Você está na página 1de 692

" ;HCG;>I J?F; ?MJ?L;Hƒ; >? M?L J;LNC=OF;LG?HN? ’NCF  DOP?HNO>? ? >?

=IHNLC<OCLJ;L;;L?@ILG;>IM=IMNOG?M?GA?L;F
@ILG?C;JL?M?HN?=IF?ƒ‚I>?
G~RCG;M
=IHM?FBIM?JL?=?CNIM
KO?M‚I;<;M?>;KO?F;GIL;FOHCP?LM;FKO?„
N‚I;>?KO;>;@?FC=C>;>??MJCLCNO;F?N?GJIL;F>?NI>IMIMBIG?HM>?KO;FKO?L
C>;>?
 ?MN;>I ? =IH>Cƒ‚I
 ?  JLIMJ?LC>;>? ?  <I; IL>?G
 H‚I ;J?H;M >;
L?J’<FC=; =CPCF ? =LCMN‚ ?G KO? PCP?GIM
 G;M >? KO;FKO?L IONL; L?J’<FC=; IO
AIP?LHI MI<L? I KO;F IM @CFMI@IM G;CM ?MJ?=OF;NCPIM ? JLI@OH>IM >I IL<?
KO?CL;G>CM=ILL?L

DA}C:E@52}3=:26$@C2=,?:G6CD2=
E:C2525@-6=9@65@%@G@+6DE2>6?E@
D4C:E26>E@D42?@A6=@23256$2CE:?:
4@>2D4:E2x†6D2@Ay52As8:?2
+C25FK:52A2C2@42DE6=92?@
A@CF>=yC:8@52)68C252@?8C682xw@
56*w@26E2?@56DE2@CE6
@>=:46?x2
$25C:'@CK?2C

0?GJL? KO? =B?A; I N?GJI @L?M=I
 IO M?D;
 HI G?CI >I IONIHI
 G? >~ ;
FIO=;>?J?HM;LC>?C;M>?NCJI?MM…HNLC=I??TNC=I
=IGIJIL?T?GJFIKO??O
AIMN;LC;>?PCL;L;H>ILCHB;J;L;;A;LL;L?PI;L;IMJ;ˆTIH>?N?G=;FIL
IO>?M?L
@OLGCA; J;L; G? ?H@C;L <?G @OH>I HOG <OL=;>I ? =IG?L IM JLI>ONIM
AO;L>;>IMHIP?L‚IIO>?M?LOG;Pˆ<OL;=IGI;M>ITIFDC=I
KO??MN‚I<?G
AO;L>;>;MHOG;A;CIF;>?PC>LI=IG=;F?@;MM‚IJ;L;KO?H‚I@CKO?G>OL;M>?
@LCI
KO?„IKO?;=IHN?=?=IGIMJI<L?MM?L?MOG;HIM
KO?H‚IN…G=IGKO…
=IGJL;LLIOJ;>?N‚I=;L;KO??MN~
H?GJI>?GM?;KO?=?LJIL=;OM;>;@;FN;
>? KO?LIM?H?
 >; @;FN; >? =;LP‚I
 >; @;FN; >? F?HB;
 >; @;FN; >? J?NLFCO
 ?
N;G<„G >; @;FN; >? >CHB?CLI
 JILKO? KO;H>I ; A?HN? ;H>; =IG <O@OH@; HI
<IFMI JI>? ?HNL;L ?G KO;FKO?L <ON?=I ? G;H>;L P?L OG; <I; =;=B;MM; KO?
?MKO?HN;KO?MP?H>I
MKO?=IHP?GH‚I;<OT;L
JILKO?>I;<OTIM;CIPˆ=CO
? >I Pˆ=CO ; >?D?H?L;MM‚I N;HNI >I =ILJI =IGI >;M N;L;M GIL;F >? =;>; OG
 ?
KO;H>IM?>?MJ?H=;J?F;F;>?CL;@;N;F>;@;FN;>?<I;=IH>O=N;?GNI>OM?HNC>I

HCHAO„GH?GHCHAO„HMM;FP;;A?HN?>?;=;<;LH;G;CMILLˆP?FF;N;>?FC=BI>I
>?MJL?MNˆDCIOG;HI
?HOH=;P‚I?MN?H>?LOG;G‚IJ;L;NCL;L;A?HN?>IFI>O
CGOH>OHIG?CI>IKO;F;A?HN?R;@OL>;
CAO;FTCHBI=IGIMC;A?HN?@IMM?OG;
~AOCKO?KO;H>IDIP?GM;<C;=ILL?L?PI;LJ?F;JIHN;>;M;FN;MGIHN;HB;
G;M
KO?;IM?LP?FB;=;COJL;<;C=BI@?CNI<IG<;L>?CLO=;CH>O>?<C=OKO;H>I@;FB;
IGINILGIL;O "NIG;L;KO?IKO??MNIO?M=L?P?H>IMCLP;J;L;;FAO?GIFB;L
<?GM?O=IGJILN;G?HNI?H‚IM?;LL?J?H>?L>?JICMKOC„N;L>??KOCNO>ID~@IC
JLI=;L;FBOJIL=OFJ;MO;
„M;LLONI
&BF66F8@DE2C:256D6CD6?w@7@DD6@BF6D@F
=;JˆNOFIU ‚I>?0‚I?LH;L>OW
!,)!,!")d

):6??6G@FDEF6F?9@>>64@>>65zEC6
@3=:8y56C6ACyD6?E6CF?A2JD
';=KO?M3;=B„
=;LN;;H>L„L?NIH


"H=IHNL;LC;;*;A;1;HN;MP?T?MNCHB;<;MN;>I;J;L?=?L
PCH>IJ?F;/O?>?
0?CH?
HI;L=IKO?>~J;L;I.O;C>? IHNC
?;MMCGKO?;FOT=CHT;?IFCP;KO?
@FONO;MI<L?ILCIG?>?CR;P;>CMNCHAOCL;M@ILG;M
MO;MCFBO?N;>?FA;>;;J;L?=C;
H;-IHN>?MLNM
MP?T?M;H>;H>I>?OGF;>IJ;L;IONLI
MP?T?M>?<LOƒ;>;
H; <;F;OMNL;>; >? @?LLI
 CH=FCH;>; MI<L? ; ~AO;  " ?L; N‚I H;NOL;F ;NL;P?MM;L ;
LO;
 MO<CL IM >?AL;OM
 ?HNL;L H; =CHNOL; >?FA;>; >; JIHN? ? G? ;JLIRCG;L >;
*;A;
 KO? MILLC; M?G MOLJL?M;
 =IHP?H=C>;
 =IGI ?O
 >? KO? OG ?H=IHNLI
=;MO;F?L;;=ICM;G?HIM=;MO;F?GHIMM;MPC>;M
?KO?;MJ?MMI;MKO?G;L=;G
?H=IHNLIM?R;NIMM‚I;MG?MG;MKO?JL?=CM;G>?J;J?FJ;ON;>IJ;L;?M=L?P?LIO
KO?;J?LN;G>?<;CRIJ;L;=CG;INO<I>;J;MN;>?>?HN?M
*;M;AIL;?F;H‚I?MN;LC;H;JIHN? 0?O@CHILIMNI>?J?F?NL;HMF’=C>;MOLACLC;
?G P?FBIM JILN;CM HI AO?NI >I *;L;CM
 N;FP?T ?MNCP?MM? =IHP?LM;H>I =IG OG;
P?H>?>IL; >? <;N;N;M @LCN;M IO =IG?H>I M;FMC=B; HI IOF?P;L> >? 0„<;MNIJIF
CH>;;MMCG
MO<C;N„;JIHN?
?;*;A;H‚I?MN;P;F~ AIL;;*;A;H‚I?MN;P;
?G G?O =;GCHBI
 ? ?G<IL; OG MIO<?MM? I ?H>?L?ƒI >I IONLI
 =IHB?=?MM?
=;>;L?=;HNI>?HIMMIM>ICMKO;LNIM>?@;FMIM?MNO>;HN?M?G-;LCM
=;>;=;LN‚I
JIMN;F ;<LCH>I OG; D;H?FCHB; L;KO? IO $BCLF;H>;CI IO *;R "LHMN =IHNL; ;M
GIF>OL;M <;L;N;M ? IM J;J„CM >? J;L?>? ?RNL;P;A;HN?M
 ;CH>; ;MMCG H‚I HIM
JLI=OL;Lˆ;GIM?GHIMM;M=;M;M -L?@?Lˆ;GIMHIM?H=IHNL;LH;JIHN?
H;P;L;H>;
>? OG =;@„
 HOG =CH?=FO<? IO ;A;=B;>IM ;I F;>I >? OG A;NI HOG J~NCI
KO;FKO?L >I <;CLLI F;NCHI  H>~P;GIM M?G HIM JLI=OL;L
 G;M M;<?H>I KO?
;H>~P;GIMMJ;L;HIM?H=IHNL;L s*;A;
?G=;>;GOFB?LJ;L?=C>;=IGPI=…
M? ;=OGOF;P; OG; ?MJ„=C? >? MCF…H=CI ?HMOL>?=?>IL
 OG; J;OM; =ILN;HN? ?
=LCMN;FCH; KO? ;=;<;P; JIL GOL=B;L NLCMN?G?HN?
 =IGI OG AO;L>; =BOP;
GIFB;>I KO? M? @?=B;  &MMI G?MGI OG AO;L>; =BOP;
 *;A;
 PI=… N;FP?T M?
F?G<L? >;KO?F? AO;L>; =BOP; P?FBI KO? M;=LC@C=;GIM HOG <;LL;H=I >I -;L=
*IHNMIOLCM
 HOG ?HN;L>?=?L A?F;>I >? G;LƒI  'IA;GIM @IL; JILKO? PI=… I
B;PC; ?H=IHNL;>I H; -F;=? >? F; IH=IL>?
 D~ G?CI G;G<?G<?
 ? OMIO
GOCNˆMMCGI ?MM? AO;L>; =BOP;
 JLCH=CJ;FG?HN? J;L; ?MJ?N~ FI H;M =IMN?F;M >;M
J?MMI;M HI G?NLŽ ? HIM ŽHC<OM
 M?GJL? ;PI;>; ? >CMNL;ˆ>; ? J?HM;H>I ?G
J~MM;LIM=IFILC>IMIOHI>?M?HBCHBIKO?>O;MGIM=;M@;TC;GHIN?NI>IP;A‚I

? ;KO?F; N;L>? =;CO OG ;AO;=?CLI ? PI=… KOCM ;<LCL M?O AO;L>; =BOP; NI>;
ILAOFBIM; KO;H>I ?HNL~P;GIM HI J;LKO?
 ? ?G MO; G‚I M? ;LGIO OG;
=;N~MNLI@?>?L?FGJ;AIM@LCIM?HOP?HMH?AL;M
NCL;M>?N?=C>I>?MNLIƒ;>I=;CH>I
?HNL? F;GJ?DIM >? P;L?N;M >?M?H=;CR;>;M
 ? Lˆ;GIM @?CNI FIO=IM ?HKO;HNI HIM
?GJ;J~P;GIM
 J?HM;H>I KO? OG AO;L>; =BOP; ?H=IHNL;>I HOG; JL;ƒ; >?PC;
GILL?L>CAH;G?HN?HOGJ;LKO?
H‚IJI>C;?HNL;LHI=C=FIH;>;HI<L?>;F;N;
>? FCRI IO >I G?CI @CI >; M;LD?N; ?HN‚I ?O ?HLIF?C I AO;L>; =BOP; >; G?FBIL
@ILG; JIMMˆP?F
 ? I F?P;GIM ;N„ I ;FNI >I J;LKO?
 F~ J?LNI >; J?KO?H; JIHN?
MI<L? IM NLCFBIM >I NL?G
 ? >? F~ ;NCL?C =IG NI>;M ;M GCHB;M @ILƒ;M I AO;L>;
=BOP; ;N„ I @OH>I >I <;LL;H=I >? =;JCG GIFB;>I ?HKO;HNI PI=… MIFN;P; OG
ALCNI ?G KO? NCP? ; CGJL?MM‚I >? L?=IHB?=?L P;A;G?HN? OG; G;F>Cƒ‚I >?
P;FKOˆLC; "HI@OH>I>I<;LL;H=I?F?;@OH>IO=IGIOG<;L=IKO?MO=OG<?
~AO;P?L>?
~AO;P?L>???H@OL?=C>;
;=2>6CBF:6DEA=FD7y=@?6DD66?yEyBF6?
9:G6C
IH>;J„L@C>;
*;A;
M?AOH>I?HOG?L;ƒ‘?MKO?>?N;FB;GIM>OL;HN?OG
N?GJ‚I
;J;CRIH;>IMIM>ICMJIL'ICHPCFF??J?FIJ;LKO?
;<L;ƒ;>IM?J;L?=?H>I
~LPIL?M GIFB;>;M IO ;NIL?M >? =CH?G; >? ;FAOG J„MMCGI @CFG? B’HA;LI  " I
AO;L>; =BOP; @C=IO F~ HI G?CI >I =;JCG
 GˆHCGI ? H?ALI
 @?CNI OG CHM?NI
JCMIN?;>I  " H‚I M? GIPC;
 H?HBOG; >? MO;M GIF;M M? ?MNC=;P; =IGI ;HN?M
#CHCNI =;<IO M? s*;A;
?H‚I?MN~P;GIM=IHN?HN?M
,KO??ONCHB;PCH>I@;T?LH;-IHN>?MLNM=BIKO?H;KO?F;KOCHN; @?CL;
>?>?T?G<LI?OB;PC;J?HM;>I?G;NL;P?MM;LJ;L;;G;LA?G>CL?CN;>I0?H;?
NIG;L PCHBI HI J?KO?HI =;@„ >; /O? >?M )IG<;L>M IH>? G;>;G? )„IHC?
?R;GCH; ; J;FG; >; GCHB; G‚I ? ;HOH=C; PC;A?HM ? MOLJL?M;M  +OH=; F?P?C
PI=…J;L;G;>;G?)„IHC?F?L;J;FG;>;MO;G‚I
P;CP?LKO?NCP?G?>IKO?
F?MM?H;MO;G‚I;FAOG;P?L>;>?;G?OL?MJ?CNI
JILKO?PI=…M?GJL?@ICOG
?MJ?FBI N?LLˆP?F
 OG; NL?G?H>; G~KOCH; >? L?J?NCƒ‘?M
 ? CMMI KO? =B;G;GIM
HIMMI;GILN;FP?TN?HB;MC>I?O?MN;L>?J„H;MO;@L?HN?
=IGOG;@FIL;G;L?F;
H; G‚I
 ? PI=… M?AOL;H>I >O;M P?F;M P?L>?M
 ? I N?GJI MIJL;P; =IHNL; HIMMIM
LIMNIMOG;F?HN;=BOP;>?L?H’H=C;M?>?MJ?>C>;M?<CFB?N?M>?G?NLŽ -ILCMMI
HOH=;F?P?CPI=…;N„G;>;G?)„IHC?
*;A;?M?C
JILKO?PI=…G?>CMM?
KO?
PI=… H‚I AIMN;P; KO? ?O PCMM? PI=… ?HNL;L H; J?KO?H; FCPL;LC; >; /O? >?
3?LH?OCF
IH>?OG;H=C‚I;HAOMNC;>I?M=L?P?GCFB;L?M>?@C=B;M?M;<?NO>II
KO?„JIMMˆP?FM;<?LMI<L?BCMNILCIAL;@C; 3I=…C;;N„F~<LCH=;L=IGOGA;NI
?I
P?FBI >?CR;P; PI=… ?HNL;L ? H‚I @;TC; J?LAOHN;M
 =IHN?HN? JILKO? >? P?T ?G
KO;H>I PI=… ;F=;Hƒ;P; J;L; ?F? ;FAOG FCPLI H;M ?MN;HN?M G;CM ;FN;M  " PI=… M?
;KO?=C; H; ?MNO@; KO? NCHB; OG AL;H>? =;HI H?ALI ? H‚I AIMN;P; KO? ?O
MIO<?MM?KO?PI=…C;M?=IFI=;L;IF;>I>;KO?F;?MNO@; *;MNO>ICMMINCHB;>?
M?L>CNIH;BIL;=?LN;
MKO??L;>C@ˆ=CF>?N?LGCH;LIGIG?HNI>?OG;=ICM;
?
G?MGI ;AIL;
 >?<LOƒ;>I H; JIHN?
 P?H>I J;MM;L OG; <;L=;ƒ; =IL >? PCHBI

<?FˆMMCG;=IGIOG;AL;H>?<;L;N;L?FOT?HN?>?FCGJ?T;
=IGOG;GOFB?L>?
;P?HN;F <L;H=I KO? J?H>OL; LIOJ; HOG P;L;F >; JLI;
 IFB;H>I ;M D;H?FCHB;M
JCHN;>;M >? P?L>? =IG =ILNCH;M %;HM?F ? $L?N?F
 G?MGI ;AIL;
 *;A;
 ?O G?
J?LAOHN;P;M?>;LNI>;;KO?F;PIFN;@;TC;M?HNC>I
D~KO?J;L;=B?A;L/O?>?M
)IG<;L>M N?LC; MC>I G?FBIL =LOT;L ; -IHN 0;CHN *C=B?F ? ; -IHN ;O B;HA?
*;M M? PI=… NCP?MM? ?MN;>I F~ H;KO?F; HICN?
 =IGI ?G N;HN;M IONL;M P?T?M
 ?O
N?LC;M;<C>IKO?>;L;KO?F;PIFN;NI>;NCHB;OGM?HNC>I
?;AIL;
?GP?T>CMMI

?O ;PCFN;P; G?O @L;=;MMI =B;G;H>I I >? >;L PIFN;M  "L; KO?MN‚I
 >?JICM >?
F?P;HN;L ; AIF; >I G?O <FOM‚I ALIMMI
 >? CL ?G @L?HN? J?FI =;CM ;N„ ?HNL;L
H;KO?F; TIH; >;M AL;H>?M FID;M KO? P;C >;L HI B;N?F?N
 J;MM;L >?<;CRI >;
MIG<L; PCIF?N; >; 1IOL 0;CHN ';=KO?M ? MO<CL GCHB; LO; J?HM;H>I KO? H‚I
NCHB;?H=IHNL;>IPI=…?J?HM;H>I?GG;>;G?)„IHC?
0?CKO?OG>C;=B?AO?C;-;LCM
M?CKO?J;MM?COGN?GJIGIL;H>I>?@;PIL

@;T?H>IIKO?IMIONLIM@;T?G?P?H>IIKO?IMIONLIMP??G 0?CKO?PI=…M;ˆ;
>? OG =;@„ >; /O? >O B?L=B? *C>C ? KO? HIM @;F;GIM  +;KO?F; N;L>? NO>I
>?O ?LL;>I
 JILKO? G?OM B~<CNIM ;LA?HNCHIM G? JLIC<C;G >? ;NL;P?MM;L
=IHNCHO;G?HN? >? OG; =;Fƒ;>; J;L; IONL; J;L; IFB;L ;M =ICM;M G;CM
CHMCAHC@C=;HN?M H;M PCNLCH?M G;F CFOGCH;>;M >? OG;M LO;M >;M KO;CM D~ H‚I G?
F?G<LI  "HN‚I ?O M?AOC; PI=… >? G~ PIHN;>?
 ;=B;H>I PI=… J?NOF;HN? ?
G;F=LC;>;
 ;N„ KO? PI=… M? =;HMIO >? H‚I ?MN;L =;HM;>; ? HIM ?H@C;GIM HOG
=;@„ >I IOF*C=B ? >? L?J?HN?
 ?HNL? >ICM =LICMM;HNM
 PI=… G? =IHNIO OG
AL;H>?J?>;ƒI>;MO;PC>;
IGI?OJI>?LC;MOMJ?CN;LKO?;KOCFIKO?J;L?=C;N‚IG?HNCL;@IMM?P?L>;>?

OG#CA;LC=IGPCIF?N;M>?;HICN?=?L
=IGLIMNIMFˆPC>IM
=IG@IG??J;H=;>;M
HIM =;HNIM *;CM N;L>? ;=L?>CN?C ?G PI=…
 G;CM N;L>? BIOP? GINCPIM
 BIOP?
G;>;G?)„IHC?
KO?IFB;H>IGCHB;G‚IKO?NCHB;;>ILG?=C>I?GM?OMM?CIM
G?L?J?NCOKO;M?;MMO;MG?MG;MJ;F;PL;M U"F;MI@L??G;FAOGFOA;L 0?GJL?
MI@L?O jGOCNI;F?AL?
;>IL;;G;L?FI
M?OJ~MM;LI„IG?FLI
MO;BIL;„;HICN?

MO; JIHN? ; -IHN >?M LNM W 2G; <;L=;ƒ; =IL >? PCHBI
 *;A;
 ? JIL KO? H‚I
@IGIM?G<IL;H?F;?HKO;HNI;CH>;B;PC;N?GJI
" P?D; M
 G;F HIM =IHB?=ˆ;GIM ? ; PC>; D~ OL>C; I H?=?MM~LCI J;L;
>?M?H=IHNL;L HIMGCHO=CIM;G?HN?  IGIPI=…H‚IM;<C;>CM@;Lƒ;L
J?L=?<C?G
M?AOC>;KO?J;L;P?LPI=…=IGI?OKO?LC;?L;H?=?MM~LCI=IG?ƒ;LJIL@?=B;LIM
IFBIM
 ? ?HN‚I JLCG?CLI ;J;L?=C;G =ICM;M =IGI ?MNL?F;M ;G;L?F;M GIP?H>I M?
HOG; A?F?C; >? P?FO>I
 >?JICM M;FNIM LO<LIM >? BOGIL ? >;M BIL;M
 CHAL?MMI
J;OF;NCHI HI GOH>I *;A;
 KO? ?L; ; @;FN; >? D?CNI ? ; =IH@OM‚I G;M N;G<„G
M;G;G<;C;M=IG;;MMCH;NOL;>;;L;HB;(F??
I=CL=I*CL
IM?MJ?FBIM=IL>?
=CHT; 3C?CL; >; 0CFP;
 OG GOH>I IH>? PI=… M? GIPC; =IGI OG =;P;FI >?
R;>L?TKO?M?GIP?MM?=IGIOG;NILL?KO?M?GIP?MM?=IGIOGJ?‚I "?HN‚I
H;KO?F?M>C;Mˆ;GIM;IM=CH?=FO<?MP?L@CFG?MGO>IM
JILKO??O
=IG;GCHB;
=OFNOL;
 H‚I „ G?MGI
 ? PI=…
 =ICN;>CHB;
 H‚I ?HN?H>C; ;<MIFON;G?HN? H;>;
>;KO?F; ?MNLC>…H=C; ;G;L?F; =IHPOFM; ;HN?LCIL ;I M?O H;M=CG?HNI
 ;KO?F;
?GOFM‚I?MNLC;>;IH>?=ILLC;GIMGILNIMG;M>?L?J?HN?%;LIF>)FIS>J;MM;P;
JIL;FC??HN‚IPI=…M;=O>C;;~AO;>IMIHI?HI@CGM?=IHP?H=C;>?KO?NO>I
NCHB; MC>I NCGI
 ? KO? -;<MN
 ? KO? #LCNT );HA  3I=… G? ?R;OLC; OG JIO=I
=IGMO;G;HC;>?J?L@?Cƒ‚I
=IGM?OMM;J;NIMLINIM
=IGMO;L?=OM;;;=?CN;LI
;=?CN~P?F  IGˆ;GIM B;G<’LAO?L?M HI ;LL?@IOL >? F,>„IH
 ? ˆ;GIM >?
<C=C=F?N; ;N„ *IHNJ;LH;MM?
 ;N„ KO;FKO?L BIN?F
 ;N„ KO;FKO?L NL;P?MM?CLI  *;M
IONL;M P?T?M ˆ;GIM ?G @L?HN? ;N„ ; -ILN? >,LF„;HM
 =IHB?=ˆ;GIM =;>; P?T
G?FBIL;TIH;>?N?LL?HIM<;F>CIMKO?@C=;J;L;F~>IIOF?P;L>'IOL>;H
IH>?
MP?T?MG?C; HICN?IJ?MMI;F>I FO<?>;0?LJ?HN?M?L?OHC;J;L;@;F;L=IG
OG PC>?HN? =?AI
 J;L;>IRI ?MNCGOF;HN?  !?CR~P;GIM ;M <C=C=F?N;M H; LO; ?
?HNL~P;GIM JIO=I ; JIO=I
 J;L;H>I J;L; IFB;L I =„O
 JILKO? ?MM; „ OG; >;M
JIO=;M TIH;M >? -;LCM IH>? I =„O P;F? G;CM >I KO? ; N?LL;  0?HN;>IM HOG
GIHN?>?FCRI@OG~P;GIMOGN?GJCHBI
?;*;A;;=;LC=C;P;G?OM=;<?FIMIO
=;HN;LIF;P; G?FI>C;M KO? H?G NCHB;G MC>I CHP?HN;>;M
 G?FIJ?C;M ;<MOL>;M
?HNL?=ILN;>;M>?MOMJCLIMIOL?=IL>;ƒ‘?M "O;JLIP?CN;P;J;L;J?HM;L?G=ICM;M
CH’N?CM
G„NI>IKO?NCHB;=IG?ƒ;>I;JL;NC=;L;HIM;HN?MHOGBIMJCN;F?KO?
=;>; P?T G? J;L?=C; G;CM @?=OH>I ? H?=?MM~LCI  IG OG ?M@ILƒI ?HILG?

L?OHCH>ICG;A?HM;ORCFC;L?M
J?HM;H>I?G=B?CLIM?LIMNIM
=IHM?AOC;?RNL;CL>I
H;>;OGJ;L>?M;J;NIMG;LLIHMKO?NCHB;OM;>I?G,F;P;LLˆ;?G 1CHB;
M;FNIM>?<ILL;=B;
MIF;MGOCNI@CH;M
?KO;H>I=BIPC;;~AO;G??HNL;P;;N„;
;FG;  IG?MM?J;L>?M;J;NIMH;MG‚IM>;G?GLC;
IL?MNIPCHB;MITCHBII
LIMNI >? >IH; *;HO?F;
 JIL ?R?GJFI
 IO I JI?N; "LH?MNI *ILLIHC  *;M ?O
L?D?CN;P; CMMI
 JILKO? ; <LCH=;>?CL; =IHMCMNC; ?G L?=OJ?L;L ;J?H;M I KO? @IMM?
CHMCAHC@C=;HN?
 I CHIMN?HNIMI
 I J?L?=C>I  1L?G?H>I JIL H‚I =IHM?AOCL G?
F?G<L;L
;N;=;>IJ?F;NL;ƒ;KO?MOA?L?;JLILLIA;ƒ‚I
CG<?=CF@ILƒ;>?<?CD;LI
N?GJI
 ?O N?LGCH;P; P?H>I ;I F;>I >IM M;J;NIM OG; F;NCHB; >? B~ 0IF KO?
GCHB; G‚? NCHB; G? >;>I ?G O?HIM CL?M  " ; =IFB?LCHB; J;L; I =B~
 ;
=IFB?L L;NI?CL; IH>? IM L;NCHBIM H?ALIM KO?CG;P;G PCPIM H; Rˆ=;L; >? ~AO;
F;Hƒ;H>I <IL<OFB;M A?G?>IL;M  IHP?H=C>I >? KO? ;M L?=IL>;ƒ‘?M AO;L>;G
NO>I?H‚I;J?H;M;MF<?LNCH;M?;MAL;H>?M?@?G„LC>?M>I=IL;ƒ‚I?>IMLCHM

?O G? I<MNCH;P; ?G L?=IHMNLOCL I =IHN?’>I >; GCHB; G?M; >? NL;<;FBI ?G
#FIL?MN;
ILIMNI>?OG;GIƒ;CLL?=IL>~P?F=B;G;>;$?EL?JN?H
IH’G?LI>?
=;H?N;M NCHN?CLI?GG?O?MNIDI>IKOCHNI;HI
?;=;<;P;NL?G?H>IN;HNI?G?
>?M?MJ?L;H>I JILKO? HOH=; =IHM?AOC G? F?G<L;L >;KO?F;M =;H?N;M
 M?C KO?
?MN;P;GHI?MNIDI
HOG=IGJ;LNCG?HNI?MJ?=C;F
G;MH‚IG?F?G<LIKO;HN;M
?L;GH?GJIMMI>CT?L=IGJL?=CM‚IIGIG?HNI?R;NI?GKO?>?P?GN?LMC>I
>O;MIOM?CM
;N„KO?;*;A;
G?<?CD;H>I?MIJL;H>I;@OG;ƒ;>I=CA;LLI?
M?OB~FCNIKO?HN?H;GCHB;=;L;
G?MI=ILLC;?Lˆ;GIM
?=IG?ƒ~P;GIM;;H>;L
>?HIPI?HNL?IMGIHN‘?M>?FCRIJLI=OL;>IJ?MMI;F>I FO<? gKO?F;;FNOL;
?OD~NCHB;J?L=?<C>IKO?JLI=OL;L?L;;GCHB;MCH;
?G<F?G;>IMKO?M;?G
HICN? M?G JLIJMCNI @CRI
 L;T‚I >IM ;MM;MMCHIM >? <’MMIF;M   *;A; ? ?O
@;F~P;GIM>?J;N;@ˆMC=;;N„=;HM;L
JILKO?=IG?F;N;G<„G;=IHN?=C;?HIMMI
?H=IHNLI?L;CMMI
?N;HN;M=ICM;MGCMN?LCIM;M=IGII@M@ILI=;CLIN?GJINI>I
H;M?R=?ƒ‘?M
?CLJ;L;L?G?M=;HCHBIMKO?H‚I?L;GIM>?NI>IGOH>I
?CMMI
M?G>?MJL?T;LHCHAO„G
M?G;=B;LKO?„L;GIM*;F>ILIL?M?GFCKOC>;ƒ‚IH?G
*?FGINBMJLCPCF?AC;>;G?HN??LL;HN?M +‚I;=BIKO?IP;A; FOG??RNL;C;G;CIL
ILAOFBI >I @;NI CH?A~P?F >? M?L OG; >;M G;L;PCFB;M G;CM @?HIG?H;CM >?MN?
=CL=I
 ? HI ?HN;HNI <;MN; MOJIL KO? N?HB; ;FAOG; =IHM=C…H=C; J;L;
=IGJL??H>?L KO? NI>; P?T KO? L?F;GJ;AO?C; MO; <;LLCAOCHB; I <C=BI >? FOT
>?P? M?HNCL OG; ?MJ„=C? >? =IMKOCHB; >? JLCPCF„ACI  !; G?MG; G;H?CL;
 ;
*;A; M? ?H=;HN;P; =IG ;M =IH@OM‘?M CHP?LIMMˆG?CM ?G KO? M?GJL? ;H>;P;
G?NC>; JIL =;OM; >I @L;=;MMI >;M F?CM H; MO; PC>;  "L; >?MM;M J?MMI;M KO?
KO?<L;G JIHN?M M >? @;T?L ; NL;P?MMC;
 IO >;M KO? M? F?G<L;G
 =BIL;H>I ;IM
<?LLIM
>?N?LPCMNIHOG;PCNLCH?;@L;ƒ‚I>;FIN?LC;KO?;=;<;>?A;HB;L=CH=I
GCFB‘?M "O
>?GCHB;J;LN?
D~NCHB;G?;=IMNOG;>I;KO?G?;=IHN?=?MM?G
=ICM;M GI>?MN;G?HN? ?R=?J=CIH;CM
 ? H‚I ;=B;P; ;MMCG N‚I BILLˆP?F KO?
 ;I
?HNL;LHOGKO;LNI?M=OLIJ;L;J?A;LOG>CM=I
M?HNCMM?<OFCLH;J;FG;>;G‚I
I=ILJIPCPI>?OG;=?HNIJ?C;ACA;HN?KO??M=IFB?L;IFIG<I>;=;J;>I>CM=I
J;L;>ILGCL &MMI
??H=IHNL;LAL;H>?MN;NOL;H;M=CHT;IOP?L>?M>?HNLI>?OG
G;ƒI>?=CA;LLIM
IOIOPCLI;JCNI>?OG;FI=IGINCP;?R;N;G?HN?HIGIG?HNI
? HI NIG H?=?MM~LCIM J;L; M? CH=ILJIL;L 6I @77:4:@ ; OG; J;MM;A?G >? OG;
MCH@IHC;>?)O>QCAP;H
IO?HNL;LHOG;A:DD@E:|C6>;/O?>?*„>C=CM?P?LOG
BIG?G OLCH;L ;JFC=;>;G?HN? ;N„ I GIG?HNI ?G KO?
 ;@;MN;H>I M? >? M?O
=O<ˆ=OFI
M?PCL;P;J;L;GCG?G?GIMNL;P;
M?AOL;H>IH;J;FG;>;G‚I
=IGI
M? @IMM? OG I<D?NI FCN’LAC=I ? JL?=CIMI
 OG G?G<LI >? >CG?HM‘?M ? =IL?M
CH=LˆP?CM
?HIG?MGICHMN;HN?J?L=?<?LKO??MM?BIG?G?L;?R;N;G?HN?CAO;F
;IONLI?G<IL;H‚I@IMM?IIONLIKO?PCHN??KO;NLIBIL;M;HN?M
H;0;FF?>?
$„IAL;JBC?
B;PC;>CMM?LN;>IMI<L?NIN?HM?N;<OM?B;PC;GIMNL;>I;IJ’<FC=I

M?AOL;H>IJL?=CIM;G?HN?H;J;FG;>;G‚I
<;MN‘?TCHBIM>?G;L@CG
JFOG;M>?
J~MM;LI G?HOL;
 ?MM; ;P? >? =;O>; CH@CHCN; KO? „ =;J;T >? =;HN;L CGCN;H>I
KO;FKO?L IONLI MIG
 ? GI?>;M LCNO;CM
 @MM?CM G~AC=IM
 ?MNL?F;M >I G;L
 J?CR?M
M?=IM
 @INIAL;@C;M >? =IH=O<CH;M L?;CM
 I@?L?H>;M >? =;ƒ;>IL?M
 ?HILG?M
?M=;L;P?FBIM?G<;FM;G;>IMKO?@;TC;GNL?G?L>?;MMOMN;>;>?Fˆ=C;;MCH@;FˆP?CM
M?HBIL;M>;JF;N?C;
"H@CG
H‚I„@~=CF@;F;L>;*;A;
KO?;?MN;MBIL;M=IG=?LN?T;?MN~;H>;H>I
JIL?FF?PCFF?IO-;HNCH
IFB;H>I;JFC=;>;G?HN?J;L;I=B‚I;N„?H=IHNL;LOG
J?>;ƒI>?;FAOG;=ICM;P?LG?FB; 0?H‚I?H=IHNL;L
P;C=IHNCHO;L;MMCG;HICN?
CHN?CL;
P;CL?PCL;L;MF;N;M>?FCRI
IMIFBIMPC>LIMIM
=IHP?H=C>;>?KO?;FAOG;
=ICM;BILLˆP?FP;C;=IHN?=?LM?H‚I?H=IHNL;L?MM;JL?H>;>?L?MA;N?
IMCH;F>I
J?L>‚IIO>I;>C;G?HNI 0?C<?GIKO?„CMMIJILKO?N;G<„GI<?>?ƒI;?MM?M
MCH;CM
 B~ P?T?M ?G KO? N;G<„G N?HBI >? ?H=IHNL;L OG J?>;ƒI >? J;HI
P?LG?FBI  !?M>? J?KO?HI
 ;MMCG KO? >?CRI ;FAOG; =ICM; =;CL HI =B‚I
 N?HBI
>? ;J;HB;L
 M?D; F~ I KO? @IL
 JILKO? M? H‚I @CT?L CMMI P;C ;=IHN?=?L ;FAOG;
>?MAL;ƒ;
H‚I=IGCAIG;M=IG;FAO„GKO??O;GI?=ODIHIG?=IG?ƒ;=IG
; CHC=C;F >I I<D?NI KO? =;CO  , JCIL „ KO? H;>; „ =;J;T >? G? >?N?L KO;H>I
>?CRI;FAOG;=ICM;=;CLHI=B‚I
?H‚IP;F?IONL;J?MMI;J?A;LIKO?>?CR?C=;CL

JILKO?IG;F?@ˆ=CI;=IHN?=?LC;>IG?MGID?CNI *OCN;MP?T?MJ;MM?CJILFIO=I
JIL=;OM;>CMMI?H;P?L>;>??ON;FP?T?MN?D;FIO=IKO;H>I@;ƒICMMI
KO;H>IG?
JL?=CJCNIJ;L;;J;HB;LOGF~JCMIOOGJ?>;=CHBI>?J;J?FKO?L?MP;F;L;G>;
GCHB;G‚I
=IGIH;HICN?>INILL‚I>?;ƒ’=;LHIL?MN;OL;HN?>;/O?0=LC<?

OG L?MN;OL;HN? >? <;=;H;M =IG GIHN‘?M >? ?R?=ONCPIM


 JON;M =IG ?MNIF;M >?
L;JIM;JL;N?;>;?=;M;CM<?GILA;HCT;>IM "MN~P;GIM=IG/IH;F>?"NC?HH??
>?CR?C=;CLOGNILL‚I>?;ƒ’=;LKO?@ICJ;L;L>?<;CRI>?OG;G?M;<?GFIHA?
>; HIMM;   JLCG?CL; =ICM; KO? G? =B;GIO ; ;N?Hƒ‚I @IC ; G;H?CL; =IGI I
NILL‚INCHB;M?;@;MN;>I
JILKO??GA?L;FIMNILL‘?M>?;ƒ’=;L@C=;GJF;HN;>IM
;MMCG KO? NI=;G I =B‚I
 JIL L;T‘?M J;L;F?F?JˆJ?>;M ?PC>?HN?M  *;M ;KO?F? M?
=IGJILN;P; =IGI M? @IMM? OG; <IF; >? H;@N;FCH;
 I KO? ;OG?HNIO GCHB;
;JL??HM‚I
?=B?AO?C;;=B;LKO?H;P?L>;>??F?NCHB;MC>I;LL;H=;>I>;GCHB;
G‚I /IH;F>
KO?G?=IHB?=?
IFBIOJ;L;IFOA;LIH>?INILL‚INCHB;C>IJ;L;L
? =IG?ƒIO ; LCL  &MMI G? >?O ;CH>; G;CM G?>I
 GCMNOL;>I =IG L;CP;  2G
A;LƒIG M? ;JLIRCGIO J?HM;H>I KO? ?O NCHB; >?CR;>I =;CL ;FAOG; =ICM;
JL?=CIM;
OG;-;LE?LIOOG;>?HN;>OL;JIMNCƒ;
?H;P?L>;>?;’HC=;=ICM;KO?
?F?=IHM?AOC;@;T?L?L;G?CGJILNOH;L
?HN‚IM?GJ?>CLFC=?Hƒ;G?DIAO?CHI
=B‚I ? =IG?=?C ; JLI=OL;L I NILL‚I ?HNL? IM M;J;NIM >;M J?MMI;M KO? ?MN;P;G
=B?C;M >? =OLCIMC>;>? ;=B;H>I ? =IG L;T‚I KO? M? NL;N;P; >? ;FAOG; =ICM;
CGJILN;HN?  +; G?M; B;PC; OG; LOCP; AIL>;
 IONL; G?HIM AIL>; G;M
CAO;FG?HN?JONIH;
?>ICM?R?=ONCPIMIO=ICM;J;L?=C>; JLCG?CL;=ICM;KO?@CT
@IC J?L=?<?L KO? I NILL‚I H‚I ?MN;P;  PCMN;
 ;J?M;L >? ?O N?L PCMNI =IGI ?F?
M;FN;P;;N„IMM;J;NIMKO?M?GIPC;GCHKOC?NIM=IGIA;FCHB;M -;L;JCIL;L;M
=ICM;M
I=B‚I?MN;P;=I<?LNIJILOGN;J?N?
??G<IL;?F??MNCP?MM?OGHIDI>?
N‚I OM;>I
 I NILL‚I NCHB; M? ?M=IH>C>I ?HNL? IM J?FIM ? ?O H‚I =IHM?AOC;
?H=IHNL~ FI ,A;LƒIGM?;NCLIOHI=B‚I>;IONL;JIHN;>;G?M;
?D~„L;GIM
>ICM KO;>L’J?>?M HIM GIP?H>I ?HNL? IM M;J;NIM A;FCHB; KO?
 F~ ?G =CG;

=IG?ƒ;P;G ; =;=;L?D;L @?CNI FIO=;M  , A;LƒIG =IHNCHO;P; =IHP?H=C>I >;


-;LE?L IO >; GI?>; >? IOLI
 ? KO;H>I ?MN~P;GIM <?G ?H@C;>IM >?<;CRI >;
G?M;
HOG;?MJ„=C?>?AL;H>?CHNCGC>;>??H;J?HOG<L;
??F?G?J?LAOHNIO
??OL?MJIH>C
@?TOG;=;L;KO?P;FC;;J?H;;MJ?LACL=IGF;KO…
G;M?OH‚I
?MN;P; =IG PIHN;>? >? LCL
 I G?>I G? >;P; OG; =B;P? >OJF; H; <I=; >I
?MNŽG;AI ? HI @CG G? >?O OG P?L>;>?CLI >?M?MJ?LI I A;LƒIG NCHB; M?
F?P;HN;>I @OLCIMI ? =IG?=?C ; ;A;LL;L IM M;J;NIM >;M GOFB?L?M J;L; P?L M? I
;ƒ’=;L H‚I ?MN;LC; =F;H>?MNCHI >?<;CRI >I ;L=I >; MIF;
 ? ;M A;FCHB;M
=;=;L?D;P;G
IMA;FIM?R?=ONCPIM<C=;P;GG?OFIG<I
?OIOPC;;MA;LA;FB;>;M
>? /IH;F> ? >? "NC?HH? ?HKO;HNI G? GIPC; >? OG; G?M; J;L; IONL; ;N„
?H=IHNL;L I ;ƒ’=;L ?M=IH>C>I ;NL~M >? OG J„ >? =;>?CL; IO >? G?M; M?AOH>I
CGJ„LCI "NI>IGOH>I?H@OL?=C>I
;N„?O
=IGI;ƒ’=;L;J?LN;>IH;J;FG;>;
G‚I ? M?HNCH>I =IGI ?F? M? GCMNOL;P; ;I MOIL >; GCHB; J?F?
 =IGI
;MKO?LIM;G?HN?M?>?MG;H=B;P;HOG;?MJ„=C?>?PCHA;Hƒ;J?A;DIM;
?MM?NCJI
>??JCM>CINI>IMIM>C;M

 


KOCNCHB;MC>IJLCG?CLI=IGIOG;M;HALC;
OG;MIP;>?OMICHN?LHI
OG;
H?=?MMC>;>?>?M?HNCLI?MN’JC>IJ;MM;JILN?>?=;J;;TOFHI<IFMI>IJ;F?N
;
=B;P? >I BIN?F <?G M?AOL; HI JL?AI >I N;<OF?CLI >; JILN;LC;  , G?>I
 ;
CAHILH=C;
 I >?MFOG<L;G?HNI CMMI M? =B;G; ;MMCG
 CMNI M? J?>? ;MMCG
 ;AIL;
;KO?F;GOFB?LP;CMILLCL
OGJIOKOCHBI>?JICM>?MN;LO;=IG?ƒ;I';L>CH>?M
-F;HN?M  -;LCM
 OG =;LN‚I JIMN;F =IG OG >?M?HBI >? (F?? ;I F;>I >? OG
?MJ?FBI MODI   *;A; NCHB; ;J;L?=C>I OG; N;L>? H; /O? >O B?L=B? *C>C

KO;H>I MO<C; J;L; I G?O KO;LNI >; /O? >? F; 1IG<? &MMICL? F?P;P; M?GJL?
OG;@FIL
OG=;LN‚I>?(F??IO>?*CL
?KO;H>IH‚INCHB;>CHB?CLI?M=IFBC;
OG; @IFB; >? =;LP;FBI HI J;LKO?  +;KO?F? N?GJI ?O L?=IFBC; >? G;>LOA;>;
;L;G?M?=;CRIN?MP;TCIMJ?F;MLO;M?@;<LC=;P;G<CF?M
J?L@CMKO?ACL;P;G?G
=CG; >;M =B;GCH„M
 G~KOCH;M CH’N?CM KO? ; *;A; G? ;DO>;P; ; JCHN;L  +‚I
?MN~P;GIM ;J;CRIH;>IM
 @;Tˆ;GIM ;GIL =IG OG PCLNOIMCMGI >?M;J?A;>I ?
=LˆNC=I
 G;M >?JICM =;ˆ;GIM ?G MCF…H=CIM N?LLˆP?CM ? ; ?MJOG; >IM =IJIM >?
=?LP?D; C; @C=;H>I KO? H?G ?MNIJ;
 @C=;P; GILH; ? M? =IHNL;ˆ; ?HKO;HNI HIM
IFB~P;GIM?M?HNˆ;GIMKO?;KOCFI?L;IN?GJI *;A;;=;<;P;M?F?P;HN;H>I
? >;P; PIFN;M CH’N?CM J?FI KO;LNI  *;CM >? OG; P?T PC =IGI ?F; ;>GCL;P; M?O
=ILJI HI ?MJ?FBI
 J?A;P; IM M?CIM =IG ;M G‚IM
 =IGI ;M ?MN;NO?N;M MˆLC;M
 ?
J;MM;P; IM IFBIM J?F; J?F? HOG; =;Lˆ=C; F?HN;  +‚I =IHM?AOC HOH=; L?MCMNCL ;I
>?M?DI >? =B;G~ F; J;L; G?O F;>I
 M?HNC F; =;CL JIO=I ; JIO=I ?G =CG; >?
GCG
>?M>I<L;L M?IONL;P?T>?JICM>?N?L?MN;>IJILOGGIG?HNIN‚IMITCHB;
?N‚I;J;CRIH;>;>C;HN?>;?N?LHC>;>?>IM?O=ILJI
+;KO?F;„JI=;H‚I@;F~P;GIMGOCNI>?/I=;G;>IOL
IJL;T?L?L;?AIˆMN;?
HIM ?H=IHNL;P; A?G?H>I ? =IG MO; @LIHN? ?MNL?CN;
 HIM ;N;P; =IG MO;M G‚IM
=B?C;M>?M;F  B?AO?C;;=?CN;L;>?MIL>?G>;*;A;=IGI;=IH>Cƒ‚IH;NOL;F
>? =;>; CHMN;HN?
 J;MM~P;GIM >; ?PI=;ƒ‚I >? /I=;G;>IOL ; OG JL;NI >?
G;=;LL‚I L?KO?HN;>I
 GCMNOL;H>I PCHBI ? =?LP?D; ? FCGIH;>;
 >?M=?H>I M
=;LL?CL;M J;L; KO? ; P?FB; >; ?MKOCH; ;<LCMM? >O;M >’TC;M >? IMNL;M J;L; HM

NI=;H>I HI JC;HI >?M=;M=;>I >? G;>;G? +IAO?N G?FI>C;M >? 0=BO<?LN ?
JL?F’>CIM>?;=B
IONIF?L;H>I'@C8J2?56DD=IG<C@?MH;=B;J;?J?JCHIM
?G=IHM?LP; >?MIL>?G?GKO?PCPˆ;GIM
IOM?D;
;IL>?GH;KO;FOG<C>…
P;C M? NL;HM@ILG;H>I JIL I<L; H;NOL;F ? J;OF;NCH; ?G >?JMCNI >? >CM=IM ?
;LKOCPI >; =ILL?MJIH>…H=C; ; M?L L?MJIH>C>;
 G? J;L?=C; OG; >CM=CJFCH;
H?=?MM~LC;
 ?G<IL; ?O H‚I KOCM?MM? >CT?L CMMI J;L; ; *;A;  -L?=CM?C >? GOCNI
JIO=I N?GJI J;L; =IGJL??H>?L KO? =IG ; *;A; H‚I M? >?PC; NL;N;L >;
L?;FC>;>? ?G N?LGIM G?N>C=IM
 I ?FIACI >; >?MIL>?G ; N?LC; ?M=;H>;FCT;>I
N;HNI =IGI ; MO; >?H’H=C;  -;L; ?F; H‚I B;PC; >?MIL>?G
 MIO<? >CMMI HI
G?MGIGIG?HNI?GKO?>?M=I<LCI=IHN?’>I>;MO;<IFM;?L;HOG=;@„>;
/O? /„;OGOL
 =BIPC; ? =IG?ƒ~P;GIM ; HIM >?M?D;L
 ?HKO;HNI ?O ;=?CN;P; ?
;N„ @;PIL?=C; >?JICM >? N?L C>?HNC@C=;>I CMMI >?MM;M >?MP;HN;A?HM ?MN;P; @?CN;
GCHB; L?F;ƒ‚I =IG KO;M? NI>I GOH>I
 ? KO;HN;M P?T?M
 >?CN;>I HOG; =;G;
KO? H‚I ?L; ;LLOG;>; B;PC; P~LCIM >C;M
 IOPCH>I ; *;A; =BIL;L JILKO? HI
G?NLŽ OG G?HCHI NCHB; @?CNI =IG KO? ?F; M? F?G<L;MM? >? /I=;G;>IOL
 IO
P?H>I=IGI?F;M?J?HN?;P;>?JICM>?N?LJ;MM;>I;N;L>?H;@L?HN?>IL?NL;NI>?
)?IHIL >; KOCNHC; ? N?L GILLC>I >? PIHN;>? >? M? J;L?=?L =IG ?F;
 G?
I=ILLC;
=IGIOG;?MJ„=C?>?;LLINIG?HN;F
KO?NI>I?MM?;<?=…>;GCHB;PC>;
?L;OG;J?HIM;?MNOJC>?T
JILKO?H‚IJ;MM;P;>?MCGJF?MGIPCG?HNI>C;F„NC=I

>; ?M=IFB; >? OG; CH=IH>ON; ?G P?T >? OG; =IH>ON;
 >? OG; G>C=;
CH>?=…H=C; ?G P?T >? OG; >?=…H=C; AL?A~LC;   *;A; M? J?HN?;P;
 M?
>?MJ?HN?;P;
 NILH;P; ; M? J?HN?;L  -?HM;P; ?G /I=;G;>IOL
 =;HN;P; ;FAOG;
=ICM;>?%OAI4IF@G;F
G?<?CD;P;
G?J?LAOHN;P;J?FIJ?HN?;>I
=IG?ƒ;P;
; >?M?HB;L HOG J;J?FTCHBI ;G;L?FI
 ? NO>I CMMI ?L; CH>CMMIFOP?FG?HN? ?F;

?HKO;HNI ?O
 ;FC
 HOG; =;G; >?FC<?L;>;G?HN? MOD;
 <?<?H>I OG; =?LP?D;
>?FC<?L;>;G?HN? GILH;
 ?L; M?GJL? ?O ? GCHB; PC>;
 ?O =IG GCHB; PC>;
>C;HN?>;PC>;>IMIONLIM *;M@IMM?=IGI@IMM?
?O?MN;P;<;MN;HN?ILAOFBIMI>?
M?L OG P;A;<OH>I =IHM=C?HN? ? >?<;CRI >? FO;M ? FO;M
 ? >;M CH=IHN~P?CM
J?LCJ„=C;M ?G KO? ; *;A; ? /IH;F> ? /I=;G;>IOL
 ? I FO<? ? ;M LO;M ?
GCHB;M ?H@?LGC>;>?M GIL;CM ? IONL;M JCILL?C;M
 ? ?LNB? 1L„J;N ? ; @IG? M
P?T?M?IP?FBI1LIOCFF?KO?G?NCL;P;>?;JOLIM
>?<;CRI>?HICN?MPIGCN;>;M
>? G’MC=; ? N;<;=I ? PCF?T;M GC’>;M ? J?LGON;M >? NI>I NCJI
 >?<;CRI IO JIL
=CG; >? NO>I CMMI H‚I NCHB; KO?LC>I @CHACL
 =IGI IM <I…GCIM >; GI>;
 KO?
;KO?F? =;IM JILN~NCF ?L; OG; IL>?G MOJ?LCIL >I ?MJˆLCNI IO KO;FKO?L IONL;
?NCKO?N; CAO;FG?HN? JI>L?
 ? N;GJIO=I NCHB; KO?LC>I ;=?CN;L KO? <;MN;P; OG
GˆHCGI >? >?=…H=C; >?=…H=C;
 DIP?G J;L; ?M=;J;L >? N;HNI ;FAI>‚I
G;H=B;>I  " ;MMCG ?O NCHB; G? ?H=IHNL;>I =IG ; *;A;
 KO? M?G M;<?L ?L;
GCHB;N?MN?GOHB;?GCHB;?MJC‚
?;CLLCN;ƒ‚IJIL?MN;LJ?HM;H>I?GNO>ICMMI
?M;<?H>IKO?=IGIM?GJL?G?=OMN;P;GOCNIG?HIMJ?HM;L>IKO?M?L
KO?
HIG?O=;MII6C8@>;@L;M?TCHB;H‚I?L;N‚I?LAIH?G=ICM;J;L?=C>;
?=IG
CMMIJ;MM?~P;GIMJ?F;G;LA?G?MKO?L>;
;*;A;M?GM;<?LKO??L;GCHB;?MJC‚
?GCHB;N?MN?GOHB;
;>GCL;H>I?HILG?G?HN?G?OM=IHB?=CG?HNIM>CP?LMIM?
G?O>IGˆHCI>;FCN?L;NOL;?;N„>I4@@=D;TT
J;L;?F;GCMN„LCIM?HILGˆMMCGIM "
JIL NI>;M ?MM;M =ICM;M ?O G? M?HNC; ;HN;AIHC=;G?HN? JLRCGI >; *;A;

AIMN~P;GIMOG>IIONLIHOG;>C;F„NC=;>?ˆG‚?FCG;FB;
>?;N;KO??>?@?M;

>? <IF; ? J;L?>?  0OJIHBI KO? ; *;A; NCP?MM? CFOM‘?M ; G?O L?MJ?CNI
 >?PC;
;=B;L KO? ?O ?MN;P; =OL;>I >? JL?=IH=?CNIM IO KO? ?MN;P; ;>?LCH>I ;IM >?F;

M?GJL?G;CMF?P?M?JI„NC=IM "GJF?H;;F?ALC;JL?=~LC;
?GJF?H;@;FM;NL„AO;

?MN?H>C;G‚I?NIKO?CIHIP?FI=B;G;>I-;LCM
MO;G;N„LC;CH@CHCN;?HLIF;H>I
M? ?G MC G?MG;
 I G;AG; >I ;L ? >I KO? M? >?M?HB;P; H; D;H?F;
 HOP?HM ?
~AO;M @OLN;>;M ?HN‚I H‚I B;PC; >?MIL>?G
 ?HN‚I I GOH>I =IHNCHO;P; M?H>I
OG; =ICM; J?NLC@C=;>; ? ?MN;<?F?=C>;
 OG DIAI >? ?F?G?HNIM ACL;H>I ?G MO;M
>I<L;>Cƒ;M
 OG; G;>?CR; >? LO;M ? ~LPIL?M ? HIG?M ? G?M?M  +‚I B;PC; OG;
>?MIL>?G KO? ;<LCMM? JILN;M J;L; I L?MA;N?
 B;PC; MIG?HN? MOD?CL; ? GCM„LC;

=IJIM=IGL?MNIM>?=?LP?D;
G?C;MHOG=;HNI
OG;=;G;KO?=B?CL;P;;M?RI?
; =;<?FI
 OG; GOFB?L KO? J;MM;P; ; G‚I @CH; ? NL;HMJ;L?HN? J?F;M GCHB;M
=IR;M
 L?N;L>;H>I ; =;Lˆ=C; KO? G? ;LL;H=;LC; JIL OG CHMN;HN? >;KO?F;
PCACFH=C; ?G JF?HI P;TCI  1;L>? >?G;CM
 M?GJL?
 JILKO? ?G<IL; @CT„MM?GIM
;GILN;HN;MP?T?M
;@?FC=C>;>?NCHB;KO?M?LIONL;=ICM;
N;FP?T;FAIG;CMNLCMN?
KO? ;KO?F; J;T ? ;KO?F? JL;T?L
 OG ;L >? OHC=LHCI IO CFB;
 OG; KO?>;
CHN?LGCH~P?F H; CGI<CFC>;>?   *;A; H‚I M;<C; KO? G?OM <?CDIM ?L;G =IGI
IFBIMKO?=IG?ƒ;P;G;M?;<LCLJ;L;;F„G>?F;
?KO??O;H>;P;G?CI;FB?CI

>?<LOƒ;>I MI<L? IONL; @CAOL; >I GOH>I


 JCFINI P?LNCACHIMI HOG; JLI; H?AL;
KO?=ILN;P;;~AO;>IN?GJI?;H?A;P;
+;KO?F?M>C;M>?=CHKO?HN;?N;HNIM=IG?=?C;G?M?HNCL?H=OLL;F;>I?HNL?;
*;A; ? OG; HIƒ‚I >C@?L?HN? >I KO? >?P?LC; N?L ;=IHN?=C>I  "L; C>CINC=? M?
L?<?F;L=IHNL;IGOH>I *;A;?IGOH>I /I=;G;>IOL
KO;H>INO>IG?>CTC;
KO? ;MMCG KO? L?=I<L;MM? ; CH>?J?H>…H=C; ?O >?CR;LC; >? G? M?HNCL FCPL?
%CJ=LCN;=IGIJIO=IM
G?CH=IGI>;P;OG;?MJCIH;A?GL?HN?GCHB;J?F?

GCHB;M J?LH;M
 GCHB; G;H?CL; >? AIT;L =IG ; *;A;
 GCHB;M N?HN;NCP;M >?
J;J;A;CIH;A;CIF;F?H>I(C?LE?A;;L>;NL;P„M>;MAL;>?M
?=L?CIKO?;=CG;>?
NO>I G? CH=IGI>;P; KO? ; *;A; H‚I NCP?MM? =IHM=C…H=C; >? M?L GCHB;
N?MN?GOHB; ? KO?
 ;I =IHNL~LCI
 ?MNCP?MM? =IHP?H=C>; >; GCHB; MI<?L;H;
;ON;LKOC;G;MH‚I
IKO?P?L>;>?CL;G?HN?G??R;MJ?L;P;?L;M;<?LKO?HOH=;
NILH;LC; ; ?MN;L N‚I J?LNI >; GCHB; FC<?L>;>? =IGI H;KO?F?M >C;M ?G KO? G?
M?HNC; ?H=OLL;F;>I J?FI GOH>I *;A;
 ? KO? ; ;HMC?>;>? JIL G? FC<?LN;L ?L;
OG; ;>GCMM‚I >? >?LLIN;  !Iˆ; ?G GCG L?=IHB?=?L KO? ; AIFJ?M MCHN„NC=IM

@OA;=C>;>?MG;HCKO?ˆMN;MIO?MN’JC>;M>C=INIGC;ML?MM?=;>;M?OH‚I=IHM?AOC;
;<LCL =;GCHBI J?F;M ?M=;>;LC;M >; $;L? >? *IHNJ;LH;MM?
 ;IH>? ; *;A; G?
;LL;MN;P; J;L; PCMCN;L /I=;G;>IOL  -IL KO? H‚I ;=?CN;L I KO? ?MN;P;
;=IHN?=?H>IM?GJL?N?H>?L?RJFC=;LIKO??MN;P;;=IHN?=?H>I
M?G>?N?LGCH;L
;M HIƒ‘?M >? IL>?G ? >? >?MIL>?G
 >? FC<?L>;>? ? /I=;G;>IOL
 =IGI KO?G
>CMNLC<OC P;MIM >? A?LHCIM HOG KOCHN;F >; ;FF? I=B;<;G<; 1;FP?T @IMM?
H?=?MM~LCI=;CLHIG;CMJLI@OH>I>;?MNOJC>?TJ;L;?H=IHNL;LINLCH=I>;F;NLCH;
IO;=B;P?>I';L>CG>;M,FCP?CL;M +IGIG?HNI
G?;MMIG<L;P;KO?;*;A;
NCP?MM? MC>I =;J;T >? ;MMOGCL ; @;HN;MC; ; JIHNI >? =B;G;L I @CFBI >?
/I=;G;>IOL  +I FO<?
 NˆHB;GIM =;HM;>I >? <OM=;L GINCPIM
 ? ; *;A; M?
FCGCN;P;;>CT?LKO?I@CFBINCHB;IHIG?>IJ;C
G;MKO?
>?M;J;L?=C>IIJ;C

NCHB;MC>IGOCNIG?FBIL=B;G~ FI/I=;G;>IOL?G;H>~ FIJ;L;I=;GJIJ;L;


KO? I =LC;MM?G 6? ?@FCC:46  gM P?T?M ; *;A; J;MM;P; M?G;H;M M?G @;F;L >?
/I=;G;>IOL
?CMMI=ICH=C>C;M?GJL?=IGMO;M?MJ?L;Hƒ;M>?PCL;M?L=;HNIL;
>?=:656C "HN‚I/IH;F>PCHB;M?HN;L M?;IJC;HI=IGMO;=;<?ƒIH;P?LG?FB;>?
=;O<C
 ? ; *;A; PI=C@?L;P; %OAI 4IF@ =IG N;F @?LI=C>;>? KO? G;>;G?
+IAO?N?MNL?G?=C;
?HKO;HNI
HIKO;LNI;IF;>I
?H@C?CL;P;<IFCHB;M>?JF~MNC=I
J;L;@;T?L=IF;L?MKO?>?JICMP?H>C;HOG;<;H=;>IIOF?P;L>>?0„<;MNIJIF
$IMN~P;GIM<;MN;HN?>;*;A;=;HN;H>I0=BOG;HH
G;MNO>I>?J?H>C;>;FO;
? >I KO? @ŽMM?GIM @;T?L H;KO?F; HICN?
 ? N;G<„G >? /I=;G;>IOL
 JILKO?
;MMCG KO? ; *;A; M? F?G<L;P; >? /I=;G;>IOL I =;HNI C; J;L; I >C;<I
 ?
/IH;F>
 MITCHBI HI JC;HI
 NCHB; NI>I I N?GJI >I GOH>I J;L; NL;<;FB;L MO;M
C>?C;MMI<L?I<?<IJIOG;N;L HIM>I=?G?HN?@ILƒ;>I<FO?M
+‚I KO?LI ?M=L?P?L MI<L? /I=;G;>IOL
 J?FI G?HIM BID? H‚I
 ?O JL?=CM;LC;
N;HNI G? ;JLIRCG;L G?FBIL >? GCG G?MGI
 >?CR;L >? F;>I NO>I I KO? G?
M?J;L; >I =?HNLI  =;<I M?GJL? ;FO>CH>I ;I =?HNLI M?G ; G?HIL A;L;HNC; >?
M;<?LIKO??MNIO>CT?H>I
;=;<I=?>?H>I;LG;>CFB;@~=CF>;A?IG?NLC;=IG;
KO;FM?JL?N?H>?ILA;HCT;LHIMM;PC>;>?I=C>?HN;CM"CRI
=?HNLI
L;T‚I>?M?L

,GJB;FIM
 HIG?M >; HIMN;FAC; CH>I ?OLIJ?C;  &H=FOMCP? ?MM; ?RCMN…H=C; KO? M
P?T?M JLI=OLI >?M=L?P?L
 ?MM; -;LCM IH>? G? GIPI =IGI OG; @IFB; M?=;
 H‚I
M?LC;G PCMˆP?CM M? JIL NL~M H‚I F;N?D;MM? ; ;HMC?>;>? ;RC;F
 I L??H=IHNLI =IG ;
L;CT .O;HN;MJ;F;PL;M
KO;HN;MHIG?H=F;NOL;MJ;L;OGG?MGI>?M=IH=?LNI gM
P?T?MG?=IHP?HƒI>?KO?;?MNOJC>?TM?=B;G;NLCHAOFI
?KO?ICNIP?T?MICNI
„ ; FIO=OL; IO OG =;=BILLI  <L;ƒ;>I  *;A;
 ?MM; =IH=L?ƒ‚I >? H?<OFIM;

J?HMI KO? N?G N;HNI M?HNC>I @;T?L OG <IH?KOCHBI >? GCIFI >? J‚I =IGI
?M=L?P?LILIG;H=?KO?HOH=;?M=L?P?L?CIO>?@?H>?L=IG;PC>;;MC>?C;MKO?
L?>CG?GIMJIPIM ,J…H>OFI=OGJL?M?OP;CP„GCHMN;HNH?I?G;CMOG;P?T
G?CHMN;FIH;M=;N?AILC;MNL;HKOCFCT;>IL;M<IH?KOCHBICHMCAHC@C=;HN?
LIG;H=?
NL;HM=?H>?HN?
 GILN? B?LIC=;  IFI=I IM ?G @CF;
 >I G?HIL J;L; I G;CIL
<IH?KOCHBI
 LIG;H=?
 B?LIˆMGI  -?HMI H;M BC?L;LKOC;M >? P;FIL?M N‚I <?G
?RJFIL;>;MJIL,LN?A;
JIL0=B?F?LI?MN„NC=I
I„NC=I
IL?FCACIMI ,L?FCACIMI
I
?MN„NC=I
I„NC=I ,„NC=I
IL?FCACIMI
I?MN„NC=I ,<IH?KOCHBI
ILIG;H=? 
GILN?
I<IH?KOCHBI FˆHAO;>;*;A;G?@;T==?A;M /I=;G;>IOL
;„NC=;

I<IH?KOCHBI
;*;A; FˆHAO;
;M==?A;M
;„NC=;

 


,N?L=?CLI=CA;LLI>;CHMŽHC;KO?CG;P;H;<I=;>?%IL;=CI,FCP?CL;M?HN;>I
H;=;G;OG;IO>O;MP?T?M?F?B;PC;J;MM;>I;G‚I>?F?P?J?FIM=;<?FIM>;
*;A;
 ;>ILG?=C>; =IHNL; I =ILJI >?F?  "L; ; G;>LOA;>; >; M?AOH>; @?CL;

NCHB;G>?CR;>ICL?G<IL;;N;L>??;HICN?>I>IGCHAIF?H>I
IOPCH>I>CM=IM

F?P;HN;H>I M?IL;OGIL;IONLIJ;L;?MKO?HN;L=;@„IO=?P;LIG;N? +I@CH;F>?


OG KO;LN?NI >? %;S>H ; *;A; NCHB; ;>ILG?=C>I ? ,FCP?CL;
 M?G PIHN;>? >?
=IHNCHO;L ?M=ON;H>I
 ;LL;H=IO I @CI >; NIG;>; M?G M;CL >; =;G; I >CM=I
=IHNCHOIO ACL;H>I OG;M JIO=;M P?T?M
 D~ M?G MIG ;FAOG ; <LIN;L >I ;FNI
@;F;HN?  +‚I M;<C; JIL KO…
 G;M ;KO?F; CH„L=C; ?MN’JC>; I @CT?L; J?HM;L HIM
GIPCG?HNIM;J;L?HN?G?HN?CH’N?CM>?;FAOHMCHM?NIM
>?;FAOG;M=LC;Hƒ;M +‚I
=IHM?AOC;>ILGCL
@OG;P;IFB;H>I;D;H?F;;<?LN;
;~AO; @OLN;>;IH>?MP?T?M
OGPCIFCHCMN;=IL=OH>;?MNO>;P;;N„<?GN;L>? +‚I?MN;P;@;T?H>I=;FIL
G;MI
=ILJI >; *;A; ?MKO?HN;P; MO; J?LH; ? M?O @F;H=I >CL?CNI M? ;@;MNIO JIO=I ;
JIO=I
J?HMIOKO?;HICN?C;M?LFIHA;
0?HNC; M?GOCNI<?G
=IGI;=IHN?=C;M?GJL?KO?;*;A;??F?=IHM?AOC;G
=B?A;L;I@CG>?OG?H=IHNLIM?G<LCA;L?M?GM??R;MJ?L;L +‚I>;P;;G?HIL
CGJILNH=C;  =;LN; >I CLG‚I
 LINOH>I ;>PIA;>I >? /IM~LCI
 KO? JLI>OTCL;
KO;NLI J~ACH;M >? J;J?F J;L; =ILL?CI ;„L?I MI<L? IM >?P?L?M @CFC;CM ? =C>;>‚IM
G;F<;L;N;>IM JIL ,FCP?CL;   =;LN; ?L; OG; P?L>;>?CL; >?Fˆ=C; ? D~ NCHB; MC>I
JL?M; =IG >OL?R H; J;L?>?
 J;L; M?L M;<IL?;>; J?FIM ;GCAIM   ’HC=; =ICM;
CGJILN;HN??L;;=IH@CLG;ƒ‚I>?OG;L?G?MM;>?>CHB?CLIJ?FI=G<CIH?ALI

KO? M?O CLG‚I =B;G;P; >?FC=;>;G?HN? >? UI CHN?LG?>C~LCIW  ,FCP?CL; J?HMIO
KO?JI>?LC;=IGJL;LOHMFCPLIMKO?;H>;P;KO?L?H>IF?L
?KO?>;LC;NL…MGCF
@L;H=IM  *;A; J;L; KO? ?F; @CT?MM? I KO? FB? >?MM? H; N?FB;
 JLIP;P?FG?HN?
=IGJL;LOG?F?@;HN?>?J?F’=C;>?N;G;HBIKO;M?H;NOL;F
J;L;?MNOJ?@;ƒ‚I>?
/I=;G;>IOL -?F;G;HB‚N?LC;>?CL?H=IHNL;LIP?FBI1LIOCFF?J;L;JŽL?G>C;
; =ILL?MJIH>…H=C; =IG ; G„LC=; );NCH;  0;CL
 @;T?L
 JŽL ?G >C;
 H‚I ?L;G
=ICM;MKO?;DO>;MM?G;>ILGCL -ŽL?G>C;
KO??RJL?MM‚I #;T?L #;T?L;FAOG;
=ICM;
@;T?LI<?G
@;T?LRCRC
@;T?LN?GJI
;;ƒ‚I?GNI>;M;MMO;ML?PCL;PIFN;M
*;MJILNL~M>?=;>;;ƒ‚IB;PC;OGJLIN?MNI
JILKO?NI>I@;T?LMCAHC@C=;P;M;CL
>?J;L;=B?A;L;
IOGIP?L;FAOG;=ICM;J;L;KO??MNCP?MM?;KOC?H‚I;FC
IO
?HNL;LH;KO?F;=;M;?GP?T>??HNL;LIOH‚I?HNL;LH;=;M;;IF;>I
KO?L>CT?L
KO??GNI>I;NIB;PC;;;>GCMM‚I>?OG;=;L…H=C;
>?;FAI;CH>;H‚I@?CNI?
KO??L;JIMMˆP?F@;T?L
IJLIN?MNIN~=CNI>C;HN?>;=IHNˆHO;?PC>…H=C;>;@;FN;
>;
J?L>;
>;J?KO?H?T;>IJL?M?HN? =L?>CN;LKO?;;ƒ‚IJI>C;JL??H=B?L
IOKO?
; MIG; >;M ;ƒ‘?M JI>C; L?;FG?HN? M?L I ?KOCP;F?HN? ; OG; PC>; >CAH; >?MM?
HIG?
 ?L; OG; CFOM‚I >? GIL;FCMN;  *?FBIL L?HOH=C;L
 JILKO? ; L?H’H=C; 
;ƒ‚I?L;IJLIN?MNI?GMC
?H‚IMO;G~M=;L; ,FCP?CL;;=?H>?OIONLI=CA;LLI
?
?MM?GˆHCGI@;T?LI<LCAIO I;MILLCLCLIHC=;G?HN??>?<I=B;L>?MCG?MGIHI
;NI -;L;?F?
JIO=ICGJILN;P;G;M;H~FCM?MMOJ?L@C=C;CM
KO;M?M?GJL?PC=C;>;M
J?F; >CMNL;ƒ‚I ? J?F;M ;LG;>CFB;M @CFIFAC=;M  !? =?LNI
 M I J?MI H; <I=; >I
?MNŽG;AI
 ; MOMJ?CN; @ˆMC=; >? KO? ;FAOG; =ICM; C; G;F
 >? KO? KO;M? HOH=;
NCHB; C>I <?G  +‚I =B?A;P; H?G ; M?L OG JLI<F?G;
 ; KO?MN‚I ?L; N?L M?
H?A;>I >?M>? =?>I M G?HNCL;M =IF?NCP;M IO  MIFC>‚I L;H=ILIM; >? KO?G M?
>?>C=;;?MNO>;LIMCMNIJIML;>CI;NCPIMIO;JL?MC>…H=C;>?;LNIFIG„*CNL? 0?
B;PC; ;FAOG; =ICM; KO? NCHB; ?M=IFBC>I >?M>? DIP?G ?L; H‚I M? >?@?H>?L JIL
G?CI>;L~JC>;?;HMCIM;;=OGOF;ƒ‚I>?OG;U=OFNOL;W
NLOKO?JIL?R=?F…H=C;
>; =F;MM? G„>C; ;LA?HNCH; J;L; NCL;L I =ILJI @IL; >; L?;FC>;>? H;=CIH;F ? >?
KO;FKO?LIONL;
?;=B;L M?;M;FPI>IP;TCIKO?;LI>?;P; 1;FP?TAL;ƒ;M;?MM;
?MJ„=C?>?JL?AOCƒ;MCMN?G~NC=;
=IGI;>?@CHC;M?O=;G;L;>;1L;P?F?L
NCHB;M?
FCPL;>I>?CHAL?MM;LH;KO?F;IL>?G@;LCM;C=;H;KO;FGCFCN;P;GGOCNIM;GCAIM
M?OM
 ?G A?L;F >? <I; @„
 JILKO? ; =ICM; ?L; JIMMˆP?F
 B;PC; ?R?GJFIM KO?
?PCN;P; =B?A;L ;I @OH>I >IM JLI<F?G;M L?=ILL?H>I ; OG; ?MJ?=C;FCT;ƒ‚I >?
KO;FKO?LNCJI
=ODI?R?L=ˆ=CI=IH@?LC;CLIHC=;G?HN?IMG;CM;FNIM>?M?GJ?HBIM
>; ;LA?HNCHC>;>?  F„G >CMMI ;=B;P; ?HA;HIMI ? @~=CF GCMNOL;L JLI<F?G;M
BCMNLC=IM
=IGII@;NI>?M?L;LA?HNCHIIO?MKOCG
=IGJLI<F?G;M=IGII>;
;ƒ‚I IO >; L?H’H=C;  1CHB; PCPC>I I MO@C=C?HN? J;L; PCMFOG<L;L ;KOCFI KO?
 ;
OG J;FGI >I H;LCT >;M J?MMI;M
 KO;M? M?GJL? J;MM; >?MJ?L=?<C>I I J?MI >I
MOD?CNIH;HIƒ‚I>II<D?NI *;A;?L;>;MJIO=;MKO?H‚I?MKO?=C;GD;G;CM
KO? ; =;L; >? OG MOD?CNI M?GJL? CH@FOˆ; HI KO? ?F? ;=B;MM? KO? ?L; I
=IGOHCMGIIO;=CPCFCT;ƒ‚I=L?NI GC=…HC=;
?KO?;@ILG;>?MO;MG‚IM?MN;P;
JL?M?HN? H;KOCFI KO? I >IHI >?F;M JO>?MM? M?HNCL >C;HN? >? $BCLF;H>;CI IO
!IMNIC„PMEC -ILCMMI,FCP?CL;N?H>C;;;>GCNCLKO?M?OALOJIM;HAOˆH?I
I@;NI
>?N?LJ;MM;>I;CH@H=C;=?L=;>I>?NCIMG;D?MNIMIM
OHM;GIL?M=IHNL;LC;>IMH;
;>IF?M=…H=C; ? OG; @;=CFC>;>? J;L; ; ;MN?HC; JI>C;G M?L @;NIL?M >? JLCG?CL;
IL>?G ?G MO; =IMGIPCM‚I  "L; =F;MM? G„>C;
 ?L; JILN?HBI
 ?L; =IF„ACI
H;=CIH;F
??MM;M=ICM;MH‚IM?;D?CN;G@~=CF
H‚I ,JLI<F?G;?L;KO?
@ILƒ;>?
N?G?L;?R=?MMCP;FI=;FCT;ƒ‚I>IMJIHNIM>?PCMN;
B;PC;;=;<;>IJILJ?M;L?;N„
;=?CN;L;F„G>;=IHN;IMCG?IH‚I>?NO>I
;IFB;LJ;L;IMJL;NIM>;<;F;Hƒ;;
J;LNCL>;JIMCƒ‚I>I@C?F "G-;LCMNO>IJ;L;?F??L;O?HIMCL?M
?PC=? P?LM;
HIG;CMJLI@OH>I>I;GILJ;>?=C;?;=;N;P;;J?L>;?I?MKO?=CG?HNI NCNO>?
J?LHC=CIM;G?HN?=ŽGI>;?;N„@~=CF
G;CMOGJIO=I?PCL;P;OGL?@F?RI?OG;
N„=HC=; ; FO=C>?T N?LLˆP?F >I J;L;FˆNC=I
 ; =?AO?CL; >I ;NF?N; J?L@?CN;G?HN?
?MN’JC>I  IG?ƒ; M?;;H>;LJ?F;PC>;=IGIJ;MMIJ;=BILL?HNI>I@CFMI@I?>I
4=@492C5
 L?MOGCH>I =;>; P?T G;CM IM A?MNIM PCN;CM ;I G?LI CHMNCHNI >?
=IHM?LP;ƒ‚I
 ;I ?R?L=ˆ=CI >? OG; =IHM=C…H=C; G;CM ;N?HN; ; H‚I M? >?CR;L
?HA;H;LKO?;;JL??H>?L;P?L>;>? .OC?NCMGIF;C=I
;N;L;RC;GI>?L;>;
;N?HN;
>?M;N?Hƒ‚I  , CGJILN;HN?
 J;L; ,FCP?CL;
 ?L; ;MMCMNCL M?G ?MGIL?=?L ;I
?MJ?N~=OFI >?MM; @L;AG?HN;ƒ‚I 1OJ;= G;LO
 H‚I CH=ILL?L HI JI<L?
?AI=?HNLCMGI =LCIFC=?HNLCMGI
 MO<OL=?HNLCMGI
 =OFNO=?HNLCMGI

@IF=FI=?HNLCMGI KO? =INC>C;H;G?HN? M? JLI=F;G;P; ; M?O L?>IL >? NI>;M ;M


@ILG;M JIMMˆP?CM  IM >?T ;HIM
 HOG; N;L>? >? NCIM ? JIHNC@C=;HN?M BIGCFC;M
BCMNLC=I JIFˆNC=;M  MIG<L; >? NL?J;>?CL;M
 G;HC@?MN;L; NCGC>;G?HN? MO;
JLCG?CL; L?;ƒ‚I =IHNL; I N‚I BCMJ;HI ˆN;FI ;LA?HNCHI U"MNIO N? >CT?H>IW

;=IGJ;HB;>I>?OGGOLLI=;N?ALC=IKO?>?PC;M?LPCL>?L;NC@C=;ƒ‚ICL;=OH>;
=:6=@ 5:4@ :@ "O ?MNIO N? >CT?H>I
 =;L;FBI KO?F? 6F
 ,FCP?CL; NCHB;
=IHM?AOC>I J?HM;L
 KO;F ?L; I M?O P;FIL JLI<;NLCI , 6F >IM ;>OFNIM
 KO?
IHCM=C…H=C; ;<LCA;P; IM KOCHT? ;HIM NCHB; NIG;>I =IHB?=CG?HNI >I UM M?C
KO?H;>;M?CW;=C=ON;=IH=IGCN;HN?B;PC;J;L?=C>ICH?PCN~P?F
H‚IM?>?M;@C;;M
J?MMI;M >?MM; @ILG;
 „ I KO? ?O ?MNIO N? >CT?H>I  *;CM N;L>? ;=BIO AL;ƒ; ?G
=IGJLIP;L=IGIH;M@ILG;MMOJ?LCIL?M>?=OFNOL;IJ?MI>;M;ONILC>;>?M?>;M
CH@FO…H=C;M
 ; =IH@C;Hƒ; I@?L?=C>; J?F;M <I;M F?CNOL;M ? J?F; CHN?FCA…H=C;

JLI>OTC;G N;G<„G M?O U?MNIO N? >CT?H>IW @CH;G?HN? >CMMCGOF;>I


 CH=FOMCP?
J;L;KO?GIJLI@?LC;;AIL;M?MO=?>C;GIMU?OM?GJL?;=B?CCMMIW
UM?B~OG;
=ICM; >; KO;F ?O N?HBI =?LN?T;W
 U„ ?PC>?HN? KO?W
 KO;M? HOH=; =IGJ?HM;>I
JILOG;;JL?=C;ƒ‚I>?M;J;CRIH;>;>IJIHNI>?PCMN;IJIMNI  IGIM?;?MJ„=C?
P?F;MM? HI CH>CPˆ>OI J;L; H‚I >?CR~ FI ;P;Hƒ;L >?G;CM J?FI =;GCHBI >;
NIF?LH=C;
 >; >’PC>; CHN?FCA?HN?
 >I P;CP„G M?HNCG?HN;F  +OG >?N?LGCH;>I
JIHNI H;M=C; I =;FI
 ; ?M=F?LIM?
 ; >?@CHCƒ‚I H?ALI IO <L;H=I
 L;>C=;F IO
=IHM?LP;>IL
BIGIMM?RO;FIOB?N?LIMM?RO;F
@CAOL;NCPIIO;<MNL;NI
0;H)IL?HTI
IO I=; 'OHCILM
 =;LH? IO P?L>OL;
 IM H?A=CIM IO ; JI?MC;  " ?MN;P; GOCNI
<?G
 JILKO? ; ?MJ„=C? H‚I JI>C; M? @C;L ?G NCJIM =IGI ,FCP?CL; ; =;LN; >I
CLG‚I>?F??L;?R;N;G?HN?;?RJL?MM‚I>?MM?L?J’>CI
U, LOCG >? NO>I CMMIW
 J?HMIO
 U„ KO? >?M?G<I=; CH?PCN;P?FG?HN? HI
2?:>F=2 G28F=2 3=2?5F=2  , KO? @;T?L IG ?MM; J?LAOHN; „ KO? =IG?=?C ;
H‚I >ILGCL  ,<FGIP
 4@D2 7244:2>@ M AL;H>?M PIT?M >; BCMNLC; CHMN;G 
;ƒ‚I2>=6EC6G6?86+IMPCHA;GIM
%;GF?N
IONL;HKOCF;G?HN? BCJJ?H>;F?
? J;HNO@;M ? OG <IG @IAI , MˆLCI
 ;@CH;F
 HI @CG >;M =IHN;M ?FIACIO *;LN;
?M=;H>;FIM;G?HN?
=IGIM?M;<? !;L~M=IG<;N?
dLDOH;3I=…H‚IJI>?H?A;L
IMP;FIL?M
L?CCH>?=CMI FON;J?F;JLJLC;FON;
PCP?LJ?LCAIM;G?HN?
J?HM??G
*;LCII"JC=OLCMN;
?G/C=B;L>%CFF;LS
?G(SI
?G1 " );QL?H=?X#?FCT?M
IMKO??M=IFB?G
IMKO?;=?CN;GM?L?M=IFBC>IM
IMB?LCM@ILGIMIM
IM@ILGIMIM
M;HNIM
IM?M=;JCMN;MJ?L@?CNIM W
1;FP?T -ILKO?H‚I*;MN;G<„GJI>C;M?LKO?M?OJIHNI>?PCMN;@IMM?I>;
L;JIM;IFB;H>I;MOP;M "N;G<„GJI>C;M?LKO?NCP?MM?L;T‚I
G;MOG;L;T‚I
G?MKOCHB; ? F;G?HN~P?F
 OG; L;T‚I >? @ILGCA; =IHNL; =CA;LL;  0? ; FO=C>?T
>?M?G<I=;P;H;CH;ƒ‚I
=IGCMMI?F;H‚IM?NILH;P;MOMJ?CN;
H‚I?H=I<LC;OG;
@ILG;J;LNC=OF;LG?HN?>C;<FC=;>?=?AO?CL;?MNOJC>?T>IB?LCGCFCN;LKO?
P;CJ?FIM;L?M=IGIJ;CIF
 ;<L;FMIF>;>IB?LIC=I=I<LCH>I M?>?AFLC;
N;FP?T
CHMCHO;MM?GOG;MOJ?LPCM‚I
OG;;JLIRCG;ƒ‚ICHMN;HNH?;;;FAI;<MIFONI
@IL;
>? NI>; =IHM=C…H=C; H‚I M? J?>? CMMI ; OG M;LA?HNI
 >C;HN? >I KO? ;
=F;LCPC>…H=C;IL>CH~LC;
;FO=C>?T>?A;<CH?N?
>?NL…M>;G;HB‚H;=;G;?H;
G?N;>?>?OG=CA;LLI
@IMM?GG?HIM?@C=;T?MKO?;>?OG;NIOJ?CL;
#;FIO>CMMINO>I=IG;*;A;
KO?NCHB;>?MJ?LN;>I?M??HLIM=;P;=IHNL;?F?

LIHLIH;H>IMIHIF?HN; *;A;;<LCOIMIFBIM
@C=IOJ?HM;H>I
Z 3I=… H‚I =IHM?AOCLC; Z >CMM?  Z 3I=… J?HM; >?G;CM ;HN?M >? @;T?L
KO;FKO?L=ICM;
Z-;LNI>IJLCH=ˆJCI>?KO?;L?@F?R‚I>?P?JL?=?>?L;;ƒ‚I
<I<IH;
Z 3I=… J;LN? >I JLCH=ˆJCI Z >CMM? ; *;A;  Z .O? =IGJFC=;>I  3I=… „
OG; ?MJ„=C? >? N?MN?GOHB;
 „ ;KO?F? KO? P;C ;I GOM?O ? IFB; IM KO;>LIM
.O?LI>CT?LKO?IMKO;>LIM?MN‚IF~?PI=…HIGOM?O
J?LNI?FIHA?;IG?MGI
N?GJI "OMIOOGKO;>LI /I=;G;>IOL„OGKO;>LI "NC?HH?„OGKO;>LI

?MN?KO;LNI„OGKO;>LI 3I=…;=B;KO??MN~H?MN?KO;LNIG;MH‚I?MN~ 3I=…


?MN~IFB;H>IIKO;LNI
G;MH‚I?MN~HIKO;LNI
Z"MM;GIƒ;>?CR;LC;M‚I1IG~M>?MHILN?;>IZ>CMM?,FCP?CL;
Z-ILKO?M‚I1IG~MZ>CMM?;*;A; ZKO?F?C>CIN;KO?KO?LC;P?LJ;L;
=L?L
Z 0CG
 KO?LC>; Z >CMM? ,FCP?CL;
 J?HM;H>I KO? HI @OH>I ; *;A; NCHB;
;=?LN;>I I P?L>;>?CLI M;HNI  #?FCT >?F;
 KO? JI>C; =L?L M?G P?L
 KO? ?MN;P;
@OH>C>;>OL;ƒ‚I
;I=IHNˆHOI>;PC>; #?FCT>?F;
KO??MN;P;>?HNLI>IKO;LNI

KO?NCHB;>CL?CNI=C>;>??GNO>IKO?NI=;P;?=IHPCPC;
J?CR?LCI;<;CRI
@IFB;
H; ~LPIL?
 HOP?G HI =„O
 CG;A?G HI JI?G;  -?CR?
 @IFB;
 HOP?G
 CG;A?G
?R;N;G?HN?CMMI
;G?HIMKO?X

 


MMCG NCHB;G =IG?ƒ;>I ; ;H>;L JIL OG; -;LCM @;<OFIM;


 >?CR;H>I M? F?P;L
J?FIMMCAHIM>;HICN?
;=;N;H>ICNCH?L~LCIMH;M=C>IM>?OG;@L;M?>?4=@492C5
>?
OG;~AO; @OLN;>;CFOGCH;>;HI@OH>I>?OG;LO;H?AL;
J;L;H>I?GJL;=CHB;M
=IH@C>?H=C;CMJ;L;<?CD;L M?HIM<;H=IMIOIFB;LIMDIAIM>;;G;L?FCHB;
IMLCNIM
CH@;HNCM>;MJ?>LCHB;M?>IJOFIMI<L?OGJ„M
J;L;?HNL;LHI „O *;A;
@;F;P;>?MO;M;GCA;M>?*IHN?PC>„O
>IM;HIM>;CH@H=C;
>?OGN;F)?>?MG;

>? M?O J;C  ,FCP?CL; ?M=ON;P; M?G PIHN;>?


 F;G?HN;H>I OG JIO=I H‚I
=IHM?AOCLM?CHN?L?MM;L*IHN?PC>„O?L;;G?MG;=ICM;KO?O?HIMCL?M??F?
JL?=CM;P; =IHMIFC>;L OG; LOJNOL; JL?=~LC; I KO? ?MN;LC; @;T?H>I 1L;P?F?L

;KO?F? NL?G?H>I P;A;<OH>I


 ?G KO? =IH@OM‘?M G;D?MNIM;M N?LC; M? G?NC>I
>?M>?MO;J;LNC>;";JI<L?NIHN;>;$?EL?JN?H
?IM=;@„M>I=?HNLI
JILCMMI
?M=ON;P; >CMJFC=?HN? ? @;TC; >?M?HBIM HIM J?>L?AOFBIM =IG OG AL;P?NI
?HKO;HNI;*;A;?RJFC=;P;JILKO? B?GJ??$L;=C?F;?L;G<I;MG?HCH;M
?
=IGINCHB;>Iˆ>I)O=C;H;H‚IN?LC>IM?>?MJ?>CL>?F;HI<;L=I
)O=C;H;?L;
OG;?MHI<?
?CMMI?L;OG;=ICM;KO??F;H‚I=IHM?AOC;;AO?HN;L?GHCHAO„G
Z,KO?PI=…?HN?H>?JIL?MHI<?ZJ?LAOHNIO,FCP?CL;
G;CMCHN?L?MM;>I
Z IG Z >CMM? ; *;A;
 ;<;CR;H>I ; =;<?ƒ; =IG I ;L >? KO?G JL?MM?HN?
KO? P;C >CT?L OG; <I<;A?G Z
 ?O PCG >? N?L=?CL; =F;MM?
 G;M ;=BI KO? M?
NCP?MM?PCH>I>?M?AOH>;)O=C;H;N?LC;C>IM?>?MJ?>CL>?GCG
ZG?FBIL>?@CHCƒ‚IKO?D~IOPCZ>CMM?,FCP?CL;
ZF„G>IG;CM
NCHB;/I=;G;>IOLZ>CMM?;*;A;
#IC;MMCGKO?,FCP?CL;@C=IOM;<?H>I>;?RCMN…H=C;>?/I=;G;>IOL
KO??G
*IHN?PC>„OM?=B;G;P;GI>?MN;G?HN? ;LFIM#L;H=CM=I *;A;H‚IJ;L?=C;
>CMJIMN;;JLIJIL=CIH;LGOCNIM>?N;FB?MMI<L?;A…H?M?>?/I=;G;>IOL
;H‚I
M?LKO?NCHB;M?H?A;>I;@;T?LOG;<ILNI?KO?;AIL;=IG?ƒ;P;;F;G?HN;LMO;
>?=CM‚I
Z*;MHI@OH>IH‚IF;G?HNI
IJLI<F?G;„=IGIPIOPCP?L ,;FOAO?FKO?
G;>;G? &L‡H? G? =I<L; „ GOCNI ;FNI
 JL?=CMI @;T?L ;OF;M >? =;HNI
 NO>I CMMI
=OMN;>CHB?CLI
 *;A; H‚I M;<C; ;I =?LNI JIL KO? NCHB; PCH>I J;L; -;LCM
 ? ,FCP?CL; @IC
J?L=?<?H>IKO?=IGOG;FCA?CL;=IH@OM‚I?GG;N„LC;>?J;MM;A?HM
;A…H=C;M
>? PC;A?G ? PCMNIM
 ?F; N;G<„G JI>?LC; N?L LOG;>I J;L; 0CHA;JOL; IO J;L; ;
C>;>? >I ;<I ; ’HC=; =ICM; CGJILN;HN? ?L; N?L M;ˆ>I >? *IHN?PC>„O
 ? N?L
?H=;L;>I ;KOCFI KO? ?F; =B;G;P; GI>?MN;G?HN? >? U; PC>;W   AL;H>?
P;HN;A?G >? -;LCM ?L; KO? M;<C; GOCNI <?G @L;H=…M >@C6 -CNG;H ? KO? ?L;
JIMMˆP?FP?LIMG?FBIL?MKO;>LIM
IMG?FBIL?M@CFG?M
;(OFNOL?GMO;M@ILG;M
G;CMCFOMNL?M ,FCP?CL;M??HN?LH?=C;=IG?MM?J;HIL;G;?G<IL;/I=;G;>IOL
NCP?MM? MC>I OG; >O=B; @LC; <;MN;HN? >?M;AL;>~P?F
 H‚I M;<C; <?G JIL KO…
 ?
J?HM;P;?G;FAOG;M>?MO;M<LCFB;HN?M;GCA;M>?O?HIMCL?M
CH=;J;T?M>?CL
G;CM FIHA? >I KO? *;L >?F -F;N;
 ;J?M;L >? N;HN;M G?N;@ˆMC=;M ;HMC?>;>?M >?
?RJ?LC…H=C;JF;H?N~LC; KO?F;JCLL;FB;
?J;L;JCIL;L=IGOG@CFBIHIM<L;ƒIM

M? G?NC; HOG; N?L=?CL; =F;MM? >? H;PCI ? M? G;H>;P; J;L; ?MNO>;L =;HNI ?G
-;LCMM?GOGPCHN„GHI<IFMI "
=IGIM?@IMM?JIO=I
D~FB?>;P;FCƒ‘?MMI<L?
; G;H?CL; >? IFB;L ? P?L FCƒ‘?M KO? ?F; H?G >?M=IH@C;P; KO? ?MN;P; >;H>I

?L;G M MO; G;H?CL; >? J;L;L >? L?J?HN? H; LO; J;L; ?MJC;L OG M;AO‚I IH>?
H‚I B;PC; H;>;
 JIL„G G;CM ;>C;HN? OG PCMFOG<L? P?L>?
 OG L?@F?RI
 ? ?G
M?AOC>;?HNL;L@OLNCP;G?HN?J;L;KO?;T?F;>IL;H‚IM?T;HA;MM?
>?MFCT;L;N„I
AL;H>?J~NCIIH>?MP?T?MB;PC;OG;P?FB;?MN~NO;IOOG;J„LAIF;=IGB?L;

IOH;>;
MIJ;PCG?HNIA;MNI>?P?FBIMJ;L;F?F?JˆJ?>IM
GI@I?MP?L>?;>IH;M
J;L?>?M
 OG L?MNI >? L?FACI
 OG P?FBCHBI  MIG<L; HOG =;HNI
 ? IM A;NIM

M?GJL? CH?PCN;P?FG?HN? IM GCHIO=B? A;NCHBIM GC;OGC;O ECNN?H E;N =B;N =;N
A;NNI =CHT?HNIM ? <L;H=IM ? H?ALIM ? CGOH>IM
 >IHIM >I N?GJI ? >;M F;DIN;M
GILH;M
 CHP;LC~P?CM ;GCAIM >; *;A;
 KO? M;<C; @;T?L =IMKOCHB;M H; <;LLCA;
>?F?M?@;F;P;=IG?F?MHOG;FCHAO;A?G?HNL?<I<;?GCMN?LCIM;
=IG?H=IHNLIM
=IG JL;TI >?N?LGCH;>I
 =IHM?FBIM ? ;>P?LN…H=C;M  !? L?J?HN? ,FCP?CL; M?
;=B;P; ?MNL;HBI ;H>;H>I =IG ; *;A;
 H‚I ;>C;HN;P; H;>; M? CLLCN;L JILKO? ;
*;A; M?GJL? >?LLO<;P; =IJIM >? =?LP?D; IO NCL;P; I J„ >? >?<;CRI >? OG;
G?M;<?G?GN?GJI>?@;T?LIA;LƒIGNLIJ?ƒ;L?=IG?ƒ;L;;G;F>CƒI;L?L;
@?FCT;J?M;L>??MN;LIN?GJICHN?CLI?R;MJ?L;>IJIL=;OM;>;KO?F;G;H?CL;>?
H‚I@;T?L;M=ICM;M=IGI;M=ICM;M>?P?GM?L@?CN;M
>?CAHIL;LL?MIFON;G?HN?;M
AL;H>?M =C@L;M >; =IHN; JIL„G ?MN;=;L >?MFOG<L;>; >C;HN? >; NL;M?CL; >? OG
GI>?MNI CNLI†H=;P;FIM
IOJ;L;>;HIG?CI>;LO;I/?H;OFNH?ALI@L?;P;;
>ICMG?NLIM?IGINILCMN;JOHB;;=;<?ƒ;J;L;@IL;?RCHA;P;=IGIMIN;KO?>;
-C=;L>C;
 J;L;>;  NI; J;L; IFB;L >I G?CI >; LO; OG; PCMN; >I -;HNB„IH ;I
FIHA?
 M?GJL? GOCNI G?FBIL KO? ; PCMN; KO? M? NCHB; >; =;Fƒ;>;  " =ICM;M >I
NCJI
,FCP?CL; D~ =IHB?=C; -?LC=I ? /IH;F>   *;A; I ;JL?M?HNIO ; "NC?HH? ?
"NC?HH?IM;JL?M?HNIO;$L?AILIPCOMI FO<?>;0?LJ?HN?@ICM?@ILG;H>IH;M
HICN?M>?0;CHN $?LG;CH >?M -L„M 1I>IGOH>I;=?CN;P;;*;A;H;BIL;=IGI
OG;JL?M?Hƒ;CH?PCN~P?F?H;NOL;F
?G<IL;M?CLLCN;MM?GJILJL?=CM;L?G?RJFC=;L
NO>IIKO??MN;P;M?H>I>CNI
IOJILKO??F;@;TC;PI;LOGKO;LNI>?KOCFI>?
<;N;N;M @LCN;M J?FI ;L MCGJF?MG?HN? JIL M?L CH=;J;T >? G;H?D;L >?=?HN?G?HN?
OG A;L@I ? ;M <;N;N;M @LCN;M ;=;<;P;G KO;M? M?GJL? HI =;<?FI >IM MOD?CNIM >;
IONL;G?M;
??L;JL?=CMIJ?>CL>?M=OFJ;MIO>CT?L*;A;KO??F;?L;OG;M?G
HIƒ‚I  +I ALOJI
 ; *;A; @OH=CIH;P; GOCNI G;F
 ,FCP?CL; J?L=?<C; KO? ?F;
JL?@?LC; P?L NI>IM IM G?G<LIM >I FO<? OG >? =;>; P?T ? ?G J;LNC=OF;L
 M;CL
J?F; LO; =IG "NC?HH? IO =IG ;<M
 CH=FOˆ FIM ?G M?O GOH>I M?G JL?N?H>?L
D;G;CM CH=FOˆ FIM ?G M?O GOH>I G;M CH=FOCH>I
 JILKO? ?L; A?HN? KO? H‚I
KO?LC; IONL; =ICM; M?H‚I M;CL >I J?L=OLMI IL>CH~LCI >IM ŽHC<OM ? >; BCMNLC;
 ?
;MMCG
 >? OG; @ILG; IO >? IONL;
 NI>IM IM >I FO<? ?L;G AL;NIM  *;A;

?G<IL;;=I<LCMM?G>?CHMOFNIMH;JLCG?CL;IJILNOHC>;>? "NC?HH?
M?AOLI>?MC
=IGI OG =‚I IO OG; =;CR; JIMN;F
 @C=;P; FˆPC>I KO;H>I ; *;A; F;LA;P; OG;
>;M >?F; >C;HN? >? M?O ’FNCGI KO;>LI
 ? ;N„ -?LC=I /IG?LI =IH>?M=?H>C; ?G
;>GCNCL KO? J;L; OG; @…G?; ; *;A; ;N„ KO? F?P;P; D?CNI  !OL;HN? M?G;H;M IO
G?M?M ; =IHN; >IM >C;M ?L; >C@ˆ=CF J;L; OG ,FCP?CL; @?FCT
 ?LAI M?G @ONOLI

;H>;L;G?;H>;L;GJIL-;LCMIFB;H>I=ICM;M
>?CR;H>IKO?;=IHN?=?MM?IKO?
NCHB; KO? ;=IHN?=?L
 ;G;H>I M? ? <LCA;H>I ? NO>I CMMI  G;LA?G >;M HINˆ=C;M
>IM DILH;CM
 >;M I<LCA;ƒ‘?M >? @;GˆFC; ? >? KO;FKO?L NCJI >? CGJIMNI @CM=;F IO
GIL;F
1I=
NI=
Z3;GIM;=IL>;LZ>CTC;,FCP?CL;>?KO;H>I?GP?T
Z -;L; KO… Z L?MJIH>C; ; *;A;
 IFB;H>I ;M Ay?:496D KO? J;MM;P;G
>?<;CRI >; -IHN +?O@  Z 1I=
 NI=
 PI=… N?G OG J;MM;LCHBI H; =;<?ƒ;  1I=

NI=
<C=;IN?GJICHN?CLI
KO?LKO?PI=…>…>?=IG?L=IGC>;;LA?HNCH; 1I=

NI=
Z "MN~ <?G Z L?MGOHA;P; ,FCP?CL;  Z +‚I G? =IH@OH>; =IG
/I=;G;>IOL  3;GIM ;=;<;L @;F;H>I ?G AFˆAFC=I J;L; I KOCN;H>?CLI IO ;
T?F;>IL;
 P;C >;L OG; =IH@OM‚I >;H;>;  ,FB; M ?MM? MOD?CNI M?AOCH>I ;
H?ALCHB;
Z IHB?ƒI ?F;
 NL;<;FB; HOG =;@„ >; /O? >? -LIP?H=?  "F; AIMN; >?
GOFB?L?M
IJI<L?=ICN;>I?MN~J?L>C>I
Z ;HNIOPI=…
;H?ALCHB;
Z F;LI *;M;=;<;GIM@C=;H>I;GCA;M
>?C>?JL?M?HN?G?OLOA???F;G?
>?OOGFCPLCHBI>?OGN;F>?/?N?@
H‚IX?MJ?L;X/?NC@X
Z"MN~<?G
?HN?H>I
?MN~<?G *;MPI=…H‚I@ICG?MGIJ;L;;=;G;=IG
?F;!?P?M?L=OLCIMI
J;L;OG;GOFB?L=IGIPI=…
Z3I=…D~@ICJ;L;;=;G;=IGOGBIG?G
%IL;=CI
Z F;LI ?RJ?LC…H=C;
PI=…M;<?
*;A;IFB;P;J;L;?F?>?PC„M
>?M=IH@C;H>IKO??F??MN;P;=;ƒI;H>I>?F;

KO?;KOCFINO>I?L;JILKO??MN;P;=IGL;CP;JIL=;OM;>IJ;MM;LCHBIH;=;<?ƒ;
NI=NI=
>IJ;MM;LCHBIKO?J?>C;=IGC>;;LA?HNCH; "HN‚IM?DIA;P;J;L;=CG;
>?F?J;L;AL;H>?MOLJL?M;>?OG=;M;FKO?J;MM?;P;J?F;/O?0;CHN 0OFJC=?
I
>?MJ?HN?;P; LCH>I
 ,FCP?CL; NCHB; KO? ;A;LL;L M?OM <L;ƒIM
 =IG?ƒ;P;G ; LCL
 I
=;M;F IFB;P; J;L; ?F?M ? I BIG?G G;F M? ;HCG;P; ; MILLCL
 MO; GOFB?L ?MN;P;
>?G;MC;>I?M=;H>;FCT;>;JIL=;OM;>;KO?F?=IGJILN;G?HNI
Z3I=…N?GL;T‚IZ,FCP?CL;;=;<;P;=IH@?MM;H>I Z0IOCH=OL~P?F
=B?
#;F;L?G;=IL>;LKO;H>I
;@CH;F
?MN;GIMN‚I<?G;MMCG
>ILGCH>I
-;L;P;G H; @L?HN? >? OG; PCNLCH? J;L; F?L I NˆNOFI >IM FCPLIM   *;A;
>?M;H>;P;;J?LAOHN;L
AOC;H>I M?J?F;M=IL?M?J?F;M@ILG;M "L;JL?=CMIMCNO~
F; ?G L?F;ƒ‚I ; #F;O<?LN
 >CT?L ; ?F; KO? *IHN?MKOC?O
 ?RJFC=;L ; ?F; =IGI
/;SGIH> /;>CAO?N
 CH@ILG;L MI<L? KO;H>I 1B„IJBCF? $;ONC?L   *;A;
?M=ON;P;
>?M?HB;H>I=IGI>?>IH;PCNLCH? U2GJ;MM;LCHBIH;=;<?ƒ;
KO?L
KO? PI=… >… >? =IG?L =IGC>; ;LA?HNCH;W
 J?HM;P; ,FCP?CL;
 IOPCH>I M? @;F;L
U-I<L?>?GCG
M;HN;G‚? W
Z*;MM?L~KO?PI=…H‚IJ?L=?<?KO?>?MM?D?CNIH‚IP;C;JL?H>?LH;>;Z
;=;<;P;>CT?H>I;?F; Z3I=…JL?N?H>?@C=;L=OFN;H;LO;
KO?LC>;
?CMMIH‚I
>~ 0?@ILJ;L;CMMI
„G?FBIL@;T?LOG;;MMCH;NOL;>I)6256CD:86DE
ZB
H‚I
?MM;JIL=;LC;H‚I
2GJ;MM;LCHBIH;=;<?ƒ;
M?>CTC;,FCP?CL; +‚I?F;
?MCG?F? *;M??F;
I
KO?NCHB;H;=;<?ƒ;LIO@;LCHB;
;FAOG;=ICM;JIO=IL?=?JNCP; +‚I?L;H;
=;<?ƒ;I=?HNLI>?F;
U#?=B; IM IFBIM ? ;=?LN; I ;FPIW
 J?HM;P; ,FCP?CL;  U"R;N;G?HN? I MCMN?G;
T?H>?>CMJ;L;LI;L=I *;M>~HI;FPIMCGJF?MG?HN?JILKO?H‚IM;<?KO??MM?
„IMCMN?G; '~?OX1I=NI= "P;GIM?G@L?HN? W
.O;H>I;*;A;J?LAOHN;P;JILKO?MN‘?M=IGI@CFIMI@C;T?H?L;G=ICM;MKO?
JI>C;G ;=IHN?=?L HI FO<?
 IH>? M?GJL? M? @;F;P; ?G HIMN;FAC;M
 ?G
M;JC…H=C;M L?GIN;M I MO@C=C?HN? J;L; J;L?=?L?G @OH>;G?HN;CM
 ?G L?P?LMIM >?
G?>;FB;M
HIIONLIF;>I>;FO;M?GJL?
$L?AILIPCOMM??M@ILƒ;P;J;L;?RJFC=;L
;?F;IMLO>CG?HNIM>;G?N;@ˆMC=;?HKO;HNI,FCP?CL;MILPC;M?OJ?LHI>?IFB;P;
J;L; IM >ICM
 >?M@LON;H>I  "L; CHM?HM;NI KO?L?L ?RJFC=;L ;FAOG; =ICM;  *;A;
#;O=IHHC?LNCHB;L;T‚I
J;L;A?HN?=IGI?F;IGCMN„LCI=IG?ƒ;P;DOMN;G?HN?
=IG ; ?RJFC=;ƒ‚I   *;A; IOPC; @;F;L >? CG;H…H=C; ? NL;HM=?H>…H=C; ? ;<LC;
OHMIFBIM<IHCNIMKO?=ILN;P;G;G?N;@ˆMC=;>?$L?AILIPCOM +I@CG
?F;;N„M?
=IHP?H=C; >? KO? NCHB; =IGJL??H>C>I I T?H ? MOMJCL;P; =;HM;>;  0 ,FCP?CL;
J?L=?<C; KO? ; *;A; ;NCHAC; ; NI>I GIG?HNI ;KO?F?M AL;H>?M N?LL;ƒIM M?G
N?GJIKO?NI>IM?F?MJLI=OL;P;G>C;F?NC=;G?HN?
Z+‚IP~AO;L>;L?MM?M?HMCH;G?HNIMC>CIN;MZ;=IHM?FB;P;;?F; Z-;L;
KO?JŽL=OFIMM?PI=…H‚IJL?=CM;>?F?M
*;A;>?M=IH@C;P;OGJIO=I >GCL;P;,FCP?CL;?"NC?HH?CG?HM;G?HN?

=;J;T?M>?>CM=ONCLNL…MBIL;MM?GJ;L;L IL?>IL>?"NC?HH??,FCP?CL;B;PC;
OG; ?MJ„=C? >? =ˆL=OFI >? ACT
 ?F; KO?LC; ?HNL;L HI =ˆL=OFI
 =IGJL??H>?L JIL
KO? I JLCH=ˆJCI >? CH>?N?LGCH;ƒ‚I ?L; N‚I CGJILN;HN? H; FCN?L;NOL;
 JIL KO?
*IL?FFC
 >? KO?G N;HNI @;F;P;G
 ; KO?G N;HNI ;>GCL;P;G
 JL?N?H>C; @;T?L >?
M?OFCPLIOG;<IF;>?=LCMN;FIH>?IGC=LI?IG;=LI=IMGIM?OHCMM?GHOG;
PCM‚I;HCKOCF;>IL;
Z&GJIMMˆP?F?RJFC=;LZL?MJIH>C;"NC?HH? Z&MMI„OGDIAI>?;LG;L
I
*?==;HIH’G?LI
?PI=…G;F=B?AIO;I
*;A;@C=;P;NLCMN?
;J;HB;P;OG;@IFBCHB;H;<?CL;>;=;Fƒ;>;?@;F;P;=IG
?F;OGJIO=I
J;MM?;P;;@IFBCHB;J?F;J;FG;>;G‚I
;>?CN;P;>?=IMN;MIO>?
<LOƒIM
 ; J?HN?;P;
 ;=;<;P; JIL NCL;L MO; JIFJ; ? >?CR;L MO;M H?LPOL;M ;
>?M=I<?LNI
OG>?FC=;>I@;HN;MG;P?L>?KO?C;M?>?M?HB;H>I=IHNL;MO;J?F?
"NC?HH?;LL;H=;P;;@IFBCHB;=IGOGGIPCG?HNI<LOM=I?;=IFI=;P;=IHNL;;
FOT  -IL =ICM;M =IGI ?MM; ; ;>GCL;P;G
 OG JIO=I ?HP?LAIHB;>IM JIL N?L?G
MC>I N‚I LO>?M =IG ?F;
 ? ; *;A; ;JLIP?CN;P; J;L; J?>CL IONLI G?CI FCNLI ? M?
@IMM?JIMMˆP?F;FAOG;M<;N;N;M@LCN;M

 


JLCG?CL;P?TNCHB;MC>IHOGBIN?F>;/O?3;F?NN?
T;HT;P;GNI;J;L;H>I
HIM JILN;CM
 ; =BOPCHB; @CH; >?JICM >I ;FGIƒI „ M?GJL? ;G;LA; ? ?L; JL?=CMI
@;T?L;FAOG;=ICM;=IHNL;;KO?F;JI?CL;A?F;>;
=IHNL;;KO?F;M=;J;M>?=BOP;
KO?=B?CL;P;G;<ILL;=B;
?>?L?J?HN?;*;A;M?;J?LNIO=IHNL;,FCP?CL;?M?
IFB;L;G =IGI >ICM NIHNIM
 %,1")
 ; P?FB; ;NL~M >; L?=?Jƒ‚I >?=;>?HN? ? OG
N;HNICGOH>;=OGJLCG?HNIO IM=IGJL??HMCP;
IKO?G;CM>;P;J;L;@;T?L=IG
;KO?F? N?GJI BILLILIMI LL;MN;P; OG; J?LH;
 ?L; ;HAOMNC;HN? P… F; MO<CL
J;L;H>I?G=;>;>?AL;OJ;L;JOR;L;J?LH;?H@?LG;GOCNIG;CMALIMM;KO?;
IONL;
L?J?NCL;G;HI<L;;N„IKO;LNI;H>;L  B?CL;P;;G;=CI
;MIJ;
HIN;J?N?
>I=ILL?>IL;FAO„GNCHB;>?LL;G;>IOGFˆKOC>I;TOFKO?>?M?HB;P;OG;=ICM;
KO? F?G<L;P; OG J;L >? ;M;M  , KO;LNI NCHB; >O;M D;H?F;M =IG =ILNCH;M
P?LG?FB;M
 =?LTC>;M ? =B?C;M >? L?N;FBIM OG; FOT ’GC>; M? @CFNL;P; @?CNI OG
;HDI;N„;=;G;>?=IF=B;;G;L?F;>;
 *;A; NCHB; JL?N?H>C>I CHI=?HN?G?HN? @;T?L FCN?L;NOL;
 @C=;L ;I F;>I >;
D;H?F; @CHACH>I IFB;L ; LO; ?HKO;HNI ,FCP?CL; =IH@?LC; ; NL;H=; >; JILN;  "F;
>?PC; N?L OG ?MKO?G; JL„ @;<LC=;>I J;L; ?MM;M =ICM;M
 IO N;FP?T M?GJL?
;=IHN?=?MM?G >; G?MG; G;H?CL;
 JLCG?CLI >?CR;L ; <IFM; H; G?M;
 >?JICM
JLI=OL;L IM =CA;LLIM
 >?JICM IFB;L J;L; ; LO;
 >?JICM @OG;L ;MJCL;H>I
JLI@OH>;G?HN? ; @OG;ƒ;
 @;T?L OG =IG?HN~LCI MI<L? I J;J?F >? J;L?>?

?MJ?L;L
?PC>?HN?G?HN??MJ?L;L
?R?=ON;LNI>IMIMA?MNIMH?=?MM~LCIMJ;L;>;L;I
BIG?G M?O G?FBIL J;J?F
 >?CR;L ; ?F? NI>I I N?GJI H?=?MM~LCI J;L; ;
CHC=C;NCP;  "G ;FAOG GIG?HNI NCHB;G =IG?ƒ;>I ; LCL
 ?L; <I<I >?G;CM
'IA;>; ; OG =;HNI
 ; =IF=B; ;G;L?F; @C=IO @?CNI OG <IH?=I CH@ILG? =IHNL; ;
J;L?>?
%;<CNO;L;G M? ; =IGJ;L;L ;M =IF=B;M
 ;M JILN;M
 IM FOMNL?M
 ;M =ILNCH;M J;L;
?F?M
 IM KO;LNIM >IM BIN„CM >I 4:?BF:|>6 2CC@?5:DD6>6?E ?L;G G?FBIL?M KO? IM
>I D:I:|>6
 HI D6AE:|>6 H‚I NCHB;G MILN?
 M?GJL? ;=IHN?=C; ;FAOG; =ICM;

J;H=;>;M HI KO;LNI ;I F;>I IO ?H=;H;G?HNIM KO? @;TC;G OG LOˆ>I F’AO<L?

KO?F;;FNOL;,FCP?CL;D~B;PC;=IHN;>IJ;L;;*;A;;BCMNLC;>?1LIJJG;HH
;
*;A; ?M=ON;P; ALO>;H>I M? H?F?
 N?LC; KO? F?L I =IHNI >? 1OLAO…HC?P
 ?L;
CH=LˆP?FNO>IIKO??F;JL?=CM;LC;F?LH;KO?F?M>ICM;HIMH‚IM?M;<C;JILKO?
?L;G>ICM
IONLI>C;@IC-?NCIN
IONL;P?T4?C>G;HH
IONL;P?T BLCMNC?
KO;M?
M?GJL?IBIN?F;=;<;P;JIL>;LPIHN;>?>?@;F;L>?=LCG?M
G;MN;G<„G;*;A;
?L;CHP;>C>;>?L?J?HN?JILOG;G;L„>?M?LC?>;>?
J?LAOHN;P;=IGIMIFBIM
@CRIM HI N?NI M? ; JCHNOL; >? 0C?H; ?L; N‚I ?HILG? =IGI "NC?HH? ;@CLG;P;
 M?
H‚I M?LC; H?=?MM~LCI ?=IHIGCT;L J;L; =IGJL;L OG NI=; >CM=IM ? ;M I<L;M >?
%OAI 4IF@
 KO? M P?T?M =;HN;LIF;P; CHN?LLIGJ?H>I M? HI G?CI
 ?MKO?=C>; ?
@OLCIM; ,FCP?CL;AIMN;P;>?@;T?L;GIL=IG;*;A;JILKO?H;>;JI>C;M?LG;CM
CGJILN;HN?J;L;?F;?
;IG?MGIN?GJI
>?OG;@ILG;>C@ˆ=CF>?=IGJL??H>?L

?L; =IGI M? ?F; ?MNCP?MM? JIL <;CRI >? M?O JL;T?L
 ?H=IHNL;P; M? H?F? JIL OG
GIG?HNI ? JIL CMMI ;>?LC; >?M?MJ?L;>;G?HN? ; ?F? ? I JLIFIHA;P;
 ?L; =IGI
OG>?MJ?LN;L??HN‚I=IHB?=?LM?OP?L>;>?CLIHIG?
?>?JICM?F;L?=;ˆ;HOG;
TIH; M?GJL? OG JIO=I =L?JOM=OF;L KO? ?H=;HN;P; OG ,FCP?CL; N?G?LIMI >?
J?L@?Cƒ‘?M
G;M;*;A;MI@LC;>?P?L>;>?KO;H>IL?AL?MM;P;MMO;MF?G<L;Hƒ;M
?;NO>I;KOCFI?GKO?I<M=OL;G?HN?JL?=CM;P;J?HM;L?H‚I=IHM?AOC;J?HM;L

?HN‚I?L;JL?=CMI<?CD~ F;JLI@OH>;G?HN?
CH=CN~ F;;HIPIMDIAIM
??F;
;IONL;

;L?=IH=CFC;>;
=L?M=C;>?<;CRI>?F??I;LL?<;N;P;
>;P; M??HN‚I@?CNIOG;@?L;
@L?H„NC=;
IMIFBIMJ?L>C>IM?;MG‚IMPCL;>;MJ;L;>?HNLI
GˆNC=;?;NLIT=IGI
OG; ?MN~NO; LIF;H>I JIL OG; GIHN;HB;
 ;LL;H=;H>I I N?GJI =IG ;M OHB;M

?HNL? MIFOƒIM ? OG LIHLIH;L KO?CRIMI CHN?LGCH~P?F  ?LN; HICN? =L;PIO FB? IM
>?HN?M
 GIL>?O M?O IG<LI ;N„ ;LL;H=;L M;HAO? JILKO? ?F? M? >?CR;P; =;CL >?
F;>I
 D~ OG JIO=I J?L>C>I
 ? BIOP? OG =IH@OMI J;=NI M?G J;F;PL;M
 ,FCP?CL;
M?HNCO=IGIM?;*;A;?MJ?L;MM?>?F?;GILN?
;FAIH?F;KO?D~H‚I?L;M?O?O
>?MJ?LNI
OG;I<M=OL;@ILG;L?=F;G;H>IOG;;HCKOCF;ƒ‚I
;F?HN;JOHB;F;>;
J;L;I;FNIKO?L;MA;;M?MNL?F;M>;HICN??>?PIFP?I?MJ;ƒIMJ?LAOHN;M?;IM
N?LLIL?M  KO?F; P?T
 M ;KO?F; P?T
 @IL; >? MC =IGI OG G;N;>IL GˆNC=I J;L;
KO?G G;N;L „ >?PIFP?L INIOLI ;I G;L ? I G;L ;I =„O
 P?LAIO ; *;A; HOG;
FIHA; HICN? >; KO;F JIO=I @;F;L;G >?JICM
 @?T >?F; -;Mˆ@;?
 >I<LIO ; ? OMIO ;
=IGI OG ;>IF?M=?HN?
 =IHB?=?O ; ? ?RCACO >?F; M?LPC>‘?M >; G;CM NLCMN? JON;

G;AHC@C=IO ; ?G =IHMN?F;ƒ‚I


 N?P? ; ?HNL? IM <L;ƒIM =B?CL;H>I ; M;HAO?
 @?T
=IGKO?<?<?MM?IM…G?HKO?=ILL?J?F;<I=;=IGII>?M;@CI;I)IAIM
MOAIO
FB? ; MIG<L; >I P?HNL? ? >;M ;H=;M ? ?LAO?O ; ;N„ M?O LIMNI J;L; OHN~ F; >? MC
G?MG; H?MM; ’FNCG; IJ?L;ƒ‚I >? =IHB?=CG?HNI KO? M I BIG?G JI>? >;L 
GOFB?L
?R;MJ?LIO ;=IGJ?F??=;<?FI?<;<;?KO?CR;M
?MP;TCIO ;;N„I@CH;F
>? MO; @ILƒ; G;AHˆ@C=;
 DIAIO ; =IHNL; OG NL;P?MM?CLI ? OG F?HƒIF ? M?HNCO ;
=BIL;L>?@?FC=C>;>?=IHNL;ILIMNI>?F?
KO?OGHIPI=CA;LLI>?PIFPC;HICN?
>IKO;LNI?>IBIN?F
*;CMN;L>?
,FCP?CL;M?JL?I=OJIO=IG;JIMMC<CFC>;>?>?KO??F;M?M?HNCMM?
L?JF?N;
 >? KO? ;KO?F?M DIAIM N?HN;MM?G M?L OG; ?MJ„=C? >? M;=LC@ˆ=CI  1?GC;
;=CG;>?NO>I;@ILG;G;CMMONCF>;AL;NC>‚I
;KO?M?NL;HM@ILG;?G=;LCHBI
=;HCHI H‚I KO?LC; KO? ; FC<?L>;>?
 ; ’HC=; LIOJ; KO? =;ˆ; <?G H; *;A;
 M?
J?L>?MM?HOG;@?GCHCFC>;>?>CFCA?HN? 1L;HKOCFCTIO M?JILKO?;PIFN;>;*;A;
;I?MNCFI=;@„JOLIM?G;ƒ’=;L?PCMCN;;I<C>…=ICH=C>CO?@ICG;L=;>;JILOG;
L?=;ˆ>; H; JCIL >;M =IH@OM‘?M  *;FNL;N;>; >? @ILG; ;<MIFON; >OL;HN? ;KO?F;
HICN?
 ;<?LN; ; OG; JILIMC>;>? >? ?MJ;ƒI KO? F;N?D; ? M? ?RJ;H>?
 MO;M
JLCG?CL;MJ;F;PL;M
D~>?PIFN;N?LL;
NCHB;GKO?;ƒICN~ F;@?CNI=BC<;N;
?MO;
PIFN;<?CL;>;=;G;
CG;A?G>?OG;=IHMN?LH;ƒ‚IJLIAL?MMCP;KO?<OM=;M?
H?ONL;FCT;L=IGMILLCMIM?OG;P;A;?MJ?L;Hƒ;
>?CRIO,FCP?CL;J;LNC=OF;LG?HN?
M;NCM@?CNI '~KO?H‚I;;G;P;
D~KO?I>?M?DI=?MM;LC;JILKO?H‚I;;G;P;
?I
>?M?DI =?MM;LC;
 ?L; H?=?MM~LCI ?PCN;L =IGI  J?MN? NI>; M;=L;FCT;ƒ‚I >;KO?F?M
DIAIM  !OL;HN? >C;M
 >OL;HN? M?G;H;M
 >OL;HN? ;FAOHM G?M?M
 =;>; KO;LNI >?
BIN?F ? =;>; JL;ƒ;
 =;>; JIMCƒ‚I ;GILIM; ? =;>; ;G;HB?=?L HOG =;@„ >I
G?L=;>I=CL=I@?LIT
IJ?L;ƒ‚IMONCF?<;F;HƒIF’=C>I MMCGP?CI;M;<?LKO?;
*;A;?MJ?L;P;P?L>;>?CL;G?HN?KO?%IL;=CI;G;N;MM?
?KO??MM;GILN?>?PC;
M?L >? @…HCR
 I CHAL?MMI ;I =IH=ˆFCI >IM @CFMI@IM
 KO?L >CT?L
 M =IHP?LM;M HI
FO<? >; 0?LJ?HN? ; *;A; KO?LC; ;JL?H>?L
 KO?LC; CHM NLO CL M?  %IL;=CI ?L;
?R;FN;>I
 =B;G;>I
 =IHPI=;>I  @OHƒ‚I >? M;=LC@C=;>IL JOLC@C=;>IL
 ? =IGI
KO;M?HOH=;M??H=IHNL;P;GJILKO??GJF?HI>C~FIAI?L;GN‚I>C@?L?HN?M?M?
>?>C=;P;G;=ICM;MN‚IIJIMN;M?CMMI?F;M;<C;
=IGJL??H>C;GOCNI<?G
?HN‚I
;’HC=;JIMMC<CFC>;>?>??H=IHNLI?L;KO?%IL;=CI;G;N;MM?HI;GIL
IH>??F;
JI>C; =IHM?AOCL M? ?H=IHNL;L =IG ?F?
 HI =„O >IM KO;LNIM >? BIN?F
 IH>? M?
?H@L?HN;P;GCAO;CM?HOM
?;FC?L;IH>??L;JIMMˆP?F=IHMOG;L M?;L?MMOLL?Cƒ‚I
>;@…HCR>?JICMKO??F?;NCP?MM??MNL;HAOF;>I>?FC=CIM;G?HN?
>?CR;H>I=;CLOG
@CI >? <;<; ?G MO; <I=; ;<?LN;
 IFB;H>I ; ?MN~NC=I =IGI M? =IG?ƒ;MM? ;
L?=IHB?=… F;
;@;T… F;MO;>?P?L>;>?
;NL;T… F;J;L;IM?OF;>I

 


 N„=HC=; =IHMCMNC; ?G G;L=;L P;A;G?HN? OG ?H=IHNLI HOG <;CLLI ?G


>?N?LGCH;>;BIL; $IMN;P;G>?>?M;@C;LIJ?LCAI>?H‚IM??H=IHNL;L
>?J;MM;L
I>C;MITCHBIM
?H@OLH;>IM?G;FAOG=;@„IOHOG<;H=I>?JL;ƒ;
F?H>I OG
FCPLI ; G;CM N?ILC;>IFCPLI ; G;CM?L;>?,FCP?CL;
KO?;*;A;NCHB;;=?CN;>I
JIL JOL; IMGIM?  -;L; ?F;
 H; P?L>;>?
 KO;M? NI>IM IM FCPLIM ?L;G FCPLIM ;
G?HIM
 ? <?G KO? AIMN;LC; >? M? ?H=B?L >? OG; CG?HM; M?>? ? >OL;HN? OG
N?GJICH@CHCNI=;F=OF~P?F?HNL?NL…M?=CH=I;HIMF?L;@A6C2@>?:2>?$I?NB?

%IG?LI
 !SF;H 1BIG;M
 *;OLC;=
 #;OFEH?L
 ;O>?F;CL?
 /I<?LNI LFN
 0;HNI
AIMNCHBI ? IONLIM ;ONIL?M =ODIM HIG?M ; MI<L?MM;FN;P;G H;M =IHP?LM;M >I
FO<?   NO>I CMMI ,FCP?CL; L?MJIH>C; =IG OG >?M>?HBIMI >;L >? IG<LIM
 ?
@;F;P;>;M>?@ILG;ƒ‘?MLCI JF;N?HM?M
>?OG;L;ƒ;>?F?CNIL?M?GN?GJICHN?AL;F

>?<C<FCIN?=;MJOFOF;HN?M>?G;LC;M M;<C=BIH;MCH@C„CM;IMIF?;I;GIL
>?=;M;M
IH>? I =B?CLI >? NCHN; >? CGJL?HM; ;=;<; =IG ; ;F?ALC; >I ;FBI  +;KO?F?M
N?GJIM FC; JIO=I
 I=OJ;>ˆMMCGI ?G IFB;L ;M ~LPIL?M
 IM <;L<;HN?M KO?
?H=IHNL;P; J?FI =B‚I
 IM @CFG?M ;G;L?F;>IM >; CH?G;N?=; ? ;M GOFB?L?M >I
<;CLLIF;NCHI 0O;MP;A;MN?H>…H=C;MCHN?F?=NO;CM?L;GL?MIFPC>;M?GG?>CN;ƒ‘?M
M?GJLIP?CNI
?KO;H>I;*;A;FB?J?>C;;DO>;
OG;>;N;IOOG;?RJFC=;ƒ‚I

?F?;@ILH?=C;M?GPIHN;>?
=IGI;FAICH’NCF U*;M„KO?PI=…D~M;<?W
>CTC;;
*;A;
 L?MM?HNC>;  "HN‚I ?F? M? >;P; ;I NL;<;FBI >? GIMNL;L ; ?F; ; >C@?L?Hƒ;
?HNL? =IHB?=?L ? M;<?L
 ? JLIJOHB; ?R?L=ˆ=CIM >? CH>;A;ƒ‚I CH>CPC>O;F KO? ;
*;A;H‚I@;TC;?KO?;>?M?MJ?L;P;G
IH=IL>;H>I KO? H?MM? N?LL?HI H‚I =IH=IL>;LC;G D;G;CM
 G;L=;P;G
?H=IHNLIM JIL ;ˆ ? KO;M? M?GJL? M? ?H=IHNL;P;G  gM P?T?M IM ?H=IHNLIM ?L;G
N‚I CH=LˆP?CM KO? ,FCP?CL; JLIJOHB; OG; P?T G;CM J;L; MC G?MGI I JLI<F?G;
>;MJLI<;<CFC>;>?M?I?R;GCH;P;JILNI>IMIMF;>IM
>?M=IH@C;>;G?HN? +‚I?L;
JIMMˆP?F KO? ; *;A; NCP?MM? >?=C>C>I >I<L;L ;KO?F; ?MKOCH; >; /O? >?
3;OACL;L> ?R;N;G?HN? HI GIG?HNI ?G KO? ?F?
 =CH=I KO;LN?CL‘?M ;<;CRI

L?HOH=C;P; ; MO<CL J?F; /O? >? O=C ? NIG;P; I LOGI >; /O? *IHMC?OL F?
-LCH=? M?G L;T‚I ;FAOG;
 >?CR;H>I M? F?P;L
 ;N„ P… F; >? L?J?HN?
 J;L;>; H;
@L?HN? >? OG; PCNLCH?
 ;<MILN; H; =IHN?GJF;ƒ‚I >? OG G;=;=I ?G<;FM;G;>I
0?HN;>IMHOG=;@„
L?=IHMNLOˆ;GGCHO=CIM;G?HN?IMCNCH?L~LCIM
;MGO>;Hƒ;M
<LOM=;M
 JLI=OL;H>I ?RJFC=~ F;M N?F?J;NC=;G?HN?
 @L;=;MM;H>I M?GJL?
 ? HI
?HN;HNI NCHB;G M? ?H=IHNL;>I ?G JF?HI F;<CLCHNI >? LO;M
 KO;M? M?GJL?
;=;<;P;G M? ?H=IHNL;H>I ? LC;G @?CNI FIO=IM
 M?AOLIM >? OG JI>?L KO? IM
?HLCKO?=C;  ,FCP?CL; @C=;P; @;M=CH;>I =IG IM >?P;H?CIM >; *;A;
 =IG M?O
NL;HKOCFI>?MJL?TIJ?FIM=~F=OFIMG;CM?F?G?HN;L?M ,KO?J;L;?F?@IL;;H~FCM?
>? JLI<;<CFC>;>?M
 ?M=IFB; IO MCGJF?MG?HN? =IH@C;Hƒ; H; L;<>IG;H=C;
;G<OF;HN?
 NILH;P; M? J;L; ?F; MCGJF?M @;N;FC>;>?  U" M? PI=… H‚I NCP?MM? G?
?H=IHNL;>IW
 J?LAOHN;P; ?F;  U+‚I M?C
 G;M PI=… ?MN~ ;KOCXW
&H?RJFC=;P?FG?HN? ; L?MJIMN; CHP;FC>;P; ; J?LAOHN;
 GIMNL;P; M?OM G?>ˆI=L?M
G?=;HCMGIMFAC=IM !?JICM>CMMI
,FCP?CL;M?M?HNC;G;CM=;J;T>?FON;L=IHNL;
M?OM JL?=IH=?CNIM <C<FCIN?=~LCIM
 ? J;L;>IR;FG?HN? ; *;A; M? L?<?F;P; =IHNL;
M?O >?MJL?TI J?FIM =IHB?=CG?HNIM ?M=IF;L?M  MMCG ;H>;P;G
 -OH=B ? 'O>S

;NL;CH>I M? ? L?D?CN;H>I M?


 =IGI =IHP„G KO;H>I H‚I M? KO?L KO? I ;GIL
N?LGCH?HOG;@INIIOHOGFCPLIM?GJ;F;PL;M *;MI;GIL
?MM;J;F;PL;X

 


1I=IMO;<I=;
=IGOG>?>INI=II=IHNILHI>;MO;<I=;
PIO>?M?HB;H>I
?MM;<I=;=IGIM?M;ˆMM?>;GCHB;G‚I
=IGIM?J?F;JLCG?CL;P?TMO;<I=;M?
?HNL?;<LCMM?
?J;L;GCG<;MN;@?=B;LIMIFBIMJ;L;>?M@;T?LNO>I?L?=IG?ƒ;L
;
=;>; P?T @;ƒI H;M=?L ; <I=; KO? >?M?DI
 ; <I=; KO? GCHB; G‚I ?M=IFB? ?
>?M?HB;HIM?OLIMNI
OG;<I=;?M=IFBC>;?HNL?NI>;M
=IGMI<?L;H;FC<?L>;>?
?M=IFBC>;JILGCGJ;L;M?L>?M?HB;>;=IGGCHB;G‚IHIM?OLIMNI
?KO?JIL
OG;=;MIKO?H‚IN?HNI=IGJL??H>?L=ICH=C>??R;N;G?HN?=IGMO;<I=;
KO?
MILLCJIL<;CRI>;KO?GCHB;G‚I>?M?HB;?GPI=…
3I=… G? IFB;
 >? J?LNI PI=… G? IFB;
 =;>; P?T G;CM >? J?LNI ? ?HN‚I
<LCH=;GIM>?=C=FIJ?
HIMIFB;GIM=;>;P?T>?G;CMJ?LNI?IMIFBIM=L?M=?G

M? ;JLIRCG;G OG >I IONLI


 M? MOJ?LJ‘?G ? IM =C=FIJ?M M? IFB;G
 L?MJCL;H>I
=IH@OH>C>IM
;M<I=;MM??H=IHNL;G?FON;G=;FC>;G?HN?
GIL>?H>I M?=IGIM
F~<CIM
 ;JIC;H>I F?P?G?HN? ; FˆHAO; HIM >?HN?M
 <LCH=;H>I ?G M?OM L?=CHNIM

IH>? OG ;L J?M;>I P;C ? P?G =IG OG J?L@OG? ;HNCAI ? OG MCF…H=CI  "HN‚I
GCHB;M G‚IM JLI=OL;G ;@OH>;L M? ?G M?OM =;<?FIM
 ;=;LC=C;L F?HN;G?HN? ;
JLI@OH>C>;>?>?M?OM=;<?FIM?HKO;HNIHIM<?CD;GIM=IGIM?NCP„MM?GIM;<I=;
=B?C;>?@FIL?MIO>?J?CR?M
>?GIPCG?HNIMPCPIM
>?@L;ALH=C;I<M=OL; "M?
HIM GIL>?GIM ; >IL „ >I=?
 ? M? HIM ;@IA;GIM HOG <L?P? ? N?LLˆP?F ;<MILP?L
MCGOFNH?I>?@ŽF?AI
?MM;CHMN;HNH?;GILN?„<?F; "B~OG;MM;FCP;?OGM
M;<IL>?@LON;G;>OL;
?MCHNIPI=…NL?G?L=IHNL;GCG=IGIOG;FO;H;~AO;

 


g N;L>? ˆ;GIM P?L IM J?CR?M >I .O;C >? F; *„ACMM?LC?
 ?G G;LƒI
 I G…M
F?IJ;L>I
 I G…M ?MKOCPI
 I ;A;=B;>I G;M D~ =IG OG MIF ;G;L?FI ?G KO? I
P?LG?FBI?HNL;P;OGJIO=IG;CM;=;>;>C; !;=;Fƒ;>;KO?>;P;J;L;ILCI

CH>C@?L?HN?M ;IM 3@FBF:?:DE6D KO? H‚I HIM >;LC;G H;>; M?G >CHB?CLI

?MJ?L~P;GIM I GIG?HNI ?G KO? P?Lˆ;GIM IM ;KO~LCIM ;H>~P;GIM >?P;A;L

L?N;L>;H>I I ?H=IHNLI
 NI>IM IM ;KO~LCIM ;I MIF
 ? =IGI M? MOMJ?HMIM HI ;L
=?HN?H;M >? J?CR?M =IL >? LIM; ? H?ALIM
 J~MM;LIM KOC?NIM ?G M?O ;L L?>IH>I
2G; ;F?ALC; ;<MOL>; HIM NIG;P; J?F; =CHNOL;
 ? PI=… =;HN;P; G? ;LL;MN;H>I
J;L;;NL;P?MM;L;LO;
J;L;?HNL;LHIGOH>I>IMJ?CR?M>?J?H>OL;>IMHI;L
/?NCL;G IM ;KO~LCIM
 IM AL;H>?M <I=;CM J;L; ; LO;
 ? HI G?CI >? NOLCMN;M ?
G?HCHIM;HMCIMIM?M?HBIL;MKO?=IF?=CIH;GP;LC?>;>?M?RNC=;M 7CA:|46
@C=;GIM;KO~LCIM>?<;CRI>IMIF
=IGM?OM<;F>?M
MO;M?M@?L;M>?~AO;KO?IMIF
GCMNOL;=IGI;L
?IMJ~MM;LIM=IL >? LIM;?H?ALIMACL;G>;Hƒ;H>I>I=?G?HN?
HOG; J?KO?H; JILƒ‚I >? ;L
 F?HNIM J~MM;LIM @LCIM  ,FB~P;GIM J;L; ?F?M

<LCH=;H>I>?;JLIRCG;LIMIFBIM>IPC>LI
ALO>;H>IIH;LCT
?H=IF?LCT;H>I;M
P?FB;M P?H>?>IL;M ;LG;>;M >? L?>?M >? =;ƒ;L <IL<IF?N;M ;KO~NC=;M
 ?
=IGJL??H>ˆ;GIM=;>;P?TG?HIMIKO?„OGJ?CR?
?JIL?MM?=;GCHBI>?H‚I
=IGJL??H>?L ˆ;GIM HIM ;JLIRCG;H>I >?F?M
 KO? H‚I M? =IGJL??H>?G

NL;HMJ’HB;GIM IM ;KO~LCIM ? ?MN~P;GIM N‚I J?LNI >?F?M KO;HNI HIMM; ;GCA;
 ;
P?H>?>IL; >; M?AOH>; FID; >? KO?G P?G >; -IHN +?O@
 KO? >CMM? ; PI=… U
~AO;@LC;G;N;IMJ?CR?M
„NLCMN?;~AO;@LC;XW "?OJ?HM;P;H;=;G;L?CL;>I
BIN?F KO? G? >;P; =IHM?FBIM MI<L? OG; M;G;G<;C; U+‚I L?AO?
 JIHB; OG
JL;NI=IG~AO;>?<;CRI>IP;MI
?KO;H>I?F;KOCM?L<?<?L
<?<?
?KO;H>IH‚I
KOCM?L H‚I <?<?XW  " J?HM~P;GIM H;KO?F; =ICM; CH=LˆP?F KO? NˆHB;GIM FC>I

KO? OG J?CR? MITCHBI ?G M?O ;KO~LCI M? ?HNLCMN?=? ? ?HN‚I <;MN; =IFI=;L OG
?MJ?FBIH;@L?HN?>IPC>LIJ;L;KO?IJ?CR?PIFN?;@C=;L=IHN?HN?X
"HNL~P;GIM H;M FID;M IH>? ;M P;LC?>;>?M G;CM >?FC=;>;M NCHB;G ;KO~LCIM
?MJ?=C;CM =IG N?LGŽG?NLI ? GCHBIKOCHB;M P?LG?FB;M  !?M=I<Lˆ;GIM
 ?HNL?
?R=F;G;ƒ‘?M KO? ?H@OL?=C;G ;M P?H>?>IL;M Z N‚I =IHP?H=C>;M >? KO? H‚I
=IGJL;Lˆ;GIMH;>;; 7CA:|46Z
IM=IGJILN;G?HNIM
IM;GIL?M
;M@ILG;M
"L;IN?GJI>?FCKO?M=?HN?
;FAI=IGI=BI=IF;N?GOCNI@CHIIO>I=?>?F;L;HD;
>; *;LNCHC=;
 ?G KO? HIM ?G<?<?>~P;GIM >? G?N~@IL;M ? ;H;FIAC;M
 M?GJL?
JLI=OL;H>I?HNL;L ";KO?F?J?CR??L;J?L@?CN;G?HN?$CINNI
PI=…M?F?G<L;
?
;KO?F?M>ICM<LCH=;P;G=IGI=‚?M>?D;>?
IOOGJ?CR??L;;?R;N;MIG<L;>?
OG;HOP?GPCIF?N;X!?M=I<Lˆ;GIM=IGI;PC>;M?CHMN;F;?G@ILG;MJLCP;>;M
>? N?L=?CL; >CG?HM‚I
 KO? 56D2A2C646> KO;H>I JIMN;M >? PC„M
 IO >?CR;G
;J?H;MOGL;<CM=ILIM;>ICGP?F?P?LNC=;FH;~AO; 2GAIFJ?>?<;L<;N;H;?
GIHMNLOIM;G?HN?IJ?CR??MN~>?HIPI;FC=IGIFBIM<CAI>?M<;L<;N;H;M
?>I
P?HNL?MP?T?MM;C?@FONO;OG;@CN;>??R=L?G?HNIKO?H‚I;=;<;>?M?MIFN;L

OG F;MNLI KO? >? L?J?HN? IM J‘? ?HNL? HM


 ;LL;H=; IM >? MO; J?L@?Cƒ‚I >?
CG;A?HM JOL;M
 =IGJLIG?N? IM
 J;L; OM;L OG; >;M AL;H>?M J;F;PL;M KO? N;HNI
?GJL?A~P;GIMJILF~H;KO?F?M>C;M

 


-?F; /O? >? 3;L?HH?M ?HNL;L;G H; /O? 3;H?;O  BOPCM=;P;


 ? ; *;A; M?
J?H>OLIO ;CH>; G;CM HI <L;ƒI >? ,FCP?CL;
 ;J?LNIO M? =IHNL; MO; =;J;
 KO?
=B?CL;P; ; MIJ; @LC;  "NC?HH? ? -?LC=I >CM=ONC;G OG; JIMMˆP?F ?RJFC=;ƒ‚I >I
GOH>I J?F; JCHNOL; ? J?F; J;F;PL;  "HN?>C;>I
 ,FCP?CL; J;MMIO I <L;ƒI J?F;
=CHNOL;>;*;A; &MMIN;G<„GJI>C;M?LOG;?RJFC=;ƒ‚I
OG<L;ƒI;J?LN;H>I
OG; =CHNOL; @CH; ? KO?HN?
 ;I =;GCHB;L M?HNC; M? I DIAI F?P? >IM G’M=OFIM
=IGIOG;FCHAO;A?GGIHNIH;?J?LMCMN?HN?
OG;?LFCNTI<MNCH;>;
N?; GI

N?; GI
N?; GI +‚IOG;?RJFC=;ƒ‚IJOLIP?L<I
; G;L
; G;L U">?JICM
;
=JOF;
 M?GJL?W
 J?HMIO AL;G;NC=;FG?HN? ,FCP?CL;  0? ; *;A; NCP?MM?
=IHM?AOC>I=IGJL??H>?L=IGI>?L?J?HN?;I<?>C…H=C;;I>?M?DII?R;MJ?L;P;

:?‡E:= @365:z?4:2 D@=:EsC:2


 B;PC; >CNI OG JI?N;
 N‚I GILH; ; =CHNOL;
 ;KO?F?
=;<?FIGIFB;>I=IHNL;MO;@;=?
I;L1IOFIOM? );ONL?=>;*;A;=;GCHB;H>I
?H=IFBC>; =IHNL; ?F?  +I JLCH=ˆJCI @IC ; =JOF;
 PCIF;L „ ?RJFC=;L G;M H?G
M?GJL?PC=? P?LM; !?M=I<LCLIG„NI>I;HNC?RJFC=;NLCI
KO??MM?N?; GIN? ;GI
@IMM? I =O<I >; LI>;  " I 1?GJI 1O>I L?=IG?ƒ;
 H‚I B~ OG ;<MIFONI
!?JICM
„JL?=CMI=IG?LIO>?M=IG?L
NO>IPIFN;;?HNL;L?G=LCM? ,>?M?DI;
=;>;N;HN;MBIL;M
HOH=;>?G;MC;>I>C@?L?HN??NI>;P?TIONL;=ICM;;LG;>CFB;
>I N?GJI J;L; =LC;L CFOM‘?M  U2G ;GIL =IGI I @IAI
 ;L>?L ?N?LH;G?HN? H;
=IHN?GJF;ƒ‚I>I1I>I *;M?GM?AOC>;M?=;CHOG;FCHAO;A?G>?M;@IL;>; W
Z "RJFC=;L
 ?RJFC=;L Z ALOHBC; "NC?HH?  Z 3I=…M
 M? H‚I >?L?G HIG? M
=ICM;M
 H?G M?KO?L ;M P??G  " CMNI M? =B;G; =‚I ? CMNI M? =B;G; =;M;
 =IGI
>CTC;I>?!OˆHI -?LC=I
„JL?=CMIGIMNL;L
?H‚I?RJFC=;L -CHNI
?LAIMIO
Z*IMNL;LIKO…Z>CMM?-?LC=I/IG?LI
ZM’HC=;MDOMNC@C=;NCP;M>??MN;LGIMPCPIM
Z "MM? ;HCG;F ;=B; KO? HIMMI ’HC=I M?HNC>I „ I >; PCM‚I ? MO;M
=IHM?KO…H=C;MZ>CMM?-?LC=I
ZJCHNOL;„IONL;=ICM;
>C@?L?HN?>?OGJLI>ONIPCMO;FZ>CMM?"NC?HH?
Z "O JCHNI =IG I =ILJI CHN?CLI
 H?MM? M?HNC>I H‚I MIO N‚I >C@?L?HN? >I M?O
?LP;HN?MIO>IM?O1CLMIM?CF~>?KO… ,KO?G?>~HIMH?LPIM„;G;HC;>;M
?RJFC=;ƒ‘?M
I)IAIM?HN?H>C>I?R=FOMCP;G?HN?=IGIP?L<I
Z"N=?N?L;Z>CMM?,FCP?CL;
G;F BOGIL;>I Z"JIL@;F;L?GM?HNC>IM
I
>?PI=…MJ;L?=?OG>C~FIAI>?MOL>IM
*;A;M?;J?LNIO;CH>;G;CM=IHNL;I=ILJI>?F? UAIL;?MN;;KOCP;C>CT?L
;FAOG; >? MO;M <?MN?CL;MW
 J?HMIO ,FCP?CL;  U-L?=CM; JLCG?CLI M? ?M@L?A;L
 M?
>?=C>CL ?JC>?LGC=;G?HN? W 0?HNCO OG; ?MJ„=C? >? N?LHOL; L;H=ILIM;
 ;FAI N‚I
=IHNL;>CNLCIKO?>?PC;M?L;P?L>;>?JLIJLC;G?HN?>CN; U0?LC;JL?=CMICHP?HN;L
;<I@?N;>;>I=?
IJIHN;J„>?;<?FB;M *;MH?MN?GOH>I;MMˆHN?M?M>?@CHCNCP;M
;CH>;?MN‚IJILM?L>?M=I<?LN;M -?LC=IN?GL;T‚I
IAL;H>?)IAIMPCAC;?P?F;
)~MNCG; ?MN~ @;FN;H>I I ;GILC=ˆ>CI
 JIL ?R?GJFI
 ; P?L>;>?CL; FOT H?AL;
 ;
;HNCG;N„LC;KO?N;HNI>~KO?J?HM;L;$L?AILIPCOM W
Z "M=ON;
 $L?AILIPCOM P?G J;L; ; @?MN; IOPCL >CM=IM =IG ; A?HN? Z
J?LAOHNIO,FCP?CL;
-?LC=I;=B;P;KO?MCG
?"NC?HH?;=B;P;KO?*IH>LC;H
Z -L?MN? OG JIO=I >? ;N?Hƒ‚I ?G *IH>LC;H Z >CTC; "NC?HH?  Z !C;HN?
>?F?
 M? ?H=?LL;G IM MCAHIM G~AC=IM >? OG (F??  (F?? <LCH=;P; =IG I ;=;MI

=IG IM <?H?@ˆ=CIM >; =OFNOL;   M?HMC<CFC>;>? JOL; JI>? @C=;L M;NCM@?CN; =IG
*IH>LC;H
 ?HKO;HNI J;L; (F?? „ JL?=CMI OG JOHB;>I >? IONL;M =ICM;M  2G
L?@CH;>IJ;L;L?@CH;>IM 2G=BCH…M
L?;FG?HN? -ILIONLIF;>I
*IH>LC;HJCHN;
;<MIFONI 3I=…@C=;H;@L?HN?
HO
<?GHO
??HN‚I;=IHN?=?>?>O;MOG;PI=…

IOH‚IP… ,JL;T?L
;=IGC=B‚I
;M;FOM‘?M
IMN?LLIL?MIO;M>?Fˆ=C;MH‚I
@;T?G;G?HIL@;FN;
Z3I=…?HN?H>?IKO??F?>CTZJ?LAOHNIO;*;A; Z=BIKO??F??MN~
M?H>ICHDOMNI=IG(F??
Z 'OMNCƒ; IO &HDOMNCƒ; H‚I N…G H;>; ; P?L =IG CMMI Z >CMM? ,FCP?CL;

?HN?>C;>I Z,KO??F??MN~KO?L?H>I>CT?L„IONL;=ICM; +‚I@;ƒ;>CMMIOG;


KO?MN‚IJ?MMI;F
Z*;M„JILKO??F?>CMM?KO?NI>;M?MM;M=ICM;MN‚I<IHCN;MH‚IM?LP?GJ;L;
*IH>LC;H
Z.O?L>CT?LKO?HI@OH>IOG;JCHNOL;=IGI;>?(F???RCA?OG>CJFIG;
|D=6EEC6D
IOJ?FIG?HIM|DA@yD:6
?HKO;HNI*IH>LC;HM?=IH@ILG;=IGKO?;
J?MMI;M?GI>LC;HCT??;=;<IO M?
Z+‚I„CMMIZ>CMM?"NC?HH?
Z F;LI KO? „ CMMI Z >CMM? ,FCP?CL;  Z -?FI KO? PI=… >CT
 OG; N?F; >?
*IH>LC;HM?<;MN;;MCG?MG; "LAI
H?=?MMCN;>;MO;CHI=…H=C;G;CM>IKO?>;
MO;?RJ?LC…H=C; .O?LI>CT?LCHI=…H=C;?>…HC=;
?H‚I?MNOJC>?T 3?D;KO?;N„
G?MGI MO; G?N~@IL; MI<L? ?MN;L HO >C;HN? >I KO;>LI =B?CL; ; JL„ ;>GC=I
-;L;>IR;FG?HN?
 (F?? „ GOCNI G;CM GI>?MNI
 JILKO? ?RCA? ; G’FNCJF;
=OGJFC=C>;>?>I?MJ?=N;>IL
H‚IM?<;MN;;MCG?MGI +I@OH>I(F??„BCMNLC;
?*IH>LC;H;N?GJIL;FC>;>? "PI=…;>IL;I;<MIFONI "RJFCKO?C
Z+‚I 6DEG24964@>>6:=A=6FE
Z+FA2C=6D
=;L;FBIZ>CMM?-?LC=I Z"/IH;F>?MO;JOHB?N;
KO?PCP?
AL;ƒ;M;I>?GŽHCI
Z3;GIM;J?LN;LIJ;MMIZCGCNIO I,FCP?CL;Z
IH?A=CI„NCL;LI=ILJI
@IL;>?MM;=BOP;A?F;>;
Z )~ P?G PI=… >? HIPI  .O;M? JL?@CLI ; MO; DOP; ? ; MO; A;DCHB;
 JILL;
IGI DIP? ?G O?HIM CL?M  , N;F -?>LI >? *?H>IT;
 P?D; M KO? C>?C; CL
=IFIHCT;LPI=…M
Z,;<MIFONIZ>CTC;;*;A;
=BON;H>IOG;J?>LCHB;>?JIƒ;?GJIƒ; Z
,KO?„OG;<MIFONI
%IL;=CI
Z,FB;MZ>CMM?,FCP?CL;Z
P?G;M?L;KO?F?GIG?HNI?GKO?;FAOG;
=ICM; ;F=;Hƒ; MO; G~RCG; JLI@OH>C>;>?
 M?O G~RCGI ;F=;H=?
 M?O G~RCGI
M?HNC>I
?>?CR;=IGJF?N;G?HN?>?M?LCHN?L?MM;HN?
ZˆP?GI4IHAZ>CMM?-?LC=I Z,=BCH…M?MN~KO?H?GOG;MIJ;>?
;FA;M
.O;M?;IG?MGIN?GJIPCL;G$L?AILIPCOM
KO?>?M?G<I=;P;H;?MKOCH;>;
/O? >? ;<SFIH?
 =;LL?A;H>I
 =IGI >? =IMNOG?
 OG; J;MN; ;<;LLIN;>; >?
FCPLIM 4IHA?$L?AILIPCOMJ;L;L;G>?<;CRI>IJIMN?>?FOT?J;L?=C;G?MN;L
NIG;H>I DOHNIM OG <;HBI >? =BOP?CLI
 =OGJLCG?HN;H>I M? =IG =?LN;
MIF?HC>;>?  +I JILN;F >I JL„>CI >I /IH;F> BIOP? OG CHN?LF’>CI >? @?=B;
AO;L>; =BOP;M =IGG?HN ƒ; P; ? KO?G „ KO? P;C ;=?H>?L OG @M@ILI I
CHN?LLOJNIL?MN~KO?<L;>IKO?HICN?;MKO?LIM;;BIOC=?MNP;=B?
?OG;MO<C>;
OG N;HNI =IH@OM; CHN?LLIGJC>; HI JLCG?CLI ;H>;L JIL OG =;M;F M?HN;>I HOG
>?AL;O?G?LAOFB;>IJLI@OH>;G?HN?HI;NI>?<?CD;L M?
ZFF?T
=?MNJ;MOH?B?OL?JIOL@;CL?F?M=IHMZ>CMM?"NC?HH?
Z 1; AO?OF? Z L?MJIH>?O OG; PIT ;<;@;>;  Z *IHN?T
 GIHN?T
 H? PIOM
A„H?TJ;M 1;<IO=B?
GIHNL„MIL
Z 0;F;O>
 P; Z M;O>IO "NC?HH?  Z j I $OS *IHI>
 OG AL;H>? ;GCAI
G?O
+IKOCHNI;H>;L
/IH;F>?;<M?MJ?L;P;GJIL?F?M
=;>;OG=IGOG;P?F;
H;G‚I?=B?CL;H>I;PI>=;<;L;N; 4IHA@?TOGA?MNI
NI>IGOH>IJ;LIOH;
?M=;>;
 ? H; PIT >? NI>IM <LINIO
 ; =;JJ?FF;
 I BCHI JLI@;HI >I FO<? >;
0?LJ?HN?  !?JICM ?HNL;L;G =ILL?H>I HI ;J;LN;G?HNI
 ;HN?M KO? IM PCTCHBIM
;J;L?=?MM?G
/IH;F>M?;JICIOH;JILN; /OCP;G?HN?
?GMO;=;GCM;R;>L?T
Z=;M;?MN~LI>?;>;>?FOH?N;M
>;GHCN gM>?T>;HICN?
M?CHMN;F;;KOCI
>?OM0CF…H=CI
?;C>?KO?G=IG?N?M;=LCF„ACI ,HN?GG?MGIOG?GJL?A;>I
MO<COJ;L;L?=F;G;L ;<M
IKO?>CTI>CAHIM?HBIL
Z"F?>CTU/?CN?L;>;MKO?CR;MW
Z"IKO?„KO?;A?HN?@;TZ>CMM?/IH;F>
?HNL?;<LCH>I;JILN;J;L;KO?
$OS*IHI>?HNL;MM?
Z #;T?GIM CMNI Z >CMM? ;<M
 >;H>I OG; <;H;H; J?L@?CN; ? OG PCIF?HNI
J?C>IIL;F
Z";MO;A;LIN;ZJ?LAOHNIO/IH;F>
Z 0?C F~
 ?LLIO I =;GCHBI Z >CMM? $OS  Z =BI KO? ?F; @IC ?G<IL;

?MN~P;GIMGOCNI<?GH;?M=;>;
?>?L?J?HN?X*;CM;=CG;?F;H‚I?MN;P; *;M
H‚ICGJILN;?F;„MOˆƒ;

 


M HOP?HM ;=B;N;>;M ? P?LG?FB;M MI<L? I <;CLLI F;NCHI  HICN?


 I ;L ;CH>;
’GC>I =IG ;FAOG;M AIN;M >? ~AO; KO? OG P?HNI CH>IF?HN? DIA;P; =IHNL; ;
D;H?F;G;FCFOGCH;>;
IMPC>LIMMODIM
OG>?F?MNLCH=;>I?L?G?H>;>I=IGOG
J?>;ƒI>??MJ;L;>L;JI=IL >? LIM; *;CM;=CG;
>?<;CRI>;M=;FB;M>?=BOG<I

>ILGCLC;G ;M JIG<;M N;G<„G >? =BOG<I


 ?H@C;>;M ?G MC G?MG;M

?R?GJF;LG?HN? ;HNCA~LAOF;M  -LIN?AC>I J?F; D;H?F;


 I J;L;F?F?JˆJ?>I GOMAIMI
=B?CL;H>I;PI>=;?;P?F;M>?=?L;
;LIOJ;GIFB;>;?;L?MNIM>??HMIJ;>CHBI

IP;AI;N?FC…>;;<M=?L;GCMN;?>I/IH;F>G’MC=I
M?>?>I FO<?
=;>?CL;M>?
PCG?
 ?MJL?AOCƒ;>?CL;M >?M<IN;>;M
 J?>;ƒIM >? F~JCM ? >? ;L;G? J?FI =B‚I

=ILOD; ?G<;FM;G;>; =IG ; G?N;>? >; =;<?ƒ; JI>L?


 OG N?G; POFA;L
 G;F
NI=;>I
 OG >CM=I P?FBI =IG OG LOˆ>I ~MJ?LI >; ;AOFB; >I NI=; >CM=IM
 OG
L;MJ;LL;HA?L=L?JCN;LCH=?MM;HN?M
OGM;RF;G?HN~P?FKO??G;FAOG;HICN?>?
 IO  B;PC; NI=;>I =IGI M? NCP?MM? G?>I >? M? J?L>?L
 ;=IGJ;HB;>I JIL
OG; J?L=OMM‚I >? =IF„ACI >? M?HBILCN;M
 JIL OG JC;HI KO;FKO?L  *;M >?JICM
?HNL;P;OG;AOCN;LL;CH=CMCP;KO?J;L?=C;;HOH=C;L;J;MM;A?GJ;L;IONL;=ICM;

? >? L?J?HN? /IH;F> B;PC; JL?P?HC>I ?LAO?H>I OG >?>I OG NLIGJ?N? M?
>?MA;LLIO >I L?MNI ? >?CRIO =;CL ;M >O;M JLCG?CL;M HIN;M >I N?G;
 ;JIC;H>I M?
H?F;M=IGIM?@IMM?GOGNL;GJIFCG CR>?OIM;FNI?GJF?HI;FPI
I>?M?HBI
HˆNC>I M? >?FCH?IO HI MCF…H=CI =IG ; JIGJ; >? OG; OHB;>; >? @?L;  !ICM
GILNIM M? <;NC;G @L;N?LH;FG?HN?
 ?HLIM=;H>I M? ? >?M?HN?H>?H>I M?
 CR ?
">>C?);HAKO?M?=B;G;P;0;FP;NIL?*;MM;LI@;TC;GOG;N;<?FCHB;?GU&G
IGCHA
 3CLACHC;W
 ? IH>? ?MN;LC; ?HN?LL;>I CR
 J?HMIO ,FCP?CL;
 ? IH>?
">>C?);HA
;KO;HN;MGCFB;MOG>IIONLI
>?M?OM>ICMH;>;MKO?HOG;HICN?
@ONOL;>?-;LCMM??H@L?HN;P;GAOCN;LL;=IHNL;NLIGJ?N?
ACG=IHNL;G~MILN?
I
D;TT
Z"MN;GIM<?G
;KOC .O?HNCHBI
?M=OLI
ZCR
KO?FIO=I@ILGC>~P?F -‘?;ˆU';TTG?FO?MW
P?FBI
Z  CH@FO…H=C; >; N„=HC=; H; ;LN? Z >CMM? /IH;F>
 G?LAOFB;H>I ;M G‚IM
HOG;JCFB;>?>CM=IMIFB;H>IP;A;G?HN?;M=;J;M Z"MM?MMOD?CNIM>?;HN?M>I
FIHA JF;S NCHB;G G?HIM >? NL…M GCHONIM J;L; NI=;L  AIL; P?G OG
G;F;H>LCHBIKO;FKO?L
=IGII0N;H$?NT
?M?JF;HN;PCHN??=CH=IGCHONIMH;
@L?HN? >I GC=LI@IH?
 JI>? M? MIFN;L  PIHN;>?
 >;L I KO? NCP?L >? G?FBIL J;L;
>;L ,=ICN;>I>ICRNCHB;KO?M?PCL;L=IGOG=ILI?OG;N„ FIAI
J;MM;L<?G
;MMCGKO??MKO?HN;P;G
?T~M
M?;=;<IO ,KO??F?M>?P?GN?L@C=;>I@OLCIMIM
KO;H>IAL;P;P;G>CM=IMX
Z+?GN;HNIZ>CMM?-?LC=I Z"L;=IGI@;T?LMIH?NIM?GP?T>?I>?M
?
CMMIKO??OH‚I?HN?H>IH;>;>?MM;M@CLOF;M 3CGJILKO??MNIO=;HM;>I>?F?L
HIG?OKO;LNIOG?MNO>I>?'OFC~H*;Lˆ;MKO?H‚I;=;<;HOH=;

 


$L?AILIPCOM >?CRIO KO? ?H=B?MM?G M?O =IJI >? PI>=; ? =IG?ƒIO ; <?<?L
?GAIF?M>?FC=;>IM !O;MP?F;M;L>C;GH;?MN;HN?>;F;L?CL;IH>?;<MAO;L>;P;
;MG?C;MMOD;M?;MA;LL;@;M>?=?LP?D; NL;P„M>I=IJI=LCMN;FCHI
$L?AILIPCOM
;>GCLIOI>?M;J?A;>I;L>?L>;M>O;MP?F;M
N‚I;FB?C;M;?F?M?N‚I;H;=LŽHC=;M
=IGI I NLIGJ?N? >? CR ?HNL;H>I ? M;CH>I
 PCH>I >? ;FAOG IONLI N?GJI  ,M
M;J;NIM>?$OS*IHI>
KO?>ILGC;HI>CP‚IO?M=ON;P;=IGIMIFBIM@?=B;>IM

ICH=IGI>;P;GOGJIO=I *;A;P?CIM?M?HN;LHI=B‚I=IGOG=CA;LLIH;
<I=;  "G M?OM IFBIM <LCFB;P;G ;M =B;G;M >;M P?F;M P?L>?M  $L?AILIPCOM
=IHN?GJFIO ;?RN;MC;>I
F?G<L;H>I M?>?OG;LO;>?*ILF;CR;I;HICN?=?L
OG
PC;>ONI;FNˆMMCGI
HOP?HM
Z"MM;FOT„N‚IPI=…
OG;=ICM;KO?P?G?KO?P;C
KO?M?GIP?IN?GJI
CHN?CLI
Z IGI ; MIG<L; >? %IL;=CI Z >CMM? ; *;A;  Z .O? @;T I H;LCT >?F?
=L?M=?L??H=IFB?L
„?RNL;IL>CH~LCI
Z;<M„;J;MNIL;>;MMIG<L;MZ>CMM?$L?AILIPCOM Z!?N;HNINL;<;FB;L;
;LACF;
 ?MM;M MIG<L;M =IH=L?N;MX KOC NO>I L?MJCL;
 OG =IHN;NI J?L>C>I M?
L?MN;<?F?=?;G’MC=;;DO>;
;PI>=;
;;GCT;>?X"MM;MMIG<L;MH;=ILHCD;I
KO;LNI N?G JOFG‘?M
 OG; =ICM; KO? JOFM;  0CG
 ; ?F?NLC=C>;>? „ ?F?~NC=;

J?NLC@C=IO ;M HIMM;M MIG<L;M  AIL; ?F;M @;T?G J;LN? >IM GP?CM ? >IM LIMNIM
*;M ;KOC
 ?G =IGJ?HM;ƒ‚IX ,FB? M ?MN; GIF>OL;
 ; L?MJCL;ƒ‚I >; MO;
MIG<L;
;PIFON;KO?MI<??>?M=? ,BIG?GPCPC;
H;KO?F?N?GJI
HOG;HICN?
G;=C;
 J?LG?~P?F
 HOG >C~FIAI =IHNˆHOI  ,M N?LLIL?M
 KO? FORI J;L; ;
CG;ACH;ƒ‚IX
'OHNIO ;M G‚IM
 M?J;L;H>I ;J?H;M IM JIF?A;L?M OG =‚I =IG?ƒIO ; ;<LCL ;
<I=;H;J;L?>??;G?R?L;MIL?FB;M *;A;LC; "HN‚I$L?AILIPCOMJ?LAOHNIO
; ?F; =IGI ?L; *IHN?PC>„O
 I =‚I M? >CMMIFP?O >? L?J?HN?
 JILKO? ?F? H‚I
?MN;P; GOCNI =IHP?H=C>I >? KO? ?F; @IMM? OLOAO;C; )?MN?L 6IOHA ? IM (;HM;M
CNS0CR -MCOX/IH;F>>?>IH;<I=;
Z -;L; GCG
 I 2LOAO;C „ G?CI ?MKOCMCNI  *IHN?PC>„O >?P? ?MN;L =B?C; >?
NILL?M
>?MCHIM@OH>C>IM>?JICM>;M<;N;FB;M +‚IG?>CA;KO??G*IHN?PC>„O
H‚I?RCMN?GF;A;LNIM?HILG?MH;<?CL;>ILCI
Z F;LIZ>CMM?;*;A; Z0‚I=ICM;MKO?;A?HN?PCMCN;NIG;H>IIŽHC<OM
KO?P;CJ;L;-I=CNIM
Z";MJ?MMI;M=IHB?=?G<?G);ONL„;GIHN
?G*IHN?PC>„O
Z);ONL„;GIHNZJ?LAOHNIO;*;A;
$L?AILIPCOM MOMJCLIO ? <?<?O G;CM PI>=;  )?MN?L 6IOHA
 M;R N?HIL
 !C=EC?
4?FFM
NLIG<IH?
'I?OMBECH
JC;HI
CFF IF?G;H
NLIGJ?N?
'IBH0CGGIHM

=IHNL;<;CRI
 'I 'IH?M
 <;N?LC;  U#IOL , FI=E !L;AW  0CG
 F;A;LNIM ?HILG?M

NLIG<IH?MH;<?CL;>ILCI
3=F6DM?;LL;MN;H>I
JLIP;P?FG?HN?5C28KO?LC;>CT?L
F;A;LNI>?N?GJI
I;LL;MN;LCHN?LGCH~P?F>;MKO;NLI>;G;HB‚ ,OIONL;=ICM;
NIN;FG?HN? >C@?L?HN?  UB
 );ONL„;GIHNW
 >CTC; ; *;A; F?G<L;H>I M? >?
L?J?HN? U0CG
;=BIKO?„=IHB?=C>I
GOCNˆMMCGI=IHB?=C>I W
Z"L;OLOAO;CI
?G<IL;H‚IJ;L?ƒ;
Z+‚IJ;L?=?Z>CMM?;*;A;
L?;<CFCN;H>I M?
Z +; P?L>;>?
 );ONL„;GIHNX *;M /IH;F> ?MN~ @C=;H>I T;HA;>I
 JŽM OG
>IM M?OM ˆ>IFIM  1?GIM KO? =;F;L ; <I=;
 „ OG; J?H;  3;GIM @;F;L <?G
<;CRCHBI
?PI=…G?=IHN;>?*IHN?PC>„O
Z9>6C562=@CDZ>CMM?"NC?HH?IFB;H>I@OLCIMIJ;L;IM>ICM ,PC<L;@IH?
N;N?;P; I ;L
 CHC=C;H>I ?M=;F;M ?KOˆPI=;M
 >?CR;H>I OG >?AL;O ?G <L;H=I
M;FN;P;=CH=I>?OG;P?T?L?;J;L?=C;HIG;CM;FNI
)CIH?F%;GJNIH?KOCFC<L;P;
U0;P?CN-L?NNS*;GG;W
M?MIFN;P;?=;ˆ;LIF;H>I?HNL?PC>LIM
ACL;P;H;JIHN;
>?OGJ„
=IHMN?F;ƒ‘?MCHMN;HNH?;M
=CH=I?MNL?F;M
NL…M?MNL?F;M
>?T?MNL?F;M
C;
;J;A;H>I OG; ; OG; =IG ; JIHN; >I ?M=;LJCG
 M? <;F;Hƒ;P; =IG OG;
MIG<LCHB; D;JIH?M; ACL;H>I P?LNCACHIM;G?HN? H; G‚I
 ? ; ILKO?MNL; CHN?CL;
?HNLIO H; KO?>; @CH;F
 OG NLIGJ?N? <LIH=I
 ; N?LL;
 =;G<;FBIN;
 ;=LI<;N; HI
=B‚I
 7:?:3FD
 M? ;=;<IO  $L?AILIPCOM IOPC; HOG MOMMOLLI *IHN?PC>„O ;NL;P„M
>; *;A;
 ? N;FP?T =IHM?AOCMM? M;<?L ;FAOG; =ICM; G;CM MI<L? ?F;
 >; MO;
CH@H=C;
 M? L?;FG?HN? M? =B;G;P; )O=ˆ; IO KO?G M;<? *CGˆ
 ?MN;P; H;KO?F;
;FNOL; >; PI>=; ?G KO? ; HICN? =IG?ƒ; ; @C=;L G;AHHCG;
 NO>I FB? DOL;P;
@C>?FC>;>? ? ?MJ?L;Hƒ;
 $OS *IHI> B;PC; ?H=IFBC>I ;M J?LH;M ? IM M;J;NIM
>OLIM D~ H‚I M? =L;P;P;G H;M =IMN?F;M >? $L?AILIPCOM
 ; *;A; M? ;JIC;P; OG
JIO=IH?F?
F?P?G?HN?M?HNC;;=;FC>?T>?M?O=ILJI
=;>;GIPCG?HNIKO?@;TC;
J;L;@;F;LIO;=IGJ;HB;L;G’MC=;  IGIMIFBIMKO;M?@?=B;>IM
$L?AILIPCOM
=IHM?AOC; >CMNCHAOCL I =;HNI IH>? /IH;F> ? 4IHA ?M=IFBC;G ? JOHB;G IM
>CM=IM
,FCP?CL;?;<MHI=B‚I
;JIC;>IM?GOG;G;HN;?MKOCGJL?A;>;H;
J;L?>?
 %IL;=CI IM=CF;H>I =;>?H=CIMI H; @OG;ƒ; >I =CA;LLI
 ;<M J?L>C>; >?
PI>=;?;FOAO?FP?H=C>I?=?LN;MNCHN;MKO?@;FB;P;G;NL?T?HNIMAL;OM
OG;TOF
KO? M? >CMMIFPC; ?G LIG<IM ;F;L;HD;>IM
 OG; =ICM; CHMOJILN~P?F  +I G?CI >;
@OG;ƒ;
 IM F~<CIM >? ,FCP?CL; M? GIPC;G ?G MCF…H=CI
 ?F? @;F;P; J;L; >?HNLI

J;L; NL~M
 J;L; IONL; =ICM; KO? L?NIL=C; CGJ?L=?JNCP?FG?HN? ;M NLCJ;M >?
$L?AILIPCOM
H‚IM;<C;JILKO…
P;CP?LJILKO?;KO?F;?MJ„=C?>?;OM…H=C;>?
%IL;=CI?L;OG;@;LM;
>?CR;P;;*;A;MIFN;J;L;KO?<LCH=;MM?OGN?GJCHBI

G;M ?F? =IHNCHO;P; ;FC


 GIP?H>I IM F~<CIM ?G MCF…H=CI
 @;F;H>I =IG ; *;A;
?HNL? @OG;ƒ; ? D;TT
 LCH>I J;L; >?HNLI ? >~ FB? );ONL„;GIHN ? >~ FB?
*IHN?PC>„O

 


$L?AILIPCOMM?GJL?AIMNIO>;ML?OHC‘?M>I FO<?
JILKO?H;P?L>;>?;KOCFI
H‚I NCHB; H;>; >? =FO<? ? JIL CMMI G?MGI =ILL?MJIH>C; ;I M?O G;CM ;FNI
=IH=?CNI>IA…H?LI $IMN;P;>?/IH;F>JIL=;OM;>;MO;;H;LKOC;
JIL=;OM;>?
;<M
 J?F; @ILG; =IGI ?MN;P;G M? G;N;H>I GCHO=CIM;G?HN? M?G M? CGJILN;L
=IG H;>;
 ?HNL?AO?M  F?CNOL; >? ;LMIH *= OFF?LM
 >? *CFF?L
 >? /;SGIH>
.O?H?;O
 ;I D;TT =IGI OG GI>?MNI ?R?L=ˆ=CI >? FC<?LN;ƒ‚I
 ;I
L?=IHB?=CG?HNI M?G >CM@;L=? >? KO? IM >ICM B;PC;G @L;=;MM;>I H;M ;LN?M
$IMN;P;
JIL;MMCG>CT?L
>?%IL;=CI,FCP?CL;
=IGKO?GNCHB;OG;?MJ„=C?>?
L?F;ƒ‚I J?LM?=ONLC;
 IO M?D;
 $L?AILIPCOM M? ?R;MJ?L;P; =IG ; JL?M?Hƒ; >?
,FCP?CL; HI GIG?HNI ?R;NI ?G KO? I ?H=IHNL;P;
 >?JICM >? N?L ;H>;>I
JLI=OL;H>I JIL ?F? M?G ;>GCNCL I @;NI
 ? %IL;=CI ;=B;P; AL;ƒ; HIM GCMN„LCIM
<;L;NIM =IG KO? $L?AILIPCOM ?HPIFPC; MO;M ILCA?HM ? M?O GI>I >? PC>;
 M?
>CP?LNC; M;<?H>I KO? $L?AILIPCOM ?MN;P; ;J;CRIH;>I J?F; *;A; ? ;=B;P; KO?
?F? H‚I M;<C;
 ? IM >ICM M? ;=IFBC;G ? M? L?D?CN;P;G ;I G?MGI N?GJI
 =IGI
OG; ?MJ„=C? >? NIOL?;L =?LL;>I KO? ?L;
 ;@CH;F >? =IHN;M
 OG >IM N;HNIM
?R?L=ˆ=CIM KO? DOMNC@C=;P;G I FO<?  LCH=;P;G GOCNI >? <;H=;L IM
CHN?FCA?HN?M
 >? ILA;HCT;L M„LC?M >? ;FOM‘?M KO? >?M?MJ?L;P;G ; *;A; ?
>?CR;P;G;<M@OLCIM;
J;L;?F?M<;MN;P;G?H=CIH;LKO;FKO?L=ICM;
=IGI;AIL;

KO? $L?AILIPCOM ;=B;P; KO? P?L>;>?CL;G?HN? ?HNL? ?F? ? %IL;=CI B;PC; OG;
?MJ„=C?>?J?LM?AOCƒ‚I>?MCFO>C>;
?H;BIL;OG>?F?M=CN;P;IG;MNCG>I=„O

7=65 :> ?N=
 ? ?HKO;HNI ; *;A; IFB;P; J;L; ?F?M =IG OG; ?MJ„=C? >?
BOGCF>? >?M?MJ?LI
 I IONLI D~ ?MN;P; HI PI?C N‚I ;FNI
 N‚I ;FNI KO? ;F=;H=?C ;
=;ƒ;
?;=;<;P;GLCH>I>?F?MG?MGIMG;M;ˆD~?L;N;L>?
JILKO?%IL;=CIM?HNC;
;M=I >;KO?F? ?RC<C=CIHCMGI >; G?GLC; ;MMI=C;NCP;
 ? $L?AILIPCOM M? M?HNC;
;FO>C>I JIL ?MM? ;M=I KO? ;DO>;P; ; MOM=CN;L
 ? ?HNL? IM >ICM M? CHMN;F;P; OG;
?MJ„=C? >? L?MM?HNCG?HNI >? =’GJFC=?M
 ? >ICM GCHONIM >?JICM L?CH=C>C;G
 ?
;KOCFI
?HNL?N;HN;MIONL;M=ICM;M
?L;G;MM?MM‘?M>I FO<?

Z -IO=;M P?T?M M? <?<?O ;KOC OG; PI>=; N‚I LOCG Z >CMM? $L?AILIPCOM
?H=B?H>I I =IJI  Z )O=ˆ;
 ; M?HBIL; ?MN;P; ; JIHNI >? G? =IHN;L >; MO;
CH@H=C;  +‚I KO? M?D; >C@ˆ=CF CG;ACH~ F; H; <?CL; >I LCI
 >? NL;Hƒ;M ? =IG
<I=B?=B;M LIM;>;M
 =IGI GCHB;M =IGJ;NLCIN;M >; 1L;HMCFPHC;
 ;HN?M KO? ?F;M
@IMM?G@C=;H>IJ~FC>;M=IG?MM?G;F>CNI=FCG;FON?=C;HI
Z)ON?=C;HIZJ?LAOHNIO;*;A;
$L?AILIPCOM MOMJCLIO  IG?ƒIO ; ?RJFC=;L
 ? ; *;A; ?M=ON;P;
BOGCF>?G?HN?
 ;JL?H>?H>I
 =ICM; KO? M?GJL? @;TC; =IG AL;H>? CHN?HMC>;>?
;N„KO?;>CMNL;ƒ‚IPC?MM?M;FP~ F; AIL;/IH;F>NCHB;JIMNIOGP?FBI>CM=I>?
%;QECHM
 ? ; *;A; J;L?=C; L?MM?HNC>; =IG ;KO?F;M ?RJFC=;ƒ‘?M KO?
;NL;J;FB;P;G ; G’MC=; ? H‚I ?L;G I KO? ?F; M?GJL? ?MJ?L;P; >? OG;
?RJFC=;ƒ‚I
 OG; ==?A; H; J?F?
 OG; H?=?MMC>;>? >? L?MJCL;L @OH>I =IGI
%;QECHM>?PC;L?MJCL;L;HN?M>?;N;=;LIONL;P?T;G?FI>C;
?=IGIMP?T?M?F;
L?MJCL;P; KO;H>I %IL;=CI M? >CAH;P; ; ?RJFC=;L J;L; P;F?L OG P?LMI I<M=OLI

;=L?M=?HN;H>I ;KO?F; IONL; ?M=OLC>‚I @;<OFIM; IH>? ;AIL;


 M? ?F? ?MNCP?MM?
?RJFC=;H>I ; KO?MN‚I >IM FON?=C;HIM ?G P?T >? $L?AILIPCOM
 NO>I N?LC; M?
@OH>C>IHOG;G?MG;@?FC=C>;>?
;G’MC=;>?%;QECHM
IMFON?=C;HIM
;FOT>;M
P?F;M P?L>?M
 ; ==?A;
 ; JLI@OH>; L?MJCL;ƒ‚I KO? ?L; MO; ’HC=; =?LN?T;
CLL?@ON~P?F
OG;=ICM;=IGJ;L~P?F;J?H;M;/I=;G;>IOLIO<I=;>?%IL;=CI
IOMP?T?M;OG;>~ACI>?*IT;LNKO?KO;M?H‚I>;P;G;CMJ;L;?M=ON;L
>?N‚I
?MNL;A;>IKO??MN;P;I>CM=I
Z+‚IM?D;;MMCGZ>CMM?BOGCF>?G?HN?$L?AILIPCOM Z,KO??OKO?LC;
?L; ?HN?H>?L OG JIO=I G?FBIL ; MO; PC>;
 CMMI KO? „ PI=… ? KO? N?G N;HN;M
@;=?N;M
Z*CHB;PC>;Z>CMM?;*;A; Z+?G<…<;>;?O=IHN;LC; "G?MGIKO?
?O=IHN;MM?
JIL?R?GJFI
;GCHB;CH@H=C;
PI=…H‚IC;G??HN?H>?LG?FBIL
F„G>IG;CM
H‚INCP?CH@H=C;
Z+?G?O +;%?LT?AIPCH;
Z"O
?G*IHN?PC>„O "PIO>CT?LOG;=ICM;MP?T?MMIHBI=IG;?M=IF;
JLCG~LC;
?„N‚IBILLˆP?FKO?;=IL>I;IMALCNIM "G?OMKOCHT?;HIM
H‚IM?CM?
PI=…;FAOG;P?TN?P?KOCHT?;HIM
Z=BIKO?MCGZ>CMM?$L?AILIPCOMCHM?AOLI
Z"ONCP?
HOG;=;M;=IGKOCHN;F?P;MIM=IGJF;HN;MIH>?G?OJ;CNIG;P;
G;N??FC;L?PCMN;M;MKO?LIM;M 0?OJ;CPIFN;J;L;PI=….O?LI>CT?L
I@;HN;MG;
>?F?
Z +‚I
 H; P?L>;>? KO?G PIFN; „ ; GCHB; G‚? Z >CMM? $L?AILIPCOM  Z
-LCH=CJ;FG?HN?;>?$F;MAIQ *CHB;G‚??G$F;MAIQPIFN;MP?T?M
G;MH‚I
„ OG @;HN;MG;  j OG; F?G<L;Hƒ; GIFB;>; >?G;CM
 M CMMI  0IG? =IG OG
FE; 0?FNT?L
„@~=CF "HN‚I
J;L;PI=…X
Z 0?C F~ Z >CMM? ; *;A;
 CGJ;=C?HN?  Z j ?MM; G’MC=;
 M‚I ?MM;M P?F;M
P?L>?M
%IL;=CI;FCH;KO?F?=;HNI
@?CNIOGˆH>CI -ILKO??OCLC;=IHN;L;PI=…
=IGI „ KO? G?O J;C PIFN; *;M @;T ;FAOHM >C;M ?O NCHB; @C=;>I ?G =;M;
?MJ?L;H>I I %IL;=CI
 D~ NCHB; ;HICN?=C>I
 ?O ?MN;P; M?HN;>; J?LNI >; =;G; ?
=BIPC;F~@IL;
OGJIO=I@?CNI?MM?>CM=I;ˆ 0CG
?L;G?CI;MMCG
?OIFB;P;J;L;
; =;G; ?MJ?L;H>I I %IL;=CI
 H‚I M?C =IGI ; =IF=B; >; =;G; NCHB; @C=;>I
>;KO?F?D?CNI
MM?CKO?>?L?J?HN?PCJ;J;C>?=IMN;M?>?LIMNIN;GJ;>I
=IGI
;=IHN?=C;M?GJL?KO??F?M??G<?<?>;P;?C;>ILGCL !;P;J;L;P?L;MJ?LH;M
;
@ILG;>;G‚I?G=CG;>IJ?CNI 0?HNCG?O=;<?FI@C=;L?GJ„
KO?LC;ALCN;L

?H@CG
 ?MM;M =ICM;M KO? ; A?HN? M?HN?
 P;C P?L KO? ;FAOG; P?T H; PC>; PI=… D~
M?HNCOG?>IX"OKO?LC;M;CL=ILL?H>I
; JILN;?MN;P;N‚I FIHA?
HI@OH>I >?
=ILL?>IL?M ? G;CM =ILL?>IL?M
 ; JILN; =;>; P?T G;CM FIHA? ? >;P; J;L; P?L ;
=IF=B;=IL >? LIM;MO<CH>I?>?M=?H>I
>;P;J;L;IOPCLIMLIH=IM>?J;J;C
>?
OGGIG?HNIJ;L;IONLIC;;J;L?=?L;G‚I
IMIFBIM
?>?JICMIH;LCT?G@ILG;
>? A;H=BI
 H‚I
 H‚I P;F? ; J?H; =IHN;L NO>I CMMI
 HI @CH;F ALCN?C N;HNI KO? ;
PCTCHB; >? <;CRI P?CI ? G? >?O OG =B~
 ? >?JICM %IL;=CI G? =B;GIO >?
BCMN„LC=;
$L?AILIPCOM ;=;LC=CIO M?OM =;<?FIM
 ? ; *;A; ;<;CRIO ; =;<?ƒ;  U-LIHNIW

J?HMIO,FCP?CL;
L?HOH=C;H>I;;=IGJ;HB;L;M<LCH=;>?CL;M>?!CTTS$CFF?MJC?
M?GL?>?HINL;J„TCIG;CM;FNI
UJLIHNI
NCHB;KO?M?L "F??MN~FIO=IJIL?MM;
GOFB?L
?>CTCMMI;MMCG
=IGIM>?T>?>IM  IGI;M<LCH=;>?CL;MM?L?J?N?GX
;Fƒ;GIM@ILG;MG;CM>IKO?OM;>;M
;JL?H>?GIM@?CNIC>CIN;M=;>;J;J?FG;CM
>IKO?=IHB?=C>I *;MM?MIO?OG?MGI;=;LC=C;H>IIM=;<?FIM>?F;??F;?MN~
G?=IHN;H>IM;A;M>I/CI>;-L;N;?M?HNCGIMJ?H;>?F;
?HN‚I„JL?=CMIF?P~ F;
J;L;=;M;
NI>IMOGJIO=I<…<;>IM
>?CN~ F;>?P;A;L
;=;LC=C;H>I ;
MIFN;H>IMO;
LIOJ;
>?P;A;LCHBI
=;>;<IN‚I>?P;A;LCHBI
=;>;TˆJ?L
??F;H‚IKO?L
KO?L

H‚I KO?L
 M? ?LAO?
 N;GJ; ; =;L;
 =BIL;
 HIM ;<L;ƒ; =IGI M? @IMM? J;L; HIM
JLIJIL;FAOG;=ICM;MO<FCG?
HIM;DO>;;<;CR;L;M=;F=CHB;M
MIFN;OGM;J;NI
=IG OG JIHN;J„ KO? HIM J;L?=? OG JLIN?MNI ? HIM ?R=CN; ;N„ I ’FNCGI >IM
;LL?<;NIM
 ;B
 „ CH>CAHI
 CH>CAHI  3IO N?L KO? ;LL?<?HN;L ; MO; =;L;
 ,MMCJ
$L?AILIPCOM
G?OJI<L?;GCAI 0?GPIHN;>?
M?GJ?H;
=IGICMMIKO?!CTTS
?MN~MIJL;H>I
M?GJ?H;
M?GPIHN;>?
N‚I;<MIFON;G?HN?M?GPIHN;>?@?CNICMMI
KO?!CTTS?MN~MIJL;H>I W
Z 2G ;M=I J?L@?CNI Z >CMM? ,FCP?CL;  Z 1CL? ?MM; JIL=;LC; >I NI=; >CM=IM
"O H‚I P?HBI G;CM HI FO<? M? ;KOC ; A?HN? JL?=CM; ?M=ON;L ?MM? G;=;=I
M;<C=B‚I
Z,M?HBIL;KOCH‚IAIMN;>?<IJZ>CMM?/IH;F>
M;L=~MNC=I Z"MJ?L?OG
GIG?HNI
KO?HOGCHMN;HN?;A?HN?J‘?;FAOG;=ICM;>?-;OF4BCN?G;H
Z 0IFOƒ‚I >? =IGJLIGCMMI Z >CMM? "NC?HH?  Z ICH=C>…H=C; >? NI>IM IM
MO@L~ACIMP;GIMIOPCL?MMC?0GCNB
/IH;F>>IG?O=IL;ƒ‚I
;JIG<;H;A;CIF;
>?<LIHT?
/IH;F> ? ;<M >?M;N;L;G ; LCL
 H‚I M? M;<C; <?G JIL KO…
 ? /IH;F> @IC
P;M=OFB;L ; JCFB; >? >CM=IM P?FBIM   ;AOFB; >I NI=; >CM=IM =L?JCN;P;
BILLCP?FG?HN?
 ;FAOG; =ICM; =IG?ƒIO ; M? GIP?L HI @OH>I
 =IGI =;G;>;M ?
G;CM =;G;>;M >? ;FAI>‚I ?HNL? ; PIT ? IM IOPC>IM
 ?MMC? =;HN;H>I >? LIMNI
P?H>;>I
>?HNLI>?OG=?MNI>?LIOJ;MOD;
?;PITM;ˆ;=;>;P?TG;CM;@IA;>;

M;ˆ; ;A;LL;H>I M? HIM NL;JIM ? =F;G;P; M?G =F?L; H?G ?MGIF;
 U  H2??2 36
D@>63@5JD323J5@==W
M??H=IFBC;?MJ?L;
OG;PIT>??MKOCH;?>?=;M;FIN;>;
>?;PM
UE@36D@>63@5JD323J5@==W
G;CMKO?HN??;HMCIM;
?;AIL;;L@;H>IU
H2??236D@>63@5JD323J5@==WX
.O?CG;H>I ; <I=; =IG OG JLIFIHA;>I AIF? >? PI>=;
 ,FCP?CL; J;MMIO I
<L;ƒI J?FIM IG<LIM >? ;<M ? M? ;JICIO ?G M?O =ILJI =IH@ILN~P?F  U,M
CHN?L=?MMIL?MW
J?HMIO
;@OH>;H>IMO;P?G?HN?H;@OG;ƒ;>I=CA;LLI PIT>?
?MMC?@C=;P;G;CM@L~ACFHI@CG>I>CM=I
?;AIL;/IH;F>>;P;PIFN;MH;JF;=;>?
<;KO?FCN;M?„KO??L;<;KO?FCN;?>;KO?F?J?>;ƒI>?G;N„LC;A;MN;L?H;M=?LC;
OG; P?T G;CM >AEJ 65 =F6D
 OG; HICN? >IM ;HIM  ?G ;FAOG L?=;HNI
>IM "MN;>IM 2HC>IM  /IH;F> B;PC; @?=B;>I IM IFBIM
 ;M G‚IM ;JIC;>;M HIM
DI?FBIM G;L=;P;G F?P?G?HN? I LCNGI  4IHA ? "NC?HH? N;G<„G B;PC;G
@?=B;>IIMIFBIM
;M;F;?MN;P;KO;M?HI?M=OLI?M?IOPC;I=BC;>I>;;AOFB;HI
>CM=IP?FBI
,FCP?CL;G;F;=L?>CN;P;KO?NO>I;KOCFI?MNCP?MM?;=IHN?=?H>I -IL
KO? ;FC
 JIL KO? I FO<?
 ;KO?F;M =?LCGŽHC;M ?MN’JC>;M
 JIL KO? ?L; ;MMCG
;KO?F?<FO?MKO;H>I=;HN;>IJIL?MMC?U,MCHN?L=?MMIL?MW
J?HMIOIONL;P?T

<;F;Hƒ;H>I MO;P?G?HN? =IG ;<M


 KO? ?MN;P; =IGJF?N;G?HN? <…<;>; ?
=BIL;P; ?G MCF…H=CI IOPCH>I ?MMC?
 ?MNL?G?=?H>I ;I =IGJ;MMI IO HI
=IHNL;N?GJI
 MIFOƒ;H>I J;L; >?HNLI J;L; H‚I M? ;@;MN;L >? D?CNI H?HBOG >I
<FO?M >; =;G; P;TC;
 H; G;HB‚ M?AOCHN?
 IM M;J;NIM H;M JIƒ;M
 I ;FOAO?F
;NL;M;>I
IG?>I>;P?FBC=?
CG;A?G=CHT?HN;>I;G;HB?=?LHI?MJ?FBI;IJ„
>;=;G;
IM<FO?M
I=;@;L>CH@CHCNI>;PC>; U,MCHN?L=?MMIL?M
OG;CLL?;FC>;>?
HIMGIMNL;H>IIONL;
=IGIIMM;HNIMJCHN;>IMKO?GIMNL;GI=„O=IGI>?>I
+‚I „ JIMMˆP?F KO? CMNI ?RCMN;
 KO? ; A?HN? L?;FG?HN? ?MN?D; ;KOC
 KO? ?O M?D;
;FAO„G KO? M? =B;G; %IL;=CI  "MM? @;HN;MG; ;ˆ
 ?MM; PIT >? OG; H?AL; KO?
GILL?O @;T PCHN? ;HIM HOG ;=C>?HN? >? ;ONIGP?F ?FIM >? OG; =ILL?HN?
CH?RCMN?HN?
=IGIHIMG;HN?GIM;KOC
=IGIJI>?GIM?MN;LL?OHC>IM?MN;HICN?
M?H‚I@ILJILOGG?LIDIAI>?CFOM‘?M
>?L?AL;M;=?CN;M?=IHM?HNC>;M
>?JOLI
<;L;FBIH;MG‚IM>?OG=LOJC…CH=IH=?<ˆP?FXW
Z +‚I =BIL; Z >CMM? ,FCP?CL; J;L; ;<M
 @;F;H>I HI IOPC>I >?F;  Z +‚I
=BIL;H‚I
;<M
KO?H;>;>CMMI„P?L>;>?
ZB
„P?L>;>?MCG
„P?L>;>?MCGZ>CMM?;<M;MMI;H>IIH;LCT ZB

P?L>;>?MCG
Z-I>?;N„M?LZ>CMM?,FCP?CL;
<?CD;H>IM?OLIMNIZ
G;MH‚I„;P?L>;>?
Z IGI?MM;MMIG<L;MZ>CMM?;<M
@OHA;H>IIH;LCT?HNOJC>I?GIP?H>I
;G‚I>?OGF;>IJ;L;IIONLIZ
??O?MNION‚INLCMN?
%IL;=CI
JILKO?NO>I„
N‚I<IHCNI
*;M NO>I ;KOCFI
 I =;HNI >? ?MMC?
 I ;LLOFBI >? IF?G;H %;QECHM
 H‚I
?L;GCFOM‘?M
?H‚I?L;GOG;=ICM;;CH>;JCIL
;CFOM‚I>?IONL;MCFOM‘?M
OG;
=;>?C; P?LNCACHIM; J;L; NL~M
 J;L; OG G;=;=I M? IFB;H>I H; ~AO; HI JLCG?CLI
>C; >I GOH>I *;M ;<M =BIL;P;
 ;<M B;PC; >CNI UB
 „ P?L>;>? MCG
 „
P?L>;>?MCGW
?,FCP?CL;
N;G<„GOGJIO=I<…<;>I
;AIL;M?HNC;KO?;P?L>;>?
?MN;P;HCMMI
?GKO??MMC??%;QECHM@IMM?GCFOM‘?M
JILKO?MIG?HN?;MCFOM‘?M
?L;G =;J;T?M >? GIP?L M?OM @C„CM
 ;M CFOM‘?M
 ? H‚I ;M P?L>;>?M  " B;PC; G;CM
KO?CMMI
B;PC;;CHN?L=?MM‚I
I;=?MMI
JILG?CI>;MCFOM‘?M
;OGJF;HI
;OG;
TIH; CHCG;ACH~P?F KO? N?LC; MC>I CH’NCF J?HM;L JILKO? NI>I J?HM;G?HNI I
>?MNLOˆ; G;F N?HN;P; ;JLIRCG;L M?  2G; G‚I >? @OG;ƒ; I F?P;P; J?F; G‚I
 I
CHC=C;P;HOG;>?=C>;
M?„KO??L;OG;>?M=C>;
GIMNL;P;J;L;?F?OG=?HNLI

M? „ KO? ?L; OG =?HNLI


 JOHB; ?G M?O ?MNŽG;AI
 IH>? ; PI>=; @?LPCFB;P;
>I=?G?HN? =LCMN;CM ? <IL<OFB;M
 ;FAI KO? IONL; CFOM‚I CH@CHCN;G?HN? <?F; ?
>?M?MJ?L;>;>?HIGCH;L;?G;FAOGGIG?HNICGILN;FC>;>? #?=B;H>IIMIFBIM
=IHM?AOCO>CT?LJ;L;MCG?MGIKO?M?OGJI<L?LCNO;F?L;=;J;T>?NCL~ FI>I
=?HNLI>;KO?F?D?CNIMJ;L;GIMNL;L FB?G?FBILOG=?HNLI
>?NCL~ FI>I=?HNLI
J;L;F?P~ FI;N„OG=?HNLIH‚II<MN;HN?CH=IH=?<ˆP?F
N;FP?TH?GNO>I?MNCP?MM?
J?L>C>I?;FAOG>C;
?GIONL;M=CL=OHMNH=C;M
>?JICM>?IONL;MJLIP;M
I;=?MMI
M?LC; JIMMˆP?F  *;M ;=?MMI ; KO…
 J;L; KO… "MN;P; >?G;MC;>I <…<;>I J;L; M?
JLIJIL OG; BCJN?M? >? NL;<;FBI KO? @IMM?
 @;T?L OG; C>?C; >; LIN; JIMMˆP?F
+‚I ?MN;P; <…<;>I I <;MN;HN? J;L; >?CR;L >? J?HM;L =IHM?=ONCP;G?HN?
 ? FB?
<;MN;P;?MM?JI<L?J?HM;G?HNIJ;L;KO?M?HNCMM?KO?M?;@;MN;P;=;>;P?TG;CM
>?;FAI>?G;MC;>I>CMN;HN?
>?G;MC;>IJL?=CIMIJ;L;M?GIMNL;L;NL;P„M>;KO?F;M
H„PI;M CH?JN;G?HN? JLIJˆ=C;M
 ; H„PI; PI>=;
 ; H„PI; *;A;
 ; H„PI; ?MMC?
0GCNB  IG?ƒIO;P?L=ˆL=OFIMP?L>?MKO?ACL;P;GP?LNCACHIM;G?HN?
;<LCOIM
IFBIM "GA?L;F>?JICM>IM>CM=IMM?HNC;PIHN;>?>?PIGCN;L

 


"HPIFNI?G@OG;ƒ;/IH;F>JOHB;OG>CM=I;NL~M>IIONLI
KO;M?M?GM?>;L
;INL;<;FBI>?;P?LCAO;L;MJL?@?L…H=C;M;FB?C;M
?>?KO;H>I?GKO;H>I;<M
M?F?P;HN;P;>I=B‚I?N;G<„G=IG?ƒ;P;;@Oƒ;LH;MJCFB;M>?P?FBIM>CM=IM>?
LIN;ƒ‘?M
?M=IFBC;=CH=IIOM?CMKO?>?CR;P;?G=CG;>;G?M;;I;F=;H=?>?
/IH;F> KO? M? >I<L;P; J;L; ; @L?HN? ? ;=;LC=C;P; ;<M KO? M? L?NIL=C; LCH>I ?
M?HN;P;?GM?OMDI?FBIM
G;MMJILOGGIG?HNIJILKO?/IH;F>KO?LC;@C=;L
NL;HKOCFIJ;L;?M=ON;LU!IHN-F;SG? B?;JW
0;N=BGI=;HN;P;

@?EJ@FA=2J>64962A
642FD6 =@@<D@>66<

?;<MM?=IHNIL=C;HIMDI?FBIM>?/IH;F>
?R=CN;>;J?F;G;H?CL;>?=;HN;L>?
0;N=BGI
 I N?G; ?L; MO@C=C?HN?G?HN? POFA;L J;L; KO? M? J?LGCNCMM? FC<?L>;>?M
KO?/IH;F>H‚IN?LC;;>GCNC>IKO;H>I0;N=BGI=;HN;P;U6?FFIQ!IAFO?MW
?
JILKO?HIB~FCNIKO?/IH;F>?MN;P;MIJL;H>I?GMO;HO=;B;PC;OG;GCMNOL;
>? PI>=; ? M;O?LEL;ON KO? @;TC; ;<M NL?G?FC=;L ?MJ;HNIM;G?HN?  !? M?O
;FNˆMMCGI JIHNI >? GCL;
 HOG; ?MJ„=C? >? ;>GCL~P?F JCLGC>? >? @OG;ƒ; ?
G’MC=; ? PI>=; ? M;O?LEL;ON ? G‚IM >? /IH;F> J?LGCNCH>I M? ?R=OLM‘?M ?
=IHNL;G;L=B;M
;<M=IH>?M=?H>C;?GIFB;LJ;L;<;CRIJIL?HNL?;MJ~FJ?<L;M
M?GC=?LL;>;M ? PC; ,FCP?CL; HI =B‚I
 =IMN;M ;JIC;>;M H; J;L?>? =IHNL; ; J?F?
?MKOCG
 @OG;H>I ? D~ J?L>C>;G?HN? <…<;>I
 =IG OG; =;L; MOF ;G?LC=;H;
L?MM?HNC>;?;G;LA;?GKO?;<I=;MP?T?MMILLC;?HNL?OG;NL;A;>;?IONL;
IM
F~<CIM >? ,FCP?CL; KO? ;<M D~ NCHB; >?M?D;>I H‚I ;AIL; G;F M? ?H=OLP;P;G
?HKO;HNI I L?MNI >; =;L; J;L?=C; F;P;>I ? ;OM?HN?  -IL G;CM KO? AIMN;MM? >?
D;TT
,FCP?CL;HOH=;?HNL;LC;H;DIA;>;=IGI/IH;F>
J;L;?F?ID;TTM?LC;<IG
IOLOCG
BINIO=IIF
<L;H=IIOH?ALI
;HNCAIIOGI>?LHI
 BC=;AIIO+?Q
,LF?;HM
HOH=;@D;TT
HOH=;;KOCFIKO?;AIL;?L;G0;N=BGI
/IH;F>?;<M

U23J5@?EJ@FA=2J>64962A3642FD6 =@@<D@>66<W
?>?JICM;F;<;L?>;>I
NLIGJ?N?
I@;FI;G;L?FILIGJ?H>II;L?AIT;H>I=IG;P;HƒIM?L?NLI=?MMIM
?
D~ HI @CH;F NL…M HIN;M ;M=?H>?HN?M
 BCJHINC=;G?HN? >? IOLI JOLI
 OG; J?L@?CN;
J;OM;H;KO;FNI>IIMQCHA>IGOH>IJ;FJCN;P;JILOGCHMN;HN?CHNIF?L~P?F
?
?G M?AOC>; ; ?D;=OF;ƒ‚I >? OG MI<L?;AO>I >?MFCT;H>I ? =;CH>I @?CNI OG
@IAO?N? H; HICN? M?RO;F
 ; G‚I >? /IH;F> ;=;LC=C;H>I I J?M=IƒI >? ;<M ? ;
=L?JCN;ƒ‚I >; ;AOFB; ?HKO;HNI I >CM=I =IHNCHO;P; ACL;H>I ? I MCF…H=CI KO?
B;PC;?GNI>;G’MC=;P?L>;>?CL;M?>?M?H=IMN;P;F?HN;G?HN?>;MJ;L?>?M
M;ˆ;
>?>?<;CRI>IMI@~
M?;<LC;=IGIF~<CIMIO<IN‘?M>?@FIL
Z^22=@CDZ>CMM?"NC?HH?
Z0CG
;AL;H>?„JI=;>?LGMNLIHAZ>CMM?/IH;F>
?R;GCH;H>I;JCFB;
>? >CM=IM KO? ;<M NCHB; ?M=IFBC>I  Z IGI I J?LˆI>I >I ACA;HNCMGI ?G
-C=;MMI
 M? PI=… KOCM?L  AIL; ?MN‚I IM >ICM @?CNI OHM JIL=IM  -?HM;L KO? IM
G„>C=IMCHP?HN;G=OL;M>?L?DOP?H?M=CG?HNIX3‚I=IHNCHO;L@?LL;H>I;A?HN?
G;CMPCHN?;HIM
PI=…P;CP?L
Z+M
H‚IZ>CMM?"NC?HH? Z+MD~>?GIMOGNCLIH?F?MHIGIG?HNI
=?LNI
?NIG;L;KO?>??GIONLI?GGCGKO;H>I=B?A;L;BIL;
Z+;BIL;=?LN;
IFB;MIKO?PI=…?MN~J?>CH>I
A;LINIZ>CMM?,FCP?CL;

<I=?D;H>I Z*;M„P?L>;>?KO?D~>?GIMH?F?MINCLI>?GCM?LC=L>C;  IG
OG;LIM;?GP?T>?OG;<;F;
JIL;MMCG>CT?L ,KO?P?CI>?JICM„=IMNOG??
J;J?F =;L<IHI
 J?HM;L KO? M ;AIL; LGMNLIHA @IC J?F; JLCG?CL; P?T ; O?HIM
CL?M
 PI=… H‚I CG;ACH; IM GCFB;L?M >? =L?NCHIM =IHP?H=C>IM >? KO? ?MN;P;G
?M=ON;H>IOG;=ICM;>IIONLIGOH>I
?0;N=BGIG;CM=B?CI>?NLOKO?M>IKO?
OG<IR?;>ILP?FBI
M??MKOCP;H>I>;N;L?@;
=;HM;>I??H>CHB?CL;>I?M?GM?
CGJILN;L ; GˆHCG; =IG I KO? @;T
 LINCH; JOL;
 ?HKO;HNI ;FAOHM ;GCAIM KO?
?MNCGI
 ? KO?B~PCHN?;HIM N;GJ;P;G IM IOPC>IM M? PI=… JOM?MM? U*;BIA;HS
%;FF 0NIGJW J;L; NI=;L
 ;AIL; J;A;G M?C F~ KO;HN; AL;H; JIL OG FOA;L H;
JF;N?C; M J;L; IOPCL ;KO?F;M =ICM;M L?KO?HN;>;M  F;LI KO? G?O J;ˆM „ NI>I
L?KO?HN;>I
„JL?=CMI>CT?LCMMI=IGNI>II=;LCHBI
Z=IG?ƒ;LJILPI=…Z>CMM?-?LC=I>?>?NL~M>?OG>C=CIH~LCI Z3I=…
P?CI J;L; =~ M?AOCH>I ; @ILGCHB; >? NI>IM IM M?OM =IGJ;NLCIN;M KO? M?
G;H>;P;G J;L; -;LCM J;L; @;T?L MO; ?>O=;ƒ‚I M?HNCG?HN;F  -?FI G?HIM H;
"MJ;HB;CMMIM?;JL?H>?HI<IL>?F?H;MNIOL;>;M
=;L;FBI
Z"H;=IH>?MM;>?-;L>I;T~HZ>CMM?,FCP?CL;
<I=?D;H>I>?HIPI Z
*;M PI=… N?G NI>; ; L;T‚I
 L;J;T  "O H; P?L>;>? >?P?LC; ?MN;L DIA;H>I NLO=I
=IGI1L;P?F?L 3I=…H‚I=IHB?=?I1L;P?F?L
„P?L>;>? +‚I=IHB?=?H;>;>?
NO>ICMMI -;L;KO?@;F;L

 


0;CO>I=;HNIIH>?NCHB;M??H@C;>I
JŽMOGJ„HOGJ?>;ƒI>I=B‚I>?JICM
>??R;GCH~ FI=IGIM?@IMM?H?=?MM~LCI?M=IFB?L?R;N;G?HN?IFOA;LIH>?JŽLI

>?JICM;JLIRCGIOIIONLI=IG;G?MG;=;ON?F;
?;>ICMG?NLIM>?/IH;F>
?;<M=IG?ƒIO;M??H=IFB?L;N„@C=;LCGJ?=;P?FG?HN?CHMN;F;>IHI=B‚I
Z"MN~=BIP?H>IZ>CMM?4IHA
GIMNL;H>I=IGI>?>I;=F;L;<IC;>;~AO;
@OLN;>;
!CMMIFP?H>I;HOP?G>?@OG;ƒ;=IGOG;G‚IF?HN;
,FCP?CL;=IHN?GJFIO
4IHA=IG;GCMNIM;M;NCM@;ƒ‚I
ZCH>;<?GKO?;FAO„G>?=C>?M?JIMC=CIH;LHIHˆP?F>IG;L
MM?P??G
M;J;NIM?DI?FBIMJILNI>IMIMF;>IM ,H>??MN~IM?O=IJI
=B?
Z-IL;ˆZ>CMM?4IHA
=;<; KO? I =IJI ?MN;P; =B?CI ? ;I F;>I >?F?  IG?ƒ;L;G ; <?<?L

;JL?=C;NCPIM
?/IH;F>F;LAIOOG'IBH IFNL;H?KO?@?T-?LC=I<O@;L ">?JICM
OG 0C>H?S ?=B?N „JI=; -;LCM G?L?HAO?
 OG JIO=I =IGI AIT;ƒ‚I =IG ;M
@CR;ƒ‘?MBCMJHC=;M
ZjP?L>;>?KO?PI=…?MN~JL?J;L;H>IOGFCPLIMI<L?;NILNOL;
ZB
H‚I„?R;N;G?HN?CMMIZ>CMM?4IHA
Z,KO?„
?HN‚I
Z+; BCH;;MJ?MMI;MNCHB;GOGIONLI=IH=?CNI>;;LN?
Z"OM?C
NI>IMHMF?GIMI=BCH…M*CL<?;O jP?L>;>?KO?PI=…N?G@INIM
>?NILNOL;M
@?CN;M?G-?KOCG?GGCFHIP?=?HNIM?PCHN?IO=ICM;J;L?=C>;
ZB
H‚IZ>CMM?4IHAMILLCH>I Z"MN‚IGOCNI<ILL;>;M
H‚IP;F?;J?H;
GIMNL;L;PI=…M
ZjP?L>;>?KO?PI=…;H>;M?GJL?=IG;JCIL>?F;MH;=;LN?CL;
ZB
H‚IZ>CMM?4IHA
Z"KO?;GIMNLIO;OG;MGOFB?L?MHOG=;@„
Z "F;M CHMCMNCL;G N;HNI Z >CMM? 4IHA  Z " I JCIL „ KO? H‚I ?HN?H>?L;G
H;>;
Z!?CR?P?LZ>CMM?,FCP?CL;
?MN?H>?H>I;G‚I
4IHA @C=IO IFB;H>I J;L; ; G‚I >?F?
 MILLCH>I  ,FCP?CL; ?MN;P; >?G;MC;>I
<…<;>IJ;L;CHMCMNCL ?<?OG;CMPI>=;?GO>IO>?JIMCƒ‚I -OM?L;GH;G‚I
>?F?OG;@IFB;>?J;J?F>I<L;>;?GKO;NLI "GP?T>?4IHA
B;PC;OGMILLCMI
>?A;NI>? B?MBCL??OG;?MJ„=C?>?L?P?L…H=C;HIG?CI>;@OG;ƒ; ,JIMN?
>?PC;G?>CLOHM>ICMG?NLIM
G;MB;PC;ICNIJIMN?M
MKO??L;IG?MGIJIMN?
L?J?NC>I ICNI P?T?M ?G KO;NLI M„LC?M >? >O;M @INIM =;>; OG;
 KO? >?PC;G M?L
PCMN;M>;?MKO?L>;J;L;;>CL?CN;?>?=CG;J;L;<;CRI
IJIMN??L;?R;N;G?HN?I
G?MGI ;J?M;L >;M >C@?L?Hƒ;M >? HAOFI
 ; ’HC=; =ICM; KO? C; GO>;H>I ?L; I
=IH>?H;>I ;G;LL;>I HI JIMN?
 IM LIMNIM >; JF;N?C; B;PC; OG; GOFB?L 
?MKO?L>;?;JIMCƒ‚I>IP?L>OAI
M?GJL?OGJIO=I?MKO?L>;JILA?HNCF?T;
J;L; =IG I @INAL;@I
 ;FAOG ?NHFIAI HILN? ;G?LC=;HI IO >CH;G;LKO…M =IG
<IG JOFMI G;M =IG OG; (I>;E >IM ;HIM PCHN?
 CHMN;HNH?IM <?G LOCHM
 >?
G;H?CL;KO??R=?NI;M?AOH>;@INI
KO;H>I;MILN?>IMJOHB;CMB;PC;>?=C>C>I
IL?FB; >CL?CN; ? I L?MNI >I =ILJI HO ;J;L?=C; J?L@?CN;G?HN? HˆNC>I
 ;M IONL;M
@INIM
>?PC>I;IM;HAO?KO?C;=I<LCH>II=ILJI?G~KO;FC>;>?>I@CFG?IO
>;L?P?F;ƒ‚I
?L;G<;MN;HN?>?=?J=CIH;HN?M
JLCH=CJ;FG?HN?;J;LNCL>;KO;LN;

?GKO?I=IH>?H;>IH‚IJ;MM;P;>?OG;G;MM;?H?AL?=C>;>;KO;FMI<L?MM;ˆ;G
;<I=;;<?LN;?OG<L;ƒIGOCNI<L;H=I
;MNL…M’FNCG;M@INIM?L;GJL;NC=;G?HN?
C>…HNC=;M
;H‚IM?LJ?F;;NCNO>?>IP?L>OAI
KO?H;M?RN;@INI?MN;P;;A;=B;>I
;IF;>I>;=?MN;>?JOHB;CM
MILN?;H>IIM?AOCHN?G;M>?PC;NL;J;=?;L
JILKO?
M?=IG?ƒ;MM?GJ?FIM=ILN?MG;CMJLI@OH>IMX
?IFB;H>IG?FBIL>;P;J;L;P?L
KO?INILNOL;>I?MN;P;PCPI
JILKO?OG>IMJ„M?MN;P;PCL;>IJ;L;@IL;;J?M;L>;
JL?MM‚I>;M=IL>;M
?;=;<?ƒ;?MN;P;DIA;>;J;L;NL~M
;<I=;M?GJL?;<?LN;
HI
=B‚I;A?HNCF?T;=BCH?M;>?PC;N?L;GIHNI;>I<;MN;HN?M?LL;A?GJILKO?;JIƒ;
H‚I ;OG?HN;P;
 @;TC; OG IP;F KO;M? J?L@?CNI ;I L?>IL >I JIMN? U M„NCG; „ ;
=LˆNC=;W
;PIT>?4IHAPCHB;F~>?NL~M
>?GOCNI;F„G>;PI>=;?>;@OG;ƒ;

?L;JL?=CMIIFB;L=IG;N?Hƒ‚I
JILKO?IM;HAO?DILL;P;>IM>ICMG?>;FB‘?M>IM
G;GCFIMJLI@OH>;G?HN?L?GIPC>IM?HNL?;M?AOH>;?;N?L=?CL;@INI
G;M>;P;
J;L; P?L KO? H; M„NCG; BIOP?L; OG; JOHB;F;>; >?=CMCP; JILKO? ; @ILG; >;M
=IR;M FCA?CL;G?HN? ;<?LN;M J;L; @IL; J;L?=C; GO>;L
 ? ;JLIRCG;H>I <;MN;HN? I
LIMNI >; @INI >;P; J;L; P?L KO? ; GO>;Hƒ; H‚I ?L; H;M =IR;M
 G;M ?HNL? ;M
PCLCFB;M
HIFOA;L>;G;H=B;<ILL;>;>;JLCG?CL;@INIJ;L?=C;B;P?LOG<OL;=I
>?LL;G;>I
OG;?MJ„=C?>?M?RI>?G?HCH;PCIF;>;
>?IH>?IM;HAO?M;FN;P;
?G@CIMKO??M=ILLC;GJ?F;M=IR;M "M?4IHA>?M>?HB;P;;ICN;P;@INI>?PC;N?L
L;T‚I
 JILKO? I =IH>?H;>I D~ H‚I JI>?LC; ?MN;L PCPI
 HCHAO„G >?CR; =;CL ;
=;<?ƒ;>?F;>I>;KO?F;G;H?CL; U!?;=IL>I=IGG?OMCH@ILG?M
;IJ?L;ƒ‚I
NI>;>OL;P;OG;BIL;?G?C;W
I<M?LPIO=?LCGIHCIM;G?HN?4IHA @IFB;>?
J;J?F M? >I<LIO ?G KO;NLI
 OG; =;LN?CL; >? =IOLI JL?NI M? ;<LCO @?CNI OG
J?KO?HID;=;L„J;L;=IG… F;HIG?CI>;@OG;ƒ; U F;LIKO?-?KOCGD~H‚I„;
G?MG; >? ;HN?M  );G?HNI N?L GIMNL;>I OG; =ICM; <;MN;HN? JLCGCNCP; ; PI=…

G;M H‚I „ JIMMˆP?F =;LL?A;L IONLIM >I=OG?HNIM HI <IFMI


 J?>?G ?RJFC=;ƒ‘?M

OG;CHC=C;ƒ‚IXWPIT=B?A;P;>?N‚IFIHA?KO?J;L?=C;OGJLIFIHA;G?HNI
>;M CG;A?HM
 OG; AFIM; >? <;=B;L?F =?LCGIHCIMI  -IL =CG; IO JIL <;CRI
 CA
CFF LIIHTS =IG?ƒIO ; =;HN;LIF;L U0??
 0??
 /C>?LW
 =IGI M?GJL? NO>I
=IHP?LAC; ; J;LNCL >? >CG?HM‘?M CH=IH=CFC~P?CM
 OG ALIN?M=I 4@==286 KO? ?L;
JL?=CMI ;DOMN;L =IG PI>=; ? =;N?AILC;M E;HNC;H;M
 ?MM?M NL;HKOCFCT;HN?M =IHNL;
KO;FKO?L=I;AOF;ƒ‚I>?G;MC;>I<LOM=;>;L?;FC>;>? ,O
=IGIKO;M?M?GJL?

@?=B;LIMIFBIM?>;LG?C; PIFN;
LOGI;IGOH>I;FAI>I;>I>?KO;FKO?LIONL;
HICN? ?M=IFBC>; ;N?HN;G?HN? HI <;L;FBI ;<?LNI  U*66 D66 C:56CW
 =;HN;P; CA
CFF
IONLIGILNI
UD66H92EJ@F92G65@?6W

 


"HN‚I ?L; H;NOL;F KO? M? F?G<L;MM? >; HICN? HI ;H;F 0;CHN *;LNCH
 >I
=IHPCN? KO? FB? B;PC;G @?CNI GCF @L;H=IM J;L; P?L OG @CFG? H; =;M; >? OG
G„>C=I MOˆƒI  +;>;
 OG IJ?L;>IL >I "CRI KO? NCHB; =IHM?AOC>I @CFG;L OG
?H@IL=;G?HNI?GNI>IMIM>?N;FB?M +ININ;F
>ICMLIFIM
G;MGO>IM  IGOG;
@INIAL;@C;;>GCL~P?F
A;L;HNC;G -I>C;J;A;LH;M;ˆ>;
+I GCHONI H?=?MM~LCI J;L; >?=C>CL >CT?L H‚I ? M? G;H>;L >I =;@„ =IG ;
H?AL;B;CNC;H;;GCA;>IG„>C=IMOˆƒI
B;PC;NC>IN?GJI>?CG;ACH;L;=?H;?M?
MCNO;L
=IGIH‚I
>IF;>I>;PˆNCG; .O??H@IL=;MM?G;FAO„GD~?L; I KO? ?L;

H‚I ?L;G H?=?MM~LC;M J;F;PL;M


 G;M M? ?MM? ;FAO„G NCP?MM? M;<C>I ? I
L?@CH;G?HNI JI>C; N?L ?MN;>I ?G =IHN;L ; ?MM? ;FAO„G KO? OG; =G?L;
L?ACMNL;LC; =;>; CHMN;HN? >? MO;M =;L?N;M ? MO;M =IHNILƒ‘?M
 J;L; >?F?CN? >?
>CF?N;HN?M>I@ONOLIXU-ILG;CMKO?G?CH=IGI>?
HOH=;M?L?COGCH>C@?L?HN?
=IGI "NC?HH?W
 J?HMIO ,FCP?CL;  U=IHN?=? KO? CHMCMNI H; C>?C; CH;O>CN; >?
KO? I BIG?G @IC =LC;>I J;L; IONL; =ICM;  "HN‚I
 =F;LIX .O? JI<L?M
@?LL;G?HN;M J;L; ?H=IHNL;L OG; M;ˆ>; >?MN? <OL;=I W , JCIL ?L; KO? NCHB;
IFB;>I@LC;G?HN?;M@INIM>?4IHA
MJILKO?INILNOL;>IH‚I?L;M?OJ;C
;F„G
>?D~N?L?GM?J;MM;>IKO;L?HN;;HIM>;KO?F;IJ?L;ƒ‚I?G-?KOCG
Z ,FB; M Z >CMM? ,FCP?CL; ; ;<M
 KO? NCHB; PIFN;>I J;L; ?F? >?JICM >?
<LCA;L=IG/IH;F>KO?CHMCMNC;?GIOPCL*;/;CH?S?M??MNL;HB;P;=IG#;NM
4;FF?LZ
„CH=LˆP?F=IGI„JIMMˆP?FM?LN‚I=;H;FB; ,KO? LCMNIJ?HM;P;H;
=;G; ;HN?M >? >ILGCL !? L?J?HN?
 HI G?CI >? OG MILLCMI
 MO; <I=; M?
NL;HM@ILG;HOG;;L;HB;J?FO>;
ZBZ>CMM?;<M Z+;>;>?>?FCLCOGNL?G?HM
B?CH?MN;BIL;X
Z 1O>I „ MOJ?L@C=C;F
 GI=CHB;
 NO>I „ ? JC >„L GC =I  ,FB; M
 KO;H>I ?O
?L; A;LINI CGJFC=;P; =IG ;M GOFB?L?M >; @;GˆFC;
 CLG‚M ? ?MM;M =ICM;M
 NI>I I
FCRI A?H?;FAC=I
 ? M;<? JIL KO… ?G
 JIL OG GIHN? >? <?MN?CL;
 G;M ?HNL?
?F;MJILKO?J;L;;MM?HBIL;MKO;FKO?L@;F?=CG?HNI
=IGI?F;M>CT?G
KO;FKO?L
FONI KO? ;=IHN?ƒ; HI KO;LN?CL‚I „ GOCNˆMMCGI G;CM CGJILN;HN? >I KO? OG;
@L?HN? >? AO?LL;
 >I KO? OG N?LL?GINI KO? FCKOC>; >?T GCF MOD?CNIM
 =ICM;M
;MMCG jJL?=CMIM?LP?L>;>?CL;G?HN?=L?NCHI
=L?NCHI;OGJIHNIKO?PI=…H‚I
=IHM?AO? H?G CG;ACH;L
 ;<M
 JILKO? J;L; CMMI N?LC; MC>I JL?=CMI F?L -F;N‚I
CHN?CLI
P~LCIMJ;CM>;&AL?D;
IM=F~MMC=IMM?G@;FN;LH?HBOG
?;F„G>CMMIM;<?L
NO>IIKO?B~J;L;M;<?LMI<L?NO>IIKO?„=IAHIM=ˆP?F
?„?R;N;G?HN?H?MM?
GIG?HNIKO?M?=B?A;;OG;=L?NCHC=?N‚ICH=LˆP?FKO?M?„=;J;T>?J?A;L;
JI<L? G‚? ;H;F@;<?N; HI =IG?ƒI >; G;HB‚TCHB; ? M? CLLCN;L JILKO? ?F; ?MN~
;@FCNˆMMCG;JIL=;OM;>;GILN?>ILOCPCHBI>;?MKOCH;IO>;MI<LCHB;>;@OF;H;
>I N?L=?CLI ;H>;L  " ;ˆ @;F; J;L; ?F; >I N?LL?GINI >? ;< ?F *;H>L?< IO >;
I@?HMCP; >? 3;L>;L &HAB
 ? KO?L KO? ; CH@?FCT M? =IGJ;>?ƒ; ?G ;<MNL;NI >;
;HCKOCF;ƒ‚I>?NL…MNOLG;M>I?R„L=CNICL;HC;HIX
Z1;E?CN?;MSZ>CMM?;<M Z%;P?;>LCHE
MIHHS
>IHN<?MO=B;GOL>?L
NIG?
Z " H; P?L>;>? NO>I M? L?>OT  N;F BCMNLC; >? KO? I KO? IM IFBIM H‚I
P??GX .O;F „ ; H?=?MMC>;>?
 G? >CA;
 >? >;L JILL;>; HI =I=I >;M P?FBIN;M
=IGHIMM;JOLCN;H;;>IF?M=…H=C;>?=L?NCHIM>?G?L>; B?
KO?JILL?X3IO
J;L;=;M;
*;M ?L; >C@ˆ=CF L?HOH=C;L  G;HN; ?MKOCG N‚I KO?HNCHB;
  =IHN?GJF;ƒ‚I
>CMN;HN? ? KO;M? CH>C@?L?HN? >? $L?AILIPCOM ?G JF?HI ?HNL?P?LI M?HNCG?HN;F
=IG;*;A; LL;H=;H>I M?>;KOCFINO>I=IGIM?>?MJFOG;MM?OGP?FBIA;FI
=;>;P„LC=IKO?L?MCMN?=IGIIG;=BIKO?@IC
MOMJCLIO;FCPC;>I;IL?=IHB?=?LI
N?G; >? =F6 ?E6C=F56
 OG >CM=I KO? ;FAOG; P?T =B?AIO ; N?L
 ?G O?HIM
CL?M '~H?GM?F?G<L;P;>IJ?MMI;F>;ILKO?MNL;
G;MM;<C;KO??HHS ;LN?L
?N;FP?T BO?LLS@;TC;GJ;LN?>?F;
?IOPCH>IIMIFI>C@C=CFG?HN?MCGJF?M>?
1?>>S 4CFMIH >?=C>CO KO? ?L; G?FBIL @C=;L ;N„ I @CH;F >; M?MM‚I >? >CM=IM
4IHA B;PC; >CNI KO? ?MN;P; =BIP?H>I
 I >C; CHN?CLI NCHB; =BIPC>I  "MM? >?PC;
M?L BO ?LLS
 ; G?HIM KO? @IMM? %;QECHM ?G J?MMI;
 G;M H‚I
 H‚I ?L;
%;QECHM  U&H=LˆP?F =IGI ?MN;GIM NI>IM ?GJI<L?=?H>IW
 J?HMIO ,FCP?CL;
IFB;H>I J;L; ; *;A; KO? IFB;P; J;L; $L?AILIPCOM KO? IFB;P; J;L; I ?MJ;ƒI
U3;GIM ;=;<;L CH>I  C<FCINB‡KO? *;T;LCH? @;T?L @C=B;M MI<L? ;M
G;H>L~AIL;M
 IM =IF;L?M >IM <;HNIM IO ; BCMNLC; =IGJ;L;>; >;M N?MIOL;M >?
OHB; W &G;ACH;L OG L?J?LNLCI >? CHMCAHC@C=H=C;M
 I ?HILG? NL;<;FBI >?
CHP?MNCA~ F;M?=IHB?=… F;M;@OH>I %CMNLC;>;MN?MIOL;M>?OHB;
>ICMGCFFCPLIM
J;L; N?L =?LN?T; >? KO? ;N„  HCHAO„G G?H=CIH;L; ?MM? ON?HMˆFCI  !?
L?J?HN?
 H; *IA’H=C; ;FAO„G ?MN;GJ; ; CG;A?G >? OG; M?HBIL; =ILN;H>I
OG;OHB; +‚I„?R;N;G?HN?OG;N?MIOL;
G;MJ;L?=? +IM„=OFI 53&&&
OGN;F
-BCFCJ *=(CHH?S J;N?HN?C; ?G ;FNCGIL? ;M JLCG?CL;M N?MIOL;M =IG GIF;
JLI<F?G;L?MIFPC>I
IM>?>IMJI>?GJL?MMCIH;L?G=B?CIJ;L;=ILN;L;MOHB;M
>IM J„M
 CH=LCP?FG?HN? =LH?;M
 ? ; N?MIOL; NILH; ; M? ;<LCL ;ONIG;NC=;G?HN?
.OCHB?HN;M@C=B;M
OG;HI>?NL;<;FBI "M?J;MM~MM?GIM;AIL;CHP?Hƒ‚I>I
J;L;@OMI IO ;I OMI >I P?L<I 8@?5 H; FCN?L;NOL; J~FC >I M„=OFI 3&&& .O;FKO?L
=ICM; JI>C; M?L G;CM CHN?L?MM;HN? KO? ;>CPCHB;L I >C~FIAI ?HNL? ; *;A; ?
$L?AILIPCOM  "H=IHNL;L OG; <;LLC=;>;
 KO;FKO?L =ICM;
 ?HHS ;LN?L
 ;M
N?MIOL;M >? OHB;
 I P?L<I 8@?5
 IONLI =IJI
 OG ?GJ;F;G?HNI =?LCGIHC;F
L?@CH;>;G?HN? =IH>OTC>I JIL OG P?L>OAI ;N?HNI ;IM G?HIL?M >?N;FB?M
 IO
B;GJCIH';=E!OJL??J?L>C>IHIM<FO?M
G;CM<?GJLIN?AC>IKO??F?JILKO?
?;;AOFB;>INI=; >CM=IM@;TC;OGLOˆ>IBILLˆP?F

*2J8@@53J68@@53J6E@H9:D<6J
#@C5JD@=@?8E@8:?
*2J8@@53J68@@53J6E@H9:D<6J
#@C5JD@=@?8E@8:?
;FDEH2?E>JC6676CD
;FDEH2?EE@766=9:89282:?Z
-ILN;HNI
 =IG NI>; ; =?LN?T; /IH;F> PIFN;LC; ; CA CFF LIIHTS
 AOC;>I JIL
;MMI=C;ƒ‘?MKO?,FCP?CL;=IHB?=C;?L?MJ?CN;P;
?CACFF@;F;LC;;?F?M>?IONL;
<;LLC=;>; =IG ; G?MG; PIT =IG KO? ; *;A; ?MN;LC; =IHN;H>I ; $L?AILIPCOM
MO;CH@H=C;?G*IHN?PC>„O
CACFFM?G;G;LAOL;
G;NN?LI@@;=N

+96JD2:5:7J@FH9:E6J@F2==C:89E
7J@F3C@H?DE:4<2C@F?
FE2DJ@F3=24<
$>>>3C@E96C86E324<86E324<86E324<

Z'~M?CKO?H‚IM?A;HB;H;>;Z>CMM?$L?AILIPCOM ZMF?G<L;Hƒ;MM
=IHM?AO?GGO>;LIJ;MM;>IG?HIMCHN?L?MM;HN?
Z-ICM„
H‚IM?A;HB;H;>;Z>CMM?;*;A;
Z-ILCMMI
M?J?>CKO?G?@;F;MM?>?*IHN?PC>„O
@ICJILKO?J;L;GCGPI=…
„ =IGI OG; L;CHB; >? <;L;FBI
 NI>; >? @L?HN? G;M M?G PIFOG?  !CAI ;MMCG
J;L;KO?G?=IGJL??H>;
Z"*IHN?PC>„O„IPIFOG?XI<;A?G
<I<;A?G
<I<;A?G ,KO?„KO?
PI=… =B;G; >? P?FBIM N?GJIM -;L; GCG
 NO>I I KO? ;=IHN?=?O =IGCAI
;=IHN?=?OIHN?G
HIG;CMN;L>;LIHN?GHICN?
Z *?FBIL Z >CMM? $L?AILIPCOM  Z AIL; PI=… „ OG; >;G;
 G;M H‚I >?
<;L;FBI
Z-;L;GCG
?HN‚IH‚I@;TN?GJI "HN‚I„FIHA?
GOCNIFIHA?
G;MH‚I@;T
N?GJI  M <;LL;KOCHB;M >; JL;ƒ; &H>?J?H>…H=C;
 PI=… N;G<„G =IHB?=?

%IL;=CI
;KO?F;JL;ƒ;N‚INLCMN?=IG;M=BOLL;M=;LC;M
=IG=?LN?T;N;L>?BIOP?
;FAOG;MM;MMCH;NI?IMDILH;F?CLIM?MN‚IALCN;H>I;MG;H=B?N?MH;M<;H=;M
ZFIN?LC;?NI>IMIMJL…GCIMZ>CMM?%IL;=CI
Z?MKO;LN?D;>;>?0;FNI
;JIFˆNC=;
I@ON?<IFX
Z,P;JILHINOLHI
;=;=B;ƒ;>;H=;J 1O>IGOCNINˆJC=I
=B?
Z!?P?M?LN‚I?RNC=IZ>CMM?$L?AILIPCOM
<OM=;H>IOG;JIMCƒ‚IKO?FB?
J?LGCNCMM?=I<LCL;PCM‚I>?,FCP?CL;?@C=;LG;CMMITCHBI=IG;*;A;?HKO;HNI
IFB;P;;MP?F;M?;=IGJ;HB;P;ILCNGI=IGIJ„
Z +;KO?F? N?GJI
 ?G *IHN?PC>„O H‚I ?RCMNC; N?GJI Z >CMM? ; *;A;  Z
*IL~P;GIM GOCNI J?LNI >I LCI
 HOG; =;M; ?HILG? =IG KOCHN;F  "O NCHB;
M?GJL? NL?T? ;HIM
 G? F?G<LI GOCNI <?G  2G =„O ;TOF
 NL?T? ;HIM
 ;
JLI@?MMIL;>IKOCHNI;HI?L;P?MA; 2G>C;G?;J;CRIH?CJILOGG?HCHIFIOLI
KO?P?H>C;DILH;CMH;JL;ƒ; 1CHB;OG;G;H?CL;>?>CT?LUDILH;FWKO?G?@;TC;
M?HNCLOG;?MJ„=C?>?<OL;=I;KOCX2M;P;=;Fƒ;=IGJLC>;G;MH‚INCHB;G;CM
>IKO?>IT?;HIM *?OJ;CH‚INL;<;FB;P;
J;MM;P;;MN;L>?MNIG;H>IG;N?HI
KOCHN;F -?L>CGCHB;G‚?KO;H>INCHB;=CH=I;HIM
@OC=LC;>;JILOG;MNC;MKO?
>?JICM @IL;G ?G<IL;J;L; I CHN?LCIL  "O NCHB; NL?T? ;HIM ? „L;GIM M J;J;C ?
?O
H;=;M; "L;OG=ILNCƒI?H‚IOG;=;M; %;PC;OGCN;FC;HI
>O;MP?FB;M
?
OG H?ALI ? MO; GOFB?L KO? <LCA;P;G  HICN? G;M >?JICM NI=;P;G PCIF‚I ?
=;HN;P;G  , H?ALI NCHB; OHM IFBIM P?LG?FBIM
 J;L?=C;G OG; <I=; GIFB;>;
"O M?HNC; OG JIO=I >? HIDI >?F?M
 JL?@?LC; <LCH=;L H; LO;  0? G?O J;C G?
?H=IHNL;MM? <LCH=;H>I H; LO; G? @;TC; ?HNL;L ? <;NC; ?G GCG  2G >C;

?HKO;HNI ?F? ?MN;P; G? <;N?H>I


 PC KO? I H?ALI ?MN;P; ?MJC;H>I J?F; JILN;
?HNL?;<?LN;  +I =IG?ƒI H‚I J?L=?<C >CL?CNI
 J;L?=C; KO? ?MN;P; =Iƒ;H>I ;
J?LH;
 @;TC; ;FAOG; =ICM; =IG ; G‚IX -;J;C ?MN;P; I=OJ;>I >?G;CM
 G?
<;N?H>I>?=CHNI j?MNL;HBI=IGIM?JI>?J?L>?L;CHI=…H=C;>?L?J?HN?
M?G
H?GM;<?LKO??MN~=IG?ƒ;H>IIONL;PC>; +;KO?F;HICN?
H;=ITCHB;
;H?AL;?
I H?ALI =;HN;L;G ;N„ <?G N;L>?
 ? ?O ?MN;P; HI G?O KO;LNI ? NCHB; =BIL;>I
N;HNI KO? ?MN;P; =IG OG; M?>? BILLˆP?F
 G;M H‚I KO?LC; M;CL  -;J;C NIG;P;
G;N?H;JILN; #;TC;OG=;FILKO?PI=…H‚IN?GC>?C;
H‚IJI>?M;<?L
PI=…M
NI>IMM‚I>?J;ˆM?M@LCIM j;OGC>;>?
;=CG;>?NO>I
J?LNI>ILCI
J;L?=?KO?
?G O?HIM CL?M „ JCIL
 %IL;=CI >CT KO? „ GOCNI JCIL
 ?O H‚I M?C  +;KO?F;
HICN? ?O M?HNC; ; LIOJ; ALO>;>;
 NI>I GOH>I NIG;H>I G;N? ? G;CM G;N?
 M;ˆ
>O;MIONL…MP?T?M?@OC<?<?L~AO;HOG;NILH?CL;KO?B;PC;HIKOCHN;F?HNL?IM
A?LHCIM -;L?=C;KO?;~AO;>;KO?F; NILH?CL;?L; G;CM@L?M=;  +‚IB;PC; H?G
OG;?MNL?F;
IMA?LHCIMNCHB;GOG=B?CLI~MJ?LI
M‚IOG;MJF;HN;MALIMM?CL;M

<?FˆMMCG;M
 PI=… JL?=CM; ;=;LC=C;L OG; @IFB; >? A?LHCI  ,M IONLIM KO;LNIM D~
NCHB;G;J;A;>I;FOT
J;J;CNCHB;C>I;I<IN?KOCG>I/;GIM7;LIFBI
?OJOM
J;L;>?HNLII<;HKOCHBI
;=OC;?;=B;F?CL;KO??F?M?GJL?>?CR;P;H;JILN;?
KO? IM P;A;<OH>IM >I N?LL?HI <;F>CI ;I F;>I LIO<;P;G  )?G<LI KO? KO;H>I
;NL;P?MM?CIJ~NCI;FO;;J;L?=?OOGJIO=I?J;L?CJ;L;IFB;L
;FO;M?GJL?G?
>;P;OG;?MJ„=C?>?@LCI
?MJC=B?CILIMNIJ;L;KO?F~>;M?MNL?F;MJO>?MM?GG?
P?L
?O;=L?>CN;P;H?MM;M=ICM;M
NCHB;MNL?T?;HIM !?JICM<?<CG;CMOGJIO=I
>?~AO;H;NILH?CL;?PIFN?CJ;L;IG?OKO;LNI
KO?@C=;P;F~?G=CG;
MO<CH>I
OG; ?M=;>; >? @?LLI IH>? OG; P?T ;IM HIP? ;HIM >?MFIKO?C I NILHIT?FI
.O;H>I C; ;=?H>?L ; P?F; >; G?MCHB; >? =;<?=?CL;
 OG; G‚I KO?HN? G?
;A;LLIOJ?FIIG<LI
M?HNCKO?@?=B;P;G;JILN;
IONL;G‚IN;JIO;GCHB;<I=;
?=IG?=?C;=B?CL;L;=;NCHA;
IH?ALIG?;J;FJ;P;?G?;J?LN;P;JILNI>IMIM
F;>IM
?>CTC;=ICM;MHIG?OIOPC>I
<;<;P;H;GCHB;=;L;
;LL;H=;P;;GCHB;
LIOJ;??OH‚I=IHM?AOC;@;T?LH;>;
H?GG?MGIALCN;LJILKO?M;<C;KO??F?C;
G? G;N;L M? ?O ALCN;MM? ? H‚I KO?LC; KO? ?F? G? G;N;MM?
 KO;FKO?L =ICM; ?L;
G?FBIL >I KO? CMMI
 GILL?L ?L; ; JCIL I@?HM;
 ; ?MNOJC>?T G;CM =IGJF?N;  -IL
KO? PI=… ?MN~ G? IFB;H>I =IG ?MM; =;L;
 %IL;=CI "MNIO =IHN;H>I J;L; ?F?
=IGIIH?ALI>I=ILNCƒIG??MNOJLIO
$L?AILIPCOMN?GN;HN;PIHN;>?>?M;<?L
=IGI?OPCPC;HI2LOAO;C
Z IHN?J;L;?F?=IGNI>IMIM>?N;FB?MZ>CMM?,FCP?CL;
ZB
OG;C>?C;A?L;FD~„MO@C=C?HN?Z>CMM?$L?AILIPCOM
Z+‚I?RCMN?GC>?C;MA?L;CMZ>CMM?,FCP?CL;

 


Z.O;H>I?F?M;CO>IKO;LNI?L;KO;M?>?G;>LOA;>;??OD~H‚IM;<C;H?G
=BIL;L
Z,HID?HNIZ>CMM?;<M
ZB
;*;A;G?L?=C;;GJF;G?HN??MM;BIG?H;A?GZ>CMM?"NC?HH? Z
’HC=; =ICM; =OLCIM;
 =IGI M?GJL?
 „ I >CPL=CI >C;<FC=I ?HNL? @ILG;M ?
=IHN?’>IM  "G NO>I I KO? PI=… =IHNIO
 I G?=;HCMGI „ KO;M? ?R;N;G?HN?
C>…HNC=I ;I >? >ICM H;GIL;>IM
 ?R=?NI ; G?HIL L?MCMN…H=C; ? JLIP;P?FG?HN? ;
G?HIL;AL?MMCPC>;>?
Z ;JˆNOFI ICNI
 M?ƒ‚I KO;NLI
 J;L~AL;@I  Z >CMM? ,FCP?CL;  Z -L?MM?M
2HCP?LMCN;CL?M#L;Hƒ;CM?M
Z1;AO?OF?Z>CMM?"NC?HH?
Z"GMOG;Z>CMM?/IH;F>Z
D~?MN~G;CMKO?H;BIL;>?IOPCL;FAOG;
=ICM;=IGIU%IN;H>INB?L?>W
Z 1ˆNOFI ;JLIJLC;>I J;L; ;M =CL=OHMNH=C;M L?G?GIL;>;M Z >CMM? ,FCP?CL;
?H=B?H>II=IJI Z,H?ALI@ICOGP;F?HN?
=B?
Z+‚I„;MMOHNIJ;L;<LCH=;>?CL;MZ>CMM?$L?AILIPCOM
Z#ICPI=…KO?G=IG?ƒIO
;GCA‚I
Z"PI=…?MN~<…<;>I
%IL;=CI
Z F;LI KO? ?MNIO  j I AL;H>? GIG?HNI
 ; BIL; F’=C>;  3I=…
 GI=CHB;

>?PC; NL;<;FB;L HOG; =FˆHC=; A?LIHNIFAC=;  ,FB; M I ,MMCJ MO;M F?G<L;Hƒ;M
;G?H;MNCL;L;GJ?FIG?HIMPCHN?;HIM>?=CG;>?F?
Z"F?KO?=IG?ƒIOZ>CMM?;*;A;
L?MM?HNC>; Z"F?KO?H‚IP?HB;>CT?L
KO?H‚IAIMNIO 3I>=;
%IL;=CI
*;M,FCP?CL;H‚IJ;L?=C;>CMJIMNI;=IHNCHO;LM?CGCM=OCH>I?HNL?;*;A;?
$L?AILIPCOM
 KO? GOLGOL;P; ?RJFC=;ƒ‘?M KO? HCHAO„G IOPC;  ?G G;CM
?M=ON;>;@IC;PIT>?4IHA
M?I@?L?=?H>IJ;L;@;T?L=;@„ *OCNI@ILN??KO?HN?

M?AL?>I;JL?H>C>IHI=;MMCHI>?*?HNIH , FO<?;JLIPIOJILOH;HCGC>;>?

;JF;OMIM /IH;F><?CDIO=;LCHBIM;G?HN?IM?FI>?OG>CM=I
ACLIO I
;JLIRCGIO
>?F?
 =?LCGIHCIM;G?HN?
 ; ;AOFB;  -IL OG CHMN;HN? ; G~KOCH; "FFCHANIH IM
;LL;MIO =IG I @;<OFIMI CGJLIPCMI >I NLIGJ?N? ? ;<S IR
 ; ?HNL;>; MONCF ?
=IGIKO?>CMNL;ˆ>;>?'IBHHS%I>A?M
I=L?M=?H>IG;MILCNGID~=IG?ƒ;P;;
M? ?HLCD?=?L J;MM;>IM NLCHN; ;HIM
 OG NCAL? P?FBI ?G<IL; ;CH>; ?F~MNC=I ?HNL?
LC@@M;IG?MGIN?GJIN?HMIM?FCPL?M
J?KO?HI>C@ˆ=CFGCF;AL?*H:?86C8@D@F
JIC;H>I M? H; G;HN; ?MKOCG
 IFB;H>I ;M P?F;M P?L>?M ;NL;P„M >I =IJI >?
PI>=;ˆ;GIMP?LIMJ?CR?MHI.O;C>?F;*„ACMM?LC?
?L;KO;M?MCGJF?MJ?HM;L
KO?N;FP?TCMMIKO?=B;G;P;GL?;FC>;>?G?L?=C;;@L;M?>?JL?=C;NCP;>?!OE?

U E5@?E>62?2E9:?8:7:E2:?EE92EDH:?8W
G;MJILKO?;G‚I>?$L?AILIPCOM
NCHB; >?CR;>I >? ;=;LC=C;L I =;<?FI >; *;A;
 F~ ?MN;P; I JI<L? ,MMCJ G;CM
F;G<C>I KO? OG; @I=;
 NLCMNˆMMCGI =IG ; >?@FIL;ƒ‚I ;LKOCJL?N„LCN;
 >;P; J?H;
M?HNC FI LˆAC>I H;KO?F; ;NGIM@?L; ?G KO? ; G’MC=; ;@LIOR;P; ;M L?MCMN…H=C;M ?
N?=C;OG;?MJ„=C?>?L?MJCL;ƒ‚I=IGOG
;J;T>?OGM=IL;ƒ‚IJOFM;H>IJ;L;
NI>IM
 ;MMOGCH>I NI>IM ?F?M  " ;AIL; OG; PIT KO?<L;>; ;<LC; J;MM;A?G PCH>;
>? OG >CM=I A;MNI
 JLIJIH>I M?G M;<?L I P?FBI =IHPCN? L?H;M=?HNCMN;
 ; P?FB;
NLCMN?T;;H;=L?ŽHNC=;
OG42CA65:6> BC=;AI

0@FD@362FE:7F=3FEJ@F8@EE25:6D@>652J
0@FD@362FE:7F=3FEJ@F8@EE25:6D@>652J
== H2?ED2=:EE=6=@G:?367@C6J@FA2DD2H2J

!? P?T ?G KO;H>I ;=IHN?=C; >? ;M J;F;PL;M >IM GILNIM =ICH=C>CL?G =IG I
KO? IM PCPIM ?MN;P;G J?HM;H>I D~ KO? OHM ?MN;P;G PCPIM ? IM IONLIM GILNIM
6IO MI <?;ONC@OF  '? H? P?OR J;M GIOLCL M;HM ;PICL =IGJLCM JIOLKOIC D;P;CM
P„=O 2G<FO?M
/?H„!;OG;F
%IL;=CI,FCP?CL;
<ONSIOAINN;>C?MIG?>;S

SIOMI<?;ONC@OF<ON "JILCMMI$L?AILIPCOMCHMCMNC;?G=IHB?=?LIJ;MM;>I>;
*;A;
 J;L; GILL?L OG JIO=I G?HIM >?MM; GILN? J;L; NL~M
 KO? „ NI>;
CAHILH=C;>;M=ICM;M;LL;MN;>;MJ?FIN?GJI
J;L;@CR~ F;?GM?OJLJLCIN?GJI

SIO MI <?;ONC@OF <ON SIO AINN;


 J;L; H‚I ;G;L OG @;HN;MG; KO? M? >?CR;
;=;LC=C;L I =;<?FI >?<;CRI >; FOT P?L>?
 JI<L? ,MMCJ
 ? =IGI ; HICN? ?MN;P;
;=;<;H>IG;F
NO>IN‚ICH=LCP?FG?HN?N‚I
IMM;J;NIM>?$OS*IHI>
<ONSIO
AINN;>C?MIG?>;S
IH?ALI&L?H?I>?JICM
KO;H>IA;HB;MM?=IH@C;Hƒ;
;*;A;
=IHN;LC;;?F?;BCMNLC;>I)?>?MG;
;>IMMOD?CNIM>;HICN?>? ;LH;P;F
;M;A;
GIHN?PC>?;H; =IGJF?N;  " >? L?J?HN?
 =IG OG; >?M;J;CRIH;>; J?L@?Cƒ‚I

";LF%CH?MJLIJOHB;;JLCG?CL;P;LC;ƒ‚I>?U&CHN$IN+I<I>SW
?;N„-?LC=I

J?L>C>IHOG;F?CNOL;L?GIN;
?LAOC;;=;<?ƒ;?@C=;P;?M=ON;H>I
;*;A;NCHB;
;KOC?N;>I;=;<?ƒ;=IHNL;;=IR;>?$L?AILIPCOM?IFB;P;IMI;FBI
IJ?>;ƒI>?
N;J?N?NOL=I
OG@C;JIP?LG?FBIKO?M?J?L>C;HIN?NI
OG=IJIP;TCI;IF;>I
>IJ„>?OG;G?M; .O?LC;@OG;LG;MH‚IC;J?>CLOG=CA;LLI;$L?AILIPCOM

M?GM;<?LJILKO?H‚IC;J?>CL
H?G;?F?H?G;%IL;=CI
G;MM;<C;JILKO?
H‚IC;J?>CL;%IL;=CI
H‚IKO?LC;IFB~ FIHIMIFBIMJ;L;KO??F?LCMM?IONL;P?T
PCHA;H>I M?>?F;JIL?MN;LALO>;>;?G$L?AILIPCOM?H‚IN?L=B?A;>IJ?LNI>?F?
H?HBOG;P?T;HICN?CHN?CL; !?MP;FC>;
 NCHB;J?HM;G?HNIM MO<FCG?M
=CN;ƒ‘?M
>? JI?G;M >IM KO;CM M? ;JLIJLC;P; J;L; M? M?HNCL ?G JF?HI =IL;ƒ‚I >;
;F=;=BI@L;
JILOGF;>IU 2:?E8@E?@3@5J2?5?@3@5J42C6D7@C>6W
IKO?H‚I
?L;P?L>;>?D~KO?J?FIG?HIM>ICM>IMJL?M?HN?M?MN;P;GG;F BOGIL;>IMJIL
=;OM;>?F;
?;IG?MGIN?GJIOGP?LMI>?-?LM?
;FAI;MMCG=IGIU+F6DE=v
>@?2>@FC6E;6?2:=:6FBF6?E@:W
HIKO;F;*;A;M?L?@OAC;P;;J?LN;H>I M?
=IHNL;IMIG>?=:6F
>?U+F6DE=v>@?2>@FCW
;MO;P?;=?CN;ƒ‚I>;@;N;FC>;>?
KO? ?RCAC; @?=B;L IM IFBIM ? M?HNCL I =ILJI =IGI OG; I@?L?H>;
 ;FAI KO?
KO;FKO?LOGJI>C;J?A;L?G;H=B;L??R;FN;L=IGI&L?H?I
?KO?;G’MC=;>?
%CH?M=ICH=C>CMM?=IGG;H=B;MP?LG?FB;M?;TOCMKO?>;Hƒ;P;GHICHN?LCIL>?
MO;M J~FJ?<L;M ? KO? M? =B;G;P;G
 H‚I M? M;<C; JIL KO…
 3IF;H~ ? 3;F?H„
 
?MKO?L>; 3IF;H~ U2?5 ?@3@5J 42C6D 7@C >6W ACL;H>I ?HFIOKO?=C>;G?HN?
 HI
;FNI3;F?H„
MOMJ?HM;=IGIOG;?MNL?F;>?OG;TOFJC?LI>?FF;@L;H=?M=;
U6E;6
?2: =:6F BF6? E@:W
 3IF;H~ ? 3;F?H„
 /IH;F> D;G;CM =IHM?AOCLC; NI=;L JC;HI
=IGI";LF%CH?M
H;P?L>;>?%IL;=CI??F;>?P?LC;GN?L?MM?>CM=I??M=ON~ FI
HICN?HI?M=OLI
;JL?H>?L;M?;G;L=IG;KO?F;M@L;M?M
;KO?F;MFIHA;M=;Lˆ=C;M
H?LPIM;M
 U& CHN $IN +I<I>SW H;M =IMN;M
 HIM IG<LIM
 IM >?>IM ;NL~M >I
J?M=IƒI
 ?HN?LL;H>I ;M OHB;M HI =;<?FI ? L?NCL;H>I ;M JIO=I ; JIO=I
 OG
NOL<CFB‚I @CH;F ? 3;F?H„ M? @OH>C; =IG 3IF;H~
 UEF 6DE =v >@? 2>@FC 2?5
?@3@5J 42C6D 7@C >6W
 %IL;=CI ?MN;P; ;FC G;M HCHAO„G =OC>;P; >?F;
 HCHAO„G
;=;LC=C;P; MO; =;<?ƒ;
 3;F?H„ ? 3IF;H~ NCHB;G >?M;J;L?=C>I ? MO;M J~FJ?<L;M
>Iˆ;G>?N;HNIKO?;M;J?LN;P;
IOPC; M?/IH;F>@;F;L??HN‚II=B?CLI>I=;@„

;B
IG;L;PCFBIMI=B?CLI>I=;@„
4IHAKO?LC>I
4IHA4IHA4IHA
"LAO?OI=ILJI
JCM=;H>I
IFBIOJ;L;$L?AILIPCOM
KO?J;L?=C;>?MA;MN;>I?
MODI FAO„GFB??MN?H>?OOG;Rˆ=;L;

 


Z+‚IAIMNI>?@;F;L>?F?MJIL@;F;LZ>CMM?;*;A;
Z"MN~<?GZ>CMM?$L?AILIPCOM Z"O?MN;P;MJ?LAOHN;H>I
Z-IMMI@;F;L>?IONL;=ICM;
M?IKO?PI=…KO?L„IOPCL;FAO„G@;F;L
Z+‚IM?D;G;FP;>;
Z%IL;=CI„=IGI>I=?>?AIC;<;Z>CMM?;*;A;
Z,KO?„>I=?>?AIC;<;
Z%IL;=CI„=IGIOG=IJI>~AO;H;NILG?HN;
ZBZ>CMM?$L?AILIPCOM
Z"F?>?PC;N?LH;M=C>IH;KO?F;„JI=;>?KO?@;F;G;>;G?)„IHC?KO;H>I
?MN~ G?CI <…<;>;  2G N?GJI HI KO;F HCHAO„G M? CGJ;=C?HN;P;
 IM <IH>?M
?L;GJOR;>IMJIL=;P;FIM?;MAO?LL;MI=ILLC;GHI=;GJI +‚IB;PC;L?G„>CI
J;L;CHMŽHC;
>CTG;>;G?)„IHC?
Z  <?F; C>;>? >? IOLI Z >CMM? $L?AILIPCOM  Z "G ,>?MM; N;G<„G G?
@;F;L;G >? N?GJIM ;MMCG  *CHB; G‚?
 N‚I LIGHNC=;
 >? =;<?FI MIFNIX "F?M
=OFNCP;P;G IM ;<;=;RCM H;M P;L;H>;M
  HICN? H‚I B;PC; H?=?MMC>;>? >?
?M=;LL;>?CL;
OG;=ICM;?RNL;IL>CH~LC; *;M?OH‚IP?DI%IL;=CI?H@C;>IH?MM;
A?F?C;L?;F
Z +?G ?O
 G;M ?F? ?MN;LC; G?HIM NLCMN?  KOC
 J;L; ?F?
 NO>I >C
 ;N„ ;
;MJCLCH;>C jG?MGI
IHN?GHICN?@CT?F?NIG;LOG;;MJCLCH;JILKO??MN;P;
=IG >IL >? >?HN?  "F? J?AIO ? @C=IO IFB;H>I J;L; ?F;
 H‚I B;PC; D?CNI >? ?F?
L?MIFP?L ?HAIFCL ; ;MJCLCH;  *? >CMM? OG;M =ICM;M GOCNI ?MNL;HB;M
 KO? ?L;
CH@?=NI OM;L =ICM;M KO? H; P?L>;>? H‚I =IHB?=?GIM
 =ICM;M KO? IONLIM
CHP?HN;L;G J;L; ;=;FG;L IONL;M =ICM;M KO? N;G<„G H‚I =IHB?=?GIMX 3I=…
M;<?=IGI?F?„KO;H>I=IG?ƒ;;?HLIF;L
Z3I=…L?J?NCOP~LC;MP?T?M;J;F;PL;U=ICM;WZ>CMM?$L?AILIPCOM Z+‚I„
?F?A;HN?
G;M;IG?MGIN?GJIGIMNL;<?GIKO?;=IHN?=?=IG%IL;=CI 2G;
PˆNCG;>;=ICMC>;>?
„?PC>?HN?
Z,KO?„=ICMC>;>?Z>CMM?;*;A;
Z  =ICMC>;>? „ ?MM? M?HNCG?HNI >?M;AL;>~P?F >? KO? ;FC IH>? ;=;<; HIMM;
JL?MOHƒ‚I=IG?ƒ;HIMMI=;MNCAI );G?HNIOM;LOG;FCHAO;A?G;<MNL;N;?KO;M?
;F?ALC=;
G;MKO?LI>CT?LKO?,FCP?CL;„J;NIFIAC=;G?HN?M?HMˆP?FCGJIMCƒ‚I
>?NO>IKO?ILI>?C;
>IGOH>I?GKO?PCP?
>IKO?=IO<?;?F?HIMILN?CI>;
PC>;
 J;L; >CT?L >? G;H?CL; ;G~P?F  +OG; J;F;PL;
 ; =CL=OHMNH=C; NILL; ;
J;=C…H=C;>?,FCP?CL; "GL?MOGIJ;L;?F?IGOH>I>C 3I=…J?L=?<?OCMMI

)O=ˆ;
?=IGOG;CHI=…H=C;>?FC=CIM;CG;ACH;KO?,FCP?CL;M?LC;G;CM@?FCT?G
KO;FKO?L>;ML=~>C;M>?<IFMIKO?;MG;>;G?M)„IHC?>?MN?GOH>ICHP?HN;G

M?G @;F;L >; GCHB; G‚? ?G ,>?MM;  -ILKO? PI=… H‚I >?P? N?L ;=L?>CN;>I H;
BCMNLC;>IM;<;=;RCM
MOJIHBI
Z+?GH;>;M?M=;LL;>?CL;MZ>CMM?;*;A; Z!C@ˆ=CF;=L?>CN;L

$OS *IHI> N?P? ; C>?C; >? >?MJ?LN;L KO;H>I /IH;F> ? "NC?HH? ?MN;P;G
?HNL;H>I?G;=IL>IJ;L;?M=ON;L'?FFS/IFF*ILNIH;<LCH>IOGIFBI
>?=C>CO
KO? ;KO?F;M =IMN;M KO? M? L?=ILN;P;G =IHNL; ; FOT >;M P?F;M P?L>?M ?L;G >?
$L?AILIPCOM "MNL?G?=?OPCIF?HN;G?HN?
;MP?F;MP?L>?MPCMN;M>?OG;=;G;FB?
=;OM;P;G G~ CGJL?MM‚I
 ; =BOP; H; =F;L;<IC; GCMNOL;H>I M? ?MNL;HB;G?HN?
=IGOGL?MNI>?CG;A?HM>?MIHBI
NCHB;MIHB;>I=IGOGFOA;L;<MOL>IG;M
=B?CI >? MIF
 IH>? $;<S ;H>;P; HO; ;NCL;H>I GCA;FB;M >? J‚I J;L; OG;M
JIG<;M >I N;G;HBI >? J;NIM ? =IGJF?N;G?HN? ?MN’JC>;M  U"MNIO =IG >IL >?
=;<?ƒ;W
>CMM?$OSJ;L;MCG?MGI +‚I?MN;P;H?GOGJIO=ICHN?L?MM;>I?G
'?FFS/IFF*ILNIH
?G<IL;@IMM?>CP?LNC>IIOPCL;=BOP;H;=F;L;<IC;?HKO;HNI
'?FFS /IFF =;HN;P; U*E@@5 :? 2 4@C?6C H:E9 96C 766E D@2<65 2?5 H6EPW
 M?G
>’PC>; 4IHA N?LC; =LC;>I H; BIL; OG; N?ILC; MI<L? I N?GJI L?;F ? I JI„NC=I

G;MM?L~KO?4IHANCHB;G?MGI@;F;>I?G@;T?L=;@„$;<S>;H>IGCA;FB;M
J;L; ;M JIG<;M ? 4IHA
 ; PIT >? 4IHA M? ?H@C;H>I ?HNL? ;M J?LH;M >? $;<S
HO; HOG D;L>CG =IG @FIL?M PCIF?HN;M
 >CT?H>I U2G M?AL?>I ;JL?H>C>I HI
=;MMCHI >? *?HNIHW  "L; <?G JIMMˆP?F KO? 4IHA
 ;@CH;F
 ;J;L?=?MM? =IG OG
<OF?=B?CI
'?FFS/IFF?MN;P;;IJC;HIG;L=;H>IMO;P?G?HN?I=IGJ;MMI=IGIM;J;NIH;
@;FN; >? G?FBIL J?L=OMM‚I
 '?FFS /IFF JI>C; =;HN;L U*;GC?M FO?MW ACHA;H>I
OG JIO=I
 IM IFBIM @CRIM HOG; GIF>OL; >I N?NI
 IO ?L; OG; GIM=; KO? C; ?
PCHB; IO OG; G;H=B; KO? C; ? PCHB; HIM IFBIM >? '?FFS /IFF  U+H@?:?6E66?
5@?6E@@<>J323J2H2JXWPC>;B;PC;MC>ICMMI
NL?HMKO?J;LNC;GF?P;H>I?
NL;T?H>I A?HN? ?HKO;HNI ?O @C=;P; H; ?MKOCH; =IG IM J„M GIFB;>IM
 IOPCH>I
OGJC;HIG?=HC=I?A;LA;FB;>;MN;G<ILCF;H>IH;MPCNLCH?M;G;L?F;>;M>;M;F;
IH>? H?G M?GJL? ?O NCHB; >CHB?CLI J;L; ?HNL;L  U+H@?:?6E66? 5@?6 E@@< >J
323J2H2JPW;<MB;PC;NIG;>IN;HNIMNL?HMH;PC>;
AIMN;P;>?PC;D;L>?NL?G
KO;H>I HI @CG >; PC;A?G B;PC; ;FAOG ;GCAI ?MJ?L;H>I JIL ?F;
 M? /IH;F>
J;MM;P; ; G‚I >I=?G?HN? JIL M?O KO;>LCF =IGI ;AIL;
 >?M?HB;H>I ; G’MC=;
?GMO;J?F?
U+H@D6G6?E66?==3C:?896C324<D@>652JPW
=F;LIKO?;FAOG>C;
IONLI NL?G ; NL;LC; >? PIFN;
 G;M KO?G M;<? M? '?FFS /IFF C; ?MN;L H;KO?F;
JF;N;@ILG; >? ?MN;ƒ‚I
 H;KO?F? JC;HI
 H;KO?F; BIL; ?G KO? B;PC; =;HN;>I I
<FO?M >? *;GC? !?M>OG?
 ; =BOP; MI<L? OG; =F;L;<IC; >? -;LCM  OG; >;
G;>LOA;>;
IMJ„MGIFB;>IM?;JON;KO?GOLGOL;U 7J@F42?E8:G625@==2C
8:>>6 2 =@FDJ 5:>6W
 ;<M B;PC; >CNI =ICM;M ;MMCG ?G CH=CHH;NC
 NI>;M ;M
GOFB?L?MNCHB;G>CNI=ICM;M;MMCG;FAOG;P?T?G;FAOGFOA;L
;N„H;M=;G;M
>IML?CM
;<MNCHB;OG;C>?C;GOCNI?MJ?=C;F>;M=;G;M>IML?CM
G;MM?D;=IGI
@IL ;FAOG; GOFB?L N?LC; >CNI OG; =ICM; ;MMCG
 U 7 J@F 42?E 8:G6 2 >:==:@?
8:>>6 2 =@FDJ 8C2?5W
 KO?MN‚I >? JLIJILƒ‘?M
 ? JIL KO? I JC;HI >? '?FFS /IFF
?L; N‚I NLCMN?
 N‚I ?MM; =BOP; KO? B;PC; >?MJ?LN;>I $OS
 KO? ?MN;P; @;T?H>I ;
*;A;=BIL;L
?4IHAKO?H‚I;J;L?=C;=IGI=;@„
Zj>?G;CMZ>CMM?"NC?HH?
MOMJCL;H>I Z+‚IM?C=IGI=IHMCAI;AO?HN;L
?MM?FCRI j?GI=CIH;HN?G;M„OGFCRI
Z F;LIKO?H‚I„OG;G?>;FB;>?-CM;H?FFIZ>CMM?,FCP?CL;
Z+?GOGIJOMKO;FKO?L=ICM;>?0=BI?H<?LAZ>CMM?/IH;F> Z-ILKO?
PI=… G? J?>CO J;L; NI=;L CMMI F„G >? CHN?FCA…H=C;
 @;FN; =;LC>;>? ?G PI=…
FAOG; P?T PI=… D~ @C=IO =IG IM M;J;NIM ?H@C;>IM H; ~AO;  G?C; HICN? '?FFS
/IFF@C=IO
>~J;L;P?LKO;H>I?F?=;HN;
CMMI„OG;=ICM;KO?M?M;<?
P?FBI
Z"OJCHNIG?FBIL=IGIMJ„MM?=IMZ>CMM?"NC?HH? Z"H‚IG?P?HB;
=IG;LAOG?HNIM>I0;FP;NCIHLGS 3I=…@;LC;=ICM;G?FBILJIH>I;ˆ;FAOG;
=ICM; G;CM CHN?FCA?HN?
 =IGI ;KO?F?M MIFIM >I 0IHHS /IFFCHM  -?FI G?HIM IM
MOD?CNIM>;4?MN I;MN@;T?GJ?HM;L?G';=EMIH-IFFI=EIO?G1I<?S
>~J;L;
P?LKO??F?MD~M;ˆL;G>;C>;>?>;JC;HIF;?>;=;CR;>?;KO;L?F;M
Z"F?„=;J;T>?;=L?>CN;LHIJLIAL?MMI>;;LN?Z>CMM?,FCP?CL;
<I=?D;H>I
Z +‚I >… =IH@C;Hƒ; ; ?F?
 /IH;F>
 =IG ; G‚I FCPL? KO? MI<LIO J?AO? I
>CMKOCHBI>IU0N;=E,)??FO?MW
;@CH;F>?=IHN;MN?GOGMIFI>?JC;HIKO?
G?J;L?=?G?LCNLCI
Z "MM? H?A=CI >? JLIAL?MMI H; ;LN? „ OG; ;LKOCMM;<C>; <?MN?CL; Z >CMM?
"NC?HH? Z*;MHID;TT
=IGI?GKO;FKO?L;LN?
M?GJL?N?GOGGIHN‚I>?
=B;HN;ACMN;M 2G;=ICM;„;G’MC=;=;J;T>?M?NL;>OTCL?G?GIƒ‚I?IONL;;
?GIƒ‚I KO? JL?N?H>? J;MM;L JIL G’MC=;  !IL J;N?LH; ?G @~ MOMN?HC>I

A;LA;FB;>;M;L=~MNC=;?G;G;L?FI
LIRIIOH?ALI +‚I
G?O@CFBI
;;LN?=IG?ƒ;
G;CMJ;L;=~IOG;CMJ;L;F~
G;MHOH=;„CMMI
+CHAO„G J;L?=C; >CMJIMNI ; =IHNL;>CT… FI
 JILKO? 4IHA ;J;L?=C;
?MG?L;>;G?HN? =IG I =;@„ ? /IH;F>
 >;H>I >? IG<LIM
 B;PC; MIFN;>I IM
4;LCHAM -?HHMSFP;HC;HM ? M;CH>I >? OG =BC;>I N?LLˆP?F =B?A;P; I N?G; KO?
,FCP?CL;;>IL;P;
OGNLIGJ?N?;HŽHCGI?>?JICMIJC;HI
NO>I?GG?CI;OG;
H„PI; >? PCNLIF; P?FB; ? J„MMCG; AL;P;ƒ‚I
 >? ILKO?MNL; <;L;N; ? J;L?=?H>I
;HN?LCIL ;I D;TT
 ;@CH;F >? =IHN;M >?MM?M P?FBIM >CM=IM
 >IM MBIQ <I;NM ? >;M
HICN?M >? 0NILSPCFF? H;M=?L; ; ’HC=; G’MC=; OHCP?LM;F >I M„=OFI
 ;FAI KO?
;JLIRCG;P;IMBIG?HMG;CM?G?FBILKO?I?MJ?L;HNI
;2H?M=IIO;MFCHB;M
;„L?;M
OG;G’MC=;MO@C=C?HN?G?HN?JLCGCNCP;J;L;;F=;Hƒ;L;OHCP?LM;FC>;>??
MO@C=C?HN?G?HN? <I; J;L; @;T?L MO; JLJLC; BCMNLC;
 =IG =CMG;M
 L?H’H=C;M ?
B?L?MC;M
M?O=B;LF?MNIH
M?O<F;=E<INNIG
M?OMBCGGS
M?O@IRNLIN
M?OMNIGJ

M?O <FO?M
 J;L; ;>GCNCL ;M =F;MMC@C=;ƒ‘?M ? IM LNOFIM
 I ?MNCFI CMMI ? ;KOCFI
 I
MQCHA
 I <?<IJ
 I =IIF
 I CL ? PCL >I LIG;HNCMGI ? >I =F;MMC=CMGI
 BIN ? D;TT
=?L?<L;F
 OG; G’MC=; BIG?G
 OG; G’MC=; =IG BCMNLC;
 >C@?L?HN?G?HN? >;
?MN’JC>;G’MC=;J;L;>;Hƒ;L
>;JIF=;
>;P;FM;
>IM;G<;
OG;G’MC=;KO?M?
>?CR;P; L?=IHB?=?L ? ?MNCG;L ?G IJ?HB;AO? IO *?H>IT; IO H; C>;>? >I
;<I
KO?;JLIRCG;P;IM;>IF?M=?HN?M=IGM?OM>CM=IM>?<;CRI>I<L;ƒI
KO?
FB?M @ILH?=C; HIG?M ? G?FI>C;M =IGI M?HB;M J;L; M? L?=IHB?=?L?G ?
G?LAOFB;L?G ?G MC G?MGIM ? M? M?HNCL?G G?HIM MM LI>?;>IM >? =B?@?M
<OLI=L;N;M
@;GˆFC;M?;GIL?MCH@CHCN;G?HN?;G;LAIM
OG;G’MC=;KO?J?LGCNC;
NI>;M;MCG;ACH;ƒ‘?M?AIMNIM
;=IF?ƒ‚I>?;@ŽHC=IM=IG#L?>>C?(?JJ;L>
IO OHE 'IBHMIH
 ; ?R=FOMCPC>;>? L?;=CIH~LC; >I !CRC?F;H>
 ; ?MJ?=C;FCT;ƒ‚I
;=;>…GC=; ?G CR ?C>?L<?=E? IO I M;FNI J;L; ; AL;H>? ;P?HNOL; >?
1B?FIHCIOM *IHE
 %IL;=? 0CFP?L IO 1B;> 'IH?M
 ; JC?AOC=? >? "LLIFF $;LH?L
IO LN 1;NOG
 IM ;LL?J?H>CG?HNIM ? ;<;H>IHIM
 ; JL?>CF?ƒ‚I J?FIM J?KO?HIM
=IHDOHNIM
;MGCMN?LCIM;MAL;P;ƒ‘?M=IGJM?O>ŽHCGIM?>?HIGCH;ƒ‘?MCGJIMN;M
JILG;L=;M>?>CM=IMIO=;JLC=BIM>IGIG?HNI
?NI>;?MM;@L;H=I G;ƒIH;LC;
>?M~<;>IHICN?HIKO;LNCHBI>??MNO>;HN?IOHIJIL‚I>;J?Œ;
=IGGIƒ;M
KO?JL?@?L?G>;Hƒ;LIOPCH>IU0N;L!OMNWIOU4B?H6IOL*;H&M$ICHANI-ON
6IO !IQHW
 ? =B?CL;G F?HN; ? >I=?G?HN? ; J?L@OG? ? ; J?F? ? ; =;FIL
 M?
>?CR;G <?CD;L KO;H>I @C=; N;L>? ? ;FAO„G JŽM UFO?M QCNB ; #??FCHAW ? KO;M?
H‚IM?>;Hƒ;
;J?H;MM?@C=;?GJ„
<;F;Hƒ;H>II=ILJI
?NO>I„NOLPI?MODI?
=;H;FB;?=;>;BIG?GAIMN;LC;>?;LL;H=;L;KO?F?MMONC‚MGILHIM?HKO;HNI;M
G‚IM;=;LC=C;G=IMN;M?;MGIƒ;M=IG;<I=;?HNL?;<?LN;P‚IM??HNL?A;H>I;I
G?>I>?FC=CIMI?HICN?
?HN‚IM??LAO?OGNLIGJ?N?KO?;MJIMMOCJILNI>IMIM
BIG?HM
NIG;H>I ;M=IGOG;’HC=;@L;M?KO?HN?KO?;M>?CR;=;CL=IGIOG;
JF;HN;=ILN;>;?HNL?IM<L;ƒIM>IM=IGJ;HB?CLIM
?B~OG;=ILLC>;CGP?F
OG
M;FNI J;L; I ;L >; HICN?
 JIL MI<L? ; =C>;>?
 ;N„ KO? OG JC;HI GCHO=CIMI ;M
>?PIFP? ; MC G?MG;M
 ?R;OMN;M ? L?=IH=CFC;>;M ? ;CH>; PCLA?HM ;N„ I M~<;>I
M?AOCHN?
NO>ICMMIHOG;G’MC=;KO??MJ;HN;IM?HAIG;>IM>;JF;N?C;
IMKO?
;=L?>CN;G KO? H;>; „ J;L; P;F?L M? H‚I BIOP?L JLIAL;G;M CGJL?MMIM ?
F;HN?LHCHB;MJ;L;;=IGI>~ FIM?GM?OMFOA;L?M
?;MMCGP;CIGOH>I
?ID;TT„
=IGIOGJ~MM;LIKO?GCAL;IO?GCAL;IOCGCAL;IONL;HMGCAL;
M;FN; <;LL?CL;M

@OL; ;F@H>?A;M
 ;FAI KO? =ILL? ? M? >C@OH>? ? ?MN; HICN? ?G 3C?H; "FF;
#CNTA?L;F>?MN~=;HN;H>I?HKO;HNI?G-;LCM(?HHS F;LE?CH;OAOL;OG;42G6?
?G -?LJCAH;H M;FN;G IM >?>IM >? ,M=;L -?N?LMIH
 ? 0;N=BGI ?G NI>I FOA;L
=IGI>IG>?O<CKOC>;>?KO?I0?HBIL=IH=?>?O;?F?
?GCLGCHAB;G
?G
3;LMPC;
 ?G *CF‚I
 ?G O?HIM CL?M
 ?G $?H?<L;
 HI GOH>I CHN?CLI
 „
CH?PCN~P?F
 „ ; =BOP; ? I J‚I ? I M;F
 ;FAI ;<MIFON;G?HN? CH>C@?L?HN? ;IM LCNIM
H;=CIH;CM
 M NL;>Cƒ‘?M CHPCIF~P?CM
 ;I C>CIG; ? ;I @IF=FIL? OG; HOP?G M?G
@LIHN?CL;M
 OG ?MJC‚I >I ;L ? >; ~AO;
 OG; @ILG; ;LKO?NˆJC=;
 OG; =ICM; >?
;HN?M
 >? <;CRI
 KO? L?=IH=CFC; G?RC=;HIM =IG HILO?AO?M?M ? LOMMIM =IG
?MJ;HBCM
KO?IML?CH=ILJIL;;II<M=OLI@IAI=?HNL;F?MKO?=C>I
?KO?NIM=;?
G;F?JL?=;LC;G?HN?IM>?PIFP?;OG;ILCA?GNL;ˆ>;
GIMNL;;?F?MKO?N;FP?T
?RCMN;G IONLIM =;GCHBIM ? KO? I KO? ?M=IFB?L;G H‚I ?L; I ’HC=I H?G I
G?FBIL
IOKO?N;FP?TBIOP?MM?IONLIM=;GCHBIM?KO?IKO??M=IFB?L;G?L;I
G?FBIL
G;MKO?N;FP?TBIOP?MM?IONLIM=;GCHBIM>I=?M>?J?L=ILL?L?KO??F?M
H‚IIM?M=IFB?L;G
IO?M=IFB?L;G?GJ;LN?
?KO?OGBIG?G„M?GJL?G;CM
KO? OG BIG?G ? M?GJL? G?HIM KO? OG BIG?G
 G;CM KO? OG BIG?G
JILKO??H=?LL;CMMI;KO?ID;TT;FO>??KO?PCMFOG<L;?;N„;HN?=CJ;
?G?HIM
KO? OG BIG?G JILKO? >?MM; FC<?L>;>? @?T OG DIAI ?MN„NC=I IO GIL;F
 OG
N;<OF?CLI >? R;>L?T IH>? L?M?LP; J;L; MC I FOA;L >I <CMJI IO >I =;P;FI
 OG;
>?@CHCƒ‚I>?FC<?L>;>?KO?„?HMCH;>;H;M?M=IF;M
DOMN;G?HN?H;M?M=IF;MIH>?
D;G;CMM??HMCHIO?D;G;CMM??HMCH;L~M=LC;Hƒ;MIJLCG?CLI=IGJ;MMI>?OG
L;ANCG??;JLCG?CL;@L;M?>?OG<FO?M?N=?N?L;?N=?N?L;

4@F=5D:EC:89E96C62?5E9:?<2E9@FD2?5>:=6D2H2J
4@F=5D:EC:89E96C62?5E9:?<2E9@FD2?5>:=6D2H2J
*:?46 925E963=F6DE9:D325 42?EC6>6>36CE9652JP
 


+‚IA;HB;P;H;>;J?LAOHN;H>I M?IKO?@;TC;;FCKO?F;BIL;?=IG;KO?F;
A?HN?
IMKO?LC>IM;GCAIMN‚I>?M=IHB?=C>IMIHN?G?;G;HB‚
;MJ?MMI;MKO?
H‚I?L;GH;>;;F„G>?OG;CHMCAHC@C=;HN?CH=C>…H=C;HIFOA;L?HIGIG?HNI
;<M
 /IH;F>
 ,MMCJ
 '?FFS /IFF
 EB?H;NH KO? >C@?L?Hƒ; @;TC; M G?MG;M
MIG<L;M J;L; ;M G?MG;M P?F;M P?L>?M   <?<?>?CL; ?G M?O GIG?HNI G;CM
;=?HNO;>I 3I>=;>OPC>IM;
N?LLCP?FG?HN?@ILN?
0?NCP?MM?MC>IJIMMˆP?FJ?HM;LHOG;?RNL;JIF;ƒ‚I>?NO>I;KOCFI
?HN?H>?LI
FO<?
 ?HN?H>?L U IF> 4;AIH FO?MW
 ?HN?H>?L I ;GIL >; *;A;
 ?HN?H>?L
=;>;@CITCHBIKO?M;ˆ;>;M=ICM;M?=B?A;P;;IMM?OM>?>IM
=;>;NˆN?L?IO=;>;
NCN?L?CLI
=IGIOG;?JC@;HC;?HN?H>… FIMH‚I=IGIMˆG<IFIM>?IONL;L?;FC>;>?
N;FP?T CH;NCHAˆP?F
 G;M =IGI JIN?H=C;>IL?M KO? FCHAO;A?G
 KO? >?MJO>IL

?R;N;G?HN?=IGIFCHB;M>?@OA;J;L;OG;=ILLC>;KO;F>?P?LC;N?LM?F;Hƒ;>I
H;KO?F? GIG?HNI G?MGI
 >?MALO>;H>I >; J?F? ?MKOCG KO? ?L;
G;L;PCFBIM;G?HN?=~FC>;?KO;M?J?L@OG;>;?N‚I?MKOCGKO?>;P;;N„G?>I

M;CL J;L; I J;N;G;L >; ?M=;>;


 >?M=?L
 >?M=?L MITCHBI
 M;CL J;L; ; LO;
 M;CL
MITCHBI
 =IG?ƒ;L ; =;GCHB;L
 =;GCHB;L MITCHBI ;N„ ; ?MKOCH;
 ; ?MKOCH;
MITCHB;
 I =;@„ >? *;R
 *;R MITCHBI
 ; FOT >I JIMN? >; /O? >? ?FF?=B;M?
IH>?XIH>?MITCHBI "N;FP?T;J;LNCL>?MM?GIG?HNI
*;M NO>I HOG HˆP?F G? N; @ˆ MC =I  -ILKO? %IL;=CI
 ;M J;F;PL;MX ,O M?D;

KO?;MJ;F;PL;M
J;L;%IL;=CIX.O?MN‚ID~G;MNCA;>;?GGOCNIMGIG?HNIM>?
CHMŽHC;  H>;L =IG ; *;A; >? G‚IM >;>;M
 ;H>;L =IG ?F; >?<;CRI >; =BOP;
=IGIM?@IMM?;@OG;ƒ;>I=CA;LLI
OG;=ICM;KO?„J;LN?>;A?HN?
>?<;CRI>;
=BOP;  1ILH;L ; @;T?L ;GIL =IG ?F; G;M OG JIO=I JIL ?F;
 H‚I G;CM J;L;
;JL?H>?L OG >?M;J?AI >?G;MC;>I @~=CF
 OG; L?H’H=C; KO? N;FP?T ?MN?D;
?H=I<LCH>I ; CHONCFC>;>? >I ?M@ILƒI
 I @;HNI=B? KO? ?HMCH; ;FAILCNGIM HOG;
P;A;OHCP?LMC>;>?J;L;=‚?MM~<CIMIO@CFB;M>?=ILIH„CM 0?NO>ICMMI
;N;JCI=;
>; G;>LOA;>; =IG?ƒ;H>I ; ALO>;L H; =F;L;<IC;
 I LIMNI N‚I NLCMN? >; *;A;
IFB;H>I$L?AILIPCOMIFB;H>I;*;A;IFB;H>I$L?AILIPCOM
*ECFEE:?H:E9D@>6
32C364F6
;<M=BIL;H>I>?HIPIJ;L;MCG?MG;
?M=IH>C>;>?/IH;F>KO?H‚I
=BIL;P;G;M?MN;P;=IGILIMNI?H=I<?LNIJILOG;@OG;ƒ;ALO>;>;
JILPI>=;
NL;HM@ILG;>; ?G ;OL„IF; ;<MIFON;G?HN? B;ACIAL~@C=;
 -?LC=I @;HN;MG;
BCMJHC=I ?GJIF?CL;>I HOG; <;HKO?N; >? >?M>„G ? POFA;L ?MNCFˆMNC=;
 M? NO>I
CMMI@IMM??RNL;JIF~P?F
M?NO>ICMMI?w@7@DD6
HI@OH>IH‚I@IMM?G;M?MNCP?MM?;FC
J;L; KO? ;FAO„G KO;FKO?L OG
 G;M ;AIL; ?F?
 JILKO? ?L; I KO? ?MN;P;
J?HM;H>I
 ?L; ?G NI>I =;MI I KO? JI>C; M;<?L =IG =?LN?T; KO? ?MN;P;
J?HM;H>I
Ž ;LN?MCOM@I>C>I>?AO?LL;
J;L;KO?;FAO„G
>?NO>I;KOCFIKO?
?MN;P;;FC
;J?LN;H>IIOGIL>?H>I?MI<L?NO>I;LL;H=;H>IH‚IM?M;<C;IKO…

G;M;LL;H=;H>I;N„IIMMI
>?NO>I;KOCFIM?M;FN;MM?J;L;OG;=CA;LL;>?J;T

J;L; OG ALCFCHBI >? =IHN?HN;G?HNI


 M? J;MM;MM? JIL OG; JILN; KO;FKO?L J;L;
OGD;L>CGKO;FKO?L
OGD;L>CG;F?ALC=IJ;L;IMIONLIM
=IGIIMG;H>;F;MM‚I
;F?ALC=IMJ;L;IMIONLIM
?H?MM?D;L>CG@IMM?JIMMˆP?F=ILN;LOG;@FIL?KO??MM;
@FIL@IMM?;*;A;
IO;<M
IO4IHA
G;M?RJFC=;>IM??RJFC=;H>I I
L?MNCNOˆ>IM

@IL; >? MO;M @CAOL;M >I FO<?


 >?PIFPC>IM
 M;ˆ>IM
 ;J;L?=C>IM
 P;C P?L KO? NO>I
;KOCFIH‚IJ;MM;P;>?OG;HIMN;FAC;>IJ;L;ˆMIN?LL?MNL?
>?OGC>?;F>?JOL?T;

M KO? ; JOL?T; PCHB; ; M?L OG JLI>ONI CH?PCN~P?F >; MCGJFC@C=;ƒ‚I
 @CG >I
<CMJI
 @CG >;M NILL?M
 @IL; I =;P;FI
 =;?G IM J?‘?M
 ? HI G?CI >I N;<OF?CLI

CG?HMIM=IGIF?‘?M>?;HNL;=CN?L?MN;GIML?CM@F;HKO?;>IMJ?FIKO?B~>?G;CM
FCGJI ? @CH;F ? JOLI >I ?R„L=CNI
 ;I ;G;HB?=?L M? J;LNCL‚I ;M F;Hƒ;M @;N;CM
 M?
=IHB?=?L~I>?MNCHI
B;P?L~J;T -OL?T;=IGI;>I=ICNI>?=LI=I>CFIM
H‚I;
JOL?T; >; IB G;LC; GCHB; G‚? >? J„M MODIM JOL?T; >? N?NI >? ;L>MC; =IG
JIG<;M KO? H;NOL;FG?HN? =;A;G H; =;<?ƒ; >;M M?HBIL;M @L?H„NC=;M >? @’LC; ?
>?JOHB;>IM>?L;<;H?N?M
JOL?T;>?X%IL;=CI
%IL;=CI
JIL@;PIL
-OL?T;
;MN; 3~?G<IL; 3~J;L;IBIN?F
NIG?OG<;HBI
F?C;%@DD2*6?9@C256
'2C:D IO D =@32D 56 $24964@F=
 M;C; >?MM; <?<?>?CL;  "RNL;JIF;ƒ‚I
 JOL; ?
MCGJF?MG?HN? 
-OL?T; -;F;PL;BILLˆP?F -OL…
?>?JICMT; -?HM?<?G ,GIFBIKO?LCMM?N
N?LC;?RNL;ˆ>I>CMMI -ILKO?PI=…?MN~=BIL;H>I.O?G?MN~=BIL;H>I
=B?
"HN?H>?L I JOL… =IGI OG; ?JC@;HC;  !;GH NB? F;HAO;A?  ?E6?56C  +‚I
CHN?FCACL ?HN?H>?L  2G; MIG<L; >? J;L;ˆMI L?=OJ?L~P?F H‚I „ JIMMˆP?F KO?
?MN?D;GIM;KOCJ;L;H‚IJI>?LM?L LCMM?N,BIG?G>?M=?H>?>;ML‚MXFCH>
;M;<;N
>LOHE;M;<ONN?L@FS
@IONO
LIS;F?G?HN@IONO>?P;HNF?MJILN?MKO?J?ON
…NL?X 2G J?>;ƒI >? A?FI H; HO=;
 CL >ILGCL  -LI<F?G; 'IBHHS !I>>M IO
F<?LN +C=BIF;M !I>>M
 KO;M? =IG =?LN?T;  +IN; J?LAOHN;L ; /IH;F>  2G
P?LMI LOCG
 ;>?D;H>I DOHNI  =F;L;<IC; UHN?M >? =;CL HI H;>; =IG ; ’FNCG;
>C~MNIF?XW .O?JON;JILL?1B?!IILMI@-?L=?JNCIH
<SF>F?S%OR>IOM $?N
SIOLM?F@ ; NCHS <CN I@ G?M=;FCH;
 <LINB?L
 NB? L?MN CM <FCMM ;H> >C;LLBI?;  *;M
M?D;GIM M„LCIM MCG
 ?L; 'IBHHS !I>>M
 ; A?HN? =B?A;  =IGJLIP;ƒ‚I JIL PC;
CH>CL?N;  , <;N?LCMN; M JI>? M?L 7ONNS 0CHAF?NIH
 ?LAI I =F;LCH?N? „ 'IBHHS
!I>>M
 D;TTIFIAC;
 =C…H=C; >?>ONCP;
 @;=ˆFCG; >?JICM >;M KO;NLI >; G;HB‚
!?M;=IHM?FB~P?F J;L; M?HBIL?M ? =F„LCAIM  0?D;GIM M„LCIM
 %IL;=CI
 ;HN?M >?
HIM?LAO?LGIM>?P;A;L?NIG;LGIMILOGI>;LO;
P;GIMHIMJ?LAOHN;L=IG;
;FG; H; JIHN; >; G‚I H; JIHN; >; G‚I +; J;FG; >; FˆHAO;
 =B?
 IO =ICM;
J;L?=C>;  1IJIHIGC;
 ;H;NIFIAC; >?M=LCJNIFAC=;
 >ICM NIGIM C FOM NL; >IM

P;GIMHIMJ?LAOHN;LM?>?P?GIM?GJL??H>?L;N;L?@;;J;LNCL>I;FNIIO;J;LNCL
>?<;CRIG;MKO?NCGI
?MNIOJ?HM;H>I=F;LCHBI
=F;LCHBI
;PI>=;?MJ?N;;M
=ICM;M@?CNI<IL<IF?N;MH;=;LNIFCH;
„
;LIM?CM;LIM?CM;LIM?
JLCFCMNB?
=LO?FF?MNGIHNB
=;>;=ICM;HIM?OFOA;L?OGFOA;LJ;L;=;>;LIM;„OG;LIM;„
OG;LIM;X
2@ ?Q;L?I@NB?';<<?LQI=ESGSMIH
%IL;=CI?M=ILL?AIOOGJIOKOCHBIG;CM?PCOGOCNI=F;L;G?HN?NO>IIKO?
KO?LC; P?L  +‚I M;<C; M? ; N;L?@; >?PC; M?L ?GJL??H>C>; ; J;LNCL >I ;FNI IO ;
J;LNCL>?<;CRI
=IG;=IH=?HNL;ƒ‚I>?NI>;M;MMO;M@ILƒ;MIOKO?GM;<?=IGI
;AIL;
?MJ;LL;G;>I?FˆKOC>I
;<?LNIJ;L;;=F;L;<IC;
J;L;;MP?F;MP?L>?M
J;L;
I LIMNI >? IP?FBCHB; NLCMN? >; *;A;
 J;L; *; /;CH?S =;HN;H>I U'?FFS ?;HM
FO?MW  *?FBIL ;MMCG
 G?FBIL ?MJ;LL;G;>I ? L?=?JNCPI
 ?MJIHDIMI =IGI NO>I
?L;?MJIHDIMIKO;H>IM?IFB;P;GOCNIJ;L;;M=ICM;M?=IGIMP?L>;>?CLIMIFBIM
+‚I?MN;P;N‚I<…<;>IKO?H‚IJO>?MM?M?HNCLKO?B;PC;>?MJ?>;ƒ;>IMO;=;M;

KO?>?HNLI>?F?H;>;?MN;P;HI>?PC>IFOA;L
G;MKO?;IG?MGIN?GJIZ?L;
P?L>;>?
 ?L; G;L;PCFBIM;G?HN? P?L>;>? Z
 HI =B‚I IO HI N?NI
 >?<;CRI >;
=;G;IO@FONO;H>IHOG;<;=C;
B;PC;?MNL?F;M?J?>;ƒIM>??N?LHC>;>?
JI?G;M
=IGI MCM ? ?HILG?M =;L;M >? GOFB?L?M ? >? A;NIM IH>? ;L>C; ; @’LC; >? MO;M
?MJ„=C?M
H;GCMNOL;>?FCRI?JF;=;M>?D;>?>?MO;FˆHAO;
?GKO?;MJ;F;PL;M
FON;P;G OG;M =IHNL; ;M IONL;M HICN? ? >C; ?G @OLCIM;M <;N;FB;M >? @ILGCA;M
=IHNL;F;=L;C;M
;<F;M@…GC;=I?RCMNC;=IG;JOL;G?Hƒ‚I>;M?MM…H=C;M
;=F;L;
CG;A?G =IG I JCIL FOH@;L>I   >?MIL>?G NLCOH@;P; ? =ILLC; J?FIM ;JIM?HNIM
=IGI=;<?FIJ?H>?HN??GAL;H>?MG?=B;M;MNLIM;M
IMIFBIM>?PC>LI
;MG‚IM
=;LL?A;>;M>?<;L;FBIMM?GM?KO…H=C;
G?HM;A?HM>?MJLIPC>;M>?;MMCH;NOL;M?
=;<?ƒ;FBIM
 MI<L? ;M G?M;M JL;NIM >? MIJ; ?M@LC;P;G
 I =B‚I ?MN;P; =B?CI >?
=;Fƒ;MDIA;>;M
>?G;ƒ‚MJI>L?M
>?;N;>OL;MG;H=B;>;M "NO>ICMMI>?L?J?HN?
=L?M=C; ? ?L; OG; G’MC=; ;NLIT
 ?L; G;CM KO? I MCF…H=CI @?FJO>I >;M =;M;M ?G
IL>?G>?M?OMJ;L?HN?MCLL?JL??HMˆP?CM
HIG?CI>;=IH@OM‚IIH>?IJ;MM;>I?L;
CH=;J;T>??H=IHNL;LOG<IN‚I>?=;GCM;?IJL?M?HN?M?<;L<?;P;=IG=;=IM
>?PC>LIH;@;FN;>?OG;H;P;FB;?HN?LL;>;?G;FAOGP;MI
H;G?N;>?>?OG
N?GJI KO? M? ;<LC; =IGI OG =;N; P?HNI ; KO;FKO?L ;L;A?G
 OG BIG?G
L?MJCL;P; ;N„ H‚I JI>?L G;CM
 M?HNC; M? PCP?L ;N„ I >?FˆLCI HI JLJLCI ;NI >?
=IHN?GJF;L ; =IH@OM‚I KO? I LI>?;P; ? J?LAOHN;L M? M? ;FC ;FAOG; =ICM; @;TC;
M?HNC>I  1I>; >?MIL>?G M? DOMNC@C=;P; M? N?H>?MM? ; M;CL >? MC G?MGI
 J?F;
FIO=OL;N;FP?T@IMM?JIMMˆP?F=B?A;L;OG;L;T‚IKO?H‚I@IMM?;KO?F;L;T‚I=OD;
@;F…H=C;„;FIO=OL; U&L>;>?MIL>?GIL>?GW
J?HMIO,FCP?CL; U0CG
G;MKO?
IL>?G JI>? M?L ?MM; KO? H‚I J;L?ƒ; ; G;CM H?@;H>;
 ; G;CM N?LLˆP?F
 ; G;CM
CHM;H~P?F>;M>?MIL>?HMIL>?G>IM>?OM?MM?=B;G;=C=FIH?IOF?O=?GC;
;
IL>?G >I JI?N; M? =B;G; ;HNCG;N„LC;
 ?MJ;ƒI >OLI
 @FIL?M >? F~<CIM NL…GOFIM

L?;FG?HN? KO? JILL?


 JON; G?L>;
 JL?=CMI CL ;AIL; G?MGI J;L; ; =;G; W " ;
*;A;?MN;P;=BIL;H>I
$OSB;PC;>?M;J;L?=C>I
"NC?HH?M?L?NCL;P;HIL;MNLI>?
-?LC=I
 ? $L?AILIPCOM
 4IHA ? /IH;F> IFB;P;G J;L; OG >CM=I KO? ACL;P;
F?HN;G?HN?
NLCHN;?NL…MLIN;ƒ‘?M?G?C;JILGCHONI
H?GOG;;G;CMH?GOG;
; G?HIM
 ? H?MM;M LIN;ƒ‘?M U,M=;LM FO?MW
 =F;LI KO? J?FI JLJLCI ,M=;L ;I
JC;HI
 OG N;F ,M=;L -?N?LMIH
 OG N;F JC;HCMN; =IG OG JIO=I >? NCAL? ? >?
J?F’=C;
 OG N;F JC;HCMN; NLCMN? ? AIL>I
 OG MOD?CNI ;I JC;HI ? ; =BOP; MI<L? ;
=F;L;<IC;
?H@CG
FCN?L;NOL;

 


Z =BI KO? ?HN?H>I PI=… Z >CMM? ; *;A;


 ;=;LC=C;H>I I =;<?FI >?F?  Z
3I=…?MN~?G<OM=;>?OG;=ICM;KO?H‚IM;<?IKO?„ "ON;G<„G
?N;G<„G
H‚IM?CIKO?„ *;MM‚I>O;M=ICM;M>C@?L?HN?M KOCFI>?KO?PI=…M@;F;P;GH;
IONL;HICN?X0CG
PI=…„G;CM*IH>LC;H??O
3C?CL;>;0CFP;
ZBZ>CMM?,FCP?CL; Z.O?L>CT?LKO??OMIOOG*IH>LC;H
Zj
%IL;=CI
Z3I=…KO?L>CT?LOG?MJˆLCNI=B?CI>?LCAIL
Z"O>CAIOG*IH>LC;H
Z"H‚IJ;MM;J?F;MO;=;<?ƒ;KO?JILNL~M>?MM?*IH>LC;HJI>?=IG?ƒ;L
OG;L?;FC>;>?3C?CL;>;0CFP;
Z B
 =F;LI Z >CMM? ; *;A;  Z *;M ;N„ ;AIL; PI=… H‚I M;CO >; L?;FC>;>?
*IH>LC;H 3I=…N?GG?>I
KO?LN?L=?LN?T; +‚IM?C>IKO…X3I=…J;L?=?OG
G„>C=I
H‚IOGJI?N;
Z3;GIM?MKO?=?LIMJI?N;MZ>CMM?,FCP?CL; Z"H‚I@;ƒ;*IH>LC;H@C=;L
G;F=IG;=IGJ;L;ƒ‚I
Z*IH>LC;H„OG;G;L;PCFB;
G;MM?G;L #C=IG?CIMO@I=;>;F~>?HNLI "
KO;H>I PI=… =IG?ƒ; ; >CT?L KO? M?LC; JL?=CMI ?H=IHNL;L ; OHC>;>?
 ?HN‚I ?O
P?DI=ICM;MGOCNI<?F;MJIL„GGILN;M
@FIL?M>CMM?=;>;M
=ICM;M;MMCG
Z3?D;GIM
)O=ˆ;PI=…M;<?>CL?CNIIKO?„OHC>;>?
Z*?=B;GI)O=ˆ;G;MH‚I„J;L;PI=…G?=B;G;L;MMCGZ>CMM?;*;A;
Z 2HC>;>?
 =F;LI KO? M?C I KO? „ OHC>;>?  3I=… ?MN~ >CT?H>I KO? KO?L KO?
NO>IM?DOHN?H;MO;PC>;J;L;PI=…JI>?LP?LNO>I;IG?MGIN?GJI jCMMI
H‚I
„
Z *;CM IO G?HIM Z =IH=?>?O ,FCP?CL;  Z j CH=LˆP?F ; >C@C=OF>;>? KO?
PI=… N?G J;L; =;JN;L ;M HIƒ‘?M ;<MNL;N;M  2HC>;>?
 JFOL;FC>;>?X 3I=… H‚I „
=;J;T>?M?HNCL
M?GJL?=CM;L>??R?GJFIM+‚I
H‚I„ "H@CG
P;GIMP?LMO;
PC>;
J;L;PI=…
„OG;OHC>;>?
Z+‚I
H‚I=L?CI 0‚IJ?>;ƒIM
=ICM;MKO?@IL;G;=IHN?=?H>I=IGCAI
Z*;MPI=…>IM?OF;>IJ;MM;P;JIL?MM;M=ICM;M=IGII@CIJIL?MM;MJ?>L;M
P?L>?M "D~KO??MN;GIM@;F;H>I?GJ?>L;M
>?IH>?M;CO?MM?=IF;L
Z,,MMCJG?>?OZ>CMM?;*;A; Z"L;>;G‚?>?F?
;>?,>?MM;
,FCP?CL; =BOJIO >?P;A;L I G;N?   *;A; @IC ;N„ ; =;G; <;CR; KO? /IH;F>
NCHB; ?GJL?MN;>I ;IM >ICM
 J;L; KO? JO>?MM?G @C=;L =IG /I=;G;>IOL HI
KO;LNI  IG ; =;G; ? /I=;G;>IOL ? ; @’LC; >IM PCTCHBIM KO;M? H‚I L?MN;P;
?MJ;ƒI IH>? PCP?L
 G;M H‚I B;PC; KO?G =IHP?H=?MM? ; *;A; >? KO?
/I=;G;>IOLM?LC;G;CM<?G;N?H>C>IHIBIMJCN;FCH@;HNCF 1CHB;MC>IJL?=CMICL
=IG ?F; ;I CHN?LCIL HI >C; G?MGI ?G KO? =B?A;L; I N?F?AL;G; >? G;>;G?
&L‡H?
 ?G<LOFB;L /I=;G;>IOL ?G J;HIM ? G;HN;M
 CHMN;F;L OG; =;G; >?
KO;FKO?L D?CNI
 ;<;MN?=?L ; M;F;G;H>L;
 ;AO?HN;L I <?LL?CLI >? /I=;G;>IOL
KO;H>I=B?A;P;;BIL;>IMOJIMCNLCIIO>;G;G;>?CL;H;KO;FH;>;>;P;D?CNI
>?>CMMCGOF;LIAIMNI>IML?G„>CIM ,FCP?CL;JŽM~AO;H;=OC;
IFB;H>I>?PC„M
J;L; ; =;J; >? OG 6FED496 C2>>@A9@? 6DD6==D4927E KO? /IH;F> B;PC;
?GJL?MN;>I J;L; ?F?
 ? KO? M;<? F~ KO;H>I JI>?LC; ?M=ON;L M?G KO?
/I=;G;>IOLOCP;MM??M?=IHNIL=?MM? #C=;P;BILLILCT;>I=IG;@;FN;>?D?CNI>;
*;A; J;L; NLI=;L ;M @L;F>;M >? /I=;G;>IOL
 MO;M CHMOJILN~P?CM =;HNILC;M J;L;
>CMNL;ˆ FI
I=B?CLIKO?;=;>;N;HNIPCHB;>;=;G;>?/I=;G;>IOL
IM;FAI>‘?M

IM<?LLIM
;?MN’JC>;M?AOL;Hƒ;KO?;*;A;J;L?=C;M?HNCL>?KO?H‚I?L;H;>;
M„LCI
 >? KO? ?MN;P; @;T?H>I J?FI @CFBI I KO? JL?=CM;P; M?L @?CNI
 ? >? KO?
/I=;G;>IOL ?MN;LC; =OL;>I ?G >ICM IO NL…M >C;M  1O>I N‚I CHMO@C=C?HN?
 N‚I ;
G;CMIO;G?HIM ,KO??F??MN;P;@;T?H>I;FC2GG…M;HN?M=;>;OG>?F?M
;CH>;NCHB;IJLJLCI=;HNI
>?JICMB;PC;G>?=C>C>IPCP?LDOHNIM *;A;NCHB;
>CNIKO?>?MM?D?CNI?=IHIGCT;LC;G<;MN;HN?>CHB?CLI
KO?=IGJL;LC;GOGM
DILH;F
KO?H‚IMI<L;LC;GJ?>;ƒIM>?J‚I
KO??F;J;MM;LC;;LIOJ;>?%IL;=CI

?KO?;=;F?@;ƒ‚I
;?F?NLC=C>;>?X,FCP?CL;NCHB;?MN;>I;OGJ;MMI>?;>GCL;L
?MM? <LOM=I ;N;KO? >? <IG M?HMI  =;<IO ;=?CN;H>I
 JILKO? I P?FBI 1LIOCFF?
;H>;P; ?G >C@C=OF>;>?M ? >?PC; ; ?F? KO;M? NLCHN; GCF @L;H=IM
 H;KO?F?
GIG?HNI >;P; HI G?MGI PCP?L =IG ; *;A; IO MITCHBI
 ;H>;P; L?NL;ˆ>I ? I
G;OB~<CNI>?LOGCH;LFIHA;G?HN?NI>;M;M=ICM;M?MN;P;M?NILH;H>ICH?PCN~P?F
J;L; ?F?
 G?MGI ?F? L?MCMNCH>I  B?AIO ; ;=B;L KO? ; =IHNˆHO; JL?M?Hƒ; >;
*;A;IL?MA;N;LC;>?>CP;A;ƒ‘?M?R=?MMCP;M
G;M=F;LIKO?H‚IMOMJ?CN;P;IKO?
C; ;=IHN?=?L =IG /I=;G;>IOL  *?MGI ;MMCG =IHM?AOC; M? CMIF;L JIL ;FAOHM
GIG?HNIM
 ;N„ I =BILI >? /I=;G;>IOL I >?PIFP?L M;O>;P?FG?HN? ;I G;O
BOGIL U3IO;=;<;L=IGIIMJ?LMIH;A?HM>?4;FN?L-;N?LW
J?HM;P;,FCP?CL;
U2GMIFCFKOCI;NL~M>IIONLI
JOLIPˆ=CI *~LCI
I?JC=OLCMN;
Pˆ=CIJOLCMN; 
’HC=;=ICM;KO?N?GG?M;FP;>I„I=B?CLI>?RCRC>?MM?G?HCHI W
Z 0?GJL? ;=B?C KO? PI=… ;=;<;LC; CH>I J;L; ; =;G; =IG ,MMCJ Z >CMM?
,FCP?CL;
Z/I=;G;>IOL?MN~=IG@?<L?Z>CMM?;*;A;
,FCP?CL;?H=B?O>?HIPI;=OC;=IG~AO;KO?HN? "L;JL?=CMI?=IHIGCT;L;
?LP;
?G-;LCM?F;=OMN;P;KOCHB?HNIM@L;H=IMIKOCFIH;M@;LG~=C;M??L;OG;
?LP;J?L@?CN;G?HN?BILLILIM;KO?;>LIA;LC;>;?MN;ƒ‚I0;CHN );T;L?P?H>C;=IG
; PCMNIM; =F;MMC@C=;ƒ‚I >? UG;N„ M;OP;A?
 =O?CFFC J;L F?M CH>C?HMW
 >COL„NC=;

;HNC<CNC=;??GIFC?HN? -ILMILN?I;>PIA;>I>;=C>;>?>?/IM~LCIZKO?;FC~M
?L; CLG‚I >?F? Z NCHB; >?MJ;=B;>I =CH=I KOCFIM >? LOT >? *;FN;
 G;M D~
?MN;P; HI @CG  U0? ; ?LP; ;=;<;
 ?MNIO @LCNIW
 J?HMIO ,FCP?CL;  U*?O ’HC=I
>C~FIAI P?L>;>?CLI „ =IG ?MM? JINCHBI P?L>? W "MNO>;P; I =IGJILN;G?HNI
?RNL;IL>CH~LCI>IG;N?
;L?MJCL;ƒ‚I>;?LP;@L;AL;HN?G?HN??LAOC>;J?F;~AO;?
KO?=IG;MO=ƒ‚I>?M=?;N„JIOM;LMI<L?MCG?MG;
J?L>?H>INI>II<LCFBI?
NI>I I J?L@OG? ; G?HIM KO? OG J?KO?HI D;NI >? ~AO; ; ?MNCGOF? IONL; P?T

JOFG‚I;LA?HNCHIMI<L?MM;F?HN?J;L;MIFCN~LCIM?NLCMN?M #;TC;;FAOGN?GJIKO?
,FCP?CL; M? CGJILN;P; =IG =ICM;M M?G CGJILNH=C;
 ? ; P;HN;A?G >? G?>CN;L
=IG ; ;N?Hƒ‚I @CR; HI JINCHBI P?L>? ?L; KO? D;G;CM I=ILL?LC; ; MO; J„L@C>;
CHN?FCA…H=C; ;NLC<OCL ;I JINCHBI P?L>? HIƒ‘?M =IGI ;M KO? G;F>IM;G?HN?
JLIPI=;G;MGIHN;HB;M
;FO;
IBILCTIHN?
OG;A;LIN;J’<?L?
OGJ~MM;LIIO
OG=;P;FI UN„KO??MM?G;N?TCHBIJI>?LC;G?;JIHN;LOG=?HNLIW
J?HM;P;
,FCP?CL;?;C>?C;>?KO?;*;A;?,MMCJ?MNCP?MM?GM;CH>IDOHNIM?H=IFBC;?
J?L>C;=IHMCMN…H=C;
JILOGGIG?HNIIJINCHBIP?L>??L;G;CM@ILN?
JLIJOHB;
M?O J?KO?HI POF=‚I J?NOF;HN?
 MO; =L;N?L; ?MJOGIM; ? OG; @OG;=CHB;
B?MCN;HN?HI;L<;MN;HN?@LCI>IKO;LNI
;J?M;L>I;KO?=?>IL
KO?M?LC;JL?=CMI
;<;MN?=?LF~J?F;MHIP? U"?MM?=?HNLIKO?H‚IM?CIKO?„
H‚I@OH=CIH;=IGI
?RJL?MM‚INIJIAL~@C=;>?OG;OHC>;>?H>IJILOGKO;LNI?HILG?=IG=B‚I
>?F;DIN;M?OG;>?MM;MF;DIN;M„IJIHNI?R;NIIH>??O>?P?LC;J;L;LJ;L;KO?
NO>I M? IL>?H;MM? ?G MO; DOMN; J?LMJ?=NCP; W U, JIHNI ?R;NIW
 ?H@;NCTIO
,FCP?CL;
 D~ G?CI >?<I=B;H>I >? MC G?MGI J;L; M? M?HNCL G;CM M?AOLI >? KO?
H‚I >?M;H>;P; ?G JOL;M J;F;PL;M  U2G KO;>LI ;H;GL@C=I
 HI KO;F „ JL?=CMI
JLI=OL;L I HAOFI DOMNI ? I CGJILN;HN? >?MM? B?R?GJFI „ KO? I BHAOFI „
N?LLCP?FG?HN?B;AO>I
„JL?=CMIJL;NC=;G?HN?B?H=IMN;LIH;LCTH;N?F;J;L;KO?
>? L?J?HN? I GIHN‚I >? NL;ƒIM M?G M?HNC>I M? NL;HM@ILG? HI L?NL;NI >?
#L;H=CM=I & IO H; <;N;FB; >? 0CHCA;AFC;
 OG; =ICM; BCHKO;FC@C=;P?FG?HN?
B;MMIG<LIM; W*;M?MM;OHC>;>?
;MIG;>IM;NIMKO?>?@CH?OG;PC>;
J;L?=C;
M? ?MKOCP;L ; NI>; G;HC@?MN;ƒ‚I ;HN?M KO? ; JLJLC; PC>; ;=;<;MM? =IGI OG
G;N?F;P;>I
IOM?D;KO?;J?H;MIMIONLIM
IM<CAL;@IM
P?LC;G;OHC>;>?
?CMMI
L?;FG?HN?H‚INCHB;;G?HILCGJILNH=C;J;L;,FCP?CL; ,JLI<F?G;?MN;P;?G
;JL??H>?L MO; OHC>;>? M?G M?L OG B?LC
 M?G M?L OG M;HNI
 M?G M?L OG
=LCGCHIMI
M?GM?LOG=;GJ?‚I>?<IR?
M?GM?LOGJL BIG?G
M?GM?LOG
J;MNIL JL??H>?L;OHC>;>??GJF?H;JFOL;FC>;>?
KO?;OHC>;>?@IMM?=IGII
PLNC=?>?OGNOL<CFB‚I?H‚I;M?>CG?HN;ƒ‚I>;?LP; G;N?F;P;>;?@LC;
Z3IO>;LOGKO;LNI>?;MJCLCH;;?F?Z>CMM?;*;A;
Z0?PI=…=IHM?AOCLKO??F??HAOF;
PI=…„G;CMCH=LˆP?F>IKO?G<LICM?
-;L„Z>CMM?,FCP?CL; Z3?HB;NIG;LOGG;N?
;=;<?C>?@;T?L
KO?MN‚I>;OHC>;>?IJL?I=OJ;P;
JILKO?J;L;?F?J;L?=C;GOCNI@~=CF=;CL
H;MJCIL?M;LG;>CFB;M "GM?OMN?GJIM>??MNO>;HN?
F~J?F; ;FF?3C;GIHN??
F~ J?FI ;HI NLCHN;
 B;PC; =IGJLIP;>I JLCG?CLI =IG MOLJL?M; ? >?JICM =IG
CLIHC; KO? OG GIHN? >? MOD?CNIM M? CHMN;F;P; =IH@ILN;P?FG?HN? HOG; MOJIMN;
OHC>;>? >; J?MMI; KO? H‚I J;MM;P; >? OG; OHC>;>? FCHAOˆMNC=; ? >? OG
JL?G;NOLI ?M=F?LIM;G?HNI >I =;L~N?L  "MM; A?HN? GIHN;P; OG MCMN?G; >?
JLCH=ˆJCIM D;G;CM L?@?L?H>;>IM CHNCG;G?HN? ? KO? H‚I ?L;G IONL; =ICM; ;F„G
>? OG; =?MM‚I  J;F;PL;
  HIƒ‚I P?L<;F >? @ILƒ;M
 L?JOFM;M ? ;NL;ƒ‘?M
;P;MM;F;>IL;G?HN?>?M;FID;>;M?MO<MNCNOˆ>;MJILM?O=ILL?F;NIP?L<;F ";MMCGI
>?P?L
 ; GIL;F
 I CGIL;F ? I ;GIL;F
 ; DOMNCƒ;
 ; =;LC>;>?
 I ?OLIJ?O ? I
;G?LC=;HI
I>C;?;HICN?
;M?MJIM;M
;MH;GIL;>;M?;M;GCA;M
I?R„L=CNI?I
MCMN?G;<;H=~LCI
;<;H>?CL;?IIOLIC;HKO?IOGIM=IPCN;
;;LN?;<MNL;N;?;
<;N;FB; >? ;M?LIM J;MM;P;G ; M?L =IGI >?HN?M IO =;<?FIM
 ;FAI ;=?CNI ?
@;N;FG?HN?CH=ILJIL;>I
;FAIKO?H‚IM?PCP?H?GM?;H;FCM;JILKO?y2DD:>?
HIMCHN?AL;
=IGJF?N;?@ILN;F?=? PCIF;ƒ‚I>IBIG?GJ?F;J;F;PL;
;MI<?L<;
PCHA;Hƒ; >I P?L<I =IHNL; M?O J;C
 ?H=BC;G >? ;G;LA; >?M=IH@C;Hƒ; NI>;
G?>CN;ƒ‚I>?,FCP?CL;
@ILƒ;>I;M?P;F?L>IJLJLCICHCGCAIJ;L;;<LCL=;GCHBI
;N„OGJIHNIHIKO;FN;FP?TJO>?MM?>CMJ?HM~ FI?M?AOCLZ=IGI?=IGKO?
G?CIM
?GKO?HICN?<L;H=;IO?GKO?N?H?<LIMI>C;Z;N„OG;L?=IH=CFC;ƒ‚I
NIN;F =IHMCAI G?MGI ? =IG ; L?;FC>;>? KO? B;<CN;P;  0?G J;F;PL;M =B?A;L 
J;F;PL;KO?FIHA?
KO?CGJLIP~P?F
M?G=IHM=C…H=C;J?HM;HN?;JL??H>?LOG;
OHC>;>? JLI@OH>;
 ;FAI KO? @IMM? ?H@CG =IGI KO? OG M?HNC>I >;KOCFI KO?
;AIL; H;>; G;CM ?L; KO? ?MN;L ;FC NIG;H>I G;N? ? IFB;H>I ; <OH>CHB; >?
/I=;G;>IOL;IF„O?IM>?>IM>;*;A;CH>I?PCH>I=IG;FAI>‘?M
IOPCH>II
<?LL?CLI>?/I=;G;>IOLKO?H‚IAIMN;P;H?GOGJIO=IKO?G?R?MM?G?GM?O
NL;M?CLI

 


Z 0?GJL? ;=B?C KO? PI=… ;=;<;LC; CH>I J;L; ; =;G; =IG ?F? Z >CMM?
,FCP?CL;
 *;A; =I<LCO I @CFBI
 KO? <?LL;P; OG JIO=I G?HIM
 ? ?M@L?AIO ;M G‚IM
=IGOG;FAI>‚I
Z-IL@;PIL
F;P?;MG‚IM=IGI!?OMG;H>;Z>CMM?,FCP?CL; Z"NCL?NI>;
?MM;JIL=;LC;>;KOC
ZAIL;G?MGIZ>CMM?;*;A;
,FCP?CL;MOMN?HNIOIIFB;L>?F;=ICM;KO?J;L;?F?M?GJL?=OMN;P;<;MN;HN??
;*;A;NLIOR?OGDILH;F
;<LCO I?G=CG;>;=;G;
<INIOIM;FAI>‘?M
@?TOG
?G<LOFBI?M;CO>IKO;LNIJ;L;DIA~ FIHI<;HB?CLI>I;H>;L .O;H>IPIFNIO

=IG;MG‚IMP?LG?FB;M?<LCFB;HN?M
,FCP?CL;?MN?H>?OIG;N?J;L;?F; "F;M?
M?HNIO HOG; JIFNLIH; <;CR;
 MILP?O ;JFC=;>;G?HN?  0?GJL? ?MNL;A;P; I G;N?

JOR;H>I ; <IG<; >? OG F;>I J;L; IONLI


 L?G?R?H>I ; =IGI M? ?MNCP?MM?
@;T?H>IJIF?HN;
Z"H@CGZ>CMM?,FCP?CL;
MIFN;H>I;@OG;ƒ;J?FIH;LCT Z0?D;=IGI@IL

<?G KO? PI=…M JI>C;G N?L G? ;PCM;>I  AIL; P‚I M?L M?CM=?HNIM @L;H=IM J;L;
F?P;LGCHB;M=ICM;M>?N~RCJ;L;IONLIFOA;L "=IHM?AOCLOGKO;LNI
=ICM;KO?
H‚I„@~=CFH?MN;„JI=;
Z 3I=… H‚I N?G JIL KO? CL ?G<IL; Z >CMM? ; *;A;  Z N„ KO;H>I P;C
=IHNCHO;LCG;ACH;H>I@;FMC>;>?M
Z&G;ACH;H>I@;FMC>;>?MZ>CMM?,FCP?CL; Z3I=…@;F;=IGIHIM>C~FIAIM
>IMG?FBIL?MLIG;H=?MLCI JF;N?HM?M AIL;M@;FN;PI=…LCL;P?F;M>?MJL?A;>;M
>;GCHB;;NCNO>?ALIN?M=;?N?L?GIMI;LL?G;N?J?L@?CNI
Z -;LIO >? =BIL;L Z >CMM? ; *;A;
 IFB;H>I J;L; ; =;G;  Z 3;GIM @;F;L
<;CRI
?F?P;C>ILGCLGOCNI<?G=IG;;MJCLCH; +‚I„P?L>;>?
H‚I@OCJ;L;;
=;G;=IG$L?AILIPCOM
ZB
=F;LIKO?@IC
Z+‚I
%IL;=CI -ILKO??OH‚I=IHN;LC;!?M>?KO?=IHB?=CPI=…
H‚INCP?
H?HBOGIONLI;G;HN? +‚IG?CGJILN;M?H‚IM?C>CT?LCMMI>CL?CNI?M?GCHB;M
J;F;PL;M@;T?GPI=…LCL "O@;FI>ID?CNIKO?JIMMI
H‚IM?C>CT?LIKO?MCHNI
Z"MN~<?G
?MN~<?GZ>CMM?,FCP?CL;?HN?>C;>I
?MN?H>?H>IIONLIG;N?
Z "HN‚I >?P? M?L M?O @CFBI KO? GI>C@C=; PI=…  #;T >C;M KO? PI=… M?
NL;HM@ILGIOHCMMIKO?=B;G;G>?G‚?
Z*;M/I=;G;>IOL?MN~>I?HN?
Z ,O G?FBIL Z >CMM? ,FCP?CL;  Z j KO? H; GCHB; IJCHC‚I ;M GO>;Hƒ;M
@IL;G>?IONL;=;N?AILC; P?L>;>?„KO?D~H‚IHIMMOJILN;GIMN;HNI
ZjPI=…KO?H‚IG?MOJILN; jPI=…KO?H‚IMOJILN;I/I=;G;>IOL
Z&MMI„P?L>;>?
;=LC;Hƒ;H‚I?MN;P;HIMG?OMJF;HIM 1L…MHOGKO;LNI„
>?G;CM -?HM;LKO?=IG,MMCJD~MIGIMKO;NLI
;ˆ@C=;CHMOJILN~P?F
Z,,MMCJH‚IN?GH;>;;P?L
Z0?PI=…?MKO?HN;MM?;=B;F?CLCHB;Z>CMM?,FCP?CL;
Z+‚IN?GH;>;;P?LZL?J?NCO;*;A; Z-ILKO?PI=…G?@;TMI@L?L
M?O
<I<I'~M?CKO??MN~=;HM;>I
KO?H‚IAIMN;G;CM>?GCG +OH=;AIMNIO
?L;
IONL; =ICM;
 OG D?CNI >? MIHB;L  3;C ?G<IL;
 %IL;=CI
 PI=… H‚I N?G JIL KO?
@C=;L '~G?;=IHN?=?ON;HN;MP?T?MX
,FBIOJ;L;;=;G; /I=;G;>IOL>ILGC;
Z 1;HN;M P?T?M Z >CMM? ,FCP?CL;
 NLI=;H>I ; ?LP;  Z -;L; ; ;ONI<CIAL;@C;
M?HNCG?HN;F
PI=…„>?OG;@L;HKO?T;;>GCL~P?F ,MMCJKO?I>CA;  IHB?=?L
PI=…?IOPCLFIAI>?JICM;BCMNLC;>IH?ALI„>?F;M=;L
Z-L?=CMI=IHN;L
PI=…H‚I?HN?H>?
Z-IMMIH‚I?HN?H>?L
G;M„>?F;M=;L
Z"O;=BIKO?JL?=CMI=IHN;LG?MGIM?H>I>?F;M=;L jDOMNIKO?M?>CA;;
OGBIG?G=IGI@IC;PC>;>;A?HN?
KO;H>IM?AIMN;>?F? "MNIO@;F;H>I>?
PI=…
 H‚I >? ,MMCJ  3I=… JI>C; G? =IHN;L IO H‚I MI<L? MO;M ;GCA;M
 G;M ?O
JL?=CM;P;=IHN;LNO>I 0;<?
„;’HC=;G;H?CL;>?;@;MN~ FIM;HN?M>?=IG?ƒ;L;
AIMN;L >? IONLI BIG?G
 ; ’HC=; G;H?CL; >? JŽ FIM J;L; @IL; >; JILN; J;L;
@C=;LGIMMITCHBIMHIKO;LNI
Z 2G; ?MJ„=C? >? =?LCGŽHC; ?RJC;NLC; ?
 JIL KO? H‚I
 JLIJC=C;NLC;
-LCG?CLIIH?ALI
Z &MMI Z >CMM? ; *;A;
 IFB;H>I J;L; ?F?  Z -LCG?CLI
 I H?ALI  !?JICM

)?>?MG;
Z!?JICM)?>?MG;
=F;LI
Z"IMNL…M>I<?=I
H;HICN?>? ;LH;P;F
Z-?F;@L?HN?Z>CMM?,FCP?CL;
=?P;H>IIG;N?
Z"*IHMC?OL3CH=?HN
ICLG‚I>IBIN?F?CLI
Z-ILNL~M
Z"OGMIF>;>IKO?=BIL;P;HOGJ;LKO?
Z-?F;@L?HN?
Z"PI=…
Z -IL NL~M  *;M CMMI >? G? JŽL H; FCMN; =IGCAI JL?M?HN? „ =IGI OG;
=IH@CLG;ƒ‚I >;M GCHB;M JL?GIHCƒ‘?M G;CM F’AO<L?M  +; P?L>;>?
 ; FCMN;
=IGJF?N;PI=…>?P?N?LL?=CN;>IJ;L;I$L?AILIPCOM
*;A;L?G?RC;;<IG<; &H=FCH;L;;=;<?ƒ;?I=;<?FINI>I=;CO>?L?J?HN?
MI<L? M?O LIMNI
 ;J;A;H>I ; ?RJL?MM‚I KO? ,FCP?CL; NCHB; ?MJC;>I =IG ;L
CH>C@?L?HN?

6DAFyD7F:DE6=22>:8F:E2
56F?G:6;@3@E:42C:@
J6=9:;@56F?4@>:D2C:@
E@5@6=G6?E@E6D24‚P

,FCP?CL;=;HN;LIF;P;IN;HAI *;A;=BOJIO;<IG<;?>?O>?IG<LIM
M?G
IFB;L J;L; ?F?  U-I<L?TCHB;W
 J?HMIO ,FCP?CL;  " JORIO I =;<?FI >?F; =IG
<LON;FC>;>?
DIA;H>I IJ;L;NL~M=IGIM?;<LCMM?OG;=ILNCH; <IG<;@?TOG
LOˆ>IM?=I?HNL?IM>?HN?M
ZjKO;M?=IGIM?PI=…NCP?MM?<;NC>I?GGCGZ>CMM?;*;A;
NI=;H>I;
<I=;=IG>ICM>?>IMKO?NL?GC;G Z+‚IN?GCGJILNH=C;
G;MX
ZCH>;<?GKO?J;L;PI=…CGJILN;
MCGZ>CMM?,FCP?CL; Z0?PI=…H‚I
?MNCP?MM?G?IFB;H>I>?MM?D?CNI
?O>?MJL?T;LC;PI=… 3I=…„G;L;PCFBIM;
=IG
/I=;G;>IOL?NO>I
Z">?KO?;>C;HN;PI=…G?>CT?LCMMI
Z-;L;GCG
;>C;HN;
Zj
J;L;PI=…
;>C;HN; -;L;PI=…
NO>I;>C;HN;
NO>IM?LP?J;L;IKO??MN~
JLI=OL;H>I
Z.O?LC>;Z>CMM?,FCP?CL;?GNIGA?HNCFZ
;MF~ALCG;M?MNL;A;GIAIMNI
>IG;N?
=IGINI>IMM;<?G
Z3;CP?LKO?J;L;PI=…N;G<„GM?LP?KO??O=BIL?
Z0?LP?
MCG
H;G?>C>;?GKO?G?L?=IHB?ƒI=OFJ;>I
Z3;C?G<IL;
%IL;=CI
„G?FBIL
Z -I>? M?L  *;M
 HIN?
 >? NI>I GI>I
 KO? M? ?O @IL ?G<IL; ;AIL; =IG?NI
;FAI<?GJLRCGI;IB?LIˆMGI
KO?L>CT?L
>?CRIPI=…MITCHB;
M?G>CHB?CLI?
=IGOG@CFBI>I?HN?
Z -ICM „ Z >CMM? ; *;A; MILLCH>I BIG?LC=;G?HN? ?HNL? ;M F~ALCG;M  Z j
KO;M?B?LIC=I
„P?L>;>?
Z"=IGI?MNIOFIHA?>?M?LB?LC
;=BIG?FBIL@C=;L;N„KO?;A?HN?M;C<;
;IH>?CMMINO>IP;CHIMF?P;L
=IGI>CTG?OCLG‚I?GM?O<?FI?MNCFI
Z-ICM?HN‚I@CKO?
Z*;MPI=…?HN?H>?=IGI?JILKO?L?HOH=CI;?MM?B?LIˆMGI
Z F;LIKO?MCG
Z3;GIMP?L
G??RJFCKO?JILKO?H‚IPIO?G<IL;
Z3I=…H‚IP;C?G<IL;JILKO?„<;MN;HN?<OLAO…M?M?JL?I=OJ;=IGIKO?
P‚IJ?HM;L/IH;F>?;<M?IMIONLIM;GCAIM
Z"R;N;G?HN? j<IGKO?PI=…M;C<;KO?H‚IN?GH;>;;P?L=IG;GCHB;
>?=CM‚I  +‚I @C=I JIL MIFC>;LC?>;>? H?G JIL J?H; H?G JILKO? „ JL?=CMI >;L
G;G;>?CL;;/I=;G;>IOL "GOCNIG?HIMJILKO?PI=…??O;CH>;N?HB;GIM
;FAOG;=ICM;?G=IGOG
ZgMP?T?MPI=…„N‚I?HAL;ƒ;>IZ>CMM?;*;A;
Z F;LIKO?MIOZ>CMM?,FCP?CL; Z IGJ;L;>I=IGCAI
I<%IJ?„OG
G?L>;
Z .O;H>I PI=… >CT KO? D~ H‚I N?GIM H;>; ?G =IGOG @;T OG; <I=; N‚I
?MKOCMCN;X
Z*?CI;MMCG
H‚I„G?MGI
Z-ICM„
CH=LˆP?F
1CP?L;GKO?J?A;LF?HƒIM?=I<LCLIMLIMNIM=IG;M>O;MG‚IM
>;P;GN;HN;
A;LA;FB;>;KO?/I=;G;>IOLC;;=IL>;L
?L;BILLˆP?F "?G<IL;,FCP?CL;@CT?MM?
I JIMMˆP?F J;L; M?AOL~ F; ?HKO;HNI GIL>C; I F?HƒI ? =BIL;P; >? LCL
 ; *;A;
>?MFCTIOJIO=I;JIO=I>;JIFNLIH;
KO?NCHB;IMJ„M>C;HN?CLIMG;CM=OLNIM?
=IHNLC<Oˆ;J;L;MO;KO?>;
;N„@C=;L?HL?>;>;?HNL?;MJ?LH;M>?,FCP?CL;
KO?
LC; =IG OG MIFOƒI ?HNL?=ILN;>I ? ;=;<IO =OMJCH>I I F?HƒI =IG OG;
A;LA;FB;>;
Z *IMNL? >? HIPI =IGI ?O @;ƒI =IG ; <I=; KO;H>I >CAI ?MM;M =ICM;M Z
MOJFC=IO,FCP?CL;
Z MMCG Z >CMM? ; *;A;
 ? G;CM OG; P?T IM >ICM M? =IHNIL=?L;G ;N„ KO?
,FCP?CL; M? >I<LIO ;I G?CI ;J?LN;H>I ; <;LLCA;
 ? ; *;A; PCO I LIMNI >?F?
=IHNL;I>?F;
IMIFBIMKO?;@CN;P;G<LCFB;H>I?HNL?;MF~ALCG;M "M?<?CD;L;G
;I =IHNL~LCI
 ?F; PCL;>; J;L; =CG; ? ?F? =IG I =;<?FI J?H>OL;>I =IGI OG;
@L;HD;
 M? <?CD;L;G GIL>?H>I M? OG JIO=I JILKO? ;M <I=;M H‚I M?
L?=IHB?=C;G
 ?MN;P;G <?CD;H>I <I=;M >C@?L?HN?M
 JLI=OL;H>I M? =IG ;M G‚IM
HOG?G;L;HB;>ICH@?LH;F>?=;<?FIJ?H>OL;>I?IG;N?KO?NCHB;>?LL;G;>I
H;<?CL;>;>;G?M;??M=ILLC;J;L;;M;C;>;*;A;
Z IHN?=IGII,MMCJ@;T;GILZGOLGOLIO,FCP?CL;
;J?LN;H>IIMF~<CIM
=IHNL; IM >; *;A;  Z !?JL?MM;
 JILKO? I M;HAO? ?MN~ G? MO<CH>I  =;<?ƒ;

H‚I=IHMCAI=IHNCHO;L;MMCG
„;MMOMN;>IL
Z#;TGOCNI<?GZ>CMM?;*;A;
GIL>?H>IIF~<CI>?F? Z*OCNˆMMCGI
G?FBILKO?PI=…
?G;CMP?T?M
Z*;M?F?L?NCF;;GOLN;+‚IP;F?G?HNCL "F?L?NCF;>?P?L>;>?
Z *OCNˆMMCGI  -IL NI>IM IM F;>IM
 M P?T?M ;N„ >?G;CM  j OG; M?HM;ƒ‚I
G;L;PCFBIM;
Z"@;TPI=…@C=;L=IGIMJFˆH?IMHIG?CI>;M;LAOMN;M
Z#;T
?>?JICMHIML?P?T;GIMHIMJIL=CIM;N„?F?>CT?L=B?A;
=B?A;
??O
N;G<„G H‚I ;AO?HN;L G;CM
 N?GIM KO? M?L L~JC>IM
 PI=… M;<?  *;M PI=… H‚I
=IHM?AO??HN?H>?LCMMI
@C=;M?GJL?H;A’H@C;G?HIL
Z "O ? NI>I GOH>I Z L?MGOHAIO ,FCP?CL;
 F?P;HN;H>I M?  Z B?
 ?MM?
G;N?„OG;JIL=;LC;
PIO>;LOGJOFIH;LO;
Z3I=…H‚IKO?LKO??O=IHNCHO?=IHN;H>I>I,MMCJZ>CMM?;*;A; Z
"GAFˆAFC=I
Z,AFˆAFC=IG?=;HM;GOCNI F„G>IG;CM
PI=…H‚IN?GCG;ACH;ƒ‚I
>CT
M?GJL?;MG?MG;M=ICM;M A’H@C;
NL?G?H>;HIPC>;>? "H‚IM?>CTU=IHN;H>I
>?W
Z "O KO? CHP?HN?C I AFˆAFC=I Z >CMM? ; *;A;
 L?MM?HNC>;  Z 3I=… >CT
KO;FKO?L=ICM;?M??RC<?
G;MH‚IM;<?@;F;LIP?L>;>?CLIAFˆAFC=I
Z3IFN;H>I;I,MMCJX
Z+‚IM?D;<I<I
%IL;=CI
?OD~>CMM?KO?H‚I@OCJ;L;;=;G;=IG?F? 0?L~
KO?JL?=CMI@;T?LIAL;H>?DOL;G?HNI>IMMCIOR
Z+‚I
?MNIO;=B;H>IKO?PION?L>?;=L?>CN;L?GPI=…
Z";F„G>IG;CMZ>CMM?;*;A;Z
IG;CMJLIP~P?F„KO??O;=;<?CH>I
J;L;;=;G;=IGI,MMCJ
G;MP;CM?LJILKO?PI=…KOCM
Z3I=…„G?MGI=;J;T>?AIMN;L>;KO?F?MOD?CNI
Z+‚I =IHN?=?KO?JL?=CMIJ;A;L;@;LG~=C; !?PI=…H‚IKO?LIH?GOG
=?HN;PI
?H‚IJIMMIJ?>CL>CHB?CLI;I,MMCJ?>?CR~ FI;P?LH;PCIM
Z"MN~<?G
D~M?CZ>CMM?,FCP?CL; ZjM?OF;>IM;G;LCN;HI 3I=…N;G<„G
H‚IJI>C;>?CR;LIMIF>;>CHBI>IJ;LKO?=BIL;L
Z&MMI
%IL;=CI 3?D;M=IGIMIGIM>C@?L?HN?M
Z -ICM „
 JC?>;>? H‚I „ I G?O @ILN?  *;M HOG; >?MM;M ?O N;G<„G JI>C;
=BIL;L
?;ˆPI=…X
Z +‚I CG;ACHI PI=… =BIL;H>I Z >CMM? ; *;A;  Z -;L; PI=…
 C; M?L OG;
?MJ„=C?>?>?MJ?L>ˆ=CI
Z-ICMD~=BIL?C;FAOG;MP?T?M
Z!?L;CP;
?M 3I=…H‚IM;<?=BIL;L
%IL;=CI
?MM;„OG;>;M=ICM;MKO?
PI=…H‚IM;<?
,FCP?CL;JORIO;*;A;J;L;J?LNI?M?HNIO ;?GM?OMDI?FBIM -?HMIOKO?I
=B?CLI >; *;A;
 >; HO=; >; *;A;
 I ?HNLCMN?=C;  , G?MGI =B?CLI >? ;HN?MX
U-LI=OL;L ;NL;P„M >?W
 J?HMIO =IH@OM;G?HN?  U0CG
 „ OG; >;M =ICM;M KO? H‚I
M?C@;T?L
CMMI?=BIL;L?G?=IGJ;>?=?L W
Z+OH=;HIM;G;GIMZ>CMM?<?CD;H>II=;<?FI>?F;
Z +‚I @;F? JIL GCG Z >CMM? ; *;A; @?=B;H>I IM IFBIM  Z 3I=… H‚I
=IHM?AO?M;<?LM??O;GIPI=…IOH‚I +?GCMMIPI=…=IHM?AO?M;<?L
Z0ION‚I=?AI;MMCG
ZI=IHNL~LCI
@C=;LOGJIO=I=?AI;N„KO?@;LC;<?G;PI=…
Z B
 MCG
 I N;NI KO? MO<MNCNOC ;M >?@CHCƒ‘?M
 I CHMNCHNI KO? P;C ;F„G >;
CHN?FCA…H=C; PC;G~AC=;
;HICN??M=OL;>;;FG;
Z#;LC;<?G;PI=…ZN?CGIO;*;A;
=IGI@;TC;M?GJL?KO?H‚I?HN?H>C;
?KO?LC;>CM@;Lƒ;L
Z,FB;;KOC
IKO??ON?HBID~„MO@C=C?HN?J;L;M;<?LKO?=;>;OGJI>?CL
J;L;IM?OF;>I =BIKO?JL?=CMI@C=;LMITCHBI
)O=ˆ; /?;FG?HN?H‚IM?CIKO?
PIO @;T?L  IG PI=… ? =IG /I=;G;>IOL
 KO? ;FC~M ;=BI KO? ?MN~ ;=IL>;H>I

=IG?NI;CHDOMNCƒ;>?NL;N;LG;FIM>ICM
?H‚IKO?LIKO?CMMI=IHNCHO?
Z3I=…H‚IJL?=CM;M?JL?I=OJ;LH?G=IGCAIH?G=IG/I=;G;>IOL
Z +‚I G? JL?I=OJI
 G;M HM NL…M ?MN;GIM HIM ?HLIM=;H>I OG HIM
NILHIT?FIM>IIONLI
„CH=ŽGI>I?;HNC?MN„NC=I +‚I>?PIM?L=?AIKO?=B?AO?

KO?LC>;
 G;M <;MN; I H?LPI NC=I J;L; ?O P?L KO? PI=… P;C M? ;LLOG;L
J?L@?CN;G?HN?M?GGCG +?HBOG;;GCA;GCHB;M?MOC=C>IO;N„BID?
?G<IL;
G?OILAOFBIM;HAL?;I>CT?LCMMI
Z0CG
%IL;=CI
Z!?GI>IKO?M??O=IHM?AOCLL?OHCLB?LIˆMGIMO@C=C?HN?J;L;>?CR;LPI=…
JF;HN;>;BID?G?MGIIO;G;HB‚
NO>I<?G
Z1O>I<?GZ>CMM?;*;A;
Z3I=…F?P;M?OG?HCHI>?HIPIJ;L;G;>;G?&L‡H??PIFN;J;L;-;LCMJ;L;
NI=;LMO;PC>;
ZjCMMI
Z3I=…CL~GOCNI;I=CH?G;
=IHNCHO;L~F?H>ILIG;H=?M
P;C;LLCM=;L;PC>;
J;MM?;H>IJ?FIMJCIL?M<;CLLIMH;MJCIL?MBIL;M
Z1O>ICMMI
Z3;C?H=IHNL;LGOCNˆMMCG;M=ICM;M?MNL;HB;MJ?F;LO;
?P;CNL;T?LNI>;M?F;M

?P;C@;<LC=;LI<D?NIM 4IHAP;CFB??HMCH;LNLOKO?M=IGG;F;<;L?M
?,MMCJP;C
M?AOCLPI=…;>ICMG?NLIM>?>CMNH=C;
=IG;MG‚IMJIMN;M?GOG;;NCNO>?>?
BOGCF>?L?P?L…H=C;
Z-IL@;PIL
%IL;=CIZ>CMM?;*;A;
;<L;ƒ;H>I I??M=IH>?H>IILIMNI
Z F;LI KO? HIM ?H=IHNL;L?GIM G;AC=;G?HN? HIM FOA;L?M G;CM ?MNL;HBIM

=IGIH;KO?F;HICN?H;;MNCFF?
PI=…F?G<L;
Z+;/O?!;P;F
Z "O ?MN;P; <;MN;HN? <…<;>I ? PI=… ;J;L?=?O H; ?MKOCH; ? @C=;GIM HIM
IFB;H>I=IGI>ICMC>CIN;M
Z-ILKO??O;=B;P;KO?H;KO?F;HICN?PI=…C;;OG=IH=?LNI
Z"PI=…NCHB;G?>CNIKO?NCHB;OG?H=IHNLI=IGG;>;G?)„IHC?
Z-ILCMMI;=B;GIMN;HN;AL;ƒ;KO;H>IHIM?H=IHNL;GIMH;/O?!;P;F
Z3I=…?MN;P;>?JOFŽP?LP?L>??NCHB;J;L;>IH;?MKOCH;J;L;=IHMIF;LOG
J?>?L;MN;
Z"F?NCHB;MC>IJIMNIJ;L;@IL;>?OG=;@„>?<;CRI>?J;H=;>;M?=BIL;P;
N;HNI
Z )?G<LI >;KO?F; IONL; P?T ?G KO? HIM ?H=IHNL;GIM J?LNI >I .O;C >?
'?GG;J?M
Z#;TC;=;FILZ>CMM?;*;A;
Z3I=…HOH=;G??RJFC=IO>CL?CNIIKO?„KO??MN;P;JLI=OL;H>IHI.O;C
>?'?GG;J?M
ZB
?OH‚I?MN;P;JLI=OL;H>IH;>;
Z3I=…NCHB;OG;GI?>;H;G‚I
Z"H=IHNL?CHIG?CI @CI LCFB;P;N;HNI
Z " >?JICM @IGIM ;N„ ; -F;=? >? F; /„JO<FCKO?
 IH>? ?MN;P;G IM
M;FNCG<;H=IM
?A;HB;GIMOG;=;CR;>?<;F;M
Z"L;GBILLˆP?CM
Z"N?P?;KO?F;P?T?GKO??OPCHB;M;CH>I>IG?NLŽ*IONIH !OP?LH?N?
PI=…?MN;P;M?HN;>;HIN?LL;ƒI>?OG=;@„=IGOGH?ALI?OG@CFCJCHI
Z"PI=…HOH=;G?>CMM?IKO?NCHB;C>I@;T?LF~J;L;IMF;>IM>?*IONIH
!OP?LH?N
Z &; ; OG; J?>C=OL? Z >CMM? ,FCP?CL;  Z 1CHB; OG; M;F; >? ?MJ?L; =IG
J;J?F >? J;L?>? =IG =?H;M ?HNL? LIRI ? <IL>Ž AŽH>IF;M
 J;FG?CL;M ? OHM
;G;HN?M ;<L;ƒ;>IM ;I FO;L  &G;ACH? CMMI L?J?NC>I KOCHB?HN;M P?T?M
 ?G
N;G;HBI>IT?JILICNI
Z3I=…C;F~JILCMMI
H‚IJIL=;OM;>IM=;FIM
Z +‚I ?L;G =;FIM
 M?HBILCN;  "L; OG; ;ON…HNC=; P?LLOA; H; MIF; >I J„M
PCN;GCHIM?
J;L?=?
Z"=OLIO>CL?CNIZJ?LAOHNIO;*;A;
?LAO?H>I;=;<?ƒ;?IFB;H>IJ;L;
?F?=IGAL;H>?=IH=?HNL;ƒ‚I
+; JLCG?CL; A;LA;FB;>; /I=;G;>IOL ;=IL>IO ? =IG?ƒIO ; =BIL;GCHA;L
,FCP?CL;MOMJCLIO
;AIL;;=?H;C;M?L?J?NCL
>OL;HN?OG<IGN?GJI?F?MP?LC;
; *;A; >? =IMN;M
 CH=FCH;>; MI<L? ; =;G;
 ;M G‚IM CH>I ? PCH>I  IG?ƒIO ;
=?P;L OG G;N?
 ; ?HLIF;L OG =CA;LLI  +‚I KO?LC; J?HM;L   *;A; @IC F;P;L ;M
G‚IM?PIFNIO 1IG;L;G>ICMG;N?M=;>;OGKO;M?M?GM?IFB;L
Z , <IG >CMMI NO>I Z >CMM? ,FCP?CL; Z „ KO? H‚I >;GIM =B;H=? J;L; ;
L;>CIHIP?F; +‚IG?IFB?>?MM?D?CNI
M?PI=…J?HM;LOGJIO=IP;C?HN?H>?LI
KO??MNIOKO?L?H>I>CT?L
Z "MNIO ?HN?H>?H>I Z >CMM? ; *;A;  Z +‚I „ JIL =;OM; >CMMI KO? ?MNIO
IFB;H>IPI=…>?MM?D?CNI
ZB
PI=…;=B;KO?X
Z2GJIO=I
;=BI *;M„G?FBILH‚I@;F;LG;CMH;>;
Z3I=…N?GL;T‚I IG
;=BIKO?PIO>;LOG;PIFN;
Z+‚IPIFN?Z>CMM?;*;A;
Z,L;
H‚IP;GIM?R;A?L;LZ>CMM?,FCP?CL; Z,H>?PI=…KO?LKO??OP~
>ILGCL 2G; =ICM; M‚I IM HM AL>CIM ? IONL; I P?HNI I?MN? KO?MIJL; H; LO;

>?P??MN;L@;T?H>IOHM=CH=I;<;CRI>?T?LI
Z3;CM?LG?FBILKO?PI=…H‚IPIFN?
%IL;=CIZ>CMM?;*;A; ZAIL;?MN~
M?H>I@~=CF
J;L;GCG
>CT?LCMMI;PI=… "HN?H>;
Z"H@CGZ>CMM?,FCP?CL; Z=BIKO?HIMJL?=CJCN;GIM;IHIM@?FC=CN;LJIL
HIMMID2G@:C72:C6
Z1?HBIN;HN;J?H;>?PI=…
%IL;=CI
ZB
H‚I
CMMIH‚I !?P;A;L;ˆ
Z 3I=… M;<? KO? M P?T?M ?O P?DI  3?DI =IG N;HN; =F;L?T;  -?HM;L KO? @;T
OG;BIL;G?I=ILL?OKO?IG?FBILKO??ONCHB;;@;T?LM?LC;G?DIA;LHILCI
Z>?M=IHB?=C>;>I0?H;X*;MPI=…H;>;@?CNIOG=CMH?
Z1?HBIJ?H;>?PI=…ZCHMCMNCO;*;A; ZAIL;J?L=?<I +;HICN??G
KO? HIM ?H=IHNL;GIM ;NL~M >; +INL? !;G? N;G<„G PC KO?X *;M H‚I KOCM
;=L?>CN;L 3I=…P?MNC;OG;=;GCM;;TOFN‚I<IHCN; #IC;JLCG?CL;P?TKO?@IGIM
DOHNIM;OGBIN?F
H‚I@IC
Z+‚I
G;M>~HIG?MGI "PI=…G??HMCHIO;@;F;LAFˆAFC=I
Z-ICMM??O=IHN;LKO?@CTNO>ICMMI>?J?H;
Z,KO…Z>CMM?,FCP?CL;
IFB;H>I ;MI<L?MM;FN;>I
Z+;KO?F;HICN?PI=…=ILLC;J?LCAI !;P;J;L;P?L
?L;=IGIOG;MCL?H?;I
FIHA?XH‚I>~JL;?RJFC=;L
Z*?OMJ?LCAIMM‚I;J?H;MG?N;@ˆMC=IMZ>CMM?,FCP?CL; Z-I>?;=L?>CN;L

HCHAO„GP;CG?NCL;L>;~AO;=IGA;H=BIM 3IOGILL?L>?I=FOM‚ICHN?MNCH;F

>?ALCJ?;MC~NC=;IO>?OG-?OA?IN
Z0?CH‚IZ>CMM?;*;A; ZgMP?T?MJ?HMI?GG?G;N;L
G;M>?JICMP?DI
KO? H‚I  +‚I P~ J?HM;L KO? „ M JIL =;OM; >I /I=;G;>IOL
 ;HN?M >?F? D~ ?L;
;MMCG   C>?C; >? G? G;N;L M?GJL? G? @;T <?G  *;M PI=…
 KO? H‚I J?HM;
HCMMIX -IL KO? PI=… >CT J?LCAIM G?N;@ˆMC=IM 1;G<„G B~ LCIM G?N;@ˆMC=IM

%IL;=CI 3I=…P;CM?DIA;LHOG>?MM?MLCIM
Z3;CP?LZ>CMM?,FCP?CL;ZKO?CMMI„I1;I
Z=B?CKO?JI>C;JLIN?A?LPI=… +‚I>CA;H;>; !?JICMJ?L=?<CKO?PI=…
H‚IJL?=CM;P;>?GCG #;Tˆ;GIM;GIL=IGI>ICMG’MC=IMKO?M?L?’H?GJ;L;
NI=;LMIH;N;M
Zj<IHCNI
IKO?PI=…?MN~>CT?H>I
Z "L; ;MMCG
 I JC;HI C; J?FI F;>I >?F? ? I PCIFCHI J?FI >?F? ? >CMMI M;ˆ; ;
MIH;N;
 G;M P?D; KO? HI @OH>I H‚I HIM ?H=IHNL~P;GIM  -?L=?<C ?G M?AOC>;

%IL;=CI
G;M;MMIH;N;M?L;GN‚I<IHCN;M
Z"L;G
KO?LC>;
Z"IAFˆAFC=I
Z+?GG?@;F?
Z " NO>I
 I FO<?
 ;KO?F; HICN? HI .O;C >? ?L=S >?<;CRI >;M ~LPIL?M

KO;H>I=;ƒ;GIM?MNL?F;M;N„>?G;>LOA;>;?=IHN;GIMBCMNLC;M>?JLˆH=CJ?M?
PI=…?MN;P;=IGM?>??=IGJL;GIMOG;A;LL;@;>?OG?MJOG;HN?=;LˆMMCGI?
<?<?GIMH;<?CL;>ILCI
Z " HCMMI =B?AIO OG =FI=B;L> Z >CMM? ,FCP?CL; Z ? >?GIM G?N;>? >;
A;LL;@;J;L;?F?
Z " I =FI=B;L> M;<C; OG GIHN? >? =ICM;M
 F;NCG ? =ICM;M ILC?HN;CM
 ? PI=…
>CM=ONCO=IG?F?OGJIO=I>?X
ZP?LLCM
;=BI
Z&MMI
P?LLCM
Z";KO?F;HICN?KO?OGMIF>;>INI=IOG?ONL;M?CLIH;#ICL?>O1LŽH?
?
PI=…>?OOGMI=IH;=;L;>?F??@IGIMNI>IMJL?MIM
Z.O?/I=;G;>IOLH‚IHIMIOƒ;Z>CMM?,FCP?CL;LCH>I
Z-ILMILN?/I=;G;>IOLHOH=;M?F?G<L;L~>?PI=…
?F?;CH>;H‚IN?GH;>;
JILNL~M>IMIFBIM  IGIIMJ~MM;LIMKO?=IG?G;MGCA;FB;MKO?;A?HN?DIA;
,FB;G
=IG?G
PI;GX+‚I@C=;H;>;
Z+‚IZ>CMM?,FCP?CL; Z+‚I@C=;H;>;
+I P?MNˆ<OFI ; GOFB?L >I N?L=?CLI ;H>;L <?LL;P;
 =IGI M?GJL? <…<;>;
KO?F;BIL; ,FCP?CL;F;HƒIOOGIFB;LP;AIJ;L;;JILN;
G;M;*;A;I;J?LNIO
=IHNL;MC
@IC>?MFCT;H>I;N„;A;LL;L M??GM?OMDI?FBIM
NL?G?H>I?=BIL;H>I
Z -IL KO? PI=… MI@L? >?MM? D?CNI Z >CMM? ,FCP?CL;  Z ,M LCIM G?N;@ˆMC=IM
J;MM;GJILKO;FKO?LFOA;L
H‚I„JL?=CMICLGOCNIFIHA?J;L;?H=IHNL~ FIM ,FB?

HCHAO„GN?L~M?;@IA;>I=IGG;CM>CL?CNIKO??O
<IHCNCHB; -LIG?NIOG;
=ICM; G? F?G<L;L >? PI=… HI ’FNCGI CHMN;HN? J;L; KO? ?F? M?D; G;CM ;G;LAI
;CH>; 2GP?L>;>?CLI@IFB?NCG
>?=;J;?GNL…M=IL?M
Z+‚IP~?G<IL;ZGOLGOLIO;*;A;
;J?LN;H>I;MJ?LH;M>?,FCP?CL;
Z0PIO>;LOG;PIFN;JIL;ˆ
Z+‚I
H‚IP~
Z*?>?CR?CL 3I=…M;<?GOCNI<?GKO?PIOPIFN;L
J?FIG?HIM?MN;HICN?
Z3;GIMDOHNIMZ>CMM?;*;A; Z3?D;
/I=;G;>IOL?MN~>ILGCH>I
P;C
@C=;LNL;HKOCFI;N„;BIL;>;G;G;>?CL; 1?GIM>O;MBIL;M
P;GIM;N„I=;@„>I
<;CLLI~L;<?
;KO?F?=;@„NLCMN?IH>?;A?HN?AIMN;N;HNI>?@C=;L
*;M,FCP?CL;KO?LC;M;CLMITCHBI  IG?ƒIO;FCPL;LJIO=I;JIO=I;MJ?LH;M
>I;<L;ƒI>;*;A; =;LC=C;P;M?O=;<?FI
J;MMIOIM>?>IMJILM?O=IF;L
<?CDIO
MO; HO=;
 ;NL~M >; IL?FB;
 IOPCH>I ; =BIL;L =IG I LIMNI CHN?CLI =I<?LNI J?FI
=;<?FI  U B;HN;A?G
 H‚IW
 J?HM;P;  U3;GIM =BIL;L =;L; ; =;L;
 G;M H‚I ?MM?
MIFOƒI <;L;NI KO? M? ;JL?H>? HI =CH?G; W )?P;HNIO I LIMNI >?F;
 I<LCAIO ; ;
IFB;LJ;L;?F?
Z,=;H;FB;MIO?OZ>CMM?,FCP?CL; Z!?CR?;=IHN;=IGCAI  BIL?JIL
M?O @CFBI
 KO? N;FP?T GILL;
 G;M H‚I >?MJ?L>C=? MO;M F~ALCG;M =IGCAI  0;HN;
G‚?
 >?M>? IM N?GJIM >? 7IF; H‚I M? PC; OG; =?H; =IGI ?MN;  -IL @;PIL
 G?
>?CR?M;CL
Z-ILKO…Z>CMM?;*;A;
M?GM?GIP?L>I=B‚I
IFB;H>IJ;L;?F?@?CNI
OG=‚I
Z-ILKO?IKO…
Z-ILKO…
ZB
PI=…KO?L>CT?LJILKO?NO>ICMMI 3;CM;<?L
?O;=BIKO?;=OFJ;H‚I
„ N;HNI MO; H?G GCHB;  +‚I MIGIM ;>OFNIM
 )O=ˆ;  "MM? „ OG G„LCNI KO? M?
J;A;=;LI M=LC;Hƒ;MJOR;GI=;<?FIOG;>;IONL;>?JICM>?<LCH=;LDOHN;M
!?P?M?L;FAI>INCJI -L?=CM;GIMJ?HM;LHCMMI

 


=IHN?=? ; G?MG; =ICM; =IG NI>I GOH>I


 ; ?MN~NO; >? ';HI „ OG
>?MJ?L>ˆ=CICH’NCF
?2G6C5256>?JICM>IMKO;L?HN;;HIMHIMMIP?L>;>?CLILIMNI
?MN~ H; HO=;
 IFB;H>I >?M?MJ?L;>;G?HN? J;L; NL~M  j I KO? M? =B;G;
;>?KO;>;G?HN? >? =F82C4@>F>  +‚I B~ H;>; ; @;T?L
 „ JL?=CMI >CT?L >?MM?
D?CNI
 =IG ;M J;F;PL;M KO? ?HNILN;G >? N„>CI IM F~<CIM >IM ;>IF?M=?HN?M
GIHI@;=C;CM  /I>?;>I >? L;J;T?M >? JOFŽP?L ? >? A;LIN;M >?FC=CIM;G?HN?
?H=;L>C>;M >?<;CRI >I P;JIL >IM 427yD 4C|>6 >? 0;CHN $?LG;CH >?M -L„M
 KO?
F??G !OLL?FF
 ?;OPICL
 !OL;M
 !IO;MMIN
 .O?H?;O
 0;LL;ON?
 ?MNIO ?O
 OG
;LA?HNCHI ;@L;H=?M;>I BILLIL
 BILLIL
 D~ @IL; >; GI>; ;>IF?M=?HN?
 >I 4@@=

=IG ;M G‚IM ;H;=LIHC=;G?HN? `E6DG@FD 7@FD


 >? /?H„ L?P?F
 =IG I
MOLL?;FCMGICHN?CLIH;G?GLC;
=IGIMCAHI>?HNIHCHLN;O>H;J„FPCM
=IG
;M @?:D2E:@?D>?">A;L3;L‡M?H;MIL?FB;M
=IG-C=;MMIHIMIFBIMG;MJ;L?=?
KO?MIOOG*IH>LC;H
G?>CMM?L;G
Z+FD|>6D56DDJ==236DA@FCCy4@=E6C56DyE@:=6DZ>CT L?P?F>?<I=B;H>I>?
GCG
ZA?HN?P;C@;T?H>IIKO?JI>?ZL?MJIH>I
Z"?MM;@„GCH;
?2CCzE6C2E6==65@?4A2D56D64@F6C=2C3C6vD2?8=@ED
Z3I=…„CHDOMNIZ>CAI Z"F;?MN~M=BIL;H>I
MM?KO?CR;H>I
jNLCMN?=B?A;L;OGGIG?HNI>;PC>;?GKO?„G;CM@~=CF;<LCLOGFCPLIH;
J~ACH;  ? >C;FIA;L =IG I ;ONIL
 >? =;@„ ; N’GOFI
 >? ;<ILL?=C>I ; MOC=C>;

?HKO;HNIH;MG?M;M;IF;>I@;F;G>;LA„FC;
>?>?H;O?L
>?*CD;HIO;L>IN

>?$OS1L„<?LN
>?0C>H?S?=B?N
>?*C=B?FONIL
>?+;<IEIP
>?7;I4O
EC
>?)IOCMIHI<?N
?HIG?OJ;ˆM;L;J;TC;>;@;F;
>IKO?@;F;;L;J;TC;>;HI
G?OJ;ˆM'~H‚IM?C
;H>IN‚IFIHA?
G;MH‚I@;F;GG;CM>?0JCFCG<?LAI
H‚I
@;F;G>?'OMNI0O~L?T
H‚I@;F;G>I1O<;L‚I>?.OCFF~
H‚I@;F;G>?IHCHC

H‚I@;F;G>?)?AOCM;GI @>@y?2EFC2= ,JLI<F?G;„KO?;H;NOL;FC>;>??;


L?;FC>;>?PCL;G
M?GKO?M?M;C<;JILKO…
CHCGCA;M
N?GOG;BIL;?GKO?I
H;NOL;FMI;?MJ;HNIM;G?HN?@;FMI
?GKO?;L?;FC>;>?>IMPCHN?;HIMM?;=INIP?F;
=IG ; L?;FC>;>? >IM KO;L?HN; ? ?G =;>; =INIP?FI B~ OG; ACF?N? L?N;FB;H>I
HIMMIJ;F?N !?M=O<LIHIPIMGOH>IMMCGOFNH?IM??MNL;HBIMOHM;IMIONLIM

=;>; P?T MOMJ?CNI G;CM KO? ?MN;L >? ;=IL>I „ ; JCIL >;M CFOM‘?M  -IL KO? ?MM;
M?>?>?O<CKOC>;>?
JILKO??MM;FON;=IHNL;IN?GJI"ON;G<„GF?CI0;LL;ON?
? IFBI ; @INI >? $OS 1L„<?LN ;FA?G;>I
 G;M M‚I 4@:D2D BF6 >6 24@?E646>

?HKO;HNIKO?KO;H>IMIO?OKO?G>?=C>?
KO;M?M?GJL?„H;>CL?ƒ‚I>IKO?
D~J;MMIO *CHB;G‚IN;N?C;;?MN;HN?>;<C<FCIN?=;
JOR; L?P?F
JOR;/I<?LNI
LFN
 JOR; ';LLS  *? ;J;CRIH; I BID?
 G;M M?GJL? ; J;LNCL >I IHN?G ?O >CMM?
G?B;J;CRIH;
?„;MMCGKO?H;GCHB;C>;>?IJ;MM;>IM?NILH;JL?M?HN??I
JL?M?HN?„OG?MNL;HBI?=IH@OMI@ONOLIHIKO;FL;J;T?M>?JOFŽP?L?A;LIN;M>?
=;<?FIMIFNINIG;GM?OM427yD4C|>6?M?;=;LC=C;G=IG;AL;ƒ;F?HN;>?A;NIM
IO>?JF;HN;M
jJL?=CMIFON;L=IHNL;CMMI
jJL?=CMIL?CHMN;F;L M?HIJL?M?HN?
-;L?=?KO?MIOOG*IH>LC;H
?LAIX
*;M*IH>LC;HJCHN;P;M?OJL?M?HN?B~KO;L?HN;;HIM
2G; @INI >? *IH>LC;H
 CAO;FTCHBI ; OG G;?MNLI >? ILKO?MNL; >? N;HAI
'OFCI >? ;LI
 ?==I
 >? =OFIM ? =;<?FI J;MM;>I ; @?LLI ? =IF;LCHBI >OLI

OG;L>?POFA;LC>;>?;<IGCH~P?F?M?;=B;H>IIN;F
>;Hƒ;H>I=IGOG;GIƒ;
;HCG;>CHB; .O?NCJI>?JL?M?HN?*IH>LC;HM?HNC;?HKO;HNI>;Hƒ;P;KO?F?M
KO;>LIM>?F?
;KO?F;@INI>?F?X%;<CMGIM 
3I=…?MN~P?FBI
%IL;=CI .OCHNI%IL;=CI,FCP?CL;
PI=…?MN~P?FBI
G;ALI
3I=…?MN~P?FBI?G;ALI
,FCP?CL;
Z =G6CD6D@?G:EC:@=6?EC6=6D4F:DD6D56D72F3@FC8DZTIG<; L?P?F
, KO? PIO @;T?L +I G?CI >; AL;H>? >?MIL>?G =IHNCHOI G? ;=B;H>I OG
=;N; P?HNI
HI@CH;F>?N;HN;PIFN;„JL?=CMI;JIHN;LOGHILN?
OGMOF !CT?LKO?
;FAO„G„OG=;N; P?HNI„JLIP;>?JIO=;CG;ACH;ƒ‚I>~J;L;P?L;MPIFN;MG;M
H‚I;CHN?Hƒ‚I
;JIHN;>;@F?=B;KO?JLI=OL;M?@CH=;L?J?LG;H?=?LHILCI>I
P?HNI
s C:@D >6E27}D:4@D  0CG
 KO?LC>;
 =F;LI  " PI=… >?P? ?MN;L =OC>;H>I >I M?O
@CFBI
=BIL;H>I>?P?T?GKO;H>I
?;KOCD~„IONLI>C;?OGMIF;G;L?FIKO?
H‚I ;KO?=?  !923:E6 v *2:?E6C>2:?56D'CyD 6E 492BF6 D@:C ;2: C6?56KG@FD
2G64-6C=2:?668C@DA:6CC@E?2A2D492?8y6EA@FC4@FC:C=68F:==65@FP-IL
PCHN? @L;H=IM H; L;HBOL; )?I #?LL„ =;HN; M?OM ;GIL?M J;L; PI=…
 IO $CF<?LN
„=;O>
IO$OS„;LN )~H;GCHB;N?LL;U*:BF:6C6G6C=2G:524@=@C56C@D2
496 G6:?E6 46?E2G@D 6? =2 C2?FC2PW  3;C P?L PI=… FCAIO I L~>CI I ;FOAO?F
P?H=? M?AOH>; KO? P?G
 PIO N?L >? F?G<L;L PI=… ? ?MN~ IOPCH>I G’MC=; >?
=G;L;
 JLIP;P?FG?HN? *IT;LN
 IO JŽM OG >CM=I <?G <;CRCHBI J;L; H‚I
;=IL>;L /I=;G;>IOL  " ;=BI KO? PI=… H‚I J?L=?<? >CL?CNI KO? /I=;G;>IOL
?MN~GOCNI>I?HN?
N?LLCP?FG?HN?@L;=I?>I?HN?
?KO?HIBIMJCN;F?MN;LC;G;CM
<?G=OC>;>I *;MD~H‚IJIMMI@;F;L>?MM;M=ICM;M=IGPI=…
>CA;GIMKO??MN~
NO>I;=;<;>I?KO?;H>IP;A;H>IJIL;ˆ
>;H>IPIFN;M
JLI=OL;H>IIHILN?
I
MOF
M?„KO?JLI=OLI 0?„KO?JLI=OLI *;MM?H‚IJLI=OL;MM?
IKO?„CMMI
,B
G?O;GIL
MCHNIM;O>;>?M
PI=…G?>CH;J?F?
H;A;LA;HN;
=;>;P?TKO?
L?MJCLI„=IGIM?IP;TCIG??HNL;MM?HIJ?CNI
IH>?PI=…D~H‚I?MN~
Z+@:Z>CT L?P?FZE@F;@FCDACzEv8C:>A6C=6D4:?4yE286D56DAJE9@?:DD6D
72F3@FC:6??6DBF:@FGC6?E8C2?56D=6DA@CE6D5F7FEFCP
"JILKO?H‚I
JILKO?H‚IB;P?LC;>?JLI=OL;L;*;A;
N;HN;MP?T?MNCHB;
<;MN;>I ;J;L?=?L
 PCH>I J?F; /O? >? 0?CH?
 HI ;L=I KO? >~ J;L; I .O;C >?
IHNC
 ? ;MMCG KO? ; FOT >? =CHT; ? P?L>? IFCP; KO? @FONO; MI<L? I LCI G?
>?CR;P;>CMNCHAOCL;M@ILG;M
D~MO;MCFBO?N;>?FA;>;;J;L?=C;H;-IHN>?MLNM
?
M;ˆ;GIM  NI;  =;ƒ; >? MIG<L;M
 J;L; =IG?L <;N;N; @LCN; HI #;O<IOLA 0;CHN
!?HCM
 <?CD;L HIM DOHNI M <;L=;ƒ;M >I ;H;F 0;CHN *;LNCH  IG ?F; ?O M?HNC;
=L?M=?LOG;LHIPI
IMMCH;CM@;<OFIMIM>I?HN;L>?=?LIO;KO?F;G;H?CL;=IGI
;M =ICM;M M? >?M?HB;P;G KO;H>I ?MN~P;GIM DOHNIM ? H;M AL;>?M >; IOL >?
/IB;HIMP;A;<OH>IMM??F?P;P;G;IL?CHIG?>LIMI?;FO;>I>;MN?MN?GOHB;M?
>IM DOˆT?MX -IL KO? H‚I B;P?LC; >? ;G;L ; *;A; ? JIMMOˆ F; >?<;CRI >?
>?T?H;M >? N?NIM >? KO;LNIM ; M?CM=?HNIM @L;H=IM ; >C~LC;
 ?G =;G;M =IG
=I<?LNIL?M>?M@C;>IM?L;HƒIMIM
M?H?MM?P?LNCACHIMIDIAI>;;G;L?FCHB;
H?MM;
=ILLC>; >? M;=IM
 ?O G? L?=IHB?=C; ? G? HIG?;P;
 @CH;FG?HN? ? ;N„ KO;H>I
L?NCL;>I >I N?GJI ? >? MO;M A;CIF;M =IG G;=;=IM ? ?NCKO?N;M
 >? MO;M PCNLCH?M
,G?A;"F?=NLIH$CL;L>-?LL?A;O>3;=B?LIH IHMN;HNCHG;L=;H>I;MBIL;M
? IM GCHONIM >;M M;=LIMM;HN;M I<LCA;ƒ‘?M =;MNL;>IL;M
 HOG ;L IH>? ;M ’FNCG;M
;N;>OL;M C;G =;CH>I ? I JL;T?L ?L; ?MJ?FBI >? L?=IH=CFC;ƒ‚I
 ?MJ?FBI J;L;
=INIPC;M G;M ?MJ?FBI
 ;FAI =IGI OG M;=L;G?HNI >? OG M?L J;L; IONLI M?L

>;Hƒ; ;I L?>IL >; ;L=;


 ;JLIRCG;ƒ‚I >I MIHI <I=; =IHNL; <I=;
 M P?T?M M?G
>?MFCA;L HIM
IMM?RIMOHC>IM?GILHIM
IM<L;ƒIM=IGIAOC;MP?A?N;CM
;MG‚IM
;=;LC=C;H>I;JFC=;>;G?HN?OG;=IR;
OGJ?M=IƒIX
Z+FE244C@496Dv56D9:DE@:C6DZ>CT L?P?F Z+FyEC6:?D56D>@EDX
Z+‚I
P?FBI
H;P?L>;>?CMMIM?@;TF~>IIONLIF;>I>IG;L
KO?PI=…H‚I
=IHB?=?  #;T N?GJI KO? H‚I G? >?CNI =IG ;M J;F;PL;M  IHNCHOI OM;H>I ;M
J;F;PL;M
 =IGI PI=… ? =IGI NI>I GOH>I
 G;M ;M ?M=IPI GOCNˆMMCGI ;HN?M >?
P?MNC F;M
L?P?F>?M=IH@C;??OI?HN?H>I "HNL?;*;A;?GCG=L?M=?OG=;H;PC;F>?
J;F;PL;M
 G;F OG;M BIL;M ? OHM KO;LN?CL‘?M HIM M?J;L;G ? D~ GCHB; J?H; D6
492>2 J?H;
 G?O ;GIL D6 492>2 G?O ;GILX &L?C M?HNCH>I G?HIM ?
L?=IL>;H>I G;CM ; =;>; P?T
 G;M I KO? „ ; F?G<L;Hƒ; M?H‚I I C>CIG; >IM
M?HNCG?HNIM
 OG >C=CIH~LCI >? LIMNIM ? >C;M ? J?L@OG?M KO? PIFN;G =IGI IM
P?L<IM?IM;>D?NCPIMHI>CM=OLMI
;>C;HN;H>I M?MI<L?JIMNIMLOGI=ICM;?GMC

I JL?M?HN? JOLI
 ?HNLCMN?=?H>I HIM IO ?HMCH;H>I HIM PC=;LC;G?HN? ;N„ KO? I
JLJLCI M?L M? NILH; PC=~LCI
 I LIMNI KO? IFB; J;L; NL~M ;LL?A;F; IM IFBIM
 I
P?L>;>?CLI LIMNI M? ;J;A; JIO=I ; JIO=I =IGI H;M P?FB;M @INIM
 ? ';HI „ >?
L?J?HN? KO;FKO?L OG >? HM  1O>I CMMI PIO >CT?H>I ; L?P?F G;M „ =IG ;
*;A;KO?@;FI
;AIL;KO??MN;GIMN‚I>CMN;HN?M "H‚I@;FI=IG;MJ;F;PL;MKO?
MM?LPCL;GJ;L;H‚IHIM?HN?H>?LGIM
;AIL;KO?D~„N;L>?=IG?ƒI;?M=IFB?L
IONL;M
 ;M >?F;
 ;M ?G<LOFB;>;M H;KOCFI KO? ?F; =IGJL??H>? ? KO? H‚I N?G
HIG?
;OL;M?N?HM‘?MKO?=LCMJ;GI;L?HNL?>ICM=ILJIMIO?H=B?G>?J>?
IOLI OG KO;LNI IO OG P?LMI  *;M H‚I @IC ;MMCG KO? PCP?GIM
 I N?GJI NI>I

F;=?L;H>I HIM>I=?G?HN?+‚I
H‚IPCP?GIM;MMCG
?F;<?GKO?N?LC;KO?LC>I
G;MOG;P?TG;CM?ONILH?C;CGJIL;@;FM;IL>?GKO?>CMMCGOF;I=;IM
;@CHACL
KO?G??HNL?A;P;;OG;PC>;JLI@OH>;>;KO;FMNI=;P;;~AO;N?LLˆP?F=IG;
JIHN;>IJ„ %~LCIMG?N;@ˆMC=IM
;*;A;H;>;H?F?M=IGI?MM;;H>ILCHB;?MN~
H;>;H>I HI ;L
 ACL;H>I ;FO=CH;>; ;I L?>IL >I =;GJ;H~LCI
 >?CR;H>I M? =;CL
J;L;MO<CLG?FBIL=IGICGJOFMI "O>?M=L?PI?>?@CHI?>?M?DI?MM?MLCIM
?F;
H;>; H?F?M  "O IM JLI=OLI
 ?H=IHNLI
 =IHN?GJFI >; JIHN?
 ?F; H;>; H?F?M  "
H‚IM;<?>CMMI
CAO;FTCHB;;H>ILCHB; +‚I„=IGI?O
KO?JL?=CMIM;<?L
?F;
JI>? PCP?L H; >?MIL>?G M?G KO? H?HBOG; =IHM=C…H=C; >? IL>?G ; L?N?HB;
"MM; >?MIL>?G KO? „ MO; IL>?G GCMN?LCIM;
 ?MM; <I?GC; >I =ILJI ? >; ;FG;

KO?;<L?J;L;?F;>?J;L?GJ;L;MP?L>;>?CL;MJILN;M 0O;PC>;M„>?MIL>?G
J;L;GCG
;@OH>;>I?GJL?=IH=?CNIMKO?>?MJL?TI?L?MJ?CNI;IG?MGIN?GJI
"O
 =IH>?H;>I ; M?L CLL?G?>C;P?FG?HN? ;<MIFPC>I J?F; *;A;
 KO? G? DOFA;
M?GM;<?L B
G?>?CR??HNL;L
;FAOG>C;G?>?CR?P?L=IGIM?OMIFBIMP??G
&H’NCF  IH>?H;>I ; M?L ;<MIFPC>I  3IFN? J;L; =;M; ? F?C; "MJCHIM;   *;A;
H‚IM;<?KO?G„"MJCHIM; *;A;F…CHN?LGCH~P?CMLIG;H=?MLOMMIM?;F?G‚?M
?-„L?T$;F>M??MKO?=?NO>I?GM?AOC>; +OH=;MOMJ?CN;L~KO?G?=IH>?H;
;F?L"MJCHIM; 'OCTCH;O>CNI
DOCTJILMCG?MG;
JILMO;=ILLC>;?GJF?H;LO;

DOCTM?GG?IFB;L?G?>?CR;LHO
DOCTJILM?LNIHN;?CH@?FCT?>?M=IH=?LN;>;
?I<NOM;?G?HIMKO?H;>; -ILNO>ICMMIKO?M?CAL;ƒ;M;G?O;G;LAIM;<?L

=IGG?OM=LCN„LCIMJI>L?M>?OHCP?LMCN~LCI?BIG?G?M=F;L?=C>I
JILNO>ICMMI

DOCT !?CR? M?=;CL


;H>ILCHB;
=IG?MM;MN?MIOL;M;@C;>;MKO?L?=ILN;GI=„O>?
0;CHN $?LG;CH >?M -L„M
 ;LL;HKO? ?MM?M IFBIM KO? IFB;G M?G P?L
 ?MNIO
=IH>?H;>IM?G;J?F;ƒ‚I
JLIHNIJ;L;?MM?=;>;@;FMI;TOFJ;L;IKO;FG?Cƒ;G
;MG‚IM>;GOFB?L;=OC>;L>?M?O@CFBI
?G<L?P?;J?H;
?G<L?P?;IL>?G
G?HNC>;>?@C=;LM?L?=I<L;L;;ONIMMO@C=C…H=C;
;?AI=C…H=C;
;=IHM=C…H=C; "
=IG N;HN; =C…H=C; OG CH’NCF ;HM?CI >? M?HNCL J?H; >? ;FAOG; =ICM;
 >? KO?
=BIP; ;KOC >?HNLI
 >? KO? ?H@CG =IG?=? ; =BIP?L
 ; =B?CL;L ; N?LL;
 ; =ICM;M
PCP;M
MCG
JIL@CG;=ICM;MPCP;M

 


M IJCHC‘?M ?L;G >? KO? I P?FBI B;PC; ?M=ILL?A;>I


 >? KO? I =;LLI B;PC;
U@OL;>IW I MCH;F P?LG?FBI
 >? KO? I P?FBI KOCM?L; M? MOC=C>;L
 >? KO? NO>I
;H>;P;>?G;F;JCIL?G-;LCM
>?KO?INLHMCNI?L;GIHMNLOIMI
>?KO?IP?FBI
H‚I NCHB; =OFJ;
 >? KO? ; =OFJ; ?L; >I P?FBI
 >? KO? IM @L?CIM >I ;ONIGP?F
?MN;P;G LOCHM
 >? KO? I P?FBI @IL; >? OG; CGJLO>…H=C; N?G?L~LC;
 >? KO? ;
PC>;;H>;P;=;>;P?TG;CM=;L;
>?KO??G-;LCMB;PC;>?G;MC;>IM?MNL;HA?CLIM
KO?H‚I?HN?H>C;G;MF?CM>INLHMCNI?LIO<;P;GINL;<;FBI>IM@L;H=?M?M
, P?FBI H‚I J;L?=C; GOCNI =IHNOH>C>I  0ILLC; P;A;G?HN?
 J;MM;H>I ; G‚I
J?FI<CAI>?  B?AIOOG;;G<OFH=C;
Cƒ;L;G HIJ;L;;G;=;
IGINILCMN;>I
;ONIGP?F=IHNCHOIO;ACN;H>I;MG‚IM??RJFC=;H>II;=C>?HN?;IAO;L>;?;IM
=OLCIMIM
Z*IL;H;/O?*;>;G?H’G?LINLCHN;?>ICMZ>CMM?OGL;J;TFIOLIKO?
NCHB; NLI=;>I ;FAOG;M @L;M?M =IG ,FCP?CL; ? IM IONLIM =OLCIMIM  Z j OG
?M=LCNIL
=IHB?ƒI?F? "M=L?P?FCPLIM
Z,J;L; =BIKO?;=?LNIO;MJ?LH;M>?F?
G;MI=;LLID~?MN;P;@L?;H>I
Z =?LNIO I J?CNI Z >CMM? I L;J;T  Z , P?FBI ?M=ILL?AIO HOG GIHN? >?
G?L>;
Z=?LNIO;MJ?LH;MZ>CMM?,FCP?CL;
Z!?J?H>?>IJIHNI>?PCMN;Z>CMM?OGM?HBIL?RNL?G;G?HN?<;CRI
Z;N?OHIJ?CNIZ>CMM?IL;J;T Z3C=IG?MN?MIFBIM
Z+?MM?=;MIX+‚IM?LC;<IG;PCM;L;@;GˆFC;
Z"F?H‚IN?G@;GˆFC;
„?M=LCNIL
ZBZ>CMM?,FCP?CL;
Z1?GOGA;NI?GOCNˆMMCGIMFCPLIM 2G;P?TMO<CJ;L;?HNL?A;L;?F?OG
J;=IN?;J?>C>I>;JILN?CL;??F?G?@?T?HNL;L 1CHB;FCPLIJILNI>IF;>I &MMI;ˆ
NCHB;>?;=;<;L;=IHN?=?H>I
IM?M=LCNIL?MM‚I>CMNL;ˆ>IM "O
H‚IJ;L;KO?OG
;ONIGP?FG?;=?LN?X
;ˆ;G OG;M JIO=;M AIN;M KO? HOG GCHONI >CMMIFP?L;G ; LI>CHB; >?
N?MN?GOHB;M "LAO?H>I;AIF;>I<FOM‚I
,FCP?CL;?H@CIOIH;LCTHIP?HNI@LCI?
M;CO ; =;GCHB;L M?G LOGI  "MN;P; =?LNI >? KO? I P?FBI H‚I NCHB; MI@LC>I
G;CIL?M >;HIM
 G;M =IHNCHO;P; P?H>I M?O LIMNI KO;M? JF~=C>I
 H; P?L>;>?
J?LJF?RI
 ?HKO;HNI I CHMN;F;P;G H; G;=; ?HNL? @L;M?M >? ?MNˆGOFI ? =IL>C;CM
U==6KAyA|C646DEC:6?x2W>IG;KO?CLI
OGLOCPIKO?>?PC;>CT?L;G?MG;
=ICM;;NI>IGOH>I UNIN;F;OM…H=C;>?=IGOHC=;ƒ‚IW
J?HMIO,FCP?CL; U+‚I
„ KO? ?MN?D;GIM MITCHBIM
 CMMI D~ M? M;<? ? H‚I ;>C;HN; =BC;L  @CH;F ?MN;L
MITCHBI „ ?MN;L MITCHBI >?HNLI >? OG >?N?LGCH;>I JF;HI HI KO;F IONL;M
MIFC>‘?M JI>?LC;G M? =IGOHC=;L =IHIM=I =;MI @IMM? JIMMˆP?F  *;M KO;FKO?L
=IH@FCNI
 OG ;=C>?HN? H; LO; IO OG; >?=F;L;ƒ‚I >? AO?LL; JLIPI=;G ; <LON;F
CHN?LM?ƒ‚I >? JF;HIM >C@?L?HN?M
 ? OG BIG?G KO? N;FP?T M?D; OG; ?GCH…H=C;
>I MHM=LCNI IO >; @ˆMC=; KOHNC=; M? NL;HM@ILG; HOG AyA|C6 J;L; I G;KO?CLI
KO?I;N?H>?HOG;=C>?HN? ">A;L-I??H@C;>IHOG=;LLCHBI>?G‚I
3?LF;CH?
H;M G‚IM >? G„>C=IM >? G?C; NCA?F;
 +?LP;F ? LN;O> ?H@L?HN;H>I IM
JMCKOC;NL;M  , KO? JI>?LC; M;<?L >? (?;NM I A;F?HI CN;FC;HI KO? I M;HAL;P; ?
G;N;P; >? @IG? 0? BIG?HM =IGI ?MM?M AO;L>;G MCF…H=CI
 =IGI „ G;CM
JLIP~P?F
IMIONLIMNLCOH@;G=?A;G?HN?
=F;LIKO?M?GG~CHN?Hƒ‚I
M?GM;<?L
KO??MM?IJ?L;>I
KO??MM?NO<?L=OFIMI
KO??MM?@?LC>IHOMI<L?OG;=;G;?MN~
>OJF;G?HN? MITCHBI
 LI>?;>I >? M?L?M KO? M? GIP?G =IGI M? ?MNCP?MM?G JIL
NL~M>?OGPC>LI
?GIONLIN?GJIXW
"HNL;H>IHOGP?MNˆ<OFI
;=?H>?OOG=CA;LLI  ;ˆ;;N;L>?
ALOJIM>?GIƒ;M
M;ˆ;G >;M FID;M
 JL?=CM;H>I LCL
 @;F;L ;IM ALCNIM
 ?GJOLL;L M?
 ?MJID;L M? HOG;
JILIMC>;>?>?OGKO;LNI>?BIL;;HN?M>?L?=;CLHI<C@??H;L?PCMN;M?G;H;F
,FCP?CL; =IHNCHOIO ;H>;H>I  0?G H?=?MMC>;>? >? >L;G;NCT;L
 ; G;CM GI>?MN;
I<D?NCPC>;>? ?L; OG; ;<?LNOL; J;L; I ;<MOL>I >? -;LCM
 >; PC>; AL?A~LC;  " D~
KO? B;PC; J?HM;>I HIM JI?N;M
 ?L; @~=CF F?G<L;L M? >? NI>IM IM KO? B;PC;G
>?HOH=C;>I ; MIFC>‚I >I BIG?G ;I F;>I >I BIG?G
 ; CLLCMLC; =IG„>C; >IM
=OGJLCG?HNIM
 I U=IG FC=?Hƒ;W ;I =LOT;L =IG IONLI H; ?M=;>;
 I ;MM?HNI
=?>C>I M M?HBIL;M HI G?NLŽ
 ; =IH@L;N?LHC>;>? H; JIFˆNC=; ? HIM ?MJILN?M  0
OGINCGCMGI<CIFAC=I?M?RO;FJI>C;>CMMCGOF;LJ;L;;FAOHMMO;CHMOF;LC>;>?

G;FAL;>I'IBH!IHH? ,M=IHN;NIMH;;ƒ‚I?H;L;ƒ;?HII@ˆ=CI?H;=;G;?
HI=;GJI?L;G=IHN;NIM>?L;GIM?@IFB;MKO?M??HNL?=LOT;G?M?;=;LC=C;G
>? ~LPIL? ; ~LPIL?
 ?HKO;HNI IM NLIH=IM ?LAO?G >?M>?HBIMIM MO;M J;L;F?F;M
CH=IH=CFC~P?CM U%@7F?5@JI>?Lˆ;GIMM?L=IGIH;MOJ?L@ˆ=C?W
J?HMIO,FCP?CL;

UG;M M?LC; JL?=CMI PCP?L >? IONL; G;H?CL;  " I KO? MCAHC@C=; PCP?L >? IONL;
G;H?CL;1;FP?TPCP?L;<MOL>;G?HN?J;L;;=;<;L=IGI;<MOL>I
DIA;L M??GMC
G?MGI=IGN;G;HB;PCIF…H=C;KO?IM;FNI;=;<;MM?HIM<L;ƒIM>?IONLI 0CG

N;FP?TI;GIL
G;M;@E96C?6DD>OL;J;L;HMIKO?>OL;OG;GOFB?L
?;F„G
>CMMI MIG?HN? HI KO? M? L?@?L? ; ?MM; GOFB?L  +I @OH>I H‚I ?RCMN? INB?LH?MM

;J?H;M;;AL;>~P?FE@86E96C?6DD 3?L>;>?KO?H‚I>?CR;>?M?L;FAOG;=ICM;XW
GIL
 =?LCGŽHC; IHNIFIACT;HN?
 >I;>IL; >? M?L  " JIL CMMI FB? I=ILLC; ;AIL;
;KOCFIKO?N?LC;MC>IG?FBILKO?NCP?MM?FB?I=ILLC>IHICHˆ=CIM?GJIMMOCL M?
H‚IB;PC;JIMM?MM‚I>;IONLC>;>?
?KO?G„KO?M?JIMMOˆ;>?P?L>;>?.O?G
?MN;P; >? PIFN; >? MC G?MGI
 >; MIFC>‚I ;<MIFON; KO? L?JL?M?HN; H‚I =IHN;L
M?KO?L=IG;JLJLC;=IGJ;HBC;
N?LKO?M??H@C;LHI=CH?G;IOHIJLIMNˆ<OFI
IOH;=;M;>IM;GCAIMIOHOG;JLI@CMM‚I?RCA?HN?IOHI=;M;G?HNIJ;L;?MN;L
J?FI G?HIM MITCHBI ?HNL? IM >?G;CM MMCG
 J;L;>IR;FG?HN?
 I =’GOFI >;
MIFC>‚I =IH>OTC; ;I =’GOFI >I AL?A;LCMGI
  AL;H>? CFOM‚I >; =IGJ;HBC;
;FB?C;
;IBIG?GMH;M;F;>IM?MJ?FBIM?>IM?=IM *;MJ?MMI;M=IGI?F??
=IGIN;HNIMIONLIM
KO?M?;=?CN;P;G;MCG?MGIMIOKO?M?L?D?CN;P;G
G;M
=IHB?=?H>I M? >? J?LNI
 =;ˆ;G HI JCIL >IM J;L;>IRIM
 I >? ?MN;L N;FP?T HI
OG<L;F >; IONLC>;>? ? H‚I =IHM?AOCL ?HNL;L   P?L>;>?CL; IONLC>;>? @?CN; >?
>?FC=;>IM=IHN;NIM
>?G;L;PCFBIMIM;DOMN?M=IGIGOH>I
H‚IJI>C;M?=OGJLCL
;J;LNCL>?OGN?LGIM
G‚I?MN?H>C>;>?P?LC;L?MJIH>?LIONL;G‚I
>?@IL;

PCH>;>IIONLI

 


-;L;>I HOG; ?MKOCH;


 @;LNI >; @;FN; >? =IHMCMN…H=C; >? MO; L?@F?R‚I ? CMMI
KO?;NI>IGIG?HNI
H‚IM;<C;JILKO…
J?HM;P;KO?IP?FBCHBI@?LC>I>?PC;
?MN;L HOG; =;G; >? BIMJCN;F =?L=;>I JIL G„>C=IM ? ?MNO>;HN?M ? ?H@?LG?CL;M
;G;P?FG?HN? CGJ?MMI;CM
 KO? J?LAOHN;LC;G M?O HIG? ? MO; C>;>? ? MO;
JLI@CMM‚I
 >CLC;G KO? H‚I ?L; H;>;
 I ;FCPC;LC;G M?G >?GIL; =IG CHD?ƒ‘?M ?
=OL;NCPIM
 ,FCP?CL; NCHB;=IG?ƒ;>I ; IFB;L I KO? ;=IHN?=C;  MO; PIFN; ? KO?
=IGI KO;FKO?L ?MKOCH; >? KO;FKO?L =C>;>? ?L; ; CFOMNL;ƒ‚I J?L@?CN; >I KO?
?MN;P;J?HM;H>I?KO;M?IJIOJ;P;>;N;L?@; +I=;@„
JLIN?AC>IM>I@LCIM?LC;I
=;MI>??HNL;L?<?<?LOG=IJI>?PCHBI
OGALOJI>?J?>L?CLIM=IHP?LM;P;
=IGI>IHIHI<;F=‚I !ICM?MNO>;HN?MFC;G??M=L?PC;GHOG;G?M;
?,FCP?CL;
IM PC; ?LAO?L IM IFBIM ? IFB;L J;L; I ALOJI >? J?>L?CLIM
 PIFN;L ;I FCPLI IO
=;>?LHI
IFB;L>?HIPI !?OG;=;CR;>?=LCMN;FJ;L;IONL;
IFB;L M?
CMIF;L M?

IFB;L M? CMMI ?L; NO>I  +I ;FNI >I N?LL;ƒI >I =;@„
 OG; M?HBIL; >I JLCG?CLI
;H>;LJ;L?=C;?MN;L=IMNOL;H>IIO=ILN;H>IOGP?MNC>I;IF;>I>;D;H?F; 0?O
J?HN?;>I ;FNI M? GIPC; =;>?H=C;>I  ,FCP?CL; CG;ACH;P; M?OM J?HM;G?HNIM
 ;M
N?MIOL;M
 IM @CFBIM KO? PIFN;LC;G >; ?M=IF; ; KO;FKO?L GIG?HNI
 I G;LC>I
N?LGCH;H>I ; DILH;>; HOG ?M=LCNLCI IO HOG <;H=I  ,M J?>L?CLIM
 IM
?MNO>;HN?M
;M?HBIL;
?;AIL;OG=FI=B;L>>?M?G<I=;P;>?OG;LO;NL;HMP?LM;F
=IGOG;A;LL;@;>?PCHBINCHNIM;CH>I>I<IFMI
?GJOLL;H>IOG=;LLCHBI>?
<?<…=B?CI>?DILH;CMP?FBIM
F;N;M
LIOJ;M?M@;LL;J;>;M?CGOH>;M
OG;<IH?=;
M?G =;<?ƒ;
 OG J;=IN? >? IH>? M;ˆ; OG L;<I >? J?CR?  ,M J?>L?CLIM
 IM
?MNO>;HN?M
 ; M?HBIL;
 I =FI=B;L>
 ? HI AOC=B… KO? J;L?=C; >?MNCH;>I ;IM
=IH>?H;>IM  JLCM‚I
 ),1"/&" +1&,+)"
 OG; P?FB; >? G?=B;M L?<?F>?M
<LIN;H>I >? OG; ?MJ„=C? >? <ICH; =CHT;
 ;M G‚IM ?H@C;>;M ?G FOP;M ;TOCM

1&/$"*"/ /"!&
?MJ?L;H>IM?G?MJ?L;LI=FC?HN?
=IGOG<L;M?CLI>?=;LP‚I

DOHNI ;IM J„M


 ?H=;CR;>; ?G M?O ;N;’>? P?LNC=;F
 KOC?N;
 KO;M? =IHA?F;>;

I@?L?=?H>I ; MILN? AL;H>? ? J?HM;H>I M;<? F~ I KO…


 J?KO?HIM =I~AOFIM >?
C>?C;M
 L?J?NCƒ‘?M M?HCM
 ; JLI@?MMIL; >; CH@H=C; KO? >;P; >I=?M J;L; ?F;
 OG
G;LC>I GILNI H; <;N;FB; >I 0IGG?
 OG @CFBI =;CR?CLI PC;D;HN?
  HICN? ;
G;HM;L>;M?G~AO;=ILL?HN?
;MIJ;J;L;NL…M>C;M
I3@6F73@FC8F:8?@?KO?„
G;CM <;L;NI KO? OG <C@?
 1&/$" *"/ /"!&  ,M J?>L?CLIM
 IM ?MNO>;HN?M
 I
=FI=B;L>
;P?H>?>IL;>?<CFB?N?M>?FIN?LC;
=;>;ALOJI
=;>;OG?GMO;=;CR;
>?PC>LI
G;M<;MN;P;OGP?FBI=;CL>?<;CRI>?OG=;LLI?H;BIL;B;P?LC;OG;
=ILL?LC;A?L;FJ;L;IFI=;F>I;=C>?HN?
OG;P??G?HN?NLI=;>?CGJL?MM‘?M
>?
=LˆNC=;M
>CMJ;LC>;>?M?=ICH=C>…H=C;M;N„KO?=IG?ƒ;MM?;=BIP?LIONL;P?T?IM
J?>L?CLIM PIFN;MM?G J;L; I <;F=‚I >I =;@„
 IM ?MNO>;HN?M J;L; MO; G?M;
 IM 5
J;L;IM5
IM7J;L;IM7
U0 PCP?H>I ;<MOL>;G?HN? M?LC; JIMMˆP?F LIGJ?L OG >C; ?MM? ;<MOL>I
CH@CHCNIW
 L?J?NCO ,FCP?CL; J;L; MC G?MGI  U ;L;G<;
 PIO @C=;L ?HMIJ;>I

JL?=CMI ?HNL;L ?G ;FAOG FOA;L W 3CO IM =;LN;T?M >; 0;FF? >? $„IAL;JBC? ? M?
L?@OACIO H; ?HNL;>;  2G; =IH@?L…H=C; MI<L? ; OMNL~FC;
 =IHNCH?HN?
>?M=IHB?=C>I  /?OHC‚I >IM >CM=ˆJOFIM >I LCMNI >? *IHN@;P?N  IH=?LNI >?
JC;HI >? G;>;G? ?LNB? 1L„J;N  &HM=LCƒ‘?M ;<?LN;M J;L; OG =OLMI MI<L?
G?N?ILIM  1ILH? M? OG DO>I=; ?G =CH=I G?M?M  IH@?L…H=C; MI<L? ;
OL<;HCT;ƒ‚I>?)SIH ,=IH=?LNI>?JC;HI=IG?ƒ;LC;?GM?AOC>;?;?HNL;>;
?L; <;L;N;  ,FCP?CL; IFBIO I =„O
 >?O >? IG<LIM ? ?HNLIO  1CHB; J?HM;>I
P;A;G?HN??GCL;N„;=;M;>?/IH;F>IO;I;N?FC…>?"NC?HH?
G;M?L;G?FBIL
>?CR;L J;L; ; HICN?  +‚I M;<C; JIL KO…
 ;=B;P; AL;ƒ; HI @;NI >? ; JC;HCMN; M?
=B;G;L ?LNB? 1L„J;N  1;G<„G ;=B;P; AL;ƒ; ?G M? L?@OAC;L HOG =IH=?LNI
J;L; ?M=;J;L JIL OG N?GJI >? MC G?MGI
 CFOMNL;ƒ‚I CLŽHC=; >? GOCNI >;KOCFI
KO? PCHB; LOGCH;H>I J?F; LO;  U+‚I MIGIM H;>;
 =B?W
 J?HMIO ?HKO;HNI
>?JIMCN;P; =?HNI ? PCHN? @L;H=IM H; ;FNOL; >IM >?HN?M >; P?FB; ?HA;CIF;>; HI
AOC=B…  #C=IO H; @CF?CL; >?T
 JOL; G;F>;>? >; P?FB;
 JILKO? I =IH=?LNI D~ C;
=IG?ƒ;L ? H‚I B;PC; KO;M? HCHAO„G ;F„G >? ;FAOHM ;H=C‚IM =;FPIM
 IONLIM
<;L<O>IM ? IONLIM ;M >O;M =ICM;M
 =IG D?CNI >? M?L?G >I <;CLLI IO >; @;GˆFC;

>O;M GOFB?L?M >? OHM KO;L?HN;


 KO;L?HN; ? =CH=I ;HIM
 >? =;M;=IM P?NOMNIM ?
AO;L>; =BOP;M ?M=ILL?H>I ~AO;
 OHM JIO=IM DIP?HM
 ?G MO; G;CILC; =;M;CM
 ?
>CM=ONCH>I PCIF?HN;G?HN?
 ?G G?CI ; ?GJOLL‘?M
 <;LOFBI >? J;J?F >? <;F; ?
L;HAC>IM>;MJ„MMCG;M=;>?CL;MPC?H?HM?M +ININ;F
OG;MPCHN?J?MMI;M  B?CL;P;
;N;L>?>?=BOP;
;AL;H>?M;F;?MN;P;A?F;>;?’GC>;
IOPC; M?OG@;F;L=IH@OMI
;NL~M >I N?=C>I >I @OH>I >I J;F=I  2G P?FBI B;PC; ;=?H>C>I I =;=BCG<I ?
,FCP?CL;JORIO>?JL?MM;OG$;OFICM? +‚IM?M?HNC;GOCNI<?G
B;PC;?HNL;>I
~AO;?GOG>IMM?OMM;J;NIM
I=B?CLI>?GI@I?>?LIOJ;GIFB;>;I?HDI;P;
OGJIO=I 1L;AIO;JFC=;>;G?HN?;N„?MKO?HN;LI=CA;LLI??MNLIJC~ FI !IF;>I
>? @IL; MIIO OG; =;GJ;CHB; A;A;
 ? OG >IM DIP?HM ;JF;O>CO =IG …H@;M?  
P?FB; F;HN?LHCHB;
 <ICH; ;NL;P?MM;>; ? G;KOC;A?G =IG ; KO;F =?LN;G?HN?
>ILGC;
 @?=BIO ; =ILNCH; >; ?HNL;>;  0 ?HN‚I ,FCP?CL; M? F?G<LIO >? KO?
B;PC;GFB?>;>IOGJLIAL;G; "L;OG;J~ACH;G;FGCG?IAL;@;>;
IH>?=IG
;FAOG?M@ILƒI>;P;J;L;>?=C@L;LKO?G;>;G??LNB?1L„J;N
G?>;FB;>?IOLI

NI=;LC;IMU1L…MGIPCG?HNIM>?M=IHNˆHOIMW>?/IM?I<JLCG?CL;;O>Cƒ‚I
;
U-;P;H; J;L; I A?H?L;F )?=F?L=W
 >? FCR FCR JLCG?CL; ;O>Cƒ‚I =CPCF
 ? ;
U0ˆHN?M?!?FC<?M 0;CHN 0;†HMW
>?!?FC<?M
0;CHN 0;†HM??LNB?1L„J;N
U ;L;FBIW
J?HMIO,FCP?CL; U.O?G?L>;>?JLIAL;G; W
0?GKO?M?MIO<?MM??R;N;G?HN?>?IH>??F?B;PC;M;ˆ>I
;J;L?=?O;NL~M>I
JC;HI OG M?HBIL >? J;J;>; <;F;Hƒ;HN? ? =;<?F?CL; <L;H=;  "MN;P; P?MNC>I >?
JL?NI ? ;=;LC=C;P; =IG OG; G‚I LIM;>; ; =ILL?HN? KO? =LOT;P; M?O =IF?N? >?
@;HN;MC;  ,FCP?CL; ;=BIO KO? I =IF?N? ?MN;P; <;MN;HN? M?<IMI  ,OPCL;G M?
;JF;OMIM M?=IM PCH>IM >? OG; M?HBILCN; >? =;J; >? =BOP; LIR; ? =OFIM =IG
;LG;ƒ‚I >? IOLI  "MALCGCH>I OG; PIT ?RNL;IL>CH;LC;G?HN? M?G?FB;HN?  >?
OG;;L;L;
I;H=C‚I>;J;J;>;>?OCHˆ=CI;OG;CHNLI>Oƒ‚I;I=IH=?LNI
AL;ƒ;M
KO;FIJ’<FC=I@C=IOM;<?H>IKO?/IM?I<?L;?R ;FOH;>?JC;HI>?G;>;G?
?LNB?1L„J;N
KO?;U-;P;H;W>?FCRFCRB;PC;MC>I=IGJIMN;JILOG>CMNCHNI
I@C=C;F >I "R„L=CNI KO? M? I=OFN;P; MI< ;KO?F? GI>?MNI JM?O>ŽHCGI
 ? KO? ;M
>O;M =IGJIMCƒ‘?M G?H=CIH;>;M ONCFCT;P;G L?MOGC>;G?HN? IM G;CM GI>?LHIM
JLI=?>CG?HNIM >; ?M=LCN; GOMC=;F  .O;HNI  U0ˆHN?M? !?FC<?M 0;CHN 0;†HMW ?
;KOC I ;H=C‚I ?LAO?O IM IFBIM =IG ?HF?PI
 ?MM; L?JL?M?HN;P;
 H; G’MC=;
=IHN?GJILH?;
 OG; >;M G;CM JLI@OH>;M CHIP;ƒ‘?M KO? ; ;ONIL;
 G;>;G?
1L„J;N
KO;FC@C=;L;=IGIUMCH=L?NCMGI@;Nˆ>C=IW =;L;=N?LCT;ƒ‚I?L;;>?KO;>;
H;G?>C>;?GKO?IA…HCIGOMC=;F>?!?FC<?M?0;CHN 0;†HMN?H>C;IMGIM?

CHN?L@OM‚I ?  CHN?L@IHC;
 J;L;FCM;>;M J?FI ?R=?MMI CH>CPC>O;FCMN; >I ,=C>?HN? ?
=IH>?H;>;M ; H‚I >?M?G<I=;L HOG; =LC;ƒ‚I MOJ?LCIL ? MCHN„NC=; H‚I @IL; ;
G?>C;ƒ‚I >; CHNOCƒ‚I A?HC;F >? G;>;G? 1L„J;N  "
 ?@?NCP;G?HN?
 MO;
M?HMC<CFC>;>? B;PC; =;JN;>I ;@CHC>;>?M KO? ?M=;J;P;G ;IM IOPCHN?M =IGOHM

;MMOGCH>I;HI<L??G<IL;~L>O;GCMM‚I>?NL;HM@ILG;L M?H;JIHN?G?>C’HC=;
;NL;P„M >; KO;F PC?MM? ; =IHMOG;L M? I ?H=IHNLI >IM >ICM AL;H>?M @CFBIM >;
#L;Hƒ; "L;BIL;>?>?MN;=;LKO?G;>;G??LNB?1L„J;N
J;L;F?F;G?HN?;MO;M
;NCPC>;>?M >? JLI@?MMIL; >? G’MC=;
 H‚I N;L>;LC; ?G =IGJF?N;L MO;M <I>;M >?
JL;N;;M?LPCƒI>;=IGJIMCƒ‚I ,IL;>ILH‚IM?;NL?PC;
HOG;G?L;CHNLI>Oƒ‚I;
OG =IH=?LNI KO?
 M;<C; GOCNI <?G
 ?L; ?MJ?L;>I =IG PCP; CGJ;=C…H=C; J?FI
J’<FC=I
;>?M?HPIFP?L=IGIN?LC;MC>IH?=?MM~LCI;;H~FCM?>;I<L;GOMC=;F>?
G;>;G?1L„J;N !?NI>IGI>I
?=IGII<D?NCPI>?I@?L?=?LOGJ?HN;AL;G;
G?HN;F KO?F?M KO? ?M=ON;LC;G J?F; JLCG?CL; P?T ;M I<L;M >? /IM? I< ? >?
G;>;G? 1L„J;N
 JI>C; L?MOGCL MO; ?MN„NC=; H; G?Hƒ‚I >? =IHMNLOƒ‘?M
;HNC?MNLONOL;CM
IOM?D;
>?=„FOF;MMIHIL;M;ONŽHIG;M
@LONI>;JOL;CHMJCL;ƒ‚I

=IH=;N?H;>;M H; CHN?Hƒ‚I A?L;F >; I<L; G;M NIN;FG?HN? FCPL? >IM GIF>?M
=F~MMC=IM
 >I>?=;@ŽHC=IM IO ;NIH;CM ;M >O;M ’FNCG;M J;F;PL;M @IL;G L?J?NC>;M
?H@;NC=;G?HN?  MMCG
 JIL ?R?GJFI
 IM U1L…M GIPCG?HNIM >?M=IHNˆHOIMW
 >?
/IM? I<
 ;FOH; >CF?N; >? G;>;G? 1L„J;N
 J;LNC;G >; L?;ƒ‚I JLIPI=;>; HI
?MJˆLCNI>;;LNCMN;J?FIAIFJ?>?OG;JILN;@?=B;H>I M?=IGPCIF…H=C;
?IMNLCHN;
? >ICM ;=IL>?M KO? @ILG;P;G I JLCG?CLI GIPCG?HNI ?L;G IONL;M N;HN;M
L?J?L=OMM‘?M>?MM?AIFJ?HIJF;HI?MN„NC=IIIL;>ILH‚IJ?HM;P;?MN;LPCIF;H>I
OGM?AL?>IKO;H>I=IH@C;P;;M?O=OFNI;O>CNLCIKO?;N„=HC=;>?=IGJIMCƒ‚I
>; U0ˆHN?M? !?FC<?M 0;CHN 0;†HMW C; MIG;L M? M @ILƒ;M G;CM JLCGCNCP;M ?
?MIN„LC=;M >; =LC;ƒ‚I  ';G;CM ?MKO?=?LC; I AL;H>? JLCPCF„ACI >? N?L ;MMCMNC>I ;
OG; @;M? >; U0ˆHN?M?W ? ;DO>;>I G;>;G? 1L„J;N ; G;HCJOF;L OG J…H>OFI
L;<>IGHNC=IMI<L?;MJ;LNCNOL;M>IM>ICMG?MNL?M=IGII<D?NCPI>??M=IFB?L;M
J;MM;A?HM =OD; CH@FO…H=C; MI<L? I J…H>OFI =ILLI<IL;MM? ; ;MMIG<LIM; CHNOCƒ‚I
ILCACH;F >; ;LNCMN;  " ?G<IL; GOCNI JO>?MM? M?L ;=L?M=?HN;>I ;I >CNI ;N„ ;FC
 I
IL;>IL;=L?>CN;P;M?LM?O>?P?LL?NCL;L M?;JMM;O>;L?GG;>;G??LNB?1L„J;N
OG>IM@;LCM>I?MJˆLCNI@L;H=…M??R?GJFIJ;N„NC=I>IA…HCICH=IGJL??H>C>I
J?FIMAL;H>?MJ’<FC=IM
J;J;>;;ACNIO M?PCIF?HN;G?HN??I;H=C‚I
?HA;MA;>I>??GIƒ‚I?=;N;LLI

>?M;J;L?=?O HIM <;MNC>IL?M  .O;L?HN; G‚IM >?M=;LL?A;L;G ;FAOHM M?=IM


;JF;OMIM
P~LCIM@M@ILIMJ?L>?L;G;=;<?ƒ;
,FCP?CL;M??MNC=IOIG;CMKO?JŽ>?
H; =;>?CL; ? M?HNCO M? G?FBIL  , P?FBI >I ;=C>?HN? N;G<„G >?PC; ?MN;L M?
M?HNCH>I G?FBIL H; =;G; >I BIMJCN;F
 G?LAOFB;>I D~ H; MIHIF…H=C; KO? P?G
>?JICM>I=BIKO?
;KO?F?CHN?LL?AHI@?FCTHIKO;FM?L?HOH=C;;M?L>IHI>?MC
G?MGI?;=;G;„=IGIOGH;PCI
=IGI@„LC;ML?GOH?L;>;M
=IGIKO;FKO?L
LOJNOL;=IG;PC>;=INC>C;H; U"MNIOKO;M?CH>IPCMCN~ FIOG>C;>?MM?MW
>CMM?
,FCP?CL;J;L;MCG?MGI U*;M?M??O?MNL;AI;CFB;>?M?LN;>?F?
G?NL;HM@ILGI
H;J?A;>;>IJ„H;;L?C;X ;L;G<;
=B?
=IGIPI=…?MN~@C=;H>I>?FC=;>IW
,M;JF;OMIMI@CT?L;G;<LCLIMIFBIM?;MMCMNCLJ?HIM;CH=FCH;ƒ‚I=IG;KO;F
G;>;G? ?LNB? 1L„J;N IM ;AL;>?=C;  HN?M >? P?L >CL?CNI I LIMNI >?F;
 @IC
J;L;FCM;>I J?FIM M;J;NIM
 OHM M;J;NIM N‚I >? BIG?G KO? M;C; ;FAOG; N?LC; I
JI>?L >? >CMMCGOF~ FIM  .O;>L;>IM ? M?G M;FNI ;FNI
 =IG NCL;M CHONCFG?HN?
@?GCHCH;M  , KO? PCHB; ?G M?AOC>; ?L; LˆAC>I ? F;LAI ;I G?MGI N?GJI
 OG;
?MJ„=C? >? AIL>; ?H@C;>; HOG =ILM?N? CGJF;=~P?F  *;M ?LNB? 1L„J;N H‚I ?L;
AIL>;
 G;F JI>?LC; M?L >?@CHC>; =IGI LI<OMN;  !?PC; N?L =C~NC=; IO FOG<;AI

;FAOG;=ICM;KO?;I<LCA;P;;M?GIP?L?G<FI=I
;AIL;@LIHN;FG?HN?
@;T?H>I
I =OGJLCG?HNI =IG =?LNI ?M@ILƒI
 ? >?JICM >? J?L@CF
 >?MFCT;H>I ?HNL? I
<;HKOCHBI?IJC;HI?>I<L;H>I M?A?IG?NLC=;G?HN?;N„@C=;LM?HN;>; !;FC;
;LNCMN; ACLIO <LOM=;G?HN? ; =;<?ƒ; ? =OGJLCG?HNIO IONL; P?T
 ?G<IL;
HCHAO„GG;CM;;JF;O>CMM? U)~?G=CG;>?P?N?L;FAO„GJOR;H>IIM=IL>„CMW

J?HMIO ,FCP?CL;  "F? AIMN;P; >;M G;LCIH?N?M ? >IM ;ONŽG;NIM


 ? ?MJ?L;P;
G;L;PCFB;M >I N;F MCH=L?NCMGI @;Nˆ>C=I  ?LNB? 1L„J;N IFBIO >? HIPI J;L; I
J’<FC=I
 M?O LIMNI L?>IH>I >? ;MJ?=NI ?H@;LCHB;>I >?O ; CGJL?MM‚I >?
=IH>?HM;L >? L?J?HN? NI>IM IM J?=;>IM >; FO;
 ? MO; <I=;
 =IGI OG; =?L?D;
PCIF?HN;G?HN? LO<L;
 >CF;NIO M? ;N„ ;MMOGCL I @ILG;NI >? OG; <;L=; ?AˆJ=C;
,ONL;P?T>?J?L@CF
M?OH;LCTCHBI?G@ILG;>?<C=I>?J;J;A;CI;H;FCMIOJIL
OG GIG?HNI I N?=F;>I ?HKO;HNI ;M G‚IM JIOM;P;G >I > ;I MC =IGI >ICM
M;KOCHBIM>?=;GOLƒ;D~A;MNIM  IG?ƒ;L;G;MI;LIMNLCHN;?>ICM;=IL>?M>I
JLCG?CLI GIPCG?HNI >?M=IHNˆHOI  "HNL? I JLCG?CLI GIPCG?HNI ? I M?AOH>I
NL;HM=ILL?L;G =CH=I M?AOH>IM
 ?HNL? I M?AOH>I ? I N?L=?CLI
 KOCHT? M?AOH>IM
I =B?A;L ;I >„=CGI KOCHNI ;=IL>?
 /IM? I< NCHB; >?=L?N;>I OG; J;OM; >?
PCHN??=CH=IM?AOH>IM ,FCP?CL;
KO?HOGJLCG?CLIGIG?HNIB;PC;;JL?=C;>I
I <IG OMI Q?<?LC;HI KO? /IM? I< @;TC; >IM MCF…H=CIM
 HINIO KO? ;
L?CH=C>…H=C;I>?AL;>;P;L;JC>;G?HN? "HNL?IM;=IL>?M??MN;F;L;GNIMM?M

?HNL?I?I;FAO„GLCM=IO?H?LAC=;G?HN?OG@M@ILI
?HNL?I?I
>?O J;L; IOPCL =F;L;G?HN? ; ?RJL?MM‚I U9 >6C56 2=@CDW JLI@?LC>; JIL OG;
DIP?HTCHB; FIOL;  )~ J?FI PCA„MCGI ;=IL>?
 OG; >;M >;G;M G;CM P?NOMN;M
 OG
P?L>;>?CLIJC=F?MPCLACH;F
?GJOHBIO?H?LAC=;G?HN?OGAO;L>; =BOP;?;<LCO
;<I=;J;L;>CT?L;FAOG;=ICM;KO?I;=IL>?GCM?LC=IL>CIM;G?HN??MG;AIO
!CP?LNC>I
,FCP?CL;IFB;P;J;L;?LNB?1L„J;N>?M=IH@C;>I>?KO?;JC;HCMN;IM
?MNO>;P;=IG;KOCFIKO?=B;G;P;G>?L;<I>IIFBI -IL?MM?L;<I>?IFBII
J?L@CF GCH’M=OFI ? A;H=BO>I >? ?LNB? 1L„J;N >?CR;P; @CFNL;L OG IFB;L =CHT;
=?F?MN?
?,FCP?CL;CG;ACHIOKO?N;FP?T;CH@?FCTNCP?MM?=IG?ƒ;>I;=;F=OF;LI
H’G?LI >? CHAL?MMIM P?H>C>IM  +I ;=IL>?  OG M?HBIL >? LINOH>; =;FP;
?H>CL?CNIOI=ILJICH>CAH;>I?
>?JICM>?<O@;L?MIJL;L
M;CO>;M;F;=L;P;H>I
IMM;FNIM>IMM;J;NIMHIMCF…H=CI>?ICNIM?AOH>IM=IH@?==CIH;>IJIL/IM?I<
 J;LNCL >I ;=IL>?  ;M J;OM;M =IG?ƒ;L;G ; >CGCHOCL
 ? >I  ;I 
?MN;<?F?=?O M?OGLCNGI>?G;L=B;@’H?<L?KO?H‚I>?CR;P;>?N?LMO;AL;ƒ;
?LNB?1L„J;NL?NCLIOIMM;J;NIM>IMJ?>;CM
JŽM;G‚I?MKO?L>;MI<L?IL?A;ƒI

? M? F;HƒIO ;I M?AOH>I GIPCG?HNI  "MM? GIPCG?HNI >OL;P; ;J?H;M KO;NLI
=IGJ;MMIM
=;>;OG>?F?M=IGNL…MHIN;M>?CAO;FP;FIL ,N?L=?CLIGIPCG?HNI
=IHMCMNC; JLCH=CJ;FG?HN? ?G M;CL >IM L?ACMNLIM ?RNL?GIM >I N?=F;>I ? ;P;Hƒ;L
=LIG;NC=;G?HN?J;L;I=?HNLI
L?J?NCH>I;IJ?L;ƒ‚I>?>?HNLIJ;L;@IL;
NO>I
CMMI?GG?CI;=IHNˆHO;MN?L=CH;M?IONLIM;>ILHIM +OG>;>IGIG?HNI
KO?
H;>; J?LGCNC; JL?P?L
 ; JC;HCMN; J;LIO >? NI=;L ? M? ?LAO?O <LOM=;G?HN?

M;O>;H>I=IGOG;LKO;M?>?M;@C;>ILG;MHIKO;F,FCP?CL;N?P?;CGJL?MM‚I>?
>CM=?LHCLOG;JIHN;>?CHM?AOL;Hƒ;?G?MGI>?G?>I 2G=;M;F;JF;O>CO=IG
L;CP;
,FCP?CL;M?J?AIO;JF;O>CH>IN;G<„GG;MM?GM;<?LJILKO…?KO;H>I
MIO<? M? CLLCNIO ? J;LIO >? ;JF;O>CL  ?LNB? 1L„J;N L?=OJ?LIO KO;M?
CHMN;HN;H?;G?HN? M?O J?L@CF ? J;MM?IO OG >?>I CH>C@?L?HN? J?FI N?=F;>I

?MJ?L;H>I KO? @CT?MM?G MCF…H=CI  IG?ƒIO ; NI=;L ; U-;P;H; J;L; I A?H?L;F


)?=F?L=W
+IM>ICMIONL…MGCHONIMM?AOCHN?M
,FCP?CL;>CPC>CO=IG;FAOG?M@ILƒIMO;
;N?Hƒ‚I ?HNL? ; ?RNL;IL>CH~LC; F;P;A?G KO? ?LNB? 1L„J;N >?M@?=B;P; ; NI>I
P;JIL
 ? ; @ILG; @OLNCP; IO >?=C>C>; =IG KO? P?FBIM ? DIP?HM M? L?NCL;P;G >I
=IH=?LNI *CMNOL;>?)CMTN?/;=BG;HCHIP
;U-;P;H;WL?J?NC;CH=;HM;P?FG?HN?
>ICM IO NL…M N?G;M J;L; >?JICM M? J?L>?L ?G CH@CHCN;M P;LC;ƒ‘?M
 L?N;FBIM >?
<L;POL; <;MN;HN? G;F NI=;>IM
 =IG <OL;=IM ? =?LTC>IM JIL NI>; J;LN? ?
MIF?HC>;>?M >? =;N;@;F=I GIHN;>I MI<L? =;LL?NCHB;
 CHN?LLIGJC>;M JIL <LOM=;M
JCLIN?=HC;M M KO;CM I GCMN?LCIMI FCR FCR M? ?HNL?A;P; =IG >?F?CN?  2G; IO
>O;M P?T?M ,FCP?CL; MOMJ?CNIO KO? I ;FNI J?HN?;>I  F; 0;F;G<Ž >? ?LNB?
1L„J;N M? >?MG;H=B;LC; >? L?J?HN?
 G;M P;C M;<?L KO;HNIM AL;GJIM I
G;HNCHB;G ;LG;>I HI G?CI >I @L;AIL ? >I NL?GIL >; U-;P;H;W  3C?L;G IM
;LJ?DIMILAC~MNC=IMKO?;HOH=C;P;GI@CH;F
L?J?NCL;G M?MO=?MMCP;G?HN?IMNL…M
N?G;M OG >IM KO;CM M;ˆ; >CL?NI >I @? !F2? >? 0NL;OMM
 ? ?LNB? 1L„J;N
>?MJ?DIO OG; =BOP; >? ;=IL>?M =;>; P?T G;CM CHN?HMIM ;LL?G;N;>IM JIL OG;
=CN;ƒ‚I BCMN„LC=; >I JLCG?CLI N?G; ? >ICM ;=IL>?M H;M HIN;M G;CM AL;P?M
 I
’FNCGI>IMKO;CMMIIO;=?HNO;>;G?HN??G@;FMIJ?FIF;>I>;G‚I>CL?CN;
G;M
?L;G=ICM;MKO?JI>C;G;=IHN?=?L=IGKO;FKO?LOG
?,FCP?CL;;JF;O>CO=IG
?HNOMC;MGI
L?;FG?HN?>CP?LNCH>I M?
JC;HCMN;@C=IO>?@L?HN?=IGOG>?M?OM?MNL;HBIMGIPCG?HNIM>?GIF;?
=OGJLCG?HNIO I J’<FC=I  IGI J;L?=C; =IHN~ FI =IG IM IFBIM
 H‚I JI>C;
>?CR;L>?=IGJLIP;LKO?L?MN;P;G;J?H;MICNIIOHIP?J?MMI;M !CAH;
?LNB?
1L„J;NM;COJ?F;?MKO?L>;?;F;HN?LHCHB;=ILL?O;=ILNCH;?I@?L?=?O<;F;M
-IL OG F;>I ?L; I =;MI >? CL ?G<IL;
 G;M ?G NI>I ;KO?F? =IH=?LNI B;PC;
OG;;NGIM@?L;KO??H=;HN;P;,FCP?CL; @CH;F
;=ICN;>;>;1L„J;NM??M@ILƒ;L;
J;L;;JL?M?HN;LI<L;M?GJLCG?CL;;O>Cƒ‚I
IKO?M?GJL??L;OGG„LCNIH?MN?
GOH>I >? AL;H>? JIFIH?M;
 MIH;N; ;I FO;L ? >;Hƒ; >I @IAI  %;PC; ;FAI
=IGIP?>IL H;KO?F; =;L; >? <IH?=; >? ?MNIJ;
 >? N;LN;LOA; >? @?FNLI
 >?
NL?G?H>; <I= J?L>C>; HOG GOH>I L;HƒIMI >? <OF?M F;M=;>IM
 P?FB;M KO?
IOPCL;G/CMF?LNI=;L
M;L;OM>?;LN??>?JI?MC;?GM;F;M=IGJ;J„CM>?J;L?>?
P?NOMNIM
>?ILƒ;G?HNIM>?KO;L?HN;GCF@L;H=IMG?HM;CM?@OLNCP;MM’JFC=;M;IM
;GCAIMJ;L;=B?A;L;I@CG>IG…M
>?=OFNI;LN?P?L >; >?C L;?MNCFIE;>?GC;
/;SGIH>!OH=;H
?H‚I?L;>C@ˆ=CFCG;ACH;L;JCHN;>?FCRFCR?/IM?I<
IM
ML>C>IM =~F=OFIM ;HN?M >? ;FOA;L ; M;F; J;L; I =IH=?LNI
 I JLIAL;G;
GCG?IAL;@;>IJIL;FAOG;FOHI>?<I;PIHN;>?
;MFCMN;MCH@LONˆ@?L;M>?=IHPCN?M

; >?MIF;ƒ‚I HIM <;MNC>IL?M ;I P?L ; M;F; P;TC; ? N?L >? M? ;JL?M?HN;L G?MGI
;MMCG
G?>;FB;>?IOLI?NO>I?N?L>?M?;JL?M?HN;LG?MGI;MMCG "L;KO;M?
OG=;JˆNOFIJ;L; „FCH?
?,FCP?CL;M;<C; M?CH=;J;T>?CG;ACH;L;FAI;F„G>;
;NGIM@?L; A?L;F
 >; >?LLIN;>; ? CH’NCF MI<L?PCP…H=C; >?MM;M ;NCPC>;>?M ;LNˆMNC=;M
J;L;ALOJIM CAO;FG?HN?>?LLIN;>IM ? CH’N?CM  U F;LI KO? NCHB; >? M?L?O; G?
G?N?LH?MM?F?KO?=IGC>I>?NL;ƒ;MW
CLLCNIO M?,FCP?CL; U2GP?FBI>?<;CRI>?
OG=;LLI
?;AIL;1L„J;N "H‚IP;GIM@;F;L>IN?GJICH@?LH;FKO?@;TF~@IL;
?
H?G>?GCG -LCH=CJ;FG?HN?
H‚IP;GIM@;F;L>?GCG W
+; M;F; L?MN;P;G KO;NLI J?MMI;M
 ? ?F? ;=BIO KO? I G?FBIL ?L; CL M?HN;L H;
JLCG?CL;@CF;J;L;;=IGJ;HB;LOGJIO=IG;CM;CHN„LJL?N? =BIOAL;ƒ;H?MM;
?MJ„=C? >? MIFC>;LC?>;>?
 G;M G?MGI ;MMCG M? CHMN;FIO H; @L?HN? ? ?MJ?LIO
@OG;H>I  &H?RJFC=;P?FG?HN? OG; M?HBIL; >?=C>CO M;CL HI ?R;NI GIG?HNI ?G
KO?L?;J;L?=C;?LNB?1L„J;N
KO?=L;PIOIMIFBIMH;IONL;;HN?M>?M?>I<L;L
=IG?M@ILƒIJ;L;=OGJLCG?HN;L;JF;N?C;KO;M?>?M?LN; ,FCP?CL;J?HMIOKO?;
M?HBIL;KO?;=;<;P;>?M;CLG?L?=C;OGNL?G?H>I=BON?H;<OH>; !?L?J?HN?
=IGJLIP;P; KO? NI>;M ;M MO;M L?;ƒ‘?M >?LCP;P;G >? OG; =?LN; MCGJ;NC; JIL
?LNB? 1L„J;N
 ;J?M;L >; U-;P;H;W ? >? /IM? I<  U#;TC; N?GJI KO? H‚I
;=IHN?=C;CMMI=IGCAIW
J?HMIO U3;CP?LKO?=IGIM;HIM=IG?ƒI;;GIF?=?L W
1;HNIM LCIM G?N;@ˆMC=IM ? >? L?J?HN? M? MOLJL??H>C; =IG PIHN;>? >? CL ;I
BIMJCN;F PCMCN;L I P?FBI
 IO ;JF;O>CH>I ;KO?F; G;FO=; ?H=ILM?N;>;  "MNL;HBI
!?PC;M?LI@LCI
;~AO;HIMM;J;NIM
 U0ˆHN?M? !?FC<?M 0;CHN 0;†HMW D~ MI;P; B;PC; OHM NL…M GCHONIM IO =ICM;
J;L?=C>;KO;H>II=;M;FKO?=IHMNCNOˆ;IJLCH=CJ;FL?@ILƒI>IJ’<FC=IL?MN;HN?
M?F?P;HNIO?M;COIMN?HMCP;G?HN? !?HIPI,FCP?CL;N?P?;M?HM;ƒ‚I>?J?L=?<?L
I IFB;L >? MIMF;CI >? ?LNB? 1L„J;N
 G;M ;AIL; ?L; =IGI M? >? L?J?HN? MO;M
G‚IM=IG?ƒ;MM?G;?HNILN;L
NI=;P;>I<L;H>I M?MI<L?IJC;HI?=IG?HILG?
?M@ILƒI
 ;JLIP?CN;H>I NI>;M ;M J;OM;M J;L; IFB;L >? PC„M J;L; ; JF;N?C; IH>?
,FCP?CL; ? OG M?HBIL >? ;L JF~=C>I ?M=ON;P;G =IG NI>;M ;M G;HC@?MN;ƒ‘?M >?
=IH=?HNL;>;;N?Hƒ‚I ,MCH=L?NCMGI@;Nˆ>C=IH‚INCHB;>?GIL;>I?GL?P?F;LM?O
M?AL?>I
G?MGIJ;L;OGF?CAI=IGI,FCP?CL;;KO;NLI=IGJ;MMIM>?U)?/IO?N
>,GJB;F?W M?AOC;G M? IONLIM KO;NLI >? U)?M #CFF?M >? ;>CRW
 >?JICM ; G‚I
?MKO?L>; JLI@?LC; U*IH =]OL MIOPL?  N; PICRW
 ; >CL?CN; CHN?L=;F;P;
?MJ;MGI>C=;G?HN? I N?G; >IM MCHIM >? #2<>y
 ;M >O;M DOHN;M J;MM;P;G
MO=?MMCP;G?HN?JILU!;HM?G;=;<L?W?U IJJ„FC;W
;N„KO?IONLIMN?G;MKO?I
JLIAL;G; ;NLC<Oˆ; ;I U%SGH?  3C=NIL %OAIW
 U'?;H >? +CP?FF?W ? U0OL F?M
IL>M>O+CFWJ;MM;P;G;;FN?LH;L M?PCMNIM;G?HN?=IGIONLIMG;CM=IHB?=C>IM

?=IGI@;N;FG?HN??L;CGJIMMˆP?FCG;ACH;L;FAIG;CM<?G MO=?>C>I
KO;H>II
M?HBIL >? ;L JF~=C>I =IG?ƒIO ; LCL <;CRCHBI ? ;>?KO;>;G?HN? =I<LCO ; <I=;
=IG OG; FOP;
 ,FCP?CL; N?P? KO? ;>GCNCL KO? I MOD?CNI NCHB; ?MM? >CL?CNI
 H‚I
>;P; J;L; ?RCACL KO? M? =;F;MM?
 ? ?LNB? 1L„J;N >?PC; N?L ; G?MG; CGJL?MM‚I
JILKO? =;>; P?T ?LL;P; G;CM HIN;M
 J;L?=C; KO? MO;M G‚IM ?MN;P;G @C=;H>I
J;L;FCM;>;M
 C; ?G @L?HN? M;=O>CH>I IM ;HN?<L;ƒIM ? ;<LCH>I IM =INIP?FIM =IG
OG;L>?A;FCHB;KO?M?;D?CN;HIHCHBI
U*IH=]OLMIOPL?N;PICRW
>?HIPI
U,•P;F;D?OH?BCH>IO?W
>ICM;=IL>?MMCH=L„NC=IM
OG;LJ?DIG;F ;D;G<L;>I

U#6D 7:==6D 56 25:I


 EC2=2=2W
 =IGI OG MIFOƒI
 P~LC;M HIN;M DOHN;M  F;
MOLJL??H>?HN?G?HN? -C?LL? IOF?T
 ? I M?HBIL >? ;L JF~=C>I MIFNIO OG;
?MJ„=C? >? <L;GC>I ? M;CO =ILL?H>I =IG ;M FOP;M ALO>;>;M H; <I=;
 DOMNI
KO;H>I ?LNB? 1L„J;N <;CR;P; ;M G‚IM
 IFB;H>I @CR;G?HN? J;L; I N?=F;>I
 ?
NL;HM=ILLC; OG FIHAI M?AOH>I
 OG M?AOH>I M?G @CG
 OG; =ICM;
>?M?MJ?L;>;G?HN?P;TC;?HNL?,FCP?CL;??LNB?1L„J;NMITCHBIMH;M;F;
Z L;PI Z >CMM? ,FCP?CL;
 =IGJL??H>?H>I KO? I ;JF;OMI N?LC; MC>I
CH=IHALO?HN? ZL;PI
G;>;G?
0?G M? F?P;HN;L
 ?LNB? 1L„J;N ACLIO OG JIO=I HI <;HKOCHBI ? ;JICIO I
=INIP?FI ?G OG F~ H;NOL;F  ,M >ICM M? IFB;L;G  ,FCP?CL; M? F?P;HNIO ? M?
;JLIRCGIO>;<?CL;>IJ;F=I
Z*OCNICHN?L?MM;HN?Z>CMM? Z L?C;
M?HBIL;?M=ON?CM?O=IH=?LNI=IG
P?L>;>?CLICHN?L?MM?
.O?@CFBI>;JON;
?LNB? 1L„J;N IFB;P; ; M;F; P;TC;  2G; J~FJ?<L; NL?GC; OG JIO=I  -;L?=C;
J?LAOHN;L M?;FAOG;=ICM;
?MN;L?MJ?L;>?;FAOG;=ICM; ,FCP?CL;M?HNCOKO?
>?PC;=IHNCHO;L@;F;H>I
Z 2G; ;LNCMN; =IGI ; M?HBIL; =IHB?=?L~ >? MI<L; ; CH=IGJL??HM‚I ? I
?MHI<CMGI>IJ’<FC=I +I@OH>I?OM?CKO?;M?HBIL;NI=;J;L;MCG?MG;
Z -;L; GCG G?MG; Z L?J?NCO ?LNB? 1L„J;N =IG OG; PIT >? ;L;L;
?MJ;HNIM;G?HN?J;L?=C>;=IG;>I=;P;FB?CLIKO?;B;PC;;JL?M?HN;>I
Z " J;L; KO?G G;CM Z >CMM? ,FCP?CL;
 MO<CH>I ;I J;F=I =IG ;
>?M?HPIFNOL;>?KO?G?MNCP?MM?MIHB;H>I Z2G;LNCMN;=IHN;MIG?HN?=IG;M
?MNL?F;M
=IGI>CMM?+C?NTM=B?
Z.O?G„IM?HBIL
=;P;FB?CLIZMI<L?MM;FNIO M??LNB?1L„J;N
Z B
 ;FAO„G KO? M? CHN?L?MM; J?F;M G;HC@?MN;ƒ‘?MX Z -I>C; =IHNCHO;L
?H@CF?CL;H>I J;F;PL;M
 ;M >? M?GJL?  0? ;FAOG; =ICM; =IHN;P; ?L; ?MN;L ;FC

;=IGJ;HB;H>IOGJIO=I 0?GM;<?L<?GJILKO…
?LNB? 1L„J;N ?M=ON;P;
 ;CH>; OG N;HNI ;OM?HN?  "H>CL?CNIO M? =IG
>C@C=OF>;>??IFBIO;M;F;
IM<;MNC>IL?M
Z0CGZ>CMM? Z"MN~N;L>?
JL?=CMIPIFN;LJ;L;=;M; Z!CMM?CMMIJ;L;MC
G?MG;
=IGIM?@IMM?OG=;MNCAIIO=ICM;J;L?=C>;
Z -IMMI N?L I JL;T?L >? ;=IGJ;HB~ F; OG JIO=I Z >CMM? ,FCP?CL;

CH=FCH;H>I M? Z.O?L>CT?L
M?H‚IBIOP?L;FAO„G?MJ?L;H>IJ?F;M?HBIL;HI
=;G;LCGIOH;M;ˆ>;
Z +‚I B~ HCHAO„G  3;F?HNCH @IC ?G<IL; >?JICM >? @;T?L GCHB;
;JL?M?HN;ƒ‚I ,KO?IM?HBIL;=BIO>;;JL?M?HN;ƒ‚I
Z &HN?L?MM;HN? Z >CMM? ,FCP?CL;
 =;>; P?T G;CM =IHP?H=C>I >? KO? ?MN;P;
MIHB;H>I?>?KO?;=B;P;<IG=IHNCHO;LMIHB;H>I
Z 3;F?HNCH JI>? @;T?L =ICM;M G?FBIL?M Z >CMM? ?LNB? 1L„J;N  Z " ;=BI
L?JOAH;HN? >; J;LN? >?F?X CMMI
 L?JOAH;HN?X CL ?G<IL; ;MMCG
 =IGI M? ?O
@IMM?OGNL;JI
Z"F?@;FIO>;M?HBIL;?>;MO;I<L;=IGAL;H>?;>GCL;ƒ‚I
Z-ILKOCHB?HNIM@L;H=IM;KO?F?F~„=;J;T>?@;F;L=IG;>GCL;ƒ‚I;N„>?
OG J?CR? GILNI  .OCHB?HNIM @L;H=IM Z L?J?NCO ?LNB? 1L„J;N
 J?L>?H>I M?
?GMO;ML?@F?R‘?M
U"MNIO<;H=;H>IIC>CIN;W
>CMM?,FCP?CL;J;L;MCG?MGI  ;MIM?>?MJ?>CMM??
PIFN;MM? J;L; ; JF;N?C;
 N;FP?T ; ;LNCMN; H‚I M? F?G<L;MM? >? M?O I@?L?=CG?HNI
*;M ; ;LNCMN; B;PC; =IG?ƒ;>I ; IFB;L J;L; ?F?
 ? ,FCP?CL; PCO KO? ?F; ?MN;P;
=BIL;H>I
Z 3;F?HNCH „ OG =;H;FB;  1I>IMX %;PC; G;CM >? >OT?HN;M J?MMI;M
 I
M?HBIL PCO
 G;CM >? >OT?HN;M  -;L; OG =IH=?LNI >? JLCG?CL;M ;O>Cƒ‘?M „
?RNL;IL>CH~LCI
IM?HBILH‚I;=B;"NI>IM=IGJL;L;GCHAL?MMI
H‚IP~J?HM;L
KO?G;H>;GIM=IHPCN?M>?AL;ƒ; *;CM>?>OT?HN;M
?;AIL;M@C=IOIM?HBIL

3;F?HNCH@IC?G<IL;
?OX
Z %~ ;OM…H=C;M KO? L?JL?M?HN;G OG P?L>;>?CLI NLCOH@I Z ;LNC=OFIO
,FCP?CL;
M?G;=L?>CN;LKO??MN;P;>CT?H>I;KOCFI
Z *;M JIL KO? ?F?M @IL;G ?G<IL; , M?HBIL PCO ;M J?MMI;M CH>I ?G<IL;
*;CM >? >OT?HN;M
 ;=L?>CN?
 ? J?MMI;M HIN~P?CM
 N?HBI =?LN?T; >? N?L PCMNI
G;>;G? >? /I=B?
 I >L  );=IOL
 *IHN?FFC?L
 I JLI@?MMIL >I ’FNCGI AL;H>?
JL…GCI >? PCIFCHIX 1?HBI ; CGJL?MM‚I >? KO? H‚I AIMN;L;G GOCNI >;
U-;P;H;W ? >? KO? @IL;G ?G<IL; JIL =;OM; >CMMI
 I M?HBIL H‚I ;=B; -ILKO?
M;ˆL;G;HN?M>;GCHB;U0ˆHN?M?W
CMMI=IG=?LN?T;?OG?MG;PC
Z F;LI KO? MCG Z >CMM? ,FCP?CL;  Z j JL?=CMI L?=IHB?=?L KO? ;
U-;P;H;WX
Z+‚I„
>?D?CNIH?HBOG
OG;J;P;H;Z>CMM??LNB?1L„J;N ZjOG;
<?F; G?L>;  OFJ; >I 3;F?HNCH
 D~ NCHB;G G? >CNI KO? 3;F?HNCH ?MN;P; CH>I
J;L; ; =;G; =IG FCR FCR  " JIL KO? ?O „ KO? N?HBI >? J;A;L JIL OG
J?>?L;MN;
 DIP?G "O
 G?>;FB; >? IOLI
 >;KOC ; JIO=I FB? GIMNLI GCHB;M
=LˆNC=;M
G?OMMO=?MMIM?G$L?HI<F?
HI-OSX
MF~ALCG;MFB??M=ILLC;GJ?FIJ?M=IƒI
>?M;J;L?=C;G?HNL?;ML?H>;MJOˆ>;M
?;J?F?=CHT?HN; 0?AOLIO,FCP?CL;J?FI<L;ƒI
M;=O>CO I "MN;P;JL?MN?M;N?L
OG;=LCM?BCMN„LC=;
Z-ILKO?;M?HBIL;H‚IP;C<OM=;LM?O=;M;=IJ;L;CLGIM?G<IL;Z>CMM?
,FCP?CL;
;JL?MM;>I Z,;L>;LO;P;CFB?@;T?L<?G
JI>?Lˆ;GIMNIG;L;FAOG;
=ICM;
J;L;GCGM?L~OGP?L>;>?CLIX
Z1IG;L;FAOG;=ICM;ZL?J?NCO?LNB?1L„J;N Z*?>;FB;>?IOLI
Z , KO? ; M?HBIL; KOCM?L Z >CMM? ,FCP?CL; CH=IHALO?HN?  #?T OG
GIPCG?HNIJ;L;M?MIFN;L
G;M;;LNCMN;;J?LNIOM?O<L;ƒI?M?;JLIRCGIO;CH>;
G;CM ,FCP?CL;M?HNCOI=B?CLI>IMOIL>I=IH=?LNIGCMNOL;>I=IG;FAOG;=ICM;
?HNL? ; H;@N;FCH; ? I <?HDICG ? N;G<„G RCRC ? FIƒ‘?M <;L;N;M  -LCG?CLI
/I=;G;>IOL ? ;AIL; ?LNB? 1L„J;N
 H‚I >;P; J;L; ;=L?>CN;L  U*?>;FB; >?
IOLIW
L?J?NC;;;LNCMN;
=BIL;H>I??HAIFCH>I !?L?J?HN?OGAL;H>?MIFOƒI;
M;=O>CO=IGIM??F;NCP?MM?>?M@?=B;>IOG;=IL>?HI;L U"NO>I„IG?MGI>?
M?GJL?XW
 ,FCP?CL; =IHM?AOCO ?HN?H>?L
 FON;H>I ?G P‚I J;L; M? ?MKOCP;L >;M
M?HM;ƒ‘?M J?MMI;CM
 J;L; M? L?@OAC;L
 H;NOL;FG?HN?
 ?G ;FAOG LCI G?N;@ˆMC=I
0?GL?MCMNCL
?LNB?1L„J;NM?>?CRIOF?P;L;N„IM<;MNC>IL?M
IH>?;F;HN?LHCHB;
IFB;P;J;L;?F?M>?F;HN?LH;H;G‚I?=B;J„O>?JFOG;M
ZM?HBIL;?MN~J;MM;H>IG;F
Zj;?GIƒ‚IZ>CMM?,FCP?CL; Z'~P;CJ;MM;L ,H>??MN~I=;M;=I>?F;
"HNL? =?H~LCIM P;AIM
 G?M;M =;J?HA;M
 OG; B;LJ; ? OG =;<C>? B;PC; OG;
=;>?CL; IH>? ?MN;P; J?H>OL;>; OG; =;J; >? =BOP; P?L>?  ,FCP?CL; ;DO>IO
?LNB? 1L„J;N
 KO? NCHB; =OLP;>I ; =;<?ƒ; G;M D~ H‚I =BIL;P;  -IL OG;
JILNCHB;?OG=ILL?>ILN?H?<LIMIM;ˆL;GJ;L;;HICN?>I<OF?P;L  BOPCM=;P;
Z +‚I P;C M?L @~=CF =IHM?AOCL OG N~RC Z >CMM? ,FCP?CL;
 KO? M NCHB;
NL?T?HNIM@L;H=IM ZM?HBIL;GIL;FIHA?
Z+‚I
J?LNI>I-;HNB„IH
?H;P?L>;>?JL?@CLICL=;GCHB;H>I
Zj
P;CM?LG?FBIL
?LNB?1L„J;N;P;Hƒ;P;>?P;A;L
<;F;Hƒ;H>I;=;<?ƒ;>?OGF;>IJ;L;IONLI
IG I =;JOT >; =;J; >? =BOP; NCHB; OG ;L G?CI AO?LL?CLI
 G?CI 2<O /?C
,FCP?CL; M? ?G<LOFBIO H; D;KO?N; ? ?LAO?O <?G ; AIF;  , ;L ?MN;P; @CHI

=IG?ƒ;P;;M?HNCL@IG?
Z,M?HBIL„N‚I;G~P?FZ>CMM?;;LNCMN; Z+‚IJL?=CM;P;M?CH=IGI>;L
,KO?;=BIO>;GCHB;U0ˆHN?M?W
Z0?HBIL;
MIOMOGIOPCHN?;G;>IL -;L;GCG;G’MC=;
JIL;MMCG>CT?L
X
Z,M?HBILH‚IAIMNIOZ>CMM??LNB?1L„J;N
Z2G;JLCG?CL;;O>Cƒ‚IX
Z1L;<;FB;GIMG?M?M
3;F?HNCH??O +ICN?M?>C;M
?G<OM=;>;=IH=CFC;ƒ‚I
>IMA…HCIM
Z"H@CG
;M?HBIL;B~KO?L?=IHB?=?LKO?!?FC<?MX
Z2GA…HCIZL?J?NCO?LNB?1L„J;N Z"LCE0;NC?;@CLGIOCMMIOG>C;
H;
GCHB;JL?M?Hƒ; "JILG;CMKO?I>L );=IOL>CA;KO?0;NC??MN;P;G?X=IGI
>CT?LX,M?HBIL>?P?M;<?L
M?G>’PC>;
=IGI?L;;KO?F?P?FBIX*;M?OM?C
F?L HIM BIG?HM
 DIP?G
 ? M?C J?L@?CN;G?HN? KO? 0;NC? ?MN;P; =IHP?H=C>I
 MCG

=IHP?H=C>I !?KO?J;ˆM„IM?HBIL
DIP?G
Z!;LA?HNCH;
M?HBIL;
?;FC~MH‚IMIOH;>;DIP?G
Z B
 ; LA?HNCH;  ,M J;GJ;MX " I M?HBIL ;=B; KO? F~ ;FAO„G M?
CHN?L?MM;LC;J?F;GCHB;I<L;
Z1?HBI=?LN?T;>?KO?MCG
M?HBIL;
Z .O?G M;<? I M?HBIL JI>?LC; =IHM?AOCL OG; ?HNL?PCMN; GCHB; =IG I
?G<;CR;>IL 0?1BC<;O>C;LA?HNCH;?;*IHN?PC>„O
JILKO?H‚I?O
KO?
NI=I GCHB; JLJLC; G’MC=; , M?HBIL >?P? N?L JL?MN;>I ;N?Hƒ‚I H?MM? JIHNI

KO?„@OH>;G?HN;FGCHB;JLJLC;G’MC=; .O;M?M?GJL?JLCG?CL;M;O>Cƒ‘?M
ZM?HBIL;=IGJ‘?GOCNIZJ?LAOHNIO,FCP?CL;
KO?M?M?HNC;OGHIDI
Z"MNIO?GGCHB;IJOMICN?HN;?NL…MXH‚I
>?CR?P?LXAIL;KO?J?HMI
HCMMI
;=BIKO?>?P?LC;N?L@;F;>I=IGG;>;G?+IF?N;HN?M>?M;CLX F;LI
B~
OG;KO?MN‚I>?>CHB?CLI;;=?LN;L !OT?HN;MJ?MMI;M
IOM?D;X
-?L>?O M?HOGGOLG’LCI
?,FCP?CL;M?J?LAOHNIOM?H‚IM?LC;G;CMJC?>IMI
>CT?L;?F;;P?L>;>?M?GLI>?CIM
G;M?F;M;<C;;P?L>;>?
=F;LIKO?M;<C;
Z j OG ?M=H>;FI Z >CMM? ?LNB? 1L„J;N  Z %~ >ICM ;HIM
 NIKO?C H?MM;
G?MG;M;F;
-IOF?H=B;PC;JLIG?NC>I;MMCMNCLX"MN~?HN?H>?H>I+;>;G?HIM
KO?-IOF?H= "O?MN;P;CHMJCL;>ˆMMCG;H;KO?F;N;L>?
OG;J?H;KO??F?N?HB;
MC>I L?NC>I JIL OG =IGJLIGCMMI >? ’FNCG; BIL;X G;M „ M?GJL? ;MMCG
 =IG
?MM?M G’MC=IM >; GI>;X " H;KO?F; P?T ; +IF?N G? >?M=IHNIO ; G?N;>? Z
;=L?M=?HNIO =IG L;CP;  Z "R;N;G?HN? ; G?N;>?  F;LI KO? ;=;<; >;H>I H;
G?MG;
=;F=OF;H>I>OT?HN;MJ?MMI;MX
Z0?HBIL;Z>CMM?,FCP?CL;
M?AOL;H>II=INIP?FI>?F;=IG>?FC=;>?T;J;L;
@;T… F; ?HNL;L J?F; /O? >? 0?CH? Z
 ; M;F; ?MN;P; JL;NC=;G?HN? M ?M=OL;M ?
N;FP?T;M?HBIL;N?HB;M??HA;H;>IKO;H>I=;F=OFIOIJ’<FC=I
ZB
H‚IZ>CMM??LNB?1L„J;N Z1?HBI=?LN?T;>?H‚I?MN;L?HA;H;>;

G;MIM?HBILG?@?TJ?L>?L;=IHN; "MJ?L?
P;GIM=;F=OF;LXZ1ILHIO;M?
J?L>?L HOG GOLG’LCI =IGJ?H?NL;>I
 GIPC; =IHNCHO;G?HN? IM F~<CIM ? IM
>?>IM
 >? NI>I >?M;N?HN; ;I CNCH?L~LCI KO? ,FCP?CL; ; @;TC; M?AOCL
 ? N;FP?T ;N„
G?MGIJL?M?Hƒ;>?F? -I>?LC;?MN;L>CT?H>IJ;L;MCG?MG;NO>IIKO?>CTC;
?GPIT;FN;
-;LCM?MN;P;FIN;>;>?J?MMI;M@;F;H>IMITCHB;MJ?F;LO;
IJLJLCI
,FCP?CL;H‚I?L;H?HBOG;?R=?ƒ‚I
H;P?L>;>?MIKO?B;PC;>??R=?J=CIH;F
?L;?F??MN;L<;H=;H>II=L?NCHI;IF;>I>;P?FB;
;=IGJ;HB;H>I;N„?G=;M;
;KO?F; <IH?=; >?M<IN;>;
 ;KO?F? JI<L? <;F‚I CH@F;>I ?G KO? ; ?MNOJC>?T ? ;
FIO=OL; >;Hƒ;P;G ; P?L>;>?CL; J;P;H; >; HICN?  Uj L?JOAH;HN?
 M?LC; JL?=CMI
DIA~ F;>??H=IHNLI;OG>?AL;O??H@C;LIJ„H;=;L;>?F;
?MG;A~ F;=IGIM?
?F;@IMM?OGJ?L=?P?DI
>?CR~ F;;LL?<?HN;>;=IGIOGJC;HIKO?>?MJ?H=;>I
>„=CGI;H>;L P?L>;>?CL;=;LC>;>?M?LC;NCL~ F;>IG?CIGOMC=;F
CGJ?>CLKO?
=IHNCHO?MI@L?H>I@?CNIOG=‚I
G?LAOFB;>;?GMO;MCFOM‘?M
H;MKO;CMH?G?F;
G?MG;;=L?>CN;
KO?CHP?HN;J;L;H‚IM?HNCL;~AO;HIMM;J;NIM
;=;M;P;TC;IO
=IG;KO?F?P?FBICGOH>I>I=;<?FI<L;H=I 1?HBI;M=I
H;JLRCG;?MKOCH;
G?G;H>I??F;H?GP;CJ?L=?<?L .O?>C;
G?O!?OM
KO?>C;W
0??HNL;MM?>?JL?MM;J?F;/O?)I<CH?;OHCHAO„GI;J;HB;P;
>?NI>ID?CNI;
P?FB;M;<?LC;?H=IHNL;LI=;GCHBI>?=;M; ,FCP?CL;IFBIOJ;L;NL~M
?MJ?LIOI
GIG?HNI =?LNI <;F;Hƒ;H>I OG JIO=I I <L;ƒI =IGI M? OG J?MI I
CH=IGI>;MM?
 ;FAOG; =ICM; MO< L?JNC=C;G?HN? >?J?H>OL;>; ?G M?O =INIP?FI
*;M?L;;G‚I>??LNB?1L„J;N
IJ?MIM?;@CLGIO=IG>?=CM‚I
?LNB?1L„J;N
M? ;JIC;P; =IG NI>I I M?O J?MI HI <L;ƒI >? ,FCP?CL;
 KO? IFB;P; J;L; ; /O?
)I<CH?;O?;IG?MGIN?GJI;DO>;P;;;LNCMN;;;NL;P?MM;L;LO;
M?AOC;=IG?F;
J?F;/O?>?1IOLHIH
Z+;=?LN;?F?;=?H>?O;F;L?CL;Z>CMM??LNB?1L„J;N Z+‚I„KO??MN?D;
N‚I@LCI
H;P?L>;>?
G;MI@IAI„I;GCAI>IM;LNCMN;M
H‚I;=B;,M?HBILP;C
MO<CLJ;L;NIG;L;FAOG;=ICM;=IG3;F?HNCH?=IGCAI
ZB
H‚I
M?HBIL;Z>CMM?,FCP?CL; Z!?G;H?CL;H?HBOG;
J;L;GCGD~
„BIHL;MO@C=C?HN?;=IGJ;HB~ F;;N„MO;=;M; F„G>IG;CMX
Z +‚I M?D; N‚I GI>?MNI
 DIP?G  -ILKO? I M?HBIL „ DIP?G
 H‚I „ G?MGI
+IN; M? KO? I M?HBIL „ DIP?G  0?O <L;ƒI
 JIL ?R?GJFIX Z ,M >?>IM M?
@CH=;P;GOGJIO=IHIN?=C>I>;D;KO?N; Z"OJ;L?ƒIG;CMP?FB;>IKO?MIO

IM?HBILM;<?
;PC>;>?;LNCMN;X
Z !? G;H?CL; H?HBOG; Z >CMM? ,FCP?CL;  Z .O;HNI ; GCG
 D~ >?CR?C IM
KO;L?HN;J;L;NL~MB~GOCNIN?GJI
>?GI>IKO?;M?HBIL;?MN~M?H>I;G~P?F
M@L;M?MC;GM;CH>I>;KO?F?D?CNI
H‚IB;PC;H;>;;@;T?L
?L;;<MIFON;G?HN?
I=’GOFI -?H>OL;>;?GM?O<L;ƒI
?LNB?1L„J;N@;F;P;>?IONLIMN?GJIM
>?
P?T ?G KO;H>I CHN?LLIGJC; OG; @L;M? H; G?N;>? ? J;L?=C; L?NIG;L
G?HN;FG?HN? OG =~F=OFI  "G ;FAOHM GIG?HNIM ?H@C;P; OG >?>I HI H;LCT

@OLNCP;G?HN? ? IFB;H>I ,FCP?CL; =IG I L;<I >I IFBI J;L; ?H@C;L I >?>I HI
H;LCT NCL;P; ; FOP; =IG OG A?MNI L~JC>I
 @CHACH>I KO? ?MN;P; =IG =I=?CL; H;
J;FG;>;G‚I
=Iƒ;P;;J;FG;=IG;IONL;G‚I>?JICM>?>?MJL?H>… F;=IG
>?FC=;>?T;>I<L;ƒI>?,FCP?CL;?;F?P;HN;P;=IGOGGIPCG?HNIMOG;G?HN?
JC;HˆMNC=I J;L; =;PIO=;L JIL OG; @L;ƒ‚I >? M?AOH>I OG <OL;=I >I H;LCT
,FCP?CL;@;TC;>?=IHN;KO?IFB;P;J;L;IIONLIF;>I
?KO;H>IACL;P;;=;<?ƒ;
?LNB?1L„J;N?MN;P;IONL;P?TJ?H>OL;>;?GM?O<L;ƒI?=IG;FOP;JIMN; "
;MMCG C;G >?<;CRI >; =BOP; @;F;H>I >? =ICM;M P;LC;>;M  I >;L ; PIFN; HI
)OR?G<OLAI >CM=ILLC;G MI<L? ; PC>; ?G -;LCM
 =;>; >C; G;CM >C@ˆ=CF
 MI<L? ;
=IGJ?NCƒ‚ICGJC?>IM;>?DIP?HMN‚ICHMIF?HN?MKO;HNI=;L?HN?M>??RJ?LC…H=C;

MI<L?IJ’<FC=ICH=OL;P?FG?HN??MHI<?
MI<L?IJL?ƒI>I<C@?HI*;L=B„0;CHN
$?LG;CH IO H; /O? >? O=C
 FOA;L?M >? ?FCN? J;L; ?H=IHNL;L OG <IG <C@? ;
JL?ƒIM L;TI~P?CM  !O;M IO NL…M P?T?M ?LNB? 1L„J;N B;PC; CHN?LLIA;>I
;G;P?FG?HN?,FCP?CL;KO;HNI;MO;JLI@CMM‚I
MO;M?MJ?L;Hƒ;M?MI<L?NO>IM?OM
@L;=;MMIM
G;M;HN?MKO??F?JO>?MM?L?MJIH>?LNO>IM?>?MFI=;P;<LOM=;G?HN?
J;L; ; CH?RJFC=~P?F >?M;J;LCƒ‚I >? 3;F?HNCH
 I ?KOˆPI=I >? N?L NI=;>I ;
U-;P;H;W>?FCRFCRMJIL=;OM;>?MO;@L;KO?T;>C;HN?>?3;F?HNCH
G;M?L;;
’FNCG;P?TKO?CMMI;=IHN?=?LC; U2GJ?>?L;MN;W
GOLGOL;P;?LNB?1L„J;N
?
,FCP?CL; M?HNC; ; G‚I >?F; M? =LCMJ;L HI N?=C>I >; D;KO?N;  U-IL =;OM; >?MM;
JIL=;LC;>?CH>CPˆ>OI
?O
H;>;G?HIMKO??O
N?H>IKO?NI=;LOG;G?L>;M?G
J„ H?G =;<?ƒ; ?HKO;HNI KOCHT? I<L;M GCHB;M ;CH>; ?MJ?L;G ; ?MNL?C;XW
!?JICM ?F; M? >?NCHB; >?<;CRI >; =BOP;
 GOCNI NL;HKOCF; >?HNLI >? MO; =;J;
G;M;~AO;=IG?ƒ;P;;?HNL;LJ?F;AIF;>;D;KO?N;>?,FCP?CL;
;AIF;>?J?F?
>?=I?FBIIO>?L;NI?KO?=B?CL;P;BILLCP?FG?HN?;D;OF;>?D;L>CGTIIFAC=I

NI>;P?TKO?=BIPC;?L;;G?MG;=ICM;
H‚IB;PC;IKO?@;T?L
?@C=;P;IFB;H>I
J;L;?F?=IGI?MJ?L;>?OG;L?MJIMN; ,FCP?CL;MILLC;;G;P?FG?HN?J;L;?F;

JOR;H>IOGJIO=IJ;L;;LL;MN~ F;H;>CL?ƒ‚I>;/O?>?*„>C=CM
Z,M?HBIL„GI>?MNI>?G;CM
L?M?LP;>I>?G;CMZ>CTC;?LNB?1L„J;N Z
*? @;F? >I M?HBIL
 P;GIM P?L  , M?HBIL >?P? M?L JI?N;
 H‚I „ B
 3;F?HNCH
N;G<„G
KO;H>I„L;GIMDIP?HMXU,>?=L?JOM=OF;LW
OG…RCNIHI$6C4FC6
56 C2?46X 2G <CFB?N? >? 1BC<;O>?N
 G? F?G<LI =IGI M? NCP?MM? =B?A;>I
BID? >? G;HB‚  3;F?HNCH =BIL;P; H; =;G;
 J;L; =BIL;L ?F? M?GJL? @C=;P; >?
<LOƒIMH;=;G;
?L;=IGIP?HN?
,FCP?CL; NL;N;P; >? CG;ACH;L 3;F?HNCH =BIL;H>I >? <LOƒIM H; =;G;
 G;M ;
’HC=;=ICM;KO?=IHM?AOC;?L;P?LOG3;F?HNCHJ?KO?HCHI?P?LG?FBI@?CNIOG
=;L;HAO?DI
H;P?L>;>?PC;/I=;G;>IOL=BIL;H>I>?<LOƒIMH;=;G;?;*;A;
N?HN;H>I;JFC=;LOGMOJIMCNLCIH?F?
?/I=;G;>IOLL?MCMNCH>I??H=OLP;H>II
=ILJI
NCL;H>I;<OH>CHB;>;MG‚IM>?M;D?CN;>;M>;*;A; +IBIMJCN;F
N;G<„G
>?PC;GN?L;JFC=;>I;FAOGMOJIMCNLCIHIP?FBI>I;=C>?HN?
?L;CH=LˆP?F=IGI
MOJIMCNLCI ?MN;P; H; GI>;
 M?LC; JL?=CMI ;H;FCM;L @CFIMI@C=;G?HN? ?MM;
MOLJL??H>?HN?L?CPCH>C=;ƒ‚I>IHOM
MO;?R;FN;ƒ‚I;OG;M?AOH>;<I=;
;;FAI
KO? D~ H‚I M? FCGCN; ; ?R=L?N;L G;M KO? ;<MILP? ? >?AFON? IM J?L@OG;>IM ?
;?LI>CHGC=IMJ?KO?HIMI<OM?MP?L>?M?LIM;?<L;H=IM *;M?LNB?1L„J;NH‚I
I>?CR;P;M?=IH=?HNL;L
>?HIPIKO?LC;M;<?L>;PC>;>?,FCP?CL;?;J?LN;P;M?O
<L;ƒI=IGOG;G‚I?MP?T?M=IG;M>O;M
PCL;H>I M?OGJIO=IJ;L;?F?=IG
OGA?MNI>?G?HCH;KO?G?MGI?GJF?H;HICN?I@;TC;?MNL?G?=?L IG
?F?
?L; OG ;LA?HNCHI KO? ?MN;P; B;PC; ;FAOG N?GJI ?G -;LCM
 N?HN;H>IX 3;GIM
P?L
IKO??F??MN;P;N?HN;H>I"L;=IGJFC=;>I?RJFC=;L;MMCG>?OG;BIL;J;L;
IONL; ,KO??F??MN;P;N?HN;H>I?L;X
Z<?F?T;
;?R;FN;ƒ‚I
IL;GI>?IOLIZ>CMM??LNB?1L„J;N Z+‚IG?
>CA; H;>;
 ;>CPCHBI J?L@?CN;G?HN?  "O N;G<„G PCG >? -;O J;L; -;LCM D~ B~
;FAOHM;HIM?G<OM=;>IL;GI>?IOLI *;M@OC@L;=;
G?ODIP?G
@OCX*;M
=IGI„KO?IM?HBILM?=B;G;
Z,FCP?CL;Z>CMM?,FCP?CL;
Z,FCP?CL;X6D@=:G6D
I*?>CN?LLH?IX"ON;G<„GMIO>I0OF
DIP?G

PC?GIM >I >?OM -;H


 MIGIM @CFBIM >? -;H
 HM >ICM MIGIM @CFBIM >? -;H  +‚I
MIGIM =IGI 3;F?HNCH
 KO? „ >? )CFF?  ,M >I +ILN?
 @LCIM @?CNI J?CR?M

=IGJF?N;G?HN? G?L=OLC;CM  , M?HBIL ;=L?>CN; H; $L;H>? ,<L; #OF=;H?FFC


 I
M?HBILG??HN?H>?X+‚IJL?=CM;>CT?LH;>;
?MNIOP?H>IKO?IM?HBIL„OG
CHC=C;>I  1;FP?T ;CH>; H‚I N?HB; ;F=;Hƒ;>I ;M L?;FCT;ƒ‘?M KO? =IHN;G >?
P?L>;>?
 ?HKO;HNI ?OX ,FB? M ; U0ˆHN?M?W
 JIL ?R?GJFI  , KO? 3;F?HNCH
>CMM? „ P?L>;>?
 ; L;>C?MN?MC; G? GIMNL;P; ;M ;FG;M A…G?;M
 ;=BI KO? CMMI
NL;HMJ;L?=?H;I<L; +‚I
ZB
MCG
Z,M?HBILN?GGOCNI<2C>2
FIAIM?P…XZ;G‚I;J?LN;P;=IG@ILƒ;
;
;LNCMN;;M=?H>C;G?>CN;ƒ‚I?J;L;CMMIJL?=CM;P;M?;J?LN;L=IHNL;,FCP?CL;
KO?
G;FL?MCMNC;
FCGCN;H>I M?;@;T… F;;NL;P?MM;L;JL;ƒ;??HNL;LJ?F;/O?0IO@@FIN
U0? "NC?HH? IO 4IHA G? PCL?G
 P;C B;P?L OG; =IH@OM‚I >IM >?GŽHCIMW

J?HM;P; ,FCP?CL;  -IL KO? ?F? ;CH>; JL?=CM;P; M? CGJILN;L =IG I KO? "NC?HH?
IO4IHAJO>?MM?G;=B;L
=IGIM?>?JICM>IMLCIMG?N;@ˆMC=IMGCMNOL;>IM=IG
;FAI>‘?M MODIM I @ONOLI NCP?MM? ;FAOG; CGJILNH=C; U'~ „ =IGI M? ?O H‚I
?MNCP?MM??G-;LCM?HI?HN;HNI?MNOJC>;G?HN?;N?HNI;IKO?;=IHN?=?=IGCAI

G? CH=IGI>; KO? ?MM; JI<L? P?FB; =IG?=? ; PCL =IG I F;H=? >; NLCMN?T;
 I
;=?HI >I ;@IA;>I >?JICM >; J;P;H; ? >I T?LI ;<MIFONI >I =IH=?LNI  0IO JCIL
KO? OG J;HI >? =ITCHB;
 JCIL KO? IM ;FAI>‘?M MODIM
 H; P?L>;>? H‚I N?HBI
H;>;;P?L=IGCAIG?MGI W-ILKO?H;KO?F;BIL;?>?<;CRI>;=BOP;?ALO>;>I
;?LNB?1L„J;N
L?MN;P; FB?;KOCFI
L?MN;P; FB?M?HNCL
=IGIOG;’FNCG;FOTKO?
P;C M? ;J;A;H>I HOG; =;M; ?HILG? IH>? NI>;M ;M FOT?M M? ?RNCHAO?G OG; ;
OG;
L?MN;P; FB?;HIƒ‚I>?KO??F?H‚I?L;;KOCFI
>?KO??G;FAOGFOA;L?F?
?MN;P; JIL ;MMCG >CT?L ?MJ?L;H>I M?
 >? KO? ;KO?F? KO? ;H>;P; J?FI <;CLLI
F;NCHI ;LL;MN;H>I OG; P?FB; BCMN„LC=; ? N;FP?T HCH@IG;Hˆ;=; ?L; ;J?H;M OG
5@AA6=8u?86C ?HKO;HNI I IONLI
 I IONLIX U3I=… @C=IO F~ HI M?O <;CLLI
 ?G
FG;ALI ,O M? ;@IAIO H; PC;A?G
 H;M =;G;M >;M JON;M
 H;M AL;H>?M
?RJ?LC…H=C;M
 H; @;GIM; >?MIL>?G H?=?MM~LC; -;L; GCG NO>I N?G D?CNI >?
=IHMIFI
 „ =ŽGI>I ;=L?>CN;L M? L?=OJ?L~P?F ?G<IL; ; ?MN; ;FNOL; ; =L?Hƒ; M?D;
GOCNI N…HO?
 I MOD?CNI KO? „ ?H@IL=;>I >?P? =IHNCHO;L ;=L?>CN;H>I KO? HI
’FNCGI GCHONI P;C ;=IHN?=?L ;FAOG; =ICM;
 OG N?LL?GINI
 ; =IL>; KO?
;LL?<?HN; >O;M P?T?M ? ?HN‚I M?L~ JL?=CMI J?L>I~ FI
 I N?F?@IH?G; >I
AIP?LH;>IL
IGINCGKO?P;CFC<?LN~ FI ";AIL;MCG
@;FN;GOCNIJIO=IJ;L;?MM;
P?FB;=IG?ƒ;L;JŽL;G‚IH;GCHB;<L;AOCFB; W
*;M?LNB?1L„J;NM?J?L>C;?G=CL=OHPIFOƒ‘?M?>C>;M=~FC;M
I?HNOMC;MGI;
@CT?L;=IHN;LM?O?H=IHNLI=IG$?LG;CH?1;CFF?@?LL?H;$;L?>?)SIH?=IGI
1;CFF?@?LL? B;PC; >CNI KO? I U-L?F’>CI J;L; FIM;HAIM ;F;L;HD;>IMW ?L;
MOG;G?HN? CHN?L?MM;HN? ? KO? >CLC; ; *;LAO?LCN? )IHA KO? I CH=FOˆMM? HOG
=IH=?LNI
Z1?LC;MC>IOGMO=?MMI
ML ,FCP?CL;
OG;=IHM;AL;ƒ‚I *;MIM?GJL?M~LCIM

I M?HBIL M;<?
 ; NCL;HC; G;CM >?M;P?LAIHB;>;
 G?MGI IM G?FBIL?M CHN„LJL?N?M
M‚I PˆNCG;MX 3;F?HNCH ;=B; KO? OG >IM JC;HCMN;M DIP?HM
 KO? H‚I N…G
?M=L’JOFIM
 JI>?LC; N;FP?TX *;M ?MN‚I NI>IM J?L>C>IM
 M‚I =IGI IM P?FBIM

NI>IM;G?MG;=ILD;
Z.O?GM;<?;M?HBIL;G?MG;
?GIONLI=IH=?LNIX
Z+‚IKO?LIG;CMNI=;LZ>CMM??LNB?1L„J;N
?M=IH>?H>IILIMNI?G<IL;
,FCP?CL; ?PCN;MM? IFB;L J;L; ?F;  Z j OG; P?LAIHB; ?O N?L KO? =IHNCHO;L G?
;JL?M?HN;H>I HOG J;F=I J;L; ?MNL?;L GCHB; G’MC=;
 KO;H>I H; P?L>;>? ?O
>?P?LC; M?L ; GOM;
 ?HN?H>?
 ; CHMJCL;>IL; >IM CHN„LJL?N?M
 NI>IM >?P?LC;G PCL
G? J?>CL J?LGCMM‚I J;L; NI=;L GCHB;M =ICM;M
 MOJFC=;L
 MCG
 MOJFC=;L  " ?O
=IHM?HNCLC;
JILKO?;=BIKO?GCHB;I<L;„OG;=?HN?FB;KO?>?P?CH=?H>C;L;
M?HMC<CFC>;>? >IM J’<FC=IM
 ;KOC ? HIM "MN;>IM 2HC>IM
 H; %OHALC;X 0CG
 ?O
=IHM?HNCLC;
 G;M ;HN?M ?F?M N?LC;G KO? PCL G? J?>CL ; BIHL; >? CHN?LJL?N;L
GCHB;G’MC=;
J?LNIO =IG P??G…H=C; I <L;ƒI >? ,FCP?CL;
 KO? M?G M;<?L JIL KO? B;PC;
>?=C>C>I ?HNL;L J?F; /O? 0;CHN ';=KO?M ? =;GCHB;P; ;LL;MN;H>I A?HNCFG?HN? ;
;LNCMN; 2GP?HNIA?F;>I<;NC;>?@L?HN?
@;T?H>I;~AO;?HNL;LHIMIFBIM?H;
<I=; >? ;G<IM
 G;M ?LNB? 1L„J;N J;L?=C; ;FB?C; ; KO;FKO?L G?N?ILI

>?J?H>OL;>;HI <L;ƒI >? ,FCP?CL; NCHB; =IG?ƒ;>I ; L?MGOHA;L ;FAOG; =ICM;


KO?;=;>;N;HN;MJ;F;PL;MN?LGCH;P;=IGOGMIFOƒIIOOG;<L?P?A;LA;FB;>;
>? >?MJ?CNI IO >? NLIƒ;  +‚I
 H‚I GIL;P; H; /O? 0;CHN ';=KO?M  +‚I
 G;M
N;G<„GH‚INCHB;;G?HILCGJILNH=C;IH>?GIL;P; -;L;?F;>;P;HIG?MGI
=IHNCHO;L =;GCHB;H>I >;KO?F? D?CNI ; HICN? CHN?CL;
 G;CM >? >OT?HN;M J?MMI;M
J;L;;?MNL?C;>;U0ˆHN?M?W
Z 3;F?HNCH P;C @C=;L JL?I=OJ;>I M? ; M?HBIL; H‚I PIFN;L Z >CMM? ,FCP?CL;

N;N?;H>I G?HN;FG?HN? I KO? >CT?L


 OG NCG‚I J;L; ?H=;GCHB;L ;KO?F; <IF;
?H=ILM?N;>;KO?M?GIPC;@?CNIOGIOLCƒI>?<;CRI>;=BOP;?>IP?HNI J;LNCL
>? OG FIHAI >CM=OLMI ?HNL?=ILN;>I J;L?=C; >?JL??H>?L M? KO? ?LNB? 1L„J;N
GIL;P; H; /O? >? F"MNL;J;>?  *?CI J?L>C>I
 ,FCP?CL; NCLIO ; ~AO; >IM IFBIM
=IG ; G‚I FCPL? ? M? ILC?HNIO =IGI OG B?LC >? IHL;> H; JLI; >;
?G<;L=;ƒ‚I  !? L?J?HN? M?HNC; GOCN; PIHN;>? >? LCL I KO? @;TC; G;F ; M?O
?MNŽG;AI P;TCI
 M?HNC; =‚C<L;M HIM G’M=OFIM
 ?L; ?RNL;IL>CH~LCI ? J?HIMI ?
KO;H>I =IHN;MM? ; 4IHA ?F? G;F ;=L?>CN;LC;  +‚I >? ?LNB? 1L„J;N
 KO?
JLIMM?AOC;HOGL?F;NI>?BIHL;LC;M?G*IHNJ?FFC?L?-;O
G?H=CIH;H>I;KOC?
;FC ; G?>;FB; >? IOLI  +?G >? N?L @?CNI ; ?MNOJC>?T >? I@?L?=?L FB? MO;
=IGJ;HBC;  +‚I ?HN?H>C; >CL?CNI >? IH>? PCHB; ; PIHN;>? >? LCL
 ?L; JIL
;FAOG;=ICM;;HN?LCIL
KO?;=IHN?=?L;;HN?M
H‚IJ?FI=IH=?LNI?GMC
?G<IL;I
=IH=?LNI NCP?MM? MC>I ; =ICM; G;CM LCMˆP?F >I GOH>I  F?ALC;
 ;FAI ;MMCG =IGI
OG;@ILG;@ˆMC=;>;;F?ALC; "G<IL;=OMN;MM?;;=L?>CN;L
;F?ALC; 1?LC;LC>I>?
=IHN?HN;G?HNI
 >? JOLI ? ?H=;HN;>IL ? CH?RJFC=~P?F =IHN?HN;G?HNI  U"MNIO
@C=;H>I FIO=IW
 J?HMIO  U" >? <L;ƒI >;>I =IG ?MM; G;FO=;
 >?P? M?L
=IHN;ACIMI W +‚I B;PC; I G?HIL GINCPI J;L; KO? M? M?HNCMM? ;F?AL?
 ; ~AO;
?MN;P; ?HNL;H>I J?F; MIF; >? M?OM M;J;NIM ? J?FI =IF;LCHBI
 ?LNB? 1L„J;N
J?H>OL;P; M?=;>;P?TG;CM?GM?O<L;ƒI?>?L?J?HN??MNL?G?=C;CHN?CL;
=IGI
KO?;LL;M;>;JILOGAL;H>?MIFOƒI
NI>;P?TKO?@;F;P;?G3;F?HNCH?MNL?G?=C;
? MIFOƒ;P;
 ?L; OG; ?MJ„=C? >? L?@F?RI =IH>C=CIH;>I KO? >? G;H?CL; ;FAOG;
JI>?LC;JLIPI=;L;F?ALC;?G;FAO„G
H?GHOGFIO=I ",FCP?CL;N?LC;KO?LC>I
A;LA;FB;L
 ;GJ;L;P; ?LNB? 1L„J;N =IG I G;CIL =OC>;>I
 F?P;H>I ; >?P;A;L
J;L; ; /O? >? F"MNL;J;>? H’G?LI KO;NLI
 ? H‚I B;PC; GINCPI J;L; J?HM~ FI ?
G?HIM ;CH>; J;L; ?HN?H>… FI G;M NO>I ?MN;P; <?G >I D?CNI KO? ?MN;P;
 F?P;L
?LNB?1L„J;NJ;L;IH’G?LIKO;NLI>;/O?>?F"MNL;J;>??PCN;H>IH;G?>C>;
>I JIMMˆP?F KO? ?F; M? ?H@C;MM? H;M JIƒ;M >~AO; IO KO? J;MM;MM? ?R;N;G?HN?
>?<;CRI >;M =;N;L;N;M PIGCN;>;M J?FIM <?CL;CM >; ?MKOCH; >; /O? FINCF>?  
L?GIN;G?Hƒ‚I;<?<?L;FAOG;=ICM;?G=;M;=IG3;F?HNCHH‚IJ;L?=C;N‚I
LOCG ;MMCG ; ,FCP?CL;
 M?LC; JL?=CMI MO<CL =CH=I IO M?CM ;H>;L?M L?<I=;H>I ;
;LNCMN;
?HNL;LHOG;JIM?HNIIH>?JLIP;P?FG?HN?3;F?HNCHH‚IN?LC;;=?H>C>I;
=;F?@;ƒ‚I G;M MCG
 B;P?LC; OG; M;F;G;H>L; G;L;PCFBIM;
 OG; A;LL;@; >?
=IHB;KO?
JI>?LC;GNCL;LIMM;J;NIM?JŽLIMJ„MJ?LNI>I@IAI
@;F;L>?;LN?
>;
G?>;FB;>?IOLI "KO?GM;<?HOG;IONL;HICN??F?JO>?MM?PIFN;L=;M;>?
?LNB?1L„J;N?>?3;F?HNCHF?P;H>IOG;A;LL;@;>?PCHBI
?@;T?L=IGJ;HBC;
;IM >ICM
 >;L FB?M HCGI  "L; KO;M? =IGI CL PCMCN;L I P?FBI HI BIMJCN;F
 CL ;
KO;FKO?LFOA;LIH>?;N„;KO?F?GIG?HNIH‚INCHB;FB?I=ILLC>ICL
;IBIMJCN;F
IO  /O? >? F"MNL;J;>?  HN?M >; ;F?ALC;
 >;KOCFI KO? FB? >;P; =‚C<L;M
BILLILIM;MHI?MNŽG;AI
OG;G‚I;=?M;JIL>?HNLI>;J?F?=IGIOG;NILNOL;
>?FC=CIM;N?LC;KO?J?LAOHN;L;I4IHA
OG;G‚I;=?M;JIL>?HNLI>;J?F?
Z+’G?LIKO;NLI
H‚I„
Z0CG
;KO?F?JL„>CI=IGN?LL;ƒIZ>CMM??LNB?1L„J;N Z2G;G;HM‚I
>I M„=OFI >?TICNI  0?AOH>I 3;F?HNCH
 +CHIH >? )?H=FIM GILIO HI KO;LNI
;H>;L  "F? G?HN? N;HNI  +CHIH >? )?H=FIM  B
 MCG
 3;F?HNCH G?HN? I N?GJI
NI>I '~KO;M?H‚I=BIP?
H‚I„G?MGI
Z BIP? OG JIO=I G?HIM Z =IH=?>?O ,FCP?CL;  Z 3;GIM ;NL;P?MM;L
;AIL;
M?KOCM?L
Z ,M PCTCHBIM Z >CMM? ?LNB? 1L„J;N
 IFB;H>I J;L; I =;@„ >; ?MKOCH;  Z
F;LI
;P?FB;>IH’G?LIICNIX,M?HBILH?GCG;ACH;=IGI?F;<?<? "MN~
P?H>I
 H; G?M; >I =;HNI "F; ?MN~ IFB;H>I J;L; HM
 ;G;HB‚ P;C M?L ; G;CIL
G;F?>C=…H=C;X
Z-IL@;PIL
M?HBIL;Z>CMM?,FCP?CL; Z OC>;>I=IG?MM;JIƒ;
ZB
G;M?O=IHB?ƒI?F;
?=IHB?ƒIN;G<„GI>IHI>I=;@„ jJIL=;OM;
>I3;F?HNCHKO??F?MG?I>?C;G 3;F?HNCH
>?PI>CT?L
;JLIHNIO=;>;OG;=IG
?F?MX "F? H‚I MOJILN; ; P?FB; >I ICNI
 ? OG; HICN? ?G KO? PIFNIO J;L; =;M;
=;CH>I>?<…<;>I<?MOHNIO;JILN;>?F;=IG=I=Ž>?A;NI
>?;FNI;<;CRI
@?T
>?M?HBIMX+OH=;PIO?MKO?=?L
OG?M=H>;FIX3;F?HNCHH;<;HB?CL;NCL;H>I
I =I=Ž >I =ILJI JILKO? >? N;HNI ?HNOMC;MGI ;LNˆMNC=I ?F? N;G<„G NCHB; M?
<?MOHN;>I
 ? ?O N?H>I >? ;AO?HN;L ; JIFˆ=C;
 ; P?FB;
 I <;CLLI CHN?CLIX ,
M?HBILH‚IN?GC>?C;>IKO?J;MM?C
?O
=IGNI>;;GCHB;@;G;X3;F?HNCH„
N?LLˆP?F
J;L?=?=LC;Hƒ;
,FCP?CL; NILH;P; ; P?L I M?HBIL >? =;<?FIM <L;H=IM
 ; J;J;>;
 ; =ILL?HN? >?
IOLI  "L; =IGI OG =;GCHBI KO? >? L?J?HN? M? ;<LCMM? HI G?CI >; J;L?>?
<;MN;P; ?MN?H>?L OG JIO=I I IG<LI ? ?HNL;L
 ;<LCL =;GCHBI J?F; J?>L;

;NL;P?MM;L ; ?MJ?MMOL;
 M;CL ?G IONL; =ICM;   G‚I ;J?LN;P; M?O ?MNŽG;AI ;N„ ;
H~OM?; "L;CH=IH=?<CP?FG?HN?@?FCT
Z 0? ;HN?M >? MO<CL ?O NIG;MM? OG; 7:?6 v =6F Z >CMM? ?LNB? 1L„J;N

>?N?H>I M?H;JILN;?IFB;H>IJ;L;?F? Z"MM?;AL;>~P?FJ;MM?CIG?>?OOG


JIO=I>?@LCI
?;F„G>CMMI;=BOP;X
Z IG GOCNI AIMNI Z >CMM? ,FCP?CL;
 >?=?J=CIH;>I  Z *;M N;FP?T @IMM?
G?FBILMO<CL?NCL;LFIAIIMM;J;NIM
;M?HBIL;?MN~=IGIMNILHIT?FIM?HMIJ;>IM
Z ?G
 I =;@„ N?G <I; =;F?@;ƒ‚I Z >CMM? ?LNB? 1L„J;N  Z +‚I M?C M?
3;F?HNCHPIFNIO
„=;J;T>??MN;LJIL;ˆJLI=OL;H>IIM;GCAIM "GHICN?M=IGI
?MN; ?F? M? ;J;CRIH; N?LLCP?FG?HN? JIL KO;FKO?L OG
 J;L?=? OG =;=BILLCHBI

JI>?;=L?>CN;L
Z -LIP;P?FG?HN? ?F? D~ PIFNIO ? FCAIO I ;KO?=?>IL Z CHP?HNIO ,FCP?CL;
B;<CFG?HN?  Z 2G <IG JIH=B?
 OG;M G?C;M >? F‚X  M?HBIL; JL?=CM; M?
=OC>;L
ZB
?OMIOKO?H?GOG;~LPIL? 0KO?N?GOG>?N;FB??OH‚INLIOR?
>CHB?CLI J;L; J;A;L ; =IHN; >I =;@„  G;HB‚ PIO N?L KO? PIFN;L  M;F; >I
=IH=?LNI J;L; L?=?<?L G?O 42496EX g HICN? H‚I „ M?AOLI ;H>;L =IG N;HNI
>CHB?CLIHI<IFMI
?MN?<;CLLI
CH@?FCTG?HN?X
Z 1?L?C I G;CIL JL;T?L ?G I@?L?=?L I KO? ; M?HBIL; KOCM?L <?<?L Z >CMM?
,FCP?CL; 1CHB;=IHM?AOC>I?H@C;L?LNB?1L„J;NHIP‚I>;JILN;
?>I=ILL?>IL
>IJL„>CIM;ˆ;OG;LGILHI?’GC>I=IG=B?CLI>?GI@I?N;FP?T>?GIFBI>?
=IAOG?FIM  , =IHN?HN;G?HNI C; >?M;J;L?=?H>I JIO=I ; JIO=I =IGI M?
=IHNCHO;MM? ;H>;H>I MITCHBI J?F; LO; ?G P?T >? @C=;L =IG ?F? >?<;CRI >I
JILN;F  *;M ?L; JL?=CMI FON;L =IHNL; ;KOCFI
 ; ;F?ALC; B;PC; >OL;>I ;J?H;M OHM
GIG?HNIMG;MNCHB;MC>IN‚IHIP;
N‚IIONL;=ICM;
?;KO?F?GIG?HNI?GKO?
; G?Hƒ‚I ; 3;F?HNCH H; <;HB?CL; <?MOHN;>I >? =I=Ž >? A;NI MOM=CN;L; OG;
M?HM;ƒ‚I>?JI>?L>;LOGJ;MMI@L?HN?
OGJ;MMI>?P?L>;>?
;FAIM?GJ„M?
H?GJ?LH;M
OGJ;MMIJ;L;IG?CI>?OG;J;L?>?>?J?>L;
?>?M?L=;J;T>?
?HNL;L JIL ;FC ? CL ?G @L?HN? ? M? M;FP;L >; IONL; =ICM;
 >; =BOP; HI LIMNI ? >;
~AO;HIMM;J;NIM &GJIMMˆP?F=IGJL??H>?LNO>I;KOCFI
=IGIM?GJL?KO?N?LC;
MC>I N‚I H?=?MM~LCI =IGJL??H>?L ;FAOG; =ICM;  2G; ;F?ALC;
 OG; G‚I JIL
<;CRI >; J?F? ;J?LN;H>I M?O ?MNŽG;AI
 OG; ?MJ?L;Hƒ;
 M? OG; N;F J;F;PL;
JO>?MM? M?L J?HM;>;
 M? J;L; ?F? @IMM? JIMMˆP?F KO? ;FAI ?P;MCPI ? =IH@OMI M?
;GIHNI;MM? >?<;CRI >? OG; HIƒ‚I >? ?MJ?L;Hƒ;
 ?L; >?G;MC;>I C>CIN;
 ?L;
CH=LCP?FG?HN? <?FI ? D~ MOGC;
 M? ;@;MN;P; >?<;CRI >; =BOP; JILKO? ?LNB?
1L„J;NH‚I I =IHPC>;P;;MO<CL;N„ ; =;M; >?F;
 I>?PIFPC; ;I =;@„ >; ?MKOCH;

L?CHN?AL;H>I I,L>?G>I!C;
;NO>IIKO?NCHB;;=IHN?=C>I;IFIHAI>I>C;

L?P?F
 IM =;CM >I 0?H;
 ; PIHN;>? >? CL J;L; OG FOA;L KO;FKO?L
 I P?FBI H;
G;=;
IJLIAL;G;GCG?IAL;@;>I
/IM?I<
;~AO;HIMM;J;NIM  IGOGA?MNI
N‚IF?HNIKO??L;=IGIM?NCL;MM?OG;GIHN;HB;>IMIG<LIM
,FCP?CL;;JIHNIO
J;L;IM>ICM=;@„MKO?LIGJC;G;?M=OLC>‚I>;?MKOCH; *;M?LNB?1L„J;NH‚I
J;L?=C;N?LOG;JL?@?L…H=C;?MJ?=C;F
>?L?J?HN?M??MKO?=C;>?MO;MCHN?Hƒ‘?M

GOLGOL;P;;FAOG;=ICM;M?GMIFN;LI<L;ƒI>?,FCP?CL;
GCL;P;@OLNCP;G?HN?I
=ILL?>IL?GMIG<L;M
Z 3IFNIO Z >CMM? <LOM=;G?HN?
 =L;P;H>I ?G ,FCP?CL; OHM IFBIM KO?
<LCFB;P;G >? F~ALCG;M  Z 0CHNI KO? ?F? ?MN~ F~ ?G =CG;  " ?MN~ =IG ;FAOG
>?F?M
=IG=?LN?T; 1I>;P?TKO??F?G?;JL?M?HNIOHOG=IH=?LNI@IC=ILL?H>I
M?>?CN;L=IG;FAOG>IMM?OM;GCAOCHBIM
L@;P;
;@OH>;H>IIM>?>IMHI<L;ƒI>?,FCP?CL;?PCL;H>I M?;NI>ICHMN;HN?
J;L; IFB;L ; ?M=OLC>‚I  )~ >I ;FNI =B?AIO ;N„ ?F?M OG GC;>I MO@I=;>I
 OG;
=ILLC>;;P?FO>;>;L?MMI;H>IHI=;L;=IF>;?M=;>;LC; ,FCP?CL;H‚IM;<C;IKO?
>CT?L??MJ?LIO
NCL;H>IOG=CA;LLI?I;=?H>?H>I=IGGOCNI?M@ILƒI
Z "MNIO M?G ; =B;P? Z >CMM? ?LNB? 1L„J;N HOG; PIT N‚I <;CR; KO? ?F?
KO;M? H‚I ?M=ONIO  Z "F? HOH=; G? >?CR; ; =B;P? KO;H>I P;C J;L; ; =;G;
=IG;FAO„G
Z*;M;M?HBIL;JL?=CM;>?M=;HM;LX
Z"F?H‚I?MN~H?G;ˆM??O>?M=;HMIIO;LL?<?HNI !?P?GN?L;=?H>C>II
@IAI
A;MN;H>IIJIO=I=;LP‚IKO?IML )?GICH?G?>?O>?JL?M?HN? ">?P?G
?MN;LHOM
HOM 0CG
H;GCHB;=;G;
J?F;>IM
HID?HNIM ";G;HB‚PION?LKO?
;LLOG;L NO>I
 ? 3;F?HNCH >?P? N?L PIGCN;>I H; =IF=B;
 M?GJL?X G;HB‚

=IGIM?GJL? "O G;HB‚


Z0?L~KO?JIL;KOCH‚IGIL;H?HBOG;GCAI
;FAO„GIH>?;M?HBIL;JIMM;
J;MM;L;HICN?Z>CMM?,FCP?CL;
Z +‚I Z >CMM? ?LNB? 1L„J;N
 IFB;H>I J;L; ?F? =IG I L;<I >I IFBI  Z
=L?>CN?
 DIP?G
 ; G;CILC; >IM G?OM ;GCAIM GIL; ?G +?OCFFS  KOC M N?G
?MM;MP?FB;MCGOH>;M
IM;LA?FCHIM>IICNI
;JCILL;F„
Z0?;M?HBIL;KOCM?L
JIMMIMO<CL?J?>CL;3;F?HNCHKO?;<L;;JILN;J;L;;
M?HBIL;Z>CMM?,FCP?CL; Z1;FP?T;M?HBIL;JIMM;?MJ?L;LHI=;@„
?NO>IP;C
>;L=?LNI
Z.O?>;L=?LNI
KO?H;>;Z>CMM??LNB?1L„J;N;LL;MN;H>I;PIT=IGIM?
NCP?MM?<?<C>I Z"F?H‚IP;C;<LCLJ;L;IM?HBIL
=IHB?ƒI?F?GOCNI<?G 3‚I
@C=;L =;F;>IM
 HI ?M=OLI  -;L; KO? JL?=CM;G >? FOT
 ;AIL; 3‚I ;=?H>?L ; FOT
G;CMN;L>?
KO;H>I3;F?HNCHNCP?L=?LN?T;>?KO?@OCJ;MM;L;HICN?HOGBIN?F
IOHOG=;@„
Z0??O<;N?LH;JILN;?F?MP‚IM?;MMOMN;L +‚I;=L?>CNIKO?3;F?HNCHKO?CL;
;LG;LOG?M=H>;FI
Z"F?H‚IM?CGJILN;=IGH;>;
KO;H>I?MN~>?MM?D?CNIH‚IM?CGJILN;=IG
;<MIFON;G?HN?H;>; 0?LC;=;J;T>?P?MNCL;GCHB;LIOJ;?CLJ;L;LH;>?F?A;=C;
>; ?MKOCH; =;HN;H>I ; *;LM?FB?M;  2G; P?T KO;M? @?T CMMI ? I /I<?LN >I
;LG;T„GM?AOLIO?F?;N?GJI?NLIOR?J;L;=;M; /I<?LN?L;OG<IGBIG?G

N;G<„GNCHB;NC>IM?OM=;JLC=BIM??HN?H>C;
Z *? >?CR? MO<CL Z CHMCMNCO ,FCP?CL;  Z  M?HBIL; P;C J;L; I =;@„ >;
?MKOCH;?G??MJ?L; "OPIO>;LOGD?CNIH;M=ICM;M
;M?HBIL;H‚IJI>?J;MM;L
;HICN?CHN?CL;;MMCG
FOT>I=ILL?>ILM?;=?H>?OHIGIG?HNI?GKO??LNB?1L„J;N=IG?ƒ;P;
OG; L?MJIMN; P??G?HN?  "F; >?O OG JOFI ? M;CO J;L; ; LO;
 ;@;MN;H>I M?
IMN?HMCP;G?HN?>?,FCP?CL;
KO?@C=IOM?GM;<?LIKO?@;T?L 2G=;M;F>?M=C;M
=;LL?CL;M
J;MMIO;IM?OF;>IM?GIFB;LJ;L;?F?
NIGIOILOGI>;/O?1BIOCH
IG OG; IFB;>?F; H?LPIM; J;L; NL~M
 ?LNB? 1L„J;N NILHIO ; M? ;<LCA;L H;
JILN;  BIPC;;=HN;LIM
0?G;G?HILPIHN;>?
G;M>CT?H>IJ;L;MCG?MGIKO??L;;’HC=;=ICM;KO?
JI>C; @;T?L
 ,FCP?CL; ?HNLIO  JLI=OL; >; ?M=;>;X +‚I B;PC; >;>I H?G NL…M
J;MMIMKO;H>I?LNB?1L„J;N;A;LLIOM?O<L;ƒI?IJORIOH;>CL?ƒ‚I>;JILN;
/OGCH;P;H?A;NCP;M
IL>?HM
M’JFC=;M
NO>IGCMNOL;>IHOG;?MJ„=C?>?=;=;L?DI
;FN?LH;>I KO? =IH@OH>C; ;M J;F;PL;M ? ;M CHN?LD?Cƒ‘?M  ,FCP?CL; >?CRIO M? F?P;L

?HNL?A;H>I M? ;I KO? PC?MM?   FOT NCHB; M? ;J;A;>I


 G;M NILHIO ; M? ;=?H>?L
;FAOHM M?AOH>IM >?JICM
 ? IOPCL;G M? PIT?M >? >?MJ?>C>;  ;FNOL; >I M?AOH>I
IO >I N?L=?CLI ;H>;L  ?LNB? 1L„J;N MIFNIO ,FCP?CL; ? M? ;JICIO H; JILN;

@CHACH>I;<INI;L;=;J;>?=BOP;=IGIM??MNCP?MM?JL?MN?M;M;CL +‚IM?GIP?O
?HKO;HNIIM>ICMBIG?HMKO?>?M=C;GH‚IJ;MM;L;G;IM?OF;>I
IFB;H>IJ;L;
,FCP?CL; M?G =OLCIMC>;>? ? GOLGOL;H>I I OMO;F A2C5@? >IM ?H=IHNLIM HIM
=ILL?>IL?M  ,FCP?CL; J?HMIO JIL OG M?AOH>I ?G MO<CL ; ?M=;>; M?G G;CM
>?FIHA;M
G;MH‚IM;<C;?GKO;F;H>;LGIL;P;;;LNCMN; #OGIO=IGL;CP;
>?
HIPI?HPIFNIH;?M=OLC>‚I
?MJ?L;H>IKO?;=IHN?=?MM?;FAOG;=ICM;IOKO?H‚I
;=IHN?=?MM?H;>; J?M;L>;=BOP;
IMMIFOƒIM>??LNB?1L„J;N=B?A;P;G=;>;
P?TG;CM=F;L;G?HN?;N„?F? JLIRCGIO M?>?F;
JŽM;G‚I?GM?OIG<LI
Z -IL @;PIL
 G;>;G? 1L„J;N
 H‚I M? ;@FCD; ;MMCG  *? >CA; I KO? JI>?GIM
@;T?L
N?GKO?B;P?LOG;MIFOƒ‚I
Z*?>?CR?
G?>?CR?ZGOLGOLIO;;LNCMN;
ZM?HBIL;?MN~?MAIN;>;
JL?=CM;>ILGCL 0?D;=IGI@IL
P;GIMJ;L;;FAOG
BIN?F
N;G<„GH‚IN?HBI>CHB?CLIG;MG??HN?H>I=IGI>IHI
;G;HB‚J;AI
IHB?ƒIOGBIN?FH;/O?3;F?NN?
H‚I„FIHA?>;KOC
Z2GBIN?FZ>CMM??LNB?1L„J;N
PCL;H>I M??IFB;H>IJ;L;?F?
ZjLOCG
G;M„MJ;L;J;MM;L;HICN?
Z"IM?HBILN?G;CHN?Hƒ‚I>?G?F?P;LJ;L;OGBIN?F
Z 0?HBIL;
 ?O ; ;=IGJ;HBI ;N„ I BIN?F ? @;FI =IG I >IHI J;L; KO? FB?
>??GOGKO;LNI
Z2GBIN?F
IM?HBILN?G;CHN?Hƒ‚I>?G?F?P;LJ;L;OGBIN?F
Z+‚IN?HBIH?HBOG;CHN?Hƒ‚IZ>CMM?,FCP?CL;J?L>?H>I;J;=C…H=C; Z
+‚IJIMMIFB?I@?L?=?LGCHB;=;M;J?F;MCGJF?ML;T‚I>?KO?H‚IN?HBIOG; 
M?HBIL;H‚IG?>?CR;MO<CLJ;L;@;T?L3;F?HNCH;<LCL;JILN; -L?@?L?KO??OP~
?G<IL;+?MM?=;MI
J;MM?<?G
*;M P;C M;<?L M? ?MN;P; >CT?H>I NO>I CMMI IO M I J?HM;P;  +OH=; ?MNCP?L;
G;CM>CMN;HN?>?MM;MJ;F;PL;M
KO??GIONLIGIG?HNIN?LC;GMC>I;MJLCG?CL;M;
M;FN;L>?MO;<I=; +‚I?L;;MMCGKO?JL?=CM;P;;ACL +‚IM;<C;=IGIM?M;@;L

G;M ;MMCG
 H‚I  " ?LNB? 1L„J;N IFB;P; J;L; ?F?
 ALO>;>; H; JILN;  +‚I
 H‚I
B;PC;>CNIH;>;
NCHB;@C=;>ICGP?F;IF;>I>?F;
??G<IL;@IMM?CH=LˆP?F
;CH>;
KO?LC; ;DO>;L
 @;T?L ;FAOG; =ICM; JIL ?LNB? 1L„J;N
 KO? IFB;P; CGJF;=~P?F
J;L;?F??F?P;HN;P;;G‚IJIO=I;JIO=I
?>?L?J?HN?;>?M=;LL?AIOMI<L?I
LIMNI >? ,FCP?CL;
 KO? L?NLI=?>?O >?MHILN?;>I
 ?PCN;H>I ; G;CIL J;LN? >I
<I@?N‚IG;MM?HNCH>I;=BC<;N;>;>?OHM>?>IMGOCNI@CHIM
ILIƒ;LJ;MM;A?CLI
>;MOHB;M
Z2GBIN?FZL?J?NCO?LNB?1L„J;N Z*;MPI=…M?MN‚IIOPCH>ICMMIKO?
?F?;=;<;>?G?JLIJIL
,FB;P;J;L;I=ILL?>ILM?M=OL;M
L?PCL;H>IIMIFBIM
;<I=;PCIF?HN;G?HN?
JCHN;>;L?NIL=?H>I M?=IGIOG;=ICM;CH>?J?H>?HN?
>IN;>;>?PC>;JLJLC;
?
?GM?O>?M=IH=?LNI,FCP?CL;;=L?>CNIOP?L>?HIPI;MG‚IM>;*;A;N?HN;H>I
;JFC=;L I MOJIMCNLCI ?G /I=;G;>IOL
 ? /I=;G;>IOL M? =IHNIL=?H>I ?
;J?LN;H>I;MH~>?A;M?HNL?OLLIMJ;PILIMIM
??LNB?1L„J;NL?NIL=C;;<I=;>?
OG F;>I J;L; IONLI >? IFBIM =L;P;>IM HOG J’<FC=I CHPCMˆP?F H; ?M=OLC>‚I >I
=ILL?>IL
 I ;<MOL>I J?HN?;>I M? ;ACN;H>I =IG IM ?MNL?G?=CG?HNIM =;>; P?T
G;CMCHN?HMIM>;=;<?ƒ;
Z -IL @;PIL Z GOLGOLIO ,FCP?CL;
 J;MM;H>I OG; >;M G‚IM MI<L? I
;LL;HB‚IKO?M;HAL;P;OGJIO=I Z IGIJI>?;=B;LOG;=ICM;>?MM;M
*;MMCG
?F;JI>C;;=B;L
JILKO??>CMM?CMMI;IMALCNIM
?;FOT>I=ILL?>IL
NILHIO;M?;=?H>?LM;<C;GOCNI<?GKO?NCJI>?>?JL;P;>IM;M?AOC;GJ?F;M
LO;M
 =IGI ;FC~M @;TC;G =IG NI>;M ;M M?HBIL;M >?=?HN?M
 G;M ?F; H‚I CLC;
J?LGCNCL ? ; JILN; >I ;J;LN;G?HNI >; T?F;>IL; =IG?ƒIO ; M? ;<LCL ? ,FCP?CL;
PCO MOLACL OG; =;L; KO? F?G<L;P; OG; ACA;HN?M=; L;N;T;H;
 OHM IFBCHBIM KO?
IFB;P;G~PC>IMKO?OGGIHMNLI
KO?OGN;L;>I<;<‚I;;N;=;MM?H;JILN;>;
MO; JLJLC; =;M;
 J;L; CMMI ?RCMNC; ; JIFˆ=C; ? ; DOMNCƒ; Z ? ;FAO„G >?M=C;
=ILL?H>I ;M ?M=;>;M
 OG L;J;T >? =;<?FI ?H=;L;=IF;>I ? D?CNI >? =CA;HI M?
;JIC;P; HI =ILLCG‚I J;L; IFB;L ? IOPCL  PIHN;>? Z
 ? M? IM PCTCHBIM H‚I ;
JLIN?AC;G ?F; M;<C; GOCNI <?G =IGI M? @;T?L L?MJ?CN;L
 JILKO? H‚I ?L; ;
JLCG?CL;P?TKO?OGPC=C;>I
KO?OG?RC<C=CIHCMN;CGOH>IX
+; ?MKOCH; >; /O? 1IOLH?@ILN
 ,FCP?CL; L?J;LIO KO? ;CH>; ?MN;P; =IG I
=CA;LLI ?HNL? IM >?>IM
 ;J;A;>I J?F; =BOP; ? G?CI >?M@?CNI  JIC;H>I M? HOG
JIMN?
 ?LAO?O I LIMNI ? >?CRIO KO? ; =BOP; I ?H=B;L=;MM? CHN?CLI  MMCG
HCHAO„G J?L=?<?LC;
 =IG I LIMNI =I<?LNI >? ~AO; HCHAO„G JI>?LC; J?L=?<?L
!?JICM M? JŽM ; ;H>;L >?P;A;L
 ?H=IFBC>I
 =IG ; AIF; >; D;KO?N; ;<INI;>;
=IHNL; I KO?CRI =IGI M?GJL?
 ; J?F? >; AIF; =B?CL;P; BILLCP?FG?HN? ; =ICM;
JI>L?
;=OLNOG? +‚IJ?HM;P;?GH;>;
M?HNC; M?=;GCHB;L=IGIKO?GIFB;
OG AL;H>? =‚I H?ALI >?<;CRI >; =BOP;
 OG; =ICM; >? J;N;M J?M;>;M
 >?
J?F;A?G<;FIOƒ;HN???G;L;HB;>;M?GIP?H>I>?<;CRI>;=BOP; !?P?T?G
KO;H>I F?P;HN;P; ; G‚I ? ; J;MM;P; J?FI LIMNI
 G;M ;=;<IO >?CR;H>I KO?
=BIP?MM? ?G =CG; >?F?
 M P?T?M ?MNC=;P; I F~<CI ? <?<C; ;FAI M;FA;>I KO? FB?
?M=ILLC; J?F; J?F?  .O;H>I
 GOCNI G;CM N;L>? ? J?LNI >I ';L>CH >?M -F;HN?M

PIFNIO  F?G<L;Hƒ; >I >C;


 ; OG L?F;NI ;JFC=;>I ? GCHO=CIMI >? NI>IM IM
GCHONIM >;KO?F? >C;
 >CMM? J;L; MC G?MGI KO? ;@CH;F >? =IHN;M H‚I @IL; N‚I
C>CIN; M?HNCL M? =IHN?HN? ?HKO;HNI ;=IGJ;HB;P; ; P?FB; ;N„ ?G =;M;  *;M

=IGI>?=IMNOG?
B;PC;J;A;>I=;LIJIL?MM?=IHN?HN;G?HNICHM?HM;NI AIL;
=IG?ƒ;LC;;L?=LCGCH;L M?JILMO;;NCNO>?
;>?MGIHN~ F;JIO=I;JIO=I;N„KO?
H‚IL?MN;MM?H;>;;F„G>IG?MGI>?M?GJL?
OG<OL;=IIH>?MIJL;P;IN?GJI

OG=IHNˆHOICGJL?=CMIM?G<IL>;M>?@CHC>;M U+‚I@;ƒ;GIMFCN?L;NOL;W
J?HMIO

JOR;H>IOG=CA;LLI>?JICM>?M?=;LOGJIO=I;MG‚IMHI=;FIL>IM<IFMIM>;
=;Fƒ;  U+;>; >? ?RC<Cƒ‘?M <L;H>CH>I ;M JON;M >;M J;F;PL;M
 ;M JLIR?H?N;M
L?FOT?HN?M =IHN?=?O>?MM?D?CNI?;=;<IO M? ?LNB?1L„J;NXOG;NL?G?H>;
C>CIN;
 G;M N?LC; MC>I N‚I <IG MO<CL J;L; NIG;L ;FAOG; =ICM; =IG ?F; ? =IG
3;F?HNCH
NCL;LIMM;J;NIM;IF;>I>I@IAI +;P?L>;>??L;JILCMMI?MJILCMMI
KO??O?MN;P;=IHN?HN?
J?F;C>?C;>?NCL;LIMM;J;NIM?M?=;L;MG?C;M +‚I>?O

A;LINI
 @;T?L I KO…  !?CR?GIM ;M =ICM;M =IGI ?MN‚I
 „ JL?=CMI CL >ILGCL  +‚I
B;PC;H?HBOG;IONL;L;T‚I
H‚IJI>C;B;P?LIONL;L;T‚I 0?G?>?CRIF?P;LMIO
=;J;T>?PIFN;LJ;L;;KO?F?KO;LNI?J;MM;L;HICN?<;H=;H>II?H@?LG?CLI>I
G?HCHI W!?IH>??MN;P;;N„;/O?>O0IGG?L;L>N?LC;OHM<IHMPCHN?GCHONIM
>? G;L=B; >?<;CRI >~AO;
 I G?FBIL ; @;T?L ?L; M? ?H@C;L HI JLCG?CLI BIN?F ?
>ILGCL ,M@M@ILIM=IG?ƒ;L;G;@;FB;L
OG;NL~M>IIONLI 0LCH>I

 


Z "O H‚I M?C G? ?RJL?MM;L Z >CMM? ; *;A;


 ?HROA;H>I ; =IFB?LCHB; =IG
OGJ;HIH;>;FCGJI Z3;CP?L
IONL;MJI>?LC;G?RJFC=;LG?FBIL
G;MM?GJL?
@OC;MMCG
„GOCNIG;CM@~=CF@;F;L>;M=ICM;MNLCMN?MKO?>;M;F?AL?M
Z2G;F?CZ>CMM?$L?AILIPCOM Z"HOH=C;>IJ?L@?CNI
P?L>;>?JLI@OH>;
"F?P;>I ;I JF;HI >; ;MN’=C; FCN?L~LC;
 >~ H;KO?F; BCMNLC; >? KO? >IM <IHM
M?HNCG?HNIM H;M=? ; G~ FCN?L;NOL; ? =ICM;M >I A…H?LI  +‚I M? ?RJFC=; ;
@?FC=C>;>?
)O=ˆ;
JLIP;P?FG?HN?JILM?LIGIG?HNIG;CM<?G MO=?>C>I>IP„O
>?*;S;
*;A;IFBIOJ;L;?F?
J?LJF?R; $L?AILIPCOMMOMJCLIO
Z , P„O >? *;S; Z L?J?NCO  Z *;M H‚I P;GIM GCMNOL;L ;M =ICM;M  3I=…
J?L=?<?O GOCNI <?G KO? ; >?MAL;ƒ; „
 >CA;GIM
 G;CM N;HAˆP?F
 N;FP?T JILKO?
>?F;H;M=?I>?M>I<L;G?HNI?GI<D?NI?MOD?CNI -ILCMMI?F;@C=;N‚IAL;P;>;H;
G?GLC;
JILCMMI;M=;N~MNLI@?MJI>?GM?LN‚I<?G=IHN;>;M
Z,KO?;=IHN?=?Z>CMM?;*;A;
G?R?H>IIF?CN?MI<L?I;KO?=?>ILZ„
KO?;@?FC=C>;>?„M>?OG
?HKO;HNI;>?MAL;ƒ;J;L?=?M?L>?NI>IM
Z ILIF~LCI DOMNˆMMCGI Z >CMM? $L?AILIPCOM  Z " ;F„G >CMMI
 =B;GI MO;
;N?Hƒ‚I J;L; I @;NI >? KO? H‚I MIO >? @C=;L J?LAOHN;H>I  +; IONL; HICN?
 H;
L?OHC‚I >I FO<?X ?G
 I /IH;F> N?G OG; PI>=; >?MNL;P; FˆHAO;M >?G;CM
+‚IP~G?;=B;LOG;?MJ„=C?>?>C;<I=IRI
?OMKO?LC;?HN?H>?LG?FBILIM
G?OM ;GCAIM  3I=… ? I %IL;=CIX 0?C F~
 N…G OG; =ICM; CH?RJFC=~P?F
 OG;
?MJ„=C? >? GCMN„LCI =?HNL;F  /IH;F> ? ;<M >CT?G KO? PI=…M >ICM M‚I I =;M;F
J?L@?CNI
KO?M?=IGJF?G?HN;G "OH‚I;=BIKO?M?=IGJF?G?HN?GN;HNI
Z"KO?CGJILNH=C;N?GCMMI
Z+‚I„KO?N?HB;CGJILNH=C;
G;MPI=…?MN;P;G?>CT?H>IKO?I%IL;=CI
@IC?G<IL;
Z+‚IN?GH;>;;P?LZ>CMM?;*;A; Z+‚IM?C@;F;L>;@?FC=C>;>?
G;M
CMMI H‚I KO?L >CT?L KO? ?O H‚I N?HB; MC>I @?FCT  0? KOCM?L
 JIMMI =IHNCHO;L
=IHN;H>I JIL KO? I %IL;=CI @IC ?G<IL;
 JIL KO? ?O „ KO? JI>C; N?L C>I
?G<IL;
M?H‚I@IMM?I/I=;G;>IOL Z#?TOGA?MNIP;AI;JIHN;H>I;MG;F;M

; ?HILG? =IH@OM‚I >? J;J„CM ? L?=CJC?HN?M ? >CM=IM KO? ;NOFB;P; I KO;LNI  Z


1O>ICMMIJL?=CM;M?LAO;L>;>I
„JL?=CMIJLI=OL;L;IH>?CLX+‚IKO?LI@C=;L
;KOC
„NLCMN?>?G;CM
Z"NC?HH?JI>?=IHM?AOCLOGKO;LNIJ?KO?HI?<?GCFOGCH;>IJ;L;PI=…
.O;H>I /I=;G;>IOL PIFN;L J;L; I =;GJI  ICM; >? OHM M?N? GCF @L;H=IM JIL
G…M 0?H‚IBIOP?LCH=IHP?HC?HN?
H?MM?=;MI?O@C=;LC;=IG?MN?KO;LNI $IMNI
>?F?
N?G<IHM@FOC>IM KOC>~J;L;J?HM;L
;A?HN?M?M?HN?<?G
Z+‚I„<?G;MMCGZ>CMM?;*;A; Z)~J?F;MM?N?>;G;HB‚;GIƒ;>?
<;CRI=IG?ƒ;;=;HN;LU)?MG;HNM>O%;PL?W jOG;FCH>;=;Hƒ‚I
G;M>?JICM
>?OGN?GJIX

'F:DBF6=2E6CC66DEC@?56
$@?2>@FCE6?72:DA2D
$@?2>@FCE6?72:DA2D

ZIHCNIZ>CMM?$L?AILIPCOMCH>C@?L?HN?
Zj
N?GGOCN;@CFIMI@C;
=IGI>CLC;)?>?MG; +‚I
PI=…H‚II=IHB?=?O
#IC;HN?M>I%IL;=CI
F~HI2LOAO;C
Z,H?ALI
Z+‚I
IH?ALIM?=B;G;P;&L?H?I
Z"HN‚I;BCMNLC;>IH?ALI?L;P?L>;>?
*;A;IFBIOJ;L;?F?;MMIG<L;>; $L?AILIPCOM?L;G?MGIOG?MN’JC>I 
H‚I M?L %IL;=CI ? >? P?T ?G KO;H>IX
 NI>IM IM KO? ; B;PC;G >?M?D;>I
M?GJL?M?=IGJILN;P;G=IGIOHM=L?NCHIM 0?GJL?G?R?H>IIF?CN?@IC;N„;
=;G;?N?HNIO@;T?L/I=;G;>IOLNIG;LOG;M=IFB?L;>;M /I=;G;>IOLA?G?O
? L?=OMIO
 I F?CN? ?M=ILLC; JIL M?O J?M=IƒI  U1IJCNIJCNIJCW
 >CTC; ; *;A; =IG
PIT >? BCJHINCT;>IL; >? >CMNLC<OCƒ‚I >? JL…GCIM  U1IJCNIJCNIJCW
 N?HN;H>I
;=?LN;L OG; =IFB?L;>; H; <I=; >? /I=;G;>IOL
 KO? ?MN;P; P?LG?FBI ? H‚I
KO?LC; NIG;L
 G;M >? L?J?HN? ;@LIOR;P; M;<? M? F~ JIL KO…
 ?M=ILL?A;P; OG
JIO=IJ;L;I@OH>I>;=;G;?M?JOHB;;?HAIFCLOG;=IFB?L;>;;NL~M>;IONL;

J;L; ?HILG? M;NCM@;ƒ‚I >? $L?AILIPCOM


 KO? ;<;MN?=C; I =;=BCG<I ? M? M?HNC;
G?CIJ;C
Z1CG NCGZ>CMM?;*;A;
F;LA;H>I;J;H?F;;IF;>I>;=;G;?=I<LCH>I
/I=;G;>IOL
KO?D~=IG?ƒ;P;;;>ILG?=?L Z"F?;CH>;?MN~=IGGOCN;@?<L?

J?FIG?HIMNLCHN;?HIP??G?CI
Z3I=…H‚IJ‘?IN?LGŽG?NLIH?F?
Z j GOCNI >C@ˆ=CF JŽL I N?LGŽG?NLI
 >?JICM ?F? J;MM; PCHN? GCHONIM
=BIL;H>I
I%IL;=CIH‚IMOJILN; -?L=?<IJ?FI=;FIL>;N?MN; !?P??MN;L=IG
G;CM>?NLCHN;?HIP?
H‚I?HN?H>I=IGI„KO??MM;@?<L?H‚I<;CR;
Z*OCNI?GJˆLC=I
G?J;L?=?Z>CMM?$L?AILIPCOM Z"IF?CN?H‚I@;TG;F

=IGNI>;?MM;@?<L?
Z+‚I„N;HN;J;L;OG<?<…Z>CMM?;*;A;;=?H>?H>IOG$;OFICM? Z
0?LC;G?FBIL;J;A;L;FOT
;MMCG?F?>ILG?HOGCHMN;HN? FC
;IF;>I>;JILN;
!I ;KO?=?>IL M;ˆ; OG =F;L‚I KO? @IC M? ;@CLG;H>I KO;H>I IM >ICM M?
M?HN;L;G @L?HN? ; @L?HN? ? @C=;L;G OG GIG?HNI @OG;H>I M?G @;F;L
$L?AILIPCOM PC; I =CA;LLI >; *;A; MO<CL ? >?M=?L
 JIL OG M?AOH>I M?O LIMNI
=OLCIM;G?HN? JF~=C>I M? ;=?H>C; @?CNI OG; <L;M;
 IM IFBIM <LCFB;P;G IFB;H>I
J;L; ?F?
 NO>I M? PIFN;P; J;L; OG; J?HOG<L; H; KO;F IM A?GC>IM ? ;LLOFBIM
AONOL;CM>?/I=;G;>IOLC;G>CGCHOCH>I;N„=?MM;L
M?AOC>IM>?OGMIFOƒIF?P?
KO?M?L?J?NC;;=;>;N;HNI 2GL?FACI>?OIHT?BIL;M
Z"F?H‚IPIFN;Z>CMM?;*;A; Z.O?L>CT?L
P;C;=;<;LN?H>IKO?J;MM;L
JIL;KOCJ;L;L?=IFB?L;M=ICM;M>?F?
G;M>~HIG?MGI =;<IO
<2AFEE
Z+‚IM?CH‚IZ>CMM?$L?AILIPCOM
=;ON?FIMI Z%IL;=CI„N‚IM?HMˆP?F
M?
GIPCG?HN;=IGN;HN;>C@C=OF>;>??G-;LCMX"F?;=B;KO?@;TIKO?KO?L
KO?
„GOCNIFCPL?;KOC
G;M@C=;M?<;N?H>I=IHNL;;MJ;L?>?M ;MN;P… FI;H>;LJ?F;
LO;
OG;P?T?OIM?AOC>?FIHA?>OL;HN?;FAOGN?GJI
Z"MJC‚IZ>CMM?;*;A;?GNIGKO;M?;G~P?F
Z,<M?LP;>IL
>CA;GIM
Z+;P?L>;>??L;;GCGKO?PI=…?MN;P;M?AOCH>I
G?MGI?OH‚I?MN;H>I
=IG?F?
Z -I>? M?L
 H; BIL; CMMI H‚I G? I=ILL?O  *? CHN?L?MMI GOCNI J?FI
=IGJILN;G?HNI >IM G?OM =IHB?=C>IM
 „ M?GJL? G;CM ;J;CRIH;HN? KO? IM
JLI<F?G;M>?R;>L?T !?M=I<LCKO?4IHAM?G;MNOL<;?KO?;<MJL;NC=;OG;
?MJ„=C? >? =;LC>;>? D;HM?HCMN;
 =IG ; =;L; PIFN;>; J;L; ; J;L?>? ?HKO;HNI ;
G‚IF;LA;OGJ?>;ƒI>?J‚I=IG;FAOG;=ICM;>?HNLI %IOP?OG;„JI=;?G
KO? ?O G? >?>C=;P; ; ?MNO>;L GCHB; G‚?  #IC H; %?LT?AIPCH;
 @;T GOCNI
N?GJI  >A;FF? G? @;M=CH;P;
 CHMCMNC; ?G OM;L OG; J?LO=; FIOL; KO;H>I ?O
M;<C;GOCNI<?GKO?NCHB;=;<?FIJL?NI +I=;MN?FI
HCHAO„GM;<C;
NˆHB;GIM
HIMCHMN;F;>IF~>?JICM>;GILN?>I=IH>?/IMMF?L .O;H>I?O;CHN?LLIA;P;H;
„JI=;NCHB;;J?H;M>?T;HIM
?L;OGN?GJIGOCNI@?FCT
GCHB;G‚?LC;?G?
@;TC; DOL;L KO? D;G;CM L?P?F;LC; ; P?L>;>?  "O G? CGJ;=C?HN;P; =IG ?MM;
P?L>;>?KO??L;JL?=CMI?M=IH>?L?KO??L;G;CMMCGJF?M?<IHCN;KO?;J?LO=;
FIOL; J?LO=;?L;OG;I<L;>?;LN?
GCHB;G‚?JI>C;M?J?HN?;L=IGNI>;;
H;NOL;FC>;>?H;JL?M?Hƒ;>;=;G;L?CL;M?GKO??F;>?M=IH@C;MM?>?H;>; *;M
KO;H>I ?F; @C=;P; MITCHB; ?O N?LC; KO?LC>I
 H‚I M;<C; <?G JIL KO…
 ?MN;L
?M=IH>C>I>?<;CRI>?OGMI@~IO;NL~M>;M=ILNCH;MLIR;M "HN‚IL?MIFPC@;T?LOG
@OLIH;J;L?>?>;<C<FCIN?=;
KO?>;P;J;L;INIO=;>IL>?GCHB;G‚?
NL;<;FB?C
 HICN?
 KO;H>I NI>I GOH>I ;=B;P; KO? ?O ?MN;P; >ILGCH>I  #IC ;MMCG KO?
=IHM?AOC P?L =IGI >A;FF? NCL;P; ; J?LO=; FIOL;
 MIFN;P; I =;<?FI JL?NI KO?
>;P;;?F;OG;LN‚I>CMNCHNI
N‚I<?FI
?>?JICMNCL;P;;IONL;J?LO=;?;J;L?=C;;
J?L@?CN;<IF;>?<CFB;L
OG;=ICM;N‚I;MKO?LIM;KO?H;KO?F;HICN?PIGCN?C<I;
J;LN?>IAOF;MBHINL;P?MM?CLI
Z0O;CH@H=C;„OGJIO=IJ;L?=C>;=IGIJLCMCIH?CLI>?7?H>;Z>CMM?;
*;A;J?HM;NCP;
Z"L;OGGOH>I>?J?LO=;MZ>CMM?$L?AILIPCOM Z*?J?LAOHNIIKO?
%IL;=CI N?LC; @?CNI HI G?O FOA;L  +; P?L>;>? ˆ;GIM @;F;L >? %IL;=CI
 PI=… C;
G?=IHN;L;FAOG;=ICM;
Z "MM? MIFOƒI „ ?MKOCMCNI Z >CMM? ; *;A; IFB;H>I J;L; ; =;G; >?
/I=;G;>IOL Zj;JLCG?CL;P?TKO??F?N?GCMMI
Z!?P?M?L;>CA?MN‚I
Z-ILKO?CHMCMN?GN;HNIJ;L;KO??OIF?P?J;L;IBIMJCN;F2G;P?TG;CM

?MN; N;L>?
 I G„>C=I =IG ;KO?F; =;L; >? @ILGCA;  +‚I KO?LI F?P;L
 ?F? H‚I
AIMN; #;ƒINO>IIKO?„JL?=CMI@;T?L ;<MJ;MMIOJIL;KOC?MN;G;HB‚?>CMM?
KO?H‚I?L;N‚IAL;P? %IL;=CIN;G<„G;=B;P;KO?H‚I?L;N‚IAL;P?
Z%IL;=CIH‚IP;CPIFN;L
Z+‚I %IL;=CIP;CT;HT;LJIL;ˆ
JLI=OL;H>I=ICM;M
Z+‚I=BIL?
)O=ˆ;
Z"MNIO;MMI;H>IIH;LCT ,MIFOƒI>?F?D~J;MMIO
Z*?=IHN?
)O=ˆ;
M?FB?@;T<?G
Z+‚IG?F?G<LI>?H;>;
H‚IP;F?;J?H; B
F?G<LIMCG -;L;KO….O?
HIG?G;CM?MKOCMCNI
>A;FF?
Zj
P;CM;<?LM??L;IP?L>;>?CLIX*?>CMM?L;GX
Z IGI;J?LO=;FIOL;?;J?LO=;JL?N;Z>CMM?;*;A;
Z IGI NO>I Z >CMM? $L?AILIPCOM  Z j P?L>;>?
 I MIFOƒI J;MMIO  AIL;
?F?P;C>ILGCL;N„;G;HB‚ .O;H>I@ICKO?PI=…?%IL;=CIM?=IHB?=?L;G

 


1?LC; MC>I JL?@?LˆP?F KO? $L?AILIPCOM M? =;F;MM? IO KO? @;F;MM? ;J?H;M >?
>A;FF?
>?CR;H>I ;@OG;LNL;HKOCF;HI?M=OLI
FIHA?>I;MJ?=NI>IKO;LNI
>IM
>CM=IM?>IMFCPLIMKO??L;JL?=CMI?GJ;=IN;LJ;L;KO?%IL;=CIF?P;MM?KO;H>I
=IHM?AOCMM? FOA;L J;L; GIL;L  *;M ?L; CH’NCF
 ?F? M? =;F;LC; OG GIG?HNI
 
?MJ?L;>?KO??F;>CMM?MM?;FAOG;=ICM;
?;=;<;LC;J?LAOHN;H>I
NI>IMM?GJL?
NCHB;G;FAOG;=ICM;KO?J?LAOHN;L
?L;=IGIM?@C=;MM?GCH=IGI>;>IMJIL?F;
JL?@?LCL=;HN;LU*IHJNCNPISIOWIO@;T?L>?M?HBCHBIM=IG@M@ILIMOM;>IMIO
;=;LC=C;LIMA;NIMG;CMPCL; F;N;M>;/O?>O0IGG?L;L>IO>;L;G;G;>?CL;;
/I=;G;>IOL
Z=@CD>@?AE:EG@J@FZ=;HN;LIFIO;*;A;Z
=2G:6BF6DE46BF@?D6?
7@FEP
Z"ON;G<„G;>IL;P;;KO~LCIMZ>CMM?$L?AILIPCOML?G?GIL;NCPI Z*;M
J?L>CNI>I;@?NIJIL?F?MKO;H>IG?CHC=C?CHIMF;<IL?MJLJLCIM>IG?OM?RI
"G!O<LIPHCE
HOGJLIMNˆ<OFI;IH>?G?F?PIOOGG;LCHB?CLI>CH;G;LKO…M
KO?H;„JI=;?L;;G;HN?>;GCHB;G‚?
;>?,>?MM; IMJ„M>;=;G;B;PC;
OG;KO~LCIG;L;PCFBIMI?;=;G;N;G<„GNCHB;OGKO…>?;KO~LCI
=IGMO;
=IF=B;;TOF =F;L;OGJIO=ICLCM;>;
KO?;LOCP;AIL>;;@;MNIO=OC>;>IM;G?HN?
;HN?M>?G?;A;LL;LJ?F;MIL?FB;M@?CNIOG=I?FBI +CHAO„GCG;ACH;IG?>I

)O=ˆ;
IN?LLIL>;KOCFINO>I "MN~P;GIM>?CN;>IM>?=IMN;M
OG;IF;>I>IIONLI

??F;G?;=;LC=C;P;G;KOCH;FG?HN?
?O=IG@LCI??F;G?@;F;H>IM?CF~>IKO…

>;<LCA;>?JIO=I;HN?MHI<;L
>IMN?GJIL;CM>?G;LƒIX,MJ?CR?MJ;MM;P;G
J;L; F~ ? J;L; =~
 B;PC; OG
 JL?NI
 OG J?CR? ?HILG?
 GOCNI G;CIL KO? IM
IONLIM -;MM;P;J;L;F~?J;L;=~=IGI;G‚I>?F;J?F;MGCHB;MJ?LH;M
MO<CH>I

>?M=?H>IX "HN‚I @;T?L ;GIL ?L; ;KOCFI


 OG J?CR? JL?NI J;MM;H>I J;L; F~ ?
J;L;=~
=IG>?N?LGCH;ƒ‚I 2G;CG;A?G=IGIIONL;KO;FKO?L
;FC~M<;MN;HN?
;>?KO;>; L?J?NCƒ‚I;ICH@CHCNI>?OG;HMC;>?@OA;
>?;NL;P?MM;LIPC>LI?
?HNL;L?GIONL;=ICM;
Z.O?GM;<?Z>CMM?;*;A; Z1?HBI;M?HM;ƒ‚I>?KO?IMJ?CR?MH‚I
KO?L?GG;CMM;CL>I;KO~LCI
?F?MKO;M?HOH=;?H=IMN;GIH;LCTHIPC>LI
$L?AILIPCOM J?HMIO KO? ?G ;FAOG FOA;L B?MNIP B;PC; G?H=CIH;>I
;KO~LCIM =IG OG; >CPCMLC; L?GIPˆP?F
 KO? HOG GIG?HNI >;>I JI>C; M?L
L?NCL;>; M?G KO? I J?CR? B;<CNO;>I ;I =IGJ;LNCG?HNI D;G;CM M? >?=C>CMM? ;
J;MM;LJ;L;IIONLIF;>I  B?A;L;N„OGJIHNI>;~AO;
ACL;L
>;L;PIFN;
M?G
M;<?LKO?D~H‚IB;PC;I<MN~=OFI
KO??L;M=IHNCHO;L;P;Hƒ;H>IX
Z *;M I ;GIL N;G<„G JI>?LC; M?L CMMI Z >CMM? $L?AILIPCOM  Z .O?
G;L;PCFB;?MN;L;>GCL;H>IIMJ?CR?MHI;KO~LCI?>?L?J?HN?P… FIMJ;MM;LJ;L;I
;LFCPL?
J;LNCL@?CNIJIG<;M 2G;?MJ?L;Hƒ;C>CIN;
„=F;LI 1I>IML?NLI=?>?GIM
=IGG?>I>?>;L=IGIH;LCT?G;FAI>?M;AL;>~P?F ,H;LCT=IGIFCGCN?>I
GOH>IN?G;>?>CMM?LN;ƒ‚I 0;<?=IGIM??HMCH;OGA;NI;H‚IM?;FCPC;LHIM
KO;LNIM1„=HC=;>;?M@L?A;ƒ‚IIJILNOH; 0;<?=IGIM??HMCH;OGJIL=I;H‚I
=IG?L ; NLO@; 2G; P;L;>; HI @I=CHBI
 „ BILLˆP?F  =BI KO? -;M=;F ?L; G;CM
?MJ?=C;FCT;>I?GH;LCT?M>IKO?>?CR;MOJILMO;@;GIM;L?@F?R‚I?AˆJ=C;
Z-;M=;FZ>CMM?;*;A; Z.O?L?@F?R‚I?AˆJ=C;
$L?AILIPCOM MOMJCLIO  1I>IM MOMJCL;P;G KO;H>I ?F; @;TC; ;FAOG; J?LAOHN;
%IL;=CI ? MI<L?NO>I "NC?HH?
 JILKO? "NC?HH? H‚I ;J?H;M MOMJCL;P; G;M
N;G<„G ALOHBC;
 <O@;P; ? ; =B;G;P; >? <OLL;  Uj N‚I PCIF?N; M?L CAHIL;HN?W

J?HMIO ; *;A;
 L?MM?HNC>;  1I>; P?T KO? ;FAO„G M? ?M=;H>;FCT;P; =IG MO;M
J?LAOHN;M
 OG; M?HM;ƒ‚I PCIF?N;
 OG; G;MM; PCIF?N; ; ?HPIFPC; JIL OG
GIG?HNI  "L; JL?=CMI CHMJCL;L JLI@OH>;G?HN?
 ? I PCIF?N; M? >?M@;TC;
 M?
;@;MN;P;=IGIIMJ?CR?M
M?>CPC>C;HOG;CH@CHC>;>?>?FIM;HAIMPCIF?N;
;MJCJ;M
HIMN?LL?HIM<;F>CIM>?-I=CNIM
IP?L‚IH;MJL;C;M
G;H=B;MPCIF?N;=I<LCH>II
MIF?IMIFM?=B;G;P;/;??L;?AˆJ=CI@?CNI-;M=;F .O;M?D~H‚I;CH=IGI>;P;
G;CMIMOMJCLI>?$L?AILIPCOM
>?JICM>?%IL;=CIJIO=IJI>?LC;GCH=IGI>~ F;
IM MOMJCLIM >? KO?G KO?L KO? @IMM? KO;H>I @;TC; OG; J?LAOHN;
 G;M >? NI>I
GI>I ; G;H=B; PCIF?N; M?GJL? @C=;P; JIL OG GIG?HNI
 PIHN;>? >? =BIL;L

OG; =ICM; KO? >OL;P; I N?GJI >? M;=O>CL I =CA;LLI =IG ;KO?F? A?MNI KO?
?MNLIJC;P;CLL?G?>C;P?FG?HN?IMN;J?N?M
MOJIH>IKO??MN?M?RCMN;G

 


Z+I@OH>IZ>CMM?$L?AILIPCOMZ
-;LCM„OG;?HILG?G?N~@IL;
;N?OI=;=BCG<I
MI=IOOGJIO=II@OGI *;A;B;PC;;=?H>C>IIONLI
$;OFICM??=;HN;LIF;P; "MN;P;N‚I=;HM;>;KO?H?G=B?AIO;M?HNCLL;CP;JIL
H‚I ?HN?H>?L ; @L;M?  IGI H‚I M? JL?=CJCNIO ; J?LAOHN;L
 =IGI ?L; M?O
=IMNOG?
$L?AILIPCOML?MIFP?OM??RJFC=;L *;A;?M=ON;P;>?FIHA?
;DO>;>;
J?F;?M=OLC>‚I>IKO;LNI?J?FI=CA;LLI ,OPC;=ICM;MMIFN;M
;G?Hƒ‚IL?J?NC>;;
%IL;=CI
J?LJF?RC>;>?>?%IL;=CI
M;H>;Hƒ;MM?GLOGI>?KO;M?NI>IMIM
G?G<LIM >I FO<?
 M L;T‘?M J;L; ;=L?>CN;L KO? NO>I ;KOCFI JI>?LC; ;=;<;L
@;T?H>I ;FAOG M?HNC>I  -IL GIG?HNIM ;FAOG; @L;M? >? $L?AILIPCOM M?
>?M?HB;P; H; MIG<L;
 P?L>? IO <L;H=;
 M P?T?M ?L; OG NF;H
 IONL;M OG
"MN‡P?
 >?JICM OG MIG KO;FKO?L ACL;P; ? M? ;AFONCH;P;
 =L?M=C; =IGI OG
*;H?MMC?L
 =IGI OG 4C@L?>I );G
 =IGI OG -C;O<?LN
 =IGI OG "NC?HH?

=IGI OG *;R "LHMN  "L; >CP?LNC>I


 $L?AILIPCOM >CTC; UX ? ?MN‚I NI>IM
IFB;H>I J;L; IM LOGIM <;<CFŽHC=IM
 JIL ;MMCG >CT?L
 ? ?HN‚IXW
 ; *;A; PC;
H;M=?L>;MJ;F;PL;MOGL?MJF;H>?=?HN?!?SLIFF?
OGCMMC‡L?
G;M$L?AILIPCOM
D~ @;F;P; >; CHONCFC>;>? >? OG; IHNIFIAC; ?GJˆLC=; ? >? L?J?HN? ?L; OG
#LC?>F€H>?L
 OG >?FC=;>I 3CFFIH KO? L?NC=OF;P; ; J?HOG<L; ? ; @;TC; PC<L;L

@?E@=@8:2 6>A}C:42
 ;TOCM =IGI OG; @OG;ƒ;
 LIM;M
 6>A}C:42
 OG ;G;L?FI
J~FC>I
OG;=;PC>;>?IH>?NL?GOF;P;G=?HN?FB;M?M<L;HKOCƒ;>;M
Z/I=;G;>IOL>ILGCOZ>CMM?;*;A;
<;N?H>II=CA;LLI Z"ON;G<„G
JL?=CM;LC;>ILGCLOGJIO=I
Z%IL;=CIH‚IP;CPIFN;L?MN;HICN?
MOJIHBI
Z0?CF~ %IL;=CI„=IGIOGA;NI
P;CP?L?MN~M?HN;>IHI=B‚I;IF;>I>;
JILN;
P;CP?LJ?AIOOGNL?GJ;L;*;LM?FB;
Z "O JIMMI @C=;L Z >CMM? $L?AILIPCOM  Z 3I=… JI>? >ILGCL
 ?O =OC>I >?
/I=;G;>IOL
Z*;M?MNIOM?GMIHI ,N?GJICHN?CLI
?HKO;HNIPI=…@;F;
P?DI=ICM;MHI
;L 3I=…>CMM?U-;LCM„OG;?HILG?G?N~@IL;W
?@IC=IGIOG>?MM?MMCAHIM>?
0OA;C
=IGGOCNIP?LG?FBI?H?ALI
Z"O?MN;P;J?HM;H>IHI%IL;=CIZ>CMM?$L?AILIPCOM Zj=OLCIMI=IGI
?F? @IC GO>;H>I H?MN?M G?M?M
 >?M>? KO? I =IHB?ƒI  3I=… H‚I J?L=?<?O

CG;ACHI
?MN~J?LNI>?G;CM?„L?MJIHM~P?FJIL?MM;GO>;Hƒ;
Z-ILKO?OG;?HILG?G?N~@IL;
Z"F?;H>;JIL;KOC=IGIIONLIM@;T?GMO;MCHC=C;ƒ‘?M?GKO;FKO?L@OA;
I
PI>OIO;G;=IHB;
-C?LL?IOF?TIO;MG~KOCH;M>?JCHN;L>?1CHAO?FS "F?
;>CPCHB; KO? ?G ;FAOG FOA;L >? -;LCM
 ?G ;FAOG >C; IO ;FAOG; GILN? IO
;FAOG?H=IHNLI?RCMN?OG;=B;P?JLI=OL;?MM;=B;P?=IGIOGFIO=I /?J;L?
KO?>CAIU=IGIOGFIO=IW ,OM?D;
H;L?;FC>;>??F?H‚IN?G=IHM=C…H=C;>?
KO? ?MN~ JLI=OL;H>I ; =B;P?
 H?G >? KO? ; =B;P? ?RCMN?  !?M=IH@C; >? MO;M
;J;L…H=C;M
>?M?OM>CM@;L=?M -ILCMMI@;FI?GG?N~@IL;
Z-ILKO?PI=…>CTKO?%IL;=CIGO>IO
Z -?LAOHN; J?LNCH?HN?
 )O=ˆ;  .O;H>I =IHB?=C %IL;=CI
 ?O I =F;MMC@CKO?C
=IGI CHN?F?=NO;F ;@C=CIH;>I
 IO M?D;
 CHN?F?=NO;F M?G LCAIL  3I=…M M‚I G?CI
;MMCGJILF~
H‚I„"G*;NI$LIMMI
?MM?MFOA;L?M
Z*;NI$LIMMI@C=;HIL;MCF
Z "HN‚I
 HI -;L;H~  *OCNI CHN?FCA?HN?M ? ;F?LN;M
 CH@ILG;>ˆMMCGIM MI<L?
NO>I  *OCNI G;CM KO? HM  )CN?L;NOL; CN;FC;H;
 JIL ?R?GJFI
 IO CHAF?M;  " I
0„=OFI>?,OLI?MJ;HBIFCHN?CLI
?H;NOL;FG?HN?;MF?NL;M@L;H=?M;MH;JIHN;>;
FˆHAO;  %IL;=CI ?L; GOCNI ;MMCG
 >;P; J;L; J?L=?<?L H; BIL;  =BI ;>GCL~P?F
KO? ?G N‚I JIO=I N?GJI ?F? N?HB; GO>;>I >?MM? D?CNI  AIL; PCLIO OG
P?L>;>?CLI NIM=I
 <;MN; IFB;L J;L; ?F?  IG
 ;CH>; H‚I PCLIO NIM=I
 G;M @;T I
JIMMˆP?F
Z+‚I>CA;<?MN?CL;ZL?MGOHAIO;*;A;
Z"HN?H>;
?MNIO>CT?H>IKO??F??MN~?G<OM=;>;FOTH?AL;
>;=B;P?
?
KO??MN~=IG?ƒ;H>I;M?>;L=IHN;>?KO?=ICM;M;MMCGH‚I?MN‚IH;<C<FCIN?=;
+;P?L>;>?@ICPI=…KO??HMCHIOCMMI;?F?
?M??F?M?;@;MN;„JILKO?H‚IP;C
J?L>I~ F;D;G;CM
Z+‚I„JILCMMIKO?%IL;=CI?MN~CH>I?G<IL;
Z1;G<„GHCMMIB~OG;CG;A?G "F?H‚IM;<?JILKO??MN~CH>I?PI=…

KO?„;L;T‚I>??F?CL
H‚IN?G=IGIM;<?L
;G?HIMKO?L?MIFP;;=L?>CN;L?G
GCG
Z +‚I ;=L?>CNI Z >CMM? ; *;A;
 >?MFCT;H>I >; JIFNLIH; ? M? >?CN;H>I HI
=B‚I Z";F„G>CMMI
H‚I;=L?>CNI?GH;>; "H‚IP?HB;@;F;L>;-IF; +‚I
KO?LIM;<?L>;-IF;
Z IHNCHO? I<M?LP;H>I I KO? M? >?FCH?C; HI ?M=OLI Z >CMM? $L?AILIPCOM
;G;P?FG?HN? Z-I>?GIM@;F;L>?IONL;M=ICM;M
=F;LI 3I=…M;<C;KO?IMˆH>CIM
=BCLECH
>?N;HNIJ?>CLN?MIOL;M;IMGCMMCIH~LCIM
N…GN;G;HB;M=IF?ƒ‘?M>?F;M
KO?JLIJIL=CIH;FG?HN?;M?OH’G?LIM‚IIALOJIBOG;HIG;CMGOHC>I>?MM?
CHMNLOG?HNI)CHOG;LNCAI>?F@L?>*„NL;OR ,GOH>I?MN~=B?CI>?=ICM;M
?RNL;IL>CH~LC;M
Z*;MJILKO?-;LCM„OG;?HILG?G?N~@IL;
Z .O;H>I ?O ?L; J?KO?HI Z >CMM? $L?AILIPCOM Z
 ;M <;<~M @;TC;G ;GIL
=IG IM OF;HIM ?G ;NCPC>;>? H; TIH; >? ITMIE  IGI ?O ;M ?MNILP;P; H?MM?M
GCMN?L?M
 ?F;M G? >?CR;P;G <LCH=;L HOG ?HILG? M;F‚I =B?CI >? N;J?ƒ;LC;M ?
N;J?N?MKO?N?LC;G@?CNI;M>?Fˆ=C;M>?*;FN?);OLC>MLCAA? 2G;>;MN;J?ƒ;LC;M
L?JL?M?HN;P;IG;J;>;=C>;>?>?,@CL
>ID?CNIKO?=B?AIO;I,=C>?HN?J?F;
PC;>;@~<OF; DI?FB;>I
?O?GJOLL;P;OG;<IF;;G;L?F;=IGIH;LCTIO=IG
;M G‚IM ;=IGJ;HB;H>I I =OLMI >I LCI 0B;H 1?H
 ;NL;P?MM;P; ;M GOL;FB;M
AO;L>;>;M JIL AO?LL?CLIM H?ALIM ;LG;>IM >? F;Hƒ;M ?
 >?JICM >? GOCNˆMMCGIM
J?LCAIM ? >? >;L =IG ; =;<?ƒ; H;M J?LH;M >; G?M; >? GIAHI KO? I=OJ;P; I
=?HNLI >I N;J?N?
 =B?A;P; ;IM ;JIM?HNIM >; L;CHB; >? 0;<~ ? ;>ILG?=C; @?CNI
OG;F;A;LN;MI<L?;L?JL?M?HN;ƒ‚I>?OGNLC=FˆHCI 0CG
-;LCM„OG;G?N~@IL;
AIL; KO? J?HMI HCMMI
 G? >IO =IHN; >? KO? PI=… N;G<„G ?MN~ DIA;>; HOG
N;J?N?  , KO? L?JL?M?HN; M?O >?M?HBI B
 CH@H=C; J?L>C>;
 JLIRCGC>;>?

JLIRCGC>;>?"MNCP?H?MN?KO;LNIPCHN?P?T?M?MIOCH=;J;T>?F?G<L;L=IGI„I
>?M?HBI>?MM?N;J?N?X
Z"MN~N‚I?H=;L>C>IKO?H‚IL?MN;GOCNI>?M?HBIZ>CMM?;*;A; Z=BI
KO??F?L?JL?M?HN;>ICMJ;P‘?M L?;CMM?<?CD;H>I=IGI<C=I jNO>I;MMCGG?CI
P?L>?
#C=;L;G=;F;>IM
IOPCH>IIMJ;MMIM>?;FAO„GKO?MO<C;

 


ZB
;-IF;Z>CMM?;*;A; Z0?CG;CMMI<L??F;KO?I%IL;=CI
Z0?GD;G;CMN?LPCMNI
)O=ˆ;
Z *;M M? ?O ; PC N;HN;M P?T?MX Z >CMM? ; *;A; CGJ;=C?HN?  Z %IL;=CI
=B?A;P;=IG?F;HI=;<?FI
HIMI<L?NO>I
NL?GC;>?F;
M?F;P;P;>?F;
Z"NC?HH??4IHAG?@;F;L;G>?MM;GOFB?LZ>CMM?$L?AILIPCOM Z3CL;G
IM >ICM OG >C; H; P;L;H>; >? OG =;@„ ?G 0;CHN FIO>  0 IM ;MNLIM M;<?G I
KO? ;KO?F; A?HN? NI>; JI>C; ?MN;L @;T?H>I ?G 0;CHN FIO>
 G;M @IC I KO?
;=IHN?=?O  -;L?=? KO? I %IL;=CI IFB;P; J;L; ?F; =IGI M? ?F; @IMM? OG
@ILGCAO?CLI 4IHA;JLIP?CNIOJ;L;
G;CMN;L>?
?>C@C=;LOG;=IGJFC=;>;N?ILC;
MI<L? ;M M;NOL;ƒ‘?M M?RO;CM M?AOH>I ?F?
 M? JI>?LC; ;P;Hƒ;L HI =IHB?=CG?HNI
M?GJL?KO?HOG>;>IGIG?HNIM?I<NCP?MM?OG=I?@C=C?HN?N;F>? ;GILM‚I
J;F;PL;M >?F?
 J?L>I? I FCHAO;D;L =BCH…M KO? I ?MJˆLCNI <LOM=;G?HN? M?
=LCMN;FCT;MM? ?G IONLI JF;HI
 M? CHMN;F;MM? HOG; MOLL?;FC>;>?  3I=… N?G @„

)O=ˆ;
Z0OJIHBIKO?<OMKO?GIM;FAOG;=ICM;>?MM?NCJI
G;MKO;M?M?GJL?HIM
?HA;H;G
 IO ?HA;H;GIM ;FAO„G  -;LCM „ OG ;GIL M =?A;M
 ?MN;GIM NI>IM
J?L>C>;G?HN? ;J;CRIH;>IM G;M B~ ;FAI P?L>?
 OG; ?MJ„=C? >? GOMAI
 M?C F~
"G*IHN?PC>„O?L;;G?MG;=ICM;
;A?HN?H‚IJI>C;;G;L;FAO„G>?P?L>;>?
KO? CG?>C;N;G?HN? ;=IHN?=C;G =ICM;M ?MNL;HB;M
 BCMNLC;M >? F?HƒCM IO >?
=;<?FIM
 ?
 J;L; OG; GOFB?L
 N;HN;M IONL;M =ICM;M
 ,MMCJ
 IM ;<ILNIM
 JIL
?R?GJFI "H@CG
ZGIL
M?RO;FC>;>? "MN;GIM@;F;H>I>;G?MG;=ICM;
Z 0CG Z >CMM? ; *;A;  Z .O;H>I @;F;GIM >? ;GIL
 @;F;GIM >?
M?RO;FC>;>? ,IJIMNI
H‚IN;HNI *;MM?RO;FC>;>?„OG;=ICM;?M?RIIONL;
?O
;=BI
Z +;>; >? N?ILC;M Z >CMM? ,MMCJ >? L?J?HN?  Z "MM;M >C=INIGC;M
 ;MMCG
=IGI ?MM?M MCH=L?NCMGIMX -LIP;P?FG?HN? %IL;=CI <OM=;P; ?G -IF; ;FAI KO?
H‚I L?=?<C; >? PI=…
 MOJIHBI  -;L; =IFI=;L ;M =ICM;M ?G N?LLCNLCI JL~NC=I

>CA;GIM
Z%IL;=CI?MN~M?GJL?<OM=;H>IOGGIHN‚I>?=ICM;MZ>CMM?;*;A; Z
"F?M?=;HM;>?GCGJILKO?H‚IM?CJ?HM;L
MCMMI &G;ACHIKO?-IF;J?HM?I
N?GJICHN?CLI
Z-I<L?;GIL
?MM?KO?>?J?HM;G?HNIMM?;FCG?HN;Z=CNIO,MMCJ
Z 1?GIM KO? M?L DOMNIM Z >CMM? ; *;A;  Z -IF; „ GOCNI <IHCN;
 M?C JIL
=;OM;>IMIFBIM=IGKO?%IL;=CIG?IFB;P;>?JICM>?N?L?MN;>I=IG?F;
?F?
PIFN;P; =IGI OG @M@ILI KO;H>I ; A?HN? I ;=?H>? ? >? L?J?HN? NI>; ; MO;
=;<?F?CL;M?CH@F;G;
>OL;MOGM?AOH>IG;M„G;L;PCFBIMI
OG;?MJ„=C?>?
=BC;>I
OG=B?CLIGOCNI@ILN?>?@M@ILI
?;KO?F;=B;G;?HILG?KO?>?JICM
?MGIL?=? "F?PIFN;P;;MMCG??L;JILKO?-IF;I?H=BC;>?<?F?T; "O>CTC;CMMI
; ?F?
 ,MMCJ
 ? ?L; DOMNI >CT?L  '~ ?MN~P;GIM OG JIO=I >CMN;HN?M
 ?G<IL;
=IHNCHO~MM?GIM HIM ;G;H>I  "MM;M =ICM;M H‚I ;=IHN?=?G >? L?J?HN?
 -IF; @IC
=B?A;H>I =IGI I MIF H; D;H?F;
 M?GJL? JL?=CMI J?HM;L ?G =ICM;M ;MMCG J;L;
M;<?L KO? ?MNIO >CT?H>I ; P?L>;>?  "HNL;P; ;IM JIO=IM
 L?NCL;H>I GCHB;
MIG<L;
 ? %IL;=CI M? <LIHT?;P; =IGI M? ?MNCP?M? HI =IHP„M >I H;PCI
 M?
KO?CG;P;
?L;N‚I@?FCT
Z"OHOH=;N?LC;;=L?>CN;>I =B;P;KO?PI=…X"H@CG
KO?-IF;J;MM;LC;

=IGI;FAOG;MIONL;M -ILKO?N;G<„GM?LC;I=;MI>?G?H=CIH;L#L;HƒICM?
JIL
?R?GJFI
Z 0?G CGJILNH=C; Z >CMM? ; *;A;
 DIA;H>I ; =CHT; HI =B‚I  Z 0?LC;
=IGIM??O=CN;MM?MOD?CNIM=IGII)?>?MG;
JIL?R?GJFI jP?L>;>?
PI=…H‚I
M;<?>IKO??O?MNIO@;F;H>I MMCG=IGIH‚IM;<?=IGI;=;<IO;BCMNLC;>?
-IF;X
Z+‚I
Z-IF;P;CGILL?LZ>CMM?;*;A; Z+‚IJIL=;OM;>IM;F@CH?N?M
;KOCFI@IC
<LCH=;>?CL; ?G<IL; ?O N?HB; @?CNI ; M„LCI
 ;=L?>CN?
 @CT GOCNI ; M„LCI  "F; P;C
GILL?L>?=H=?L>?G;G;
Z"%IL;=CIX
Z +‚I M?D; ;MKO?LIMI
 ,MMCJ  %IL;=CI H‚I M;<C; >? H;>; KO;H>I ;=;<IO
=IG;-IF;
Z-IL@;PIL
)O=ˆ;
?OX
Z3I=…M;<?GOCNI<?GIKO??MN~>CT?H>I?IKO??MN~KO?L?H>I;KOC?MN;
HICN?
,MMCJ +‚IM?D;=;H;FB;
H?GCHMCHO?OG;=ICM;>?MM;M
Z*;MIKO…
@;ƒ;I@;PIL
Z.O?%IL;=CIM;<C;KO;H>I;=;<IO=IG?F;
Z-IL@;PILZL?J?NCO$L?AILIPCOM Z"OH?GX
Z +‚I M?D; ;MKO?LIMI Z >CMM? GIHINIH;G?HN? ; *;A;  Z , KO? PI=…
A;HB;
 KO?L?H>I =;FOHC;L I %IL;=CI "HN‚I H‚I M;<? KO? HM >ICM ?MN;GIM
M?J;L;>IM
KO??F?M;COJIL;ˆ=IGNI>;?MM;=BOP;
Z +‚I ?MNIO KO?L?H>I H;>; Z >CMM? ,MMCJ
 =IGI KO?G M? ?H=IFB? H;
JIFNLIH; Z"OH‚IMIO;MMCG
)O=ˆ;
PI=…@C=;IN?GJINI>IG??HN?H>?H>I
G;F "ON?LC;KO?@C=;L>?DI?FBIM
=IGIH;KO?F;P?T>I=;JCN‚I>IC277:?
?
CGJFIL;LJ;L;PI=…;=L?>CN;L?GGCG
?X
Z*?>?CR;?GJ;TZ>CMM?;*;A; Z-LCG?CLI;-IF;
;AIL;PI=… 1I>;M
?MM;M G;H=B;M H;M J;L?>?M ? ?MN; HICN? KO? H‚I ;=;<;  3I=… M?LC; =;J;T >?
CG;ACH;LKO??MNIOG;N;H>I;-IF;
Z&MMID;G;CMG?J;MM;LC;J?F;CG;ACH;ƒ‚IX
Z B?A;
 =B?A;  %IL;=CI HOH=; P;C G? J?L>I;L
 G?MGI H‚I ?MN;H>I
;J;CRIH;>I J?F; -IF;  0 G?MGI LCH>I
 OG; <IH?KOCHB; >? H;>;
 @?CN; =IG
=?L;>?P?F;>?+;N;F
OG;FCH>;=?L;P?L>?
G?F?G<LI
Z)O=ˆ;
H‚I=IHMCAI;=L?>CN;LKO?PI=…N?HB;MC>I=;J;TX
Z"F?HOH=;P;CG?J?L>I;L
?G<IL;;A?HN?H‚INIKO?HI;MMOHNI "F?M;<?
JILKO? PCO ; <IH?KOCHB; ? PCO IM ;F@CH?N?M  'IAIO ; <IH?KOCHB; HI =B‚I

?MG;AIO=IGIJ„ +‚IM?>;P;=IHN;>?KO??L;JCIL
KO?IJ?LCAI;OG?HN;P;
-IF; GIL; H; /O? !;OJBCH?
 ?F? C; PCMCN~ F; KO;M? NI>;M ;M N;L>?M  0?L~ KO?
=IHNIO;?F;MI<L?;<IH?KOCHB;P?L>?
,MMCJ
Z *OCNI JLIP;P?FG?HN? Z >CMM? ,MMCJ
 BIMNCF ? L?MM?HNC>I  Z 3I=…M NI>IM
?MN‚IFIO=IM
Z %IL;=CI @;F;P; >? OG; HIP; IL>?G
 >; JIMMC<CFC>;>? >? ?H=IHNL;L IONL;
PC>;  0?GJL? M? L?@?LC;  GILN? KO;H>I @;F;P; >; PC>;
 ?L; @;N;F
 ? ; A?HN? LC;
GOCNI *?>CMM?KO??MN;P;CH>IJ;L;;=;G;=IG;-IF;??HN‚I?HN?H>CKO?
J;L; ?F? H‚I J;L?=C; H?=?MM~LCI KO? ?O G? ;<ILL?=?MM? IO ;LG;MM? OG; =?H;
+;P?L>;>??OH‚I?MN;P;GOCNI;<ILL?=C>;
,MMCJ
?ON;G<„GJI>?LC;CLJ;L;;
=;G; =IG PI=… ;AIL; G?MGI
 M? NCP?MM? PIHN;>?  j GOCNI >C@ˆ=CF >? ?RJFC=;L

H‚IM?NL;N;>?NL;Cƒ‚IIO=ICM;J;L?=C>;
%IL;=CI@C=;P;@OLCIMI=IG;J;F;PL;
UNL;Cƒ‚IW
 =IG ; J;F;PL; U?HA;HIW  -L?=CMI L?=IHB?=?L KO? >?M>? I GIG?HNI
?GKO?HIM=IHB?=?GIM?F?>CMM?KO?H‚IM?=IHMC>?L;P;I<LCA;>I;H;>; #CT
;<IH?KOCHB;JILKO?-IF;NCHB;M??H@C;>IHIG?OKO;LNI
CMMI?L;>?G;CM
?O
M;<C; KO? ?F; M?LC; =;J;T >? LIO<;L GCHB; LIOJ;
 >? =;Fƒ;L GCHB;M G?C;M
 >?
OM;LG?OLOA?
>?>;L;G;G;>?CL;;/I=;G;>IOL
Z*;MPI=…>CMM?KO?H‚I;=IHB?=C;
Z"F;?MN;P;?G%IL;=CI
M?OC>CIN; &>CIN;
C>CIN;
,MMCJ  ICN;>I>I,MMCJ

N‚IC>CIN; +;D;KO?N;>?F?
H;J?F?>;AIF;
PI=…M;<?KO?I%IL;=CIN?GOG;
J?F?H;AIF;>;D;KO?N; ";-IF;?MN;P;H?MM;AIF;KO;H>I?F??HNL;P;
HID?CNI
>??F?IFB;L
?KO;H>I%IL;=CIM?>?MJC;
;FC
H;KO?F?=;HNI
?KO;H>INIG;P;
<;HBI?GJ„H;KO?F;<;=C;
?MN~P?H>I;<;=C;
,MMCJ
?HN‚I;-IF;C;M;CH>I
>;J?F?>?F?
?OPC;;-IF;=IGIOG?=NIJF;MG;
?M?AOL;P;;PIHN;>?>?=BIL;L
J?HM;H>IKO?H;=;M;>;-IF;?OH‚I?MN;LC;>;KO?F?D?CNI
;-IF;D;G;CMN?LC;
MOMJ?CN;>I>?GCGHI=;<?FIIOHIMIFBIMIOHIMJ?FIM>?%IL;=CI +‚IM?CJIL
KO…
 ;I @CG ? ;I =;<I HIM KOCM?GIM <?G  +‚I M?C JIL KO…  -ILKO? H‚I M?C
J?HM;L??F?G?>?MJL?T;
JIL=ICM;M;MMCG

 


FAO„GPCHB;MO<CH>I;?M=;>;
Z3;CP?L„I%IL;=CIZ>CMM?$L?AILIPCOM
Z3;CP?LZ>CMM?;*;A; Z*;M?MN~=IGD?CNI>?M?LIL?FIDI?CLI>IM?RNI
;H>;L
?F?M?GJL?PIFN;N;L>? 3I=…H‚IKO?LIOPCLG’MC=;
Z?MN;BIL;,G?HCHIP;C;=IL>;L
Z+‚I
P;GIMJŽLOG>CM=I<?G<;CRCHBI
M?LC;J?L@?CNIIOPCLOGKO;LN?NI
3;GIMJŽLN‚I<;CRIKO?MHM>ICMP;GIM?M=ON;L
PI=…P;CP?L
Z+‚I?L;I%IL;=CIZ>CMM?$L?AILIPCOM
Z +‚I M?C Z >CMM? ; *;A;
 ;=?H>?H>I OG @M@ILI ? ?R;GCH;H>I ;FAOHM
>CM=IM?GJCFB;>IMHOG=;HNI Z3;CP?LKO??MN~M?HN;>I;FC@IL;
MP?T?M?F?
>~>?@;T?LCMMI gMP?T?MP?G;N„;JILN;?GO>;>?C>?C; )CAO?INI=; >CM=IM

?MM?<IN‚I<L;H=IH;<?CL;>;>;F;L?CL;
%;PC;OG;=;CR;J;L?=C>;=IGOG;=;CR;>?M;J;NIM?;*;A;;DI?FB;>;JŽM
I>CM=IJ;L;NI=;LN;N?;H>IHI?M=OLI?;=;CR;>?M;J;NIMTOG<CO>?F?P?
OG
;=IL>?>CMN;HN?M?CHMN;FIOHI;L;I;F=;H=?>;MG‚IM $L?AILIPCOM=IG?ƒIO;
;<;MN?=?L I =;=BCG<I
 ;CH>; OG JIO=I ?M=;H>;FCT;>I  +‚I AIMN;P; >?
0=BI?H<?LA G;M ?L; IONL; =ICM;
 ; BIL;
 I G?HCHI >I?HN?
 OG; ?MJ„=C? >?
NL;HMAL?MM‚I  &MMI
 OG; NL;HMAL?MM‚I  &>CIN;
 ;F„G >I G;CM  *;M M P?T?M NCHB;
;N;KO?M>;KO?F?NCJI
?GKO?OG;IL>?GKO;FKO?LM?PCHA;P;>I;<;H>IHI;
KO?B;PC;MC>IL?F?A;>; 'IA;>;HI=B‚I
=IG;=;<?ƒ;KO;M??H@C;>;H;=;CR;
>?M;J;NIM
;*;A;J;L?=C;>ILGCL
!?P?T?GKO;H>IM?IOPC;OGF?P?LIH=I>?/I=;G;>IOL
G;M$L?AILIPCOM
@IC M? J?L>?H>I H; G’MC=;
 >?M=I<LCO KO? JI>C; =?>?L ? >?CR;L M? F?P;L M?G
JLIN?MNI
 ?HNL?A;L M? JIL OG GIG?HNI ; OG PC?H?HM? GILNI ? ?HN?LL;>I  
*;A; @OG;P; DIA;>; HI =B‚I
 M?O LIMNI M? >?MN;=;P; OG; ? IONL; P?T H;
MIG<L;
 >? IFBIM @?=B;>IM ? I =;<?FI =;ˆ>I HI LIMNI
 <I=B?=B;M <LCFB;HN?M
=IGI M? ?MNCP?MM? =BIL;H>I
 G;M H‚I >?PC; ?MN;L =BIL;H>I
 ?L; ?MN’JC>I
CG;ACH;LKO?JO>?MM??MN;L=BIL;H>I
H;P?L>;>?=IHNL;ˆ;IMF~<CIM=IGL;CP;
;IIOPCL;J;H=;>;M?=;HIN?NI
;M?AOH>;J;H=;>;
;N?L=?CL; $L?AILIPCOMM?
MI<L?MM;FNIO?KO;M?ALCNIO;IM?HNCLOG;G‚I;J?LN;LM?ONILHIT?FI
Z+‚IFCAO?
„IP?FBI;ˆ>?=CG;
Z*;MM?H?GHM=IHM?AOCGIMIOPCL>CL?CNI
ZjI?H=;H;G?HNIZ>CMM?;*;A;GCMN?LCIM;G?HN? Z"HNL;>?NO>I
D~
HIM;=IHN?=?O;HN?M
Z;=’MNC=;„OG;=C…H=C;MOLJL??H>?HN?Z>CMM?$L?AILIPCOM
Z!;KOC;JIO=I?F?=;HM;Z>CMM?;*;A; Z&G<?=CF
MJ;H=;>;MHIN?NI=IHNCHO;P;G *;A;M??LAO?O@OLCIM;?<;CRIO;CH>;
G;CMIPIFOG?>I;GJFC@C=;>IL !?JICM>?ICNIIOHIP?;=IL>?M?OGJCTTC=;NI
;MJ;H=;>;ML?=IG?ƒ;L;G
Z +‚I JI>? M?L Z >CMM? $L?AILIPCOM Z j ;<MIFON;G?HN? CGJIMMˆP?F KO?
?MM?MOD?CNI?MN?D;IOPCH>I;FAOG;=ICM;
Z"F?IOP?G;CM;FNIKO?;A?HN?
?MM?„KO?„IJLI<F?G;
Z"MN?JL„>CI„=IGI;IL?FB;>?!CIHˆMCI
Z !? KO?G "MM? >?MAL;ƒ;>I
 DOMNI HI ;>~ACI  " =IHNCHO; <;N?H>I

/I=;G;>IOLP;C;=IL>;L
Z1;FP?T@IMM?G?FBILX
Z +‚I
 H‚I KO?LI  "F? KO? ;LL?<?HN? I N?NI  CH>; PIO JŽL OG >CM=I >I
*;LCI>?F*IH;=IJ;L;P?LM??F?;JL?H>?
J?H;KO?H‚IN?HBIH?HBOG .O?
=L?NCHI
KO?C>CIN;>?G?L>;
Z)O=ˆ;Z>CMM?>I=?G?HN?$L?AILIPCOM Z'~J;MM;>?G?C; HICN?
Z0?GJL?;BIL;ZL?MGOHAIO;*;A; Z3IO?G<IL;>?MN?KO;LNI +‚I
>~ J;L; JŽL I >CM=I G;CM <;CRI ;CH>;
 D~ H‚I M? IOP? H;>;  "MJ?L? ;ˆ
 P;GIM
L?J?NCLI’FNCGIGIPCG?HNI +‚IFCAO?J;L;?F?
MJ;H=;>;M=?MM;L;G
JILOGN?GJIIKO;LN?NIM??H=;GCHBIOJ;L;I@CH;F
M?G KO? M? IOPCMM?G M?KO?L IM LIH=IM F?P?M ? ?MJ;ƒ;>IM >? /I=;G;>IOL  
*;A; MOMJCLIO
 =IG ; =;<?ƒ; KO;M? ?H@C;>; HI ;FNI @;F;HN?  M J;H=;>;M
L?=IG?ƒ;L;G
Z.O?CG<?=CFZ>CMM?;*;A; Z"„NO>I;MMCG
M?GJL?
Z+‚IM?D;N?CGIM;
)O=ˆ;
Z !?CR? >? M?L <I<I  3I=…M G? =;HM;G
 ?O M?LC; =;J;T >? ?RJOFM;L PI=…M
NI>IM ;IM ?GJOLL‘?M  0? G? >~ PIHN;>? >? IOPCL 0=BI?H<?LA
 M? JIL OG
GIG?HNIX
1CHB; =IG?ƒ;>I ; =BIL;L
 =IG OG A?MNI <LOM=I ?LAO?O I <L;ƒI >I NI=;
>CM=IM;IMI;LI’FNCGI;=IL>??=IGI?MN;P;;IF;>I>?$L?AILIPCOM
CH=FCH;>;
MI<L? I ;GJFC@C=;>IL J;L; >?MFCA~ FI
 @IC @~=CF J;L; $L?AILIPCOM M?AOL~ F; J?F;
=CHNOL; ? M?HN~ F; MI<L? OG >? M?OM DI?FBIM  IG?ƒIO ; J;MM;L ; G‚I J?FI
=;<?FI>?F;
>?CR;H>IM?OLIMNIFCPL? *;A;=BIL;P;>?G;H?CL;?HNL?=ILN;>;

NIMMCH>I?DIA;H>IHILIMNI>?F?IB~FCNI=;LL?A;>I>?N;<;=I
Z ICN;>CHB;
=ICN;>CHB;ZL?J?NC;$L?AILIPCOM
;=IGJ;HB;H>I;J;F;PL;
=IGMO;M=;Lˆ=C;M Z+CHAO„GAIMN;>?F;
HCHAO„G 1I>IGOH>I„GOCNIG;O
=IG;=ICN;>;>;)O=ˆ;
Z 0O; <?MN; Z >CMM? ; *;A;
 @OHA;H>I =IG P?L>;>?CL; >?PIƒ‚I  Z "MNIO
=BIL;H>IJILKO??MNIO=IGPIHN;>?
?JLCH=CJ;FG?HN?J;L;H‚IM?L=IHMIF;>;
0;HNI!?OM
KO?DI?FBIMG;CMJIHNO>IM
?MJ?N;G=IGIN?MIOL;M
Z#CKO?;MMCGMOGJIOKOCHBIZMOJFC=IO$L?AILIPCOM
Z+‚I?MNIO=IGPIHN;>?Z>CMM?;*;A; Z"JILKO?„KO??MM?C>CIN;
=IHNCHO;<;N?H>I
Z+‚IFCAO?J;L;?F?
)O=ˆ;  ICN;>CHB;X
Z"MNIO>CT?H>IKO??F?H‚IJ;LIO>?<;N?L
„CH;=L?>CN~P?F
Z!?CR?KO?<;N;Z;=IHM?FBIO$L?AILIPCOMCH=IHALO?HN?
ZHN?MPI=…„KO??MN;P;JL?I=OJ;>IZ>CMM?;*;A;
MIFN;H>IOG;LCM;>;
H;=;L;>?F?
Z-IL@;PIL
M?PI=…MIO<?MM?X
Z B
 ?O M?C >? NO>I
 G;M J;L? KOC?NI  ,MMCJ Z >CMM? ; *;A; >? L?J?HN?

=IGJL??H>?H>IZ
IMOD?CNIH‚I?MN;P;<;N?H>IJIL=;OM;>I>CM=I -I>?GIM
JŽLIONLI
M?KOCM?LGIM
Z+‚I
J?FI;GIL>?!?OM
Z*;MPI=…H‚I?MN~IOPCH>I=IGI?F?=IHNCHO;<;N?H>I
Z3IOMO<CL?;LL?<?HN;L;=;L;>?F?Z>CMM?$L?AILIPCOM
Z +?MN? G?MGI CHMN;HN? Z ;JICIO ; *;A;
 F?P;HN;H>I M? >? OG M;FNI ?
;<LCH>I=;GCHBIJ;L;?F? Z!CA;;?F?KO?H‚IM?JI>?;=IL>;L;MJ?MMI;M
OG;>;G;HB‚ H>?
MO<;
„;JILN;>;?MKO?L>;
=IGOGM;J;NIJL?A;>I
Z2GM;J;NIJL?A;>IH;JILN;
Z j
 I P?FBI „ =IGJF?N;G?HN? G;FO=I  2G M;J;NI ? OG J?>;ƒI >?
;=IL>?‚IP?L>? -ILKO?PI=…H‚IMI<?
Z =BI KO? H‚I P;F? ; J?H; Z >CMM? $L?AILIPCOM =;HM;>I  Z 1O>I „ N‚I
>C@?L?HN?
 N‚I CH’NCF  )O=ˆ;
 PI=… H‚I ?HN?H>?O KO?X "H@CG
 M?D; =IGI @IL

?MM?MOD?CNI<?GKO?JI>C;J;L;L>?<;N?L
 *;A; @IC ;N„ OG =;HNI
 J?AIO ;FAOG; =ICM; KO? H; MIG<L; J;L?=C; OG
?MJ;H;>IL
 ? $L?AILIPCOM IOPCO OG; NL?G?H>; J;H=;>; HI N?NI  "G =CG; M?
@?TMCF…H=CI
ZAIL;JI>?GIM?M=ON;LIKO?;A?HN?KOCM?LZ>CMM?;*;A;
U0?L~W
J?HMIO$L?AILIPCOM
=;>;P?TG;CM=;HM;>I
Z-IL?R?GJFIZ>CMM?;*;A;ZOG;MIH;N;>?L;BGM .O?G;L;PCFB;

?F?=;HMIO>?<;N?L "MJ?L??O?H=IHNL;LI>CM=I
>?P??MN;LJIL;KOC +‚I>~
J;L;P?LH;>;
U%IL;=CI ?MN~ ;FC @IL;W
 J?HMIO $L?AILIPCOM  U0?HN;>I HI J;N;G;L
 =IG ;M
=IMN;M;JIC;>;MH;JILN;
IOPCH>INO>I  IGIOG;@CAOL;>?N;LŽ
;FAOG;=ICM;
N?G KO? M? L?MIFP?L
 OG JIFC?>LI HI KO;F =;>; ;L?MN; ? =;>; @;=? N?G M?O
M?HNC>ICG?>C;NI
I@;FMI
;N„@OH>CL M?;IM?HNC>IG?>C;NI
;L?P?F;ƒ‚I ";MMCG
L;BGM
?O
;MJ;H=;>;MHIN?NI
%IL;=CI;FAIKO?F?HN;G?HN?M??H=;GCHB;
J;L; ; ?RJFC=;ƒ‚I  1O>I CH’NCF
 ;FC~M W -?LAOHNIO M? I KO? ;=IHN?=?LC; M?
N?HN;MM? IONL; P?T ;<L;ƒ;L ; *;A; HI ?M=OLI  U*;M ?F? ?MN~ ;ˆ
 IOPCH>I  0?LC;
=;J;T>?AIT;LIOPCH>I;A?HN?
MP?T?M„L?JOAH;HN? WF„G>CMMINCHB;G?>I
>?F?
NCHB;>C@C=OF>;>??GL?=IHB?=?LCMMI
Z !?P? M?L ?MN? ;KOC Z >CMM? ; *;A;  Z 0CG
 „ I M?FI =IG OG; J;LN?
JL;N?;>;?>ICMJ;MM;LCHBIM .O?G?MN~@;F;H>I;FC@IL;
U2G JIFC?>LI
 ;FAI =LCMN;FCHI KO? =I;AOF; JIO=I ; JIO=I H; ?M=OLC>‚IW

J?HMIO $L?AILIPCOM  UAIL; ?F; P;C >CT?L CMMI ? F~ @IL; P;C ;=IHN?=?L ;KOCFI ?
?OX*;MH‚IM?CIKO?„CMMI?IKO?„;KOCFI W
ZjI%IL;=CIZ>CMM?;*;A;
Z%IL;=CI=IGOG;GOFB?L
Z+‚I
=IG=?LN?T;„IP?FBI;ˆ>?=CG;
Z,>IM;J;NIH;JILN;
Zj
?F?N?GPIT>?P?FB;
J;L?=?OG;AL;FB; H>;M?GJL?=IGOGAILLI
>?;MNL;=‚
ZjG?FBILH‚IJŽLI>CM=IZ;=IHM?FBIO$L?AILIPCOM Z3;GIM?MJ?L;L
J;L;P?LIKO?;=IHN?=?
Z " HI @CG H‚I P;GIM JI>?L IOPCL ; MIH;N; >? L;BGM Z >CMM? ; *;A;

@OLCIM;
U/C>ˆ=OF;MO<P?LM‚I>?P;FIL?MW
J?HMIO$L?AILIPCOM U,M=;L;M;JIHNI>?M?
J?A;L H; JILL;>; HI J;N;G;L
 ?G JF?H; ?M=OLC>‚I IO =ICM; J;L?=C>;
 ? ?F; M
J?HM;HI@;NI>?KO?H‚IP;C=IHM?AOCLIOPCL;MIH;N;>?F; W*;M;*;A;NCHB;
L;T‚I
?L;=IGIM?GJL?;’HC=;;N?LL;T‚I U1?HBIG;CMJL?=IH=?CNIM>IKO?
J?HM;P;W
>CMM?$L?AILIPCOMJ;L; MCG?MGI UA?HN? ;=B;KO?MJILKO? F?P;
OG; PC>; >? 277C2?49:
 JILKO? ;=?CN; IM J;L;MCNCMGIM G;N?LC;CM ? ?MJCLCNO;CM >?
)ON„=C;
D~?MN~>IF;>IJL„ ;>;GCN; -I<L?=ICN;>I
@L;H=;G?HN? W
Z1B?L?MNCMMCF?H=?Z>CMM?$L?AILIPCOM=IGOGMOMJCLI
Z0CF?H=?GS@IINZ>CMM?;*;A;
KO?M;<C;CHAF…M<;MN;HN?<?G Z3I=…
P;CP?L=IGIHOGGCHONI=IG?ƒ;GNO>I>?HIPI ,JLCG?CLI;@;F;LP;CM?LI
P?FBI "MN~P?H>I*;CMKO?MN =?KO?PIOM@ION?TZ;LL?G?>IO;*;A;=IG
PIT ;H;M;F;>;  Z 3;GIM P?L I KO? I %IL;=CI L?MJIH>?  =BI KO? ?MN~ LCH>I
<;CRCHBI
KO;H>I?F?=IG?ƒ;;LCLH‚I?H=IHNL;;MJ;F;PL;M
„CH=LˆP?F 3IOF~
P?LIKO?„KO?B~
Z  A?HN? ?MN;P; N‚I <?G Z GOLGOLIO $L?AILIPCOM =IGI KO?G ;MMCMN? 
=B?A;>; >I ;HDI >; ?RJOFM‚I  $„L;L> !;PC>
 3;H >?L 4?C>?H
 I *?MNL? >?
#F?G;FF?
 H;KO?F; BIL; H?HBOG ;HDI M;<C; JIL KO? ?L; G;F>CN;G?HN?
@F;G?HAI
>?LIMNIAIL>I?NIFIG;MILH;>I?L?MJF;H>?=?HN??<OLAO?M;G?HN?
=IH>?H;NLCI !;>>S IL>?L?> CN
 MI SIO <?NN?L <?;N CN SIO FIOMS MCHH?LM  ,
;JIM?HNI CHN?CLI =B?CI >? ;HDIM
 & FIIE?> OJ NI B?;P?H ;H> QB;N >C> & M??  
<;H> I@ ;HA?FM =IGCH ;@N?L G?
 I @CH;F >? M?GJL?
 ;HDIM JIFC=C;CM
 ;HDIM
=I<L;>IL?M
;HDIM;HDIM -I>LC>‚I>;MJI>LC>‘?M
=IGIID;NI>?;LA?F;>IKO?
MO<C; JIL >?HNLI >;M MO;M =;Fƒ;M
 ;M PIT?M CL;=OH>;M HI J;N;G;L
 ; MCFBO?N; >;
*;A;HIP‚I>;JILN;

Z ?MNJ;M>?M@;ƒIHM
ƒ;Z>CTC;IP?FBI Z"GJ…=B?LF?MA?HM>?>ILGCL
=?NN?B?OL?=?MNNLIJ=IH 'G?JF;CH>L;CF;-IFC=?
GIC
?NJOCMKO?MN =?KO?
PIOM@ION?TF
PIOMJF;HKO„J;LN?LL?=IHNL?F;JILN?';OL;CMJOG?=;MM?LF;
AO?OF?
G?L>?;FILM
Z3;C>ILGCL
P?FBCHBIZ>CTC;%IL;=CI
=IGI>;G?HN?DIA;>IHI=B‚I
Z!ILGCL
GIC
;P?=F?<IL>?FKO?@;CNPINL?<IHH?@?GG?i;;FILM=IGG?
=OFIN
 G;CM D? PIOM JL„PC?HM
 ƒ; H? J;MM?L; J;M =IGG? ƒ;
 PIOM ;OL?T >? G?M
HIOP?FF?M
Z $2:D 56 >@? 7C|C6 =6 '@|E6 @? 2 6F 56D ?@FG6==6D Z >CMM? %IL;=CI

<I=?D;H>I Z3I=…J?L=?<?=IGI?MM?=;L;„
Z2GC>CIN;Z>CMM?;*;A; ZA?HN?J‘?OG>CM=I<;CRCHBI??F?<;N?
HI=B‚I A?HN?NCL;I>CM=I??F?<;N?>IG?MGID?CNI "HN‚IIKO?„KO??F?
KO?L
ZIG
„;BCMNLC;>IMOD?CNIKO?>?CRIO=;CLOGM;J;NIM
Z+‚I=IHB?ƒI?MM;BCMNLC;Z>CMM?;*;A;
Z "L; JL?PCMˆP?F Z >CMM? ,FCP?CL;  Z "H@CG
 IM C>IMIM G? CHMJCL;G OG
L?MJ?CNIGCMNOL;>I=IGIONLIMM?HNCG?HNIM
G;MJ;L;?MM?;ˆ?O=IGJL;LC;OG
@L;M=I>?@ILGIFJ;L;?F?@C=;LF~>?HNLI?J;L;L>?HIMCH@?LHCT;L
Z "N ?H JFOM ƒ; GCHMOFN? >;HM MIH =B;L;<C; >? M;F?M G„N‡KO?M Z >CMM? I
P?FBI Z,H?MN?H#L;H=?
C=C !?MM;F;O>M
KOIC ,H>?PL;CNPIOMG?NNL?F;
JILN?
=?MNOH?BIHN? .?MN =?KO?@;CN>?$IOP?LH?G?HN
D?G?>?G;H>? !?M
L;<?M
NIOM>?M@LCJIOCFF?M
<;H>?>?NO?OLM
Z 3;GIM ;=;<;L =IG ?MM; BCMNLC; >? M;F?M G„N‡KO?M
 PI=… M;<? KO;HNIM
@L;H=?MCHBIM>?G?L>;A;HB;G;G;CILAL;H;H;LA?HNCH;Z>CMM?,FCP?CL;
Z,KO?PI=…M?MN;P;GIOPCH>I
=B?=;<I>?=B?A;L
?MNIO?HMIJ;>I
Z2GKO;LN?NI>?0=BI?H<?LA ";AIL;?OAIMN;LC;>??M=ON;L<?G<;CRCHBI
OG;MIH;N;>?L;BGM
Z*?FBIL>?CR;LJ;L;;G;HB‚Z=IHN?GJILCTIO,FCP?CL;
;JIC;H>I M?HOG
>IM=INIP?FIMJ;L;;=?H>?LOG$;OFICM? Z/?HNL?T=B?TPIOM
GIHMC?OL
IH
PIOM?GG?L>?L;JFOMJIOL=?MICL
Z!?M@;CH„;HNMZ>CMM?IP?FBI Z!?MNO?OLM
NIOM
g FOT >I @M@ILI >;P; J;L; P?L I AILLI >? ;MNL;=‚
 OG; N’HC=; M?<IM;
 OHM
IFBCHBIML;CPIMIM ,AILLIJLID?N;P;MIG<L;MACA;HN?M=;MH;=;CR;>;?M=;>;
;
*;A;?MN;P;@;M=CH;>; ,FCP?CL;F?P;HNIO M?
;J;AIOI@M@ILI=IGOGMIJLI?
?HNLIOHI;JIM?HNI@?=B;H>IMO;P?G?HN?;JILN;
Z0;FP?Z>CMM?,FCP?CL; Z+‚I>~JL;P?LH;>;
=;L;G<;
Z0;FP?Z>CMM?$L?AILIPCOM ZCH>;<?GKO?PI=…>?OOGD?CNIH?F?
Z-?LGI>I>C>CL? +;P?L>;>?IP?FBIN?GL;T‚I
?;F„G>CMMI„P?FBI
Z0?LP?FBIH‚I„GINCPIZ>CMM?;*;A;
Z1;FP?TH‚IM?D;GINCPIG;M„OGM;FPI =IH>ONI
Z3I=…>CMM?OG;P?TKO?I>L;G;>;LA?HNCH;„M?LAIP?LH;>;JILP?FBIM
Z'~=;COIJ;HIMI<L??MM?>L;G;Z>CMM?,FCP?CL; Z!?-?LHJ;L;=~„I
IJIMNI
 KO?G G;H>; M‚I IM DIP?HM ? „ KO;M? JCIL
 @;T?L I KO… M L;T‘?M >?
C>;>?
 >? A?L;ƒ‚I
 >? NˆNOFIM ? >? =F;MM? M‚I OG; <I<;A?G M?G N;G;HBI
0OJIHBI KO? M? ?MN;GIM NI>IM =I=BC=B;H>I >?MM? D?CNI CH=ŽGI>I „ JILKO?
/I=;G;>IOL>ILG?IMIHI>IMDOMNIM
Z 0CG
 ?F? ;>ILG?=?O ;HN?M >? =IG?ƒ;LGIM ; IOPCL G’MC=;  3I=… ?MN~
?GJ;J;>I
%IL;=CI
Z#OC;OG=IH=?LNI>?JC;HIZ?RJFC=IO,FCP?CL;
ZBZ>CMM?;*;A; ZIG
NCL??MM;D;KO?N;KO?PIOJL?J;L;LOGG;N?
<?GKO?HN?J;L;PI=…
Z IGOG=IJI>?;AO;L>?HN?
;CH>;>?P?N?LMI<L;>IG?C;A;LL;@;JIL;ˆ
Z,KO?„;AO;L>?HN?ZJ?LAOHNIO$L?AILIPCOM Zj;N;FAL;J;
Z +‚I
 „ G;CM NCJI <;L;=E  *OCNI <IG J;L; >?JICM >IM =IH=?LNIM

JLCH=CJ;FG?HN?KO;H>IBIOP?JLCG?CL;M;O>Cƒ‘?M?M?KO?F;MCH>?M=LCNˆP?CM "M?
;=?H>…MM?GIM OG; FOTCHB; GˆHCG; ? NˆGC>; KO? H‚I ;NCHACMM? IM IFBIM >?
/I=;G;>IOL
 *;A; ;=?H>?O OG ;<;DOL KO? JŽM HI =B‚I
 @;<LC=;H>I OG; ?MJ„=C? >?
/?G<L;H>NKO?,FCP?CL;;=BIO;JLIJLC;>I 3IFN;>I@CFBIJL>CAI
CG;A?G>?
L?AL?MMI?G<IL; GIG?HNH?I ? @OAC>CI
 ?G<IL;H‚I MIO<?MM? GOCNI <?G JIL
KO?L;T‚INCHB;NILH;>I;MO<CLJIO=I;JIO=I;M?M=;>;M?M?DIA;>IH;@L?HN?
>; JILN; J;L; IOPCL >? FIHA? I @CH;F >I KO;LN?NI ? IM =I=BC=BIM >? ,MMCJ ? >;
*;A;  U"F?M D~ >?P?G N?L @?CNI ;GIL @?CNI A;NIMW
 J?HMIO
 IFB;H>I J;L; ?F?M
*;M H‚I
 CGJIMMˆP?F KO? NCP?MM?G ;>CPCHB;>I MO; PIFN; H;KO?F; HICN?
 KO?
?MNCP?MM?GN‚IP?MNC>IM?=IG/I=;G;>IOLCHMN;F;>IH;=;G; 0?/I=;G;>IOL
CHMN;F;>I ?HNL? >O;M =;>?CL;M
 M? $L?AILIPCOM M?G M;J;NIM ? ?G G;HA;M >?
=;GCM;X F„G >I G;CM
 KO? G?L>; CGJILN;P;
 M? KO?G ?MN;P; MI<L;H>I ?L;
?F?
;D;KO?N;AIN?D;H>I
@?CNIOGNL;JI
Z;=’MNC=;Z>CMM?$L?AILIPCOM Z.O?=ICM;?RNL;IL>CH~LC;IMIGKO?M?
?H@C; H; G;N„LC; ? MI<? J?FIM ;H>;L?M ;=CG;
 J;MM; >? OG; J;L?>? J;L; ;
=;<?=?CL;>?OG;=;G;
H‚I>~J;L;;=L?>CN;L 3I=…MHOH=;NIG;L;G<;HBI>?
CG?LM‚I
Z '~ ;=IHN?=?O =IGCAI Z >CMM? ,FCP?CL;
 DIA;H>I ; D;KO?N; HOG =;HNI ?
M?HN;H>I M?HOGN;G<IL?N?
Z !~ J;L; IOPCL NO>I I KO? IM PCTCHBIM >? <;CRI >CT?G
 „ M G?LAOFB;L ;
=;<?ƒ;H;~AO;??M=ON;L ,MMIHMM‚INL;HMGCNC>IMJ?FIM=;HIM
MOJIHBI 2G;
P?T
?G$F;MAIQ
@CKO?CM;<?H>IKO?IMPCTCHBIM?L;GNLINMECMN;M
Z$F;MAIQMI;;G;ON?GJI
;JILNI=B?CI>?A?HN?NLCMN?Z>CMM?;*;A;
Z CH?G;>?G;CMZ>CMM?,FCP?CL; Z*;M?MN?G;N?„=IGIOGCH>OFNI

=B?
OG;=ICM;CH=LCP?FG?HN?=IH=CFC;NLC; *‚?>I=„O
KO;HN;~AO;HIMG?OM
M;J;NIM  ,FB; M
 OG G;N? „ =IGI OG JIHNI J;L~AL;@I   A?HN? <?<? ? ?G
M?AOC>;JI>?=IG?ƒ;LOGJ;L~AL;@IHIPI
Z3IOCAHIL;LJ;L;M?GJL??MM;M>?Fˆ=C;M>IMJ;GJ;MZ>CMM?$L?AILIPCOM
Z*;MN;G<„G@ICG?H=CIH;>;OG;<?<C>;
M?H‚IG??HA;HI
Z1L;T;;AO;L>?HN?ZIL>?HIO,FCP?CL; Z=BIKO?;CH>;NCHB;G;CM>?
G?C;A;LL;@;
Z3I=…M=IGJL;G;KOCZJ?LAOHNIO$L?AILIPCOM
U-IL KO? >?GŽHCIM ?F? @;F; HI JFOL;FW
 J?HMIO ,FCP?CL;  U IG =?LN?T;
J;MM;L;G;HICN?CHN?CL;NL?J;H>I
„OGMCH;FCH?KOˆPI=I "H@CG W
Z+‚I
=B?
G?OCLG‚IG;H>;J;L;GCG 1?HBIOGCLG‚I?G/IM~LCIKO?
„OG;G;L;PCFB; AO;L>?HN??L?=LCGCH;ƒ‘?M
NO>I=B?A;?G;<OH>H=C;
-;MMIO;=OC;>?G;N?P;TC;J;L;;*;A;
KO?NCHB;M??H=IFBC>I;IMJ„M>?F?
=IG;=B;F?CL;?HNL?IMDI?FBIM  IG?ƒ;P;;M?M?HNCL<?G 0?HNCOIM>?>IM>;
*;A; HOG NILHIT?FI
 HIM =;>;LƒIM >I M;J;NI  !?CRIO KO? ?F; IM NCL;MM?

MOMJCL;H>I *;A;>?M=;FƒIOMO;G?C;?H=B;L=;>;??G<LOFBIOM?OJ„HOG;
@IFB;>OJF;>I:82C@#:EEyC2:C6 ,G;N??MN;P;GOCNIKO?HN??GOCNI;G;LAI
$L?AILIPCOM AIMNIO >; ;AO;L>?HN?
 H‚I ?L; =IGI I <;L;=E G;M J;L?=C;
%IOP? OG =;N~FIAI GCHO=CIMI >? <?<C>;M B’HA;L;M ? N=B?=;M
 ;FAOG;M
HIMN;FAC;M  ,OPC; M? =BIP?L <;CRCHBI
 NI>IM ?MN;P;G <?G
 JLCH=CJ;FG?HN?
/I=;G;>IOL
 KO? @;TC; G;CM >? OG; BIL; H‚I MIFN;P; OG JCI  $L?AILIPCOM
@;F;P;>;1L;HMCFPHC;
>?OG;M;P?HNOL;MKO?NCHB;NC>I?G0;FŽHC=; ,FCP?CL;
M? F?G<LIO >? KO? H; G?M; >? =;<?=?CL; B;PC; OG G;ƒI >? $;OFICM?M ?
J;HNO@;M  1;N?;H>I M? ;JLIRCGIO >; =;G;  U-;L; KO?G ?MN~ ?G -;LCM
 NI>;
G?Hƒ‚I;OGFI=;FG;CM>CMN;HN?KO?3C?H;MI;;FCN?L;NOL;W
>CTC;$L?AILIPCOM
HINIG>?KO?GJ?>?>?M=OFJ;M %IL;=CI?H=IHNLIOIM=CA;LLIM?;<LCO;JILN;
>; J;LN? >? <;CRI >; G?M; >? =;<?=?CL; J;L; J?A;L ;M J;HNO@;M  +; J?HOG<L;
J?L=?<C;P;A;G?HN?IJ?L@CF>?/I=;G;>IOL>?CN;>I>?=IMN;M0?GM;<?LGOCNI
<?GJILKO…
J;MMIO>?F?P?I>?>IJ?F;N?MN;>I<?<… U*CHB;G‚?H‚INCHB;
=IL;A?G >? G?H=CIH;L ; 1L;HMCFPHC;
 NCHB; G?>I >? KO? ; ;MMI=C;MM?G ;
BCMNLC;M >? P;GJCLIM
 =IGI M? CMMIX " I NIE;S
 PI=… M;<?XW !? DI?FBIM ;I
F;>I>;=;G;
%IL;=CIIFBIOG?FBIL U&G;ACH?KO??MN~?G*IHN?PC>„OW
>CTC;
;*;A; UJ?MMI;;=B;KO?;BOG;HC>;>?„OG;=ICM;M
G;MKO;H>IM?GIL;
J?LNI >I ?LLIX , NIE;S „ OG J~MM;LIW U?G
 >? =?LN; G;H?CL; W  L?;ƒ‚I
H;NOL;F
 H?MM?M =;MIM  3?D;GIM JLCG?CLIX U, KO? KO?L >CT?L >? =?LN;
G;H?CL; j OG J~MM;LI IO H‚I „ OG J~MM;LIW *;M ?L; MO@C=C?HN? J;MM;L OG
>?>I J?FIM F~<CIM
 ; ;OM…H=C; >? L?;ƒ‚I  U*? J?LGCNC OG; CG;A?G JIO=I
ILCACH;F
)O=ˆ; "GNI>I<IGPCHBI>ILG?OGJ~MM;LI WL?MJCL;ƒ‚I;LNC@C=C;F

OG; C>CINC=?  ,ONL; C>CINC=?


 KO? MO;M G‚IM NL?G?MM?G >;KO?F; @ILG;
 ?MN;P;
>?M=;FƒI?=IG;LIOJ;GIFB;>;M?LC;JL?=CMIG;MM;A?~ FI=IG~F=IIF
G?FBIL
;CH>; ?H?LAC=;G?HN?  U2H MICL
 FG? >O PCH =B;HN;CN >;HM F?M <ION?CFF?MW

?M=;H>C; ,MMCJ  U'~ H;=L?IHN?


 G? J;L?=?XW " KO;M? >;P; J;L; ;J;FJ;L I
MCF…H=CI L?MM?HNC>I >; *;A;
 MO; ;HIN;ƒ‚I G?HN;F H;=L?IHN?
 ;ONIL AL?AI
D;G;CMFC>I 1I>IGOH>I=IHB?=?G?HIM?O ">?KO?GM?LC;G;KO?F?MP?LMIM

OHMICL
FG?>OPCHG‚I>?%IL;=CI>?MFCTIO?HNL?IMF?HƒCM
J;L;?F??L;
OG?M@ILƒI?HILG?NI=;LI>CGCHONIP?HNL?>?/I=;G;>IOL
;M=IR;M@LC;M
G;CM
;=CG;J;L?=C;B;P?LOGL?MNI>?=;FIL
G;MH‚I
?F??MN;P;N‚I@LCI U#;T?LIKO?
„=ILL?NIW
J?HMIO%IL;=CI U$LCN;L
;=?H>?L;FOT
;LG;L;HILG;F?I<LCA;NLC;
=IH@OM‚I >? GCF >?GŽHCIM  -IL KO…W *;M KO?G M;<? ;CH>;X U"HN‚I KO?L
>CT?L KO? ?MM? CHMNCHNI H‚I N?G ; G?HIL ONCFC>;>? J;L; GCG
 CMMI KO? ?MNIO
M;<?H>I>?M>?KO??MN;P;F~?G<;CRI 0?>IOI;F;LG?„>?HIPI?LNB?1L„J;N

>? HIPI ; N?HN;NCP; <I<;


 ; F~MNCG;  ;Fƒ;L ; FOP;
 @;T?L I KO? M? >?P? @;T?L
H?MM?M=;MIM B
H‚I
=B?A; -;L;KO?;=?H>?L;FOT?ALCN;LM??OM?CKO?H‚I
;>C;HN; H;>; IG?>C;HN?
 OG J?L@?CNI @CFBI >; JON; =IG?>C;HN?  , G~RCGI
KO? M? JI>? @;T?L „XW ,OPC; M? I NCFCHN;L >I =IJI >? $L?AILIPCOM =IHNL; ;
A;LL;@; >? ;AO;L>?HN?  U0CG
 „ GOCNI J;L?=C>I =IG I <;L;=E W IG OG
$;OFICM?H;<I=;
LCM=IOOG@M@ILIIFB;H>I@CR;G?HN? U3I=…P;C;=IL>~ FIW

>CMM?;*;A;
KO??MN;P;NLI=;H>I;?LP; %IL;=CIMIJLIO<LON;FG?HN?I@M@ILI
j OG @;NI =IHB?=C>I KO? M? ;M JOJCF;M
 MO<G?NC>;M ; OG L;CI FOGCHIMI ?N=
.OI> ?L;N >?GIMNL;H>OG  U IGI I <;L;=E
 G;M OG JIO=I G?HIM
J?L@OG;>IW
>CTC;,MMCJ
Z,P?FBI?MN~<;N?H>IIONL;P?TZ>CMM?;*;A;
Z!?P?M?LOG;P?H?TC;H;Z>CMM?$L?AILIPCOM
Z+?MN?JL„>CIH‚IN?GP?H?TC;H;M +;=?LN;@C=IOG;FO=I
,FCP?CL; =;FƒIO ;M J;HNO@;M ? PIFNIO J;L; ; JIFNLIH;  , G;N? ?MN;P;
?MNOJ?H>I
KO?HN??GOCNI;G;LAI !?=CG;PC?L;G>O;MJ;H=;>;M
M?GGOCN;
@ILƒ;
Z"F??MN~G;N;H>I<;L;N;MZJLIJŽM$L?AILIPCOM
Z.O?H;>;
@C=IO>?=;<?ƒ;KO?HN??H‚IKO?L>?CR;L;A?HN?>ILGCL 3~
;N„F~@;F;L=IG?F?
%IL;=CI
Z3~PI=…Z>CMM?,FCP?CL; Z+‚IM?CJILKO…
G;M?F?N?GG;CMG?>I>?
PI=… >I KO? >? GCG  -?FI G?HIM H‚I ;J?F; J;L; ; R?HI@I<C;
 I ;J;LNB?C> ?
IONL;MM?AL?A;ƒ‘?M
Z0??OMO<CLPIO>CT?LN;HN;=ICM;KO??F?P;C=B;G;L;JIFˆ=C;
Z BIP? >?G;CM  1L;<;FB? I P?FBI J?FI F;>I GIL;F
 ?FIAC? ;M >?=IL;ƒ‘?M
KO??F?JŽMH;JILN; *?H=CIH?M?OMM?HNCG?HNIM>?G‚?
?MM;M=ICM;M 3~;N„F~

IOƒ;IKO??MNIO>CT?H>I
Z+‚I?MNIO=IG;G?HILPIHN;>?Z>CMM?;*;A;
Z3;CF~
<IHCNCHB;Z>CMM?,FCP?CL;?GPIT<;CR;
Z*;MJILKO?PI=…;=B;KO??O„KO?>?PICL
Z-;L;G?>;L?MM?AIMNI 3I=…P;CP?L=IGI;=;<;;<;N?ƒ‚I
3C?L;G >O;M J;H=;>;M
 >?JICM OG;   *;A; M? F?P;HNIO ? M;CO >I KO;LNI
%IL;=CI@IC;NL~M?KO;H>I;IOPCOMO<CL;?M=;>;;=?H>?O;FOT?IFBIOJ;L;
$L?AILIPCOM  IGOG>?>I
GIMNLIO;=;G; !?JICM>?OGGCHONI
;J;AIO;
FOT?HKO;HNI$L?AILIPCOMPIFN;P;J;L;;JIFNLIH;
ZjCH=LˆP?FZ>CMM?,MMCJ
;J;HB;H>I;A;LL;@;>?;AO;L>?HN?HI?M=OLI
Z F;LI  &H=LˆP?F
 CH?FON~P?F
 NO>I CMMI  +;>; >? H?=LIFIAC;M
 P?FBI  +?MN?
KO;LNI
 <;MNIO ?O @C=;L @IL; JIL OG >C; J;L; KO? ;=IHN?=?MM?G ;M =ICM;M G;CM
?RNL?G;M "H@CG
OG;=ICM;M?LPCL~>?=IHMIFIJ;L;;IONL;
Z+‚I?HN?H>CZ>CMM?$L?AILIPCOM
Z "HN?H>?O L?>IH>;G?HN? <?G  i; P;
 ƒ; P;  +‚I G? CGJILNI H?G OG
JIO=I
PI=…H?GCG;ACH;
$L?AILIPCOM M? >?O =IHN; >? KO? ,FCP?CL; I ?MN;P; NON?;H>I
 ? KO? CMMI
GO>;P; ;M =ICM;M
 =IGI M? ;CH>; @IMM? JIMMˆP?FX !CMM? ;FAOG; =ICM; MI<L? ;
=LOTP?LG?FB;
;M@;LG~=C;M>?JF;HN‚I
Z#;ƒ;IKO?PI=…KOCM?L
JILGCGN;HNI@;TZ>CMM?,FCP?CL; Z,KO?„
BID?X.O?>C;
G?OCLG‚I
0?NCP?MM?JI>C>IM?DIA;LH;=;G;
>ILGCLOHM>ICM;HIM U IP;L>?W
J?HMIO
0O;CGI<CFC>;>?B;PC;=IHN;GCH;>I$L?AILIPCOM
KO?;=?H>C;I=;=BCG<I=IG
GOCNI?M@ILƒI ,OPC;G M?J?MMI;M@;F;H>IGOCNIFIHA?
;PIT>;*;A;HIG?CI
>; =BOP;
 I P?FBI L?MJIH>?H>I ;IM AOCH=BIM  "G ;FAOG IONLI ;H>;L ;FAO„G
<;N?OOG;JILN;
J?MMI;MM;CH>IJ;L;L?=F;G;L>I<;LOFBI
Z +I @OH>I PI=… N?G L;T‚I Z ;>GCNCO $L?AILIPCOM  Z *;M ?RCMN? OG;
L?MJIHM;<CFC>;>?F?A;F
;=BI
Z IG I KO? ;=IHN?=?O
 D~ ?MN;GIM ?HPIFPC>IM ;N„ I J?M=IƒI Z >CMM?
,FCP?CL;  Z -LCH=CJ;FG?HN? PI=…M >ICM
 JILKO? ?O M?GJL? JIMMI JLIP;L KO?
=B?AO?C N;L>? >?G;CM  *‚? >?CR; <?<… GILL?L ?HKO;HNI ;N?H>? ;G;HN? HI
N;J?N?
Z0?PI=…KO?L>;L;?HN?H>?LX
Z+‚IN?G;G?HILCGJILNH=C;
=B?
Z*;M;=IHN?=?KO?„G?HNCL;
%IL;=CI
Z -;L; GCG N;HNI @;T
 ; =IHMOG;ƒ‚I „ OG @;NI ;=?MMLCI  +‚I N?HBI G;CM
H;>; ; P?L =IG CMMI NO>I
 M MO<C JILKO? ?MN;P; GIFB;>I ? KO?LC; OG G;N?
B?
;ˆP?GA?HN?
Z0?LC;JL?=CMI=B;G;L;;MMCMN…H=C;MI=C;FZ>CMM?$L?AILIPCOM
Z"HN‚I=B;G? +‚I„;PIT>I/IH;F>
Z+‚IPIO@C=;L;KOCZ>CMM?$L?AILIPCOM
F?P;HN;H>I M? ZjJL?=CMI@;T?L
;FAOG;=ICM;
;=L?>CN?
„JL?=CMI@;T?L;FAOG;=ICM;
Z *;M M? D~ ?MNIO G;CM KO? =IHP?H=C>I
 =B?   ;ƒ‚I
 M?GJL? ; ;ƒ‚I  :6
+uE:8<6:E
 P?FBI  7~M
 =IGI M? @ŽMM?GIM JIO=IM
 ; ;P L?MIFP?O J;LCL  #;F?G
<;CRI
=B?
PI=…MP‚I;=;<;L;=IL>;H>II<?<…
Z0;FP?Z>CMM?/IH;F>
ZFŽZ>CMM?;<M
FON;H>IJ;L;@;T?LIAO;L>; =BOP;?HNL;L
Z #;F?G <;CRI Z >CMM? ; *;A;
 KO? =B?A;P; ;NL~M >?F?M  Z -IL KO? PI=…
H‚I@?=B;IAO;L>; =BOP;J;L;?HNL;L
Z 3I=… N?G L;T‚I Z >CMM? ;<M  Z 0?GJL? ;=IHN?=? CMMI ?G NI>IM IM
FOA;L?M +‚I@;ƒ;<;LOFBI
/IH;F> 3C?GIMM>;LOG;J;MM;>CHB;J;L;=IHN;L;
PI=…MIKO?;=IHN?=?O=IGI$OS
„CH=LˆP?F 3?G=~
KO?CGIOI@OMˆP?F
Z+‚I
„JIL=;OM;>I/I=;G;>IOL
Z #;F? <;CRI Z >CMM? /IH;F>  Z " ?H@C? ?MM? AO;L>; =BOP; >? G?L>; ?G
;FAOG=;HNI
ZjN‚I>C@ˆ=CF>?@?=B;LZ>CMM?;<M Z"N‚I@~=CF>?;<LCL
Z,P?FBIG?;G?;ƒIO=IG;JIFˆ=C;Z>CMM?;*;A;
@?=B;H>I;JILN; Z
.O;M?G?<;N?O
ALCN;P;@?CNIFIO=I ,MMCJ
PI=…JL?=CM;P;P?LIKO??F?N?GHI
KO;LNI
 >; ?M=;>; D~ >~ J;L; P?L ;FAOG; =ICM;  2G; G?M; =B?C; >? A;LL;@;M
P;TC;M ? HI G?CI OG GICHBI >? P?HNI N‚I AL;H>? KO? J;L?=? >? N;G;HBI
H;NOL;F
=IGIIMKO?B~HI=;GJI
HI2LOAO;C ,GICHBIACL;P;JIL=;OM;>;
=ILL?HN?>? ;L
?O H‚I=IHM?AOC;>?CR;L >??MJC;LJ?F; @L?MN; >;JILN;
 I P?FBI
<;<;P;>?L;CP;
Z+‚I=IHMCAI@?=B;LZ>CMM?;<M Z3IO>?CR;LH?MN?=;HNI
Z -;L?=? OG GIL=?AI Z >CMM? ; *;A;  Z !~ ;KOC
 ?O @?=BI  "MN~ P?H>I
=IGI„@~=CF
Z"F;KO?<LIO>O;MP;L?N;MZ>CMM?;<M;/IH;F>
Z-;L?>?=B;N?;LZ>CMM?/IH;F> Z&H=FOMCP??MN;GIM>?M;ˆ>;
?L;MJ;L;
=IHN;L;PI=…MKO?$OSNIGIOOGNO<I>?A;L>?H;F
Z-I<L?;HDIZ>CMM?,FCP?CL;
KO?H‚IMCGJ;NCT;P;=IG$OS
Z"NC?HH?I?H=IHNLIOM?GCGILNI
;<M??ONˆHB;GIMC>I;OGP?LHCMM;A?
JL?=CMI@;F;L>CMMI=IGPI=…
„@;<OFIMI
?$OS@ICF~J;L;=;M;?M??HP?H?HIO
H;=;G;
J?HM?<?G
Z%?B;MHIG;HH?LM;N;FFZ>CMM?,FCP?CL; Z ?MNL?AL?NN;<F?
Z"NC?HH?@IC;N„F~?G=;M;J;L;HIMP?L
JILMILN?NI>IGOH>IN?G;=B;P?
Z >CMM? ;<M  Z ,OPCO ;FAO„G PIGCN;H>I
 ?HNLIO ? ?L; I $OS  "MN;P;
GILL?H>I
 "NC?HH? M;CO PI;H>I ?G <OM=; >? ;DO>;  AIL; F?P;L;G ?F? J;L; I
BIMJCN;F
 M?O ?MN;>I „ AL;PˆMMCGI  " =IG ?MM; =BOP; Z ;=L?M=?HNIO ;<M
=IHMN?LH;>;
Z0?HN?GZ>CMM?;*;A; ZˆH‚I
/IH;F>
?MN~@;FN;H>IOG;J?LH; 
?M=OLC>‚I„JIL=;OM;>I/I=;G;>IOL #;F?G<;CRI
Z#;ƒ;OG=;@„J;L;?F?MZ>CMM?,FCP?CL; Z.O?N?GJI
=B?
Z "O JL?=CM;LC; CL ?G<IL; Z >CMM? $L?AILIPCOM  Z +‚I M?C IH>? ?H@C?C ;
=;J;>?=BOP; +‚I
;ˆH‚I )O=ˆ;X
Z#CKO??NIG?OG=;@„Z>CMM?;*;A; Z!?NI>IGI>IH‚IN?GG;CM
G?NLŽ
??MN;GIMN‚I<?G;KOC 3I=…<?GKO?JI>C;GI?L=;@„@L?M=I
%IL;=CI
Z.O?=B?CLI>?;G<C?HN?@?=B;>IZ>CMM?;<M
Z "F; M?GJL? M?HN? @;FN; >I ITŽHCI >; LO; Z >CMM? /IH;F>
 @OLCIMI  Z
-;L?=?OG=;P;FI
M;>IL;;M=ICM;MJOL;M?M?GGCMNOL; M=IL?MJLCG~LC;M
;
?M=;F;>?M?N?HIN;M +‚I„BOG;H;
;=L?>CN?
Z  BOG;HC>;>? „ OG C>?;F Z >CMM? ,FCP?CL;
 N;N?;H>I ?G <OM=; >I
GI?>IL>?=;@„ ZN„I;LN?GMO;BCMNLC;
=B? -;MM;L>;LO;GIFB;>;?=IG
GOCNI ITŽHCI
 =IGI PI=… >CT
 J;L; OG; ;NGIM@?L; IH>? =CHKO?HN; M„=OFIM
JL?J;L;L;G ; N?GJ?L;NOL; ? ; KO;FC>;>?X ;<M „ OG; ?MJ„=C? >? /CJ P;H
4CHEF?>;L?MJCL;ƒ‚I
Z,B
/CJP;H4CHEF?Z>CMM?;<M
?H=;HN;>; Z*CHB;;PG?=IHN;P;
Z "G &>;BI
 D~ M;<?GIM Z >CMM? /IH;F>  Z IG
 ;ˆ ;=IHN?=? KO? I
"NC?HH? N?F?@IH; J;L; ; A?HN? HI <;L >; ?MKOCH; B~ G?C; BIL; J;L; HIM >CT?L
KO?„G?FBIL;A?HN?J;MM;L;HICN?@IL;
J?FIG?HIM;N„M;<?LGIMM?I$OSP;C
GILL?LIOPIGCN;LIA;L>?H;F 0?LC;<;MN;HN?=IGJFC=;>IIM@FC=MMO<CL?G?HIM
?H=IHNL;L?G
 ?F?M AIMN;G >? <LCH=;L >? >ICM G;CM >ICM ? OFNCG;G?HN? ;H>;G
M?GIG?HILM;=I=IG;BCMNLC;>I FO<?
Z,KO?B~>??LL;>I=IGI FO<?Z>CMM?;*;A;
M?=;H>IRˆ=;L;M=IG
OG;NI;FB;
Z +;>;
 G;M JIL CMMI G?MGI ; A?HN? @C=; CH>?@?MI  ,M PCTCHBIM D~ M?
KO?CR;L;G N;HNI >I <;LOFBI
 >;M L?OHC‘?M J;L; IOPCL >CM=IM
 L?=F;G;L;G KO?
?HNL;GIM?M;ˆGIM;NI>IGIG?HNIX";F„G>CMMI;<M<LCAIO=IG;T?F;>IL;
?=IGNI>;M;MGOFB?L?M>IJL„>CI
KO?M‚IOG;M=CHKO?HN;IOM?MM?HN;
Z 1B?S ;L? ;Q@OF Z >CMM? ;<M
 G;MNCA;H>I OG; <;F; KO? NCHB; NCL;>I >;
<IFM;  Z 0?HN?G =B?CLI >? G;=IHB; G?MGI KO? ?O ?MN?D; JL?J;L;H>I OG
AOF;MB
,FCP?CL; NCHB; M? =;HM;>I >? GI?L =;@„ ? J;MMIO I GI?>IL J;L; /IH;F>
#;F;H>I?GPITGOCNI<;CR;
;<M?;*;A;>CM=ONC;G;ML;T‘?M>IMOC=ˆ>CI>?
$OS  !?JICM >? N;HNI =B;N?;L =IG ; =;J; >? =BOP;
 $L?AILIPCOM NCHB; M?
?MJ;LL;G;>I H; JIFNLIH; ? ?MN;P; GOCNI KOC?NI
 =IG I =;=BCG<I ;J;A;>I H;
<I=;  ,OPC; M? ; =BOP; H; D;H?F;  U0=BI?H<?LA ? L;BGMW
 J?HMIO ,FCP?CL;

JOR;H>I OG $;OFICM?  U+;>; G;F


 KO;M? M?GJL? H?MM;M =CL=OHMNH=C;M MOLA?
OG BIJCHIO;+@56D>FD:<J;L;0C?A@LC?> ,NILH;>I>?IHN?GG;NIO?HNL?
>O;M?NL…MGCFJ?MMI;MHI';J‚I "MN;NCMNC=;G?HN?@;F;H>IXW*;M;M?MN;NˆMNC=;M
H‚IL?NCL;P;GIAIMNI>?M?<IKO?M?HNC;HI=CA;LLI "R;GCHIO IIG?FBILKO?
JŽ>?
 ;=?H>?H>I IONLI @M@ILI  "L; OG $;OFICM? J?L@?CNI
 <L;HKOˆMMCGI
 =IG
MO;M @CH;M F?NL;M ? M?OM @C;JIM >? ~MJ?LI =;JIL;F ?M=;J;H>I J?F; JIHN;
OG?>?=C>;  U0?GJL? GIFBI IM =CA;LLIM KO;H>I ?MNIO H?LPIMIW
 J?HMIO
U.O;H>IJ?HMIH;BCMNLC;>?/IM?I<Xj
@ICOG>C;>IM>C;<IM
?IKO?HIM
?MJ?L;XWG?FBIL=ICM;M?LC;=IHN;L;I/IH;F>J;L;KO?I/IH;F>NL;HMGCNCMM?
; ;<M =IG OG >;KO?F?M M?OM MCMN?G;M KO;M? N?F?J~NC=IM KO? ;MMIG<L;P;G
-?LC=I /IG?LI  1?ILC; >; =IGOHC=;ƒ‚I
 OG >?MM?M N?G;M @;M=CH;HN?M KO? ;
FCN?L;NOL;;CH>;H‚IB;PC;M;=;>IJIL=IHN;JLJLC;
?MJ?L;>?KO?MOLACMM?G
IM%ORF?SIOIMILA?M>;HIP;A?L;ƒ‚I AIL;/IH;F>M?MIG;P;;IMOMMOLLI>;
*;A;?>?;<M
@;T?H>IACL;LIGI?>IL;IL;F?HNC
I=;@„MC;@C=;LJLIHNIHI
>C;>?M‚IHOH=; ,FCP?CL;>?CRIO M??M=ILL?A;L>;BILLˆP?F=;>?CL;;LNHIOP?;O
?M?;=IGI>IOHI=B‚I=IG;=;<?ƒ;;JIC;>;HOG;JCFB;>?DILH;CM +IN?NI
B;PC;OG;=OLCIM;@IM@IL?M=…H=C;KO?>?PC;M?LG;CMMO<D?NCP;KO?IONL;=ICM;
#?=B;H>IIMIFBIM
;@IM@IL?M=…H=C;>OL;P;OGGIG?HNI?>?JICM=IG?ƒ;P;;
?RJFI>CL AL;H>?M ?M@?L;M PCIF?N;M
 OG; ;NL~M >; IONL;
 PO@
 PO@
 PO@

?PC>?HN?G?HN? =;>; ?M@?L; =ILL?MJIH>C; ; OG; MˆMNIF? IO ; OG; >C~MNIF?


 P;C
M;<?L "?G;FAOGFOA;L>IJL„>CI
JLIP;P?FG?HN?HIN?L=?CLI;H>;L
MI;P;OG
N?F?@IH?  gKO?F; BIL;
 ?G -;LCM
 =ICM; ?RNL;IL>CH~LC;  U,ONLI GILNIW
 J?HMIO
,FCP?CL; U+CHAO„GFCA;M?H‚I@ILJILCMMI
H?MN;=C>;>?KO?L?MJ?CN;IMIHI W
)?G<LIO M? >; P?T ?G KO? OG ;GCAI ;LA?HNCHI L?=„G >?M?G<;L=;>I NCHB;
;=B;>IGOCNIH;NOL;FN?F?@IH;LJ;L;?F?M>?T?G?C;>;HICN? 3;CM;<?L=IGI
?F? >?O OG D?CNI >? =IHMOFN;L ; FCMN; N?F?@ŽHC=;
 ;=B;L OG N?F?@IH? KO;FKO?L
H;KO?F?G?MGIJL„>CI?F;M=;LOGN?F?@IH?G;M?GJ?HM;L>O;MP?T?M =;L;
>I <IG M?HBIL >I KOCHNI ;H>;L ?G LI<? >? =B;G<L?
 <;N?H>I H; MO; JILN;

OG; =;L; AF;=C;F


 KO?FKOOH PIOM >?G;H>? ;O N„F„JBIH?
 ,FCP?CL; =IH@OMI M?
?H@C;H>I HOG JOFŽP?L
 MO<CH>I ;N„ I KOCHNI ;H>;L
 >;H>I =IG OG; M?HBIL;
@L;H=;G?HN?CLLCN;>;
M?H>ICH@ILG;>I>?KO?IA;LINI%?LGC>;?MN;P;?G-;LCM
??HN‚IKO;H>IHIMP?GIM
=B?
NL;AIHINˆ=C;M>?NI>IGOH>I
>?1L;P?F?L?>;
L;J;TC;>; >I C>’ ?N =?N?L;
 ? ; M?HBIL; >CMMCGOF;H>I ; CLLCN;ƒ‚I  ?MJ?L; >?
KO? ,FCP?CL; =IG?ƒ;MM? ; =BIL;L ;I @C=;L M;<?H>I >I @;F?=CG?HNI >? ;FAO„G
GOCNI KO?LC>I
 ? ,FCP?CL; M?G M;<?L I KO? @;T?L
 PL;CG?HN D? MOCM N?FF?G?HN
=IH@OM
G;>;G?
GIHMC?OL
=?MNOH;GCKOCPC?HN>;LLCP?L
PIOM=IGJL?H?T
CF
H?MNJ;M>ONION;O=IOL;HN>?MB;<CNO>?MX,B
LA?HNCH;
BIL~LCIMA?H?LIMIM

=;M;;<?LN;
N?GJIJ;L;DIA;L@IL;
I@ONOLICHN?CLI
CHN?CLˆMMCGI
J?F;@L?HN?
PO@

PO@
PO@
G;M>?HNLI>IMIFBIM>;KOCFIKO??MN;P;;FC;NL…MG?NLIMH‚IB;P?LC;
H;>;
H‚IJI>C;B;P?LH;>;
PO@
PO@
NI>;;N?ILC;>;=IGOHC=;ƒ‚I;HCKOCF;>;

H?GG;G‚?H?GJ;J;C
H?G<;N;N;AIMNIM;H?GJCJCH?GPO@PO@H?GH;>;
M
LCAIL GILNCM ? ;I L?>IL OG;M J?MMI;M KO? H‚I ?L;G H?G M?KO?L M;FN?HBIM ?
G?RC=;HIM J;L; =IHNCHO;L IOPCH>I G’MC=;
 GIHN;L I P?FLCI >I ;HDCHBI
 M;CL
=IGI ?F?M JIL OG; >;M JIHN;M >; G?;>;
 J?MMI;M HOH=; MO@C=C?HN?G?HN?
JLCGCNCP;M J;L; MOJ?L;L ;KO?F? ?M=H>;FI JIL G?CI >; ;=?CN;ƒ‚I IO >;
C>?HNC@C=;ƒ‚I
 H?G MO@C=C?HN?G?HN? L?;FCT;>;M J;L; H?A;L NI>I ?M=H>;FI ?
J?HM;L?GIH?FCNNF?=;MO;FNS?HNL?
JIL?R?GJFI
IMNL…MGCFP;LLC>IMJ?FINO@‚I
3?LŽHC=; U*;MNO>ICMMI„;HNLIJIFIAC;<;L;N;W
J?HMIO,FCP?CL;
=IHM=C?HN?>?
OG; ?MJ„=C? >? @LCI HI ?MNŽG;AI KO? C; M? NL;HM@ILG;H>I ?G =‚C<L;  +I @CG

M?GJL?
 I JF?RI  U"MM;M M‚I ;M P?L>;>?CL;M =IGOHC=;ƒ‘?M
 IM ;PCMIM >?<;CRI >;
J?F?  " J;L; CMMI H‚I B~ >C=CIH~LCI
 =B? W .O?G N?LC; ;J;A;>I ; FGJ;>;
/?G<L;H>N+‚IF?G<L;P;
OGGCHONI;HN?MNCHB;B;PC>IOG;?MJ„=C?>?J
>? IOLI P?FBI  ;FNOL; >I =B‚I
 JIL G;CM KO? NL;N;MM? >? L?=IHMNLOCL I KO? M?
J;MM;L;>?M>?;=B?A;>;>?/IH;F>?;<M
H;>;;@;T?L
?G;FAOGGIG?HNI;
*;A; JILKO? =?LN;G?HN? NCHB; MC>I ; *;A; IO N;FP?T $L?AILIPCOM
 ;FAO„G
NCHB;;J;A;>I;FGJ;>;
Z IGIPI=…P;C=IHM?AOCL@;T?L=;@„HI?M=OLI
Z0?CF~Z>CMM?;*;A;
GIPCG?HN;H>I;FAOG;MRˆ=;L;M ZHN?MB;PC;OG
JIO=I>?FOT
Z =?H>;
 /IH;F> Z >CMM? ,FCP?CL;  Z j ?MM;
 ?G<;CRI >; MO; =;>?CL;
-L?=CM;ACL;L;J;HN;FB;
„IMCMN?G;=F~MMC=I
Z1O>ICMMI„C>CIN;Z>CMM?/IH;F>
M?GKO?HCHAO„GMIO<?MM?M?@;F;P;>;
G;H?CL; >? ;=?H>?L ; FGJ;>;   FOT ?RNCHAOCO ;M ?M@?L;M PCIF?N; ? ,FCP?CL;
=IG?ƒIO ; ;JL?=C;L G;CM I =CA;LLI  AIL; MCG ?MN;P;G L?;FG?HN? <?G
 B;PC;
=;FIL
C;GNIG;L=;@„
Z B?AO?;KOCZ>CMM?,FCP?CL;;/IH;F> Z3I=…P;C?MN;LG?FBIL>IKO?
H?MM;=;>?CL;
?F;N?GOG;?MJ„=C?>?<C=IHIG?CIKO??MJ?N;;<OH>; 4IHA
;CH=FOCLC;?GMO;=IF?ƒ‚I=BCH?M;
N?HBI=?LN?T;
Z "MNIO GOCNI <?G ;KOC Z >CMM? /IH;F> Z
 G?MGI KO? M? JL?MN? ; G;F
?HN?H>C>IM
Z 3I=… ?MN~ GOCNI G;F  3?HB;  " P;GIM P?L M? ?MM? =;@„ M;C >? OG; P?T

M?HBIL;M
Z IGI?F??MN~G;=BCHBI?MN;HICN?Z>CMM?;<M Z"F?„M?GJL?;MMCG
=IGPI=…
Z.O;M?M?GJL?Z>CMM?;*;A;M?GIFB;LJ;L;?F? Z*?;DO>?;M?=;L
?MN;<;H>?D;
,FCP?CL;?MJ?LIOKO?;<M>?MM?CHˆ=CI;IMCG;ACH~P?CM=IG?HN~LCIMMI<L?;
N;L?@; >? @;T?L =;@„
 ? KO;H>I /IH;F> M? ;@;MNIO >? MO; =;>?CL; ? M? JŽM >?
DI?FBIM J?LNI >?F?
 >CMM? FB? ;FAOG;M J;F;PL;M ;I IOPC>I  "M=ON;H>I IM >ICM

$L?AILIPCOM CHN?LPCHB; H; =IHP?LM; MI<L? I =;@„


 ? ; L„JFC=; >? /IH;F> M?
J?L>?O HI ?FIACI ;I GI=; ? H; >?=;>…H=C; >; ;LN? >? JL?J;L~ FI  !?JICM

/IH;F>NILHIO;?GJIF?CL;L M??GMO;=;>?CL;;N?GJI>?L?=?<?L;Rˆ=;L;KO?
; *;A; ?MN?H>C; J;L; ?F?  IG?ƒ;L;G ; <;N?L MO;P?G?HN? HI N?NI
 >O;M
 NL…M
P?T?M  $L?AILIPCOM ?MNL?G?=?O ? NIGIO I =;@„ >? OG; P?T M  ,FCP?CL; M?
=IHNCHB;J;L;H‚I=;CLH;A;LA;FB;>;KO?;FC~MJI>?LC;N?L;FCPC;>IMO;=‚C<L; 
*;A; ?MN;P; G?CI MOLJL?M;
 H; J?HOG<L; IFB;P; J;L; NI>IM MO=?MMCP;G?HN? ?
>?JICM@IC;NL~M>?OG=CA;LLIMI<L?;G?M;
N;N?;H>I
=IGIM?KOCM?MM?M;CL>?
OG;=ICM;KO?H‚I=IGJL??H>C;
OG;?MJ„=C?>?MIHBI
Z ,OƒI J;MMIM Z >CMM? ;<M =IG OG G;L=;>I MIN;KO? F;P;NMES  Z "MM?
P?FBI >?P? ?MN;L G;FO=I
 „ <IG NIG;L =OC>;>I  "G (;HM;M CNS
 OG; P?TX
+‚I
„;FAO„GMO<CH>I
Z?M=;>;P;CM?>?M?HB;H>IHIIOPC>IZ>CMM?;*;A; Z1?HBIGOCN;
J?H;>IMMOL>IM +?MN?GIG?HNI„=IGIM??O?MNCP?MM?=IGOG;G‚IMI<L?;
?M=;>;?;J;MM;MM?J?FIM>?AL;OM
OGJILOG .O;H>I?O?L;J?KO?H;NCL?C>?T
?G OG; L?>;ƒ‚I
 ?M=L?PC ; BCMNLC; >? OG <;LOFBCHBI  "L; OG <;LOFBCHBI
MCGJ~NC=I
KO?C;?PCHB;
;=IHN?=C;G=ICM;M=IG?F?X
Z'~?OXZ>CMM?;<M Z, E
I E
H‚IJL?=CM;G?<?FCM=;L
Z FG; GCHB; Z >CMM? /IH;F> Z
 P?D; M? =;F; ; <I=; M OG JIOKOCHBI
J;L;;A?HN?JI>?LC>?HNC@C=;LIMJ;MMIM 0CG
„IL?C>IMJCAG?HNIM
„"NC?HH?

;AL;H>?<?MN;;JI=;FˆJNC=;
U"F;?H=;LIO=IG=;FG;W
J?HMIO,FCP?CL; U=IFB?L;>;>?L?G„>CI?L;M
>O;M
 ;=BI  1?GIM OG; BIL; ? JIO=I >? NL;HKOCFC>;>? W +‚I ?HN?H>C; H?G
KO?LC; ?HN?H>?L I JILKO… >;KO?F? ;>C;G?HNI
 >;KO?F; ?MJ„=C? >? H?A;ƒ‚I >?
;FAID~M;<C>I +?A;ƒ‚I
H?A;NCPIXU0CG
CMNI„=IGIIH?A;NCPI>;L?;FC>;>?
N;F =IGI >?P?LC; M?L
 IO M?D;X *;M H‚I P?HB; =IG G?N;@ˆMC=;
 %IL;=CI  F;M

JIIL 6ILC=E
 ƒ; MO@@CN  +‚I =IHMCAI ?PCN;L
 ;=BI KO? ?MN;GIM G?FBIL ;MMCG >I
KO? M? ;=?H>…MM?GIM ; FOT ? MIFN~MM?GIM ; HINˆ=C; =IGI OG; JIG<;  2G
H?A;NCPI   CHP?LM‚I NIN;FX , G;CM JLIP~P?F „ KO? ?F? ?MN?D; PCPI ? NI>IM HM
GILNIM -LIJIMCƒ‚IG;CMGI>?MN;?F?HIMG;NIOJILKO?MIGIM=OFJ;>IM>?MO;
GILN?  OFJ;>IM
IOM?D;
>?@?HMIL?M>?OG?MN;>I>?=ICM;MXC
KO?LC>I
J;L;
IH>? PI=… ?MN~ M? F?P;H>I
 PI=… „ I <OLLI =IG ; =?HIOL; J?H>OL;>; ?HNL? IM
IFBIM "?L;"NC?HH?
MCMMI
?L;;AL;H>?<?MN;JC=NLC=; W
Z 0? M;FPIO Z >CMM? "NC?HH?  Z #CFBI >; JON;
 N?G G;CM PC>;M KO? „M;L
LAC; AIL;
IKO??F?PIGCNIOX
Z"RJFCKO?
?RJFCKO?Z>CMM?;<M
Z );P;A?G >? ?MNŽG;AI
 ?H?G;M >? M?C F~ I KO…
 ;AOFB;>;M JIL NI>IM IM
F;>IM
OG;=;G;=IGOG;MNCL;MJ;L;G;HN… FI>?=;<?ƒ;J;L;<;CRI 3IGCNIO
NI>I I G?HO >I L?MN;OL;HN? ,L?MNC;M
 IH>? J;L?=? KO? B;PC; ;FGIƒ;>I  2G;
GIHMNLOIMC>;>?
 ;N„ @IFB;M >? OP; L?=B?;>;M  3I=…M J?L=?<?G =IGI ?MNIO
?H=B;L=;>I
Z1?G=;@„KO?HN?Z>CMM?/IH;F>Z?OG;<?<C>;=B;G;>;;AO;L>?HN?
KO?„OG;JIL=;LC;
"NC?HH? <O@IO
 JŽM ; =;J; >? =BOP; HOG =;HNI ? M? ;JLIRCGIO >I
;KO?=?>IL
Z IGI?MN~IG?HCHI
)O=ˆ;
Z!ILGCH>IZ>CMM?;*;A; Z!ILGCH>IB~OGN?GJ‚I
;CH>;<?G
Z3;GIM@;F;L<;CRIZ>CMM?;<M
Z)~J?F;MIHT?>;HICN?L?=I<LIO;=IHM=C…H=C;Z?RJFC=IO"NC?HH?
=IG
OG;?MJ„=C?>?N?LHOL; Z"MN;P;@?CNIOGNL;JI
=F;LI ,G„>C=IG?>?CRIO
=B?A;L J?LNI >; =;G; ? $OS G? L?=IHB?=?O  U0?O =L?NCHIW
 @;F?C  U3~ 
G?L>;W
?F?L?MJIH>?O ,G„>C=I>CMM?HIG?OIOPC>IKO?;KOCFI?L;OG<IG
MCH;F +;M;F;B;PC;IONL;MJ?MMI;M
;=;<?CG?>CP?LNCH>I
?CMMIKO?J;L;GCGIM
BIMJCN;CMX
Z3I=…PIFNIOJ;L;=;M;ZJ?LAOHNIO;<M Z-L?=CMIOCL>?F?A;=C;
Z +‚I
 D~ ?MN~ NO>I L?MIFPC>I  !? NI>I GI>I M?LC; G;CM JLO>?HN? PI=…M
@C=;L?G;KOC?MN;HICN? 0?PI=…PCMM?;=;L;>;T?F;>IL;KO;H>I>?M=?L;G=IG
I$OSX
Z1B?FIOMS<;MN;L>Z>CMM?;<M
Z >IN?C OG ;L PCLNOIMI ? ;I J;MM;L ;I F;>I >?F; ?LAOC ; G‚I ? >CMM?
U*;>;G?
;GILN?„M?GJL?L?MJ?CN~P?F "MM?DIP?GM?MOC=C>IOJIL=;OM;>;M
J?H;M >? ;GIL >? (L?CMF?LW  "F; @C=IO >OL;
 ;=L?>CN?G
 G? ?H=;L;P; =IG OHM
IFBIMKO?J;L?=C;GIPIM>OLIM "DOMNIKO;H>I;G;=;C;J;MM;H>IJ?F;JILN;
$OSM??H>CL?CN;
;JIC;OG;J~FC>;G‚IH;@;=?=IGIHIMM;L=@;AIM?NLOM=IM
?
>CLCA?T?F;>IL;OGPŽGCNIP?L>?<?G?G=CG;>I=;J;=BI ,MG;KO?CLIMM?
=IHNIL=C;G>?N;HNILCL
@ICOG;=ICM;CH;=L?>CN~P?F
Z*;CM=;@„ZJ?>CO/IH;F> Z"PI=…
P?HB;M?HN;L;KOCHI=B‚I
KO?„;
J;LN?G;CMKO?HN?>I;JIM?HNI 2G=;@„>IM<IHMJ;L;IJI<L?"NC?HH?
Z +‚I >~ J;L; P?L H;>; Z >CMM? "NC?HH?  Z " JIL KO? JL?=CMI M?HN;L HI
=B‚I
Z -;L; @;T?L =IGJ;HBC; ;I %IL;=CI ? ; GCG
 KO? ?MN;GIM @;T?H>I OG;
?MJ„=C?>?P?F;>;>?;LG;MZ>CMM?/IH;F>
Z+‚IM?D;C>CIN;Z>CMM?,FCP?CL;
Z #;ƒ; I KO? ?MNIO >CT?H>I
 M?HN? ;KOC KO? P;C NIG;L =IHB?=CG?HNI >?
=ICM;M KO? H?G I 4IHA M;<?  )CPLIM @OFAOL;CM
 CHMNH=C;M GHNC=;M  %ID? >?
G;HB‚
DOMN;G?HN?
G?>CP?LNCGOCNIF?H>II2C5@ ,MNC<?N;HIMM‚I=LC;NOL;M
?RNL;IL>CH~LC;M
Z " KO?G @IC KO? CHC=CIO PI=… Z J?LAOHNIO "NC?HH?
 ?MJ;LL;G;H>I M?
?HNL?,FCP?CL;?/IH;F>??HAIFCH>II=;@„>?OG;P?TM Z?<C>;Z>CMM?
"NC?HH?
 ?MN?H>?H>I ; G‚I CGJ?L;NCP;G?HN? J;L; ; *;A;
 KO? >?JIMCNIO ;
A;LL;@;>?;AO;L>?HN??HNL?IM>?>IM>?F? Z2GHIDIZ>CMM?"NC?HH?
>?JICM
>?NIG;LOGAIF? Z-LI>ONI;LA?HNCHI
MOJIHBI .O?N?LL;
!?OMG?O
Z +‚I M? G?N; =IG ; GCHB; J~NLC; Z >CMM? ,FCP?CL;  Z 3I=… ?MN~
J;L?=?H>IIP?FBI;ˆ>?=CG;
Z4IHAG?MO<G?N?O;P~LCIMN?MN?MZ?RJFC=;P;/IH;F> Z!CTKO?N?HBI
CHN?FCA…H=C;MO@C=C?HN?J;L;=IG?ƒ;L;>?MNLOˆ F;J;L;IG?O<?G  IG<CH;GIM
KO?PIOF?LI2C5@=IG;N?Hƒ‚I
?KO?>;ˆJ;MM;L?GIMM@;M?M@OH>;G?HN;CM
>I <O>CMGI  "RCMNCL~ G?MGI OG =ILJI MONCF
 %IL;=CI -;L?=? KO? KO;H>I ;
A?HN?GILL?X2G;?MJ„=C?>?=ILJIG?HN;F
?HN?H>?
*;M%IL;=CI?MN;P;@;F;H>I;IIOPC>I>?"NC?HH?
KO?ALOHBC;?M?;ACN;P;
=IG =B?CLI >? LO; GIFB;>;
 >? BIMJCN;F ? >? ?HMIJ;>I >? L?JIFBI  ;<M
?RJFC=;P; ; $L?AILIPCOM
 J?L>C>I HOG; ?MJ„=C? >? CH>C@?L?Hƒ;
 IM CH=IHN~P?CM
Pˆ=CIM>;T?F;>IL; "HA;MA;>I>??LO>Cƒ‚IL?=?HN?
/IH;F>JL?=CM;P;?RJFC=;LI
2C5@ ; ;FAO„G
 ? ?M=IFB?O ; *;A;
 KO? M? >?FCH?;P; >C;HN? >?F? =IGI OG
%?HLS *IIL? H; J?HOG<L;
 OG; ACA;HN; PCMN; >I =B‚I
 JLCG?CLI IM DI?FBIM ;
JIHNI>?@OL;L;G;MM;H?AL;>;M;C;
>?JICMOGNILMIKO?MO<C;H;>CL?ƒ‚I>I
N?NI
JIL=CG;OG;G;MM;>?=;<?FIM;CH>;G;CMH?ALIMKO?I?M=OLI
??GNI>;
;KO?F;MIG<L;?HNL?MIG<L;M;FOT>I;<;DOLHI=B‚I@;TC;<LCFB;L?GIMIFBIM
>; *;A; ?H=;CR;>; H; JIFNLIH; ? FON;H>I >? N?GJIM ?G N?GJIM J;L; H‚I
?M=ILL?A;L ? =;CL HI =B‚I JIL =;OM; >;M J?LH;M >C;HN?CL;M G;CM =OLN;M >;
JIFNLIH;
Z.O?G?L>;CMMIZ>CMM?"NC?HH?
NIG;H>IIONLIAIF?
Z -I>? CL
 M? KOCM?L Z >CMM? ,FCP?CL; Z
 G;M H‚I ;=L?>CNI KO? ;=IHN?ƒ;
;FAOG;=ICM;AL;P?
H?MN?<;CLLI?MM;M=ICM;M;=IHN?=?G;NI>IGIG?HNI
Z#C=IZ>CMM?"NC?HH? Z"MN;<?<C>;
=IGI„G?MGIKO?PI=…>CMM?KO?
?F;M?=B;G;P;
;N„KO?H‚I„N‚ILOCG 1?G=B?CLI>?@LON;
Z4IHA>CTKO?I'OHA;H>;P;?HNOMC;MG;>I=IGI2C5@Z>CMM?/IH;F>
Z!~J;L;?HN?H>?L
?IM?RCMN?H=C;FCMN;MN;G<„G>?P?LC;GF… FI;@OH>I 3?D;

H;BIL;>IDOFA;G?HNI>IGILNI
I/?CJ‘?OG?MJ?FBIH;@L?HN?>?F?
G;M
?MM??MJ?FBI„I(;LG; MIG;>IM;NIM>IGILNI
?HN?H>?"IGILNIP…NI>;M
;M MO;M ;ƒ‘?M L?@F?NC>;M ;FC
 I <IG ? I G;O
 G;M I L?@F?RI H‚I =ILL?MJIH>? ;
H?HBOG;L?;FC>;>?JILKO?„;JLID?ƒ‚I>?CG;A?HMG?HN;CMX"HN‚I=IGI„
KO?IP?FBI'OHAH‚IC;@C=;L?MNOJ?@;NI
G?>CA;,/?C>IMGILNIMIFB;J;L;I
?MJ?FBI
G;MIKO??MN~@;T?H>IH;P?L>;>?„IFB;LJ;L;;G?GLC;>;J?MMI;
!~ J;L; CG;ACH;L OG; >?M=LCƒ‚I G?FBIL J;L; ; JMC=;H~FCM? " N?G OG; =ICM;
G;CM?RNL;IL>CH~LC;;CH>;
KO?LC>; jKO?;M?HN?Hƒ;KO?I/?CJLIHOH=C;H‚I„
>?F?
G;M>;J?MMI; JLJLC;J?MMI;M?DOFA;M?GM;<?L 3I=…H‚I;=B;KO?H;
P?L>;>?0;LNL?>?P?LC;M?GO>;LJ;L;)B;M;
Z&H=LˆP?FZ>CMM?;*;A; Z*;M?MM?FCPLIXj>?@CFIMI@C;
ZjOGFCPLIJ;L;GILNIMZ>CMM?,FCP?CL;
#C=;L;G =;F;>IM
 IOPCH>I =BIP?L  $L?AILIPCOM M?HNCO J?H; >; *;A;
 KO?
J;L?=C;?MJ?L;LJILOG;?RJFC=;ƒ‚I?D~H‚IM?;HCG;P;;J?LAOHN;LH;>;
Z,MF;G;M@;T?G=?LN;ML?P?F;ƒ‘?M;IMGILC<OH>IMZ>CMM? Z-;L;AOC~
FIMHI;F„G
J;L;;DO>~ FIM;M?M;FP;L -IL?R?GJFIX
"NC?HH? NCHB; ;JIC;>I I IG<LI HI >? ,FCP?CL;  /IH;F>
 M?HN;>I >? J?LH;M
=LOT;>;M
 =;HN;LIF;P; UCA )CJ FO?MW J?HM;H>I ?G '?FFS /IFF
 KO? ?L; M?O
GILNI @;PILCNI  ,FCP?CL; ;=?H>?O OG $;OFICM? ? =IGI HOG ); 1IOL I @IAI
NCHACO JIL OG M?AOH>I I LIMNI >IM ;GCAIM
 ;LL;H=IO $L?AILIPCOM >; MIG<L;
=IH?=N;H>I I GOLG’LCI >? MO; PIT ; OHM F~<CIM KO? M? GIPC;G
 CHMN;FIO
<LON;FG?HN?;*;A;H;JIFNLIH;
M?OLIMNIM?GJL?~PC>IH;BIL;>;CAHILH=C;
? >;M ?RJFC=;ƒ‘?M
 <;HBIO MO;P?G?HN? ;<M
 ; JF~=C>;
 /IH;F>
 I G’MC=I
J?L>C>I ?G MO;M CGJLIPCM;ƒ‘?M F;G?HNIM;M  "HN‚I M? IOPCO OG; J;H=;>; HI
N?NIDOMN;G?HN?KO;H>II@M@ILIM?;J;AIO
U =72FEE6?E6C56G:GC6W
L?=IL>IO,FCP?CL; U-IOLKOICW
,P?LMIB;PC;M;FN;>I>;G?GLC;=IGIIMLIMNIMFOT>I@M@ILI
CHMN;HNH?I
? JLIP;P?FG?HN? AL;NOCNI  , IG<LI >? "NC?HH? I ;KO?=C;
 NL;HMGCNC; OG;
JL?M?Hƒ;?HA;HIM;
OG;JLIRCGC>;>?KO?;GILN?
?MM?@M@ILIKO?M?;J;A;
C;
;HCKOCF;L=IGI;HCKOCF;P;;AIL;IMLIMNIM
;M@ILG;M
=IGIIMCF…H=CIM?@?=B;P;
IONL;P?T;IL?>IL>;J;H=;>;F~?G=CG;
Z " ;MMCG „ Z =IH=FOˆ; $L?AILIPCOM
 M?HN?H=CIMI Z KO? I 2C5@ HIM
>?PIFP?PC>;
H?=?MMC>;>?>?OG;PC>;JOL;
DOMN;G?HN?KO;H>IH‚IB~G;CM
?M=;J;NLC; ? ?MN;GIM JL?A;>IM HOG; =;G; =IG OG =H=?L ?G FOA;L >I
NL;P?MM?CLI
Z B Z >CMM? ; *;A;
 MOMJCL;H>I  %;PC; ?HN?H>C>I <I; J;LN?
 ;FAOG;M
J?ƒ;M>IJOTTF?C;GM?JIH>I?GM?OFOA;L?G<IL;HOH=;PC?MM?;M?L=IGI;
J?L@?Cƒ‚I>I=;F?C>IM=JCI?GKO?=;>;J?>;ƒI>?PC>LI
=;>;L;GCHBI
=;>;
AL‚I >? ;L?C; M? ;JL?M?HN;P;G J?L@?CNIM
 MCG„NLC=IM
 ;<ILL?=C>ˆMMCGIM
 G;M M?G
JLI<F?G;M
Z !C=INIGC;M I=C>?HN;CM Z >CMM? ,FCP?CL;  Z 3C>; ? GILN?
 I ;KO„G ? I
;F„G +‚I„CMMIIKO?IM?O2C5@?HMCH;
,MMCJ
?G<IL;J?MMI;FG?HN??OH‚I
N?HB; ; G;CM L?GIN; C>?C; >I KO? ?R;N;G?HN? I M?O 2C5@ ?HMCH;  0?D; =IGI
@IL
>?P?M?L;FAIG;CMJF~MNC=I
G?HIM=;N?AILCT;>I
Z3?D;MZ>CMM?"NC?HH?
KO?M?M?HNC;G;L;PCFBIM;G?HN?<?G
?G<IL;;M
HINˆ=C;M >? ,FCP?CL; J;MM?;MM?G JIL MO;M NLCJ;M =IGI =;L;HAO?DIM ? H;>; >CMMI
@IMM? =IHNL;>CNLCI  Z 3?D; M
 ;LA?HNCHI >I =;L;FBI
 I ,LC?HN? H‚I „ N‚I
>C@?L?HN?KO;HNIJL?N?H>?GIMILC?HN;FCMN;M ;MN;?HNL;LOGJIO=I;@OH>IHIM
N?RNIM >?F?M KO?PI=… =IG?ƒ;;M?HNCL I >? M?GJL?
 ; CH?RJFC=~P?F N?HN;ƒ‚I >?
MOC=ˆ>CI >; CHN?FCA…H=C; J?F; PC; >; JLJLC; CHN?FCA…H=C;  , ?M=ILJC‚I KO? M?
=L;P;I@?LL‚I
@;LNI>?M?L?M=ILJC‚IG;MH?=?MMCN;>I>??M=ILJCIHC=?J;L;>;L
=;<I >I ?M=ILJC‚I  "G *;>L;M IO ?G %?C>?F<?LA
 I @OH>I >; KO?MN‚I „ I
G?MGIB~OG;?MJ„=C?>??KOCPI=;ƒ‚ICH?@~P?FHIJLCH=ˆJCI>IMJLCH=ˆJCIM
>I
KO;FL?MOFN;I@?HŽG?HIKO?FB?M@;F;H?MN?GIG?HNI?PI=…MKO?I?M=ON;G
1I>;N?HN;NCP;>??RJFC=;ƒ‚I@L;=;MM;JILOG;L;T‚IKO?KO;FKO?LOG?HN?H>?

? „ KO? J;L; >?@CHCL ? ?HN?H>?L M?LC; JL?=CMI ?MN;L @IL; >I >?@CHC>I ? >I
CHN?FCAˆP?F  "LAI
 *;>L;M ? %?C>?F<?LA M? =IHMIF;G @;<LC=;H>I JIMCƒ‘?M

;FAOG;M =IG <;M? >CM=OLMCP;


 IONL;M =IG <;M? CHNOCNCP;
 ?G<IL; ;M >C@?L?Hƒ;M
?HNL? >CM=OLMI ? CHNOCƒ‚I ?MN?D;G FIHA? >? M?L =F;L;M
 =IGI M;<? NI>I <IG
<;=B;L?F ";MMCGI=ILL?KO?IBIG?GMJ;L?=??MN;LM?AOLIH;M~L?;MKO?H‚I
INI=;G;@OH>IKO;H>IDIA;
KO;H>I=IHKOCMN;
KO;H>IGIHN;MO;M>C@?L?HN?M
=;L;J;ƒ;MBCMNLC=;M<;M?>?„NBIM
KO;H>I>?F?A;IGCMN„LCI=?HNL;F24FC2>?
;FAOG;L?P?F;ƒ‚I "JIL=CG;?JIL<;CRI
;=OLCIM;HIƒ‚I>?KO?;JLCH=CJ;F
@?LL;G?HN;
 I FIAIM KO? HIM ;LL;H=; P?LNCACHIM;GH?HN? >; ?M=;F; TIIFAC=;
 „
OGJ?L@?CNI?HAI>I "I=ILIF~LCICH?PCN~P?F
IL?@’ACIHICH@OMI?HI<;F<O=CI

; HICN? ?M=OL; >; ;FG;


 ;M ?HNL?PCM‘?M ?MN„NC=;M ? G?N;@ˆMC=;M  *;>L;M ?
%?C>?F<?LAM‚I>C@?L?HN?M>IM;A?HM>;G?MG;L?=?CN;
MP?T?MJL?P;F?=?I6CH?
M P?T?M I 6;HA
 G;M H;M >O;M JIHN;M >I MI<? ? >?M=? B~ >ICM BIGI M;JC?HM
CAO;FG?HN? CH?RJFC=;>IM
 >;H>I AL;H>?M JCM‘?M HI =B‚I J;L; KO? OG NLCOH@?
AL;ƒ;M;I@L;=;MMI>IIONLI
Z j ?MNL;HBI Z >CMM? /IH;F>  Z !? NI>I GI>I
 M?LC; <OLLC=? H?A;L OG;
L?;FC>;>?
G?MGIKO?CAHIL?GIMIKO??F;„ ,?CRI>IMI<??>?M=?
>CA;GIM
IGI„JIMMˆP?FKO??MM??CRI;CH>;H‚IN?HB;M?LPC>IJ;L;KO?M??HN?H>;I
KO?;=IHN?=?H;MJIHN;M!?M>?IBIG?G>?+?;H>?LN;FX
Z3I=…?MN~DIA;H>I=IG;MJ;F;PL;MZ>CMM?,FCP?CL;
;JIC;H>I M?G?FBIL
?G "NC?HH?  Z "F;M ;>IL;G KO;H>I ;FAO„G ;M NCL; >I ;LG~LCI ? ;M @;T >;L
PIFN;M J?FI ;G<C?HN?  /?;FC>;>?
 BIG?G >? +?;H>?LN;F
 IFB? M =IGI ?F;M
>;Hƒ;G
=IGIM??H@C;GJILHIMM;MIL?FB;M??M=ILL?A;GJ?FIMNI<IA‚M
Z j P?L>;>? Z >CMM? M?=;G?HN? "NC?HH?  Z -IL CMMI JL?@CLI G?OM
JCAG?HNIM
G?MCHNIG;CMM?AOLI
Z0?AOLI>IKO…
Z!IM?O?@?CNI
Z -I>? ;N„ M?L >I ?@?CNI ?G PI=…
 G;M H‚I H; T?F;>IL; >I /IH;F>  0O;M
=IL?MH‚IM‚IG;CMM?AOL;M>IKO?GCHB;MJ;F;PL;M
P?FBI
Z-?FIG?HIMGCHB;M=IL?MH‚IJL?N?H>?G?RJFC=;LH;>;
Z"PI=…M?=IH@ILG;=IG;;OM…H=C;>??RJFC=;ƒ‚I
Z+‚IZ>CMM?"NC?HH?Z
G;M;IG?MGIN?GJI@;ƒI=ICM;MKO?>CGCHO?G
OG JIO=I ?G GCG I AIMNI LOCG >?MM? P;TCI  " ?MM; „
 HI @OH>I
 ; G?FBIL
>?@CHCƒ‚I>IBIGIM;JC?HM
Z+‚I„OG;>?@CHCƒ‚I
G;MOG=IHMIFIZ>CMM?$L?AILIPCOM
MOMJCL;H>I
Z +; P?L>;>? MIGIM =IGI ;M =IG„>C;M KO;H>I =B?A;GIM ;I N?;NLI HI
M?AOH>I ;NI  1O>I „ GOCNI <IHCNI G;M H‚I >~ J;L; ?HN?H>?L H;>;  ,M ;NIL?M
@;F;G?;NO;GH‚IM?M;<?JILKO…
=IGKO?JLIJMCNI -LID?N;GIMH?F?MHIMM;
JLJLC; CAHILH=C; ? ?F?M HIM J;L?=?G OHM FIO=IM KO? ?HNL;G ? M;?G GOCNI
>?=C>C>IM '~I>CMM?0B;E?MJ?;L?
;FC~M
?M?H‚I>CMM?NCHB;I>?P?L>?>CT?L
Z=BIKO??F?>CMM?Z@;FIO;*;A;
Z!CMM?MCGZ@;FIO;<M
Z3COMZ>CMM?;*;A;
Z"F?N;G<„G@;FIO>;MJ;F;PL;MZ>CMM?$L?AILIPCOMZ
?%IL;=CIH‚I@;T
G;CM>IKO?;JL?M?HN;LIJLI<F?G;?GMO;@ILG;>C;F„NC=;
>CA;GIM gG;H?CL;
>?OG4CNNA?HMN?CH
KO??O;>GCLIGOCNI
Z+‚I=IHB?ƒIZ>CMM?/IH;F>Z
G;MPI=…MP‚I=IH=IL>;L=IGCAIKO?I
JLI<F?G;>;L?;FC>;>?H‚IJI>?M?L?H@L?HN;>I=IGMOMJCLIM
Z3;CM;<?LZ>CMM?$L?AILIPCOM Z3;CM;<?L
/IH;F>
Z 3;GIM
 >?CR? ; JI?MC; J;L; ; JLRCG;  1O>I <?G KO? H‚I >?P?GIM HIM
@C;LH;MJ;F;PL;M
G;MH;P?L>;>?;MJ;F;PL;MP…G>?JICM>?MM;IONL;KO?MN‚I
>?
KO? ?MN; HICN? ;FAOHM >? HM ?MN?D;GIM ;KOC
 M?HN;>IM ;I L?>IL >? OG;
F;GJ;LCH;
Z#;F?G;CM<;CRIZJ?>CO;*;A;
Z0?GJ;F;PL;;FAOG;?OMCHNI
?OM?CKO??MNIO;KOCZCHMCMNCO/IH;F> Z
jIKO?=B;GI>?L?;FC>;>? *?MGIKO?H‚IM?D;G;CM>IKO?CMMI
Z -?L@?CNI Z >CMM? ,FCP?CL;  Z 0 KO? ?MM; L?;FC>;>? H‚I „ H?HBOG;
A;L;HNC;
H?GJ;L;PI=…H?GJ;L;HCHAO„G
;G?HIMKO?PI=…;NL;HM@ILG??G
=IH=?CNI
?>?JICM?G=IHP?Hƒ‚I
?G?MKO?G;’NCF ,G?LI@;NI>?PI=…?MN;L
GCHB;?MKO?L>;??OMO;>CL?CN;@;T>;L?;FC>;>?J?FIG?HIM>O;ML?;FC>;>?M

?@CKO?L?ACMNL;>IKO?H‚IKO?LIG?;JLI@OH>;LF?G<L;H>I FB?KO?PI=…??O
MIGIM >ICM ?HN?M ;<MIFON;G?HN? CH=IGOHC=;>IM ?HNL? MC ; H‚I M?L JIL
CHN?LG„>CI >IM M?HNC>IM ? >; J;F;PL;
 =ICM;M >;M KO;CM „ JL?=CMI >?M=IH@C;L
KO;H>IM?„M„LCI
Z +M >ICM ?MN;GIM ;KOC Z CHMCMNCO /IH;F>  Z g >CL?CN; IO  ?MKO?L>;

JIO=I CGJILN;  +M >ICM ?MN;GIM P?H>I ; ;<M


 NI>IM IOP?G I KO? ?MNIO
>CT?H>I
Z *;M ?MM?M ?R?GJFIM M‚I J;L; G?HCHIM >? =;Fƒ; =OLN;
 G?O @CFBI Z
F;G?HNIO M?$L?AILIPCOM Z%IL;=CIN?GL;T‚I
PI=…H‚IJI>?MCGJF?MG?HN?
;=?CN;LCMMIKO?;=L?>CN;M?L;L?;FC>;>? ,G~RCGIKO?JI>?>CT?L„KO?PI=…„

CMMIH‚IM?JI>?H?A;LM?G?M=H>;FI?PC>?HN? ,KO??MN~CH=ILL?NI„I?LAI
?
IKO?P?G>?JICM>I?LAI„HINLCI
Z +‚I NL;HM@ILG?I ;MMOHNIHOG; KO?MN‚I >? ?M=IF;M Z >CMM? ,FCP?CL;  Z
)CGCN?GI HIM ; N?L OG; =IHP?LM; >? ;@C=CIH;>IM
 KO? „ I KO? MIGIM
)CGCN?GI HIM;CMMIKO?/IH;F>=B;G;
=IGIP?>IL;G?HN?
>?L?;FC>;>?
?KO?
?F?;=B;KO?„OG;M 3I=…=IHNCHO;;=B;H>IKO??F;„OG;M
/IH;F>
Z IHNCHOI  >GCNI KO? GCHB; G;H?CL; >? M?HNC F; IO ?HN?H>… F; „
>C@?L?HN?>;>?;<M
?KO?;L?;FC>;>?>?;<M>C@?L?>;>?,MMCJ
?;MMCGJIL
>C;HN? *;M„=IGI;M>C@?L?HN?MIJCHC‘?MMI<L?;$CI=IH>;IOMI<L?;M;F;>;
>? ?M=;LIF;   L?;FC>;>? ?MN~ ;KOC ? HM ?MN;GIM H?F;
 ?HN?H>?H>I ;  HIMM;
G;H?CL;
G;MH?F;
Z 0 I KO? =IHN; „ ?MM; KO?MN‚I >? ?HN?H>… F;  HIMM; G;H?CL; Z >CMM?
,FCP?CL;  Z 3I=… ;=B; KO? ?RCMN? OG; L?;FC>;>? JIMNOF~P?F JILKO? HM >ICM
?MN;GIM @;F;H>I H?MN? KO;LNI ? ?MN; HICN?
 ? JILKO? PI=… ? ?O M;<?GIM KO?
>?HNLI >? OG; BIL;
 G;CM IO G?HIM
 P;C ;=IHN?=?L ;KOC >?N?LGCH;>; =ICM;
1O>ICMMI>~;PI=…OG;AL;H>?M?AOL;Hƒ;IHNIFAC=;
?O;=BIPI=…M?M?HN?
<?G M?AOLI ?G PI=… G?MGI
 <?G JF;HN;>I ?G PI=… G?MGI ? HCMMI KO? I
LI>?C; *;MM?;IG?MGIN?GJIPI=…JO>?MM?;MMCMNCL;?MM;L?;FC>;>?;J;LNCL>?
GCG
IO;J;LNCL>?;<M
M?FB?@IMM?>;>II>IG>;O<CKOC>;>?
?HN?H>?
?M?
PI=…JO>?MM??MN;L;AIL;G?MGIH?MN?G?MGI;JIM?HNI;J;LNCL>?IH>??MNIO?
=IG NO>I I KO? MIO ? @OC
 ? =IG NO>I I KO? „ ? @IC ;<M
 N;FP?T PI=…
=IGJL??H>?MM? KO? M?O ?AI=?HNLCMGI <;L;NI H‚I FB? @ILH?=? H?HBOG;
L?;FC>;>? P~FC>;  #ILH?=? ;J?H;M OG; =L?Hƒ; @OH>;>; HI N?LLIL
 OG;
H?=?MMC>;>? >? ;@CLG;L I KO? I LI>?C; J;L; KO? PI=… H‚I =;C; HI @OHCF ? M;C;
J?FIIONLIF;>IM;<?F~IH>?
Z0IGIMGOCNI>C@?L?HN?MZ>CMM?/IH;F>Z
M?C>CMMIGOCNI<?G *;MHIM
?H=IHNL;GIM ?G ;FAOHM JIHNIM ?RN?LCIL?M ; HM G?MGIM  3I=… ? ?O IFB;GIM
?MM?;<;DOL
JI>?;N„M?LKO?P?D;GIM;G?MG;=ICM;
G;MN;GJIO=IJI>?GIM
N?L=?LN?T;>?H‚I?MN;LP?H>I;G?MG;=ICM; 1?GOG;<;DOL;FC
KO?>C;<I
Z+‚IALCN?Z>CMM?;*;A; Z3IO@;T?LG;CM=;@„J;L;PI=…M
Z  CGJL?MM‚I KO? M? N?G Z >CMM? ,FCP?CL; Z „ ; >? ;H>;L MI<L? ;HNCA;M
J?A;>;M  "MNO>;HN?M G?>ˆI=L?M
 L?JCM;GIM ;LAOG?HNIM ?GJI?CL;>IM ? H;>;
CHN?L?MM;HN?M  " NO>I CMMI
 /IH;F> KO?LC>I
 JILKO? @;F;GIM >C;F?NC=;G?HN?
!CT?GIM PI=…
 ?O
 I ;<;DOL
 ; L?;FC>;>?  !… OG J;MMI J;L; NL~M
 JIL @;PIL
HCG? M?
H‚I„N‚I>C@ˆ=CF MJ;F;PL;M>?M;J;L?=?G "MM?;<;DOL„OG?MNˆGOFI
M?HMILC;F
H;>;G;CM AIL;>…IONLIJ;MMIJ;L;NL~M ,KO?PI=…=B;G;>?M?O
JIHNI >? PCMN; ? ?MM? ?MNˆGOFI M?HMILC;F M? NL;HM@ILG;G HOG; L?F;ƒ‚I
CH?RJFC=~P?F
 JILKO? J;L; ?RJFC=~ F; M?LC; JL?=CMI >;L >? HIPIOG J;MMI J;L; ;
@L?HN??NO>ICLC;J;L;I>C;<I
Z *;M ?MM?M J;MMIM J;L; NL~M M‚I =IGI >?M;H>;L I =;GCHBI >; ?MJ„=C? Z
JLIN?MNIO$L?AILIPCOM
Z -ICM „ Z >CMM? ,FCP?CL;  Z " ;ˆ ?MN~ I AL;H>? JLI<F?G;
 M;<?L M? I KO?
PI=…=B;G;>??MJ„=C?;H>IOJ;L;;@L?HN?IOM?
=IGIJ?HM;P;(F;A?M
=L?CI

?G>?N?LGCH;>IGIG?HNI?HP?L?>IOJILOG<?=I
Z0?GFCHAO;A?GH‚IB~BIG?G 0?GBCMNLC;H‚IB~BIG?G
Z 0?G =LCG? H‚I B~ ;MM;MMCHI  +;>; JLIP; KO? I BIG?G H‚I JO>?MM? N?L
MC>I>C@?L?HN?
ZN„KO?H‚IHIM>?GIMN‚IG;FZ>CMM?/IH;F>
Z.O;F„M?OJIHNI>?L?@?L…H=C;J;L;;=L?>CN;LKO?H‚IHIM>?GIMN‚IG;F
-ILKO?JL?=CM;GIMCHP?HN;LIj>?H
PCP?LG?LAOFB;>IMH;HIMN;FAC;>IJ;L;ˆMI
J?L>C>I
 @;<LC=;L ONIJC;M
 JLIJIL HIM OG @ONOLI 0? OG; GCHBI=; @IMM? =;J;T
>? J?HM;L
 J?HM;LC; KO? ;N„ KO? H‚I M? >?O N‚I G;F  , BIG?G M? ;A;LL; H;
=C…H=C; =IGI H;KOCFI KO? =B;G;G N~<O; >? M;FP;ƒ‚I ? KO? ?O HOH=; MIO<?
>CL?CNIIKO?„ -ILCHN?LG„>CI>;FCHAO;A?G
;L;T‚IM?AL?A;OG;;LKOCN?NOL;
M;NCM@;NLC;
 =IGI ; JL?=CIM;
 LˆNGC=; =IGJIMCƒ‚I >IM KO;>LIM L?H;M=?HNCMN;M
 ?
HIMJF;HN;HI=?HNLI J?M;L>?NI>;;MO;=OLCIMC>;>??CHM;NCM@;ƒ‚I
;=C…H=C;

IO M?D;
 ; L;T‚I
 =IG?ƒ; JIL HIM NL;HKOCFCT;L  U3I=… ?MN~ ;KOC H?MN? ;JIM?HNI
=IGM?OM;GCAIM
H;@L?HN?>?MM?;<;DOL +‚IM?;MMOMN?
NO>I?MN~GOCNI<?G
AIL;
 P?D;GIM KO;F M?L~ ; H;NOL?T; >?MM? @?HŽG?HI FOGCHIMI 3I=… M?
CH@ILGIOMI<L?IKO?M?D;OLHCI?HLCKO?=C>I3I=…
KO?;JL?=C;IMCMNIJIM

M;<?KO?D~NL;HMGON;GIMI=BOG<I?GIOLIW1O>IGOCNICHMNCA;HN?
GOCNI
P?LNCACHIMI
 G;M M?GJL? ; J;LNCL >; JIFNLIH; IH>? ?MN;GIM =IGI>;G?HN?
M?HN;>IM
Z"O?MNIOHI=B‚IZ>CMM?/IH;F>Z?H‚I?MNIOH;>;=ŽGI>I
J;L;@;F;L
;P?L>;>? "M=ON?
%IL;=CIH?A;L?MN;L?;FC>;>?H‚I@;TM?HNC>I "F;?MN~;KOC

HM ; ?MN;GIM =IGJ;LNCFB;H>I   HICN? NL;HM=ILL? J;L; HM >ICM


 F~ @IL; ?MN~
=BIP?H>I J;L; HM >ICM  0?C F~ I KO? „ ; HICN?
 I N?GJI ? ; =BOP;
 G;M ?F?M
?MN‚I;ˆ?@IL;>?GCG
M‚I=ICM;MKO?G?;=IHN?=?G?H‚IB~IKO?@;T?L
Z *;M =F;LI Z >CMM? ,FCP?CL;  Z +CHAO„G H?A; CMMI
 =B?  , KO? H‚I
?HN?H>?GIM„JILKO?CMMIN?G>?;=IHN?=?L;MMCG
JILKO??MN;GIM;KOC?F~
@IL; ?MN~ =BIP?H>I  , ;<MOL>I H‚I M‚I ;M =ICM;M
 I ;<MOL>I „ KO? ;M =ICM;M
?MN?D;G;ˆ?KO?;MJ?L=?<;GIM=IGI;<MOL>;M +‚I=IHMCAIP?L;L?F;ƒ‚IKO?
B~ ?HNL? GCG ? I KO? G? ;=IHN?=? H?MN? GIG?HNI  +‚I H?AI KO? ?MN?D;
;=IHN?=?H>I -OR;
?=IGI;=IHN?=? "I;<MOL>I„CMMI
Z+‚I?MN~GOCNI=F;LIZ>CMM?"NC?HH?
Z +‚I JI>? ?MN;L =F;LI
 M? ?MNCP?MM? M?LC; @;FMI
 M?LC; N;FP?T =C?HNC@C=;G?HN?
P?L>;>?CLI
 G;M @;FMI =IGI ;<MIFONI   =F;L?T; „ OG; ?RCA…H=C; CHN?F?=NO;F ?
JIHNI ,R;F~JO>„MM?GIMM;<?L=F;L;G?HN?
?HN?H>?L=F;L;G?HN?
G;LA?G>;
=C…H=C;?>;L;T‚I "KO;H>I>CAIUIR;F~W
P~M;<?LM?H‚I?MNIO>CT?H>IOG;
C>CINC=? -LIP;P?FG?HN?;’HC=;N~<O;>?M;FP;ƒ‚IM?D;;=C…H=C;
IOLHCI

?MM;M=ICM;M ";F„G>IG;CM
„JL?=CMIPCP?L
Z-ICM„Z>CMM?;*;A;
M?LPCH>II=;@„ ZF„G>IG;CM
„JL?=CMIPCP?L
Z "HN?H>;
 /IH;F> Z >CMM? ,FCP?CL;
 ;J?LN;H>I I DI?FBI >?F?  Z 3I=… „
GOCNI G;CM KO? MO; CHN?FCA…H=C;
 NI>I GOH>I M;<?  "MN; HICN?
 JIL ?R?GJFI

CMMI KO? ?MN~ HIM ;=IHN?=?H>I ;AIL;


 ;KOC
 „ =IGI OG >?MM?M KO;>LIM >?
/?G<L;H>N?GKO?G;F<LCFB;OGJIO=I>?FOTHOG=;HNI
?H‚I„OG;FOT
@ˆMC=;
 H‚I „ CMMI KO? PI=… NL;HKOCF;G?HN? =B;G; ? >?M=L?P? =IGI FGJ;>;

=IG M?OM Q;NNM ? MO;M P?F;M  , ;<MOL>I „ ;=L?>CN;L KO? JI>?GIM ;JL??H>?L ;
NIN;FC>;>? >I KO? HIM =IHMNCNOC H?MN? GIG?HNI
 IO ?G KO;FKO?L GIG?HNI
 ?
CHNOˆ FI =IGI ;FAI =I?L?HN?
 ;FAI ;=?CN~P?F
 M? PI=… KOCM?L  1I>; P?T KO?
?HNL;GIM HOG; =LCM? „ I ;<MOL>I NIN;F
 =IGJL??H>; KO? ; >C;F„NC=; M JI>?
IL>?H;L IM ;LG~LCIM HIM GIG?HNIM >? =;FG;  3I=… M;<? GOCNI <?G KO? HI
JIHNI =OFGCH;HN? >? OG; =LCM? M?GJL? JLI=?>?GIM JIL CGJOFMI
 >? GI>I
IJIMNI ;I JL?PCMˆP?F
 @;T?H>I ; <;L<;LC>;>? G;CM CH?MJ?L;>;  " H?MM? ?R;NI
GIG?HNI JI>?Lˆ;GIM >CT?L KO? B;PC; OG; ?MJ„=C? >? M;NOL;ƒ‚I >? L?;FC>;>?

PI=… H‚I ;=B;  L?;FC>;>? M? JL?=CJCN;


 GIMNL; M? =IG NI>; ; MO; @ILƒ;
 ?
DOMN;G?HN? ?HN‚I HIMM; ’HC=; G;H?CL; >? ?H@L?HN~ F; =IHMCMN? ?G L?HOH=C;L 
>C;F„NC=;
„;BIL;?GKO?>;GIMOGNCLIHOGMOD?CNI
KO?M;FN;GIMJ?F;D;H?F;

KO? NIG;GIM OG NO<I >? A;L>?H;F =IGI I $OS


 KO? MIFN;GIM I =;=BILLI >;
=ILL?HN?
MCH;FP?L>?J;L;KO;FKO?L=ICM; -;L;HM
;L;T‚IMM?LP?J;L;>CMM?=;L
; L?;FC>;>? =IG =;FG; IO J;L; ;H;FCM;L MO;M @ONOL;M NILG?HN;M
 HOH=; J;L;
L?MIFP?L OG; =LCM? GIG?HNH?;  *;M ?MM;M =LCM?M M‚I =IGI >?GIHMNL;ƒ‘?M
G?N;@ˆMC=;M
=B?
OG?MN;>IKO?N;FP?T
M?H‚INCP„MM?GIMNIG;>I;PC;>;L;T‚I

@IMM?I?MN;>IH;NOL;F?=ILL?HN?>IJCN?=;HNLIJI?L?NI
Z"MN~GOCNIKO?HN?
=OC>;>IZ>CMM?;*;A;
Z"?MM;M=LCM?MKO?;G;CILC;>;MJ?MMI;M=IHMC>?L;?M=;H>;FIM;M
;<MOL>;M

?O J?MMI;FG?HN? N?HBI ; CGJL?MM‚I >? KO? M?LP?G J;L; GIMNL;L I P?L>;>?CLI
;<MOL>I
 I ;<MOL>I >? OG GOH>I IL>?H;>I ? JIMNI ?G MIMM?AI
 =IG OG
;JIM?HNI IH>? >CP?LM;M J?MMI;M NIG;G =;@„ M >O;M >; G;HB‚ M?G KO? H;>;
>CMMI L?;FG?HN? @;ƒ; I G?HIL M?HNC>I ;F„G >I B?>ŽHC=I
 I >? =IGI ?MN;GIM
<?G;IF;>I>?MN;J?KO?H;F;L?CL;KO?KO?CG;N‚IG?LCNILC;G?HN? ,MGCF;AL?M
HOH=; G? J;L?=?L;G ;<MOL>IM I ;<MOL>I „ I KO? IM JL?=?>? ? I KO? P?G
>?JICM
Z " HI ?HN;HNIZ >CMM? $L?AILIPCOM
 M? ?MJL?AOCƒ;H>I Z := 72FE E6?E6C 56
G:GC6
U3ICFW
J?HMIO,FCP?CL; U,ONL;JLIP;KO?G?AO;L>;L?C>?G?H=CIH;L !?
GCFB‘?M >? P?LMIM JIMMˆP?CM
 ?F? ?M=IFB? I KO? ?O B;PC; J?HM;>I @;T >?T
GCHONIM KOCFIKO?;MJ?MMI;M=B;G;G>?=;MO;FC>;>? W
ZIGZ>CMM?"NC?HH?=IGPITMIHIF?HN;Z
H‚IKO?M?D;JL?=CMIN?HN;L
PCP?L
 JIMNI KO? ; PC>; HIM „ @;N;FG?HN? >;>;  #;T N?GJI KO? GOCN; A?HN?
MOMJ?CN; KO? ; PC>; ? IM M?L?M PCPIM M‚I >O;M =ICM;M  J;LN?   PC>; PCP? M? ; MC
JLJLC;
 AIMN?GIM IO H‚I  %ID? $OS NL;NIO >? >?MG?HNCL ?MM; N?ILC;
 G;M
?MN;NCMNC=;G?HN? @;F;H>I ?F; „ CH=IHN?MN~P?F  .O? I >CA;G IM =;GJIM >?
=IH=?HNL;ƒ‚I ? ;M NILNOL;M  j JLIP~P?F KO? >? NI>IM IM HIMMIM M?HNCG?HNIM I
’HC=IKO?H‚I„P?L>;>?CL;G?HN?HIMMI„;?MJ?L;Hƒ; ?MJ?L;Hƒ;J?LN?H=?
PC>;
„;JLJLC;PC>;M?>?@?H>?H>I "N=?N?L; "=IGCMMI?O>?P?LC;CL>ILGCL

JILKO?;M=IH@OM‘?M>I$OSG?>?MGIHN;L;G /IH;F>
PI=…JL?=CM;J;MM;LHI
;N?FC… ;G;HB‚ J?F; G;HB‚
 ;=;<?C OG; H;NOL?T; GILN; KO? P;C >?CR;L PI=…
FIO=I
Z%IL;=CIH‚IG?=IHP?H=?OZ>CMM?/IH;F> Z IH=IL>IKO?GOCNI>I
KO? G? LI>?C; „ ;<MOL>I
 G;M JLIP;P?FG?HN? >;GIM ?MM? HIG? ;I KO? ;CH>;
H‚I=IGJL??H>?GIM FAOG>C;@C=;L?GIMM;<?H>I
Z ,NCGCMGI ?H=;HN;>IL Z >CMM? ,FCP?CL;  Z 1;G<„G JI>?Lˆ;GIM JŽL I
INCGCMGI H; =IHN; >; PC>; JOL;  , KO? @;T MO; @ILƒ; „ KO? J;L; PI=… H‚I B~
@ONOLI
=IGI„FAC=IKO;HNIG;CILC;>IM;AHMNC=IM 3I=…?MN~M?GJL?PCPI

M?GJL? HI JL?M?HN?


 NO>I M? IL>?H; M;NCM@;NILC;G?HN?
 =IGI HOG KO;>LI >?
3;H "S=E  *;M M? PI=… J;MM;MM? JIL ?MM; =ICM; BILLˆP?F KO? „ H‚I N?L @„ ? ;I
G?MGI N?GJI JLID?N;L M? ?G >CL?ƒ‚I  GILN?
 PI=… ;LG;LC; I G;CIL >IM
?M=H>;FIM
M?O?MJ?FBI@C=;LC;<;MN;HN??G<;ƒ;>I
Z3;GIM
/IH;F>Z>CMM?;<M Z'~„N;L>?
?MNIO=IGMIHI
Z"MJ?L?
?MJ?L? "O?MN;P;J?HM;H>IH;GILN?>IG?OJ;C
MCG
?GJ;LN?I
KO?PI=…>CT„P?L>;>? +OH=;=IHM?AOC?H=;CR;L?MM;J?ƒ;HIKO?<L; =;<?ƒ;

?L; OG; =ICM; N‚I CH?RJFC=~P?F  2G BIG?G DIP?G ? @?FCT


 HI F;<;G;  &;
;H>;H>I J?F; LO; ? =;CO OG; ~LPIL? H;M MO;M =IMN;M  "O NCHB; KOCHT? ;HIM

@IL;G G? <OM=;L HI =IF„ACI  *;M B~ N;HN;M IONL;M =ICM;M ;<MOL>;M
 %IL;=CI

N;HN;MGILN?MIO?LLIMX+‚I„OG;KO?MN‚I>?H’G?LI
MOJIHBI +‚I„OG
;<MOL>ININ;F=IGIPI=…CG;ACH;
Z <MOL>I „ H‚I J;L?=?L OG ;<MOL>I Z >CMM? MC<CFCH;G?HN? ,FCP?CL;  Z
<MOL>I „ PI=… M;CL J?F; JILN; >? G;HB‚ ? ?H=IHNL;L ; A;LL;@; >? F?CN? H;
?HNL;>; ? @C=;L NL;HKOCFI JILKO? IHN?G ;=IHN?=?O ; G?MG; =ICM; ? ;G;HB‚
;=IHN?=?L~>?HIPI j?MM??MN;H=;G?HNI
?MM?;MMCG M?D;
?MM;MOMJ?CN;=;L…H=C;
>??R=?ƒ‘?M +‚IM?C
=B?
M?LC;JL?=CMICHP?HN;LIONLI=;GCHBI
Z/?HOH=C;H>ICHN?FCA…H=C;Z>CMM?$L?AILIPCOM>?M=IH@C;>I
Z+‚IM?C
JI>?M?L 2M;H>I;CHN?FCA…H=C;>?IONL;G;H?CL; "MN;L~G?MGI
JLIP;>I KO? IM JLCH=ˆJCIM FAC=IM M‚I OHB; ? =;LH? =IG HIMM; CHN?FCA…H=C;
@CH;F
B~JIPIM=;J;T?M>?MI<L?PCP?L>?;=IL>I=IGOG;IL>?GG~AC=;Xj
P?L>;>?KO?IMJI<L?M=IG?GF;A;LNIM=LOM
G;MN;G<„GCMMI„OG;KO?MN‚I>?
P;FIL?M
Z);A;LNI
KO?HIDIZ>CMM?;<M Z/IH;F>
KO?LC>I
?MN~N‚IN;L>?
Z +I @OH>I Z >CMM? /IH;F> Z
 I KO? CH=IGI>; PI=… „ ; F?A;FC>;>? ?G
NI>;M;MMO;M@ILG;M MMCGKO?;FAOG;=ICM;=IG?ƒ;;@OH=CIH;L<?G
PI=…M?
M?HN? JL?MI  *;M NI>IM HM MIGIM OG JIO=I ;MMCG
 OG <;H>I >I KO? M?
=IMNOG;=B;G;L>?@L;=;MM;>IM
JILKO?H‚IN?GIM=;LL?CL;@?CN;
NˆNOFIM?NO>II
G;CM -ILCMMI?MN;GIM?G-;LCM
CLG‚I
?M?O@;GIMI;<MOL>IM?L?MOG?
;@CH;F

;OG;?MJ„=C?>?P;AIC>?;F;H~LKOC=IKO?PI=…H‚I=IHM?AO?=IH=L?NCT;L
Z3I=…N?GN;HN;
N;HN;L;T‚IZ>CMM?,FCP?CL; Z.O?<IGM?LC;CLJ;L;;
LO;JL?A;L=;LN;T?M;@;PIL>;LA„FC;FCPL?  IGNO>IIKO?@;FN;@;T?LH;~L?;
>;FON;MI=C;F
Z  ;ƒ‚I JI>? M?LPCL J;L; >;L OG M?HNC>I  MO; PC>; Z >CMM? /IH;F>  Z
3I=…D~F?OMI<L?CMMI?G*;FL;OR
MOJIHBI
Zj>CNCIHM+/#Z>CMM?,FCP?CL;
Z "G =IGJ?HM;ƒ‚I
 PI=… @C=; M? G;MNOL<;H>I KO? H?G OG G;=;=I

L?PCL;H>I @;FMIM JLI<F?G;M


 ?MJ?L;H>I M?C F~ I KO…  0? NO>I CMMI „ ;<MOL>I
 „
H?=?MM~LCI@;T?L;FAOG;=ICM;J;L;GO>;L;M=ICM;M
Z IHB?ƒI ;M MO;M @L;M?M Z >CMM? ,FCP?CL;  Z MMCG KO? CG;ACH; KO? ;
>CM=OMM‚I ;P;Hƒ; J;L; ;FAOG; =ICM; KO? PI=… =IHMC>?L; G;CM =IH=L?N;
 =IGI
MO;@;GIM;;ƒ‚I
@C=;NI>I?FIKO?HN? +‚IKO?LJ?L=?<?LKO?„JL?=CMIG?L?=?L
; ;ƒ‚I
 N;F =IGI ; CH;ƒ‚I  IGI ;NO;L M?G OG; ;NCNO>? =?HNL;F JL„PC;
 OG;
?MJ„=C?>?;KOC?M=…H=C;;IKO?;=L?>CN;GIMM?L<IG?P?L>;>?CLI0O;MHIƒ‘?M
MI<L?;P?L>;>??;<IH>;>?M‚IG?L;G?HN?BCMNLC=;M
N…G=IGI@OH>;G?HNI
OG;„NC=;B?L>;>; *;M
J;L;GCG
;BCMNLC;?;„NC=;M‚I;FN;G?HN?>OPC>IM;M
Z FAOG >C; Z >CMM? "NC?HH?
 F?P;HN;H>I M? Z
 ?O AIMN;LC; >? IOPCL PI=…
>CM=ILL?L=IGG;CM>?N;FB?MI<L?CMMIKO?=B;G;>?;NCNO>?=?HNL;F 3;CP?LHI
JLJLCI=?HNLI?RCMN?OGP;TCIJ?L@?CNI
Z+‚IP~J?HM;LKO??MM;BCJN?M?HOH=;G?I=ILL?OZ>CMM?,FCP?CL; Z
*;M ;N„ G?MGI JIL L;T‘?M ?MN„NC=;M
 KO? PI=… ?MN~ GOCNI =;J;=CN;>I J;L;
;JL?=C;L
 PI=… B~ >? ;>GCNCL KO? ?HNL? MCNO;L M? HOG =?HNLI ? ;H>;L PI?D;H>I
J?F;J?LC@?LC;?RCMN?OG;>C@?L?Hƒ;KO;FCN;NCP;KO?>~IKO?J?HM;L
Z , %IL;=CI Z >CMM? $L?AILIPCOM Z ?MN~ @;T?H>I OG <?FI OMI >?MM;M
J;F;PL;MKO?B~JIO=IHIM>?M;=IHM?FB;P;?H@;NC=;G?HN? 3I=…„OGBIG?G;
KO?G H‚I M? J?>?G >CM=OLMIM
 G;M IONL;M =ICM;M
 =ICM;M H?<OFIM;M ?
CH?RJFC=~P?CM
=IGIMIHBIM
=ICH=C>…H=C;M
L?P?F;ƒ‘?M
?JLCH=CJ;FG?HN?BOGIL
H?ALI
Z,MOD?CNI;ˆ>?=CG;<;N?OIONL;P?TZ>CMM?;<M
Z +‚I
 „ ; =BOP; Z >CMM? ; *;A;  Z "MN~ H; BIL; >? >;L I L?G„>CI ;
/I=;G;>IOL
Z3I=…;CH>;N?GN?GJIZ>CMM?;<MCH=FCH;H>II=ILJIHOGCGJOFMI;N„
=IF;L I L?FACI >? JOFMI H; FGJ;>;  Z !?T J;L; ;M NL…M  3;GIM
 /IH;F>
 „
GOCNIN;L>?
ZgMNL…M?=CH=I;A?HN?P;CZ>CMM?/IH;F>
Z-ILKO?MNL…M?=CH=IZJ?LAOHNIO;*;A;
Z -ILKO? I JLCG?CLI KO;LNI >? BIL; M?GJL? „ P?HNOLIMI Z ?RJFC=IO
$L?AILIPCOM
Z*?>…G;CMOGJIO=I>?;AO;L>?HN?ZJ?>CO"NC?HH? Z*?L>?
?MN~
KO;M?HI@CG
,FCP?CL; ;J;AIO I =CA;LLI  U P?F;>; >? ;LG;MW
 J?HMIO ;AL;>?=C>I  U0‚I
;GCAIM>?P?L>;>?
;N„I,MMCJ
IJI<L?=ICN;>I AIL;P;GIMN?LOGKO;LNI>?
BIL; >? L?;ƒ‘?M ?G =;>?C; KO? HCHAO„G P;C =IHM?AOCL ?PCN;L
 HCHAO„G
 H?G
G?MGI J?HM;H>I KO? HI ;HI KO? P?G ; ?MN; G?MG; BIL; ; G;CM JL?=CM; ?
>?N;FB;>; >;M L?=IL>;ƒ‘?M H‚I M?L~ =;J;T >? ;FN?L;L ; JLI>Oƒ‚I >? ;>L?H;FCH;
IO>?M;FCP;
IMOILH;J;FG;>;MG‚IMX"MM;MM‚I;MJLIP;MKO?/IH;F>HOH=;
P;CKO?L?L?HN?H>?L ,KO?@CTH;KO?F;HICN?)?P?G?HN?GIHMNLOIMI
;JLCILC
1;FP?T JO>„MM?GIM N?L N?HN;>I I <;F‚I >? IRCA…HCI IO ;FAI ;MMCG  &>CIN;
 H;
P?L>;>?N?Lˆ;GIMJLIFIHA;>I;PC>;G;H?CL;>?GIHMC?OL3;F>?G;L W
Z0?LC;<IGJL?J;L~ F;Z>CMM?/IH;F>HIIOPC>I>?F?
Z+‚I@;F?<?MN?CL;
JIL@;PIL "HN‚IH‚IJ?L=?<?KO??F;D~?MN~JL?J;L;>;

KO?I=B?CLIJ;CL;HI;L
ZAIL;PI=…M=IG?ƒ;G;@;F;LN‚I<;CRIZ>CMM?;*;A;Z
DOMNIKO;H>I
H‚IJL?=CM;G;CM
U1OJ;LF?MW
J?HMIO,FCP?CL;
Z,=B?CLIZGOLGOL;P;/IH;F> Z"OH‚IMCHNI=B?CLIH?HBOG
ZIG
M‚IKO;M?NL…MZ>CMM?"NC?HH?M;=O>CH>I M?=IGIM??MNCP?MM?=IG
@LCI Z/IH;F>
@;ƒ;OG?M@ILƒI
%IL;=CIJI>?H‚IM?LH?HBOGA…HCI
G;M„
@~=CF J?L=?<?L I KO? ?F? ?MN~ KO?L?H>I >CT?L   ’HC=; =ICM; KO? ; A?HN? JI>?
@;T?L„@C=;LOGJIO=IG;CM?;AO?HN;LIKO?PC?L "PI=…
%IL;=CI
J?HM;H>I
<?G
IKO?PI=…@;FIOBID?MI<L?IKO;>LI>?/?G<L;H>N@ICGOCNI<IG %~
OG;G?N;JCHNOL;;MMCG=IGIB~OG;G?N;G’MC=;
?IP?FBI?H@C;P;IM<L;ƒIM
;N„ I =INIP?FI HI KO? @;TC;  0 IM =?AIM >? FAC=; ? >? <IHM =IMNOG?M M‚I
=;J;T?M>?J;L;L>C;HN?>?OG/?G<L;H>N?H‚IM?HNCLKO?;FC?RCMN?OG;D;H?F;
J;L; IONL; =ICM;
 OG MCAHI  *OCNI J?LCAIMI J;L; ; JCHNOL;
 G;M ?G
=IGJ?HM;ƒ‚IX
ZJCHNOL;„OGA…H?LI=IGIN;HNIMIONLIMZ>CMM?,FCP?CL; Z+‚IN?G
JIL KO? JLIN?A… F; >?G;CM =IGI A…H?LI  F„G >I G;CM
 J;L; =;>; /?G<L;H>N
?RCMN?G=?GJCHNIL?M?JIHNI
JILN;HNI;JCHNOL;?MN~J?L@?CN;G?HN?;M;FPI
ZCH>;<?GZ>CMM?"NC?HH?
ZCH>;<?GZ;=?CNIO,FCP?CL; ZCH>;<?GKO?NO>IP;CGOCNI<?GHI
G?FBIL >IM GOH>IM JIMMˆP?CM  =?H>; ; FOT >? =CG;
 ;<M
 I CHN?LLOJNIL ?MN~
;NL~M>;MO;=;>?CL;
Z,H>?M?L~KO?N?GOG;=IFB?LFCGJ;ZJ?LAOHNIO;*;A;
F?P;HN;H>I
M?
IGOG?M@ILƒIKO?FB?J;L?=?OL?JOAH;HN?
,FCP?CL;M?=IHN?P?J;L;H‚I
IFB;L J;L; I @OH>I >I KO;LNI   *;A; ?M@L?A;P; IM IFBIM
 I@OM=;>;
 ? ;<M

,MMCJ?IMIONLIMIFB;P;G>CMMCGOF;>;G?HN?
PCL;P;G;=;<?ƒ;?IFB;P;GIONL;
P?T ;<MB;PC;CHC=C;>IIA?MNI>?M?AOL;L;*;A;JILOG<L;ƒI
G;M;FAOG;
=ICM;HILIMNI>?/IH;F>;>?N?P? )?HN;G?HN?
"NC?HH?M??H>CL?CNIO
;FCM;H>I
; =;Fƒ; ;CH>; ’GC>;  ,MMCJ NL;N;P; >? M? >?M?H=;CR;L >; JIFNLIH;
 @;F;P; ?G
?H=IHNL;LMO;=;J;>?=BOP; UAIL;>?P?LC;G<;N?LHIN?NIW
J?HMIO,FCP?CL;
@?=B;H>I IM IFBIM  U3~LC;M J;H=;>;M M?AOC>;M ? >?JICM G;CM NL…M
 MIF?H?M  *;M
NO>I M;C ;I =IHNL~LCI
 ?G P?T >? ;J;A;L ;M FOT?M HM ;M ;=?H>?GIM
 I =?H~LCI
?MN~>IF;>I>?=~
H‚IN?GD?CNI W)?P;HNIO M?JILMO;P?T
M?HNCH>IIMIMMIM
;
=;GCHB;>; >I >C; CHN?CLI
 ;M =ICM;M >;KO?F? >C; CHN?CLI   *;A; B;PC;
?H=IHNL;>I;=IFB?LMI<L?;JL;N?F?CL;>;F;L?CL;
;NL~M>?OG;JCFB;>?>CM=IM?
FCPLIM  IG?ƒIO ; FCGJ~ F; =IG ; ILF; >I P?MNC>I
 ?MKO;>LCHBIO ; >?<;CRI >;
FGJ;>; UAIL;?F;P;C>?LL;G;LIL?G„>CIH;=IFB?L?>?JICMP;C>?CR;L=;CL;
G?N;>? ;HN?M >? =B?A;L  <?CL; >; =;G;W
 >CMM? ,FCP?CL; J;L; MC G?MGI
;JIC;H>I M?H;J;L?>? "MN;P;GNI>IMN‚I=;F;>IMKO?;*;A;IFBIOJ;L;?F?M
?MNL;HB;H>I
G;M?MN;P;N?H>I>C@C=OF>;>?J;L;>?MN;GJ;LI@L;M=I
;<MKO?LC;
;DO>~ F;
 M?AOL;L ; =IFB?L J;L; ?F;
 ? ;I G?MGI N?GJI ?MN;P; =IG I LIMNI
=LCMJ;>I =IGI M? I KO? ; *;A; ?MN;P; @;T?H>I @IMM? OG BILLIL CH>CTˆP?F
 ;N„
KO?;*;A;>?LL;GIOIFˆKOC>IH;=IFB?L?JŽMI@L;M=I>?KO;FKO?LD?CNIH;
<?CL;>;>;G?M;IH>??F?G;F=;<C;
?HNL?IM=;>?LHIM?IMJ;J„CM
?M?AOL;H>I
;=IFB?L=IGIFIH>CHM?AOL;P;;J„LNCA;
=IGIOG;HDIM?AOL;IM;HNIKO?=;C
HOGJL?=CJˆ=CI
=IG?ƒIO;;H>;L;LL;MN;H>I;MJ;HNO@;M?@ICM?;JLIRCG;H>I
>;=;G;
@F;HKO?;>;JIL;<MKO?@;TC;=;L?N;M?M?=IHNCHB;J;L;IFB;L?H‚I
IFB;L?>?JICMIFB;LJ;L;/IH;F>?J;L;IMIONLIMKO?M?;JLIRCG;P;GMMO;M
=IMN;M
,FCP?CL;?H=?LL;H>I;G;L=B;=IGI=CA;LLI;J;A;>IH;<I=;
Z"OM?GJL?>?LL;GI;G?LXZ>CMM?;*;A;
>?N?H>I M?;IF;>I>;=;G;
Z)O=ˆ;Z>CMM?;<M
;JLIRCG;H>I;M>O;MG‚IM>IMIG<LIM>?F;
G;MM?G
NI=~ F;
, FˆKOC>I =;CO MI<L? I =I<?LNIL
 ? ; =IFB?L ?G =CG;   *;A; ALCNIO ?
>?M;<IOH;=;G;
>?@L?HN??>?JICM>?F;>I
=IGILIMNI?;MG‚IMALO>;>IM
HOG <IH?=I CH>C@?L?HN? ? =CHT?HNI KO? NL?GC; ? M;=O>C; M?G =IHPC=ƒ‚I

CHONCFG?HN?G;FNL;N;>I?;=;LC=C;>I
Z.O?G?L>;
>?Pˆ;GIMN?LJL?J;L;>I;*;A;Z>CMM?/IH;F> Z&MMIH‚I
?MN~=?LNI
„OG;CH@GC; 1I>IGOH>I@;F;H>I<I<;A?G
?CMMI;ˆ
CMMI;ˆX
Z +‚I @CKO? BCMN„LC=I Z >CMM? "NC?HH?
 MIG<LCI  Z !? NI>I GI>I @;ƒ;
=IGI I ,MMCJ
 KO? H‚I J?L>? ; =;<?ƒ;  3~ <OM=;L ~AO; >? =IFŽHC; IO =ICM;
J;L?=C>; ,Oƒ;IP?FBI;ˆ>?=CG;
?F?D~=IG?ƒIO>?HIPI
Z +‚I „ J;L; G?HIM Z >CMM? ,FCP?CL; IFB;H>I J;L; ;<M KO? FON;P; J;L;
;LL;H=;L;*;A;>;=;G; Z.O?HICN??MN;GIMJLIJIL=CIH;H>I;?F?
CLG‚I
Z"F?KO?P~J;L;;=;M;>I=;L;FBIZ>CMM?/IH;F> Z3IOF~;LL?<?HN;L;
=;L;>?F?3?FBI@CFBI>;JON; +‚IL?MJ?CN;;>IL>IMIONLIMX
Z 1;E? CN ?;MS Z >CMM? ,FCP?CL;  Z KOC ?MN~ MO; ~AO; >? =IFŽHC;
 J?AO?
G?OF?HƒI
?G<IL;MO;<L;H=OL;>?CR?;>?M?D;L IG
P;CM?LJL?=CMICL;N„;
>?F?A;=C;
Z "O JIMMI CL Z >CMM? $L?AILIPCOM
 KO? ?MN;P; =IG ; =;J; >? =BOP; HI
<L;ƒI
Z*;M=F;LI
PI=…„>;@;GˆFC;Z>CMM?,FCP?CL;
Z 0? PI=… =IHM?AOCMM? =BIL;L Z >CTC; ;<M
 ;=;LC=C;H>I ; N?MN; >; *;A;

KO?NCHB;;JIC;>IILIMNIHINL;P?MM?CLI?IFB;P;@CR;G?HN?J;L;/I=;G;>IOL
Z2GF?HƒI=IG~F=IIF
JIL@;PIL
;FAOG;=ICM;J;L;KO??F;L?;D;
"NC?HH??/IH;F>=IG?ƒ;P;G;M?;ACN;L;IL?>IL>;=;G; MJ;H=;>;MHI
N?NIM?L?J?NC;GLCNGC=;G?HN?
?/IH;F>IFB;P;J;L;=CG;;=;>;OG;>?F;M?
?G OG; I=;MC‚I ;ACNIO I JOHBI BCMN?LC=;G?HN?  ,FCP?CL; L?=O;L; ;N„ I
;KO?=?>IL ? >;FC IFB;P; ? ?M=ON;P;  0?HNC; KO? I =;HM;ƒI NCHB; GIHN;>I ?G
M?OMIG<LIM
IJOR;P;J;L;<;CRI
=OMN;P;;L?MJCL;L
;M?GIP?L =?H>?OIONLI
=CA;LLI
I’FNCGI>IG;ƒI M=ICM;M?MN;P;G=IG?ƒ;H>I;CLJ;L;;@L?HN?
HI
GIG?HNI;<MB;PC;?RJFIL;>IOG=;HNI>I;JIM?HNI?>?JICM>?GIHN;LOG;
?MJ„=C?>?<?LƒI=IG>O;M=;>?CL;M?OG;G;HN;
=IH@;<OF;P;=IG/IH;F>?L;
=OLCIMI P?L M?OM A?MNIM JIL =CG; >; *;A; J?L>C>; HOG >?FˆLCI @LCI
 HOG
GIHFIAI P??G?HN? JIL„G M?=I ? ?MJ;MG>C=I
 ?G >?N?LGCH;>I GIG?HNI
=I<LCL;G IM IFBIM >; *;A; =IG OG F?HƒI UM? @IL I >; ~AO; >? =IFŽHC; P‚I
>?CR~ F; =?A;W
 J?HMIO ,FCP?CL;
 ? =IG OG; L;JC>?T ?RNL;IL>CH~LC; ;DO>;L;G
"NC?HH? ; ?LAO?L /I=;G;>IOL ? NL;HMJILN~ FI ;N„ I <?LƒI CGJLIPCM;>I

?HKO;HNI ;LL;H=;P;G I =I<?LNIL >? >?<;CRI >; *;A; ? ; =I<LC;G =IG ?F?

@;F;H>I =IG ?F; ?G PIT <;CR;


 ;=;LC=C;H>I ;
 @;T?H>I =IG KO? L?MJCL;MM? HI
F?HƒI  $L?AILIPCOM NCHB; C>I ;N„ ; JILN; ? ;FC @C=;L;
 M?G M? >?=C>CL ; M;CL

IFB;H>I@OLNCP;G?HN?J;L;;=;G;?>?JICMJ;L;,FCP?CL;
KO??MN;P;>?=IMN;M
G;M M?HNC; KO? ?MN;P; M?H>I IFB;>I JIL ?F?  .O;H>I >?=C>CO M;CL
 I P?FBI D~
?MN;P; HI =ILL?>IL ;LG;>I =IG OG; <?HA;F;
 ? ,MMCJ NILHIO ; ?HNL;L >? OG
M;FNI   <?HA;F; ?RJFI>CO =IHNL; ; JILN;  UM =ICM;M JI>?LC;G =IHNCHO;L M?
;GIHNI;H>I;MMCGW
>CMM?,FCP?CL;J;L;MCG?MGI
>;H>IOGJ;MMIH;>CL?ƒ‚I
>; JILN;  /IH;F>
 KO? NCHB; ;>CPCHB;>I
 CHP?MNCO ?H@OL?=C>I ?HKO;HNI ;<M
ALCN;P;;FAOG;=ICM;J;L;?F??GCHAF…M $L?AILIPCOMKOCMJL?P?HC FI
G;MD~?L;
N;L>?  0;ˆL;G /IH;F>
 ,MMCJ ? ;<M
 M?AOC>IM >? "NC?HH?
 KO? IFB;P; J;L;
,FCP?CL;=IGIM??F?@IMM?I’HC=I;=IHM?LP;LOGJIO=I>?<IGM?HMI
Z OC>?J;L;KO??F?MH‚I@;ƒ;GOG;<?MN?CL;Z>CMM? FB?,FCP?CL; Z,
P?FBIN?GOHMICN?HN;;HIM??MN~@IL;>?MC
Z1IOM>?M=IHMZALCN;P;IP?FBIHIJ;N;G;L Z;H>?>?NO?OLM
MCPIOM
=LIS?T KO? ƒ; P; M? J;MM?L =IGG? ƒ; !?M @LCJIOCFF?M
 >?M @;CH„;HNM  1;M
>?H=OF„M
OLCIM;G?HN?
 ?F? H‚I ALCN;P; N‚I ;FNI  !; JILN; ?HNL?;<?LN;
 ; PIT >?
"NC?HH? PIFNIO =IGI OG; =;L;G<IF; >? <CFB;L U1; AO?OF?
 J„J‡L?W
$L?AILIPCOMB;PC;;A;LL;>I/IH;F>J?FI<L;ƒI
G;MAL;ƒ;MJIO=;FOTKO?M;ˆ;
>; J?ƒ; /IH;F> J?L=?<?L; KO? I P?FBI ?L; L?;FG?HN? GOCNI P?FBI ? KO? M?
FCGCN;P; ; GIPCG?HN;L >C;HN? >? M?O LIMNI OG JOHBI =;>; P?T G?HIM
=IHP?H=C>I 2G;IO>O;MP?T?M,FCP?CL;IFBIOJ;L;;=;G;
IH>?;*;A;NCHB;
@C=;>IGOCNIKOC?N;>?<;CRI>I=I<?LNIL  BIL;P;;IMMIF;P;H=IM
=IG;<I=;
?H@C;>; HI NL;P?MM?CLI
 ?R;N;G?HN? HI FOA;L IH>? ;HN?M ?MNCP?L; ; =;<?ƒ; >?
/I=;G;>IOL  U#;O>L;CN KO;H> G…G? F;CMM?L >ILGCL F? A?HMW
 >CTC; I P?FBI
U.O?MN =? KO? ƒ; G? @;CN
 GIC
 OH AIMM? KO; =F;KO„ ?MN J;M OH? @;ƒIH
>;ACL
 KO;H> G…G?
 IH ?MN  -;LCM
 J;M ?H G;TIHC? W  PIT >? "NC?HH? M?
?F?PIO?HAIFCH>I;IONL;
=IHP?H=?H>I ; ,FCP?CL;>CMM?J;L;MCG?MGIKO?H‚I
M?LC; N‚I >C@ˆ=CF =B?A;L ;N„ ; =;G; ? ;A;=B;L M? J;L; >CT?L ;FAOG;M J;F;PL;M ;I
IOPC>I>;*;A; U*;MM?LC;OG;=ICM;KO??O@;LC;JILGCGW
J?HMIO U"F;?MN~
GOCNIFIHA?>?NO>I "O„KO?>ILGCLC;G?FBIL
>?JICM
?G<IL;CMMIH‚IJ;MM?
>?GI>I>?>CT?L "O
?O
?O "O>ILGCLC;G?FBIL>?JICM>?<?CD~ F;?=IHMIF~
F;?L?J?NCLNO>IIKO?IMIONLIMD~>CMM?L;G W
Z"B<C?H
GIC
G?MMC?OLM
D?L?MJ?=N?F;>IOF?OL>OH?G‡L?Z>CMM?;PIT
>IP?FBI ZFF?T
<IHMICLG?MMC?OLM
>;G?M
 =BOP; AIFJ?;P; ; D;H?F; ; =BC<;N;>;M
 -;LCM >?PC; M?L OG; ?HILG? <IFB;
=CHT?HN;IH>?JIO=I;JIO=IM??LAO?LC;I;G;HB?=?L ,FCP?CL;;JLIRCGIO M?
>I =;HNI IH>? MO; D;KO?N; J;L?=C; I NILMI >? OG ?MKO;LN?D;>I
 NL;HMJCL;H>I
OGC>;>?  3?MNCO ; >?P;A;L
 M?GJL? IFB;H>I J;L; ; =;G; =IGI M? ?MJ?L;MM?
;FAOG; =ICM;  -?HM;P; HI <L;ƒI >? ?LNB? 1L„J;N HI M?O
 H; =;GCHB;>;
>?<;CRI >~AO;  U!? KO? N? M?LPCO I P?L‚I
  LIORCHIF H; H?P?W
 =CNIO
CLIHC=;G?HN?  UIMN;
 =B?
 OG; J?L@?CN; <IMN;  " J;L; =IGJF?N;L
 G?O =CA;LLI
;=;<IO
=;L;FBI W1?LC;>?CL;N„I=;@„>I„<?LN
;@CH;F;G;>LOA;>;M?LC;N‚I
BILLILIM;F~KO;HNI?GKO;FKO?LIONLIFOA;L
Z.O?P?FBIC>CIN;Z>CMM?/IH;F>
@?=B;H>I;JILN;
Z3IFNIOJ;L;IKO;LNI>?F?ZCH@ILGIO"NC?HH? Z=BIKO?$L?AILIPCOM
>?M=?OJ;L;;PCM;L;JIFˆ=C; 3I=…@C=;JIL;KOC
Z +‚I
 J;L; KO… "F?M H‚I P‚I AIMN;L >? ?H=IHNL;L N;HN; A?HN? ;KOC ; ?MN;
BIL;  0?LC; G?FBIL ;<M @C=;L
 >O;M GOFB?L?M M‚I M?GJL? OG <IG ;LAOG?HNI
H?MM?M=;MIM *;CMˆHNCGI
?HN?H>?
"NC?HH?IFBIOJ;L;?F?
Z"OAIMN;LC;>?M;<?LJILKO?MO;<I=;NL?G?N;HNIZ>CMM?
Z1CKO?MH?LPIMIMZ>CMM?,FCP?CL;
Z1CKO?M?;L=ˆHC=IH‚I=IG<CH;GGOCNI "O;=IGJ;HBIPI=…
P;GIM
Z3;GIM
0;<C; KO? ; *;A; ?MN;P; M? ?LAO?H>I H; =;G; ? KO? IFB;P; J;L; ?F?
"H@C;H>I ;M G‚IM HIM <IFMIM >; D;KO?N;
 @IC ;N„ ; JILN;  "NC?HH? @?T OG A?MNI
=IGIM?KOCM?MM?>?N… FI
>?JICMIM?AOCO /IH;F>PCOIM>ICMM;ˆL?G?>?O>?
IG<LIM
 CLLCN;>I  U.O? ;<MOL>I CMMI NO>IW
 J?HMIO   C>?C; >? KO? NO>I @IMM?
;<MOL>I @?T =IG KO? ?F? M? M?HNCMM? CH=IGI>;>I
 G;M H‚I J?L=?<C; JIL KO…
-ŽM M?;;DO>;L;;<M
;M?L’NCF
;GIFB;L;M=IGJL?MM;M  IG?ƒ;L;G;<;N?L
HIN?NI

 


Z+:6?DZ>CMM?,FCP?CL;
$L?AILIPCOM ?MN;P; ALO>;>I HI ;KO?=?>IL
 ?HPIFNI HOG LI<? >? =B;G<L?
JL?NI
 F?H>I  1CHB; J?H>OL;>I OG; FGJ;>; =IG OG JL?AI H; J;L?>? ? OG
=IH?>?J;J?F>?DILH;FILA;HCT;P;?MG?L;>;G?HN?;FOT
Z"OH‚IM;<C;KO?PI=…NCHB;OG;=B;P?
Z 0I<L?PCP…H=C;M Z >CMM? ,FCP?CL;
 DIA;H>I ; D;KO?N; HI =;HNI >? M?GJL?
Z3IO>?PIFP?LJ;L;PI=…
;AIL;KO?„I>IHI>;=;M;
ZjMJILOGN?GJI KOC@;T@LCI>?G;CM
?;F„G>CMMI„JL?=CMIF?P;L?G
=IHN;IP?FBI;ˆ?G=CG; %ID?>?G;HB‚
?F?<;N?O>OL;HN?=CH=IGCHONIM
P;C
M;<?LJILKO…
Z &H„L=C;  1O>I M?GJL? >OL; OG JIO=I G;CM >I KO? >?P?LC;  "O
 JIL
?R?GJFI
 MO<CL ?MM?M ;H>;L?M
 J?A;L ; =B;P?
 ;<LCLX "MN? KO;LNI =B?CL; ;
;G<C?HN?@?=B;>I
Z 2G @LCI N?H?<LIMI Z >CMM? $L?AILIPCOM  Z #IC JL?=CMI >?CR;L ; D;H?F;
;<?LN;JILKO;L?HN;?ICNIBIL;M>?JICM>;M@OGCA;ƒ‘?M
Z"PI=…@C=IO;KOCIN?GJINI>I2C:E2D .O?MOD?CNI
Z+‚I?L;JILCMMI
@CKO?C=IGG?>I>?KO?;FAO„G>IJL„>CI;JLIP?CN;MM?
J;L; ?HNL;L HI KO;LNI ? H‚I M;ˆMM? G;CM  )O=ˆ; G? >CMM? OG; P?T KO? ;
JLIJLC?N~LC;„OG;P?FB;FIO=;?KO?P~LCIMCHKOCFCHIMH‚IJ;A;GH;>;B~;HIM
"GO>;J?MN??O?L;AL;H>?F?CNIL>I=>CAI=CPCF
??MM?NCJI>?=ICM;@C=;H;
A?HN?X
Z0?D;=IGI@IL
PI=…=B?AIO?M?CHMN;FIO@?CNIOG<;=;H;  B;J?;O
GIH
PC?OR "MJ?LIKO?H‚IN?HB;DIA;>I;?LP;HIFCRI
Z B
 H‚I
 ?MN~ ;FC H; G?M; >? =;<?=?CL;
 ?HNL? ;M G?C;M  AIL; B~ GOCNI
?MJ;ƒIFCPL?
Z -?FI D?CNI Z >CMM? ,FCP?CL;  Z  *;A; N?P? OG ;N;KO? >? ILA;HCT;ƒ‚I

H‚IM?P??GH?GIM>CM=IMH?GIMLIG;H=?M  B?
;AIL;KO??OJ?HMIHCMMIX
Z"F;F?PIONO>IZ>CMM?$L?AILIPCOM
,FCP?CL;;<LCO;A;P?N;>I=LC;>I GO>I?J?AIO;?LP;?;=OC;  IG?ƒIO;
=?P;LIG;N?>?P;A;L
IFB;H>IJ;L;OGF;>I?J;L;IONLI F?NL;>?U*CHI=B?
NLCMN?W >;Hƒ;P; H; MO; =;<?ƒ;  IHNIO HIM >?>IM  .OCHN;
 M?RN;
 M~<;>I  +‚I
0?AOH>;
 N?Lƒ;
 KO;LN;  +‚I
 N?Lƒ;  HICN?
 ?LNB? 1L„J;N
 >6 2>FC2DE6 6? =@
>6;@C56=2G:52
KO;LN;OGJILL?=IGIJIO=IM
+  H‚IGCMNOL;LPI>=;=IG
PCHBI NCHNI
 56;s?5@>6 6= 2=>2 96C:52 J 6DA:?2 6? 6= 4@C2K‚?
 KOCHN;
 M?RN;

/IH;F>HOG=;LLI?GJL?MN;>I
PCMCN;;$OS*IHI>@?CNIFOP;>I;P?MMI
FCNLIM?
FCNLIM >? PŽGCNI P?L>?
 @IL; >? J?LCAI
 D23:6?5@ BF6 E6 BF6C}2 BF6 G@D 6C2D >:
2=68C}2>:6DA6C2?K2J>::=FD:‚?
M~<;>I
IH>?
IH>?
?G;FAOGFOA;LJ?FIM
F;>IM>?*;LFS F? /IC
HININ;F=CH=I>C;M
H‚I
M?CM
HININ;FOG;M?G;H;G;CM
IO G?HIM
 ? I KO;LNI ;CH>; A?F;>I ;J?M;L >I ;KO?=?>IL  ,MMCJ
 KO? MOD?CNI
G;F;H>LI
IL?C>;@IFA;
Z .O?L >CT?L KO? ?F; @IC ?G<IL; Z >CMM? ,FCP?CL;
 M? ?MJ;FB;H>I H;
JIFNLIH;=IG;=B;F?CLCHB;;I;F=;H=?>;G‚I
$L?AILIPCOM=IH@CLGIO "MN;P;=IGIFCPLI;<?LNIMI<L?IMDI?FBIM?>;P;;
CGJL?MM‚I>?KO?L?L?>O=;>;G?HN?=IHNCHO;LF?H>I
Z">?CRIOIKO;LNIJ;L;PI=…
Z "F; M;<C; KO? ?O ?MN;P; J;MM;H>I JIL OG; MCNO;ƒ‚I >?FC=;>; Z >CMM?
$L?AILIPCOM  Z *CHB; NC; ;P J;LIO >? G? ?HPC;L ; J?HM‚I
 JLIP;P?FG?HN?
@;F?=?O  *CMM ;<CHANIH G;HN„G MCF…H=CI
 G;M =IHMC>?L;H>I ; MCNO;ƒ‚I ?G
BCJL?X IGIM?M;<??F;M?GJL?L?J?L=ON??G*;FN;=?HMOL;??MM;M=ICM;M
)O=ˆ; G? J?LAOHNIO M? ?O KO?LC; >CPC>CL I KO;LNI >?JICM KO? PI=… ;HOH=CIO
KO?C;?G<IL; "OH‚IM;<C;M?>?PC;;=?CN;L
G;M?F;CHMCMNCO
Z+‚I=IG<CH;GOCNI=IG;J;LNC>;>?F;
Z*;MNO>ICMMI@IC;HN?M
ZHN?M>;M@OGCA;ƒ‘?M
Z"R;N;G?HN?
Z3I=…A;HBIOH;FIN?LC;
,MMCJ
ZjGOCNINLCMN?Z>CMM?$L?AILIPCOM Z1O>IJI>C;N?LMC>IN‚I>C@?L?HN?
Z +‚I M? KO?CR?
 P?FBI  2G ;JIM?HNI >? KO;NLI G?NLIM JIL NL…M ? G?CI ;
=CH=IGCF@L;H=IMJILG…M
=IG~AO;=ILL?HN?X
Z "O AIMN;LC; Z >CMM? $L?AILIPCOM Z >? ?M=F;L?=?L ; MCNO;ƒ‚I =IG PI=…
"MN?KO;LNIX
Z+‚I„G?O
>OLG;NL;HKOCFI ";*;A;M?@IC
Z*?MGI;MMCGX
Z-;L;IH>?
Z#;FIO?G*IHN?PC>„O
Z+‚IN?G>CHB?CLIJ;L;CMMI
Z#;FIO?G-?LOAC;
Z3I=…>?P??MN;LKO?L?H>I>CT?L)O==; !?M>?KO??F;F?O*A2C<6?3C@<6

@C=IOFIO=;JIL?MM;M=ICM;M *?>CA;>CL?CNCHBIIH>??F;?MN~
Z +‚I @;ƒI ; G?HIL C>?C;
 %IL;=CI  +; M?RN; @?CL; ?F; ?H=B?O OG; G;F;
=IGFCPLIM?LIOJ;
?GJ;=INIOOGGIHN?>?=ICM;M
?>?JICM;J;L?=?L;G>ICM
H?ALIM?F?P;L;GNO>I !CMM?KO??OJI>C;@C=;L;KOC
?=IGI=BIL;P;IN?GJI
NI>IH‚IJ?HM?KO??L;@~=CF@;F;L
Z1?HBIPIHN;>?>?KO?<L;L;MO;=;L;Z>CMM?,FCP?CL;
=?P;H>IOGG;N?
Z.O?=OFJ;?ON?HBI
Z+‚I„OG;KO?MN‚I>?=OFJ;
=B? 3I=…„>IMNIC?PMEC;H;G?HN?;MKO?LIMI
? MCGJ~NC=I ;I G?MGI N?GJI
 OG; ?MJ„=C? >? JOR; M;=I G?N;@ˆMC=I  .O;H>I
PI=…MILLC>?MM?D?CNI;A?HN??HN?H>?KO?H‚IB~H;>;;@;T?L
ZB
?MNIO>?PIFN;Z>CMM?$L?AILIPCOM ZG?=HC=;>I492==6?862?5
C6DA@?D6@C=;J;L;IM<OLAO?M?M 3I=…„=IGI?O
JILCMMIH‚IP;CG?<;N?L +‚I
G?IFB?;MMCG
H‚IM?CH;>;MI<L?)O=ˆ; 2G>IMH?ALIMP;CKO;M?M?GJL?;I
=;@„IH;J;LN?
?OPC 3;CP?L?F?M;<?CH@ILG;L *;MJ;L;KO? PI=…?MN~;NL~M
>?F;;AIL;
Z"RJFCKO?CMMI>?U;AIL;W
$L?AILIPCOM>?O>?IG<LIM
Z#ICOGP?FLCIGOCNI>CAHIZ>CMM? Z-LCH=CJ;FG?HN?>?JICMKO?HIM
FCPL;GIM >; JIFˆ=C;  0I=C;FG?HN? @;F;H>I
 MO; ;OM…H=C; JLIPI=IO =IG?HN~LCIM
=IHNL;>CNLCIM , FO<?>?@?H>C;PI=…
G;MIMPCTCHBIM?IP?FBI;ˆ>?=CG;X
Z+‚IG?>CA;KO?IP?FBI@IC;IP?FLCI
Z+‚IM?JI>?=B;G;L>?P?FLCIHIM>?CR;L;GP?F;LI=ILJCHBI;N„IG?CI
>C;
>?JICM;J;L?=?OIJ?MMI;F>?OGLA‚IH;=CIH;F "@C=;T?M?L~JC>IM
>?PI
>CT?L
Z &G;ACHI ; =?H; Z >CMM? ,FCP?CL;  Z *;M H‚I „ L;T‚I J;L; ; *;A; M?
GO>;LM?G>CT?LH;>;
Z"F;CG;ACH;P;IN?GJINI>IKO?PI=…?MN;P;=IG;-IF;
Zi;;FILMZ>CMM?,FCP?CL;
Z&>?C;MKO?;MJ?MMI;MCHP?HN;G AIL;KO?PI=…??O?MN;GIMG;CMˆHNCGIM
AL;ƒ;M ; PI=…
 @C=IO G;CM >C@ˆ=CF J;L; GCG >CT?L ;FAOG;M =ICM;MX -;L;>IRI

?PC>?HN?G?HN?
 G;M ;MMCG „  1;FP?T JIL M?L OG; JLIRCGC>;>? =?G JIL =?HNI
@;FM; 3I=…;JLIPI=IO
H;IONL;HICN?
Z-I>? M?GOCNI<?GN?LCHNCGC>;>?=IGIMOD?CNIKO?;H>IOF?P;H>IMO;
GOFB?LJ;L;;=;G;
Z'~=;HM?C>?>CT?LKO?H‚I?L;P?L>;>? "MN~P?H>I=IGIH‚IB~H?HBOG;
L;T‚I J;L; M?LGIM ˆHNCGIM 0? @IMM? P?L>;>? KO? ; *;A; M? ;@IAIO
 ?O
=IGJL??H>?LC;KO?H;>IL>IGIG?HNI
?HKO;HNI;A?HN??MN~M?;<L;ƒ;H>I?
M?=IHMIF;H>IX*;MH‚I„I=;MI
J?FIG?HIMH‚IJ;L?=?
Z3I=…F?O;FAOG;=ICM;HIDILH;FZ>CMM?,FCP?CL;
Z  @CFC;ƒ‚I H‚I =ILL?MJIH>? >? D?CNI H?HBOG  -I>?GIM =IHNCHO;L HIM
NL;N;H>I=IG=?LCGŽHC; "MN~;FC?G=CG;>;F;L?CL;
"@?NCP;G?HN?
H‚I=ILL?MJIH>C;>?D?CNIH?HBOG ,FCP?CL;DIAIOIDILH;F>?
F;>I ? =?PIO IONLI G;N?  )O==;
 *IHN?PC>„O
 =2 8F:E2CC2 6? 6= C@A6C@ A2C2
D:6>AC66DEs4@=8252X"KO;H>I;J?MMI;?H@C;NO>IHOG;G;F;?@;TJ;=IN?M

„JIMMˆP?F>?>OTCLKO?=OC>;>IH?GNI>;>?>Oƒ‚I„OG;JLIP;?25:66?6==2
E@42?252?:9246DFD4F6C52DD@?2C +?GNCL;MIG>?MO;M=IL>;M
Z?G
D~>?M=O<LIIH>??F;M??H@CIO +‚I>?P?;H>;LFIHA?
Z"MN;M?L~M?GJL?;=;M;>?F;Z>CMM?$L?AILIPCOMZ
G?MGIKO?>A;FF?
P?HB;J;MM;L;JLCG;P?L;=IGCAI
Z0O;G‚?
Z j  2G N?F?AL;G; =IGIP?>IL
 =IG G?Hƒ‚I ;I N?NL;AL;G;  "O ?MN;P;
DOMN;G?HN? F?H>I I *z76C 06EK:Cs
 NL;N;H>I >? C>?HNC@C=;L ;M CH@FO…H=C;M
H?IJF;NŽHC=;M  >A;FF? „ GOCNI @ILN? ?G =;<;FˆMNC=; B;P?L~ NL?G?H>;M
>CM=OMM‘?M
Z*;A;@?T;FAOG;CHMCHO;ƒ‚I>?KO?C;M?G;N;L
ZIG
;MGOFB?L?M
PI=…M;<?X
Z IH=L?N;G?HN?
Z =BI KO? H‚I Z >CMM? $L?AILIPCOM  Z #;F;P; G;CM H; BCMNLC; >?
*IHN?PC>„O
Z*;FOKOC=?
?F;H‚IN?GOG=?HN;PI
Z+;KO?MN‚I>?*IHN?PC>„O?H;>;<IH?=;>?=?L;
ZB
;<IH?=; "?F;;=B;P;X
Z "MN;P; =IHP?H=C>;  >A;FF? P;C M? CHN?L?MM;L J?FI =;MI  -IL CMMI KO? PI=…
=B;G;>?=ICH=C>…H=C;X)O=ˆ;H‚I;=B;P;KO?@IMM?=ICH=C>…H=C; "HI@OH>I
PI=… N;G<„G H‚I  )O=ˆ; G? =IHNIO KO? KO;H>I PI=… >?M=I<LCO ; <IH?=;
P?L>?
DIAIOHI=B‚I?JCMIN?IO
Z!?N?MNICAHILH=C;Z>CMM?PCLNOIM;G?HN?,FCP?CL;
Z "F; B;PC; =L;P;>I NI>IM IM ;F@CH?N?M HI J?CNI ? M OG HI M?RI  3I=… D~
M;<C;KO?-IF;?MN;P;>I?HN?KO;H>IJCMIN?IO;<IH?=;P?L>?
Z0;<C;
Z >A;FF? P;C M? CHN?L?MM;L GOCNˆMMCGI  3I=… =IHB?=? I MCMN?G; >I L?NL;NI
?HP?H?H;>I *CMNOL; M? I P?H?HI H;M NCHN;M ? M? ?MJ?L; ; FO; @;PIL~P?F J;L;
JCHN;LIL?NL;NI >A;FF?N?HNIO=IGIJ;C>?F;
G;MBIOP?CHN?L@?L…H=C;MX!?
NI>IGI>IIP?FBIGILL?ONL…M;HIM>?JICM
>?OG;?MJ„=C?>?>C@N?LC; "MN;P;
MITCHBIHI=;MN?FI
NˆHB;GIMOG=;MN?FIH;KO?F;„JI=;
?KO;H>I=IG?ƒIO;
M? ;M@CRC;L KOCM N?HN;L OG; NL;KO?IMNIGC; H; @L?HN? >I ?MJ?FBI
 =L;P;L H?F?
G?MGIOG;J?H;>?A;HMIIO;FAI;MMCG #IC?H=IHNL;>I;IJ„>;?M=;>;
G;M
H‚IM?CJILKO??MNIO=IHN;H>ICMMI;PI=…
Z-ILKO?M;<?KO?H‚IG?CHN?L?MM;
MOJIHBI
Z 0CG
 JI>? M?L Z >CMM? $L?AILIPCOM  Z 3;GIM @;T?L =;@„
 ; ?MN; BIL; ;
A?HN?M?HN?;HICN?
G?MGIKO?H‚I;P?D;
,FCP?CL;J?AIOIDILH;F "HKO;HNI,MMCJJOHB;;J;H?F;H;F;L?CL;
=IG?ƒIO
; F?L ; HINˆ=C; IONL; P?T  )IOL;
 >? OHM KO;L?HN; ? >ICM ;HIM  .O? ?MNOJC>?T
J?HM;L KO?  "G<IL;
 „ =F;LI  #6D EC2G2FI 5F 8C2?5 32CC286 5DD@F2? @?E
4@>>6?4y G2?E 4:?B 2?D =2 G2==y6 >@J6??6 5F %:= D6C2 EC2?D7@C>y6 6? F?
:?>6?D6=246Dy5:7:46DAC@5:8:6FIBF:4@>AE6?EA2C>:=6DA=FD25>:C23=6D56
=2A=2?|E6P

 


Z 2G G;F ?HN?H>C>I =IGI KO;FKO?L IONLI


 =B?  *;M I =;@„ „ >CAHI >;
I=;MC‚I
Z3I=…M;<?
IP?FLCIX
Z,=ILJCHBI
=F;LI
Z /IH;F> <?<?O =IGI OG ;HCG;F  "MN;P; L?;FG?HN? ;@FCNI
 HCHAO„G M;<C;
JILKO… ;<M
=COG?HN; N„)O=ˆ;IFB;P;MOLJL?M;J;L;?F? *;MIL?FIDI?CLI
>IM?RNI;H>;LNLIOR?OG;A;LL;@;>?;AO;L>?HN?
KO?>?OJ;L;NI>IM
Z3?CIGOCN;A?HN?
Z 3;GIM P?L
 ?MN~P;GIM HM
 >I FO<?
 PI=… H‚I ?MN;P; U+‚I
 ?O H‚I
?MN;P;W
 I L?FIDI?CLI >I M?RNI ;H>;L
 ; JILN?CL; ? ; @CFB;
 OG; M?HBIL; KO?
J;L?=C; OG; NL;ƒ;
 I =;LN?CLI >IM N?F?AL;G;M @C=IO OG JIO=I
 ? IM JIFˆ=C;M
@;L?D;H>ICH@;HNC=ˆ>CI
?MM;M=ICM;M
Z#C=I;MMIG<L;>IJILH‚IN?L?G@;F;>I?G;ONJMC;
Z #;F;L;G  ;<M ;LGIO OG; =IH@OM‚I >;M <I;M
 ? )O=ˆ;X 3?CI OG;
GOFB?L
 @C=IO IFB;H>I
 NI=;H>IX +?G =;<ˆ;GIM H; ?M=;>;
 NI>I GOH>I F~
@IL;?OG@LCI FAOG;=ICM;@CT?L;G
G;M;=;<;L;GHIM>?CR;H>I?GJ;T +‚I
M?C=IGI;=?LNC>‚I>?<CNI@ICJ;L;LH;GCHB;=;LN?CL;
M?PI=…KOCM?LP?L
Z+‚I
=IHNCHO?=IHN;H>I "MNIOIOPCH>I
G?MGIKO?H‚IJ;L?ƒ;  IHN?

=B? "MNIOGOCNI=IGIPC>I +‚I>~J;L;J?L=?<?L


G;MJI>?;=L?>CN;L "MNIO
IOPCH>I
=IHNCHO?
P?FBI &G;ACHIJ?L@?CN;G?HN?;=?H; +‚IP~G?>CT?LKO?
/IH;F>H‚I;DO>IO;>?M=… FI?M=;>;;<;CRI
ZDO>IO "F?
-?LC=I?IL?FIDI?CLI "O;=IGJ;HB;P;)O=ˆ;
Z&;GH;@L?HN?
Z";<M@?=B;P;;G;L=B;=IG"NC?HH?
Z&;G;NL~M
Z "HNL? I N?L=?CLI ? I KO;LNI ;H>;L IOPCGIM OG; <;NC>; N?LLˆP?F  /IH;F>
>CMM?KO??L;IP?FBI>IKOCHNI;H>;L
KO?M?PCHA;P; .O;H>IG;G‚?=B?A;L
PIOJ?>CL;?F;KO?M?;JLIRCG?>IP?FBI
Z0O;G‚?>A;FF?
Z@CH;F?F;„GCHB;G‚?
MCG
;>;%?LT?AIPCH; "F;P;CAIMN;L>?MN;=;M;

?F; „ JLI@OH>;G?HN? L?=?JNCP;


 ? ;KOC ;=IHN?=?L;G =ICM;MX +‚I G? L?@CLI
;J?H;M<IH?=;P?L>?
Z3;GIMP?L
G??RJFCKO?JILKO?MO;G‚?„L?=?JNCP;?JILKO??MN;=;M;
3;GIM=IHP?LM;L
=B?
„JL?=CMI?H=B?LIMNL;P?MM?CLIM !~ FB??MNIJ;

 


#;TC;GOCNIN?GJIKO?$L?AILIPCOMNCHB;L?HOH=C;>ICFOM‚I>??HN?H>?L

G;M;CH>;;MMCGAIMN;P;KO?IMG;F ?HN?H>C>IMAO;L>;MM?GOG;=?LN;IL>?G

OG;L;T‚I -ILG;CMKO?;M=;LN;M>IN;LŽM??G<;L;FB;MM?G
JŽL;M=;LN;M?L;
M?GJL?OG;IJ?L;ƒ‚I=IHM?=ONCP;
KO?;=IHN?=C;HIL?NHAOFI>?OG;G?M;IO
MI<L? ; =IF=B; >? OG; =;G;  IHM?AOCL KO? I <?<?>IL >? <?<?L;A?HM >IM
J;GJ;M;=?CN;MM?L?P?F;L;IL>?G>?MO;M>?;G<OF;ƒ‘?M +;JCIL>;MBCJN?M?M

KO?CHP?HN;MM?H;BIL;>?JICMN?LC;>C@C=OF>;>?J;L;?M=;J;L>?MO;JLJLC;N?C;
"HNL?OGG;N??IONLI
,FCP?CL;=IH>?M=?H>C;?GL?=IL>;L;FAOGGIG?HNI>I
J;MM;>I
 IO ?G L?MJIH>?L J?LAOHN;M  !? M?O F;>I
 J?LAOHN;P;
 CLIHC=;G?HN?
CHN?L?MM;>IHIM>?N;FB?M>I?HN?LLI
HI=IGJILN;G?HNI>;MJ?MMI;M /;L;G?HN?
M?L?@?LC;>CL?N;G?HN?*;A;
G;MHIN;P; M?KO?MOMJ?CN;P;>?;FAOG;G?HNCL;
*IHN?PC>„O
)O==;
OGL?=;HNI>?-;LCM $L?AILIPCOM>CMM?J;L;MCG?MGIKO?
,FCP?CL;N?LC;>CMJ;L;>I;NL~M>?F;M?NCP?MM?;FAOG;C>?C;>IJ;L;>?CLI>?)O=ˆ;
-;L?=C; ?MJ?=C;FCT;L M? ?G =;OM;M J?L>C>;M  -?L>… F;M JLCG?CLI ? >?JICM =ILL?L
;NL~M>?F;M@?CNIOGFIO=I
Z>A;FF?P;C;JL?=C;LMO;?MN;>C;?G-;LCMZ>CMM?,FCP?CL;NLI=;H>I;?LP;
>;=OC; Z0??F;?MN~;NL~M>?OG;=?MMI;IMCH@?LHIM
PI=…MJL?=CM;GIMNL;L;
?F;;FAOG;M>?MM;M=ICM;M +OGHˆP?FGI>?MNI
=F;LI
G;M;N„ICH@?LHIN;G<„G
@C=IOG;CM<;L;NI M?6<:2D>?;AIL;OG;PC;A?G>?G?NLŽMM?CM?G?C;IOCL
;N„;JIFˆ=C;L?HIP;L;42CE656Dy;@FC
Z3I=…<?GKO?N?LC;AIMN;>I>??H=IHNL;L;AL;H>??HNL;>;
H‚I„G?MGI
!C~FIAI=IGdD;R
=IG';=KO?M F„G?HN
=IG(?CN?F
=IG1LIJJG;HH
Z-ICM„
G;M;N„BID?IG;CIL<OL;=IKO??H=IHNL?C„I>;JLCP;>; "H?G
I1L;P?F?L?HN?H>?J?L=?<?;>CG?HM‚I>;=ICM;,1L;P?F?L„OG;GCAIKO?
PI=…H‚I=IHB?=?
Z3I=…Z>CMM?$L?AILIPCOM
IFB;H>IJ;L;I=B‚IZ?M=IH>?IDIAI
Z-IL?R?GJFI
Z+‚IM?C
„MOGJ;FJCN? !?M>?KO??ON?=IHB?ƒI
;=ICM;KO?PI=…G;CM
@;T„JLI=OL;L
G;M;M?HM;ƒ‚IKO?M?N?G„>?KO?PI=…D~NL;THI<IFMIIKO?
JLI=OL;
Z,MGˆMNC=IMM?L?@?LCL;G;CMMI
?G<IL;H‚IN?HB;GG?H=CIH;>IIM<IFMIM
Z"?HKO;HNICMMI
PI=…;LL?<?HN;=IG;PC>;>?OGGIHN?>?A?HN?
Z , J?MMI;F >?CR;
 P?FBI
 I J?MMI;F >?CR;  0 ?MN;P; @;FN;H>I OG
?GJOLL‚ITCHBI
??OJ;MMI?JLIHNI +?HBOG;G~CHN?Hƒ‚I
Z*;MIKO?PI=…KO?L=IGCMMI
%IL;=CI
Z!CL?CNI>?=C>;>;HC;
ZKOC
Z j OG; G?N~@IL;  " =IGI -;LCM „ IONL; G?N~@IL; IOPC PI=… >CT?L CMMI
;FAOG;P?T
G?J;L?=?H;NOL;FN?LPCH>IJ;L;CMMI
Z*;M?)O=ˆ;"-IF;
Z .O;HNC>;>?M B?N?LIA…H?;M Z >CMM? ,FCP?CL;  Z 3I=… CG;ACH; KO? JIL
M?L?GGOFB?L?M>~J;L;MIG~ F;MH;G?MG;=IFOH; "?F;M
N;G<„GH‚I?MN‚I
;NL~M>?MO;M;NCM@;ƒ‚I"PI=…
>?L?J?HN?N‚IJOLCN;HI
H‚IM?CHNLI>OTCO;KOC
AL;ƒ;M;OG;G?HCHACN?IOM?D;IKO?@ILKO??H=IHNL;L;GHI<?<…CH>;<?G
KO?H?GPI=…H?G?OMIGIM=;@;D?MN?M
JILKO?M?H‚IOGM;ˆ;>;KOCGILNI?I
IONLI ;FA?G;>I  ICM; J;L; BIFIEIP
 P;C JIL GCG  *;M HM >ICM H‚I
=B?A;GIMH?G;HIM>?N?MN;L
??MN?KO;LNI;KOC„N‚I;=IFB?>IL
Z3I=…Z>CMM?$L?AILIPCOM
IFB;H>IIONL;P?TJ;L;I=B‚IZ?M=IH>?I
DIAI
Z"RJFCKO? M?
CLG‚I
G?@;ƒ;?MM?@;PIL
Z 3I=… Z CHMCMNCO $L?AILIPCOM Z N?G OG; C>?C; CGJ?LC;F HI @OH>I >;
=;<?ƒ; ,M?O>CL?CNI>?=C>;>;HC;2G>IGˆHCI>;=C>;>? 0?OL?MM?HNCG?HNI
OG;;G<Cƒ‚IG;F=OL;>; 3I=…P?CI;KOCJ;L;?H=IHNL;L;?MN~NO;>?MCG?MGI
?MJ?L;H>IJILPI=…H;<?CL;>;>;-F;=?!;OJBCH? ,KO?H‚I?HN?H>I„;MO;
N„=HC=;  G<Cƒ‚I -IL KO? H‚I 3I=… „ <;MN;HN? ?RNL;IL>CH~LCI ?G ;FAOHM
;MJ?=NIM  *;M ;N„ ;AIL; M I KO? PC PI=… @;T?L @IC I IJIMNI >I KO? IONLIM
;G<C=CIMIMN?LC;G@?CNI "NC?HH?
JIL?R?GJFI
?CMMIM?GG?H=CIH;LI-?LC=I
ZBZ>CMM?,FCP?CL;Z
J;L?=?KO?M?OMIFBIMM?LP?GJ;L;;FAOG;=ICM;
Z"R;N;G?HN?IIJIMNIZ>CMM?,MMCJZ
G;MM?GL?HOH=C;L;G<Cƒ‚I "„
CMMIKO??OH‚I?HN?H>I
Z B
 ;M ?RJFC=;ƒ‘?M
 PI=… M;<?X 1O>I „ GOCNI =IH@OMI
 CLG‚I  !CA;GIM
KO?CMMIKO?PI=…=B;G;>?;G<Cƒ‚IH‚IJIMM;@LONC@C=;L;H‚IM?LH;L?H’H=C;
$IMN;>;@LGOF;+‚I„<?GCMMI
G;MIKO??OAIMN;LC;>?>CT?L„DOMN;G?HN?
CH>CTˆP?F  j JL?=CMI>;L PIFN;M? G;CM PIFN;M =IGI OG =‚I KO? N?HN; GIL>?L I
JLJLCIL;<I  IGCMMI?=IGIKO??O>CMM?MI<L?I>CL?CNI>?=C>;>;HC;
PI=…
D~>?PC;N?LIMO@C=C?HN?
GIHN?H?ALCHI>I=;L;FBI
Z"HN?H>II<M=OL;G?HN? "HN‚IPI=…X+‚IM?L~OG;=ICM;NCJIP?>;HN;IO
;FAI>IA…H?LI
?MJ?LIX
Z+‚I
H‚I
Z2G;L?H’H=C;F;C=;
>CA;GIM
Z1;G<„GH‚I +‚IL?HOH=CI;H;>;
MCGJF?MG?HN?@;ƒINO>IIKO?JIMMI
J;L; KO? ;M =ICM;M L?HOH=C?G ; GCG  3I=… H‚I M;<C; KO? J;L; ;<LCL OG
<OL;KOCHBI„JL?=CMICLNCL;H>I;N?LL;?CLDIA;H>IFIHA?
Z*;M?HN‚II>CL?CNI>?=C>;>;HC;X
Z "R;N;G?HN?
 ;AIL; PI=… ?MN~ NI=;H>I ; KO?MN‚I  )?G<L? M? >I >C=NOG
U%@FD?6D@>>6DA2D2F>@?56W ";AIL;P~JOR;H>II@CI>?P;A;LCHBI
Z2G;;G<Cƒ‚I>?N~<OF;L;M;?=IG?ƒ;>?HIPI
?HN‚I
Z2GJIOKOCHBI
MOGH;>CHB;>CMMI
OG;MAINCHB;M
OG;CHMCAHC@C=H=C;

NL;HMCFP;HI;>OMNI
F;>L‚I>?GOFB?L?M?G;JOLIM
@CFBI>?NL…MH?=LIG;HN?M
Z3I=…?IMIONLIMZGOLGOLIO$L?AILIPCOM
JLI=OL;H>II=;=BCG<I Z
.O? KO;>LCFB;
 GCHB; G‚?  );>L‘?M >? ?N?LHC>;>?
 @OHCM >? „N?L
 G;MNCHM >?
!?OM
H?@?FC<;N;M CH>;<?GKO?;A?HN?„=OFNI?JI>??HOG?L~ FIM -IL=IM
;MNL;CM
Z3I=…G?BIHL;=IG?MM;MKO;FC@C=;ƒ‘?MZ>CMM?,FCP?CL; Zj;JLIP;>?
KO??MN~?HN?H>?H>I>CL?CNCHBI
ZB
?OJL?@CLIL?MJCL;LIIRCA…HCI?IBC>LIA…HCIH;M>IM?MKO?I0?HBIL
G;H>; *CHB;M;FKOCGC;MM‚I<?GG?HIMMONCMKO?;M>?PI=…M;’HC=;=ICM;
KO? G? CHN?L?MM; „ ; J?>L; @CFIMI@;F  2G; <I<;A?G =IGJ;L;>; ; M?OM @OHCM ?
MO;MF;NLCH;M?MO;MMO<NL;ƒ‘?MIHNIFAC=;M
Z#;TC;N;HNIN?GJIKO?H‚INˆHB;GIMOG;<I;=IHP?LM;G?N;@ˆMC=;
H‚I„
G?MGI '~ H‚I M? OM; G;CM ?HNL? ;GCAIM
 J;L?=? =ICM; >? A?HN? ?MHI<?  ,
/IH;F>
JIL?R?GJFI
N?GBILLIL ""NC?HH?H‚IM;C>I?MJ?=NLIMIF;L j<IG
?MN;L;KOC=IGPI=…
Z +; P?L>;>?
 JI>ˆ;GIM N?L MC>I ;GCAIM Z >CMM? $L?AILIPCOM Z
 M?
BIOP?MM? ;FAOG; =ICM; >? BOG;HI ?G PI=…  !?M=IH@CI KO? ; )O=ˆ; >?P? N?L
>CNICMMI;PI=…G;CM>?OG;P?T
Z  =;>; =CH=I GCHONIM
 J;L; M?L ?R;NI  3I=… JL?=CM; P?L KO;HNI ; J;F;PL;
UBOG;HIWL?H>?J;L;;MJ?MMI;M *;MJILKO?;*;A;H‚I@C=IO=IGPI=…
KO?
NL;HMJCL;BOG;HC>;>?
Z-ILKO??F;H‚IAIMN;>?GCG 0?P…>?NO>IH;BOG;HC>;>?
Z";AIL;P;CPIFN;LJ;L;*IHN?PC>„O
P;CL?=;CLH;KO?F;PC>;>?X
Z 3;C P?L @IC J;L; )O==;  ,H>? KO?L KO? ?MN?D;
 ?MN;L~ G?FBIL KO? =IG
PI=…   G?MG; =ICM; P;F? J;L; -IF;
 J;L; GCG
 J;L; NI>I GOH>I  -?L>I? ;
@L;HKO?T;
Z*;MM?„CMMIG?MGI
,MMCJ,MMCJIPC=B -L;KO?HIM?HA;H;LGIM+‚I>~
J;L;PCP?LJ?LNI>?OGNCN?L?CLI>?MIG<L;M
>?OG>IG;>IL>?NL;ƒ;M +‚I>~
J;L; ;=?CN;L OG MOD?CNI KO? J;MM; I >C; >?M?HB;H>I =IG IM ;H„CM @OLN; =IL
JLI>OTC>IM J?FI F?I H; ~AO; >I 0?H;  "O
 =IG G?OM =;>?;>IM ? GCHB;M
=B;P?M>?;L
?O
KO??M=L?PI=IG@OG;ƒ; -IOJIPI=…>;L„JFC=;KO?;>CPCHBI
H‚IB~MO<MNH=C;MG;CMF?N;CM>IKO??MM;MKO?M?CH@CFNL;GJILNI>IF;>I
KO?
M?L?MJCL;GM?GM;<?L
H;MJ;F;PL;MIOHI;GILIOH;;GCT;>? '~„BIL;>?G?
>?CR;L?GM
MITCHBI?M 3I=…B~>?;>GCNCLKO?H‚I;H>IJIL;ˆJOR;H>II
M;=I>?HCHAO„G  ;C@IL;
@CFBI>;MHC; +;JLRCG;P?TKO?G??H=IHNL;L
H;LO;
@CHD;KO?H‚IG?=IHB?=?
Z 3I=… @C=IO FIO=I
 %IL;=CI  "MN~ FIO=I >? J?>L;
 MCGJF?MG?HN? JILKO?
?MN~;@CG
,FCP?CL; NCLIO >I <IFMI OG J?>;ƒI >? DILH;F KO? ?MN;P; ;FC >?M>? M;<? F~
KO;H>IOG;FCMN;>?@;LG~=C;M>?JF;HN‚I <?LN;M>;MICNI>?M?AOH>; @?CL;;N„
;G?MG;BIL;>?N?Lƒ;
Z -LCG?CL; M?ƒ‚I Z F?O  Z /?=IHKOCMN;   
 L>I<;  

"MG?L;F>; 
0;LGC?HNI 
Z,KO?„CMMI
Z&HMNH=C;M>?L?;FC>;>? "RJFC=I/?=IHKOCMN;
OG;=ICM;KO?@CT?GIM;IM
CHAF?M?M  L>I<;
 ; >ION;  "MG?L;F>;
 =CA;H; ?H@IL=;>; J?FI ;GIL >? OG
>C~=IHI  0;LGC?HNI
 MIFNIO OG J?C>I KO? I P?HNI F?PIO  0?AOH>; F?CNOL;
/?=IHKOCMN;
 LO; >? L;G?CL;M ? L?MN;OL;HN?M FC<;H?M?M  L>I<;
 ;F@;DIL?M
?MNOJ?H>IM "MG?L;F>;
OGLCI=IFIG<C;HI 0;LGC?HNI
HOH=;@;FNIO?M=IF;
1?L=?CL; F?CNOL; /?=IHKOCMN;
 OG; @;LG~=C;  "MG?L;F>;
 IONL; @;LG~=C;
0;LGC?HNI
IONL;@;LG~=C; .O;LN;F?CNOL;X
Z " KO;H>I CHMCMNI ?G >CT?L KO? PI=… ?MN~ FIO=I „ JILKO? H‚I P?DI M;ˆ>;
J;L;MO;@;GIM;L?H’H=C;
Z#FILC>; 
Z3I=…H‚I@IC;I?HN?LLIJILKO??G<IL;L?HOH=C?;GOCN;=ICM;D~H‚I„
=;J;T>?IFB;LM?OM;GCAIMHILIMNI
Z%CJFCNI6LCAIS?H 
Z")O=ˆ;?MN~G?FBILHI@OH>I>ILCI>IKO?H;MO;=;G;
Z IFˆP;L   , N?F?@IH? ?MN~ G?CI ;J;A;>I  0? OG <?<… @C=;L >I?HN? HI
<;CLLI
HCHAO„GP;C=IHM?AOCLN?LL;GC=CH;
Z&MMIG?MGI
HI@OH>I>ILCI
Z ILLC?HN?M 
Z,O?G)O==;
IO?G*IHN?PC>„O
Z,OH;/CP;>;PC; 
Z$O;L>??MM;FCMN;J;L;;-IF;Z>CMM?$L?AILIPCOM
F?P;HN;H>I M? Z3IO
?G<IL;
PI=…KO?@;ƒ;IKO?KOCM?L +‚I?MN~H;MO;=;M;
G;M=IGIH;>;N?G
L?;FC>;>??„JL?=CMIJ;LNCL?RHCBCF?N=?N?L;X#CKO?PIHN;>?=IGNI>;M?MM;M
CFOM‘?M 3IO>?M=?LJ;L;=IGJL;LOG;A;LL;@;>?;AO;L>?HN?
,FCP?CL;;F=;HƒIO I;IF;>I>;JILN;?JŽM;G‚I;<?LN;MI<L?M?OIG<LI
Z );P;FF?  Z >CMM?
 IFB;H>I J;L; ; =;L; >?F? ? MILLCH>I  Z ;HA;FFI
 -O?SLL?>H
Z#;FN;GIMN?F?@IH?MZ>CMM?$L?AILIPCOM
Z 3I=… ?MN~ =IG?ƒ;H>I ; =IGJL??H>?L Z >CMM? ,FCP?CL; L?NCL;H>I ; G‚I
Z+I@OH>IM;<?KO?D~H‚IJIMMI>CT?LG;CMH;>;;PI=…
H?G;PI=…H?G;
HCHAO„G

+; ;FNOL; >I M?AOH>I ;H>;L IM J;MMIM M? >?NCP?L;G  U3;C PIFN;LW
 J?HMIO
,FCP?CL; U"MN~=IGG?>I>?KO??OJIHB;@IAIH;=;G;>?F?IO=ILN?IMM?OM
F?HƒCM  ICN;>I >I ,MMCJ W *;M >?JICM >? OG GIG?HNI IM M;J;NIM
JLIMM?AOCL;G?M=;>;;<;CRI
0?HN;>IH;=;G;
IFBIOIMJ;J„CMH;A;P?N;>I=LC;>I GO>I 2GLIG;H=?
>?-„L?T$;F>M
OG;=IHN;>;@;LG~=C; "L;;HICN?>;M@;LG~=C;M 2HMJ;J„CM
=IGL;<CM=IM@?CNIM;F~JCM *;A;NCHB;F?P;>INO>I
L?MN;P;I=B?CLI>?;HN?M

IJ;J?F>?J;L?>?
;=;G;=I<?LN;J?F;=IF=B;FCMNL;>; 2GLIG;H=?>?$;F>M

KO?C>?C; .O;H>IH‚I?L;3C=EC;OG?L;/IA?L*;LNCH>O$;L>
?;J;LNCL>;ˆ
I M;FNI CH?RJFC=~P?F J;L; 1LCMN‚I
 I "L?GCN;
 BIL;M CHN?CL;M L?J?NCH>I JIL
KO;FKO?LGINCPIU=6DCzG6D56=62FBF:D@?86W
IOOG;JF;KO?N;=IGJ;HNOHAM

IO IM L?F;NIM >? 0=BQCNN?LM


 OG; ?MJ„=C? >? L?MA;N?
 >? J?HCN…H=C; HI G;CM
L?@CH;>I?MCACFIMI
;N„>?L?J?HN?L?=;CL?G'IBH!IM-;MMIM?J;MM;L=CH=I>C;M
?HAIFCH>IL;ƒ‘?M=IHMC>?L~P?CM>?F?NL;CGJL?MM;
,MJ;J„CM=IGL;<CM=IM?L;GOG;?MJ„=C?>?=;LN;

 


?<…/I=;G;>IOL
<?<…<?<…
/I=;G;>IOL
/I=;G;>IOL
D~M?CKO?„=IGIOG?MJ?FBI 3I=…?MN~>ILGCH>IIOIFB;H>I
IM J„M  "O ;KOC M?AOLI OG ?MJ?FBI ? ;=BI KO? „ PI=…  *;M H‚I ;=L?>CNI

?M=L?PIJ;L;PI=…JILKO?PI=…H‚IM;<?F?L 0?PI=…MIO<?MM?
?OH‚I?M=L?P?LC;
J;L;PI=…
IO?M=L?P?LC;=ICM;MCGJILN;HN?M FAOG>C;N?L?C>??M=L?P?L>CT?H>I
J;L; PI=… M? JILN;L <?G IO M? ;A;M;FB;L  -;L?=? CH=LˆP?F KO? ;FAOG >C;

/I=;G;>IOL AIL;M?M=L?PIJ;L;PI=…HI?MJ?FBI
>?P?T?GKO;H>IN?HBI
>?M?=;LI>?>IJILKO?@C=;GIFB;>I>?F~ALCG;M -ILKO…
/I=;G;>IOL+‚I
?MNIONLCMN?
MO;G‚?„OG;<I<IH;
>?LL;GIOHI@IAII<ILM=BKO?NCHB;@?CNI
J;L; %IL;=CI PI=… M;<? KO?G „ %IL;=CI
 /I=;G;>IOL
 „ I M?HBIL KO? HI
>IGCHAI NLIOR? J;L; PI=… I =I?FBCHBI >? P?FO>I ? KO? M? =B;N?;P; GOCNI
JILKO?PI=…??O?MN~P;GIM>CT?H>IN;HN;M=ICM;MOGJ;L;IIONLI??F?KO?LC;
PIFN;L J;L; -;LCM ;ˆ PI=… =IG?ƒIO ; =BIL;L ? ?F? GIMNLIO =IGI I =I?FBCHBI
G?RC;;MIL?FB;MH;KO?F?GIG?HNI?F??MN;P;<IHCNI
KO?LI>CT?L
I%IL;=CI

;FAOG>C;PI=…P;C?HN?H>?L
/I=;G;>IOL
/I=;G;>IOL
„OG;C>CINC=?=BIL;L>?MM?D?CNIMJILKO?I<ILM=B@ICJ;L;L
HI @IAI  , KO;LNI ?MN~ =B?CI >? <?N?LL;<;
 /I=;G;>IOL
 PI=… C; M? >CP?LNCL M?
PCMM? IM J?>;ƒIM >? <?N?LL;<; ? I =L?G?
 NO>I J?FI =B‚I  CH>; <?G KO?
KO;H>I %IL;=CI =B?A;L ?O D~ N?L?C FCGJ;>I NO>I
 G;M JLCG?CLI JL?=CM;P;
?M=L?P?L J;L; PI=…
 =BIL;L >?MM? D?CNI „ N‚I <I<I
 ;M J;H?F;M ;GIF?=?G

;J;L?=?GOHM=F;L‘?MHIMPC>LIM>;D;H?F;?D~H‚IM?IOP?G;CM=;HN;L;GIƒ;
>I ;H>;L >? =CG; KO? NI>I >C; =;HN; U)?M G;HNM >O %;PL?W  .O;H>I
?MNCP?LGIMDOHNIMPIO=;HN;LJ;L;PI=…
PI=…P;CP?L 'F:DBF6=2E6CC66DEC@?56
>@?2>@FCE6?72:DA2D>@?2>@FCE6?72:DA2DX%IL;=CI;MMIPC;CMMIHICN?

KO;H>I?MN~?M=L?P?H>IIO>?M?HB;H>I 3I=…C;AIMN;L
/I=;G;>IOL 3I=…C;
AIMN;L
%IL;=CI@C=;@OLCIMIJILKO?AIMNI>?@;F;L=IGII-?LC=I
NO>IHIUNOW

G;M HI 2LOAO;C „ >C@?L?HN?  -?LC=I „ ;KO?F? M?HBIL KO? H‚I F?PIO H;>; J;L;
PI=…H;KO?F?>C;
G;MKO?@;F;P;N;HNI>?=LC;Hƒ;M?>?=IGC>;>?=LC;Hƒ; "F?
M;<?GOCN;M=ICM;M
OG>C;PI=…N?L~GOCNIL?MJ?CNIJIL?F?
/I=;G;>IOL
?M?L~
<I<CHBI M? I L?MJ?CN;L  0? PI=… M?HNCL
 M? PI=… M?HNCL L?MJ?CNI JIL ?F?

/I=;G;>IOL
/I=;G;>IOL
G;>;G?&L‡H?H‚IAIMN;KO?PI=…M?D;N‚IFCH>I
N‚I;F?AL?
N‚I
=BIL‚I ? ALCN‚I ? GCD‚I  "F; >CT KO? NO>I P;C GOCNI <?G ? KO? PI=… „ OG
G?HCHI?H=;HN;>IL
G;M?HKO;HNI@;F;?M=IH>?;MG‚IMHIM<IFMIM>I;P?HN;F
=IGI @;T?G ;FAOHM ;HCG;CM G;FCAHIM
 /I=;G;>IOL
 ? CMMI G? >~ G?>I
.O;H>I@;F?CCMMIJ;L;I%IL;=CI?F?LCOGOCNI
G;M„KO?H‚I?HN?H>?IKO?
?OMCHNI
??G<IL;H‚I?RCMN;H?HBOG;HCG;FG;FCAHIKO??M=IH>;;MG‚IM
?O
MCHNI
 H‚I M?C I KO? MCHNI
 H‚I =IHMCAI ?RJFC=;L  /I=;G;>IOL
 ?O KO?LC; M;<?L
F?LHIMM?OMIFBCHBIMIKO?;=IHN?=?O=IGPI=…H?MM?MKOCHT?>C;M
GCHONIJIL
GCHONI "MNIO;=B;H>IKO?PIOJLI=OL;LIONL;?@FCC:46
?G<IL;%IL;=CI@CKO?
@OLCIMI ? >CA;
 G;M PI=… H‚I P;C M? CHN?L?MM;L J?FI KO? ?F? >CT >? GCG  ,ONL;
?@FCC:46 KO? @;F? G?HIM
 H‚I CGJILN; M? >CMM?L KO? PI=… „ G;FP;>I IO KO?
=BIL;>?HICN?IOKO?H‚IKO?L=IG?L
H‚ICGJILN;M?KO;H>IG?>CMM?L?MM;M
=ICM;M?OM?HNCLKO??F;H‚I„G;FCAH;
KO?IKO??MN~G?=IHN;H>I„OG;=ICM;
KO?H‚IJI>?@;T?LG;F;PI=… 1O>I„N‚I?MKOCMCNI
/I=;G;>IOL
JIL?R?GJFI
AIMNI>?>CT?L??M=L?P?LIM?OHIG?
NI>;P?TKO?@;ƒICMMIJ;L?=?KO?NI=I;
JIHN;>IM?OH;LCT?PI=…LC
MKO?G;>;G?&L‡H?HOH=;=B;G;PI=…J?FIM?O
HIG?
?F;>CT=6?72?E
P?D;PI=…
H?GG?MGI>CT=68@DD6
>CT=6?72?E
„=IGI
M? JOM?MM? FOP;M >? <ILL;=B; J;L; @;F;L
 P;C P?L ?F; OM; M?GJL? ?MM;M FOP;M
 JIL
CMMIG?N?;MG‚IMHIM<IFMIM?>CTKO?PI=…„N‚I<IG?N‚I<IHCNI
"RCMN?OG;=ICM;KO?M?=B;G;N?GJI
/I=;G;>IOL
?KO?„=IGIOG<C=BI
KO? ;H>; M?G J;L;L  +‚I =IHMCAI ?RJFC=;L J;L; PI=…
 JILKO? PI=… „ GOCNI
J?KO?HI
 G;M KO?LI >CT?L KO? %IL;=CI P;C =B?A;L >;KOC ; JIO=I  0?L~ KO?
>?CRI?F?F?L?MN;GCHB;=;LN;J;L;KO??F?N;G<„G>CA;;FAOG;=ICM;;PI=…
+‚I
?ON;G<„GH‚IC;KO?L?LKO?;FAO„GF?MM?OG;=;LN;KO?„MJ;L;GCG
2GAL;H>?M?AL?>I?HNL?HM>ICM
/I=;G;>IOL "OD~H‚I=BILIG;CM
?MNIO
=IHN?HN?
 G;M „ N‚I >C@ˆ=CF ?HN?H>?L ;M =ICM;M
 JL?=CMI >? N;HNI N?GJI J;L;
?HN?H>?LOGJIO=I>IKO?%IL;=CI?IMIONLIM?HN?H>?GH;G?MG;BIL;
G;M
?F?M KO? ?HN?H>?G NO>I N‚I <?G H‚I =IHM?AO?G G? ?HN?H>?L H?G N?
?HN?H>?L
 H‚I ?HN?H>?G KO? H‚I JIMMI @C=;L =IG PI=…
 FB? >;L >? =IG?L ?
NLI=;L MO;M @L;F>;M
 @;T?L PI=… >ILGCL IO <LCH=;L
 H‚I ?HN?H>?G ? H; P?L>;>?
H‚I M? CGJILN;G =IG CMMI
 ? ?O
 KO? G? CGJILNI N;HNI
 M M?C KO? H‚I JIMMI
@C=;L=IGPI=…
KO?„LOCGJ;L;IM>ICM
KO?JL?=CMI@C=;LMITCHB;=IG%IL;=CI

PCP?L =IG %IL;=CI


 KO?G M;<? ;N„ KO;H>I
 ;DO>;H>I I ; JLI=OL;L I KO? ?F?
JLI=OL;?KO?PI=…N;G<„GP;CJLI=OL;L
/I=;G;>IOL
JILKO?PI=…P;CM?LOG
BIG?G?N;G<„GP;CJLI=OL;L=IGIOG<I<‚I
MMCG „
 /I=;G;>IOL "G -;LCM MIGIM =IGI =IAOG?FIM
 =L?M=?GIM HIM
=ILLCG‘?M >;M ?M=;>;LC;M
 ?G KO;LNIM ?M=OLIM KO? =B?CL;G ; M?<I
 IH>? ;M
J?MMI;M@;T?G;GILIN?GJINI>I?>?JICM@LCN;GIPIM?J‘?G>CM=IM>?3CP;F>C

;=?H>?G =CA;LLIM ? @;F;G =IGI %IL;=CI ? $L?AILIPCOM ? 4IHA ? ?O

/I=;G;>IOL
 ? =IGI -?LC=I ? /IH;F> ? ;<M
 NI>IM HM @;T?GIM ;GIL ?
@LCN;GIM IPIM ? @OG;GIM
 ;B
 PI=… H‚I N?G C>?C; >I N;HNI KO? @OG;GIM
 >I
N;HNI KO? @;T?GIM ;GIL
 >? J„
 >?CN;>IM
 >? DI?FBIM
 =IG ;M G‚IM
 =IG ;M
<I=;M
=BIL;H>IIO=;HN;H>I
?F~@IL;B~>?NO>I
;MD;H?F;M>‚IJ;L;I;L?CMMI
=IG?ƒ;=IGOGJ;L>;FIOOG;AIN?CL;
=BIP?GOCNˆMMCGI;KOC
/I=;G;>IOL

GOCNI G;CM >I KO? HI =;GJI


 ? ;M =ICM;M ?H@?LLOD;G
 ;M =;FB;M
 ;M J;N;M >;M
JIG<;M
 IM ;L;G?M =IG KO? %IL;=CI @;<LC=; ?M=OFNOL;M  .O;M? H‚I N?GIM
LIOJ;
 ; A?HN? M? ;D?CN; =IG N‚I JIO=I
 OG <IG =;M;=I
 OHM M;J;NIM ?G KO?
H‚I?HNL?~AO;
MIGIMGOCNIMODIM
NI>IGOH>I„GOCNIMODI?GOCNI<?FI?G
-;LCM
 /I=;G;>IOL
 ;M =;G;M N…G =B?CLI >? HICN? ? >? MIHI J?M;>I
 >?<;CRI
>?F;MB~JI?CL;?FCPLIM
%IL;=CI;>ILG?=??IFCPLIP;CJ;L;L>?<;CRI>;=;G;

B~ <LCA;M N?LLˆP?CM JILKO? IM FCPLIM H‚I ;J;L?=?G ? %IL;=CI @C=; ;=B;H>I KO?
,MMCJIMLIO<IO
;N„KO?OG>C;?F?M;J;L?=?G?>;GIMGOCN;LCM;>;
?KO;M?
H‚I N?G FOA;L J;L; JŽL H;>;
 H?G G?MGI IONLI J;L >? M;J;NIM
 /I=;G;>IOL

J;L; JŽL OG; <;=C; HI =B‚I „ JL?=CMI NCL;L I NI=; >CM=IM
 G;M IH>? „ KO? ;
A?HN? P;C JŽL I NI=; >CM=IM M? ; G?M; ?MN~ =B?C; >? FCPLIM "O H‚I N?LC; =IGI
@C=;L=IGPI=…
G?MGIPI=…M?H>IN‚IJ?KO?HIPI=…H‚IC;=;<?L?GH?HBOG
FOA;L
 C; @C=;L <;N?H>I =IHNL; ;M J;L?>?M  .O;H>I J?HMI HCMMI G? JIHBI ;
=BIL;L
%IL;=CIH‚I?HN?H>?
;=B;KO?MIOG~
KO??MNIO?LL;>;?GH‚I@C=;L
=IGPI=…
?G<IL;?OM;C<;KO??F?H‚I;AO?HN;LC;PI=…JILGOCNIN?GJI KOC
HCHAO„GM?;AO?HN;JILGOCNIN?GJI
H?GG?MGIPI=…??O
„JL?=CMIPCP?L
FON;H>IOHM=IGIMIONLIM
„;F?C
„;’HC=;G;H?CL;KO?P;F?;J?H;G;M>C

/I=;G;>IOL
 ? „ MODI ? ;G;LAI
 PI=… H‚I C; AIMN;L
 PI=… KO? M P?T?M P… IM
=IL>?CLCHBIM HI =;GJI
 KO? IOP? IM J;MM;LCHBIM JIOM;>IM HI =;N; P?HNI >I
N?FB;>I >; =;M;  %IL;=CI >CT KO? ?O MIO OG; M?HNCG?HN;F
 >CT KO? ?O MIO
G;N?LC;FCMN;
 >CT KO? ?O MIO OG GIHN? >? =ICM;M JILKO? H‚I KO?LI @C=;L =IG
PI=…
 IO JILKO? KO?LI @C=;L
 JILKO? >?MCMNI
 JILKO? KO?LI CL PCMCN;L PI=…

JILKO?>?L?J?HN?P?DIKO?H‚IJIMMICL
JILKO?MIO=;J;T>?=;GCHB;LOG;
BIL;>?<;CRI>?=BOP;M??G;FAOG<;CLLIKO?H‚I=IHB?ƒIB;P?L~OG;M?MM‚I
>I'@E6><:??„JL?=CMICL;MMCMNCLH?GKO?IGOH>I=;C;
/I=;G;>IOL
JILKO?
I GOH>I H‚I N?G CGJILNH=C; M? ; A?HN? H‚I NCP?L @ILƒ;M J;L; =IHNCHO;L
?M=IFB?H>IIKO?„P?L>;>?CLI
M?;A?HN?M?ILA;HCT;=IGIM?@IMM?OG;A;P?N;
>; =ŽGI>; ? J‘? PI=… >? OG F;>I
 I >IGCHAI >I IONLI
 I ;GIL >? G‚?
 I
<LCHKO?>IHIPI
;$;L?>?*IHNJ;LH;MM?
INL?G
;PCMCN;KO?„JL?=CMI@;T?L
#C=I M?G PIHN;>? >? CL
 /I=;G;>IOL
 ? PI=… M;<? KO? NO>I <?G ? H‚I @C=;
NLCMN? %IL;=CIN?GL;T‚I
MP?T?MH‚IG?CGJILNIH?GOGJIO=I=IGPI=…?
;=BIKO?OG>C;PI=…P;CG?;AL;>?=?LJILCMMI
KO;H>I?HN?H>?L
KO;H>IPCL
KO?P;FC;;J?H;?OM?L=IGIMIO *;M?O=BILIG?MGI;MMCG
/I=;G;>IOL
?
?M=L?PI?MN;=;LN;J;L;PI=…JILKO?H‚IM?C
JILKO?P;CP?L?O?MNIO?HA;H;>;

JILKO?P;CP?L?OMIOLOCGIO?MNIO>I?HN?IOMIOOGJIO=IC>CIN;
H‚IGOCNI

OGJIO=I
G;MCMMI„N?LLˆP?F
;G?L;C>?C;D~G?>~=FC=;M
?MNIO=IGIM>?>IM
>IM J„M =IGJF?N;G?HN? PCL;>IM J;L; >?HNLI
 PIO ;LL?<?HN;L IM M;J;NIM M? H‚I
NCL;LIMJ„M>?>?HNLI>?F?M
?;GIN;HNIPI=…
/I=;G;>IOL
<?<…/I=;G;>IOL

>?HNCHBI >? ;FBI


 ;GI N;HNI PI=…
 H;LCT >? ;ƒ’=;L
 ;LPIL?TCHB;
 =;P;FCHBI >?
<LCHKO?>IX

 


U"F?G?>?CRIOMITCHBI>?JLIJMCNIW
J?HMIO,FCP?CL;
;<LCH>I?@?=B;H>I;
A;P?N; >; G?MCHB; >? =;<?=?CL;  U!?FC=;>?T; IO M;=;H;A?G
 >?J?H>? >I
HAOFI  3;C P?L ?MN~ H; ?M=;>;
 ?M=ON;H>I =IGI OG M~>C=I >? G?C; NCA?F;  g
?MJ?L; >; AL;H>? =LCM? E;L;G;T@C=;
 >I ;N;KO? =?FCH?M=I  ,O ?MN~ N?H>I OG;
>? MO;M =LCM?M B?LT?AIPCH;M ;AO>;M ? HI M?AOH>I =IJI >? ECLM=B HI <;L >I
„<?LN;LG;OGN;LŽG?HN;F?JF;H?D;;M=?LCGŽHC;MJ;L;;=B?A;>;>?>A;FF?
,MOJFˆ=CIJ?F;?MJ?L;Hƒ;*IHN?PC>„O
I0?H;IO)O==; 3;LC;HN?MI*;LH?

-?LOAC; *;M
?HN‚I
PI=…L?;FG?HN?XW
=?H>?H>IOG$;OFICM?H;<L;M;>?IONLI
IFBIO>?HIPI;A;P?N;
NCLIOI
LIG;H=?
J?HM;H>IP;A;G?HN?H;J?H;
?MM?N?G;>?N?M? -?H;>?MCG?MGI
@C=;P; ;CH>; G?FBIL  U+OH=; JF?CN??C ; @?FC=C>;>?W
 J?HMIO @IFB?;H>I
P;A;G?HN?ILIG;H=? U+‚I„>?M=OFJ;H?GDOMNC@C=;NCP; +IOMH?MIGG?MJ;M
;O GIH>?  !IH=
 ?LAI
 >OHKO?X -IL KO? PIO M?HNCL J?H; >?F; -ILKO?
?H=IHNLI OG; =;LN; >?F; J;L; I @CFBI KO? H; P?L>;>? „ OG; =;LN; J;L; GCG
"O
 ;ONIL >;M =;LN;M =IGJF?N;M ; /I=;G;>IOL  +?HBOG; L;T‚I J;L; J?H;
,H>?KO?LKO??F;?MN?D;N?L~IM=;<?FIM;L>?H>I@?CNIOG;NILL??G?KO?CG;
>? FIHA?
 G? >?MJ?>;ƒ; =IG ; MO; G?L; ;OM…H=C;  " J;N;NC J;N;N~  3;C M?
;LLOG;L J?L@?CN;G?HN? M?G GCG ? M?G /I=;G;>IOL  2G; GIM=; ;TOF
 <?F;

PI;H>I;IMIF
<;N?H>I;FAOG;MP?T?M=IHNL;IPC>LI
T~M
IH;LCTM;HAL;
OG;
NL;A„>C; !ICMGCHONIM>?JICMNI>;=IHN?HN?=IGJL;H>IOG;J?KO?H;?MN;GJ;
HOG;J;J?F;LC;?=ILL?H>IJ;L;<IN~ F;HOG?HP?FIJ??G;H>;LJ;L;OG;>?
MO;M P;A;M ;GCA;M =IG HIG?M HL>C=IM
 ?MJ;LL;G;>;M J?FIM J;ˆM?M G;CM
CH=LˆP?CM  IGI „ KO? PI=… JI>? M?HNCL J?H; >? OG; A;N;
 >? OG; F?I;
*~KOCH;M >? PCP?L
 L?FGJ;AIM J?L@?CNIM  *CHB; ’HC=; =OFJ; „ H‚I N?L NC>I
=IG<OMNˆP?FMO@C=C?HN?J;L;KO??F;;KO?=?MM?PIHN;>?;MG‚IM?IMJ„M *?
?M=IFB?O =IGI OG; M;Lƒ; ;L>?HN? ? =IHMN;N; KO? H‚I J;MMI >? OG; D;LLCHB;
>~AO;?GM?OJ?M=IƒI  ICN;>CHB;
=;L;FBI W

 


"GM?N?G<LI>?
JIO=IMG?M?M>?JICM>I@;F?=CG?HNI>IG?OJ;C

";M=ICM;MKO??F;F…
OGLIG;H=?
G;F?M=LCNI
?J;L;JCIL;LOG;?>Cƒ‚I
L?MIFPC G? ;@;MN;L >IM H?A=CIM
 =?>?H>I IM ; IONL; PCHˆ=IF; >? '?L?T N‚I
JL?MNCACIM;
CH@?=N;
;A?HN?M?J?LAOHN;=IGI?F;JI>?M?CHN?L?MM;LJILOG;=ICM;
KO;HNI;GCHB;L?=IFBCIM>CPC>?H>IMKO?=IHM?AOCI<N?L
;FOAO?C;M
>?MM;M -?HM;LKO?J;MMIOBIL;M;@CI>?PIL;H>I;KO?F;<;<IM?CL;>?M;<LC>;

CHMN;F;ƒ‘?M
NL;HM@?LCIM>?JMCNIM?IM?MNIKO?MH?F?M?RCMN?HN?M?@OCGIL;L
N;HN;MIONL;MF?CNOL;MCH=LˆP?CM
==6?C2?46*@:C
;MNLCMN?ML?PCMN;MKO?;;<M
?G*;>LC *?ONCIJLCGI CLG‚I>?G?OJ;C
>IG/;@;?FO?HI>?$OTG~H
FB??GJL?MN;P; 7F:>@C2C6>$25C:
CG;ACHIKO?>?JICM>?NL;ƒ;L=CH=I
SN;C>?
KOCMG?L?=?<?L?GMO;=;M;G;ML?MCMNC;I=IHPCN?J;L;H‚I
IOM?CMJ~ACH;M;J?MMI;;=;<;?HAL?H;H>I?H‚I=IHM?AO?G;CMJ;L;L>?F?L

J?L>?L;CH>?J?H>…H=C; -IL@CG=IHM?AOC?H=IHNL;LOG;MIFOƒ‚ICHN?LG?>C~LC;
OGJIO=I=IGIH‚I=IHM?AO?J;L;L>?>ILGCLIO>?GCD;L
M?LPC>‘?MIO
=IH=CFC;H>IGCHB;=IH@ILN~P?FFC<?L>;>?=IG;>CMJIMCƒ‚IBIMJCN;F?CL;
F~N?AIMIO<;<;M '@C7:>4@?D68F:6?4@?EC2CF>2D@=Fxw@:?E6C>65:sC:2
OG;
>?G?OJ;L?HN??
;FOA;H>IOGKO;LNIJLRCGIGIL;>C;>?F?
@CKO?C
FˆHAO;@ILG;>;JIL@L;M?MJL„ =OHB;>;MJ;L;NL;HMGCNCLC>?C;M;LKOC<;NC>;M

?GJIMCƒ‚IG;CMJLIJˆ=C;;?MN;LMITCHBIM?GJL?KO?KOCM?MM?IOAIT;L>I
;M GI?>;M >? G‚I ?G G‚I
 >? A?L;ƒ‚I >?A?H?L;ƒ‚I
 N? PICF ?H JF?CH?
„=BIF;FC?
;=IH=B?AI@;GCFC;LKO;H>IG?;J?N?=?MM? ,<IGM?HBILPCPC;
IOG?FBIL

@K2C5@24@?4968@72>:=:2C
?MM;„<I;
=;L;FBI
<I;>?G;CM B

HMPCPˆ;GIMHI<;CLLI=IHMNLOˆ>IHIFI=;FIH>?;HN?M@C=;P;I-MCNI ,
*;A;
=IGI„KO?PI=…=IHM?AOC;?HAIFCL?MM;<;<IM?CL;
?KO?>C;<IM„I
KO;LNI>?G?ONCI?L;OGJLCH=CJ;F>?>?TICNIGCFL?;CM
<IHCNI?;F?AL?

-MCNI
=B?.O;HN;MBIL;MPI=…J;MMIOF?H>I?MM;M=ICM;M
JLIP;P?FG?HN?
?G<IL;OGJIO=I;J?LN;>IJ;L;N;HN;@;GˆFC; "O@CKO?C=IGIN„LL?I
OG
=IHP?H=C>;>?KO??L;G;PC>;
?PI=…NCHB;L;T‚I
?F;MM‚I;PC>;
JILCMMI
JIO=IG?HILKO?IJLCH=CJ;F
G;MKO?>;P;?MI<L;P;J;L;GCG
?I>?=IL?C
M?LC;JL?=CMI;=;<;L=IG?F;M ,JLCH=CJ;F
IKO?M?LC;CMMI";FAOG;MN;L>?M
=IGFORI?IGOHC>?NI>;M;M=IGI>C>;>?M;KO??MN;P;B;<CNO;>I $L;ƒ;M
?GKO?G?>?>CKO?C;J?L=ILL?LPCNLCH?JILPCNLCH?NI>;;M?ƒ‚I?AˆJ=C;
;!?OM
GCHB;@ILNOH;G?JLIJIL=CIH;P;IMG?CIMJ;L;CMMI=IG@IFA;
>I)IOPL??PIFN;P;M?=IJILOGG;N??J‚I=IGA?F?C;
J;L;?H=IHNL;LPI=…
*CHB;MJLCG?CL;MCGJL?MM‘?M@IL;G>?AL;N;MOLJL?M;HIKO?M?L?@?LC;
ALO>;>;D;H?F;=IGOGLIG;Hƒ‚IJ;PILIMIH;G‚I?MP?T?M;N„=BIL;H>I

;I;MJ?=NI>?*;>LC
IH>?H‚I?MNCP?L;>?M>?IMN?GJIM>?$IHT~F?TL;<I
CMMIG?MGI
H‚IN?HN?H?A;L
=BIL;H>IJILKO?B;PC;G;=;<;>I>?
MMIG<L;P;G G?;<?F?T;?;;GJFC>‚I>IM<;CLLIMHIPIM
;;ACFC>;>?>IM
=ILN;L;=;<?ƒ;>?;FAO„G
?PI=…G?;<L;ƒ;P;=IGNI>;;MO;@ILƒ;?KO?LC;
G?CIM>?NL;HMJILN?
;?PC>?HN?G?FBIL;HI;MJ?=NI>;M?>C@C=;ƒ‘?M
>;MLO;M
M;<?LIH>??OB;PC;?MN;>I
G;M?OH‚IFB?>CTC;JILKO?PI=…?L;OG
?G?MGI>;MJ?MMI;MIM<?FˆMMCGIMD;L>CHMJF;HN;>IMH;M;HN?MJI?CL?HN;M
?MNILPIHI)IOPL?
CGJIMMˆP?F;H>;L=IGPI=…;IF;>I
MO;CAHILH=C;?L;>I
JL;=CHB;M
 ;M A;FB;L>;M =IHMNLOƒ‘?M >IM LC=IM
 IM P;LC;>IM ? ;J;L;NIMIM
?MN;<?F?=CG?HNIM
NCJIKO??MNL;A;NI>IIJL;T?L
JI<L?TCHB;
?H;P?L>;>??L;?OI=OFJ;>I>?
=IG?L=C;CM
H‚ICH@?LCIL?M
;DOFA;LJ?FIKO?M?P…>;LO;
;IM
PI=…F?LLIG;Hƒ‘?M
JILM?L?AIˆMN;A@6:C6?E2DAC24:?92D„;>?KO;>I
J?HMI
>?-;LCMIO)IH>L?M
?
@CH;FG?HN?
IMGOCNIM??F?A;HN?MN?;NLIMJ;L;NI>IM
H;MJL;ƒ;M>IMJIPI;>IM>ICHN?LCIL
IOH;MLO;M>?F;/CID;?GKO;L?HN;?
IMAIMNIM
=F;MM?M?G?CIM &MMI?IONL;M=ICM;MKO?>?JICMI<M?LP?C?GMI=C?>;>?
>ICM
H;MGIHN;HB;MFCF;M?M;I?M=OL?=?L
H?MM;@?FC=C>;>?>??MN;LMITCHBI
G?@CT?L;G=IGJL??H>?LIM<LOM=IM;P;HƒIMIJ?L;>IM?GHIMM;=;JCN;F
HOG;JIHN;>IGOH>I
;MMCG=IGI6=682?E6DE62EC@D !IKO?I=;L;?MN~
>??G>C;HN?
;P;HƒIM?MM?MG;CMM?G?FB;HN?M;M;FNIM=;JLC=BIMIM>I
@;F;H>I " CMMI KO? ;=;<; >? G?H=CIH;L -;LCM ? )IH>L?M
 @;F; >? AIMNIM ?
@ILNOH;M

KO?;I;H>;LJLIAL?MMCPI?@CLG?>IMKO?M;<?G;IH>?P‚IG;MH?GJILCMMI
?MN~P?H>I
*;A;
?MN~P?H>I
;AIL;?MN?MIFBIMM?;LL;MN;GCLŽHC=IM
?L;GG?HIML?;CM "GOG;J;F;PL;
PCHB; G?;IH;LCT=?LNI=B?CLCHBI>?
J?FIMFOA;L?MIH>?PI=…;H>;P;?GI=CIH;>;
=IHP?H=C>;>??MN;L@C=;H>I
=OFNOL;?OLIJ?C;
>?<?G ?MN;L?G?MGI>?LCKO?T;?NL;<;FBI
MOJ?L=OFN;JILF?LOGLIG;H=CMN;?MJ;HBIF=IG@INIH;KO;LN;=;J;
G;M
*?ONCI„OGH?AI=C;HN?GOCNI=IHB?=C>I?G*;>LC "GIONLIMN?GJIM
DOMN;G?HN?IMOD?CNI@;F;>?=B?CLCHBI>?=OFNOL;?OLIJ?C;
?PI=…=IHP?H=C>;
>?M?GJ?HBIO=;LAIMCGJILN;HN?MH;>GCHCMNL;ƒ‚IJLCG?CLI@IC=ŽHMOF
>?KO??MM;MF?CNOL;MFB?>;LC;G;JIMMC<CFC>;>?>?=IGJL??H>?LIGC=LI
>?JICM
;>C>I>??G<;CR;>;G;CMN;L>?I=;M;G?HNIII<LCAIO;?MN;<?F?=?L M?
?IG;=LI=IMGI
KO;M?M?GJL?<;MN;P;?O=B?A;LJ;L;KO?PI=…NCL;MM?>;
H;=ILN?M?LPCO>OL;HN?;FAOGN?GJIH;#;T?H>;
JLIN?AC>I?CH=?HNCP;>I
A;P?N;>;MO;G?M;ZJILKO?PI=…NCHB;OG;G?M;>?NL;<;FBI
CMMIH‚I
JILL;PI*OLCFFI
?JIL@CG;MH?=?MMC>;>?M>?MO;@;GˆFC;I
JI>C;@;FN;LHOH=;?G<IL;?OD;G;CMN?HB;M;<C>IKO?NCJI>?NL;<;FBIPI=…
?MNCGOF;L;G;NLI=;L;G?MKOCHB;M?AOL;Hƒ;>?OGM;F~LCIJ?F;M;P?HNOL;M
JI>C; @;T?L H;KO?F; G?M; Z JICM „
 PI=… NCL;P; >; A;P?N; ; JF;KO?N? =IG
JI?G;M
??MJ?L;Hƒ;M>INL;<;FBIFCPL? 1CHB;GI>?L;>;;G<Cƒ‚I
FCMOL;
?MJˆLCNI
>?1LCMN‚I
I"L?GCN;
JIL?R?GJFI
IOOG;>CMM?LN;ƒ‚I>?ILCM>?
?GJL??H>?>IL
CHN?FCA…H=C;
GOCN;ML?F;ƒ‘?M>?>C=IO M?;;A?H=C;L;MMOHNIM
0=BFI?T?L
?IMGIMNL;P;J;L;GCG=IGI;LCH>?=CMI?;IG?MGIN?GJI
>CP?LMIM
?JIO=I>?JICM>?;<L;ƒ;L?MM;M;NCPC>;>?M@?FC=CN;P; M?JIL?F;M?
ILAOFBIMI >? KO?G =IGJLIO AL;H>?M =ICM;M ? P;C =IG?ƒ;L ; F… F;M
CG?>C;N;G?HN?
JILB;P?L>;>I;H>;G?HNI;N;CM?RJ?>C?HN?M +‚II<MN;HN?
?L;>?F?MKO?
+‚IB;PC;D?CNI>?@;T?LPI=…?HN?H>?LKO?>;KO?F;G;H?CL;HOH=;
PCPC;
>?MJ?LN;H>IIMKO?>ILGC;GHIM;LKOCPIM
CGJOFMCIH;H>IIMKO??MN;P;G
=B?A;LC;;FOA;LH?HBOG
KO??L;N;L>?>?G;CMJ;L;;FAOG;M=ICM;M?=?>I
?MN;=CIH;>IMH;MG?M;M
?H>CL?CN;H>I=IGI@IMM?JIMMˆP?FILOGI>?
>?G;CMJ;L;IONL;M
?PI=…?MN;P;M?GJL?N‚I<?CL;>I>?M?MJ?LIHI?R;NI
;FAOHMKO?;P;Hƒ;P;GOGN;HNI>?M;JLOG;>IM #;PIL?=C;G HIMO;M;GCT;>?M
=?HNLI>;;F?ALC;?>;>?MJL?I=OJ;ƒ‚I
B;PC;N;HN;H„PI;?GM?O=IL;ƒ‚I
=IGJ?MMI;M>?MN?IO>;KO?F?J;LNC>I?;?MNCG;>?KO?AIT;P;?GNI>;M
>?M=IH=?LN;>I  >AF=D:@?2?5@@DBF66DE2G2>6DE24:@?25@D?2D>6D2D
H‚I

;M>?J?H>…H=C;M>I"MN;>I -;L;?F?
H?HBOG;JILN;?MN;P;@?=B;>; N„
J;L;?MM;M=ICM;MPI=…H‚IJI>C;=IHN;L=IGCAI
MO;G?M;?L;MO;G?M;??O
JI>?LC;J;L?=?LKO?IMJILN?CLIM>IMGCHCMN„LCIM>?PC;GM?OM>?MNCHIM;?F?

H‚IJOHB;H?GNCL;P;PI=…>?F~
MCGJF?MG?HN?IFB;P;PI=…F?LM?OMLIG;H=?M
JICM I M;O>;P;G =IG =?LNI ;@?NI @CFC;F ? FB? @L;HKO?;P;G ; ?HNL;>;

=IHMC>?L;H>I I
??R;GCH;L;M=;J;M?;MCFOMNL;ƒ‘?M>;MMO;MJF;KO?N?M
?PI=…?MJ?L;P;
A?HN?>;=;M; ,OPC>CT?LKO??G=?LN;M„JI=;MA;HB;L;GOCNI
KO??OG?M?HN;MM?;IM?OF;>I?N??RJFC=;MM?
N??MNCGOF;MM?
@CT?MM?IKO?NI>;
>CHB?CLIJIH>IG‚I;NCP;?G=IHB?=C>IM?RJ?>C?HN?M>?GCH;M?@?LLIPC;M
GOFB?L?MJ?L;KO?OGBIG?G@;ƒ;=IG?F;
KO??HLIF?>?P;A;LCHBIOG
G;MKO??GIONL;MMO;NˆGC>;BIHL;>?TFB?NCHB;MC>I>?M@;PIL~P?F .O;H>I
<;L<;HN??GMO;=CHNOL;?T~M
;@;ƒ;M;CLTOHCH>I?ACL;H>I
FB?>…ICGJOFMI
G??MN;<?F?=C?G*;>LC
MO;JIMCƒ‚I>?PC;M?L
J?F;M;J;L…H=C;M
=IH@ILN~P?F
KO? ; ;LL;HKO? >? MO; N?H>…H=C; ; NLC=IN;L JOFŽP?L?M IO @;F;L
 @;F;L

CHN?LGCH;P?FG?HN?
G;MM?GGOCN;@IFA; +;>;FB?@;FN;P;
G;MH‚I>CMJOHB;>??=IHIGC;M
I
@;F;L>;MGOCN;MG;N„LC;M>IH;>; /?J;L?=IGIMIOGIHMNLOIMI

KO?H;P?L>;>??L;JIO=IFCMIHD?CLIJ;L;OGBIG?GKO?
>?JICM>?NL;<;FB;L
H‚IN?HBI>IKO?G?A;<;L
?OKO?D~H?GPI=…N?HBIG;CMJILKO??MN;P;
N;HNI
;JLIRCG;P; M?>IN„LGCHI>;PC>;G;F=IHN;H>I=IG;FAOG
<?G>?=C>C>IKO??L;JL?=CMIKO?;J?L>?MM?H?GG?MGIKO?;J?L>?MM?

N?GJIJ;L;=IHKOCMN;LIN?LLCNLCIJ?L>C>I
JICM;HN?MM?LC;JL?=CMIKO?;A;HB;MM?
@BF6?2G6C52566C2A@F4@=:D@?;6:C@
-IL?MM;„JI=;?L;OGM?HBILG?HIMP?FBI>IKO?;J;L?HN;P;
P?MNC>I
A2C2F>9@>6>BF6X)CMIHD?CLI
M;<? M?F~>?M>?KO;H>I?OH‚IIOPC;?MM;
M?GJL?=IGIIMDIP?HM?F?A;HN?M
JOF=LI?>CMNCHNˆMMCGI ;L<?;P;ILIMNI
J;F;PL;
;KO?JIHNIHIMM;FCHAO;A?GH;NCP;P;CM??GJI<L?=?H>I
KO;H>I
CHN?CLI
IKO??L;OG;?MJ„=C?>?>?=F;L;ƒ‚I>?@C>?FC>;>?A?L;ƒ‚I;HN?LCIL

A;LINI?O>CMJOHB;>?OGH’G?LIGOCNIG;CIL>?J;F;PL;M>IKO?;AIL;

>;KO;FJLI=?>C; 0O;@CH?T;?DIPC;FC>;>?
?KOCFC<L;>;MHI@C?F>;
FC; ?MM?M G?MGIM LIG;H=?M
 G? ;MM?HBIL?;P; >? OG CG?HMI PI=;<OF~LCI
J?L@?CN;G?HN?
<;F;Hƒ;
HOH=;N?H>C;GH?GJ;L;IF;>I>;@;GCFC;LC>;>?CGJ?LNCH?HN?H?G
CH’NCF
;FC~M
AF=4C@65:DE:?E}DD:>@
CMMIMCG *?J?LAOHNIM?P?L>;>?CL;G?HN?
J;L;I>;J?NOFH=C; +;=IHP?LM;ƒ‚I?MN;P;GM?OJLCH=CJ;FG„LCNI?N;G<„G
PI=…?HNL;P;H;NL;G;>?MM?LIG;H=?IOM??F?FB?M?LPC;>?
M?O>?@?CNI
JICM
=C?HN?>IKO?P;FC;@;F;H>I
>?CR;P; M?P?H=?LJ?FIJLOLC>I
NL;GJIFCG J;L; M;CL JIL ;ˆ
 PCMCN;L M?OM J;ˆM?M GCMN?LCIMIM KO? ?O CHP?D;P;
CHONCFG?HN?
>?@ILH?=?LJILG?HIL?M?>CFOCL;@;HIM;G?HN?M?OML?F;NIM gMP?T?MIM
?HKO;HNIPI=…CHP?D;P;GCHB;MC>;M;I)IOPL?
KO?M?G>’PC>;
?H=?N;P;>?M>?ICHˆ=CI?IM;>ILH;P;=IGN;G;HB;MGCH’=C;MJO?LCMKO?
CHNOˆ;G?MGIH‚I>CT?H>IH;>; ";MMCGˆ;GIMHIM;JLIRCG;H>I>CMMIKO?
?L;JL?=CMIJ?>CL;!?OMKO?@IMM?<L?P? 0?GJL?KO?H;LL;P;OGCH=C>?HN?
@ILƒIM;G?HN?HIM;=IHN?=?LC;OG>C;
KO;H>IPI=…NCP?MM?JF?H;=IGJL??HM‚I
>?=;ƒ;?R?L=ˆ=CIJ?FIKO;F;FCG?HN;P;AL;H>?J;CR‚I
N;HNIN?GJINL;HM=ILLC;
>?KO??OH‚IFB?>;LC;G;CM>IKO?OG;J;LN?>?G?ON?GJI?
?HNL?I?RL>CI?IGIG?HNI>I?MN;GJC>IKO?IIOPCHN?J?L>C;I@CI
>?GCHB;PC>;
?5:=F:C272?@D2>6?E6D6FDC6=2E@D
?R;N;G?HN?CMMI
@C=I=B;NI
>;G?;>;>CMNL;CH>I M?>I;MMOHNI
?;IMI;LI3F>F?P;P;OG<?FI>?OG
;N„KO;H>IG?>?>C=I;OG;G?GLC; *;MKO?FCH>;PI=…?MN;P;D;H?F;

MOMNI +‚IM?CM?>?PI;JIHN;L=IGI>?@?CNI@ˆMC=IMO;CLLCN;ƒ‚I=LŽHC=;>I
=IGI=CHT;>I=„O;JIC;>I?GOG;>;M@;=?M?;MG‚IMM?AOL;H>IIFCPLI

;J;L?FBIF;=LCG;F
KO?MP?T?M
JLCH=CJ;FG?HN?HICHP?LHI
>?CR;P; FB?IM
;<I=;M?GJL?OGJIO=I~PC>;
IMIFBIM>OPC>;H>I %;PC;?GPI=…N;HNI
IFBIM’GC>IM?CHD?N;>IM=IGIM?BIOP?MM?=BIL;>IF~ALCG;M>?M;HAO?
N?GJIJ?L>C>I
PI=…?L;;N;FJIHNIIGIF>?>IKO?JI>?LC;N?LMC>IMI<
+OH=;=IHB?=CBIG?GKO?JIMMOˆMM??MNIKO?G;CILIOG;CMLC=I>?F?HƒIM
IONL;M?MNL?F;M
KO?NIG~ F;HIM<L;ƒIM?@;T?L;GIL=IGPI=…M?NILH;P;
>?FCHBI -ILCMMI
?JILM?OB~<CNI>?IMN?HN;L;NI>IGIG?HNII;FPIN?=C>I
OG;N;L?@;N?LH;>?G;CM
FCGˆNLI@?>?G;CM=IG;I<L;JC;
?H?MM?JIHNI
H;G‚I>CL?CN;IO?G;G<;M;MG‚IM
OG;GCAIG?O
;H>;FOT
TIG<?N?CLI
KO?G M? ?HA;H;P; ?L; ?O
 >?CR;P; G? NIG;L J?FI ILAOFBI CG<?=CF >I
CHN?F?=NO;F
?<I;J?MMI;
>?KO?G@;F;L?CG;CM;>C;HN?
=B;G;P;G?ONCI>?2-6Cƒ?:42
KO?M?CG;ACH;?KOCJ;>IJ;L;?HN?H>?L49@C25@=s8C:>2D56D2?8F6

"F?>?GIHMNL;P;J;L;=IGCAIOG;@?NIMCH=?LI
?HIMJLCG?CLIM>C;M>?
G;M?MM;?RJL?MM‚I„MCGJF?MG?HN?;MKO?LIM; "KOCJ;>IJ;L;?HN?H>?L
KO?
GCHB;L?MC>…H=C;?G*;>LCH‚IM?;@;MN;P;>?GCG
>?M?DIMI>?;MM?MMIL;L G?
PIHN;>?>?LCL
*;A; ,Oƒ;
;AIL;M?HNL?HM
H‚I=IHN?J;L;HCHAO„G
?GNO>IIKO?>CMM?MM?L?MJ?CNI;GCHB;CHMN;F;ƒ‚I?;DO>;L G??G
*;A;
IGIF>?I=I?L;?O
PI=…NL?GC;
JOL;?FCPL?=IGIOG;=B;G;
=IGI
GCF=ICM;M .O;H>I@;F~P;GIM>;@;GˆFC;??O<OM=;P;M?CF~IH>?F?G<L;Hƒ;M
OGLCI>?G?L=’LCI
=IGIIJLCG?CLI=;HNI>?OGJ~MM;LI;ILIGJ?L>;
>?GCHB;CH@H=C;IOBCMNLC;M;=IHN?=C>;M=IGG?OJ;C
I<IGNCI?L;
;OLIL;
?„>I=?>CT?LCMMI;PI=…=IG;MJ;F;PL;MKO?;@;M=CH;P;GJILKO?
NIG;>IJILOG;?MJ„=C?>?>?MP;LCIH?LPIMI
OG?HNOMC;MGI@?<LCFJ?F;M
PI=…H‚I;=L?>CN;P;KO??F;M?RCMNCMM?G@IL;>IMJI?G;M
IOKO?NCP„MM?GIM
AL;H>?MJ?LMIH;FC>;>?MKO?CFOMNL;L;GIMI<L?HIG?O?HI>?$OTG~H
?
I>CL?CNI>?OM~ F;M ,H>??MN;L~M
IH>??MN;L?GIM;J;LNCL>?BID?
>ICMJIHNIM
<L;H>CH>IIF?HƒIG?=IHN;P;BCMNLC;M>?MJLIPC>;M>?=IH=FOM‚I -;L;?F?
HOGOHCP?LMICH?RJFC=~P?F
J?LNIIOFIHA?
>ICMJIHNIM=LC;H>IOG;
?O?L;I’FNCGIL?JL?M?HN;HN?G;M=OFCHI>?OG;L;ƒ;@?=OH>;?G@CAOL;M
FCHB;
 >ICM JIHNIM KO? M? ;@;MN;G ? M? ;JLIRCG;G ;L<CNL;LC;G?HN?
A6CD@?2=:5256D
HIN~P?CM
?G?;=;LCHB;P;?GCG;P;=IGIM??O@IMM?OGG?HCHIJ?KO?HI

BF6:=FDEC2C2>@D@3C6?@>6F6?@56FK>s?
G;MIFB?M;M=;@IHC=?M
;J?M;L>IMG?OMNLCHN;?M?CM;HIM -I<L?NCI+?MM;M>?GIHMNL;ƒ‘?M>?;@?NI
>?MM?CH>CPˆ>OI
*;A;
=IGI„KO?PI=…=IHM?AOC;J;MM;L>;J~ACH;
KO?;OG?HN;P;G=IHMC>?L;P?FG?HN?IG;H;H=C;F>?M?OMIFBIM
?O>?M=I<LC;
=CH=IX
G;MH‚IFB??RJFC=;L?CCMMIKO?>?HIGCH;GGIPCG?HNIM<LIQHIC>?M

OG;J?H;M?=L?N;?;AO>ˆMMCG;
OG?MJCHBI=L;P;>IHI=IL;ƒ‚I>;KO?F?
=F;LIKO?H‚I?RJFC=;L?C
G;M;CH>;;MMCGHM>ICM
*;A;
?MN;GIM=IGJIH>I
?R=?F?HN?BIG?G +‚IM?C=IGI@OC=;J;T>?MM;>?M=I<?LN;G;M?MN;P;N‚I
OG;@CAOL;
PI=…OGJIHNI?G;FAOGFOA;L
?OIONLIJIHNI?G;FAOG
M?AOLI>;?RCMN…H=C;>;>CMMCGOF;>;@?LC>;KO;HNIM?;NCP?MM?PCMNI=IGG?OM
FOA;L
>?MFI=;H>I HIM
PI=…;AIL;N;FP?TH;/O?>?F;%O=B?NN?
?O;AIL;
IFBIM?NI=;>I=IGG?OM>?>IM "L;OG>?M=IHMIFIJLI@OH>I
MO@I=;HN?
I
>?M=I<LCH>I?MM?LIG;H=??GM?OKO;LNIP;TCI
PI=…;G;HB‚H;$;L?>?
J?M;L >? H‚I G? P?L =;M;>I =IG OG; >? MO;M NL…M @CFB;M =IHNL;LC?>;>?
CLL?G?>C~P?F

)SIHCMMIM?PI=…@IL;)O==;
G?O;GIL??OH;/O?>O B?GCH3?LN

JILKO?MO;MNL…M@CFB;M
;C
>IL
D~?L;G=;M;>;M
IH>?>?M=I<LCOGPCHBITCHBI?RNL;IL>CH~LCI
?JIOKOCHBI;JIOKOCHBI
*;A;

P;GIM =IGJIH>I OG; @CAOL; ;<MOL>;


 >?M?HB;GIM =IG HIMMIM GIPCG?HNIM
OG;@CAOL;C>…HNC=;KO?;MGIM=;M>?M?HB;G;IPI;L?GOG;JIM?HNI
>;KOC
JL; F~
 <LOM=;G?HN? >‚I G?C; PIFN;
 >? F~ J;L; =~
 CMMI „ I KO? =B;G;G
GIPCG?HNI <LIQHIC>?
 ?HN?H>? ;AIL;
 OG HAOFI L?NI
 OG; FCHB; KO? MI<?

>;KOCJ;L;F~
>I@OH>IJ;L;;@L?HN?
J;L;=CG;
J;L;<;CRI
?MJ;MGI>C=;G?HN?

@L?;H>I?GM?=I?;LL;H=;H>IHIG?MGICHMN;HN??GIONL;>CL?ƒ‚I
?NO>ICMMI
P;C NL;G;H>I OG >?M?HBI
 OG; @CAOL;
 ;FAI N‚I CH?RCMN?HN? KO;HNI PI=… ? ?O

KO;HNI IM >ICM JIHNIM J?L>C>IM ?G -;LCM KO? P‚I >;KOC J;L; F~
 >? F~ J;L; =~

@;T?H>IM?O>?M?HBI
>;Hƒ;H>IJ;L;HCHAO„G
H?GM?KO?LJ;L;?F?MG?MGIM

OG;CHN?LGCH~P?F@CAOL;M?GM?HNC>I

 


0CG ;<M MCG  0CG ;<M MCG  0CG ;<M


 P;GIM ;J;A;L ; FOT
 >;LFCHA
 ;N„
;G;HB‚
 MF??J Q?FF
 OG =;LH?CLCHBI ;NL~M >I IONLI
 D~ J;MMIO
 G?HCH;
 D~
J;MMIO  1I>IM N‚I G;FP;>IM =IG ; JI<L? ;<M
 P;GIM MOGCL >I FO<? J;L;
=;MNCA~ FIM  1I>IM N‚I G;FP;>IM =IG ; JI<L?TCHB; >; ;<M
 "NC?HH? G;FP;>I

-?LC=I G;FP;>I
 ,FCP?CL; G;FP;>I
 ,FCP?CL; I JCIL >? NI>IM
 ?MM? CHKOCMC>IL
=IGI >CMM? GOCNI <?G ; FCH>;
 FCH>; ;<M  0CG ;<M MCG  /I=E ; <S? <;<S
1OL; FOL; FOL;  0CG ;<M MCG  !? ;FAOG GI>I ;FAOG; =ICM; NCHB; >?
;=IHN?=?L
H‚I>~JL;PCP?L=IG?MM;A?HN??H‚I;=IHN?=?LH;>; 0B
<;<S
MB
MMCG
 >ILGCH>I >CL?CNCHBI  =;<IO M? I FO<?
 ;<M
 =IG =?LN?T;  +OH=;
G;CMP;GIMP?L%IL;=CI
IJ?LP?LMI%IL;=CI , FO<?>;HƒIO?MN;HICN?=IGI
OG; J;HKO?=; KO? P;C J;L;L HI N?NI ? @C=; F~
 ALO>;>;  -I>? AO;L>;L ;
@LCAC>?CL;
;<M
?F;H‚IP;C>?M=?L>?F~
H‚IM?G;N?;ˆ?MJ?L;H>I 0B
>;LFCHA

H‚I =BIL? G;CM


 KO? JILL? NIGIO ?MM; GOFB?L
 ;N„ ; ;FG; >?F; =B?CL; ;
=IHB;KO?
/IH;F> >?MFCTIO OG JIO=I
 ;=IGI>IO M? =IHNL; ;<M
 @IC ;>ILG?=?H>I
FO<?
 ,MMCJ
 -?LC=I
 P;GIM L?=;JCNOF;L NO>I B;PC; =IG?ƒ;>I JILKO? NO>I
NCHB;KO?;=;<;L
IM>?OM?M=COG?HNIM
IIPI@LCNI=IG<CH;>I=IG,FCP?CL;
;
=OFJ; =IH=L?N; ?L; >I G;F>CNI IPI @LCNI
 >? ;=IL>I =IG "NC?HH? H‚I B;PC; ;
G?HIL H?=?MMC>;>? >? DIA;L I IPI HI FCRI
 OG; JL?=CIMC>;>? =IG ;KO?F?M
P?L>?M G?N~FC=IM
 ? ;<M NCHB; M? ?H=L?MJ;>I HI G?FBIL ?MNCFI %IEOM;C I IPI
MIFN;P; OG =B?CLI >? N’GOFI KO? ?L; >? G;N;L
 =IGI L?;FCT;L OG; M?MM‚I >I
FO<? =IG ;KO?F? IPI FIAI ;FC
 ? >? L?J?HN? ;<M >?M;NIO ; =BIL;L
 ?R;F;P;
=IHB;KO? ;N„ J?F;M IL?FB;M
 ? /IH;F> =IGJL??H>?O KO? ?HKO;HNI ?F?M
>CM=ONC;G =ICM;M CGILN;CM ;<M B;PC; <?<C>I MITCHB; G;CM >? G?C; A;LL;@; >?
=IHB;KO?
 ; BCMNLC; >I IPI ?L; OG; @ILG; >? NL;HMJCL~ FI
 ? HCHAO„G
?MNL;HBIO?,FCP?CL;G?HIMKO?NI>IMIMIONLIMKO?>IIPI;<MJ;MM;MM?JIO=I
; JIO=I ; LOGCH;L ; BCMNLC; >I ?HN?LLI
 ; M? JL?J;L;L ?HNL? MIFOƒIM ? OG;
?MJ„=C? >? <;N?L >? ;M;M J;L; @;F;L >; =LC;Hƒ;
 I @CFG? =IGJF?NI  #IC CH’NCF
4IHA CHMN;F;L OG <CIG<I >? MILLCMIM
 CHN?LJIMCƒ‘?M ?HNL? ;<M ? ,FCP?CL;
>CMNL;ˆ>I
?L?@?L…H=C;MF;O>;NLC;M?>Cƒ‚I>?#2)6?4@?EC656=2=2?8F65@=
56 =2 =2?8F6 5@4 6E 5F 7C2?4@AC@G6?x2= 6?EC6 #@:C6 6E ==:6C Z #:>:E6D
A9@?yE:BF6D 6E >@CA9@=@8:BF6D
 MO<FCHB;P; 4IHA Z >? 0  "M=I@@C?L
 FCPLI >I
G;CM ;FNI CHN?L?MM?
 >CTC; 4IHA ?GJOLL;H>I ;<M ;G;HN?CA;>;G?HN? J;L;
JLID?N~ F;H;>CL?ƒ‚I>I=ILL?>IL
H;>;JI>?LC;CGJ?>CLKO?,FCP?CL;?M=ON;MM?;
BCMNLC;>?CHKOCMC>IL??LAO?MM?;MMI<L;H=?FB;M=IGOG;L?HNL?;>GCL;>I?
J?LJF?RI
 IFB;H>I >? PC„M ? ;I G?MGI N?GJI J;L; $L?AILIPCOM
 =IGI M? ?MN?
JO>?MM? ?M=F;L?=?L I ?JˆN?NI  , FO<? M;<C; KO? KO;H>I ;<M MIFN;P; I P?L<I
;<M?L;OG;=;N;JOFN;
D~NCHB;;=IHN?=C>IIONL;MP?T?M’HC=;MIFOƒ‚I
;LI>;
?GNILHI>;L?>;NIL;>;M;N;M??H=;LL?A;>;>I<O@@?N
?MJ?L;>?KO?IN?GJI
>?M?GJ?HB;MM?M?OJ;J?F
H?HBOGJL;HNI„?N?LHI
;MPC’P;MM?=;M;G>?HIPI
+;>;;@;T?L
;<M<…<;>;IH>OF;P;?HNL?IM=;JIN?M?IM=;=B?=CM>I FO<?

PIFN;P;;NL~M>I=ILL?>IL
KO?LC;;=?LN;L;M=IHN;M=IG,FCP?CL;
?L;IGIG?HNI
?R;NI >? >CT?L ; ,FCP?CL; ;KO?F; =ICM; >I CHKOCMC>IL
 >? ;@CLG;L
F;=LCG?D;HN?G?HN? KO? HOH=; H; G?L>; >; PC>; >?F; =IHB?=?L; ;FAO„G G;CM
CH@;G?
>?M;FG;>I
@CFBI>;JON;
M~>C=I
G;FCAHI
P?L>OAI
L;=CMN;
CH=;J;T>;
G?HIL>?=…H=C;
FCRI
JI>L?
GIHN‚I>?G?L>;
;MKO?LIMI?MC@CFˆNC=I +INˆ=C;M
;=IFBC>;M=IG>?Fˆ=C;CH@CHCN;JIL-?LC=I?"NC?HH?
??RJL?MM‘?M=IHNL;>CNLC;M
JILJ;LN?>IMIONLIM
?HNL??F?MIL?=CJC?H>~LCI
"L; I =C=FIH? ;<M
 I NILH;>I >I M?RNI >CMNLCNI JOL… >? =;M;M  , FO<?
<;CR;P;;=;<?ƒ;
;@OH>;P;H;M=;J;M>?=BOP;;A;LL;H>I M?=IGNI>;M;MMO;M
@ILƒ;M ;IM =CA;LLIM  .O;H>I ,FCP?CL; =IHM?AOCO >CT?L ;FAOG; =ICM;
 @?T M? OG
AL;H>? MCF…H=CI N?;NL;F  ,FCP?CL; >CMM? KO? ;=B;P; I KO;>LCHBI >? +C=IF;M >?
0N;†F GOCNI <IHCNI ? KO? 4IHA
 KO? N;HNI ?H=BC; I M;=I =IG ; I<L; >?
"M=I@@C?L
 >?P?LC; F… F; ? L?MOGC F; ?G IONL; M?MM‚I >I FO<?  ;<M =B;GIO I
IONL; P?T >? CHKOCMC>IL
 ? ,FCP?CL; >?P? N?L J?HM;>I ?G ;FAOG; =ICM;
?HAL;ƒ;>;
JILKO?MILLCO G‚I>?;<M=LOTIOILIMNI>?F? , FO<?NIGIO
G?>C>;ML~JC>;M
?;<M>?M;NIO;=BIL;L;IMALCNIM
=IHNC>;>?FC=;>;G?HN?JIL
4IHA
 KO? M? CHN?LJOHB; ?HNL? ?F; ? OG /IH;F> ?H@OL?=C>I  , FO<? @IC M?
@?=B;H>I;IL?>IL>?,FCP?CL;
>?GI>I;?R=FOCL;<M
KO?NCHB;;=?CN;>I;
M?HN;L M?HOG;JIFNLIH;?<IF?HƒI>?-?LC=I ,M>?N;FB?MMI<L?;/O?*IHA?
>?P?G N?L =IG?ƒ;>I H;KO?F? GIG?HNI
 ? N;G<„G ; BCMNLC; >; *;A;
M;G;LCN;H;
 ? /IH;F> ;=B;P; Z ?MN;P; P?H>I AL;H>?M @IM@?HIM P?L>?M
 OG
?HNL?MMIHBIL?=;JCNOF;>IL>;P?F;ZKO?,FCP?CL;NCHB;J?LAOHN;>I;4IHAM?
?L;P?L>;>?KO?;*;A;?MN;P;GIL;H>IHOG>6F3=y>;/O?*IHA?
?N;FP?T
H?MM?GIG?HNI4IHANCP?MM?>CNIKO?H‚IM;<C;
IOKO??L;;KOCFIG?MGI
?
;FAO„G
JLIP;P?FG?HN?;<MF~>?MO;JIFNLIH;?=IGAL;H>?MMIFOƒIM
NILHIO;
CHMOFN;L ,FCP?CL; ?M@L?A;H>I ?G MO; =;L; ; ;<H?A;ƒ‚I >; *;A; M;G;LCN;H; 
=;<?=?CL; >? -IF; ?H@?LG;
 ? JLIP;P?FG?HN? N;G<„G KO?F; ;FNOL; ,FCP?CL;
N?HB;=IG?ƒ;>I;LCLIFB;H>I?MJ?=C;FG?HN?J;L;$L?AILIPCOM?J?>CH>IG;CM
>?N;FB?MMI<L?;;<H?A;ƒ‚I>;*;A;?H@?LG?CL;?M??L;P?L>;>?KO??F;?MN;P;
GIL;H>I H; /O? *IHA?
 ? ?G KO? H’G?LI
 ?MM?M >?N;FB?M =;>;MNL;CM
CH?PCN~P?CM  AIL; /IH;F> ?MN;P; JLIJ?HMI ; ?MN?H>?L ; G‚I ? ?H@C~ F; ?HNL? ;M
J?LH;M>?;<M
KO?L?MGOHA;P;=IGIM??MNCP?MM?FIHA?>;FC
/IH;F>AIMN;P;>?
>ILGCL =IG IM >?>IM J?L>C>IM H?MM? P;AI N?LLCNLCI GILHI
 ;<M ;A?HN?
JLIPI=;>IL;JL?=CJCN;H>I;>CMMIFOƒ‚I>I FO<?
M?LC;JL?=CMIL?JL??H>… F;H;
G;HB‚M?AOCHN?B~ =ICM;M KO? H‚I M? @;T?G *;MI FO<?CHN?CLINCHB;@C=;>I
>? ;FAOG; G;H?CL; LI>?;H>I ,FCP?CL;
 =IGI HOG DOFA;G?HNI ?G<;L;ƒIMI
 ?
,FCP?CL; B;PC; J?L=?<C>I CMMI ;HN?M KO? I JLJLCI FO<?
 ? HI =?HNLI >; LI>;
NCHB;>?M;H>;>I;LCL=IGI=CA;LLIH;<I=;?;MG‚IMHI@OH>I>;D;KO?N;
?
>?JICM B;PC; J?LAOHN;>I ; HCHAO„G ?G J;LNC=OF;L
 IFB;H>I OG JIO=I JIL
=CG; >I =ˆL=OFI >? =;<?ƒ;M M? I FO<? ?MJ?L;P; OG; 2>6?56 9@?@C23=6 IO
=ICM; J;L?=C>;
 ? HOG JLCG?CLI GIG?HNI I FO<? H‚I ?HN?H>?O IO JL?@?LCO
H‚I ?HN?H>?L
 ?R=?NI ;<M
 KO? >; JIFNLIH; IH>? /IH;F> ; =IHNCHB; PIFN;L; ;
ALCN;L;BCMNLC;>ICHKOCMC>IL
KO?MI;P;KO;M?M?JOF=L;FKO?F; BIL; ;P;Hƒ;>;
>; HICN? "HN‚I,FCP?CL;B;PC;J;L;>I>?LCL
?
=IGIM?;=?CN;MM?<LOM=;G?HN?I
DOFA;G?HNI?G<IL;HCHAO„GI?MNCP?MM?DOFA;H>I
JILKO?I FO<?H‚I?MN;P;
;FC J;L; CMMI
 B;PC; DIA;>I I =CA;LLI HI =B‚I
 ?MG;A;H>I I =IG I M;J;NI
 ?
>?JICM >? OG GIG?HNI
 ;@;MN;H>I >? F?P? OG IG<LI J;L; ?PCN;L ; G‚I >?
"NC?HH?
 KO? M? ;>C;HN;P; CH>?=CM;
 B;PC; @;F;>I ?G PIT GOCNI <;CR;

;HOH=C;H>ICLL?PIA;P?FG?HN?KO?MOGC;>I FO<??KO?I FO<?


;=IG?ƒ;L
JIL?F??JLIMM?AOCH>I=IGNI>IMIMIONLIM
JI>C;CLJON;KO?IJ;LCO
@?E24E6

 


/O?!;OJBCH?H‚I@C=;P;FIHA?
N;FP?TP;F?MM?;J?H;>;LOGJOFI;N„F~
J;L; P?LC@C=;L I KO? ;<M B;PC; >CNI  F;LI KO? $L?AILIPCOM MIO<?L; >?M>? I
JLCG?CLI GIG?HNI KO? ; *;A;
 FIO=; =IGI >? =IMNOG?
 CLC; PCMCN;L ; -IF;
;LCN;M *;A;M;G;LCN;H; )?C;U, LOT;>IW !?CRIOI>C;J;MM;LM?GN?L@?CNI
MO; <I; ;ƒ‚I "L; LCMˆP?F  1O>I ?L; LCMˆP?F  ,O G?FBIL
 B;PC; OG; ?MJ„=C? >?
AL;H>? LCM;>;  KO;F =B;G;P;G %CMNLC;  B?A;L  /O? !;OJBCH?
 <;N?L
>?P;A;LTCHBIHIKO;LNI>I’FNCGI;H>;L?;*;A;;J;L?=?L
;HOLM?)O=ˆ;?G
J?MMI;
 H‚I
 ?L; L?;FG?HN? >?G;CM  IG OG; ?M=;LL;>?CL; H; G‚I
 IO OG
L?A;>IL  +‚I „ JIMMˆP?F PCMCN;L ; >I?HNCHB;
 D~ ?MN~ GOCNI N;L>? ? ?F; ?MN~
>ILGCH>I  3;>? L?NLI
 MGI>?O  ,O KO? I >?CR;MM?G ?HNL;L ? FB? M?LPCMM?G
=;@„
H‚I
JCIL;CH>;
?HOG;>?MM;M=IG?ƒ;MM?G;=BIL;L
JILKO?=IG=?LN?T;
M?LC; =IHN;ACIMI
 C;G =BIL;L IM NL…M ;N„ M? J?L>I;L?G
 ? ?HN‚I KO;FKO?L =ICM;
JI>?LC;;=IHN?=?L
GOFB?L?M>?MC>L;N;>;MM‚IN?LLˆP?CM ,OI@;LC;G=IHN;LPCHN?
AIN;M>?<?F;>IH;
OG;JILOG;
Z+;P?L>;>?
?ON?LC;;I<LCA;ƒ‚I>?CLZ>CMM?,FCP?CL;J;L;OGA;NIJL?NI
>;/O?!;HNIH Z2G;=?LN;I<LCA;ƒ‚I?MN„NC=;
=IGJF?N;L;@CAOL; ,NL…M
;
C@L; *;MH‚IJI>?GIM?MKO?=?L,L@?O .O?GM;<?M??OL;MJ;L;=;<?ƒ;
M?
=I<LCLI=LHCI=IG=CHT;M
M?=B?A;L=IGI=?MNI>;M?MGIF;M +‚IMIOG;CMI
KO? =IHB?=?MN?M
  GOFB?L?M  %CMNLC‚I  *ˆGC=I  +ICN? >? ?GJOM;M
 FGC;M

MIG<L; G;F„PIF;
 @CG >I AL;H>? DIAI  IGI =;HM; M?L PI=… G?MGI I N?GJI
NI>I &LL?GCMMCP?FG?HN? +‚I;MP?L?CHOH=;G;CM
?MN~?M=LCNI iE@:BF6G@:=v
BF2DEF 72:E 56 E2 ;6F?6DD6 2G CHKOCMC>IL
 @L;H=;G?HN?
 ?MM; GIƒ; N?G =;>;
NCL;>;X"GNI>I=;MIOG;ONICHKOCMC>IL
?N?H=IL?X"JCN~@CIDOMNˆMMCGI$@=6
56>2:D  *;M ; CHKOCMCƒ‚I GIF? „ N?LLˆP?F
 NILNOL;M >? M…GIF;
 @IAO?CL;M >?
N;JCI=;
 ;L?C;M GIP?>Cƒ;M
 ; G?>OM; MOA;H>I =BOG<;>;   G?>OM; =BOA;H>I
MOG<;>; "HI@OH>I>?G;MC;>;JC?>;>?
?OKO?G?DOFA;P;CGJC?>IMI +‚IM?
JI>?;G;LN;HNIKO;HNI?O;GI
?H;@ILG;=IGI;GI
?>?F;G<OD;L?J;LNCL;
PC>;=IGIMIONLIM "L;JL?=CMIM;<?L?MN;LMITCHBI?KO?N;HNI;GIL@CT?MM?;
MO; I<L;
 KO? G? M;FP;MM? IO G? G;N;MM?
 G;M M?G ; /O? !;OJBCH?
 M?G I
G?HCHIGILNI
M?GI FO<??M?GNI>IIL?MNI 3I=…H‚I;=B;
=B?
,A;NIH‚I>CMM?H;>;
#;TC;G?HIM@LCIDOHNI;I0?H;>IKO?H;MLO;M
?,FCP?CL;F?P;HNIO;AIF;>;
D;KO?N; ? @IC IFB;L ; ~AO;  IGI H‚I ?L; >IM KO? M? ;NCL;G
 JLI=OLIO OG;
JIHN?J;L;M?G?N?L>?<;CRI>?F;?J?HM;LOGJIO=IHI;MMOHNI>IEC<ONT
@;TC;
N?GJIKO?;C>?C;>IEC<ONTILIH>;P;
OGEC<ONT>I>?M?DI Uj=OLCIMIKO?>?
L?J?HN?OG;?RJL?MM‚I<LIN?;MMCG?H‚I@;ƒ;M?HNC>I
OGEC<ONT>I>?M?DI
;N„
KO?H;N?L=?CL;P?T=IG?ƒ;;=F;L?;L>?P;A;LTCHBI?>?L?J?HN?M?J?L=?<?KO?
H‚I ?L; OG; ?RJL?MM‚I ;<MOL>;
 KO? JIL ?R?GJFI OG; ?RJL?MM‚I =IGI :
?MJ?L;Hƒ;
 ?MM; -;FGCL; AIL>; „ =IGJF?N;G?HN? ;<MOL>;
 OG <IL<ILCAGI
MIHILI
 ?HKO;HNI KO? I EC<ONT >I >?M?DI H‚I N?G H;>; >? ;<MOL>I
 „ OG
L?MOGI
 CMMI MCG <;MN;HN? B?LG„NC=I
 >? ;H>;L M PIFN;M JIL ;ˆ
 >? =ILMI ?G
=ILMI  (C<ONT =IFŽHC;
 M?NNF?G?HN
 ;MM?HN;G?HNI
 LCH=‚I ?F?CNI IH>? ;LG;L ;
’FNCG;N?H>;
IH>?M;CLJ;L;I;L>;HICN?=IG;=;L;F;P;>;J?FIN?GJI?OHCL
M?;IGOH>I
$L;H>?)IO=OL;
&G?HM;OLL;>;
;<LCL M?=LCMN;FCT;ƒ‚I>I
>?M?DI
 ;I ?H=IHNLI  %IFBI
 %IL;=CIW
 B;HINIO %IFCP?CL; M?HN;H>I M? HI
J;L;J?CNI >?<;CRI >; JIHN?
 IOPCH>I IM LIH=IM >IM 4=@492C5D >?<;CRI >? M?OM
GIHN‘?M>?DILH;CM?>?M;=IM>??MNIJ;
-ILOG;P?TH‚IFB??L;J?HIMI=?>?LG?F;H=IFC;  IGOGHIPI=CA;LLI
KO? I ;KO?=C;
 ?HNL? IM LIH=IM KO? J;L?=C;G PCL >I @OH>I >; N?LL;
 =IHM?HNCO
?G>?JFIL;L;>CMNH=C;CHNL;HMJIHˆP?FKO?IM?J;L;P;>?M?OEC<ONT -IMNIKO?;
?MJ?L;Hƒ;H‚I?L;G;CMKO?OG;-;FGCL;AIL>;
H?HBOG;L;T‚IJ;L;?HNL?A;L
M?  @;HN;MC;  I =IHNL~LCI
 ;JLIP?CN;L ; L?@LCA?L;ƒ‚I HINOLH; J;L; M?HNCL
FO=C>;G?HN?
 =IG ; JL?=CM‚I >?M=;LH;>; >I MCMN?G; >? ?MNL?F;M MI<L? MO;
=;<?ƒ;
 KO? MO; <OM=; CH=?LN; ?L; OG @L;=;MMI ? KO? P;C P?L ?L; JL?=CM;G?HN?
HCMMI KO? L?MC>C; MO; PCNLC;  -LCG?CLI JIL M?L >CAHI >?F? >? P?T ?G KO;H>I
,FCP?CL;NCHB;OG<IG=IH=?CNI>?MCG?MGI=IGI?MJ„=CG?BOG;HI
JILM?L
;<OM=;>?OGEC<ONT>?M?MJ?L;>;G?HN?FIHAˆHKOI
=C>;>?F;M;F=;Hƒ~P?F=IG
;LG;M@;<OFIM;M
H‚I=IG;;FG;>I,=C>?HN?
=IGI?MJˆLCNI
?MM;MJIN…H=C;M
>?MA;MN;>;M JIL MO; JLJLC; G?HNCL;
 =IGI N‚I <?G @IL; >CNI HI FO<?
 ?MM?M
JL?N?RNIM>I;HCG;FBIG?G>?JICM>??HP?L?>;LJILOG=;GCHBICLL?P?LMˆP?F
(C<ONT>I>?M?DI
H‚I>;;FG;
H‚I>I?MJˆLCNI "?G<IL;>?M?DI@IMM?N;G<„G
OG; P;A; >?@CHCƒ‚I >? @ILƒ;M CH=IGJL??HMˆP?CM
 ?F? I M?HNC; JL?M?HN? ? ;NCPI

JL?M?HN??G=;>;?LLI?N;G<„G?G=;>;M;FNI@L?HN?
CMMI?L;M?LBIG?G
D~
H‚I OG =ILJI ? OG; ;FG; ? MCG ?MM; NIN;FC>;>? CHM?J;L~P?F
 ?MM? ?H=IHNLI
CH=?MM;HN? =IG ;M =;L…H=C;M
 =IG NO>I I KO? B;PC;G LIO<;>I >I JI?N;
 ;
HIMN;FAC; P??G?HN? >? OG N?LLCNLCI IH>? ; PC>; JO>?MM? <;F<O=C;L ; J;LNCL >?
IONL;M<’MMIF;M?IONLIMHIG?M "G<IL;;GILN??MNCP?MM?H;?MKOCH;=IGMO;
P;MMIOL;?LAOC>;
?G<IL;;?MJ?L;Hƒ;H‚I@IMM?G;CMKO?OG;-;FGCL;AIL>; "
OGLIH=I
?>?KO;H>I?GKO;H>IOGJ?C>I
"HA;H;L M? ?HN‚I D~ H‚I CGJILN;P; N;HNI =IGI M? ; <OM=; >? M?O EC<ONT
NCP?MM? MC>I ILA;HCT;>; =IG G;J;M >; 0I=C?>;>? $?IAL~@C=;
 <’MMIF;M
=?LNC@C=;>;M=IGI;ON…HNC=;M
I+ILN?;IHILN?
I,?MN?;I?MN?<;MN;P;
;J?H;M

=IGJL??H>?L
PCMFOG<L;L@OA;TG?HN?KO?HI@CG>;M=IHN;MM?OEC<ONTD~H‚I
?L;CGJIMMˆP?FKO?F;BIL;?=IG;KO?F?@LCI?>?JICM>;KO?F?M>C;M
KO?M?I
NCP?MM? J?LM?AOC>I >? ;=IL>I =IG ;M L?AL;M >; NLC<I
 G?LCNILC;G?HN? ? M?G
L?=?<?L I PCMNIMI ?JˆN?NI >? CHKOCMC>IL
 M?G KO? NCP?MM?G @?CNI MO; =;L; PCL;L
=IGOGN;<?@?=LOT;>I
M?GJ?MMI;M=BIL;H>I?G~=IHM=C…H=C;?PIHN;>?>?
G;H>;LNO>IJ;L;I>C;<I?L?=ILL?L;M?O>I=OG?HNI>?C>?HNC>;>?GCFCN;L?;
OG <OL;=I JLIN?AC>I ?G KO;FKO?L JL?GCMM; ?MJCLCNO;F IO N?GJIL;F  *ILL?LC;
M?G =B?A;L ;I M?O EC<ONT G;M M?O EC<ONT ?MN;P; F~
 FIHA? G;M ?MN;P; F~
 ? ?F?
M;<C;KO??MN;P;JILKO?M?OEC<ONT?L;@CFBI>?M?O>?M?DI
?L;M?O>?M?DI;MMCG
=IGI?F??L;M?O>?M?DI?IGOH>IIO;L?JL?M?HN;ƒ‚I>IGOH>I?L;G>?M?DI

?L;GM?O>?M?DIIOI>?M?DI
H‚ICGJILN;P;GOCNIKO?F;BIL; "?HN‚IJI>C;
=I<LCL ; =;L; =IG ;M G‚IM
 >?CR;H>I ;J?H;M I ?MJ;ƒI J;L; ; J;MM;A?G >I
=CA;LLI
?@C=;L;IF;>I>ILCI
?HNL?IMP;A;<OH>IM
J?HM;H>I?GM?OEC<ONT

 =FI=B;L>? >?MJ?LNIO >? OG MIHBI HI KO;F ;FAO„G NCHB; >CNI ; ?F;
L?J?NC>;G?HN?Ui;MO@@CN
=IHMM?W
?MIO<?KO? „F?MNCHNCHB;C>I?G<IL;?G
JF?H; HICN? F?P;H>I I =;LLCHBI >? <?<… =B?CI >? F;N;M >? M;L>CHB; ?G G;O
?MN;>I KO?  N;L>? B;PC;G A;HB;>I HI AO?NI >I *;L;CM  1INI ? );@F?OL
>ILGC;G @?CNI NIOJ?CL;M >?<;CRI >IM M;=IM >? ?MNIJ;
 ? I HIPI ?MN;P; M?HN;>I
?GOGJIC;F
@OG;H>I G;HB?=C;
=FI=B;L>?L?NCLIO>?FC=;>;G?HN?;MMO=?MMCP;M?>Cƒ‘?M>IC2?46*@:CKO?;
;<LCA;P;G
?>OL;HN?OGN?GJI=IƒIO;=;<?ƒ; gMM?CMB;PC;OG;MIJ;KO?HN?
H; /O? >O 'IOL  1CHB; KO;M? =?LN?T; >? KO? „F?MNCH CLC;  MIJ;
 ? JI>?LC;
NIG;L >?F? ;M F;N;M >? M;L>CHB;
 M? „ KO? ?F? D~ H‚I NCP?MM? P?H>C>I NI>;M J;L;
-CJIHIOJ;L;);3;M?
Z *?L>? Z >CMM? ; =FI=B;L>?
 CHC=C;H>I ; =IGJFC=;>; N;L?@; >? M? ?LAO?L
Z6;F;<CM?
=?MN=OF
"G<LOFB;H>I M? ?G OG =;JIN? H?ALI KO? =B?A;P; ;N„ IM M?OM NILHIT?FIM

;JLIRCGIO M?>IHIPI ,HIPIN;G<„G;=B;P;KO?I@LCI?L;KO;M?JCILKO?;


JIFˆ=C; .O;H>I?F?FB??MN?H>?OOG=CA;LLI?I;=?H>?O
;=FI=B;L>?;=BIO
KO?I=IHB?=C;>?;FAOGFOA;L ,HIPI>CMM?KO?N;G<„G;=IHB?=C;>?;FAOG
FOA;L
 ? IM >ICM @C=;L;G GOCNI @?FCT?M >? M? L?=IHB?=?L KO?F; BIL; >;
G;>LOA;>; 0?HN;H>I M?HIJIC;F;IF;>I
;=FI=B;L>?>CMM?KO?;CH>;?L;=?>I
J;L;CL;N„;MIJ; #;F;L;G>?MIJ;MJILOGN?GJI
?G<IL;H;L?;FC>;>?IHIPI
H‚I MIO<?MM? H;>; >? MIJ;M
 ?L; JL?=CMI ?RJFC=;L ; ?F? IH>? @C=;P;G ;M
G?FBIL?M
?L;L?;FG?HN?OGHIPIG;MM?CHN?L?MM;P;GOCNIJILNO>I?N;FP?TM?
;HCG;MM? ; NCL;L ;M M;L>CHB;M >? „F?MNCH  #;F;L;G >;M M;L>CHB;M ? I HIPI
JLIG?N?OKO?;MMCGKO??H=IHNL;MM? „F?MNCH;MJ?>CLC;>?PIFN;
Z"F?P;CM;=;LIA;H=BIZJL?P?HCO;=FI=B;L>? ZjJL?=CMIM?LL~JC>I?
<;N?L =IG ;FAOG; =ICM; H; =;<?ƒ; >?F?  1CP?L;G KO? >;L =CH=I JIHNIM HI
1IHCI
KO?ALCN;P;N;HNIKO?>;P;J;L;IOPCL;N„-IHNICM?  ?MN=OF
-IHNICM?Z
;=L?M=?HNIO;=FI=B;L>??HNL?A;H>I M?HIMN;FAC;
,HIPIIFB;P;I>C;H;M=?LMI<L?;JIHN;>I3?LN $;F;HN
IM;FAO?CLIKO?C;
L?NCL;H>IMO;M@CH;M;L;HB;M>;<LOG; .O;H>I;=FI=B;L>?FB?J?LAOHNIOJIL
KO? ?MN;P; NL?G?H>I =IG OG; D;KO?N; >;KO?F;M
 >?O >? IG<LIM ? I@?L?=?O ;
?F;IONLI=CA;LLI #OG;P;G?@OG;P;G
@;F;H>I?IFB;H>I M?=IGMCGJ;NC; 
=FI=B;L>? ?RJFC=;P; ; ?F? IM =IMNOG?M >? „F?MNCH ? I HIPI M? F?G<L;P; >;M
N;L>?M ?G KO? ; NCHB;G PCMNI ;<L;ƒ;>; ; „F?MNCH ?G NI>IM IM <;H=IM ?
J;L;J?CNIM >; -IHN >?M LNM
 H; ?MKOCH; >I )IOPL? >C;HN? >IM JF~N;HIM
 =IGI
NCAL?M
 >?<;CRI >IM JILN;CM >; 0;CHN $?LG;CH FOR?LLICM
 ? OG; HICN? H; /O?
$‰N F? I?OL
<?CD;H>I M???GJOLL;H>I M?;FN?LH;>;G?HN?
=;CH>I>?<…<;>IM

„F?MNCH =IG OG; <FOM; >? JCHNIL ? ; =FI=B;L>? =IGI M?GJL? >?<;CRI >?
KO;NLI IO =CH=I P?MNC>IM ? ;FAOG;M =;J;M ? =;JIN?M
 ;<L;ƒ;>; ; OG; NLIOR;
P?LG?FB;>?J;HI>?IH>?M;ˆ;GJ?>;ƒIM>?G;HA;?OG;=ILH?N;KO?<L;>;

N‚I;J;CRIH;>;JIL „F?MNCHKO??L;;>GCL~P?F
?H=B?H>IILIMNI>?F?>?LOA??
>? ;FAOG; =ICM; M?G?FB;HN? ; AL;R;
 ?MJ;HNIM;G?HN? J?L>C>IM ?G M?O C>ˆFCI
J’<FC=I
?HP?L?>;H>I;@CH;FJ?F;/O?>?+?P?LM
?;ˆ;*;A;B;PC;>CNIU"F;„
KO??MN~;J;CRIH;>;
?F?H‚I>~;GˆHCG;JL;JILL;H?HBOG;W
?IFB;L;J;L;
?F?JILOGCHMN;HN?;HN?M>?M?;A;=B;LJ;L;;J;HB;LOG<;L<;HNCHBIP?L>??
?HLIF~ FIHI>?>I
Z?MN;BIL;H‚I@;T@LCIZ>CTC;;=FI=B;L>?J;L;;HCG~ FI Z3IOP?LM?
I);@F?OL;CH>;N?GOGJIO=I>?PCHBI 3CHBI;MM?HN;;HICN?  „F?MNCHF?PIO
>ICMFCNLIMKO??L;GG?OM
;F„G>;MM;L>CHB;M +‚I
H‚IMI<LIOH;>; ,M?HBIL

KO??MN~<?G P?MNC>I
JI>C;CL=IGJL;LOGFCNLIHI%;<?< "J‚I
M?I>CHB?CLI
>?L  Z $IMN;P; GOCNI >I HIPI
 ?G<IL; HI @OH>I MIO<?MM? KO? ?F? H‚I ?L;
HIPI
KO??MN;P;<?G P?MNC>I?KO?JI>C;JŽLI=INIP?FIHI<;F=‚I>I%;<?<?
NIG;L OG J?LHI> ;NL~M >I IONLI M?G KO? HCHAO„G JLIN?MN;MM? JIL =;OM; >I
G;O=B?CLI??MM;M=ICM;M ,HIPI=IHNCHO;P;@OG;H>I
@;T?H>IKO?MCG=IG
OG A?MNI P;AI
 =IG ; =;<?ƒ; ?G IONLI FOA;L  ;L; =IHB?=C>;  „F?MNCH N?LC;
;=?LN;>I?GM?AOC>;JILKO? „F?MNCH
?GG;N„LC;>?=;L;XZgMHIP?=IG?ƒ;
I @LCI >? P?L>;>?  3?G >; F;G;
 F~ >I @OH>I  *;M JI>?GIM CL  MIJ;
 „ <?G
<I;
"KO;H>ID~KO;M?H‚I>;P;J;L;P… FIMHI@OH>I>;/O?>?+?P?LM
KO;H>I
?MNCP?MM?GN;FP?T=B?A;H>I;IJIHNI?R;NIIH>?OG=;GCHB‚INCHB;;NLIJ?F;>I
-C?LL? OLC?U-C?LL? OLC?W
J?LAOHNIO;*;A;
?MNL;HB;>ˆMMCG;?JLIHN;J;L;
;JL?H>?L
?F?MNCHB;GM?PCL;>I>?P;A;LJ;L;;G;LA?G;FN;>ILCI
;JIC;H>I M?
=IHNL; ; =;CR; >? OG <IOKOCHCMN?
 ?G<IL; ,FCP?CL; ;=B;MM? ;M =;CR;M >IM
<IOKOCHCMN?M M?GJL? @’H?<L?M  HICN?
 @CF?CL; >? ;N;’>?M >? ?G?LA…H=C;
JIOM;>IMH;<;F;OMNL;>;>?J?>L;
?HOG;HICN?>?H?P;M=;NCHB;GM?>CP?LNC>I
?M=L?P?H>I /&-=IGOGJ;OTCHBI ?G NI>;M ;M =;CR;M >? F;N‚I
 ? ;J;L?=?O OG
AO;L>; KO? H‚I ;=BIO ; G?HIL AL;ƒ; ? >CMM? CMMI ; ?F?M
 G?H=CIH;H>I =ICM;M
=IGIL?MJ?CNI?NOLCMGI
M?GKO?M?MIO<?MM?IKO?INOLCMGINCHB;;P?L=IG;
BCMNLC; +;KO?F?M>C;MNO>I;CH>;?L;EC<ONT
IOJ?FIG?HIM;JIMMC<CFC>;>?>?
EC<ONT
?;H>;LJ?F;LO;?M=L?P?H>I/&-H;M=;CR;M>IM<IOKOCHCMN?M?;>GCL;H>I
; =FI=B;L>? ;J;CRIH;>; @;TC; J;LN? >? OG; =IH@OM; FCMN; >? ?R?L=ˆ=CIM H;
=IHNL;G‚IKO??L;JL?=CMI@;T?L
MOJ?L;L
CL>?CR;H>IJ;L;NL~M ";MMCG?L;
?
@;TC;@LCI
?H‚IB;PC;EC<ONT H‚IM?LJ?F;G?HNCL;>?CL=IGJL;LPCHBINCHNI
HI%;<?<?=LC;LJ;L;MCG?MGIOGEC<ONTCAO;FTCHBI;I>?(O<F;(B;H
M;FPI
;M>CMNH=C;M?HNL?IF~O>;HI?IPCHBITCHBINCHNI>IP?FBI%;<?< 
?/2?25F5:5"F3=2"92?
DE2E6=JA=62DFC65@>6564C66
Z "MNL;HA?CLI Z >CMM? ; =FI=B;L>?
 =IG G?HIM MCGJ;NC; J?FI HIPI  Z
"MJ;HBIF
B?CH&N;FC;HI
Z 2G; GCMNOL; Z >CMM? ,FCP?CL;
 @;T?H>I OG ?M@ILƒI PCLCF J;L; MOJILN;L I
=B?CLI
Z*;MPI=…NL;<;FB;
>~J;L;P?LZ;=OMIO;=FI=B;L>?
ZB
H‚I "H@CG
?O=OC>;P;>;M=IHN;M>?OGP?FBI
G;M@;TN?GJIKO?
H‚IHIMP?GIM
Z+‚I„H?HBOG;P?LAIHB;
>?M>?KO?H‚IM?;<OM? "O
KO;H>IDIP?GX
Z "GG;HO‡F? Z >CMM? ,FCP?CL;
 ;JIC;H>I ; G‚I HI FOA;L IH>?
 GOCNI F~
?G<;CRI
>?PC;B;P?LOGIG<LI =FI=B;L>?M?MI<L?MM;FNIO;IIOPCLIHIG?

IFBIOJ;L;?F?>??MAO?FB;?>?JICMNCLIOOG?MJ?FBCHBI>I<IFMI>I=;JIN??
I<M?LPIO ; JLJLC; <I=;  ,FCP?CL; M? J?LAOHNIO KO? =;>?C; CH=IH=?<ˆP?F >?
=CL=OHMNH=C;M JI>?LC; N?L J?LGCNC>I KO? ; =FI=B;L>? NCP?MM? IM =;<?FIM
IRCA?H;>IM   IJ?L;ƒ‚I >? OHN;L ; <I=; =IG OG NI=I >? <;NIG ?M=;LF;N? ;
I=OJ;P;JLI@OH>;G?HN? "F?N?P?N?GJI>?MI<L;J;L;>?=F;L;LOG;P?TG;CM
J;L;MCG?MGIKO??L;OGCG<?=CF G‚IHIIG<LI
>?JICM>I;MMOHNI?LNB?
1L„J;N  IG L?MOFN;>IM KO? ?L;G >? >IGˆHCI J’<FC=I  2G ;ONIJIHN;J„ HI
L;<I KO? I PCL;MM? >I ;P?MMI @?CNI OG; FOP;  L?NCH;==CI
 @OL@;HN?
 <;<;=;
CH@?=NI /&-
/&- $2=8Cy=6E@FC:D>6
Z IGI„KO?PI=…M;<?KO??OG?=B;GI"GG;HO‡F?
Z'~H‚IF?G<LI FAO„GG?>CMM?
"GG;HO‡F?JORIOOG;F;N;>?J;MNCFB;M3;F>;=B?C;>?JLIM;?=IG?ƒIO;
?M@L?A;LOG;>;M<I=B?=B;M 0? „F?MNCH?MNCP?MM?;FC
=?LN;G?HN?KO? j=F;LI
KO?  „F?MNCHCH=;HM~P?F !’TC;M>?F;N;M>?M;L>CHB;M
F?M;F;O> !?L?J?HN?

F?G<LIO
ZBZ>CMM?
Z-LIP;P?FG?HN?Z=IHM?HNCO,FCP?CL;
?HPIFP?H>I M?IG~RCGIJIMMˆP?FH;
@OG;ƒ;
Z"OPCPI=…MDOHNIMGOCN;MP?T?MZ>CMM?"GG;HO‡F?
ZA?HN?;H>;P;JIL;ˆ
Z*;M?F;M@;F;P;=IGCAIKO;H>I?MN;P;MITCHB; 2G;G?HCH;GOCNI<I;

OGJIO=IFIO=;
UMMCHI ?G<;CRIW
 J?HMIO ,FCP?CL;  ,OPC; "GG;HO‡F?
 KO? M? F?G<L;P;
=;>; P?T G?FBIL
 OG M;=I >? ;G?H>ICHM =;L;G?FCT;>IM
 OG JOFŽP?L <L;H=I
GOCNI OM~P?F ;CH>;
 OG; G?HCH; ?R=?F?HN? KO? H‚I NL;<;FB;P; H?G J?L>C;
N?GJI ;NL~M >? OG >CJFIG;
 <;MN;HN? FIO=; >? P?T ?G KO;H>I ? DIA;H>I IM
@L;H=IM@IL;J;L;;FCG?HN;L;MJIG<;M>;CFB;0;CHN )IOCM
MP?T?MN‚INLCMN?
M
P?T?MGILL?H>I>?LCL gMP?T?MNL;P?MM;
Z  A?HN? <LCAIO Z >CMM? "GG;HO‡F? Z JILKO? ?F; G? ;=IHM?FBIO ;
>?CR;LI „F?MNCH?GJ;T +‚I;J;L?=?OG;CM
?OAIMN;P;GOCNI>?F;
Z"F;P?CI=IHP?LM;L=IGPI=…N;HN;MP?T?M;MMCG
Z3I=…;=B;=B;NI
H‚I„G?MGI
Z+‚I„CMMIZ>CMM?,FCP?CL;
IFB;H>IJ;L;;IONL;G;LA?G
*;M?L;CMMIMCG
JILKO?;*;A;H‚INCHB;=IH@C;>I;?F?H;>;G;CM>IKO?
OGJ?>;ƒI>?MO;BCMNLC;=IG;=FI=B;L>?
?OG;A?H?L;FCT;ƒ‚I?F?G?HN;LI
F?P;P; ; ?N=  C’G? L?NLIMJ?=NCPI
 P?L -LIOMN
 NILNOL; MONCF ;H> MI IH
-LIP;P?FG?HN? C; =BIP?L
 I M;FAO?CLI ?MN;P; =IGI KO? MOMJ?HMI HI ;L ’GC>I
"G =IGJ?HM;ƒ‚I @;LC; G?HIM @LCI
 OG JIO=I G?HIM >? @LCI  1;FP?T N?HB;
;=L?M=?HN;>I ;FAOG; =ICM; >I NCJI U"F; HOH=; G? @;FIO GOCNI >? PI=…W

JILKO? "GG;HO‡F? MIFNIO OG; LCM;>CHB; M;NCM@?CN; ? G;FCAH;


 ? =IHNCHOIO M?
OHN;H>I >? J LIM; =IG OG >?>I ?H?AL?=C>I >? P?T ?G KO;H>I F?P;HN;P; ;
G‚I?>;P;OGAIFJ?M?=IHIJLJLCI=;<?FI?MNO@;>I
?HPIFNIJILOG;@CN;>?
F‚>?FCMNL;MP?LG?FB;M?P?L>?MKO?H;P?L>;>??L;OG=;=B?=IFNCL;>I>?OG;
F;N; >? FCRI  "H@CG
 ?L; JL?=CMI CL ?G<IL;
 MO<CL J;L; ; =C>;>?
 N‚I J?LNI
 FIAI
;FC
 M?CM G?NLIM ;=CG;
 =IG?ƒ;H>I ?R;N;G?HN? >I IONLI F;>I >I J;L;J?CNI >I
0?H;
 ;NL~M >;M =;CR;M /&- >? F;N‚I IH>? ;M JIG<;M >C;FIA;P;G ?MJID;H>I M? 
?MJ?L;>IJLCG?CLIMIF<L;H>I?M?G@ILƒ;
;J~FC>;M…GIF;>;MICNI?G?C;KO?
>?M=? >? OG =„O ?MG;A;>I
 KO? H‚I >?M=? JILKO? =?LN;G?HN? C; =BOPCM=;L

=IGIM?GJL?
.O;H>I ?F? D~ C; M? ;@;MN;H>I
 "GG;HO‡F? ALCNIO ;FAOG; =ICM;  "F? @C=IO
?MJ?L;H>IJIL?F;
MO<CL;G;?M=;>;DOHNIM +I<;L>I%;<?<=IGJL;L;G>ICM
FCNLIM >? NCHNI
 J?F; /O? >? F%CLIH>?FF? @IL;G M? ;<LCA;L H; A;F?LC; =I<?LN;
"GG;HO‡F?=IH>?M=?H>?O?G?RNL;CL>??HNL?>ICM>?M?OM=;JIN?MOGJ;=IN?
>? DILH;CM
 ? @CT?L;G OG ?R=?F?HN? N;J?N? HOG =;HNI KO? ,FCP?CL; ?RJFILIO
=IG @M@ILIM >?M=IH@C;>IM  !I IONLI F;>I >IM JILN;CM PCHB; OG LIH=I KO?
J;L?=C; >? ;FBI ? =IOP? @FIL ? ?MKO?=CG?HNI <;L;NI GIL>?H>I IM F~<CIM
,FCP?CL;@IC?M=ILL?A;H>I;N„@C=;LGOCNI<?GCHMN;F;>IHI=;HNIDOHNIJ;L?>?

ALO>;>I ?G "GG;HO‡F?


 KO? D~ ?MN;P; <?<?H>I >; A;LL;@; ? ;L@;P; M;NCM@?CN;
?HNL? OG AIF? ? IONLI  !?M?>O=;ƒ‚I >IM M?HNC>IM
 ;<LCL @OH>I ; <I=; ? ;M
H;LCH;M?;=?CN;LIJCIL>IMI>IL?M
;CGOH>ˆ=C?BOG;H; 2GGCHONI
>ICM
NL…M

=;>; P?T G;CM @~=CF


 =IGI NI>I ;JL?H>CT;>I  IHN?H>I ; H~OM?;
 ,FCP?CL;
J?AIO;A;LL;@;
?G?MGIM?GJI>?LP?LM;<C;KO?IA;LA;FI?MN;P;OHN;>I>?
LOA? ? >? M;FCP;
 ; ?M=OLC>‚I ;JOL;P; M?O IF@;NI  #?=B;H>I IM IFBIM J;L; M?
JLIN?A?LH‚IM;<C;<?G>IKO…
<?<?O>?OGNL;AIOGKO;LNI>?FCNLI>?NCHNI
!?JICM M? JOM?L;G ; @OG;L IG<LI =IHNL; IG<LI
 M;NCM@?CNIM   H~OM?;
L?NLI=?>C;
H‚IP?H=C>;G;MBOGCFB;>;
?MJ?L;H>I>?=;<?ƒ;?H=OLP;>;
?>;P;
J;L; =IG?ƒ;L ; J?HM;L ?G KO;FKO?L =ICM;  "GG;HO‡F? @;F;P; I N?GJI NI>I

>CLCAC; ; MC G?MG; >CM=OLMIM MIF?H?M ?HNL? OG MIFOƒI ? IONLI


 L?=LCGCH;P;
G;N?LH;FG?HN? OG „F?MNCH @;HN;MG;
 CHP?HN;LC;P; ;M M;L>CHB;M
 M?O LIMNI M?
;=?H>C; ; =;>; NL;A;>; HI =CA;LLI ? ,FCP?CL; PC; ;M JF;=;M >? MOD?CL; ?G MO;
N?MN;
IMALIMMIMF~<CIMG;H=B;>IM>?PCHBI
HIM=;<?FIM;@;CR;NLCOH@;F>?>?OM;
MˆLC;JCMIN?;>;JIL;FAOG?R„L=CNICHCGCAI
OG;=;<?ƒ;=LCM?F?@;HNCH;L?PIFPC>;
HI J
 =IG JF;=;M >? M;HAO? ? MOD?CL; G;M =IHM?LP;H>I I >C;>?G; ?N?LHI >?
@L;HD;MP?LG?FB;M?P?L>?M
;$L;H>?*‚?DIA;>;HIJ?JCMIN?;>;JILMIF>;>IM
<…<;>IM KO? M? >CP?LNC;G ?G GCD;L MI<L? IM M?CIM GONCF;>IM
 ;N„ KO? I G;CM
J;FB;ƒIM?;DI?FB;P;
?HNL?;M;=F;G;ƒ‘?M>IMIONLIM
I@;FI?L?NIMI<L?;>?OM;
=;ˆ>;
G;MNOL<;H>I M?>??H=IHNLI;IG~LGIL??>?CR;H>IKO?I?MJ?LG;FB?
?HNL;MM?J?FIMIFBIM>IMKO;CM;MG‚IM>IMI@C=C;CMD~B;PC;G;LL;H=;>I;MJ?>L;M
JL?=CIM;M
 H; <I=; ?HNL?;<?LN; KO? ;=?CN;P; ; BOGCFB;ƒ‚I =IGI OG; ’FNCG;
I@?L?H>;;HN?M>?LIF;LJ;L;I?MKO?=CG?HNI "?L;N‚IH;NOL;FKO?H;MIG<L;;
G‚I >? "GG;HO‡F? N;N?;MM? I <L;ƒI >? ,FCP?CL; ? JIOM;MM? =IH@C;HN?

?HKO;HNI ; IONL; G‚I JLI=OL;P; ; A;LL;@; ? M? IOPC; I AFO AFO ? OG <O@I
M;NCM@?CNI
N‚IH;NOL;FKO?NO>I@IMM?;MMCG;<MIFON;G?HN?;HP?LMIIOL?P?LMI
I
MCAHI IJIMNI =IGI JIMMˆP?F @ILG; >? MI<L?PCP…H=C;  " ;CH>; KO? %IFCP?CL;
>?M=IH@C;MM? >; B?<LC?>;>?
 B;MNON; =’GJFC=? >I $L;H>? %?HA;HI
 ;FAI FB?
>CTC;KO?N;G<„G;FCB;PC;EC<ONT
KO?JILNL~M
M?GJL?JILNL~MB;PC;?MJ?L;Hƒ;
>?EC<ONT +‚IOG;=?LN?T;G?N>C=;
;BH‚I
KO?LC>IP?FBI
CMMIH‚I
JILG;CM
KO? PI=… KO?CL;
 H?G OG CH PCHI P?LCN;M H?G OG; >C;F„NC=; ; F; #C=BN? IO
IONLIM F;JC>~LCIM ?MJCHIMC;HIM
 MIG?HN? =IGI OG; ;=?CN;ƒ‚I H; H~OM?;

%?L~=FCNIM?@CT?L;M?JOFN;LHOGGIHN‚I>??MN?L=IJ;L;M?=OL;L>;BC>LIJCMC;

;FAO„GNCHB;>CNICMMIH;KO?F;G?MG;HICN?
;FAO„GKO?D~J;L?=C;M?L>?OG;
IONL; PC>;
 ;FAO„G =IGI -IF; IO 4IHA
 J?MMI;M KO? ?F? NCHB; =IHMNL;HAC>I
J?FI MCGJF?M @;NI >? KO?L?L ?MN;<?F?=?L =IHN;NI =IG ?F;M J?FI F;>I <IG

L?CHP?HN;LI;GIL=IGI;’HC=;G;H?CL;>?;FAOG>C;?HNL;L?GM?OEC<ONT +;
G?L>; ;N„ I J?M=IƒI
 %?L~=FCNI
 I ,<M=OLI
 ?R;N;G?HN? =IGI ?F?M G;M M?G I
PCHBI
 ? N;G<„G J;L; M? =OL;L >; BC>LIJCMC;  "HN‚I N;FP?T @IMM? CMMI
 ?MN;L H;
G?L>;;N„IJ?M=IƒI?;IG?MGIN?GJI?MJ?L;L
JILKO?=IG=?LN?T;%?L~=FCNI
JL?=CMIO J;MM;L >C;M CHN?CLIM H; G?L>;
 ? ,FCP?CL; ?MN;P; M? F?G<L;H>I >? KO?
N;G<„G %?L~=FCNI B;PC; >CNI KO? KO?G H‚I ?MJ?L; D;G;CM ?H=IHNL; I
CH?MJ?L;>I
NILƒ;IJ?M=IƒI>I=CMH?
B;PC;>CNI%?L~=FCNI
G;MH‚I
=F;LIKO?
?F? H‚I NCHB; >CNI M?G?FB;HN? =ICM;
 ? ?HKO;HNI <?<C; IONLI AIF? FIHAI ?
"GG;HO‡F?LC;H;J?HOG<L;;IIOPCLIAFO AFO?;=;LC=C;P;I<L;ƒI>?F?=IGI
J;L; FB? GIMNL;L KO? ;JL?=C;P; ; MO; =IGJ;HBC; ? ; JLIG?MM; >? CL NIG;L ;M
M;L>CHB;M >? „F?MNCH
 ?G ,FCP?CL; MO<C;
 =IGI OG ;LLINI PCHBIMI
 I >OJFI
MI<L?HIG?>I=CMH??MNL;HAOF~P?F
?M?HNC;OG;?HILG?PIHN;>?>?LCL?=IHN;L
; "GG;HO‡F?
 G;M ?G P?T >CMMI >?PIFP?O ; ?F; ; A;LL;@; KO;M? P;TC;
 ?
"GG;HO‡F? =IG?ƒIO ; =;HN;L =IG NI>; ; ?GIƒ‚I U)?M G;HNM >O %;PL?W

OG; =;Hƒ‚I KO? ; *;A; =;HN;P; KO;H>I ?MN;P; NLCMN?


 G;M KO? "GG;HO‡F?
=;HN;P; =IG OG; ?HNIH;ƒ‚I NL~AC=;
 >?M;@CH;H>I ? ?MKO?=?H>I ; F?NL;
?HKO;HNI ;=;LC=C;P; ,FCP?CL;
 KO? =IHNCHO;P; J?HM;H>I KO? M KO?G ?MJ?L;
JI>??H=IHNL;LICH?MJ?L;>I
?M?GC=?LL;H>IIMIFBIMJ;L;H‚I>?CR;L?HNL;L;
P;A;FOTKO?MO<C;>IMJILN;CM
CG;ACH;P;
HOGFOA;LGOCNI>CMN;HN?>IIONLI
F;>I>IG;L
IO?L;OG;N;KO?>?J;NLCINCMGI
;J;CM;A?GN‚IJOL;KO?KO;M?
H‚I?RCMNC;HIM?OEC<ONT "PC>?HN?G?HN??L;JL?=CMINIL=?LIJ?M=IƒI>I=CMH?

G?MGIKO?%?L~=FCNIH‚INCP?MM?G;H>;>I "MN;P;@C=;H>IM?HNCG?HN;F
AF:DBF6
=2E6CC66DEC@?56>@?2>@FCE6?72:DA2D>@?2>@FCE6?72:DA2D=IGIPCHBI
? ; PIT J?A;DIM; ?MN;P; @C=;H>I M?HNCG?HN;F
 NO>I ;=;<;LC; ?G JL;HNI ?
;ONI=IGCM?L;ƒ‚I
=IGI;<M
=ICN;>CHBI>I%IL;=CI;H=IL;>I?G-;LCM
=IGI
?MN;L‚I GO>;>;M MO;M LO;M ILLC?HN?M
 0OCJ;=B;
 "MG?L;F>;
 ? I P?FBI
;LL;<;F>?  *;M ;CH>; KO? ;JFC=;MM? NI>; ; MO; L;CP; ; ;=?H>?L IONLI $;OFICM?

GOCNIFIHA?HI@OH>I>IMIFBIM=IHNCHO;P;P?H>IM?OEC<ONT
H‚I>IIONLIF;>I
>IG;LIOKO?GM;<?>IIONLIF;>I>IG;L
IO;FC@IL;H;/O?$;F;H>?IO?G
-ON?;OR IO H; /O? >? F; 1IG<? &MMICL?
 @IMM? =IGI @IMM? M?O EC<ONT ?MN;P;
M?GJL?;FC?H‚I?L;OG;GCL;A?G
Z+‚I„OG;GCL;A?G
"GG;HO‡F?
Z 1; AO?OF?
 GIH JIN? Z >CMM? "GG;HO‡F? G;HI<L;H>I ?HNL? MO;M
CH’G?L;MM;C;M;N„?H=IHNL;L;IONL;A;LL;@;
!?JICM M? J?L>?L;G ?G IONL;M =ICM;M
 "GG;HO‡F? =IHNIO ; ?F? MI<L? OG;
;@IA;>;KO? „F?MNCH;PCMN;L;;FNOL;>?$L?H?FF??,FCP?CL;KOCMM;<?LKO;F?L;
; =IL >I =;<?FI >?F;
 G;M „F?MNCH H‚I NCHB; PCMNI H;>; ;F„G >;M J?LH;M
 KO?
H;KO?F? GIG?HNI M;ˆ;G OG JIO=I >; ~AO;
 ? NCHB; M? G;H>;>I ;HN?M KO? ;
JIFˆ=C; =IG?ƒ;MM? =IG M?O G;F>CNI =IMNOG? >? CHN?LLIA;L NI>I GOH>I  "
>?JICM>?<?<?L?GKO;M?NI>;;M?AOH>;A;LL;@;
KO;H>I?MN;P;GG;CM;F?AL?M
>I KO? HOH=;
 "GG;HO‡F? L?=CNIO OG @L;AG?HNI >? U); *ILN >O FIOJW ?
,FCP?CL;;JL?M?HNIO;?F;M?GG;CM>?FIHA;M;MM?RNCH;M>I$2CE}?:6CC@ 2G
IOIONLI=;GCHB‚ID~J;MM;P;J?F;JL;ƒ;
=IG?ƒ;P;G;M?IOPCLIMLOGIL?MKO?
!?FCOM
=?LN;P?TX*;MN?LC;MC>I?GP‚I@;F;L>?!?FCOM;"GG;HO‡F?
;J?M;L
>? ?F; M?L OG; GOFB?L M?HMˆP?F KO? H‚I M? FCGCN;P;  JI?MC; ? M? ?RJL?MM;P;
G;HO;FG?HN?
?M@L?A;H>I M??G,FCP?CL;J;L;NCL;LI@LCI>I=ILJI
;=;LC=C;H>I
FB? I <L;ƒI
 LIHLIH;H>I NL?=BIM >? J?L; ? I<M=?HC>;>?M =IHNL; „F?MNCH
J?LN;H>II=CA;LLI?HNL?IMF~<CIM;N„M?HNC FIKO;M?J;LN?>;<I=;
,FCP?CL;;
?M=ON;P;
>?CR;P;KO??F;@IMM?M?;J?LN;H>I=IHNL;?F?
L?J?NC; M?@LC;G?HN?KO?
H‚I ?L; G?FBIL KO? ?F; ? KO? HI JCIL >IM =;MIM M?GJL? JI>?LC; L?=ILL?L ;I
NL;N;G?HNI>?%?L~=FCNI
N;FP?T;G?HM;A?GG;CMJ?H?NL;HN?>I,<M=OLI@IMM?;
KO? ?F? H‚I ?M=L?P?L;
 >?CR;H>I KO? ;M H;LL;NCP;M
 ; PIT >IM >CM=ˆJOFIM ;
NL;HMGCNCMM? J;L; KO? ;FAOG IOPC>I @CHI ;FAOG >C; ?HN?H>?MM?  =B;P; AL;ƒ;
?GKO?;GCMNIM;G?HN??GOCNIG;NN?LI@@;=N;G‚I>?"GG;HO‡F?I?MNCP?MM?
>?M;<INI;H>I
?JI>?LJ?HM;L;IG?MGIN?GJIKO?N;FP?TI,<M=OLINCP?MM?M?
;@OH>;>I H; G?L>; ;N„ I J?M=IƒI M?G ?MN;L >I?HN?
 M?G N?L ;<MIFON;G?HN?
H?HBOG; BC>LIJCMC;
 MCGJF?MG?HN? >?M?HB;H>I OG; @CAOL; KO? M?O GOH>I
H‚I FB? N?LC; J?L>I;>I
 MI< ; @ILG; >? M?HN?Hƒ; IO FCƒ‚I ? KO? ;NL;P?MM;L; ;
FCHB;>IN?GJI>?=IHNL;<;H>I;N„=B?A;L
>?GCMNOL;=IG;N?ILC;
H‚IG;CM
KO? OG >?N;FB? >?M;AL;>~P?F ? J?HIMI ;I F;>I >I >C;G;HN? ?MNL?G?=?>IL >I
J;HN; LB?C
 OG; N?L;J…ONC=; <~L<;L; KO? %CJ=L;N?M D~ N?LC; =IH>?H;>I
 =IGI
JILL;T‘?M>?BCAC?H??F?G?HN;LN;G<„GN?LC;=IH>?H;>IKO?"GG;HO‡F?M?
>?<LOƒ;MM?JIO=I;JIO=IMI<L?I;GCAI<…<;>I?=IGOG;FˆHAO;G;H=B;>;
>? N;HCHI F;G<?MM? BOGCF>?G?HN? MO; JC=;
 ;GJ;L;H>I M?O =IGJL??HMˆP?F
;<;H>IHI=IGIM>?>IM?GOLGOL;H>I;FCHAO;A?GCHMJCL;>;J?FIMA;NIM?IM
<?<…M >? J?CNI
 =IGJF?N;G?HN? CH>C@?L?HN?  G?>CN;ƒ‚I KO? ;=IHN?=C; OG
JIO=IG;CM;=CG;
>?>C=;>;;OGGCMN?LKO?JIO=IJLIP?CNIJI>?LC;FB?>;L

JLI=?>?H>IJIL;FAOG;I<M=OL;=IGCM?L;ƒ‚I
J;L;KO?IHIPI@C=;MM?=IHN?HN?
?GMO;JLCG?CL;HICN?>?=FI=B;L>?KO?GM;<?M?;J;CRIH;MM?OGJIO=IJIL
?F; J;L; =;MNCA;L „F?MNCH
 ?MKO?=?MM? ;M =ICM;M ?MKOCMCN;M KO? ?MNCP?L;
LOGCH;H>I ?G M?O C>CIG; >? M?FP;A?G ;G?LC=;HI ?HKO;HNI ?M=ILL?A;P; OG
JIO=IG;CMDOHNIJ;L?>??M?>?CR;P;CL=IGOGMOMJCLI
?H@C;H>I;G‚IHI
=;<?FI>?"GG;HO‡F??;=L?>CN;H>IJILOGM?AOH>IG;M;KOCFI>?PC;M?LI
CH@?LHIKO??L;I=;<?FI>?-IF;
KO?;CH>;OG;P?T-IF;NCHB;M?DIA;>I?G
=CG; >?F? ?HNL? JIH=BIM G?RC=;HIM ? =;LN‘?M JIMN;CM >? (F?? ? I .O;LN?NI >?
!OLL?FF J;L; @;T… FI AIT;L ? AIT;L ; J;LNCL >? @IL;
 ;N?HN; ? ;H;FˆNC=; ? ;FB?C;

;HN?M>??RCACLMO;J;LN???MN?H>?L M?=IHNL;?F?NL?G?H>I
J?>CH>I FB?KO?;
NIG;MM? ? ; G;=BO=;MM?
 =IG ; <I=; G;H=B;>; =IGI ; >?OM; MˆLC;
 =IGI
"GG;HO‡F?
KO?M??H>CL?CN;P;JOR;>;J?F;JIFˆ=C;
M?HN;P; M?<LOM=;G?HN??
>CTC; &? 72:D2:E C:6? BF@:
 ? >? L?J?HN? >?<;CRI >I =CHT; KO? M?G KO? ?F?
MIO<?MM? =IGI ?H=BC; IM JILN;CM ,FCP?CL; ;<LC; IM IFBIM ? PC; ;M J?LH;M >I
AO;L>; ?H=IMN;>;M H;M MO;M
 LC>C=OF;G?HN? >?M;<INI;>I ? =IG ; A;LL;@; P;TC;
LIF;H>I >?JICM >I JIHN;J„ >I AO;L>;
 I M?AOH>I JIHN;J„ ?G MO; =IR;
 ;
<I@?N;>; @?LIT ?G JF?H; =;<?ƒ; >? "GG;HO‡F?
 KO? M? ;A;=B;P; ? A?GC;
 ?
M?GM;<?L=IGI>?DI?FBIM
;’HC=;JIMCƒ‚IFAC=;J;L;?H@C;LIKO;HNI;HN?MH;
=;Fƒ; I =ILJI >? >?FCNI L?>OTCH>I M? JLI>CACIM;G?HN? =IG AL;H>? ?MJˆLCNI >?
=IF;<IL;ƒ‚IJ;L;M?>?CR;LAO;L>;L?;<INI;L
?L?;FG?HN?H‚IB;PC;;=IHN?=C>I
H;>;G;M=IGI?RJFC=;L;IJIFC=C;FKO?IM;LL;MN;P;;N„I=;G<OL‚IH;JL;ƒ;

=IGI ?RJFC=;L ; ;<M KO? ; CHKOCMCƒ‚I ?L; IONL; =ICM;


 ? ; ,MMCJ

JLCH=CJ;FG?HN?;,MMCJ
=IGI ?RJFC=;L KO? NO>I ?MN;P; JIL M?L @?CNI ? ; ’HC=;
=ICM; >?=?HN? ?L; PIFN;L ;NL~M J;L; NIG;L OG <IG CGJOFMI
 >?CR;L M? =;CL J;L;
>?JICMJI>?LKO?GM;<?F?P;HN;L M?
"G;HHO‡F?J;L;>?JICM
N;FP?TX
Z!?CR??F;CLZ,FCP?CL;J?>CO;IAO;L>; Z=ICN;>;?MN~G;CM<…<;>;
KO??O
<;CRIO;=;<?ƒ;;N?GJI>??PCN;L;JILL;>; ,ONLIAO;L>;;A;LLIO IJ?F;
=CHNOL;
?HOG’HC=IGIPCG?HNIDIAIO IJ;L;>?HNLI>I=;G<OL‚I "?G=CG;
>?F? ;LL?G?MM;L;G "GG;HO‡F?
 KO? =;HN;P; ;FAOG; =ICM; J;L?=C>; =IG U)?
1?GJM>?M=„LCM?MW !?CR;L;GIM>ICMMITCHBIM>?HNLI>I=;G<OL‚I
?,FCP?CL;
?M@L?AIO ; =IR;
 KO? >Iˆ; ;NLITG?HN?
 ? OHCO MO; PIT  >?F; J;L; =;HN;L U)?
1?GJM>?M=„LCM?MW
M?„KO??L;CMMI ,=;G<OL‚I;LL;H=IO=IGIM?NCP?MM?MC>I
=;N;JOFN;>I
ZEE@FD?@D2>@FCDZPI=C@?LIO"GG;HO‡F?
Z"NNIOMHIM;GIOLMZ>CMM?,FCP?CL;
M?DIA;H>IHI<;H=I?JLI=OL;H>I
OG=CA;LLI Z&MMI
GCHB;=;L;
H?G%?L~=FCNI
Z+F>672:D49:6CZ>CMM?"GG;HO‡F?
>?M;H>;H>I;=BIL;L;IMALCNIM Z
EE@FD?@D2>@FCDZ=;HNIO?HNL?MIFOƒIM ,FCP?CL;IOPCOIMAO;L>;MLCH>I?
IFB;H>I;NL;P„M>;MAL;>?M UIG
M??OKO?LC;NL;HKOCFC>;>?
;AIL;PION?L>?
MI<L;  1?G >? ;JLIP?CN;L
 =B?
 H;>; >? @;T?L I KO? PI=… ?MN~ J?HM;H>I W
1?F?@IH;L J;L; =IHN;L OG MIHBI >CP?LNC>I NO>I <?G
 G;M =B?A;
 H;>; >?
CHMCMNCL  ;>;OGJILM?OF;>I
BC>LIJCMC;M?=OL;=IGJ;=C…H=C;
=IGG?L>;?
=IGMIFC>‚I ";F„G>IG;CMI FO<??MN;P;FCKOC>;>I
NO>I@?FCTG?HN??MN;P;
FCKOC>;>I?IKO?;CH>;L?MN;P;JILFCKOC>;L?L;KO?MN‚I>?N?GJI ,=;G<OL‚I
@L?IOHOG;?MKOCH;?KO;H>I"GG;HO‡F?ALCN;P;(F2?5:=C6G:6?5C2=6E6>AD
56D 4yC:D6D
 OG >IM AO;L>;M ;<LCO ; D;H?FCHB; ? ;PCMIO KO? M? IM >ICM H‚I
=;F;MM?G;<I=;?F?;LL?<?HN;LC;;=;L;>?F?M;JIHN;J„M "GG;HO‡F?M?>?CNIO
HI@OH>I>I=;G<OL‚I>?<;LLCA;J;L;<;CRI?=BIL;H>I;IM<?LLIM
?,FCP?CL;
JŽMIMJ„MMI<L?INL;M?CLI>?F;?M?CHMN;FIO=IGI>;G?HN?HI<;H=I +IDIAI
>; ;G;L?FCHB; OM; M? OG; J?>LCHB; KO? „ JL?=CMI ?GJOLL;L =IG ; JIHN; >I
M;J;NI  &HAL?>C?HN?M OG; =;Fƒ;>;
 OG; J?>LCHB;
 OG M;J;NI ? OG <?FI
>?M?HBI@?CNI;ACT
>?JL?@?L…H=C;=IFILC>I +I;FNI?MN~I „O
?G<;CRI?MN~;
1?LL;
„GOCNI>C@ˆ=CF=B?A;L;I „O=IG;J?>LCHB;
KO;M?M?GJL?M?=;F=OF;
G;F ? ; J?>LCHB; M;C >I >?M?HBI  -IO=I ; JIO=I
 JIL„G
 P;C M? ;>KOCLCH>I ;
B;<CFC>;>? H?=?MM~LC; J;L; NL;HMJIL ;M >C@?L?HN?M =;M;M ;G;L?FCHB; =;L;=IF

;G;L?FCHB; L?N;HAOF;L
 ;G;L?FCHB; >? @;HN;MC;
 JIO=I OM;>; ? OG >C; M?
;JL?H>?;M;CL>;1?LL;?CLF?P;H>I;J?>LCHB;;N„I „O
;N„?HNL;LHI „OE
E@FD?@D2>@FCD
MIFOƒIO"GG;HO‡F?>?<LOƒIM
IJLI<F?G;„KO?DOMN;G?HN?
;?MM;;FNOL;
KO;H>IKO;M?HCHAO„G;JL?H>?O;F?P;L;J?>LCHB;;N„I „O
;
CH@H=C;M?;=;<;>?L?J?HN??=;ˆGIMHIMFCPLIM
H;;HA’MNC;M?GL;T‚I>?M?L

H;?MJ?=OF;ƒ‚I>?IONLI „O;IKO;FN;G<„G„JL?=CMI;JL?H>?L;=B?A;L "


JILKO? M;ˆGIM >; CH@H=C; !6 ?@F3=:6C2: A2D =6 E6>AD 56D 4yC:D6D
 ?MJ?LH?IO
"GG;HO‡F? HI =B‚I ?MKO?=?GIM KO? J;L; =B?A;L ;I „O M‚I H?=?MM~LC;M

=IGI CHAL?>C?HN?M
 OG; J?>LCHB; ? ; JIHN; >? OG M;J;NI  .O? ?L; I KO?
%?L~=FCNI M;<C;
 ?H@C;>I H; G?L>;
 ? KO?G M;<? MIO<?MM? "GG;HO‡F?
 KO?
FCGJ;P;IL;HBI?M@L?A;H>I;MG‚IMHILIMNIHIN?GJI>;M=?L?D;M
IOIM>ICM
J?>?L;MN;MKO?H‚IM?M;<C;=IGI?MN;P;GM?HN;>IMHI=;G<OL‚IG;M=F;LI
;
JILN;NCHB;MC>I;<?LN;?@?=B;>;?HNL?L;HAC>IM?LCMCHBIM?OGMIJL;L>?;JCNI
? KO? LCH>I @?CNI FIO=IM IFB;P;G J;L; "GG;HO‡F? HI =B‚I ? J;L; ,FCP?CL;
KO?L?H>I @OG;L G;M M?G =CA;LLIM ? M?G @M@ILIM ?G<IL; H‚I M? F?G<L;MM? >?
KO?IAO;L>;NCP?MM?L?PCMN;>IM?OM<IFMIM
6EE@FD?@D2>@FCD6EE@FD?@D2>@FCD
2G;J?>LCHB;?;JIHN;>?OGM;J;NI
CMMIKO?;*;A;?HN?H>?L;N‚I<?G?
?F?GOCNIG?HIM<?G
?I FO<?G;CMIOG?HIM<?G?KO?>?M>?;CH@H=C;
?GOLT;=IIOHIMMO<’L<CIM>?*IHN?PC>„OGIMNL;P;IL?NI=;GCHBI>I „O

M?GH?=?MMC>;>?>?P?>;HN;IO>?T?HIO>??M=;NIFIAC;MP;LC;>;M
MCG
=B?A;L
;I „O ; JIHN;J„M
 =B?A;L =IG ; J?>LCHB; =;LL?A;L ; MO; =LOT -IO=I
G;H?D~P?F
 ?MM? ;LN?@;NI ? HOG ’FNCGI JIHN;J„ JLID?N;L ; J?>L; =IHNL; F;TOL
F;TOL F;TOL
 JF;@ PC>LI KO?<L;>I
 D~ J;L; ; =;G; M?G MI<L?G?M;
 G?HCHI
F?P;>I
 ? KO? >C@?L?Hƒ; @;TC; M? ;NL~M >I PC>LI KO?<L;>I ?MN;P; I EC<ONT
 M? I
„OH‚I?L;H;>;G;CM>IKO?OGHIG?CH@;HNCFJ;L;IM?OEC<ONT
Z -IL NO>I CMMI Z >CMM? %IL;=CI Z
 =;HN?GIM ? @OG?GIM
 "GG;HO‡F?

F?P;HN;
P?FB;=BILIH;
ZEE@FD?@D2>@FCDZ<L;GCO"GG;HO‡F?
Z&F?MN<?;OZ>CMM?OG>IMJ?>?L;MN;M
IFB;H>IJ;L;%IL;=CI=IGN?LHOL;
Z&F;F;CL@;LIO=B?
,IONLIJ?>?L;MN;NCHB;NCL;>IOGNO<I>?G?N;F>I<IFMI?IFB;P;JILOG
@OLCHBI
MILLCH>I?@;T?H>I=;L?N;M ,J?>?L;MN;G;CMDIP?GNCLIO>?F?INO<I?
=IG?ƒIO ; IFB;L  U+‚I >~ J;L; P?L H;>;
 'IW
 >CMM? ?F?  U!~ MCG
 <?HTCHBIW

>CMM?'I U+‚I
H‚I
H‚I
H‚I WU!~MCG
>~MCG  ),,(1%/,2$%1%"-""-%,)"
+! 6,2)) 0"" -11"/+0 -/"116 0 + " W U"MN~ >? HICN?
 'I W 'I NCLIO OG;
=;CR; >? @M@ILIM ? ;=?H>?O OG H; @L?HN? >I =;F?C>IM=JCI  $LCNCHBIM >?
?HNOMC;MGI
J;NN?LHMJL?NNS;M=;H<? EE@FD?@D2>@FCD
>?=F;LIO"GG;HO‡F?
M?HN;H>I M? HI @OH>I >I =;G<OL‚I  1O>I C; N‚I <?G
 NO>I =B?A;H>I ; MO;
BIL;
IDIAI>;;G;L?FCHB;?I=;F?C>IM=JCI
IJ?KO?HIJ?>?L;MN;IFB;H>I?
IFB;H>I
IB
'I
H‚I?MNIOP?H>IH;>;
G;CMFOT
G;CMFOT
'I "G<IL=;>IHI
<;H=I
 %IL;=CI M;O>IO I ,<M=OLI
 ; =;<?ƒ; >I ,<M=OLI ;MMIG;H>I >;
JCLGC>? >? <IMN; =IG >ICM IFBIM KO? ?L;G ?MNL?F;M P?L>?M
 J;NN?LHM JL?NNS ;M
=;H <?
 I ,<M=OLI NCHB; L;T‚I
 OG =;GCHBI ;N„ I EC<ONT
 N;FP?T I ’HC=I
=;GCHBI ;N„ I EC<ONT
 ;KOCFI H‚I JI>C; M?L I GOH>I
 ;M J?MMI;M M?AOL;P;G I
=;F?C>IM=JCI J?FI F;>I ?LL;>I
 ?HN‚I ?L; JL?=CMI PCL~ FI =IG ; ;DO>; >?
"G;HHO‡F??>?-IF;?>?-;LCM?>;*;A;?>?/I=;G;>IOL
;NCL;L M?HI=B‚I
=IGI"GG;HO‡F??>;FC=IG?ƒ;L;IFB;L;J;LNCL>;GIHN;HB;>?<IMN;
IFB;L
IGOH>IJ?FIIFBI>I=O
;H>SIOFFM??J;NN?LHMJL?NNS;M=;H<?
;J?>LCHB;
NCHB;KO?J;MM;LJ?FIIFBI>I=O
?H@C;>;;JIHN;J„MJ?F;JIHN;>IM;J;NI
?>;
1?LL; ;I „O ;M =;M;M ?MN;LC;G ;<?LN;M
 I F;<CLCHNI M? >?M?HLIF;LC; =IGI OG;
=IL>; >? L?FACI ;LL?<?HN;>; @;T?H>I J;LNCL M? ?G GCF J?>;ƒIM I N?GJI >IM
?GJL?A;>IM
?J?FIL;HBI?J?FIM…G?H?J?FI=B?CLI>?"GG;HO‡F??;<IMN;
>I,<M=OLIM?NIG;LC;I=;GCHBIKO?F?P;;IEC<ONT>I>?M?DI
D~H‚IMO<CL;I
„O MO<CL
 J;F;PL; BCJ=LCN;
 „O
 @F;NOM PI=CM
 ? MCG ;P;Hƒ;L ; J;MMIM >?
BIG?GJILOG;N?LL;>?BIG?HMH;>CL?ƒ‚I>IEC<ONT;IFIHA?G;MHIG?MGI
JF;HI
 =IGI I „O ?MN;P; HI G?MGI JF;HI KO? ; 1?LL; H; =;Fƒ;>; MOD; >;M
<LCH=;>?CL;M
?OG>C;N;FP?TM??HNL;MM?HOGGOH>IIH>?>CT?L „OH‚IM?LC;
OG NL;JI G;H=B;>I >? AL;R;
 ? OG >C; ;FAO„G P?LC; ; P?L>;>?CL; @CAOL; >I
GOH>I
J;NN?LHMJL?NNS;M=;H<?
?N;FP?T
?GJOLL;H>I;J?>LCHB;
;=;<;MM?JIL
?HNL;LHIEC<ONT

 
!,)!,!" d

=72FEG@J286C=@:?6?2:>2?ED2>2:D@?
JJIFCH;CL?
#6D$2>6==6D56+:CyD:2D


1CHB; L;CP; >? M? =B;G;L 1L;P?F?L


 FIAI ?F?
 KO? HOH=; NCHB; M;ˆ>I >;
LA?HNCH;;H‚IM?LJ;L;=LOT;LILCI;N„*IHN?PC>„O?H;P?T?GKO?@IL;J;L;
MMOHƒ‚I >I -;L;AO;C
 G?NLJIF?M L?=IL>;>;M =IG MI<?L;H; CH>C@?L?Hƒ;  IM
KO;L?HN; ;HIM
 =IHNCHO;P; ALO>;>I  ;FF? ;=BCG;SI
 ? I @;NI >? NL;<;FB;L
=IGI A?MNIL ? G;CM OG JIO=I HI =CL=I );M "MNL?FF;M H‚I >;P; ; ?F? ; G?HIL
?MJ?L;Hƒ; >? J?L=ILL?L IM =;GCHBIM >I GOH>I >@C6 ;LHOG ; ~L?; >?
IJ?L;ƒ‘?M >I =CL=I M? ?MN?H>C; >? 0;HN; #? ; ;LG?H >? -;N;AIH?M
 =IG
JLIFIHA;>;M ?M=;F;M H; =;JCN;F @?>?L;F
 ); -F;N; ? /IM~LCI  .O;H>I 1;FCN;

F?CNIL; >? ?H=C=FIJ„>C;M


 M? CHN?L?MM;P; J?FIM JIPIM HŽG;>?M ? ;M =OFNOL;M
NL;HMOG;HN?M
 1L;P?F?L ALOHBC; ? @;TC; OG ?FIACI CHMCH=?LI >I J~NCI =IG
A?LHCIM
 >I =;NL? ? >I H?G J?HM;L ?G M;CL >I LCH=‚I IH>? =IG?ƒIO MO;
?RCMN…H=C;  "HNL? OG G;N? ? IONLI
 @;TC; L?FOTCL OG; M;JC…H=C; KO?
CGJL?MMCIH;P;MO;GOFB?L
G;MI?M@ILƒIKO?@;TC;J;L;=IHP?H=?L?L;?PC>?HN?
+I MIHI M P?T?M >?CR;P; ?M=;J;L ?RJL?MM‘?M >? >?MN?LLI
 >?M?HL;CT;G?HNI

NLHMCNIM OFNL;G;LCHIM
 J;MM;A?HM JIL ;F@H>?A;M ? ;FC>;>?M CGJL?=CM;M  0?
KO;H>I ;=IL>;P; 1;FCN; @CT?MM? NLIƒ; >?F?
 =IG?ƒ;P; JIL FB? >;L J;FG;>CHB;M
HI NL;M?CLI J;L; ?G M?AOC>; LCL?G @?CNI FIO=IM ? ?L; =IGI M? ; ;ONINL;Cƒ‚I >?
1L;P?F?L @CT?MM? <?G ;IM >ICM  2G; =ICM; ?L; JL?=CMI L?=IHB?=?L ? ?L; KO?
 
>C@?L?Hƒ; >? KO;M? NI>IM IM M?OM ;GCAIM
 1L;P?F?L H‚I =OFJ;P; ; PC>; IO I
>?MNCHI JIL H‚I N?L =IHM?AOC>I PC;D;L  PIHN;>?  0CGJF?MG?HN? <?<C; OG;
A?H?<L;>?OGMAIF??M?>?=F;L;P;OG=L?NCH‚I
Z F;LI KO? ?O MIO ; G?FBIL >;M MO;M PC;A?HM Z >CTC; 1;FCN; M?GJL? KO?
MOLAC;OG;IJILNOHC>;>?Z
G;M?F?„N‚I<I<IKO?H‚IJ?L=?<? "O
M?HBIL;

IF?P?CH;M;M;M>;@;HN;MC;;N„IJLJLCIFCGCN?>IBILCTIHN?
M?HBIL;;MMCGCHN?LJ?F;>;;=B;P;KO?1;FCN;@;F;P;;M„LCI
?L?MJIH>C;H;
M?AOCHN?FCHB;
Z B
 M?HBIL;
 IM BIG?HM M‚I N‚I CH=IGJL??HMˆP?CM D:4 HI M?HNC>I >?
>?MJLIPC>IM>?=IGJL??HM‚I
,O
Z=L?>CN??GGCG
=IGCAI?G?O'O;HHNIHCI„CAO;FTCHBI 0?GJL?>CAI
CMMI;?F?
G;M?F?H?GIOP?
,O
ZB
=IGJL??H>I;M?HBIL;GOCNI<?G PC>;„OG;FON;
Z+‚I;T?>?;PC>;
M?HBIL; 1?H>IM;’>?
M?P;CF?P;H>I
!?JICM1;FCN;=IHN;P;;1L;P?F?L
?IM>ICMLIF;P;G>?LCLHI=B‚I>;=ITCHB;
;N„>?M=IGJIL;LIOJ;CHN?CL; -;L;1L;P?F?LH‚IB;PC;H;>;G;CMJLI>CACIMI>I
KO? M? ?M=IH>?L HI F;P;<I =IG OG F?HƒI IO OG; =;GCM?N; ?H@C;>IM H; <I=;
J;L; IOPCL I KO? 1;FCN; @;TC; ;M M?HBIL;M >; J?HM‚I U0I<L;F?MW >CT?L?G
 G;CM
;FAOG;MIONL;MKO?GIL;P;GHIBIN?F?G@L?HN? +IMGIG?HNIM>?INCGCMGI

KO? H‚I >OL;P;G GOCNI


 JF;H?D;P; OG; L;>CIHIP?F; J;L; >?<I=B;L >;KO?F;M
AIL>;M M?G KO? ?F;M J?L=?<?MM?G
 @ILƒ;H>I ;M ; =BIL;L =IJCIM;G?HN? ? ;
MCHNIHCT;LIJLIAL;G;NI>IMIM>C;M *;M@IMM?=IGI@IMM?
?F?H‚INCHB;PC;D;>I

?CMMI?L;OG;?MJ„=C?>?J?>L;H?AL;HIG?CI>;MO;;FG;
Z2GP?L>;>?CLINCDIFIZ?RJFC=;P;1L;P?F?L
NI=;H>I;<;LLCA;
Z +OH=; PC OG NCDIFI H?ALI Z >CTC; I !CL?NIL >I =CL=I
 M?O =IH@C>?HN?
?P?HNO;F>?N;HN;HIMN;FAC;
Z "F? @C=IO >?MM? D?CNI AL;ƒ;M ;I M?>?HN;LCMGI  " J?HM;L KO? BIOP? JI?N;M
KO?M?KO?CR;P;G>?M?L96:>2E=@D
#?LL;AONI
Z #;F? ?G FˆHAO; >? A?HN?
 =B? Z >CTC; I !CL?NIL
 ; KO?G I CHPI=;NCPI
>L;G;NC=;G?HN?J?LMIH;FCT;>IJLI>OTC;OG=?LNIMI<L?MM;FNI
Z +‚I =IHMCAI
 !CL? Z GOLGOL;P; 1L;P?F?L
 >?M=OFJ;H>I M? N;=CN;G?HN?
JIL N… FI =B;G;>I J?FI HIG?  Z M <?F;M J;F;PL;M ?MNL;HA?CL;M M‚I =IGI OG
I~MCM
=IGI?M=;F;M +OH=;CL?GIM IMN;/C=;I-;H;G~
IH>??GN?GJIM
>? ;HN;HBI IM A;F?‘?M CGJ?LC;CMX $;L>?F GILL?O H; IFŽG<C;
 !CL?
 H;
IFŽG<C;
ZjKO?@;FN;HOG?L~LCI
=B?Z>CTC;I!CL?NIL
NCL;H>IIL?FACI Z3IO
J;L;IBIN?F
KO?;GCHB; O=;>?P??MN;LOG;@’LC;
1L;P?F?L @C=;P; MITCHBI HI ?M=LCNLCI ? M? J?LAOHN;P; =IGI M?LC;G IM
?HN;L>?=?L?M?G IHH?=NC=ON -;L;M?=IHMIF;L
J;MM;P;?GL?PCMN;;M=ICM;M<I;M
>;MO;PC>; -IL?R?GJFI
OG;>;M=ICM;M<I;M>;MO;PC>;NCHB;MC>I?HNL;L=?LN;
G;HB‚ >?  HI ?M=LCNLCI >I M?O =B?@?
 HI >?J;LN;G?HNI >; LL?=;>;ƒ‚I

=IG OG =IJI >~AO; H; G‚I  1CHB; M;ˆ>I >?M?GJL?A;>I


 ?HKO;HNI I =B?@?
M?=;P;ILIMNI=IGOGJ;J?F;<MILP?HN? "MM;NCHB;MC>IOG;>;M=ICM;M<I;M>;
MO;PC>;
JILKO?DOMNIH;KO?F?G…MC;GJLIGIP… FI
>;G?MG;@ILG;KO?=;M;L
M?=IG1;FCN;NCHB;MC>IIONL;<I;=ICM;?G<IL;IM>ICMA;L;HNCMM?GKO??L;I
=IHNL~LCI
 D~ KO? 1;FCN; ?MN;P; =IH>?H;>; JIL M?O >CJFIG; >? @;LG;=…ONC=; ;
?HP?FB?=?L CH;J?F;P?FG?HN? HI ?MJ;L;>L;JI
 ? 1L;P?F?L NCHB; ;J;L?=C>I J;L;
=IGJL;LOHMMOJIMCNLCIM=IHNL;<LIHKOCN?
?>;?RJFC=;ƒ‚IKO?B;PC;J?>C>I;
1;FCN; I ;GIL MIFN;L; MO;M ?MJOG;M =IGI I R;GJO >?<;CRI >I =BOP?CLI
1L;P?F?L CH=FOMCP? ;MM?AOL;P; KO? B;PC; M? ;J;CRIH;>I JIL 1;FCN; HI ?R;NI
CHMN;HN??GKO??F;
<;CR;H>IIMIFBIM
FB??RJFC=;P;JILKO?IMOJIMCNLCI?L;
G;CM?@C=;T>?JICM?H‚I;HN?M>?OG;<I;?P;=O;ƒ‚I
Z !?MAL;ƒ;>I Z >CTC; 1;FCN; H; BIL; >;M L?=IL>;ƒ‘?M  Z 3I=… <?G KO?
?MN;P;?HN?H>?H>I;MCHMNLOƒ‘?M
G;M<;H=;P;IMIHMIJ;L;KO??ONCP?MM?KO?
?RJFC=;L
Z 2G; @;LG;=…ONC=; ?MN~ ; M?LPCƒI >; P?L>;>?
 G?MGI KO? ; P?L>;>? M?
FI=;FCT?HIMFOA;L?MG;CMˆHNCGIM 0?PI=…MIO<?MM?=IGKO??GIƒ‚I;JFCKO?CI
JLCG?CLIMOJIMCNLCIH;KO?F;N;L>?
>?JICM>?>?CR;LPI=…F~H;@;LG~=C;X"L;
OGMOJIMCNLCI?HILG??P?L>?
Z "O=;FCJNI Z >CTC; 1;FCN;  Z -ICM M? >… JIL M;NCM@?CNI JIL ?O H‚I N?L
P?H>C>I;PI=…OG>?MM?MKO?=B?CL;G;;FBI;PCHN?G?NLIM>?>CMNH=C;
*;M ; =;>; N;HNI @C=;P;G NLCMN?M ? =IGJL??H>C;G P;A;G?HN? KO? OG; P?T
G;CMB;PC;GM?>CP?LNC>I=IGIL?=OLMI?RNL?GI=IHNL;;G?F;H=IFC;JILN?HB;?
OG;PC>;M?GGOCNI,KO?;=L?M=?HN;L;UGOCNIW3;AIG;F ?MN;LH;<I=;>I
?MNŽG;AI
INCDIFIH?ALI=IGIM?GJL?
1;FCN;?RJFC=;H>I;MG?F;H=IFC;M>?1L;P?F?LM?HBIL;>?$ONOMMI
Z3?GH;BIL;>;M?MN;
„=IGIOG;=ICM;KO?MI<?>;JF?OL;
Z!?P?M?L;FAOG;CH@F;G;ƒ‚IF~>?HNLIZ>CT;M?HBIL;>?$ONOMMI Z,
F;>I?M=OLI
=IGIM?>CTJIL;ˆ
Zj>;;FG;
M?HBIL; *?OG;LC>I„JI?N;
;=L?>CN?
1L;H=;>IHIF;P;<I
=IGOG;NI;FB;HILIMNI
1L;P?F?L=BIL;>?LCL
Z+‚IM?L~;FAOG;;F?LAC;
=IGIM?>CT*?OG?HILTCHBI
I3CNIL
KO?;
M?HBIL; P… JIL ;ˆ <LCH=;H>I ?HNL? IM A?LHCIM ? KO? „ OG; P?L>;>?CL; @FIL

;=L?>CN?
 KO;H>I =IG?ƒ; =IG ; ;F?LAC; ; ;CJI @C=; KO? H?G OG KO;MˆGI>I
3?D;
;KO?F?MIFBCHBIMGOCNIH?ALIM>?F?P‚IM?@?=B;H>I
;<I=;CH=B;N;HNI
KO? ?F? @C=; J;L?=?H>I OG M;JI
 ? ?G JIO=I N?GJI ?F? H‚I =IHM?AO? G;CM
H?G;<LCLIM>?>IM>IMJ„M
Z<LCLIM>?>IM>IMJ„MH‚I„N‚IH?=?MM~LCI;MMCGZ>CT1;FCN;
!~ J;L; IOPCL IM LOAC>IM MO@I=;>IM >? 1L;P?F?L HI F;P;<I
 ? 1;FCN; GO>;
>?JL?MM; >? ;MMOHNI J;L; >?MJCMN;L ; M?HBIL; >? $ONOMMI  "G A?L;F 1L;P?F?L
;<;H>IH; M?O ?M=IH>?LCDI M?HNCH>I M? GOCNI NLCMN?
 ? 1;FCN; =IGJL??H>?  0?L~
JL?=CMI@;F;L>;=IGJL??HM‚I>?1;FCN; jOG;=IGJL??HM‚ICLŽHC=;
N?LH;
OG
JIO=I >CMN;HN?  0?O ;GIL JIL 1L;P?F?L „ @?CNI >? J;H?F;M MOD;M
 >? FIHA;M
PCAˆFC;M
>?OG;MO;P?;=?CN;ƒ‚I>?MO;M@;HN;MC;MHIMN~FAC=;M?>?M?OAIMNIJ?FIM
N;HAIM ? J?FI NLO=I  .O;H>I 1L;P?F?L ?MN~ NLCMN? ? J?HM; KO? HOH=; PC;DIO ?
1;FCN;M;<?KO?CMMIH‚ICGJILN;
KO?MO;MJL?I=OJ;ƒ‘?MM‚IG;CMJLI@OH>;M

JL?=CMI;=IGJ;HB~ FIM?G@;F;LGOCNI
=?P;LOGG;N?J;L;?F?
=OC>;LJ;L;KO?
H‚IFB?@;FN?N;<;=I
=OGJLCLII@ˆ=CI>?GOFB?L;IF;>I>IBIG?GG;MM?G
=I<LCL MO; MIG<L;
 ? CMMI „ >C@ˆ=CF  1;FCN; „ GOCNI @?FCT =IG 1L;P?F?L
 =IG I
=CL=I
 ?M=IP;H>I I A;NI =;F=OF;>IL ;HN?M >? ?F? ?HNL;L ?G =?H;
 =OC>;H>I >;M
=IHN;M >I !CL?NIL  gM P?T?M ?F; J?HM; GI>?MN;G?HN? KO? ?MN~ GOCNI G;CM
JLRCG; >I KO? 1L;P?F?L >;M JLI@OH>?T;M ?F?G?HN;L?M KO? I JL?I=OJ;G
 G;M
NI>;;FOM‚IG?N;@ˆMC=;;;MMOMN;OGJIO=I??F;;=;<;JILM?=IHP?H=?L>?KO?
?F? „ I ’HC=I =;J;T >? @;T?L ; J?L@OL;ƒ‚I ? JLIPI=;L I DILLI H?ALI ? IF?IMI
1O>ICMMI@FONO;OGJIO=I
M?L?=I<L?>?J;F;PL;MIO@CAOL;M
M?=B;G;IIONLI

M? =B;G; I LCMI IO I ;GIL


 ? N;G<„G „ I =CL=I ? ; PC>;
 J;L; ?GJL?A;L M?OM
HIG?MG;CM?RN?LCIL?M?@;N;CM
?JIL;ˆP;C;=ICM;
g@;FN;>?IONL;=ICM;
1L;P?F?L„OGBIG?G>?;ƒ‚I .O?=F;MMC@C=;>?;ƒ‚I
L?MNLCN;JILKO?;@CH;FH‚I„I=;MI>?;H>;LM?G;N;H>I +I>?=ILL?L>?KO;NLI
>„=;>;M J;MMIO JIL ?N;J;M =IH=L?N;M @ON?<IF HI IF?AC;F?M
 OG =?HNLI;P;HN?
<;MN;HN?<IG
J?>?MNLC;HCMGI
JIFˆNC=;OGG…MH;JLCM‚I>?!?PINI?G

=OHC=OFNOL; ? ;JC=OFNOL; AL;HD; ?G *;HT;H;L?M


 @;F…H=C; HI N?L=?CLI G…M

=I?FBIM =IHN;GCH;>IM ? ;<?FB;M CH>ŽGCN;M


 ;ONIGI<CFCMGI =IJCFINI >?
*;LCGH
 =;JIN;G?HNI ?G /?MCMN?H=C;
 NL…M =IMN?F;M KO?<L;>;M
 =;LJCHN;LC;
@CH; L?@ILG; >? GP?CM KO? PIFN;G J;L; I MN‚I OG; P?T OM;>IM
 @L;=;MMI
;<MIFONI
 =;M;G?HNI ? =C=FCMGI H; P?HC>; $?H?L;F -;T ;IM M~<;>IM
 ?G
<C=C=F?N;;FOA;>; OL>C>OL;>?MM;;ƒ‚I„OG;<C<FCIN?=;G?HN;FMILNC>;
>ICM
C>CIG;M
JFOG;@~=CF
CHN?L?MM?CLŽHC=IJ?F;MIN?LCIFIAC;?J?F;M<IF;M>?=LCMN;F

N?HN;NCP;>?=LC;ƒ‚I>?OG;G;H>L~AIL;JF;HN;H>IOG;<;N;N;HOG;<;=C;=IG
N?LL;??MJ?LG;
;<;N;N;=L?M=?H>I;IGI>I?MN?HNL?I>;M<;N;N;M
CHP;>CH>I;
J?HM‚I
M;CH>IJ?F;MD;H?F;M
MCACFIM;CHN?LP?Hƒ‚I>?1;FCN;;LG;>;>?N?MIOL;M

1L;P?F?L ?RJFIL;H>I I N;FI >; <;N;N;


 >?M=IH@C;H>I >? ;FAOG; =ICM;
 L?H’H=C;
BOGCFB;>;G;H>L~AIL;@LONI>?@IL=;
FL;OH?
L…GIL;M>?CH@H=C; gMP?T?M
1L;P?F?L@;T;FOM‘?M;OG>OJFIKO?N?GG;CMMILN?>IKO??F?
?1;FCN;
H‚IM?
M;<?JILKO…
H‚IAIMN;>CMMI
I;<L;ƒ;?I<?CD;CHKOC?N;
@;TIKO?JI>?J;L;
;LL;H=~ FI >?MM;M C>?C;M  " ?HN‚I I F?P; J;L; P?L *;LCFSH *IHLI?
 ; AL;H>?
@;PILCN; >? 1L;P?F?L
 ? N;M=; I @L?CI ?G OHM =C’G?M JOL;G?HN? ;LNˆMNC=IM HI
?M=OLCHBI>I=CH?-L?MC>?HN?/I=;

 


1;FCN; H‚I NCHB; GOCN; =?LN?T; >? KO? ; L?J;NLC;ƒ‚I >? OG ;GCAI >?
DOP?HNO>?;F?AL;MM?1L;P?F?L
JILKO?;JLCG?CL;=ICM;KO?1L;P?F?L@?T;I@C=;L
M;<?H>I KO? I N;F %IL;=CI L?AL?MM;P; PCIF?HN;G?HN?  LA?HNCH; HI
NL;HM;NFHNC=I ?5C62  @IC ;=?LN;L OG JIHN;J„ HI A;NI =;F=OF;>IL >I =CL=I ?
JLI=F;G;L KO? ; PC>; ?L; OG; G?L>;  CH>; ;MMCG
 @IC ;N„ I JILNI ?MJ?L;L I
;GCAI=IG1;FCN;?=IGIA;NI=;F=OF;>IL>?HNLI>?OG=?MNI ,FCP?CL;M;CO>I
J;PCFB‚I >; ;F@H>?A; =IG OG; ’HC=; G;F; F?P?
 ? ;I L?=IHB?=?L 1L;P?F?L
?LAO?O;MMI<L;H=?FB;M=IGOG;L?HNL?MOLJL?MI??H@;MNC;>I
Z!CA;F~
=B?
Z0;FP?Z>CMM?1L;P?F?L
;J?LN;H>I;G‚I>?F?=IGOG;?GIƒ‚IKO?H‚I
B;PC;?MJ?L;>I
Z "M=ON? Z >CMM? ,FCP?CL; Z
 P;GIM ; OG; >;M =BOLL;M=;LC;M >I JILNI
=IG?LOG;MFCHAOCƒ;M
ZJL?M?HNIGCHB;GOFB?LZ>CMM?1L;P?F?L
,FCP?CL; >CMM? U*OCNI JL;T?LW ? ?MN?H>?O ; G‚I KO;M? M?G IFB;L J;L; ?F;
"GM?AOC>;J?LAOHNIOKO?G?L;IA;NI?JILKO?IF?P;P;GHOG=?MNCHBI;N„
IJILNI 1;FCN;
I@?H>C>;=IG;L?=?Jƒ‚I
;=BIO IJIMCNCP;G?HN?>?M;AL;>~P?F?
;HOH=CIOKO?C;PIFN;LJ;L;I=CL=IF?P;H>IIA;NI
Z "MN~ <?G Z >CMM? 1L;P?F?L  Z *;M >?CR? I A;NI >I F;>I >; D;H?F; HI
<IH>?
PI=…M;<?KO??F?H‚IAIMN;H;>;>I=ILL?>IL
+;=BOLL;M=;LC;
,FCP?CL;=IG?ƒIO;NIG;LPCHBINCHNI?;=IG?LFCHAOCƒ;M?
=BCH=BOFCH?M  IGI H‚I @;F;P; GOCNI
 1L;P?F?L =IHNIO ; ?F? >I =CL=I ? >?
=IGI NCHB; M? =;M;>I =IG 1;FCN;  #?T OG L?MOGI >; MCNO;ƒ‚I JIFˆNC=; ?
?MJILNCP; >I J;ˆM
 >?N?H>I M? ?MJ?=C;FG?HN? H; AL;H>?T; ? >?=;>…H=C; >?
-;M=O;FCNI -„L?T  ,FCP?CL; =IHNIO KO? ?G -;LCM B;PC; =LOT;>I =IG #;HACI ?
KO?IG;FO=IJ;L?=C;?MN;L>ILGCH>I 1L;P?F?L=IG?ƒIO;M?HNCL@IG??J?>CO
GC’>IM  $IMNIO >? P?L ,FCP?CL; ;=?CN;L =IG OG MILLCMI I JLCG?CLI =CA;LLI
=LCIOFI ? @OG~ FI ;JL?=C;NCP;G?HN?  "H=;L;L;G DOHNIM IONLI FCNLI >? NCHNI
 ?
1L;P?F?L @;FIO >? M?O NL;<;FBI
 >? H‚I N?L J?L>C>I ; ?MJ?L;Hƒ; >? ?H=IHNL;L
=ICM; G?FBIL
 IO M?D;
 =IG G?HIM NL;<;FBI ? G;CM AL;H;
 I N?GJI NI>I
?MJ?L;H>I KO? ,FCP?CL; >CMM?MM? ;FAOG; =ICM;
 H‚I M;<C; I KO…
 OG; >CL?ƒ‚I
KO;FKO?LKO?IM@CLG;MM?H;KO?F??H=IHNLIJ;MM;>IN;HNIN?GJI
Z";ˆ
=IHN?;FAOG;=ICM;ZMOA?LCO
Z,N?GJIZ>CMM?,FCP?CL;Z?L;GOCNIP;LC~P?F
G;M>?P?T?GKO;H>I
B;PC; >C;M <IHCNIM  ,ONL; =ICM; =IGI >CMM? „M;L LONI =IG GOCN;
JLIJLC?>;>?
M?PI=…@IL;-;LCM?GIONO<LIH‚I>?CR?>?PCMCN;LI)IOPL? .O?
G;CM B
 MCG
 OG; P?T ;N„ @OC ; 3C?H;   =C>;>? N?G OHM =;@„M @?HIG?H;CM

=IGAIL>;MKO?F?P;GI=;=BILLI?IG;LC>IJ;L;=IG?LMNLO>?F
Z"MN~<?G
?MN~<?GZ>CMM?1L;P?F?L Z3I=…H‚IN?G;G?HILI<LCA;ƒ‚I
>?@;F;L
M?H‚IN?GPIHN;>?
Z2G>C;>?CR?C=;CLOGNILL‚I>?;ƒ’=;L>?<;CRI>;G?M;>?OG=;@„ "G
-;LCM
H‚I?G3C?H;
Z-;L;@;F;LN;HNI>IM=;@„MH‚IP;FC;;J?H;;NL;P?MM;LII=?;HI
Z-;L;<IG?HN?H>?>ILZ>CMM?,FCP?CL;
=ILN;H>I=IGGOCN;MJL?=;Oƒ‘?M
OG;NCL;>?=BCH=BOFCH?M Z&MNI;KOCMCGPI=…H‚IN?GH; C>;>?)OT
=B? 
KO;HNC>;>?>?;LA?HNCHIMKO?G?>CMM?L;GCMMIX BIL;GJILOG<C@?
=B?AO?C
CH=FOMCP? ; =IHB?=?L OG; M?HBIL; KO? M? F?G<L;P; =IG M;O>;>? >I PCHBI
=LCIOFI !?;=IL>I=IG?F;
H‚I>~J;L;NIG;LPCHBI@L;H=…M=IGMI>;
Z.O?<;L<;LC>;>?Z>CMM?1L;P?F?L
Z"=F;LIKO?INIG;N??;<;N;N;M‚IG;CMM;<ILIMIM;KOCKO??GKO;FKO?L
IONLIFOA;L
Z"MN~H;=;L;Z>CMM?1L;P?F?LZKO?PI=…MM??HNOLGIO=IG;H;N;
Z 2G; P?T IO IONL;  "G A?L;F ;=B;P;G KO? ?O H‚I ?L; >; NOLG;
 J;L;
;JLIP?CN;LMO;>?FC=;>;G?N~@IL; .O?OGC>;>?
CLG‚I
ZB
CMMIXZ>CMM?1L;P?F?L Z3I=…P;CN?LKO?M?L?;=FCG;N;L
";MMCGJLIMM?AOCL;GJILOHMPCHN??=CH=IGCHONIM

 


j=F;LIKO?,FCP?CL;H‚IC;=IHN;L;1L;P?F?LKO?H;?M=;F;>?*IHN?PC>„O
NCHB; ;H>;>I J?FIM <;CLLIM <;CRIM
 J?LAOHN;H>I ? IFB;H>I
 NIG;H>I OG; IO
IONL; JCHA; J;L; A;HB;L ; =IH@C;Hƒ; >? ;FAOG GIL?HI  " KO? H‚I >?M=I<LCL;
H;>;
?R=?NIKO?B;PC;OGGIHN?>??>C@ˆ=CIMHIPIM?KO?HIJILNI
IH>?B;PC;
J;MM;>I ; ’FNCG; BIL; ;HN?M KO? I ?5C62  T;LJ;MM?
 ; ~AO; ?MN;P; =B?C; >?
J?CR?M GILNIM @FONO;H>I >? <;LLCA; J;L; =CG; ? KO? HI G?CI >IM J?CR?M B;PC;
OGIOIONLIJL?M?LP;NCPIIH>OF;H>I>?P;A;LCHBIH;~AO;AIL>OLIM; +‚IB;PC;
G;CM H;>; ; @;T?L M?H‚I PIFN;L J;L; I H;PCI
 J?HM;H>I KO? N;FP?T )O==;
 KO?
N;FP?T>?@;NINCP?MM?MC>I)O==;IO-?LOAC; "NO>IN‚IM?GM?HNC>I
HN?M>?>?M?G<;L=;LH;G‚? J~NLC;
,FCP?CL;B;PC;>?=C>C>IKO?NO>IIKO?
M? J;MM;L; H‚I ?L; J;MM;>I ? KO? MIG?HN? OG; @;F~=C; G?HN;F =IGI N;HN;M
IONL;MJI>C;J?LGCNCLI@~=CF?RJ?>C?HN?>?CG;ACH;LOG@ONOLI;<IH;>IJ?FIM
DIAIMD~DIA;>IM "HN?H>?OMITCHBIH;JLI;
;I;G;HB?=?L
H;H„PI;;G;L?F;
>;?HM?;>;
KO?H;>;N?LC;GO>;>I=;MI>?=C>CMM?@CH=;LJ„
L?D?CN;L;MMIFOƒ‘?M
>? @;=CFC>;>?   G;NOLC>;>?
 MOJIH>I KO? N;F =ICM; ?RCMNCMM?
 ?L; ?G ’FNCG;
CHMNH=C;OG;BCJI=LCMC; +;>;?MN;P;G;>OLI
H;>;JI>C;M?LG;CMH;NOL;FKO?
;KO?F;GOFB?L=IGOGA;NIHOG=?MNI
?MJ?L;H>IJIL?F?;IF;>I>?*;HIFI
1L;P?F?L
 M? J;L?=?MM? OG JIO=I =IG ;KO?F; IONL; GOFB?L KO? G;M >? KO?
B;PC;M?LPC>I;H>;LJ?FIM<;CLLIM<;CRIM>?*IHN?PC>„O
NIG;LOGN~RC;N„IJ„
>I ?LLI
 =IHMOFN;H>I P?FBIM ?H>?L?ƒIM L?=IHMNLOˆ>IM JIL OG; G?GLC;
CH>=CF  "L; JL?=CMI JLIMM?AOCL
 IO L?=IG?ƒ;L
 IO N?LGCH;L ;CH>; H‚I B;PC;
JIHN?  !? G;F; H; G‚I
 LOGIO J;L; OG; =BOLL;M=;LC; >I JILNI IH>? =?LN;
HICN?OG;J?MMI;G?CI;FN;NCHB;=IHN;>IJ;L;?F?BCMNLC;M>IJ;S;>IL?NCHINC
?>?=IGI?F?=;HN;P;;KO?F;P;FM;$:5:28?‚DE:4@6DD6?4:==@*yBF6?@E6?8@
C6>65:@   C>?C; >; J;F;PL; U>C;AHMNC=IW ?H@C;>; HOG; P;FM; NCHB; J;L?=C>I
CLL?MCMNˆP?F ; ,FCP?CL;
 G;M ;AIL; ?F? L?J?NC; IM P?LMIM J;L; MC G?MGI =IG ;L
M?HN?H=CIMI
?HKO;HNI1L;P?F?L=IHN;P;>I=CL=I
>?( , );OMM??;N„>?'O;H
-?LH

 


-?L=?<?OKO??GG;CM>?OGM?HNC>I;PIFN;H;P?L>;>??L;;C>; '~P?A?N;P;
=IG ; JI<L? ? ;<H?A;>; >; $?EL?JN?H HOG KO;LNCHBI >I BIN?F H; @L?HN? >;
J?HM‚I 0I<L;F?M
 IH>? L?MC>C;G IM 1L;P?F?L  1O>I C; GOCNI <?G =IG IM >ICM

$?EL?JN?H ?MN;P; ?H=;HN;>;


 =?P;P; OG G;N? CGJ?=~P?F
 ? ?G<IL; @IMM?
J„MMCG; ?G G;N„LC; >? @;T?L ;GIL ? >? J;MN; ;M=CONN;
 NCHB; IONL;M L?F?P;HN?M
KO;FC>;>?M>IG„MNC=;M?I>?CR;P;=IGNI>IIN?GJIH?=?MM~LCIJ;L;J?HM;LHI
JLI<F?G;>;C>;?>;PIFN;
KO?IJL?I=OJ;P;HIMCHN?LP;FIM>?OG;=ILL?N;A?G
>?=ILN?M>?A;<;L>CH; +I=IG?ƒI1L;P?F?LB;PC;=LCNC=;>IMO;G;HC;>?JŽL
>?@?CNI?GNO>I?GO?HIMCL?M
>?=B;G;L;=C>;>?>?JON;?GJ?LCKOCN;>;

G;M ,FCP?CL; ?RJFC=IO ; ?F? ? ; 1;FCN; KO? H?MM;M =LˆNC=;M B;PC; N;G;HB;
KO;HNC>;>?>?;GILKO?MG?MGIOG=;M;F>?C>CIN;M=IGI?F?MH‚I?L;=;J;T
>? =IGJL??H>?L M?OM >?M;<;@IM  =;<;L;G P?H>I KO? ?F? NCHB; L;T‚I
 KO?
,FCP?CL;H‚IJI>C;M?L?=IH=CFC;LBCJI=LCN;G?HN?=IGO?HIMCL?M
?KO?;AIL;
?MN;P; GOCNI G;CM FIHA? >I J;ˆM >I KO? KO;H>I ;H>;P; J?F; "OLIJ;  0 ;M
=ICM;MMCGJF?M?OGJIO=IP?FB;MI@;TC;GMILLCLIG;N?
IM>CM=IM>?!? ;LI

MP?T?MIJILNIN;L>? ,MNL…M;H>;P;GGOCNIJ?F;=C>;>?
;JLIP?CN;H>IKO?
$?EL?JN?HNL;<;FB;P;HOG;FID;
?1L;P?F?LPCMFOG<L;P;?G,FCP?CL;IMNL;ƒIM
>I J;=NI =C>;>‚I
 ;>O<;H>I H?MM? G?CI N?GJI I N?LL?HI =IG ?HILG?M
KO;HNC>;>?M>?=?LP?D; *;M1;FCN;?L;G;CMCHNL;HMCA?HN?=;L;=N?LˆMNC=;JLJLC;
>;CH>C@?L?Hƒ;??RCAC;;>?M‘?M;=OLNIJL;TI;JCHNOL;>? FILCH>I1?MN;
JIL
?R?GJFI
IOIM@CFG?M>?1ILL?+CFMMIH 0OLAC;G>CM=OMM‘?MN?LLˆP?CMMI<L?CIS
;M;L?M
 !;PC> 3CŒ;M
 I J;>L? ;MN?FF;HC
 *;H;ON; ? ; JIFˆNC=; >; 6-#  1;FCN;
;=;<IO ?HN?H>?H>I KO? J;L; ,FCP?CL; >;P; ?R;N;G?HN? HI G?MGI ?MN;L ?G
O?HIM CL?M IO ?G O=;L?MN?
 ? KO? H; P?L>;>? ?F? H‚I NCHB; PIFN;>I
 B;PC;
MC>I NL;TC>I  -IL <;CRI >IM N?G;M >? >CM=OMM‚I =CL=OF;P; M?GJL? OG ;L
J;N;@ˆMC=I
 ; NLCJF; =ICH=C>…H=C; HOG; BCMNLCŽHC=; JLI=OL; >? JIHNIM >? IFB;L
KO?NCL;MM?G>I=?HNLIII<M?LP;>ILIOII<M?LP;>I g@ILƒ;>?>CM=ONCL
1;FCN;?
,FCP?CL;=IG?ƒ;P;G;M?L?MJ?CN;L 1L;P?F?LM?F?G<L;P;>I,FCP?CL;>IMPCHN?
;HIM?M?O=IL;ƒ‚I>Iˆ;
?G<IL;N;FP?TNO>IH‚IJ;MM;MM?>IMA;M?M>;=?LP?D;
Z , KO? ;=IHN?=? =IG PI=… „ KO? PI=… H‚I „ JI?N; Z >CTC; 1L;P?F?L  Z
+‚IM?HN?;=C>;>?=IGIHM
=IGIOG;?HILG?<;LLCA;KO?IM=CF;F?HN;G?HN?
MI<I=„O
OG;;L;HB;?HILGˆMMCG;=IG;MJ;N;M?G0;H3C=?HN?
?GOLT;=I

?G 0;L;H>ˆ
 ?G "F -;FIG;L
 ? ;M IONL;M ?H@C;>;M H; ~AO;
 JI<L? ;HCG;F
 =IG
?MN?LCIMODI>ID?CNIKO?„
Z,%IL;=CI„OGJ?L@?==CIHCMN;Z>CTC;1;FCN;J?H;FCT;>;
?F;KO?D~H‚I
@;TC;=?LCGŽHC;=IG?F? Z2G<ILL;=BO>IMI<L?IHI<L?=;P;FI 3I=…>?PC;
;JL?H>?L =IHIM=I
 KO? MIGIM OHM JILN?HBIM BOGCF>?M ? ;CH>; ;MMCG M;<?GIM
KO?G„-C?SL?>?*;H>C;LAO?M
Z " J?F;M LO;M Z >CTC; 1L;P?F?L
 L?PCL;H>I IM IFBIM Z J;MM;G GIƒ;M >?
IFBIM G?CAIM ? LIMNCHBIM ?G KO? I ;LLIT >I=? ? ; L~>CI "F *OH>I @IL;G
>?CR;H>IOG;?MJ„=C?>?J>?;G~P?F<?MN?CL;
Z &MMI M?G =IHN;L ;M GOFB?L?M ?G;H=CJ;>;M ? CHN?F?=NO;CM KO? NL;<;FB;G
HIM=CL=IMZ>CTC;GI>?MN;G?HN?1;FCN;
Z"IM?MJ?=C;FCMN;M?G@IF=FIL?=;HS?HAO?
=IGI?MN?BOGCF>?M?LPC>IL "G
=;M; G? F?G<L? >? F?L J;L; PI=… ; =IH@CMM‚I >? &PIHH? $OCNLS
 P?FBI
 „ OG
JILN?HNI
ZJLIJMCNI
;M?HBIL;>?$ONOMMIG;H>;>CT?LKO?M?PI=…H‚I>?PIFP?L;
;HNIFIAC; >? $;L>?F ?F; P;C ;LL?<?HN;L OG P;MI >? @FIL HI M?O =LHCI Z
CH@ILGIO1;FCN;
Z-LCG?CLI?OJL?=CMIF?L;=IH@CMM‚IJ;L;I%IL;=CI "F;KO??MJ?L?
P?FB;
>?G?L>;
Z  M?HBIL; >? $ONOMMI „ ;KO?F; ?MJ„=C? >? =;NI<F?J;M KO? @C=; I N?GJI
NI>I@;F;H>I=IG;$?EL?JN?HZJ?LAOHNIO,FCP?CL;
Z j  "MN; M?G;H; ?MN~ H; P?T >? ?F;M M?L?G ;GCA;M  3I=… P;C P?L
 >;KOC ;
;FAOHM>C;M
HIMMI<;CLLI„;MMCG
Z-L;N?;>IJ?F;FO;Z>CMM?,FCP?CL;
Z*OCNIG?FBILKO?IM?O0;CHN $?LG;CH >?M -L„MZ>CMM?1;FCN;
Z F;LIKO?MCGZ>CMM?,FCP?CL;
IFB;H>IJ;L;?F; .O?GM;<?L?PCL;H>I
OG JIO=I IM IFBIMX " ;KO?F; G;H?CL; >? JLIHOH=C;L I @L;H=…M
 ;KO?F;
G;H?CL;
?M??F??HNL?=?LL;MM?IMIFBIM #;LG;=…ONC=;
KO?J?H; 
IGI ?F?M AIMN;P;G GOCNI >? <LCH=;L =IG ;M J;F;PL;M
 JIL ;KO?F?M >C;M
CHP?HN;L;G IM DIAIM HI =?GCN„LCI
 ;<LCH>I JIL ?R?GJFI I 'OFCI ;M;L?M H;
J~ACH;  ? <LCH=;H>I =IG ; B;FFOFF;
 I B~G;AI
 I B;FC?NI
 I B;FIKO?
 I
B;G?T
 I B;L;G<?F
 I B;L<OFFCMN;
 ; B;L=; ? ; B;LCD;  +I @OH>I @C=;P;G OG
JIO=INLCMN?MJ?HM;H>IH;MJIMMC<CFC>;>?MG;FIAL;>;MJ?FI?MJˆLCNI;LA?HNCHI?I
J;MMI CGJF;=~P?F >I N?GJI   JLIJMCNI >? @;LG;=…ONC=;
 1L;P?F?L CHMCMNC; M?
NL;N;L >I A?HNˆFC=I >? OG; H;ƒ‚I MOG;G?HN? G?LIPˆHAC;
 ? ?F? ? ,FCP?CL;
>?>C=;L;G;1;FCN;OGJI?G;„JC=I?GKO?;MBIL>;M@;LG;=…ONC=;MCHP;>C;G
; ;N;FOHB;M?G?;H>IIN?LLIL
;JCJ?LCH;?IB?F„<ILI H;ƒ‚I@;LG;=…ONC=;

>? CHA?HN?M =;P;FIM  *?>CN;ƒ‚I H; ?MN?J? @;LG;=…ONC=;  s CGJ?L;NLCT >IM


@;LG;=…ONC=IM
N?H>?JC?>;>?>IM;@I@;>IM
>IM;@LIHN;FCT;>IM
>IM;F;<;Hƒ;>IM
?>IM;@IL;>IMKO?M?;NO@;G
"HKO;HNI 1L;P?F?L NL;<;FB;P; JIO=I ; JIO=I I !CL?NIL J;L; KO? ?F?
CHNLI>OTCMM?,FCP?CL;HI=CL=I
II<D?NI>?MM?M>?MP?FIMNIG;P;G;N?HIKO;LNI?
M? JOHB; >?M;HCG;>;G?HN? ?G >C; ?G G;N„LC; >? FCN?L;NOL; H;=CIH;F  +?MM;M
N;L?@;M?MN;P;KO;H>IM?>?M?H=;>?;L;GIMAL;H>?M=;FIL?M
?;P?H>;>?=ILN?M
>?A;<;L>CH?G?LGIO=IHMC>?L;P?FG?HN?  IG?ƒ;L;G;ML?OHC‘?MHIJ~NCI>?
>  L?MJI
 KO? ?L; ;GCAI >? 1L;P?F?L ? ;FOA;P; KO;LNIM J;L; ; M?HBIL; >?
$ONOMMI ? IONL;M >;G;M ? =;P;FB?CLIM  #;PIL?=C>I J?F; N?LHOL; >? $?EL?JN?H

KO?IGCG;P;=IGI;OGG?HCHI
,FCP?CL;>ILGC;;N„H‚IJI>?LG;CM?HIM
CHN?LP;FIMF’=C>IMMP?T?M>;P;OG;IFB;>;HOGFCPLCHBI>? L?P?FKO?B;PC;
;J;L?=C>IHI@OH>I>;G;F;
?;MMOGC;;L?M>?J?LMIH;A?G>?LIG;H=?LOMMI
!?MM;JL?AOCƒ;N‚IG?N>C=;H‚IJI>C;M;CLH;>;<IG
??F?=IH@C;P;P;A;G?HN?
HCMMI
 ?G KO? ?HNL?=?LL;H>I IM IFBIM M? PCMM?G ;FAOG;M =ICM;M G;CM <?G
>?M?HB;>;M
=IH@C;P;?GKO?>ILGCH>I;MG?HCHA?MM?>?M;HOPC;G ,;MMOHNI
>I =CL=I H‚I C; H;>; <?G
 I !CL?NIL H‚I KO?LC; H?G J?HM;L ?G IONLI
?GJL?A;>I gHICNCHB;
;HN?M>??HNL;LHI?GJL?AI
IM1L;P?F?L>?M=C;GJ;L;
NIG;L G;N? =IG >  L?MJI
 ? ,FCP?CL; N;G<„G ;J;L?=C; ? DOHNIM ?M=ON;P;G
>CM=IMP?FBIMHOG;PCNLIF;KO?@OH=CIH;P;JILGCF;AL?
KO?„=IGIM?>?P?G
?M=ON;L>CM=IMP?FBIM gMP?T?M1;FCN;M?M?HN;P;H;@L?HN?>?,FCP?CL;J;L;IDIAI
>I=?GCN„LCI
IOJ;L;I>?M;@CI>;MJ?LAOHN;M <;F;Hƒ;
KO??L;IONLIDIAIKO?
?F;?1L;P?F?LB;PC;GCHP?HN;>I?KO?IM>CP?LNC;GOCNI !  L?MJI;=B;P;KO?
?L;GFIO=IM?;M?HBIL;>?$ONOMMI
?MN’JC>IM
Z 3I=… HOH=; @;F; >;KOCFI Z >CTC; 1L;P?F?L M P?T?M
 M?G IFB;L J;L;
,FCP?CL; "L;G;CM@ILN?>IKO??F?KO;H>IM?>?=C>C;;CHN?LLIA~ FINCHB;KO?
>?MPC;LIMIFBIM
?N;GJIO=IM;<C;JILKO…
G;MH‚I=IHM?AOC;>CT?LIHIG?>;
=;JCN;F >; #L;Hƒ;
 >CTC; U;KOCFIW =IGI OG; G‚? KO? KO?CG; IM GCIFIM
CHP?HN;H>I HIG?M CHI@?HMCPIM J;L; ;M J;LN?M JO>?H>;M >;M =LC;Hƒ;M
 =ICMCHB;M
>?!?OM
Z+?HBOGCHN?L?MM?ZL?MJIH>C;,FCP?CL; Z3~F~P?L
M?H‚I;=L?>CN;HI
KO??O>CAI
"L;;G?FBILG;H?CL;>?>?CR;L1L;P?F?L
HŽG;>?@L;=;MM;>I
=IGL;CP; "G
P?T>?CHMCMNCL
?F?;@CH;P;M?OBILLˆP?FPCIF‚I>; ;M;G„LC=;?L?PC>;P;=IG
IM N;HAIM  1;FCN; IFB;P; >? ?MAO?FB; J;L; ,FCP?CL;
 OG JIO=I L?MM?HNC>;  0?G
HOH=;>CT… FIGOCNI=F;L;G?HN?
1L;P?F?L?H@C;L;H;=;<?ƒ;>?F;KO?,FCP?CL;
?L;OGNCJIG?CI?MKOCMCNI
??G<IL;CMMI?MNCP?MM?H;=;L;
;?MKOCMCNC=?>?PC;
M?L IONL;
 ?MN;L ?G IONLI FOA;L  %;PC; HICN?M ?G KO? NI>I GOH>I J;L?=C;
?MJ?L;L ;FAOG; =ICM;  0?HNC;G M? GOCNI <?G DOHNIM
 G;M ?L;G =IGI OG;
=;<?ƒ;>?NILG?HN; +?MM;MHICN?M
M?;<LC;GI=?GCN„LCI
;J;L?=C;G FB?M=ICM;M
=IGI=CM=I
=CMNC=?L=I
=CNI
=CMG;
=ˆMNC=I?=CM‚I =;<;P;GCH>IJ;L;;=;G;
=IGOGG;OBOGILF;N?HN??MIHB;P;G;HICN?CHN?CL;=IG=ICM;M>CP?LNC>;M?
;AL;>~P?CM
IKO?H;P?L>;>??L;OG=IHNL;MM?HMI
 


 J;LNCL >;M >O;M >; N;L>? I MIF >;P; HI LIMNI >? ,FCP?CL;  -;L; JCIL;L
 =IG
;KO?F?=;FIL@C=;P;GOCNI>C@ˆ=CFJ;L;?F??H>CL?CN;LJL?AIMG;LN?F;H>I IMMI<L?
OG; F;D? NI>IM M;<?G =IGI „ J?LCAIMI ?H>CL?CN;L OG JL?AI ; G;LN?F;>;M
 B~
OG GIG?HNI ?G KO? I JL?AI ?MN~ KO;M? L?NI
 G;M ;I L?=?<?L G;CM OG;
G;LN?F;>;@;TOG;JCLO?N;??MJ?N;PCIF?HN;G?HN?IM>?>IMKO?IM?AOL;G;FAI
>? OG; J?LP?LMC>;>? @OFGCH;HN?
 G;LN?F;H>I IM I<MNCH;>;G?HN? MI<L? OG;
F;D? G;M NI>IM M;<?G KO? I<MNCH;>;G?HN? MI<L? OG; F;D? G;M NI>IM
I<MNCH;>;G?HN?
U+‚I N?G G;CM H?HBOG L?NIW
 J?HM;P; ,FCP?CL;
 IFB;H>I IM JL?AIM
?MJ;LL;G;>IMJ?FI=B‚I U";?MN;BIL;;FID;>?@?LL;A?HM?MN~@?=B;>;
P‚IG?
?RJOFM;L;JIHN;J„MM??O<;N?LH;JILN;KO?L?H>I=IGJL;LOHMJL?AIM ’HC=;
M;ˆ>;„>?M?HNILN;L?MN?M;KOC
H‚IN?GIONLID?CNI W
1I>; P?T KO? =IHM?AOC; >?M?HNILN;L G;CM IO G?HIM OG JL?AI
 ?LAOC; ;
=;<?ƒ;H;>CL?ƒ‚I>;D;H?F;;<?LN;?;MMIPC;P;J;L;KO?1L;P?F?L;J;L?=?MM? !I
M?O KO;LNI PC; GOCNI <?G OG; J;LN? >I >ILGCNLCI >?F?
 ? ;FAI FB? >CTC; KO?
1L;P?F?L ?MN;P; F~ >?HNLI
 JLIP;P?FG?HN? >?CN;>I =IG 1;FCN;  ,M 1L;P?F?L
>ILGC;G GOCNI >OL;HN? I >C;
 H‚I N;HNI J?FI =;HM;ƒI >I =CL=I G;M JIL OG
JLCH=ˆJCI >? JL?AOCƒ; KO? ,FCP?CL; L?MJ?CN;P;  "L; J?HIMI ;=IL>;L 1L;P?F?L M
>O;M ? G?C; >; N;L>?
 G;M IM >?>IM =IG KO? ,FCP?CL; M?AOL;P; IM JL?AIM D~
?MN;P;G ;LLIR?;>IM
 I M;HAO? JCM;>I =IG?ƒ;P; ; ?RNL;P;M;L
 >;H>I ;IM >?>IM
OG;MJ?=NI>?=BIOLCƒIMG;F@?CNIMKO??L;L?;FG?HN?L?JOAH;HN? .O;HNIG;CM
IFB;P; J;L; ?F?M
 G;CM M?HNC; H?=?MMC>;>? >? ;=IL>;L 1L;P?F?L  " J;L; JCIL;L

?MN;P;=IGPIHN;>?>?NIG;LG;N??;?LP;B;PC;;=;<;>IKO?L>CT?L
MB;PC;
?LP; J;L; G?CI G;N?
 ? ?L; =IHP?HC?HN? KO? 1L;P?F?L IO 1;FCN; DIA;MM?G J;L;
?F?;KO;HNC>;>?L?MN;HN??G<LOFB;>;HOGJ;J?F?=IG;FAOHMJL?AIMM?LPCH>I
>?F;MNLIJ;L;=IHM?AOCL;=?LN;L; D;H?F;  IGJL?AIM L?NIM??LP;;M?MN;M?LC;
G;CMNIF?L~P?F
UjCH=LˆP?F=IGI?O;MMIPCI@ILN?W
J?HMIO,FCP?CL;>?MFOG<L;>I +I;H>;L
>?<;CRI
IH>?@OH=CIH;P;OGJON?CLI=F;H>?MNCHI=IGNL…MGOFB?L?MG;CMOG;
A;LIN; J;L; IM G;H>;>IM
 ;FAO„G I J;LI>C;P; =IG OG =IHNL; ;MMIPCI
F;G?HN~P?F
 OG; GCMNOL; >? =B;F?CL; @?LP?HN? =IG MCFPI >?M>?HN;>I  ,FCP?CL;
@C=;P;?H=;HN;>I=IG;;>GCL;ƒ‚I?;LCP;FC>;>?KO?M?O;MMIPCI?L;=;J;T>?
MOM=CN;LH‚II>?MJ?L>Cƒ;P;
L?M?LP;H>I IJ;L;;MI=;MC‘?MCGJILN;HN?M "GMO;M
BIL;M >? F?CNOL;
 KO? ;=IHN?=C;G ?HNL? OG; ? =CH=I >; G;>LOA;>;
 G;M H‚I
NI>;M;MHICN?M
B;PC;=B?A;>I>?M=IH=?LN;HN?=IH=FOM‚I>?KO?I;MMIPCIH‚I
?L;OGN?G;>?>?MN;KO?H;FCN?L;NOL; -IO=IM;ONIL?M@;TC;GM?OMJ?LMIH;A?HM
;MMIPC;L  +?HBOG
 JL;NC=;G?HN?  IH>?H;P;G HIM ; OG L?J?LNLCI <;MN;HN?
GIHNIHI >? ?FI=Oƒ‘?M >CT?L
 L?MJIH>?L
 =;HN;L
 ALCN;L
 <;F<O=C;L
 A;AO?D;L

JLI@?LCL
MOMMOLL;L
?R=F;G;L?>?=F;G;L
G;MHOH=;;=IHN?=C;>?OGB?LCIO
B?LIˆH; =ILI;L OG AL;H>? GIG?HNI >? MO;M ?JIJ?C;M =IG OG P?L>;>?CLI
;MMIPCI
>?MM?M>?L;=B;LIMPC>LIM ,M@C>;FAIMCHAF?M?M;MMIPC;P;GJ;L;=B;G;L
M?OMM;<ODIM
?;FAOHMJ?LMIH;A?HM>C=E?HMC;HIM;MMIPC;P;GJ;L;=IHM?AOCLOG
=;< '~;FCN?L;NOL;;LA?HNCH;;MMIPC;P;JIO=I
IKO??L;OG;P?LAIHB; -ILCMMI
,FCP?CL;
 G?MGI HOH=; N?H>I FC>I ;G<;=?L?M
 N?H>C; ; =IHMC>?L~ FI OG
G?MNL? M JIL =;OM; >? M?OM NˆNOFIM
 ? M P?T?M CG;ACH;P; OG; =IHNCHO;ƒ‚I H;
KO;F I ;MMIPCI C; M? ;>?HNL;H>I H; LA?HNCH; PCMˆP?F ? CHPCMˆP?F
 ; ?HPIFPC; ?G
M?O <;L<;HN? L?FOT?HN? ? I@?L?=C;  ?MNOJ?@;ƒ‚I OHCP?LM;F ;KO?F? G;N;G<L?
?HLIF;>I KO? JIO=I NCHB; ; P?L =IG ; P?LM‚I ~OFC=; >;M ?G<;CR;>;M ? I
=IHN?’>I>;LINIAL;POL;>IGCHC=;F?>CA?MNCP;>IM$;CHT;*CNL?-;T
?G?HIM
;CH>;=IGIM;FNIM?<;CRIM>II=;'OHCILM?IM=OFNIMH?=L@CFIM>;<;AO;F;?
>I<;CLLI>?I?>I U-ON;KO?J;LCOWJ;L;OGJL?AI
UPI=…MH‚IG?>?CR;G
H?GJ?HM;L?GJ;T
=;L;FBI WF„G>IG;CM
;KO?F;MCG;ACH;ƒ‘?MI?HID;P;G
JIL M?L?G @~=?CM
 ?G<IL; ?MNCP?MM? =IHP?H=C>I >? KO? ?L; JL?=CMI ;A;LL;L ;
LA?HNCH;J?FIF;>I>;P?LAIHB;
<OM=;LH?F;ILO<IL?M=IH>C>IJILOGM„=OFI
>?OMOLJ;ƒ‘?M>?NI>INCJI
=IGIN‚I<?G?RJFC=;P;GM?OM?HM;ˆMN;M
?J;L;CMMI
IG?FBIL?L;>?GIHMNL;L;?F;
>?;FAOG;G;H?CL;
KO?H‚I>;P;J;L;F?P~ F;;
M„LCI =IGI ?F; JL?N?H>C;  .O?G M? ;HCG;LC; ; M?L I <O@‚I KO? >?MGIHN;MM?
N;HN; MI<?L;HC; J;L; JILL; H?HBOG; .O?G LCLC; H; =;L; >?F; J;L; P… F;
?HLO<?M=?L ? N;FP?T
 JIL OG; P?T KO? @IMM?
 MILLCL =IGI KO?G ?H=IHNL; ?
L?=IHB?=? *;M =B?
 =;L;
 KO? G;H?CL; >? ?MNL;A;L I >C;  3;GIM P?L M? ?MN?
JL?AOCHBIL?MCMN?G?HIMKO?IMIONLIM
?F?N?GOG;L<;MN;HN?>=CF
U.O? @LCI BILLILIMI ?MN?W
 >CMM? ,FCP?CL; J;L; MC G?MGI
 ;=L?>CN;H>I H;
?@C=~=C; >; ;ONIMMOA?MN‚I  , MOIL FB? ?M=ILLC; >I =;<?FI J;L; IM IFBIM
 ?L;
CGJIMMˆP?F M?AOL;L OG JL?AI =IG ; J;LN? NILN; J;L; =CG; JILKO? ; G?HIL
G;LN?F;>;I@;TC;?M=ILL?A;LJ?FIM>?>IM?H=B;L=;>IM>?@LCI?IJL?AINILH;P;
; <?FCM=~ FI ? ; NCHACL >? LIRI >? @LCI IM M?OM >?>IM  -;L; =IGJF?N;L
 I MIF
=IG?ƒ;P;;<;N?L?G=B?CIHI;JIM?HNI?L;;FO;MI<L?;M?MN?J?M=I<?LN;M>?
H?P?
??F?;MMIPC;P;J;L;;ƒOF;LIM=;P;FIMKO?CGJOFM;P;GM?O@C;=L?
MNL…M
H‚IL?MN;LC;OGML?=;HNIM?GH?P?
?F?C;=IHA?F;LF?HN;G?HN?;N„M?LNIG;>I
J?F;MIHIF…H=C;N‚I<?G>?M=LCN;?G?MGIJLIPI=;>;HIML?F;NIM?MF;PIM
?M?O
=ILJI @C=;LC; M?JOFN;>I H; <L;H=OL; BIGC=C>; >;M FˆPC>;M @FIL?M >I ?MJ;ƒI
IHCNI
 CMMI ;M FˆPC>;M @FIL?M >I ?MJ;ƒI  +?MM? ?R;NI GIG?HNI ;=?LNIO OG;
G;LN?F;>;?G=B?CIHIJIF?A;L ,@LCIKO?ICHP;>CO@ICN‚ICHN?HMIKO??F?@IC
I<LCA;>I ; M? =IHNIL=?L HI =B‚I J;L; FON;L =IHNL; ; LCAC>?T >I =IHA?F;G?HNI
.O;H>I ?H@CG =IHM?AOCO M? M?HN;L
 M;=O>CH>I ; G‚I ?G NI>;M ;M >CL?ƒ‘?M

?MN;P; ?H=B;L=;>I >; =;<?ƒ; ;IM J„M


 JLIP;P?FG?HN? >? H?P? >?LL?NC>; IO
>;KO?F;=BOPCHB;F?P?KO?M?;FN?LH;=IG;MFˆPC>;M@FIL?M>I?MJ;ƒI?L?@L?M=;;
J?F?>IMFI<IM
1L;P?F?L?MN;P;;G;LL;H>I;=;Fƒ;>IJCD;G;?>?MO;D;H?F;PC;GOCNI<?G;
FON;>?,FCP?CL;=IHNL;;H?P??;?MN?J? "MN?P?;JIHNI>?M?PCL;L?=IHN;LJ;L;
1;FCN; KO? ,FCP?CL; ?MN;P; M? =IHNIL=?H>I HI =B‚I M;=O>CH>I OG; G‚I
 G;M
?HN?H>?O KO? ; MCNO;ƒ‚I M? L?P?MNC; >? =?LN; AL;PC>;>? ? KO? ?L; JL?@?LˆP?F
=IHNCHO;LM?H>IOG;N?MN?GOHB;;>OMN;?CGJ;MMˆP?F
ZN„KO??H@CGPI=…;J;L?=?O
JILL;Z>CMM?,FCP?CL; Z-;MM?CG?C;BIL;
;MMIPC;H>IJ;L;PI=… ,FB;=IGI;GCHB;G‚I?MN~G;=BO=;>;
Z+‚I>?P?M?L>?N;HNIP?H>?L=ILN?M>?A;<;L>CH?Z>CMM?1L;P?F?L
Zj>?N;HNI?H>CL?CN;LJL?AIM
=B? -L?=CMI>?;FAOHMJL?AIML?NIM?>?OG
JIO=I>??LP;
Z&MMI„@~=CFZ>CMM?1L;P?F?L Z"MJ?L;
Z"G<LOFB??DIAO?
Z"MN~<?GZ>CMM?1L;P?F?L Z*;MJ?HM;H>I<?GP;CG?>;LNL;<;FBICL
;N„;=ITCHB;
Z-ILKO…Z>CMM?,FCP?CL; Z+‚I@C=;N‚IFIHA?;MMCG
Z +‚I
 G;M „ KO? N?G OG GIHN? >? =IL>; =IG LIOJ; ?MN?H>C>;
 ?MM;M
=ICM;M
Z -;MM? JIL <;CRI Z MOA?LCO ,FCP?CL;  Z ,O ?HN‚I =ILN? IM P;L;CM  
=BC=IN;>;>?OG;=;GCM;GIFB;>;H;MF;DIN;M„OG;=ICM;CH?MKO?=ˆP?F 0?PI=…
KOCM?L
 ?O DIAI I =;HCP?N? >;KOC  JIMNI KO? =L;PI I =;HCP?N? H; D;H?F;
.O;H>IG?HCHI?O=L;P;P;OG=;HCP?N??GKO;FKO?L=ICM;?;>?TG?NLIM>?
>CMNH=C;
Z,JLI<F?G;=IGPI=…Z>CMM?1L;P?F?LZ„KO?NO>IKO?;=IHN?=?@;T
PI=…L?=O;L;N„;CH@H=C; '~=;HM?C>?>CT?LJ;L;PI=…F?LOGJIO=I>?'OHA

=B? "P?D;KO??MM?=;HCP?N?>~=;F>IKO;FKO?LOG>CLC;KO?M?NL;N;>?OG;
;LG;CHN?LJF;H?N~LC; +‚IM?JI>?>CT?LH;>;;PI=…KO?FIAIJOR;I=;HCP?N?
*?>CTIKO?„KO?CMMIN?G;P?L=IGOGJIO=I>??LP;?OHMJL?AIM
Z 3I=… H‚I ;=IGJ;HBIO I L;=CI=ˆHCI Z >CMM? ,FCP?CL;
 I@?H>C>I  Z
-LCG?CLIG?H=CIH?C;G‚IG;=BO=;>;?>?JICMJ;MM?CJ;L;IMJL?AIM ˆPI=…
L?NLO=IOKO?H‚INCHB;=IGICL;N„;=ITCHB;JIL=;OM;>?OG;M=IL>CHB;M
?
?L; <;MN;HN? FAC=I KO? ;M =IL>CHB;M G? @CT?MM?G J?HM;L HI =;HCP?N?  3I=…
>?PC; F?L I ">A;L -I?
 =B?  J?M;L >;M =IL>CHB;M PI=… =;L?=? >? ;G;LL;ƒ‘?M

M?OJLI<F?G;„?MM?
1L;P?F?L M? >?<LOƒIO H; D;H?F; ? IFBIO J;L; ; LO;   JIO=; MIG<L; M?
?M<ILL;=B;P; MI<L? I =;Fƒ;G?HNI ?  ;FNOL; >I JLCG?CLI JCMI =IG?ƒ;P; ;
G;N„LC;MIF;L
OG;LL?<;N;G?HNI;G;L?FIKO?M??MJL;C;P;J;L;NI>IMIMF;>IM?
FCN?L;FG?HN??M<ILL;=B;P;ILIMNI>?,FCP?CL;
ZgN;L>??MM?MIFJ?A;PI=…?G=B?CIZ>CMM?1L;P?F?L
Z+‚I„MIFZ>CMM?,FCP?CL; Z3I=…<?GKO?JI>C;J?L=?<?LKO?;KOCFI„
; FO; ? KO? ?MN~ @;T?H>I OG @LCI NL?G?H>I  #CKO?C =IG ?MN; G‚I LIR; >?MM?
D?CNI JIL ?R=?MMI >? =IHA?F;G?HNI  AIL; P;C =IG?ƒ;L ; A;HAL?H;
 ? >;KOC ;
;FAOG;MM?G;H;MPI=…?MN;L~F?P;H>IAF;>ˆIFIMJ;L;GCGH;>?LL;>?CL;GIL;>;
ZFO;Z>CMM?1L;P?F?L
IFB;H>IJ;L;=CG; Z,KO?PIOJL?=CM;LF?P;L
J;L;PI=…?G3C?SN?M„NI;FB;MGIFB;>;M
Z)~IKO?;A?HN?G;CM;AL;>?=?M‚I-;LNC=OF;L?MF?P?MZ>CMM?,FCP?CL; Z
3I=…„NI>ICH=IHALO…H=C;M
*;H’
Z'~FB?@;F?C=CHKO?HN;P?T?MJL;PI=…H‚IG?=B;G;L>?*;H’
Z1;FCN;=B;G;PI=…>?*;H’Z>CMM?,FCP?CL;
;ACN;H>I;G‚I=IGIM?
KOCM?MM?MIFN~ F;>I<L;ƒI
ZM>C@?L?Hƒ;M?HNL?PI=…?1;FCN;Z>CMM?1L;P?F?LZM‚I>INCJIKO?M?P…
J;FJ;P?FG?HN? +‚I?HN?H>IJILKO?PI=…JL?=CM;;MMCGCF;LIPI=;<OF~LCI>?F;
0CHNI L?JOAHH=C; >? =;L;HAO?DIM ?LGCN‚?M
 >? MCG<CIM? ?G NI>;M ;M MO;M
@ILG;M
>?FˆKO?H?IM>?G;CMJ;L;MCN;M
Z 3I=… „ >? OG; >?FC=;>?T; KO? FCN?L;FG?HN? G? J;LN? ; ;FG; Z >CMM?
,FCP?CL;
Z ,<LCA;>I  "MN~P;GIM HI =;JˆNOFI ?LP; ? JL?AIM  -;L; KO? PI=… KO?L
JL?AIM
Z+‚IM?C;CH>;Z>CMM?,FCP?CL;
=IH@OMI Z+;P?L>;>?J?AO?C;F;N;>?
JL?AIM?>?M=I<LCKO?NI>IM?MN;P;GNILNIM  IG?=?C;?H>CL?CN~ FIM
?=IG?MM?
@LCI
?HN?H>?X1?HBI;CGJL?MM‚I>?KO?KO;H>IG?OMJL?AIM?MNCP?L?G<?G
L?NCHBIM
PIO>?M=I<LCLJ;L;KO?JL?=CMI>?F?M
Z &HN?L?MM;HN? Z >CMM? 1L;P?F?L
 IFB;H>I @CR;G?HN? J;L; ?F?  Z gM P?T?M
;=IHN?=?G=ICM;M=OLCIM;M=IGPI=… -LCG?CLIIMJL?AIM
>?JICM;@CH;FC>;>?>IM
JL?AIM *OCN;A?HN?JL?=CM;LC;;JL?H>?LCMMI
P?FBI
Z3I=…M?GJL?G??HN?H>?Z>CMM?,FCP?CL; Z";?LP;
=IGIPI=…<?G
CG;ACH;
„J;L;?O=?P;LOHM;G;LAIM
Z "MN~ <?G Z >CMM? 1L;P?F?L  Z "MJ?L? ;ˆ  0? ?O >?GIL;L GOCNI
 JI>?
;MMIPC;L
1;FCN;M?>CP?LN?=IGM?OM;MMIPCIM
0;=O>CH>I ; G‚I
 ,FCP?CL; @IC ;N„ ; JC; ? DIAIO ~AO; HI LIMNI ? HI =;<?FI
IHNCHOIOM?GIFB;H>I;N„?GJ;J;L;=;GCM?N;
?PIFNIOD;H?F;J;L;;JFC=;L
?G MC G?MGI ; N?ILC; M?AOH>I ; KO;F I MIF KO? <;N? HOG J;HI GIFB;>I
JLIPI=; OG; PCIF?HN; M?HM;ƒ‚I >? @LCI  U" J?HM;L KO? PIO GILL?LW
 >CMM?
,FCP?CL;J;L;MCG?MGI
UM?GN?LPCMNIH;JLCG?CL;J~ACH;>IDILH;F;HINˆ=C;>;M
HINˆ=C;M &21,//"!"-&0jNLCMN?
J?HM;H>I<?G W
IG?ƒIO;=IGJILG;H=B?N?M
=ICM;KO?M?GJL?;DO>;P;;J;MM;LIN?GJI
"+/,0 ,2 0"+)h!,1" &!," ,20#&5&!"*)+x0,"01"  IHNIO;N„
>OT?HNIMM?GKO?FB?I=ILL?MM?H?HBOG;IONL;G;H=B?N?;=?CN~P?F
Z3ION?LKO?GO>;LZGOLGOLIO,FCP?CL; Z"MN?KO;LNI„CG?HM;G?HN?
J?KO?HI  +; P?L>;>? ?O >?PC; ?HNL;L HI =CL=I >? *;H’ ? GIL;L =IG ?F?M  
?LP;
+CHAO„GL?MJIH>?O
Z?LP;Z>CMM?,FCP?CL;MO;P?G?HN? Z?LP;
=B? +‚I@;ƒ;CMMI=IGCAI

*;H’ "J?HM;LKO?;A?HN?JI>?LC;=IHP?LM;L>?D;H?F;J;L;D;H?F;
?O
PI=…?
; 1;FCN;
 ? KO?G M;<? ;J;L?=?MM? ; M?HBIL; >? $ONOMMI IO ; A;LIN; >?
G;H>;>IM
?;A?HN?DIA;MM?IDIAI>I=?GCN„LCI
?HNL?IONLIM
U@CH;F >? =IHN;MW
 J?HMIO ,FCP?CL;
 UI DIAI >I =?GCN„LCI ?O JIMMI @;T?L
MITCHBI W
#IC<OM=;LI>C=CIH~LCI>;/?;F=;>?GC;"MJ;ŒIF;
?G=OD;=;J;;J;F;PL;
U/?;FW NCHB; MC>I ?H=;LHCƒ;>;G?HN? >?MNLOˆ>; ; AIFJ?M >? ACF?N?
 ;<LCO I ;I
;=;MI?JL?J;LIOJ;L;*;H’IM?AOCHN?DIAI>I=?GCN„LCI
U#;LNIM >I =FC?HN? ? >? M?OM =F?IH;MGIM
 NCL;L;G FB? I =Fˆ<;HI ? I =FˆJ?I ?
@CT?L;G =IG KO? ?HAIFCMM? OG; =FC=;  "G M?AOC>; ;JFC=;L;G H?F? OG =FˆMN?F
=FˆHC=I H; =FI;=;
 ?G<IL; ?F? =FI=;MM? JIL N‚I =FCPIM; ;MMOHƒ‚I >? ~AO;
G?M=F;>;;=FCHIJ>CI
L?PIFP?H>IIM=FCMIM=IGI=F?LCƒ‚I=FILNC=; W
Z ;L;FBI Z >CMM? ,FCP?CL; ;>GCL;NCPI  -?HMIO KO? U=;L;FBIW N;G<„G
JI>?LC;@OH=CIH;L=IGIJIHNI>?J;LNC>;
G;MM?>?=?J=CIHIO;I>?M=I<LCLKO?
; J;F;PL; H‚I =IHMN;P; >I =?GCN„LCI ?G =IGJ?HM;ƒ‚I
 HI =IHO=I >ICM =I<M
?MN;P;G =IH=I<;H>I
 ;HMCIMIM JIL =IJ;L M? I JLI<F?G; ?L; KO? I =IL<CG IM
B;PC;=IG;>I
=CN;H>I IM=IGI=I=M?GJ?MN;>IM
Uj L?;FG?HN? ; H?=LJIF?W
 J?HMIO  U, KO? ?O H‚I ?HN?H>I „ =IGI ;
?H=;>?LH;ƒ‚I>?MN;JIL=;LC;>OL;N;HNI W
IG?ƒIO ; ?M=L?P?L IONLI DIAI
 G;M H‚I M;ˆ; H;>;  !?=C>CO N?HN;L IM
>C~FIAIMNˆJC=IM?JLI=OLIOI=;>?LHIIH>?IM?M=L?PC;>?JICM>?M?CHMJCL;LHI
G?NLŽ
 HIM =;@„M ? HIM <IN?=IM  1CHB; OG >C~FIAI NˆJC=I >? ?MJ;HBCM KO;M?
JLIHNI
?@?T;FAOHML?NIKO?M;G;CM
H‚IM?G;HN?MDIA;LIONL;D;LL;>?~AO;H;
=;GCM?N;
!&d),$,1n-& ,!""0-+%s&0

#‚A6KZ"OGIL?COG;HICHN?CLI?G*;>LC 3?D;M
@IC?G
?X
'yC6KZ"G*;>LC-ICMIHN?GG?MGI?ODOMN;G?HN?>CTC;;I>L $;L=ˆ;X
#‚A6KZ!?;
KO;H>I@OCJLI@?MMIL>?FCN?L;NOL;H;OHCP?LMC>;>?
'yC6KZ"O>CTC;IM?AOCHN?U%IG<L?
NI>I;KO?F?KO?D~GILIO?G*;>LC
M;<?IKO?„CMMIW
#‚A6KZ2G;=~N?>L;=LC;>;?MJ?=C;FG?HN?J;L;GCG
J;L;KO??OJO>?MM?
>;LGCHB;M;OF;M>?FCN?L;NOL;
'yC6KZ"R;N;G?HN?
?R;N;G?HN? -ICMIHN?GG?MGI?O>CTC;;I>L $;L=ˆ;

>?KO?GMIOGOCNI;GCAIX
#‚A6K Z "
 =F;LI
 KO?G GILIO F~ G;CM >? OG ;HI M;<? GOCNI <?G KO? I
HˆP?F>IM?MNO>IM>?CR;GOCNI;>?M?D;L
'yC6K Z "F? „ @CFBI >? -;=I $;L=ˆ;
 KO? @IC GCHCMNLI >I IG„L=CI ? KO?
=LC;P;NIOLIM
#‚A6KZ2G;P?LAIHB;
;=L?>CN?
OG;P?L>;>?CL;P?LAIHB;
'yC6KZ-ICM„
BIG<L?
H?GG?@;F? -ICM?MM?>L $;L=ˆ;X
,FCP?CL; D~ ?MN;P; G?CI =;HM;>I >I >C~FIAI ? @?=BIO I =;>?LHI  U0BCP;W

J?HMIO <LOM=;G?HN?  Us <;CF;LCHI =MGC=I


 =IGI <LCFB;LC;M
 <LIHT? CH@CHCNI

>?<;CRI>?MN?MIF -ILKO?J?HMI?G0BCP;O?HIMCL?M KOCM?PCP? *;H?CL;


N‚I?MNL;HB; A?HN?;=;<;N?H>IOG;?H=C=FIJ„>C; !?KO?N?M?LPCOIP?L‚I

LIORCHIF F;LI KO? M?LC; JCIL ?MJ?=C;FCT;L M? ? J;MM;L =CH=I ;HIM ?MNO>;H>I I
=IGJILN;G?HNI>I;=LC>C;HI *;MP?D;KO?FCMN;CH=LˆP?F
A;LINI
>…OG;IFB;>;
HCMNIXW
"L; OG J;J?FTCHBI ;G;L?FI
 L?=ILN;>I >? OG >I=OG?HNI >? =;L~N?L
P;A;G?HN?CHN?LH;=CIH;F 2G;JO<FC=;ƒ‚I>;2H?M=IIO=ICM;J;L?=C>;
=IGIM
HIG?M>IMCHN?AL;HN?M>?OG=?LNI IHM?FBI>;CLGHC; ,FCP?CL;=IG?ƒIO;
M?>CP?LNCL=IG;FCMN;?H‚IJŽ>?L?MCMNCLN?HN;ƒ‚I>?J?A;LOGF~JCM??M=L?P?L
;M?AOCHN?DCN;HD~@IL;
,%F
,+:?
$J2F
+925@+9:C:+9F52>2,$2F?8
*:E9F,9@
.F??2"J2HE:?,"9:?12H
.F??2"J2HE:?,+96:?2?
.F??2"J2HE:?,$J@$:?
+9:C:'J2?49:,+92?E
+925@$292+9C2J*:E9F,92?E@@?

U,MNL…M4OHH;(S;Q%NCHM‚IOGJIO=IGIHNIHIMW
>CMM?J;L;MCG?MGI
;I I<M?LP;L IM P?LMIM  U!?P? KO?L?L >CT?L ;FAOG; =ICM; NCJI 0O; "R=?F…H=C;
"R=?F?HNˆMMCG;  B?
 KO? <IG CMMI >? 1BCLC -S;H=BC 2 1B;HN
 „ I KO? MI;
G?FBIL "=IGIM?L~KO?M?JLIHOH=C;%NIIHW
Z0;FP?Z>CMM?1L;P?F?L
Z0;FP?Z>CMM?,FCP?CL; Z.O?@LCI
=B?
Z!?M=OFJ?M?@CTPI=…?MJ?L;L 0;<?
IMJL?AIMX
Z F;LIZ>CMM?,FCP?CL; Z2GJL?AI„OGJL?AI
JLCH=CJ;FG?HN?KO;H>I
?MN~L?NI 3I=…@?TOGJ;=IN?
Z+‚IZ>CMM?1L;P?F?L
=Iƒ;H>IOGG;GCFI Z.O?<;L<;LC>;>?>?>C;

=B?
J;L?=?OG@IAI
Z ,FB; M Z >CMM? ,FCP?CL; NI=;H>I MO; =;GCM?N; =IGJF?N;G?HN? M?=;  Z
3I=…„=IGI;M;F;G;H>L;
PCP?HOGGOH>I>?J?LJ„NO;JCLIG;HC; 1LIOR?;
?LP;
Z+‚IZ>CMM?1L;P?F?L Z"MKO?=C=IGJF?N;G?HN?>;?LP; 0?MNIO=IG
IMJL?AIM
ZIG
?HN‚IP~F~<OM=;L
@;ƒ;OG?G<LOFBCHBI?DIAO?
1L;P?F?LIFBIOJ;L;MO;D;H?F;
>?JICMJ;L;;LO;
?JIL@CGJ;L;;D;H?F;>?
,FCP?CL;
Z3;CM?L>OL?T;Z>CMM? Z3I=…M;<?KO??OHOH=;?G<I=IOGNCLI
H?G
KO?M?D;;>ICMG?NLIM +I=CL=I>?<I=B;L;G>?GCGOG;MPCHN?P?T?M
Z*;MM?„KO;M?=IGIM?PI=…G??HNL?A;MM?H;G‚IZ>CMM?,FCP?CL;
Z 3I=… @C=; @;F;H>I
 @;F;H>I
 G;M P;C KO? IM JL?AIM =;?G H; =;<?ƒ; >?
;FAO„GF~?G<;CRI?;A?HN?;LLOG;?H=L?H=;X
Z'IAO?I?G<LOFBI?>?JICM@;T?GIMDIAIM>?=?GCN„LCIZ>CMM?,FCP?CL;
ZjG?FBILPI=…PCL<OM=;L
Z*;MM?L~KO?PI=…?HFIOKO?=?O
A;LINI!?M=?LNL…M;H>;L?M
;NL;P?MM;LI
A?FI?MO<CLIONLIMNL…M;H>;L?M
CMMIH‚IM?@;TH?GH;=;<;H;>I-;C1IG~M
Z3I=…H‚IP;CKO?L?LKO?M?D;?O;JL;NC=;L?MM?;H>CHCMGIP?MJ?LNCHI
Z)IHA?>?GCGKO?L?LM?G?FB;HN?=ICM;Z>CMM?PCLNOIM;G?HN?,FCP?CL;
Z+?GKO??OP~<OM=;LOG;N~<O;H;=IJ;J;L;@;<LC=;LOG;JIHN?
Z "MM; C>?C; Z >CMM? ,FCP?CL; Z ;N„ KO? H‚I „ N‚I LOCG ;MMCG
 ? ;F„G >I
G;CMC;M?LPCLJ;L;;A?HN?CLOM;H>IIMJL?AIM
PI=…>IM?OF;>I??O>IG?O
Z ?LNI
?MJ?L?Z>CMM?1L;P?F?L
?>?M;J;L?=?O
,FCP?CL;@C=IOJ?HM;H>IHOG<IGCHMOFNIJ;L;?MG;A;L1L;P?F?LH;JLCG?CL;
IJILNOHC>;>?  !?JICM >? =IHMOFN;L I =?GCN„LCI ? DIA;L OG; D;LL; >? ~AO; H;
=;GCM?N;
 JIMC=CIHIO M? ?G JF?HI MIF H; D;H?F;  1L;P?F?L H‚I >?GILIO ;
=B?A;L
;LL;MN;H>IOG;N~<O;?HILG?
KO?JIO=I;JIO=I@ICJLID?N;H>ID;H?F;
;@IL; 0?HN‚I,FCP?CL;M?>?O=IHN;>?KO?1;FCN;N;G<„G?MN;P;M?AOL;H>I;
N~<O; ? ; =OGJLCG?HNIO =IG OG ;MMIPCI  1;FCN; P?MNC; OG; M;ˆ>; >? <;HBI
P?L>?
MO@C=C?HN?G?HN?DOMN;J;L;KO?M?PCMM?KO??MN;P;HO;
Z IGI PI=… „ =B;NI Z >CMM? 1L;P?F?L
 <O@;H>I  Z " G?N? ; A?HN? ?G
=;>;=IH@OM‚I
,FCP?CL;PCOMO;IJILNOHC>;>?
Z ;F?;<I=;
GCLC~JI>I>?>?T;>IT?=?HNˆG?NLIM>?=IGJLCG?HNI
=IG
OG J;L >? J;N;M ?G =;>; OG >IM PCHN? ? OG ;H„CM ?G KO? ?MN~ >CPC>C>I M?O
=ILJI
 KO;NLI IFBIM ? H; <I=; G;H>C<OFCHB;M =LH?;M ? A;H=BO>;M KO? ;I
GIL>?LMIFN;GOGP?H?HIGOCNI;NCPIZ>CMM?HOG;L;D;>;
Z*;H>C<OFCHB;MZ=IG?HNIO1L;P?F?L Z-L?MN?;N?Hƒ‚IH;MJ;F;PL;MKO?
PI=…JLI@?L?  B?
M??O=IHNCHO;LJIH>I;N~<O;J;L;@IL;>;D;H?F;P;C=B?A;L
OG;BIL;?GKO?;@ILƒ;>;AL;PC>;>?P;CG;H>;L1;FCN;?;GCGJ;L;I>C;<I
Z"MNIOP?H>IZ>CMM?,FCP?CL;Z
G;M=IHMC>?L?KO?;JIHN;>;N~<O;?MN~
FIHA?>?G;CMJ;L;KO??OJIMM;;A;LL~ F;
Z"MN?H>;OGJIO=I;MG;H>C<OFCHB;MZ>CMM?1L;P?F?L
Z +‚I N?HBI NON;HI J;L; CMMI
 =B?  " ;F„G >I G;CM PI=… M;<? GOCNI <?G
KO??OMI@LI>?9@CC@CG24F: 0IOOG=;HCƒIJ?HM;HN?>?<I;FCHB;A?G
Z , ’HC=I =;HCƒI KO? L?=IHB?ƒI ?G PI=… „ ; =;HCHB; J;L;AO;C; Z >CMM?
1L;P?F?L @OLCIMI  Z "O L?;FG?HN? H‚I M?C I KO? P;GIM @;T?L
 ?MN; N~<O; ?MN~
=IG?ƒ;H>I ; J?M;L >?G;CM
 PI=… M;<? GOCNI <?G KO? I J?MI „ OG; =ICM;
L?F;NCP;  .O;H>I ; A?HN? NLIOR? ; N~<O; ?F; ?L; F?PˆMMCG;
 G;M =F;LI KO? I MIF
H‚I?MN;P;<;N?H>I=IGI;AIL;
Z-OR?;N~<O;>?PIFN;J;L;>?HNLIZ>CMM?,FCP?CL;
MOMJCL;H>I Z*?FBIL
; A?HN? @;T?L I M?AOCHN? N?HBI IONL; N~<O;
 H‚I N‚I =IGJLC>;
 G;M ?G
=IGJ?HM;ƒ‚IG;CMF;LA; A?HN?J;MM;OG;=IL>;@;T?H>IOGF;ƒI?;G;LL;;M
>O;M N~<O;M J?FI G?CI  "O JL?H>I ; GCHB; H; =;G;
 PI=… @;T I KO? ;=B;L
G?FBIL
Z>IHIMMIF;>I;A?HN?JL?H>?HOG;A;P?N;>;=ŽGI>;Z>CMM?1;FCN;
Z"HKO;HNIPI=…P;C<OM=;L;MO;N~<O;
;A?HN?P;CM?JL?J;L;H>I
U IGI?F?MM‚I=IGJFC=;>IMW
J?HMIO,FCP?CL;;I<OM=;L;N~<O;KO??MN;P;
>?J„HIJ;N;G;L
?HNL?;JILN;>IM?OKO;LNI?;>?OG=OL;H>?CLINOL=I "L;
OG;N~<O;>?=?>LI
GOCNI<?GFCR;>;G;M=IG>ICMIONL…MHMKO?B;PC;G
=;ˆ>I  ,FCP?CL; J;MMIO OG >?>I JIL OG >IM <OL;=IM
 I<M?LPIO =IGI M;ˆ; >I
IONLI F;>I ? M? J?LAOHNIO M? IM <OL;=IM M?LPCLC;G J;L; J;MM;L ; =IL>;  ,
J;N;G;L ?MN;P; KO;M? ?M=OLI G;M ?L; MI<L?NO>I ; >C@?L?Hƒ; ?HNL? I ;JIM?HNI
?HMIF;L;>I ? ; MIG<L; ? H; JILN; >I NOL=I B;PC; OG; =;>?CL; H; KO;F ?MN;P;
;<IF?N;>;OG;M?HBIL;>?JL?NI ,FCP?CL;=OGJLCG?HNIO ;>?>?NL~M>;N~<O;

KO?B;PC;?LAOC>I?M?AOL;P;=IGIM?@IMM?OGCG?HMI?CH?@C=;T?M=O>I
ZI;N;L>?
M?HBILZ>CMM?;M?HBIL;>?JL?NI Z.O?=;FIL?MN~@;T?H>I
Z I =IHNL~LCI
 M?HBIL; Z >CMM? ,FCP?CL;  Z +; P?L>;>? ?MN~ @;T?H>I OG
@LCIN?LLˆP?F
Z+‚I<;HKO?I?HAL;ƒ;>CHBI
M?HBILZ>CMM?;M?HBIL; Z*;CML?MJ?CNI
=IGIM>I?HN?M
Z*;M;M?HBIL;H‚IN?GH;>;
Z+;>; IGIM?;NL?P?
U&MNI„;L?;FC>;>?W
J?HMIO,FCP?CL;
M?AOL;H>I;N~<O;?IFB;H>I;M?HBIL;
>? JL?NI  U&MNI KO? ;=?CNI ; =;>; GIG?HNI =IGI ; L?;FC>;>? ? KO? H‚I JI>?
M?L
H‚IJI>?M?L W
Z+‚IJI>?M?LZ>CMM?,FCP?CL;
Z/?NCL? M?
;NL?PC>IZ>CMM?;M?HBIL; Z,M?HBIL>?PC;N?LP?LAIHB;>?
M;CL>?=;GCM?N;;?MN;BIL;
ZjOG;*;MFFIL?HM
M?HBIL;Z>CMM?,FCP?CL;
ZMKO?LIMIZ>CMM?;M?HBIL;
U&MMI KO? J?HMI M?L ; L?;FC>;>?W
 J?HMIO ,FCP?CL;
 ;=;LC=C;H>I ; N~<O;

;JIC;H>I M?H?F; U"MM;PCNLCH?;LLOG;>;


CFOGCH;>;JIL=CHKO?HN;IOM?MM?HN;
M„=OFIM >? G‚IM
 >? CG;ACH;ƒ‘?M
 >? =IGJLIGCMMIM
 >? J;=NIM
 >? M?=L?N;M
FC<?L>;>?M W
Z-;L?=?G?HNCL;IM?HBILN?L=;<?FIM<L;H=IMZ>CTC;;M?HBIL;>?JL?NI
U-L?N?H>?L M?L I =?HNLIW
 J?HMIO ,FCP?CL;
 ;JIC;H>I M? =IG G;CIL
=IGI>C>;>?H;N~<O; U*;M„CH=;F=OF;P?FG?HN?C>CIN; 2G=?HNLIN‚ICFOMLCI
KO;HNI M?LC; JL?N?H>?L ; O<CKOC>;>?  +‚I B~ =?HNLI
 B~ OG; ?MJ„=C? >?
=IH@FO…H=C; =IHNˆHO;
 >? IH>OF;ƒ‚I >; G;N„LC;  +I >?=ILL?L >; HICN? ?O MIO
OG =ILJI CGP?F
 ? >I IONLI F;>I >; =C>;>? OG LIFI >? J;J?F ?MN~ M?
NL;HM@ILG;H>IHIDILH;F>;G;HB‚
?MICNI?KO;L?HN;?OM;CL?C>?=;M;?M
ICNI ? PCHN? I DILH;F N?L~ =B?A;>I  <;H=; >; ?MKOCH;
 ? M ICNI ? KO;L?HN; ?
=CH=IGCHB;G‚I?IDILH;FM?OHCL‚I?=IG?ƒ;L‚I;GIP?L M?DOHNIMHI;L
;
OGG?NLI>IMIFI
;=;GCHBI>I<IH>?XW
Z " I >L  OH=B? KO? HOH=; ;=;<; >? ;N?H>?L I IONLI >I?HN? Z >CMM? ;
M?HBIL;>?JL?NI
,FCP?CL; ?LAO?O ; N~<O; ? ; JŽM J;L; >?HNLI >I KO;LNI  1L;P?F?L FB? @;TC;
MCH;CM J;L; KO? ;H>;MM? FIAI
 ? J;L; ;=;FG~ FI L?MJIH>?O =IG >ICM ;MMIPCIM
?MNLC>?HN?M   =IL>; ?MN;P; ?G =CG; >I AO;L>; LIOJ;
 ?L; JL?=CMI ;JLIRCG;L
OG;=;>?CL;?MO<CL
Z.O?N;FM?LOGJIO=IG;CML~JC>IZ>CMM?1L;P?F?L
Z-LIHNI
JLIHNIZ>CMM?,FCP?CL;
;J;L?=?H>IH;D;H?F; Z0O;N~<O;?MN~
<?GJL?M;
=B?
Z ;Fƒ;GIM ?F; HOG; A;P?N; >; =ŽGI>; ? 1;FCN; JŽM ?G =CG; ;
"H=C=FIJ„>C;ONI>C>~=NC=;.OCFF?N
Z +;>; G;F Z >CMM? ,FCP?CL;  Z +; GCHB; PIO JŽL I L?F;NLCI ;HO;F >I
0N;N?HM-MSEIFIACME -?>;AIACME;&HMNCNON
KO?G;H>;GJ;L;;$?EL?JN?HH‚IM?
M;<?JILKO…
Z , KO? ?O H‚I ?HN?H>I „ =IGI P;GIM ;=IJF;L ;M >O;M N~<O;M Z >CMM?
1L;P?F?L
 =IG?ƒ;H>I ; ?GJOLL;L ; =ŽGI>; J;L; KO? ; N~<O; JIO=I ; JIO=I
M;ˆMM?J?F;D;H?F;
Z 3I=…M J;L?=?G >ICM =B?@?M ;MMˆLCIM =IG IM ;Lˆ?N?M KO? >?LLO<;P;G
GOL;FB;MZ>CMM?1;FCN;
KO?H‚I?GP‚I?L;;>IH;>;?H=C=FIJ„>C; Z"MM?
FCPLIKO?PI=…@;FIO;ˆ„;F?G‚I
Z 0O?=I
 MO; <OLL; Z >CMM? ,FCP?CL;  Z 1L;N; >? =ICM;M =IGI ;
$6?E2=9J8:6?:D<2 DJ?AF?<E6C : 7„CD<@=6F?56CG:D?:?8  0‚I J;F;PL;M ?MJF…H>C>;M

>CAH;M >?MM? DIP?G 0HILLC 0NOLFOMMIH N‚I G?H=CIH;>I H; FCN?L;NOL; ;LA?HNCH;
3?L>;>?CLIMJ?CNIL;CM>?<LIHT?
=IG;CG;A?GN;FCMGHC=;>I@;F=‚I
Z,MF?MNIMNOL<CFB‘?M>;+ILO?A;Z>CMM?1L;P?F?L
Z 3I=… „ G?MGI OG MOD?CNI =OFNI IO ?MN~ M ;=?LN;H>I OG =BON? Z
J?LAOHNIO,FCP?CL;=IG=?LNI;MMIG<LI
Z+‚IPIO>CT?LKO?I=CL=IH‚IG?NIG?N?GJIZ>CMM?1L;P?F?LZ
G;M
M?GJL? MI<L; OG N?GJCHBI J;L; JL?A;L OG; ?MNL?F; H; N?MN;  "MM; @L;M? >;
?MNL?F;M;CM?GJL?KO?@;FI>I=CL=I
>?JOL;=IHN;GCH;ƒ‚I !?IH>?M?L~KO?
@OCNCL;LCMMI3I=…@;T;FAOG;C>?C;
1;FCN;
Z +‚I Z >CMM? 1;FCN;
 N?MN;H>I ; MIFC>?T >; N~<O;  Z -LIP;P?FG?HN? >?
;FAOGLIG;H=?JILNI LCKO?HBI
Z,KO?G;CMG?CH=IGI>;„KO?
HI@OH>I
?OM?CIH>?@ICKO?FCCMMI
Z+OG=F~MMC=IZCHMCHOIO,FCP?CL;
Z+‚IF?G<LI>CL?CNIMI<L?IKO??L;Z>CMM?1L;P?F?LZ
G;M?L;OGFCPLI
CH?MKO?=ˆP?F
Z!~JL;P?LZ>CMM?,FCP?CL;
Z+IMM;N~<O;?MN~J?L@?CN;Z>CMM?1;FCN; ZAIL;G?MGI„KO??OH‚IM?C
=IGIPI=…P;C@;T?LJ;L;JL?H>?LH;MO;
,FCP?CL;N?LGCHIO>?>?M?G;L;HB;L;=IL>;
J;LNCO ;;IG?CI
?=IGOG;>;M
G?N;>?M;NIO;N~<O;HI?MNL;>I>;=;G; JIC;H>I;JIHN;>;N~<O;H;<IL>;
>; D;H?F;
 ?GJOLLIO ; =;G; ? ; N~<O; =IG?ƒIO ; @OH=CIH;L =IGI OG;
;F;P;H=; MI<L? I J;L;J?CNI
 >?M=?H>I JIO=I ; JIO=I ;N„ M? ;JIC;L H; >?
1L;P?F?L
 ?HKO;HNI IM J„M >; =;G; MO<C;G OHM =CHKO?HN; =?HNˆG?NLIM  U,
JLI<F?G;„KO?;=;G;P;C=IHNCHO;LMO<CH>I;MMCGKO?;FAO„GKOCM?LJ;MM;L
J?F; JIHN?W
 J?HMIO ,FCP?CL; JL?I=OJ;>I  JLIRCGIO M? >I AO;L>; LIOJ; ?
=IG?ƒIO;?GJOLL~ FIH;>CL?ƒ‚I>;=;G;
Z3I=…H‚IN?G;JICIMO@C=C?HN?ZJ?LAOHNIO1;FCN;
KO?NCHB;M?M?HN;>I
H;<IL>;>?MO;D;H?F;?IFB;P;J;L;IKO;LNI>?,FCP?CL;
Z"R;A?L?GIMH;MJL?=;Oƒ‘?MZ>CMM?,FCP?CL;ZJ;L;?PCN;L;FAOGM?HMˆP?F
;=C>?HN?
"GJOLLIOIAO;L>; LIOJ;;N„>?CR~ FI;IF;>I>;=;G;
?JIO=I;JIO=II
NIG<IO 1;FCN;;>GCL;P;;@ILƒ;>?,FCP?CL;KO;M?N;HNIKO;HNI;;MN’=C;?;M
CHP?Hƒ‘?M >? 1L;P?F?L  U/?;FG?HN? ?F?M M‚I >ICM AFCJNI>IHN?MW
 J?HM;P;
?HN?LH?=C>;  ,M J?LˆI>IM ;HN?>CFOPC;HIM M?GJL? NCHB;G J;L?=C>I ; ?F; OG
L?@’ACI>?M;JC…H=C;
,AO;L>; LIOJ;=LCIOP?FI=C>;>??=;COPCIF?HN;G?HN?MI<L?;=;G;
@;T?H>I
I=B‚INL?G?L !?<;CRIMO<CL;GALCNIM
?,FCP?CL;J?HMIOKO?INOL=I>;JILN;
;IF;>I>?PC;?MN;L;LG;T?H;H>IOG;NL?G?H>;JL?MM‚IR;GHC=; =;<IO>?
;D?CN;L I AO;L>; LIOJ; ? GIHNIO H; N~<O;
 =F;LI KO? >I F;>I >? >?HNLI >I
KO;LNI
Z AIL; CMNI P;C ;AO?HN;L KO;FKO?L J?MI Z ;HOH=CIO  Z +‚I B;P?L~
NL;A„>C;
J;L;>?M?H=;HNI>;MGIƒ;M;FC>?<;CRI
KO?HIMKO?L?GN‚I<?G -;L;
?F;M
H;>;>CMMI@;TM?HNC>I?HKO;HNI;FAO„G;LL?<?HN;L;;FG;H;LO; j;PC>;

>CT?G?F;M
Z3I=…H‚IP;C;NL?F;L;MN~<O;M=IG;MO;=IL>;ZJ?LAOHNIO1L;P?F?L
Z 3?D; Z >CMM? ,FCP?CL;  Z 3I=… M;<? GOCNI <?G KO? ; P?LNCA?G G?
CGJ?>CO >? ?M=;F;L JIMCƒ‘?M   G?L; J;F;PL; U"P?L?MNW G? @;T M?HNCL OG;
?MJ„=C?>?@CMA;>;H;PCLCFB; !?N?MNIGOCN;A?HN?
G;MHCHAO„GN;HNIKO;HNII
MB?LJ;1?HTCHA
;=L?>CN?
Z,OM?D;
HM„KO?P;GIMN?LKO?JL?H>?L;MN~<O;MZ>CMM?1L;P?F?L
ZjCMMIZ;=?>?O,FCP?CL;
;=?H>?H>IOG
Z"MN~P?H>IZ>CMM?1L;P?F?L;1;FCN; Z"F??MN~KO?L?H>IKO?PI=…M?
;LL;MN?;N„IG?CI>;JIHN??;G;LL?;=IL>;
Z"OZ>CMM?1;FCN;
ZIG
PI=…IOPCO
Z ,FCP?CL; H‚I >CMM? KO? ?L; ?O KO? NCHB; >? G? ;LL;MN;L ;N„ I G?CI >;
JIHN?
Z +‚I >CMM?
G;MM? >?>OT F„G >I KO…
 „ G;CM ?F?A;HN? KO? PI=… F?P? ;
?LP;J;L;?F?
Z+‚IPIOM;<?L;G;LL;L;=IL>;Z>CMM?1;FCN; Z,FCP?CL;?PI=…M;<?G
@;T?LHM
G;MIMG?OMM?>?M;N;G?GM?AOC>; +‚I=B?A;GH?G;M?;N;L
ZA?HN?J;MM;;MCHMNLOƒ‘?MJ;L;PI=…Z=IH>?M=?H>?O1L;P?F?L
1;FCN;;D?CNIO;M;ˆ>;>?<;HBI?NCLIOOG@C;JIJ?H>OL;>I?GOG>?M?OM
>?>IM "MN;P;JL?=CM;H>IMOMJCL;L
G;MM;<C;KO?MOMJCLIM?R;MJ?L;P;G1L;P?F?L
Z3I=…KO?LG?MGIKO??OM?D;;J?MMI;KO?P;CF?P;L;?LP;J;L;,FCP?CL;
Z>CMM??GPIT<;CR;
Z!IKO?PI=…M?MN‚I@;F;H>I
=B?Z>CMM?,FCP?CL;
NCL;H>I;G?N;>?>I
=ILJI J?F; D;H?F; ? ;JIC;H>I ;M >O;M G‚IM ?G MO; N~<O;   A;LIN; >IM
G;H>;>IM NCHB; JIMNI OG; =;>?CL; H; =;Fƒ;>; J;L; I<M?LP~ FIM  ,FCP?CL;
=OGJLCG?HNIO ; =IG OG; >;M G‚IM  U!OJF; @;NOL; >I N?GJI ? >I ?MJ;ƒIW

J?HMIO  U =ICN;>; >~ JIL =?LNI KO? ?MN;GIM FIO=IM ? M? JL?J;L; J;L; OG;
P?LNCACHIM; PIFN;  HILG;FC>;>?  0? ;FAO„G =;CL
 I M;HAO? P;C L?MJCHA;L H?F;

=IG=?LN?T; "?F;H‚IM;<?KO?IM;HAO?P;CL?MJCHA;LH?F;
H‚IM;<?KO?JŽM;
=;>?CL; ;FC J;L; KO? I M;HAO? L?MJCHAO? H?F;
 ? H‚I M;<? KO? B~ >?T GCHONIM
<;N?O FB?OG;=LCM?>?N?>COGPCN;??GJF?H;=IJ;
OHC=;G?HN?J;L;P?C=OF;L;
NL;HM@?L…H=C;>;=;>?CL;J;L;;=;Fƒ;>; "KO?I=IJI>~AO;KO?NIGIOM>O;M
?PCHN??=CH=I?MN;P;GILHI?L?JOAH;HN?MJ;L;KO?I?MNŽG;AI
=?HNLI>I
BOGILP?MJ?LNCHI
JL?J;L;MM?H?F;I;N;KO?>?N?>COGPCN;?KO?NL…MJˆFOF;M>?
F?CN?>?G;AH„MC;-BCFFCJMN?LC;G>?<?F;>IJ?L@?CN;G?HN?G;MCMNI?F;H‚I?L;
I<LCA;>; ; M;<?L
 =?LN;M =ICM;M >?M?H=;>?;HN?M IO >?<?F;HN?M M JI>?G M?L
=IHB?=C>;MHOGJF;HI;MNL;F
J;L;OM;L?MM;N?LGCHIFIAC;CH;H? W
Z +‚I ?MN;GIM @;F;H>I >? =ICM; H?HBOG; Z >CTC; 1L;P?F?L  Z -L?J;L? ;
=IL>;
Z '~ ?MN~ JLIHN;
 „ OG; =IL>; <;=;H;  3;GIM F~
 1;FCN;
 ;F=;HƒI ?F; J;L;
PI=…>;KOCG?MGI
1;FCN;GIHNIOH;N~<O;?;P;HƒIOOHM=CH=I=?HNˆG?NLIM
;JIC;H>I;M>O;M
G‚IM?F?P;HN;H>IINL;M?CLI;N„JIOM~ FIOGJIO=IG;CM;>C;HN?
Z "MN; M;ˆ>; >? <;HBI „ GOCNI CH=ŽGI>; Z >CMM?  Z 0?LC; G?FBIL OG;
=;Fƒ;MO;IO;FAI;MMCG
Z+‚IP;F?;J?H;Z>CMM?1L;P?F?L Z3;CKO?PI=…=;C??MNL;A;;GCHB;
LIOJ;
Z3?G=IG=;FG;Z>CMM?,FCP?CL; Z2GJIO=IG;CM?D~=IHMCAIDIA;L;
=IL>;JL;PI=…
Z IGI?MM;LO;„F;LA;Z>CMM?1;FCN;
IFB;H>IJ;L;<;CRI Z*OCNIG;CM
F;LA;>IKO?KO;H>I;A?HN?IFB;J;L;?F;>;D;H?F;
Z M D;H?F;M M‚I IM IFBIM >; =C>;>? Z >CMM? 1L;P?F?L Z
 ? H;NOL;FG?HN?
>?@ILG;G NO>I I KO? P??G  AIL; PI=… ?MN~ HOG JIHNI >? AL;H>? JOL?T;
 ?
N;FP?TP?D;;M=ICM;M=IGIOG;JIG<;IOOG=;P;FI
KO?H‚IM;<?GKO?N…G
IFBIM
Z -;L? =IG ?MM;M C>?C;M J;L; ; +/# ? @CLG? <?G ; N~<O; Z ;=IHM?FBIO
,FCP?CL;
Z F;LI KO? PI=… @C=; @OFI KO;H>I ;FAO„G >CT ;FAOG; =ICM; KO? PI=…
;>IL;LC; N?L >CNI ;HN?M  0IO J?L@?CN;G?HN? =;J;T >? @CLG;L ; N~<O; ?HKO;HNI
J?HMI?@;FI
Z'~>?PI?MN;L=B?A;H>IHIG?CIZ>CMM?1;FCN;
Z*?CI,L;
PI=…G;F>?MALO>IO>;D;H?F; CH>;@;FN;GJ?FIG?HIM>ICM
G?NLIM
Z 2G JIO=I G?HIM Z >CMM? ,FCP?CL;
 J;L; ;HCG~ F;  Z AIL; G?MGI ?O
DIAI;=IL>;J;L;PI=…
Z-;L?=?KO?;N~<O;?MN~M?>I<L;H>IJ;L;<;CRIZ>CMM?1;FCN;
Z!I<L;H>IH;>;Z>CMM?1L;P?F?L
KO?;AIL;?MN;P;GIHN;>IH;N~<O;
M
KO?>IF;>I>?>?HNLI Z"MN~MPC<L;H>IOGJIO=I
ZF„G>IG;CM
;JIHN;?MN~;JIC;>;H;GCHB;N~<O;Z>CMM?,FCP?CL; Z
0?LC;GOCNI?MNL;HBI;M>O;M=?>?L?G;IG?MGIN?GJI
Z 0CG
 G;M ?O J?MI =CHKO?HN; ? M?CM KOCFIM Z >CMM? 1;FCN;  Z " KO;H>I
=B?A;L;IG?CIPIOJ?M;LJ?FIG?HIM>OT?HNIM 0CHNIKO?;N~<O;?MN~<;CR;H>I
=;>;P?TG;CM
Z 0? ?F; ?MNCP?MM? <;CR;H>I Z >CMM? 1L;P?F?L Z
 ?O ?MN;LC; =IG IM J„M
>?J?H>OL;>IM
 ? ?G P?T >CMMI ?MNIO =IG ?MJ;ƒI >? MI<L; J;L; ;JIC~ FIM HI
=B‚I ’HC=;=ICM;KO?JI>?;=IHN?=?L„KO?;M>O;MN~<O;MM?KO?<L?G
G;M
M?LC;GOCNI?MNL;HBI
Z@C<L;„GOCNIL?MCMN?HN?HIM?HNC>IFIHACNO>CH;FZ;=?>?O,FCP?CL; Zj
I ;JFIAI >I @?CR? >? DOH=IM ? >? IONLIM ?R?GJFIM  0OJIHBI KO? PI=… ?MN?D;
NL;T?H>I;?LP;?IMJL?AIM
Z"MN~NO>I;KOCHIG?O<IFMIZ>CMM?1;FCN; Z'IAO??MM;=IL>;>?OG;
P?T "MNIO@C=;H>IH?LPIM;
DOLI
Z j I @LCI Z >CMM? ,FCP?CL;
 ACL;H>I ; =IL>; HI ;L =IGI OG A;’=BI >IM
J;GJ;M Z OC>;>I
H‚IP~J?L>?LI?KOCFˆ<LCI jG?FBIL?OF;ƒ;LPI=…
J;L;
N?LGIM=?LN?T;>?KO?PI=…=IHM?AO?;A;LL;L;=IL>;
Uj =OLCIMIW
 J?HMIO
 P?H>I ; =IL>; J;MM;L ;=CG; >; =;<?ƒ; >?F;  U1O>I M?
?H=;CR; J?L@?CN;G?HN? KO;H>I ; A?HN? L?;FG?HN? N?G PIHN;>?   ’HC=; =ICM;
@;FM;HCMMINO>I„;;H~FCM? W
Z3I=…D~?MN~=B?A;H>IZ;HOH=CIO1L;P?F?L Z#CKO?>?OGD?CNIKO?
JIMM;;G;LL;L<?G;M>O;MN~<O;M
KO??MN‚IOGJIO=IM?J;L;>;M
Z ,FB? M =IGI ?O ; F;=?C <?G Z >CMM? ,FCP?CL;  Z ˆ ?MN~
 *;H’
 H‚I
H?AO?KO??OJI>?LC;NL;<;FB;L=IGPI=…MHI=CL=I
Z 3I=… G;=BO=IO G?O LIMNI Z KO?CRIO M? 1;FCN;  Z "MM; =IL>; JCHC=;
GOCNI
Z-IHBIOG=B;J„ON?R;HI
M;CI;MMIPC;H>I?F;ƒINI>IGOH>IZJLIJŽM
,FCP?CL; ?HNOMC;MG;>I  Z  ;LKOC<;H=;>; G? IP;=CIH;
 OG MO=?MMI JIO=;M
P?T?ML?ACMNL;>IHIM;H;CM=CL=?HM?M
Z3I=…?MN~N?H>IOG;CHMIF;ƒ‚IZ>CMM?1L;P?F?L
;=?H>?H>IOG=CA;LLI
Z"?OD~@;F?CJ;L;PI=…H‚IG?=B;G;L>?*;H’
Z +‚I N?HBI @ILƒ; Z >CMM? 1;FCN;  Z  =IL>; „ ~MJ?L;
 @C=; ALO>;>; H?F;
G?MG;
Z;G<CP;F…H=C;>;=IL>;Z>CMM?,FCP?CL; Z0O;@OHƒ‚IH;NOL;FM;<IN;>;
JIL OG; GCMN?LCIM; N?H>…H=C;  H?ONL;FCT;ƒ‚I  L?CI KO? =B;G;G ; CMMI
?HNLIJC;
Z"MN~<?G;J?LN;>IZ>CMM?1;FCN; Z!IOG;CMOG;PIFN;CH>;N?GOG
J?>;ƒI>?=IL>;J?H>OL;>I
Z0CG
?HLIF?<?G;=IL>;Z>CMM?1L;P?F?L Z ICM;MKO?MI<L;G?@C=;G
J?H>OL;>;MG?CLLCN;G„>C;<FC=I
Z 2G J?L@?==CIHCMN; Z >CMM? ,FCP?CL;  Z AIL; J;MM? J;L; ; GCHB; N~<O;
J;L;N?MN;L;JIHN?
Z 1?HBI G?>I Z >CMM? 1;FCN;  Z 0O; N~<O; J;L?=? G?HIM @CLG? KO? ;
HIMM;
Z , KO… Z >CMM? ,FCP?CL; I@?H>C>I  Z "HN‚I PI=… H‚I ?MN~ P?H>I KO? „
OG; N~<O; >? =?>LI JOLI +?G J?HM? ?G =IGJ;L;L =IG ?MM; JIL=;LC; >?
JCHBI -I>?J;MM;LNL;HKOCF;J;L;;GCHB;
JI>?PCL
Z,KO?PI=…;=B;
*;H’ZJ?LAOHNIO1;FCN;
PCL;H>II=ILJI
1L;P?F?L
 KO? C; L?MJIH>?L
 IFBIO J;L; I JIHNI IH>? ;M >O;M N~<O;M M?
?H=IHNL;P;G?J;L;;=IL>;G;FJIMC=CIH;>; *IHN;>IH;N~<O;
M?HNC;KO??F;
PC<L;P;?HNL?MO;MJ?LH;M>?G;H?CL;;IG?MGIN?GJI;AL;>~P?F?>?M;AL;>~P?F
1;FCN;H‚INCHB;G;CMKO?;JIC;L M?H;MG‚IM
NIG;LOGF?P?CGJOFMI??HNL;L
H; TIH; >; N~<O; >? ,FCP?CL;  F;LI KO? ; JIHN? L?MCMNCLC; ?MN;P; GOCNI <?G
@?CN;
Z ,FB?
 ?MJ?L? OG GIG?HNI Z >CMM? 1L;P?F?L
 G?CI H; >’PC>;  Z 3I=…
H‚I=IHM?AO??MN?H>?LI?G<LOFBIJ;L;?F?>;ˆIH>?PI=…?MN~
Z F;LIKO?H‚I=IHM?AO?Z>CMM?,FCP?CL;
MOLJL?MI Z.O?C>?C;„?MM;
3I=…?MN~?MNL;A;H>INO>I
Z"MN?H>?L
?MN?H>?L
H‚I=IHMCAIZ;>GCNCO1;FCN; Z*;M>~J;L;DIA;L

>;KOC„;=ICM;G;CM@~=CF>IGOH>I
Z'IA;LZ>CMM?,FCP?CL;
L?MM?HNC>I Z1;HN;=IH@OM‚I?HI@CG?F?MP…G
G?@;F;L?GDIA;LI?G<LOFBI
Z 0? PI=… ?MNC=;L I <L;ƒI P;C ?MN;L ; G?HIM >? KO;L?HN; =?HNˆG?NLIM >I
J;=IN? Z >CMM? 1L;P?F?L  Z +‚I B~ H?=?MMC>;>? >? KO? 1;FCN; P~ ;N„ ;ˆ  "F;
;NCL;I?G<LOFBI?N=B;O
Z3;C?LL;LINCLI
=IGINI>;M;MGOFB?L?MZ>CMM?,FCP?CL;Z
?;?LP;P;C
;=;<;L?MJ;LL;G;>;HIMJ;L;F?F?JˆJ?>IM
CMMIJ;L;H‚I@;F;LHIMJL?AIM
Z-I>? @C=;LNL;HKOCFIZ>CMM? 1;FCN;
NCL;H>I ;JL?MM;>;G?HN? I?G<LOFBI
>I <IFMI >I LIOJ‚I  Z *?MGI KO? H‚I =;C; H; MO; G‚I
 =IG =?LN?T; ?HNL;
J?F;D;H?F;
Z &MMI
 ? ;LL?<?HN; HI =B‚I
 KO? ?MN~ MODI
 ? ?O NIGI OG G;N? HID?HNI

=B?CI>?F;HOA?GZ>CMM?,FCP?CL;
Z+‚I>…<IF;JL;?F?Z>CMM?1L;P?F?L Z'IAO?I?G<LOFBI>?OG;P?T?
PIFN?
1;FCN; M? PCLIO ? IFBIO J;L; ?F?
 >OPC>;H>I >? KO? ?MNCP?MM? @;F;H>I M„LCI
1L;P?F?L;IFB;P;>?OGD?CNIKO??F;=IHB?=C;GOCNI<?G
?1;FCN;M?HNCOOG;
?MJ„=C? >? =;Lˆ=C; J?L=ILL?L MO;M =IMN;M  J?LNIO I ?G<LOFBI =IG @ILƒ;

=;F=OFIO;>CMNH=C;
,FCP?CL;NCHB;<;CR;>IIM<L;ƒIM?J;L?=C;CH>C@?L?HN?;IKO?1;FCN;@CT?MM?IO
>?CR;MM? >? @;T?L  -IL =CG; >? 1;FCN;
 IFB;P; @CR;G?HN? J;L; 1L;P?F?L
 KO?
IFB;P; @CR;G?HN? J;L; ?F?  U"MM?M >ICM ?MN?H>?L;G IONL; JIHN? ?HNL? ?F?MW

J?HMIO 1;FCN;  U0? ?O >?MJ?H=;L H; LO; H?G P‚I HIN;L W ,FBIO IM
J;L;F?F?JˆJ?>IM
PCO;A;LIN;>IMG;H>;>IM=IHN?GJF;H>I ;=IG;<I=;;<?LN;
>O;M KO;>L;M ;>C;HN? PCHB; ;H>;H>I OG; GOFB?L KO? >?PC; M?L $?EL?JN?H
1;FCN;?MJ?LIO
=IGI?G<LOFBI;JIC;>IH;JIHN?
Z "MN~ P?H>I Z >CMM? ,FCP?CL;  Z -L?=CM;P; ;=IHN?=?L
 HCHAO„G GO>;
PI=…  B?A; ;N„ DOHNI >;M =ICM;M ? ; J?MMI; CG;ACH; KO? @CH;FG?HN? PI=… P;C
?HN?H>?L
G;M„CH’NCF
=B?
PI=…=IG?ƒ;;?HLIF;L
;F?LIMLNOFIM 3I=…@C=;
HIMJLIMJ?=NIM
A;LINI
Z">;ˆZ>CMM?1L;P?F?L Z-ILKO?JL?=CMIDIA;L>?;=IL>I=IG;MMO;M
L?AL;M
CLG‚I
Z,MDIAIMM?=LC;GMITCHBIM
PI=…„KO??H@C;OGAL;P?NIJ;L;@L?;L;LI>;
ZLI>;@;<LC=;>;JILPI=…
J;L;M?LGIM?R;NIM
Z =BI KO? H‚I Z >CMM? ,FCP?CL;  Z +‚I @CT G;CM KO? MOM=CN;L ;M
=CL=OHMNH=C;M
=IGI>CT?GIM?HN?H>C>IM +?MN?DIAI?L;JL?=CMIDIA;LFCGJI
Z#L;M?>?J?L>?>IL
P?FBI
Zj@~=CFJ?L>?LKO;H>IB~NLOKO?MHIDIAI
Z3I=…„;>OFNIZ>CMM?1L;P?F?L Z-OLIM?HNCG?HNIA;’=BI
1;FCN; M;<C; KO? >? ;FAOG; G;H?CL; ?MN;P;G @;F;H>I >?F;
 ? =IHNCHO;P;
IFB;H>IJ;L;;A;LIN;>IMG;H>;>IMCGP?FH;=;>?CL;
=IG;<I=;;<?LN; U"O
>;LC;KO;FKO?L=ICM;J;L;H‚IIOPCL?MM?M>ICM>CM=ONCL?GW
J?HMIO1;FCN; U0?D;
>IKO?@ILKO??MN‚I@;F;H>I
HI@OH>I?F?M?MN‚IM?GJL?@;F;H>I>?GCG
G;M
N;G<„GH‚I„CMMI
?G<IL;M?D;KO;M?CMMI W!?L?J?HN?I=ILL?O;?F;KO?M?LC;
>CP?LNC>I MIFN;L I ?G<LOFBI >? G;H?CL; KO? ?F? =;ˆMM? H; <I=; >; A;LIN; >IM
G;H>;>IM  *;M H‚I ;=B;P; AL;ƒ;
 M?HNC; ; IONL; JIHN? JIL =CG;
 ;M J;F;PL;M
CH>I?PCH>I
IMLCMIM
IMMCF…H=CIM;KO?=C>IM
Uj=IGIOGDOFA;G?HNIW
J?HMIO1;FCN; U IGIOG;=?LCGŽHC; W
/?=IHB?=?O $?EL?JN?H
 KO? =B?A;P;  IONL; ?MKOCH; ? =IG?ƒ;P; ; IFB;L
J;L;=CG; U.O?G„KO??MN~DOFA;H>IPI=…W
;=;<;P;>?>CT?L,FCP?CL; *;M
?L;?F;KO??MN;P;M?H>IDOFA;>;
?H‚I1L;P?F?L 2GM?HNCG?HNI
;FAIJ?A;DIMI
=IGIIMIFH;HO=;?H;MJ?LH;M &;N?LOG;N;KO?>?CHMIF;ƒ‚I
N;FP?T@IMM??MM;
;M?HN?Hƒ; U+‚I=L?CIKO?PI=…M?D;;FAO„GJ;L;G?DOFA;LW
NCHB;>CNI*;H’
*;MH‚I?L;*;H’
?MCG;?F;KO??MN;P;GDOFA;H>I "L?JL?M?HN;>IH?F;
M;<?
F~ I KO…
 ?HKO;HNI ; ?MN’JC>; >; $?EL?JN?H ;ACN;P; I <L;ƒI ?MKO?L>I ? @;TC;
MCH;CMJ;L;?F;=IGIM??F;
JIL?R?GJFI
?MNCP?MM?;JIHNI>?N?LOG;N;KO?>?
CHMIF;ƒ‚I?@IMM?=;CLH;LO;
CLL?G?>C;P?FG?HN?=IH>?H;>;
Z-ILKO?PI=…?MN~<;F;Hƒ;H>I>?MM?D?CNIZ>CMM?1L;P?F?L
M?AOL;H>IMO;
N~<O; =IG ;M >O;M G‚IM  Z B?
 PI=… ?MN~ @;T?H>I ; N~<O; PC<L;L >?G;CM
!?MM?D?CNIP;GIMNI>IMJ;L;I>C;<I
Z+‚I?MNIOG?G?R?H>IH;>CHB;Z>CMM?1;FCN;
CH@?FCT Z1O>IIKO??O
KO?LC;?L;DIA;LI?G<LOFBIJ;L;?F???HNL;L?G=;M;>?HIPI
Z , MIF ?MN~ <;N?H>I H; MO; =;<?ƒ;
 =ICN;>; Z >CMM? 1L;P?F?L  Z &MMI „
G?MGIOG;<;L<;LC>;>?
=B?
Z=OFJ;„MO;Z>CMM?,FCP?CL;CLLCN;>I Z+CHAO„G
H;LA?HNCH;
M;<?
;LLOG;L?H=L?H=;N‚I<?GKO;HNIPI=…
Z 3I=… ?MN~ CGJFC=;H>I =IGCAI Z >CMM? 1L;P?F?L
 I<D?NCPI  Z H>? FIAI

1;FCN;  'IAO? ?MM? ?G<LOFBI H; =;L; >?F? J;L; ?F? J;L;L >? HIM ;JILLCHB;L >?
OG;P?TJILNI>;M
Z AIL; @C=IO G?CI N;L>? Z >CMM? 1;FCN;  Z '~ H‚I ?MNIO N‚I M?AOL; >?
;=?LN;L;D;H?F;
Z "O @;F?C Z GOLGOLIO ,FCP?CL;
 KO? GOLGOL;P; GOCNI JIO=I ? M
KO;H>I?MN;P;<?CL;>?;FAOG;<;L<;LC>;>? ZˆP?G;$?EL?JN?H=B?C;>?
J;=IN?M  IGIM?@ŽMM?GIMJIO=IM
;;PL?MIFP?OJ;LCLG;CMOG
Z +‚I ?MKO?HN? ? DIAO? ; ?LP; J;L; ?F? Z >CMM? 1L;P?F?L
 CGJ;=C?HN?  Z
+‚IM?JL?I=OJ?=IG;JIHN;LC;
1;FCN; CH=FCHIO ; =;<?ƒ; ? I =;<?FI ?M=ILL?AIO JIL MO; N?MN;
 ;N„ ; <I=;
1CHB; KO? J?MN;H?D;L =IHNCHO;G?HN? JILKO? I MOIL ?HNL;P; ?G M?OM IFBIM
0?HNC;;FˆHAO;=B?C;>?M;F?>?;FAOG;=ICM;KO?>?PC;GM?L=?HN?FB;M
;MNLIM
>CGCHONIMJ;MM;H>I?=IFC>CH>I=IG;MA?HACP;M?I=„O>;<I=;
Z"MJ?L?Z>CMM?1L;P?F?L
Z"MN~@;F;H>I=IGCAIZJ?LAOHNIO,FCP?CL;
Z+‚I "MJ?L?
1;FCN; 0?M?AOL?<?GKO?PIOFB?;F=;Hƒ;LOG=B;J„O
Z+‚IM;C;>;N~<O;ZJ?>CO1;FCN; Z3IO=;CLF~?G<;CRI
Z  ?H=C=FIJ„>C; ? ; =ŽGI>; >‚I =IHN; J?L@?CN;G?HN?  +‚I M? GIP;
 KO?
PIFNIHOGGCHONI
M N~<O;M M? CH=FCH;L;G OG JIO=I J;L; <;CRI ? 1;FCN; M? ;A;LLIO
>?M?MJ?L;>;G?HN? ,FCP?CL;;MMIPCIO=IGNI>;M;MMO;M@ILƒ;M=IGIM?KOCM?MM?
>?N?L1L;P?F?L
G;MD~H‚IB;PC;HCHAO„GH;D;H?F;
Z .O? ;HCG;F Z >CMM? ,FCP?CL;  Z +‚I M? G?R;
 H?G L?MJCL?  j OG;
KO?MN‚I>?PC>;IOGILN?
;=L?>CN?
Z"OM?CZ>CMM?1;FCN;
=IGOG@CI>?PIT Z0?GJL?@IC;MMCG
Z"J;L;JCIL;L;M=ICM;M
$?EL?JN?H?MN~MO<CH>I;?M=;>; <LIH=;KO??F;
P;CHIM>;L
GCHB;G‚? +‚IM?GIP;
Z+‚I?MNIOG?GIP?H>IZ>CMM?1;FCN; Z*;MJ;L?=?KO?X
Z -ICM „
 G;M M J;L?=? Z >CMM? ,FCP?CL;  Z +‚I M? GIP;
 „ M I KO?
JI>?GIM@;T?L
U"F?M D~ G? DOFA;L;GW
J?HMIO 1;FCN;  UAIL; M G? L?MN; =;CL
KO? ?F?M P‚I
=IHNCHO;L=IGI=CL=I
=IG;PC>; W
Z BIL;H>IJILKO…ZCH>;AIO,FCP?CL;
CHN?L?MM;>I
Z+‚I?MNIO=BIL;H>IZ>CMM?1;FCN; Z"MNIOMO;H>I
MCMMI
Z ,FB? ;KOC Z >CMM? ,FCP?CL; L?MM?HNC>I Z
 JIMMI M?L GOCNI C>CIN;
 G;M
HOH=; G? ;=IHN?=?O >? =IH@OH>CL F~ALCG;M =IG NL;HMJCL;ƒ‚I  j NIN;FG?HN?
>C@?L?HN?
Z "O H‚I =BILI Z >CMM? 1;FCN;  Z +‚I =BILI KO;M? HOH=;
 DOLI  .O?G
=BIL;„A?HN?=IGI$?EL?JN?H
KO??MN~MO<CH>I;?M=;>;=;LL?A;>;>?J;=IN?M
"O MIO =IGI I =CMH?
 KO? =;HN; KO;H>I GILL? Z >CMM? 1;FCN;  Z ,OPC HOG
>CM=I>?$;L>?F
,FCP?CL; ;=?H>?O OG =CA;LLI  M N~<O;M B;PC;G M? ?KOCFC<L;>I IONL; P?T
MJCLIO;@OG;ƒ;M;NCM@?CNI
Z "M=ON?
 ?HKO;HNI ?MM? C>CIN; >I *;H’ H‚I PIFN; =IG I =B;J„O

JI>?Lˆ;GIM;JLIP?CN;LJ;L;<LCH=;L>?J?LAOHN;M <;F;Hƒ;
Z 3;GIM F~ Z >CMM? 1;FCN;  Z ,HN?G G?MGI JL?J;L?C OG;M N;HN;M
 J;L;
PI=…M;<?L
Z*OCNI<?G "O=IG?ƒI?=;>;OG@;TOG;J?LAOHN; <;F;Hƒ; IJ?L;ƒ‚I
KO?=IHMCMN??G>?JIMCN;LMI<L?OG=ILJIMFC>IOG;=;J;>?G?N;F>CMMIFPC>I
HOGFˆKOC>I
P;F?H>I M?>?=ILL?HN?M?F„NLC=;M
H‚I„OG;?G<;L=;ƒ‚I;HNCA;

>?P?F;F;NCH;
>?OG;M=?GNIH?F;>;M>?JILN?
Z F;LI KO? „ Z >CMM? 1;FCN;
 DIA;H>I I =;<?FI J;L; NL~M  Z H>;L >;KOC
J;L;F~
P;A;L
>?MPC;LIAIFJ?>?OG;;LG;
J?L@OG;L=IG;FGˆM=;L
?;DOMN;LI
J;A;G?HNI >I >ˆTCGI >IM @LONIM P?L>?M
 H‚I ?KOCP;F? ; KO;FKO?L >IM MO=IM
P?A?N;CM>?MNCH;>IM;FCG?HN;ƒ‚I
=IGIPCHBI
;T?CN??N= 
Z*OCNI<IGZ=IH>?M=?H>?O,FCP?CL; Z,MMO=IMP?A?N;CM
=IGIPCHBI

;T?CN?X +OH=; NCHB; G? I=ILLC>I J?HM;L HI PCHBI =IGI OG MO=I P?A?N;F  j
?MJF…H>C>I *;MIOƒ;?MN;L?P?L>?=?L
P?L>?D;LI=;GJI
?HLIM=;LI=;<?FI
;

 ?HPIFP?L M? HOG; LCHB; IO =IHN?H>;
 ?HP?H?H;L ; ~AO; =IG P?L<;M=I IO
IONL;MO<MNH=C;;H~FIA;J;L;;NIL>I;LIMJ?CR?M?J?M=~ FIM
H‚I„I>?M?HF;=?
>IJI?G;>L;G~NC=I
?MJ?=C;FG?HN?KO;H>I„>IFILIMI
Z .O? FCH>I Z >CMM? 1;FCN;
 ?HNOMC;MG;>;  Z )CH>ˆMMCGI
 %IL;=CI  3I=…
L?;FG?HN?NCL;MO=I>I=?GCN„LCI
Z,MO=IP?A?N;FZ>CMM?,FCP?CL;
 JILN; >I KO;LNI M? ;<LCO ? $?EL?JN?H ?HNLIO L?MJCL;H>I ;ACN;>;G?HN?
$?EL?JN?H ?L; FIOL; NCHAC>;
 @;F;P; =IG GOCN; @;=CFC>;>?
 ? D~ H‚I M?
MOLJL??H>C;=IGOGAO;L>; LIOJ;DIA;>IHOG;=;G;?OGBIG?GGIHN;>I
HOG;N~<O;
Z .O? =;FIL Z >CMM?
 F;LA;H>I IM J;=IN?M MI<L? OG; =;>?CL;  Z +‚I N?G
BIL;JCILJ;L;@;T?L=IGJL;M
;=L?>CN? ,KO?PI=…?MN~@;T?H>I;ˆ
1;FCN;+‚I
M?CJILKO?M?GJL?M;CIH;BIL;>;M?MN;
Z"MN~<?G
?MN~<?GZ>CMM?,FCP?CL;
M?GIFB;LJ;L;?F; ZAIL;„;MO;
P?T
1;FCN;
Z+‚IG?F?G<LI>?H?HBOG;IONL;
Z-?HM?<?G
H‚I„JIMMˆP?FKO?PI=…H‚IM?F?G<L?
Z B
 „ JIL =;OM; >I >?HNCMN; Z >CMM? $?EL?JN?H  Z 0?GJL? G? >‚I IM
JCIL?MBIL~LCIMJ;L;I<NOL;LIM>?HN?M  IHN?CKO?BID?JL?=CM;P;CL;I>?HNCMN;
ZAIL;?MNIOG?F?G<L;H>I>?OG;Z>CMM?1;FCN;
Z"P?D;MIKO?G?;=IHN?=?Z>CMM?$?EL?JN?H Z B?AI;I=IHMOFNLCI
>I>?HNCMN;
H; ;FF?4;LH?M 1I=I;=;GJ;CHB;?;J;L?=?;?GJL?A;>; !CAI
UI;N;L>?W "F;>CTUI;N;L>?
?HNL?
JIL@;PILW "O?HNLI
??F;G?@;TJ;MM;L
J;L;;M;F;>??MJ?L;
Zj;MMCGZ>CMM?1;FCN; ZKO?F?KO?N?GIM=;LLCFBIMPIFOGIMIM
IO;
@CF?CL; >? <;LLCM ;G;LL;>IM =IH>OTC>IM  G;H?CL; >? <;FM;
 J;L; OG FOA;L
JIPI;>I >? =;LLCƒIM I ;LG;T„G >? ;LNCAIM >? JLCG?CL; H?=?MMC>;>?
 CHMN;F;>I
J;L;KO?H?F?M?;<;MN?ƒ;G>?N?LGCH;>;MJ?MMI;M>?@ILG;G;CM?=IHŽGC=;>I
KO? H;M FID;M
 ? NO>I I KO? >CT L?MJ?CNI IO M? L?F;=CIH;  „=FIA;
 H‚I „ =IGI
;JFC=;LIA;FP;HCMGI;OG;HCG;FPCPIIOGILNI
Z .O? G;L;PCFB; Z >CMM? ,FCP?CL; >?MFOG<L;>I  Z 0CGJF?MG?HN?
@?HIG?H;F
Z*?>CTU0?HN? M?OGGIG?HNI
JIL@;PILW "OG?M?HNI??MJ?LI
Z1?HBIOG;’FNCG;Z>CMM?,FCP?CL; Z"MJ?L?
H‚IG?F?G<LI<?G
Z"MN;P;GF~>O;MM?HBIL;M?OGM?HBIL=IGOGG?HCHI -;L?=C;KO?IM
GCHONIMH‚IJ;MM;P;G 0??O>CMM?LKO?FCNL…MH’G?LIMCHN?CLIM>? 5}=:@X,
G?HCHI=BIL;P;
JI<L?=LC;Hƒ;
?IJ;C
OG=;L;H?LPIMIX+‚IKO?LICHP?HN;L
H;>;
G;MM?J;MM;L;GG;CM>?>O;MBIL;M
?CMMIKO?=B?AO?CM>O;M?G?C;
.O;H>I ?H@CG =B?A; ; GCHB; P?T ? I >?HNCMN; G? >CT U"HNL?
 M?HBIL;W ?O
?HNLI
??F?G?>CTU,KO?=IFIKO?CHIIONLI>C;CH=IGI>IOGOCNIW !CAI
U+‚I
>IONIL
H?GOGJIO=I F„G>CMMI
INI>I?MM?N?GJI?OG;MNCAO?C>?
OG F;>I MW  "F? >CT U*OCNI <?G
 „ CMMI G?MGI KO? M? >?P? @;T?L  0?HN? M?

M?HBIL;W "OG?M?HNI
??F?G?>CTU<L;;<I=;
JIL@;PILW jGOCNI;G~P?F

?MM?>?HNCMN;
Z -LIHNI Z >CMM? ,FCP?CL;  Z "M=ON? <?G
 1;FCN;  -IL KO? PI=… ?MN~
IFB;H>IJ;L;NL~M
Z-;L;P?LM?I*;H’PIFNIO
Z 3IFNIO H;>;X "M=ON? <?G ; ;ƒ‚I ? I ?@?CNI >? =IHNL;J;MM;L IO
 HIM
NILH?CIM?DOMN;M
;ACLOGACH?N?>?GI>I;@;T?LM?O=;P;FI>;L=IGIMJ?CNIM
HIM >I =;P;FI >I ;>P?LM~LCI
 H‚I J;L?=? GOCNI =IG I @;MNˆACI
 GIG?HNI G;CM
AL;P??CHN?HMI>?OG;?H@?LGC>;>?
Zj?MNL;HBIZ>CMM?1;FCN;
J?HM;H>I Z#;F; M?;MMCG
?G?MJ;HBIF
Z#;F; M?;MMCGIKO…
Z&MMI>?OGACH?N?;ACL>?GI>I;@;T?LM?O=;P;FI>;L=IGIMJ?CNIM
Z+IMNILH?CIM
„Z>CMM?,FCP?CL; Z"MN~HI=?GCN„LCI
=B?
Z #;MNˆACI Z >CMM? 1;FCN; Z „ OG; J;F;PL; GOCNI <IHCN;  2G; J?H; I
MCAHC@C=;>I
Z ,L;
 =IG GILN;>?F; ? =IG N;HN;M IONL;M „ CAO;F Z >CMM? ,FCP?CL;  Z
.O?G ;H>IO NL;N;H>I >?MM? N?G; @IC I ;<;>? L?GIH>
 G;M H‚I B~ AL;H>?
=ICM;;@;T?L MJ;F;PL;MM‚I=IGIHM
H;M=?G=IGOG;=;L;?H‚IN?GD?CNI
-?HM? H; =;L; >I (;HN ? G? >CA;  ,O ?LH;L>CHI /CP;>;PC;
 J;L; H‚I CL N‚I
FIHA?
Z"F?G?@?TOG;I<NOL;ƒ‚I=IGG;N?LC;FJF~MNC=IZ>CMM?$?EL?JN?H
Z"MN~@;T?H>IOG=;FILN?LLˆP?FZ>CMM?1;FCN; Z*;H’@;FIOKO?C;G?
NL;T?LOG=B;J„O
Z"MM?;ˆH‚INL;T=ICM;H?HBOG;Z>CMM?,FCP?CL;
Z 0? PI=… ?MNCP?L >? ;=IL>I
 DIAI I ?G<LOFBI ? PIFNI J;L; =;M; Z >CMM?
1;FCN;
,FCP?CL; IFBIO ; JIHN?
 G?>CO ; D;H?F; ;<LCH>I P;A;G?HN? IM <L;ƒIM
 ?
GIP?O;=;<?ƒ;
Z.O?GM;<?M?PI=…P;C;=?LN;LZ>CMM? Z-ILIONLIF;>I
G?>~OGH‚I
M?C KO… M?AOL;L PI=… ;ˆ @IL; =IG ?MM? @LCI AF;=C;F  -IL ;=;MI PI=… M?HN? ;
@ILG;ƒ‚I>?=;L;G<CH;M>?A?FIHI=;<?FI?H;M@IMM;MH;M;CM
Z+‚IZ>CMM?1;FCN; ZM=;L;G<CH;MP…G;M?L=IGIIM@;MNˆACIM
Z!?=?LNIGI>I
MCGZ>CMM?,FCP?CL; Z0‚I>O;M=ICM;MKO?M?J;L?=?G
;J;LNCL>?MO;M>C@?L?Hƒ;M
OGJIO=I=IGI*;H’??O
J?HM;H>I<?G 3I=…
B~>?L?=IHB?=?LKO?G?OJLI<F?G;=IG*;H’„M?LGIMJ;L?=C>IM>?G;CM
Z-ICM„Z>CMM?1;FCN; Z"CMMIMP?T?MCH=IGI>;<;MN;HN?
ZG;HN?CA;>?LL?N?OZ>CMM?$?EL?JN?H
OHN;H>IOG;@;NC;>?J‚IJL?NI
ZG;HN?CA;
=IGI=;FIL
„OG;FON;
Z  JCIL >C@?L?Hƒ; ?MN~ HCMMI Z >CMM? ,FCP?CL;  Z  JCIL >;M JCIL?M
>C@?L?Hƒ;M !ICMMOD?CNIM>?=;<?FIJL?NI
=IG=;L;>?@;LLCMN;MJILN?HBIM
=IGI
G?MGI>?MJL?TIJILKO;M?;MG?MG;M=ICM;M
?PI=…X
ZIG
?OXZ>CMM?1;FCN;
Z +‚I N?G JIL KO? ?M=;JOFCL Z >CMM? ,FCP?CL;  Z j OG @;NI KO? PI=… >?
;FAOG; @ILG; M? MIG; ; HM >ICM J;L; ;OG?HN;L ; M?G?FB;Hƒ;
 ? JILN;HNI ;
>C@?L?Hƒ;
Z+‚I;=BIKO??OG?MIG?;PI=…M>ICMZ>CMM?1;FCN;
Z"PI=…M;<?IKO…,KO?PI=…JI>?M;<?L
PI=…#C=;;FCHIM?OKO;LNI

PCP?H>I?=ITCHB;H>I?F?H>I;?H=C=FIJ„>C;;ONI>C>~NC=;
?HICN?P;CJ;L;I
=CL=I
?=IGCMMIN?G;M?HM;ƒ‚I>?KO?M?MN~IH>??MN~ +OH=;L?J;LIOH;M
G;ƒ;H?N;M>;MJILN;M
HIM<IN‘?M>?G?N;F
HIMJ?>;=CHBIM>?PC>LI
Z0CG
MP?T?ML?J;LIZ>CMM?1;FCN;
Z-ICMM?L?J;L;MM?<?G
P?LC;KO?JILNI>;J;LN?
IH>?G?HIMM??MJ?L;
B~
CG;A?HMKO?=IJC;GNI>IMIMM?OMGIPCG?HNIM "OMIOGOCNIM?HMˆP?F;?MM;M
C>CINC=?M
;=L?>CN?
Z3?HB;=~
NIG?IM?OF?CN?KO?D~=LCIOH;N;Z>CMM?$?EL?JN?H Z-IL
KO?PI=…M?MN‚IM?GJL?@;F;H>I>?=ICM;M?MKOCMCN;M
Z3I=…?MN~G?>;H>ICGJILNH=C;>?G;CMZ>CMM?1;FCN;
ZB
?MM;M=ICM;M;A?HN?H‚I>?=C>?Z>CMM?,FCP?CL; Z"RCMN?NI>;OG;
=;N?AILC; >? =ICM;M KO? ; A?HN? H‚I >?=C>?
 ? KO? M‚I M?GJL? ;<ILL?=C>;M

?G<IL;H‚IM?D;G;MG;CMCGJILN;HN?M !CAICMMIJILKO?„OGAL;H>?=IHMIFI
-IL ?R?GJFI
 ?O JL?N?H>C; NIG;L G;N?  " ;AIL; =B?A; ?MM; ;KOC ? =IG?ƒ; ;
JL?J;L;L =;@„ =IG F?CN? M?G HCHAO„G J?>CL  /?MOFN;>I M? ?O H‚I NIG;L
 =LC;
H;N; HI F?CN?  +‚I „ CGJILN;HN?
 G;M =B;N?C; OG JIO=I  3I=… J?L=?<? I KO?
?MNIO>CT?H>I
Z B
 J?L=?<I Z >CMM? 1;FCN;
 IFB;H>I I HIM IFBIM  Z j P?L>;>?
 PI=… M?
J;L?=? =IG I *;H’  3I=…M >ICM M;<?G @;F;L N‚I <?G >I =;@„ =IG F?CN? ? >I
G;N? KO? ; A?HN? ;=;<; ?HN?H>?H>I KO? I =;@„ =IG F?CN? ? I G;N?
 H;
L?;FC>;>?X
Z"R;NIZ>CMM?,FCP?CL; Z%2C62=:5256 !?GI>IKO?JI>?GIMPIFN;L;I
KO??O?MN;P;>CT?H>I >C@?L?Hƒ;?HNL?*;H’?GCG„KO?HMMIGIMKO;M?
CAO;CM  +?MM; JLIJILƒ‚I
 ; >C@?L?Hƒ; „ =IGI OG =;N;=FCMGI CGCH?HN?  0IGIM
;GCAIM0IGIM
=F;LI
G;M?OH‚IG?MOLJL??H>?LC;H?GOGJIO=IM?X3?D;
<?G
 >?M>? KO? HIM =IHB?=?GIM
 ? JIMMI >CT?L JILKO? PI=… D~ M;<?
 H‚I
@;T?GIMIONL;=ICM;;F„G>?HIMG;=BO=;LGIM "F?H‚IAIMN;KO??OM?D;=IGI
MIO
G;FG?JIHBI;?H>CL?CN;LOHMJL?AIM?PI=…PCO;=IH@OM‚IKO??F?;LG;

?;FC~MJ‘?PI=…HILIFI *;M?F?H‚IAIMN;KO??OM?D;>ID?CNIKO?MIOJILKO?
H;P?L>;>?GOCN;M>;M=ICM;MKO?;=IHN?=?G=IGCAI
GOCN;M>;M=ICM;MKO??O
@;ƒI
„=IGIM??O;M?M=IH>?MM?;OGJ;FGI>IH;LCT>?F? HN?MKO??F?J?HM?
H?F;M
T~M
D~@CT ;HA
<;HA
;J;L?=?H;D;H?F;?H>CL?CN;H>IIMJL?AIM
1;FCN; IFBIO J;L; NL~M ? PCO ; MIG<L; >? 1L;P?F?L
 KO? ?M=ON;P; NO>I

?M=IH>C>I?HNL?;=ŽGI>;?;D;H?F;
Z IG
 H‚I JL?=CM; ?R;A?L;L Z >CMM? 1;FCN;  Z , 1L;P?F?L N?G ;FAOG;M
C>?C;MKO?PI=…H‚IN?LC;
Z-IL?R?GJFI
Z 0?O F?CN? ?MN~ ?M@LC;H>I Z >CMM? $?EL?JN?H KO?CRIM;  Z .O?L KO? ?O
JIHB;G;CMOGJIO=IHI@IAI
;GIL
Z -L?J;L? OG JO>CG J;L; ;G;HB‚ Z ;=IHM?FBIO ,FCP?CL;  Z -LIMMCA;

1;FCN;
Z +‚I Z >CMM? 1;FCN;
 MOMJCL;H>I  Z -;L; KO… "MNIO =IG N;HNI =;FIL
 ?
J;L?=?KO??MNIO=IG?ƒ;H>I;@C=;L?HDI;>;
0?HNCO ; PC<L;ƒ‚I >; JIHN? KO;H>I 1L;P?F?L GIHNIO
 DOHNI >; D;H?F;
"MNC=;H>I M? >? <LOƒIM M?G J;MM;L >I HˆP?F >I J;L;J?CNI
 1L;P?F?L JŽM OG
=B;J„O >? J;FB; MI<L? ; N~<O;  IG ; ;DO>; >? OG =;<I >? ?MJ;H;>IL

=IG?ƒIO;?GJOLL~ FI=?HNˆG?NLI;=?HNˆG?NLI
Z 0? BIOP?L OG J?KO?HI >?MPCI Z >CMM? 1L;P?F?L Z
 H; =?LN; ?F? =;C F~
?G<;CRI?P;C>;LOGNL;<;FB‚I>?M=?LJ;L;<OM=;L
Z,G?FBILM?LC;?OPIFN;LJ;L;=;M;Z>CMM?1;FCN;
IFB;H>IJ?HIM;G?HN?
J;L;1L;P?F?L
Z*;MJLCG?CLIPI=…JL?=CM;J;MM;L;?LP;J;L;I,FCP?CL;Z>CMM?1L;P?F?L
Z +‚I P;F? G;CM ; J?H; Z >CMM? ,FCP?CL;  Z "H@CG
 ?F; KO? DIAO? I
?G<LOFBI
>~HIG?MGI
1;FCN;IFBIOJ;L;OG>?JICMJ;L;IIONLI
?@C=IOCGP?F
Z j >C@ˆ=CF ?HN?H>?L PI=… Z >CMM? 1L;P?F?L  Z "MM? NL;<;FB‚I NI>I ? >?
L?J?HN?>~HIG?MGI
=IG?LP;IOM?G?LP;
Z , L?FACI ;H>IO
 G?O @CFBI Z >CMM? ,FCP?CL;  Z 3I=… M? GIP? HI
=IHNˆHOIN?GJI ?MJ;ƒI=IGOG;F?HNC>‚I>?F?MG; -?HM?M?GNO>IIKO?M?
J;MMIO;J;LNCL>IGIG?HNI?GKO?PI=…L?MIFP?OCL <OM=;L?MM?=B;J„ONI>I
@?LL;>I ,=C=FI>IG;N?M?@?=BIOM?GM?=IHMOG;L
??HKO;HNICMMI;M?GJL?
@C?F $?EL?JN?H @?T MO; =B;G;NCP; ?HNL;>; HI FI=;F ;LG;>; >? ON?HMˆFCIM
=OFCH~LCIM "MN;GIMHIM?NIL>I=;@„=IGF?CN?
H‚IN?GG;CMD?CNI
Z.O?;LAOG?HNIMZ>CMM?1L;P?F?L
Z +‚I M‚I ;LAOG?HNIM
 M‚I >?GIHMNL;ƒ‘?M J?L@?CN;G?HN? I<D?NCP;M  3I=…
N?G;N?H>…H=C;>?M?GIP?LHI=IHNˆHOI
=IGI>CT?GIM@ˆMC=IM
?HKO;HNI?O
MIO MOG;G?HN? M?HMˆP?F  >?M=IHNCHOC>;>? P?LNCACHIM; >; ?RCMN…H=C;  +?MN?
?R;NI GIG?HNI CLLIGJ? I =;@„ =IG F?CN?
 M? CHMN;F;
 CGJ?L;
 M? >C@OH>?
 M?
L?CN?L; ?G =?HN?H;M >? GCFB;L?M >? F;L?M  M =OC;M @IL;G F;P;>;M
 AO;L>;>;M

;<IFC>;M 2G;TIH;N?GJIL;F>?=;@„=IGF?CN?=I<L??MN?M?NIL>I=IHNCH?HN?
;G?LC=;HI  -?HM? ?G NO>I I KO? CMMI MOJ‘? ? ;=;LL?N;  *‚?M >CFCA?HN?M
?HMCH;H>IM?OMJ~LPOFIMMI<L?;>C?N„NC=;F~=N?;
L?OHC‘?MCH@;HNCM?GNILHI>;
G?M;>;=IJ;
?G=OD;~L?;MOJ?LCILNO>IM‚IMILLCMIM?H;CH@?LCILOG>CF’PCI
>? =BON?M ? <?FCM=‘?M  !CT?L =;@„ =IG F?CN? ; ?MN; BIL; MCAHC@C=; GON;ƒ‚I

=IHP?LA…H=C; ;G~P?F LOGI ;I @CG >; DILH;>;


 ?PI=;ƒ‚I >;M <I;M ;ƒ‘?M
 >;M
;ƒ‘?M;IJILN;>IL
MCNO;ƒ‘?MNL;HMCNLC;M
P;AIMJLI…GCIM;IKO?MM?CM>;N;L>?

BIL; N?LLˆP?F >? =B;P? H;M JILN;M ? >CMJ;L;>;M ;N„ I ŽHC<OM


 M? =IH=L?NCT;L~
<LON;FG?HN? ?MM;BIL;KO;M?HCHAO„G@;T;GIL
KO?„;HN?MIO>?JICM ?MM;
BIL;M?J?HM;HI=BOP?CLIKO?M?L~NIG;>IM=CH=I?;MJ?MMI;M=IG?ƒ;G;
LOGCH;L;MJIMMC<CFC>;>?M>;HICN?
KO?L>CT?L
M?P?L‚I-;OFCH;0CHA?LG;HIO
1I=I1;L~HNIF;G;MH‚IN?GIM=?LN?T;
;CH>;B~N?GJI ,KO?CMMINO>IN?G
;P?L=IG;BIL;>IG;N?+‚IG?L?@CLI;IG;N?G;FNIG;>I
MI<L?JIMNI;I
=;@„=IGF?CN?
G;M;I;ON…HNC=I
IKO??OKO?LC;
H;BIL;=?LN;
HIGIG?HNI
>? @LCI G;CM CHN?HMI  " ?MM;M =ICM;M
 N?HBI ; M?HM;ƒ‚I >? KO? PI=… H‚I ;M
=IGJL??H>?>CL?CNI
Z  GI>CMN; „ OG; F;L~JC; Z >CMM? $?EL?JN?H  Z 3I=… G;H>; @;T?L M?OM
P?MNC>IMHOG;GI>CMN;
1;FCN;
Z+‚IZ>CMM?1;FCN; Z0?COGJIO=I>?=ILN??=IMNOL;
Z3I=…@;TGOCNI<?G
A;LIN; %ID?N;L>??OM;ˆ>I>?HNCMN;?>?COGJOFI
H;GI>CMN;KO?@C=;;OGKO;LN?CL‚I>I=IHMOFNLCIJ;L;L?=F;G;L>?OG;M;C;
KO? D~ >?PC; ?MN;L JLIHN; ICNI >C;M ;NL~M  " ?F; G? >CT UC
 M?HBIL;
 =IG ;
>I?Hƒ;>?G;G‚?H‚IJO>?H?G
=IGIM?>CT
?H@C;L;FCHB;H;;AOFB;W "?O
>CAIU*;M?MNIOJL?=CM;H>I>;M;C;
M?HBIL;W "?F;G?>CTU=L?>CN?
?OMCHNI
GOCNI 2G;=FC?HN?=IGI;M?HBIL; *;MP;CM?LJL?=CMIG?>?M=OFJ;LW "?O
>CAIU!?M=OFJ;LH‚IL?MIFP?
M?HBIL; *?FBILM?LC;;M?HBIL;=OGJLCL=IGIM
=IGJLIGCMMIMKO?NI>IMM;CLˆ;GIMFO=L;H>IW "?F;G?>CTU'~KO?„;MMCG
JIL
KO? H‚I JLI=OL; IONL; GI>CMN;W  " ?O >CAI ; ?F; U+‚I „ KO? ?O H‚I N?HB;
PIHN;>?
G;MD~KO?G?=IGJLIG?NC=IG;M?HBIL;„G?FBIL?MJ?L;L
G?MGI
KO?G?J;L?ƒ;OG;CLL?MJIHM;<CFC>;>?W
Z1O>ICMMI;=IHN?=?O=IGPI=…Z>CMM?,FCP?CL;
Z F;LI Z >CMM? $?EL?JN?H  Z 3I=… H‚I ?MN~ P?H>I KO? ?MNIO =IHN;H>I
J;L;1;FCN;
Z0‚I>O;M=ICM;M>C@?L?HN?M
Z)~P?GPI=…
D~P;C=IG?ƒ;L
Z "MN~ P?H>I Z >CMM? ,FCP?CL; ; 1L;P?F?L
 KO? IFB;P; J;L; ?F? >? =?HBI
@L;HTC>I  Z "MN~ P?H>I =IGI M‚I ;M =ICM;M ;>; OG ;=B; KO? ?MN~ @;F;H>I
>;KOCFIKO?=IGJ;LNCFB;=IGIMIONLIM
Z"H‚I„<?GCMMI
=F;LIZ>CMM?1L;P?F?L Z$L;H>?HIPC>;>?
Z IHP„GL?J?NCL
=B?
Z3I=…L?J?N?NO>IIKO?CG;ACH;M?LOG;M;Hƒ‚I=IHNL;;FAO„G
Z!?OMG?JŽMMI<L?PIMM;=C>;>?Z>CMM?,FCP?CL;
Z.O;H>IPI=…H‚I?MN~G?DOFA;H>I
=;C?G=CG;>;MO;GOFB?L
Z-;L;JLIPI=~ FIM?G;HN… FIM>?MJ?LNIMZ>CMM?,FCP?CL;
Z 2G; ?MJ„=C? >? G;HC; GIM;C=;  3I=… @C=; I N?GJI NI>I >?M=?H>I >I
0CH;C
Z "O AIMNI Z >CMM? ,FCP?CL; Z KO? ;M =ICM;M @CKO?G M?GJL? I G;CM =F;LI
JIMMˆP?F  -?FI D?CNI N;HNI @;T J;L; PI=… KO? ?G JF?H; =IHP?LM; $?EL?JN?H
CHN?L=;F? OG; BCMNLC; ;<MIFON;G?HN? @;HN;MCIM; MI<L? OG >?HNCMN; ? OG; M;C;
KO;FKO?L -;L?=?KO?H‚IJ?L=?<?KO??MM;MCLLOJƒ‘?M
>?M=OFJ~P?CMKO;H>IM‚I
<?F;M IO J?FI G?HIM CHMJCL;>;M
 NILH;G M? L?JOAH;HN?M KO;H>I M? FCGCN;G ;
=IHNL;JIL M? ; OG; IL>?G
 ; NILJ?>?;L OG; ?MNLONOL;  j <?G =IGI ?MNIO
@;F;H>I
CLG‚I
Z %IL;=CI „ M?GJL? I G?MGI Z >CMM? $?EL?JN?H  Z +‚I >… =IH@C;Hƒ;

1L;P?F?L
Z0IGIM>?OG;GIF?T;CHMOJILN~P?F
*;H’  IHM?HNCGIM;=;>;CHMN;HN?
KO? ; L?;FC>;>? HIM ?M=;J? JIL ?HNL? IM >?>IM =IGI OG; ;AOCHB; KO;FKO?L
"MN~P;GIM=IG?F;;FC
KO;M?J?L@?CN;
@?CNIOG;L=I ˆLCMM;FN;H>I>IJIF?A;L;I
GCH>CHBI "KO;HNINL;<;FBIJ;L;I<N… F;
IN?GJI?GJ?HB;>I
IMG„LCNIMKO?
„ JL?=CMI =IHM?AOCLX 7~M
 ; L~>CI ;HOH=C; KO? I A?H?L;F -CMIN?FFC @?T
>?=F;L;ƒ‘?M  (;JONN  1O>I E;JONN  UN„ KO? ?H@CG OG ;MMOHNI M„LCIW
 J?HM; ;
A;LIN; >IM G;H>;>IM
 IO ?MN; ;KOC
 IO KO?G M;<? PI=… G?MGI  " ?O
 JILKO?
H‚I P~ CG;ACH;L KO? G? =IHMC>?LI CH@;FˆP?F  " ?O F~ M?C IH>? „ KO? ?MN~ ;
P?L>;>?0M?CKO?AIMN;P;N;HNI>;KO?F?;L=I ˆLCMKO;HNI>?OGM;JCHBI?HNL?
G?OM >?>IM  " ?MN; N;L>?X 3?D; M
 ;J?M;L >I @LCI
 ;=BI KO? ?MN~P;GIM
=IG?ƒ;H>I ; @;T?L ;FAI ; M„LCI  1;FCN;
 JIL ?R?GJFI
 ?R?=ON;H>I ; JLI?T;
?RNL;IL>CH~LC; >? H‚I =;CL H; LO;
 ? PI=… ;FC
 ? ?OX ,L;
 I MOD?CNI N?G
M?HMC<CFC>;>?J;L;=?LN;M=ICM;M
KO?>C;<IM
Z +‚I M?C M? ?HN?H>I PI=… Z >CMM? 1L;P?F?L  Z "MM; =ICM; >I ;L=I ˆLCM ;N„
KO?H‚I?MN~G;F *;MJILKO?PI=…„N‚ICHNIF?L;HN?3CP;?>?CR?PCP?L
CLG‚I
ZAIL;KO?D~<LCH=IO<;MN;HN?
P?HB;NCL;LI;LG~LCI>?=CG;>;=;G;Z
>CMM?$?EL?JN?H
Z"MN~P?H>IZ>CMM?,FCP?CL;
Z%GG
?MNIOZ>CMM?1L;P?F?L
=IHP?H=C>I
Z.OI>?L;N>?GIMNL;H>OG
A;LINI
Z.OI>?L;NZ>CMM?1L;P?F?L
Z"IJCIL„KO?H;P?L>;>?;A?HN?H‚INCHB;H?G=IG?ƒ;>I
Z IGI„KO?„Z>CMM?1;FCN;
DIA;H>II=;<?FIJ;L;NL~M?IFB;H>IJ;L;
P?LM?1L;P?F?LNCHB;?GJOLL;>IMO@C=C?HN?G?HN?I=B;J„O
Z+‚I@CKO?H?LPIM;Z;=IHM?FBIO1L;P?F?LZ0?PCL?>?P;A;L
?MN?H>;?MM;
G‚I
;MMCG "MJ?L?
;AIL;?O?GJOLLIOGJIO=IG;CMX+‚I@;F?C-LIHNI
1;FCN;M?AOLIOI=B;J„O?IJŽMH;=;<?ƒ;HOGMGIPCG?HNI )~?G<;CRI
B;PC;GM?DOHN;>I>ICMG?HCHIM?OG;M?HBIL;
KO?@;F;P;G=IG;A;LIN;>IM
G;H>;>IM?IFB;P;GJ;L;;JIHN?
Z AIL; ?O DIAI I ?G<LOFBI J;L; I ,FCP?CL; ? ;=;<IO M? Z >CMM? 1;FCN;
M?HNCH>I M?G;CMM?AOL;=IGI=B;J„OH;=;<?ƒ; Z0?AOL?G@CLG?;MN~<O;M

P?D;GF~IKO?P‚I@;T?L
Z3I=…P;CDIA;LZ>CMM?,FCP?CL; ZJIMNIKO?H‚I;=?LN;
Z !?CR; ?F; N?HN;L Z >CMM? 1L;P?F?L  Z 0? I ?G<LOFBI M? ?M<ILL;=B;L H;
LO;
NIG;L;KO?=;C;HI=I=I>;M?HBIL;>?$ONOMMI
@I@IKO?CL;L?J?F?HN?
Z B
 ?HN‚I PI=… N;G<„G H‚I AIMN; >?F; Z >CMM? ,FCP?CL;  Z .O? <IG

JILKO??OH‚I=IHMCAI?HAIFCL?MM;GOFB?L "PI=…
1;FCN;
Z"OJL?@?LC;DIA;LI?G<LOFBIJ;L;PI=…Z>CMM?1;FCN;
ZAIL;
;AIL;
G;M;=BIKO?PI=…?MN~GOCNI;@I<;>;
Z,FCP?CL;N?GL;T‚IZ>CMM?1L;P?F?L Z0@;FN;PI=…?MNL;A;LNO>IHI@CG

>?JICM>?MM?NL;<;FB‚I
Z *;M „ KO? ?MNIO =IG =;FIL Z >CMM? 1;FCN;  Z .O?LI PIFN;L J;L; =;M;

*;H’
Z3I=…H‚I?MN~N‚IFIHA?J;L;M?KO?CR;L>?MM?D?CNI N„J;L?=?KO?PI=…
?MN~?M=L?P?H>I>I*;NI$LIMMI
Z "F? M? L?@?L?  ?LP; Z ,FCP?CL; CH@ILGIO $?EL?JN?H
 KO? IFB;P; I
;LG~LCI
Z 3I=…M P‚I =IHNCHO;L <LCH=;H>I JIL GOCNI N?GJI Z J?LAOHNIO
$?EL?JN?H
Z+‚ H‚ H‚IZ>CMM?,FCP?CL;
ZBZ>CMM?$?EL?JN?H Z*?HIMG;F
1;FCN;NCHB;NCL;>II?G<LOFBI>I<IFMI>;M;ˆ>;>?<;HBI?I<;F;Hƒ;P;>?
NL~MJ;L;;@L?HN? JIHN?=IG?ƒIO;PC<L;L
?1L;P?F?L?,FCP?CL;;M?AOL;L;G
=IG NI>;M ;M MO;M @ILƒ;M  ;HM;>; >? <;F;Hƒ;L I ?G<LOFBI
 1;FCN; =IG?ƒIO ;
ACL;LI<L;ƒI
M?AOL;H>I M?=IG;IONL;G‚I
Z+‚I@;ƒ;<I<;A?GZ>CMM?,FCP?CL; Z*;CM>?P;A;L"MN~IOPCH>I*;CM
>?P;A;L
Z)~P;CZALCNIO1;FCN;
Z*;CM>?P;A;L
PI=…P;C>?MJ?H=;L>;ˆ
Z+‚ICGJILN;ZALCNIO1;FCN;
MIFN;H>II?G<LOFBIKO??HNLIO;NI>;J?F;
D;H?F;>IKO;LNI?M??MJ;NC@IO=IHNL;I;LG~LCI
Z "MJF…H>C>I Z >CMM? 1L;P?F?L
 KO? IFB;P; J;L; 1;FCN; =IGI M? KOCM?MM?
M?AOL~ F; H; JIHN? ;J?H;M =IG ; @ILƒ; >I IFB;L  Z -?L@?CNI
 KO?LC>;  *;CM
=?LN?CLI
CGJIMMˆP?F &MMIMCG@ICOG>?GIMNL;H>OG
-IO=I;JIO=I;JIHN?C;M?;KOC?N;H>I 1;FCN;M?M?AOLIO=IG;M>O;MG‚IM
? CH=FCHIO ; =;<?ƒ;  ,FCP?CL; M PC; I =B;J„O ? I =;<?FI >? 1;FCN; >?LL;G;>I
MI<L?IMIG<LIM "LAO?OIMIFBIM?IFBIOJ;L;1L;P?F?L
Z0?PI=…;=B;Z@;FIOZ
?ON;G<„G;=BIKO?G;CM=?LN?CLI
CGJIMMˆP?F
UN„ KO? ?H@CGW
 J?HMIO 1;FCN;
 IFB;H>I IM J;L;F?F?JˆJ?>IM
 ;M =;Fƒ;>;M
U.O;FKO?L=ICM;„JL?@?LˆP?F;?MN;L>?MN?D?CNI
?HNL?;M>O;MD;H?F;M W
Z!;M>O;M
OG;Z>CMM?1L;P?F?L Z3I=…JI>?CL?G@L?HN?
KO?„G;CM
@~=CF
??HNL;LJ?F;D;H?F;>I,FCP?CL;
IOPIFN;L
KO?„G;CM>C@ˆ=CF
?M?M;@;L>;M
?M=;>;LC;M?>?;NL;P?MM;L;LO;
Z ICN;>;
 >?CR? ?F; PCL J;L; =~ Z >CMM? $?EL?JN?H  Z "MN~ =IG I LIMNI
JCHA;H>I>?MOIL
ZM=LC;Hƒ;M?IMFIO=IMZ>CMM?,FCP?CL;
Z*?>?CR?>?M=;HM;LOGGIG?HNIZ>CMM?1;FCN; Z=BIKO??MNIOG?CI
?HDI;>;
,FCP?CL;M?;JICIO>?<LOƒIMH;D;H?F;??MN?H>?OI<L;ƒIJ;L;?F; 1;FCN;M
JL?=CM;P;;P;Hƒ;LG?CIG?NLIJ;L;NI=;L;G‚I>?F?
Z1L;N; M?>?OGJ?L@?CNI=;P;FB?CLIZ>CMM?1L;P?F?L Z3… M? KO?F?OI
=IHM?FB?CLI MI=C;F >I JLI@?MMIL *;C>;H;  j I KO? M? =B;G; OG =IH>?  +‚I
J?L=;CMMI
1;FCN;
Z j I =IHA?F;G?HNI Z >CMM? ,FCP?CL;  Z !?M=;HM? OG JIO=I
 1;FCN;
 ?
J?L=ILL; I NL?=BI L?G;H?M=?HN?  +‚I FCAO? J;L; ?F?
 NI>IM HM M;<?GIM KO? ;
H?P?@;T>?FCL;L;HN?M>IMIHICH;J?F~P?F
*;M 1;FCN; B;PC; M? ?H>CL?CN;>I F?HN;G?HN? ?
 ;JIC;H>I M? H;M >O;M G‚IM

NL;HM@?LCO I NL;M?CLI PCHN? =?HNˆG?NLIM J;L; NL~M  ,ONLI ;JICI ? G;CM PCHN?
=?HNˆG?NLIM ,FCP?CL;
M?GJL?=IG;G‚I?MN?H>C>;
J;L?=C;IJ;MM;A?CLI>?OG
H;PCIKO?=IG?ƒ;F?HN;G?HN?;M?;@;MN;L>I=;CM
1L;P?F?L?MN?H>?OIM<L;ƒIM??H=;CRIO;MG‚IMH;M;RCF;M>?1;FCN; "F;@C=IO
CGP?F ? >?JICM PCLIO ; =;<?ƒ; J;L; NL~M HOG GIPCG?HNI N‚I <LOM=I KO? I
=B;J„O=;COJF;H;H>I;N„;=;Fƒ;>;
Z IGIH;MNIOL;>;MZ>CMM?,FCP?CL; ZM?HBIL;>?$ONOMMIP;CKO?L?L
MOGCL=IG?F?
1;FCN;B;PC;@?=B;>IIMIFBIM?M?>?CRIOMOMN?HN;L
;LL;H=;L>;N~<O;
?H@C;L
;IM NL;H=IM J?F; D;H?F;  0?HNCO ; <I=; >? 1L;P?F?L ALO>;>; ?G MO; HO=;
 ;
L?MJCL;ƒ‚IKO?HN??L~JC>;
Z3I=…PIFNIOZ>CMM?1L;P?F?L Z3I=…PIFNIO
PI=…PIFNIO
Z3IFN?CZ>CMM?1;FCN;
;JLIRCG;H>I M?>;=;G; Z IGIH‚ICLC;PIFN;L
'IAO?C I G;F>CNI ?G<LOFBI J;L; ?F? ? PIFN?C
 DIAO?C I ?G<LOFBI J;L; ?F? ?
PIFN?C
DIAO?CX
1L;P?F?L M?HNIO M? H; <?CL;>; >; =;G;  -?HM;P; HI ;L=I ˆLCM ?HNL? IM >?>IM

?MM;M =ICM;M KO? I ,FCP?CL; CHP?HN;P;  1;FCN; >?MFCTIO J;L; I F;>I >?F? ?
=IG?ƒIO ; =BIL;L ?GMCF…H=CI  U0‚I IM H?LPIMW
 J?HMIO 1L;P?F?L  U-;MMIO OG
G;O<I=;>I W&;<OM=;LJ;L;?F;OGAL;H>?=IJI>?~AO;=IGMO=I>?FCG‚I

>;LC; OG; ;MJCLCH; ; ?F;


 ;<;H;LC; M?O LIMNI =IG OG; L?PCMN;
 ; I<LCA;LC; ;
>ILGCLOGJIO=I *;M;HN?M?L;JL?=CMIL?NCL;L;?H=C=FIJ„>C;;ONI>C>~NC=;
JŽL
; =ŽGI>; HI FOA;L ? L?=IFB?L ; N~<O;  U"MN? FOA;L ?MN~ N‚I >?M;LLOG;>IW

J?HMIO
 <?CD;H>I 1;FCN;  MMCG KO? ?F; J;L;MM? >? =BIL;L CLC; J?>CL KO? I
;DO>;MM?;;LLOG;LIKO;LNI  IG?ƒIO;;=;LC=C~ F;
;>CT?L FB?=ICM;M

Z"H@CG
?H@CGZ>CMM?,FCP?CL;
@;MNIO M? >; D;H?F; ? M?HNIO M? H; <?CL;>; >; =;G;
 ;JLIP?CN;H>I I ?MJ;ƒI
FCPL? >?CR;>I J?FI ;LG~LCI  $?EL?JN?H B;PC; N?LGCH;>I >? DOHN;L ; ?LP; =IG
OG;=IFB?L
Z"MN;P;=B?C;>?JL?AIMZ>CMM?$?EL?JN?H Z.O?=ICM;G;CM?MNL;HB;
Z"MNL;HBˆMMCG;Z>CMM?,FCP?CL;
Z=BIKO?PIOJL?=CM;L>?M=?LJ;L;<OM=;LI=B;J„O>;1;FCN; 3I=…M;<?
=IGIM‚I?MM?MG?HCHIM
Z0;O>~P?FC>?C;Z>CMM?,FCP?CL;
?LAO?H>IOGJL?AI?ACL;H>I I?HNL?IM
>?>IM
$?EL?JN?H >?M=?O ;N„ ; LO;  ,M G?HCHIM B;PC;G ;J;HB;>I I =B;J„O ?
>CM=ONC;G=IG;A;LIN;>IMG;H>;>IM?=IG;M?HBIL;>?$ONOMMI
Z*?>??GCMMI;KOCZ>CMM?$?EL?JN?H=IGOGMILLCMI=IGJLC>I Zj>;
M?HBIL;KO?GIL;;FC?G@L?HN?
GCHB;=IHB?=C>;
Z IHB?=C>; >? NI>I GOH>I
 @CFBCHB; Z >CMM? ; M?HBIL; >? $ONOMMI  Z
1L?G?H>I?MJ?N~=OFI
;?MN;BIL;?=IGIMG?HCHIMIFB;H>I
Z+‚INCHB;G;FH?HBOGZ>CMM?$?EL?JN?H
M?GGOCN;=IHPC=ƒ‚I
Z IG;MJ?LH;M>?@IL;H?MM;N~<O;
P?D;MKO??R?GJFIJ;L;;M=LC;Hƒ;M
M?HBIL;H‚I>?P?N?LJ?L=?<C>I
G;MDOLIKO?>;KOC>;P;J;L;P?LNO>I
NO>I
Z1CHB;GOCNˆMMCGIMJ?FIMZ>CMM?IG?HILTCHBI
Z "MN~ P?H>I M Z >CMM? ; M?HBIL; >? $ONOMMI  Z M =LC;Hƒ;M =IHN;G I
KO?P??G
JI<L?MCHI=?HN?M "IKO?„KO?;KO?F;F~NCHB;KO?@;T?LGIHN;>;;
=;P;FIH;G;>?CL;
G?>CA;"<?GH;BIL;?GKO?;MJ?MMI;M>?=?HN?M?MN‚I
>ILGCH>I ; M?MN; IO =OC>;H>I >IM M?OM ;@;T?L?MX  M?HBIL; GIHN;LC; HOG
J?>;ƒI>?G;>?CL;
M?H‚I@ILJ?LAOHN;L>?G;CM
Z"O
H‚IZ>CMM?$?EL?JN?H Z*;M1;FCN;NL;<;FB;HOG=CL=I
NI>IM?F?M
M‚I;LNCMN;M
Z "F?M ?MN;P;G ?HM;C;H>I Z J?LAOHNIO OG >IM G?HCHIM  Z " ?G KO;F
=CL=I;KO?F;F~NL;<;FB;
Z +‚I ?L; ?HM;CI Z >CMM? $?EL?JN?H  Z =IHN?=? KO? ?F; KO?LC; >;L OG
JIO=I>??LP;J;L;IG?OG;LC>I
?;ˆX
 M?HBIL; >? $ONOMMI IFB;P; J;L; ; A;LIN; >IM G;H>;>IM   A;LIN; >IM
G;H>;>IM ;JICIO OG >?>I H; N…GJIL; ? I @?T ACL;L  $?EL?JN?H M?AOLIO I
=B;J„O =IG ;M >O;M G‚IM ? ?HNLIO HI P?MNˆ<OFI  ,M G?HCHIM M? JOM?L;G ?G
@CF;?=IG?ƒ;L;G;=;HN;L
=IG;G?FI>C;>;U ;P;F;LC;FCA?CL;W

$6E6C2>A@CECsD>6E6C2>A@CECsD
?7:2C2>F>A2F?@D6F4FFFFFF
@:E25@56=6@:E25@566666=6
%w@4@?D68F:FE:C2CCM

 


=>:@DFAA=:K:@
|BF2?5@
?@?>:4C65@
:?2C>@?:2
2HA;L?NNC
 :F>:

,NL;<;FBI=IHMCMN??GCGJ?>CLKO?;M=LC;Hƒ;MJ;MM?GJIL<;CRI>;FIH;
>;L
OG; G‚I M? ;=IHN?=? ;FAOG; =ICM; =IG IM ;HCG;CM
 ;DO>;L I JLID?=CIHCMN;

L?>CACL ;H’H=CIM ? =;LN;T?M =B;G;NCPIM


 =OC>;L >; =IH>CAH; CGJL?MM‚I

?HN?H>?L M? =IG ; JIFˆ=C;


 CH>C=;L ;I !CL?NIL NI>; ;HIG;FC; >CAH; >? HIN;

;DO>;LIML *;HO?F1L;P?F?LH;J;LN?;>GCHCMNL;NCP;
;DO>;L;ML; N;Fˆ;!IHIMC
>?1L;P?F?LH;<CFB?N?LC;M?@ILI=;MI?N=

h4@C2xw@>6F?w@E66C82DA2C2
AC6DE2CE6DE6>F?9@4@?EC2>:>
)CPLI>IM*ILNIM
IOCHM=LCƒ‚IHOG?M=;L;P?FBI

"HKO;HNICMMI
NCHB;GILLC>IH;"OLIJ;
;IMNLCHN;?NL…M;HIM>?C>;>?
!CHO
)CJ;NNC  !I NL;<;FBI ? >? !CHO )CJ;NNC @IL;G @;F;H>I ;N„ ; ?MKOCH;
 JILKO?
1;FCN; ;=B;P; KO? N;G<„G ?L; <IG ;=OGOF;L JLIP;M N;HAˆP?CM >; CH?RCMN…H=C;
>? !?OM
 IO J?FI G?HIM >? MO; CH=OL~P?F @LCPIFC>;>?  1CHB; JLIJIMNI ; ?F?M
=IGJL;LCG?>C;N;G?HN?OG>CM=I>?)CJ;NNC??HNL;LHI<;L>?>  L?MJIJ;L;
?M=ON~ FI
 G;M 1L;P?F?L ? ,FCP?CL; KO?LC;G NIG;L OG; =?LP?D; HI =;@„ >;
?MKOCH; ? @;F;L >I =CL=I
 ;AIL; KO? ?L;G =IF?A;M >? NL;<;FBI ? ?MN;P;G
M;NCM@?CNˆMMCGIM  ,FCP?CL; H‚I >?CR;P; >? J?L=?<?L KO? 1L;P?F?L NCHB; JL?=CM;>I
@;T?L OG ?M@ILƒI B?LIC=I J;L; =IHP?H=?L I !CL?NIL
 ? KO? I =IHP?H=?L; G;CM
JIL =;MO;FC>;>? KO? JIL IONL; =ICM;  '~ B;PC;G >?=C>C>I KO? ,FCP?CL; >;LC; ;
$?EL?JN?H>ICM>IMNL…M=ILN?M>?=;MCGCL;KO??F;H‚IB;PC;=IHM?AOC>IP?H>?L

? =IG I N?L=?CLI 1;FCN; @;LC; OG N;CFF?OL  -;L; @?MN?D;L ; =IHNL;N;ƒ‚I


IHM?KO?HN?G?HN? 1L;P?F?L J?>CO ;M =?LP?D;M ?HKO;HNI 1;FCN; C; JL?J;L;L I
;FGIƒI  "L; M?AOH>; @?CL;
 >C; >? @IFA;  +; N?Lƒ; B;P?LC; @OHƒ‚I M M?N? ? M
HIP?
 =IG ; ;JL?M?HN;ƒ‚I >? KO;NLI OLMIM KO;NLI
 >I G;F;<;LCMN; L?=„G
>?M?G<;L=;>I>? IFIG<I
?
<PCI
>IA;NI=;F=OF;>IL +ICHˆ=CIINL;<;FBI
>?,FCP?CL;M?LC;H;P?L>;>?JOL;?HLIF;ƒ‚I
;N„?F?J?A;LID?CNI ";JLIP?CN;P;
J;L;;MMCMNCL;I?MJ?N~=OFI
KO?;N„KO?H‚I?L;>IMJCIL?M 1O>IC;GOCNI<?G
1O>I C; N‚I <?G KO? 1L;P?F?L <;CRIO IM IFBIM ? =IG?ƒIO ; N;G<ILCF;L H;
G?M;  , A;LƒIG
 KO? IM =IHB?=C; <?G
 ;JLIRCGIO M? J;L; >CM=ONCL MI<L? I
#?LLI=;LLCF,?MN?
?,FCP?CL;;JIMNIO>?TJ?MIMHI B;=;LCN;'OHCILM *;L=;H>I
=IGIM>?>IMOG=IGJ;MMI>?<;AO;F;
1L;P?F?L>CTC;J;L;MCG?MGIKO?NO>I
?MN;P; J?L@?CN;G?HN? <?G >I D?CNI KO? ?MN;P; ? KO? H‚I B;PC; IONL; M;ˆ>;

?HKO;HNI,FCP?CL;=IH=FOˆ;;J;LF;G?HN;ƒ‚IL;NC@C=;>IL;>;;JIMN;?<?<C;MO;
=?LP?D;  +;KO?F; G;HB‚ >?L; J;L; J?HM;L ?G @L;M?M ?AˆJ=C;M
 ?G 1INB

MCAHC@C=;NCP;G?HN?>?OM>;G;AC;?CHP?HNIL>;FCHAO;A?G !CM=ONCL;GJILOG
N?GJCHBIM?M?LC;IOH‚IOG;@;F~=C;@C=;L>CM=ONCH>IJILOGN?GJCHBI
OG;
P?T KO? ; FCHAO;A?G
 JIL G;CM KO? @;F;MM?G FOH@;L>I
 N;FP?T J;LNC=CJ;MM? >?
OG;?MNLONOL;GHNC=;H;>;NL;HKOCFCT;>IL;  IH=FOˆL;GKO?I>OJFIGCMN„LCI
>?1INB?L;;I@CG?;I=;<IOG;A;L;HNC;G;HC@?MN;>?=I?L…H=C;H;L?;FC>;>?
IOH;CLL?;FC>;>??M?;F?AL;L;GJIL>?CR;L<;MN;HN?;>C;HN;>;;L?MIFOƒ‚I>I
M?GJL?>?M;AL;>~P?FJLI<F?G;>I=ILL?F;NII<D?NCPI *;AC;IOGOH>IN;HAˆP?F

M?GJL? B;PC; OG >?OM ?AˆJ=CI J;L; B;LGIHCT;L P?L<;FG?HN? IM MOD?CNIM ? IM
I<D?NIM 1O>IC;L?;FG?HN?GOCNI<?G

 


+I =CL=I NO>I C; J?L@?CN;G?HN? <?G


 OG ?HAI>I >? F;HN?DIOF;M ? G’MC=;
L;CPIM;
 OG A;NI =;F=OF;>IL KO? L?;AC;  JL„PC; ? M?=L?N; JOFP?LCT;ƒ‚I =IG
P;F?LC;H; >? =?LNIM H’G?LIM >? J;J?F‚I
 ?HKO;HNI M?HBIL;M =IGIPC>;M
GIMNL;P;GJLIF?;KO?F??FIKO?HN??R?GJFI>;?PIFOƒ‚I>;LQCHC;H; .O;H>I
H;JLCG?CL;HICN?,FCP?CL;;J;L?=?OH;JCMN;;CH>;P;TC;?IFBIOJ;L;=CG;
J;L;
I ILC@ˆ=CI H; J;LN? G;CM ;FN; >; FIH; P?LG?FB;
 ;KO?F; M;ˆ>; J;L; N;FP?T OG
=IHN;NI
;KO?F?=?HNLI
;KO?F?IFBIKO??L;=IGIOG;JIHN??HNL?IMIFI?I
?MJ;ƒI ;<?LNI
 J;LIO >? LCL ? J?HMIO KO? N;FP?T ;FAOG; IONL; J?MMI; NCP?MM?
;M=?H>C>I =IG NI>; ; H;NOL;FC>;>? J?FI G;MNLI G;CM JLRCGI >I IFBI F~ ?G
=CG;
?KO??MM;IONL;J?MMI;H‚I?L;?F?
KO?@OG;P;IFB;H>IJ;L;I<OL;=IF~
HI ;FNI
 ?MM; IONL; J?MMI; H‚I ?L; ?F?
 KO? @C=;P; ?G<;CRI @OG;H>I ?G JF?H;
ALCN;LC;>I=CL=I
+OG;>?MM;MJLCG?CL;MHICN?M=IGJL??H>?OJILKO?1L;P?F?LNCHB;;LL;HD;>I
I?GJL?AIJ;L;?F? 1;FCN;=IG?HNIOM?GLI>?CIM
?HKO;HNI=IHN;P;G>CHB?CLI
HIKO;LNCHBI>?NCDIFIKO?M?LPC;>?<;H=I?;>GCHCMNL;ƒ‚I>I=CL=I ,FCP?CL;D~
M;<C;
G;M>?IONL;G;H?CL;
?@ICJL?=CMIKO?1;FCN;ICH@ILG;MM?;J;LNCL>?M?O
JIHNI >? PCMN; J;L; KO? >;M >O;M =ICM;M H;M=?MM? OG; ?MJ„=C? >? N?GJI HIPI

OG JL?M?HN? J?FI KO;F ?F? >? L?J?HN? M? M?HNC; ?HPIFPC>I ? L?MJIHM~P?F  .OCM
JLIN?MN;L
>CT?LKO??L;GCHP?H=CIHC=?M>?1L;P?F?L
KOCMM?HNCL M?OG;P?TG;CM
@IL; >I N?GJI >IM IONLIM ?F?
 KO? GILLC; >? PIHN;>? >? ;>?HNL;L
 >? M?
CGCM=OCL
>?M?L
G;M;IG?MGIN?GJI=IGJL??H>?OKO??L;P?L>;>?
KO?>?
OG;@ILG;IO>?IONL;B;PC;NL;HMAL?>C>IIGOH>I>?1;FCN;?1L;P?F?L
M?G
;NIM
 ;N„ G?MGI M?G CHN?Hƒ‘?M
 MCGJF?MG?HN? =?>?H>I ; OG =;JLC=BI
HIMN~FAC=I  "HNL? OG; J;F;PL; ? IONL; >? 1;FCN; PCO >?M?HB;L M? I =IHNILHI
G?MKOCHBI >I ?LLI
 IOPCO ; LC>ˆ=OF; @L;M? FOMCN;H; KO? CHP?HN;P; M?G M;<?L
OG@ONOLI>?@LCAILˆ@C=IM?=;H;KO?CG;>; LCM;>;?MNIOLIOH;=;L;>?1;FCN;

=IGI H;KO?F; G?MG; G;HB‚ >C;HN? >I ?MJ?FBI


 KO;H>I ?MN;P; JL?MN?M ;
?M=IP;LIM>?HN?M
1;FCN; ;NIO OG G;ƒI >? HIN;M >? >?T J?MIM =IG OG; FCHB; >? =IMNOL; ?
G?=;HC=;G?HN?IM>ICM=IG?ƒ;L;G;=IHN;LIL?MNI
Z,KO?PI=…KO?LZ>CMM?1;FCN; Z=BIKO?I*;H’N?GL;T‚I
Z F;LIKO?N?GZ>CMM?,FCP?CL; Z*;MG?MGI;MMCG„OGC>CIN;
?PI=…
?MN~=;HM;>;>?M;<?L>CMMI
Z ;HM;>;>?M;<?L
H‚I "OM?C
IOG?FBIL
MIO<?KO;H>I?MN;P;GIHN;>;
H;N~<O; 3I=…M
MCG
?MN‚I=;HM;>IM>?M;<?L
??OHIG?CI
=IGI;KO?F;J;LN?
>;<;F;Hƒ;KO?HOH=;M?C=IGIM?=B;G;
Z 3I=… „ ; HIMM; HCH@; "A„LC;
 HIMM; JIHN? G?>C’HC=;  -?HM;H>I <?G

KO;H>I PI=… ?MN~ JL?M?HN?


 *;H’ ? ?O =;ˆGIM HOG; ?MJ„=C? >? NL;HM?  N„
$?EL?JN?HJ?L=?<?
?G?>CMM?CMMI?GJL?A;H>I?R;N;G?HN??MM;PCMNIM;J;F;PL;
Z -I>? M?L Z >CMM? 1;FCN;
 L?ACMNL;H>I ;M ?HNL;>;M  Z 0? PI=… KO?L M;<?L
GCHB;IJCHC‚I
*;H’H‚IM;<?IKO?@;T?L=IGPI=… $IMN;>?PI=…=IGI>?
OGCLG‚I
MOJIHBIKO?;N„PI=…N?HB;M?>;>I=IHN;>CMMI
?;IG?MGIN?GJI
F;G?HN;KO?PI=…N?HB;PIFN;>I
Z"F?H‚INCHB;JILKO?CLG?<OM=;LHIJILNI +‚IG;H>?CJIMN;CMJ;L;?F?

=B?
Z#C=IOM;<?H>IJ?F;$?EL?JN?H
KO?NCHB;?H=BC>I;P;L;H>;>?A?LHCIM
$?EL?JN?H@C=IOM;<?H>IJ?FIGCHCMN„LCI
Z 2G JLI=?MMI >C;<FC=I Z >CMM? ,FCP?CL;  Z .O;H>I ?O MIO<? KO? ;
$?EL?JN?H NCHB; MC>I CH@ILG;>; JIL PC; >CJFIG~NC=;
 =IGJL??H>C KO? GCHB;
’HC=; ;FN?LH;NCP; ?L; J?LGCNCL KO? ?F; M? ;NCL;MM? ?G G?OM <L;ƒIM @?CNI OG;
<?T?LL;FIO=; 3?D;MKO;HN;;<H?A;ƒ‚I
KO?J?H?FIJCMGI?R;=?L<;>I
Z0?PI=…H‚IAIMN;>?@;F;LHI;MMOHNIZ>CMM?1;FCN;IFB;H>IJ;L;I=B‚I
Z
JI>?GIM@?=B;LI=;CR;?CL<OM=;L*;H’
Z$IMNIGOCNˆMMCGI
G;M?MM;M=IGJFC=;ƒ‘?M>IM?OG;LC>IG?J‘?G>C;HN?
>? CH=ŽGI>IM JLI<F?G;M >? =IHM=C…H=C;  " CMMI
 J;L; GCGX +OG; J;F;PL;

H‚I?HN?H>IJILKO?PI=…G?MG;H‚IL?MIFP?IJLI<F?G;
Z IG Z >CMM? 1;FCN;
 IFB;H>I NL;HKOCF; J;L; ?F? Z
 ;=BI KO? H;KO?F;
N;L>?MOGC>CIN;H‚I?HN?H>?O>IKO?M?NL;N;P;
Z F;LI
G;M;ˆP?GI*;H’?HI>C;M?AOCHN?P;C@;F;L=IGI!CL?NIL?G?
;LLOG;INL;<;FBI 'OMN;G?HN?KO;H>I?O?HROA;P;;MF~ALCG;M=IGOG=ILN?
>?N?=C>I
;HN?M>?M;CLJ;L;P?H>… FI
Z *;H’ „ OG BIG?G <IG Z >CMM? 1;FCN;  Z 3I=… HOH=; P;C =IHM?AOCL
M;<?L=IGI?F?„<IG
Z"MNL;HB;<IH>;>?Z>CMM?,FCP?CL; Z!?CR;H>I>?F;>I?MM?H?A=CI>?
KO? ?O HOH=; PIO =IHM?AOCL M;<?L
 KO? ;@CH;F >? =IHN;M >?P? M?L P?L>;>?

J?LGCN; G?CHMCHO;LKO?P;CP?LKO?I*;H’?MN~KO?L?H>I<LCH=;L=IG@IAI
LCH=;>?CL;>?=CL=I
J?HM;H>I<?G "PI=…Z>CMM?,FCP?CL;
;JIHN;H>IJ;L;
?F;=IGI>?>IZN?G=’GJFC=?M
Z ’GJFC=?M
Z j
 =’GJFC=?M  "O
 ?G JLCG?CLI FOA;L
 ? OG; IONL; J?MMI; KO? H‚I ?MN~
;KOC 3I=…M?;=B;I@C?F>;<;F;Hƒ;
J;L;OM;LMO;<IHCN;@CAOL;>?FCHAO;A?G

G;M H‚I M;<? KO? ?MN~ CH=FCH;H>I I =ILJI J;L; OG >IM F;>IM  IHP„G @C=;L
M;<?H>I
Z -IL KO? PI=… H‚I P;C ?G<IL;
 %IL;=CI Z >CMM? 1;FCN;  Z -IL KO? H‚I
>?CR;I*;H’?GJ;T
Z"OD~?RJFCKO?C
?OC;M;CLJ;L;P?H>?LIM=ILN?M>?N?=C>I??MM?G;FO=I
G? ;LL;HD; I ?GJL?AI  +‚I PIO @;T?L OG; >?M@?CN; =IG ?F?
 M?LC; GOCNI JCIL

?HN?H>?"F?@C=;LC;MOMJ?CN;H>I>?;FAOG;C>CINC=?
Z .O?L >CT?L
 ?HN‚I
 KO? PI=… @C=; JIL ;KOC ? KO? I *;H’ P;C =IHNCHO;L
>ILGCH>IG;F
Z!…OG"KO;HCF
KO?LC>;
1;FCN;;NIO;MHIN;M>?=CH=IJ?MIM +;BIL;>IA;NI=;F=OF;>IL?F?MM?GJL?
?MJC;P;GJ;L;P… FINL;<;FB;L
I<C=BI?L;;<MIFON;G?HN?CH?RJFC=~P?F
D~NCHB;
L?MIFPC>I >O;M P?T?M OG; GOFNCJFC=;ƒ‚I ;HN?M KO? I NLOKO? >; P;F?LC;H;
@OH=CIH;MM?  1L;P?F?L ?MN;P; ?MNOJ?@;NI
 ? J?>C; ;IM ˆHNCGIM KO? I PCAC;MM?G
*;MH;KO?F; HICN? I A;NI ?MN;P; @?CNI OG NIHNI
 G;F =IHM?AOC; @;T?L ;M MIG;M
;N„PCHN??=CH=I
?L;NL~AC=I #OG;H>IHOG>IM;=?MMIMJ;L;;JCMN;
1L;P?F?L?
,FCP?CL; =IH=FOˆL;G KO? JLIP;P?FG?HN? I A;NI JL?=CM;P; >? ;FCG?HNIM
@IM@;N;>IM
 M?LC; JL?=CMI @;F;L =IG I !CL?NIL  ,M >ICM J;FB;ƒIM
 KO? I>C;P;G I
A;NI M?G KO? M? MIO<?MM? <?G JIL KO…
 <;CF;P;G ;I L?>IL >I ?MNL;>I IH>? I
@?FCHI;FCM;P;IM<CAI>?M>?<;CRI>?OG;FOT>?G?L=’LCI +;N?L=?CL;PIFN;KO?
>?L;G?HNI;H>IOG;=;Hƒ‚ILOMM;
IA;NIJŽM;MOHB;M>?@IL;?M?;NCLIOH;
=;L; >I G;CM P?FBI  IGI >? =IMNOG?
 I J’<FC=I ;JF;O>C; I H’G?LI
FIO=;G?HN? +I=;LLI>?IH?NNCJ;C?@CFBI
J;FB;ƒIM
I!CL?NILL?=OJ?L;P;I
A;NI ? ;JFC=;P; OG; GOFN; ?G =;>; OG
 JIL JLIPI=;ƒ‚I  "L; OG; HICN?
?MNL;HB; ,FB;H>IJ;L;I;FNI
=IGIM?GJL?=IMNOG;P;@;T?LH;KO?F?BIL~LCI

,FCP?CL; PC; 0CLCOM H; G?N;>? >I <OL;=I H?ALI ? ?MJ?=OF;P; MI<L? IM NL…M >C;M
?GKO?IGOH>I@C=;;<?LNI
KO;H>IIMG;H?M;M=?H>?G?B~OG;JIHN?KO?
P;C >I BIG?G ;I ILC@ˆ=CI F~ ?G =CG;
 JIHN? KO? P;C >I BIG?G ;I BIG?G
JILKO?KO?GB~>?MO<CL;N„IILC@ˆ=CIM?H‚I@ILJ;L;KO?L?L>?M=?LGO>;>I?
L??H=IHNL;L
MKO?>?IONL;G;H?CL;
MO;L;ƒ; 3CHN??KO;NLI>?;AIMNI?L;
OG>IMNL…M>C;M?GKO?IGOH>IM?;<LC;=F;LIKO?J;L;KO…@C=;LJ?HM;H>I
HCMMI M? ;CH>; ?MN;P;G ?G @?P?L?CLI  ,FCP?CL; H‚I L?=IL>;P; KO;CM ?L;G IM
IONLIM >ICM >C;M
 =OLCIMI F?G<L;L M? ;J?H;M >? OG; >;N; ?G NL…M  -IL KO?
JL?=CM;G?HN? ;KO?F; 1;FP?T JIL M?L OG I=NIMMˆF;<I
 ; G?GLC; N?G >?MM?M
NLOKO?M  *;M P;C P?L
 ?HN‚I
 KO? ; 3?L>;>? ?L; OG ;F?R;H>LCHI IO OG
?H>?=;MMˆF;<I N;FP?T IM LCNGIM
 OG; P?T G;CM
 G;L=;MM?G I ;=?MMI ?
?M=;H>CMM?G ;M ?N;J;M >I =;GCHBI  ,ONLIM N;HNIM N?G;M >? N?M? J;L; @CFBCHBIM
>? J;J;C  "L; OG JL;T?L IFB;L I G;F;<;LCMN;
 MO; CH=LˆP?F ;ACFC>;>?
 ; JCMN;
F~=N?;?GKO?;@OG;ƒ;>IN;<;=IJIOM;P;H;M=;<?ƒ;M>?=?HN?H;M>?=LC;Hƒ;M
>? 3CFF; >?F -;LKO?
 <;CLLI IH>? @?FCTG?HN? L?MN;P;G GOCNIM ?O=;FCJNIM KO?
?KOCFC<L;G;<;F;Hƒ;
J;L;=CN;LHIP;G?HN??MM?CHMNLOG?HNI>?DO>C=;NOL;
?MM;
=;MCHB;TI>C;=;F

 


"L;P?L>;>?KO?1L;P?F?L>ILGC;JIO=I
HIG?CI>;HICN?MOMJCL;P;=IGIM?
NCP?MM? OG J?MI MI<L? I J?CNI ? M? ;<L;ƒ;P; ; 1;FCN;
 KO? I L?=?<C; M?G @;F;L

;J?LN;H>I M? =IHNL; ?F? J;L; KO? ?F? ; M?HNCMM? JLI@OH>;G?HN? JLRCG;  +I
?M=OLI M? <?CD;P;G HI H;LCT
 H; <I=;
 MI<L? IM IFBIM
 ? 1L;P?F?L ;=;LC=C;P; ;
@;=? >? 1;FCN; =IG OG; G‚I KO? M;ˆ; >I G?CI >IM F?HƒCM ? NILH;P; ; M?
?M=IH>?L=IGIM?@CT?MM?GOCNI@LCI
?G<IL;IM>ICM?MNCP?MM?GMO;H>I>?JICM
1L;P?F?L GOLGOL;P; KO;NLI IO =CH=I H’G?LIM
 P?FBI =IMNOG? J;L; NILH;L ;
>ILGCL
 ? 1;FCN; M?HNC; =IGI ?F? ;@LIOR;P; IM <L;ƒIM
 L?MJCL;P; @OH>I
 M?
;KOC?N;P; !?>C;;H>;P;=IHN?HN??;MMIPC;P;N;HAIM?HKO;HNI=?P;P;IG;N?
IO FC;
 G;M 1;FCN; H‚I =IHM?AOC; =ITCHB;L M?G KO? ?F? ;J;L?=?MM? KO;NLI IO
=CH=I P?T?M =IG P;LC;>IM JL?N?RNIM ? @;F;MM? MI<L? KO;FKO?L =ICM;

JLCH=CJ;FG?HN? MI<L? I G;HC=ŽGCI


 ;AIL; KO? ;M NL;N;NCP;M J;L?=C;G <?G
?H=;GCHB;>;M?KO?I!CL?NILM?;HCG;P;=;>;P?TG;CM=IG;J?LMJ?=NCP;>?
=IGJL;LIBIMJˆ=CI 1;FCN;H‚I;=B;P;GOCN;AL;ƒ;H;BCMNLC;>IG;HC=ŽGCI?
1L;P?F?L M;<C; >CMMI  ,M >ICM M? PIFN;P;G J;L; I F;>I BOGILˆMNC=I >; =ICM;

JLIG?N?H>I M? ?MJ?N~=OFIM >CAHIM >? 0;GO?F ?=E?NN


 >?MJL?T;H>I >; <I=;
J;L;@IL;I=ICN;>I>I=CL=IKO?=B?A;P;;I@CG>?MO;M;JL?M?HN;ƒ‘?M?G3CFF;
>?F -;LKO? ? M? JL?J;L;P; J;L; >?<ON;L ?G 0;H &MC>LI  gM P?T?M ,FCP?CL;
;J;L?=C;J;L;NIG;LG;N?
?G<IL;?GA?L;F@C=;MM??GM?OKO;LNI
;JLIP?CN;H>I
I@;NI>?KO?$?EL?JN?HJL?=CM;P;M;CLJ;L;I?GJL?AI??F?JI>C;F?L?@OG;L
PIHN;>? .O;H>I@CN;P;IMIFBIMOGJIO=IPCIF?N;>?1;FCN;?HKO;HNI;;DO>;P;
;>?J?H;LOGJ;NI
FORIKOCHT?H;FKO?;?HNOMC;MG;P;
@‚KO??L;>IJ;NI?G
NI>;M;MMO;M;JL?M?HN;ƒ‘?M=OFCH~LC;M
1L;P?F?L>CTC;J;L;MCG?MGIKO?;@CH;F
>? =IHN;M ;M =ICM;M H‚I ?MN;P;G N‚I G;F KO;HNI ?MN;P;G
 ? ;N„ JL?@?LC; KO?
%IL;=CI;J;L?=?MM?J;L;=IGJ;LNCFB;LOGG;N?
JILKO?H?MM;IJILNOHC>;>?IM
>ICM CG?>C;N;G?HN? >;P;G CHˆ=CI ; OG DIAI =C@L;>I KO? ?F?M JLJLCIM G;F
=IGJL??H>C;GG;MKO??L;JL?=CMIDIA;LJ;L;KO?IN?GJIJ;MM;MM??IMNL…MM?
M?HNCMM?G >CAHIM OHM >IM IONLIM  F„G >CMMI
 FC;G
 JILKO? >? OG; DOP?HNO>?
=ICH=C>?HN?G?HN?MI=C;FCMN;?OGJIO=IN?IM@C=;J?FIF;>I>?1L;P?F?L
IMNL…M
;G;P;G
=;>;OGMO;G;H?CL;
;F?CNOL;=IG?HN;>;
;MJIF…GC=;MJ?FIAIMNI
BCMJ;HI ;LA?HNCHI>?KO?L?L=IHP?H=?L?H‚I;=?CN;LD;G;CM;IJCHC‚I=IHNL~LC;

?;MJIMMC<CFC>;>?MCH?A~P?CM>?LCL@?CNIFIO=IM?M?HNCL M?;=CG;>;BOG;HC>;>?
>I?HN? MI< I JL?N?RNI >? ;DO>~ F; ; M;CL >? MO; G?>LIM; MCNO;ƒ‚I
=IHN?GJILH?;
*;M?L;P?L>;>?KO?1L;P?F?L>ILGC;G;F
1;FCN;L?J?NC;CMMIL?NILC=;G?HN?
?HKO;HNI I I<M?LP;P; @;T?L ; <;L<;
 CFOGCH;>I J?FI MIF >; G;HB‚   H;P;FB;
J;MM;P; HI LIMNI OG; P?T
 IONL;
 1L;P?F?L >? =;GCM?N; ? =;Fƒ; >? JCD;G;
;MMIPC;P; JLIFIHA;>;G?HN? U); A;SIF;W ? >?JICM JLI=F;G;P; ;IM <?LLIM
U*’MC=;
G?F;H=FC=I;FCG?HNIJ;L;HMKO?PCP?GIM>?;GILW
?>;H>IG?C;
PIFN; IFB;P; ;AL?MMCPI J;L; 1;FCN; KO? H;KO?F? >C; >?J?H;P; I J;NI ? ?L; OG;
J?MMI;@?FCTJILKO?IM=~F;GIMM;ˆ;GKO??L;OG;<?F?T;?IJ;NINCHB;OG;L
<?HCAHIJIO=I@L?KO?HN?H?MM?M=;>~P?L?ML;H=ILIMIM
>?IFBCHBIM?HNL?;<?LNIM
? OG; @?H>; CGJ?L=?JNˆP?F
 KO? J;L?=C; >? FOT
 ?HNL? ;M J~FJ?<L;M
 ;HCG;CM
CH@?FCT?M
Z-ILKO?PI=…>ILG?N‚IG;F
*;H’
Z $‡D:42 >6P "O
 G;F 0CGJF?MG?HN? H‚I >OLGI
 ;GIL G?O
 J;MMI ;
HICN?G?>CN;H>II#:36CA@6?:E6?E:2=:D
?>Cƒ‚I*;=LIPCOM;M=;
KO?MO<NL;ˆHI
IONLI>C;>I>L #?N;
;JLIP?CN;H>IOG>?M=OC>I>;CLG‚>?F?  F;LIKO?PIO
>?PIFP?L
>?P?=OMN;LGCFB;L?M>?G;HAIM 2G=:36CA@6?:E6?E:2=:D
P?D;PI=…
Z " I KO? P?G ; M?L CMMI Z >CMM? 1;FCN;
 KO? ;AIL; =IGJL??H>C; =?LN;M
?M=;GIN?;ƒ‘?M ? OG; A;P?N; >? @?=B;>OL; >OJF;  Z 3I=… G? ?M=IH>? MO;M
F?CNOL;M
„;JLCG?CL;P?TKO?CMMI;=IHN?=?>?M>?KO?HIM=;M;GIM
Z,L;
IFCPLI?MN~;FC
?R;GCH?IKO;HNIKOCM?L
>?M>?KO?JLCG?CLIF;P?;M
G‚IM "M=IH>IJILKO?„P;FCIMI?PI=…;H>;M?GJL?=IGL;MJ;M>?=?HIOL;?
=ICM;M>INCJIHIM>?>IM
„N‚I>IG„MNC=;KO??MNL;A;LC;KO;FKO?LCH=OH~<OFI
Z +‚I ?MNIO H?G ;ˆ J;L; I M?O FCPLI Z >CMM? 1;FCN; I@?H>C>;  Z 3?HB;
=ILN;L;=;<?ƒ;>?F?
?OH‚IAIMNI
G?MGI?F??MN;H>IGILNI
Z IG;H;P;FB;ZJLIJŽM1L;P?F?L Z3;C>;LOG;LNLO=OF?HNI;I;NI
?
;F„G>CMMIM?GJL?„<IG;A?HN?M??R?L=CN;L
HOH=;M?M;<?
Z+‚I  IG?MN;@;=;
Z IG;H;P;FB;
Z+‚I  IG?MN;@;=;
1L;P?F?LM?;JLIRCGIO>IJ;NI>?H;P;FB;?GJOHBI?;=;<?ƒ;PIIOFIHA?
Z 3~ ;JL?H>?H>I Z >CMM?  Z 0? ; A?HN? JL?=CM;L NIG;L =IHN; >I
G;HC=ŽGCI
=IHP„G;=OGOF;L?RJ?LC…H=C;NCJIIM;MM;MMCH;NIM>;/O;*ILAO?
Zj;MMCGKO?IMFIO=IMM?G;N;G
Z +‚I
 G?HCH;
 G;M >? P?T ?G KO;H>I N?HN;G  1;F =IGI IM F’=C>IM
 M?
PI=…G?J?LGCN?;G~=IGJ;L;ƒ‚I
Z j POFA;L Z ;>GCNCO 1;FCN;
 ILA;HCT;H>I I J;NI HOG; ?MJ„=C? >?
J;L;F?F?JˆJ?>I;G;LL;>I=IG<;L<;HN?<L;H=I
Z'~?MM;=ICM;>??OH‚I>ILGCL<?GZ>CMM?1L;P?F?L
FCGJ;H>I;H;P;FB;
HOGJ;J?FBCAC…HC=IZ
PI=…M;<?J?L@?CN;G?HN?>IKO?M?NL;N;
Z!CA;GIMKO?MCG *;MPI=…N;G<„GM;<?KO?H‚IB~JLI<F?G;
Z,MJLI<F?G;MZ>CMM?1L;P?F?LZM‚I=IGIIM;KO?=?>IL?M-LCGOM
NO>I
P;C GOCNI <?G ;N„ KO? ?RJFI>?G  "O >CLC; ; PI=… KO? H?MN? GOH>I B~
JLI<F?G;MN?F?IFAC=IM -;L?=?KO??F?MH‚I?RCMN?G
=IGIH?MN?GIG?HNI
?I
KO?;=IHN?=?„KO?IL?FACI>;<IG<;G;L=;;M>IT?BIL;M>?;G;HB‚ 1C=
N;=
NC= N;=
NO>IP;CGOCNI<?G 1C= N;=
Z,JCILZ>CMM?1;FCN;Z„KO?I?H=;LL?A;>I>?>;L=IL>;HIL?FACI„
PI=…G?MGI
Z *CHB; G‚I
 =I?FBCHB;
 N;G<„G ?MN~ G;L=;>; J;L; ;M >IT? BIL;M >?
;G;HB‚ "HKO;HNICMMI
P;GIMPCP?L?>?CR;LPCP?L
1;FCN;OHNIOIJ;NI=IGG;HN?CA;
IKO??L;OG?MJ?N~=OFI>?AL;>;HN?
Z3I=…N?G;FAI;G?=?HMOL;LZ>CMM?
=IGIM?@;F;MM?J;L;IJ;FGˆJ?>?
Z <MIFON;G?HN? H;>;
 H?MN? GIG?HNI Z >CMM? 1L;P?F?L  Z G;HB‚ M
>IT?BIL;MP?L?GIM
J;L;JLIFIHA;L;CG;A?G;N„M?O>?M?HF;=?T?HCN;F
Z IGIPI=…M?J;L?=?=IGI%IL;=CIZ>CMM?1;FCN; ZjCH=LˆP?F=IGI
M?J;L?=?
Z1C= N;=Z>CMM?1L;P?F?LJLI=OL;H>IIM=CA;LLIM Z1C= N;=
NC= N;=
Z-;L?=?
MCGZCHMCMNCO1;FCN;
MIFN;H>IIJ;NI
KO?M??MN;<;=IOHI=B‚I
=IGOGLOˆ>I@I@IKO?>?O;M=I Z"F?N;G<„GN?LC;>CNINC= N;=
?F?N;G<„G
N?LC;@;F;>IJILCG;A?HMIN?GJINI>I *;MM?L~KO??G;FAOGGIG?HNIPI=…M
P‚I G? >?CR;L NL;HKOCF; FC~M
 ?O @;FI KO? PI=… „ J;L?=C>I =IG ?F? >? =;MI
J?HM;>I
 J;L; KO? >? OG; P?T JIL NI>;M ; A?HN? >?CR? >? ;<MOL>IM  +‚I „
JIMMˆP?FKO?NO>IGO>?;MMCG=IG;PIFN;>?%IL;=CI "MN;HICN??OFB?>CMM?

H‚I;AO?HNIG;CM
PI=…M?MN‚I<LCH=;H>I=IGCAI
J;L?=?OG;J;LNC>;>?N…HCM

<;N?G?GGCG>IM>ICMF;>IM
H‚I?MN~=?LNI
*;H’
H‚I?MN~=?LNI
1L;P?F?LNIGIO ;HIM<L;ƒIM?G<IL;1;FCN;L?MCMNCMM?
?>?JICM>?;JIC;LOG
J„HIJ;NI?>;LOG?M=ILL?A‚IKO?KO;M?IM>?LLO<;
=IHM?AOCO>IGCH~ F;?
<?CD;L;JIHN;>?M?OH;LCT
Z3;CP?LKO?H‚IN?G<IG<;J;L;PI=…
=I?FBCHB;Z>CMM?
MILLCH>IJ;L;
?F; =IG OG; ?RJL?MM‚I KO? ; >?M;LGIO ? ; @?T JLI=OL;L OG; JIMCƒ‚I G;CM
=ŽGI>;?HNL?IM<L;ƒIM>?F? Z,FB?
H‚I„KO??O;H>?;NL~M>?OGL;CIKO?
G? =;C; H; =;<?ƒ;
 G;M MCHNI KO? H‚I >?PI G? >?@?H>?L =IG OG J;L; L;CIM

KO?JL?=CMIM;CL=IG;=;<?ƒ;>?M=I<?LN;;N„=B?A;L?G;M>IT?BIL;M>?;FAOG
>C;  0 >?JICM >?MM; BIL;
 >?MM? >C;
 PIO G? M?HNCL ; G?MG; J?MMI; IONL; P?T
+‚I„JIL=;OM;>I%IL;=CI
;GIL
H‚I„MJIL=;OM;>I%IL;=CI
?G<IL;?F?
N?HB;=B?A;>I=IGIOG;?MJ„=C?>?G?HM;A?CLI 3;CP?LKO?M??F?H‚INCP?MM?
=B?A;>I N?LC; G? ;=IHN?=C>I IONL; =ICM; J;L?=C>;  1?LC; FC>I ;FAOG FCPLI
>?M?H=;>?;>IL
 IO N?LC; G? ;J;CRIH;>I JIL IONL; GOFB?LX "MM;M PIFN;M >;
PC>;
 ?HN?H>?
 ?MM;M CH?MJ?L;>;M >?GIHMNL;ƒ‘?M >? ;FAI KO? H‚I B;Pˆ;GIM
MOMJ?CN;>I?KO?>?L?J?HN?J‘?GNO>I?G=LCM? 3I=…>?P?LC;?HN?H>?L
Z *;M M?L~ KO? PI=… L?;FG?HN? ;=L?>CN; KO? ?F? ?MN~ >;H>I ?G =CG; >?
GCG
?KO??OX
Z "F? H‚I ?MN~ >;H>I ?G =CG; >? PI=…
 >? @ILG; H?HBOG; Z >CMM?
1L;P?F?L
 MIFN;H>I ;  Z %IL;=CI H‚I ?MN~ H?G ;ˆ J;L; PI=…  +‚I M? I@?H>;

=IHB?ƒIGOCNI<?GIM?OP;FIL?M?GJL?N?L?C=C’G?>?NI>IGOH>IKO?IFB;
J;L;PI=…IOKO?@;F;=IGPI=… *;MG?MGIKO?%IL;=CIN?HN;MM?;FAOG;=ICM;
=IGPI=…
CH=FOMCP?H?MN?=;MI
?G?MGIKO?PI=…;=B?KO??O@CKO?CG;FO=I
?OCHMCMNCLC;KO?PI=…H‚IN?G;G?HILCGJILNH=C;J;L;?F??KO?JILN;HNIH‚I
N?HBI=IGIKO?G?JL?I=OJ;L jIONL;=ICM;Z>CMM?1L;P?F?L?F?P;H>IINIG
>?PIT ZjOG;G?L>;>?OG;IONL;=ICM;
JILL;
Z B Z >CMM? 1;FCN;
 ;J;HB;H>I I J;NI ? FCGJ;H>I I >I JCM‚I =IG OG
J;HI>?JL;NI Z3I=…;@OH>IO;M=IMN?F;M>?F? .O?L>CT?L
?HN‚I
KO?„IONL;
=ICM; +‚I?HN?H>IH;>;
G;MP;CP?LKO?PI=…N?GL;T‚I
Z"M??F??MNCP?MM?;KOCZ>CMM?1L;P?F?L?GPIT<;CR;
@CN;H>II=CA;LLIZ

?L; IONLI KO? H‚I C; ?HN?H>?L H;>;  *;M ?F? M;<?LC; GOCNI <?G KO? „ IONL;
=ICM; jCH=LˆP?F
N?HBI;M?HM;ƒ‚I>?KO?KO;H>I?F??MN~=IHIM=IB~J;L?>?M
KO?=;?G
GIHN;HB;M>?=ICM;MKO?>?M;J;L?=?G>IG;J;
?>?L?J?HN?I=„O
@C=;@;<OFIM;G?HN?<?FI
;M?MNL?F;MM??H@C;GH?MN?=?MNI>?J‚I
M?KOCM„MM?GIM
JI>?Lˆ;GIM >?M=;M=~ F;M ? =IG… F;M
 ?MM? J;NI „ H; P?L>;>? I =CMH? >?
)IB?HALCH
?;NL~M
;NL~MX
Z&H=IGI>IZJ?LAOHNIO;M?HBIL;>?$ONOMMI?MJC;H>I>IJ;N;G;L Z
-I>?M?LKO?PI=…M?MNCP?MM?G@;F;H>I>?;MMOHNIMJ?MMI;CM
?H‚IAIMNI>?G?
G?N?LIH>?H‚IMIO=B;G;>;
Z ,L;
 IL;X Z >CMM? 1;FCN;  Z "HNL?
 M?HBIL;
 ?HNL?
 P?D; KO? <?F?T; >?
;HCG;F
Z 2G; AFLC; Z >CMM? ; M?HBIL; >? $ONOMMI  Z 0?GJL? >CAI KO? I J;NI
JI>?M?L>OLI
G;MN?GOGM;<IL?MJ?=C;F
Z *;H’ JCMIO ?G =CG; >?F? Z >CMM? 1;FCN;  Z 3;C ?MN;L G;=CI KO? H?G
G;HN?CA;
DOLI
Z"H‚IM??MKO?ƒ;>?;MMCH;L?G<;CRIZ>CMM?1L;P?F?L
 


"L;H;NOL;FJ?HM;LKO??F??MN;P;?MJ?L;H>IKO??F;;J;L?=?MM?H;D;H?F; "L;
M ;=IL>;L M >O;M >; G;HB‚ =IG OG =;FIL J?A;DIMI
 =IG ; @OG;ƒ; ;=L? >;
?MJCL;F G;N; GIMKOCNIM
 =IG >O;M ?MNL?F;M ?HILG?M JF;HN;>;M HI @OH>I >;
D;H?F;
=IG;IONL;D;H?F;?G@L?HN?
KO?N;G<„G?MN;LC;;<?LN;
"L;H;NOL;FJILKO?HI@OH>I;N~<O;=IHNCHO;P;HIG?MGIFOA;L?;L?=OM;
?GJF?HIMIFN;FP?TJO>?MM?M?LIONL;=ICM;?GJF?H;HICN?
NL;HM@ILG;L M?HOG;
;KOC?M=…H=C; M’<CN;
 ? ?HN‚I ?F? ?MN;LC; ;FC H; D;H?F; >?F?
 @OG;H>I J;L;
?MJ;HN;L IM GIMKOCNIM ? ?MJ?L;H>I KO? 1;FCN; MIHG<OF; M? >?MA;LL;MM?
MO;P?G?HN? >I =ILJI >? 1L;P?F?L J;L; ;J;L?=?L ? IFB;L J;L; ?F? >? ?M=OLC>‚I
J;L; ?M=OLC>‚I  1;FP?T =IG F?HNIM GIPCG?HNIM >; G‚I ?F? >?M?HB;MM? MCAHIM
=IG ; <L;M; >I =CA;LLI  1LCHAOFIM
 =CL=OH@?L…H=C;M
 CHMN;HNH?IM ?M=O>IM >?
;LG;M
MˆG<IFIM>I@CFNLI@;N;F>;>C@?HCFJLIJCF;GCH;
;<L?PC;NOL;M@;LG;=…ONC=;M
KO??F;M;<?LC;CHN?LJL?N;L
IOMIG?HN?IP;CP„GFOGCHIMI>;<I=;;N„I<L;ƒI
>;JIFNLIH;
>I<L;ƒI>;JIFNLIH;;N„;<I=;
>;<I=;;N„I<L;ƒI>;JIFNLIH;
;
HICN?CHN?CL;
+‚IB;PC;HCHAO„GH;D;H?F;
1L;P?F?LM?;JLIRCGIO>IJIƒIKO?HN?
IFBIO
J;L;;LO;IH>?OGDILH;F;<?LNI>?CR;P; M?F?LCH>?@?MIJILOG=„O?MNL?F;>I
KO?J;L?=C;J;FJ~P?F D;H?F;>IBIN?F?G@L?HN?J;L?=C;;CH>;G;CMJLRCG;
>? HICN?
 OG ACH;MN; N?LC; JI>C>I =B?A;L F~ HOG M;FNI  +‚I
 H‚I N?LC;
=IHM?AOC>I 1;FP?T=IG;GILN?HIM=;F=;HB;L?M
G;MH‚I>?IONL;G;H?CL; '~
H‚IL?MN;P;GMCH;CM>;N~<O;
H‚IB;PC;J;MM;A?G
0OMJCL;H>I
 1L;P?F?L PIFNIO J;L; ; =;G;   OG; J?LAOHN; MIHIF?HN; >?
1;FCN;
 ;=;LC=CIO I =;<?FI >?F; ? GOLGOLIO ;FAOG; =ICM;  1;FCN; <?CDIO I ;L

MO;G‚I?MPI;ƒIOOGJIO=I?M?NL;HKOCFCTIO
0? ?F? ?MNCP?L; ?G ;FAOG JIHNI >I JIƒI H?ALI
 ?H@OLH;>I HI @OH>I >I
KO;LNI ? >;FC IFB;H>I J?F; D;H?F;
 @ILƒIM;G?HN? N?LC; PCMNI 1L;P?F?L
 MO;
=;GCM?N; <L;H=; @?CNI OG ?=NIJF;MG;  0? ?MNCP?L; ?G ;FAOG JIHNI >I JIƒI
H?ALI ?MJ?L;H>I KO? 1;FCN; MOLACMM?
 ; ;J;LCƒ‚I CH>C@?L?HN? >? OG; =;GCM?N;
<L;H=; >?P? N… FI GILNC@C=;>I GCHO=CIM;G?HN?  AIL; =Iƒ;LC; >?P;A;L I
;HN?<L;ƒI
 KO? H?F? „ OG A?MNI =IMNOG?CLI >? >?M=IH@ILNI ? L?MM?HNCG?HNI

?MG;A;LC;I=CA;LLI?HNL?IMF~<CIM
GOLGOL;LC;;FAOG;I<M=?HC>;>?;>?KO;>;

JLIP;P?FG?HN? M? DIA;LC; H; =;G; M?G ; G?HIL =IHMC>?L;ƒ‚I J;L; =IG
$?EL?JN?HJLI@OH>;G?HN?;>ILG?=C>;
*;MM??F?H‚I?MNCP?L;?G;FAOGJIHNI>IJIƒIH?ALI
I@;NI>?F?P;HN;L M??
M;CL J;L; ; D;H?F;KO?F; BIL;>; HICN? ?L; OG; ;>GCMM‚I >? G?>I
 KO;M? OG
=IHM?HNCG?HNI  "KOCP;FC; JL;NC=;G?HN? ; >;L =IGI =?LNI KO? H?G %IL;=CI
H?G ?F? B;PC;G L?=IFBC>I ;M N~<O;M  !? OG; @ILG; IO >? IONL; B;PC;
J;MM;A?G
 >;P; J;L; CL IO PCL  .O;FKO?L >IM NL…M
 MIHG<OFI
 JI>C; J;MM;L >?
OG;D;H?F;J;L;;IONL;
JCM;H>II;L?MJ?MMIM?GG?>I>?=;CLJ;L;;LO; 
JIHN?M>?M;J;L?=?LC;=IG;FOT>;G;HB‚
=IG;L?;J;LCƒ‚I>I=;@„=IGF?CN?
KO?>?PIFP?;M=IHMNLOƒ‘?MMFC>;M?;LL;H=;;N?C;>?;L;HB;>;M;FN;MBIL;M;
AIFJ?M>?HINC=C~LCIL;>CI@ŽHC=I?=BOP?CLI@LCI

0IHBIM >? 1;FCN; )?P;P;G H; ; OG; ?RJIMCƒ‚I >? JCHNOL; HOG CG?HMI
J;F~=CI?GLOˆH;M
?IMKO;>LIMJ?H>C;G;;FNOL;MP?LNCACHIM;M
=IGIM?;FAO„G
BIOP?MM? NL;HM@ILG;>I ?G GOM?O ;M JLCM‘?M >? -CL;H?MC  0?H>I ;MMCG
 J;L;
=B?A;L ;IM KO;>LIM ?L; JL?=CMI ?M=;F;L ;L=IM HIM KO;CM ;J?H;M IM ?HN;FB?M
J?LGCNC;G;JIC;LIM>?>IM>IMJ„M
;P;Hƒ;LJILA;F?LC;MKO?M?CHN?LLIGJC;GM
G;LA?HM >? OG G;L <L;PCI
 =IG IH>;M KO? J;L?=C;G >? =BOG<I
 MO<CL JIL
?M=;>;M?G=;L;=IFJ;L;?H@CGP?L
M?GJL?G;F
M?GJL?>?<;CRIIO>?F;>I
IM
KO;>LIM HIM KO;CM ; G?MG; G;H=B; ?M<L;HKOCƒ;>;
 I G?MGI =I~AOFI >?
N;JCI=;IO>?F?CN?M?L?J?NC;;ICH@CHCNI
!?MJ?LN;L >? 1;FCN; 0?HN;H>I M? >? L?J?HN? H; =;G;
 M HIP? >; G;HB‚

M;=O>CH>I 1L;P?F?L KO? >ILG? >? <LOƒIM


 ;JFC=;H>I FB? J;FG;>;M HI NL;M?CLI
J;L; ;=IL>~ FI  1L;P?F?L ?MN?H>?H>I OG; G‚I ? <?FCM=;H>I OG; J?LH; >?F;
1;FCN; M? DIA;H>I ?G =CG; >?F? ? JOR;H>I M?O =;<?FI  1L;P?F?L ;<OM;H>I >?
MO;@ILƒ;
NIL=?H>IOG;>;MG‚IM>?F;;N„1;FCN;J?>CLJ?L>‚I ?CDIM
OG=;FIL
N?LLˆP?F
Z0IHB?C=IGOGGOM?O?MJ;HNIMI 3I=…G?F?P;P;
Z!?N?MNI;IHCLIG;H=C; -L?J;L?OGG;N?
@CAOL;
Z-ILKO?PI=…M?F?P;HNIO?MN;HICN?+‚I?L;J;L;@;T?LRCRC
KO;H>IPI=…
M?F?P;HN;J;L;@;T?LRCRC;HN?MG??RJFC=;=IGIM??O@IMM?<I<;
G?>CTU3IO
G?F?P;HN;LJILKO?H‚I;AO?HNIG;CMW
??O@C=I=IGJ?H;>?PI=…JILKO??O
;AO?HNI <?G ; HICN? CHN?CL;
 H‚I JL?=CMI H?G @;T?L @ILƒ;
 „ OG G?N;<IFCMGI
>C@?L?HN?
Z2GIKO…
Z*?>CA;JILKO?PI=…M?F?P;HNIO #IC;N„;D;H?F;?MOMJCLIO
Z+‚IG?;NCL?C
Z&>CIN;
Z"MN;P;KO?HN?
Z*?>CA;JILKO?PI=…M?F?P;HNIO
Z-ILH;>;
J;L;P?LM?%IL;=CIN;G<„G?MN;P;=IGCHMŽHC;
M??MNCP?MM?;
A?HN?JI>C;=IHP?LM;LOGJIO=I
ZgKO?F;BIL;0?PI=…MG;FM?@;F;G>?>C;
Z.O?GM;<?N?LC;MC>I>C@?L?HN? +OH=;M?M;<?
Z 0IHB?C =IG OG GOM?O BILLˆP?F Z >CT 1;FCN;
 =IG?ƒ;H>I ; P?MNCL OG;
=;F=CHB;
Z3I=…D~G?=IHNIOZ>CT1L;P?F?L
IFB;H>IIN?NI
ZAIL;HM>ICMN;G<„GH‚I=IHP?LM;GIMGOCNIZ>CT1;FCN;
ZjG?MGI j;OGC>;>?
Z*;M>~;CGJL?MM‚I>?KO?;FAOG;=ICM;?MN~@;F;H>I
;FAOG;=ICM;?MN~
HIMONCFCT;H>IJ;L;@;F;L 3I=…H‚IN?G?MM;M?HM;ƒ‚I+‚I;=B;KO?„=IGIM?
?MNCP„MM?GIMB;<CN;>IM.O?L>CT?LXj>C@ˆ=CF
L?;FG?HN?
Z1L;HM;<CN;>IM
G?FBIL>CT?H>I ,FB?
CMMIH‚IP;C>OL;LJ;L;M?GJL? %@
E6 27=:;2D 2E2=:?2 Z =;HN;LIF; 1L;P?F?L Z
 J2 G6?5Cs? E:6>A@D >6;@C6D J E6
A@?5CyF?4@>65@C
Z 0?O <I<I Z >CT 1;FCN; <?CD;H>I I H; IL?FB;  Z &MNI H‚I P;C >OL;L J;L;
M?GJL?
 CMNI H‚I P;C >OL;L J;L; M?GJL?X &MMI H‚I >?P?LC; >OL;L H?G OG
GCHONIG;CM
ZM;GJON;ƒ‘?MPCIF?HN;MM‚ILOCHM
>?JICMI=INI=I>C;PC>;CHN?CL;
Z0?PI=…KO?LKO??O>CA;;P?L>;>?Z>CT1;FCN;Z
?MNIO=IG;M?HM;ƒ‚I
>?KO??MN;GIM=LC;H>I;L;HB;MIO=?HNIJ?C;M  OC>;GIM>?F;M
NL;N;GIM>?F;M

?F;MP‚I=L?M=?H>I
HICHˆ=CI?L;GOHM<C=BCHBIM>?H;>;
KO;M?<IHCNIM
=IG
;KO?F;MJ;N;MNI>;M
?>?L?J?HN?=L?M=?L;G
JOF;GH;=;L;>;A?HN? =BIKO?
N;G<„GMIHB?C=IG;L;HB;M
G?F?G<LIP;A;G?HN?
Z ,Oƒ; M I %IL;=CI Z >CT 1L;P?F?L
 P?MNCH>I ; =;Fƒ;  Z  ?MN; BIL;

;MMIPC;@?CNIFIO=IJ;L;=IG?GIL;L;J;LNC>;>?$?EL?JN?H .O?MOD?CNI

 


Z *’MC=;
 G?F;H=FC=I ;FCG?HNI J;L; HM KO? PCP?GIM >? ;GIL Z =CN;L;
1L;P?F?LJ?F;KO;LN;P?T
;@CH;H>IIPCIF‚I;HN?M>?JLI@?LCLIN;HAIU INILLCN;
>?F;MO?LN?W
!  L?MJIM?CHN?L?MMIOJ?F;L?@?L…H=C;
?1;FCN;MO<COJ;L;<OM=;LJ;L;?F?IM
=CH=I ;NIM H; P?LM‚I >? MNL;H; *;LˆH   ;FF? ;=BCG;SI ?MN;P; LOC>IM; ;I
=;CL >; HICN?
 G;M HI J~NCI >? >  L?MJI
 ;F„G >I =;H~LCI C?H -?MIM M M?
IOPC;;PIT>?1L;P?F?L
=B?A;H>IJ;LN?=2@3C6C:E2;F8F6E@?2JA:KA:C6E2=2
BF6 5:6C2 2 DF 42D:E2 =2 2=68C}2 -;L; DIA;L =;H;MNL; H‚I „ JL?=CMI @;F;L
 ?
$?EL?JN?HA;HB;P;G‚I;JMG‚I>?,FCP?CL;
KO?M?L?P?T;P;=IG;M?HBIL;
>? $ONOMMI H; N;L?@; >? MIFN;L GI?>;M >? PCHN?  "HKO;HNI CMMI ; =;NOLLCN; >;
MILN? BF6 2F8FC2 =2 G:52 @ >F6CE6 B;PC; NCL;>I OG J;J?FTCHBI =IL >? LIM;
H;GIL;>I
 FIHA; PC>;  , KO? H‚I CGJ?>C; KO? ; PIT >? 1L;P?F?L P;=CF;MM? ;I
>?M=L?P?L ; L~JC>; >I?Hƒ; >; B?LIˆH;
 J =2 E2C56 6? BF6 >@C}2 EC:DE6>6?E6
AC68F?E2?5@2DF>2>:E2MR%@==68‚O 1LLL;G
Z .O;HNI M?HNCG?HNI Z >CMM? ; M?HBIL; >? $ONOMMI  Z #;F;G G;F >I
N;HAI
G;MIN;HAIH?GM?=IGJ;L;=IGIM=;FCJMIM??MM;MIONL;MJIL=;LC;MKO?
NI=;GHIL~>CI *?J;MM?IM@?CD‘?M
> %IL;=CI
1L;P?F?L;JICIOIPCIF‚IHOGP;MI
MOAIO=IG@ILƒ;IG;N??M?HNCOKO?;
HICN? FB? =;CLC; G;F  .O;M? N?LC; JL?@?LC>I N?L KO? NL;<;FB;L
 IO M?HNCL M?
;>I?HN;>I
KO;FKO?L>CMNL;ƒ‚I 0?LPCO M?>?OG=IJI>?;AO;L>?HN??<?<?O>?
OGMNL;AI
IFB;H>IJ;L;>  L?MJI
KO?=IGIM=OFIMH;JIHN;>IH;LCTM?
CHN?LH;P; >?M=IH@C;>I HIM JLI…GCIM >; NL;A„>C;  3?H=C>I
 JLCP;>I >? ICN?HN;
=?HN;PIM
 ,FCP?CL; P?CI M?HN;L M? ;I F;>I >?F? ? N;G<„G NIGIO OG =IJI >?
;AO;L>?HN?
Z,GOH>I„@;<OFIMIZ>CMM?1L;P?F?L?GPIT<;CR; ZFC
>;KOC;JIO=I
B;P?L~;<;N;FB;>?=NCOG
M?IP?FBI;AO?HN;L;N„?MM;J;LN? ";KOC;IF;>I
?MM;M>O;MFIO=;M>CMJON;H>I@?CD‘?M;AIFJ?M>?M?N?>?J;OM
Z 0‚I I=OJ;ƒ‘?M =IGI KO;FKO?L IONL; Z >CMM? ,FCP?CL;  Z 3I=… M? >~
=IHN;>;J;F;PL;"MN;LI=OJ;>I
N?LOG;I=OJ;ƒ‚I *?>~OG@LCIH;?MJCHB;

=B?  *;M P?D; M


 J;L; H‚I @C=;LGIM G?N;@ˆMC=IM KO?LI >CT?L KO? GCHB;
I=OJ;ƒ‚I HI =CL=I „ JOL; ?HA;H;ƒ‚I  "MNIO A;HB;H>I ?MM?M J?MIM M?G @;T?L
H;>;
Z "MJ?L? HIMM; ?MNL?C; ?G 0;H &MC>LI
 P;C @C=;L G;CM J?M;>I  "G 3CFF; >?F
-;LKO??MN~P;GIM=IGNI>IMIMJLI<F?G;ML?MIFPC>IM
JLCH=CJ;FG?HN?I>?OG;
JLIJCH;KO?JL?I=OJ;P;I!CL?NIL AIL;„JL?=CMI=IG?ƒ;L=IGA?HN?HIP;
?
PI=…P;C@C=;L<;MN;HN?I=OJ;>I
D~KO?AIMN;N;HNI>IN?LGI
Z+?GG?@;F? .O?=B;NI
=B?
H;P?L>;>??O?MN;P;@;T?H>IA…H?LI .O?L
>CT?LKO?PION?LKO?NL;<;FB;L
Z +IM JLCG?CLIM >C;M
 >?JICM NO>I ?HNL; HIM ?CRIM  !CA; OG; =ICM;
 PI=…
HOH=;NL;<;FBIO
?GM?OMN?GJIM>?"OLIJ;
Z,GˆHCGIH?=?MM~LCIZ>CMM?,FCP?CL; Z"L;AO;L>; FCPLIM=F;H>?MNCHI
,P?FBI1LIOCFF?
KO?J?LMIH;A?GJ;L; „FCH? FAOG>C;JL?=CMIFB?=IHN;L

M?„KO?P;F?;J?H;
?H‚IP;F?
Z"O<?GKO?AIMN;LC;Z>CMM?1L;P?F?L
Z0;<?
?MN~NO>IN‚IHI;L .O;FKO?L=ICM;KO??O>CMM?MM?M?LC;=IGIOG
J?>;ƒI>I>?M?HBI>IN;J?N? #;FN;I=I;AOF;HN?
JIL;MMCG>CT?LT~M
NO>IM?
;LLOG;?GM?O>?PC>IFOA;L?PI=…P…H;M=?LOGFCH>I=LCMN;F=IGNI>;M;MMO;M
@;=?N;M ,JLI<F?G;Z>CMM?,FCP?CL;IFB;H>IJ;L;;MJLJLC;MOHB;MZ„KO?
P;C P?L KO? D~ =I;AOFIO ? H‚I J?L=?<C
 @CKO?C J;L; NL~M
 =IGI IM P?FBIM KO?
IOP?G@;F;L>?=C<?LH„NC=;?<;F;Hƒ;G;=;<?ƒ;>?P;A;LCHBIJ?HM;H>IKO?D~
?MN~KO;M?H;BIL;>;MIJ;>?G;=;LL‚I@CHI
,=;H~LCI C?H-?MIMJLI>OTCOOGNLCH;>IG;CM?MNLC>?HN?KO?IONL;=ICM;
Z "H@CG Z >CMM? 1L;P?F?L  Z gM P?T?M N?HBI ; M?HM;ƒ‚I >? KO? PI=… H‚I
>?PC;N?LPIFN;>I
Z3I=…J?HM;CMMIZ>CMM?,FCP?CL; Z"OPCPICMMI 3;CP?LKO?HI@OH>I„
;G?MG;=ICM;
G;MH‚IP;GIM=?>?L;>?FˆKOCIM@~=?CM ,KO?HIMG;N;
N;HNI;
PI=…KO;HNI;GCG
„IJO>IL
=B? -;MM?;GIMJ?F;>IMJ?F;=;M;
J;L;AL;H>?
?M=H>;FI>?;FAOG;MM?HBIL;M
G;MKO;H>IM?NL;N;>?@;F;LX"HN?H>?
>?P?T
?G KO;H>I G? I=ILL? KO? JI>?LC; >CT?L ; PI=…X +‚I M?C
 N;FP?T H; BIL; ;M
J;F;PL;M M?LPCMM?G J;L; ;FAOG; =ICM;
 HIM M?LPCMM?G  *;M =IGI H‚I M‚I ;M
J;F;PL;M>;PC>;=INC>C;H;?>IG;N?HIJ~NCI
>;=IHP?LM;<?G;T?CN;>;
;A?HN?
L?=O;
 DOMN;G?HN? I G?FBIL ;GCAI „ ; J?MMI; ; KO?G G?HIM M? JI>?G >CT?L
=ICM;M;MMCG +‚I;=IHN?=?=IGPI=…>?MP?T?MM?;<LCLGOCNIG;CM=IGOG;
J?MMI;KO;FKO?L
Z-I>?M?LZ>CMM?1L;P?F?L;@CH;H>IIPCIF‚I Z,JLI<F?G;„KO?=IG
?MM?MJLCH=ˆJCIMH‚IM??HN?H>?G;CMJ;L;KO?M?LP?GIM;GCAIM
Z0?LP?GJ;L;?MN;LJILJ?LNI
?HOG;>?MM;MP;CM;<?L
Z IGI PI=… KOCM?L  MMCG P;C M?L >C@ˆ=CF ; A?HN? M? ?HN?H>?L =IGI HIM
P?FBIMN?GJIM
Z"GHIG?>IMP?FBIMN?GJIMM?@;T?G;MG;CIL?M=;A;>;MH?MN?M>?;AIL;
Z>CMM?,FCP?CL; Z"M=ON?
*;HIFI
PI=…@;F;>?;A?HN?M??HN?H>?L
G;MHI
@OH>IJ?L=?<?KO??ON;G<„GKO?LC;G??HN?H>?L=IGPI=…
?G@4zMCAHC@C=;
GOCNIG;CMKO?PI=…G?MGI G?L>;„KO?IP?L>;>?CLI?HN?H>CG?HNI„IONL;
=ICM; A?HN?M?=IH@ILG;=IGGOCNIJIO=I .O;H>IIM;GCAIMM??HN?H>?G
<?G?HNL?MC
KO;H>IIM;G;HN?MM??HN?H>?G<?GOG=IGIIONLI
KO;H>I;M
@;GˆFC;M M? ?HN?H>?G <?G
 ?HN‚I ;=L?>CN;GIM ?MN;L H; G;CIL B;LGIHC;  )?>I
?HA;HI
JOL;<;F?F; gMP?T?MMCHNIKO??HNL?>ICMMOD?CNIMKO?M?;LL?<?HN;G;
JILL;>; B~ GOCNI G;CM ?HN?H>CG?HNI KO? ?HNL? IM KO? ?MN‚I ;FC IFB;H>I >?
@IL;  -IL CMMIX B?
 G;M ?O L?;FG?HN? JI>?LC; =IF;<IL;L HI #2 %24:‚? >?
>IGCHAI
Z3I=…?MN;P;CH>I<?GZ>CMM?1L;P?F?L;@CH;H>I;JLCG;Z
G;MHI@CG
N?P?OG>?MM?M;N;KO?M>?JO>ILKO?G?H=CIHIO;HN?M *?F?G<LIO;M?HBIL;
>? $ONOMMI KO;H>I M? ;=B; H; I<LCA;ƒ‚I >? G?H=CIH;L ;M B?GILLIC>;M >I
G;LC>I
Z"MM?,N~PCI „M;L>CT=;>;=ICM;ZL?MGOHAIO>  L?MJI
IFB;H>IJ;L;
?F?M JIL =CG; >IM =OFIM  Z KOC ?F? @;F; KO? *;L=I HNŽHCI B;PC; =IGC>I
OG; =;LH? GOCNI ?MNL;HB; HIM FJ?M  , KO? ?F? KO?L >CT?L =IG ?MM; @L;M?
;<LCNI
CG;ACHI
Z*;CMJLIP;P?FG?HN?<ˆJ?>?CGJFOG?Z>CMM?1L;P?F?L
Z +?MN; I<L; KO?G H‚I „ FIO=I ?MN~ KO;M? Z >CMM? L?MJ?CNIM;G?HN? >
L?MJI Z-L?=CM;P?L;M=ICM;MKO?; F?J;NL;@;T
Z M L;CHB;M M‚I N‚I =IGJFC=;>;M Z >CMM? ; M?HBIL; >? $ONOMMI  Z "MM;
F?J;NL; ;LG;P; =;>; =IH@OM‚I
 GIMNL;L;G HOG @CFG?  F;LI KO? IM N?GJIM
?L;GIONLIM
H‚IB;PC;L?FCAC‚I
Z-;OMZ>CMM?1;FCN;
L?=IFB?H>IM?CM=;LN;MHOG;MDIA;>;
ZM?HBIL;N?GOG;MILN?X
Z*;MHI@CG?OM?GJL?J?L=I *;H’
;=;<;L;G;MGCHB;MGI?>;M
Z1LIKO?=IG>  L?MJI
KO?GM;<??F?D~?HNLIOH;„JI=;@;L;ŽHC=;?FB?
J;MM;GI?>;M>?IOLIJOLI ,FB?
%IL;=CI
CMMIKO?PI=…?MN;P;>CT?H>IMI<L?
B;LGIHC;X
Z "H@CG Z >CMM? ,FCP?CL; Z
 D~ KO? PI=… KO?L G?MGI KO? ?O L?PCL? IM
<IFMIM?JIHB;IM@C;JIMMI<L?;G?M;X
Z+‚IM?NL;N;>?L?PCL;LIM<IFMIM 1?HBI;CGJL?MM‚I>?KO?PI=…@C=;H;
G;CILNL;HKOCFC>;>?P?H>I=IGIIMIONLIM
HM
=IG?ƒ;GIM;;LG;LOGLIFI>I
=;=?N? 3I=…?MN~;NL~M>CMMIKO?>?HIGCH;B;LGIHC;
G;MJLI=OL;?R;N;G?HN?
HIFOA;LIH>?;=;<;>?>CT?LKO??F;H‚I?MN~?HNL?IM;GCAIM
H;@;GˆFC;
H;
=C>;>? -ILKO?PI=…JLI=OL;HICHN?LCIL>IMKO;>LIMMI=C;CM
Z +‚I M?C
 =B?  +?G =B?AI ; JLI=OL;L JIL ?F;  M =ICM;M P‚I G?
;=IHN?=?H>I
Z-ILKO?„JL?=CMIKO?FB?;=IHN?ƒ;KO?JIL=OFJ;MO;IMIONLIM
HM
H‚I
=IHMCA;GIM>ILGCL
Z"ON;G<„G>OLGIG;F
Z-ILKO?
MJ;L;>;LOG?R?GJFI
PI=…M?DOHNIO=IG;$?EL?JN?H-IL
KO? P?G G? P?L -IL ;=;MI H‚I „ ; $?EL?JN?H
 H‚I MIGIM HM KO? ?MN;GIM
;=;<;H>I=IG;MO;B;LGIHC;
Z"F;KO?LNIG;LG;H>L~AIL;ZALCNIO>  L?MJI?MNOJ?@;NI
Z,KO…Z>CMM?;M?HBIL;>?$ONOMMI
Z *;H>L~AIL; "F; G;H>; ; ?M=L;P; M?LPCL G;H>L~AIL; J;L; ?F; #;F; KO?
KO?L>ILGCL "MN~=IGJF?N;G?HN?FIO=;
Z !?PC; NIG;L LIGOL;F Z >CMM? ; M?HBIL; >? $ONOMMI  Z F;LI KO?
H;KO?F?N?GJIX
Z3I=…N?GNI>;;L;T‚I
G?OP?FBIZ>CMM?,FCP?CL;
?H=B?H>IIM=IJIM
=IG ;AO;L>?HN? Z
 =IG ; ’HC=; L?MM;FP; >? KO? ;NLC<OC G;CM CGJILNH=C; ;
$?EL?JN?H>IKO?;KO??F;L?;FG?HN?N?G
Z"HM
Z 3I=…M
 =B?
 N;FP?T M?D;G ?MM? =I;AOF;HN? >? KO? @;F~P;GIM ;AIL; B~
JIO=I *?J?AIJ?HM;H>IKO?HIMM;L?F;ƒ‚I„KO;M?KOˆGC=;
OG@;NI?RN?LHI
;HMG?MGIM 2G;?MJ„=C?>?>?M?HBIKO?P;CM?=IH@CAOL;H>I 3I=…@ICG?
?MJ?L;L
H‚I?MKO?ƒ;
Z " JIL KO? H‚I +OH=; CG;ACH?C KO? PI=… C; PIFN;L =IG ?MM? <C=I
 =IG
?MM?BOGIL>?=‚I
KO?N?LC;GGO>;>IPI=…;?MM?JIHNIJILF~
KO?PI=…C;G?
>?CR;L=IGN;HN;PIHN;>?>?M?L>C@?L?HN?X+‚I„CMMI
H‚I„CMMI -IR;
PI=…
H‚IPCP?H?G>?CR;PCP?L
,PCIF‚I
?HNL?IM>ICM
P;A;<OH>?;P;JILOG=C?FCNI
Z j M PI=… ?MN;F;L IM >?>IM ;MMCG Z >CMM? ,FCP?CL; GOCNI <;CRCHBI Z ?
HOH=;G;CMG?P??G 0?LC;CHDOMNIKO?JILGCHB;=OFJ;PI=…?1;FCN;X
Z1;FCN;@C=;@IL;>CMMI
Z+‚IZ>CMM?,FCP?CL; Z+?GJ?HM;L?G>?CR~ F;@IL;>CMMI +MMIGIM
1;FCN;
PI=…??O
OGNLCHAOFIMOG;G?HN?NLCMG?AˆMNC=I /?JCNI„M@;T?LOG
MCH;F KO? G? ?H=;LL?AI >? >?M;J;L?=?L  +‚I J?HM? KO? ?O H‚I J?L=?<I KO?
PI=…;H>;JL?I=OJ;>I
Z+‚I„CH>I?G<IL;;AIL;KO?PI=…;D?CN;AL;H>?=ICM;
Z,L;
JILKO?H‚I3I=…MH‚IJL?=CM;G>?GCG
1L;P?F?LJL?FO>CIOU*;F?P;D?W
J;LIO '~?L;HICN?@?=B;>;?>  L?MJI?MN;P;
;=?H>?H>I;FOT>IJ~NCIJ;L;=IHM?AOCLF?L
Z ,FB? Z >CMM? 1L;P?F?L ?G PIT <;CR;  Z !? NI>I D?CNI OG >C; PI=… M?
G;H>;?H‚I„JL?=CMI?O@C=;L@;T?H>IMCH;CM -IMMIH‚I>ILGCLHICN?
=IGI
1;FCN; >?P? N?L =IHN;>I ; PI=…
 G;M HI @OH>I H‚I F;G?HNI KO? PI=… N?HB;
PCH>I 3;CP?LKO??O?MN;P;JL?=CM;H>I
Z IGIPI=…KOCM?L
P?FBI M=ICM;M;=IHN?=?G;MMCG
IG?FBIL;@;T?L„
@C=;LNL;HKOCFI N„KO??OH‚I>?MAIMNI>?PI=…M
Z-;L?=?OG>C~FIAI>?C>CIN;MZ>CMM?1L;P?F?L
Z!?GIHAIFIC>?MJOLIMZ>CMM?,FCP?CL;
ZJ?MMI;;=B;KO?P;C?RJFC=;LOG;=ICM;?=IGJFC=;=;>;P?TG;CM
Z?RJFC=;ƒ‚I„OG?LLI<?G P?MNC>IZ>CMM?,FCP?CL; ZHIN?CMMI
Z "HN‚I ?MN~ <?G
 „ G?FBIL GO>;L >? ;MMOHNI
 @;F;L >I KO? ?MN~
;=IHN?=?H>I HI -;LNC>I /;>C=;F  0 KO? PI=…X *;M „ =IGI HIM =;LLIMM„CM

M?GJL? M? PIFN; ;I G?MGI JIHNI


 I =;P;FCHBI <L;H=I
 >?JICM I P?LG?FBI
 I
<L;H=I>?HIPI 0IGIMJI?N;M
CLG‚I
Z 2HM P;N?M <~L<;LIM Z >CMM? ,FCP?CL; ?H=B?H>I IM =IJIM  Z $?HN? KO?
>ILG?G;F?NIG;;L@L?M=IH;D;H?F;
=ICM;M;MMCG
Z"HN‚IPI=…G?PCO?MN;HICN?
Z !?CR? ?O J?HM;L  -LCG?CLI $?EL?JN?H @C=IO =B;N; ? @IC JL?=CMI
=IHN?GJILCT;L  *OCNI >? F?P?
 G;M ?H@CGX !?JICM >ILGC @?CNI OG NLIH=I

J;L;?MKO?=?L -ILKO?;J?LAOHN;
Z+;>;H‚IZ>CMM?1L;P?F?L
??MJ;FGIO;G‚IMI<L?;M=IL>;M 1CFCHN;H>I
M?OM FO=LIM
 ; M?HBIL; >? $ONOMMI JORIO OG; =;>?CL; ? J?>CO ; 1L;P?F?L KO?
=;HN;MM?
Z KOC OG N;F >? "HI<;L<I >CT KO? ; OGC>;>? >; HICN? „ P?H?HIM; Z
CH@ILGIO>  L?MJI Z+?MN;I<L;NI>IMM‚IJCL;>IM
HIG?CI>?OG;<;N;FB;
=IG?ƒ;G;@;F;L>?=ICM;MKO?H‚IN…GH;>;;P?L
ZIGZ>CMM?1L;P?F?LZ
P;GIMM;NCM@;T?L;M?HBIL;
M?>  L?MJIH‚IM?
IJOM?L U*;F?P;D?W
N;HA;ƒI>?'O;H>?!CIM#CFC<?LNI B
A;LINI
G?F?G<L?
>?F?LJ;L;PI=…;=IH@CMM‚I>?&PIHH?$OCNLS
OGJILN?HNI 1;FCN;
J?AO?F~;
;HNIFIAC; >? $;L>?F  "MN~ HI =LC;>I GO>I
 KO? „ IH>? >?P? @C=;L OG; =ICM;
>?MM;M
Z";JLIP?CN?J;L;G?>?PIFP?LZ>CMM?;M?HBIL;>?$ONOMMI Z+‚I„JIL
H;>; H‚I
 G;M ?O AIMNI >? N?L G?OM FCPLIM JIL J?LNI  IG G?O ?MJIMI „ ;
G?MG;=ICM;
DOLI

 


0IO?O
MIO?F? 0IGIM
G;MMIO?O
JLCG?CL;G?HN?MIO?O
>?@?H>?L?CM?L?O
;N„H‚IJI>?LG;CM N;Fˆ;
MIO?O "AI "O ">O=;ƒ‚IMOJ?LCIL
;LA?HNCH;
OG;
OHB; ?H=L;P;>;
 <IHCN; >? P?T ?G KO;H>I
 AL;H>?M IFBIM ?M=OLIM
 ?O  N;Fˆ;
!IHIMC
?O "O "O ?O
=;LL?N?F?<;L<;HNCHBI  ŽGC=I
*;HO
 KO? >IC>I
 CL ;N„ ; ;M; G„LC=; ? ;FOA;L ?MN? ;J;L?FBI M J;L; M?
>CP?LNCL )6H:?5 .O?PIT
?MM;H‚I„;GCHB;PIT #;FM;?@ILƒ;>;U0IO?O
MIO
?F?  0IGIM
 G;M MIO ?O
 JLCG?CL;G?HN? MIO ?O
 >?@?H>?L?CXW  01,-  2G
;J;L?FBI ?RNL;IL>CH~LCI
 G;M H‚I M?LP? J;L; J?HM;L ?G PIT ;FN;
 P;C P?L KO? „
JL?=CMI M? ;=IMNOG;L
 *;H’ @;F; ?G AL;P;L MO; @;GIM; L;>CIHIP?F; MI<L? ;M
M?HBIL;M
 H‚I P;C @;T?L H;>;  , IFBI G~AC=I „ L?;FG?HN? G~AC=I
 ;M ?MNLC;M
P?L>?MKO?IM=CF;G
M?=IHNL;?G
A;NI=;IFBIG?IFB;H>I *?FBIL=I<LCL=IG
OGJ;J?FTCHBI  /"4&+! @CN;=ILL?N‚IMO;P?G?HN?
N‚ICAO;FTCHB;
 3,)2*"
-ŽL ?G  IO  ^ U, IFBI G~AC=I „ L?;FG?HN? G~AC=I
 ;M ?MNLC;M P?L>?M KO?
IMXW  *;M P?L>;>?CL;G?HN? G~AC=I M?LC; M? GCHB; PIT >CMM?MM? U, IFBI
G~AC=I<LCH=;>??M=IH>? ?M=IH>?
;M?MNLC;MP?LG?FB;MXW *OCNI?=I
N?GKO?
;JLIRCG;LIGC=LI@IH??<;CR;LIPIFOG? 0IO?O
MIO?F? ,KO??OL?;FG?HN?
MIO „ OG; J;L>C; LOCG >? #;OFEH?L  "@?CNIM @~=?CM  !CN; OM;H>I OG
G;AH?NI@IH? IO I OˆMKO? @OH=CIH; =IGI @CN; >? AL;P;L 0? >CT AL;P;>IL IO
G;AH?NI@IH? %IL;=CI >CT G;AH?NI@IH?
 @C=IO ;MMIG<L;>I KO;H>I PCO I
;LN?@;NI
>CMM?U/;J;T
KO?G;AH?NI@IH?W ,G;HO;F>CTAL;P;>IL
IJ?MMI;F>;
;M;G„LC=;>?P?M;<?L *CMN„LCI-ILKO?M?L~KO?*;H’=IGJL;NO>I
;N„IM
M;J;NIM
 H; ;M; G„LC=;  2G; @CR;ƒ‚I
 OG; C>CINC=?  /"4&+!  &MMI P;C M?L
>CP?LNC>IUX#;OFEH?L "@?CNIM@~=?CMW  01,- +‚I„GOCNI>CP?LNC>IG?IOPCL
>? HIPI  1O>I CMMI >?P? F?P;L N?GJI
 N?GJI
 N?GJI  1O>I CMMI >?P? F?P;L
N?GJI  /"4&+! 3;GIMP?LM?INIG@C=IOG;CMH;NOL;FUXJI
N?GJI
N?GJI
1O>ICMMI>?P?XW "MN~CAO;F
PIT>?;H‚L?M@LC;>; P?L>;>?„KO??OM?CFC>;L
=IG?F?
*;H’P;C@C=;L;MMIG<L;>I
>?M=IH@C;N;HNI>?GCG=IGIM;J;L?FBIM
!? GCG
 OG; @;LG;=…ONC=;
 %IL;=CI H?G CLC; L?J;L;L
 P… NI>I GOH>I =IGI
OG JOL… KO? ?F? J;MM; J?F; J?H?CL;
 OG; J;MN; T~M KO? M;C J?FI IONLI F;>I
 „
M?HN;L ? =IG?L  /?QCH> +‚I
 P;GIM ?G @L?HN?
 P;GIM ;J;A;L ; FOT  3;GIM
@;F;LH;N?L=?CL;J?MMI;
KO?GM;<?X"HN‚I1;FCN;!IHIMC;J;A;;FOT?H‚IB~
H;>;;F„G>IIFBCHBIG~AC=I=IGMO;M?MNLC;MP?LG?FB;MKO?GM;<?M;CP?L>?

KO?GM;<?M;CLIRI?;<L;M;>I=CA;LLI  ;FIL
?*;H’KO?H‚IPIFN;>?0;H
&MC>LI
 IHT? ? G?C;  )~ ?MN~ $?EL?JN?H H; D;H?F;
 H‚I ?HR?LAI G;M H‚I @;T
>C@?L?Hƒ;
?MN~H;D;H?F;>?=;GCMIF;?%IL;=CIH;@L?HN?>?MO;G?MCHB;=IG
OG;P?F;
F?H>I?@OG;H>I ,KO;LNI>?%IL;=CI?$?EL?JN?HH‚IM?CJILKO…
„G?HIMBIN?FKO??MN? I<;FBIH;
„N‚IBIN?FKO?;N„;M<;L;N;M>?P?GN?LI
H’G?LI?M=LCNIH;=;M=;
?;IF;>I;AO?HN;G> OH=B?=IGM?OMNO<?L=OFIMIM
;PCHN?J?MIM;=IHMOFN;
IMG;HKOCHBIM?IM?JCF„JNC=IM "?G<;CRIIJON?CLI
=F;H>?MNCHI?IMN;HAIM>?M;@CH;>IM>;A;LIN;>IMG;H>;>IM  /"4&+! 2G<IG
N?GJI
 J;L; PIFN;L ;N„ J?FI G?HIM G?CI GCHONI ;HN?M  P;Hƒ; M? =IHNL; I
N?GJI
 *;H’ AIMN;LC; >? @;F;L >CMMI  3IFOG?  UX I H’G?LI ?M=LCNI H;
=;M=;XW *;CMJ;L;NL~M  /"4&+! AIL;UX%IL;=CIH;@L?HN?>?MO;G?MCHB;
=IG OG; P?F; P?L>?XW  01,-  *?MCHB;
 G?MCHB;  +?HBOG; H?=?MMC>;>? >?
>CT?L G?MCHB; KO;H>I M? „ @;LG;=…ONC=;  -OL; <;<IM?CL;  *?MCHB; 1?LHOL;
G;F ;JFC=;>;  1O>I <?G
 1;FCN;  B?A; >? <?MN?CL;  /"4&+!  1O>I
 ;N„ ; @CN;
KO;M?M?MIFN;L
I>?@?CNI>?MN;G~KOCH;„KO?„JL?=CMI=;F=OF;LGOCNI<?G
M?
;@CN;M?MIFN;;A?HN?J?L>?G?CIGCHONI?HA;H=B;H>I>?HIPI  01,- .O;M?

JIL>ICM =?HNˆG?NLIM ,KO?M?L~KO? ?O @;F?CHI =IG?ƒI '~H‚I G? F?G<LI

G;M M;ˆ; OG; PIT >? L;NCHB; ;MMOMN;>;


 I =IHB?=C>I N?GIL ;I GC=LI@IH?
3?D;GIM
PIFOG?^J;L;KO?M?IOƒ;<?G U0IO?O
MIO?F? 0IGIM
G;MMIO
?O
 JLCG?CL;G?HXW "JILKO…
 JIL KO? >CT?L CMMI 0IO ?O
 MIO ?F?
 ? >?JICM
@;F;L>;G?MCHB;
?>?JICM@C=;LT;HA;>; U0IO?O
MIO?F? 0IO?O
MIO?F? W
1;FCN; >?MFCAIO I AL;P;>IL
 =I<LCO I =IG MO; =;JCHB;
 =IHN?GJFIO I =IG
JLI@OH>I ;M=I ? M?LPCO M? >? OG =IJI >? FCGIH;>;  +‚I KO?LC; J?HM;L H;
BCMNLC;>;=FˆHC=;I!CL?NIL>CTC;U;=FˆHC=;G?HN;FW
IKO??L;CHM?HM;NI
G;M
M?L?HOH=C;P;;J?HM;LH;=FˆHC=;;F„G>IKO…
CMMI>?L?HOH=C;L;J?HM;L?L;
;HN?M OG; ?MJ?L;Hƒ; KO? OG; L?;FC>;>? CG?>C;N;G?HN? CHAL?MM;P; ?G IONL;
IL>?G CAO;FG?HN? CH=ŽGI>;  -?HM;P; ?G *;H’ ? ?G %IL;=CI ;I G?MGI
N?GJI
 HOG MˆGCF? >; <;F;Hƒ; KO? %IL;=CI ? ?F; B;PC;G G;HCJOF;>I N‚I
PCMNIM;G?HN?H;=;MCHB;>I=CL=I +?MM?GIG?HNI;M?HM;ƒ‚I>??MN;LB;<CN;>;
M? @;TC; ?HN‚I G;CM @ILN?
 J?FI G?HIM ; =FˆHC=; ?L; OG; C>?C; >? G?>I
 >?
>?M=IHB?=C>I
OG;PCM‚IBILLCJCF;HN?>?FIO=IM@OLCIMIM>?=;GCMIF‚I=ILL?H>I
OHM ;NL~M >IM IONLIM =IG H;P;FB;M ? ;LPIL;H>I N;G<IL?N?M ? J„M >? =;G;

PIGCN;H>IMI<L?IMAL~@C=IM>?N?GJ?L;NOL;?G;MNOL<;H>I M?LCNO;FG?HN? 0?LC;


GOCNI >CP?LNC>I P?L *;H’ ? %IL;=CI >? AO;L>; J <L;H=I NIG;H>I =IHN; >IM
FIO=IM  U3IO A;HB;L =?LN; CGJILNH=C;W
 J?HMIO 1;FCN; GI>?MN;G?HN?  U IG
=?LN?T; I !CL?NIL P;C G? =IH@C;L ; @;LG~=C; >; =FˆHC=;
 M? „ KO? ; =FˆHC=; N?G
@;LG~=C; 3;CP?L„OG;=;CRCHB;>?JLCG?CLIMMI=ILLIM *;H’P;C>?<I=B;L>?
GCG
=IGIM?GJL? W1?LC;KO?L?P?L;FAOG;M=ICM;M
?MKO?=? M?N;HNI
IN?GJI
=IGM?O?MG?LCF>?FC=;>CHBI
;<;N;FB;CH>?M=LCNˆP?F>?=;>;>C;>;KO?F?P?L‚I

IJILNI?I=;FIL
%IL;=CI>?M=?H>IJ?F;J;MM;L?F;>IH;PCI=IG=;L;>?JIO=IM
;GCAIM
;ALIMM?LC;>?>?MJ;=B~ F;=IGIA;NI
NIG?I<IH>?>?PIFN;KO?HM
JL?=CM;GIM=IHP?LM;L "?HN‚I=IG?ƒ;P;OGN?GJIKO??L;=IGIOGN?LL?HI
<;F>CI=I<?LNI>?F;N;ML?NIL=C>;M
A;H=BIMKO?JI>C;GG;=BO=;LIMJ„M
JIƒ;M
MOD;M
J?>;ƒIM>?J;HI?HA;H=B;>IMHIM=;L>IM
I=CL=IHICN?=IG%IL;=CI?
*;H’IFB;H>IJ;L;?F;IOIFB;H>IOGJ;L;IIONLI
IA;NI=;>;P?TG;CM<OLLI
IO @L;H=;G?HN? A?HC;F
 @;T?H>I =IHN;M ?G G?CI ;I ;F;LC>I >I J’<FC=I
?HFIOKO?=C>I
 IM J;MM?CIM ; J„ =IG J;L;>;M HIM <IN?=IM J;L; KO? *;H’ ?
%IL;=CINIG;MM?G=?LP?D;
@;F;H>I
@;F;H>I>?H;>;
IOPCH>I M?@;F;LHIG?CI
>;KO?F?=;FIL?>;KO?F;@OG;ƒ;?>;KO?F?=;HM;ƒI *@F6FD@F6=6
B;PC;>CNI
M?GJ?HM;L
IKO?MCAHC@C=;KO?;KOCFI?MN;P;G;CMKO?J?HM;>I
PCHB;>?OG
N?LLCNLCIIH>?;MJ;F;PL;M?L;G=IGIIMFIO=IM>;=FˆHC=;
?HN?M;G?;ƒ;>IL?M
IO ;<MOL>IM PCP?H>I OG; PC>; JLJLC; ? CMIF;>;
 JOF;H>I >? L?J?HN? M?G KO?
H;>;JO>?MM?>?N… FIM*@F6FD@F6=6
??F?H‚I?L;*;H’
?F??L;%IL;=CI
I
B;<CN;>IL
 I ;N;=;HN? L?G?H>;>I
 ; MIG<L; >?HNLI >; MIG<L; >? M?O KO;LNI 
HICN?
;<L;M;>I=CA;LLI>?M?HB;H>IF?HN;G?HN?;M@ILG;M>;CHMŽHC;
.O;H>I @C=;P; =IG G?>I 1;FCN; M;ˆ; >; =;G; ? @;TC; OG =B~ >? NˆFC; =IG
BILN?F‚ @C@NS @C@NS  #?T
 ?MJ?L;H>I >?M?DIM; KO? ; =B;P? >? *;H’ ;LL;HB;MM? ;
JILN;  *;H’ NCHB; >CNI =IG J;F;PL;M ;F;>;M U%IL;=CI H‚I ?MN~ H?G ;ˆ J;L;
PI=…W  "L; I@?HMCPI G;M NL;HKOCFCT;>IL  *;H’ NCHB; >CNI KO? G?MGI KO?
%IL;=CIJ;MM;MM?OG;=;HN;>;H?F;??F?H‚IJ;MM;L;
D;G;CMM?KO?LCHMCHO;L;
KO?
OG;>?NˆFC;
OG;>?G?HN;
;;AOCHB;<?GKO?HN?
JLCG?CL;@?LPOL;
MNIJ
H?GG?MGIH;KO?F?=;MI?F?>;LC;CGJILNH=C;;?F; *;M?HN‚I *;MM??F?
H‚I ?MN;P; H?G ;ˆ J;L; ?F;
 JIL KO? ?MN;L M?GJL? ;FC HI @OH>I >I KO;LNI

@OG;H>IIOF?H>I
6DE2CMIO?O
MIO?F?=IGIKO?JL?=CM;H>I>?F;>?;FAOG;
@ILG;
 MCG
 P?L>;>?
 JL?=CM;H>I >?F;
 >?J?H>OL;H>I M? H?F; >? FIHA? =IGI
HOG; MO=ƒ‚I >?M?MJ?L;>; J;L; =IHM?AOCL ;FAOG; =ICM;
 P?L G?FBIL ;FAOG;
=ICM;
 M?L G?FBIL ;FAOG; =ICM;  "HN‚I H‚I ?L; MIO ?O
 MIO ?F?  "HN‚I ?L; I
IJIMNI0IO?F?A@CBF6MIO?O 1;FCN;MOMJCLIO
F?P?G?HN?M;NCM@?CN;>?M?O<IG
L;=CI=ˆHCI?>;KO?F?=B~M;<ILIMI
*;MH‚I?L;MCMMI
M?H‚IN?LC;MC>IMCGJF?M>?G;CM +‚IJI>C;M?LJ;L;CMMI
M?LP? ; FAC=; KO? %IL;=CI M? CHN?L?MM;MM? ? ;I G?MGI N?GJI H‚I M?
CHN?L?MM;MM?  !; =IG<CH;ƒ‚I >;M >O;M =ICM;M >?PC; M;CL OG; N?L=?CL;
 ;FAI KO?
H‚I NCHB; H;>; ; P?L =IG I ;GIL
 JIL ?R?GJFI ?L; N‚I ?MN’JC>I J?HM;L HI
;GILKO;H>II;GIL?L;MIG?HN?*;H’
MIG?HN?*;H’;N„;=IHMOG;ƒ‚I>IM
N?GJIM
 ;FAI KO??MN;P; >IF;>I >; =;ƒ;
 >; <OM=;
 IO N;FP?T OG; ?MJ„=C? >?
?RJ?=N;NCP; N?LLˆP?F
 =IGI I A;NI IFB;H>I J;L; I =;H~LCI CH;F=;Hƒ~P?F
 OG;
?MJ„=C? >? =IHA?F;G?HNI >I N?GJI ? >I >C;
 OG; ?MJL?CN;  1ILL‚I ? G?CI >?
;ƒ’=;L
 =B?CLCHBI >? =;GJI  2G; ?MJL?CN; M?G ?RJFC=;ƒ‘?M >?MN? F;>I >;M
=ICM;M
IO;N„KO?OG>C;%IL;=CIM?>CAH;MM?;@;F;L
;J;LNCL
;M?MOC=C>;L=IG
OGNCLI
KO;FKO?L?RJFC=;ƒ‚IIOG;N„LC;MI<L?;KO;FCG;ACH;LOG;?RJFC=;ƒ‚I
+‚I;KOCFI>?;H>;LJIL;ˆNIG;H>IG;N??IFB;H>IJ;L;?F?M
@;T?H>I*;H’
NIG;LG;N??IFB;LJ;L;?F?
KO?IMNL…M?MNCP?MM?G>;Hƒ;H>IOG;F?HN;@CAOL;
CHN?LGCH~P?F  U"OW
 J?HMIO 1;FCN;
 U>?P?LC; ?M=L?P?L LIG;H=?M
 =;>; C>?C;
AFILCIM; KO? ?O N?HBI W "MN;P; N‚I >?JLCGC>; KO? NILHIO ; FCA;L I AL;P;>IL ?
=;HNIO=;Hƒ‘?M;N„1L;P?F?L=B?A;L ,M>ICM=IH=IL>;L;GKO?;PIT>?1;FCN;
H‚I M;ˆ; <?G
 ? 1L;P?F?L GIMNLIO ; ?F; =IGI M? =;HN;P; OG; <;AO;F;
JLIRCG;L;G I AL;P;>IL >; D;H?F; J;L; KO? $?EL?JN?H JO>?MM? DOFA;L
CGJ;L=C;FG?HN?
?G?MGI%IL;=CI
M??MNCP?MM??GM?OKO;LNI
G;MH‚I?MN;P;
$?EL?JN?H;=BIOKO?NO>I?MN;P;J?L@?CNI?L?MIFP?L;GD;HN;LDOHNIMHIKO;LNI
>? 1L;P?F?L DOHN;H>I OG =BOLL;M=I @LCI >? 1;FCN; =IG OG; M;F;>; GCMN; KO?
$?EL?JN?H CLC; JLI>OTCL ;HN?M >? M? NL;HM@?LCL J;L; I KO;LNI ?G @L?HN?  1;FCN;
=IHMC>?LIONO>I;KOCFIJ?L@?CNI?;IG?MGIN?GJI=IG;FAOG;=ICM;>?=I<L?
F?CNIIO>?=I<L? =B;F?CL;
>?=I<L?KO;FKO?L=ICM;
;MMCG=IGIIAL;P;>ILIOI
;L M;NCM@?CNI >? 1L;P?F?L
 =ICM;M @?CN;M IO >?=C>C>;M J;L; JŽL JIL =CG;
 G;M ?G
=CG;>IKO…
?MM??L;IJLI<F?G;?;L;T‚IJ;L;KO?NO>IHI@OH>I=IHNCHO;MM?
=IGI;HN?M>I=B~>?NˆFC;=IGBILN?F‚@C@NS@C@NS

 


I F;>I >I ?LLI Z ?G<IL; ;KO?F? ?LLI H‚I NCP?MM? F;>I
 =B?A;P; M? >?
L?J?HN??HOH=;M?M;<C;>CL?CNIM?D~M??MN;P;IOH‚I
?HN‚IG?FBIL>CT?LJ?LNI
>I ?LLI Z
 HOG <;CLLI >? =;M;M <;CR;M ? =LC;Hƒ;M CGJFC=;HN?M
 ;M J?LAOHN;M
H‚I B;PC;G M?LPC>I J;L; H;>;
 NO>I C; M? ?M<ILI;H>I ?G MILLCMIM ;G~P?CM

GOFB?L?M KO? ;N„ KO? AIMN;LC;G >? ;DO>;L G;M H‚I ?MN;P;G CH@ILG;>;M
 ;M
J?MMI;MM?GO>;G
M?HBIL
;KOCNO>IM?GI>C@C=IOGOCNI
N;FP?TM?IM?HBIL@IL
;N„;JIFˆ=C;;FAO„GN?HB;;FAOG;CH@ILG;ƒ‚I "H‚IJI>C;@C=;LGOCNIN?GJI
JILKO?>;FC;JIO=IIH;PCIC;J;LNCL
?G?MGIKO?H‚INCP?MM?J;LNC>IHI@OH>I
?MN;P;NO>IJ?L>C>I>?;HN?G‚I
@;TC;;M;P?LCAO;ƒ‘?MJILPC;>;M>’PC>;M
=IGI
=IG OG <CFB?N? >? FIN?LC; IO OG; I<?>C…H=C; ;MNLIFAC=;  ,ONLI <IH>? >?
L?AL?MMI;IJILNI
?@C=;L?MNCL;>IHI<?FC=B?;N„;BIL;>?=IG?L
+;KO?F;G?MG;HICN?
F~J?F;M>O;M>;G;HB‚
NILHIO;P… F;J?F;JLCG?CL;
P?T #;TC; =;FIL?HIU=;G?LIH?W
 IH>?=?HNI ? N;HNIMCGCAL;HN?M LIH=;P;G ?
MO;P;G
 ?MN;P; M? G?HIM <?G >I KO? ?HNL? IM LIFIM >? =IL>; >?<;CRI >I =„O
;=B;N;>I>ILCI
=IGNI>;;OGC>;>?>;G;L?MC;ALO>;H>IH;J?F? ,FCP?CL;M?
JŽM ; @OG;L M?HN;>I =IHNL; OG; <;F;OMNL;>;
 ?MNO>;H>I ;M JIO=;M ?MNL?F;M
LOAIM;M KO? M? @CFNL;P;G ?HNL? ;M HOP?HM   *;A; M;CO >? >?NL~M >? OG
P?HNCF;>IL
NL;T?H>IH;G‚I;FAOG;=ICM;KO?;LL;MN;P;J?FI=B‚I
?KO;M?HI
G?MGICHMN;HN?FB?>?O;M=IMN;M?;P;HƒIO;N„OG;>;M?M=INCFB;M ,FCP?CL;H‚I
@?T G?Hƒ‚I >? M?AOC F;
 M;<C; GOCNI <?G KO? ?MN;P; P?H>I ;FAOG; =ICM; KO?
H‚IM?>?CR;LC;M?AOCL -?HMIOKO?>?PC;M?L;FAOG;>;M>IH>I=;M>;JLCG?CL;
=F;MM? KO? >?M=C;G ;N„ ; CGOH>ˆ=C? >; JLI;
 ~PC>;M >;KOCFI KO? =B;G;P;G
?RJ?LC…H=C; IO >? PC>;
 =ICM;M ;MMCG  "L; GOCNI J;L?=C>; =IG ; *;A;
 <PCI

G;M I KO? B;PC; >? G;CM J;L?=C>I ?L; =IHNLC<OCƒ‚I >?F?


 >? GI>I KO? ;MMCG
KO?M?O=IL;ƒ‚I>?CRIO>?<;N?L@?CNIOG=;=BILLIFIO=I;=?H>?OIONLI=CA;LLI
?;>GCNCOKO??L;OG=L?NCHICH=OL~P?F
=L?>CN;LN?LPCMNI;*;A;?L;G?HIM;G;LAIKO?;=?LN?T;>?KO?OG>?M?DI
CH=IHNLIF~P?F ; B;PC; ;LL;H=;>I >I @OH>I >;KOCFI KO? >?@CHC;G =IGI
MO<=IHM=C?HN??;JLID?N;>IMI<L?;MCFBO?N;>?KO;FKO?L>;MGOFB?L?M;<IL>I
N„ ;KO?F? GIG?HNI ;=L?>CN;L; KO? JI>C; M? J?LGCNCL I FORI >? L?=IL>;L
G?F;H=IFC=;G?HN? =?LN;M =ICM;M
 ?PI=;L H; BIL; JLIJˆ=C; ? H; ;NGIM@?L;
;>?KO;>; >?N?LGCH;>;M BCMNLC;M
 ?H=?LL;H>I ;M =IG ; G?MG; NL;HKOCFC>;>?
=IG KO? ?MG;A;P; ; AOCG<; HI =CHT?CLI  .O;H>I 1L;P?F?L FB? ;JL?M?HNIO
1;FCN;HIJILNI
N‚ILC>ˆ=OF;=IG;KO?F?A;NIHI=?MNI?OG;L?HNL?;G~P?F?
FC>; 3;FFC
 NILHIO ; M?HNCL KO? =?LN;M L?GIN;M M?G?FB;Hƒ;M =IH>?HM;P;G
<LOM=;G?HN? OG; ;<MIFON; M?G?FB;Hƒ; @;FM;
 =IGI M? >; MO; G?GLC;
;J;L?HN?G?HN? N‚I <?G =IGJ;LNCG?HN;>; M;FN;MM? >? L?J?HN? OG ?=NIJF;MG;
=;J;T>?B;<CN;L?=IGJF?N;LIONLI=ILJI?IONLILIMNI
>?IFB;LJ;L;?F?>?@IL;
=IGOGIFB;LKO??F?;=L?>CN;L;?MN;LJ;L;M?GJL?L?M?LP;>IML?=IL>;ƒ‘?M
+;M M?G;H;M KO? M? M?AOCL;G
 ;LL;M;>;M J?F; ;<H?A;ƒ‚I CLL?MCMNˆP?F >?
$?EL?JN?H ? J?FI ;JL?H>CT;>I >; >C@ˆ=CF ;LN? >? P?H>?L =ILN?M >? =;MCGCL; >?
JILN;?GJILN;
GOCNIM@IL;GIM=IJIM>?=?LP?D;?;MN?GJIL;>;MHIM<;H=IM>?
JL;ƒ; >CMM?=;H>I ?JCM>CIM  M CH>;A;ƒ‘?M HI ?LLI B;PC;G ;MMOGC>I ;
;J;L…H=C; ?RN?LH; >? OG >?M?H=;LAI >? =IHM=C…H=C; ?H=IHNL;L
 NL;N;L >? M?
?RJFC=;L
 >CT?L ;>?OM J;L; M?GJL?  "MM; N?H>…H=C; >I BIG?G ; N?LGCH;L
FCGJ;G?HN?IKO?@;T
M?G>?CR;L@C;JIM;IP?HNI AIL;J?L=?<C;OG;MIG<L;
M;CH>I >? >?NL~M >? OG P?HNCF;>IL
 OG; GOFB?L =IG OG A;NI KO? H‚I NCHB;
C>I;I ?LLIJIL=;OM;>CMMI JMC=IFIAC;;H;FˆNC=;ICLLCN;P;
G;M?L;P?L>;>?
H‚I NCHB; C>I ;I ?LLI JIL =;OM; >CMMI  !? L?J?HN? ?L; OG JIƒI =;CH>I
CH@CHCN;G?HN??GMCG?MGI &LIHC=;G?HN?
L?=LCGCH;P; M??GPIT;FN;?GJF?H;
JL;ƒ; >I IHAL?MMI  U" „ CMMI KO? PI=… =B;G; >? <OM=; " M? ;=B;P; FCPL?
IGI ?L; ;KOCFI >I %?L~=FCNI 3;GIM P?L
 L?JCN; IM AL;OM >; FC<?LN;ƒ‚I J;L;
KO? ?O G? >CPCLN; OG JIO=I  ,L;
 G;M PI=… ?MN~ HI @OH>I >I @OHCF
 CLG‚I W
1?LC; AIMN;>I >? M;<?L M? CLL?G?>C;P?FG?HN? ;PCFN;>I ?G >?=ILL…H=C; >? MO;
>?M=I<?LN;
 G;M JL?I=OJ;P; I OG; P;A; M;NCM@;ƒ‚I H; ;FNOL; >I ?MNŽG;AI

;KO?F; L?;ƒ‚I @?FCH; >? =IHN?HN;G?HNI JLI>OTC>; J?FI =ILJI KO;H>I LC >;M
BCHKOC?N;ƒ‘?M >I B?MJˆLCNI ? M? ;HCHB; =IGI>;G?HN? ?HNL? MO;M =IMN?F;M
 MO;
<;LLCA;?;MIF;>IMM?OMJ„M ,JLI<F?G;?L;KO?HI@OH>I?F??MN;P;<;MN;HN?
=IHN?HN? JIL M?HNCL M? ;MMCG
 JIL H‚I N?L PIFN;>I
 JIL ?MN;L M?GJL? >? J;LNC>;
?G<IL; H‚I MIO<?MM? J;L; IH>?  /?=I<LCH>I ?MM? =IHN?HN;G?HNI KO?CG;P; I
OG;?MJ„=C?>?>?M?MJ?LI>I?HN?H>CG?HNI?JIHNI
OG;J?FI>?;FAIKO?N?LC;
KO?LC>I ?H=;LH;L M? ? KO? ;KO?F? =IHN?HN;G?HNI P?A?N;NCPI L?D?CN;P;

J;=BILL?HNI
 G;HNCHB;  >CMNH=C;  %;PC; GIG?HNIM ?G KO? ,FCP?CL; ;MMCMNC;
=IGI ?MJ?=N;>IL ; ?MM; >CM=L>C;
 M?G KO?L?L NIG;L J;LNC>I
 >?<I=B;>;G?HN?
CGJ;L=C;F  " ;MMCG PC?L;G I =CL=I
 IM GOCNIM G;N?M HI J~NCI >? >  L?MJI
 IM
N;HAIM >? 1L;P?F?L
 ? ?G NI>IM ?MM?M ?MJ?FBIM ,FCP?CL; M? IFB;P; >? ?MAO?FB;
B?AIO ; ?M=L?P?L ;HIN;ƒ‘?M MIFN;M HOG =;>?LHI KO? $?EL?JN?H AO;L>;P;
;GILIM;G?HN?H;A;P?N;>;=ŽGI>;M?GM?;NL?P?L;F?L !?P;A;L@ICM?>;H>I
=IHN; >? KO? ; PCMCN; ;I ?LLI NCHB; C>I <?G
 DOMN;G?HN? JILKO? >?=ILLC; >?
L;T‘?MIONL;MKO?H‚I;MMOJIMN;M 0;<?L M?;J;CRIH;>IJ?F;*;A;H‚I?L;OG
@L;=;MMIH?GOG;@CR;ƒ‚IHOG;IL>?G=;>O=;OG;GILKO?JI>C;JL?M=CH>CL
>? M?O I<D?NI
 KO? ?H=IHNL;P; M?O ;FCG?HNI HI H;>;
 KO? N;FP?T M? MIG;MM? ;
IONL;M @ILƒ;M
 KO? ;LNC=OF;P; ? @OH>C; HOG CGJOFMI KO? ;FAOG >C; >?MNLOCLC;
;KO?F? =IHN?HN;G?HNI PCM=?L;F >I =ILJI ?MNO@;>I >? =?LP?D; ? <;N;N;M @LCN;M
1I>;M;KO?F;MJ;F;PL;MKO?OM;P;J;L;?H=B?LI=;>?LHI?HNL?A?MNIM;GJFIMHI
;L ? ;MMIPCIM ;AO>IM ? NL?GIFIM @;TC;G HI LCL GOCNˆMMCGI  1L;P?F?L ;=;<;P;
;J;L?=?H>IH;D;H?F;J;L;J?>CLKO??F?M?=;F;MM?OGJIO=I *;MIONL;MP?T?M
,FCP?CL;;=B;P;OG;=?LN;J;TH;M;NCPC>;>?MG;HO;CM
=IGI?H>CL?CN;LJL?AIM
IO >?MG;H=B;L OG @CI >? MCM;F J;L; =IHMNLOCL =IG MO;M @C<L;M OG >?FC=;>I
F;<CLCHNIKO?ALO>;P;H;FOGCH~LC;?KO?$?EL?JN?HKO;FC@C=;P;=IGI?F?A;HN?
1;FP?T I ;GIL @IMM? I G;CM ;FNI ?HLCKO?=CG?HNI
 OG >I;>IL >? M?L G;M
MIG?HN?@LOMNL;H>I IM?LC;JIMMˆP?F?PCN;LM?O?@?CNI<OG?L;HAO?
>?CR~ FI=ILL?L
J;L; I ?MKO?=CG?HNI ? ?KOCFC<L;L M?
 >? HIPI MITCHBI
 H?MM? HIPI >?AL;O >;
L?;FC>;>?;<?LN;?JILIM; *;N;LII<D?NI;G;>I
?MM;P?FB;MOMJ?CN;>IBIG?G

?L; I JL?ƒI >? H‚I M? >?N?L H; ?M=;F;


 ;MMCG =IGI ; M’JFC=; >? #;OMNI ;I
CHMN;HN? KO? J;MM;P; H‚I JI>?LC; N?L OG M?HNC>I M? ;I G?MGI N?GJI ?MM?
CHMN;HN?H‚I@IMM?;<;H>IH;>I=IGIM?>?JIMCN;H;G?M;I=IJIP;TCI "=ICM;M
>I?MNCFI
?G;N?;G;LAI
1?LC; MC>I N‚I @~=CF ILA;HCT;L OG ?MKO?G; =I?L?HN?
 OG; IL>?G >?
J?HM;G?HNI?>?PC>;
OG;B;LGIHC; ;MN;P;;BCJI=LCMC;>?M?GJL?
<;MN;P;
?F?P;L I J;MM;>I ; P;FIL >? ?RJ?LC…H=C;
 NCL;L J;LNC>I >;M LOA;M >I LIMNI
 >I ;L
PCPC>IKO?B~HIMMILLCMIMIOHIMMCF…H=CIM>?G;CM>?KO;L?HN;;HIM !?JICMI
MOD?CNI P?MNC; OG N?LHI ;TOF
 J?HN?;P; ;M N…GJIL;M JL;N?;>;M ? ?HNL;P; H;M
?RJIMCƒ‘?M >? JCHNOL;
 H; 0;>? IO HI =;@„ /C=BGIH>
 L?=IH=CFC;>I =IG I
GOH>I  2G =?NC=CMGI >CM=L?NI
 OG ;L >? ?MN;L >? L?AL?MMI
 OG; ?HNL;>;
=;>?H=CIM; H; G;NOLC>;>?
 HI =;M;G?HNI
 HI M?LG‚I J;N?LHI H; BIL; >I
=BOLL;M=I IO >I <IF?NCG =IG HIN;M CHM;NCM@;NLC;M  !CAI FB? CMMI JILKO? PCPC
GOCNI  "O KO? MIO PC;D;>I  .O;H>I ?O ?L; DIP?G  0‚I NI>;M CAO;CM
 A;L;HNI

=B? #;FIJIL?RJ?LC…H=C;JLJLC;
@CFBI 3I=…;CH>;H‚I=IHB?=?;PC>;
"NO>ICMMI;MMCGLC>ˆ=OFI?AL?A~LCIJI>C;M?LJCIL;CH>;?GIONLIMJF;HIM

H; G?>CN;ƒ‚I M?GJL? ;G?;ƒ;>; J?FIM :5@=2 7@C:


 H;M J;F;PL;M KO? @;FM?C;G ;M
CHNOCƒ‘?M
H;MJ?NLC@C=;ƒ‘?MMCGJFC@C=;HN?M
HIM=;HM;ƒIM?GKO?F?HN;G?HN?M?
P;C NCL;H>I >I <IFMI >I =IF?N? ; <;H>?CL; >; L?H>Cƒ‚I  -I>C; I=ILL?L KO? ;
NL;Cƒ‚IM?=IHMOG;MM?HOG;J?L@?CN;MIFC>‚I
M?GN?MN?GOHB;MH?G=’GJFC=?M
G;HI;G;HI
;=L?>CN;H>I M?;KO„G>IM=IGJLIGCMMIMJ?MMI;CM?>IM>L;G;M
>IM M?HNC>IM
 ;KO„G >; NILNOL; „NC=; >? M;<?L M? FCA;>I ; OG; L;ƒ; IO HI
GˆHCGI;OGJIPI?;OG;FˆHAO; +;G;CM=IGJF?N;FC<?L>;>?;J;L?HN?
M?G
N?L KO? JL?MN;L =IHN;M ; HCHAO„G
 ;<;H>IH;L I DIAI
 M;CL >; ?H=LOTCFB;>; ?
?HP?L?>;L JIL KO;FKO?L >IM =;GCHBIM >; =CL=OHMNH=C;
 JLI=F;G;H>I I I
H?=?MM~LCIIOI’HC=I *;A;?L;OG>?MM?M=;GCHBIM
;FCN?L;NOL;?L;IONLI
KO?CG;L CG?>C;N;G?HN? I =;>?LHI
 G?MGI KO? $?EL?JN?H L? NIL =?M M? ;M
G‚IM
;JL?AOCƒ;?L;IONLI
?;G?>CN;ƒ‚IMI<L?JILL;H?HBOG;IONLI !?J„
>C;HN?>?OG;JCTT;LC;>; ILLC?HN?MF~J?FIH’G?LIGCF?NL?T?HNIM
,FCP?CL;
M?@;TC;;MAL;H>?MJ?LAOHN;MU"HN‚I
„JL?=CMI@C=;L=IGII=O<I>;LI>;HI
G?CI >; ?H=LOTCFB;>; !? KO? ;>C;HN; M;<?L IO ;=B;L KO? M? M;<? KO? NI>I
=;GCHBI „ @;FMI M? H‚I ;P;Hƒ;GIM =IG OG JLIJMCNI KO? H‚I M?D; ;J?H;M I
=;GCHBI?GMC+‚IMIGIMO>;
=B?
;KOCH‚I?RCMN?G~LPIL?MIH>?;A?HN?
JIMM; M?HN;L H; JIMCƒ‚I >I FNOM  !? L?J?HN? ;J;L?=? OG NCL; ? PI=… PCL;
JL?MOHNIW
P;Hƒ;L=IGOGJLIJMCNIKO?H‚I@IMM?;J?H;MI=;GCHBI?GMC !?N;HNI
F?LI F?LI KO? F?NL;
 I )
 G‚? >; F;G;
 >I FO>O ? >I F~N?AI H‚I MI<L;P; G;CM
H;>;;F„G>?MM;?HNL?PCM‚I 0CG
?L;OG;@LGOF;G?>CN~P?F MMCG;PCMCN;;I
?LLI
 ;@CH;F
 N?LC; NC>I OG M?HNC>I
 ;MMCG ; *;A; >?CR;LC; >? M?L OG I<D?NI
J?L>C>IJ;L;M?NILH;L;CG;A?G>?OG;JIMMˆP?FL?OHC‚IZG;MH‚IG;CM=IG
?F;?MCGG;CMJ;L;=~IOG;CMJ;L;F~>?F;JIL?F;
G;MH‚I?F; "*;H’
?I
=CL=I
 ? ; CH=LˆP?F C>?C; >I BIMJˆ=CI >? KO? N;HNI @;F;P;G H;KO?F?M >C;M
 NO>I
JI>C;M?LMCAHC@C=;NCPI>?M>?KO??RNL;JIF;>I
BCH?PCN~P?FB?RNL;JIF;ƒ‚IH;BIL;
G?N;@ˆMC=;
 M?GJL? @C?F ;I ?H=IHNLI G;L=;>I
 ?MM? PI=~<OFI =;>?H=CIMI
,FCP?CL;=IG?ƒIO;GIL>?L;JCTT;
KO?CG;H>I;MA?HACP;M=IGIM?GJL?FB?
;=IHN?=C; JIL M?L AFON‚I
 ? M?HNCO M? G?FBIL  *;M KO;HN;M P?T?M B;PC;
=IGJF?N;>IIG?MGI=C=FI?GGIHN‘?M>??MKOCH;M?=;@„M>?N;HN;M=C>;>?M

KO;HN;MP?T?MB;PC;=B?A;>I;=IH=FOM‘?MM?G?FB;HN?M
NCHB;M?M?HNC>IG?FBIL

NCHB; ;=B;>I KO? JI>C; =IG?ƒ;L ; PCP?L >? IONL; G;H?CL;


 JIL ?R?GJFI OG;
=?LN; N;L>? ?G KO? CHP?HN;L; >? ;MMCMNCL ; OG =IH=?LNI CHM?HM;NI
 ? >?JICMX
!?JICMNCHB;=BIPC>IN;HNI
J;L;KO?@C=;LL?PCL;H>II;MMOHNI"L;=IGI=IG
1;FCN;
 KO;HNI G;CM L?PCL;MM?
 JCIL  KO?F; GOFB?L ?MN;P; =IG?ƒ;H>I ; MI@L?L
JIL=;OM;>?F?
H‚IJIL;FAOG;=ICM;AL;P?
MKO??F??MN;P;;FC?NO>IJ;L?=C;
GO>;L ?HNL? 1;FCN; ? 1L;P?F?L
 GIHN‘?M >?MM;M J?KO?H;M =ICM;M KO? M? >;P;G
JIL=?LN;M?=IHMIFC>;>;M?KO?>?L?J?HN?M??H=BC;G>?@CIM?IKO?=IG?ƒ;P;
M?H>IOG=ITC>I?MJ;HBIF;;=;<;P;HOG;L?HKO?(C?LE?A;;L>
J;L;H‚ICL
G;CMFIHA? N;L>?>;N~<O;NCHB;MC>IOG;PIFN;IL>?G
G;M1L;P?F?LB;PC;
>?CR;>I J;MM;L ; I=;MC‚I >? >CT?L I KO? >?P?LC; M?L >CNI J;L; KO? H;KO?F?
G?MGI >C; ,FCP?CL; M? G;H>;MM? >I <;CLLI ? >; PC>; >?F?M
 H‚I MIG?HN? H‚I
>CMM? H;>; =IGI FB? ;LL;HDIO I ?GJL?AI HI =CL=I
 JLIP; >? KO?  +?MM? =;MI

;JC?>;L M?N?LC;MC>IN‚IC>CIN;KO;HNIH;KO?F;IONL;P?T=BOP;
=BOP; ?LNB?
1L„J;N=IHNCHO;LC;NI=;H>IJC;HI

 


1;FCN;?1L;P?F?L@;F;P;G?HILG?G?HN?>?FIO=IM=„F?<L?M?>?IONLIMG;CM
M?=L?NIM
 ;AIL; KO? #?LL;AONI B;PC; M? >?=C>C>I ; =IGJL;L ; =FˆHC=; ? =?>?L I
=CL=I=IGA;NI?NO>I;OGN;F0O~L?T*?FC~H "F?M;=B;P;G
JLCH=CJ;FG?HN?
1;FCN;
KO?;GO>;Hƒ;>I=CL=IJ;L;;=FˆHC=;?L;OG;?MJ„=C?>?J;MMI@L?HN?

G;M 1L;P?F?L H‚I PC; =IG GOCN; =F;L?T; ; L;T‚I >?MM? INCGCMGI  g ?MJ?L; >?
OGG?FBIL?HN?H>CG?HNI
;H>;P;GGOCNI?R=CN;>IM?=IHNCHO;G?HN?M;ˆ;GM
MO;MD;H?F;MIOJILN;>;LO;J;L;NLI=;LCGJL?MM‘?M=IG;M?HBIL;>?$ONOMMI

> OH=B?
>  L?MJI?;N„=IG$?EL?JN?H
M??F;?MNCP?MM?JIL;FC ,JLI<F?G;
?L;KO?H;KO?F?M>C;M@;F;P; M?GOCNI?GL?PIFOƒ‚I
>CTC; M?KO?;AO;LHCƒ‚I>?
;GJI>?*;SIC;M?L?<?F;L
?;MJ?MMI;M;=B;P;GKO?CMMIJ;L?=C;GOCNIG;CM
CGJILN;HN? >I KO? ; ;KOCMCƒ‚I >; =FˆHC=; >; ;FF? 1L?FF?M  +I @CG 1;FCN; ?
1L;P?F?L N?HN;P;G ?H=IHNL;L OG JIO=I >? HILG;FC>;>? HOG G;HO;F >?
JMCKOC;NLC;  IGI>?=IMNOG?
KO;FKO?L=ICM;IM?R=CN;P;
?HI>C;>IJ;NI
H‚I
M? M;<C; JIL KO…
 ;M >CM=OMM‘?M ;NCHACL;G OG N;F AL;O >? PCIF…H=C; KO? C?H
-?MIM?HFIOKO?=C;?GMO;A;CIF;?>  L?MJI?MJ?L;P;KO?KO;FKO?L=IHB?=C>I
J;MM;MM?J;L;CHC=C;LOGGIPCG?HNI>?LIN;ƒ‚I=IGI>?>ICH>C=;>IL>;G‚I
?MKO?L>;;JIC;>IH;N…GJIL;>IG?MGIF;>I +?MM;MI=;MC‘?M
?MJ?MM;MHOP?HM
>?JFOG;M>?J;NI=IG?ƒ;P;G;M;CLJ?F;D;H?F;>;=ITCHB;
?B;PC;OG<;N?L
>?JILN;M?OG;>C;F„NC=;=?LL;>;?M?GNL„AO;KO?M=?>C;H;BIL;>I;FGIƒI

IJILNOHC>;>??GKO?IJ;NI>?M;J;L?=C;;N„I’FNCGIN?AOG?HNI
+; BIL; >I =;@„ =IG ;AO;L>?HN? *;LCJIM;
 OG; N~=CN; L?=IH=CFC;ƒ‚I IM
;JLIRCG;P; >? N?RNIM P?H?L;>IM
 >? H’G?LIM ?MAIN;>ˆMMCGIM >? L?PCMN;M
?MIN„LC=;M
 N?MIOLIM =IMGIFAC=IM KO? M?HNC;G H?=?MMC>;>? >? ;MMCGCF;L =IGI
OG;?MJ„=C?>?JL?F’>CIHIP;PC>; !?JCL;>IM@;F;P;GGOCNI
JILKO?N;HNI
1L;P?F?L=IGI,FCP?CL;B;PC;G=IH>?M=?H>C>I?GJOR;LP?FBIMJ;J„CM??RC<CL
J;LN? >? MO; =IF?ƒ‚I >? @?HŽG?HIM
 CHC=C;>; JIL ;G<IM HI GIG?HNI ?G KO?
CH=ILLC;G HOG; <?G ?MKO?=C>; #;=OF>;>? ? >?JICM JLIMM?AOC>; J?FIM >ICM
M?J;L;>;G?HN?  , ?MNO>I >?MM?M >I=OG?HNIM IM F?P;P; ; <I;M MI<L?G?M;M
 ?
1;FCN; NCHB; =IHKOCMN;>I I >CL?CNI >? J;LNC=CJ;ƒ‚I AL;ƒ;M ; M?OM H’G?LIM >;
)6?@G:8@ '6C:‚5:<@ )63@=FD:@?sC:@ :=}?8F6
 JO<FC=;ƒ‚I G?RC=;H; HI C>CIG;
CMJ;G?LCE;HI>;">CNIL;)OG?H
IH>?OGGIHN‚I>?FIO=IMNL;<;FB;P;
=IG
L?MOFN;>IM ?R;FN;HN?M  0 >? P?T ?G KO;H>I NCHB;G HINˆ=C;M >? #?LL;AONI

JILKO? I =CL=I D~ ?MN;P; JL;NC=;G?HN? H;M G‚IM >? 0O~L?T *?FC~H
 G;M NO>I
CH>C=;P; KO? FB?M ?HNL?A;LC;G ; =FˆHC=; JIL G?;>IM >? G;LƒI  2G; IO >O;M
P?T?M #?LL;AONI NCHB; ;J;L?=C>I HI =CL=I J;L; P?L I A;NI =;F=OF;>IL
 >I KO;F
?PC>?HN?G?HN? N?LC; >C@C=OF>;>? >? M? M?J;L;L
 ? ; =;>; P?T NCHB; M? L?@?LC>I 
CGCH…H=C; >; AL;H>? H?AI=C;ƒ‚I ? M J?M;>;M L?MJIHM;<CFC>;>?M KO? L?=;CLC;G
MI<L? NI>IM ?F?M MOMJCLI  -;L?=C; N?L KO;M? =?LN?T; >? KO? =IH@C;LC;G ;
@;LG~=C;;1;FCN;
?;=ICN;>;?MN;P;H?LPIMˆMMCG;?MNO>;H>I;HIN;ƒ‘?M>IN?GJI
>; 0„ >? L;A;  ,FCP?CL; ? 1L;P?F?L M? >CP?LNC;G ?HILG?G?HN? M =OMN;M >?F;

G;MKO;H>IPIFN;P;G;I=CL=IIM>ICM;H>;P;GNLCMN?M?IFB;P;G;MJ?MMI;M?I
A;NI=IGIM?OG=CL=I@IMM?OG;=ICM;CH=IG?HMOL;P?FG?HN?<CT;LL;
Z-IL;KOCNI>IM?MN‚IGOCNIG;CMFIO=IMZ>CTC;1L;P?F?L Z+‚I>~H?G
J;L;=IGJ;L;L
=B?
,FCP?CL;>;P; >? IG<LIM
CH=;J;T>?>CT?LKO?HI@OH>IH‚I@;TC;>C@?L?Hƒ;

?IFB;P;J;L;I;FNI>;FIH;
J?L>C; M?NIF;G?HN??G=;PCF;ƒ‘?MCH=?LN;M
Z 3I=…
 =F;LI
 T;HTIO >? OG F;>I J;L; IONLI Z L?MGOHA;P; 1L;P?F?L  Z
"ON;G<„G
G;MM?GJL?;KOC
H?MN?G?LC>C;HIX
"MN?H>C;I<L;ƒI
GIMNL;H>IP;A;G?HN?OG;A?IAL;@C;>?O?HIMCL?M
ZMGO>;Hƒ;M
PI=…M;<?XZ>CTC;,FCP?CL;
!?JICM >? @;F;L ;MMCG >OL;HN? ;FAOG N?GJI
 GILLC;G >? LCL ? I J’<FC=I
IFB;P;J;L;?F?MG?CI>?<;H>;
JILKO??F?M>?MPC;P;G;;N?Hƒ‚I
+IM GIG?HNIM >? =IH@C>…H=C;
 IM NL…M ;>GCNC;G KO? ?MN;P;G
;>GCL;P?FG?HN?JL?J;L;>IMJ;L;;MHIP;M@OHƒ‘?M -IL?R?GJFI
=ICM;M=IGI;
=B?A;>; >I #2 %24:‚? >IM >IGCHAIM JLIPI=;P;G OG; NLCMN?T; ;J?H;M
=IGJ;L~P?F  JLI>OTC>; J?F;M @CF;M >? J?MMI;M HIM =CH?G;M ? J?F; NCL;A?G >;
)6256CD:86DE
Z,M=IHN;NIM?MN‚I@;FB;H>I=;>;P?TG;CMZ>CTC;1L;P?F?LMC<CFCH;G?HN?
ZjJL?=CMI>;LOGALCNIN?LLˆP?F
Z , =ILIH?F #F;JJ; D~ >?O IHN?G  HICN? Z L?MJIH>C; 1;FCN;  Z
IHM?KO…H=C;?MN;>I>?MˆNCI
ZKOCFIH‚I„ALCNI
@CFB;
„MOG?MN?LNIL "OG?L?@CLIM=ICM;M=IGKO?
MIHB;P; &LCAIS?H
 ;JC=?;ƒ‘?M BCMNLC=;M
 ;M JLIG?NCT;ƒ‘?M ;OAOL;CM
 ?MM;M
?MJ?L;Hƒ;M>;L;ƒ;BOG;H;KO?;H>;GN‚I=;C>CHB;MJIL?MN;M<;H>;M
Z3I=…@;F;KO?H?GIIONLIZ>CTC;1;FCN;
IFB;H>IJL?I=OJ;>;J;L;?F?

G;M>CMMCGOF;H>I;IFB;>?F;=;L;=N?LˆMNC=;
,IONLI=IHNCHO;P;HI=CL=I
>;H>IOG;’FNCG;G‚I;0O~L?T*?FC~H?M?
;MMOMN;H>I>?P?T?GKO;H>I=IGI@;NI>?KO?NO>IFB?@IMM?N‚ICH>C@?L?HN?
1CHB; ; M?HM;ƒ‚I >? N?L J;MM;>I M?O L?MNI >? >2?2 ; 1;FCN; ? ; 1L;P?F?L
 KO?
=;>; P?T @C=;P;G G;CM ?R=CN;>IM J?HM;H>I H; =FˆHC=; KO;HNI ; ?F?
 ; ’HC=;
=ICM; KO? AIMN;P; >? P?L>;>? H;KO?F?M >C;M ?L; >? <LCH=;L =IG I A;NI
=;F=OF;>IL
 KO? NCHB; >?M?HPIFPC>I OG =;LCHBI ?HILG? JIL ?F? ? @;TC; =IHN;M
?R=FOMCP;G?HN? J;L; M?O JL;T?L  IGI #?LL;AONI >?L; CHMNLOƒ‘?M J;L; KO?
HCHAO„GF?P;MM?IA;NIJ;L;;LO;;H‚IM?LHOG;=?MNCHB;?=IGOG=IF;L>?
C>?HNC@C=;ƒ‚I C>…HNC=I ;IM >; <;N;FB; >? ,ECH;Q;
 ,FCP?CL; =IGJL??H>C; IM
M?HNCG?HNIM >I A;NI ? H?G <?G ?MN;P;G ; >O;M KO;>L;M >I =CL=I ?H@C;P; I
=?MNCHBI HOG; KO?CD;LC; >? =IH@C;Hƒ;
 NCL;P; ; =IF?CL; >I JI<L? ;HCG;F
 ? IM
>ICMC;GT;HT;LJIL;ˆIFB;H>IF;N;MP;TC;MHIMN?LL?HIM<;F>CIMIOGIL>CM=;H>I
=;JCG
 I=OJ;ƒ‚I >?F?CN~P?F  !?JICM >?MM?M J;MM?CIM BCAC…HC=IM
 @C=;P; KO;M?
NIF?L~P?FJ;L;,FCP?CL;J;LNC=CJ;L>;MN?LN’FC;M>IJ~NCI>?>  L?MJI
>;N?LHOL;
>? $?EL?JN?H ?GJ?HB;>; ?G NLC=IN;L =ICM;M >? CHP?LHI J;L; ?F?   HICN? ?G
KO?#?LL;AONIN?F?@IHIOJ;L;;J?HM‚IJ;L;;PCM;L1L;P?F?L>;>;N;CGCH?HN?>I
AL;H>? ;=IL>I
 IM NL…M ?MN;P;G ;J?L@?CƒI;H>I MO;M HIƒ‘?M >; FˆHAO;
CMJ;G?LCE;H;
 ?RNL;ˆ>;M =IG CH@CHCNI L?AITCDI >? OG ?R?GJF;L >; )6?@G:8@
#C=;L;G KO;M? NLCMN?M
 J?HM;H>I KO? H; =FˆHC=; I KO? IM ?MJ?L;P; ?L; ;
M?LC?>;>?
;=C…H=C;
;;<H?A;ƒ‚I?NI>;M?MM;M=ICM;M
Z(…<C>;H‚I„NL;D„>C;ZF?O1;FCN;?G?R=?F?HN?CMJ;G?LCE;HI
" ;MMCG JLIMM?AOCL;G ;N„ ; M?HBIL; >? $ONOMMI =B?A;L =IG ;M ’FNCG;M
HINˆ=C;ML;>CI@ŽHC=;MMI<L?I=ILIH?F#F;JJ;?M?OMN;HKO?M
@CH;FG?HN?;FAOG;
=ICM;L?;F?=IH=L?N;KO?IM>CMJ?LMIO?GM?AOC>;
J;L;MOLJL?M;>;CH@ILG;HN?

?G<LC;A;>;>?M?HNCG?HNIJ~NLCI

 


!IJIHNI>?ŽHC<OM;N„; ;FF?1L?FF?MH‚I?L;G;CMKO?OGJ;MMI
IOM?D;

NL…M KO;LN?CL‘?M ? JIO=I  #?LL;AONI ? ; O=; D~ ?MN;P;G =IG I ;>GCHCMNL;>IL


KO;H>I1;FCN;?1L;P?F?L=B?A;L;G AL;H>?H?AI=C;ƒ‚II=ILLC;HOG;M;F;>I
JLCG?CLI ;H>;L
 =IG >O;M D;H?F;M KO? >;P;G J;L; I J~NCI D;L>CG IH>? IM
?H@?LGIMJ;MM?;P;G?IH>?M?PC;IMI<??>?M=?>?OGJ?KO?HIL?JORIHOG;
@IHN?>?=CG?HNI -;L;=B?A;L;N„;M;F;
1;FCN;?1L;P?F?LNCP?L;G>?J?L=ILL?L
P~LCIM =ILL?>IL?M ? =ŽGI>IM >I JLCG?CLI ;H>;L
 IH>? >;G;M ? =;P;FB?CLIM IM
B;PC;G CHN?LJ?F;>I ?G J?L@?CNI =;MN?FB;HI J;L; G?H>CA;L ; ?HNL?A; <?H„PIF;
>?OGIOIONLIG;ƒI>?=CA;LLIM ,?H@?LG?CLIKO?IM;=IGJ;HB;P;J;L?=C;
;=B;L ?MM? CHN?LG„>CI J?L@?CN;G?HN? H;NOL;F
 ? ;M =CL=OHMNH=C;M H‚I
@;PIL?=?L;G OG JLCG?CLI CHN?LLIA;NLCI >? ;G<C?HN;ƒ‚I  #IC KO;M? M?G
H?HBOG =CA;LLI KO? IM >ICM =B?A;L;G  M;F; >; AL;H>? H?AI=C;ƒ‚I
 IH>?
#?LL;AONIIM;JL?M?HNIO;I;>GCHCMNL;>IL=IGJ;F;PL;MPCMNIM;M +;G?N;>?>;
F?CNOL;>?OG>I=OG?HNICHCHN?FCAˆP?F;J;L?=?O,FCP?CL;?@ICJL?=CMI?RJFC=;L;
?F? ?HNL? MOMMOLLIM ? MCH;CM >? NLO=I KO? NO>I C; J?L@?CN;G?HN? <?G
 ? KO?
HCHAO„G ?MN;P; ?HN?H>?H>I AL;H>? =ICM;  .O;H>I 1;FCN; MOMMOLLIO
MO=CHN;G?HN? J;L; ?F? MO; MO<C>; =B =B
 ,FCP?CL; IFBIO J;L; ?F; ?MJ;HN;>I
JILKO? ;I ?HNL;L M? ;=BIO HOG J;N;G;L KO? >;P; J;L; OG; JILN;
 ;KO?F;
.O;HNI;I!CL?NIL
P?MNC;LCAILIMIH?ALI
,=;FILKO??MN;P;@;T?H>I?L;>INCJIKO??HAFI<;G;CM;@OH>I;PIT>IM
FI=ONIL?M
 KO? ; =;>; BIL; L?J;MM;P;G JLCG?CLI I <IF?NCG G?N?ILIFAC=I ?
M?AOH>I IM >?MG?HNC>IM I@C=C;CM MI<L? I F?P;HN? >I L?ACG?HNI >I ;GJI >?
*;SI ? ;M ;>OMN;M CHN?Hƒ‘?M >I =ILIH?F #F;JJ;  , ;>GCHCMNL;>IL B;PC;
CHN?LLIGJC>I ; F?CNOL; >I >I=OG?HNI M =CH=I J;L; ;M M?CM J;L; FCA;L M?O
NL;HMCMNIL D;JIH…M ? G;HN?L M?
 =IH@ILG? ;@CLGIO >?JICM >? JL„PCI J?>C>I >?
>?M=OFJ;M
?G=IHN;NI=IGIM@;NIM #L;M?KO?JLIPI=IO?G,FCP?CL;;CG?>C;N;
;JFC=;ƒ‚I >I A?MNI =F~MMC=I >IM KO? ?MKO?=?L;G ;FAOG; =ICM; HI P?MNˆ<OFI ?
KO? ;I @CG ? ;I =;<I
 J?HMIO
 I ;>GCHCMNL;>IL N?LC; KO? ;=?CN;L =IGI IONL;
@ILG;>?=IHN;NI=IGIM@;NIM?;J?M;L>IMIFB;L?M@OFGCH;HN?M>?1L;P?F?L?
1;FCN; M? G;H>IO M;F; ;@IL; J?F; JLCG?CL; JILN; ;I ;F=;H=? ? KO? H‚I ?L; ;
G?MG;JILIH>?B;PC;?HNL;>I
!? OG J;L >? @L;M?M >I >I=OG?HNI ?F? NCHB; CH@?LC>I KO? ; =FˆHC=; ?L;
=IGJIMN; >? N„LL?I G;CM KO;NLI ;H>;L?M
 ? ;CH>; >? OG J;PCFB‚I;I @OH>I >I
J~NCI D;L>CG   G?FBIL =ICM; M?LC; >;L OG; PIFN; J?FI J~NCI D;L>CG
 M?
?H=IHNL;MM? I =;GCHBI
 G;M H‚I N?P? I=;MC‚I JILKO? H?G <?G ;H>IO =CH=I
G?NLIMOGBIG?GDIP?G?GG;HA;M>?=;GCM;M?;JLIRCGIOMILLCH>I
J?AIO
I J?F; G‚I ? I F?PIO
 <;F;Hƒ;H>I I <L;ƒI =IGI ;M =LC;Hƒ;M
 ;N„ OG =ILL?>IL
IH>?B;PC;H‚IJIO=;MJILN;M?OG;=ICM;KO?>?PC;M?L;<I=;>?OGGIHN;
=;LA;M   C>?C; >? =IHB?=?L ; =FˆHC=; J?F; G‚I >? OG FIO=I ?L; MOG;G?HN?
;AL;>~P?F
 ? ; JLCG?CL; =ICM; KO? ,FCP?CL; @?T @IC I@?L?=?L =CA;LLIM ; M?O
=IGJ;HB?CLI
OGL;J;T>?;LCHN?FCA?HN?KO?;=?CNIOOG?;MMIPCIOM;NCM@?CNI
!?JICM M? P?LC@C=IO KO? ?F? ?L; OG ?H@?LG?CLI ? KO? ,FCP?CL; H‚I ?L; OG
FIO=I
 >?MM?M G;F ?HN?H>C>IM OMO;CM ?G =;MIM ;MMCG  , ?JCM>CI ?L; <;L;NI ?
JIO=I JLIGCMMIL
 G;M ?HNL? OG ;H>;L ? IONLI ,FCP?CL; ? /?GILCHI @C=;L;G
;GCAIM ? ; NIJIAL;@C; >; =FˆHC=; @IC M? GIMNL;H>I >? >?HNLI J;L; @IL; =IG
;H?>IN;M
;F@CH?N;>;M@?LIT?MHIL?MNI>IJ?MMI;F?;F?LN;M>?;GCAIJ;L;;GCAI
"MN;P;G HI KO;LNI IH>? I >L  ,P?D?LI AO;L>;P; MO;M =I<;C;M ? OG; @INI >?
*IHC=; 3CNNC
 KO;H>I OG L;J;T P?MAI ;J;L?=?O =ILL?H>I J;L; CH>;A;L >?
/?GILCHI M? ;KO?F? M?HBIL KO? ?MN;P; =IG ?F? ?L; I ML  %IL;=CI ,FCP?CL; ?N
=?N?L;  IG OG MOMJCLI
 ,FCP?CL; >?M=?O >ICM ;H>;L?M ? PIFNIO J;L; ; M;F; >;
AL;H>? H?AI=C;ƒ‚I
 IH>? I >I=OG?HNI M? ;LL;MN;P; LOGI ;I @CG ?HNL? IM
LO<IL?MG?HIJ~OMC=IM>? O=;#?LL;AONI?IM<I=?DIM>?M=ILN?M?M>?1L;P?F?L
,FCP?CL; @C=IO J?HM;H>I H; MCFBO?N; P?MNC>; HOG JCD;G; =IL >? LIM; KO? B;PC;
?HNL?PCMNI;I>I<L;LOG=INIP?FI>I=ILL?>IL>IN?L=?CLI;H>;L
OGBIG?GD~
P?FBIKO?=;GCHB;P;ALO>;>IH;J;L?>?;=;LC=C;H>IOG;JIG<;KO?J;L?=C;
;>ILG?=C>; ?G MO; G‚I  "R;N;G?HN? HI GIG?HNI ?G KO? O=; #?LL;AONI
MIFN;P;OG;?MJ„=C?>?<?LLI
Z IGI„CMMI>?N?LKO?;MMCH;LII E 
Z.OC?N;
KO?LC>;Z>CMM?I!CL? Z,KO?IM?HBILKO?L>CT?LX
Z"MN~<?G=F;LIZ>CMM?1;FCN;
KO?M?GJL?NCHB;M??HN?H>C>I<?G=IG;
O=;?KO?LC;;DO>~ F; ZNL;HM@?L…H=C;?RCA?I=IHM?HNCG?HNI>IM?H@?LGIM
Z*;M„OG;FIO=OL;Z>CMM?; O=;GOCNI;>BI=
Z3?D;
M?HBIL;Z>CMM?I;>GCHCMNL;>IL;D?CN;H>IID;F?=I=IG;G‚IFCPL?
ZKOCIM>I?HN?MM‚IGOCNI?MJ?=C;CM
?;F?C*„H>?T!?F@CHI„<?G=F;L;;
?MM? L?MJ?CNI  #IL; OHM ICNI IO >?T =OD;M @;GˆFC;M D~ >?L;G I I E
 IM IONLIM
J;MM;L;G ; PC>; >? G;HC=ŽGCI ?G G;HC=ŽGCI
 M? G? J?LGCN? I N?LGI
 ?
HCHAO„GL?MJIH>?JIL?F?M +?MM?=;MI
;F?C@;=OFN;;I;>GCHCMNL;>ILKO?
HIM
J?LˆI>IMF’=C>IM>?MM?MCH>CPˆ>OIM
=IHMOFN? IMJ;L;M;<?LM??MN‚I>?;=IL>I?G
KO?;=FˆHC=;J;MM?;OGHIPIJLIJLC?N~LCI KOC?MN‚IIM;LNCAIMMO<FCHB;>IMZ
;=L?M=?HNIO
GIMNL;H>I FB?OGFCPLI?H=;>?LH;>I?GP?LG?FBI>IKO;FM;ˆ;G
;FAOHML?=ILN?M>I#2)2K‚?(F:?E2 Z)?C;?;=;<IO M?
Z-?FIKO??HN?H>CZ>CMM?#?LL;AONIZ
?MM?NLGCN?>?P?LC;M?L=IH=FOˆ>I
>?CG?>C;NI
Z " ;=B;G KO? =IHPIKO?C IM M?HBIL?M ;KOC J;L; KO… , M?HBIL =IGI
JLIJLC?N~LCI??MM?MM?HBIL?M=IGIN?MN?GOHB;MP;GIM=B;G;H>IIM>I?HN?M?
NO>I@C=;L?MIFPC>I?MN;N;L>?G?MGI
Z  KO?MN‚I Z >CMM? 1L;P?F?L Z „ IM ?HPIFPC>IM ?MN;L?G HI KO? I M?HBIL
=B;GIO>?J?LˆI>IF’=C>I
,;>GCHCMNL;>ILIFBIOJ;L;?F?J?H;FCT;>I?NI=IOOG;=;GJ;CHB; "HNLIO
/?GILCHI>?D;F?=I
JCM=IOJ;L;,FCP?CL;?>?JIMCNIOOG?HILG?L?ACMNLIMI<L?
OG; G?MCHB;  &HMN;FIO OG; =;>?CL; >C;HN? >; G?MCHB; ? =LOTIO IM <L;ƒIM
=IGI OG P?L>OAI J?LM;  #?LL;AONI
 KO? NCHB; M? ;JL?MM;>I ; ?R;GCH;L I
L?ACMNLI=IG;L?M>??HN?H>C>I
J?LAOHNIOM?II E @C=;LC;L?ACMNL;>I;IJ„>;
;N;
 ? I ;>GCHCMNL;>IL >CMM? KO? MCG
 ? KO? J;L; CMMI =B;G;LC; IM >I?HN?M JIL
IL>?G ;F@;<„NC=; ? J?>CLC; ; ?F?M KO? CGJLCGCMM?G IM L?MJ?=NCPIM D;G?A‘?M
G?>C;HN?OG;LINOH>;?M@?LIAL~@C=;;TOF J?M;L>?N‚I?@C=C?HN?MJL?J;L;NCPIM

1L;P?F?L M? ?H=;LHCƒIO ?G CHMCHO;L KO? N;FP?T OG >IM >I?HN?M M? H?A;MM? ;
;MMCH;L IO =IG?N?MM? ;FAOG ;NI ?RN?GJILH?I  "G<IL; M?G IOM;L ;JIC~ FI
;<?LN;G?HN?
; O=;?#?LL;AONIH‚I J?L>C;G OG; M >? MO;M J;F;PL;M

 


" H?MM? CHMN;HN? PCH>I >I H;>; ;J;L?=?O /?GILCHI =IG OG ;H=C‚I KO?
J;L?=C; <;MN;HN? ;MMOMN;>I
 ? KO? ;I L?=IHB?=?L I ;>GCHCMNL;>IL
=OGJLCG?HNIO I=IGOG;?MJ„=C?>?L?P?L…H=C;
Z!?JCD;G;Z>CMM?; O=;?MNOJ?@;N;
Z3I=…IMPCO;I?HNL;LZ>CMM?#?LL;AONI
Z+‚I?MN;P;G>?JCD;G; -;L?=C;G;CMOG;?MJ„=C?>?X
Z 0CF…H=CI Z >CMM? I ;>GCHCMNL;>IL  Z JLIRCG? M?
 HN’H?T
 ? ;MMCH? ;ˆ
IH>?I/?GILCHI?MN~GIMNL;H>I
,P?FBI?R;GCHIO;N?HN;G?HN?IL?ACMNLI
?HKO;HNI/?GILCHIFB??MN?H>C;;
?M@?LIAL~@C=; #?LL;AONIJ?AIOIF?HƒI?M?=IO;N?MN;=IGJ;H=;>CHB;MMO;P?M
Z"MN;„;J~ACH;ICNIZ>CMM?HN’H?TZ
??O;=BIKO?JL?=CMI;MMCH;LH;
J~ACH;OG
Z KOC Z >CMM? /?GILCHI
 GIMNL;H>I OG FOA;L H; J~ACH; >I L?ACMNLI  Z
3;GIMF~
KO?M?O=;@„=IGF?CN?P;C?M@LC;L
HN’H?T;MMCHIO@FILC>;G?HN?
=OGJLCG?HNIO;NI>IM?M?@IC?GJ;MMCHBIM
;G;H?CL;>IM
KO??H=;HN;L;G1;FCN; ,M?AOH>IJCD;G;?L;GOCNIG;CMAIL>I

?>?JICM>?=CL=OG H;P?A;L;G?MCHB;@IC?MN?H>?L;G‚I;I;>GCHCMNL;>IL
KO?
;;J?LNIOM?GPIHN;>??;JIHNIOIL?ACMNLI=IGOGA?MNIM?=I
Z,M?HBILD~?MN~CH@ILG;>I
?HN‚I;MMCH??PIFN?J;L;IM?OKO;LNI
Z+‚IP;LL?L;GG?OKO;LNI;CH>;Z>CMM?IJCD;G;AIL>I
 O=; ;HINIO G?HN;FG?HN? ; @;FN; >? BCAC?H?  /?GILCHI N?HN;P; JŽL ;
?M@?LIAL~@C=;H;G‚I>IJCD;G;AIL>I
KO?L?NLI=?>C;F?HN;G?HN?
Z3‚IP;LL?L;AIL;G?MGIZ>CMM?/?GILCHI ZMMCH?
> +C=;HIL
Z';G;CMZ>CMM?IJCD;G;AIL>I ZjOG;;LG;>CFB;
Z .O? ;LG;>CFB; KO? H;>; Z >CMM? I ;>GCHCMNL;>IL  Z , >L  ,P?D?LI D~
?RJFC=IO;PI=…M>IKO?M?NL;N; 3I=…M;MMCH;G?;J;LNCL>?;G;HB‚>IM?>OJF;
>?;LLIT >I=?
Z "O H‚I ;MMCHI M? >  HN’H?T H‚I ?MNCP?L >? ;=IL>I Z >CMM? I JCD;G;
AIL>I
Z-ICMDOMN;G?HN??F?;=;<;>?;MMCH;L;HN?M>IM?HBIL 3?D;
Z +‚I >~ J;L; ?HN?H>?L ?MM; ;MMCH;NOL;  "MM; H‚I „ ; ;MMCH;NOL; >? >
HN’H?T ,MM?HBIL?M>?L;G=BIKO??F„NLC=IH?F?J;L;?F?;MMCH;L *;N;L;G>
HN’H?T
Z3~<OM=~ FIZIL>?HIOI;>GCHCMNL;>IL;/?GILCHI
KO?M;COPI;H>I?
PIFNIO =IG HN’H?T  , JCD;G; AIL>I MIFNIO OG; ?R=F;G;ƒ‚I >? ;F?ALC; ? @IC
;J?LN;L;G‚I>?F?
Z !CA; ; ?F? KO? ?MN~ >? ;=IL>I ? KO? ;MMCH? M?G G?>I Z >CMM? I
;>GCHCMNL;>IL Z3;GIM
KO??MN~@C=;H>IN;L>?
Z MMCH? M?G G?>I
 @CFBI Z >CMM? HN’H?T ;I JCD;G; AIL>I  Z !~ HI
G?MGI
HI@CG;A?HN?M?GJL?F?P;H;=;<?ƒ;
,JCD;G;AIL>IF;LAIO;?M@?LIAL~@C=; /?MGOHA;H>I
/?GILCHI;J;HBIO;
=;H?N; HI =B‚I ? I ;>GCHCMNL;>IL M? F?P;HNIO @?CNI @?L;  /?@OAC;>I ;NL~M >?
HN’H?T
 I JCD;G; AIL>I NL?GC; ? NIL=C; ;M G;HA;M  ;N?L;G M?=;G?HN? H;
JILN;?;HN?MKO?/?GILCHIJO>?MM?;<LCL?HNLIOM?G;G?HIL=?LCGŽHC;OG;
M?HBIL; >? KOCGIHI =IL >? LIM; KO? ;P;HƒIO >CL?NI J;L; I L?ACMNLI ? I
?R;GCHIOJILNI>IMIMF;>IM=IGIM?@IMM?OGF?CN‚I;MM;>I "GJ?LNCA;H>I M?
M;NCM@?CN;
JŽM;G‚I;<?LN;MI<L?IL?ACMNLI
Z'OLIZ>CMM?;M?HBIL;Z>CT?LNI>;;P?L>;>? ,M?HBILH‚IG?>?CR;L~
G?HNCL
> +C=;HIL
, JCD;G; AIL>I M? ;ACNIO ;@CLG;NCP;G?HN? ? >? L?J?HN? ;=?CNIO ;
?M@?LIAL~@C=;KO?/?GILCHI?MN?H>C;J;L;?F??;MMCHIO?GKO;FKO?LFOA;L
M?G
>;LN?GJI;H;>;
Z .O? ;HCG;F Z IOPCL;G I ;>GCHCMNL;>IL GOLGOL;L  Z 3?D; ;ˆ M? ?F?
;MMCHIOHOGFOA;L<IG
/?GILCHI CH>;<?G ";AIL;;M?HBIL;
ML; 0=BQCNN

JIL@;PIL
D~KO??MN~;KOC *IMNL?IFOA;LJ;L;?F;
/?GILCHI
Z 0? H‚I G?FBIL;L?G I ;G<C?HN? MI=C;F H‚I ;MMCHI H;>; Z >CMM? ; ML;
0=BQCNN ZjJL?=CMI;<LCLJILN;M?D;H?F;MJ;L;I?MJˆLCNI
Z .O?LI >O;M D;H?F;M HI G?O KO;LNI Z >CMM? I JCD;G; AIL>I  Z " >
HN’H?TKO?LCL;N„;#L;H=I &HAF?M;=IGJL;L;FAI>‚I?M?CF~G;CMIKO… "MN?
FOA;L„N‚I?M=OLI
$CL;H>IOGJIO=I;=;<?ƒ;
,FCP?CL;PCOKO?1;FCN;?MN;P;IFB;H>IJ;L;?F?
?MILLCOJ;L;?F; ,M>ICMM;<C;GKO?IIONLI?MN;P;J?HM;H>IKO?NO>I;KOCFI
?L; OG; =IG„>C; C>CIN;
 KO? I JCD;G; AIL>I ? NI>IM IM IONLIM ?MN;P;G N‚I
G;FO=IM KO;HNI ?F?M  *;OM ;NIL?M
 ?F?M H?G =B?A;P;G ; M? ?M@ILƒ;L J;L;
J;L?=?L ;FC?H;>IM >?=?HN?M H; @L?HN? >?F?M
 KO? NCHB;G FC>I GOCNI <?G M?O
G;HO;F >? JMCKOC;NLC; ;I ;F=;H=? >? NI>IM  FC
 JIL ?R?GJFI
 J?L@?CN;G?HN?
>IH; >? MC
 ;J?LN;H>I ; <IFM; =IG ;M >O;M G‚IM ? GOCNI M?HN;>CHB; ?G MO;
JIFNLIH;
 ; O=; J;L?=C; <?G G;CM FIO=; KO? IM NL…M MCAH;N~LCIM
 KO? ;AIL;
B;PC;G =IG?ƒ;>I ; L?=F;G;L >? ;FAI =IGI ; GILN? >? OG =;=BILLI MI<L? I
KO;F ; ML;  0=BQCNN >CM=ILLC; =IG ?RO<?LH=C; >? A?MNIM  +;>; ?L; >?G;MC;>I
CGJL?PCMˆP?F
 ; =;MO;FC>;>? G;CM J?>?MNL? =IHNCHO;P; L?A?H>I ;KO?F;M L?F;ƒ‘?M
PIF’P?CM?FIKO;T?M
?GKO?IM<L;GC>IM>I;>GCHCMNL;>IL@OH=CIH;P;G=IGI
<;CRI=IHNˆHOIJ;L;IM>?M?HBIML?J?NC>IM>;MKO?CR;M?>;ML?CPCH>C=;ƒ‘?M?>;
#L;H=I &HAF?M; ";MMCGPCL;GMO=?MMCP;G?HN?=IGI/?GILCHIF?P;P;HN’H?T
? I JCD;G; AIL>I
 =IGI ; ML;  0=BQCNN ;MMCH;P; >?M>?HBIM;G?HN? I L?ACMNLI

=IGI ?HNL;P; OG ACA;HN? ?MKO?F„NC=I


 OG; ?MJ„=C? >? F;<;L?>; >?M<IN;>;
P?MNCH>I @F;H?F; =IL >? LIM;
 ? ;NL~M OG DIP?HTCHBI >? =;<?FI =IGJF?N;G?HN?
<L;H=I ? IFBIM P?L>?M >? OG; <?F?T; G;FCAH;  "MN?M ’FNCGIM ;MMCH;L;G M?G
G;CIL?M L?MCMN…H=C;M
 G;M =ICH=C>CL;G ?G KO?L?L @C=;L ;N„ I @CG >I ;NI  -;L;
?PCN;L G;CM =IH@OM‚I
 I ;>GCHCMNL;>IL G;H>IO IM >ICM J;L; OG =;HNI ?
/?GILCHI@IC<OM=;LIONLIM>ICM>I?HN?M
OG;GIƒ;>?KO;>LCMPIFOGIMIM?OG
BIG?G =IG =;L; >? =BCH…M KO? H‚I NCL;P; IM IFBIM >I =B‚I
0OLJL??H>?HN?G?HN?
 IOPCL;G @;F;L IONL; P?T >; GILN? >? OG =;=BILLI
.O;H>I IM >I?HN?M ;MMCH;L;G
 ; GIƒ; =OGJLCG?HNIO =IG OG A?MNI >?
<;CF;LCH;  O=; #?LL;AONI L?MJIH>?O =IG OG; ;G~P?F CH=FCH;ƒ‚I >? =;<?ƒ;

=ICM; KO? JLIPI=IO ?G 1;FCN; ? 1L;P?F?L OG GIHMNLOIMI ;N;KO? >? LCMI  '~
B;PC;>?T;MMCH;NOL;MHIL?ACMNLI?/?GILCHI=IHNCHO;P;NL;T?H>IA?HN?
B;PC;
=OGJLCG?HNIM ? OG; ? IONL; =IHNLIP„LMC; KO? M? CHN?LLIGJC; IO GO>;P; >?
JLIN;AIHCMN;;=;>;N;HNI
OG;;MMCH;NOL; '~?L;GM?N??G?C;?; O=;JOR;P;
OG ?MNIDCHBI ? ;D?CN;P; ; G;KOC;A?G =IG OG A?MNI >? >CL?NIL; >? =FˆHC=;

;FAOG; =ICM; ?HNL? G;>;G? OLC? ? ">QCA? #?OCFF‡L?  +IP;M =IHNILƒ‘?M >?
1;FCN; ? 1L;P?F?L
 HIP; JL?I=OJ;ƒ‚I >? #?LL;AONI
 KO? =IHMOFN;P;
;FN?LH;>;G?HN?IM;P;HƒIMHIL?ACMNLI?H;?RJL?MM‚I>I;>GCHCMNL;>IL gMM?N??
KO;L?HN; OG; >I?HN? >?=F;LIO KO? H‚I ;MMCH;LC; ?HKO;HNI H‚I G;N;MM?G I
=;=BILLI /?GILCHIJLIG?N?OG;N;L
JCM=;H>IOGIFBIH;>CL?ƒ‚I>?,FCP?CL;

KO? ;JL?=C;P; ; =IH@C;Hƒ;  '~ B;PC;G J;MM;>I PCHN? >I?HN?M ? @;FN;P;G ;J?H;M
KO;L?HN; ? =CH=I  , ;>GCHCMNL;>IL M? ;JLIRCGIO J;L; CH@ILG;L KO? IM =;MIM
G;CM=IGJFC=;>IMD~?MN;P;G=;LCG<;>IM@ICIKO?>CMM??KO?IG?FBIL?L;
@;T?L?G I KO;LNI CHN?LP;FI
 =IG =?LP?D; ? HINC=C~LCI  !OL;HN? I F?P? L?J;MNI
@;F;L;G>?JMCKOC;NLC;?>?JIFˆNC=; L?PIFOƒ‚IB;PC;MC>IMO@I=;>;J?F;M@ILƒ;M
>I $IP?LHI
 IM =;<?ƒ;M M? L?H>C;G ?G )OD~H  , >L  +?LCI /ID;M ?MN;P; HOG
=IHAL?MMI?GGMN?L>;G =?LP?D;
@ILGC>~P?F
gMICNI?G?C;M?=IGJF?N;L;GKO;L?HN;?ICNI;MMCH;NOL;M HICN?=C;
?;M;F;
?MN;P;J?A;DIM;>?@OG;ƒ;>?=CA;LLI?>?A?HN?J?FIM=;HNIM
?>;NIMM?KO?>?
P?T?GKO;H>IM?G;HC@?MN;P;?G;FAOHM>IMJL?M?HN?M ,FCP?CL;N?LC;AIMN;>I
>?M;CLJ;L;;LO;
G;MI;>GCHCMNL;>IL?L;>?OG;M?P?LC>;>?M?G@CMMOL;M ,M
NL…M ’FNCGIM >I?HN?M KO? ;MMCH;L;G ;=;<;P;G >? L?CPCH>C=;L GI>C@C=;ƒ‘?M HI
L?ACG? >? ;FCG?HN;ƒ‚I #?LL;AONI @;TC; MCH;CM J;L; ; O=; NIG;L HIN;
 =F;LI

=F;LI
?GMO;=FˆHC=;;ML?@?Cƒ‘?MM?LC;GCGJ?=~P?CM?;GILN?>I=;=BILLI;
O=; DOHN;P; CN;FC;H;G?HN? IM >?>IM >; G‚I ? IM GIMNL;P; ; #?LL;AONI
 KO?
<;F;Hƒ;P; ; =;<?ƒ; J?LJF?RI ? IFB;P; J;L; I ;>GCHCMNL;>IL
 KO? ?MN;P;
=;HM;>ˆMMCGI?M?;<;H;P;=IGIJ;H@F?NI>?OG;=IH@?CN;LC; .O;H>I=B?AIO
IP?FBI=IG;JIG<;HII=I>;G‚I
;=;LC=C;H>I ;>?P;A;L=IGIM?KOCM?MM?
@;T… F; >ILGCL
 BIOP? OG; FIHA; J;OM; ?G KO? NI>IM M? >?>C=;L;G ;
=IHN?GJF;L;JIG<;CGP?FH;G‚I>I>I?HN?
??L;KO;M?OG;F~MNCG;KO?I
>I?HN? NCP?MM? KO? CHN?LLIGJ?L MO; =;Lˆ=C; LˆNGC=; HI >ILMI >; JIG<; J;L;
?GJOHB;L >?M;D?CN;>I ; ?M@?LIAL~@C=; KO? /?GILCHI FB? I@?L?=C;  !?JICM >I
P?FBIPC?L;G>O;MCLG‚M>?<L;ƒIM>;>IM
KO?L?=F;G;L;GFIAI>?M;ˆ>;;GILN?
>I =;=BILLI ? ?RCACL;G IONL;M G?FBILC;M HI ?MN;<?F?=CG?HNI   BCMNLC; >I
=;=BILLI@;TC;/?GILCHILCL
G;MHI@CG,FCP?CL;N?P?;M?HM;ƒ‚I>?KO?B;PC;
;FAOG;=ICM;;=OGOF;>;H;;FNOL;>?M?O<;ƒI
?F?P;HN;H>I M?>CMM?;1L;P?F?L
KO?C;>;LOG;PIFN;?KO?L?AL?MM;LC;?GM?AOC>;
Z,M?HBILJL?=CM;@C=;LZ>CMM?I;>GCHCMNL;>IL Z1?MN?GOHB;
Z "MNIO H; =;M; Z >CMM? ,FCP?CL;  Z 3?D; ; F?C *„H>?T !?F@CHI
 ?MN~
JL?PCMNI
Z3IO=IGPI=…Z>CMM?1L;P?F?L Z3IFN;GIM?G=CH=IGCHONIM
Z+‚IM?;@;MN?G>IL?=CHNIZ>CMM?I;>GCHCMNL;>IL
Z!?D?CNIH?HBOGZ>CMM?1L;P?F?L Z3;GIM
CLG‚I
J;L?=?KO?JIL?MN?
F;>IM?=B?A;;ID;L>CG .O?>?=?Jƒ‚I
H‚I;=B;
ZOH;HCGC>;>?„=B;N;Z>CMM?,FCP?CL; Z+?HBOG>?F?M?H@L?HNIOI
>I D;F?=I  3CO =IGI ?MN‚I J;MM;>IM =IG ; GILN? >I =;=BILLI 3;GIM M?HN;L
J?LNI>;@IHN?
IL?JORIN?GOG;LFOMNL;FKO?HIM@;L~<?G
Z1?G=B?CLI>?A;MIFCH;Z>CMM?1L;P?F?L Z*OCNIFOMNL;FG?MGI
Z+;P?L>;>?
;A?HN??MN;P;?MJ?L;H>IIKO…3I=…PCOKO?HI@CGNI>IM
;MMCH;G
 H‚I B~ >C@?L?Hƒ; ?HNL? ?F?M ? HM  +?HBOG; >C@?L?Hƒ;  3;GIM HIM
M?HNCL?MNOJ?H>;G?HN?<?G;KOC
ZIGZ>CMM?1L;P?F?LZ
N?GOG;>C@?L?Hƒ;
?„KO??F?M;H>;GP?MNC>IM
>?LIM;
Z,FB?Z>CMM?,FCP?CL;
;JIHN;H>IJ;L;IM;H>;L?M;FNIM '~?L;KO;M?HICN?
? H;M D;H?F;M >I M?AOH>I ? >I N?L=?CLI ;H>;L ;M FOT?M M? ;=?H>C;G ? M?
;J;A;P;G LCNG;>;G?HN?  )OT HOG; D;H?F; ? MIG<L; H; >I F;>I  3C=? P?LM;
)OTHOG;H>;L
MIG<L;HI>?=CG;
PC=? P?LM;
Z-LIHNIZ>CMM?1L;P?F?L Z*OCN;;MMCH;NOL;
G;MD~=IG?ƒ;G;GIMNL;L
;KO?PC?L;G
!?=C>CL;G ;=;<;L >? @OG;L ;I F;>I >I L?JORI FOMNL;F
 @;F;H>I >? =ICM;
H?HBOG; ? IFB;H>I ;M FOT?M KO? M? ;=?H>C;G ? M? ;J;A;P;G  #IC KO;H>I
1L;P?F?L @;FIO >;M GO>;Hƒ;M
 ? >?JICM >? OG MCF…H=CI IOPCO %IL;=CI LCL
<;CRCHBI H; MIG<L;  &HMCMNCO
 KO?L?H>I ;FAOG; =?LN?T; ? M?G M;<?L =IGI
;<IL>;LOG;MMOHNIKO??M=ILL?A;P;>?MO;MJ;F;PL;M?C>?C;M
Z IGIM?@ŽMM?GIMP;GJCLIM
=IGIM?OGG?MGIMCMN?G;=CL=OF;NLCIHIM
OHCMM?
IOM?D;
HIM>?MOHCMM? gMP?T?MPI=…??O
MP?T?MHMNL…M
H‚IP;GIM
HIM?HA;H;L +‚IM?CKO;H>I=IG?ƒIO
G;M;MMCG„?N?GIMKO?;<LCLIIFBI
"O ;=BI KO? ; A?HN? H‚I P?CI ;N„ ;KOC M JILKO? I !CL? NLIOR? ; A?HN?  "L;
MCGJF?M @C=;L HI =CL=I =IG 0O~L?T *?FC~H
 ; A?HN? =IHB?=? I NL;<;FBI ? ?F?M
AIMN;G>;A?HN? *;MH‚I
?L;JL?=CMI?HNL;L;KOC ,MNL…M ,JLCG?CLI=OFJ;>I
MIO?O
JILKO?H‚IKO?LC;KO?1;FCN;;=B;MM?X"H@CG
KO??OC;>?M=;LN;LPI=…
H?MM;BCMNLC;J;L;G?FCPL;L>?PI=… .O?MN‚I>?;GIL JLJLCI
?HN?H>?
Z+;P?L>;>?Z>CMM?,FCP?CL;Z
H‚IN?HBIJILKO?;=?CN;L 3IFNIJ;L;I
=CL=I
IO>?L?J?HN?PIO G??G<IL;>?OG;P?T O?HIMCL?M„AL;H>? '~FB?
@;F?COG;P?T
Z j
 G;M PI=… P;C ?G<IL; >?JICM >?MN; =IHP?LM;
 IO M?D;
 P;C JIL GCHB;
=;OM;
?„DOMN;G?HN?IKO??OH‚IKO?LI
Z0?D;=IGI@IL
G??RJFCKO??MM;BCMNLC;>;MGO>;Hƒ;M
Z 0?C F~
 ? M? N?HN;L ?RJFC=;L G? =IH@OH>I ;CH>; G;CM  3?D;
 „ G;CM IO
G?HIMCMNIM??MNIO=IGPI=…H‚IN?GJLI<F?G;
G;M„M?O@C=;LMITCHBIKO?
N?HBI ; M?HM;ƒ‚I >? KO? PI=… ?MN~ G? JL?MMCIH;H>I
 JIL ?R?GJFI F~ >I M?O
KO;LNI  -?HM? HI IONLI >C;
 KO;H>I PI=… G? J?>CO OHM JL?AIM  1;FCN; M?HN? ;
G?MG;=ICM;
?F;IFB;J;L;GCG??ON?HBI;CGJL?MM‚I>?KO?IIFB;L>?F;„
J;L;PI=…
G;MKO;H>I?MN;GIMIMNL…MDOHNIM;MBIL;MM?J;MM;GM?GKO??F;M?
>…=IHN;>;MO;JL?M?Hƒ; &G;ACHIKO?PI=…N?HB;J?L=?<C>I
Z0CG  IHNCHO?
Z0CMMI
?JILCMMIG?MGIH‚I;=BI<IG=IHNLC<OCLJ;L;KO?PI=…>?=C>;
M?P;CIOH‚IP;C?G<IL; 3I=…G?MGIN?GKO?L?MIFP?L?MM;KO?MN‚I
?;AIL;
KO?@CT;<?MN?CL;>?NI=;LHI;MMOHNI
PI=…H‚IN?L~H?GG?MGI;FC<?L>;>?>?
>?=C>CL
 JILKO? P;C ?H=;L;L ; =ICM; H; J?LMJ?=NCP; >; L?MJIHM;<CFC>;>? ? =IG
CMMI ?MN;GIM @?LL;>IM  +I =;MI
 ; ;NCNO>? „NC=; „ CH>OFN;L OG ;GCAI
 ? CMMI ?O
H‚I;=?CNI
ZBZ>CMM?,FCP?CL; Z.O?L>CT?LKO?PI=…H‚IG?>?CR;CL?G<IL;??O
H‚IJIMMICL?G<IL; jOG;MCNO;ƒ‚IFCA?CL;G?HN?JCD;G;LIM;
PI=…H‚I;=B;
Z+;P?L>;>?

Z3?D;KO?=ICM;?HAL;ƒ;>;
Z,KO…
Z1I>;M;MFOT?MM?;J;A;L;G;IG?MGIN?GJI
Z3;CP?L
=B?A;L;G’FNCG;;MMCH;NOL; =FˆHC=;„>I!CL?
PCP;#?LL;AONI
Z 0OJIHBI KO? ;AIL; P;C M?L JL?=CMI ;N?H>… FIM ? G;N;L I =;=BILLI  j
CH=LˆP?F;<LIH=;KO??F?MN…G
Z+‚I„<LIH=;Z>CMM?1L;P?F?L ZKOCH?G;MJ;CR‘?MJ;L?=?GGOCNI
PCIF?HN;M
J?FIG?HIMJIL?HKO;HNI
Z3I=…N?GOG;H?=?MMC>;>?>?MIFOƒ‘?ML;>C=;CM
P?FBI  IGCAI@ICCAO;F
>OL;HN?GOCNIN?GJI
G;M>?JICMX
IG?ƒ;L;G ; ;H>;L >? PIFN;
 =IG =OC>;>I JILKO? I D;L>CG ?MN;P; GOCNI
?M=OLI??F?MH‚IF?G<L;P;GIH>??MN;P;GIM=;HN?CLIM .O;H>IJCM;L;GIDIAI
>;;G;L?FCHB;
D~J?LNI>;?HNL;>;
1L;P?F?LLCO?GPIT<;CR;??LAO?H>IOGJ„
=IG?ƒIO ; M;FN;L >? =;M; ?G =;M;  +I ?M=OLI
 I >?M?HBI >? ACT @IM@IL?M=C;
>?<CFG?HN?
Z 2G; HICN? >?MM;M Z >CMM? ,FCP?CL; Z FB? =IHNI =IGI „ F~  +‚I G?
;AL;>;
G;MN;FP?TM?D;;’HC=;@ILG;>?CLG;N;H>II=;=BILLI
JIL;MMCG>CT?L
1L;P?F?L JOFIO @IL; >I DIAI >; ;G;L?FCHB; ? H?MM? GIG?HNI ;M FOT?M >I
M?AOH>I ;H>;L M? ;=?H>?L;G >? L?J?HN?  ,FCP?CL;
 KO? C; ;=L?M=?HN;L ;FAOG;
=ICM;
PCOILIMNI>?1L;P?F?LM;CL>;MIG<L;
?HICHMN;HN??GKO?>OLIO;FOT
;HN?M>??F;NILH;L;M?;J;A;LMOLJL??H>?OH?F?OG;=;L?N;
OGLC=NI>IF;NCG
C:4EFD
;<?LNOL;>?<I=;=IHNL;ƒ‚I>IMF~<CIM
M?G?FB;HN?;IMILLCMI
Z #;F;H>I ?G G;N;L I =;=BILLI Z >CMM? 1L;P?F?L Z
 H‚I M?C M? PI=…
J?L=?<?OKO?IG„>C=IJLCH=CJ;FM?=B;G;,P?D?LI ,P?FB?CLI 1?GCMMI
Z+‚I„CMMIKO?PI=…KO?LC;G?>CT?L
Z,FB?KO?GM?KO?CR;>IMG?OMMCF…H=CIMIO>;MGCHB;MMO<MNCNOCƒ‘?MZ
>CMM?1L;P?F?L Z F;LIKO?H‚I„CMMI
G;M?>;ˆjOG;=ICM;KO?H‚I>~J;L;
@;F;L 0?PI=…KOCM?L@;T?LOGN?MN?X*;M;FAIG?>CTKO?D~@C=IOG?CIN;L>?

=B? JCTT;?M@LCIO
H‚IN?GD?CNI
H‚IN?GPIFN; jG?FBIL;A?HN?=IG?ƒ;L;
NL;<;FB;L;AIL;G?MGI
P;CM?LOG;>CMNL;ƒ‚I
,FCP?CL; H‚I L?MJIH>?O
 ? MO<CL;G ;N„ ; M;F; >; AL;H>? H?AI=C;ƒ‚I
 IH>? I
;>GCHCMNL;>IL ? #?LL;AONI NIG;P;G OG; ;AO;L>?HN? >OJF;  ,FCP?CL; M?
;<IF?NIO ?G M?AOC>;
 G;M 1L;P?F?L @IC M? CHMN;F;L HI MI@~ IH>? 1;FCN; FC; OG
LIG;H=?=IG=;L;>?MIHI !?JICM>;’FNCG;;MMCH;NOL;
/?GILCHIMOGCL;=IG
IM L?ACMNLIM DOHN;G?HN? =IG IM >I?HN?M KO? B;PC;G ;MMCMNC>I  =?LCGŽHC;
1L;P?F?L J?L=?<?O KO? I ;>GCHCMNL;>IL NCHB; ;J;A;>I ; FOT >I N?NI

MO<MNCNOCH>I ;JILOG;FGJ;>;>??M=LCP;HCHB;NO>I?L;MO;P??P?L>?
@;F;P;
M? ?G PIT <;CR; ? M;NCM@?CN;  ,OPCO =IG<CH;L?G JF;HIM J;L; OG JL;NI >?
>I<L;>CHB;A?HIP?M;HOGL?MN;OL;HN?>I=?HNLI 1;FCN;@?=BIOIFCPLI?IFBIO
J;L;?F?MIHIF?HN;
1L;P?F?LJ;MMIO;G‚IJ?FI=;<?FI>?F;?M?M?HNCOG?FBIL
!? NI>I D?CNI ; C>?C; >; >I<L;>CHB; KO?F; BIL; ? =IG ;KO?F? =;FIL ?L;
CHM?HM;N;

 


-ILKO? H; P?L>;>? ?F? H‚I JI>C; 4@?E2C H;>; ; 1L;P?F?L  0? =IG?ƒ;MM? ;
JOR;L I @CI >I HIP?FI PCLC;G G?NLIM >? F‚
 F‚H;>;
 F‚H;AHL?M?
 F‚H;N’LH?L

F‚H;JOLH;
 F‚H;NIGC;
 F‚H;N;
 F‚H;N;FC>;>?
 F‚H;=CIH;FC>;>?
 F‚H;NOL;FC>;>?
 F‚
;N„ F‚H~OM?;
 G;M HOH=; I HIP?FI  ?G KO? AIMN;LC; >? @;T?L 1L;P?F?L
>?M=IH@C;L KO? I KO? B;PC; =IHN;>I ; ?F? H‚I NCHB; M?HNC>I >CL?NI G;M KO?
M?HNC>INCHB;
?KO?N;GJIO=I?L;OG;?MJ„=C?>?@CAOL;>?FCHAO;A?GIO>?
;F?AILC;   >C@?L?Hƒ; ?L; CLL?G?>C~P?F
 OG JLI<F?G; >? =;N?AILC;M KO? H‚I
NCHB;H;>;;P?L=IG;CHN?FCA…H=C;IO;CH@ILG;ƒ‚I
OG;=ICM;?L;DIA;LNLO=I
IO >CM=ONCL 'IBH !IHH? =IG 1L;P?F?L
 NO>I NL;HM=ILLC; HOG N?LLCNLCI >?
;MJ?=NINLCPC;F?IONL;?L;M?LOG;?MJ„=C?>?G;=;=I?HNL?IMBIG?HM
KO?L?L
M?LOGG;=;=IJILL;T‘?MKO?H?GIJLJLCIG;=;=IM?LC;=;J;T>??RJFC=;L

=IG?ƒ;H>I J?FI @;NI >? KO? >? L;T‘?M H‚I NCHB;G H;>; ? MO; @ILƒ; ?MN;P;
DOMN;G?HN?HCMMI
?;MMCGMO=?MMCP;G?HN?

M JLCG?CL;M HICN?M H; =FˆHC=; @IL;G NL;HKOCF;M I J?MMI;F KO? C; M;CL ;CH>;
>?M?GJ?HB;P; MO;M @OHƒ‘?M ? IM HIPIM M? FCGCN;P;G ; IFB;L
 L?=IFB?L
?RJ?LC…H=C;?M?L?OHCLH;@;LG~=C;IH>?1;FCN;
P?MNC>;>?<L;H=I
L?>?M=I<LC;
?GI=CIH;>; ;M ?GOFM‘?M ? IM <;L<CN’LC=IM  , JLI<F?G; ?L; M? FCPL;L >? O=;
#?LL;AONI
 CHMN;F;>; @?CNI ?MN~NO; >? @?LLI HI ;J;LN;G?HNI >I ;>GCHCMNL;>IL

JILKO? ; O=; J;L?=C; >?=C>C>; ; CGJIL MO; @„LOF;  =FˆHC=; ? I JLJLCI !CL?
IOPC; L?MJ?CNIMI I ?6H 562= L?MOGC>I ?G N?LGIM =IGI BCAC?H?
 >CM=CJFCH;

>?OMJ~NLC;?@;GˆFC;
 JCD;G;M =CHT; ? =B~ >? NˆFC;  J;L?=?H>I ; NI>I GIG?HNI
H; @;LG~=C;
 ; O=; JL?MN;P; OG IOPC>I ;N?HNI ;IM MOJIMNIM >C~FIAIM
JLI@CMMCIH;CM >; HIP; ?KOCJ?  1;FCN; G?L?=C; =?LN; =IH@C;Hƒ; JILKO? ; GIƒ;
NCHB;M?O>CJFIG;>?J?H>OL;>I;FC
G;MIG;LC>I?I=OJCH=B;?L;GMOMJ?CNIM
, JLI<F?G; >; O=; ?L; KO?
 ;J?M;L >? NO>I
 M?GJL? NCHB; ;=B;>I IM >ICM
BILLCP?FG?HN?MCGJ~NC=IM
IKO?;I<LCA;P;;>?<;N?L=ILH?FC;H;G?HN?I>?P?L?
;M J;CRIHCN?M JF;NŽHC=;M
 ?HKO;HNI #?LL;AONI ILA;HCT;P; ; ;>GCHCMNL;ƒ‚I ? M?
B;<CNO;P; JIO=I ; JIO=I ; N?L ?MKOCTI@L…HC=IM ?G FOA;L >? ?HAIFC>IL?M >?
?MJ;>; ? ;GJIF;M >? CHMOFCH; ?G FOA;L >? @;L>IM >? =;JCG  ,M G„>C=IM
 ?G
H’G?LI >? NL…M
 ;J;L?=C;G J?F; G;HB‚ ? H‚I CH=IGI>;P;G AL;H>? =ICM;  ,
CHN?LHI
 OG MOD?CNI >;>I ;I JŽKO?L
 D~ NCHB; PCL;>I ˆHNCGI >? ,FCP?CL; ?
1L;P?F?L?GM?O=IHMOFNLCI>IN?L=?CLI;H>;LM?;LG;P;GJIN?HN?MM?KO…H=C;M
L?;CM
?=;=C@?M>??HNL?>?T?=?GG;HAIMJ;MM;P;G>?G‚I?GG‚IKO?N?F;
PIAFCI>CL?
,M>I?HN?MG?FBIL
I<LCA;>I

 


" HOG; KOCHN; @?CL;


 T~M
 NI>IM CHMN;F;>IM F~ J?F;M HIP? >; HICN? g N;L>? I
J?MMI;F NCHB; C>I ?G<IL; <;N?H>I ;M JILN;M LCMIM CLŽHC=IM >? #?LL;AONI ? ;
O=;
@CLG?MH;>?=CM‚I>?H‚I;LL?>IH>;L;MCH>?HCT;ƒ‘?M
?OG;>?F?A;ƒ‚I
>?>I?HN?MB;PC;M?>?MJ?>C>I>IMKO?C;G?G<IL;=IGALCNIM>?U,=;=BILLI
GILL?O
 I =;=BILLI GILL?OW
 =ICM; KO? H‚I IM CGJ?>CO >? ;JL?M?HN;L ;
#?LL;AONI OG; =;LN; =IG =CH=I ;MMCH;NOL;M ?RCACH>I =BI=IF;N? ? I DILH;F >;
N;L>? ? L?=F;G;H>I >; GILN? >I =;=BILLI  #C=;L;G IM HIPIM
 ;CH>; G?CI
>?MJCMN;>IM
?/?GILCHI
KO?M?=IGJILN;P;=IGIOGMOD?CNI=B?CI>?=;H=B;
? >CTC; KO? NO>I =ILL?LC; M GCF G;L;PCFB;M  -?F; /~>CI "F *OH>I I ?MJˆLCNI
?MJILNCPI >IM JILN?HBIM ?L; ;FCG?HN;>I =IG <IF?NCHM MI<L? ; IH>; >? =;FIL
;NC>IM NI>IM IM L?=IL>?M
 NI>IM JI>C;G MO;L J;NLCINC=;G?HN?  PIHN;>?
 ?
/?GILCHID~B;PC;L?=IFBC>I=CH=IJCD;G;MDIA;>IMJ?FIM=;HNIM "F??,FCP?CL;
=IHP?H=C;GIMJLIJLC?N~LCIM;P?MNC FIMHIP;G?HN?
J?FIG?HIM;=;Fƒ; HN?M>?
M? ?HLIM=;L HOG JŽKO?L =IG #?LL;AONI ? 1L;P?F?L
 I >L  ,P?D?LI ;ONILCTIO
1;FCN;;>CMNLC<OCLFCGIH;>;M?GG?>I
=IG?R=?ƒ‚I>I
>I?>; &MMI
NCHB;JLIPI=;>IOG;N;KO?>?=BILIH;
?1;FCN;>?L;;?F;OG;>IM?>OJF;
>?FCGIH;>; '~?L;N?GJI>?JLI=?>?LGINOJLIJLCI
GILN?;I=;=BILLI
IGI =IG?ƒ;L ; PCP?L ;KO?F; PC>; ;MMCG NL;HKOCF;G?HN?
 M?G GOCNI
?MNL;HB;G?HNI.O;M?M?GJL?J;L;ƒ‚IJL„PC;
JILKO?IG;HO;F>?JMCKOC;NLC;
;>KOCLC>I H; FCPL;LC; >? 1IG~M -;L>I H‚I ?L; ?R;N;G?HN? JLIJ?>…ONC=I J;L;
1;FCN;?J;L;1L;P?F?L 0?G?RJ?LC…H=C;
M?GPIHN;>?>?P?L>;>?
M?GH;>;I
BIG?G ?L; P?L>;>?CL;G?HN? I ;HCG;F KO? M? ;=IMNOG; ;N„ ; H‚I ?MN;L
;=IMNOG;>I  -IL ?R?GJFI
 I H?=LIN„LCI 1L;P?F?L ? ,FCP?CL; CAHIL;P;G MO;
?RCMN…H=C; ? ?CM KO? >? L?J?HN? H; N?Lƒ; @?CL;  HICN? /?GILCHI MO<CO J;L;
=B;G~ FIM=OGJLCH>IIL>?HM>?,P?D?LI ,NCHB;;=;<;>I>?GILL?L=IGI
?MJ?L;>IHIM?AOH>I;H>;L
?L;JL?=CMI>;LOG;G‚I;IG;KO?CLI?>CMNL;CL;

 KO? NCHB; OHM JL?MM?HNCG?HNIM N?F?J~NC=IM CGJL?MMCIH;HN?M  /?GILCHI
?RJFC=IO;IM>ICMKO?IJ?MMI;FKO?B;PC;M;ˆ>I?L;GOCNIL?CPCH>C=;NCPI??MN;P;
NL;<;FB;H>I?GIJ?L;ƒ‚IN;LN;LOA;>?M>?KO?NIG;L;=IHB?=CG?HNI>I;MMOHNI
>;MCH>?HCT;ƒ‘?M
?KO?JILCMMIH‚IB;PC;L?G„>CI;H‚IM?L>;L>OLI
?;F„G
>IG;CMJ;L;?F?MM?LC;NCGICLJ?A;H>IJL~NC=;
.O?=ICM;G;CM?MNL;HB;KO?HICHP?HN~LCIFC>IHI>C;>;AL;H>?H?AI=C;ƒ‚I
HCHAO„GNCP?MM?G?H=CIH;>IIH?=LIN„LCI *;M=B?
?G;FAOGFOA;L„JL?=CMI
AO;L>;LIMJL?MOHNIM;N„;@;GˆFC;=B?A;LIO;JL?@?CNOL;G;H>;LI@OLA‚I 3;C
P?L KO? HI CHP?HN~LCI M? @;F;P; >? OG; =G;L; >? >?JMCNI
 IO OG; M;F; >?
NLHMCNI
 IO OG ;G<C?HN? @LCAILˆ@C=I
 ?MM?M ?O@?GCMGIM
 IO MCGJF?MG?HN? M?
G?H=CIH;P;G ;M ICNI A?F;>?CL;M  +?=LIN„LCI
 ;@CH;F >;M =IHN;M
 H‚I ?L; OG;
=ICM; <IHCN; >? M? ?M=L?P?L HOG >I=OG?HNI
 J?HM;P; /?GILCHI  " J;L; KO?
ICNI A?F;>?CL;M B
 CMMIX FAOG; ?RCA…H=C; >I !?J;LN;G?HNI +;=CIH;F >?
%CAC?H?
IO=ICM;>I?R ;>GCHCMNL;>ILJILI=;MC‚I>;MFC=CN;ƒ‘?M
G;MN‚ILOCG
H‚I?L;JILKO?MP?T?MB;PC;MOLNIM
=IGIHI;HI?GKO?I0;H)IL?HTINCHB;
A;HB;>I?GKO?;HIB;PC;MC>I/?GILCHIH‚IM?F?G<L;P;
G;M@IL;HI;HI
?G KO? I 0;H )IL?HTI NCHB; >;>I OG <;HBI
 >? L?J?HN? KO;NLI >I?HN?M
?GJ;=IN;L;G
OGAIFJ?>?@IC=?>;KO?F?M 3?L>;>?KO?JIO=I@L?KO?HN?
I
H‚I NCHB; D?CNI
 I KO? „ KO? M? P;C @;T?L  -IL ;KOC
 @;F?G <;CRI J;L; H‚I
>?MJ?LN;L;M;FG;MJ?H;>;M "PI=…KO?G?;J;L?=?;?MN;BIL;
D~J;L;;=;G;

?>?JL?MM; jOG<IGA;LINI
P?D;GM=IGII<?>?=? gHICN?CHP?HN;>?M;CL
J;L;I=ILL?>IL
G;MH‚IJ?HM?GKO?„JIL=;OM;>;MGOFB?L?M
?MM;KO?MN‚I;
A?HN?L?MIFP?OGOCNI<?G 0;CJILKO?„FIO=I
MCMMI
=IGIKO;FKO?LOG>?
HM
J?HM;H>I<?G
,FCP?CL; ? 1L;P?F?L ;=B;P;G KO? /?GILCHI ?L; <I; A?HN?  2G MOD?CNI
?PIFOˆ>I
 ?MN;P; H; =;L;  DO>;L;G I G;KO?CLI
 KO? KO;H>I H‚I ?MN;P;
=;LL?A;H>I ; G;=; ?L; M I  ? JIHNI @CH;F
 OG =;MI =OL~P?F
 >? GI>I KO?
JI>C; =IF;<IL;L HIM NL;<;FBIM F?P?M  !?M=?L;G ; G;=; J?FI GIHN; =;LA;M
 OG
JIO=I ;GIHNI;>IM ? M?HNCH>I GOCNI >? J?LNI I PIFOG? >I  >?<;CRI >I
F?HƒIF @;GˆFC;PCLC;<OM=~ FIH;M?AOH>; @?CL;
?L;G>?1L?F?Q
=ICN;>IM N„
;AIL; HCHAO„G PC?L; <OM=;L I 
 I =’GOFI  $?HN? >? >CHB?CLI
 ;=B;P;
/?GILCHIIMJCIL?M
OHM;<ONL?M
M?GM?HNCG?HNI ";JL?@?CNOL;J?LGCNC;KO?I
X,?RJ?>C?HN?>?PC;?MN;L;H>;H>IJIL;ˆ
?MM;M=ICM;M =;<;KO?IM>C;M
C;GJ;MM;H>I
>O;MM?G;H;M
?;MMCGPCL;G;P;HN;A?G>?N?LGOCN;MA?F;>?CL;M
"?HNL?=ICM;?FICM;D~?L;GNL…M
JILKO?B;PC;;CH>;;
OG;>;M@OH>;>IL;M
2G; =ICM; NL?G?H>;
 ;  H‚I NCHB; @;GˆFC; G;M I >?J;LN;G?HNI >? @OH?L;CM
B;PC; ;PCM;>I KO? I @OLA‚I J;MM;LC; ?G KO;L?HN; ? ICNI BIL;M  /?GILCHI @?T ;
=IHN;J;L;>;LLCM;>;
D~?L;GNL?T?HN;M?M?CMBIL;M
KO;M?NL?T?HN;M?M?N? !CTC;
@OH>;>IL;JILKO??L;OG;P?FBCHB;>IMJLCG?CLIMN?GJIM
>?;HN?M>I>IONIL
KO?NCHB;P?H>C>IIFI=;F;> #?LL;AONI -?FID?CNI> #?LL;AONI?L;OGNCGI
MOD?CNI
H‚I?L;G?MGI"J?HM;LKO?@IL;>IHI>?OG=CL=I
KO?=ICM;
,;<LCOIGIHN; =;LA;M
JORIO;G;=;?M;COJ?FI=ILL?>ILJCFIN;H>IKO?
?L; OG; <?F?T;
 ;N„ KO? /?GILCHI @L?IO I ?G M?=I ? M? ;>C;HNIO =IG OG;
=B;P?S;F?J;L;;<LCL;JILN;G?N~FC=;?HKO;HNI1L;P?F?L?,FCP?CL;JOR;P;G;I
G?MGI N?GJI M?OM =CA;LLIM
 ?MM?M L?@F?RIMX +; P?L>;>?
 I KO? >?P?LC;G N?L
@?CNI?L;NL;T?LIMMI<L?NO>IM
JILKO?HIH?=LIN„LCIH‚IB;PC;HINˆ=C;>;IH>;>?
=;FIL
H?=LIN„LCI?MM?KO?;FC~MJ;L?=C;OG>?JMCNI>?<?<C>;M=IGOG;G?M;
=IGJLC>;>?OGF;>I?H;IONL;J;L?>?OGL?@LCA?L;>ILKO?C;;N„IN?NI
Z-?AO?OG;=?LP?D;ZIL>?HIO/?GILCHI Z3I=…MH‚IM;<?G>?H;>;

?MN~<?GKOC
IL?AOF;G?HNIMP?T?M„?R;A?L;>IX*?FBILH‚I>CT?LH;>;;
> #?LL;AONI
;@CH;F;A?HN?MNIG;OG;=?LP?DCHB;>?P?T?GKO;H>I
,  @IC ;N„ OG; >;M JILN;M >I L?@LCA?L;>IL ? NCLIO OG; A;LL;@;  "HKO;HNI
/?GILCHI ;<LC; ; =?LP?D; =IG OG >CMJIMCNCPI >I KO;F M?O =;HCP?N? ?MN;P;
GOHC>I
1L;P?F?LIFBIOJ;L;,FCP?CL;
G;MIH’G?LI@;FIO;HN?M
ZjG?FBIL;A?HN?AO;L>;L?F?;HN?M
IM?HBILH‚I;=B;
Z3I=…XZ=IG?ƒIO/?GILCHI
G;MJ;LIO=IGI=;HCP?N?;<?LNIH;G‚I
Z1?GL;T‚I
A;LINI 3;F?O "MM;;FC?MN~FCPL?
Z+‚IZ>CMM?IH’G?LI
Z3;C>CT?LJ;L;GCG
Z,M?HBILG?J?L>I??>?M=OFJ?Z>CMM?I Z*;M;KO??MN~FCPL?„?MN;
;KOC
/?GILCHI@C=IOIFB;H>IJ;L;?F??IMILLCOJ;L;?F??=IGOG;?MJ„=C?>?
M;O>;ƒ‚I M? ;JLIRCGIO >; JILN; ?G FCNˆACI ? ;<LCO  0;CO OG; FOT <LCFB;HN?
=IGIOG;;OLIL;<IL?;FIO;FAOGIONLIG?N?ILIBCJ?L<L?I
HIG?CI>;KO;F
M?>?FCH?;P;G=F;L;G?HN?OHMJ„M<;MN;HN?AL;H>?M
ZjIZ>CMM?I Z+‚I@;F?C IHB?ƒINI>IM?F?MJ?FIMJ„M FC?MN~;
  , M?HBIL ?MN~ <LCH=;H>I =IGCAI ,FB?
 M? H‚I ;=L?>CN; ?G GCG  " ?HN‚I

=IHP?H=C>I *OCNI <?G


 ?HN‚I P;GIM =IFI=~ FI H?MM; KO? ?MN~ FCPL?  3I=…M ;ˆ
G?;DO>?G
=OC>;>IKO?„JL?=CMI?HNL;L>?=;<?ƒ;
Z "F? „ OG =;GJ?‚I Z >CMM? /?GILCHI J;L; 1L;P?F?L ?G PIT <;CR;  Z
/?;FG?HN?H‚IM?CJILKO?I,P?D?LIM?AOL;?F?;KOC IG
=B?
H‚IN?G=IJI

?HN‚IP;CN?LKO?M?LHIA;LA;FI
1L;P?F?LNL;AIO;@OG;ƒ;>I=CA;LLI;N„IMDI?FBIM;HN?M>?;=?CN;L;A;LL;@;
#IL;G J;MM;H>I ; >? G‚I ?G G‚I
 ? ; JLCG?CL; JC;>; >? M;=;H;A?G KO?G
=IHNIO@IC/?GILCHI

 


!;D;H?F;>IM?OKO;LNIHIM?AOH>I;H>;L,FCP?CL;PC;IJ~NCI=IG;@IHN?
I
L?JORI
 I DIAI >; ;G;L?FCHB; >I 
 ;M NL…M ~LPIL?M KO? >;P;G MIG<L; ;I
=;HN?CLI >? A?LHCIM ? AL;G; ? I ;FNˆMMCGI GOLI >? N;CJ; KO? I=OFN;P; ;M
?>C@C=;ƒ‘?M >; LO;  .O;M? NI>;M ;M N;L>?M I  <LCH=;P; >? ;G;L?FCHB;
 ?L;
CG<;NˆP?F
I?;<?GKO?N?LC;GKO?LC>INIG;L>?F?I „OG;M?L;CH’NCF

IJ„>I?L;OG;;LG;>?JL?=CM‚I
OGNCLIJILKO;>L;>I
;J?>LCHB;M?GJL?
C; J;L;L H; JIMCƒ‚I G;CM @;PIL~P?F
 ?L; ?RNL;IL>CH~LCI  g HICN? ; ;G;L?FCHB;
NCHB;OG;?MJ„=C?>?>„<CF@IM@IL?M=…H=C;
?,FCP?CL;AIMN;P;>?IFB;LJ;L;?F;
>;D;H?F; +;=;G;
=?>?H>I;IM?@?CNIM>?OG=?HNˆG?NLI=’<C=I>?BCJHIM;F

I?MN;LC;>ILGCH>I@?CNIOG;=?AIHB;
G?HN;FG?HN??GJ„MI<L?OG;J?LH;

DIA;H>I;J?>LCHB;=IGAIFJ?MM?=IM?CH@;FˆP?CM
=IHKOCMN;>?OG=„OKO?
J;L?=C; >?M?H=;HN~ FI ;MMCG KO? =IHKOCMN;>I  U3I=… „ >? OG LIG;HNCMGI
CHMOJILN~P?FW
J?HM;P;,FCP?CL;>?MCG?MGI
=?P;H>IIG;N? U.O;H>IN?L~M?O
JCD;G; LIM;W 1CHB; MI<L? ; G?M; OG; =;LNCHB; >? $?EL?JN?H CH=IHMIF~P?F

KO?L >CT?L KO? M >?CR;G PI=… M;CL ;IM M~<;>IM


 G;M CMMI H‚I „ PC>;
 KO?LC>I

H‚IG?=IH@ILGI;J;MM;LN;HNIN?GJIMITCHB;
M?PI=…PCMM?IHIMMIKO;LNCHBI
JIC;H>I ; =OC; HI J;L;J?CNI >; D;H?F;
 ,FCP?CL; NCLIO OG; ?M@?LIAL~@C=; >I
<IFMI ? L?MJIH>?O  =;LN;  -LCG?CLI
 B;PC; I N?F?@IH? ?M=L?P?O I H’G?LI
M?AOH>I
?MN;P;GGOCNII=OJ;>IM
G;M;L?ILA;HCT;ƒ‚IH‚IF?P;LC;G;CM>IKO?
>O;M M?G;H;M
 ? ?HN‚I JI>?LC;G M? P?L J?FI G?HIM H;M KO;LN;M @?CL;M
 HIM
M~<;>IM?HIM>IGCHAIM 1?L=?CLI
MO;?LP;?MN;P;;=;<;H>I U"M=L?PI=IGIM?
NCP?MM?MC>INL;H=;@C;>IW
J?HMIO
?HKO;HNI;MMCH;P; "L;GKO;M?IHT?>;HICN?

FIAI >?P?LC; L?H>?L 1L;P?F?L


 >? JF;HN‚I HI N?L=?CLI ;H>;L  ?P;H>I IONLI
G;N?
 L?F?O ; =;LN; ? @?=BIO I ?HP?FIJ?  -L?@?LC; ?M=L?P?L
 I N?F?@IH? ?L; OG
CHMNLOG?HNI=IH@OMIH;MG‚IM>?$?EL?JN?H
?F;H‚I?HN?H>C;H;>;>IKO?FB?
?RJFC=;P;G
+IJ;PCFB‚I>;?MKO?L>;;FOT>;@;LG~=C;M?;J;AIO 1;FCN;M;COJ;L;IJ~NCI

@?=BIO ; JILN;  =B;P? >;P; J;L; P… F; GOCNI <?G  FOT >I =„O ?MNL?F;>I ?
KO?HN??M?;JLIRCGIOCH>?=CM;>;@IHN? ,FCP?CL;;MMIPCIO<;CRCHBIJ;L;?F;

G;M 1;FCN; =IHNCHOIO IFB;H>I ; ~AO; >I L?JORI ? ;N„ ;JLIRCGIO OG >?>I
?RJ?LCG?HN;F ? I G;HN?P? OG CHMN;HN? H; ~AO;  !?JICM ;NL;P?MMIO I J~NCI

JCMIN?;H>I @IL; >; IL>?G I DIAI >; ;G;L?FCHB;


 ? >?M;J;L?=?O >?<;CRI >;
D;H?F; >? ,FCP?CL;  1O>I @IL; OG JIO=I =IGI H;M JCHNOL;M >? )?IHIL;
;LLCHANIH
;HICN?=IG1;FCN;?IDIAI>;;G;L?FCHB;
OG?HNL?=LOT;G?HNI>?
FCHB;MKO?M?CAHIL;P;G
OGL?JORI?GOG;@IHN? .O;H>I;@CAOL;P?MNC>;>?
LIM; M;CO >? ;FAOG FOA;L ? M? ;JLIRCGIO F?HN;G?HN? >I DIAI >; ;G;L?FCHB;

M?G M? ;NL?P?L ; JCM;L HI >?M?HBI


 ,FCP?CL; =IGJL??H>?O KO? NO>I PIFN;P; 
IL>?G
 KO? H?=?MM;LC;G?HN? ; @CAOL; >? LIM; ?M=IFB?LC; OG; J?>LCHB; =B;N;
?HNL?;MGOCN;MKO?I;GIHNI;P;H;<?CL;>I=;HN?CLI
?KO?;*;A;
JILKO?
?L; ; *;A;
 >I<L;LC; ; J?LH; ?MKO?L>; ? =IG ; JIHN; >I M;J;NI JLID?N;LC; ;
J?>LCHB;J;L;;JLCG?CL;=;M;>IDIAI>;;G;L?FCHB; !?=CG;PC;I=;<?FI>;
*;A;
;=OLP;>IMIG<LIM?=IGI?F;?LAOC;IM<L;ƒIM;N„;G?N;>?>I=ILJI
J;L; G;HN?L I ?KOCFˆ<LCI
 ?HKO;HNI ;IM JOFCHBIM ?HNL;P; H; JLCG?CL; =;M;

?GJOLL;P; ; J?>LCHB; ;N„ ; M?AOH>; ? ,FCP?CL; NL?G?O OG JIO=I JILKO? ;
J?>L;KO;M?M;CO>;=;M;
OG;CLL?AOF;LC>;>?>;MF;DIN;M;>?N?P??R;N;G?HN?HI
FCGCN?>;M?AOH>;=;M;
?HNL;P;=IGF?P?T;?@C=;P;OGM?AOH>ICGP?F
=IGI
OG @F;GCHAI LIM; H; J?HOG<L;
 ;HN?M >? ;JLIRCG;L JIO=I ; JIO=I I J„ >;
J?>LCHB;
=;F=OF;H>I;>CMNH=C;J;L;@;T… F;J;MM;LJ;L;;N?L=?CL;=;M;
1;FCN;?LAO?O;=;<?ƒ;?PCO,FCP?CL;H;D;H?F; !?GILIO;L?=IHB?=… FI
?
?HKO;HNI CMMI IM=CF;P; MI<L? OG; >;M J?LH;M
 =IGI M? ?MNCP?MM? M? ;GJ;L;H>I
HI ;L =IG ;M G‚IM  ,FB;H>I J;L; ?F; =IG OG >?M?H=;HNI CLŽHC=I
 ,FCP?CL;
L?=IHB?=?OM?O?LLI
PCOKO?ILIM;H‚I?L;LIM;
KO?1;FCN;P?MNC;OG;<FOM;
=CHT; ? OG; M;C; JLIP;P?FG?HN? <L;H=;  1O>I JIL ;MMCG >CT?L ?MN;P;
?RJFC=;>I1;FCN;B;PC;?HNL;>I?NILH;>I;M;CL
;NL;ˆ>;J?FIDIAI>;;G;L?FCHB;

??MM;LOJNOL;>?OGM?AOH>I?HNL?;J;MM;A?G?IL?;J;L?=CG?HNINCHB;MC>I
MO@C=C?HN? J;L; ?HA;H~ FI =IGI H;KO?F; IONL; HICN? H; JLI; >I H;PCI
 =IGI
N;FP?T ?G P~LC;M IONL;M HICN?M  *;F L?MJIH>?O ;I ;=?HI >? 1;FCN;
 KO? ;AIL;
<;CR;P; ; =;<?ƒ; M? =IH=?HNL;H>I
 =;F=OF;P;
 ? ; J?>LCHB; M;ˆ; =IG @ILƒ; >;
M?AOH>; =;M; ? ?HNL;P; H; N?L=?CL;
 ?H>CL?CN;H>I M?
 JIH>I M? >? J?L@CF
 M;CH>I
>INL;ƒ;>I>;;G;L?FCHB;
OG;IO>O;MF;D?M@IL;>?F?
ZjJL?=CMINL?CH;LG;CMZ>CMM?,FCP?CL;ZM?KO?LA;HB;L>I
Z,KO?PI=…?MN~@;T?H>I;ˆ
Z ;FIL -F;HN‚IMIHT??G?C;  ILL?MJIH>…H=C;
ZBZ>CMM?1;FCN; Z.O?HICN?
Z *~AC=; Z >CMM? ,FCP?CL;
 ? 1;FCN; LCO <L?P?G?HN? ;HN?M >? >?M;J;L?=?L
JILN;;>?HNLI ,FCP?CL;IOPCO ;MO<CL;?M=;>;
J;MM;L>C;HN?>?MO;JILN;G;M
KO?G M;<? ?MNCP?MM? MO<CH>I J?FI GIHN; =;LA;M
 =B?A;L ;I N?L=?CLI ;H>;L
U3;GIM ;>GCNCL KO? „ GOCNI J;L?=C>;W
 J?HMIO  U IG CMMI
 ? M?H>I ?O OG
=L?NCHI
 NO>I @C=; <?G ?RJFC=;>I W *;M ;CH>; ;MMCG @C=IO IFB;H>I I J~NCI JIL
;FAOHM CHMN;HN?M
 I DIAI >; ;G;L?FCHB; >?M?LNI
 =IGI J;L; M? =IHP?H=?L  gM
IHT??>?T1L;P?F?L=B?AIOJ;L;<OM=~ FI?FB?J;MMIOIL?F;NLCI ,<;MN;HN?
CHKOC?NI
;PCM;L,P?D?LIM??F?=IG?ƒ;L;J?LNOL<;LIMIONLIM>ILGC;G
, N?L=?CLI ;H>;L ?MN;P; H; G;CM J?L@?CN; J;T
 ? ;N„ I  M? NL;HKOCFCT;L;
=?CNIO OG =CA;LLI
 @OGIO ;JFC=;>;G?HN? ? ?RJFC=IO ; ,FCP?CL; KO? ;
=IHMJCL;ƒ‚I >IM ?>CNIL?M DO>?OM ?MN;P; ;NL;M;H>I ; JO<FC=;ƒ‚I >? MO; AL;H>?
I<L; MI<L? IM =IG?N;M JLIG?N?O FB? OG ?R?GJF;L =IG >?>C=;NLC;  ,FCP?CL;
>?CRIO;JILN;?HNL?;<?LN;J;L;?F?JILKO?=IHB?=C;MO;MG;HB;M
?=IG?ƒIO;
CL?PCLJ?FI=ILL?>IL
IFB;H>I>?P?T?GKO;H>IJ?FIMIFBIMG~AC=IMCHMN;F;>IM
AL;ƒ;M;MN’=C;>?,P?D?LI
I;>GCHCMNL;>IL
?=;M;)C<?L#CHE?F?G=;>;
KO;LNIOG>CGCHONI3;H"S=E
?R=?NI;
KO?
=IGIM?GJL?
NCHB;ALO>;>I
OG;>?MCPIH;F?HN? gG?C; HICN?/?GILCHI=B?AIO=IGP~LC;MA?H?<L;M;CH>;
H‚I CHN?CL;G?HN? ;MMCGCF;>;M @;F;L;G >? =;P;FIM ? >? @ON?<IF
 ? >?JICM
/?GILCHI@IC>ILGCLOGJIO=IHIN„LL?I ,B;PC;M?;=;FG;>ININ;FG?HN??
I=;FIL;J?LN;P;HIMCF…H=CI?H;J?HOG<L;>I=ILL?>IL C>?C;>?KO?;FAO„G
N?HN;MM? G;N~ FI H‚I I=ILL?L; ; ,FCP?CL; ;N„ ;KO?F? GIG?HNI
 G;M <;MNIO OG
>?M?HBICHMN;HNH?I
OG?M<IƒIKO?NCHB;G;CM>?=;F;@LCIKO?>?IONL;=ICM;

J;L; ?F? M? >;L =IHN; >? KO? H‚I ?L; OG; C>?C; HIP;
 KO? H‚I PCHB; >;
;NGIM@?L;>I=ILL?>IL=IGMO;MJILN;M@?=B;>;M?;MIG<L;>IGIHN; =;LA;M;I
@OH>I G?MG;=ICM;JI>?LC;N?LI=ILLC>I;?F?HOGG?CI >C;HI;LG;T„G>I
/IKO?
IOHIG?NLŽM=CH=I>;N;L>? ,OGOCNI;HN?M
H;"OLIJ;
?G;FAOG;
HICN? >? P;A;<OH>;A?G J?F;M TIH;M @L;H=;M
 J?FIM N?LL?HIM <;F>CIM IH>? OG;
F;N; P?FB; JI>C; M?LPCL J;L; L;MA;L OG; A;LA;HN;
 JIL G?HIM KO? OG; ? IONL;
GIMNL;MM?G<I;PIHN;>? -;L;H>I;IF;>I>IP‚I>IGIHN; =;LA;M
IFBIOJ;L;I
@OH>I H?ALI ? J?HMIO HIM ;GJIM #F„AL?IM
 IONL; P?T HI ;=?MMI  +I =CL=I
I=ILL?L;I=IHNL~LCI
OG<OL;=IF~HI;FNI
;;<?LNOL;M?=IGOHC=;H>I=IGI
?MJ;ƒI ;<?LNI
 @CAOL; >? =IHMOG;ƒ‚I
 ;AIL; ?MN;P; DOHNI ;I JIƒI
 I P‚I >?
"F…OMCM
;=FˆHC=;?HPIFN;?GP;JIL?M>?=;FIL;=?HNO;P;;J;MM;A?GH?A;NCP;
IM
P;JIL?M >? ?HRI@L?
 ; >?M=C>;  !;H>I G?C; PIFN; PCO ; FCHB; L?N; >I =ILL?>IL
?MN?H>?H>I M?;N„I@OH>I
=IG;>„<CFFOT>;MFGJ;>;MLIR;MHI<;N?HN?>;M
JILN;M<L;H=;M #?TOG;=ICM;<I<; ?H=IFB?H>I ;J?LH; ?MKO?L>;
 ;P;HƒIO;
J?KO?HIMM;FNIMJ?FI=ILL?>IL
;N„;;FNOL;>;JLCG?CL;JILN; .O;H>INILHIO;
;JIC;L;J?LH;?MKO?L>;HIFCHF?IP?L>?
?MN;P;<;HB;>I>?MOIL =;>;M;FNI
B;PC;L?J?NC>I?HNL?>?HN?MIHIG?>?*;H’ U"J?HM;LKO??ONCHB;J?HM;>I
?G OG; J;MM;A?GW
 >CMM? J;L; MC G?MGI
 M? ;JIC;H>I H; J;L?>?  &GJIMMˆP?F
I<D?NCP;L;JLCG?CL;@L;ƒ‚I>?OGJ?HM;G?HNIM?G;=B~ FIALIN?M=I -;MM;A?G

JIL ?R?GJFI  " J?HM;L KO? ?F? B;PC; ?MJ?L;>I  "MJ?L;>I OG; J;MM;A?G
!?CR;H>I I =ILJI ?M=ILL?A;L
 M?HNIO M? HI =B‚I ? IFBIO @CR;G?HN? J;L; I
FCHF?I -;MM;A?GJ;L;IH>?"JILKO?;=FˆHC=;NCHB;KO?M?LPCL>?J;MM;A?G
J;L; ?F? !? KO? NCJI >? N?GJFIM ;H>;P; JL?=CM;H>I
 >? KO? NCJI >?
CHN?L=?MMIL?M
 >? KO? BILGŽHCIM JMˆKOC=IM IO GIL;CM KO? I JLID?N;MM?G J;L;
>?HNLIIOJ;L;@IL;>?MC
.O;H>I1;FCN;=B?AIONL;T?H>IOG=IJI>?FCGIH;>;?MM;MC>?C;M>?F;
?MM?
M?O F;>I JLI@?MMILCHB; >IM NL;<;FB;>IL?M ? =;N?KOCMN; >? =LC;Hƒ;M

CG?>C;N;G?HN?NI=IOHI;MMOHNI=IG?F; 1;FCN;H‚IM?MOLJL??H>C;=IGH;>;
M?HN;H>I M?>C;HN?>?F?IFBIO=IGI?F?<?<C;;FCGIH;>;>?OGMAIF?
Z0?; O=;HIMPCMM?DIA;>IMHI=B‚IN?LC;OG=BCFCKO? .O?G;H?CL;>?
GIHN;LAO;L>;
?MM;MO; "F?M?MN‚I>ILGCH>I
Z0CG =BI N;GJIOIIFBIG~AC=I
P;CM;<?LIKO??F;?MN~@;T?H>I
*?>~OGH?A=CI;<LCL;JILN;>?F;
=B?
Z3I=…„;>?FC=;>?T;?GJ?MMI;Z>CMM?1;FCN; Z*;M?O
>?GOFB?LJ;L;
GOFB?LX
3IFNIOKO;M??GM?AOC>;
?>?MM;P?TM?CHMN;FIO;IF;>I>?,FCP?CL;J;L;M?
;JIC;LH;J;L?>?
Z !ILG? =;MN;G?HN?  , =ICN;>I >I *;H’ N?P? OG J?M;>?FI BILLILIMI
0?GJL? ;=IHN?=? ; G?MG; =ICM;
 ?F? PIFN; ; >ILGCL
 G;M ?O @C=I N‚I
NL;HMNILH;>;KO?;=;<IG?F?P;HN;H>I =B?CKO?PI=…>?PC;?MN;L=IG=;FIL

PI=… IO /?GILCHI


 ?HN‚I @CT FCGIH;>; J;L; PI=…M  .O? P?L‚I
 ? =IG ?MM;M
J;L?>?M;ˆ@IL;KO?=ILN;GI;L .O?L>CT?L?HN‚IKO??OG?J;L?ƒI=IG?MM;
IONL;GOFB?L
Z 2G JIO=I
 J;L?=? Z >CMM? ,FCP?CL; Z
 G;M H‚I N?G H?HBOG;
CGJILNH=C;  , KO? ?O AIMN;LC; G?MGI >? M;<?L „ JIL KO? PC PI=… P?MNC>; >?
LIM;
Z&H@FO…H=C;M>I;G<C?HN?
PI=…;C>?HNC@C=IO;IMIONLIM
Z-ICM„
J?HM;H>I<?G
CMMI;N„KO?M?LC;@~=CF "PI=…
JILKO?=IG?ƒIO;
DIA;L;G;L?FCHB;1;G<„GM?C>?HNC@C=IO
Z3I=…N?GL;T‚IZ>CMM?1;FCN; Z-ILKO?=IG?=?C;DIA;L+;P?L>;>?

HOH=;AIMN?C>?DIA;L;G;L?FCHB; *;MH‚IP?HB;=IGOG;>;MMO;MN?ILC;M>?
JIMM?MM‚I
H‚IMIOTOG<C>?HCHAO„G
Z+‚IB~;G?HILH?=?MMC>;>?>?ALCN;L
Z!?HCHAO„GZL?J?NCO1;FCN;<;CR;H>I;PIT Z3CI>?M?HBI>IDIAI>;
;G;L?FCHB;KO;HNIJ;MM?C
NCHB;OG;J?>LCHB;XDIAO?C?@OC?G<IL;
Z3I=…J?L>?OH;N?L=?CL;=;M;  IG;*;A;N?LC;;=IHN?=C>IIG?MGI
?F;
„CH=;J;T>?J?LM?P?L;L
H‚IN?G;G?HILHIƒ‚I>;M>CMNH=C;M
H;MG‚IM>?F;I
N?GJI PCL; J
 ;H>; ;IM NLIJ?ƒ‘?M =IG I GOH>I  " AL;ƒ;M ; CMMI
 ;FC~M
 „
;<MIFON;G?HN? J?L@?CN; ?G MO; G;H?CL; >? >?HOH=C;L ; @;FM; J?L@?Cƒ‚I >IM
IONLIM *;M?O?MN;P;„@;F;H>I>IGIHN; =;LA;M
;=BI
Zj
PI=…@;FIO;FAOG;=ICM;?>?JICMNIGIO;FCGIH;>; +‚I
?MJ?L;
PI=…
NIGIO;FCGIH;>;;HN?M
Z-LIP;P?FG?HN?G?=B;G?C>?CH@?FCT
KO;H>IPI=…=B?AIO?O?MN;P;?G
JF?HI NL;HM? R;GHC=I
 ; JIHNI >? G? DIA;L HI JIƒI J;L; ;=;<;L>? OG; P?T
=IG;M=IHD?=NOL;M
?MM;J;F;PL;?M<?FN;
Z , <OL;=I ;=;<; HI JIL‚I Z >CMM? 1;FCN;  Z 1?G <;L;N;M
 M? PI=… KO?L
M;<?L
?NL;JIM=IFILC>IMJ?FI=B‚I 1O>I?MN~’GC>I??M=OLI?OGJIO=IG;CM
@L?HN?=IG?ƒ;GIMGILNIM *;H’G?=IHNIO
Z*;H’?MN~>ILGCH>I
Z"MN~ 1?P?OGJ?M;>?FI
ALCNIO;FAOG;=ICM;MI<L?OG;AL;P;N;J?L>C>; '~
FB?=IHN?C
ZjOG;HICN?>?AL;H>?M=IH@C>…H=C;MZ>CMM?,FCP?CL;
IFB;H>IJ;L;?F;

>?P;A;L
Z*OCNIAL;H>?MZ>CMM?1;FCN; Z*;A;?L;;J?H;MOGHIG?
?;AIL;D~
N?GOGLIMNI -;L?=?KO?;CH>;M??HA;H;=IG;=IL>;LIOJ;
Z  LIOJ; „ I >? G?HIM
 KO;H>I ?O NILH;L ; P… F; M;<? F~ I KO? ?MN;L~
P?MNCH>I 1;FP?T?MN?D;HO;
IO;H>?=IGIG?HCHIHIM<L;ƒIM=;HN;H>IJ;L;
?F?U)?MG;HNM>O%;PL?W
OG;=;Hƒ‚IKO?PI=…H‚I=IHB?=?
Z 3I=… „ KO? J?HM; Z >CMM? 1;FCN;  Z 1I=;P;G M?G J;L;L H; /~>CI
?FAL;HI )~ F~ F~
F~ F~ F~X
,FCP?CL;?M<IƒIOOG;<I@?N;>;MO;P?
KO?;=;<IO?G=;Lˆ=C; 1;FCN;DIAIO;
=;<?ƒ; J;L; NL~M ? ;=;<IO <;N?H>I H; J;L?>? >I =ILL?>IL  #?T OG; =;L?N; ?
?M@L?AIO;HO=;
G;M=IHNCHOIO=;HN;LIF;H>I;G?FI>C; ,OPCO M?OG=FCKO??
>?JICM OG TOG<C>I KO? J;L?=C; ;TOF H; J?HOG<L; >I =ILL?>IL  ,OPCL;G I
GIHN; =;LA;MMO<CL
?G;FM?IFB;L;G;HN?M>?M?F?P;HN;L>?OGM;FNI gKO?F;
BIL;
 KO?G JI>?LC;X FCKO?
 ; J;MM;A?G J?FI JLCG?CLI ;H>;L
 I TOG<C>I
;TOF  1;FCN; L?=OIO ? M? JŽM ;NL~M >? ,FCP?CL;  FCKO?  !CMNCHAOC; M?
J?L@?CN;G?HN?IJCD;G;LIM;HI=O<I>?PC>LI?HAL;>;>I ,FCP?CL;=ILL?O;N„I
GIHN; =;LA;M?;<LCO;JILN; 0;COOG;FO@;>;>?;L@LCI ,P?FBIIFBIOJ;L;?F?
=IGI M? H‚I I =IHB?=?MM? ? =IHNCHOIO ;=;LC=C;H>I ; JIG<;
 ?L; @~=CF
=IGJL??H>?LKO?;FAOG>C;;JIG<;NCHB;MC>I<L;H=;
KO?;=;Lˆ=C;=IHNˆHO;
>IP?FBINCHB;@?CNI;JIG<;@C=;L;=CHT?HN;>; &GP?F
=IGIMIFBIML?PCL;>IM

?F;>?M=;HM;P;HI=ŽH=;PI>;G‚IKO?;M?AOL;P;;FNOL;>IJ?CNI
?HKO;HNIIM
>?>IMJ;MM;P;GOG;?IONL;P?T>IJ?M=IƒI=;O>;
>IJ?M=IƒI=;O>;
Z3~>ILGCL
> )J?TZ>CMM?,FCP?CL;
L?MJCL;H>I=IG@ILƒ;
Z*OCNIKO?HN?H;=;G;Z>CMM?> )J?T Z,FB?=IGI?F;@C=;=IHN?HN?
KO;H>I;F?PIJ;L;J;MM?;L
Z"MN~GOCNIN;L>?
P~J;L;IM?OKO;LNI
Z )?PI OG; FCGIH;>; A?F;>CHB; J;L; I M?HBIL Z JLIG?N?O 1;FCN;
+CABNCHA;F?
! )J?T;=;LC=CIO;JIG<;?M;CO>IGIHN; =;LA;M ,OPCL;G HI>?M=?LJ?F;
?M=;>;
ZKOC
=;>;OG@;TIKO?KO?LZGOLGOLIO,FCP?CL;@?=B;H>I;JILN;>I
GIHN; =;LA;M Z+OG;>?MM;MP;CB;P?LOG;>?AIF;A?L;F !~J;L;M?HNCLHI;L

KO?=ICM;G;CM?MNL;HB; "MM;JIG<;J;L?=C;OGL?PFP?L
Z  A?HN? >?PC; ;PCM;L I /?GILCHI  , P?FBI ?MN;P; MO<CH>I >I JIL‚I
 „
?MKOCMCNI
Z "M=ON?
 @CKO? ;KOC OG JIO=I PCAC;H>I KO? ?O PIO ;N„ I JIL‚I >;L OG;
IFB;>;
M@;FN;;FAOGIONLI?MN;LF~@;T?H>I<?MN?CL;
Z"O>?MƒI=IGPI=…
Z"MN~<?G
D~KO??MN?M>;KOC?MN‚I>ILGCH>INL;HKOCFIM
!?HNLI >I GIHN; =;LA;M ; FOT ?L; P;A;G?HN? ;TOF ? M? >?M=C; =IG OG
TOG<C>I >? M=C?H=? @C=NCIH  +I JIL‚I H‚I B;PC; HCHAO„G PCPI
 G;M OG; >;M
JILN;M>IL?@LCA?L;>IL?MN;P;OGJIO=I;<?LN;?J?F;@L?MN;M;ˆ;OGDILLI>?FOT
1;FCN;M?JIMC=CIHIO>C;HN?>;JILN;=IGOG;G‚I=I<LCH>I;<I=;?HKO;HNI
,FCP?CL;M?;JLIRCG;P; "L;I
F?G<L;P; M?GOCNI<?G
;@;GˆFC;>?PC;?MN;L
=B?A;H>I ; KO;FKO?L GIG?HNI  !? 1L?F?Q  " ?HKO;HNI CMMI I  NCHB;
L?=?<C>I;PCMCN;>?OG;GCAI
>;P;J;L;CG;ACH;L;=IHP?LM;=IGIP?FBI>;
JIG<;
 OG >?MM?M JM?O>I>C~FIAIM ?G KO? I CHN?LFI=ONIL H‚I M? CGJILN; H?G
OGJIO=IM?IIONLI@;F;IOH‚I@;F;
>?M>?KO?B;D;;FAOG;=ICM;;FCH;@L?HN?

KO;FKO?L=ICM;
OGLIMNI
OHMJ„MM;CH>I>IA?FI "R;N;G?HN?=IGI?F?;=;<;L;
>? =IHN;L ; 1;FCN; H;LL;H>I I KO? B;PC; PCMNI
 =IHN;H>I KO? M?HNC; G?>I

@;F;H>IIN?GJINI>I?G<OL;=IM?J;MM;A?HM
;1;FCN;IO;KO;FKO?LIONLI
;
OGJ;L>?J„MM;CH>I>IA?FI
;KO;FKO?L;J;L…H=C;;HN;AŽHC=;=;J;T>??M=ON;L
?;MM?HNCL *;M?HKO;HNI@?=B;P;;JILN;>;A?F;>?CL;?M?;JIC;P;M?GM;<?LJIL
KO…H;<IL>;>;G?M;
OGPŽGCNI>?G?GLC;=IG?ƒIO;M?;JIMM;L>?F?
>CMM?
J;L;MCG?MGIKO?H‚IG;CMKO?OGIO>ICM>C;M;HN?MNCHB;;=B;>IKO??L;
CGJIMMˆP?F =B?A;L ; =IHN;L ;FAOG; =ICM; ; 1L;P?F?L
 OG G;=;=I H‚I JI>C;
=IHN;L =ICM;M ; OG BIG?G
 ? >? L?J?HN?
 M?G M;<?L =IGI
 M? IOPCL; @;F;H>I
=IG1;FCN;=IGIM??F;@IMM?;*;A;
M;<?H>IKO?H‚I?L;
G;M@;F;H>I FB?>I
DIAI>;;G;L?FCHB;
>IG?>IHI=ILL?>IL
>;;NL;ƒ‚I>I<OL;=I "HN‚I?1;FCN;
?MN;P;;FC
;KO;NLIG?NLIM
;NL~M>?F?
?MJ?L;H>I;KOCFI?L;=IGIOG@CG
OG
;J?FIJC?>;>?;FB?C;
IL?CHAL?MMIH;@;GˆFC;BOG;H;
;?MJIHD;=;CH>I=IG
OG?MN;FIL?JOAH;HN?HI=?HNLI>ILCHAO? 0?HNC;=IGIM??MNCP?MM?J;LNCH>I>?
MC G?MGI
 ;<;H>IH;H>I M? J;L; M? ;NCL;L Z @CFBI >; JON; JL>CAI Z HIM
<L;ƒIM>;@~=CFL?=IH=CFC;ƒ‚I
?;J;LNCL>;ˆ;PIFN;;CH>;G;CM@~=CF;IGOH>I

PC>;JIMMˆP?F
;IN?GJI>?M?OM;HIM
L;T‚IKO?AOC;;M;ƒ‘?M>IM;LA?HNCHIM
<IHM ? >I <C=BI BOG;HI ?G A?L;F  "MN;P; ?G M?O J?KO?HI ? =ŽGI>I %;>?M
L?@LCA?L;>I
G;MH‚IB;PC;H?HBOG;"OLˆ>C=?J;L;<OM=;L
;F„G>IKO?NCHB;
>?M=C>I NL;HKOCF;G?HN? J?FI GIHN; =;LA;M ? ;AIL;
 ?HKO;HNI ;<LC; OG;
A?F;>?CL; ? J?A;P; OG; A;LL;@; >? =?LP?D;
 J?>L; FCPL? J;L; KO;FKO?L =ICM;
=IHN;HNIKO?;=;<;MM?=IG;KO?F;=IG„>C;
Z 3?HB; NIG;L ;FAOG; =ICM; Z I@?L?=?O  Z *OCNI G?FBIL KO? ; MO;
FCGIH;>;
1;FCN;>?OOGJ;MMI?J;LIO
Z+‚IM?D;H?=L@CFIZ>CMM? Z3;GIMM;CL>;KOC
Z j I ’HC=I FOA;L @L?M=I
 L?=IHB?ƒ;  =BI ;N„ KO? PIO NL;T?L OG; =;G;
J;L;=~
Z 3I=… ?MN~ J~FC>I >? @LCI Z >CMM? 1;FCN;
 M? ;JLIRCG;H>I  Z 3?HB;
 H‚I
AIMNIKO?PI=…@CKO?;KOC
Z+‚IAIMN;"F?MH‚IP‚IM;CL>;FCJ;L;G?=IG?L
IMF~>?=CG;M‚IJCIL?M
Z3?HB;
%IL;=CIZCHMCMNCO1;FCN; Z+‚IKO?LIKO?PI=…@CKO?;KOC
Z 3I=…X Z >CMM? ,FCP?CL; IFB;H>I ?H@OL?=C>I J;L; ?F;
 ? M? CHN?LLIGJ?O
J;L; ;<LCL ; =?LP?D; =IG OG AIFJ? >? G‚I =IHNL; ; <IL>; >? OG; =;>?CL;
"MN;P;P?H>I=IGN;HN;=F;L?T;OG<IOF?P;L>>?<;CRI>;=BOP;
G;M?GP?T>?
CLF?P;H>I;FAO„GJ?FI<L;ƒI
@;F;H>IJ;L;?MM?;FAO„G=IG=IGJ;CR‚I
?L;;
?F?KO?F?P;P;G
=IGJ;MMCP;G?HN?;FAO„GNCHB;FB?>;>II<L;ƒI?@;F;P;=IG
?F?J;L;KO?@C=;MM?=IHN?HN?
M?HNC;N;HN;J?H;>?F?KO??L;JIMCNCP;G?HN?OG;
>?Fˆ=C;  , J;MM;>I M? CHP?LNC;
 NLI=;P; >? MCH;F
 HI @CG M? P?LC@C=;LC; KO? H‚I
B;PC; FCKOC>;ƒ‚I H; ); -C?>;>  KO?F; GOFB?L DIA;>IL; >? ;G;L?FCHB; ?MN;P;
=IGJ?H;>?F?
?L;N‚I=F;LIKO?=B?A;P;;KO?CG;L
Z -I>?GIM =IHNCHO;L =IHP?LM;H>I HI M?AOH>I ;H>;L Z >CMM?
CFOMNL;NCP;G?HN?1;FCN; Z)?P?;A;LL;@;??ONIGIOGJIO=I
Z,OCG;>;G?
<C?HM“LG;>;G?Z>CMM?,FCP?CL;
ZN„KO??H@CGPI=…@;F;;FAOG;=ICM;?G@L;H=…M *;H’??O;=B~P;GIM
KO?PI=…NCHB;@?CNIOG;JLIG?MM; +OH=;X
ZMM?TZ>CMM?,FCP?CL; Z1OG;M?O
J?NCN?
 „FCH?;P;CNL;CMIH
IHM?
=LICN?H=OF„>OH=?HNCG‡NL??NIHF?MN>„D>?JFOMC?OLMG‡NL?M
1;FCN;IFBIOJ;L;?F?=IG;?RJL?MM‚I>?KO?GH‚I?HN?H>?H;>;
G;MMO;
G‚IMO<COM?GKO??F;;M?HNCMM?MO<CL
?M?;JICIOJILOGCHMN;HN?HIJ?CNI>?
,FCP?CL;  .O;H>I ; L?NCLIO
 ?F? M? JŽM ; IFB;L J;L; ?F; =IGI KO?G IFB; >?
<;CRI
=IGIFBIMKO?PCHB;G>?;FAOGIONLIFOA;L
Z3;CM;<?LZ>CMM?,FCP?CL;J;L;;FAO„GKO?H‚I?L;1;FCN; Z3;CM;<?LM?
H‚I„PI=…KO??MN;HICN?=IMJ??GGCGN;HN;J?H; 3;CM;<?LM?HI@OH>IH‚I
„ JL?=CMI =BIL;L >? ;GIL ;N„ ?H=B?L KO;NLI IO =CH=I <;=C;M  ,O KO? =BIL?G
KO;NLIIO=CH=I<;=C;MJILPI=…
=IGI?MN‚I=BIL;H>I;AIL;
1;FCN; PCLIO ;M =IMN;M J;L; ?F? ? ;H>IO ;N„ ; JILN;  .O;H>I M? >?N?P? J;L;
?MJ?L~ FI
 >?M=IH=?LN;>; ? ;I G?MGI N?GJI JL?=CM;H>I ?MJ?L~ FI JILKO?
;@;MN;L M?>?F?H;KO?F?CHMN;HN?M?LC;=IGI>?CR~ FI=;CLHIJIƒI=IG<;L;N;M

=IG NL;JIM =IFILC>IM


 PCO KO? ?F? ?MN;P; MILLCH>I G;M KO? H?G G?MGI I
MILLCMI ?L; J;L; ?F;  +OH=; I NCHB; PCMNI MILLCL ;MMCG
 >?M>CNIM;G?HN? ? ;I
G?MGI N?GJI =IG I LIMNI CHN?CLI ;<?LNI ? >? @L?HN?
 M?G ; CLIHC; B;<CNO;F

;=?CN;H>I ;FAOG; =ICM; KO? >?PC; =B?A;L FB? >I =?HNLI >; PC>;
 >?MM? IONLI
JIƒI=IG<;L;N;M
=IGNL;JIM=IFILC>IM
=IGOGLIMNI@FONO;H>IHOG;~AO;
MOD;
 ;JLIRCG;H>I M? >?F; HI ;NI >? ;=?CN;L ;KO?F; =ICM; CHIGCH~P?F KO? I
@;TC;MILLCL "N;GJIO=IM?O<?CDI?L;J;L;?F;
H‚I;=IHN?=C;;FCALIN?M=;G?HN?
;I F;>I >? OG; A?F;>?CL; =B?C; >? GILNIM
 ; N‚I JIO=; >CMNH=C; >? *;H’
>ILGCH>I  B?A;P;GOG;IIONLI=IGIM?PC?MM?G>?IONLIFOA;L
=IGIONL;
J;LN? >? MC G?MGIM
 ? H‚I ?L; >?F?M KO? M? NL;N;P;
 ?L; =IGI M? ?MNCP?MM?G
J;A;H>IIO=I<L;H>I;FAOG;=ICM;HIFOA;L>?IONL;MJ?MMI;M
=IGIM?@IMM?G
IMAIF?GM>?OG?H=IHNLICGJIMMˆP?F?HNL?M?OM;GIM "IM ;GJIM#F„AL?IM
?
IKO?%IL;=CIB;PC;GOLGOL;>IMI<L?I>?M=?HMI
OG;CHM?HM;N?TN‚I;<MIFON;
KO? *;H’ ? NO>I I KO? ?L; *;H’ ? ?MN;P; HI HˆP?F >? *;H’ H‚I JI>C;
J;LNC=CJ;L >; =?LCGŽHC;
 JILKO? I KO? =IG?ƒ;P; ;FC ?L; =IGI ; =;Lˆ=C; H;
JIG<;
 =IGI ; C>?C; >? F?P;HN;L M? J;L; @;T?L OG; FCGIH;>; J;L; OG PCAC;

=IGI>I<L;LOG;J?LH;??GJOLL;LOG;J?>LCHB;>;JLCG?CL;J;L;;M?AOH>;
=;M;
>;M?AOH>;J;L;;N?L=?CL; !?;FAOG;G;H?CL;?F?MB;PC;GJ?H?NL;>I?G
IONL;=ICM;
H;KO?F?;FAIIH>??L;JIMMˆP?F?MN;L>?=CHT;?M?L=IL >? LIM;
IH>?
M? JI>C; N?L GILLC>I ;@IA;>; HOG LCI ? CMMI ?F; D~ H‚I ?MN;P; J?HM;H>I ?
;J;L?=?L HOG; HICN? >? O?HIM CL?M J;L; L?J?NCL HI DIAI >; ;G;L?FCHB; ;
JLJLC; CG;A?G >I KO? ;=;<;P;G >? ;NCHACL
 ; ’FNCG; =;M;
 I =?HNLI >;
G;H>;F;
 I 6A>L;MMCF P?LNCACHIMI JIL IH>? M? M;ˆ; J;L; OG; JL;C; ;<?LN;
 J;L;
OG; ?RN?HM‚I M?G FCGCN?M
 J;L; I GOH>I >?<;CRI >;M J~FJ?<L;M KO? IM IFBIM
PCL;>IMJ;L;>?HNLIL?=IHB?=C;G?;=;N;P;G

 


*;M 1L;P?F?L H‚I ?MN;P; >ILGCH>I


 >?JICM >? OG; IO >O;M N?HN;NCP;M I
J?M;>?FI =IHNCHO;P; ; LIH>~ FI ? ;=;<IO M? M?HN;H>I H; =;G; ? ;=?H>?H>I ;
FOT 1;FCN;H‚I?MN;P;
?MM;MIHG<OF;
?MM;@;F?H;>?CHMŽHC;M
?1L;P?F?L<?<?O
OG=IJI>?;AO;L>?HN??P?MNCOIJ;F?N>IJCD;G; JIFNLIH;>?PCG?J;L?=C;
G;CM@L?M=;KO?;=;G;
??L;OG;HICN?<I;J;L;@C=;LF?H>I =;>;N;HNIM?
IOPC;G J;MMIM HI =ILL?>IL
 ? 1L;P?F?L ?MJCIO >O;M P?T?M J?F; JILN; KO? >;P;
J;L;;;F;;>GCHCMNL;NCP; +‚IB;PC;HCHAO„G
?H?G;;F;
1;FCN;>?PC;N?LC>I
NL;<;FB;L H; @;LG~=C;
 ?L; CH=LˆP?F I ?HNOMC;MGI >?F; =IG I L?CHAL?MMI H;
=C…H=C;
 =IG ;M J?KO?H;M <;F;Hƒ;M
 IM ;HNCJCL„NC=IM  1L;P?F?L M? JŽM ; F?L OG
N?GJCHBI
?HNL?OG;?IONL;>IM?>?;AO;L>?HN? !?NI>IGI>I?L;?MNL;HBI
1;FCN;H‚IN?LPIFN;>I>;@;LG~=C; .O;H>IL?;J;L?=?O
=IGOG;L;J;PIL;HN?
>? @;HN;MG;
 ; A;LL;@; >? ;AO;L>?HN? ?MN;P; N‚I =IGJLIG?NC>; KO? J;L;
1L;P?F?L KO;M? H‚I @?T >C@?L?Hƒ; P… F; IO >?CR;L >? P… F;
 ? =IHP?LM;L;G OG
JIO=IMI<L?N;HN;M=ICM;M
?HKO;HNI1;FCN;>?M>I<L;P;OG;=;GCMIF;?>CP?LM;M
N?ILC;M
 KO;M? NI>;M NIF?L;>;M JIL 1L;P?F?L
 KO? KO?F; ;FNOL; N?H>C; 
<?H?PIF…H=C;  !?JICM 1;FCN; ;>ILG?=?O >? <;LLCA; J;L; =CG;
 =IG OG MIHI
CHNL;HKOCFI ?HNL?=ILN;>I JIL OG ;ACN;L >? <L;ƒIM ? L?MGOHAIM <LOM=IM  "L;
M?GJL? ; G?MG; =ICM;
 1L;P?F?L =OMN;P; ; ;>ILG?=?L KO;H>I 1;FCN; ?MN;P;
CHKOC?N;
G;M;MMCGKO??L;P?H=C>IJ?FI=;HM;ƒI?F;;=IL>;P;?HOGGCHONI
?MN;P; =IGJF?N;G?HN? >?MJ?LN; JILKO? ?F? L?=F;G;P; IO M? =IHNIL=C; ?G
MIHBIM
 ? ;MMCG J;MM;P;G ; HICN? =IGI HOG MI<? ? >?M=?  -;L; JCIL;L
 ; FOT
NCHB;@C=;>I;=?M;??L;=IGJFC=;>ˆMMCGI=B?A;L;ICHN?LLOJNIL
L;T‚IJ?F;KO;F
;=;<;L;G;=IL>;H>I>?P?T??HN‚I1;FCN;;J;AIO;FOT?M?;J?LNIOOGJIO=I
=IHNL;1L;P?F?L
KO?MO;P;?M?=IHNIL=C;
Z%IL;=CIPCO;*;A;?MN;HICN?Z>CMM?1;FCN; Z3COHIJ~NCI
@;T>O;M
BIL;M
KO;H>IPI=…?MN;P;>?JF;HN‚I
Z B Z >CMM? 1L;P?F?L
 ?MN?H>?H>I M? >? =IMN;M ? JLI=OL;H>I IM =CA;LLIM
J?FI G„NI>I L;CFF?  =L?M=?HNIO OG; @L;M? =IH@OM; M;ˆ>; >? MO;M ’FNCG;M
F?CNOL;M
Z*;A;?L;?OZ>CMM?1;FCN;
;J?LN;H>I M?G;CM=IHNL;1L;P?F?L Z+‚I
M?CM?PI=…?HN?H>?
Z=BIKO??HN?H>I
Z FAOG >C; NCHB; KO? ;=IHN?=?L  , KO? G? ?MJ;HN; „ ?F? N?L @C=;>I N‚I
MOLJL?MI=IGI?KOˆPI=I
Z B
 PI=… M;<?
 I %IL;=CI ;LG; ;M =IH@OM‘?M ? >?JICM @C=; IFB;H>I J;L;
?F;M=IGIG?MGI;L>IM=;=BILLIMKO;H>I@;T?G=I=Ž?@C=;G=IHN?GJF;H>I
;JLJLC;I<L;?MNOJ?@;NIM
Z"O;=BIKO?;=IHN?=?OHIJLJLCI>C;?GKO?@IGIM<OM=~ FIHIJILNIZ
>CMM?1;FCN; Z+‚IN?G?RJFC=;ƒ‚I
JILKO??F?H?GG?MGIG?IFBIO?PI=…M
>ICMG??RJOFM;L;G@?CNIOG=‚I
=IGIA;NI>?<;CRI>I<L;ƒI
1L;P?F?LG;MNCAIOOG;@L;M?CHCHN?FCAˆP?F
Z"F?G?=IH@OH>CO=IG;*;A;ZCHMCMNCO1;FCN;
1L;P?F?L;IOPC;@;F;L
;FO>CL=IGINI>;M;MGOFB?L?M@;N;FC>;>?
CH?PCN~P?F
=IH=;N?H;ƒ‚I>;M=ICM;M
?N?LC;JL?@?LC>IKO??F;M?=;F;MM?G;M1;FCN;L?MCMNC;
@?<LCFG?HN?
M?;J?LN;P;=IHNL;?F??M??GJ?HB;P;?G=IHN;L
?GM?=IHN;L?

H;NOL;FG?HN?
?G=IHN;LJ;L;?F? 1L;P?F?LM?>?CRIOF?P;L
Z-LCG?CLIP?CIIP?FBI>;JIG<;
??HN‚I>?M=?GIM;N„IJIL‚I ,%IL;=CI
@C=;P; @;F;H>I I N?GJI NI>I >I >?M=?HMI
 >?MM?M <OL;=IM KO? I JL?I=OJ;G
"MN;P; >?M?MJ?L;>I
 *;H’
 >;P; G?>I P?L =IGI ?F? J;L?=C; NL;HKOCFI ?
 HI
?HN;HNIX !?M=?GIM J?FI GIHN; =;LA;M
 ? ?F? @IC @?=B;L OG; >;M A?F;>?CL;M

OG;=ICM;GOCNIBILLˆP?F
Z.O?L>CT?LKO?PI=…>?M=?OZ>CMM?1L;P?F?L Z"MN~<?G
Z"L;>C@?L?HN?Z>CMM?1;FCN; Z+‚I?L;=IGI>?M=?L A?HN?=IHP?LM;P;

G;MGCHB;M?HM;ƒ‚I?L;>?KO?I%IL;=CI?MN;P;?GIONLIFOA;L
@;F;H>I=IG
IONL; J?MMI;
 =IG OG; GOFB?L ;@IA;>;
 JIL ?R?GJFI  AIL; CMMI G? I=ILL?

G;M?F?;CH>;H‚INCHB;>CNIKO?;*;A;NCHB;M?;@IA;>IHILCI
Z +‚I M? ;@IAIO =ICMˆMMCG; H?HBOG; Z >CMM? 1L;P?F?L  Z -?FI KO? G?
=IHMN;
 ?G<IL; ?O ;>GCN; KO? H‚I @;ƒI ; G?HIL C>?C;  -;L; KO?G =IHB?=? I
%IL;=CI
Z"F?;=B;KO??F;?MN~GILN;
*;H’
?;IG?MGIN?GJI;M?HN?J?LNI??MN;
HICN?@OC?O "F?N;G<„GG?>CMM?KO?;PCOHIH;PCI
?>?<;CRI>;JIHN?>;
P?HC>;0;H*;LNˆHX+‚I>CT=IGIM?@;F;MM?>?OG;;FO=CH;ƒ‚I
?N;G<„G
H‚I?MJ?L;KO?PI=…;=L?>CN? 0CGJF?MG?HN?>CT
?„P?L>;>?
„OG;=ICM;KO?
?MN~ ;FC  .O;H>I ?F? @?=BIO ; A?F;>?CL; ? ?O @CKO?C =IG G?>I ? @;F?C M?C F~ I
KO…
?F?=IG?ƒIO;IFB;LJ;L;GCG??L;J;L;;IONL;KO??MN;P;IFB;H>I "O
H‚IMIOITOG<C>?HCHAO„G
*;H’
H‚IKO?LIM?LITOG<C>?HCHAO„G
1L;P?F?L J;MMIO FB? ; G‚I J?FI =;<?FI
 G;M 1;FCN; I L?J?FCO =IG
CGJ;=C…H=C;  1CHB; M? M?HN;>I H; =;G; ? ?F? M?HNC; KO? ?MN;P; NL…GOF;  IG
;KO?F?=;FIL
NL?G?H>I  IHNIOJ;L;?F?KO?%IL;=CI;B;PC;<?CD;>I
?N?HNIO
?RJFC=;L I <?CDI
 G;M =IGI H‚I ?H=IHNL;P; ;M J;F;PL;M C; NI=;H>I 1L;P?F?L HI
?M=OLI
MO;MG‚IM=;ˆ;G=IGIJ?>;ƒIM>?J;HIMI<L?ILIMNI>?F?
MI<L?M?OM
<L;ƒIM
 ?M=ILL?A;P;G J?FI M?O J?CNI
 M? ;JIC;P;G ?G M?OM DI?FBIM
 ? >;KOCFI
NO>IH;M=C;OG;?MJ„=C?>??RJFC=;ƒ‚IKO?1L;P?F?L?L;CH=;J;T>?L?J?FCL
OG
=IHN~ACIKO?PCHB;>?G;CMFIHA?
>?;FAOGFOA;LHI@OH>IIOHI;FNIIO?G
KO;FKO?L FOA;L KO? H‚I @IMM? ;KO?F; HICN? ? ;KO?F? KO;LNI
 OG =IHN~ACI KO?
J;MM;H>I JIL 1;FCN; N;G<„G C; NIG;H>I =IHN; >?F?
 OG <;F<O=C;L KO? ?L;
=IGI OG ;H’H=CI CHNL;>OTˆP?F
 ; MOMJ?CN; >? KO? ?MN;P; >C;HN? >? ;FAI KO?
JI>C; M?L OG ;H’H=CI
 G;M ; PIT KO? I NL;TC; ?MN;P; KO?<L;>; ? KO;H>I
NL;HMGCNC; I ;H’H=CI ONCFCT;P; OG C>CIG; CHCHN?FCAˆP?F
 ? =IHNO>I CMMI ?L; ;
’HC=;=ICM;H?=?MM~LC;;FC
;I;F=;H=?>;G‚I
L?=F;G;H>II=IHB?=CG?HNI?;
;=?CN;ƒ‚I
 >?<;N?H>I M? =IHNL; OG; J;L?>? ?MJIHDIM;
 >? @OG;ƒ; ? =ILNCƒ;

CGJ;FJ~P?F ? M? I@?L?=?H>I


 HO
 ?HNL? IM <L;ƒIM G;M =IGI M? @IMM? >? ~AO;

;=;<;H>I?HNL?F~ALCG;M
U>OL;=LIMN;G?HN;FW
1L;P?F?L=B?AIO;J?HM;L ,OPC;=IH@OM;G?HN?KO?I
G?>I
 KO? %IL;=CI
 KO? I GIHN; =;LA;M
 KO? ; JIG<; OG MCMN?G;
=IGOHC=~P?F PIFN;P; ; ?HNL;L JIO=I ; JIO=I ?G M?O IOPC>I  !? GI>I KO? I
JI<L?CH@?FCTNCHB;G?>I>?KO??F?IG;N;MM?
MG?MGILCH>I
Z "F? >CMM? CMMI >? P?L>;>? !C@ˆ=CF ;=L?>CN;L
 PI=… M;<? =IGI ?F? „
ILAOFBIMI
ZjIONL;=ICM;Z>CMM?1;FCN;
J?A;H>II=CA;LLI>?F??NL;A;H>I=IGOG;
?MJ„=C?>?;PC>?T>?@CFG?GO>I Z"O;=BIKO?IG?>IKO??F?M?HN?„=IGI
OG’FNCGIL?@’ACI
;AL;>?IH>?JL?H>?;MG‚IM;HN?M>?M?;NCL;L "F??MN~N‚I
@?FCTJILM?HNCLG?>I?MN;HICN?
?OM?CKO??F??MN~@?FCT
Z &MMI Z >CMM? 1L;P?F?L
 L?MJCL;H>I =IGI OG P?L>;>?CLI CIAO? Z ; O=;
H‚I?HN?H>?LC;
JI>?N?L=?LN?T; "?O>?PI?MN;L?MJ?=C;FG?HN?CHN?FCA?HN??MN;
HICN?
JILKO??MM;=ICM;>IG?>I;F?AL?„G?CI>OL;>??HAIFCL
A;LIN;
1;FCN;>?MFCTIOOGJIO=IH;=;G;?M?;JICIO?G1L;P?F?L 0;<C;KO??MN;P;
IONL;P?T;IF;>I>?F?
KO?H‚INCHB;M?;@IA;>I
KO??F?;?MN;P;G;HN?H>IH;
MOJ?L@ˆ=C? ? KO? HI @OH>I ?L; OG; J?H;
 OG; G;L;PCFBIM; J?H;  ,M >ICM
M?HNCL;G CMMI HI G?MGI GIG?HNI
 ? ?M=ILL?A;L;G OG H; >CL?ƒ‚I >I IONLI
=IGIM?KOCM?MM?G=;CLH?F?MG?MGIM
HIN?LLCNLCI=IGOGIH>?;MJ;F;PL;M?
;M =;Lˆ=C;M ? ;M <I=;M IM ?HPIFPC;G =IGI ; =CL=OH@?L…H=C; ?HPIFP? I =ˆL=OFI

?MM;MG?N~@IL;MNL;HKOCFCT;>IL;M
?MM;P?FB;NLCMN?T;>?PIFN;L;M?LI>?M?GJL?

>?JLIMM?AOCL
>?M?G;HN?LNIH;=IHNL;P?HNIM?G;L„M
=IHNL;I=B;G;>I?;
KO?>;


!? IH>? PCLC; I =IMNOG? >? ;H>;L M?GJL? =IG <;L<;HN?M HIM <IFMIM
 >?
DOHN;L@CIM=IFILC>IM?G?N… FIM?HNL?;MJ~ACH;M>IMFCPLIM
>?@;<LC=;LNI>INCJI
>?@CAOL;MOM;H>I?MM;M=ICM;M?AIG;;L~<C=;"HKO;HNI?HLIF;P;OG<;L<;HN?
JL?NI HI NLCH=I
 ,FCP?CL; M? J?LAOHNIO M? ; @L;ACFC>;>? >IM @CIM H‚I JLIPI=;P;
H?F?OG;?MJ„=C?>?M;NCM@;ƒ‚IJ?LP?LM;
?;>GCNCOKO?G;S<?J?ON …NL?KO?G
M;<? ’HC=;=ICM;=?LN;?L;KO?IM<;L<;HN?M?IM@CIMI;F?AL;P;G
KO?J;L;?F?
H;>;J;L?=C;G;CM?>C@C=;HN?KO?;LG;LJIL?R?GJFIOGACA;HN?M=I>I>?=;?>LI
NL;HMJ;L?HN?
 N;L?@; >? GOCN;M BIL;M ? GOCN; =IGJFC=;ƒ‚I
 J;L; >?JICM
;JLIRCG;L OG @M@ILI ? P?L =IGI ; =B;G;TCHB; >? H;>; C; ? PCHB; ?HKO;HNI
$?EL?JN?H =IH NIL =C; ;M G‚IM ? >CTC; KO? ?L; OG; P?LAIHB; KO?CG;L OG;
=ICM;N‚I<IHCN; "L;>C@ˆ=CF?RJFC=;L;?F;KO?KO;HNIG;CM@L~ACF?J?L?=ˆP?F;
NL;G;
 G;CIL ; FC<?L>;>? J;L; @;T… F; ? >?M@;T… F;  ,FCP?CL; ;=B;P; KO? IM @CIM
?L;G I ’HC=I G;N?LC;F DOMNC@C=~P?F J;L; M?OM CHP?HNIM
 ? M GOCNI >? P?T ?G
KO;H>I
M?I?H=IHNL;MM?H;LO;
;HCG;P; M?;OM;LOGJ?>;ƒI>?;L;G?IO>?
@CN; G?N~FC=;  $IMN;P; KO? NO>I I KO? @;TC; ?MNCP?MM? I G;CM =B?CI JIMMˆP?F >?
?MJ;ƒI FCPL?
 ? KO? I ;L ?HNL;MM? ? M;ˆMM?
 ? MI<L?NO>I KO? M;ˆMM? =ICM;M
M?G?FB;HN?MFB?;=IHN?=C;G?GL?F;ƒ‚I;IMFCPLIM
;MGOFB?L?M?;MI<LCA;ƒ‘?M

? H‚I JL?N?H>C; KO? $?EL?JN?H IO I =;L>?;F JLCG;T ?HN?H>?MM?G ?MM;M


=?F?<L;ƒ‘?M
KOCFI >? ?HLIF;L OG <;L<;HN? JL?NI HI NLCH=I =IG?ƒIO KO;M? OG J;L >?
BIL;M >?JICM
 JILKO? ?HNL?G?HN?M ,FCP?CL; @?T >CP?LM;M =ICM;M ?G M?O KO;LNI ?
@IL; >?F?   C>?C; >;M <;=C;M ?L; =F~MMC=; ? H‚I M? M?HNCO H?G OG JIO=I
ILAOFBIMI?G;=;N~ F;
G;MHI?M=OLIOG;<;=C;;KOIM;HI=B‚I=IH@CAOL;OG;
M„LC?>?P;FIL?M>?@?HMCPIM<;MN;HN?MONCMMOLJL?M;
N;FP?TN?LLIL
?G’FNCGI=;MI
;=F?L;=?A;KO?MO=?>?;=IHM=C…H=C;>?N?L?H@C;>IOGM;J;NI>;#;H;=;FIO
>;1IHM;H;~AO;
?=IGIM?H‚I<;MN;MM?;G?C;N;G<„G
?KO?>?NO>ICMMI
?M=ILL; ~AO; ?HKO;HNI I J„ =IGJF?N;G?HN? J?LNOL<;>I M? ;ACN; H; G?C;
 ? ;
G?C;HIM;J;NI
=IGIOGL;NIM?;@IA;H>IIOOG>;KO?F?MJI<L?M=ICN;>IMKO?
IM MOFN‘?M =COG?HNIM DIA;P;G HI M@ILI >?HNLI >? OG M;=I =IMC>I =IG
<;L<;HN?
H;NOL;FG?HN?NO>I;=;<;P;=IHP?LACH>I
?L;<;MN;HN?>CP?LNC>IKO?;
<;=C;=IG~AO;?IM<;L<;HN?MM??H=IHNL;MM?GHI@CG>IL;=CI=ˆHCI?H‚IHI
JLCH=ˆJCI
 G;M ;KOC %IL;=CI M? J?LGCNC; =IHD?=NOL;L KO? ; IL>?G >IM
L;=CI=ˆHCIMH‚INCHB;;KO?M?AOCLIN?GJI@ˆMC=I
I;HN?M?I>?JICM
?<KO?
N;FP?T I L;=CI=ˆHCI NCP?MM? M? =IGJF?N;>I CH=IHM=C?HN?G?HN? J;L; F?P~ FI >;
HIƒ‚I >? <;L<;HN?  >; <;=C; ;KOIM;  !?@CHCNCP;G?HN?
 G;F ;H;FCM;P; OG
JIO=I?D~=;ˆ;?GAL;P?MMOMJ?CN;M>?>?N?LGCHCMGIIG?FBIL?L;=IHNCHO;LM?
?HNLCH=B?CL;H>IM?G>;LGOCN;CGJILNH=C;ML;T‘?MIOMJL?@?L…H=C;M ">?
NI>I GI>I
 I KO? PCHB; JLCG?CLI
 I <;L<;HN? IO ; <;=C; IGI ?R?=Oƒ‚I
 ;
<;=C;
G;MI<;L<;HN?B;PC;MC>I>?=C>C>I;HN?M +‚IP;FC;;J?H;=IHNCHO;LM?
JL?I=OJ;H>IKO;H>IIKO??MN;P;?GDIAI?L;;PC>;;I<N?Hƒ‚I>;M<;=C;M?L;
GOCNI G;CM CGJILN;HN?
 ? ; JLCG?CL; G?C; BIL; =IHMCMNCO HOG; =;ON?FIM;
?RJFIL;ƒ‚I >I M?AOH>I ;H>;L ? >? J;LN? >I N„LL?I
 >; KO;F PIFNIO =IG =CH=I
<;=C;M>?N;G;HBIG„>CI
NL…M?M=;LL;>?CL;M?OG;F;N;P;TC;>?>I=?>?<;N;N;
>I=?
NO>ICMMI;ALOJ;>IMI<;=F;MMC@C=;ƒ‚IA?L;F>?U<;=C;W ,
KO??MN;P;
;=IL>;>I
 M? ?GJ?HBIO ?G @;T?L =IGJ;HBC; ; ?F?
 ? ,FCP?CL; ;=;<IO
;=?CN;H>I
 >?=C>C>I ; ?RJOFM~ FI ;MMCG KO? ;M IJ?L;ƒ‘?M >?@?HMCP;M ;NCHACMM?G
=?LN;?HP?LA;>OL; -;L;;J;LN?>IM@CIMI;=;<IOM?H>IGOCNI’NCF
JILKO?
H?G <?G ,FCP?CL; CH@ILGIO MO=CHN;G?HN? >;M H?=?MMC>;>?M ?MNL;N„AC=;M
 ?F?
;LL?A;FIOIMIFBIMP?L>?M>?OG;<?F?T;G;FCAH;?>CMM?KO?;NCHB;A;P?N;M
=B?C;M>?<;L<;HN?M=IFILC>IM ,’HC=IJLI<F?G;?L;KO?;@C=;P;HIN„LL?I

H;;F;>?/?GILCHI
?M?/?GILCHI;=IL>;MM?C;M?LOG<;@;@~>;KO?F?M ,
A;L;HNC; ;CH>; KO? ;  ?L; FIO=;
 I KO? =IGJFC=;P; ; CH=OLM‚I ;IM M?OM
;JIM?HNIM  LL?A;F;H>I IM IFBIM P?L>?M >? OG; <?F?T; G;FCAH;
 JLIJŽM ;
,FCP?CL;GIHN;LAO;L>;HI=ILL?>IL?HKO;HNI?F?NCL;P;IMM;J;NIM?JLI=?>C;
N;L?@;>?;JI>?L;L M?>IM<;L<;HN?M
G;M,FCP?CL;;=BIOKO??L;CLFIHA?>?G;CM
?IJNIOJIL;MMOGCLJ?MMI;FG?HN?;L?MJIHM;<CFC>;>?>??HNL;LHIKO;LNI>;
KO?F; BIL; >; HICN?  "L; <;MN;HN? >CP?LNC>I J?HM;L ?G L?MJIHM;<CFC>;>?
?HKO;HNICHP;>C;I>ILGCNLCI>?OG;GIƒ;KO?LIH=;P;>?<;LLCA;J;L;=CG;

?RJIMN;;IMJCIL?M=IHNL;N?GJIM=IGIM<IFMIM?;MG‚IM=B?CIM>?LIFCHBIM>?
<;L<;HN??>?FCHB;M=IFILC>;M
,FCP?CL;@C=IOOGCHMN;HN?IFB;H>IJ;L;?F;
G;M
>?JICM >?O >? IG<LIM J;L; KO? I G;=;KOCHBI >; L?MJIHM;<CFC>;>? J?M;MM?
G?HIM  , 
 KO? ?MJ?L;P; JIL ?F? ?G M?O KO;LNI =IHN?GJF;H>I ;M <;=C;M
?GJCFB;>;M MI<L? ; =;G;
 ;=BIO KO? ,FCP?CL; H‚I J?A;L; <;L<;HN?M ?G
KO;HNC>;>? MO@C=C?HN?  LL?A;F;H>I IM IFBIM P?L>?M >? OG; <?F?T; G;FCAH;

;LAOG?HNIO KO? J;L; =IGJF?N;L ?@C=;TG?HN? IM JL?J;L;NCPIM >? >?@?M; M?LC;
JL?=CMI =IHN;L =IG OG; <I; KO;HNC>;>? >? LIFCG‚M ? >? OG; %?@NJCMNIF?
,FCP?CL; ;=BIO <I; ; C>?C; >IM LIFCG‚M
 ?G<IL; H‚I NCP?MM? OG; HIƒ‚I GOCNI
JL?=CM; >I KO? ?F;M JO>?MM?G M?L
 G;M >?M=;LNIO >? M;ˆ>; ; %?@NJCMNIF?  , 
;<LCOIMIFBIMP?L>?M>?OG;<?F?T;G;FCAH;?>CMM?KO?;%?@NJCMNIF?H‚I?L;I
KO? I >IONIL CG;ACH;P; >CTC; U>IONILW HI NIG ;JLIJLC;>I J;L; KO? NI>IM
J?L=?<?MM?G KO? M >CTC; ;KOCFI J;L; CH=IGI>;L
 G;M KO? >C;HN? >; MO;
H?A;NCP;N?HN;LC;=IHM?AOCLMIMLIFCG‚M ,FCP?CL;>?CRIO ICLH;?MJ?L;Hƒ;>?
KO?H‚IPIFN;MM?JILKO??MN;P;=IGPIHN;>?>?@C=;LMITCHBI gM>O;M/?GILCHI
M;CLC; >; =;G; J;L; L?H>… FI ? ?L; JL?=CMI CHP?HN;L ;FAOG; =ICM;  0? H‚I I
?H=IHNL;MM?HI=ILL?>IL
/?GILCHIPCLC;JLI=OL~ FI?GM?OKO;LNI?CMMIH‚I?L;
=IHP?HC?HN?
;H‚IM?LKO?@IMM?J;L;@;T?LIJLCG?CLIN?MN?>;M>?@?M;M=OMN;
>?F? /?D?CNIO;C>?C;JILKO?;M>?@?M;MB;PC;GMC>I=IH=?<C>;MH;JL?PCM‚I>?
OG >?N?LGCH;>I ;N;KO?
 ? /?GILCHI ?HNL;LC; PCH>I >? OG JIHNI >? PCMN;
=IGJF?N;G?HN? >C@?L?HN?  AIL; M?HNC; =;>; P?T G;CM G?>I ? KO;H>I M?HNC;
G?>IIFB;P;IL?FACI>?JOFMI?IG?>I;OG?HN;P;=IG;BIL;=IG?ƒIO;
@OG;L
 ?MNO>;H>I ;M JIMMC<CFC>;>?M >?@?HMCP;M >I KO;LNI
 ? M >?T J;L; ;M >O;M
@ICJ?MMI;FG?HN?;=IL>;L/?GILCHI 1L;HMGCNCO FB?OGL?F;NLCIKO??L;OG;
DIC;
=IGMONCM;FN?L;ƒ‘?M>IMAL~@C=IM>?N?GJ?L;NOL;
>;BIL;>IM=;FG;HN?M?
>;M G;HC@?MN;ƒ‘?M MCH>LIG~NC=;M ? ?OJ„JNC=;M >IM J?HMCIHCMN;M >I JLCG?CLI
;H>;L
>?N;FGI>IKO?/?GILCHIN?LC;KO?J;MM;LKO;M?IN?GJINI>II=OJ;>I
=IG ?F?M
 ?HKO;HNI IM >I M?AOH>I ;H>;L
 >? ;=IL>I =IG I G?MGI L?F;NLCI

>ILGC;GJF;=C>;G?HN??MJL?=CM;P;GKO?HCHAO„G@IMM?M;=O>C FIM>OL;HN?;
HICN? /?GILCHIM?F?G<LIO>?CH>;A;LM?GGOCN;…H@;M?M??MM?M=OC>;>IM?
?MM?M >?M=OC>IM JLIPCHB;G >; ;FN; ;ONILC>;>? >I >L  ,P?D?LI
 ? ,FCP?CL;
L?MJIH>?O BCJI=LCN;G?HN? =IG I ;>P„L<CI GIHIMMCF~<C=I >? ;@CLG;ƒ‚I
;>?KO;>I  =CL=OHMNH=C;  !?JICM >I KO? M? M?J;L;L;G ;GCMNIM;G?HN? ?
/?GILCHIMO<COOG;H>;L<I=?D;H>I?HKO;HNI,FCP?CL;MO<C;>ICMNL?G?H>I
*;M >? H?HBOG; G;H?CL; C; ;=?CN;L ; ;DO>; >? OG; %?@NJCMNIF?
 <;MN;P; N?L
=IHM?HNC>IKO;HNI;IMLIFCG‚M
CH>; N?P? OG GIG?HNI >? J;T
 JILKO? I  H‚I =B?A;P; ? ?L; JL?=CMI CL
?H=B?H>I ;M <;=C;M ? ;M ?M=;LL;>?CL;M
 >CMJIH>I ;M HOG; JLCG?CL; FCHB; >?
>?@?M; OG JIO=I G;CM ;NL~M >; JLCG?CL; <;LL?CL; >? @CIM ;CH>; N?LC=; G;M D~
J?L@?CN;G?HN? JF;H?D;>;
 ? ?HM;C;H>I ;M JIMMC<CFC>;>?M >? ;P;HƒI
 ; ?P?HNO;F
KO?>; >; JLCG?CL; FCHB; ? ; ?@C=~=C; >; M?AOH>;  "HNL? >O;M <;=C;M
 ,FCP?CL;
?H=B?O;JC;>?~AO;@LC;?G?LAOFBIOILIMNI?;MG‚IM
?H=B;L=IOIJ?M=IƒI
?IM=;<?FIM #OG;P;IN?GJINI>I
G;MH‚I=B?A;P;H?GG?N;>?>I=CA;LLI
?D~C;;N„;D;H?F;DIA;L;AOCG<;?;=?H>?LIONLI MAOCG<;M=;ˆ;GMI<L?I
DIAI >; ;G;L?FCHB; ? ,FCP?CL; @;TC; =~F=OFIM J;L; KO? =;>; IFBI <LCFB;HN?
;L>?MM? OG GIG?HNI MI<L? >C@?L?HN?M =;M;M ?L; >CP?LNC>I  gKO?F; BIL; FB?
;=IHN?=C; >? ?F? M? ?H=B?L >? J?HM;G?HNIM ;FB?CIM
 5@?2 ?@3:D A246> BF6 6=
324s?BF6E6242>2=2E6?82A6D@D5FC256C@D
=ICM;M;MMCG
?N;G<„G>?L?J?HN?
?L;NIG;>IJIL@;LL;JIM>?OG;G;N„LC;G?HN;F
;FAI?HNL?HIƒ‚I?M?HNCG?HNI

JIL ?R?GJFI KO? ?HNLCH=B?CL;L M? ?L; ; ’FNCG; >;M <;CR?T;M


 KO? ; ’HC=; =ICM;
CHM?HM;N;?JILN;HNI?RJ?LCG?HN~P?F?N;FP?T?@C=;TN?LC;MC>I;N;=;L?GP?T>?M?
>?@?H>?L
;MM?>C;L?GP?T>?@C=;L;FCNL?G?H>I?@OG;H>I??MJ?L;H>IKO?I
 PIFN;MM? =IG IM LIFCG‚M G;M CMMI >OL;P; JIO=I
 KO;M? N;HNI KO;HNI IM
=CA;LLIM
 ? MO;M G‚IM NL?GC;G ? ?F? M;<C; KO? H‚I FB? L?MN;P; H;>; ;F„G
>;KOCFI
?>?L?J?HN?IONL;L?=IL>;ƒ‚IKO??L;=IGIOG;?MJ?L;Hƒ;
OG;@L;M?
H; KO;F ;FAO„G >CTC; KO? ;M BIL;M >I MIHI ? >; PCAˆFC; ;CH>; H‚I B;PC;G M?
@OH>C>IH;OHC>;>?
?;CMMIMO=?>C;OG;LCM;>;KO??F??M=ON;P;=IGIM?H‚I
@IMM? MO;
 ? OG NL?D?CNI HI KO;F M? >?GIHMNL;P; =IH>CT?HN?G?HN? KO? ;KO?F;
OHC>;>??MN;P;FIHA?>?G;CM?KO?H;>;>IMIHIFB?M?LPCLC;H;PCAˆFC;IOPC=?
P?LM;  N;=;L 1L;P?F?L =IGI ; G?FBIL >?@?M; ?L; OG; JIMMC<CFC>;>?
 G;M
MCAHC@C=;P;CHP;>CLIKO??F?M?HNC;=;>;P?TG;CM=IGIOG;G;MM;H?AL;
OG
N?LLCNLCI IH>? ;M J?MMI;M ?MN;P;G >ILGCH>I ? HCHAO„G ?MJ?L;P; ?G ;<MIFONI
M?L;N;=;>IKO?F;BIL;>;HICN??JIL=;OM;MCH?RCMN?HN?M?GN?LGIM>?G;MM;
H?AL;  *;M ?HKO;HNI M?HNC; CMMI
 ,FCP?CL; H‚I AIMN;P; >? N?L @ILGOF;>I ;
KO?MN‚I ?G N?LGIM >? G;MM; H?AL;
 I M?HNCG?HNI ?L; OG; ?MJ„=C? >? G;MM;
H?AL;G;MJIL=OFJ;>?F??H‚I>IN?LLCNLCIIH>?1L;P?F?L>ILGC;JILCMMI?L;
G?FBILH‚IOM;LJ;F;PL;MH?A;NCP;M=IGIG;MM;H?AL;
=B;G~ FIMCGJF?MG?HN?
>?N?LLCNLCI
D~KO?M?GJL?;=;<;GIM=B;G;H>IHIMMIMM?HNCG?HNIM>?;FAOG;
=ICM;  3;F? >CT?L KO? FIAI H; @L?HN? >I M?O KO;LNI =IG?ƒ;P; I N?LLCNLCI
 ?
;N;=;L I N?LLCNLCI ?L; >?M;=IHM?FB~P?F OG; P?T KO? IM GINCPIM >I ;N;KO?
>?CR;P;G>?N?LCHN?FCAC<CFC>;>?IOJIMMC<CFC>;>?>?M?LCHNOˆ>IMJ?FIN?LLCNLCI
'~ M? ?F? M? ?HNLCH=B?CL;MM? ?G M?O KO;LNI ? 1L;P?F?L >?=C>CMM? ;N;=~ FI

HCHAO„GJI>?LC;>CT?LKO?1L;P?F?LCAHIL;P;IKO??MN;P;@;T?H>I
?I;N;=;>I

JILMO;P?T
?MN;P;J?L@?CN;G?HN?;J;L?NIG;P;MO;MG?>C>;M
MO;MJL?=;Oƒ‘?M
?M?OMLIFCG‚M
@IMM?GIKO?@IMM?G?MN?M’FNCGIM
"HNL?G?HN?M?L;JIMMˆP?F@C=;LH;D;H?F;@OG;H>I
?MNO>;H>I;>CMJIMCƒ‚I>;M
<;=C;M;KOIM;M?>IM@CIM
?J?HM;H>IH;OHC>;>?N‚IJIMN;JLIP;J?FI=IH@FCNI
>I N?LLCNLCI P?LMOM I KO;LNI  !I?LC; M?GJL? ?G ,FCP?CL; H‚I JI>?L N?L H?G
M?KO?LOG;HIƒ‚I>?MM;OHC>;>?KO?IONL;MP?T?M=B;G;P;>?=?HNLI
?KO?H;
@;FN;>?=IHNILHIG;CMJL?=CMIM?L?>OTC;;CG;A?HM=IGI;>?OGALCNIH?ALI

OGEC<ONT>I>?M?DIN‚I>CMN;HN?D~
;KO?F?EC<ONT>?G;>LOA;>;?PCHBINCHNI
?;N„OG;PC>;>CAH;>?MM?HIG?JILKO?M?HNCO I?HKO;HNI;NCL;P;OG=CA;LLI
H; =;M; =CH=I >I DIAI >; ;G;L?FCHB; B;PC; MC>I MO@C=C?HN?G?HN? CH@?FCT J;L;
CG;ACH;L ; JIMMC<CFC>;>? >? OG; PC>; >CAH; >?JICM >? >CP?LM;M CH>CAHC>;>?M
GCHO=CIM;G?HN? F?P;>;M ; =;<I  &GJIMMˆP?F J?HM;L ?G KO;FKO?L >?MM;M =ICM;M

KO? ?G =IGJ?HM;ƒ‚I M? @;TC;G M?HNCL ?G N?LGIM >? =IHNL;ƒ‚I >? ?MNŽG;AI

N?LLCNLCI
 L?MJCL;ƒ‚I JLI@OH>; IO ?MJ;MG>C=;
 MOIL H; J;FG; >;M G‚IM

;=?H>CG?HNI>?G;CMOG=CA;LLI
L?JOR‚IH;MNLCJ;M
M?>?
ALCNIMMCF?H=CIMIMKO?
;LL?<?HN;P;G =IGI G;MM;M H?AL;M H; A;LA;HN; M?GJL? B;PC; ;FAOG; G;MM;
H?AL;H?MM?DIAI
PIHN;>?>?>ILGCL
G?>I>?>ILGCL
;HMC?>;>?
;CG;A?G>?
OG;JIG<;KO?D~B;PC;MC>I<L;H=;
J;HIM=IFILC>IMHI@OH>I>IKO?JI>?LC;
N?L MC>I OG; J;MM;A?G
 0CLCOM HI ;FNI >? OG; FIH;
 ? =B?A;
 =B?
 JIL @;PIL
=B?A; G;M ?L; <IG N?L M? M?HNC>I JLI@OH>;G?HN? ;FC >OL;HN? OG N?GJI
CG?HMOL~P?F
 M?G J?HM;L H;>;
 M?H>I ;J?H;M ;KOCFI KO? ?MN;P; ;FC =IG OG;
N?H;T JL?M; ;I ?MNŽG;AI  DD@ =IHNL; I N?LLCNLCI
 ; PCAˆFC; =IHNL; I MIHI  *;M
>CT?L;PCAˆFC;=IHNL;IMIHID~?L;L?CHAL?MM;LH;>C;F„NC=;
?L;=ILLI<IL;LOG;
P?TG;CMKO?H‚IB;PC;;G;CML?GIN;?MJ?L;Hƒ;>?OHC>;>? -ILCMMI;=B?A;>;
>I=IGIMLIFCG‚M@OH=CIH;P;=IGIOG?R=?F?HN?JL?N?RNIJ;L;L??H=?N;LIM
JL?J;L;NCPIM>?>?@?M;
MNL…M?PCHN??GJIHNIG;CMIOG?HIM
,;LL?A;FIOIMIFBIMP?L>?M>?OG;<?F?T;G;FCAH;?>?M;NIOOG;NI;FB;
IH>?NL;TC;IMLIFCG‚M !CMM?KO?B;PC;>;>IOG;?MJC;>;?G/?GILCHI?KO?
/?GILCHI?MN;P;N?H>IN;HNINL;<;FBI=IG;
I?;
KO?H?GJ?HM;LC;
?G MO<CL J;L; I M?AOH>I ;H>;L  , G;CM JLIP~P?F ?L; KO? IM >I?HN?M NCP?MM?G
L?MCMNC>I CH>CAH;>IM M HIPC>;>?M N?L;J…ONC=;M KO? /?GILCHI JL?N?H>C; ;JFC=;L
H?F?M
?KO?;>CMNLC<OCƒ‚I>?JˆFOF;MIOCHD?ƒ‘?MNIG;MM?OGN?GJ‚I "GNI>I
=;MI,FCP?CL;;=BIOG?FBILH‚IJ?L>?LG;CMN?GJI
?>?JICM>?CHMNLOCLI;
>CMJIL IM LIFCG‚M >; G;H?CL; G;CM =IHP?HC?HN?
 =IG?ƒIO ; ?HM;C;L ; ?@C=~=C;
>;M<;=C;M;KOIM;M
?=IG?MM?I<D?NCPI@IC;N„I=ILL?>IL>IGCH;H>IM?OG?>I
>? M;CL >I KO;LNI ? ?HNL;L H; FOT LIR; >I =ILL?>IL
 ? NILHIO ; ?HNL;L =IG IM
IFBIM@?=B;>IM
CG;ACH;H>I M?1L;P?F?L?;H>;H>I=IGIMJ„MOGJIO=IJ;L;
@IL; =IGI 1L;P?F?L @;TC;  I >;L I M?AOH>I J;MMI G?MGI M;<?H>I ?H@CIO I
M;J;NI?MKO?L>IHOG;?M=;LL;>?CL;;KOIM;?;IL?NCL~ FIOGAIFJ?>?MJ;=BIO;
?M=;LL;>?CL;J?FIM;L?M
KO?JILMILN?=;CO?G=CG;>;=;G;?H‚I@?TIG?HIL
LOˆ>I ,
KO??MN;P;>?<;CRI>;?M=LCP;HCHB;M?G?;H>IIMLIFCG‚M
?LAO?O M?
>?OGM;FNI?;LL?A;F;H>IIMIFBIMP?L>?M>?OG;<?F?T;G;FCAH;;=IHM?FBIO
OG;GIHNI;G?HNI>?LIFCG‚M?HNL?;M>O;MFCHB;M>?<;=C;M;@CG>?=IGJF?N;L
; MOLJL?M; >; ~AO; @LC; =IG ; JIMMC<CFC>;>? >? OG ?M=ILL?A‚I >IM >C;<IM
,FCP?CL; H‚I >CMM? H;>; G;M >?CRIO I  PIHN;>?
 ? >?JICM >? L?=IFI=;L ;
?M=;LL;>?CL; ;KOIM; ?G M?O FOA;L
 =IG?ƒIO ; ?HLIF;L OG <;L<;HN? JL?NI HI
NLCH=I  "MNC=IO ?MM? <;L<;HN? ;N„ ; ?M=LCP;HCHB; ? ;G;LLIO I HI ?MJ;F>;L >;
=;>?CL; =IFI=;H>I ; =;>?CL; MI<L? >ICM J„M
 ;JIC;>; >? =;HNI H; <IL>; >;
?M=LCP;HCHB;
?L;MKO?L?L;<LCL;JILN;J;L;KO??F;=;ˆMM?HI=B‚I ,M;CO
J;L; I =ILL?>IL =IG I I<D?NCPI >? ?HM;C;L
 ? ,FCP?CL; M?AOLIO ; =;>?CL; J;L;
?PCN;L I <;LOFBI  IG?ƒ;P; ; CH=IGI>~ FI ; JL?M?Hƒ; ;GCMNIM; >I 
 KO? >?
P?T ?G KO;H>I ;LL?A;F;P; IM IFBIM P?L>?M >? OG; <?F?T; G;FCAH; ? KO?LC;
=IHN;L;BCMNLC;>?M?OCHAL?MMIH;=FˆHC=;  C?HN?>?KO?<;MN;P;JŽLOG>?>I
H;@L?HN?>;<I=;J;L;KO??F?M?=;F;MM??HP?LAIHB;>I?@C=;MM?=CH=IGCHONIM
=IG ;M =IMN;M ;JIC;>;M H; J;L?>?
 ,FCP?CL; G?MGI ;MMCG >?O ; ?F? OG G;ƒI
HIPI>?=CA;LLIM?FB?>CMM?KO?@IMM?>ILGCLM?G>?CR;LKO?/?GILCHIIPCMM?
Z"O@C=I;KOC=IGIM?HBIL
>IONILZ>CMM?I
Z+‚I
P;CF~ 3IOG?>?@?H>?LGOCNI<?G
Z,M?HBILJL?=CM;P;>?OG;%?@NJCMNIF?
?O<?GKO?;PCM?C JCMNIF;JL?A;
A;H=BCHBIM?GNI>;J;LN??„G?FBILJ;L;JL?H>?LIM<;L<;HN?M
Z"OG?PCLI
P?FBIZ>CMM?,FCP?CL; Z3~>ILGCL
I<LCA;>IG?MGI;MMCG
ZIG
>IONIL
?HN‚I<I;MILN?
Z1=B;O
>OLG;<?G
Z-L?MN?;N?Hƒ‚IHIMLIFCG‚M
P;CP?LKO?H‚IN?G?LLI jMIM?HBIL>?CR;L
>ID?CNIKO??MN‚I?P;CP?LM
Z"MN~<?G
Z0?;=;<;LKO?L?H>I;%?@NJCMNIF?„MG?;PCM;L
IN?GOG;
Z,<LCA;>I 1=B;O
gMNL…M?G?C;,FCP?CL;;=;<IO>?=IFI=;LIM<;L<;HN?M ,NCHB;F?P;>I;M
J;F;PL;M
 IO J?FI G?HIM ;KO?F; =ICM; >? OG IFB;L J;L; I IONLI >? P?T ?G
KO;H>I IO I@?L?=?L OG =CA;LLI  .O;M? HI ?M=OLI
 JILKO? NCHB; ?HPIFPC>I ;
FGJ;>; >; ?M=LCP;HCHB; HOG JOFŽP?L P?L>? KO? C; M? =B;GOM=;H>I JIO=I ;
JIO=I
 ?L; ?MNL;HBI <;H=;L ; ;L;HB; CH>I >? OG F;>I J;L; IONLI =IG IM
<;L<;HN?M
>;=;G;;N„;JILN;
>;JC;;N„I;LG~LCI
?MN?H>?H>I=CH=IIOM?CM
<;L<;HN?M >? =;>; P?T ? L?NLI=?>?H>I =IG GOCNI =OC>;>I J;L; H‚I JCM;L HIM
LIFCG‚M  +I @CG @C=;LC; ?H=OLL;F;>I ?HNL? ; D;H?F;
 OG F;>I >; ?M=LCP;HCHB;
JIMC=CIH;>; HI =;HNI >; J;L?>?
  >CL?CN; ? ; =;G; =IF;>; H; J;L?>? >;
?MKO?L>;  "HNL? ; JILN; ? I ’FNCGI <;L<;HN? M? ?MN?H>C;G MO=?MMCP;G?HN? IM
@CIM;HOH=C;>IL?M>INLCH=I;N„;=;>?CL;CH=FCH;>;
>INLCH=I;N„OG=CHT?CLI
>?P?LGON?*;LNCHCJIOM;>IMI<L?;<IL>;>;JC;
?>INLCH=I;N„OG;A;P?N;>I
;LG~LCI=B?C;>?FCPLIM?J;J„CM
JL?MIMH;<?CL;>CHB;
;M<;=C;M;KOIM;M?G
@ILG;>?>O;MFCHB;M>?@?HMCP;MCLL?AOF;L?M
G;MILC?HN;>;M?GA?L;F>;J;L?>?
>;?MKO?L>;J;L;;>;>CL?CN;
IOM?D;
;JLCG?CL;FCHB;C;>;JC;;N„I;LG~LCI?
;M?AOH>;>IMJ„M>;=;G;;N„IMJ„M>;?M=LCP;HCHB; /?MN;P;MOGG?NLIFCPL?
?HNL? ; ’FNCG; FCHB; >? <;=C;M ;KOIM;M
 MI<L? ; KO;F M? ?MN?H>C;G G’FNCJFIM
<;L<;HN?M
?;J;L?>?IH>?M?;<LC;;D;H?F;KO?>;P;J;L;IJ~NCI>ICM;H>;L?M
;<;CRI 0?HN;H>I M?H;<IL>;>;?M=LCP;HCHB;
,FCP?CL;;=?H>?OIONLI=CA;LLI?
M? JŽM ; IFB;L J?F; D;H?F; HOG >;>I GIG?HNI NCLIO ; =;GCM;
 KO? ?H@CIO
?G<;CRI >; ?M=LCP;HCHB;  AIL; H‚I JI>C; G;CM <?<?L
 G?MGI KO? M?HNCMM?
M?>? #C=IO;MMCG
>?=;GCM?N;
@OG;H>I?IFB;H>IIJ~NCI
G;M=IG;;N?Hƒ‚I
@CR; H; JILN; ?G<IL; >? P?T ?G KO;H>I M? >CMNL;ˆMM? ;I DIA;L ; AOCG<; H;
;G;L?FCHB;  N„ KO? H‚I ?MN;P; N‚I G;F ;=IGI>;>I
 ?G<IL; ; <IL>; >;
?M=LCP;HCHB; @IMM? >OL; ? I =B?CLI >? KO?CG;>I >I JOFŽP?L FB? >?MM? ;M=I
=;<IO;J;A;H>I;FGJ;>;?JIO=I;JIO=IPCO@ILG;L M?OG;LCM=;LIR;;I
J„ >; JILN;
 IO M?D;
 KO;H>I 1L;P?F?L =B?A;MM? M?OM M;J;NIM >? <ILL;=B;
CHN?LLIGJ?LC;G ;KO?F; LCM=; ?G >ICM JIHNIM
 MCH;F CHPIFOHN~LCI >? KO? C;
=IG?ƒ;LI;N;KO? .O;H>I1L;P?F?L;<LCMM?;JILN;;=IHN?=?LC;GP~LC;M=ICM;M?
JI>?LC;G ;=IHN?=?L GOCN;M IONL;M  M JLCG?CL;M ?L;G G?=HC=;M ? CH?PCN~P?CM

>?HNLI >; ?MN’JC>; I<?>C…H=C; >I ?@?CNI  =;OM;


 >; =;>?CL; ;I <;L<;HN?
 >I
NLCH=IG‚I
>;G‚IPIHN;>?
>;PIHN;>?;X">;ˆM?J;MM;P;MIONL;M=ICM;M
KO? JI>?LC;G IO H‚I ;=IHN?=?L =IH@ILG? ; J;H=;>; >; =;>?CL; HI =B‚I
 I
>?MJ?>;ƒ;G?HNI ?G =CH=I IO M?CM =;=IM >I =CHT?CLI *;LNCHC ? ; KO?>; >;
A;P?N;>I;LG~LCIL?J?L=ONCMM?G>?OG;IO>?IONL;G;H?CL;?G1L;P?F?L?;N„
HI JLJLCI ,FCP?CL;
 JILKO? ;AIL;
 ?HKO;HNI ?F? ;=?H>C; IONLI =CA;LLI H;
AOCG<; >I ;HN?LCIL ? ;LL?G?MM;P; ; AOCG<; >? GI>I KO? ?F; =;ˆMM? H; HIH;
=;M; >; ;G;L?FCHB; ? ; PC; =;CL H; ICN;P; ? M;FN;L J;L; ; M„NCG;
 AOCG<; >?
G?L>;
;AIL;N;FP?T@IMM?IGIG?HNI>?M?J?LAOHN;LIKO?@;LC;KO;H>I;JILN;
;<LCMM??G?CI>ILGCNLCI@IMM?J;L;I=;L;FBI?M?IOPCMM?;MOL>;?R=F;G;ƒ‚I
>?1L;P?F?L
=;MI@IMM?OG;?R=F;G;ƒ‚I?=;MI@IMM?MOL>; +I@OH>I@IL;OG
C>CIN;;IL?=OM;L;%?@NJCMNIF?
JILKO?;F„G>I;<;DOLKO?H‚IJ?M;P;H;>;
?
>; =;>?CL;
 HI =;HNI >; D;H?F; H‚I B;PC; ;<MIFON;G?HN? I G?HIL ;LM?H;F
>?@?HMCPI
 ? =IG I ;<;DOL ? ; =;>?CL; ?F? H‚I CLC; GOCNI FIHA? M? 1L;P?F?L
=IHM?AOCMM? OFNL;J;MM;L ;M >O;M FCHB;M >? <;=C;M ;KOIM;M ? M? M;FP;L >? J;NCH;L
HIMLIFCG‚M *;M?F?H‚I=IHM?AOCLC;
NI>;;?MNL;N„AC;?MN;P;DOMN;G?HN?HCMMI
;M;LG;M>;>?@?M;H‚IJI>C;GN?L;G?MG;H;NOL?T;>;M;LG;M>;I@?HMCP; ,M
<;L<;HN?M
 JIL ?R?GJFI
 C;G JLI>OTCL ?G 1L;P?F?L OG; CGJL?MM‚I BILLILIM;
KO;H>I ?F? ;P;Hƒ;MM? HI ?M=OLI ? M?HNCMM? =L?M=?L =IGI KO? OG; MONCF
L?MCMN…H=C;=IHNL;M?OLIMNI
M?OM<L;ƒIM?MO;MJ?LH;M
?@IMM?NIG;>IJIL;KO?F?
;M=ICHMOJ?L~P?F>IBIG?GKO?M??HL?>;HOG;N?C;>?;L;HB; 0OJIH>IKO?
?G>ICMM;FNIM?F?;LL;H=;MM?NI>IMIM@CIM
MOJIH>IKO?H‚I?H@C;MM?OGM;J;NI
HOG; <;=C; ;KOIM; ? KO? H‚I J;NCH;MM? HOG LIFCG‚
 =B?A;LC; @CH;FG?HN? ;I
M?NIL>;D;H?F;?;J?M;L>;?M=OLC>‚IL?=IHB?=?LC;;MCFBO?N;CGP?FH;<IL>;>;
?M=LCP;HCHB;  "L; L?GIN;G?HN? JLIP~P?F KO? ?F? =B?A;MM? ;N„ ;FC
 G;M M?
=B?A;MM?
 H‚I B;PC; >’PC>; >? KO? J;L; ,FCP?CL; M?LC; =IGJF?N;G?HN? CH’NCF
OG; %?@NJCMNIF?
 H‚I N;HNI J?FI @;NI >? I  N?L @;F;>I ?G A;H=BCHBIM
 G;M
JILKO? H‚I CLC; B;P?L OG ?H=IHNLI =IGI N;FP?T 1L;P?F?L NCP?MM? CG;ACH;>I ?
MCGOG;=ICM;=IGJF?N;G?HN?>C@?L?HN?
KO??L;CH=;J;T>?CG;ACH;LG;MKO?
M;<C;=IGN;HN;=?LN?T;=IGIM?;?MNCP?MM?P?H>IIOPCP?H>I
OG>?MFCT;L>;
G;MM; H?AL; KO? PCHB; >? @IL; =IHNL; ;KOCFI KO? ?F? M;<C; M?G M;<?L
 OG
>?M?H=IHNLICH=;F=OF~P?F?HNL?;G;MM;H?AL;>?1L;P?F?L?;KOCFIKO??MN;P;;FC
H;<IL>;>;?M=LCP;HCHB;@OG;H>I FAI=IGI;PCAˆFC;=IHNL;IMIHI;MBIL;M
>?MIHI?;PCAˆFC;
;FAO„GNCHB;>CNI;FAOG>C;
;CH>;H‚IB;PC;GM?@OH>C>I
H;OHC>;>?
G;M>CT?LPCAˆFC;=IHNL;MIHI?L;;>GCNCL;N„I@CGKO?H‚I?RCMNC;
?MJ?L;Hƒ;;FAOG;>?OHC>;>? "G=IGJ?HM;ƒ‚IJI>C;I=ILL?LKO?;=B?A;>;
>?1L;P?F?L@IMM?OG;?MJ„=C?>?JIHNI?RNL?GI;J;LNCL>IKO;FN?HN;LOG;P?T
G;CM I M;FNI >I OG HI IONLI ? ;I G?MGI N?GJI >I IONLI HI OG
 G;M
DOMN;G?HN??MM?M;FNIM?LC;I=IHNL~LCI>?OG=BIKO?
,FCP?CL;?MN;P;M?AOLI>?
KO?IN?LLCNLCI1L;P?F?LH‚I=IHM?AOCLC;=B?A;L;N„?F?G?MGIKO?@IMM?J;L;
=CG;>?F?
<;N?MM?H?F?
?MNL;ƒ;FB;MM?MO;=;GCM?N;
=OMJCMM??GM?OMIFBIM??G
MO; <I=;
 NIL=?MM? M?OM <L;ƒIM ? I DIA;MM? J?F; D;H?F;  0? OG; %?@NJCMNIF? ?L;
=IGJF?N;G?HN?CH?@C=;T=IHNL;IN?LLCNLCI
D~KO?M?AOH>IIH‚IJ;MM;P;>?
OG; JCMNIF; >? ;J;L;@OM;L IO ;FAI >I NCJI
 KO;F M?LC; ; ONCFC>;>? >? OG; @;=;
1L;P?F?L IO >? OG; JILL;>; 1L;P?F?L
 JI<L?M %?@NJCMNIF?M CH;>?KO;>;M J;L;
MOJ?L;L ; CHMOJ?L~P?F >CMNH=C; >? OG =ILJI ; =ILJI HI KO;F OG =ILJI
=IG?ƒ;MM?JILH?A;LIIONLI
IOIIONLIIOG0?>?@;NI1L;P?F?LJI>C;G;N~
FI?JIL;FAOG;L;T‚IMO;<I=;?MN;P;M?=;?;MJ;FG;M>?MO;MG‚IMMO;P;G
;<IGCH;P?FG?HN?
NO>IIF?P;P;;H?A;L?MM;JIMMC<CFC>;>?HOGJF;HI?GKO?
MO;?@?NCP;I=ILL…H=C;MNCP?MM?=IH@CLG;ƒ‚IJ;L;I;MM;MMCHI *;MG?FBIL;CH>;
?L;M?HNCLKO?I;MM;MMCHIH‚I?L;OG;MM;MMCHI
KO?IN?LLCNLCIH?GM?KO?L?L;
OGN?LLCNLCI
;J?KO?H;L?GCHCGCT;L?MO<?MNCG;LIN?LLCNLCIJ;L;KO?>?N;HNI
>L;G;?N;HNI=CHT?CLIM?;LL?<?HN;H>IHI=B‚IH‚IL?MN;MM?G;CMKO?LOˆ>I?
=IHM?KO…H=C;MCLLCMLC;M  ;MIM?;@CLG;MM?FON;H>I=IHNL;IG?>IH?MM?NIN;F
?MNL;HB;G?HNI =IG L?F;ƒ‚I ;I N?LLCNLCI
 ; >?@?M; M?LC; ?HN‚I I G?FBIL >IM
;N;KO?M
;JCILJOHB;F;>;H;M=?LC;>I=;<I?H‚I>;FGCH; *;MIKO?„KO?
?F? A;HB;P; =IG G?N~@IL;M KO?F; BIL; >; HICN?
 KO;H>I ; ’HC=; =ICM;
M?HM;N;G?HN?CHM?HM;N;?L;>?CR;LKO?IMIFBIMPCAC;MM?G;@;CR;PCIF~=?;;IJ„
>;JILN;
;KO?F;LCM=;N?LGIG„NLC=;>IN?LLCNLCI
gM>?TJ;L;;MKO;NLI,FCP?CL;?H>CL?CNIOI=ILJI
GIP?H>IIMIG<LIMJ;L;
M?>?MCHNOG?M=?L
?@ICM?M?HN;LHIJ;L;J?CNI>;D;H?F; =B;P;AL;ƒ;;IJ?HM;L
KO? M? NCP?MM? NC>I ; MILN? >? @C=;L G;FO=I H;KO?F; HICN?
 ; FCKOC>;ƒ‚I >I
N?LLCNLCI 1L;P?F?L N?LC; MC>I ;<MIFON;  0IFOƒ‚I ?G H;>; >? ;=IL>I =IG MO;
MI<?L<; ? MO; CHN?Hƒ‚I >? L?MCMNCL ; NI>I NCJI >? ?HNL?A;  !? NI>I GI>I

CG;ACH;L #?LL;AONI ;HIN;H>I M?O HIG? HI L?ACMNLI >? J;=C?HN?M


 JIH>I OG
H’G?LI ?G MO; JILN; ? OG IFBI G~AC=I J;L; ?MJC~ FI  HICN?X " 1;FCN;
JL?J;L;H>I FB?=;LCG<IMH;@;LG~=C;
J;MM;H>IJ?FIJ~NCI=IGGOCNI=OC>;>I
J;L;H‚IJCM;LH;;G;L?FCHB;
J;L;HOH=;G;CMJCM;LH;;G;L?FCHB; 0?G@;F;L
?G*;H’
=ICN;>I
N?LLCP?FG?HN?>?M=IHMIF;>I=IGMO;CH„J=C;?MO;;<MOL>;
N?HN;NCP; !?=IMN;MJ;L;IJ~NCI
?G<;F;H>I M?J?LCAIM;G?HN?HIJ;L;J?CNI>;
D;H?F;
,FCP?CL;M?HNCOKO?IG?>I=IG?ƒ;P;;CL?G<IL;
?KO?CMMI?L;LOCG
+‚I NCL;P; IM IFBIM >; LCM=; >? FOT
 G;M =;>; L?MJCL;ƒ‚I I ?H=BC; >? OG
=IHN?HN;G?HNI@CH;FG?HN?M?GJ;F;PL;M
KO?H;>;NCHB;;P?L=IGIN?LLCNLCI

? ; ;F?ALC; ?L; DOMN;G?HN? ;KOCFI


 M?HNCL =IGI =IG?ƒ;P; ; =?>?L I N?LLCNLCI
+‚I CGJILN;P; ;N„ KO;H>I
 ; =;>; CHMJCL;ƒ‚I I ;L KO?HN? >I GOH>I M?
L?=IH=CFC;P;=IG?F?=IGID~B;PC;;=IHN?=C>IOG;P?TIOIONL;?GMO;PC>;
+‚I M?HNC; @;FN; H?G >? @OG;L
 JIL ;FAOHM GCHONIM @CT?L; ;M J;T?M =IHMCAI
G?MGI ? CMMI ?KOCP;FC; ; ;<IFCL I N?LLCNLCI
 ; P?H=?L M?G FON; ? ; @CH;FG?HN?
KO?L?L;>ILG?=?LHI>?MJ?LN;L
H?MM?@CIIH>?;PCAˆFC;?IMIHIGCMNOL;P;G;M
JLCG?CL;M~AO;M?>?M=I<LC;GKO?H‚IB;PC;~AO;M>C@?L?HN?MG;MCMMI?L;LOCG

=F;LI
=F;LIKO?NO>ICMMIJL?=CM;P;M?LCHN?LLIGJC>IJ?F;<LOM=;CHN?LJIMCƒ‚I>?
>ICM M?NIL?M H?ALIM ; G?C; >CMNH=C; >; LCM=; >? FOT PCIF~=?;
 ? OG ;LL;HB;L
=IGJILN;>CHBI H; JILN;  U3I=… „ KO? @IC ;NL~M >CMMIW
 J?HMIO ,FCP?CL;
?M=ILL?A;H>II=ILJI;N„=IF;LH;?M=LCP;HCHB; UP?L>;>?„KO?M??ONCP?MM?
=IHNCHO;>I;MMCGJILG;CM;FAOGN?GJI=;ˆ;>?=;<?ƒ;H;;G;L?FCHB; "HNL?
>?OG;P?T
*;H’
;@CH;FIOPI=…H‚I?RCMN?IO?O„KO?H‚I?RCMNI
IO?HN‚I
MIGIM IM >ICM N‚I CG<?=CM KO? ;=L?>CN;GIM HCMNI ? P;GIM HIM G;N;L
 CLG‚I

>?MN;P?T„NO>IIOH;>;?H‚IN?G=IHP?LM; W
Z -I>? ?HNL;L Z L?J?NCO ?G PIT ;FN;
 G;M ; JILN; H‚I M? ;<LCO
IHNCHO;P;G;LL;HB;H>I>?F?P?
P;CP?L?L;JOL;=ICH=C>…H=C;KO?F~?G<;CRI
BIOP?MM?;FAO„G;IF;>I>;@IHN?
OG;GOFB?L>?=IMN;M
>?=;<?FI=IGJLC>I?
<L;ƒIM=;ˆ>IM
;<MILN;H;=IHN?GJF;ƒ‚I>IL?JORI gKO?F;BIL;?=IG;KO?F;
?M=OLC>‚I
N;HNIJI>C;M?L;*;A;=IGI1;FCN;=IGIKO;FKO?LOG;>;MFIO=;M

;N„-IF;
J?HM;H>I<?G +;>;ICGJ?>C;>?IFB;L;GOFB?L>?=IMN;M
D~KO?M?
1L;P?F?L M? >?=C>CMM? ; ?HNL;L ;M >?@?M;M @OH=CIH;LC;G ;ONIG;NC=;G?HN? ?
B;P?LC; N?GJI >? MI<L; J;L; J;L;L >? IFB;L I J~NCI ? ?H@L?HN~ FI  *;M ;CH>;
;MMCG?L;<;MN;HN??MNL;HBIKO?1L;P?F?L=IHNCHO;MM?;LL;HB;H>I;JILN;=IGI
M?KOCM?MM?N?L=?LN?T;>?KO??F??MN;P;>ILGCH>IH‚IJI>C;M?L-IF;
JILKO?
-IF; NCHB; I J?M=IƒI G;CM =OLNI ? ;M =;>?CL;M G;CM >?@CHC>;M
 ; G?HIM KO?
N;G<„G>?M?OF;>INCP?MM?=IHMNLOˆ>IOGMCMN?G;?MJ?=C;F>?;N;KO?JI>C;M?L
N;HNI ; *;A; =IGI 1;FCN;
 ;M >O;M ?L;G N‚I J;L?=C>;M
 ;CH>; G;CM  HICN? ?
PCMN;M >? OG M?AOH>I ;H>;L >?MNCH;>I ; >?CR~ FI @IL; >; =;MCHB; J?FI G?HIM
>;OG;ICNI
JILKO?H‚IB;PC;=IHM?AOC>ICL;F„G>;ICNI
HOH=;=B?A;LC;;I
„O
 HOH=; ?HNL;LC; ?G M?O EC<ONT  U, KO? PI=… ?MN~ ?MJ?L;H>I
 *;H’W

J?HMIO ,FCP?CL;  U!? KO? HIM M?LP? CMMI NO>IW "L; 1;FCN;
 =F;LI
 KO? ;AIL;
IFB;P;J;L;=CG;?@C=;P;>?HIPICGP?FKO;H>I?F?JŽMI<L;ƒIHOJ;L;@IL;
>;D;H?F;?GIP?O I=;HM;>;G?HN?>?OGF;>IJ;L;IIONLI
ZJLIRCG? M?
*;A;Z>CMM?,FCP?CL; Z!;KOC;M?G?FB;Hƒ;„N;HN;KO?
;N„>~J;L;NLI=;LM?OHIG?
Z#?=B??MM;D;H?F;
%IL;=CIZJ?>CO1;FCN;
Z&GJIMMˆP?F
?MN~OG=;FIL>;H;>I?M?OG;LC>I?MN~;FC;LL;HB;H>I;JILN;
KO? >~ G?>I  j I KO? =B;G;G >? =IHDOHNI >? =CL=OHMNH=C;M ;>P?LM;M  *;M
H‚I M? JL?I=OJ?
 ;J;HB? OG; J?>LCHB; ? N?HN? >? HIPI
 P;C P?L KO? HOG;
>?MM;MX
 A;P?N;
 I =CHT?CLI ? ; =;>?CL; >?MJ?H=;L;G HI =B‚I ;I G?MGI N?GJI
A;=B;H>I M? OG JIO=I
 ,FCP?CL; IFBIO
 I@OM=;>I
 I L?NHAOFI LIRI KO?
I=OJ;P;IFOA;L>;JILN;
;G;H=B;H?AL;M?GIP?H>I
IOPCO;CGJL?=;ƒ‚I>?
1L;P?F?L ,<;LOFBI>?PC;N?L;=IL>;>INI>IGOH>I
Z,FB;M
J?>;ƒI>?CH@?FCTZ>CMM?1L;P?F?LCGP?FH;JILN; Z*;MPI=…
KO?LKO?I!CL?>?GCN;NI>IGOH>I
Z"F??MN~G?>;H>IOG;<LIH=;Z,FCP?CL;CH@ILGIO;1;FCN; Z0?GJL?
@IC=IGIOGJ;CJ;L;GCG
Z#?=B?;D;H?F;
JIL@;PILZ>CMM?1;FCN;
Z +;>; G;CM H?=?MM~LCI >I KO? OG; D;H?F; ;<?LN; Z >CMM? ,FCP?CL;  Z
,Oƒ;MIM?OG;LC>I
M?P…KO??H@CIOOGJ„H;~AO; JIMNIKO??MN~=IG;
=;L;=B?C;>?<;L<;HN?M
KO?H‚IM;<?IKO?@;T?L
Z-ON;KO?IJ;LCOZ>CTC;1L;P?F?LA?MNC=OF;H>IH;?M=OLC>‚I?;LL;H=;H>I
<;L<;HN?MJILNO>IKO?„F;>I Z=?H>;?MM;FOT
=;L;FBI
Z CH>; H‚I @IC ;I =B‚I Z CH@ILGIO ,FCP?CL;  Z ,M LIFCG‚M H‚I >?L;G
=?LNI
Z +‚I M? J?H>OL? >?MM? D?CNI Z ALCNIO 1;FCN;
 ?LAO?H>I IM <L;ƒIM  !?
=IMN;MJ;L;;D;H?F;
=IG;=;<?ƒ;PCL;>;J;L;P… F;?@;F;L=IG?F;
,FCP?CL;M?
CH=FCH;P;=;>;P?TG;CMJ;L;NL~M  O=;#?LL;AONIM;ˆ;=ILL?H>IJ;L;IJ~NCI
?
M H?MM? GIG?HNI ,FCP?CL; M? >?O =IHN; >? KO? D~ H‚I ?L; HICN?
 ; N’HC=; >;
O=; ?L; >; =IL >;M J?>L;M >I J~NCI
 >;M J;L?>?M >; @;LG~=C;  -?LGCNCH>I M?
@;T?L OG L?=IHB?=CG?HNI >I @LIHN >? AO?LL;
 IFBIO J;L; ; ?M=OLC>‚I ? HINIO
KO?;J?M;L>;M>C@C=OF>;>?MI@?HMCP;M1L;P?F?LNCHB;IJN;>IJIL@?=B;L;JILN;
,OPCO
?HNL?>O;MCGJL?=;ƒ‘?M
ILOˆ>I>;NL;H=;
Z MMCG KO? ?O AIMNI
 =B? Z >CMM? ,FCP?CL;  Z 0ITCHBIM HI LCHAO? @?CNI
>ICMBIG?HTCHBIM
Z 3~ J;L; ; JON; KO? I J;LCO Z >CMM? 1L;P?F?L ?H@OL?=C>I  Z "MNIO =IG
OG =BCH?FI ?HMIJ;>I
 KO? „ ; =ICM; KO? G;CM G? >~ ;M=I HI GOH>I  -?FI
G?HIM;=?H>;;FOT
H‚I>~J;L;P?LH;>;
ZMOLJL?M;>? ;H=B;/;S;>;@ICOGNL?=IJ;L?=C>IZ>CMM?,FCP?CL; Z
3I=…B;P?L~>??HN?H>?LKO?H‚IPIOM;=LC@C=;L;MP;HN;A?HM>;GCHB;JIMCƒ‚I
" ;AL;>?ƒ; JIL ?O ?MN;L L?MJIH>?H>I
 JILKO? H?G CMMI ?O >?P?LC; @;T?L
1;G<„G@L?KO?HN?CI1CLI#?>?L;F
CLG‚I
,OPCO ; L?MJCL;ƒ‚I J?M;>; >? 1L;P?F?L  #IL; <;NC;G JILN;M
 ; PIT >?
#?LL;AONIM?GCMNOL;P;;IONL;MJ?LAOHN;M?L?MJIMN;M MCFBO?N;>?1L;P?F?LM?
NILH;P;=;>;P?TG;CMPCMˆP?FNO>I?HNL;P;?GIL>?G?C;J;L;M?OFOA;L
=CH=I
<;=C;M
NL…M?M=;LL;>?CL;M
>?T?H;M>?LIFCG‚M '~KO;M?JI>C;GIFB;L M?H;KO?F;
FOTKO??L;=IGI;JIG<;?HNL?;MG‚IM>IFIO=I
Z@CH;F>?=IHN;MZ>CMM?1L;P?F?L?LAO?H>I;=;>?CL;=;ˆ>;?M?HN;H>I M?
=IHNL;LC;>I Z0?L~KO?PI=…JI>?G??RJFC=;LKO?TIH;„?MN;
Z3;CM?LG?CI>C@ˆ=CF
=B? #;F;L
PI=…M;<?X
Z3I=…;LLOG;=;>;BIL;?MNL;HB;J;L;@;F;LXZ>CMM?1L;P?F?L@OLCIMI Z
&H;=L?>CN~P?F  .O;H>I H‚I ?MN;GIM GIHN;>IM ?G >O;M N~<O;M ; OG;
N?GJ?L;NOL;>?KO;L?HN;?=CH=IAL;OMMIG<L;
PI=…G?J?A;=IGOGJ„H;
~AO;??MM?M<;L<;HN?M;MKO?LIMIM
Z *;M M?GJL? ?G JIMCƒ‘?M MCG„NLC=;M Z >CMM? ,FCP?CL;  Z IGI >ICM
A…G?IM <LCH=;H>I HOG; A;HAILL;
 IO MCGJF?MG?HN? =IGI KO;FKO?L OG H;
@L?HN?>I?MJ?FBI &MMIH‚I=B;G;;MO;;N?Hƒ‚I
5@AA6=8u?86C
0?GL?MJIH>?L
1L;P?F?LJORIOOG=CA;LLI>I<IFMI>IJCD;G;?I;=?H>?O

?HKO;HNI,FCP?CL;JOR;P;IONLI?I;=?H>C;KO;M?;IG?MGIN?GJI ,M>ICMM?
IFB;L;G?=IG?ƒ;L;G;LCL
Z3I=…?MN~=IGJF?N;G?HN?G;FO=IZ>CMM?1L;P?F?L Z!?MN;P?T„M?G
PIFN; "J?HM;LKO?CG;ACHIOKO??OX
Z !?CR? ; J;F;PL; UCG;ACH;ƒ‚IW ?G J;T Z >CMM? ,FCP?CL;  Z )CGCN? M? ;
I<M?LP;LKO?NIG?CGCHB;MJL?=;Oƒ‘?M
G;MKO?PI=…P?CI +‚IIONLI 3I=… gM
KO;NLI>;G;HB‚
Z1;FCN;G?>CMM?
??O;=B?CX*;MPI=…;=L?>CN;G?MGIX
Z3;CP?L
HI@OH>I„H?=?MM~LCI
*;H’ 3I=…CG;ACH;KO?M?F?P;HNIOJ;L;
PCLG?;=;FG;L
>;L G?M?AOL;Hƒ;M 0??O?MNCP?MM?>ILGCH>IPI=…N?LC;?HNL;>I
M?G CH=IHP?HC?HN?
 =IGI KO;FKO?L OG KO? M? ;JLIRCG; >I ?MJ?FBI M?G
>C@C=OF>;>?M
 =F;LI
 =B?A; J?LNI >I ?MJ?FBI NL;HKOCF;G?HN? =IG I JCH=?F >?
<;L<;H;G‚I
?>CA;GIMKO??GP?T>IJCH=?F@IMM?CMMIKO?PI=…N?G;ˆHI
JCD;G;X
Z H>I M?GJL? =IG ?F?
 =B? Z >CMM? 1L;P?F?L CH>CAH;>I  Z ,O PI=…
;=L?>CN; KO? CMNI ;KOC „ OG D;L>CG >? CH@H=C; 0? PI=… ;H>; >?M;LG;>I „
JILKO?„OGCH=IHM=C?HN?
Z0?D;=IGI@ILZ>CMM?,FCP?CL;
M?HN;H>I M?IONL;P?TH;<IL>;>;D;H?F;?
@;T?H>I OG ;=?HI J;L; 1;FCN; ? ; O=; Z
 I KO? ?O ;=L?>CNI >CMMI NO>I
CGJILN; GOCNI JIO=I ;I F;>I >I KO? N?G KO? M?L
 KO?L ; A?HN? AIMN?
 KO?L ;
A?HN?H‚IAIMN? #;TN;HNIN?GJIKO?MIGIMIG?MGI=‚I>;H>IPIFN;M?G;CM
PIFN;M ;NL~M >I L;<I  +‚I „ KO? ; A?HN? M? I>?C?
 J?FI =IHNL~LCI  1?G IONL;M
=ICM;M KO? HIM OM;G J;L; DIA;L
 I J?‚I <L;H=I ? I J?‚I ?M=OLI
 IO =ICM;
J;L?=C>;  !CA;GIM >O;M G;H?CL;M
 H?=?MMCN;>;M >? KO? OG; @CKO? ;<IFC>; H;
IONL;?PC=? P?LM;
Z"OH‚II>?CIPI=…Z>CMM?1L;P?F?L Z0KO?PI=…G??H=OLL;FIO;OG
JIHNI?GKO?D~H‚IM?CIKO?@;T?L
Z$FE2E:D>FE2?5:D
PI=…G??MJ?LIOHIJILNI=IGOG;=ICM;KO?J;L?=C;
OG;LGCMNˆ=CI
OG;<;H>?CL;<L;H=;
OG;NLCMN?CH=CN;ƒ‚I;I?MKO?=CG?HNI "O
N;G<„GH‚II>?CIPI=…
CLG‚I
G;M>?HOH=CIPI=…
?„CMMIKO?PI=…=B;G;>?
?H=OLL;F;L
Z"O?MNIOPCPIZ>CMM?1L;P?F?LIFB;H>I IHIMIFBIM Z"MN;LPCPIM?GJL?
>~ ; CGJL?MM‚I >? M?L I JL?ƒI >? ;FAOG; =ICM;  " PI=… H‚I KO?L J;A;L H;>;
+OH=; KOCM  2G; ?MJ„=C? >? =~N;LI ?RCMN?H=C;F
 OG JOLI  ,O „M;L IO H;>;

?MM? NCJI >? ;FN?LH;NCP;M L;>C=;CM  3I=… CG;ACH; KO? ?O H‚I ;>GCLI PI=… 
GCHB; G;H?CL; &G;ACH; KO? H‚I ;>GCLI PI=… JIL H‚I N?L M? MOC=C>;>I ,
P?L>;>?CLI 5@AA6=8u?86C „ PI=…
 JILKO? ?MN~ =IGI KO? >?M?H=;LH;>I
 PI=… „
OG; PIHN;>? ?G @ILG; >? =;N; P?HNI
 ;ˆ ?G =CG;  .O?LI CMMI
 KO?LI ;KOCFI

KO?LIIHILN??IMOF?NO>I;IG?MGIN?GJI
KO?LI;*;A;
KO?LI1;FCN;
?;ˆ
I M?HBIL P;C PCMCN;L I H?=LIN„LCI ? JF;HN; OG <?CDI H; GOFB?L >I M?O G?FBIL
;GCAI 1O>IJILKO?MO;ML?;FC>;>?M?MO;MF?G<L;Hƒ;MM?GCMNOL;G>?OGD?CNI
MOG;G?HN?H‚I?O=FC>C;HI
,FCP?CL; >?O >? IG<LIM G;M IFBIO J;L; 1L;P?F?L J;L; KO? ?F? M?HNCMM? KO?
H‚I?L;OGA?MNI>?>?MJL?TI .O??L;OGD?CNI>?NL;HMGCNCL;?F?;FAI>;KOCFI
KO?HIN?LLCNLCI?G@L?HN?=B;G;P;GOG<?CDI
OG<?CDI?G1;FCN;
OG<?CDI
>?F?J;L;;*;A;IOJ;L;-IF;
?MM?IONLIDIAI>??MJ?FBIM=IGIIDIAI>?PCL;L
;=;<?ƒ;J;L;;D;H?F;?IFB;L;*;A;;FCJ;L;>;DOHNI;IDIAI>;;G;L?FCHB;
?HKO;HNI ; O=; ? /?GILCHI ? #?LL;AONI
 ;GIHNI;>IM J?LNI >; JILN;

J;L?=C;G?MJ?L;LKO?1L;P?F?L=B?A;MM?D;H?F;J;L;;HOH=C;LKO??MN;P;NO>I
<?G ? KO? OG ?HP?FIJ? >? +?G<ON;F IO KO?G M;<? OG; =;GCM; >? @ILƒ;
>OL;HN?;FAOG;MBIL;M;N„IL;J;TM;CL>IMOLNI MJ;H=;>;MH;JILN;N;G<„G
H‚I=IHNLC<Oˆ;GJ;L;@;=CFCN;L;=IGJL??HM‚I 0?J?FIG?HIM*;H’@IMM?=;J;T
>?J?L=?<?LKO?H;>;>IKO??MN;P;J?HM;H>I@;TC;M?HNC>I>IF;>I>;D;H?F;

KO?MP;FC;>IF;>I>;M<;=C;M?>IMLIFCG‚M
?M?KO?G<;NC;H;JILN;=IGIM
>ICM JOHBIM J;L;MM? KOC?NI OG GCHONI ;J?H;M
 N;FP?T ?HN‚IX *;M H‚I >;P;
J;L; @;T?L IONL; =ICM; M?H‚I IFB;L ; *;A; N‚I <IHCN; DOHNI ;I DIAI >;
;G;L?FCHB;
?>?M?D;LKO??F;?GJOLL;MM?;J?>LCHB;>?OG;=;M;J;L;;IONL;

>;N?LL;J;L;I „O
ZXMOG;G?HN?H‚I?O=FC>C;H;
Z"MJ?L?CJILPI=…?MM?N?GJINI>IZ>CMM?,FCP?CL;
=;HM;>I Z3I=…B~
>??HN?H>?LKO??OH‚IC;G?>?CR;L@LCN;L;MMCGN‚I@~=CF  ;>;OGM;<?IKO?
N?G >? @;T?L
 *;H’  0? PI=… KO?L OG; ?RJFC=;ƒ‚I J;L; I KO? ;=IHN?=?O F~
?G<;CRIX M KO? H‚I P;C N?L H;>; ; P?L
 ? PI=… M;<? >CMMI  3I=… M;<?

5@AA6=8u?86C
PI=…M;<? -;L;PI=…I<?CDIH‚IN?G;G?HILCGJILNH=C;
J;L;
?F;N;G<„GH‚I I@CG?;I=;<II;MMOHNI„?HNL?PI=…M
Z<L;G<L;GD~
Z "MN‚I F?P;H>I CMNI ; M„LCI Z >CMM? 1L;P?F?L
 M? F?P;HN;H>I  Z <LCGIM
!?P?M?LI,P?D?LI
Z-ILGCGX
Z "F? P;C KO?L?L >;L OG; CHD?ƒ‚I ?G PI=…
 N?HBI =?LN?T; >? KO? 1;FCN;
NOGOFNOIOIBIMJˆ=CI
Z M GOFB?L?M M‚I ; GILN? Z >CMM? ,FCP?CL;  Z ,FB? M J;L; ?F;
 NI>;
@;=?CLCHB; ;I F;>I >; ;G;L?FCHB;X *?FBIL H‚I ;<LCL
 *;H’
 ; A?HN? ?MN~ N‚I
<?G>ID?CNIKO??MN~
1L;P?F?L@IC;N„;JILN;?;JLIRCGIO;<I=;>;@?=B;>OL; ;H>I>?=L?NCHIM

JIL KO? H‚I J;L;P;G >? ?H=B?L I M;=I =IG ?MM?M ALCNIM >? @CFG? >? N?LLIL
1;HNI?F?=IGI,FCP?CL;?MN;P;GJ?L@?CN;G?HN?<?G
?;<LCLC;G;JILN;KO;H>I
=B?A;MM? ; BIL;  "F?M KO? @IMM?G JL?J;L;L =;@„ J;L; NI>I GOH>I
 CGJIMMˆP?F
PCP?LH;KO?F;=FˆHC=;
"L; <;MN;HN? ;O>ˆP?F KO? #?LL;AONI H‚I ?MN;P; H?G OG JIO=I =IHP?H=C>I

G;M;PIT>?,P?D?LIM?MI<L?JŽM>?F?=IGOGM~<CILIHLIH;LJ?LMCMN?HN?
?
;@CH;F >?CR;L;G ; JILN; ?G J;T  +I GIG?HNI I ’HC=I MCH;F >? CHKOC?N;ƒ‚I
?L;G ;M J?MMI;M HI J~NCI ? ;M FOT?M >I N?L=?CLI ;H>;L
 KO? M? ;=?H>C;G ?
;J;A;P;G CH=?MM;HN?G?HN?
 ;F?AL? =IMNOG? >I   )IAI >?JICM ,P?D?LI ?
#?LL;AONI L?;J;L?=?L;G HI J~NCI
 ? >? F~ IFB;L;G J;L; ,FCP?CL; M?HN;>I H;
D;H?F;
KO?=OGJLCG?HNIOIM>ICMJ?>CH>I>?M=OFJ;MJIL?MN;L>?=;GCM?N; ,
B;PC;M?;JLIRCG;>I>?,P?D?LI??MN;P;?RJFC=;H>I;FAIMI<L?;%?@NJCMNIF?

? ,P?D?LI J;L?=C; GOCNI CHN?L?MM;>I ? IFB;P; J;L; ,FCP?CL; =IG ;N?Hƒ‚I


JLI@CMMCIH;F
 =IGI M? NCP?MM? >?CR;>I >? M?L M?O G?FBIL ;>P?LM~LCI >? JŽKO?L

=ICM; KO? ,FCP?CL; ;=BIO GOCNI >CP?LNC>;  .O;M? NI>;M ;M D;H?F;M >I JLCG?CLI
;H>;LB;PC;GMC>I;<?LN;M
?P~LCIM>I?HN?MJ;LNC=CJ;P;G=IGMOG;PCP;=C>;>?
>? NO>I I KO? M? J;MM;P;
 ? KO? ;FC~M H‚I ?L; AL;H>? =ICM;   *;A; NCHB;
F?P;HN;>I I <L;ƒI >CL?CNI J;L; ;NL;CL ; ;N?Hƒ‚I >? ,FCP?CL;
 =IGI M? CMMI @IMM?
H?=?MM~LCI
 ? ?MN;P; FB? J?>CH>I KO? =B;G;MM? 1L;P?F?L ;N„ ; D;H?F;  ,FCP?CL;
?RJFC=IO =IG ?RNL?G; =F;L?T; KO? CMMI ?L; CGJIMMˆP?F JILKO? ; ~L?; >; D;H?F;
=ILL?MJIH>C;?R=FOMCP;G?HN?>?@?M;
G;MKO?N;FP?T@IMM?JIMMˆP?F;=?LN;LOG;
NL„AO;  =L?M=?HNIO KO? I A?MNI >? =B;G~ FI ?LAO?H>I I <L;ƒI I @;TC; M?
F?G<L;L>? ;NLCT?M >IJ;MM;>I
 JLCH=CJ;FG?HN? =;HNIL;M>? J?L; =IGI"GGS
!?MNSHH
*?F<;
*;LDILC?);QL?H=?
*OTCI
ILC
?JILKO?H‚I1B?>;;L;?
+CN; +;F>C
 C; MIFN;H>I HIG?M J;L; ?F; =IG ?HILG? JL;T?L ? 1;FCN; <;CR;P; I
<L;ƒI ? >?JICM NILH;P; ; ?LAO… FI MOJFC=;H>I
 "F?IHIL; !OM?
 H;NOL;FG?HN?

3CFG;~HES
?R;N;G?HN?$;L<I
G;M=F;LI
?OG;@INI>?0;L;B?LHB;L>NKO?
KO;H>I G?HCHI ?F? NCHB; =IF;>I HOG =;>?LHI
 ? ; (;LM;PCH;
 ; ILIHIP;
 ;M
GOFB?L?M
 ?MM?M A?MNIM ?N?LHIM
 ?MM; J?LJ?NO;ƒ‚I >I >?MNCHI ?G<IL; H;KO?F?
=;MIH‚I@IMM?JIMMˆP?F;=?>?L;I;G~P?FJ?>C>I
#?LL;AONI ? ; O=; PI=C@?L;P;G G;HC@?MN;ƒ‘?M OG N;HNI =IHNL;>CNLC;M
KO;H>I,P?D?LI
KO?=IGMO;=;L;>?;>ILG?=C>I?M=ON;P;NO>I
@?TMCH;CMJ;L;
KO? M? =;F;MM?G ; @CG >? KO? 1;FCN; =IHM?AOCMM? M? ?HN?H>?L =IG ,FCP?CL;
,J?L;ƒ‚I KO? H‚I M?LPCO J;L; H;>; JILKO? ,FCP?CL;
 >?JICM >? ?M=ON;L J?F;
M„NCG; P?T I J?>C>I >; *;A;
 FB?M >?O ;M =IMN;M ? I PCL;G ?G<IL; H‚I
JO>?MM?GIOPC FI>C;FIA;L=IGICHPCMˆP?F1L;P?F?L
Z,FB?
?MN‚IKO?L?H>IKO?PI=…;J;L?ƒ;
Z"HN‚IG?>?CR?;J;L?=?LMJILOGM?AOH>I -IMMIJ;MM;LJIL<;CRI>IM
<;L<;HN?M
Z+?GJ?HM;L
=B?Z>CMM?,FCP?CL; Z"F?MM‚I;’FNCG;FCHB;>?>?@?M;
M?
PI=…;NL;HMJ‘??HNL;GIMHOGCH@CABNCHA>?=F;L;>I
Z 1O>I <?G Z >CMM? 1L;P?F?L M?HN;H>I M? H; =;>?CL;  Z IHNCHO?
;GIHNI;H>IJ;F;PL;MCH’N?CM
Z+‚IM‚ICH’N?CMZ>CMM?,FCP?CL; Z0?PI=…KO?LPCL;N„;KOC
H‚IJL?=CM;
J?>CLFC=?Hƒ; =BIKO?CMMI?MN~=F;LI
Z'OL;KO?H‚IP;CM?DIA;L
,FCP?CL;@C=IOIFB;H>IJ;L;?F?=IGIM?1L;P?F?L@IMM?OGJ;H>;ACA;HN?
Z N„ KO? ?H@CG Z >CMM?  Z  N;GJ; >; J;H?F; @IC ;<?LN;  FC ?G<;CRI ;
*;A; J?HM; ; G?MG; =ICM;  " ?O KO? ;=B;P; KO? ;J?M;L >? NO>I PI=…M G?
=IHB?=C;GOGJIO=I
Z+‚I„;*;A;Z>CMM?1L;P?F?L Z3I=…M;<?J?L@?CN;G?HN?KO?H‚I„;
*;A;
Z+‚I„;*;A;Z>CMM?,FCP?CL; Z0?CJ?L@?CN;G?HN?KO?H‚I„;*;A; "
PI=… „ I JILN; <;H>?CL;
 I ;L;ONI >; L?H>Cƒ‚I
 >; PIFN; J;L; =;M; ? >; PIFN; 
IL>?G  IG?ƒI;M?HNCLJ?H;>?PI=…
P?FBI
Z*??MKO?ƒ;Z>CMM?1L;P?F?L
;G;LAI Z.O?LI„KO?PI=…G?>…;MO;
J;F;PL;>?KO?H‚IP;C@;T?L?MM;C>CINC=?
Z-?HM?<?GM??OG?DIA;LZ>CMM?,FCP?CL;Z
PIO=;CLDOMNIHI „O
Z3?HB;J;L;IF;>I>?=~
%IL;=CI
?G?>?CR?@;F;L=IGI,P?D?LI -IMMI
;D?CN;L;M=ICM;M
;G;HB‚HCHAO„GM?F?G<L;>CMNI
Z JL?H>?O CMMI HI G;HO;F >? JMCKOC;NLC; Z >CMM? ,FCP?CL;
 KO;M?
;>GCL;>I ZjOG;FOHI=IGAL;H>?=;J;=C>;>?>?L?N?Hƒ‚I
Z,Oƒ;Z>CMM?1L;P?F?L Z0?PI=…H‚IG?>?CR;L;J;L?=?LH;D;H?F;PIO
N?LKO?;<LCL;JILN;J;L;?F?M?P;CM?LJCIL
Z-;L;GCG>~HIG?MGI
OG;=ICM;„?F?M?HNL;L?G
IONL;„=B?A;L?G;N„
;KOC
Z3I=…?MN~KO?L?H>I>CT?LKO?M?N?HN;L?GN?J?A;L
PI=…M?DIA;
Z-I>?M?LKO?;ˆ>IM?OF;>IIKO??MNIO>CT?H>IMCAHC@CKO?CMMI
Z-IL@;PILZ>CMM?1L;P?F?L
>;H>IOGJ;MMI@L?HN? Z3I=…H‚IJ?L=?<?
KO?CMNI„OGJ?M;>?FI3‚I;=B;LKO?PI=…?MN~G?MGIFIO=I
P‚I;=B;LKO?
?OKO?LC;G?MGIG;N;LPI=…
,FCP?CL;M?>?<LOƒIOOGJIO=IG;CMJ;L;@IL;
?1L;P?F?LM?>?N?P?H;;FNOL;
>; M?AOH>; FCHB; >? <;=C;M ;KOIM;M  "G<IL; NCP?MM? @?CNI >ICM LIFCG‚M PI;L?G
=IGOGJIHN;J„
J;LIO>?;P;Hƒ;L "GG?CI;I;F;LC>I>; O=;?>?1;FCN;

,FCP?CL; ?H>CL?CNIO F?HN;G?HN? I =ILJI ? @?T OG MCH;F NL;HKOCFCT;>IL J;L; ;M


>O;M  IGI=IG<;N?HN?P?H=C>I
1L;P?F?L;JLIRCGIOOGJIO=I;=;>?CL;?M?
M?HNIO 1ILH;P;G;<;N?LH;JILN;
=IGG?HIM@ILƒ;KO?;HN?M
Z+‚I@CKO?;ˆKO?<L;H>I;=;<?ƒ;Z>CMM?,FCP?CL; Z-ILKO?JLI=OL;L
N;HN; ?RJFC=;ƒ‚I  ’HC=; >C@?L?Hƒ; L?;F ?HNL? GCG ? PI=… H?MN? GIG?HNI „
KO? ?MNIO MITCHBI  -IL CMMI „ G?FBIL PI=… >?M=?L ? M? L?OHCL ;IM M?OM
 ?
=IHNCHO;GIM @;F;H>I J?F; D;H?F; =IGI <IHM ;GCAIM  *CHB; CHN?Hƒ‚I „ G?
G;H>;L F~ J?F;M ICNI
 $?EL?JN?H @C=IO >? G? ?MJ?L;L =IG <IFCHBIM @LCNIM ?
G;N?
Z3I=…H‚I?MN~MITCHBI
%IL;=CI 3I=…AIMN;LC;>??MN;LMITCHBIJILJOL;
P;C>;>?
 J;L; <;H=;L I *;F>ILIL JILN?HBI  3I=… @;F;P; ?G OG 5@AA6=8u?86C

H‚I „ -ICM D~ ?MN~ P?H>I KO? ;FAO„G M?AO? PI=…
 KO? ;FAO„G „ =IGI PI=…

G?MGI?MN;H>I>IIONLIF;>I>IMM?OMG;F>CNIM<;L<;HN?M
ZjOG;J?H;Z>CMM?,FCP?CL;ZPI=…N?LOG;C>?C;N‚IJ;=;N;>?P;C>;>?
"MM;„;KO?MN‚I
PI=…N?L;FAOG;C>?C;MI<L?KO;FKO?L=ICM;
=OMN?IKO?=OMN;L
"HN‚IH‚I„=;J;T>?CHNOCLMJILOGM?AOH>IKO?N;FP?T;M=ICM;MH‚IM?D;G
<?G;MMCG
Z!CA;GIMKO?MIO *;MH?GJILCMMIPI=…J;LIO>?M?<;F;Hƒ;L;IF;>I>?
OG;D;H?F;;<?LN;
Z 0? PI=… L?;FG?HN? >?M=IH@C;MM? KO? CMNI N;FP?T H‚I M?D; <?G ;MMCG
 M?
L?;FG?HN?=B?A;MM?;I=IL;ƒ‚I>;;F=;=BI@L;X+CHAO„G?MN~FB?J?>CH>IKO?
H?AO?IKO??MN~P?H>I
G;MM?J?FIG?HIMPI=…@IMM?=;J;T>??GJOLL;LOG
JIOKOCHBI
?HN?H>?
=IG;JIHN;>I>?>IX
Z 0? @IMM? @~=CF ;MMCG Z >CMM? 1L;P?F?L Z
 M? NO>I M? FCGCN;MM? ; J?H>OL;L
OHM<;L<;HN?MC>CIN;MX+‚I>CAIKO?PI=…H‚IN?HB;>;>IM?O?GJOLL‚I
G;M
P?D;MIML?MOFN;>IM
Z,KO??F?MN…G>??LL;>I
=B?-?FIG?HIM?MN;GIM=IG;D;H?F;;<?LN;?
L?MJCL;GIM?MN?;G;HB?=?L@;<OFIMI
MCHN;M;@L?M=;KO?M??LAO?H?MN?BIL~LCI
" F~ ?G<;CRI NI>I GOH>I J;MM?C; J?FI J~NCI
 „ ?RNL;IL>CH~LCI
 ?MN‚I @;T?H>I
?R?L=ˆ=CI M?G M? >;L =IHN;  3?D; M ; O=;
 ? I !CL?
 ;KO?F; ?MJ„=C? >?
G;LGIN;J?A;DIM; ";GOFB?L>?F?
KO?„;P;>C;A?G?GJ?MMI; "PI=…H‚I
P;C H?A;L J;L; GCG KO? HOH=; ?MN?P? N‚I ;=IL>;>I KO;HNI ;AIL;  " KO;H>I
>CAI;=IL>;>IPI=…?HN?H>?
H‚I„
Z*?J?LAOHNIM?H‚IM?L~IIJIMNI
P?FBI
ZB
?MM;MM‚I;MMIFOƒ‘?M@~=?CM
=IHNIM@;HN~MNC=IMJ;L;;HNIFIAC;M 0?PI=…
=IHM?AOCMM? P?L ; =ICM; J?FI IONLI F;>I N;FP?T KOCM?MM? M;CL >;ˆ  0? J;MM;MM? >I
N?LLCNLCI
>CA;GIM
>;=;M;OGJ;L;;>ICM
IO>;>ICMJ;L;;NL…MXjN‚I>C@ˆ=CF

5@AA6=8u?86C
 J;MM?C ; HICN? CHN?CL; ;NCL;H>I AOCG<;M ? M @OC ;N„ ; =;M; ICNI
1I>IM HM AIMN;Lˆ;GIM >? =B?A;L ;I L?CHI GCF?H;L
 OG; ?MJ„=C? >? L=~>C;
IH>?N;FP?T@ŽMM?GIMGOCNIG;CMCH@?FCT?M>IKO?;KOC
JILKO?H‚IM?NL;N;>?
@?FC=C>;>?
5@AA6=8u?86C
G;MF~H‚IB;P?LC;?MM?CGOH>IDIAI>?MO<MNCNOCƒ‘?M
KO? HIM I=OJ; =CHKO?HN; IO M?MM?HN; ;HIM
 ? IH>? HIM >„MM?GIM ; G‚I >?
P?L>;>? ?G P?T >? L?J?NCL I A?MNI >I G?>I ? >? KO?L?L M;<?L M? I IONLI N?G
OG;@;=;?M=IH>C>;?HNL?IM>?>IM "JIL@;F;L?GMO<MNCNOCƒ‘?M
JL;GCGH‚I
M?LC;H;>;?MNL;HBIPI=…??OM?LGIM;G?MG;J?MMI;
OG>?=;>;F;>I  IGI
PI=… >CT KO? ?O MIO OG P;C>IMI
 J;L?=? KO? ?M=IFBC J;L; GCG I F;>I G;CM
@;PIL~P?F
 G;M P;C M;<?L
 *;H’  0 M?C OG; =ICM;
 ? „ KO? D~ H‚I JIMMI G;CM
?MN;L >I M?O F;>I
 NO>I M? >?MG;H=B; ?HNL? ;M GCHB;M G‚IM
 @;ƒI =;>;
<;L<;LC>;>? KO? >;P; J;L; @C=;L FIO=I MOJIH>I KO? @IMM? ;MMCG N‚I @~=CF  *;M
PI=…
 KO? ?MN~ ?G B;LGIHC; =IG I N?LLCNLCI
 H‚I KO?L ?HN?H>?L ?MM? CL ? PCL

>IO OG ?GJOLL‚I ? ;=IHN?=? ;FAOG; =ICM; =IGCAI


 ?HN‚I =CH=I GCF ;HIM >?
A?H?M >?MJ?L>Cƒ;>IMG?JOR;G J;L; NL~M? PIFNI ; =;CL HI N?LLCNLCI
 =B;JCHBI
JIL>O;MM?G;H;M
>ICM;HIM
KOCHT?;HIMX2G>C;?H@CIOG>?>IHI=IMNOG?

?„CH=LˆP?F=IGII>?>I;@OH>;HI=IMNOG??M;CJ?FIIONLIF;>I
J;L?=?KO?
@CH;FG?HN? PIO =B?A;L  ’FNCG; =;M;
 ? >? L?J?HN? OG; GOFB?L M? ;@IA;

>CA;GIM
 IO N?HBI OG MOLNI
 OG MOLNI >? JC?>;>? ;I >?OM >;L~
 JILKO? ?MM;
KO?MN‚I>;JC?>;>?X#;F?C>;MMO<MNCNOCƒ‘?M
H‚I@;F?C.O?CGOH>ˆ=C?
*;H’
IHMOFN?!IMNIC„PMECJ;L;?MM;KO?MN‚I>;MMO<MNCNOCƒ‘?M "H@CG
=CH=IGCF;HIM
G?JOR;G>?HIPIJ;L;NL~M?„JL?=CMINILH;L;=IG?ƒ;L -ILCMMI?OMCHNIKO?
PI=…„G?O5@AA6=8u?86C
JILKO?J;MMIIN?GJICH>I?PCH>I>IM?ON?LLCNLCI
J;L; I G?O
 M? „ KO? =B?AI ;I G?O
 ? H?MM;M J;MM;A?HM F;MNCG~P?CM N?HBI ;
M?HM;ƒ‚I>?KO?PI=…„GCHB;@ILG;
KO?@C=;;FCG?IFB;H>I=IGJ?H;
PI=…„
IM=CH=IGCF;HIMBOG;HIM;GIHNI;>IMHOGG?NLI?M?N?HN;
IFB;H>IJ;L;?MN?
J;FB;ƒIKO?KO?LM;CL>?MO;=;M; 1?HBI>CNI
Z-;L?G>??H=B?LIM;=IZALCNIO1L;P?F?L;IMKO?<;NC;GH;JILN;IONL;
P?T Z B?
H?MN?BIMJˆ=CI„CGJIMMˆP?F=IHP?LM;L?GJ;T
Z3I=…„IG~RCGI
CLG‚IZ>CMM?,FCP?CL;=IGIPC>I
Z !? NI>I GI>I Z >CMM? 1L;P?F?L
 ;JLIRCG;H>I OG JIO=I ; =;>?CL; Z

PI=… H‚I P;C G? H?A;L KO? >?MN; P?T ?MN~ J?L>?H>I ; G‚I  M
NL;HMO<MN;H=C;ƒ‘?M ? IONL;M ?LP;M ?MN‚I NI>;M GOCNI <?G
 G;M ?MM; MO;
<LCH=;>?CL;P;C=OMN;LI?GJL?AI>?NI>IMHM??OF;G?HNIJLCH=CJ;FG?HN?JIL
1;FCN;  3I=… P;C JI>?L @;F;L NO>I I KO? KOCM?L >; *;A;
 G;M J;L; ; GCHB;
GOFB?LKO?G>~>?=IG?LMIO?O
Z3I=…N?GNI>;;L;T‚IZ>CMM?,FCP?CL; ZA?HN?M??MKO?=?>?KO??MN~
?GJL?A;>I?=ICM;M>INCJI .O?LKO??O@;F?=IGI#?LL;AONI)~?MN~?F?
;I
F;>I>;@IHN? *?>?M=OFJ?
*;H’
?OH‚IKO?LC;KO?;*;A;?PI=…X
Z AIL; ?MN~ =B;G;H>I ?F; >? *;A; >? JLIJMCNI +‚I GCHN; J;L; GCG

%IL;=CI
Z"OM?CKO?„;1;FCN;
G;M;AIL;B~JIO=I?L;;*;A; "F;„;M>O;M
>I
G?MGID?CNIKO?HM
Z,HIG?>CMMI„FIO=OL;Z>CMM?1L;P?F?L
Z1O>IN?GOGHIG?
PI=…?M=IFB??P;C?G@L?HN? 0?G?>?LFC=?Hƒ;
PIO
;N?H>?LOGJIO=IIJ?MMI;FF~>?@IL;
JILKO??MN‚IKO?H‚I;AO?HN;GG;CM
Z"MNIOCH>IZ>CMM?1L;P?F?L
Z j G?FBIL G?MGI Z >CMM? ,FCP?CL;  Z j GOCNI G?FBIL KO? PI=… P~
?G<IL;?>;KOCG?MGI?O@;FI=IGPI=…?=IGIMIONLIM jGOCNIG?FBILKO?
PI=… P~ ?G<IL; ? H‚I >I<L? IM DI?FBIM =IGI ?MN~ @;T?H>I
 JILKO? PIO FB?
?RJFC=;L?R;N;G?HN?IKO?P;C;=IHN?=?L
?PI=…
=IGINI>I@CFBI>IM=CH=IGCF
;HIM
;>IL;?RJFC=;ƒ‘?M MMCGKO?PI=…M;FN;L?G=CG;>?GCGCGJOFMCIH;>I
JILMO;;GCT;>??M?O>C;AHMNC=I
M;CIJ;L;OGF;>I
JILKO?H‚IM?CM?PI=…M?
F?G<L; >? KO;H>I ?O @;TC; DO>Ž =IG ; L;J;TC;>; >; ;FF? H=BIL?H;
 ? I
L?MOFN;>I„KO?PI=…P;C=IHNCHO;L;PC;A?GJIL?MN;D;H?F;?P;CPCL;LG?F?=;H;
=;M; H’G?LI KO;NLI
 ? CMMI M? NCP?L MILN?
 JILKO? I G;CM JLIP~P?F „ KO? H?G
J;MM?>;H’G?LI>ICM
1L;P?F?L IFB;P; J;L; ?F?
 ? ,FCP?CL; PCO KO? M?OM IFBIM M? ?H=BC;G >?
F~ALCG;M #?TOGA?MNIJ;L;?F?=IGIM?>?FIHA?;=;LC=C;MM?M?O=;<?FI
1L;P?F?L ?MJ?LIO G;CM OG M?AOH>I
 >?JICM @IC ;N„ ; JILN; ? ; ;<LCO  MMCG
KO? /?GILCHI KOCM ?HNL;L ;NL~M >?F? >;P; J;L; P?L IONLIM >ICM ?H@?LG?CLIM

;A;LLIO IJ?FIMIG<LIM?I?GJOLLIOJ;L;NL~M
Z!?CR??F??GJ;TZIL>?HIO Z!;KOC;JIO=IP;C?MN;L<?G jJL?=CMI
>?CR;L?F?MITCHBI
KO?G?L>;
-L?M=CH>CH>I >I >C~FIAI L;JC>;G?HN? JLIGIPC>I ; N?NL~FIAI
 B?R~FIAI ?
>I>?=~FIAI
,FCP?CL;@?=BIOIMIFBIM?J?HMIOKO?NO>I?MN;P;N‚I<?G>ID?CNI
KO??MN;P;
KO?1L;P?F?L?L;L?;FG?HN?M?OCLG‚I ,OPCO;J;H=;>;>;JILN;;I
@?=B;L M?
;MPIT?MKO?M?;@;MN;P;G JILN;NILHIO;M?;<LCL=ICH=C>CH>I=IG
MO;MJ~FJ?<L;M
KO?NL;<;FBIM;G?HN?M??LAOC;G
Z-;MM?;NL;H=;Z>CMM?1L;P?F?L Z+‚I=IH@CIGOCNIH?F?M
Z,<LCA;>IZ>CMM?,FCP?CL; Z!?Mƒ;J;L;IJ~NCI
1;FCN;?MN~GOCNI;@FCN;
#ICJIL<;CRI>IMJIO=IM<;L<;HN?MMI<L?PCP?HN?M?J;MMIO;NL;H=; HN?M>?
PIFN;L J;L; ; D;H?F; ?H@CIO I LIMNI H; ~AO; >; JC; ? <?<?O @?CNI OG ;HCG;F

?HAIFCH>I ? F;G<?H>I ? <O@;H>I  )~ ?G<;CRI IOPC;G M? ;M IL>?HM >?
/?GILCHI
 KO? G;H>;P; IM >I?HN?M J;L; M?OM KO;LNIM  .O;H>I NILHIO ;
;J;L?=?L
 L?@L?M=;>I ? NL;HKOCFI
 PCO KO? 1L;P?F?L ?MN;P; ;I F;>I >? 1;FCN; ?
B;PC;J;MM;>II<L;ƒIJ?F;MO;=CHNOL; !?JICM>IKO?1L;P?F?LNCHB;;=;<;>I
>?@;T?L
NO>I?L;=IGIOGG;L;PCFBIMIM?HNCG?HNI>?=IH=CFC;ƒ‚I?H‚IJI>C;
PCIF;L ?MM; B;LGIHC; CHM?HM;N; G;M PˆPC>; ? JL?M?HN?
 D~ H‚I >;P; J;L; @;FM?;L
H;>;
HI@OH>I1L;P?F?L?L;IKO??F?>?P?LC;N?LMC>I=IGOGJIO=IG?HIM>?
G;F>CN; CG;ACH;ƒ‚I
 ?L; I BIG?G >I N?LLCNLCI
 I CH=OL~P?F ?LLI >; ?MJ„=C?
>?M?H=;GCHB;>;
G;MKO;HN;<?F?T;HI?LLI?HIM=CH=IGCF;HIM>?N?LLCNLCI
@;FMI ? JL?=~LCI
 KO;HN; <?F?T; H;KO?F?M IFBIM KO? B;PC;G M? ?H=BC>I >?
F~ALCG;M ? H;KO?F; PIT KO? NCHB; ;=IHM?FB;>I U-;MM? ; NL;H=;
 H‚I =IH@CI
GOCNI H?F?MW
 KO;HNI ;GIL H;KO?F? <L;ƒI KO? ;J?LN;P; ; =CHNOL; >? OG;
GOFB?L U3;CP?LW
J?HMIO,FCP?CL;?HKO;HNIL?MJIH>C;;IMA?MNIM;GCMNIMIM>I
>L  ,P?D?LI ? >? #?LL;AONI OG JIO=I G?HIM ;GCMNIMI
 U; ’HC=; G;H?CL;
JIMMˆP?F>??M=;J;L >IN?LLCNLCI ?L; G?LAOFB;L H?F? ;N„ I J?M=IƒI W 0;<C; KO?
;MMCGKO?CHMCHO;MM?CMMIOG;P?TG;CM
CMMIB;P?LC;>??HNL?P?L;CG;A?G>?
OG BIG?G F?P;H>I J?FI <L;ƒI OG; P?FB; JIL LO;M =BOPIM;M ? A?F;>;M  U3;C
M;<?LW
 >CMM? J;L; MC G?MGI  U3;C M;<?L M? H‚I N?L?C @C=;>I H; <IL>;
 ? KO?G
M;<? BIOP?MM? OG; J;MM;A?G  *;H’ ; N?LC; ?H=IHNL;>I =IG =?LN?T;
 G;M I
C>CIN;„KO?*;H’HOH=;CL~;NL~M
?HKO;HNI?O
?G=IGJ?HM;ƒ‚IXW
Z"M=ON?;KOC
,FCP?CL;
JILKO?PI=…H‚I>?M=?J;L;NIG;L=;@„ZMOA?LC;
#?LL;AONIJ;L;PCMˆP?F>?M;AL;>I>?,P?D?LI Z'~A;HBIO;;JIMN;
H‚I;=B;
,FB?MJ;L;; O=;
?MN~G;CMJL?I=OJ;>;X
Z+‚IM?;@FCD;
M?HBIL;Z>CMM?,FCP?CL; Z IGMO;?RJ?LC…H=C;>I=CL=I

H‚IP~M?;<;N?LJILOG;NIFC=?>?MM;M
ZB
,FCP?CL;
IM?HBIL?I1L;P?F?L M‚IN?LLˆP?CMZ>CMM?; O=; Z -IL
KO? H‚I @;T I KO? G?O ?MJIMI ?MN~ >CT?H>I "O ?MN;P; DOMN;G?HN? J?HM;H>I
KO?JI>?Lˆ;GIMNIG;LI=;@„NI>IMDOHNIM
Z&MMI
=B?
>?Mƒ;>;ˆZ>CMM?,P?D?LI
=IGIJIL;=;MI Z"OAIMN;LC;>?
=IHMOFN~ FIMI<L?;FAOG;M=ICM;M>?OHMFCPLIM?G@L;H=…M
Z!~J;L;IOPCLGOCNI<?G>;KOCZ>CMM?,FCP?CL;
Z "MN~ <?G
 P?FBI Z >CMM? ,P?D?LI  Z !?Mƒ; KO;H>I KOCM?L
 ;AIL; HM
P;GIMNIG;LI=;@„>;G;HB‚
Z IG =LICMM;HNM @L?MKOCHBIM Z >CMM? ; O=;  Z 3;GIM @;T?L I =;@„

1;FCN;
Z+‚IM?D;C>CIN;Z>CMM?1;FCN;
?HIMCF…H=CI?RNL;IL>CH~LCIKO?M?M?AOCO
<LIH=;
I?H=IHNLI>IMIFB;L?M>?1L;P?F?L?,FCP?CL;@IC=IGIM?>ICMJ~MM;LIM
M?=BI=;MM?G?GJF?HIPII?=;ˆMM?G?HLIM=;>IMH;=;M;HIP?
IOJ?FIG?HIM
@IC ;MMCG KO? IM CHN?L?MM;>IM ;JL?=C;L;G ; =ICM;  "HKO;HNI CMMI ; O=; ?
#?LL;AONIL?MJCL;P;G;ACN;>IM
?HI@CG; O=;;<LCO;<I=;J;L;A?G?LU*;M
IKO?MCAHC@C=;?MM;CHMIF…H=C;W
?HKO;HNI#?LL;AONI?MNO@;P;IJ?CNI?G?>C;
1L;P?F?L>;=;<?ƒ;;IMJ„M?1L;P?F?L
>IM?OF;>I
IFB;P;J;L;;GOFB?L=IG
OG; G?M=F; >? ;>GCL;ƒ‚I ? =?HMOL;
 ? >CMM? M?=;G?HN? U%CMN?LC; G;NCH?HMCM
SOAOF;N;
 P;GIM ?HNL;L KO? >;L?C OG;M JˆFOF;M J;L; PI=…MW
 ;I G?MGI N?GJI
KO?I
CH@LCHACH>IIL>?HM>?/?GILCHI
M;ˆ;J;L;IJ~NCIJ;L;;HOH=C;LKO?
;  ?MN;P; J;MM;H>I G;F ? KO? ;FAO„G ?MN;P; N?F?@IH;H>I >? *;L >?F -F;N;
0O; ?RJOFM‚I PCIF?HN; IJ?L;>; JIL /?GILCHI =IHNLC<OCO J;L; KO? IM
;>GCHCMNL;>IL?M?,P?D?LI?MP;TC;MM?GIJ~NCIM?G?R=?MMCP;J?L>;>?JL?MNˆACI
ZC
;C
;CZ>CMM?,FCP?CL;
<;F;Hƒ;H>IH;D;H?F;Z
??OKO?;=B;P;KO?
;M@;LG;=…ONC=;M?L;GN‚I?>O=;>;M
Z3COMZ>CMM?1L;P?F?L Z"F;?MN;P;AFILCIM;
Z0?M;=LC@C=IOJILGCGZ>CMM?,FCP?CL; ZIONL;H‚IP;CJ?L>I~ F;H?G
HIF?CNI>?GILN?
Z .O? >C@?L?Hƒ; @;T
 J;L; GCG Z >CMM? 1;FCN;  Z U IG =LICMM;HNM
@L?MKOCHBIMW
P…M?N?G=;<CG?HNIX
Z"I,P?D?LI
?HN‚IZ>CMM?1L;P?F?L Z)CPLIM?G@L;H=…M B?
M@;FNIO
N?HN;L?G?HA;H;LPI=…=IGOG;<;H;H; ,KO?G?MOLJL??H>?O@ICPI=…H‚I
N?LG;H>;>INI>IMG?L>;
"L;;MMCG
CH=LˆP?F=IGI;B;LGIHC;>OL;P;
H‚IB;PC;J;F;PL;MJ;L;L?NLC<OCL
; <IH>;>? >;KO?F?M >ICM F~ ?G<;CRI
 IFB;H>I J;L; ?F? ? @;F;H>I =IG ?F? >?
>?HNLI >I DIAI >; ;G;L?FCHB;
 JILKO? 1;FCN; ?MN;P;
 M?G J?L=?<?L
 J;L;>; H;
=;M;NL…M
?1L;P?F?L?MN;P;=IGOGJ„H;M?CM
>?GI>IKO?;’HC=;=ICM;KO?
?F?JI>C;@;T?L?L;GIP?LOGJIO=I;G‚I>CL?CN;HOG;M;O>;ƒ‚INˆGC>;?@C=;L
IFB;H>I J;L; ; *;A;
 J;L; *;H’
 ? >CT?H>I J;L; MC G?MGI KO? HI @CG >;M
=IHN;M?RCMNC;;FAOG?H=IHNLI
?G<IL;?F?H‚IJO>?MM?>OL;LG;CMKO?;KO?F?
CHMN;HN?N?LLCP?FG?HN?>I=?HIKO;F;G?FBIL=ICM;;@;T?L
M?G>’PC>;;FAOG;

?L;CH=FCH;L M?OGJIOKOCHBIJ;L;@IL;?>?CR;L M?CL


J;@N
?;=;<IO M?

 
!",21/,0)!,0
2A}EF=@DAC6D4:?5}G6:D


Z "MNIO L?@L?M=;H>I ;FAOG;M HIƒ‘?M J;L; KO;H>I >A;FF? =B?A;L  , KO?


;=B;>??OF?P~ F;;I FO<?OG;HICN?"NC?HH??/IH;F>P‚I;>IL;L
?F;„N‚I
FIO=;
Z)?P;
Z3I=…N;G<„GN?LC;AIMN;>I>?F;
Z-ILKO?PI=…@;F;=IGIM??ONCP?MM?GILLC>I
Z +‚I M?C Z >CMM? ,MMCJ  Z +‚I M?C >? P?L>;>?  *;M PI=… ?MN~ =IG OG;
=;L;X
Z%ID?>?G;HB‚@CKO?C=IHN;H>IJ;L;"NC?HH?OHMMIHBIMGOCNI<IHCNIM
AIL; G?MGI ?F?M ?MN;P;G M? GCMNOL;H>I =IG IONL;M F?G<L;Hƒ;M
 ?HKO;HNI
PI=… >CMM?LN;P; MI<L? I ?HN?LLI =IG J;F;PL;M N‚I M?HNC>;M  !?P? N?L MC>I
L?;FG?HN? OG; =?LCGŽHC; ?GINCP;
 =B?  j GOCNI L;LI JI>?L ?MN;L ?G NL…M
FOA;L?M ;I G?MGI N?GJI
 G;M ?MN; N;L>? ?MN~ ;=IHN?=?H>I =IGCAI
 >?P? M?L ;
CH@FO…H=C; >? *IL?FFC  0CG
 MCG
 D~ PIO =IHN;L  -?HM;H>I <?G
 ?G KO;NLI
FOA;L?M ;I G?MGI N?GJI  "MNIO G? ;JLIRCG;H>I >; O<CKOC>;>?
 ? >;ˆ ;
?HFIOKO?=?LX3I=…N?GL;T‚I
JLIP;P?FG?HN?H‚I=IHB?=?L?C;>A;FF?
PIO
?GJ;=IN;LGOCNI;HN?M
Z , T?H ?RJFC=; DOMN;G?HN? ;M JIMMC<CFC>;>?M >? OG; JL„ O<CKOC>;>?
J;L?=C>;=IGIKO?PI=…M?HNCO
M?„KO?M?HNCO
Z 0?HNC M?G >’PC>;
 =B?  3IFNI >? KO;NLI FOA;L?M MCGOFNH?IM >I MIHBI
>?MN; G;HB‚
 KO? =IHNCHO; PCPI ? M;FNCN;HN?  !? OHM CHN?LF’>CIM =IG -IF;
 >?
KO?PIOJIOJ;LPI=…
>?MO;>?M=LCƒ‚IN‚IPCMNIM;>I?HN?LLI>IG?HCHI
?;AIL;
J?L=?<IKO?;IG?MGIN?GJI?O?MN;P;L?MJIH>?H>I;I1L;P?F?L
OG;GCAI>?
O?HIM CL?M KO? HOH=; H; PC>; ?HN?H>?O OHM P?LMIM G?OM KO? =IG?ƒ;P;G
;MMCG
 JL?MN? ;N?Hƒ‚I U"O ?HNL?MMIHBI
 ?M=;@;H>LCMN; >? JC;MW  " „ N‚I @~=CF

JL?MN;H>I ;N?Hƒ‚I KO?G M;<? PI=… =IGJL??H>?  .O;H>I PI=… ;=IL>; =IG IM
L?MNIM >? OG J;L;ˆMI PCMFOG<L;>I ?G MIHBIM ? KO? ;AIL; ?M=ILL?G =IGI I
=;<?FI>?OG;@IA;>IOG;H~OM?;N?LLˆP?F
;HMC?>;>?
M?HNCG?HNI>IJL?=~LCI

>I@;FMI
MI<L?NO>I>ICH’NCF 3I=…P;CJ;L;>?HNLI
?HKO;HNI?M=IP;IM>?HN?M
PI=… „ P?L>;>?CL;G?HN? OG ?M=;@;H>LCMN; >? JC;M
 „ =IGI M? ; JC; <L;H=; I
;<MILP?MM?
=IGIM?PI=…@IMM??M=ILL?A;H>IJIL;KO?F?<OL;=IJILIH>?M;?G
M?ON~LN;LI
M?OML;HBIM
MO;MG?F?=;M
;M?M=;G;M>;=;MJ;
;M;FCP;
?PI=…P;CM?
>?CR;H>ICL=IG;?MJ?L;Hƒ;>?N;FP?TPIFN;L;IIONLI
KOCFIKO?PI=…?L;;HN?M
>?>?MJ?LN;L?KO?;CH>;@FONO;
;CH>;?MN~?GPI=…
„PI=…G?MGI
G;M=IG?ƒ;
;CL?G<IL;X0CG
JILOGGIG?HNIPI=…=;CJ;L;>?HNLI
;N„KO?;M>?@?M;M>;
PCAˆFC;
;B
KO??RJL?MM‚I<IHCN;
;B
FCHAO;A?G
M??H=;LL?A;G>?CHN?LLIGJ?L
NO>I
Z"RJ?LC…H=C;NCJC=;G?HN??RCMN?H=C;FZ>CMM?$L?AILIPCOM
J?NOF;HN?
Z0?G>’PC>;
G;MNO>I>?J?H>?>;>IM? +IG?O=;MI
;JC;G?=BOJ;>?
P?L>;>?
=B?

 


Z3I=…@?TGOCNI<?G?GPCLZ>CMM?$?EL?JN?H
NLI=;H>I;?LP; ZKOC
?G=;M;PI=…?MN~GOCNIG?FBIL
JL;H‚IG?H=CIH;LI;G<C?HN?
„IOH‚I„
3I=…>?PC;J?A;LOHM>ICMIONL…M>C;M>?>?M=;HMI
ZjP?L>;>?Z>CMM?,FCP?CL; Z"GOCNIG;CMKO?CMMI
P?FB; ,M<IFCHBIM
@LCNIM?MN‚IMO<FCG?M
Z .O? <IG KO? PI=… AIMNIO  *;M H‚I =IG; GOCNI J;L; H‚I @C=;L
?GJ;HNOLL;>I
Z 0?G JLI<F?G; Z >CMM? ,P?D?LI
 ;=?H>?H>I OG =CA;LLI  Z " ;AIL; ;
M?HBIL; G? @;ƒ; I @;PIL >? >ILGCL OG; <I; M?MN;
 J;L; BID?  HICN? ?MN;L ?G
=IH>Cƒ‘?M>?G;H>;LOG;M?KO…H=C;L?;F?P~LCIMJŽKO?L?M>?;M?M
Z +‚I M? GIP; Z >CMM? 1;FCN;  Z j CH=LˆP?F =IGI PI=… H‚I M;<? @C=;L
KOC?NI
Z*CHB;?MJIM;?MN~N‚I>?MAIMNIM;Z>CMM?#?LL;AONI
Z-?AO?IONLI<IFCHBIZ>CMM?$?EL?JN?H
Z-;L;?F?
MMO=I>?@LON;MZ>?N?LGCHIO,P?D?LI
Z ILJIL;ƒ‚I H;=CIH;F >IM >IONIM ?G =C…H=C;M >I C>ŽH?I ? MO;M =;M;M >?
C…H=C;MZ>?<I=BIO,FCP?CL;
Z#;F;H>IM„LCI
=B?
H‚I=IG;H;>;;N„;G;HB‚Z>CMM?,P?D?LI
Z"MN?;KOC
=IG<;MN;HN?;ƒ’=;LZ>CMM?$?EL?JN?H
Z1L;N?>?>ILGCLZ>CMM?1L;P?F?L
Z B?
/?GILCHI
@CKO?J?LNI>;JILN;?H‚I>?CR?IPCL=B;N?;LZ>CMM?
,P?D?LI Z"HNLIOHOG;NL?G?H>;JCL;ƒ‚I?M@;F;HOG;JCMNIF;M?CF~IKO…
Z0?KOCM?L>ILGCL?O@?=BI;J?LMC;H;Z>CMM?$?EL?JN?HZ
?;ˆPI=…H‚I
IOP?IL~>CI>?>  L?MJI
Z+‚I
JI>?>?CR;LZ>CMM?,FCP?CL; Z"MN‚INI=;H>IOG;=ICM;>I#;F’
Z'~M‚I=CH=IBIL;MZ>CMM?1;FCN; Z+‚IKO?L>ILGCLOGJIO=I
Z1LIKO?>?HIPI;=IGJL?MM;Z>CMM?1L;P?F?LZ
>~J;L;J?L=?<?LKO?
?F?@C=;;FCPC;>I
Z '~ ?MN~ G?CI F;P;>I Z >CMM? $?EL?JN?H  Z .O?L KO? ?O >?Mƒ; J;L;
=IGJL;L%@E:4:2DCs7:42D
Z"MN~<?GZ>CMM?,FCP?CL; Z"OGG;ƒI>?=CA;LLIM
Z !?GILIO J;L; >ILGCL Z >CMM? 1L;P?F?L Z
 G;M ;AIL; P;C PC;D;L ; HICN?
CHN?CL;
,P?D?LI>?OOG;>IM?>OJF;J;L;?F?
Z 0? =IGJILN?
 N?MIOLI Z >CMM? $?EL?JN?H Z
 PIFNI FIAI  ,HN?G  HICN?
=IG?GIM=BOLL;M=I>?=IMN?F;
KO?L
Z IGM;F;>;GCMN;Z>CMM?,FCP?CL;
Z/?MJCL;G?FBILZ>CMM?1;FCN;
Z"PIO@;T?LOG;LLIT >I=?J;L;PI=…Z>CMM?$?EL?JN?H Z3I=…?MN;P;
=IGOG;=;L;J„MMCG;KO;H>I=B?AIO
Z*?O<IH>??MN;P;FIN;>IZ>CMM?,FCP?CL; Z0;<?=IGI„OG;J;L;>;
>?<IH>?MICNI>;G;HB‚
?=IG?MM?=;FIL
Z3I=…;=B;G?MGIKO??F?P;C=IHNCHO;L>ILGCH>I
*;H’
Z+;G?>C>;?GKO?IOMI;=B;L;FAOG;=ICM;
MCG
Z"HN‚IP;GIMMO<CLJ;L;P?LI!CL?
KO??MN~HIM?MJ?L;H>IJ;L;G;H>;L;
A?HN??G<IL;
Z*CHB;?MJIM;?MN~N‚I>?MAIMNIM;Z>CMM?#?LL;AONI
Z*;MIKO?MCAHC@C=;?MM;CHMIF…H=C;ZALCNIO; O=;
Z"L;G<I;A?HN?Z>CMM?,P?D?LI
Z$?HN?;MMCG„=ICM;L;L;Z>CMM?/?GILCHI
Z "F? H‚I KOCM ;=L?>CN;L KO;H>I ?O >CMM? KO? ?F? JL?=CM;P; >? OG;
%?@NJCMNIF?Z>CMM?I
Z '~ J;L; I M?O KO;LNI IO G;H>I @;T?L OG; F;P;A?G ?G PI=… Z >CMM?
,P?D?LI
Z*ILN?;I=‚IZ>CMM?I

 


"HN‚I
J;L;J;MM;LIN?GJI
J?M=;GJ?CR?MH‚I=IG?MNˆP?CMJ;L;CGJ?>CLKO?
;JI>L?ƒ;G
 ;I FIHAI >;M JL;C;M @IL;G >CMNLC<Oˆ>IM =;LN;T?M KO? IL>?H;G ;IM
J?M=;>IL?MKO?IM?HN?LL?GH;;L?C;N‚IFIAINCL;>IM>~AO;

F;O>?)„PC 0NL;OMM
+C:DE6D+C@A:BF6D

 


*IL?FFCNCHB;J?HM;>IHOG;FCMN;>?;=EHIQF?>AG?HNMKO?D;G;CM=B?AIO;
CH=ILJIL;L  MO; I<L; JO<FC=;>;  !?CRIO P~LCIM HIG?M '?FFS /IFF *ILNIH

/I<?LN *OMCF
 !;CM?NT 1?CN;LI 0OTOEC
 /;SGIH> /IOMM?F
 (OLN 0=BQCNN?LM

3C?CL; >; 0CFP;


 EON;A;Q;
 HNIH 4?<?LH
 $L?N; $;L<I
 'IM„ )?T;G; )CG;

OŒO?F
)IOCMLGMNLIHA
ILA?M
*C=B;OR
!CHIOTT;NC
*;R"LHMN
-?PMH?L

$CFA;G?MB 
 $;L=CF;MI
 L=CG<IF>I
 /?H„ F;CL
 -C?LI >C IMCGI
 4;FF;=?
0N?P?HM
&M;E!CH?M?H ,MHIG?M>?/CG<;O>
-C=;MMI
 B;JFCH
F<;H?LA?
IONLIM NCHB;G MC>I LCM=;>IM =IG OG NL;ƒI GOCNI @CHI
 =IGI M? @IMM?G
>?G;MC;>I <PCIM J;L; M?L?G =CN;>IM  *;M ;@CH;F >? =IHN;M NI>IM >?PC;G M?L

JILKO?*IL?FFC>?=C>COH‚ICH=FOCL;FCMN;?GH?HBOGPIFOG?

 


?@E2xw@:?242325256$@C6==:
+OH=; JI>?L?C L?HOH=C;L  M?HM;ƒ‚I >? KO? ;KOC
 ALO>;>; H; GCHB; =;L;

?HNL?F;ƒ;>;?GG?OM>?>IM
B~OG;?MJ„=C?>?>?MFOG<L;HN??RJFIM‚IJ;L;;
FOT
 CLLOJƒ‚I >? GCG J;L; I IONLI ? >I IONLI ?G GCG
 ;FAI CH@CHCN;G?HN?
=LCMN;FCHI KO? JI>?LC; =I;AOF;L ? L?MIFP?L M? ?G FOT NIN;F M?G N?GJI H?G
?MJ;ƒI  IGIOG;JILN;>?IJ;F;?>C;G;HN?;J;LNCL>;KO;FM?=IG?ƒ;;M?L
;KOCFIKO?P?L>;>?CL;G?HN?M?„
?KO?H‚IM?KO?LIOH‚IM?M;<?IOH‚IM?
=IHM?AO?M?L
+?HBOG; HIPC>;>? H?MM; M?>? ? H?MM; MOMJ?CN;
 G;M MCG OG; J?LJF?RC>;>?
=;>; P?T G;CIL >C;HN? >IM ?LM;NT KO? ?MM; CHN?FCA…H=C; >I >C; ? >; HICN? G?
I@?L?=?
 >?MM? ;LKOCPI >? >;>IM ? L?=IL>;ƒ‘?M
 >?MM;M J;CR‘?M IH>? PIO
>?CR;H>I J?>;ƒIM >? N?GJI ? >? J?F?
 >?MM;M ;J;LCƒ‘?M N‚I JIL >?<;CRI ? N‚I
>CMN;HN?M>?MM;IONL;;J;LCƒ‚I;ˆ;IF;>I
ALO>;>;?GG?OLIMNI
JL?PCM‚IKO?D~
M?GCMNOL;PCM‚I
>?H’H=C;>?MM;FC<?L>;>?@CHAC>;?GKO?G?GIPIJ?F;MLO;M
?J?FIM;HIM
-IMNI KO? MIO ;J?H;M ?MN? =ILJI D~ JI>L? HOG JIHNI KO;FKO?L >I N?GJI
@ONOLI
 ?MN?M IMMIM KO? ?M=L?P?G ;H;=LIHC=;G?HN?
 MCHNI KO? ?MN? =ILJI M?
L?=F;G;
 L?=F;G;  MO; =IHM=C…H=C; ; IJ?L;ƒ‚I ;CH>; CH=IH=?<ˆP?F J?F; KO;F
>?CR;LC;>?M?LJI>LC>‚I "MN?=ILJIKO?MIO?ON?G;JL?M=C…H=C;>?OG?MN;>I
HI KO;F ;I H?A;L M? ; MC G?MGI ?HKO;HNI N;F
 ? ;I H?A;L MCGOFN;H?;G?HN? I
=ILL?F;NI I<D?NCPI ?HKO;HNI N;F
 MO; =IHM=C…H=C; ;=?>?LC; ; OG ?MN;>I @IL; >I
=ILJI?@IL;>IGOH>IKO?M?LC;IP?L>;>?CLI;=?MMI;IM?L *?O=ILJIM?L~H‚I
IG?O*IL?FFC
H‚I?OKO??GGCFHIP?=?HNIM?=CHKO?HN;D~?MNIOJI>L??G
GCFHIP?=?HNIM?ICN?HN;
G?O=ILJIM?L~JILKO?JILNL~M>;JILN;>?FOT=IGI
=B;G;L ?MM; ;G?;ƒ;>IL; =?LN?T; ALO>;>; H; =;L; I M?L M?L~ IONL; =ICM; KO?
H‚I=ILJIM6
KO?H‚I=ILJIM?;FG;M6
KO?H‚I?O?I>?G;CM
KO?H‚IIHN?G
?;G;HB‚ 1O>I>?J?H>?>?XOG;@L;M?LCM=;>;
#CH;FG?F;H=FC=I2GD2E@C:„CHMN;HNH?I?L?MIFP?NO>I *;MJ;L;=B?A;L
;N„ ?F? M?LC; JL?=CMI >?M;H>;L ; BCMNLC; >? @IL; ? ; >? >?HNLI  1LIJ N;L> JIOL
GIC  L?P?L ?H CN;FC?H
 PICL? ?G I==C>?HN;F
 =?MN NION =? KOC G? L?MN?  *IH
J?NCN=;@„ =L‡G?F?G;NCH
MC;AL„;<F?X

 


%IOP? OG N?GJI ?G KO? *IL?FFC B;PC; J?HM;>I OG FCPLI KO? ;=;<IO ?G
HIN;M MIFN;M   KO? G?FBIL I L?MOGC; „ ?MN; U-MC=IFIAC;
 J;F;PL; =IG ;L >?
P?FB;  2G MO?=I NL;<;FB; HOG; N?ILC; KOˆGC=; >I J?HM;G?HNI  .OˆGC=;

?F?NLIG;AH?NCMGI
 @FORIM M?=L?NIM >; G;N„LC; PCP;
 NO>I NILH; ; ?PI=;L
?MNL;HB;G?HN? ; HIƒ‚I >I >2?2 ;MMCG
  G;LA?G >;M =IH>ON;M MI=C;CM
 M?LC;
JIMMˆP?FMOJIL;?RCMN…H=C;>?OG;CHN?L;ƒ‚I>?IONL;H;NOL?T;
OG<CFB;LKO?
;FAOHM CH>CPˆ>OIM MOM=CN;G IO >? KO? J;>?=?G
 OG >L;G; M?G j>CJIM
 M?G
/;MNCAH;=M
M?G#?>L;M
>L;G;:>A6DD@2=H;G?>C>;?GKO?;=IHM=C…H=C;?;M
J;CR‘?M >IM J?LMIH;A?HM M M? P??G =IGJLIG?NC>;M ; JIMN?LCILC  IGI M? IM
HˆP?CM MO<FCGCH;L?M @IMM?G IM KO? ;N;G ? >?M;N;G I HIP?FI >I ALOJI
=IGJLIG?NC>IHI>L;G; ,OJ;L;;AL;>;LIMO?=I=IGIM?=?LNIMCH>CPˆ>OIM
CH=C>CMM?G M?G JL?N?H>… FI H; KOˆGC=; JLI@OH>; >IM >?G;CM ? PC=? P?LM;
 >?
GI>I;;=IHN?=?L?G;MG;CM=OLCIM;M?CHKOC?N;HN?ML?;ƒ‘?M?G=;>?C;
@CMM‘?M
?NL;HMGON;ƒ‘?M
U0?H>I ;MMCG
 <;MN; OG; ;G~P?F ?RNL;JIF;ƒ‚I J;L; JIMNOF;L OG ALOJI
BOG;HI KO? ;=L?>CN; L?;ACL JMC=IFIAC=;G?HN? HI M?HNC>I =F~MMC=I >?MM; P?FB;

P?FB; J;F;PL;
 G;M KO? H‚I L?JL?M?HN; IONL; =ICM; M?H‚I OG; CHMNH=C; >?MM?
@FORI >; G;N„LC; ;HCG;>;
 >;M CH@CHCN;M CHN?L;ƒ‘?M >;KOCFI KO? ;HNCA;G?HN?
=B;G~P;GIM>?>?M?DIM
MCGJ;NC;M
PIHN;>?M
=IHPC=ƒ‘?M
?KO?;KOC;J;L?=?G
=IGI ;FAI CLL?>ONˆP?F ; NI>; L;T‚I ? ; NI>; >?M=LCƒ‚I @ILƒ;M B;<CN;HN?M

?MNL;HA?CL;M
 KO? ;P;Hƒ;G ?G <OM=; >? M?O >CL?CNI >? =C>;>;HC; OG; <OM=;
MOJ?LCIL ; HM G?MGIM =IGI CH>CPˆ>OIM ? KO? HIM OM; J;L; M?OM @CHM
 OG;
I<M=OL; H?=?MMC>;>? >? ?P;>CL I ?MN;>I >? BIGI M;JC?HM J;L;X KO? BIGI
-ILKO? M;JC?HM „ IONL; P?FB;
 P?FB; J;F;PL;
 >?MM;M KO? „ JL?=CMI F;P;L GOCNI
<?GF;P;>;;HN?M>?JL?N?H>?LOM~ F;=IG;FAOGM?HNC>I
U0??M=L?P?MM??MM?FCPLI
;M=IH>ON;M J;>L‚ICH=FOMCP?;MG;CMCHMFCN;M
MO;
=;N?AILC; >? FORI M?LC;G CH?RJFC=~P?CM =IG I CHMNLOG?HN;F JMC=IFAC=I
>CMJIHˆP?F  ,M ;NIL?M J;L?=?LC;G CHM;HIM IO NIN;FG?HN? C>CIN;M  +‚I KO? M?
GIMNL;MM?G CH=;J;T?M >IM 492==6?86 2?5 C6DA@?D6 =ILL?HN?M ;GIL
 =C’G?

JC?>;>??;MMCGJIL>C;HN?
G;MJILKO?H?F?M;FAIKO?IBIGIM;JC?HMAO;L>;
HI MO<FCGCH;L ;<LCLC; J?HIM;G?HN? =;GCHBI =IGI M? OG N?L=?CLI IFBI
J?MN;H?D;MM? J?HIM;G?HN? >?<;CRI >I IMMI @LIHN;F  1O>I M?LC; OG; ?MJ„=C? >?
CHKOC?NO>?
 OG >?M;MMIMM?AI
 OG >?M?HL;CT;L =IHNˆHOI
 OG N?LLCNLCI IH>? ;
=;OM;FC>;>?JMC=IFAC=;=?>?LC;>?M=IH=?LN;>;
??MM?M@;HNI=B?MM?>?MNLOCLC;G
IO M? ;G;LC;G IO M? L?=IHB?=?LC;G M?G MOMJ?CN;L >?G;MC;>;G?HN? >? KO? ;
PC>; NL;N; >? NLI=;L I =>CAI ?G ? ;NL;P„M >? JIL ?F?M
 >? KO? OG; N?HN;NCP;
;J?H;M=IH=?<ˆP?FH;M=?HIBIG?G=IGI?GIONLIN?GJI@IL;GH;M=?H>II
=>CAI L;T‚I
 I =>CAI M?HNCG?HNI
 I =>CAI JL;AG;NCMGI  !? KO? ; =;>;
>?LLIN;MO=?MMCP;B~OG;;JLIRCG;ƒ‚IGON;ƒ‚I@CH;F
?>?KO?IBIG?GH‚I
„ M?H‚I I KO? JLI=OL; M?L
 JF;H?D; M?L
 ;ACN;H>I ;M G‚IM ?HNL? J;F;PL;M ?
=IGJILN;G?HNI?;F?ALC;M;FJC=;>;>?M;HAO??IONL;ML?NLC=;M>INCJI W

 

#IAC6DD
-;LCM
M?G>;N;
%~>ICMG?M?MOGH?OLI<CFIAIMO?=I
%IFA?L%S>?H
>;2HCP?LMC>;>?>?$IN?G<OLAI
;JL?M?HNIO;IM
?MJ?=C;FCMN;MG;CM>?MN;=;>IM>IGOH>I
L?OHC>IM?G0;H#L;H=CM=I
MO;MN?ILC;MMI<L?;H;NOL?T;KOˆGC=;
>IMJLI=?MMIMG?HN;CM -;L;%S>?H
I@;NI>?J?HM;L
L?=IL>;L
M?HNCLIO;>IN;LOG;>?=CM‚IM?G;HC@?MN;
J?FI MOLACG?HNI
 HI =„L?<LI ? HIM H?LPIM KO? I PCH=OF;G ;IM IONLIM LA‚IM
 >? =?LN;M GIF„=OF;M
J;LNC=OF;L?M KO? ;M =„FOF;M H?LPIM;M ?F;<IL;G ?G @OHƒ‚I >; ?R=CN;ƒ‚I ?RN?LCIL  8X9  ?KOCJ? MO?=;
=IHM?AOCO@;T?L;>?FC=;>;M?J;L;ƒ‚I>IM>ICMNCJIM>?=„FOF;M?GN?=C>IM;CH>;PCPIM>?=I?FBIM
J?MIO ;M
?GGCFCIH„MCGIM>?GCFCIH„MCGI>?AL;G;?>?N?LGCHIOG?>C;HN?;H~FCM?=IGI?MM;M=„FOF;MONCFCT;G
M?O=IG<OMNˆP?F?G>C@?L?HN?M=;MIM
2G;>;M@OHƒ‘?M?MM?H=C;CM>IMH?OLŽHCIM„NL;HMGCNCLIMCGJOFMIMH?LPIMIM "MM;NL;HMGCMM‚II=ILL?JIL
G?CI >? L?;ƒ‘?M ?F?NLIKOˆGC=;M KO;M? CHMN;HNH?;M  +‚I „ @~=CF MOLJL?H>?L OG; =„FOF; H?LPIM; ?G
@OH=CIH;G?HNI
G;MJ;L?=?KO?IMMO?=IM=IHM?AOCL;G@;T… FIJILG?CI>I;=?LN;>I?GJL?AI>?>CP?LMIM
G„NI>IM
IGJLIPIO M? KO? I ?MNˆGOFI M? NL;>OT JIL OG CH=L?G?HNI
 HIM H?OLŽHCIM
 >? =?LN;M JLIN?ˆH;M =OD;
GIF„=OF; P;LC; M?AOH>I ; H;NOL?T; >; G?HM;A?G  I G?MGI N?GJI
 ; KO;HNC>;>? >? JLIN?ˆH;M >;M
=„FOF;M M;N„FCN? >CGCHOC
 =IGI M? M;=LC@C=;MM?G MO;M L?M?LP;M ?G <?H?@ˆ=CI >I H?OLŽHCI   CH@ILG;ƒ‚I
=IHNC>;H;GIF„=OF;>?JLIN?ˆH;M?NL;HM@ILG;
M?AOH>I%S>?H
HICGJOFMIKO?IH?OLŽHCI?HPC;;M?OM
PCTCHBIM
M@OHƒ‘?MMOJ?LCIL?M>I=„L?<LIZ;G?GLC;?;@;=OF>;>?>?L;=CI=CH;LZM??RJFC=;G
J;L;%S>?H

J?F;@ILG;?MJ?=ˆ@C=;>;MGIF„=OF;M>?JLIN?ˆH;=ILL?MJIH>?HN?;=;>;NCJI>??R=CN;ƒ‚I  ;>;H?OLŽHCI
>I =„L?<LI =IHN„G GCFB‘?M >? GIF„=OF;M >? ~=C>IM LC<IHO=F?C=IM >C@?L?HN?M
 KO? M? >C@?L?H=C;G J?F;
>CMJIMCƒ‚I >? M?OM ?F?G?HNIM =IHMNCNOCHN?M MCGJF?M  ;>; GIF„=OF; ?MJ?=ˆ@C=; >? ~=C>I LC<IHO=F?C=I
/+ =ILL?MJIH>? ; OG; JLIN?ˆH; <?G >?@CHC>;
 N;F =IGI OG; =B;P? M? ;>;JN; =IG ?R;NC>‚I ; OG;
@?=B;>OL; ,M~=C>IMHO=F?C=IM>CN;G;IH?OLŽHCI;@ILG;>;GIF„=OF;>?JLIN?ˆH;;M?L@ILG;>; "MM;M
GIF„=OF;MM‚I
M?AOH>IIMJ?MKOCM;>IL?MMO?=IM
;NL;>Oƒ‚IKOˆGC=;>IMJ?HM;G?HNIM
 G?GLC; =ILL?MJIH>?LC;
 ?HN‚I
  IL>?H;ƒ‚I >;M GIF„=OF;M >? ~=C>IM HO=F?C=IM HI =„L?<LI
 KO?
>?M?GJ?HB;GIJ;J?F>IM=;LN‘?MJ?L@OL;>IMHIM=IGJON;>IL?MGI>?LHIM -IL?R?GJFI
ICGJOFMIKO?
=ILL?MJIH>?HIN;UGCW=;JN;>;J?FIIOPC>I>?MFCT;L;JC>;G?HN?>?OGH?OLŽHCIJ;L;IONLI;N„;NCHACL
NI>IMIMKO?=IHN…G ;M GIF„=OF;M >? ~=C>I/+=ILL?MJIH>?HN? KO?F; ?R=CN;ƒ‚I ?MJ?=ˆ@C=;  M =„FOF;M
@;<LC=;G >? CG?>C;NI GIF„=OF;M >; JLIN?ˆH; =ILL?MJIH>?HN? L?AC>; JIL ;KO?F? ~=C>I
 ? L?;FCT;GIM ;
;O>Cƒ‚I>;L?@?LC>;HIN;
LCKO?T;?;P;LC?>;>?>IJ?HM;G?HNI>?=ILL?G>I@;NI>?KO?OG=„L?<LIG„>CI=IHN„G=?L=;>?
>?T <CFB‘?M >? H?OLŽHCIM
 =;>; OG >IM KO;CM ?H=?LL; P~LCIM GCFB‘?M >? GIF„=OF;M >? >C@?L?HN?M ~=C>IM
HO=F?C=IMIH’G?LI>?=IG<CH;ƒ‘?MJIMMˆP?CM„;MNLIHŽGC=I "MM;N?ILC;N?G
JILMO;P?T
;P;HN;A?G>?
?RJFC=;LJILKO?H‚I@ICJIMMˆP?F>?M=I<LCLHI=„L?<LITIH;M=F;L;G?HN?>?@CHC>;M??MJ?=ˆ@C=;M;=;>;OG;
>;M @OHƒ‘?M =?L?<L;CM MOJ?LCIL?M =IGI =;>; H?OLŽHCI >CMJ‘? >? P~LCIM ~=C>IM HO=F?C=IM
 ?F? JI>?
J;LNC=CJ;L>?JLI=?MMIMG?HN;CM>C@?L?HN?M??PI=;LJ?HM;G?HNIM?L?=IL>;ƒ‘?MP;LC;>IM
HIN;ƒ‚I>?4IHA;F~JCMU*?N~@IL;>?FC<?L;>;G?HN??M=IFBC>;J;L;CHMCHO;L;>CL?ƒ‚IJ;L;;KO;F
;JIHN;W


Z+‚IM?GIP;Z>CMM?1;FCN; ZN„J;L?=?KO??GP?T>?OG;=IGJL?MM;
@LC;;JFCKO?C~=C>IMOF@’LC=I?GPI=…
Z1?GOG;?MJ„=C?>??F?NLC=C>;>?Z>CMM?,FCP?CL;
Z-;L?>?<?MN?CL;
Z3?DINI>INCJI>?@IM@IL?M=…H=C;
J;L?=?=ICM;>?+ILG;H*=);L?H
Z)?P;HN?OGJIOKOCHBI;=;<?ƒ;
INL;P?MM?CLI„<;CRI>?G;CM
PIONLI=;L
Z0?LC;G?FBILPI=…>?CR;LINL;P?MM?CLI?GJ;T?NLI=;LGCHB;=;<?ƒ;Z
>CMM?,FCP?CL; Z=CLOLAC;;CH>;?HA;NCHB;
„JL?=CMI;>GCNCL

 


+OG;>;MP?T?M?GKO?M??H=IHNL;L;GHI<;CLLIF;NCHI
-IF;?MN;P;IFB;H>I
;=;Fƒ;>;?G?CIGOH>IIFB;P;;=;Fƒ;>; #ICJL?=CMIJ;L;L?=IHN?GJF;LOG
+;JIF?‚I >? J?L@CF
 ;I F;>I >? OG; ?R=?F?HN? L?JLI>Oƒ‚I >? B;LNL?M
 ? OG
JIO=IG;CM;>C;HN?OG;„AO;=IGM?OJINLCHBIHOG=;GJIP?L>? ,M;ONIL?M
?L;G>ICML;J;T?MFIOLIM?OG;GIƒ;CH>I=BCH?M; =;CR;>?ACT?MN;P;=B?C;
>? GI?>;M >? >?T ? PCHN? @L;H=IM  !? P?T ?G KO;H>I OG >IM ;LNCMN;M M?
;A;=B;P; J;L; ;J?L@?CƒI;L ;FAOG >?N;FB?
 ? ?L; @~=CF J?L=?<?L KO? H;KO?F?
GIG?HNI;OG?HN;P;IH’G?LI>?>I;ƒ‘?M
Z "F?M ;JFC=;G I G„NI>I -?H„FIJ?
 G;M M?G >?MG;H=B;L ;HN?M Z >CMM?
,FCP?CL; ZKO?F;M?HBIL;
JIL?R?GJFI
H‚I;@LIORIOIM=IL>‘?M>;<IFMCHB;
>?GI?>;M?HKO;HNI;J?KO?H;1MIHA1MIHAH‚IM?;NCLIOHI=B‚IJ;L;L?NI=;L
;FIOL;>?IFBIM;TOCM ,NL;<;FBIIM?GI=CIH;
„OG@;NI
Z"F;M?=B;G;1MIHA1MIHAZJ?LAOHNIO-IF;
Z0?CF~ 0M?CKO?N?GNILHIT?FIMFCH>IM
Z1;HNINL;<;FBI
?BID?HICN?=B?A;GIMP;LL?>IL?M>?LO;?;=;<IO M?
Z -ICM ;ˆ „ KO? ?MN~ I <IG >?MM; BCMNLC;  !I ACT =IFILC>I =IGI @CAOL;
?M=;NIFAC=;
 N?G; >? N?M?  0? IM P;LL?>IL?M GOHC=CJ;CM H‚I ?FCGCH;MM?G NO>I
CMMI;I;G;HB?=?L
;JLJLC;1MIHA1MIHAPCLC;=IGOG<;F>?>~AO; 0IKO?
L?=IG?ƒ; ; =;>; G;HB‚ N?LGCH; >? P?L>;>?  M J?MMI;M DIA;G GI?>;M M?G
M;<?L KO? ?MN‚I M?H>I ?HA;H;>;M
 LIO<;>;M
 JILKO? H; P?L>;>? ?MM?M KO;>LIM
H‚I @IL;G ;J;A;>IM HOH=;  *O>;G >? =;Fƒ;>; IO >? =IL
 G;M D~ ?MN‚I @?CNIM
HOG;G‚I
HOG;=;CR;>?ACT
HOG;MNONIMCMN?G;>?GIPCG?HNIM LCAIL
M?
OG>?MM?MDIP?HMJ;MM;MM?;G;HB‚;ACN;H>IIM<L;ƒIMHI;L
N?LC;N;HNI>CL?CNI;
G?L?=?L >?T @L;H=IM KO;HNI ;I >?M?HB;L +;JIF?‚I  *;M H?=?MMCN;GIM JLIP;M
FC?MN‚I 'IAO?PCHN?@L;H=IMJ;L;?F?M
H‚IM?D;;P;L?HN;
Z'~>?C
;HN?M>?PI=…=B?A;L
Z >GCL~P?F  +I @OH>I
 ; A?HN? J‘? ?MM;M GI?>;M H; <I=; >IM GILNIM
 I
<IFI JLIJC=C;NLCI  %IG?H;A?G ;I ?@…G?LI
 ; KO? ?MM; =;N?>L;F M?D; OG
MCGOF;=LI>?ACTKO?OGD;NI>~AO;F?P;L~HOGM?AOH>I GI?>;?MN~;ˆ
?;
=;N?>L;F L?H;M=?L~ ;G;HB‚  -;A;GIM ; CGILN;FC>;>?
 J;A;GIM ; >OL;ƒ‚I  %@
>@?6J?@42E965C2= 3I=…N;G<„G„@?CN;>?ACT
*;M -IF; H‚I L?MJIH>?O
 ? ?F? JŽM I <L;ƒI MI<L? IM IG<LIM >?F; ?
=;GCHB;L;GIOF*C=B;<;CRI?IOF*C=B;=CG;
;HN?M>?NIG;LF?HN;G?HN?
I LOGI >; /O? !;OJBCH?  2G GOH>I >? ACT =IFILC>I ACL;P; ;I L?>IL ? IM
GCMNOL;P; ?G MO; >;Hƒ;
 <;N;N;M @LCN;M >? ACT ;G;L?FI
 PCHBI >? ACT P?LG?FBI

OGJ~FC>I?>I=?=„O>?ACT;TOF =F;LI=IGOG;JIHN;>?P?L>?J?FIMF;>IM>I
LCI 2G;P?TG;CMDIA;LC;G;GI?>;H;=;CR;>?=B;LONIMJ;L;>?N?L;@OA;>;
=;N?>L;F
?=IG?MM?G?MGIA?MNI;=IH>?H;LC;G;M?;J;A;LJ;L;NILH;L;M?L
;
CL?G<IL;=IGID;NI>?~AO;J;L;PIFN;LACT;JMACTH?ALI?;TOF?;G;L?FI 
/O?!;OJBCH?>?ACT=CHT;
;?M=;>;;JFC=;>;G?HN?ACT?MJ;L>IM
IKO;LNI=IG
MO;M FCHB;M >? @OA; ;MNON;G?HN? ?MN?H>C>;M =IG ACT P?L>? =F;LI
 ;M =ILNCH;M >?
ACT <L;H=I
 ; =;G; =IG M?O JIH=BI HI KO;F NI>IM IM ACT?M 3CP; *„RC=I
 I
;GIL
M?OMACT?M@;GCHNIM>?OG@CR;>ILKO?IM=L;P;MM?HIJL?M?HN?
;GIL>?
ACT J?L@OG;>I
 <I=; >? ACT ;F;L;HD;>I
 NLCMN?T; ? ?R;OMN‚I >? ACT M?G =IL
ACL;H>I HOG J CGJ?L=?JNˆP?F
 JIOM;H>I HIM LIMNIM ;>ILG?=C>IM
 HI ACT
;HAOMNC;>I>IM=ILJIM
Z1O>IM?>?MG;H=B;KO;H>IPI=…M?AOL;
CH=FOMCP?KO;H>IPI=…IFB;Z
>CMM?-IF; Z3I=…J;L?=?OG~=C>IN?LLˆP?F
N?HBIG?>I>?PI=…
Z3I=…>~CGJILNH=C;>?G;CM;OG;MJIO=;MG?N~@IL;M
Z+‚I„MIKO?PI=…>CT
„OG;G;H?CL;>?X0?CF~
J;L?=?OG@OHCF gM
P?T?M N?HBI ; M?HM;ƒ‚I >? KO? PIO ?M=ILL?A;L ?HNL? M?OM <L;ƒIM ? =;CL HOG
JIƒI jJCIL>IKO?MIHB;LKO?M?=;CHIP;TCI
Z1;FP?TZ>CMM?,FCP?CL;ZPI=…H‚IM?D;OG=;MININ;FG?HN?J?L>C>I
ZB
G?>?CR??GJ;T 3I=…M;<?KO??OM?CPCP?L 3CPIGOCNI<?G>IG?O
D?CNI KOC
=IG;MGCHB;M=ICM;M?IMG?OM;GCAIM
Z#;ƒ;;FCMN;
@;ƒ;;FCMN; &MMI;DO>; 0?;A;LL?HIMHIG?M
;MMCGPI=…H‚I
=;C  FC ?MN~ ; G?MCHB; >? =;<?=?CL;
 ; =ILNCH; H‚I M? GIP?O >; D;H?F;

F;O>?NN?=IHNCHO;HIG?MGIH’G?LI
 !+ NIHM?CF~IKO…
?;G‚?>?F;
=IHNCHO;?M=L?P?H>IF~>?CR ?H -LIP?H=? "MN~NO>I<?G
Z3I=…G?>~G?>I
GIHMNLI;G?LC=;HIZ>CMM?-IF;M?;J?LN;H>I=IHNL;
?F? ZA?HN?NCHB;=IG<CH;>IKO?H;GCHB;=;M;H‚IM?@;F;LC;>?X
Z$CT=IFILC>I
Z!CMMINO>I
,FCP?CL;;=?H>?OOG$;OFICM??IFBIOIJ;J?F>I<L;>I?G=CG;>;G?MCHB;
>?=;<?=?CL;
ZjIJ?>C>I>IM?R;G?M
Z j  "F? KO?L KO? ?O @;ƒ; FIAI  1IKO? ;KOC
 ?MN~ JCIL KO? H; M?G;H;
J;MM;>;
"L; KO;M? HICN? ? -IF; J;L?=C; OG; @CAOL; >? IHH;L>
 ?MN?H>C>; H; =;G;
KO? ; ’FNCG; FOT >; D;H?F; ?HPIFPC; HOG P?L>? ;G;L?F;>I  U P;LL?>IL; >I
;G;HB?=?LW
J?HMIO,FCP?CL;CH=FCH;H>I M?J;L;<?CD;L FB?OGM?CI
?R;N;G?HN?
HIJIHNIKO??F;;=;<;P;>?;JIHN;L=IGOG>?>ICH>?=CMI U*;MH‚IMI<?G
;N„ I KO;LNI ;H>;L
H‚IM?=IHB?=? H?HBOG; P;LL?>IL; IO L?A;>IL; KO? MO<;
;N„ OG KO;LNI ;H>;L  0?G =IHN;L KO? ;G;HB‚ PCLC; I >?M?HBCMN; ? L?J?NCLC;
?R;N;G?HN? ; G?MG; =ICM;
 ?MN; =OLP; N‚I @CH; H; KO;F ;FAOG; =ICM;XW
IHM?AOCOJ;L;L>?J?HM;L
=IHM?AOCOJILOGCHMN;HN?;J?H;M<?CD~ F;M?GM?L
H;>;;F„G>?M?OJLJLCI<?CDI

 


$@56=@567:4925@4=F36
$L?AILIPCOM
,MMCJ
J~NLC>;
)O;=B?C;F;>IIJIMNI
CHPCMˆP?FH;KO?F;„JI=;JL„ 0JONHCE=L;N?L;M
G;L?M

=CHT;M
1?H>? ; M? P?MNCL >? JL?NI
 >? =CHT;
 >? G;LLIG  +OH=; @IC PCMNI =IG OG
N?LHI=IGJF?NI
=IF?N??NO>I %~KO?G;@CLG?KO?N?GNL…MG;MKO?=IG<CH;
CHP;LC;P?FG?HN? I J;F?N >? OG =IG ;M =;Fƒ;M >? IONLI  +‚I M?LC; >C@ˆ=CF
P?LC@C=;LCMMI
&>;>?>CTN?LKO;L?HN;?ICNI;HIM
-LI@CMM‚ICHN?F?=NO;F 1C; ;PG;H>;G?M;>;G>C=;
2CE6 56 Dy;@FC    P;FC>;>? M?CM G?M?M
 L?HIP~P?F  '~ @IC L?HIP;>;
HIP?P?T?M
=;>;P?T=IGG;CIL>C@C=OF>;>?
-;ˆM >? ILCA?G H;M=C>I ?G ILTIE =?LNC>‚I >? H;M=CG?HNI JLIP;P?FG?HN?
@;FM;
 M?AOH>I >?=F;L;ƒ‚I >? $L?AILIPCOM  JIFˆ=C; >? -;LCM  M L;T‘?M >?MM;
MOJIMCƒ‚I=IHMN;G>IJLIHNO~LCI
-;ˆM >? ILCA?G HI ;HI >? M?O H;M=CG?HNI
 ILTIE J?LN?H=C; ;I CGJ„LCI
;OMNLI B’HA;LI ,LCA?GG;AS;L?PC>?HN? "F?AIMN;>?CHMCHO;LKO?„N=B?=I
-;ˆM>?ILCA?GJLIP;P?FG?HN?$L‚ L?N;HB; $L?AILIPCOMNCHB;H;M=C>I?G
$F;MAIQ
 >? J;C G;LCHB?CLI ? G‚? N?LLˆ=IF;
 L?MOFN;>I >? OG; ?M=;F; @ILƒ;>;

OG?H=IHNLI@OA;T?JL?=~LCI
DE@FE2=6?=IGJF;=…H=C;MR?HI@ˆFC=;M?R=?MMCP;M
>?J;LN?>?*CMM*;LDILC?;<CHANIH
0N?Q;LN0NL??N
$L?AILIPCOMAIMN;>??MN;<?F?=?LOG;JC=;L?M=;JL„ H;N;F?>C@;G;MO;MG‚?M
N?G NL…M
 =IH@ILG? ; <?<?>?CL; ;NLC<OCH>I FB?M =IMNOG?M FC=?H=CIMIM
%?LTIACH *;A>; /;T?HMQCFF
 KO? ;J;L?=? =IG I OˆMKO? IO I =IHB;KO?
 ?L;
OG; F„M<C=; ;ONIL; >? OG NL;N;>I JM?O>I=C?HNˆ@C=I MI<L? ; 42C6KK2 NL;>Oƒ‚I
?G KO;NLI C>CIG;M  *CMM ;<CHANIH
 KO? M? ?=NIJF;MGCT; ?G ACG
 ;=;<IO
=IGI JON; ?G *;FN;   N?L=?CL; G‚? „ OG JLI<F?G; =IHMN;HN? J;L; "NC?HH?

/IH;F>?,FCP?CL;
N?MN?GOHB;M>?MO;H?<OFIM;;J;LCƒ‚IPC;?;ODIF;CM
 ŽN?M
>O/BŽH?IOIOLAIAH?FCAIN„  IH@ILG?I=;MI
=B;G; M?$;FF?
>A;FF?IO
*CHNC
PCP?FCPL?G?HN?H;%?LT?AIPCH;IO?G+~JIF?M
PC;D;;IM"MN;>IM2HC>IM
=IGOG;=IGJ;HBC;>?P;O>?PCFF?
„;JLCG?CL;GOFB?L;@OG;LH;"MJ;HB;

P?H>?PCIF?N;MH;M;ˆ>;>;sJ?L;>?3C?H;
CHP?HN;G„NI>IM;HNC=IH=?J=CIH;CM

GILL?>?NC@I
?MN~PCP;JIL„G=?A;?G%O?LN;
>?M;J;L?=?DOHNI=IGI=BI@?L
>I NM;L ?G 1M;LMEIC? 0?FI
 ?RNILKO? I @CFBI HIM ;HIM <CMM?RNIM
 =OFNCP; ;
BC>LIN?L;JC;
N?GL?F;ƒ‘?MMOMJ?CN;M=IGOGJ;>L?>?-IHNICM?
GILL?OKO;H>I
H;M=?O $L?AILIPCOM
 KO? ;FC~M M?LC; @CFBI >? 0;HNIM !OGIHN  !? GI>I
CH?RJFC=~P?F
 ;M N?MN?GOHB;M J?L=?<?L;G KO? ?MM;M P?LM‘?M MO=?MMCP;M IO
MCGOFNH?;M >; N?L=?CL; G‚? ?MN‚I M?GJL? ;=IGJ;HB;>;M >? L?@?L…H=C;M ;
$OL>C;?@@
KO?$L?AILIPCOM;>GCL;?>?N?MN;>?G;H?CL;J?H>OF;L

 


#;=?N;M >? *IL?FFC


 M?O F;>I IOP;L> ?N -„=O=B?N
 M?O F;>I =IGJCF;>IL >?
;FG;H;KO?FCN?L~LCI?G;FAOGGIG?HNI=B;G;>?UFG;H;KO?W;L?OHC‚I>?
MO;I<L;
"F?AIMN;LC;>?56D6?92C=?LN;MC>?C;M
G;M„CH=;J;T>CMMI ,M>?M?HBIMKO?
;J;L?=?GH;MG;LA?HM>?MO;M;HIN;ƒ‘?MM‚IJ„MMCGIM /?J?NCƒ‚II<M?MMCP;>?
OG;?MJCL;FNL…GOF;
=IGOGLCNGIM?G?FB;HN?;I>;MKO?;>ILH;G;DEFA2>?
0;H=BC
-LID?N;OG>IMGOCNIM@CH;CM>?M?OFCPLICH;=;<;>I
?>?CR;OG;G;KO?N? 
J~ACH; =IHN„G OG; ’HC=; @L;M? U+I @OH>I M;<C; KO? H‚I M? JI>? CL ;F„G
JILKO?H‚IB~OG;F„GW @L;M?M?L?J?N?;IFIHAI>?NI>;;J~ACH;
>;H>I;
CGJL?MM‚I>?OGGOLI
>?OGCGJ?>CG?HNI +‚IB~JIHNIMH?GPˆLAOF;MH?G
G;LA?HM  +; P?L>;>?
 OG GOLI >? J;F;PL;M CFOMNL;H>I I M?HNC>I >; @L;M?
 I
=BIKO?=IHNL;OG;<;LL?CL;;NL~M>;KO;FH‚IB~H;>; *;M;<;CRI?>CL?CN;

HOG;>;M@L;M?M@;FN;;J;F;PL;UOGW 2GIFBIM?HMˆP?F>?M=I<L?I<OL;=I?HNL?
IMNCDIFIM
;FOTKO?J;MM;

 


"MNIO ;G;LL;H>I IM M;J;NIM


 =IHN?HN?
 ;MMIPC;H>I
 ? >? L?J?HN? ;
CH@?FC=C>;>? *;M>?MN;P?TJ?MKO?CPI=…
;HA’MNC;
M?HNCPI=…2?E6D>?KO;FKO?L
ILA;HCT;ƒ‚I G?HN;F
 ;I JLCG?CLI DOˆTI >? H?A;ƒ‚I  IGI OG; =IL =CHT; KO?
@IMM?OG;>IL?@IMM?I?MNŽG;AI "BF2D6;IG?MGIN?GJIG;M>?JICM
>?MN;
P?T PI=… H‚I G? ?HA;H; ;<LCO =;GCHBI I L?J?LNLCI CHN?FCAˆP?F
 =IG OG;
JLCG?CL; C>?C; ?RJFC=;NCP; U" ;AIL;
 P;GIM PCP?L IONLI >C; ?N= W  !? IH>?
JLIMM?AO?U"MNIO;HAOMNC;>IA@CBF6X?N= W
MC>?C;MP?F;
CGJOFMCIH;>;MJ?FIP?HNIJLCGIL>C;FKO?MIJL;>?<;CRIG;M
?G<;CRI„;J?H;MOG;FI=;FCT;ƒ‚I@ˆMC=; ;MN;OG;GO>;Hƒ;>?<LCM;>2D@
BF6yBF6272K>F52C56BF25C2?E6?HOGM?AOH>I?MN‚I;KOCIM<;LKOCHBIM
@?FCT?M
=IGMO;MP?F;M=IFILC>;M U@CH;F>?=IHN;MH‚IB~GINCPIJ;L;KO?CR;M

P?FBIW
?MM??MNCFI

=IL>?C?PC;FOT>I;G;HB?=?LHIMP‚IM>;J?LMC;H; "OM;ˆ;N‚I>?>?HNLI
>;HICN?KO?NCP?OG;?MJ„=C?>?PŽGCNI>?GCGG?MGI
I?MJ;HNI>?;<IL>;L
OG HIPI >C; =IG MO; ;JL?M?HN;ƒ‚I JLJLC;
 MO; CH>C@?L?Hƒ; G?=HC=; >?
M?GJL?=IHM=C…H=C;
M?HM;ƒ‚I>?FOT
;<LCLIMIFBIM
J?LMC;H;
I;FPIL?=?L
+?MM? M?AOH>I
 =IG ; IHCM=C…H=C; >I ?HNL?MMIHBI
 G?>C I BILLIL >;KOCFI
KO? N;HNI G;L;PCFB; ? ?H=;HN; ;M L?FCAC‘?M ; J?L@?Cƒ‚I ?N?LH; >I =IMGIM
 ;
L?PIFOƒ‚ICHN?LGCH~P?F>IAFI<IMI<L?M?O?CRI +~OM?;
M?HM;ƒ‚ICHMOJILN~P?F
>?=I;ƒ‚I *@F@3C:825@2E@=6C2CBF6@D@=D2:2E@5@D@D5:2DjGIHMNLOIMI _
56DF>2?@
HN?M >? NILH;L ; ;>ILG?=?L CG;ACH?C PC OG OHCP?LMI >? JF~MNC=I

=;G<C;HN?
=B?CI>?G;L;PCFBIMI;=;MI
OG=„O?F~MNC=I
OGMIFKO?>?L?J?HN?
M?;OM?HN;IO@C=;@CRIIOGO>;>?@ILG;
HMC?CJ?F;>CMJ?LM‚I>;M>OL;M=IHMN?F;ƒ‘?M
?MM;MOD;JLIJ;A;H>;FOGCHIM;
>I1LOMN?!CPCHI/?FIDI?CLI

 


*;F?F?FB?;G;F;<;IHI?G;
?F;M?>?CR;P;;<;N?LJ?FI=F„GCMI?=;ˆ;G?G
BC>LIG’LC;M
 ?G ;G<ŽHCIM M?FP;A?HM
 ?G M?AOL;ˆM ?R;MJ?L;HN?M  1I>; P?T KO?
?F? N?HN;P; L?F;G;L ;M CH=IJ?FOM;M
 M? ?HLIM=;P; HOG ALCG;>I =BIL;GCHA;M ?
NCHB; KO? ?GOFMCIH;L M? >C;HN? >I HPOFI
 M?HNCH>I =IGI JIO=I ; JIO=I ;M
;LAOF;M M? L?@?MJ?FB;P;G
 =IGI C;G M? ;J?FNLIH;H>I
 L?>OJFCGCH>I
 ;N„ @C=;L
?MNC=;>I@?CNIINLCG;F=C;NI>??LAIG;HCH;;KO?>?CR;L;G=;CL;FAOG;M@ˆFOF;M
>?=;LC;=IH=C; "HI?HN;HNI?L;MI=IG?ƒI
JILKO?HOG>;>IGIG?HNI?F;
NIL>OF;P; IM <OA;FBCIM
 J?LGCNCH>I KO? ?F? ;JLIRCG;MM? MO;P?G?HN? MO;M
IL@?F’HC;M ";MMCGKO?M??HNL?JFOG;P;G
;FAIM?G?FB;HN?;OGOFO=L>CIIM
?H=L?MNILC;P;
IM?RNL;DOMN;P;?J;L;GIPC;
>?L?J?HN??L;I=FˆHIH
;?MN?L@OLIM;
=IHPOF=;HN?>;MG~NLC=;M
I;L@?IF;HN??G<I=;=BOP;>IILA’GCI
IM?MJLI…GCIM
>I G?LJ;MGI HOG; MI<L?J;GIHBˆ@?L; ;AIJ;OM;  "PI„ "PI„ 3IFJIM;>IM H;
=LCMN; >I GOL„FCI
 M?HNC;G M? <;FJ;L;G;L
 J?LFCHIM ? G~LOFIM  , NLI= NL?GC;

P?H=C;G M? ;M G;LCIJFOG;M


 ? NO>I M? L?MIFPCL;P; HOG JLI@OH>I JˆHC=?
 ?G
HCIF;G;M>?;LAON?H>C;MAL;T?M
?G=;LˆHC;MKO;M?=LO„CMKO?IMIL>IJ?H;P;G
;N„IFCGCN?>;MA’H@C;M

 


)6?@G:8@?
,21/,02&00&!

&HAL;N; MOLJL?M; @IC F?L ?G U,LNIAL~@CEIW ; HINˆMC; >? ;P?L @;FC=C>I ?G 0;H
)OCM-INIMˆHII>?G;LMI’FNCGI
IN?H?HN? KOILIH?FJLIGIPC>O;KOILIH?F
J;L; L?NCL;L FI >I M?LPCMMI
 >IF@I <CF; 0;HB?M  0OLJL?M; @IC JOLKO? H‚I
NˆHB;GIM HINˆMMC; >? KO? ?MNCP?ƒ? >? E;G;  F„G >I G;CM
 D~ @;CT N?GJI KO?
NˆHB;GIM =;N;FIA;>I ?F? ?HNL? HIMMIM ;GCAIM IM MOCMMC>;M
 ? HOG; I=;TC‚I M?
L?@CLCO U/?HIPCAIW ; =?LNOM MCHNIG;M H?F? I<CM?LP;>IM  0IG?HN? KOC <CF;
0;HB?MH‚I?MEIFB?OIL?PFP?L@?CNOICM=LCNIL;HNC=F?LC=;O$OCFB?LGC!?FIL;

H?G;=IL>;=IGII?MJ?L;HNCMN;@L;H=?T"OD?HCI);HNC
<CF; 0;HB?M @IC OG BIGC G?L?MM?>IL >? ;N?HMM‚I ? >? ;JL?MMI  0IF>;>I
JOH>IHILITI IHLIO MO; CHMNCNOCMM‚I H; N?ILC; C H; JL~NC=;  1?PC OG ;FNI
=IH=?CNO >; F?;F>;>C ? @IC ;N„ I =;GJI >? <;N;FC;  %IGC >C =OFNOL;
 ?HMCHŽ
=C…H=C; ; DIP?HM ? ;>OFNOM  -?HM;>IL
 ?M=L?P?I <;MN;HN? J;L; DILH;?M ? >?CRŽ
;FAOG;M I<L;M CH„>CN;M
 ?HNL? ?F;M $sI:>2D 56 4F2CE6=  -I?N;
 P?LMC@C=;P; =IG
AL;H>C @;MMCFC>;>C ?G >C@?L?HNCM A…H?LOM  LNCMN; >I F~JCT ? >; JFOG;
 HIM
JL?M?HNCIOP;L?;MP?TCM=IGMO;M=LC;ƒ‘CM )CHA”CMN;
?L;GOCNI;@?CNI;NL;>OTCL
MO;MJLIJC;MJLI>OMM‘?MJ;L;ICHAF?CM
I?MJ?L;HNO?IONLIMC>CIG;M
IH=L?N;G?HN?
<CF;0;HB?M@ICBIGC>?J?HM;G?HNO?;=ƒ‚I
>?GIL;F?
>C=OFNOL; "MN?MM‚IIMM;F>IM;M?O@;PIL
+;INL;=IFOH;>;MO;=IHN;
N?G=;A;>;MP;LC;>;M
?„H;NOL;FNCNO<C;L;HN?M
>?F?P;HN~IP?F>;MO;PC>;JLCP;>; *;M=IGIH‚I;N?CGOGBIGCJ’<FC=I?
<CF;0;HB?MI@IC
?H=ILL?Lˆ;GIMH;@;ON;KO?;HN?M;ƒCH;F;GIM?M=IH>?H>OI
L?P?LMO>;G?>;FC; "GHIMMI=;L~N?L>?<CAL;@OM?CMNILC;>ILCM>?P?GOMLIGJ…
=IGIM?M=L’JIFIM
IHB?=?GIMJ?MMI;FG?HN??GJ?MMI;<CF;0;HB?F~JOL?G)CH;L?M

+)
?>CMJICM?G*IHN?LL?C?MNCP?GOM=IG?F??GM?OF;L
KOCJ;L?=C;JLMJ?LO
?@?FCM HIM>?JICM>?KO?IPCMCN;GOM?G0;GIL;
;CGJL?MM‚I@ICNIN;OG?HN?
IJIMN;
 HIN;GOM KO? I F;L >CMGILIH;P;
 ? ;MMCG @IC M?G;H;M G;CM N;L>C

;<;H>IHIO IJLCG?LI;CMJIM;?>CMJICMOM@CFBIMC>CMJ?LM;L;G -IMN?LCILG?HN?

?G 0;H )OCM -INIMˆ


 ?H=IHNLŽ OG; DIP?G <IH>IT; KO? FB? N?PC MCGJ;NC; ?
;=?CNŽ=;T;L=IG?F?JOLCMMI=LCŽOG;M?AOH>;@;GˆFC;
KO?;<CH?A;>;G?HN?I
MOJILNŽG;CMKO?;JLCG?L;?H‚I=B?AŽ;;<;H>IH;L FI
.O? ;=IHN?M?O JLCG?LI ?G <CF; 0;HB?M
 I >?M;LL;HDI G?HN;F IO I
;F=IFCMGI+‚IM;<?GIM
G;M;G<IMIM>ICM
=IG<CH;>IM
@IL;G;LOˆH;>;MO;
PC>;?;=;OT;>CMO;GILNC 2G>I?HN??GM?OM’FNCGIM;HIM
HMD~NˆHB;GOM
JIMNI?F?>?F;>IM;<?H>IKOC?L;OGMOCMMC>;=;GCHB;H>OL~JC>OH;>CL?MM‚I
>?M?OCH?PCN;P?O@CG ,@;N;FCMGIM?CGJ‘C=O;H>I;D?HN?I<CM?LP;J?MMI;MN‚I
=F;L;G?HNC>CLCDC>;MLOGI;OGJLMMCGICNL~DC=II=;MO
,>?T;J;L?=C>I;=LC>CN;P;H;PC>;@ONOL; 0?=IH@CLGŽCMMI
KO?H?F;?MCMN;;
@?FCMMC>;>?
?G<IL;=IG>C@?L?HNCM=;L;N?LˆMNC=;M
„IKOC>?M?D;GIMNI>OMHCMIM
OG;HIM

 


.O;H>I?MN;P;?O?GGCHB;JLCG?CL;=;OM;
?OH‚INCHB;!?OMXKO?LC;;
GCG G?MGI ? H‚I KO?LC; H;>; G;CM ?L; I KO? ?O KO?LC;
 ? KO?LC; I KO? ?O
?L;
??MN;P;FCPL?>?!?OM?>?NI>;M;M=ICM;MX-ILCMMIMOJFC=;GIM;!?OMKO?
HIMFCPL?>?!?OM
?KO?=IH=?<;GIM;P?L>;>??AIT?GIM>?F;?N?LH;G?HN?
F~
IH>?IM;HDIMMOJL?GIM
;GIM=;?;;FG;M‚IM?G?FB;HN?M
F~IH>??O?MN;P;?
IH>?KO?LC;CMMIKO??L;??L;CMMIKO??OKO?LC;X

*?CMN?L"=EB;L>N
M?LG‚I62E:A2FA6C6DDA:C:EF

 


$@C6==:2?2

,KO?„HI@OH>I?MM;BCMNLC;>??H=IHNL;LOGL?CHIGCF?H;L
OG„>?H
OG
IONLIGOH>I1O>IIKO?M??M=L?P?HIMN?GJIMKO?=ILL?G?KO?P;F?;J?H;
F?L?MN~PIFN;>IJ;L;;HIMN;FAC;  IGJF?RI>;L=~>C;
L?NILHI;IAL;H>?’N?LI

<;=E NI >;G


 F? <IH M;OP;A? ? JIL ;ˆ P;CX
 '2C2}D@ A6C5:5@ A6C5:5@ A@C
3FD42CE66FD6>=FKA2C2D6>AC6P">~ FB?=IG;MCFB;M=@ *OMCFIO=IGIM
AOLOM =;MI M? N?HB; >CHB?CLI J;L; I PII -;LCM IG<;CG IO MCGJF?MG?HN?
M?AOL;H>IOG;RC=LCHB;>?=;@„?IFB;H>IJ;L;?F;JILNI>IMIMF;>IM
H‚IG;CM
=IGIOG;Rˆ=;L;G;M=IGIOGN?MN?GOHBI>;CG?HM;<OLL;>;?GKO?NI>IM
HM?MN;GIMG?NC>IM
;=B;LKO??MM?I<D?NIH‚IJ;MM;>?OG;RC=LCHB;>?=;@„
KO;H>I I G;CM C>CIN; >IM DILH;FCMN;M ?H=;LL?A;>IM >? L?MOGCL IM KO;HN; J;L;
HM
 -F;H=E ? %?CM?H<?LA
 N?G I G;CIL NL;<;FB‚I HIM ?RJFC=;H>I ?G NL…M
=IFOH;MKO?NO>IPC<L;?NL?G???MN~=IGIOGA;NI?MJ?L;>?>;LI?HILG?
M;FNI >? BC>LIA…HCI IO >? =I<;FNI KO? HIM >?CR;L~ ; NI>IM HM =IG ;M J?LH;M
J;L;=CG; $LIMM?CLIGI>I>??RJL?MM;L M?
L?;FG?HN?
 RC=LCHB; >? =;@„ „ <L;H=;
 I <IG M?FP;A?G „ G;LLIG
 -F;H=E ?L; OG
;F?G‚I@ILGC>~P?F -ILNL~M>?NO>ICMMIM?GJL?„JILNL~M
„JL?=CMI=IHP?H=?L
M? >? KO? ?MM; „ ; C>?C; =B;P? >I J?HM;G?HNI GI>?LHI I -;L;ˆMI
 I IONLI
GOH>I
;CHI=…H=C;JCMIN?;>;KO?I<M=OL;G?HN?M?JLI=OL;=BIL;H>I
;N?LL;
>?%OLK;FS‚ !?OG;@ILG;IO>?IONL;NI>IMJLI=OL;GJIL?F;
NI>IMKO?L?G
;<LCL;JILN;J;L;CL<LCH=;L "H‚IJ?FIj>?H
H‚IN;HNIJ?FIj>?H?GMC
G;M
MIG?HN?J;L;>?CR;LJ;L;NL~MIM;PC‘?M;D;NI
;=;L;>?+CECN;IO>?!QCABNIO
>? B;LF?M IO >? #L;H=CM=I
 I >?MJ?LN;L ; MCH?N;
 I ;DOMN;L M? ; N?LGŽG?NLI ?
P?HNIM;
;;JIM?HN;>ILC;H;<;M?>IJ„H;<OH>;KO;L?HN;;HIM?H=IFB?H>II
L;<IJ;L;KO?>I;G?HIM
G;M>C>IG?MGID?CNI
>IG?MGID?CNI;JIHN;>I
M;J;NI ?HNL; OG JIO=I G;CM ; =;>; P?T
 ; =;>; JIHN;J„ ;LLIG<; OG JIO=I
G;CMIJI<L?L;<I>I=;CR?CLIIO>IMO<N?H?HN?IO>IJLI@?MMIL>?FCN?L;NOL;IO
>;?H@?LG?CL;
?>CTˆ;GIMKO?IBIGIM;JC?HMH‚IJLI=OL;;JILN;J;L;?HNL;L
HI L?CHI GCF?H;L ?G<IL; H‚I @IMM? G~ C>?C;
 H?G OG JIO=I G~ C>?C;
 H;
P?L>;>?
 G;M M J;L; JI>?L @?=B~ F; ;NL~M >? MC ? ;<;H;L I L;<I @?CNI OG =‚I
M;NCM@?CNI JIL M;<?L KO? I M;J;NI >; PC>; >? G?L>; @C=IO J;L; NL~M
 ?MNIOL;H>I
=IHNL;;JILN;@?=B;>;
?KO?D~M?JI>?CL;@LIOR;H>I=IGOGMOMJCLIIJI<L?
<IN‚I >I =O
 ?H>CL?CN;L M? ? =IG?ƒ;L ; ;H>;L ?HNL? ;M @FILTCHB;M >I D;L>CG ?
M?HN;L M? J;L; IFB;L OG; HOP?G >OL;HN? H;>; G;CM KO? =CH=I GCF ;HIM
 IO
PCHN? GCF M? JIMMˆP?F ? M? HCHAO„G M? ;<ILL?=?L ? M? ?RCMNCL ;FAOG; =B;H=? >?
@C=;LHID;L>CGIFB;H>I;M@FILTCHB;M
!?P?T?GKO;H>I?GG?CIF?AC‚I>IMKO?;H>;G=IGI=OH;G‚IN?G
;FAOGKO?H‚IMAIMN;LC;>?@?=B;L;JILN;J;L;M?JLIN?A?L>IM=BON?M>;MNL…M
>CG?HM‘?MNL;>C=CIH;CM
M?G=IHN;L;MKO?P…G>;M=;N?AILC;M>I?HN?H>CG?HNI

>I G;CM KO? OFNL;J;MM;>I JLCH=ˆJCI >? L;T‚I MO@C=C?HN? ? IONL;M <;<;KOC=?M
CH@CHCN;M
 =IGI ;F„G >CMMI ?MM?M MOD?CNIM ;=B;G
 ?F?M ? IONLIM FIO=IM
 KO? H‚I
?MN;GIMH?MN?GOH>I
KO?HIMMIMJ;CMACA;HN?MHIM?H@C;L;GHOG;=ILLC>;H;
=IHNL;G‚I >; KO;F M?L~ JL?=CMI M;CL M? H‚I KOCM?LGIM ;=;<;L PCL;H>I ?MN~NO;
?KO?MNL? IO NL;HM@ILG;>IM ?G ;PM ?R?GJF;L?M
 ? KO? H;>; ?MN~ J?L>C>I M?
NCP?LGIM @CH;FG?HN? ; =IL;A?G >? ;HOH=C;L KO? NO>I ?MN~ J?L>C>I ? KO? „
JL?=CMI=IG?ƒ;L>?HIPI
=IGIIM@;GIMIMIJ?L~LCIMKO??GJ?L=?<?L;G
?G =?LN; G;HB‚ >? ;AIMNI KO? I N’H?F >I GIHN? L;M=I ?MN;P; G;F NL;ƒ;>I ?
KO? ;=;<;LC;G M;CH>I ; G;CM >? KOCHT? G?NLIM >I N’H?F KO? IM IJ?L~LCIM
COAIMF;PIM KO? PCHB;G >? !O<FCPH; ?MN;P;G ?M=;P;H>I  , KO? @CT?L;G IM
@;GIMIMIJ?L~LCIM,M@;GIMIMIJ?L~LCIM>?CR;L;GM?ON’H?F>ID?CNIKO??MN;P;

M;ˆL;G J;L; ; MOJ?L@ˆ=C?


 ? >?JICM >? P~LCIM >C;M ? HICN?M >? >?FC<?L;ƒ‚I ?G
>CP?LM;M =;HNCH;M >I -C?GIHN? =IG?ƒ;L;G ; ?M=;P;L JIL MO; =IHN; ? LCM=I ?G
IONLI JIHNI >I L;M=I
 ? @IL;G ?G @L?HN? M?G M? JL?I=OJ;L =IG IM IJ?L~LCIM
COAIMF;PIM
 =B?A;H>I >?JICM >? KO;NLI G?M?M ? =CH=I >C;M  J;LN? MOF >?
!O<FCPH;
J;L;H‚IJIO=;MOLJL?M;>?OGJLI@?MMILJLCG~LCI;JIM?HN;>IKO?IM
PCO MOLACL HI <;HB?CLI >; MO; =;M;  "R?GJFI FIOP~P?F KO? IM IJ?L~LCIM >?
!O<FCPH;>?P?LC;GN?LM?AOC>I?G<IL;M?D;JL?=CMIL?=IHB?=?LKO?IM@;GIMIM
IJ?L~LCIMH‚INCHB;G=IGOHC=;>I;?F?MMO;MCHN?Hƒ‘?M
?GP?T>?CHMCMNCL?G
=IH?=N;L M? =IG OG N’H?F CH?RCMN?HN?
 =IGI „ I =;MI >? N;HNIM JI?N;M KO?
;J;L?=?G =IG G;CM >? G?CI =ILJI J;L; @IL; >; D;H?F; >; M;F; >? ?MN;L
 ;FN;M
BIL;M>;HICN?
" ;MMCG M? =IHM?AO? LCL ? ;=L?>CN;L KO? H‚I M? ?MN~ @;F;H>I M„LCI
 M KO?
?MN;GIM
MCG
@;F;H>IM„LCI
ILCMIMITCHBI=;PIOG;CMN’H?CM’N?CMKO?NI>;M;M
F~ALCG;M >; 1?LL;
 ?G<IL; JIO=I M;C<;G >CMMI IM ?HAIG;>CHBIM KO? N?CG;G
?G;=L?>CN;LKO?*?FJŽG?H?„G;CM@?=OH>;KO?;/;CHB;*;< !?OG;P?T
JILNI>;MM?LC;<IG=B?A;LGIM;OG>?M;=IL>IMI<L??MM?N?G; 1;FP?T?RCMN;
OG; M;ˆ>;
 G;M ?MM; M;ˆ>; >?P?LC; M?L OG; ?HNL;>;  1;FP?T ?RCMN; OG L?CHI
GCFCIH~LCI
 G;M H‚I „ @OACH>I >? OG ;N;KO? CHCGCAI KO? M? NIG; >? ;MM;FNI
OG; @ILN;F?T;  N„ ;AIL; ?MN? M„=OFI @IA? >? OG GIHN‚I >? =ICM;M
 JLI=OL; ;M
JILN;M?MP?T?M;M;LLIG<; ,KO?;=IHN?=?>?JICMH‚IM?M;<?
;FAOHM>?P?G
N?L =IHM?AOC>I P?L ? J?L?=?L;G
 ?RNCHNIM CHMN;HN;H?;G?HN? J?FI AL;H>?
?MKO?=CG?HNI H?ALI
 IONLIM M? =IH@ILG;L;G =IG ; ?M=;J;>; J?KO?H;
 ;
=;MCHB;HIMO<’L<CI
;?MJ?=C;FCT;ƒ‚IFCN?L~LC;IO=C?HNˆ@C=;
INOLCMGI M@OA;M
M‚I JF;H?D;>;M
 M‚I N?=HIFIACT;>;M
 M‚I GIHN;>;M =IG I *I>OFIL IO =IG ;
/„AO;>?+SFIH %~CG<?=CMKO?=IHNCHO;G;=L?>CN;H>IKO?;<?<?>?CL;JI>?
M?L OG G„NI>I
 IO ; G?M=;FCH; IO ; BIGIMM?RO;FC>;>?
 KO;FKO?L =ICM;
G;AHˆ@C=;IOCH;H?6>D:
G;M?MNOJC>;G?HN??LCAC>;?GMCMN?G;
?G=B;P?>I
L?CHI -I>?M?LKO?B;D;IONLIGOH>I>?HNLI>?MN?
G;MH‚II?H=IHNL;L?GIM
L?=ILN;H>I MO; MCFBO?N; HI NOGOFNI @;<OFIMI >IM >C;M ? >;M PC>;M
 H‚I I
?H=IHNL;L?GIM H?G H; ;NLI@C; H?G H; BCJ?LNLI@C;  "MM? GOH>I H‚I ?RCMN?
 „
JL?=CMI=LC~ FI=IGI;@…HCR "MM?GOH>I?RCMN?H?MN?
G;M=IGI;~AO;?RCMN?
HI IRCA…HCI ? HI BC>LIA…HCI
 IO =IGI H;M J~ACH;M 
 
 
 
 
  ?
>I>C=CIH~LCI>;=;>?GC;"MJ;ŒIF;?MN~IKO?„H?=?MM~LCIJ;L;?M=L?P?L
OG =?LNI ?H>?=;MMˆF;<I >? $;L=CF;MI  !CA;GIM KO? I GOH>I „ OG; @CAOL;
 „
JL?=CMIF… F; -ILF… F;?HN?H>;GIMA?L~ F; "KO?GM?CGJILN;=IGI>C=CIH~LCI
J?FI >C=CIH~LCI ?G MC 0? >? >?FC=;>;M ;FKOCGC;M
 IMGIM?M ? GCMNOL;M MCGJF?M
MOLA??H@CG?;NLCTMG;LA?HM>ILCI
=IGIH‚IMOMJ?CN;LG;L;PCFB;>;G?HN?I
KO? JIL MO; P?T JI>?LC; H;M=?L >?F; .O? CH’NCF N;L?@; ; >I BIG?G

=;<?F?CL?CLI >? MC G?MGI


 L?J?NCH>I ;N„ ; H~OM?; I =ILN? KOCHT?H;F
 JIH>I ;
G?MG;G?M;
L?@;T?H>I;G?MG;=ICM;
=IGJL;H>IIG?MGIDILH;F
;JFC=;H>I
IM G?MGIM JLCH=ˆJCIM M G?MG;M =IHDOHNOL;M  -I>? M?L KO? ?RCMN; OG L?CHI
GCF?H;L
G;MM?;FAOG;P?T=B?A;LGIM;?F?
M?MIGIM?F?
?F?D~H‚IN?L~?MM?
HIG? "HKO;HNIH‚INCL;LGIM>IN?GJIMO;=BC<;N;>?BCMNLC;
?HKO;HNIH‚I
;=;<;LGIM=IGICH=B;ƒI>?N;HNIM6?BF2?E@
=IHNCHO;L?GIMNIG;H>I;<?F?T;
JIL OG @CG ?G MC
 ; J;T JIL OG >?MC>?L;NOG
 M?GJL? >I F;>I >? =~ >; JILN;
IH>? H; P?L>;>? H?G M?GJL? ?MN;GIM G;F
 IH>? GOCN; A?HN? ?H=IHNL; OG;
PC>;M;NCM@;NLC;
J?L@OG?M;AL;>~P?CM
<IHMM;F~LCIM
FCN?L;NOL;>?;FN;KO;FC>;>?

MIG ?MN?L?I@ŽHC=I
 ? JIL KO? ?HN‚I M? CHKOC?N;L M? JLIP;P?FG?HN? I GOH>I „
@CHCNI
;BCMNLC;M?;JLIRCG;>IJIHNINCGI
;L;ƒ;BOG;H;M;C>;&>;>?*„>C;
J;L;CHAL?MM;LH;?L;=C<?LH„NC=;1IONP;NL‡M<C?H
G;>;G?);*;LKOCM?
NION
P;NL‡M<C?H
NIONP;NL‡M<C?H
!? L?MNI „ JL?=CMI M?L CG<?=CF
 „ JL?=CMI M?L JI?N;
 „ JL?=CMI ?MN;L =IG ;
=;<?ƒ; H; FO; J;L; J?L>?L G;CM >I KO? =CH=I GCHONIM =IG ?MM;M HIMN;FAC;M
J?L@?CN;G?HN? FCKOC>~P?CM HI =OLNI JL;TI  ;>; L?OHC‚I >? A?L?HN?M
CHN?LH;=CIH;CM
 >? BIG?HM >? =C…H=C;
 =;>; HIPI M;N„FCN? ;LNC@C=C;F
 =;>;
BILGŽHCIIOL?;NIL;NŽGC=I?MG;A;OGJIO=IG;CM?MM;M@;F;T?M?MJ?L;Hƒ;M ,
L?CHI >?P? M?L >? G;N?LC;F JF~MNC=I
 „ OG @;NI  " H‚I KO? I GOH>I N?HB; >?
PCL;L OG J?M;>?FI ILQ?FFC;HI IO BORF?S;HI M?L~ GOCNI JCIL
 M?L~ OG GOH>I
>?FC=CIMI
H;G?>C>;>?M?OMB;<CN;HN?M
M?GH?HBOGGIMKOCNI
M?GH?HBOG
;H;F@;<?NI
 =IG A;FCHB;M >? ?HILG? N;G;HBI ? JLIP;P?FG?HN? >?TICNI =IR;M

NI>;M ?F;M >?FC=CIM;M


 =IG <;HB?CLIM N?F?=IG;H>;>IM
 ~AO; >? >C@?L?HN?M =IL?M
=IH@ILG?I>C;>;M?G;H;
>?FC=;>;;N?Hƒ‚I>IM?LPCƒIH;=CIH;F>?BCAC?H?

=IGN?F?PCM‚I?G=;>;KO;LNI
JIL?R?GJFIAL;H>?MJ;CM;A?HMNLIJC=;CMJ;L;
IM B;<CN;HN?M >? /?SED;PˆE
 PCMN;M >? CAFOM J;L; IM >? %;P;H;
 =IGJ?HM;ƒ‘?M
MONCMKO?=IH@ILG;L‚INI>;M;ML?<?F>C;M

?N=?N?L;
,OM?D;
OGGOH>IM;NCM@;NLCIJ;L;J?MMI;ML;TI~P?CM
"@C=;L~H?F?;FAO„G
OGM
KO?H‚IM?D;L;TI~P?F
"G ;FAOG LCH=‚I
 OG P?MNˆACI >I L?CHI ?MKO?=C>I  "G ;FAOG; GILN?
PCIF?HN;
 I =;MNCAI JIL N?L M? F?G<L;>I >I L?CHI  "G ;FAOG LCMI
 ?G ;FAOG;
F~ALCG;
 ; MI<L?PCP…H=C; >I L?CHI  +I @OH>I H‚I J;L?=? KO? I BIG?G ;=;<?
G;N;H>IIBIG?G "F?P;C?M=;J;L
P;C;A;LL;LINCG‚I>;G~KOCH;?F?NLŽHC=;

>I @IAO?N? MC>?L;F


 P;C J;MM;L OG; L;MN?CL; H?F? ? >?JICM HCHAO„G M?AOL;  !~
J;L;G;N;LNO>IG?HIM;HIMN;FAC;>IL?CHI
HM;N?GIMH;=IL>IMIFBIM
?G
=;>; ;GIL
 ?G NO>I ;KOCFI KO? JLI@OH>;G?HN? ;NILG?HN; ? >?M;N; ? ?HA;H;
.:D97F= E9:?<:?8
 N;FP?T G;M ?MM; „ IONL; >?@CHCƒ‚I JIMMˆP?F >I <ˆJ?>?
CGJFOG?

 


Z3I=…@?T<?G?GPCLJ;L;=;M;
;GIL
M??MN;P;N‚I=;HM;>I
Z1B?L?MHIN;JF;=?FCE?BIG?Z>CMM?,FCP?CL;
Z1IG?G;CMOGG;N?
?MN~L?=„G =?P;>I
Z IGIMIFBIM@?=B;>IMJ;L?=?;CH>;G;CM;G;LAI
KO?G;L;PCFB; 0?PI=…
G?>?CR;MM?>ILGCLOGJIOKOCHBI?HKO;HNIF…;FAOG;L?PCMN;X
Z0CG
KO?LC>IZ>CMM?$?EL?JN?HM?=;H>I;MF~ALCG;M?J?A;H>I 5}=:@JIL
JOL;I<?>C…H=C;
?G<IL;FB?NCP?MM?MC>ICGJIMMˆP?FF?L@IMM?IKO?@IMM?
Z$?EL?JN?H
Z0CG
;GIL
Z+‚IM?JL?I=OJ?=IGCMMI
P?FB;
Z F;LI KO? H‚I
 ;GILTCHBI  "MJ?L? KO? JIHBI IONL; =IGJL?MM; @LC; ?G
PI=…
Z!;KOC;JIO=IF?P;HNI?P;GIM>;LOG;PIFN;JILFG;ALI .O?GM;<?
N?G;FAOGGOMC=;F=IFILC>IJ;MM;H>I
ZG;HB‚
;GIL
;AIL;P?D;M?>?M=;HM; 3I=…=B?AIO=IGOG;=;L;X
Zj;JLI@CMM‚I
IKO?M?B~>?@;T?L +‚IJL?=CM;M?JL?I=OJ;L ,Oƒ;=IGI
=;HN;I C?H-?MIM
F~?G<;CRI
Z !?P?G ?MN;L NLI=;H>I I ;FJCMN? >?F?
 ;HCG;FTCHBI >? !?OM Z >CMM?
$?EL?JN?H ZjOGD?CNI>?;AL;>?=?LX
Z AL;>?=?L Z L?J?NCO ,FCP?CL;  Z &G;ACH? M
 ;AL;>?=?L ; KO?G I
?HA;CIF;
Z,M;HCG;CMH‚IM?>‚I=IHN;
Z,M;HCG;CMZL?J?NCO,FCP?CL;

 


0CG
 G;M KO?G HIM =OL;L~ >I @IAI MOL>I
 >I @IAI M?G =IL KO? =ILL? ;I
;HICN?=?L J?F; /O? >? F; %O=B?NN?
 M;CH>I >IM JILN;CM =;L=IGC>IM
 >IM
P?MNˆ<OFIM GI@CHIM
 >I @IAI M?G CG;A?G KO? F;G<? ;M J?>L;M ? ?MJL?CN; HIM
P‚IM>;MJILN;M
=IGI@;L?GIMJ;L;HIMF;P;LGIM>?MO;KO?CG;>OL;>I=?KO?
JLIMM?AO?
 KO? <OM=; ;<LCAI J;L; >OL;L ;FC;>; ;I N?GJI ?  G?GLC;
 M
MO<MNH=C;M J?A;DIM;M KO? HIM M?AOL;G >I F;>I >? =~
 ? KO? HIM ;L>?L~
>I=?G?HN?;N„HIM=;F=CH;L"HN‚I
„G?FBIL;=;N;L=IGIIMA;NIM?IMGOMAIM

NL;P;L ;GCT;>? CG?>C;N; =IG ;M T?F;>IL;M >? PIT?M LIO=;M


 =IG ;M =LC;Hƒ;M
J~FC>;M ? MI@LC>;M KO? ?MJL?CN;G H;M D;H?F;M <LCH=;H>I =IG OG A;FBI M?=I
L>?H>I;MMCGM?GNL„AO;
;AO?HN;H>I;KO?CG;>OL;=?HNL;FKO?;P;Hƒ;=IGI
;G;>OL?T;J;OF;NCH;HI@LONI
M?LIJOFMI>?OG;@IAO?CL;H?MN??G;L;HB;>I
>? J?>L; CHN?LGCH~P?F
 =;GCHB;L J?F;M HICN?M >? HIMM; PC>; =IG ; I<?>C…H=C;
>IM;HAO??GM?O=CL=OCNI=?AI
.O;HN;MP?T?MG?J?LAOHNIM?CMNIH‚IJ;MM;>??M=LCN;
HOGN?GJI?GKO?
=ILL?GIM J;L; I ?LLI ?HNL? ?KO;ƒ‘?M CH@;FˆP?CM ? G~KOCH;M >? =IH@ILGCMGIM
*;MJ?LAOHN;L M?M?M?L?GIM=;J;T?M>??H=IHNL;LIIONLIF;>I>IB~<CNIIOM?
„ G?FBIL >?CR;L M? F?P;L JIL MO; ;F?AL? =C<?LH„NC=; H‚I M?LC; OG; P?T G;CM
FCN?L;NOL; /?<?FC‚I
 =IH@ILGCMGI
 ;HA’MNC;
 ;FCG?HNIM N?LL?MNL?M
 NI>;M ;M
>C=INIGC;MI6CH?I6;HA
;=IHN?GJF;ƒ‚IIO;+uE:8<6:E
@FI=IM>?;P?C;IO
J?L>CT?M72:D2?5y6D
);M=;ORIO*;NBC?O
KO?L?>?>?J;F;PL;M
KO?>C;F„NC=;>?
<IFMI =IG NILG?HN;M >? JCD;G; ? =;N;=FCMGIM >? FCPCHA LIIG  , G?LI @;NI >?
CHN?LLIA;L M? MI<L? ; JIMMˆP?F ?M=IFB; PC=C; ? NOLP; I ?M=IFBˆP?F  DE2 D:> 6DE2
?w@?6DD2:5256PN„J;L?=?KO?OG;?M=IFB;H‚IJI>?M?L>C;F„NC=;
KO?MO;
@ILGOF;ƒ‚I;?GJI<L?=?
IOM?D;
;@;FM?C;
IOM?D;
;NL;HM@ILG;?GIONL;=ICM;
"HNL?I6CH?I6;HA
KO;HNIM„IHM!IMCG;IH‚I
KO;HNIMN;FP?T?M1O>I„
?M=LCN;
 IO M?D;
 @~<OF;  *;M >? KO? HIM M?LP? ; P?L>;>? KO? NL;HKOCFCT; I
JLIJLC?N~LCI BIH?MNI +IMM; P?L>;>? JIMMˆP?F N?G KO? M?L :?G6?xw@
 IO M?D;

?M=LCN;
 FCN?L;NOL;
 JCHNOL;
 ?M=OFNOL;
 ;ALC=OFNOL;
 JCM=C=OFNOL;
 NI>;M ;M NOL;M
>?MN?GOH>I ,MP;FIL?M
NOL;M
;M;HNC>;>?
OG;NOL;
;MI=C?>;>?
OG;NOL;
I
;GIL
 JOL; NOL;
 ; <?F?T;
 NOL; >;M NOL;M  +OG >? M?OM FCPLIM *IL?FFC @;F; >I
H;JIFCN;HIKO?J;MMIO;HIMM?HN;>IJILN;>;MO;=;M;IFB;H>IOGJ;L;@OMIHI
=B‚I gHICN?IL?=IFBC;?JOHB;>?<;CRI>I=IF=B‚I ,J;L;@OMI@ICJLCG?CLI
LCMI
 >?<I=B?
 CLLCN;ƒ‚I =IGOH;F
 DOHN; >? PCTCHBIM
 MCH;F >? PCIF;ƒ‚I >IM
>?P?L?M=ˆPC=IM
JIL@CGOG>;L>?IG<LIM
;J;T
IJ;L;@OMI@IC;J;T
HCHAO„G
JI>C;J;MM;LJ?F;LO;M?GIFB;L>?PC„MJ;L;IJ;L;@OMI?J?L=?<?LKO??F??L;;
J;T  , MOD?CNI GILL?O >? OG; MˆH=IJ? ? I J;L;@OMI >?M;J;L?=?O ;MMCG KO?
;=O>CL;G IM PCTCHBIM  2G >?F?M I AO;L>;
 N;FP?T I J?AO? ?G M?AL?>I ? IFB?
J;L; ?F?
 PIFN? ; AO;L>~ FI ? P~ J;L; ; @~<LC=; M?HNCH>I ;FAI KO? H‚I
=IGJL??H>?
OG;I<M=OL;L?JLIP;ƒ‚I 0M?;=;FG;KO;H>IJ?A;IJ;L;@OMI?
IFB; J;L; ?F?
 @C=; IFB;H>I J;L; ?F? ;N„ IOPCL J;MMIM ? N?L KO? AO;L>~ FI M
JL?MM;M *IL?FFC;=B;P;KO?IJ;L;@OMI>?PC;M?LIONL;=ICM;
OG>?OMIO=ICM;
J;L?=C>;  0IFOƒ‚I @~=CF >?G;CM  1;FP?T I ?LLI ?MNCP?MM? ?G ;=?CN;L KO? ;KO?F?
I<D?NI ?L; OG J;L;@OMI J?FI @;NI >? N?L @ILG; >? J;L;@OMI  -C=;MMI J?A; OG
=;LLCHBI>?<LCHKO?>I?INL;HM@ILG;HIKO?CRI>?OG=CHI=„@;FI 3;CP?LKO?
I H;JIFCN;HI ?L; OG C>CIN;
 G;M N;G<„G JI>? N?L MC>I I CHP?HNIL >? OG
GOH>I !IJ;L;@OMI;OGIFBI
>?OGIFBI;OG;?MNL?F;X-ILKO??HNL?A;L
M? ;I $L;H>? IMNOG? j JIMMˆP?F ?M=IFB?L ; NOL;
 ; CHP?Hƒ‚I
 IO M?D;
 I
J;L;@OMI IO I =;LLCHBI >? <LCHKO?>I  j ;MMCG KO? -;LCM HIM >?MNLC >?P;A;L

>?FC=CIM;G?HN?
NLCNOL;H>I HIM?HNL?@FIL?MP?FB;M?NI;FB;M>?J;J?FG;H=B;>;M
>? PCHBI
 =IG M?O @IAI M?G =IL KO? =ILL? ;I ;HICN?=?L M;CH>I >? JILN;CM
=;L=IGC>IM  .O?CG; HIM OG @IAI CHP?HN;>I
 OG; CH=;H>?M=?HN? NOL;
 OG
>CMJIMCNCPI>;L;ƒ;
OG;=C>;>?KO?„I$L;H>?-;L;@OMI
;BILLˆP?F;AOFB;=IG
M?O IFBI HINOLHI JIL IH>? =ILL? I @CI >I 0?H;
 ; G~KOCH; >? NILNOL;M =IGI
;=;<;G?HNI
 ;AIHC; HOG; A;CIF; ;NIJ?N;>; >? ;H>ILCHB;M ?H@OL?=C>;M
L>?GIM?GHIMM;I<L;
@;<OFIM;BIHL;GILN;F
;FNI>?M;@CI>;@…HCR +CHAO„G
HIM=OL;L~>I@IAIMOL>I
>I@IAIM?G=ILKO?=ILL?;I;HICN?=?LJ?F;/O?>?F;
%O=B?NN?  &H=OL~P?CM
 J?L@?CN;G?HN? CH=OL~P?CM
 ?M=IFB?GIM =IGI NOL; I
$L;H>?-;L;@OMI
HIMCH=FCH;GIMMI<L??F?
?HNL;GIMH?F?
NILH;GIM;CHP?HN~
FI ; =;>; >C;
 ; =;>; G;H=B; >? PCHBI H; NI;FB;
 ; =;>; <?CDI >I GI@I H;M
G;>LOA;>;M>; IOL>?/IB;H
CHP?HN;GIMHIMMICH=…H>CI
;L>?GIM>?>?HNLI
J;L; @IL;
 N;FP?T ?MM; M?D; ; ?M=IFB;
 N;FP?T ;M J;F;PL;M ?HPIFP;G CMMI =IGI I
AO;L>;H;JI ?HPIFP? I J‚I ? >?HNLI ?MN?D; ; @L;ALH=C;
 ; @;LCHB; M?H>I
J?H?CL;>;
IMCGM?GIH‚I
IOIH‚IM?GIMCG
I>C;M?G*;H?M
M?G,LGOT
@FLCG;H
>?OG;P?TJILNI>;M??GJ;T?<;MN;

 


,CH=IH@ILGCMN;PCMNIJIL*IL?FFC
HOG;HIN;JL?M;=IGOG;F@CH?N?HOG;
=IHN; >? F;P;H>?LC; U=?CN;ƒ‚I >I M?CRI ? >? ?N; >I ?HN;OLI
 >I JOLI JIL
;H>CHI;IJOLI JIL >?MG?>C>; "MM?BIG?GM?GIP?H;MG;CM<;CR;M?G;CM
;FN;M @L?KO…H=C;M
 >?M>?HB;H>I >?FC<?L;>;G?HN? ;M CHN?LG?>C~LC;M
 IO M?D; ;
TIH; =ILL?HN? >; ;AFIG?L;ƒ‚I ?MJCLCNO;F BOG;H;  &H=;J;T >? FCKOC>;L ;
=CL=OHMNH=C;
 NL;N; >? >;L ;M =IMN;M ; ?F; CH?JNI J;L; M? MIG;L ;IM KO? FON;G
J;L; ;=;<;L =IG ?F;
 JICM ;=L?>CN; KO? ?MM; FCKOC>;ƒ‚I M?L~ OG; G?L;
MO<MNCNOCƒ‚I JIL IONL; CAO;FG?HN? J;L=C;F ? CHNIF?L~P?F
 ;@;MN; M? >;H>I >?
IG<LIM -;L;IM;GCAIM
I@;NI>?KO??H=IHNL?MO;M;NCM@;ƒ‚IHICHMCAHC@C=;HN?

HI JO?LCF
 HOG J?>;ƒI >? <;L<;HN? IO HOG MIFI >? 0N;H $?NT
 CH>C=; OG
F;G?HN~P?F ?GJI<L?=CG?HNI H‚I M;<?G KO? B~ N;G<„G I IONLI ?RNL?GI
 IM
;=B?AIM;OG;MIG;KO?M?L?=OM;?P;CM?>?M@C;H>I??M=IH>?H>I
G;MKO?;
=;ƒ;>; H‚I N?G @CG ? KO? H‚I M? ?H=?LL;L~ H?G G?MGI =IG ; GILN? >?MM?
BIG?G
 JILKO? MO; GILN? H‚I M?L~ ; GILN? >; TIH; CHN?LG?>C~LC;
 >;M
@L?KO…H=C;MKO?M??M=ON;G=IGIMIOPC>IMKO??M=ON;G;G;L=B;@’H?<L?>?
0C?A@LC?>W
1;FP?T J;L; =ILLCACL I NIG ?R;FN;>I >?MM; ;HIN;ƒ‚I
 OG J;J?F ;G;L?FI
L;<CM=;>I ; F~JCM U0?CRI ? ?MNL?F; CG;A?HM ;<MOL>;M  *;M I =IG„L=CI ˆHNCGI
=IGIMM?CRIMLIF;>IMMP?T?M;JLIRCG;>?OG;J;MM;A?G?HNL?;G‚I?IM?CRI
PC<L; OG ;=IL>? @IL; >I N?GJI  #OFAOL;HN?X J;F;PL; CF?AˆP?FX >? KO?
N;G<„G CMMI „ ?N; >I ?HN;OLI IM BIG?HM ? ;M G;AHCNO>?M =?>?G
 M?
>CMMIFP?G
>?CR;G>?M?LIKO?;=C…H=C;JL?N?H>?KO?M?D;G ";MMCGM?=B?A;
;;FAIKO?JOL;G?HN?„IKO…IKO…G‚IKO?NL?G??HPIFP?H>IOG;J?>L;
NL;HMJ;L?HN? KO? N;G<„G NL?G?W  *;CM ;<;CRI
 ; NCHN; U+‚I M? NL;N; >?
J;HN?ˆMGI
 CFOM‚I >?FC=CIM;
 KO?>; J;L; =CG; HOG =„O CH=?H>C;>I  <?CL; >I
G;LW 
"G IONLI FOA;L
 ?MN? ?M=F;L?=CG?HNI U#;F;L >? @L?KO…H=C;M <;CR;M ? ;FN;M „
=?>?LOG;P?TG;CM;IM:5@=27@C:?FCHAO;A?G=C?HNˆ@C=;
CFOM‚I>I,=C>?HN?
-;L; G?O CH=IH@ILGCMN;
 @;<LC=;L ;F?AL?G?HN? OG; JCJ; ? ?GJCH~ F; J;L;
;F?ALC; >;M =LC;Hƒ;M JL?M?HN?M H‚I L?JL?M?HN; OG; I=OJ;ƒ‚I G?HIL <;CRI
L?F;NCP;G?HN? ;I ;FNI
 JIO=I L?F;NCP;G?HN? ;I GOCNI ?N= 
 G;M OG;
=ICH=C>…H=C; =IG ?F?G?HNIM JOLIM
 >;ˆ OG; B;LGIHC; J;MM;A?CL;
 OG;
M;NCM@;ƒ‚IKO?I;DO>;;MOJILN;LIL?MNI !;G?MG;G;H?CL;
IMGIG?HNIM>?
?MNL;HB;G?HNI
>?;FC?H;ƒ‚I>CNIM;KO?IJL?=CJCN;G;<L?PˆMMCG;MJ?L=?Jƒ‘?M
>?;FAIKO?JI>?LC;M?LM?OJ;L;ˆMI
H‚IL?JL?M?HN;GJ;L;?F?OG;?RJ?LC…H=C;
G;CM?F?P;>;KO?I@;NI>?@;<LC=;L;JCJ;„=IGIOG@CG
G;MH‚I;=CG;IO
;F„G  " N;GJIO=I „ OG @CG ?HN?H>C>I N?GJIL;FG?HN?
 OG; ;>?M‚I KO? „ ;
=OFGCHH=C; >? OG JLI=?MMI >? >?MJID;G?HNI
 ?HLCKO?=?>IL JI>? ;=IHN?=?L
=IGPI=…M?HN;>IHI4
?MI<L?NO>I;=IHN?=??HNL?=IR;M>?GOFB?L?M
?HNL?
HOP?HM>?@OG;ƒ;?HIG?CI>?F?CNOL;MB;<CNO;FG?HN?G;F=IN;>;MJ?FIM=OFNIM
LINIAL;P;>IM>?>IGCHAI
U+OGJF;HI>?@;NIM=INC>C;HIM
;;NCNO>?>IG?OCH=IH@ILGCMN;M?NL;>OT?G
MO;L?=OM;>?NO>IIKO?=B?CL?;C>?C;L?=?<C>;
;NL;>Cƒ‚I
;?MNLONOL;AL?A~LC;
<;M?;>; HI G?>I ? H;M P;HN;A?HM @;FM;G?HN? L?=ˆJLI=;M  "F? JI>?LC; M?L
/I<CHMIH M?G G;CIL?M >C@C=OF>;>?M  +‚I „ GCM;HNLIJI
 G;M M ;=?CN; >?
BIG?HM ? GOFB?L?M;J;LN?KO?H‚I @IC JF;MNC@C=;>; J?F; MOJ?L?MNLONOL; MI=C;F
?F?JLJLCIN?GG?CI=ILJI?H@C;>IHIGIF>??M;<?>CMMI
G;MM?OM;<?L„;NCPI
? H‚I ; L?MCAH;ƒ‚I >;KO?F? KO? G;L=; I J;MMI  IG ; G‚I FCPL? ?M<I@?N?C; I
JLJLCILIMNI;G;CILJ;LN?>I>C;
?HIMGIG?HNIMFCPL?M?M<I@?N?C;ILIMNI>IM
>?G;CM
 KO? L?NLC<O?G NLCJFC=;>I  ,=OJ; ;MMCG I M?O N?GJI =IG ?H=L?H=;M
GIHMNLOIM;M KO? ?HPIFP?G ;G;HN?M
 ;GCAIM
 =L?>IL?M ? @OH=CIH~LCIM
 ? HIM
JIO=IM GIG?HNIM FCPL?M KO? FB? L?MN;G @;T >? MO; FC<?L>;>? OG OMI KO?
;MMIG<L;IM>?G;CM?KO?;=;<;M?GJL??GJ?KO?H;M=;N~MNLI@?MCLLCMLC;M
H;
G?>C>; >?F? ? >? MO;M ;G<Cƒ‘?M L?;FCT~P?CM IONL; FC<?L>;>? G;CM M?=L?N; ?
?P;MCP; I NL;<;FB;
 G;M MIG?HN? ?F? ? H;>; ;F„G >CMMI JI>?LC; >;L =IHN; >?
M?OMDIAIM W

 


+:?92 D:5@ Ew@ 3@?:E@ ?@D G6=9@D E6>A@D D6?E:CD6 :?DE2=25@ ?F> 6DE:=@
:>A6C:2=56G:52BF62FE@C:K2G2@DD@?6E@D@5:s=@8@4@>@D2DEC@D2D>65:E2x†6D
?2D?@:E6D56F6?@D:C6D2D6C6?:52568@6E9:2?2?2E6CE‡=:25@@=‚?@F?2D
4@?76Cz?4:2D5@D>6DEC6D6DEC2?86:C@D:?52@C@562G2F>>F?5@BF6G:G:22DD:>
BF6D6BF6C:22DD:>56=:36C252>6?E636=@66=682?E62CBF:E6Eƒ?:4@'2C2D6?E:C2
5:DEt?4:2BF6@:D@=2G228@C256DD64@=F>3sC:@&=:G6:C2D‚AC64:D2G22CC6>652C
4@> F> D@CC:D@ 2>2C8@ 2D 7C2D6D 5642?E252D 6 @D C:E>@D =FIF@D@D 5@ @?E6> @D
>@5@D sF=:4@D 56 5:K6C 6 42=2C > F6?@D :C6D 42A:E2= 5@ >65@ E@C?2G2 2
D6?E:CD6C@5625@A6=@5:D4C6E@2=:D2>6?E@562C6DE2DBF6D64@DEF>2492>2C3@>
D6?D@6A2C24@>A=6E2CA6=227:C>2xw@56DF7:4:z?4:2BF6:>A@DE2G22DG@K6D5@D
;@G6?D65@DG6=9@DDF2246:E2xw@5@:>65:2E@4@>@D6?5@G6C5256:C@5@G:4sC:@
4@>@D6?5@@
=IGIM?H>II
=IGIM?H>II>C;HN?>I?MJ?FBI
=IGINO<I>?
>?HNC@Lˆ=CIHIJOHBIKO?M?@?=B;P;
,FCP?CL;OG;P?TG;CMMIFN;P;OG;LCM;>;
>C;HN?>IJLJLCILIMNI??GP?T>??H@C;L;?M=IP;H;<I=;;;JLIRCG;P;>?MO;
CG;A?G ? GCHO=CIM;G?HN? OHN;P; ; @;FM; <I=; >? >?HNC@Lˆ=CI LIM;
 >?M?HB;P;
OG =IL;ƒ‚I ?G JF?H; <I=;
 G‚IM
 J„M
 F?NL;M
 I<M=?HC>;>?M
 J;MM;P; ; ?M=IP;
J?FI ?MJ?FBI ? ; AIFJ?M >? >?HNC@Lˆ=CI
 M? =IHNIL=?H>I >? LCL
 ;N„ $?EL?JN?H
?HNL;L>?MIF;>;=IGOG;?MJIHD;
?N=?N?L;

 


IG -IF; @IL;G ;M G‚IM


 =IGI M?GJL?  %~ I ?HN;L>?=?L
 B~ I =;HM;ƒI >?
B;P?LJ?L>C>IN?GJIHIM=;@„M
F?H>IDILH;CMKO?M‚IM?GJL?IG?MGIDILH;F

B~=IGIOG;N;GJ;>?A;LL;@;>?=?LP?D;;J?LN;H>IMO;P?G?HN?H;;FNOL;>I
?MNŽG;AI "MN;GIM>CMJIHˆP?CMJ;L;KO;FKO?L=ICM;
JI>?Lˆ;GIM=;CLH;MJCIL?M
;LG;>CFB;M >; CH„L=C; ? >I ;<;H>IHI
 ? >? L?J?HN? OG; GOFB?L ;<L? ; <IFM;
J;L;J;A;LOG=;@„ =L‡G?
IM>?>IM<LCH=;GOGCHMN;HN?=IGI@?=BIM?GJL?
CGJ?L@?CNI >; <IFM;  1?GIM ; CGJL?MM‚I >? KO? I @?=BI >?@?H>? I CHAL?MMI ;
OG; =;M; TI>C;=;F
 KO? KO;H>I IM >?>IM >;KO?F; GOFB?L >?M=I<LCL?G =IGI
>?MFCT;L ; @CH; NL;G?F; >IOL;>; ? KO? =IG OG; G?C; PIFN; CGJ?L=?JNˆP?F M?
>?MJL?H>; ;KO?F? @?=BI
 OG; CLLOJƒ‚I >?MFOG<L;L~ ; =FC?HN?F; ?G<?<C>; ?G
J?LHI>?HI1IOL>?#L;H=?
IOG?FBIL
P;C?HAIFC F;
OG@OHCF>?P?FO>ILIRI
;LL;H=;L~ I GOH>I >I M?O ?CRI
 I )OR?G<OLAI CHN?CLI
 ; /O? 0IO@@FIN
 ; /O?
$;S )OMM;=
 I =;@„ ;JIOF;>?
 ; #IHN;CH? >? *„>C=CM
 ; /O? *IHMC?OL F?
-LCH=?
 P;C ?HAIFCL NO>I HOG AILAIF?D;L @CH;F KO? H‚I >?CR;L~ H;>; ;F„G >?
OG;G?M;P;TC;
;<IFM;;<?LN;
IM>?>IM>;GOFB?LKO??RNL;?GOG;GI?>;>?
=?G @L;H=IM ? ; ?HNL?A;G ;I -‡L? /;AIH
 ?HKO;HNI H;NOL;FG?HN? %IL;=CI
,FCP?CL;
 PCMNIMI MI<L?PCP?HN? >; =;N~MNLI@?
 M? JL?J;L; J;L; >CT?L I KO? M? >CT
JILI=;MC‚I>IMAL;H>?M=;N;=FCMGIM
ZB
IM?HBILM;<?ZL?MJIH>?O-IF; Z,G?>IH‚I„IG?O@ILN?
!CMM? &9 G@FD D2G6K
 OG JIO=I =IGI >?P? N?L @;F;>I ; ?M@CHA? ;HN?M >?
;JL?M?HN;L I ?HCAG;
 KO;M? KO? M? >?M=OFJ;H>I
 L?=OM;H>I OG JL?MNˆACI KO?
M;<C; M?L ?HILG?  #;FIO =IGI ;M GOFB?L?M >? N;HNIM LIG;H=?M ?G KO? I
LIG;H=CMN; H‚I KO?L J?L>?L N?GJI ? J‘? I G?FBIL >; >?M=LCƒ‚I HIM >C~FIAIM

OHCH>I;MMCGI’NCF;I;AL;>~P?F
Z .O;H>I ?O >CAI G?>I Z I<M?LPIO ,FCP?CL;
 M?HN;>I HI G?MGI ?
=IGJLC>I <;H=I >? P?FO>I P?LG?FBI
  ?MKO?L>; >; ?M@CHA? Z J?HMI
JLCH=CJ;FG?HN? HIM ;P?MMIM   M?HBIL; ?MN;P; GIP?H>I ;KO?F; G‚I =IGI M?
?MNCP?MM?NI=;H>IOGFCGCN?>?JICM>IKO;F=IG?ƒ;P;OGGOH>I;I=IHNL~LCI
HIKO;FJIL?R?GJFI?OJI>C;M?LMO;<IFM;?;M?HBIL;
I-‡L?/;AIH
"MJ?L;P;KO?-IF;LCMM??KO?;M=ICM;M>?MCMNCMM?G>?M?LN‚IMI@CMNC=;>;M
G;M
-IF;>?JICMMIO<?KO?M?=B;G;P;-IF;H‚I;=BIOKO?;JIMMC<CFC>;>?@IMM?
N‚I;<MOL>; IMILLCLGIMNL;P;OHM>?HN?MJ?KO?HIM?GOCNIL?AOF;L?M=IHNL;IM
KO;CM M? ;J?LN;P;G OG JIO=I IM F~<CIM JCHN;>IM >? OG F;L;HD; CHN?HMI
 G;M
,FCP?CL;;CH>;?MN;P;H;MG‚IM
=IGIM?GJL?I;NL;ˆ;G;MG‚IM>;MGOFB?L?M

M?HNC;H?=?MMC>;>?>?NI=~ F;M
>?J;MM?;LM?OM>?>IMJIL=;>;@;F;HA?
?RJFIL;L
=IGOGGIPCG?HNIM?G?FB;HN?;I>I=CH?MCFIAID;JIH…M;LIN;CGJ?L=?JNˆP?F
>;M P?C;M
 CH@ILG;L M? KO;HNI ;I ?MN;>I >;M OHB;M
 ;>CPCHB;L
KOCLIG;HNC=;G?HN? FCHB;M H?@;MN;M ? GIHN?M JLIJˆ=CIM
 IOPCL I @L;AIL >; FO;
;JIC;H>IH;IL?FB;;J;FG;>?OG;J?KO?H;G‚IOGJIO=I’GC>;J?FI;GIL
IOJILOG;Rˆ=;L;>?=B~

 


Z3I=…=IGJL??H>?L~KO?>?JICM>IKO?;=IHN?=?OX
Z/?M
HIHP?L<;Z>CMM?,FCP?CL; Z0‚IICNI>C;M;G;CMIOG?HIMM?N?HN;
J?MIM>C~LCIM
ICNIP?T?MM?N?HN;
KOCHB?HNIM?M?MM?HN;
P;GIM>CT?LKOCHB?HNIM
?=CHKO?HN;?=IGIMIONLIM>?TIM?HBILJ;A;OG;=I=; =IF;;IM>I?HN?M
Z#;ƒ; G?I@;PIL>?L?NCL;LCG?>C;N;G?HN?M?OMJ?LN?H=?MJ?MMI;CM
Z0CG
?HNL?BID??;G;HB‚
G;CMJLIP;P?FG?HN?;G;HB‚
ZKOC?MN~I>CHB?CLI MMCH?IL?=C<I
JIL@;PIL
Z-IL@;PILH‚I MMCHI?JLIHNI 44@
Z*CHB;?MJIM;?MN~N‚I;<ILL?=C>;Z>CMM?#?LL;AONI
>;H>I FB?;M=IMN;M?
L?GIP?H>II=CA;LLI>??HNL?IM>?HN?M
Zj;M?HMC<CFC>;>?@?GCHCH;
;G?HIJ;OM;
?MM;M=ICM;M
Zj;>CAHC>;>?
M?HBIL
Z"R;N;G?HN?IKO??O?MN;P;J?HM;H>I "JIL@;F;L?G>CAHC>;>?
I<LCA;>I
J?FI;LL;HDIHI=CL=I "L;>CP?LNC>I?;A?HN?NCHB;JIO=;=ICM;J;L;@;T?L
Z*CHB;?MJIM;H‚I=IHM?AO??HN?H>?LZ>CMM?#?LL;AONI
G;M,FCP?CL;D~
?MN;P;  JILN;  2G >IM >ICM ;<LCO IM IFBIM
 IO @?=BIO   JILN; N;G<„G NCHB;
;FAOG;=ICM;>?IFBIKO?M?;<LC;IOM?@?=B;P; #?LL;AONI;=?H>?O>?HIPII
=CA;LLI ? ?H@CIO ;M G‚IM HIM <IFMIM  -?HM;P; HI KO? C; >CT?L KO?F? ?R;FN;>I
CH=IHM=C?HN? ;MMCG KO? ?F? ;J;L?=?MM? >C;HN? >?F?  ,FCP?CL; >?CRIO KO?
JOM?MM?G;=IGJL?MM;?GMO;N?MN;IOM?D;
?L;?F?KO?G@?=B;P;IMIFBIM?
J?HMIOHIKO?C;>CT?L;#?LL;AONIKO;H>I?F?G;H>;MM?=B;G~ FI
 


CHNCGC>;>?>IM1L;P?F?L .O;H>IG?>?MJ?ƒI>?F?MHIP?MNˆ<OFIIOHI=;@„
>; ?MKOCH;
 >? L?J?HN? „ =IGI OG >?M?DI >? @C=;L J?LNI
 P?H>I IM >ICM PCP?L

PIS?OL M?G ;J?NCN?M


 ;GCMNIMI
 OG JIO=I NLCMN?  &HNCGC>;>?
 KO? J;F;PL;
 >?
L?J?HN? >~ PIHN;>? >? ;JFC=;L I ;A~ @;Nˆ>C=I  *;M KO? IONL; J;F;PL; JI>?LC;
:?E:>2CH;JLCG?CL;;=?Jƒ‚I;JLJLC;J?F?>I=IHB?=CG?HNI
;L;T‚I?JCN?FC;F
J;L;KO?1;FCN;
*;HIFI??OM?D;GIM;GCAIM MJ?MMI;M;=B;GKO?M‚I;GCA;M
JILKO? =ICH=C>?G ;FAOG;M BIL;M JIL M?G;H; HOG MI@~
 HOG @CFG?
 M P?T?M
HOG; =;G;
 IO JILKO? ;=IHN?=? >? @;T?L?G I G?MGI NL;<;FBI HI ?M=LCNLCI
+;GI=C>;>?
HI=;@„
KO;HN;MP?T?M;CFOM‚I>;C>?HNC>;>?=IGIM=;G;L;>;M
HIM >?CRIO @?FCT?M &>?HNC>;>? =IG BIG?HM ? GOFB?L?M >? KO?G M
=IHB?=ˆ;GIMOGGI>I>?M?L
OGD?CNI>?M??HNL?A;L
OGJ?L@CF )?G<LI
=IG
OG; HCNC>?T @IL; >I N?GJI
 >IM =;@„M JILN?HBIM IH>? JIL ;FAOG;M BIL;M
=IHM?AOˆ;GIMHIMFCPL;L>;@;GˆFC;?>;MI<LCA;ƒ‘?M
?HNL~P;GIMHOGN?LLCNLCI
>? @OG;ƒ; ? =IH@C;Hƒ; ?G HM G?MGIM ? HIM ;GCAIM
 ;=?>ˆ;GIM ; OG; =ICM;
KO?HIML?=IH@ILN;P;HIJL?=~LCI
HIMJLIG?NC;OG;?MJ„=C?>?CGILN;FC>;>? "
;FC
 ;IM PCHN? ;HIM
 >CMM?GIM HIMM; J;F;PL; G;CM F’=C>;
 MIO<?GIM >? HIMMIM
;@?NIMG;CMJLI@OH>IM
@IGIM=IGI>?OM?M>; LCMN;F>?G?CIFCNLI?>I=O<;HI
M?=I  C?FCNI >I =;@„
 =C?FCNI FCH>I   LO;
 >?JICM
 ?L; =IGI OG; ?RJOFM‚I

M?GJL?
 I ;HDI =IG ; ?MJ;>; @F;GˆA?L; >CLCACH>I I NL~@?AI H; ?MKOCH; >;
ILLC?HN?M=IG;0;H*;LNˆH -;L;=;M;KO?D~„N;L>?
J;L;IMJLINI=IFIM
J;L;
; =;G; =IHDOA;F
 J;L; I =B~ >? NˆFC; >; P?FB;
 J;L; I ?R;G? >? >?JICM >?
;G;HB‚
J;L;;H;GIL;>;LC>ˆ=OF;KO?F…3C=EC;OG?=IGKO?GP;GIMHIM
=;M;L
H‚IN?GD?CNI
"MNL;HB;GOFB?L
;1;FCN; !~;CGJL?MM‚I>?;H>;L=IGOG;P?F;;=?M;H;
G‚I
GIMNL;H>IOG=;GCHBI "CMMIKO??F;„;GI>„MNC;?GJ?MMI;
=ICM;L;L;
HOG;;LA?HNCH;>CJFIG;>;
;KOCIH>?<;MN;OGNˆNOFI>?;ALCG?HMILJ;L;KO?
KO;FKO?L OG M? NIG? ; M„LCI  -?HM;L KO? ?L; <;F=IHCMN; HOG; @;LG~=C; „
=C=FJ?I
„P?L>;>?CL;G?HN?;AFONCH;HN? "M?J?HN?C;>?OGD?CNIN‚I<IHCNI 
AIL;;=;<I>?>?M=I<LCLKO?*;HIFIM?=B;G;*;H’H;CHNCGC>;>? 1;FCN;
;=B;N‚IH;NOL;F=B;G;L*;HIFI>?*;H’KO?H‚IM?>~=IHN;>?KO?J;L;IM
;GCAIMCMMI„OG?M=H>;FIM?=L?NI
OG;@?LC>;KO?M;HAL; *;M?O
=IGKO?
>CL?CNIX , >I @CFBI JL>CAI
 J?FI G?HIM  FC~M
 >CA; M? >? J;MM;A?G
 I @CFBI
JL>CAI P;C N?L KO? JLI=OL;L NL;<;FBI
 I ’FNCGI ?MJ;MGI @IC P?L>;>?CL;G?HN?
?MJ?F?IFAC=I  0? ;=?CNI IM L?KO?<LIM >; JI<L? >; $?EL?JN?H
 KO? @;LC;
KO;FKO?L =ICM; J;L; CL J;L; ; =;G; =IGCAI
 N?HBI KO;LNI A;L;HNC>I ? =;GCM;M
?N=   C>?C; >? M;CL JIL ;ˆ P?H>?H>I =ILN?M >? N?=C>I „ N‚I C>CIN; KO;HNI
KO;FKO?L IONL;
 KO?MN‚I >? ?RJ?LCG?HN;L
 G;M I G;CM >CP?LNC>I M?LC; ?HNL;L HI
=CL=I=IG*;HIFI?1;FCN; "HNL;LHI=CL=I
<?F;@LGOF; +I=IG?ƒI@ICOG
=CL=I
 ? ;KO?F? JI?G; >? OGGCHAM KO? >CT KO? J;L; ; =LC;ƒ‚I I 3?FBI
?H=B?O IM JOFG‘?M >? ;L @?CNI OG; <;LL;=; >? =CL=I  +‚I >~ J;L; >CT?L ?G
?MJ;HBIF .O?L>CT?L
>~
G;MM?LC;JL?=CMI>CT?L=IF?NIOOG;FIH;>?=CL=I>?
;L =?CN;L?GIM;I@?LN;>?$?EL?JN?H
KO?„OG;G?HCH;?R=?F?HN?
?CMMIHIM
J?LGCNCL~PCP?LG;CMJ?LNI>?*;HIFI?1;FCN;
OG;P?TKO?NIJIAL;@C=;G?HN?
?MN;L?GIM M?J;L;>IM;J?H;MJIL >O;M J;L?>?M ? OG; @CH; @;NC; >? ;L  IG OG
JON?CLI=F;H>?MNCHI;I;F=;H=?>;G‚I
I;LG;T„GJ?LNI
;@?CL;FIAI;FC -?HM;L
KO? $?EL?JN?H >6 6DA6C@F  j CH=LˆP?F KO? =ICM;M ;MMCG ;=IHN?ƒ;G =IG IM
IONLIM 1I>IMIM;NIMB?LIC=IM>?P?LC;G@C=;LJ?FIG?HIMH;@;GˆFC;>;J?MMI;

G;M B?HN‚I B;=IHN?=? KO? >? L?J?HN? ?MM; G?HCH; ;H>IO M? CH@ILG;H>I H;
=;M;>IM1L;P?F?LMI<L?GCHB;M>?LLIN;MOFNL;G;LCH;M
??HKO;HNICMMINLC=IN;P;
? >?MNLC=IN;P; I G?MGI JOFŽP?L LIRI ?MJ?L;H>I M?O ,>CMM?O ? NL;<;FB;H>I
HOG;FID;>; ;FF?*;CJ’ 0?LC;CAH<CFH‚I;=?CN;L;MJLIJIMN;M>?$?EL?JN?H

H?A;L M?  MO; CH@?FC=C>;>? NIN;F  " >? =CHCMGI ?G =CHCMGI  PI=… P;C PCL;H>I
PI=…G?MGI %I>CIMI %I>CMM?O
+‚I
 G;M J?HM;H>I @L;H=;G?HN?
 I G;CM ;<MOL>I >?MM;M PC>;M KO?
JL?N?H>?GIMPCP?L„M?O@;FMI=IHN;NI sL<CN;MCMIF;>;M
>?P?T?GKO;H>I>O;M
G‚IMKO?M??MNL?CN;G
OG;=IHP?LM;>?=CH=IGCHONIM
OG>C;HIDKO?C
OG;
HICN?H;J?L;
OGP?FLCIHIKO;FNI>IMM?M?HN?GOGJIO=IG;CMOHC>IM?„
P?L>;>?
 G;M NO>I ;=;<; H; BIL; >? @?=B;L I =;CR‚I  " ;I G?MGI N?GJI ;
A?HN?PCP?=IHP?H=C>I>?KO?IM;GCAIM?MN‚IJ?LNI
>?KO?I=IHN;NI?RCMN?
>?
KO? IM ;=IL>IM IO >?M;=IL>IM M‚I JLI@OH>IM ? >OL;>IOLIM   KO? JIHNI HIM
I>C;GIMNI>IM
M?GM;<?LKO?I=;LCHBI„;@ILG;JL?M?HN?>?MM?>CI
?;KO?
JIHNI ; L;T‚I >I >CI JLI@OH>I „ ?MM; ?R=?HNL;ƒ‚I
 I ?MJ;ƒI CHNL;HMJIHˆP?F
?HNL?GCG?PI=…
?HNL?CMNI?;KOCFI 1I>I=;LCHBI„OG;OHB;>;IHNIFAC=;

P?FBI
OG;N?HN;NCP;>?M?;JI>?L;L>ICH;JI>?L~P?F
??OAIMN;LC;>??HNL;LH;
CHNCGC>;>?>IM1L;P?F?L=IGIJL?N?RNI>?=IHB?=… FIMG?FBIL
>?=B?A;L;M?L
P?L>;>?CL;G?HN?I;GCAI
?G<IL;H;L?;FC>;>?IKO??OKO?LI„G?;JI>?L;L
>I G;H~ >? *;H’
 >I >O?H>? >; 1;FCN;
 >? MO;M G;H?CL;M >? P?L
 >? M?OM
JL?M?HN?M ? >? M?OM @ONOLIM >C@?L?HN?M >IM G?OM  " JIL KO? ?MM; G;HC; >?
;JI>?L;G?HNIM?MJCLCNO;CM
%IL;=CI-ILKO??MM;HIMN;FAC;>?;H?R;ƒ‘?M
PI=…

KO? ;=;<; >? LIGJ?L ;G;LL;M


 >? M?G?;L ; =IH@OM‚I ? I >?MHCGI N;FP?T ?O
>?P?MM? N?L @C=;>I OG JIO=I G;CM ?G *IHN?PC>„O
 JLI=OL;H>I G?FBIL H;
CFOMNL?=;JCN;F>I?MJˆLCNIF;NCHI"CMKO?>?OGF;>IPI=…>?FC<?L;>;G?HN?M?
>?M=IH?=NIO>?OGPCMNIMI=;JˆNOFI>;MO;PC>;?H?GG?MGIM?>~I>CL?CNI>?
J?HM;LH;>I=?FˆHAO;H;KO;FN;HNIAIMN;P;>?M??RJL?MM;LOHMG?M?M;NL~M?;I
G?MGI N?GJI
  BC>CIN; =IHNL;>CNLCI
 PI=… FCN?L;FG?HN? M? ;LL?<?HN; J;L;
?HNL;L H; BCHNCGC>;>? >IM 1L;P?F?L
 M?L IM 1L;P?F?L
 BCHMN;F;L M? HIM 1L;P?F?L

=CL=I BCH=FOˆ>I G;M I !CL?NIL H‚I P;C KO?L?L G? >;L NL;<;FBI
 >? GI>I KO?
M?L~ JL?=CMI J?HM;L M?LC;G?HN? ?G OM;L OG >CM@;L=? >? G;LCHB?CLI ? M;CL
P?H>?H>I=ILN?M>?A;<;L>CH?J;L;;MM?HBIL;M s<;<;=; 3;GIMP?LM?P;CM;CL
IONL;P?TM?G?;H>I=IH@OM‚IH;M@CF?CL;M
M?P;C;J;L?=?LJ;L;?M=;HA;FB;L;PC>;
>?J?MMI;MNL;HKOCF;M KO?F;P?TKO?G?=IHN;L;G>IMOD?CNIKO?J?HM;P;KO?
?L;'O>;M
L;T‚IJ?F;KO;FF?P;P;OG;PC>;>?=‚IHIMG?FBIL?M=ˆL=OFIMMI=C;CM
>? O?HIM CL?M  +‚I M?D;GIM P;C>IMIM  &HKOCMC>IL =;LCHBIMI
 HI G~RCGI

=IGI N‚I <?G G? =B;G;L;G =?LN; HICN?  3?D; M


 M?HBIL;
 KO? =ILN?  -;L; ;
M?HBIL;@;ƒIJILM?MM?HN;?=CH=IJ?MIMIG?NLI 0?OG;XM?O?MJIMI
J?L>‚I

P;C @C=;L N‚I =IHN?HN? KO;H>I PIFN;L >;X >I NL;<;FBI


 J?L>‚I  3;C MO<CL J?F;M
J;L?>?M
 ;=L?>CN?
 J;F;PL; >? G;LCHB?CLI >I ):@ 6=y?  -ICM „
 OG J?KO?HI
=IHNL;<;H>I J;L; ;LL?>IH>;L I M;F~LCI
 G?O G?HCHI ?MN~ =IG L;KOCNCMGI

GCHB; GOX GCHB; ?MJIM; =IMNOL; J;L; OG; =IH@?=ƒ‚I


 „ JL?=CMI ;DO>;L OG
JIO=I
;M?HBIL;?HN?H>?

 


HIN;ƒ‚IJ?>;HNˆMMCG;>?*IL?FFCU1?HN;LI:LIG;H=IGCKO?HIM?HNC>I>?
KO? OG N?RNI =IHMCA; CHMCHO;L IONLIM P;FIL?M ? =IF;<IL? ;MMCG J;L; ?MM;
;HNLIJI@;HC; KO? =IHNCHO;GIM ;=L?>CN;H>I M?L JIMMˆP?F  N„ J;L?=? KO? I
LIG;H=? OMO;F G;FIAL; ; <OM=; ;I FCGCN;L I F?CNIL ; M?O G<CNI
 N;HNI G;CM
>?@CHC>IKO;HNIG?FBIL@ILILIG;H=CMN; !?N?Hƒ‚I@ILƒIM;HIM>CP?LMIMAL;OM
>I>L;G~NC=I
>IJMC=IFAC=I
>INL~AC=I
>IM;NˆLC=IIO>IJIFˆNC=I 1?HN;L
;I
=IHNL~LCI
OGN?RNIKO?H‚IJL?H>;IF?CNILG;MKO?INILH?I<LCA;NILC;G?HN?
=’GJFC=?;IGOLGOL;L FB?
JIL>?<;CRI>;NL;G;=IHP?H=CIH;F
IONLIMLOGIM
G;CM?MIN„LC=IM "M=LCN;>?GNC=;J;L;IF?CNIL @…G?;KO?KO;HNI;IG;CMH‚I
J;MM;L~>;MJLCG?CL;MJ~ACH;M
LO>?G?HN?J?L>C>I??M=;H>;FCT;>I
G;F>CT?H>I
IKO?J;AIOJ?FIFCPLI
=IGOGP;AI;P?MMI>??M=LCN;BC?L~NC=;
U-LIPI=;L
 ;MMOGCL OG N?RNI >?M;FCHB;>I
 >?M;G;LL;>I
 CH=IHALO?HN?

GCHO=CIM;G?HN? ;HNCLLIG;H=ˆMNC=I ?G<IL; H‚I ;HNCLLIG;H?M=I  0?G M?


JLIC<CLIMAL;H>?M?@?CNIM>IA…H?LIKO;H>I;MCNO;ƒ‚I?RCACL
G;ML?=IL>;H>II
=IHM?FBIAC>C;HI
?6;2>2:DAC@7:E6C56=y=2?24BF:D  IGINI>IMIM@CFBIN?M>?
?F?Cƒ‚I >I ,=C>?HN?
 I LIG;H=? M? =IHN?HN; =IG OG; IL>?G @?=B;>;
!?=C>C>;G?HN?=IHNL;
<OM=;LN;G<„G;KOC;;<?LNOL;
?J;L;N;HNI=ILN;LJ?F;
L;CTNI>;=IHMNLOƒ‚IMCMN?G~NC=;>?J?LMIH;A?HM?MCNO;ƒ‘?M *„NI>I;CLIHC;
;
;ONI=LˆNC=;CH=?MM;HN?
;CH=IHALO…H=C;
;CG;ACH;ƒ‚I;M?LPCƒI>?HCHAO„G
U2G;N?HN;NCP;>?MM;IL>?GJ;LN?>?OGL?J’>CIFCN?L;NOL;L?J’>CIJ;L=C;F

JICM KO? M? ;JIC; H; J;F;PL;


 G;M KO? >?P? ?MN;L JL?M?HN? ?G =;>; IJ?L;ƒ‚I
?GJL??H>C>;JIL;ONIL?F?CNIL MMCG
ONCFCT;LILIG;H=?=IGIM?ONCFCT;OG
L?PFP?L J;L; >?@?H>?L ; J;T
 NLI=;H>I I MCH;F  1IG;L >; FCN?L;NOL; I KO? „
JIHN? PCP; >? BIG?G J;L; BIG?G
 ? KO? I NL;N;>I IO I ?HM;CI M J?LGCN?G
?HNL? ?MJ?=C;FCMN;M  2G; H;LL;NCP; KO? H‚I M?D; JL?N?RNI J;L; ; NL;HMGCMM‚I >?
OG; :G?HM;A?G H‚I B~ G?HM;A?G
 B~ G?HM;A?CLIM
 ? ; G?HM;A?G „ CMMI

;MMCG =IGI I ;GIL „ ;KO?F? KO? ;G; OG; H;LL;NCP; KO? ;NO? =IGI
=I;AOF;HN? >? PCP…H=C;M
 =IGI =;N;FCM;>IL; >? HIƒ‘?M =IH@OM;M ? G;F
?HN?H>C>;M
?KO?CH=C>;;HN?M>?G;CMH;>;MI<L?KO?G;?M=L?P?
?J;L;N;HNI
„ JL?=CMI ?M=L?P… F; =IGI ;HNCLLIG;H=? JILKO? NI>; IL>?G @?=B;>; >?CR;L~
MCMN?G;NC=;G?HN? >? F;>I ?MM?M ;H’H=CIM KO? JI>?G HIM NL;HM@ILG;L ?G
G?HM;A?CLIM
 HIM ;JLIRCG;L >? HIMMIM JLJLCIM FCGCN?M >IM KO;CM N‚I FIHA?
?MN;GIMKO;H>I@L?HN?;@L?HN?
U"MNL;HB;;ONI=LC;ƒ‚I>I;ONILJILMO;I<L; 0?>?MM?G;AG;KO?„I>C;
;
MO<G?LM‚IH;?RCMN…H=C;
KO?L?GIMJIN?H=C;L P;FIL?M KO?JIL @CG ;HOH=C?G;
;HNLIJI@;HC;
 KO? @;T?L ?HN‚I =IG I JOLI ?HN?H>CG?HNI
 =IG ; ;FNCP; L;T‚I
L;=CI=CH;HN?!IM?F?;N;M;N„IJL?M?HN?IJ?HM;G?HNI>C;F„NC=IN?P?N?GJI>?
MI<L; J;L; HIM I@?L?=?L M?OM @LONIM  +M IM ?MN;GIM =IG?H>I
 M‚I >?FC=CIMIM

@?LP?G>?L;>CI;NCPC>;>? "HI@CH;F>I<;HKO?N?ZJILKO??MN;GIMN‚INLCMN?M

CLG‚IM>?GCFHIP?=?HNIM?=CHKO?HN;?N;HNIMW
,ONL;;HIN;ƒ‚I;J;L?HN?G?HN?=IGJF?G?HN;L
U0CNO;ƒ‚I >I F?CNIL  "G A?L;F NI>I LIG;H=CMN; ?MJ?L; >? M?O F?CNIL KO? I
=IGJL??H>;
 J;LNC=CJ;H>I >? MO; JLJLC; ?RJ?LC…H=C;
 IO KO? L?=?<;
>?N?LGCH;>; G?HM;A?G ? ; ?H=;LH?  , LIG;H=CMN; LIGHNC=I KO?L M?L
=IGJL??H>C>IJILMCG?MGIIOJILG?CI>?M?OMB?LCMILIG;H=CMN;=F~MMC=I
KO?L?HMCH;L
>?CR;LOG;J?A;>;HI=;GCHBI>;BCMNLC;
U-IMMC<CFC>;>? N?L=?CL; ; >? @;T?L >I F?CNIL OG =’GJFC=?
 OG =IGJ;HB?CLI
>? PC;A?G  0CGOFN;H?CT~ FI
 PCMNI KO? ; F?CNOL; ;<IFCL~ I N?GJI >I F?CNIL ? I
NL;HMJILN;L~ J;L; I >I ;ONIL  MMCG
 I F?CNIL JI>?LC; NILH;L M? =IJ;LNˆ=CJ? ?
=IJ;>?=?>IL>;?RJ?LC…H=C;J?F;KO;FJ;MM;ILIG;H=CMN;
?@>6D>@>@>6?E@6
52>6D>27@C>2 1I>I;L>CF?MN„NC=I„CH’NCFJ;L;I<N?LCMMIMIKO?P;F?„;
G;N„LC;?GA?MN;ƒ‚I
;CG?>C;N?TPCP?H=C;FNL;HMGCNC>;J?F;J;F;PL;
„P?L>;>?

G;M OG; J;F;PL; I G?HIM ?MN„NC=; JIMMˆP?F >;ˆ I LIG;H=? :=ŽGC=I


 IM
2?E:4=}>2I ; CLIHC;
 IONL;M N;HN;M M?N;M CH>C=;NCP;M KO? ;JIHN;G H; >CL?ƒ‚I >I
IONLI
U-;L; ?MM? F?CNIL
 >@? D6>3=23=6 >@? 7C|C6
 I LIG;H=? =ŽGC=I ? I KO? „
,=JDD6D >?P?L~ NL;HM=ILL?L =IGI ?MM?M MIHBIM HIM KO;CM  G;LA?G >? OG
;=IHN?=CG?HNI NLCPC;F JL?MM?HNCGIM OG; =;LA; G;CM AL;P? KO? H?G M?GJL?
=IHM?AOCGIM >?M?HNL;HB;L  +?MM? M?HNC>I I LIG;H=? =ŽGC=I >?P? M?L >? OG
JO>IL?R?GJF;LH‚I?HA;H;IF?CNIL
H‚IIGIHN;;=;P;FIMI<L??MM;IO;KO?F;
?GIƒ‚IIOCHN?Hƒ‚I
G;M>~;?F?;FAI=IGIOG;;LACF;MCAHC@C=;NCP;
OGCHˆ=CI
>? GI>?F;A?G
 =IG G;L=;M >? ;FAI KO? N;FP?T M?D; =IF?NCPI
 BOG;HI
 ? H‚I
CH>CPC>O;F *?FBIL
>~;?F?OG;?MJ„=C?>?@;=B;>;
=IGJILN;M?D;H?F;MJIL
NL~M>;MKO;CMI=ILL?OGGCMN„LCIKO?IF?CNIL=’GJFC=?>?P?L~JLI=OL;L>;ˆ;
=OGJFC=C>;>??N;FP?TH‚I?H=IHNL?>;ˆI=IJ;>?=CG?HNI ,KO?I;ONIL>?
N;FLIG;H=?NCP?LI<NC>IJ;L;MCG?MGIM?L?J?NCL~;ACA;HN;H>I M?
N;FP?T
?CMMI
M?LC;G;L;PCFBIMIHIF?CNIL=’GJFC=? .O;HNI;IF?CNIL @…G?;
?MM?@C=;L~=IG;
@;=B;>;?M;<?GIMKO?;FAOG;M>?F;MM‚IGOCNI<IHCN;M
GOCNIEC@>A6=@6:=
?
KO? >C;HN? >?F;M „ JIMMˆP?F =IHNCHO;L L?JL?M?HN;H>I M;NCM@;NILC;G?HN? ;M
=IG„>C;M?NL;A„>C;M>I9@??zE69@>>6 "=IGCMMINI>IGOH>IM;C=IHN?HN?
?
KO?GL?=F;G;LKO?J?AO?<?LC<„LC W

 


.O;H>I ;=;<I >? =ILN;L ;M OHB;M IO >? F;P;L ; =;<?ƒ;
 IO MCGJF?MG?HN?
;AIL;KO?
?HKO;HNI?M=L?PI
IOƒIOG<IL<OFB;LHI?MNŽG;AI

PIFN;;M?HM;ƒ‚I>?KO?G?O=ILJI@C=IOJ;L;NL~M>?GCGH‚IL?CH=C>I?G
>O;FCMGIM
G;M@;ƒIOG;>CMNCHƒ‚I?HNL?GCG?GCHB;MOHB;M
?>?KO?I=ILJI=IG?ƒ;;@OH=CIH;LG;F
>?KO??F?HIM@;FN;IOHIMMI<L;
>?J?H>?
"G IONL;M J;F;PL;M D~ G?L?=ˆ;GIM OG; G~KOCH; G?FBIL   JMC=;H~FCM?
GIMNL;=IGI;=IHN?GJF;ƒ‚I>I=ILJI=LC;=IGJF?RIMJL?=I=?M "0;LNL?
KO?
HI @;NI >? ; GOFB?L M?L U?M<OL;=;>;W P… CGJFC=;ƒ‘?M ?RCMN?H=C;CM KO?
=IGJLIG?N?GMO;PC>;CHN?CL; !CJ?HM;LKO?;H>;GIM;>C;HN?>?MN?=ILJI

G;M KO? ; >C;HN?CL; D~ „ ?LLI ? I<MN~=OFI ? JLIP~P?F CHONCFC>;>?


 JILKO? ?MN;M
OHB;M
?MN?OG<CAI

KO?LI>CT?LIONL;=ICM;
KO;M?CGJ;FJ~P?FKO?;U;FG;WG?O?O H‚I OHB;M
„;;FG;>?OG=ILJIKO?H‚I?RCMN? ;FG;N;FP?TN?HB;?GJOLL;>IIBIG?G
?GMO;?PIFOƒ‚I=ILJIL;F
G;M?MN~=;HM;>;>I?M@ILƒI?MITCHB;P;C?G@L?HN?
*;F>~>ICMJ;MMIM
LIGJ? M?;;FG;JILKO?M?OP?L>;>?CLI=ILJIH‚I?RCMN??;>?CR;=;CLJF;@
=ICN;>;PIFN;J;L;=;M;?N=
G;MH‚I„CMMIIKO??O"H@CG

)IHA;=IHP?LM;=IG1L;P?F?LMI<L?;FIO=OL; #;F;H>I>IMMIHBIM
>?GI HIM
=IHN;KO;M?;IG?MGIN?GJI>?KO?=?LN;M?MNLONOL;MMIHB;>;MM?LC;G@ILG;M
=ILL?HN?M>?FIO=OL;JILJIO=IKO?M?G;HNCP?MM?GH;PCAˆFC; 0IHB;H>IHIM„
>;>I ?R?L=CN;L AL;NOCN;G?HN? HIMM; ;JNC>‚I J;L; ; FIO=OL;  0OMJ?CN;GIM ;I
G?MGIN?GJIKO?NI>;FIO=OL;„OGMIHBIKO?M?@CR;
0;<?>ILC;>IJIPIUjOGJI<L?FIO=I
OGMIHB;>ILXW

 


jJLJLCI>IMI@CMN;
>?;=IL>I=IGLCMN@;H?M
CHP?HN;LL;T‘?MHIP;M
-LI=OL?GIM CHP?HN;L J;CR‘?M HIP;M
 IO L?JLI>OTCL ;M P?FB;M =IG C>…HNC=;
CHN?HMC>;>?
H;FCMI OG; P?T G;CM ?MN; =IH=FOM‚I
 >? ILCA?G J;M=;FC;H; ; P?L>;>?CL;
=L?Hƒ;?MN~?HNL?;MOJ?LMNCƒ‚I?;FC<?LNCH;A?G

'IM„)?T;G;)CG;
+C2E25@D6?=2232?2

 


$@C6==:2?2
-IL KO? ?M=L?PI CMNI +‚I N?HBI C>?C;M =F;L;M
 H?G M?KO?L N?HBI C>?C;M  %~
@C;JIM
 CGJOFMIM
 <FIKO?CIM
 ? NO>I <OM=; OG; @ILG;
 ?HN‚I ?HNL; ?G DIAI I
LCNGI??O?M=L?PI>?HNLI>?MM?LCNGI
?M=L?PIJIL?F?
GIPC>IJIL?F??H‚IJIL
;KOCFI KO? =B;G;G >? J?HM;G?HNI ? KO? @;T ; JLIM;
 FCN?L~LC; IO IONL;  %~
JLCG?CLI OG; MCNO;ƒ‚I =IH@OM;
 KO? M JI>? M? >?@CHCL H; J;F;PL; >?MM;
J?HOG<L; ?O J;LNI
 ? M? I KO? KO?LI >CT?L M? I KO? KO?L 5:K6CD6 N?G
MO@C=C?HN?@ILƒ;
CG?>C;N;G?HN?=IG?ƒ;IDH:?8
OG<;F;H=?;LLˆNGC=IKO?G?
JOR;J;L;;MOJ?L@ˆ=C?
CFOGCH;NO>I
=IHDOA;?MM;G;N„LC;=IH@OM;?;KO?F?KO?
;J;>?=?HOG;N?L=?CL;CHMNH=C;=F;L;?=IGIKO?@;N;F;@L;M?
IJ;L~AL;@I
;
J~ACH;
I=;JˆNOFI
IFCPLI "MM?<;F;H=?;L
?MM?DH:?8HIKO;FP;CM?CH@ILG;H>I
;G;N„LC;=IH@OM;
„J;L;GCG;’HC=;=?LN?T;>;MO;H?=?MMC>;>?
JILKO?;MMCG
KO??F?=?MM;=IGJL??H>IKO?D~H‚IN?HBIH;>;;>CT?L "N;G<„G„;’HC=;
L?=IGJ?HM;>IG?ONL;<;FBIM?HNCLKO?IKO??M=L?PC„=IGII>ILMI>?OG
A;NI>?<;CRI>;=;Lˆ=C;
=IG=?HN?FB;M?OG;LKO?;L M?=;>?H=C;>I MMCGJ?F;
?M=LCN;>?MƒI;N„IPOF=‚I
G?;JLIRCGI>;M*‚?M
G?=IH?=NI=IGI ?HNLI
ZM?D;?F?IKO?@IL "M=L?P?L„>?M?HB;LGCHB;G;H>;F;?;IG?MGIN?GJI
J?L=ILL… F;
CHP?HN;L;JOLC@C=;ƒ‚IJOLC@C=;H>I M?N;L?@;>?JI<L?R;G‚<L;H=I
?G=O?=;>?H~CFIH

 


CHP?Hƒ‚I>;;FG;J?FIBIG?GM?CHMCHO;NI>;P?TKO?MOLA?IM?HNCG?HNI
>I=ILJI=IGIJ;L;MCN;
=IGIP?LG?;>?LC>I;I?O ;MN;M?HNCL M?PCP?L?H‚I
;J?H;MPCP?L=IGI;=?CN;ƒ‚I
=IGI=ICM; KO? ?MN~ <?G KO? ;=IHN?ƒ;J;L;KO?
G?MGIIG;CMJLRCGI?KO?LC>I>I=ILJI
JIL?R?GJFI;G‚I>CL?CN;
M?D;>?
L?J?HN? OG I<D?NI KO? J;LNC=CJ; L?JOAH;HN?G?HN? >; >OJF; =IH>Cƒ‚I >? H‚I
M?L?O?>??MN;L;>?LC>I;GCG
1IGI;MIJ; !?JICM
HIG?CI>?OG;F?CNOL;
J?HMIUMIJ;?MN~6>>:>

?O ; N?HBI >?HNLI >?MM; <IFM; KO? H‚I P?L?C D;G;CM


 G?O ?MNŽG;AIW  J;FJI
=IG>ICM>?>IM?MCHNIIPIFOG?
IL?PIFP?L>;=IGC>;F~>?HNLI "?OMIOCMMI

OGM;=I=IG=IGC>;>?HNLI
"HN‚IH;M=?;;FG;U+‚I
?OH‚IMIOCMMIW
AIL;KO?M?D;GIMBIH?MNIMJILOG;P?T
MCG
 ?O MIO CMMI  IG OG MO<N?L@’ACI GOCNI <IHCNI J;L; OMI >? >?FC=;>IM
U"OMIO:DD@E2>3y>W ,OOG>?AL;OTCHBI;G;CMU"OMIO?:DD@W
)?CI+96.2G6D
?MM;L?H>;=CH?L~LC;
@~<OF;>??MJOG;M 1LCHN;=?HNˆG?NLIM
;<;CRI>?G?OMIFBIMOG;MIJ;M?GIP?F?HN;G?HN??GG?OM;=I?MNIG;=;F

OG J?FI =L?M=? ?G GCHB; =IR;


 OG =CMNI M?<~=?I MOLA? CGJ?L=?JNˆP?F H;M
GCHB;M=IMN;M
+I @CG >I KO? ;FT;= N?LC; =B;G;>I >? ILAC;
 =?LNI CH>CPˆ>OI H;>;
G?N;@ˆMC=I
 ;=B;H>I KO? =IHN;P; OG; JC;>;
 G? >CMM? KO? >?@?=;L FB?
JLIPI=;P;OG;M?HM;ƒ‚I>?CLL?;FC>;>? "OG?F?G<LI>?MO;MJ;F;PL;MU3I=…
M?F?P;HN;
M?PCL;?IFB;
??HN‚I>CT$2D6FBF67:K:DD@W
 IGIIP?LMI>?)IL=;U+‚IN?GD?CNI
G?O@CFBI
PIGCN;+‚IN?GD?CNIW
"=L?CIKO?0QC@NN;G<„G
FIO=IU*;M
 ?FC;
 ?FC;
 ?FC;>?@?=;W 
0I<L?;>IL@ˆMC=;=IGI;AOCFB‚IG?N;@ˆMC=I;<OH>;;?M=LCN; GCGNI>;>IL
;N;=;=IG;LG;>OJF;@;TM?HNCL=IGIHOH=;I>CPL=CI?HNL?G?O?O?G?O
=ILJI ? MO; @;FMC>;>?
 MO; CHP?Hƒ‚I =IHMIF;>IL; ? ;I G?MGI N?GJI G?
;JLIRCG;>IG?O=ILJI
AC@A†6>6F4@CA@=IGI>IL 0CHNI IG;CMG?OKO?I
JL;T?LIO;G?L;=CH?MN?MC; jL?;FG?HN?OGG}?4F=@ 0??OMIO<?MM?>?M?HB;L
GIMNL;LC; ;F?AILC=;G?HN? ; >IL ;@OA?HN;H>I ; ;FG; >I =ILJI
 G;M ;I G?MGI
N?GJI >;LC; ; CGJL?MM‚I >? KO? NO>I „ @;FMI G?LIM GI>IM >? OG =IGJF?RI
=OD;OHC>;>?„H‚IJIMMOˆ F;

 


3;A;H>IJ?FI.O;C>?M „F?MNCHMJCMI?G@IFB;MM?=;M?KO;H>I;J;HBIOG;
>?F;M?;?R;GCHI<?GP?DIKO??MN~=B?C;>?J>?IOLIP?FBI
?>?<;CRIOG;M
N?LL;M JLI@OH>;M =IGI I J?L@OG? GOMAIMI KO? @C=; ALO>;>I ?G GCHB; G‚I
-IL NO>I CMMI NL;AI ;M @IFB;M M?=;M J;L; I G?O KO;LNI ? JL?H>I ;M NI>;M HI
=B;J„O>?OG;<;DOL ,MMCJ;J;L?=?
@C=;>O;MBIL;M?H?GIFB;J;L;I;<;DOL
+I>C;M?AOCHN?;J;L?=?"NC?HH?
?=IG;<ICH;;CH>;H;G‚I
:D5@?446DE
yA2E2?Ex2
?J?A;I;<;DOL
?MNO>;;M@IFB;M
M??HNOMC;MG;
!”L?L
;MH?LPOL;M
?N=?N?L;
2G;G?MG;MCNO;ƒ‚I?>O;MP?LM‘?MX#C=IJ?HM;H>I?GNI>;M;M@IFB;MKO?
H‚IP?L?C
HIL?=IFB?>IL>?@IFB;MM?=;M
?GN;HN;=ICM;KO?>?P?B;P?LHI;L?
KO? ?MN?M IFBIM H‚I P??G
 JI<L?M GIL=?AIM >? LIG;H=? ? @CFG? ? @FIL?M
>CMM?=;>;M -ILNI>;J;LN?B;P?L~;<;DOL?M
B;P?L~@IFB;MKO?H‚IP?L?C
";MMCG
5676F:==66?2:8F:==6
J?HMIHIM?MN;>IM?R=?J=CIH;CM?GKO?JILOG
CHMN;HN?M?;>CPCHB;G;M@IFB;M?IM;<;DOL?MCHPCMˆP?CM
J?L=?<C>IMHOG;LKO?
?MN~@IL;>I?MJ;ƒI jGOCNIMCGJF?M
NI>;?R;FN;ƒ‚IIO>?JL?MM‚IG??GJOLL;
J;L;OG?MN;>IJLIJˆ=CI;
=B;G;L?C>?J;L;PCM‘?M
KO?L>CT?LIJLI<F?G;„?MM?
>CT?L
OG;;JNC>‚ICHMN;HNH?;J;L;M;CL G?
J;L;>?L?J?HN?;JL??H>?L G?>?@IL;

IO>?>?HNLIMKO??GIONLIJF;HI

=IGIM??O@IMM?;FAO„GKO??MN~G?IFB;H>I
G?FBIL;CH>;ZJILKO?H;P?L>;>?H‚IG?P?DIZ=IGI;FAO„GKO??MN~
G?PCP?H>I
+‚I>?GIL;H;>;
>ICMJ;MMIMH;LO;
IN?GJI>?L?MJCL;LJLI@OH>;G?HN?M
P?T?M;I>?MJ?LN;L>?GIL;OGJIO=IG;CM
MKO?H?MM?=;MI„@;<OFIMI
?H?MN?CHMN;HN?D6:BF6@D@FJILKO??MNIO?R;N;G?HN?M;<?H>I@BF6?w@D@F
CMMI KO? ?G M?AOC>; CAHIL;L?C ;MNON;G?HN?  *;M H‚I B~ J;F;PL;M J;L; OG;
G;N„LC; ?HNL? J;F;PL; ? PCM‚I JOL;
 =IGI OG <FI=I >? ?PC>…H=C;  &GJIMMˆP?F
I<D?NCP;L
JL?=CM;L?MM;>?@?=NCPC>;>?KO?;JLCMCIH?CHICHMN;HN??KO??L;4=2C2
2FDz?4:2IO=F;LI?LLIIO=F;L;CHMO@C=C…H=C;
G;M
M?GM;<?L56BFzBFz
,ONL; G;H?CL; >? N?HN;L >CT… FI .O;H>I „ CMMI
 D~ H‚I ?MNIO IFB;H>I H;
>CL?ƒ‚I >I GOH>I
 >? GCG J;L; I KO? „ IONLI
 G;M JIL OG M?AOH>I MIO I
GOH>I
 I JF;HI >? @IL;
 @ 56>2:D @=92?5@ A2C2 >:>  "O G? P?DI =IGI IM
IONLIM JI>?G G? P?L  j CH?MNCG~P?F JIL CMMI KO;M? H‚I >OL;  *?ƒI GCHB;
>?@?=NCPC>;>?
J?L=?<INO>I;KOCFIKO?
JIL;OM…H=C;IO>?@?CNI
HOH=;P?GIM
?GHM 3?DIIKO?H‚IMIO -IL?R?GJFICMMI?O;LGI>?HIPI
G;MP?G>;ˆ
B~ ?HILG?M TIH;M M KO;CM HOH=; =B?AO?C
 ? ;KOCFI KO? H‚I M? =IHB?=?O „ I
KO?H‚IM?„ HMC?>;>?JIL>?M;N;L;=ILL?L
?HNL;LHOG;=;M;
HOG;FID;
JOF;L
HOG NL?G
 >?PIL;L I 'IOB;H>?;O CHN?CLI
 M;<?L ;F?G‚I
 =IHB?=?L
OL;HA;<;>X "R?GJFIM FI=;FCT;>IM ? F;G?HN~P?CM G;M KO? JI>?G >;L OG;
C>?C;OG;:56:2
,ONL; G;H?CL; >? KO?L?L >CT… FI 0?HN? M? I >?@?=NCPI G;CM =IGI OG;
JI<L?T; CHNOCNCP; >I KO? =IGI OG; MCGJF?M @;FN; >? ?RJ?LC…H=C;  /?;FG?HN?
H‚I G? ;@FCA? AL;H>? =ICM; I @;NI >? H‚I N?L FC>I 'IOB;H>?;O CHN?CLI
 HI
G~RCGI;G?F;H=IFC;>?OG;PC>;>?G;MC;>I=OLN;J;L;N;HN;M<C<FCIN?=;M?N=
 @;FN; >? ?RJ?LC…H=C; „ CH?PCN~P?F
 M? F?CI 'IS=? ?MNIO ;ONIG;NC=;G?HN?
M;=LC@C=;H>IIONLIFCPLI?PC=? P?LM;?N= M?HM;ƒ‚I>?@;FN;„G;CM;AO>;?G
jOGJIO=I;MMCGB~FCHB;M>?;LH;MF;N?L;CM>;MO;=;<?ƒ;
>IM?OIFB;L

TIH;M>?>?N?Hƒ‚I>?M?OMIFBIM
M?OIF@;NI
M?OM;<IL

IOM?D;
PI=…;H>;=IGM?OFCGCN?A@C7@C2
? ;F„G >?MM? FCGCN? PI=… H‚I =IHM?AO? =B?A;L KO;H>I CG;ACH; KO?
;JL??H>?O JF?H;G?HN? ;FAOG; =ICM;
 ; =ICM; N;F =IGI OG C=?<?LA N?G OG
J?>;=CHBI >? @IL; ? FB? GIMNL;
 I L?MNI ?HILG? ?MN~ ;F„G >I M?O FCGCN? ? @IC
;MMCGKO?I+:E2?:4;@OH>IO %?MM?%IFCP?CL;M?GJL?=IGM?OMB?R?GJFIM
0?D;GIMM„LCIM ,MMCJH‚IPCO;M@IFB;MM?=;MHI;<;DOLMCGJF?MG?HN?JILKO?
IFCGCN?>?F??MN~J;L;=~>IKO?MCAHC@C=;P;;KO?F?;<;DOL "NC?HH?PCO;M@IFB;M
J?L@?CN;G?HN?
G;M?G=IGJ?HM;ƒ‚IM?OFCGCN?H‚IJ?LGCNCOKO??F?PCMM?KO?
?O?MN;P;;G;LAI?M?GM;<?LIKO?@;T?LJIL=;OM;>?-IF; ,MMCJM?>?O=IHN;
H;BIL;?I>?GIHMNLIOJ;L;GCG ";MMCGP;GIMNI>IM
&G;ACHIIBIG?G=IGIOG;;G?<;KO?F;Hƒ;JM?O>JI>IMJ;L;=B?A;L;N„
M?O;FCG?HNI??HPIFP… FI "RCMN?GJM?O>JI>IMFIHAIM?JM?O>JI>IM=OLNIM

GIPCG?HNIM
 LI>?CIM  2G >C; CMMI M? 7:I2 I KO? =B;G;G G;NOLC>;>?
 I
BIG?G@?CNI?;=;<;>I -ILOGF;>I=B?A;FIHA?JILIONLIH‚IP…OG;<;DOL
; >ICM J;MMIM  " H‚I B~ G;CM H;>; ; @;T?L
 =IGI >CT?G IM L„OM
 MIGIM IM
@;PILCNIM >CMMI IO >;KOCFI  !?MM? GI>I I MOD?CNI P;C PCP?H>I <;MN;HN?
=IHP?H=C>I >? KO? H‚I ?MN~ J?L>?H>I H;>; CHN?L?MM;HN?
 ;N„ KO? OG
GIG?HNH?I>?MFCT;G?HNIJ;L;OG>IMF;>IMFB?GIMNL;JILOGM?AOH>I
M?G
KO??F?CH@?FCTG?HN?N?HB;N?GJI>?D236C@BFz

FB?GIMNL;M?OJ;L=?F;>IM?L
M?OMJM?O>JI>IMCLL?AOF;L?M

;MOMJ?CN;>?KO?G;CM;>C;HN?
IH>?;AIL;P?DII;LFCGJI

IOH?MN;CH>?=CM‚I
H;?H=LOTCFB;>;>;IJƒ‚I

?OG?MGI
HIL?MN;HN?>;L?;FC>;>?KO?CAHILI

?MJ?LIJILGCGCHONCFG?HN?

0OˆN?
&H>CPˆ>OIM =IGI $I?NB? H‚I >?P?G N?L J;MM;>I JIL GOCN;M ?RJ?LC…H=C;M
>?MM?NCJI -ILJ?H>ILIO>?N?LGCH;ƒ‚IIA…HCI„>?=C>CL M?A?HC;F?246CE2C
?MN‚I =IG IM JM?O>JI>IM ?MN?H>C>IM ;I G~RCGI ?G NI>;M ;M >CL?ƒ‘?M
"HPIFP?G =IG OG >CG?NLI OHC@ILG?
 M?O FCGCN? „ MO; J?F? JLID?N;>;
?MJCLCNO;FG?HN? ; ?HILG? >CMNH=C;  J;L?HN?G?HN? H‚I N…G H?=?MMC>;>? >?
>?M?D;LIKO?N?GCHˆ=CIIOJLIMM?AO?J;L;F~>;MO;?HILG??M@?L; -ILCMMI
M‚I=F~MMC=IM
=B?
!; ;G?<; FD@ ?@DEC@ I >?M=IHB?=C>I M? ;JLIRCG; JIL NI>IM IM F;>IM  -IMMI
M;<?L GOCNI IO PCP?L GOCNI HOG >?N?LGCH;>I M?HNC>I
 G;M HCMMI @ @FEC@ M?
;PCTCHB; J?FI F;>I >;M GCHB;M =;L…H=C;M ? =Iƒ; GCHB; =;<?ƒ; =IG MO; OHB;
@LC; ,LOCG„KO?G?=Iƒ;KO;H>IH‚IMCHNI=I=?CL;
?H;BIL;>;=IGC=B‚I
ZKO;H>I?OAIMN;LC;>?=IHB?=?LZ
NO>IIKO?G?LI>?C;?MN~N‚IJF;HN;>I

N‚IFI=;FCT;>I
N‚I=IGJF?NI?G;=CƒI?LINOF;>I
KO?=B?AI;;=L?>CN;LKO??L;
MIHBI
KO??MNIO<?G=IGI?MNIO
KO?G?>?@?H>I<;MN;HN??KO?H‚I>?PIG?
>?CR;LF?P;LJ?F;CG;ACH;ƒ‚I

xFNCG;MOˆN?
"FIACIO M?>?G;CM;CG;ACH;ƒ‚I =ICN;>;H‚IJI>?CLOG=?HNˆG?NLI;F„G
>IFCGCN?>IMJM?O>JI>IM !IF;>I>?=~
AL;H>?P;LC?>;>??PCP;=C>;>? *;M
HI IONLI ?MJ;ƒI
 F~ IH>? MIJL; I P?HNI =MGC=I KO? /CFE? M?HNC; J;MM;L MI<L?
MO;=;<?ƒ;
!;G?&G;ACH;NCIHH‚I=ILL? @56EE@

 


M PC>;M KO? N?LGCH;G =IGI IM ;LNCAIM FCN?L~LCIM >? DILH;CM ? L?PCMN;M
 N‚I
@;OMNIMIMH;JLCG?CL;J~ACH;?;LL?G;N;H>IHOG;=;O>;?MP;ˆ>;
F~J?F;J~ACH;
NLCHN;?>ICM
?HNL?;H’H=CIM>?F?CF‘?M?>?NO<IM>?>?HNC@Lˆ=CI

 


,M >I FO<?


 =IG >O;M ?R=?ƒ‘?M
 A;L;HNC;G KO? ?L; G;CM @~=CF ?HN?H>?L
*IL?FFCJ?F;MMO;M=CN;ƒ‘?M>IKO?J?FIMM?OMG?;H>LIMJ?MMI;CM N„CL?G<IL;
>; #L;Hƒ; ; JIFˆ=C; H‚I KOCM L?HIP;L MO; 42CE6 56 Dy;@FC
 4IHA CHMCMNCO KO?
H‚IP;FC;;J?H;=IHNCHO;LM?CH=IGI>;H>IJ;L;=B;GJIFFCIHCT;L;MLIM?NN;M>I
P?FBI
 OG; P?T FI=;FCT;>;M ;M >O;M =CN;ƒ‘?M M?AOCHN?M
 ;G<;M >? -;OQ?FM ?
?LAC?L

1;FP?T?RCMN;OGFOA;LHIBIG?G;J;LNCL>IKO;FM?D;JIMMˆP?F;JL??H>?L;L?;FC>;>?=IGIOGNI>I
"MN; BCJN?M? J;L?=? >?FCL;HN?  OAOMN? IGN? >?=F;L;P; KO? ; =IGJIMCƒ‚I KOˆGC=; >? OG; ?MNL?F;
D;G;CMM?LC;=IHB?=C>; +I;HIM?AOCHN?
OHM?HCHP?HN;P;I?MJ?=NLIM=JCI

FCHAO;A?G
N;F=IGIIJ?HM;G?HNI
JLI=?>?>I@OH=CIH;G?HNI;LCNG„NC=I<CH~LCI>?HIMMI=„L?<LI
F;MMC@C=;GIMOM;H>IMCG?H‚I
JIMCNCPI?H?A;NCPI8X9 *CHB;FCHAO;A?G=IGJLIP;OHC=;G?HN?;
F?HNC>‚I >? OG; PCM‚I >? GOH>I FCGCN;>; ;I <CH~LCI  "MM; CHMO@C=C…H=C; >; FCHAO;A?G „ ?PC>?HN? ?
PCP;G?HN? >?JFIL;>;  *;M KO? >CT?L >; CHMO@C=C…H=C; >; JLJLC; CHN?FCA…H=C; <CH~LC;  ?RCMN…H=C;
CHN?LH;
;?MM…H=C;>;M=ICM;MFB??M=;J; "F;JI>?>?M=I<LCLKO?;FOT„;IG?MGIN?GJI=IHNˆHO;?
>?M=IHNˆHO;
 KO? ; GIF„=OF; >I <?HT?HI ?MN;<?F?=? L?F;ƒ‘?M >OJF;M JIL„G L?=CJLI=;G?HN?
?R=FO>?HN?M?HNL?IMM?OMM?CM~NIGIM;>GCN??MM?M@;NIM
G;MH‚IJI>?=IGJL??H>… FIM
H‚IN?G=IGI
CHN?AL;LMO;JLJLC;?MNLONOL;;L?;FC>;>?>;M?MNLONOL;MJLI@OH>;MKO??R;GCH; -;L;=IHM?AOC FIN?LC;
>?GO>;L>??MN;>I
M?LC;JL?=CMIKO?IONL;MG~KOCH;M>C@?L?HN?M>;MOMO;CM=IG?ƒ;MM?G;@OH=CIH;L
HI=„L?<LI
KO?IL;=CI=ˆHCI<CH~LCI@IMM?MO<MNCNOˆ>IJILOG;=IHM=C…H=C;;H;FAC=;KO?;MMOGCMM?;M
@ILG;M>IMLCNGIMCH=IH=?<ˆP?CM>?MM;M?MNLONOL;MJLI@OH>;M?IM;MMCGCF;MM?X

#6$2E:?56D>28:4:6?D

 


"G
"FFCHANIHAL;PIOU;<S4B?H6IOCHN1B?L?W
OG>?M?OMN?G;M
G?HIM ?FIAC;>IM
 ? ;I KO;F I @C?F ;LLS 2F;HIP H‚I >?>C=; G?Hƒ‚I ?MJ?=C;F
IGPIT=OLCIM;G?HN?M?=; IINC?4CFFC;GM=;HN;IMP?LMIM

86EE963=F6D5@H?%@CE9
+963=F6D5@H?*@FE9
=F6D2?JH96C6
86EE963=F6D5@H?2DE
=F6D5@H?.6DE
=F6D2?JH96C6
86EE963=F6DG6CJH6==
&>J323JH96?J@F2:?EE96C6
:?EE96C62:?EE96C6Z

-IL KO?
 ?G =?LN;M I=;MC‘?M
 „ N‚I H?=?MM~LCI >CT?L UG?C CMMIW G?C OG
<FO?M
OG;CG;A?GH;LO;
OGJI<L?LCIM?=I>IHILN? !;LN?MN?GOHBI
FON;L
=IHNL; I H;>; KO? HIM P;LL?L~  MMCG J?LG;H?=?G HI ;L >; ;FG; ?MM;M
J?KO?H;M =ICM;M
 OG J;L>;FTCHBI KO? @IC >? )„M<C;
 OG <FO?M KO? I=OJ; H;
G?GLC;IFOA;LGC’>I>IMJ?L@OG?M
>IMM?FIM?>IMJ?MIM>?J;J?F

 


Z *;M =B?
 M? PI=… G?R? ; J?LH; >?MM? D?CNI PIO =L;P;L ; ;AOFB; H;M MO;M
=IMN?F;MZ>CMM?1L;P?F?L
Z IHNCHO?=IHN;H>I?MM;=ICM;>I=IFIL;>I>I;G;L?FIZ>CMM?,FCP?CL;
Z!?IFBIMN;J;>IM„=IGIOG=;F?C>IM=JCI
Z,=IFIL;>I>I;G;L?FIZ>CMM?1L;P?F?L
?M@L?A;H>I;=IR;>?F?=IGOG
;FAI>‚IZ„IL?MJIHM~P?FJ?F;=ILJIL;ƒ‚IH;=CIH;F>?;A?HN?M=IGCMMCIH;>IM
H;M?MJ„=C?M=ILL?MJIH>?HN?M
ZHCG;CM>?J?FI;G;L?FI
P?A?N;CM>?@FIL;G;L?F;?GCH?L;CM>?;MJ?=NI
;G;L?FIZL?=CNIOI<?>C?HN?G?HN?,FCP?CL; Z-ILKO?H‚II@CG?;I=;<I
;KOC ; KOCHN; @?CL; „ I >C; >; GI>;
 HI >IGCHAI H‚I M? NL;<;FB;
 ;M
G?N;GIL@IM?M ?HNL? ; G;HB‚ ? ; N;L>? >I M~<;>I M‚I ?RNL;IL>CH~LC;M
 ? NI>I
GOH>IN‚INL;HKOCFI 3I=…?MN~G?@;T?H>IM?HNCLOG;>ILJ;PILIM; j;FAOG
G?N;F>?;MJ?=NI;G;L?FIIOIKO…
ZdAO;>?MNCF;>;Z>CMM?1L;P?F?L Z-;L;KO?PI=…J?HM?KO?„GIL@CH;
3I=… N?G NI>; ; L;T‚I
 I GOH>I >? ?@?LCHI M JI>? J;L?=?L ?MKOCMCNI J;L;
KO?G;=L?>CN;H;MJLJLC;MCHMNCNOCƒ‘?M?JL?M=CH>?>;M;FB?C;M jMJ?HM;L?G
NO>I I KO? M? GI>C@C=; ;MMCG KO? PI=… >?CR; I G?CI @CI >; =;Fƒ;>; ? >~ NL…M
J;MMIMHI;M@;FNIX
Z IGIJ;MM;L>I=IFIL;>I>I;G;L?FIJ;L;I=IFIL;>I>IJ;GJ;Z>CMM?
,FCP?CL; Z&MMI>~OGJIO=I>?MIHI
=B?
Z~AO;„MIJILˆ@?L; 0?@IMM?JILGCG?ON?LC;CHD?N;>IH?<CIFI?GPI=…
?
PI=…?MN;LC;>?MJ?LNˆMMCGI
Z*??RJFCKO?OG;=ICM;
;HN?MKO??O;>ILG?ƒ;
Z!OPC>IKO?PI=…;>ILG?ƒ;
G;M>CA;F~

 


%;PC; >O;M =;LN;M >I >L  'O;H O?P;M


 G;M ; IL>?G ?G KO? >?P?LC;G M?L
FC>;M?L;G;N„LC;>?JIF…GC=; JLCG?CL;=IHMNCNOˆ;;?RJIMCƒ‚IJI„NC=;>IKO?
?F? >?HIGCH;P; UMI<?L;HC; GOH>C;FW ; M?AOH>;
 N;G<„G >CN;>; ; OG
>;NCFAL;@I >I JILN;F >? 0‚I !IGCHAIM
 M? PCHA;P; >I L?=;NI @ILƒ;>I >;
JLCG?CL;

-I>?GNCL;L>;JL?M?HN?=;LN;NI>;M;M=JC;MKO?M?>?M?D?G
?MJ?=C;FG?HN?J;L;IMG?G<LIM>;,+2
?AIP?LHIM>IGOH>I
KO?M‚IOHML?G;N;>IMJIL=IMOHM?NL?G?H>IM=B;=;CMCHN?LH;=CIH;CM -ILIONLI
F;>I
IJILN;F>?0‚I!IGCHAIM„;NL;A„>C; >IMLOˆ>IM
G;MJILIONLIF;>IG?;AL;>;
JILKO?;KOC
P?HBIDIA;L;MG;CIL?MJ?>L;M>;BCMNLC;

"HNL?;MJ?>L;M@CAOL;P;G;MM?AOCHN?M

,-;J; /IG;HI „ I G;CIL JIL=I >; BCMNLC;


 G;M >? G;H?CL; H?HBOG; IL?JL?M?HN;HN? >? !?OM I
=F?LC=;FCMGI LIG;HI „ ; JOL; G?L>; >? 0;N;H~M NI>IM IM N?GJFIM =F?LC=;CM LIG;HIM >?P?G M?L
=IGJF?N;G?HN? ;LL;M;>IM
 J;L; KO? L?MJF;H>?ƒ; ; FOT >? LCMNI H‚I ;J?H;M H;M JLI@OH>?T;M >IM
=IL;ƒ‘?MBOG;HIM
G;MNL;HMFOTC>;H;FOTOHCP?LM;F>?!?OM
?>CAINO>ICMMIJILKO?;=;LN;;HN?LCIL
?O@CT>C;HN?>?OG;M?HBILCN;GOCNI;G~P?F
KO?JILCMMIH‚IJO>?>CT?L=?LNIM>CMJ;L;N?MJILKO??F;
G?IFB;P;=IGOGIFB;LGOCNIFHAOC>I

;P;FB?CL?M=I
I>IONIL&HCGCAI;=„LLCGI>?(;HN
CHMCMNC;?GUBOG;HCT;L;
@CFIMI@C;;NO;F>IGOH>IW
;JMIKO?>?=L?N;P;

"KO?ILIG;H=?M?D;MI<L?NO>IJMC=IJMCKOC~NLC=I
IOM?D;
KO?IM?F?G?HNIML?;FG?HN??MJCLCNO;CM>;
;FG;M?=IHMNCNO;G=IGI?F?G?HNIM=C?HNˆ@C=IM>;P?L>;>?CL;JMCKOC;NLC;OHCP?LM;FX
<;H>IH;H>I JIL GIG?HNIM OG =IHMC>?L~P?F ;LM?H;F >C;F„NC=I
 ?HNL?PC; I
L?CHI>;L?FCAC‚IGOH>C;F

*;MM?GJL?KO?;BOG;HC>;>??HP?L?>;LJ?FIM>ICMG;H>;G?HNIMOHCP?LM;CM?;N„;MJ?>L;M>OL;M>I
GOH>IM?NILH;G=?L;M?>IM;>?FOTCFOGCH;>;X

-I?N;
?>IM<IHM

MPIT?M>?NI>;M;MJ?>L;M>IGOH>IL?MMI;G?GNI>;M;M=;N;L;N;M?NI>IMIM<;LL;H=IM>IGOH>I

=IG@C;JCHBIM>?PIT?M>?JL;N;
I=;MC‚ICH@CHCN;>?;G;L;MGOFB?L?M?!?OMX

!?L?J?HN?
;PCM‚I;LKO?NˆJC=;CHP;>CH>I?M?>?LL;G;H>I

, IMGIM >; 1?LL;


 CHN?LCIL =IGI ; CG;A?G G?HN;F OHCP?LM;F >? !?OM
 KO? G;CM N;L>? M? NILH;LC;
G;N„LC;=IH>?HM;>;
?MN~MCG<IFCT;>IHIHNCAI1?MN;G?HNIJIL;KO?F?;L=;HDIKO?PCL;;=;<?ƒ;?P…
OGGOH>ICH>CMNCHNI>?FOT?M
=F;LIKO?FCN?L;FG?HN?H‚I=IHMCAIG?F?G<L;L>?J;L~AL;@IM>IHNCAI
1?MN;G?HNI
JIL„G;=ICM;„G;CMIOG?HIMIM?AOCHN?„=IGIM?ILIMNI>I2HCP?LMIM?NILH;MM?;
JLJLC;FOT>;1?LL;?@C=;MM?=IGIL<CN;>??H?LAC;OHCP?LM;F;IL?>IL>IMIFX!;G?MG;@ILG;;
%OG;HC>;>? CHN?CL; ? M?OM JIPIM B;P?L‚I >? PCL;L M?OM =ILJIM
 MO;M ;FG;M ? MO;M =;<?ƒ;MX j I
OHCP?LMI?;1?LL;CHN?CL;KO?M?PCL;GJ;L;I LCMNI
>?JIH>I;M?OMJ„MNI>;M;MF?CM>;1?LL;X

"?HN‚I

XL?MN;;J?H;M=IGIOG;FOTOHCP?LM;F>?FGJ;>;MCAO;CM
CFOGCH;H>II=IL;ƒ‚IG;CMJLI@OH>I>IM
JIPIMX

,JLI<F?G;?L;KO?
>?L?J?HN?

0?HBIL;M?M?HBIL?M?MNIO=IGJIH>I;JL?M?HN?=;LN;?GG?CI;OG<;LOFBINL?G?H>I "HI?HN;HNI
P;GIMNI=;H>I„KO?PI=…M;CH>;H‚IM?>‚I=IHN;>?KO?J;L;KO?;0,"/+&*2+!&)M?D;
?M=LCN;>?OG;G;H?CL;G;CMJ?L@?CN;?L?;FG?HN?N?HB;;F=;H=?MOHCP?LM;CM>??HN?H>CG?HNI
J?FI
G?HIMB?C>?G?L?=?L>IMM?HBIL?MKO?G?;DO>?G;GJFCMMCG;G?HN?J;L;KO?=;>;J;L~AL;@I?=;>;
F?NL;?MN?D;?GM?OFOA;L
?H‚I?MM;<;AOHƒ;>?@CFBIM>?@CFBIM>?@CFBI>;JON;>?NI>;M;MJON;MKO?
IMJ;LCOKO?NI>IMIM<;LOFBIMM?>CLCD;GJON;KO?IMJ;LCO

*;M?>;ˆ+IJ;L~AL;@IM?AOCHN??L;IONL;P?TI…RN;M?
.O?JL?MNH=C;>?OHCP?LMIM.O?@FIL?M=?G=IGIFOT?MJCLCNO;F>?LIM;M?H=;HN;>IL;MHI=IL;ƒ‚I>?
NI>IMIMJIPIMX

" ; =;LN; C; N?LGCH;L @FIL;FG?HN?


 ?G<IL; =IG =OLCIMIM ?HR?LNIM >? ’FNCGI
GCHONI

X-;L?=?KO?IOHCP?LMICHN?CLIM?=F;LC@C=;
=IGIFOT>? LCMNIOHCP?LM;F
?G=;>;@FILBOG;H;
>?
J„N;F;MCH@CHCN;MKO?;FOG<L;G?N?LH;G?HN?JILNI>IMIM=;GCHBIM>;1?LL;;MMCG@C=;=F;LC@C=;>;H;
FOT >; 0,"/+& *2+!&)
 >CT?G KO? PI=… D~ H‚I G? ;G; JILKO? N?G IONL;M G;HB;M  Z
N?H=CIM;G?HN? *„RC=I
!#
M?N?G<LI Z>?G;CI
;J Z">C@ -;LCM !/ '2+
2"30

 


+;KO?F?M>C;M;H>;P;=;PCFIMI
?IG;OB~<CNI>?LOGCH;LFIHA;G?HN?=;>;
=ICM;?L;J?HIMIG;MCH?PCN~P?F 1CHB;?MN;>I>;H>IPIFN;M?GNILHI>;AL;H>?
KO?MN‚I
?I>?M=IH@ILNI?GKO?PCPC;JIL=OFJ;>;*;A;?>?/I=;G;>IOLI
CH=CN;P;;;H;FCM;L=IG=L?M=?HN?PCIF…H=C;;?H=LOTCFB;>;?GKO?M?HNC;N?LM?
G?NC>I  +?MM;M I=;MC‘?M ,FCP?CL; J?A;P; OG; @IFB; >? J;J?F ? ?M=L?PC; ;M
AL;H>?MJ;F;PL;MJ?F;MKO;CMC;>?MFCT;H>IM?OLOGCH;L "M=L?PC;
JIL?R?GJFI

U,AL;H>?B;MMOHNIW
IOU;B?H=LOTCFB;>;W "L;MO@C=C?HN?J;L;KO?=IG?ƒ;MM?
;LCL?JL?J;L;MM?IONLIG;N?=IGG;CMPIHN;>?;CH>; UBOHC>;>?W
B?M=L?PC;
%IFCP?CL; U,B?AI?IBIONLI W2M;P;IM;A~M=IGIIONLIM;J?HC=CFCH; !?JICM
PIFN;P;KO?MN‚I=IGG;CM=;FG;
M?HNC; M?G?FBIL U,BCGJILN;HN?„H‚IM?
B?H=B?LW
 >CTC; %IFCP?CL; J;L; MC G?MGI   J;LNCL >?MM?M GIG?HNIM M?HNC; M?
=;J;T >? J?HM;L M?G KO? ;M J;F;PL;M @CT?MM?G DIAI MODI =IG ?F?  "L; M OG
;P;HƒI G?N>C=I
 JILKO? ; AL;H>? KO?MN‚I =IHNCHO;P; CHPOFH?L~P?F  U.O?G
>CLC;
L;J;T
KO?PI=…;=;<;LC;G?N;@ˆMC=IW
CHN?LJ?F;P; M?,FCP?CL; UjJL?=CMI
L?MCMNCL ;I AO;L>; LIOJ; >? NL…M JILN;M
 =B?
 =IH@ILG? M? =IG ; G?MCHB; >?
=;<?=?CL; >; CHMŽHC; =INC>C;H; W /IH;F> NCHB; PCH>I JLIJIL ; ?F? KO? I
;=IGJ;HB;MM? HOG;M =IH@OM;M ;NCPC>;>?M JIFˆNC=;M
 ? >OL;HN? NI>; ; HICN? ;
*;A;;CH>;H‚INCHB;NL;TC>I/I=;G;>IOL>I=;GJIB;PC;G>CM=ONC>I=IGI
dLDOH; ? I I=B?CLI
 ; ;ƒ‚I ? ; J;MMCPC>;>?
 ;M L;T‘?M J;L; JŽL ?G LCM=I I
JL?M?HN? ?G HIG? >I @ONOLI
 ; J;L=?F; >? =B;HN;A?G ?G NI>; ;ƒ‚I =IG @CG
MI=C;F
 H; G?>C>; ?G KO? I LCM=I =ILLC>I M?LP? ;I G?HIM J;L; ;=;FG;L ; G~
=IHM=C…H=C;CH>CPC>O;F
;M=;H;FBC=?MJ?MMI;CM>?NI>IMIM>C;M /IH;F>;=;<IO
CH>I?G<IL;=;<CM<;CRI
M?G=IHP?H=?L,FCP?CL;>?KO??L;H?=?MM~LCI;JIC;L;
;ƒ‚I >IM L?<?F>?M ;LA?FCHIM  , G;O AIMNI H; <I=; >? ,FCP?CL; NCHB; >OL;>I I
>C;NI>I
JILKO?@IL;G;CM@~=CF>CT?LH‚I;/IH;F>KO?;MCG?MGI 0>?OG;
=ICM; ?F? ?MN;P; <;MN;HN? M?AOLI
 ? ?L; KO? H‚I JI>C; L?HOH=C;L M?G NL;Cƒ‚I 
J;MMCP; ?MJ?L;  KO;F PCPC; ?HNL?AO? >?M>? MO; =B?A;>; ; -;LCM  ?>?L 
A?H?LIMC>;>? @~=CF ? M;CL JIL ;ˆ =IF;H>I =;LN;T?M =F;H>?MNCHIM H;M LO;M FB?
J;L?=C; ;HN?M OG; ?RJFC=;ƒ‚I GOH>;H;
 OG ;=?LNI >? =IHN;M =IG IM ;GCAIM
KO? ;JL?=C;LC;G MO; =IL;A?G
 >I KO? OG; P?L>;>?CL; L?MJIMN; M AL;H>?M
KO?MN‘?M *?>CH>I;=ICM;;J;LNCL>IN?GJIL;F?>I;<MIFONI
M?HNC;KO??LL;P;
HI JLCG?CLI =;MI ? ;=?LN;P; HI M?AOH>I  #;TC; G;F ?G H‚I FON;L J?F;
CH>?J?H>…H=C; ;LA?FCH; IO =IHNL; I ;HNCMM?GCNCMGI IO I L;=CMGI  #;TC; <?G
?GH?A;L M?>LIA;@~=CF>;;ƒ‚I=IF?NCP;?G;HN?L M?MITCHBI>C;HN?>IG;N?
;G;LAI
J?HM;H>IH;AL;H>?KO?MN‚I
L?PCL;H>I ;=IGIM?@IMM?OGHIP?FI>I
KO;FH‚IM?P…;JIHN;IOHIKO;F?RCMN?GKO;NLIIO=CH=IJIHN;M
"MN;P; <?G
 MCG
 G;M ;I G?MGI N?GJI ?L; JL?=CMI L?=IHB?=?L KO? M?O
=;L~N?L ?L; =IGI OG J„ KO? ?MG;A;P; NI>; >C;F„NC=; >; ;ƒ‚I
  G;H?CL; >I
9282G258:E2"HNL?=?P;LIG;N??F?JLJLCI?>?CR;LKO?;*;A;I@CT?MM?H‚I
B;PC;JIMMC<CFC>;>?>?>’PC>; *;MNO>I?L;=CH>ˆP?F?;>GCNC;?GM?AOC>;OG;
CHN?LJL?N;ƒ‚I;HN;AŽHC=;;=;L~N?LJ;MMCPI=ILL?MJIH>C;OG;G~RCG;FC<?L>;>?
? >CMJIHC<CFC>;>?
 ; JL?AOCƒIM; ;OM…H=C; >? JLCH=ˆJCIM ? =IHPC=ƒ‘?M NILH;P; I
G;CM M?HMˆP?F  =IH>Cƒ‚I ;RC;F >; PC>; I N;F MOD?CNI PIF’P?F
 =;J;T >? L?=OM;L
JILJOL;JL?AOCƒ;
G;M;IG?MGIN?GJI>?JL??H=B?LIP;TCI>;L?=OM;=IG
OG =IHN?’>I FCPL?G?HN? ?M=IFBC>I JIL OG; =IHM=C…H=C; IO OG CHMNCHNI G;CM
;<?LNIM
G;CM?=OG…HC=IM
JIL;MMCG>CT?L
U*;CMB?=OG…HC=IMW
;HINIOJLO>?HN?G?HN?,FCP?CL;
F„G>CMMI
KO;F?L;;P?L>;>?CL;GIL;F>;;ƒ‚I2G;;ƒ‚IMI=C;F=IGI;>IM
MCH>C=;FCMN;M M? DOMNC@C=;P; >? MI<L; HI JF;HI BCMNLC=I  #?FCT?M IM KO? PCPC;G ?
>ILGC;G H; BCMNLC;  2G; ;<H?A;ƒ‚I M? DOMNC@C=;P; KO;M? M?GJL? =IGI OG;
;NCNO>?>?L;CTL?FCACIM; #?FCT?MIMKO?;G;P;GIJLRCGI=IGI;MCG?MGIM
"G NI>I =;MI ,FCP?CL; L?D?CN;P; ?MM; M;ˆ>; >I ?O
 ?MM; CHP;M‚I G;AHHCG; >I
=OLL;F ;FB?CI
 <OG?L;HAO? IHNIFAC=I >?MNCH;>I ; ?HLCKO?=?L ?G ’FNCG;
CHMNH=C; ;KO?F? KO? I F;Hƒ;P;
 ; >;L FB? G;CM BOG;HC>;>?
 G;CM M;HNC>;>?
0?GJL?M?„M;HNIM=OMN;M>?IONLI?N= +‚INCHB;H;>;;I<D?N;L;?MM;;ƒ‚I
?G MC
 G;M ; ;@;MN;P; >?M=IH@C;>I >? MO; =IH>ON; J?MMI;F  0OMJ?CN;P; B;P?L
NL;Cƒ‚I;MMCGKO?=?>?MM?;IM=;LN;T?MH;MLO;MIOM;NCPC>;>?M>?=;L~N?LMI=C;F
OG; NL;Cƒ‚I NL;P?MNC>; >? NL;<;FBI M;NCM@;NLCI
 >? ;F?ALC;M =INC>C;H;M
 >?
=IHM=C…H=C;M;NCM@?CN;
>?>?P?L=OGJLC>I  IHB?=C;>?MI<L;;FAOHM=IGOHCMN;M
>? O?HIM CL?M ? >? -;LCM
 =;J;T?M >;M JCIL?M PCF;HC;M G;M L?>CGC>IM ?G MO;
JLJLC;IJCHC‚IJ?F;UFON;W
JILN?LKO?F?P;HN;L M?HIG?CI>ID;HN;LJ;L;=ILL?L
J;L;OG;L?OHC‚IIO=IH=FOCLOG;N;L?@; +?MM;MJ?MMI;M;;ƒ‚IMI=C;FF?G<L;P;
GOCNIOG~FC<C
=IGIIM@CFBIM=IMNOG;GM?LI~FC<C>;MG‚?MJ;L;H‚I@;T?L?G
H;>;KO?P;FB;;J?H;H?MN;PC>;
=IGI;?LO>Cƒ‚I>?;HNIFBIMM?LP?J;L;H‚I
NIG;L =IHB?=CG?HNI >? KO? H; JLCM‚I >I KO;LN?CL‚I ;I F;>I =IHNCHO;G
AOCFBINCH;H>I MOD?CNIM KO? H‚I >?P?LC;G M?L AOCFBINCH;>IM   @;FM; ;ƒ‚I ?L;
KO;M?M?GJL?;G;CM?MJ?N;=OF;L
;KO?>?M?H=;>?;P;IL?MJ?CNI
IJL?MNˆACI?;M
B?MN~NO;MB?KO?MNL?M #~=CF>?=;Fƒ;L=IGIOGJ;L>?=BCH?FIM
JI>C;CH=FOMCP?
=B?A;L ; M?L G?LCNLC; U;I @CG ? ;I =;<I M?LC; N‚I <IG KO? IM ;LA?FCHIM
=IHKOCMN;MM?G ; CH>?J?H>…H=C; ? KO? NI>IM ;DO>~MM?GIM OG JIO=IW
 >CTC;
,FCP?CL; J;L; MC G?MGI ; NL;Cƒ‚I ?L; >? IONL; IL>?G
 ?L; =IGI M?GJL? ;
L?H’H=C; ;I =?HNLI
 ; CHMN;F;ƒ‚I H; J?LC@?LC;
 ; G;L;PCFBIM; ;F?ALC; >;
CLG;H>;>? =IG IONLIM BIG?HM ?HA;D;>IM H; G?MG; ;ƒ‚I  FC
 IH>?
>?N?LGCH;>I NCJI BOG;HI JI>C; L?;FCT;L M? =IGI B?LC
 ,FCP?CL; M? M;<C;
=IH>?H;>IJCIL>;M=IG„>C;M 0?H>I;MMCG
G;CMP;FC;J?=;LJILIGCMM‚I>I
KO?JIL=IGCMM‚I 0?L;NILMCAHC@C=;P;L?HOH=C;LJF;N?C;
??F?J;L?=C;H;M=C>I
J;L; M?L ?MJ?=N;>IL >? JLCG?CL; @CF;  U, JLI<F?G;W
 >CTC; ,FCP?CL; J;L; MC
G?MGI
 U„ KO? ;F„G >I G;CM JL?N?H>I M?L OG ?MJ?=N;>IL ;NCPI
 ? ;ˆ „ KO? ;
=ICM;=IG?ƒ; W
%?MJ?=N;>IL B;NCPI  %?L; JL?=CMI B;H;FCM;L I ;MMOHNI =IG =;FG;  +I
GIG?HNI =?LNIM KO;>LIM
 =?LN;M GOFB?L?M
 =?LNIM JI?G;M >;P;G FB? ;FAOG;
?MJ?L;Hƒ;>?=B?A;L;FAOG>C;;OGJIHNI;J;LNCL>IKO;FJO>?MM?;=?CN;L M?
=IG G?HIM ;M=I ? >?M=IH@C;Hƒ; KO? H;KO?F? GIG?HNI  1CHB; ; P;HN;A?G
H;>; >?MJL?TˆP?F >? KO? M?OM JCIL?M >?@?CNIM N?H>C;G ; M?LPCL FB? H;KOCFI KO?
H‚I ?L; OG =;GCHBI G;M ; <OM=; >? OG; J;OM; JL„PC; ; KO;FKO?L =;GCHBI
U*CHB;@ILƒ;?MN~?GGCHB;@L;KO?T;W
J?HMIO,FCP?CL; UMAL;H>?M>?=CM‘?M
?O NIG?C M?GJL? =IGI G~M=;L;M >? @OA; W  G;CILC; >? MO;M ?GJL?CN;>;M >?
MO;M B?GJL?CN;>;M =OFGCH;P;G HIN QCNB ; <;HA
 <ON ; QBCGJ?L ;M AL;H>?M
LOJNOL;M
IM<;HAM?GPIFN;
?L;GGIL>C>CHB;M>?L;NI;=O;>I?H;>;G;CM ,
>?G;CMACL;P;=?LCGIHCIM;G?HN?
L?MIFP?H>I M??GN?GJIIO?G?MJ;ƒIIO?G
=IGJILN;G?HNI
M?GPCIF…H=C;
JIL=;HM;ƒIZ=IGII@CG>;MMO;M;P?HNOL;M
M?HNCG?HN;CMZIOJILOG;F?HN;L?NCL;>;
=IGIKO;H>IM?=IG?ƒ;;PCMCN;LOG
;GCAI=;>;P?TG?HIM
F?L=;>;P?TG?HIMOGJI?N;
CL=;>;P?TG?HIM;OG
=;@„
>IM;H>IMO@C=C?HN?G?HN?IH;>;J;L;H‚IM?@?LCL
U IGCAI H; P?L>;>? H‚I JI>? ;=IHN?=?L H?G G?N;>? >CMMIW
 J?HM;P;
,FCP?CL; U';G;CMOGP;MIP;C=;CLHIG?O=I=I W-ILKO??HN‚I;CHKOC?N;ƒ‚I

M?H‚I?L;;L?JCM;>;;NL;ƒ‚I>IM=IHNL~LCIM
;HIMN;FAC;>;PI=;ƒ‚I?>;;ƒ‚I
2G; ;H~FCM? >; CHKOC?N;ƒ‚I
 H; G?>C>; >I JIMMˆP?F
 M?GJL? ;FO>C; ; OG
>?M=IFI=;G?HNI
;OG;?R=?HNL;ƒ‚IL?F;NCP;G?HN?;OG;?MJ„=C?>?IL>?GKO?
,FCP?CL; ?L; CH=;J;T >? >?@CHCL  0;<C; M? ?MJ?=N;>IL  G;LA?G >I ?MJ?N~=OFI

=IGI?MN;LHOGN?;NLI=IGIMIFBIMP?H>;>IMMP?T?MFB?=B?A;P;IM?HNC>I
I=OFNI>?;FAOG;J;F;PL;
>?;FAOG;G’MC=;
?H=B?H>I I>?;HMC?>;>?JILKO?
?L; =;J;T >? CHNOCL KO? ;KO?F? ?L; I P?L>;>?CLI M?HNC>I  +?MM?M GIG?HNIM M?
M;<C;G;CMJLRCGI>I=?HNLI>IKO?GOCNIMKO?PCPC;G=IHP?H=C>IM>?M?LI
?CRI>;LI>;
G;M;>?F??L;OG;JLIRCGC>;>?CH’NCF
OGCHMN;HN?N;HN~FC=IKO?
H?G M?KO?L ;>KOCLC; ; KO;FC>;>? >? MOJFˆ=CI  '~ ;=L?>CN;L; HI ;GIL =IGI
?HLCKO?=CG?HNI
 ?R;FN;ƒ‚I >;M JIN…H=C;M CHN?L=?MMIL;M  2G >C; J?L=?<?O KO?
M?OM;GIL?M?L;GCGJOLIMJILKO?JL?MMOJOHB;G?MM;?MJ?L;Hƒ;
?HKO;HNIKO?
I P?L>;>?CLI ;G;HN? ;G;P; M?G ?MJ?L;L H;>; ;F„G >I ;GIL
 ;=?CN;H>I
=?A;G?HN? KO? I >C; M? NILH;MM? G;CM ;TOF ? ; HICN? G;CM MO;P? ? I <IH>?
G?HIMCH=ŽGI>I UN„>;MIJ;@;ƒIOG;IJ?L;ƒ‚I>C;F„NC=;W
J?HMIO,FCP?CL;
!? MO;M ;G;HN?M ;=;<;P; @;T?H>I ;GCA;M
 =’GJFC=?M ?G OG; ?MJ?=C;F
=IHN?GJF;ƒ‚I >; =CL=OHMNH=C;  M GOFB?L?M =IG?ƒ;P;G JIL ;>IL~ FI
L?;FG?HN? I B;>IL;P;G
 JIL ;>GCL~ FI OG; B;>GCL;ƒ‚I BCFCGCN;>;
 >?JICM
;FAOG;=ICM;;M@;TC;;>CPCHB;LIP;TCI
>;P;GG;L=B;;L„??F?@;=CFCN;P;MO;
@OA;
 ;<LC; ; JILN; J;L; KO? ?F;M @IMM?G <LCH=;L ?G IONLI FOA;L  "G >O;M
I=;MC‘?M ?MNCP?L; ; JIHNI >? M?HNCL =IGJ;CR‚I ? >?CR;L H?F;M ;CFOM‚I >? KO? I
=IGJL??H>C;G
 G;M ;FAOG; =ICM; I @;TC; P?L KO? MO; =IGJ;CR‚I H‚I ?L;
;ON…HNC=;
KO??L;;HN?MOGL?=OLMI<;L;NI>?M?O?AIˆMGI?>?MO;JL?AOCƒ;?
>?M?OMB~<CNIM U-C?>;>??MN~?GFCKOC>;ƒ‚IW
>CTC;,FCP?CL;J;L;MCG?MGI?
;M>?CR;P;J;LNCL
?MKO?=C; M?>?F;MHOGCHMN;HN?

 


,M J;J„CM MIFNIM H; G?M;  2G; G‚I >? 4IHA  2G; PIT F… >?P;A;L

?LL;H>I
IM=@?CNIA;H=BIM
IM6CHKO;FC@C=~P?CM HIN;ƒ‘?M
@C=B;MH;MKO;CMB~
OG; J;F;PL;
 OG P?LMI ?G OG C>CIG; KO;FKO?L
 ; =ITCHB; >I ?M=LCNIL  ,ONL;
G‚I/IH;F> 2G;PITAL;P?KO?M;<?F?L  OGJLCG?HNIM?GPIT<;CR;J;L;
,MMCJ?,FCP?CL;KO?=B?A;G=IHNLCNIM;<M@IC;<LCL;JILN;
L?=?<?O IM=IG
OG; @;=; ?G =;>; G‚I  IHB;KO?
 FOT >? IOLI
 ; F?H>; >; JLI@;H;ƒ‚I >;
BMNC;
OGJ?KO?HI!?0N;†F ,MCGJ?LG?~P?CMJI>?GM?L>?CR;>IMHIKO;LNI
2G; ?M=OFNOL; >? N;FP?T L;H=OMC  +I @OH>I >I KO;LNI
 J?L>C>; ?HNL? OG
G;H?KOCGP?MNC>I>?BOMM;L>I
?OG;JCFB;>?=;CR;M=IG;L;G?M?J;J?F‘?M
+‚I B~ =;>?CL;M KO? =B?AO?G
 G;M ,FCP?CL; NL;T >ICM <;HKOCHBIM  #;T M? OG
>?MM?M MCF…H=CIM =IGJ;L~P?CM
 M?AOH>I $?H?N
 ;I AO;L>;>I J?F;M J?MMI;M <?G
?>O=;>;M;IJ?L=?<?L>?L?J?HN?
HOGM;F‚I
II>IL>?OGJ?C>IMCF?H=CIMI 0
?HN‚I"NC?HH?;<L?;J;MN;?NCL;IMJ;J„CM
Z=B;GIMG?FBIL?MJ?L;LPI=…=B?A;LJ;L;@;T?L;=F;MMC@C=;ƒ‚IZ>CT Z
"HKO;HNI CMMI >?GIM OG; IFB;>; ?G ;FAOG;M @IFB;M MIFN;M  "MM;
>?MNL;G<?FB;>;DIAIOOGIPI<?FˆMMCGIHIFCRI
Z"MN;P;JI>L?Z>CT;<M
$L?AILIPCOMJ‘? OG; G‚I KO? NL?G? PCMCP?FG?HN? MI<L? OG; >;M J;MN;M >?
=;LNIFCH; !?P??MN;LGOCNI@LCIH;LO;
?HN‚IOG=IHB;KO?>OJFI =IL>;FOT
IM;KO?=?
;J;MN;P?L>?
I FO<? ,FCP?CL;IFB;I=?HNLI>;G?M;
;=CHT;>?
M?O=CA;LLI=IG?ƒ;;MIG;L M?KO??H=B?I=CHT?CLI
 


AIL; J?L=?<C; KO? HIM GIG?HNIM G;CM ;FNIM >I >?M?DI H‚I NCHB; M;<C>I
G?N?L;=;<?ƒ;H;=LCMN;>;IH>;?J;MM;L;NL;P„M>I@L;AIL@;<OFIMI>IM;HAO?
G;L ; *;A; B;PC; MC>I =IGI KO? OG LCNI >I KO;F D~ H‚I M? ?MJ?L; ;
CFOGCH;ƒ‚IJ;F;PL;M?;NIMB;PC;GM?MO=?>C>I=IGOG;CHP?HNCP;GIHINIHC;

OG; >;Hƒ; >? N;LHNOF;M MI<L? OG =B‚I ?HFO;L;>I


 OG; PCM=IM; ? JLIFIHA;>;
G;HCJOF;ƒ‚I >? ?=IM  " I N?GJI NI>I ?F? B;PC; ?MJ?L;>I >;KO?F; ;F?AL?
?G<LC;AO?T;FAI=IGIOG>?MJ?LN;L
OGP?LG?FBILIKO?I=?L=;P;
@IMM?GIM
J;J„CMJCHN;>IM>IMBIN„CM
@IMM?G;ML;T‘?M>?KO;FKO?LOG>?M?OM;NIM
M?G
KO?L?L =IGJL??H>?L KO? FCGCN;L M? ; ?MJ?L;L ;<IFC; NI>; JIMMC<CFC>;>? L?;F

=IGIM?;HN?=CJ;>;G?HN?M?=IH>?H;MM?;OGJL?M?HN??MNL?CNI?CHMCAHC@C=;HN?
1CHB; J;MM;>I >; *;A; J;L; -IF; HOG M ;NI
 M?G I@?H>?L ; *;A; H?G M?
I@?H>?L
 M?G >;L M? ;I NL;<;FBI >? ;=;LC=C;L ; LIM;>; IL?FB; >? -IF; =IG I
HIG? ?R=CN;HN? >; *;A;  #L;=;MM;L ?G -IF; ?L; ; L?J?NCƒ‚I >? CH’G?LIM
@L;=;MMIM
OGDIAIKO?M?J?L>?HI@CGG;MKO?@IC<?FIDIA;L
?HKO;HNIKO?>;
*;A;=IG?ƒ;P;;L?NCL;L M?L?MM?HNC>I
>?=IHM=C…H=C;J?M;>;?=IGOG=CA;LLI
=B?CL;H>I ; G;>LOA;>; HOG =;HNI >; <I=;  -IL CMMI F?PIO -IF; ;I G?MGI
BIN?F>;/O?3;F?NN?
?H=IHNL;L;G;G?MG;P?FB;KO?IM=OGJLCG?HNIO=IG
CH>OFA…H=C;
 KO? G;CM M? JI>?LC; @;T?L H;KO?F? N?GJI BILLILIMI , FOA;L
=IHNCHO;P;=IGD?CNIF;LA;>I
=B?CL;H>I;MIJ;
G;MNCHB;GFCGJ;>I;G;H=B;
;TOF>IN;J?N??B;PC;FOA;LJ;L;HIP;MG;H=B;M
Z-ILKO?;KOCZ>CMM?-IF;
MOLJL?M; #CN;P;I=I<?LNIL;G;L?FI
IKO;LNI
M?GAL;ƒ;?=B?CL;H>I;GI@I
IFOMNL?>?@L;HD;LIM;J?H>OL;>IHI;FNI
ZKOC
IO?GIONLIFOA;LX
Z0?„KO?MN‚I>?>CHB?CLI
?L;M>CT?L
KO?LC>I
Z0?„KO?MN‚I>?HIDI
„MM?G;H>;L
G?O<?G
Z+‚I„JILHIDI jMKO?„@?CI .O?GM;<?X
1CHB; MILLC>I J;L; ?F?
 =IGI M? JLI=OL;MM? ?HN?H>?L  3;C P?LX 0O; G‚I
?H=IHNLIO ; >? ,FCP?CL; KO;H>I IM >ICM M? CH=FCH;L;G ;I G?MGI N?GJI J;L;
L?NCL;LI=I<?LNIL 1I>;;KO?F;N;L>??F?PIFNIO;;MMCMNCL
OG;P?TG;CM
OG;>?
N;HN;M P?T?M G;CM
 N?MN?GOHB; CLŽHC=; ? =IGIPC>; >? M?O JLJLCI =ILJI
 M
MOLJL?M;M
 ;IM ?H=;HNIM ? M >?=?Jƒ‘?M >; =?LCGŽHC;  %;<CNO;>I M?G M? >;L
=IHN; ;IM LCNGIM >; *;A;
 >? L?J?HN? OG HIPI G;L
 OG; G;L„ >C@?L?HN? I
;LL;H=;P; >IM ;ONIG;NCMGIM
 I =IH@LIHN;P;
 J;L?=C; >?HOH=C;L I<M=OL;G?HN?
MO;MIFC>‚I?HNL?G?;>;>?MCGOF;=LIM "H=;HNI?>?M?H=;HNI>?J;MM;L>?OG;
<I=; J;L; IONL;
 >? <OM=;L =IG IM IFBIM @?=B;>IM OG J?M=IƒI IH>? ; G‚I
>ILGCO?H=IFBC>;?M?HNCLKO?;=OLP;„>C@?L?HN?
OG;<;M?G;CM?MJ?MM;
OG
N?H>‚I KO? M? =LCMJ; <L?P?G?HN? =IG I ?M@ILƒI >? ?LAO?L M? J;L; <?CD;L IO
GIL>?L  ;>;GIG?HNI>?M?O=ILJI>C;HN?>?OG>?M?H=IHNLI>?FC=CIMI
N?L
KO?M??MJC=B;LOGJIO=IG;CM
IO<;CR;L;=;<?ƒ;J;L;?H=IHNL;L;<I=;KO?
;HN?M?MN;P;;FCN‚IJ?LNI
;=;LC=C;LOGKO;>LCFG;CM?MNL?CNI
CH=CN;LOG;L„JFC=;
? H‚I ?H=IHNL~ F;
 CHMCMNCL
 >CMNL;ˆ>I
 ;N„ J?L=?<?L KO? „ JL?=CMI CHP?HN;L NO>I
IONL; P?T
 KO? I =>CAI H‚I @IC CHMNCNOˆ>I
 KO? IM =>CAIM ? IM H’G?LIM P‚I
H;M=?L>?HIPI
KO?M?L‚I>C@?L?HN?M
KO?L?MJIH>?L‚I;IONL;=ICM; ,J?MI
I
I>IL
INIG>?OGLCMIIO>?OG;M’JFC=;
IMN?GJIM?;MJL?=CJCN;ƒ‘?M
H;>;
=ICH=C>??G<IL;M?H>ICAO;F
NO>IH;M=?>?HIPIM?H>ICGILN;F
I;GIL<LCH=;
>?M?CHP?HN;L
@IA?>?MCG?MGIJ;L;PIFN;L?GMO;?MJCL;F;MMIG<LIM;
IMM?CIM
=;HN;G>?IONLIGI>I
;<I=;<?CD;G;CMJLI@OH>;G?HN?IO=IGI>?FIHA?
?
HOGGIG?HNI?GKO?;HN?MB;PC;OG;?MJ„=C?>?=F?L;?;HA’MNC;B~;AIL;;
JOL; <LCH=;>?CL;
 ; =;Lˆ=C; CH=LˆP?F
 IO ;I =IHNL~LCI
 H; BIL; ?G KO? ;HN?M M?
=;ˆ; HI MIHI
 I <;F<O=C;L >? >I=?M =ICM;M NIF;M
 ;AIL; B~ OG; N?HM‚I
 ;FAI
CH=IGOHC=;>IG;MJL?M?HN?KO?N?G>?NIG;L@ILG;
;FAIM?G?FB;HN?;OG;
L;CP; CHM;=C~P?F  0 I JL;T?L ?G M?O ?MJ;MGI >?LL;>?CLI „ I G?MGI ;HN?M ?
>?JICM I GOH>I M? >?MJ?>;ƒIO ? „ JL?=CMI PIFN;L ; HIG?~ FI
 >?>I JIL >?>I

F~<CIJILF~<CI
MIG<L;JILMIG<L;
 M?AOH>; P?T @IC HI KO;LNI >? -IF;
 H; /O? !;OJBCH?  0? ;FAOG;M @L;M?M
N;FP?T NCP?MM?G FB? >;>I OG; C>?C; >I KO? C; ?H=IHNL;L
 ; L?;FC>;>? @IC GOCNI
;F„G >I CG;ACH~P?F  1O>I ?MN;P; ?G M?O FOA;L ? B;PC; OG FOA;L J;L; =;>;
=ICM; BCMNLC;>;;LN?=IHN?GJILH?;M?CHM=L?PC;GI>C=;G?HN??G=;LN‘?M
JIMN;CM OG (F??
 OG -IFC;EI@@
 OG -C=;MMI D~ =IG =?LN; =IH>?M=?H>…H=C;
<IH>IM;
OG*;H?MMC?L?OG#;ONLC?L -L?A;>IM;LNCMNC=;G?HN?
=IGOG<IG
=~F=OFI >? >CMNH=C;M  "G J?KO?H; ?M=;F; H?G I !;PC >; 0CAHILC; CH=IGI>;
2G;A;LL;@;>?J?LHI>?IONL;>?=IHB;KO? +;=;G;
OGJIH=BIG?RC=;HI
gM P?T?M -IF; NI=;P; PCIF‚I
 F?G<L;Hƒ; >? OG ;GIL >IM ;FNCJF;HIM  "G M?O
KO;LNI ?F; F?G<L;P; OG; *C=B‡F? *ILA;H >?=C>C>;G?HN? GIL?H;  !O;M
?MN;HN?M >? FCPLIM CH=FOˆ;G I KO;LN?NI ;F?R;H>LCHI >? !OLL?FF
 GOCNI FC>I ?
;HIN;>I
 NL;>Oƒ‘?M >? !SF;H 1BIG;M G;H=B;>;M >? LOA?
 H’G?LIM >? +H@
:E:6D
 BLCMNC;H?/I=B?@ILN
FIH>CH
0;LL;ON?=IG;MJ~ACH;M;CH>;ALO>;>;M
? ;FAOG;M +/#  , L?MNI AL;PCN;P; ?G NILHI >; =;G;
 IH>? -IF; =BILIO OG
JIO=I?HKO;HNIL?=IL>;P;OG;;GCA;MOC=C>;@INIM
;J~ACH;;LL;H=;>;>?OG
>C~LCI ˆHNCGI
 OG; @FIL M?=;  !?JICM ,FCP?CL; H‚I ?MNL;HBIO KO? -IF; M?
GIMNL;MM? J?LP?LM;
 KO? @IMM? ; JLCG?CL; ; ;<LCL I =;GCHBI M =IGJF;=…H=C;M

KO?;HICN?IM?H=IHNL;MM?=IGIKO?DIA;>IMHOG;JL;C;=OD;;L?C;P;C=?>?H>I
F?HN;G?HN?  ~AO; =B?C; >? ;FA;M  #IC ; JLCG?CL; P?T KO? ; =B;GIO >? -IF;
-;LCM
 >? <LCH=;>?CL;
 ? KO? ?F; AIMNIO ? L?J?NCO
 ? GIL>?O MO; <I=;
GOLGOL;H>I-IF;-;LCM
=IGIM?;MMOGCMM?IHIG??KOCM?MM?G?L?=… FI
JIFI
>?-;LCM
-;LCM>?-IF;
;FOT?MP?L>?;>;>IH?IH;=?H>?H>I?;J;A;H>IMI<L?;
=ILNCH; >? L~@C; ;G;L?F;
 -IF; -;LCM
 -IF; -;LCM
 ; =C>;>? HO; =IG I M?RI ?G
MCHNIHC;=IG;J;FJCN;ƒ‚I>;=ILNCH;
-IF;-;LCM
-IF;-;LCM
=;>;P?TG;CMMO;

M?CIMM?GMOLJL?M;
;=OLP;>IP?HNL?J?L=ILLC>;=IGJL?=CM‚IJ?F;=;Lˆ=C;
M?G
I F?P? >?M=IH=?LNI ;I =B?A;L ;I FCGCN? ;HN?M IO >?JICM
 <I=; D~ ?H=IHNL;>; ?
>?@CHC>;
 FˆHAO; G?HIL ? G;CM ;AO>;
 M;FCP; G;CM J;L=;
 >?HN?M M?G @CI
 F~<CIM
KO? M? ;<LC;G J;L; KO? ?F? NI=;MM? MO;M A?HACP;M
 ?HNL;MM? ? J?L=ILL?MM? =;>;
JL?A;GILH;IH>?M?=B?CL;P;OGJIO=I;=IHB;KO??;N;<;=I

 


*;M@2>@C6DD2A2=2GC2X*IL;FCMN;%IL;=CI
N?G?LIMI>?J;CR‘?MM?GOG;
L;T‚I >? ~AO;M JLI@OH>;M
 >?M=IH=?LN;>I ? ;LCM=I H; =C>;>? IH>? I ;GIL M?
=B;G; =IG NI>IM IM HIG?M >? NI>;M ;M LO;M
 >? NI>;M ;M =;M;M
 >? NI>IM IM
;H>;L?M
>?NI>IMIMKO;LNIM
>?NI>;M;M=;G;M
>?NI>IMIMMIHBIM
>?NI>IMIM
?MKO?=CG?HNIMIOL?=IL>;ƒ‘?M *?O;GIL
H‚IN?;GIJILPI=…H?GJILGCG
H?GJ?FIM>ICMDOHNIM
H‚IN?;GIJILKO?IM;HAO?G?F?P?;N?;G;L
N?;GI
JILKO?PI=…H‚I„GCHB;
JILKO??MN~>IIONLIF;>I
;ˆJ;L;IH>?G?=IHPC>;;
M;FN;LM?GKO??O=IHMCA;>;LIM;FNI
JILKO?HIG;CMJLI@OH>I>;JIMM?PI=…
H‚I ?MN~ ?G GCG
 H‚I N? ;F=;HƒI
 H‚I J;MMI >I M?O =ILJI
 >; MO; LCM;>;
 N?G
BIL;M?GKO?G?;NILG?HN;KO?PI=…G?;G?=IGIPI=…AIMN;>?OM;LIP?L<I
U;G;LW
=IGKO?=;@IHC=?IP;C>?CR;H>I=;CLMI<L?IMJL;NIM?IMF?HƒCM?IM
ŽHC<OM
G?;NILG?HN;M?O;GILKO?H‚IG?M?LP?>?JIHN?
JILKO?OG;JIHN?
H‚I M? MOMN?HN; M >? OG F;>I
 D;G;CM 4LCABN IO )? IL<OMC?L @;LC;G OG;
JIHN?MOMN?HN;>;M>?OGF;>I
?H‚IG?IFB?=IG?MM?MIFBIM>?J~MM;LI
J;L;
PI=…;IJ?L;ƒ‚I>I;GIL„N‚IMCGJF?M
?MN;L~=OL;>;;HN?M>?GCG?CMMIKO?
PI=…G?;G;=IGI?OH‚I;GIPI=…  F;LIKO?PI=…P;CM?=OL;L
JILKO?PI=…
PCP?H;M;’>?
>?JICM>?GCGM?L~KO;FKO?LIONLI
CMMIM?NLI=;=IGIOGMONC‚
1‚I NLCMN? IOPCH>I I =ˆHC=I %IL;=CI KO? KO?L OG ;GIL J;MM;JILN?
 ;GIL
<;F;=F;P;
;GIL=B;P?
;GILL?PFP?L
;GILKO?FB?>…IMGCFIFBIM>?LAIM
;
O<CKOC>;>?
IMCF…H=CI;J;LNCL>IKO;F;G’MC=;„JIMMˆP?F
;L;CT>?M>?IH>?M?
JI>?LC; =IG?ƒ;L ; N?=?L OG; FˆHAO;  " „ <I<I JILKO? NO>I CMMI >ILG? OG
JIO=I?GPI=…
H‚IM?LC;JL?=CMIG;CMKO?CG?LAC F;HOG=IJI>?~AO;=IGI
OG;@FILD;JIH?M;?JIO=I;JIO=I=IG?ƒ;LC;G;<LIN;L;MJ„N;F;M=IFILC>;M
M?
CH@F;LC;G ;M @ILG;M =OLP;M
 =L?M=?LC; ; <?F?T;  !I;>IL; >? CH@CHCNI
 H‚I M?C
L?=?<?L
G?J?L>I? 3I=…G??MN?H>?OG;G;ƒ‚??O>?CR?CIM>?HN?MMI<L?;
G?M;>?=;<?=?CL; 0NIJ
D~?MN~<?G;MMCG 1;G<„GJIMMIM?LALIMM?CLI
M;<?
*;ML?J;L?<?G
JILKO?H‚I„AL;NOCNI
-ILKO?MNIJ-ILG?>I>?=IG?ƒ;L?G;M@;<OF;ƒ‘?M
M‚IN‚I@~=?CM 3I=…NCL;
OG;C>?C;>;FC
OGM?HNCG?HNI>;IONL;?MN;HN?
;G;LL;IM>ICM=IG;;DO>;>;M
J;F;PL;M
=;>?F;MH?AL;M
?;=;<;KO?N?;GI 1IN;FJ;L=C;FAIMNI>?PI=… 1IN;F
A?L;F ;GI PI=…  MMCG PCP?G GOCNIM ;GCAIM G?OM
 M?G =IHN;L OG NCI ? >ICM
JLCGIM
=IHP?H=C>IM>I;GIL KO? M?HN?G JIL MO;M ?MJIM;M !;J;F;PL;;IM;NIM

=B??GA?L;F
M?GG6C32H‚IB~C6D ,KO?GOCN;A?HN?=B;G;>?;G;L=IHMCMN?
?G?M=IFB?LOG;GOFB?L?M?=;M;L=IG?F; "M=IFB?G
DOLI
?OPC  IGIM?M?
JO>?MM??M=IFB?LHI;GIL
=IGIM?H‚I@IMM?OGL;CIKO?N?;LL?<?HN;IMIMMIM
? N? >?CR; ?MN;=;>I HI G?CI >I J~NCI  3I=… >CL~ KO? ; ?M=IFB?G JILKO? ;
;G;G
 ?O ;=BI KO? „ I ;P?MMI   ?;NLCT H‚I M? ?M=IFB?
 ; 'OFC?N; H‚I M?
?M=IFB? 3I=…H‚I?M=IFB?;=BOP;KO?P;CN??H=B;L=;L;N„IMIMMIMH;M;ˆ>;>?
OG=IH=?LNI *;M?MNIOMITCHBIHIG?OKO;LNI
=;CI?G;LNC@ˆ=CIM>??M=LC<;

;M =;>?F;M H?AL;M M? PCHA;G >I D?CNI KO? JI>?G


 G? GIL>CM=;G JIL <;CRI >;
G?M;  IGIM?>CT
JIL<;CRIIO>?<;CRI&AO;F
N?GIL>?G -ILKO…
JILKO…

JIOLKOIC
QBS
Q;LOG
J?L=B‡?MM?BILLILM=;>?F;MH?AL;M,FB;?F;M;ˆH?MM?
JI?G; >? +;MB?
 NL;HM@ILG;>;M ?G ;<?FB;M  " ;ˆ
 HIM P?LMIM >? ,=N;PCI -;T

=IR;M>IMIF
L?=CHNIM>IP?L‚I *;MOGG?MGI=ILJI>?GOFB?L„*;LC;?;
LCHPCFFC?LM
IMIFBIMKO?M??H?PI;G;IP?LOG<?FI=L?J’M=OFIM‚I;G?MG;
JNC=; KO? M? L?A;F; =IG ;M =IHNILƒ‘?M >? OG ?H@IL=;>I  1?HBI G?>I >?MM?
JLIR?H?NCMGI
>?NCHN;?>?PIT?M
G;L>?FˆHAO;MF;G<?H>II=O>IGOH>I %~
G?F ? F?CN? >?<;CRI >; MO; FˆHAO;X 0CG
 G;M N;G<„G M? >CT KO? ;M GIM=;M
GILN;M >‚I G;O =B?CLI ;I J?L@OG? >I J?L@OGCMN;  "G AO?LL; =IG ; J;F;PL;

?G AO?LL;
 NO>I I KO? @IL H?=?MM~LCI G?MGI KO? M?D; JL?=CMI L?HOH=C;L 
CHN?FCA…H=C;
 FCGCN;L M? ;I G?LI J?>C>I >? <;N;N;M @LCN;M ? ;IM N?F?AL;G;M >;
/?ON?L
M=;LN;M>IG?OHI<L?CLG‚I?;IM>C~FIAIM>I=CH?G;  OLCIMI
GOCNI
=OLCIMI KO? -ONN?HB;G M?HNCMM? ;M J;F;PL;M =IGI M? @IMM?G I<D?NIM ? ;N„
=LC;NOL;M=IGPC>;JLJLC; 1;G<„G?O
MP?T?M
=L?CI?MN;L?HA?H>L;H>ILCIM
>?@ILGCA;M@?LIT?MKO?>?PIL;L‚IIGOH>I B
M??GMCF…H=CIHIHCHBI@IMM?
=BI=;>II/I=X)IAIM
72FE6y4=2E2?E6 IH=?<?LOG;L;ƒ;KO?M??RJL?MM;MM?
J?FI>?M?HBI
J?F;>;Hƒ;
J?FIG;=L;G…IOJILOG;GˆGC=;;<MNL;N; 0?LC;G
?PCN;>;M;M=IHIN;ƒ‘?M
L;CT>I?HA;HI@??6FC56D9@>>6D?N= 0CG
G;MOG;
BIHL;KO?M?>?MIHL;;=;>;@L;M?
=IGIOG<IL>?F>?PCLA?HM
M?;=ICM;@IMM?
JIMMˆP?F
!I;GIL@CFIFIAC;
PI=…?MN~GOCNIG?NC>I
%IL;=CI =OFJ;„>I*IL?FFC

KO? N? I<=?=;


 MO; CHM?HM;N; N?HN;NCP; @;T PI=… ?HNL?P?L OG; PIFN; ;I J;L;ˆMI
J?L>C>I
 JI<L? JL„ ;>;GCN; >? MH;=E <;L
 >? C>;>? >? IOLI ?G<LOFB;>; ?G
=?FI@;H? +9:D:D2A=2DE:4D286>2?2A=2DE:4D286"MKO?ƒ;;M=;>?F;M #IL;

G;NCFB;
 N?GIM KO? J?HM;L
 J?HM;L J;L; P;F?L
 IO G?FBIL
 M?HNCL
 MCNO;L M? ?
=IH@LIHN;L ;HN?M >? J?LGCNCL ; J;MM;A?G >; G;CM GˆHCG; IL;ƒ‚I JLCH=CJ;F IO
MO<IL>CH;>; -;LCM„OG=?HNLI
?HN?H>?
OG;G;H>;F;KO?„JL?=CMIJ?L=ILL?L
M?G >C;F„NC=;
 OG F;<CLCHNI IH>? ;M @LGOF;M JL;AG~NC=;M M M?LP?G J;L;
=IH@OH>CL "HN‚IOG4@8:E@KO?M?D;=IGIL?MJCL;L-;LCM
?HNL;LH?F?>?CR;H>I I
?HNL;L
 H?OG; ? H‚I FIAIM  LA?HNCHI =IHP?H=C>I
 >?M?G<;L=;H>I =IG ;
;LLIAH=C; >? OG; =OFNOL; G?C; <I=;
 ?HN?H>C>I ?G NO>I
 ?G >C; =IG NO>I

=IG OG <IG AIMNI ;=?CN~P?F


 M;<?H>I <?G ; BCMNLC; >; L;ƒ; BOG;H;
 IM
J?LˆI>IM ;LNˆMNC=IM
 I LIGHC=I ? I ANC=I
 ;M =ILL?HN?M @CFIM@C=;M
 ;M N?HM‘?M
JIFˆNC=;M
;0B?FF*?R
;;ƒ‚I?;L?@F?R‚I
I=IGJLIGCMMI?;FC<?L>;>?
-C?LI
>?FF;#L;H=?M=;?HNIH4?<?LH
;N?=HIFIAC;<?G=;N;FIA;>;
)?NN?L;
#C;N

'I‚I 55&&& *OCNI<?G
GOCNI<?G "L;OG;J?KO?H;FCPL;LC;>;/O?>O
B?L=B? *C>C
 ?L; OG ;L MO;P? >? ACLIM J;OM;>IM
 ?L; ; N;L>? ? ; BIL;
 ?L; ;
?MN;ƒ‚I @FILC>; >I ;HI
 ?L; I 3?L<I HI JLCH=ˆJCI
 ?L; OG BIG?G KO? M?
;=L?>CN;P; OG BIG?G  .O? <OLL;>; ACA;HN?M=;
 G‚? >I =„O  " ?F; M;CO >;
FCPL;LC;M;AIL;G?>IO=IHN;>?KO??L;=IGIOG;G?N~@IL;
?F;M;CH>IH;>;
G?HIMKO?>?OG;FCPL;LC;?NLI=;GIM>O;MJ;F;PL;M?@IGIMNIG;LOG;N;ƒ;
>? A6=FC6 5@:8?@? HOG =;@„ >? 0‡PL?M ;<SFIH? JIL @;F;L ?G G?N~@IL;M
 ?O
>?FC=;>; JIL=?F;H; L?=„G >?M?G<;L=;>;
 %+!)" 4&1% /"
 ? ?F; ;<CFŽHC;

L;CT >? N?GJI


 =ICM; ;HN?LCIL
 AC:>6G2= 36:?8
 N?LLIL ? >?Fˆ=C; >IM =IG?ƒIM

LIG;HNCMGI>?N;F;MKO?=IGOGNCAL?;ON…HNC=I?MJ?L;H>I;NL~M>;~LPIL?
" ;MMCG 0‡PL?M @IC =IG ;<SFIH? NIG;L OG; N;ƒ; >? A6=FC6 5@:8?@?
 HIM
IFB~P;GIM?;=BIKO?D~=IG?ƒ~P;GIM;HIM>?M?D;LG;MCMMI@ICG;CMN;L>?
H;
/O?/„;OGOL?M?M?AOCOOG>C~FIAIG?GIL~P?F
=IGJF?N;G?HN?L?JF?NI>?
G;F ?HN?H>C>IM
>?>?M?H=IHNLIMKO?M?L?MIFPC;G?GP;AIMMCF…H=CIM
;N„KO?;M
G‚IM=IG?ƒ;L;G;?M=OFJCL
?L;>I=?;=;LC=C;L;MG‚IMOG>IIONLIIFB;H>I M?
? MILLCH>I
 ;=?H>ˆ;GIM IM $;OFICM?M OG H; AOCG<; >I IONLI
 HIM LIƒ~P;GIM
=IG IM IFBIM
 =IH=IL>~P;GIM N;HNI ?G NO>I KO? ?L; OG; P?LAIHB;
 -;LCM
>;Hƒ;P;F~@IL;?MJ?L;H>IJILHM
G;FB;Pˆ;GIM=B?A;>I
G;F=IG?ƒ~P;GIM;
PCP?L
 NO>I ?MN;P; ;FC M?G HIG? ? M?G BCMNLC; MI<L?NO>I J;L; ;<SFIH?
 ? I
JI<L?0‡PL?M@;TC;OG?M@ILƒI?HILG?
@;M=CH;>IJIL;KO?F?D?CNI;<SFIH?>?
IFB;L I ANC=I M?G FB? JŽL ?NCKO?N;M
 >? ;H>;L J?F;M G;LA?HM >I LCI M?G P?L
?G?LACL?G IM >L;E?HM HILG;H>IM  I HIM >?MJ?>CLGIM „L;GIM =IGI >O;M
=LC;Hƒ;M KO? M? NILH;L;G ?MNL?JCNIM;G?HN? ;GCA;M HOG; @?MN; >? ;HCP?LM~LCI ?
=IHNCHO;GM?IFB;H>I?HKO;HNIIMJ;CM;MJOR;GJ?F;G‚I?;M;LL;MN;G
?„
OG; >IL MO;P? ? OG; ?MJ?L;Hƒ;
 ? M? M;<? KO? OG M? =B;G; 1IHS ? ; IONL;
)OF’
?H‚I„JL?=CMIG;CMJ;L;KO?I=IL;ƒ‚IM?D;=IGIOGGIL;HAI
?X
%IL;=CI
%IL;=CI
$6C56 2=@CD -IL KO? H‚I #;FI >;KO?F? N?GJI
 >? 0‡PL?M ;<SFIH?
 H‚I
>?MN?<;F;HƒI?F?Aˆ;=IHIKO;FD~M;<?GIMKO?IDIAI?MN~DIA;>I

 


$@C6==:2?2
2G;JLIM;JI>?M?=ILLIGJ?L=IGIOG<C@?>?@CF„ MMCMNIB~;HIM;IMMCH;CM
>?JI>LC>‚IH;GCHB;?M=LCN;  IGI?O
N?GMO;M;HACH;M
MO;MC=N?Lˆ=C;M
MO;M
;J?H>C=CN?M
G;MG?;HN?=?>?HI=;GCHBI>;>CMMIFOƒ‚I@CH;F @CH;F>?=IHN;M

;JI>L?=?L MCAHC@C=; N?LGCH;L =IG ; CGJOL?T; >IM =IGJIMNIM ? L?MNCNOCL IM


>CL?CNIM>IM>CI
>IG;AH„MCI
>I=;L<IHIKOCGC=;G?HN?JOLIM *CHB;JLIM;
;JI>L?=?MCHN;NC=;G?HN??;P;Hƒ;Z=IGN;HNINL;<;FBIZJ;L;;MCGJFC=C>;>?
=BIKO?„JILCMMIKO?D~H‚IM?C?M=L?P?L=IGU=I?L…H=C;WOG?GJ;=;G?HNI
P?L<;FG?>?CR;;J„JIO=IMJ;MMIM>?JICM :I6C=6DG6CE:86D
NCGI *;M?OMCHNI
KO? >?P?LC; @CR;L ?F?G?HNIM  , JI?G; M?LP? J;L; CMMI
 <?G =IGI =?LN;M
MCNO;ƒ‘?M >? LIG;H=? IO =IHNI IO N?;NLI  , L?MNI „ KO?MN‚I >? L?=B?CI ? H‚I
@;ƒI>CL?CNI
Z -ICM „
 G;M IM ?F?G?HNIM M‚I I ?MM?H=C;F #CR;L I =;L<IHI „ G?HIM
CGJILN;HN?KO?@CR;L;BCMNLC;>IM$O?LG;HN?M
Z=BII<M=OL;G?HN?KO?IM?F?G?HNIMJ;L;IMKO;CM;JIHNIM‚IOGN?LGI
>; 4@>A@D:xw@  &HP?LN? M? I JIHNI >? PCMN; >; KOˆGC=; ?M=IF;L  .O;H>I ;
=IGJIMCƒ‚I =B?AIO ;I M?O FCGCN? ?RNL?GI
 ;<L? M? I N?LLCNLCI >I ?F?G?HN;L
#CR~ FIM?
M?JIMMˆP?F
M… FIM

 


"G OG; IO IONL; ;HIN;ƒ‚I


 *IL?FFC NCHB; M? GIMNL;>I =OLCIM;G?HN?
?RJFˆ=CNIKO;HNI;MO;MCHN?Hƒ‘?M !;H>IGIMNL;M>?OG?MNL;HBI;H;=LIHCMGI

CHN?L?MM;P; M?JIL?MNO>IMIO>?M?MNO>IMN;CM=IGIIT?H <O>CMGI


KO?H;KO?F;
„JI=;?L;;OLNC=~LC;>;362E86?6C2E:@? ,;H;=LIHCMGIH‚I?MN;P;HCMMI
G;M
HI @;NI >? *IL?FFC J;L?=?L GOCNI G;CM L;>C=;F ? DIP?G ?G MO;M ?RCA…H=C;M
?MJCLCNO;CM >I KO? IM DIP?HM =;FC@ILHC;HIM ?G<LC;A;>IM >? J;F;PL;M MHM=LCN;M ?
=?LP?D;?GF;N; 2G;>;M;HIN;ƒ‘?M;FO>C;MOTOEC;H;G?HN?FCHAO;A?G=IGI
OG; ?MJ„=C? >? ?R=F;G;ƒ‚I IO ALCNI MOLAC>I >CL?N;G?HN? >; ?RJ?LC…H=C;
CHN?LCIL  0?AOC;G M? P~LCIM ?R?GJFIM >? >C~FIAIM ?HNL? G?MNL?M ? >CM=ˆJOFIM

=IGJF?N;G?HN?CHCHN?FCAˆP?CMJ;L;IIOPC>IL;=CIH;F?J;L;NI>;FAC=;>O;FCMN;
? <CH~LC;
 <?G =IGI >? L?MJIMN;M >IM G?MNL?M M J?LAOHN;M >? M?OM >CM=ˆJOFIM

=IHMCMN?HN?M >? GI>I A?L;F =IG ;JFC=;L FB?M OG; <?HA;F;>; H; =;<?ƒ;
 ;NCL;L
FB?M OG; D;LL; >~AO;
 ?RJOFM~ FIM >; =;M; ;IM M;@;H‘?M IO
 H; G?FBIL >;M
BCJN?M?M
L?J?NCL;J?LAOHN;H;=;L;>?F?M *IL?FFCJ;L?=C;M?GIP?LPIHN;>?
H?MM? OHCP?LMI ;J;L?HN?G?HN? >?G?H=C;F ? >;L JIL =?LNI KO? ?MM;M =IH>ON;M
G;ACMNL;CM =IHMNCNOˆ;G ; P?L>;>?CL; FCƒ‚I
 I ’HC=I >@5@ >? ;<LCL I IFBI
?MJCLCNO;F >I >CM=ˆJOFI ? L?P?F;L FB? ; P?L>;>?  =B;P; ?MM; PCIF?HN;
CLL;=CIH;FC>;>? ?2EFC2=
 HI M?HNC>I >? KO? ;<IFC; ;M ?MNLONOL;M =IHMNCNONCP;M >;
?MJ?=C;FC>;>? >I ,=C>?HN?
 IM ?CRIM ?G NILHI >IM KO;CM ACL; I ?HN?H>CG?HNI
BCMNLC=I >I BIG?G
 ? KO? N…G HI J?HM;G?HNI >CM=OLMCPI ? CH=FOMCP? HI
M?HNCG?HNI?MN„NC=I?;N„JI„NC=IICHMNLOG?HNI?M=IFBC>I
, NIG >;M ;HIN;ƒ‘?M ;JIHN;G?HNIM PIFN;>IM J;L; ; =IHMNLOƒ‚I >? OG;
GH?GIN„=HC=;IOJ;L;OG@CGH‚IGOCNI<?G?RJFC=;>IJ;L?=C;CH>C=;LKO?
*IL?FFC M? >?>C=;P; ; OG; ;P?HNOL; ;H~FIA; H; I<L; KO? J?HIM;G?HN? PC?L;
?M=L?P?H>I?JO<FC=;H>I;IFIHAI>;KO?F?M;HIM -;L;;FAOHM>?M?OMF?CNIL?M?
J;L;?F?G?MGI
;=;<;P;M?H>ICLLCMLC;;CHN?Hƒ‚I>??M=L?P?LOG;?MJ„=C?>?
LIG;H=? KO? JL?M=CH>CMM? >;M ;LNC=OF;ƒ‘?M FAC=;M >I >CM=OLMI  =;<;P; M? JIL
;>CPCHB;L;FAI=IGIOG;NL;HM;ƒ‚I
OGJLI=?>CG?HNI?G<IL;M?G;HNCP?MM?I
;<MOL>I>??M=IFB?LOG;H;LL;ƒ‚IJ;L;@CHMKO?H‚IJ;L?=C;GH;LL;NCPIM

 

-ILKO?H‚IJ?LAOHN;?L;@ILGOF;>;J?FIJLJLCI*IL?FFCHOGJ;J?FKO;>LC=OF;>I?G=OD;G;LA?G
B;PC;OG;FCMN;>?F?AOG?M
JLIP;P?FG?HN?OG>6>6?E@3F772?5: ,MJLI@?N;M
IMGˆMNC=IM
;HICN??M=OL;
>;;FG;ONCFCT;ƒ‚I@L?KO?HN?>IL?F;NI?G@ILG;>?;JFIAIIOPCM‚I  F;LIKO?OGLIG;H=?X*;M?MM?
?MJ;HNI H;M=C; G;CM >; G;HC; A?H„LC=; ? =F;MMC@C=;NLC; >I MˆGCI I=C>?HN;F KO? >? OG; P?L>;>?CL;
=IHNL;>Cƒ‚ICHN?LH;
0?G=IHN;LKO?
KO;HNIG;CMPCIF?HN;@IMM?;=IHNL;>Cƒ‚ICHN?LH;
G;CM?@C=~=C;?F;JI>?LC;>;L;OG;

>CA;GIM
N„=HC=;F;T?H "GFOA;L>;<?HA;F;>;H;=;<?ƒ;
OGLIG;H=?;<MIFON;G?HN?;HNCLLIG;H=?

=IGI=IHM?KO?HN??MJ;HNI?I=IHM?KO?HN?=BIKO?
?N;FP?T=IGOG;;<?LNOL;J;L;IMG;CM;PCM;>IM
 IGI ?MJ?L;Hƒ; >?MN? ’FNCGI JIHNI
 IONLI J;J?FTCHBI L?NIG;P; ; =CN;ƒ‚I MOTOEC;H; HI M?HNC>I >?
KO? ; =IGJL??HM‚I >; ?MNL;HB; FCHAO;A?G >IM G?MNL?M MCAHC@C=; ; =IGJL??HM‚I >? MC G?MGI J?FI
>CM=ˆJOFI
?H‚I;>IMCAHC@C=;>I>?MM;FCHAO;A?G  IHNL;LC;G?HN?;IKO?JI>?LC;>?>OTCLI;MNONI@CFMI@I
?OLIJ?O
;FCHAO;A?G>IG?MNL?T?HNL;HMGCN?C>?C;M?H‚IM?HNCG?HNIMIOCHNOCƒ‘?M -ILCMMIH‚IM?LP?
?HKO;HNIFCHAO;A?G?GMC
G;M
PCMNIKO?;?M=IFB;>;M@L;M?M=;<?;IG?MNL?
IGCMN„LCIM?>~H;L?AC‚I
KO?„JLJLC;;?MN?
?I>CM=ˆJOFIM?;<L?J;L;MCG?MGI
M?=IGJL??H>?
?;@L;M?<;H;FM?NL;HM@ILG;?G
M?HB;
-ILCMMI"NC?HH?
KO?B;PC;?MNO>;>I;H;FCNC=;G?HN?IMNLOKO?M>?*IL?FFC=ICM;KO?J;L;,FCP?CL;
N?LC;J;L?=C>IOG;A;L;HNC;>?@L;=;MMI
;=L?>CN;P;L?=IHB?=?L?G=?LN;MJ;MM;A?HM>IFCPLI
CH=FOMCP??G
=;JˆNOFIM CHN?CLIM
 OG; ?MJ„=C? >? ACA;HN?M=; ;GJFC;ƒ‚I 25 FDF> 9@>@ D2A:6?D >? =?LN;M <I@?N;>;M T?H
*IL?FFC =B;G;P; ?MM;M J;LN?M >I FCPLI >? U;LKO?JˆNOFIMW ? U=;J?NCJIMW
 ;<?LL;ƒ‘?M P?L<;CM ?G KO? M?
;>CPCHB;P;OG;GCMNOL;H‚IJIL;=;MIDIS=C;H;  IGL?F;ƒ‚I;IKO?IM;LKO„NCJIMN?LC;G;@;T?L;FC
CMMI
?L;N?G;>?>?M;MMIMM?AIJ;L;4IHA?$L?AILIPCOM
,<M?LP;ƒ‚I>?"NC?HH?!?G;H?CL;;FAOG;*IL?FFCJ;L?=C;KO?L?LMO<CLH;~LPIL?>?I>BC
HI
GIHN?0CH;CIO?GKO;FKO?LJF;N;@ILG;L?P?F;NLC; +‚IM?JLIJOHB;;NCNO>?MG;ACMNL;CM;J;LNCL>;MKO;CM
AOC;L I F?CNIL LOGI ; HIP;M ? P?L>?D;HN?M JL;>;LC;M  0?G M?LPCFCMGI I P?FBI ?L; >? ILCA?G CN;FC;H; ? „
JL?=CMI >CT?L KO? M? F;Hƒ;P; @;=CFG?HN? ;I > >? J?CNI
 ?M=L?PC; =IGI M? ?F? JLJLCI
 HOG; N?HN;NCP;
>?M?MJ?L;>; ? =IGIP?>IL;
 CG;ACH;MM? I G?MNL? KO? >?P?LC; CFOGCH~ FI  0IFN;P; MO; @L;M? T?H
 @C=;P; ;
IOPC F;ZMP?T?M;IFIHAI>?=CHKO?HN;J~ACH;M
;KO?F?NL?G?H>I=LHCIZ
?N?LC;MC>I;<MOL>I?>?
G~ @„CG;ACH;LKO?;KO?F;MJ~ACH;M?MNCP?MM?GILC?HN;>;MJ;L;OGF?CNIL 0?*IL?FFC;MJO<FC=;P;?L;?G
J;LN? >?PC>I ; M?O F;>I CN;FC;HI U/CNILH; PCH=CNILW
 ?G J;LN? JILKO? ?MN;P; ?H=;HN;>I JIL M?L?G N‚I
PCMNIM;M
 "NC?HH? PC; ?G *IL?FFC I J?L@?CNI I=C>?HN;F
 I =IFIHCT;>IL  IH=FOˆ>; MO; GI>?MN; =IFB?CN; >?
J;JIOF;M<’>C=;M
?F?PIFN;P;=IG;MM?G?HN?MJ;L;I.O;LNC?L);NCH 0?;>?LL;>?CL;L?P?F;ƒ‚IN;FP?T@IMM?
IKO?I>?CR;P;G;CM?MJ?L;HƒIMI
?L;JL?=CMIL?=IHB?=?LKO?M?OFCPLI=IHMCMNC;;HN?M>?G;CMH;>;HOG
?GJL??H>CG?HNI FCN?L~LCI
 DOMN;G?HN? JIL M? ;JL?M?HN;L =IGI OG; >?MNLOCƒ‚I >? @ILG;M >? @LGOF;M
FCN?L~LC;M
 "F? N;G<„G ?L; I=C>?HN;F
 KO? M?D; >CNI ?G M?O FIOPIL
 >?PC>I  =IHPC=ƒ‚I =LCMN‚ >? KO? H‚I
?RCMN?M;FP;ƒ‚ICH>CPC>O;FJIMMˆP?F?>?KO?IM?LLIM>?OGG;=OF;G;NI>IM?PC=? P?LM; 1;FP?TJILCMMI
J;FJCN? >? ,FCP?CL; ?M=IFBC; ; @ILG; LIG;H=? J;L; MO;M ;H>;Hƒ;M
 ? ;F„G >CMMI JO<FC=;P; I KO? C;
?H=IHNL;H>IIO>?M?H=IHNL;H>I


 HINˆ=C; =ILL?O=IGIOGL;MNCFBI>?JFPIL;
 ? JL;NC=;G?HN? I FO<? CHN?CLI
?MN;P;F~M>?T>;HICN? "NC?HH?JILN;>IL>;=B;P?
4IHACH=FCH;H>I M?;N„I
=B‚I J;L; H?ONL;FCT;L ; @OLCIM; L?=?Jƒ‚I >; T?F;>IL;
 G;CM KO?MN =? KOCFM
PC?HH?HN @C=B?
 HIH G;CM PL;CG?HN =?M „NL;HA?LM
 „=ION?T
 D? P?OR <C?H PIOM
F;CMM?LGIHN?LJOCMKO?PIOM>CN?MKO?PIOM…N?M>?M;GCM>OPCX>?GIHMC?OL
*IL?FFC
 G;CM KO;H> G…G? CF ;OL;CN @;FFO JL„P?HCL
 KOIC
 OH? <;H>? KOC
M;G‡H?  >CR B?OL?M >O MICL
 HIH
 PL;CG?HN
 $OMN;P?
 NO >?PL;CM J;LF?L ;O
MSH>C=
 ƒ; >?PC?HN NLIJ =IH ?N=
 ;<M ;LG;>; >I KO? /IH;F> =B;G;P; NB?
;FFCA;NILMMGCF?
/IH;F>?HNOMC;MG;>I?>;H>IN;JCHB;MH;M=IMN;M>?"NC?HH?

?GJOLL;H>I IJ;L;KO?;H>;MM?FIAI
-?LC=I/IG?LI;G;F>CƒI;H>I;FCN?L;NOL;

JLCG?CLI ;H>;L /,!"2


 #,2//2/"0
 M?AOH>I ;H>;L !, 1"2/
 N?L=?CLI ;H>;L
%200"+,1
 ?L; CH=LˆP?F >?G;CM
 /IH;F> =L;P;H>I OG =INIP?FI H;M =IMN?F;M >?

"NC?HH? ? @;F;H>I G;F >? ,FCP?CL;


 NB? <FII>S <;MN;L>
 DOMN ;HINB?L I@ BCM
JL;=NC=;FDIE?M&CG;ACH?
>CM>IH=
NOP;MG?@IONL?F;J;CR
NIC
-;LCM„M?GJL?
CMMI
 =;L;FBI
 OG; JILL; >? OG; ?M=;>;LC; ;NL~M >; IONL;
 ?O ?MNIO G;CM @;LNI
>CMMIKO?>IKOCHNI>I=;L;FBI 0CNIOMF?MA;LM>OGIH>?X4IHA?H=?LL;H>I
; G;L=B;
 4IHA MILLCMI J;L; $OMN;P?
 MILLCMI J;L; ; T?F;>IL;
 <FII>S <;MN;L>

=IŒI
 N; AO?OF?
 M;F;O>  +I KO;LNI ;H>;L ; JILN; >; >CL?CN; M? ;<LCO OHM NL…M
=?HNˆG?NLIM?-?LC=IPCOOGL;NIACA;HN?>?=;GCMIF;<L;H=;?MJC;H>I=IGOG
>IM IFBIM ? I H;LCT CHN?CLI  HN?M KO? ?F; JO>?MM? @?=B;L >? HIPI ; JILN;

=;FƒIO ;=IG OGM;J;NIJ;L;>?HNLI ?L?=CNIO J;L;?F; ;KO?F;BCMNLC; >? KO?


?HNL?;MM?LJ?HN?M
I<;MCFCM=I=LCIO;H;NOL;N‚IJ?ƒIHB?HNI?=IHKOCMN;>IL>?
NI>;M;MIONL;M
KO?=IGM?OMCFPI;M;MMIG<L;?=IGMO;=B?A;>;;M;@OA?HN;?
>CMJ?LM;
=IGM?OIFB;L;MG;N; *;>;G?/?H„);P;F?NN?
H„?#L;H=CFFIH
H‚I
?HN?H>?OAL;H>?=ICM;G;ML?MJIH>?O=IGOG;<O@;>;?OG?GJOLL‚I
-?LC=I
NCLIOIM;J;NI >?M?AOH>I;HN?M
 -)# +IKOCHNI@C=;L;GIFB;H>I"NC?HH?
CHNLI>OTCLMIF?H?G?HN?;=B;P?
Z +‚I JI>? M?L Z L?J?NCO /IH;F> J?F; ’FNCG; P?T  Z "MN;GIM MIHB;H>I

=IGI >CT?G ;M JLCH=?M;M >; 1IOL ?N 1;RCM  3I=… NLIOR? <?<C>;
 ;<MC? 2G
<IFIJ;L; ;LIHN?
M;<? AIL;;JILN;P;CM?;<LCL?N?L‚ICHˆ=CIIMJLI>ˆACIM

?MJ?LI KO;FKO?L =ICM; >?MN; HICN?


 B~ OG; ?MJ„=C? >? ;NGIM@?L; >? @CG >?
GOH>I
ZKO?F;<LOR;>?G?L>;KO;M?G?;LL?<?HN;IJ„Z>CMM?-?LC=IIFB;H>I
IM;J;NI Z<L;>?OG;P?T
BIG?G
H‚I;AO?HNIG;CMN;HN;?M=;>;
;<M *;M ; =B;P? H‚I @OH=CIH;P;
 ?G<IL; 4IHA
/IH;F> CHMCHO;MM? KO? H;M =?LCGŽHC;M CHC=C~NC=;M IM
"NC?HH? GIPCG?HNIM G;CM MCGJF?M P??G M? NL;P;>IM JIL
"NC?HH? #ILƒ;M KO? >?P?G M?L P?H=C>;M =IG -;=C…H=C; ?
4IHA MN’=C;   FOT ;J;AIO  .O? ;FAO„G ;ˆ ;=?H>; OG
-"/& , CMKO?CLI
 =;L;FBI  1O JIOLL;CM KO;H> G…G? J;LF?L
/IH;F> @L;Hƒ;CM
 HIH 1IH =IJ;CH F;LA?H=OF H?MN J;M F
-"/& ,
JIOL JCA?L NIH =B;L;<C;  2G @M@ILI
 /IH;F>
4IHA
*;F>CN;=B;P?
?H@?LLODIO
IP?FBIAO;L>;P;>?HNLI
;<M
>? OG =IJI =IG ~AO;  *IH =IJ;CH
 GIH =IJ;CH

"1&"++"
"1&"++" =?MNJ;MGIH=IJ;CH =BIKO??F?H‚IP?G 3I=…
;<M/IH;F> H‚I =IHB?=? ?F?  *?FBIL KO? PI=…  .O? H;>;
;<M;<M 4;HH;<?NMIG?NBCHABG?L>?
G;CM=?MNF;NIOL
/IH;F> >? ;<?F
 G; J;LIF?  G‡H? NIH <LCKO?N
 #F?OP?
/IH;F> ';OH?>?GIH=OF
F;JICMM?
KOIC +IM>C;M>I6CH„
"1&"++" JL?=CMI M? ;LG;L >? -;=C…H=C;  !ICM FCNLIM G;M >I
=BILOM
<IG -IL!?OM
H‚IP~>?CR;L=;CLH;?M=;>; "OG?
F?G<LI >? OG; HICN?
 HI F;<;G;  "L;G ;M ?MNL?F;M
 G?O ;GIL  %IQ @OHHS

SIO IOABN NI <? CH NB? L;>CI  -LIHNI


 ?MN~ =IG?ƒ;H>I ; ACL;L
 ?MN;P;
?HA;MN;FB;>;
I6CH
„=F;LI
MN;LM@?FFCHF;<;G;
>?CRIOG?OJ„>CL?CNI@?CNI
OG; G?L>;
 IONLI @M@ILI
 H‚I >~ JL; P?L KO;M? H;>;
 I• KO?FF? ?MN
 F;
GCHON?LC?+‚I@OH=CIH; 1?G;FAO„GJ;MM;H>I;G‚IH;GCHB;<OH>;
G?O
;GILX-MMNX-MMNX,4IHA?HNL;JLCG?CLIJ;L;?RIL=CT;LIM>?GŽHCIM B

>?D?CNIH?HBOG !~OG?GJOLL‚IH?F?
-?LC=I
;@CH;F?F?„=BCH…M
Z ;F;>IMZ>CMM?/IH;F> Z&MNI„IONLIN?LLCNLCI
M„LCI 0?;FAO„GP?CI
;N„;KOCJ;L;M?>CP?LNCL
JI>?M?G;H>;L -;MM?;MA;LL;@;M
N?MIOLI
?F;MM?GJL?
;=;<;G=;CH>IKO;H>IPI=…@C=;?GI=CIH;>;
Z +‚I AIMNI KO? @CKO?G G? ;J;FJ;H>I HI ?M=OLI Z >CMM? ;<M IFB;H>I
J;L;-?LC=I?4IHA
"NC?HH? J;MMIO F?HN;G?HN? ; G‚I J?FI <;N?HN? CHN?LHI >; JILN;  1I>IM
?MJ?L;L;G =;F;>IM KO? ?F? ?H=IHNL;MM? I CHN?LLOJNIL  , ;J;LN;G?HNI ?L;
J?KO?HI ? ?GJI?CL;>I
 ;M FOT?M <;CR;M ? >IG?MNC=;>;M I ?HPIFPC;G HOG ;L
>IOL;>IHIKO;FI FO<?JLCG?CLIMOMJCLIO;FCPC;>I?>?JICM@ICIFB;LIL?MNI>;
=;M;?CHN?L=;G<CIOCGJL?MM‘?M?GPIT<;CR;;L?JLI>Oƒ‚I>;N;<OF?N;>?2L
;
F?H>; >; JLI@;H;ƒ‚I >; BMNC; -;IFI 2==?FFI A:?I:E
 ;M @INIM >? -IOH> ? >?
*OMCF
IKO;>LCHBI>?!?0N;†F
;?HILGC>;>?>?FCPLIMJ?F;MJ;L?>?M
HI=B‚I

H;M G?M;M
 HI <;HB?CLI
 H; GCH’M=OF; =ITCHB; IH>? B;PC; OG IPI @LCNI ?HNL?
JI>L? ? J?NLC@C=;>I
 <?FˆMMCGI J;L; "NC?HH?
 FCR?CL; J;L; ;<M
 ?LAI >CM=OMM‚I
MC<CF;>; ?HKO;HNI 4IHA ;<LC; L?MJ?CNIMI I :DD6CE2E:@ 56 >@C3:D 2 72D4:?@ 6E
72D4:?@4@?EC2>@C3@D
>?7QCHA?L
-?LC=IHI;FNI>?OG<;HKOCHBI=IGI?L;
MO; ?MJ?=C;FC>;>? =IH@?LC; OG M?NIL >? JI?N;M ?MJ;HBCM >I M„=OFI >? IOLI

?R;GCH;P; OG J?KO?HI ;MNLIF~<CI >? ?MN;HBI ? G;L@CG


 ? /IH;F> >C;HN? >;
G?M; >? *IL?FFC M? CGI<CFCT;P;
 OG; A;LL;@; >? =IHB;KO? >?<;CRI >? =;>;
<L;ƒI
 @CN;H>I ; J;MN; >? P?FO>I P?L>?
 I FOA;L J?L@?CNI J;L; ;FT;= ? H‚I
*IL?FFCM?M?HN;LJ;L;?M=L?P?L "HN‚I?L;P?L>;>?
IP?FBINCHB;GIL;>I;FC
;
>ICMJ;MMIM>I FO<?
?IG;F>CNI?>CNIL>?=F;L;H>IKO??F??MN;P;H;dOMNLC;IO
H; IMN;L;P;NI>;P?TKO?J?>ˆ;GIMMO;M>CL?ƒ‘?MJ?FIN?F?@IH? MJ;MN;M
>CL?CN;??MKO?L>;
?HNL?PCHN??KO;L?HN;
>?NI>;M;M=IL?M
P;TC;MIO=B?C;M
?
HI G?CI >?F;M OG =CHT?CLI KO? ?L; =IGI IONLI ;LKOCPI >? *IL?FFC
 OG
;GIHNI;G?HNIJIGJ?C;HI>?=CHT;?@M@ILIMKO?CG;>IM
Z "F; DIAIO ; H;NOL?T; GILN; HI FCRI Z >CMM? "NC?HH?
 @OLCIMI  Z 0? ;
*;A; ?MNCP?MM? ;KOC H‚I >?CR;LC; H?G OG @CI >? =;<?FI H; =;<?ƒ; >?F;  *;M
PI=…
IG;LC>IX
Z,FB?Z>CMM?/IH;F>
;JIHN;H>I;G?M;J;L;;=;FG~ FI Z";F„G>CMMI
;<M >CMM? KO? ?F? ?MN;P; JI>L?
 J;L; KO? ?MM; N?CGIMC;  M?MM‚I ?MN~ ;<?LN;
"NC?HH?JL?MC>?
@;T?LIKO… "I;LA?HNCHI
Z "MN‚I @;FN;H>I I ;LA?HNCHI ? I NL;HMCFP;HI
 $OS
 KO? ?MN~ HI =;GJI
 ? ;
*;A;
 KO? H‚I M? M;<? JIL IH>? ;H>;  0?D; =IGI @IL
 B~ KOLOG  4IHA

L?>;NIL>;M;N;M
Z3;GIM?MJ?L;LOGJIO=IJIL,FCP?CL;?,MMCJ ;<M
N?MIOL?CL;
Z /IH;F>
 M?=L?N~LCI  /?MJIHM~P?F J?FI <;L  0Q??N
 A?N MIG? AF;MM?M
 QCFF
SIO
Z%IL;>ICHN?LP;FIZ>CMM?"NC?HH?
M?HN;H>I M?HOGF;>I>;G?M; Z,
FO<??MN~L?OHC>I?MN;HICN?J;L;;N?H>?L;OG>?M?DI>?*IL?FFC "HKO;HNI
,FCP?CL; H‚I =B?A;
 M? „ KO? ?F? P?G
 P;GIM <?<?L J;L; KO? I P?FBI PIFN? ;
M?HN;L M? ;KOC OG >C; >?MM?M  *‚? >I =„O
 KO? ?MJ?N~=OFI J?HIMI  -;L?=?GIM
OG J?M;>?FI KO? N;FP?T *IL?FFC ?MN?D; MIHB;H>I HI BIMJCN;F  %ILLˆP?F  .O?
=IHMN??G;N;
Z *;M ?HKO;HNI CMMI P;GIM @;F;L >?F? Z >CMM? /IH;F>
 KO? ?MN;P; =IG IM
IFBIM=B?CIM>?F~ALCG;MH;NOL;CM?FON;P;=IG;LIFB;>I=IHB;KO? Z+OH=;
B;P?L~IONL;M?MM‚I=IGI?MN;
?O?MN;P;@;T?H>IIHIPC=C;>IB;PC;;HIM?H‚I
M;<C; 3I=…N;G<„G
4IHA
PI=…N;G<„G
-?LC=I 1I>IM !;GHCN
&=IOF>=LS
j;MMCGKO?;A?HN?>?P?M?M?HNCLKO;H>I=B?A;;INIJI>?OG;GIHN;HB;IO
<;N?OGL?=IL>?
?MM?NCJI>?=ICM; 0ILLS
"NC?HH? JŽM ; G‚I HI IG<LI >?F?  1I>IM @IL;G M? M?HN;H>I ;I L?>IL >;
G?M; 4IHA;J;AIO;MFOT?M
?R=?NI;KO?CFOGCH;P;;J;MN;P?L>? "L;KO;M?
OG;=?H;J;L;"OM;JC;-;FF;>CHI
J?HMIO"NC?HH?
KO?L?MJ?CN;P;I?MJCLCNCMGI
IG?ƒ;L;G;@;F;L>IMFCPLIM>?*IL?FFC?;<?<?L=IHB;KO?
 


$L?AILIPCOM
 ;A?HN? >? @ILƒ;M B?N?L=FCN;M
 NCHB; M? CHN?L?MM;>I JIL OG;
;HIN;ƒ‚I >? *IL?FFC U&HN?LH;L M? HOG; L?;FC>;>? IO HOG GI>I JIMMˆP?F >?
OG; L?;FC>;>? ? M?HNCL =IGI ;KOCFI KO? HOG; JLCG?CL; CHMNH=C; J;L?=C; I
;<MOL>I G;CM >?M;@IL;>I
 J;MM; ; P;F?L
 ; ;LNC=OF;L M? =IG IONL;M @ILG;M

;<MOL>;M IO H‚I


 ;N„ KO? >I N?=C>I >CP?LA?HN? ?G L?F;ƒ‚I ;I >?M?HBI
?MN?L?INCJ;>I >? =;>; >C; MOLD; ? M? >?@CH; OG >?M?HBI =I?L?HN? KO? M JIL
=IGJ;L;ƒ‚I N?G?LIM; =IG I IONLI J;L?ƒ; CHM?HM;NI IO >?FCL;HN? IO
CH=IGJL??HMˆP?F  +I ?HN;HNI
 H‚I ?MN;L?C J?=;H>I JIL ?R=?MMI >? =IH@C;Hƒ;
+?A;L M?;@;T?LAD:4@=@8:2D?IOM;L;IG?MGIN?GJIJŽLOGF?CNILZOG=?LNI
F?CNIL
„P?L>;>?Z?G=IHN;NI=IG OGGOH>IA6DD@2=
 =IGOG;PCP…H=C; ?
OG; L?@F?R‚I J?MMI;CMX "MM? F?CNIL =;L?=?L~ >? NI>; JIHN?
 >? NI>; FCA;ƒ‚I
CHN?LG?>C~LC;
>?NI>;;LNC=OF;ƒ‚I=;OM;F M=ICM;M?G?MN;>I<LONI=IH>ON;M

L?MOFN;HN?M
 LOJNOL;M
 =;N~MNLI@?M
 CLLCM‘?M  +I FI=;F IH>? >?P?LC; B;P?L OG;
>?MJ?>C>;B~OG>?M?HBIH;J;L?>??GP?T>?OGALCNI
OG;P;L;>?J?M=;L
OG; GILN? „ >?=C>C>; HOG NLCI J;L; <;H>IFCHM  " CMMI „ >?MJ?>C>;
 ALCNI ?
GILN?
G;MKO?G?MN;L~>CMJIMNI;>?MFI=;L M?
;>?M;@IL;L M?
;>?M=?HNL;L M?
;
>?M=I<LCL M? M @ILG;M ?RN?LCIL?M >I LIG;H=? GO>;L;G
 G;M M?OM B?LCM
=IHNCHO;G M?H>I ;M L??H=;LH;ƒ‘?M >? 1LCMN‚I
 >? ';H? "SL?
 >? );@=;>CI
 >?
)?IJIF>FIIG
J?MMI;M>;LO;
>?=;M;
>;;F=IP;
A6CD@?286?D -;L;OGB?LC
=IGI 2FLC=B >@C6 *OMCF IO *IFFIS >@C6 ?=E?NN
 B~ KOCHB?HNIM !;LF?S
>@C6 !OLL?FF  +I KO? G? >CT L?MJ?CNI
 ?O G? J?LAOHNI M? ;FAOG >C;
=IHM?AOCL?C>;L;M;<?LKO?IP?L>;>?CLI?’HC=IJ?LMIH;A?GKO?G?CHN?L?MM;
„IF?CNIL
H;G?>C>;?GKO?;FAI>IKO??M=L?PI>?P?LC;=IHNLC<OCLJ;L;GO>~
FI
>?MFI=~ FI
=;OM;L FB??MNL;HB;G?HNI
;FB?~ FIW J?M;L>;N~=CN;=IH@CMM‚I>?
>?LLIN; >; ’FNCG; @L;M?
 /IH;F> PC; H?MM; ;HIN;ƒ‚I OG; ;LLIAH=C; KO? FB?
>?M;AL;>;P;

 


";MMCG„KO?IMKO?HIMCFOGCH;GM‚IIM=?AIM
MMCG „ KO? ;FAO„G
 M?G M;<?L
 FB? GIMNL; CLL?@ON;P?FG?HN? OG =;GCHBI
KO? ?F? G?MGI M?LC; CH=;J;T >? M?AOCL   *;A; H‚I M;<?L~ D;G;CM =IGI M?O
>?>I ;JIHN;P; J;L; I @CHI NL;ƒI KO? NLCH=; I ?MJ?FBI
 ;N„ KO? JIHNI =?LNIM
MCF…H=CIM
 =?LN;M ;N?Hƒ‘?M ;<MOL>;M
 =?LN;M =ILLC>;M >? =?HNIJ?C; >?MFOG<L;>;
?L;GIM;HNI?M?HB;J;L;G?OMFC>I?MN;L?GGCGG?MGI
KO?H‚I?L;?MN;L
?G;FAOGFOA;L "H@CG
CMMI>INL;ƒI@CHIX0?KO?L?MM?L@?FCT=IGIG?>CT?M
H‚IJI?NCT?M
%IL;=CI
H‚IJI?NCT?M
3CMNII<D?NCP;G?HN?"F;?L;CH=;J;T>?G?GIMNL;L@IMM?IKO?@IMM?>?HNLI
>I G?O N?LL?HI
 CH=FOMCP? HI >?F; ACL;P; >?M=IH=?LN;>;
 N;N?;H>I
 ;J;FJ;H>I
2GGIL=?AI@L?H„NC=I
I>?M?HBI>;GIM=;HI;L>IKO;LNI !?L?J?HN?
J;L;
GCGM?HN;>I;FCIFB;H>IJ;L;?F;
OGCH>ˆ=CI
OGJL?MM?HNCG?HNI 0?GKO??F;
MIO<?MM?
;L;T‚I>?MO;MF~ALCG;MIO;IL>?G>;MMO;M=IGJL;MIOMO;G;H?CL;
>? @LCN;L <;N;N;M ?L;G D:8?@D  *IL?FFC @;F;P; >? ;FAI J;L?=C>I KO;H>I ?M=L?PC;
U)?CNOL; >? %?CM?H<?LA ;N„ I G?CI >C;
 ;HIN;ƒ‘?M
 @C=B;M  , @CFBI >; T?F;>IL;
NL;T GCHB; =ILL?MJIH>…H=C; ? @;F;GIM >? OG GI>?FI >? ;PC‚I KO? ?F? ?MN~
GIHN;H>IH;=ITCHB;>;=;M;>?F? "HKO;HNIG?=IHN;
>~>ICMJOFCHBIMMI<L?
IJ„?MKO?L>I
NL…MMI<L?I>CL?CNI
>ICMMI<L?I?MKO?L>I -?LAOHNIJILKO?>ICM
? NL…M ? H‚I >ICM ? >ICM IO NL…M ? NL…M  "F? IFB; J;L; GCG MOLJL?MI
 H‚I
=IGJL??H>?  0?HM;ƒ‚I >? KO? %?CM?H<?LA ? ?O ?MN;GIM >I IONLI F;>I >? OG
N?LLCNLCI
?HKO;HNIIG?HCHI;CH>;?MN~GIHN;>I;=;P;FI
=IGOGJ„>?=;>;
F;>I
M?GM;<?L
?KO?FIAI?MN;L~MIG?HN?>IHIMMIF;>I?NI>;=IGOHC=;ƒ‚I
N?L~ M? J?L>C>I  IGOHC=;ƒ‚I =IG KO…
 J;L; KO… "H@CG
 P;GIM =IHNCHO;L
F?H>IKO?GM;<?%?CM?H<?LAXW

 


Z+‚I„;JLCG?CL;P?TKO??F?G?H=CIH;I?GJI<L?=CG?HNI>;FCHAO;A?G
Z>CMM?"NC?HH? Z"OJI>?LC;=CN;LP~LCIMGIG?HNIM?GKO?IMJ?LMIH;A?HM
>?M=IH@C;G >? MC G?MGIM H; G?>C>; ?G KO? M? M?HN?G >?M?HB;>IM JIL M?O
J?HM;G?HNI?M?O>CM=OLMI?N?G?GKO?I>?M?HBIM?D;?HA;HIMI %IHH?OL>?M
BIGG?M
0;CHN);HA;A?X"MN;GIMFIHA?>CMMI
Z +‚I N‚I FIHA? Z >CMM? /IH;F>  Z , KO? *IL?FFC KO?L „ >?PIFP?L 
FCHAO;A?G IM M?OM >CL?CNIM  #;F; ?G ?RJOLA~ F;
 =;MNCA~ F;
 NLI=;L U;<;CR;LW JIL
U>?M=?LW =IGI G?>C>; BCAC…HC=; G;M HI @OH>I I KO? ?F? KO?L „ >?PIFP?L ;I
P?L<IU;<;CR;LWNI>IIM?O<LCFBI
J;L;KO??F?JIMM;M?LOM;>I=IGI?OOMIIM
@M@ILIM
?H‚I=IGI@L;AG?HNI>?=IL;NCPI
=IGIOGFOA;L =IGOG
Z j
 G;M ?MM? =IG<;N? M? >~ ?G P~LCIM JF;HIM Z >CMM? ,FCP?CL; M;CH>I >?
OGJLIFIHA;>IGONCMGI Z+CMMI;ˆKO?PI=…;=;<;>?F?LJ;L;HM@C=;<?G
=F;LI KO? *IL?FFC =IH>?H; H; FCHAO;A?G I L?@F?RI >? OG; JNC=; ? >? OG
&C82?F>@;FMIMIOCH=IGJF?NIM
KO?HIMG;M=;L;G;L?;FC>;>?
;BOG;HC>;>?
+I @OH>I ?F? H‚I M? CGJILN; N;HNI =IG ; FCHAO;A?G
 ; H‚I M?L HI JF;HI
?MN„NC=I *;M?MM;L?@?L…H=C;;I6E9@D„CH?KOˆPI=; *IL?FFC?HN?H>?KO?IG?LI
?M=L?P?L?MN„NC=I„OG>CM@;L=??OG;G?HNCL;
KO??F?;=;<;MOM=CN;H>IIF?CNIL
@…G?;
 I MOD?CNI KO? H‚I KO?L JLI<F?G;M ? MCG MIFOƒ‘?M
 IO @;FMIM JLI<F?G;M
;FB?CIMKO?FB?J?LGCN?GMI@L?L=IGI>;G?HN?M?HN;>I?GMO;JIFNLIH;
M?GM?
?HPIFP?L HI >L;G; KO? N;G<„G >?P?LC; M?L >?F?  +; LA?HNCH;
 M? „ KO? I
FO<? G? J?LGCN? CH=ILL?L ?G FI=;FCMGIM
 ?MM? NCJI >? >CM@;L=? HIM G;HN?P?
GOCNI=IHN?HN?M?M;NCM@?CNIM>OL;HN?OGM„=OFI
Z#?FCT>;KO?F?KO??H=IHNL;M?OMJ;L?M
IMF?CNIL?M;NCPIMZL?=CNIO4IHA
Z "MN~ H?MN? J;J?FTCHBI ;TOF
 J;MN;   .O;H>I FC *IL?FFC J?F; JLCG?CL; P?T
?G*?O>IH
OG@CFG?M?=L?NI
;GCAIM=O<;HIM;=B?CKO?IFCPLICHN?CLI?L;;
$L;H>? 1;LN;LOA; >? J?LH;M J;L; I ;L  !C@ˆ=CF >? ?HN?H>?L  *IL?FFC „ OG
@CFMI@I?RNL;IL>CH~LCI
?G<IL;MP?T?MMOG;G?HN?C>CIN;
Z.O?H?GPI=…Z>CMM?-?LC=I>?M=?H>I>I<;HKOCHBI?;<LCH>I?MJ;ƒI;
=INIP?F;>;MHI=ˆL=OFI>;G?M; Z1I>;M?MM;M@;HN;MC;M>?=ILLCACL;FCHAO;A?G
M‚I PI=;ƒ‘?M >? ;=;>…GC=I
 A;LINI
 J;L; H‚I >CT?L >? AL;G~NC=I  <;CR;L IO
>?M=?L
;P?L>;>?„KO?IJ?LMIH;A?G>?MJ?H=IO?M=;>;;<;CRI?;=;<IO M?
Z-?LC=IZ>CMM?"NC?HH?ZHIMM;FP;>?OG=IH@CH;G?HNI?R=?MMCPI
>?CL
;NL~M>?;<MNL;ƒ‘?MKO?*IL?FFCMP?T?M;>IL;
Z ,FB? Z >CMM? -?LC=I
 =IGCH;NLCI  Z -;L; GCG
 ?MM; BCMNLC; >?
;<MNL;ƒ‘?MX
,=IHB;KO?KO?CGIO;A;LA;HN;>?,FCP?CL;
KO?>?MFCT;P;;AL;>?=C>IJ;L;;
>CM=OMM‚I H; KO;F ;CH>; JI>?LC; M? J?L>?L JIL OG N?GJCHBI  +OG NL?=BI
KO;FKO?L H‚I M;<C; ?R;N;G?HN? KO;F
 M?LC; JL?=CMI JLI=OL;L *IL?FFC >;P;
;FAOG;M JCMN;M MI<L? OG G„NI>I >? =IGJIMCƒ‚I  0?O JLI<F?G; JL„PCI ?L;
M?GJL?IL?MM?=;G?HNI
OGBILLILG;FF;LG?;HI>C;HN?>;J~ACH;?G<L;H=I

=ICH=C>?HN? =IG ; H?=?MMC>;>? >? ;<LCL =;GCHBI ; KO;FKO?L =OMNI  &H?PCN~P?F


KO?OG;J;LN?>?MO;I<L;@IMM?OG;L?@F?R‚IMI<L?IJLI<F?G;>??M=L?P… F; "
;MMCG C; M? ;@;MN;H>I =;>; P?T G;CM >; ONCFCT;ƒ‚I JLI@CMMCIH;F >; FCN?L;NOL;

JL?=CM;G?HN?>INCJI>?=IHNIMIOJI?G;MKO?FB?B;PC;GP;FC>IM?OJL?MNˆACI
CHC=C;F  "G IONLI NL?=BI *IL?FFC ;@CLG;P; N?L L?FC>I =IG HIMN;FAC; ? ;N„ =IG
;MMIG<LIN?RNIMM?OM>?;HIM;HN?LCIL?M  IGI?MM;MCHP?Hƒ‘?MB;PC;GJI>C>I
<LIN;L
?MM?>?M>I<L;G?HNIG;L;PCFBIMIG;MN‚I@~=CF?N‚IMCGJFC@C=;NCPI>?OG
H;LL;>IL?MO;H;LL;ƒ‚I+;KO?F?N?GJI?L;=IGIM?IKO??M=L?PC;D~?MNCP?MM?
?MN?H>C>I>C;HN?>?F?
?M=L?P?L?L;J;MM;LOG;)?NN?L;JIL=CG;>?J;F;PL;M
CHPCMˆP?CM G;M JL?M?HN?M
 =IGI I >C;G;HN? J?FI MOF=I >I >CM=I  AIL; M
=IHM?AOC; ?M=L?P?L F;<ILCIM;G?HN?
 ?R;GCH;H>I ; =;>; J;MMI I JIMMˆP?F
=IHNL~LCI
 ; I=OFN; @;F~=C; M?LC; JL?=CMI L?F?L
 J?HMIO ,FCP?CL;
 OG =OLCIMI
NL?=BIKO?@;TC;;M>?Fˆ=C;M>?"NC?HH?
MOMJ?CN;H>IKO?NI>;C>?C;=F;L;@IMM?
M?GJL? ?LLI IO G?C; P?L>;>?
 >?M=IH@C;H>I >;M J;F;PL;M KO? N?H>C;G ; M?
ILA;HCT;L ?O@ŽHC=;
 LCNGC=;G?HN?
 =IG I LIHLIH;L @?FCT KO? BCJHINCT; I F?CNIL
>?JICM>?NL;HM@ILG;LIJLJLCI?M=LCNIL?GMO;JLCG?CL;PˆNCG; U0CG
G;MI
P?LMIXW
U0CG
G;M;KO?F;;HIN;ƒ‚I?GKO??F;@;F;>IDH:?8KO?>?M?H=;>?C;
I >CM=OLMIXW  %;PC; P?T?M ?G KO? *IL?FFC IJN;P; JIL OG; =IH=FOM‚I
;G;LA;G?HN? MCGJF?M D~ H‚I NCHB; H;>; ; >CT?L
 IM L?@F?RIM =IH>C=CIH;>IM >;
JLI@CMM‚I=IH@OH>C;GH?=?MMC>;>?=IGLINCH;
=;MINˆJC=I>IM?M=LCNIL?M>?G;CM
>? =CHKO?HN; ;HIM ? >IM AL;H>?M JL…GCIM  *;M ;I G?MGI N?GJI M?HNC; KO?
D;G;CM ?MNCP?L; N‚I >?M?DIMI
 N‚I H?=?MMCN;>I >? ?M=L?P?L  /?@F?RI
 LINCH;
 ?MM;
;HMC?>;>? >?FC=CIM; >? NL;P;L <;N;FB; =IHMCAI G?MGI
 FCHB; ; FCHB; -IL KO?

?GM?AOC>;
OG=IHNL;AIFJ?
INL;D?NI>?M=?H>?HN?>IJCMN‚I
;>’PC>;;HMCIM;

;;LC>?T
;L?H’H=C;
Z B?Z>CMM?,FCP?CL;Z
IH>??MN;P;;KO?F;J;MM;A?G>;J;F;PL;’HC=;
>?KO?PI=…AIMN;P;N;HNI
Z0?C>?=ILZ>CMM?"NC?HH? Zj;JL?JIMCƒ‚IUM?WM?AOC>;>?OG;HIN;
>?J„>;J~ACH;
KO?JILMO;P?TN?GOG;HIN;>?J„>?J~ACH;KO?JILMO;P?T
N?GIONL;HIN;>?J„>;J~ACH; "O?MN;P;>CT?H>I;I-?LC=IKO?;MN?ILC;M>?
*IL?FFCH‚IM‚I?R;N;G?HN?ILCACH;CM ,KO?INILH;@;M=CH;HN?„MO;JL~NC=;
;
@ILƒ;=IGKO?M?>?>C=;;>?M?M=L?P?L
=IGI?F?>CT
J;L;=IHKOCMN;LI>CL?CNI
?=IHKOCMN~ FI>?NI>IM>?NILH;L;?HNL;L=IGIJ„>CL?CNIH;=;M;>IBIG?G
2MI;MJLJLC;MJ;F;PL;M>?F?
IOIONL;MGOCNIM?G?FB;HN?M
Z-;L;MOLL?;FCMN;M>~?MI<L;Z>CMM?-?LC=I
Z +‚I M? NL;N; >? OG JLID?NI >? FC<?LN;ƒ‚I P?L<;F Z >CMM? "NC?HH?  Z ,M
MOLL?;FCMN;M ;=L?>CN;P;G KO? ; P?L>;>?CL; FCHAO;A?G ? ; P?L>;>?CL; L?;FC>;>?
?MN;P;G =?HMOL;>;M ? L?F?A;>;M J?F; ?MNLONOL; L;=CIH;FCMN; ? <OLAO?M; >I
,=C>?HN? 1CHB;GL;T‚I
=IGINI>IJI?N;M;<?
MKO?;=ICM;H‚IJ;MM;P;>?
OGGIG?HNIHI=IGJFC=;>IJLI=?MMI>?>?M=;M=;L;<;H;H; /?MOFN;>IG;CM
>? OG =IG?O ; <;H;H; =IG =;M=; ? NO>I  ,M MOLL?;FCMN;M M? J?H>OL;L;G H;M
J;F;PL;M?GP?T>?M?MIFN;L>?F;M>?P?T
=IGI*IL?FFCN?LC;AIMN;>I>?@;T?L;
J;LNCL >; JLJLC; J;F;PL;  #;H~NC=IM >I P?L<I ?G ?MN;>I JOLI
 JCNIHCMIM
@L?H„NC=IM
 ?F?M ;=?CN;L;G NO>I ;KOCFI KO? H‚I J;L?=?MM? ?R=?MMCP;G?HN?
AL;G;NC=;F  +‚I >?M=IH@C;L;G MO@C=C?HN?G?HN? KO? ; =LC;ƒ‚I >? NI>; OG;
FCHAO;A?G
G?MGI;NL;CƒI;H>IM?OM?HNC>IHI@CG
>?GIHMNL;CLL?@ON;P?FG?HN?
; ?MNLONOL; BOG;H;
 M?D; ?F; ; >? OG =BCH…M IO ; >? OG J?F? P?LG?FB;
)CHAO;A?G KO?L >CT?L L?MC>…H=C; HOG; L?;FC>;>?
 PCP…H=C; HOG; L?;FC>;>?
"G<IL;M?D;P?L>;>?KO?;FCHAO;A?GKO?ONCFCT;GIMHIMNL;C?*IL?FFCH‚I„
I ’HC=I ; ;JL?AI;L CMMI ;IM KO;NLI P?HNIM
 H‚I <;MN; KO?L?L FC<?LN~ F; >? M?OM
N;<OM jJL?=CMIL? PCP… F;
H‚IL? ;HCG~ F;
Z,NIG„MIF?HˆMMCGI
Z "MN~ ?G KO;FKO?L <IG NL;N;>I >? @CFIMI@C; Z >CMM? NCGC>;G?HN?
$L?AILIPCOM
 KO? NCHB; @IFB?;>I ?HNIGIFIAC=;G?HN? ;M J;MN;M >? =;LNIFCH; ?
J;L?=C; G?CI ;>ILG?=C>I  Z +‚I >~ J;L; L?PCP?L ; FCHAO;A?G M? H‚I
=IG?ƒ;LGIM ; CHNOCL >? IONL; G;H?CL; KO;M? NO>I I KO? =IHMNCNOC HIMM;
L?;FC>;>? !IM?L;IP?L<I
?H‚I>IP?L<I;IM?L
Z &HNOCL Z >CMM? ,FCP?CL; Z „ OG; >?MM;M J;F;PL;M KO? M‚I J;O J;L; NI>;
I<L; +‚IP;GIM;NLC<OCL;*IL?FFCIMJLI<F?G;M>?!CFNB?S
>?%OMM?LFIO>?
4CNNA?HMN?CH   ’HC=; =ICM; =F;L; ?G NO>I I KO? I P?FBI ?M=L?P?O „ KO? M?
=IHNCHO;LGIM ONCFCT;H>I ; FCHAO;A?G ?G MO; =B;P? =ILL?HN?
 =IG MO;M
@CH;FC>;>?M=ILL?HN?M
GILL?L?GIMM?GN?LM;<C>IIP?L>;>?CLIHIG?>I>C; j
KO;M?NIFIL?J?NCLKO?HIMP?H>?G;PC>;
=IGI>CTC;*;F=IFG)IQLS
KO?HIM
@ILH?=?G ; PC>; JL„ @;<LC=;>;  *IL?FFC N;G<„G „ KO;M? NIFI ;I CHMCMNCL HCMMI

G;M"NC?HH?;=?LN;H;GIM=;AL;ƒ;M;MO;JL~NC=;
IP?FBIGIMNL;;M;ˆ>;
N;HNI
J;L;HM=IGIJ;L;MCG?MGI !?KO?M?LP?OG?M=LCNILM?H‚I@ILJ;L;>?MNLOCL
;FCN?L;NOL;"HM
KO?H‚IKO?L?GIMM?LF?CNIL?M @…G?;
>?KO?M?LPCGIMM?H‚I
@ILJ;L;=IHNLC<OCLN;HNIKO;HNIJIMMˆP?FJ;L;?MM;>?MNLOCƒ‚I
Z1O>I<?G
G;M?>?JICM
IKO?P;GIM@;T?L>?JICMZJ?LAOHNIO;<M
Z j I KO? ?O G? J?LAOHNI Z >CMM? ,FCP?CL;  Z N„ OHM PCHN? ;HIM ;NL~M
B;PC;;AL;H>?L?MJIMN;;-I?MC;
G?HCH;
;-I?MC; 1;J;P;GMO;<I=;=IG;
AL;H>? J;F;PL;  3CM‚I JI„NC=; >I GOH>I
 =IHKOCMN; >? OG; L?;FC>;>? JI„NC=;
*;M>?JICM>;’FNCG;AO?LL;PI=…>?P?N?LJ?L=?<C>IKO?CMMI;=;<IO /?MN;G
JI?N;M
HCHAO„GP;CH?A;LCMMI
G;MHCHAO„GF…IKO??F?M?M=L?P?G
Z+‚I>CA;<?MN?CL;Z>CMM?-?LC=I Z"OF?CIOGGIHN‚I>?JI?G;M
Z F;LI
 ?O N;G<„G  *;M I KO? CGJILN; H‚I M‚I IM JI?G;M
 =B?
 I KO?
CGJILN; „ ;KOCFI KO? IM MOLL?;FCMN;M ? NI>I JI?N; >?M?D; ? <OM=;
 ; @;GIM;
L?;FC>;>?JI„NC=; =L?>CN?
KO?LC>I
>?M>?GCFHIP?=?HNIM?=CHKO?HN;?MN;GIM
?G JF?H; L?;FC>;>? N?=HIFAC=;
 J?FI G?HIM ?MN;NCMNC=;G?HN? @;F;H>I  *OCNI
G;F
OG;J?H;
M?L~JL?=CMI;LL;H=;LIM=;<?FIM
G;M;P?L>;>?„?MM;
Z-ICMH‚I?MNIOH?G;ˆJ;L;;N?=HIFIAC;Z>CMM?-?LC=I Z#L?C)OCM
JIL
?R?GJFIX
Z"MN;GIM?GGCFHIP?=?HNIM?=CHKO?HN;?N;HNIM
Z"OM?C
=;L;FBI
Z+‚IJ;L?=?
Z *;M M?L~ KO? PI=… ;=B; KO? PIO ?HNL;L HOG; <;<;KOˆMMCG; JIMCƒ‚I
BCMNILC=CMN;
Z +‚I
 G;M ;=BI KO? PI=… >?PC; F?L IM DILH;CM  $IMNI N;HNI >; N?=HIFIAC;
KO;HNI PI=…
 M KO? J?L=?<I ; KO? JIHNI I GOH>I GO>IO HIM ’FNCGIM PCHN?
;HIM .O;FKO?LMOD?CNI=IGG;CM>?KO;L?HN;JLCG;P?L;MJL?=CM;M?>;L=IHN;

JILCMMI;J?LAOHN;>?;<MJ‘?*IL?FFC?;A?HN?=IHNL;;J;L?>? 1O>I<?G
;N;=;L=IGNI>;M;M@ILƒ;M;FCHAO;A?GJLIMNCNOˆ>;
;FCN?L;NOL;
JIL;MMCG>CT?L

@?CN;?GHIG?>?OG;L?;FC>;>?KO?;=L?>CN;GIMP?L>;>?CL;
KO?;=L?>CN;GIM
=IHKOCMN~P?F
KO?;=L?>CN;GIM?MN;L?G;FAOG;J;LN?>I?MJˆLCNI
=IGIJ?L>‚I
>; J;F;PL;  *;M I JLJLCI *IL?FFC H‚I P… G;CM KO? I F;>I H?A;NCPI >? MO;
AO?LL; 0?HN?KO?„I<LCA;>I;NL;P~ F;
=IGIPI=…?=IGINI>IMHM ">;ˆ
Z 0?D;GIM G?N>C=IM Z >CMM? "NC?HH?  Z !?CR?GIM I U? >;ˆW ?G J;T  
FCƒ‚I>?*IL?FFC„MO@C=C?HN?=IGIJLCG?CL;?N;J;
Z+‚I>~J;L;@;F;L?G?N;J;MM?GJL?MMOJILOG;G?N;
Z B;G? ?HN‚I >? BCJN?M? >? NL;<;FBI
 ;FAI >I NCJI  , KO? *IL?FFC
JLI=OL;„;FN?L;LIMB~<CNIMG?HN;CM>IF?CNIL  IGIPI=…P…
OG;=ICM;GOCNI
GI>?MN;
 H;>; =IGJ;L~P?F  NL;P?MMC; >IM FJ?M JIL Hˆ<;F  N„ ;AIL;
 J?FI
G?HIM
 H‚I B~ N;HN; G?N;@ˆMC=; ?G *IL?FFC
 @IL; I @;NI >? KO? PI=…
 %IL;=CI
OLC;=CI
 „ =;J;T >? ?H=IHNL;L G?N;@ˆMC=; HOG; F;N; >? GIFBI >? NIG;N?
*IL?FFC„OG;LNCMN;=IGOG;C>?C;?MJ?=C;F>;;LN?
KO?=IHMCMN?<;MC=;G?HN?
?G<IN;L;<;CRI;M@ILG;MM;=L;G?HN;>;M
=ICM;=ILLCKO?CL;?GNI>I<IG;LNCMN;
-IL?R?GJFI
?F?H‚IMOJILN;ILIG;H=?NCJILIFI=BCH…M ,FCPLIKO?M?F…>I
=IG?ƒI;I@CG=IGIOG<IGG?HCHI 3I=…D~>?P?N?LI<M?LP;>IKO??F?=;>;
P?T M? JL?I=OJ; G?HIM =IG ; FCA;ƒ‚I ?HNL? ;M J;LN?M
 =IG ;KO?F; BCMNLC; >?
KO? OG; J;F;PL; JOR; IONL;X .O;H>I F?CI *IL?FFC N?HBI ; M?HM;ƒ‚I >? KO?
?F? <OM=; OG; CHN?L;ƒ‚I G?HIM G?=HC=;
 G?HIM =;OM;F >IM ?F?G?HNIM KO?
G;H?D; >~ J;L; M?HNCL KO? I D~ ?M=LCNI =IH>C=CIH; JIO=I I KO? ?F? ?MN~
?M=L?P?H>I
JLCH=CJ;FG?HN?JILKO?IP?FBI
>?JICM >?=?HN?H;M>?J~ACH;M
D~
H?GM?F?G<L;>CL?CNI>IKO?@?T
Z/;T‚IJ?F;KO;FZ>CMM?-?LC=IZ;=IHN?=?>?OG;;H‚>;J~ACH;PCHN?
N?L>ICMG?NLIM?=CH=IH;J~ACH;=?G +IN?CCMMIG;CM>?OG;P?T %~=?H;M
KO?=IG?ƒ;GMM?CM>;N;L>??N?LGCH;GM=CH=I?G?C; 2GBILLIL
Z"=IGPI=…H‚I;=IHN?=?>?M?L;H‚IIOACA;HN?=IH@ILG?M?O?MN;>I>?
?MJˆLCNIZ>CMM?/IH;F>
Z*?L?@CLI;IMIG;Z>CMM?-?LC=I
Z"F?;=L?>CN;HIMIG;Z>CMM?,FCP?CL; Z,MIG;HIN?GJI =L?>CN;HI
N?GJI
 HI ;HN?M ? HI >?JICM  , =ICN;>I H‚I ?H=IHNLIO ?G A;P?N; H?HBOG;
OG;=;LN;MO;?M=LCN;B~PCHN?;HIM
H‚I;L?F?O
H‚IM?>?O=IHN;>?KO?H;>;
M? MOMN?HN; M? H‚I ?MNCP?L ?M=IL;>I =IG @;L?FI >? N?GJI
 M? H‚I CHP?HN;GIM I
N?GJIJ;L;H‚I?HFIOKO?=?L
Z1O>ICMMI„I@ˆ=CIZ>CMM?/IH;F> Z*;MJILNL~M
JILNL~MX
Z2GJI?N;Z>CMM?,FCP?CL;
MCH=?L;G?HN?=IGIPC>I Z3I=…>?P?LC;M?
=B;G;L ?BCH> IO ?SIH>
 G?O KO?LC>I ;G?LC=;HI  ,O 6IH>?L
 KO? „ OG;
J;F;PL;N‚IFCH>;
Z+;>;>CMMIN?LC;M?HNC>IM?H‚IBIOP?MM?OGJILNL~MZ>CMM?/IH;F> Z
.O;FKO?L <?MN M?FF?L ?M=L?P? G?FBIL KO? *IL?FFC  0? HM I F?GIM
 M? ?MN;GIM
;KOC?MN;HICN?
„JILKO?*IL?FFCN?GIKO?ICL>NCHB;
IKO?>?L?J?HN?N…G
OGGCHAMIO';=EMIH-IFFI=E
?H@CG
=B?A;>??R?GJFIM "JILKO?=B?A;>?
?R?GJFIM Z ALCNIO /IH;F> ?H@OL?=C>I
 ?HKO;HNI ;<M IFB;P; J;L; ?F?
;>GCL;>; ? <?<?H>IMO;MJ;F;PL;M>?OGMAIF?  Z 3IO =CN;L NO>I I KO? G? >?L
H; N?FB;  .O;FKO?L OG J?L=?<? KO? *IL?FFC H‚I =IGJFC=; ; JLJLC; PC>; JIL
AIMNI
 ? ;F„G >I G;CM M?O FCPLI „ OG; JLIPI=;ƒ‚I >?M=;L;>; =IGI NI>;M ;M
=ICM;MKO?P;F?G;J?H; +?MM?GOH>IN?=HIFAC=I>IKO;FPI=…?MN;P;@;F;H>I

*IL?FFCKO?LM;FP;L;FAOG;=ICM;KO??MN~GILL?H>I
G;MJ;L;M;FP~ F;„JL?=CMI
;HN?MG;N;L?MM;=ICM;
IOJ?FIG?HIM@;T?LN;G;HB;NL;HM@OM‚I>?M;HAO?KO?
@OH=CIH? =IGI OG; L?MMOLL?Cƒ‚I  , ?LLI >; JI?MC; @ONOLCMN; Z >CMM? /IH;F>

J;L; CG?HM; ;>GCL;ƒ‚I >? ;<M Z @IC KO?L?L =IG?HN;L I G;KOCHCMGI

CG;ACH;LKO?;MMCGM?M;FP;LC;G>;F?O=?GC; *;MH;GCHB;IJCHC‚IH‚IM?L~
@;F;H>IFCN?L;LC;G?HN?>IKO?;=IHN?=??G=;<I ;H;P?L;FKO?P;GIM?HN?H>?L
G?FBIL;L?;FC>;>?
Z 0O; IJCHC‚I G;H>; Z >CMM? ,FCP?CL;  Z IHNCHO?GIM ?G <OM=; >I
6IH>?L
 B~ GIHN‘?M >? 6IH>?LM J;L; CLGIM ;<LCH>I OG >?JICM >I IONLI  -;L;
=IG?ƒ;L
 ?O >CLC; KO? ?MM; L?;FC>;>? N?=HIFAC=; ;=?CN; BID? ?G >C; J?FIM
BIG?HM >? =C…H=C; ? J?FIM F?CNIL?M >I C2?46*@:C
 ?MM? GOH>I >? =ILNCMIH;

L;CIMA;G;??FOƒ‚I>IJFONŽHCIN?GN‚IJIO=I;P?L=IG;L?;FC>;>?KO;HNII
GOH>I>I)@>2?56=2)@D6 "M?IG?H=CIH?C;CH>;B~JIO=I;IHIMMI-?LC=I
@ICJ;L;@;T… FIP?LKO?M?OM=LCN„LCIM?MN„NC=IM?MO;?M=;F;>?P;FIL?M?MN‚I
H;
P?L>;>?
FCKOC>;>IM
?KO?IBIG?G
>?JICM>??MJ?L;LNO>I>;CHN?FCA…H=C;?
>I ?MJˆLCNI
 ;AIL; ?MN~ =IGI KO? NL;ˆ>I
 I<M=OL;G?HN? =IHM=C?HN? >? KO? MO;M
;LG;M M? PIFN;L;G =IHNL; ?F?
 >? KO? ; =OFNOL;
 ; =CPCFN
 I NLIOR?L;G ;N„ ?MN?
<?=I M?G M;ˆ>; IH>? ; <;L<~LC? >; =C…H=C; H‚I J;MM; >? OG; L?;ƒ‚I GOCNI
=IGJL??HMˆP?F -?L>‚IJ?FIPI=;<OF~LCI
Z&MMINO>ID~@IC>CNIJIL(F;A?MZ>CMM?$L?AILIPCOM
Z+‚I;FG?DIH?HBOG=IJSLCABNZL?MJIH>?O,FCP?CL; ZC>?C;„KO?;
L?;FC>;>?
 M?D; ?F; ; >; 0;HN; 0„
 ; >? /?H„ B;L IO ; >? ,JJ?HB?CG?L
 „
M?GJL? OG; L?;FC>;>? =IHP?H=CIH;F
 CH=IGJF?N; ? J;L=?F;>;   ;>GCL;ƒ‚I >?
;FAOHM CH>CPˆ>OIM >C;HN? >? OG GC=LIM=JCI ?F?NLŽHC=I H‚I G? J;L?=? G;CM
@?=OH>;KO?;>;MT?F;>IL;M>C;HN?>IMGCF;AL?M>?)IOL>?M =L?>CN;LHIKO?
>?HIGCH;G G;N„LC;
 ;=L?>CN;L HI KO? >?HIGCH;G ?MJˆLCNI
 PCP?L ?G
"GG;HO?FIO@;T?L=OLMIM>?T?H
=IHMC>?L;LI>?MNCHIBOG;HIOGJLI<F?G;
?=IHŽGC=I IO OG JOLI ;<MOL>I
 ; FCMN; „ FIHA;
 ; ?M=IFB; „ G’FNCJF;  *;M I
G?LI @;NI >? M?L JIMMˆP?F B;P?L ?M=IFB; ? >? ; FCMN; M?L FIHA; <;MN; J;L;
>?GIHMNL;LKO??MN;GIMH;JL„ BCMNLC;?H;JL„ BOG;HC>;>? +‚IMIOINCGCMN;

>OPC>I GOCNI KO? ;FAOG >C; N?HB;GIM ;=?MMI  P?L>;>?CL; BCMNLC; >;
P?L>;>?CL; BOG;HC>;>?  3;C M?L >C@ˆ=CF =B?A;L ;I @;GIMI 6IH>?L >? /IH;F>

JILKO?HCHAO„GB~>?H?A;LKO?IJLI<F?G;>;L?;FC>;>?JL?=CM;M?LJLIJIMNI
?G N?LGIM =IF?NCPIM
 H‚I H; G?L; M;FP;ƒ‚I >? ;FAOHM ?F?CNIM  %IG?HM
L?;FCT;>IM
BIG?HMKO?>?L;GIM;FNIJ;L;@IL;>IN?GJI?M?CHN?AL;L;GHOG;
MIG;
 JIL ;MMCG >CT?L X 0CG
 MOJIHBI KO? ?F?M N?HB;G ?RCMNC>I ? KO? ;CH>;
?RCMN;G  *;M H‚I <;MN;
 MCHNI KO? GCHB; M;FP;ƒ‚I
 MOJIH>I KO? ?O =IHMCA;
I<N… F;
 JL?=CM; M?L N;G<„G ; M;FP;ƒ‚I >? NI>IM
 ;N„ I ’FNCGI >IM BIG?HM  "
CMMI
P?FBIX'~H‚I?MN;GIMHIM=;GJIM>?MMCM
D~H‚IJI>?GIM?MJ?L;LKO?I
?R?GJFI >? OG M;HNI M?G?C? ; M;HNC>;>?
 KO? =;>; AOLO M?D; ; M;FP;ƒ‚I >?
NI>IMIM>CM=ˆJOFIM
Z 3IFN? >? ?H;L„M Z ;=IHM?FBIO "NC?HH?  Z 1?HBI ; CGJL?MM‚I >? KO?
?MN~P;GIM@;F;H>I>?*IL?FFC "J;L;?HA;N;L=IGIKO?PI=…?MN;P;>CT?H>I

J?HMIKO??MM?@;GIMI6IH>?LH‚IJI>?M?LCG;ACH;>I=IGI@ONOLIHIN?GJI
IO HI ?MJ;ƒI  , KO? *IL?FFC J;L?=? ?MN;L KO?L?H>I >CT?L „ KO? M?
=IHNCHO;LGIMFCGCN;>IMM=;N?AILC;ME;HNC;H;MH‚IM;CL?GIMD;G;CM>I;NIF?CLI
,KO?=B;G;GIM>?L?;FC>;>?
;P?L>;>?CL;L?;FC>;>?KO?N;G<„G=B;G;GIM
>?6IH>?LMP?T?M@;=CFCN;>;LGOCNIMHIG?M;OG;?HNL?PCM‚I
J?FIG?HIMM?
?PCN;KO?;HIƒ‚IM?@?=B??M??HA?MM?
?MM;P?L>;>?CL;L?;FC>;>?
L?JCNI
H‚I„
;FAIKO??MN~JILPCL
OG;G?N;
I’FNCGI>?AL;O
I@CG>?OG;?PIFOƒ‚I +‚I
„;FAIKO?D~?MN~;KOC
?GHM !~J;L;M?HNC F;
„MN?L;=IL;A?G>??MN?H>?L
;G‚IHI?M=OLI "O;MCHNIKO;H>I?MNIOJCHN;H>I
Z -I>? M?L I 1CHBIMI Z >CMM? ,FCP?CL;  Z -I>? M?L OG; G?L; ?R;FN;ƒ‚I
?MN„NC=; *;MN;G<„GJI>?LC;M?L?F; 0CG
N;G<„GJI>?LC;M?L?F;
Z"F;?MN~;KOCZ>CMM?;<MNI=;H>I;JLJLC;N?MN; Z"O;MCHNIKO;H>I
?MNIOOGJIO=I<…<;>;
IOKO;H>IX
0IFNIO OG; A;LA;FB;>; ? N;JIO I LIMNI  /IH;F> FB? >?O OG ?GJOLL‚I
=;LCHBIMI
Z+‚I?MN~Z>CMM?4IHA
GOCNIM„LCI Zj
Z -IL ?MM? =;GCHBI ; A?HN? H‚I P;C FIHA? Z >CMM? ,FCP?CL;  Z , KO? ;
JI?MC;HIM>~
;F„G>?MM;?HNL?PCM‚I3I=…
?O
;<MX,L?CHI>IBIG?GH‚I
H;M=?OAL;ƒ;M;OG;MJIO=;M=?HN?FB;MCMIF;>;M 1I>IGOH>IN?P?M?OCHMN;HN?
>?PCM‚I
G;MIJLI<F?G;„;L?=;ˆ>;HI9:?4?HI?F?4
Z ,L;
 PI=… H‚I ?HN?H>? H;>; M? H‚I @IL ?G N?LGIM >? ;<MIFONI Z >CMM?
"NC?HH? Z!?CR;?O=IH=FOCLIKO??O?MN;P;KO?L?H>I>CT?L *IL?FFC;=L?>CN;
KO?M?IMFCL@ILIM
=IGI>CTHIMMI-?LC=I
=IHM?AOCMM?G;P;Hƒ;LJILG?CI>;M
@ILG;M J?NLC@C=;>;M ? J?LC=FCN;>;M
 M?D; OG ;>P„L<CI >? GI>I
 OG M?HNC>I >I
N?GJIIOIKO?PI=…KOCM?L
?HN‚I?F?M?MN;LC;G@;T?H>I;FAI’NCFJ?F;JLCG?CL;
P?T H; PC>;  !;H>I @CG ;I F?CNIL @…G?;
 IO J?FI G?HIM H?ONL;FCT;H>I I
AL;P?G?HN?
?MN;LC;G;DO>;H>I;NI>IM;KO?F?MKO?>?;FAOG;@ILG;NL;<;FB;G
J;L;=B?A;L;I6IH>?L N„=HC=;H;LL;NCP;>?=;L;M=IGI?F?H‚IJ;MM;>?OG;
CH=CN;ƒ‚I;M;CL>;NLCFB;
Z0CG
J;L;;@OH>;LHI<;LLI;N„IJ?M=IƒIZ>CMM?-?LC=I
KO?MIHT?>;
HICN??L;=IHNL;KO;FKO?L=ICM;
Z %?L~=FCNI Z >CMM? $L?AILIPCOM Z ;@OH>IO H; G?L>; ;N„ I J?M=IƒI ? M?
=OLIO>;BC>LIJCMC;
Z !?CR? I %?L~=FCNI ?G J;T Z >CMM? "NC?HH?  Z 1I>; ?MM; <;<;KOC=? D~
?MN~ G? >;H>I MIHI
 G;M >? NI>I D?CNI KO?LI >CT?L I M?AOCHN?
 >ICM JIHNIM
*IL?FFC J;L?=? =IHP?H=C>I >? KO? M? I ?M=LCNIL =IHNCHO;L MO<G?NC>I 
FCHAO;A?GKO?P?H>?L;G;?F?DOHNI=IG;LIOJ;KO?P?MN??=IGIHIG??I
<;NCMGI?;H;=CIH;FC>;>?
I’HC=IP;FIL>?MO;I<L;M?L~I?MN„NC=I
P;FIL?MM?
KO? I P?FBI J;L?=? >?MJL?T;L =;>; P?T G;CM  "G ;FAOG FOA;L ?F? „ <;MN;HN?
?RJFˆ=CNIH;IJCHC‚I>?F?H‚IM?JI>?>?HOH=C;L=ICM;;FAOG;M?I@;T?GIMHI
CHN?LCIL >I MCMN?G; ;I KO;F J?LN?H=? I >?HOH=C;>I  "M=L?P?L =IHNL; I
=;JCN;FCMGI=IG;<;A;A?GG?HN;F?IPI=;<OF~LCIKO?>?LCP;G>I=;JCN;FCMGI
„J?L>;>?N?GJI 0?L‚II<NC>IML?MOFN;>IMBCMNLC=IM=IGIIG;LRCMGI?IKO?
PI=… KOCM?L
 G;M I 6IH>?L H‚I „ ?R;N;G?HN? BCMNLC;
 I 6IH>?L „ =IGI ;M
JIHN;M >IM >?>IM KO? MI<L?MM;?G >;M ~AO;M >; BCMNLC; JLI=OL;H>I IH>? M?
;A;LL;L
Z"MNOFNˆ=C;MZ>CMM?-?LC=I
Z"„JILCMMIKO?I?M=LCNILJL?=CM;CH=?H>C;L;FCHAO;A?G
;=;<;L=IG;M
@ILG;M=I;AOF;>;M?CL;CH>;G;CM;F„G
JŽL?G>’PC>;;JIMMC<CFC>;>?>?KO?
?MM;FCHAO;A?G=IHNCHO??G=IHN;NI=IGIKO??F?JL?N?H>?>?MKO;FC@C=;L +‚I
G;CM;MJ;F;PL;M?GMC
JILKO?CMMIH‚I„N‚ICGJILN;HN?
G;M;?MNLONOL;NIN;F>?
OGC>CIG;
>?OG>CM=OLMI
Z"J;L;NO>ICMMI?F?ONCFCT;OGC>CIG;MOG;G?HN?=F;LIZ>CMM?-?LC=I
Z j ?PC>?HN?
 *IL?FFC H‚I ;=L?>CN; HIM MCMN?G;M IHIG;NIJ;C=IM H?G HIM
F?NLCMGIM  +‚I M? NL;N; >? MO<MNCNOCL ; MCHN;R? J?F; ?M=LCN; ;ONIG~NC=; IO
KO;FKO?L IONLI NLOKO? ?G PIA;  , KO? ?F? KO?L „ NL;HMAL?>CL I @;NI FCN?L~LCI
NIN;F
 I FCPLI
 M? PI=… KOCM?L  gM P?T?M H; J;F;PL;
 M P?T?M HI KO? ; J;F;PL;
NL;HMGCN? A?=IGIOGAO?LLCFB?CLI
?RJFI>?IKO?=IHM?AO??RJFI>CL
IL?MNI
M?AO?M?O=;GCHBI +‚IJ?HM?KO??F?H‚I„OGBIG?G>?F?NL;M
Z  A?HN? >?PC; =IG?ƒ;L ; J?HM;L ?G CL ?G<IL; Z >CMM? ;<M
 KO? ?MN;P;
=IGMIHI
Z !CA; I KO? KOCM?L Z CLLCNIO M? -?LC=I Z
 G;M H?HBOG; L?PIFOƒ‚I >?
P?L>;>?„@?CN;=IHNL;;M@ILG;M ,KO?=IHN;„I@OH>I
L;J;T
I@OH>I
Z 1?GIM >?T?H;M >? M„=OFIM >? FCN?L;NOL; >? @OH>I Z >CMM? ,FCP?CL; Z ?
NI>IGOH>I?MN~P?H>IIML?MOFN;>IM -ILFCN?L;NOL;
=IGIPI=… M;<?
?HN?H>I
NO>IIKO?„@;F~P?F?NO>IIKO?„J?HM~P?F
Z&MMIM?G=IHN;LKO?;=CM‚I?HNL?@OH>I?@ILG;„@;FM;Z>CMM?"NC?HH?
Z #;T ;HIM KO? NI>I GOH>I M;<? >CMMI  3;GIM ?MN;<?F?=?L >C@?L?Hƒ;M ?HNL?
?F?G?HNI?RJL?MMCPI
IOM?D;
;FCHAO;A?G?GMC
?;=ICM;?RJL?MM;>;
IOM?D;
;
L?;FC>;>?M?@;T?H>I=IHM=C…H=C;
Z IGI KO?CL; Z >CMM? -?LC=I  Z , KO? ?O AIMN;LC; >? M;<?L „ M? ?MM;
LOJNOL; JLIJIMN; JIL *IL?FFC
 KO?L >CT?L
 ; LOJNOL; >CMMI KO? PI=… >?HIGCH;
?F?G?HNI?RJL?MMCPIJ;L;G?FBIL;NCHACL;=ICM;?RJL?MM~P?F
N?G>?@;NI;FAOG
P;FIL;?MN;;FNOL;
Z-LIP;P?FG?HN?H‚IP;CM?LPCLJ;L;H;>;Z>CMM?,FCP?CL;Z
G;MHIM@;T
M?HNCL OG JIO=I G?HIM MITCHBIM H?MM? <?=I M?G M;ˆ>; ; M?LPCƒI >; $L;H>?
"H@;NO;ƒ‚I &>?;FCMN; "MJCLCNO;FCMN; *;N?LC;FCMN;>I,=C>?HN?
0 
Z3I=…;=B;KO?;FAO„GG;CMJI>?LC;;<LCL=;GCHBI;NL;P„M>;FCHAO;A?G
;N„=B?A;LML;ˆT?MZJ?LAOHNIO/IH;F>
Z1;FP?T *IL?FFCH‚IN?GIA…HCIIO ;J;=C…H=C;H?=?MM~LCIM JIHN; OG
=;GCHBI
>~OHMAIFJ?M>?JC=;L?N;X!?CR;OGFCPLI +‚I„GOCNI
Z3;GIMCH>IZ>CMM?;<M Z#C=ION;L>??I=IHB;KO?;=;<IO
Z"N?GIONL;=ICM;Z>CMM?,FCP?CL; Z,KO??F?J?LM?AO?„;<MOL>IH;
G?>C>; ?G KO? HCHAO„G M;<? M?H‚I I KO? M;<?
 IO M?D;
 OG; =CL=OHM=LCƒ‚I
;HNLIJIFAC=; 4CNNA?HMN?CHC;H;G?HN?
IMJLI<F?G;MM??H=;>?C;GA2C2ECsD
IO
M?D;
IKO?OGBIG?GM;<?„IM;<?L>?OGBIG?G
G;MKO;HNI;IBIG?G
JLIJLC;G?HN?>CNID~H‚IM?M;<?NO>IIKO?M?>?P?LC;M;<?LJ;L;KO?;HIƒ‚I
KO? 6=6 N?G >; L?;FC>;>? @IMM? ;=?CN~P?F  ,M AHIM?FIAIM M? JLIJOM?L;G I
JLI<F?G; ? ;N„ ;=L?>CN;L;G N?L ?H=IHNL;>I OG N?LL?HI @CLG? ; J;LNCL >I KO;F
L?NIG;L;=ILLC>;J;L;>C;HN?
LOGIG?N;@ˆMC=; *;MIBCAC…HC=IL?NLI=?MMI>?
OG!?M=;LN?MBID?HIMJ;L?=?J;L=C;F?;N„CHMCAHC@C=;HN?
JILKO?H?MN?G?MGI
GCHONI B~ OG ML  4CF=IR
 >? F?P?F;H>
 KO? =IG ?F?NLI>IM ? IONLIM ;LN?@;NIM
?MN~ =IGJLIP;H>I ; ?KOCP;F…H=C; >I J?HM;G?HNI ? >? OG =CL=OCNI
?F?NLIG;AH„NC=I=ICM;MKO?JILMO;P?T;=L?>CN;=IHB?=?LGOCNI<?GJ?FI@;NI
>?=IHB?=?LGOCNI<?G;FCHAO;A?GKO?;M>?@CH??N=   IGIM?H‚I<;MN;MM?

OG MO?=I ;=;<; >? F;Hƒ;L OG; N?ILC; GOCNI PCMNIM; MI<L? ; KOˆGC=; =?L?<L;F
-?HM;L „ I L?MOFN;>I >; CHN?L;ƒ‚I >? =?LNIM ~=C>IM =ODI HIG? H‚I KO?LI
L?=IL>;L 4:5@6C8@DF> 3I=…JCHA;OG;AIN;?GMO;MG?HCHA?M?KO?GM;<?
,JJ?HB?CG?LIOI>L -?NCIN
;MM;MMCHI?GCH?HN? 3I=…?MN~J?L=?<?H>I=IGI
I4@8:E@
;,J?L;ƒ‚I%OG;H;JIL?R=?F…H=C;
BID??MN~MCNO;>I?GOG;L?AC‚I
<;MN;HN?P;A;
OGN;HNI?F?NLIG;AH„NC=;?OGN;HNIKOˆGC=;
?JLIP;P?FG?HN?
H‚IM?>C@?L?H=C;N;HNI=IGICG;ACH~P;GIM>?=ICM;M=IGI;;OLIL;<IL?;FIO
OG;@INI=IGL;CIMCH@L;P?LG?FBIM )~M?P;CM?O4@8:E@
?FI>IP?LNCACHIMI@FORI
>? @ILƒ;M =ODIM >?AL;OM ?G  M? >?HIGCH;G :?E6C 2=:2 CGJOFMIM ?F„NLC=IM

GIF„=OF;M
 ~NIGIM
 H…ONLIHM
 JLNIHM
 JNCLIHM
 GC=LI<NIHM
 CMNIJIM
L;>CI;NCPIM
 JCN;>;M >? =CH~<LCI
 L;CIM =MGC=IM 4IL>M
 QIL>M
 QIL>M
 2>=6E

M?AOH>I;NI
;=BI 0?G=IHN;LZ;=L?M=?HNIO,FCP?CL;MOMJCL;H>IZKO?P;C
P?L„;I=IHNL~LCI
?H;P?L>;>?;;OLIL;<IL?;F„OG@?HŽG?HI6DA:C:EF2=
?;ˆ
MCG?MN;GIM=IGII>C;<IAIMN;X
Z IGOGHCCFCMGI>?MM?M
B;L;ECLCZ>CMM?"NC?HH?
Z *;M „ =F;LI
 G;HCHBI Z >CMM? ,FCP?CL;  Z *;M PIFN;H>I ;I P?FBI
 M? I
KO??F?J?LM?AO?„;<MOL>I
=IHMC>?L;H>IKO?„=IGI<;N?L=IGOG;<;H;H;
?G 0OA;L /;S /I<CHMIH
 =IHMC>?L;H>I KO? M? NL;N; >? OG; CHMCAHC@C=;HN?
I@?HMCP;?GG?CI=LCM??LOJNOL;NIN;F>;C>?C;=F~MMC=;>?BIGIM;JC?HM
H‚I
JI>?GIM?MKO?=?LKO?PI=…„PI=…??OMIO?O
IOKO?J?FIG?HIM„IKO?;
A?HN? ;=B;
 ? KO? ?G<IL; H‚I N?HB;GIM ; G?HIL =?LN?T; MI<L? NO>I I KO?
HIMMIMJ;CMACA;HN?M;=?CN;P;G=IGICLL?@ON~P?F
HIML?MN;;;G~P?FJIMMC<CFC>;>?
>? PCP?L ? ;ACL 4@>@ D6
 ?M=IFB?H>I BCJN?M?M >? NL;<;FBI
 ;N;=;H>I =IGI
*IL?FFCIKO?HIMJ;L?=?G;CM@;FMI?GHIG?>?;FAOG;I<M=OL;M?HM;ƒ‚I>?
=?LN?T;
KO?JLIP;P?FG?HN?M?L~N‚ICH=?LN;KO;HNINI>IIL?MNI
G;MKO?HIM@;T
?LAO?L ; =;<?ƒ; ? =IHN;L ;M ;<LCN;M
 IO JLI=OL;L OG; P?T G;CM ;M -F…C;>?M

?MM?M;HCG;CM>?CH@H=C;
?MM?MP;A; FOG?MCHMIH>~P?CM  IHB;KO?
Z=;<IOZ>CMM?;<M Z3;GIM
?MNIO=;CH>I>?MIHI
Z+I@CH;F
=IGIM?GJL?
OG;NI>?@„Z>CMM?"NC?HH?
LCH>I Z IHNCHO;
M?H>I;G?FBIL>?@CHCƒ‚I>IBIG?G AIL;
PIFN;H>I;I;MMOHNI>IIPI@LCNIX

 


-ŽM;@C=B;H;L;HBOL;
>CM=IOIH’G?LIF?HN;G?HN? +;KO?F;BIL;"NC?HH?
>?PC;?MN;LJCHN;H>I??F?>?N?MN;P;KO?FB?N?F?@IH;MM?GHIG?CI>INL;<;FBI

G;M G?MGI ;MMCG JL?=CM;P; N?F?@IH;L  , N?F?@IH? =IG?ƒIO ; NI=;L >I IONLI
F;>I
 HOG ;N?FC… J?LNI >; -F;=? >&N;FC?
 ; KO;NLI KOCFŽG?NLIM >; ;A…H=C; >?
=ILL?CIM>;/O?!;HNIH 2G;P?FB;=IGD?CNI>?L;N;T;H;NCHB;M?JF;HN;>IH;
@L?HN?>;=;<CH?>?PC>LI?IFB;P;>CMMCGOF;>;G?HN?J;L;,FCP?CL;M?HN;>IHI
<;H=I F~ >?HNLI
 =IG ; =;L; ALO>;>; HI ;J;L?FBI N?F?@ŽHC=I
 ? ,FCP?CL; M?HNC;
KO?;P?FB;?MN;P;IFB;H>IJ;L;?F?
KO?CGJF;=;P?FG?HN?=IG?ƒ;P;;=IHN;L
IM GCHONIM  ,M PC>LIM >; =;<CH? ?MN;P;G FCGJIM
 =ICM; L;L; ;M J?MMI;M C;G ?
PCHB;GHI=ILL?CI
IOPC; M?IAIFJ?MOL>I?@’H?<L?
H‚IM?M;<C;JILKO…>IM
=;LCG<IM CHONCFCT;H>I IM M?FIM  "NC?HH? @;FIO ;FAOG; =ICM; >I IONLI F;>I ?
,FCP?CL; ;J?LNIO I <IN‚I HCKO?F;>I KO? ;<LC; ; =IGOHC=;ƒ‚I ? ?HAIFC;
>?@CHCNCP;G?HN?;@C=B;>?PCHN?@L;H=IM
Z 3I=… <?G KO? JI>C; J;L;L >? ?H=B?L G?O M;=I Z L?MGOHAIO "NC?HH?

KO?;J;L?HN?G?HN?L?=IHB?=?L;,FCP?CL;FIAI>?=;L; Z3I=…M;<?KO?H?MN?
BIL~LCI?MNIONL;<;FB;H>I@?CNIOGFIO=I
Z"ON;G<„GZ>CMM?,FCP?CL; Z)CAO?CDOMN;G?HN?JILKO?NCP?OGMIHBI
?HKO;HNI?MN;P;NL;<;FB;H>I
Z IGI;MMCG
?HKO;HNI?MN;P;NL;<;FB;H>I
Z-ICM„
F~J?F;MNL…M>;G;HB‚ 0IHB?CKO?C;;N„;=ITCHB;
J?A;P;J‚I?
=ILN;P; OG; @;NC;  "L; OG J‚I >C@?L?HN? >IM >;KOC
 OG J‚I @L;H=…M >IM >?
O?HIM CL?M
 M;<?
 KO? H‚I N?G H;>; >? @L;H=…M G;M M? =B;G; J‚I @L;H=…M
"HN?H>?
„OGJ‚IG?CIALIMMI
=F;LI
=IGGOCNIGCIFI 2GJ‚IJ;L;J;MM;L
G;HN?CA;?A?F?C;
M;<?
Z0?CZ>CMM?"NC?HH? Z IGCH;&N~FC;
Z 3I=… ?MN~ FIO=I  +;>; ; P?L  2G >C; @;ƒI OG >?M?HBI J;L; PI=… P?L ;
>C@?L?Hƒ; ,FB?
N?GI@ILG;NI>?OGJ?CR?F;LAI?=OLNI
KOCHT?=?HNˆG?NLIM
HIG~RCGIG;M<?GAIL>IHIG?CI ,J‚I@L;H=…M>?O?HIMCL?M
Z,J‚I@L;H=…M>?O?HIMCL?MZL?J?NCO"NC?HH?
Z -ICM „  *;M ; =ICM; M? J;MM;P; H; =ITCHB; >; /O? >? F; 1IG<? &MMICL?

;HN?M >? ?O CL GIL;L =IG ; *;A;  "O ?MN;P; =IG @IG? ? J?AO?C I J‚I J;L;
=ILN;LOG;@;NC; ˆ?M=ON?CIJ‚I=BIL;H>I j
=F;LIKO??L;OGMIHBI
G;MI
J‚I =BIL;P; KO;H>I ?O ?H@C;P; ; @;=; H?F?  2G J‚I @L;H=…M KO;FKO?L
 ?
=BIL;P;  =IL>?C M?G M;<?L I KO? C; ;=IHN?=?L
 ;=BI KO? ;CH>; ?MN;P; =IG ;
@;=;=L;P;>;HIJ‚IKO;H>I;=IL>?C
Z+:6?DZ>CMM?"NC?HH?
Z AIL; J?HM? <?G
 ; A?HN? >?MJ?LN; >? OG MIHBI >?MM?M
 M;C J;L; I
=ILL?>IL
 ?H@C; ; =;<?ƒ; >?<;CRI >; NILH?CL;
 M? >?CN; >? HIPI
 J;MM; ; HICN?
CHN?CL;@OG;H>IX0?CF~
;=B?CG?FBIL@;F;L=IGPI=…
?;F„G>IG;CM;A?HN?
JI>C;=IG<CH;L>?CLPCMCN;L;KO?F?P?FBCHBI>I;=C>?HN?KO?FB?=IHN?C
Z3I=…@?T<?G?GFCA;LZ>CMM?"NC?HH? Z-;L?=?MIHBI>?=LC;Hƒ; M
=LC;Hƒ;M;CH>;=IHM?AO?GMIHB;L=ICM;M>?MM?NCJI
IOCG;ACH;L *?OMI<LCHBI
OG; P?T G? >CMM? KO? NCHB; ?MN;>I H; FO;  -?LAOHN?C I KO? ?F? NCHB; PCMNI
/?MJIH>?OU1CHB;OGJ‚I?OG=IL;ƒ‚IW 3COM-?L=?<?KO?>?JICM>?MM;M
?RJ?LC…H=C;M>?J;>;LC;D~>~J;L;?H=;L;LOG;=LC;Hƒ;M?G@C=;L=IGG?>I
Z2GJ‚I?OG=IL;ƒ‚IZL?J?NCO,FCP?CL; Zj
G;M?OMP?DIOGJ‚I
"H@CG FC@IL;N?GOG;P?FB;KO??MN~=IG?ƒ;H>I;G?IFB;L@?CI .O;HNIM
GCHONIM;J?MMI;JI>?@;F;LH?MN;M=;<CH?M
Z0?CM !?JICM?F;P;C<;N?LHIPC>LI 0N?GOG;P?FB;
Z 2G; P?FB;
 OG; GOFB?L P?MA; =IG OG G?HCHI
 ? OG; ?MJ„=C? >?
=;CR?CLI PC;D;HN? !?P?M?L=;CR?CLI PC;D;HN?JILKO?;F„G>?N?LOG;=;>?LH?N;
KO? ?MN~ @IFB?;H>I @?CNI >IC>I
 HI <IFMI >? =CG; >I J;F?N >?F? >~ JL; P?L ;
JIHN;>?NL…MF~JCM
Z3;CP?LKO?„OG=I<L;>IL
Z AIL; =B?A;L;G G;CM >ICM
 OG A;LINI >? OHM =;NILT? ;HIM >? >?>I HI
H;LCT?OG;P?FB;=IGOG=B;J„O?RNL;IL>CH~LCI
J?L@?CNIJ;L;OGKO;>LI>?
L;H;=B
Z3I=…D~?MN~=IG?ƒ;H>I;M?M?HNCLG?FBILZ>CMM?"NC?HH?
Z j P?L>;>?
 ?MN; =;<CH? „ GOCNI ;AL;>~P?F  -?H; KO? N?HB; N;HN; A?HN?
?MJ?L;H>I '~@;F;GIMM?CMGCHONIM
Z!?D?CNIH?HBOGZ>CMM?"NC?HH?Z2HMNL…M
N;FP?TH?GCMMI
Z"HN‚I;P?FB;H‚IN?GIG?HIL>CL?CNI>?<;N?LHIPC>LI
H‚I„
Z"F;KO?P~J;L;ICH@?LHI  F;LIKO?H‚IN?G>CL?CNI 3I=…>CMJ‘?>?M?CM
GCHONIMJ;L;G?=IHN;LNI>IMIMMIHBIMKO?KOCM?L
Z"L;MCMMIG?MGIZ>CMM?,FCP?CL;Z
G;MIJLI<F?G;H‚I„IMIHBI ,
JLI<F?G;„CMMIKO?=B;G;G>?;=IL>;LX3I=…H‚I;=B;KO?H;L?;FC>;>?„
;AIL;KO??O?MNIOMIHB;H>I
Z .O?G „ KO? >CMM? *;M ?MM? „ OG ;MMOHNI <;NC>I
 P?FBI
 I @CFMI@I ? ;
<IL<IF?N;
M‚I=ICM;MKO?NI>IGOH>IM;<?
Z 0?C
 G;M >?M=OFJ? M? ?O CHMCMNI OG JIO=I  "O AIMN;LC; KO? PI=…
CG;ACH;MM?OGGOH>IIH>?„JIMMˆP?F=ILN;LOGJ‚I?G@;NC;MM?GKO??F?M?
KO?CR?
Z/?;FG?HN?
„>C@ˆ=CF>?;=L?>CN;LZ>CMM?"NC?HH?
Z+‚I
M„LCI
=B?  IGPI=…H‚I;=IHN?=?MP?T?M>?;=IL>;L=IG;HIƒ‚I
?R;N;>?KO?H;KO?F?GIG?HNI?MN~N?H>ICHˆ=CIOGCH=LˆP?F?KOˆPI=I
Z "G G?CI ; ?MM? ?KOˆPI=I Z >CMM? "NC?HH? Z ?O JCHNI KO;>LIM
G;AHˆ@C=IM?J;L;GCGN;HNI@;TM?LOG;<IL<IF?N;IO#O*;H=BO
Z +‚I N?G H;>; ; P?L  -;L?=? KO? AL;ƒ;M ; >CP?LMIM ?KOˆPI=IM IFIG<I
=B?AIO ; $O;H;B;HC IO M?D; F~ =IGI M? =B;G? ; CFB;  -IL KO? ?MM? =LCN„LCI
AL?AI>?P?L>;>???LLI
Z*;MH‚I@OC?OZ>CMM?"NC?HH?
G;AI;>I Z#ICPI=…KO?G@;FIO?G
CH=LˆP?F?KOˆPI=I
Z1;G<„G?L;MOG;CG;A?GZ>CMM?,FCP?CL; Z,G?MGIKO?=B;G;L
>? MIHBI  +‚I >~ J;L; =F;MMC@C=;L
 DOMN;G?HN? I ?KOˆPI=I „ KO? H‚I M? JI>?
H?GG?MGI>CT?LKO?M?NL;N;>?OG?KOˆPI=I
ZP?FB;P;C;LL?<?HN;LIPC>LIZ>CMM?"NC?HH? Z!~J;L;IOPCL>;KOC
Z "F; KO? P~ J;L; I CH@?LHI Z >CMM? ,FCP?CL;  Z +‚I „ JIMMˆP?F KO? D~
N?HB;GM?J;MM;>IM?CMGCHONIM
Z*;CMIOG?HIM ";F„G>CMMI
F?G<L? M?>;=ILN?MC;MOF ;G?LC=;H;
M?GJL?
N‚IFIOP;>;
Z +‚I >?O M?CM GCHONIM  CH>; <?G KO? FB? =IHN?C I MIHBI
 ? KO;H>I ;
A?HN?M??H=IHNL;LX
ZJ;L?ƒ;KO;H>IKOCM?LZ>CMM?"NC?HH? Z"MN;G;HB‚H‚IJCHNIG;CM

PI=…G?@?LLIO
Z3I=…?MN~J?L=?<?H>I=IGI?F;<;N?HIG?OPC>LIZ>CMM?,FCP?CL; Z
+‚I„M;P?FB;=IG=;L;>?L;N;T;H;
N?GN;G<„GIA;LINI?;P?MA; +OG
GCHONI;J;L?=?OG@OH=CIH~LCI
Z"PI=…P;CM;CLH;JILL;>;
=F;LI
Z +‚I
 KO? H;>;   AL;H>? DIA;>; „ @;T?L >? =IHN; KO? H‚I ?HN?H>I OG;
J;F;PL;>?@L;H=…M
Z+;P?L>;>?PI=…H‚I?HN?H>?AL;H>?=ICM;Z>CMM?"NC?HH?
Z +‚I  , NLCMN? „ KO? J;L; PI=… CMNI „ OG; JC;>; ? H; L?;FC>;>? H‚I „
H?HBOG;JC;>; P?L>;>?„KO?H‚IKO?LI?HN?H>?LH;>;
M?J;L;?HN?H>?L„
JL?=CMI;=?CN;L;KOCFIKO?;A?HN?=B;G;P;>??KOˆPI=I  B?
;<LCL;G;JILN;

N?GOGMOD?CNI<;N?H>IHIG?OIG<LI 1=B;O
I<LCA;>IJILG??M=ON;L
Z1=B;OZ>CMM?"NC?HH?
D?CN;H>IIJ;F?N
,FCP?CL;M;CO>;=;<CH? ,@OH=CIH~LCIALCN;P;H;IL?FB;
>?F? I L?J?LNLCI L?AOF;G?HN;L  U0? ?O ?MNCP?MM? ;AIL; =IG ; @;=; H; G‚IW

J?HMIO ,FCP?CL;
 J?A;H>I IM =CA;LLIM
 U?MM? =;L; >?M;H>;LC; ; =;=;L?D;L IO
PCL;LC; OG L;GI >? @FIL?M W *;M ;M =ICM;M M? J?NLC@C=;P;G
 >OL;P;G
N?LLCP?FG?HN?
 ?L; JL?=CMI ;=?H>?L I =CA;LLI NIG;H>I =OC>;>I J;L; H‚I M?
KO?CG;LJILKO?;N„;MO;G‚INL?GC;
?=IHNCHO;LIOPCH>IIMALCNIM>IMOD?CNI
KO?M?;@;MN;P;
PCL;H>I M?;=;>;>ICMJ;MMIMJ;L;IFB;LJ;L;?F??@;T?LA?MNIM
?
; P?MA; ? I =;CR?CLI PC;D;HN? IFB;P;G J;L; ?F? =IG OG IFBI ?HKO;HNI =IG I
IONLI B;PC;G =IG?ƒ;>I ; PCAC;L ; P?FB;
 J;L; KO? ?F; H‚I J;MM;MM? >IM M?CM
GCHONIM
 ; P?FB; >?HNLI >; =;<CH? ?L; ?R;N;G?HN? OG; G’GC; KO„=BO; >I
*OM?O >I %IG?G
 >?MM;M KO? M? CFOGCH;G KO;H>I ; A?HN? ;J?LN; OG
<IN‚ITCHBI  *;M ;I =IHNL~LCI
 =IGI ?G N;HNIM MIHBIM
 ; P?FB; F~ >?HNLI
;J?LN;P; I <IN‚ITCHBI ? =IG?ƒ;P; ; @;F;L =IG ;FAOG; IONL; P?FB; ?H@OLH;>;
?GKO;FKO?L>;M~AO;M @OLN;>;M>ICG?HMIMIHBI

 


"LAO?H>I>?F?P?;=;<?ƒ;-IF;PC;I;FG;H;KO?>I -11
OG;P;=;=IL >?
LIM;HOG=;GJIP?L>?=IGOG@OH>I>?GIHN;HB;MPCIF?N;>?<;CRI>?OG=„O
;TOF
 KOCHN; @?CL; 
 M?RN; @?CL; 
 M~<;>I 
 >IGCHAI 
 M?AOH>; @?CL; 
 N?Lƒ;
@?CL; 
 0;CHN *;G?LN
 0;CHN? 0IF;HA?
 0;CHN =BCFF?
 0;CHN 0?LP;CM
 0;CHN
IHC@;=?
 F?P?L B
 =IO=B?L B
 F?P?L B
 =IO=B?L B
 F?P?L
=IO=B?L
F?P?L=IO=B?L
F?P?L=IO=B?L
=IO=B?L
=IO=B?L
=IO=B?L
$LO>;H>I I LIMNI HI IG<LI >? ,FCP?CL; <?CDIO OG; J?F? MO;>;
 N;<;=I ?
MIHI  IGOG;G‚I>CMN;HNˆMMCG;?FCPL?;=;LC=C;P;M?OP?HNL?
C;?PCHB;J?F;M
=IR;M
 <LCH=;P; =IG IM J?FIM
 ?HL?>;P; IM >?>IM ? JOR;P; OG JIO=I

MO;P?G?HN?
 J;L; KO? %IL;=CI M? T;HA;MM? ? ; GIL>?MM? >? <LCH=;>?CL;  +;
?M=;>; M? ;LL;MN;P;G OHM =BCH?FIM
 0;CHN #?L>CH;H>
 0;CHN -„NLIHCFF?
 0;CHN
#ILNOH„
 0;CHN? F;H>CH?
 OH
 >?OR
 OH
 >?OR
 >CL?CN;
 ?MKO?L>;
 >CL?CN;

?MKO?L>;
<?G
G;F
<?G
G;F
J;L;;@L?HN?
J;L;NL~M
J;L;;@L?HN?
J;L;NL~M
2G; G‚I J?L=ILLC; MO;M =IMN;M
 >?M=C; F?HN;G?HN?
 <LCH=;H>I >? ;L;HB;
 OG
>?>I
 IONLI
 IONLI
 0;CHN #ILNOH„
 0;CHN? F;H>CH?
 OG >?>I ;KOC
 IONLI ;FC

IONLI?G=CG;
IONLI?G<;CRI =;Lˆ=C;J?H?NL;P;H?F;>?P;A;L
PCH>;>?IONLI
JF;HI   BIL; >I FORI
 >I MOLJFOM
 GIL>?L M? >?P;A;L
 <OM=;L I =IHN;NI =IG
>?FC=;>?T;>??RJFIL;ƒ‚I
=IGNCNO<?CIM@CHAC>IM
;JIC;L;JIHN;>;FˆHAO;?G
OG; J?F?
 =L;P;L F?HN;G?HN? OG; OHB;
 GOLGOL;L
 =IO=B?L B
 0;CHN
#?L>CH;H> -IF;?LAO?OOGJIO=I;=;<?ƒ;?IFBIOJ;L;%IL;=CI
KO??MN;P;
>?IFBIM@?=B;>IM -?LAOHNIO M?M??F?N;G<„G@;LC;CMMI=IG;;GCA;
;G‚?
>I<?<… "F?H‚IAIMN;P;>?@;F;LH;IONL;
?RCAC;OG;?MJ„=C?>?L?MJ?CNI;IM
M?L?@?LCL;?F;JILH?=?MMC>;>? .O;H>IJ?LAOHNIO
;<LCH>IOG>IMIFBIM>?F?
=IG>ICM>?>IM?<?CD;H>ICLLCN;>;;<I=;KO?M?H?A;P;;L?MJIH>?L
I’HC=I
=IHMIFIH;KO?F;BIL;?L;IMCF…H=CI
@C=;L?G;MMCGOG=IHNL;IIONLI
IOPCH>I
M? L?MJCL;L
 PC;D;H>I >? P?T ?G KO;H>I =IG OG J„ IO OG; G‚I ;N„ I IONLI
=ILJI
 J?L=ILL?H>I CNCH?L~LCIM G;=CIM ? M?G =IHM?KO…H=C;M
 L?MNIM >? =;Lˆ=C;M
J?L>C>;MH;=;G;
HI;L
?MJ?=NLIM>?<?CDIM
GC’>;MF;LP;M>?J?L@OG?MIO>?
=IMNOG?M +‚I
?F?H‚IAIMN;P;>?@;T?L;KOCFI=IG;;GCA;
M-IF;?L;=;J;T
>? =IGJL??H>?L
 >? M? MO<G?N?L N‚I <?G ;IM =;JLC=BIM >?F?  1‚I H; G?>C>;
KO? ?L; ?RNL;IL>CH~LCI  N„ KO;H>I A?GC;
 JILKO? ?G >;>I GIG?HNI B;PC;
A?GC>I
 KOCM?L; FCPL;L M? G;M D~ ?L; N;L>? >?G;CM
 I F;ƒI ?MN;P; @?=B;>I ? MO;
L?<?F>C;MNCHB;M?LPC>IJ;L;;JLI@OH>;LIAITI?;>IL
I>OJFIG;F ?HN?H>C>I
KO? NCHB;G KO? MOJ?L;L JILKO? ?L; @;FMI
 H‚I JI>C; M?L KO? HOG ;<L;ƒI
 ;
G?HIMKO?MCG
;G?HIMKO?NCP?MM?KO?M?L;MMCG

 


0OG;G?HN?@ILGCA;
4IHA;=;<IO>?M=I<LCH>IH;<C<FCIN?=;>?*IL?FFCOG
?R?GJF;L=IG>?>C=;NLC;>?:6-6CH:CCF?86?56D1„8=:?8D+„C=6DD
>?*OMCF

=IG;M?AOCHN?J;MM;A?G?H?LAC=;G?HN?MO<FCHB;>;

.O;CMM‚I;M=ICM;MKO?G?J;L?=?G?MNL;HB;MMG;CMNLCPC;CM 0I<L?NO>IIMI<D?NIMCH;HCG;>IM ,
KO?P?DI>??MNL;HBIH?F?MFAIKO?H‚I=IHB?ƒI *;M„DOMN;G?HN?CMMI!?IH>?>C;<IMNCLI?MM;
HIƒ‚I>?U;FAIW0CHNIKO??MN~;ˆ
KO??RCMN? -LI>OTOG?@?CNI?GGCG
=IGIM?N?HN;MM?@;F;L "O
G??R;MJ?LI
=IGIKO?GM??M@ILƒ;J;L;F?LHIMF~<CIM=IHNIL=C>IM>?OGJ;L;FˆNC=I
M?G=IHM?AOCL j
=IGIM?NCP?MM?OGM?HNC>I;>C=CIH;F
OGG;CMKO?IMIONLIM
MKO??MM?M?HNC>IH‚IM?>?M?HPIFP?O
=IGJF?N;G?HN?
„OGM?HNC>IKO??MN~;FC?„J?L=?JNˆP?F
G;MKO?H‚I@OH=CIH; -;L;GCGIGOH>I
?MN~=B?CI>?PIT?MMCF?H=CIM;M &MMIMCAHC@C=;KO?MIOPC>?HN?
IOKO?N?HBI;FO=CH;ƒ‘?M

/IH;F> ?H=IHNLIO ?MN; =CN;ƒ‚I >?  42CE2 56 #@C5 92?5@D


 >?
%I@G;HHMNB;F

MMCG=IGIB;PC;PCMNI=?LNI>C;=IGOG;F?HN?>?;OG?HNI;J?F?>IG?O>?>IGˆHCGI
M?G?FB;HN?
;OG;JF;Hˆ=C?=IGMOF=IM?LC<;H=?CL;M
PC;;AIL;IMBIG?HM?MO;M;ƒ‘?M '~H‚I=IHM?AOC;J?L=?<…
FIM =IG I IFB;L MCGJFC@C=;>IL B;<CNO;F  1O>I M? >?=IGJOHB; ?G @L;AG?HNIM KO? JIL MO; P?T M?
@L;AG?HN;P;GH;>;=IHM?AOC;=;JN;LJILG?CI>?OG;HIƒ‚I>?@CHC>;

 


-IF; N;G<„G H‚I N?LC; =IGJL??H>C>I JIL KO? >? HICN? ?F? L?NCHB; ;
L?MJCL;ƒ‚I J;L; IOPC F; >ILGCL
 ?MJC;H>I IM LOGIL?M >I M?O =ILJI  !?CN;>; >?
=IMN;M
 M;=C;>;
 ?F; L?MJCL;P; J?M;>;G?HN? ? JIO=;M P?T?M
 ; J;LNCL >? ;FAOG
MIHBI CH=?LNI
 ;ACN;P; OG; G‚I IO MIJL;P; F?P;HN;H>I I F~<CI CH@?LCIL
JLID?N;H>II;L=IHNL;IH;LCT %IL;=CIM?G;HNCHB;CGP?F
;=;<?ƒ;OGJIO=I
?LAOC>; IO ;JIC;>; H; G‚I
 I =CA;LLI >?J?H>OL;>I  gM NL…M >; G;HB‚ ; /O?
!;OJBCH? M? =;F;P;
 ; L?MJCL;ƒ‚I >? -IF; C; ? PCHB;
 ? ?HN‚I B;PC; =IGI KO?
OG F?P? >?MFCT;L
 OG GC’>I NILP?FCHBI GIG?HNH?I
 OG ;ACN;L M? CHN?LCIL
=IGIM?@IMM?OG;M?AOH>;PC>;
,FCP?CL;?LAOC;I=ILJI>?P;A;L?;JLIRCG;P;
;IL?FB;>;J?F?HO;
;JIC;P; M?=IHNL;I=OLPIN;G<ILN?HMI?GILHI
?M=ON;P;
/OGIL?M
 >?M=?HMIM ? KO?>;M
 ;L@;L?M ? GOLG’LCIM
 J;MMI >? =;L;HAO?DIM ?
F?MG;M
OGGOH>IH?ALI?;J;A;>I>?MFCT;H>IMI<L?@?FNLI
?RJFI>CH>I;KOC?
;=IF~ ? >CMMCGOF;H>I M? IONL; P?T -IF; MOMJCL;P;
 GIPC; M? OG JIO=I  2G
=IMGIM FˆKOC>I
 @FOC>I
 ?G A?MN;ƒ‚I HINOLH;
 JF;MG;M MO<CH>I ? >?M=?H>I
 ;
G~KOCH;IJ;=;?F?HN;GIP?H>I M?>?MF?CR;>;G?HN?
?>?L?J?HN?OGL;HAC>I

OG; =ILLC>; P?LNCACHIM; KO;M?  @FIL >; J?F?


 OG; @OA; ? OG AILAIF?DI >?
=IHN?Hƒ‚I IO >? @CFNLI
 I P?HNL? >? -IF; OG =„O H?ALI =IG ?MNL?F;M AIL>;M ?
J;OM;>;M
 =IG?N;M @OFAOL;HN?M
 LI>;L >? CG?HMIM JF;H?N;M PI=C@?L;HN?M
 I G;L
=IG OG JFH=NIH >? MOMMOLLI
 MO;M GOLGOL;>;M G?>OM;M
 -IF; GC=LI=IMGI

-IF; L?MOGI >; HICN? OHCP?LM;F ?G MO; J?KO?H; HICN? @?LG?HN;>; H; KO;F I
CIAOLN? ? I PCHBI <L;H=I M? G?M=F;P;G =IG ; =;LH? ? IM F?AOG?M
 =?HNLI >?
OG;KOˆGC=;CH@CHCN;G?HN?LC=;?GCMN?LCIM;?L?GIN;?=IHNˆAO;
 


PC>;
=IGIOG4@>6?EsC:@>?IONL;=ICM;KO?H‚I;F=;Hƒ;GIM
?KO??MN~
FIAI;FC;I;F=;H=?>IM;FNIKO?H‚I>;GIM
PC>;
OG<;F„MI<L?OGN?G;BCMNLC=I
OG;BCMNLC;MI<L?OG@;NIPCPC>I

OG@;NIPCPC>IMI<L?OG@;NIL?;F
PC>;
@INIAL;@C;>IH’G?LI
JIMM?MM‚IH;MNL?P;MGOFB?L
GIHMNLI
;PC>;

JLIR?H?N; >; GILN?


 ?MJF…H>C>I <;L;FBI
 N;LŽ >? =B;P?M ?MKO?=C>;M KO? G‚IM
L?OG~NC=;ML?<;CR;G;NLCMN?J;=C…H=C;

 


$@C6==:2?2
-?HMI HIM A?MNIM ?MKO?=C>IM
 HIM G’FNCJFIM NL?D?CNIM ? J;F;PL;M >IM ;PM

JIO=I ; JIO=I J?L>C>IM


 H‚I B?L>;>IM
 =;ˆ>IM OG ;JM IONLI >; ~LPIL? >I
N?GJI "MN;HICN??H=IHNL?COG;P?F;MI<L?OG;G?M;
?>?<LCH=;>?CL;;=?H>C
;P?F;?;H>?C=IG?F;J?FI=ILL?>IL ,;L>I>@G:>6?E@C;;J;A~ F;
?HN‚IPC
GCHB; G‚I ?MKO?L>; F?P;HN;L M? MITCHB;
 =OLP;L M? F?P?G?HN?
 JLIN?A?L ;
=B;G;=IGIOG;=I<?LNOL;PCP;KO?;@;MN;P;I;L "HKO;HNII@IAIIONL;P?T
M? ?H>CL?CN;P;
 ;F?LN;
 J?HM?C KO? ?MM? A?MNI @IL; I >? NI>IM HM J?HM?C ?‚D ?
J?HM?C<?G
IOM?HNC<?G>OL;HN?GCFB;L?M>?;HIM
>OL;HN?;&>;>?>I#IAI

;N„ KO? ; NLI=;L;G J?F; FOT ?F„NLC=;  &G;ACH?C IONLIM A?MNIM


 I >;M GOFB?L?M
?LAO?H>I ; <;LL; >;M M;C;M
 I >IM BIG?HM JLI=OL;H>I ; ?GJOHB;>OL; >;
?MJ;>;  IGI;MJ;F;PL;MJ?L>C>;M>;CH@H=C;
IOPC>;MJ?F;’FNCG;P?T>;<I=;
>IMP?FBIMKO?C;GGILL?H>I +;GCHB;=;M;HCHAO„GG;CM>CTU;=ŽGI>;>?
=H@IL;W
HCHAO„GG;CM@;F;>;MUNL?GJ?MWZ>IMNLˆJI>?M  IGI;MG’MC=;M>I
GIG?HNI
;MP;FM;M>IM;HIMPCHN?
;MJIF=;MKO??HN?LH?=C;GIM;PM
-?HMI H?MM?M I<D?NIM
 H?MM;M =;CR;M
 H?MM?M ON?HMˆFCIM KO? M P?T?M ;J;L?=?G
?G =?F?CLIM
 =ITCHB;M IO ?M=IH>?LCDIM
 6 4F;@ FD@ ?:?8Fy> >2:D y 42A2K 56
6IA=:42C  3;C>;>? >? ;=L?>CN;L KO? =IGJL??H>?GIM ;M I<L;M >I N?GJI ?F?
?HN?LL;M?OMGILNIM?AO;L>;;M=B;P?M 0?GMIHBIM
H;JI?MC;
H;<LCH=;>?CL;
Z ;=?H>?L OG; P?F;
 ;H>;L =IG ?F; J?FI =ILL?>IL Z HIM ;JLIRCG;GIM
 M
P?T?M
>IKO?@IGIM;HN?M>?M?LCMNIKO?M;<?F~M?MIGIM
 


'IBHHS1?GJF?

6EH66?>:5?:89E2?552H?323JH6>2J6G6C92G6E@A2CE
FEE96C6D@?6E9:?823@FE:E323JA=62D6C6>6>36C G6
82=H2JD366?J@FC962CE

1B?6;M6;M$CLF

.6==:ED3=F6D:?>J9@FD67C@>E96C@@7E@E968C@F?5
?5:ED3=F6D6G6CJH96C6D:?46>J8@@5>2?=67EE@H?
=F6D:?>J>2:=3@I42FD6 42?E86E?@>2:=
*2JD3=F6D:?>J3C6253@I42FD6>J3C6258@EDE2=6
=F6D:?>J>62=32CC6=2?5E96C6D3=F6DFA@?>JD96=7
?5E96C6D3=F6D:?>J36542FD6 >D=66A:?3J>JD6=7

 


"M=LCNIJIL*IL?FFCHIBIMJCN;F

G?FBILKO;FC>;>?>IMG?OM;HN?J;MM;>IM„?MN;L?GGILNIM?MJ?LIGI>?MN;
G;MILAOFBIM;G?HN?IGIG?HNI>?B?L>~ F; 1?HBI;GCAIMKO?H‚I>?CR;L‚I
>? G? ?LAO?L OG; ?MN~NO; H; KO;F G? L?JL?M?HN;L‚I DIA;>I >? <;LLCA; J;L;
<;CRI HI ;NI >? G? ;JLIRCG;L >? OG =B;L=I =IG L‚TCHB;M ;ON…HNC=;M  .O?G
JOM?L OG; GI?>; HOG; L;HBOL; G? P?L~ =OMJCL H; ~AO;
 ? ;M L‚TCHB;M M?
;ACN;L‚I ;FPILIƒ;>;M ? =I;R;L‚I >OL;HN? OG GCHONI ? G?CI
 N?GJI MO@C=C?HN?
J;L;KO?;?MN~NO;J?L=;NI>ICHN?L?MM?

 


Z ); =FI=B?
 F? =FI=B;L>
 F; =FI=B;L>?
 =FI=B;L>?L  0? CH=FOMCP?
;JL?M?HN;L;GOG;N?M?H;0IL<IHH?MI<L?;JMC=IFIAC;>IM=FI=B;L>M
Z -I>? M?L Z >CMM? ,FCP?CL;  Z *;M H‚I N…G H?HBOG 'O;H #CFFIS KO?
?M=L?P;2E6CG2J;L;?F?M ,KO?M?L~>I#CFFIS
=B?
+;NOL;FG?HN?;*;A;H‚IN?LC;=IGIM;<?L
J;L;=IG?ƒI>?=IHP?LM;JILKO?
CAHIL;P; ; ?RCMN…H=C; >?F?  #IC JL?=CMI ?RJFC=;L ; ?F; JIL KO? #CFFIS
 JIL KO?
2E6CG2 *;A;;JL?=CIOGOCNII;LAOG?HNI>IFCPLI
;C>?C;>?KO?IMM?G
N?NI=LCIOFIM?MN;P;GH;FCHB;>IM=FI=B;L>M #C=IO@CLG?G?HN?=IHP?H=C>;>?
KO? ?L; OG CHMOFNI =IH@OH>CL OG M?G N?NI =LCIOFI =IG OG G?H>CAI
 ? MO;
MCGJ;NC; J?F; =FI=B;L>? >; -IHN >?M LNM J;MMIO ; N?L L;T‘?M KO? ;AIL; FB?
J;L?=C;G=C?HNˆ@C=;M -LCH=CJ;FG?HN?H;KO?F?M>C;M?GKO?B;PC;G>?M=I<?LNI

=;GCHB;H>I J?F;M G;LA?HM >I 0?H;


 KO? ; =FI=B;L>? ?MN;P; ;J;CRIH;>;
 ;
MCGJ;NC;?I>?M?DI>?KO?NO>IN?LGCH;MM?<?G?L;GJ;L;;*;A;;FAI=IGII
;L=I>;MJIHN?M
KO?M?GJL?;?GI=CIH;P;G
IO;KO?F?MJ?>;ƒIM>?F;N‚IIO>?
;L;G?KO?,FCP?CL;L?=IFBC;=;<CM<;CRI
;IM;<IL>IMJ;MM?CIM
Z #CFFIS
 JILL; Z >CTC; ,FCP?CL; IFB;H>I ;M NILL?M >; IH=C?LA?LC? ?
J?HM;H>I?G ;LNIO=B? Z.O?>CMN;HN??MN~IG?OJ;ˆM
=B?
„CH=LˆP?FKO?
JIMM;B;P?LN;HN;~AO;M;FA;>;H?MN?GOH>I>?FIO=IM
Z"G=IGJ?HM;ƒ‚IN?GG?HIM;LZ>CTC;;*;A; Z1LCHN;?>O;MBIL;M

MCMMI
ZB jP?L>;>? "IKO?PI=…G?>CT>;AL;H;
Z">;PIHN;>?>?CL -ILKO??OH‚IN?HBI
Z+?G?O *;M>CA;GIM +‚IN?GD?CNI
CLL?@ON;P?FG?HN?
Z3I=…HOH=;@;F;P;?GPIFN;LZ>CMM?;*;A;
Z +CHAO„G @;F;
 GILLI >IM P?HNIM OCP;HN?M
 HCHAO„G @;F;  j M ;
=IHM=C…H=C;>?KO?NO>IP;CMGCFG;L;PCFB;MJ;L;KO?GH‚IN?GAL;H;
Z-;LCM„>?AL;ƒ;Z=CNIO;*;A; Z3I=…>CMM?CMMIHI>C;?GKO?HIM
=IHB?=?GIM  &L P?L ; =FI=B;L>? „ >? AL;ƒ;
 @;T?L ;GIL „ >? AL;ƒ;
 >CT?L KO?
PI=…„=LO?F„>?AL;ƒ;
H‚I;G;LPI=…X-ILKO?PI=…@ICJ;L;;=;G;=IG;
-IF;
Z 2G; KO?MN‚I >? J?L@OG?M Z >CMM? ,FCP?CL; M?HN;H>I M? HOG; <;LL; >?
@?LLI<?CL;>;~AO; Z=B?CKO??F;=B?CL;P;;=HNC=I>IM=HNC=IM
;=;H?F;

;GCLL;
?MM;M=ICM;M "L;P?L>;>?
;FC~M
Z  =FI=B;L>? H‚I P;C ;J;L?=?L ?MN; HICN?  "F; D~ >?PC; ?MN;L ;KOC
 KO;M?
HOH=;@;FN;
ZgMP?T?M
G?N?GNI>IM?F?MH;JLCM‚IZ>CMM?,FCP?CL; Z-;L;;=;<;L=IG
IM JCIFBIM
 ;=BI
 IO J;L; KO? ; =C>;>? >OLG; NL;HKOCF; M G;LA?HM >? M?O
CGJ;MMˆP?F LCI  2G =FI=B;L> „ GINCPI >? G;CM ?M=H>;FI >I KO? OG F;>L‚I

=IGI„M;<C>IHI@OH>IH‚IJI>?G=IG?F?M
N…G>?>?CR~ FIM?GJ;T
Z*?=IHN?>;-IF; !?L?J?HN?;=FI=B;L>?;J;L?=?
Z3;C=;CH>I;HICN?
IMNOLCMN;M;G?LC=;HIMM?F?G<L;G>?M?OMBIN„CM
M?OM
J„M>I?G
=IGJL;L;GOGGIHN?>?JIL=;LC;M
D~=IGJF?N;L;GM?OM0;>?
M?OM
*CFF?L
M?OM&?K6$:==6-6C86D
;M@INIM;LNˆMNC=;M
;MAL;POL;MFC<?LNCH;M
IM0;A;H
?IMO@@?N ,FB;=IGI;J;CM;A?GP;C=F;L?;H>IJ?FIMF;>IM>;JIHN? ">?CR?;
-IF; ?G J;T
 ?MM;M =ICM;M ; A?HN? H‚I =IHN;  IG
 I JCHNIL ?MN~ @?=B;H>I M?O
=;P;F?N?
HCHAO„GG;CMJ;L;?@C=;IFB;H>I jCH=LˆP?F;HCNC>?T>;PCM‚I
I;L
?MN~ F;P;>I @?CNI I =;<?FI >;KO?F; A;LIN; =ILL?H>I
 IFB?
 ;KO?F; >? LIOJ;
P?LG?FB;
Z*?=IHN?>;-IF;ZL?J?NCO;*;A;
<;N?H>IHIIG<LI>?F?=IGI>ILMI
>;G‚I
Z-OL;JILHIAL;@C;Z>CMM?,FCP?CL; Z3I=…H‚IP;CAIMN;L
Z*;M=IG=?LN?T;PI=…=IHNIO;?F;MI<L?;A?HN?
Z+‚I 0?GFCHB;MA?L;CM ,KO??OJIMMI=IHN;L;?F;-IF;H‚I?RCMN?

PI=…M;<? ,H>??MN~?F;*?GIMNL;
Z0I@CMG;MZ>CMM?;*;A;
KO?NCHB;;JL?H>C>IIN?LGIH;M>CM=OMM‘?M>?
/IH;F>?"NC?HH? Z"F;JI>?H‚I?MN;L;KOC
G;M?MN~H;/O?!;OJBCH?
CMMI
?OM?C
Z*;MIH>?@C=;;/O?!;OJBCH?Z>CMM?,FCP?CL; Z1C?HM
F;=FI=B;L>?
KOCM;G‡H?  B?
?F;?MN~>?MFOG<L;HN?
!?M=?H>I;?M=;>;LC;
<;G<?;H>I>?<;CRI>IJ?MI>?OG;NLIOR;?HILG?>?
IH>?MI<L?MM;ˆ;GG;HA;M>?MI<L?NO>IM?M@;LL;J;>IM
=;=B?=CML;MA;>IM
=;Fƒ;M
L?=IFBC>;M H;M F;N;M >? FCRI
 J?>;ƒIM >? N?=C>I ? ;N„ OG LIFI >? ;L;G?
?M=OL?=C>I
 ; =FI=B;L>? =B?AIO ;I HˆP?F G;CM <;CRI >I =;CM ? MIFNIO OG;
?R=F;G;ƒ‚I KO? ?L; ;FAOG; =ICM; ?HNL? OG <;FC>I ? OG MOMJCLI  0I<L? OG
@OH>ICH>?=C@L~P?FHIKO;F>?PC;GM?;=OGOF;L=;GCMIF;M=IF;>;MJ?F?
<FOM;M
B?L>;>;M?OGMONC‚=;J;T>?=IHN?LM?CIM;G?;ƒ;>IL?M
C;GM?MIG;H>I>ICM

NL…M
 N;FP?T KO;NLI P?MNC>IM
 I AO;L>; LIOJ; =IGJF?NI
 ? JIL =CG; >? NO>I OG
J;F?N>?BIG?G=IGOG;G;HA;KO;M?;LL;H=;>;
OG=;=B?=IFJL?MIJILOG
<LI=B? >? F;N‚I =IG OG; J?>L; P?L>? ? IONL; P?LG?FB;
 ? HI =;<?FI
CH=LCP?FG?HN? NCHAC>I >? FIOLI OG; ?MJ„=C? >? @CN; P?L>? >? A;T? KO? J?H>C;
J;L;OGF;>I
Z"F;?MN~G;L;PCFBIM;Z>CMM?,FCP?CL; Z3?GJ;L;M?>OTCLNI>IM?MM?M>;
JIHN?
Z !~ J;L; P?L KO? ?F; ?MN~ ;J;CRIH;>; Z >CMM? ; *;A;  Z " =IGI M?
JCHNIO
L?J;L?MIMF~<CIM "ILˆG?F
OMIONO>IIKO?NCHB;
Z -;L?=? OG; P?LM‚I JCIL;>; >? $LI=E  ,O ;FAOG;M @CAOL;M >? "HMIL  j
MO<FCG?  IGI„KO??MM?M>ICMP‚IM?;LL;HD;LJ;L;@;T?L;GIL-ILKO?H‚IG?
>CA;KO??F?MM?;G;G>CMNH=C;
Z IHB?ƒI OG =;HNI J?LNI >I BIN?F >? 0?HM IH>? IM =FI=B;L>M M?
?H=IHNL;GJ;L;CMMI JIFˆ=C;>?CR; *;>;G?)„IHC?G?>CMM?KO?M?GJL?N?G
;FAOG >?>I >OLI >; JIFˆ=C; HI G?CI >?F?M
 JILKO? H?MM; BIL; ?F?M ;=;<;G
;<LCH>IIMM?AL?>IM -;L?=?KO?IM=FI=B;L>MM;<?GGOCN;=ICM;>;F;>LI;A?G
Z);>LI;A?G
KO?J;F;PL;Z>CMM?,FCP?CL; Z0CG
=F;LIKO?M;<?G "MN‚I
H;G;LA?GMI=C;F
H;<IL>;>I@OHCF "N;G<„G>?P?GM;<?LGOCN;=ICM;MI<L?
IM;ACIN;M?IMJ;>L?M 2G;<I;=IH@?LC>;H;MF;N;M>?FCRIX
Z)~P?GI=FI=B;L> "MN~G;CM<…<;>IKO?HOH=;  ICN;>CHB;
=IGI?F;
?MJ?L;JIL?F?
IFB?M=IGIF;LAIO;NLIOR;HI=B‚IJ;L;@;T?LMCH;CMJ;L;?F?

?MN~N‚I?GI=CIH;>;
Z-ILG;CMKO?PI=…G?@;F?>IBIN?F>?0?HM
?OG?J?LAOHNI=IGI„KO?
?F?M@;T?GZGOLGOLIO,FCP?CL; Z IG?MM;LIOJ;NI>;X-ILKO??F;H‚I
NCL;G;CMKO?OG;IO>O;MJ?ƒ;M>?LIOJ;KO;H>I@;TG?HIM@LCI
G;MJIL<;CRI
N?GG;CM=CH=IIOM?CM
?CMMIJ;L;H‚I@;F;L>IKO?=B;G;G>?LIOJ;ˆHNCG;
3I=… =IHM?AO? CG;ACH;L I KO? JI>? M?L CMMI
 ? HOG N?LL?HI <;F>CI -;L; I
MOD?CNI„G;CM@~=CF
=;Fƒ;„OG;=ICM;N‚IG;H?D~P?FX
Z "F?M H‚I M? >?MJ?G Z ?MJ?=OFIO ; *;A;  Z  JIFˆ=C; H‚I >?CR;LC;  "
=IG=BOP;
J?HM?MX"F?MM??H@C;GHIM=;HNIM
HIN;FN?LL?HI<;F>CIN?GOHM
JIƒIM >? G?CI G?NLI
 =IG J?>L;M H;M <?CL;>;M
 IH>? IM J?‘?M >? I<L; DIA;G
FCRI?A;LL;@;M &G;ACHIKO??F?M@;T?G;GIL>?J„
Z IG ?MM; LIOJ; NI>; *;M „ CH=IH=?<ˆP?F  .O?L >CT?L KO? I MOD?CNI
HOH=;PCO?F;HO;!?P?M?LJ„MMCGI
Z,FB?=IGI?F?MM?;G;GZ>CMM?;*;A; Z0?IFB;G>?OGD?CNI
Z 1?G PCHBI M;CH>I J?FIM IFBIM >I MOD?CNI
 =B?  1?LHOL; >? IHT? AL;OM ?
GOCNIN;HCHI
Z"F?MM?;G;G
%IL;=CI
M?;G;G ,HIG?>?F;„"GG;HO‡F?
?L;JON;
HICHN?LCIL  B?AIO>?J„HC=B?
@C=IOJ?FIM?G<;L=;>IOLIM 2G;HICN??GKO?
?O?MN;P;NLCMN?HM=IHP?LM;GIM #?>?KO?„OGBILLIL
H‚I;AO?HN?CJILGOCNI
N?GJI  0;<? I KO? ?O J?LAOHN?C ; ?F; -?LAOHN?C KO;H>I „ KO? NLI=;P; >?
LIOJ; .O?<I<;A?GJ?LAOHN;LCMMI "F;„GOCNI<I;
?MN~<?GFIO=;
H;KO?F;
HICN?;=B;P;KO??MN;P;P?H>I@FIL?M>I=;GJIHIMJ;L;F?F?JˆJ?>IM
C;>CT?H>I
IHIG?>?F;MOG;;OG;
Z IGI,@„FC;Z>CMM?%IL;=CI ZH;NOL?T;CGCN;;;LN?
Z,@„FC;
Z-?L>‚I
MIOOGJ?>;HN? "IKO??F;L?MJIH>?OKO;H>IPI=…J?LAOHNIO
>;LIOJ;
Z IG?ƒIO ; LCL ? <?<?O G?N;>? >; A;LL;@; >? OG; P?T M  !CMM? KO? ;
’FNCG; P?T KO? NCHB; >?MJC>I ;FAOG; =ICM; NCHB; MC>I JIL <;CRI
 JOR;H>I >IM
DI?FBIMJ;L;I=B‚I .O?NO>IC;M;CH>I;IMJ?>;ƒIM +ICHP?LHI?F?MM?HN?G
GOCNI@LCI
P?MN?GNO>IKO??H=IHNL;G
Z"OH‚IAIMN;LC;>?M?L?H@?LG?CLI?KO?HOG;HICN?KO;FKO?L=B?A;MM?G
=IG ?F; HOG; G;=;  2G JL?=IH=?CNI =IGI KO;FKO?L IONLI  -CF;L?M >;
MI=C?>;>? "MNIO=IGM?>?
*;A;
Z3;CF~H;=;M;>;-IF;Z>CMM?;*;A;
IFB;H>I;=FI=B;L>?
KO?NLI=;P;
=;Lˆ=C;M =IG I H;GIL;>I >?<;CRI >; JIHN?  Z -L?MN? ;N?Hƒ‚I
 ;AIL; ?F; P;C
>;Hƒ;L
M?GJL?>;Hƒ;OGJIO=IH?MN?BIL~LCI
Z-;L?=?OGOLMI
ZjN‚I@?FCTZ>CMM?;*;A;J?A;H>IOG;J?>LCHB;<L;H=;??R;GCH;H>I ;
JILNI>IMIMF;>IM
%IL;=CINCLIO;J?>L;>;MG‚IM>?F;?F;G<?O 1CHB;AIMNI>?M;F?>?J?>L;
ZjGCHB;Z>CMM?;*;A;
KO?L?H>IL?=OJ?L~ F;
Zj
G;MIFB?;=IL>?F;KO;H>I?MN~=IGCAI  IGCAI?F;M?CFOGCH;
Z IGCAI?F;@C=;G;CM=IHN?HN? !…;KOC
„GCHB;
,M>ICMM?IFB;L;G -IF;
ZIGXZ>CMM?%IL;=CI ZAIL;IO?GIONLIGIG?HNI
>~HIG?MGI
3I=…„N‚INIHN;
GI=CHB;
>?PC;M;<?LKO?JI>?>ILGCLNL;HKOCF;
Z !ILGCL MITCHB;
 NL?G?H>; AL;ƒ;  3I=… ?MN~ P?H>I "O H‚I =BILI  -I>?
=IHNCHO;L @;F;H>I
 H‚I PIO =BIL;L  0IO =IGI ?F;
 P?D; =IGI >;Hƒ;
 P?D;
 „
=IGI;FO;
„G;CMJ?M;>;KO?OG;GIHN;HB;?>;Hƒ;
?H=;L>C>;>?MM?D?CNI?
>;Hƒ; jOG?R?GJFI !…;KOC;J?>LCHB;
Z1IG? 0;<?jN‚I>C@ˆ=CF@;F;L?ON?;GI 1‚I>C@ˆ=CF
;AIL;
Z-ICM„
J;L?=?KO?PI=…?MN~G?J;MM;H>IOG;=JC;?GJ;J?F =;L<IHI
Z"MN;GIM@;F;H>I=IGI>O;M~AOC;MZ>CMM?%IL;=CI
Z *OCNI ?HAL;ƒ;>I Z >CMM? ; *;A;  Z 0? KOCM?L ?O ?GJL?MNI OG
JIOKOCHBI
?HKO;HNI>OL;L;>;Hƒ;>;=FI=B;L>?
Z"MN~<?GZ>CMM?%IL;=CI
;=?CN;H>I;J?>L;?F;G<?H>I ;IONL;P?T Z
-ILKO?„JL?=CMI@;F;L>;-IF;"F;?MN~>I?HN??MITCHB;
PIOPCMCN~ F;
;CH>;
@;T?GIM ;GIL
 G;M =B?A;
 H‚I KO?LI NL;HM@ILG~ F; ?G J;F;PL;M
 H?G G?MGI
=IGPI=…
Z"GG;HO‡F?P;C=;CLH;~AO;Z>CMM?;*;A; Z"MN~G;CM<…<;>;KO?
IMOD?CNI
Z +‚I
 NO>I P;C N?LGCH;L H; MIL>C>?T >? M?GJL? Z >CMM? ,FCP?CL;

F?P;HN;H>I M? >; <;LL; >? @?LLI  Z "MN~ P?H>I ;FC I HI<L? L?JL?M?HN;HN? >;
;ONILC>;>?M?;JLIRCG;H>I3;GIM?G<IL;
„NLCMN?>?G;CM =ICN;>;M?MN;P;
=IGPIHN;>?>?>;Hƒ;LX
Z FAOG; P?FB; JOLCN;H; >?P? N?L @?CNI ?M=H>;FI F~ ?G =CG;  0? ;
?H=IHNL;LGIM
PI=…>~OGJIHN;J„H;<OH>;>?F;
Z IG<CH;>I  " PI=… J?>? >?M=OFJ;M JIL GCG
 ?RJFC=;H>I KO? M P?T?M
GCHB; J?LH; >CMJ;L; JIL =;OM; >I I<OM KO? G? ;=?LNIO KO;H>I ?O ?MN;P;
>?@?H>?H>I0N;FCHAL;>I
Z";ˆPI=…@C=;?GJIMCƒ‚I>?M?HNC>I?<;N?=IHNCH…H=C;
Z 0IO G?MNL? HCMMI
 =B?
 ;JL?H>C ?G -;F?LGI  3?G
 P;GIM <?<?L ;FAOG;
=ICM; +‚IKO?LIIFB;LJ;L;NL~M
IOƒ;=IGIINCL;RCHA;;=ICN;>; ,JLI<F?G;
NI>I ?MN~ HCMMI  0?L~ KO? ?O H‚I >?PC; PIFN;L F~ ? >;L OG =BON? H?F? B

dLDOH;
 G? ;=IHM?FB?  " >?<;CRI >IM OHC@ILG?M ?MN~ I I>IL >; CAHIGˆHC; >IM
=CPCM  @ 56EE@  3?HB;
 P;GIM =;CL @IL; >? HIPI  "MNIO G;CM MODI KO? MO;
"GG;HO‡F?
 „ OG ?H=;L>C>I KO? =IG?ƒIO B~ N;HNIM M„=OFIM
 '6CD:= =2G6 A=FD
3=2?4
M?LC;JL?=CMIOG>?N?LA?HN?CH=LˆP?F
GI=CHB;
OG;?HM;<I;>;=MGC=;
3I=…AIMN;>?J;F;PL;M<IHCN;M0;FON
$;MNIH
Z 0;FON G?MMC?OLM >;G?M Z >CMM? $;MNIH  Z FILM
 >?OR J?NCNM <F;H=M M?=M
=IGG?>B;<CNO>?
B?CH
Z IGG? >B;<CNO>?
 GIH PC?OR
 =IGG? >B;<CNO>?  P?= >O -?LMCF
>?>;HM
$;MNIHIFBIOJ;L;?F??M?;@;MNIO<;F;Hƒ;H>I;=;<?ƒ; ,FCP?CL;M?;JI>?LIO
>;G‚I>;*;A;?=IHNIO;N?HN;G?HN?M?OM>?>IM !?JICM=IFI=IO;J?>LCHB;
MI<L? ; J;FG;
 @IC >I<L;H>I IM >?>IM OG ; OG
 ? JIL =CG; >? NO>I JŽM OG
<?CDI *;A;PCOKO??F?NCHB;@?=B;>IIMIFBIM?J;L?=C;;OM?HN? U-;FB;ƒIW

J?HMIO?HN?LH?=C>;

 


"G ;FAOG FOA;L *IL?FFC JLI=OL;P; DOMNC@C=;L MO;M CH=I?L…H=C;M H;LL;NCP;M


;@CLG;H>I KO? ; PC>; >IM IONLIM
 N;F =IGI HIM =B?A; H; ;MMCG =B;G;>;
L?;FC>;>?
H‚I„=CH?G;
?MCG@INIAL;@C;
IOM?D;
MJI>?GIM;JL??H>?L;;ƒ‚I
JILG?CI>?M?OM@L;AG?HNIM?F?;NC=;G?HN?L?=ILN;>IM "RCMN?GOHC=;G?HN?IM
GIG?HNIM?GKO??MN;GIM=IG?MM?IONLI=OD;PC>;;=B;GIMKO??HN?H>?GIM

IO KO;H>I HIM @;F;G >?F?


 IO KO;H>I ?F? HIM =IHN; I KO? FB? ;=IHN?=?O IO
JLID?N;>C;HN?>?HMIKO?N?G;CHN?Hƒ‚I>?@;T?L +I@CGIKO?MI<L;„OG
~F<OG >? L?NL;NIM
 >? CHMN;HN?M @CRIM D;G;CM I >?PCL M? L?;FCT;H>I H; HIMM;
@L?HN?
;J;MM;A?G>IIHN?GJ;L;IBID?
;JLCG?CL;;AOFB;>I?MKO?=CG?HNIH;
L?=IL>;ƒ‚I  -IL CMMI H‚I B;PC; H;>; >? ?MNL;HBI HI @;NI >? ?F? @;F;L >? M?OM
J?LMIH;A?HM>;G;H?CL;G;CM?MJ;MG>C=;CG;ACH~P?F>;L=I?L…H=C;M„LC?>?
@INIAL;@C;M J;L; KO? J;MM;MM?G ; M?L =CH?G; =IGI N?LC; ;AL;>;>I N‚I
CG?HM;G?HN?;IF?CNILKO??F?=B;G;P;>?F?CNIL @…G?;MCAHC@C=;P;JL??H=B?L
=IG FCN?L;NOL;
 MOJIMCƒ‘?M
 BCJN?M?M ? CHP?Hƒ‘?M IM BC;NIM ?HNL? OG; @INI ?
IONL;  gM P?T?M ;M @INIM GIMNL;P;G OG;M =IMN;M
 OG; G‚I ;JIC;>; ?G OG;
JILN;
I@CH;F>?OGJ;MM?CIHI=;GJI
;<I=;KO?M?;<L?J;L;ALCN;L
M;J;NIMHI
AO;L>; LIOJ;
J?MMI;M;H>;H>IJ?FI B;GJ>?*;LM
OGM?FIOM;>I
I;LIG;
>? $2 C:776
 =ICM;M ;MMCG  *IL?FFC ;=B;P; KO? ; PCP…H=C; >;KO?F;M @INIM
 KO?
JLI=OL;P; ;JL?M?HN;L =IG NI>; ; ;=OC>;>? JIMMˆP?F
 >?P?LC; >;L ;I F?CNIL
=IH>Cƒ‘?M>?;P?HNOL;L M?
>?KO;M?J;LNC=CJ;L>I>?MNCHI>?M?OMJ?LMIH;A?HM
, KO? I F?CNIL @C=;P; =IHB?=?H>I >IM J?LMIH;A?HM J?F; PC; CG;ACH;NCP; M?
=IH=L?NCT;P; CG?>C;N;G?HN? ?G ;ƒ‚I
 M?G H?HBOG ;LNC@ˆ=CI >?MNCH;>I ;
CHN?AL~ FI;ID~?M=LCNIIO;IJIL?M=L?P?L MJIHN?M?HNL?OG;?IONL;CHMNH=C;
>?MM;M PC>;M N‚I P;A;M ? JIO=I =;L;=N?LCT;>;M >?P?LC;G M?L CHP?HN;>;M IO
JL?MOGC>;MJ?FIF?CNIL
?CMMIC;>?M>?;G;H?CL;>?J?HN?;L M?
=;MI*IL?FFCH‚I
; NCP?MM? G?H=CIH;>I
 ;N„ ;M L;T‘?M >? OG; =IH>ON; IO CH=IH>ON;
 KO;H>I
J;L?=?MM? CHMFCN; IO ?R=…HNLC=;  , FCPLI >?PC; M?L =IGI ?MM?M >?M?HBIM
;JL?M?HN;>IM J?FIM JMC=FIAIM >; $?MN;FN
 ? ;MMCG =?LN;M FCHB;M CH>OTCLC;G I
I<M?LP;>IL;NL;ƒ;LH;CG;ACH;ƒ‚I;MKO?=IGJF?N;P;G;@CAOL; *;MMP?T?M;M
FCHB;M;OM?HN?M?L;G;MG;CMCGJILN;HN?M
;M’HC=;MKO?L?;FG?HN?=IHN;P;G 
P;C>;>??;J?NOFH=C;>?*IL?FFCH?MM?N?LL?HIH‚INCHB;GFCGCN?

)?H>I I FCPLI
 NCHB; M? JIL GIG?HNIM ; CGJL?MM‚I >? KO? *IL?FFC B;PC;
?MJ?L;>I KO? I ;=’GOFI >? @L;AG?HNIM M? =LCMN;FCT;MM? <LOM=;G?HN? ?G OG;
L?;FC>;>?NIN;F 0?GJL?=CM;LCHP?HN;LJIHN?MIO=IM?LIM>C@?L?HN?MJ?>;ƒIM>;
N;J?ƒ;LC;
 KO? >? L?J?HN? BIOP?MM? =C>;>?
 BIOP?MM? N;J?ƒ;LC;
 BIOP?MM?
BIG?HM?GOFB?L?MH;J?LMJ?=NCP;;<MIFON;>?M?O>?PCL
?KO?*IL?FFC
I;ONIL

@IMM? I JLCG?CLI ?MJ?=N;>IL G;L;PCFB;>I >;KO?F? GOH>I KO? CHAL?MM;P; H;


=I?L…H=C;
*;M H‚I ?L; I =;MI >? ?MJ?L;L
 JILKO? =I?L…H=C; HI @OH>I KO?LC; >CT?L
;MMCGCF;ƒ‚I;I?MJ;ƒI?;IN?GJI
IL>?H;ƒ‚I;IAIMNI>IF?CNIL @…G?; *IL?FFC
H‚IN?LC;=IHM?HNC>IHCMMI
J;L?=C;G;CM<?G<OM=;LOG;=LCMN;FCT;ƒ‚IKO?
M?G
;FN?L;L ; >?MIL>?G H; KO;F =CL=OF;P;G IM =ILJIM >? M?O J?KO?HI MCMN?G;
JF;H?N~LCI
 J?LGCNCMM? ; =IGJL??HM‚I O<ˆKO; ? NIN;F >? MO;M L;T‘?M >? M?L

@IMM?G?F;M;JLJLC;>?MIL>?G
;CH;HC>;>?IO;AL;NOC>;>? 2G;=LCMN;FCT;ƒ‚I
H; KO;F H;>; @C=;MM? MO<MOGC>I
 G;M ?G KO? OG IFBI F’=C>I JO>?MM? IFB;L
J?FI =;F?C>IM=JCI ? ?HN?H>?L ; AL;H>? LIM; JIFC=LIG~NC=;
 ?HN?H>… F; =IGI
OG; @CAOL;
 :>28@ >F?5:D KO? JIL @IL; >I =;F?C>IM=JCI M? L?MIFPC; HI FCPCHA
LIIG >? ?MNCFI JLIP?Hƒ;F IO HI ALOJI >? M?HBIL;M NIG;H>I =B~ =IG
<IF;=BCHB;M;AF?S

 


, MIHBI ?L; =IGJIMNI =IGI OG; NILL? @ILG;>; JIL =;G;>;M M?G @CG KO?
;Fƒ;L;G PII ? M? J?L>?L;G HI CH@CHCNI
 IO >?M=?L;G ?G =ˆL=OFIM J?L>?H>I M?
H;M ?HNL;HB;M >; 1?LL;  .O;H>I ?F? G? ;LL;MNIO ?G MO;M IH>;M ; ?MJCL;F
=IG?ƒIO
??MM;?MJCL;F?L;OGF;<CLCHNI +‚IB;PC;H?GN?NIH?G@OH>I
H?G
J;L?>?MH?GL?AL?MMI *;MB;PC;N?G;MKO?M?L?J?NC;G=IG?R;NC>‚I

H;ŠM+CH
.:?E6C@7CE:7:46

 


"MN; H;LL;NCP; @IC @?CN; JIL MO; JLIN;AIHCMN;


 6PIHH? $OCNLS
 J;L; +C=IF~M
!ˆ;T
;GCAI>?$;L>?F?GIAIN~

U*CHB; @;GˆFC; J?LN?H=C;  =F;MM? CHN?F?=NO;F B’HA;L;  *CHB; G‚? ?L; >CL?NIL; >? OG M?GCH~LCI
@?GCHCHIIH>?M??>O=;P;;?FCN?>?OG;=C>;>?@;GIM;=ODIHIG?JL?@CLIH‚I>CT?L .O;H>I=B?AIO
;„JI=;NOLP;>IJM AO?LL;
=IGI>?MGILIH;G?HNI>?NLIHIM
=F;MM?MMI=C;CM?@ILNOH;M
?OH‚IM;<C;
KO?LOGINIG;LH;PC>; *CHB;@;GˆFC;@C=IOM?G@ILNOH;
PˆNCG;>;M@LIHN?CL;M>I1LC;HIHD:4=IGI
GCFB;L?M?GCFB;L?M>?IONLIM *CHB;<?F?T;
GCHB;DOP?HNO>??GCHB;?>O=;ƒ‚IH‚IG?J?LGCNC;G
NL;HM@ILG;L G? ?G BOGCF>? >;NCFAL;@;  0OLACO ?HN‚I ?G GCHB; PC>; I JLˆH=CJ? ?H=;HN;>I
 OG
;LCMNI=L;N;>;M;FN;M?M@?L;M=IMGIJIFCN;M
>IMC6D@CED?OLIJ?OM  ;M?C G?=IG?F?=IGNI>;;CFOM‚I>;
DOP?HNO>?
;J?M;L>;IJIMCƒ‚I>;GCHB;@;GˆFC;
JILM?L?ON‚IDIP?G??F??MNL;HA?CLI
3C;A?G>? H’J=C;M  -;LCM
 +C=?
 ;JLC " ?G M?AOC>;
 I @L;=;MMI >; CFOM‚I  "O H‚I M;<C; ;IH>? CL
H?GIOM;P;=IHN;LGCHB;A?HN?;NL;A„>C;>IG?O=;M;G?HNI 2GG;LC>IKO?D;G;CMJI>?LC;G?
NILH;LG‚? '~?MNIO=IG>?T?MM?CM;HIM?PC;DI=IGIOG;J?L?ALCH;M?GLOGI
NL;N;H>I>?>CMMCJ;L
GCHB; J?H;  "ACNI
 ';P;
 ';J‚I
 I &GJ„LCI ?F?MNC;F
 I "RNL?GI ,LC?HN? CHN?CLI
 HOG =;LH;P;F >?
=B;GJ;AH??>?@;FM;;F?ALC;
=IG;;FG;>?MNLIƒ;>;
-;MM;G M? IM ;HIM  "G  HIM L;>C=;GIM >?@CHCNCP;G?HN? H; ŽN? >TOL  0IO OG; GOFB?L >;
;FN;MI=C?>;>??IGOH>I=IMGIJIFCN;>IM=;MMCHIM
>IM>;H=CHAM
>IM=FO<?MBˆJC=IMG?L?P?L?H=C;
+OG<?FI>C;>?P?L‚INIG?C;L?MIFOƒ‚I>?@CHCNCP;;M?J;L;ƒ‚I H;NOL?T;CHN?CL;?MN;P;?G@FILI
G;L
I=„O
IM=;GJIMM?;<LC;GHOG;=;Hƒ‚I>?;GIL?@?MN?D;P;G;DOP?HNO>?
@?MN;>;MGCGIM;M?G ;HH?M
I=;LH;P;F@FILC>I>?+C=?
;JLCG;P?L;MILLC>?HN?>?-;LCM MMCG
;<;H>IH?CF;L
FORI?LCKO?T;M?J;LNCMITCHB;J?FIGOH>IX
"O?MN;P;=IG>?TICNI;HIM?PCPC;MITCHB;?G-;LCM
M?GLOGI>?@CHC>I +;-;LCM>? +;-;LCM
>;M ILAC;M ? >I =B;GJ;HB? ; LI>I  +; -;LCM >I @L;H=I >?MP;FILCT;>I  -;LCM
 J;L;ˆMI >I ?MNL;HA?CLI
/?JF?N;>?C;HKO?M?>?MOF ;G?LC=;HIM
L?CTCHBIM>IIOLI -;LCM>?
IH>?NI>I>C;MOLAC;OG
HIPI=;<;L„
OG;HIP;@?<L?J;L;?MP;TC;L;=;LN?CL;>I?MNL;HA?CLI
!?TICNI;HIM
FIOL;
IFBIM;TOCM 0ITCHB;?G-;LCM
-;L; ;G?HCT;L GCHB; >?MAL;ƒ;
 G? ?HNL?AO?C JF?H;G?HN? ;IM JL;T?L?M  +IM =;<;L„M
 =B;G;P; ;
;N?Hƒ‚I JILKO? M?GJL? C; MITCHB;
 ?M<;HD;P; =B;GJ;AH? =IG IM <;CF;LCHIM ? >CMNLC<Oˆ; AILD?N;M
@;<OFIM;M;IMM?LPCƒ;CM +‚INCHB;HIƒ‚I>IP;FIL>I>CHB?CLI
2G; P?T
 OG >;KO?F?M ?F?G?HNIM KO? M?GJL? =CL=OF;G H?MM?M ;G<C?HN?M =IMGIJIFCN;M >?M=I<L?
G?O G;F M?=L?NI ? G? L?=IG?H>; I L?G„>CI J;L; I ?MKO?=CG?HNIX I=;ˆH;
 GIL@CH;
 >LIA;M
IG?=?C ?HN‚I ; JLI=OL;L FOA;L?M ?RNC=IM
 >;Hƒ;LCHIM >? ;MJ?=NI ?MNL;HBI
 MOF ;G?LC=;HIM >? N?T
GIL?H;?<;MN;M=;<?F?CL;M
+;„JI=;OGL?=„G =B?A;>I
=;HNIL>?=;<;L„
=IF?=CIH;P;MO=?MMIM?;JF;OMIM "MN;P;>?<ON;H>I
HI#FILC>;?=;HN;P;=;Hƒ‘?M?MNL;HB;MHOGC>CIG;?MNL;HBI
2M;H>I OG NL;D? ?RNC=I >?M=IHB?=C>I H;KO?F;M J;L;A?HM ;N„ ?HN‚I
 =;HN;P; N;HAIM
 L;H=B?L;M ?
T;G<;M;LA?HNCH;M "L;OGL;J;TG;CMJ;L;IG;ALI
OGN;HNIGIL?HI
>?>?HN?M<L;H=IM
?;M<?F;M
>?-;LCMI=I<LC;G>?;N?Hƒ‘?M "L; ;LFIM$;L>?F 0?OMN;HAIM=BIL‘?M
KO??F?=;HN;P;=IGNI>;;
;FG;
=;JNOL;P;GIJ’<FC=IM?GKO?M?MIO<?MM?JILKO… 0O;M=;Hƒ‘?M>;„JI=;Z:);=B;=;L?CL;

: ;GCHCNI
:KO?FN;J;>I>?;LGCŒI
:.O?D;CH>C;H;
:"HNL?MO?ŒIMZH‚I?L;GN;HAIMGI>?LHIM

G;M =;Hƒ‘?M >; P?FB; LA?HNCH;


 ; ;FG; JOL; >I A;’=BI >IM J;GJ;M  $;L>?F ?MN;P; H; GI>;  +‚I
B;PC;D;HN;L?F?A;HN?IOL?=?Jƒ‚I?F?A;HN?;KO?H‚I@IMM?=IHPC>;>I 0?OLIMNIGIL?HI
M?OM>?HN?M
<L;H=IM
 M?O MILLCMI @L?M=I ? FOGCHIMI
 <LCFB;P;G ?G NI>I FOA;L  ;<;L„M
 N?;NLIM
 GOMC= B;FFM

BCJ>LIGIM "L;OG@L?KO?HN;>ILJ?LG;H?HN?>?ON?OCF?)IHA=B;GJM
*;M$;L>?FAIMN;P;
;=CG;>?NO>I
>?M?>CP?LNCLMO;G;H?CL;
?HNL?MO;A?HN?
HI=ˆL=OFI>?M?OM
ˆHNCGIM
+; „JI=; B;PC; ?G -;LCM OG =;<;L„ =B;G;>I -;F?LGI
 H; LO; FC=BS
 @L?KO?HN;>I KO;M?
?R=FOMCP;G?HN? JIL MOF ;G?LC=;HIMX #IC IH>? HIM =IHB?=?GIM  $;L>?F M? CHN?L?MM;P; JIL NI>;M ;M
GOFB?L?M
 G;M ?O H‚I G? CHN?L?MM;P; JIL H;>; ;F„G >; =I=;ˆH;X ? =B;GJ;HB?  F;LI KO? GCHB;
P;C>;>?@?GCHCH;@C=;P;FCMIHD?;>;=IGI@;NI>??OM?LPCMN;?G-;LCM=IGIBIG?G>I>C;
Iˆ>IFI
>;MGOFB?L?M
G;MG?O=IL;ƒ‚I?MN;P;CH>C@?L?HN?
KO?F;;GCT;>?M?L?;@CLGIO?GIONL;MHICN?M
IONLIMJ;MM?CIM
IONL;M=IH@C>…H=C;M
MI<;J~FC>;FO;
J;LCMC?HM?
;NL;P„M>IM=;GJIM@FILC>IM -;MM;L;G M?GOCNIM>C;M>?CHN?L?MM?LIGHNC=I KO?F?BIG?G
C; ?HNL;H>I H; GCHB; ;FG;  0O;M J;F;PL;M ?L;G >? M?>;
 MO;M @L;M?M C;G =;P;H>I ; LI=B; >? GCHB;
CH>C@?L?Hƒ;  #CKO?C FIO=;  *?O ;J;LN;G?HNCHBI FOROIMI G;M NLCMN? ?MN;P; ;AIL; =B?CI >? FOT  +‚I
PIFN?C ;IM =;<;L„M  "G GCHB; <?F; M;F; ALCM
  FOT @OFAOL;HN? >;M FGJ;>;M ?F„NLC=;M
 OG; =;<?=CHB;
FIOL; M? ;=IJF;P; ; OG @CLG? LIMNI >? GIL?HIM G;NCT?M  *CHB; ;F=IP; ;TOF
 KO? =IHB?=?O NI>;M ;M
HIMN;FAC;M>?OG;;FG;M?GLOGI
?L;;AIL;OGP?L>;>?CLIHCHBI>?;GIL "L;G?OJLCG?CLI;GIL
, N?GJI PIIO JL?=CJCN;>I ? @OA;T  +‚I M?C >CT?L KO;HNI N?GJI M? J;MMIO   FIOL; ?RNC=; KO?
>?MFOG<L;P;-;LCM=IGMO;M?RNL;P;AH=C;M
=IGM?OMNICF?NNM>?LHC‡L?=LCD:4
=IGMO;M@?MN;MA;F;HN?M
H;MKO;CMI=;PC;LLOMMI?I=B;GJ;HB??L;GIJL;NI>?L?MCMN…H=C;=INC>C;H;
B;PC;>?M;J;L?=C>I
*?M?M>?JICM
IMB;<CNO„M?N?LHIM>I-;F?LGI
>I#FILC>;?>I$;LH@C=;P;GM;<?H>IJ?FIMDILH;CM
KO?OG;<;CF;LCH;FIOL;
>?IFBIM;TOCMKO?D~=IHN;P;PCHN?;HIM
?HFIOKO?=C;IML;J;T?M<?G JIMNIM
>;=;JCN;FJF;N?HM?=IGMO;M>;Hƒ;M?N„L?;M
M?O>?M=;L;G?HNICH;O>CNI
=IGNI>;;PIFOJNOIMC>;>?>;
MO;DOP?HNO>??G@FIL
"L;&3,++"$2&1/6
"N= W
#26D4F6=282C56=62?2

">CNILC;F CMJF;NCH;
*IHN?PC>„O

 


$@C6==:2?2
"MNIO L?PCM;H>IOG=IHNIKO? AIMN;LC; KO? @IMM? I G?HIM FCN?L~LCI JIMMˆP?F
1;L?@; >?M?MJ?L;>IL; D~ ; J;LNCL >I JLCG?CLI J;MMI
 H; L?PCM‚I M;FN;G >?
CG?>C;NI;M@L;M?MCHMOJILN~P?CM 2GJ?LMIH;A?G=B?A;;OG;?M=;>;U/;GH
?H=?NIOI>?M=?HMIXW /CM=I??M=L?PIU/;GH=IG?ƒIO;>?M=?LXW !?CRI;
L?PCM‚I>?F;>IJ;L;G?J?LAOHN;LOG;P?TG;CMJ?F;MP?L>;>?CL;ML;T‘?M>?MM;
L?JOFM;J?F;FCHAO;A?GUFCN?L~LC;W ?46?E2C@56D46?D@H‚IN?GH;>;>??LL;>I
;H‚IM?LMO;@;=CFC>;>?G;M4@>6x2C256D46C„?R;N;G?HN?;G?MG;=ICM;
M
KO?G;CM=LO
AC@D2:4@IOM?D;
G?LIP?ˆ=OFI>?CH@ILG;ƒ‚I
?HKO;HNIKO?;
IONL;@ILG;D~J;L?=?OHCLI’NCF;I;AL;>~P?F "GMOG;
IKO?G?>?M;AL;>;
?GU?H=?NIOI>?M=?HMIW„IOMI>?=IL;NCPI>?OGP?L<I?OGMO<MN;HNCPIKO?
H‚I ?GJL?A;GIM KO;M? HOH=; H; @;F; =ILL?HN? ?G MOG;
 G? >?M;AL;>; ;
FCHAO;A?GFCN?L~LC;H;GCHB;I<L;
?HN?H>; M? -ILKO…
;MIJ?LMCMN;?MM;;NCNO>?
KO??GJI<L?=?P?LNCACHIM;G?HN?KO;M?NO>IIKO?
?M=L?PC HIM ’FNCGIM ;HIM
 H‚I N;L>;L?C ?G G? M?HNCL CH=;J;T >? @ILGOF;L ;
G?HILC>?C;
>?N?HN;L;G;CMMCGJF?M>;M>?M=LCƒ‘?M 0?GCHB;ML;T‘?M@IMM?G
;M>?)IL> B;H>IM>?%I@G;HHMNB;F
H‚IB;P?LC;L;T‚I>?KO?CR;
G;MM??MM;
L?D?Cƒ‚I >; L?NLC=; JILKO? HI @OH>I „ >CMMI KO? M? NL;N; M M? >?P? ; OG
L?MM?=;G?HNI P?L<;F
 =ILL?F;NCPI ? J;L;F?FI ; IONLI PCN;F
 ?HN‚I M?LC; JL?@?LˆP?F
L?HOH=C;L>?P?T;NI>;?M=LCN; /?F?LIML?MOFN;>IM>IKO??M=L?PI;NO;FG?HN?
G?;<ILL?=? *;M;IG?MGIN?GJI
JILNL~M>?MM;JI<L?T;>?FC<?L;>;
JILNL~M
>?MM? U=IG?ƒ;L ; >?M=?LW KO? MO<MNCNOC I U?H=?N;L I >?M=?HMIW
 ?HNL?P?DI ;FAI
KO?G?;HCG; "M=L?PIGOCNIG;F
G;M;FAOG;=ICM;J;MM; ,U?MNCFIW>?;HN?M
?L; OG ?MJ?FBI J;L; IM F?CNIL?M =INIPC; ?F?M M? IFB;P;G
 M? >?F?CN;P;G
 M?
L?=IHB?=C;G
=IGI?MM?J’<FC=IKO?;AO;L>;
L?=IHB?=??>?M@LON;;ML„JFC=;M
>? OG 0;F;=LIO IO >? OG HIOCFB  j GOCNI G;CM @~=CF ?M=L?P?L ;MMCG KO?
?M=L?P?L U>?M?M=L?P?LW
 KO;M? =IGI ?O AIMN;LC; >? ?M=L?P?L ;AIL;
 JILKO? D~
H‚I B~ >C~FIAI IO ?H=IHNLI =IG I F?CNIL
 B~ MIG?HN? ?MJ?L;Hƒ; >? OG =?LNI
>C~FIAI=IGOG=?LNI?L?GINIF?CNIL ,JLI<F?G;
=F;LI
M?MCNO;HOGJF;HI
>@C2= 1;FP?T;;LN?LCIM=F?LIM?
I;P;Hƒ;L>;C>;>?;=?HNO?G?MM;N?H>…H=C;Z
N?GI KO? OG JIO=I GCM;HNLJC=; Z ; ?RJFC=;L I 6E9@D ? >?M=I<LCL HI G?O
=;MI
OG;>?M=I<?LN;<?GN;L>C;KO?;MIL>?HM?MN„NC=;MM‚IG;CMOG?MJ?FBI
KO?OG;J;MM;A?GJ;L;;;HMC?>;>?G?N;@ˆMC=;
IHNCHOIN‚IM?>?HNI>?;<MIFONIKO;HNI?L;;IMPCHN?;HIM
G;M;>?FC=;>;
=LCMJ;ƒ‚I
 ; >?Fˆ=C; ~=C>; ? GIL>?HN? >I ;NI =LC;>IL IO >; MCGJF?M
=IHN?GJF;ƒ‚I >; <?F?T; D~ H‚I G? J;L?=?G OG JL…GCI
 OG ;=?MMI ; OG;
L?;FC>;>? ;<MIFON; ? M;NCM@;NLC;  0 ?RCMN? OG; <?F?T; KO? ;CH>; JI>? G? >;L
?MM?;=?MMI;KO?F;KO?„OG@CG?H‚IOGG?CI
?KO?I„JILKO?M?O=LC;>IL
C>?HNC@C=IO?GMCG?MGIM?OM?HNC>I>;=IH>Cƒ‚IBOG;H;=IGM?OM?HNC>I>;
=IH>Cƒ‚I>?;LNCMN; ,JF;HIG?L;G?HN??MN„NC=I
?G=IGJ?HM;ƒ‚I
G?J;L?=?
CMNIG?L;G?HN? +‚I=IHMCAIG??RJFC=;LG?FBIL

 


+>OFIM >? OG; PC;A?G ; J„ >; /O? >? F; $F;=C‡L? ;N„ ; /O? >O
0IGG?L;L>
ZN„KO;H>IP;GIM=IHNCHO;LOM;H>I;>;N;ƒ‚IU> W
Z!I=OG?HNIMFCN?L~LCIMPCMNIM>?HNLI>?>OT?HNIM;HIM=IJLFCNIM
Z(F;A?MNCHB;L;T‚I
Z *IL?FFC ? MO; FCƒ‚I  !? P?T ?G KO;H>I
 CGOH>I
 BILLˆP?F
 F;G?HN~P?F
1;HN;MJ;F;PL;MJ;L;F;P;L M?>?IONL;MJ;F;PL;M
N;HN;MOD?CL;J;L;>?CR;L>?@?>?L
;-CP?L
; ;LIH
; ;LP?H
;> 1;FP?TM?D;JL?=CMIJ;MM;LJILNO>ICMMIJ;L;
L?=OJ?L;LOG>CL?CNIJ?L>C>I
IOMIILCACH;F>;J;F;PL;
Z,OMIILCACH;F>;J;F;PL; -LIP;P?FG?HN?OG;@L;M?P;TC;
Z -?KO?HI ;N;’>?
 =;CR; >? =B;LONIM
 ;LIHN? MIJL;L~ F?P?G?HN? ? PI=…
=LOT;L~ I =B;L=I <;F;Hƒ;H>I =IGI OG <?LƒI  , <;L=I „ M J;L; ;>OFNIM
0?HBIL;M?=LC;Hƒ;MAL~NCM
OG?GJOLL‚ITCHBI?JLIHNI
D~?MN‚I>IIONLIF;>I
2G;GILN?G?RC=;H;
=;P?CL;>?;ƒ’=;L+@E6?<:?56C=:656CP
Z *IL?FFC IFB;L~ J;L; ;LIHN?  2G GCNI >C;HN? >? IONLI  .O? PC;A?G
CGJL?PCMˆP?FJ?F;M~AO;MH?AL;M
Z2G;;G;L?FCHB;H;=;Fƒ;>;ACTP?LG?FBI
ACTP?L>?  j2 =;Fƒ;>;
F~

?GOLT;=I
;J?>LCHB;N‚I;GILIM;G?HN??M=IFBC>;
I<L?P??GJOLL‚I=IG;
JIHN;>IM;J;NI
>?P;A;L
>?P;A;L
?G<IL;I „O?MN?D;J?LNI
;PC>;CHN?CL;J?F;
@L?HN?
Z2GR;>L?TCH@CHCNI
N‚I@~=CFJLIJIL *;MI@LCI?HNL;JILOG;MIF;@OL;>;

H;D;H?F;>;KO?F?BIN?FOGLIMNIM?G?FB;HN?;I>?OGJ;FB;ƒI@;T=;L?N;MJIL
NL~M>IPC>LI MIG<L;>?OG;JIG<;LIƒ;OG?R=L?G?HNI>?=;=BILLI-;LCM
Z -IF; -;LCM  -IF; &L PCMCN~ F;
 @;CL? F;GIOL  2C6KK2  IGI F;LP;M
JL?AOCƒIM;M  *;M F;LP; N;G<„G MCAHC@C=; G~M=;L;
 *IL?FFC ?M=L?P?O CMMI ?G
;FAOGFOA;L

 


 >? G;CI >? X   -  J?M;L >IM ?M@ILƒIM >IM ;>PIA;>IM


 ? >? OG
’FNCGI L?=OLMI >? ;J?F;ƒ‚I CHN?LJIMNI HI >C;  >I =ILL?HN?
 )IO 3CH=?HN @IC
?R?=ON;>I ?MN; G;HB‚ H; =G;L; >? A~M >; JLCM‚I >? 0;H .O?HNCH
 ?MN;>I >;
;FC@LHC;
X;MG‚IM?IMNILHIT?FIM;G;LL;>IM=;>?CL; ,=;L=?L?CLI =B?@?IL>?HIO
;IMKO;NLI;DO>;HN?MKO?M;ˆMM?G>;=G;L;
?>?JICM>?OGN;JCHB;HIIG<LI
>? 3CH=?HN
 N;G<„G M;CO  , =IH>?H;>I @C=IO MITCHBI HI =ŽGI>I
 ?HKO;HNI
=CHKO?HN;?NL…MN?MN?GOHB;MI<M?LP;P;G;NL;P„M>IMPCMIL?M
XDIAIO;=;<?ƒ;J;L;NL~M?;MJCLIOJLI@OH>;G?HN?
X>ICMGCHONIMG;CMN;L>?M?OLIMNIM?=I<LCO>?MOIL
?HKO;HNIIM>?>IMM?
GIPC;G=IGIM?KOCM?MM?GM?FC<?LN;L>;M=ILL?C;M
XM?CMGCHONIM
;M=IHPOFM‘?MM?L?J?NCL;G
?3CH=?HNDIAIO;=;<?ƒ;J;L;;
@L?HN??J;L;NL~M 2GJIO=I>??MJOG;=IG?ƒIO;M;CL>;MO;<I=;
X ICNI GCHONIM
 ; =;<?ƒ; =;CO MI<L? I J?CNI
 >?JICM >? OG; ’FNCG;
=IHPOFM‚I
XgM>?T?>IT?GCHONIM
I>L /?SHIF>M;HOH=CIOKO?I=IH>?H;>I;=;<;L;
>?GILL?L MN?MN?GOHB;M
?HNL?;MKO;CMB;PC;NL…MDILH;FCMN;M>IX

 


$@C6==:2?2
;M?;H>I M? HOG; M„LC? >? ;HIN;ƒ‘?M MIFN;M
 GOCN;M P?T?M =IHNL;>CNLC;M
 I
FO<?>?>OTCOKO?*IL?FFCPC;H;H;LL;NCP;=IHN?GJILH?;OG;P;HƒILOGI
G;F >?HIGCH;>; ;<MNL;ƒ‚I  U G’MC=; J?L>? G?FI>C;
 ; JCHNOL; J?L>?
@CAOL;ƒ‚I
 I LIG;H=? J?L>? >?M=LCƒ‚I W 4IHA
 G?MNL? ?G 4@==286D >C;F„NC=;M

;>C=CIH;P;;KOC?MN;J;MM;A?GU,LIG;H=?KO?HIMCHN?L?MM;H‚I„IKO?P;C
=IFI=;H>I IM J?LMIH;A?HM ?G MCNO;ƒ‚I
 G;M I KO? CHMN;F; ; MCNO;ƒ‚I HIM
J?LMIH;A?HM  "G >?=ILL…H=C; IM G?MGIM >?CR;G >? M?L J?LMIH;A?HM J;L;
NILH;L M?J?MMI;M %~OG;?MJ„=C?>??RNL;JIF;ƒ‚IG?>C;HN?;KO;F?F?MM;FN;G
J;L; HM
 IO HM J;L; ?F?M  , (  >? (;@E; N?G I HIG? >? M?O F?CNIL
 IO I
IJIMNIW  " ; CMMI >?P?Lˆ;GIM ;=L?M=?HN;L OG; ;HIN;ƒ‚I <;MN;HN? =IH@OM;
 H;
KO;F *IL?FFC NL;G;P; OG ?JCM>CI ?G KO? >?CR;LC; ?G <L;H=I I HIG? >IM
J?LMIH;A?HM
J;L;KO??G=;>;=;MI?MM;MOJIMN;;<MNL;ƒ‚II<LCA;NILC;G?HN?M?
L?MIFP?MM?HOG;;NLC<OCƒ‚IBCJIN„NC=;

 


+OG;J;MM;A?G>?*IL?FFC
?MN;?JˆAL;@?>?#33y
>?$?ILA?M;N;CFF?
U&FMIO@@L;CN>;PICLCHNLI>OCN>?M@CAOL?M>„=B;LH„?M
KOCM?>„JF;ƒ;C?HN>;HMOH
GIH>?>„G?HN
KOCD;G;CMH?JIOLL;C?HN=IHP;CH=L?W
2G;;HIN;ƒ‚I;F~JCM
KO;M?CF?AˆP?FU0CG
MI@L? M?>?P?T?GKO;H>I
G;M„
; ’HC=; M;ˆ>; >?=?HN?  B?A; >? LIG;H=?M B?>ŽHC=IM
 JL„ G;MNCA;>IM
 =IG
AD:4@=@8:2D  j JL?=CMI ?MN?H>?L M? ;I G~RCGI
 M?L G@J2?E
 =IGI KO?LC;
/CG<;O> ,LIG;H=CMN;B?>ŽHC=IH‚IJ;MM;>?G@J6FC -ILIONLIF;>I
=B?A;>?
N„=HC=;M JOL;G?HN? >?M=LCNCP;M
 >? LIG;H=?M :>? =IGJILN;G?HNI
 G?LIM
LIN?CLIM>?=CH?G;M?GI;JICI>;MCG;A?HMW
 L?F;=CIH;L =IG IONL; J;MM;A?G U IGI 4@?E2C M?G =ITCHB;
 M?G
G;KOC;A?G
 M?G JCM=;>?F;M J;L; I F?CNIL 1;FP?T L?HOH=C;H>I  MOJIMCƒ‚I >?
KO? OG; H;LL;ƒ‚I „ OG; I<L; >? ;LN?  0?HNC F; =IGI M?HNCLˆ;GIM I A?MMI KO?
>?LL;G;GIMMI<L?OGLIMNIJ;L;@;T?LOG;G~M=;L; *;MILIMNI>?P?LC;M?LI
HIMMIW
" N;G<„G ?MN; ;HIN;ƒ‚I MIFN; U)CIH?FFI 3?HNOLC
 @;F;H>I >? *;H?N ? MO;
&=J>A:2
 I<M?LP; KO? *;H?N JL?M=CH>? >; H;NOL?T;
 >; <?F?T;
 >; ;ƒ‚I ? >;M
CHN?Hƒ‘?M GIL;CM J;L; =IH=?HNL;L M? H; CG;A?G JF~MNC=;  MMCG
 M?G KO? ?F?
M;C<;
 ?MN~ IJ?L;H>I OG; ?MJ„=C? >? L?NILHI >; ;LN? GI>?LH;  &>;>? *„>C;
"MN;B;PC;?HN?H>C>I;;LN?=IGIOG;M„LC?>?CG;A?HM
MO<MNCNOˆ>;M>OL;HN?I
/?H;M=CG?HNI ? ; „JI=; GI>?LH; J?F; L?JL?M?HN;ƒ‚I >; L?;FC>;>?  , JLJLCI
3?HNOLCIOM?L~$COFCI ;LFILA;H;=L?M=?HN;:.OCM;CLIHC;>;BCMNLC;KO?
HIGIG?HNIG?MGI?GKO?;L?JL?M?HN;ƒ‚I>;L?;FC>;>?M?NILH;P;I<D?NCP;
?
=IHM?KO?HN?G?HN?@INIAL~@C=;?G?=HC=;
OG<LCFB;HN?J;LCMC?HM?KO?KO?LC;
@;T?L L?;FCMGI N?HB; MC>I CGJOFMCIH;>I JIL M?O @ILGC>~P?F A…HCI ; >?PIFP?L ;
;LN?;MO;@OHƒ‚I>?=LC;>IL;>?CG;A?HMXW
*IL?FFC ;=L?M=?HN; U=IMNOG;L M? ; ?GJL?A;L ; ?RJL?MM‚I 7:8FC2 ?G P?T >?
:>286>
 J;L; ?PCN;L =IH@OM‘?M  0CG
 NO>I =ICH=C>?  *;M H‚I M? NL;N; >? OG;
PIFN;  &>;>? *„>C; H?G H;>; >CMMI  "LLI >? JIMNOF;L OG N?GJI BCMNLC=I
;<MIFONI%~N?GJIM>C@?L?HN?M6>3@C2J;L;F?FIM +?MM?M?HNC>I
OG>IMN?GJIM
>; =B;G;>; &>;>? *„>C; JI>? =ICH=C>CL =IG OG >IM N?GJIM >; =B;G;>;
&>;>?*I>?LH; "?MM?N?GJI„IJ?L=?<C>I?B;<CN;>IJILJCHNIL?M??M=LCNIL?M
KO? M? L?=OM;G ; ;JIC;L M? H; =CL=OHMNH=C;
 ; M?L :GI>?LHIM HI M?HNC>I ?G
KO? IM =IHN?GJILH?IM ?HN?H>?G I KO? „ GI>?LHI
 I KO? H‚I MCAHC@C=; KO?
IJN?GJILM?L;H;=LŽHC=IMMCGJF?MG?HN??MN‚IG;LA?G>IN?GJIMOJ?L@C=C;F
>?MO;„JI=;
?;J;LNCL>?MM?IONLIN?GJIHIKO;FNO>I;F=;Hƒ;;=IH>Cƒ‚I>?
7:8FC2
 HI KO;F NO>I P;F? =IGI MCAHI ? H‚I =IGI N?G; >? >?M=LCƒ‚I
 N?HN;G
OG;I<L;KO?JI>?J;L?=?L;FB?C;IO;HN;AŽHC=;;IM?ON?GJI?MO;BCMNLC;
=CL=OH>;HN?M
?KO?;CH>;;MMCGIMCH=FOC
IM?RJFC=;
??G’FNCG;CHMNH=C;IM
ILC?HN;J;L;OG;NL;HM=?H>…H=C;?G=ODIN?LGI?MN~?MJ?L;H>IIBIG?GW

 


3COGNLC<OH;FJL?MMCIH;>I?;N„;G?;ƒ;>IJ;L;KO?=IH>?H;MM?GILN?>ICM
G?HCHIM
 >?M;@C;H>I ; =C…H=C;
 >?M;@C;H>I ; @CFIMI@C;
 >?M;@C;H>I I
BOG;HCN;LCMGI
 >?M;@C;H>I ; ?RJ?LC…H=C;
 >?M;@C;H>I ;M G?FBIL?M ? G;CM
BOG;H;MC>?C;M>;„JI=;
-ILKO?L;T‚IG?O;GCAI*L *;LMB;FF
KO??ROGIO>??HNL?;ML?FˆKOC;M>I
J;MM;>I JL?=?>?HN?M KO? @;LC;G OG M?FP;A?G =IL;L >? P?LAIHB;
 H‚I F?O ?MN;
@L;M?>?F;=EMNIH?
U0?OGG?HCHI>?G?HIM>?=;NILT?;HIM
G?MGIDOFA;>ICH=;J;T>?=OFJ;
JLCG; @;=C?
 @IL
 H; IJCHC‚I >I NLC<OH;F ? >I D’LC
 =;J;T >? =OFJ; ?
>CM=?LHCG?HNI?HNL?I<?G?IG;F
?F?JI>?M?LJL?MI?=IH>?H;>IGILN?W
MMCG
OG;G?HCH;>?NL?T?;HIM@ICKO?CG;>;JILN?LG;N;>I;JLI@?MMIL;
2G G?HCHI >? >?T ? IONLI >? IHT? ;HIM KO? B;PC;G G;N;>I M?OM =IF?A;M
@IL;G=IH>?H;>IMGILN?
?I>?>?T
?H@IL=;>I
-ILKO…
-ILKO?M;<C;;>C@?L?Hƒ;?HNL?IKO??MN~=?LNI?IKO??MN~?LL;>I JL?H>?L;
H;?M=IF;>IGCHC=;F

F;L?H=?!;LLIQ
676D256#6@A@=56#@63


 


IGII;MM;MMCH;>I=IHP?H=?L~M?O;MM;MMCHI>?KO?H‚IM?L~OG;;J;LCƒ‚I
J;L;?F?

*;F=IFG)IQLS
,?56CE96-@=42?@

 


-"/&.2&1,201/)&+,&*-,00&&)&1!,!"/&/000

2GCHMJ?NIL>; /0- ?HNLIOHOG;=;M;??H=IHNLIOIJ~MM;LIHOG;A;CIF;


>? ;J?H;M  JIF?A;>;M >? >CG?NLI , >IHI >I J~MM;LI N?P? KO? J;A;L OG;
GOFN;>?FC<L;M -;L;JLIN?A?L;M=LC;NOL;MCH>?@?M;MH?=?MMCN;GIM>?;FAI;F„G
>;MO;;DO>;GIL;F /0- JL?=CM;>?;DO>;?=IHŽGC=; !CLCACL M?0?=L?N;LC;
?N=

+96&3D6CG6C
)IH>L?M

 


H; BIL; >; M?MN; NI>IM >ILGC;G


 ?L; @~=CF M;CL >; =;G; M?G KO? MO; G‚?
;=IL>;MM?
 ?HA;NCHB;L ;N„ ; JILN;
 M;CL >?P;A;L @;L?D;H>I =IG ;PC>?T ; N?LL;
’GC>; >I =B‚I
 ?M=;J;L J?F; JILN; ;N„ ;M J;MN;A?HM ;I @OH>I IM M;FAO?CLIM
?MN;P;G=B?CIM>?<C=BIM >? =?MNI
&L?H?I?M=IFBC;OG<?GAL;H>?
M?HN;P; M?
;I F;>I >? OG @ILGCAO?CLI ? =IG?ƒ;P; ; ;J?LN;L JIO=I ; JIO=I I =;MOFI ;N„
KO?;F;LP;JOHB;;=;<?ƒ;J;L;@IL;>I=IF;LCHBIM?>IMI
??HN‚I?L;JL?=CMI
J?A~ F;>?FC=;>;G?HN?J?F;J?F?>IJ?M=IƒI=IGIM?J?A;OGA;NI
JOR;LM?G
GOCN; @ILƒ; J;L; H‚I G;=BO=~ FI
 ? ; F;LP; ?MN;P; HO;
 =IHNIL=?H>I M?
=IGC=;G?HN?HI;L&L?H?I?HN‚I=IFI=;P;I<C=BI;IF;>I>I@ILGCAO?CLI?M?
CHMN;F;P;  MIG<L;
 >?CN;>I >? <LOƒIM
 ?MJ?L;H>I KO?F; BIL; ;M @ILGCA;M
H?AL;M NL;<;FB;P;G @OLCIM;G?HN?
 =ILN;H>I =;JCG ? =;LL?A;H>I <C=BIM GILNIM
IO PCPIM >? NO>I KO;HNI?L;F;>I
 H‚I >?GIL;P; ? OG; ?RJFIL;>IL;;PCMN;P; ;
F;LP; ; =IHNIL=?L M? ALIN?M=;G?HN?
 N;N?;P; =IG ;M ;HN?H;M =IGI M? H‚I
;=L?>CN;MM??GN;G;HB;MILN?
=ILLC;>?OGF;>IJ;L;IONLILIƒ;H>I;M;HN?H;M
>;M IONL;M @ILGCA;M
 ? OG GCHONI >?JICM ; F;LP; ?MN;P; =?L=;>;
 ?M=;F;>;

L?NIL=C; M? CHONCFG?HN? KO?L?H>I M? FCPL;L >;M JCHƒ;M KO? M? =L;P;P;G H; MO;
J?F??HKO;HNI;M@ILGCA;MJOR;P;GH;>CL?ƒ‚I>I@ILGCAO?CLI
;LL;MN;H>I ;
?
&L?H?I M? >CP?LNC; JLCH=CJ;FG?HN? =IG ; J?LJF?RC>;>? >;M @ILGCA;M ;I H‚I
=IHM?AOCL @;T?L ; F;LP; J;MM;L J?F; ?HNL;>; >I @ILGCAO?CLI
 ; <LCH=;>?CL;
=IHMCMNC; ?G ?M=IFB?L OG; F;LP; G;CM ALIMM; KO? ; ?HNL;>; >I @ILGCAO?CLI
 ;M
@ILGCA;M ?L;G ?MN’JC>;M ? H‚I ?HN?H>C;G
 JOR;P;G JIL NI>IM IM F;>IM
KO?L?H>I?H@C;L;F;LP;G;M;F;LP;M?=IHNIL=C;@OLCIM;G?HN?
>?PC;M?LBILLˆP?F
IKO??F;M?HNC;
;MJ;N;M?;MJCHƒ;M>;M@ILGCA;MJILNI>II=ILJI
HIMIFBIM?
H;J?F?
>?<;NC; M?KO?L?H>IM?FC<?LN;L??L;JCILJILKO?PCHB;GG;CM@ILGCA;M

;FAOG;ML?;FG?HN?CL;>;M
KO?FB?=L;P;P;G;MJCHƒ;M?H‚IMIFN;P;G?HKO;HNI
H‚I =IHM?AOC;G KO? ; =;L; >; F;LP; M? ?HN?LL;MM? OG JIO=I HI JIƒI >I
@ILGCAO?CLI
?IONL;MKO?PCHB;G>I@OH>I>?PC;G?MN;LJOR;H>I=IGNI>;M;M
@ILƒ;MJ;L;?H@C;LI<C=BI
?&L?H?I<?GKO?AIMN;LC;>??MN;LN;G<„GF~>?HNLI
>I @ILGCAO?CLI J;L; P?L =IGI ;M @ILGCA;M JOR;P;G ; F;LP; ?H@C;H>I ;M JCHƒ;M
?GM?OMIFBIM?H;<I=;?JOR;H>I=IGNI>;M;M@ILƒ;M;N„?H@C~ F;CHN?CL;
;N„
F?P~ F;J;L;;MJLI@OH>?T;M?G;N~ F;?=IG… F;

 


IGNCHN;P?LG?FB;?G;HC@?MN;=IGJF;=…H=C;
*IL?FFCNCHB;=IJC;>IHOG;
=;>?LH?N;I@CH;F>?OGJI?G;>?#?LFCHAB?NNC

06E 92G6D=6AEH:E9362FEJ
:?>J@H?H6:C5H2J
2?5 92G6>25629F?8CJD46?6@CEH@
H:E9362FEJ:?>J365
2?5D@DA:==65@FE2?@E96CA@6>@CEH@
2?5D@DA:==65@FE2?@E96CA@6>@CEH@
FA@?E96@D49=:<6H@C=5

 


M ?H@?LG?CL;M C;G ? PCHB;G @;F;H>I >? %CJ=L;N?M  IG OG GˆHCGI >?
NL;<;FBI
 NI>I L?=ILN? >? L?;FC>;>? JI>C; P?LA;L M? >C;HN? >? OG P?LMI CFOMNL?
*;M J;L; KO? JLIJIL ?HCAG;M ; "NC?HH?
 KO? NCHB; JOR;>I MO; =;>?LH?N; ?
>?M?HB;P;;F?AL?G?HN?OG;@OA;>?JILN;M<L;H=;M
=;NL?MALO>;>IMH;MJ;L?>?M
?D;H?F‘?MJILIH>??HNL;P;OG;G;N„LC;=CHT;?M?>IM;
OG?MKO?F?NI>?~LPIL?
=IG>O;MJIG<;M>?J;JIM<OLAO?M?M "F?N?LC;AIMN;>I>?=IHN;LIONLIMIHBI;
?F?
?L;N‚I=OLCIMIN?LJ;MM;>I;G;HB‚I<=?=;>IJ?FIMIHBI>IJ‚I
?T~M
H;
?MKOCH; >? /;MJ;CF ? *IHNJ;LH;MM? I IONLI MIHBI NCHB; >?MJ?H=;>I ?G =CG;
>?F? @?CNI OG; J;L?>?
 IO G?FBIL
 =IGI M? ; G;HB‚ CHN?CL; ?F? NCP?MM? MC>I
?MG;A;>IJ?F;J;L?>?>IJ‚IKO?CR;H>I M??>?L?J?HN?
=IGIHOG@CFG?>?
NL~MJ;L;;@L?HN?
;J;L?>?NCP?MM?M;ˆ>I>?=CG;>?F?
?H>CL?CN;H>I M?HOGM;FNI
J;L;>?CR~ FI=;L;;=;L;=IG;F?G<L;Hƒ;>IIONLIMIHBI
Z.O;H>IPI=…KOCM?LZ>CMM?"NC?HH?
AO;L>;H>I;=;>?LH?N; Z.O;H>I
@ILG?FBILJ;L;PI=…
H‚IB~JL?MM; "MJ?LIPCP?L;CH>;OHMKO;L?HN;;HIM
>?
GI>IKO?X
Z 1CG? JL?M?HN ;H> NCG? J;MN Z L?=CNIO ,FCP?CL; Z ;L? <INB J?LB;JM
JL?M?HNCHNCG?@ONOL? "MN~?M=LCNIKO?BID?NO>IP;C>;LHIMP?LMIM>?1 0 "O
?MN;P;J?HM;H>IHOGMIHBI
=B?
J?L>‚I 3;GIMCH>I
;AIL;G?MGI
Zj
JILKO?I;MMOHNI>IMIHBID~>?O A?HN?;AO?HN;
;AO?HN;
G;MHI
@CGX
Z+;P?L>;>?M?NL;N;>?IONLIMIHBI
Z*CM‡L?Z>CMM?"NC?HH?
Z +‚I =IHN?C JIL N?F?@IH? JILKO? H;KO?F; BIL; ?O H‚I ?MN;P; G?
F?G<L;H>I
Z " NCHB; ; KO?MN‚I >IM M?CM GCHONIM Z >CMM? "NC?HH?  Z +I @OH>I ;M
;ONILC>;>?M M‚I M~<C;M   A?HN? =;A; H?F;M I N?GJI CHN?CLI
 G;M „ JL?=CMI
L?=IHB?=?LKO??F;MM;<?GIKO?@;T?G 0?CMGCHONIMX
Z0??ONCP?MM?G?F?G<L;>IH;KO?F;BIL;
?L;MM;CL>;=;<CH???HNL;LH;
=;<CH?;IF;>I
Z"MN~<?GZ>CMM?"NC?HH? Z3I=…G?=IHN;IMIHBI?>?JICM;A?HN?
>?M=?JIL;KO?F;?M=;>;?P;CNIG;LOGPCHBITCHBI?G*IHNJ;LHI "ONLI=II
M?O @;GIMI P?FBI >I BIMJCN;F JIL OG MIHBI  M >O;M =ICM;M DOHN;M M‚I >?G;CM
J;L;GCG
Z=?LNIO?G=B?CIZ>CMM?,FCP?CL;
IFB;H>IJ;L;?F?=IGCHN?L?MM? Z,
JLI<F?G;„M;<?LM??MM;M=ICM;MM‚ICHN?L=;G<C~P?CM KOCFIKO?PI=…G?>CTC;
;CH>; BID? <IL<IF?N; IO BC;HA (;C MB?E 3;C P?L KO? ;I JLIJIL ; NLI=; >I
P?FBIJILOGMIHBI
PI=…H;P?L>;>??MN~NLI=;H>IOGMIHBIJ?FIP?FBI
Z-;L;@;F;L;P?L>;>?
H‚I?MNIOH?GOGJIO=ICHN?L?MM;>IH;KO?MN‚I
Z-CHNILZ>CMM?,FCP?CL;
Z*?N;@ˆMC=IZ>CMM?"NC?HH? Z"JIL@;F;LHCMMI
;KO?F;?H@?LG?CL;?MN~
=IG?ƒ;H>I ; M? J?LAOHN;L M? HM >ICM MIGIM OG MIHBI IO OG; >OJF; >?
>?MI=OJ;>IM ,KO?P;C;=IHN?=?L0??F;PC?LHIM?RJOFM;L
M?L~KO??MN;L?GIM
M?H>I?RJOFMIMJILOG;?H@?LG?CL;IOM?L?GIM>ICM@CFMI@IMMIHB;H>I=IGOG
BIMJCN;FIH>??HNL?IONL;M=ICM;MB~OGP?FBI?OG;<IL<IF?N;?H@OL?=C>;
Z "L; GOCNI G;CM MCGJF?M Z >CMM? ,FCP?CL;
 ?M=ILL?A;H>I OG JIO=I HI
<;H=I?@?=B;H>IIMIFBIM Z,FB?
?L;M;=;M;>;GCHB;CH@H=C;?IKO;LNI
>;*;A;
;M>O;M=ICM;MDOHN;MHIG?MGIMIHBI +‚IG?F?G<LI>?KO;H>II
MIHB?C
NCHB;?MKO?=C>I=IGJF?N;G?HN???MN;G;HB‚
J?HM;H>IH;BCMNLC;>I
J‚IX
ZBCMNLC;>IJ‚IPI=…D~G?=IHNIO
Z !? L?J?HN? PIFN; I IONLI ? I J‚I P;C J;L; I >C;<I
 JILKO? H‚I >~ J;L;
=IGJ;L;L ,MIHBI>IJ‚IJI>?N?LCHMJCL;>IX&HMJCL;>I
IFB?MKO?J;F;PL;
Z+‚IN?HB;P?LAIHB;>?@;F;L
M?„IKO?CG;ACHI
Z 3I=… J?HMIO HI A;LINI
 =F;LI  MMI=C;ƒ‚I CH?PCN~P?F  *;M H‚I N?HBI
H?HBOGM?HNCG?HNI>?=OFJ;
=B? +‚IG;N?CI<?<…
Z M =ICM;M H‚I M‚I ;MMCG N‚I @~=?CM Z >CMM? "NC?HH?
 CH=IGI>;>I  Z
3;GIMPCMCN;LIP?FBI
=B?A;>?MIHBIMC>CIN;M
Z +; P?L>;>? KO;M? H‚I =IHMCAI =IHN;L Z >CMM? ,FCP?CL;
 L?MCAH;>I  Z
&G;ACH? KO? ;I =B?A;L ?G *;LN? OG MOD?CNI J?>CMM? ; PI=… J;L; >?M=L?P?L ;
=CHT; jG;CMIOG?HIMCMMI
Z3;GIMIOH‚IP;GIMPCMCN;LIP?FBI
Z-;L;GCG„=IGJF?N;G?HN?CH>C@?L?HN? '~KO??MN;GIM;KOCX ;G;>?T

;=BI   A?HN? JI>C; N?L NL;TC>I ;FAOG; =ICM; J;L; ?F?


 „ =B;NI =B?A;L ;MMCG
.O?GM;<?PI=…>~OG>?M?HBCHBIJ;L;?F?
Z*?OM>?M?HBIMM‚I@?CNIMJ;L;M?L?GP?H>C>IMZ>CMM?"NC?HH?

 


, P?L>;>?CLI MIHBI ?MN;P; MCNO;>I HOG; TIH; CGJL?=CM;


 >I F;>I >I
>?MJ?LN;LG;MM?GKO??F??MNCP?MM? P?L>;>?CL;G?HN? >?MJ?LNI J;L;@;F;LHCMMI
N?LC; MC>I H?=?MM~LCI L?=ILL?L ; IONL;M L?@?L…H=C;M
 ?FCGCH;L ;KO?F?M LINOH>IM
D@?92C656DA6CE2CKO?H‚IKO?LC;G>CT?LH;>;
MCNO;L M?G;CM<?GH;KO?F;~L?;
IH>?G;CMOG;P?T;J;L?=C;;=;M;>;CH@H=C;
;M;F;?ID;L>CGHOGJL?M?HN?
HˆNC>I
=IG=IL?M=IGI;MKO?M?P??G;IM>?T;HIM
P?LG?FBIMN‚IP?LG?FBIM

;TOCM>?>CPCMLC;M>?PC>LIM=IFILC>IM
P?L>?>?@IFB;M
P?L>?>?@L;ALH=C;
I>IL
?=ILOG;MJL?M?Hƒ;;FNOL;>IH;LCT?>IMIFBIM?>;<I=; *;MHIMIHBI;
M;F;=IG>O;MD;H?F;MKO?>;P;GJ;L;ID;L>CG?L;;IG?MGIN?GJIIKO;LNI
>; *;A; I ?MKO?=C>I JIPI;>I >; JLIPˆH=C; >? O?HIM CL?M ? ; /O? >O
0IGG?L;L>M?;MMI=C;P;GM?GPCIF…H=C;
H‚IDOMN;JIMNIMH?GCG<LC=;>IM
G;M
@OH>C>IM
 ? H; =IHNL;>Cƒ‚I ;<IFC>; M?G ?M@ILƒI B;PC; ; M?HM;ƒ‚I >? ?MN;L H;
=ICM;
 HI ?MM?H=C;F
 =IGI KO;H>I M? „ =LC;Hƒ; ? H‚I M? >OPC>; KO? ; M;F; P;C
>OL;L ; PC>; NI>; OG J?LN?H=CG?HNI CH;FC?H~P?F  !? GI>I KO? ; =;M; >?
OLT;=I?IKO;LNI>;/O?>O0IGG?L;L>?L;G@=F82C
?HIMIHBI?L;JL?=CMI
?M=IFB?L ; ~L?; G;CM NL;HKOCF; >I FOA;L
 ; L;T‚I >I MIHBI J;L?=C; M?L ;J?H;M
?MM;
?M=IFB?LOG;~L?;NL;HKOCF; +IFOA;LB;PC;IONL;J?MMI;
MO;CLG‚
KO?I
;DO>;P;M?GJ;F;PL;M;?M=IFB?L;~L?;NL;HKOCF;
=IGIM?CHN?LP„G?G;FAOHM
MIHBIM M?G H?G M?KO?L ?MN;L H?F?M
 >;H>I JIL =?LNI KO? ; J?MMI; IO ; =ICM;
?MN‚I;FC?CHN?LP…GOG;JIN…H=C;M?GG;HC@?MN;ƒ‘?MPCMˆP?CM
;FAIKO?„IO;A?
;NL;P„M>?OG;JL?M?Hƒ;KO?JI>?JL?M=CH>CL>?;J;L…H=C; !?GI>IKO??F??
; CLG‚ ?M=IFBC;G ; M;F; =IGI ; ~L?; G;CM NL;HKOCF; >I FOA;L
 ? ?L; OG; <I;
?M=IFB;JILKO?HIKO;LNI>;*;A;H‚I?L;JIMMˆP?FNI=;LJC;HIH?GIOPCLL~>CI
>?JICM >;M >?T >; HICN? JILKO? CG?>C;N;G?HN? I P?FBI >I ;H>;L >? =CG;
=IG?ƒ;P; ; <;N?L HI N?NI IO IM GIL;>IL?M >I KO;LNI ;H>;L >?F?A;P;G ; OG;
;H‚P?MA;;N;L?@;>?MO<CLJ;L;M?KO?CR;L 0?GOG;’HC=;J;F;PL;
D~KO?H?G
G?MGIJ;L?=C;G?MN;L;FC
?F??;CLG‚?M=IFBC;G;M;F;KO?>;P;J;L;ID;L>CG

>?M=;LN;H>I I KO;LNI >; *;A;  +?MM? GIG?HNI >I MIHBI ,FCP?CL; NCHB;
;=IL>;>I
 N;FP?T JILKO? ; *;A; NCHB; J;MM;>I OG; J?LH; ?HNL? ;M >?F?  +I
?M=OLI;’HC=;=ICM;M?HMˆP?F?L;I@;NI>?N?L?MN;>I;N„;KO?F?CHMN;HN?H;M;F;
>; CH@H=C; =IG ; CLG‚
 ;F„G >? OG; NL?G?H>; PIHN;>? >? OLCH;L
"GJOLL;H>I M?G =?LCGŽHC; ; J?LH; >; *;A;
 F?P;HNIO M? ? M;CO J;L; I
=ILL?>IL
 N;N?;H>I ;=?H>?O ; FOT LOCG >I <;HB?CLI ? M?G M? CH=IGI>;L ?G
@?=B;L ; JILN; =IG?ƒIO ; GCD;L ;JIC;H>I M?  J;L?>? =IG OG; >;M G‚IM

@;T?H>I @ILƒ; J;L; H‚I >ILGCL ? =;CL H;KO?F; JIL=;LC; >? JLCP;>;

=IGJF?N;G?HN?MO<G?LMIH;;OL;>IMIHBI
IFB;H>IM?GP?LIDILLIKO?M;ˆ;
JIL?HNL?M?OM>?>IM?M?J?L>C;HI<OL;=IIO?LL;P;P;A;G?HN?J?F;M<IL>;M>?
FIOƒ; ?M=OL?=C>;  1;FP?T I P?L>;>?CLI MIHBI N?HB; MOLAC>I J;L; ?F? H;KO?F?
GIG?HNI ?G KO? M? M?HNCO ;=IL>;>I ? GCD;H>I M KO;NLI >; G;HB‚ HOG
KOCHNI;H>;L>;/O?>O0IGG?L;L>?MIO<?KO?;M;F;KO?>;P;J;L;ID;L>CG
?G OLT;=I ?L; ; L?;FC>;>?
 MIO<? I =IGI M? M;<?G OG;M JIO=;M =ICM;M
CH>?MG?HNˆP?CM
 =IGI M? M;<? KO? MIGIM >? @;NI HM G?MGIM
 KO? HCHAO„G ;
H‚IM?LHMG?MGIM?MN;GIMJ?HM;H>I;KOCFI
MIO<?M?GH?HBOG;MMIG<LIIO
?M=H>;FI KO? MO; PC>; >? BIG?G >?MJ?LNI ?L; OG; @;HN;MC; M? =IGJ;L;>; 
MIFC>?T ?  J?LG;H…H=C; >; M;F; ?G<IL; >?JICM ;I PIFN;L J;L; ; =;G; H‚I
BIOP?MM?H?HBOG;M;F;G;M;J?H;MIKO;LNI>;/O?>O0IGG?L;L>
MIO<?KO?
; ~L?; NL;HKOCF; ?L; ; M;F; >? OLT;=I =IG I =B?CLI >IM D;MGCHM >I ;<I
?HNL;H>IJ?F;M>O;MD;H?F;M
;M;F;=IGIP?FBIJC;HIF”NBH?L
=IGM?ON;J?N?
=IL >? LIM;?MO;MJIFNLIHCHB;M;@OH>;>;M?MO;CLG‚N;G<„G;@OH>;>; #?TOG
?M@ILƒIPCIF?HNIJ;L;M;CL>;;OL;
L?HOH=C;L;IFOA;LKO?I?MN;P;?HA;H;H>I

MO@C=C?HN?G?HN? ;=IL>;>I J;L; >?CR;L ?HNL;L ; HIƒ‚I >? ?HA;HI


>? MIHI ? >?
PCAˆFC;
G;M?HKO;HNIM;=O>C;OG;M’FNCG;MAIN;M?;J;A;P;;FOT??M@L?A;H>I
IMIFBIM=LOT;P;I=ILL?>ILJ;L;NILH;L;?HNL;LHIKO;LNI
NO>I?L;G?HIM
?L;
MCH;F>?G?HIM
G?HIM=ILL?>IL
G?HIMJILN;
G?HIMFOT
G?HIM=;G;
G?HIM
*;A; /?MJCL;H>I=IG?M@ILƒI
GOLGOLIOU*;A;W
GOLGOLIOU-;LCMW
N;FP?T
N?HB; GOLGOL;>I U%ID?W  CH>; MI;P; ; =ICM; >CMN;HN?
 ; P;TCI
 ; L?;FG?HN?
H‚IPCPC>I 1ILHIO;>ILGCL=IGIKO?GJLI=OL;M?OFOA;L?MO;=;M;>?JICM>?
OGFIHAI=;GCHBIMI<;~AO;?I@LCI

 


"L; JL?=CMI JLIJIL M?


 M?AOH>I *IL?FFC
 OG GIPCG?HNI  G;LA?G >? NI>;
8C2x2  +; J;L=?F; KO? ?F? D~ L?;FCT;L; >?MM? GIPCG?HNI
 ?L; @~=CF J?L=?<?L I
KO;M? P?LNCACHIMI ?GJI<L?=CG?HNI >? M?O OHCP?LMI FCN?L~LCI
 G;HC@?MNI H‚I
;J?H;MH;CHJC;KO;M?MCGC?M=;>IMJ?LMIH;A?HM=IGIN;G<„GHIG?LI=OLMI
>?MO;M;ƒ‘?M?JLCH=CJ;FG?HN?>?MO;MCH;ƒ‘?M =;<;P;H‚I;=IHN?=?H>IH;>;
=IG ?F?M
 KO? ACL;P;G ?G OG =IG?HN~LCI M;L=~MNC=I >; JLJLC; CH;HC>;>?

@CHAC;G ;>IL;L ˆ>IFIM LC>ˆ=OFIM KO? JL?MOGC;G N?L >?M=I<?LNI  *IL?FFC >?PC;
=IHMC>?L;L CMMI CGJILN;HN?
 JILKO? B;PC; GOFNCJFC=;>I MO;M ;HIN;ƒ‘?M MI<L?
OG;MOJIMN; ?RCA…H=C;
OGL?=OLMI@CH;F ? >?M?MJ?L;>IJ;L; >?MJL?H>?L M? >;M
J?A;>;M >; „NC=; CG;H?HN? ? NL;HM=?H>?HN?
 ?G <OM=; >? OG; HO>?T KO?
=B;G;P;>?;RC;F?MP?T?M>?@F>3C2= 2G<L;F>IKO…
LOGI;KO…!?>OTC;
M? OG; CH=CN;ƒ‚I ; ;FAI =IGI PCL;L M? >I ;P?MMI  G;H?CL; >? OG; FOP;
 >?
GI>I ; L?=?<?L ?M@IF;>;G?HN? OG =IHN;NI =IG OG; L?;FC>;>? M?G ;
CHN?LJIMCƒ‚I >? GCNIM
 L?FCAC‘?M
 MCMN?G;M ? L?Nˆ=OF;M  "L; =OLCIMI KO? *IL?FFC
;<L;ƒ;MM? =IG ?HNOMC;MGI ;M G;CM L?=?HN?M BCJN?M?M >? NL;<;FBI >; =C…H=C;
@ˆMC=;?>;<CIFIAC;
M?GIMNL;MM?=IHP?H=C>I>?KO?IP?FBI>O;FCMGIB;PC;M?
NLCH=;>I ;HN? ; ?PC>…H=C; >? OG; =IGOG L?>Oƒ‚I >; G;N„LC; ? >I ?MJˆLCNI ;
HIƒ‘?M>??H?LAC;  IGI=IHM?KO…H=C;
M?OMG;=;=IMM~<CIMJ;L?=C;GKO?L?L
L?NLI=?>?L =;>; P?T G;CM H; >CL?ƒ‚I >? MC G?MGIM
 ;HOF;H>I >? OG F;>I ;M
KOCG?L;M >? OG; L?;FC>;>? G?>C;NCT;>; ? ;NL;CƒI;>; J?FIM MOJIMNIM
CHMNLOG?HNIM =IAHCNCPIM
 ? ;HOF;H>I ;I G?MGI N?GJI MO; JLJLC; @ILƒ;
GCNIJIC„NC=;
 MO; U;FG;W
 J;L; ;=;<;L HOG; ?MJ„=C? >? ?H=IHNLI 23 @G@
 >?
?H=IFBCG?HNIMOJL?GI
;N„IJIHNI?GKO?M?CL~J?L>?L;’FNCG;=?HN?FB;>?
@;FM;BOG;HC>;>? -;L?=C;JLIJILZ?G<IL;HOH=;N?HB;=B?A;>I;@ILGOF;L
?MM;JLIJIMN;ZOG=;GCHBIKO?=IG?ƒ;MM?;J;LNCL>?MM;FCKOC>;ƒ‚I?RN?LH;?
CHN?LH;  *;M @C=;L; KO;M? M?G J;F;PL;M
 M?G A?HN?
 M?G =ICM;M
 ?
JIN?H=C;FG?HN?
 =F;LI
 M?G F?CNIL?M  , FO<? MOMJCL;P;
 ?HNL? >?JLCGC>I ?
?R;MJ?L;>I
??L;M?GJL?;G?MG;=ICM;
IOKO;M?

 


C>?C;>?M?L=IGIOG=‚I?HNL?IMBIG?HMG;N„LC;>?>?MIF;>;L?@F?R‚I;I
FIHAI >? >O;M ;AO;L>?HN?M ? OG; =;GCHB;>; J?FIM MO<’L<CIM
 MOMJ?CN;
=L?M=?HN? >? KO? M I ;F@; =LC; I ŽG?A;
 >? KO? NI>; I<MNCH;ƒ‚I HOG; ?N;J;
CHN?LG?>C~LC; Z „JMCFIH
 F;G<>; Z ?KOCP;F? ; ACL;L =IG OG J„ =L;P;>I HI
=B‚I @F?=B;P;C>;G‚I;I;FPIH‚IB~G?N;>?>I=;GCHBI
H‚IB~M„=OFI55
?HNL?I 5?I 555 2GBIG?G>?P?LC;M?L=;J;T>?M?CMIF;L>;?MJ„=C?>?HNLI
>;JLJLC;?MJ„=C?
?IJN;LJ?FI=‚IIOJ?FIJ?CR?ILCACH;F=IGIJIHNICHC=C;F
>;G;L=B;LOGI;MCG?MGI +‚IB~J;MM;A?GJ;L;I>IONIL?GF?NL;M
H‚IB~
;<?LNOL;J;L;I;F?LACMN;?GCH?HN? &H=LOMNL;>IMH;?MJ„=C?
M?L‚IIKO?>?P?G
M?L IO M?H‚I H‚I M?L‚I H;>;  *OCNI G?LCNLCIM
 H;>; ; >CT?L
 G;M M?GJL?
„JMCFIH
 F;G<>; IO JC
 HOH=; ;F@; IO ŽG?A;  , BIG?G >? KO?G ?MN;GIM
@;F;H>I H‚I ;=?CN; ?MM;M JM?O>ILL?;FCT;ƒ‘?M
 ; AL;H>? G~M=;L; ;JI>L?=C>; >I
,=C>?HN?  , MOD?CNI KO? =B?AIO ;H>;H>I  NI; ;N„ ; JIHN? >; P?HC>; 0;H
*;LNˆH ? @OG; HOG; ?MKOCH;
 IFB;H>I OG; GOFB?L ;D?CN;L ; G?C;
 N?G OG;
C>?C;=IGJF?N;G?HN?CHM?HM;N;>IKO??F?=B;G;>?L?;FCT;ƒ‚I
?H‚IF;G?HN;
CMMIJILKO?;FAOG;=ICM;FB?>CTKO?H;CHM?HM;N?T?MN~;M?G?HN?
KO?IF;NC>I
>I=‚I?MN~G;CMJ?LNI>IŽG?A;KO?>?OG;N?M?MI<L?IA?L’H>CI?G1CLMI>?
*IFCH; .O?G?N~@IL;MC>CIN;M*;M?F?=IHNCHO;NL;P;>I
„I=;MI>?>CT?L ,
KO? JLI=OL; -LI=OL; ; MC G?MGI +‚I M? JLI=OL;LC; M? D~ H‚I NCP?MM? M?
?H=IHNL;>I .O?L>CT?LKO?M??H=IHNLIOG;MCMMID~H‚I„CHM?HM;NI
?LAIB~
KO?>?M=IH@C;L jMPI=…>?CR~ F;MIFN;KO?/;T‚I?GCN?OG<IF?NCG?MJ?=C;F

;LG;IJLCG?CLIMCFIACMGI>?OG;M„LC?KO?H‚IIF?P;;FOA;LH?HBOG@IL;OG
>CJFIG; IO OG =B;F?TCHBI =;FC@ILHC;HI ? IM <?<…M <LCH=;H>I HI N;J?N? J;L;
CG?HMI?H=;HN;G?HNI>;G;G‚? 3;GIMP?L
=;FG;IKO?„KO??MM?MOD?CNI
JLI=OL; -LI=OL; ; MC G?MGI -LI=OL; ; MC G?MGI ?HKO;HNI CH>CPˆ>OI
"HKO;HNICH>CPˆ>OIJL?N?HM;G?HN?CHN?GJIL;F
IO=IGI?HN?BCMNLC=I0?@IL
?MN? ’FNCGI
 N?GJI J?L>C>I  0? JIL„G ?F? M? JLI=OL;  G;LA?G >? NI>;
=IHNCHA…H=C;
 N;FP?T ; =ICM; >I =‚I ;N„ KO? H‚I „ N‚I ;<MOL>;  *;M P;GIM
>?P;A;L?F? ;>IL; @;F;L ;MMCG
 =IGI OG J;CJ;L; I @CFBI
 J;L;>?JICM >;L M?I
?HILG? JL;T?L >? NI>I @CFBI
 KO? „ =BON;L I P?FBI >I HCHBI
 P;GIM JC;HI
JC;HI
 CHP?MNCA;L KO? BCMNLC; „ ?MM; >; JLI=OL;  IG
 ; JLI=OL; H‚I y  0ONCF

B?CH+‚I„JLI=OL;JILKO?D~M??H=IHNLIO 0KO?I?H=IHNLIH‚I?H=;CR;
%~=;LH?
<;N;N;M?;FBI JIL
G;MH‚IB~=ITC>I ,OM?D;
D~H‚I?MN;GIM=IG
IM >?G;CM
 D~ >?CR;GIM >? M?L OG =C>;>‚I JIL ;FAOG; L;T‚I G? @;T?G M;CL
>CMJ;L;>I>?NO>IKO?„=;HNI
)ON„=C;KO?I>CA;
G;MN;GJIO=IMIO<?GIM
M;CL>I=‚IJ;L;=B?A;L;CMMIKO?H‚IN?GHIG?
>CA;GIM
;?MM;=IH=CFC;ƒ‚I
;
?MM;L?=IH=CFC;ƒ‚I
1?LLˆP?FN;L?@;
;>?=B;JCHB;LHOG=ˆL=OFI=ODI=?HNLI?MN~?GNI>;J;LN??
=OD;=CL=OH@?L…H=C;?MN~?GJ;LN?;FAOG;
J;L;@;F;L>?G;H?CL;?M=IF~MNC=; ,
KO? M? JLI=OL; , KO? M? JLI=OL; /?J?NCL CMMI KOCHT? GCF P?T?M
 =IGI
G;LN?F;>;MH;J;L?>? ,KO?M?JLI=OL;,KO?„?MM;=IH=CFC;ƒ‚IM?G;KO;F;
PC>;H‚IJ;MM;>?OG;AIT;ƒ‚II<M=OL;+‚I;=IH=CFC;ƒ‚I>IM;HNI
JILKO?M?
H; HIƒ‚I >? >?M=?L ;I =‚I
 >? L?=IG?ƒ;L ; J;LNCL >I =‚I IO >I J?CR? IO >;
CGOH>ˆ=C??>;@?COL;?>;GCM„LC;?>?KO;FKO?LIONLI>?MP;FILB~M?GJL?OG;
?MJ„=C? >? HIMN;FAC; >? M;HNC>;>?
 ; M?HM;ƒ‚I KO? M? N?G „ >? KO? ;FG?D;GIM
OG; M;HNC>;>? H‚I L?FCACIM; ? ;ˆ =IG?ƒ; ; CHM?HM;N?T
 ; OG ?MN;>I D6>
5:76C6?x2
M?GM;HNIJILKO?IM;HNI„M?GJL?>?;FAOG;G;H?CL;N;HNIIM;HNI
=IGIIMKO?H‚IM‚IM;HNIM
?CMMI?M=;H>;FCT;OGJI<L?=ICN;>I=IGIIKO?
;>GCL; ; J?LH; >; GIƒ; ;<MILN; ?G ;D?CN;L ; G?C; NILN;
 IO M?D;
 M? ?RCMN?
=IH=CFC;ƒ‚I?F;H‚IJI>?M?LOG?MN;>I>?M;HNC>;>?
?MN;>I?R=FO>?HN?FIAI>?
M;ˆ>;  1?G KO? M?L ;FAI CG;H?HN?
 M?G M;=LC@ˆ=CI >I =BOG<I J?FI IOLI
 >I
=?FI@;H?J?FI=LCMN;F
>IG?HIMJ?FIG;CM;I=IHNL~LCI
;CHM?HM;N?T?RCA?KO?I
=BOG<I P;FB; I IOLI
 KO? I G;CM ?MN?D; HI G?HIM  2G; ;FKOCGC;
 OG;
A?IG?NLC;H‚I?O=FC>C;H;
OG;CH>?N?LGCH;ƒ‚IFAE@52E6J;L;;MIJ?L;ƒ‘?M>I
?MJˆLCNI?M?OM@LONIM +‚IM?NL;N;>?DF3:C
P?FBIˆ>IFIG?HN;F>?MG?HNC>IJ?F;
BCMNLC;
P?FB;=?HIOL;KO?D~H‚I?HA;H;I<OLLI +‚IM?NL;N;>?;J?L@?CƒI;L

>?=;HN;L
 L?MA;N;L
 ?M=IFB?L
 FCPL? ;L<CNL;L
 CL >I ;F@; ;N„ I ŽG?A;  !s D6 6DEs
.O;FKO?LOGD~?MN~ ,>CMJ;LI?MN~H;JCMNIF;G;M„JL?=CMI;J?LN;LIA;NCFBI?
;=IHN?=? KO? I >?>I ?MN~ @;T?H>I MCH;CM J;L; J;L;L I ŽHC<OM
 IO =ICM; KO? I
P;FB;  IGI@;F;
KO;HNI@;F;?MM?@OG;HN?>?MI=OJ;>I>?MO<’L<CIGIƒ;D~
;D?CNIO ; G?C;
 JLIHNI  3CO M #ILG;M >; =IH=CFC;ƒ‚I  = >:@ DFAA=:K:@P 3;C
P?L NO>I „ N‚I MCGJF?M
 OG JOR‚ITCHBI H; G;FB;
 OG >?>CHBI GIFB;>I =IG
M;FCP; J;MM;H>I J?F; J;LN? KO? =ILL?O  3;C P?L KO? <;MN;LC; J?A;L I H;LCT ?
=IFI=~ FIH;;FNOL;>;IL?FB;
>?M;=IGI>;LOGH;>CHB;;=CL=OHMNH=C; "H‚I

N;G<„GH‚I„;MMCG +;>;G;CM@~=CFKO?DIA;L;=OFJ;HIKO?@C=IO>?@IL;

=IGIM?@IMM?CHKO?MNCIH~P?FKO?I@IL;?I>?HNLIM‚I;M>O;MPCA;MG?MNL;M>;
=;M; *;M„KO??MN~NO>I?LL;>I
;BCMNLC;FB?>CTCMMI
?IJLJLCI@;NI>??MN;L
J?HM;H>ICMMI?GP?T>?I?MN;LPCP?H>IJLIP;;PI=…KO??MN~?LL;>I
KO?HIM
G?N?GIMHOG;>?M;LGIHC;NIN;FKO?NI>IMIMHIMMIML?=OLMIM>CM@;Lƒ;G=IGI
?>C@ˆ=CI MI=C;F
 =IG ; BCMNLC;
 =IG I ?MNCFI DŽHC=I
 =IG ; ;F?ALC; >I
/?H;M=CG?HNI
 =IG ; NLCMN?T; MOJ?L@C=C;F >I LIG;HNCMGI
 ? ;MMCG P;GIM ?
HCHAO„GHIMM?M?AOL;

 


Z -IL KO?
 =IG N?OM ?H=;HN;G?HNIM CH@?LH;CM
 G? ;LL;H=;MN? >;
NL;HKOCFC>;>?>;GCHB;JLCG?CL;PC>;X,MIF?;FO;<LCFB;P;GJ;L;GCGM?G
;LNC@ˆ=CI ?O >?MJ?LN;P; ?HNL? J?HM;G?HNIM M?L?HIM
 ? ;I ;G;HB?=?L >I<L;P;
GCHB;M@IFB;MJ;L;@;T?LGCHB;MIL;ƒ‘?M +‚IPC;H;>;>?G;O
JICMH‚INCHB;
IFBIMH‚I?M=ON;P;H;>;>?G;O
JICMH‚INCHB;IOPC>IMG;MG?PCHA;L?C

!CM=OLMI>;*;H>L~AIL;
?G D236=5@8:E@
>?=BCGPIHLHCG

 


";MMCGIMGIHMNLIM>;P;GJIHN;J„MHIHCHBI>; O=;J;L;KO??F;M;ˆMM?>;
@;LG~=C; ? IM >?CR;MM? ?G J;T  I G?MGI N?GJI
 ? GOCNI G;CM ; M„LCI

>CM=ONC;G I MCMN?G; >? ?@?LCHI -CLCT ? ;M C>?C;M >? *IL?FFC  IGI H;
LA?HNCH;*IL?FFC?L;KO;M?>?M=IHB?=C>I
,FCP?CL;J;MMIOIMFCPLIMJ;L;?F?M?
FB?M @;FIO >? ;FAOG;M ;HIN;ƒ‘?M ?MJ;LM;M KO? =IHB?=?L; ?G IONLIM N?GJIM
!?M=I<LCL;GKO?/?GILCHI
KO?C;=IHNCHO;LNL;<;FB;H>I=IGI?H@?LG?CLI?
M?GJL?;J;L?=C;H;BIL;>IG;N??>;;AO;L>?HN?
?L;OGAL;H>??HN?H>C>I?G
/I<?LNI LFN
 @;NI KO? JLI>OTCO H?F?M OG; =IGIƒ‚I =IHMC>?L~P?F
 L;T‚I J?F;
KO;F >OL;HN? OG; M?G;H; M M? @;FIO >? LFN ? >? =IGI HCHAO„G NCHB;
=IHM?AOC>I MOJ?L;L I M?O JIH=BI HOG J;ˆM IH>? M? JL?@?LC; N;J?N?  *;M
@;F;P;GJLCH=CJ;FG?HN?>? ?@?LCHI=IGAL;H>?M?LC?>;>?
?;=;>;N;HNIFB?M
I=ILLC; IFB;L M? >? OG GI>I ?MJ?=C;F
 JIL ?R?GJFI F?P;HN;H>I ; PCMN; ;I
G?MGI N?GJI ? J?L=?<?H>I KO? IM NL…M ?MN;P;G @;T?H>I ; G?MG; =ICM;
 IO
M?D;
 IFB;L M? >? OG; G;H?CL; ?MJ?=C;F ? CH?RJFC=~P?F
 =IGI =?LNIM IFB;L?M HI
DIAI >? NLO=I IO KO;H>I OG BIG?G KO? ;G; >?M?MJ?L;>;G?HN? N?G KO?
?H=;L;LOG=B~=IGJ‚I>I=??P~LC;MM?HBIL;M?;N„OG=ILIH?F>;L?M?LP;KO?
FB??RJFC=;;M=;OM;MJ?F;MKO;CMNO>I;H>;N‚IG;FHIJ;ˆM
?;@OH>;>I?GMO;
=;>?CL; I BIG?G IFB; >I G?MGI D?CNI J;L; NI>IM
 J;L; I =ILIH?F ? J;L; ;
GOFB?LKO?;G;?J;L;;MNC;M>;GOFB?LKO?;G;
IFB;;@;P?FG?HN?J;L;?F?M
JILKO? H; L?;FC>;>? MCG
 „ OG; P?LAIHB; KO? I J;ˆM ?MN?D; H; G‚I >? OG;
KO;>LCFB; >? =LCJNI=IGOHCMN;M
 ?HN‚I J‚I >I=? =IG =L?G?
 I N?L=?CLI 
?MKO?L>;>;<;H>?D;
?>;=IFB?LCHB;PCL;>;J;L;=CG;MI<L?;NI;FB;<IL>;>;
J?F;M NC;M I IFB;L ;@~P?F M? ?LAO? JIL OG CHMN;HN? ? JIL =CG; >IM
=LCJNI=IGOHCMN;M?M??HF;ƒ;HI;L=IGIIONLIIFB;L
KO?MO<CO>I;ƒO=;L?CLI
>?G;N?LC;FJF~MNC=IP?L>? HCFI?NO>IIG;CM>?M;J;L?=?
OG;=IHMOG;ƒ‚I@IL;
>IN?GJIM?NL;HM@ILG;HOG>OF=ˆMMCGIM?AL?>I
?M?IMBIG?HM>?BID?@IMM?G
BIG?HM>?P?L>;>?
DIP?G
?H‚IOHMG;LC=;M>?G?L>;U*;M/C=;L>IU"MN~
<?G
 ;LG?H
G;M„KO?G?L?PIFN;
G?L? PIF N;IKO??MN~;=IHN?=?H>I=IG
IJ;ˆMW
>FE2E:D>FE2?5:D?L;OGJIO=IIIFB;L>IMGIHMNLIMKO;H>IOG;IO
IONL; P?T ;=IHN?=C; >? IM >ICM M? IFB;L?G =IG OG IFB;L ;I G?MGI N?GJI
@OLNCPI ? NIN;F
 M?=L?NI ? GOCNI G;CM =F;LI >I KO? KO;H>I M? IFB;P;G JIL OG
FIHAI N?GJI
 G;M H‚I „  NI; KO? M? „ OG GIHMNLI
 =IGI >CTC; ; O=; ;I
G;LC>I
?IMNL…M>?M;H>;P;G;LCL?@C=;P;G?RNL?G;G?HN??HP?LAIHB;>IMJIL
N?L?G M? IFB;>I ;MMCG M?G ?MN;L DIA;H>I NLO=I ? M?G N?L ;GIL?M =OFJIMIM  
G?HIMKO?

 


+IOMMIGG?MKO?FKO?M OHM=?NN?„JIKO?;PICLPIOFO;NN?HN?L;OR=BIM?M

=L„?L?HHIOM>?M?MJ;=?MF;PC?
>?M?MJ;=?MKOCH„N;C?HNJ;M?NH?M?G<F;C?HN
J;M>?PICLNLIOP?LJF;=?>;HMF?MJ;=?

LN;O>
#6'|D6?6C7D

 


*;M 1L;P?F?L H‚I ?MN;P; >ILGCH>I


 >?JICM >? OG; IO >O;M N?HN;NCP;M I
J?M;>?FI=IHNCHO;P;;LIH>~ FI
?;=;<IOM?M?HN;H>IH;=;G;?;=?H>?H>I;
FOT 1;FCN;H‚I?MN;P;
?MM;MIHG<OF;
?MM;@;F?H;>?CHMŽHC;M
?1L;P?F?L<?<?O
OG=IJI>?;AO;L>?HN??P?MNCOIJ;F?N>IJCD;G; JIFNLIH;>?PCG?J;L?=C;
G;CM@L?M=;KO?;=;G;
??L;OG;HICN?<I;J;L;=IHNCHO;L?MNO>;H>I ?@?LCHI
-CLCT

!;HM=?N;HHIH=?IO=;LN?Z>CTC;N?RNO;FG?HN? ?@?LCHIZS?L?JIH>M>?P;HNIOMOLPINL?>?G;H>?
>?MOAA„L?LC>„?MJIOL2H?M=I?N„=LCN?HF?DIOLH;F=:2C:@>?*IHN?PC>?I

?@?LCHI ;@L;H=?M;>I *;M H‚I B;PC; J?LCAI


  =FK 52 A2K 5@ >F?5@
 =ODIM
?R=?LNIM 1L;P?F?L JIMMOˆ; =IGI JL?=CIM;G?HN?
 ?MN;P; ?M=LCNI ?G ;>GCL~P?F
=;MN?FB;HI
=IGIJIL?R?GJFI;CHNLI>Oƒ‚I

+?MN? ;H’H=CI ;JL?M?HNI ;FAOG;M J;LN?M ?RNL;ˆ>;M >? OG; I<L; L?=?HN?G?HN? ?M=LCN; JIL GCG ?
CHNCNOF;>;=FK52A2K5@>F?5@ 1;FI<L;@ICIO?MN~M?H>ICHM=LCN;HOG=IH=OLMICHN?LH;=CIH;FX
G;M I=ILL? KO? H‚I JIMMI ?HPC;L ; L?@?LC>; I<L; CHN?CL; ;IM M?HBIL?M D~ KO? >OL;HN? ;FAOG N?GJI ;
L?@?LC>;/?PCMN;H‚IJ?LGCN?KO?;L?@?LC>;I<L;M?D;?HNL?AO??GMO;@ILGOF;ƒ‚I=IGJF?N;;H?HBOG;
J?MMI;KO?H‚I@;ƒ;J;LN?>;L?@?LC>;/?PCMN;X
MMCG„KO?
H?MN?;H’H=CI
G?FCGCNIMIG?HN?;?HPC;L;FAOHMNL?=BIM>;L?@?LC>;I<L;
IMKO;CM

?MN?MKO?CL‚I;M?AOCL
H‚I>?P?GM?LJO<FC=;>IMJIL?HKO;HNI

*OCNˆMMCGI G;CM =F;LI KO? OG N?RNI ?KOCP;F?HN? >? 'OFC~H *;Lˆ;M
 JIL
?R?GJFI  IG >ICM =IJIM >? ;AO;L>?HN? M? ?MN;<?F?=C; I =IHN;NI
 ? P;GIM F~
1L;P?F?L =IG?ƒIO ; AIMN;L >? N?L M? F?P;HN;>I ? >? KO? 1;FCN; ;H>;MM? JIL ;ˆ
?M<;HD;H>I LIG;HNCMGI  -?F; >„=CG; P?T CHAL?MMIO F?HN;G?HN? HI N?RNI >?
?@?LCHI

+?MN? FCPLI M? @;T ; ;JL?M?HN;ƒ‚I >I KO? JI>?Lˆ;GIM =B;G;L >? UAL;H>? @LGOF; ?G JLIF >; J;T
GOH>C;FW 1;HNI„;MMCGKO?H;L?@?LC>;@LGOF;AL;H>??HNL;GOG;0I=C?>;>?>?+;ƒ‘?MIOOG;
,+2
 IH>? ?MM; 0I=C?>;>? N?G N?H>…H=C; HI M?HNC>I >? P;FIL?M JL?=CIMIM ?N=  ? L;ƒ;M BOG;H;M ?
@CH;FG?HN?
 =IGI ?R?GJFI CH>CM=ONC>I IO HI JF;HI CHN?LH;=CIH;F
 ?HNL; OG J;ˆM KO? „
P?L>;>?CL;G?HN? ?R?GJF;L
 D~ KO? I G?MGI „ =IGJIMNI JIL  ,/-,/iw"0 + &,+&0 IO
GCHCMN„LCIM>IMCGJF?M
?>?-I>?L?MH;=CIH;CM

1;FKO;FOGGCHCMN„LCI>IMCGJF?M B
 ?@?LCHI
@CFMI@IH;NOL;F
B?L<ILCMN;
>?J;L;ˆMIMOLOAO;CIM
H?@?FC<;N;X

-ILIONLIF;>I
?MM;@LGOF;AL;H>?
?GMO;G?>C>;>?F;
H‚ICAHIL;
L?MJ?=NCP;G?HN?
IGOH>I>IM
PC>?HN?M;H;NOL?T;>IMJLCH=ˆJCIM&+#+1&0;MG?>C>;MH;NOL;CMKO?
HOG;@LGOF;KO?M?>…JIL
MC
H‚I;>GCN?GH?HBOG;;FN?L;ƒ‚IH;L?@?LC>;@LGOF;>;>;JILMC?N=

IGIM?GJL?
IM~<CIJ;L?=C;M?HNCL@;FN;>;PC>…H=C;?>;CHNOCƒ‚I
G;MM
JLCG?CL;M G;HC@?MN;ƒ‘?M >? GO>;Hƒ; ; G;HC; =F;MMC@C=;NLC; >I BIGI
I==C>?HN;FCM?HNL;P;;GCFHIL;H=BCHBI>? ?@?LCHI
??HNL?OGG;N??IONLI
ILA;HCT;P;J;L;?F?;=CPCFCT;ƒ‚I?GNL…M?N;J;M

"N;J;JLCG?CL;>?=CPCFCT;ƒ‚I

jJIMMˆP?F=IH=?<?LOG;?N;J;JLCG?CL;>?=CPCFCT;ƒ‚I;=IHN;L>?N?GJIM>?M=IHB?=C>IMHIJ;MM;>I

;N„ "N;J;KO?=IHMCMNC;?GKO?NO>IM?CH=FCH;P;H;>CL?ƒ‚I>;$O?LL;*OH>C;F>?F~JIL

"N;J;M?AOH>;>?=CPCFCT;ƒ‚I

1;G<„GM?JI>?=IH=?<?LOG;M?AOH>;?N;J;>?=CPCFCT;ƒ‚I
;=IHN;L>?;N„ "N;J;KO?
=IHMCMNCO?GKO?NO>IM?CH=FCHIOJ;L;;J;TGOH>C;FIOL?=IHMNLOƒ‚IGOH>C;F
/?=IHMNLOƒ‚I GOH>C;F @;T?L KO? HI GOH>I =;>; KO;F @CKO? =IG I KO? „ M?O L?=IHMNLOCL
?@C=;TG?HN?NO>II;HN?M>?M@?CNI?>C@ˆ=CIM
>CL?CNIMBOG;HIM
?KOCFˆ<LCIMOHCP?LM;CM>?JL?ƒIM?N= ?N= 

"N;J;N?L=?CL;>?=CPCFCT;ƒ‚I

1;G<„G BID? ?G >C; IO ;NO;FG?HN? „ JIMMˆP?F =IH=?<?L OG; ?N;J; N?L=?CL; >? =CPCFCT;ƒ‚I

=IHN;H>I;J;LNCL>?;N„I@ONOLI;HI "N;J;KO?=IHMCMN??GKO?NO>IG;L=B?@CLG?G?HN?
LOGI;I;=IL>I?@C=;T>;M=ICM;M
"PC>?HN?G?HN?
J;L;1ISH<??X*;M;=LˆNC=;?GO>?=C;>C;HN?>;JLIJIMN;
;HNLIJIFAC=;>? ?@?LCHI

-ICM<?G
?CMIMBOG;HIM>C;HN?>;MG?H=CIH;>;M?N;J;M
 ,M BOG;HIM PCP?HN?M H; ?N;J; M?AOH>; G?MG;G?HN?
 H;KO?F?M G?MGIM >C;M
 H‚I ;NCH;P;G
AL;H>?G?HN?>?J?HM;LH;?N;J;JLCG?CL;
,MBOG;HIMPCP?HN?M
IOKO?MIGIMPCP?HN?MH?MN;?N;J;N?L=?CL;>?BID??G>C;
H?MN?MG?MGIM
N?GJIMH‚I;NCH;G
IOH‚I;NCH;GIM
GILG?HN??GJ?HM;LH;?N;J;M?AOH>; "
+I;G;HB‚KO?B~>??MN;L>?JICM
IO;J;LNCL>?
IMBOG;HIM>?MM?M>C;M
?H?MM?M>C;M

?F?MH‚I;NCH;L‚IGILG?HN??GJ?HM;LH;?N;J;N?L=?CL;;>;BID??G>C;

 KO?MN‚I >? H‚I J?HM;L JLCILCN;LC;G?HN? Z AL;H>?G?HN? Z ?L; <;MN;HN?


=ILL?N;
 362E: A2FA6C6D DA:C:EF
 ?  G;H?CL; >? -;OF /CP?N ?@?LCHI FIAI M?
G;H>;P; LC<;H=?CL; ;<;CRI >? OG; =F;MMC@C=;ƒ‚I KO? N?LC; MC>I ; >?Fˆ=C; >;M
N;L>?MHIJ~NCI>?>  L?MJI
;M;<?L

+IGOH>I
JI>?GIM=IHN;L;N„M?CML;ƒ;MBOG;H;M;<L;H=;
;;G;L?F;
;J;L>;
;H?AL;
;P?LG?FB;?
;J;GJ;
/i/+ M‚I>?N;FL;ƒ;NI>IMIMB;<CN;HN?M>?J?F?<L;H=;
N;CM=IGIIM>IMJ;ˆM?M<~FNC=IM

HL>C=IM
?OLIJ?OM
;G?LC=;HIM?N=
/i */") M‚I >? N;F L;ƒ; NI>IM IM B;<CN;HN?M >? J?F? ;G;L?F;
 N;CM =IGI =BCH?M?M

D;JIH?M?M
GIHACM
;G;CILC;>IMBCH>OM?N=
/i-/!M‚I>?N;FL;ƒ;NI>IMIMB;<CN;HN?M>?J?F?J;L>;JILH;NOL?T;
N;CM=IGIIMLOMMIM
J;L>IMJLIJLC;G?HN?>CNIM
IMNOL=IM>?J?F?J;L>;
IM~L;<?M>?J?F?J;L>;
IM=CA;HIM?N=
/i+"$/M‚I>?N;FL;ƒ;NI>IMIMB;<CN;HN?M>?J?F?H?AL;
N;CM=IGIIMB;<CN;HN?M>;d@LC=;
,LC?HN;FH;MO;AL;H>?G;CILC;?N=
/i3"/*")%M‚I>?N;FL;ƒ;NI>IMIMB;<CN;HN?M>?J?F?P?LG?FB;
N;CM=IGIAL;H>?J;LN?>?
?NˆIJ?M>?J?F?;P?LG?FB;>; ?M=OL;
?HNL?IMKO;CM+"$20
L?C>;"NCJC;
„OG?R?GJF;LP?LG?FBI
OG;AL;H>?J;LN?>IMBCH>OM>?J?F?;P?LG?FB;>I ?M=OL;IO>?U=IL=;@„WAL;H>?J;LN?>??AˆJ=CIM>?
J?F?;P?LG?FB;>I ?M=OL;?N=
/i-*-M‚I>?N;FL;ƒ;NI>IMIMB;<CN;HN?M>?J?F?>;=ILP;LC;>;>IJ;GJ;
N;CM=IGINI>IM
IMˆH>CIM>;MNL…MG„LC=;M

Z,%IL;=CINCHB;KO??MN;L;KOCZ>CMM?1L;P?F?LJ;L;MCG?MGI Z"MM;
J;LN??F?=IG?HN;LC;GOCNI<?G @CH;F>?=IHN;M
JILKO?H‚I,=ICN;>I>I
?@?NLIJ?ƒ;=IG;M=F~MMC=;M>C@C=OF>;>?M>;"NCKO?N;"HAIG;>;?@;TIKO?
JI>?
 =IGI )CH?O =IG IM KO;>LIM MCHJNC=IM >;M ?H=C=FIJ„>C;M  , JIHNI >;
L;ƒ;J;L>;„OG;MIFOƒ‚IA?HC;F
„JL?=CMIL?=IHB?=?L
,OPC;G M?J;MMIMHI=ILL?>IL?1L;P?F?L@IC;N„;JILN;
KO?>;P;J;L;;;F;
;>GCHCMNL;NCP;  IGIN?LC;>CNI ?@?LCHI
;JLCG?CL;JILN;
;M?AOH>;JILN;?;
N?L=?CL;JILN;?MN;P;G@?=B;>;M 1;FCN;>?=?LNIB;PC;PIFN;>IJ;L;MO;@;LG~=C;

?L; CH=LˆP?F I ?HNOMC;MGI >?F; =IG I L?CHAL?MMI H; =C…H=C;


 =IG ;M J?KO?H;M
<;F;Hƒ;M
IM;HNCJCL„NC=IM
FB?CI ; ?MM;M GCO>?T;M
 ?@?LCHI J;MM;P; ; ?RJFC=;L MO; 0I=C?>;>? >?
+;ƒ‘?MGI>?FI

2G; MI=C?>;>? KO? M?D; @OH>;>; ?G KO;FKO?L FOA;L >I GOH>I
 G?MGI M?H>I I G?FBIL FOA;L ;
"OLIJ; 2G;0I=C?>;>?KO?@OH=CIH?J?LG;H?HN?G?HN?
=IHM?KO?HN?G?HN??GNI>IMIM>C;M’N?CM
2G;MI=C?>;>?=ODIAL;H>?FI=;FIOJ;F~=CI>CMJIHB;>?J?FIG?HIMM?N?=G;L;MIOL?=CHNIM<?G
AL;H>?M "N=
-ICM<?G
>;MM?N?L?@?LC>;M=G;L;M>IJ;F~=CI>;L?@?LC>;0I=C?>;>?
OG;JLCG?CL;=G;L;B;P?L~
>? M?L I=OJ;>; J?FIM !?F?A;>IM >IM J;ˆM?M >? L;ƒ; <L;H=;
 =IG M?O -L?MC>?HN? >; G?MG; =IL OG;
M?AOH>; =G;L; B;P?L~ >? M?L I=OJ;>; J?FIM !?F?A;>IM >IM J;ˆM?M >? L;ƒ; ;G;L?F;
 =IG M?O
-L?MC>?HN?>;G?MG;=ILOG;N?L=?CL;X

";MMCGNI>;M;ML;ƒ;M
IOM?D;
KO??L;JIMMˆP?FM;FN;L;?HOG?L;ƒ‚I
>2D?w@
6C2 2 >6D>2 4@:D2 >?JICM >? KO;NLI =IJCHBIM >? ;AO;L>?HN? *;LCJIM; ? H‚I
H=;J
OG;J?H;
JILKO?;BIG?H;A?GJ;NLCNC=;N?LC;P;FC>I;J?H;H‚I?L;
?G ;<MIFONI ; G?MG; =ICM;
 JILKO? I J?HM;G?HNI >? ?@?LCHI ?L;
=LCMN;FIAL~@C=I
M??H=;CR;P;=IGNI>;M;M;L?MN;M?JIHNIM>?CHN?LM?=ƒ‚I
L?AC>I
J?F;MCG?NLC;?J?FI9@CC@CG24F:
IOM?D;KO?

X OG; N?L=?CL; =G;L; B;P?L~ >? M?L I=OJ;>; J?FIM !?F?A;>IM >IM J;ˆM?M >? L;ƒ; J;L>;
 =IG M?O
-L?MC>?HN? >; G?MG; =IL OG; KO;LN; =G;L; B;P?L~ >? M?L I=OJ;>; J?FIM !?F?A;>IM >IM J;ˆM?M >?
L;ƒ;H?AL;
=IGM?O-L?MC>?HN?>;G?MG;=ILOG;KOCHN;=G;L;B;P?L~>?M?LI=OJ;>;J?FIMJ;ˆM?M
>?L;ƒ;P?LG?FB;
=IGM?O-L?MC>?HN?>;G?MG;=ILOG;M?RN;=G;L;B;P?L~>?M?LI=OJ;>;J?FIM
!?F?A;>IM>IMJ;ˆM?M>?L;ƒ;J;GJ;
=IGM?O-L?MC>?HN?>;G?MG;=IL?OG;Z;ZM„NCG;=G;L;
B;P?L~>?M?LI=OJ;>;J?FIU"MN;>I *;CILW>?NI>;;L?@?LC>;0I=C?>;>?>?+;ƒ‘?M
1L;P?F?L M?GJL? @C=;P; @;M=CH;>I =IG ?MM? U Z ; Z W KO? CHN?LLIGJC; ;
LCAILIM; =LCMN;FCT;ƒ‚I >I MCMN?G;
 =IGI I GCMN?LCIMI ;2C5:> >; M;@CL;
 ;KO?F?
GCMN?LCIMI JIHNI >; J?>L; JL?=CIM; KO? N;FP?T >?N?LGCH;MM? ; =I;F?M=…H=C; >I
MCMN?G; ? KO? H;M M;@CL;M CLL;>C;P; MO; NL;HMJ;L?HN? =LOT =?F?MN? =IGI OG;
?H?LAC; =IHA?F;>; HI =IL;ƒ‚I >; J?>L;  " JIL KO? M? =B;G;P; ;2C5:>
 ; H‚I
M?LKO?M?CG;ACH;MM?IMD;L>CHM>?J?>L;MJL?=CIM;M>;M@~<OF;MILC?HN;CM
?@?
 GOCNI G?HIM >?FCKO?M=?HN?
 ?RJFC=;P; ?G M?AOC>; ; CGJILNH=C; >;
KO?MN‚I

*;CM>?N;FB?MMI<L?;G?H=CIH;>;M„NCG;=G;L;H;L?@?LC>;M„NCG;=G;L;>IJ;F~=CI>;0I=C?>;>?
>;M+;ƒ‘?M
B;P?L‚I>??MN;LI0?=L?N~LCI A?L;F>?NI>;;L?@?LC>;0I=C?>;>?
?I-L?MC>?HN? A?L;F
G;M
N;F0?=L?N~LCI A?L;F;IG?MGIN?GJIN;G<„GB;P?L~>?M?LI0?=L?N~LCI>CL?NI>IL?@?LC>I-L?MC>?HN?
A?L;F
*;CM>?N;FB?M;CH>;<?GH;=G;L;JLCG?CL;B;P?L~>??MN;LM?O=ILL?MJIH>?HN?-L?MC>?HN?
IKO;F
M?GJL?B;P?L~>?JL?MC>CL;L?@?LC>;=G;L;JLCG?CL;M?@;F;LGIM;L?MJ?CNI>;=G;L;M?AOH>;
C>?G
M? @;F;LGIM ; L?MJ?CNI >; =G;L; N?L=?CL;
 C>?G M? @;F;LGIM ; L?MJ?CNI >; =G;L; KO;LN;
 C>?G M?
@;F;LGIM;L?MJ?CNI>;=G;L;KOCHN;
C>?G?M?@;F;LGIM;L?MJ?CNI>;=G;L;M?RN;
C>?G

1L;P?F?L M? ?HN?LH?=C; ;I J?HM;L KO? ?MM? UC>?GW >?PC; N?L MC>I <;MN;HN?
>C@ˆ=CF J;L; ?@?LCHI  "L; OG; =IH>?M=?H>…H=C; ?RNL;IL>CH~LC; J;L; =IG I
F?CNIL *;M?F?D~B;PC;=B?A;>I;I@OH>I>;KO?MN‚I?J;MM;P;J;L;;?N;J;>?
?HOG?L;L I KO? >?HIGCH;P; U-LCGILIMI =IGJLIGCMMI >; 0I=C?>;>? >?
+;ƒ‘?MGI>?FIW
:6 

 3?L J;L; H‚I >CT?L @CR;L I P;FIL IO IM P;FIL?M >I >CHB?CLI ?G MO; =CL=OF;ƒ‚I CHN?LH;=CIH;F 
>?MCAH;L ;M >C~LC;M >IM IJ?L~LCIM
 IM M;F~LCIM >IM ?GJL?A;>IM ?N=   >?MCAH;L P;FIL?M ?G JLIF >I
CHN?LH;=CIH;F >;L IO @CR;L JL?ƒI J;L; NI>I ;LNCAI P?H>~P?F
 ? >;L P;FIL IO G„LCNI ; IONL;M =ICM;M
KO;HN;M;LG;M>?AO?LL;>?P?L~N?LOGJ;ˆM;KO;HN;M=LC;Hƒ;MOG;GOFB?LB;P?L~>?>;LFOT
JIL
=IHP?Hƒ‚I CHN?LH;=CIH;F ?N=   >?MCAH;L KO;HNI >?P?L~ J?L=?<?L GIH?N;LC;G?HN? ?G L;T‚I >?
;JIM?HN;>ILC;OG;JIM?HN;>I
OGJ?HMCIHCMN;?N= >?MCAH;L;N„KO;HN;M=LC;Hƒ;MB;P?L~>?>;LFOT
=;>;GOFB?L>IGOH>I>?MCAH;L;M>CMNLC<OCƒ‘?M?KOCN;NCP;MHIG<CNICHN?LH;=CIH;F?N=

-IL KO?
 J?LAOHN;P; M? M;A;TG?HN? 1L;P?F?L
 ?MM; L?J?NCƒ‚I ?G G;N„LC; >?
FC<?L>;>? >? P?HNL?M ? >?GIAL;@C; +; ;HIN;ƒ‚I  ; KO?MN‚I ?L; ?HN?H>C>;
=IGI OG P;FIL
 G;M H;  =IGI ;MMOHNI =IH=L?NI >? =IGJ?N…H=C; >;
0I=C?>;>?  OLCIM;M CH@L;ƒ‘?M  MCG?NLC;
 ;I LCAIL CGJF;=~P?F >; ?HOG?L;ƒ‚I
=IHM?=ONCP;?IL>?H;>;
KO?N;FP?TNL;>OTCMM?GOG;CHKOC?N;ƒ‚I
;MOMJ?CN;>?
KO?;IL>?G=F~MMC=;?L;=IGIM?GJL?OGM;=LC@ˆ=CI>;P?L>;>?<?F?T; *;M
?@?LCHI M? L?=OJ?L;P; >?MM? LIG;HNCMGI KO? 1L;P?F?L MOMJ?CN;P; KO? ?F?
NCP?MM??JLI=?>C;;OG;>CMNLC<OCƒ‚I?R?GJF;L

 !"10  "


'~ „ M;<C>I KO? =;>; J;ˆM >I GOH>I =IHN; =IG M?OM =ILL?MJIH>?HN?M KOCFŽG?NLIM KO;>L;>IM >?
N?LLCNLCI
-ICM<?G
?CMOG?R?GJFI
, J;ˆM KO? N?G
 >CA;GIM
  KOCFŽG?NLIM KO;>L;>IM
 B;P?L~ >? >CMJIL >?  =;HB‘?M I J;ˆM
KO?N?G
>CA;GIM
KOCFŽG?NLIMKO;>L;>IM
B;P?L~>?>CMJIL>?=;HB‘?M?N=
+CMMIM?B;P?L~>?=IGJL??H>?L=;HB‚IJILKOCFŽG?NLIKO;>L;>I 
,J;ˆMKO?N?G
>CA;GIM
KOCFŽG?NLIMKO;>L;>IM
B;P?L~>?>CMJIL>?@OTCMIJ;ˆMKO?
N?G
>CA;GIM
KOCFŽG?NLIMKO;>L;>IM
B;P?L~>?>CMJIL>?@OTCM?N=
+CMMIM?B;P?L~>?=IGJL??H>?L@OTCMJILKOCFŽG?NLIKO;>L;>I "N=
"MM??R?GJFIB;P?L~>?=IGJL??H>?LNI>IMIML?MJ?=NCPIMJ;ˆM?MKO??RCMN?G;#L;Hƒ;N?G@OTCM
JIL KOCFŽG?NLI ; "MJ;HB;
 C>?G ; „FAC=;
 C>?G ; /’MMC;
 C>?G ; G„LC=; >I +ILN?
 C>?G I
2LOAO;C
 C>?G ; BCH;
 C>?G ?N=  ? N;G<„G B;P?L~ >? =IGJL??H>?L NI>;M IM NCJIM >? ;LG;M >?
AO?LL;KO??RCMN?G;N;HKO?M<G?NL;FB;>IL;M=<IG<;MBILLCJCF;HN?M@OTCM?N=

 


/&0 ,0!,#" %," )"/

, C:E:D9 $65:42= !@FC?2= CH@ILG; MI<L? OG HIPI NCJI >? ;=C>?HN? KO? IM
G?HCHIM JI>?G MI@L?L  , L?@?LC>I ;=C>?HN? „ =;OM;>I J?FI ?GJL?AI >I @?=BI
?=F?L HI FOA;L >? <IN‘?M H; <L;AOCFB; >;M =;Fƒ;M ?M=L?P? HIMMI L?JLN?L >?
G?>C=CH;
, J?LCAI „ KO? I JL?J’=CI @CKO? JL?MI HI @?=BI  '~ @IL;G L?ACMNL;>IM >ICM
=;MIM "G;G<IM@ICJL?=CMIJL;NC=;L;=CL=OH=CM‚IJ;L;FC<?L;LIG?HCHI
, ;=C>?HN? N?G G;CM JIMMC<CFC>;>?M >? ;=IHN?=?L KO;H>I I G?HCHI P;C
MITCHBI;I<;HB?CLI IN?HN;L;DO>~ FI
IMJ;CMJI>?GJCIL;L;M=ICM;MJOR;H>I
I@?=BIHIM?HNC>I?LL;>I
JICMIG?HCHIH‚I?MN;L~?G=IH>Cƒ‘?M>??RJFC=;L
M?I;=C>?HN?;=IHN?=?O;IJOR;LI@?=BIJ;L;=CG;IOJ;L;<;CRI 0?IG?HCHI
D~@IL=CL=OH=C>;>I
I>;HIJI>?M?LGOCNIG;CMAL;P?
, G„>C=I MOA?L? KO? =ILN;H>I ; J;LN? CH@?LCIL >I @?=BI =IG ;FC=;N? IO
N?MIOL; „ JIMMˆP?F M?J;L~ FI @;=CFG?HN? ?G >O;M G?N;>?M  *;M M?L~ JL?=CMI
;JFC=;LOG;;H?MN?MC;FI=;FJ;L;?RNL;CL;J;LN?CH=LOMN;>;H;J?F?

+96&3D6CG6C)IH>L?M

 


Z , KO? PI=… ;=B; >? ?HNL;LGIM H; =ILJIL;ƒ‚I H;=CIH;F >IM GIHA?M >;
IL;ƒ‚I>IJ?FI MCH;F
Z"HNL?CMMI;ˆ??HNL;LHIILƒ;G?HNIH;=CIH;FX
Z 1?Lˆ;GIM I=OJ;ƒ‘?M @ILGC>~P?CM Z >CMM? 1L;P?F?L
 I<M?LP;H>I ;
L?MJCL;ƒ‚I >? ,FCP?CL;  Z "O G? F?G<LI J?L@?CN;G?HN?
 HIMM;M I<LCA;ƒ‘?M
M?LC;G L?T;L IO <?HT?L J?MMI;M
 I<D?NIM
 ? ?MM;M L?AC‘?M N‚I GCMN?LCIM;M KO?
?@?LCHI=B;G;>?FOA;L?M>?J;L;A?HM
Z"MN?>?P?M?LOGZ>CMM?,FCP?CL;=IGI@;F;H>IFIHA? Z1ˆJC=IFOA;L>?
J;L;A?G
G;HCHBI
Z " N;G<„G <?HT?Lˆ;GIM ;M F;PIOL;M >? P?A?N;CM
 ? IM H;GIL;>IM
;G;F>CƒI;>IMJILOGLCP;F
Z B;G? I ?@? Z >CMM? ; PIT >? ,FCP?CL; PCH>; >? ;FAOG FOA;L >?
J;L;A?G Z IGI?OAIMN;LC;>?X B?
;AIL;KO??MNIOG?>;H>I=IHN;
I
?@?„OLOAO;CI
1L;P?F?L H‚I L?MJIH>?O H;>; ? IFBIO J;L; ,P?D?LI
 KO? ?HNL;P; ? M?
CH=FCH;P;J;L;G?>CLIJOFMI>;BCMN?LC;G;NCH?HMCMSOAOF;N;
Z *IHA?M KO? B;P?L‚I >? =IG<;N?L M?GJL? NI>I G;F ?MJCLCNO;F Z >CMM?
J;OM;>;G?HN?,FCP?CL;
ZB~Z>CMM?,P?D?LIJ;L;?MNCGOF~ FI

 


" ?HKO;HNI ;FAO„G =IGI M?GJL? ?RJFC=; ;FAOG; =ICM;


 H‚I M?C JIL KO?
?MNIOHI=;@„
?GNI>IMIM=;@„M
HI"F?JB;HN ;MNF?
HI!OJIHN;L<‡M
HI
0;=B?L
HI-?>LI==BC
HI$CDH
HI$L?=I
HI ;@„>?F;-;CR
HI ;@„*IT;LN

HI #FILC;H
 HI ;JIOF;>?
 HI )?M !?OR *;AINM
 HI <;L KO? JOR; ;M =;>?CL;M
;N„ ; JL;ƒ; >I IFF?IH?
 HI =;@„ !;HN? ; =CHKO?HN; G?NLIM >; NOG<; >IM
"M=;FˆA?LIM ? I LIMNI KO? J;L?=? KO?CG;>I J?F;M F~ALCG;M >? 0;HN; *;LC;
"ACJ=ˆ;=; HOG M;L=@;AI =IL >? LIM;
 HI =;@„ KO? @C=; H; @L?HN? >; $CO>?==;

=IG G;LKO?M;M ;H=C‚M ?GJI<L?=C>;M


 KO? <?<?G OG =B~ GCHO=CIMI ?
?H=IGJLC>;>I=IG@;FMIM?G<;CR;>IL?M?GJI?CL;>IM
HI';H>CFF;
HI#FI==IM

HI FOHS
 HI /C=BGIH> >; 0OCJ;=B;
 HI "F ,FGI
 H; FIM?LC? >?M)CF;M
 HI
0N„JB;H? KO? @C=; H; /O? *;FF;LG„
 HI 1IECI KO? @C=; ?G BCPCF=IS
 HI
=;@„O BC?HKOC#OG?
HI,J?LH ;@„
HI!ŽG?
HI ;@„>O3C?OR-ILN

HIM=;@„M>?KO;FKO?LFOA;LIH>?
.6>2<6@FC>66<25;FDE>6?ED
@?E6?E65H:E9DF49C2?5@>4@?D@=2E:@?D
DE96H:?556A@D:ED
?D=:E96C652?5E@@2>A=6A@4<6ED

%;LN L;H? 5:I:E *;M M‚I G;CM KO? CMMI


 M‚I I N?LLCNLCI H?ONLI J;L; IM
;J~NLC>;M>;;FG;
I=?HNLICGP?F>;LI>;>?IH>?;A?HN?JI>?;F=;Hƒ;L M?;MC
G?MGI ?G JF?H; =ILLC>;
 P?L M? ?HNL;L ? M;CL =IGI OG G;Hˆ;=I
 ?G<LOFB;>I
?GGOFB?L?MIOHIN;MJLIGCMMLC;MION?M?M?JCMN?GIFAC=;M
??HKO;HNIG?R?
I =;@„ H; RC=LCHB; KO? P;C >? <I=; ?G <I=; ;I FIHAI >IM >C;M
 JI>?
>?M;J?A;>;G?HN? N?HN;L ; L?PCM‚I ? I <;F;HƒI
 CAO;FG?HN? >CMN;H=C;>I >I ?O
KO? ?HNLIO @;T OG; BIL; HI =;@„ ? >I ?O KO? M;CL~ >;KOC ; G?C; BIL;
ONIN?MN?GOHB;?;ONIDOCT
;ONI<CAL;@ICLŽHC=I?HNL?>ICM=CA;LLIM
+IM=;@„M?OG?F?G<LI>IMMIHBIM
OG?@>2?D=2?5MOM=CN;IONLI;AIL;
G? F?G<LI >? OG
 G;M H‚I
 M G? F?G<LI >? KO? >?PI N?L MIHB;>I ;FAI
G;L;PCFBIMI?KO?HI@CH;FG?M?HNC;?RJOFMIIOCH>I?G<IL;
G;M@ILƒ;>I
MIHBI KO? CLL?G?>C;P?FG?HN? @C=;P; J;L; NL~M >? GCG  +‚I M?C H?G M? OG;
JILN; M? @?=B;P; ;NL~M >? GCG
 ;=BI KO? MCG G;M >? @;NI M? ?MN;<?F?=C; OG;
M?J;L;ƒ‚I?HNL?ID~MIHB;>IJ?L@?CNI
?M@„LC=I
=IH=FOˆ>I?I;AIL; 0KO??O
=IHNCHO;P;>ILGCH>I
;KO?MN‚I>;?RJOFM‚I?>;JILN;M?@?=B;H>IN;G<„G@IC
MIHB;>;JILGCG 2G;=?LN?T;MIFCN~LC;?N?LLˆP?F>IGCH;P;;KO?F?CHMN;HN?>?
NLHMCNI >?HNLI >I MIHBI M;<?L KO? CLL?GCMMCP?FG?HN? ;KO?F; ?RJOFM‚I
=IGJILN;P; I ?MKO?=CG?HNI NIN;F >; G;L;PCFB; ;HN?LCIL  0OJIHBI KO? ;
M?HM;ƒ‚I >? JILN; M? @?=B;H>I ?L; CMMI
 I ?MKO?=CG?HNI @;N;F ? CHMN;HNH?I  ,
G;CM ;MMIG<LIMI „ L?=IL>;L N;G<„G N?L MIHB;>I KO? G? ?MKO?=C; >I MIHBI
;HN?LCIL
 ? KO? ?MM? MIHBI E:?92 KO? M?L ?MKO?=C>I ?O ?RJOFMI >? MO; ?M@?L;
=IH=FOˆ>;
1O>ICMMIN?L~
CG;ACHI
OG;L;CT?>…HC=; 1;FP?TIj>?H
=IGIKO?L?GJIL

 M?D; ; JLID?ƒ‚I GCNIJIC„NC=; >IM <IHM GIG?HNIM @?N;CM KO? J?L>OL;G HI
CH=IHM=C?HN?  !? L?J?HN? =IGJL??H>I G?FBIL I ?MJ;HNIMI A?MNI >I >‚I >?
*;M;==CI "F?=I<L?ILIMNIJ;L;JLIN?A?LMO;PCM‚I
;’FNCG;=ICM;KO?@IC>?F?
AO;L>; H;KO?F; J?KO?H; HICN? G;HO;F ; ’FNCG; J;CM;A?G >I M?O J;L;ˆMI  "
=BIL;JILKO?IA?MNI„N;G<„GIKO?;=IGJ;HB;IJL;HNIKO;H>I?HN?H>?
KO? „ CH’NCF
 KO? ; P?L>;>?CL; =IH>?H;ƒ‚I „ CMMI KO? D~ =IG?ƒIO I
?MKO?=CG?HNI>Ij>?H
IOM?D;
;=IH@ILGC>;>?<IPCH;
;;F?ALC;<;L;N;?MOD;
>INL;<;FBI?>IMOIL>;JLJLC;@LIHN??;M@„LC;ML?GOH?L;>;M

 


F;LI KO?
 =IGI 1L;P?F?L J?HMIO ?G M?AOC>;
 I KO? CGJILN;P; ?L;G IM
L?MOFN;>IM "
 HI?HN;HNI
JILKO? N;HNI JL;AG;NCMGI IG?NC; OG; CHDOMNCƒ;
=IG ?@?LCHI
 JICM M?O MCMN?G; A?IJIFˆNC=I H‚I NCHB; MC>I ?HM;C;>I =IGI
GOCNIM IONLIM CAO;FG?HN? CHM?HM;NIM ?
 JILN;HNI
 JLIGCMMIL?M
 ?L; JL?=CMI
L?=IHB?=?LCMMI &GJ?LN„LLCNI
 ?@?M?G;HNCHB;HIN?LL?HIN?LC=I?KO;M?>?
CG?>C;NI?HNL;P;?GIONL;>?GIHMNL;ƒ‚I?MG;A;>IL;

 /  ! "


!? ;=IL>I =IG ; 0I=C?>;>? >;M +;ƒ‘?M
 M?L~ IO B;P?L~ >? M?L KO? M? JIL ?R?GJFI OG NL;<;FB;>IL
@L;H=…M
OG@?LL?CLI>CA;GIMBCJIN?NC=;G?HN?
A;HB;OG;>C~LC;MCNO;>;?HNL?OG;32D6>}?:>2>?

?OG;32D6>sI:>2>?

?HN‚IB~>?M?LKO?OG@?LL?CLICN;FC;HIN;G<„GB;P?L~>?A;HB;L
CAO;F
 ?HNL?  
 ?  
 JIL DILH;>; G;CM M? OG @?LL?CLI CN;FC;HI A;HB; I ;AIL; G?H=CIH;>I

?HNL?
?
JILDILH;>;
?HN‚IINL;<;FB;>IL?MJ;HBIFN;G<„GB~>?A;HB;L?HNL?
?

JILDILH;>;G;CMM?OG@?LL?CLI?MJ;HBIFA;HB;?HNL?
?
JILDILH;>;
?HN‚IOG
@?LL?CLILOMMIN;G<„GB;P?L~>?A;HB;L?HNL?
?
JILDILH;>;G;CMM?OG@?LL?CLILOMMI
A;HB;?HNL?
?
JILDILH;>;
?HN‚IOG@?LL?CLIHILN? ;G?LC=;HIB;P?L~>?A;HB;L?HNL?

?
JILDILH;>;?N=

Z.O;F„;L;T‚IZGIHIFIAIO1L;P?F?LZ>?MM?U?N= W
J;L;KO??GOG
>;>IGIG?HNI ?@?LCHIJ;L??IJN?JIL?MM??N=?N?L;N‚IJ?HIMIJ;L;?F?+‚I
JI>?M?L;J?H;MI=;HM;ƒI>;L?J?NCƒ‚I
JILKO?„?PC>?HN?KO??F?AIMN;?MN;P;
J?A;H>II?MNCFI ,@;NI?L;KO?IU?N= W>?CR;P; ?@?LCHIOGN;HNIHIMN~FAC=I
?@?LCHI
 =IMGFIAI I<LCA;>I ; =IH=?>?L OG L?;>?LM >CA?MN CLLCN;HN?  ,
=ICN;>IM?PCHA;P;;=L?M=?HN;H>I;M?AOCL;=IHNCHO;ƒ‚I>;MO;FCMN;>?@?LL?CLIM
F„G >I G;CM
 H?MN; N?M?
 J;L; =IHNCHO;L @;F;H>I
 =;<?G IO =;<?LC;G
 „ =F;LI
 NI>IM IM J;ˆM?M
L?MJ?=NCP;G?HN?
IOG?FBIL
NI>IMIM@?LL?CLIM>?NI>IL?MJ?=NCPIJ;ˆM 

U"H@CGW
 J?HMIO 1L;P?F?L
 M?LPCH>I M? >? IONL; ;AO;L>?HN? ? MO;PCT;H>I ;
=IG ~AO; =IG A~M
 UKO? ?MNL;HBI ; 1;FCN; H‚I PIFN;L W "L; G?FBIL P?L I KO?
KO??MN;P;;=IHN?=?H>I 0?HNC;J?H;>?M;CL>IGOH>I>? ?@?LCHI?GJF?H;
H?AI=C;ƒ‚I
 DOMNI KO;H>I ?@? >?M;H>;P; ; ?HOG?L;L ;M  ILJIL;ƒ‘?M
+;=CIH;CMKO?>?P?LC;G=IGJILOGJ;ˆMC>?;F

 ,/-,/ih, + &,+) !, *&+&01j/&, !, &+1"/&,/ NI>;M ;M >?J?H>…H=C;M ?
?GJL?A;>IM ?G A?L;F >I *CHCMN„LCI >I &HN?LCIL  *CHCMNL;ƒ‚I >? NI>; ?MN;<CFC>;>? >? NI>I
?MN;<?F?=CG?HNI?N=  ,/-,/ih,+ &,+)!,*&+&01j/&,!#7"+!NI>;M;M
>?J?H>…H=C;M ? ?GJL?A;>IM ?G A?L;F >I *CHCMN„LCI >; #;T?H>;  *CHCMNL;ƒ‚I  G;H?CL; >?
J;NLI=ˆHCI
>?NI>I<?GNI>;JLIJLC?>;>?>?HNLI>?N?LLCNLCIH;=CIH;F?N= 

" ;MMCG
 =ILJIL;ƒ‘?M ?G H’G?LI >? 
 ?HNL? ;M KO? M? >?MN;=;P;G JIL
>CL?CNIJLJLCI;
;
;?;

 ,/-,/ih,+ &,+)!"*&+&01j/&,!-/&3+i &3&)NI>;M;M>?J?H>…H=C;M?


?GJL?A;>IM?G A?L;F >I L?@?LC>I *CHCMN„LCI  &HMNLOƒ‚I
&FOMNL;ƒ‚I
 GIL >? OG JLRCGI J;L;=IG
IONLI
 IHNLIF?
 /?ACMNLI FCPLIM >?
 0;’>?
 ">O=;ƒ‚I 0?RO;F ?N=  *CHCMNL;ƒ‚I IO IHNLIF? ?
/?ACMNLI F?NL;>IX KO? B;P?L~ >? MOJLCL IM U1LC<OH;CM >? &HMNLOƒ‚IW
 IM U1LC<OH;CM ˆP?CMW
 I
U IHM?FBI>; LC;Hƒ;W
IU'OCT;>I>?*?HIL?MW
IMU/?ACMNLIMWH;M=CG?HNIM
<CNIM?N= *CHCMNL;ƒ‚I
KO? B;P?L~ >? =IGJL??H>?L NO>I ;KOCFI KO? M?D; -LCP;Hƒ; CPCF *1/&*t+&,
 -&
 #&)%,

3&7&+%,
 !,*& n)&,
 &+!&3n!2,
 &+!&3n!2, !" , ,2 *d ,+!21

&+!&3n!2, !" &*,/)&!!" -x)& 


 &+!&3n!2, ,* "+#"/*&!!"0 /2&+0

)/ #*n)& "


 -"00, &+!"0"'d3")
 %"#" !" #*n)&
 /&+i
 *"+,/ !"
&!!"
+,&3,
 ,+ 2&+1,?N= 

 ,/-,/ih, + &,+) !" #7"+!0 NI>IM IM ?MN;<?F?=CG?HNIM LOL;CM >; LC;ƒ‚I
*;CIL>?;HCG;CM?>?NI>IMIM?GJL?A;>IM?GA?L;F>IML?@?LC>IM?MN;<?F?=CG?HNIM  LC;ƒ‚I*;CIL
IO=LC;ƒ‚I>?;HCG;CM=ILJOF?HNIM<ICM
=;P;FIM
;P?MNLOT?M
?F?@;HN?M
=;G?FIM
ACL;@;M
<;F?C;M?N= 
 ,/-,/ih, + &,+) !" $/+'0 NI>;M ;M AL;HD;M ;ALˆ=IF;M IO =B~=;L;M AL;H>?M
 ?
NI>IMIM?GJL?A;>IM?GA?L;F>IML?@?LC>IM?MN;<?F?=CG?HNIM -F;HN;ƒ‘?M>?NI>;L?MJ?=NCP;=F;MM?>?
P?A?N;CM
?R=?NIBILN;FCƒ;M?~LPIL?M@LONˆ@?L;M
 ,/-,/ih, + &,+) !" 00 /&!,/0 !" +&*&0 NI>IM IM
?MN;<?F?=CG?HNIM >? LC;ƒ‚I *?HIL >? ;HCG;CM
 ? NI>IM IM ?GJL?A;>IM ?G A?L;F >IM L?@?LC>IM
?MN;<?F?=CG?HNIM   LC;ƒ‚I *?HIL IO =LC;ƒ‚I >? ;HCG;CM H‚I =ILJOF?HNIM JIL=IM
 IP?FB;M
 <I>?M

=‚?M
 NCAL?M
 F?‘?M
 A;NIM
 F?<L?M
 A;FCHB;M
 J;NIM
 ;P?FB;M
 J?CR?M
 <IL<IF?N;M
 =;GOH>IHAIM
 CHM?NIM

GC=L<CIM?N= 

"HN?LH?=C>I
1L;P?F?LM??MKO?=C;>;BIL;?>?=IGIC;<;CR;H>IIHˆP?F>;
A;LL;@; >? ;AO;L>?HN?  -IL KO? ;M BILN;FCƒ;M ? ;M ~LPIL?M @LONˆ@?L;M @C=;P;G >?
@IL;-ILKO?;J;F;PL;U;P?FB;WNCHB;;FAI>?>C;<FC=I";KO?F;PCM‚IKO;M?
?>…HC=; >? OG; =B~=;L; IH>? IM <I>?M ?L;G =LC;>IM ;I F;>I >? NCAL?M

=;GOH>IHAIM
 <IL<IF?N;M
 F?‘?M ? GC=L<CIMX 0O@I=;>I >? LCMI
 M;CO J;L; I
=ILL?>IL ,?MJ?N~=OFIKO;M?N;HAˆP?F>?OG;@;T?H>;IH>?IM?GJL?A;>IM >I
L?@?LC>I ?MN;<?F?=CG?HNI M? >?<;NC;G NL;N;H>I >? =LC;L OG; <;F?C; M?
MI<L?JOHB;  ;OMN?L; PCM‚I >I =ILL?>IL ?M=OLI  "L; OG; ;FO=CH;ƒ‚I >CAH; >I
FOA;L?>;BIL;
J;L?=C;OG;J?L@?CN;<I<;A?GJ?LAOHN;L M?IKO?1;FCN;?MN;LC;
@;T?H>I H; @;LG~=C; IO HI J~NCI
 KO;H>I ; IL>?H;ƒ‚I >;M ILJIL;ƒ‘?M
=IHNCHO;P;M?I@?L?=?H>I=IGIOG;FGJ;>;

 ,/-,/ih,+ &,+)!"%,0-&1&0" 00#&+0NI>IMIMBIMJCN;CM>?NI>IMIM


NCJIM
 ;M I@C=CH;M >? =IHM?LNIM ? ;LL;HDIM
 =;M;M >? =OLNOG? >? =IOLI
 =;P;F;LCƒ;M >;M >? =OC>;L >?
=;P;FIM
 =FˆHC=;M >?HN~LC;M
 <;L<?;LC;M
 =;M;M >? JI>; >? P?A?N;CM
 =;M;M >? =IHM?LNI >? ?RJ?>C?HN?M
CHNLCH=;>IM?N=
?N;G<„GNI>IMIM?GJL?A;>IM?GA?L;F>IML?@?LC>IM?MN;<?F?=CG?HNIM

Z ˆ ?MN~ Z >CMM? 1L;P?F?L  Z 2G; LOJNOL; KO? JLIP; ; J?L@?CN; M;’>?
=?HNL;F >? ?@?LCHI  %IL;=CI N?G L;T‚I
 H‚I B~ JIL KO? ;=?CN;L ;M IL>?HM >I
D?CNI KO? J;J;C KO?L  -;L; I ?@?
 I @;NI >? ;LLOG;L ;FAOG; =ICM; PCH=OF; I
>?HNCMN; ;IM ?RJ?>C?HN?M CHNLCH=;>IM IM ;=C>?HN?M P;F?G N;HNI KO;HNI ;M
?MM…H=C;MX*;M„JOL;JI?MC;
CLG‚I  ?@?LIGJ?;>OL;=LIMN;G?HN;F
=IGI
>CTC;M?CF~KO?G
?=IG?ƒ;;P?LIGOH>I>?OGHAOFI>C@?L?HN?  F;LIKO?„
;CMMIKO?=B;G;GJCL;L
.O;H>I1;FCN;?HNLIO
?F??MN;P;H;PCA„MCG;ICN;P; ILJIL;ƒ‚I

 ,/-,/ih,+ &,+)!,0!"1"1&3"0 &"+1n#& ,0+,.2"0"/"#"/",


+!+1"" g0 020 00 !" &k+ &0 NI>;M ;M CHMN;F;ƒ‘?M ? ?M=LCNLCIM >? >?N?NCP?M ? IO
CHP?MNCA;>IL?M JIFC=C;CM
 NI>;M ;M CHMN;F;ƒ‘?M >? ?RJFIL;>IL?M J?L=ILL?>IL?M ? NI>;M ;M CHMN;F;ƒ‘?M >?
?RJFIL;>IL?M =C?HNˆ@C=IM
 ? NI>IM IM ?GJL?A;>IM ?G A?L;F >IM G?MGIM L?@?LC>IM ?MN;<?F?=CG?HNIM
1I>IMIMG?H=CIH;>IM?GJL?A;>IM B;P?L‚I>?J?LN?H=?L;OG;=F;MM? KO?B;P?L~>? >?HIGCH;L M?
+!+1" 

!?MM; J;LN? 1L;P?F?L ? 1;FCN; AIMN;P;G G?HIM


 ?L; =IGI M? ?@?LCHI M?
;<;H>IH;MM? >?JL?MM; >?G;CM ; OG; CHKOC?N;ƒ‚I J?LM?=ONLC;  *;M N;FP?T IM
>?N?NCP?M=C?HNˆ@C=IM>I;H>;HN?H‚I@IMM?GG?LIMR?L?N;>IL?M
;KO?F;=ICM;>?
U;H>;HN?WFB?>;P;OG;LKOCRIN?M=IKO? ?@?
N;FP?T>;H>I IJIL?HN?H>C>I

H‚IM?>?L;;INL;<;FBI>?>?MN;=;L

 ,/-,/ih, + &,+) !,0 !"1"1&3"0 &"+1n#& ,0 +, .2" 0" /"#"/" g
-"1&ih, " g0 020 00 !" &k+ &0 NI>;M ;M CHMN;F;ƒ‘?M >? >?N?NCP?M ? IO JIFC=C;CM >;
&HP?MNCA;ƒ‚I
 ? NI>;M ;M CHMN;F;ƒ‘?M >? ?RJFIL;>IL?M
 ? NI>IM IM ?GJL?A;>IM ?G A?L;F >IM G?MGIM
L?@?LC>IM ?MN;<?F?=CG?HNIM  1I>IM IM G?H=CIH;>IM ?GJL?A;>IM B;P?L‚I >? J?LN?H=?L ; OG; =F;MM?
KO?M?B;P?L~>?>?HIGCH;L-"1&ih,
?;MCHMN;F;ƒ‘?M?IM?GJL?A;>IM>?MM;=F;MM?B;P?L‚I>?M?L
M?J;L;>IM>IM>?IONL;M=F;MM?M
=IGI;D~G?H=CIH;>;+!+1" 
 ,/-,/ih, + &,+) !,0 !"1"1&3"0 &"+1n#& ,0 +, .2" 0" /"#"/" g
+,1ih,#&*"020 00!" &k+ &0NI>;M;MCHMN;F;ƒ‘?M>?>?N?NCP?M? IOJIFC=C;CM
>; &HP?MNCA;ƒ‚I
 ? NI>;M ;M CHMN;F;ƒ‘?M >? ?RJFIL;>IL?M
 ? NI>IM IM ?GJL?A;>IM ?G A?L;F >IM G?MGIM
L?@?LC>IM ?MN;<?F?=CG?HNIM  1I>IM IM G?H=CIH;>IM ?GJL?A;>IM B;P?L‚I >? J?LN?H=?L ; OG; =F;MM?
KO?M?B;P?L~>?>?HIGCH;L+,1ih,
?;MCHMN;F;ƒ‘?M?IM?GJL?A;>IM>?MM;=F;MM?B;P?L‚I>?
J?LG;H?=?LJ;LN?>IM>?IONL;M=F;MM?M
=IGI;MD~G?H=CIH;>;M+!+1"?-"1&ih, 

Zj=IGIM??F?>?MM?IL>?HM>?=;P;F;LC;Z>CMM?1;FCN;=IHPC=N; Z*;MI
?MNL;HBI „ KO? H?MM;M NL…M =ILJIL;ƒ‘?M >? >?N?NCP?M ; ’HC=; =ICM; KO? ?F?
G?H=CIH;M‚I;MCHMN;F;ƒ‘?M
Z&MMIJILOGF;>I?JILIONLI
IKO?MCAHC@C=;U;HIN;ƒ‚I;@CGW
Z!?P?M?LOG;J;F;PL;M
U;@CGW *;MH‚IL?MIFP?H;>; +‚ICGJILN;
Z+‚I CGJILN; ZL?J?NCO 1L;P?F?L  Z 3I=…N?G NI>; ;L;T‚I  , <IHCNI „
KO? ?RCMN; ; JIMMC<CFC>;>? >? OG GOH>I IH>? B;D; >?N?NCP?M ;H>;HN?M
 >?
J?NCƒ‚I?>?;HIN;ƒ‚I -ILCMMIG?J;L?=?<;MN;HN?H;NOL;FKO?;AIL; ?@?J;MM?
>; =;P;F;LC; M IL>?HM L?FCACIM;M
 =IG OG CHN?LP;FI KO? P?G ; M?L OG;
=IH=?MM‚I ;I ?MJˆLCNI =C?HNC@C=CMN; ;FAOG HIG? ; A?HN? JL?=CM; >;L  =ICM;X
>?MN?MN?GJIM )?CIJ;L;PI=…
 ,/-,/ih, + &,+) !,0 !,21,0 "* &k+ &0 !, &!t+", " !" 020
00 !" &k+ &0 NI>;M ;M =;M;M IO CHMN;F;ƒ‘?M >? =IGOHC>;>? >? >IONIM ?G =C…H=C;M >I
C>ŽH?I
 ? NI>IM IM L?@?LC>IM >IONIM  !IONIM ?G =C…H=C;M >I C>ŽH?I G„>C=IM
 BIG?IJ;N;M

=OL;H>?CLIM NI>I ? KO;FKO?L =CLOLAC‚I


 J;LN?CL;M
 N„=HC=IM
 G?=HC=IM NI>I NCJI >? N„=HC=I

?HA?HB?CLIM >? M?AOH>; IL>?G IO ;LKOCN?NIM ?G NI>I L?MJ?=NCPI L;GI NI>I ?R?=ONIL >? JF;HIM D~
NL;ƒ;>IM >? ;HN?G‚I
 N;F =IGI M?LC; OG ?HA?HB?CLI >? M?AOH>; IL>?G
 =F;MMC@C=;>IL?M ?G A?L;F

;MNLŽHIGIM
;MNLFIAIM
?MJCLCNCMN;M
>IONIL?M=IGJF?NIM?GNI>IMIML;GIM>;F?CIOF?CMNI>IJ?LCNI

=F;MMC@C=;>IL?M ?G ?MJ„=C?M A?H„LC=;M


 =IHN;>IL?M
 NL;>ONIL?M
 JLI@?MMIL?M >? ?M=IF;M -LCG~LC;M NI>I
=IGJIMCNIL
 L;MNL?;>IL?M Z BIG?HM Z >? ;MM;MMCHIM
 <;KO?;HIM IO AOC;M
 ?HR?LN;>IL?M >? P?A?N;CM

=;<?F?CL?CLIM?N= 

Z , KO? PI=… G? >CT >CMMI Z >CMM? 1L;P?F?L


 ?HNILH;H>I I =IJCHBI >?
;AO;L>?HN?>?MAIF? Zj;<MIFON;G?HN?A?HC;F
Z0?LC;OGAL;H>?J;ˆMJ;L;IM=;<?F?CL?CLIMZ>CMM?1;FCN;
DIA;H>I M?H;
=;G;?@?=B;H>IIMIFBIM Z.O?JOFIKO??F?M>‚IH;?M=;F;,KO??OH‚I
?HN?H>I„IML;MNL?;>IL?M>?;MM;MMCHIMJL?=CM;L?GM?LBIG?HM
Z +CHAO„G HOH=; IOPCO @;F;L ?G OG; L;MNL?;>IL; Z >CMM? 1L;P?F?L Z
 ?
P;C P?L KO? J;L; I ?@? CMMI J;L?=? JIO=I ;JLIJLC;>I  3I=… >?P? N?L M? >;>I
=IHN;>?KO??GG;N„LC;M?RO;F?F?„OGNL?G?H>IJOLCN;HI
>~J;L;HIN;LI
N?GJINI>I
Z "MN~ KO?HN?
 KO?HN? >?G;CM Z >CMM? 1;FCN;  Z 3I=… L?J;LIO =IGI ?F?
CH=FOC IM =F;MMC@C=;>IL?M =IG N;HNI AIMNI KO? ;N„ L?J?N? I HIG? >?F?M IG

P;GIM;IM;FNIGˆMNC=IKO?PI=…C;F?LJ;L;GCGX
ZHIN?;ˆZ>CMM?1L;P?F?L

 ,/-,/ih, + &,+) !,0 *,+$"0 ! ,/ih, !, -"), 0&+) " 020
00 !" &k+ &0 NI>;M ;M =;M;M >? =IGOHC>;>? >? GIHA?M ? NI>IM IM GIHA?M  *IHA?M IO
BIG?HM ;<?HƒI;>IL?M
 KO? H‚I B;P?L‚I >? J?LN?H=?L ; NI>I =OFNI ?MNL;HBI
 ’HC=; ? N‚I MIG?HN? ;I
GOH>I >; J;F;PL; ? ;IM GCMN„LCIM =OL;NCPIM ? >? UP?H=CG?HNIW >; G?MG;  *IHA?M KO? B;P?L‚I >?
=IG<;N?LM?GJL?NI>IG;F?MJCLCNO;F
NI>I>;HI;>KOCLC>IIOJIMNIJ;L;>?HNLI>?<?HMIO=ILJIM?N= 
*IHA?MJ?HCN?HN?M?;H;=IL?N;MKO?B;P?L‚I>?IL;LIO;<?HƒI;L=IGIJ?FI MCH;F
M?D;J?MMI;M
M?D;
I<D?NI
M?D;FOA;L>?J;L;A?G
M?D;JF;HN;ƒ‚I>?P?A?N;CM
M?D;OGHICPI;G;F>CƒI;>IJILOGLCP;F?N= 
 ,/-,/ih, + &,+) !,0 "1,0 $2/!!,/"0 !" ,)"iw"0 " 020
00 !" ,)"ih, NI>;M ;M =;M;M >? =IF?ƒ‚I
 ? C>?G
 =;M;M Z >?JMCNIM
 ;LG;T„HM
 ;LKOCPIM

GOM?OM
=?GCN„LCIM
=~L=?L?M
;MCFIM
CHMNCNONIMJ;L;=?AIM?N=
?N;G<„GNI>IMIM?GJL?A;>IM?GA?L;F
>IML?@?LC>IM?MN;<?F?=CG?HNIM  IF?ƒ‘?M?R?GJFIMOG;LKOCPIAO;L>;OG;=IF?ƒ‚I>??RJ?>C?HN?M
OG=?GCN„LCIAO;L>;OG;=IF?ƒ‚I>?=;>~P?L?MOG=~L=?L?AO;L>;OG;=IF?ƒ‚I>?JL?MIM?N= 

Z+?G"MJLIH=?>;N?P??MM;C>?C;>I=?GCN„LCIZ>CMM?1L;P?F?L Z3I=…
B~>?=IH=IL>;LKO?;;MMI=C;ƒ‚I?HNL?; B;=;LCN;?OG;LKOCPIX ?@?LCHI
;>CPCHB;;ML?F;ƒ‘?M
?CMMIHI@OH>I„;P?L>;>?CL;CHN?FCA…H=C;
PI=…H‚I;=B;
!?JICM >? N;CM JL?G<OFIM
 MO; =F;MMC@C=;ƒ‚I @CH;F H‚I N?G H;>; >? ?MNL;HBI

GOCNIJ?FI=IHNL~LCI 0?LC;I=;MI>??RJ?LCG?HN;LOGGOH>I;MMCG
1;FCN; H‚I >CMM? H;>;
 G;M ?LAO?O I F~<CI MOJ?LCIL =IGI KO?G MI<? OG;
=ILNCH; ? JLID?NIO OG MOMJCLI KO? PCHB; >;KOCFI KO? =B;G;G >? JLCG?CLI
MIHI  1L;P?F?L <?<?O IONL; ;AO;L>?HN? ? ?HNLIO H;M ILJIL;ƒ‘?M @CH;CM ?
>?@CHCNCP;M

 ,/-,/ih, + &,+) !,0 $"+1"0 ,*&00&,+!,0 "* "0-j &"0


,),/!0 !, ,),/!, !, 3"/*")%, " 00 !" ),/ 1&3, -/s
"0-j &"0 ,),/!0 !, 3"/*")%, NI>;M ;M =;M;M >? =IGOHC>;>? >? ;A?HN?M
=IGCMMCIH;>IM ?G ?MJ„=C?M A?H„LC=;M >I =IFIL;>I >I P?LG?FBI
 IO "M=LCNLCIM AL;H>?M >IM L?@?LC>IM
;A?HN?M?N;G<„GNI>IMIMG?MGIML?@?LC>IM;A?HN?M "MJ„=C?MA?H„LC=;M>I=IFIL;>I>IP?LG?FBI
;HCG;CM>?J?F;A?G=IFIL;>;>IP?LG?FBIP?A?N;CM>?@FIL=IFIL;>;>IP?LG?FBI?GCH?L;CM>?;MJ?=NI
=IFIL;>I>IP?LG?FBI 

 ,/-,/ih, + &,+) !,0 $"+1"0 ,*&00&,+!,0 "* "0-j &"0


,),/!0 !, +"$/, " 00 !" ),/ 1&3, -/s "0-j &"0 ,),/!0 !,
+"$/,NI>;M;M=;M;M>?=IGOHC>;>?>?;A?HN?M=IGCMMCIH;>IM?G?MJ„=C?MA?H„LC=;M>IH?ALI
IO
"M=LCNLCIM AL;H>?M >IM L?@?LC>IM ;A?HN?M ? N;G<„G NI>IM IM G?MGIM L?@?LC>IM ;A?HN?M  "MJ„=C?M
A?H„LC=;M >I =IFIL;>I >I H?ALI IO MCGJF?MG?HN? >I H?ALI ;HCG;CM >? J?F? H?AL;
 P?A?N;CM >? @FIL
H?AL;?GCH?L;CM>?;MJ?=NIH?ALI 

 ,/-,/ih, + &,+) !,0 $"+1"0 ,*&00&,+!,0 "* "0-j &"0


,),/!0 !, -/!, " 00 !" ),/ 1&3, -/s "0-j &"0 $"+j/& 0 !,
-/!,NI>;M;M=;M;M>?=IGOHC>;>?>?;A?HN?M=IGCMMCIH;>IM?G?MJ„=C?MA?H„LC=;M>I=IFIL;>I
>IJ;L>I
IO"M=LCNLCIMAL;H>?M>IML?@?LC>IM;A?HN?M?N;G<„GNI>IMIMG?MGIML?@?LC>IM;A?HN?M
"MJ„=C?MA?H„LC=;M>I=IFIL;>I>IJ;L>IIO>IJ;L>I
MCGJF?MG?HN?;HCG;CM>?J?F?J;L>;
P?A?N;CM
>?=ILJ;L>;
GCH?L;CM>?;MJ?=NIJ;L>I 

 ,/-,/ih, + &,+) !,0 $"+1"0 ,*&00&,+!,0 "* "0-j &"0


,),/!0!,*/")," 00!"),/1&3,-/s "0-j &"0 ,),/!0!,
*/"), NI>;M ;M =;M;M >? =IGOHC>;>? >? ;A?HN?M =IGCMMCIH;>IM ?G ?MJ„=C?M A?H„LC=;M >I
=IFIL;>I>I;G;L?FI
IO"M=LCNLCIMAL;H>?M>IML?@?LC>IM;A?HN?M?N;G<„GNI>IMIMG?MGIML?@?LC>IM
;A?HN?M  "MJ„=C?M A?H„LC=;M >I =IFIL;>I >I ;G;L?FI IO >I ;G;L?FI MCGJF?MG?HN? ;HCG;CM >? J?F?
;G;L?F;
P?A?N;CM>?@FIL;G;L?F;?GCH?L;CM>?;MJ?=NI;G;L?FI 

 ,/-,/ih, + &,+) !,0 $"+1"0 ,*&00&,+!,0 "* "0-j &"0


$"+j/& 0 !, /+ , " 00 !" ),/ 1&3, -/s "0-j &"0 $"+j/& 0 !,
,),/!, !, /+ , NI>;M ;M =;M;M >? =IGOHC>;>? >? ;A?HN?M =IGCMMCIH;>IM ?G ?MJ„=C?M
A?H„LC=;M >I =IFIL;>I >I <L;H=I
 IO "M=LCNLCIM AL;H>?M >IM L?@?LC>IM ;A?HN?M ? N;G<„G IM G?MGIM
L?@?LC>IM;A?HN?M "MJ„=C?MA?H„LC=;M>I=IFIL;>I>I<L;H=I;HCG;CM>?J?F?<L;H=;
P?A?N;CM>?@FIL
<L;H=;
GCH?L;CM>?;MJ?=NI<L;H=I 

 ,/-,/ih, + &,+) !" $"+1"0 ,*&00&,+!,0 "* "0-j &"0


$"+j/& 0 !, -*- " 00 !" ),/ 1&3, -/s "0-j &"0 $"+j/& 0 !,
,),/!, !, -*- NI>;M ;M =;M;M >; =IGOHC>;>? >? ;A?HN?M =IGCMMCIH;>IM ?G ?MJ„=C?M
A?H„LC=;M >I =IFIL;>I >I J;GJ; IO "M=LCNLCIM AL;H>?M >IM L?@?LC>IM ;A?HN?M ? N;G<„G NI>IM IM
G?MGIM L?@?LC>IM ;A?HN?M  "MJ„=C?M A?H„LC=;M >I =IFIL;>I >I J;GJ; IO >I J;GJ; MCGJF?MG?HN?
;HCG;CM>?J?FI=ILJ;GJ;
P?A?N;CM>?@FILJ;GJ;?GCH?L;CM>?;MJ?=NIJ;GJ;

/IGJ?L ; >OL; =LIMN; G?HN;FX IGI M?L~ KO? ?@?LCHI G:2 I KO? NCHB;
?M=LCNI .O? L?;FC>;>? >?MFOG<L;HN? IO H‚I FB? GIMNL;P; =?H;M ?G KO? IM
OLMIMJIF;L?MM?GIPC;G?GCG?HMIM=?H~LCIM>?G~LGIL?
?GG?CI;D;MGCHM
>I =;<I,O=ILPIM;HCHB;H>I?G>?MJ?HB;>?CLIM>?=;LP‚I
=IGOG;NOFCJ;
H?AL; HI <C=IX " JIL KO? U=IFIL;>I >I H?ALIW
 U=IFIL;>I >I <L;H=IW +‚I
M?LC; U=IFILC>IW *;M ?HN‚I
 JIL KO? U=IFIL;>I >I ;G;L?FI IO ;G;L?FI
MCGJF?MG?HN?W.O?=IL?M?L;G?MM;MKO?H?HBOG;G;LCBO;H;GC=B;ORCH;IO
BORF?S;H;NL;>OTC;M;HIN;ƒ‘?M>? ?@?LCHI
’N?CMJ;L;>?MILC?HN;LOGJIO=I
G;CMM?„KO?CMMI?L;’NCF
H‚IC;GGOCNIFIHA? 0?D;=IGI@IL

0I<L? ; D~ G?H=CIH;>; =IL J;GJ; ; =IL J;GJ; „ NI>; =IL KO? M?D; P;LC;>;
 IO KO? ?MN?D; IO M?D;
@ILG;>;JIL>O;MIOG;CMNIH;FC>;>?M

"OG?M=F;L?=CG?HNI?GCH?HN?G?HN?H?=?MM~LCI

0I<L?IMD~;FO>C>IMIOG?H=CIH;>IM;A?HN?M?G?MJ„=C?MA?H„LC=;MIML?@?LC>IM;A?HN?MB;P?L‚I>?M?L
$IP?LH;>IL?M
 KO? JIL G?CI >?F?M HOH=; =B?AO? ; ?RNCHAOCL M? >I GOH>I H?HBOG; >;M ?MJ„=C?M
A?H„LC=;MKO?;M?MJ„=C?MA?H„LC=;M
?GMO;M=;N?AILC;M
H‚IM?=LOT?G
M?D;OG;=;N?AILC;=IGIONL;

M?D; OG NCJI =IG IONLI


 M?D; OG; L;ƒ; =IG IONL;
 M?D; OG; =IL >? ?MJ„=C? =IG IONL; =IL >? IONL;
?MJ„=C??N=

-OLCMN;
L;=CMN; ?@?LCHI-CLCT2G=IMGIM>?=IL?MJOL;M
GIH>LC;H?M=I;N„
H‚I >;L G;CM -?LCAIMI ?@?LCHI -CLCT
 M?GJL? JIMMˆP?F =;H>C>;NI ; >?JON;>I

N;FP?T;JL?MC>?HN?"GAO;L>;
;H>;,LC?HN;F>I2LOAO;C"IONL;;AO;L>?HN?
;HN?M >? CL >ILGCL
 ?HKO;HNI ?@?
 <…<;>I >? =IL?M
 M? J?LGCNC; OG ’FNCGI
JI?G;HIKO;F=IGIHOGCG?HMIKO;>LI>?"HMIL?RJFI>C;NO>IIKO?@IMM?
?RJFIMCPI ?G G;N„LC; >? G~M=;L;M ? ;HNCG~M=;L;M  LOM=;G?HN? CLLIGJC; I
GCFCN;LCMGI ?G M?O MCMN?G; ? ?L; >? P?L I NL;N;G?HNI ?HNL? G;=;LLŽHC=I ?
NLCMG?AˆMNC=IKO?I@CFMI@IOLOAO;CIL?M?LP;P;;?F? ,OM?D;

IGL?F;ƒ‚I;HOH=C;>;I<L;=FK52A2K5@>F?5@
NL;N; M?>?KO?H?F;M??RJFC=;;FAI>?N;FB;>I
MI<L? I GCFCN;LCMGI
 G;M ;AIL;
 ?G <L?P? ?RJFC=;ƒ‚I
 >CL?GIM ; IO ;M M?AOCHN?M P?LM‘?M MI<L?
GCFCN;LCMGI
F2C52NCJIU*?NLIJIFCN;H;WA2C2@D>:=:E2C6D?2D4:5@DD@3@D:8?@K@5:242=YC:6D@D*:?5:42E@D
5@ 2?E:8@G6C?@ ?w@ 7F?52>6?E2= A2C2 @D >:=:E2C6D ?2D4:5@D D@3 @ D:8?@ K@5:242= +@FC@ 2 :C6E@C:2 6
2FDA}4:@D5676DE6;@D6C6F?:†6DD@4:2:D<;CF?M
L?OHC‘?M>?M;L;OM
;=?LNIM>?HICP;>I@ILG;FCT;L=;M;CM
>?H;GIL;>IM?N= A2C2@D>:=:E2C6D?2D4:5@DD@3@D:8?@K@5:242=z>6@D2G:2xw@GCFCN;LA2C2@D
>:=:E2C6D?2D4:5@DD@3@D:8?@K@5:242=t?46C2'=F>2AC‚8@G6C?@7F?52>6?E2=DILH;FCMGIGCFCN;L?
>;MG;AC;MJIFˆNC=;M?GJLIF>?NI>I$IP?LHI@OH>;G?HN;F?H;=CIH;FA2C2@D>:=:E2C6D?2D4:5@DD@3@
D:8?@ K@5:242= #6w@ 2 CE:=92C:2 ;LG;M J?M;>;M ?G A?L;F ? <IG<;M A2C2 @D >:=:E2C6D ?2D4:5@D D@3 @
D:8?@ K@5:242= -:C86> FDA}4:@D 6 C6AC6D6?E2x†6D ACsE:42D 56 76DE2D A‡3=:42D 6@F AsEC:2D OMI >?
>CM@;L=?M;>?KO;>IMJILJ;LN?>IMGCFCN;L?M
HIMGIG?HNIM>??H=;LH;LM?D;?GOG>?M@CF?GCFCN;L
M?D;
?GOG>?M@CF?>?=;LH;P;F
M?D;?GOG=ILMI=;LH;P;F?M=I
M?D;?GOG;@?MN;>;U=IFB?CN;W?N= A2C2
@D >:=:E2C6D ?2D4:5@D D@3 @ D:8?@ K@5:242= D4@CA:w@ 2 2G2=2C:2 =;P;F;LC;M =IGOHM ? =;P;F;LC;M
GINILCT;>;M
 =IG ;M L?MJ?=NCP;M J;LNC=CJ;ƒ‘?M
 M?D; >? @OTCF?CLIM
 M?D; >? F;H=?CLIM
 M?D; >? <;N?>IL?M
=;MI =IGOG U$O;L>; /?JO<FC=;H;W
 M?D; >? ?MJ;>;=BCHM ?N =?N?L; A2C2 @D >:=:E2C6D ?2D4:5@D D@3 @
D:8?@ K@5:242= 2AC:4‚C?:@ 6 @D *6CG:x2:D >:=:E2C6D ACsE:4@D G?HM;A?CLIM
 ?MN;@?N;M
 GCMMCIH?CLIM
JL~NC=IM
M?LP?HN?M>?JL~NC=IM?N= A2C2@D>:=:E2C6D?2D4:5@DD@3@D:8?@K@5:242=BFsC:@

0;=O>CH>I 1;FCN;
 KO? ;=IL>IO CH>CAH;>;
 1L;P?F?L F?O J;L; ?F; ; J;LN? >I
GCFCN;LCMGI ? IM >ICM NCP?L;G KO? ?H@C;L ; =;<?ƒ; >?<;CRI >I NL;P?MM?CLI J;L;
H‚I ;=IL>;L ; =FˆHC=; CHN?CL;  *;M ;HN?M =IH=IL>;L;G KO? ; G;CILC; >IM
GCFCN;L?M ;LA?HNCHIM B;PC; H;M=C>I MI< I MCAHI TI>C;=;F 1IOLI  1‚I <…<;>I
?MN;P; 1L;P?F?L
 H;M=C>I MI< I MCAHI TI>C;=;F "M=ILJC‚I
 KO? M? >?=F;LIO
>CMJIMNI;;J?F;L>?CG?>C;NIJ;L;MO;=IH>Cƒ‚I>?MO<N?H?HN?>;L?M?LP;J;L;
KO?I;ONILCT;MM?G;@;T?LOMI>?>CM@;L=?M;>?KO;>IMJILJ;LN?>IMGCFCN;L?M
Z,LA;HCT;L?GIM?HILG?M@?MN;M>INCJI=IFB?CN;MZ>CTC;1L;P?F?L
NCL;H>I
; =;<?ƒ; >? >?<;CRI >I NL;P?MM?CLI ? NILH;H>I ; ?H@C~ F; ;MMCG KO? ;=;<;P; ;
@L;M?  Z 3I=… =IGJ;L?=?L~ =IG NI>;M ;M MO;M =IHA…H?L?M >; L;ƒ; J;GJ;

JILKO? H‚I B~ ; G?HIL >’PC>; >? KO? PI=… „ OG; J;GJ;
 IO M?D;
 KO? „
@ILG;>;JIL>O;MIOG;CMNIH;FC>;>?M
Z "O MIO <L;H=; Z >CMM? 1;FCN;  Z " „ OG; J?H; KO? PI=… H‚I N?HB;
H;M=C>I MI< I MCAHI TI>C;=;F ;JLC=LHCI
 JILKO? ?O ;>IL;LC; KO? PI=… @IMM?
?MJ;>;=BCG ,OJ?FIG?HIMG?HM;A?CLI
IO?MN;@?N;
Z,MG?HM;A?CLIMM‚IKO~LCI %IL;=CI„ H=?L
H‚I„
Z0?H‚I@IL
G?L?=?Z>CMM?1;FCN;@?=B;H>IIMIFBIM
Z ;<?;?F?
GI>?MN;G?HN?
;;PC;ƒ‚I jMCG;ACH;LI%IL;=CIJCFIN;H>I
OG N?=I N?=I >?MM?M ? CG?>C;N;G?HN? >?MJ?H=;H>I H; IH@?CN;LC; dAOCF; H;
BIL;>I=B~=IG<IFCHBIM 0?LC;@;N;F
1;FCN; ;J;AIO ; FOT ? M? ;J?LNIO OG JIO=I =IHNL; 1L;P?F?L
 KO? MO;P; ? M?
=IHNIL=C;
 ?HPIFPC>I JIL >CP?LMIM MCAHIM >I TI>ˆ;=I
 =ILJIL;ƒ‘?M H;=CIH;CM >?
;A?HN?M=IGCMMCIH;>IM?GCH?L;CM>?;MJ?=NI;G;L?FI
Z%IL;=CIPCO;*;A;?MN;HICN?Z>CMM?1;FCN;
G?CI>ILGCH>I Z3COHI
J~NCI
@;T>O;MBIL;M
KO;H>IPI=…?MN;P;>?JF;HN‚I
Z B Z >CMM? 1L;P?F?L
 ?MN?H>?H>I M? >? =IMN;M ? JLI=OL;H>I IM =CA;LLIM
J?FIG„NI>IL;CFF? ZA?HN?>?PC;G;H>;LI%IL;=CIGIL;L=IGIM<?;NIM
AO;L>;>IL?M>?=IF?ƒ‘?M
Z*;A;?L;?OZ>CMM?1;FCN;
;J?LN;H>I M?G;CM=IHNL;1L;P?F?L Z+‚I
M?CM?PI=…?HN?H>?
Z=BIKO??HN?H>I
Z FAOG >C; NCHB; KO? ;=IHN?=?L  , KO? G? ?MJ;HN; „ ?F? N?L @C=;>I N‚I
MOLJL?MI=IGI?KOˆPI=I
Z B
 PI=… M;<?
 I %IL;=CI ;LG; ;M =IH@OM‘?M ? >?JICM @C=; IFB;H>I J;L;
?F;M =IG I G?MGI ;L >IM =;=BILLIM KO? @;T?G =I=Ž ? @C=;G =IHN?GJF;H>I ;
JLJLC;I<L;?MNOJ?@;NIM
Z"O;=BIKO?;=IHN?=?OHIJLJLCI>C;?GKO?@IGIM<OM=~ FIHIJILNIZ
>CMM?1;FCN; Z+‚IN?G?RJFC=;ƒ‚I
JILKO??F?H?GG?IFBIO?PI=…M>ICMG?
?RJOFM;L;G@?CNIOG=‚I
=IGIA;NI>?<;CRI>I<L;ƒI
Z LC;ƒ‚I>?;HCG;CMH‚I=ILJOF?HNIMZ>CMM?1L;P?F?L
Z "F? G? =IH@OH>CO =IG ; *;A; Z CHMCMNCO 1;FCN;  Z 1I>I I L?MNI
JL?=CM;P;=IHNCHO;L=IGIM?H;M?HOG?L;ƒ‘?M>I ?@?LCHI
OG;=ICM;;NL~M>;
IONL;
Z*;A;Z>CMM?1L;P?F?L
NL;A;H>II=CA;LLI;N„M?OLIMNIM?CFOGCH;LHI
?M=OLIZN;G<„G„OLOAO;C;  IGIPI=…JI>?P?L
B~OG;=?LN;IL>?G
Z*?>?CR?@;F;L
*;H’
Z*?FBILH‚I -;L;KO…
Z -LCG?CLI P?CI I P?FBI >; JIG<;
 ? ?HN‚I HM >?M=?GIM ;N„ I JIL‚I  ,
%IL;=CI @C=;P; @;F;H>I I N?GJI NI>I >I >?M=?HMI
 >?MM?M <OL;=IM KO? I
JL?I=OJ;G  "MN;P; >?M?MJ?L;>I
 *;H’
 >;P; G?>I P?L =IGI ?F? J;L?=C;
NL;HKOCFI
?HI?HN;HNIX!?M=?GIMJ?FIGIHN; =;LA;M
??F?@IC@?=B;LOG;>;M
A?F;>?CL;M
OG;=ICM;GOCNIBILLˆP?F
Z.O?L>CT?LKO?PI=…>?M=?OZ>CMM?1L;P?F?L Z"MN~<?G
Z"L;>C@?L?HN?Z>CMM?1;FCN; Z+‚I?L;=IGI>?M=?L A?HN?=IHP?LM;P;

G;MGCHB;M?HM;ƒ‚I?L;>?KO?I%IL;=CI?MN;P;?GIONLIFOA;L
@;F;H>I=IG
IONL; J?MMI;
 =IG OG; GOFB?L ;@IA;>;
 JIL ?R?GJFI  AIL; CMMI G? I=ILL?

G;M?F?;CH>;H‚INCHB;>CNIKO?;*;A;NCHB;M?;@IA;>IHILCI
Z +‚I M? ;@IAIO =ICMˆMMCG; H?HBOG; Z >CMM? 1L;P?F?L  Z -?FI KO? G?
=IHMN;
 ?G<IL; ?O ;>GCN; KO? H‚I @;ƒI ; G?HIL C>?C;  -;L; KO?G =IHB?=? I
%IL;=CI
Z"F?;=B;KO??F;?MN~GILN;
*;H’
?;IG?MGIN?GJI;M?HN?J?LNI??MN;
HICN?@OC?O "F?N;G<„GG?>CMM?KO?;PCOHIH;PCI
?>?<;CRI>;JIHN?>;
P?HC>;0;H*;LNˆHX+‚I>CT=IGIM?@;F;MM?>?OG;;FO=CH;ƒ‚I
?N;G<„G
H‚I?MJ?L;KO?PI=…;=L?>CN? 0CGJF?MG?HN?>CT
?„P?L>;>?
„OG;=ICM;KO?
?MN~ ;FC  .O;H>I ?F? @?=BIO ; A?F;>?CL; ? ?O @CKO?C =IG G?>I ? @;F?C M?C F~ I
KO…
?F?=IG?ƒIO;IFB;LJ;L;GCG??L;J;L;;IONL;KO??MN;P;IFB;H>I "O
H‚IMIOITOG<C>?HCHAO„G
*;H’
H‚IKO?LIM?LITOG<C>?HCHAO„G
1L;P?F?L J;MMIO FB? ; G‚I J?FI =;<?FI
 G;M 1;FCN; I L?J?FCO =IG
CGJ;=C…H=C;  1CHB; M? M?HN;>I H; =;G; ? ?F? M?HNC; KO? ?F; ?MN;P; NL…GOF;
IG ;KO?F? =;FIL
 NL?G?H>I  IHNIO J;L; ?F? KO? %IL;=CI ; B;PC; <?CD;>I ?
N?HNIO ?RJFC=;L I <?CDI
 G;M =IGI H‚I ?H=IHNL;P; ;M J;F;PL;M C; NI=;H>I
1L;P?F?LHI?M=OLI
MO;MG‚IM=;ˆ;G=IGIJ?>;ƒIM>?J;HIMI<L?ILIMNI>?F?

MI<L?M?OM<L;ƒIM
?M=ILL?A;P;GJ?FIM?OJ?CNI
M?;JIC;P;G?GM?OMDI?FBIM
?
>;KOCFI NO>I H;M=C; OG; ?MJ„=C? >? ?RJFC=;ƒ‚I KO? 1L;P?F?L ?L; CH=;J;T >?
L?J?FCL
OG=IHN~ACIKO?PCHB;>?G;CMFIHA?
>?;FAOGFOA;LHI@OH>IIOHI
;FNI IO ?G KO;FKO?L FOA;L KO? H‚I @IMM? ;KO?F; HICN? ? ;KO?F? KO;LNI
 OG
=IHN~ACIKO?J;MM;H>IJIL1;FCN;N;G<„GC;NIG;H>I=IHN;>?F?
OG<;F<O=C;L
KO??L;=IGIOG;H’H=CICHNL;>OTˆP?F
;MOMJ?CN;>?KO??MN;P;>C;HN?>?;FAI
KO? JI>C; M?L OG ;H’H=CI
 G;M ; PIT KO? I NL;TC; ?MN;P; KO?<L;>; ? KO;H>I
NL;HMGCNC; I ;H’H=CI ONCFCT;P; OG C>CIG; CHCHN?FCAˆP?F
 ? =IHNO>I CMMI ?L; ;
’HC=;=ICM;H?=?MM~LC;;FC
;I;F=;H=?>;G‚I
L?=F;G;H>II=IHB?=CG?HNI?;
;=?CN;ƒ‚I
 >?<;N?H>I M? =IHNL; OG; J;L?>? ?MJIHDIM;
 >? @OG;ƒ; ? =ILNCƒ;

CGJ;FJ~P?F ? M? I@?L?=?H>I


 HO
 ?HNL? IM <L;ƒIM G;M =IGI M? @IMM? >? ~AO;

;=;<;H>I?HNL?F~ALCG;M
U>OL;=LIMN;G?HN;FW
1L;P?F?L=B?AIO;J?HM;L ,OPC;=IH@OM;G?HN?KO?I
G?>I
 KO? %IL;=CI
 KO? I GIHN; =;LA;M
 KO? ; JIG<; OG MCMN?G;
=IGOHC=~P?F PIFN;P; ; ?HNL;L JIO=I ; JIO=I ?G M?O IOPC>I  !? GI>I KO? I
JI<L?CH@?FCTNCHB;G?>I>?KO??F?IG;N;MM?
MG?MGILCH>I
Z "F? >CMMI CMMI >? P?L>;>? !C@ˆ=CF ;=L?>CN;L
 PI=… M;<? =IGI ?F? „
ILAOFBIMI
ZjIONL;=ICM;Z>CMM?1;FCN;
J?A;H>II=CA;LLI>?F??NL;A;H>I=IGOG;
?MJ„=C?>?;PC>?T>?@CFG?GO>I Z"O;=BIKO?IG?>IKO??F?M?HN?„=IGI
OG’FNCGIL?@’ACI
;AL;>?IH>?JL?H>?;MG‚IM;HN?M>?M?;NCL;L "F??MN~N‚I
@?FCTJILM?HNCLG?>I?MN;HICN?
?OM?CKO??F??MN~@?FCT
Z &MMI Z >CMM? 1L;P?F?L
 L?MJCL;H>I =IGI OG P?L>;>?CLI CIAO? Z ; O=;
H‚I?HN?H>?LC;
JI>?N?L=?LN?T; "?O>?PI?MN;L?MJ?=C;FG?HN?CHN?FCA?HN??MN;
HICN?
JILKO??MM;=ICM;>IG?>I;F?AL?„G?CI>OL;>??HAIFCL
A;LIN;
1;FCN;>?MFCTIOOGJIO=IH;=;G;?M?;JICIO?G1L;P?F?L 0;<C;KO??MN;P;
IONL;P?T;IF;>I>?F?
KO?H‚INCHB;M?;@IA;>I
KO??F?;?MN;P;G;HN?H>IH;
MOJ?L@ˆ=C? ? KO? HI @OH>I ?L; OG; J?H;
 OG; G;L;PCFBIM; J?H;  ,M >ICM
M?HNCL;G CMMI HI G?MGI GIG?HNI
 ? ?M=ILL?A;L;G OG H; >CL?ƒ‚I >I IONLI
=IGIM?KOCM?MM?G=;CLH?F?MG?MGIM
HIN?LLCNLCI=IGOGIH>?;MJ;F;PL;M?
;M =;Lˆ=C;M ? ;M <I=;M IM ?HPIFPC;G =IGI ; =CL=OH@?L…H=C; ?HPIFP? I =ˆL=OFI

?MM;MG?N~@IL;MNL;HKOCFCT;>IL;M
?MM;P?FB;NLCMN?T;M;NCM@?CN;>?PIFN;L;M?LI>?
M?GJL?
 >? JLIMM?AOCL
 >? M? G;HN?L  NIH; =IHNL; P?HNIM ? G;L„M
 =IHNL; I
=B;G;>I?;KO?>;

 


,'/!&*!"#),/"0

IHP„GM;<?LKO?OGD;L>CGJF;H?D;>I>?G;H?CL;GOCNILCAILIM;
HI?MNCFI>IMUJ;LKO?M@L;H=?M;W

=IGJIMNI >? NIO=?CL;M


 =;HN?CLIM ? GOL?N;M >CMJIMNIM A?IG?NLC=;G?HN?
 ?RCA? AL;H>? =IGJ?N…H=C; ?
GOCNIM=OC>;>IM
-?FI =IHNL~LCI
 HOG D;L>CG >? NCJI CHAF…M
 IM @L;=;MMIM >I ;G;>IL @C=;L‚I >CMMCGOF;>IM =IG G;CM
@;=CFC>;>? FAOHM;L<OMNIM
OGL?NHAOFIAL;G;>I?OG;’HC=;JF;NC<;H>;>?@FIL?MG?M=F;>;MKO?M?
>?MN;KO?G =F;L;G?HN?
 ;I ;<LCAI >? OG; J;L?>? IO >? OG; =?L=; PCP; <?G ILC?HN;>;
 M‚I IM
?F?G?HNIM?MM?H=C;CM>?OG=IHDOHNIGOCNI>?=IL;NCPI?GOCNIJL~NC=I
0?JIL>?MAL;ƒ;;FAOHM?R?GJF;L?MH‚I>?L?GIL?MOFN;>IJL?PCMNI
M?L~@~=CFMO<MNCNOˆ FIMG?>C;HN?
NL;HMJF;HN?M?H?GJILCMMIM?J?L=?<?L~CGJ?L@?Cƒ‚IIO>?M=OC>IHI=IHDOHNI
JICM;MIONL;M@FIL?M

>CMJIMN;M?GG;H=B;M>?MOJ?L@ˆ=C?
;FNOL;?=IL>C@?L?HN?M
M?GJL?@ILG;L‚IOGALOJIM;NCM@;NLCI
PCMN;
"MM; G;H?CL; >? JF;HN;L
 GOCNI ;JL?=C;>; H; &HAF;N?LL; ? HIM "MN;>IM 2HC>IM
 „ >?MCAH;>; J?FI
HIG? >? >:I65 3@C56C
 IO M?D;
 U=;HN?CLI GCMNOL;>IW  M @FIL?M ;MMCG >CMJIMN;M
 KO? M? G?M=F;G

=IH@OH>?G?NL;HM<IL>;GOG;MMI<L?;MIONL;M=IGIM?NCP?MM?G=L?M=C>I?MJIHN;H?;G?HN?
>;L‚I;I
M?O D;L>CG OG ;MJ?=NI =;GJ?MNL? ? H;NOL;F
 ?HKO;HNI ;M JF;HN;ƒ‘?M ;FCHB;>;M
 ?G KO;>L;>IM ?
=ˆL=OFIM
N…GM?GJL?OG=;L~N?L;LNC@C=C;F??RCA?GJ?L@?Cƒ‚I;<MIFON;
MMCG
 JIL L;T‘?M N;HNI JL~NC=;M =IGI ?MN„NC=;M
 =;<? ;=IHM?FB;L ; JLIJIMN; >? >:I65 3@C56C ;I
D;L>CH?CLI;G;>IL

=>2?2BF62496EE6

 


Z"MN‚I>?FC=CIMIMZ>CMM?$?EL?JN?H Z'~=IGC>ICM?HKO;HNI@LCN;P;
M‚I
OG;P?L>;>?CL;?MJOG;
;=L?>CN?X
Z#;ƒ;IONLIG;N?J;L;GCG
KO?LC>;Z>CMM?,FCP?CL;
ZAIL;G?MGI
;GIL *;MJLCG?CLIPIONLI=;LMO;=IGJL?MM;>?~AO;@LC;
Z ,<LCA;>I  j GOCNI ?MNL;HBI =IG?L <IFCHBIM @LCNIM >? IFBIM N;J;>IMX
!?P?M?L;MMCGKO?NL?CH;GIMMOD?CNIMKO?P‚I>?M=I<LCLI=IMGIMJ;L;HM
Z KO?F?M KO? P‚I ;N„ ; FO; PI;H>I H;KO?F?M ;J;L?FBIM
 H‚I „ "F?M M‚I
?H@C;>IMHOG;=~JMOF;IO=ICM;J;L?=C>;
H‚I„
ZjCMMIG?MGI
?A;HB;G<IFCHBIM@LCNIM?G;N?

 


G;HC;>;M=CN;ƒ‘?MH;I<L;>?*IL?FFC
U"O N?LC; >C@C=OF>;>? J;L; ?RJFC=;L ; JO<FC=;ƒ‚I
 HOG G?MGI FCPLI
 >?
JI?G;M?>?OG;>?H?A;ƒ‚I>;JI?MC;
>I>C~LCI>?OGGILNI?>;M;HIN;ƒ‘?M
>?OGJL?F;>I;GCAIG?OXW

$?ILA?M;N;CFF?
2:?656=2A@yD:6

 


$@C6==:2?2
0?I PIFOG?IOINIG>;I<L; JI>?GF?P;L ; =L?L KO?I ;ONIL N?HNIO OG;
MIG;
;JL?MM;L M?;CH>C=;L;?F?KO??MN~>C;HN?>;N?HN;NCP;=IHNL~LC;
;>?OG;
DF3EC2xw@CGJF;=~P?F

 


IG;*;A;?=IGCAI;=IHN?=?>?MP?T?MJLI@;H;LGIMHIMM;ML?=IL>;ƒ‘?M
!?J?H>?>?N‚IJIO=I
>IG;OBOGIL>?OG;N;L>?
>;;HA’MNC;>IKO?JI>?
;=IHN?=?LM?=IG?ƒ;LGIM;HIMIFB;LHIMIFBIM -IO=I;JIO=I
;I;=;MI>?OG
>C~FIAI KO? „ =IGI OG J;HI ?G @;LL;JIM
 =IG?ƒ;GIM ; HIM F?G<L;L  !ICM
GOH>IM >CMN;HN?M
 ;FB?CIM
 KO;M? M?GJL? CH=IH=CFC~P?CM
 ?HNL;G ?G HIMM;M
J;F;PL;M
 ? =IGI >? =IGOG ;=IL>I MOLA? ; TIG<;LC;  "O „ KO? =IMNOGI
=IG?ƒ;L
?PI=;H>I=IG>?MJL?TIG?O;HNCAI=OFNI=?AI;IM;GCAIM
F?;F>;>?M
G;F =IGJL??H>C>;M ? GOCNI G;F L?NLC<Oˆ>;M
 >? ?MN;H>;LN?M F?P;>IM =IG
BOGCF>? I<MNCH;ƒ‚I ; @?CL;M JIFˆNC=;M
 J;F?MNL;M CHN?F?=NO;CM
 ;GIL?M @?LPILIMIM
#;ƒI NLIƒ; >? OG; BIHL;>?T MOMJ?CN; KO? N;HN;M P?T?M M?LPCO J;L; ; >?MAL;ƒ;
JLJLC; IO ;FB?C;
 ?HKO;HNI JIL <;CRI ;M NL;Cƒ‘?M ? ;M >?MIH?MNC>;>?M N?=C;G
MO;MN?C;MM?GKO??OJO>?MM?CGJ?>CL
MCGJF?MG?HN?=IHM?HNCH>IKO?IONLIM

>C;HN?>?GCG
@IMM?GNL;C>IL?MIO>?MIH?MNIMM?GKO??O@CT?MM?=ICM;;FAOG;
J;L; CGJ?>CL
 >OJF;G?HN? =OFJ;>I  7IG<I >? G?OM NCIM >? ;=LCMIF;>;
>?=…H=C;
;@OH>;>IMH;G?L>;;N„IJ?M=IƒI
HIKO;F;CH>;<LCFB;I=IF;LCHBI
>OLI CG;=OF;>I  "F?M =;CLC;G >? =IMN;M M? MIO<?MM?G KO? ?MN‚I H;>;H>I ?G
JF?H; <IMN;
 =IHP?H=C>IM
 OG ?G 1O=OG~H ? I IONLI ?G +O?P? >? 'OFCI
 >?
KO?M‚IOGGI>?FI>?;LA?HNCHC>;>?;=LCMIF;>;M‚I;MJ;F;PL;MKO??F?MOM;G
" HI ?HN;HNI N?HBI <I;M F?G<L;Hƒ;M >?F?M  " HI ?HN;HNI JCMIN?CI ?MM;M
F?G<L;Hƒ;M HIM >C;M ?G KO? ; *;A; ? ?O ?MN;GIM =IG <I>? >? -;LCM ?
KO?L?GIM@?LCLOG;IIONLI
.O;H>I;*;A;J;L;>?LCLJ;L;G?J?LAOHN;LJILKO?>CAI?MM;M=ICM;M>IM
G?OM>ICMNCIM
?OAIMN;LC;KO??F?M?MNCP?MM?G;FC
IOPCH>I;NL~M>;JILN;=IGI
IP?FBI>IKOCHNI;H>;L -L?J;LI=IG=OC>;>I;?RJFC=;ƒ‚I
JILKO?H‚IKO?LI
M?L CHDOMNI H?G ?R;A?L;>I  .O?LI N;G<„G KO? MCLP; >? ;FAOG; =ICM; J;L; ;
*;A;
KO?HOH=;@IC=;J;T>??HN?H>?L;MKO?MN‘?MGIL;CM=IGI"NC?HH?
G;M
>? OG; @ILG; G?HIM ?AIˆMN; MCGJF?MG?HN? JILKO? M ;=L?>CN; H;
L?MJIHM;<CFC>;>?HI JL?M?HN?
 HI ?R;NI CHMN;HN? ?G KO? „ JL?=CMI M?L <IG
 IO
HI<L?HI@OH>I
JILL;T‘?MN‚IB?>ŽHC=;M??AIˆMN;MKO;HNI;M>?"NC?HH?
"HN‚I ?RJFC=I ; ?F; KO? G?OM >ICM BIHL;>ˆMMCGIM NCIM M‚I OHM ;LA?HNCHIM
J?L@?CNIM =IGI M? ?HN?H>C; ?G 
 „JI=; T?HCN;F >? MO;M PC>;M ?HNL?
;ALIJ?=O~LC;M ? <OLI=L~NC=;M  .O;H>I M? @;F; >IM N;CM U=LCIOFIM >? IONLIM
N?GJIMW
 @;F; M? >? ;HNCMM?GCN;M
 >? R?H@I<IM
 >? <OLAO?M?M ;NL?F;>IM ; OG;
HIMN;FAC; >? ?MNH=C; ;=IFB?>IL; =IG =LC;>CHB;M =?P;H>I G;N? JIL >?T J?MIM
G?HM;CM
=IGM?HNCG?HNIMJ~NLCIM>IG;CMJOLI;TOF?<L;H=I
AL;H>?L?MJ?CNI
JILNO>IIKO?M?D;GCFCN;L??RJ?>Cƒ‚I;I>?M?LNI
=IG=;GCM;M?HAIG;>;MM
>’TC;M
?G<IL;IM;F~LCIH‚IM?D;MO@C=C?HN?J;L;HI@CG>IG…MJ;A;L;?MM?M?L
;<D?NIKO?;@;GˆFC;CHN?CL;=B;G;>?UILOMMIW?KO?„NL;N;>I;ALCNIM
;G?;ƒ;M
?
 HI G?FBIL >IM =;MIM
 @L;M?M CHDOLCIM;M  .O;H>I ; *;A; =IG?ƒ; ;
=IGJ;LNCFB;L ?MM; PCM‚I >; KO;F J?MMI;FG?HN? HOH=; N?P? ; G?HIL C>?C; G?
;JL?MMI ; >?GIHMNL;L FB? KO? >?HNLI >?MM? KO;>LI A?L;F G?OM >ICM NCIM ? MO;M
L?MJ?=NCP;M @;GˆFC;M M‚I J?MMI;M =B?C;M >? ?R=?F?HN?M KO;FC>;>?M  -;CM ? @CFBIM
;<H?A;>IM
 =C>;>‚IM KO? =IGJ;L?=?G ;IM =IGˆ=CIM ? F??G IM DILH;CM G;CM
JIH>?L;>IM
@OH=CIH~LCIM>CFCA?HN?M?GOCNIKO?LC>IMJILM?OM=B?@?M?=IF?A;M

A?HN?=;J;T>?J;MM;LHICN?MCHN?CL;M=OC>;H>I>?OG;J?MMI;>I?HN?
IO>?>;L
OG;<I;;DO>;;KO?GKO?LKO?M?D; *;A;G?IFB;J?LJF?R;
N?G?H>IKO?
?OTIG<?>?F; 1?HBIKO?CHMCMNCL
?RJFC=;LJILKO?AIMNIN;HNI>IMG?OMNCIM

JILKO?MMP?T?M
KO;H>I?MN;GIM@;LNIM>;MLO;MIO>IN?GJI
>IOJ;L;F;P;L
; LIOJ; MOD; ? ?HRIP;FB;L ;M F?G<L;Hƒ;M KO? ;CH>; G? L?MN;G >?F?M  "HN‚I ;
*;A; M? ;HCG; OG JIO=I ? =IG?ƒ; ; @;F;L G;F >; G‚? >?F;
 ; KO?G ;G; ?
>?N?MN;?GJLIJILƒ‘?MKO?>?J?H>?G>IGIG?HNI gMP?T?MG?;N?LLILCT;P?L
=IGI ?F; JI>? PIFN;L ; M? L?@?LCL ; OG ?JCM>CI >; CH@H=C; KO? ?G IONL;M
I=;MC‘?MG?=IHNIOLCH>I=IGIM?@IMM?OG;=ICM;GOCNI?HAL;ƒ;>;
?KO?>?
L?J?HN? PCL; OG H MCHCMNLI
 OG; ?MJ„=C? >? JHN;HI >? M;HAO?MMOA;M ?
=;LL;J;NIMKO?M?J?LM?AO?G?MOA;GOHM;IMIONLIM +?MM?MGIG?HNIMILIMNI
>; *;A; J;L?=? I >? OG; L;JIM;
 ;M ;F?N;M >I H;LCT M? ?MNL?CN;G
 ?F;
?GJ;FC>?=?
 @;F; ?HNL?=ILN;>;G?HN?
 L?NIL=?H>I ;M G‚IM
 I@?A;HN?
 ? >? OG;
?MJ„=C?>?<IF;?HILG??I<M=?H;>?=B?QCHA AOG=IG?ƒ;G;;J;L?=?LILIMNI
<;FI@I >; G‚?
 I =ILJI G;FP?MNC>I >; G‚?
 ; LO; MO<OL<;H; IH>? ; G‚?
J?LG;H?=?O=IGIOG;?M=;LL;>?CL;P?FB;HOGN?LL?HI<;F>CI
;GCM„LC;IH>?
;G‚?„OG;G‚IJ;MM;H>IOGNL;JI?HAIL>OL;>IH;MJ;H?F;M ,LOCG„KO?;
*;A; H‚I =IHM?AO? =IHNCHO;L JIL GOCNI N?GJI
 H‚I >?GIL; ? >?M;H>; ;
=BIL;L
?M=IH>?ILIMNI?GGCG
MO;;@FCƒ‚I=B?A;;OGJIHNICH;=L?>CN~P?F

JL?=CMIJL?J;L;L=B~
?MKO?=?L M?>?NO>I
M;CLJ;MM?;H>IJIL;ˆIO@;T?L;GIL

M?G IM NCIM H?G ; G‚? @;T?L ;GIL


 KO;M? M?GJL? CMMI IO >ILGCL
 G;M KO;M?
M?GJL?CMMI

 


MHIN;M>IJC;HIF~
L„
GC<?GIF
>
MC
MC<?GIF
GC
MIF
;>IPCIFCHIF~

GC
MC<?GIF
GC
;M>IMMIJLIMF~
MC<?GIF
F~
MC<?GIF
GC
MIFL?JL?M?HN;G
I?KOCP;F?HN?GOMC=;F>IMHIG?M>?LHIF!0 %I?H<?LA
HNIH 4""LH
FH
"L$>?;=IL>I=IGIMCMN?G;;F?G‚IM?AOH>IIKO;F%L?JL?M?HN;IMC
IMC

<?GIF ? 0 "0 I GC <?GIF  +‚I B~ H?HBOG; HIPC>;>? H?MM; ?MJ„=C? >?
;H;AL;G;GOMC=;F )?G<L?GIMKO?;=BONCFCTIOIJLJLCIHIG?>?G;H?CL;
MCGCF;L ? KO? I G?MGI JLI=?>CG?HNI ?L; JLIJLC?>;>? =IGOG >IM G;?MNLIM
JIFC@IHCMN;M >I M„=OFI 53& 8X9  ,ONL; ;H;FIAC; MCAHC@C=;NCP; =IG I @ONOLI
@?46CE@A2C2G:@=:?@=IHMCMN?H;?MNLCN;MCG?NLC;>I=IHDOHNI +I@?46CE@A2C2
G:@=:?@ I H’G?LI =B;P? „ I >ICM >ICM GIPCG?HNIM M?J;L;>IM
 =;>; OG >?F?M
>CPC>C>I ?G >O;M J;LN?M
 ;F„G >; >CPCM‚I PCIFCHI ILKO?MNL; HI =IHDOHNI
CHMNLOG?HN;F +I"2>>6C<@?K6CE>?MN;=; M?
?G=IGJ?HM;ƒ‚I
IH’G?LINL…M;
>?>C=;NLC; L?JL?M?HN; I *;?MNLI ? M?OM >ICM >CM=ˆJOFIM IM CHMNLOG?HNIM ?MN‚I
;ALOJ;>IM?GNL…M=;N?AILC;MJC;HI
PCIFCHI?OG;=IG<CH;ƒ‚I>?CHMNLOG?HNIM
>? MIJLI MO; ;LKOCN?NOL; „ OG; =IHMNLOƒ‚I ?G NL…M GIPCG?HNIM ?H=;>?;>IM

=;>; OG >IM KO;CM L?P?F; ?G G;CIL IO G?HIL G?>C>; OG; =IGJIMCƒ‚I
NLCJ;LNCN?

!I=IG?HN~LCI;HŽHCGIMI<L?I@?46CE@56
4t>2C2A2C2G:@=:?@A:2?@6
:?DECF>6?E@D56D@AC@
>?F<;H?LA
AL;P;ƒ‚I-;NB„3IR-)

 


g?MJ?L;>?;FAIG;CM?R=CN;HN?
?R?L=ˆ=CIM>?JLI@;H;ƒ‚I??MNL;HB;G?HNIH;
@;LG~=C;
?HNL?G?C; HICN??>O;M>;G;HB‚
>?JICMKO?; O=;@IC>ILGCL OG
MIHI L?J;L;>ILIO;HN?M
J;L;KO??F;M?P~; O=;J?LM?P?L;
G;MINL;<;FBI
>? L?MCMNCL =IG OG MILLCMI ;FNCPI
 =IGI ; @;T?L @L?HN? M I@?HMCP;M P?L<;CM >IM
GIHMNLIM
 =;HM; ; B?>CIH>;G?HN?  3;C >ILGCL =;>; P?T G;CM =?>I
 ? IM
GIHMNLIM MILLC?G ;G;P?FG?HN? ;I >?M?D;L FB? <I; HICN?  *;CM H?ONL;
 1;FCN;
=IF;?NCKO?N;MIO=IHMOFN;I&H>?R-B;LG;=ILOG$INNCHA;
"R?L=ˆ=CIM GI>?FI1L;>OTCL=IGCHP?LM‚IG;HCKO?ˆMN;OG@;GIMIMIH?NI

&567=@C25@>@CE@66DA2?E@D@A2DD25@
92G6Cs56C6DE2FC2C?@D4@>D6FD‚3C:@6DG@2x2C

)?CNOL;>?OG;J~ACH;>;=;>?LH?N;>?1L;P?F?LU"MJ?L;H>IGCHB;P?TH;
<;L<?;LC;
 >;L =IG OG; JO<FC=;ƒ‚I >; 2H?M=I ? NIG;L =IHB?=CG?HNI >IM
M?AOCHN?M N?LGIM ,JCHNINIP?LC  1SF€CMIJCME?FCD;  1SP€?HIJCMNI  -;L?=? KO?
M‚INˆNOFIM>?L?PCMN;MJ?>;AAC=;M@CHF;H>?M;M &LL?;FC>;>?NIN;FJ;L;IF?CNIL &MMI
?RCMN? -;L; GCFB‘?M >? FIOLIM
 ,JCHNINIP?LC MCAHC@C=; *IHCNIL >; ">O=;ƒ‚I
IGOG  -;L; GCGX &L;  *;M ?F?M H‚I M;<?G I KO? KO?L >CT?L 427:D9@
M;NCM@;ƒ‚I JILN?HB;  *OFNCJFC=;ƒ‚I >; CLL?;FC>;>?  -?HM;L KO? IM N?=HFIAIM
JL?P??G KO? J?FI @;NI >? =B?A;L ?G ;FAOG;M BIL;M ; %?FMCHKO? AL;ƒ;M ;I
I?CHA X IHM?KO…H=C;M ; ?RNL;CL J?MMI;FG?HN?  -L?J;L? J;L; GCG OG
>LCHKO?;G?LC=;HI
-?>LIW
#ILG;M FCHAOˆMNC=;M >? ?MNL;HB;G?HNI  1;FCN; J?HM;NCP; >C;HN? >?
$?HMBCLSIEO (IEOH;C 'CDI
 KO? H‚I FB? J;L?=? >? D?CNI H?HBOG I
>?M?HPIFPCG?HNI >? ;NCPC>;>?M HO=F?;L?M HI ';J‚I  3;C M? =IHP?H=?H>I JIL
MOJ?LJIMCƒ‚I ? >C@?L?H=C;ƒ‚I KO;H>I I G;LC>I
 G;FCAHI @ILH?=?>IL >?
G;N?LC;CM L?=IFBC>IM ?G M;F‘?M >? <?F?T;
 GIMNL; FB? ; P;LC;HN? $?HMBCLSIEO
(;CA;C'CDI
;IKO?J;L?=?>?M?HPIFPCG?HNI>;M;NCPC>;>?MHO=F?;L?MHI?RN?LCIL
"HNOMC;MGI >? 1;FCN;
 =IHP?H=C>; ;H;FCNC=;G?HN? >? KO? (IEOH;C  ';J‚I
 ?
(;CA;C"RN?LCIL !?M=IH=?LNI>?*;NMOC
NCHNOL?CLI>; ;FF?);M=;HI
>C;HN?
>?OG;?RC<Cƒ‚IJIFCAFNC=;>?1;FCN;
KO?M?PCL;
=ICN;>;
=IGIL;<I?HNL?;M
J?LH;M
-LI@;H;ƒ‘?M J;LNCL >? JL?MMOJIMNIM =IGI I @;GIMI P?LMI U J?L=?JNˆP?F
BIGIMM?RO;FC>;>? >? LCMNIW
 ? GIHN;L OG MCMN?G; =I?L?HN? ? M;NCM@;NLCI
-IMNOF;LKO???NBIP?H?L;=IJL@;AI?N= !?@?H>?L;CH?A~P?FM;HNC>;>?>?0CL
/IA?L ;M?G?HN
N;F=IGIM?>?>OT>?+96=24<:2C:6D MMIG<LI>; O=;

=LCMG;>;?=IGOHA;HN?
!I KO? HI @OH>I M? NL;N; „ >? ;FC?H;L M? JIL JOL; ;<H?A;ƒ‚I JLI@CMMCIH;F
CH>;LC?GM?GJ;L;LH‚I;=L?>CNIKO?dNCF;=IF?=CIH;P;M?FIM
G;M?MM?C36:E
>249E C6: >;L~ M?OM L?MOFN;>IM
 ;=L?>CN?
 O=;  -IL ?R?GJFI
 ; PCIF;ƒ‚I >I
<CMJI>?#;HIP?G;M?LOG=;MI>?X

 


+‚I ?L; JL?=CMI GOCN;M J~ACH;M J;L; J?L=?<?L KO? *IL?FFC ;JIHN;P; J;L;
IONL;=ICM; 0O;M;FOM‘?MM=;G;>;MJLI@OH>;M>I16:E86:DE
IMNL?=BIM?GKO?;
FAC=;;=;<;M??H@IL=;H>I=IGIM=IL>‘?M>IMM;J;NIM
CH=;J;T;N„G?MGI>?
L?D?CN;L;CH=IHALO…H=C;?LCAC>;?GF?C
?PC>?H=C;P;G;CHN?Hƒ‚I?MJ?F?IFAC=;
>; I<L;  *IL?FFC ;P;Hƒ;P; ? L?NLI=?>C; HOG; PCIF;ƒ‚I N‚I ?M=;H=;L;>; >I
?KOCFˆ<LCI?>IMJLCH=ˆJCIMKO?=;<?LC;=B;G;L>?>@C2:D>I?MJ;ƒI
KO?<?G
JI>C;;=IHN?=?L?G<IL;>?@;NIH‚I;=IHN?=?MM?
G;MH‚I?L;JIMMˆP?FA;L;HNCL
=ICM;;FAOG;KO?IM;=IHN?=CG?HNIMKO?L?F;N;L;I=ILL?L;G?G=CH=IGCHONIM
=;J;T?M >? ;NL?F;L ; <;N;FB; >? =NCOG ;I ?D49=FDD >; dOMNLC; IM NL…M 
JIMMCP?FG?HN? NCP?MM?G ;FAI ; P?L H; ?M=IFB; IO G;CM JLIP;P?FG?HN? H;
;=?CN;ƒ‚I>?MM?MGIG?HNIMBCMNLC=IM
IOKO?;J?MMI;KO?NI=;P;;=;GJ;CHB;
>? OG; =;M; >; ;FF? I=B;<;G<;  ;FNOL; >I GCF ? >OT?HNIM J;MM;MM? I
OG<L;FJ;L;M;CLHOGJ~NCI>;=;M;>?*?H;H>LI?G-IGJ?C; 1O>ICMMI?L;
G;CM <?G NLCPC;F ? OŒO?F
 ? IM >I FO<? J?L=?<C;G GOCNI <?G M?O P;FIL >?
G?L; CH=CN;ƒ‚I IO >? J;L~<IF; ;<?LN; ; IONLI M?HNC>I G;CM JLI@OH>I ?
?M=;<LIMI  $L;ƒ;M ; ?MM?M ?R?L=ˆ=CIM >? @OH;G<OFCMGI
 M?G?FB;HNˆMMCGIM ;IM
KO? NILH;G N‚I PCMNIMIM IM "P;HA?FBIM
 IM 2J;HCR;>?M ? IONLIM G;N?LC;CM
=;LL?A;>IM>?NLCHCNLINIFO?HIR;GHC=I
*IL?FFCM?>;P;IJL;T?L>?=IHNCHO;L
@CHACH>I OG; FCN?L;NOL; KO? ?G M?O @ILI ˆHNCGI GCH;P;
 L?GCH;P; ?
LC>C=OF;LCT;P;  !? L?J?HN? ;M J;F;PL;M
 OG C>CIG; CHN?CLI
 ; MOJ?L?MNLONOL; >?
OG ?MNCFI
 OG; M?GHNC=;
 OG; JMC=IFIAC; ? OG; @;=NC=C>;>? M? JL?=CJCN;P;G
?G;LL?JC;HN?MB;L;ECLCM ;HT;CN„HIP;IL>?G
IOM?GA;L;HNC;;FAOG;HI
@CG B;PC; M?GJL? OG @CI ?MN?H>C>I G;CM ;>C;HN?
 ?RNL;JIF;H>I I PIFOG?

;JIHN;H>IJ;L;OGN;FP?T
J;L;OGJ?HM;H>I<?GIOJ;L;OGKO?GM;<?
KO?
>?CR;P;?GMOMJ?HMINI>;PCM‚IJ?NLC@C=;HN?>;I<L; ";KOCFIKO?>?M?MJ?L;P;
-?LC=I /IG?LI
 BIG?G H?=?MMCN;>I >? =?LN?T;M
 @;TC; ,FCP?CL; NL?G?L >?
>?Fˆ=C;
?R;FN;P;;CG;ACH;ƒ‚I>?"NC?HH?
>?4IHA?>?/IH;F>
?I<LCA;P;;
*;A;;>;Hƒ;L>?M=;Fƒ;=IGOG;;F=;=BI@L;?G=;>;G‚I
+I >?=ILL?L >? >CM=OMM‘?M G;H=B;>;M >? ;FP;>IM ? N;<;=I
 "NC?HH? ?
,FCP?CL;B;PC;GM?J?LAOHN;>IJILKO?*IL?FFCI>C;P;;FCN?L;NOL;
?JILKO?;
I>C;P;;J;LNCL>;JLJLC;FCN?L;NOL;?GP?T>?L?J?NCLII6F?E>?/CG<;O>IO
?R?L=CN;L ?G MO; N…GJIL; ?MKO?L>; ; HINLC; ?@C=~=C; >? OG IFN   ,FCP?CL;
?MN;P;CH=FCH;>I;;=L?>CN;LKO?*IL?FFCB;PC;CHNOˆ>I;H;NOL?T;>?GIHˆ;=;>?
NI>; ?M=LCN; L?=L?;NCP; ? KO? FCN?L;NOL; H‚I I ?L;
 G?MGI KO? @IMM? M =IGI
?R=CJC?HN? J;L; @;T?L ?HAIFCL OG; AHIMCM
 OG; JL~RCM IO OG ?NBIM >IM GOCNIM
KO? ;H>;P;G MIFNIM JIL ;ˆ IO JI>C;G M?L CHP?HN;>IM  !?JICM >? MIJ?M;L ;M
J;MM;A?HMG;CMCH=CN;HN?M
;=;<;L;JILNILH;L M?M?HMˆP?F;OGNIG?MJ?=C;FKO?
NCHAC; ; ?M=LCNOL; >? *IL?FFC   JLCG?CL; =F;MMC@C=;ƒ‚I JIMMˆP?F >?MM? NIG ?L; I
>?M?H=;HNI
 G;M JIL <;CRI ?L; JIMMˆP?F J?L=?<?L KO? I >?M?H=;HNI H‚I ?MN;P;
L?F;=CIH;>I M =CL=OHMNH=C;M ? ;IM ;=IHN?=CG?HNIM H;LL;>IM HI FCPLI
 G;M 
G;H?CL; >? H;LL~ FIM
 KO? Z *IL?FFC NCHB; >CM@;Lƒ;>I I G~RCGI JIMMˆP?F Z
L?@FOˆ;>?@CHCNCP;G?HN?MI<L?I=IHN;>I ?FCGCH;ƒ‚I>IJM?O>I=IH@FCNI?HNL?
@OH>I ? @ILG; ;J;L?=C; HIP;G?HN? H; G?>C>; ?G KO? I P?FBI >?HOH=C;P;

ONCFCT;H>I IMO;G;H?CL;
IG;N?LC;F@ILG;F;I>OPC>;L>?MO;M@?LL;G?HN;M

>?MKO;FC@C=;P; HI G?MGI ;NI IM NL;<;FBIM L?;FCT;>IM =IG ?F;M  , KO? I FCPLI
=IHN;P; H‚I M?LPC; J;L; H;>;
 H‚I ?L; H;>;
 JILKO? ?MN;P; G;F =IHN;>I

MCGJF?MG?HN?JILKO??MN;P;=IHN;>I
?L;FCN?L;NOL; 2G;P?TG;CMPIFN;P; M?
CLLCN;ƒ‚I>I;ONILJ;L;=IGMO;?M=LCN;?;?M=LCN;?GA?L;F ,;J;L?HN?J;L;>IRI
?MN;P; HI @;NI >? *IL?FFC ;=OGOF;L ?JCM>CIM CG;ACH;>IM ? @I=;FCT;>IM >;M
@ILG;M G;CM >CP?LM;M
 JLI=OL;H>I ;N;=~ FIM ? L?MIFP… FIM =IG NI>IM IM L?=OLMIM
>?OG?M=LCNILM?HBIL>?M?OI@ˆ=CI "F?H‚IJ;L?=C;JLIJILOG;N?ILC;
H‚I?L;
H;>; @ILN? J;L; ; L?@F?R‚I CHN?F?=NO;F
 G;M M? >?MJL?H>C; >? NO>I I KO? B;PC;
?M=LCNI=IGOG;?@C=~=C;CH@CHCN;G?HN?G;CILKO?;>?KO;FKO?L?HOH=C;>IIO
KO;FKO?L;H~FCM?
;=ILLIM‚IJLI@OH>;>?OGGOH>I>?HOH=C;>I=IGI@;FMI
I
;N;KO?JIL;=OGOF;ƒ‚I?H‚IJIL>?MNLOCƒ‚I
;CLIHC;KO;M?>C;<FC=;KO?JI>C;
M?L CHNOˆ>; HI MO=?MMI >;M AL;H>?M J;MM;A?HM >? <L;POL;
 HIM ?JCM>CIM
LCAILIM;G?HN? =IHMNLOˆ>IM
 H; ;J;L?HN? M?HM;ƒ‚I >? @?FC=C>;>? FCN?L~LC; KO?
B;PC;;HIMPCHB;@;T?H>IMO;@;G;?HNL?IMF?CNIL?M>?=IHNIM?LIG;H=?M 2G
GOH>IMOHNOIM;G?HN?ILKO?MNL;>I?L;L?MIFPC>I
J;L;IMIF@;NIM@CHIM
HIH;>;
G;M I GCMN„LCI =IG?ƒ;P; ;FC
 JILKO? ;I G?MGI N?GJI KO? M? JL?MM?HNC; I
HCCFCMGININ;F>;I<L;
OG;CHNOCƒ‚IG;CM;=OL;>;JI>?LC;MOMJ?CN;LH‚IM?L?MM;
;CHN?Hƒ‚I>?*IL?FFC
KO?;;ONI>?MNLOCƒ‚IPCLNO;F>?=;>;@L;AG?HNI>IFCPLI
?L;=IGI;<OM=;>IG?N;FHI<L??GJF?H;A;HA; KOC?L;JL?=CMIM?>?N?L
JIL
G?>I >? ?LL;L >? JILN; ? M?L PˆNCG; >; JLJLC; ?MJ?LN?T;   ?MM; ;FNOL;
 ;M
>CM=OMM‘?M G;CM @?LIT?M >? ,FCP?CL; ? "NC?HH? M? ;LG;P;G >? MO; ?MJ?L;Hƒ;

JILKO?IM>ICMNCHB;GJ;PIL>??MN;LM??HA;H;H>I
>?M?LOGJ;L>?J?L@?CNIM
=L?NCHIMI<MNCH;>IM?G;=L?>CN;LKO?H‚I>~J;L;?LAO?L;NILL?>?;<?FJ;L;
KO?HI@CG?F;H‚IMCLP;J;L;H;>; +?MM;BIL;
;GIL;F>I,=C>?HN?;J;L?=C;
FB?M =IGI OG; JLIR?H?N;
 CHMCHO;H>I OG; ; OG; NI>;M ;M CFOM‘?M >? NLCHN;
M„=OFIMCH?PCN;P?FG?HN?B?L>;>IM
;MMCGCF;>IM?G;MNCA;>IM "L;>OLIL?HOH=C;L
; =L?L KO? OG; @FIL JI>? M?L <?F; J;L; H;>; ?L; ;G;LAI ;=?CN;L KO? M? JI>?
>;Hƒ;LH;?M=OLC>‚I M;FOM‘?M>?*IL?FFCCHP?LM‚I>IMMCAHIM
;OGGOH>I
PCMNI =IG IONL;M
 ? ; J;LNCL >? IONL;M >CG?HM‘?M
 =IGI JL?J;L;ƒ‚I CH?PCN~P?F
J;L; OG; PCM‚I G;CM JOL; ? NO>I CMMI HOG; J;MM;A?G L?MJF;H>?=?HN?G?HN?
?M=LCN;
 ? ;I G?MGI N?GJI MOMJ?CN; >? ?HAI>I
 >? A?F;>; CLIHC; >C;HN? >I
?MJ?FBI
?R;MJ?L;P; IM;I?MN?H>?L;?F?MIA;H=BI>?OG;KO;M??MJ?L;Hƒ;
>?
OG; DOMNC@C=;NCP;
 G;M H?A;H>I FB?M ;I G?MGI N?GJI ; M?AOL;Hƒ; NIN;F

G;HN?H>I IM HOG; ;G<CAOC>;>? CHMOJILN~P?F  0? ;FAOG =IHMIFI FB?M L?MN;P;
?L; J?HM;L KO? N;G<„G *IL?FFC M? GIPC; H?MM; G?MG; ;G<CAOC>;>?

ILKO?MNL;H>I OG; I<L; =OD; F?AˆNCG; JLCG?CL; ;O>Cƒ‚I >?P?LC; M?L


 N;FP?T
 I
G;CM ;<MIFONI >IM MCF…H=CIM  MMCG ;P;Hƒ;P;G J?F;M J~ACH;M
 G;F>CT?H>I ?
@;M=CH;>IM
 ? ; *;A; M?GJL? N?LGCH;P; ?HLIM=;>; @?CNI OG A;NI H; JIFNLIH;

=;HM;>;>?CH=?LN?T;M
IFB;H>I=IGI;G;HB?=C;MI<L?IMN?FB;>IM>?;L>MC;

;NL;P„M >? NI>; ;KO?F; @OG;ƒ; KO? JI>C; =;<?L ?HNL? OG J;L >? IFBIM ? OG;
D;H?F;@?=B;>;?OG;HICN?;L>ILIM;G?HN?CH’NCF

 


  Z +‚I M?C =IGI ?F; ?L; Z >CMM? /IH;F>  Z +OH=; M;<?L?GIM  !?F;

=IHB?=ˆ;GIMIM?@?CNIMHIMIONLIM jL;GIMOGJIO=II?MJ?FBI>?F;
IO?F;I
HIMMI?MJ?FBI +‚IN?G=IGI?RJFC=;L
  Z "F; ?L; N‚I NIHN; Z >CMM? "NC?HH?  Z )IOP;>IM M?D;G IM NIHNIM ?N
=?N?L; 'OLIKO?@;FI;M„LCI
KO?=CNI;M„LCI <I<?CL;>?F;G?CLLCN;P;
%IL;=CI
CHMCMNC;KO??L;M@;FN;>?CH@ILG;ƒ‚I
G;M?MN;P;?HA;H;>I j<?G=IHB?=C>;
;>C@?L?Hƒ;?HNL?ICAHIL;HN??INIHNI
?KO;FKO?LOGM;<?>?F;G?HIMINIHNI

J;L; MILN? >?F?  "F? ;=L?>CN;P; KO? I ?MNO>I


 ?MM? @;GIMI ?MNO>I
 FB? >;LC;
CHN?FCA…H=C;  IH@OH>C; M;<?L =IG ?HN?H>?L   =ICN;>; ?HN?H>C; N‚I <?G
GOCN;M=ICM;MKO?HMCAHIL~P;GIM@ILƒ;>?M;<… F;M
 Z+‚IP~CH=ILL?L?G?=IF;FC;Z>CMM?/IH;F> Z1I>I?MM?<;L;FBI>?
;HNCHIGC;M
 >? JIF;LCT;ƒ‘?M  -;L; GCG
 ; <I<?CL; >?F; ?L; I JL?ƒI >? M?L N‚I
P?A?N;F
N‚I=;L;=IF
N‚I=IF;>;M=ICM;MG;CMGCMN?LCIM;M ˆ?MN~
P?D;?F;H‚I
?L; =;J;T >? ;=L?>CN;L HIM HIG?M
 JL?=CM;P; ?H=IMN;L I >?>I H; =ICM; J;L; M
?HN‚I;>GCNCL !?MM?D?CNIHCHAO„GP;CFIHA? j=IGI>;L;M=IMN;M;I,=C>?HN?
CHN?CLI
M"M=IF;M jLOCGJ;L;PCP?LHOG;=C>;>?
J;L;N?LKO?A;HB;L;PC>;
"CMMI;>?PIL;P;
 Z0CG
MCG
G;M?G=IGJ?HM;ƒ‚I?F;?L;=;J;T>?@?FC=C>;>?MCH@CHCN;M

?O@OCN?MN?GOHB;CHP?DIM;>?;FAOG;M -IL?R?GJFI;@ILG;>?OG=IJI "I


KO?G;CM?O<OM=IH;JCHNOL;
G?>CA;*?G;N;H>I
?RCACH>I>?GCGG?MGI
CNCH?L~LCIMMO@I=;HN?MJ;L;>?M?G<I=;LHOGA;L@I
?G>O;M;T?CNIH;M ,M;F?I
=?HNLI >I GOH>I N…G KO? ?MN;L ;FC
 H;KO?F? J?>;ƒI >; NI;FB; >? G?M;  "F;
=B?A;P; ? =;JN;P; CMMI  2G; HICN?
 MO<C J;L; I G?O ?MN’>CI ? F~ ?MN;P; ?F; H;
@L?HN? >? OG KO;>LI KO? ?O B;PC; ;=;<;>I H;KO?F; G;HB‚  "F; ?MN;P;
=BIL;H>I =IGI M ?F; M;<C; =BIL;L
 >? LIMNI CHN?CLI
 BILLˆP?F ? G;L;PCFBIM;
,FB;P;IG?OKO;>LI?=BIL;P; +‚I@OCBIG?GIMO@C=C?HN?J;L;>CT?L;?F;
KO?H;KO?F;G;HB‚?ON;G<„GNCHB;=BIL;>I -?HM;LKO?M?NCP?MM?@?CNICMMI
N?LC; FB? >;>I GOCN; NL;HKOCFC>;>?
 PI=… M;<? =IGI ?F; >OPC>;P;
 =IGI M?
M?HNC;JIO=;=ICM;LI>?;>;J?F;MHIMM;M<LCFB;HN?M?MJ?LN?T;M
  Z  A?HN? =BIL; JIL GOCN;M L;T‘?M Z >CMM? /IH;F>  Z &MMI H‚I JLIP;
H;>;
  Z -LIP;
 J?FI G?HIM
 OG =IHN;NI  .O;HNIM IONLIM
 >C;HN? >?MM; N?F;
 ;
;JL?=C;L;G =IG @L;M?M JIFC>;M
 =CN;L;G CH@FO…H=C;M
 NI>IM IM =IG?HN~LCIM
JIMMˆP?CM6>E@C?@>;N?F; "HN?H>?
?L;JL?=CMI=B?A;L;OGHˆP?F?GKO?@IMM?
JIMMˆP?F L?OHCL ;M >O;M =ICM;M  "O ;=BI KO? D~ ?MNIO H?MM? HˆP?F
 G;M MIO >IM
JIO=IM
 Z!?JIO=IMM?L~IL?CHIZ>CMM?/IH;F> Z.O;FKO?L=ICM;M?LP?J;L;
PI=…@;T?LJLIJ;A;H>;>?MCG?MGI
 Z"OM?CKO?„;MMCGZ>CMM?"NC?HH? Z&MMI?OM?CG?MGI *;M;PC>;
G?F?PIO;DOHN;L;M>O;MG‚IM
;?MKO?L>;=IGM?O=IL;ƒ‚I
;>CL?CN;=IGM?O
JCH=?F ? M?O ?MKO;>LI  +I =IG?ƒI ?O ?L; >IM KO? IFB;P;G J;L; /;@;?F
J?HM;H>I?G-?LOACHI
M;FN;H>I@?CNIOGA;@;HBINI?G=CG;>?)?IH;NNCMN;
F<?LNC
 =IH?=N;H>I
 MIF>;H>I
 -C=I JIL ;KOC
 )IL?HTI 3;FF; JIL ;FC
 G;M P?D;
<?G
OL=EB;L>N>CT
?L?HMIHH?A;
LA;H;=B;
?MM?M;TOCMM‚I>?0C?H;
?MM?M
J;HIM P…G >? *;M;==CI  +‚I G? F?G<LI KO;H>I
 @IC ?G /IG;
 H; A;F?LC;
;L<?LCHC
 ?O ?MN;P; ;H;FCM;H>I OG H>L?; >?F 0;LNI
 ;H;FCM;H>I
JLI@OH>;G?HN?
?HOG;>?MM;MPC +‚IG?J?ƒ;J;L;?RJFC=;LH;>; 3C?H‚II
KO;>LI NI>I
 ;J?H;M OG >?N;FB? >I @OH>I
 OG; @CAOLCHB; HOG =;GCHBI
"RJFI>C?GF~ALCG;M
?CMMI„NO>IIKO?JIMMIFB?>CT?L
  Z &MMI H‚I JLIP; H;>; Z >CMM? /IH;F>  Z  A?HN? =BIL; JIL GOCN;M
L;T‘?M
 Z+?GP;F?;J?H;?OL?MJIH>?L "F;N?LC;=IGJL??H>C>IGOCNIG?FBIL
+;P?L>;>?
P;GIMNI>IMJ?FIG?MGI=;GCHBI
MKO?;FAOHM>?HM=IG?ƒ;G
J?F;?MKO?L>;?IONLIMJ?F;>CL?CN; gMP?T?M
?R;N;G?HN?HIG?CI
;FAO„GP…I
J?>;ƒI>?NI;FB;=IGI=IJI
IA;L@I
;M;T?CNIH;M
 Z#;F;=IG@CAOL;MZ>CMM?/IH;F> ZjM?GJL?;G?MG;=ICM;
  Z +‚I ?RCMN? IONL; G;H?CL; >? M? ;JLIRCG;L >? NO>I I KO? @IC J?L>C>I

>;KOCFI>?KO?M?HNCGIM@;FN; "F;?MN;P;G;CMJ?LNI?M?HNC;CMMI 0?O’HC=I?LLI


?L; KO?L?L OG; JLIP; >? KO? ?MM; JLIRCGC>;>? P;FC; NI>;M ;M HIMM;M L?NLC=;M
+CHAO„G JI>C; >;L ?MM; JLIP; ; ?F;
 JLCG?CLI JILKO? MIGIM CH=;J;T?M >?
=IH=?<… F;
 ? M?AOH>I JILKO? >? OG; G;H?CL; IO >? IONL; ?MN;GIM <?G
CHMN;F;>IM?M;NCM@?CNIM?GHIMM;=C…H=C;=IF?NCP; jM;<C>IKO?I)CNNL„HIM@;T
>ILGCLNL;HKOCFIM
?MN~FIAI;FC;I;F=;H=?>;G‚I
=IGNI>;M;ML?MJIMN;M "„
P?L>;>?
 G;M M JILKO? D~ H‚I M;<?GIM @;T?L ;M J?LAOHN;M KO? I FCKOC>;LC;G
.O;H>I ; *;A; J?LAOHN;P; JIL KO? ;M ~LPIL?M M? =I<LC;G HI P?L‚IX G;M „
CH’NCF
P?FBI
G?FBIL=;F;L;<I=;
 Zj
H‚I>~J;L;?RJFC=;LH;>;>CMMIZ>CMM?/IH;F>

 


-?F; G;HB‚
 ;CH>; ;A;LL;>IM  MIHIF…H=C; KO? I LOˆ>I BILLCJCF;HN? >I
>?MJ?LN;>IL H‚I =IHM?AOC; NL;HM@ILG;L ?G ;@C;>; PCAˆFC;
 OG =IHN;P; ;I IONLI
@C?FG?HN?IMMIHBIM>;HICN?  ;<?ƒ;=IHNL;=;<?ƒ;
;=;LC=C;H>I M?
GCMNOL;H>I
J?LH;M?G‚IM
?M@ILƒ;P;G M?J;L;NL;>OTCL?GJ;F;PL;M>IGOH>I>?@IL;NO>I
I KO? B;PC;G PCPC>I H;M BIL;M >? NL?P;  1L;P?F?L
 OG ;GCAI >? DOP?HNO>? >?
,FCP?CL;
 @C=;P; @;M=CH;>I =IG IM MIHBIM >? 1;FCN;
 =IG MO; <I=; =LCMJ;>; IO
MILLC>?HN? =IH@ILG? I L?F;NI
 =IG IM A?MNIM ? ;M ?R=F;G;ƒ‘?M =IG KO? I
;=?HNO;P;
 =IG MO;M CHA…HO;M =IHD?=NOL;M MI<L? ; L;T‚I ? I M?HNC>I >? M?OM
MIHBIM !?JICM?L;;P?T>??F?=IHN;LIMM?OM
?MP?T?MHIG?CI>?OGL?F;NI
;M G‚IM >?F?M =IG?ƒ;P;G ; ;=;LC=C;L M? ? ?F?M J;MM;P;G >IM MIHBIM ;I ;GIL

;>ILG?=C;G>?HIPI
=B?A;P;GN;L>?;NI>IMIMFOA;L?M
,OPCH>I 1;FCN;
 MO; PIT OG JIO=I J?A;DIM; >? MIHI
 IFB;H>I M?O =;<?FI
?MJ;FB;>IMI<L?INL;P?MM?CLI
1L;P?F?L@C=;P;;MMIG<L;>IJILNO>IM?L>ID?CNI
KO? ?L;  "MJC=B;P; OG >?>I
 NI=;P; ; @LIHN?
 ; N?MN; >? 1;FCN;  U" ;ˆ GCHB;
CLG‚ ?L; ; GCHB; NC; &L?H?
 G;M H‚I N?HBI =?LN?T;W
 =IGJLIP;P; ; <;LL?CL; ;
N‚I JIO=IM =?HNˆG?NLIM >; MO; JLJLC; =;<?ƒ; U" ?O ?MN;P; HO HOG G;N;A;F
;F;A;>I ? I<M?LP;P; I LCI FˆPC>I MO<CH>I
 OG; IH>; ACA;HN?M=;XW  1CHB;G
>ILGC>I =IG ;M =;<?ƒ;M ?H=IMN;>;M ? ;FC
 H;KO?F; CG?>C;N?T @ˆMC=;
 H;
=ICH=C>…H=C; KO;M? NIN;F >;M ;NCNO>?M
 >;M JIMCƒ‘?M
 >; L?MJCL;ƒ‚I
 I G?MGI
KO;LNI
 I G?MGI NL;P?MM?CLI
 ; G?MG; ?M=OLC>‚I
 I G?MGI NC= N;=
 IM G?MGIM
?MNˆGOFIM >; LO; ? >; =C>;>?
 ;M G?MG;M CLL;>C;ƒ‘?M G;AH„NC=;M
 ; G?MG;
G;L=; >? =;@„
 ; G?MG; =IHDOHNOL; ?MNL?F;L
 ; G?MG; HICN? J;L; IM >ICM
 ;FC

?MNL?CN;G?HN? ;<L;ƒ;>IM
 B;PC;G MIHB;>I MIHBIM >C@?L?HN?M
 B;PC;G PCPC>I
;P?HNOL;M>CMMCGCF;L?M
OGB;PC;MILLC>I?HKO;HNI;IONL;@OAC;;J;PIL;>;
OG
PIFN;L;;JL?MN;LOG?R;G?>?~FA?<L;?HKO;HNI;IONL;=B?A;P;;OG;=C>;>?
>?J?>L;M<L;H=;M
+I L?F;NI G;NCH;F 1;FCN; JOHB; JL;T?L IO NLCMN?T;
 G;M 1L;P?F?L CHMCMNC;
M?=L?N;G?HN? ?G JLI=OL;L =ILL?MJIH>…H=C;M  IGI ?L; JIMMˆP?F KO? ;
=IGJ;HBC; >COLH; >?M?G<I=;MM? CH?PCN;P?FG?HN? H;KO?F? >CPL=CI
 H;KO?F;
MIFC>‚I CH;>GCMMˆP?F >I MIHB;>IL gM P?T?M ; CG;A?G >?F? @;TC; J;LN? >IM
MIHBIM >? 1;FCN;
 IO ; CG;A?G >? 1;FCN; =IGJ;LNCFB;P; I BILLIL >? OG
J?M;>?FI >? 1L;P?F?L  *;M 6=6D H‚I M;<C;G >CMMI
 ?L; JL?=CMI KO? I IONLI
=IHN;MM? ;I >?MJ?LN;L U" ?HN‚I PI=… M?AOL;P; ; GCHB; G‚I ? G? >CTC;XW  "
1L;P?F?L>?M=I<LC;KO??HKO;HNIHIMIHBI>?1;FCN;?F?B;PC;M?AOL;>I;G‚I
>?F;?@;F;>I=IG?F;
?GM?OJLJLCIMIHBI?MN;P;>?CN;>I=IG;G?FBIL;GCA;
>?1;FCN;IO=IHP?LM;H>I=IGI>CL?NIL>I=CL=I);M"MNL?FF;M
IOH;>;H>I?G
*;L>?F-F;N; JL?M?Hƒ;>?M?O@;HN;MG;HIMIHBI;FB?CIIL?<;CR;P;;G?LI
G;N?LC;F>?NL;<;FBI
M?GJL?P;F…H=C;H?HBOG;MI<L?IMG;H?KOCHM
;M=C>;>?M
>?M=IHB?=C>;M
;M?MN;ƒ‘?M>?NL?G
;M?M=;>;LC;M
NI>IMIMI<D?NIM=?HIAL~@C=IM
>IM MCGOF;=LIM HINOLHIM  2HC>I ; 1;FCN;
 ?HPIFP?H>I I LIMNI ? ; =;<?ƒ; >?F;
=IG IM >?>IM ? IM F~<CIM
 1L;P?F?L M?HNC; ; <;LL?CL; CHNL;HMJIHˆP?F
 ; >CMNH=C;
P?LNCACHIM;KO?H?GI;GILJI>C;MOJ?L;L !OL;HN?GOCNIN?GJI?MJ?LIOJIL
OGGCF;AL?
KO?IMIHBIKO?1;FCN;FB?=IHN;LC;J?F;G;HB‚@IMM?N;G<„GI
KO??F?B;PC;MIHB;>I AO;L>IO I
CH=CNIO I
JLIPI=IO I;J?F;H>IJ;L;NI>;M
;M;H;FIAC;MJIMMˆP?CM
JLI=OL;H>IM?G?FB;Hƒ;MKO?<LOM=;G?HN?IF?P;MM?G;
OGL?=IHB?=CG?HNI 0OG;P?T
M?GKO?1;FCN;>?MM?;G?HILCGJILNH=C;;I
@;NI
MIHB;L;GMIHBIM;H~FIAIM 1;FCN;G?H=CIHIOOGBIN?F;IH>?=IMNOG;P;
CL=IG;G‚??IH>?=;>;OG>?P?LC;?HNL;LF?P;H>I;JLJLC;=;>?CL; 1L;P?F?L
?HN‚I L?=IL>IO M?O MIHBI OG BIN?F M?G <;HB?CLIM
 I KO? I I<LCA;P; ;
;NL;P?MM;LOG;?MN;ƒ‚I>?NL?G=IGOG;NI;FB;J;L;CLNIG;L<;HBI?G;FAOG
FOA;L CGJL?=CMI  !CMM? ; 1;FCN; U.O;M? MIHB;GIM I G?MGI MIHBI
 ?MN~P;GIM
HOGBIN?FM?G=;>?CL;M?M?G<;HB?CLIMW "F;LCO
>CP?LNC>;
D~?MN;P;H;BIL;
>?F?P;HN;L
KO?P?LAIHB;M?L?GIM>ICMN‚IJL?AOCƒIMIM
1L;P?F?L =IHNCHOIO =IH@C;H>I ? ?MJ?L;H>I =;>; P?T G?HIM  ,M MIHBIM
PIFN;L;G
 =;>; OG J?FI M?O F;>I  M =;<?ƒ;M >ILGC;G ?H=IMN;>;M ? ?G =;>;
OG; ; =ILNCH; M? ?LAOC; MI<L? OG =?H~LCI >C@?L?HN?  1L;P?F?L J?HMIO
CLIHC=;G?HN? KO? ?F?M J;L?=C;G IM =CH?G;M =IHNˆAOIM >; ;FF? );P;FF?
 ?
;@;MNIONIN;FG?HN?MO;?MJ?L;Hƒ; +‚INCHB;;G?HIL@„?GKO?IKO?>?M?D;P;
PC?MM?;;=IHN?=?L
?M;<C;KO?M?G@„H;>;;=IHN?=?LC; 0;<C;KO?M?G@„H‚I
;=IHN?=?H;>;>IKO?>?P?LC;;=IHN?=?L
?KO?=IG@„KO;M?M?GJL?N;G<„G
H‚I

 


,MJ?L@OG?M
IMBCHIML@C=IM
;M;FA~FC;MH;JLCG?CL;?H;M?AOH>;;=?Jƒ‚IX
KOC
PI=…=B?CL;;M;L>ŽHC=; KOC
;=LCMJL;MI KOC
?MJ?L?OGJIO=I
;KOC
„ =IGI M;FMCHB;
 G;M GOCNI >? F?P?
 OG J?>;=CHBI J?L>C>I HOG; J?F? >?
=;GOLƒ; KOCPI=…=IG?ƒ;;=B?CL;L;PI=…G?MG; .O??MNL;HBI
H‚I„
KO?
OG;GOFB?LH‚IJIMM;M?=B?CL;L=IGI;=B?CL;OGBIG?G KOC
?R;N;G?HN?
+‚IM?GIP;
G?>?CR?@;T?LIKO??MNIO@;T?H>I 3I=…=B?CL;;A?F?C;L?;F
;
G?FHOGJIN?>?N;<;=I
;;FA;M
?G<IL;>CT?LCMMIM?D;FOA;L =IGOG %~N;HN;M
;FA;M
 ; *;A; =B?CL;P; ; ;FA;M @L?M=;M
 ;LL;H=;>;M >I ’FNCGI P;CP„G >I G;L
B?CL;P;  JLJLC; IH>;  %;PC; >C;M ?G KO? M?O =B?CLI >? ;FA; M? GCMNOL;P;
=IG OG; =;>…H=C; G;CM ?MJ?MM;
 ? ?HN‚I ?O NCHB; KO? ;J?F;L J;L; ;
J?LP?LMC>;>? Z G;M ?L; OG; J?LP?LMC>;>? J;F;NCH;
 ?HN?H>?
 OG FORI >?
<OFA;L=NIHI
>?M?H?M=;FLI>?;>I>?I<?>C…H=C;HINOLH;ZJ;L;;JLIRCG;LIM
F~<CIM>IM>?F;
NI=;L=IG;FˆHAO;;KO?F;FCA?CL;=B;G;LIM;>;KO?NL?G?FC=;P;
LI>?;>;>?MIG<L;
?>?JICM
=IGI„KO??O@;ƒI;AIL;=IGPI=…
C;;@;MN;H>I
GOCNI >?P;A;L ;M =IR;M >?F;
 ?MN?H>C; ; OG JIO=I >? F;>I ? L?MJCL;P; ;
CHN?LGCH;P?FG?HN?
M?HNCH>I=IGIMO;G‚I
M?GKO??OIJ?>CMM?
=IG?ƒ;P;;
G?>?MJL?H>?L>?GCGG?MGI=IGI;=B;G;=IG?ƒ;;;LL;H=;LM?OMNIJ~TCIM
>? OG J;J?F >? DILH;F ;G;LLIN;>I  "HN‚I IM J?L@OG?M =?MM;P;G

G;L;PCFBIM;G?HN?=?MM;P;G
?NO>I?L;M;<IL
GIL>?>OL;
MOGIM?MM?H=C;CMKO?
?M=ILLC;G J?F; <I=;
 ; KO?>; H?MM; MIG<L;
 NB? JLCG?P;F >;LEH?MM
 I =O<I >;
LI>;>;MILCA?HM 0CG
HICHMN;HN?>;;HCG;FC>;>?G;CM;A;=B;>;
G;CMJLRCG;
>;?R=L?ƒ‚I?>?M?OM;J;L?FBIMCH>?M=LCNˆP?CM
;FCM?>?M?HB;G;M@CAOL;MCHC=C;CM
?@CH;CM
;FCH;=;P?LH;PCM=IM;>?M?OM;FˆPCIM=INC>C;HIMF>?<;L‚?MN~NL?G?H>I

M;FN;GIMA?H?M?;M=IHMN?F;ƒ‘?M
NO>IM?L?MOG?;F@;?ŽG?A;
=IKOCFF?
=OHN

=IH=B;
 =IH
 =IŒI
 GCF…HCI
 LG;A?>IH
 N?LL;GC=CH;
 IB =;F? M?
 H‚I =IG?=?
;ˆ?G=CG;=IGMO;M;J;L…H=C;M>?MJL?TˆP?CM
M?OM?MJ?FBIM@~=?CM .O?MCF…H=CI
;MO;J?F?
KO?;<CMGIMIH>?ACL;G>;>IM>??MG?L;F>;
GIMKOCNIM?@…HCR?M?
=L;N?L;MX

 


$@C6==:2?2
2G;=CN;ƒ‚I
"MN;M
 JICM
 M‚I ;M @OH>;G?HN;CM
 =;JCN;CM ? @CFIM@C=;M L;T‘?M KO? G?
CH>OTCL;G;=IHMNLOCL;I<L;MI<L?OG;<;M?>?J?ƒ;MMIFN;MZ=IH=?CNO;H>I;
I<L;=IGIOG;J;LNˆ=OF;>;I<L;Z?NL;N;H>IIBIG?G=IGIOG;@OM‚I>?
J;LN?M>?=ILJI?J;LN?M>?;FG;Z?HKO;HNINL;NI;%OG;HC>;>?CHN?CL;=IGI
OG; GCMNOL; >? J;LN?M  *;M M? ;FAO„G G? @CT?MM? N;F I<D?ƒ‚I KO? ?MM;
=IH=?Jƒ‚I J;L=C;F GCHB; H‚I „
 H; P?L>;>?
 H?HBOG; =IH=?Jƒ‚I
 G;M
TIG<;LC;
 =B;=IN;
 AIT;ƒ‚I ? ?HAI>I
 ? KO? ?O
 ?G P?T >? G? MOD?CN;L M
M?P?L;ML?AL;M?=HIH?M>;LN?
?MNIONL;N;H>I>?<OLF~ F;M=IGCLL?MJIHM~P?CM
=BOHA;M
 >?M;@CIM ? NL?D?CNIM
 L?MJIH>?LC; KO? MCG
 KO? „ P?L>;>?
 KO? M‚I
DOMN;G?HN? ?MM?M IM G?OM JLIJMCNIM  "
 JIL !?OM Z H‚I P;=CFI ?G =IH@?MM;L
Z
 >?M?DI G? ?MKOCP;L N;HNI >; PIMM; LN?
 M?HBIL?M
 KO;HNI >IM M?HBIL?M
G?MGIM
 JICM H‚I JIMMI MOJILN;L IM M?HBIL?M <?G =IGI KO?F; LN?
 IM
M?HBIL?M =IG PIMM;M =IH=?Jƒ‘?M
 PIMM; ;NCNO>? ;LNˆMNC=; ? NI>I I PIMMI G?CI
;LNˆMNC=I

$IG<LIQC=T
6C5J5FC<6
=;J &3
-L?@~=CI;I#CFC>ILP?MNC>I>?=LC;Hƒ;

 


;LN;;I&3D6CG6C

-L?T;>IM?HBIL
FAOG>?M?OMF?CNIL?MN?L~;JIHN;>I;?M=;MM?T>?<IL<IF?N;M?MN?;HI+?MN;
L?AC‚I B;<CNO;FG?HN? JLIFˆ@C=; KO;M? H‚I ;M PC
 ?R=?NI ;FAOHM ?HR;G?M >?
J;JˆFCIM  !? G;LƒI J;L; =~ M I<M?LP?C OG CA?HI
 H?HBOG; "N„L?;
 GOCNI
JIO=;M1?=F;M
OG;.O?FŽHC;
H?HBOG,FBI>?-;P‚I
H?HBOG; ;NI=;F;
?
H?G G?MGI OG FGCL;HN? 3?LG?FBI HI G?O D;L>CG
 KO? HI P?L‚I J;MM;>I
?MN;P;=B?CI>?<IL<IF?N;M
*?J?LAOHNIM??MM;?M=;MM?T„A?L;F
?
?G=;MI;@CLG;NCPI
;KO?M?>?P?

* 4;MB<IOLH
-CN=B=IG<?
$FIM

 


-ILKO?N‚IFIHA?>IM>?OM?M1;FP?TJILJ?LAOHN;LCMMI
">;ˆ,BIG?G„I;HCG;FKO?J?LAOHN; +I>C;?GKO?P?L>;>?CL;G?HN?
MIO<?LGIM J?LAOHN;L
 B;P?L~ >C~FIAI  -IL ?HKO;HNI ;M J?LAOHN;M HIM ;@;MN;G
P?LNCACHIM;G?HN? >;M L?MJIMN;M  .O? 6A:72?:2 JI>?GIM ?MJ?L;L
 M? ?MN;GIM HIM
;@IA;H>I H; G;CM @;FM; >;M FC<?L>;>?M
 ; >C;F„NC=; DO>;C=I =LCMN‚ #;T HIM @;FN;
OG%@GF>@C82?F>>?P?L>;>?
„JL?=CMI;<LCL;MD;H?F;M>?J;L?GJ;L?DIA;L
NO>IH;LO;
G;MMI<L?NO>I„JL?=CMIDIA;LN;G<„G;D;H?F;
?HM=IG?F; j;
GILN?
IOM;CLPI;H>I jJL?=CMI@;T… FI
>?;FAOG;G;H?CL;„JL?=CMI@;T… FI
1?L ; =IL;A?G >? ?HNL;L HI G?CI >;M @?MN;M ? JŽL MI<L? ; =;<?ƒ; >;
L?F;GJ?D;HN?>IH;>;=;M;OG<?FIM;JIP?L>?
JL?M?HN?>;HICN?
?;MMCMNCLM?G
BILLILPCHA;Hƒ;>IMF;=;CIM

 


!;?NCGIFIAC;KO?$;<CI;MMI>~J;F;PL;UJ?LMIH;W
0~<C;??HA?HBIM;?RJFC=;ƒ‚I
?>IO@„
;>?$;<CI;MMI
?GM?ONL;N;>I2
@C:86> 5@D G@4s3F=@D
 MI<L? ; J;F;PL; UJ?LMIH;W
 G~M=;L;  =L?>CN; ?F? KO? N;F
PI=~<OFIN?GILCA?GHIP?L<IA6CD@?2C6
L?N?L "CM=IGI?RJFC=;MO;IJCHC‚I
U+‚IN?H>I;G~M=;L;KO?=I<L?JIL=IGJF?NIILIMNIG;CMKO?OG;;<?LNOL;
HIFOA;L>;<I=;
;PIT
?GP?T>?M?>?LL;G;L?GNI>;M;M>CL?ƒ‘?M
?MNL?CN; M?
J;L;?M=;J;LJILOG;’HC=;M;ˆ>;
?>?MM;@ILG;;>KOCL?MIGG;CMJ?H?NL;HN??
@ILN? MMCG
JICM
JILKO?;G~M=;L;NILH;;PITBOG;H;G;CMMIHIL;?PC<L;HN?

>?O M? FB? I HIG? UJ?LMIH;W ?


 =IGI =IHM?KO…H=C; >; @ILG; >?MM; J;F;PL;
 „
FIHA;
H?F;
;F?NL;@W

OFI$„FCI
%@:E6DsE:42D

 


*?OMJ;MMIMH?MN;LO;
/?MMI;G
"GIONL;LO;
,H>?
,OƒIG?OMJ;MMIM
-;MM;L?GJIL?MN;LO;
,H>?
J?H;M;H„PI;„L?;F

,=N;PCI-;T

 


?Gs=:5@D
!I %IMJCN;F >I IH>;>I >? 6ILE CH@ILG;G KO? ; !OKO?M; PC’P; >?
$L;@NIH
 KO? @L;NOLIO OG; J?LH; HI ’FNCGI >IGCHAI
 N?P? IHN?G OG >C;
<;MN;HN?<IG

+96*F?52J+:>6D
)IH>L?M

 


$@C6==:2?2
;MN;IFB;LJILOGGIG?HNI=IGIMIFBIM>?NI>IMIM>C;MI=IGJILN;G?HNI
>? OG A;NI IO >? OG; GIM=; J;L; M?HNCL KO? ?MM; HIP; PCM‚I  KO;F N?H>? ;
=C…H=C;
 ?MM; >?M;HNLIJIGIL@CT;ƒ‚I KO? IM <CFIAIM ? IM @ˆMC=IM JLIJ‘?G
OLA?HN?G?HN? =IGI ’HC=; JIMMC<CFC>;>? >? FCA;ƒ‚I =IG @;NIM N;CM =IGI I
CHMNCHNIIO;PC>;P?A?N;F
H‚I„IONL;=ICM;;F„G>;L?GIN;
CMIF;>;
CHMCMN?HN?
PIT =IG KO? =?LN;M FCHB;M >I <O>CMGI
 >I P?>;HN;
 >I MO@CMGI
 >; GˆMNC=;
I=C>?HN;FHIMCH=CN;G;L?HOH=C;L>?OG;P?TJILNI>;MCGILN;FC>;>?

 


20,!" ,+0 &k+ &

"MN; =;M; IH>? GILI M? J;L?=? ?G NO>I =IG ; GCHB; >CMJIMCƒ‚I >IM
=ŽGI>IM
 =B?CLI >I P?MNˆ<OFI
 GP?CM
 FOT I<FˆKO; J?F; G;HB‚
 ;N?HO;>; ;I
G?CI >C;
 ?H=I<?LN;  N;L>? NO>I „ CAO;F
 CH=FOMCP? ;M P?L?>;M ? ;M ~LPIL?M >I
D;L>CG
??MN;P?FB;JILN;G?CI=ILLIˆ>;?;MF;D?M>IJ~NCI
1;G<„G;MBIL;M?IMGCHONIM>IN?GJIKO?J;MM;M‚IM?G?FB;HN?MMBIL;M
?;IMGCHONIM>;GCHB;PC>; +IGIG?HNI?GKO??F?MACL;G;IG?OL?>IL

>CAI J;L; GCG G?MGI U-;L?=?G G?MGI  IGI M? J;L?=?G =IG ;M
P?L>;>?CL;MBIL;MKO?PCPIH?MN?GIG?HNIW
!?GCHB;J;LN?
?G<IL;N?HB;MOJLCGC>I?GGCHB;=;M;NI>;MOJ?L@ˆ=C?>?
L?@F?R‚I
 KO;H>I ;J?M;L >? NO>I I PC>LI CH?PCN~P?F >? OG; D;H?F; M? ?GJ?HB;
?GG?>?PIFP?LG?OL?@F?RI
P?DIH?F?;FAO„GKO?M?J;L?=?=IGCAI 0CG
KO?
M?J;L?=?GOCNI
L?=IHB?ƒI
*;M KO? HCHAO„G JL?N?H>; KO? MIO ?O , KO? „ CMMI 1O>I ;KOC „ @;FMI
.O;H>INCP?L?GG?>?PIFPC>I>:?92=;M;?>:?92PC>;
?HN‚I?H=IHNL;L?CG?O
P?L>;>?CLILIMNI

'?;H1;L>C?O

 


Z-ILJILN?HBIKO?M?D;
FIAIFB?F;Hƒ;GCHD’LC;M
M?H‚INIG;=OC>;>I
Z3IONL;N;L>?G?=OC>;L
?HN‚I
Z#;L~<?G

;G<;=?L?M
$‡D:42D6?E:>6?E2=

 


0?D; F~ =IGI @IL


 IM M;J;NIM ?MN;P;G JCM;H>I OG; G;N„LC; FCHIF?IM;
 ;M
H;LCH;M M?HNC;G I =B?CLI >? OG; JOFP?LCT;ƒ‚I ;MM„JNC=; ? ;ALC>I=?
 H; =;G;
?MN;P; I P?FBI GOCNI CHMN;F;>I MI<L? >ICM NL;P?MM?CLIM
 I H;LCT J;L?=?H>I OG
A;H=BI J?H>OL;>I HI ;L J;L; G;HN… FI M?HN;>I  )ˆPC>I
 =IG IL?FB;M
GIHMNLOIM;M 7CAO? T;AO??RNL;IL>CH~LCIHIAL~@C=I>;N?GJ?L;NOL; "JILKO?
M?CH=IGI>;P;G=IG?F?
#;F;L;GKO?H‚I?L;H;>;
I;GCAI;LA?HNCHINCHB;MC>IN?MN?GOHB;=;MO;F
>I ;=C>?HN?
 I ;GCAI @L;H=…M ?L; JCHNIL
 NI>IM IM BIMJCN;CM ; G?MG; CH@CHCN;
JIL=;LC;>; *IL?FFC
MCG
I?M=LCNIL
Z+‚IJI>?M?LZ>CMM?"NC?HH?
-IL KO? H‚I
 ?>Cƒ‘?M J?>L; H; ~AO; JFIJ
 H‚I M? @C=; M;<?H>I G;CM H;>;
*IL?FFC M? >?O ;I NL;<;FBI >? >CT?L FB?M KO? B;PC;G MC>I P?H>C>IM ?
I@?L?=C>IM OHM KO;NLI=?HNIM ?R?GJF;L?M  "
 CMMI G?MGI
 >ICM H; +IP;
7?FH>C;
>?N;FB??GI=CIH;HN?
,FCP?CL;NCLIOOG=CA;LLI=IGOG;G‚INL…GOF;?IFBIOJ;L;;?H@?LG?CL;

KO?@?TOGMCH;F;@CLG;NCPIJ;L;?F??M;CO
>?CR;H>I IM?HNL?IM>ICM<CIG<IM
;G;L?F?=C>IM  0?HN;L;G M? ;IM J„M >; =;G;
 >?JICM >? L?=IFB?L ;FAOHM >IM
=;>?LHCHBIM?LIFIM>?J;J?F
Z0?NCP„MM?GIMPCMNI;HINˆ=C;HIMDILH;CMZ>CMM?"NC?HH?
Z 0;CO HI :82C@ Z >CMM? *IL?FFC  Z "G<;CRI >? OG; HINˆ=C; MI<L? I
;<IGCH~P?FBIG?G>;MH?P?M
Z &G;ACH? M Z =IHM?AOCO GOLGOL;L ,FCP?CL;  Z *;M JIL IONLI F;>I „
G?FBIL
 MOJIHBI  ;>; P?FB; <OH>O>; KO? N?LC; ;J;L?=C>I JIL ;KOC =IG I
~F<OG>?;ONAL;@IM?OGJIN?>?A?F?C;@?CN;?G=;M;X
Z!?LOC<;L<IZ>CMM?*IL?FFC Zj;G?FBIL *;MG?FBILG?MGI„H‚I
PCLH?HBOG;X
Z .O;HNI ; HM Z ?HAL?HIO ,FCP?CL;
 L?;FG?HN? JL?I=OJ;>I Z
 M?
?MNCP?LGIM CH=IGI>;H>I „ M >CT?L  %;P?L~ IONL;M IJILNOHC>;>?M ?N =?N?L;  
A?HN?M??HN?H>?
H‚I„
Z3I=…MPC?L;GM?GM;<?LKO?G?O?L; -?MMI;FG?HN?
;=BIKO?P;F?;J?H;
@C=;L?GOGJIO=I ,;JIM?HNI„NL;HKOCFI
IG;CMALCN‚IM?=;FIO?MN;HICN?
M
>O;M >; G;>LOA;>;  ,M <CIG<IM M‚I J?L@?CNIM
 OG; MIFC=CNO>? >I G„>C=I KO?
G? PCO ?M=L?P?H>I  -IL OG F;>I JLIC<CO KO? ?O =IHNCHO;MM?
 G;M ;M
?H@?LG?CL;MCHMN;F;L;GIM<CIG<IM?HCHAO„GG?;<ILL?=?
Z.O;H>IP;CJI>?LPIFN;LJ;L;=;M;
Z+OH=;Z>CMM?*IL?FFC Z,MIMMIM@C=;G;KOC
L;J;T?M
ZI<;A?GZ>CMM?"NC?HH?
L?MJ?CNIMI
Z.O?MN‚I>?N?GJI *;M?OG?MCHNI<?G
;=;<;L;G M?IMJLI<F?G;M=IG
; T?F;>IL;  +CHAO„G G? NL;T ; =ILL?MJIH>…H=C;
 H?G ; KO? =B?A; >; +IP;
7?FH>C;
=IG;KO?F?MM?FIMN‚I<IHCNIM .O;H>IM?JO<FC=;OGFCPLIKO?H;M=?
GILNI
I’HC=IL?MOFN;>I„OG;=ILL?MJIH>…H=C;J?KO?H;G;M@C?F M?HBIL;
>; +IP; 7?FH>C;
 I A;LINI >? 0B?@@C?F>  #L;H=I G;ƒIH;LC; >?FC=;>;

PIFOJNOIMC>;>?JILM?L?GN‚IJIO=IMIMKO?J;LNC=CJ;G>?OG;;P?HNOL; *;M
;AIL;
L?;FG?HN?X
Z+OH=;G?I=ILL?O?M=L?P?L;IM?HBILZ>CMM?,FCP?CL; ZFAOHM;GCAIM
? ?O =IHB?=?GIM ; MO; I<L;
 HIM J;L?=? N‚IX 3IO G? JIOJ;L >?MM? NCJI >?
J;F;PL?;>I
;=BIKO?>?NI>ID?CNI>~J;L;?HN?H>?L P?L>;>?„KO?J;MM;GIM
HICN?M CHN?CL;M >CM=ONCH>I
 ? G?MGI ;MMCG HOH=; CG;ACH;GIM KO? I M?HBIL
?MNCP?MM??G-;LCM
Z N„ OG ;HI ;NL~M ?O GIL;P; ?G 3C?LTIH  3CG J;L; -;LCM JILKO? KO?LC;
?RJFIL;LOGJIO=I;FAOG;M<C<FCIN?=;M 3C?LTIH
=F;LIX,?>CNILNCHB;IL>?HM
>? H‚I >;L G?O ?H>?L?ƒI  3;C M;<?L =IGI ?MM?M JIO=IM ;>GCL;>IL?M @C=;L;G
M;<?H>I 0CHNIGOCN;>ILH;M=IMN;M
L;J;T?M
Z0?IM?HBILJL?@?L?
HMP;GIM?G<IL;Z>CMM?"NC?HH? Z3IFN;L?GIM
;G;HB‚
?GNI>I=;MI
Z 0?G PI=…M GCHB;M =IMN;M P‚I >I?L >I G?MGI D?CNI Z >CMM? *IL?FFC  Z
3;GIM@OG;L
;JLIP?CN;H>IKO?G?JLIC<CL;G

1L;N;P; M?>??H=IHNL;LOG;FCHAO;A?GKO?H‚I@IMM?FCN?L~LC;

.O;H>I ; ?H@?LG?CL; J;MM;P;


 *IL?FFC ?H@C;P; I =CA;LLI H; <I=; =IG OG;
B;<CFC>;>?>C;<FC=;?IFB;P;J;L;,FCP?CL;=IG;L>?A;LINCHBI>CM@;Lƒ;>I>?
P?FBIKO??L;OG;>?Fˆ=C;

X J;LNCH>I OG JIO=I >;M C>?C;M =?HNL;CM >? OG "TL; -IOH>
 G;M M?G I
J?>;HNCMGI?;=IH@OM‚I?HNL?MˆG<IFIMJ?LC@„LC=IM?MCAHC@C=;ƒ‘?MJLCGIL>C;CM

1LCHN; ? ICNI ? >ICM  1LCHN; ? M?N? ? G?CI  1LCHN; ? ICNI ? NL…M  /;>CIAL;@C;
MCH;FCH=IGJL??HMˆP?F

X M;<?L KO? OHM JIO=IM JI>C;G M? ;JLIRCG;L >?MM;M N?HN;NCP;M M?G ;=B;L
KO? @IMM?G OG HIPI DIAI FCN?L~LCI  6?:DD:>@  , JLI<F?G; ?L; ;CH>; @;FN;L
N;HNI
?C;GILL?LM?G;=;<;LIDIAI
Z 'IA;>; PCHN? ? =CH=I
 ;M JL?N;M ;<;H>IH;G Z >CMM? *IL?FFC
 DIA;H>I ;
=;<?ƒ; J;L; NL~M  !? L?J?HN?
 J;L?=C; GOCNI G;CM P?FBI  Z -?H;
 ; J;LNC>;
?MN;P;@C=;H>ICHN?L?MM;HN? jP?L>;>?KO??RCMN?OGR;>L?TˆH>CI=IGM?MM?HN;
J?ƒ;M>?=;>;F;>I
ZjJIMNOF~P?FZ>CMM?,FCP?CL; ZJ;LNC>;CH@CHCN;
Z $;HB; KO?G =IHKOCMN;L I =?HNLI  !;FC M? >IGCH;G NI>;M ;M
JIMMC<CFC>;>?M
 ? H‚I @;T M?HNC>I I ;>P?LM~LCI M? ?GJ?HB;L ?G =IHNCHO;L
DIA;H>I *;MI=?HNLIJI>?LC;?MN;LHOG;=;M;F;N?L;F
IO@IL;>IN;<OF?CLI
Z,OHOG<IFMI>I=IF?N?
Z#CAOL;MZ>CMM?*IL?FFC Z1‚I>C@ˆ=CF?M=;J;L>?F;M
>?N‚I<?F;MKO?M‚I
*OFB?L?M G?HN;CM
 H; P?L>;>?  "O <?G KO? AIMN;LC; >? ?HN?H>?L G?FBIL
*;FF;LG„
M?OM?HNC>I>;;OM…H=C;?>IMCF…H=CI?L;GOCNIG;CMKO?OGL?=OLMI
?RNL?GI
 OG :>A2DD6 G?N;@ˆMC=I  2G >C;
 ?G '?L?T >? F; #LIHN?L;
 IOPC OG
=;HBIH;ƒI;PCHN?G?NLIM?>?M=I<LCIONLIM?HNC>I>IMCF…H=CI "?MM?M=‚?MKO?
IOP?GOG;JCNICH;O>ˆP?FJ;L;HMX,M?HBIL„JCHNIL
=L?CI
M G‚IM M? GIPC;G ;I F;>I >?F?
 L?=IFB?H>I OG; ; OG; ;M =;>?LH?NCHB;M

;FCM;H>I ;FAOG;M @IFB;M ;G;MM;>;M  !? P?T ?G KO;H>I


 M?G J;L;L >? @;F;L

*IL?FFC >;P; OG; ?MJC;>; ?G OG; >;M J~ACH;M ? ; CHN?L=;F;P; H;M
=;>?LH?NCHB;MJL?M;M=IG=FCJ?M 2G;IO>O;MP?T?MNCLIOOGF~JCM>I<IFMI>I
JCD;G;?HOG?LIOOG;@IFB;

Z,M?HBIL?M=L?P?
MOJIHBI
Z +‚I Z >CMM? ,FCP?CL;  Z .O? ?M=L?PI KO? H;>;
 J;L; CMMI „ JL?=CMI N?L
;FAOG;=?LN?T;>?N?LPCPC>I
Z?RCMN…H=C;JL?=?>?;?MM…H=C;Z>CMM?*IL?FFCMILLCH>I
Z-I>?M?L +‚I„?R;N;G?HN?;MMCG
HIG?O=;MI
Z , M?HBIL ?MN~ @C=;H>I =;HM;>I Z >CMM? "NC?HH?  Z 3;GIM
 %IL;=CI
 M?
PI=…>?M;H>;;@;F;LX IHB?ƒI?F?
M?HBIL
„N?LLˆP?F
*IL?FFC =IHNCHO;P; MILLCH>I ? DOHN;P; ;M J~ACH;M
 IFB;P; J;L; ?F;M
 J;L?=C;
C>?HNC@C=~ F;M?=IGJ;L~ F;M D?CNIO M?OGJIO=I
<OM=;H>IG?FBIL;JICIJ;L;
;=;<?ƒ; ,FCP?CL;F?P;HNIO M?

Z j ; =B;P? >I G?O ;J;LN;G?HNI Z >CMM? *IL?FFC  Z "O AIMN;LC;

L?;FG?HN?
Z3;C>;LOG;=IH@OM‚I>;H;>;Z>CMM?,FCP?CL;
Z .O? H;>;
 „ G?HIM >C@ˆ=CF >I KO? J;L?=?  M J;MN;M P‚I ;DO>~ FIM
 ?RCMN?
OGMCMN?G;>?=IL?M
H’G?LIM?F?NL;M !~J;L;?HN?H>?LH;BIL; -IL?R?GJFI

?MN;=;>?LH?NCHB;P;CJ;L;;J;MN;;TOF
J;L;OG;J;LN?KO??O=B;GI>?G;L

G;M CMMI „ IONL; =ICM;


 OG DIAI J;L; G? ?HN?H>?L G?FBIL  +’G?LI  „ M
=IFI=;L HI FOA;L
 ?HNL? I  ? I   +OG?L;ƒ‚I ;L~<C=;
 ; =ICM; G;CM @~=CF >I
GOH>I
Z*;MIM?HBILG?MGIP;CJI>?L@;T?LCMMIJ?MMI;FG?HN?>;KOC;;FAOHM>C;M
Z>CMM?"NC?HH?
Z !OLGI G;F  "O N;G<„G ?MNIO @IL; >; =;>?LH?N;  *? ;DO>?G
 D~ KO?
PC?L;G G? PCMCN;L  -IHB;G NO>I CMMI ?G M?O >?PC>I FOA;L ? ?O G? M?HNCL?C
GOCNI<?G;KOC jOGBIMJCN;F@ILGC>~P?F
"NC?HH? IFB;P; J;L; ,FCP?CL;
 ? ,FCP?CL; ?N =?N?L;   MOLJL?M; CG;ACH~P?F
2G;P?L>;>?CL;BIHL;
N‚ICG?L?=C>;
Z!?JICM
PI=…M?GJ;=IN;GNO>I?G;H>;GJ;L;-;E’ ">CNIL>?FCPLIM>?
P;HAO;L>;
/O?>?FL<L?0?= 0;<C;GKO?-;E’„IHIG?;=~>CI>?%?LG?M
"OM?GJL?;=B?CX*;MIONLI>C;;A?HN?@;F;HCMMI
Z3;CKO?;A?HN??LL;Z>CMM?,FCP?CL;Z?;=;<;;LG;H>IOG;=IH@OM‚I
@?HIG?H;F  +I JLCG?CLI PIFOG? B;PC; OG; =IGJFC=;ƒ‚I N?LLˆP?F
 ?MM? ;ˆ ? ?O
>CM=ONCGIMBIL;MM?H‚IN?LC;GM??HA;H;>I;ICGJLCGCLIMN?RNIM
Z +‚I N?G ; G?HIL CGJILNH=C; Z >CMM? *IL?FFC  Z *?O FCPLI JI>? M?L
FC>I=IH@ILG?;PIHN;>?>?=;>;OG )C<?L#OFAOL;FCM
@IFB;MGHNC=;M
?JIL;ˆ
P;C ,G~RCGIKO??O@;ƒI„;LG~ FI>ID?CNIKO??OG?MGIAIMN;LC;>?L?F?L "
HIJCIL>IM=;MIM
M?PI=…MM??HA;H;L?G
KO?GM;<?IFCPLI@C=;J?L@?CNI 2G;
<LCH=;>?CL; >? %?LG?M -;E’
 ;F;>I @;T?>IL >? ;LNCG;HB;M ? HCHB;LC;M  3I=…M
AIMN;G>?MM;MJ;F;PL;M
Z +‚I Z >CMM? ,FCP?CL;  Z +?G >? ;LNCG;HB; H?G >? HCHB;LC;  =BI ;M
>O;MGOCNIJI>L?M
Z j JL?=CMI NIG;L =OC>;>I Z >CMM? *IL?FFC
 @?=B;H>I IM IFBIM  Z 1I>IM
HM ;H>;GIM ;NL~M >; JOL?T;
 ;LL?<?HN;H>I P?FB;M <?RCA;M <ILL;>;M  2G >C;
'IM„ ?LA;GˆH KO;M? =;CO >OLI KO;H>I G? J?LGCNC >?MCH@F;L >O;M >? MO;M
J~ACH;M
 JLIP;H>I ; ?F? KO?X *;M =OC>;>I
 ;GCAIM
 KO?G M;<? I KO?
=B;G;GIM>?JOL?T;X
Z,KO;>L;>I>?*;FC„PCN=BZ>CMM?"NC?HH?
Z 44@  !CTˆ;GIM KO? „ JL?=CMI J?HM;L ?G %?LG?M
 >?CR;L KO? DIAO?
-?AO?G
ILA;HCT?GNO>ICMNI
D~KO?PC?L;GG?PCMCN;L 1;FP?T?OJIMM;CL;N„F~
>;LOG;IFB;>;
ZA?HN?PIFN;;G;HB‚
M?IM?HBILKOCM?L
ZIG
G;MD~N?L?C?M=LCNIIONL;M=ICM;M 3IO>?CR;LPI=…MFIO=IM
J?HM?G
<?G 1L;A;G$;OFICM?MJ;L;GCG
"NC?HH?J;MMIOM?OG;ƒIJ;L;?F?  IG;=B;P?H;G‚I
,FCP?CL;H‚IM;<C;I
KO?>CT?L "MN;P;NO>I?LL;>I
;KOCFIH‚INCHB;KO?N?L;=IHN?=C>IH;KO?F?>C;

?L;OG;DIA;>;HID?HN;>IR;>L?T>?M?MM?HN;J?ƒ;M
;;F?ALC;CH’NCFHIG?CI>;
JCIL NLCMN?T;
 N?L KO? L?J?FC F; =IGI M? @IMM? OG; GIM=;
 JL?@?LCL ; NLCMN?T;
KO;H>I;’HC=;=ICM;KO?=B?A;P;MMO;MG‚IM?L;;KO?F;=B;P?J;L;;;F?ALC;

OGJ;MMILOGI;;FAIKO?;>GCL;P;?>?KO?H?=?MMCN;P;
OG;=B;P?KO?;<LC;
;JILN;>?*IL?FFC
>IGOH>I>?*IL?FFC
?HIG?CI>;;F?ALC;M?HNCL M?NLCMN??
MODI
=IG;J?F?=;HM;>;?IMIFBIML?G?F?HNIM
=B?CL;H>I;HICN?M?GMIHI
;
;OM…H=C;=OFJIM;
;@;FN;>?>CMNH=C;J;L;?HN?H>?LM?B;PC;@?CNI>CL?CNINO>II
KO? ;H>;L; @;T?H>I IO >?CR;H>I >? @;T?L H;KO?F?M >C;M
 IOPCH>I I MIFOƒI >;
*;A;
;MJ;H=;>;MHIN?NI
;AO?HN;H>I;=BOP;A?F;>;HILIMNI
I;G;HB?=?L
MI<L?;-IHN*;LC?
IM;LLINIM;T?>IM>?OGPCHBIGCMNOL;>I=IG;AO;L>?HN??
PI>=; ? G;CM PCHBI
 ; M?HM;ƒ‚I >? =;LL?A;L HI <IFMI OG; G‚I KO? H‚I ?L; ;
MO;
 OG; G‚I >? /I=;G;>IOL
 OG J?>;ƒI >? HICN? ?M=ILL?H>I <;<;

GIFB;H>IMO;M=IR;M
;;F?ALC;N‚IN;L>?ION;FP?T=?>I>?G;CMOG=IHMIFIP;C
P?L
 =?>I >?G;CM
 ;CH>; CG?L?=C>;
 G;M ?HN‚I
 N;FP?T
 PC?FF?C=BN
 G;S<?
 @ILM?

J?ON …NL?
 ;B
 G?L>;
 G?L>;
 ;N„ ;G;HB‚ G?MNL?
 G?L>; G?L>; CH@CHCN;G?HN?
G?L>;
MCG
HIBIL~LCI>?PCMCN;
CHN?LGCH~P?FI<MNCH;ƒ‚I>;G?L>;J?F;=;L;?
J?FIGOH>I
GOH>I>?G?L>;
P;GIMNL;T?L@LON;M
;LKOCG?L>;>;MOJ?LG?L>;

MI<L?G?L>; >; CH@L;G?L>;


 L?G?L>; >; L?LL?G?L>;
 >;HM =?N BŽJCN;F );?HH?=
>„=IOPLCN F;OM=OFN;NCIH P;C P?L
 ;CH>;X 2G; =B;P?
 @CAOL; CH?@~P?F  2G;
=B;P?  CH>;
 KO?G M;<?
 >;P; J;L; M;CL H; LO; ? CL ;H>;H>I
 OG; =B;P? HI
<IFMI 3;CP?L;CH>;OG;=B;P?*IL?FFC
OG;PIFN;>?=B;P???HNL;L?GIONL;
=ICM;
KO?GM;<?;CH>;

Z+I@OH>I„OG?H=IHNLIJMNOGI
G;CM>C;G?HIM>C;Z>CMM?"NC?HH?
HI=;@„
Z ;C@IL;Z>CMM?,FCP?CL; ZjGOCNILOCGF;LA;LPI=…>?MM?D?CNI
G;M=;C
@IL; PCM?I/IH;F>?I-?LC=I
HIM?H=IHNL;GIMM>?TH;=;M;>IP?FBI
Z%IL;LOCGZ>CMM?"NC?HH? ZT?F;>IL;H‚IP;C>?CR;L;A?HN??HNL;L
,FCP?CL;NCLIO;=B;P?
;@?TACL;L>?<;CRI>?OGL;CI>?MIF
??HNL?AIO ;;I
IONLI=IGIM?L?H>?MM?OG;=C>;>?

 


j CH=LˆP?F
 >? OG; =;Fƒ; JI>? M;CL KO;FKO?L =ICM;
 F;HOA?HM
 L?FACIM

L?=ILN?M
 ;MJCLCH;M =;L=IGC>;M
 HOG; >?MM;M PI=… G?N? ; G‚I J;L; J?A;L OG
F?HƒI?IKO?P?GM?AOLIJ?FIL;<I„OGL;NIGILNI
M‚I=ICM;MJ?L@?CN;G?HN?
JIMMˆP?CM "HKO;HNIPI=…C;<OM=;L"NC?HH?
;CH>;;<;F;>IJ?FIMIHBI>IJ‚I?
JIL IONL; F?G<L;Hƒ; >? MIHBI KO? >? L?J?HN? ;J;L?=C; =IGI ;J;L?=? OG
;=C>?HN?H;LO;
>?L?J?HN?T~M
H;>;;M?L@?CNI
,FCP?CL;NCHB;G?NC>I;G‚I
HI<IFMI>;=;Fƒ;>?P?FO>IG;LLIGDOMNIH;?MKOCH;>IIOF?P;L>/;MJ;CF=IG
*IHNJ;LH;MM?
 G?CI KO? IFB;H>I ;I G?MGI N?GJI J;L; I M;JI ACA;HN?M=I
L?NIL=C>I ?G M?O LI<? >? =B;G<L?
 ;FT;= /I>CH IO /I>CH ;FT;=
 GCMNOL;
CH?RNLC=~P?F >? >ICM L?FGJ;AIM ?G M?O <LIHT? B?FC=IC>;F
 ? ; G‚I M;ˆL; =IG
OGL?=IL>?>?@;LG~=C;M>?JF;HN‚I?GO?HIMCL?M?IONLIKO??L;OG;FCMN;
>?;H’H=CIM>?PC>?HN?M?=;LNIG;HN?M "L;>CP?LNC>IM;<?LKO?;ML;  IFIGC?L

PC>?HN?B’HA;L;<?GKO?JI>C;M?LOG;>;MG‚?M>?$L?AILIPCOMGIL;P;H;
/O? >?M <<?MM?M ? KO? NCHB; D64C6ED 56D 3@9|>6D A@FC C6E@FC 527764E:@?D
A6C5F6D  !;FC JI>C; M? J;MM;L A;FB;L>;G?HN?  AL;H>? JLIG?MM;
yD6?G@ˆE6>6?ED
 ? >?JICM >CMMI ; L?@?L…H=C;  G@J2?46 DFC A9@E@ J;L?=C;
FCA?CL;G?HN?CLLCMLC; "NC?HH?
ILC?HN;FCMN;;G;N?OL
N?LC;AIMN;>I>?M;<?LKO?I
JLI@?MMIL*CHBGD@77C6=6GyC:E+2=:D>2?56=C3C6*24Cy56= ?56C@494

%E:>3' 2??6D "=IGIH‚IM?;MMIG<L;L=IG;?RCMN…H=C;>?*G?


0;HMIH
 $65:F>+2C@ED ACy5:4E yE@??2?E6D  )F6 6C>6= JLCH=CJ;FG?HN?
JILKO? %?LG?F
 KO? N;FP?T NCP?MM? MC>I TIFIAI
 NCHB; HIG? >? ;FKOCGCMN;
 ?
>?M=I<LCL=IGILAOFBIMOF ;G?LC=;HIIJLIHOH=C;G?HNI>?HCN;
42CE6D52E6D
ACy4:D6D
 >? 'I;H; 'IJ?T MC=
 D64C6ED :?5:6?D E2C@ED 6DA28?@=D
 ? >? *G?
'O;HCN;
G@J2?E6A2C5@>:?@4@BF:==286 7=6FC  0?LC; JL?=CMI CL M?G @;FN; =IG ;
*;A;P?L*G? 'O;HCN;  IKOCFF;A?
@F?OL*;MH‚I=IG;*;A;
H‚IG;CM 
*;A; <?G KO? AIMN;LC; >? =IHB?=?L I >?MNCHI >;M @FIL?M  *6F=6 $)1"
A@FGC6C6E@FC27764E:@?*;MKO;F;H?=?MMC>;>?>?JLIP;L;FAOG;=ICM;j=ICM;
KO? M? M;<? ?G M?AOC>;  *?FBIL I NIG =C?HNˆ@C=I >? ';H? >? +SM
 C6AC6?5 D6D
- * &%*6I24E6DDFCA9@E@8C496G6FIy4C:E+@FC>28?yE:DE6:?Ey8C2=g;FNOL;
>I=?GCN„LCI>?*IHNJ;LH;MM?
>?JICM>?@;T?LOG;<IFCHB;
,FCP?CL;=;F=OFIO
;N?HN;G?HN??G;H>IO;M;>CPCHB;MM?DOHN;L?G;;O>?F;CL?>IIONLIF;>I>I
GOLI
=IG!?P„LC;
FISMCOM?LNL;H>
J?MMI;M>CAH;M>?KO?;MPC>?HN?MF?MM?G
MO;M G‚IM
 KO? *G?  #L„>„LCE;
 =2 G@J2?E6 56 =y=:E6 A2C:D:6??6 6E
:?E6C?2E:@?2=64y=|3C6A2CD6DACy5:4E:@?D52?D=2AC6DD66E=2C25:@>@?5:2=6D56
C6E@FC562??6D  B?
?=IG;L<?S>OL?PCFFS
KO?N?LC;G;H>;>IKO?CG;L
NI>;M?F;MM?JO>?MM?
?N;G<„G
=F;LIKO?MCG
*;OJ;MM;HN
IR;F~;<IFCHB;>?
J;J?FNCP?MM?=;ˆ>IMI<L?;NOG<;>?*;OJ;MM;HNIO>?FISMCOM?LNL;H>
G;M

;KOC>IF;>I>?@IL;
H‚I>;P;J;L;M;<?L?MM;M=ICM;M
"NC?HH? ;=B; OG; ?MNOJC>?T ,FCP?CL; CL ;<ILL?=… FI KO?F; BIL; >; G;HB‚

?G<IL;INCP?MM??MJ?L;>I=IGNL…MKO;>LIMHIPIMKO?KO?LC;GIMNL;L;?F?
G;M
,FCP?CL; CG?>C;N;G?HN? >CMM? KO? ?L; G?FBIL ;JLIP?CN;L?G I MIF @;<OFIMI KO?
?MN;P; J?H>OL;>I MI<L? I IOF?P;L> >? *IHNJ;LH;MM? ? >?M=?MM?G ;N„ I
BIMJCN;F +?=E?L J;L; PCMCN;L I P?FBCHBI  "NC?HH? <F;M@?GIO ?G PIT <;CR; ?
@?=BIOI?MN’>CI T?F;>IL;
KO?AIMN;P;GOCNI>?F?M
>CMM?KO?IM>ICM?MN;P;G
=IG =;L; >? >?M?HN?LL;>IM
 >? BIG?HM >I ?MJ;ƒI
 ? @IC ;MMCG KO? ?F?M
>?M=I<LCL;G KO? *;>;G? I<?N FC; D4:6?46 7:4E:@? ? ;=B;L;G I G~RCGI
.O;H>I =B?A;L;G ;I BC?H KOC #OG? NIG;L;G >ICM PCHBIM <L;H=IM

>CM=ONCH>IIMMIHBIM?;JCHNOL;=IGIJIMMˆP?CML?=OLMIM=IHNL;;,N;H?IONLIM
N?G;M>?M;AL;>~P?CM>IGIG?HNI -;L;"NC?HH?
I@;NI>?,FCP?CL;CLPCMCN;LOG
MOD?CNIKO?H‚I=IHB?=C;H‚I?L;;MMCGN‚I?MKOCMCNI
?IM>ICM=IH=IL>;L;GKO?
;=;<;P; M?H>I G;CM =ŽGI>I ?N =?N?L;  +; L?=?Jƒ‚I
 OG; M?HBIL; @;TC; OG;
P??G?HN?>?M=LCƒ‚I>I?HN;L>?=?L?G+;HN?M
IH>?
M?AOH>I=IHNIO
PCPC;MO;
@CFB;  "NC?HH? ? ,FCP?CL; ?M=ON;P;G ;N?HN;G?HN? J;F;PL;M =IGI MIF
 <LCM;

AL;G;
FO;
=ILPIM
J;T
;JI?MC;
!?OM
M?CMGCF?KOCHB?HNIM@L;H=IM
;H„PI;

;T;F?C;M
 P?FBC=?
 MO; NC;
 =?F?MN?
 NIG;L; KO? H‚I M? ?MKO?ƒ;
 P;MIM  !?JICM
;>GCL;L;G ; HI<L? JF;=; !+0 "1 %t-&1)
 )"++"  !j ,23/&1
)20 2)11&,+
 ? IM >ICM J?HM;L;G ? >CMM?L;G OG ;I IONLI KO? ;
;OM=OFN;ƒ‚I >?PC; M?L OG; ?MJ„=C? >? M?LJ?HN? IO M;F;G;H>L; ?M=IH>C>ˆMMCG;
HIBIMJCN;F+?=E?L
J?LM?AOC>;M;<?F~JILKO;CM?MNL;HBIM=ILL?>IL?M?JIL‘?M
;N„ M? L?H>?L
 I@?A;HN?
 ;I DIP?G M~<CI  ,FCP?CL; @?T ;P?LCAO;ƒ‘?M
 ? @IL;G
?H=;GCHB;>IMJ;L;;M;F; B;O@@;L>
M?AOH>I;H>;L>CL?CN;
Z 1;FP?T HCHAO„G P?HB; PCMCN~ FI Z >CMM? ,FCP?CL;  Z " P?D; M ;
=ICH=C>…H=C;
?F?M?=B;G;*IL?FFC
Z0;<?F~M??F?H‚IGILL?OZ>CMM?"NC?HH?
IFB;H>I;@IHN?=IGJ?CR?M
P?LG?FBIMHIJ~NCI;<?LNI
Z 1?LC;G G? >CNI  , MOD?CNI M G? IFBIO  +‚I KOCM J?LAOHN;L M? ;FAO„G
P?CI;HN?M>;A?HN?
Z-I>?M?LKO?N?HB;GPCH>IM?GJ;MM;LJ?F;L?=?Jƒ‚I
"N =?N?L;  %~ GIG?HNIM ?G KO? JIL ;M=I
 JIL G?>I IO JILKO? „ JL?=CMI
MO<CL >ICM ;H>;L?M ? =B?CL; ; @?HIF I >C~FIAI M? NILH; =IHNC>ˆMMCGI
 =IGI
KO;H>I N?GIM KO? =IHMIF;L ;FAO„G =ODI @CFBI GILL?O ? CHP?HN;GIM ;M
=IHP?LM;MG;CM?MN’JC>;M
M?HN;>IM;IF;>I>;G‚?
;<INI;GIMM?OJ?HBI;LKO?
?MN;P; OG JIO=I ;<?LNI
? >CT?GIM U3;GIM @?=B;L CMNI
 PI=… H‚IJI>? J;MM;L
@LCIW   G‚? MOMJCL; U,<LCA;>;W  !CT?GIM U+‚I J;L?=?
 G;M H?MN; „JI=;
=IG?ƒ;;?M@LC;LG;CM=?>IW G‚?>CTU-ICM„
„P?L>;>?W ";A?HN?I@?L?=?
U.O?L OG R;F?W  +‚I  ;JˆNOFI ;<LCAI ?RN?LCIL =IH=FOˆ>I  -;MM; M? ?HN‚I ;I
=;JˆNOFI;<LCAICHN?LCILU3IOJL?J;L;LOG=B;TCHBIJ;L;PI=…W *;MH‚I
H‚I
?MN~ =IG PIHN;>?  U*;M PI=… JL?=CM; NIG;L ;FAOG; =ICM;  +‚I JI>? J;MM;L
N;HN;M BIL;M M?G NIG;L H;>; W "F; H‚I M;<? KO? BIL;M M‚I  U,CNI
 J;MM;>;M
!?M>? ;M KO;NLI ? G?C; PI=… H‚I NIG; H;>;  " BID? >? G;HB‚
 G;F JLIPIO
OG; =ICMCHB; IO IONL;  3I=… JL?=CM; =IG?L ;FAOG; =ICM;
 H?G KO? M?D; OG;
NILL;>;=IGA?F?C; W+‚I?MN~=IGPIHN;>? U#;ƒ;JILGCG
PI=…P;CP?LKO?„
M=IG?ƒ;L?JLIHNI W2GMOMJCLI
H?GMCGH?GH‚I U3COM
=F;LIKO?PI=…
?MN~ =IG PIHN;>?  3IO JL?J;L;L OG =B~ ;AIL; G?MGI W 0? H‚I >?L =?LNI

L?MN;GIM;MM?HNIM U3I=…?MN~M?HN;>;>?G;OD?CNI
P;C;=;<;LN?H>I=‚C<L;M W
+‚I
?MN~<?G>ID?CNIKO??MN~ U+‚IJI>?M?L
PI=…>?P??MN;L=IG;M=IMN;M
NILN;M
;N;L>?CHN?CL;H?MM;JIFNLIH;>OL; jG?FBILCLM?>?CN;LOGJIO=I WB

H‚I
 CMMI „ KO? H‚I  *CMN?LCIM;G?HN?
 ; =;G; J;MM; ; M?L OG; ?MJ„=C? >?
NL;Cƒ‚I  U3;C MCG
 >? L?J?HN? PI=… >ILG? OG JIO=I W !OJF; NL;Cƒ‚I  U3I=…
>?P??MN;LJL?=CM;H>I
P;CP?LM=IGI>?M=;HM; "O@C=IF~=IGPI=… W+‚I
?MN~
GOCNI <?G >I D?CNI KO? ?MN~  UIG
 ?HN‚I PIO <OM=;L OG; ;FGI@;>; J;L; ;M
MO;M=IMN;M WIG U0O;MJ?LH;MP‚ICH=B;L
PIOJŽLOG<;HKOCHBIJ;L;PI=…
@C=;L=IGIMJ„MG;CM?F?P;>IM W,<LCA;>; U">;KOC;JIO=I
=;G; 3I=…P;C
G?JLIG?N?L W0OMJCLI UjCMMIG?MGI
H;>;>?<;H=;L;GCG;>; 0?I>IONIL
G;H>;MM?
 PI=… C; N?L KO? I<?>?=?L W "H@CG  U3I=… JL?=CM; >ILGCL
 KO?LC>; W
3;LC;HN?M;>FC<CNOG
Z '6C492?46 E@ 5C62> Z GOLGOLIO "NC?HH?
 KO? NCHB; LOGCH;>I ;M
P;LC;HN?MH;G„>C;>?OG;JIL>?AL;O
ZA?HN?>?PC;N?L=IGJL;>IOG;A;LL;@;>?=IHB;KO?Z>CMM?,FCP?CL; Z
3I=…
KO?N?G>CHB?CLI
Z*;M;A?HN?H?G=IHB?=??F? "P;CP?L?F?GILL?OG?MGI ,FB?M?MM;
LOCP;
 ?O G? >?CR;LC; G;MM;A?;L =IG I G;CIL JL;T?L  gM P?T?M N?HBI @;HN;MC;M
=IG>I?Hƒ;M??H@?LG?CL;M 3I=…H‚I
ZIMKOCHT?;HIM
=B? 2G;=ICM;N?LLˆP?F "LIM;LG;>I=IGOG;CHD?ƒ‚I
CHNL;GOM=OF;L KO? ?L; OG; P?L>;>?CL; M?N;
 G?HCH;M G;L;PCFBIM;M KO? G?
F;P;P;G>?=CG;;N„?G<;CRI
?OGILL?H>IHIM<L;ƒIM>?F;M
Z*;MNOL<;>IL
J;L;L?MOGCLHOG;J;F;PL;
Z">;ˆ-ILKO?M?HNCLP?LAIHB;>?M?G;MNOL<;L2G;;LN?G?HIL;IF;>I
>;IONL;
G;MM?D;=IGI@IL
=IGMO;>CPCH;JLIJILƒ‚I
MO;MOHC>;>?M>?N?GJI

;ƒ‚I ? FOA;L ? NI>;M ;M >?G;CM L?NLC=;M  IM HIP? ;HIM ?O G? G;MNOL<;P;
>?<;CRI>?OGOG<OT?CLI
?L;L?;FG?HN?J;NLCNC=I
Z2GOG<OT?CLI
Z2G;?MJ„=C?>?<;I<~Z>CMM?,FCP?CL;Z
G;MPIO=IH@C;LOGM?AL?>I
M?PI=…DOL;LKO?H‚IP;C=IHN;LJ;L;H?HBOGIONLI@L;H=…M ,OG<OT?CLIH‚I
„OG;~LPIL?
„OG;L<OMNI
ZB
<IG
?HN‚IH‚I?L;N‚IAL;P?
Z B?
=IGIIMG?HCHIM@L;H=?M?MM?G;MNOL<;G
Z+‚IG?F?G<LI
Z )?G<L; J?L@?CN;G?HN?  +M
 F~
 N?GIM MCMN?G;M @ILGC>~P?CM  *;LN?FCHBI

AO;L>; =BOPCHB;X "HN?H>?O +‚I =IHMCAI IOPCL =?LNIM N;HAIM M?G G?


F?G<L;L>;GCHB;NC;NI=;H>I
Z+‚IP?DI;G?HILL?F;ƒ‚IZ>CMM?"NC?HH?
Z -ILKO? PI=… H‚I ?MN~ P?H>I I JC;HI  %;PC; OG P‚I ?HNL? I JC;HI ? ;
J;L?>?
??OG??M=IH>C;;FCJ;L;<;N?LJOHB?N; *CHB;NC;NI=;P;U*CFIHAOCN;W
IOU#FIL?MH?AL;MW
OG;=ICM;N‚INLCMN?
G?;DO>;P;HIMG?OMMIHBIM>?GILN?
? M;=LC@ˆ=CI   JLCG?CL; P?T KO? AIN?D?C I ;MMI;FBI @IC BILLˆP?F
 ;=B?C KO? ;
G;H=B; H‚I C; M;CL  "O H‚I NCHB; H?G F?HƒI H?G H;>;  1CL?C >?JL?MM; OG;
G?C; ? ?M@L?AO?C @?CNI FIO=I  *CHB; NC; NI=;P; U); J;S;H=;W
 M? PI=… KOCM?L
;MMIPCIJ;L;PI=…
„>?OG;NLCMN?T;X
Z+‚IM?;MMIPC;HOGBIMJCN;F *;M>~J;L;M?HNCL;NLCMN?T;>IG?MGID?CNI
3I=…?MN~OGHIDI
%IL;=CI
Z"OG?PCLI
G;F;H>LI /?CGILNI
L?CJIMNI 0?PI=…?MN~;=B;H>IKO?JIL
=;OM;>?OG;GOFB?LX2G<OT?CLIIOGOFB?L
HI@OH>I„NO>I;L<OMNI
=B?
Z;L;NIZ>CMM?"NC?HH? Z;L;NI>?G;CM  CH?G;LOCG
>C~FIAIMJ;AIM
JIL=?HNˆG?NLI
;A?HN?D~M;<?IKO?„CMMI 0?AOH>I;H>;L
MNIJ *;>;G?X
Z'2C=vZ>CMM?;?H@?LG?CL;
ZCH>;H‚I?H=IHNL;GIM;;OM=OFN;ƒ‚IZCH@ILGIO,FCP?CL;
Z+‚IM?D;?MN’JC>IZ>CMM?;?H@?LG?CL;
ZJL?H>;Z>CMM?"NC?HH? Z*OCNIMIHB;L=IGOGJ‚IKO?M?KO?CR;

GOCNI@I>?LG?CIGOH>I
?>?JICMH‚IM?=IHM?AO?H?G@;T?LOG;AL;=CHB;
-ILKO?H‚IP;CJ;MM;LOHMN?GJIMHICHN?LCIL"MNIO@;F;H>IM„LCI
CLG‚I
PI=…
?MN~=IG;G;CIL=;L;>?0IONCH?X
Z +I @OH>I Z >CMM? ,FCP?CL; Z
 I KO? >?CR; PI=… FIO=I „ ?O N?L C>I
;LL;H=;LPI=…>?MO;MJOHB?N;M=LIG~NC=;M
M?OM=CHKO?HN;JIHNIM=INC>C;HIM
?
M?I<LCA;>IJILOG;KO?MN‚I>?MIFC>;LC?>;>?;P;A;L=IGCAIJIL-;LCMHI>C;
M?AOCHN?;I>I?HN?LLI GCAINLCMN?„JL?=CMI>CMNL;CL GCAIN?F?@IH;
„JL?=CMI
M?L?MCAH;L GCAI@;F;?GBIMJCN;F
NO>I<?G
P;GIMF~
Z-;L;@;F;L;P?L>;>?Z>CMM?"NC?HH?Z
?OG?CGJILNI=;>;P?TG?HIM
=IGPI=… "O>?PC;G?MGI„?MN;LJ;MM?;H>I=IG;=ICN;>;>;)O=ˆ; "F;MCG
JL?=CM;
Z "HA;HI M?O Z >CMM? ,FCP?CL;
 M?HN;H>I M? HOG <;H=I  Z  *;A; N?G
,MMCJ
N?G>CMNL;ƒ‘?M
%OAI4IF@
?MM;M=ICM;M +I@OH>I
;*;A;N?GOG;PC>;
J?MMI;F
?G<IL;?OG?MGIN?HB;F?P;>IOGN?GJ‚IJ;L;J?L=?<?LCMMI '~?O
?MNIO P;TCI
 OG; FC<?L>;>? ?HILG? J;L; MIHB;L ? ;H>;L JIL ;ˆ
 NI>IM IM
<LCHKO?>IMLINIM
H?HBOGJLI<F?G; *?J;MM;I@IAI
Z+‚IJI>?@OG;LHIBIMJCN;F
Z.62C6E96>2<6CD@7>2??6CD
=B? #;TGOCNI<?GJ;L;;;OM=OFN;ƒ‚I
ZM;F; B;O@@;L>?MN~;ˆZ>CMM?"NC?HH? Z+‚IP;GIM@C=;LI>C;CHN?CLI
H?MN?<;H=I
Z"MJ?L??O;=;<;L>?@OG;L

 
BCMNLC;>?&;@8@522>2C6=:?92
H;M=;LN;M>?'OFCI ILN~T;L

1?LGCH?C OG FIHAI LIG;H=? =B;G;>I &D ACz>:@D ? ?MJ?LI KO? PI=…M I
F?C;G ;FAOG >C;  .O?LI ?M=L?P?L IONLI
 G;CM ;G<C=CIMI
 KO? M?L~
 N?GI ?O

<;MN;HN? CF?AˆP?F KO?LI >CT?L KO? H‚I M?L~ I KO? ?G A?L;F M? ?HN?H>? JIL
LIG;H=?
 ? MCG OG; ?MJ„=C? >? L?MOGI >? GOCNIM >?M?DIM
 >? GOCN;M C>?C;M

GOCN;M?MJ?L;Hƒ;M?N;G<„G
JILKO?H‚I
>?GOCNIM@L;=;MMIM *;M;CH>;H‚I
?HR?LAI=IGMO@C=C?HN?=F;L?T;IJIHNI>?;N;KO?
IGIG?HNI>?;LL;HKO?CMMI
„M?GJL?IG;CM>C@ˆ=CF
;IG?HIMJ;L;GCG

6F>242CE22!62?2C?23y
5656K6>3C@56


, M?HBIL ;=B; KO? JIMMI


 KO?G M;<?
 =B?A;L ; M?L LIG;H=CMN;  #;FN; G?

=IGIG?>CT
F?A6F56D@F77=6A@FC2==6C;FDBF2F3@FE *;M;KOC
'?;H
IONL;M
L;T‘?M CHN?LP…G
 ? ?MN;M M‚I ?MNLCN;G?HN? CHN?F?=NO;CM ? ?MN„NC=;M   P?L>;>?
 ;
NLCMN? IO <?F; P?L>;>?
 „ KO? =;>; P?T AIMNI G?HIM >? LIG;H=?M
 >; ;LN?
LIG;H?M=; N;F =IGI „ JL;NC=;>; H?MN?M N?GJIM  , KO? ?MNIO ?M=L?P?H>I ;AIL;
M?L~ M? ;FAOG >C; ?O N?LGCH;L ;FAI ;MMCG =IGI OG ;HNCLLIG;H=?
 OG;
N?HN;NCP;>?LIGJ?LIMGIF>?M?GKO??MM?A…H?LI?MN~J?NLC@C=;>I -?HMIKO?I
LIG;H=? UJMC=IFAC=IW =B?AIO ; M?O @CG
 ? KO?
 M? B;P?GIM >? =IHNCHO;L
?M=L?P?H>I =ICM;M KO? P;FB;G ; J?H;
 „ JL?=CMI ;LL;H=;L ?G IONL; >CL?ƒ‚I  ,
MOLL?;FCMGI
 ?G M?O GIG?HNI
 CH>C=IO ;FAOHM =;GCHBIM
 G;M @C=IO H; @;M?
JCNIL?M=;  j P?L>;>? KO? H‚I JI>?GIM ;CH>; JL?M=CH>CL >; JMC=IFIAC;
 >IM
J?LMIH;A?HM?RJFIL;>IM=IGGCH’=C;G;M;N„=HC=;>?OG*C=B?FONIL?>?
OG; +;NB;FC? 0;LL;ON? G? ?HN?>C; JLI@OH>;G?HN?  #C=; H; JMC=IFIAC;
MOJ?L@C=C;F
?G<IL;?F?MDOFAO?GCLGOCNI;@OH>I JLI@OH>?T;>?OGBIG?G
„IKO??F?@;T>?MO;FC<?L>;>? jJIL;ˆKO?M?;F=;Hƒ;G;;ƒ‚I?;PCM‚I
I
B?LC?IGˆMNC=I +‚I?MNIO>CT?H>IKO?ILIG;H=?>?P?M?JLIJIL;?MM;=F;MM?
>?J?LMIH;A?HM
JILKO?IM’HC=IMB?LCM?GˆMNC=IMCHN?L?MM;HN?MM‚IIMPCP?HN?M

H‚IIMCHP?HN;>IMJILOGLIG;H=CMN; ,KO?J?HMI„KO?;L?;FC>;>?=INC>C;H;
?G KO? ;=L?>CN;GIM PCP?L „ ;J?H;M ; @LIHN?CL; >? OG; @;<OFIM; L?;FC>;>?
L?=IHKOCMN~P?F
 ? KO? I LIG;H=?
 =IGI ; JI?MC;
 I ;GIL ? ; ;ƒ‚I
 >?P? M?
JLIJIL ; ;>?HNL;L ?MM; L?;FC>;>?  ,L;
 JICM <?G
 ? CMNI „ I CGJILN;HN? J;L;
KO?<L;L ?MM; =;M=; >? =IMNOG?M ? >? PC>; =INC>C;H;
 IM CHMNLOG?HNIM FCN?L~LCIM
=IGOHM D~ H‚I M?LP?G  -?HM? H; FCHAO;A?G KO? OG /CG<;O> N?P? KO? OM;L
J;L;;<LCLJ;MM;A?G?GMO;;P?HNOL;?MJCLCNO;F -?HM??G=?LNIMP?LMIM>?#6D
9:>|C6D
>?+?LP;F -?HM??G;FAOHM=;JˆNOFIM>?,=JDD6D  IGI?M=L?P?LOG
LIG;H=?
KO;H>IJLCG?CLIM?LC;JL?=CMI>?M ?M=L?P?L
>?M ;JL?H>?L
=IG?ƒ;Lv
?6F7
>IT?LI
?GOG;=IH>Cƒ‚IJL„ ;>;GCN;
JIL;MMCG>CT?L*?OJLI<F?G;
BID? ?G >C; „ OG JLI<F?G; >? ?M=LCNOL;
 JILKO? ;M @?LL;G?HN;M =IG ;M KO;CM
?M=L?PCG?OM=IHNIMD~H‚IG?M?LP?GJ;L;CMMIKO??OAIMN;LC;>?@;T?L;HN?M>?
GILL?L "JILCMMIZ„DOMNIKO?IM?HBILM;C<;>?M>?D~ZGOCNIMF?CNIL?MKO?
;JL?=C;GG?OM=IHNIMB;P?L‚I>?N?LOG;;G;LA;>?=?Jƒ‚I
=;MI?ON?LGCH??
JO<FCKO?CMMI?GKO?;AIL;?MNIOG?NC>I 2G=IHNI„OG;?MNLONOL;
G;M;AIL;
N?HBIKO?G?>?M?MNLONOL;LJ;L;N?HN;L;F=;Hƒ;L
H‚IM?C=IGI
IONL;?MNLONOL;
G;CML?;F?P?L>;>?CL;OG=IHNI„OGMCMN?G;@?=B;>I?J?L@?CNI
„;M?LJ?HN?
GIL>?H>I I JLJLCI L;<I ? ?O KO?LI ;=;<;L =IG IM MCMN?G;M ? ;M L?FIDI;LC;M
J;L;P?LM?=IHMCAI>?M=?L;IF;<IL;NLCI=?HNL;F?J;LNC=CJ;L
M?NCP?L@ILƒ;M
>;
L;CT KO? JL?M=CH>? >? IL>?HM ? >? MCMN?G;M  "G MOG;
 '?;H
 L?HOH=CI ; OG
GOH>I?MN„NC=IJ;L;N?HN;L?HNL;L?GOGGOH>IJI„NC=I "MN;L?CG?CFO>CH>I?
;=;<;L?C?M=L?P?H>IOGFCPLIIOP~LCIMFCPLIMKO?M?L‚IM?GJL?G?OM
IOM?D;

N?L‚I I G?O NIG


 G?O ?MNCFI
 GCHB;M CHP?Hƒ‘?M -I>? M?L  *;M N?L?C DIA;>I
=IGF?;F>;>?
?IL?MOFN;>I;MMCGM?L~JILKO?H‚I=IHMCAI@;T?LIONL;=ICM; 0?
BID? ?O =IHNCHO;MM? ?M=L?P?H>I =IHNIM @;HN~MNC=IM
 G? M?HNCLC; OG J?L@?CNI
PCA;LCMN;GI>„MNC;J;LN?
?F?MD~M?NILH;L;G@~=?CM>?G;CMJ;L;GCG
;6E:6?D=6
DJDE|>6
=IGI>CLC;/CG<;O> -ILCMMIU,J?LM?AOC>ILW„>C@?L?HN?
?IM?HBIL
>?P? N?L J?HM;>I H?F? ;I F?L ?MN;M FCHB;M N‚I =IH@OM;M  .O;H>I I ?M=L?PC
 D~
;H>;P;?G<OM=;>;IONL;JILN; *;M„NO>IN‚II<M=OLI
?MION‚IJIO=I=;J;T
>? LIGJ?L =IG N;HNI B~<CNI
 N;HN; =IGI>C>;>? G?HN;F ? @ˆMC=;
 N;HNI G;N? M
KO;NLI
?=CH?G;MHIP?X-;L;MO<CLH;*2?E2$2C}2?;JIHN;LJ;L;IGCMN„LCI
„JL?=CMI=IG?ƒ;LDIA;H>I;?LP;@IL; "=IG?MM?;H;=LIHCMGILOCG?H=?LLI
?MN? =;JˆNOFI
 KO? HI ?HN;HNI ?MNIO @?FCT >? N?L FB? ?M=LCNI
 =IGI OG;
=IH@C>…H=C;?OG;H’H=CI

6F>242CE22!62?2C?23y 56;F?9@56


"M=L?PI GOCNI
 G;M >? OG D?CNI L?NIL=C>I  +‚I M?C I KO? P;C M;CL >? OG;
?RN?HM;;P?HNOL;KO;F=L?CIN?L@?CNI;FOM‚I?G;FAOG;IONL;=;LN; +‚I„OG
LIG;H=?
?MCGOG;BCMNLC;GOCNIFIHA;KO?>?@CHCNCP;G?HN?N?LGCH;L~M?H>I
;=LŽHC=;>?OG;FIO=OL; "OI=IG?=?CJILP~LC;MJ;LN?M;IG?MGIN?GJI
?
MIO;IG?MGIN?GJIF?CNIL?;ONIL>IKO?P;CM;CH>I .O?LI>CT?LKO?
=IGIM
P?T?M ?M=L?PI ?JCM>CIM KO? =ILL?MJIH>?L‚I P;A;G?HN? ;I @CG OG;M GCF
J~ACH;M
G;CMIOG?HIM
KO;H>INO>I?MNCP?L@?CNI
IKO??M=L?PI>?JICM?KO?
=ILL?MJIH>?;I=IG?ƒIIO;IG?CIGI>C@C=;IKO?D~@IC?M=LCNI
??HN‚IN?HBI
KO? PIFN;L ; ?M=L?P?L I @CG IO ;I =IHNL~LCI
 JILKO? I @CG N;G<„G ;FN?L; I
=IG?ƒI =ICM;„N?LLCP?FG?HN?=IGJFC=;>;
JILKO?G?;=IHN?=?>??M=L?P?L
>O;M P?T?M OG G?MGI ?JCM>CI
 ?G OG =;MI =IG =?LNIM J?LMIH;A?HM
 ? ?G
IONLI =IG J?LMIH;A?HM >C@?L?HN?M
 IO IM G?MGIM
 G;M GO>;>IM J?F;M
=CL=OHMNH=C;M=ILL?MJIH>?HN?M;OGN?L=?CLI?JCM>CI -?HMI?G>?CR;L2D5F2D
9:DE‚C:2D >?MM?M ?JCM>CIM
 JILKO? =;>; P?T G? =IHP?HƒI G;CM >? KO? H;>; M?
J;MM; >? OG; >?N?LGCH;>; G;H?CL;
 ? MCG KO? =;>; =ICM; „ ;I G?MGI N?GJI
GOCNˆMMCG;M=ICM;M &MMI
KO?KO;FKO?L<IGLIG;H=CMN;M;<?
N?GMC>I?GA?L;F
?H@I=;>I =IGI @?T 4CFEC? IFFCHM ?G +96 $@@?DE@?6
 CMNI „
 OG G?MGI
?JCM>CI UPCMNIW JIL P~LCIM ?MJ?=N;>IL?M
 KO? I P‚I =IHN;H>I =;>; OG ; M?O
GI>I  *;M ;=BI KO? PIO OG JIO=I G;CM FIHA?
 JILKO? H‚I GO>I >?
?MJ?=N;>IL
?MCGI@;ƒIL?J?NCLI?JCM>CIX?M;C>C@?L?HN? +‚IFB?;=IHN?=?
>?
 ;I =IHN;L ;FAI ; OG ;GCAI
 I M?HBIL M? >;L =IHN;
 H;KO?F? GIG?HNI
 >?
KO? ;M =ICM;M ?L;G >C@?L?HN?M >I KO? ;=B;P; KO? ?L;G +I G?CI >; BCMNLC;

OG;GO>;Hƒ;>?F?G?>?MPC;I<;L=I ,DOMNI
H?MM?=;MI
„;JL?M?HN;L;M>O;M
P?LM‘?M *;M=IGIIF?CNILM?;<ILL?=?LC;M?NCP?MM?KO?F?L>O;MP?T?MM?AOC>;M
OG;G?MG;BCMNLC;
H;KO;F;M;FN?L;ƒ‘?MM?LC;GM?GJL?JIO=;M?GL?F;ƒ‚I;I
NI>I
 @;<LCKO?C OG; M„LC? >? JLI=?>CG?HNIM G;CM IO G?HIM ;MNONIM
 KO? M?LC;
OGJIO=IFIHAIFB?=IHN;L;AIL; ;MN;>CT?LKO?IFCPLIM?J;MM;G?N;>??G
 ?G?N;>??G-;LCM;=L?>CNID~N?L<;MN;HN?J?LMJ?=NCP;>?;G<;M;M=C>;>?M
J;L; @;T?L CMMI
 G;M KO? =IG @L?KO…H=C; IM ?JCM>CIM M? =OGJL?G HOG; ?@
>2?D =2?5 KO? ; M?HMC<CFC>;>? >I F?CNIL >?P?L~ MCNO;L
 M? JO>?L  +; P?L>;>?

JLIJIHBI G?;=IG?ƒ;LJ?FI@CG?G;H>;LIF?CNIL<OM=;L?G>C@?L?HN?MJ;LN?M
>IFCPLI
=IGIH;FCMN;N?F?@ŽHC=;
G?>C;HN?OGMCMN?G;>?L?GCMM‘?MKO?M?L~;
NILNOL;>IJI<L?IJ?L;>IL>;AL~@C=;XCMMIM?OGFCPLI;MMCG?H=IHNL;L?>CNIL

>IKO?>OPC>I

6F>242CE22!62?2C?23y 56>2:@56
 

-IL=;LN;„M?GJL?>C@ˆ=CF>CT?L;FAOG;M=ICM;M
G;MKO?LIKO?M;C<;IKO;HNI
P;FILCTI MO; IJCHC‚I MI<L? I KO? ?M=L?PI  "O D~ FB? >CMM?
 ;=BI
 ?G GCHB;
JLCG?CL;=;LN;
G;M;AIL;IM?HBILPIFN;;?GJL?A;LJ;F;PL;MKO?G?=IGIP?G
JLI@OH>;G?HN?
H‚IJ?FI?FIACIKO??H=?LL;G
?MCGJILKO?KO?G;M>CT„OG
=LˆNC=IKO?H‚I@;T=IH=?MM‘?M 2G>C;FB?J?>CL?CKO?F?C;IKO??MNIO@;T?H>I
;AIL;
 ? KO? „ CGJIMMˆP?F ?RJFC=;L JIL =;LN;
 M?G @;F;L KO? ?O G?MGI H‚I
?HN?H>I  &AHILI =IGI ? KO;H>I PIO N?LGCH;L M‚I =?L=; >? KO;NLI=?HN;M
J~ACH;MKO?;<;L=;GJ?>;ƒIM>I@CG
>I=IG?ƒI?>IG?CI>IFCPLI
G;MKO?
N;FP?T>?M;J;L?ƒ;G>C;HN?>;JL?MM‚I>?IONL;MKO;NLI=?HN;MIOM?CM=?HN;MKO?
N?L?CKO??M=L?P?L?HNL??MN?;HI?I;HIKO?P?G ,L?MOFN;>IM?L~OG;?MJ„=C?
>? ;FG;H;KO?
 H‚I ?H=IHNLI J;F;PL; G?FBIL ; H‚I M?L U<;’ NOL=IW  2G;
H;LL;ƒ‚I @?CN; ; J;LNCL >? G’FNCJFIM HAOFIM
 =IG OG; FCHAO;A?G M P?T?M N‚I
<LON;FKO??OG?MGIL?JO>CIMO;F?CNOL;?>OPC>IKO?IOM?GIMNL;L;;FAO„G
?
IONL;M P?T?M N‚I JOL;
 N‚I JIO=I FCN?L~LC;X 0?C F~ I KO? P;C M;CL >CMMI  J?H;M
OG; =ICM; „ =?LN;
 D~ H‚I M?C ?M=L?P?L =IHNIM
 ? &D ACz>:@D @C=IO N‚I J;L; NL~M
KO? P;C G? =OMN;L BILLIL?M =ILLCACL ;M JLIP;M  IHNI FB? NO>I CMMI =IGI OG;
@ILG;OGJIO=IG?HIM>?M;D?CN;>;KO?;MIONL;M>?FB?>CT?LKO;HN;=IH@C;Hƒ;
N?HBI ?G MO; ;GCT;>? ? ; ;F?ALC; KO? G? >~ JI>?L =IH@C;L FB?
 J?FI G?HIM
=IGIOG;JLCG?CL;CGJL?MM‚I
IKO??MNIO@;T?H>I?IKO?KO?LC;@;T?L

6F>242CE22'24@'@CC‡25628@DE@56
 

JLIP?CN?C3C?H;J;L;N?LGCH;L;JLCG?CL;P?LM‚I>?&;@8@522>2C6=:?92?
KO;H>IPIFN;L>;M@„LC;MPIONL;<;FB;LH?F?;@OH>I
J;L;KO??MN?D;JLIHNI
M?
JIMMˆP?F
 ;HN?M >I @CG >I ;HI  , KO? I M?HBIL G? @;F;L MI<L? ?F? M?L~ GOCNI
CGJILN;HN?J;L;GCGIR;F~?H=IHNL?OG;G;H?CL;>?=IJC~ FIG~KOCH;J;L;
FB? ?HPC;L OG N?RNI ?G HIP?G<LI IO >?T?G<LI  -L?J;L? M?
 M‚I OG;M
M?N?=?HN;MJ~ACH;M *;M;=BIKO?;FC>?HNLIB~N;HN;=;LA;?RJFIMCP;KO?N;FP?T
H‚I>?GIL?N;HNIJ;L;M?LFC>I !?CFOM‘?M;MMCGM?P;CPCP?H>I

6F>242CE22'24@'@CC‡2 56>2:@56



&;@8@522>2C6=:?92*;MM??MNIOMH;=;M;NL…M
?;NI>ICHMN;HN?DIAI;
J?>LCHB;J;L;@IL; +‚IB;P?L~FCPLI;HN?M>I@CG>I;HI
G;M;ˆMCGI?HPC;L?C
?P?L?GIM +‚ICG;ACHI;0O>;G?LC=;H;JO<FC=;H>I:DD@ 3‚IM?>?=?J=CIH;L
N?LLCP?FG?HN?
 ;KO?F? ILN~T;L KO? C; N‚I <?GX 1?LGCH?C I NL;<;FBI ALIMMI
>IFCPLI
?I?MNIOJIH>I?GIL>?G
IOM?D;
I?MNIO>?MIL>?H;H>I>?;=IL>I
=IGF?CM?MJ?=C;CM=OD;?@C=~=C;FIAIM?P?L~
KO;H>I?ONCP?L=IL;A?G>?L?F?L
>?OG;MP?T;MM?CM=?HN;MJ~ACH;M
6F>242CE22'24@'@CC‡2
5628@DE@56



"MNIOKO;M?N?LGCH;H>I&;@8@522>2C6=:?92
IFIHAILIG;H=?>IKO;FN?
@;F?C P~LC;M P?T?M  IGI „ OG; ?MJ„=C? >? FCPLI CH@CHCNI HI M?HNC>I >? KO? ;
J?MMI;JI>?M?GJL?=IHNCHO;L;=L?M=?HN;H>IJ;LN?MHIP;M;N„GILL?L
;=BIKO?
„ G?FBIL G? M?J;L;L >?F? <LON;FG?HN?  3IO F… FI G;CM OG; P?T ? ?HPC;L I
=IH>?H;>I;LN?@;NI;IG?O?>CNIL 0?N?CHN?L?MM;M;<?LIKO?J?HMI>?MM?FCPLI

N?>CL?C=IGGCHB;B;<CNO;FGI>„MNC;KO?M?L~OG;?MJ„=C?>?<IG<;;NŽGC=;
HI=?H~LCI>;FCN?L;NOL;F;NCHI ;G?LC=;H;

6F>242CE22'2F==24<3FC?
56>2:@56
 

3I=… H‚I CG;ACH; I G?>I KO? N?HBI >? KO? I J;=IN? =IG & ;@8@ 52
2>2C6=:?92 M? J?L=;  1?HBI OG; =JC;
 G;M M?LC; NL~AC=I N?L KO? NCL;L IONL; ;
J;LNCL>?MM; "MNIOP?H>IM?;FAOG=IHB?=C>IP;CH?MM?M>C;M
J;L;>?CR;L=IG
?F?IJ;=IN?
G;ML?=?CIKO?N?L?CKO?G;H>;LJIL;PC‚I =IHN?=?KO?=IG;M
=IH@OM‘?MKO?B~;AIL;H;LA?HNCH;I=ILL?CIJI>??MN;LG?CI;NL;J;FB;>I ,
KO?;=B;.O?GM;<?PI=…H‚IN?GOG;C>?C;G?FBILH?MM?=;MI
G??M=L?P;
JLIHN;G?HN?
;CH>;KO?H‚IM?D;GG;CMKO?>O;MFCHB;M

6F>242CE22'24@'@CC‡2
56>2:@56
 

!I FCPLI ?GMCH‚IN?>CAIH;>;  3;GIM >?CR~ FI @;F;L ?F? JLJLCI


 ? M? M;CO
GO>I
J;=C…H=C; *;MJL?=CMI>;MO;=LˆNC=;
?M?CKO??F;M?L~=IGIPI=…„ ,
FCPLIN?GMOGF?CNILOLIL; -IL=IHM?FBIM?O
NL;>OTCJ;L;I?MJ;HBIFFIHA;M
J;MM;A?HMKO?HI=IG?ƒI?ONCHB;>?=C>C>I>?CR;L?GCHAF…M??G@L;H=…M 
IJCHC‚I>?F;MI<L?IFCPLI
N;FP?T?OJIMM;L?MOGC F;M?N?=IHN;LKO??F;>?M;NIO
; =BIL;L KO;H>I =B?AIO ;I @CG  j P?L>;>? KO?
 M?AOH>I *;LE 1Q;CH
 OG
A?H?L;F>I"R„L=CNIHILN? ;G?LC=;HIN;G<„G>?M;NIO;=BIL;LHI>C;?GKO?
?F?FB?GIMNLIOIJF;HI>?OG;M@ILNC@C=;ƒ‘?MKO?NCHB;;=;<;>I>?>?M?HB;L
*;M
 GI>„MNC;  J;LN?
 G? J;L?=? KO? ?MM? JL;HNI I >? OLIL; MCAHC@C=;P;
IONL;=ICM;

6F>242CE22'24@'@CC‡2 56>2:@56
 

-?HM?CGOCNI?GPI=…H?MN?M’FNCGIMN?GJIM
JILKO?G?OJLRCGIFCPLI
KO?
M?=B;G;L~&;@8@522>2C6=:?92?M?L~JO<FC=;>IZC@Q?;L?FO=ESZF~J?FI
@CG>I;HI
P;CM?LIFCPLIHIKO;FG?=IHB?=?L~;@OH>I
>?HNLI>IKO;FHM
>ICMN?GIM>C;FIA;>IGOCN;MP?T?M
M?GKO?PI=…MIO<?MM? +‚I„KO?PI=…M?D;
OGJ?LMIH;A?G>;I<L;
G;MM?OBOGIL
MO;?HILG?M?HMC<CFC>;>?JI„NC=;
?
MI<L?NO>IMO;M?>?G?N;@ˆMC=;M?L?@F?N?GH;>IJ?LMIH;A?G=?HNL;F -ILMILN?
H‚IB~H;>;>?;ONI<CIAL~@C=IH?MM?FCPLI?R=?NI?JCM>CIM>IMG?OMJLCG?CLIM
>ICM ;HIM ?G -;LCM
 G;M ?G =IGJ?HM;ƒ‚I JOM H?F? NO>I I KO? MCHNI >C;HN?
>?MN? @L;=;MMI NIN;F KO? „ I BIG?G I=C>?HN;F  I =IHNL~LCI >? PI=…
 I
J?LMIH;A?G =?HNL;F H‚I =L… KO? J?FIM =;GCHBIM >I ,=C>?HN? M?D; JIMMˆP?F
?H=IHNL;L OG; M;FP;ƒ‚I J?MMI;F  =L?>CN;
 ;HN?M ? HCMNI M? J;L?=? =IG
/CG<;O>
KO?:=72FE492?86C=2G:6
G;MM?GM;CL>?F; "F??HNL?P…?MM;P?FB;
MOMJ?CN; >? KO? I =„O ?MN~ H; N?LL;
 G;M „ GOCNI J?M;>I
 GOCNI CH@?FCT
 GOCNI
H;>; J;L; ?H=IHNL;L ; J;MM;A?G  1O>I CMMI M? GCMNOL; =IG ?JCM>CIM KO? P‚I
GIMNL;H>I I KO? H?MN? GOH>I ;=IHN?=? ; OG NCJI KO? JL?N?H>? M?L
=IHM?KO?HN?=IG?MM;MC>?C;M
3I=…G?>CTKO?D~MIOOG=F~MMC=I
G;M?MN~?HA;H;>I +CHAO„G„=F~MMC=I
M? H‚I KOCM?L  ,M JLI@?MMIL?M JI>?G =IFI=;L ; ?NCKO?N; H; J?MMI;
 G;M ?F; ?
M?OM FCPLIM =IMJ? ?G =CG; >CMMI  "O MIO M?GJL? I G?MGI >?M=IH=?LN;>I
=LIHJCIKO?;H>;IFB;H>I;M<;<;M>I>C;<IHI;L
?KO?MKO;H>I=B?A;;IM
PCHN?GCFKOCFŽG?NLIM>?M=I<L?KO?H‚INCHB;MIFN;>II@L?CI>?G‚I

6F>242CE22C65:FE9>2??56;F?9@56
 
IG
 =F;LI KO? NO>I I KO? PI=… G? >CT ?G MO; =;LN; MI<L? & ;@8@ 52
2>2C6=:?92G?>?CRION‚I=IGIPC>IKO?H‚IPIOM?KO?LN?HN;L?RJFC=;L ,KO?
;=IHN?=? „ MCGJF?MG?HN? CMNI G;M :DE@ „ NO>I
 „ ; ’HC=; =ICM; KO? =IHN; >?
P?L>;>? J;L; GCG ; MO; L?;ƒ‚I >C;HN? >I FCPLI „ GCHB; JLJLC; PCP…H=C; >?
NO>ICMMI KO?F;MJ;F;PL;MKO?PI=…OM;
UOG?HILG?@OHCFW
UI<OL;=IH?ALI
>?OG?HILG?@OHCFW
„?R;N;G?HN?CMMIKO?&;@8@522>2C6=:?92„
„IKO??O
N?HBIPCPC>INI>IM?MM?M;HIM?KOCMN?HN;L>CT?LZ=IGIN?LLˆP?FJLI<F?G;>?
KO?
 ;MMCG KO? ?MM;M =ICM;M M‚I 5:E2D
 P?G I G;F ?HN?H>C>I
 NI>I I BILLIL >;
FCHAO;A?G U;M =;>?F;M H?AL;MW Z ;M J;F;PL;M KO? JL?I=OJ; *IL?FFC  3?D;

-;=I
 J;L; GCG H‚I „ N‚I CGJILN;HN? KO? PI=… N?HB; ;=B;>I I FCPLI <IG Z
;CH>;KO?CMMIN?HB;OG;?HILG?CGJILNH=C;J;L;GCG
M?G>’PC>;ZIKO?
L?;FG?HN?=IHN;„KO?PI=…N?HB;@C=;>IN‚I>?M=IH=?LN;>I
N‚IUL?G?RC>IW
N‚I
>?MP;CL;>I?N‚I<?CL;>?OGFCGCN?=IGI?MN~IJI<L?>I,FCP?CL;
=IGI?O
KO;H>IG?J?A;P;;IMMI=IM=IG,FCP?CL;?G=;>;=;JˆNOFI>IFCPLI "O>CMM?
J;L;;OLIL;UAIL;JIMMIGILL?L
JILKO?>IF;>I>?F~?RCMN?OGBIG?GKO?
M?HNCO I KO? ?O JL?=CM;P; KO? I F?CNIL M?HNCMM?W  , L?MNI M?L~ G;F ?HN?H>C>IM

C>CINC=?M
?FIACIM
;@?MN;>?M?GJL? +;>;CGJILN;HN? ,KO?HI@OH>I?OG;CM
AIMN?C „ KO? PI=… N?P? PIHN;>? >? ;NCL;L I FCPLI H; GCHB; =;<?ƒ;  *;M
 =F;LI

-;=I -IO=;MP?T?M@ICJIMMˆP?FM?LN‚ICHMOJILN~P?F
N‚I?R;MJ?L;HN?=IGI;=BI
KO?MIO?G;FAOHMGIG?HNIM 0?C<?G>CMMI
?G?;N?HBIM=IHM?KO…H=C;M
*;CMJ;L;;@L?HN?
M?IFCPLI@IL?>CN;>I
PIOKO?L?LMO;M=LˆNC=;M=IH=L?N;M
?
M?CKO?PI=…H‚IP;C?M=;GIN?;LH;>;>IKO?J?HM; AIL;@C=I=IGI?HILG?
;FˆPCI>?M;<?LKO?KO;NLI;HIM>?NL;<;FBIM?LPCL;GJ;L;;FAOG;=ICM;

6F>242CE22'24@'@CC‡2 56;F=9@56
 

1O>IIKO?PI=…G?>CT>?&;@8@522>2C6=:?92G?=IGIP?;N„OGJIHNI
KO? ;J?H;M
 KO?G M;<?
 OG; =IHP?LM; =IG =;@„ ? N;<;=I JI>?LC; NL;HMGCNCL
IGI=IHB?ƒIGOCNI<?G;MO;M?HMC<CFC>;>??CHN?FCA…H=C;?DOLIKO?H?MN?
=;MI@;ƒIOG;;<MNL;ƒ‚I>?NI>;;;GCT;>?
=;>;HIP;L?@?L…H=C;;IG?OFCPLI
KO? PIO ?H=IHNL;H>I ?G MO;M =;LN;M P;C G? GIMNL;H>I >? @IL; Z ?MM?
>C@C=ˆFCGI >? @IL; KO? JIO=;M P?T?M G? @IC >;>I =IG N;HN; CHN?HMC>;>? Z ;
@ILG;?;@CAOL;>?@CHCNCP;M>IG?OFCPLI *??RJL?MMIGOCNIG;F
G;MKO?LIN?
>CT?LKO?;MO;G;H?CL;>??HN?H>?L&;@8@522>2C6=:?92G?>?PIFP?IFCPLI
D~FC<?L;>I>?GCG
I<D?NCP;>I?GOGF?CNILKO?G?>?CR;P?L;CG;A?G>CMMI
KO??ONL;TC;GCMNOL;>I=IGCAI?GOG;=IH@OM;<;N;FB;>;KO;F@IL;GM;CH>I
=;JˆNOFIM
MCNO;ƒ‘?M?MOMJ?CN;M .O;H>IPI=…>CTU,KO?G??GO>?=?„?MM?
GOH>IKO?,FCP?CL;=LC;=IGOG;FC<?L>;>?;<MIFON;
?MNC=;H>I<;L<;HN?MIO
?MN?H>?H>IN~<O;M
?KO?HI@CG„;L?;FC>;>?>IGOH>IW
MCHNIKO?CMMI„G;CM
KO?OG;IJCHC‚I
„OG;?MJ„=C?>??H=IHNLIHIKO;FH?GPI=…H?G?OH?GI
FCPLI N…G H?HBOG; CGJILNH=C;
 G;M ?G =IGJ?HM;ƒ‚I B~ =IGI KO? OG;
AC@G2 >? KO? H‚I ?MN;GIM ?KOCPI=;>IM
 ? KO? P?GIM M;<? F~ KO? =ICM;M =IG
HIMMIMIFBIM=?AIM

6F>242CE22'24@'@CC‡256@FEF3C@56
 

1;FP?TN?CHN?L?MM?M;<?L=IGI?OL?;AC>C;HN?>IFCPLICGJL?MMI ?G
NCP?I
B;H>C=;J>?F… FIM;<?H>I I>?=IL
?MH;MJLIP;M>?=ILL?ƒ‚IJI>?L?CPIFN;L;
N?L ; CGJL?MM‚I NIN;F >; =ICM;  0OJLCGC ;FAOHM NL?=BIM L?J?NCNCPIM
 ? NCP? KO?
MO<NL;CL>IJI<L?*IL?FFCOG;>?MO;MC>?C;M
;>?@;T?LOGFCPLI=IG;MJ~ACH;M
MIFN;M
JICMH?MM?ˆHN?LCGM;CO;KOCOGFCPLI?G@ILG;>?J;MN;?JIL>?MAL;ƒ;
?F? G? J;L?=?O LOCG
 D~ KO? I MCMN?G; N?G JIMMC<CFC>;>?M JLI>CACIM;M
 ;=BI
+‚IM?C
F?H>I;MJ;MM;A?HM@IL;>;IL>?G>?F?CNOL;=ILL?MJIH>?HN?
J?L>? M?
NI>;;N?HM‚I  IHMC>?L;>;MCH>CPC>O;FG?HN?
;=BIKO?=;>;OG;?MN~<;MN;HN?
<I;
+;P?L>;>?N?HBIN;HN;M=ICM;MJ;L;N?>CT?LKO?H‚IM?CJILIH>?=IG?ƒ;L
"O G?MGI G? MCHNI MO@I=;>I J?F; ;G<Cƒ‚I >I FCPLI
 ? J?FI KO? ?G ;FAOHM
GIG?HNIM?F?=B?A;;;F=;Hƒ;L jL?;FG?HN?OG>?MM?M;FPILIƒIMKO?MOLA?G
MIG?HN?>?N?GJIM?GN?GJIM
H‚I;=B;1CP?KO?PCAC;L=IG=OC>;>IGCHB;M
L?;ƒ‘?M ?HKO;HNI I =ILLCAC;
 JILKO? G;CM >? OG; P?T M?HNC KO? I FCPLI M;CLC;
A;HB;H>IM??OI?HROA;MM?IOMOJLCGCMM?>?N?LGCH;>IM=;JˆNOFIMIONL?=BIM
*;M;NI>IGIG?HNIG?>;P;=IHN;>?KO?
;IJ?HM;LHCMMI
KO?GIJ?HM;P;
?L; UI BIG?G P?FBIW
 IO M?D;
 ?L;
 IONL; P?T
 OG; L?;ƒ‚I ?MN„NC=;
 FCN?L~LC;
2G;L?;ƒ‚I?GHIG?>?=?LNIMP;FIL?M@ILG;CMKO?@;T?G;AL;H>?FCN?L;NOL;
" PI=… D~ =IHB?=? *IL?FFC I MO@C=C?HN? J;L; M;<?L KO? I KO? I P?FBI KO?L „
NLCNOL;L ?MM?M P;FIL?M
 JIL FB? J;L?=?L?G ; G~M=;L; JI>L? >? OG; IL>?G >?
=ICM;M;CH>;G;CM;JI>L?=C>;
MMCG M? >~ I J;L;>IRI >? KO? H‚I JIMMI H?G KO?LI ?FCGCH;L GOCNˆMMCG;M
CGJ?L@?Cƒ‘?M
?G<IL;G?>I;G?G?CH=IGI>?G =BIKO?HOH=;M??M=L?P?O
OGFCPLIN‚I;=IHNL;J?FI
N‚I;=IHNL;FCPLI

6F>242CE22'24@'@CC‡256;2?6:C@56
 

HN?M>?CL&N~FC;
;=;<?C>?=ILLCACL;M’FNCG;MJLIP;M>IG?OLIG;H=?
?;M
?HPC?C;I?>CNILJIL;PC‚I 0?=B?A;L;GM‚M?M;FP;M
IFCPLIM?L~JO<FC=;>I?G
G?;>IM>?DOFBI
??HN‚I;FAOG>C;IM?HBILJI>?L~G?>CT?LM?IKO??MJ?L;
>?GCG
?MM;?RJFIM‚IKO;FM?L?@?L??GMO;=;LN;
M?JLI>OTCO
IOM?=IHNCHOI
@?=B;>I?OGJIO=I>CMN;HN? #CKO?CMOLJL?MI;IM;<?LKO?JL?@?L?&DACz>:@D
;I =IHDOHNI >IM G?OM =IHNIM
 JILKO? G? J;L?=? GOCNI CH@?LCIL ; ?F?M  +‚I
?MN;L~ I M?HBIL L?CH=C>CH>I
 N;FP?T CH=IHM=C?HN?G?HN?
 H; NˆJC=; ;NCNO>? >I
F?CNIL @L;H=…M
 J;L; KO?G H; P?L>;>? M I LIG;H=? =IHN; -?MMI;FG?HN?

;=L?>CNI H‚I N?L ?M=LCNI H;>; G?FBIL KO? U, J?LM?AOC>ILW HI ?HN;HNI
 ?G &
;@8@ 52 2>2C6=:?92 LIGJC N;F KO;HNC>;>? >? >CKO?M
 >? GOLIM
 G? @CT
 ?O
G?MGI
?GJ?>;ƒIM>?N;HN;M?N‚IP;LC;>;MG;H?CL;M
KO?
HIKO?>CTL?MJ?CNI
 GCHB; J?MMI;
 H‚I G? CGJILN;LC; GILL?L ;AIL; G?MGI  0?C KO? >?HNLI >?
;FAOHM G?M?M J?HM;L?C KO? ;CH>; N?HBI IONLIM FCPLIM J;L; ?M=L?P?L
 G;M BID?

;CH>;MI<;;NGIM@?L;>?&;@8@522>2C6=:?92
N?HBI;CGJL?MM‚I>?N?LC>I;N„
I FCGCN? >? GCG G?MGI
 ? >? KO? M?LC; CH=;J;T >? CL ;F„G  "MJ?LI KO? ;M
CHIP;ƒ‘?MUN„=HC=;MW>ILIG;H=?H‚IICH=IGI>?GIM?HBILH‚IP;C>?GIL;L
?G;>CPCHB;L;F„G>IG;CMB~@L;AG?HNIMKO?I?RJFC=;GGOCNI=F;L;G?HN?
KO??MM?M;J;L?HN?M=;JLC=BIMN…GJILI<D?NCPI?R;MJ?L;LIF?CNIL?NL;HM@ILG~ FI
HOG;?MJ„=C?>?7C|C66??6>:
OG=’GJFC=?
OG =IF;<IL;>IL>;I<L;  "MNIO
@;LNI>CMMIKO?OGJ?LMIH;A?G>IG?OFCPLI=B;G;>?UF?CNIL @…G?;W
;KO?F?
M?HBIL IO M?HBIL; KO? =IGJL; IM FCPLIM =IG ; G?MG; ;NCNO>? =IG KO?
=IHNL;N;OGM?LPCƒ;FIOM?M?HN;H;JF;N?C;>?OGN?;NLIJ;L;KO?I>CPCLN;GIO
J;L; KO? I MCLP;G  , LOCG >I LIG;H=? NL;>C=CIH;F „ CMNI ?G JIO=;M J~ACH;M
=LC; OG; ;NGIM@?L; KO? ?HPIFP?
 ;@;A;
 M?>OT I F?CNIL
 ? I F?CNIL >?CR; M?
NL;HMJILN;LJILNL?T?HN;MJ~ACH;M?ICNIBIL;M
M?HN;>I?GOG;HOP?GLIM;>;
IOH?AL;
;>?J?H>?L>I=;MI;N„=B?A;LJ;F;PL; #&*
KO?„OG;?MJ„=C?>?
,LFS >; FCN?L;NOL;  "O KOCM ?M=L?P?L OG FCPLI KO? JIMM; M?L FC>I >? >O;M
G;H?CL;M >I D?CNI KO? ;AL;>; I F?CNIL @…G?; ? =IGI ;AL;>; ; GCG
 F~JCM H;
G‚I
<LCA;H>I=IGI;ONIL
G;H>;H>I IJ;L;ICH@?LHIIO;<L;ƒ;H>I IX

6F>242CE22!62?2C?23y 56;F?9@56
 

"MJ?LIKO?PI=…N?HB;L?=?<C>IG?ON?F?AL;G;
>CAHI>?'’FCI „M;LJILMO;
=IH=CM‚I G;M ; P?L>;>? „ KO?
 JIL =;<I
 KO;FKO?L @L;M? >? G;CM >? >O;M
J;F;PL;M MI; BILLCP?FG?HN? <L?A;  &G;ACH? KO? ?O N?LC; ?M=LCNI %"$,2
*/")&+% 01,- *2&1, ,*,3&!, 01,-  ,O ?HN‚I  20, /" "&*"+1,

1&',),01,-"2"0 /"3&&00,01,-"0-+1!, ,*-"0,!,/1"#1,01,- !?


GI>IKO?IJN?CJ?FI=;GCHBI>IJO>IL
G;MH‚IKOCMKO?J;MM;MM?G;CMN?GJI
M?GPI=…M;<?LKO?@CH;FG?HN?KO;HNIM;HIM
GCHB;HIMM;I=ˆL=OFINCHB;M?
@?=B;>I ? ?MN; P?FB; G‚I KO? ?M=L?P?O ?MM;M P?FB;M J~ACH;M ;J;FJ;P; KO;M?
CH=L?>OF;G?HN?OGPIFOG?>?=;J;JL?N;
.OCM?L;?O?MN;L?GO?HIMCL?MJ;L;NIG;LGIMOGPCHBIDOHNIM??HN‚I

P;A;H>IJIL;FAOG;LO;
HICN?
N?>CT?L>IG?OD?CNINO>IIKO?;KOCM??M@LC;
?M?IL>?H;?GFCHB;TCHB;MBILCTIHN;CM?M?NL;HM@ILG;?GC>CIG; AL;NC>‚I„
CH=ŽGI>;
=IGI>CTC;H‚IM?CKO?GH‚I„KO?M?D;CH=ŽGI>;?GMC
„KO?@C=;
KO;M?CGJIMMˆP?F
?HNL?BIG?HM
NL;HMGCNC F;M?H‚I=IGOG>?MM?MA?MNIMKO;M?
CGJ?L=?JNˆP?CM
 I@?L?=?H>I OG =CA;LLI IO G;F NI=;H>I OG IG<LI
 IO
J?LG;H?=?H>I =;F;>I H; BIL; ?G KO? IM G;HO;CM >? <I; ?>O=;ƒ‚I G;H>;G
>CT?L ;M @L;M?M ?R;N;M  *;M JIL MILN? PI=… ? ?O HIM PCGIM I <;MN;HN? H?MN; PC>;
J;L;M;<?LKO?GOCNI>IKO?H‚IHIM>CT?GIM@C=;>CNIJ;L;M?GJL? -;L;GCG
D~„MO@C=C?HN?KO?PI=…N?HB;=?LN?T;>CMMI

6F>242CE22'24@'@CC‡2 56;F=9@56
 

*OCNI I<LCA;>I J?FIM L?=ILN?M ? J?FIM GCHO=CIMIM =IG?HN~LCIM KO? IM


;=IGJ;HB;G  F;LI
H;>;>?NO>ICMMIN?G;G?HILL?F;ƒ‚I=IG;=LˆNC=;IO„
I>CNCL;G<IL;>CI@ŽHC=I>?$O>CŒIGOCNIMCGJ~NC=I
;FC~MIO„;?MNOJC>?T>;
'C:>6C2 '=2?2
 G;M ?G H?HBOG >IM >ICM =;MIM B~ OG MCG IO OG H‚I
JLI@OH>I
 ;FAI KO? JLIP? KO? I FCPLI M? =OGJLCO  ,FB;
 ;M J?MMI;M N…G ;
FCN?L;NOL;=IGOG>?N;FG;H?CL;CHNLID?N;>;H;=;<?ƒ;
KO?GOCNIJIO=IMP‚I
?HN?H>?LIM?HNC>I>?U=IHNL;LLIG;H=?WKO?PI=…;JIHNIOH;IL?FB; jCH=LˆP?F
KO?H?GM?KO?L;M?MKOCMCNC=?MZP;GIM=B;G;L;MMCGZ@ILG;CM>IFCPLINCL?G
?MM?MNCJIM>?MO;;NCNO>?B;<CNO;F
KO?„
ALIMMIGI>I
;>?F?L<IPCH;G?HN?I
FCPLI?>?JICM>CT?L??M=L?P?L;M?„LIG;H=?
=IHNIIOHIP?F;<M?M?J;MM;
H; LA?HNCH; IO ?G 2JJM;F; = M? „ ?LNC=I
 =;NFC=I IO H?ILL?;FCMN; > M? „
<IG
 L?AOF;L IO LOCG  "N =?N?L;  0‚I NCJIM >;KO?F?M KO? G?MGI ?MN;H>I =IG
OG OHC=LHCI <LCFB;HN? H; @L?HN? >I H;LCT I =F;MMC@C=;LC;G =IGI OG; ?MJ„=C?
>?<?T?LLI<L;H=I ,FB;
;N„;AIL;;’HC=;=ICM;KO?J;L;GCGN?GM?HNC>I„I
KO? PI=… PCO HI G?O FCPLI
 ;F„G >?
 H?MM?M >C;M
 >O;M =;LN;M >? A;LINIM >? F~

>?M=IHB?=C>IM
KO?=B?A;L;G;I@CG>;F?CNOL;=IGIKO?GILNIM;J;H=;>;M?
KO? G? =IHN;G M?O >?M=IH=?LNI
 MO; AL;NC>‚I GCMNOL;>; =IG >CI ? ;GIL ?
L?MM?HNCG?HNI  3I=… =;JN; GOCNI <?G KO;H>I M? KO?CR; >; U@;FN; NIN;F >?
J;CR‚IW;ˆPI=…;=?LN;I;FPI?=IH@CLG;IKO??ON?>CTC;G;CM;=CG;MI<L?;
UCH>’MNLC;W>?@;T?LL?M?HB;M "MM?MNCJIMJ?A;GOGFCPLIJIL>O;ML;T‘?MJ;L;
UM?>CP?LNCLWIOJILI<LCA;ƒ‚IJLI@CMMCIH;F ">;ˆ
=B?;G;L?FCHB;P;CM?H>I
DIA;>;?GP?L?>;MGOCNI?MNL;HB;M
;FAOG;M>?F;M;CH>;M?G=;Fƒ;G?HNI
6F>242CE22'24@'@CC‡2
56D6E6>3C@56
 

+‚I J?HM? KO? MIO JL?AOCƒIMI


 G;M MO; =;LN; =B?AIO HIM >C;M ?G KO?
?MN~P;GIM ?G 3C?H; NL;<;FB;H>I
 ? ;=;<I >? ?H=IHNL~ F; H; GCHB; PIFN;
1;GJIO=I J?HM? KO? MIO BCJ?L<FC=I M? N? >CAI KO? MO; =;LN; @IC OG; >;M
G;CIL?M ;F?ALC;M >; GCHB; PC>;  *;M =IGI N? >?M=L?P?L ?MM; ;F?ALC; +‚I „ I
=IHN?HN;G?HNIPOFA;L>?KO?GL?=?<?<I;MHINˆ=C;M
H?GI?FIACI@?CNII;@;AI
IO;=IMKOCHB;>?KO?GM?M?HN?=IGJL??H>C>I?;JL?=C;>IH;KOCFIKO?@;T
*CHB; ;F?ALC; „ IONL;
 „ =IGI OG ?H=IHNLI FIHA;G?HN? ?MJ?L;>I
 IO =IGI
OG;~LPIL?KO?M?PCO>?GOCNIFIHA?
H;FCHB;>IBILCTIHN?
?KO;FM?=B?A;
JIL’FNCGI>?JICM>?=;GCHB;L?=;GCHB;L
?;~LPIL?„;=;>;J;MMIG;CMP?L>?
?G;CM<IHCN; ,FB;
>?M>?KO?G?OFCPLI@ICF;Hƒ;>I?GO?HIMCL?ML?=?<C
GOCN;M =;LN;M
 MI<L?NO>I >? A?HN? DIP?G ? >?M=IHB?=C>;
 ? H?F;M G? >CT?G
=ICM;M KO? M?LC;G MO@C=C?HN?M J;L; G? M?HNCL DOMNC@C=;>I =IGI ?M=LCNIL  *;M ;M
=;LN;M>IMDIP?HMM‚IM?GJL?;NIM>?@„
CGJOFMIM>??HNOMC;MGIIO>?=F?L;IO
>? ;HA’MNC;  IGJLIP;G KO? & ;@8@ 52 2>2C6=:?92 N?G ;M KO;FC>;>?M >?
?G„NC=IKO??OKOCMFB?>;L?KO?„=IGIOG;@?LITM;=O>C>;J?F;AIF;
OG
ALCNI>?;F?LN;
OG;J?FI>?MIL>?GH?=?MM~LC; *;MPI=…
KO?JILOG;MCGJF?M
KO?MN‚I >? G;NOLC>;>? CHN?F?=NO;F ? >? N„=HC=; JLI@CMMCIH;F F?O I FCPLI OG
JIO=I =IGI ?O I ?M=L?PC
 IO M?D;
 HI @CG >? OG FIHAI =;GCHBI
 >? OG;
CG?HM;<C<FCIN?=;FC>;?PCPC>;?>?=;HN;>;
PI=…
N‚IM?L?H;?M?AOL;?GMO;M
IJCHC‘?M
PI=…G??M=L?P?OG;=;LN;KO?„=IGIOG;L?MJCL;ƒ‚IJLI@OH>;
KO?
?MN~ =B?C; >? LOGIL?M ? =ICM;M >C@C=CFG?HN? >CN;M ? GIPCG?HNIM ?H=IHNL;>IM

OG;=;LN;KO?HI@OH>IH‚IM?>C@?L?H=C;GOCNI>;M=;LN;MKO?G??M=L?P?L;G
N;HNIML;J;T?M
?KO?;IG?MGIN?GJI?MN~;OG;;FNOL;CH@CHCN;G?HN?MOJ?LCIL
;?F;M
?CMMI„IKO?G?=IGIP?
KO?PI=…N?HB;?M=LCNI;FAIKO?„=IGIOG
<;F<O=CI?G?OFCPLI„CMMI
JILKO?IKO?M?KO?L>CT?LP?L>;>?CL;G?HN?H‚I
JI>?M?L>CNI?;IG?MGIN?GJI>~J;L;M?HNCL?M;<?LKO?PI=…@IC;N„I@OH>I
>;M=ICM;M
;MJ?MIO?;H;FCMIO?;M;=BIO<I;MIOLOCHMIO;FAOG;IONL;=ICM;

G;M JIL OG GCF;AL? J?FI KO;F HOH=; PIO N? ;AL;>?=?L I MO@C=C?HN?
 NI>I ?MM?
NL;<;FBI>?MIH>;A?G?NI>;?MM;J?Lˆ=C;MONCFKO?@;T?G>?PI=…;=LˆNC=;?;
J?MMI;KO?„H‚I=IHM?AOCL;GJ?NLC@C=;LIIONLI
IKO?=B;GI<;F<O=CI
H;@;FN;
>? OG HIG? G?FBIL
 ? ?HN‚I MO; =;LN; „ =IGI OG; JIG<; IO OG; <IF; >?
=LCMN;F
;FAIHIKO;F=IHNCHO;G?HN?J;MM;GL?@F?RIM?GOLG’LCI
?;PC>; 0;<?

H‚IJ?HM?KO?H?MM;>C=INIGC;KO?J;L?=?M?>?>OTCL>CMMI=LˆNC=; <;F<O=CIB~
OGDOˆTIJ?DIL;NCPI?GL?F;ƒ‚I=LˆNC=; !?KO?M?LP?OG<;F<O=CIKO;H>IM;C
>;<I=;>?OGC>CIN;,?MJ;HNIMIJ;L;GCG
M?GJL?
„?MM?L;LI?KOCFˆ<LCIKO?
M IM AL;H>?M ;F=;Hƒ;G J?HMI ?G OLNCOM
 ?G ;FAOHM N?RNIM >? OL=EB;L>N

=ICM;M ;MMCG ? KO? ?G ’FNCG; CHMNH=C; J?LGCN?  CHN?FCA…H=C; LIGJ?L M?OM
?MNL?CNIM FCGCN?M ? =IGOHA;L =IG ?MM? IONLI L?CHI GCMN?LCIMI IH>? =ICM;M
CH>CTˆP?CM M? GIP?G H; L?;FC>;>? JLI@OH>; ? M‚I
 N;FP?T
 ; ’HC=; =ICM;
H?=?MM~LC; *;MB;KOC
=IGI>CLC;%IFCP?CL;
J;LI?GM?=I MM?T<;P;L>„ 

6F>242CE22?2$2C}22CC6?64962
56@FEF3C@56
 

*OCNI;HN?M>?=IG?ƒ;L?MN;;P;F;H=B?>?L?M?HB;M;@;PIL?=IHNL;
>?=;LN;M
>?A?HN?DIP?GKO?G?=B?A;G>?NI>IMIM=;HNIM>IJ;ˆM?>;G„LC=;
PI=…
G?G;H>IOOGN?MN?GOHBIKO?G?@?TNL;HM<IL>;L
H‚IJILKO?N?HB;AIMN;>I
>I FCPLI ;CH>; KO? CMMI N;G<„G N?HB; MC>I OG; G;L;PCFB; J;L; GCG
 G;M
N;G<„GJILKO?MO;MJ;F;PL;M
;FAOG;M=ICM;MKO?>CMM?
G?>?L;G;JLIP;>?
KO??OH‚INL;<;FB?CN;HNIM;HIM?GP‚I
?KO?G?<;MN;LC;N?L;J?H;MOG’HC=I
F?CNIL?;F„G>CMMIGOFB?L
?;F„G>CMMIN‚IFCH>;?N‚ICHN?FCA?HN?J;L;M?HNCL
KO?G?OFCPLIH‚I?L;CH’NCF -?LF;
N;FP?T?O?MN?D;N?>;H>I;M?HM;ƒ‚I>?KO?
?MNIO ?M=L?P?H>I OG JIO=I >? <LCH=;>?CL; MCG
 G;M ?MM? „ I G?O D?CNI

KO;H>IKO?LI>CT?L;M=ICM;MKO?=IHN;G &;@8@522>2C6=:?92N;G<„G„OG;
ACA;HN?M=; JC;>;
 G;M PI=… D~ =IHB?=? ; >CF;=?L;ƒ‚I KO? ?RCMN? ;ˆ >?HNLI  -IL
G?CI >I BOGIL =IG % G;C’M=OFI
 H‚I ;M JC;>;M ? <LCH=;>?CL;M =B?A; M? M
P?T?M ;I G;CM JLI@OH>I ;MMCG @CT?L;G ? =IGJLIP;L;G IM ?M=LCNIL?M KO? G;CM
;>GCLI
 ? „ OG =;GCHBI KO? JIO=I M? =IHB?=? H; LA?HNCH; ? J?FI KO;F „
H?=?MM~LCI NL;HMCN;L
 M? KO?L?GIM =IG?ƒ;L ; M;CL >I <OL;=I ?G KO? ?MN;GIM
G?NC>IM  AIL;
 JIL ?R?GJFI
 *OL?H; G? ;N;=; =IG OHB;M ? >?HN?M ?G
F256C?@D
 ? <;MN; F?L M?O ;N;KO? J;L; J?L=?<?L
 ?G<IL; JIMM; N?L L;T‚I ?G
GOCN;M=ICM;M
KO??F?H‚I?HN?H>?OI?MM?H=C;F
KO?MO;=IHB?=C>;?NLCMNˆMMCG;
=;L…H=C; >? M?HNC>I >I BOGIL @?=BIO FB? I =;GCHBI KO? PI=…
 =IGI M?
?MNCP?MM?<LCH=;H>I
J?L=ILL?O>?M>?IJLCG?CLI>C; "HN?H>?IKO?KO?LI>CT?L

;MMCG
 ?M=L?P?H>I =IG NI>; ; JL?MM; ? M?G J?HM;L GOCNI , G;CM ;>GCL~P?F
J;L;GCGM‚I;M=;LN;M>IMDIP?HM
JILKO?M‚I?F?MKO?MI@L?L;GG?OFCPLI=IGI
OG;@?LC>;
=IGI;FAIH?=?MM;LC;G?HN?>IFILIMI
OG;@?LC>;>?<CMNOLC
?H‚I
>?@;=; .O?CGJILNH=C;JI>?N?L
?HN‚I
KO?JILIONLIMF;>IM
?JILL;T‘?MKO?
N…G ; P?L =IG =ICM;M ;FB?C;M ;I FCPLI  O<;
 ?HNL? IONL;M
 ;CH>; KO? N?HB;G
=;ON?F;?G>CT?L
B;D;A?HN?KO?FB?H?A;MO;MCHN?Hƒ‘?M?MM?H=C;CM"MNION‚I
=IHN?HN?
-?LF;
N‚I=IHN?HN? &;@8@522>2C6=:?92KO?LC;CMMI
?L;;AL?MMCPI?
JIF…GC=I?JLI=OL;P;I?G<;N??IP;C?H=IHNL;H>I
G;M?ON?LC;JL?@?LC>IOG
?G<;N?G;CM?F?P;>I?G;CM>CAHI>?NI>IM

6F>242CE22'6C=2)@EK2:E
56?@G6>3C@56
 

*CMN?LF;=E<OLH
=;P;FB?CLI"HPCI FB?
L?ACMNL;>I
OG<IHCNI?R?GJF;L>?
&;@8@522>2C6=:?92  IGIIG?H=CIH;>I?R?GJF;LJ?M;OG;M=CH=IFC<L;M?
H‚IMIOLC=IIMO@C=C?HN?J;L;G;H>~ FIJIL=ILL?CI;„L?I
N?HB;;<IH>;>?>?
?MJ?L;L;FAOHM>C;M?I=ILL?CIG;LˆNCGIFB?;JL?M?HN;L~?MN;JLI>Oƒ‚ICGILN;F
.O?
>CA; M?>?J;MM;A?G
@IC=IHNL;N;>;J?F;$;FFCG;L> "KO?
=IGI?O>CMM?
 0;L; OG N?GJI ;NL~M
 ?MN~ =;OM;H>I OG ;FPILIƒI N?LLˆP?F HIM J;ˆM?M >;
G„LC=;);NCH; ,KO??L;DOMN;G?HN?;GCHB;CHN?Hƒ‚I
CG;ACH?=IGI?MNIO
?O@LC=I

6F>242CE22'2F=6*2C2=24<3FC?
5656K6>3C@56
 

+‚IM?CKO;H>I=B?A;L~I>C;?GKO?PIOJI>?LN??M=L?P?LOG;=;LN;KO?
H‚I N?HB; H;>; ; P?L =IG G?OM FCPLIM  +‚I M?L~ >?MN; P?T
 J?FI G?HIM
?MNCGOF;>IMJ?F;M@?MN;M>?@CG>?;HI
>?T?H;M?>?T?H;M>?=LIHJCIM>?NI>;
;G„LC=;G?G;H>;L;G<;’M>?=;LN;M
GOCN;M>;MKO;CMG?L?=?G;IG?HIM
;FAOG;M FCHB;M  " ;KOC ?MNIO ?O
 =IG OG; JCFB; >? ?HP?FIJ?M >C;HN? >;
G~KOCH;
?OGBOGIL>I=‚I "HNL?NI>;M;M=;LN;M
H‚IL?MN;>’PC>;>?KO?;
G;CM AFILCIM; „ ; >? OG; M?HBILCN; >? *?H>IT; KO?
 >?JICM >? ;HOH=C;L
>OL;G?HN?KO?H‚IJ?HM;?GF?L&;@8@522>2C6=:?92
JICMFB?>CMM?L;GKO?„
OGFCPLICH>?=?HN?
=IHNCHO;G?J?>CH>I
?GHIG?>?GCHB;I<L;>IJ;MM;>I
KO? B;>GCL; B?HILG?G?HN?
 KO? G? ;<MN?HB; >? U?M=L?P?L FCPLIM >?
?M=H>;FIM
 <?MN M?FF?LM KO? JLIP;G GCHB; =OGJFC=C>;>? =IG I ?>CNIL MC=W
3I=…=IGJL??H>?L~KO?=IG=ICM;M;MMCGN?G M?@CH;FG?HN?;L?=IGJ?HM;KO?
M??MJ?LIOJILNI>;;PC>;  F;LIKO?;M=;LN;MKO?L?MJIH>IH‚IM‚I?MN;M
?MCG
;M >? A?HN? KO? ;JL?M?HN; G?O FCPLI =IGI OG; ?MJ„=C? >? MI=I HI KO?CRI ;
?MM?MH‚IJIMMI>?CR;L>?L?MJIH>?L
?;=L?>CN?KO?@;ƒICMMI=IGAIMNI
G;MIM
>C;MJ;MM;G
H‚IN?HBIN?GJIJ;L;F?LH?GJ;L;>CP;A;L
?NIGIN;HNIG;N?KO?
OLIL; JL?P… KO? ?O N?HB; OG; =CLLIMCM J;L;AO;S?HMCM  3?L?GIM M? HI @CG
N;G<„G?OPIOJ?L>?LGCHB;PC>;A2C5y=:42E6DD6X

6F>242CE22'24@'@CC‡256;2?6:C@56
 

 <OM=; >I UIONLIW  0CG


 „ I N?G; =?HNL;F ? ; L;T‚I >? M?L >? & ;@8@ 52
2>2C6=:?92 ,FCPLINI>IACL;?GNILHI>?MM?M?HNCG?HNI>?@;FN;
>?;OM…H=C;
?
?G<IL;IJLIN;AIHCMN;?MN?D;FIHA?>?;F=;Hƒ;L;G?N;KO?P;A;G?HN??HNL?P…

MO;U?JIJ?C;=ŽGC=;W
=IGI;M?HBIL;;>?@CH?=IGGOCNI;=?LNI
H‚I„G;CM
>IKO??MM;?MJ„=C?>?<OM=;>?OG$L;;FHIKO;FD~H‚IB~IM;HAO?>?OG
>?OM
M?H‚IN;FP?TIJLJLCI>?OMG;M?MM?>?OMM?LC;IBIG?G
;KOC?G<;CRI

I BIG?G FCPL? >? NO>I KO? I =IH>C=CIH; ? I >?@ILG;


 =IG?ƒ;H>I J?FIM
JLJLCIM>?OM?M
LˆNC=;  =OFNOL; I=C>?HN;F  ?G
 ?O H‚I ; =LCNC=I ?G <FI=I
 H‚I ; L?D?CNI
CHA?HO;G?HN?=IGI
>CA;GIM
/IOMM?;OL?D?CN;P;;=CPCFCT;ƒ‚IJIL;=B;LKO?I
U<IG M?FP;A?GW ?L; G;CM J?L@?CNI  , KO? >?HOH=CI ?G HIMM; =OFNOL; „ ;
GIHMNLOIM; BCJ?LNLI@C; >? ;FAOG;M JIMMC<CFC>;>?M BOG;H;M ; L;T‚I
 JIL
?R?GJFI ?G >?NLCG?HNI >? IONL;M
 G?HIM >?@CHˆP?CM JIL ?MN;L?G MCNO;>;M
DOMN;G?HN?  G;LA?G >; L<CN; L;=CIH;F  *;M H‚I J?HM? ?G GCG =IGI OG
CHCGCAI >; L;T‚I
 JILKO? M?LC; JO?LCF  , KO? G? CHKOC?N; „ =IGJLIP;L
=INC>C;H;G?HN?IM?@?CNIM>?MM?>?M?KOCFˆ<LCIL?MOFN;HN?>?OGUBOG;HCMGIW>?
L;CT AL?A;
 KO? >?@CHCNCP;G?HN? J‘? ?G L?F?PI I D2A:6?D G;CM KO? I 9@>@  
M?HBIL; N?G L;T‚I G?OM ;N;KO?M M‚I BCJ?LCHN?F?=NO;CM
 I KO? M? L?P?F;LC;
=IHNL;>CNLCI  *;M
 =IGI GOCN;M P?T?M ;=IHN?=?
 ; M?HBIL; H‚I N?G NI>; ;
L;T‚I +‚I;N?G
JILKO?=L?CIKO?I;N;KO?JLI@OH>I;?MM?MGI>?FIM>?PC>;
PC=C;>IM?@;FMIM?GKO?HIMGIPCG?HN;GIM
?G&;@8@522>2C6=:?92H‚IM‚I
@?CNIM=IG;LG;MCHN?F?=NO;CM #;ƒIOMI>?MN;M’FNCG;MH;M>CM=OMM‘?M
HI;J;L;NI
N?LC=I
JIL;MMCG>CT?LG;MIKO?>~;I!@8@522>2C6=:?92
;=BI
MO;?@C=~=C;
’FNCG;
ICGJ;=NIJILP?T?MN?LLˆP?FKO?N?P??GGOCNIMF?CNIL?M
„IONL;=ICM;„
IKO?P?G>?<;CRI
IM?JCM>CIMCLL;=CIH;CM
;M;JLIRCG;ƒ‘?M;>CG?HM‘?MH;M
KO;CM ; CHN?FCA…H=C; „ =IGI OG H;>;>IL M?G ~AO;  *;M CMMI ?O D~ H‚I JIMMI
?RJFC=;L ; M?HBIL; M;<?L~ M? I M?HNCO =IGI ?O I M?HNC ;I ?M=L?P?L I FCPLI  
P?L>;>? „ KO? M?G ?MM;M MO<D;=…H=C;M
 KO? J;L; GCG M‚I ; ’HC=; =ICM; KO?
=IHN; >? P?L>;>? HI FCPLI
 ?O N?LC; ?M=LCNI OG IONLI LIG;H=? UCHN?FCA?HN?W  "
P;CM;<?LM??F?M?RCMN?GX

6F>242CE22C24:6=256*@=256;2?6:C@56
 

.O?HINˆ=C;MG;L;PCFBIM;MNL;T?G;M=;LN;M>?PI=…M"HN‚IKO?L>CT?LKO?&
;@8@ 52 2>2C6=:?92 J;MMIO H; JLIP; "MNIO GOCNI
 GOCNI @?FCT ? OLIL; ? ?O
>;Hƒ;GIM NL„AO; ? >;Hƒ;GIM =;N;F; ;N„ KO? IM PCTCHBIM JOM?L;G ; <I=; HI
GOH>I *;MKO?GM?CGJILN;"GJOHB?CG?O@F;G;HN?NLIGJ?N??F;H=?COG
MIFIN;FKO?M?CM=IJIM>?PC>LIPCL;L;GJ?OLIL;@ICJLID?N;>;J;L;>?<;CRI
>; G?M;  !?JICM >CMMI ?F; ;J;L?=?O ;LG;>; =IG OG; @LCAC>?CL; ? NCP? KO?
CHN?LLIGJ?L GCHB; <?F; CHMJCL;ƒ‚I  +M
 ;LNCMN;M
 M?GJL? @IGIM OHM
CH=IGJL??H>C>IM
=IGIM?M;<?

6F>242CE22*2C26'2F==24<3FC?
5676G6C6:C@56
 

gHICN?G??HNL?A;L;G;MO;=;LN;>?>?DOHBIKO;HNIN?GJI
=„OM?G?
M?HNCN‚I?GI=CIH;>I?N‚I@?FCT=IGIKO?PI=…G?>CTKO??HNL?C=IGIKO?
HOGNL;HM?
?GOG;=;M;TI>C;=;FCH=LCP?FG?HN?@;MN;?JLMJ?L; CH>;H‚IM;ˆ
>?F;
?N??M=L?PIMI<?MM;CGJL?MM‚IG;L;PCFBIM;>?KO?OGJI?N;=IGIPI=…

KO? ;F„G >I G;CM „ OG ;GCAI


 N?HB; ?H=IHNL;>I ?G & ;@8@ 52 2>2C6=:?92
NO>IIKO?H?F?=IFIKO?CION?HN?C=IFI=;L
?KO?IFCPLIN?HB;MC>IOG;JIHN?
?HNL?GCG?PI=…?KO?;AIL;
>?JICM>;MO;=;LN;
?ON?MCHN;N‚IJ?LNI>?GCG
?N‚I;GCAI +‚IM?CM?KO;H>IN??M=L?PC
;FAOHMG?M?M;NL~M
J;L;@;F;L>IMM?OM
JI?G;M
MIO<??RJL?MM;L<?GIKO??OM?HNC; 3I=…
H;MO;=;LN;
G?>CTN;HN;M
=ICM;M ?G OG;M JIO=;M FCHB;M KO? „ =IGI M? NCP?MM? G? G;H>;>I OG MCH;F
@;<OFIMI
 OG >?MM?M ;H„CM GˆNC=IM KO? =B?A;G M G‚IM >I B?LC IO >I L?C
>?JICM >? CH=IHN~P?CM GCMN„LCIM ? @;ƒ;HB;M
 ? ;FC ?MN~ NO>I =IH>?HM;>I
 G;CM
J;L; =~ >; J;F;PL; ? >;M G?L;M L;T‘?M ;FAI KO? „ =IGI OG ?H=IHNLI J;L;
M?GJL?
OGJ;=NIJ;L;@;T?L=;CL;M<;LL?CL;M>IN?GJI?>;>CMNH=C;
,FB;
 =F;LI KO? I KO? PI=… JŽ>? ?H=IHNL;L >? <IG HI FCPLI G? @;T GOCNI
@?FCT G;M ;=BI KO? HI @OH>I I KO? G;CM G? ?MNL?G?=?O @IC ?MN; G;L;PCFBIM;
@L;M?
 ?MN; J?LAOHN; KO? L?MOG? N;HN;M @LOMNL;ƒ‘?M ? N;HN;M ?MJ?L;Hƒ;M U!?
GI>IKO?M?JI>??M=L?P?L2DD:>JILOG>?HMW =L?>CN?
H‚IN?GH?HBOG;
CGJILNH=C;KO?N?HB;MC>I?OKO??M=L?P?L;;MMCG
N;FP?TJ?F;JLCG?CL;P?T 
’HC=;=ICM;KO?CGJILN;„KO??MN?D;GIM=B?A;H>I;OGN?GJI;G?LC=;HIHI
KO;FM?JIMM;=IG?ƒ;L;?M=L?P?L;MMCGIO>?IONLIGI>I
G;M;MMCG
IOM?D;

=IGNI>;;=IHIN;ƒ‚I>;>;JILPI=…;I>?MN;=;L;J;F;PL; #;T;FAOHMG?M?M

*CAO?FdHA?FMNOLC;MM?;F?AL;P;>?KO?OGFCPLIG?O?OG>?F??MNCP?MM?GHI
NIJI >;M FCMN;M >? <?MN M?FF?LM ?G O?HIM CL?M  F?AL;P; M? J?HM;H>I KO? M?
@;TC;DOMNCƒ;;>ICM?M=LCNIL?MF;NCHI ;G?LC=;HIM "OFB?>CMM?KO?CMMI?L;<IG

G;M KO? B;PC; ;FAI GOCNI G;CM CGJILN;HN? ; JL?M?Hƒ;


 J?F; JLCG?CL; P?T
 >?
OG J’<FC=I F?CNIL KO? >CMNCHAOC; M?OM JLJLCIM ;ONIL?M ?G P?T >? L?F?A~ FIM ?
>?CR;L M?F?P;LJ?F;G;HC;>;MNL;>Oƒ‘?M?J?FI?MHI<CMGI>I?M=LCNIL?OLIJ?O
IOC;HKO?>;GI>;  IHNCHOI;=L?>CN;H>IKO?B~;ˆOG@?CNINL;HM=?H>?HN;F

CH=FOMCP? J;L; OG J;ˆM IH>? ;M =ICM;M P‚I N‚I G;F =IGI HI G?O  .O;H>I ?O
NCHB; PCHN? ;HIM
 OG ?M=LCNIL ;LA?HNCHI =B;G;>I ILA?M P?H>C; ;J?H;M
KOCHB?HNIM?R?GJF;L?M>?;FAOGG;L;PCFBIMIPIFOG?>?=IHNIM %ID?KO;FKO?L
<IG LIG;H=CMN; IO =IHNCMN; LCI JF;N?HM? N?G ; =?LN?T; >? KO? OG J’<FC=I
CHN?FCA?HN? ? HOG?LIMI P;C F… FI ? DOFA~ FI  &MMI KO?L >CT?L KO? IM MCH;CM >?
G;NOLC>;>?>?HNLI>IM?KOˆPI=IM
>IML?NLI=?MMIM
>;MCH=;J;=C>;>?MBILLˆP?CM
>? HIMM;M JIFˆNC=;M MOF ;G?LC=;H;M ? >? HIMM;M ?=IHIGC;M M?GC=IFIHC;CM M?
G;HC@?MN;G >? ;FAOG; G;H?CL;
 ?
 H?MN? =;MI
 >? G;H?CL; J;LNC=OF;LG?HN?
CGJILN;HN?
 JIL G?CI >; AL;H>? FCN?L;NOL;  -IL CMMI H‚I „ N‚I ?MNL;HBI KO? D~
N?HB; =B?A;>I ; BIL; >? ?M=L?P?L ;MMCG
 /I<?LNI
 ? PI=… FIAI P?L~ KO? DOHNI
=IGG?OFCPLIIO>?JICM>?F?P‚I;J;L?=?LGOCNIMKO?N??H=B?L‚I>?;F?ALC;
*?O FCPLI N?G NC>I AL;H>? L?J?L=OMM‚I
 MI<L?NO>I ?HNL? IM DIP?HM
 JILKO? M?
>?L;G =IHN; >? KO? ?F? IM =IHPC>; ; ;=;<;L =IG ;M NL;>Cƒ‘?M FCN?L~LC;M MOF
;G?LC=;H;M KO?
 ;N„ G?MGI ?G MO;M @ILG;M G;CM P;HAO;L>CMN;M
 M?GJL?
L?MJIH>?L;G ; HIMMIM =IGJF?RIM >? CH@?LCILC>;>?
 ; CMNI >? UM?LGIM
 HM
 N‚I
JI<L?MW
=IGIPI=…>CT;JLIJMCNI>I?FIACI>?/O<„H;*;LNˆ &HA?HO;G?HN?

OGDILH;FCMN;G?RC=;HI?M=L?P?OKO?&;@8@522>2C6=:?92?L;;>?=F;L;ƒ‚I>?
CH>?J?H>…H=C;>ILIG;H=?F;NCHI ;G?LC=;HI @L;M?„<I<;
G;M?H=?LL;OG;
=F;L;;FOM‚I;?MM;CH@?LCILC>;>?KO?N?GIMNIF?L;>I>?@ILG;N‚I?MN’JC>;JIL
N;HNIN?GJI
?>;KO;FM;CL?GIM=IGIM;?GNI>IMIMJIPIMKO;H>I=B?A;;MO;
BIL; +‚IG?;=B?GOCNIINCGCMN;=IHB?ƒIIG?OJ;ˆM
?GOCNIMIONLIMKO?I
LI>?C;G *;MB~MCH;CM
B~MCH;CMX"MNIO@?FCT>?N?L=IG?ƒ;>I;@;T?LIKO?
=;<C;;GCG
?KO?OGBIG?G=IGIPI=…IN?HB;M?HNC>I?N?HB;G?>CNI

6F>242CE22)@36CE@6C?s?56K)6E2>2C
5628@DE@56
 
.O?LIOPCLOG;;H?>IN;&;@8@522>2C6=:?928)2JF6=29H‚IC;M?=B;G;L
;MMCG  &; =B;G;L M? $2?52=2  N„ KO;M? N?LGCH;>I I FCPLI
 J;L; GCG
=IHNCHO;P;M?=B;G;H>I>?MM?D?CNI !?L?J?HN?=IGJL??H>CKO??OH‚INCHB;
I>CL?CNI>??RCACL>IMF?CNIL?MKO?=IHB?ƒ;GI?MIN?LCMGI<’>C=IIONC<?N;HI
";IG?MGIN?GJIG?>?C=IHN;>?KO?&;@8@522>2C6=:?92
NˆNOFIGI>?MNI
? KO? KO;FKO?L OG ?HN?H>? H; LA?HNCH;
 ?L; 2 >6D>2 4@:D2 JILKO? OG;
;G;L?FCHB; 8C2JF6=29 „ OG; G;H>;F; >?MM;=L;FCT;>;  +‚I G? ;LL?J?H>I >;
GO>;Hƒ;

6F>242CE22$2?F6=?E}?
5628@DE@56
 

"GOG<IF?NCG>I#IH>I>? OFNOL;"=IHGC=;@CKO?CM;<?H>IKO?HOG;
G?M; L?>IH>; >CMM?L;G KO?
 >?HNLI >;M F?NL;M F;NCHI ;G?LC=;H;M
 & Dy4F=@ 52D
=FK6D ?L; ; =LC;ƒ‚I ? & ;@8@ 52 2>2C6=:?92
 I ;JI=;FCJM?   A?HN? @C=; N‚I
>?M=IH=?LN;>I
H‚I;=B;

6F>242CE22'24@'@CC‡2
56;2?6:C@56


1?HBIKO?;DO>;LMCGOFN;H?;G?HN?OG;CN;FC;H;
OG;@L;H=?M;?OGC;HKO?
KO? ?MN‚I NL;>OTCH>I & ;@8@ 52 2>2C6=:?92  0? PI=… @IFB?IO ?MM? FCPLI
 P;C
;>GCNCL KO? MO; P?LM‚I ?G IONL; FˆHAO; ;JL?M?HN; NL?G?H>IM JLI<F?G;M G;F
;=;<?C >? L?MIFP?L OG; LI>;>; >? >C@C=OF>;>?M ?G CN;FC;HI
 L?=?<I =CHKO?HN;
J~ACH;M?GCHAF…MX?;MMCGP;GIM  F;LIKO?H‚IG?KO?CRI
D~KO?„;GCHB;
N?LL; ?M=IFBC>; H‚I M?C M? JLIG?NC>; G;M >? @;NI ?MM? NL;<;FBI =IHMIG?
GOCNIM>C;M

6F>242CE22>A2C@sG:=2 5676G6C6:C@56


.O;H>I;FAO„GL?=?<?OG;=;LN;=IGI;MO;
M?HN?KO??GNI>IMIM=;MIM
P;F?;J?H;?M=L?P?L;FAOHMFCPLIM=;J;T?M>?FB?NL;T?LN‚I;FN;L?=IGJ?HM; &
;@8@522>2C6=:?92N?GJLIPI=;>I=?HN?H;M>?=LˆNC=;M?>?=;LN;M
GOCN;M>?F;M
M?HMˆP?CM ? CHN?FCA?HN?M G;M I M?HBIL Z ? H‚I „ ; JLCG?CL; P?T KO? CMMI
;=IHN?=? Z N?G OG D?CNI ?MJ?=C;F >? L?;ACL ;IM G?OM FCPLIM
 M?D; =IHNL; IO ;
@;PILIOH?MN;CHMNH=C;G;CM;FN;IH>?JLM?=IHNL;ML?MIFP?G M??G;FAIG;CM
LC=I ? P;FCIMI
 ? JIL CMMI MO; ;JL?=C;ƒ‚I =IHN; GOCNI J;L; GCG  IGI ?O
CG;ACH;P;
 I M?HBIL F?O & ;@8@ 52 2>2C6=:?92 =IG ; ;NCNO>? PCACF;HN? KO? I
FCPLI J?>? ; M?OM F?CNIL?M ? KO? JIO=IM ;>IN;G
 JICM ;M J?MMI;M F??G
J;MMCP;G?HN?IO
HIG~RCGI
=IG=LCN„LCIM>?G?L;U=LˆNC=;FCN?L~LC;W
;I?MNCFI
>;ML?M?HB;MKO?NILH;GN‚IN?>CIM;M;G;CILC;>?HIMM;ML?PCMN;M
0O;;NCNO>?>C;HN?>?G?OFCPLI@ICDOMN;G?HN?N‚I;NCP;
N‚I?R;MJ?L;>;
N‚I
JIF…GC=;
 KO? H;>; JI>?LC; N?L G? ;F?AL;>I G;CM  &MMI M? HIN; MI<L?NO>I HI
=IG?ƒI >? MO; =;LN;
 KO;H>I G? JL?PCH? MI<L? ; J?ƒ; KO? CMMI KO? I M?HBIL
A?H?LIM;G?HN? =F;MMC@C=; >? U?R=?MMI >? CHN?FCA…H=C;W JI>? G? JL?A;L  6AF:D
=2 AC6>:|C6 A286 ;FDBFv =2 56C?:|C6 ;6 >6 DF:D DFCAC:D v 5:2=@8F6C 2G64 G@FD v
Cy28:Cv>:CC:E6CD@FG6?EP1;HNI%IL;=CI=IGI*IL?FFC
;=L?>CN?
MILLCL;G

@?FCT?M  -ILKO? CMNI


 ? MI<L?NO>I CMNI
 „ I KO? KO?L?G >? M?OM F?CNIL?M OG
>C~FIAI PCIF?HNI
 ?R;MJ?L;>I
 =IG CHMOFNIM
 M? @IL H?=?MM~LCI
 =IG ;GIL
 M?
N;G<„G @IL H?=?MM~LCI
 G;M ?G NI>IM IM =;MIM =IG FC<?L>;>?
 =IG
CH>?J?H>…H=C;
?GOG;FON;@L;N?LH;F?H?=?MM~LC; AIL;
JILMO;P?T
?F?MFB?
L?MJIH>?GjP?L>;>?KO?IBCJ?LCHN?F?=NO;FCMGI>IFCPLIJI>?G?JL?A;LOG;
J?ƒ;
?F?PICMMIGOCNI?G=IHN;?N;FP?TH‚IL?CH=C>;HOH=;G;CMH?F?IOI
JLID?N? ; IONL;M MˆHN?M?M IH>? B;D; G?HIM L?@?L…H=C;M
 =CN;ƒ‘?M
 =IG?HN~LCIM

J;L;JL?@?LCL;MMO<MNH=C;M;IM;=C>?HN?M *;MN;G<„G„P?L>;>?KO?I/CI>;
-L;N; ? ?MJ?=C;FG?HN? O?HIM CL?M Z U=;JCN;F >I G?>IW
 =IGI ; HIG?C;
;FAO„G JIL ;ˆ
 HI FCPLI Z JL?=CM;P;G KO? ;FAO„G FB?M >?CR;MM? =F;LI ;N„ H‚I
JI>?LG;CMIN?LLˆP?FLCM=I>?M?LNIG;>IJILOGJ?>;HN?
OGU=OFNIW
OGL;NI
>?<C<FCIN?=;
OG;G;N?OL ?LO>CNI
M?„KO??MM;MCG<CIM?„JIMMˆP?F P?L>;>?

'?;H
„KO??GG?OJ;ˆMMIGIMGOCNIBCJ=LCN;MH?MM?N?LL?HI 0?GJL?PIOG?
L?=IL>;L>?KO;H>IOG;GCAI;LA?HNCHI=B?AIO;-;LCM
;HIJ;MM;>I
?P?CIG?
P?L >OL;HN? OG; BIL; @;FIO >? N?G;M ;FN;G?HN? CHN?F?=NO;CM NI>I I =CH?G;

NI>IMIMFCPLIM
;G’MC=;
;@CFIMI@C;?;JI?MC;KO?JI>?GM?L>?M@CF;>IM?GOG
>C~FIAI ?HNL? >ICM BIG?HM KO? H‚I M? PC;G B;PC; GOCNI N?GJI ? KO?L?G JŽL
?G>C;NO>IIKO?FB?MCHN?L?MM; !?JICM
KO;M?M?GNL;HMCƒ‚I
;=L?M=?HNIOKO?
;=;<;L;>?F?L&;@8@522>2C6=:?92
?KO??G<IL;NCP?MM?;>IL;>I
;=B;P;KO?
;M =IHP?LM;M >IM J?LMIH;A?HM J?=;P;G J?FI ?R=?MMI >? CHN?F?=NO;FC>;>?  !CMM?
CMMI>?JICM>?N?LJ;MM;>IOG;BIL;=IG?N?H>IIG?MGIJ?=;>I=IGCH@CHCNI
>?F?CN?
?KO;H>I
=IGOGMILLCMI
?OI@CTHIN;LI@;NI
@C=IO=IH@OMI?;=;<IO
L?=IHB?=?H>I KO? MO; =?HMOL; H‚I =;ˆ; GOCNI <?G >?JICM >;KO?F;
>?GIHMNL;ƒ‚I>IKO?M‚IIM;LA?HNCHIM>IHIMMIG?CI BCJI=LCMC;H;>;AL;P?

;FC~M?MN~H?MM;?MJ„=C?>?JO>ILKO?=IHMCMN??GM?LBCJ?L=OFNIHIJF;HIIL;F

G;MN?H>II<IG=OC>;>I>?H‚IF?P;LCMMI;IJF;HI>;?M=LCNOL; '~KO;H>I&D
ACz>:@D @IC JO<FC=;>I
 G? >CMM?L;G KO? IM >C~FIAIM ?L;G ?R;A?L;>;G?HN?
MI@CMNC=;>IM?HI?HN;HNI?MM?M>C~FIAIMM‚I;J?H;MOGL?@F?RI>;KO?F?MKO??O
? G?OM ;GCAIM N?GIM MOMN?HN;>I ;I FIHAI >? NI>; ; PC>;  F;LI KO? I ?LLI
CGJ?L>I~P?F ?MN;LC; ?G @;T?L =IG KO? E@5@D IM J?LMIH;A?HM M? GIMNL;MM?G
CHN?F?=NO;CM
 G;M CMMI ;=BI KO? =IHM?AOC ?PCN;L   *;A; H‚I „ CHN?F?=NO;F
 ?
1;FCN; N;GJIO=I  ,M IONLIM %IL;=CI
 "NC?HH?
 /IH;F>
 M P?T?M 1L;P?F?L M‚I
=IGI G?OM ;GCAIM ? =IGI ?O G?MGI
 A?HN? KO? H‚I N?G P?LAIHB; >?
>?GIHMNL;L=OFNOL;H;G?>C>;?GKO?N?HN;GONCFCT~ F;=IGI;FAIPCPI
?H‚I
=IGIOG;M„LC?>?@C=B;M>?<C<FCIN?=;  IGJL??H>IJ?L@?CN;G?HN?KO?J;L;I
M?HBIL ; CLIHC; >? & ;@8@ 52 2>2C6=:?92 M;NCM@;ƒ; GOCNI G;CM KO? ;M
?MJ?=OF;ƒ‘?MCHN?F?=NO;CM
JILKO?;=IHN?=?;G?MG;=ICM;=IGCAI
?;=BIKO?
=IH=IL>;GIMKO?;M?AOH>;J;LN?>IFCPLI„G;CM>?HM;?M?;JLIRCG;G;CM>I
=?HNLI
 DOMN;G?HN? JILKO? NI>I I ;LNC@ˆ=CI CHN?F?=NO;F @C=IO J;L; NL~M ? M? ?MN~
>C;HN?>?OG;L?;FC>;>?KO?=?>?MO;M=B;P?M;J?H;M;IBOGIL
TIG<;LC;
;
?MM; CGJC?>IM; CLIHC; KO?
 HI @OH>I
 „ I G;CM P;FCIMI KO? HIM L?MN; >?JICM >?
;MMCGCF;LOG;=OFNOL;  IGIP? G?GOCNIKO?IM?HBILN?HB;MC>IN‚IM?HMˆP?F
56D46?E62FI23~>6D>;J;LN?@CH;F>IFCPLI
JILKO?„F~KO??OJOMNO>IIKO?
JIMMOI
?@OC;N„IH>?JI>C;=B?A;LH;KO?F?GIG?HNI "HI?HN;HNIH‚I?MNIO
G? >?@?H>?H>I
 ? MCG <OM=;H>I OG; ?RJFC=;ƒ‚I =B?AO?C ; G? J?LAOHN;L M?
JI>?LC;N?LPCPC>I??HN‚I?M=LCNI?MM;M?AOH>;J;LN?M?G;JL?J;L;ƒ‚IG?HN;F
? GIL;F KO? MOJ‘? ; JLCG?CL;  8X9 IGJL??H>I ? F;G?HNI KO? N?HB;
?R;A?L;>I H; >IM? >? CHN?F?=NO;FCMGI  *;M M? I M?HBIL NCP?MM? G? PCMNI ?
?M=ON;>I?GG?OMJLCG?CLIM;HIM>?-;LCM
=IG;MJ?MMI;MKO?G?LI>?;P;G
?
=IG ; PC>; KO? @;Tˆ;GIM NI>IM -;LCM ?R;MJ?L; NI>;M ;M JIN…H=C;M KO;H>I M?
?HNL; ?G MO; AL;H>? LIM; H?AL; ? IM MOF ;G?LC=;HIM
 MO<>?M?HPIFPC>IM ?
L?MM?HNC>IM ? =IG =IGJF?RIM >? CH@?LCILC>;>? =OFNOL;F
 M?HN?G KO? ;FC JI>?G
N?LOG;?RJ?LC…H=C;FC<?LN;>IL;
?;FAOHMZ3;FF?DI
JIL?R?GJFI
IO-C=;MMI

?MM? MOF ;G?LC=;HI >? *~F;A; Z ; L?;FCT;G  , JI<L? %IL;=CI H‚I P;C GOCNI
G;CM ;F„G >? OG J;FGI >C;HN? >I H;LCT
 JILKO? >?M=IH@C; CH=FOMCP? >;
=IH@C;Hƒ;G;MH;KO?F?GIG?HNIN?HNIO
;CH>;KO?>IFILIM;G?HN?
?H=IHNL;L
M?=IHMCAIG?MGI?G-;LCM 0O;M@?LL;G?HN;M?L;GMI<L?NO>IG?HN;CM
?<?G
KO? ; *;A; L?J;LIO  1O>I I KO? M? M?AOCO ?L; =IHM?KO…H=C; @ILƒIM; >?MM;
M;FP;ƒ‚I J?F; G?N;>?  "G O?HIM CL?M
 %IL;=CI „ G;CM ;ON…HNC=I JILKO? M?
?HNL?AIO ; M?O >?MNCHI  '~ H‚I M? @;F; >? T?H <O>CMGI H?G M? =CN; %?L~=FCNI
)CN?L;LC;G?HN?
 ; MCNO;ƒ‚I „ G;CM HI<L?
 G;CM BOG;H;
 G?HIM J?>;HN?  *;M
=IHNCHOI G? J?LAOHN;H>I M? ; M?AOH>; J;LN? N?LC; ;FAOG M?HNC>I M?G ?MM;
FIHA;
?H@;>IHB;
?R;MJ?L;HN?CHNLI>Oƒ‚IJ;LCMC?HM?
F;LI KO? I M?HBIL ;=?LN; KO;H>I P… ; =OFGCH;ƒ‚I >I FCPLI H?MM; <OM=;
J?MMI;F>?OG46?EC@ &;@8@522>2C6=:?92@ICCG;ACH;>IJILCMMI?J;L;CMMI
NO>I I KO? ?HPIFP? ? GOCN;M P?T?M I=OFN; ?MM; <OM=; FB? „ M?=OH>~LCI  8X9
KO?LI;=L?M=?HN;LKO?IM?HBILH‚IM??HA;H;KO;H>I;=B;KO?I@CG>?@CHCNCPI
>IG?OFCPLI„?MM;N?HN;NCP;>??HN;<OF;L=IHN;NI=IGOGU=?HNLIW &H=FOMCP?„
OG@CG?RJFˆ=CNI?GGOCNIMGIG?HNIM;’HC=;=ICM;KO?JI>?>?MJCMN;L„KO?
IJLJLCI=?HNLI„=IH@OMI
JILKO?%IL;=CIH‚IM;<?
H‚IJI>?M;<?L
IKO?B~
HCMMIKO?>?P?T?GKO;H>I?F?=B;G;>?M?OEC<ONT>I>?M?DI
MO;=IH=CFC;ƒ‚I
’FNCG;  ?42?56D46?467:8y6
=IGIIM?HBILI=B;G;
?„OG;<?F;?RJL?MM‚I
1;G<„G=L?CIKO?IM?HBILN?GL;T‚IKO;H>I;H;FCM;;;NCNO>?;GILIM;>?
,FCP?CL; *;M=F;LIKO?;*;A;H‚I„OG;GOFB?L 2GBIG?GKO?JLI=OL;
HOG;GOFB?LIKO?%IL;=CIJ;L?=?JLI=OL;L;ONIG;NC=;G?HN?;CHPC;<CFCT;
;
>?MNLC =IGI GOFB?L ;M =;N~MNLI@?M @ˆMC=;M ? GIL;CM MO<M?KO?HN?M M‚I OG
;=IHN?=CG?HNI@;N;F?CLL?G?>C~P?F F„G>IG;CM
%IL;=CIM;<?>CMMI
?JILCMMI
M?OM>C~FIAIM=IG;*;A;N…GIN?GJINI>IOG;CLIHC;;G;LA;
OGM;<IL>?
=ICM; GILN;  *;M ;I G?MGI N?GJI
 JIL %IL;=CI M?L OG AL;H>? CH@?FCT Z HI
>OJFIM?HNC>IKO?>;GIMJ;F;PL;H;LA?HNCH;Z
?MN~;J;CRIH;>IJIL?MM;
GOFB?LKO??F?NL;HM@ILGIOHOG@;HN;MG; %IL;=CIOM;;*;A;=IGIM?@IMM?
IONLI CHMNLOG?HNI ?G MO; N?HN;NCP; >? M;FNI HI ;<MIFONI  .O;FKO?L OG KO?
N?HB;NC>I;G?HILL?F;ƒ‚I=IG;MGOFB?L?M?MN~=;HM;>I>?M;<?LKO??MM?„I
’HC=IOMI=IH>?H;>I;I@L;=;MMI;<MIFONI GOFB?LJI>?>?MJ?LN;L?GHMI
M?HNCG?HNI ? ; HIMN;FAC; >I ;<MIFONI
 G;M ;I G?MGI N?GJI HIM L?N„G H;
L?F;NCPC>;>? =IG OG; ?H?LAC; KO;M? @?LIT  -?>CL FB? KO? M;FN? =IHIM=I „
JLIPI=;L;>OJF;=;N~MNLI@? %IL;=CIJ?>?CMMI
;M?OGI>I *;A;L?MJIH>?

N;G<„G;M?OGI>I ,GIHMNLOIMIJ;L;>IRI>I;GIL„KO?
=IGIM?>CTJIL

 „ U>I;>IL >? M?LW
 ?HLCKO?=? IHNIFIAC=;G?HN?
 G;M ;I G?MGI N?GJI
L?=F;G;JILOG9:46E?F?4?H=;LHCƒ;>I
JL?@?L?;?RCMN…H=C;?MM…H=C;

6F>242CE22!62?2C?23y56>2:@56


#C=IL?;FG?HN?@?FCTKO?&;@8@522>2C6=:?92MCAHC@CKO?;FAIJ;L;IM?HBIL

JILKO?
 J;L; GCG
 CMMI „ ; JLIP; >? KO? ?MM; N?HN;NCP; JLI>OTCO @LONIM
 J?FI
G?HIMJ;L=C;FG?HN? -IO=IIOH;>;G?CGJILN;IDOˆTIU=LˆNC=IW?G>O;MIO
NL…M =IFOH;M
 M?D; ?F? @;PIL~P?F IO H?A;NCPI ;FAOG;M =;LN;M >? A?HN? DIP?G

;FAOHMN?MN?GOHBIMCH?MJ?L;>IM?=IGIP?HN?M
?;AIL;?MN;MO;=;LN;
G?J;A;G
=IG DOLIM OG NL;<;FBI >? ;HIM  -?HMI KO? I M?HBIL I =IGJL??H>?L~ GOCNI
<?G
JILKO?HIMMCH;FCTIOOGAL;H>?LOGI=IGM?O5s?X?JILKO?M?G
>’PC>;J;MMIOJIL?RJ?LC…H=C;M;H~FIA;M
*?>CP?LN?J?HM;LKO?%IL;=CI,FCP?CL;
HOG;HICN?KO;FKO?L
M?DOHNIO;I
ALOJI>?JILN?HBIMKO?P;A;GJ?FIMMO<’L<CIM
?KO?IL?=?<?L;G=IGI;OG
;GCAI  *? >CP?LN? ? G? =IGIP? CG;ACH~ FI =IG ?F?M
 ;MMCMNCH>I ;I AFILCIMI
?H=IHNLI >I <;G<; #FIL?M =IG I P;F?HN‚I !C -;MKOI
 M;<IL?;H>I ;N„ ;M
F~ALCG;MIM;J;N?;>I>IG;F ?H=;L;>I/CP?L;H;=;<?ƒ;>?0;GO?F1?MF?L +‚I
„KO;FKO?LOG
;=BI
KO?N?G;MJILN;M;<?LN;MHIP?FLCI>IJCM;>IL>?<;LLI
"O;AL;>?ƒI?GHIG?>?%IL;=CI
?IFBIJILMI<L?M?OIG<LI

6F>242CE22#6@A@=5@$2C6492=
56;F=9@56


"M=L?P?L;G G? >CT?H>I KO? H; ;M; >? F;M G„LC=;M ;=IHN?=?O I KO?
=B;G;G >? U=IHP?LM;NLCIW ?MJ„=C? >? G?M; L?>IH>; MI<L? & ;@8@ 52
2>2C6=:?92 ;N?L;GNI>IMIML?=IL>?M>?J’<FC=I?>??HNOMC;MGI
;N;FJIHNI
KO? P‚I L?J?NCL I ?P?HNI HIM JLRCGIM >C;M  *? ?H=B?O >? ;F?ALC; M;<?L KO?
>O;M>;MJ?MMI;MKO?;JL?M?HN;P;G?=IG?HN;P;GIFCPLI?L;G)?T;G;)CG;?
#?LH~H>?T/?N;G;L 3I=…M;<?KO?
J;L;GCG
)?T;G;„OG>IMGIHOG?HNIM
>I <;LLI=I ;G?LC=;HI KO? ?F? N?HB; AIMN;>I >I G?O FCPLI G? J;L?=? OG;
L?=IGJ?HM;=IGIJIO=;M

6F>242CE22'24@'@CC‡2 56;F=9@56


-;L;L?MJIH>?LMO;=OLCIM;J?LAOHN;>?=?LNIGI>I@OC?OKO?G>?M?HBIO
; ;G;L?FCHB; 8>; =;J; >; ?>Cƒ‚I ILCACH;F9
 G;M ; =ICM; „ G;CM MONCF  -LCG?CLI
J?>C;OG;J?KO?H;=IHB?=C>;ICNI;HIM
NL;H=CHB;M
=IGOG>?HN?@;FN;H>I

=B;G;>; *;LCM;H>L; KO? >?M?HB;MM? OG; ;G;L?FCHB; H; =;Fƒ;>;


 I KO? ?F;
@?T
 ? ?O MO<C HOG; ~LPIL? J;L; @INIAL;@~ F;  *CHB; C>?C; ?L; CGJLCGCL I
>?M?HBI H; =;J;
 G;M ; @INIAL;@C; M;CO >?M@I=;>;
 M?G @ILƒ;  "HN‚I >?=C>C
ONCFCT;L;;G;L?FCHB;>;*;LCM;H>L;=IGIGI>?FI
?;?HNL?AO?C;'OFCI0CFP;

OGJCHNIL;LA?HNCHIKO?>?M?HBIOI=IHDOHNI>;=;J;

6F>242CE22*2C2=24<3FC? 56D6E6>3C@56


*?;F?ALIGOCNI>?KO?IMMO?=IMN?HB;G=IGJL;>I&;@8@522>2C6=:?92
0OJIHBIKO?M?=B;G;L~0*,//"/,!IO;FAI;MMCG ,KO?;=IHN?=?O=IGIM
D;JIH?M?M "G /IG; PC ; ?>Cƒ‚I >? OG >IM LIG;H=?M >? ;FPCHI
 ? ?L; N‚I
<IHCN;KO?G?>?OPIHN;>?>?G?CG;ACH;L?GD;JIH…M

6F>242CE22'24@'@CC‡2 56?@G6>3C@56


+?MM?MG?M?MFCOGGIHN?>?<IHM?MNO>IMMI<L?&;@8@522>2C6=:?92HIM
"2 KO;M? HOH=; ?HN?H>?G ; CHN?Hƒ‚I >I FCPLI
 ? G? ;=OM;G >?
U?OLIJ?CT;HN?W 0O<=IHM=C?HN?G?HN?
IMC;HKO?MKO?LC;GKO?OG;LA?HNCHIIO
OG=BCF?HI@CT?MM?;J?H;MLIG;H=?M=IGA;O=BIM?G;N??MQ??NM?ŒILCN;M *;F
;<LCGIM I >C;@L;AG; ? HIM =?HMOL;G  " 0=INN #CNTA?L;F>
 ? $?LNLO>? 0N?CH
 ?
%?GCHAQ;S
CMMIM?G@;F;L?G%?HLS';G?M
IKO??F?MN?LC;G?M=LCNIM?GMO;
?RJ?LC…H=C;?OLIJ?C;"HNL?N;HNI
H;?MM…H=C;=IHNCHO;GM?H>IJLI@OH>;G?HN?
HILN? ;G?LC=;HIM

6F>242CE225F2C5@!@?BF:|C6D 5628@DE@56


)?P?CKO;NLI;HIMJ;L;?M=L?P?L&;@8@522>2C6=:?92?GM?AOC>;=IG?ƒIO
OG;HI>?=IHNLIF??L?PCM‚I>;P?LM‚I;G?LC=;H;;MMCGKO?N?LGCH?C
=;CO?G
=CG;>?GCG;N;L?@;>?=OC>;L>;P?LM‚I@L;H=?M;
KO?;=;<;>?M;CL?G-;LCM
" KO;H>I ?O ;=B;P; KO? L?=?<?LC; M >? P?T ?G KO;H>I ;FAOG; L?M?HB; IO
=IG?HN~LCI
G?;J;L?=?I=IG?ƒI>;P?LM‚ICN;FC;H;
KO?P;CL?JL?M?HN;LIONLI
;HI >? =IHMOFN;M
 OG P;CP„G >? =;LN;M
 F; JL?AI >C MJC?A;LG? =IG? MC >C=?
U<;<;=; >? G?L>;W CH CN;FC;HI ?N=  *?HIM G;F KO? N?LGCH;G ;KOC IM C>CIG;M
=IHB?=C>IM

6F>242CE22F:==6C>@23C6C2 ?72?E6
56>2Cx@56


'~ FC GOCN;M =?HN?H;M >? J~ACH;M MI<L? & ;@8@ 52 2>2C6=:?92
 ?G NI>IM IM
C>CIG;M KO? MIO =;J;T >? ?HN?H>?L
 ? ; =ICM; J;L?=? ?MN;L FIHA? >? ;=;<;L
 ;
=;>;HIP;NL;>Oƒ‚I=BIP?G;MCHN?LJL?N;ƒ‘?M?;M;H;FIAC;M
6F>242CE22#:52C@??656>6DE@J
@5628@DE@56
 

"OG?F?G<LIGOCNI<?G>?KO??HKO;HNI?M=L?PC;
;L?F;ƒ‚I,FCP?CL; *;A;
J;L;GCG?L;N;G<„G
IN?GJINI>I
OG;L?F;ƒ‚I,FCP?CL; F?CNIL
H‚IJILKO?
?O?M=L?PC;>?FC<?L;>;G?HN?J?HM;H>IHI@ONOLIF?CNIL
?MCGJILKO??MM?F?CNIL
?L;G?O;HN;AIHCMN;ˆHNCGI
=IGI„IM?L;G;>I
?N;G<„GJILKO??RCAC;>?F?
OG;;NCNO>?>?=IHN;NI=LˆNC=I
OG;LL?G?MMI>?JL;NIMH;GCHB;=;<?ƒ;
=IGI
?O IM ?MN;P; ;LL?G?MM;H>I H; =;<?ƒ; >?F? ;=BI KO? H?MM? M?HNC>I =IHM?AOC I
KO?KO?LC;
JILKO?IMJL;NIM=IHNCHO;GPI;H>IH;G„LC=;);NCH;?H;"OLIJ;
OG>C;>?MM?ML?=?<COG;=;LN;>?OG;F?CNIL;JIFIH?M;KO?>? L;=PC;G?
G;H>;OG;MJ~ACH;MKO?M‚I;IG?MGIN?GJIOG;G?HM;A?G>?;GIL?OG;
FIHA;M„LC?>?CHMOFNIM
;M>O;M=ICM;MCAO;FG?HN?>?FC=CIM;M
JILKO?JLIP;G;N„
KO? JIHNI ; NL;>Oƒ‚I JIFIH?M; AO;L>IO IM P;FIL?M KO?
 HI FCPLI
 M‚I IM KO?
=IHN;GJ;L;GCG

6F>242CE22#:52C@??656>6DE@J
5628@DE@56



"OLIJ;
;M?OGI>I
@IC;=I;ONIL;>IMG?OMFCPLIM
MI<L?NO>I>?&;@8@52
2>2C6=:?92
KO?
>CAICMNIM?G;G?HIL@;FM;GI>„MNC;
JŽM>C;HN?>IMIFBIM>?
OG; A?L;ƒ‚I DIP?G ? ;HAOMNC;>; OG; M„LC? >? CHN?LLIA;ƒ‘?M ? OG; M„LC? >?
JIMMˆP?CM ;<?LNOL;M KO? NI=;P;G HI G;CM @OH>I >; JLI<F?G~NC=; ?RCMN?H=C;F
F;NCHI ;G?LC=;H; ? ; NI=;P;G JILKO? ;F„G >? NO>I ?L; OG; JLI<F?G~NC=;
?OLIJ?C; J;L; H‚I >CT?L I=C>?HN;F
 ? ;MMCG ;<;L=; J;ˆM?M =IGI IM "MN;>IM
2HC>IM
IH>?&;@8@522>2C6=:?92=IHNCHO;M?H>IFC>IJ?FIMDIP?HM

6F>242CE22*2‡=*@D?@HD<: 56D6E6>3C@56
 

.O? <IG KO? PI=… G? =IHNIO


 LIGJ?H>I JIL OG CHMN;HN? I =FCG; G;CM
M?P?LI>;MO;CHN?LLIA;ƒ‚I
=IGI=IHB?=?O&;@8@522>2C6=:?92=IGGOCN;M
J?MMI;MN;G<„G;=IHN?=?O;MMCG
=IGˆH@CG;M>C@?L?Hƒ;M
?M?C>CMMI;NL;P„M>;
CH=LˆP?F =ILL?MJIH>…H=C; KO? L?=?<C HIM ;HIM M?AOCHN?M  JO<FC=;ƒ‚I ?L;G
M?GJL?DIP?HM
?GNI>IMIM=;MIM&;@8@522>2C6=:?92IMNCHB;@?CNIM?>?MFI=;L
<LON;FG?HN?
 G? CHDOLC;P;G G? ;G;H>I IO G? ;G;P;G G? CHDOLC;H>I
 ?G
GOCN;M=;LN;M?L;>C@ˆ=CFM;<?LM?IFCPLINCHB;>?MNLOˆ>IM?OF?CNILIOM?IB;PC;
NL;HM@ILG;>I?GIONLIN;FP?TIJIHNIG~RCGIN?HB;MC>I;F=;Hƒ;>IJILOG;
GIƒ; HILN? ;G?LC=;H; KO? G? ?M=L?P?O OG; =;LN; G;L;PCFBIM; =IHN;H>I KO?
M?O;G;HN?;NCHB;;<;H>IH;>I
KO?NCHB;>?T?HIP?;HIM
KO?H‚I=IHM?AOC;
MOJILN;L ?MM; ;OM…H=C; ? KO? ?MN;P; >?=C>C>; ; M? G;N;L H; HICN? ?G KO?
;FAO„G
?GOG;5CF8DE@C6
FB?>?O;?>Cƒ‚I>?<IFMI?GCHAF…M>?&;@8@52
2>2C6=:?92
??F;;F?PIOJ;L;;=;G;M?GM;<?L?R;N;G?HN?JILKO…M?G;H;M
>?JICM ?F; ?MN;P; G? ?M=L?P?H>I
 L?=IH=CFC;>; =IG ; PC>;
 ?HN?H>?H>I
;>GCL;P?FG?HN?=;>;J~ACH;>IFCPLI
>?=C>C>;;L?=IG?ƒ;L?;JLI=OL;L

6F>242CE22#:52C@??656>6DE@J 56@FEF3C@56
 

U2GJIO=I>?CHMJCL;ƒ‚IJ;L;CL;N„I@CG W+ 1 
U"O>IGCHI;?MNLONOL; W+ 1 
"G>?G;LƒI>?
IJL?MC>?HN?;LA?HNCHILNOLI#LIH>CTCMI@L?OOGAIFJ?>?"MN;>I
@LONI>?
OG; ;ƒ‚I =CPCF GCFCN;L  #LIH>CTC M? ?H@L;KO?=?L; >?JICM >; G;DILCN~LC; PCNLC; J?LIHCMN; H;M ?F?Cƒ‘?M >;M
JLIPˆH=C;M>IJ;ˆM + 1 
UjJL?=CMIGO>;L;PC>; W+ 1 
U&HCGCAIˆHNCGI W+ 1 
/?PCMN;M?G;H;F;LA?HNCH;@OH>;>;?G?KO?N?P?MO;’FNCG;?>Cƒ‚I?G + 1 
U'~@;F?C<;MN;HN? W+ 1 
 %„=NIL   *OL?H;  
 ?M=LCNIL ? NL;>ONIL ;LA?HNCHI
 =IF;<IL;>IL >; L?PCMN; *FC
 ?HNL? IONLIM
G?CIM=OFNOL;CM
?>C@OMIL>?J?HM;>IL?M;F?G‚?MH;LA?HNCH; + 1 
?>CNIL;HILN? ;G?LC=;H;-;HNB?IHNCHB;>?=C>C>IJO<FC=;LILIG;H=? + " 
,G;CM@;GIMILIG;H=?>I=O<;HIF?DI ;LJ?HNC?L
F;Hƒ;>I?G + 1 
U!;JLCG?CL;’FNCG;J~ACH;G?J?AO?C@;F;H>I=IGPI=…
L?;ACH>I
G?CLLCN;H>I=IG@L?KO…H=C;XW
+ 1 
U!?M=C>;;I;<CMGI W+ 1 
U&H=;H>?M=…H=C;;JLCMCIH;>; W+ 1 
-?MMI;NLCMN?
M?G;F?ALC;
G;MN;G<„G;FAO„G>?JIO=;MILN? + 1 
UKOC?;AIL;W
?GF;NCG + 1 
5s?F6?@D2JC6D
LIG;H=?>?)?IJIF>I*;L?=B;FJO<FC=;>I?G + 1 
#OH>;ƒ‚I=O<;H;=LC;>;?G
FIAI;JM;/?PIFOƒ‚I
J;L;JLIGIP?LICHN?L=G<CI=OFNOL;F=IG
IONLIMJ;ˆM?M>;G„LC=;);NCH; + 1 
&;@8@562>2C6=:?92

2C@=5@562>A@D

+‚I@;TGOCNI
?G;LNCAIJ;HILGC=IMI<L?ILIG;H=?F;NCHI ;G?LC=;HI>?
?RJL?MM‚I ?MJ;HBIF;
 I <?G CH@ILG;>I MOJF?G?HNI FCN?L~LCI >I +:>6D >?
)IH>L?M;JIHN;P;I;LA?HNCHI'OFCI ILN~T;L=IGIUIG;CIL?M=LCNILMOLAC>IH;
G„LC=; "MJ;HBIF; H; ’FNCG; >„=;>;W ? M?O FCPLI )2JF6=2  =IGI UI
JLCG?CLIAL;H>?LIG;H=?BCMJ;HI ;G?LC=;HIW
.O;H>IFCILIG;H=?;HN?LCIL>? ILN~T;L
#@DAC6>:@D
PCFIAIKO?
?MN;P;>C;HN?>?OG?M=LCNILKO?H‚IM?MOD?CN;P;;I?MN;NONI=IFIHC;F>?M?LOG
MCGJF?M@ILH?=?>IL>?G;N„LC; JLCG;>I?RNC=I
 >INˆJC=I
>; U=ILFI=;FWHI
=IH=?LNI>;KO?F;=:E6C2EFC2F?:G6CD2=KO?*;LR?"HA?FMD~JL?@CAOL;P;G=IGI
OG =ILIF~LCI @ILƒIMI >; ?L; >; =IGOHC=;ƒ‚I ;=?F?L;>;
 G;M MCG >? OG ;ONIL
J;L; I KO;F IM JLI<F?G;M >; N„=HC=; >I ?M=L?P?L ? >I >?MNCHI >; @ILG;
LIG;H?M=; ?G HIMMI N?GJI ?L;G =IACN;ƒ‘?M @OH>;G?HN;CM  1;F =IGI I M?O
G?MNL? ILA?M
 =OD; CH@FO…H=C;
 =IGI L?HIP;>IL >; JLIM; ? ?RJILN;>IL >?
N„=HC=;M
 M? JI>? ?H=IHNL;L ?G ;ONIL?M ?OLIJ?OM N‚I MCAHC@C=;NCPIM =IGI I
@L;H=…M /I<<? $LCFF?N IO I ;F?G‚I LHI 0=BGC>N  1;F =IGI
 ?HNL? HM

$OCG;L‚?M/IM;
KO?MIO<?;MMOGCL
HOG;=CL=OHMNH=C;<L;MCF?CL;
;KOCFIKO?
>?G;CML;>C=;FB~HIF?A;>I>?';G?M'IS=?MO;L?PIFOƒ‚I>;J;F;PL;
jP?L>;>?KO?#@DAC6>:@D„;CH>;OG;I<L;>?JL?J;L;ƒ‚I
=IGGOCNI>?
=IMNOG<LCMGI?GMO;G;L=;ƒ‚I>?J?LMIH;A?HM?M?O>?<ORI>OG;;NGIM@?L;
JILN?HB; *;M;I<L;FIAI?RNL;JIF;>IKO;>LI>IL?;FCMGI=IHP?H=CIH;FJ;L;
;NCHACL OG JF;HI MCG<FC=I
 >? J;L~<IF; ;<MOL>; ? N?H?<LIM;
 =;LL?A;>;
CH=FOMCP?>?CGJFC=;ƒ‘?MMI=C;CM?=IHN?RNO;CM 1I>IOGALOJIB?N?LIA…H?I>?
J?MMI;M?G<;L=;
JILAL;ƒ;>?OGMILN?CI>?FIN?LC;
HOG;PC;A?G JL…GCI
=IG
>?MNCHI>?M=IHB?=C>I +IH;PCI
?MN;<?F?=? M?FIAIOG;?HCAG~NC=;CHN?L>Cƒ‚I
?HNL?IGOH>I>IMJ;MM;A?CLIM>?I=;MC‚I?;IL>?G=IHMNCNOˆ>;I=IG;H>;HN?
? M?OM MO<IL>CH;>IM  JM OG; M„LC? >? J?LCJ„=C;M KO? =OFGCH;G HOG
JLCH=ˆJCI >? CHMOLL?Cƒ‚I
 ; PC;A?G „ =;H=?F;>; ? I H;PCI L?NILH; ;I JILNI >?
O?HIMCL?M
=IGIM?H;>;NCP?MM?;=IHN?=C>I !;N?HN;NCP;>?GINCGL?MOFN;L;
OG J;MM;A?CLI GILNI ? OG NLCJOF;HN? @?LC>I
 G;M IM L?G;H?M=?HN?M M‚I
J?LMO;>C>IM;;=?CN;L;P?LM‚II@C=C;F>?KO?NO>IH‚IJ;MMIO>?OGF;G?HN~P?F
MOLNI >? NC@I  J?M;L >IM JLIN?MNIM >? ;FAOHM L?=;F=CNL;HN?M U?F ALOJI >? FIM
G;F>CNIMW
IUJ;LNC>I>;J;TW
=IG;;JLIP;ƒ‚I>;MM?HBIL;M
=IH=FOCOGJ;=NI
>? MCF…H=CI MI<L? ;M I=ILL…H=C;M =IG I CHMJ?NIL >; !CL?NILC; >? #IG?HNI

L?JL?M?HN;HN? >; IL>?G   =CL=OF;LC>;>? PC=CIM; >IM ?P?HNIM


 >?M>? ; L?OHC‚I
>IM J;MM;A?CLIM JL?GC;>IM HOG =;@„ JILN?HBI
 ;NL;P„M >IM CH=C>?HN?M >;
UPC;A?G KO? H‚I BIOP?W
 ;N„ ;I ;LL?AFI @CH;F ? ;I >?M?G<;LKO? H;M >I=;M
JF;NCH;M
„=IHNL;MN;>;J?F;~ACFGIPCG?HN;ƒ‚I>IM>C~FIAIM
=IGPCPIML?ACMNLIM

JIL P?T?M >?FC<?L;>;G?HN? J;L>C=IM


 >; @;F; >IM J?LMIH;A?HM
 M?AOH>I MO;
?RNL;ƒ‚IMI=C;F?MO;=IH@ILG;ƒ‚IC>?IFAC=; N„;ˆ
JIL„G
I>?M?HPIFPCG?HNI
>;H;LL;NCP;JIO=IN?LC;>?J;LNC=OF;LG?HN?CHIP;>IL
H‚I@IL;;CHN?LP?Hƒ‚I;
?MJ;ƒIM
 ?HNL? IM =;JˆNOFIM G;L=;>IM JIL ;FA;LCMGIM LIG;HIM
 >? ?R=OLMIM ?G
CN~FC=I
 ;MMCH;F;>IM JIL ;FˆH?;M
 IH>? I ;ONIL
 ;NL;P„M >I J?LMIH;A?G -?LMCI

G?>CN;?GFCHAO;A?GIHˆLC=I G?N;@LC=;
>?HˆNC>;P?LN?HN?MOLL?;FCMN;
MI<L?I
;=;MI?I>?MNCHI
N?G;NCT;H>IIJLJLCIDIAI>?;T;LKO?>?OGINCPIPC;A?G
JL…GCI ; MCNO;ƒ‚I >IM J;MM;A?CLIM ?G<;L=;>IM J;L; I =LOT?CLI =ODI LOGI
>?M=IHB?=?G „ =IGJ;L;>;  UJ?L@?CN; >CMJIHC<CFC>;>? >;M J?ƒ;M >? OG
AFKK=6W  I G?MGI N?GJI
 „ MI<L? I LIG;H=? KO? ?F? L?@F?RCIH;
 @;T?H>I
CH=FOMCP?=LˆNC=;M;IL?;FCMGI>?J?H>ILCGCN;NCPIU.O;H>IIMG;OMF?CNIL?M>?
LIG;H=?CHMCHO;G;=IHP?HC…H=C;>;P?LIMMCGCFCNO>?
;MMOG?GM?GL?G„>CI;
;NCNO>?>IC>CIN;KO?
>?JICM>?PCHN?>C;M>?PC;A?G;<IL>I>IP;JIL=2F56
6C?2C5
 J?LAOHN;
 ;JIHN;H>I J;L; ; JLI; U6DEA2C=vBF@?G26?2G2?EW
+?MM?M?HNC>I
#@DAC6>:@D=IG?ƒ;JLIAL;G;NC=;G?HN?=IGOGJ?LMIH;A?G
I
CHN?F?=NO;F ;LFIM)J?T
J?HM;H>IUG;LKO?M;M;COM=CH=I ,H>?>C;<IFC
CMNIWNL;N; M?
„<IGL?=IL>;L
>;=„F?<L?@L;M?=IGKO?3;F„LSM??M=OM;P;>?
?M=L?P?L LIG;H=?M
 CHPI=;>; BID? J?FIM HIPIM LIG;H=CMN;M @L;H=?M?M J;L;
?M=L?P?L;HNCLLIG;H=?MX !?IONLIF;>I
?GHIN;@CH;F
IJLJLCILIG;H=CMN;
?HNL; ?G =?H;
 L?@?LCH>I ?G NIG CLŽHC=I
 >? @C=ƒ‚I <ILAC;H;
 =IGI H;M=?O ?
?PIFOCOM?OFCPLI
?>?M;ONILCT;H>I
G;CMJLIPI=;NCP;>IKO?=IHPCH=?HN?G?HN?

KO;CMKO?L CHN?LJL?N;ƒ‘?M ;F?ALC=;M IO „NC=;M >;KOCFI KO? =B;G; >? G?LIM
UDIAIM>C;F„NC=IM=INC>C;HIMW
>?MJLIPC>IM>?NL;HM=?H>…H=C;
"G)2JF6=2&;@8@562>2C6=:?92
 ILN~T;LL;>C=;FCT;M?OMJLI=?MMIM?M?
F;Hƒ; >? =ILJI CHN?CLI  ;P?HNOL; >I LIG;H=? =IGI CHP?Hƒ‚I >; JLJLC;
?MNLONOL; >I @;<OF;L
 KO? =;L;=N?LCT; ; G;CM =IHM?KO?HN? HIP?FˆMNC=; >? HIMMI
N?GJI  #@D AC6>:@D ?L; >CPC>C>I ?G OG JLFIAI
 OG ?JˆFIAI ? NL…M DILH;>;M
U>C;MW
;MKO;CM@ILG;P;G=IGIKO?IML;CIM>?MM;J?LCJ„=C;=CL=OF;L?GNILHI
>?OG?HNL?=BIKO?N?LGCH;?G=;PCFIM;H?A;ƒ‚I>?MCU?MNL;HBIJL?N?RNI>?
OG; M;A; N;G<„G ?F; =IH@OM; KO? N;FP?T ?G P‚I M? =IHN? IO H‚I M? =IHN?W
AIL;
ILIG;H=CMN;CHN?LP„GH;JLJLC;MCHN;R?>?M?OL;=IHNI
KO?M?JLIJ‘?
@CMC=;G?HN? =IGI I<L; ;<?LN;  M F?:5256D D:?E28>sE:42D ?JCM>CIM M‚I
>CMJIMN;M>?;>?GI>I;=IGJIL?GOGJLCG?CLIFCPLI
>CPC>C>I?G>ICM
=IHDOHNIMU!?FF;>I>?;FF~W
=;JˆNOFIM;U!?FF;>I>?;=~W
=;JˆNOFIM;

 M?AOH>I OG =LCN„LCI KO? >CT L?MJ?CNI M F?:5256D A2C25:8>sE:42D
J?LMIH;A?HM "MN;MM‚IG;HCJOF;>;MJ;L;F?FCMNC=;G?HN?HIJLCG?CLI=IHDOHNI

N?GIMIJ;L>IGCH;HN?,FCP?CL; *;A;
?F?;LA?HNCHI
?F;OLOAO;C;
GIP?H>I M?
HOG=?H~LCI>??RˆFCIPIFOHN~LCI
-;LCMHIM?AOH>I
IG?MGIJ;L„MO<MNCNOˆ>I
JIL 1L;P?F?L ? 1;FCN;
 =IG ; J?LG;H…H=C; >? ,FCP?CL; =IGI OG; ?MJ„=C? >?
C6=2:D ?HNL? ;G<;M ;M >OJF;M
 JICM 1L;P?F?L =ODI HIG? MCAHC@C=; UPC;D;HN?W

HOG;J;L>C;J?F;H?A;ƒ‚I
„OG;?MJ„=C?>?L?NL;NI>?,FCP?CL;M??MN?NCP?MM?
J?LG;H?=C>I?GO?HIMCL?M
;H=IL;>IHI=INC>C;HIJILN?HBI
;ICHP„M>?M?
N?L >?MJ;CM;>I JIL FIHAIM ;HIM ?OLIJ?OM  +OG U1;<F?LI >? !CL?==CHW KO?
;<L?IPIFOG?
I;ONIL;>P?LN?KO?IJLCG?CLIFCPLIM?=IH=FOC=IGI=;JˆNOFI

?KO?IF?CNILJI>?L~>?CR;L>?J;LN?M?GL?GILMIIKO?M?AO? 0?AO?G
MI<
INˆNOFIA?L;FU!?INLIMF;>IMWIOU=;JˆNOFIMJL?M=CH>C<F?MW
?JCM>CIM
KO?
>?P?G M?L FC>IM ?HNL?G?;>;G?HN? =IG IM >?G;CM
 M?AOH>I OG; IL>?G >?
?H=;>?;G?HNI JL?@CR;>; J?FI LIG;H=CMN;  , ?CRI MCHN;AG~NC=I „
 ;MMCG

J?LNOL<;>I JIL OG M?AOH>I LIG;H=? IJN;NCPI


 KO? M? ?H=ILJ; >?HNLI >I
JLCG?CLI
 ?H=;CR;>I HIM M?OM P;TCIM
 =IGI OG; LI>; >?HN;>; ?G IONL;
 ?
I@?L?=?H>IOG;P;LC;HN?;M?O>?M@?=BI /?;FG?HN?
HI=;JˆNOFI
,FCP?CL;

>;D;H?F;>?OGBIMJCN;F>?FIO=IM
?MN~;JIHNI>?M?;NCL;LMI<L?OG;C2JF6=2
>?M?HB;>;;ACTHIJ~NCI
>C;HN?>IMIFB;L?M>IJ;L1L;P?F?L 1;FCN; +I=;JˆNOFI

’FNCGIH;M?AOH>;IL>?G>?F?CNOL;
,FCP?CL;J;L?=?D~N?LMC>I=IHNC>I?G
M?OMJLIJMCNIMMOC=C>;M
??MN~HOGKO;LNI>?BIMJCN;F
=IHP?LM;H>I?GNIG>?
<OLF; =IG 1L;P?F?L
 ? MI< =OC>;>IM G„>C=IM  KOC I ;ONIL JLIJ‘? ;CH>; OG
J?KO?HI =ˆL=OFI PC=CIMI
 JICM I =;JˆNOFI  L?G?N? ;I  Z IH>? ,FCP?CL;
;J;L?=?=IHP;F?M=?H>I
M?GJL?HIG?MGI>C;J;M‚ITIG<?N?CLI
JIL„GD~H‚I
M? M;<? M? ?G MO; =;M;
 M? HI JLJLCI M;H;NLCI Z ? I =;JˆNOFI  >?PIFP? I
F?CNIL ;I   -;L; KO? M? ?HN?H>; ; @OHƒ‚I @;<OF;>IL; >?MM? ;A?H=C;G?HNI
?MNLONOL;F
 „ JL?=CMI KO? M? M;C<; KO?
 HI JLCG?CLI =IHDOHNI >? =;JˆNOFIM  ;

 ,FCP?CL; „ OG CHN?F?=NO;F C2Ey
 PCP?H>I ?G -;LCM H; <OM=; G?N;@ˆMC=; >?
;FAICH>?@CHC>IOGG?N;@LC=I<:3FEK56=56D6@
?MJ„=C?>?J;L;ˆMI>ICG;H?HN?
IOJ;L;>CMˆ;=;L?=IH=CFC;ƒ‚I=IGIGOH>I
=ODIMˆG<IFI„IU=„OW>?M?HB;>I
; ACT
 =IG I KO;F „ L?=IGJ?HM;>I KO?G =OFGCH; I J?L=OLMI >I UDIAI >?
;G;L?FCHB;W  ); *;A; „ MO; ;G;HN?
 M?G =OFNOL; FCPL?M=; G;M NI>; CHMNCHNI

=IGKO?GM??H=IHNL;IO>?M?H=IHNL;;IM;<IL>I;=;MI
?=IG;KO;F;@CH;F
;=;<;LIGJ?H>I
=IGG?>I>?M??HPCMA;LH;LINCH;=INC>C;H;?>?M?@?=B;L;I
U=„OW
$L;;F>?MO;<OM=; GILN?>I<?<…>?);*;A;/I=;G;>IOL
J;L;;
KO;F,FCP?CL;=IH=ILL?JILIGCMM‚I
;MMCH;F;HI=;JˆNOFIG?N;>?PCLNO;F>I
JLCG?CLIFCPLI;LOJNOL;>?MM;OHC‚I
G?HIM>?=CL=OHMNH=C;>IKO?J;L?=C;;
,FCP?CL;
JICM;J?L>;>;*;A;M?L~M?ON?G;;GILIMII<M?>;HN?
>?M>??HN‚I

=IH@OH>CH>I M?=IGI>;<OM=; +IM?AOH>I=IHDOHNI;


1L;P?F?LIO
*;H’ „ I ;GCAI >? DOP?HNO>? >? ,FCP?CL;
 N;G<„G OG CHN?F?=NO;F H‚I
=IHMOG;>I
 KO? H‚I @?T H?HBOG; PC;A?G G;M ?G =IGJ?HM;ƒ‚I GO>IO
M?AOC>;G?HN? >? ?GJL?AI P?GI FI =IGI @OH=CIH~LCI >? OG =CL=I ? ?G
M?AOC>; =IGI ;ORCFC;L >? >CL?ƒ‚I >? OG BIMJCN;F >? FIO=IM  1;FCN;

;<MOL>;G?HN? >CJFIG;>; ?G @;LG~=C;


 „ MO; GOFB?L
 =IGI ?F? >? NCJI
CHN?F?=NO;F *;M„HIJF;HI;GILIMIKO?;G<IM=IHM?AO?G;KO?F?U=C=FIW>?
UC2JF6=2WZ;L?;FCT;ƒ‚IJ?MMI;F
KO?G?MGIH?MN?JF;HI„H?A;>;;,FCP?CL;
!;ˆ ?MN? ’FNCGI JLI=OL;L ?G 1;FCN; ; L??H=;LH;ƒ‚I >; *;A; ? N?HN;L >? =?LN;
G;H?CL;>CMJON~ F;;I;GCAI +I=;JˆNOFI
,FCP?CL;
>?JICM>?OG;?MNL;HB;
=?H; =IG 1;FCN; *;A; HI BIMJCN;F >? FIO=IM IH>? NI>IM NL;<;FB;G Z OG;
N?HN;NCP; >? M?>Oƒ‚I ;GILIM; KO? H‚I M? =IGJF?N; Z
 CG;ACH; OG; PCH>CN;
JIN?H=C;F>I;GCAI
J;L;;MMCG
;JL?N?RNI>?;LG;LOG=IGJFC=;>IMCMN?G;>?
>?@?M;
;HCG;L M?;IJ;MMIKO?FB?J?LGCNCLC;;@CH;FM;CLP?H=?>IL
;CH>;KO?JIL
OG GIG?HNI @OA;T
 HI UDIAI >? ;G;L?FCHB;W I MOC=ˆ>CI
 ’FNCGI F;H=?  "MN?
LIG;H=?H’G?LIN?LGCH;=IGIKO??GDFDA6?D6=CH?G;NIAL~@C=I

"L;;MMCG
;B;LGIHC;>OL;P;CH=LCP?FG?HN?
H‚IB;PC;J;F;PL;MJ;L;L?MJIH>?L<IH>;>?>?MM?M>ICM
;FC?G<;CRI
IFB;H>I I?@;F;H>I FB?>?>?HNLI>;KO;>L;>?;G;L?FCHB;
JICM1;FCN;?MN;P;J;L;>;M?G
>;LJILCMMIH;=;M;
?1L;P?F?LNCHB;OGJ„G?NC>IH;
>?GI>IKO?;’HC=;=ICM;KO?JI>C;@;T?L
?L; GIP?L OG JIO=I ; G‚I >CL?CN; HOG ;=?HI NˆGC>I ? @C=;L IFB;H>I J;L; ; *;A;
 J;L; *;HO

>CT?H>I FB?MKO?;I@CG?;I=;<I;FAOG?H=IHNLIB;PC;
;CH>;KO?H‚IJO>?MM?>OL;LG;CM>IKO?
?MN?CHMN;HN?N?LLCP?FG?HN?>I=??GKO?IG?FBIL
M?GMIG<L;>?>’PC>;
N?LC;MC>ICH=FCH;L M?;J?H;M
J;L;@IL;?>?CR;L M?CL
J;@
;=;<IO M?

,M?AOH>IFCPLI=IHN?MN;?CLIHCT;IJLCG?CLI
NLCPC;FCT;H>IIAsE9@D>?M?O
JIMMˆP?F >?M@?=BI B?LC NL~AC=I
 ;J?H;M ?HNL?PCMNI  *;M H‚I „ M  +?MN? FCPLI
H’G?LI  CHN?LP„G GOCN; =ICM; HIP;
 >?M>? =;JˆNOFIM ;=?MMLCIM KO?
>?M?HPIFP?G I ?HNL?=BI >IM ;HN?LCIL?M
 =IGI ;CH>; G;N?LC;F ;J;L?HN?G?HN?
>?M=IH?=N;>I
 CHNLI>OTC>I HI NI>I JIL OG JLI=?MMI >? 3C:4@=286 JI?G;M

?RNL;NIM >? FCPLIM


 L?=ILN?M >? DILH;CM ?N=   " M? ?M<Iƒ; N;G<„G OG; ?MNLC;
>?HNLI >; ?MNLC; IO >;M ?MNLC;M I P?FBI ?M=LCNIL *IL?FFC KO? ;J;L?=? HI
=;JˆNOFI>IJLCG?CLIFCPLI=IGIOG;HŽHCGI=ODI;NLIJ?F;G?HNI„;MMCMNC>I
=;MO;FG?HN?JIL,FCP?CL;JF;H?D;M?O;HNCLLIG;H=?>??MNLONOL;JLI<;<CFˆMNC=;

@;T?H>IL?@F?R‘?MMI<L?ILIG;H=?UG’MC=;J?L>?G?FI>C;
;JCHNOL;J?L>?
;H?>IN;
 I LIG;H=? J?L>? >?M=LCƒ‚IW U, LIG;H=? KO? HIM CHN?L?MM? H‚I „ I
KO?P;C=IFI=;H>IIMJ?LMIH;A?HM?GMCNO;ƒ‚I
G;MIKO?CHMN;F;;MCNO;ƒ‚IHIM
J?LMIH;A?HMW U*?O FCPLI JI>? M?L FC>I JIL ;FAO„G >; G;H?CL; KO? FB? >…
PIHN;>?  )C<?L #OFAOL;FCM
 @IFB;M GHNC=;M
 ? ;MMCG P;C  , G;CM KO? @;ƒI „
;LLOG~ FI>;G;H?CL;=IGI?OAIMN;LC;>?L?F… FIW 2GJLID?NIG;FF;LG?;HI

=IGI M? P…  , UBILLIL G;FF;LG?;HI @L?HN?  J~ACH; <L;H=;W P?G ;FC~M


?RJL?MM;G?HN?=CN;>IHI=;JˆNOFI
2G; I<M?LP;ƒ‚I ?MJ?=C;F KO;HNI  FCHAO;A?G >? )2JF6=2   G;N„LC;
>C;FIA;>;?IM?R=OLMIMIHˆLC=I G?N;@LC=IM>?#@DAC6>:@D=IHNCHO;G;KOC;N?L
J;J?F >? L?F?PI  0 KO? I N?G; >IM >C~FIAIM „ A?L;FG?HN? GOCNI G;CM
CHN?F?=NO;FCT;>I =IHP?LM;M FCN?L~LC;M
 P?L>;>?CL;M =IHP?LM;M ?HM;CIM
 =IGI JIL
?R?GJFI ;M KO? M? NL;P;G ?HNL? IM ;GCAIM =IMGIJIFCN;M >? ,FCP?CL;
 L?OHC>IM
MI<;MCAF;>? FO<?>;0?LJ?HN?HOG2E6=:6CJ;LCMC?HM? M?RJ?LC…H=C;MF„RC=;M
JLIJLC;G?HN? >CN;M H‚I M‚I @L?KO?HN?M
 G;M ;KOC ? ;FC I=ILL?G
 =IGI HI
=;JˆNOFI 
 CHN?CL;G?HN? ?M=LCNI ?G UAFˆAFC=IW
 =>CAI ;GILIMI CH@;HNCF OM;>I
?HNL? ); *;A; ? ,FCP?CL;   J;L>C; „ OG L?=OLMI G;CM CHMCMN?HN?
 G;H?D;>I
=IG PCAIL HI =;JˆNOFI 
 ;M F?CNOL;M <;H;CM >; *;A; M‚I UJL?M?HNC@C=;>;MW
;NL;P„M >? OG =IHNL;JIHNI
 FCHB; ; FCHB;
 >? OG ?R=?LNI >? LIG;H=?
@IFB?NCH?M=I =IG IM =IG?HN~LCIM >? ,FCP?CL;  -IL P?T?M
 G;CM >I KO? OG
BOGIL >? J;F;PL;
 „ OG BOGIL >? =IHN?RNI
 >? ;OL; >? MCAHC@C=;>IM
 KO?
JL?P;F?=?
 =IGI HI =;JˆNOFI 
 IH>? ,FCP?CL; =IHMIF; OG; JC;HCMN; P?FB; ?
@L;=;MM;>;
N?HN;H>I;=IGOHB‚I=IGIUIONLIW;UIONLC>;>?W
?KO;M?J;MM;
>?JICMJILOGP?R;G?J’<FC=I
>;>;;CGJL?PCMN;L?;ƒ‚I>?MN;IOHI=;JˆNOFI

 KO;H>I OG; L?JOAH;HN? 4=@492C56 JL;NC=; ; 76==2E:@ HI CH?LG? ,FCP?CL;

>CMJIMNI ; >?M=?L ;IM CH@?LHIM >; ;ONIJOHCƒ‚I =IGI I P?FBI %?L~=FCNI


G?LAOFB;>I ;N„ I J?M=IƒI ?G @?T?M J;L; =OL;L M? >? BC>LIJCMC;
 ; @CG >? N?L
;=?MMI ;I M?O UEC<ONT >I >?M?DIW  %OGIL H?ALI ;KOC
 L?>Oƒ‚I ;I ;<MOL>I >I
;<MOL>I=INC>C;HIJ?F;MO;?RJIH?H=C;ƒ‚I
"MN?M ;JIHN;G?HNIM
 FCGCN;>IM J?F; =CL=OHMNH=C; DILH;FˆMNC=;
 HIM GIMNL;G
KO? ?MN;GIM >C;HN? >? OG LIG;H=CMN; L?;FG?HN? =LC;>IL
 I ’HC=I >; G„LC=;
);NCH;>?BID?KO?M?JI>?IG<L?;L=IGIHIMMI$OCG;L‚?M/IM;?G<IL;IM
N?RNIM >? OG ? >? IONLI JIO=I N?HB;G ?G =IGOG
 CMNI J;L; H‚I @;F;LGIM
>?MM? G?MNL? >; JLIM; L?HIP;>; KO? „ I M?R;A?H~LCI ILA?M  " ;KOC I=ILL?
G?H=CIH;L
=IG?H>?L?ƒI;IM…GOFIM=;<I=FIM>I=;G;L;>;'>;HIP
KO?;J?M;L
>?M?OU=IMGIJIFCNCMGIW?>?M?OU@ILG;FCMGIW
;J?M;L>;MPCMˆP?CM?=IH@?MM;M
CH@FO…H=C;M FCN?L~LC;M KO? L?=?<?O >I =IHM?LP;>IL ? UL?;=CIH~LCIW ILA?M
 I
;ONIL >? )2JF6=2 ?MN~
 JIFCNC=;G?HN?
 ?G JIMCƒ‚I IJIMN;  >I ?M=LCNIL >;M
:44:@?6D  0?O UDIAI >? ;G;L?FCHB;W H‚I NL;N; ;J;L?HN?G?HN? >? B?LCM
JIMCNCPIM
 H?G =;HN; IM <IHM M?HNCG?HNIM >I JIPI
 =IGI ?RCACLC; ;FAOG
=;N?=’G?HI>?=B;JCHB;HOG?L;>;H;<INI?CL;
G;M;HN?MM?;<CMG;?GULCIM
G?N;@ˆMC=IMW?HIM>L;G;MG?HN;CM
;FN;G?HN?MI@CMNC=;>IM
>?OGKO;M?MOC=C>;
I<=?=;>I J?F; G;H>;F; <’>C=;
 ? KO?
 ?HNL? IONL;M =ICM;M
 L?=OM; M?  ;ƒ‚I
JIFˆNC=; JL?A;L =;LN;T?M ?G @;PIL >; LA„FC;
 =;JˆNOFI 
 JIL ?HN?H>?L KO?
M?LC; OG; MIFOƒ‚I ?M=;JCMN;
 >? 2=:3:
 J;L; MO; CHKOC?N;ƒ‚I CHN?LCIL  *;M HI
JF;HI BOG;HI
 ILN~T;L „ OG ?M=LCNIL GCFCN;HN?
 G?G<LI >I IHM?FBI >?
/?>;ƒ‚I>;L?PCMN;=O<;H;2D256#2D>yC:42D
?G=ODIH’G?LI 
>?@?H>?N?M?M=IGI?MN;M

IHNL;LC;G?HN?;I?MNL?CNI=LCN„LCI>?GOCNIMKO?=IH@OH>?GFCN?L;NOL;=IGJ?>;AIAC;
FCN?L;NOL;=IG
?HMCHI
FCN?L;NOL;=IG>IONLCH;ƒ‚IC>?IFAC=;
OG?M=LCNILL?PIFO=CIH~LCIN?GNI>II>CL?CNI>?>CLCACL
M?;OGF?CNILGOCNIG;CM=IGJF?RI
GOCNIG;CM?RCA?HN??GG;N„LC;?MJCLCNO;F>IKO?ICG;ACH;GIM
?M=LCNIL?M?IM=LˆNC=IMCGJLIPCM;>IMJ?F;M=CL=OHMNH=C;M?=IHP?H=C>IM>?KO?M?OGOH>IJ?MMI;F„I
’HC=IGOH>I?RCMN?HN?
>?KO?;MJL?I=OJ;ƒ‘?M>IGIG?HNIM‚I;M’HC=;MP~FC>;M
8X9 OC>;>I=IG;@~=CF>?G;AIAC;>??RCACLOG;FCN?L;NOL;;=?MMˆP?F;NI>IIGOH>I*OCNIM>IM
KO? ; ;JIC;G H‚I N…G IONL; L;T‚I J;L; @;T… FI M?H‚I MO; ?PC>?HN? CH=;J;=C>;>? J;L; =IGJL??H>?L
OG; FCN?L;NOL; >? G;CIL ;F=;H=?  F;G;G JIL N?G;M JIJOF;L?M
 M?G MOMJ?CN;L KO? GOCN;M P?T?M I
F?CNIL
JILG;CMMCGJF?MKO?M?D;
>CMNCHAOCL~CHMNCHNCP;G?HN??HNL?OG=IHNIJIJOF;LG;F?M=LCNI?OG
=IHNI G;CM >C@ˆ=CF ? =IGJF?RI
 G;M KO? I I<LCA;L~ ; M;CL JIL OG GIG?HNI >? M?O J?KO?HI GOH>I
=CL=OH>;HN?
?FB?GIMNL;L~IONL;=ICM;
M?D;IKO?@IL
JIL„G>C@?L?HN?
8X90?G>’PC>;
M?LC;CHA…HOI=L?LKO?NI>;AL;H>?I<L;JI>?M?L=IGJL??H>C>;?;>GCL;>;J?F;M
J?MMI;MMCGJF?MH‚I„;MMCG
H?GJI>?M… FI *;M;;>GCL;ƒ‚IKO?JLIPI=;G;MNL;A„>C;MAL?A;MIO;M
>? 0B;E?MJ?;L?
 I CHN?L?MM? ;J;CRIH;>I KO? >?MJ?LN;G GOCNIM =IHNIM ? LIG;H=?M H;>; MCGJF?M ?
;=?MMˆP?CM
>?P?LC;@;T?LMOMJ?CN;L;IMJ;LNC>~LCIM>;G;F>?HIGCH;>;U;LN?JIJOF;LWKO?MO;HIƒ‚I>I
JIPI„J;L=C;F
CHDOMN;?
?G’FNCG;;H~FCM?
J?LCAIM; +‚IM?@;TH?HBOG@;PIL;IJIPIM?FB?JLIJ‘?
OG; FCN?L;NOL; =IGI KO?G ;MMCMN? ; OG @CFG? >? 4@H3@JD  , KO? M? >?P? @;T?L „ ?>O=~ FI
 ? ?MN; „
JLCG;=C;FG?HN?OG;N;L?@;J?>;AAC=;
H‚IFCN?L~LC;

-IMCƒ‚I?GGOCNIMJIHNIMM?G?FB;HN?>?*;C;EPMECHOG;LNCAI>?
U,MIJ?L~LCIM?IM=;GJIH?M?MH‚IPIM=IGJL??H>?GW
?RJL?MM;N;G<„GHI
JI?G;U&H=IGJL??HMˆP?FJ;L;;MG;MM;MW

-O<FC=;>IILCACH;FG?HN?HI@CC6:@52$2?9w
/CI>?';H?CLI
DOF 
;NO;FC>;>?>?&;@8@522>2C6=:?92

!F=:@&CE682

+IGIG?HNI>?@;T?LOG<;F;HƒI
I=IHM?HMIFCN?L~LCID~H‚I;JIHN;J;L;;
L?MCAH;ƒ‚I >;M MI<L;M
 ? MCG J;L; ;M MIG;M >I ?HNOMC;MGI NI>IM =IH=IL>;GIM
?G>;N;LI=IG?ƒI>;CHIP;ƒ‚IH;LL;NCP;>;FˆHAO;?MJ;HBIF;HI;HI>?

=IG;JO<FC=;ƒ‚I>?&;@8@522>2C6=:?92
>?'OFCI ILN~T;L +‚INI;?MM?„
IJLCG?CLIAL;H>?LIG;H=?M?GOG;H;LL;NCP;I<LCA;NLC;;H;LL;NCP;M?>?P?
=LC;NCPC>;>? >? @?FCT?M ;MMI=C;ƒ‘?M
 J?F;M KO;CM MO; JLIM; =CL=OF; =IG HCGI
>C;FAC=I ? JL;T?L P?L<;F JLIJ‘? M? OG; I<L; JIMN?LCIL  I<L;
 L?@;T?H>I IM
L?J?LNLCIM>;MP;HAO;L>;M?>;;NO;FC>;>?KO?KO?MNCIH;G
>?@ILG;N‚I@?MNCP;
KO;HNIJLIAL;G~NC=;
;=LˆNC=;>;ML?JL?M?HN;ƒ‘?MGCG„NC=;M?@;T>;F?CNOL;I
?CRI>IN?GJI;MMI=C;NCPI
=OD;IL;FC>;>?CLŽHC=;>?M=IHMNLC;M;ONILC>;>?M>;
?HOH=C;ƒ‚I  0? I MOD?CNI GI>?LHI M? >?@CH? JIL M?O FOA;L HI ?RˆFCI
 J?F;
L?=LC;ƒ‚I >; ?RJ?LC…H=C; >I ?RˆFCI
 & ;@8@ 52 2>2C6=:?92 „ FC>I BID? =IGI ;
JI„NC=; >I @FORI GCAL;NLCI
 ?HNL? IM >?MN?LLIM @ILƒ;>IM >? >?MFI=;>IM ?
L?@OAC;>IM  +?MM? LIG;H=?
 IM @;F;HN?M ? I JLJLCI LIG;H=? =IGI MOD?CNI >I
DIAI @~OMNC=I ;MMOG?G I >CM=OLMI >I ?RˆFCI
 ?MM? ?MJ;ƒI M?G FCGCN?M KO?
JLIJC=C; OG; FCHAO;A?G CFCGCN;>;  CH>; ?MN~ JIL M? @;T?L ; BCMNLC; >I ?RˆFCI
?G ?MJ;HBIF ; J;LNCL >; J?LMJ?=NCP; >;M @ILG;ƒ‘?M H;=CIH;CM ? ?MN;N;CM KO?

>?M>? I M„=OFI 5&5


 N…G L?J?NC>I OG JLID?NI BIGIA?H?CT;HN?
 KO;M? M?GJL?
<;M?;>IH;?R=FOM‚I?MOMN?HN;>IJ?FI>CHB?CLI ,@FORIMI=C;F>;MGCAL;ƒ‘?M>?
=B?A;>; ? >? M;ˆ>;
 ;MMCG =IGI ; LOJNOL; =OFNOL;F >;M J?LM?AOCƒ‘?M ? >IM
>?MN?LLIM
 BID? NILH; >L;G~NC=; ; MCNO;ƒ‚I >IM >?MFI=;>IM ? GCAL;HN?M
 =IGI
;=IHN?=?O =IG IM ?MJ;HBCM >; $O?LL; CPCF
 ?G ALOJIM <;MN;HN? ?FIKO?HN?M

;CH>; KO? =;L?HN?M >? >CM=OLMI  0‚I >O;M @;=?M >I G?MGI @?HŽG?HI
=IHMNCNONCPI >? HIMM; H;=CIH;FC>;>? =IH@FCNCP; B~ OG; H;ƒ‚I GCAL;HN?
 G;CM
GI>?LH; ? G;CM B?N?LIA…H?; KO? I "MN;>I >CN;NILC;F KO? >?M>? IM ;HIM 
N?G ?RJOFM;>I ; =F;MM? G„>C; CFOMNL;>;  "MM; JM H;=CIH;FC>;>? @?T ;M
;FN?LHH=C;M?IL?P?T;G?HNI>IHIG;>CMGI?G?MJ;HBIF
H‚IMJL?M?LP;H>I;
G?GLC;>;=IGOHC>;>?G;MN;G<„GM??H=;LL?A;H>I>?M?OFOA;LHIGOH>I
?
;NO;FG?HN?
?GOGGOH>IM?GGOH>I
@?CNI>?GOLIM?@LIHN?CL;M
0?H;HIƒ‚I>??RˆFCIB~>ICM?MJ;ƒIMCHN?LJIMNIMZ;KO?F?KO?„>?CR;>IIO
J?L>C>I?;KO?F?KO?M?<OM=;IOM??H=IHNL;Z
H;?RJ?LC…H=C;>I?RˆFCI?H;
H;LL;NCP; KO? >~ =IHN; >?F; B~ IONLI FOA;L I N?LLCNLCI @ILD;>I JIL MO;M
FCHAO;A?HM  "MM? N?LLCNLCI >; FˆHAO;
 FIAI =LOT;>I JIL HIPIM L?ACMNLIM
 „

>?@CHCNCP;G?HN?
 I ?MJ;ƒI KO? & ;@8@ 52 2>2C6=:?92 =;LNIAL;@; ; @CG >?
L?=IHB?=?L H‚I ;M MO;M @LIHN?CL;M
 ? MCG M?OM =?H~LCIM
 G?M=F;M ? JLI=?MMIM  
G?N~@IL; >; ;G;L?FCHB; KO? ?G ;FAOHM J;ˆM?M M? =B;G; UGOH>IW „ OG
?R?L=ˆ=CI=IHNL;;M@LIHN?CL;M ,?RˆFCIM?LC;
JLCG?CLI
?MM?G;J;NL;HM@LIHN?CLCƒI
IH>?M?F…;?M=;F;
IO
;NL;P„M>?G?>C;ƒ‘?M
IH>?M?F??GM?OMMCHNIG;M -;L;
IM ?RCF;>IM ?MJ;HBCM KO? =LOT;P;G I NFHNC=I ?G >CL?ƒ‚I ;I =IHNCH?HN?
;G?LC=;HI
 I BILCTIHN? ?L; OG C>CIG; @;GCFC;L G;M ?F?M >?M=I<LCLC;G
 H;
C>;>?>I*„RC=IIO?GO?HIMCL?M
KO?
;F„G>?IMHIG?MH‚IJI>?L?G
M?LIONLIM
MO;JLJLC;FCHAO;A?GJI>C;;FO>CLMJLIPˆH=C;M>IM;HIM;FC

IH>? M? @;F;P; OG; FˆHAO; L?ACIH;F ? I C>CIG; H;=CIH;F ?L; OG J;>L‚I
=;MN?FB;HI ;<MNL;NI  "MM?M ?RCF;>IM ?MJ;HBCM
 NI>IM ?F?M >? @ILGC>~P?F
?FIKO…H=C;
 @OH>;L;G ; FCHAO;A?G >I ?RˆFCI GI>?LHI MO; P??G…H=C;
 MO;
…H@;M? ? MO;M >?G;H>;M  , ?RCF;>I =IMNOG;P; CFOMNL;L MO; FˆHAO; L?ACIH;F
 ?
?G<IL; M P?T?M ?MM? ;@CH=;L M? HIM J;L?=?MM? OG F?P? ;H;=LIHCMGI
 JI>?GIM
BID? ?HN?H>… FI =IGI OG; L?;@CLG;ƒ‚I >I <?G J?L>C>I  +‚I „ ?MNL;HBI KO?
M?D;;MMCGI?RCF;>I
JILG;CMKO?M?L??MN;<?F?ƒ;
F?P;;G;L=;>;L?HIG?;ƒ‚I
j JLIP~P?F KO? N?HB; MC>I 'ILA? $OCFF„H I JLCG?CLI ; L?MIFP?L I >CF?G; >I
JI?N;>I?RˆFCIH‚I@;F;LL?ACIH;FG?HN?
G;M@;T?L@;F;LIJLJLCIC>CIG;  IG
;>?GI=L;=C;
=IGIML?AL?MMIM
GOCNIM>?F?ML?P?F;LC;GIM>?M;DOMN?M?GOG;
"MJ;HB; KO? ?RCAC; ;NO;FCT;L M?
 ?F?M >;P;G G?GLC;  ;NO;FC>;>?  -IL OG
GIG?HNI
 ; L;=CIH;FC>;>? >I HIPI "MN;>I J;L?=C; OG; @ILG; >? DOMNCƒ;
JI„NC=;
 ? ; FIHA; L?J;L;ƒ‚I A?L;>; J?FI ?RˆFCI L?JO<FC=;HI M? =OGJLC; ;I
L?=I<L;L MO;M @CAOL;M ? PIT?M H; =OFNOL; >; NL;HMCƒ‚I ?MJ;HBIF;  "G<IL;
ILN~T;L
 N;HNI KO;HNI M?O ,FCP?CL;
 N?HB; MC>I OG ?RCF;>I JIL PI=;ƒ‚I
 KO?
NL;HM@ILGIO I G?L=;>I >? JOFA;M =OFNCP;>I J?FI MOLL?;FCMGI ?G OG ?MJ;ƒI
G;CM;GJFI?=;MO;F
MO;FˆHAO;>I?RˆFCIMIG;P~LC;ML?AL;M
CH=FOMCP?;FCN?L;F

>? -?LC=I
 I ?MJ;HBIF >I ALOJI  M JIFˆNC=;M >; G?GLC;
 HI ?HN;HNI
 ; NI>I
GIG?HNIM‚I;MM?>C;>;MJ?F;MJIFˆNC=;M>I?MKO?=CG?HNI "LH?MN/?H;H;F?LN;L;
KO? ; H;ƒ‚I M? =IHMNCNOC AL;ƒ;M ; MO;M G?GLC;M
 G;M N;G<„G ; M?OM
?MKO?=CG?HNIMMKO?
=IGIM;<?GIM
B~?MKO?=CG?HNIMKO?=OMN;GIJL?ƒI
>; G?GLC;  MCAHC@C=;ƒ‚I =LˆNC=; >? 6> 2?@D 56 D@=:5w@ „ ; M?AOCHN? M? ;
FCHAO;A?G @IL ?MKO?=C>;
 H‚I „ I J;MM;>I KO? M? J?L>?
 ? MCG I JL?M?HN?

NL;HM@ILG;>I ?G OG ?MN;>I >? <?G ?MN;L <IPCHI  & ;@8@ 52 2>2C6=:?92 FON;
DOMN;G?HN?J;L;HIG?;LIJL?M?HN?
J;L;KO??F?M?>?GIL?
, =;MN?FB;HI ?L; ; FˆHAO; L?ACIH;F >IM FCPLIM >; $?L;ƒ‚I >? 
 KO?
HCHAO„G G;CM @;F;P;  +; ?N;J; @CH;F >I @L;HKOCMGI
 'O;H $ISNCMIFI >CMM? KO?
?G *;>LC ;N„ IM GINILCMN;M >? N~RC @;F;P;G =IGI 2H;GOHI  +I ?HN;HNI
 I
G?GIL~P?FLIG;H=?=!2C2>2
>?/;@;?F0~H=B?T#?LFIMCI
JLIJOHB;
I =;MN?FB;HI G;>LCF?HBI =IGI OG >C~FIAI A?L;>I J?F;M FˆHAO;M L?ACIH;CM >;
J?HˆHMOF; 0O;G;AHˆ@C=;MˆHN?M?H‚I„OGG;J;
„OG;=?F?<L;ƒ‚I>IJL?M?HN?
?M=LCN; ?G ?MJ;HBIF JF?HI   GCAL;ƒ‚I CHN?LH; >IM C>CIG;M >; "MJ;HB;
=IH@FOˆ;
 H?MM? LIG;H=?
 =IGI OG >C~FIAI =;MN?FB;HI JIFC@ŽHC=I
 L?JF?NI >?
PIT?M L?ACIH;CM  %ID? 0~H=B?T #?LFIMCI N?LC; KO? CH=FOCL N?LGIM ? J;F;PL;M
?KO;NILC;HIM
=IFIG<C;HIM
J?LO;HIM?G;LLIKOCHIM !?M>?/;GH*;Lˆ;>?F
3;FF? &H=F~H
 N;FP?T
 KO? ; FˆHAO; =;MN?FB;H; H‚I ?L; OG J;F=I >; PC>; MI=C;F
?MJ;HBIF;  0?G >CT?L KO? ?G +:C2?@ 2?56C2D  IM J?LMIH;A?HM @;F;G
OG;FˆHAO;;G?LC=;H;
UNLIJC=;FW
@ILD;>;J?FI;ONIL=IGIOGG;J;JIFˆNC=I>;
G„LC=; );NCH;  FAOHM JI?N;M =IGI ';CG? $CF >? C?>G;
 'IM„ dHA?F
3;F?HN? ? dHA?F $IHT~F?T IJN;L;G J?F;M @ILG;M >I =IFKOCI J?H?CL;>I J?FI
>C~FIAICHN?LCIL=IGIONLIMC>CIG;M
<OM=;H>INILH;L>CTˆP?FOG?MJ;HBIFG;CM
P?L>;>?CLI
=OD;MˆHN?M?>?@;F;?GJˆLC=;?CHN?FCA…H=C;GOH>;H;@?T>IJI?G;
OG ?MJ;ƒI P?L<;F M?G L;ˆT?M =IGI M? I ?MJ;HBIF G;CM F’=C>I @IMM? =;J;T >?
CHP?HN;L OG; "MJ;HB; G?HIM >IG„MNC=; ? G;CM =IGOHC=;NCP;  +I N?LLCNLCI
FCHAOˆMNC=I >I ?RˆFCI
 ; NL;>Oƒ‚I @IC OG; ?H=LOTCFB;>; >?@CHCNCP;
 N;HNI J;L; IM
?RCF;>IML?JO<FC=;HIMH; C>;>?>I*„RC=I??GO?HIMCL?M=IGI
>?JICM

J;L;IMBCMJ;HI ;G?LC=;HIM?G*;>LCIO;L=?FIH;
,MF;NCHI ;G?LC=;HIMKO?HIM;HIM?MN;P;G?G;L=?FIH;NL;<;FB;H>I
=IG NL;>Oƒ‚I Z ?O CH=FOˆ>I Z >?J;L;L;G =IG I >CF?G; J?LJ„NOI >?MM?
C>CIG; KO;F HILG; ?MJ;HBIF; OM;L H; NL;>Oƒ‚I >? >C~FIAIM  +‚I J;L?=C;
;JLIJLC;>I@;T?LOMI>;FˆHAO;L?ACIH;F>;=C>;>?>?ILCA?G>?=;>;OG>?HM

G;M N;GJIO=I B;PC; OG UJ;>L‚I H;=CIH;FW


 IO M?D;
 OG ?MJ;HBIF KO? M?
JO>?MM? ;=?CN;L =IGI =IGOG ? G„>CI  =;<~P;GIM NL;>OTCH>I J;L; OG
?MJ;HBIF KO? HCHAO„G @;F;P;
 JLIP;P?FG?HN?  1L;>OTCL N?;NLI
 >;>; MO;
IL;FC>;>?
 ?L; =IHMNLOCL OG; =?H; KO;M? D;L>C?FJIH=?F?M=; IM J?LMIH;A?HM
@;F;P;G>?G;CM?OM;P;GHILG;MFCHAOˆMNC=;MP;LC;>;M  IGINL;>OTCL
>?@;NI

KO;FKO?LFˆHAO;=IFIKOC;F;I?H@~NC=IP?LH~=OFIG;>LCF?HBI>??HN‚I ILN~T;L
L?F?G<LIO=IGBOGIL;MNL;>Oƒ‘?M>IMFCPLIM>?HIMM;;>IF?M=…H=C;
LIG;H=?M
>? 3?LH? IO !OG;M
 HIM KO;CM IM J?LMIH;A?HM MIFN;P;G ; NILNI ? ; >CL?CNI
J;F;PL;M =IGI U?PI„W
 A2C5:6K
 UG@E@ 2 3C}@DW  )?G<LI G? >? KO?
 ?G OG;
NL;>Oƒ‚I >I CHAF…M H; KO;F N?HN?C ;FAI =IGI UC6D F?2 4F2=BF:6C2W
 I =ILL?NIL
>??MNCFIJL?@?LCOUC6DF?28@=7256EC6DA@C>65:@W  IHN; M?JIL;ˆKO?OG;
P?TI=?HMILMOA?LCO;3;LA;M)FIM;KO?
?GOG>?M?OMLIG;H=?M
?GP?T>?
>CT?L KO? >?N?LGCH;>I A?H?L;F J;L?=C; UOG; <;F?C;W
 I KO? ?L; CHMOFN;HN?

>CMM?MM?KO?J;L?=C;UOG=;=B;FIN?WX,M;HIM>?>CN;>OL;NCHB;GM?J;L;>I;
FCHAO;A?G J’<FC=; >; FCHAO;A?G JLCP;>;
 ; ?M=LCN; >; @;F; ? ?L; DOMN;G?HN? I
JLI=?MMI>?;GJFC;LIL?ACMNLIIL;F>;?M=LCN;KO?>;P;=IHN;>;MNL;HM@ILG;ƒ‘?M
MI=C;CM ? >;M HIP;M >?FCGCN;ƒ‘?M JIFˆNC=;M   G?FBIL FCN?L;NOL; ?MJ;HBIF; >I
=IG?ƒI >IM ;HIM  J?LG;H?=C; ;FB?C; M HILG;M =IFIKOC;CM IO @;TC; >I
=IFIKOC;F ;FAI M?O >? @ILG; ?MNCFCT;HN?
 M P?T?M ?G J;MNC=B?M >? =IL FI=;F
JIJOFCMN;
JLIP;P?FG?HN?M?AOCH>I ;GCFI'IM„ ?F;
, @;NI „ KO? HIM @;FN; @ILGOF;L OG; BCMNLC; =OFNOL;F >I =IFKOCI
 >;
CHN?LFI=Oƒ‚I ? >I >C~FIAI >;M ;FN?LHH=C;M >I @;F;HN? ? >I IOPCHN? H;
=IGOHC=;ƒ‚I=IGI>C;AL;G;MI=C;FBCMNLC;KO?L?P?F;LC;
?GHIMMIMJ;ˆM?M
;
KO;FC>;>?>;=C>;>;HC;=IGI@ILG;>?H;=CIH;FC>;>? +I-?LO
JIL?R?GJFI

IM LIG;H=?M >? 'IM„ *;Lˆ; LAO?>;M


 HIM KO;CM OG BIG?G H‚I JI>? @;F;L
FCPL?G?HN?=IGIONLIJILKO?;=IGOHC=;ƒ‚IP?LNC=;F„M?GJL?OG;?MJIFC;ƒ‚I
>; @;F;
 ?MM; KO;FC>;>? „ OG A…H?LI >? G~ =IHM=C…H=C;
 ? ?MM; @ILG; =CH>C>;
L?P?F;;=IGJFC=;>;>CPCM‚I>;H;ƒ‚I +IMFCPLIM>?*;LCI3;LA;M)FIM;
;@;F;„
OG; ;ONI>?A?H?L;ƒ‚I
 ? IM @;F;HN?M M? MOC=C>;G GIL;FG?HN? H?A;H>I ; MC
G?MGIM
 L?J?NC>;M P?T?M
 MO; BOG;HC>;>?  +;M I<L;M >? F@L?>I LS=?
"=B?HCKO?
IG;F ?MN;L>;L?=OM;H;=CIH;F>I,ONLI„?RIL=CT;>IJILG?CI>I
BOGIL
 ;FCPC;>I ?G OG; MI=C;<CFC>;>? CLŽHC=;
 N;FP?T ;N„ BCMNLCŽHC=;
 ?
=OFGCH;H>I H; =?F?<L;ƒ‚I >? ?R=?MMIM >I >C~FIAI ? HI KO?MNCIH;G?HNI >;
;ONILC>;>? >I GIHFIAI  #IL;G JIO=;M ;M L?@ON;ƒ‘?M N‚I L;>C=;CM >IM JI>?L?M
KO? L?AOF;G?HN;G ; =IGOHC=;ƒ‚I >; /?NLC=;  &HN?LH?N
 >I LKOCPI 
!IONLCH; =IGI ?MM?M @;OMNIM >; >CAL?MM‚I  #;T?H>I MO; ; FCƒ‚I >? 'OFCI
ILN~T;LZ;JLIJLC;LNI>;M;MFˆHAO;MHI?MJ;ƒIHŽG;>?>?F;G?MG;Z
LS=?
"=B?HCKO? A6CF2?:K@F ; @;F; ?MJ;HBIF; >I ?RˆFCI
 >;H>I  =OFNOL; >;
NL;HMOGH=C; F;NCHI ;G?LC=;H; ; CHNCGC>;>? >? OG; BCMNLC; >? <;L  +I
JLCH=ˆJCI>?NO>I
 ;LFIM#O?HN?M;NLC<OCO;&;@8@522>2C6=:?92ICHˆ=CI>?
OG;FC<?L>;>?
>?OGHIPIMIJLI
KO?CGJOFMCIHIOIMH;LL;>IL?M?G?LA?HN?M;
CL G;CM ;F„G >? MO; FˆHAO; FI=;F  'O;H $ISNCMIFI @IC IONLI H;LL;>IL ;HCG;>I
J?F; CH@ILG;FC>;>? =ILN;T;LC;H; ?G =;>; LIG;H=?
 >?M>I<LIO OG HIPI
MCMN?G;
<OM=;H>IOG;@FOC>?TN‚IFCPL?KO;HNI=LˆNC=; +?MM?G?MGI?MJ;ƒI>?
CHIP;ƒ‘?M
 'OFC~H /ˆIM
 "HLCKO? 3CF; *;N;M
 *;LCI )?PL?LI
 !C;G?F; "FNCN

$IHT;FI ?FILCI
HNIHCI)J?T,LN?A;
#?LH;H>IGJO?LI
/I>LCAI#L?M~H?
;LG?H IOFFIM; JLIFIHA;G ? >CP?LMC@C=;G ;M NL;G;M A?L;>IL;M >? @ILG;
;<?LN;
N;CMKO;CM;MPIT?M>?OG=IFKOCIKO?H‚I=?MM;>??H=;LH;L;MPIT?M>?
OGN?GJI
?G?MJ;HBIF
G;CMHIMMI
MFˆHAO;M>I?RˆFCIM‚IOG?MJ;HBIF>?J;MM;A?G
>CMJON;>IJ?F;>CM=L>C;
>;BCMNLC;?J?FI@L;NLC=ˆ>CI>;JIFˆNC=; 1L;T
JILCMMI
M?OP;FIL>?GI?>;HIP;
>?OGF;>I
L?G?N?J?L>;
;?MM?<;CRIP;FIL>?=G<CIKO?;MI=C?>;>?>I
<?G ?MN;L =IH=?>? ;I GCAL;HN? JIL IONLI
 ;@CLG; M?O P;FIL G;CIL
 ; LCKO?T;
=OFNOL;F>?OG;=IGOHC>;>?@ILD;>;H;CLIHC;?H;GCMNOL; 
,MOD?CNI>?&;@8@522>2C6=:?92D~H‚I„I;LNCMN;?GJIMM?>?MO;;LN?
?
MCG I ;LNCMN; >I ?RˆFCI
 KO? ?M=ON; ;M PIT?M GCAL;HN?M =OD; MI<L?PCP…H=C; M?
NL;HM@ILG;?GMI<L?PC>;J?L>?OM?OFOA;L>?J?LN?Hƒ;
G;M=IHMNLCM?O?MJ;ƒI
>?;@CFC;ƒ‚I "G?MGIM?;PIFN;;IM?OJ;ˆMM?NILH;G;CM>C@ˆ=CF
H‚I>?CR;>?
<LCA;L JIL MO; BCMNLC; H?G >? =IH@LIHN;L MO; JIFˆNC=;   =OFNOL; >I ?RˆFCI M?
L?=IH@CAOLIO ?G OG; =IHM=C…H=C; >I HIPI CHN?LH;=CIH;FCMGI
 ;KO?F? KO? M?
MOMN?HN;H‚IHIJI>?L>IM"MN;>IM
?MCGHIM>CL?CNIM=CPCM +‚INI;IGCAL;HN?
„IJLCG?CLIB;<CN;HN?>IM„=OFI55&
M„=OFI;IKO;F?F?M?IJ‘?JIHNO;FG?HN?;
J;LNCL>?M?ON?GJI?M=;MMI?JL?=~LCI
0? HI M„=OFI 5&5 I ?M=LCNIL JILNI LCKO?HBI "OA?HCI >? %IMNIM IOPCO J?F;M
LO;M HINOLH;M >? *;>LC I MIG MIFCN~LCI >? M?OM J;MMIM =IGI OG MCH;F >? MO;
?MNL;HB?T;
 HI M„=OFI 55 I =BCF?HI #?>?LC=I 0=BIJ@ M? P… =IGI IONLI ;I
=;GCHB;LJ?F;MLO;M>??LFCGU-;L?=C; FB?KO?;MLO;MGO>;P;G>?HIG?N‚I
FIAI ?F? ;M ;<;H>IH;P;W  , JLCG?CLI J?L=?<? ;M MˆF;<;M >? OG; FCHAO;A?G
@;HN;MG~NC=;IM?AOH>I>?;G<OF;=IGIOG@;HN;MG;
?HNL?HIG?MJ?L>C>IM?
H; >CL?ƒ‚I =IHNL~LC;  *;M @IL;G JIO=IM IM KO?
 =IGI F?D;H>LI /IMMC

=IHMNLOˆL;G OG ?MJ;ƒI >? ?RˆFCI JM @LIHN?CLCƒI  "G M?OM =IHNIM H‚I ?MN‚I
L?JL?M?HN;>;M=C>;>?MH?GJ;ˆM?MF;NCHI ;G?LC=;HIM
?MCG;FAI;HN?LCIL?G;CM
ˆHNCGI;ML?AC‘?M=IGIFOA;L?M>;G?GLC;
KO?M‚I?MJ;ƒIM>?@;F;
>;IL>?G
>; @~<OF;  -IL CMMI
 H?MM?M =IHNIM
 =IGI N;G<„G ?G M?OM ?HM;CIM ? =LŽHC=;M

/IMMC >?O FB?M OG; @ILG; CHN?LCIL ;I HIG;>CMGI N‚I HIMMI ; FCHAO;A?G „ I
P?L>;>?CLI N?LL?HI ;G<OF;HN? ? M?O G;J; M? ?MN?H>? ?HNL? NL;D?NIM >?
;MMIG<LI 
 ;LN? GI>?LH;
 =IGI >CMM? ">Q;L> 0;C>
 C>?HNC@C=; M? =IG I ?RˆFCI Z
U$@56C?.6DE6C?4F=EFC6:D:?=2C86A2CEE96H@C<@76I:=6Dy>:8CyDC67F866DW?
;I<L;>?'IS=?„=IG=?LN?T;;KO?G?FBILCFOMNL;;C>?C;
?;>?+;<IEIPMO;
G?FBIL J;L>C;  3;F? F?G<L;L KO? I >?MFI=;G?HNI H‚I M? NL;>OT M?GJL? ?G
>?M;AL?A;ƒ‚I ? KO? OG G;J; >I ?RˆFCI JL?MMOJ‘? N;G<„G JLCH=ˆJCIM >?
;LNC=OF;ƒ‚I  , G?FBIL ?R?GJFI =IHNCHO; M?H>I I >? !;HN?
 =ODI 6 GF=82C:
6=@BF6?E:2 @;T >I ?RˆFCI OG; ;F?AILC; H‚I ;J?H;M >; KO?>; ? >; J?L?ALCH;ƒ‚I

G;M N;G<„G >; JIFˆNC=;


 JILKO? I HIG;>CMGI >I JI?N; CFOMNL; ; >CMJ?LM‚I
A?IJIFˆNC=;
 ? ; FˆHAO; P?LH~=OF; M? NL;HM@ILG; HI ?MJ;ƒI NL;HM=?H>?HN?  
FˆHAO; L?=OJ?L; I N?LLCNLCI ;GJFC;>I
 G;M N;G<„G I GI>?F;
 HOG HˆP?F
CHN?LG?>C~LCI
G;CM;F„G>;MFI=;FC>;>?M
"G MO;M E:>@=@8:2D
 ;HN?=CJ;H>I ;M =;N?AILC;M >; @OH>;ƒ‚I ?MJ;HBIF;

&MC>ILI>?0?PCFB;?HOH=C;L;KO?I?RˆFCI„=IGJIMNIN;HNI>;?RJOFM‚I=IGI
>I L?AL?MMI Uj =B;G;>I ?RCF;>I ;KO?F? KO? ?MN~ 6IEC2 D@=F>
 @IL; >? MO;
JLJLC;N?LL; MMCGN;G<„GM‚I=B;G;>IM;KO?F?MKO?PIFN;G>I?MJ;ƒI6IEC2
D@=F> J;L; L?;MMOGCL M?OM >?P?L?M >? =C>;>‚IW  , :44:@?2C:@ 6E:>@=‚8:4@
=2E:?@6DA2@=
>?0;HNC;AI0?AOL;*OHAOˆ;
?RJFC=;KO?IN?LGI6I:=:@;J;L?=?
;N„ 
G;MKO?„UL;LI;N„WM?OOMIP?G>I@L;H=…M?G=;MN?FB;HI
NˆHB;GIM  G‚I I N?LGI 56DE6CC@
 >? F;LA; CFOMNL;ƒ‚I  IEC2?;6C@ 8?MNL;HA?CLI9

KO?CGJFC=;6IEC2@8?MNL;HBI9
N;G<„GHIM=B?A;PC;@L;H=…M
>?M>?IM„=OFI
5&3
 ?G<IL; 6IEC2?;6C}2 8?MNL;H?C>;>?9 M?D; >I M„=OFI 53&&  +; #L;Hƒ; IH>?

U@L;H=…MWKO?LC;>CT?LU=;NFC=I
;JIMNFC=I?LIG;HIW
;HIƒ‚I>?U?MNL;HA?CLIW
„OGF?A;FCMGIKO?M?LPC;;IMDO>?OM?JLIN?MN;HN?MLC=IM>;FM~=C;G;MH‚IM
H; #L;Hƒ; ; >?@CHCƒ‚I >? ?MNL;HA?CLIM >?FCGCN; ; C>?HNC>;>? H;=CIH;F  +?MM?
M?HNC>I
;?R=FOM‚I>IMCGCAL;HN?M
L?=IHB?=C>IM=IGIUCF?A;CMW
JIO=IG?HIM
KO? UCHP;MIL?MW
 ? M P?T?M CH=FOMCP? U>?FCHKO?HN?MW
 „ OG; CH=OF=;>; JIFˆNC=;
?MN;N;F  , G?MGI I=ILL? BID? HIM "MN;>IM 2HC>IM
 IH>? ; GCAL;ƒ‚I N?G MC>I
=LCGCH;FCT;>;   CGCAL;ƒ‚I A?L; H?OLIM?M >?@?HMCP;M
 KO?
 JIL MO; P?T
 ;<L?G
?MJ;ƒI;JL?=IH=?CNIM??MN?L?NCJIM
>CIM?PCIF…H=C; J;L;HIC;>IL;=CMGI„
OG;?H@?LGC>;>?>I=ILJIH;=CIH;F ,MCGCAL;HN?M;J;L?=?G=IGIIJ?M;>?FI
KO?OMOLJ;
=IGM?O?R=?MMI>?L?;FC>;>?
IBILCTIHN?>I<?G ?MN;L MF?CM>?
?MNL;H?C>;>? IO >? CGCAL;ƒ‚I M‚I ; <I; =IHM=C…H=C; >?MM; A2I 2>6C:42?2
 IO
CH=FOMCP? 9:DA2?6?D6 G;M I J?LCAI „ I ;ONCMGI =OFNOL;F
 ? ;N„ G?MGI ;
?H>IA;GC;L?ACIH;F
& ;@8@ 52 2>2C6=:?92 ;HN?=CJ;L; I >L;G; >; H;LL;NCP; >I ?RˆFCI
 MO;
=IH=?CNO;ƒ‚I -LIP;P?FG?HN?J?>? M?I?M@ILƒIN?LC=I>?OG;HIP;@I=;FCT;ƒ‚I
J;L; ;MMCG L?;JL?M?HN~ FI H‚I =IGI OG; @L?HN? BIGIA…H?; ? @;N;F

G?=;HC=;G?HN? MO<G?NC>;  PCIF…H=C; ?MNLONOL;F >I MCMN?G; >IGCH;HN?


 ? MCG
J;L;=IH=?<… FI?GMO;H;NOL?T;JLI=?MMO;F
@FOC>;?GON~P?F
KO?H‚I;J?H;M
=IHNL;>CT?J‘??GR?KO?;FAC=;>I"MN;>I H;ƒ‚I
=IGIN;G<„GM?>?MFI=;

CH>?N?LGCH;>;?>CHGC=;
?HNL?;M@LIHN?CL;M>;=C>;>;HC;?>;H;=CIH;FC>;>?

@ILD;H>I M?O JLJLCI G;J; ;FN?LH;NCPI


 =IGJIMNI >? ?MNL;N„AC;M H‚I
N?LLCNILC;FCT;>;M +‚I„JIL;=;MIKO?&;@8@522>2C6=:?92H;M=?>?OGMIHBI
ILN~T;LMIHBIOKO?;<LC;OG;D;H?F;KO?>;P;J;L;OG;;P?HC>;>?O?HIM
CL?M
?G<IL;M?O;J;LN;G?HNI@C=;MM??G-;LCM "MJ;ƒIM>OJFIM?>?M>I<L;>IM

FIHAˆHKOIM ? MIG;>IM ?G IONLI ?MJ;ƒI


 I >; J?LG;H?HN? U;G;L?FCHB;W
LIG;H=?>IDIAI=IGI=;GCHBIFCPL?J;L;OG;P?L>;>?M?GJL?ƒI
"G<IL; ; J?L>; >; ;OL; JI„NC=; N?HB; @?CNI ?HD;GCH ;=L?>CN;L KO? ;
G?L=;>ILC; @IMM? ; HIP; @ILG; >; MO<D?NCPC>;>? OL<;H;
 IM CGCAL;HN?M KO?
M?LPCL;G>?GI>?FIM;*;H?N?;-C=;MMI>?GIHMNL;P;GKO?IMOD?CNIHŽG;>?
B;<CN;P; ;M G;LA?HM  3;FF?DI ?HR?LAIO CMMI  <?CL; >I 0?H; UA2C25@ 6? F?2
A:65C256D@4FA25@2DEC@D@6DA6=FK?2?E6W 
"G MO;M G?GLC;M
 $;<LC?F $;L=ˆ; *~LKO?T L?=IL>; I UJLIAL;G;
DILH;FˆMNC=I >I JLI@?MMIL 'IM„ -„L?T !IG„H?=B
 KO? =IHNCHO;P; ; >;L HINˆ=C;M
>;$O?LL; CPCF"MJ;HBIF;>IT?;HIM>?JICM>?N… F;J?L>C>IW =IHM=C…H=C;
>;>?LLIN;@ICIONL;FCƒ‚IJIFˆNC=;KO?IM?MJ;HBCML?JO<FC=;HIM=IHMNLOˆL;G?
JIL P?T?M NL;HM@ILG;L;G Z =IGI HI =;MI >? 'O;H );LL?; Z ?G ONIJCMGI
=OFNOL;FCMN; HI =;MI >? *;Lˆ; 7;G<L;HI
 @IC NL;HMGON;>I ?G J?HM;G?HNI
JI„NC=IL;>C=;F 

,?RˆFCI„IFOA;LJLCPCF?AC;>IJ;L;KO?;-~NLC;M?>?M=O<L;
J;L;KO??F;G?MG;M?>?M=O<L;KO;H>II
?RCF;>I N?HB; J;L;>I >? JLI=OL~ F;  8X9 „ L?=IHB?=ˆP?F ?G OG; M J;F;PL; >I M?O C>CIG;
 >? M?O
JLJLCIC>CIG;
KO;F>~?MM;JL?M?Hƒ;CGJIMCNCP;
CGJ?L;HN?
CH=IHNILH~P?F P?L>;>?CL;J~NLC;N?G
JILPCLNO>?=LC;LI?RˆFCI jM?OMˆG<IFICH?KOˆPI=I 

-;L;F?F;
 ;CH>; KO? >? IONL; IL>?G
 „ ; =IHM=C…H=C; >; >?LLIN; KO? IM
?RCF;>IM ;LA?HNCHIM ? =BCF?HIM >CLCGCL;G ?G @;=? >; PCIF…H=C; >; UAO?LL;
MOD;W?>;>?MNLOCƒ‚I>IAIP?LHI>?0;FP;>ILFF?H>? ,JI?N;'O;H$?FG;H
JLIMM?AOCO =IG MO; <;N;FB; J?L>C>; GOCNI ;F„G >;M JCIL?M HINˆ=C;M

NL;HM@ILG;H>I;>?LLIN;?GOG;=;OM;KO?;?R=?>C; $?FG;HJ?L>?OI@CFBI
H;UAO?LL;MOD;W
?;HIL;
AL~PC>;
>?M;J;L?=?O !?JICM>?N?LMC>IM?=L?N~LCI>?
&GJL?HM; >IM *IHNIH?LIM ?G /IG;
 ?F? LIGJ?O =IG I J;LNC>I ? >?>C=IO
P~LCIM ;HIM  JLI=OL; >? MO; H?N;
 JIL @CG FI=;FCT;>; HI 2LOAO;C  , J;ˆM „
IONLI
 G;M ; =LOT;>; >? $?FG;H
 N;HNI =IGI MO; JI?MC;
 L?P?F; I FONI KO? I
?RˆFCI JL?M?LP;
 @?LC>I J?F; CH@GC;   J?L>;
 H?MM?M =;MIM
 H‚I „ ; >? OG;
<;N;FB;
 ? MCG ; >? OG J;ˆM
 KO?
 M?H>I D~ IONLI
 ?M=IFB? I MIHBI >? =OL;
G?>C;HN?IJ?L>‚I?IG?L=;>I -ILCMMI
IFOA;L>?@;F;G?MGI>?;FAOHMKO?
>?=C>CL;G PIFN;L
 =IGI I =BCF?HI LG;H>I 2LC<? L=?
 ?MN;P; =?HNL;>I H;
G;LA?G>IMGILNIM +;PIT@L;NOL;>;>?$?FG;H?H;PIT>?M=;LH;>;>?2LC<?
L=?
;J;L?=?
@FIL>;J?F?
;MO<D?NCPC>;>?>I?RˆFCIF;NCHI ;G?LC=;HINL~AC=I
M?O NL;HM<IL>;G?HNI P?L<;F I<M?MMCPI
 MO; ?R;MJ?L;ƒ‚I =IG ; MI=C?>;>? ? MO;
CHKOC?N;ƒ‚I =IG ; JIFˆNC=; MO; ?LIM‚I CLŽHC=;
 KO;H>I H‚I M;NˆLC=;
 >I I@ˆ=CI
FCN?L~LCI?MO;MJ;CR‘?MMOJ„L@FO;M -ILCMMI
;@CH;F
?G&;@8@522>2C6=:?92IM
?RCF;>IM =IH@LIHN;G ; ;JIMN; >; UPIFN;W
 OG L?NILHI ;I CH@?LHI >; JLJLC;
FCHAO;A?G  +‚I JIL ;=;MI I FCPLI „ ; G?N~@IL; >? OG ?RˆFCI KO? I=ILL? ?
NL;HM=ILL?
 G;M KO? H‚I N?G =IG?ƒI H?G @CG  j OG LIG;H=? KO? JL?@;=C;
KO;FKO?LIONLIKO?JL?N?H>;JLID?N;LINLHMCNI?;NL;HMCƒ‚I
+;MG?GLC;M>?$;L=ˆ;*~LKO?T;J;L?=?/;GIH3CHS?M
IJI?N;
;ONIL>?
N?;NLI
 FCPL?CLI ? UM~<CI =;N;F‚IW
 ; KO?G $;<I L?=IHB?=? =IGI UG?MNL?W
L?FON;HN?@IC?F?IJLCG?CLIF?CNIL>IJLCG?CLIL;M=OHBI>;MJLCG?CL;MJ~ACH;M
>I KO? ;N„  ;CH>; H‚I ?L; 6> 2?@D 56 D@=:5w@  *;M D~ >?PC;G M?L OG
CH>ˆ=CI MO@C=C?HN?
 JILKO? I G?MNL? P… FIAI >? =;L; I JLI<F?G; I N?GJI
H;LL;NCPI U3I=…N?GKO?N?L<?G=F;LIH;=;<?ƒ;KO?I>L;G;D~;=IHN?=?O?
KO?IMJ?LMIH;A?HM?MN‚I;FC;J?H;MJ;L;?PI=~ FI
>?GI>IKO?„JL?=CMIFC>;L
=IG >ICM N?GJIM W 0‚I
 =?LN;G?HN?
 IM >ICM N?GJIM >I LIG;H=? KO? M?LC;
?M=LCNI  ;HIM >?JICM
 G;M KO? I UM~<CI =;N;F‚IW J;L?=C; D~ N?L FC>I
 N;FP?T
JILKO?M?O?RˆFCI
=IGIG;CMN;L>?I>?M?OG?FBIL>CM=ˆJOFINˆGC>I
?L;@?CNI
>?OG>OJFI?MJ;ƒIN?GJIL;F
HIKO;F;G?GLC;„;>IN?GJIBCMNLC=I
G;M;
@~<OF; „ ; >I N?GJI =CL=OF;L  ,M ?RCF;>IM ?MJ;HBCM H; G„LC=;
 HI @CG >;M
=IHN;M
@IL;GAL;H>?MF?CNIL?M?JLIJC=C;>IL?M =?H;>IDIP?G?M=LCNIL>;H>I
M?O JLCG?CLI N?RNI J;L; OG ?RCF;>I ?MJ;HBIF F?L ?MN~ =B?C; >? L?MMIHH=C;M I
@ONOLIL?=OJ?L;IJ;MM;>I
;M=IMN;MG;LˆNCG;MM?;JLIRCG;GOG;>;IONL;
?;
F?CNOL; ;<L? M? M?G @LIHN?CL;M  1I>IM HM F?GIM JIL MI<L? I IG<LI >? /;GIH
3CHS?M
=IGIJILMI<L?IIG<LI>I’FNCGIO?H>ˆ;
IF?CNILCH=?MNOIMI
@?CNI
;J?H;M >? J;F;PL;M
 ?G =OD; F?CNOL; M? MOMN?HN; I GOH>I =IGI FCPLI ? I FCPLI
=IGI B;<CN;N FIAI >?M;J;L?=C>IM
 GOH>I
 F?CNIL ? FCPLIM B;<CN;G ;AIL; ;
CHN?GJ„LC? >; A?H?;FIAC;
 IO M?D;
 HI ?RˆFCI >I L?=IG?ƒI
 IH>? ; F?CNOL;
JLIG?NC>; „ M?GJL? OG; HIP; IJILNOHC>;>?  KO?F?M KO? =IGI ?O
=IHB?=?L;G'OFCI ILN~T;L?MN‚I>?;=IL>IKO;H>IIL?=IL>;GMCNO;>IH‚IHI
J;MM;>I
 GOCNI G?HIM HI @ONOLI
 ? MCG ?G OG ?MN;>I >? >CMJIHC<CFC>;>?
 >?
JL„ ?R=CN;ƒ‚I KO;H>I ?G JIMM? >? OG N?G; KO? I >?M?H=;>?;MM?  & ;@8@ 52
2>2C6=:?92
;@CH;F
F?P;?MM?M?FI>?;ONILC;NO>I?MN~JIL;=IHN?=?L
I>?=OLMI
M? JL?=CJCN;
 I =INC>C;HI „ =IHMOGC>I =IG PCAIL
 ? ;J?H;M ; FCHAO;A?G
 ;
?M=LCN;
 ; LIG;H=CT;ƒ‚I
 G;CM KO? ; JLJLC; H;LL;NCP;
 ?H=;LH;G ; ;JIMN; HI
HIPI
 HI KO? L?=IG?ƒ; ? L?HIP; ; H;LL;NCP; >; JLIG?MM; JI„NC=; ? >;
JL?=;LC?>;>? >I =INC>C;HI  1L;N; M? >? OG LIG;H=? MI<L? ; JI?MC; >;
CGCH…H=C;
;>KOCLC>;
?G?MJ;HBIF
J;L;;F?CNOL;=LC;NCP;
U"MJ;HB;J?L?ALCH;W
?M=L?P?O ;LFIM#O?HN?M
UL?;HCGIO?GOCN;MP?T?M
;DO>IO ; @OH>;L ; GI>?LHC>;>? =OFNOL;F >; G„LC=; );NCH; HI ?RˆFCI W
-;L;F?F;G?HN?
 ; G„LC=; J?L?ALCH; L?P?FIO ; =IHM=C…H=C; JIFˆNC=; >;
H;=CIH;FC>;>?=IG;JLIJIMN;>?KO??F;@IMM?G;CMCH=FOMCP;?;<L;HA?HN??G
OG; "MJ;HB; KO? L?=OJ?L;P; MO; J;L=?F; >? GI>?LHC>;>? ;>C;>;  "MM;M
@OH>;ƒ‘?M M‚I OG; H;LL;NCP; KO? =IHMNCNOC ; =C>;>;HC; =OFNOL;F ;NFHNC=;  +;
G„LC=; );NCH;
 ?F; P?G >? G;CM FIHA? ? CH=FOC IONLIM ?RˆFCIM ? L?MC>…H=C;M
&H=FOC PC;D;HN?M =IGI I <;L‚I >? %OG<IF>N
 J;L; KO?G ;M L?ACIH;FC>;>?M
BCMJ;HI ;G?LC=;H;M?L;G=;JˆNOFIM>IG?MGI=IMGIMBOG;HCMN;?=IGI#FIL;
1LCMN~H
=OD;M'6C68C:?24:@?6D56F?2A2C:2;FCPL;G>I?MNCAG;>?U@CFB;
H;NOL;FW>I-?LOJ;L;@;T?L>?F;B;<CN;HN?>I?RˆFCI>;GOFB?L
IOM?D;
@CFB;>?
MO; JLJLC; CLIHC;  /O<„H !;LˆI
 I JLCG?CLI ?G NL;HM@ILG;L I ?RˆFCI ?G OG
=?H~LCI>?=LC;ƒ‚I=OFNOL;FCH=FOMCPI
;=L?>CN;P;?GOG;UG„LC=;?MJ;HBIF;W
*;LNˆ
 KO? @?T >I ?RˆFCI OG; I@C=CH; >; =C>;>;HC;
 JL?@?LCO @;F;L ; J;LNCL >;
U+IMM; G„LC=;W  ;LFIM #O?HN?M
 IONLI ;LN?M‚I >; H;LL;NCP; >I ?RˆFCI
 ;@CLG;
U"O ;=L?>CNI H; &<?LI G„LC=;W  1;FP?T ;AIL; N?HB;GIM KO? @;F;L ; J;LNCL >?
U+IMM;MG„LC=;MW
JIL=IHN;>;CHP;M‚I>I?MJ;HBIF
?G;H=CJ;>IL;>?HIP;M
G;LA?HM HIM "MN;>IM 2HC>IM  ;>; OG; >?MM;M >?MCAH;ƒ‘?M
 P~FC>; ?G MC
G?MG;
 ?MJL?CN; ; IONL; =IMN; >I U?MJ;HBIF NL;HM;NFHNC=IW
 KO? „ >? C>; ? >?
PIFN; +;MH;LL;NCP;M>?OG?RˆFCI;=L?M=C>I>;=OFNOL;HŽG;>?H;MP?LM‘?M>?
0?LACI -CNIF ? 'OFCI /;GH /C<?SLI
 >? *;LCI ?FF;NCH ? *;HO?F 3CF;M
 >?
AOMNˆH #?LH~H>?T *;FFI ? ;LFIM 6OMBCGCNI
 ;M H;=CIH;FC>;>?M M‚I =LC;>;M
JILOG;=C>;>;HC;=;>;P?TG;CM=CL=OF;NLC;?NL;HM;NFHNC=; FCHAO;A?G>?
>?M;LL;CA;G?HNID~H‚I„NL;OG~NC=;;@;F;„JLI@?LC>;JIL?RCF;>IM?FIKO?HN?M
IMOG<L;CMM‚I>?OG?MJ;HBIFM?G@LIHN?CL;M 1;G<„GJILCMMI
IMGCAL;HN?M
>?CR;G >? M?L G?LIM MO<;FN?LHIM IO ;FAIT?M ? M? NILH;G ;A?HN?M >? HIP;M
@OH>;ƒ‘?M?CHP?Hƒ‘?M
JILP?T?MJ;L>C=;M?M;NˆLC=;M
?G<IL;
=IHNL;NI>;M;M
=LCM?M ?H>…GC=;M
 MO;M ;NO;ƒ‘?M M?D;G N‚I @?FCT?M KO;HNI P?L>;>?CL;M  $;L=ˆ;
*~LKO?T=B;GIO?MM;H;LL;NCP;=IF?NCP;>?UI@;F;NLCIM?G@CG>I?RˆFCIW "MM;
H;LL;NCP;
;>P?LNC;?F?
U>CTOG;P?L>;>?
;>?KO?;JI?MC;;CH>;„JIMMˆP?F
?
>?KO?;;F?ALC;?;?MJ?L;Hƒ;
MIG<L;>;M<;CIH?N;M
H‚I?MN‚IJ;L;M?GJL?
J?L>C>;MW  %ID? >CLˆ;GIM U MIG<L; >I H?IFC<?L;FCMGIW
 =OD;M CFOM‘?M >?
>?M?HPIFPCG?HNI M‚I I ;<CMGI >IM HIPIM ?RˆFCIM  $L;ƒ;M ;I ?MJ;HBIF ;NFHNC=I
KO?HIM>?O&;@8@522>2C6=:?92
;FCN?L;NOL;C<?LI ;G?LC=;H;HIM>;L~IONLI
AOC;>?F?CNOL;KO?;<LCL~=;GCHBI

 "RNL;ˆ>I >? )2JF6=2 5:4:‚? 4@?>6>@C2E:G2 56 =2 )62= 4256>:2 DA2@=2 J =2 D@4:24:‚? 56
4256>:2D56=2#6?8F2DA2@=2 *;>LC/"
G;L 
 "LH?MN /?H;H
 U.O?MN =? KOOH? H;NCIHW
 =IH@?L…H=C; H; 0IL<IHH?
  G;L    &H &6FGC6D
4@>A=6E6DP  -;LCM ;FG;HH )„PS
 
JJ  
$LOJI>??M=LCNIL?M?JI?N;M?MJ;HBCM=OD;MI<L;M@IL;GG;L=;>;MJ?FIJ?MMCGCMGIBCMNLC=I
@LONI>I
=IHN?RNIJIFˆNC=I GCFCN;L>;"MJ;HB;
KO??G?H@L?HNIOIM"MN;>IM2HC>IM?J?L>?ON?LLCNLCIM "HNL?
M?OMCHN?AL;HN?M?MN;P;G-ˆI;LID;
TILˆH?*CAO?F>?2H;GOHI + 1 
/;@;?F0~H=B?T#?LFIMCI
=!2C2>2;L=?FIH;!?MNCHI

$IHT;FI!ˆ;T*CAISI
F}256M+:C2?@2?56C2DW*;>LC#OH>;G?HNIM

 "HLCKO? ';L>C?F -IH=?F;  
 >L;G;NOLAI ?MJ;HBIF KO? L?HIPIO I N?;NLI >? =IG„>C; HI JM
AO?LL;
;JLIRCG;H>I M?>IN?;NLI>I;<MOL>I + 1 
CHN?LD?Cƒ‚IA2C5:6K„OG;@LGOF;>?DOL;G?HNIL?MOFN;HN?>?UA2C:@DW
UJIL!?OMWUG@E@23C}@DW
?KOCP;F?;UDOLIJIL!?OMW
?GKO?3C}@D„OG;>?@ILG;ƒ‚I>?U!?OMW
HI=;MN?FB;HI;HNCAI + 1 
U3I=…„OG;KO;FKO?LWU3I=…„OG;P;A;<OH>;>?NL…MJ?F;G?N;>?W + 1 
4CFFC;G/IQ?1?L?M;4BCN@C?F>
U1BL?MBIF>MI@&>?HNCNS)CN?L;NOL?;H>"RCF?CH);NCHG?LC=;W
+9:C5
.@C=5(F2CE6C=J
)IH>L?M
P 
H 
D;H 
JJ  
#?>?LC=I0=BIJ@
U-;HIL;G;>?F?RCFCIW
4@
IAIN~
H 

JJ  
F?D;H>LI/IMMC
$2?F2=56=5:DEC2}5@;L=?FIH;H;AL;G;
s3F=256=2DC68:@?6D;L=?FIH;
H;AL;G;

U=OFNOL;I=C>?HN;FGI>?LH;„
?GAL;H>?J;LN?
INL;<;FBI>??RCF;>IM
y>:8CyD
L?@OAC;>IM W">Q;L>
4  0;C>
 )67=64E:@?D @? I:=6 2?5 &E96C DD2JD ;G<LC>A? %;LP;L> 2HCP?LMCNS -L?MM
   8">  <L;M 
)67=6I†6D D@3C6 @ 6I}=:@ 6 @FEC@D 6?D2:@D  1L;>  >? -?>LI *;C; 0I;L?M  0‚I -;OFI IGJ;HBC; >;M )?NL;M

 9
*;L;HH?0B;JCLI
6GF=82C:6=@BF6?E:22?E6D@@<@7I:=6)CH=IFH2HCP?LMCNSI@+?<L;ME;-L?MM


 & G6=9@ >‡D:4@ 
 >? *;H?N
 ? 2>}=:2 56 D2=E:>32?4@D 
 >? -C=;MMI
 ?MN‚I H; +;NCIH;F
$;FF?LS
?G4;MBCHANIH ,JI?G;>? „M;L3;FF?DI @;TJ;LN?>?'@6>2D9F>2?@D 8"G
NL;>Oƒ‚IFCPL?UJ;L;>I?GOG;J?>L;
>?MI=OJ;>I
G;FNL;JCFBI
BILLCJCF;HN?W 9+ 1 
-:G:CA2C24@?E2C=2O?HIMCL?M0O>;G?LC=;H;
 J  8"> <L;M -:G6CA2C24@?E2C1L;> >?
"LC=+?JIGO=?HI /CI>?';H?CLI/?=IL>
 9
';G?M3;F?H>?L?N;F
@>6?2;62$2C}212>3C2?@DEF5:@DJ4@CC6DA@?56?4:2 *„RC=I"F IF?ACI
>?*„RC=I

*;Lˆ;7;G<L;HI
U"F?RCFC;>IW &H#@D3:6?2G6?EFC25@D *;>LC0CLO?F;

U$O?LL;MOD;W@ICOGN?LGI=OHB;>I>OL;HN?;>CN;>OL;=CPCF GCFCN;L;LA?HNCH; J;L;HIG?;L
OG;M„LC?>?G„NI>IMPCIF?HNIMONCFCT;>IMJ?FIMGCFCN;L?M MJL~NC=;M
HI?HN;HNI
@IL;GL?=IHB?=C>;MJ?F;
DOLCMJLO>…H=C;;NO;F>IJ;ˆM=IGIA?HI=ˆ>CI
?H‚I=IGIAO?LL; + 1 
$?FG;HN?HNIO>CLCGCL;?RJ?LC…H=C;>?FONI?>?MFI=;G?HNIH;M?KO…H=C;>?L?@F?R‚IJI„NC=;U;DIF;
FFOPC;;D?H;HIN;M;FJC?>?OH;>?LLIN;
/IG;
G;SI>?W
KO??MN~?GM?O56A2=23C2 +?F?
I JI?N; L?ACMNL; ?MN; ;>P?LN…H=C; =IHNL; ;M MOJIMN;M NL;HMJ;L…H=C;M ? P~LC;M MCGJFC@C=;ƒ‘?M >I ?RˆFCI 8?G
NL;>Oƒ‚IFCPL?9U3I=…M?LC;G;CMMOJILN~P?F
?RˆFCI
M?GN;HNIMJLI@?MMIL?M>I?RˆFCI
MI=CFIAIM
JI?N;M>I
?RˆFCI
=BIL‘?M>I?RˆFCI
;FOHIM>I?RˆFCI
JLI@CMMCIH;CM>I?RˆFCI
<I;M;FG;M=IGOG;<;F;Hƒ;H;MG‚IM
J?M;H>IIG;CM?IG?HIM
;MI<L;
;>CPCM‚I>;M>CMNH=C;M
Ib>?MN;GCM„LC; 2GBIG?G>CPC>C>I
JIL>ICMH‚I>~>ICMBIG?HM .O?G?L>;>?J?MMI;M?;NL?P?;GOFNCJFC=;LGCHB;;FG;JILOGW
-:G:CA2C24@?E2C=2IJ =CN J 
U&<?LI;G„LC=;W &H?6DE@4C6@;L=?FIH;0?CR;LL;F

$;<LC?F$;L=ˆ;*~LKO?T
U-LFIAIW &H)CT;H>LI B~P?TF@;LI
LI:=:@*„RC=I1CHN;)C<L?

,NLIGJ?N?>?!?S~

$2C:@-2C82D#=@D2

'2C2FC@C26C?sC56K

+;KO?F? >IGCHAI >? 


 ?O NCHB; ;=;<;>I >? G? ;=IGI>;L ?G GCHB;
?M=LCP;HCHB;J;L;?M=L?P?LOG;LNCAIKO;H>IIN?F?@IH?NI=IO #CT;FAIKO?D~
H;KO?F;„JI=;?OHOH=;@;TC;;N?H>CIN?F?@IH? U'OFCI ILN~T;LGILL?OW
>CMM?
;PIT>IDILH;FCMN; U.O?LIOG=IG?HN~LCIM?O W
-?HM?C ?G OG P?LMI >? 3;FF?DI Z UDA2@= 56 AFC@ 36DE:2W  Z ?

<;F<O=C;H>I
@CTIKO?G?J?>COIDILH;FCMN; *;MH;KO?F?>IGCHAI
?GP?T>?
?M=L?P?L I ;LNCAI
 @CKO?C @IFB?;H>I ? L?F?H>I ;FAOHM >IM =IHNIM ? J~ACH;M >?
LIG;H=?M >? ILN~T;L KO? GCHB; G?GLC; =IHM?LP;P; <;MN;HN? PCPIM  #;TC;
N?GJIKO?H‚IM;<C;H;>;>?F? +‚INCHB;C>?C;H?G>?MO;FIHA;>I?Hƒ;H?G
>?MO;>IFILIM;;AIHC; *;M@CKO?C@?FCT>?M;<?LKO?OLIL;?MNCP?L;;M?OF;>I
H;KO?F?M ’FNCGIM G?M?M ? KO?
 AL;ƒ;M ; ?F;
 ILN~T;L N?P? OG ?HN?LLI M<LCI

M?G ;M JL?PCMˆP?CM J;FB;ƒ;>;M >IM OLO<OM L?PIFO=CIH~LCIM KO? N;HNI NCHB;G M?
;JLIP?CN;>I>?F?HIM’FNCGIM;HIM
"ONCHB;=IHB?=C>I ILN~T;L?OLIL;OGKO;LNI>?M„=OFI;HN?M
H;=;M;>?
OG ;GCAI ?G =IGOG
 ?G -;LCM
 ? >?M>? ?HN‚I
 ;N„ ; ’FNCG; P?T KO? IM PC
DOHNIM
 ?G 
 H; $L„=C; Z IH>? HM NL…M NL;<;FB~P;GIM =IGI NL;>ONIL?M

?G OG; =IH@?L…H=C; CHN?LH;=CIH;F MI<L? I ;FAI>‚I Z


 HOH=; >?CR?C >? G?
G;L;PCFB;L =IG I ?MJ?N~=OFI KO? ?L; P?L ? IOPCL 'OFCI ? OLIL; =IHP?LM;L?G

N‚I ;@CH;>IM  1I>IM IM >?G;CM J;L?=ˆ;GIM MI<L;L  1O>I I KO? @;F;P;G ?L;
CHN?FCA?HN?
 =OFNI
 >CP?LNC>I
 PCN;F  *OCN;M P?T?M J?HM?C U+‚I „ JIMMˆP?F KO?
M?D;G M?GJL? ;MMCG  "F?M ?HM;C;G ?MM;M =IHP?LM;M ?G =;M;
 J;L; >?JICM
CGJL?MMCIH;LIMCHN?LFI=ONIL?M=IG;H?>IN;MCHOMCN;>;M
=CN;ƒ‘?M<LCFB;HNˆMMCG;M
? ;KO?F;M <LCH=;>?CL;M KO?
 H; BIL; =?LN;
 >?M@;T?G ; N?HM‚I >I =FCG;
CHN?F?=NO;FW
-;MM;P;G >? OG ;MMOHNI ; IONLI =IGI >ICM G;F;<;LCMN;M ?RJ?LC?HN?M
 ?
HCHAO„GHOH=;M??HN?>C;P;=IG?F?M =OGJFC=C>;>?J?L@?CN;
;CHN?FCA…H=C;
M?=L?N;KO?J;L?=C;OHC FIM?L;;FAIKO??O;>GCL;P;?CHP?D;P;HI=;M;FN;HNI
KO;HNIMO;MCGJ;NC;
M?O=IGJLIGCMMI=IG;FCN?L;NOL;ZKO?>;P;;CGJL?MM‚I
>?M?L;<MIFONI?NIN;FZ?MO;A?H?LIMC>;>?=IGNI>IGOH>I
MI<L?NO>I=IG
IM;JL?H>CT?M@?CNI?O
"L;>C@ˆ=CF>?N?LGCH;LKO?GNCHB;FC>IG;CM?G?FBIL
?KO;F>IM>ICM>CTC;
=ICM;M G;CM ;AO>;M ? CH?MJ?L;>;M MI<L? FCPLIM ? ;ONIL?M  , @;NI >? KO? 'OFCI
?M=L?P?MM? ? OLIL; ;J?H;M NL;>OTCMM? HI =;MI >?F;
 ?MN? 2A6?2D KO?L >CT?L I
IJIMNI>IKO?J;L?=?„;FAIKO??OM?GJL?MOJOMM?LJLIPCMLCI
OGM;=LC@ˆ=CI
NL;HMCNLCI>?OLIL;J;L;KO?
H;@;GˆFC;
H‚IBIOP?MM?G;CM>?OG?M=LCNILJIL
P?T AIL;KO?PIFNI;P… F;
>?JICM>?N;HNIM;HIM
GIL>C;FˆHAO;H;M>O;MIO
NL…MP?T?M?GKO??MNCP?;JIHNI>?FB?J?LAOHN;LM??F;H‚IN?G=ICM;M?M=LCN;M

M? H‚I P;C @CH;FG?HN? >?=C>CL JO<FC=~ F;MX "F; IMN?HN; =;<?FIM ALCM;FBIM
 G;M

>? L?MNI
 =IHNCHO; CAO;F  -?KO?H;
 GC’>;
 =IG ;KO?F?M IFBIM ;TOCM ?HILG?M

=B?CIM>?CHN?FCA…H=C;?>;G?MG;PCN;FC>;>?;NIL>I;HN?>?;HN?M !?M=??MI<?
IM J?HB;M=IM G;CILKOCHIM >? !?S~ =IG OG; ;ACFC>;>? KO? M?GJL? G? >?CR;
J;L; NL~M ? =IG J;FJCN;ƒ‘?M  1;G<„G ?F;
 ; M?O GI>I
 ?RC<? ;KO?F; PCLNO>?
=ILN;T;LC;H;JIL?R=?F…H=C;M?LOG!ILC;H$L;S
+;KO?F; HICN? >I @CG >? 
 JOM?L;G G? M?HN;>I ;I F;>I >? OG L;J;T
<?G;FNI?G;ALI
>?=;<?FIM=OLNˆMMCGIM
CG<?L<?
>?OG;MG‚IM?HILG?MKO?
?F? G?RC; GOCNI ;I @;F;L  1CHB; D~ JO<FC=;>I OG FCPLCHBI >? =IHNIM ? ?MN;P;
J;L;?>CN;LOG;M?AOH>;=IF?NH?;
?GOG;J?KO?H;=IF?ƒ‚I>CLCAC>;JIL'O;H
'IM„ LL?IF;
 HI *„RC=I  "O N;G<„G ?MN;P; JL?MN?M ; JO<FC=;L OG FCPLI >?
=IHNIM
 ?HN‚I NLI=;GIM ?RJ?LC…H=C;M ? JLID?NIM
 =IGI >ICM DIP?HTCHBIM KO?
@;T?G MO; P?F;>; >? ;LG;M FCN?L~LC;  J?H;M KO;H>I HIM >?MJ?>CGIM „ KO? ?O
MIO<?ZJ;MGIZKO??L;?F?I;ONIL>?6DE:sC:@?>?N;HNIMN?RNIMKO??OF?L;
H; L?PCMN; >? ILA?M ? >? 3C=NILC; ,=;GJI
 ; *FC
 ;F„G >? M?L I ;>GCL~P?F
NL;>ONIL >;M I<L;M =IGJF?N;M >? -I? KO? ?O NCHB; >?PIL;>I ?G >ICM AIL>IM
PIFOG?M JO<FC=;>IM J?F; 2HCP?LMC>;>? >? -ILNI /C=I  -;L?=C; G?O
=IHN?GJILH?I
G;M
H;P?L>;>?
?L;;HIMG;CMP?FBIKO??O
+IM ;HIM 
 MI<L?NO>I HIM M?N? KO? PCPC ?G -;LCM
 ILN~T;L @IC OG >?
G?OMG?FBIL?M;GCAIM?N;G<„GG?CIKO?G?OGI>?FI?G?HNIL #ICJ;L;?F?
KO?>?C
;CH>;?GG;HOM=LCNI
G?OJLCG?CLILIG;H=???MJ?L?CM?OP?L?>C=NI
=IG ; CFOM‚I >? OG =;N?=’G?HI  " KO;H>I L?=?<C MO; =;LN;
 A?H?LIM;
 =IG
;JLIP;ƒ‚I?=IHM?FBIM
@CKO?C@?FCT =BIKO?JILGOCNIN?GJIG?;=IMNOG?C;
?M=L?P?LJL?MMOJIH>IMO;PCACFH=C;
M?OMIFBIM;F?HN;>IL?MIO=LˆNC=IMJILMI<L?
G?OIG<LI "O;>GCL;P;;PC>;KO??F?F?P;P;
M?OMLCNIM
G;HC;M?=IMNOG?M

;MMCG=IGI;@;=CFC>;>??;FCGJC>?T>?MO;JLIM;?;KO?F;;J;L…H=C;=INC>C;H;

>IG„MNC=; ? LCMIHB; KO? IM N?G;M @;HN~MNC=IM ;>IN;P;G ?G M?OM =IHNIM ?
LIG;H=?M  ;>;P?TKO??F??OLIL;G?=IHPC>;P;GJ;L;D;HN;LZJLCG?CLI
HI J?KO?HI ;J;LN;G?HNI PCTCHBI  /O? >? 0‡PL?M ? >?JICM H; =;MCHB; ?G
?MJCL;F>;/O?>O$„H„L;F?OL?NZ?L;OG;@?MN;?OG;@?FC=C>;>? "O@C=;P;
@;M=CH;>I =IG ;KO?F? GOL;F >? L?=ILN?M >? HINˆ=C;M CHMFCN;M ? =IG IM I<D?NIM
CH;=L?>CN~P?CM KO? ?F? L?=IFBC; IO @;<LC=;P;
 ? =IG ;KO?F? L?=CHNI GCMN?LCIMI
KO?
M?AOH>I;F?H>;
?RCMNC;?GMO;=;M;
?HIKO;F'OFCIM?@?=B;P;J;L;NI=;L
NLIGJ?N?
>CP?LNCH>I M?=IGIOGG?HCHI?L;IM?OKO;LNI>?<LCHKO?>IM "F?
=IHB?=C; OG; -;LCM M?=L?N; ? G~AC=;
 KO? H‚I @CAOL;P; ?G H?HBOG AOC; >?
PC;A?G
?>?=;>;?H=IHNLI=IG?F??OM;ˆ;=;LL?A;>I>?N?MIOLIM@CFG?MJ;L;
P?L
?RJIMCƒ‘?MJ;L;PCMCN;L
L?=;HNIMJ?FIMKO;CMJ?L;G<OF;L
JI?N;M;>?M=I<LCL
?;N„OG=IHAL?MMI>?<LOR;MH;*ONO;FCN„
KO?G??HN?>CIOGOCNˆMMCGI
G;M
KO??F??PI=;LC;>?JICM
G;L;PCFBIM;G?HN?
=IGIOGDI=IMI;JI=;FCJM?
!;KO?F?'OFCI ILN~T;L?L;JIMMˆP?FM?L;GCAI
G;MCGJIMMˆP?F@C=;LˆHNCGI 
>CMNH=C;KO??F?M;<C;CGJIL
AL;ƒ;M;OGMCMN?G;>?A?HNCF?T;M?>?L?AL;MM
KO;CM?L;JL?=CMIM?MO<G?N?LJ;L;G;HN?LMO;;GCT;>?
?L;OG>IM?H=;HNIM>I
J?LMIH;A?G=?L=;P; I>?=?LNIGCMN„LCI
>;P;MO;PC>;OG;>CG?HM‚IM?=L?N;
KO? J;L?=C; M?L ; @IHN? >?MM? @OH>I CHKOC?N;HN?
 CLL;=CIH;F ? PCIF?HNI KO? JIL
P?T?M NL;HMJ;L?=C; ?G M?OM N?RNIM
 G?MGI H;KO?F?M G;CM NL;P?MMIM ? LCMIHBIM
"L;OGBIG?G?GCH?HN?G?HN?JLCP;>I
=IGOGGOH>ICHN?LCIL=IHMNLOˆ>I?
JL?M?LP;>I =IGI OG; I<L; >? ;LN?  KO;F JLIP;P?FG?HN? ;J?H;M OLIL; NCHB;
;=?MMI
 ? J;L; KO?G H;>;
 ;F„G >; FCN?L;NOL;
 J;L?=C; N?L CGJILNH=C;
 H?G
G?MGIJ;L?=C;?RCMNCL
&MMIH‚IMCAHC@C=;KO?@IMM?FCPL?M=I
?LO>CNI
CHN?F?=NO;FG;H?CL;>?ILA?M

JIL?R?GJFI
KO?=IGNI>;;DOMNCƒ;?M=L?P?OU)CGOCN;M=ICM;M
PCPCJIO=;MW
"G'OFCI;FCN?L;NOL;J;L?=C;M?>CMMIFP?LH;?RJ?LC…H=C;=INC>C;H;?CGJL?AH;L
NI>;;PC>;
;HCG;H>I ;??HLCKO?=?H>I ;=IGOG@OFAILJ;LNC=OF;L
M?GJLCP~
F; >? M?CP;
 >? CHMNCHNI
 >? ?MJIHN;H?C>;>?  j JLIP~P?F KO? H?HBOG IONLI
?M=LCNILN?HB;>;>I;IDIAI;>CAHC>;>?FCN?L~LC;KO? ILN~T;L>?O
H?G@?T>I
DIAIOGCHMNLOG?HNI>?=LC;ƒ‚I??RJFIL;ƒ‚I;LNˆMNC=;N‚IG;F?~P?F?JLIP?CNIMI
*;M
;I@;F;L>?MM?GI>IN‚IM„LCI
?MNIO;FN?L;H>I;P?L>;>?JILKO?
H;BIL;
>? @;T?L FCN?L;NOL;
 'OFCI H‚I <LCH=;P; >? DIA;L  -;L; ?F?
 ?M=L?P?L ?L; DIA;L

>CP?LNCL M?
ILA;HCT;L;PC>;Z;MJ;F;PL;M
;MC>?C;MZ=IG;;L<CNL;LC?>;>?
;
FC<?L>;>?
 ; @;HN;MC; ? ; CLL?MJIHM;<CFC>;>? >;M =LC;Hƒ;M IO >IM FIO=IM  *;M

DIA;H>I ;MMCG
 ; I<L; >? ILN~T;L ;<LCO JILN;M CH„>CN;M
 =IHM?AOCO GIMNL;L
=?LN;M =;G;>;M >?M=IHB?=C>;M >; =IH>Cƒ‚I BOG;H; ? @F?LNIO =IG I
NL;HM=?H>?HN;F
;FAI;KO?=?LN;G?HN?HOH=;M?JLIJŽM +‚IJIL;=;MIZIO
M?
@IL
MCG
G;MH;KO?F?M?HNC>I>?IL>?H;ƒ‚I>I;=;MIKO??F?>?M=L?P?O?G
$@56=@ A2C2 2C>2C Z I G;CM ;G<C=CIMI >? M?OM LIG;H=?M F?P; I NˆNOFI >? &
;@8@522>2C6=:?92
OG;<LCH=;>?CL;>?=LC;Hƒ;
1;F=IGIILIG;H=??IN?;NLI
IDIAI„OG;@ILG;>?@C=ƒ‚I
OG;IL>?G
;LNC@C=C;F CGJIMN; ;I GOH>I
 OG; L?JL?M?HN;ƒ‚I >? ;FAI CFOMLCI
 KO? I=OJ; I
FOA;L>;PC>; IMBIG?HMM?LP?J;L;KO?M?>CMNL;C;G
J;L;KO?M??MKO?ƒ;G>;
P?L>;>?CL; L?;FC>;>? ? >? MC G?MGIM
 PCP?H>I
 ?HKO;HNI >OL; ;KO?F;
MO<MNCNOCƒ‚I
 OG; PC>;  J;LN?
 @?CN; >? L?AL;M ?MJ?=ˆ@C=;M
 =LC;>;M JIL ?F?M
G?MGIM  !CMNL;ƒ‚I
 >CP?LNCG?HNI
 @;<OF;ƒ‚I
 I DIAI „ N;G<„G OG L?=OLMI
G~AC=I J;L; =IHDOL;L I G?>I ;N~PC=I KO? I M?L BOG;HI N?G >; ;H;LKOC;
M?=L?N;>IGOH>I
>I?HCAG;>?MO;ILCA?G
MO;=IH>Cƒ‚I?M?O>?MNCHI 'IB;H
%OCTCHA;
 ?G M?O =„F?<L? @>@ =F56?D
 >?@?H>? ; C>?C; >? KO? I DIAI „ ;
=IFOH;P?LN?<L;F>;=CPCFCT;ƒ‚I?KO?;MI=C?>;>??PIFOCO;N„;GI>?LHC>;>?>?
G;H?CL; F’>C=;
 =IHMNLOCH>I MO;M CHMNCNOCƒ‘?M
 MCMN?G;M
 JL~NC=;M ? =L?>IM =IG
<;M? H?MM;M @ILG;M ?F?G?HN;L?M >; =?LCGŽHC; ? >I LCNO;F KO? M‚I IM DIAIM
CH@;HNCM
+IGOH>I>? ILN~T;L
IDIAIL?=I<L;?MM;PCN;FC>;>?J?L>C>;
>?;NCPC>;>?
M„LC;?>?;>OFNIM
KO?M?P;F?G>?F;J;L;?M=;J;L>;CHM?AOL;Hƒ;
>?M?OJHC=I
>C;HN? >? OG GOH>I CH=IGJL??HMˆP?F
 ;<MOL>I ? =B?CI >? J?LCAIM  0?OM
J?LMIH;A?HM M? >CP?LN?G <LCH=;H>I
 „ P?L>;>?
 G;M GOCN;M P?T?M M? NL;N; >?
>CP?LM‘?MJ?LCAIM;M
KO?FB?M>?CR;L‚I
;F„G>?OG?MKO?=CG?HNIJ;MM;A?CLI>?
MO;M=CL=OHMNH=C;M
;FAOG=IHB?=CG?HNI;NLITIO;FIO=OL;IO;GILN?
"G IONLIM =;MIM
 I DIAI =ILN;T;LC;HI „ OG L?@’ACI J;L; ; M?HMC<CFC>;>? ? ;
CG;ACH;ƒ‚I
 I GI>I =IGI M?L?M >?FC=;>IM
 CHA…HOIM
 M? >?@?H>?G >IM LIFIM
=IGJL?MMIL?M MI=C;CM IO
 =IGI ?M=L?P?O HI G;CM NL;P?MMI >? M?OM FCPLIM Z
:DE‚C:2D 56 4C@?‚A:@D 6 56 72>2D Z
 UJ;L; FON;L =IHNL; I JL;AG;NCMGI ? ;
BILLˆP?F N?H>…H=C;  =IHM?=Oƒ‚I >? @CH;FC>;>?M ’N?CMW  0?OM DIAIM M‚I
>?=F;L;ƒ‘?M=IHNL;IJL„ @;<LC=;>I
=IHNL;;MC>?C;M=IHA?F;>;MJ?FIOMI?J?FI
;<OMI
=IHNL;IMJL?=IH=?CNIM?
MI<L?NO>I
=IHNL;;MIF?HC>;>?Z;<?MN; @?L;
H?AL;>? ILN~T;LKO;H>I?F?=LCNC=;P;;=OFNOL;?;C>CIMMCH=L;MC;>?M?OJ;ˆM
#;FI ?G DIAI
 G;M
 H; P?L>;>?
 >?P?LC; OM;L I N?LGI HI JFOL;F  -ILKO? HIM
FCPLIM>? ILN~T;LDIA;I;ONIL
DIA;IH;LL;>IL
DIA;GIMJ?LMIH;A?HM?DIA;I
F?CNIL
=IGJ?FC>I;CMMIJ?F;M?H>C;<L;>;M;LG;>CFB;MKO?I?MJL?CN;GH;J~ACH;
M?AOCHN?
 KO;H>I G?HIM M? ?MJ?L;  " H‚I L?MN; >’PC>; >? KO? „ ;FN;G?HN?
FC<?LN;>IL ? L?DOP?H?M=?>IL M? P?L
 >? L?J?HN?
 ?HNL? ;M JL?MNC>CACN;ƒ‘?M >?
ILN~T;L
 M?G M;<?L =IGI
 J;LI>C;H>I ;M ?MN~NO;M
 L?MA;N;H>I J;F;PL;M >I
=?GCN„LCI IM >C=CIH~LCIM ;=;>…GC=IM J;L; CH=ONCL FB?M PC>; =IG MIJLIM >?
BOGILIOJOF;H>I?HNL?I=„O?ICH@?LHI>;;G;L?FCHB;
.O;H>I & ;@8@ 52 2>2C6=:?92 @IC JO<FC=;>I
 ?G 
 =;OMIO OG ?@?CNI
MˆMGC=IHIGOH>I>?FˆHAO;?MJ;HBIF; ,LIG;H=?L?PIFP?OJLI@OH>;G?HN?;M
=IHPC=ƒ‘?M?IMJL?=IH=?CNIMKO??M=LCNIL?M?F?CNIL?MNˆHB;GIMMI<L?IMG?CIM?
IM@CHM>;;LN?>?H;LL;L?;GJFCIO;M@LIHN?CL;M>IA…H?LI;FCGCN?MCGJ?HM~P?CM
$L;ƒ;M;IFCPLI
;JL?H>?GIMKO??M=L?P?L?L;OG;G;H?CL;A?HC;F>?M?>CP?LNCL

KO? ?L; JIMMˆP?F ?RJFIL;L IM M?AL?>IM >I GOH>I ? >; FCHAO;A?G >? OG D?CNI
GOCNI JLIP?CNIMI ? KO?
 DIA;H>I
 JI>ˆ;GIM MIH>;L ;M =;G;>;M GCMN?LCIM;M >;
PC>; P?>;>;M ;I =IHB?=CG?HNI L;=CIH;F
  CHN?FCA…H=C; FAC=;
 ;<CMGIM >;
?RJ?LC…H=C; >IM KO;CM HCHAO„G JI>? M? ;JLIRCG;L M?G =ILL?L AL;P?M LCM=IM

=IGI;GILN??;FIO=OL; "G&;@8@522>2C6=:?92
L;T‚I?>?ML;T‚I
MIHI?
PCAˆFC;
 I<D?NCPC>;>? ? MO<D?NCPC>;>?
 BCMNLC; ? @;HN;MC; J?L>C;G MO; =IH>Cƒ‚I
?R=FO>?HN?
 MO;M @LIHN?CL;M M? ?=FCJM;P;G
 >?CR;P;G >? M?L ;HNCHIGC;M J;L; M?
=IH@OH>CL?G?GOG;ML?;FC>;>?
J?F;KO;F=?LNIMM?L?MJLCPCF?AC;>IM
=IGI;
*;A;?,FCP?CL;
?IM=„F?<L?MJCL;>IM>?M?OM@ONOLIMFCPLIM
JI>C;G>CM=ILL?L
FCPL?G?HN?  IGIGOCNIM=;M;CM>?F?CNIL?M>?&;@8@522>2C6=:?92>IM;HIM

 -;NLC=C; ? ?O N;G<„G =IG?ƒ;GIM ; @;F;L ?G AFˆAFC=I
 ; CHP?HN;L OG
FCHAO;D;L J;LNC=OF;L ? ; NL;>OTCL HIMMIM >?FC=;>IM M?AL?>IM ; M?OM ?RNL;P;A;HN?M
PI=~<OFIM?MIN„LC=IM 
'OHNI=IG;HIƒ‚I>?DIAI
;>?FC<?L>;>?„CGJL?M=CH>ˆP?FKO;H>IM?@;F;>?
&;@8@522>2C6=:?92?>?NI>;M;MI<L;M>?@C=ƒ‚I>? ILN~T;L )C<?L>;>?J;L;
PCIF?HN;L ;M HILG;M ?MN;<?F?=C>;M >; ?M=LCN; ? >; ?MNLONOL; H;LL;NCP;M
 J;L;
MO<MNCNOCL;IL>?G=IHP?H=CIH;F>I=IHNIJILOG;IL>?GMO<N?LLH?;KO?N?G
; ;J;L…H=C; >? >?MIL>?G
 J;L; L?PIFO=CIH;L I JIHNI >? PCMN; >I H;LL;>IL
 I
N?GJI H;LL;NCPI
 ; JMC=IFIAC; >IM J?LMIH;A?HM
 ; ILA;HCT;ƒ‚I ?MJ;=C;F >;
BCMNLC;
MO;CF;ƒ‚I ?HILG?CHM?AOL;Hƒ;>C;HN?>IGOH>I
KO?;IFIHAI>I
LIG;H=?P;CNIG;H>I=IHN;>?%IL;=CI,FCP?CL;?=IH@CH;H>I I=;>;P?TG;CM
; OG L?@’ACI G?HN;F
 „ ; M?HM;ƒ‚I KO? ;=IGJ;HB; I F?CNIL >? & ;@8@ 52
2>2C6=:?92  G?>C>; KO? ?F? ;>?HNL; ?MM? F;<CLCHNI ? P;C M? >?CR;H>I
>?M?H=;GCHB;L J?FI G;KOC;P„FC=I H;LL;>IL ?G G?CI ;IM G?;H>LIM ? M
L;GC@C=;ƒ‘?M >; BCMNLC;  FC H;>; „ @;GCFC;L IO M?AOLI H?G I LOGI
 H?G IM
MCAHC@C=;>IM
 H?G IM MˆG<IFIM
 H?G I =B‚I ?G KO? M? JCM;  , KO? ?MN‚I
=IHN;H>IJ;L;GCG-ILKO?HOH=;=IHMCAI?HN?H>?L;M=ICM;MJIL=IGJF?NIj
;FAI N‚I GCMN?LCIMI ? =IGJF?RI KO? =B?A; ; M?L CH;JL??HMˆP?F IO „ OG;
=;ƒI;>;0‚I;G<;M;M=ICM;M +?MN?LIG;H=???GGOCNIM=IHNIM>? ILN~T;L

=IG@L?KO…H=C;?MN‚IJL?M?HN?M;TIG<;LC;
;JC;>;?IMNLOKO?M>?M;F‚I
=IGI
;M@CAOLCHB;M>?;HCG;CMKO?=?LNIM;LNCMN;M;LG;G=IG;MG‚IMIO;MGI?>;M
KO?>?M;J;L?=?G?HNL?IM>?>IM?L?;J;L?=?GH;IL?FB;IOHIH;LCT
G;M=IG
@L?KO…H=C;
 N;G<„G
 =IGI ;KO?F?M @;GIMIM ?JCM>CIM ;<MOL>IM >? & ;@8@ 52
2>2C6=:?92 JLIN;AIHCT;>IM J?F; JC;HCMN; ?LNB? 1L„J;N ?G -;LCM
 ? ; N~<O;
MI<L? I P;TCI H; KO;F M? ?KOCFC<L; 1;FCN; ?G O?HIM CL?M
 MONCFG?HN? M?
NL;HM@ILG;GHOG;>?M=C>;;IMJIL‘?M>I=IGJILN;G?HNI
;MO;ML?GIN;M@IHN?M
CLL;=CIH;CM
 ; OG; JLI@OH>?T; CGON~P?F Z G~AC=;
 <~L<;L;
 LCNO;FCMN; Z >;
?RJ?LC…H=C; BOG;H;
 KO? MO<D;T  =CPCFCT;ƒ‚I L;=CIH;F ?
 ?G >?N?LGCH;>;M
=CL=OHMNH=C;M
 L?;<CFCN; ;
 H; G?>C>; ?G KO? ; =IHN?MN;  "MM? „ I N?G; >?
;FAOHM >IM G?FBIL?M =IHNIM >? ILN~T;L
 =IGI U, ˆ>IFI >;M ˆ=F;>?MW ? U
HICN? >? <;LLCA; J;L; =CG;W
 HIM KO;CM P?GIM CLLIGJ?L
 HI =IL;ƒ‚I >; PC>;
GI>?LH;?M?GMIFOƒ‚I>?=IHNCHOC>;>?
OGJ;MM;>IL?GINI?@?LIT>?>?OM?M
M;HAOCH~LCIMKO?N…G>?M?LM;=C;>IM=IGPˆNCG;MBOG;H;M 
& ;@8@ 52 2>2C6=:?92 ?MNCGOFIO IOM;>C;M @ILG;CM HIM HIPIM ?M=LCNIL?M
BCMJ;HI ;G?LC=;HIM =IGI JIO=IM FCPLIM ;HN?LCIL?M IO JIMN?LCIL?M
 G;M M?LC;
CHDOMNI=B;G~ FI>?LIG;H=??RJ?LCG?HN;F "MM;=F;MMC@C=;ƒ‚I?GCN?OG=;L~N?L
;<MNL;NI ? JL?N?HMCIMI
 MOA?L? OG GOH>I >? JLIP?N;
 >? L?NILN;M ? FIOM;M =IG
=~F=OFIM;FA„<LC=IM
;FAI>?M?H=;LH;>I
>CMMI=C;>I>;PC>;CG?>C;N;
>I>?M?DI?
>I JL;T?L  & ;@8@ 52 2>2C6=:?92 NL;HM<IL>; PC>; JIL NI>IM IM JILIM
 „ OG;
?RJFIM‚I >? @L?M=IL ? GIPCG?HNI
 >? ?R;FN;ƒ‚I ? CLL?P?L…H=C; DOP?HCM
 OG;
MIHIL; A;LA;FB;>; >C;HN? >;KO?F?M ?M=LCNIL?M KO?
 =IGI ILN~T;L =IMNOG;P;
>CT?L
J‘?G=IF;LCHBI?AL;P;N;J;L;?M=L?P?L "F??M=L?PC;M?GJL??GG;HA;M
>? =;GCM;
 =IG ; CH@ILG;FC>;>? ? ; ;F?ALC; >? KO?G M? M?HN;  G?M; J;L;
>CM@LON;L >? OG; =IGC>; =;M?CL; IO >? KO?G ?M=ON; I >CM=I @;PILCNI H;
CHNCGC>;>?>IF;L &;@8@522>2C6=:?92HIMGIMNLIOKO?ILCMIH‚I?L;CHCGCAI
>;M?LC?>;>?
>?CR;H>IM=F;L;MNO>I>?CFOMLCI?LC>ˆ=OFIKO?M??M=IH>?H;
HMC; >I ?RJ?LCG?HN;FCMGI KO;H>I F?P;>I GOCNI ; M„LCI  MMCG =IGI I
*;LKO…M >? 0;>? >? =?LN; @ILG; ?MAINIO ;HN?=CJ;>;G?HN? NI>IM IM JIMMˆP?CM
?R=?MMIM>;=LO?F>;>?M?RO;F
F?P;H>I ;?GM?OMLIG;H=?M;?RNL?GIMKO?H‚I
JI>?GM?LL?J?NC>IM
&;@8@522>2C6=:?92=IHMNCNOCOOGNCJI>?;JIN?IM?>I
DIAI @ILG;F >?JICM >I KO;F KO;FKO?L LIG;H=? ?RJ?LCG?HN;F D~ H;M=C; P?FBI ?
<;NC>I  -IL CMMI
 N;F =IGI ILA?M
 ILN~T;L N?P? CH=IHN~P?CM CGCN;>IL?M
 G;M
H?HBOG>CM=ˆJOFI
!?M?M=L?P?L I LIG;H=?
 >?MNLOCL ; FCN?L;NOL;
 >?M@;T?L IM B~<CNIM >I UF?CNIL
@…G?;W
MCGJFC@C=;L;MJ;F;PL;M
?M=L?P?LG;F?N=
=IGICHMCMNC;N;HNII*IL?FFC
>?MN?LIG;H=?
M‚IG?N~@IL;M>?;FAIGOCNIMCGJF?M;FCN?L;NOL;M?;M@CRC;J?FI
?R=?MMI >? =IHP?H=CIH;FCMGIM ? >? M?LC?>;>?  j JL?=CMI JOLA~ F; >; L?NLC=; ?
>IM FOA;L?M =IGOHM
 >?PIFP?L FB? @L?M=IL
 AL;ƒ;
 CHMIF…H=C;
 FC<?L>;>?  , ?MNCFI
>? ILN~T;L N?G NO>I CMMI
 ?MJ?=C;FG?HN? KO;H>I M? >CMN;H=C; >; JIGJIM;
JLIMIJIJ?C; N;OG;N’LAC=; =IG KO? M?O ;FN?L ?AI *IL?FFC JIHNC@C=; MI<L?
FCN?L;NOL;  ,O M?D;
 ?G M?OM =IHNIM
 KO? >? GI>I A?L;F M‚I G;CM >C~@;HIM ?
=LC;NCPIM KO? IM LIG;H=?M
 ?G<IL; H‚I ?RC<;G I ?RO<?L;HN? @IAO?NLCI KO?
?HPIFP??MN?M’FNCGIM
,M=IHNIM>? ILN~T;LH‚IM‚IG?HIM;G<C=CIMIMIOG?HIMC=IHI=F;MN;MKO?
M?OM N?RNIM H;LL;NCPIM >? G;CIL @ŽF?AI  *;M I KO? B~ H?F?M >? ILCACH;F ? >?
LOJNOL;=IMNOG;?MN;LG;CMG?N;<IFCT;>IH;MBCMNLC;M
?JIO=;MP?T?MM?L?P?F;
=IG I PCLNOIMCMGI >?M;P?LAIHB;>I KO? M? P… ?G & ;@8@ 52 2>2C6=:?92
 
$@56=@ A2C2 2C>2C ? & =:GC@ 56 $2?F6=
 HIM KO;CM I F?CNIL M P?T?M N?G ;
M?HM;ƒ‚I >? M?L MO<G?NC>I ; =?LN;M JLIP;M >? ?@C=C…H=C; CHN?F?=NO;F  "MM?M
LIG;H=?M M‚I G;HC@?MNIM L?PIFO=CIH~LCIM
 G;M ; P?L>;>?CL; L?PIFOƒ‚I >?
ILN~T;L?MN~HIM=IHNIM jG;CM>CM=L?N;
JIL„GG;CMJLI@OH>;?J?LG;H?HN?

JIL CHMNCA;L ; JLJLC; H;NOL?T; >; @C=ƒ‚I


 ?MM? F;ƒI CH>CMMI=C~P?F >? @ILG;
=IHN?’>I
G?CI @CG
;LN? N„=HC=;HIKO;F?F;M?NL;HM@ILG;KO;H>IM?NL;N;>IM
;ONIL?M G;CM <?G MO=?>C>IM  "G M?OM =IHNIM
 ILN~T;L H‚I ?RJ?LCG?HNIO ?F?
?H=IHNLIO
>?M=I<LCO
=LCIO;FAIKO?H‚IJ?L?=?
!IG?MGID?CNIKO?ILNOFI>??M=LCNIL?RJ?LCG?HN;F
?G ILN~T;L
„GOCNI
FCGCN;>I
 N;G<„G M?LC; JIO=I =B;G~ FI >? ?M=LCNIL @;HN~MNC=I
 ;CH>; KO?
 M?G
>’PC>;
 =IFI=;H>I ;M >?@CHCƒ‘?M H; G?M;
 ?F? NCP?MM? JL?@?LC>I ?MN;  JLCG?CL;
'OFCI ;G;P; ; FCN?L;NOL; @;HN~MNC=; ? ; =IHB?=C; >IM J„M  =;<?ƒ; ?M=L?P?O
;FAOHM =IHNIM G;L;PCFBIMIM H?MM; >CL?ƒ‚I
 HIM KO;CM ;=IHN?=?G @;NIM
?RNL;IL>CH~LCIM
 =IGI ; CGJIMMˆP?F NL;HM@ILG;ƒ‚I >? OG BIG?G HOG;
=LC;NOLCHB; ;KO~NC=;
 ?G URIFINFW
 J?KO?H; I<L; JLCG;
 IO ; L?PCL;PIFN; KO?

AL;ƒ;M  CHN?HMC@C=;ƒ‚I >I ?HNOMC;MGI


 NL;HM@ILG; OG; ;JL?M?HN;ƒ‚I GOMC=;F
=ILLCKO?CL; HOG G;MM;=L? >?M=IGOH;F
 ?G KO? OG J’<FC=I CH=?H>C;>I JOF;
HI J;F=I J;L; >?PIL;L I G;?MNLI ? IM G’MC=IM UM G…H;>?MW  *;M N;G<„G
?M=L?P?OHIN~P?CM=IHNIM>IL?;FCMGIG;CMILNI>IRI -IL?R?GJFI
;G;L;PCFB;
KO?„U1ILCNIW
;BCMNLC;>;>?=;>…H=C;>?OG<IR?;>IL=IHN;>;J?FIJLJLCI

KO? „
 H; P?L>;>?
 ; BCMNLC; >? M?O GI>I >? @;F;L
 OG; @?MN; FCHAOˆMNC=; >?
AL;ƒ;
 GOMC=;FC>;>? ? BOGIL
 ; CHP?Hƒ‚I >? OG ?MNCFI =IG M;<IL JIJOF;L
 ;
C>CIMMCH=L;MC; ? ; GCNIFIAC; >I AF63=@  ,O =IGI U, J?LM?AOC>ILW
 H;LL;>I ;
J;LNCL>IMONCFJL?N„LCNIJ?L@?CNIKO?M?>CMMIFP?HIJL?M?HN?>IF?CNIL
?PI=;H>I
>?MM? GI>I MO<FCGCH;L ; AL;>O;F >?MCHN?AL;ƒ‚I >? 'IBHHS
 I ;2KK>2? A?HC;F
=OD;<OM=;;FO=CH;>;J?FI;<MIFONI
;NL;P„M>IM?OCHMNLOG?HNI
=B?A;;N„HM
J?F; L?>Oƒ‚I UL?;FCMN;W L;=CIH;F ? JL;AG~NC=; L?;FCT;>; JIL OG =LˆNC=I ?
<CAL;@I>?'IBHHS
IH;LL;>ILLOHI
+;P?L>;>?
 ILN~T;L?L;;IG?MGIN?GJIOG?M=LCNILL?;FCMN;?@;HN~MNC=I ,
GOH>I KO? CHP?HNIO „ CH=IH@OH>ˆP?F DOMN;G?HN? JIL ?MM; ?MNL;HB; MCG<CIM?

KO? /IA?L ;CFFICM =IHMC>?L;P; ; ’HC=; =IG G„LCNIM MO@C=C?HN?M J;L; M?L
=B;G;>;>?@;HN~MNC=; +IJLFIAI?E@=@8:25@4@?E@72?EsDE:4@
ILA;HCT;>;
JIL ?F?
 ;CFFICM >?@?H>? ; C>?C; >? KO? ; ;LN? P?L>;>?CL;G?HN? @;HN~MNC=; H‚I
H;M=? >; PIHN;>? >? M?O =LC;>IL
 ? MCG ?M=ILL? JIL ?HNL? MO;M CHN?Hƒ‘?M
 JIL
I<L; >I ;=;MI IO >? @ILƒ;M ;CH>; G;CM GCMN?LCIM;M  MMCG
 M?AOH>I ?F?
 I
@;HN~MNC=IH‚I„L?MOFN;>I>?OG;N„=HC=;
H‚I„OGMCGOF;=LIFCN?L~LCI
?MCG
;FAI >; IL>?G >I CGJIH>?L~P?F
 OG; L?;FC>;>? KO?
 M?G JL?G?>CN;ƒ‚I

;=IHN?=? >? L?J?HN? ?G OG N?RNI FCN?L~LCI  )?G<LI G? >? OG; FIHA; ?
;J;CRIH;>;=IHP?LM;=IG ILN~T;L
?GOG3:DEC@E>?*IHNJ;LH;MM?
MI<L??MM;
N?M? >? ;CFFICM
 I ?HNOMC;MGI >? 'OFCI =IG ?F; ? MO; MOLJL?M; KO;H>I ?O FB?
>CMM?=IG=IHPC=ƒ‚IKO?;KO?F;N?ILC;G?J;L?=C;=;CL=IGIOG;FOP;;IKO?
M?J;MM;P;?GMO;@C=ƒ‚I
+I GOH>I =ILN;T;LC;HI
 ; L?;FC>;>? <;H;F =IG?ƒ; CGJ?L=?JNCP?FG?HN? ;
L;=B;L M? ? ; =?>?L ; JL?MM‘?M L?=ŽH>CN;M KO? ; ?GJOLL;G ?G >CL?ƒ‚I ;I
GCL;=OFIMI
M?G
HI?HN;HNI
F;Hƒ~ F;NIN;FG?HN?H?F?
G;HN?H>IOG;?MJ„=C?
>?N?LLCNLCICHN?LG?>C~LCI
N?HMI?>?M=IH=?LN;HN?
HIKO;FIL?;F?I@;HN~MNC=I
;=IGI>;G M? DOHNIM G;M H‚I M? @OH>?G  "MM? „ I GOH>I >? UM <;<;M >I
>C;<IW
 U ;LN;M >? G;G‚?W
 UM ;LG;M M?=L?N;MW
 U JILN; =IH>?H;>;W ? >?
N;HNIM IONLIM =IHNIM >? MIFOƒ‚I ;G<ˆAO;
 KO? JI>?G M?L CAO;FG?HN?
CHN?LJL?N;>IM=IGIL?;FCMN;MIO@;HN~MNC=IM
JICMI?RNL;IL>CH~LCIH?F?MN;FP?TM?D;
;@;HN;MC;>IMJ?LMIH;A?HM
ION;FP?TIGCF;AL?
"MM; „ ; @;GIM; ;G<CAOC>;>? KO? =;L;=N?LCT; =?LN; FCN?L;NOL; @;HN~MNC=;
=F~MMC=;
?R?GJFC@C=;>;?G@FEC2G@=E25@A2C27FD@
>?%?HLS';G?M
>?FC=;>;
BCMNLC; H; KO;F I G?MNL? >I CH=?LNI MIO<? =IHN;L >? G;H?CL; N;F KO? H‚I B~
=IGI M;<?L M? I KO? H?F; I=ILL? >? @;HN~MNC=I Z ; ;J;LCƒ‚I >? @;HN;MG;M Z
L?;FG?HN? ;=IHN?=? IO „ ;FO=CH;ƒ‚I >? OG J?LMIH;A?G  , KO? >C@?L?H=C;
ILN~T;L >? OG ';G?M
 >? OG -I?
 >? OG ILA?M IO >? OG (;@E; H‚I „ ;
;G<CAOC>;>? H?G I CHN?F?=NO;FCMGI
 KO? H?F? M‚I N?H>…H=C;M N‚I @L?KO?HN?M
KO;HNIH?MN?M
G;MMCGI@;NI>?KO?
H;M@C=ƒ‘?M>? ILN~T;L
;MBCMNLC;MG;CM
?F;<IL;>;M ? =OFN;M HOH=; M? >?M?H=;LH;G ? HOH=; NL;HMCN;G J;L; I ;<MNL;NI

J?LG;H?=?H>I;H=IL;>;MHI=INC>C;HI?HI=IH=L?NI
G;HN?H>I;PCN;FC>;>?>?
OG;J;LNC>;>?@ON?<IFIO>?OG>C;>?=BOLL;M=I ,MMOLL?;FCMN;MCHP?HN;L;G;
?RJL?MM‚I UI G;L;PCFBIMI =INC>C;HIW J;L; M? L?@?LCL ; OG; L?;FC>;>? JI„NC=;

GCMN?LCIM;
>?MFI=;>;>;=IHNCHA…H=C;?>;MF?CM=C?HNˆ@C=;M
KO?IJI?N;„=;J;T
>? J?L=?<?L JIL >?<;CRI >;M ;J;L…H=C;M
 J?FI MIHBI IO J?FI >?FˆLCI
 ?PI=;>;M
?G FCPLIM =IGI & 42>A@?zD 56 '2C:D
 >? L;AH
 IO %25;2
 >? L?NIH  *;M
=L?CIKO??F;H‚I>?@CH?H?HBOGIONLI?M=LCNIL>?HIMMIN?GJIN‚I<?GKO;HNI
; ILN~T;L
PC>?HN?KO?>?N?=N;P;ICHMFCNIHI=IGOG
I;<MOL>IHIFAC=I
;
?R=?ƒ‚I H; L?AL; ? I GCL;=OFIMI HI <;H;F  +CHAO„G >CAHC@C=IO N‚I
FCN?L;LC;G?HN? I JL?PCMˆP?F
 I =IHP?H=CIH;F ? I JLIM;C=I >; PC>; BOG;H;
 KO?

HIM G;F;<;LCMGIM >? MO; J?H;


 >?HIN;P;G OG; L?=ŽH>CN; N?LHOL; IO ?RC<C;G
OG; @;=? >?M=IGOH;F
 MO<FCG? IO BILLCJCF;HN?   JIHNI >?
 ?G MO;M G‚IM

G?L;M CHMNLOƒ‘?M J;L; >;L =IL>; ; OG L?FACI IO J;L; MO<CL OG; ?M=;>; M?
NL;HM@ILG;L?G
 ;I G?MGI N?GJI
 ?G ;HAOMNC;HN?M JI?G;M ?G JLIM; ?
BCF;LC;HN?MN?RNIM>?<?MN?CLIF
 ?RJFC=;ƒ‚I >?MM; ;FKOCGC; KO?
 H;M @C=ƒ‘?M >? ILN~T;L
 @OH>? ; @;HN;MC;
G;CMCLL?;F=IG;PC>;;F?AL?>I=ILJI?>;LO;
;PC>;=IGJF?N;G?HN?FCPL??
M?GI<MN~=OFIM>;CG;ACH;ƒ‚I=IG;PC>;FCGCN;>;>I=ILJI?>;BCMNLC;
„I
?MNCFI  2G ?MNCFI KO? MCGOF; G;L;PCFBIM;G?HN? <?G ; IL;FC>;>?
 ; MIFNOL;
@FO?HN?>;@;F;=INC>C;H;
;?RJL?MM‚I?MJIHNH?;
M?G;>ILHIMH?GJ?NOFH=C;M

>IBIG?G=IGOG 1L;N; M?>?OG;CFOM‚I


=F;LI
JILKO?IBIG?G=IGOGM?
?RJL?MM; >? @ILG; =IGJFC=;>;
 =B?C; >? L?J?NCƒ‘?M ? >? =IH@OM‘?M KO? H‚I
L?MCMNCLC;GM?NL;HMJILN;>;MJ;L;;?M=LCN; FˆHAO;>? ILN~T;L„N;G<„GOG;
@C=ƒ‚I JLCGILIM;G?HN? @;<LC=;>;
 OG ;LNC@ˆ=CI N‚I ?@C=;T KO? J;L?=? H;NOL;F

OG;@;F;L?JLI>OTC>;;J;LNCL>;PC>;
KO?DILL;J;L;IF?CNIL>CL?N;G?HN?>?MM;M
<I=;M?FˆHAO;M;HCG;>;M>?BIG?HM?GOFB?L?M>?=;LH??IMMI
OG;FˆHAO;
N‚I NL;HMJ;L?HN? ? JF;H; KO? M? =IH@OH>? =IG ;KOCFI KO? HIG?C;
 =IG ;M
MCNO;ƒ‘?M
;M=ICM;M
IMM?L?M
;MJ;CM;A?HM
IMJ?HM;G?HNIM
J;L;;MMCGGIMNL~ FIM
G?FBIL
 =IGI OG >CM=L?NI <LCFBI KO? IM CFOGCH;LC; >? >?HNLI
 ?G MO;
;ON?HNC=C>;>? ? P?L>;>?   ?MM? ?MNCFI „ KO? ; @C=ƒ‚I >? ILN~T;L >?P? MO;
JI>?LIM;P?LIMMCGCFB;Hƒ;
IMIJLI>?BOG;HC>;>?KO?JOFM;?GNI>IMIMM?OM
N?RNIM
 G?MGI H;KO?F?M G;CM CHNLCH=;>IM   @OH=CIH;FC>;>? >? M?O ?MNCFI „
N;G;HB;KO?IMG?FBIL?MN?RNIM>I;ONILJ;L?=?G@;F;>IM
 FCGJC>?T >I ?MNCFI
 HI ?HN;HNI
 @L?KO?HN?G?HN? HIM ?HA;H;
 @;T?H>I HIM
;=L?>CN;L KO? I =IHN?’>I >?MM;M BCMNLC;M „
 >I G?MGI GI>I
 >C~@;HI
 OG
GOH>IM?GMIG<L;M 1L;N; M?>?IONL;JL?MNC>CACN;ƒ‚I
JILKO?
H;P?L>;>?
M?O
GOH>I?MN~=;LL?A;>I>?PCIF…H=C;IMI@LCG?HNI
;;HA’MNC;?IG?>I;=IMM;G
M?G NL„AO; M?OM B;<CN;HN?M
 KO?
 H‚I L;LI
 J;L; ?M=;J;L >? MO; =IH>Cƒ‚I
CHMOJILN~P?F
 L?@OAC;G M? =IGI %IL;=CI ,FCP?CL; H; FIO=OL; IO ?G ;FAI
GOCNI M?G?FB;HN?  !?M>? & ;@8@ 52 2>2C6=:?92
 IM FIO=IM I=OJ;G OG FOA;L
=?HNL;FH;I<L;>? ILN~T;L *;MH?F;;FIO=OL;M?L?P?F;>?G;H?CL;?HA;HIM;

M?G;M=IMNOG?CL;ML?P?L<?L;ƒ‘?M>?;G?;ƒ;MIONL;A„>C;M
?GOCNIG;CM=IGI
OG G?FCH>L? LCMIHBI ? ;FAI N?LHI
 G;HC@?MN;ƒ‚I >I ;<MOL>I ?MM?H=C;F KO? M?
?M=IH>? >I GOH>I JIL NL~M >? MO;M G~M=;L;M >? L;=CIH;FC>;>? ? M?HM;N?T  ,M
JCL;>IM >? ILN~T;L M‚I =;NCP;HN?M ? KO;M? M?GJL? <IHM
 M?L?M I<=?=;>IM JIL
>?M=IH=?LN;HN?MJLID?NIMFCHAOˆMNC=IM
FCN?L~LCIM
MI=C;CM
JIFˆNC=IM
„NC=IM
J;L;Z
=IGI ?@?LCHI -CLCT Z ;MMCG L?IL>?H;L ? L?=F;MMC@C=;L ; ?RCMN…H=C; M?AOH>I
>?FCL;HN?M HIG?H=F;NOL;M  "HNL? IM L?MKOˆ=CIM >? MO;M ?RNL;P;AH=C;M
 M?GJL?
>?CR;G ?HNL?P?L ;FAI KO? IM L?>CG? ? DOMNC@C=; OG; CHM;NCM@;ƒ‚I =IG I KO?
?RCMN?
OG;<OM=;=IH@OM;JILIONL;PC>;
G;CMCGJL?PCMˆP?F?JI„NC=;MP?T?M
;N?LLILCT;HN? KO? ;KO?F; H; KO;F ?MN;GIM =IH@CH;>IM  2G N;HNI CH@;HNCM
 OG
N;HNI MIHB;>IL?M
 OG N;HNI JC;>CMN;M
 OG N;HNI ;NIL?M
 IM JCL;>IM >? ILN~T;L
?RC<?G OG; POFH?L;<CFC>;>? ? OG; ?MJ„=C? >? CHN?ALC>;>? GIL;F KO?
 ;I
G?MGI N?GJI KO? >?MJ?LN;G OG; MIFC>;LC?>;>? CH?RJFC=~P?F >? HIMM; J;LN?

HIM@;T?GM?HNCL;=OM;>IM
'IAI
 FIO=OL;
 JI?MC;
 BOGIL ;FC;G M? =IGI =IG<CH;ƒ‘?M KOˆGC=;M H;M
M?AOCHN?M GCM=?FH?;M  G@=E2 2@ 5:2 6>   >F?5@D
 m=E:>@ C@F?5 ? HI
N?MN?GOHBI >? OG; >CMJ;L;N;>; J?L?ALCH;ƒ‚I @CH;F JIL OG; LI>IPC; @L;H=?M;

?G &D 2FE@?2FE2D 52 4@D>@A:DE2


 HI KO;F ILN~T;L J‘? MO;M ;@?Cƒ‘?M
 G;HC;M

I<M?MM‘?M
MCGJ;NC;M?G?>IM=IGOG;;F?AL?@;FN;>?JO>IL;>IF?M=?HN? "MM?M
NL…M FCPLIM M‚I IONL;M N;HN;M =B;P?M >? OG; ;ONI<CIAL;@C; ?MJCLCNO;F ? J;L?=?G
G;L=;L OG; =IHNCHOC>;>? H; PC>; ? H; I<L; >I ;ONIL
 ?G MO; G;H?CL; >?
=IH=?<?L ? JL;NC=;L ; FCN?L;NOL;
 @?CNI OG J?LG;H?HN? G?FCH>L?
 @?CNI OG;
DI=IM;CLL?P?L…H=C; *;MN;G<„GM?NL;N;>?OG;GCL;A?G -ILKO?
HI@CG>IM
;HIM 
 ILN~T;L JLIN;AIHCTIO OG; >?MM;M NL;HM@ILG;ƒ‘?M KO?
 =IGI >CLC;
?F?
 M ;=IHN?=?G H; FCN?L;NOL;  1;G<„G HCMMI 'OFCI @IC OG CGJL?PCMˆP?F
=LIHJCI
PCL;>;>? ILN~T;L
;G;CM?RNL;IL>CH~LC;KO?JO>?I<M?LP;L?KO?D;G;CMPC
;=IHN?=?L;IONLIM?L
OG;GON;ƒ‚IKO?GOCN;MP?T?M=B?AO?C;=IGJ;L;L=IG
;KO??RJ?LCG?HN;IH;LL;>IL>?URIFINFW
;=IHN?=?O
M?AOH>I;P?LM‚II@C=C;F
Z KO? ?F? G?MGI =IHM;ALIO Z
 HI G;CI @L;H=…M >?   +;KO?F?M >C;M
NOGOFNOIMIM
?F?@ICPCMNIH;M<;LLC=;>;M>?-;LCM
>CMNLC<OCH>I@IFB;MPIF;HN?M>?
MO; CHP?Hƒ‚I
 M?H>I =IH@OH>C>I =IG IM ?MNO>;HN?M KO? KO?LC;G F?P;L U;
CG;ACH;ƒ‚I ;I JI>?LW  1CHB;  ;HIM  +IM >?T?MM?CM KO? FB? @;FN;P;G PCP?L

M?LC; OG ?M=LCNIL =IGJLIG?NC>I =IG I MI=C;FCMGI


 >?@?HMIL >? O<; ? >;
+C=;L~AO;
;MMCH;HN?>?G;HC@?MNIM?B;<CNO„>?=IHAL?MMIML?PIFO=CIH~LCIM
;N„
MO;GILN?
"GM?O=;MI
>C@?L?HN?G?HN?>?N;HNIM=IF?A;MHIMMIMKO?IJN;L;GJILOG;
GCFCNH=C; M?G?FB;HN?
 M KO? JIL ?MHI<CMGI IO IJILNOHCMGI Z OG GI>OM
PCP?H>C ? OG; G;H?CL; >? ?M=;F;L JIMCƒ‘?M H; M?;L; CHN?F?=NO;F
 KO? ?L;
 ? >?
=?LN; @ILG; =IHNCHO; M?H>I
 GIHIJFCI >; ?MKO?L>; HI GOH>I >? FˆHAO;
?MJ;HBIF; Z
 ?MM; GO>;Hƒ; @IC A?HOˆH;
 G;CM >CN;>; J?F; „NC=; >I KO? J?F;
C>?IFIAC;  KO;F J?LG;H?=?O M?H>I ;F„LAC=I ? >? OG; =I?L…H=C; NIN;F  0O;
PC>;M?ILA;HCTIO?G@OHƒ‚I>?F;
?M?NILHIOJ’<FC=;
KO;M?JLIGˆM=O;
?<I;
J;LN?>?MO;I<L;M?>CMJ?LMIOH;=CL=OHMNH=C;?H;;NO;FC>;>?
;N„J;L?=?LN?L
MC>I ?M=LCN; JIL IONL; J?MMI;
 GOCNI >C@?L?HN? >;KO?F; KO?
 ;HN?M
 J?L=?<C; ;
JIFˆNC=;=IGI;FAI>CMN;HN??=IGOGCLŽHC=I>?M>„G )?G<LI G?>?KO;H>I
?OKOCM;JL?M?HN;L ILN~T;L;'O;H$ISNCMIFIU*?;<MN?HBIW
?F?<LCH=IO U"F?
„ JIFˆNC=I >?G;CM J;L; GCG W +?MN; M?AOH>; ?N;J; >? MO; PC>;
 =IGI H;
JLCG?CL;
;CH>;KO?>?@ILG;>CMNCHN;
?F?>?OG;CM>IKO?L?=?<?O
??G<IL;
?O ;=B? KO? GOCN;M P?T?M N?HB; M? ?KOCPI=;>I Z =IGI KO;H>I ;@CLGIO KO?
NI>IM IM =LCG?M >I MN;FCHCMGI ?L;G OG G?LI U244:56?E 56 A2C4@FCDW >I
=IGOHCMGIZ
G?MGIH?MM?M?HA;HIMB;PC;N;FCHI=…H=C;?CHA?HOC>;>?KO?
?L; >C@ˆ=CF J?L>?L I L?MJ?CNI JIL ?F?  "O H‚I J?L>C HOH=;
 N;GJIO=I J?L>C I
=;LCHBI ? ; ;GCT;>?
 KO? Z G?MGI  >CMNH=C; Z MI<L?PCP?L;G ; NI>;M ;M
HIMM;M>CM=L?JH=C;MJIFˆNC=;M
*;M;GO>;Hƒ;>?'OFCI@ICGOCNIG;CMJLI@OH>;?;<L;HA?HN?KO?;>;;ƒ‚I
JIFˆNC=;  1?HBI =?LN?T; >? KO? =IG?ƒIO OG ;HI ;HN?M >? 
 KO;H>I M?
M?J;LIO >? OLIL;  "G 
 =IH@ILG? =IHN?C
 ?MNCP?GIM IM NL…M H; $L„=C;

NL;<;FB;H>IDOHNIM=IGINL;>ONIL?M -;MM~P;GIM;MG;HB‚M?;MN;L>?MM?HN;>IM
G?MG;G?M;
H;M;F;>?=IH@?L…H=C;M>I%CFNIH
?;MHICN?MHIML?MN;OL;HN?M
>? -F;E;
 ;I J„ >; =LJIF?
 IH>? ˆ;GIM D;HN;L CH@;FCP?FG?HN?  " DOHNIM
J?L=ILL?GIMGOM?OM
CAL?D;MILNI>IR;M
N?GJFIM
?HOG@CG>?M?G;H;@IGIM
J?KO?H; CFB; >? %C>L;  .O;H>I PIFN?C ; )IH>L?M
 >CMM? ; -;NLC=C; U, =;M;F
J?L@?CNI ?RCMN?  OLIL; ? 'OFCI MIO<?L;G L?;FCT;L ?MN? GCF;AL? OG =;M;G?HNI
@?FCTW -IO=IM>C;M>?JICM
L?=?<COG;=;LN;>?'OFCI?GKO??F?;HOH=C;P;MO;
M?J;L;ƒ‚I =BIKO?HOH=;G?M?HNCN‚IJ?L>C>I
 JLCG?CL; P?T KO? I PC >?JICM >CMMI
 ?G )IH>L?M
 =IG MO; HIP;
=IGJ;HB?CL;
 ?L; IONL; J?MMI;  1CHB; >?CR;>I =L?M=?L I =;<?FI ? NCHB; OG;
<;L<; ;P?LG?FB;>; ? CGJIH?HN?
 >? JLI@?N; <ˆ<FC=I  *? @?T F?P~ FI J;L;
=IGJL;LL?PCMN;M?LNC=;M?@;F;P;>?G;=IHB;
GOFB?L?M?L?PIFOƒ‚I>IG?MGI
D?CNIKO?;HN?M@;F;P;>?D;TT?>?@;HN;MG;M +?F?J?LG;H?=C;;KO?F;MCGJ;NC;
N?LH;
;KO?F;NIN;F@;FN;>?JL?N?HM‚I?>;MJIM?MKO?KO;M?CH?PCN;P?FG?HN?M?
NILH;G CHMOJILN~P?CM HIM ?M=LCNIL?M >? MO=?MMI ; J;LNCL >IM =CHKO?HN; ;HIM
 ?
CH=FOMCP? P;F? >CT?L KO? ?MN;P; G;CM L?GIƒ;>I ? DOP?HCF
 JIL„G ;=B;P; >C@ˆ=CF
;MMI=C~ FI ;I ILN~T;L >? ;HN?M  "G NI>;M ;M P?T?M KO? I PC >?JICM Z ?G
;L=?FIH;
 O<;
)IH>L?MIO?G-;LCM
?G=IHAL?MMIMIOG?M;M L?>IH>;M
?G
L?OHC‘?M MI=C;CM IO =IHMJCL;NLC;M Z
 @C=;P; =;>; P?T G;CM J?LJF?RI KO? ; P?T
;HN?LCIL?L;?F?"L;'OFCI ILN~T;L F;LIKO?MCG
G;M?L;=IGI;J?KO?H;
F;A;LN; KO? PCLIO <IL<IF?N; IO I @;KOCL >I =IHNI KO?
 >?JICM >? MIHB;L =IG
G;L;D~M
 ;<LCO IM IFBIM ? ?MN;P; M?HN;>I HOG NLIHI
 LI>?;>I >? =ILN?M‚IM KO?
FB?JL?MN;P;G@;PIL?M
"MN?IONLI'OFCI ILN~T;L
J?HMI?O
=IGI?M=LCNIL@ICG?HIM;ONIL;F?G?HIM
=LC;>ILKO?IJLCG?CLI *;MN?HBI;M?HM;ƒ‚I>?KO?
>?@ILG;=IGJ?HM;NLC;

N?P?OG;PC>;G;CMCHN?HM;?
N;FP?T
G;CM@?FCT>IKO?;KO?F;>?;HN?M
H;KO;F

=IGI?F??M=L?P?O
;?RCMN…H=C;M?L?MOGC;;OGFCPLI -?FIG?HIM
?GNI>;M;M
P?T?MKO?IPC
G?J;L?=?OG;CMDIP?G
?ROFN;HN?
<?G >CMJIMNI
0?;FAO„GM;<?>CMMI
>?P?M?LOLIL;
=F;LI !?GCHB;J;LN?
H‚I=IG?NI;
CGJ?LNCH…H=C;>?FB?J?LAOHN;L +?GM?KO?L@;F;GIMGOCNI>?'OFCIH;KO?F?M
>C;MKO?HN?M>IP?L‚I>?!?S~
?G<IL;?F??MNCP?MM?M?GJL?;FC
JILNL~M>?NI>;M
;M =IHP?LM;M
 HIM NL;T?H>I I =IHNL;JIHNI =IG ; G?MG; >?MNL?T; >? ;HN?M  
=;MCHB;
 G?CI ?M=IH>C>; ?HNL? IFCP?CL;M
 =CJL?MN?M
 <OA;HPˆFC;M
 FCGI?CLIM ?
BILN…HMC;M
G;HN„G;IL>?G?;FCGJ?T;G?HN;F>?OLIL;
H;NOL;FG?HN?
?„
OG CG?HMI JL;T?L M?HNCL
 HI J?KO?HI N?LL;ƒI DOHNI ;I >?M@CF;>?CLI
 I =;CL >;
N;L>?
;<LCM;>I;HICN?=?L
?P?L;FO;>?MJIHN;LHI;FNI>IGIHN? !?N?GJIM
?GN?GJIM
IOƒIOGNLIGJ?N?>?M;@CH;>I +‚IB~HCHAO„GH;MJLIRCGC>;>?M
, MIG JLIP„G
 ?HN‚I
 >;KO?F? GOL;F HI @OH>I >; M;F;
 IH>? OG A;LINI
G;AL?FI?CG<?L<?
=IGI=;<?FI=ILN;>I?M=IPCHB;?OG;=;GCM;>?G;HA;
=OLN;ZI'OFCI ILN~T;LKO??O=IHB?=CZ
DIA;M?ODIAI@;PILCNI

3?LM‚IL?PCMN;>?N?RNIILCACH;FG?HN?JO<FC=;>IHI='2}D
?G>?DOFBI>? + " 
 "G NL;>Oƒ‚I FCPL? U"MJ;HBIF JOL;G?HN? ;HCG;FW
 P?LMI >I JI?G; U0;FON;=CH ;HA„FC=;W
 >? „M;L
3;FF?DI + 1 
0I<L?I;ONIL

"G  >? ;AIMNI >? 


 ?G LOR?F;M
 H;M=? '2)&, #),/"+ &, ,/1d7/

@CFBI >? 'OFCI 'IM„ ILN~T;L ? *;Lˆ; %?LGCHC; !?M=INN?


 =;M;>IM ?G O?HIM
CL?M?G
0?O J;C „ ?H=;LL?A;>I =IG?L=C;F >; ?G<;CR;>; ;LA?HNCH; H; „FAC=; ? MO;
G‚??MN~AL~PC>;>?F?KO;H>II(;CM?LF;Hƒ;;MNLIJ;M;F?G‚MMI<L?IJ;ˆM U*?O
H;M=CG?HNI @IC MOG;G?HN? <„FC=IW
 =IHN; I ?M=LCNIL  "G 
 >?PC>I M
>C@C=OF>;>?M ;>PCH>;M >; -LCG?CL; $O?LL;
 ; @;GˆFC; J;LN? J;L; 7OLCKO?
 H;
0Oˆƒ;
IH>?H;M=?MO;CLG‚
,@?FC; "G
IM ILN~T;LLOG;G;;L=?FIH;?
>?JICM
?G
L?AL?MM;GLA?HNCH;
CHMN;F;H>I M??G;H@C?F>
;>?T?MM?N?
KOCFŽG?NLIM>;=;JCN;F
,J;C;<;H>IH;IF;L;HN?M>?'OFCI=IGJF?N;LM?CM;HIM +OH=;G;CMPIFN;L‚I
;M?P?L ,A;LINI=L?M=?H;=IGJ;HBC;>;G‚?
>;CLG‚
>?OG;JLCG;>?MO;
G‚? ? >; ;P G;N?LH;  "G 
 CHAL?MM; H; "M=IF; +ILG;F >? -LI@?MMIL?M
*;LC;HI=IMN;
"G 
 GO>; M? J;L; I <;CLLI 3CFF; >?F -;LKO?
 ?G O?HIM CL?M  "G

L?=?<?INˆNOFI>?JLI@?MMIL>?F?NL;M "G
L?’H?MIH?NIM?GM?O
JLCG?CLI FCPLI
 -L?M?H=C;
 MI< I JM?O>ŽHCGI >? 'OFCI !?HCM  *;M
 ?G 

MOLA? ULOD;W
 I JLCG?CLI =IHNI ;MMCH;>I JIL 'OFCI #  ILN~T;L  "G 

J;LNC=CJ; >; FON; JIFˆNC=; ?G IJIMCƒ‚I ;I H;M=?HN? J?LIHCMGI  .O;H>I 'O;H
!IGCHAI-?LHP?H=?;M?F?Cƒ‘?MJL?MC>?H=C;CM
 ILN~T;L;<>C=;MO;M=~N?>L;M
+IG?MGI;HI
=IH=?<?);INL;ILCFF;
M?OJLCG?CLIPIFOG?>?=IHNIM
KO?
J?LG;H?=? CH„>CNI ;N„ ; CH=ILJIL;ƒ‚I JMNOG;  ?>Cƒ‚I >?  >IM M?OM
IHNIM =IGJF?NIM  j HIG?;>I A?L?HN? >; G;L; LA?HNCH; >I )CPLI

;NCPC>;>? KO? >?M?GJ?HB;L~ ;N„   "M=L?P?


 ?G 
 OG >? M?OM =IHNIM
G;CM@;GIMIM
U ;M;NIG;>;W
"G
N?LGCH;,ML?CM
J?ƒ;KO?M?L~JO<FC=;>;MIG?HN?HI;HI>?
"G
=IHB?=?;NL;>ONIL;OLIL;?LH~L>?T
CLG‚>IJI?N;#L;H=CM=I)OCT
?LH~L>?T  "M=L?P?
 OG ;HI >?JICM
 I <L?P? LIG;H=? !CP?LNCG?HNI
 KO? M?L~
JO<FC=;>I JIMNOG;G?HN?
 ?G   #;T MO; JLCG?CL; PC;A?G  "OLIJ; ?G

 J;MM;H>I NL…M G?M?M ?HNL? ; &N~FC; ? ; #L;Hƒ;  0?O LIG;H=? , ?R;G? „
L?=OM;>IJ?F;?>CNIL;)IM;>;ZM?L~JO<FC=;>I
N;G<„G
;J?H;M?G "G

 F;Hƒ; M?O JLCG?CLI FCPLI >? =IHNIM
 ?MNC~LCI  ,<N„G OG; <IFM; >I
AIP?LHI@L;H=…M?PC;D;;-;LCM  IG?ƒ;;NL;<;FB;L=IGINL;>ONILH;2H?M=I
"G 
 M? CHMN;F; H; =;JCN;F @L;H=?M; ;I F;>I >? OLIL; ?LH~L>?T
 =IG
KO?GM?=;M;L~OG;HI>?JICM
"G 
 JO<FC=; IM =IHNIM >? #CH;F >I DIAI ? P… =B?A;L M FCPL;LC;M MO;
NL;>Oƒ‚I>?NI>;;I<L;?GJLIM;>?">A;LFF;H-I? "G
F;Hƒ;M;LG;M
M?=L?N;M
=IF?NH?;>?=IHNIMKO?CH=FOCU,J?LM?AOC>ILW?UM<;<;M>I>C;<IW
3C;D;;4;MBCHANIH?+IP;6ILE?G?HIG?MGI;HIM;C,MJL…GCIM
M?O
JLCG?CLILIG;H=?JO<FC=;>I #;T
HI;HIM?AOCHN?
MO;JLCG?CL;PCMCN;; O<;
jF;Hƒ;>I?G%CMNLC;M>?=LIHJCIM?>?@;G;M
??G
,DIAI>;
;G;L?FCHB; ,FCPLI=B;G;;;N?Hƒ‚I U0O;;NCNO>?@ICPCMN;=IGI?M=;H>;FIM;
J?F;M G’GC;M CH@CHCN;MW
 ?M=L?P?O 'O;H ;LFIM ,H?NNC
 L?@?LCH>I M? ;IM
B;<CN;HN?M>IGOH>IFCN?L~LCI>;„JI=;  CH=IGCF?R?GJF;L?M@IL;GP?H>C>IM
HIJLCG?CLI;HI
1I>IM IM @IAIM I @IAI =IG?ƒ; ; =CL=OF;L ?G   2G ;HI >?JICM
 M‚I
?>CN;>IMIM?HM;CIM>?PIFN;;I>C;?GICN?HN;GOH>IM 1?GCHˆ=CIMO;L?F;ƒ‚I
=IG2AH„(;LP?FCM
"G
M?J;L; M?>?OLIL; +IG?MGI;HI
ILIG;H=?*I>?FIJ;L;
;LG;L„JO<FC=;>I
"G
=B?A;G;IMF?CNIL?M;=IF?NH?;-LIM;>II<M?LP;NLCI?ILIG;H=?
)CPLI>?*;HO?F
=ODIM>CL?CNIMM‚I=?>C>IMJ;L;;;DO>;>IMJL?MIMJIFˆNC=IM>;
LA?HNCH;  -IL ?MN? NˆNOFI
 A;HB; I JL…GCI *„>C=CM
 IONILA;>I  G?FBIL I<L;
?MNL;HA?CL;JO<FC=;>;H;#L;Hƒ;
0;C?GIFCPLI>?=IHNIM,=N;?>LI "G/IG;
J;LNC=CJ;>?OG;L?OHC‚I
>I 1LC<OH;F /OMM?FF J;L; ;H;FCM;L ; MCNO;ƒ‚I JIFˆNC=; >; G„LC=; );NCH; ? ;
PCIF;ƒ‚I >IM >CL?CNIM BOG;HIM  -O<FC=; ?G  ; BCMNLC; ?G KO;>LCHBIM
#;HNIG;M =IHNL; IM P;GJCLIM GOFNCH;=CIH;CM
 =ODIM >CL?CNIM =?>? ;I 1LC<OH;F
/OMM?FF /?;FCT;
?G
OG;PCMCN;=F;H>?MNCH;;F>?C;>?0IF?HNCH;G?
H;
+C=;L~AO;
"G
JO<FC=;IPIFOG?>?=IHNIMFAO„GKO?;H>;JIL;ˆ "G
„;
P?T>IML?F;NIM>?2GN;F)O=;M 3CMCN;HIP;G?HN?;+C=;L~AO; FAOHM>?M?OM
N?RNIM M‚I OM;>IM H; =;GJ;HB; >? ;F@;<?NCT;ƒ‚I >I J;ˆM CGJOFMCIH;>; J?F;
L?PIFOƒ‚I M;H>CHCMN;  B?A; ;I @CG MO; L?F;ƒ‚I =IG 2AH„ (;LP?FCM  3C;D; ;I
-;H;G~=IG ;LIF!OHFIJ
MO;HIP;H;GIL;>;
=IGKO?GM?=;M;L~?G
,M =IHNIM >? .O?L?GIM N;HNI ; $F?H>; M‚I JO<FC=;>IM ?G   #;T OG;
M„LC?>?=IH@?L…H=C;MH;2HCP?LMC>;>?>??LE?F?S
H; ;FC@LHC; "G
I
AIP?LHI >? #L;HƒICM *CNN?LL;H> IONILA; ; ILN~T;L ; H;=CIH;FC>;>? @L;H=?M;
+I G?MGI ;HI
 I;ONIL MI@L? OG; B?GILL;AC; A~MNLC=; ? „ >C;AHIMNC=;>I =IG
F?O=?GC;  0OMJ?H>? I JLID?NI >? PC;D;L ; O<;
 +C=;L~AO; ? -ILNI /C=I  +I
;HIM?AOCHN?
PC;D;=IG ;LIF;+C=;L~AO;?*„RC=I  ;LIF;>I?=?
?L?AL?MM;G
;-;LCM
;LIFGILL?HI>C;>?HIP?G<LI>?
PˆNCG;>?OG;;JF;MC;G?>OF;L
ILN~T;LJO<FC=;!?MBIL;M
HIPIFCPLI>?=IHNIM
"G
JO<FC=;,M;ONIH;ON;M>;=IMGIJCMN;
FCPLIKO?H;LL;OG;PC;A?G
@?CN; J?F; LI>IPC; ?HNL? -;LCM ? *;LM?FB;
 ?M=LCNI ?G =IF;<IL;ƒ‚I =IG ;LIF
!OHFIJ?CFOMNL;>IJIL0N„JB;H?%„L<?LN
@CFBI>? ;LIF  ?>?M?OM>CL?CNIM>?
;ONIL ;I L?ACG? M;H>CHCMN; >; +C=;L~AO;  j JO<FC=;>; ; L?OHC‚I >? ?HM;CIM
+C=;L~AO;N‚IPCIF?HN;G?HN?>I=? 3IFN;
HICHˆ=CI>?
+C=;L~AO;
IH>?
L?=?<?;,L>?G>;&H>?J?H>…H=C; OFNOL;F/O<?H!;LˆI
"G>?@?P?L?CLI
'OFCI ILN~T;LGILL?>?F?O=?GC;?G-;LCM j?HN?LL;>I
HI=?GCN„LCI>?*IHNJ;LH;MM?
;IF;>I>? ;LIF!OHFIJ

Você também pode gostar