ8;<CCl@E<M@K89@C<
@EK<IGI<K8Q@FE< :?< J@ =FID8 E<CCl@EK<IJK@Q@F KI8 M@JJLKF < J:I@KKLI8
Cl8EKIFGFCF>F;<M<8M<I<:FJ:@<EQ8;<CC8I<JGFEJ89@C@KS;<CGIFGI@FC8
MFIF:?<J<@DD<JJFE<C:@I:L@KF;<CJ8G<I<:FDLE<GL^:I<8I<ELFM@
J@>E@=@:8K@<I@<DG@I<MLFK@@;<EK@K8I@
'<CC8 I@:<I:8 JL@ >ILGG@ =I8E:FGIFM<EQ8C@ HL<JK8 I<JGFEJ89@C@KS X
<M@;<EK<<J@D8E@=<JK8HL8J@:FD<LE;@J8>@FE<C;<J:I@M<I<HL8C:FJ8
;@ M@:@EF < :FEK<DGFI8E<8D<EK< <JKI8E<F
'<C D@F :8JF @C I8GGFIKF
:FE@Cj:8DGFkC<M8CC@8CG@E<;<CC8GIFM@E:@8;@-FI@EFXJK8KFJG<JJF
:FE=C@KKL8C<<GIFGI@FG<IHL<JKFFEFEFJK8EK<HL<JKFXJK8KF;@==@:@C<
8998E;FE8ICF
EKI8I< @E :FEK8KKF :FE :FDLE@KS ELD<I@:8D<EK< I@
JKI<KK< < ;LEHL< 8E:FI8 ;@==@;<EK@ :FE Cl<JKI8E<F :FD< HL<CC< 8CG@E<
EFE X J<DGC@:< EW @E;FCFI< C8 J<G8I8Q@FE< KI8 @C jEF@k ;<@ CF:8C@ <
Clj8CKIFk@CI@:<I:8KFI<:?<FJJ<IM8XE<KK8<M@<E<JG<JJFJFKKFC@E<8K8
<JGC@:@K8D<EK<
,@:I<8@EFCKI<LE8JFIK8;@;@==@;<EQ8J<EFE8;;@I@K
"EEFD<;<CC8C@E>L8
KLI8LElFJK@C@KSKI8>C@@EK<CC<KKL8C@CF:8C@<@CI@:<I:8KFI<<JK<IEF8E:?<
J<:FJKL@=I<HL<EK8@C:8DGF;8K<DGF
%l<JG<I@<EQ8 :FD< I@:<I:8KI@:< 8CCl@EK<IEF ;<C ,(&( <EKIF
,KL;@ F:LD<EK8Q@FE< &<DFI@8 (I8C< D@ ?8 G<ID<JJF ;@ 8KKL8I<
LEl@EK<EJ8FJJ<IM8Q@FE<G8IK<:@G8EK<JLC:FE=C@KKFC8K<EK<KI8>C@@EK<C
C<KKL8C@ CF:8C@ JG<JJF 8GGF>>@8K@ ;8CC< JKILKKLI< 8DD@E@JKI8K@M< <
ClLE@M<IJ@KS @ :L@ I8GGI<J<EK8EK@ JFEF 8 MFCK< G<I:<G@K@ :FD< :FCFIF
:?<LK@C@QQ8EF@CK<II@KFI@F:FD<CLF>F;@<JG<I@D<EK@J:@<EK@=@:@@ELK@C@
G<ICFJM@CLGGFCF:8C<
8CCl<JG<I@<EQ8JLC:8DGF<D<I><:?<GIFGI@F
>C@@EK<CC<KKL8C@CF:8C@JFGI8KKLKKFJ<@EM<JK@K@;@:8I@:?<GFC@K@:?<JFEF
C8=FIQ8JF:@8C<:?<8E@D8@CI@JM<>C@F:LCKLI8C<;<C>ILGGF;@D@EFI8E
Q8
JJ@@E=8KK@>I8Q@<8;LE:<IKF>I8;F;@@JKILQ@FE<<8C:FEK8KKF:FE
I@:<I:8KFI@8::8;<D@:@:?<GF@JG<JJFjI@GL;@8EFkJFEFM<ELK@8
:FEFJ:<EQ8 ;<CC< <C89FI8Q@FE@ J:@<EK@=@:?< :?< I@>L8I;8EF @C GIFGI@F
>ILGGF<J<E<=8EEF;@MLC>8KFI@:FE=@E@GIFGI@
*L<JKFX:@^:?<X8MM<ELKFE<C:8JF=I8E:FGIFM<EQ8C<
%8;<=@E@
Q@FE< ;@ j=I8E:FGIFM<EQ8C<k LK@C@QQ8K8 ;8 C@E>L@JK@ < ;@8C<KKFCF>@
8::8;<D@:@XJK8K88;FKK8K8;8>C@@EK<CC<KKL8C@CF:8C@<;XF>>@LK@C@QQ8K8
:FD<JKILD<EKFGFC@K@:FG<II@M<E;@:8I<Cl<J@JK<EQ8;@LE>ILGGF;<=@
E@KFE<@JLF@:8I8KK<I@<KE@:FiC@E>L@JK@:@EFEJFCF;LEHL<C@E>L@JK@:@
K8EKF:?<>C@JK<JJ@C@E>L@JK@J@J<EKFEFF>>@JG<JJF8;@J8>@F:FD<K<
JK@DFE@8-LCC@F-<CDFE
&@ X 8::8;LKF @E D@JLI8 :I<J:<EK< E<>C@ LCK@D@ :@EHL<i;@<:@ 8EE@ < :I<;F
:?<J@88::8;LKF8DFCK@;@8C<KKFCF>@JF:@FC@E>L@JK@<>CFKKF;@;8KK@:?@8D8K@8
G8IK<:@G8I< 8 K8MFC< IFKFE;< J<D@E8I@ :FE=<I<EQ< NFIBJ?FG FI>8E@QQ8K@ ;8
<EK@<8JJF:@8Q@FE@;@M8I@F><E<I<;@GIFM8I<LE8M8>8J<EJ8Q@FE<;@;@J8>@F
E<C :FEJK8K8I< ;@ <JJ<I< ClLE@:F C@E>L@JK8 @E D<QQF 8 LE8 J:?@<I8 ;@ GFC@K@:@
8DD@E@JKI8KFI@D<D9I@8LKFI<MFC@;@8JJF:@8Q@FE@DFM@D<EK@>ILGG@C<>8K@8
M8I@FK@KFCF8HL8C:LE8;<CC<D@EFI8EQ<C@E>L@JK@:?<;<CC<HL8C@C8%<>><
;<C?8J8E:@KFC8KLK<C8
-8C<J<EJ8Q@FE<E8J:<@EE8EQ@KLKKF;8C:FEJK8
K8I< ;@ EFE G8IC8I< C8 JK<JJ8 C@E>L8 F ;@ EFE J<IM@IJ@ ;<>C@ JK<JJ@ JKILD<EK@
:FE:<KKL8C@ F :FDLEHL< ;<C EFE @EK<E;<IJ@ G<I=<KK8D<EK< JL K8CLE@ GI@E:@
G@g
'8KLI8CD<EK<EFEKLKK@>C@@E=FID8KFI@J@I@M<C8EFFJK@C@
%8:FCC89FI8Q@FE<<C8=@;L:@8
J@>L8;8>E8EF=I<HL<EK8E;F8CLE>F@C:8DGF;@DFJKI8E;F8KK<EQ@FE<I@JG<KKF<;<J@;<I@F;@
:FEFJ:<I<GIF=FE;8D<EK<C8I<8CKSCF:8C<
-
-%&('G
8G@KFCF""
%FJK<JJFD<::8E@JDF;@8GGIFGI@8Q@FE<;@EFQ@FE@J:@<EK@=@:?<J@X
I<>@JKI8KF G<I @ :FE:<KK@ ;@ @;<EK@KS <KE@8 :LCKLI8 KI8;@Q@FE< @EJ<I@K@
F>>@ E<@ ;@J:FIJ@ G<I CF G@` I@M<E;@:8K@M@ :?< J@ I@:?@8D8EF
8CCl@;<EK@KS=I8E:FGIFM<EQ8C<
pJK8KFI@C<M8KF@C:8I8KK<I<@EK<CC<KKL8C<;<CC8D@C@K8EQ8C8;@=<J8 <
C8 I@8GGIFGI@8Q@FE< ;<CCl@;<EK@KS 8MM<E>FEF JLC K<II<EF :LCKLI8C< < 8
=8IJ<E<GIFDFKFI@JFEFGIFGI@F@>ILGG@JF:@8C@C<>8K@8CC<8KK@M@KS@EK<C
C<KKL8C@
%8CFIF:FE;@Q@FE<;@;<GI@M8Q@FE<I<C8K@M8;@=ILJKI8Q@FE<<;@JI8;@:8D<EKF
E< =8 @ JF>><KK@ G@` J<EJ@9@C@ 8CC< <J@><EQ< ;@ LE :FEKIFCCF 8LKFEFDF
;<CCl@;<EK@KS
4g5JJ@JFEFGF@8E:?<:FCFIF:?<G@`;@I<KK8D<EK<JL9@J:FEF
C8 JG@EK8 ;@8CKI@ DFM@D<EK@ GFJKi@E;LJKI@8C@ C<>8K@8CCl@;<EK@KS<E<I@GFIK8EF
Cl<:FE<CC8J@KL8Q@FE<CF:8C<LK@C@QQ8E;FC<I@JFIJ<:LCKLI8C@;@JGFE@9@C@
,:I@M< L8CK@<IF!8II@JFE e:HL@J@KF@CC@E>L8>>@F8EKIFGFCF>@:F
>C@ FG<I8KFI@ CF:8C@ 8>@J:FEF G@LKKFJKF ;8 60C4:44?4AB < >?8=8>= ;40
34ABI@JG<KKF8CC8:LCKLI8JL98CK<IE8:I<8E;FG<I^;@=8KKFLE8:LCKLI8<
LE8C@E>L8jD@JK8kf
CGIFGFJ@KFGL^<JJ<I<LK@C<I@:?@8D8I<>C@8I>FD<EK@8M8EQ8K@;8C
C8 GI<J@;<EK< ;<CC8 D8>>@FI< 8JJF:@8Q@FE< =I8E:FGIFM<EQ8C<
G@<DFEK<J< ==<G@ JJF:@8Q@FE<;@JKL;@<I@:<I:?<=I8E:FGIFM<EQ8
C@ @E LE 9I<M< 8IK@:FCF 8GG8IJF JLC >@FIE8C< F::@K8EF e(LJ@K8E@F
/@MFf
'<CC8+<>@FE<)@<DFEK<JFEF=I8E:FiGIFM<EQ8C@C8D8>>@FIG8IK<;<CC<M8CC@
;<CC8 GIFM@E:@8 ;@-FI@EF C8/8C ,8E>FE< C8 D<;@8 < 98JJ8 /8C ;@ ,LJ8 C8
/8C<E@J:?@8C</8CC@;@%8EQFC8/8CC<;<CCl(I:F<C8/8CC<,F8E8
*L<JK<
M8CC@ I8GGI<J<EK8EF C8 GIFG8>>@E< D<I@;@FE8C< ;<CC8 >I8E;< 8I<8 =I8E:Fi
GIFM<EQ8C< :FJK@KL@K8 ;8 LE K<II@KFI@F :?< J@ <JK<E;< 8 :8M8CCF ;@ KI< ,K8K@
I8E:@8,M@QQ<I8<"K8C@8<;@:L@C<CG@JFEFC8:8I8KK<I@JK@:8GI<;FD@E8EK<
%<M8CC@=I8E:FiGIFM<EQ8C@:FD<C<8CKI<M8CC@;<CCl8I:F8CG@EF:FDGI<J<E<C
)@<DFEK<?8EEF8KKI8M<IJ8KF;<:<EE@;@>I8M<:I@J@<:FEFD@:8<JF:@8C<
%<
:FEJ<>L<EQ< JFEF JK8K< 8998E;FEF < JGFGFC8D<EKF < C8 GIF>I<JJ@M8 ;@JG<I
J@FE< ;<C G8KI@DFE@F :LCKLI8C< :?< C8 ><EK< =I8E:FiGIFM<EQ8C< E<CC< M8CC@ <
E<CCl<D@>I8Q@FE<?8:FDLEHL<=@EFI8:<I:8KF;@:LJKF;@I<><CFJ8D<EK<
<E
;@M<IJ8C8J@KL8Q@FE<JLCCl8CKFM<IJ8EK<;<CCl8I:F8CG@EF@E/8CC<;lFJK8I<
&
"'"
&%."G
!++",('G
"EEFD<;<CC8C@E>L8
>@FE< 8GG8IK<E<EK< 8E:?l<JJ8 8CCl8I<8 =I8E:FiGIFM<EQ8C<
*L@ CF ,K8KLKF ;@
8LKFEFD@8?8:FEJ<EK@KFLEFJM@CLGGF<:FEFD@:F<;?8;8KFLEELFMFM@>FI<
8CC8:LCKLI8CF:8C<K8C@;8GIF@<KK8I<HL<JK8I<>@FE<M<IJFLE=LKLIF8;@D<E
J@FE< <LIFG<8
%8 JKI8;8 ;<CCl8LKFEFD@8 :?< ?8 GFIK8KF 8 HL<JK@ I@JLCK8K@ @
M8C;FJK8E@ G8I< HL@E;@ ClLE@:8 GI8K@:89@C< G<I >8I8EK@I< LE =LKLIF 8E:?< 8CC8
D@EFI8EQ8=I8E:FiGIFM<EQ8C<;<C)@<DFEK<
'<C:8JF;<CC<D@EFI8EQ<C@E>L@JK@:?<<:LCKLI8C@<LIFG<<<@K8C@8E<
8G8IK@I<;8>C@8EE@,<KK8EK8;<C'FM<:<EKF8C:LE@>ILGG@J@JFEFI@9<C
C8K@ GIFGI@F 8 HL<CC8 :?< J<EK@M8EF :FD< LE8 =FID8 ;@ :FCFE@8C@JDF
:LCKLI8C<I@=@LK8E;FC8GFJ@Q@FE<;@@E=<I@FI@KS@DGFJK8;8C:<EKIF8CC<
G<I@=<I@<:LCKLI8C@
"CM8C;FJK8EF#FQ<!8II@<K8GL99C@:^E<C!0
;8=6D0 0A?8C0=0 5A0=2>?A>E4=I0;4 >= ?0AC82>;0A4 A854A8<4=C> 0;;0
;8=6D034;;0+0;38>BC0
'<CK<JKF<>C@=8:<M8<JGC@:@KFI@=<I@D<EKF
8CClFG<I8;@%FL@J#<8E8CM<K!8=6D8BC8@D44C2>;>=80;8B<4?4C8CCA08
CO346;>CC>?70684GL99C@:8KFE<C
'<CG8I8>I8=F@EK@KFC8KFj?<
=8I<k@DGIFEK8KF8CCl8Q@FE<@E;@=<J8;<CC8C@E>L8;@D@EFI8EQ8!8I
I@<K8J:I@M<
*L8E;FLEGFGFCFJ@I<E;<:FEKF;@G8IC8I<LE8C@E>L8K<:E@:8D<EK<@E=<I@F
I< LE8 C@E>L8 @E ;@JJFCLQ@FE< :FDlX @C :8JF ;<>C@ 8IG@K8E@ :?< :FJ8 ;<M<
=8I<::<KK8I<C8C@E>L8@DGFJK8I<JGFEJ89@C<HL<JK8;<CC8;@JKILQ@FE<;<CC8
C@E>L8;<CGFGFCF4g5::<KK8E;FC8C@E>L8@DGFJK8J@:FE;8EE88DFIK<C8
GIFGI@8C@E>L8<J@M8@E:FEKIF8KLKK@@G<I@:FC@:?<:FDGFIK8Cl8998E;FEF;<C
D<QQF;@C<KKLI8;<CC8I<8CKS:?<C8C@E>L8I8GGI<J<EK8
EFEXJFCFLE=8KKF:LCKLI8C<e%8I@E8J:@K8:LCKLI8C<<:FEFD@:8<
JF:@8C<;@LEGFGFCF;FD@E8KF8MM@<E<JFCFE<CI@:LG<IF;<CC8C@E>L8
GIFGI@8f
@^:?<C<D@EFI8EQ<EFEG8@FEFG@`;@JGFJK<8;8::<KK8I<X:?<C8
CFIF :LCKLI8 I<:<;8 I@JG<KKF 8 HL<CC8 ;FD@E8EK< < :?< C8 C@E>L8M<E>8
I<C<>8K8E<@JFC@8D9@K@GI@M8K@;<CC8M@K8=8D@C@8I<8C:FEKI8I@F8JG@I8
-I8>C@8EE@,<JJ8EK8<,<KK8EK8;<C'FM<:<EKFJ@@E@Q@^8G8IC8I<;@e:FCFE@8C@JDFf@E
K<IEF I<:LG<I8E;F LE8 EFQ@FE< @EKIF;FKK8 ;8 EKFE@F I8DJ:@ G<I ;<J:I@M<I< C8
;@JL>L8>C@8EQ8;@JM@CLGGFKI8@C,<KK<EKI@FE<<@C&<I@;@FE<;l"K8C@8
jIG@K8EFkX@CK<ID@E<:?<#FQ<!8II@<K8GIFGFE<8JFJK@KLQ@FE<;@j=I8E:FGIFM<EQ8C<k
G<I ;<J@>E8I< C8 C@E>L8 ;<CC< GFGFC8Q@FE@ ;<CC< M8CC@ 8CG@E< F::@;<EK8C@ =I8E:<J@ @K8C@8E< <
JM@QQ<I<:?<LJ8EFM8I@8EK@;@K8C<@;@FD8
#
!++"-GG
i
8G@KFCF""
EF8=8IC88JJLI><I<8@:FEK<JK@GL99C@:@<GFC@K@:@
,:I@M<8E:FI8#FQ<
!8II@<K8
%< EFJKI< G8IC8K< I<JK8EF <==@:8:@JJ@D< G<I C<>><I< < ;<J:I@M<I< KLKK@ @ =<EF
D<E@ C<>8K@ 8CCl8>I@:FCKLI8 8CCl8CC<M8D<EKF < 8CC8 G8JKFI@Q@8 D8 <JJ< JFEF
@E8;8KK< G<I C<>><I< < ;<J:I@M<I< @C DFE;F 8KKL8C< 98J8KF JLCCl@E;LJKI@8 @C
:FDD<I:@FC<CFKK<JF:@8C@g;8HL@C8E<:<JJ@KS;@I@DF;<IE8I<C<G8IC8K<8I
G@K8E<4g5;F99@8DF=8I<@EDF;F;@<JJ<I<:8G@K@;8KLKK@>C@8IG@K8E@G<I:@^
XE<:<JJ8I@8Cl8;FQ@FE<;@LE8C@E>L8LE@=@:8K8G<IKLKK8ClIG@K8E@84g5
,FCF
LE8 C@E>L8 ;@ HL<JKF ><E<I< GFKIS J<IM@I< 8C GFGFCF 8IG@K8EF >C@ J<IM@IS @E
DF;FG8IK@:FC8I<8C<>><I<Cl8KKL8C<DFE;F:@I:FJK8EK<:FE;@Q@FE<<JJ<EQ@8
C<HL<JK8G<I:8G@I<C8I<8CKSD<KK<I:@FI;@E<@DD8>@E8I<;@I@><I<:8D9@8I<
=8IGFC@K@:8:@FX
*L8C:FJ8G<I^X:8D9@8KFE<CG8JJ8>>@F;8CC<I@M<E;@:8Q@FE@C@E>L@
JK@:Fi@;<EK@K8I@<;<>C@8EE@,<KK8EK88HL<CC<:FEK<DGFI8E<<
,<E<>C@
8EE@,<JJ8EK8<,<KK8EK8@CK<D8:<EKI8C<<I8C8;@=<J88E:?<M@FC<EK8
;<CC8C@E>L8;@LE>ILGGF:?<J@J<EK@M8D@EFI8EQ8<KE@:8F>>@C8C@E
>L8X:FE:<G@K8:FD<LE8I@JFIJ8@ELEG8EFI8D8GCLI@C@E>L<@E:L@C8
:LCKLI8DLK@C@C@E>L<X:FE:<G@K8:FD<LE=8KKF;@:@M@CKS
!! &$ )<I;<J:I@M<I<@CGIF:<JJF;@:FJKILQ@FE<@;<EK@K8I@8;@:FCFIF:?<J@
;<=@E@J:FEF j=I8E:FGIFM<EQ8C@k GL^ <JJ<I< LK@C< 8JJLD<I< :FD< HL8
;IF;@I@=<I@D<EKFC8;@:FKFD@8>CF98C<CF:8C<K<EK8E;F;@EFE:8;<I<
E<CClFGGFJ@Q@FE< I@>@;8;@K<ID@E@D8I<:LG<I8E;FE<CCFJ>L8I;F8E
KIFGFCF>@:F HL<CCF jJKI89@JDFk :?< :FEJ<EK< ;@ :F>C@<I<
:FEK<DGFI8E<8D<EK<G@8E@;@M<IJ@=@:8K@;@:FDGC<JJ@KS:?<M8EEF8G
GLEKF;8CDFCKFM@:@EF8CDFCKFCFEK8EF
*L<JK8ELFM8GIFJG<KK@M8
:?<GFJJ@8DF;<=@E@I<:LCKLI8;<CC8:FEK<DGFI8E<@KS<:?<LK@C@QQ8>C@
JKILD<EK@ 8EKIFGFCF>@:@ @E;L:< 8; LE 8GGIF::@F ;@E8D@:F
;<CClFJJ<IM8Q@FE< ;<@ =<EFD<E@ ;<>C@ @E;@M@;L@ < ;<@ >ILGG@ GFIK8 8
J<>L@I< Cl<MFCM<IJ@ ;<@ =8KK@ ;<CC< M@K< < ;LEHL< ;<CC< @;<EK@KS ;<CC<
"M@G
&
%%+"
%%"
"EEFD<;<CC8C@E>L8
8Q@FE@8KKI8M<IJFC8=@KK8I<K<;@I<C8Q@FE@:?<:FEE<KK<@E;@M@;L@K<II@
KFI@FCF:8C<<K<II@KFI@FDFE;@8C<
)<I<JJ<I<FG<I8K@MFLK@C<8CC8I@:<I:88EKIFGFCF>@:8@C:FE:<KKF;@
:LCKLI8;<M<<JJ<I<C<KKF8CC8CL:<;<CDLK8D<EKF;<C:FEK8KKF;<C;@
M<E@I<:FEK@ELF;<CC8I<8CKS
<M<<JJ<I<@EK<JF:FD<eLEM<EK8>C@F;@
GFJJ@9@C@KSKI8C<HL8C@@C>ILGGFJ:<>C@<HL8C@LJ8I<<HL8C@J:8IK8I<E<C
:FEK@ELFGIF:<JJF;@JKILKKLI8I<<I@JKILKKLI8I<@CJLFGI<J<EK<<@CJLF
G8JJ8KFf
*L<JKFGIF:<JJF8MM@<E<8CCl@EK<IEF;<C>ILGGF;8LE8><E<I8Q@FE<
8CCl8CKI8 M<E>FEF J<C<Q@FE8K@ M8CFI@ :I<;<EQ< K<:E@:?< 89@C@KS :@FX
HL<>C@<C<D<EK@:?<Cl8EKIFGFCF>@8;<=@E@J:<j:LCKLI8kI@K<ELK@@DGFI
K8EK@ G<I C8 JFGI8MM@M<EQ8 ;<C >ILGGF JK<JJF
'FE JFCF F>>@
8JJ@JK@8DF8;LE8M<I8<GIFGI@8I@iJKILKKLI8Q@FE<;<CC<@;<EK@KS:FCC<K
K@M<:FD<JL>><I@J:<&8K@C;<8CC8I@ 8CC@<:FD<?FI@J:FEKI8KFKI8@
>ILGG@;@C@E>L8=I8E:FGIFM<EQ8C<:?<M8EEF8CC8I@:<I:8;@HL<@J@D
9FC@ :?< GFJJFEF D<>C@F I8GGI<J<EK8IC@
p @EFCKI< E<:<JJ8I@F LJ:@I<
;8CC8:FEM@EQ@FE<:?<F>E@@E;@M@;LFJ@8GFIK8KFI<;@LE8JFC8:LCKLI8
"CDFEF:LCKLI8C@JDF:FJ[:FD<@CDFEFC@E>L@JDFXLElLKFG@8JG<JJF
8E:?<LE8JKI8K<>@8I8GGI<J<EK8K@M8=ILKKF;@8::LI8K8J<C<Q@FE<<EFE
LE8I<8CKS@E:L@C8G<IJFE8J@KIFM88M@M<I<
%8=FIQ8;<CC<:LCKLI<X
:?< <JJ<E;F =CL@;< DF9@C@ GIF:<JJL8C@ GFJJFEF KIFM8I< JG8Q@F KI8
LE8G@<>8<Cl8CKI8;<CC8M@K8;<>C@@E;@M@;L@<;<@>ILGG@
,<;LEHL<C8GIFJG<KK@M8XI<C8Q@FE8C<<GIF:<JJL8C<FJDFJ@:FEK@
EL8KI8eM@:@EFf<eCFEK8EFf8E:?<C<:FDLE@KSCF:8C@JFEFGC8JD8K<<
:FEK<DGFI8E<8D<EK< GC8JD8EF C8 I<8CKS @E :L@ JFEF @EJ<I@K<
%< :F
DLE@KS CF:8C@ GFJJFEF ;LEHL< <JJ<I< C<KK< :FD< LE GIF;FKKF ;<@
GIF:<JJ@ ;@ >CF98C@QQ8Q@FE< < EFE :FD< JKILKKLI< JF:@8C@ ;@JKILKK< ;8
HL<JK@GIF:<JJ@e%8>CF98C@QQ8Q@FE<EFEGIF;L:<@E=8KK@C8;@JKILQ@FE<
;<CC<:FDLE@KSCF:8C@D8@DGC@:8C8I@:FJKILQ@FE<@ELE:<IKFJ<EJFC8
GIF;LQ@FE< ;<C J<EJF ;<CClj<JJ<I< 8 :8J8k 7><4 ;<CC8 j:FDLE@KSk
;<CC8jCF:8C@KSkf
KKI8M<IJFHL<JK8:?@8M<;@C<KKLI8@CCF:8C<X@EK<JF:FD<LE8JG<K
KF ;<C >CF98C<
%8 >CF98C@QQ8Q@FE< X LE =<EFD<EF DFCKF :FEKIFM<IJF
"M@G
/
(-,- =CA>3DI8>=4 ;>10;8II0I8>=4 <>18;8CL D<0=0 4 =>BC0;680 2><D=8C0A80
!4?A42>=38I8>=83482>=5;8CC84C=828@E
+-("/
(-,-GG
i
8G@KFCF""
:?<:F@EMFC><@J@JK<D@GFC@K@:@<:FEFD@:@K<:EFCF>@:@<:LCKLI8C@<J
JFJ@XJM@CLGG8KF:FEC<:8I8KK<I@JK@:?<:?<>C@J@I@:FEFJ:FEFF>>@8
G8IK@I< ;8>C@ 8EE@ ,<JJ8EK8 ;<C 'FM<:<EKF LK@C@QQ8E;F @ D<QQ@ ;@ :F
DLE@:8Q@FE<G<I>@LE><I<8E:?<E<CC<QFE<G@`I<DFK<;<CG@8E<K8
p
LE@EJ@<D<;@GIF:<JJ@:FDGC<JJ@<JG<JJF:FEKI8;;@KKFI@:?<EFEJFCF
GIF@<KK8@CCF:8C<E<C>CF98C<D8JG@E><8E:?<M<IJF@C98JJF8=8MFI<
;<CCl8LKFEFD@8CF:8C<
G8IK@I<;8>C@8EE@'FM8EK8JLCC8J:@8;<@K@DFI@C<>8K@8CC8>CF98
C@QQ8Q@FE<J@XI<>@JKI8KFLEI@G@<>8D<EKFJLJ<JK<JJ<;<CC<:FDLE@KS
CF:8C@:@^?8GFIK8KF8CC8E8J:@K8;@CF:8C@JD@G@`FD<EF<J8JG<I8K@<
8CC8I@M<E;@:8Q@FE<8C@M<CCF@EK<IE8Q@FE8C<<JFGI8KKLKKF8C@M<CCFE8
Q@FE8C< ;<CC< JG<:@=@:@KS :LCKLI8C@
" CF:8C@JD@ J@ GFE>FEF :FD<
8CK<IE8K@M88CCF,K8KFiE8Q@FE<LK@C@QQ8E;F>C@JK<JJ@J@D9FC@;<CC8I<KF
I@:8 E8Q@FE8C@JK@:8
.E 8CKIF ji@JDFk C<>8KF 8CC8 ;@D<EJ@FE<
K<II@KFI@8C<;<CCl@;<EK@KS<8CC8JL8JKILD<EK8C@QQ8Q@FE<@;<FCF>@:8X@C
I<>@FE8C@JDF :?< K<E;< 8 =8I I@J8CK8I< C8 ;@D<EJ@FE< JG8Q@8C< ;@ LE8
:FDLE<8GG8IK<E<EQ8
"CI<>@FE8C@JDF:FJ[:FD<JL::<;<G<I@CCF
:8C@JDFGL^8JL8MFCK8<JJ<I<LE8KK@M8KFI<;<CCl<KE@:@KS;8E;FM@K8
8 DFM@D<EK@ :?< J@ GFJJFEF ;<=@E@I< :FE 8E@<C< )<KIFJ@EF <KEFI<
>@FE8C@JK@
'<CC8 D8>>@FI G8IK< ;@ HL<JK< I@M<E;@:8Q@FE@ C8 :FDGFE<EK< K<II@
KFI@8C< X 8E:FI8 DFCKF =FIK< < GFIK8 :FE JW GIF=FE;< M8C<EQ<
J@D9FC@:?<
"CK<II@KFI@F;LEHL<X8KKFI<8KK@MFE<CC8:FJKILQ@FE<@;<E
K@K8I@8 <JJF J@ =8 J@D9FCF JFGI8KKLKKF J< @C >ILGGF I@:FJKIL@J:< LE8
G8KI@8 j@DD8>@E8K8k G<I:?W 8998E;FE8K8 G<I;LK8 F KI8J=FID8K8 ;8CC8
DF;<IE@KS
"EHL<JKFJ<EJF?88>@KF8E:?<C8C<>><@K8C@8E8;@KLK<C8;<CC<D@EF
I8EQ< C@E>L@JK@:?< JKFI@:?< 8E:FI8E;F J8C;8D<EK< @ >ILGG@ D@EFI@K8I@
8; LEl8I<8 ><F>I8=@:8 GI<:@J8 < :@I:FJ:I@M@9@C<
LFI@ ;8@ :FE=@E@
;<CCl8I<8C@E>L@JK@:8I@:FEFJ:@LK8G<IC<>><@CG8IC8EK<EFEGL^G@`<J
"',
FD< EFK8 "CMF @8D8EK@ e"C K<ID@E< jCF:8C@JDFk X JK8KF <; X 8E:FI8 LJ8KF @E LE8
GCLI8C@KS;@:FEK<JK@<;@J@KL8Q@FE@:L@?8=8KKFI@J:FEKIFLE8GCLI8C@KS;@J@>E@=@:8K@<;@8::<
Q@FE@
JJF J@ GI<J<EK8 ;LEHL< :FD< LE :FE:<KKF GFC@J<D@:F 4g5
"C :I<J:<EK< I@:FIJF 8
HL<JKF K<ID@E< 4g5 JFKKFC@E<8 Cl@DGFIK8EQ8 ;<C KLKKF ELFM8 I@JG<KKF 8C G8JJ8KF 8JJLEK8 ;8C
K<II@KFI@F<@EG8IK@:FC8IDF;F;8CCl8D9@KFCF:8C<8G8IK@I<;8>C@8EE@,<KK8EK8<(KK8EK8f"
"&'-"G
)-+(,"'(
"EEFD<;<CC8C@E>L8
J<I<KLK<C8KFe@JF>><KK@@EK<I<JJ8K@4g5GFKI8EEFGI<K<E;<I<KLK<C8JFC
K8EKF 8CCl@EK<IEF ;@ GI<:@J@ 8D9@K@ JG8Q@8C@ < EFE 8E:?< 8C ;@ =LFI@ ;@
<JJ@;8KF:?<@E<JJ@<J8LI@I8EEFC8GIFGI@8FG<I8K@M@KSC<GI<M@J@FE@8;
?F::?<;<K<ID@E8EF<>@LJK@=@:8EFCFJK8KLJ;@D@EFI8EQ8f
*L<JK8 =FIQ8K8 K<II@KFI@8C@QQ8Q@FE< ;<CC< D@EFI8EQ< C@E>L@JK@:?< J@
J:FEKI8:FEC8I<8CKS:FEK<DGFI8E<8:FJKIL@K8JLCC8DF9@C@KS
%l8KKL8C<
I@:FIJF8CK<II@KFI@F:FD<98J<;<CCl@;<EK@KS:FJK@KL@J:<LE8;@==<I<EQ8
@DGFIK8EK<I@JG<KKF8CG8JJ8KFI<:<EK<HL8E;FC<=FIQ<GFC@K@:?<=8:<
M8EF I@=<I@D<EKF 8 M8CFI@ LE@M<IJ8C@ :FD< C8 :C8JJ< C8 I<C@>@FE< C8
:FEKI8GGFJ@Q@FE< =I8 ;<JKI8 < J@E@JKI8 G<I ;<=@E@I< >C@ 8MM<IJ8I@ < G<I
8LKF;<=@E@IJ@
'FEX:8JL8C<:?<;8CC8=@E<;<>C@8EE@(KK8EK8C<%<>?<
899@8EF@E@Q@8KF8I@GIFGFII<@CK<II@KFI@F:FD<<C<D<EKF:<EKI8C<;<CC8
GIFGI@8GFC@K@:8LK@C@QQ8E;FCF
FI8 :FD< I@=<I@D<EKF @;<EK@K8I@F :FD< jE8Q@FE<k :L@ J@ :FCC<>8EF JKFI@8 <
M8CFI@:FDLE@FI8:FD<I@=<I@D<EKFG<I>C@@EK<I<JJ@C8I<>@FE<:FD<8D9@
KF ;@ KI8;@Q@FE@ M8CFI@ :FDGFIK8D<EK@ <:FEFD@:@ JG<:@=@:@ @C /<E<KF C8
%FD98I;@8@C'FI;;<@GIF;LKKFI@:FEKIFC8+FD8;<@G8I8JJ@K@<@C,L;;<>C@
8JJ@JK@K@ :FDLEHL< :FD< I@=<I@D<EKF GFJ@K@MF C< jG<I@=<I@<k K<II@KFI@8C@ @
:FDLE@C<I<>@FE@<FGGFJ@K@MF=I8<EKIF<)<I@=<I@8=I8'FI;<,L;
"CCF:8C@JDF;@M<EK8:FJ[LEl@;<FCF>@8:?<GI<J<EK8@C:FEK<JKFCF:8
C<:FD<ClLE@:F:8G8:<;@>8I8EK@I<C8KI8JD@JJ@FE<;<CC8KI8;@Q@FE<C8
J8CM8>L8I;@8 ;<CCl@;<EK@KS C8 :LI8 ;<>C@ @EK<I<JJ@ <:FEFD@:@ C8 KLK<C8
;<CCl8D9@<EK<
p@EM<:<E<:<JJ8I@FJFKKFC@E<8I<:?<@DF;<CC@;@:FDL
E@KS I8;@:8K@ 8C K<II@KFI@F < @ CF:8C@JD@ EFE JFEF @EE8K@ J< GFE@8DF
:FD< ;8KF @E@Q@8C< EFE C8 K<II@KFI@8C@KS C8 JK89@C@KS C8 J<;<EK8I@<KS :?<:8I8KK<I@QQ8EFJFCF;8<GF:?<I<:<EK@C8M@K8;<CClLFDFJLCC8K<II8
<8JJLD@8DF:FD<GI<JLGGFJK@@CEFD8;@JDF@CDFM@D<EKFC8;@
&%--"G
'<CCl8D9@KF;<CC8D@EFI8EQ8=I8E:FGIFM<EQ8C<XJ@>E@=@:8
K@MF :?< @ ELD<IFJ@ G8IC8EK@ =I8E:FGIFM<EQ8C< ;<CC< :FDLE@KS =F>>@8E< ;@ <CC< ,8E /@KF <
8<KF <D@>I8K@ 8 -FI@EF 8 G8IK@I< ;8>C@ 8EE@ ,<JJ8EK8 < I@LE@K@ @E ;L< 8JJF:@8Q@FE@ :LCKLI8C@
EFEJ@8EF:FEJ@;<I8K@D@EFI8EQ8C@E>L@JK@:8JKFI@:8@E)@<DFEK<<:?<HL@E;@J@8EF<J:CLJ@;8C
C8 KLK<C8 :?< C8 )IFM@E:@8 ;@ -FI@EF J<:FE;F C8 C<>>< I@J<IM8 8@ jGIFGI@k >ILGG@ ;@
D@EFI8EQ8
l8CKI8G8IK<C8)IFM@E:@8;@F>>@8GLI<JJ<E;FJ@8KK@M8K88=8MFI<;<@JLF@:F
DLE@;@D@EFI8EQ8=I8E:FGIFM<EQ8C<EFE?8J@EFI8JFJK<ELKF@E@Q@8K@M<8=8MFI<;<@:<CC<J@<
=8<K8E@j;<iK<II@KFI@8C@QQ8K@kI<J@;<EK@@E)@<DFEK<<8CKIFM<
%lLE@:88Q@FE<;<CKLKKFJ@D9F
C@:8XJK8K8Cl@E8L>LI8Q@FE<;<CC898E;@<I8=I8E:FGIFM<EQ8C<8<CC<<8<KF@C8>FJKF
8CC8GI<J<EQ8;<@I8GGI<J<EK8EK@;<CC8)IFM@E:@8;@-FI@EF<;<>C@8DD@E@JKI8KFI@CF:8C@
"
"&'-"G
8G@KFCF""
E8D@:@KS8E:?<e@CK<II@KFI@F@:FE=@E@C<@;<EK@KS;<@>ILGG@;@M<E>F
EF GIF;FKK@ :LCKLI8C@ EFE G@` <EK@KS jE8KLI8C@k D8 <C<D<EK@ :FJKIL@K@
;8CC< GI8K@:?< ;<@ :FEK8KK@ < ;<>C@ JGFJK8D<EK@ ;<@ ;@M<IJ@ >ILGG@ E<C
:FIJF;<CC8CFIFJKFI@8f
'<C:8JF;<@>ILGG@;@C@E>L8=I8E:FGIFM<EQ8C<;<C)@<DFEK<8CCF
:8C@JDF < 8C J<EJF ;@ 8GG8IK<E<EQ8 C<>8KF 8; LEF JG<:@=@:F CLF>F @C
M@CC8>>@FC8M8CC<J@LE@J:<@CJ<EJF;@8GG8IK<E<EQ88CDFE;F8CG@EF
8CC8 DFEK8>E8 :FEKI8GGFJK8 8CC8 :@KKS C8 I<>@FE< 8CG@E8 @E:CL;< KLKK<
HL<CC<I<8CKSCF:8C@:?<:FE;@M@;FEF:8I8KK<I@J@D@C@G<I:?W@EJ<I@K< @E
LE8D9@<EK<E8KLI8C<:FDLE<
"CJFCFI@=<I@D<EKF8CC8K<II@KFI@8C@KSEFEJG@<>8G<I^C8I<8CKS E<CC8
JL8:FDGC<JJ8I<K<;@I<C8Q@FE@J@8JF:@8C@J@8JG8Q@8C@
%<:FDLE@KS
8E:?< HL<CC< G@` JKI<KK8D<EK< ;@I<KK< ;8CC8 KI8;@Q@FE< J@ I@EEFM8EF
>I8Q@< 8C :FEK8KKF :FE Cl<JK<IEF 8CC8 DF9@C@KS M@MFEF >I8Q@< 8>C@
J:8D9@ :FDD<I:@8C@ J@ I@GIF;L:FEF 8KKI8M<IJF D8KI@DFE@ <JF>8D@:@
:?<E<I@EEFM8EFC8M@K8C@KS
'<JJLE8:FDLE@KSE<JJLE8@;<EK@KS<E<J
JLE8 :LCKLI8 JFEF =ILKKF ;<CC8 JFC8 <C89FI8Q@FE< CF:8C< C<>8K8 8
GI8K@:?< :?< J@ I@GIF;L:FEF @DDLK89@C@ ;8 LE8 ><E<I8Q@FE< 8CCl8CKI8
@EFCKI<EFE:lXGLI<QQ8@E@Q@8C<:?<GFJJ8<JJ<I<:FEK8D@E8K8;8C:FE
K8KKFC8JKFI@8;<CClLFDFX@E:FEKIFJ:8D9@FD<K@::@8KF
%< @;<EK@KS K<II@KFI@8C@ ?8EEF KIFM8KF LE =FIK< JFJK<>EF E<@ DFM@
D<EK@ 8D9@<EK8C@JK@ :?< M<;FEF E<C K<II@KFI@F @C ;<GFJ@K8I@F
;<CCl@;<EK@KS 9@FCF>@:FiE8KLI8C<<E<CC8JL8J8CM8>L8I;@8LE8>8I8EQ@8
;<CC8 JFGI8MM@M<EQ8 ;<CClLD8E@KS
"E /8CC< ;@ ,LJ8 Cl@EKI<::@F KI8 @
;<EK@KS K<II@KFI@8C< < ;@=<J8 ;<C G8KI@DFE@F E8KLI8C< J@ X M<I@=@:8KF ;@
I<:<EK< @E F::8J@FE< ;<CC< (C@DG@8;@ @EM<IE8C@ ;<C < ;<CCl8MM@F
;<@ C8MFI@ G<I C8 :FJKILQ@FE< ;<CC8 C@E<8 =<IIFM@8I@8 8; 8CK8 M<CF:@KS
#bI>!<C9C@E> I@GFIK8E;F@C:8JF ;<CCl<O .E@FE< ,FM@<K@:8 JFKKFC@E<8
:FD<C<I@M<E;@:8Q@FE@8D9@<EK8C@JK<EFEJ@8EFJC<>8K<;8HL<CC<<KE@
:?<<E8Q@FE8C@JK@:?<
&
%%+" %%"G
E:?<@>ILGG@;@C@E>L8=I8E:FGIFM<EQ8C<;<CC8/8CC<;lFJK8;<CC8,8MF@8;<C/8CC<
J< =8EEF <JGC@:@KF I@=<I@D<EKF 8CC8 DFEK8>E8 :FD< <C<D<EKF @DGI<J:@E;@9@C< ;<CC8 GIFGI@8
@;<EK@KS
p E<:<JJ8I@F I@:FI;8I<G<I^:?< Cl8I<8 C@E>L@JK@:8 =I8E:FGIFM<EQ8C< EFE J@ <JK<E;<
JFCF@E8I<88CG@E8
&
"'"
&%."
"EEFD<;<CC8C@E>L8
";@J8JKI@8D9@<EK8C@@E:@;<EK@EL:C<8I@GIFJ:@L>8D<EKF;@C8>?@;<>I8;8
Q@FE< ;<C JLFCF :8LJ8K8 ;8 DFEF:FCKLI< @EHL@E8D<EKF @E;LJKI@8C< <::
?8EEF JMFCKF LE ILFCF @DGFIK8EK< E<CC8 DF9@C@K8Q@FE< <KEFE8Q@FE8C@JK@:8
E<CCl.E@FE<,FM@<K@:8
%8HL<JK@FE<8D9@<EK8C<:FD9@E^Cl8DFI<;@LE8:F
DLE@KS <KE@:8 G<I @C JLFCF E8K@F :FE C8 I@M<E;@:8Q@FE< ;@ LE K<II@KFI@F
E8Q@FE8C<G<ILEF,K8KF@E;@G<E;<EK<
%F:8C<<>CF98C<JFEFJKI<KK8D<EK<M@E:FC8K@ClLEF8CCl8CKIF;8HL<C
CF :?< X JK8KF FGGFIKLE8D<EK< ;<=@E@KF @C j;FGG@F DFM@D<EKFk
:8I8KK<I@QQ8KF;8CI@G@<>8D<EKFM<IJF@CG@::FCF>ILGGF<:FEK<DGFI8
E<8D<EK<;8CC8K<E;<EQ88CCl8G<IKLI88CDFE;F
"CGI@E:@G@FJ<:FE;F:L@LEGFGFCFLEK<II@KFI@FLE8:LCKLI8:FJK@
KL@J:8EF 8CCl@EK<IEF ;@ LEF ,K8KF E8Q@FE8C< LE8 I<K< FI>8E@:8 ;@
I<C8Q@FE@ 8LKFJL==@:@<EK@ < 8LKFI@GIF;L:<EK@J@ J@ X ;@==LJF @E KLKKF @C
DFE;FI@J:LFK<E;FLEEFK<MFC<:FEJ<EJF
%8:F@E:@;<EQ8;@GFGFCF
:LCKLI8 < K<II@KFI@F X JK8K8 LE8 ;<CC< G@` =FIK@ < ;@==LJ< >@LJK@=@:8Q@FE@
@;<FCF>@:?<<GFC@K@:?<G<IC8:FJKILQ@FE<;<CCFJK8KFE8Q@FE8C<
'<CC8
I<8CKS:FEK<DGFI8E<8:8I8KK<I@QQ8K8;8CC8DF9@C@KSC8:FEM<I><EQ8KI8
GFGFCFi:LCKLI8iK<II@KFI@F8GG8I<JLG<I8K8D8KI8C<GI@E:@G8C@8JG@I8
Q@FE@;@HL<CC<:?<<E<;@:KE;<IJFE:?@8D8j:FDLE@KS@DD8>@E8K<k
:lX8E:FI8HL<CC8;@=FID8I<LEjEF@k8CCl@EK<IEF;@GI<:@J@:FE=@E@K<I
I@KFI@8C@
)<I HL<JKF DFK@MF J@ GL^ G8IC8I< ;@ :FDLE@KS @DD8>@E8K8
8E:?< 8C :8JF ;<CC8 D@EFI8EQ8 C@E>L@JK@:8 =I8E:FGIFM<EQ8C< :?< :F
JKIL@J:< LE jEF@k 8 GI<J:@E;<I< ;8 LE :FII@JGFE;<EK< K<II@KFI@8C<
JKFI@:F<8DD@E@JKI8K@MF
"CCLF>FHL@E;@M@<E<:FEK@EL8D<EK<<MF:8KF@DD8>@E8KFJF>E8
KF<J<:FE;FEK?FEP @;;<EJ;@M<EK8J<DGI<G@`j=8EK8JD8>FI@:Fk
@CLF>?@JFEFJ<DGI<G@`@C=ILKKF;@LE8:FJKILQ@FE<JF:@8C<I<C8K@M8
D<EK<;@JK8EK<;8<JJ@
%8I<KFI@:8;<CC8K<II@KFI@8C@KS:?<C<>8LE8D@EFI8EQ88;LEK<II@KF
I@FEFE=LEQ@FE8:FDGC<K8D<EK<G<IJG@<>8I<@CJ<EJF;@8GG8IK<E<EQ8
JFGI8KKLKKFJ<HL<JKFJ<EK@D<EKFXI@MFCKF><E<I@:8D<EK<8CC8DFEK8
>E8
%l8I<8 8CG@E8 GL^ <JJ<I< ;<=@E@K8 LE8 I<>@FE< G<I @C JLF
G8IK@:FC8I< GIF=@CF <:FCF>@:F <:FEFD@:F < JF:@8C< ;@JK@EKF ;8CC< 8I<<
#
!%%"' =0I8>=0;8B<84C=828@E)
,+.%%"G
&
%%+" %%"
"',
8G@KFCF""
:FE=@E8EK@ @EFCKI< C< CG@ :FJK@KL@J:FEF LEF JG8Q@F @E :L@ @C I8GGFIKF
:FE @C :FEK<JKF =@J@:F >@F:8 LE ILFCF ;<K<ID@E8EK< E<CC8 :FJKILQ@FE<
;<CCl@;<EK@KS:LCKLI8C<;<@>ILGG@ :?<C<89@K8EF
p;LEHL<E<:<JJ8I@F
=8I<I@:FIJF8;LE8GGIF::@FDLCK@;@D<EJ@FE8C<:?<:FDGI<E;88E:?<
>C@ 8JG<KK@ <DFK@M@ < J@D9FC@:@ :FD< X JK8KF GLEKL8CD<EK< 8E8C@QQ8KF
@E LEF JKL;@F :?< ?8 I@>L8I;8KF LE8 :FDLE@KS 8CG@E8 M8C;FJK8E8
%l8JG<KKF<DFK@MF
:FCC<>8 ClLFDF 8CCl8D9@<EK< @EK<JF @E K<ID@E@ ;@ 8KK8::8D<EKF 4g5 < ;<I@M8
;8CJ<EJF;@8GG8IK<E<EQ8JF:@8C<:?<J<IM<8E:?<8;8KKI@9L@I<M8CFI<8@CLF
>?@
%lFI@<EK8D<EKF J@D9FC@:F :FCC<>8 ClLFDF 8CCl8D9@<EK< @E K<ID@E@ ;@
J@>E@=@:8KF 4g5 :FJK@KL<E;F LE M8CFI< :?< 8 J<:FE;8 ;<@ :8J@ GL^ <JJ<I<
G<I:<G@KF<M@JJLKF@EK<ID@E@<JK<K@:@DFI8C@<I<C@>@FJ@
L8I;8E;F 8@ >ILGG@ 8GG8IK<E<EK@ 8CCl8I<8 =I8E:FGIFM<EQ8C< ;<C
)@<DFEK< J@ GFKI<99<G8IC8I<;@KI<C@M<CC@;@@;<EK@KS:?<8CC8I>8EFF
I<JKI@E>FEF @ :FE=@E@ @;<EK@K8I@
"C GI@DF C@M<CCF 8E:FI8 DFCKF =FIK<
8E:?<J<:FEK<EJ@FE@@EK<IE<G@`FD<EF<JGC@:@K<XHL<CCF;@jM@CC8>
>@Fk LE@KS ><F>I8=@:8 < JF:@8C< :8I8KK<I@QQ8KF ;8C J<EK@IJ@ < ;8C
;<=@E@IJ@8GG8IK<E<EK@8;LEI@JKI<KKF>ILGGF:?<M@M<@ELE;<K<ID@E8KF
CLF>F
"E HL<JKF :FEK<JKF C8 C@E>L8 D8K<IE8 D8EK@<E< LE8 EFK<MFC<
=FIQ8;@:F<J@FE<@EHL8EKFD<QQF;@:FDLE@:8Q@FE<GI@D8I@F
"CJ<
:FE;FC@M<CCF8KKL8CD<EK<@E=8J<;@:FJKILQ@FE<;8G8IK<;@LE>ILGGF
I@JKI<KKF ;@ @EK<CC<KKL8C@ CF:8C@ X HL<CCF ;<CCl@;<EK@KS j=I8E:FGIFM<EQ8
C<k
JJFGI<M<;<8KKI8M<IJFLElFG<I8Q@FE<;@J<C<Q@FE<<GIFGFJK8;@
J@D9FC@C8=FID8Q@FE<;@LE8:FJ:@<EQ8:FDLE<:?<JLG<I@J@8@:FE=@
E@;<CM@CC8>>@FJ@8HL<CC@;<CC8E8Q@FE<8CCFJ:FGF;@@E>CF98I<@ELE
LE@:FjGFGFCFkKLKK@:FCFIF:?<:FE;@M@;FEF>C@JK<JJ@KI8KK@C@E>L@JK@:@
<CFJK<JJF7018C0CE8KLI8C<:FJK@KL@KF;8CC8DFEK8>E8
HL<JKFLCK@DF
I@=<I@D<EKF8CC8DFEK8>E8J<IM<8@E;@M@;L8I<@CK<IQFC@M<CCF@;<EK@K8
I@F :?< @E G8IK< J@ JFMI8GGFE< 8C J<:FE;F D8 :?< X 8E:FI8 G@`
@E:CLJ@MF<EFE=8;@==<I<EQ8;@C@E>L8Cl@;<EK@KS8CG@E8
JJ8@E>CF98
KLKK@ :FCFIF :?< M@MFEF @E DFEK8>E8 C8 C@E<8 ;@ :FE=@E< ;LEHL< EFE
G8JJ88C@M<CCFC@E>L@JK@:F;@JK@E>L<E;F@=I8E:FGIFM<EQ8C@;8>C@F::@
K8E@;8@N8CJ<IF;8HL8CJ@8J@8CKI8D@EFI8EQ8C@E>L@JK@:8D8C8:<JLI8
X J<>E8K8 KI8 DFEK8>E8 < G@8ELI8 KI8 :FCFIF :?< GFJJFEF ;<=@E@IJ@
)
,""%%G
"EEFD<;<CC8C@E>L8
jDFEK8E8I@k < :FCFIF :?< JFEF G<I:<G@K@ :FD< j89@K8EK@ ;@ G@8ELI8k
,:I@M<)8FCF,@9@CC88GIFGFJ@KF;<C:8JFM8C;FJK8EF
%8DFEK8>E8@EK<J8:FD<<>=C06=4FJJ@8:FD<LE8I<8CKS:?<J@J@KL88C;@
JFGI8;@LE8:<IK88CK@KL;@E<8::FDLE8:FCFIF:?<8GG8IK<E>FEF8@G8<J@M8C
;FJK8E@ 8>C@ 8CKI@ DFEK8E8I@ G@<DFEK<J@ =I8E:<J@ < JM@QQ<I@ ;<CC< I<>@FE@
8CG@E<
FCFIF :?< 89@K8EF G8<J@ 8CG<JKI@ K<E;FEF :FJ[ 8 M<E@I< 8JJ@D@C8K@ 8@
M8C;FJK8E@;<CC<8CK<M8CC@D<EKI<:FEK@EL88;<JJ<I<D8I:8K8C8;@==<I<EQ8KI8
G@8ELI8<DFEK8>E8<8E:?<KI8?;08=4<<>=C06=48CCl@EK<IEF;<CC8JK<JJ8I<
>@FE<
HL<JKF GIFGFJ@KF GFJJFEF M8C<I< C< FG@E@FE@ ;@ ;L< @EK<CC<KKL8C@
CF:8C@;<CC<M8CC@G@<DFEK<J@
'<CJLCC<G8>@E<;<CD<EJ@C<e(L
J@K8E@F M@MFf I8E:F IFEQ8K GF<K8 < 8E@D8KFI< :LCKLI8C< F::@K8EF
>@LE><M88I@:FEFJ:<I<8@>ILGG@;@D@EFI8EQ8=I8E:FGIFM<EQ8C@<F:
:@K8E@
LE8:FDLE<98J<<KE@:8I@:FE;L:@9@C<8CC<8EK@:?<GFGFC8Q@FE@:<CKFiC@>LI@<
8CCFIF;@M<E@I<8KKI8M<IJFC8IFD8E@QQ8Q@FE<I@J:FEKI89@C<@ELE8:FDLE<98
J< C@E>L@JK@:8 >8CCFiIFD8EQ8 JKILKKLI8K8 8 G8IK@I< ;8CCl8EK@:8 :8G@K8C< ;@
HL<JKl8I<8%L>L;LELD%@FE<
,FEF8::FDLE8K@G@`;@8CKI@GFGFC@;<CC<C
G@ ;8 LE8 :@M@CKS EFE ;<=@E@9@C< 8KKI8M<IJF C8 C@E>L8 G8IC8K8 D8 FJJ<IM89@C<
8KKI8M<IJFClFI>8E@QQ8Q@FE<<CFJ=ILKK8D<EKF;<CK<II@KFI@F>C@@EJ<;@8D<EK@<
C<JFCLQ@FE@8I:?@K<KKFE@:?<KI8;@Q@FE8C@
FDLE@8E:FI8C<J:8EJ@FE@;<CC8M@K8
;lLEK<DGFC8=@<I<QQ8DFEK8E8I8C8MF>C@8;@8LKFEFD@8<;@C@9<IKS
)F:?@ 8EE@ ;FGF E<C @FI>@F "E8L;@ ?0C>8B0=C ;<CC< /8CC@
=I8E:FGIFM<EQ8C@;@%8EQFJ:I@M<M8JLCC8I@M@JK8e==<G@f
FE:CLJ8 JKFI@:8D<EK< C8 =8J< ;@ ;@M@J@FE@ 8IK@=@:@8C@ ;<@ :FE=@E@ JKI8K<>@:@
;<>C@JK8K@E8Q@FE8C@C<CG@JK8EEFELFM8D<EK<8:HL@JK8E;F:FJ:@<EQ88C;@
CS ;<CC< ;@M<IJ< C@E>L< <; <KE@< ;@ :FJK@KL@I< LE8 I<8CKS LE@K8I@8 < G<:LC@8I<
E<C:FE:<IKF;<CC<>I8E;@I<>@FE@<LIFG<<
.E8;@D<EJ@FE<LE@K8I@8:?<J@I<8
C@QQ8E<CCl<D<I><I<;@JG<:@=@:@ DF;<CC@<:FEFD@:@< JF:@8C@ GI<JKF8E:?<
8DD@E@JKI8K@M@D8:?<8==FE;8C<I8;@:@E<CK<II<EF;@LE8:LCKLI8JFJK8E
183G
+('3- A0=2>?A>E4=I0;8 4 >228C0=8 @E e(LJ@K8E@F M@MFf 1/""" D8IQF
G
8G@KFCF""
Q@8CD<EK< :FDLE< G<I:?W GIF;FKK8 ;8CC8 I@JGFJK8 8; LE D<;<J@DF 8D9@<E
K<
)8FCF,@9@CC8D<KK<@E>L8I;@8;8CClLJF;<C:FE:<KKF;@<KE@88GGC@:8
KF 8CC< D@EFI8EQ< C@E>L@JK@:?< ;<CCl8I<8 8CG@E8 @E HL8EKF C8:LEFJF <
I@;LKK@MF@ELE8GIFJG<KK@M8;@E8D@:8;<CC8:LCKLI8<;@DLK8D<EKFJKF
I@:F
":FE:<KK@;@<KE@8<;@LE@KS<KE@:8K<E;FEF8C<>8IJ@8;<C<D<EK@
JK8K@:@<8CCl8D9@>L8@;<8;@FI@>@E<KIFGGFJG<JJFLJ8K8F>>@JFKKFC8
=FIDLC8 ;@ KI8;@Q@FE<
,<EQ8 =8I< I@:FIJF 8C :FE:<KKF ;@ <KE@8 DFCKF
;@==@:@C< ;8 JFJK<E<I< C8 DFEK8>E8 GL^ ;LEHL< <JJ<I< :FEJ@;<I8K8 LE
jDF;<CCF:LCKLI8C<LE@=@:8EK<k:?<:I<8:FE=@E@J@D9FC@:@LK@C@8:@I:F
J:I@M<I<C<DFEK8>E<:FE@CFIF:8I8KK<I@<:FCF>@:@LD8E@<:LCKLI8C@
C K<IQF C@M<CCF @;<EK@K8I@F HL<CCF C<>8KF 8CCl8D9@<EK< DFEK8EF J@
:FCCF:8EF C< I@M<E;@:8Q@FE@ 8D9@<EK8C@JK< :FD< C8 GIFK<JK8 :FEKIF C8
C@E<8=<IIFM@8I@88;8CK8M<CF:@KS@E/8CC<;@,LJ8
J:<E;<I<@EG@8QQ8
EFEJFEFJK8K@jF::@K8E@kFj=I8E:FGIFM<EQ8C@kJ<:FE;FC@M<CCF@;<EK@
KS =I8E:FGIFM<EQ8C< < E<8E:?< j>@8>C@FE<J@k F jM<E8LJ@E@k GI@DF
C@M<CCF@;<EK@KS;@M@CC8>>@FD8>C@j89@K8EK@;<CC8M8CC<kj@M8CC@>@8
E@k j@ DFEK8E8I@k :?< J@ JFEF KIFM8K@ LE@K@ E<CC8 ;@=<J8 ;<C K<II@KFI@F
D@E8::@8KF;8CC8j:FCFE@QQ8Q@FE<:@KK8;@E8k
E:FI8LE8MFCK8J@JG<
I@D<EK8 :FD< M<E>8 J:<CK8 ;8C D8QQF @;<EK@K8I@F C8 :8IK8 G@` 8;8KK8
G<I >@F:8I< C8 G8IK@K8GFC@K@:8
" >ILGG@ JF:@8C@ J@ ;<=@E@J:FEF CF:8C@ F
I<>@FE8C@F@E<EKI8D9@@DF;@8J<:FE;8;<>C@@EK<ICF:LKFI@<;<>C@@E
K<I<JJ@@E>@F:F
@^:?<JFIGI<E;<X:?<@>ILGG@;@C@E>L8=I8E:FGIFM<EQ8C<J@8EF
8II@M8K@8LE8:<IK8:FJ:@<EQ8;@GFJJ<;<I<C8j:8IK8@;<EK@K8I@8=I8E:F
GIFM<EQ8C<k DFCKF @E I@K8I;F I@JG<KKF 8@ CFIF M@:@E@ F::@K8E@
*L<JK@
LCK@D@I@M<E;@:8M8EFC8CFIF@;<EK@KS>@S;8CC8=@E<;<>C@8EE@,<JJ8EK8
GLIJ<EQ8>@LE><I<8DF9@C@K8Q@FE@:FEJ@JK<EK@EW8LE8@E:@J@M88Q@FE<
GFC@K@:8 8E:?< 8 :8LJ8 ;<CC< =FIK@ ;@M@J@FE@ @EK<IE<
%l@E:8G8:@KS ;@
:I<8I<LE=IFEK<:FDLE<<;@<C89FI8I<JKI8K<>@<:FE;@M@J<?8@DG<;@KF
8@;@M<IJ@DFM@D<EK@F::@K8E@JK@I@G@<>8K@JLI<C8Q@FE@CF:8C@;@FKK<E<
I<I@JLCK8K@GFC@K@:@<==@:8:@
C@8EE@,<KK8EK8?8EEFJ<>E8KFLEGLEKF
"'."+4BC8E0<>0;;0<>=C0=0A0!0B4=B0I8>=0;4D=8CL34;;02D;CDA00;?8=04<4A
6430;>=E46=>BD82>BCD<8CA038I8>=0;8@Ee==<G@
+@M@JK8J<D<JKI8C<;@:LCKLI8<8KKL8C@KS
=I8E:FGIFM<EQ8C<f"i""iGG
i
)
,""%%
"EEFD<;<CC8C@E>L8
;@ JMFCK8 E<C :FJ@;;<KKF A4E8E0;<KE@:FC<D@EFI8EQ<?8EEFGI<JF:F
J:@<EQ8 ;@ JW I@=@LK8E;F Cl@EK<>I8Q@FE< < I@M<E;@:8E;F LEF BC0CDB
J<G8I8KF
-I8>C@8EE@,<KK8EK8<>C@8EE@(KK8EK88998E;FE8K<@EG8IK<
C<CFKK<GFC@K@:?<J@JFEFJM@CLGG8K<@E@Q@8K@M<;@I<:LG<IFI@=FIDLC8
Q@FE<HL8E;FEFE;@@EM<EQ@FE<;@HL<CC<=FID<<JGI<JJ@M<:?<
J<D9I8M8EF @E G<I@:FCF ;@ <JK@EQ@FE< :FD< C< =<JK< KI8;@Q@FE8C@ C8
DLJ@:8C8;8EQ8@CK<8KIF@EC@E>L8CF:8C<
,@X:<I:8KF;LEHL<;@M8CF
I@QQ8I< @EJ@<D< 8CC8 C@E>L8 8C:LE@ <C<D<EK@ JG<:@=@:@ ;<CC8 :LCKLI8 ;@
D@EFI8EQ8G<IJ=L>>@I<8HL<CC8=FID8;@<IFJ@FE<:LCKLI8C<:?<&8I@<
C@FL:?@8D8<8<4C8B<>
JJFJ@D8E@=<JK8@EKLKK<C<JF:@<KS@EI8G@;8
KI8J=FID8Q@FE< < @E G8IK@:FC8I< @E HL<@ >ILGG@ :?< ?8EEF M@JJLKF LE
jJ8CKF:LCKLI8C<k:FD<@DD@>I8K@<:FEK8;@E@LI98E@QQ8K@
C@@EK<CC<K
KL8C@ 8GG8IK<E<EK@ 8CC< D@EFI8EQ< C@E>L@JK@:?< ;<CC< 8I<< 8CG@E<
I@DG@8E>FEF;@8M<I<KIFGGF8CLE>F8::<KK8KFG8JJ@M8D<EK<@DF;<CC@
GIFM<E@<EK@;8CC8G@8ELI8<;8@D8>>@FI@:<EKI@LI98E@<;@<JJ<I<8II@
M8K@ 8C BD82838> B8<1>;82>
8 HL<JKF JL@:@;@F J@D9FC@:F MFII<99<IF
F>>@I@JFI><I<I@M<E;@:8E;FLEILFCFG@`8KK@MFE<CC<;<:@J@FE@:?<C@
I@>L8I;8EF
&
%"(.G
8G@KFCF"""
# +"$''
(>E@:FDLE@KS:I<8@GIFGI@I8JJ@:LI8EK@J@D9FC@8C=@E<;@I8==FIQ8
I<@CJ<EJF;@8GG8IK<E<EQ8
JJF:FD<Cl@;<EK@KS<C8:LCKLI8DLK8E<C
K<DGF < 8 J<:FE;8 ;<CC8 :FEK@E><EQ8 EFE X G<I<EE< < KI8J:<E;<EK<
D8XLJ8KFG<I;@=<E;<I<<:FEHL@JK8I<GFJ@Q@FE@
*L<JK8:FJKILQ@FE<
J@D9FC@:8 :?< G8JJ8 8E:?< 8KKI8M<IJF C< 98E;@<I< >C@ @EE@ C< D8GG<
:?<KI8::@8EFGI<:@J@:FE=@E@>C@F>><KK@jKI8;@Q@FE8C@k:?<;@JK@E>LFEF
@C jEF@k ;8 KLKKF :@^ :?< X j8CKIF ;8 EF@k X LJ8K8 G<I =L>>@I<
;8CCl@E:<IK<QQ8 < ;8C ;@JFI@<EK8D<EKF :I<8KF ;8CC8 :FDGC<JJ@KS ;<CC8
:FEK<DGFI8E<@KS
%l@E:<IK<QQ8><E<I8G8LI8;@:@^:?<EFEJ@:FEFJ:<
<; X :FEK@EL8D<EK< 8C@D<EK8K8 ;8CC8 M@FC<EQ8 :L@ M<E>FEF 8JJF:@8K@
;8@<0BB<4380C8DF;<IE@KS<@JLF@:8I8KK<I@
(>>@EFED8E:8EF<
J<DG@ :?< GIFGFE>FEF @C JFI><I< ;@ LE I@J:?@FJF GIF:<JJF ;@
J<DGC@=@:8Q@FE< ;<CCl8CK<I@KS :?< ><E<I8 8EJ@< @DDFK@M8K< < C<>@KK@D8
G<I@:FCFJ@ GI<>@L;@Q@ :?< EFE =8MFI@J:FEF C8 :FEM@M<EQ8 :@M@C< KI8 @
GFGFC@
8G8IK<;@8C:LE@C8M@FC<EQ8EFEJFCFXJK8K8;<ELE:@8K8D8
8E:?<;<J:I@KK8E<@JLF@DFCK<GC@:@DF;@;@8KKL8Q@FE<KI8::@8E;FHL8
;I@ 8E>FJ:@8EK@ @E :L@ @C G<I@:FCF @E:FD9< < Clj8CKIFk X GIFEKF 8;
8>>I<;@I:@
*L<JK8I<KFI@:8;<CC8M@FC<EQ8JLGGFIK8K8;8LEC@E>L8>>@F
>L<II<J:FX8GGC@:8K88E:?<8CC8:LCKLI8;<J:I@KK8:FD<LE8<EK@KS@E
:FEK@ELFG<I@:FCF;@<JK@EQ@FE<8:8LJ8;<>C@j8KK8::?@k;@:FCFIF:?<
j@EM8;FEFkC<EFJKI<K<II<j8JJ<;@8E;F:@kE<CC<EFJKI<JK<JJ<:8J<
HL<JK< G8LI< J@ I@JGFE;< @EE<J:8E;F D<::8E@JD@ ;@=<EJ@M@ :?< LK@C@Q
Q8EF ;@JGFJ@K@M@ :LCKLI8C@ :FD< @C J<EK@D<EKF ;@ 8GG8IK<E<EQ8 @C
G8KI@FKK@JDFCFJG@I@KF;@:FIGF @C :8DG8E@C@JDF
.E 8CKIF <C<D<EKF
C<>8KF8CCl@E:<IK<QQ8=@EF8HL8C:?<;<:<EE@F=8J:FEFJ:@LKF8CC<:LC
KLI< FI@<EK8K< @E J<EJF KI8;@Q@FE8C< X @C :FE:<KKF ;@ I@J:?@F
'<CC8
:@M@CKS @E;LJKI@8C< DF;<IE8 K<J8 M<IJF @C =LKLIF < @C GIF>I<JJF @C I@
=I
!
'/.1 >=B284=24 3_D=4 0??0AC4=4=24 AO68>=0;4 30=B ;4B B>D;PE4<4=CB
?0HB0=B A0=24 4C (08=C\<?8A4 L ;_O?>@D4 <>34A=4 @E +
% #
i&
&( %"' GG
i
' "('"G
"EEFD<;<CC8C@E>L8
J:?@F =8 G8IK< ;<C >@F:F :I<J:< ;LEHL< @C jI@J:?@F ;@ <JK@EQ@FE<k G<I
KLKK@HL<>C@<C<D<EK@:?<EFE:FEKI@9L@J:FEF8CGIF>I<JJFD8:?<8E
Q@ JFEF GFIK8KFI@ ;@ @JK8EQ< G8JJ8K@JK< ;@8C<KK@ KI8;@Q@FE@ :LCKLI8C@
D8EL=8KK@8IK@>@8E8C@
)<I:FD98KK<I<@CI@J:?@F;@<JK@EQ@FE<J@I@:FII<
8CC8jJ8CM8>L8I;@8k<8CC8jKLK<C8k;<CG8KI@DFE@FC@E>L@JK@:F<:LCKLI8
C<
-LKK8M@8 HL<JK8 EFE X LE8 K<E;<EQ8 ELFM8
'<CC8 J<:FE;8 D<KS
;<CCl(KKF:<EKF@E"K8C@8:FD<8CKIFM<DFCK@@EK<CC<KKL8C@I8::F>C@<M8EF
K<D<E;FE< C8 J:FDG8IJ8 @C =ILKKF ;<CC< KI8;@Q@FE@ GFGFC8I@ GF<J@<
C<>><E;<:8EK@<I<;@KS;<>C@8EK<E8K@;<CC8E8Q@FE<
'<CC8 C<KKLI8 :?< EK?FEP @;;<EJ ;S ;<CC8 :FEK<DGFI8E<@KS < @E
G8IK@:FC8I<;<C=<EFD<EF;<CC8>CF98C@QQ8Q@FE<@CDFE;FJ8I<99<;@
M@JF KI8 KFCC<I8EK@ :FJDFGFC@K@ < @EKFCC<I8EK@ =FE;8D<EK8C@JK@ >C@ LE@
899I8::@8EFC8:FDGC<JJ@KS:LCKLI8C<>C@8CKI@C8KIFM8EF@EHL@<K8EK<<
G<I@:FCFJ8K8EKF:?<;FM<I<J@JK<LE8=FIK<@;<EK@KS<KE@:8I<C@>@FJ8F
E8Q@FE8C@JK8<JJ@J@I@=L>@8EF@ELE8KI8;@Q@FE<I@EEFM8K8<I8;@:8C@QQ8
K8
E:?< EK?FEP ,D@K? =8 G<J8I< JLCC8 DF;<IE@KS C8 :FCG8 ;<CC<
@E:<IK<QQ<M@JJLK<;8CClLFDF
%8:I<8Q@FE<;@C8I>?@FG@=@:@<JK89@C@D<EK@Cl@DGFE<EK<LI98E@QQ8Q@FE<<C<
:FE;@Q@FE@;@M@K8;<>C@JCLDJC8M@FC<EK8:FDG<K@Q@FE<G<I@CC8MFIF<C8:8
J8 @ GIF>I<JJ@ ;<CCl8C=89<K@QQ8Q@FE< < @C =FIK< @E=CLJJF ;<CC8 I8;@F < ;<CC8
K<C<M@J@FE<?8EEFKLKK@:FE:FIJF8:I<8I<ELFM<@EJ@:LI<QQ<8EJ@<KS<=ILJKI8
Q@FE@ :?< ;<D8>F>?@ J<EQ8 J:ILGFC@ ?8EEF GFKLKF D8E@GFC8I< 8GG<CC8E;FJ@
8CC8 :FE=FIK<MFC< JFC@;8I@<KS ;<@ M<::?@ C<>8D@ <KE@:@
JJ<I< I<JK@KL@KF 8CC8
GIFGI@8 =8D@>C@8 :LCKLI8C< <JJ<I< E<C GIFGI@F 8D9@KF =8D@C@8I< I@:<M<I< C8
GIFK<Q@FE<;<@GIFGI@=I8K<CC@J<D9I8ClLE@:8M@8J@:LI8M<IJFCl<HL@C@9I@F<C8
;@>E@KSE<CCl<I8;<C:FDGLK<I
%8DF;<IE@QQ8Q@FE<:FD<C8:?@8D8,D@K?F>CF98C@QQ8Q@FE<:FE
LEK<ID@E<:?<?8GI<JFG@<;<G<I;<J:I@M<I<HL<@=<EFD<E@:?<:F@E
MFC>FEFCl@EK<IFG@8E<K88::<C<I8K@;8@ELFM@D<QQ@;@:FDLE@:8Q@FE<
<;@KI8JGFIKFJ8I<99<HL@E;@C8:8LJ8;<CA4E8E0;<KE@:F
C@@E;@M@;L@
,@G<EJ@8;<J<DG@F8CC8I8::FCK8;@:8EK@GFGFC8I@;<C)@<DFEK<FG<I8K8FJK8EK@EF'@
>I8<GL99C@:8K8E<C
"E,@:@C@8 @LJ<GG<)@KIWI8::FCJ<GF<J@<=@89<I8::FEK@FI8C@D8
8E:?<F>><KK@;<CC8KI8;@Q@FE<GFGFC8I<;<CCl@JFC8:?<?8EEF;8KFM@K88C&LJ<F;<CC<KI8;@Q@FE@
GFGFC8I@J@:@C@8E<;@)8C<IDF
"',
,&"-!G
8G@KFCF"""
:FJ[:FD<@EK<I@>ILGG@JF:@8C@FGGI<JJ@;8@ELFM@I@KD@;@M@K8GI<F:
:LG8K@ ;8 LEl<:FEFD@8 :?< C@ :FJKI@E>< J<DGI< G@` 8C GI<:8I@8KF 8CC8
DF9@C@KS<8CCl@EJ@:LI<QQ8M8EEF8CC8I@:<I:8;@HL8C:?<;8KF:<IKF8:L@
8>>I8GG8I< C8 GIFGI@8 <J@JK<EQ8
J< HL<JKF ;8KF :<IKF EFE <J@JK< F
EFE<J@JK<G@`:FD<C8=8D@>C@8;@DF;<CCFKI8;@Q@FE8C<F@C >ILG
GFi:FDLE@KSI@JKI<KKF@JFC8KF<8LKFJL==@:@<EK<8CCFI8CFJ@@EM<EK8F
J@C8J:@8:?<HL8C:LEFCF@EM<EK@G<IC8JFGI8MM@M<EQ8;<C>ILGGF;@I@
=<I@D<EKF
'<CC<:8DG8>E<GL99C@:@K8I@<J@I@GIFGFE<@CDF;<CCF;<CC8=8D@>C@8
KI8;@Q@FE8C<:?<M@M<8:FEK8KKF:FEC8E8KLI8:?<J@ELKI<;@GIF;FKK@
><EL@E@
"C>DA>?4A0C>ABGIFGFE>FEFJF>>@FIE@@ECF:8C@KSILI8C@@E:L@
ClLFDFGL^I@KIFM8I<@CGIFGI@F<HL@C@9I@FD<EKI<@DLJ<@<KEF>I8=@:@<
>C@<:FDLJ<@I@:FJKIL@J:FEFFC<F>I8=@:8D<EK<J:<E<;@M@K8G8JJ8K8@E
:L@CFBCA4BBEFE<I8:FEFJ:@LKF<;FM<@;<FCF>@:8D<EK<J@K8:<;<CC8
=8D< ;<C =I<;;F ;<CC< =8K@:?< JFGGFIK8K< G<I JFGI8MM@M<I<
" A40;8CH
B7>F 8D9@<EK8K@ E<CC< =8KKFI@< GIFGFE>FEF C8 E8KLI8 :FD< M8CFI< <
GFE<E;FJ@E<CC8JK<JJ8GIFJG<KK@M8>C@8>I@KLI@JD@;@M<EK8EFI@KIFM@8C
C8DF;8
8CC8GFC@K@:8I@8==@FI8Cl@;<8;@LE8:FDLE@KS:?<GL^8M<I<
8E:?<C<;@D<EJ@FE@;@LE8E8Q@FE<:?<J@8@DG<ID<89@C<8CCl<JK<IEF
8EQ@:?<J8GG@8;@=<E;<I<@CGIFGI@FK<II@KFI@F<@GIFGI@:FE=@E@;8>C@
JKI8E@<I@LEl8CK<I@KSM@JJLK8:FD<E<>8K@M8<@E:FD9<EK<:?<GIFMF:8
C8G<I;@K8;<@M8CFI@KI8;@Q@FE8C@<;<CC8:LCKLI8
.El@;<8;@ :FDLE@KS
HL@E;@=FE;8K8JLCC8J<G8I8Q@FE<<JLCCl<J:CLJ@FE<
"EHL<JKFG8EFI8D8EFE:<IKF:FE=FIK8EK<;@G8LI8;<CCl8CK<I@KS
D88E:?<;@G8LI8G<I@C;FD8E@@E:<IKFI@=@FI@J:<@C:FE:<KKF;@<K
E@8 :?< J@ X 8::FDG8>E8KF E<C G8JJ8KF 8CC8 E8J:@K8 ;<CC< E8Q@FE@
HL@E;@8CE8Q@FE8C@JDF<8@I8QQ@JD@
"CE8Q@FE8C@JDF8KKI8M<IJFC<JL<
:8K<>FI@< ;@ @E:CLJ@FE< <; <J:CLJ@FE< ?8 =FIE@KF LE DF;<CCF G<I
Cl<KE@:@KS C<>@KK@D8E;F @ >ILGG@ E<CC< CFIF I@M<E;@:8Q@FE@ @;<EK@K8I@<
8CE8Q@FE8C@JDF>C@<KE@:@JD@HL<CC@:?<J@JFEF8C@D<EK8K@KI8>C@
8EE@@EHL8EK8<,<JJ8EK8;<C'FM<:<EKF@ELIFG8?8EEF<I<;@K8
KFC8;@I<Q@FE<GFC@K@:8<8E:?<8JG<KKFG@`@EHL@<K8EK<C8GIFG<EJ@FE<
8C:FE=C@KKF<8CC8M@FC<EQ8
"CJ<G8I8K@JDF<KE@:FJ@=FE;8HL@E;@JLLE:FE:<KKF;@:LCKLI8JK8K@
:F:?<@DGC@:8FDF><E<@KS@EK<IE88C>ILGGF
"KI8KK@:LCKLI8C@I@K<ELK@
3
.&'
"EEFD<;<CC8C@E>L8
@EE8K@JFEF@C:FE=@E<:?<J<G8I8LE>ILGGF;8CCl8CKIFG@`JFEFELD<
IFJ< C< ;@D<EJ@FE@ :LCKLI8C@ :?< ;@==<I@J:FEF G@` >C@ 8CKI@ JFEF
G<I:<G@K@ < M@JJLK@ :FD< ;@M<IJ@
"E HL<JK8 GIFJG<KK@M8 8E:?< LE >F
M<IEF:?<EFE:FE;@M@;8C8JK<JJ8:LCKLI8;@LE>ILGGFI@JLCK88HL<JKF
@EKFCC<I89@C<G<I:?WEFEGFKISD8@:8G@I< <=8IJ@:8I@:F;<CC<JL<<J@
><EQ<
"C J<G8I8K@JDF <KE@:F J@ 98J8 ;LEHL< JL ;8K@ I<8C@ D@J:<C8K@ @E
HL8EK@KS ;@M<IJ8 8C D@KF :?< 8C@D<EK8 Cl@;<8 ;<C >ILGGF :FE :8I8KK<I@
JG<:@=@:@eClFDF><E<@KSM8j<JKI8KK88=FIQ8k;8LE@E>8I9L>C@8KF@EKI@
:F;@M8I@<KSLJ8E;F>C@JKILD<EK@;<CC8J<C<Q@FE<;<CC8J<G8I8Q@FE<<
;<CCl<J:CLJ@FE< HL8CJ@8J@ =FID8 ;@ LE@KS M8 :I<8K8 C8 :FE:FI;8EQ8
jGIF;FKK88IK@=@:@8CD<EK<kXClLE@:8=FID8;@LE@KS;@JGFE@9@C<f
C@<C<D<EK@;LEHL<JFEF8::LI8K8D<EK<J<C<Q@FE8K@G<IC8:FJKIL
Q@FE<;<C;@JGFJ@K@MF<KE@:FC8:FEK@>L@KSK<II@KFI@8C<@C=8KKF;@G8IC8I<
LE8JK<JJ8C@E>L8@C:FCFI<;<CC8G<CC<C8JFD@>C@8EQ8;<@:FJKLD@EFE
JFEF;@G<IJW8KKI@9LK@<KE@:@D8GFJJFEF;@M<EK8ICFJ<M<E>FEFJ:<CK@
:FD<J<>E@;@JK@EK@M@;@8GG8IK<E<EQ8;8G8IK<;@:FCFIF:?<I@M<E;@:8
EF LE8 :FDLE< FI@>@E<
%@E>L8 K<II@KFI@F I<C@>@FE< EFE JFEF I<8CKS
JFJK8EQ@8C@D8I@JFIJ<:?<GFJJFEF<JJ<I<D<JJ<@E:8DGFG<I:I<8I<F
JL==I8>8I<@CD@KF;<CClFI@>@E<:FDLE<
*L<JK@<C<D<EK@JFEF0CC8E0C>A8
B8<1>;828DFCKF=FIK@:?<E<C:FIJF;<CC8JKFI@8JFEFJK8K@G@`MFCK<LK@
C@QQ8K@ G<I J:FG@ @;<EK@K8I@
'FE KLKK@ @ J@D9FC@ J8I<99<IF 8;8KK@ G<I
HL<JKF J:FGF EFE KLKK@ J8I<99<IF :FJ[ <==@:8:@ G<I LE8 @DD<;@8K8
:FDGI<EJ@FE<
%l<KE@8EFEXLE;8KF:FE:8I8KK<I@@DDLK89@C@D8LEJ<EK@D<EKF;@
8GG8IK<E<EQ8:?<@EK<IM@<E<E<CC8;<=@E@Q@FE<;<CJW<;<CCl8CKIF@E:8JF
;@I8GGFIK@;@=FIQ8:FEE<JJ@8JG<:@=@:@@EK<I<JJ@XLE:FEK<E@KFI<J@D
9FC@:F
)<I EK?FEP ,D@K? LE >ILGGF G<I ;<=@E@IJ@ K8C< ;<M<
:FE;@M@;<I<LE:FDLE<G8JJ8KFLE8JKFI@8:FDLE<;8CC8HL8C<8KK@E><
I< C8 D<DFI@8 :FCC<KK@M8 D@K@ 8EK<E8K@ < JLCC8 HL8C< 8GGF>>@8IJ@ G<I
M@M<I<@CGI<J<EK<;<M<@EFCKI<:FE;@M@;<I<LE:<IKFELD<IF;@:8I8KK<
I@:LCKLI8C@<8M<I<JM@CLGG8KFLE8JFIK8;@JFC@;8I@<KS=FE;8K8JLJ8C;@
C<>8D@
%l<KE@8 @EFCKI< ;<M< I@:FEFJ:<IJ@ JFKKF LE EFD< :FDLE< LE
@E;@:8KFI< @E;@JG<EJ89@C< ;<C >I8;F ;@ @;<EK@=@:8Q@FE< ;<CC8 :FDLE@KS
HL<CCF:?<)?@C@GG<)FLK@>E8K:?@8D84C=>=8<>
3
.&'G
)
)(.-" '-#
,-+"i'+-
8G@KFCF"""
'<C :8JF ;<@ >ILGG@ ;@ C@E>L8 =I8E:FGIFM<EQ8C< I@K<E>F :?< EFEJ@
GFJJ8 G8IC8I< ;@ >ILGGF <KE@:F J<:FE;F >C@ <C<D<EK@ <M@;<EQ@8K@ ;8
,D@K?
,@ GFKI<99< <==@:8:<D<EK< LK@C@QQ8I< @EM<:< C8 ;<=@E@Q@FE< ;@
4C=828CLB8<1>;820
%<JK<JJ<G<IJFE<:?<J@GI<J<EK8EF:FD<j=I8E:F
GIFM<EQ8C@k < ;LEHL< :FD< 8GG8IK<E<EK@ 8; LEF JG<:@=@:F >ILGGF
:LCKLI8C<LK@C@QQ8EF8E:FI8JFKKFMF:<@CK<ID@E<<KE@8G<I8LKFI8GGI<
J<EK8IJ@
8E:FI8 LE8 MFCK8 ?8EEF @DG8I8KF 8; LJ8ICF 8J:FCK8E;F
HL<@ I@:<I:8KFI@ 8::8;<D@:@ :?< I@:FI;8M8EF CFIF ;@ jEFE <JJ<I<
LEl<KE@8k
.>F89@<KK@D<KK<@E>L8I;@8JLCC8G<I@:FCFJ@KS;<CClLJF;<C
:FE:<KKF;@<KE@8:@^;FMI<99<@E;LII<8E:?<>C@JKL;@FJ@8;LJ8ICF:FE
8KK<EQ@FE<<I<JGFEJ89@C@KSG<IEFE 8C@D<EK8I<G<I@:FCFJ<J<DGC@=@:8
Q@FE@
'<C DFD<EKF@E:L@ J<IM<8 ;<J@>E8I< ;<@>ILGG@ =@KK@Q@8D<EK<;FK8K@ ;@LE8
@II@;L:@9@C< @;<EK@KS C@E>L@JK@:FiJKFI@:Fi:LCKLI8C< <JJF j=I8EKLD8k C8 :FD
GC<JJ@KS ;<C j=<EFD<EF LD8EFk < CF j:I@JK8CC@QQ8k @E LE8 J<I@< ;@ @JFC8K@
;@J:FEK@EL@:?<J@GI<JK8EF8;<JJ<I<:C8JJ@=@:8K@:FDG8I8K@<@EK<CC<KKL8CD<E
K<<GFC@K@:8D<EK<;FD@E8K@
">ILGG@;@C@E>L8=I8E:FGIFM<EQ8C<;LEHL<@E@Q@8EF8@;<EK@=@:8IJ@
JFCFF>>@<=8K@:FJ8D<EK<:FELEEFD<@DGFJKF;8CCl8CKF@C@E>L@JK@
;@=@E<(KKF:<EKF
"EFCKI<EFE:FE;@M@;FEFLE8JKFI@8:FDLE<GF@:?W
JFCK8EKF8C:LE@K<II@KFI@?8EEFG8IK<:@G8KF8;LE8JKFI@8GFC@K@:8<8D
D@E@JKI8K@M8 LE@K8I@8 JFKKF C8 ;FD@E8Q@FE< J898L;8
'FE J@ X HL@E;@
GFKLK8=FID8I<LE8JFC@;8I@<KS;@==LJ8;@>ILGGF;8KF:?<F>E@:FDL
E@KSJ@XFI>8E@QQ8K8@E98J<8CC<GIFGI@<<J@><EQ<;@JFGI8MM@M<EQ8<@C
J<EJF;@8GG8IK<E<EQ8J@X=FID8KFJFGI8KKLKKF8CCl@EK<IEF;<CM@CC8>>@F
%8 C@E>L8 ?8 <C<D<EK@ :FDLE@ J<GGLI< :FE EFK<MFC@ ;@M<IJ@KS < GF
KI<99< <JJ<I< LE ;8KF LE@=@:8EK< D8 EFE I8GGI<J<EK8 LE <C<D<EKF ;@
:F<J@FE<JL==@:@<EK<;8CDFD<EKF:?<EFE<J@JK<LE8:>8=P@E>I8;F;@
JLG<I8I< C< ;@==<I<EQ< E<CC8 GIFJG<KK@M8 ;@ LElLE@KS :LCKLI8C<
"EFCKI<
EFE<J@JK<LE8C@E>L8J:I@KK8:FEI<>FC<>I8=@:?<:FDLE@EW:@JFEF
D<QQ@;@:FDLE@:8Q@FE<FCKI<8@EK<IE<K:?<8@LK@EFE<CC8;@==LJ@FE<
;@ D<JJ8>>@ :?< GFJJ8EF :I<8I< LE @EK<EJF J<EJF ;@ 8GG8IK<E<EQ8 8;
.
"--"G
E:?<J<LE>ILGGF@EK<IE8Q@FE8C<X8CC8MFIFG<I<C89FI8I<LE8>I8=@8LE@K8I@8G<IJ:I@
M<I<:FEI<>FC<:FE;@M@J<KLKK<C<G8IC8K<=I8E:FGIFM<EQ8C@
"EEFD<;<CC8C@E>L8
LE8:FDLE@KSKI8EJE8Q@FE8C<FDF><E<8
&8E:8HL<CC8JFC@;8I@<KS;@
>ILGGF :?< GFKI<99< M8C@:8I< @ :FE=@E@ CF:8C@ < E8Q@FE8C@ @ >ILGG@ ;@
C@E>L8=I8E:FGIFM<EQ8C<:FD<J@XM@JKF J@KIFM8EF F>>@ JL@ K<II@KFI@
;@KI<E8Q@FE@;@M<IJ<D8J@JK8EEFI<>@JKI8E;F@E@Q@8K@M<G<I:FCD8I<
HL<JKF;@JK8::F
FD<JFKKFC@E<8&@:?8<C!<:?K<ICl<KEFI<>@FE8C@JDF?8GIF989@C@KS
;@<J@JK<I<=@E:?WCF,K8KFKFCC<I8C8;@M<IJ@KS:LCKLI8C<<GFC@K@:8
;X
:@^:?< JK8 8::8;<E;FE<C:8JF ;<CC<D@EFI8EQ< @K8C@8E<CF,K8KF8K
KI8M<IJFC<JL<C<>>@<@JLF@FI>8E@;<:<EKI8K@)IFM@E:@8<+<>@FE<;S
JG8Q@F 8CC< D@EFI8EQ< G<I:?W :@^ I@<EKI8 @E LE HL8;IF GI<:@JF ;@ ><
JK@FE< ;<C :FE=C@KKF J<GGLI< C8K<EK<
"EFCKI< :FD< J:I@M< C<O@J
WK<DGJC<C@E>L<D@EFI@K8I@<JFEFF>>@GIFK<KK<G<I:?WEFEJFEFG@`
LEM<IFG<I@:FCF;8K8C8CFIFJ@KL8Q@FE<FID8@:FDGIFD<JJ8eC8C@E
>L8;<>C@8CKI@8GG8I<8;;@I@KKLI8J@DG8K@:8HL8E;FX;<9FC<F@EM@8;@
<JK@EQ@FE<f
G8IK@I<;8>C@8EE@,<KK8EK8X8E;8K8:I<J:<E;FC8:FEJ8G<MFC<QQ8
;<CC8 I@::?<QQ8 M<@:FC8K8 ;8CC8 :LCKLI8 ;8CC8 C@E>L8 ;8@ J8G<I@ CF:8C@
<JJ8?8GFIK8KF8CC8I@E8J:@K88CC8I@GIFGFJK8JG<JJFI@=LEQ@FE8C@QQ8K8
;@ DFCK@ <C<D<EK@ :LCKLI8C@ :?< J<D9I8M8EF ;<JK@E8K@ 8CC8 J:FDG8IJ8
(>>@ G<I^ @E "K8C@8 J@ I<>@JKI8 LE8 ELFM8 :FJ:@<EQ8 GFC@K@:8 ;<C GIF
GI@F JK8KLKF ;@ D@EFI8EQ8 JG<:@8CD<EK< 8 J<>L@KF ;<CCl8GGIFM8Q@FE<
;<CC8 C<>>< E8Q@FE8C< < 8@ =@E8EQ@8D<EK@ 8; <JJ8 :FCC<>8K@
)<I ;@DF
JKI8I< C8 :FEK@EL@KS :FE @C G8JJ8KF @C :FE:<KKF ;@ KI8;@Q@FE< X F>>@
@DG@<>8KFJ@8E<CGIF:<JJF@;<EK@K8I@F;<@>ILGG@;@D@EFI8EQ8J@8E<@
GIF>I8DD@;@GFC@K@:8:LCKLI8C<
'<CCl8E8C@J@ J@ ;<M< K<E<I< :FEKF ;<C =8KKF :?< :FD< C8 :LCKLI8 <
Cl@;<EK@KS8E:?<C8KI8;@Q@FE<EFEXJK8K@:8D8<MFCM<J@KI8J=FID8J@
I<i@EM<EK8G<IDF;<CC8IJ@8J<:FE;8;<CC<<J@><EQ<
JJ8J@=FE;8JLCC8
I@G<K@Q@FE<<JLCI@KF:?<M@<E<:<C<9I8KF8CCl@EK<IEF;@LE>ILGGFF;@
'<C D8IQF X 8GG8IJF @CELD<IF Q<IF ;<C =F>C@F @E=FID8K@MF e"EKI<'F
"E=FID8
:?FE ;< ;<G<IKFK PFL ClFE GI<;Q< =I8E:FGIFM<EJ8Cf
C ELD<IF J:I@KKF E<CC< ;@M<IJ< >I8=@<
>I8=@8;<C +%>I8=@8<ICF>E<(+:FDGI<J8C8>I8=@8LE@=@:8K8GIFGFJK8;8C "- IFLG<
"EK<IE8K@FE8C;<-I8M8@C?8EEF:FCC89FI8KF!<EI@ID8E;CP>8>C@8K@&8I:IFE%8LI<EK
8DW(IE<CC8<)8FC@C8@E8MI<)@<II< L<OC8L;<%FE>I<@<>F%L:@8E8Q'@:FC<
&8I>FKILEF-<JJ8<I@:/<IE<P
&
!!-+&
%R/"
R-&),%>DAD=46A0?7842><<D=43D5A0=2>?A>E4=N0;@Ee'FLM<CC<J;L<EKI<
;lRKL;<JI8E:FGIFM<EV8C<J+<EW0@CC@<EfGG
i
8G@KFCF"""
LE8:FDLE@KSD8J@@EJ<I@J:<E<CGI<J<EK<<I@JGFE;<8ELFM@9@JF>E@
%8KI8;@Q@FE<GL^<JJ<I<JK8K8@EKIF;FKK8;8GF:FK<DGFD8GL^<JJ<I<
I@LJ:@K8 8 @EJ<I@IJ@ E<CC8 M@K8 :FCC<KK@M8 G<I @C =8KKF <M@;<EK<D<EK< ;@
<JJ<I<@EHL8C:?<DF;FE<:<JJ8I@88CC8JF:@<KS
%l@;<8;@KI8;@Q@FE<X
I@:?@8D8K8F>>@@ELE:FEK<JKF;@@E:<IK<QQ8G<I@CJLF8CFE<;@M<I@KS
G<I@C<>8D@J<GGLI<@DD8>@E8K@<@EM<EK8K@:FE@CG8JJ8KFD@K@:F;<
>C@ 8EK<E8K@ :FE LEl<KS ;<CClFIF FID8@ J:FDG8IJ8
MFCK< C8
KI8;@Q@FE< G@` :?< <JJ<I< <JGI<JJ@FE< ;@ LE J<EK@I< :FDLE< X LEF
JKILD<EKF;@GFK<I<@DGFJKF<8JJ@D@C8KF
&8E<CCFJK<JJFK<DGF<JJ8
GL^ <JJ<I< <MF:8K8 G<I ;8I< =FID8 8; LE JW :?< ?8 G<I;LKF @ GIFGI@
GLEK@;@I@=<I@D<EKF@CG8JJ8KFXI@=L>@F<J@:LI<QQ88E:?<G<I:?WXI@
:FJKIL@9@C<J<:FE;F@;<J@;<I@<@9@JF>E@:FEK@E><EK@
%8KI8;@Q@FE<?8G<ICLE>FK<DGFDF;<CC8KFC<@;<EK@KS@E;@M@;L8C@
<:FCC<KK@M<:?<F>>@:<I:8EFLEELFMF8JJ<KKF3P>DLEK8LD8E:FE
J@;<I8Cl@;<EK@KS:FD<LEJLIIF>8KF;<CC8:FDLE@KS@EM@8;@<JK@EQ@FE<
F8;;@I@KKLI8D8@<J@JK@K8E<CC8I<8CKS<;<EKI8D9<:FD<I<8CKS@DD8
>@E8K< ;8CClLD8E@KS 8CC8 I@:<I:8 ;@ KI8EHL@CC@KS < J@:LI<QQ8
%8
:FDLE@KS:FD<Cl@;<EK@KSJ@:FJKIL@J:<E<CK<DGF@EDF;F;8I@JGFE
;<I< 8CC< ;@M<IJ< <J@><EQ< JF:@8C@ <:FEFD@:?< < :LCKLI8C@
FJKIL@I<
LE8:FDLE@KS@DGC@:8;8LEC8KF;@EFE=8I<<EKI8I<E<JJLEF:?<EFE
899@8 C< :8I8KK<I@JK@:?< I@:?@<JK< 8LD8E C< :?@8D8 834=C828CL
;8CCl8CKIF;@EFE=8I<LJ:@I<@D<D9I@;<C>ILGGFG<I:?WJFCFLE>ILG
GF:FDG8KKF<ELD<IFJFGL^<JJ<I<I@:FEFJ:@LKF:FD<K8C<<FKK<E<I<
I@JGFJK< 8CC< GIFGI@< I@M<E;@:8Q@FE@
'<CCF JK<JJF K<DGF X E<:<JJ8I@F
=8I<ELFM@j8;<GK@k:@FX@JKIL@I<C<ELFM<><E<I8Q@FE@G<I:?W@E:8IE@
EF Cl@;<EK@KS ;<C >ILGGF 8KKI8M<IJF Cl@EJ<>E8D<EKF < @C G8JJ8>>@F ;@
J@D9FC@ KI8 :L@ C8 C@E>L8
%8 E<:<JJ@KS ;@ <JJ<I< I@:FEFJ:@LK@ :FD<
>ILGGF;@JK@EKF@E;L:<8I8;@:8C@QQ8I<C<;@==<I<EQ<8==@E:?WJ@8G@`<
M@;<EK<C8GIFGI@8JG<:@=@:@KS
GGC@:8E;FHL<JK<I@=C<JJ@FE@8CC<D@EFI8EQ<C@E>L@JK@:?<@K8C@8E<J@
X I<8C@QQ8K8 LE8 M<I8 < GIFGI@8 :FIJ8 8C I@:FEFJ:@D<EKF =8:<E;FC<M8
JLI@:?@8D@8M<I@FGI<JLEK@M8CFI@KI8;@Q@FE8C@
J<>L@KF;<CC8C<>><
DFCK@ FDLE@ JG<JJF 8@ D8I>@E@ ;<CCl8I<8 ;@ D@EFI8EQ8
HL8E;FEFE8;;@I@KKLI8<JK<IE@?8EEF=8KKFI@:?@<JK8;@I@:FEFJ:@D<E
KFGIFGFE<E;FLE8J<I@<;@@E@Q@8K@M<G<I;@DFJKI8I<LEJ<EK@D<EKF;@
3
.&'
"EEFD<;<CC8C@E>L8
8GG8IK<E<EQ8 8LK<EK@:F < LE 8KK8::8D<EKF 8CC< KI8;@Q@FE@ G<IJ@EF @E
8C:LE@ :8J@ @E D8E:8EQ8 ;@ G8IC8EK@ C8 C@E>L8 D@EFI@K8I@8
M@;<EK<
D<EK< jM<JK@I<k Cl@;<EK@KS ;@ D@EFI8EQ8 :FE 8KKI@9LK@ :LCKLI8C@ EFE
J<DGI<JKFI@:8D<EK<=FE;8K@XJK8KFI@K<ELKFM8EK8>>@FJFG<IFKK<E<I<
I@JFIJ< <:FEFD@:?< < ELFM8 8KK<EQ@FE< ;8 G8IK< ;<CCl8DD@E@JKI8Q@FE<
GL99C@:8D88E:?<G<I;8I<I@JGFJK88C9@JF>EF;@:FDLE@KS
"'%#$
$ '<C 8C DFD<EKF ;<CClLE@=@:8Q@FE< E8Q@FE8C< >C@ @K8C@8E@ :?<
8C GI@DF :<EJ@D<EKF ;@:?@8I8IFEF ;@ G8IC8I< @K8C@8EF =LIFEF D<EF ;@
LE;<:@DF
"E@Q@^@EHL<CDFD<EKFC898KK8>C@8;<CCF,K8KF:?<J@GIF
KI8JJ<G<ILEJ<:FCF:FEKIF@;@8C<KK@<C<C@E>L<8CCF>CFKK<I<JGFEJ89@C@
;<CC8989<C<C@E>L@JK@:8
,FCK8EKF 8 G8IK@I< ;8>C@ 8EE@ ,<KK8EK8 ;<C 'FM<:<EKF J@ I<>@JKI^ LE
:8D9@8D<EKF ;@ K<E;<EQ8 < LE8 ELFM8 8KK<EQ@FE< E<@ :FE=IFEK@ ;<CC8
I<8CKS;@8C<KK8C<<;<CC<:LCKLI<CF:8C@
%l@EK<I<JJ<G<IC<C@E>L<<C<:LC
KLI<;@D@EFI8EQ8EFEJ@I@J:FEKI^JFCF@E "K8C@8 D8@J<>E@;@HL<CCF
:?< EK?FEP ,D@K? ?8 :?@8D8KF A4E8E0; <KE@:F J@ I@KIFM8EF @E DFCK<
E8Q@FE@<LIFG<<;8CC8,G8>E88CC8I8E:@88C+<>EF.E@KF
%8DF9@
C@K8Q@FE< ;<CCl<KE@:@KS ;@M<EK^ 8CCFI8 LE <C<D<EKF J@>E@=@:8K@MF ;<CC8
GFC@K@:8 @EK<IE8 ;@ DFCK@ JK8K@ J@8 @E LIFG8 J@8 E<C I<JKF ;<C DFE;F
8E:?<J<:FE:8I8KK<I@;@==<I<EQ@8K@
@E ;8C LE >ILGGF ;@ I@:<I:8KFI@ @K8C@8E@ :?< :FE;L:<M8
LEl@E;8>@E< JF:@FCF>@:8 JLCC< ;@E8D@:?< JF:@Fi:LCKLI8C@ ;@ >ILGG@ <K
E@:@@E-I<EK@EFiCKF;@><J<>E8C^Cl<J@JK<EQ8;@LEELFMF<;@==LJF
:C@D8 :LCKLI8C< :?< GI<M<;<M8 LE8 D8>>@FI< J<EJ@9@C@KS E<@ :FE=IFEK@
;<CC<D@EFI8EQ<<KE@:?<C8I@M8CLK8Q@FE<;<CC<G8IC8K<CF:8C@<LEJ<E
J@9@C< JM@CLGGF ;@ 8LKFEFD@< I<>@FE8C@
*L<JKF :C@D8 :LCKLI8C< GL^
<JJ<I<JG@<>8KF=8:<E;FI@=<I@D<EKF8CC8 eD8>>@FI<jJ@:LI<QQ8C@E>L@
JK@:8k ;<>C@ @K8C@8E@ :?< :FEJ<EK< ;@ >L8I;8I< 8C =8KKF ;@8C<KK8C< EFE
:FD< HL8C:FJ8 ;@ :L@ M<I>F>E8IJ@ D8 :FD< <C<D<EKF :FJK@KLK@MF ;@
&+!"=CA>3DI8>=4@E,
( %"( +
.+- )(%"C=845A0342;8=>4A8
BE46;8>*=_8=3068=4B>28>;>6820BD;;02>B284=I04C=820=4;;_0A403>;><8C82034;)A4=C8=>;C>
3864
E><C@&@C8EFGG
i
8G@KFCF"""
HL<CC8GCLI8C@KSC@E>L@JK@:Fi:LCKLI8C<:?<?8:8I8KK<I@QQ8KF<:8I8KK<I@Q
Q8KLKKFI8C8JF:@<KS@K8C@8E8f
-I8 C8 =@E< ;<>C@ 8EE@ ,<JJ8EK8 < Cl@E@Q@F ;<C ;<:<EE@F JL::<JJ@MF
GI<J<IF ;LEHL< M@K8 8CCl@EK<IEF ;<@ >ILGG@ ;@ D@EFI8EQ8 C@E>L@JK@:8
DFM@D<EK@;@JK8DGFE8Q@FE8C@JK8@E;@G<E;<EK@JK@8LKFEFD@JK@=<
;<I8C@JK@ :?< GFE<M8EF 8C :<EKIF ;<CC8 CFIF 8Q@FE< GFC@K@:8 @C K<D8
;<CC8 C@E>L8
CC8 DF9@C@K8Q@FE< ;@ 8JJF:@8Q@FE@ DFM@D<EK@ < >ILGG@
:LCKLI8C@ =<:<IF <:F @E@Q@8K@M< GFC@K@:?< @E "K8C@8 JFEF ;@ HL<>C@ 8EE@
;@M<IJ<GIFGFJK<;@C<>><E<C:8DGF;<CC8KLK<C8;<CC<D@EFI8EQ<C@E
>L@JK@:?< 8M8EQ8K< @E )8IC8D<EKF EFE:?W @E@Q@8K@M< G<I C8 DF;@=@:8
;<>C@,K8KLK@I<>@FE8C@
&FCK<=LIFEFC<MF:@;@@EK<CC<KKL8C@:?<J@8CQ8
IFEF 8 ;@=<J8 ;@ HL<CC< :?< ,<I>@F ,8CM@ E<C :?@8D^ C< jC@E>L<
K8>C@8K<k
%< I@=C<JJ@FE@ :?< <D<I>FEF ;8CC< GL99C@:8Q@FE@ ;@ HL<C G<I@F;F
GFJJFEF<JJ<I<I@8JJLEK<;8LE8=I8J<;@.C;<I@:F<IE8I;@:?< KI8KK^
GI<:F:<D<EK<@CK<D8;<CC<:FDLE@KSCF:8C@:?<;<=@E[jC<D@CC<:LCKL
I<k<;<CC8G8IK<:@G8Q@FE<GFC@K@:8
C8D@EFI8EQ8EFEI8GGI<J<EK8LE8J:FDF;8JFGI8MM@M<EQ8FLE>ILGGFFJK@C<
:?<M8<D8I>@E8KFF8CG@`KFCC<I8KFG<I@CJLF=FCBCFI<9<EJ[LE8:FDGFE<EK<
:?<M@<E<8;8II@::?@I<:FE@GIFGI@G<:LC@8I@KI8KK@;@JK@EK@M@@CG8KI@DFE@F:F
DLE@K8I@F<8M@M@=@:8I<;@8C<KK@:8D<EK<C8JF:@<KS;@8GG8IK<E<EQ8
D<KS;<>C@8EE@,<KK8EK8J@8::<J<@E"K8C@8@C;@98KK@KFJLCCFJK8KF
;@ J8CLK< ;<@ ;@8C<KK@ < ;<CC< C@E>L< ;@ D@EFI8EQ8 < J@ @E@Q@^ 8 G8IC8I<
;<CC8 G<I;@K8 ;@ LE G8KI@DFE@F @DGFIK8EK<
8 G8IK< CFIF G<I^ DFCK@
>ILGG@D@EFI@K8I@EFEJ<D9I8M8EF8M<I8E:FI8GI<JF:FJ:@<EQ8;@JW
'<C%L@>@&8I@8%FD98I;@,8KI@8E@8EEFK8M8
C8:LCKLI8GFGFC8I<:FEK8;@E84g5:?<J@<JGI@D<M8<J:CLJ@M8D<EK<FGI@E:@
G8CD<EK< @E ;@8C<KKF X JK8K8 8>>I<;@K8 @E HL<JK@ LCK@D@ 8EE@ ;8 LE8 J<I@< ;@
=8KKFI@ G<I :L@ X GFJJ@9@C< JFJK<E<I< :?< F>>@ C8 :C8JJ< JL98CK<IE8 :FEK8;@E8
J@8@E=L>8;8CC8GIFGI@8:LCKLI8<J@JK@8JFKKFGFE<E;F8;LE@EK<EJFJ=FIQF;@
D@D<K@JDF :LCKLI8C< E<CCl@CCLJ@FE< :?< J@8 GFJJ@9@C< <C@D@E8I< C8 JL8 JL98C
&33(--%A>58;>;8=6D8BC82>34;;_C0;80>384A=0@E +"G
.
+'+"G
"EEFD<;<CC8C@E>L8
K<IE@KS :?< J@ <JGI@D<M8 8E:?< 8KKI8M<IJF ClLJF <J:CLJ@MF ;<C ;@8C<KKF :8DL==8E;FC8J<EQ8@EK8::8I<@E8C:LEDF;FC<:8LJ<;@<JJ8
"E KLKK8LIFG8J@<I8EF >@S JM@CLGG8K<DFCK<@E@Q@8K@M<8 JFJK<>EF
;<CC< D@EFI8EQ< < ;<@ CFIF G8IK@:FC8I@JD@ C@E>L@JK@:@ < :LCKLI8C@
'<C
@EFIJ@:8M<EE<GL99C@:8K8C8GI@D8>I8DD8K@:8;@C@E>L8:FIJ8
8CC8HL8C<J<>L[E<C8E:?<LE;@Q@FE8I@F
'<C@EFIJ@:8
>I8Q@<8CC8:FCC89FI8Q@FE<;@ELD<IFJ<8JJF:@8Q@FE@M<EE<=FE;8K8C8
,:FC8FIJ8
'<>C@JK<JJ@8EE@8E:?<@98J:?@=FE;8IFEFLE:FFI;@E8
D<EKFG<IC<J:LFC<@EC@E>L8"B8JKFC8B:FJ[:FD<@9I<KFE@:FEC8I<K<
@N8E
-I8 @C < @C M<EE< <C89FI8K8 @E I<K8>E8 C8 ?8IK<
:LCKLI<CC< 9I<KFEE< :<EKI8K8 JLCCl@EJ<>E8D<EKF ;<CC8 C@E>L8 < ;<CC8
:LCKLI8 9I<KFE< < ;<CC8 CFIF ;@==LJ@FE< 8KKI8M<IJF @ D<QQ@ I8;@Fi
K<C<M@J@M@
%8 8IK8 <I8 @C I@JLCK8KF;@ 8EE@;@ @DG<>EF;8 G8IK<;@ ;@
M<IJ<8JJF:@8Q@FE@KI8C<HL8C@D>C<FI<@Q?< 8CM:?<I@LJ:@IFEF8
DF9@C@K8I<C8GFGFC8Q@FE<
)<IHL8EKFI@>L8I;8Cl@JKILQ@FE<J:FC8JK@:8
E<C E<CC< I<>@FE@ ><ID8EF=FE< =I8E:<J@ E8:HL< @C <I:C< +<EW
,:?@:B<C< :?< J@ 98KK<M8 G<I @C 9@C@E>L@JDF @E CJ8Q@8 .F48B?A0278
6:48C
"E 8K8CF>E8 =LIFEF :I<8K@ E<C Cl"EJK@KLK +FJJ<CCFE<J
;lJKL;@J8K8C8EJ <C8#LEK8JJ<JJFI8;lEJ<EP8EV8;<C8K8CSG<I
ClFI>8E@QQ8Q@FE<;@:FIJ@;@C@E>L88E:?<J<I8C@G<I@C8MFI8KFI@
/<IJFC8=@E<;<>C@8EE@,<KK8EK88E:?<E<@GIF>I8DD@J:FC8JK@:@@K8
C@8E@ @E@Q@8IFEF 8; 8GG8I@I< <JGC@:@K@ I@=<I@D<EK@ 8CC8 :FDGC<JJ8 I<8CKS
C@E>L@JK@:8
'<C <:I<KF &@E@JK<I@8C< =<99I8@F E<C G8I8>I8=F
@EK@KFC8KFj"K8C@8EFkJ@C<>><
%8G8IK@:FC8I<:FE;@Q@FE<C@E>L@JK@:8;<CC8JF:@<KS@K8C@8E8:FEC8GI<J<EQ8;@
;@8C<KK@ ;@M<IJ@ <;@8CKI@ @;@FD@<:FE>C@<==<KK@ ;@ M8JK@ =<EFD<E@ D@>I8KFI@
I@:?@<;< :?< C8 J:LFC8 EFE GI<J:@E;8 ;8 K8C< M8I@<KS ;@ KI8;@Q@FE@ < ;@ I<8CKS
C@E>L@JK@:?<
4g5 %8 I@=C<JJ@FE< JLCClLJF M@MF < 8KKL8C< ;<CC8 C@E>L8 M8 :FE
>@LEK8 8; LE8 :FJ:@<EQ8 JKFI@:8 :?< GFIK@ 8 :F>C@<I< E<CC8 <MFCLQ@FE< ;<CC8
C@E>L8C<:FEE<JJ@FE@:FEC8JKFI@8JF:@8C<GFC@K@:8:LCKLI8C<C<KK<I8I@8J:@<E
K@=@:8K<:EFCF>@:8<::
,@:FEJK8K<ISG<IK8C<M@8:FD<C8M8I@<KS;<@EFJKI@
;@8C<KK@<C<M@:<E;<;<CC88==<ID8Q@FE<;<CCl@K8C@8EFJFEFJKI<KK8D<EK<C<>8K<
8CC8 JKFI@8 ;<CC8 :FDLE@KS @K8C@8E8 < :FD< C< C@E>L< :FJK@KL@J:FEF LE ;F:L
D<EKFGI@D8I@F;<CC<:@M@CKS
%
&
%(&+",-+"'"G
,LHL<JK@K<D@J@M<;8EF,
,%/"
'"'"!4A068>=838014;4;44C=84CA0
E42278=0I8>=0;8B<84=D>E4834=C8CL
E><C@&@C8EF&
,-(%(
8G@KFCF"""
-I8C<@E;@:8Q@FE@GIF>I8DD8K@:?<@CG8I8>I8=F;<C;<:I<KF@EK@KFC8
KF j+@=<I@D<EKF 8CClFI@>@E< C8K@E8 ;<CC8 C@E>L8 < 8CC8 JL8 <MFCLQ@FE<
JKFI@:8kI@GFIK88GIFGFJ@KF;@;@8C<KK@e,@;8ISI@C@<MF8>C@J:8D9@:FE
C<8CKI<C@E>L<DF;<IE<J@D<KK<IS@ECL:<Cl8GGFIKF;<@;@8C<KK@<C8CF
IFLK@C@QQ8Q@FE<GI8K@:8<;<JGI<JJ@M8@E:8EK@I8::FEK@GIFM<I9@
<@
;@8C<KK@ < ;<CC< C@E>L< ;<CC< D@EFI8EQ< <KE@:?< J@ 8::<EE<IS 8CC8 =LE
Q@FE<J@8E<CG8JJ8KFJ@8E<CGI<J<EK<f
,LC=IFEK<GFC@K@:F>@S8G8IK@I<;8>C@8EE@@EHL8EK8;<C'FM<:<E
KF J@ :FJK@KL@IFEF @E "K8C@8 G8IK@K@ <JGI<JJ@FE< ;<CC< ;@M<IJ< :FDLE@KS
C@E>L@JK@:?<8E:?<J<8C:LE<I<>@FE@:FD<C8,8I;<>E8J@<I8EF;FK8
K< ;@ FI>8E@ GFC@K@:@ >@S E<@ ;<:<EE@ GI<:<;<EK@ @C )8IK@KF J8I;F
;l8Q@FE< =L =FE;8KF ;8 D@C@F %LJJL E<C 8C J<:FE;F ;FGF
>L<II8 @E -I<EK@EFiCKF ;@>< X 8KK@MF @C ,b;K@IFC<I /FCBJG8IK<@
D<EKI< @E /8CC< ;lFJK8 >I8E G8IK< ;<>C@ <C<KKFI@ J@ I@:FEFJ:< 8E:FI8
F>>@E<Cl.E@FE/8C;_K8@E<DFM@D<EKF8LKFEFD@JK8M8C;FJK8EFE8KF
E<C
)<I HL8EKF I@>L8I;8 C8 I<K8>E8 G8I8CC<C8D<EK< 8CCl8KK@M@KS ;<C
%"FD@KW;lWKL;<<K;<C@8@JFEJ;<J@EKWIYKJ9I<KFEJJFIKFE<C;F
GF>L<II8 G<I GIFDLFM<I< CF JM@CLGGF <:FEFD@:F 9I<KFE< LJL=IL<E;F
;<CG@8EF;@I@:FJKILQ@FE<<;<CG@8EF&8IJ?8CCE<CM<EE<:FJK@
KL@KF@C &(&FLM<D<EKGFLIClFI>8E@J8K@FE;< C8I<K8>E<8CHL8C<
=<:<J<>L@KFE<CCl..EM8E@<Q?<DFBI8K<CI<@Q?.E@FE<
<DF:I8K@:8I<KFE<8KK@M88E:FI8F>>@
-I8>C@8EE@,<JJ8EK8<,<K
K8EK8C<D8E@=<JK8Q@FE@;@G@8QQ8J=F:@8IFEFJG<JJF:FD<@EI<K8>E8
E<CC8 M@FC<EQ8 < M@;<IF :FEKI8GGFIJ@ C< =FIQ< ;<CClFI;@E< < @ D8E@=<
JK8EK@:FEK8;@E@<FG<I8@
'<CC8 GIFM@E:@8 98J:8 =I8E:<J< E<C GI<J< M@K8 @C DFM@D<EKF
E8Q@FE8C@JK8 E98K8 @C :L@ GIF>I8DD8 GFC@K@:F GI<M<;<M8 C8 :FJK@KL
Q@FE< ;@ LE @G8IK@D<EKF 8LKFEFDF E<C HL8;IF ;@ LE8 I8E:@8 < ;@
LElLIFG8=<;<I8C@<8LJG@:8M8@CI@:FE>@LE>@D<EKF;<CC<KI<GIFM@E:<
;@LJB8;@'FI;:FEC< 8CKI<HL8KKIF 8JL;;<@)@I<E<@
"CDFM@D<EKF
I8;@:8C@QQ^E<C:FIJF;<>C@8EE@@CGIFGI@FGIF=@CFGFC@K@:FK8EKF;8<J
J<I<;@:?@8I8KF@CC<>8C<E<C
'<C 8C:LE@ DFM@D<EK@ I<>@FE8C@JK@ :FIJ@ J@ I@LE@IFEF
8CCl@EK<IEF;<CCl.E@FE;@LE)FGLCLFIJLD<EKI<@ECJ8Q@8<%FI<E8
J@=FID8IFEFG8IK@K@8LKFEFD@JK@<=<;<I8C@JK@:FD<@C&FLM<D<EK+W
>@FE8C@JK< ;lCJ8:< %FII8@E< < ClCJ8JJi%FK?I@E>@J:?<I /FCJB9LE;
"EEFD<;<CC8C@E>L8
IFEK< 8LKFEFD@JK8 ;@ C@9<I8Q@FE< ;<CClCJ8Q@8 < %FI<E8 D<EKI< @E
I@LC@GI<J<M@K8LEELFMFG8IK@KF8LKFEFD@JK8@C&FM@D<EKFI@LC@
'<>C@JK<JJ@8EE@8C:LE<FI>8E@QQ8Q@FE@J:<CJ<IFC8CFKK88ID8K8G<I
=8I<M8C<I<C<GIFGI@<@JK8EQ<JF:@8C@<GFC@K@:?<ClLJB8;@-8JB8K8
JLE8-E<@)8<J@8J:?@Cl"I@J?+<GL9C@:8EIDP"+@E"IC8E;8
Cl )@E,:FQ@8C8I<<08C<JIDP<C8&L;@8;D;;@==PEPDIL
E<C 8CC<J@CIFEK;lCC@9<I8D<EK8K8CS<-<II8%C@LI<@E8K8CF>E8
"EI<K8>E8=L=FE;8KF@C%IFEK<;@C@9<I8Q@FE<9I<KFE<<@EFIJ@
:8@C %'IFEK<;@C@9<I8Q@FE<E8Q@FE8C<:FIJF
'<>C@JK<JJ@8EE@@E
"K8C@8=LIFEFG8IK@:FC8ID<EK<M@FC<EK<C<8Q@FE@;<@>ILGG@8ID8K@JL;K@
IFC<J@
'<@;@M<IJ@)8<J@<LIFG<@E8:HL<IFKI8@CJ<:FE;F;FGF>L<II8<>C@
8EE@,<KK8EK8:FFI;@E8D<EK@;@8JJF:@8Q@FE@G<I;@=<E;<I<<KLK<C8I<C<
C@E>L<<@>ILGG@;@D@EFI8EQ88C@M<CCF@EK<IE8Q@FE8C<
)8I@>@GF:F
;FGFC8@:?@8I8Q@FE<;<@;@I@KK@;<CClLFDF;<CCl('.E<CM<EE<
:FJK@KL@K8C8.'i.Cl.E@FE<=<;<I8C@JK8;<@>ILGG@<KE@:@<LIFG<@
;8G8IK<;@I8GGI<J<EK8EK@;@8JJF:@8Q@FE@<DFM@D<EK@;@DFCK<I<>@FE@
<LIFG<< < GI<J< M@K8 @C )% W=<EJ< <K GIFDFK@FE ;<J C8E>L<J ;<
I8E:< @E "K8C@8 J@ :I<^ C8 J<Q@FE< E8Q@FE8C< ;<CCl"%&
ClJJF:@8Q@FE< @EK<IE8Q@FE8C< G<I C8 ;@=<J8 ;<CC< C@E>L< < :LCKLI< D@
E8::@8K< FI>8EF =FE;8KF E<C '<C M<EE< :FJK@KL@K8 8;
D9LI>FClJJF:@8Q@FE<G<I@)FGFC@D@E8::@8K@<E<C@C "&@C
ILGGF "K8C@8EF G<I @ @I@KK@ ;<CC< &@EFI8EQ< 8;<I<EK< 8C &@EFI@KP
+@>?KJ IFLG "EK<IE8K@FE8C 8JJF:@8Q@FE< 8KK@M8 8 G8IK@I< ;8>C@ 8EE@
,<KK8EK8 8 ;@=<J8 e;<@ ;@I@KK@ ;<CC< D@EFI8EQ< <KE@:?< I<C@>@FJ< < C@E
>L@JK@:?<<;<@GFGFC@@E;@><E@;@KLKKF@CDFE;Ff
D<KS ;<>C@ 8EE@ ,<KK8EK8 @E@Q@^ C8 JL8 8KK@M@KS 8E:?< @C "&'
<EKI<"EK<IE8:@FE8CJ:8IIWG<I8C<J&@EFI@<JKE@HL<J@C<J'8:@FEJ
=FE;8KF88I:<CCFE8@ED<DFI@8;<CCl898K<LI<C@J:8IIW:8K8C8E@JK8
< 8EK@=I8E:?@JK8
"C <EKIF GL99C@:^ @E C@E>L8 @K8C@8E8 KI8 @C < @C
C8I@M@JK8e&@EFI8EQ<f
'<CC8%<>8;<@GIF=L>?@;<@,L;<
K@<8C:LE@<JGFE<EK@;<CC8;<JKI8K<;<J:8:FE@CJFJK<>EF;<C>FM<IEF
98M8I<J<=FE;8IFEFCl"'-+ Cl"JK@KLKFG<I@C;@I@KKF;<CC<E8Q@FE8C@KS
<@CI<>@FE8C@JDF
"CFKKF9I<@C)8IC8D<EKF<LIFG<F8GGIFM^C8GI@D8j+@JF
CLQ@FE< JL LE8 8IK8 ;<CC< C@E>L< < :LCKLI< I<>@FE8C@ < LE8 8IK8 ;<@
8G@KFCF"""
;@I@KK@ ;<CC< D@EFI8EQ< <KE@:?<k :FEFJ:@LK8 :FD< j+@JFCLQ@FE< I
=Wk
&$ $#%
"
&! $
)<I @C JLF M8CFI< ;@ DF;<CCF G<I @C I@JM<>C@F ;<@ >ILGG@ ;@ C@E>L8
=I8E:FGIFM<EQ8C<Cl<JG<I@<EQ8F::@K8E8D<I@K8;@<JJ<I<I@G<I:FIJ8:FE
LE8:<IK88KK<EQ@FE<
"EI8E:@8@CDFM@D<EKFF::@K8EF?8C<JL<I8;@:@
E<CJ<:FE;F;FGF>L<II8D<EKI<E<CC<M8CC@8CG@E<@K8C@8E<JFCF8G8IK@
I< ;<>C@ 8EE@ ,<JJ8EK8 =@FI@IFEF @E@Q@8K@M< C<>8K< 8; LE8 GI<J8 ;@
:FJ:@<EQ8@;<EK@K8I@8
%< @E@Q@8K@M< =I8E:<J@ =LIFEF @JG@I8K< ;8C DFM@D<EKF ;<@ WC@9I<J
=FE;8KF E<C 8 FEK ,W>L>E< M@>EFE< ;8@ GF<K@ IW;WI@: &@
JKI8C -?WF;FI< L98E<C #<8E ILE<K EJ<CD< &8K?@<L #FJ<G?
+FLD8E@CC<CG?FEJ<-8M8E<)8LC @WI8
&@JKI8CGI<D@F'F9<CG<I
C8C<KK<I8KLI8E<C:FE@CJLFIFD8EQF"8AP8>&@I<@CC<GL99C@:8
KFE<C;@M<EE<@CJ@D9FCF;<CC8I@E8J:@K8;<CC8C@E>L8GIFM<EQ8C<
CCFJK<JJF8LKFI<J@;<M<8E:?<@C)A4B>A3>V4;81A864@CDF
ELD<EK8C< ;@Q@FE8I@F =I8E:<J<iGIFM<EQ8C< :FE C< M8I@8EK@ CF:8C@ ;@
F>E@C<DD8KI8J:I@KK<E<CC8:FJ@;;<KK8>I8=@8D@JKI8C@8E8
'<C M<EE< =FE;8KF 8 -FCFJ8 Cl"EJK@KLK ;lJKL;@J (::@K8EJ
"(
'<>C@ 8EE@,<KK8EK8Cl8JJF:@8Q@FE< 8MM@^C8:8DG8>E8j(::@K8E
C<E>8E8:@FE8CkG<IC8;@==LJ@FE<;<CC8C@E>L8F::@K8E8@EKLKK@>C@8D
9@K@ ;<CC8 M@K8 GL99C@:8 F>>@ @C JLF @DG<>EF X :FE:<EKI8KF JLCC8
:8DG8>E8 G<I C8 I8K@=@:8 ;8 G8IK< ;<C >FM<IEF =I8E:<J< ;<CC8 j8IK8
<LIFG<8 ;<CC< C@E>L< D@EFI@K8I@<k JLCC8 I@:?@<JK8 ;<C I@:FEFJ:@D<EKF
JK8K8C<G<IKLKK<C<C@E>L<;@I8E:@8JL8Q@FE@G<IFKK<E<I<LED8>>@F
I< JG8Q@F E<CC< K<C<M@J@FE@ ;@ J<IM@Q@F GL99C@:F < G<I JK@GLC8I<
:FEM<EQ@FE@:FE@GI<J@;<EK@;<CC<I<>@FE@F::@K8E<G<ICl@EJ<>E8D<EKF
;<CC8C@E>L8
%<@E@Q@8K@M<;<CCl"EJK@KLK;lJKL;@J(::@K8EJM<E>FEF;@=
,LHL<JK@K<D@J@M<;8EF&
,-(%(!0?A8<0'8B>;DI8>=4A5OD=0BE>;C04?>20;4?4A
;0 CDC4;0 34;;4 <8=>A0=I4 0 ;8E4;;> 4DA>?4> @E !0 )DC4;034;;4 ;8=6D4 <8=>A8C0A840 0==8
30;;0A8B>;DI8>=4A5PKK@;<CJ<D@E8I@F-FI@EFEFM<D9I< )IFM@E:@8;@-FI@EF
-FI@EFGG
i"
!8=6D4<8=>A8C0A84:@K
"EEFD<;<CC8C@E>L8
=LJ< >I8Q@< 8CC8 I@M@JK8 e(::@K8EJf < 8>C@ eEE8CJ ;< Cl"EJK@KLK
;l<JKL;@JF::@K8EJf
'<CI8EVF@JFEK8E =FE;^@C )'( )8IK@K '8:@FE8C@JK8 (::@
K8E
FEK8E G8IC8M8 ;@ jC@9<I8Q@FE< E8Q@FE8C<k ;<CCl(::@K8E@8 < ;@
DFEFC@E>L@JDF F::@K8EF
FGF <JJ<IJ@ KI8J=<I@KF @E /8C /8I8@K8 E<C
:LE<<J<<>C@=LCl@JG@I8KFI<E<C;<C&(&FM@D<EKLKFEFD@
JK8 (::@K8E :?< FKK<EE< ;@J:I<K@ I@JLCK8K@ GFC@K@:@ E<CC< M8CC@ F::@K8E<
:LE<<J@<:?<E<CJ@;@<;<8E:?<LEFI>8EF;@JK8DG8e(LJ@K8E@F
/@MFf KLKKFI8 GL99C@:8KF
"E<J 8M8C:8EK@ 8E@D8KI@:<
;<CCl8JJF:@8Q@FE< ?8D9I8 ;l(: 8JJF:@8Q@FE< E8K8 E<C I@:FI;8
Cl<JG<I@<EQ8C<>8K88C&(
FEK8EJFJK<E<M8:?<CS;FM<:lXLE8C@E>L8:lXLE8E8Q@FE<:?<?8;@I@KKF8C
C8GIFGI@88LKF;<K<ID@E8Q@FE<JLCC898J<;<CC<K<FI@<;<C)8IK@KF'8Q@FE8C@JK8
(::@K8EF =FE;^ @E "K8C@8 @C &FM@D<EKF LKFEFD@JK8 (::@K8EF
"EFCKI< =FIE[
;<CC<98J@K<FI@:?<DFCKFJFC@;<8HL<CDFM@D<EKF<8GI[LE8=@E<JKI8JLCC<8C
KI< D@EFI8EQ< <LIFG<< :FD< 98J:?@ :8K8C8E@ < @IC8E;<J@ =8:<E;F LJ:@I< C<
EFJKI< M8CC@;8CCl@JFC8D<EKF
*L<JKFX JK8KF LEF;<@ >I8E;@ D<I@K@;@ FEK8E
)8IC8I<;@E8Q@FE<F::@K8E88M<M8J<EJF@<I@<;?8J<EJFF>>@D8@C:FE:<KKF
;@E8Q@FE<X:8D9@8KFFD<>C@FX:8D9@8KF@C:FE:<KKF;<C;<JK@EF;@LE8E8
Q@FE<
(>>@EFE ?8J<EJF8==<ID8I<:?<Cl(::@K8E@8;<9988M<I< ;<@:FE=@E@
K<II@KFI@8C@G<I:?WX@EJ<I@K88CCl@EK<IEF;<CCl.E@FE<LIFG<8G<I^EFE9@JF
>E8 ;@D<EK@:8I< :?< >C@ (::@K8E@ JFEF LE GFGFCF < HL@E;@ ?8EEF ;@I@KKF 8C
GIFGI@F ;<JK@EF
I8 HL<JKF :?< FEK8E JFJK<E<M8 GFE<E;FCF E<C GIF:<JJF
JKFI@:F;@8CCFI8
,<:FE;FD<8C>@FIEF;lF>>@J@GL^8==<ID8I<:?<MF>C@8DF
I<8C@QQ8I<;<CC<I<>@FE@KI8EJ=IFEK8C@<I<8;<J<DG@FHL8E;FC8MFI@8DF:FE @
GIF><KK@ "EK<II<> G<I :FCC<>8I:@ :FE CF JG8Q@F ;<CCl(::@K8E@8 ;lFCKI8CG<
%8
J:FG<IK8;<CCl(::@K8E@8XJK8K8DFCKF@DGFIK8EK<G<IKLKK<C<M8CC@G@<DFEK<J@
G<I:?W?8=8KKFJ[:?<J@8GI@JJ<LE8=@E<JKI8JLCDFE;F
EE@FIJFEF<I8M8
DF ;F;@:@ M8CC@ @JFC8K< JGFGFC8K< < :@ G8I<M8 J<EQ8 =LKLIF
I8Q@<
8CCl(::@K8E@8899@8DFD<JJFJLCK8MFCFLE8I>FD<EKF@DGFIK8EK<<:@J@8DF
I@:FCC<>8K@:FELE8I<>@FE<<LIFG<8;@:L@KI8;@Q@FE8CD<EK<=8::@8DFG8IK<
'<C 8C:LE@ @EK<CC<KKL8C@ < C@E>L@JK@ G@<DFEK<J@ =FE;8IFEF 8
I@JJFCF @E 8CK8 /8CC< )FE<C:LE<<J<Cl8JJF:@8Q@FE<J:FCF;F`)F
:?<<C89FI^LE8>I8=@8KLKKFI8LK@C@QQ8K8G<I@K<JK@@EGIFM<EQ8C<8CG@EF
FEK<DGFI8E<8D<EK< 8CCl<JG<I@<EQ8 ;<CClJ:FCF ;F` )F E8:HL< E<CC8
j(::@K8E@8
.El@;<8J<EQ8:FE=@E@k;@EI@:F%8EK<CD<C9<IKF <;;8< @8EE@ 8CC@
KI8KKF ;8C GIF>I8DD8 ;@ +8;@F +8@ j(::@K8E@8k X GL99C@:8KF JLC J@KF @EK<IE<K
?KKGNNN
CF>FJC@9I8IP
<LGCJNFI;K:E<N6NFI;K?<HL<
N
KNF::@K8EFC@K
8G@KFCF"""
=I8Q@FE< ;@ ,8E:KF %L:@F ;< FLD9FJ:LIF @E /8C I8E8 @C <EKI<
)IFLM<EV8C :?< GL99C@:8 ;8C @C G<I@F;@:F eFLD9FJ:LIFf =FE
;8KF<;@I<KKF;8,<I>@FIE<F;F
"EI8E:@8E<CG<I@F;F;<CC<CFKK<:FEKIFC8:?@LJLI8;@DFCK<D@E@<
I< ;@ :8I9FE< KI8 :L@ HL<CC8 ;@ <:8Q<M@CC< E<CClM<PIFE E8:HL<8'8I9FE8@C (FD@K8K(::@K8E;lJKL;@J<;l::@FELE
>ILGGF;@GI<JJ@FE<>L@;8KF;8+F9<IK%8=FEK:?<J@@DG<>E^G<I@CI@
:FEFJ:@D<EKF;<CC8C@E>L8F::@K8E8
" DFM@D<EK@J<JJ8EKFKK@E@GFIK8IFEF8CC8I@98CK8C8DLJ@:8F::@K8E8
:?< <99< LE ILFCF ;@ GI@DF G@8EF E<CC8 ;@==LJ@FE< ;<CC8 :FJ:@<EQ8 @
;<EK@K8I@8;<CC8D@EFI8EQ8
)8I@>@8CC8,FI9FE8@CD8>>@FlM@;<
C8 E8J:@K8 ;<C FD@K8KFG<IC8I@MFCLQ@FE<JF:@8C@JK8;<CC<I<>@FE@:?<
I@LE[D@C@K8EK@9I<KFE@:FIJ@<I8GGI<J<EK8EK@F::@K8E@;<C(
'<C ;8CC< :<E<I@ ;<C FD@K8K (::@K8E ;lJKL;@J < ;l::@FE
JFIJ<%L:?8(::@K8E8<GI<J<IFM@K8ELFM@DFM@D<EK@:FD<@CFD@K8K
;l::@FE (::@K8E8 < @C &FM<D<EK ,F:@8C@JK8 LKFEFD@JK8 (::@K8Ei
/FC<D/@LI<8C)8@J:?<=FE;^@C>@FIE8C<e%FL,FLC<JKI<C?f
8HL<
JK8 <JG<I@<EQ8 E8:HL< E<C @C >ILGGF 'FLQ8LKI@ C@9I<i./(
.E@FE<<>C@LKFEFD@JK@/8CC@(::@K8E<
"D@C@K8EK@;@%L:?8(::@K8E8J:<J<IF@EG@8QQ8:FEC<GI@D<98E;@<
I< :FE C8 :IF:< >I<:8 >@8CC8 JL J=FE;FIFJJF8C=@8E:F;<@:FEK8;@E@<
G8JKFI@;<CCl8CKFG@8EF;<C%8IQ8:E<CClM<PIFED@E8::@8K@;8CGIF><K
KF;@8DGC@8D<EKF;@LE:8DGFG<ID8EFMI<D@C@K8I@
"ELE;F:LD<EKF
;<CDFM@D<EKFJ@C<>><
"CEFJKIFK<II<EFXHL<CCF;<CC8CFKK8;@:C8JJ<:FE;FKK8;8@C8MFI8KFI@F::@K8E@
:@:FEKIF@C;FGG@FJ=ILKK8D<EKF:8G@K8C@JK8<E8Q@FE8C<
'F@CFKK@8DFG<ILE8
FI>8E@QQ8Q@FE<;@:C8JJ<8LKFEFD8:@FXF::@K8E@:8E<CC8HL8C<Cl@EJ@<D<;<C
C< :C8JJ@ GFGFC8I@ F::@K8E@:?< GFJJ8 I@:FEFJ:<IJ@
)<I LE8 FI>8E@QQ8Q@FE<
:8G8:<;@:FE;LII<@E(::@K8E@8C8CFKK8G<I@C;@I@KKF;<>C@F::@K8E@;@M@M<I<
E<CCFIFG8<J<;<CCFIFC8MFIF<E<CI@JG<KKF;<CC8CFIF@;<EK@KS:LCKLI8C<
)<I
C8 ;<:FCFE@QQ8Q@FE< :FEKIF @C J8::?<>>@F ;<CC< I@JFIJ< D8K<I@8C@ <; LD8E<
:FEKIFC8;<GFIK8Q@FE<;<@>@FM8E@
)<IKLKK@>C@8EE@,<KK8EK8CFB;>60=j/FC<D/@LI<8C)8@Jk=L>I@;8
KF8CC<D8E@=<JK8Q@FE@;@G@8QQ8;8F::@K8E@JK@J@E;8:8K@<C8MFI8KFI@
@K
@E,
,%/"G
"EEFD<;<CC8C@E>L8
G8IK@I< ;8C %FL ,FLC<JKI<C? ;@M<EE< LEl8JJF:@8Q@FE< :FE LE8
GIFGI@8 GL99C@:8Q@FE< e'FM<C -<DGf
'<C =L =FE;8K8 8E:?< C8
I@M@JK8 e/8C8;FJ .J@K8EFJf <;@K8 ;8CClFDFE@DF :<EKIF JKL;@
'<CCF
JK<JJF8EEF=L:I<8KF8E:?<E<CC<M8CC@G@<DFEK<J@LE:FD@K8KF/LC<E
M@LI<8LG8@JI@MFCKFJFGI8KKLKKF8>C@JKL;<EK@
.EF;<@JLF@8E@D8KFI@
=L,<I>@F<I8I;FF>>@;4034A;<C>ILGGFDLJ@:8C<%FL8C=@E
)%$ !*
'<CJLCC<G8>@E<;<CD<EJ@C<e(LJ@K8E@FM@MFfM<EE<@E8L>L
I8K8C8IL9I@:8@EK@KFC8K8DC>=><800;?8=0GI<J<EK8K8:FD<@Ce=F>C@F
;<>C@8LKFEFD@JK@F::@K8E@<=I8E:FGIFM<EQ8C@;<CC8)IFM@E:@8;@-FI@
EFf
%8 IL9I@:8 E8:HL< @E J<>L@KF 8CCl<JG<I@<EQ8 ;<CClFDFE@D8 C@JK8
:?< J@ GI<J<EK^ 8CC< <C<Q@FE@ GIFM@E:@8C@ ;<C :FE Cl8GGF>>@F
;<CCl.E@FE/8C;_K8@E<<;<C&(&FM@D<EKFLKFEFD@JK8(::@K8EF
"C>ILGGFI8::FCJ<MFK@e:?<I8GGI<J<EK8EF;L<D@C8G<IJFE<:?<
?8EEF<JGI<JJFC8MFCFEKS;@;8I<LE8MF:<8CC8DFEK8>E8HL<JKF<I8
CF JCF>8E ;<CC8 :8DG8>E8 <C<KKFI8C< ;L<D@C8 G<IJFE< :?< MF>C@FEF
:?<C<EFJKI<M8CC@:FEK@EL@EF8M@M<I<I@D8E<E;FJ<JK<JJ<f
"CGI@DF8IK@:FCFGL99C@:8KF8CCl@EK<IEF;<CC8IL9I@:88=@ID8;@(I
E<CC8 < )8FC@ F>>@ GI<J@;<EK< ;<CCl8JJF:@8Q@FE< ==<G@ J@ @EK@KFC8
jL<GIFM@E:<E<CC<CG@F::@;<EK8C@k
%8GIFGFJK8<I8HL<CC8;@:I<8
I< >I8Q@< 8CC8 C<>>< JLCClFI;@E8D<EKF ;<CC< 8LKFEFD@< CF:8C@
;L<ELFM<GIFM@E:<:?<8MI<99<IF;FMLKF:FDGI<E;<I<C<M8CC@8CG@E<
KFI@E<J@<:LE<<J@LE8F::@K8E8Cl8CKI8=I8E:FGIFM<EQ8C<
LE8 GIFM@E:@8 F::@K8E8 :?< G8IK<E;F 8 JL; ;8CC8 /8C CC<IF :FDGI<E;8 C<
:FDLE@KS DFEK8E< F>>@ @E GIFM@E:@8 ;@ LE<F < ;@ -FI@EF =@EF 8CCl8CK8 /8C
FI8<;LE8=I8E:FGIFM<EQ8C<:FDGI<E;<EK<KLKK<C<I<JK8EK@:FDLE@KSDFE
K8E< @E:CL;<E;F HL@E;@ 8E:?< @ :<EKI@ ;@ =FE;FM8CC< :FE K<II@KFI@ 8M<EK@ C8
JK<JJ8G<:LC@8I@KS;@QFE<DFEK8E<<C8JK<JJ8D8KI@:<:LCKLI8C<8CG@E8=FIK<
D<EK<:8I8KK<I@QQ8K8;8CC8GI<J<EQ8;<CC<;L<D@EFI8EQ<
)IFM@E:<M<I8D<EK<
j8CG@E<k:FELE@DGFIK8EK<8KFLK;8>@F:8I<8C@M<CCF<LIFG<FC8:FFG<I8Q@F
E<:FEC<:FEK@>L<QFE<DFEK8E<=I8E:<J@:FEC<HL8C@:FE;@M@;FEFC8:FDLE<
:LCKLI8F::@K8E8<=I8E:FGIFM<EQ8C<
%l@;<8 ;@ I@LE@I< @E LElLE@:8 <EK@KS GFC@K@:Fi8DD@E@JKI8K@M8 Cl8I<8
=I8E:FGIFM<EQ8C< X JK8K8 <JGI<JJ8 I<:<EK<D<EK< 8E:?< ;8C GI<J@;<EK<
8G@KFCF"""
;<C<EKI<;lRKL;<J=I8E:FGIFM<EV8C<J+<EW0@CC@<E;@,8@EKi'@:FC8J
(
'<CC<O@JWK<DGJJLCC8=8CJ8I@>8;<CC<I8>@FE@GFC@K@:?<
:LCKLI8C@ < C@E>L@JK@:?< ;FMLK< 8 +<EW 0@CC@<E GIFGFJ< Cl@;<8 ;@ LE8
eI<>@FE<=I8E:FGIFM<EQ8C<fE<C:FEK<JKF;@LElLIFG8:?<899@8JLG<
I8KF@C:FE:<KKF;@E8Q@FE<e:<I:?@8DF;@G<EJ8I<;8MM<IF@E>I8E;<
C8MFI@8DF ;8 LEC8KFG<I<;<EKIF C8 ;@M<IJ@KS C@E>L@JK@:8 < JLCG@8EF
GFC@K@:F@DG<>E8DF:@G<ILE8<LIFiI<>@FE<=I8E:FGIFM<EQ8C<G<I<
J<DG@FE<CHL8;IF;@LElLIFG8LE@K8f
R-&),GG
i
8G@KFCF"/
.EGFGLCLD@KK@K@CL8:8K@E8
JGL>>?@8K@CL8KKLGG8K@:@8ML::8
X8E:FI8C@9@IL
%@M8K@:@LKI8M8>>?@LLG8JJ8GFIKL
8K8MLC8LEE@D8E:@8
LC<KKLLEE@;FID@X8E:FI8I@::L
.EGFGLCL;@M<EK8GFM@IL<J<IML
HL8EEL:@8IIF998EL8C@E>L8
8;;LK8K8;@G8KI@XG<IJLG@J<DGI@
@M<EK8GFM@IL<J<IML
HL8EEL@G8IFC@EFE=@>>?@8ELG8IFC@
<J@D8E:@8ELKI8;l@;;@
">E8Q@FLKK@KK8
;8!8=6D04380;4CCD
%$$(
I@JKFK<C< ;<=@E@M8 ClLFDF :FD< Cl8E@D8C< :FE C8 =8:FCKS ;<C C@E
>L8>>@F
@EK<E;<E;F:FEEFEJFCFC8:8G8:@KS
;@G8IFC8D88E:?<HL<CC8;@I8>@FE8I<<JM@CLGG8I<@I8>@FE8D<EK@@E
LE GIF:<JJF CF>@:F
"C C@E>L8>>@F X C8 =FID8 :LCKLI8C< GI@D8I@8 8KKI8
M<IJF C8 HL8C< M<E>FEF KI8JD<JJ< KLKK< C< 8CKI<
KKI8M<IJF ;@ <JJF
ClLFDF >@LE>< 8CC8 :FEJ8G<MFC<QQ8 ;<C GIFGI@F <JJ<I< 8C DFE;F :F
JKIL@J:<C8GIFGI@8@;<EK@KS<C<I8GGI<J<EK8Q@FE@;@:@^:?<CF:@I:FE;8
"C C@E>L8>>@F JKILD<EKF GI@M@C<>@8KF E<CC8 :FDLE@:8Q@FE< KI8 @E;@M@
;L@ :FJKIL@J:< @C >ILGGF JF:@8C<
KKI8M<IJF C8 =LEQ@FE< C@E>L@JK@:8
;<=@E@K8;8;N8I;,8G@IeEFE@JK@EK@M88:HL@J@K8:LCKLI8C<fClLFDF
:I<8@EK<IGI<K8E;FCF@CGIFGI@FDFE;F
,<@CC@E>L8>>@F@EHL8EKF=8
:FCKS LD8E8 ;@ :FDLE@:8Q@FE< 8KKI8M<IJF G8IK@:FC8I@ K@G@ ;@ J<>E@
FI>8E@QQ8K@@ELE@KSXLE8I@JFIJ8:LCKLI8C<LE@M<IJ8C<C8C@E>L8XLE
GIF;FKKF JF:@FJKFI@:F LE8 GI8K@:8 :LCKLI8C< :?< J@ GC8JD8 8 J<:FE;8
;<CC<<J@><EQ<;<C>ILGGFLD8EF:?<C8LK@C@QQ8
,)"+;;8=6D0668>=CA>3DI8>=40;;0;8=6D8BC820@E8L;@-FI@EFG
"EEFD<;<CC8C@E>L8
'FE@EK<E;FI@GI<E;<I<HL@@CCLE>F;@98KK@KFGCLI@;@J:@GC@E8I<JLCC8
=LEQ@FE<;<CC@E>L8>>@F<;<CCl@DGFIK8EQ8:?<<JJFI@M<JK<G<IClLFDF
<G<IC8:FJKILQ@FE<;<CC<JL<I8GGI<J<EK8Q@FE@;<CDFE;F
@^:?<@E
K<I<JJ8 8@ =@E@ ;@ HL<JKF JKL;@F X @EM<:< I@G<I:FII<I< 9I<M<D<EK< C<
K8GG<:?<?8EEFGFIK8KF8G8IK@I<;8C,<KK<:<EKF8:FEJ@;<I8I<C<C@E
>L< GIF;FKKF <; <JGI<JJ@FE< GCLI8C< ;<CC8 =8:FCKS LE@M<IJ8C< ;<C
C@E>L8>>@F :FD< eG8KI@DFE@F :FDLE< ;<CCl<JG<I@<EQ8 JKFI@:8 ;@ LE
GFGFCF 98J< ;<CCl<D8E:@G8Q@FE< :@M@C< < ;<@ :8I8KK<I@ ;@ LE8 E8Q@F
E<f
-I8C8=@E<;<C,<KK<:<EKF<Cl@E@Q@F;<CJ<:FCFJL::<JJ@MF=@CFJF=@<
C<KK<I8K@ < K<;<J:?@ KI8 @ HL8C@ #F?8EE !<I;<I #F?8EE @:?K<
$8IC 0@C?<CD MFE !LD9FC;K I@<;I@:? ,:?C<><C I@<;I@:? ,:?@CC<I
#F?8EE 0
F<K?< :FEKI@9L@IFEF 8 ;@==FE;<I< Cl@;<8 :?< @C ;8KF C@E
>L@JK@:F =FJJ< LEF ;<>C@ <C<D<EK@ J< EFE Cl<C<D<EKF GI@E:@G8C<
:8I8KK<I@QQ8EK<C8E8Q@FE<
,<:FE;F L@;F8I9@E8Cl@;<8;@E8Q@FE<
J@8E<CJ<EJF;<CC8:FDLE@KS;@J8E>L</FCBJKLD;<@K<;<J:?@:?<;<CC8:F
DLE@KSJG@I@KL8C<;<@=I8E:<J@8M<M8J<DGI<LEGI<:@JF:FEK<ELKFC@E>L@JK@:F
D<EKI< C8 ><F>I8=@8 E8KLI8C@JK@:8 ;<CCl<GF:8 :FEKI@9L[ 8 =8I :F@E:@;<I< @E LE
LE@:FHL8;IFE8KLI8C<=<EFD<E@JF:@8C@<;8K@=@J@:@:FJ[;8:I<8I<LE8@;<EK@
=@:8Q@FE<=I8:FDLE@KSC@E>L8<K<II@KFI@F
FEC8E8J:@K8;<CC<E8Q@FE@@C:FDG@KF;<CC8C@E>L8;@M<EE<HL<CCF
;@ I8GGI<J<EK8I< C8 E8Q@FE< < @C JLF JFMI8EF KLKK@ @ JL;;@K@ ;FM<M8EF
G8IC8I< C8 C@E>L8 :FDLE< < J<EK@IC8 :FD< GIFGI@8
)I@D8 ;@ 8CCFI8 C8
HL<JK@FE< ;<CC< C@E>L< E8Q@FE8C@ EFE J@ <I8 GFJK8 G<I:?W C8 E8Q@FE<
:FD< JKILKKLI8 JF:@8C< < GFC@K@:8 EFE <J@JK<M8 ClLE@KS C@E>L@JK@:8 ;<C
K<II@KFI@FEFEI8GGI<J<EK8M8LEGIF9C<D8G<I@JFMI8E@:?<>L@;8M8EF
@DG<I@ GFC@<KE@:@ < GFC@>CFKK@
'<C DFD<EKF @E :L@ C8 E8Q@FE< ;@M<EK8
,K8KF :?@LEHL< J@ KIFM@ 8CCl@EK<IEF ;<@ :FE=@E@ < EFE G8IC@ C8 C@E>L8
:FDLE<XLEFJKI8E@<IF<:FD<K8C<LEGFK<EQ@8C<E<D@:F
=@E<,<KK<:<EKF8E;^JM@CLGG8E;FJ@CFJKL;@F:FDG8I8KF;<CC<C@E
>L<
%< 8KK@M@KS ;@ =@CFCF>@ >I8DD8K@:@ < C<JJ@:F>I8=@ =LIFEF
;<K<ID@E8EK@ G<I C8 =FID8Q@FE< ;<C E8Q@FE8C@JDF <LIFG<F FKKF:<EK<
+,)"G
+"'G
8G@KFCF"/
J:F
@^ :?< J:I@M< !L>? ,<KFEi08KJFE G<I C8 @EC8E;@8 GL^ <JJ<I<
GI<JF;l<J<DG@FG<ICl@EK<I8LIFG8
%FJKL;@F;<C=FCBCFI<C8I@J:FG<IK8<C8I@:FJKILQ@FE<;<CC8GF<J@8<G@:8GF
GFC8I< 8E;8M8EF ;@ G8I@ G8JJF :FE C8 GL99C@:8Q@FE< ;@ >I8DD8K@:?< <
;@Q@FE8I@<GFIK8IFEF8CC8E8J:@K8;@G<I@F;@:@:?<J<IM@IFEF8JK8E;8I;@QQ8I<
@CC@E>L8>>@FC<KK<I8I@F=@EC8E;<J<G<ID<QQF;<CHL8C<GFK<M8EF<JJ<I<8M8E
Q8K<=FIK@I@M<E;@:8Q@FE@GFC@K@:?<
%8C@E>L8;LEHL<8CG8I@FG@`;@8CKI@KI8KK@:LCKLI8C@GL^<JJ<I<LE
<C<D<EKF ;@J>I<>8EK< F LE@=@:8EK< :?< <J:CL;< F @E:CL;< E<C :<I:?@F
;<CjEF@k
,<:FE;FEK?FEP,D@K?C8C@E>L8@DGL>E8K8:FD<M<JJ@CCF
@;<EK@K8I@F ;8@ DFM@D<EK@ ;@ J<:<JJ@FE< GL^ GFIK8I< 8CCF JD<D9I8
D<EKF ;<>C@ JK8K@ E8Q@FE8C@
-LKK8M@8 8==@E:?W C8 C@E>L8 GFJJ8 <JJ<I<
;8MM<IF LE =8KKFI< ;@ I@M<E;@:8Q@FE< ;8 G8IK< ;@ JG<:@=@:@ >ILGG@
Cl@;<EK@KS :FCC<KK@M8 ?8 9@JF>EF 8E:?< ;@ 8CKI@ <C<D<EK@ F2>=CA0BB46=8
2D;CDA0;8
,<:FE;F,D@K?8==@E:?WJ@JM@CLGG@LEJ<EK@D<EKF;@8GG8I
K<E<EQ8 ;@==LJF LE >ILGGF ;<M< :FE;@M@;<I< 8CD<EF @;<8CD<EK<
8E:?<LE8JKFI@8:FDLE<LEG8JJ8KFD@K@:F<LEK<II@KFI@F
)<I:FDGI<E;<I<@C>I8;F;@:FDGC<JJ@KSJF:@8C<<:FEFD@:8<:LC
KLI8C< @E :L@ @ >ILGG@;@ D@EFI8EQ8C@E>L@JK@:8 <I8EF <JFEF @EJ<I@K@ X
@DGFIK8EK< I@:FI;8I< <JJ@ ?8EEF J<DGI< M@JJLKF @E LE8 J@KL8Q@FE< ;@
GCLI@C@E>L@JDF
@M<IJ8D<EK<;8GF:?@;<:<EE@=8@CGCLI@C@E>L@JDFX
F>>@@EK<JF:FD<LE8I@JFIJ8:?<>C@@E;@M@;L@<C<:FCC<KK@M@KS?8EEF8
;@JGFJ@Q@FE<
,@X8II@M8K@8EQ@8;8==<ID8I<:?<KLKK<C<JF:@<KSLD8
E< JFEF =FE;8D<EK8CD<EK< GCLI@C@E>L@ < :?< @C DFEFC@E>L@JDF GL^
I8GGI<J<EK8I<LE8JFIK8;@G8KFCF>@8JF:@8C<
%<;@M<IJ<C@E>L<8;@JGFJ@Q@FE<;<CG8IC8EK<EFEJFEF<EFEJFEF
D8@ JK8K< @E I<C8Q@FE< G8I@K8I@8 <JJ< M<E>FEF J:<CK< ;8C G8IC8EK< J<
:FE;F ClF::8J@FE< < Cl@EK<ICF:LKFI< J<>L<E;F GI<:@J< JKI8K<>@<
:FDLE@:8K@M<:?<K<E>FEF:FEKF;<CGI<JK@>@F;<@;@M<IJ@:F;@:@;<CI<
G<IKFI@F
!
,-('i0-,('#0C8>=B0=3BC0C4B0=4=@D8AH8=C>C74>A868=B>5=0C8>=B0=3C74
?>;8C82B>5=0C8>=0;8B<&<K?L<E%FE;FEG
:@K
@E
'+,('G
,&"-!G
-(,(GG
i
,@>E@=@:8K@M8D<EK<;8CCl.E@FE<LIFG<8GIFDLFM<
@C GIF><KKF .& @EJ<I@KF E<C G@8EF ;l8Q@FE< ;<CC8 FDD@JJ@FE< <LIFG<8 j)IFDLFM<I<
Cl8GGI<E;@D<EKF;<CC<C@E>L<<C8;@M<IJ@KSC@E>L@JK@:8k
"EEFD<;<CC8C@E>L8
,G<JJF@EFCKI<C<C@E>L<JFEFJK8K<@DGFJK<;8CC<8DD@E@JKI8Q@FE@
;8CC<9LIF:I8Q@<;8CC<O;8C4B<@C;@8C<KKFFC8C@E>L8;@D@EFI8EQ8JFEF
JK8K< I<C<>8K< 8CC< :FEM<IJ8Q@FE@ =8D@C@8I@ < 8D@:8C@ C8J:@8E;F JG8Q@F
8CC<C@E>L<I@K<ELK<;@GI<JK@>@FE8Q@FE8C@FJKI8E@<I<G<I>C@8CKI@8D
9@K@ ;<CC8 M@K8 JF:@8C<
" G8IC8EK@ JK<JJ@ :FE=<I@J:FEF 8C?0C>8B M8C<EQ<
;@M<IJ<:FD<:?@8I@J:< @JXC<)8EE8K@<I
%8 EFQ@FE< JK<JJ8 ;@ ?0C>8B EFE X :?@8I8 G<I KLKK@ F D<>C@F EFE I@:FGI< CF
JK<JJFJ@>E@=@:8KFG<IKLKK@
)<IHL8C:LEFG8IC8I<?0C>8BXjG8IC8I<D8C<kG8I
C8I<@EDF;FJ:FII<KKF<@EDF;F@E;@JK@EKFJ<EQ8<C<>8EQ8
;8CKI@J<IM<G<I
@E=8I:@I<@CGIFGI@F;@J:FIJF;@K<ID@E@:?<EFEJ@KIFM8EFE<C;@Q@FE8I@FG<I
8CKI@8E:FI8@C?0C>8BXC8C@E>L8;<@K<DG@8E;8K@;<CG8JJ8KF
C:LE@8C:FE
KI8I@F JFEF GIFEK@ 8 ;@=<E;<I< @C ?0C>8B 8 DF9@C@K8IJ@ G<I C8 M8CFI@QQ8Q@FE<
;<CC8 C@E>L8 CF:8C<
KK@KL;@E@ ;@8D<KI8CD<EK< FGGFJK< @C ?0C>8B J@ KIFM8 @E
D<QQF 8 J<EK@D<EK@ ;@M<IJ@ F;@F8DFI< I@=@LKF:LCKF C@E>L8 G8JJ8K8C@E>L8
:?<?8LEJ<EJFE<CDFE;FDF;<IEF
":FE:<KK@8EKIFGFCF>@:@;@8::LCKLI8Q@FE<<;<:LCKLI8Q@FE<GFJJFEF
<JJ<I< 8GGC@:8K@ 8E:?< 8CC< C@E>L< 8CCl@EK<IEF ;<CC< ;@E8D@:?< C@E>L@
JK@:?< J< LE >ILGGF LD8EF J@ <JK@E>L< 8E:?< C8 JL8 C@E>L8 < C8 JL8
:LCKLI8DLF@FEF:FECL@
-LKK8M@8EFEXJFCF@CELD<IF;<@G8IC8EK@8
I<E;<I<M@K8C<LE8C@E>L8<8J8E:@IE<@CGI<JK@>@FD8@CGFK<I<<:FEF
D@:F < GFC@K@:F ;<C >ILGGF @C :FEKIFCCF ;<@ :8E8C@ ;@ KI8JD@JJ@FE< C8
:8G8:@KS;@KI8J=<I@D<EKF;<CC<@E=FID8Q@FE@<;@@EEFM8Q@FE<C@E>L@JK@
:8
(CKI<8HL<JKF@G8IC8EK@GFJJFEFG<I:<G@I<C8C@E>L8;@D@EFI8EQ8
:FD<LEM<JJ@CCF;<CC8GIFGI@8;@==<I<EQ8I@JG<KKF8CC8D8>>@FI8EQ8LE
J<>EF;@JK@EK@MF:?<:I<8@C>ILGGF<8KKI8M<IJF@CHL8C<@C>ILGGFJ@:F
JK@KL@J:<<J@I8==FIQ8
"EHL<JKF:8JF8CC8C@E>L8X8KKI@9L@K8LE8=FIK<
M8C<EQ8@;<EK@K8I@8<;XLK@C@QQ8K8:FD<J<>EF;@;@JK@EQ@FE<KI88=B834A
<>DCB834A
%l8GGI<E;@D<EKF ;@ LE8 C@E>L8 GL^ <JJ<I< :FEJ@;<I8KF LE M<IF <
GIFGI@FI@KF;@G8JJ8>>@FKI8Cl<JK<IEF<Cl@EK<IEF;<C>ILGGF
@8E)8F
CF I@ JFKKFC@E<8 :FD< E<@ GIF:<JJ@ ;@ @;<EK@=@:8Q@FE< :FCC<KK@M8 @
FDLE@:8Q@FE<GI<J<EK8K88CC8K8MFC8IFKFE;8@E8L>LI8C<;<CC8<YK<+FD8E;<<K"E
K<IIW>@FE8C<;L)8KF@J@C8>FJKF8&8IK@>EP,M@QQ<I8
-I8;LQ@FE<D@8
8G@KFCF"/
=8KKFI@<KE@:FiC@E>L@JK@:@J@J@8EFJFJK@KL@K@8HL<CC@I<C@>@FJ@;8E;F=FI
D88ELFM@:LCK@;@I@M@K8C@QQ8Q@FE<
@EK8EK@GIF:<JJ@DF;<IE@;@8LKF@;<EK@=@:8Q@FE<C8C@E>L8;@M<EK8LE8JFIK8;@
ELFM8 I<C@>@FE< LE E0;>A4 8= BO 4g5 :?< I@:?@<;< LE8 I@>@;8 ;@=<J8
;<CClFIKF;FJJ@88KLKK@@C@M<CC@:FE:I<8Q@FE<;@ELFM@:?@<I@:@;@ELFM<@EHL@
J@Q@FE@;@ELFM<C@JK<;@9LFE@<:8KK@M@E8KLI8CD<EK<@EEFD<;@LE9<E<
JLG<I@FI<
%< C@E>L< @EFCKI< GFJJFEF <JJ<I< I@M@K8C@QQ8K< G<I J8E:@I<
Cl@E;@G<E;<EQ8<@CGFK<I<;<@>ILGG@:?<E<JFEF;<K<EKFI@
%8M@K8C@KS
;@ LE8 C@E>L8 HL@E;@ ;@G<E;< ;8 =8KKFI@ ;@M<IJ@
p @EE<>89@C< :?< C<
J:<CK< GFC@K@:?< 899@8EF LE G<JF EFE KI8J:LI89@C< E<CC8 ;@==LJ@FE< ;@
LE8C@E>L8<JLCC8G<I:<Q@FE<;@<JJ8;8G8IK<;<@G8IC8EK@=8MFI<E;F<
M8CFI@QQ8E;F C< ;@==<I<EQ< C@E>L@JK@:?< F 8C :FEKI8I@F E<>8E;FE<
Cl<J@JK<EQ8<@DG<;<E;FE<C8KI8JD@JJ@FE<
'<@DFM@D<EK@;@I@M<E;@
:8Q@FE<@EG8IK@:FC8I<ClLJF;<CC8C@E>L8D8K<IE8M@<E<:FEJ@;<I8KFLE
D<QQF;@FGGFJ@Q@FE<8CC8:LCKLI8;FD@E8EK<
%
%<G8IFC<JFJK@<E<;>8I&FI@EJFEF8CCFJK<JJFK<DGFJ<>E@8=38
20C>A8 J<IMFEF :@FX 8 ;<J@>E8I< C< :FJ< < 4E>20C>A8 @E HL8EKF
<MF:8EF C8 I8GGI<J<EK8Q@FE< ;<CC8 :FJ8 EFD@E8K8
"E HL<JKF J<EJF e@C
EFD<?8LE8GFK<EQ@8C@KSJ@D9FC@:8@DD<;@8K8EFD@E8E;FC8:FJ8<J
JF =8 JFI><I< @C JLF =8EK8JD8 < J< @C GFK<I< ;@ <MF:8Q@FE< X =FIK<
I<JLJ:@K89<E:?WJ@88JJ<EK<C8JL8GI<J<EQ8:FE:I<K8f
"ELE8JF:@<KS:FD<HL<CC88KKL8C<;FD@E8K8;8@D<QQ@;@:FDLE@
:8Q@FE< @C C@E>L8>>@F < @C GFK<I< ;@ ;<EFD@E8I< J:<>C@<E;F LEF
JG<:@=@:F :F;@:< C@E>L@JK@:F JFEF ;@M<EK8K@ =FE;8D<EK8C@ G<I J8E:@I<
Cl<J@JK<EQ8EFEJFCF;<CC<:FJ<D88E:?<;@@EK<I@>ILGG@LD8E@
,L@:LCK@;@I@M@K8C@QQ8Q@FE<J@M<;8EF/
%'-+'+"">E8<4=C8A4;868>B838;814ACL438
B0;E4II0 348 ?>?>;8 >??A4BB8 <CKI@E<CC@ &@C8EF 0%% '4E8C0;8I0C8>= ">E4
<4=CB@EeD<I@:8EEK?IFGFCF>@JKfGG
i
)
+" ><D=8CL 4C=820 2><D=8CL ;8=6D8BC820 2>=C4BC> 5A8D;0=> @E +
(&" +"GG
i
&(+"'!02>=>B24=I034;;02>=>B24=I0<CKI@E<CC@&@C8EFG
"EEFD<;<CC8C@E>L8
'<@:FE=C@KK@<KE@:FiK<II@KFI@8C@C8:FDGFE<EK<;<CC@E>L8>>@FEFEXJFCK8EKFC8
I@M<E;@:8Q@FE<;@LE;@I@KKFKI8;@Q@FE8C<
JJ88GI<C8HL<JK@FE<=FE;8D<EK8C<
J<J@8F>>@GFJJ@9@C<EFD@E8I<;@M<IJ8D<EK<
KKI8M<IJFC8;@M<IJ@KS;<CC8C@E
>L8J@8==<ID8;LEHL<@C;@I@KKF8CCl8LKFEFD@8E<CC8:FJKILQ@FE<;<CDFE;F
)<I:8G@I<C8;@E8D@:8JF>>@8:<EK<8CC8GI<J8;@:FJ:@<EQ8;<@G8I
C8EK@;@C@E>L8=I8E:FGIFM<EQ8C<XE<:<JJ8I@FG8IK@I<;8:?@?8;8KFG<I
C8GI@D8MFCK8LEEFD<8C>ILGGFC@E>L@JK@:F@EFD@j<KE@:@kJFEF><
E<I8CD<EK< =ILKKF ;@ <C89FI8Q@FE@ :LCKLI8C@ ;@ >ILGG@ ;FD@E8EK@
I@JLCK8KF;@I8GGI<J<EK8Q@FE@<JK<IE<
" >ILGG@ ;@ C@E>L8 =I8E:FGIFM<EQ8C< EFE <JJ<E;F LE GFGFCF EFE
?8EEFGFJJ<;LKFLEEFD<=@EF8HL8E;FE<C@CC@E>L@JK8 I8Q@8
;@F"J8@8J:FC@EFE;@JK@EJ<LE8J<I@<;@;@8C<KK@J:<>C@<E;FG<IHL<JK@
C8;<EFD@E8Q@FE<;@j=I8E:FGIFM<EQ8C<k
,<EQ8@EK<EK@GFC@K@:@D8JF
CF :FE =@E8C@KS J:@<EK@=@:?< M<EE< 8GGFJK8 LEl<K@:?<KK8 8; LE8 :<IK8
8I<8C@E>L@JK@:8;8@:FEKFIE@J=LD8K@
%l8KKI@9LQ@FE<;@LEEFD<JF
GI8KKLKKF :FE LE8 ;@:@KLI8 8C J@E>FC8I< :FD< HL<CC8 LJ8K8 G<I @C
=I8E:FGIFM<EQ8C<;8CC8C<>><@K8C@8E8GL^;8I<8MM@F8;LE
GIF:<JJF;@<KE@:@QQ8Q@FE<
C:LE<:LCKLI<JFEF;FK8K<;<CGFK<I<;@EFD@E8I<8CKI<?8EEFJFCF
C8 :8G8:@KS ;@ <JJ<I< ;<EFD@E8K<
#<8E %FLG DJ<CC< ?8 ;<=@E@KF
HL<JK< :LCKLI< JL98CK<IE< JFKKFiGIF;FKK@ ;<CCl8KK@M@KS ;<>C@ @EK<CC<KKL8
C@
'<C :8JF ;<@ >ILGG@ ;@ C@E>L8 =I8E:FGIFM<EQ8C< Cl8KKI@9LQ@FE< ;<C
EFD< X 8MM<ELK8 ;8CCl<JK<IEF ;8CCl8CKF ;8 G8IK< ;@ LE FJJ<IM8KFI<
J:@<EK@=@:F@G8IC8EK@EFE?8EEFD<JJF@E:8DGF8C:LE;@JGFJ@K@MF;@
8LKFi;<EFD@E8Q@FE<:?<JLG<I8JJ<@:FE=@E@;<CM@CC8>>@FG<I899I8:
:@8I<Cl@EK<I88I<8=I8E:FGIFM<EQ8C<
%8D8E:8EQ8;@LElLE@KSGFC@K@:8
X JK8K8 GIF989@CD<EK< C8 :8LJ8 GI@E:@G8C< ;<C K8I;@MF 8LKFi
I@:FEFJ:@D<EKF;@HL<JK@>ILGG@:FD<LE@KSC@E>L@JK@:8
(>E@:FDLE@KS
?8;<EFD@E8KFC8GIFGI@8C@E>L8<E<CC8GIFGI@8C@E>L8?8;@JK@EKFJ<
JK<JJ8 ;8CC< 8CKI< Cl8GG8IK<E<EQ8 8C M@CC8>>@F X J<DGI< JK8K8 G@` =FIK<
&
"'"
&%."G
.
"--"G
%- "+('
#
%
&,%%
8G@KFCF"/
;<CC8 :FEJ8G<MFC<QQ8 8 MFCK< <J@JK<EK< :?< 8CKI@ 8E:?< 8C ;@ CS
;<CC<CG@G8IC8JJ<IFLE8C@E>L8J@D@C<
.E8 EFQ@FE< <C89FI8K8 8CCl<JK<IEF ;@ LE >ILGGF :LCKLI8C< @E 8D
9@<EK<J:@<EK@=@:FXJK8K8;LEHL<I<:LG<I8K8<I@<C89FI8K88CCl@EK<IEF;@
<JJF < I@GIFGFJK8 :FD< LEF ;<@ K8JJ<CC@ j8LK<EK@:@k :?< :FDGFE>FEF
Cl@;<EK@KS:FCC<KK@M8
,G<JJF:FD<;F:LD<EK8KF8E:?<:FEKI8>@:@I@JLCK8K@@EK<II@KFI@:F
CFE@8C@ @ GFGFC@ I<JK@KL@J:FEF 8@ :FCFE@QQ8KFI@ < 8>C@ <KEFCF>@
Cl@DD8>@E<:?<;8CCl<JK<IEFXJK8K8CFIF@DGFJK8
,@I<8C@QQ8;LEHL<
LE8 :FEK@EL8 ;@8C<KK@:8 KI8 8=B834 < >DCB834 :?< GIF;L:< J@>E@=@:8K@
J<DGI< ELFM@ D<;@8K@ < :?< JG<JJF X 8CC8 98J< ;@ GIF:<JJ@ @;<EK@K8I@
:FE;<I@M<<KE@:@QQ8EK@
pLE;FM<I<;<CC<J:@<EQ<JF:@8C@K<E<I<J<D
GI<GI<J<EK@C<GFJJ@9@C@I@:8;LK<:?<@I@JLCK8K@;<CC<@E;8>@E@GFJJFEF
8M<I<JLC:8DGF
%8 EFQ@FE< ;@ j=I8E:FGIFM<EQ8C<k I@K<ELK8 @DG<I=<KK8 < :FEK<JK8K8
;8@C@E>L@JK@JK<JJ@XJK8K8I<:LG<I8K8;8@G8IC8EK@G<I:FJKILQ@FE@@;<E
K@K8I@<<;8@C<>@JC8KFI@G<I=8MFI@I<8Q@FE@GFC@K@:?<
"CG8I8;FJJFX:?<
e@CG8IK@:FC8I@JDF;<CC<D@EFI8EQ<XJF>><KKF8@GIF:<JJ@;@FDFCF>8
Q@FE<E<CDFD<EKF@E:L@=8GIFGI@@D<QQ@<@C;@J:FIJF;<CC8:LCKLI8
;@D8>>@FI8EQ8f
,< ;8 LE8 G8IK< @ >ILGG@ I@<C89FI8EF @E DF;F 8LKFEFDF @ ;8K@
J:@<EK@=@:@:?<KIFM8EFG@`GIF;LKK@M@G<I@CFIF=@E@;8CCl8CKI8C8GFC@K@
:8 GL^ 8M<I< @EK<I<JJ@ ;@M<IJ@ E<CClLJF ;<@ I@JLCK8K@ ;<CC< I@:<I:?< >C@
,K8K@ E8Q@FE8C@ @EK<I<JJ8K@ ;8CC8 GI<J<EQ8 ;@ >ILGG@ D@EFI@K8I@ LJ8EF @
;8K@J:@<EK@=@:@:FJ[:FD<HL<CC@:<EJL8I@G<IE<>8I<KLK<C8I<F@>EF
I8I<HL<JK8GI<J<EQ88CCl@EK<IEF;<@GIFGI@:FE=@E@8DD@E@JKI8K@M@
"C:8JF;<@>ILGG@=I8E:FGIFM<EQ8C@:?<EFEJFEFD8@JK8K@I@:FEF
J:@LK@EW?8EEFD8@I@:FEFJ:@LKFJ<JK<JJ@:FELE<KEFE@DF:FDLE<F
:FELEEFD<:FCC<KK@MFGL^KIFM8I<LE8EK<:<;<EK<G8I8>FE89@C<E<CC<
M@:<E;< ;<@ >ILGG@ B8=@I@ F>>@ ELI@JK8E@ 89@K8EK@ E<CC8 GIFM@E:@8 ;@
'LI@JKTE@E=>?8E@JK8E
"CCFIFGI@DFEFD<;<I@M8M8@E=8KK@;8>C@JKL
;@ ;<C C@E>L@JK8 J:8E;@E8MF <FI> &FI><EJK@<IE< :?< E<C J:I@JJ<:FD<"J8@8J:FC@G<I@;@8C<KK@=I8E:FGIFM<EQ8C@:?<@>ILGG@
.
"--"
,
% ' +(;3;Z#>A<48=<0C4A8034;;4<8=>A0=I4;8=6D8BC8274BC>A8274[
@D0;2742><<4=C>30B>28>;8=6D8BC0@Ee%@E>L@JK@:8<@CFCF>@8fGG
i
"EEFD<;<CC8C@E>L8
B8=@I@G8IC8M8EFC@E>L<:FE:8I8KK<I@J@D@C@
,LCC898J<;@HL<JK<8==<I
D8Q@FE@E<>C@8EE@,<JJ8EK8>C@<KEFCF>@<EFEJFCF98J8IFEF@C
GIF:<JJF;@LE@=@:8Q@FE<<KE@:8=8:<E;F8E:FI8LE8MFCK8<IIFE<8D<EK<
Cl<HL@M8C<EQ8C@E>L8:LCKLI8<KE@8
Cl8KKI@9LQ@FE<;@LEEFD<EFEI8GGI<J<EK8JFCK8EKFLE8JG<KKFG8IK@:FC8ID<EK<
I@C<M8EK<;<CC<I<C8Q@FE@@EK<I<KE@:?<@E<==<KK@K8C<8KKI@9LQ@FE<X@EJWGIF;LK
KI@:< ;@ <KE@:@KS
'<CC< J@KL8Q@FE@ ;@ ;FD@E@F Cl@DGFJ@Q@FE< ;@ LE jD8I:?@Fk
;8G8IK<;<C>ILGGF;FD@E8EK<I@M<JK<LEI<8C<GFK<I<G<I=FID8K@MF@C=8KKF;@
EFD@E8I<?8@CGFK<I<;@=8I<J@JK<I<LE8:FCC<KK@M@KS;@@E;@M@;L@E<CC8I<8CKS
@E;@G<E;<EK<D<EK<;8:@^:?<<JJ@G<EJ8EF;<CC8CFIF8GG8IK<E<EQ88HL<CC8
:FCC<KK@M@KS
.EEFD<:FCC<KK@MFGL^GIF;LII<LE8JFC@;8I@<KSI<8C<KI8>C@@E;@M@
;L@ ;<J@>E8K@
%l8KKI@9LQ@FE< ;<C EFD< :I<8 @EFCKI< LE F>><KKF
:FCC<KK@MF8:L@XI@J<IM8KFLEFJG<:@=@:FKI8KK8D<EKF
*L<JKFXGI<:@
J8D<EK< :@^ :?< X JL::<JJF :FE C8 %<>>< 8CC< ;@M<IJ<
D@EFI8EQ< C@E>L@JK@:?< @K8C@8E< < @E G8IK@:FC8I< 8@ G8IC8EK@ =I8E:FGIF
M<EQ8C< I@=<I<E;FJ@ 8@ >ILGG@ G8IC8EK@ j@C =I8E:FiGIFM<EQ8C<k 8C
J@E>FC8I<C8C<>><:I<8LEF>><KKF:FCC<KK@MFD8J<DGC@=@:8LE8I<8CKS
:8I8KK<I@QQ8K8;8CC8;@==<I<EQ88MFCK<EFK<MFC<KI8G8IC8K<;<CC8JK<JJ8
=8D@>C@8C@E>L@JK@:8
'<CC8JL88Q@FE<J<DGC@=@:8KI@:<@EFCKI<C8C<>><
EFE =8 8C:LE I@=<I@D<EKF 8C GCLI@C@E>L@JDF E<C HL8C< J@ KIFM8EF ;8
J<DGI< 8 M@M<I< C< D@EFI8EQ< C@E>L@JK@:?< @K8C@8E< :FDGI<J8 HL<CC8
=I8E:FGIFM<EQ8C<
*L8E;FJ@8KKI@9L@J:<LEEFD<8LE>ILGGFLD8EF8LE8C@E>L8F
HL8E;F J@ LK@C@QQ8EF j:C8JJ@ K@G@QQ8K< ;@ I8>>ILGG8D<EKFk J@ I@J:?@8
;@:8;<I<E<CC84=C85820I8>=4LED<::8E@JDF8:8LJ8;<CHL8C<@EFD@
;@M<EK8EF:FJ<
FE:<KK@:FD<jE8Q@FE<kjJF:@<KSk<j:LCKLI8k;8EEFEFD<8<EK@KSG8IK@:F
C8I@ < D@E8::@8EF ;@ KI8J=FID8I< @ EFD@ @E :FJ<
,FCK8EKF J< J@ @EK<E;FEF
HL<JK@EFD@:FD<@EJ@<D@;@I<C8Q@FE@<J<C@J@I@:FCC<>8E<C:FEK<JKF;8:L@
JFEFJK8K@<EL:C<8K@J@GL^JG<I8I<;@<M@K8I<@E=<I<EQ<=LFIM@8EK@<;@8::I<
J:<I<C8EFJKI8:8G8:@KS;@:FDGI<EJ@FE<
)
)(.-" '-#
,-+"i'+-G
0(%G
"M@G
8G@KFCF"/
-I8J=FID8I<@EFD@@E:FJ<:I<8=8CJ@DF;<CC@;<CC8I<8CKS<I@J:?@8
;@I<E;<I<GIF:<JJ@:FD<HL<CC@@;<EK@K8I@<:LCKLI8C@;<>C@F>><KK@I@>@;@
<DFEFC@K@:@@DG<;<E;F:@;@:FDGI<E;<I<C<@E=@E@K<<E8KLI8C@GFJJ@9@
C@KS;@@E:FEKIF:FE=IFEKFD<K@::@8D<EKF
pE<:<JJ8I@FJFKKFC@E<8I<:?<>C@8JG<KK@GFC@K@:@C<>8K@8CC8C@E>L8;@
D@EFI8EQ8EFE@EK<I<JJ8EFC8D8>>@FIG8IK<;<@G8IC8EK@D8LEELD<
IF I@JKI<KKF ;@ G<IJFE<
*L<JKF8MM@<E< 8E:?<G<I @>ILGG@;@C@E>L8
=I8E:FGIFM<EQ8C< 8E:FI8 GF:?@ G8IC8EK@ LJ8EF @C K<ID@E< j=I8E:FGIF
M<EQ8C<kG<I@;<EK@=@:8I<C8GIFGI@8C@E>L8<JFEF8E:FI8D<EF:FCFIF
:?<CFLJ8EF:FD<<C<D<EKF@;<EK@K8I@F
FD<JFJK<ELKF;88C:LE<I@
:<I:?<JF:@FC@E>L@JK@:?<@G8IC8EK@GI<=<I@J:FEFLJ8I<@CK<ID@E<?0C>8B
FGGLI<=FIDLC<;<=@E@K<j8==<KK@MF@;<EK@K8I@<k@E:<EKI8K<JLCGFJJ<JJ@
MF jEFJKIFk F JLC GIFEFD< G<IJFE8C< jEF@k 0 =>BCA0 <>30 34
=>IL>DC8F8E:FI8I@:?@8D8I<Cl8GG8IK<E<EQ88CM@CC8>>@F3I0;7D=Q
2D0BR= 34 <LC8PB
%8 G<I:<Q@FE< :?< @ G8IC8EK@ ?8EEF ;<C GIFGI@F
;@8C<KKFM8E<CC8;@I<Q@FE<;<CG8IK@:FC8I@JDF<JJ<E;FJG<JJF@E:8G8:@
;@I@:FEFJ:<I<Cl8GG8IK<E<EQ8;<CC8M8I@<KSCF:8C<8;LEl8I<8C@E>L@JK@
:8G@`8DG@8
<=@E@I<C8C@E>L8:?<J@G8IC8EFEXFG<I8Q@FE<J<DGC@:<G<I@CG8I
C8EK< :?@8D8KF 8; @E;8>8I< C8 I8GGI<J<EK8Q@FE< ;@ JW < ;<C GIFGI@F
DFE;F@CEFD<:?<J@;S8CC8GIFGI@8C@E>L8XLE@DD<;@8KF@E;@:8KF
I< ;<CC8 :FJ:@<EQ8 C@E>L@JK@:8 < @DGC@:8 @C I@:FEFJ:@D<EKF
;<CCl8GG8IK<E<EQ88;LE8:FDLE@KS
"EG8IK@:FC8I<E<C:8JF;@>ILGG@
;@D@EFI8EQ8C8;<J@>E8Q@FE<;<CC8GIFGI@8C@E>L88:HL@J@J:<@CM8CFI<
%l8IK@:FCF;<CC8%<>><GI<M<;<:?<e%8;<C@D@K8Q@FE<;<CCl8D9@KFK<II@KFI@8C<<
JL9:FDLE8C<@E:L@J@8GGC@:8EFC<;@JGFJ@Q@FE@;@KLK<C8;<CC<D@EFI8EQ<C@E>L@JK@:?<JKFI@:?<
GI<M@JK<;8CC8GI<J<EK<C<>><X8;FKK8K8;8CFEJ@>C@FGIFM@E:@8C<J<EK@K@@:FDLE@@EK<I<JJ8K@
JLI@:?@<JK8;@8CD<EF@CHL@E;@:@G<I:<EKF;<@:@KK8;@E@@J:I@KK@E<CC<C@JK<<C<KKFI8C@<I<J@;<EK@
E<@:FDLE@JK<JJ@FMM<IF;@LEK<IQF;<@:FEJ@>C@<I@:FDLE8C@;<@D<;<J@D@:FDLE@f
pJ@>E@
=@:8K@MF :?< E<JJLEF ;<@ :FDLE@ =I8E:FGIFM<EQ8C@ 899@8 ;<C@9<I8KF C8 GIFGI@8 8GG8IK<E<EQ8
8CCl8I<8C@E>L@JK@:8>I8Q@< 8CCl@EK<IM<EKF;<C;<@:@KK8;@E@D8JFCF@E98J<8CC<;<:@J@FE@
;<@FEJ@>C@:FDLE8C@
@^GFKI<99<;@DFJKI8I<:FD<C<:FDLE@KSCF:8C@@EI<8CKSEFE899@8EF
8E:FI8 I8>>@LEKF LE I@:FEFJ:@D<EKF ;@ JW @E HL8EKF D@EFI8EQ8 C@E>L@JK@:8 ,
% ' +(
G
-LKK8M@8XGIF989@C<:?<J@I@:FII88CC8:FEJLCK8Q@FE<GFGFC8I<JFCK8EKFE<C:8JF
@E:L@@CFEJ@>C@F:FDLE8C<;<:@;8;@EFEJFKKFJ:I@M<I<C8I@:?@<JK8
(MM<IF>@8>C@FE<J<:F8QQ@EF;@&8KK@<
"EEFD<;<CC8C@E>L8
;@LEl8LKF8==<ID8Q@FE<@;<EK@K8I@8;@LEl8CK<I@KSC@E>L@JK@:8<:LCKLI8
C<
"C;@98KK@KFJLCEFD<j=I8E:FGIFM<EQ8C<k?88MLKFLEFJM@CLGGF8E
:?< JL @EK<IE<K
+@K<E>F @EK<I<JJ8EK< I@GFIK8I< 8C:LE@ 9I8E@ ;@ LE
;@98KK@KF @E =I8E:<J< JMFCKFJ@ >= ;8=4 KI8 J<KK<D9I< < >@L>EF
#<8Ei?8IC<J
%<K<ID< =I8E:FGIFM<EV8C<JKKIXJ D8C:?F@J@:8I@CC8@JJ< S<EK<E;I<HL<J<
J<I8@KLE?P9I@;<;<=I8EV8@J<K;<GIFM<EV8C:<HL@El<JKG8JC<:8J
)FLIJ<
;WD8IHL<I:C8@I<D<EKFE8KFLK;l89FI;<EC<MWC<KI8@K;lLE@FE;LDFKFI@>@
E<C =I8E:FiGIFM<EV8C
(E ClW:I@K 8LAFLI;l?L@ GCLK_K <E LE DFK
&8C?<LI<LJ<D<EK:<K8IK@=@:<>I8G?@HL<El<JKHLlLEG@Ji8CC<IC<JDFKJ=I8E
:Fi <K iGIFM<EV8C ;<D<LI8EK
)8IK8EK ;< C8 :FEJK8K8K@FE HL< :<KK< QFE<
C@E>L@JK@HL< JlWK<E; 8LKFLI ;<J CG<J C< K<ID< 8IG@K8E Jl<JK ;WM<CFGGW HL@
<JK8:KL<CC<D<EKJPEFEPD<;<=I8E:FGIFM<EV8C
E=8@KFE8GCLK_K;WGC8:WC<
GIF9CXD<:8IC<JIW>@FEJALI8JJ@<EE<<K =FIWQ@<EE<FEK;<C8G<@E<SJlPI<
:FEE8@KI<
E =8@K C<J CF:LK<LIJ =I8E:FGIFM<EV8LO HL@ LK@C@J<EK C8 C8E>L<
KI8;@K@FE<CC<C8EFDD<EKKFLKJ@DGC<D<EKG8KFLW DFKHL@El8<E8IG@K8E
G8JC8DYD<:FEEFK8K@FEGWAFI8K@M<HLl<E=I8EV8@J
;L@<
FL@:l<JKMI8@:?8:LE<;<JIW>@FEJ;@KeFEG8IC<C<G8KF@JfC<K<ID<=I8EG@K8E
<JK FI@>@E8C D8@J ?FEEYK<D<EK @C E< G8JJ<I8 G8J ;8EJ C< C8E>8>< ;<J ><EJ
:?<QDF@C<J><EJ;@IFEKKFLAFLIJC<9I<JJ8EC<9<8LAFC8@J<K:
GFLI;WJ@>E<I
C8 C8E>L< HLl@CJ G8IC<EK
/L HL< :< >IFLG< C@E>L@JK@HL< KFL:?< C<J IW>@FEJ
+?_;8E@<EE<J <K CG@E<J
G8I <OK<EJ@FE C< #LI8 GFLIHLF@ E< ;@I@FEJiEFLJ
G8JC<JC8E>L<J+?_;8E@<EE<JiCG@E<JKFLK:FDD<FE;@KC<JC8E>L<J;lF]C<K
C<JC8E>L<J;lF:"CJl<JK<EFLKI<;WM<CFGGWLE=FID<=I8E:@JW<;<Cl8IG@K8E
HL@ :FDGI<E; :<IK8@E<J JKIL:KLI<J <K LE< 9FEE< G8IK@< ;L MF:89LC8@I< KI8;@
K@FEE<C C<HL<C <JK GIFEFE:W 8M<: C<J =FID<J <OKWI@<LI<J ;L =I8EV8@J
(E
GIFGFJ<C<K<ID<=I8EG@K8EGFLI;W:I@I<:<KK<=FID<=I8E:@JW<;<Cl8IG@K8E
,
'("(#>8?0A;80<>8=?0C>8B4E>6;80<>38A;>8=?0C>8B=3068=4BD;;434=><8
=0I8>=834;;4?0A;0C434;;0A2>0;?8=>>22834=C0;4@Ee==<G@
+@M@JK8J<D<JKI8C<;@:LCKLI8<
8KKL8C@KS =I8E:FGIFM<EQ8C<f / GG
i
<CC8 JK<JJ8 8LKI@:< J@ M<;8 8E:?< >
B284=I0 ;8=6D8BC820 4 <4C0;8=6D0 ;4 34=><8=0I8>=8 34;;4 ?0A;0C4 ;>20;8 =4; %84<>=C4
>22834=C0;4@Ee*L8;<IE@;<CCl"JK@KLKF;@ CFKKFCF>@8;<CCl.E@M<IJ@KS lEELEQ@F;@?@<
K@fGG
i
"C 5>AD< ;8 :L@ JFEF KI8KK< C< ;@:?@8I8Q@FE@ X 8CCl@E;@I@QQF ?KKG989<C
C<O@CF
>FJ
:FD=FILD
8G@KFCF"/
CCF9IF><
%FIJ ;lLE ;@J:FLIJ <E 8IG@K8E J8MFP8I; 8L G8IC<D<EK <LIFGW<E C< G8KF@J8EK
D8I:IFE88LJJ@WMFHLWC<K<ID< e8CG@K8Ef
IG@K8E;WJ@>E<C8C8E>L<HL@
;<J:<E;;<JCG<JD8@JGFJ<KFLAFLIJLEGIF9CXD<HL8EK8L:?F@O;lLEEFD
GFLI Cl<EJ<D9C< ;L ;FD8@E< =I8E:FGIFM<EV8C :< EFD J<I8iKi@C 8::<GKW G8I
C<J=FIWQ@<EJFLC<J=I8E:i:FDKF@J)FLID8G8IKALJHLlS:<HL<ClFEGIFGFJ<
D@<LOe8IG@K8Ef<JKC8;WEFD@E8K@FEHL<A<GIW=XI<GFLII<DGC8:<Ie=I8E:F
GIFM<EV8Cf
&8@JJ<IJFLP<
%<J <OGI<JJ@FEJ C8E>L<J ;lF: <K C8E>L<J ;lF]C J< IW=XI<EK S C8 =8VFE ;< ;@I<
FL@
'<GFLII8@KiFEG8JLK@C@J<IC8DYD<DWK?F;<GFLIC<=I8E:FiGIFM<EV8C
FDD<EK;@KiFEFL@;8EJ:<JC8E>L<J
#<8Ei?8IC<J
:KL<CC<D<EK FE <JK 8JJ<Q GIF:?< ;L =I8EV8@J #l8@ <EK<E;L MF <E G8KF@J <K
FLX@CC< <E =I8EG@K8E
< D@;@ Al8@ ;@EW ;8EJ C< /8C ;lFJK< S m:?<M<EEFQ
#l8@I<E:FEKIWLE<G8KF@J8EE<;L:IaSC8HL<CC<A<El8@G8JGLDl<EGY:?<I;<
;<D8E;<I :FDD<EK C<J G8KF@J8EKJ :FDD< <CC< J< :C8JJ<EK
#l8@ K<EKW e8IG@
K8Ef <CC< El8M8@K A8D8@J <EK<E;L :< K<ID<
#l8@ <EJL@K< @EKIF;L@K C< K<ID<
e=I8E:FiGIFM<EV8Cf ;@J:IXK<D<EK <E G8IC8EK ;l8LKI< G8KF@J
CC< 8 J8@J@ C8
98CC< 8L 9FE; <E Dl8==@ID8EK HL< C<J G8KF@J8EKJ ;L :Ia Jl8LKFi;W=@E@JJ<EK
:FDD< e=I8E:FiGIFM<EV8LOf #< MF@J 8LJJ@ ;8EJ :<KK< 8==@ID8K@FE HL<CHL<
:?FJ<;l@;<EK@K8@I< %<J /8C;_K8@EJ;lFI@>@E< E<J<J<EK<EKG8J@K8C@<EJ
@I<
e=I8E:FiGIFM<EV8Cf<JKG<LKiYKI<8LJJ@LE<D8E@XI<;<J<;@==WI<E:@<I
CCF9IF><
)FLI J< I<:<EKI<I JLI C< JLA<K @C <JK MI8@ HLl<E M8C ;l8FJK< C<J ?89@K8EKJ
:FEE8@JJ<EKC<K<ID<=I8E:FGIFM<EV8C8CFIJHLl<EI8E:<FL<E,L@JJ<@C<JK
:FEEL JLIKFLK ;<J @E@K@WJ
%lFE G8IC< GCLK_K ;< eG8KF@Jf ;< eJ8MFP8I;f ;<
eG8KF@J;<9<CC<M8LOfe;lMFCXE<fg
C@8E<KLG8IC<JC<=I8E:FGIFM<EV8C
#<E<G8IC<G8JC<GIFM<EV8CA<G8IC<C<G8KF@JJ8MFP8I;V8FL@
.EEFDV8El<JKG8JJ@@DGFIK8EKCl@DGFIK8EK:l<JK;<G8IC<I
E,L@JJ<8CW
D8E@HL< @CJ E< G8IC<EK G8J ;< eJL@JJ< 8CC<D8E;f ,:?NPKQ<I;bKJ:? D8@J
;l8CC<D8E;-bbKJ:?GFLI;W=@E@IC<LIC8E>L<
"CJ;@J<EK8LJJ@@8CUBK&LE
;8I;9UIE;bKJ:?QbI@KbbKJ:?<K:
JL@M8EKC<J:8EKFEJ
,8EJEFDGIW:@JJ8EJ
FIK?F>I8G?<GIW:@J<EFEGCLJV8E<Cl<DGY:?<G8J;<>8>E<I;LK<II8@EJLI
Cl8CC<D8E;JK8E;8I;
l<JK G<LKiYKI< 8LJJ@ V8 HL@ <JK @EKWI<JJ8EK LE< C8E>L< DLCK@GC< 8LO EFDJ
W>8C<D<EKDLCK@GC<J
.ED<D9I<;L=FILDIG@K8E@8GIFGFJ8@Ke9LI>FE;fFL
e9LI>FE;8@JfGFLII<EFDD<IC<=G
)FLIHLF@G8J
"EEFD<;<CC8C@E>L8
'@BLI8 I<EF9C<
"CJ<D9C<9@<E;@==@:@C<;<;FEE<ILE<8GG<CC8K@FE:FDDLE<S:<JC8E>L<JHL<
ClFE:FEE8\K9@<E D8@EK<E8EK JFLJC<EFD;<I8E:FiGIFM<EV8C
IG@K8E D<
J<D9C<I8@K J<EJ@9C<D<EK C8 D<@CC<LI<
%< C89FI8KF@I< ;< ;@8C<:KFCF>@< ;<
Cl.E@M<IJ@KW;< I<EF9C<JGW:@8C@JW;8EJClWKL;<;<:<J;@8C<:K<JE<Jl<JKKFL
AFLIJG8JIWJ@>EWS8;FGK<I;<D<@CC<LIK<ID<
"C<JKGIF989C<SDFE8M@JHL<
IG@K8E E< I<DGC8:< ;W=@E@K@M<D<EK ClF9JFCXK< =I8E:FiGIFM<EV8C CFIJHL< C<J
?89@K8EKJ ;< JFE 8@I< C@E>L@JK@HL< 8LIFEK GI@J :FEJ:@<E:< ;< Cl@DGFIK8E:<
;lLE@=@<I C<LI C8E>L< JFLJ LE EFD HL@ CL@ JF@K D@<LO 8;8GKW
@I< I8E:Fi
GIFM<EV8C :l<JK LE G<L :FDD< ;@I< eI8E:Fi:8K8C8Ef S C8 GC8:< ;l(::@K8E
-FLKV8G8I:<HL<C8C8E>L<J<KIFLM<<EKI<C<J;<LO>I8E;<J=8D@CC<J;@8
C<:K8C<J;<I8E:<
#<;@I8@;FE:IG@K8E?@JKF@I<;<E<G8J8MF@ISIWW:I@I<
:<K?FII@9C<EFD:FDGFJW<KD8C8;8GKW
#LC@8E
,8CLKA<E<J8@JG8JJ@:<=FILD<JK<E:FI<M8C@;<D8@J<EHL8C@KW;<M8C;_
K8@EAl8@D<I8@J;@I<HL<CHL<:?FJ<SGIFGFJ;LDFK!8IG@K8EFLIG@K8E
<
K<ID<M@<EK;L DFK!8IGHL@ @E;@HL<C<J?8LKiGIWJ;< DFEK8>E<FL8CG8><J
F`C<M8:?<JJFEK:FE;L@K<J;LGI@EK<DGJALJHLlSCl8LKFDE<
E?8IG@K8EM8C
;_K8@E FL G8KF@J M8C;_K8@E C<J DFK HL@ @E;@HL<EK V8 JFEK Cl8IG8 8L
GI@EK<DGJ<KC8;<J8IG8<E8LKFDE<
E<==<K:FDD<HL<CHLlLE;8EJC<=F
ILD8I<D8IHLWC<DFK!8IG@K8E<JKGI<JHL<@E:FEELG8IC8>I8E;<D8AFI@KW
;<J /8C;_K8@EJ DYD< G8ID@ C<J G8KF@J8I;J <E <==<K 8GXJ C8 ;WCF:8C@J8K@FE
D8JJ@M<;<G8IK;<DLJJFC@E@EFD9I<LO@K8C@<EJJLIKFLKM<E8EK;LJL;;<C8
GWE@EJLC<FEKWKWKI8EJ=WIWJ<E/8CCW<;lFJK<GFLICl@K8C@8E@J<ID8@J:l<JK
G8I:<HL<C<EFD?8IG@K8E8GI<JHL<;@JG8IL:8IC<J><EJHL@J8M8@<EKW:I@I<
WK8@<EKC<JEF9C<J<KC<:C<I>WC<JGI<D@<IJ;l<;L:8K@FE=I8E:FG?FE<C<J;<I
E@E@<IJLK@C@J8EKC<C8K@E
lWK8@KC<G<LGC<HL@G8IC8@K<KG8IC<<E:FI<?8IG@K8E
D8@J <E K8EK HLl8E8CG?89XK< <K J8EJ :FEJ:@<E:< ;< JF@ :FDD< ;WGFJ@K8@I<
;lLE< :LCKLI< KIXJ 8E:@<EE< DYD< GIWiIFD8@E< 8GG<C8@K J8 C8E>L< J<LC<
D<EK G8KF@J :FDD< Jl@C Jl8>@JJ8@K ;lLE< MFC>8I@J8K@FE ;L =I8EV8@J
":@ <E
M8CCW< ;l8FJK< C< I8EV8@J 8 WKW C8E>L< F==@:@<CC< ;L L:?W 8M8EK HLl<E
I8E:<D8@JCl?8IG@K8E<JKC8MI8@<C8E>L<;LG8PJ
C<;I8G<8L;L&FLM<D<E
!8IG@K8E <JK LE< GLI< @EM<EK@FE <K El8 G8J ;lFI@>@E<J ?@JKFI@HL<J
%<J :FL
C<LIJ KI8;@K@FEE<CJ ;L G<LGC< M8C;_K8@E JFEK C< IFL>< <K C< EF@I <K ClLE@HL<
;I8G<8LM8C;FK8@EF==@:@<C<JKG<IG8CP>L<LC<J<KJ89C<JLIKFLKLE<J:LK:?<FE
J89C<9FI;W8I><EKLEC@FE8I><EKFE>CW<KC8E>L@JW>L<LC<J
A<Dl<O:LJ<GFLIC<J8::<EKJD8EHL8EKJD8@JAlW:I@JJLILEB<P9F8I;@K8C@<E
II<M<LKJ<8LI<MF@I<EG8KF@J
"G8IK<:@G8EK@8C5>AD<:?<G<I:FDLE@:8I<KI8CFIF?8EEFJ:<CKF@C
=I8E:<J<:FE8C:LE<@EJ<IQ@FE@@E?0C>8B:FDD<EK8EF@;@M<IJ@EFD@
8G@KFCF"/
jL==@:@8C@k LK@C@QQ8K@ 8 C@M<CCF @EK<IE8Q@FE8C< G<I ;<=@E@I< C< M8I@8EK@
=I8E:FGIFM<EQ8C@
JJ@:FE:FI;8EFE<CCl8==<ID8I<:?<@CK<ID@E<j=I8E:FiGIFM<EQ8C<k
JFGI8KKLKKFE<CC8M8I@8EK<j:FE@CKI8KK@EFkGIF;L:<:FE=LJ@FE<GF@:?W
@E;L:<8G<EJ8I<8;LE8C@E>L8JFJG<J8KI8=I8E:<J<<GIFM<EQ8C<
#<
8Ei?8IC<J EFK8 G<I^ :?< @C K<ID@E< M@<E< LJ8KF :FE LE :<IKF
FI>F>C@F :FD< JKILD<EKF @;<EK@K8I@F JFGI8KKLKKF @E /8CC< ;lFJK8
;FMlX:FEFJ:@LKF<LK@C@QQ8KF8E:?<;8@G8IC8EK@D<EKI<@E,M@QQ<I8<
@EI8E:@8XEFKFJFCFKI8>C@JG<:@8C@JK@
)<IJFJK@KL@I<@CK<ID@E<j=I8E
:FGIFM<EQ8C<k M@<E< GIFGFJKF LE 8CKIF EFD< @EKIF;FKKF E<>C@ 8EE@
,<KK8EK8j8IG@K8EFkFj8CG@K8EFk:?<I@:?@8D<I<99<C8:FCCF:8Q@FE<8C
G@E8;<CC8D8>>@FIG8IK<;<@G8IC8EK@=I8E:FGIFM<EQ8C@=8:<E;FI@J8C@I<
8IG@K8EF8;0A?8CG<DFEK8>E8
lX8E:?<:?@GIFGFE<@CEFD<j=I8E
G@K8EFk G<I ;<J:I@M<I< @C =I8E:FGIFM<EQ8C< G8IC8KF @E I8E:@8
( :?@
JL>><I@J:<j9LI>LE;FkFj9LI>LE;<J<kI@:?@8D8E;F@CJL9JKI8KF9LI
>LE;F JLC HL8C< J@ J8I<99< @EE<JK8KF @C C8K@EF ;8E;F M@K8 8@ ;@8C<KK@
=I8E:FGIFM<EQ8C@
"G8IK<:@G8EK@8C5>AD<JFKKFC@E<8EF8E:?<C8;@==L
J@FE< ;<C K<ID@E< ?0C>8B :?< @E>CF98 KLKK@ @ EFD@ ;8K@ 8CC< ;@M<IJ<
G8IC8K<=I8E:FGIFM<EQ8C@
/@<E<@EFCKI<I@:FEFJ:@LK8C8GI<J<EQ8;@I@=<
I@D<EK@8CC<J@E>FC<G8IC8K<jJ8MFP8I;kjG8KF@J;<<CC<M8LOkjG8KF@J
;lMFCXE<k
"C K<ID@E< j8IG@K8EFk D<EQ@FE8KF E<C 5>AD< < G@LKKFJKF ;@==LJF @E
/8CC<;lFJK8=L@EKIF;FKKFE<C;8CM8C;FJK8EF#FQ<!8II@<K8E<C
MFCLD< !0 ;8=6D0 0A?8C0=0 5A0=2>?A>E4=I0;4 >= ?0AC82>;0A4 A854
A8<4=C>0;;0;8=6D034;;0+0;38>BC0:?<J@GI<J<EK8:FD<C8
GI@D8>I8DD8K@:8;<CC8C@E>L88IG@K8E8GI<:<;LK8;8LE8GIFGFJK8;@D<KF;F
G<I I8>>@LE><I< C8 BF@EX ;<CC< G8IC8K< 8IG@K8E< ;8 LE8 GIFGFJK8 ;@ 8C=89<KF
=FE<K@:F:FE:L@J:I@M<I<C8C@E>L8;8LEFJKL;@FJKFI@:FiC@E>L@JK@:F;<CJL9
JKI8KF >8I8C;@K8EF < ;8 LE8 :C8JJ@=@:8Q@FE< ;<CC< 8KKL8C@ C@E>L< <LIFG<<
%l@GFK<J@ X JK8K8GIFGFJK8;8C C@E>L@JK8 08CK?<I MFE 08IK9LI> E<C @E LE 8IK@:FCF
;8CK@KFCF84DB6;8434AD=634AA><0=8B274=(?A027AMD<48GG8IJFJLe3<@KJ:?I@=K=bIIFD8
E@J:?<)?@CFCF>@<f%/"GF@8DGC@8KF<I@GL99C@:8KFE<C/<IC8>I8E:B<<IE<
"CK<JKF<99<;@==LJ@FE<@EI8E:@8>I8Q@<8CC8KI8;LQ@FE<;@#
CC@XI<J< ,KI8B8!0A06
<4=C0C8>=34;0'><0=80)8I@J
"EEFD<;<CC8C@E>L8
?@L;<@CC@9IFLE8J:<CK8;@K<JK@;@C<KK<I8KLI88IG@K8E8;8CD<;@F<MF8@>@FI
E@EFJKI@
)I@D8;@;<=@E@I<@CJ@>E@=@:8KF;@j8IG@K8EFk#FQ<!8II@<K8G8JJ8@E
I8JJ<>E8@K<ID@E@8KKI8M<IJF@HL8C@J@;<J@>E8C8C@E>L8CF:8C<
GIF
GFJ@KF;<CK<ID@E<?0C>8BJ:I@M<:?<
=L@EM<EK8KF;8@:@KK8;@E@@9FI>?<J@M<IJF@C1""J<:FCFG<I;<J@>E8I<C8JKI8
E8D8E@<I8:FE:L@@:FEK8;@E@G8IC8M8EFHL<JK@J<:FE;FCFIFEFEG8IC8M8EF
:FEC89F::8gD8:FE@G@<;@&FCKFGF:F8JKLK8D<EK<@:FEK8;@E@8::<KK8
IFEF C8 ;<=@E@Q@FE< J:FII<KK8 < @EJLCK8EK< :?< @ 9FI>?<J@ ;@<;<IF ;<CC8 CFIF
C@E>L8<8E:FI8F>>@<JJ@:?@8D8EFG8KF@J@CGIFGI@FDF;F;@<JGI@D<IJ@
,<:FE;F!8II@<K8@:FEK8;@E@8IG@K8E@;<CC8:8DG8>E8<;<CC8DFE
K8>E8 EFE:?W >C@ FG<I8@ ;<CC< :@KKS :?< 8E:FI8 G8IC8EF C8 C@E>L8
D8K<IE8 ;<MFEF I@=@LK8IJ@ ;@ LJ8I< @C K<ID@E< ;@JGI<>@8K@MF ?0C>8B <
GI<=<I@I>C@eG8IC8K8=I8E:FGIFM<EQ8C<F8IG@K8EFC@E>L88IG@K8E8f
!8II@<K8GIFGFE<;@JFJK@KL@I<@CK<ID@E<j=I8E:FGIFM<EQ8C<k8JLF
G8I<I<@E8;<>L8KF:FEC8ELFM8G8IFC8j8IG@K8EFkeG8IFC8:?<;<I@M8
;8C =I8E:FGIFM<EQ8C< JK<JJF < :?< C<KK<I8CD<EK< J@>E@=@:8 89@K8EK<
;<CClj8CG<kF;<CC8DFEK8>E8
%l8IG@K8EFX;LEHL<C8C@E>L8;<@DFE
K8E8I@;<CC<CG@EFI;iF::@;<EK8C@f
#FQ<!8II@<K8LK@C@QQ8E;FC<K<FI@<:?< %FL@J#<8E8CM<K<JGI<JJ<
@E!8=6D8BC8@D44C2>;>=80;8B<4?4C8CCA08CO346;>CC>?70684GL99C@:8
KF E<C G8JJ8 HL@E;@ 8 HL<CC8 :?< GFKI<DDF ;<=@E@I< C8
I@M<E;@:8Q@FE<GFC@K@:8
"E IG@K8E@8 =I8E:<J@JK@ < @K8C@8E@JK@ ?8EEF CF JK<JJF :FDGFIK8D<EKF G<I
HL8EKFI@>L8I;8C8C@E>L8;<@:FCFE@QQ8KFI@=I8E:<J@JLCC8HL<JK@FE<;@HL8C<
;FM<M8 <JJ<I< C8 C@E>L8 ;<>C@ 8C><I@E@
-LKK@ >I@;8EF :?< C8 C@E>L8 8IG@K8E8
EFEXLE8C@E>L8D8LEjG8KF@JkLEC@E>L8>>@Fj;8G@<;@kg:?<C8C@E>L8
8IG@K8E8EFEJ8ISD8@@E>I8;F;@M<@:FC8I<@;<<:FDGC<JJ<<DF;<IE<<:?<
#
!++"- %lLJF;<CC8C@E>L8 :FD< JKILD<EKF GFC@K@:F J@ GL^ :F>C@<I< 8E:?<
E<CCl<MFCLQ@FE<;<@EFD@;@8C:LE@8KK@M@JK@E<C@EHL8EKFJ<>I<K8I@FC<>?@JK8M8C;FJK8EF
CFJK<JJF8LKFI<:?<E<CJ@=@ID8M8#FQ<!8II@<K8GL99C@:8LE8IK@:FCF@EK@KFC8KF!0;8=6D0
0A?8C0=0 e*L8;<IE@)8;8E@f """ D8>>@Fi>@L>EF GG
i :FE @C EFD< #FJ<G?
!<EI@<K
FECFJK<JJFEFD<=@ID8JL::<JJ@M8D<EK<@CJ8>>@F#>B0=2QCA4B;4B(0AA0B8=B34B
;?4BGL99C@:8KFE<CG<ICl<;@KFI<89W;@K8;@2<EJJLI&FI><J!
#
!++"-G
"M@GG
i
8G@KFCF"/
K8C<ILFCF;<M<<JJ<I<8JJFCKFG<I>C@LE@;8CCl@K8C@8EFG<I>C@8CKI@;8C=I8E
:<J<
>>@LE>FEF GF@ :?< Cl8IG@K8EF EFE GI<J<EK8 8JJFCLK8D<EK< C<
:FE;@Q@FE@G<I;@M<EK8I<LE8C@E>L8J:I@KK8
(I8KLKK<HL<JK<8==<ID8Q@FE@JF
EF:FDGC<K8D<EK<=8CJ<<=@FI@J:FEFJLCC89F::8;@:FCFIF:?<?8EEF@EK<I<JJ@
8D8EK<E<I<J<IM@>C@8IG@K8E@
FGF8M<IG8JJ8KF@EI8JJ<>E8@C@E>L@JK@:?<J@JFEFF::LG8K@;<CCF
JKL;@F ;<C =I8E:FGIFM<EQ8C< I8Q@8;@F "
J:FC@ !8EJiI@:? $<C
C<I %FL@J 8MI8K 0@C?<CD &<P<Ii%b9B< 8JKFE -L8@CCFE IE<JK
,:?bC<FII8;F I8JJ@<:@K8E;F8E:?<C8+0;;4B8044B2A8?C8>
;@#FJ@8J,@DC<I@E:L@J@G8IC<I<99<;<CC8jC@E>L8J898L;@:8k#FQ<
!8II@<K8:FE:CL;<:?<e%8GFC<D@:8JLCCl<J@JK<EQ8FD<EF;<CC8C@E>L8
8IG@K8E8 =L E8KLI8CD<EK< LE8 I@;@:FC8 98KK8>C@8 :?< J@ JFJK<EE< E<CC<
8LC< < E<@ :FII@;F@ ;<CC< .E@M<IJ@KS EF@ :?< G8IC@8DF F>>@ 8IG@K8EF
EFE899@8DFE<JJLE;L99@F:?<C8EFJKI8C@E>L8<J@JK8f
8JKFE-L8@CCFE@ELEI<:<EK<MFCLD<;<;@:8KF8CC<G8IC8K<=I8E:F
GIFM<EQ8C@ JFKKFC@E<8 :?< C8 J:<CK8 ;<C EFD< j=I8E:FGIFM<EQ8C<k ;8
G8IK< ;@ "J8@8 J:FC@ EFE X JK8K8 =<C@:< D8 :?< E<JJLE8 ;<=@E@Q@FE<
GIFGFJK8=@EF8;F>>@:FD<jD<;@FIF;8E@8EFkFjC@FE<J<kJ@J@8
I@M<C8K8 D@>C@FI<
-LKK@ >C@ J=FIQ@ C<JJ@:8C@ G<I KIFM8I< LE8 ;<EFD@E8
Q@FE<><F>I8=@:8D<EK<G@`:?@8I8JFEFI@JLCK8K@M8E@<G<IHL<JKFG<I
HL8EKF =LFIM@8EK< X E<:<JJ8I@F LK@C@QQ8I< @C EFD< J:<CKF ;8 J:FC@
FID8@ j:FEJ8:I8KFk ;8>C@ JKL;@ ;@8C<KKFCF>@:@
"C EFD< X 8::<KK89@C<
J:I@M<-L8@CCFEGLI:?WJ@8:FEJ@;<I8KF:FD<LE8;<J@>E8Q@FE<8I9@KI8
I@8:?<EFE@E=CL@J:<JLCJ<EJF;@:@^:?<;<J@>E8
"# %"%$"# %
<E<;@:K E;<IJFE JFJK@<E< :?< C8 GFJJ@9@C@KS ;@ J:I@M<I< K<JK@ @E
LE8;<K<ID@E8K8C@E>L8<;@;@==FE;<IC@8KKI8M<IJFC8JK8DG8899@8GFI
K8KF 8CC8 E8J:@K8 ;@ j:FDLE@KS @DD8>@E8K<k :?< I@<J:FEF 8 G<EJ8IJ@ <
I@iG<EJ8IJ@ GIFGI@F >I8Q@< 8C D<QQF J:I@KKF
KKI8M<IJF ;F:LD<EK@
J:I@KK@ J@ GL^ KI8D8E;8I< C8 JKFI@8 ;<C >ILGGF F G<I CF D<EF HL<CC8
G8IK< ;@ JKFI@8 :?< M@<E< J<C<Q@FE8K8 ;8CC8 D<DFI@8 < ;8CC< <J@><EQ<
"M@GG
i
-."%%('
'+,('
"EEFD<;<CC8C@E>L8
GFC@K@:?<
%l8JJ<EQ8;@J:I@KKLI8GL^GIFMF:8I<ClF9C@F;@G8IK@@DGFI
K8EK@;<CG8JJ8KF:FCC<KK@MF@>ILGG@GI@M@;@HL<JKFJKILD<EKFGFJJFEF
<JJ<I<J:FE=@KK@;8@>ILGG@:?<E<;<K<E>FEF@CGFK<I<
%8GFJJ@9@C@KS;@
:FJKIL@I<C8D<DFI@8:FECl8LJ@C@F;<CD<QQFJ:I@KKFX;<K<ID@E8EK<G<I
KI8D8E;8I<LE8:<IK8jM<IJ@FE<k;<CC8JKFI@8
" GI@D@ <J<DG@ ;@ K<JK@ GIF;FKK@ E<CCl8I<8 =I8E:FGIFM<EQ8C< J:I@KK@
:FE >I8=@< ;@M<IJ< ;8K8EF @EKFIEF 8C 1""" J<:FCF
C<O@J WK<DGJ
K<EK8;@:?@8I@I<@DFK@M@G<I:L@Cl8I<8=I8E:FGIFM<EQ8C<EFEJ@X;8K8
LE8:>8=PC@E>L@JK@:8
"C=8KKF:?<Cl8I<8=I8E:FGIFM<EQ8C<;8C&<;@F<MFEFE899@8D8@=8KKFG8IK<;@
LE JK<JJF,K8KFEFE?8:<IK8D<EK<:FEKI@9L@KF8CC8=FID8Q@FE<;@LE8BF@EX
%@FE< I<EF9C< < ,8@EKiRK@<EE< JFKKF @C I<>EF ;@ I8E:@8 ?8D9WIP E
E<:P ,LJ8 < FJK8 E<>C@ JK8K@ J898L;@ @E<MI8 %FJ8EE8 ,@FE I@9LI>F <
'<L:?TK<C E<CC8FE=<;<I8Q@FE<,M@QQ<I8?8EEFFGK8KFG<I@C=I8E:<J<:FD<
C@E>L8 J:I@KK8 >@SGI@D8;<CC8 JL8 L==@:@8C@QQ8Q@FE<<@C =I8E:FGIFM<EQ8C<8C
D<EF E<CC< :@KKS GI@E:@G8C@ X JK8KF I8G@;8D<EK< I<C<>8KF @E LE ILFCF
JL98CK<IEF
%<8==@E@KSC@E>L@JK@:?<KI8C<;L<G8IC8K<>8CCFiIFD8EQ<EFE?8E
EF:<IK8D<EK<8@LK8KFC8:FEJ<IM8Q@FE<;<C=I8E:FGIFM<EQ8C<<C8JL8:I@J@?8
JL9[KFLEl8::<C<I8Q@FE<8G8IK@I<;8CC8=@E<;<C1"1J<:FCFHL8E;F@ELIFG8
@C:<EKI8C@JDFJ@8==<ID8@C:FEKIFCCFJF:@8C<J@=8G@`<==@:8:<<@E@Q@8C8:FIJ8
M<IJFClFDFCF>8Q@FE<C@E>L@JK@:8<:LCKLI8C<G@8E@=@:8K8
%<>I8=@<@ELJFF>>@JFEFHL<CC<<C89FI8K<@EKFIEF8>C@8EE@,<KK8E
K8;<C'FM<:<EKFHL8E;FC8I@=C<JJ@FE<JLCC8KI8J:I@Q@FE<;<CC<C@E>L<
CF:8C@J@=<:<G@`@EK<EJ8<J@JK<D8K@:8
%<G@`;@==LJ<JFEFC8>I8=@8<
C89FI8K8 ;8C <EKI< ;lRKL;<J I8E:FGIFM<EV8C<J +<EW 0@CC@<E < ;8C
+%@E/8CC<;lFJK8<MFCLQ@FE<;@HL<CC8LK@C@QQ8K8;8CCl899W<ICF
>E< C8 :FJ@;;<KK8 j>I8=@8 ;@ FE=C8EJk GI<;@JGFJK8 ;8 8JKFE
-L8@CCFE < ;@==LJ8 E<CCl8I<8 J8MF@8I;8 ;8C <EKI< GFLI C8 LCKLI< ,8
,LCC8 C<KK<I8KLI8 =I8E:FGIFM<EQ8C< -."%%(' !0 ;8CC4A0CDA4 4= 5A0=2>?A>E4=N0;
0E0=C
%%. I<EF9C<DGA028=4B3D5A0=2>?A>E4=N0;:K<J;<C8FE=WI<E:<
8EEL<CC<JLICl8:K@M@KWJ:@<EK@=@HL<;L<EKI<;WKL;<J=I8E:FGIFM<EV8C<J,8@EKi'@:FC8Ji
;W:<D9I< FJK8 )
",!+ 7A4BC><0C784 5A0=2>\?A>E4=N0;4 A42D48;
34C4GC4B5A0=2>\?A>E4=20DG0=C4A84DAB0
I8E:B<<IE<
R-&),%>DAD=46A0?7842><<D=43D5A0=2>?A>E4=N0;@Ee'FLM<CC<J;L<EKI<
;lRKL;<JI8E:FGIFM<EV8C<J+<EW0@CC@<EfGG
i
-I8;LQ@FE<D@8
)<I 8C:LE< I@=C<JJ@FE@ JLCC8 >I8=@8 ;<CCl899W <ICF>E< +
0"%%"' 4A;>6=4 \
FJK<-
-%&('!_OE>;DC8>=34;06A0?7844C;_OE>;DC8>=3D<>3P;4;8=6D8BC8
@D4274I 4A;>6=4@Ee'FLM<CC<J;L<EKI<;lRKL;<JI8E:FGIFM<EV8C<J+<EW0@CC@<Ef
GG
i
8G@KFCF"/
MFP8I;<<C8>I8=@8GIFGFJK8;8IKLIF <EI<G<ICl-)&ClKC8EK<
-FGFEFD8JK@:F ;<C )@<DFEK< &FEK8EF
"E F>E@ M8CC< G<I^ @ ;@M<IJ@
8LKFI@8;FKK8EF>I8=@<G<IJFE8C@
"ED8E:8EQ8;@LE8C@E>L8LE@=@:8K8<;@LE8>I8=@88C:LE<I<:<EK@
GIFGFJK< :@I:FC8K< KI8 @ >ILGG@ =I8E:FGIFM<EQ8C@ @K8C@8E@ =I8E:<J@ <
JM@QQ<I@ ?8EEF :<I:8KF ;@ JLG<I8I< HL<CCF :?< X 8MM<IK@KF :FD< LE
GIF9C<D8 ;@ @EK<I:FDGI<EJ@FE<
,:I@M< &8I: IFE GI<J@;<EK<
;<CCl,JJF:@8K@FE;<JEJ<@>E8EKJ;<,8MFP8I;
)<IJ:8D9@8C@M<CCFI<>@FE8C<C<>I8=@<LK@C@QQ8K<8KKL8CD<EK<JFEFJL==@:@<E
K@
&8J<J@MLFC<J8G<I<:FD<J@GIFELE:@8LE8G8IFC8E<C/8CC<J<E<CC8QFE8
;@%PFEF@E)@<DFEK<9@JF>E8:FEFJ:<I<@C:F;@:<@ELJF@EF>ELE8;<CC<I<
>@FE@ <; X LE @DG<>EF EFK<MFC<
l8CKIFE;< DFCK@ J:I@KKFI@ F C<KKFI@ F>>@
JFEF8:FEFJ:<EQ8;<C=8KKF:?<C8C@E>L8:?<LK@C@QQ8EF8GG8IK@<E<8CC8M8JK8
8I<8=I8E:FGIFM<EQ8C<
)<IHL<JKFE<C:FEM<>EF;@-?FEFE;<CXJK8KF
;<:@JF;@8GGIF=FE;@I<C8:FEFJ:<EQ8;@HL<JK<>I8=@<=FE<K@:?<
G8IK@I<;8CJ@X:FJK@KL@KFLE>ILGGF@EK<IE8Q@FE8C<;@?0C>8
B0=CBG<I=8I:FEM<I><I<C<>I8=@<<J@JK<EK@@ELE8JFC8:FDLE<8KLKK8
Cl8I<8 C@E>L@JK@:8
%@E>L@JK@ < ;@8C<KKFCF>@ @E ><E<I8C< EFE JFEF =8
MFI<MFC@8HL<JK<@E@Q@8K@M<:FJ[:FD<JFKKFC@E<8@FI<EQF-FJF
%<<JG<I@<EQ<;@GIFDFQ@FE<;@JK8E;8I;LE@=@:8K@G8IKFEF;8LE:FE:<KKF;@
jJ8:I@=@:@FC@E>L@JK@:Fk:?<G8JJ8E;F8KKI8M<IJFLEl8;<J@FE<jD@C@K8EK<k8CC<
I8>@FE@;<CClLK@C@QQF;<C:F;@:<D@EFI@K8I@F@DGC@:8LE8C@D@K8Q@FE<;<CC8JL8
GI8K@:8JGFEK8E<8
)8IC8I<C8C@E>L8D@EFI@K8I@8;@M<EK8:FJ[GI@D8:?<E<:<J
J@KS :FDLE@:8K@M8 I<8CD<EK< 8MM<IK@K8 <J@><EQ8 ;@ 8==<ID8Q@FE< ;@
LEl8CK<I@KS
+FJ8I@FFCL::@8E<@JLF@JKL;@JLCC8>I8=@8;<CCl@K8C@8EFJFKKFC@E<8
:FD<@:I@K<I@EFID8C@QQ8EK@I@J:?@EF;@8GG@8KK@I<KI8KK@>I8=@:@J@>E@=@
%<I<>FC<>I8=@:?<GIFGFJK<;8C<EKI<;<C8LCKLI<,8MFP8I;<;<FE=C8EJJFEF:FE
JLCK89@C@8CCl@E;@I@QQF?KKGD<D9<IJ
8FC
:FD:FE=C8EJ +6('
G;=
&
+('%4AD=06A0580]5>=4C820^34;5A0=2>?A>E4=I0;4@Ee==<G@
+@M@JK8;@:LCKLI8
<8KKL8C@KS=I8E:FGIFM<EQ8C<fCL>C@FG
%8GIFGFJK8G<IC8>I8=@8=FE<K@:8XGL99C@:8K8:FE@CK@KFCF%A>?>B8C8>=?>DAD=46A0
?784?7>=OC8@D43D5A0=2>?A>E4=N0;==<G@i%FL+9@FCFEi,FEE<M@CC<<@EJ@EK<J@
8E:?<@Ee==<G@
+@M@JK8;@:LCKLI8<8KKL8C@KS=I8E:FGIFM<EQ8C<fCL>C@FGG
i
-(,(!0;466446;8B24=0A8A424=C834;;0]?>;8C820;8=6D8BC820^8=C0;80@Ee+@
M@JK8@K8C@8E8;@%@E>L@JK@:8<;@@8C<KKFCF>@8f/"GG
i
"EEFD<;<CC8C@E>L8
:8K@M@GFIK8KFI@;@:FEEFK8Q@FE@JK@C@JK@:?<<@E;@:8KFI@;@=<EFD<E@=F
E<K@:@
"E "K8C@8 @C GIF9C<D8 ;<CC8 D8E:8EQ8 ;@ LE8 >I8=@8 G<I C< G8IC8K<
=I8E:FGIFM<EQ8C@J@X8:L@KF:FECl8GGIFM8Q@FE<;<CC8%<>><C8
HL8C<EFE?8K<ELKF:FEKF;<C=8KKF:?<DFCK<;<CC<C@E>L<D@EFI@K8I@<
8DD<JJ< 8 KLK<C8 EFE ;@JGFE>FEF ;@ LE8 :>8=P I@:FEFJ:@LK8 ;8CC8
D8>>@FI8EQ8;<@G8IC8EK@EW;@LE8M8I@<KSC<KK<I8I@8J:I@KK8
HL<JKF
GIFGFJ@KF(IE<CC8<)8FC@J:I@M<:?<
"CI@:FEFJ:@D<EKFL==@:@8C<;<CC8D@EFI8EQ8C@E>L@JK@:8=I8E:FGIFM<EQ8C<<C<
GFJJ@9@C@KSF==<IK<;8CC8C<>><E
;<CF>>@:@@E;L:FEF8I@=C<KK<I<JL
HL<JKF 8JG<KKF @DGFIK8EK< G<I C8 JFGI8MM@M<EQ8 ;<CC8 C@E>L8 < :@ JG@E>FEF 8
GI<E;<I<;<:@J@FE@@ED<I@KF
"E<==<KK@:FD<XGFJJ@9@C<G<EJ8I<;@@EJ<>E8I<
@C =G E<CC< J:LFC< D8K<IE< GI@D8I@< < J<:FE;8I@< LK@C@QQ8ICF E<CC< J:LFC< ;@
KLKK@ @ C@M<CC@ G<I Cl@EJ<>E8D<EKF ;@ 8CKI< D8K<I@< @JK@KL@I< :FIJ@ LE@M<IJ@K8I@
J:I@M<I<8KK@GL99C@:@<8IK@:FC@JL@>@FIE8C@I<8C@QQ8I<KFGFEFD8JK@:89@C@E>L<
:FD<GI<M<;<C8C<>><;@KLK<C8;<CC<D@EFI8EQ<C@E>L@JK@:?<J<EFE<J@JK<LE
J@JK<D8;@>I8=@8LE@=@:8KF
'<C;@98KK@KFJ@X@EJ<I@K88E:?<C8)IFM@E:@8;@-FI@EF:?<@C;@
:<D9I< ?8 ;<C@9<I8KF Cl8GGIFM8Q@FE< ;<C ;F:LD<EKF @EK@KFC8KF
j%<>><
%@E<<;@@E;@I@QQF@ED8K<I@8;@D@EFI8EQ<C@E>L@JK@
:?< JKFI@:?< ;<CC8 GIFM@E:@8 ;@ -FI@EFk :?< :FEK@<E< CljQ@FE< ;@
JFJK<>EFG<IC8GIFGFJK8;@I<8C@QQ8Q@FE<;@LE:F;@:<C@E>L@JK@:F:FE
;@M@JFG<IKLKK8C8I<8CKS=I8E:FGIFM<EQ8C<k
,@C<>><E<C;F:LD<EKF
"CGIF9C<D8;<CC8>I8=@8G<IC<D@EFI8EQ<C@E>L@JK@:?<?8:I<8KF>I8E;@;@==@
:FCKS ;@ :FDLE@:8Q@FE< KI8 KLKK< C< D@EFI8EQ< 8; F>E@ QFE8 :FII@JGFE;< LE
:F;@:<;@M<IJF;@KI8J:I@Q@FE<<HL<JKF:I<8;<CC<;@==@:FCKSG<I:?@MLFC<8M
M@:@E8IJ@ 8CC8 C@E>L8
"C I@:FEFJ:@D<EKF ;<CC8 D@EFI8EQ8 C@E>L@JK@:8 :FE C8
C<>><;<C:@@E;L:<8;LE8I@=C<JJ@FE<@DGFIK8EK<G<I C8JFGI8MM@
M<EQ8;<CC8C@E>L8
"CG<I:FIJF;<CC8>I8=@8LE@=@:8K8G8IK<;8-?FEFEE<C
:FE C8 =FID8Q@FE< ;@ LE >ILGGF ;@ C8MFIF :?< J@ :FEJFC@;8 8 ILJ<@CC<J E<C
E<CJ@GL99C@:8LEFGLJ:FCF:FE@I@JLCK8K@;<@C8MFI@
%lF9@<KK@MF
@E;@JG<EJ89@C< X HL<CCF ;@ 8II@M8I< 8; 8M<I< LEF JKILD<EKF :?< G<ID<KK8 ;@
+
(%." (2A8?C0 "0=4=C (CD38 BD;;0 6A0580 34;;_8C0;80=> FE><;F 8C8K@E8
(
)(%";?A>1;4<034;;06A0580@Ee==<G@
+@M@JK8;@:LCKLI8<8KKL8C@KS=I8E:F
GIFM<EQ8C<fCL>C@FG
=I
8G
""EFK8
8G@KFCF"/
J:I@M<I<C8GIFGI@8M8I@8EK<;@=I8E:FGIFM<EQ8C<@EDF;F;8<JJ<I<:FDGI<JF
@E KLKK8 Cl8I<8
FJK@KLQ@FE< ;@ LE8 :FDD@JJ@FE< ;@ JKL;@F @EK<I @JK@KLQ@FE8C<
+<>@FE< )@<DFEK< )IFM@E:@8 ;@ -FI@EF G<I C8 ;<=@E@Q@FE< ;@ 8C:LE< C@E<<
>L@;8;@8Q@FE@D@I8K<JLCK<II@KFI@F<>I8;L8K<@ED<I@KF8CClLJF;<Cj:FDLE<
:F;@:<C@E>L@JK@:FkF;<CC8jC@E>L898E;@<I8k
"CI@:FEFJ:@D<EKFGFC@K@:F;@LE
:F;@:<:FDLE<XF>>@LE8;<CC<GFJJ@9@C@KSG<ILEJ8CKF;@HL8C@KS:?<C<@JK@
KLQ@FE@ ;<CC< C@E>L< D@EFI@QQ8K< <LIFG<< D<KKFEF @E :8DGF G<I LJ:@I< ;8C
=FC:CFI<<8JJLD<I<C8C@E>L8:FD<jM8CFI<8>>@LEKFk;@LE;<K<ID@E8KFK<II@
KFI@F
,<:FE;FC<O@JWK<DGJ@C=8KKFJK<JJF;@ 8GG8IK<E<I<8;LE8JF
:@<KS :FDGC<JJ8 GFIK8 8CCl<J@><EQ8 ;@ DF;<CC8I< C8 C@E>L8 J<:FE;F C<
<J@><EQ<;<@G8IC8EK@<;LEHL<;@GI<E;<I<;<:@J@FE@GFC@K@:?<
,<JFEF
@G8IC8EK@8J<EK@IE<Cl<J@><EQ8X;LEHL<C<>@KK@D8C8:I<8Q@FE<;@LE8
>I8=@8G<IJLGGFIK8I<@CELFMFBC0CDB;@LE;@8C<KKF:?<MLFC<=8IJ@C@E
>L8
&8HL8C@GFKI<99<IF<JJ<I<C<:FE;@Q@FE@=8MFI<MFC@G<I@C:FEJFC@
;8IJ@ ;@ LE8 :>8=P ,<:FE;F -LCC@F -<CDFE J8I<99< E<:<JJ8I@F LE
:<EKIF GIFGLCJFI< :?< 899@8 LE >I8E;< GI<JK@>@F JF:@8C< <:FEFD@:F
:LCKLI8C<<GFC@K@:FCl@;@FD8GI<J:<CKF;FMI<99<8M<I<LE8CKF>I8;F;@
FDF><E<@KS<;@:F<J@FE<C@E>L@JK@:8;FMI<99<<JJ<I:@Cl89@KL;@E<8E
:?< 8CClLJF J:I@KKF ;<CC8 M8I@8EK< J:<CK8
; F>>@ G<I^ E<JJLEF ;@
HL<JK@<C<D<EK@J<D9I8GI<J<EK<E<CCl8I<8=I8E:FGIFM<EQ8C<
,<C8C<>><@K8C@8E8?8GFIK8KF@CGIF9C<D8;<CC8>I8=@8<;<CC8C@E>L8
LE@=@:8K88CClFI;@E<;<C>@FIEF>@SE<C#FQ<!8II@<K8JFKKFC@E<8M8
C8 E<:<JJ@KS ;@ @EK<I:FDGI<EJ@FE< KI8 >C@ j8IG@K8E@k ;<CC< M8CC@ 8CG@E<
F::@;<EK8C@
%8 JL8 GIFGFJK8 EFE J@ C@D@K8M8 8; LE8 >I8=@8 LE@=@:8K8
D8J@JG@E><M88GIFGFII<LE8:>8=PC@E>L@JK@:8
;F99@8DF=8I<@EDF;F;@<JJ<I<:8G@K@;8KLKK@>C@8IG@K8E@G<I:@^XE<:<JJ8
I@8Cl8;FQ@FE<;@LE8C@E>L8LE@=@:8K8G<IKLKK8ClIG@K8E@8
%8C@E>L88IG@K8E8
LE@=@:8K8;<M<8M<I<:FD<98J<LE8;<CC<ELD<IFJ<G8IC8K<8IG@K8E<@FGIF
GFE>F C8 G8IC8K8 ;<CC8 98JJ8 M8C ;<CClM8EJFE @E /8C ;@ FJK8 < 8::<KK8I<
:8I8KK<I@<;<C<D<EK@;<CC<G8IC8K<M@:@E<HL<JK<:FE;@Q@FE@;FMI<99<IF98JK8
I<G<I<C89FI8I<LE8C@E>L8:FDGI<EJ@9@C<8KLKK@>C@8IG@K8E@
8>>@LE><M88GIFGFJ@KF;<@:8I8KK<I@;@HL<JK8ELFM8C@E>L8e%8
ELFM8C@E>L88IG@K8E8LE@=@:8K8;<M<@EFCKI<8GGIFGI@8IJ@;@KLKK@@K<I
-
-%&('!_OE>;DC8>=34;06A0?784:@K
GG
i
"EEFD<;<CC8C@E>L8
D@E@;@:LCKLI8DF;<IE8:?<D8E:8EF<;@M<EK8I<:FJ[LE8C@E>L8M@M8
<;<==@:@<EK<
,FCFLE8C@E>L8;@HL<JKF><E<I<GFKISJ<IM@I<8CGFGFCF
8IG@K8EFf
*L<CC8;@!8II@<K8EFEXI@D8JK8ClLE@:8GIFGFJK8;@LE8:>8=PC@E
>L@JK@:8 =I8E:FGIFM<EQ8C<
'<C @C C@E>L@JK8 =I8E:<J< FD@E@HL<
,K@:? GL99C@:^ %0A;>=B 5A0=2>?A>E4=N0; *=4 ;0=6D4 <O2>==D4 E<C
HL8C< GIFGFJ< E<CC< FCKI< HL8KKIF:<EKF G8>@E< ;<C MFCLD<
LElFIKF>I8=@8 JFMI8i;@8C<KK8C< (+ (IKF>I8G?< ;< +W=WI<E:< <
LE8 GIFELE:@8 JFMI8i;@8C<KK8C< )+ )IFEFE:@8K@FE ;< +W=WI<E:< '<C CF JK<JJF 8LKFI< D8E;^ 8CC< JK8DG< 8E:?< @C 82C8>==08A4
5A0=2>?A>E4=N0;5A0=N08B4C5A0=N08B5A0=2>?A>E4=N0;
)<IJLG<I8I<C<;@==@:FCKS;@:FDGI<EJ@FE<8CCl@EK<IEF;<CCl8I<8C@E
>L@JK@:8=I8E:FGIFM<EQ8C<JFEFJK8K<;LEHL<GIFGFJK<;8LE8G8IK<LE8
:>8=PLE8C@E>L8:FDLE<;8CCl8CKI8LElFIKF>I8=@8LE@=@:8K8
(>E@G8
IFC8 ;FMI<99< @E;@:8I< J<:FE;F C8 GIFGFJK8 ;@ FD@E@HL< ,K@:?
8KKI8M<IJFLE>I8=<D8C8JL8=LEQ@FE<>I8DD8K@:8C<@C><E<I<@CEL
D<IF C8 =C<JJ@FE< ;<C M<I9F >I8=@8 DFI=FCF>@:8
FMI<99< G<I^
:FEJ<IM8I<8E:?<C<KI8::<;<CC8>I8=@8JKFI@:8>I8=@88I:8@QQ8EK<<C<
98J@<K@DFCF>@:?<;<I@M8K<;8CJFJKI8KFC@E>L@JK@:F>I8=@8<K@DFCF>@:8
:FE ClF9@<KK@MF ;@ JLG<I8I< @ :8J@ ;@ FDFE@D@8 :?< <D<I>FEF :FE C8
>I8=@8=FE<K@:8
8JKFE -L8@CCFE :I@K@:8E;F HL<JK8 @DGFJK8Q@FE< 8MM<IK< @ ?0C>8
B0=CB;@EFE:8;<I<E<CC8GLI8CC<KK8EK<KI8GGFC8FI;@K8;8,K@:?G<I:?W
GFKI<99<IFEFE<JJ<I<G@`@E >I8;F;@:FDGI<E;<I< :@^:?<J:I@MFEF
<JJ<E;F KIFGGF CFEK8EF ;8 :@^ :?< GIFELE:@8EF
"C I@J:?@F J8I<99<
;LEHL< HL<CCF ;@ G<I;<I< LE G8KI@DFE@F @EM<:< ;@ J8CM8>L8I;8ICF <
M8CFI@QQ8ICF
#
!++"-G
'<CXJK8KFGI<J<EK8KFCl(+(IK?F>I8G?<;<+W=WI<E:<
,-"!82C8>==08A45A0=2>?A>E4=N0;5A0=N08B4C5A0=N08B5A0=2>?A>E4=N0;%<8IIW
-?FEFEiC<Ji8@EJ
,-"!
-."%%(' *=4 >AC7>6A0?74 ?>DA ;4B ?0C>8B @E e'FLM<CC<J ;L <EKI< ;lRKL;<J
I8E:FGIFM<EV8C<J+<EW0@CC@<EfGG
i
8G@KFCF/
!! %#$
<E<;@:K E;<IJFE ;<J:I@M< @C :<EJ@D<EKF C8 :8IK8 ><F>I8=@:8 <@C
DLJ<F:FD<C<KI<@JK@KLQ@FE@:?<e@EJ@<D<GC8JD8IFEFGIF=FE;8D<EK<
@CDF;F@E:L@CFJK8KF:FCFE@8C<M<;<M8@JLF@;FD@E@C8E8KLI8;<>C@
<JJ<I@LD8E@:?<>FM<IE8M8C8><F>I8=@8;<@GIFGI@K<II@KFI@<C8C<>@K
K@D@KS;<CC8JL8><E<8CF>@8f
'<CC<C<JF:@<KSF::@;<EK8C@:FEK<DGFI8E<<@I@J:?@;@LE8D8E@GF
C8Q@FE< @;<FCF>@:8 ;@ LE8 :8IK8 ><F>I8=@:8 JFEF GIF989@CD<EK<
D8>>@FI@I@JG<KKF8HL<CC@;<@:<EJ@D<EK@G<IC8=FIQ8GFC@K@:8@EKI@EJ<
:88CC8:8IK8
"EFCKI<;8CGLEKF;@M@JK8C@E>L@JK@:F@C:<EJ@D<EKFEFE
J<D9I8 LEF JKILD<EKF 8==@;89@C< G<I:?W EFE GL^ K<E<I< :FEKF ;<CC8
I<8CKS E<CC8 JL8 :FDGC<JJ@KS < E<C JLF ;@E8D@JDF
,FJK@<E< -LCC@F
-<CDFE
4J@85@C:<EJ@D<EKF;<CC<C@E>L<G8IC8K<E<CC<EFJKI<:FDLE@KSJ@8Cl@E;@:8Q@FE<
ELD<I@:8;<@CFIFI@JG<KK@M@LK<EK@EFEGFJJFEF;8I<:?<LEl@DD8>@E<G8IQ@8
C< < JFGI8KKLKKF JK8K@:8 ;<CC< I<8C@ :FE;@Q@FE@ C@E>L@JK@:?<
?< JFEF X 9<E<
JFKKFC@E<8ICF:FE;@Q@FE@;@;@iFKI@>CFJJ@8 < EFE;@9@iFKI@C@E>L@JDF
@8
J:LEF ;<@ :F;@:@ :FDGI<J<EK@ J@8EF <JJ@ G8KF@J :F@EX I<>@FE8C@ C@E>L8
@K8C@8E8C@E>L8=I8E:<J<C@E>L8K<;<J:8J@:FCCF:8;@=8KKF@ELE9<EGI<:@JF
C@M<CCF ;@ M8CLK8Q@FE< @DGC@:@K8 < ;@ =LEQ@FE8C@KS JF:@8C< < K8C< :FCCF:8Q@FE<
EFE;@G<E;<EW;8JKILD<EK@C<>@JC8K@M@EW;8G<K@Q@FE@;@GI@E:@G@D8<J:CL
J@M8D<EK< ;8@ M8CFI@ JF:@8C@ :?< @EK<I@FI@QQ8K@ ;8CC8 D<EK8C@KS :FCC<KK@M8
;@M<E>FEFEFID<@E<JGI<JJ<;@:FDGFIK8D<EKFJF:@FC@E>L@JK@:F
"C:<EJ@D<EKFG8I<EFE<JJ<I<>I8;@KFE<DD<EF8:FCFIF:?<8;<J
JF M<E>FEF JFKKFGFJK@ :FD< ;@:?@8I8KF @E LE :FDLE@:8KF ;@==LJF E<C
>@L>EF;8CFD@KTK(;9FI$FD@K8KFD@K8KF:FJK@KL@KF
;8>ILGG@<8JJF:@8Q@FE@;<CC<:FDLE@KSC@E>L@JK@:?<=I@LC8E8JCFM<E8<
'+,('G
+"'
-
-%&('G
"EEFD<;<CC8C@E>L8
><ID8EF=FE8 ;<C I@LC@
D8>>@F @E=8KK@ JL @E;@:8Q@FE< ;<C
&@E@JK<IF;<CCl"EK<IEFC<)I<=<KKLI<;<CC<QFE<89@K8K<;8CC<:FDLE@KS
"C K<JKF X JK8KF ;@==LJF @E =I@LC8EF :FE @C K@KFCFj'F 8C :<EJ@D<EK ;<J D@EFI8E:@Jk e"C
FD@KTK8CG8EKC8J_:FEKI8I@<KTK8<;FD8E;<=8K<@E;<E8EK;<J)I<=<KLI@J;<JGIFM@E:@@J
=LIC8E@J8<JD@E@JKI8Q@FEJ:FDLETCJG8ILE<JK@D<ELD<I@:?<;@:?<@:?<8=<M<C@EC8C<E>?<
=LIC8E<C8C<E>?<JCFM<E<<C@JM8I@<KTKJC@E>L@JK@:?@J>A<ID8E@:?@J
?<JK<:AFCK<;@GFJ@Q@FEJ@
=FE;<JL;@M@<IJ@JI<JFEJ
)I@E;@;LKEFJFE:C8I@JC@JDFK@M8Q@FEJ:?<8SEJ9LIKTK@C&@E@JK<I@
;8C"EK<IE@8GIFDFM@:?<JK<@E:?@<JK<KI8M@<IJ;<J)I<=<KLI@J
-8C:TJ:?<C8@E:?@<JK<<M<;@;@
I@JGL@E;@8<<J@>A<E:<;@:F>EFJJ@@CELD8I;@:L@:?<8C=<M<C<C8C<E>?<D@EFI@K8I@<G8IGIFEKT
LEGC8E;@=@E8EQ@8D<EK;<KLK<C<C@E>L@JK@:?<GIFGFIQ@FETK8:?<JK;TK<I@JLCK8IXJ;8C;LK@E8
;8K< < < J8IXJ ;LK :TJ LE ;@ GCL@
@ =8K 8 JFE Q8 JK@D@J :?< 8 ;@M<>E@E ;@ I@C<M8Q@FEJ
GIFDFML;@J;8CJK<J&@E@JK<I@
LE;@GCL@8CX8E:A<@C;<:I<KI<>AFETC;8C:?<8C=@JJ<@C
K<I@KFI@CS:?<JKFI@:?<D<EKI@<A<JK8;<<<A<=<M<C8;<C8C<E>?<=LIC8E<;F:LD<EK;@JM@CLGTK
G8IK@EK;<J;<:C8I8Q@FEJ;<J8D@E@JKI8Q@FEJ:FDLETCJ:?<:LD^8KFIE@E8J<@@EK<IF>8;@JG8@
JK<JDFK\=J
%8@E;8>A@EEFM89<EG8IM@<:?<C@JJK@D@JFK@>EL;@JK8:?<JK<D8E@<I<8JFELE<
MFI< ;@J:LK@9@C@J ;8C DFD<EK :?< EF JFE =8K@J ;@ @JK@KaKJ JG<:@8C@QTKJ :<DaK :?< @EM<Q@K 8
;FD8E;8I<JJ@EC8;<C@:8K<:<<C8:FDGC<JJ@KTK;8C:TJ D88JFEC8JJ8;@J8<@EK<IGI<K8Q@FE
JF>A<K@M<;8@J@E;@:J
LE;@GCL@EFCX:CTIJ<:?<J:ALCK@EJ8M<;@E;@I@C<MT@CELD8I;@:?<@
:?<8=<M<C@EC8C<E>?<D@EFI@K8I@<F@CELD8I;@:?<@:?<8MFC8I<JJ@E:?<LI=FJJ@E8GC@:TKJ@
;@JGFJ@K\=J;<KLK<C<
,@KI8K<;@=8K;@:@=I@J;@=<I<EK@JJ@JFEMaKJK8E:A:TJ;@EF=LIC8EJ:?<8
MFC8I<JJ@E@DG8IT<;FGIT:?<JK<C<E>?<<GF8<J@JK@E8E:A<:TJ;@D<D9I@J;<D@EFI8E:<:?<
EF@EK@E;@EM8CYJ@;<KLK<C<
)8I:?<C:?<8C@EK<E:?<@:?<8=<M<C@EC8C<E>?<D@EFI@K8I@<C@J
=8D<@JCS:?<LED<D9I@8C=<M<C<C8C<E>?<<LE8CKI@EFC<=<M<C<M8EF:FEJ@;<I8;@J@EK<C_I
@EK<I<:<FEF:?YJCS:?<C8C<E>?<<A<=<M<C8;<;8@>A<E@K_IJD8EFA<;FGI8;<:L@=\J:?<
;LK:TJ8lE;SELE<:FDG<K<E:< G8JJ@M<M<E8;\C<:8G@JJ@E<8 J8M8I<JJ@EGFK<EQ@8CD<EKI@
;FGITC<LE;@GCL@J<@C=@E;<@E:?@<JK<8C=FJ:?<C;@JK@DT@CELD8I;@:L@:?<8C=<M<C<C8
C<E>?<D@EFI@K8I@<G8I;FGITCLK8EK:?<=FE;<G8I;@M@;@@=@E8EQ@8D<EKJGI<M@F;aKJ;<C<V;@
KLK<C<@CFD@KTK8CJK@D<:?<8CJ<;@=8CTK@CGI@E:@G@JK<J;@:?<JK<@E@Q@8K@M<
'FJ@S;@=8K
;@K@>E\:FEK;FD<;8C;TKELD<I@::?<8CX;FD<LE@E;@:8;_I;@KLK<C<GFK<EQ@TCD8
JFI<;LKK8:?<JKDFD<EK;@:?<@:?<8;FD8E;@EC8KLK<C<
%8I<J@EK<;<:C8I8Q@FE;@8;<J@FE
;<J=8D<@J8<GIFGL<JK<;@@EJ<>E8D<EK;<C<E>?<D@EFI@K8I@<8CXLE@E;@:8;_I;8CJ@>aIGCL@
:?<J@>E@=@:8K\=FCKI@:?<F>A<K\=:?<8CG8JJ<G8IM8C_I<:L8C@KTK:?<C;<JI@JGL<JK@J;8@J@E
;@:J
)8I=@E8EQ@TC8KLK<C<J@S;@K@>E\:FEK8E:A<;<:L8C@KTK<;<:L8EK@KTK;8@GIF>A<KJ:?<8
SE;@J<@D<KaKJ@EMFI<G8II<8C@QTC<
)IF>A<KJ:?<8JFE;@=<I<EKJ;@D@EFI8E:<8D@EFI8E:<
EF ;FD< G< ;@M@<IJ@KTK ;< C_I :FEJ@JK<E:< ELD<I@:?< D8 8E:A< G< ;@M@<IJ@KTK ;<J J@KL8Q@FEJ
C@E>L@JK@:?@J;@G8IK<E:<
"CFD@KTK8CG8EK:LE;@GCL@C8J_:FEKI8I@<KTK8:L8CJ@J<@:<EJ@
D<EK 8E:A< J< GL8IKTK @E;<E8EK :LE :I@K<I@J GCL@ ALJ:A
%8 ;<C@D@K8Q@FE ;8C K<I@KFI@ CS :?<
JKFI@:?<D<EKI@J@=<M<C<LE<C<E>?<EFS9@JL>E<;@:<EJ@D<EKJ
)8I8CKI@:?<JK@DGI<JKEFCX
8;8K 8 I@C<MT ;LK< C8 :FDGC<JJ@KTK ;8C JK8KLJ ;@ :L@ :?< 8C =<M<C< LE< C<E>?< ;@ D@EFI8E:<
%lF9C@:;@;<:C8ITJ@8C:8LJ<=I8KLI@J:FEKI8J:A<;@M@J@FEJ;<EKI@<=aI;<D@EFI8E:<D8
JFI<;LKK8:?<JK:TJ8CC8IXJ8=FKF>I8=TC8J@KL8Q@FE@E;[;@MLY:<E:<K@>E\:FEK;8C;<>ITK
C@E>L@JK@: :8LJTK ;@ G8JJ< 8>EJ ;@ D8E:A8;< 8GC@:8Q@FE ;8C 8IK@:LC ;< FJK@KLQ@FE < EFC
K@>E8IXJ:FEK;8@:FE;@Q@FE8D<EKJG<J8EKJ:?<8E:A<D^8FG<I@E:L@EKI@;8CC@98I<DFK@MTKaJ
;<C<E>?<D@EFI@K8I@<
LE;@GCL@@J@<@I@JLCKTKJ8GF;8I<JJ@EJ<@;FGITKJG8IJ89FIT@CG@EJ\I
:?<C8KLK<C<<A<;<M<EK8;<@ELK@C<<;@GCL@
"CFD@KTK8CSG_I<:?<8E:A<C8JK@D<@E:FIJ
<GL<;@J<@;FGI8;<K8:?<JKJ<EJ@EKLEGIFJJ@D=LKaI
%@J:FE=LJ@FEJ@E<M@K89@C@J;<J;<:C8I8
Q@FEJ ;<J D@E@JKI8Q@FEJ ;8;@J JL C8 =FE;< ;@ ;FD8E;@J >A<E<I@:?@J :?< 8 G<ID<K@E
8G@KFCF/
8CCF>CFKK<I@:FEFJ:@LK<;8CC8C<>><?8EEF@EM@8KF8@J@E;8:@LE8
I@:?@<JK8MFCK88HL8EK@=@:8I<C8I@C<M8EQ8ELD<I@:8;<@G8IC8EK@C8C@E
>L8D@EFI@K8I@8
::8EKF 8CC< I@C<M8Q@FE@ ELD<I@:?< ;<@ >ILGG@ ;@ D@EFI8EQ8 C<
D8GG< :@I:FJ:I@MFEF Cl8I<8 C@E>L@JK@:8
)8FCF ,@9@CC8 :?@8I@J:< DFCKF
9<E<:?<:FJ8J@@EK<E;<G<IC@D@K<<=IFEK@<I8
<E CLE>@ ;8CCl<JJ<I< ;<CC< <EK@KS E<LKI< F M@IKL8C@ JFEF EFQ@FE@ :?< I@:?@8
D8EF :FE;@Q@FE@ ;@==FID@ JF>><KK< 8 M8I@8I< 8 J<:FE;8 ;<CC< :@I:FJK8EQ<
JKFI@:?<
"EHL8EKFGIF;LQ@FE@:LCKLI8C@<JJ<;@M<EK8EFG8IK<;<@J@JK<D@EFI
D8K@M@ J@ @J:I@MFEF E<CC8 D<DFI@8 :FCC<KK@M8 < J@ @EK<IJ<:8EF :FE C<
<JG<I@<EQ< ;@ M@K8 ;<CC< GFGFC8Q@FE@
JJ<E;F JKILKKLI< ;@ J@>E@=@:8KF J@ I8:
:FI;8EF:FEI8GGFIK@JF:@8C@DFCK<GC@:@JG<:@<:FE@DF;<CC@;lLJF<:FEFD@:F
;<CK<II@KFI@F<G<IC<CFIFM8C<EQ<J@D9FC@:?<?8EEFLE8<M@;<EK<I@JFE8EQ8
E<CC<:FJKILQ@FE@;<CCl@DD8>@E8I@F
@EK<IGI<K8Q@FEJ;@M@<IJ@J<I@JGL<JK@J8EK8EK>A<E<I@:?@J<JLG<I=@:@TCJ8GF;8I<JJ@EJ<@D<KL
;@J8:FE=IFEK:LE:?YJ;8;@J@EK8EK;<;<C@D@K8Q@FEI<>AFETC;8CK<I@KFI@G8II@C<MT@ED8E@<I<
JKILD<EKTC:FEKI8;@Q@FEJ:?<EFSEI<JFE;@J<@=aI:?<G8I;TD8K<I@<;@GFC<D@:?<8:?<@:?<
EFML<C@EC8KLK<C<;<JD@EFI8E:@J
"CFD@KTK8CD8I:A<;LE:A<@CAL;@Q@E<>8K\=JLC8=FID<
<JLC8JFJK8E:<;<@E;8>A@EGL8IK8;<@E;<E8EK<<@EM@;<C@J8LKFI@KTKJ:FDG<K<EK@J8EFK@>E\EK
:FEK@EK<IGI<K8EK@EM<Q@K@ED8E@<I<:FI<K<C8C<K8I<<@CJG@IK;<C<Vf
"CK<JKFXGL99C@
:8KF8CCl@E;@I@QQF?KKGNNN
=I@LC
E<K:FD@K8K@E;<O
G?GC
" ;8K@ I@C<M8K@ E<C ;8CCl"E;8>@E< &LCK@J:FGF JLCC< =8D@>C@< ",-- j" :@KK8;@E@ < @C
K<DGF C@9<IF
,<KKFI< 8D@>C@8 < JF:@<KS
LCKLI8 %<KKLI< < C@E>L8>>@Fk GL99C@:8K@E<C
I@M<C8EF :?< @E)@<DFEK< :FCFIF:?< ;@:?@8I8EF;@ :FEFJ:<I< @C =I8E:FGIFM<EQ8C< JFEF :@I:8
JLLE8GFGFC8Q@FE<;@
G<IJFE<:FE<KSD8>>@FI<;@8EE@
"E/8CC<
;lFJK8C8G<I:<EKL8C<J8C<8<HL@M8C<EK@8HL8J@
G8IC8EK@JLLEKFK8C<;@:@I:8
89@K8EK@
"E)L>C@8JL
G<IJFE<CF8==<ID8;@:FEFJ:<I<@C=I8E:FGIF
M<EQ8C< <HL@M8C<EK@ 8 :@I:8 G<IJFE< :FEJ@;<I8E;F :?< >C@ LE@:@ ;L< :FDLE@ GL>C@<J@
I@:FEFJ:@LK@G<IC<>><:FD<8GG8IK<E<EK@8CC8D@EFI8EQ8=I8E:FGIFM<EQ8C<<CC<;@,8E/@KF<
8<KF ?8EEF :FDGC<JJ@M8D<EK< 89@K8EK@ 8 8<KF < 8 <CC< @C ;8KF <D<IJF
;8CCl@E;8>@E<",--J<D9I8JFMI8;@D<EJ@FE8KFGLIK<E<E;F@E:FEJ@;<I8Q@FE<C8=FIK<<D@>I8
Q@FE<:?<?8:8I8KK<I@QQ8KFC8JKFI@8;<CC<;L<:FDLE@KS
)
,""%%!_4554CC>2>=58=44;02>BCADI8>=434;;_834=C8CL8=3D40A442D;CDA0;834;;4;?8
>22834=C0;8@EKK@;<CFEM<>EF"EK<IE8Q@FE8C<)8C<IDFiEFM<D9I<FE;8Q@FE<
">E8Q@FLKK@KK8@E:FIJF;@GL99C@:8Q@FE<
"EEFD<;<CC8C@E>L8
86DA0
&8GG<:?<:@I:FJ:I@MFEFCl8I<8=I8E:FGIFM<EQ8C<
8G@KFCF/
":FE=@E@:?<;<C@D@K8EF@CK<II@KFI@F89@K8KF;8>ILGG@:LCKLI8C@M<E
>FEF JG<JJF ;<=@E@K@ 8 G8IK@I< ;8 :I@K<I@ C@E>L@JK@:@ < @C :8JF
=I8E:FGIFM<EQ8C<E<XLE8GIFM8<M@;<EK<J<EQ8@KI8KK@;@JK@EK@M@;<=@
E@K@ ;8>C@ JKL;@ C@E>L@JK@:@ 8J:FC@8E@ EFE J@ G8IC<I<99< ;@ 8I<8
=I8E:FGIFM<EQ8C<
FCFIF:?<F>>@@EK<E;FEF:I<8I<LEl8I<8EFEJFCF
C@E>L@JK@:8D8:LCKLI8C<=I8E:FGIFM<EQ8C<J@98J8EFJLCC<D8GG<KI8:
:@8K< ;8@ C@E>L@JK@
%8 :8IK8 ;@J<>E8K8 ;8>C@ JG<:@8C@JK@ G<I HL<JK@FE@
GI<KK8D<EK<J:@<EK@=@:?<XJK8K88;FKK8K8G<I=@E@;@M<IJ@;@I@M<E;@:8
Q@FE<GFC@K@:Fi:LCKLI8C<
&FCK@ JFEF @ C@D@K@ I@:FEFJ:@LK@ ;<CC< :8IK< C@E>L@JK@:?< C8 GI@D8
;@==@:FCKS X HL<CC8 ;@ I8GGI<J<EK8I< >I8=@:8D<EK< KLKK< C< M8I@<KS ;@8
JKI8K@:?< ;@8KFG@:?< ;@8=8J@:?< < C< ;@E8D@:?< ;@8:IFE@:?< ;<CC8
C@E>L8
%8 :8IK8 8EELCC8 C8 ;@E8D@:@KS <C<D<EKF =FE;8D<EK8C< G<I C8
M@K8JK<JJ8;<CC<G8IC8K<
%8J:<CK8;<>C@<C<D<EK@;8I@GFIK8I<JLCC8:8I
K8 GL^ <JJ<I< ;LEHL< LElFG<I8Q@FE< ;<:@J8D<EK< 8I9@KI8I@8
E:?< @C
GIF9C<D8;<CC8J:8C8;8GI<=<I@I<EFEX;8JFKKFM8CLK8I<;8KF:?<LE8
J:8C8 EFE 8;<>L8K8 GL^ =8I JG8I@I< I<8CKS D@EFI@K8I@<
,< @EFCKI< C8
:8IK8J@98J8JL;8K@:<EJL8I@EFE8KK<E;@9@C@FI@:8M8K@8KKI8M<IJFI@C<
M8Q@FE@EFEL==@:@8C@@CI@JLCK8KFGL^<JJ<I<8CKI<KK8EKF@E:<IKF
,FEFDFCK@<G@LKKFJKF;@J:FI;8EK@@;8K@ELD<I@:@I@>L8I;8EK@@G8I
C8EK@ =I8E:FGIFM<EQ8C< <D<IJ@ ;8CCl8E8C@J@ ;<@ K<JK@ :?< J@ F::LG8EF
;<CCl8I<8C@E>L@JK@:8=I8E:FGIFM<EQ8C<
+@GFIKF@G@`J@>E@=@:8K@M@E<CC8
-89<CC8
,@M<;8EF "
,(%"(278II85A0=2>\?A>E4=I0;8@EeI:?@M@F CFKKFCF>@:F@K8C@8EFf
""" GG
i -."%%(' B?42CB 6O>6A0?78@D4B 34 ;0 ?0;0C0;8B0C8>= D W 4=
60;;>\A><0= 4C =>C0<<4=C 4= 5A0=2>?A>E4=N0; @E ,-+$ GG
i "
!0
;8CCOA0CDA44=5A0=2>?A>E4=N0;0E0=C
I<EF9C< -."%%(')
+--
APE4?AOB4=C0C8>=3D5A0=2>?A>E4=N0;@E e-I8M8LO;<C@E>L@JK@HL<<K;<C@KKWI8KLI<f
GG
i
+,,">AB>384>6A0580;064>6A0580;8=6D8BC820?A8=28?84<4C>38-FI@EF
,
,%/"#
!++"-
'"!4;8=6D434;;4<8=>A0=I44C=8274 @LEK@
&8IQF::F@I<EQ< &33(--%A>58;>;8=6D8BC82>34;;_C0;80>384A=0@E +"
&
(%&" C0;80=8 38<4II0C8 !4 <8=>A0=I4 4C=82>;8=6D8BC8274 =>= ?A>C4CC4 ;@Q@FE@
<?FE@8E< '8GFC@ -."%%(' !4 5A0=2>?A>E4=N0; @E e'FLM<CC<J ;L <EKI<
;lKL;<J I8E:FGIFM<EV8C<J +<EW 0@CC@<Ef GG
&
-,,+(%( !R+.!_DA>?434B4C7=84BILPC8EK % #ILO<CC<J)8I@J
+.--"!4B<8=>
A8COB4C7=>;8=6D8BC8@D4B34;0'O?D1;8@D48C0;84==4@E
i%
,' ."'GG
&('"!4;8=6D438A0=2808IF::@+FD8&
,-(%(
"EEFD<;<CC8C@E>L8
)014;;0
'LD<IF;<@G8IC8EK@;@8C<KK@=I8E:FGIFM<EQ8C@FI;@E8K@J<:FE;FC<=FEK@
DC>A4
EEF
((0;E8
0AA84C0
0=58
"0II>CC0
=282;C0;80=0
"$;<8
)D08;;>=
")4BB0A>;>
OA0D3
4ADCC8
"03>=80
"(C>;5>
())
)@<DFEK<
/8CC<
;lFJK8
)L>C@8
I<8)
JFCFI8E:@8
i
%<:8IK<@E=@E<I@JLCK8EFE<CC8D8>>@FIG8IK<;<@:8J@;8@E:?@<JK<
C@E>L@JK@:?< :?< J@ 98J8EF G<ICFG@` JLCC< ;@:?@8I8Q@FE@ ;<@ G8IC8EK@
J<EQ8:?<J@8:FDG@LK8J@JK<D8K@:8D<EK<LE8M<I@=@:8;<CC<:FDG<K<E
Q< C@E>L@JK@:?< I<8C@
%8 GI@E:@G8C< K<EK8Q@FE< X HL<CC8 ;@ KI8::@8I<
:FE=@E@@EKFIEF8CC<8I<<C@E>L@JK@:?<
*L<JK8FG<I8Q@FE<XHL8J@J<D
GI<@DGFJJ@9@C<;8KF@CG8JJ8>>@F>I8;L8C<CFJ=LD8IJ@;@LE8C@E>L8@E
HL<CC8 M@:@E8
@S C< I@:<I:?< ;@8C<KKFCF>@:?< C@E>L@JK@:?< < JF:@FC@E
>L@JK@:?<<==<KKL8K<E<CCl(KKF:<EKF8II@M8IFEF8CC8:FE:CLJ@FE<:?<KI8
@;@8C<KK@EFE<J@JKFEFC@E<<;@J<G8I8Q@FE<E<KK<D8QFE<;@KI8EJ@Q@F
(*.+- &('-+-"O;0=64BBDA;4B;0=6D4B380;42C4B4C?0C>8BLI<8L;<
ClCD8E8:? ;L FDD<I:< )8I@J "('%%" (0668> BD8 380;4CC8 60;;>\8C0;828 <I
E8I;FE@&@C8EF
-(.+-(.%(' (
+"' ."+JCD34BDA;0;8<8C46O>6A0?78@D4
34;0;0=6D43_>24C34;0;0=6D43_>S;0E42D=420AC4"DGI@D<I@<'8K@FE8C<)8I@J
-(.+-(.%('!02;0BB85820C8>=34B380;42C4B@Ee+<ML<;<J%8E>L<J+FD8E<Jf
GG
i
8G@KFCF/
E<
'<C ;FC= !FIE@E> GI<:@J8M8 :?< @ :FE=@E@ ;@8C<KK8C@ e
EFEJFEFC@E<<;@E<KK8;<D8I:8Q@FE<
EFEJFEF:FJK8EK@;<CK<DGF
D8@EG<IG<KL8KI8J=FID8Q@FE<
JFEF:FJK@KL@K@;8LE8D<J:FC8EQ8;@
KI8KK@HL8C@K8K@M8D<EK<;@M<IJ@;8LE:8JF8CCl8CKIFG<I:?W;@M<IJ8XC8
CFIFFI@>@E<JKFI@:8f
%8EFQ@FE<;@:FE=@E<G<I^XG8IK@:FC8ID<EK<I@C<M8EK<E<CGIF:<J
JF ;@ :FJKILQ@FE< @;<EK@K8I@8 ;@ LE >ILGGF
I<;I@B 8IK? G8IC8 ;@ LE
:FE=@E<JF:@8C<:?<GL^GIF@<KK8IJ@JLCK<II@KFI@F8KKI8M<IJFLE8:FJKIL
Q@FE< :?< J<C<Q@FE8 ;@ MFCK8 @E MFCK8 @ =8KKFI@ :LCKLI8C@ :?< M<E>FEF
I@K<ELK@ LK@C@
'<C :8JF ;<@>ILGG@ =I8E:FGIFM<EQ8C@@:FE=@E@GFJJFEF
899I8::@8I<LEK<II@KFI@FI@JKI<KKFHL<CCF;<CC8:FDLE@KS;@M@CC8>>@FF
8CC8I>8IJ@G<I:FDGI<E;<I<Cl8I<8C@E>L@JK@:8KI8EJE8Q@FE8C<@E:L@M@M<
C8 j:FDLE@KS =I8E:FGIFM<EQ8C<k F 8E:FI8 ;@ G@` 899I8::@8I< Cl@EK<I8
j:FDLE@KS8CG@E8k
,G<JJF@C:FE=@E<C@E>L@JK@:FM@<E<@EK<JF:FD<>8
I8EQ@8 ;<CCl@DDLK89@C@KS ;<CC8 GIFGI@8 @;<EK@KS C@E>L@JK@:Fi:LCKLI8C<
@EM<:<:?<@EJ<EJF;@E8D@:F:FD<CLF>F;<CCl@E:FEKIFKI8>ILGG@M@
:@E@
C<JJ8E;IF LI8EK@ JFKKFC@E<8 :?< C< :FDLE@KS C@E>L@JK@:?< @E
HL8EKF <EK@KS :FEK<DGFI8E<8D<EK< I<8C@ < @DD8>@E8I@< E<C J<EJF
;<CC< :FDLE@KS @DD8>@E8K< ;@ <E<;@:K E;<IJFE ?8EEF :FE=@E@
:FEK@EL8D<EK<I@;<=@E@K@<E<>FQ@8K@8KKI8M<IJFLE8D@I@8;<;@8KK@C@E
>L@JK@:@
@J<>E8I<:FE=@E@J<D9I8F>>@LE8E<:<JJ@KS:I<J:<EK<G@`8LD<E
K8 Cl@E:<IK<QQ8 C<>8K8 8@ GIF:<JJ@ >CF98C@QQ8EK@ G@` :I<J:< @C
:F@EMFC>@D<EKF<DFK@MFE<@:FE=IFEK@;<@CLF>?@jM@:@E@kJ@88C@M<CCF
E8Q@FE8C< J@8 8 C@M<CCFCF:8C<
"C M8CFI< ;<@ CLF>?@ G8I< <JJ<IJ@ 8::I<
J:@LKF GIFGI@F >I8Q@< 8C :FE=IFEKF :FE @C >CF98C< < :FE C8 E<:<JJ@KS
8E:?<;@:FCFIF:?<C8J:@8EFG<IDFK@M@;@M<IJ@C8GIFGI@8K<II8;@:F
JKIL@I<ELFM<I<K@I@:FCCF:8K<JLCK<II@KFI@F8KKI8M<IJFLEGIF:<JJF;@I@i
K<II@KFI@8C@QQ8Q@FE<
*L<JKFGIF:<JJFJ@I@J:FEKI88E:?<JLCC<9I<M@;@
JK8EQ<KI8:FCFIF:?<C8MFI8EF@E:@KKSGIFM<E<E;F;8CC8DFEK8>E8F
+,,"!438554A4=C82>=24I8>=8382>=58=4;8=6D8BC82>=4;;0BC>A8034;;0380;4CC>;>680
434;;064>6A0580;8=6D8BC820@E)
(+"' +
+',!"'" !%8:LI8;@!8=6D438
2>=58=4 2>=58=8 38 54=><4=8 ;8=6D8BC828 A4=IB?A0274= A4=I4= E>= ;8=6D8BC8B274= %7M=>
<4=4= KK@ ;<CClFKK8MF @E:FEKIF @K8CF8LJKI@8:F ;<@ C@E>L@JK@ -I<EKF i FKKF9I< LCQFE@;@KFI<+FD8GG
i
!(+'"' K14A80;4:C6A4=I4=8<'><0=8B274=e3<@KJ:?I@=K=bI+FD8E@J:?<)?@CF
CF>@<fGG
i:@K
@E
+,,"!438554A4=C82>=24I8>=8:@K
G
.+'-"G
"EEFD<;<CC8C@E>L8
;8CC8:8DG8>E8:?<J<EKFEFLE=FIK<C<>8D<:FE@CCLF>F;lFI@>@E<<
:<I:8EF;@KFIE8IM@
,:I@M<+@:?8I;,<EE<Ke%l8KK8::8D<EKF8CCLF>F
@E:L@J@M@M<E8J:<;8LE9@JF>EF;@8GG8IK<E<EQ8EFE8CC8jJF:@<KSk
@EJ<EJF8JKI8KKFD88LEGFJKFJG<:@=@:FE<CJF;;@J=8I<K8C<9@JF>EF
C8><EK<JM@CLGG8LEJ<EJF;@=<;<CKS<;@:F@EMFC>@D<EKFf
"CCLF>FM8HL@E;@;@=<JFJKI<EL8D<EK<;8:FCFIF:?<MF>C@FEFj@E
M8;<ICFk ;8CCl<JK<IEF
)I@D8 :FE;@Q@FE< E<:<JJ8I@8 G<I LE8
:FEM@M<EQ8GFJJ@9@C<:FE:FCFIF:?<:@I:FE;8EF@C>ILGGFJK8EQ@8KFJL
LE K<II@KFI@F X HL<CC8 ;@ :@I:FJ:I@M<ICF < ;<=@E@IE< @E DF;F :?@8IF @
:FE=@E@ G<I:?W M<E>8EF I@:FEFJ:@LK@ ;8 KLKK@
,FCF @E HL<JKF DF;F @C
>ILGGFGL^;@=<E;<I<C8GIFGI@8@EK<>I@KS<:FEJ<IM8I<@GIFGI@:8I8KK<I@
;@JK@EK@M@
"C K<II@KFI@F EFE X G@` LEF JG8Q@F GLI8D<EK< =LEQ@FE8C< EW 98J< G<I
Cl8LKFEFD@JDFD8JLGGFIKF;@GFC@K@:?<GL99C@:?<
%@E>L8:LCKLI8@;<EK@KS
;@M<EK8EF I@JFIJ< @E HL<JK8 :FDG<K@Q@FE< < @E HL<JK8 ;@==<I<EQ@8Q@FE<
JJ<
86DA0
8IK<CCFJKI8;8C<8)FEK8E8M<J<:FCCF:8KFE<C
+
,''- A>FC7 0=3 08;DA4 )74 #4F %>;8C820; 2>=><H 0=3 CB D;CDA4 @E &
-!+,-(' ,
%,!8:LI8;@(?024B>5D;CDA48CH\#0C8>=\,>A;3%FE;I8G
:@K8KF@E3
.&'G
8G@KFCF/
JFEF 8E:?< LK@C@QQ89@C@ G<I JKI8K<>@< ;@ :FFG<I8Q@FE< KI8EJ=IFEK8C@<I8 @E;@M@
;L8E;F8CC<8K@GFK<EQ@8C@<;@J<>E8E;F<M<EKL8CD<EK<ELFM<I<>@FE@
%FJG8Q@FGL^<JJ<I<D8I:8KF8E:?<8KKI8M<IJFLE8CKIFK@GF;@J@D
9FCFHL<CCFI8GGI<J<EK8KF;8@:8IK<CC@JKI8;8C@:?<I@GFIK8EF@KFGFE@D@
@E C@E>L8 CF:8C<
G8IK@I< ;8>C@ 8EE@ ,<KK8EK8 C8 j>L<II8 ;<@ KFGFE@
D@k J<:FE;F C8 ;<=@E@Q@FE< ;@ L@;F 8I9@E8 ?8 GFIK8KF C<
8DD@E@JKI8Q@FE@CF:8C@;8GGI@D88I@GLC@I<@:8IK<CC@JKI8;8C@ :FII<KK@8
D8EF GF@ 8 JFJK@KL@IC@ @EKIF;L:<E;F C8 ;FGG@8 ;@:@KLI8 @E C@E>L8 E8
Q@FE8C< < @E C@E>L8 CF:8C<
(>>@ Cl8IK@:FCF ;<CC8 C<>>< GI<M<;<:?<@FEJ@>C@:FDLE8C@GFJJ8EF;<C@9<I8I<Cl8;FQ@FE<;@KF
GFE@D@:FE=FID@8CC<KI8;@Q@FE@<8>C@LJ@CF:8C@
,FEFCFEK8E@@K<DG@
@E:L@@EF::8J@FE<;<CC8<JK8;<C)8KF@J;<C@CFDLE<;@)FEK
8E8M<J< @E :FCC89FI8Q@FE< :FE Cl8JJF:@8Q@FE< "A 8EK<@I I<8C@QQ^ @C
:8IK<CCFJKI8;8C<:FEC8J:I@KK8 e<EM<ELK@E<CC< /8CC@jI8E:FGIFM<E
Q8C@kfKI8M@I>FC<KK<
#$!"
C?0C>8B=I8E:FGIFM<EQ8C<X;<;@:8K8LE8=<JK88EEL8C<@K@E<I8EK<
8CCl@EK<IEF ;<CCl8I<8 KI8EJE8Q@FE8C< ;<C@D@K8K8 ;8CC< D8GG< C@E>L@JK@
:?<
FD<JFJK@<E<)8FCF,@9@CC8
"C=I8E:FGIFM<EQ8C<J<IM<8D8I:8I<LE:FE=@E<C@E>L@JK@:F<HL@E;@8I@E=FI
Q8I< @C J<EK@D<EKF ;@ 8GG8IK<E<EQ8 8 HL<C DFE;F 8CG@EF :?< M@<E<
J@D9FC@:8D<EK<I8GGI<J<EK8KFE<CC8JL8LE@KS<E<CC8JL8;@M<IJ@KSE<C:FIJF
;<>C@8==FCC8K@I8;LE@@EK<IE8Q@FE8C@;<EFD@E8K@YK<J;LG8KF@J
"EHL<JK<F:
:8J@FE@I@:FII<EK@@C:F;@:<C@E>L@JK@:F<@I@:?@8D@8CC8KI8;@Q@FE<DFEK8E8I8
JFEFG<I@F;@:8D<EK<I@GIFGFJK@:FD<<C<D<EK@:FDLE@;@@;<EK@=@:8Q@FE<
<J:I@M<E;F @ DFK@M@ :?< CF JG@E>FEF 8 G8IK<:@G8I< 8CC8 <JK8 ;<C
)8KF@J @FI>@F"E8L;@@EK<CC<KKL8C<;<CC</8CC@;@%8EQF@ELE8IK@:FCF
@EK@KFC8KF j%8 =<JK8 ;<C )8KF@J LE8 =@<I8 ;<C G8IK@:FC8I@JDF EQ@ 8C
:FEKI8I@Fk =8 I@=<I@D<EKF 8C JFJKI8KF @;<EK@K8I@F 8CG@EF :?< LE@J:< @
%%,"'(G
+"'!4B2><<D=0DCOB4C7=>\;8=6D8BC8@D4B4C;02>=B284=2434;4DAC4AA8C>8A4
@E
i%
,' ."'GG
i
)
,""%%G
"EEFD<;<CC8C@E>L8
?0C>8B0=CB;<@;L<M<IJ8EK@;<CC<CG@LE@K@;8CC8JK<JJ8:LCKLI8<;8CC8
JK<JJ8C@E>L8
4%8=<JK8;<CG8KF@J5XLE8;<CC<GF:?<F::8J@FE@G<ILJ:@I<;8CC8EFJKI8E@:
:?@8<KFIE8I<8;8M<I<I8GGFIK@;@I<KK@:FE><EK<:?<G8IC8M@M<<C8MFI8:FD<
EF@:?<?8@EFJKI@JK<JJ@>LJK@@EK<I<JJ@<GIF9C<D@:?<8GG8IK@<E<8CC8EFJKI8
JK<JJ8:LCKLI88CC8EFJKI8JK<JJ8<KE@8
<EK<:FE:L@899@8DFDFCKF;8;@I:@
D8;8:L@J@8DF8E:FI8J<G8I8K@JG<I@8DFG<IGF:F;88JJLI;@:FE=@E@jE8
Q@FE8C@k<I<;@KS8E8:IFE@JK@:8;@98II@<I<D@C@K8I@4g5
%8<JK8;<C)8KF@JX
8E:?<HL<JKFC8I@J:FG<IK8;@LE=@CF:FDLE<:?<C<>8C<;@M<IJ<><EK@<LIF
G<< @E LE K<JJLKF :FEK@ELF :?< ;LI8 ;8CC< <GF:?< G@` I<DFK<
&8 G<I @
DFEK8E8I@M<I@HL<CC@:?<E<CC<M8CC@:@M@MFEF;8MM<IFKLKKFCl8EEF:lX8E:?<
LE8CKIF;@J:FIJF;8=8I<
&FCK@G<EJ8EF:?<@EFJKI@8EK<E8K@M@M<JJ<IF:?@LJ@
E<CC<GIFGI@<M8CC@G<ID8E:8EQ8;@JKI8;<<;@D<QQ@;@:FDLE@:8Q@FE<
&8
C<:FJ<EFEJK8M8EF8==8KKF:FJ[
"ELEG8JJ8KF8E:FI8I<:<EK<<I8EFDFCK<C<
F::8J@FE@ :?< G<ID<KK<M8EF 8>C@ 89@K8EK@ ;<@ G8<J@ ;@ DFEK8>E8 ;@ I@KIFM8IJ@
:FEHL<CC@;<@G8<J@M@:@E@
J@JK<M8KLKK8LE8I<K<;@:FDLE@:8Q@FE@KI8C<;@
M<IJ< M8CC@ K8CMFCK8 8;;@I@KKLI8 8KKI8M<IJF >C@ 8CK@ M8C@:?@ ;<CCF JG8IK@8:HL<
4g5(>>@HL<JK<F::8J@FE@JFEFJ:FDG8IJ<G<I:?WC<M8CC@FID8@>I8M@K8EF
HL8J@<J:CLJ@M8D<EK<JL@:<EKI@;@=FE;FM8CC<FGGLI<:FD<E<C:8JF;@HL<CC<
;@ %8EQF ;@I<KK8D<EK< JLC :8GFCLF>F ;<CC8 I<>@FE<
4g5 -LKKF HL<JKF @E
HL8C:?<DF;F@DGFM<I@J:<C8:LCKLI8M8CC@>@8E8G<I:?WC8I<E;<KI@9LK8I@8;@
DF;<CC@ <JK<IE@ < HL8C:?< MFCK8 <JKI8E<@
%8 :FEJ<>L<EQ8 G@` <M@;<EK< ;@
HL<JK8 J@KL8Q@FE< X @C ;<:C@EF ;<CC8 G8IC8K8 KI8;@Q@FE8C< @CG8KF@J
&8 EFE J@
KI8KK8JFCK8EKF;@LE=8KKFC@E>L@JK@:F
"EI<8CKSI@J:?@8;@;<>I8;8IJ@<;@G<I
;<IJ@ KLKK8 LE8 :@M@CKS 8CG@E8 =8KK8 ;@ K8EK@ <C<D<EK@ :?< J@ JFEF J<;@D<EK8K@
8KKI8M<IJF @ J<:FC@ =ILKKF ;@ LE GIF>I<JJ@MF <; FKK@D8C< 8;8KK8D<EKF
;<CClLFDF8CCl8D9@<EK<
pKLKKFLEG8KI@DFE@F=8KKF;@:FJKLD@KI8;@Q@FE8C@;@
DLJ@:?<;@:8EK@;@;8EQ<;@C<>><E;<;@=@C8JKIF::?<;@GIFM<I9@
::8EKF
8HL<JK@8JG<KK@:?<GFKI<DDF;<=@E@I<;@:LCKLI8M@XLEl8CKI8<I<;@KS;@:F
EFJ:<EQ<K<:E@:?<4g5JLCDF;F;@:FJKIL@I<C<:8J<<>C@8KKI<QQ@;@8CC<M8I<
>C@8E@D8C@;@:FCK@M8I<C8K<II8;@M@M<I<C8GIFGI@8M@K8@E;@M@;L8C<<:FDL
E@K8I@8JG@I@KL8C<<K<II<E8
*L<JK8:@M@CKSKI8;@Q@FE8C<XFID8@@E8;<>L8K8;@=IFEK<8CC<<J@><EQ<DF;<IE<
;@LE8JF:@<KSLE@M<IJ8C<<;@EK<>I8K8<:<IK8D<EK< EFEGL^<JJ<I<K<ELK8@E
M@K88IK@=@:@8CD<EK<
JJ8 D<I@K8KLKK8M@8;@<JJ<I<;F:LD<EK8K8<:FEJ<IM8K8
G<IHL8EKFGFJJ@9@C<@EDF;F;8:FEKI@9L@I<8CC8:FJKILQ@FE<;@LE8ELFM8<
DF;<IE8:LCKLI88CG@E8:8G8:<;@F==I@I<:FE:I<K<GIFJG<KK@M< ;@C8MFIF<;@
M@K88:?@@E DFEK8>E8XE8KFFGGLI<?8;<:@JF;@ M<E@I<8;89@K8I<
)<I:?W
HL<JKF8MM<E>8F::FII<:?<@DFEK8E8I@J@@E:FEKI@EFJ@:FEFJ:8EFJ@:FE
=IFEK@EF
,FEFHL<JK@@DFK@M@G<I:L@I@K<E@8DF:?<C< =<JK<;<CG8KF@JJ@8EF
@DGFIK8EK@
JJ<I8GGI<J<EK8EF@E=8KK@LE8;<CC<GF:?<F::8J@FE@G<I@DFE
8G@KFCF/
K8E8I@;<CC<M8CC@G@<DFEK<J@J8MF@8I;<M8C;FJK8E<<M8CC<J8E<;@@E:FEKI8IJ@
;@G8IC8I<;@J:8D9@8IJ@<JG<I@<EQ<I@:FI;@GIF><KK@@;<<
%8<JK8;<C)8KF@JGI<M<;<;FGFCl8II@MF<Cl8::F>C@<EQ8;<>C@F
JG@K@ ;<@ ;@M<IJ@ >ILGG@ @EK<IE8Q@FE8C@ LE8 K8MFC8 IFKFE;8 JL@ K<D@
C<>8K@8CC8M8CFI@QQ8Q@FE<<8CC8KLK<C8;<CG8KI@DFE@FC@E>L@JK@:F=I8E
:FGIFM<EQ8C< LE8 :<E8 :FEM@M@8C< < LE8 J<I8K8 ;@ <J@9@Q@FE@ :FE
GF<J@<:8EK@<;8EQ<;<@>ILGG@@EK<IM<ELK@
"CJ<:FE;F>@FIEFJ@8GI<
:FE@CJ8CLKF;<CC<8LKFI@KSC8:<C<9I8Q@FE<;<CC8D<JJ8@E?0C>8B<GIF
J<>L< :FE C8 J=@C8K8 ;<@ >ILGG@ @E 89@KF KI8;@Q@FE8C< @C GI8EQF < C<
<J@9@Q@FE@
"E F::8J@FE< ;<CC8 =<JK8 JFEF FI>8E@QQ8K< DFJKI< < EFE
D8E:8EFBC0=3B:?<M<E;FEFGIF;FKK@jK@G@:@k;<CCl8I<88CG@E8
%8=<JK8XLEDFD<EKF;@@E:FEKIF<;@I@=C<JJ@FE<JLCCFJK8KF;@J8
CLK< ;<CC< G8IC8K< =I8E:FGIFM<EQ8C@ LElF::8J@FE< G<I I8==FIQ8I< @C
J<EJF;@8GG8IK<E<EQ8G<I:FE;@M@;<I<@;<<JL:FD<M8CFI@QQ8I<@CG8
KI@DFE@FC@E>L@JK@:F<:LCKLI8C<:FDLE<
"C<@C8>FJKFC8<JK8;<C)8KF@JFI>8E@QQ8K8;8CC8W;W
I8K@FE /8C8@J8EE< ;<J D@J ;L )8KF@J J@ JMFCJ< 8 &8IK@>EP E<CC8
,M@QQ<I8+FD8E;8
"=<JK<>>@8D<EK@<99<IF@E@Q@F:FELE8K8MFC8IF
KFE;8:FFI;@E8K8;8 @JXC<)8EE8K@<I)I<J@;<EK<;<CC8=<;<I8Q@FE<:?<
;@<;< C8 G8IFC8 8@ I8GGI<J<EK8EK@ ;<CC< D8>>@FI@ 8JJF:@8Q@FE@ ;<CC< I<
>@FE@=I8E:FGIFM<EQ8C@
(>ELEF;<J:I@JJ<C8J@KL8Q@FE<JF:@FC@E>L@JK@:8
;<CC8GIFGI@8QFE8<C<@E@Q@8K@M<FI>8E@QQ8K<
"C:FEM<>EF:FD<>@SI@
C<M8KF 8 GIFGFJ@KF ;<C 5>AD< JL @EK<IE<K J@ X JMFCKF G<I C8 D8>>@FI
G8IK<@EC@E>L8=I8E:<J<
)C8:@;< &<P<I )I<J@;<EK< ;<CCl8JJF:@8Q@FE< %<J D@J =I@9FLI><F@J
;LG8KF@JKI8::@^LE9@C8E:@FG<I@C:8EKFE<;@I@9LI>F
'<CI@9LI>F@G8KF@J8EKJJFEF8E:FI8ELD<IFJ@<D8K<E>FEFM@MFHL<JKFG8
KI@DFE@F
%8GIFM8;<CCl@DGFIK8EQ8:?<@CG8KF@JI@M<JK<G<IC8><EK<X:?<J@X
J<EK@K8C8E<:<JJ@KS;@FI>8E@QQ8IJ@@E8JJF:@8Q@FE@8E:?<J<:lXLE8:<IK8;@=
=@:FCKS8I@EEFM8I<@D<D9I@;<CC<8JJF:@8Q@FE@G<I:?W:@J@X;@D<EK@:8K@:?<
@CD8EK<E@D<EKF;@LEG8KI@DFE@FG8JJ88KKI8M<IJFC8=FID8Q@FE<;<@>@FM8E@
G8JJ88KKI8M<IJFCl@EK<I<JJ<:?<J@;@DFJKI8G<ICl8I>FD<EKFG8JJ88KKI8M<IJF
C8MFCFEKSGFC@K@:8
'FED@J<D9I8JL==@:@<EK<;@I<;@:FEK@EL8I<8G8IC8I<C8
"'."!054BC034;%0C>8BD=0584A034;?0AC82>;0A8B<>=I80;2>=CA0A8>@Ee=
=<G@
+@M@JK8J<D<JKI8C<;@:LCKLI8<8KKL8C@KS=I8E:FGIFM<EQ8C<f8EEF/E
GG
i
%8;<EFD@E8Q@FE<<J8KK8;<CC8=<JK8X4QC4A><0=344C8=C4AAO68>=0;43D?0C>8B
"EEFD<;<CC8C@E>L8
C@E>L8 ;<>C@ 8EK<E8K@ E<C :8EKFE< ;@ I@9LI>F 899@8DF LE >ILGGF ;@ C8MFIF
:?< JK8 JKL;@8E;F LE D<KF;F ;@ @EJ<>E8D<EKF ;<C G8KF@J G<I C< J:LFC<
"E
ILPXI<899@8DF >@S =8KKF LE89LFE8<JG<I@<EQ8E<>C@8EE@J:FIJ@
"C EFJKIF
:FD@K8KF:?<GLI<FI>8E@QQ8@E:FEKI@D<EJ@C@G<IG8IC8I<<:8EK8I<@EJ@<D<@E
G8KF@JD<KK<LE8::<EKFG8IK@:FC8I<JLCCl@EJ<>E8D<EKF;<CG8KF@J8@>@FM8E@
,<EFE=8::@8DF:FJ[KI8LE8HL8I8EK@E8;l8EE@@CG8KF@JJ8ISJG8I@KF<CFKIF
M<I<DFJFCFJL@>CFJJ8I@J:@<EK@=@:@;<CClLE@M<IJ@KS;@'<L:?TK<C:?<GLIJFEF
LEl@E@Q@8K@M8DFCKF@DGFIK8EK<D8C8C@E>L8XHL8C:FJ8;@M@MF<M8G8IC8K8
"FG<IGI@DFC8G8ICF:FE@D@<@E@GFK@:FJ[:FD<Cl?FJ<EK@K8G8IC8I<;8@D@<@
><E@KFI@
'<CC<=8KKFI@<@E:8DG8>E8899@8DF8E:FI8;<@>@FM8E@:?<G8IC8EF
G8KF@J@E=8D@>C@8
'<CC<M8CC@8CG@E<<ILI8C@;<CEFJKIF:8EKFE<:lX><EK<:?<
CFG8IC8
"M<@:FC@;<CC8KI8JD@JJ@FE<;<CG8KF@JJFEF@C:8EKF@CI@9LI>FX
LE8I<>@FE<:?<:8EK8<@CK<8KIF
%<@E@Q@8K@M<FI>8E@QQ8K<@EHL<JKFJ<EJF
?8EEFLE>I8E;<JL::<JJF<HL<JKFXLEJ<>EF;<CCl@EK<I<JJ<J@8;<CGL99C@:F
J@8;@:FCFIF:?<M@G8IK<:@G8EF
)<IC8/8CC<;lFJK8<I8GI<J<EK<8CCl@E:FEKIF@<>F%L:@8E8Q@E
J<>E8EK<;<CClR:FC<)FGLC8@I<;<)8KF@J
"E/8CC<;lFJK8:@I:8@C;<CC8GFGFC8Q@FE<G8IC8@CG8KF@J<@C?8@C
G8KF@J:FD<C@E>L8D8K<IE8
%8J@KL8Q@FE<EFEXE<>8K@M8
"EDFCK@:FDLE@@C
:FEJ@>C@F:FDLE8C<J@=8@EG8KF@J:FEClLE@:8;@==@:FCKSG<I@CJ<>I<K8I@F:?<
;<M<M<I98C@QQ8I<E<CFEJ@>C@FI<>@FE8C<@C;<@:FEJ@>C@<I@E<?8LE8
:FDG<K<EQ8 G8JJ@M8 < DFCK@ CF G8IC8EF EFID8CD<EK<
)FJJ@8DF HL@E;@ ;@I<
:?<@CG8KF@JX8E:FI8@E9LFEFJK8KF8E:?<J<XD8E:8K8C8MFCFEKSGFC@K@:8;@
KLK<C8I<C8C@E>L8 =I8E:FGIFM<EQ8C<E<CCF,K8KLKFI<>@FE8C<J@I@:FEFJ:FEF@C
=I8E:<J< < Cl@K8C@8EF :FD< C@E>L< L==@:@8C@ D8 EFE X JK8KF K<ELKF :FEKF ;<C
=I8E:FGIFM<EQ8C<@EHL8EKFC@E>L8L==@:@8C<
%l@EK<I<JJ<G<I@CG8KF@J;8G8IK<
;<CCl8DD@E@JKI8Q@FE< I<>@FE8C< G8JJ8 8KKI8M<IJF @C FE:FLIJ <ICF>E< <
ClR:FC<)FGLC8@I<;<)8KF@J
*L<CCF:?<GFJJ@8DF;@I<X:?<G<IEF@C8C@E>L8
=I8E:FGIFM<EQ8C<XC8C@E>L8;@KLKK@@>@FIE@:?<J@G8IC8@E:8J8JLCC8MFIF
E<C K<DGF C@9<IF E<CCF JGFIK< EFE GFKI<DF D8@ =8I< 8 D<EF ;@ G8IC8IC8
"E
/8CC<;lFJK8:@JFEF8CD<EFLE8M<EK@E8;@:FDG8>E@<K<8KI8C@:?<LJ8EF@C
G8KF@J KI8 :L@ j%F ?8I898Ek =FE;8K8 E<>C@ 8EE@ @EHL8EK8
@ JFEF :FI8C@
:?<:8EK8EF@EG8KF@J
@JFEF@EM<:<GF:?<FI<@E=I8E:FGIFM<EQ8C<8CC8I8
;@F<8CC8KM
"C=LKLIFX8998JK8EQ8GFJ@K@MFG<I:?W8E:?<>C@@DD@>I8K@:?<
8II@M8EF@E/8CC<;lFJK8;8CD<I@;@FE<;l"K8C@8F;8CCl<JK<IF?8EEFC8MFCFE
KS ;@ 8GGI<E;<I< @C =I8E:FGIFM<EQ8C< G<I J<EK@IJ@ @EK<>I8K@ E<CC8 JF:@<KS
M8C;FJK8E8
)8I8;FJJ8CD<EK<JFEF@M8C;FJK8E@:?<EFE@EJ<>E8EF@CG8KF@J8@
CFIF =@>C@ GI<=<I<E;F Cl@E>C<J< FCKI< :?< @C =I8E:<J< < Cl@K8C@8EF
%8 C@E>L8
:FDLEHL<F>>@EFEXG@`M@JK8E<>8K@M8D<EK<:FD<@EG8JJ8KF9<EJ[:FD<
-I8;LQ@FE<<8;8KK8D<EKFD@<@
8G@KFCF/
LE8 I@::?<QQ8 < :I<;F :?< C< ELFM< K<:EFCF>@< < @ D<QQ@ ;@ :FDLE@:8Q@FE<
:FD< @EK<IE<K =8MFI@I8EEF Cl8GGI<E;@D<EKF < C8 GI8K@:8 ;<CC8 C@E>L8 8E:?<
>I8Q@<8@:FEK8KK@:FE>C@8CKI@G8<J@@E:L@J@G8IC8G8KF@J
"FJFEFFKK@D@JK8
.E8ELFM88KK<EQ@FE<E<@:FE=IFEK@;<C=I8E:FGIFM<EQ8C<J@JK8I<
>@JKI8E;F8E:?<E<CC8I<>@FE<G@`F::@;<EK8C<;<CCl8I<8C@E>L@JK@:8E<C
:FJ@;;<KKF )8PJ %PFEE8@J
"C )I<J@;<EK< ;<CCl)% %<J D@J ;L
I8E:FGIFM<EV8C<E)8PJ%PFEE8@JXC8L;<%FE>I<
,@GL^G8IC8I<;@LE8I@E8J:@K8;<CG8KF@JE<C)8PJ%PFEE8@JC8=IFEK@<I8FM<JK
;<CCl8I<8=I8E:FGIFM<EQ8C<8FM<JK;@%@FE<
"C=I8E:FGIFM<EQ8C<<J@JK<XG8I
C8KFD8X@>EFI8KFE<CJ<EJF:?<8E:?<C<JK<JJ<G<IJFE<:?<CFG8IC8EFEFE
J8EEF;@G8IC8ICF
HL<JKF JFGI8KKLKKF@E:@KKS
8JK<I<99<IF ;<CC<@E@Q@8K@M<
G<II@8::<E;<I<Cl@EK<I<JJ<8E:?<G<I:?W@EI8E:@8C8J@KL8Q@FE<;<CC<C@E>L<
I<>@FE8C@<@EG8IK@:FC8I<;<C=I8E:FGIFM<EQ8C<XDFCKFDFCKF:I@K@:8
G8IK<
=FIJ<C8,8MF@8E<CC<8CKI<I<>@FE@@C=I8E:FGIFM<EQ8C<EFEXD8@JK8KFI@:F
EFJ:@LKF < ;LEHL< F>>@ JKLG@J:< KLKK@ JG<:@< @ GFC@K@:@ :?< J@ 8M8EQ@EF
I@:?@<JK<;8G8IK<;<@=I8E:FGIFM<EQ8C@
*L@E;@EF@899@8DF8E:FI8DFCKFC8
MFIF ;8 =8I< G8IK<E;F ;8 LEl8Q@FE< ;@ M@J@9@C@KS :FD< C8 :I<8Q@FE< ;@ LE8
=<;<I8Q@FE<:FD<HL<CC8;<@G8KF@J8EKJIFD8E;@F;@LE +%:FD<@E/8CC<
;lFJK8
)<IHL<JKFEF@JG<I@8DFE<CCl8GGF>>@F;<>C@8CKI@>ILGG@8C@M<CCF@E
K<IE8Q@FE8C<
%l@DGFIK8EK< X :I<8I< LE8 I<K< 8E:?< M@8 @EK<IE<K ;<CC<
8JJF:@8Q@FE@
'<CC< EFJKI< :8DG8>E< :@ JFEF LE8 ;<:@E8 ;@ 8JJF:@8Q@FE@ :?<
EFEJFEF@E:FCC<>8D<EKFKI8CFIFJK@8DFG<EJ8E;F8FI>8E@QQ8I<LE:FFI;@
E8D<EKFKI8@>ILGG@
(>E@8JJF:@8Q@FE<FI>8E@QQ8@GIFGI@@E:FEKI@:FE:8EK@
@EG8KF@J=<JK<;<CG8KF@JM<E>FEFGL99C@:8K@C@9I@:FE:8EK@<I8::FEK@@EC@E
>L8
-I8;LQ@FE<<8;8KK8D<EKFD@<@
%l<J<KK<D9I<Cl)%%<JD@J;LI8E:FGIFM<EV8C<E)8PJ%PFEE8@J?8FI
>8E@QQ8KF 8 ,K
,PDG?FI@<E JLI F@J< +?_E< 8; LE8 HL8I8EK@E8 ;@ :?@CFD<KI@ 8; FM<JK ;@
%@FE< C8 <JK8 ;<C G8KF@J :FE @C K@KFCF j<JK@M8C "EK<IE8K@FE8C ;L I8E:FGIFM<EV8C ;8EJ C<J
&FEKJ;L%PFEE8@Jk
"C)I<J@;<EK<;<CCl8JJF:@8Q@FE<C8L;<%FE>I<?8@EM@K8KFKLKK@@j=I8E
:FGIFM<EQ8C@k :FELE D<JJ8>>@F @E ?0C>8B e( P X CF G8ID@ :FL HL< C8 WK8 "EK<IE8JJ@FE8C8
;FLI8E:FGIFM@EV8CJ<=8I8;@ECFWG8IK8D@E;FL+_EFSClFL<JKF;<%@PFE
/FGFIWMXI<
CFLG8]Q8AF;FL)8]%@PFEXEFEKI<DFEK8>E<EFEKIFGITEFEKIF9FLWXC8M@C8@JKFI@:8;<,8E
,8=LI@E/WC8/@C8X<KF>FKTEFEKI<JG<:@8C@KT@EKI<DWC<;8EJ<XCFL:?8E=I8E:FGIFM@EVF
/<E@KFL;@ECFL&FE;FL%@PFEWf
-I8;LQ@FE<<8;8KK8D<EKFD@<@
"EEFD<;<CC8C@E>L8
CC8K<JK@DFE@8EQ8;@C8L;<%FE>I<G<IC8I8E:@8J@LE[HL<CC8;@
&8I: IFE )I<J@;<EK< ;<CCl, JJF:@8K@FE ;<J EJ<@>E8EKJ ;< ,8
MFP8I;<;<CCl"%,"EJK@KL;<C8C<E>L8;<,8MFLW
%8 I<8CKS 8JJF:@8Q@FE@JK@:8 J8MF@8I;8 ?8 >@S 8C:LE@ ;<:<EE@ ;@ 8KK@M@KS 8CC<
JG8CC<
%8EFJKI8J@KL8Q@FE<X@EK<ID<;@8I@JG<KKF8HL<CC8M8C;FJK8E8<HL<CC8
C@FE<J<
*L8E;FJ@G8IC8;@@EJ<>E8I<@CG8KF@J8J:LFC8:@JFEF;<CC<;@==@:FC
KS G<I:?W @E I8E:@8 J@ GFJJFEF @EJ<>E8I< 8 J:LFC8 JFCF C< C@E>L< I<>@FE8C@
I@:FEFJ:@LK<;LEHL<899@8DF9@JF>EF;@HL<JKFI@:FEFJ:@D<EKF:FD<C@E>L8
I<>@FE8C<
.J@8DF@CK<ID@E<J:@<EK@=@:F<@EK<IE8Q@FE8C<j=I8E:FGIFM<EQ8C<k
D88E:?<@CK<ID@E<jJ8MFP8I;kF@CG@`8EK@:FjJ8MF@J@<EkG<I:?WX@CK<ID@
E< JKFI@:F G<I ;<=@E@I< C8 EFJKI8 C@E>L8
%l8DD@E@JKI8Q@FE< :<EKI8C< EFE J8
8E:FI8:FJ8MLFC;@I<=I8E:FGIFM<EQ8C<<:FE=FE;<8E:FI8=I8E:FGIFM<EQ8C<
:FEGIFM<EQ8C<
CCl@EK<IEF;<CC8=<;<I8Q@FE<%FL+9@FCFE:?<:F@EMFC><FC
KI< M<EK@ 8JJF:@8Q@FE@ J8MF@8I;< X E8K8 ClJJF:@8K@FE ;<J EJ<@>E8EKJ ;<
,8MFP8I;:?<FI>8E@QQ8KLKK@>C@8EE@LE:FE:FIJFG<IC<J:LFC<@E:FCC89FI8
Q@FE<:FEC8/8CC<;lFJK8<@C +%
(CKI<8C:FE:FIJFG<IC<J:LFC<:@JFEF
@CFE:FLIJ;<)8KF@J<HL<CCF;@:8EQFE@@EG8KF@J
)<IEF@:FDLEHL<I<JK8
GI@D8I@FCl@DG<>EFE<CC<J:LFC<<Cl@EJ<>E8D<EKFGCLI@C@E>L<8@G@`G@::FC@
(IE<CC8 < )8FC@ )I<J@;<EK< ;<CCl8JJF:@8Q@FE< G@<DFEK<J< ==<
G@ ,KL;@ < +@:<I:?< =I8E:FGIFM<EQ8C@ :?@LJ< >C@ @EK<IM<EK@ ;<CC8
K8MFC8IFKFE;8:FEC8;<J:I@Q@FE<;<CCFJK8KF;<C=I8E:FGIFM<EQ8C<@E
)@<DFEK<
'<CC<EFJKI<M8CC@EFE:lXG@`DFCK8><EK<G<I:?WG<IC8MFIFDFCK@JFEF<D@
>I8K@ @E G@8ELI8 F @E I8E:@8 D8 :?@ X I@D8JKF G8IC8 8E:FI8 @C G8KF@J
,LCC<
DFEK8>E<@C=I8E:FGIFM<EQ8C<XG8IC8KF8E:?<;8@>@FM8E@
'<C899@8DF
:I<8KFLEl8JJF:@8Q@FE<Cl==<G@:?<I8GGI<J<EK8C8D@EFI8EQ8=I8E:FGIFM<E
Q8C< ;<C )@<DFEK<
(>>@ @E "K8C@8 @C =I8E:FGIFM<EQ8C< >I8Q@< 8; LE8 C<>><
E8Q@FE8C<XI@:FEFJ:@LKF:FD<C@E>L8D@EFI@K8I@8
%8C<>><;SC8GFJJ@9@C@KS
;@@EJ<>E8ICF8J:LFC8;@LJ8ICFE<CC<8DD@E@JKI8Q@FE@;@J:I@M<I<;F:LD<EK@
)<IHL<JKF:@^:?<:@@EK<I<JJ8;@G@`@EHL<JKFDFD<EKFXC8>I8=@8G<I:?W
G<I8GGC@:8I<C8C<>><9@JF>E8J8G<I<J:I@M<I<<EFE899@8DFLE8>I8=@8:F;@
=@:8K8
)<IHL<JKFE<899@8DFG8IC8KF:FE@J8MF@8I;@@M8C;FJK8E@<8CKI@G<I
D<KK<I:@;l8::FI;F<KIFM8I<LE8>I8=@8LE@:8G<IKLKK@
FD<8JJF:@8Q@FE<=
=<G@FI>8E@QQ@8DFLE:FE:FIJFG<IC<J:LFC<<LE=<JK@M8C;@:8EQFE@ELFM<@E
G8KF@J
@JFEF8CKI<8JJF:@8Q@FE@JLCK<II@KFI@F:?<FI>8E@QQ8EFG<I<J<DG@F
@C:FE:FIJF;@C<KK<I8KLI8:@JFEF>ILGG@;@DLJ@:8=I8E:FGIFM<EQ8C<:FD<%@
%l"EJK@KL;<C8C<E>L8;<,8MFLWXJK8KF@E8L>LI8KF8o9XI<;lM_!89XI<i%LCC@E@C
D8IQF
-I8;LQ@FE<<8;8KK8D<EKFD@<@
8G@KFCF/
8ID<EB < %@ ,FLE8C?X
(>>@ :FE HL<JK8 C<>>< 899@8DF KLKK< C< GFJJ@9@C@KS
G<IFI>8E@QQ8I:@<8E;8I<8M8EK@G<I@C=LKLIF
LI8EK<@;@J:FIJ@L==@:@8C@:?<8GIFEF<:?@L;FEF@I8;LE@;<@?0
C>8B0=CBM<E>FEFI@:?@8D8K<@EDF;FI@:FII<EK<C<I8;@:@:?<C<>8EFC8
JKFI@8;<CC<><EK@8CG@E<:FE8EK@:?<GFGFC8Q@FE@:?<8MI<99<IF89@K8KF
C< K<II< 8CK< < JG<:@8CD<EK< HL8E;F C8 =<JK8 J@ JMFC>< @E "K8C@8 JFEF
<MF:8K@>C@8EK<E8K@GFC@K@:@:FD<@=@ID8K8I@;<CC88IK8;@?@M8JJF
I<HL<EK<D<EK<KLKK8M@8@CI@=<I@D<EKF8>C@8EK<E8K@8JJLD<@:FE
EFK8K@;<CD@KF
"C<J<KK<D9I<C8<JK8;<C)8KF@JJ@JMFCJ<8
)FEK8E8M<J<
"CJ@E;8:F;@8CCFI8K<EE<@C;@J:FIJF@E8L>LI8C<<MF
:8E;F ,8C8JJ@ <CK@ %@>LI@ < ;IL@;@ HL8C@ 8EK@:?@ 89@K8KFI@ ;<CC< CG@
F::@;<EK8C@
)F:FJ@:FEFJ:<;<CC8JKFI@8;<CC<EFJKI<M8CC@@EG8IK@:FC8I<;<CC8EFJKI8JKFI@8
FI@>@E8I@8 HL<CC8 GIFKFJKFI@8 :<CK@:8 :?< :@ ?8 :8I8KK<I@QQ8K@ G<I HL<JK@ :@E
HL<D@C8 8EE@
" M<IJ8EK@ G@<DFEK<J< < M8C;FJK8EF ;<CCl8I:F 8CG@EF
:FJK@KL@J:FEFLE:8DGF;@JKL;@GI<JJF:?W@E<JGCFI8KFG<IKLKK<C<;@J:@GC@E<
)<I:?W@<CK@EFEGIFM8M8EF>LJKF8;<I@><I<@DGFE<EK@DFELD<EK@D8IDF
I<@:FEJ@;<I8M8EFDFELD<EKFC8E8KLI8JK<JJ8EFEGFJJ<;<M8EFLE8C@E>L8
J:I@KK8J<EFE@ELEG<I@F;FK8I;F<;@E8I<<:@I:FJ:I@KK<
)<I:L@C8JKFI@8;<CC8
:LCKLI8 ;IL@;@:8 M8 I@:<I:8K8 E<CCl8D9@<EK< @EKFIEF 8 EF@ E<CC8 E8KLI8 JK<JJ8
:FE C< JL< =FID< :FJK8EK@ < @E=@E@K8D<EK< M8I@< :FE :L@ 8M<M8 JK89@C@KF LE
I8GGFIKFGIF=FE;F<@DG<I:<KK@9@C<;@:L@8E:FI8;LI8EF@J<>E@GIF=FE;@:?<
M8EEF:FCG8JJ8I;<CK<DGF8==@<MFC<E;FJ@
&8J<@<CK@;<CC<EFJKI<M8CC@EFE
J:I@M<M8EF <JJ@ G<I^ G8IC8M8EF
8EK8J@FJ@JJ@D@ < D@JK<I@FJ@ HL<JK@ GFGFC@
:?<M@M<M8EF@EJ@D9@FJ@:FEC8E8KLI8<I8EFKLKK@;<@jIFD8EQ@<I@k
%8J<I8
8KKFIEF8C>L@QQ8EK<IFJJ<>>@8I<;<CC8=@8DD8<;8C;@JJFCM<EK<=LDF;<@=F
:FC8I@ C<EK8 <; @E:8CQ8EK< M<E@M8 I@G<KLK8 C8 jJKFI@8k
)LIKIFGGF C< J8>?< J@
-I8;LQ@FE<<8;8KK8D<EKFD@<@
%88IK8;@?@M8JJFFMM<IFC8j@:?@8I8Q@FE<;<@I8GGI<J<EK8EK@;<CC<GFGFC8Q@FE@8C
G@E<k =L JFKKFJ:I@KK8 @C ;@:<D9I< " =@ID8K8I@ ;<C ;F:LD<EKF <I8EF @C EFK8@F D@C@F
?8EFLO<Cl8MMF:8KFIE<JKF)8><<EKI8D9@;@FJK8:?<GFIK8M8EF:FECFIF8E:?<LE;F
:LD<EKF =@ID8KF ;8C GIF=<JJFI< M8C;FJK8EF <;<I@:F ?89F; @ ;FKKFI@ (JM8C;F F@JJFE <
LJK8MF &LC8E ;@ -FII< )<CC@:< :FE @ GIF=<JJFI@ @FI>@F )<PIFE<C < &8I@F C9<IKF +FCC@<I
FI@>@E8I@ ;<CC8 /8C )<CC@:< D8 :?< @EJ<>E8M8EF 8CCl.E@M<IJ@KS < 8C )FC@K<:E@:F ;@ &@C8EF
"
=@ID8K8I@ ;LEHL< <I8EF @EK<CC<KKL8C@ M8C;FJK8E@ < M8C;<J@ :?< JG@EK@ ;8 LE8 jJLG<I@FI< :F
J:@<EQ8:FDLE@K8I@8kJLG<I8IFEFC<;@M@J@FE@C@E>L@JK@:?<C8/8CC<;lFJK88GG8IK@<E<8CCl8I<8
C@E>L@JK@:8 =I8E:FGIFM<EQ8C< C< /8CC@ M8C;<J@ 8 HL<CC8 F::@K8E@:8 D8 <EKI8D9< LK@C@QQ8EF @C
=I8E:<J<:FD<C@E>L8:FCK88=8MFI<;@LEJ<EJF;@8GG8IK<E<EQ8:FDLE<8CDFE;F8CG@EF
-
-%&(' (D 0;2D=8 0B?4CC8 ;8=6D8BC828 34;;0 ]82780A0I8>=4 38 78E0BB>^ @E e'FLM<CC<J ;L
<EKI<;lRKL;<JI8E:FGIFM<EV8C<J+<EW0@CC@<Ef
"EEFD<;<CC8C@E>L8
JFEF;@C<>L8K<:FE@CK<DGFD8E<CC<G8IFC<;<@EFJKI@;@8C<KK@XI@D8JK8@E
KI8GGFC8K8LEG<QQF;@J8>8
";@8C<KK@8CG@E@JFEFC<9@9C@FK<:?<G@`@DGFIK8EK@
8:L@8KK@E><I<G<I:FEFJ:<I<C8EFJKI8JKFI@8
)<IHL<JKFC8<JK8;<C)8KF@JX
DFCKF @DGFIK8EK< <; @C =I8E:FGIFM<EQ8C< X 8E:?< JKILD<EKF ;@ :FEFJ:<EQ8
;<CC< EFJKI< FI@>@E@
4g5 I8 C< EFJKI< DFEK8>E< GI@D8 ;<@ +FD8E@ ?8EEF
M@JJLKF8CKI@GFGFC@:FEDF;@;@M<IJ@;@M<;<I<@CDFE;F:?<JFEF@CEFJKIF
G8KI@DFE@F><E<K@:F
8CDFD<EKF:?<<JJ@<EFE@+FD8E@JFEF@EFJKI@8
M@<GF@:?W EFE:@EHL<:<EKF D8:@EHL<D@C8 JFEF >C@8EE@;8CFIFKI8J:FIJ@
E<CC<EFJKI<:FEKI8;<G<EJFJ8I<99<FI8;@F::LG8IJ<E<@ED8E@<I8D<EFJGF
I8;@:8;@:FD< J@X =8KKFJ@EFI8
4g5?@<I8EF@ EFJKI@8M@'8KLI8CD<EK<@
,8C8JJ@<G@`8MMFCK@E<CC<E<99@8;<CD@JK<IF@%@>LI@
4g5GGLI<@,8C8JJ@
<I8EF<CK@<KI8@<CK@M@<I8LE8:8JK8;@LFD@E@J8G@<EK@@IL@;@;<GFJ@K8I@
;@ JKI8FI;@E8I@< :FEFJ:<EQ< KI8D8E;8K< ;8 ><E<I8Q@FE< @E ><E<I8Q@FE< G<I
GFIK8IC< 8CC8 CL:< ;<C JFC< 9@JF>E8 J8G<I >L8I;8IJ@ @EKFIEF
,@:LI8D<EK<
E<CCl8I:?<FCF>@8E<CC<G8>@E<;@LEC@9IFE<CC8:FE=@>LI8Q@FE<;@LEG8<J8>
>@F@ELE8=<JK8GFGFC8I<E<CCl8==I<J:FM<::?@FJLCDLIF;@LE8:8GG<CC8D8
JFGI8KKLKKF E<CC< G8IFC< ;<C G8KF@J GI@D8 :?< @C M@CC8>>@F >CF98C< @E>?@FKK8
HL8J@KLKKF
#4;;4?068=4B46D4=C8
,<HL<EQ8;l@DD8>@E@;8CC8<YK<IFD8E;<<K@EK<IIW>@FE8C<;LG8KF@J
&8IK@>EPi8>FJKF
e==<G@f8EEFiE
iGG
i
8G@KFCF/
"EEFD<;<CC8C@E>L8
8G@KFCF/
"EEFD<;<CC8C@E>L8
8G@KFCF/
"EEFD<;<CC8C@E>L8
8G@KFCF/
"EEFD<;<CC8C@E>L8
8G@KFCF/"
&'# "
,<J@8::<KK8Cl@;<8J<:FE;FC8HL8C<C8GFC@K@:8J@<JGI@D<8KKI8M<IJF
@J@D9FC@<J<J@@EK<E;FEF8E8C@QQ8I<C<GI8K@:?<J@D9FC@:?<C<>8K<8CC8
GFC@K@:8 E<CC8 :FEK<DGFI8E<@KS X E<:<JJ8I@F I@=C<KK<I< JLC =8KKF :?< @C
J@D9FC@JDFG<IM8;<@CGIF:<JJFGFC@K@:FF>E@HL8CMFCK8J@8E<:<JJ8I@8
Cl<MF:8Q@FE<J@EK<K@:8;@J@JK<D@;@:I<;<EQ<@;<FCF>@<<D@K@
"CDFE;FG<I<JJ<I<:FDGI<JF;8CClLFDF;<M<<JJ<I<J<DGC@=@:8KF
< @C J@D9FCF FG<I8 HL<JKl8Q@FE< J<DGC@=@:8KI@:< @ J@D9FC@ JFEF JKIL
D<EK@8KKI8M<IJF@HL8C@;@8DFLEJ<EJF8CDFE;F:?<:@:@I:FE;8
"C
J@D9FC@:F<@CI@KL8C<JFEF<JFEFJ<DGI<JK8K@E<CC8JKFI@8LD8E8
G8IK<@EK<>I8EK<;<CC8GFC@K@:8C89<E<;@Q@FE<<Cl@EE8CQ8D<EKF;<C
C898E;@<I8JLCG<EEFE<=8EEFG8IK<;@LEM<IF<GIFGI@FI@KF:@M@C<@E
:L@@CJ@D9FCF98E;@<I8<@CJ@D9FC<>>@8KFG8KI@8E8Q@FE<;@M<EK8
EF KLKKlLEF eFE C8 :FJK@KLQ@FE< ;<>C@ JK8K@ DF;<IE@ < :FE
Cl<MFCLQ@FE< JF:@8C< :FEK<DGFI8E<8 C8 98E;@<I8 I8>>@LE>< C8 D8JJ@
D8@DD<;<J@D8Q@FE<:FECl@JK@KLQ@FE<8EQ@;@M@<E<HL8J@@JK@KLQ@FE<
<JJ8JK<JJ8f
%8 :8I@:8 <DFK@M8 <; <DFQ@FE8C< ;<C J@D9FCF ;<I@M8 ;8C =8KKF :?<
<JJFJ@EK<K@QQ8@EJWJL>><JK@FE@;@M<IJ<<;X@CCLF>F@E:L@D8K<I@8C<<
@DD8K<I@8C<:F@E:@;FEFKI8J=FID8E;FJ@@E@;<EK@KS
%8D8K<I@8C@KS;<C
J@D9FCF8@LK8ClLFDF8<MF:8I<@CJ@D9FC<>>@8KF
8M@;$<IKQ<IJFJK@<E<:?<C8D8>>@FIG8IK<;<@J@D9FC@GFC@K@:@?8
HL8C:?< jHL8C@KS G8CG89@C<k :?< <MF:8 @ :FE:<KK@ 8; <JJF JFKK<J@
,<
:FE;F 8ICF -LCC@FiCK8E @EM<:< EFE <J@JK< HL8C:FJ8 :?< J@8
J@D9FC@:F G<I J< JK<JJF ;8KF :?< LE F>><KKF ;@M<EK8 J@D9FCF JFCF @E
HL8EKFGIF;FKKF;<CCl<JG<I@<EQ8LD8E8LEJ@>E@=@:8KFXJ<DGI<LEJ@
>E@=@:8KF G<I HL8C:LEF LE J@>E@=@:8KF G<I E<JJLEF EFE X LE
J@>E@=@:8KF
"EHL<JK8GIFJG<KK@M8@CM8CFI<;<@J@D9FC@JK8E<C;8I<J<E
)) '(!010=384A0CA82>;>A4CA0;0=0I8>=44;>BC0C>@E
-+(33" /!"(
;88C0;80=848;)A82>;>A4%0CA8>CC8B<>834=C8CL=0I8>=0;445A0CCDA4B>280;8;D=6>3D4B42>;8
38BC>A80"C&LC@EFFCF>E8G
"
$+-3+
"EEFD<;<CC8C@E>L8
JF8@JF>><KK@:?<C@:FJKIL@J:FEFeF==I<E;FJ@:FD<M8CFI<:FE@CHL8C<
@;<EK@=@:8IJ@<;8CHL8C<I@:<M<I<@JG@I8Q@FE<<>L@;8G<IM@M<I<DFI8C
D<EK<E<CDFE;Ff
&LII8P;<CD8E:?@8D8B8<1>;8382>=34=B0I8>=4HL<>C@<C<D<EK@
:?< <MF:8EF C< <DFQ@FE@ 8JJF:@8K< 8CC8 J@KL8Q@FE<
"E LE JFCF J<>EF
<M<EKFF8KKFJ@D9FC@:FGFJJFEF<JJ<I<I8::?@LJ@eClFI>F>C@FG8KI@FKK@
:FC<@EJ@:LI<QQ<@I@:FI;@;@>CFI@<<LD@C@8Q@FE@G8JJ8K<C<GIFD<JJ<
;@LE=LKLIF;@>I8E;<QQ8f
.EJ@D9FCF:FD<C898E;@<I8:FE;<EJ8;LEHL<@EJWLE8DFCK<GC@
:@KS ;@ J@>E@=@:8K@ < LE8 DFCK<GC@:@KS ;@ J<EK@D<EK@ < HL<JKF G<I:?W
ClF>><KKF8JJLIKF8J@D9FCF?8JL9[KFLEGIF:<JJF;@34BC>A85820I8>=4
:FD<CF;<=@E@J:<IE<JKF<&8IK@EF
pJK8KF:@FXJFKKI8KKF;8C:FE
K<JKF JKFI@:F < KI8J=<I@KF @E LE8 ;@D<EJ@FE< 8JKFI@:8
.E8 MFCK8 ;<i
JKFI@=@:8KFClF>><KKF:?<J@8GGI<JK88;@M<EK8I<J@D9FCF8KKI8M<IJFC8
KI8J=@>LI8Q@FE< J@D9FC@:8 8:HL@J@J:< @C GIFGI@F J@>E@=@:8KF D@K@:F
%lLCK@D8=8J<:?<:FDGC<K8ClFG<I8Q@FE<;@:FJKILQ@FE<;<CJ@D9FCFX
:FJK@KL@K8 ;8CCl@;<EK@=@:8Q@FE< KI8 JF>><KKF JKFI@:F < @DD8>@E<
)<I
:FDGI<E;<I<G<I^;@MFCK8@EMFCK8C8=LEQ@FE<:?<M@<E<8KKI@9L@K88C
J@D9FCF X E<:<JJ8I@F I<i@EJ<I@ICF E<C :FEK<JKF JKFI@:F G<I 8E8C@QQ8I<
:FD<@CJF>><KKFCF@DD<KK<E<CGIFGI@FM@JJLKF@EHL8EKFM8CFI<
K
KI8M<IJF HL<JK@ G8JJ8>>@ @C J@D9FCF J@ I<E;< 8LKFJL==@:@<EK< I@JG<KKF
8CC<:FE;@Q@FE@<8>C@LFD@E@:?<E<?8EEFM@JKFC8E8J:@K8
&@:?<C)8
JKFLI<8L JFJK@<E< :?< :@ J@8EF GF:?@ JKL;@ JLCC8 98E;@<I8 G<I:?W X LE
J@D9FCF:?<=88E:FI8G8LI8;8KFeCl8KK8::8D<EKF:?<8C:LE@>C@GFI
K8EF<GL^8E:FI8;8I<CLF>F8KLKK<C<8GGIFGI@8Q@FE@;@G8IK<8KLKK@
>C@LJ@@DGIFGI@8KLKK<C<G8JJ@FE@8KLKK<C<GFJJ@9@C@;<I@M<f
"CJ@D9FCFGFC@K@:FEFEXJFCFLEGFIK8KFI<;@J@>E@=@:8K@D8X8E:?<
LE0CC8E0C>A4380I8>=4G<I:?WX:8G8:<;@GIFDLFM<I<@CGIF:<JJF;@
@EK<>I8Q@FE<KI8>C@@E;@M@;L@:?<8GG8IK<E>FEF8LE>ILGGF:?<:FE
;@M@;< CF JK<JJF J@D9FC@JDF X LE8 =FIQ8 GFJ@K@M8 @E LE :8DGF ;@
8KK@M@KS LEl<EK@KS ;@E8D@:8
%8 G8IK<:@G8Q@FE< 8==<KK@M8 @EE<J:8K8
;8CCl<JG<I@<EQ8J@D9FC@:8EFEJFCFD<KK<@E@EK@D8I<C8Q@FE<@CJF>><K
-.%%"(i%-'G
@K
@E %G
&
),-(+. !_4<1;P<4 508C\8; ;0 =0C8>= 4 ;0 10==8PA4 L ;_0A<>8A84 4C 34
;_0A<>8A840D3A0?40D@E+
%#i&
&( %"'GG
i
-I8;LQ@FE<D@8
/
-.+'+G
8G@KFCF/"
KF < @C J@D9FCF D8 JK8 8CC8 98J< ;@ F>E@ =FID8 ;@ :FEM@M<EQ8 =I8 >C@
LFD@E@
%8 98E;@<I8 X LE G8IK@:FC8I< J@D9FCF :FEJ@;<I8KF :FD< J<>EF ;@
JK@EK@MF ;@ LEF ,K8KF F @E;@:8K@MF ;<CC8 E8Q@FE8C@KS ;@ :?@ C8 @EE8CQ8
,<I>@F&<CC@E8;<=@E@J:<J:8D9@F4<>I8>=0;4@CG8JJ8>>@F;@J<EJFKI8
J@D9FCFi98E;@<I8 < J@D9FC<>>@8KFiG8KI@8 @C J@D9FCF GFIK8 :FE JW @C
J@D9FC<>>@8KF:FE@CM8EK8>>@F;<CC8D8E<>><MFC<QQ8<DG@I@:8
,<E
Q8 C8 D<;@8Q@FE< ;<C J@D9FCF J8I<99< ;@==@:@C< G<I >C@ @E;@M@;L@ < @
>ILGG@ I@LJ:@I<8 I8GGFIK8IJ@:FE@CJ@D9FC<>>@8KFJFGI8KKLKKFHL8E;F
HL<JKFXG8IK@:FC8ID<EK<:FDGC<JJF:FD<E<C:8JF;<@:FE:<KK@8JKI8KK@
;@E8Q@FE<<G8KI@8
"CJ@D9FCFi98E;@<I8=8:@C@K8C8I<C8Q@FE<KI8JF>><K
KF<:FE:<KKF=8:<E;FJ@D<;@8KFI<;@J@>E@=@:8K@@CJ8CLKF8CC898E;@<I8
Cl@EE8CQ8D<EKFC89<E<;@Q@FE<;<CCFJK<E;8I;FJFEF8Q@FE@:?<J@GFJ
JFEF@EM<I8I<>I8Q@<8;LEJLGGFIKFD8K<I@8C<:?<I@D8E;88;LEl@;<8
8JKI8KK8
@ HL@ @C J@>E@=@:8KF < C8 =FIQ8 <DFK@M8 :?< JKILKKLI8EF @C C<>8D< J@D9FC@:F
G<I:?W JFCK8EKF LE8 :I<;<EQ8 D8>@:8 < J<EK@D<EK8C@QQ8K8 I<E;< GFJJ@9@C<
Cl8:HL@J@Q@FE<:?<@CJ@D9FCFG8IK<:@G@;<CC8:FJ8J@D9FC<>>@8K8J@::?W;@M<E
K8<DFK@M8D<EK<8GGIFGI@8KFD8E@GFC8I<ClLEF@EM@JK8;<CCl8CKIF
%898E;@<I8GFIK8:FEJWLEG8IK@:FC8I<:8I@:F<DFK@MF@C=LIKF;<C
CFJK<E;8I;F8;LE>ILGGFE<D@:FC8JL8G<I;@K8@E98KK8>C@8Cl8KKF;@
9IL:@8ICF@CG@8EK8ICFJLLEK<II@KFI@F:FEHL@JK8KFJFEF><JK@=FIK<D<E
K< <MF:8K@M@
'<@ :8EK@ ;<;@:8K@ 8CC8 98E;@<I8 :?< DFCK@ ,K8K@ ?8EEF
8;FKK8KF:FD<@EEFE8Q@FE8C<<JJ8X@;<EK@=@:8K8:FEC8G8KI@8@CK<D
G@F J8:IF C8 :LCC8 C8 K<II8 D8;I<
%8 98E;@<I8 < C8 E8Q@FE< J@
JFMI8GGFE>FEFD<KFE@D@:8D<EK<@C;I8GGF;@M<EK8G8IK<G<I@CKLKKF
J@D9FCF;<CGFGFCF<;<CC8E8Q@FE<G<I;@=<E;<I<C<HL8C@J@;<M<<IF@
:8D<EK<DFI@I<
%8:FE;@M@J@FE<;<>C@JK<JJ@J@D9FC@I8==FIQ8Cl@;<8;@LE8:FCC<KK@M@
KS ;@ J<EK@D<EKF C8 G8IK<:@G8Q@FE< X C8 JFC8 :FE;@Q@FE< :?< I<E;<
GFJJ@9@C<C8KI8JD@JJ@FE<;<CJ@D9FCF<;<CD<JJ8>>@F:?<<JJFM<@:F
C8
%8D<K8=FI8<@CI@KFJFEF@;L<8IK@=@:@8KKI8M<IJF@HL8C@@CJ@D9FCF
,
&%%"'!0?0CA80P;L3>E4B8E8E4<86A0I8>=4?4A;0E>A>4B0;DC4<4=C0;4@E
+-("/
(-,-GG
i
%G
"EEFD<;<CC8C@E>L8
GI<E;<=FID8<@E:@;<JLCCl8>@I<JF:@8C<LD8EF
I8Q@<8CJLFC@E>L8>
>@F @DD8>@E8C< C8 D<K8=FI8 @DGI@D< E<CC8 D<DFI@8 @E;@M@;L8C< <
:FCC<KK@M8:FEG8IK@:FC8I<=FIQ8<;<==@:8:@8J@>E@=@:8K@<I8GGI<J<EK8
Q@FE@
8 G8IK< JL8 @C I@KF 8C@D<EK8 @ J<EK@D<EK@ ;@ 8GG8IK<E<EQ8 >C@
8KK@ J@D9FC@:@ 8CCl@EK<IEF ;<C I@KF GI<M<;FEF K<DG@ CLF>?@ < DFD<EK@
G8IK@:FC8I@:?<J8E:@J:FEFC8J8:I8C@KS;<CCl<M<EKF
"I@K@<C<:<I@DFE@<
e:FE=<I@J:FEF8CC<:I<;<EQ<E<CC8C<>@KK@D@KS;<CGFK<I<LE8;@D<EJ@F
E<:FE:I<K8:?<@EK<EJ@=@:8C<:I<;<EQ<D<;<J@D<8KK@M8E;FJ<EK@D<EK@
:FE:FD@K8EK@FJK8K@GJ@:FCF>@:@JLJ:<KK@9@C@;@KI8;LIJ@@E@DD8>@E@;@
C<>@KK@D@KSf
%l8;FQ@FE< ;@ J@D9FC@ ;8 G8IK< ;@ LElFI>8E@QQ8Q@FE< GFC@K@:8 :FE
J<EK< Cl@;<EK@=@:8Q@FE< ;<CCl@E;@M@;LF E<C >ILGGF < Cl8::<KK8Q@FE<
8CCl@EK<IEF;@<JJF
p8KKI8M<IJFC8:FE;@M@J@FE<;@J@D9FC@:?<8MM@<E<
Cl@E:FIGFI8Q@FE<KI8@D<D9I@
"" !" &'
" @F:?@ FC@DG@:@ @EM<IE8C@ JMFCK@J@@E )@<DFEK< E<C =<99I8@F JFEF JK8K@ LElF::8J@FE< G<I M8CFI@QQ8I< HL<CC< :?< JFEF JK8K< ;<=@E@K<
C<jC@E>L<D8;I@k;<CC<M8CC@8CG@E<KFI@E<J@F::@K8EF<=I8E:FGIFM<E
Q8C<
%l8JJF:@8Q@FE< F::@K8E8 ?8D9I8 ;l(: >I8Q@< 8@ =@E8EQ@8D<EK@
;<CC8%<>><<8CJFJK<>EF;<CC8)IFM@E:@8;@-FI@EF?8;8KFM@
K8 8CCljM<EKF ;@ :FDLE@:8Q@FE< (::@K8E %<E>8 (C@DG@:8k JLC
DF;<CCF;@j8K8C8E%<E>8(C@DG@:8k;@8I:<CCFE8l
(CKI<8GI<
J<EK8I< C8 D@EFI8EQ8 F::@K8E8 < C< JL< M8CC@ Cl@E@Q@8K@M8 ?8 :F@EMFCKF
HL<CC8=I8E:FGIFM<EQ8C<@EG8IK@:FC8I<C<:FDLE@KSG@`M@:@E<8CC<QF
E<;@>8I8/8CC<,LJ8/8C,8E>FE<
)<IGI<J<EK8I<<GIFDLFM<I<C<
M8CC@<C8CFIF:LCKLI8XJK8KFGI<;@JGFJKFLE:8C;@60364CB;@JKI@9L@KF8@
M@J@K8KFI@8CC<;<C<>8Q@FE@JKI8E@<I<8>C@8KC<K@
"M@G
8G@KFCF/"
"C:FE=IFEKF:FEC8D@EFI8EQ8F::@K8E8:?<;@JGFE<;8K<DGFJ<G
GLI< :FE :FE=C@KK@ @EK<IE@ ;@ LE8 98E;@<I8 ;<CCl@EEF (4 70=C0 ;@
>I8=@<G<IC8KI8J:I@Q@FE<;<@K<JK@;@LE8D8GG8;<CC8:FJ@;;<KK8(::@
K8E@8 ?8 @E;FKKF @C >ILGGF ;@ 8KK@M@JK@ ;<CC8 D@EFI8EQ8
86DA0
L<:8IKFC@E<I<C8K@M<8CCljM<EKF;@:FDLE@:8Q@FE<(::@K8E%<E>8(C@DG@:8k
@JFEF;@M<IJ<M<IJ@FE@;@(470=C0D8HL<CC8:?<J@X;@==LJ88G8IK@I<;8CE<CC<
M8CC@F::@K8E<G@<DFEK<J@XHL<CC8GIFGFJK8;8@DLJ@:@JK@;<CFEJ<IM8KFI@FF::@K8EF;@-FCFJ8
4=0=C34<054=4BCA080D=0D24;>=)>C0;0=D427270=C0270=C0B0270=N>=@D4;0B
<>=C0=70B@D4C0=C0DC0BB>="_4<?027>=34E48A4<4B0<>AB>=CB>=(4270=C0@D4270=
C470=C0 ?0B ?4A 8D70=C0 ?4A <_0<860&D_4B 30 ;D4=7 34 8DDC0B 14= B>= 0DC0B <0B
B_0108BB0AP= <0B 0<>A4C0B E4A 8D C>A=0AP=08BB0CI\E>B <>=C0=70B ?;0=0B ;4E0CI\E>B
%4A@DO?TB@D4E48A4<48B0<>AB>=CB>=
-I8;LQ@FE<e8M8EK@8CC8D@8=@E<JKI8:lXLEL::<CC@EF-LKK8C8EFKK<:8EK8:8EK8C8JL8
:8EQFE<*L<CC<DFEK8>E<:?<JFEF:FJ[8CK<&@@DG<;@J:FEF;@M<;<I<;FM<JFEF@D@<@8DF
I@
,<:8EK8:?<:8EK@'FE:8EK8G<ID<8EK8G<IC8D@8I8>8QQ8?<XCFEK8E8;8D<
CK<
"EEFD<;<CC8C@E>L8
=I8E:FGIFM<EQ8C<8;FK8IJ@G<IClF::8J@FE<;@8C:LE@J@D9FC@E<:<JJ8I@
G<I<JJ<I<I@:FEFJ:@LK@
FEHL<JKF@EK<EKFJFEFJK8K<JK8DG8K<:8IKFC@
E< I@GIF;L:<EK@ C8 D8GG8 ;<CCl8I<8 =I8E:FGIFM<EQ8C< J@ X J:<CK8 LE8
>I8=@8G<I@K<JK@J:I@KK@<;XJK8K88;FKK8K8LE898E;@<I8
,@KI8KK8;<@J@D9FC@:?<#F?EFC<<I@:0FC=:?@8D8EF<0A20C>A8
B8<1>;828<:?<J<IM@I<99<IF8CC8D@EFI8EQ8G<I:FDG<EJ8I<C8I<C8K@M8
@DGFK<EQ8GFC@K@:8
,<>L<E;FHL<JK8@EK<IGI<K8Q@FE<XGFJJ@9@C<:?<
86DA0
.EFGLJ:FCF<LE8:8IKFC@E8I<C8K@M@8CCljM<EKF;@:FDLE@:8Q@FE<(::@K8E%<E>8
(C@DG@:8k
JFEF9<E8CK<D8Jl8998JJ<I8EEF@D@<@8DFI@M<IJFD<KFIE<I8EEF998JJ8K<M@DFEK8>E<
G@8ELI<@EE8CQ8K<M@==@E:?WGFJJ8M<;<I<;FM<JFEF@D@<@8DFI@f
"CK<D8;<CC898E;@<I8=I8E:FGIFM<EQ8C<8E@D88E:?<8C:LE@5>AD<>=;8=4JL@EK<IE<K
,L;@M<IJ@J@K@J@GFJJFEFKIFM8I<C<I@GIF;LQ@FE@;@;I8GG@<;@j=8::@E<k18=4CC4@E=I8E:<J<
:?<I@GIF;L:FEF@:FCFI@;<CC898E;@<I8=I8E:FGIFM<EQ8C<
#
0
(%
+
0(%
8G@KFCF/"
Cl<M<EKF;@:FDLE@:8Q@FE<8=8MFI<;<CC<D@EFI8EQ<C@E>L@JK@:?<;<CC<
M8CC@ 8CG@E< KFI@E<J@ J@8 JK8KF JFJK<ELKF ;8CCl8DD@E@JKI8Q@FE< GIFM@E
:@8C< 8E:?< G<I 8I>@E8I< @C J<EK@D<EKF ;@ @DGFK<EQ8 ;@==LJFJ@ E<CC<
M8CC@8J<>L@KF;@;<:@J@FE@GFC@K@:?<;@8DG@8J:8C8I@>L8I;8EK@@CK<II@
KFI@F DFEK8EF ;8CC< HL8C@ @ I<J@;<EK@ J@ JFEF J<EK@K@ <J:CLJ@ :FD<
Cl<M<EKFFC@DG@:FFC8:FJKILQ@FE<;<CC8C@E<8=<IIFM@8I@88;8CK8M<CF
:@KS GI<M@JK8 @E /8CC< ;@ ,LJ8
%8 KI8J=@>LI8Q@FE< J:<E@:8 ;<CC<
<DFQ@FE@ :?< 8MM@<E< 8KKI8M<IJF ClLJF ;<@ J@D9FC@ 8CCl@EK<IEF ;<@ I@K@
K<E;<8JFMI8GGFIJ@<8JFJK@KL@IJ@8CCl8Q@FE<:FE:I<K8 eC8J:@8E;F8CC8
:FE:CLJ@FE<;<CI@KF:<C<9I8K@MFCl@CCLJ@FE<;@8M<I=8KKFHL8EKF<KLKKF
:@^:?<J@J8I<99<;FMLKF=8I<G<II@JFCM<I<:FE:I<K8D<EK<@GIF9C<D@
I<8C@:?<?8EEFGIFDFJJF@DFM@D<EK@JK<JJ@f
,<:FE;FRD@C<LI
B?<@D @ I@K@ KI8;L:FEF @ 9@JF>E@ LD8E@ < JFEF :I<8KFI@ ;@ FI;@E<
JFGI8KKLKKFE<@DFD<EK@;@e<==<IM<J:<EQ8:FCC<KK@M8f
)IFGI@FE<@>@FIE@;<CC<(C@DG@8;@X8MM<ELK8C8GI<J<EK8Q@FE<L==@
:@8C< ;<CC8 98E;@<I8 =I8E:FGIFM<EQ8C< :FE @C JLF @EE8CQ8D<EKF JLCC8
G@8QQ8 ;<C &LE@:@G@F ;@ @8>C@FE< @E /8CC< ,LJ8 GI@DF :FDLE<
;<CCl8I<8 =I8E:FGIFM<EQ8C< 8; 8;<I@I< 8CCl@E@Q@8K@M8
p @EK<I<JJ8EK<
EFK8I< :?< G@` ;@ J<JJ8EK8 FDLE@ I@:FEFJ:@LK@ ;8CC8 %<>>< :FD<8GG8IK<E<EK@8;LE8D@EFI8EQ8C@E>L@JK@:8JKFI@:8F::@K8E8=I8E
:FGIFM<EQ8C< F N8CJ<I JFEF =@ID8K8I@ ;@ LE8 GIFGFJK8 ;@ C<>><
GI<J<EK8K88CC8+<>@FE<)@<DFEK<:?<I@>L8I;8C8GFJJ@9@C@KS;@@EE8C
Q8I<C<98E;@<I<;<CC<D@EFI8EQ<JLCC<=8::@8K<;<@&LE@:@G@@EJ@<D<8
HL<CC<L==@:@8C@
-.%%"(i%-'G
R
.+$!"&G
8=<99I8@FJ@JFEFJLJJ<>L@K<C<:<I@DFE@<;@@E8L>LI8Q@FE<;<CC898E;@<I8=I8E
:FGIFM<EQ8C<E<@:FDLE@;@ @8>C@FE<=<99I8@F/<E8LJD8IQF @8M<EFD8IQF
F8QQ<D8>>@F/8C>@F@<>@L>EF.JJ<>C@FCL>C@F&<8E8;@,LJ8CL>C@F'F
M8C<J8CL>C@FFE;FM<FKKF9I<&FE:<E@J@FFKKF9I<&8KK@<FKKF9I< I8M<I<
;@:<D9I<
%l@E@Q@8K@M8XGIFJ<>L@K8E<C&FDG8EK<IF=<99I8@F<I<J8GI@C<
,LJ8 D8>>@F -I8M<J >@L>EF
"C 8>FJKF C8 98E;@<I8 X JK8K8 GI<J<EK8K8 L==@
:@8CD<EK<8E:?<E<@:FDLE@GL>C@<J@;@<CC<,8E/@KF<8<KF
%8GIFGFJK8;@C<>><:FDGFJK8;8LEJFCF8IK@:FCFJLCDF;<CCF;8CC8C<>><8;FKK8K8;8C
C8 +<>@FE< I@LC@ /<E<Q@8 @LC@8 I<:@K8 e,L>C@ <;@=@:@ GL99C@:@ ;<@ FDLE@ @E :L@ JFEF
@EJ<;@8K< GFGFC8Q@FE@ 8GG8IK<E<EK@ 8@ ;@M<IJ@ >ILGG@ C@E>L@JK@:@ ;<CC8 +<>@FE< )@<DFEK< :FJ[
:FD<@E;@M@;L8K@;8CC8C<>><;@:<D9I<E
<KLK<C8K@;8CCF,K8KLKF;<CC8+<>@FE<
JK<JJ8:FD<<JGI<JJF8CCl8IK@:FCF:FDD8GL^<JJ<I<<JGFJK88::8EKF8CC<98E;@<I<@K8C@8
E8 <LIFG<8 < I<>@FE8C< 8E:?< HL<CC8 ;<CC8 :FDLE@KS ;@ I@=<I@D<EKFf
"C >@L>EF @E
FEJ@>C@FI<>@FE8C<LE8=FCK8;<C<>8Q@FE<;@8DD@E@JKI8KFI@CF:8C@?8:FEJ<>E8KFC8GIFGFJK8
"EEFD<;<CC8C@E>L8
"CM<JJ@CCF=I8E:FGIFM<EQ8C<GI<J<EK8KF@EF::8J@FE<;<CC<(C@DG@8
;@ @EM<IE8C@ I@GI<E;< @ :FCFI@ < @C J@D9FCF 8;FKK8K@ E<C ;8CCl8JJF:@8Q@FE< ==<G@
%l8JJF:@8Q@FE< 8II@M^ 8CC8 J:<CK8 ;<@ :FCFI@
IFJJF<9@8E:FG<I@CGIFGI@FJK<DD8;FGF8M<I8GGLI8KF:?<HL<JK@<
I8EF@G@`;@==LJ@E<CC<98E;@<I<E<@>FE=8CFE@<E<>C@JK<DD@;<CCl8I<8
=I8E:FGIFM<EQ8C<
"CIFJFE<:<EKI8C<9@8E:F<IFJJFI@:?@8D8C<;<:F
I8Q@FE@:?<JG<JJFI@:FIIFEFJL>C@F>><KK@@EC<>EF@E8I<88CG@E8
"C
J@D9FCFXJK8KFJ:<CKFGIFGI@FG<IJFKKFC@E<8I<Cl8GG8IK<E<EQ88CCl8I<8
8CG@E8;<CC8D@EFI8EQ8=I8E:FGIFM<EQ8C<;<C)@<DFEK<
'<C<I8
JK8KF;<GFJ@K8KF;8CCl8JJF:@8Q@FE<8E:?<@CCF>FI@GIF;L:<EK<C8:8IK@E8
;<CC<M8CC@;@C@E>L8=I8E:FGIFM<EQ8C<<C89FI8K8JLCC898J<;<CC<:8IK<
C@E>L@JK@:?<GL99C@:8K<;8@;@8C<KKFCF>@
%FJ:FGF;<CC898E;@<I88JJF
:@8K@M8 <I8 HL<CCF ;@ ;FK8I< ;@ LE J<>EF ;@JK@EK@MF @ =I8E:FGIFM<EQ8C@
;<C)@<DFEK<e@EF::8J@FE<;<CC<<JK<;<C)8KF@J<;@8CKI<D8E@=<JK8
Q@FE@:?<I@LE@J:FEF@?0C>8B0=CB;@M8I@<I<>@FE@=I8E:FGIFM<EQ8C@f
,LCELD<IF;<CC8I@M@JK8e==<G@f=LGL99C@:8KFLE8IK@:FCF
8 =@ID8 ;@ C8L;@F ,8EK8:IF:< @;<8KFI< ;<CC8 98E;@<I8 @EK@KFC8KF
jFDlXE8K8C898E;@<I8;<@=I8E:FGIFM<EQ8C@;<C)@<DFEK<kE<CHL8C<
JFEF:?@8I@K@@DFK@M@G<I:L@Cl8JJF:@8Q@FE<J<EK[Cl<J@><EQ8;@;FK8IJ@
;@LEJ@D9FCF
;@C<>><8CC8GI<J@;<EK<;<CC8 @LEK8&<I:<;<JI<JJF<8CCl8JJ<JJFI<8CC8:LCKLI8 @8EE@(
C@M8
GIFGFJ@KF;<CjJFC<;<CC<CG@kLJ8KF:FD<J@D9FCF;8CC8%<>8'FI; @C9<IKF(E<KF
J:I@M<e,@GL^J@:LI8D<EK<:FEKLKKF:@^8==<ID8I<:?<J@KI8KK8;<CJ<>EFG@`;@==LJF@E)8;8
E@8E<CC8:LCKLI8JL98CK<IE8@EHL<CC8:LCKLI8GFGFC8I<:FEK8;@E8DFEK8E8I8<;8IK@>@8E8:?<X
8E:FI8I8;@:8K8<I@::8<:?<I8GGI<J<EK8@CG@`=FIK<<M@K8C<K<JJLKF:FEE<KK@MF;<CG8<J<
E
:?<G<IHL<JKFEFE:@GL^<JJ<I<J@D9FCFD@>C@FI<;<C,FCG<II8GGI<J<EK8I<LEG8<J<:?<?8
J<DGI<D8EK<ELKFC8JL8LE@KS:LCKLI8C<8E:?<JFKKFJ<:FC8I@;@M@J@FE@GFC@K@:?<<:LCKLI<;F
D@E8EK@ JG<JJF =FI<JK@<I< <; @DGFJK< :FE C8 =FIQ8 F :FE Cl@E>8EEF
(I8 :?< HL<JK8 K<II8 JK8
=8K@:FJ8D<EK<CFKK8E;FG<II@KIFM8I<C8GIFGI@8:LCKLI8G@`GIF=FE;8EFEGL^;8IJ@J@>@CCFG@`
8EK@:F I@::F < GFGFC8I< ;@ HL<JKF :?< J@>E@=@:8 CL:< =<:FE;@KS < I@KFIEF <K<IEF 8CC8 GIFGI@8
KI8;@Q@FE<<;8CC<GIFGI@<I8;@:@G@`8EK@:?<f ('-(;](>;434;;4;?8^B8<1>;>?030=>
@Ee*L8;<IE@)8;8E@fG
"E=FID8Q@FE@KI8KK<;8CJ@KF@EK<IE<K;<CCl8JJF:@8Q@FE<==<G@NNN
=I8E:FGIFM<EQ8C<
@K
8G@KFCF/"
%l@EK<EQ@FE<;@GFK<I;@JGFII<;@LE8GIFGI@898E;@<I8;8<JGFII<<JM<EKFC8I<
;LI8EK< =<JK< I8;LE@ :FEM<>E@ DFJKI< <I8 ;8 K<DGF J<EK@K8 ;8@ JF:@
;<CCl==<G@
"E<==<KK@D8E:8LE898E;@<I8JKFI@:8;<CC8D@EFI8EQ8=I8E:FGIF
M<EQ8C< ;<C )@<DFEK< @E :FEJ<>L<EQ8 ;<C =8KKF :?< <JJ8 EFE X D8@ JK8K8
@EK<I8D<EK<I@LE@K8@ELELE@:FJK8KFFEFE?8D8@:FJK@KL@KFLE8HL8C:?<<EK@
KS 8DD@E@JKI8K@M8
/@:<M<IJ8 8CKI< I<>@FE@ @E :L@ J@ G8IC8EF G8KF@J
=I8E:FGIFM<EQ8C@?8EEFLEGIFGI@FM<JJ@CCF:FEGI<:@J<FI@>@E@JKFI@:?<:FJ[
@/8C;FJK8E@?8EEFLE898E;@<I8:FE:8DGFK8>C@8KF:@FX;@M@JF@E;@8>FE8
C<E<IF@E8CKFJ@E@JKI8IFJJF@E98JJF;<JKI8:FEC<FE<I8DG8EK<@,8MF@8I;@
?8EEFLE898E;@<I8;<I@M8EK<;8CCFJK<DD8;@8J8,8MF@8:FE:IF:<8I><E
KF F 9@8E:8 @E :8DGF IFJJF @ I8E:FGIFM<EQ8C@ ;<CC8 ,M@QQ<I8 +FD8E;8
LK@C@QQ8EF@E><E<I<C898E;@<I8;<C:8EKFE<;@GIFM<E@<EQ8/8CC<J<I@9LI
>F @LI8 <::
%F JK@DFCF ;<=@E@K@MF 8 JKL;@8I< < I@JFCM<I< C8 HL<JK@FE< X
G8IK@KF ;8C ;<J@;<I@F ;<>C@ 8D@:@ ;@ 8CD< ;@ GFK<I ;@JGFII< ;@ LE8 98E;@<I8
:?<=FJJ<I8GGI<J<EK8K@M8;@KLKK@@I8E:FGIFM<EQ8C@;<C)@<DFEK<<HL@E;@;@
==<G@
"E I<8CKS C< GI@E:@G8C@ J:<CK< :FE:<IE<EK@ >C@ <C<D<EK@ <JJ<EQ@8C@ :?<
;FM<M8EF:FJK@KL@I<C898E;@<I8<I8EF>@SJK8K<=8KK<GF@:?W<I8EF>@SJK8K@;8
K<DGF;<=@E@K@@:FCFI@<;@CJ@D9FCF
":FCFI@<I8EFJK8K@JK89@C@K@=@E;8CC8=FE
86DA0
%898E;@<I8;<CCl8JJF:@8Q@FE<==<G@FI898E;@<I8;<@:FDLE@=I8E:FGIFM<EQ8C@;<C
)@<DFEK<
"EEFD<;<CC8C@E>L8
;8Q@FE<;@==<G@@C9@8E:F<;@CIFJJF:?<JFEF@:FCFI@;<CC8,8MF@8<JFEF
@EFCKI<@;L<:FCFI@GI<J<EK@E<CC<98E;@<I<;<@KI<JK8K@@E:L@XGI<J<EK<LE8
D@EFI8EQ8=I8E:FGIFM<EQ8C<"K8C@8I8E:@8,M@QQ<I8
)LI<@CJ@D9FCF<I8>@S
JK8KFJ:<CKF@C:FJ@;;<KKF jIFJFE<kF jIFJFE<;<@G8JKFI@kFjIFJFE<;@<J
J8EJkFjJK<CC89<JJ8E<J<kLEJ@D9FCFC8:L@FI@>@E<J@G<I;<E<CC8EFKK<;<@
K<DG@:?<J@KIFM8GI<JJFKLKK@@GFGFC@:?<M@<E<@E:@JFE<CC8IF::@8<E<CC<
>EF;8G8JKFI@<J:LCKFI@E<CC<I<>@FE@8CG@E<
4g5"CIFJFE<8M<M8>@S8E:?<
I8>>@LEKF LE8 ;<=@E@K@M8 L==@:@8C@QQ8Q@FE< :FE C8 I<8C@QQ8Q@FE< ;<C ;@JK@EK@MF
;@==<G@8GGLEKFLEIFJFE<9@8E:FiIFJJF:FEJFMI8GGFJK<C<C<KK<I<)GI<
J<EK8KF8CC8<JK8;<C)8KF@J ;@ @8>C@FE<;<CiJ<KK<D9I<
HL<JKF
GLEKF J@ KI8KK8M8 JFCF G@` ;@ :FD9@E8I< @ :FCFI@ :FC J@D9FCF ;@ LE @EJ@<D<
J<DGC@:< <==@:8:< M@J@9@C< < JFGI8KKLKKF FI@>@E8C<
4g5 %l@;<8 FI@>@E8C< <;
@E=@E< M@E:<EK<<GI<J:<CK8XJK8K8HL<CC8;@8;FKK8I<@;L< :FCFI@FI@QQFEK8C@
D8 ;@ ;@D<EJ@FE@ ;@==<I<EK@ HL<CCF @E=<I@FI< IFJJF < ;@ C8I>?<QQ8 D@EFI<
HL<CCFJLG<I@FI<9@8E:F<;@C8I>?<QQ8D8>>@FI<@EDF;F;8GFK<IM@:8I@:8I<
:<EKI8CD<EK<@CIFJFE<IFJJF
4g5%898E;@<I8XJK8K8GI<J<EK8K8L==@:@8CD<EK<
8C )@8EF ;<CC8 &LJJ8 8CD< @C 8>FJKF @E F::8J@FE< ;<C GI@DF "E
:FEKIF;<CC<&@EFI8EQ<
88CCFI8XJK8K88:HL@JK8K8;8>ILGG@<8JJF:@8Q@FE@<
;8@J@E>FC@G8KF@J8EKJ@E@Q@8E;FHL@E;@8;8GG8I@I<@EKLKK< HL<CC< D8E@=<JK8
Q@FE@ G<I :L@ <I8 JK8K8 MFCLK8 < 8; <JJ<I< :FEFJ:@LK8 8E:?< 8C ;@ =LFI@ ;<CC<
EFJKI<M8CC@<;<CCl8D9@KF=I8E:FGIFM<EQ8C<
%l8;FQ@FE< ;<CC8 98E;@<I8 :FD< J@D9FCF LE@K8I@F ;<@ j=I8E:FGIF
M<EQ8C@k G@<DFEK<J@ @E F::8J@FE< ;<CC< (C@DG@8;@ @EM<IE8C@ ;<C ?8 JLJ:@K8KF LE M@MF ;@98KK@KF KI8:FCFIF:?<J@F::LG8EF;@HL<JK@FE@
=I8E:FGIFM<EQ8C@
C:LE@ ?8EEF I@DGIFM<I8KF 8CCl8JJF:@8Q@FE< ==<G@
;@ EFE 8M<I< =8KKF 8998JK8EQ8 E<@ M<EK@:@EHL< 8EE@ ;@ 8KK@M@KS G<I C8
M8CFI@QQ8Q@FE< ;<C =I8E:FGIFM<EQ8C< D<EKI< C< @E@Q@8K@M< JFJK<ELK<
;8CC8)IFM@E:@8;@-FI@EFE<CG<I@F;FFC@DG@:FJ8I<99<IFJ<IM@K<8=8I
:FEFJ:<I<8DG@8D<EK<C8I<8CKSD@EFI@K8I@8
'<C ;@98KK@KF J@ X @EJ<I@K8 8E:?< Cl8JJF:@8Q@FE< F::@K8E8 ?8D9I8
;l(::?<@ELEJLF:FDLE@:8KFD8E@=<JK8LE8;<:@J8:FEJ8G<MFC<QQ8
GFC@K@:8
"J@D9FC@;<MFEF<JJ<I<:FE;@M@J@G<I:?WG<ILE8D@EFI8EQ8C@E>L@JK@:8I8G
GI<J<EK8EF@CGI@DFG8JJFG<ILE8I@8GGIFGI@8Q@FE<;<CC8:FJ:@<EQ8
"J@D9FC@
G<I;FEFC8jGIFGI@<KSk@E@Q@8C< D8E D8EF:?< M8EEF8M8EK@E<CK<DGF<;@
M<EK8EF G8KI@DFE@F ;@ KLKK@
,FCF :FJ[ J@ GL^ G<EJ8I< ;@ 8M<I< LE =LKLIF
:FDLE<
4g5 I<;F :?< J@8E<:<JJ8I@F E8KLI8CD<EK< GIFJ<>L@I< :FE C8 :<I@
,'-+(><_P=0C0;010=384A03485A0=2>?A>E4=I0;834;%84<>=C4@Ee==<
G@f
8G@KFCF/"
DFE@8;<CC<98E;@<I<F::@K8E8=I8E:FGIFM<EQ8C<<N8CJ<I<:FEC8CFIF<JGF
J@Q@FE<
,@E;8:@8;F>>@?8EEF;<C@9<I8KFG<IC8GIFGFJK8;@C<>><
pLE8
;<CC<8Q@FE@;@I<K<:FE:I<K8:?<J@JK8=8:<E;F<:I<;F:?<M8;8=8KKFLEI8
>@FE8D<EKF G<I J=ILKK8I< 9<E< ClF::8J@FE<
I<;F :?< Cl8;FC<J:<EQ8
D@EFI@K8I@8J@8=@E@K8<:?<C8%<>><@DGFE>8LE8ELFM8D8KLI@KS;@8Q@F
E<
8::@F8GG<CCF8C9LFEJ<EJF:FCC<KK@MFG<I8E;8I<8M8EK@E<CD@>C@FI<;<@
DF;@
/@:?@<;F;@FG<I8I<8==@E:?WHL8C:LEFJ@8JJLD8C8 I<JGFEJ89@C@KS;@
J:<>C@<I<LEK<JKFG<ICl@EEF=I8E:FGIFM<EQ8C<
pLEl8CKI8;@HL<CC<8Q@FE@@D
GFIK8EK@
"CK<ID@E<:?<D8>>@FID<EK<:FCG@J:<G<ICl<==@:8:@8<G<IC8;<EJ@
KS;@J@>E@=@:8KFGFC@K@:FXJ<EQl8CKIFj8Q@FE<k0I8>=8;@I<K<D8KLI@KS
;@0I8>=40I8>=8@DGFIK8EK@
CKI@;L<:FE:<KK@JFEFGI<>E@;@J@>E@=@
:8KF jI@8GGIFGI@8Q@FE< ;<CC8 :FJ:@<EQ8k < jI<JGFEJ89@C@KSk
%8 I@i
8GGIFGI@8Q@FE<I@D8E;8 8CCl@DD8>@E<;@HL8C:FJ8:?<<I8JK8KFJKI8G
G8KF 8CC< :FDLE@KS CF:8C@ < :?< =@E8CD<EK< @ >ILGG@ ;@ D@EFI8EQ8
I@<J:FEF8I@i:FEHL@JK8I<
*L<JK8@DD8>@E<J@:FCC<>88HL<CC8<MF:8
K8 ;8 &8I@J<C;8 -<JJ8IFCF ;@ LE >ILGGF ;@ D@EFI8EQ8 C@E>L@JK@:8
eJM8EK8>>@8KFE<C:FEK<JKF;<@>ILGG@;@GI<JJ@FE<fI<C<>8KF8CC8G<I@
=<I@8 e:FE=@E8KF @E ILFC@ JF:@8C@ JL98CK<IE@f eC8 GI<J8 ;@ :FJ:@<EQ8
;<CC8GIFGI@8@;<EK@KSC@E>L@JK@:8<C8I@M<E;@:8Q@FE<;<C;@I@KKF8CC8;@=
=<I<EQ8 X LE DF;F ;@ IFDG<I< C8 CF>@:8 ;<CC8 D8I>@E8C@QQ8Q@FE< <
GFIK88M<I@<GIFGI@jGIF><KK@8G<IK@k@E:L@J@:<I:8EFELFM<JFCLQ@FE@
JLCG@8EFC@E>L@JK@:F<;L:8K@MFGFC@K@:Ff
.El8CKI8 0I8>=4 @DGFIK8EK< JL>><I@K8 E<CC< I@>?< :FE:CLJ@M< ;<C
D<JJ8>>@FXHL<CC8;@J:<>C@<I<LEK<JKF:?<GFJJ88JJLI><I<8@EEF;<@
=I8E:FGIFM<EQ8C@
@FM8EE@I<;;@JG@<>8G<I:?W;FK8IJ@;@LE@EEFJ@8
:FJ[@DGFIK8EK<G<ILE>ILGGFe'<CCl@EEFE8Q@FE8C<E<>C@@EE@E8
Q@FE8C@;@KLKK@>C@,K8K@@CGFGFCF:8EK8C<JL<FI@>@E@:8EK8C8JL8
K<II8 :8EK8 @ JLF@ G8;I@:8EK8 C8 JL8 =<;< @E @F :8EK8 @ JLF@@;<8C@
4g5%l@EEFX@EJFDD8LE8:8IK8;l@;<EK@KS:FCC<KK@M8f
%8JL8E8KLI8J8:I8C<@EFCKI<>C@:FE=<I@J:<C8JFC<EE@KS>@LJK8G<I
<JJ<I<@EJ<I@KF8CCl@EK<IEF;@LE8:<I@DFE@8I@KL8C<:FD<HL<CC8;@GI<
J<EK8Q@FE< ;<CC8 98E;@<I8 :FE >C@ 8JK8EK@ JLCCl8KK<EK@ :FE C8 D8EF JLC
:LFI<
)<IFI8:FDLEHL<@>ILGG@=I8E:FGIFM<EQ8C@EFE?8EEFJ:<CKF
&
-,,+(%(GG
J<>>
+"!8=6D04C=80=0I8>=84=0I8>=0;8B<8@E+
(&" +"G
"EEFD<;<CC8C@E>L8
@CCFIF@EEF;LI8EK<C<:<I@DFE@<Cl8::FDG8>E8D<EKFDLJ@:8C<X>8
I8EK@KF;8CC898E;8CF:8C<:?<<J<>L<9I8E@;<CGIFGI@FI<G<IKFI@F
@S8G8IK@I<;8CC8GI@D8:<I@DFE@88 @8>C@FE<Cl<M<EKF?8GI<JF@
:8I8KK<I@;<CI@KFJ:8E;@KF;88C:LE@DFD<EK@J@>E@=@:8K@M@@CG8JJ8>>@F
;@ D8EF ;<CC8 98E;@<I8 G@<>8K8 ;8 LE J@E;8:F 8CCl8CKIF C8 C<KKLI8 ;<C
;@J:FIJF @E8L>LI8C< 9@C@E>L< ?0C>8B @K8C@8EF @ J8CLK@ ;<CC< 8LKFI@KS
Cl8CQ898E;@<I8
'<CC< ;@M<IJ< F::8J@FE@ 8CC< =8J@ BC0=30A3 ;<C I@KF J@
JFEF 8>>@LEK< C8 9<E<;@Q@FE< F C8 D<JJ8 :<C<9I8K8 @E C@E>L8 CF:8C<
DFD<EK@DLJ@:8C@G<IJFC<EE@QQ8I<Cl<M<EKF1D554C:FEM@M@8C@G<II@E
J8C;8I<@C<>8D@JF:@8C@
"CI@KF?8KI8J=@>LI8KFC898E;@<I89@8E:FiIFJJ8
;8J<DGC@:<M<JJ@CCF;@LEl8JJF:@8Q@FE<:LCKLI8C<8J@D9FCF;@LE8D@
EFI8EQ8C@E>L@JK@:8I@:FEFJ:@LK8<KLK<C8K8;8LE8C<>><E8Q@FE8C<
"C I@KF ?8 ;LEHL< @C GFK<I< ;@ :FE=<I@I< LE8 ELFM8 :FE;@Q@FE<
8CClF>><KKF<8CCl@E;@M@;LF:?<E<JFEFG8IK<:@G@
%l@E;@M@;LF@EHL<
JKF :8JF ;8 J<DGC@:< ?0C>8B0=C ;@M<EK8 :@KK8;@EF =I8E:FGIFM<EQ8C<
8KKI8M<IJFC8C<>@KK@D8Q@FE<JF:@8C<;8K8;8CI@KF
,:I@M<C8L;@FFE<
>S
,LHL<JK88IK@=@:@8C@KSJ@@EJ<;@8EFC<=FID<:FEK<DGFI8E<<;@G8IK<:@G8Q@FE<
Q@FE@:FCC<KK@M<:?<8E:?<HL8E;FJ@8GG<CC8EF8@;<EK@KSJLGGFJK<FI@>@E8
I@<E<<J@9@J:FEF@C:8I8KK<I<:FJKIL@KF<Cl8GG8I<EK8D<EKF:FEC8;@D<EJ@FE<
;<CC< J:<CK< ;<CC< ;<:@J@FE@ ;<@ E<>FQ@8K@
'<C DFD<EKF @E :L@ 8==<ID8EF
Cl@II@;L:@9@C<8CK<I@KS;@LE8JG<:@=@:88GG8IK<E<EQ8 ?8EEF >@S LK@C@QQ8KFG<I
I8GGI<J<EK8IC8 @DD8>@E@ < J@D9FC@ :?< JD8J:?<I8EF C8 GI<K<J8 E8KLI8C@KS ;@
HL<CCl<JG<I@<EQ8
%8 GI@D8 98E;@<I8 =I8E:FGIFM<EQ8C< :FD< >@S 8::<EE8KF X JK8K8
@EE8CQ8K8@C=<99I8@F8 @8>C@FE<
%8:<I@DFE@8X8MM<ELK88C
C8 GI<J<EQ8 ;<CCl8JJ<JJFI< 8CCF JM@CLGGF ;<CC8 DFEK8>E8 < =FI<JK<
FG<I< GL99C@:?< ;@=<J8 ;<C JLFCF ;<CC8 +<>@FE< )@<DFEK<
;<CCl8JJ<JJFI<8CC8:LCKLI8GIFK<Q@FE<;<CC8E8KLI8G8I:?@<;8I<<GIF
K<KK< ;<CC8 )IFM@E:@8 ;@ -FI@EF ;@ ELD<IFJ@ J@E;8:@ ;<@ FDLE@ ;@
D@EFI8EQ8=I8E:FGIFM<EQ8C<<F::@K8E8;<CC8/8CC<;@,LJ8,LJ8&<
8E8 'FM8C<J8 FE;FM< /<E8LJ &8KK@< LJJFC<EF I8M<I< (LCO
O@CC<J,8C9<IKI8E;EFE:?W;<@J@E;8:@;<@:FDLE@F::@K8E@;@(JK8
E8<+F::8JG8IM<I8E<C:LE<<J<
('
h(CA0C468434;?A4B4=C4E>;C834;;0!460@E
%.'G
8G@KFCF/"
"C ;@J:FIJF @EKIF;LKK@MF ;@ GI<J<EK8Q@FE< ;<CC8 98E;@<I8 =I8E:FGIF
M<EQ8C<X@EG8IK<:FJKIL@KFJLCDF;<CCF;@HL<CCF:?<M@<E<I<:@K8KF@E
F::8J@FE< ;<CCl8E8CF>8 :<I@DFE@8 E<@ :FDLE@ ;@ C@E>L8 ;lF: G<I C8
98E;@<I8 F::@K8E8
)@` @E ><E<I8C< @C jDF;<CCF F::@K8EFk :I<8KF 8
+@GFIKF@C;@J:FIJFGIFELE:@8KF@C;@:<D9I<8(JK8E8@E/8CC<)F@EF::8J@FE<
;<CC8GI<J<EK8Q@FE<;<CC8GI@D898E;@<I8F::@K8E8eFIJ<X@C:8JF;@;@I<;L<G8IFC<JLHL<JK8
98E;@<I8 :?< F>>@ M@<E< 8CQ8K8 ;8M8EK@ 8C &LE@:@G@F;@ (JK8E8
*L<JK8 98E;@<I8 :FEFJ:@LK8
:FD<98E;@<I8F::@K8E8X;@:FCFI<IFJJF:FE;L<J@D9FC@>@8CC@LE8:IF:<<@E8CKF8;<JKI8
LE8JK<CC88J<KK<GLEK<
"E@Q@<I<DF;8HL<JKF<C<D<EKFG@`G@::FCF<J<DGC@:<;8JG@<>8I<C8
JK<CC88J<KK<GLEK<
)L^<JJ<I<GI<J<EK<FEFJLCC<M8I@<98E;@<I<F::@K8E<G<I:?XXLE88>
>@LEK88CC8JKFI@:8:IF:<GFJK8E<>C@8EE@lG<II8==FIQ8I<Cl@;<8;<CClLE@KS;<CK<II@KFI@F;@
C@E>L8;l^:C8EFJKI8C@E>L8:?<X=FID8KF;8I<>@FE@JKFI@:?<C8 L8J:F>E8@C%<E>8;F:<
C8)IFM<EQ88JL;C8 L@8E88C:<EKIF@C%<DFJ@EFClCM<I>E8<@C<C=@E8KF8CEFI;
%<EF
JKI< M8CC@ @E "K8C@8 =8EEF G8IK< C@E>L@JK@:8D<EK< ;@ HL<JKlLCK@D8 I<>@FE< JKFI@:8 @C <C=@E8KF
,<KK<<I8EF8E:?<@=FE;8KFI@;<C<C@9I@><HL<CDFM@D<EKF;@I@E8J:@K8;<CC8EFJKI8C@E>L8<
:LCKLI8E8KFG<IMFCFEKS;@IW;WI@:&@JKI8C8CC8D<KS;<C
'8KLI8CD<EK<C8G8IK<G@`@D
GFIK8EK<<<M@;<EK<;<CC898E;@<I8F::@K8E8XC8:IF:<8HL8KKIF9I8::@8:FEGFD<CC@KI<G<I
9I8::@F
@ MFII<99< KIFGGF K<DGF G<I I8::FEK8I< ClFI@>@E< < Cl<MFCLQ@FE< ;@ HL<C J@D9FCF
:?<KIFM@8DFGI<J<EK<@E=FID<;@M<IJ<D8J@D@C@@EDFCK<:@M@CKSE<C:FIJF;<@J<:FC@<;<@
D@CC<EE@>C@<>@Q@@>I<:@@C8K@E@@:<CK@@>FK@<::
"DGFIK8EK<X8E:?<@CC<>8D<:FE@C?I@
JD8 ;<CClFI@>@E< ;<C :I@JK@8E<J@DF :?< <I8 I8GGI<J<EK8KF 8GGLEKF ;8 LE8 :IF:< :?<
J@D9FC<>>@8M8@CD<JJ8>>@F;@I@JKF:?<;FM<M8<JJ<I<GFIK8KF@EKLKK<C<;@I<Q@FE@@EJL@E
>@`8;<JKI88J@E@JKI8:FEC8;@==LJ@FE<;<@HL8KKIFM8E><C@<C8K<JK@DFE@8EQ8;<@8GFJKF
C@
%8:IF:<<I8Cl@DD8>@E<J@D9FC@:8FI@>@E8I@8@C:IF:<=@JJF:?<8M<M8KLKKl8CKIFJ@>E@=@:8KF
=L @EKIF;FKKF DFCKF K<DGF ;FGF
&FCK@ C@9I@ KI8KK8EF ;@ HL<JKF 8I>FD<EKF < @E:I<;@9@CD<EK<
KLKKFJ<D9I8C<>8IJ@<D@J:?@8IJ@@ELE8:FEK@EL8<MFCLQ@FE<;8LE8=FID8;@:IF:<8LEl8CKI8
@E J<>L@KF 8C :FEK8KKF < 8CCl@EK<IJ<:8IJ@ ;<CC< ><EK@ < ;<CC< :@M@CKS;<CC< HL8C@ <I8EFGFIK8KI@:@
*L@:@C@D@K<I<DF8GF:?<@E=FID8Q@FE@JLCC8:IF:<F::@K8E8:FD<C8:FEFJ:@8DFF>>@
+@GFI
K88;LE8ILFK8JFC8I<<:FEK@<E<@ELD<I@<ELD<I@G<I=<KK@J@8G<IC<:LCKLI<G8>8E<:?<
:I@JK@8E8
'<KIFM@8DF;@J@D@C@FMLEHL<@E"E;@8@E@E8@ELC>8I@8@E8K8CF>E8@E"K8C@8
G<EJ@8DF8;<J<DG@F8C9C8JFE<;<CC8:@KKS;@)@J8
"HL8KKIF9I8::@GFJJFEFI8GGI<J<EK8I<@
GLEK@:8I;@E8C@FC<JK8>@FE@@:<I:?@<KK@<JK<IE@I@:FI;8EF@D<J@;<CCl8EEFD88E:?<@
J<>E@;<CCFQF;@8:FF@8GFJKFC@;@ <J`I@JKF:FD<899@8DF8GG<E8I@:FI;8KF
FD<X
>@LEK8 @E (::@K8E@8 HL<JK8 :IF:< -LKKF J@G<I;< E<@ D<8E;I@;<C K<DGF D8 >C@ JKFI@:@ JFEF
J<DGI<G@`GIFG<EJ@E<CCl8KKI@9L@I<K8C<J@D9FCF8@FEK@;@)IFM<EQ8<E<C:FE@CD8KI@
DFE@F ;@ DD8 =@>C@8 ;@ +F98L; :FEK< ;@ )IFM<EQ8 :FE L@C?8LD< -8C?8=XI :FEK< ;@
-FCFJ8C8:IF:<<M8I@<K<II<;@)IFM<EQ8G8JJ8EF8CC8:FEK<8KFCFJ8E8
E:FI8F>>@X@CJ@D
9FCF ;<CC< +<>@FE@ 8DD@E@JKI8K@M< %8E>L<;F:i+FLJJ@CCFE < &@;@i)PIWEW<J
,@ GL^
M<I8D<EK<;@I<:?<HL<CC8:IF:<I@LE@J:8KLKKF@CK<II@KFI@F;@C@E>L8;lF:XG8IK@K8;8HL@;@<
KIF ;8 FI:8CHL@<I M@:@EF 8 ,@JK<IFE G<I 8II@M8I< =@EF 8@ )@I<E<@
)<I 8EE@ ?8
I8GGI<J<EK8KFCFJG@I@KF;@HL<CGFGFCF:?<:FD<;@:<M8&@JKI8CMLFC<:FEJ<IM8I<C8JL88E@
D8<C8JL8C@9<IKS
'FE;@D<EK@:?@8DF:?<HL<JKl8EEFX@C:<EK<E8I@F;<CGI<D@F'F9<C
8JJ<>E8KF8HL<CG8KI@FK8F::@K8EFE<C
'<CC<EFJKI<M8CC@HL<JK898E;@<I8X>@LEK8JFCF
E<>C@ 8EE@ l M@JKF :?< GI@D8 EFE 8M<M8DF E<JJLE8 :FJ:@<EQ8 ;<CC8 EFJKI8 @;<EK@KS < ;<CC8
E8KLI8;<CC8EFJKI8C@E>L8
(>>@HL<JK898E;@<I88JJ@<D<8CC8C@E>L8JFEF>C@<C<D<EK@G@`=FIK@
"EEFD<;<CC8C@E>L8
G8IK@I< ;8>C@ 8EE@ ,<KK8EK8 X GI<JF 8; <J<DG@F G<I C8 :FJKILQ@FE< ;@
KLKK@>C@<C<D<EK@@;<EK@K8I@;<C>ILGGF=I8E:FGIFM<EQ8C<EFEXLE:8JF
J<8C:LE@8KK@M@JK@F::@K8E@E<CG<I@F;FFC@DG@:F?8EEF:FFI;@E8KF8E
:?<C<@E@Q@8K@M<FI>8E@QQ8K<@E8I<8=I8E:FGIFM<EQ8C<
%8 M<IJ@FE< @K8C@8E8 ;<C ;@J:FIJF ;@ GI<J<EK8Q@FE< ;<CC8 98E;@<I8
=I8E:FGIFM<EQ8C<:FJ[:FD<XJK8K8C<KK88 @8>C@FE<I<:@K8
(>>@=<99I8@F:FEHL<JK8:<I@DFE@8J@I8==FIQ8C8=I8K<CC8EQ8=I8C<
GFGFC8Q@FE@;@C@E>L8;lF:;8CC<CG@8@)@I<E<@:FEC<GFGFC8Q@FE@;@C@E>L8
=I8E:FGIFM<EQ8C<
'<C ;@:<D9I< (JK8E8 @E /8CC< )F X JK8KF @C GI@DF
FDLE<8@EE8CQ8I<JLC&LE@:@G@FC898E;@<I8F::@K8E8:FD<J<>EF;<CC8JL8
@;<EK@KSC@E>L@JK@:8<:LCKLI8C<
,<>L@IFEFCM8@E/8CC<&8@I8 L8I;@8)@<
DFEK<J< @E 8C89I@8 ,8D9L:F @E /8CC< ,KLI8 @C =<99I8@F J:FIJF
8I;FE<::?@8 @C =<99I8@F,8C9<IKI8E; < @C (LCO
,@ X @EJK8LI8KF :FD<
LJ8EQ8:?<LEFDLE<@E:L@J@8>@SGI<J<EK<C898E;@<I8@;<EK@K8I@8E<=8::@8
FD8>>@F 8; LE ELFMF FDLE< :?< 8;<I@J:< 8CCl@E@Q@8K@M8
(>>@ HL@ 8 @8
>C@FE<J8IS@CJ@E;8:F;@(LCO8GFI><I<ClFD8>>@F8CFDLE<;@ @8>C@FE<
p
@DGFIK8EK<;@I<;L<G8IFC<JLHL<JK898E;@<I8=I8E:FGIFM<EQ8C<:?<F>>@M@<
E< F==<IK8 8C FDLE< ;@ @8>C@FE< G<I JM<EKFC8I< JLC JLF DLE@:@G@F
"C
IFJFE<;<CC<CG@I8==@>LI8KFE<@:FCFI@IFJJF<9@8E:FX@CJ<>EF@;<EK@K8I@F
;@ KLKK< C< :FDLE@KS =I8E:FGIFM<EQ8C@ ;<CC< M8CC@ @K8C@8E<
"E LElLIFG8 :?<
J<DGI<G@`J@LE@J:<<J@I@:FEFJ:<@CIFJFE<J@GI<J<EK8:FD<LEJ@D9FCF;@
C@9<IKS<;@=I8K<CC8EQ8
"C=I8E:FGIFM<EQ8C<XLE@EJ@<D<;@;@8C<KK@>8CCFIF
D8EQ@ ;<@ ;@EKFIE@ ;@ %@FE< ,8MF@8 ,M@QQ<I8 =I8E:<J< /8CC< ;lFJK8 < ;@
LE8G@::FC8GFIQ@FE<;<C)@<DFEK<8I<8:?<EFE?8 D8@8MLKFLE8;LI8KLI8
LE@FE< GFC@K@:8
*L<JK8 C@E>L8 ?8 J<DGI< LE@KF GFGFC8Q@FE@ :?< ?8EEF >C@
JK<JJ@LJ@:FJKLD@<M8CFI@:FDLE@
%8JKFI@8;<@EFJKI@8EK<E8K@XM@M8;<EKIF
;@EF@<;XG8IK<;@EF@JK<JJ@J<G8IC@8DFC8EFJKI8C@E>L8
pLEDF;F;@M@M<
I< ;@ <JGI@D<IJ@ ;@ <JGI@D<I< <DFQ@FE@ < J<EK@D<EK@ ;@ G<EJ8I< ;@
I<C8Q@FE8I<
pClFI>F>C@F;<CC8GIFGI@8@;<EK@KS:LCKLI8C<
p:FEK@EL8I<8;<J@
JK<I<
)@`MFCK<E<C;@J:FIJF<D<I><@CI@=<I@D<EKF<JGC@:@KF8CCl@;<EK@KS8
34=C8CL C@E>L@JK@:8 < :LCKLI8C< 98E;@<I8 834=C8C0A80 J<>EF 834=C8C0A8>
834=C8CL:LCKLI8C<@:L@:8I8KK<I@JFEF;8K@;8j>C@JK<JJ@LJ@:FJKLD@<
M8CFI@:FDLE@k
%l8DG@<QQ8J<D8EK@:8;<CC8EFQ@FE<;@@;<EK@KSXK8C<
:?<J@I<E;<E<:<JJ8I@Fj8>>@LE><I<HL8C:FJ8;8M8EK@<HL8C:FJ8;@<
;@LE@KS<:F<J@FE<;@HL<JK<M8CC@8CG@E<
"ELE8LIFG8:?<J<DGI<G@`J@LE@J:<<J@I@:FEF
J:<HL<CC8:IF:<I8GGI<J<EK88E:FI8LEJ@D9FCF;@C@9<IKS<;@=I8K<CC8EQ8f
"EI<8CKSC898E;@<I8M@<E<@EE8CQ8K8@EGIFJJ@D@KS;<CDLE@:@G@F
%8=I8J<XI@GI<J8C<KK<I8CD<EK<;8C;@J:FIJF;@GI<J<EK8Q@FE<;<CC898E;@<I8F::@K8E8
8G@KFCF/"
KIFkG<I:?WGFJJ8<JJ<I<LK@C@QQ8K8<==@:8:<D<EK<
-LKK8M@8X<M@;<E
K< E<C ;@J:FIJF Cl8CCLJ@FE< 8CCl<J@JK<EQ8 ;@ LEl@;<EK@KS
=I8E:FGIFM<EQ8C<JG<:@=@:8<;<=@E@9@C<
FD< 8==<ID8 C8L;< %WM@i,KI8LJJ EFE :8G@K8 JG<JJF
8CCl8EKIFGFCF>F;@GFK<IFJJ<IM8I<E<CC8GIFGI@8JF:@<KSC8E8J:@K8;@LE
ELFMFI@KF<@JLF@GI@D@JM@CLGG@D8XGIFGI@F:@^:?<G8I<JK@88::8
;<E;F :FE C8 98E;@<I8 =I8E:FGIFM<EQ8C< 8E:?< J< >C@ <J@K@
;<CClFG<I8Q@FE<EFEJFEFE8KLI8CD<EK<J:FEK8K@
,FKKF@EFJKI@F::?@J@JK8:FJKIL<E;FJ@D9FCFJLJ@D9FCFCl@;<EK@KS
=I8E:FGIFM<EQ8C< 98J8K8 JL LEl8KK<EK8 J:<CK8 ;<>C@ <C<D<EK@ :?< GFJ
JFEF I@JLCK8I< G@` J@>E@=@:8K@M@ I@:8C:8E;F @C DF;<CCF ;<CCF ,K8KFi
E8Q@FE<:?<;@JGFE<;@LE8C@E>L8:FDLE<;@LEK<II@KFI@F;<C@D@K8KF
;8GI<:@J@:FE=@E@;@LE898E;@<I8;@LE@EEF<;<j>C@JK<JJ@LJ@:F
JKLD@<M8CFI@:FDLE@k
,@JK8D@JLI8E;FJLC:8DGFHL8EKFJ@8G<IK@E<EK<C8;<=@E@Q@FE<;@
@;<EK@KS ;8K8 ;8 I8E:<J:F +<DFKK@ e%l@;<EK@KS X LE =8KKF ;@ ;<:@J@F
E@f
*L<CCF:?<X:?@8I8D<EK<LEGIF:<JJF;@:FJKILQ@FE<8KKI8M<IJF
C8J:<CK8;@<C<D<EK@@EK<IE@<;<JK<IE@8C>ILGGFGFKIS:I@JK8CC@QQ8IJ@@E
LE;8KF;<CCl@;<EK@KS=I8E:FGIFM<EQ8C<@ELE<C<D<EKFjKI8;@Q@FE8C<k
:FEJ<>E8KF 8C GI<J<EK< ;8CC8 JKFI@8 < ;8>C@ 8EK<E8K@
FD< JFJK@<E<
L8CK@<IF!8II@JFEG<I@C:8JF;<>C@I9ZI<J?<;<CCl"K8C@8D<I@;@FE8C<
C8JKFI@8;@M<EK8D@KF<:8GFMFC><C8I<8CKS;<@=8KK@C8=FE;8Q@FE<<C8
=FID8Q@FE<;<CCl@;<EK@KSM<E>FEFGI<;8K8K<G<II8==FIQ8IC8
%lLCK@D8 =I8J< ;<C ;@J:FIJF @E8L>LI8C< ;<CC8 98E;@<I8 :?@8I@J:< @
EFCKI< C< DFK@M8Q@FE@ :?< JFII<>>FEF HL<JKlFG<I8Q@FE< @;<EK@K8I@8
2>=C8=D0A4034B8BC4A4
"CG8JJ8KF;<M<I@JGFE;<I<8CC<<J@><EQ<;@JF
GI8MM@M<EQ8G<I@C=LKLIF
"CI@KF;@GI<J<EK8Q@FE<;<CC898E;@<I8GI<M<;<:?<>C@8DD@E@JKI8KF
I@:FEM<ELK@8CC8:<I@DFE@8GFIK@EF@CGIFGI@FJ8CLKF8LK<EK@:8E;F:FE
C8CFIFGI<J<EQ8@EM<JK<L==@:@8C<@J@E;8:@@E;FJJ8EFC<=8J:<KI@:FCF
I@ @C ELFMF J@D9FCF 8E:FI8 J:FEFJ:@LKF 8@ G@`
"C ;@J:FIJF :?<
Cl8JJ<JJFI<GIFM@E:@8C<8CC8:LCKLI8?8K<ELKF@EF::8J@FE<;<CC8GI<J<E
K8Q@FE< ;<CC8 98E;@<I8 =I8E:FGIFM<EQ8C< 8 @8>C@FE< X :FJKIL@KF
%)%'-"'
+&(--"G
!++",('G
"EEFD<;<CC8C@E>L8
JLCCl@E:CLJ@MFjEF@k:?<899I8::@8@GI<J<EK@M8CJLJ@E@<DFEK8E8I@@
;<8CD<EK<:FEKI8GGFJK@8>C@89@K8EK@;<CC8G@8ELI8<;<CC8>I8E;<:@KKS
"C=>8@EFCKI<JLJ:@K8E<CClL;@KFI@FLEJ<EJF;@@;<EK@=@:8Q@FE<G<I
JFE8C<:FEClLFDFGFC@K@:F:FE@C;4034A
!8IFC;
%8JJN<CCG8IC8;@
45542C\<>34;;8=6 G<I ;<J:I@M<I< Cl8KK<>>@8D<EKF ;<DF:I8K@:F < 8G<IKF
;<C ;4034A
*L<JK8 JKI8K<>@8 :FDLE@:8K@M8 @E:CLJ@M8 I@JLCK8 :I<;@9@C<
8CGL99C@:F:?<:FEFJ:<C<FI@>@E@M8CC@>@8E<;<CCl8JJ<JJFI<
"CGFC@K@:F
X I@:FEFJ:@LKF :FD< jLEF ;<@ EFJKI@k < G<I HL<JKF @ JLF@ ;@J:FIJ@ j8C
GCLI8C<k GFJJFEF JLFE8I< G8IK@:FC8ID<EK< :FEM@E:<EK@ < @C J@D9FCFi
98E;@<I8 GL^ <JJ<I< :FE;@M@JF :FE =@;L:@8
+@GFIKF LE G8JJ8>>@F ;@
HL<JKF;@J:FIJF
'F@:I<;@8DF=<ID8D<EK<<:FEK@EL@8DF8:I<;<I<:?<Cl@;<EK@KS8C;@CS;<C
C< 98E;@<I< 8C ;@ CS ;<C J<>EF ;@ 8GG8IK<E<EQ8 X ClFI>F>C@F ;@ KFIE8I< 8CC<
EFJKI<I8;@:@<;8HL<JK<I8;@:@:FJKIL@I<DF@C=LKLIF
@HL<JKFJ@8DFGIF=FE
;8D<EK< :FEM@EK@ 899@8DF >L8I;8KF =FIJ< G<I KIFGGF K<DGF 8 -FI@EF 8CC8
D<KIFGFC@F8CC<:LCKLI< D<KIFGFC@K8E<:FD<<J<DG@F:<IKFEFEXJK8KFJ98
>C@8KF < 9@JF>E8 :FEK@EL8I< 8 >L8I;8IM@ G<I:?W >C@ JK@DFC@ :?< M<E>FEF ;8
KLKK@:FCFIF:?<JFEF@EKFIEF8EF@JFEF@DGFIK8EK@D8HL<JKFEFEMLFC;@I<
:?<EF@8998E;FE@8DFC<EFJKI<I8;@:@<:@M<I>F>E8DF;@:@^:?<J@8DF;@
:@^:?<J@8DFJK8K@;@:@^:?<C<><E<I8Q@FE@:?<:@?8EEFGI<:<;LKF:@?8EEF
:FEJ<>E8KF
*L@E;@J@D9FC@:8D<EK<:FD<CFIF:FD<@EFJKI@8EK<E8K@@EFJKI@
EFEE@ :@ ?8EEF :FEJ<>E8KF @C K<JK@DFE< :FJ[ 8CCF JK<JJF DF;F C8 98E;@<I8
I8GGI<J<EK8HL<JKF=8KKF:?< EF@J@8DFFI>F>C@FJ@;@I@:<M<I<@CK<JK@DFE<;@
:@^:?<J@8DFJK8K@<HL@E;@;@GFIK8ICF:FE=FIQ8:FEFI>F>C@F:FEJ@E:<I@KS
'<C 9I8EF I@:FIIFEF C<>8K@ 8C K<D8 ;<CCl@;<EK@KS C8 D<K8=FI8 ;<CC<
I8;@:@@I@:?@8D@8CG8JJ8KF<8CC8=@>LI8;<>C@8EK<E8K@;8@HL8C@I8::F
>C@<I< Cl<I<;@KS :LCKLI8C< JLCC8 HL8C< :FJKIL@I< @C =LKLIF ;<CC< M8CC@
8CG@E<
.>F89@<KK@G8IC8;@LEM<IF<GIFGI@F=<EFD<EF@;<EK@=@:89@C<
:FEC8jI@:<I:8;<CC<I8;@:@k:?<E8J:FE;<E;FC8I<8CKSJKFI@:8=8KK8;@
@EK<I8Q@FE@<J:8D9@KI8:LCKLI<=8I<99<;@HL<JK<LCK@D<D<I@:FEK<E@
KFI@8;8KK@8:FEJ<IM8I<C<jKI8;@Q@FE@8LK<EK@:?<k;@LE>ILGGF
"C:FE:<KKF;@@;<EK@KSM@<E<HL@LK@C@QQ8KFE<CC8JL88::<Q@FE<JK8K@
:8C<>8K88CCl8GG8IK<E<EQ8<8CClFI@>@E<:?<EFEGL^<JJ<I<8::<KK8K8
8:I@K@:8D<EK<;8CCl8EKIFGFCF>@8
!
%,,0%%'
%"-,
.
"--"G
8G@KFCF/"
"EHL<JKFG<EJ@<IF;<CC8I<KIFD8I:@88M8EQ@8DFG<I:FJ[;@I<j8I@KIFJFkE<C
K<DGF
/8CFI@QQ8E;F :@^ :?< X 8K8M@:F M<E@8DF @E<9<K@K@ ;8CC< I8;@:@
'<CCl@;<EK@KS 4g5 J@ I@:<I:8 Cl<I<;@KS C8 I8QQ8 @C J8E>L< @C JLFCF @C I8;@:8
D<EKF E<CC8 E8Q@FE< E<CC8 =8D@>C@8 E<CC8 E8J:@K8 @C ;<K<ID@E@JDF
;<CCl8J:<E;<EQ8
4g5p@CG8JJ8KF8:FD8E;8I<@CGI<J<EK<8KKI@9L<E;F>C@ C8
GIFGI@8 C<>@KK@D@KS I<KIF8KK@M8
%l@;<EK@KS I@8KKL8C@QQ8 @E :FEK@EL8Q@FE< I@KL8
C@QQ8E;FCF LE j=FE;8D<EKFk @E:FEK<JK89@C<
p LE GIF:<JJF ;@ I@8KK@M8Q@FE<
;<CClFI@>@E<
)IFMF:8KFI@8D<EK< EK?FEP ,D@K? JL>><I@J:< :?< G<I J8CM8I< J<
JK<JJ@;8CC8DF;<IE@QQ8Q@FE<<;8CClLI98E@QQ8Q@FE<>C@LFD@E@;FMI<9
9<IF G<I eI@:FE>@LE><IJ@ :FE C8 :LCKLI8 ;<C CFIF <EKIFK<II8 ILI8C<f
I@ELE:@8I< 8CClLI98E<J@DF e@E HL8EKF C< KI8;@Q@FE@ <KE@:?< 8LK<EK@:?<
JFEF I@D8JK< JFCF E<CC< :8DG8>E< < E<@ M@CC8>>@f
*L<JK8 M@J@FE<
IFD8EK@:8XJGFJ8K8;8>C@@EK<CC<KKL8C@CF:8C@C8:L@8J:<J8G8JJ8 8KKI8
M<IJF @ :8E8C@ ;<CClFI>8E@QQ8Q@FE< 9LIF:I8K@:8 ;<CC8 GFC@K@:8 CF:8C< <
;<CCl8JJF:@8Q@FE@JDF
JJ@D@I8EF8>L@;8I<C<D8JJ<M<IJFC<CFIFI8
;@:@ 8>I<JK@ G<I JLG<I8I< @C :FCFE@8C@JDF @EK<IEF @DGFJKF ;8C DF;<CCF
LI98EF
'<C:8JF;<@>ILGG@;@C@E>L8=I8E:FGIFM<EQ8C<>C@@EK<CC<KKL8C@CF:8
C@ JFEF 8DD@E@JKI8KFI@ J@E;8:@ 8JJ<JJFI@ 8CC8 :LCKLI8 ;@ :FDLE@ <
:FDLE@KSDFEK8E<8E@D8KFI@;@8JJF:@8Q@FE@@HL8C@E<>C@LCK@D@8EE@
K<E;FEF 8 KI8J=FID8I< @ GIF><KK@ :LCKLI8C@ @E GIF><KK@ GFC@K@:@ < C< :F
DLE@KSCF:8C@@E8KKFI@;<CC8J:<E8GFC@K@:8M8C<8;@I<@E<C<KKFI@
FD<
JL>><I@J:<EI@:FCC8J@EF
,@;<M<HL@E;@JGFJK8I<Cl8KK<EQ@FE<;8CC8JKILKKLI8;<CC<FGGFIKLE@KSGFC@K@:?<
G<IC8DF9@C@K8Q@FE<;<CC<D@EFI8EQ<8CC8JKILKKLI8;<CC<FGGFIKLE@KSGFC@K@:?<
G<IC8@JK@KLQ@FE8C@QQ8Q@FE<;<CI<>@FE8C@JDF
*L<JKFEFE@DGC@:8:?<M<E>8
EF D<EF C< I@M<E;@:8Q@FE@ < C< :FEKI8GGFJ@Q@FE@ <KE@:?< D8 FI8 <JJ< JFEF
LK@C@QQ8K<@EDF;FG@`K8KK@:F;8LE:<KF;@GFC@K@:@<;@8DD@E@JKI8KFI@JFM<E
K< GIFM<E@<EK@ ;8C DFM@D<EKF <EKIF JKI8K<>@< @JK@KLQ@FE8C@
)FKI<DDF 8E:?<
G8IC8I<;@@EJ<I@D<EKF;<CC<GFC@K@:?<G<IC<D@EFI8EQ<E<@GIF:<JJ@;@I<>FC8
Q@FE<GFC@K@:8;@LEJ@JK<D8CF:8C<
%)%'-"'GG
i
,&"-!G
%%,"'(G
"EEFD<;<CC8C@E>L8
"ELE8IK@:FCFGL99C@:8KFJLCC8=4FB;4CC4Ae'^M8J;l(::@KSE@8fM@<
E< ;<J:I@KKF CF JMFC>@D<EKF ;<CC8 :<I@DFE@8 ;@ GI<J<EK8Q@FE< ;<CC8
98E;@<I8E<@;@M<IJ@:FDLE@:?<?8EEF8;<I@KF8CCl@E@Q@8K@M8
.E8=I8J<
XG8IK@:FC8ID<EK<J@>E@=@:8K@M8G<I:?W:FEK@<E<@CI@=<I@D<EKF<JGC@:@KF
8;8C:LE@8JG<KK@=FE;8D<EK8C@;<CCl<M<EKF
.E8 I@KL8C@KS 8EK@:8 :FD< HL<CC8 ;<CC8 ;8EQ8 ;<>C@ JG8;FE8I@ < LE8 I@KL8C@KS
ELFM8:FD<C8 <I@DFE@8;@ "E8L>LI8Q@FE<;<CC898E;@<I8 =I8E:FGIFM<EQ8C<
J@JFEFLE@K<G<I;8I<M@K88;LEI@KF:?<XJ@:LI8D<EK<@EEFM8K@MF<:?<I<JK<
ISLEDFD<EKF:8I;@E<8I@:FI;F;<CC8:FDLE@KS
CCl@EK<IEF ;<C I@KF KI8;@Q@FE< < DF;<IE@KS J@ :FD9@E8EF G<I GIF
;LII< ELFM< I@JGFJK< 8@ 9@JF>E@ ;<CC8 :FDLE@KS
)<I :FDGI<E;<I<
8GG@<EF@CJ<EJF;@LEI@KF<@CJ@>E@=@:8KF;<@J@D9FC@@E:8DGF:FD<
C898E;@<I8D88E:?<ClLJF;<CCl89@KFKI8;@Q@FE8C<<C8GI<J<EQ8;<>C@
JG8;FE8I@XE<:<JJ8I@F<J8D@E8I<@C:FEK<JKF@E:L@X@EJ<I@K8Cl8Q@FE<
e@JF>E8 GI<E;<I< @E :FEJ@;<I8Q@FE< @ K@G@ ;@ :@I:FJK8EQ< :?< ;8EEF
FI@>@E< 8CCl<J<:LQ@FE< ;<C I@KL8C< J< I@>L8I;@EF =<EFD<E@ E8KLI8C@
GIF:<JJ@<:FEFD@:@<K<:EFCF>@:@:I@J@M@K8C@FC8IFKKLI8;@I8GGFIK@JF
:@8C@@DGFIK8EK@f
#"$ %8GI<J<EK8Q@FE<GL99C@:8;<CC898E;@<I88MM@<E<8CCl@EK<IEF;@LE
M<IF<GIFGI@FI@KF:@M@C<e<=@E@8DF@CI@KL8C<:FD<LE8=FID8JF:@8
C< ;l8Q@FE< ;8C :8I8KK<I< J@D9FC@:F < I@G<K@K@MF FI@<EK8K8 8CC8
I8GGI<J<EK8Q@FE<;@LE8J:<E8@E:L@;@==<I<EK@8KKFI@JFKKFD<JJ@8LE8
98J<;@I<>FC<:FDLE@G8IK<:@G8EF8CC8:FJKILQ@FE<;@LE8;@D<EJ@FE<
J8:I8C<f
-I8C<:<I@DFE@<;@GI<J<EK8Q@FE<;<CC898E;@<I8=I8E:FGIFM<EQ8C<
:?<D8EK<E>FEF;@MFCK8@EMFCK8C<JK<JJ<:8I8KK<I@JK@:?<DFI=FCF>@:?<
@EDF;FGI<JJF:?W@E8CK<I8KFI@GFIKFC<=8J@:?<?8EEFJ:8E;@KFHL<CC8
JMFCK8J@8/<E8LJ@E/8C<E@J:?@8@CD8IQF
/
-.+'+GG
i
'/+"'"G
8G@KFCF/"
%8D8E@=<JK8Q@FE<J@8GI<:FEC8;8EQ8;<>C@JG8;FE8I@G<IJFE8>>@
;<CC8KI8;@Q@FE<=<JK@M8;<CG8<J<:?<:FEC8CFIFGI<J<EQ8J8E:@J:FEF
@CK<DGF;<CC8=<JK8<>8I8EK@J:FEFLE8:FEK@EL@KSKI8KI8;@Q@FE<<DF
;<IE@KS
,<GGLI<@EDF;F=FCBCFI@QQ8KFG<I:?W8MLCJ@;8CC8I@KL8C@KS;@
:L@ JFEF JFC@K8D<EK< GIFK8>FE@JK@ <JJ@ ;8EQ8EF :FE I@KDF :8;<EQ8KF
9I8E;<E;FC<JG8;<JLCC<EFK<;<CC<D8I:<JLFE8K<;8CC898E;8DLJ@
:8C<;<CG8<J<
"CI@KF;<M<<JJ<I<LE8I8GGI<J<EK8Q@FE<;I8DD8K@:8:8I@:8;@<DF
Q@FE@ G<I GFK<I :F@EMFC><I< Cl@E;@M@;LF < =8ICF J<EK@I< G8IK< ;@ LE8
:FCC<KK@M@KS:?<:FE;@M@;<>C@JK<JJ@J:FG@@;<8C@<M8CFI@
)<IHL<JKF>C@
FI>8E@QQ8KFI@;<CCl<M<EKF?8EEF@EJ<I@KF<C<D<EK@8D8K@<J<EK@K@:FD<
GIFGI@ ;8CC8 GFGFC8Q@FE< >C@ JG8;FE8I@ C< GI@FI< C8 98E;8 DLJ@:8C<
&8@CI@KF?89@JF>EF;@DFD<EK@JFC<EE@JFGI8KKLKKFHL8E;F:FD<@E
HL<JKF :8JF ;<M< :I<8I< @C J<EJF ;@ 8GG8IK<E<EQ8 :FDLE<
%F JG@I@KF
;@ :FIGF J@ :FJKIL@J:< GIFGI@F 8KKI8M<IJF C8 G8IK<:@G8Q@FE< <DFK@M8 8
:<I@DFE@< GL99C@:?<
"C I@KF ;<CC8 98E;@<I8 K<EK8 ;@ :FJKIL@I< LE8 JF
C@;8I@<KS;@>ILGGF:?<:FDGI<E;8KLKK@@G8IC8EK@=I8E:FGIFM<EQ8C<8C
;@CS;<C:FE=@E<;<@J@E>FC@:FDLE@
-<ID@E8K8Cl<J@9@Q@FE<;<>C@JG8;FE8I@=8EEF@CCFIF@E>I<JJFJLCC8
G@8QQ8HL8KKIF;FEE<:?<GFIK8EFC898E;@<I8=I8E:FGIFM<EQ8C<JG@<>8
K8;L<JFEFC<>@FM8E@8;;<KK<;<CCFJGFIK<CCFC@E>L@JK@:F8KK@M8KFE<C
G<I@F;FFC@DG@:F<;L<JFEFGI@FI<;<CG8<J<
%<GI@FI<:?<@E;FJJ8
EF @C :FJKLD< =<JK@MF JFEF C< GIFK8>FE@JK< ;<CC8 =<JK8 GI@E:@G8C< ;@
/<E8LJ<HL@J@D9FC<>>@8EF:FE>C@JG8;FE8I@C8KI8;@Q@FE<
%<;L<
>@FM8E@JGFIK<CC@JK<MF>C@FEFGIF989@CD<EK<I8GGI<J<EK8I<C8:FEK@EL@
KS @E LE8 JFIK8 ;@ JK8==<KK8 KI8 ><E<I8Q@FE@
%< HL8KKIF ;FEE<
GIF:<;FEF:FEG8JJF:<I@DFE@8C<C<EKFJ@=8EEFC8I>FKI8>C@JG<KK8KF
I@<J@8GGIFJJ@D8EF8CC<8LKFI@KS
;8KK<E;<I<C898E;@<I8J:?@<I8K@<
:FDGFJK@ E<C CFIF ILFCF L==@:@8C< DLE@K@ ;@ =8J:@8 KI@:FCFI< :@ JFEF @
J@E;8:@ ;@ 8C:LE@ G8<J@ ;@ C@E>L8 =I8E:FGIFM<EQ8C< @EJ@<D<
8CCl8JJ<JJFI< GIFM@E:@8C< 8CC8 :LCKLI8 < 8CC8 M@:< GI<J@;<EK< ;<CC8 F
DLE@KS&FEK8E88JJ8M8CC<;@,LJ8
%8CFIF;@JGFJ@Q@FE<JG8Q@8C<8C
:<EKIF;<CC8J:<E8<JGI@D<J@D9FC@:8D<EK<C8CFIF:FCCF:8Q@FE<><I8I
%l@JK@KLQ@FE<;@JGFIK<CC@C@E>L@JK@:@8CCl@EK<IEF;<CC8GL99C@:88DD@E@JKI8Q@FE<@E8KKL8
Q@FE< ;<CC8 %<>>< I@<EKI8 KI8 C< @E@Q@8K@M< 8 JFJK<>EF < GIFDFQ@FE< ;<CC< C@E>L<
D@EFI@K8I@<:?<>8I8EK@J:FEF8CClLK<EQ8@C;@I@KKF;@:FDLE@:8I<E<CC8GIFGI@8C@E>L8D8K<IE8
"EEFD<;<CC8C@E>L8
:?@:8<C8CFIF8LKFI@KS
"CGL99C@:FI@:FEFJ:<@CCFIFBC0CDBGIFGI@F>I8
Q@< 8 HL<JK8 GFJ@Q@FE< GI@M@C<>@8K8 < 8@ J@D9FC@ :?< @E;FJJ8EF
'<CCF
JK<JJFK<DGFXGIFGI@FHL<JKFBC0CDBI@:FEFJ:@LKF;@8LKFI@KSGL99C@:8
;@:L@JFEF@EM<JK@K@;8G8IK<;<CCF,K8KF:?<8>C@F::?@;<>C@JG<KK8KFI@
;FE8:I<;@9@C@KS8CC8ELFM898E;@<I8<8CCl@EK<IF<M<EKF
%8I@KL8C@QQ8
Q@FE< ;<CCF JG8Q@F GIFMF:8 E<>C@ 8JK8EK@ 8E:?< LE8 G<I:<Q@FE<
G8IK@:FC8I<;<CK<DGF:?<J@KI8;L:<@ELEl<JG<I@<EQ8;@JFJG<EJ@FE<
e"CJ<EJF;@8KK<J8:?<J<>L<Cl@E@Q@F;<CC8J:<E8C8IFKKLI8<:?<GI<
:<;< C8 JL8 =@E< C8 I<@EK<>I8Q@FE< ?8 Cl<==<KKF ;@ :8I@:8I< @
G8IK<:@G8EK@ ;@ 8JG<KK8K@M< < HL@E;@ ;@ J@>E@=@:8K@ :?< 8DGC@=@:8EF >C@
<==<KK@;@:@^:?<8MM@<E<;LI8EK<@CI@KFf
"EHL<JKF:8JF8KKI8M<IJF@CI@KF;@@E@Q@8Q@FE<EFEXLEJ@E>FCF@E
;@M@;LF8;<EKI8I<8=8IG8IK<;<C>ILGGF=I8E:FGIFM<EQ8C<D8JFEF@
:@KK8;@E@;@LE@EK<IFFDLE<:?<8KKI8M<IJF@CCFIFI8GGI<J<EK8EK<GF
C@K@:F I@:<MFEF J@D9FC@:8D<EK< C8 98E;@<I8 <; <EKI8EF 8 =8I G8IK< ;@
LE8ELFM8j:FDLE@KSk
::<KK8E;FC8;8CC<D8E@;<CJ@E;8:F;@LEG8<
J< j=I8K<CCFk @C GI@DF :@KK8;@EF 8;<I@J:< 8; LE GIF><KKF @;<EK@K8I@F
:FDLE<<@EHL8C:?<DF;FC<>@KK@D88E:?<@CGIFGI@FGFK<I<=8:<E;FJ@
>8I8EK<;<CCl@;<EK@KS:LCKLI8C<;<C>ILGGF
,<;LI8EK<@I@K@;@@E@Q@8Q@F
E<C8ELFM8I<:CLK8;<M<I<:@K8I<@C>@LI8D<EKF@EHL<JK8:@I:FJK8EQ8@C
J@E;8:F ?8 ClF99C@>F ;@ LE ;@J:FIJF GL99C@:F :?< J8E:@J:8 Cl8;<J@FE<
;<CCl@EK<I8 :@KK8;@E8EQ8 8CC8 j=8D@>C@8 =I8E:FGIFM<EQ8C<k
%F J:FGF
GI@E:@G8C<;<@I@K@;@@E>I<JJFJ:I@M<8M@;$<IKQ<IX;@DF;@=@
:8I<Cl8LKF;<=@E@Q@FE<;<CJF>><KKF
8CDFD<EKF@E:L@C898E;@<I8
M@<E<I@:FEFJ:@LK8:FD<GIFGI@8<@JJ8K8J@;@:?@8I8LE8ELFM8@;<EK@
KS HL<CC8 =I8E:FGIFM<EQ8C<
?@ 8::<KK8 ;@ @EE8CQ8I< C8 98E;@<I8
;@M<EK8=I8E:FGIFM<EQ8C<
FGFC8C<KKLI8:FEMF:<JK<EKFI<8J@8@E?0C>8BJ@8@E@K8C@8EF;<C
;@J:FIJF@E8L>LI8C<@CJ@E;8:F:?<G<ILCK@DF?8@JJ8KFC898E;@<I8;8
M8EK@8CGIFGI@F:FDLE<C8GFI><8CJ@E;8:FFJG@K<
%898E;@<I8M@<E<
DFJKI8K8 8>C@ 8JK8EK@ < @C J@E;8:F GIFELE:@8 8C:LE< =FIDLC< ;@ J8CLKF
,L9@KF;FGFJ@=FID8@C:FIK<F;<CC<8LKFI@KS
"C>ILGGFJ<>L<:FE;<=<
I<EQ8@C;I8GGF:FE>I8E;<:FDGFJK<QQ8<I@JG<KKF=@EF8CCl8JK8;FM<
M@<E<@JJ8K8
"C9I<M<G<I:FIJF;<C;I8GG<CCF@EKFIEF8CC8G@8QQ8XJ:8E
'/+"'"G
,LHL<JK@K<D@:=I
/
-.+'+
"
$+-3+G
8G@KFCF/"
;@KF ;8CC< EFK< ;<CC8 98E;8 DLJ@:8C<
-LKK@ >C@ 8JK8EK@ FJJ<IM8EF C8
ELFM8 98E;@<I8 JK8>C@8IJ@ JLCCF J=FE;F ;<CC< DFEK8>E< M8CJLJ@E<
.E
8GGC8LJF:FEJ8:I8Cl8MM<ELK88;FQ@FE<;<CM<JJ@CCF
"CJ@E;8:F;<CG8<
J< JL::<JJ@MF :?< I@:<M<IS C8 98E;@<I8 ;<M< :?@L;<I< C8 :<I@DFE@8
;8E;FLEELFMF8GGLEK8D<EKFC8E:@8E;F@CD<JJ8>>@F:?<@CI@KFJ8IS
I<@K<I8KF<:?<LE8j:FDLE@KSJFI<CC8kJ<>L@ISCl<J<DG@F
'<CC8 I@G<K@Q@FE< 8CCl@EK<IEF ;<CC8 J<HL<EQ8 K<DGFI8C< @C I@KF J@
:FDG@<E<CCl@K<I8Q@FE<;@><JK@<8Q@FE@@CD<JJ8>>@F;@M<EK8=8D@C@8I<
<J@:I@JK8CC@QQ8@EKI8;@Q@FE<
#4;;4?068=4B46D4=C8
,<HL<EQ8;l@DD8>@E@;8CC8:<I@DFE@8;@GI<J<EK8Q@FE<;<CC898E;@<I8=I8E:FGIFM<E
Q8C<JMFCK8J@8/<E8LJ@CD8IQF
"EEFD<;<CC8C@E>L8
8G@KFCF/"
"EEFD<;<CC8C@E>L8
+@=<I@D<EK@9@9C@F>I8=@:@
R%p,&
=C7A>?>;>68434;_JC0CFC@E)8I@J
%%,"'(
!8=6D42D;CDA4834=C8CL4?>;8C8274;>20;8?>C4B8?4AD=0A8
24A20BD;%84<>=C40FIB@E>G8G<IE
"+,)@<DFEK<-FI@EF
&,%% #
i%
!>68274<4C8224 0=CA>?>;>680 34;;_834=C8CL8= 5A820 40;
CA>E4FCC8K@FI@E>?@<I@-FI@EF
'+,('
><D=8CL8<<068=0C4$A868=843855DB8>=4348=0I8>=0;8B<8
&8E@=<JKFC@9I@+FD8
' "('" !_834=C8CL2><450CC>42><4E0;>A4@E!40DC>=><844C=82744
B?4280;88=C0;804=4;;_DA>?0<438C4AA0=40?A>24BB8BC>A82848BC8CDI8>
=8 KK@ ;<C FEM<>EF "EK<IE8Q@FE8C< E<C *L8I8EK<EE8C< ;<CCF ,K8KLKF
8>C@8I@ J<KK<D9I<i FKKF9I< FEJ@>C@F +<>@FE8C< ;<CC8 ,8I;<
>E8J
C
GG
i
%+
&( %"'#
i&
8:LI8;@34=C8COA468>=0;44C2>=B284=24=0
C8>=0;4 4= A0=24 4C 4= ;;4<06=4 3D ">H4= 64 0 ;_O?>@D4 <>34A=4
-?FI9<:B<,@>D8I@E><E
%'"+ =CA>?>;>680?>;8C820K8J$FDG8JJ&@C8EF
+"' !0 64>6A0580 34;;4 ;8=6D4 !8=6D4 4C=84 4 =0I8>=8 8IF::@
+FD8
+-!
6AD??84C=82848;>A>2>=58=8@E&!+/
&D4BC8>=8384C=828
CL+FJ<E9<I>,<CC@<IGG
i
+-("
(-,-/
8:LI8;@!_834=C8CL8C0;80=04<86A0I8>=48<
<86A0I8>=4 2>=5;8CC8 4C=828 *L8;<IE@ ;<CC8 FE;8Q@FE< IF;FC@E@
;@Q@FE@%8MFIF+FD8
.&'3
+>6;80382><D=8CL%8K<IQ8+FD8i8I@
+'+" .
!4 <8;;4 2D;CDA4 2><D=8CL ;>20;8 4 ?0AC428?0I8>=4 ?>;8C820
F@E<J+FD8
+-+' 8:LI8;@34=C8CO4C2D;CDA4B30=B;4B<>=34B0;?8=4C8C0
;84=-+4\--4B8P2;4%l!8ID8KK8E)8I@J
"EEFD<;<CC8C@E>L8
%'!- )
)(', )
8:LI8;@!4B;0=6D4B4C2D;CDA4BAO68>=0;4B>D<8
=>A8C08A4B34;_A20;?8=:K<J;L:FCCFHL<@EK<IE8K@FE8C 8Gi?8I8E:<
;@JL; 8G
(&"+
+" 8:LI8;@C7=>B42><D=8CL;8=6D8BC820D=2>=5A>=
C> <4C>3>;>682> 8=C4A38B28?;8=0A4 KK@ ;<C FEM<>EF @EK<IE8Q@FE8C<
.;@E<i;@:<D9I<FILD.;@E<
(.+".)
!0?0A>;048;?>C4A4 L@;8'8GFC@
.+')
4C0;88!4<8BDA434;;0<0A68=0;8CL50CC>A834;38B068>C4AA8C>A80
;434;;40A44<>=C0=4?84<>=C4B8"+,)@<DFEK<-FI@EF
%%+" %%"&
!0A4\8=E4=I8>=434;;_0=CA>?>;>680@E!2&,
8:L
I8;@=CA>?>;>680A03820;4FDG@8E@&@C8EFGG
i
%%+" %%" &
!> B?0I8> 34;;_8=2>=CA> %4A2>AB8 =4;;0 2><?;4BB8CL
&<CK<D@+FD8
%%+" %%"&
8:LI8;@#><038B<82>=C4<?>A0=48'0??>AC8CA02>
<D=8CL;>20;8BC0C8\=0I8>=44]5;DBB82D;CDA0;86;>10;8^ L8I8C;@+@D@E@
%%+" %%"&
=CA>?>;>680B4=I02>=58=8%4A2>AB8=4;;02>=C4<?>A0
=48CL,<CC<I@F)8C<IDF
%- "+(' 34=C8CL B0A34 *=_8=2784BC0 4C=>6A05820 . 8>C@8I@
'%%" ,+ " 3.!--" &
8:LI8;@)A0E>;C830;;_;C0+>A0
28CL(;I8;<B+FD8
+--" " /%+" )
%'3-- (E8;D??>4CDC4;034;;_0<184=C40C
CA0E4AB>86A0=384E4=C8;20B>34;;4$;8<?8038)>A8=>
"C&LC@EF
FCF>E8
+(' +
8 :LI8 ;@ =CA>?>;>680 B8<1>;820 0C46>A84 2D;CDA0;8 4
B46=8;8=6D8BC828e%8+@:<I:8FCBCFI@:8f
%"(+#
5ADCC8?DA88<?0II8B2>=>4C=>6A0580;4CC4A0CDA040AC4=4;B4
2>;>--FCC8K@FI@E>?@<I@-FI@EF
%"(+#
&+., (2A8E4A4;42D;CDA4?>4C82744?>;8C82748=4C=>
6A0580&<CK<D@+FD8
( '-
!0<>=C06=42>;>=8BO4%<J;@K@FEJ;L<I=)8I@>@
+@=<I@D<EK@9@9C@F>I8=@:@
(%#
0
0(%
+
!05A>=C84A0=0B2>BC042>;>68044C=828CL5A0)A4=C8
=>4(D3C8A>;>%8'LFM8"K8C@8+FD8
+,)"
(>28>;>68034;;8=6D0668>%8K<IQ8+FD8i8I@
%.' 8:LI8;@86;838D=14=4BB4A4<8=>A4;0!460\
%8'LFM8"K8C@8,:8E;@::@
&+!"
.+-+
,-%.))" 8:LI8;@)4AA8C>A8>42><D=8CL;
<DC0<4=C>B>280;4=4;;_0A40<>=C0=0
E><C@&@C8EFGG
i
"&'-" "
!>20;8B<> @E e+8JJ<>E8 "K8C@8E8 ;@ ,F:@FCF>@8f 111/ CL>C@FiJ<KK<D9I<
"'"&
&%."
#0I8>=8B4=I0BC0C><>E8<4=C84C=82>\=0I8>=0;88=
$22834=C4<CKI@E<CC@&@C8EF
.&('- ">DE4<4=C4B =0C8>=0DG 4C AO68>=0DG 3_0D9>DA3_7D8 @E e8
?@<IJ@EK<IE8K@FE8LO;<JF:@FCF>@<fMFC
%1/"GG
i
.+'-"
=CA>?>;>68034;;8=6D0668>&<CK<D@+FD8
.+$!"&R
!45>A<44;4<4=C0A834;;0E8C0A4;868>B0;@Q@FE@;@FDLE@
KS&@C8EF
%"(.&
JA>B8>=4C?4A<0=4=2434;_834=C8CO2D;CDA4;;4@Ee8?@<IJ@EK<I
E8K@FE8LO;<JF:@FCF>@<fMFC
%1/"GG
i
),-"' %
!_834=C8CL 4C=820 )A4 BCD38 BD;;_4C=828CL %F<J:?<I -FI@EF
"--".
8:LI8;@;B0?4A434;;_0=CA>?>;>680%4=B0A42><?A4=34A4
34B2A8E4A4;_;CA>&LIJ@8&@C8EF
"--".
8:LI8;@C=>6A058042D;CDA4=CA>?>;>688=5>A<0C>A84?>
;8C827434;;_834=C8CL8IF::@+FD8
"--".
!_834=C8CL4C=820(C>A8042A8C82038D=2>=24CC>4@D8E>2>8
IF::@+FD8
% (8<1>;84?>;8C820&FI8EF;@KFI<'8GFC@
+" 8:LI8;@C0;80?;DA8;8=6D4&@E<IM8@K8C@:8<I>8DF
"EEFD<;<CC8C@E>L8
%%"'" !0 586DA0 34;20?> 20A8B<0C82> =4; A0??>AC>;4034A\<0BB4 @E
,%%&'' #
i&
8 :LI8 ;@ >A<4 4 ?A0C8274 38 ?>C4A4 4 ?A0C820 34;
20A8B<0%@>LFI@'8GFC@GG
i
,)+" =C>A=> 0; 5A8D;0=> BD;;0 @D4BC8>=4 ];8=6D0\380;4CC>^ @E
//
0;380;4CC>0;;0;8=6D0KK@;<C"1FEM<>EFG<I>C@,KL;@@8
C<KK8C@ "K8C@8E@ J<KK<D9I<i FKKF9I< %<::< )8:@E@ ;@KFI< )@J8
GG
i
+-3
=C4A?A4C0I8>=4382D;CDA4"C&LC@EFFCF>E8
"',
!42>=B46D4=I434;;0<>34A=8CL"C&LC@EFFCF>E8
"',
;<>=3>27420<180><4;06;>10;8II0I8>=4A838B46=0;0=>
BCA0E8C0"C&LC@EFFCF>E8
"',(+
)
!034<>2A0I80274=>=2_P@E8L;@-FI@EF
+,,'" 8:LI8;@=CA>?>;>680434?8BC4<>;>680?4A;>BCD38>34;;0
2>=C4<?>A0=48CL L8I8C;@+@D@E@
+,,"
%A>58;>;8=6D8BC82>34;;0+0;;438(DB0@Ee,<>LJ@LDf"
GG
i
."!(''-)
C7=84;0=6D44C=0C8>=0;8CO@E/!"'&
8:LI8;@
!0=6D4B 4C ?4D?;4B KK@ ;<C FEM<>EF I<JJFE<Pi,8@EKi#<8E ?8K<8L
,8MF@8C<D8@FJK8GG
i
!''+3.
!02><?;4BB8CL2D;CDA0;4!_>A60=8II0I8>=4B>280;434;B86=858
20C>"C&LC@EFFCF>E8
!''+3.
!038E4AB8CL2D;CDA0;4"C&LC@EFFCF>E8
!++"- #
!0 ;8=6D0 0A?8C0=0 5A0=2>?A>E4=I0;4 >= ?0AC82>;0A4 A854
A8<4=C> 0;;0 ;8=6D0 34;;0 +0; 38 >BC0 K@G
<II<IF +FD8EF 8E8M<J<
!++",(' !0 3>??80 834=C8CL D=0 E4AC4=I0 0=CA>?>;>6820 =4;;0 <8=>
A0=I04C=>;8=6D8BC820A14A4B7,
,:@8J:@88CK8E@JJ<KK8i+FD8
!-!+ &
%/"&
)74><?0A0C8E4=0;HB8B>5C7=>A468>=0;">E4
<4=CB@EeK?E@:8E;+8:@8C,KL;@<Jf""GG
i
!(,0&
!_8=E4=I8>=434;;0CA038I8>=4@E8L;@-FI@EF
$+-3+
"
'8C84B8<1>;834;?>C4A4%8K<IQ8+FD8i8I@
+@=<I@D<EK@9@9C@F>I8=@:@
$"%'" &
!_8=E4=I8>=4 34;;_0;CA> (0668 BD; 38B2>AB> 0=CA>?>;>682> ;@
Q@FE@<;8CF8I@
%)%'-"'
34=C8CL4<OC8BB064*<0=80;38;L34;;40??0A4=I4CXL
K?<I8&@C8EF
%,,0%% !
%"-,'
8:LI8;@;;8=6D0668>34;;0?>;8C820BCD3838
B4<0=C820@D0=C8C0C8E0+"-FI@EF
%R/"i,-+.,,
!>B6D0A3>30;>=C0=>=CA>?>;>6802D;CDA0B284=I00
A055A>=C>@E8L;@-FI@EF
%(&+" ,-+"'" %
&
0; 380;4CC> 0;;0 ;8=6D0 A8B20CC> 2D;CDA0;4 >
?4A38C038834=C8CL@E
//
0;380;4CC>0;;0;8=6D0KK@;<C"1FE
M<>EFG<I>C@,KL;@@8C<KK8C@"K8C@8E@J<KK<D9I<iFKKF9I<%<::<
)8:@E@;@KFI<)@J8GG
i
&!+/
&D4BC8>=8384C=828CL+FJ<E9<I>,<CC@<I
&%--" !0 CDC4;0 34; ?;DA0;8B<> ;8=6D8BC82> 8=C0;80 CA0 Z380;4CC8[ 4
Z;8=6D4<8=>A8C0A84[8;0=28>4?A>B?4CC8E4@Ee%@E>L8<JK@C<f
GG
i
&-+/
!0B2A8CCDA04C=>6A05820&<CK<D@+FD8
'/+"'" !45>A<4A8CD0;834;;0?>;8C820%8K<IQ8+FD8i8I@
(+"(%,/
8:LI8;@!0;468B;0I8>=4=0I8>=0;4BD;;4<8=>A0=I4;8=6D8B8
274 %A>1;4<8 0??;820I8>=8 ?A>B?4CC8E4 KK@ ;<C FEM<>EF ;@ ,KL;@
.;@E<EFM<D9I<i;@:<D9I<FILD.;@E<ELD<IFLE@:F
;@e)CLI@C@E>L@JDFf
)%""",.'")+-
=C>A=>0;;4<8=>A0=I48<;
@8GG@:?<CC@-FI@EF
)%2(&
"8C84B8<1>;8?>;8C828FIC8;@KFI<-FI@EF
)-+(,"'( C=828CL 4 C4AA8C>A80;8CL 458=8I8>=8 4 C4>A84
34;;_0CC8E8II0I8>=44C=820@E e+8JJ<>E8 "K8C@8E8;@,F:@FCF>@8f
GG
i
)",-(" )
34=C8CL 4C=820 4 <>18;8C0I8>=4 ?>;8C820 @Ee+8JJ<>E8 "K8C@8E8 ;@
,F:@FCF>@8fGG
i
)(.-" '- )
,-+"i'+- #
)4>A84 34;;_4C=828CL &LIJ@8 &@C8EF
"EEFD<;<CC8C@E>L8
+&(--"
>=CA>;_834=C8CL%8K<IQ8+FD8i8I@
+(,," =CA>?>;>680 2D;CDA0;4 ??D=C8 38 <4C>3> ?4A ;0 A824A20 =48
]<>=382>=C4<?>A0=48^ L<I@E@,KL;@F&@C8EF
,%/" ,
!4=0I8>=8?A>818C46D8300384282>;>=84]8=C4A=4^34;;_DA>?0
>22834=C0;4/8CC<::?@@I<EQ<
,%/" ,
!4 ;8=6D4 C06;80C4 BC>A80 34;;4 <8=>A0=I4 ;8=6D8BC8274 8= C0;80
+@QQFC@&@C8EF
,' =CA>?>;>68034;;02A8B8!03855DB8>=4346;84C=828B<8;8=6D8BC8
28 @E +(' +
8 :LI8 ;@ =CA>?>;>680 B8<1>;820 0C46>A84
2D;CDA0;8 4 B46=8 ;8=6D8BC828 e%8 +@:<I:8 FCBCFI@:8f GG
i
,' ."' i%
8 :LI8 ;@ !4B <8=>A8COB 4C7=8@D4B 4= DA>?4
%l!8ID8KK8E)8I@>@
,+.%%" )
!0 2>BCADI8>=4 34;;_4C=828CL %l!8ID8KK8E "K8C@8 -FI@EF
,+.%%")
=CA>3DI8>=4=CA>?>;>68034;;_$22834=C44B6D0A3>30E8
28=> @E ,+.%%" )
8 :LI8 ;@ =CA>?>;>680 34;;_$22834=C4
&<CK<D@+FD8GG
i
, %'&
'8C84A8CD0;82>=C4<?>A0=48"C&LC@EFFCF>E8
,""%%)
%A>B?4CC8E4C4>A82><4C>3>;>68274?4A;>BCD38>34;;4<8=>A0=I4
0;?8=4;_8=3068=40=CA>?>;>68203486AD??8F0;B4A@E!0@D4BC8>=4F0;
B4A KK@ ;<CC8 GI@D8 >@FIE8K8 @EK<IE8Q@FE8C< ;@ JKL;@F (IK8 >@L>EF
FE;8Q@FE<I:?
EI@:F&FEK@GG
i
,""%% )
*;C8<8 BE8;D??8 34;;_0=CA>?>;>680 0;?8=0 @E e,<>LJ@LDf GG
i
,""%% )
; ?0A0386<0 34;;0 2><D=8CL 5A0 B>28>;>680 4 0=CA>?>;>680 @E
,+.%%")
8:LI8;@=CA>?>;>68034;;_$22834=C4&<CK<D@+FD8
GG
i
,""%%)
!0)7D8;48=+0;;43_>BC0*=02><D=8CL0;?8=05A0CA038I8>=44
<>34A=8CL(CJ:?B@@I<EQ<
,""%%)
!_4C7=>B2><42>BCADI8>=42D;CDA0;4#>C40<0A68=438D=>BCD
38> 38 2><D=8CL @E e&<KF;@+@:<I:?<f E
J
8EEF 11"/ GG
i
+@=<I@D<EK@9@9C@F>I8=@:@
,&"-!
;A4E8E0;4C=82>"C&LC@EFFCF>E8
,-"! %0A;>=B 5A0=2>?A>E4=N0; *=4 ;0=6D4 <O2>==D4 %l!8ID8KK8E
)8I@J
,-(%( &
!8=6D4<8=>A8C0A844D=8CL4DA>?40!0Z0AC038(CA0B1DA6>[
34;
E><C@&@C8EF
,-+$ 8 :LI8 ;@ !4B 380;42C4B 34 A0=24 0D ">H4= 64 4C 0D
9>DA3_7D8 3><08=4B 3_>S; 4C 3><08=4 5A0=2>\?A>E4=N0; $C@E:BJ@<:B
)8I@>@
-%&('-
%A>1;4<84?A>B?4CC8E4346;8BCD385A0=2>?A>E4=I0;8@E%"/"(
)
,*."+33 8:LI8;@!8=6D44380;4CC8=4;;_0A2>0;?8=>
>22834=C0;4KK@;<CFEM<>EF@EK<IE8Q@FE8C<-FI@EFi8GI@C<
<EKIFJKL;@G@<DFEK<J@-FI@EFGG
i
-%&(' -
!4 <8=>A0=I4 ;8=6D8BC8274 8= C0;80 ;@Q@FE@ ;<CCl(IJF C<J
J8E;I@8
-%&('-
!0B>28>;8=6D8BC8204;4;466838CDC4;034;;4<8=>A0=I4;8=6D8BC8
274@Ee%""
%@E>L<<@;@FD@;l"K8C@8fGG
i
-,,+(%(&
"8=>A0=I4;8=6D8BC827448<<068=434;;0;8=6D0D=0A824A
20BD;;0A40;CL8C0;80=0
E><C@&@C8EF
-!",, &
!0 2A40I8>=4 34;;4 834=C8CL =0I8>=0;8 8= DA>?0 "C &LC@EF
FCF>E8
-(,( !8=6D4 3_DA>?0 ;0 ?;DA0;8CL ;8=6D8BC820 348 %04B8 4DA>?48 5A0
?0BB0C>4?A4B4=C48C;@E@8JKFC;@8C8@&@C8EF
-(.+"' 4C 0;88 !4 ?0HB 2>=CA4 ;_JC0C !DCC4B >228C0=4B R;@K@FEJ ;L
,<L@C)8I@>@
-."%%(' !4 5A0=2>?A>E4=N0; ?A>6APB 3_D=4 3O58=8C8>= "DGI@D<I@<
L:FJK8
-."%%(' !4 5A0=2>?A>E4=N0;KFDF " O58=8C8>= 4C3O;8<8C0C8>= %7O
=><P=4BA4<0A@D01;4B&LJLD<:@FJK8
-.%%"(i%-' (>664CC> B8<1>;> 4 E0;>A4 %4AD=_4A<4=4DC820 0=CA>
?>;>6820<CKI@E<CC@&@C8EF
-.%%"(i%-' C7=>B 4 28E8;CL 834=C8CL 4C=8274 4 E0;>A8 34<>2A0C828
<CKI@E<CC@&@C8EF
"EEFD<;<CC8C@E>L8
-.%%"(i%-'
!02>B284=I028E8;4346;88C0;80=8+0;>A8438BE0;>A8=4;
;0BC>A80=0I8>=0;4 8JG8I@;@KFI<.;@E<
-.+'+/
=CA>?>;>68034;;0?4A5>A<0=24"C&LC@EFFCF>E8
-.+'+/
!05>A4BC0348B8<1>;8B?4CC834;A8CD0;4#34<1D&FI:<CC@8E8
I<J:@8
/"33()
)
><D=8CL0;?8=4<184=C4?>?>;0I8>=4BCADCCDA0B>280;4=4;
;4;?830;-+B42>;>03>6688IF::@+FD8
/"33()
)
*=>B6D0A3>30E828=>!_0=CA>?>;>6800;?8=05A04B>C8B<>4
3><4BC828CL@E,+.%%")
8:LI8;@=CA>?>;>68034;;_$22834=C4
&<CK<D@+FD8GG
i
0(%
+
!_DA>?048?>?>;8B4=I0BC>A80"C&LC@EFFCF>E8
Finito di stampare nel mese di gennaio del 
dalla «Ermes. Servizi Editoriali Integrati S.r.l.»
 Ariccia (RM) – via Quarto Negroni, 
per conto della «Aracne editrice S.r.l.» di Roma
Scarica

Teoria e ricerca - Aracne editrice