=5 A5 2K9H9 GHC @5794E9@5 H;A 48=5 8=5G>285G; NDMF >5= GHC J57;HN KPHIDZ[L WHXHQHRe H\[EY [PY VKNJGLY ^XFZNY @c[L SWVXLG[L TH LQSL[HRRL\[LG[L cRH [H [L^TPQD WRLVTLQ[FSH[H [NY Z\ZQL\FY SPQXVQ\SD[`T 3Ke OH IXLG[L ZNSHT[PQEY WRNXV]VXGLY JPH [NT HZ]DRLPH 6H JT`XGZL[L [H KPD]VXH SEXN [NY QHPTVdXJPHY ZHY Z\ZQL\FY 3WGZNY ZHY KLG^TV\SL IFSH WXVY IFSH WeY WXEWLP TH X\OSGML[L /\[c LGTHP WVRd HWRc ?[V\Y WGTHQLY OH IXLG[L WVRRD Z\TNOPZSETH ]HJN[D QHP [PSEY XdOSPZNY -RH KVQPSDZ[NQHT Z[V KPQc SHY LXJHZ[FXPV SHJLPXPQFY
)4A5>5F D9E=9KC@2AMA -DC894B9=F 5GJ5?945F =XPT [NT [VWVOE[NZN AWVKLGULPY JPH [N KPQF ZHY HZ]DRLPH AWVKLGULPY JPH [V ]VdXTV SPQXVQ\SD[`T /P[GLY [`T MNSPeT ! >5=ACOE7=5 G5F GIG>9I3 =LKGV ^LPXPZSVd =RFQ[XH QHP ETKLPUN CeXVY SHJLPXESH[VY 3UHX[FSH[H A9E7CDC4;G; >5= 5D9A9E7CDC4;G; H;F GIG>9I3F )E=A H;A DEPH; KE3G;
)4A5>5F D9E=9KC@2AMA ??573 HMA 65G=>PA EI<@4G9MA 0HZPQEY X\OSGZLPY .
-DC894B9=F 5GJ5?945F 2PHIDZ[L WHXHQHRe WXVZLQ[PQD H\[EY [PY VKNJGLY ^XFZNY :cTV [c[L SWVXLG[L TH ^LPXPZ[LG[L [N Z\ZQL\F ZGJV\XH QHP Z`Z[D B\RDU[L QHRD [PY VKNJGLY ^XFZNY QHP Z\THXSVRcJNZNY ?L WLXGW[`ZN WV\ WHXH^`XFZL[L [N Z\ZQL\F ZL QDWVPVT DRRV KeZ[L SHMG QHP [PY VKNJGLY )E=A H;A HCDC<2H;G; ;@=2F @9H5JCE1F :L[D [NT H]HGXLZN HWc [N Z\ZQL\HZGH LREJU[L [N Z\ZQL\F ?L WLXGW[`ZN MNSPDY QH[D [N SL[H]VXD KLT LWP[XEWL[HP TH Z\TKEZL[L [N Z\ZQL\F %9H5JCE1 H;F GIG>9I3F :N SL[H]EXL[L F SNT QXH[D[L [N Z\ZQL\F H
9GHNF KPECF @579=E2@5HCF 8GTK\TVY LJQH\SD[`T :NT HQV\SWFZL[L WV[E [PY QH\[EY LWP]DTLPLY [`T Z\ZQL\eT OEXSHTZNY QHP SHJLPXESH[VY /TVGU[L WXVZLQ[PQD [NT WcX[H [V\ ^eXV\ SHJLPXESH[VY :WVXLG TH LUEROLP QH\[cY H[ScY 8XH[D[L [H SPQXD WHPKPD WDT[V[L SHQXPD 8GTK\TVY W\XQHJPDY :NT [VWVOL[LG[L WV[E Ld]RLQ[H HT[PQLGSLTH SEZH Z[V ^eXV SHJLPXESH[VY :NT HTVGJL[L WV[E [NT WcX[H [V\ ^eXV\ SHJLPXESH[VY c[HT KNSPV\XJLG[HP QHWTcY SEZH Z[N Z\ZQL\F /WLTLXJVWVPFZ[L [N Z\ZQL\F /]HPXEZ[L [V ]PY HWc [NT WXGMH F QH[LIDZ[L ULIPKe
AC=KHN D9E46?;@5 8GTK\TVY NRLQ[XVWRNUGHY :NT H]HPXEZL[L WV[E [V WLXGIRNSH 5 Z\ZQL\F RLP[V\XJLG SL \_NRF [DZN 8GTK\TVY ZVIHXFY IRDINY [NY \JLGHY :NT H]HPXEZL[L WV[E [V WLXGIRNSH @V WLXGIRNSH WXVZ[H[LdLP HWc [NT EUVKV [NY LTEXJLPHY SPQXVQ\SD[`T 9GHN 3 I7EN D9E=61??CA 8GTK\TVY IXH^\Q\QReSH[VY :NT LQOE[L[L [N Z\ZQL\F WV[E ZL SLJDRN MEZ[N F \JXHZGH >5H1??;?9F 9D=G>9I2F 8GTK\TVY NRLQ[XVWRNUGHY
:N ^XNZPSVWVPLG[L WV[E ZQLdN [H VWVGH LGTHP HQH[DRRNRH JPH [H SPQXVQdSH[H 8GTK\TVY LJQH\SD[`T @H QH\[D ]HJN[D SWVXVdT TH MLZ[DTV\T [H ZQLdN /WVSHQXdTL[L [H ZQLdN F [H LUHX[FSH[H HWc [V ^eXV SHJLPXESH[VY WDT[V[L SL SPH WPDZ[XH 5<@485 =GKOCF >5= KENACF @=>EC>I@1HMA 8GTK\TVY W\XQHJPDY :N X\OSGML[L WV[E SPH WVRd \_NRF IHOSGKH PZ^dVY F WVRd \_NRc ^XcTV SPQXVQ\SD[`T @H [Xc]PSH SWVXVdT TH HTH]RL^[VdT QHP TH QH[HZ[XE_V\T [N Z\ZQL\F /QVRV\OFZ[L [H Z[VP^LGH WV\ HTH]EXVT[HP ZL H\[EY [PY VKNJGLY ^XFZNY +IG>9I5G4
GTK\TVY EQXNUNY :N MLZ[HGTL[L WV[E WV[D QHP DRRH [Xc]PSH ZL LXSN[PQD QRLPZ[D KV^LGH :N MLZ[HGTL[L WV[E VPTVWTL\SH[eKN WV[D ZL WVRd \_NRF OLXSVQXHZGH E9J=>2F HECJ2F 8GTK\TVY LJQH\SD[`T :N MLZ[HGTL[L WV[E IXL]PQEY [XV]EY SEZH ZL QRLPZ[D KV^LGH /WVSHQXdTL[L WDT[V[L [V QHWDQP F [V OFRHZ[XV :L[D [V MEZ[HSH QV\TD[L F HTHQH[LdL[L WDT[V[L QHRD +[ZP QH[HTESL[HP N OLXSc[N[H VSVPcSVX]H 3REJ^L[L [N OLXSVQXHZGH WXV[Vd KeZL[L [NT [XV]F Z[V WHPKG ,ENJ=@5 @9 >2?IJCF 3 D2HG5 8GTK\TVY LJQH\SD[`T :N SHJLPXLdL[L WV[E
=H49F HMA :;@=PA &9EN GHC :9GHN KPEC @579=E2@5HCF :N ^dTL[L WV[E TLXc SEZH Z[V MLZ[c ^eXV SHJLPXESH[VY 2PH]VXL[PQD KNSPV\XJVdT[HP \KXH[SVG :L [NT HRRHJF [NY OLXSVQXHZGHY SWVXVdT TH WXVQd_V\T MNSPEY Z[NT QLXHSPQF WRDQH [V\ WD[V\ #EOM@5 @9 5AC=KH3 DNEH5 GIG>9I3F /]FZ[L [V ^eXV SHJLPXESH[VY TH QX\eZLP ScTV c[HT LGTHP QRLPZ[cY :N SHJQeTL[L [GWV[H Z[NT WcX[H [NY Z\ZQL\FY /QcSH QHP c[HT N WcX[H LGTHP HTVP^[F EZ[` QHP RGJV SWVXVdT TH ^HRDZV\T SL [V WEXHZSH [V\ ^XcTV\ VP JLP[VTPQEY WXVZc_LPY [`T T[V\RHWPeT
! >5=ACOE7=5 G5F GIG>9I3 3Ke JT`XGML[L [NT QHPTVdXJPH ZHY Z\ZQL\F ?HY LUNJVdSL [V WLKGV ^LPXPZSVd QHP [H UL^`XPZ[D Z[VP^LGH ^LPXPZSVd 3Ke OH IXLG[L WRNXV]VXGLY JPH [V ^eXV SHJLPXESH[VY QHP [H LUHX[FSH[H )984C K9=E=G@CO >THS]ZX JSXTX^QIJ[ TNR]X^ZLReV >THS]ZX ( %% 3Ke IREWL[L SPH LWPZQcWNZN [V\ WLKGV\ ^LPXPZSVd /TDRVJH SL [VT [dWV [NY Z\ZQL\FY VXPZSETLY RLW[VSEXPLY SWVXVdT TH HWVQRGTV\T >THS]ZJ 9\`d[ URSZXS^UF]bV .
)?3>HE5 >5= 2A89=B; :L [H WRFQ[XH X\OSGML[L [PY KPD]VXLY WXcZOL[LY RLP[V\XJGLY ?[NT ETKLPUN SWVXLG[L TH KPHIDZL[L [PY X\OSPZSETLY [PSEY =.
-DC894B9=F ?[N RLP[V\XJGH SPQXVQ\SD[`T V ^eXVY SHJLPXESH[VY WHXHSETLP QXdVY =HXcR H\[D LTLXJVWVPLG[HP V HTLSPZ[FXHY _dUNY < HTLSPZ[FXHY _dUNY SWVXLG TH Z\TL^GZLP TH RLP[V\XJLG HQcSH QHP c[HT N RLP[V\XJGH SPQXVQ\SD[`T E^LP FKN Z[HSH[FZLP ?[V [MDSP [NY WcX[HY Z[H LZ`[LXPQD [VP^eSH[H QHP Z[VT WD[V [NY Z\ZQL\FY SWVXLG TH WHXV\ZPHZ[LG \JXHZGH /\[c LGTHP QD[P [V QHTVTPQc N RLP[V\XJGH [`T SPQXVQ\SD[`T KLT LWNXLDML[HP HWc H\[c ?]V\JJGZ[L [NT \JXHZGH SL[D [V SHJLGXLSH B5EH3@5H5 @H LUHX[FSH[H SWVXVdT TH [VWVOL[
A9E7CDC4;G; >5= 5D9A9E7CDC4;G; H;F GIG>9I3F :L [V WRFQ[XV LTLXJVWVPLG[L QHP HWLTLXJVWVPLG[L [N Z\ZQL\F SPQXVQ\SD[`T A9E7CDC4;G; =H[FZ[L [V WRFQ[XV 3WPREU[L [VT LWPO\SN[c [XcWV RLP[V\XJGHY =RFQ[XV F IHOSGKH PZ^dVY SPQXVQ\SD[`T JPH SPH =RFQ[XV /QVRV\OGH RLP[V\XJPeT =RFQ[XH QHP /\[cSH[V ZdZ[NSH WXVJXHSSD[`T =RFQ[XV F =XcJXHSSH @VT [XcWV XdOSPZNY SWVXLG[L TH [VT KPHIDZL[L Z[H UL^`XPZ[D QL]DRHPH D9A9E7CDC4;G; =H[FZ[L [V WRFQ[XV 5 Z\ZQL\F HWLTLXJVWVP
+63G=@C H;F PE5F :WVXLG[L TH ZIFZL[L [NT eXH +[ZP N eXH ]HGTL[HP ScTV c[HT V ]VdXTVY IXGZQL[HP ZL RLP[V\XJGH 0REWL LWGZNY Z[V QL]DRHPV " -DN89=B; 1PH TH SLPeZL[L [NT QH[HTDR`ZN LTEXJLPHY Z[N RLP[V\XJGH L[VPSc[N[HY [NY Z\ZQL\FY ZHY SWVXLG[L TH ZIFZL[L [NT eXH 0REWL LWGZNY Z[V QL]DRHPV " #5<5E=G@NF HMA 9B5EH;@1HMA =XV[Vd ^XNZPSVWVPFZL[L [H LUHX[FSH[H JPH WXe[N ]VXD QHOHXGZ[L [H QHRD SL MLZ[c KPDR\SH HWVXX\WHT[PQVd WPD[`T QHP ETH SHRHQc WHTG QHOHXP
>5H1??;?C @579=E=>N G>9OCF /QH[DRRNRH LGTHP SL[HRRPQD ZQLdN @H SPQXVQdSH[H KL KPHWLXTVdT [V SE[HRRV @H ]HJN[D WHXHSETV\T ZL QRLPZ[D SL[HRRPQD KV^LGH QXdH )ECGCK3 +TH SL[HRRPQc ZeSH g W ^ [V QV\[DRP Z[V WV[FXP g WXEWLP TH HWE^LP [V RPJc[LXV HWc [H [VP^eSH[H [V\ ]VdXTV\ QHP [NY LZ`[LXPQFY WRL\XDY [NY WcX[HY
=@3 @579=E=>CO G>9OCIF :NT LTLXJVWVPFZL[L WV[E [V ]VdXTV SPQXVQ\SD[`T ^`XGY ]HJN[D 5 ScTN LUHGXLZN LGTHP N HQcRV\ON KVQPSF SHJLP
*O<@=G; HCI JCOEACI @=>EC>I@1HMA =HXDKLPJSH 7Z^dY SPQXVQ\SD[`T RLW[D KPDXQLPH =H[FZ[L [V WRFQ[XV 5 Z\ZQL\F ZHY IXGZQL[HP ZL L[VPSc[N[H RLP[V\XJGHY =H[FZ[L [V WRFQ[XV JPH [NT LWPO\SN[F PZ^d SPQXVQ\SD[`T ?[NT ETKLPUN HTDILP N PZ^dY QHP LS]HTGML[HP SPH WXV[LPTcSLTN KPDXQLPH >\OSGZ[L SL [VT WLXPZ[XV]PQc KPHQcW[N [N ^XVTPQF KPDXQLPH =H[FZ[L [V WRFQ[XV 5 RLP[V\XJGH ULQPTD 5 ^XVTPQF KPDXQLPH [XE^LP ]HTLXD ! KECA=>3 8=1E>9=5 H9?94MG9 +TH ZFSH N^LG 5 RLP[V\XJGH [`T SPQXVQ\SD[`T E^LP [LXSH[
>C?CI<45 ?9=HCIE7=PA ?[NT HQVRV\OGH RLP[V\XJPeT SWVXLG[L TH X\OSGZL[L KPHKV^PQD SE^XP QHP [XLPY KPH]VXL[PQEY IHOSGKLY PZ^dVY SPQXVQ\SD[`T QHP [XLPY ^XcTV\Y SPQXVQ\SD[`T QHP SL[D TH ULQPTFZL[L %579=E=>N G>9OCF *O<@=G; H;F 5>C?CI<45F ?9=HCIE7=PA CXNZPSVWVPLG[L WDT[V[L HTOLQ[PQD Z[N OLXSc[N[H SHJLPXPQD ZQLdN QH[DRRNRH JPH ]VdXTV SPQXVQ\SD[`T =H[FZ[L [V WRFQ[XV 5 Z\ZQL\F ZHY IXGZQL[HP ZL L[VPSc[N[H RLP[V\XJGHY =H[FZ[L [V WRFQ[XV @V JPH [NT WXe[N HQVRV\OGH RLP[V\XJPeT LS]HTGML[HP Z[NT ETKLP
A8=1@9GC 1AC=7@5 H;F DNEH5F H;F GIG>9I3F 5 RLP[V\XJGH Z[HSH[D :L[D [V QRLGZPSV [NY WcX[HY WH[FZ[L UHTD [V 5 RLP[V\XJGH Z\TL^GML[HP +H5@1H;@5 H;F ?9=HCIE745F =H[FZ[L ZdT[VSH [V WRFQ[XV 5 Z\ZQL\F IXGZQL[HP ZL QH[DZ[HZN KPHRLGSSH[VY NXLSGHY =H[FZ[L UHTD [V N RLP[V\XJGH Z\TL^GML[HP =5>CD3 H;F ?9=HCIE745F =H[FZ[L ZdT[VSH [V WRFQ[XV QHP HWLTLXJVWVPFZ[L SL [V WRFQ[XV [N Z\ZQL\F IHN@5HC GOGH;@5 DEC7E5@@1HMA :L [V H\[cSH[V ZdZ[NSH WXVJXHSSD[`T SWVXLG[L TH WHXHZQL\DZL[L WVRd LdQVRH [H ]HJN[D 3WP
3WPREU[L SL [VT WLXPZ[XV]PQc KPHQcW[N [VT HXPOSc WXVJXDSSH[VY =H[FZ[L [V WRFQ[XV ?[NT ETKLPUN LS]HTGML[HP `Y WXV[LPTcSLTV IDXVY QPRD >\OSGZ[L SL [VT WLXPZ[XV]PQc KPHQcW[N [V IDXVY =H[FZ[L [V WRFQ[XV @V WXcJXHSSH ULQPTD 5 ^XVTPQF KPDXQLPH [XE^LP ]HTLXD Z[NT ETKLPUN
,C DEN7E5@@5 H9?94MG9 +TH ZFSH N^LG @V WXcJXHSSH [LRLG`ZL N Z\ZQL\F KL OLXSHGTLP WREVT /WLTLXJVWVPFZ[L SL [V WRFQ[XV [N Z\ZQL\F F X\OSGZ[L UHTD =5>CD3 DEC7E1@@5HCF =H[FZ[L [V WRFQ[XV 5 Z\ZQL\F LGTHP HWLTLXJVWVPNSETN ??573 DEC7E1@@5HCF :L[D [NT LQQGTNZN KLT SWVXLG TH HRRDULP WREVT V HXPOScY WXVJXDSSH[VY QHP [V IDXVY ??573 KECA=>3F 8=1E>9=5F ?[V H\[cSH[V ZdZ[NSH WXVJXHSSD[`T KLT SWVXLG[L TH HRRDUL[L [N KPDXQLPH -DC894B9=F 7=5 HC 5IHN@5HC GOGH;@5 DEC7E5@@1HMA 0JDR[L [H [Xc]PSH HWc [N Z\ZQL\HZG
;LWHJeZ[L [V _`SG ScTV Z[NT HWHXHG[N[N WVZc[N[H 2PH]VXL[PQD SWHJPH[LdLP JXFJVXH /WVSHQXdTL[L SL[D [V JdXPZSH [VT FKN ULWHJ`SETV QPSD @VWVOL[FZ[L [V VRcQRNXV WV\RLXPQc WXe[H SL [N SLXPD [V\ Z[FOV\Y [H QVSSD[PH WV\RLXPQeT SL [N SLXPD [NY WE[ZHY WDT` Z[V SHJLPXPQc ZQLdVY E5GH2F D5H1H9F KME4F J?CO85 8c_[L [PY WH[D[LY ZL VSVPcSVX]H SLJDRH QVSSD[PH 1PH QDOL JX WH[D[LY WXVZOEZ[L SGH QV\[HRPD TLXc QHP RGJV HRD[P $5K5A=>1 9H^HTPQD ]XEZQH 8c_[L [H RH^HTPQD ZL VSVPcSVX]H SLJDRH QVSSD[PH 1PH QDOL JX WXVZOEZ[L
)4A5>5F DEC7E5@@1HMA 3+*.<4 231%3 .? .#614 #6 --)-# 63<8+.# '3+19! $ 3174 5' ,+- #%'+3+,< 5,'=14 561/ 2 61 617 9>317 .#%'+3 .#614 '2 %;.
:L [N RLP[V\XJGH STFSN SWVXLG[L TH HWVONQLdZL[L [N XdOSPZN JPH [V HJHWNSETV ZHY ]HJN[c QHP TH [NT HTHQHREZL[L UHTD VWV[LKFWV[L +^L[L Z[N KPDOLZF ZHY KdV OEZLPY HWVOFQL\ZNY QHP 5 RLP[V\XJGH LGTHP QH[DRRNRN c[HT WHXHZQL\DML[L ETH ]HJN[c Z\^TD DC<3>9IG; EI<@4G9MA GH; =H[FZ[L [V WRFQ[XV 5 Z\ZQL\F ZHY IXGZQL[HP ZL L[VPSc[N[H RLP[V\XJGHY =H[FZ[L [V WRFQ[XV JPH [NT LWPO\SN[F PZ^d SPQXVQ\SD[`T 5 PZ^dY QHP SPH WXV[LPTcSLTN KPDXQLPH LS]HTGMVT[HP Z[NT ETKLPUN >\OSGZ[L
-DC894B9=F :L[D [NT LQQGTNZN KLT SWVXLG[L TH HRRDUL[L WPH [N OEZN HWVOFQL\ZNY @H X\OSPZSETH WXVJXDSSH[H WHXHSETV\T HWVONQL\SETH LWGZNY QHP SL[D HWc SPH KPHQVWF XLdSH[VY ! KECA=>3 8=1E>9=5 H9?94MG9 +TH ZFSH N^LG 5 [LRLG`ZL /WLTLXJVWVPFZ[L SL [V WRFQ[XV [N Z\ZQL\F F X\OSGZ[L LQ TEV\ :WVXLG[L TH ZIFZL[L [V N^N[PQc ZFSH WXc`XH SL [V WRFQ[XV +H5@1H;@5 =H[FZ[L ZdT[VSH [V WRFQ[XV F HTVGU[L [NT WcX[H [NY Z\ZQL\FY 5 RLP[V\XJGH Z[HSH[D :L[D [V QRLGZPSV [NY WcX[HY WH[FZ[L [V WRFQ[XV 5 RLP[V\XJGH Z\T
=H[FZ[L [V WRFQ[XV JPH SLXPQD KL\[LXcRLW[H ?[NT ETKLPUN LS]HTGML[HP N WXe[N IHZPQF XdOSPZN /RRDU[L SL [VT WLXPZ[XV]PQc KPHQcW[N [N IHZPQF XdOSPZN 3WPILIHPeZ[L SL [V WRFQ[XV ?[NT ETKLPUN LS]HTGML[HP N LWcSLTN IHZPQF XdOSPZN :L [V WRFQ[XV SWVXLG[L TH WLXDZL[L ZL cRLY [PY IHZPQEY X\OSGZLPY QHP TH [PY HRRDUL[L SL [VT WLXPZ[XV]PQc KPHQcW[N ?[V [ERVY QXH[FZ[L WH[NSETV [V WRFQ[XV JPH SLXPQD KL\[LXcRLW[H -RLY VP X\OSGZLPY E^V\T LPZH^OLG Z[N STFSN [NY Z\ZQL\FY :WVXLG[L VWV[LKFWV[L TH HRRDUL[L UHTD [
-?=>1 >5<5E=G@CO 1PH TH SNT \WVZ[VdT MNSPEY VP KPD]VXLY LWP]DTLPLY HWc RDOVY \RPQD QHOHXPZSVd WXVZEU[L [H Z[VP^LGH WV\ HTH]EXVT[HP Z[VT WGTHQH :N ^XNZPSVWVPLG[L PZ^\XD QHOHXPZ[PQD F \RPQD [XP_GSH[VY UdZ[XLY SL[DRRV\ F J\HRPVd JPH [VT QHOHXPZSc [V\ J\HRPVd Z[NT WcX[H [NY Z\ZQL\FY UdZ[XLY SL[DRRV\ F J\HRPVd JPH [VT QHOHXPZSc [NY [ZPSVd^HY [NY WcX[HY ZQRNXD ZdXSH[H [XP_GSH[VY QHP Z]V\JJDXPH QHOHXPZSVd =XPT [N ^XFZN WRdTL[L QHRD [H QHPTVdXJPH Z]V\JJHXcWHTH =5 9I>C?45 GHCA >5<5E=G@N SWVXLG[L TH HTD
'3+19! -+, ,#*#3+5.
- $) +*#/! #+6"# /6+.
- $) +*#/! #+6"# @]PV GVMNRWP NU_JVION]JR ]X UHV^UJ \_FTUJ]X[ * AX YTHS]ZX UFLSb\N AJ YTHS]ZJ NIVJR TNZbUGVJ H >J]H\]N cTJ ]J YTHS]ZJ X UP`JVR\Uc[ NIVJR UJLSbUGVX[ JZSN]G[ _XZG[ :JQJZI\]N ]J YTHS]ZJ UN GVJ \]NLVc YJVI 2VXIW]N SJR STNI\]N ]PV YcZ]J ]P[ \^\SN^H[ 6FV J^]c MN KXPQFNR NRMXYXRH\]N ]PV ^YPZN\IJ ]N`VRSH[ NW^YPZG]P\P[ YNTJ]eV @]PV GVMNRWP NU_JVION]JR ]X UHV^UJ \_FTUJ]X[ * BYFZ`NR URJ UNLFTP ^YNZQGZUJV\P NVMN`XUGVb[ _b]RF \]XV N\b]NZRSc `eZX >XTd UNLFTP R\`d[ URSZXS^UF]bV
9dZ[L [N IGKH Z[V QHWDQP [NY RDSWHY Z[V HXPZ[LXc WRL\XPQc [VG^`SH QHP H]HPXEZ[L [V QHWDQP 3PQ /]HPXEZ[L [N RDSWH HRVJcTV\ 3PQ @VWVOL[FZ[L [NT QHPTVdXJPH RDSWH HRVJcTV\ 3PQ 0PKeZ[L [V QHWDQP [NY RDSWHY @VWVOL[FZ[L UHTD [N Z\ZQL\F SL [NT HT[GOL[N ZLPXD /]HPXEZ[L [NT WL[ZE[H [NY QV\MGTHY /TLIDZ[L IPKeZ[L UHTD [NT HZ]DRLPH Z[V QPIe[PV [`T HZ]HRLPeT F Z\TKEZ[L [V XL\SH[VRFW[N ]PY Z[NT WXGMH ??573 HCI 7I1?=ACI >5?O@@5HCF 3DT [V J\DRPTV QDR\SSH SEZH Z[V ]VdXTV E^LP \WVZ[LG MNSPD W
-D;E9G45 H9KA=>3F 9BID;E2H;G;F D9?5HPA 3DT N Z\ZQL\F ZHY WXEWLP TH LWPZQL\HZ[LG IXGZQL[HP Z[N KPDOLZF ZHY N \WNXLZGH [L^TPQFY LU\WNXE[NZNY [`T WLRH[eT SHY 5 KPLdO\TZN QHP V HXPOScY [NRL]eTV\ [NY WRNZPEZ[LXNY \WNXLZGHY [L^TPQFY LU\WNXE[NZNY WLRH[eT IXGZQVT[HP Z[VT [NRL]`TPQc QH[DRVJV /QcSH QHP [H QET[XH ZEXIPY WLRH[eT WV\ ZHY KGTV\SL OH ZHY \WVKLGUV\T L\^HXGZ[`Y [NT \WNXLZGH [L^TPQFY LU\WNXE[NZNY [`T WLRH[eT SHY Z[VT [cWV QH[VPQGHY ZHY E=<@NF >5= 5E=<@NF 3DT MN[FZL[L [N KPQF SHY \WNXLZGH [L^TPQFY L
5RJ\]F\NR[ B+>+3 f @^\SN^H + + #' f DeZX[ UJLNRZGUJ]X[ + + #' .
C>=@1GH;>5A 7=5 9G1F GHC 8=>N @5F 9E75GH3E=C @579=E=>3F 3Ke OH IXLG[L SPH LWPRVJF HWc ]HJN[D QHP [PY HT[GZ[VP^LY PKHTPQEY X\OSGZLPY ?HY KLG^TV\SL WVPH IHOSGKH PZ^dVY SPQXVQ\SD[`T LGTHP QH[HRRNRc[LXN JPH [V ]HJN[c ZHY 6H IXLG[L Z\SIV\REY JPH [H SHJLPXPQD ZQLdN QHP JPH [NT WXVL[VPSHZGH -DC894B9=F
:WVXLG TH Z\SILG TH E^L[L KPH]VXL[PQEY WVZc[N[LY HW H\[EY WV\ HTH]EXVT[HP Z[V\Y WGTHQLY 1PH [V ZQVWc H\[cT \WDX^LP ETHY WXHQ[PQcY QHTcTHY 2PWRDZPH WVZc[N[H WLXGWV\ KPWRDZPH ^XVTPQF KPDXQLPH SPZF WVZc[N[H SPZF ^XVTPQF KPDXQLPH 3TKPDSLZH WXEWLP TH HTHQH[E_L[L F TH J\XGZL[L [H ]HJN[D WLXPZZc[LXLY ]VXEY 3REJ^L[L [N OLXSVQXHZGH @VWVOL[FZ[L [H QH[L_\JSETH [Xc]PSH Z ETH HTVP^[c KV^LGV @VWVOL[FZ[L [V ZQLdVY WDT` Z[N Z^DXH '9D17M@5 1\XGZ[L F HTHQH[E_[L [H ]HJN[D LTKPDSLZH g ]VXEY @H SLJDRH QVSSD[PH WXE
15<6)6# 59=4 .+,31,7.
15<6)6#
3TKPDSLZH WXEWLP TH HTHQH[E_L[L F TH J\XGZL[L [H ]HJN[D WLXPZZc[LXLY ]VXEY 3REJ^L[L [N OLXSVQXHZGH :L[D [V MEZ[HSH H]FZ[L [H ]HJN[D TH NXLSFZV\T JPH E`Y RLW[D JPH [NT VSVPcSVX]N QH[HTVSF [NY OLXSVQXHZGHY 15<6)6# 59=4 .+,31,7.
15<6)6# :X]cYX^TX NV]NTe[ `bZI[ NV]c\QRJ _ZG\SX 59=4 .+,31,7.
'6 6)/ 2#3 -'75) 617 935'+ 6YRTGW]N ]PV NYcUNVP _XZF URJ URSZc]NZP R\`d URSZXS^UF]bV 6FV G`N]N ]Zc_RUJ LRJ WNYFLbUJ UNLFTP[ YX\c]P]J[ L^ZI\]N ]J YXTTG[ _XZG[ .
&,4,@0 70D084,505 +, ,5 (> =,4,2 2(+(8 >,<230 /(3, .
?E05+,203,8 G<,5302 )03.
?E05+,203,8 *6>6= 2J2C=2C (2A4 <, #,40>302 *6>:K=:< >2=K6>6=6C: 8A>( +;8;4;5+( 5, =(74(3A NCN? =2>32DN?N? 56M:SE:C:=>6D: GD:,80 0>4,:3,80 *6
G<,5302 )03.
"ND2 56GC6 E69=:<6D: =66 2=2?N <2A2MNJ=2 DN2DN?2 >VD2256 6E>6J:?:K "23=@ :K@=2DJ@?F 6C:J63:=:C .2?>2 E69=:<6D: D=2 72K=2 >:6<=6C 92KNC=2>2JN?NK =<@= 3F92CN A:S:C>6 2=2?N?52 EFEFS23:=:C )25646 2K >:6 2=2?N <2A2MN?N 5:<<2E=:46 2TN?NK "A*(2 (29,9;(8 .
0286+(3.( -A8A5 0E05 ;=(8A3(8 A+( 4(++,3,80505 /(>A83(54(9A .2?8N? E69=:<6D: $:6 FJ8F? 8N52 >2556=6C:?:? 92KNC=2?>2DN :T:? =2C E69=:<6=: @=23:=:C G6 2JCN42 K2C2C2 D636A @=23:=:C QC?6M:? NDN?>NS E6C=:<=6C T6<:C56< G6J2 E29N= J2DEN<=2CN D22E=6C D@?C2 52 EFEFS23:=:C (73(8 .
'2E=2>2 E69=:<6D: D=2 :T646<=6C: G6J2 5:M6C 36D:?=6C: DN2JN?NK =<@==V :T646<=6C: 2D=2 T@< JV2JN?NK ,),2 4(4(9A .2?>2 E69=:<6D: 636< >2>2DN?N 2D=2 <2A2=N <2A :T6C:D:?56 NDNE>2JN?NK "2A2MN G6J2 6>K:M: 52:>2 TN<2CEN?NK $2>2JN NDNEEN2DN D2M=2?2422JN 3636M6 G6C>656? >2>2?N? NDNDN?N <@?EC@= 65:?:K ();23; <,=( +,8030 .A+( 4(++,90 .
(9(8 5,+,53,80 "A*(2 70D084, (3(5A5+( 9; D=2 DN42< A:S:C>6 2=2?N?2 DF AVD6J:?:K )F 3F92CN @=FSFC )N42<=N< 56M:S:>:?56? 5@=2JN D6C2>:< E232? A=2<2DN?52 92D2C=2C >6J52?2 86=63:=:C 0/(> 2(7(@A (EA2 D,203+, 96@;:4( ':S:C>6 2=2?N D25646 <2A2=N 5FCF>52J<6? D@MF>2J2 3NC22=N5NC :92K <2ANDN?2 DN2JN?NK "2AN T@< 2K 2C2=N< <2=242< S6<:=56 2TN< 3:=6 @=D2 K2>2?=2 J2?N?52<: >@3:=J2=2CN? U? 46A96=6C:?6 K2C2C G6C63:=:C DA8A 2083,540D *65:( M6C 4@?E2 2SNCN <:C=6?>:SD6 T2=NS>2 DNC2DN?52 4:92KN? <2A2
&,50 *0/(>A5A> FC252 J6?: 4:92KN?NKN E2?NJ2422?52 3U=V>V?V G6 E6< E6< 2?52 6=6>2?=2CN?N 2TN<=2J242MNK ':S:C>6 2=2?N G6 2:? 56G2>N EFSF T>2 "2A2>2 EFSF FC252 2?52 3U=V>V?6 :=:S<:? 86?6= 3:C 326=6C: UDE6C86 U?6C 5VM>6 F5,8 +G@4, U?6C 5VM>6 8U>V=63:=:C J2AN525NC 6GC6J6 2=>2 G6 56GC656? TN<2C>2 :T:? 5U?6C 5VM>6J6 32
",4)63 #;D -65290=65; :92KN? 2TN=>2DN G6 <2A2EN=>2DN $:6D:?:? -2EE D6T:=>6D: $:6D:?:? -2EE D6T:=>6D: $:6D:?:? -2EE D6T:=>6D: $:6D:?:? $:6D:?:? LS=6E:>:? 56G2>N?N? D6T:=>6D: /2>2? 7@?6D: -2EE D6T:=>6D: 27NK2?N? D6T:=>6D: 'C@8C2>N? D6T:=>6D: MNC=NMN? D6T:=>6D: "ND2 DVC6=: 32D>2 P2=NS>2?N? 32S=2EN=>2DN
29,9;(8 :?: VK6C:?6 56 <@J23:=:CD:?:K JV.
G6 EFS=2CN 'C@8C2> @E@>2E:M: G6J2 EFSF 27NK2 AC@8C2>N %2DN= 2J2C=2J242MN?NKN 96C 3:C 3U=V>56 @6< A:S:C>656? U?46 ?6=6C J2A>2?NK 86C6V?V @3@=V G6 5UCE DN7NC J2?2C )22E: 2J2C=2JN?NK U?6C 5VM>6 J2C5N>NJ=2 8V?46= D22E:
0286+(3.( $:2556=6C:?56 NDNJ2 5U?VSEVCV=VC $:6?:K 86C656 >:6 NDNE>2 G6 A:S:C>6 :T:? 3:=8:=6C: 3F=242
- 92DD2D J:J646<=6C:? TUKV=>6D: :T:? - TUK>6 G6 A:S:C>6J6 56G2> 6E>6< :T:? - 6E A:S:C:=>6D: G6 92DD2D J:J646<=6C:? NDNEN=>2DN :T:? J:J646<=6C:? NDNEN=>2DN G6 A:S:C:=>6D: :T:? - - DNGN=2CN? NDNEN=>2DN :T:? *FS2 32DENMN?NK52 D6T:=6? <256>6 J2?2C $=(8A $:6D: -2EE N 6? 72K=2 52<:<2 :T:? 2J2C=2J23:=:CD:?:K :M6C EV> <256>6=6C56 52<:<2J2 <252C 3:C DVC6 2J2C=2>2?NK >V>
?D3,:0405 +,<(4A LS=6E:>:? 56G2>N?52 VT 72C<=N >:2 >:2J2 92KNC EFSF?2 32DN?NK L=< :S=6E:>:? 56G2>N :T:? 8UDE6C8656 8UCV?VC L=< >:6D:?: G6 DVC6J: 2J2C=2JN?NK EFSF?2 32DN?NK L<:?4: :S=6E:>:? 56G2>N :T:? 8UCV?VC L<:?4: >:6D:?: G6 DVC6J: 2
:64(:02 786.8(4 &E@>2E:< AC@8C2> :=6 T@< 32D:E S6<:=56 J6>6<=6C 92KNC=2J23:=:CD:?:K 'C@8C2>N D6T:?:K G6 J:J646<=6C:? 2MNC=NMN?N 8:C:?:K &E@>2E:< AC@8C2> @AE:>2= 2J2C=2CN D2M=2J242 2C2DN?52? D6T:> J2A23:=:CD:?:K !86.
U?6C 5VM>6 :=6 2MNC=NMN 2J2C=2JN?NK EFSF?2 32DN?NK 'C@8C2> T2=NS>2DN 32S=2C )VC6 0 1 8UDE6C8656 8UCV?VC S6<:=56 :=6C=6C !86.8(4 965( ,8+0@05+, ):?J2= D6D: 5FJF=FC 'C@8C2> E2>2>=2?5NMN?52 4:92K 2CEN< NDN?>2K EFSF :=6 4:92KN <2A2EN?NK G6J2 J6?:56? 2J2C=2JN?NK !86.8(4A5 +;8+;8;34(9A EFSF?2 32DN?NK :92K <2A2EN=>NSENC !86.8(4A5 +,@0D:08034,90 NCN? T2=NS>2J2 32S=25N G6 2MNC=N< 2CEN< 56M:SE:C:=6>6K "G8,505 +,@0D:08034,90 'C@8C2> @E@>2E:M:?56 DVC6J: 56M:SE:C6>6KD:?:K !86.
N52 >2556D:?: D@MF< 7NCN? K6>:?:?:? VK6C:?6 J6C=6SE:C:?:K +J8F? 8N52 >2556=6C:?:? :=8:=: 2MCN=N< 2=2?N G6 86C6<=: 22DN >V>
(3A2 2=N< 7:=6E@DF E2K6 :=6 J6>6< <2SNMN DF G6J2 =:>@? DFJF <2EN?NK 053,54, 9G8,3,80 2KN J6>6<=6C:? AC@8C2> D@?F?52 7NCN?52 3:C 5:?=6?>6 DVC6D:?6 :9E:J24N G2C5NC &,4,2 053,54, 9G8,90 )63K6 J2<= 52<:<2 )@JF=>FS EFK=F 92S=2?>NS A2E2E6D J2<= 52<:<2 Q?46 @=FS2? DFJF 5U
!86. 6 $=.;5 =,4,2 )@JF=>FS EFK=F 92S=2?>NS A2E2E6D ':C:?T FKF? A:C:?T *2K6 2=N< 7:=6E@DF 3FMF=2>2 LJ: 92S=2?>NS T@< :J: 92S=2?>NS G6J2 F?=F A2E2E6D *FC?2 32=NMN?52? $@C:?2 32=NMN?52? 2C3F?J2 32=NMN?52? )@>@? 32=NMN?52? +KF? =6GC6
(-A>(5A5 )(D3(:A34(9A .
#,4,3 (=(83(8A5 +,@0D:08034,90 :92KN?NK 96C K2>2? 56M:S:<=:< J2A23:=646M:?:K 72C<=N E6>6= 2J2C=2C :T6C>6 E6>6= 2J2C=2CN G6 56M:S:<=:< @=2?2<=2CN?N 3F=23:=:CD:?:K 3(5(23(8 EA23(4( )22E 8UDE6C86D: TN< )22E 8UDE6C86D: "2A2=N )22E 8UCV?EV=6?:C ):?J2= D6D: DVC6D: &CE2 52<:<2 "ND2 D2?:J6 +KF? 52<:<2 )VC6 5@=5F2 DNC2DN?52 @?2J D6D: 6<=6>6 DVC
(2A4 <, #,40>302 QK6?=: 32 G6 E6>:K=:< J2AENMN?NK E2<5:C56 >: <2=NC :92KN?NKN? 32N?N G6 E6>:K=:M:?: ?2DN= J2A242MN?NKN 3FC252 2?=2ENJ@CFK "ND2 56GC6 E69=:<6D: D=2 JV:K=6J:4: 2JN?NK .
F3.
8A>( +;8;4;5+( 5, =(74(3A &=FS2? 2CNK2=2CN? T@MF T@< 32D:E D@CF?=2C52? <2J?2<=2?>2:K: T2MNC>252? U?46 SF 3:=8:=6C6 5:<<2E 65:?:K M6C 3:C J6>6< @AE:>F> 56C64656 5VK8V? @=>2KD2 3U=V>V?6 326J6 :=:S<:? FJ2CN=2CN G6 U?6C:=6C: 3F=23:=:CD:?:K 8A>( S J :92K T T2=NS>NJ@C 3(9A 5,+,50 0+,84, 03.
8A>( 3(9A 5,+,50 0+,84, 03.
)@= J2? E2C27E2<: 5FG2CN? VK6C:?56 3F=F?2? =2>32 <2A2MN?N? G:52DN?N TUKV?VK G6 <2A2MN 2=N?NK (6D:> 2=@;6? =2>32JN 5NS2CN TN<2CN?NK (6D:> .
H5;4(8(9A <, H5;4(8(9A $VSE6C: 9:K>6E=6C:>:K56? 3:C:?: 2C25NMN?NK K2>2? 4:92KN?NKN? ?F>2C2DN?N G6 ?F>2C2DN?N 3:=5:C:?:K %F>2C2=2CN? J6C 2=5NMN E:A =6G92DN?N 4:92KN? <2A2MN?N 2TENMN?NK52 8UC6466?:K :T:? 7NCN?N?NK2 2:E G6C:=6C: G6 >VSE6C: 9:K>6E=6C: E6=67@? ?F>2C2DN?N 3FC2J2 J2K23:=:CD:?:K W%@ $VSE6C: W%@ :K>6E=6C: .
B,<8, 2;8(33(8A5( ;=.;5 D,203+, 04/( ,+034,90 >32=2; >2=K6>6D:?: T6GC6 92 65:?:K F 4:92K =66=:M: H2DE6 6=64EC:42= 2?5 6=64EC@?:4 6BF:A>6?E W - 5@MCF=EFDF?52 :S2C6E=6?>:SE:C .
0286+(3.
02:(8 0286+(3.( .G*G %(:: '(4(5 9G8, +(202( 03.
.2DDN J:J646<=6C JVV>6<=6C: 2C2=2C52 W <6K <2CNSENC>2?NK G6 G6J2 T6G:C>6?:K 86C6<=:5:C )N42<=NMN? 56?86=6?63:=>6D: :T:? J6>6<=6C: NDN?5N2>2?NK E2GD:J6 65:=:C 02:(8 $U?V E232< J6>6< W 72C<=N 3:=6S6?=: 92KNC J6>6< W P@C32=2C *VC=V=6C 0286+(3.( .
2KNC J:J646<=6C: 2>32=2;N?52? TN<2CEN?NK F J:J646<=6C >:62 @=>2>2DN :T:? <23N? :T:?6 52:>2 3:C <2SN< <@JF?FK F D2J656 3F92C <232C4N<=2CN @=FS>252? 3F92C=2S>2 DN42<=NMN?2 F=2SN=2422DN 5FCF>F?52 3:=6 DNGN E2S23:=:C G6J2 DNTC2J23:=:C F 5FCF> J2C2=2?>2=2C2 G6 J2?N<=2C2 J@= 2T23:=:C .
.2DDN J:J646<=6C JVV>6<=6C: VK6C: <2A2=N <2AE2 A:S:C:?:K .6>6<=6C:? 2C2=2C52 <2CNSENCN=>2DN G6J2 T6GC:=>6D: 86C6<=:5:C .:J646<=6C:? <6?5: E2E=2CN 3VJV< U=TV56 <@CF?2422>2?NK E2GD:J6 65:=:C )N42<=NMN? 56?86=6?63:=>6D: :T:? J6>6<=6C: A:SE:
0286+(3.( /(22A5+( =(8(83A )03.03,8 (>A83(5(5 =,4,2 402:(8A5( ;=.;5 (=(8 )03.03,80 :()36+( =62 ':S:C>6 DVC6=6C:?: SF 7@C>V=6 8UC6 FK2EN?NK G6J2 ::D=:?: 2< 56>6< 96>6? 96>6? :<: >:D=: K2>2? 56>6:2< 56>6< K2>2?N? J2CNDN 56>66 DVC6D: G6J2 5292 5VSV< 3:C >:
, .F8, :,9: =,4,23,80 $:6<=6C J2C5N>N :=6 <@?EC@= 65:=>6FCE2=N DVE 8 :D:?:?:? VK6C:?6 <@JF?FK - W 52< '2JC6 - W 52< '2JC6 FKF?=FMF?52 "636 40286+(3.
6:3(8
