Embed Size (px)
Citation preview
University of Warwick institutional repository: http://go.warwick.ac.uk/wrap
A Thesis Submitted for the Degree of PhD at the University of Warwick
http://go.warwick.ac.uk/wrap/57068
This thesis is made available online and is protected by original copyright.
Please scroll down to view the document itself.
Please refer to the repository record for this item for information to help you to cite it. Our policy information is available from the repository home page.
JHG 05/2011
Library Declaration and Deposit Agreement 1. STUDENT DETAILS
Please complete the following: Full name: ……………………………………………………………………………………………. University ID number: ………………………………………………………………………………
2. THESIS DEPOSIT
2.1 I understand that under my registration at the University, I am required to deposit my thesis with the University in BOTH hard copy and in digital format. The digital version should normally be saved as a single pdf file. 2.2 The hard copy will be housed in the University Library. The digital version will be deposited in the University’s Institutional Repository (WRAP). Unless otherwise indicated (see 2.3 below) this will be made openly accessible on the Internet and will be supplied to the British Library to be made available online via its Electronic Theses Online Service (EThOS) service. [At present, theses submitted for a Master’s degree by Research (MA, MSc, LLM, MS or MMedSci) are not being deposited in WRAP and not being made available via EthOS. This may change in future.] 2.3 In exceptional circumstances, the Chair of the Board of Graduate Studies may grant permission for an embargo to be placed on public access to the hard copy thesis for a limited period. It is also possible to apply separately for an embargo on the digital version. (Further information is available in the Guide to Examinations for Higher Degrees by Research.) 2.4 If you are depositing a thesis for a Master’s degree by Research, please complete section (a) below. For all other research degrees, please complete both sections (a) and (b) below:
(a) Hard Copy
I hereby deposit a hard copy of my thesis in the University Library to be made publicly available to readers (please delete as appropriate) EITHER immediately OR after an embargo period of ……….................... months/years as agreed by the Chair of the Board of Graduate Studies. I agree that my thesis may be photocopied. YES / NO (Please delete as appropriate)
(b) Digital Copy
I hereby deposit a digital copy of my thesis to be held in WRAP and made available via EThOS. Please choose one of the following options: EITHER My thesis can be made publicly available online. YES / NO (Please delete as appropriate) OR My thesis can be made publicly available only after…..[date] (Please give date) YES / NO (Please delete as appropriate) OR My full thesis cannot be made publicly available online but I am submitting a separately identified additional, abridged version that can be made available online.
YES / NO (Please delete as appropriate) OR My thesis cannot be made publicly available online. YES / NO (Please delete as appropriate)
JHG 05/2011
3. GRANTING OF NON-EXCLUSIVE RIGHTS
Whether I deposit my Work personally or through an assistant or other agent, I agree to the following: Rights granted to the University of Warwick and the British Library and the user of the thesis through this agreement are non-exclusive. I retain all rights in the thesis in its present version or future versions. I agree that the institutional repository administrators and the British Library or their agents may, without changing content, digitise and migrate the thesis to any medium or format for the purpose of future preservation and accessibility.
4. DECLARATIONS
(a) I DECLARE THAT:
I am the author and owner of the copyright in the thesis and/or I have the authority of the authors and owners of the copyright in the thesis to make this agreement. Reproduction of any part of this thesis for teaching or in academic or other forms of publication is subject to the normal limitations on the use of copyrighted materials and to the proper and full acknowledgement of its source.
The digital version of the thesis I am supplying is the same version as the final, hard-
bound copy submitted in completion of my degree, once any minor corrections have been completed.
I have exercised reasonable care to ensure that the thesis is original, and does not to the
best of my knowledge break any UK law or other Intellectual Property Right, or contain any confidential material.
I understand that, through the medium of the Internet, files will be available to automated
agents, and may be searched and copied by, for example, text mining and plagiarism detection software.
(b) IF I HAVE AGREED (in Section 2 above) TO MAKE MY THESIS PUBLICLY AVAILABLE
DIGITALLY, I ALSO DECLARE THAT:
I grant the University of Warwick and the British Library a licence to make available on the Internet the thesis in digitised format through the Institutional Repository and through the British Library via the EThOS service.
If my thesis does include any substantial subsidiary material owned by third-party
copyright holders, I have sought and obtained permission to include it in any version of my thesis available in digital format and that this permission encompasses the rights that I have granted to the University of Warwick and to the British Library.
5. LEGAL INFRINGEMENTS
I understand that neither the University of Warwick nor the British Library have any obligation to take legal action on behalf of myself, or other rights holders, in the event of infringement of intellectual property rights, breach of contract or of any other right, in the thesis.
Please sign this agreement and return it to the Graduate School Office when you submit your thesis. Student’s signature: ......................................................…… Date: ..........................................................
!
"#$%&'$%'()#'#*+()!
!
!
)#$,#&&#+!*%,!()#!-)#%./#%.%!.0!1$0#!
!
!
!
*23456!(7854!9:;2<:2!
!
!
*!=;5<><!<?@A>==53!>2!BC4=>C8!D?8D>8A52=!:D!=;5!45E?>45A52=<!
D:4!=;5!35F455!:D!,:G=:4!:D!-;>8:<:B;7!
!
!
H2>I54<>=7!:D!JC46>GK!
,5BC4=A52=!:D!-;>8:<:B;7!
!
!
*B4>8L!MNOM
!
!"#$%#$&'
*GK2:6853FA52=<!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!>!
,5G8C4C=>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!>>!
*@<=4CG=!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!>>>!
1><=!:D!C@@45I>C=>:2<!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!>I!
!
$2=4:3?G=>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!O!
$P!(:6C43!C!F5254C8!=;5:47!:D!CGG?A?8C=>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!O!
$$P!(:6C43!C!B;52:A52:8:F7!:D!8>D5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!Q!
$$$P!R?AAC47!:D!G;CB=54<!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!OO!
!
-C4=!.25S!)5>35FF54T<!U:2=4>@?=>:2!=:!C!
-;52:A52:8:F7!:D!H2>I54<C8!1>D5!
!
U;CB=54!OS!0CG=>GC8!1>D5!C<!H2>I54<C8!1>D5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!OV!
$P!(;5!2553!=:!45=?42!=:!=;5!:4>F>2C8!B4:@85A'25W?<!
!!!!C23!<52<5'G:2=52=!:D!DCG=>GC8!8>D5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!OV!
$$P!(;5!:4>F>2C8!B4:@85A'25W?<!:D!8>D5S!:@X5G=>D>GC=>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPP!MM!
*P!RR!OYMNS!!"#$%"#&'(#&')'*+$',$-&./0.0'&$1&2$3456#770'&!PPPPPPPPPPPPPPPPP!MZ!
"P!RR!OYMZS!8&.')'*+$9$:#6(#&#/.0;7$',$<1;.0;0.+!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZV!
UP!.@X5G=>D>GC=>:2!C<!=;5!B4:@85A';:4>[:2!:D!8>D5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!QO!
$$$P!(;5!:4>F>2C8!<52<5'G:2=52=!:D!8>D5S!=;5!\0.$)0=#7>?'6)27T!PPPPPPPPPPPPPPPPPPPPPP!QQ!
$]P!(;5!?2>=7!C23!?2>I54<C8>=7!:D!=;5!0.$)0=#7>?'6)27!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!Q^!
]P!*2>AC8!8>D5!>2!=;5!*4><=:=85!85G=?45<!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!_Q!
]$P!(;5!B54I54<525<<!:D!=;5!35D>2>=>:2!1&0(1)$61.0'&1)#!PPPPPPPPPPPPPPPPPPPPPPPPP!̀ _!
]$$P!U:2G8?<>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!̂ _!
!
U;CB=54!MS!04:A!0CG=>GC8!1>D5!=:!*2>AC8>=7S!
!!!!!!!!!!!!!!!!!!!=;5!,>I5<=A52=!:D!"5>2F'>2'=;5'J:483!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!̂ V!
$P!(;5!B54<><=52G5!:D!=;5!?2>I54<C8!8>D5!I>56!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!̂ V!
$$P!1>D5!C<!\=;5!A:35!:D!@5>2F!:D!B8C2=<!C23!C2>AC8<T!PPPPPPPPPPPPPPPPPPPPPPPPPPPP!VZ!
$$$P!U:2<5E?52G5<!:D!=;5!C8>52C=>:2!:D!8>D5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!Y`!
$]P!U:2G8?<>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ONQ!
!
U;CB=54!ZS!#C4=;L!1>D5!C23!1C@:?4!>2!
!!!!!!!!!!!!!!!!!!!!\(;5!.4>F>2!:D!=;5!J:4K!:D!*4=T!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ON^!
$P!(;5!3:FAC!:D!6:483'B:I54=7!C23!=;5!3><B8CG5A52=!
!!!!:D!=;5!B4:@85A!:D!8>D5!:2=:!=;5!5C4=;!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ON^!
$$P!1>I>2F!\:2!C23!>2!=;5!5C4=;T!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!OOQ!
*P!(;5!5C4=;!C<!G:2G5B=S!=;5!@:?23C47'<5==>2F!8C6!PPPPPPPPPPPPPPPPPPPPPPPPP!OO`!
"P!(;5!5C4=;!C<!>2=?>=>:2S!=;5!B4>AC8!;:A58C23!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!OMV!
!!!OP!1>D5!C<!\@5>2F'>2'=;5'5C4=;Ta!=;5!5C4=;!C<!=;5![:25!:D!8>D5!PPPPPP!OZN!
!!!MP!"5>2F'>2'=;5'5C4=;!C<!;C43<;>B!C23!>2<5G?4>=7!PPPPPPPPPPPPPPPPPPPPPP!OZY!
$$$P!(;5!<=4>D5L!8C@:?4!C23!5E?>BA52=!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!OQM!
$]P!U:2G8?<>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!O_M!
!
U;CB=54!QS!#C4=;!C<!*==4>@?=5!>2!=;5!#G:2:A7!:D!=;5!0:?4D:83!PPPPPPPPPPPPPP!O`N!
!
-C4=!(6:S!(:6C43!C!)5>35FF54>C2!1>D5'-;52:A52:8:F7S!
C2!.?=8>25!RK5=G;!:D!R:A5!"C<>G!(;5A5<!
!
U;CB=54!_S!*2!$2>=>C8!-;52:A52:8:F>GC8!U;C4CG=54>[C=>:2!
!!!!!!!!!!!!!!!!!!!!:D!"5>2F'>2'=;5'#C4=;!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!OVQ!
$P!-458>A>2C47!G:2<>354C=>:2<!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!OVQ!
*P!(;5!G:2G5B=!:D!A?8=>B85
!
,P!(;5!@5>2F'6>=;!:D!8>I>2F!5W><=52G5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!M`Y!
$]P!U:2G8?<>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!M^Q!
!
U;CB=54!`S!1>I>2F!#W><=52G5!$2!C23!0:4!$=<58DS!
!!!!!!!!!!!!!!!!!!!%553L!R?4I>IC8!C23!(5G;2:8:F7!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!M^`!
$P!%553!C<!D:4A!:D!CBB5C4C2G5!:D!8>D5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!M^`!
*P!(;5!353?G=>:2!:D!2553!D4:A!
!!!!!=;5!<=4?G=?45!:D!8>I>2F!5W><=52G5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!M^Y!
!!!OP!(;5!353?G=>:2!:D!2553!C<!C!D?2G=>:2!:D!B4:X5G=>:2!PPPPPPPPPPPPPPP!M^Y!
!!!MP!(;5!5WB54>52G5!:D!35C=;!C<!5I52=!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!MV_!
!!!ZP!(;5!>2254!?2>=7!:D!2553!C23!35C=;!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!MYN!
"P!$AB8>GC=>:2<!:D!=;5!353?G=>:2!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!MYM!
$$P!%553L!8C@:?4!C23!=5G;2:8:F7!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZNN!
*P!1C@:?4!C23!=;5!<=4>D5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZNZ!
"P!$AB8>GC=>:2<!:D!C!8>D5'@C<53!=;5:47!:D!=5G;2:8:F7!PPPPPPPPPPPPPPPPPPPPPPP!ZMO!
$$$P!U:2G8?<>:2S!C!2:=5!:2!,5<GC4=5<!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZZO!
!
0>I5!U:2G8?<>:2<!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZZ`!
$P!#I52=!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZZ`!
$$P!-4:G5<<!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZZV!
$$$P!-?45!J:483!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZQO!
$]P!04553:A!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!ZQY!
]P!R=4>D5!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!Z_Q!
!
">@8>:F4CB;7!PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP!Z`Z!
!
!
!>!
()*#"+,%-./%#$&'
!
/7!D>4<=!C23!B4>2G>BC8!35@=!><!=:!A7!<?B54I><:4!C=!JC46>GK!H2>I54<>=7L!
-4:D5<<:4!/>F?58!35!"5><=5F?>P!)><!@45C3=;!C23!35B=;!:D!K2:6853F5!C23!
AC<=547!:D!=;5!=4C3>=>:2!C45!=4?87!;?A@8>2FL!C23!;><!G:2<=C2=!F?>3C2G5!
C23! 52G:?4CF5A52=! 6545! >23><B52<C@85! D:4! @4>2F>2F! =;><! B4:X5G=! =:!
G:AB85=>:2! C23! G:2=4>@?=53! 52:4A:?<87! =:! 6;C=5I54! >2=545<=! >=! AC7!
;:83P!
! $!CA!C8<:!>235@=53!=:!A7!>2=542C8!C23!5W=542C8!5WCA>254<L!-4:D5<<:4!
,CI>3! RA>=;! C23! ,4! R>A:2! &8523>22>2FL! D:4! =;5>4! B525=4C=>2F!
G:AA52=<L!G4>=>G><A!C23!C3I>G5P!
! /7! F::3! D4>523! RC2354!J54K;:I52! ;C<!6C=G;53! =;><! =;5<><! F4:6!
C23!AC=?45! >2! 45C8! =>A5P!)5! GC45D?887! C23! G4>=>GC887! 45C3! 5CG;! G;CB=54!
C23!34CD=L! C23!;C<!@552!A7!AC>2! >2=548:G?=:4! =;4:?F;:?=P! 0:4! =;><L! C<!
6588! C<! D:4! =;5! G:?2=85<<! ;:?4<! :D! >2=52<5! C23! 8>I587! 3><G?<<>:2L! $! CA!
355B87!F4C=5D?8P!
! *!I547!<B5G>C8!=;C2K<!=:!A7!D4>523<!UC4:8>25!":6352!C23!+>G;C43!
RA543:2!D:4!C88:6>2F!A5!=:!45=45C=!B54>:3>GC887! D4:A!2:><7!1:23:2!=:!
=;5>4! G:==CF5! >2! =;5! J58<;! G:?2=47<>35L! 6;545! 8C4F5! B:4=>:2<! :D! =;><!
6:4K!6545!64>==52!;?33853!25W=!=:!=;5!6::3!<=:I5!>2!=;5!E?>5=L!<:8>=C47!
<=>8825<<!:D!=;5!<2:67!6>2=54!A:2=;<P!
! (;C2K<!C8<:!=:!A7!DCA>87!C23!D4>523<!@CGK!;:A5L!D:4!6;:A!$!;CI5!
=4>53!C<!@5<=! $!K2:6!;:6L!C23!2:!3:?@=! D?=>8587L! =:!CI:>3!?225G5<<C47!
XC4F:2!C23!=:!64>=5!>2!6:43<!=;C=!5I547:25!GC2!?2354<=C23P!
! 0>2C887L!2:25!:D!=;><!6:?83!;CI5!@552!45A:=587!B:<<>@85!6>=;:?=!=;5!
?2G5C<>2F! <?BB:4=! :D! A7! BC4=254L! 95?2F! b5:2! 155P! %:! 6:43<! GC2!
5WB45<<!A7! F4C=>=?35! D:4! ;54! BC=>52G5L! F5254:<>=7! C23! G:ABC2>:2<;>B!
:I54!=;5!75C4<P!$!353>GC=5!=;><!=;5<><!=:!;54!>2!8:I5!C23!D4>523<;>BP!
!
!>>!
0%),121$3"#'
!
$!;545@7!35G8C45!=;C=!=;><!=;5<><!><!=;5!45<?8=!:D!:4>F>2C8!45<5C4G;!GC44>53!
:?=!@7!A5a! =;C=! $!CA!=;5!<:85!C?=;:4!C23!45<5C4G;54!C23!=;C=! =;5!6:4K!
B45<52=53!;545>2!><!52=>4587!A7!:62a!=;C=!=;5!45<5C4G;!D:4!C23!64>=>2F!:D!
=;><!=;5<><!6C<!GC44>53!:?=!6;>85!>2!GC23>3C=?45!D:4!C!45<5C4G;!35F455!C=!
JC46>GK!H2>I54<>=7a! =;C=! 2:! B:4=>:2! :D! =;><!6:4K! ;C<! @552! <?@A>==53!
D:4!C!35F455!:4!D:4!C27!:=;54!E?C8>D>GC=>:2!C=!=;><!:4!C27!:=;54!?2>I54<>=7!
:4! >2<=>=?=>:2a! =;C=! C88! <:?4G5!AC=54>C8!;C<!@552! G85C487! C23!C35E?C=587!
CGK2:6853F53!C23!G>=53a!C23!=;C=!2:25!:D!=;><!6:4K!;C<!@552!B?@8><;53!
B4>:4!=:!<?@A><<>:2P!
!
!
!
!
!
!>>>!
(4&$21)$'
!
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
!>I!
53&$'"6'1442%731$3"#&'
!!J;545I54!B:<<>@85L!6:4K<!@7!)5>35FF54!C45!G>=53!>2!=;5!&5<CA=C?<FC@5!BCF>2C=>:2! D:88:653! @7! =;5! =4C2<8C=>:2! BCF>2C=>:2P! R:A5! =4C2<8C=>:2<!;CI5!@552!A:3>D>53!<8>F;=87P!!!!#&(! 316)+$@6##A$!"0&A0&*P!(4C2<8C=53!@7!,CI>3!0P!c4588!C23!
04C2K!*P!UCB?[[>!d%56!b:4KS!)C4B54!C23!+:6L!OY^_e!!#-! ! !"#$3&2$',$%"0)'7'5"+P!(4C2<8C=53!@7!9:C2!R=CA@C?F;!
d%56!b:4KS!)C4B54!C23!+:6L!OY^Ze!!&*!M! B#0&$/&2$C#0.P!&5<CA=C?<FC@5!"C23!M!d04C2KD?4=!CA!/C>2S!
]>==:4>:!c8:<=54AC22L!OY^^eP!(4C2<8C=53!@7!9:;2!/CGE?C44>5!C23!#36C43!+:@>2<:2!C<!D#0&*$1&2$!0(#$d.WD:43S!"8CGK6588L!MNNVe!
!&*!Q! 36)E/.#6/&*#&$F/$:G)2#6)0&7$H0;"./&*P!&5<CA=C?<FC@5!
"C23!Q!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYVOeP!(4C2<8C=53!@7!c5>=;!):58854!C<!3)/;021.0'&7$',$:G)2#6)0&I7$%'#.6+$d*A;54<=S!)?AC2>=7!"::K<L!MNNNe!
!&*!_! :')F?#*#P!&5<CA=C?<FC@5!"C23!_!d04C2KD?4=!CA!/C>2S!
]>==:4>:!c8:<=54AC22L!OY^^eP!(4C2<8C=53!@7!9?8>C2!b:?2F!C23!c5225=;!)C725<!C<!8,,$."#$D#1.#&$!61;A$dUCA@4>3F5S!UCA@4>3F5!H2>I54<>=7!-45<<L!MNNMe!
!&*!`PO! J0#.F7;"#$-P!&5<CA=C?<FC@5!"C23!`PO!d04C2KD?4=!CA!/C>2S!
]>==:4>:!c8:<=54AC22L!OYY`e!!&*!`PM! J0#.F7;"#$--P!&5<CA=C?<FC@5!"C23!`PM!d04C2KD?4=!CA!/C>2S!
]>==:4>:!c8:<=54AC22L!OYY^e!!&*!^! K'6.6E*#$/&2$L/,7E.F#P!&5<CA=C?<FC@5!"C23!^!d04C2KD?4=!
CA!/C>2S!]>==:4>:!c8:<=54AC22L!MNNNe!
!I!
&*!Y! M#*(16A#&P!&5<CA=C?<FC@5!"C23!Y!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OY^`eP!(4C2<8C=53!@7!J>88>CA!/G%5>88!C<!%1."(16A7!dUCA@4>3F5S!UCA@4>3F5!H2>I54<>=7!-45<<L!OYYVe!
!&*!OM! N&.#6?#*7$F/6$B561;"#P!&5<CA=C?<FC@5!"C23!OM!d04C2KD?4=!
CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYV_eP!-C4=>C887!=4C2<8C=53!@7!-5=54!,P!)54=[!C<!8&!."#$M1+$.'$O1&*/1*#$d%56!b:4KS!)C4B54!f!+:6L!OY^Oe!
!&*!O^! 30&,P"6/&*$0&$20#$5"E&'(#&')'*07;"#$<'67;"/&*P!
&5<CA=C?<FC@5!"C23!O^!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYQeP!(4C2<8C=53!@7!,C2>58!.P!,C;8<=4:A!C<!-&.6'2/;.0'&$.'$%"#&'(#&')'*0;1)$Q#7#16;"$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNN_e!
!&*!OV! @6/&2R#*60,,#$2#6$1607.'.#)07;"#&$%"0)'7'5"0#P!&5<CA=C?<FC@5!
"C23!OV!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!MNNMeP!(4C2<8C=53!@7!+:@54=!,P!/5=GC8D!C23!/C4K!"P!(C2[54!C<!D170;$S'&;#5.7$',$L607.'.#)01&$%"0)'7'5"+!d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNNYe!
!&*!MN! %6')#*'(#&1$F/6$@#7;"0;".#$2#7$C#0.R#*60,,7P!&5<CA=C?<FC@5!
"C23!MN!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYQeP!(4C2<8C=53!@7!(;5:3:45!c><>58!C<!:07.'6+$',$."#$S'&;#5.$',$!0(#$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!OYYMe!
!&*!MO! O'*0AT$H0#$<61*#$&1;"$2#6$M1"6"#0.P!&5<CA=C?<FC@5!"C23!MO!
d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYY_eP!(4C2<8C=53!@7!(;:AC<!R;55;C2!C<!O'*0;T$!"#$U/#7.0'&$',$!6/."$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNONe!
!&*!MM! @6/&2R#*60,,#$2#6$1&.0A#&$%"0)'7'5"0#P!&5<CA=C?<FC@5!"C23!
MM!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYZeP!(4C2<8C=53!@7!+>G;C43!+:XG56>G[!C<!D170;$S'&;#5.7$',$L&;0#&.$%"0)'7'5"+!d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNN^e!
!&*!MQ! H0#$@6/&256'R)#(#$2#6$%"E&'(#&')'*0#P!&5<CA=C?<FC@5!
!I>!
"C23!MQ!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYY^eP!(4C2<8C=53!@7!*8@54=!):D<=C3=54!C<!!"#$D170;$%6'R)#(7$',$%"#&'(#&')'*+$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!OYVMe!
!&*!MYgZN! H0#$@6/&2R#*60,,#$2#6$V#.15"+70AT$M#).W$3&2)0;"A#0.W$
30&71(A#0.P!&5<CA=C?<FC@5!"C23!MYgZN!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!MNNQeP!(4C2<8C=53!@7!J>88>CA!/G%5>88!C23!%>G;:8C<!JC8K54!C<!!"#!</&21(#&.1)$S'&;#5.7$',$V#.15"+70;7T$M'6)2W$<0&0./2#W$B')0./2#$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!OYY_e!
!&*!ZQ! K'($M#7#&$2#6$M1"6"#0.T$C/$%)1.'&7$:G")#&*)#0;"$/&2$
!"#E.#.P!&5<CA=C?<FC@5!"C23!ZQ!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYVVeP!(4C2<8C=53!@7!(53!RC3854!C<!!"#$377#&;#$',$!6/."T$8&$%)1.'I7$S1=#$L))#*'6+$1&2$!"#1#.1./7!d1:23:2S!U:2=>2??AL!MNNMe!
!&*!Z`gZ^! B#0&$/&2$M1"6"#0.P!&5<CA=C?<FC@5!"C23!Z`gZ^!d04C2KD?4=!
CA!/C>2S!]>==:4>:!c8:<=54AC22L!MNNOeP!(4C2<8C=53!@7!&45F:47!04>53!C23!+>G;C43!-:8=!C<!D#0&*$1&2$!6/."$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNONe!
!&*!ZV! O'*0A$1)7$20#$<61*#$&1;"$2#($M#7#&$2#6$B561;"#P!
&5<CA=C?<FC@5!"C23!ZV!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYVeP!(4C2<8C=53!@7!JC23C!(:445<!&45F:47!C23!bI:225!H22C!C<!O'*0;$17$."#$U/#7.0'&$S'&;#6&0&*$."#!377#&;#$',$O1&*/1*#$d*8@C27S!RH%b!-45<<L!MNNYe!
!&*!ZY! :G)2#6)0&7$:+(&#&$X@#6(1&0#&I$/&2$XH#6$Q"0&#IP!
&5<CA=C?<FC@5!"C23!ZY!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYVNe!
!&*!Q_! @6/&2,61*#&$2#6$%"0)'7'5"0#T$L/7*#?E").#$X%6'R)#(#I$2#6$
XO'*0AIP!&5<CA=C?<FC@5!"C23!Q_!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYVQeP!(4C2<8C=53!@7!*234h!RG;?654!C23!+>G;C43!+:XG56>G[!C<!D170;$U/#7.0'&7$',$%"0)'7'5"+T$B#)#;.#2$X%6'R)#(7I$',$XO'*0;I!d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!OYYQe!
!I>>!
&*!_Q! %16(#&02#7P!&5<CA=C?<FC@5!"C23!_Q!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYMeP!(4C2<8C=53!@7!*234h!RG;?654!C23!+>G;C43!+:XG56>G[!C<!%16(#&02#7$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!OYYVe!
!&*!_`g_^! C/6$D#7.0((/&*$2#6$%"0)'7'5"0#Y$&5<CA=C?<FC@5!"C23!
_`g_^!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYV^eP!(4C2<8C=53!@7!(53!RC3854!C<!!'?162$."#!H#,0&0.0'&$',$%"0)'7'5"+$d1:23:2S!U:2=>2??AL!MNNNe!
!&*!_V! @6/&256'R)#(#$2#6$%"E&'(#&')'*0#P!&5<CA=C?<FC@5!"C23!
_V!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYMe!!&*!_Y! %"E&'(#&')'*0#$2#6$L&7;"1//&*$/&2$2#7$L/726/;A7Y$
&5<CA=C?<FC@5!"C23!_Y!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYZeP!(4C2<8C=53!@7!(4CG7!U:8:27!C<!%"#&'(#&')'*+$',$-&./0.0'&$1&2$3456#770'&$d1:23:2S!U:2=>2??AL!MNONe!
!&*!`O! %"E&'(#&')'*07;"#$-&.#656#.1.0'&#&$F/$L607.'.#)#7T$
30&,P"6/&*$0&$20#$5"E&'(#&')'*07;"#$<'67;"/&*Y$&5<CA=C?<FC@5!"C23!`O!d04C2KD?4=!CA!/C>2S$]>==:4>:!c8:<=54AC22L!OYYQeP!(4C2<8C=53!@7!+>G;C43!+:XG56>G[!C<$%"#&'(#&')'*0;1)$-&.#656#.1.0'&7$',$L607.'.)#T$-&.6'2/;.0'&$.'$%"#&'(#&')'*0;1)$Q#7#16;"$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNNOe$
!&*!`M! %"E&'(#&')'*07;"#$-&.#656#.1.0'&#&$1/7*#?E").#6$
LR"1&2)/&*#&$2#7$L607.'.#)#7$F/6$8&.')'*0#$/&2$O'*0AP!&5<CA=C?<FC@5!"C23!`M!d04C2KD?4=!CA!/C>2S$]>==:4>:!c8:<=54AC22L!MNN_e$
!&*!`Z! 8&.')'*0#$Z$:#6(#&#/.0A$2#6$<1A.0F0.E.Y$&5<CA=C?<FC@5!"C23!
`Z!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYY_eP!(4C2<8C=53!@7!9:;2!IC2!"?452!C<!8&.')'*+$Z$:#6(#&#/.0;7$',$<1;.0;0.+$d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNNVe!
!&*!`_! D#0.6E*#$F/6$%"0)'7'5"0#$[K'($36#0*&07\P!&5<CA=C?<FC@5!
"C23!`_!d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYQeP!
!I>>>!
(4C2<8C=53!@7!-C4I><!#AC3!C23!c5225=;!/C87!C<!S'&.60R/.0'&7$.'$%"0)'7'5"+$[<6'($3&'?&0&*\!d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNNNe!
!&*!VN! K'6.6E*#P!&5<CA=C?<FC@5!"C23!VN!d04C2KD?4=!CA!/C>2S!
]>==:4>:!c8:<=54AC22L!OYY^e!!&*!V_! K'($M#7#&$2#6$B561;"#P!&5<CA=C?<FC@5!"C23!V_!
d04C2KD?4=!CA!/C>2S!]>==:4>:!c8:<=54AC22L!OYYYeP!(4C2<8C=53!@7!JC23C!(:445<!&45F:47!C23!bI:225!H22C!C<!8&$."#$377#&;#$',$O1&*/1*#$d*8@C27S!RH%b!-45<<L!MNNQe!
!)+! ! !"#$:#02#**#6$Q#12#6!"#$%&'$"()"*+ !2=54!0>FC8L!=4C2<8C=53!@7!
954:A5!]5>=;!d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNNYe!
!%O! ! J0#.F7;"#W$K')7Y$]$1&2$^P!(4C2<8C=53!@7!,CI>3!0C44588!c4588!
dRC2!04C2G><G:S!)C4B54U:88>2<L!OY^Ye!!-1(!!! %'#.6+W$O1&*/1*#W$!"'/*".P!(4C2<8C=53!@7!*8@54=!):D<=C3=54!
d%56!b:4KS!)C4B54!f!+:6L!OY^Oe!!--J! %"0)'7'5"0;1)$1&2$%')0.0;1)$M60.0&*7P!#3>=53!@7!/C2D453!
R=C<<52!d%56!b:4KS!U:2=>2??AL!MNNZe!!iU(! !"#$U/#7.0'&$S'&;#6&0&*$!#;"&')'*+P!(4C2<8C=53!@7!J>88>CA!
1:I>==!d%56!b:4KS!)C4B54!-54522>C8L!OYVMe!!R! ! B'_'/6&7P!(4C2<8C=53!@7!9:;2!-C2=585>A:2!/C2:?<<CK><!
d*8@C27S!RH%b!-45<<L!MNN_e!!B/55P! B/55)#(#&.7T$<6'($."#$316)0#7.$3771+7$.'$"5>2F!C23!(>A5!1&2$
D#+'&2P!#3>=53!@7!9:;2!IC2!"?452!d*8@C27S!RH%b!-45<<L!MNNMe!
!jR! ! C'))0A'&$B#(0&167P!#3>=53!@7!/53C43!":<<L!=4C2<8C=53!@7!
04C2[!/C74!C23!+>G;C43!*<KC7!d#IC2<=:2S!%:4=;65<=542!H2>I54<>=7!-45<<L!MNNOe!
!
!O!
8#$2"-9)$3"#'
!
!
$P!(:6C43!C!F5254C8!=;5:47!:D!CGG?A?8C=>:2!
!
$=! ><! 25G5<<C47! =:! @5F>2!6>=;! C! @4>5D! <=C=5A52=! G:2G542>2F! =;5! @4:C354!
B4:@85A! 6>=;! 6;>G;! =;><! B4:X5G=! ><! G:2G54253! C23! 6;>G;L! 35<B>=5! >=<!
@5>2F! :287! <B:4C3>GC887! C3345<<53! >2! =;5! AC>2! @:37! :D! =;5! =5W=L!
C4=>G?8C=5<!>=<!B4:B54!G:2=5W=!:D!>2=588>F>@>8>=7P!(;><!B4:@85A!;C<!=:!3:L!>2!
C! 6:43L! 6>=;! =;5! B;52:A52:2! :D! 1;;/(/)1.0'&L! :4L! =:! 5AB8:7! =;5!
5WB45<<>:2!DCI:?453!@7!"C=C>885L!:D!B4:3?G=>I5!5WB523>=?45P!%:=!:287!><!
=;><! =;5!35D>2>2F!B4:@85A!:D! :?4! =>A5! k! =;C=! ><L! D:4! ?<!6;:! 8>I5! >2! =;5!
>2G45C<>2F87!<CICF5!C23!I:8C=>85!54C!:D!8C=5!GCB>=C8><A!k!@?=!>2!C33>=>:2!
>=!><!=;5!AC>2!>AB5=?<!:D!=;5!=;:?F;=!:D!=;5!B;>8:<:B;54!6>=;!6;:A!=;5!
B45<52=!<=?37!><!B4>2G>BC887!52FCF53S!/C4=>2!)5>35FF54P!0:4!>D!>=!><!G85C4!
=;C=! =;5! IC4>:?<! <=CF5<! C23! <=4C23<! :D! )5>35FF54T<! B;>8:<:B;7! C45!
8>2K53!=:F5=;54!C23!G:2<:8>3C=53!@7!=;5!AC<=54!=;5A5!:D!\@5>2FTL!>2!:25!
B54A?=C=>:2! :4! C2:=;54L! >=! ><! 2:! 85<<! :@I>:?<! =;C=! =;><! B;>8:<:B;7!
45CG;5<! >=<! CB:F55! C23! G:AB85=>:2L! >=<! >2254! 45C8>[C=>:2L! >2! =;5!
A53>=C=>:2!:2! =;5!E?5<=>:2!G:2G542>2F! =5G;2:8:F7!C23!=;5!@4?=C8! 8:F>G!
:D! =;5! @#Z7.#))L! =;5! \52'D4CA>2FTL! C<! C! @8>23L! 4?=;85<<! C23! ?245A>==>2F!
CGG?A?8C=>2F'>2I52=:47>2F! GC44>53! :?=! D:4! =;5! <CK5! :D! 2:=;>2F! @?=!
D?4=;54! >2I52=:47>2FL! C8:2F! 6>=;! >=<! 3585=54>:?<! C23! B:=52=>C887!
!M!
GC=C<=4:B;>G! 5DD5G=<S! =;5! <CGK>2F! C23! B8?2354>2F! :D! =;5! 5C4=;L! =;5!
453?G=>:2!:D!@5>2F<!C<!<?G;!C23!C<!C!6;:85!=:!<=:GK!=:!@5!AC<=5453!C23!
AC2>B?8C=53! C=! 6>88L! C23! C@:I5! C88! =;5! G;4:2>G! C23! I547! 8>K587!
>445A53>C@85! =;:?F;=85<<25<<! :D! =;5! ;?AC2! <B5G>5<! C23! >=<! 25C4'=:=C8!
C@C23:2A52=! :D! >=<! :62! <:I545>F2! 5<<52G5P! /:45:I54L! )5>35FF54!
<?GG553<!>2!45D:4A?8C=>2F!=;><!B4:@85A!>2!C!4C3>GC887!2:I58!C23!355B87!
>2G><>I5!6C7S!>2!BC4=>G?8C4L!;><!6:4K!;C<!7>58353!=;5!G4?G>C8!>2<>F;=!=;C=!
=;5! 0&$)'*0;!:D!B4:3?G=>I5!5WB523>=?45!><!C2=54>:4!C23!5W=54>:4!=:!C27!
C23! 5I547! DCG=>GC887! G:2=>2F52=! C44C2F5A52=! :D! <:G>C8! 458C=>:2<! C23!
B4:3?G=>I5! D:4G5<L! =;C=! ><L! =;C=! CGG?A?8C=>:2! `/1$ #&Z,61(0&*$ 3:5<! 2:=!
<=5A!D4:A!C27!BC4=>G?8C4!D:4A!:D!8>D5!C23!=;545D:45!GC22:=!@5!G;5GK53!:4!
45I54<53! @7! C27! A545! <:G>C8! :4! B:8>=>GC8! =4C2<D:4AC=>:2! k! C23!
CGG:43>2F87!=;C=!6;C=!><!A:<=!25G5<<C47!=:3C7!><!2:=!45I:8?=>:2!dC23!2:=!
5I52!C!45I:8?=>:2!C=!=;5!85I58!:D!B4:3?G=>:2!>=<58De!@?=!4C=;54!C!;'(5)#.#$
'&.')'*0;1)$ 6#'60#&.1.0'&L! C! =:=C8! <B>4>=?C8'5W><=52=>C8! 45256C8! :D! :?4!
;><=:4>GC8!,C<5>2PO!
! *=! =;5! <CA5! =>A5L! ;:65I54L! >=!A?<=! @5! G:2G5353! =;C=! <?G;! C! =:=C8!
<B>4>=?C8!45256C8!><!B45G><587!6;C=!)5>35FF54T<!B;>8:<:B;7L!C<!=;5!B?45!
=;>2K>2F!:D! =;5!=4?=;!:D!"5>2FL!;C<!B4:I52!>2GCBC@85!:D!52F52354>2F!:4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O!*!I>56!6;>G;!;5!<;C45<!6>=;!C!2?A@54!:D!G:2=5AB:4C25:?<!=;>2K54<!
>2<B>453! @7!J5@54L! >2G8?3>2F! "C=C>885! C23L! D4:A! =;5! 04C2KD?4=! RG;::8L!
*3:42:L!):4K;5>A54!C23!/C4G?<5P!
!Z!
<?<=C>2>2Fa! >=!C88:6<!D:4!C!25G5<<C47!>2I54<>:2!:D! =;5!B4:@85AL!@?=!:287!
C=!=;5!G:<=!:D!B45G8?3>2F!=;5!I547!<:4=!:D!45<:8?=>:2!>=!>=<58D!35AC23<P!0:4!
6;>85! )5>35FF54! CGG?4C=587! >352=>D>5<! =;5! #77#&;#! :D! =;5! 3C2F54! =;C=!
G:2D4:2=<! ?<! k! I>[PL! C2! 1;;/(/)1.0'&07(! =;C=! ><! DC4! A:45! B4>A:43>C8L!
G;4:2:8:F>GC887!@?=!C8<:! 8:F>GC887L! =;C2!A545!GCB>=C8!CGG?A?8C=>:2!k!;5!
25I54=;585<<! =;>2K<! =;5! :4>F>2! C23! A:I5A52=! :D! =;><! 3C2F54!
A5=CB;7<>GC887L! 6>=;! =;5! 3:?@85! 45<?8=! =;C=L! D>4<=L! =;5! @#Z7.#))! ><!
?2354<=::3!A:<=!B45G><587!C<!C!K>23!:D!*0,.!d@#7;"#&AeL!>P5PL!<:A5=;>2F!D:4!
6;>G;! =;545! AC7! @5! F4:?23<! D:4! G:2G542! @?=! G54=C>287! 2:=! D:4!
G:235A2C=>:2L! C23! 85C<=! :D! C88! D:4! CG=>I5! 45<><=C2G5L! C23! <5G:23L! C23!
G:2<5E?52=87L! =;5! B:<<>@>8>=7! :D! =;5! 45256C8! ><! AC35! =:! 8>5! &'.! 6>=;!
;?AC2>=7! >=<58DL! >2! <:A5! ?2=CBB53! <?B54C@?23C2G5! :D! <=452F=;!
G:2G5C853! 6>=;>2! >=<! :62! @5>2F! d;:65I54! C@<=4CG=! C23! ;:65I54!
>AB8C?<>@85! >=<! B4CG=>GC8! 45C8>[C=>:2eL! @?=! 4C=;54! C23! 5WG8?<>I587! >2! C!
K>23! :D! G47B=:'458>F>:?<! 5<G;C=:2! C23! BC4:?<>CL! C! G:<A>G'35<=>2C8!
45@>4=;! D:4! 6;>G;! ;?AC2>=7! A>F;=! 353>GC=5! >=<58D! =:! 8C7>2F! =;5!
F4:?236:4K! @?=! ?8=>AC=587! >2! 6;:<5! <B:2=C25:?<! >44?B=>:2! >=! 6:?83!
>=<58D! @5! BC<<>I587! >AB8>GC=53P! $2! <;:4=L! =;545! ><! C! <=4?G=?4C8! C23!
B54AC252=! >2G:AA52<?4C@>8>=7! @5=6552!B;>8:<:B;7T<! B4:@85A! C23! >=<!
G:2G5B=a! C<! =;5! B?45! =;>2K>2F! :D! =;5! =4?=;! :D! "5>2FL! )5>35FF54>C2!
=;:?F;=!><!?2C@85!=:!8>I5!?B!=:!=;5!?4F52G7!:D!>=<!:62!35AC23<P!
! (;><!><!=;5!F?>3>2F!B4:@85A!C23!=C<K!=;C=!=:F5=;54!G:2<=>=?=5L!>D!7:?!
8>K5L! =;5!B8C25!:4! \>ACF5T!:D! =;5!B45<52=!?2354=CK>2FL! =;5!:B52!;:4>[:2!
!Q!
:D! >=<!52E?>47!C23!=;5!523!=:6C43!6;>G;! >=! ><! D>2C887!3>45G=53!k!I>[PL! =:!
?2354<=C23!=;5!B;52:A52:2!:D!CGG?A?8C=>:2><AL!:D!<:A5=;>2F!8>K5!52'
D4CA>2F! C<! =;5! 8:F>G! :D! C88! CG=?C8! :4! :2=>G! CGG?A?8C=>:2L! 75=! 52=>4587!
>235B52352=87! :D! =;5! K>23<! :D! =4:?@8>2F! 5<G;C=:8:F>GC8! :4! \A7<=54>:'
8:F>GC8T!2:=>:2<!6>=;!6;>G;!=;C=!G:2G5B=!><!=4C3>=>:2C887!C23!3:G=4>2C887!
@:?23!?B! >2!)5>35FF54T<! =;:?F;=! d>2!BC4=>G?8C4L! 5I547=;>2F!B54=C>2>2F!
=:!=;5!6>=;34C6C8L!C@C23:2A52=!C23!D:4F5==>2F!:D!C!7'(#."0&*L!C2!4L!=;C=!
65!64:2F87!@?=! >25I>=C@87!B54<><=! >2!GC88>2F!\"5>2FTeP!J;C=!D:88:6<!GC2!
=;545D:45! @5! <C>3! =:! G:2<=>=?=5! C! B4:BC535?=>G! d:25! :D! <5I54C8e! =:! C!
F5254C8! :2=:8:F>GC8! =;5:47! :D! CGG?A?8C=>:2P! -C4=! :D! 6;C=! $! 6><;! =:!
35A:2<=4C=5! ;545! ><! =;C=! >=! ><! 2:25! :=;54! =;C2!)5>35FF54! ;>A<58D!6;:!
B4:I>35<! <:A5! :D! =;5! A:<=! B:654D?8! C23! >2IC8?C@85! G:2G5B=?C8!
45<:?4G5<!D:4!<?G;!C!D?=?45!=;5:47!k!>2!5<<52G5L!=;C=!)5>35FF54!GC2!C23!
A?<=!@5!45C3!CFC>2<=!;>A<58D!>2!=;><!BC4=>G?8C4!45<B5G=P!
!
$$P!(:6C43!C!B;52:A52:8:F7!:D!8>D5!
!
$=!><!>AB:4=C2=!=:!K55B!=;><!B8C25!G:2<=C2=87!>2!I>56L!5I52!>D!:287!C=!=;5!
B54>B;547L! >2<:DC4!C<! >=!A5C2<! =;C=! =;5!<B5G>D>G! <?@X5G=!AC==54! =:!6;>G;!
=;><!52E?>47!><!C8A:<=!52=>4587!35I:=53!k!I>[PL!=;5!=6:D:83!E?5<=>:2!:D!)0,#!
C23! #16."! >2! 458C=>:2! =:! )5>35FF54>C2! B;>8:<:B;7! k! 3:5<! 2:=! ;545! DC88!
6>=;>2! =;5! 45A>=! :D! G:2G542! D:4! 6;>G;! >=! <55A<! A:<=! :@I>:?<87! C23!
>AA53>C=587! 4585IC2=S! I>[PL! =;C=! :D! 5G:8:F>GC8! C23! 52I>4:2A52=C8!
!_!
B;>8:<:B;7L! 355B! 5G:8:F7! C23! =;5! 8>K5P! /:45! B45G><587S! 6;>85! >=! AC7!
I547! 6588! =?42! :?=! =;C=! =;5! >35C<! 5WB8:453! C23! 35I58:B53! ;545! ;CI5!
<:A5! ?<5! :4! 4CA>D>GC=>:2<! D:4! 5G:8:F>GC8L! 5=GP! B;>8:<:B;7L! 25I54=;585<<!
=;><! ><! 2:=! =;5! C2F85! D4:A! 6;>G;! =;5! =;5A5<! :D! 8>D5! C23! 5C4=;! C45!
CBB4:CG;53P! +C=;54! =;5! >2=545<=! ><! B4>2G>BC887! :2=:8:F>GC8! C23!
<5G:23C4>87!B:8>=>G:'5G:2:A>GL!C23!=;5!8C==54!:287!C23!B45G><587!>2<:DC4!
C<! >=! A>F;=! @5! F4:?2353! @7! =;5! D:4A54! k! =;C=! ><L! >=! ><! ?8=>AC=587! C!
E?5<=>:2!:D!6;5=;54!C23!=:!6;C=!5W=52=!=;5<5!=;5A5<!<54I5!=:!>88?A>2C=5!
=;5!:4>F>2!C23!5<<52G5!:D!C!G54=C>2!8:F>G!:D!B4:3?G=>:2P!
! (;5! BC4=>G?8C4! =C<K! $! ;CI5! C==5AB=53! ;545! ><! C! 45'45C3>2F! :D!
)5>35FF54!=;4:?F;!=;5!B4><A!:D!C!2:=>:2!:D!8>D5!=;C=L!C<!>=!;CBB52<L!><!2:=!
C=!C88! =;5!8>D5!6>=;!6;>G;!65!C45!@7!2:6!C88! =::!DCA>8>C4!C23!6;>G;!65!
G:AA:287!C<<:G>C=5!6>=;!G54=C>2!6588'K2:62!=5W=<!C23!BC<<CF5<P!+C=;54!
$!;CI5!;C3!>2!A>23!C!A:45!F54A>2C8!C23!>2G;:C=5!<52<5!:D!8>D5L!C!8>D5!=;C=!
><! C86C7<! 8?4K>2F! >2! =;5! G45I>G5<! C23! >2=54<=>G5<! :D! =;:<5! =5W=<! dC23!
:=;54<!85<<!:@I>:?<e!C23!=;C=!:GGC<>:2C887!@45CK<!8::<5!C23!35<=C@>8>[5<!
=;5!52=>45!G:2G5B=?C8!53>D>G5L!5I52!>D!>=!C86C7<!C23!5I52=?C887!<?GG?A@<!
=:! >=! CFC>2! >2! =;5! 523! k! C! 8>D5L! >2! <;:4=L! =;C=! A?<=! @5! 5W=4CG=53! C23!
45G:2<=>=?=53P!/7!C4F?A52=L!0&$&/;#L!><!=;><S!=;C=!=;545!><!>2!)5>35FF54T<!
B;>8:<:B;7!C!G54=C>2!3:4AC2=!C23!G:2G5C853!k!>23553!5I52!45B45<<53!k!
>ACF5! :D! 8>D5! =;C=L! :2G5! 45G:I5453! C23!3?<=53! :DDL! ><! GCBC@85! :D! =CK>2F!
:I54!C! <>F2>D>GC2=! <;C45!:D! =;5!6:4K!2:4AC887!C<<>F253! =:!C2:=;54!C23!
DC4!A:45!58?<>I5!2:=>:2L!:25!6;:<5!>352=>=7!><!3><<:8I53!C23!3><B54<53!
!̀!
>2! C! B4:8>D>G! C23! :B52'52353! <54>5<! :D! <>F2>D>54<! dB#0&L!B#+&L!@#"#0(&07L!
@#=0#6.L! QE.7#)L! 36#0*&07lL! 5=GPe! C23! 6;>G;! ><! K2:62! @7! :25! :D! =;5<5!
<>F2>D>54<! >2! BC4=>G?8C4! :287! >2<:DC4! C<! >=! GC22:=! @5! <B:K52! :D! >2! C27!
:=;54!6C7P! $2!:=;54!6:43<L!B;52:A52C! =;C=!C45!?<?C887!?2354<=::3! =:!
@5! F:I54253! @7! =;5! C?=:2:A:?<! A:I5A52=! C23! >2254! 8:F>G! :D! =;><!
C2:27A:?<!7'(#."0&*L!=;><!\"5>2FTL!AC7!2:6!@5!=45C=53!C<!D?2G=>:2<!:D!C!
G54=C>2!K>23!:D!8>D5P!
! 15=!A5! @5!A:45! <B5G>D>GS! @7! 8>D5! $!A5C2!25>=;54! C! BC4=>G?8C4! <:G>:'
;><=:4>GC8! G:2<=4?G=L! =;5! =C4F5=':@X5G=! :D! G54=C>2! ;><=:4>GC887! G:2=>2F52=!
B:654g=4?=;!45F>A5<!d5PFPL!8>D5!C<!=;5!G:4458C=5!:D!C!\@>:B:8>=>G<TeL!2:4!=;5!
<:4=!:D!\1>D5T!=;C=!;C<L!=4CG>2F!C!3>DD5452=!@?=!5E?C887!>2D8?52=>C8!dC23L!=:!
@5! <?45L! >AB:4=C2=e! C4GL! @552! >2=54B45=53! :2=:8:F>GC887! C<! G;C:<L!
G45C=>I>=7L! I>4=?C8>=7L!A?8=>B8>G>=7L! 3>DD54C2G5L! 5=GP! d1>D5! C<! C! 35<G4>B=>:2!
:D! =;5! D8?W!C23!D8:6!:D! =;5!45C8!C<!<?G;eP! $2!:=;54!6:43<L! $!3:!2:=!;545!
>2=523!8>D5!C<!C!B:<<>@85!:@X5G=!:D!G:2<G>:?<25<<L!<:A5=;>2F!\:?=!=;545T!>2!
=;5! 6:483! =;C=! G:?83! 3:?@85! C<! =;5! <?@X5G=! AC==54! D:4! C! =;5:45=>GC8!
45D85G=>:2P! +C=;54! @7! 8>D5! $! A5C2! <:A5=;>2F! =;C=! ><! C=! :2G5! C! D:4A! :D!
5WB54>52G5!C23!C!A:35!:D!@5>2FL!=;C=!><L!8>D5!C<!>=!><!CG=?C887!F>I52!=:!C23!
CBB45;52353! @7! =;5! 8>I>2F! dC8=;:?F;! @7! 2:! A5C2<! 25G5<<C4>87!
=;5AC=>GC887e!>2!=;5!G:?4<5!:D!>=<!CG=?C887!C23!G:2G45=587!R#0&*$)0=#2$'/.!k!
>2! <;:4=L! C! =;:4:?F;87! 5"#&'(#&')'*0;1)! G:2G5B=>:2! :D! 8>D5L! 8>D5! C<!
B;52:A52C8!:4!CG=?C887!8>I53!8>D5P!
! R?G;!C!G:2G5B=>:2!>AB8>5<!=;455!=;>2F<P!0>4<=L!C23!:2!=;5!:25!;C23L!
!̂!
>2C<A?G;!C<!B;52:A52:8:F7! ><! :2=:8:F7! d:4! =;5!A5=;:3!:D! :2=:8:F7eL!
=;5!2:=>:2!:D!B;52:A52C8!8>D5!;545!<>F2>D>5<!8>D5!17$7/;"L!=;5!I547!@5>2F!:D!
8>D5L!6;>G;!><!<>AB87!=:!<C7L!352:=5<!/&0=#671)!8>D5!C<!=;5!8>D5!:D!=;5!6;:85!
:D! =;5! 8>I>2F!E?C! 8>I>2FL! D4:A!B8C2=<!C23!<>AB85!:4FC2><A<!C88! =;5!6C7!
?B! =;4:?F;! =;5! <:'GC8853! ;>F;54! C2>AC8<! C23! >23553! =;5! ;?AC2! >=<58D!
d=;C=!><L!8>D5!25>=;54!>2!=;5!<52<5!:D!\C2>AC8>=7T!C<!:BB:<53!=:!\;?AC2>=7T!
2:4!C<!C!A545!<72:27A!D:4! \5W><=52G5TL! >P5PL! \@5>2F'>2'=;5'6:483TL!C<! =;5!
2CA5!D:4!=;5!5WG8?<>I587!;?AC2!6C7!:D!@5>2FeP!R5G:23L!C23!:2!=;5!:=;54!
;C23L!>2C<A?G;!C<!65!B54G5>I5!C23!?2354<=C23!=;><!?2>I54<C8!8>D5!:287!
C23! B45G><587! @5GC?<5! 65! :?4<58I5<! C8<:! 8>I5! >=L! =:! >2I5<=>FC=5! B;52:'
A52C8!8>D5L!=:!?2354=CK5!C2!:2=:'B;52:A52:8:F>GC8!>2=544:FC=>:2!:D!8>D5L!
><! 057'$,1;.'! =:! >2=544:FC=5!:?4<58I5<!C<! 8>I>2F!@5>2F<P!(;C=! ><! =:!<C7L! =;5!
:2=:8:F7! :D! 8>D5! A?<=! 25G5<<C4>87! @5! C2! :2=:8:F7! :D! :?4<58I5<L! C! <58D'
>2=544:FC=>:2!:D!C23!@7!=;C=!52=>=7!=;C=!><!3><=>2F?><;53!@7!=;5!DCG=!=;C=L!
>2<:DC4! C<! >=! ><!B:<<5<<53!:D! C2!?2354<=C23>2F!:D!@5>2F!C23!;52G5!:D! C!
G:2<=C2=!C23!G:2<=>=?=>:2C8!G:2G542!D:4!>=<!:62!@5>2FL!>=!GC2!C23!>23553!
A?<=!;CI5!."#$R#0&*$',$0.7$'?&$)0,#!C=!><<?5!D:4!>=L!>P5PL!GC2!C23!A?<=!@5G:A5!
C2! ><<?5! D:4! >=<58D! 2:=! :287! 6>=;! 45<B5G=! =:! >=<! 5W><=52G5! @?=! C8<:! C23!
5E?C887!6>=;! 45<B5G=! =:! >=<! 8>D5P!*GG:43>2F87L! C23! =;>43! C23! D>2C887L! =;5!
B4:X5G=!:D!C!B;52:A52:8:F7!:D!8>D5!>AB8>5<!C!2/1)! >2I5<=>FC=>:2!>2=:!=;5!
@5>2F!:D!?2>I54<C8! 8>D5! C<!65!:?4<58I5<L! C<! 45C887! C23!5<<52=>C887! 8>I>2F!
@5>2F<L!CG=?C887!8>I5!>=L!C<!6588!C<!>2=:!:?4!:62!;?AC2!6C7!:D!@5>2F!>2!
>=<! =:=C8>=7! >2<:DC4! C<!65! 16#! =;C=! 52=>=7! =;C=! 3:5<! 2:=!A54587! 5W><=! @?=!
!V!
4C=;54! \8>I5<! C<! 5W><=52=T! dC! K57! )5>35FF54>C2! 5WB45<<>:2! =;5! B45G><5!
A5C2>2F!:D!6;>G;!65!<;C88!5WCA>25!>2!<:A5!35=C>8!@58:6eP!
! J;C=! $! CA! <?FF5<=>2FL! =;52L! ><! =;C=! )5>35FF54! 2:=! :287! ACK5<!
B:<<>@85! =;5! =;>2K>2F! :D! <?G;! C! B;52:A52C8! 8>D5L! @?=! C8<:! dC23! A:45!
>AB:4=C2=87L! <>2G5! =;5! 2:=>:2! :D! B;52:A52C8! 8>D5! 6>88! =?42! :?=L! >2! =;5!
523L! C23!35<B>=5! >AB:4=C2=! G:2G5B=?C8!A:3>D>GC=>:2<L! =:!@5! C!I547!:83!
C23! =4C3>=>:2C8!:25eL!:B5287! D8>4=<!6>=;! >=! >2! <5I54C8!B8CG5<L! C23! >2! =;C=!
6C7!GC4I5<!:?=!IC4>:?<!B:>2=<!:D!>2<54=>:2!=;C=L!D:4!C!IC4>5=7!:D!45C<:2<L!
;5!;>A<58D!><!?2C@85!:4!?26>88>2F!=:!5WB8:>=P!/7!C>A!;545!><!=:!<5>[5!:2=:!
=;5<5!B:>2=<!C23!8::<52!=;5A!?BL!=:!><:8C=5!C23!6#'G:2<=4?G=!=;><!2C<G52=L!
BC4=>C8! C23! D4CFA52=53! >35C! :D! 8>D5! >2! :4354! =:! C<<5<<! >=<! =;5:45=>GC8!
GCBC@>8>=>5<! C23! >=<! G:2<5E?52G5<! D:4! G54=C>2! C<B5G=<! :D! )5>35FF54>C2!
=;:?F;=P!
! (:!<K5=G;!:?=!=;><!45G:2<=4?G=>:2!>2!C!D56!6:43<S!$!<;C88!C==5AB=!=:!
<;:6! =;C=! B;52:A52C8! 8>D5! ><! @5<=! ?2354<=::3! C<! C! A:35! :D! @5>2F! C=!
:2G5!G:AA52<?4C=5!6>=;!C23!75=!>4453?G>@85!=:!5W><=52G5L!=;C=!><L!C<!C2!
C?=:2:A:?<!A:3C8>=7!:D!-&Z7#0&L!\>2'@5>2FTL!=;C=!?2D:83<!>2!=;5!A>3<=!:D!
C2! 5E?C887! >4453?G>@85! 5W=4C6:48387! [:25L! <B;545! :4! 3>A52<>:2! :D!
:B5225<<! =;C=! $! <;C88! GC88! #16."P! #WB45<<53! >2! C! ;C237! C23! @7! 2:6!
DCA>8>C4!D:4A?8CL!65!AC7!<C7!=;C=!8>D5!><!<:A5=;>2F!8>K5!=;5!<;554!8>I>2F'
:?=! :4! 8>I>2F'=;4:?F;! :D! C2! :4>F>2C47! R#0&*Z0&Z."#Z#16."P! J;C=! $! CA!
B4:B:<>2FL! >2!:=;54!6:43<L! ><! =;C=!65!C==5AB=! =:! =;>2K! =;5!A5C2>2F!:D!
CG=?C887! 8>I53! 8>D5! @7! A5C2<! :D! C2! 5WBC2<>:2! :D! =;5! ;:4>[:2! :D!
!Y!
B;52:A52C8>=7!:4!AC2>D5<=C=>:2!>=<58DL!:4!A:45!B45G><587L!@7!A5C2<!:D!C2!
:B54C=>:2!=;C=!6:?83!G:2<=>=?=5!=;5!3:?@8>2F!:4!BC4=>=>:2>2F!:D!=;5!\H1TL!
=;5! \=;545T!:4! \G85C4>2FTL! >2!6;>G;!65!C86C7<!C845C37!36588L!C23!>2!=;C=!
<52<5!=;5!3:?@8>2F!:D!:?4!:62!@5>2F!>=<58DP!
! $! CA! C6C45! :D! =;5! AC27! :@X5G=>:2<! =;C=! GC2! C23! 6>88! @5! 4C><53!
CFC>2<=! <?G;! C2! 5235CI:?4P! $=! 6>88! >AA53>C=587! @5! B:>2=53! :?=! =;C=!
)5>35FF54!><!B54;CB<!=;5!B;>8:<:B;54!6;:!652=!D?4=;54!=;C2!C27!:=;54!
>2! \35<=4?G=>2FT! =;5! I547! >35C! :D! <:A5=;>2F! 8>K5! C2! :4>F>2C47! ;?AC2!
d@5GC?<5! ?2>I54<C8e! 8>D5P! 0:4! )5>35FF54L! >=! 6>88! 4>F;=87! @5! <C>3L! =;5!
;?AC2! GC2! @5! =;:?F;=! :D! C<! \8>I>2FT! :4! \C8>I5T! :287! =;4:?F;! C! B4>:4!
25FC=>:2!:4! <?<B52<>:2!:D! >=<!B4:B5487!;?AC2!5<<52G5!k! >=<! 45<>3>2F! >2!
=;5! :B52! :D! "5>2FL! >=<! 5W><=52G5! k! C23! @7! =45C=>2F! >=! >2<=5C3! C<! X?<=!
C2:=;54!@5>2F! =;C=!CBB5C4<!?0."0&! =;><!:B52! >=<58DL!I>[PL! C<!C2!C2>AC8L! C!
8>D5'=;>2F!523:653!6>=;!8>D5'B4:B54=>5<P!"?=!=;><!><!:@I>:?<87!=:!45I54<5!
=;5!:4354!:D!:2=:8:F>GC8!B4>:4>=7S!5W><=52G5!3:5<!2:=!<?B54I525!:2!8>D5L!><!
2:=!?8=>AC=587!45<:8IC@85!>2=:!\I>=C8T!<=C=5<!C23!B4:G5<<5<L!C23!B45G><587!
@5GC?<5! C88! <?G;! <=C=5<! C23! B4:G5<<5<! GC2! :287! D>4<=! 5A54F5! 17$ 7/;"!
6>=;>2!=;5!:B52!:D!5W><=52G5a!8>D5L!>2!:=;54!6:43<L!GC2!25I54!CGG:?2=!D:4!
5W><=52G5! X?<=!@5GC?<5! >=! ><!5W><=52G5! =;C=!CGG:?2=<! D:4! 8>D5P!J5!C45! =;?<!
G:2D4:2=53!6>=;!=;5!BC4C3:W!=;C=!=:!>2I5<=>FC=5!=;5!@5>2F!:D!8>D5!=;4:?F;!
=;5! 8>I>2F'@5>2F! :D! =;5! ;?AC2! ><! 25G5<<C4>87! =:! 3527! =;5! ;?AC2! >=<!
"/(1&0.17L! >=<! :62A:<=! ;?AC287! 6C7! =:! @5P! -?=! 3>DD5452=87L! =;5! I547!
>35C!:D!C!)5>35FF54>C2! 8>D5'B;52:A52:8:F7!CBB5C4<! <58D'G:2=4C3>G=:47L!
!ON!
<55A<! =:!52=C>8! C! 452?2G>C=>:2!:D! =;5!F?>3>2F!B45A><5!:D!)5>35FF54>C2!
=;:?F;=P!
! $2! C33>=>:2L! D?23CA52=C8! E?5<=>:2<! 6>88! 2:! 3:?@=! @5! 4C><53!
B54=C>2>2F!2:=!:287! =:!<=4?G=?4C8!G:2D>F?4C=>:2!:D! =;><!5W=4C6:48387! 8>D5!
@?=!A:45! >AB:4=C2=87! C23! B4:@85AC=>GC887! =:! >=<! <;554! B:<<>@>8>=7! C23!
5I52! >2=588>F>@>8>=7P! 0:4! ;:6! >23553! G:?83! =;5! 5W=4C6:48387! 3><G8:<5!
>=<58D!>2!=;5!D>4<=!B8CG5!>D!2:=!>2!C2!>2=4C6:48387!AC2254m!*23!G:2I54<587L!
;:6! G:?83! :25! 5I54! B?4B:4=! =:! <=5B! \:?=<>35T! =;5! 6:483! >2! :4354! =:!
CGG5<<!=;5!3:AC>2!:D!8>D5m!(;5!<?<B>G>:2!C4><5<!=;C=!65!C45!35C8>2F!5>=;54!
6>=;! C! G85I54! @?=!?8=>AC=587!ICG?:?<! >23?8F52G5! >2!6:43'B8C7L! :4! 58<5!
6>=;!C2!585A52=C47!DC>8?45!=:!F4C<B!=;5!C88'52G:ABC<<>2F!C23!=:=C8>[>2F!
<G:B5!:D!6:48387!5W><=52G5P!
! (;5<5! 3>DD>G?8=>5<! dC23! :=;54<e! 6>88! @5! C3345<<53! >2! 3?5! =>A5P! 0:4!
2:6! =;5! D:88:6>2F!6>88! <?DD>G5P! +5FC43>2F! =;5! 8C==54! <5=! :D! G:2G542<L! $!
=;>2K! >=! GC2! @5! <;:62! =;C=! =;545! ><! 2:! 45C8! G:2=4C3>G=>:2! k! 5I52! C8:2F!
)5>35FF54>C2!8>25<!k!>2!C3A>==>2F!=6:!d:4!<5I54C8e!5E?>B4>A:43>C8
!OO!
6:483T! C<! >=<! G:23>=>:2! :D! B:<<>@>8>=7P! (;5! F?>3>2F! A:=>IC=>:2! ;545! ><!
2:=;>2F! 85<<! =;C2!C!@C<>G! 0&./0.0'&!:D! 8>D5!k! >2!:=;54!6:43<L! =;5! DCG=! =;C=!
8>D5! ><!B45G><587!2:=! =;5!<:4=!:D! =;>2F!C@:?=!6;>G;!65!A>F;=!B:2354L! >2!
=;5!G::8!35=CG;A52=!:D!C!<G>52=>D>G!C==>=?35L!6;5=;54! >=! >AB8>GC=5<!?<!:4!
2:=P! +C=;54! 65! K2:6! >AA53>C=587! d>D! 2:2'=;5=>GC887e! =;C=! 8>D5! ><!
<:A5=;>2F! A?G;! A:45! =;C2! C2! 5W=4>2<>G! C23! 453?G=>I5! 35=54A>2C=>:2!
=;C=! C4><5<! :?=! :D! C2! >885F>=>AC=5! <58D'=;>2F>D>GC=>:2L! C23! D:4! 2:! :=;54!
45C<:2! =;C2! =;C=!65! 8>I5! >=L! =;C=!65! 16#! =;><! 8>I>2FL! =;C=! <?G;! 8>I>2F! ><!
G:2<=>=?=>I5!:D!:?4!;?AC2!R#0&*P!
!
$$$P!R?AAC47!:D!G;CB=54<!
!
(;5! D:88:6>2F! >2I5<=>FC=>:2! GC2! @5! 3>I>353! >2=:! =6:! BC4=<P! -C4=! .25!
dU;CB=54<!O'Qe!:DD54<!C! <54>5<!:D! <8>F;=87!C<KC2G5!C23!C@4C<>I5! 45C3>2F<!
:D!C!2?A@54!:D!K57!=5W=<L!4C2F>2F!D4:A!=;5!5C48>5<=!045>@?4F!85G=?45<!?B!
=;4:?F;! =;5! 5<<C7<! :2! =;5! D:?4D:83! C23! 36588>2F! D4:A! =;5! OY_N<L! >2! C!
=6:D:83!C==5AB=L!D>4<=L!=:!>352=>D7!C23!45G:I54!=6:!K57!A:A52=<!6;545!
)5>35FF54T<!=;:?F;=!?26>==>2F87!=?42<!CFC>2<=!>=<58D!C23!:B52<!>=<58D!?B!
=:! <:A5=;>2F! 8>K5! ?2>I54<C8! dB;52:A52C8e! 8>D5! d>2! =;5! 8C==54L! =:! C!
?2>I54<C8>[C@85! ;?AC2! 8>D5eL! C23! <5G:23L! =:! <;:6! ;:6! >2! @:=;! GC<5<!
=;5<5!:B52>2F<!C45!<6>D=87!C23!5DD>G>52=87!G8:<53!?B!C23!G:I5453!:I54!@7!
A5C2<!:D!=;5!<CA5!<>852=!F5<=?45!:D!45CBB4:B4>C=>:2!=;4:?F;!6;>G;!=;5!
8>D5'3>A52<>:2!>2!E?5<=>:2!><!<?@<?A53!?2354!=;5!<=4>G=!:4354!C23!8:F>G!
!OM!
:D!=;5!6:483!C<!=;5
!OZ!
2:6'2:=:4>:?<! JR! OYMY'ZN! 85G=?45<L! !"#$ </&21(#&.1)$ S'&;#5.7$ ',$
V#.15"+70;7P! )545! $! <;:6! ;:6! =;5! <;>D=>2F! :D! =;5! :I54C88! B4:@85A'
;:4>[:2!:D!B;>8:<:B;7!>2!=;5!3>45G=>:2!:D!=;5!@5>2F'E?5<=>:2L!>P5PL!=:6C43!
D?23CA52=C8!:2=:8:F7L!><!45<B:2<>@85!D:4!=;5!45<=4>G=>:2!:D!@5>2F'>2'=;5'
6:483!=:!;?AC2!@5>2F<!5WG8?<>I587!C23!=;5!4535D>2>2F!:D!\8>D5T!C<!6:483'
B:I54=7! dM#).16(/.eP!J5!2:6!<55L! G:2=4C47! =:! =;5!B:<>=>:2!:D! =;5!5C487!
85G=?45<L! =;C=! @5>2F'AC2>D5<=C=>:2! C23! :45G=>G'AC2>D5<=C=>:2! GC22:=!
G:2<=>=?=5! 523! B:>2=<! :D! =;5! <CA5! 8>D5'<B5G=4?AL! >2! 6;>G;! GC<5! >=!
@5G:A5<!C!B4:@85A!C<! =:!6;5=;54!C23!;:6! \8>D5T! GC2!<=>88!@5!<C>3! =:!@5!
:B52!C=!C88!k!C2!>2'25<<!:4!>2'@5>2F!>2!C27!A5C2>2FD?8!<52<5!k!>2C<A?G;!
C<!)5>35FF54!3:5<!2:=!<55A!=:!C88:6!D:4!C27=;>2F!8>K5!C2!5W=4C6:48387!
[:25!:4!3>A52<>:2!:D!AC2>D5<=C=>:2P!
! U;CB=54!Z!C4F?5<!=;C=!)5>35FF54!?2>2=52=>:2C887!>2=4:3?G5<L! >2!=;5!
OYZ_'`! 5<<C7! \(;5! .4>F>2! :D! =;5! J:4K! :D! *4=TL! C! G54=C>2! B45'=;5AC=>G!
B;52:A52C8!?2354<=C23>2F!:D!8>D5!@7!6C7!:D!=;5!G:2G5B=!:D!#16."P!#C4=;!
><! <552! =:!B:<<5<<! C!3?C8! <52<5S! :2! =;5!:25!;C23L! C23! G:2G5B=?C887L! C<!
=;5!@:?23C47'<5==>2F!8C6!:D!=;5!<58D'C4><>2F!:D!@5>2F<!>2=:!=;5!:B52L!C23!
:2! =;5! :=;54L! C23! >2=?>=>I587L! C<! B45G><587! =;5! <:4=! :D! C?=:2:A:?<L!
5W=4C6:48387! [:25! :4! <B;545! :D! :B5225<<! =;C=! =;5!JR! OYMY'ZN! 85G=?45<!
45D?<53! =:!CGK2:6853F5P!(;?<! 8>D5! ><!;545!F>I52! d25I54!5WB8>G>=87L! =:!@5!
<?45eL! 2:=! C<! <:A5=;>2F! B?4587! 25FC=>I5L! C<! =;5! 8CGK! :4! B4>IC=>:2! :D!
6:483L!@?=!4C=;54!>2!C2!52=>4587!B:<>=>I5!6C7!C<!=;5!BC4=>G?8C4!D:4A!:D!>2'
25<<!G:445<B:23>2F!=:!=;><!5W=4C6:48387!3>A52<>:2!k!C!3><=>2G=87!5C4=;87!
!OQ!
A:35! :D! >2'@5>2FL! :4! <>AB87L! C! \@5>2F'>2'=;5'5C4=;TP! (;5! D:4A! :D!
AC2>D5<=C=>:2! B5G?8>C4! =:! =;5! 5C4=;'3>A52<>:2! 5A54F5<L! CFC>2! 2:=! C<! C!
@5>2F'CBB45;523>2FL!@?=!2:6!C<!C!K>23!:D! C<<C>8>2FL!6>=;34C6>2F!C23!
B4:I:K>2FL! D4:A! 6;>G;! >=! D:88:6<! =;C=! 8>D5! E?C! @5>2F'>2'=;5'5C4=;! ><!
G;C4CG=54>[53!2:=!@7!G:AB:4=A52=!=:6C43!@5>2F<!C<!<?G;!@?=!4C=;54!@7!
5WB54>52G5<! :D! 6C2=L! 6:447L! ;C43<;>BL! B4>IC=>:2L! D5C4L! ?2G54=C>2=7L!
>2<5G?4>=7! C23! =;5! 8>K5P!*=! =;><! <=CF5L! =;5! B45G><5! 458C=>:2<;>B! @5=6552!
dOe! =;5! B:<<>@>8>=7! :D! C2! :45G=>G! A:35! :D! >2'@5>2FL! dMe! =;5! 5C4=;! C<! C2!
C?=:2:A:?<! 3>A52<>:2! :D! =;5! :B52L! dZe! =;5! 8>D5'5WB54>52G5<! :D! 2553L!
6C2=L!;C43<;>BL!5=GP!k!;:6!C88!:D!=;5<5!B>5G5<!D>=!=:F5=;54!>2=:!C!?2>=C47!
C23!G:;5452=!6;:85!k! ><!<=>88!?2G85C4!C23! ><!B45G><587!6;C=!2553<! =:!@5!
6:4K53!:?=P!
! U;CB=54! Q!35A:2<=4C=5<! ;:6! =;><! 8C=52=! <52<5! :D! C! K>23!:D! 5C4=;87!
8>D5! ><! 8:<=! >2!)5>35FF54T<! 8C=54!6:4K! >2<:DC4! C<! =;5! 5C4=;! ><! 5I52=?C887!
45C@<:4@53!>2=:!=;5!45<=4>G=53!5G:2:A7!:D! =;5!6:483!C<!:25!:D! =;5!D:?4!
B4>AC8!6:483'B:654<!:4!6:483'C==4>@?=5<P! $! =;52!F:!:2! =:! <?FF5<=L! C23!
D:4! =;><!I547! 45C<:2L! =;C=! =;5!E?C<>'<:=54>:8:F>GC8! dC23!A?G;!:I54?<53e!
2:=>:2! :D! \36588>2F! :2! =;5! 5C4=;T! ><! :D! 8>==85! ?<5! =:! 52I>4:2A52='
G:2<G>:?<! B;>8:<:B;54<! >2C<A?G;! C<! =;5! <=C=5! :D! =;5! 5C4=;! >=<58DL! C23!
;52G5!:D!:?4!458C=>:2<!=:!>=L!><!C86C7<!C23!25G5<<C4>87!35=54A>253!@7!C23!
=;4:?F;!C!G54=C>2!6:48387!35<=>2>2F!5WG8?<>I587P!
! -C4=! (6:! dU;CB=54<! _! C23! `e! =CK5<! ?B! =;5! G;C8852F5! :D! >ACF>2>2F!
;:6!=;5<5!IC4>:?<!=;45C3<!A>F;=!@5!6:I52!=:F5=;54!>2!:4354!=:!DC<;>:2!
!O_!
C! <58D'<=C23>2F! C23! 6:4KC@85! d>D! 2:25=;585<<! 4?3>A52=C47e! G:2G5B=! :D!
?2>I54<C8!B;52:A52C8!8>D5a!>=!=;52!F:5<!:2!=:!5WB8:45!=;5!>AB8>GC=>:2<!:D!
<?G;! C! 8>D5! D:4! G54=C>2! C<B5G=<! :D! )5>35FF54>C2! =;:?F;=L! >2! BC4=>G?8C4L!
C<B5G=<!B54=C>2>2F!=:!=;5!:4>F>2!C23!5<<52G5!:D!=5G;2:8:F7P!
! U;CB=54! _! 5WB8>G>=87! 8>2K<! =;5! 2:=>:2! :D! :45G=>G! >2'@5>2F! 6>=;! =;5!
>ACF5!:D!=;5!5C4=;!C<!=;5!:B52
!O`!
:4! \GC=5F:47T!:D!5WB54>52G5L! >2!C!E?C<>'cC2=>C2!<52<5L!B5G?8>C4! =:! 8>I>2F!
5W><=52G5! C<! <?G;! k! >2!:=;54!6:43<L! =;C=!2553L! C8=;:?F;!B;52:A52C887!
45C8L! ><!C=!@:==:A!2:=;>2F!A:45!:4!85<<!=;C2!C!D?2G=>:2!:D!=;5!<=4?G=?4C8!
ACK5'?B! :D! =;5! ?2>=7! :D! @5>2F'>2'=;5'6:483! C23! @5>2F'>2'=;5'5C4=;! >2!
C23!C<!C!?2>=C47!;:4>[:2!:D!AC2>D5<=C=>:2P!$!=;52!F:!:2!=:!G:2<>354!;:6!
65!A>F;=!45>2=54B45=! =;5!F4:?23!:D!6;C=!)5>35FF54!GC88<! \52'D4CA>2FTL!
=;5! @#Z7.#))L! C<! =;5! 5<<52G5! :D! =5G;2:8:F7L! 2:=! C<! D:88:6>2F! D4:A! =;5!
C@C23:2A52=!C23!D:4F5==>2F!:D!\"5>2FT!@?=!4C=;54!C23!:287!D4:A!:?=!:D!
=;5! >2=542C8! G:2D8>G=?C8! 458C=>:2! @5=6552! 8>D5! C23! 5W><=52G5! C23! =;5!
B4:3?G=>:2!:D!dB54G5>I53e!2553!=:!6;>G;!>=!25G5<<C4>87!F>I5<!4><5!d>P5PL!=;5!
<58D'>2=54B45=C=>:2! :D! 8>I>2F! 5W><=52G5! C<! C! D?23CA52=C8! C23! >2<C=>C@85!
2553>25<<eP!*GG:43>2F87L! =5G;2:8:F7! ><! >2=54B45=53!C<! =;5! <?A!:D! =;:<5!
<=4C=5F>5<! :D! CGG?A?8C=>:2L! <7<=5AC=>[C=>:2L! G:2I52>52G>[C=>:2! C23! =;5!
8>K5! =;C=! =;5! ;?AC2! A:@>8>[5<! >2! =;5! C==5AB=! =:! 25FC=5! :4! 25?=4C8>[5!
=;5<5!dB54G5>I53e!2553<P!
! $2! =;5! G:2G8?<>:2! $! =CK5! =;5<5! >35C<! D?4=;54! C23! 45D85G=! :2! =;5!
B45<52=! <=C=5! :D! =;5! F8:@C8>[53'GCB>=C8>[53! %:4=;! C<! >2G45C<>2F87!
CBB4:W>AC=>2F! <:A5=;>2F! 8>K5! C! 5/6#$?'6)2! k!6;>G;! ><! =:! <C7L! C!6:483!
=:=C887! 35I:>3! :D! C2! 5C4=;'3>A52<>:2L! C! [:25! :D! B?45! 5W><=52G5P! $!
G:2<>354!6;C=! >=!A>F;=!A5C2! =:!A>=>FC=5! =;><! <>=?C=>:2! dC23!;:6! <?G;!
A>=>FC=>:2!A>F;=!@5!CG;>5I53e!6>=;:?=!45<:4=>2F!=:!DCG>85!C23!6:42':?=!
B8C=>=?35<!C@:?=!\36588>2FTL!\85==>2F!@5T!C23!=;5!8>K5P!
!
:12$';#%'
!
!
<%3-%..%2=&'!"#$2349$3"#'$"'1'
:>%#"/%#",".?'"6'@#37%2&1,'536%'
!
!
!
!OV!
!>1A$%2'B'
!
C1)$3)1,'536%'1&'@#37%2&1,'536%'
!
!
$P!(;5!2553!=:!45=?42!=:!=;5!:4>F>2C8!B4:@85A'25W?<!
C23!<52<5'G:2=52=!:D!DCG=>GC8!8>D5!
!
$2!3><G?<<>2F!)5>35FF54T<!B;>8:<:B;>GC8!6:4K!3?4>2F!=;5!OYMN<!d=;5!<:'
GC8853!\B;52:A52:8:F>GC8!35GC35TeL!>=!><!=5AB=>2F!=:!45C3!=;5!5C487!=5W=<!
C23! 85G=?45! G:?4<5<! B4:X5G=>I587L! >2! <?G;! C! 6C7! C<! =:! C2=>G>BC=5!
<?@<5E?52=! 35I58:BA52=<L! C23! =:! >2=54B45=! @C<>G! G:2G5B=<! >2! 8>F;=! :D!
=;5>4! 8C=54! >2GC42C=>:2<P! 9:;2! IC2! "?452L! D:4! 5WCAB85L! C4F?5<! =;C=!
)5>35FF54!6C<!35I:=53!D4:A!=;5!:?=<5=!=:!=;5!B4:X5G=!:D!6:4K>2F!:?=!C!
2:I58! CBB4:CG;! =:! =;5!E?5<=>:2!:D! =;5!A5C2>2F!:D!@5>2F!@7!6C7!:D! C2!
>2=544:FC=>:2!:D!=;5!:4>F>2C47!;:4>[:2!:D!DCG=>GC8!8>D5P!*<!IC2!"?452!B?=<!
>=L!=;C=!6;>G;!C88!=;5!<?2347!D>F?45<!C23!=4C3>=>:2<!:2!6;>G;!=;5!7:?2F!
)5>35FF54! 3456! D:4! >2<B>4C=>:2! G:2<:8>3C=53! C23! \AC35! =;5AC=>G! D:4!
;>A! 6C<! =;5! ;:4>[:2! :D! G:2G45=5L! ;><=:4>GC8! 8>D5! >2! =54A<! :D! 6;>G;! ;5!
G:?83! 4C3>GC887! 45'=;>2K! =;5! =4C3>=>:2C8!E?5<=>:2!:D!@5>2FTPO!04:A!=;><! >=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O !9:;2! IC2! "?452L! \(;5! 7:?2F! )5>35FF54! C23! B;52:A52:8:F7TL! >2!
,457D?<! C23! J4C=;C88! d53<PeL! :#02#**#6$ Q##41(0W$ K')Y$ ]T$ H17#0&W$
!OY!
D:88:6<!=;C=!=;5!?8=>AC=5!A5C2>2F!:4! \<52<5'G:2=52=T!:D!DCG=>GC8! 8>D5!6C<!
35=54A>253!'60*0&1))+! D4:A!:?=!:D! =;5!@5>2F'E?5<=>:2!k! >2!:=;54!6:43<L!
=;C=!>2<:DC4!C<!=;5!BC4=>G?8C4!B4:@85A!D:4!6;>G;!DCG=>GC8!8>D5!6C<!=;:?F;=!
=:! G:2<=>=?=5! =;5!A:<=! B4:B54! <?@X5G=!AC==54! D:4! >2=544:FC=>:2!6C<! =;5!
A5C2>2F!:D!@5>2FL!8>D5!G:?83!:287!;CI5!CA:?2=53!=:!<:A5=;>2F!8>K5!=;5!
<>=5!:4!\B8CG5T!d86.e!:D!=;5!3><G8:<?45!:D!@5>2FPM!
! *GG:43>2F87L!6;52!IC2!"?452!F:5<!:2!=:!B4:B:<5!C!A:35<=!45C8>F2'
A52=! :D! =;5! ?<?C8! =>A58>25! :D! )5>35FF54T<! B;>8:<:B;>GC8! =4CX5G=:47L! =:!
=;5! 5DD5G=! =;C=! A:<=! :D! =;5! =;5A5<! :D! ;><! 8C=54! B54>:3! 6545! C845C37!
6:4K53!:?=! @7! =;5! =>A5!:D! =;5!64>=>2F!:D!D#0&*$1&2$!0(#L! C23! =;C=! =;5!
8C==54! =5W=! =;545D:45!@58:2F<!A:45!B4:B5487! =:! =;5!B:<='\M#&2/&*TZ!=;C2!
=;5! B45'M#&2/&*! )5>35FF54L! ;5! 3:5<! 2:=! >2! C27! 6C7! 3><=?4@! =;5!
D:?23C=>:2!:2!6;>G;!=;><!45C8>F2A52=!45<=<L!I>[PL!=;5!\@C<>G!>2=52=>:2T!:D!
=;5! =;>2K>2F!:D!@5>2F! >=<58Da!6;C=! ><!C=!<=CK5! ><!:287!6;52!C23!;:6!=;5!
IC4>:?<!<?@=;5A5<!6>=;>2!=;><!@C<>G!>2=52=>:2!C45!=CK52!?B!C23!@4:?F;=!
=:!AC=?45! 5WB45<<>:2P! $=! ><! 2:=! =;5! GC<5L! D:4! 5WCAB85L! =;C=!)5>35FF54T<!
=;:?F;=! \?2354652=! C! A>4CG?8:?<! G:2I54<>:2! D4:A! C! B?4587! ;?AC2'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!L/."#&.0;0.+W$1&2$H#1."!d1:23:2S!+:?=853F5L!MNNMeL!`P!
M!$@>3PL! VP! )5>35FF54T<! \F52?>25! @5F>22>2FT! 6C<! \=;5! nB8CG5o! d86.e! :D!
nDCG=>GC8! 8>D5o! C<! =;5! n:4>F>2o! :D! C88! A5C2>2FP! "?=! ;5! ?2354<=::3! =;><!
B8CG5!:D!8>D5!B45G><587!C<!=;5!n=;545o!:D!@5>2FTP!
Z!(;5!=54A!=;C=!)5>35FF54!;>A<58D!B45D54453!=:!=;5!<:'GC8853!\a#"6#TP!
!MN!
G52=453! B;>8:<:B;7! =:! C! B?4587! "5>2F'G52=453! :25TQa! 4C=;54! =;5! @5>2F'
E?5<=>:2!6C<!B45<52=!C88!C8:2F_!d>23553!=;><!><!G:2D>4A53!@7!)5>35FF54!
;>A<58D!>2!;><!OY`Z!5<<C7L!\/7!JC7!=:!-;52:A52:8:F7T`eP!
! %:6! =;><! <=:47! ><! G54=C>287! G:445G=a! =;545! ><! 2:! E?5<=>:2! =;C=!
)5>35FF54!6C<!>2=545<=53!>2!=;5!B4:@85A!:D!=;5!A5C2>2F!:D!@5>2F!D4:A!
I547!5C487!:2!C23!=;C=!=;5!G:2G5B=<!:D!DCG=>GC8!8>D5!C23!DCG=>G>=7!B45D>F?45!
6;C=! 8C=54! F5=<! =;:?F;=! C<! =;5! \5W><=52G5T! :D! =;5! ;?AC2! \,C<5>2TP! $=! ><L!
;:65I54L! B54;CB<! >2! 2553! :D! E?C8>D>GC=>:2P! .25! >23>GC=>:2! =;C=! =;>2F<!
C45! A:45! G:AB8>GC=53! =;C2! =;57! <55A! ><! =;C=! C=! <5I54C8! B:>2=<! >2! =;5!
5C487!6:4K<!)5>35FF54! E?>=5! ?2CA@>F?:?<87! C23! 35G><>I587! C==4>@?=5<!
DCG=>GC8! 8>D5! k! =;C=! ><! =:! <C7L! @5>2F'>2'=;5'6:483! k! =:! 5)1&.7$ 1&2$ 1&0(1)7P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q!IC2!"?452L!:BP!G>=PL!VP!
_!$@>3PL! ZN! 2P! MYS! \p(;5q! @C<>G! n>2=52=>:2o! dK'6"1R#&e! :D! ;><! E?5<=>:2>2F!
45AC>253!=;5!<CA5!D4:A!=;5!5C487!OYMN<!:26C43<L!2CA587L!=:!C<K!6;C=!
n\@5>2FT!>2!C23!=;4:?F;!8>D5o!A5C2<L!:4L!B?=!>2!:=;54!6:43<L!=:!=;>2K!=;5!
458C=>:2!:D!@5>2F!C23!DCG=>GC8!8>D5PT!
`!--JL! ^ZS! \*<! $! A7<58D! B4CG=>G53! B;52:A52:8:F>GC8! <55>2FL! =5CG;>2F!
C23! 85C42>2F! >2! )?<<548T<! B4:W>A>=7! CD=54! OYOYlA7! >2=545<=! 85C253!
C256!=:6C43!=;5!O'*0;1)$-&=#7.0*1.0'&7L!C@:I5!C88! =;5!<>W=;! >2I5<=>FC=>:2!
>2! =;5! D>4<=!53>=>:2P!(;5!3><=>2G=>:2!6;>G;! ><!6:4K53!:?=! =;545!@5=6552!
<52<?:?<!C23!GC=5F:4>GC8! >2=?>=>:2!45I5C853!>=<58D! =:!A5!>2! >=<!<G:B5!D:4!
=;5!35=54A>2C=>:2!:D!=;5!nAC2>D:83!A5C2>2F!:D!@5>2FoPT!
!MO!
"?=! >D! 65! <?BB:<5! =;C=! )5>35FF54! 6C<! A:=>IC=53! @7! =;5! B4:@85A! :D!
@5>2F! D4:A! =;5! :?=<5=L! <?G;! =;C=! =;5! <52<5'G:2=52=! :D! DCG=>GC8! 8>D5! 6C<!
D>W53!C<!=;5!;:4>[:2!:D!@5>2FL!=;52!>=!6:?83!CBB5C4!=:!D:88:6!=;C=!B8C2=<!
C23! C2>AC8<L! B45G><587! >2<:DC4! C<! =;57! 8>I5L! A?<=! C8<:! C23! 5E?C887!
BC4=CK5! :D! =;5! B8CG5! :D! @5>2FL! =;C=! ><L! =;C=! B8C2=<! C23! C2>AC8<! A?<=!
CBB45;523!@5>2F!C<! <?G;!k! <:A5=;>2F! =;C=!)5>35FF54!2:6;545!C3A>=<!
:4! 5I52! <?FF5<=<P! -8C2=<! C23! C2>AC8<! 8>I5L! =:! @5! <?45L! @?=! =;57!3:! 2:=!
;CI5! @5>2Fa! @7! G:2=4C<=L! =;5! ;?AC2! 8>I5<L! C23! >2! 8>I>2F! ><! =;5!B8CG5! :D!
@5>2FP! 0:4! =;><! 45C<:2L! =;52L! 8>D5! GC22:=! @5! ?2354<=::3! :4>F>2C887! :4!
B4>AC4>87!C<!=;5!\=;545T!:D!@5>2FP!
! $=! ><!:@I>:?<!=;C=! =;5!D>WC=>:2!:2!=;5!B4:@85A!:D!@5>2F!F4:6<!A:45!
>2=52<5!:I54! =>A5L! =;C=! =;5! >2=52<>=7!:D! =;5! 5C487! >2=545<=! >2! ."#$R#0&*$',$
,1;.0;1)$ )0,#! 3:5<! 2:=! G:445<B:23! =:! C2! 5E?C887! >2=52<5! >2=545<=! >2! =;5!
A5C2>2F!:D!@5>2F!>=<58D! >2!C23!D:4!8>D5P!$D!65!=;545D:45!<?BB:<5!=;C=!=;5!
B4:@85A!:D!=;5!A5C2>2F!:D!@5>2F!=::K!4::=!:287!F4C3?C887L!6;>G;!><!2:!
3:?@=!=;5!GC<5L!=;52!65!<;:?83!;CI5!=:!G:2G8?35!=;C=!=;5!B4:@85A!:D!=;5!
@5>2F!:D!DCG=>GC8!8>D5!><!X?<=!=:!=;C=!5W=52=!>235B52352=!:D!=;5!B4:@85A!:D!
=;5!A5C2>2F!:D!@5>2FL!=;C=!DCG=>GC8!8>D5!@58:2F<!=:!>=<!:62!B4:@85A'25W?<!
@5D:45!>=!F5=<!>2G:4B:4C=53!>2=:!=;5!8C=54'3:A>2C2=!B4:@85A'25W?<!:D!=;5!
@5>2F'E?5<=>:2! k! ;52G5! =;C=! =;545! ><! C2:=;54! B4:@85A'25W?<! =;C=! ><! C=!
85C<=!C<!:4>F>2C8L!>D!2:=!A:45!:4>F>2C8L!=;C2!=;C=!:D!=;5!A5C2>2F!:D!@5>2F!
C23!C2:=;54!35=54A>2C=>:2!:D!DCG=>GC8!8>D5!=;C2!=;C=!:D!=;5!B8CG5g=;545!:D!
@5>2FP!J5! <;:?83! =;52! ;CI5! =:! C<KS!6;C=! ><! =;><! 0&0.01)! B4:@85A'25W?<!
!MM!
C23! ;:6! 3:5<! >=! 35=54A>25! =;5! '60*0&1)! <52<5'G:2=52=! :D! DCG=>GC8! 8>D5m!
(;C=! ><! =:! <C7L!6;C=! 07! DCG=>GC8! 8>D5! @5D:45! >=! F5=<! C@<:4@53! >2=:! =;5! C88'
>2G8?<>I5!45A>=!:D!=;5!F4:?23'E?5<=>:2!:D!@5>2Fm!*2!58?G>3C=>:2!:D!=;><!
:4>F>2C8!B4:@85A'25W?<! C23! <52<5'G:2=52=! <;:?83! <54I5! =:!B4:I>35! =;5!
G:2=5W=! 6>=;>2! 6;>G;! )5>35FF54T<! I>56<! :2! :=;54! 2:2';?AC2! 8>I>2F!
@5>2F<!GC2!@5!AC35!G:AB45;52<>@85P!
!
$$P!(;5!:4>F>2C8!B4:@85A'25W?<!:D!8>D5S!:@X5G=>D>GC=>:2!
!
(:! =;><!523! 85=!?<! =?42! =:!:25!:D!)5>35FF54T<!5C48>5<=! =5W=<L!;><! 85G=?45<!
D4:A! =;5! <?AA54! :D! OYMN! :2! =;5! =;5A5! :D! =;5! \B;52:A52:8:F7! :D!
>2=?>=>:2! C23! 5WB45<<>:2TL! C! B4:X5G=! =;C=!6C<! >2=52353! C=! =;5! =>A5! C<! C!
B4:BC535?=>G! =:! C! G:AB45;52<>I5! \=;5:47! :D! B;>8:<:B;>GC8! G:2G5B=!
D:4AC=>:2TP! )545! )5>35FF54! B4:I>35<! :25! :D! ;><! A:<=! <7<=5AC=>G!
=45C=A52=<! C<! 6588! C<! <?<=C>253! CBB8>GC=>:2<! :D! =;5! 5C487! A5=;:3! :D!
B;52:A52:8:F>GC8!35<=4?G=>:2P!(;5!:@X5G=!:D!=;5!35<=4?G=>:2!>2!=;><!GC<5L!
=;C=! 6;>G;! ><! CG=?C887! =:! @5! <?@X5G=53! =:! 35<=4?G=>2FL! ><! \8>D5T! k! >2!
BC4=>G?8C4L! 8>D5! C<! >=! ><! D:4A?8C=53! C23! 35B8:753! C8:2F! =;5! =6:! ACX:4!
=:B>GC8! CW5<! :D! \;><=:47T! C23! \5WB54>52G5T! 6>=;>2L! 45<B5G=>I587L! =;5!
B;>8:<:B;7! :D! <B>4>=! d:4! G?8=?45e! C23! <:'GC8853! \8>D5! B;>8:<:B;7T! d5PFPL!
"54F<:2>C2! \I>=C8><ATeL!@:=;!:D!6;>G;!C45! >AB8>GC=53! >2L!C23!45>2D:4G53!
@7L!G:2=5AB:4C47!@>:8:F><A!C23!>=<!:@<5<<>:2!6>=;!\35I58:BA52=TP!1>D5L!
;:65I54L!><!2:=!=:!@5!?2354<=::3!C<!A54587!:25!:D!C!2?A@54!:D!B:<<>@85!
!MZ!
:4! D5C<>@85!:@X5G=<!:D!35<=4?G=>:2L! >P5PL! C<!B45<52=>2F!C2!5<B5G>C887!F::3!
5WCAB85! :D! 6;C=! 35<=4?G=>:2! GC2! 3:a! 4C=;54! 8>D5! ;C<! C! ?2>E?5! C23!
B4>I>85F53!<=C=?<!>2!=;5!:I54C88!B4:F4CA!:D!35<=4?G=>:2L!<?G;!=;C=!65!GC2!
5I52! >2<><=! =;C=! 35<=4?G=>:2! ><! D>4<=! C23! D:45A:<=L! C23! 25G5<<C4>87L!
35<=4?G=>:2!:D!8>D5P!"?=!>2!6;C=!<52<5!5WCG=87m!
!
*P!RR!OYMNS!!"#$%"#&'(#&')'*+$',$-&./0.0'&$1&2$3456#770'&!
!
-;>8:<:B;7L! )5>35FF54! 64>=5<L! \><! C86C7<! C2! 585A52=! :D! DCG=>GC8! 8>D5!
5WB54>52G5TP^!(;><!A5C2<! =;C=! 8>D5! ><! =;5!:4>F>2C8! C23!1$560'60! ;:4>[:2!:D!
C88!B;>8:<:B;>[>2FL!6;>G;!><!F>I52!6>=;>2!8>D5!C<!C!BC4=>G?8C4!\52CG=A52=T!
dK'))F/*eP! $=! D:88:6<!D4:A!=;><!=;C=!5I547!B;>8:<:B;7!;C<!>2=4>2<>GC887!=:!
3:!6>=;! 8>D5! >2! <:A5!6C7! :4! :=;54S! \,1;.0;1)$ )0,#$ #45#60#&;#$ R#)'&*7$ .'$ ."#$
56'R)#(1.0;$ ',$ 5"0)'7'5"+$ 0&$ 1&$ #&.06#)+$ 560('6201)$ 7#&7#TPV!$2<:DC4! C<! 5I547!
B;>8:<:B;7! ><! C!AC2>D5<=C=>:2! :D! 8>D5L! 8>D5! C86C7<! C23!25G5<<C4>87! D>23<!
<:A5! 35F455! :D! 5WB45<<>:2! >2! 5I547! AC2>D5<=C=>:2! :D! B;>8:<:B;7! d>2!
6;>G;! GC<5! =;5! I547! 2:=>:2! :D! O#R#&75"0)'7'5"0#! ><! B85:2C<=>GS! C88!
B;>8:<:B;7! ><! 8>D5!B;>8:<:B;>[>2F!C23!B;>8:<:B;7!:D! 8>D5eP!(;?<! >=! ><!2:!
5WCFF54C=>:2! =:! <C7! =;C=! D:4! =;5!7:?2F!)5>35FF54! =;5! <=?37!:D! DCG=>GC8!
8>D5!><!5"0)'7'5"01$560(1!>2!=;5!<=4>G=5<=!<52<5P!\0>4<=T!;545!A5C2<!2:=!:287!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!^!&*!_YL!Z`gM`P!
V!$@>3PL!ZVgM^P!
!MQ!
G;4:2:8:F>GC887!@?=! C@:I5!C88! 8:F>GC887a! >=!A5C2<! =;C=! DCG=>GC8! 8>D5! ><! =;5!
B4>I>85F53!:@X5G=!:D!B;>8:<:B;7!E?C!B;52:A52:8:F7L!6;>G;!=;52L!D:4!>=<!
BC4=L!C<!=;5!<=?37!:D!DCG=>GC8!8>D5L!><!585IC=53!=:!=;5!<=C=?<!:D!\:4>F>2C8T!:4!
\B4>A:43>C8T! <G>52G5PY!$2! =;><! 6C7! DCG=>GC8! 8>D5! C23! B;52:A52:8:F7! C45!
>2<5BC4C@85! C23! A?=?C887! >AB8>GC=>2FS! 5CG;! F4:?23<! C23! <5G?45<! =;5!
:=;54T<!:4>F>2C4>25<<P!
! *23!75=L!35<B>=5!=;><!>2=>ACG7L!B;>8:<:B;7!>2!DCG=!3:5<!&'.!C==C>2!8>D5!
>2! C! F52?>2587! B4>A:43>C8! <52<5P! +C=;54! >=! ><! G;C4CG=54>[53! @7! 6;C=!
)5>35FF54! GC88<! C! \DC3>2F!:D!A5C2>2FD?825<<T! >2! =;5! <52<5!:D! C!F4C3?C8!
8:<<! C23! G:2G5C8A52=! :D! =;5! B4>A:43>C8P! 0C3>2F! ><! 45C887! C! K>23! :D!
\DC88>2F!C6C7T!D4:A!=;5!B4>A:43>C8L!C2!C8>52C=>:2!6;545@7!=;5!52CG=A52=!
>AA54<5<!>=<58D!>2!C23!@?<>5<!>=<58D!6>=;!A545!\G:2=52=<TL!6;>G;!C45!=;545!
D:4! >=! >2! =;5! 354>IC=>I5! A:35<! :D! \CIC>8C@>8>=7T! :4L! C=! @:==:AL! <;554!
\?<C@>8>=7TP!"?=!<?G;!DC885225<<! ><!2:=! =;5!45<?8=!:D!<:A5!<B5G>C8! DC?8=!:D!
B;>8:<:B;7!>2!BC4=>G?8C4a!>=!><!4C=;54!C!7.6/;./61)!=52352G7!:D!DCG=>GC8!8>D5!
C<!<?G;!C23!=;?<!CDD5G=<!C88!52CG=A52=<!E?C!8>D5'52CG=A52=<!d5PFPL!<G>52G5!
C<!A?G;!C<!B;>8:<:B;7eL!C23! >=! ><!@5GC?<5!:D! =;><!;'&*#&0.1)! DC3>2F!C23!
DC88>2F! C6C7! =;C=! B;>8:<:B;7! GC2! :287! 5I54! @5! <C>3! =:! B54A5C=5! C23!
5WB45<<!8>D5!\>2!=;5!G;C4CG=54!:D!=;5!DC353TPON!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Y!N6756/&*7?077#&7;"1,.L!N6?077#&7;"1,.P!R55L!5PFPL!&*!_VL!^VDDP!
ON!&*!_YL! Z^gM`DP! \(;5! G:2=52=! :D! DCG=>GC8! 8>D5! 5WB54>52G5! ,1))7$ 1?1+! D4:A!
=;5! #407.#&;#$ 6#)1.0'&! =:6C43<! :=;54! G:2=52=<lp(;><q! G:2G542<! 5I547!
!M_!
! *GG:43>2F87L!35<=4?G=>:2!<5=<!>=<!<>F;=<!5WB8>G>=87!:2!G54=C>2!DCA>8>C4!
B;>8:<:B;>GC8!<7<=5A<!C23!>2=544:FC=5<!=;5A!C<!=:!=;><!\B4>A:43>C8>=7!:D!
=;5! 5W><=52G5! 458C=>:2TP! R>AB87! <=C=53L! >D! C88! B;>8:<:B;7! 25G5<<C4>87!
>AB8>GC=5<! 8>D5! C<! >=<! ;:4>[:2! :D! 52CG=A52=L! C23! >D! B;>8:<:B;7! C<!
52CG=A52=! ><!C86C7<!C845C37!DC8852!C6C7!D4:A!8>D5!k!6;>G;!=;52L!D:4! >=<!
BC4=L! DC35<!C6C7!D4:A!=;5!52CG=A52=!:D!B;>8:<:B;7!k! =;52! >=! ><!5C<7! =:!
<55!=;C=!35<=4?G=>:2!><!2:=;>2F!:=;54!=;C2!C!6C7!:D!C<<5<<>2F!=;5!<5I54>=7!
:D!=;5!FCB!@5=6552!B;>8:<:B;7!C23!8>D5L!52CG=A52=!C23!;:4>[:2L!=;C=!><L!
@5=6552!B;>8:<:B;7!C23!=;C=!=:!6;>G;!>=!@58:2F<!A:<=!>2=>AC=587!C<!>=<!
B4>AC8!<:?4G5!C23!F4:?23P!(;><!><!A5C2=!>2!C!=6:D:83!<52<5P!.2!=;5!:25!
;C23L! >2C<A?G;! C<! DCG=>GC8! 8>D5! ><! =;5! F52?>25! <?@X5G=! AC==54! :D!
B;>8:<:B;7! C23! =;C=! =:6C43! 6;>G;! B;>8:<:B;7! ><! C86C7<! ?8=>AC=587!
3>45G=53L! 35<=4?G=>:2! C>A<! =:! C<<5<<! =;5! <58D'C8>52C=>:2! :D! B;>8:<:B;7L!
=;C=!><L!=;5!B>=>D?8!<>=?C=>:2!>2!6;>G;!B;>8:<:B;7!G5C<5<!=:!35C8!6>=;!=;5!
B4>A:43>C8! C23! >2<=5C3! 452=<! >=<58D! :?=! =:! =;5! G?8=?45'K2:6853F5!
>23?<=47L!6;>G;!3><;5<!:?=!C<<>F2A52=<!@C<53!:2!6;C=5I54!><!G?4452=87!
DC<;>:2C@85! :4! 25G5<<C47! D:4! =;5! B45<54IC=>:2! :D! =4C3>=>:2! C23! 6;>G;!
=;52! CBB4:B4>C=5<! >=<! B4:3?G=<L! >2G45C<>2F87! =4>I>C8! C23! >23><=>2F?><;'
C@85L!D:4!>=<58DP!"?=!:2!=;5!:=;54!;C23L!C23!@7!=;5!<CA5!=:K52L!>2<:DC4!C<!
B;>8:<:B;7! @58:2F<! =:! 8>D5! >2! C! <B5G>C8! C23! >2=>AC=5!6C7L! C<! =;C=! 8>D5'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!G:2=52=L! 458C=>:2! C23! 52CG=A52=! :D! DCG=>GC8! 8>D5! 5WB54>52G5lC8@5>=! >2!
3>DD5452=!45<B5G=<!C23!3>DD5452=!6C7<PT!
!M`!
52CG=A52=! =;C=! =CK5<! 8>D5! >=<58D! C<! >=<! =;5A5L!35<=4?G=>:2! C>A<! =:! C<<5<<!
=;5! 7#),Z1)0#&1.0'&$ ',$ )0,#$ 0.7#),L! <>2G5! =;5! 35F455! :D! B;>8:<:B;7T<! <58D'
C8>52C=>:2!><!C8<:!C23!<>A?8=C25:?<87!=;5!>235W!:D!8>D5T<!<5BC4C=>:2!D4:A!
>=<!:62A:<=!<58D'5WB45<<>2F!52CG=A52=P!
! (;><L! =;52L! ><! =;5! B4:B54! =C<K! C23! D?2G=>:2! :D! 35<=4?G=>:2! 6>=;!
45<B5G=! =:! #=#6+! B;>8:<:B;7S! =:! FC?F5! =;5! 3><=C2G5! @5=6552! =;C=!
B;>8:<:B;7!C23!8>D5!C<!=;5!B4>A:43>C8!C23!=;545@7!=;5!3><=C2G5!@5=6552!
8>D5! C23! >=<58DP! .2G5! =;><! ><! ?2354<=::3L! >=! @5G:A5<! :@I>:?<! 6;7! =;5!
;'&;#5.! :D! 8>D5! C<! =;5! >2>=>C8! ;'&;6#.#$ 'R_#;.! :D! 35<=4?G=>:2! ><! 2:=! G;:<52!
C4@>=4C4>87P! 0:4! G:2=5AB:4C47! B;>8:<:B;7! k! @:=;! >2! )5>35FF54T<! =>A5!
C23!>2!:?4!:62!k!><!I>4=?C887!A5<A54>[53!@7!\8>D5TS!
!
(;5!2:6C3C7<!;5CI>87!5AB;C<>[53L!@?=!2:=!?2CA@>F?:?<!C==>=?3>2C8!
3>45G=>:2! =:6C43<! 8>D5'45C8>=7L! 8>D5'C3IC2G5A52=! C23! 8>D5'>2=52<>D>'
GC=>:2L! C<!6588! C<! =;5!2:6!G:AA:2!C23!A?G;!G?8=>IC=53! =C8K!C@:?=!
)0,#L!)0,#Z,##)0&*L!)0=#2$#45#60#&;#!p36)#R&07q!C23!)0=0&*$#45#60#&;#!p36)#R#&qL!
C45!=;5!3>I54<587!A:=>IC=53!G;C4CG=54><=>G<!:D!:?4!<B>4>=?C8!<>=?C=>:2l!
(;5! B4:@85AC=>G! :D! G:2=5AB:4C47! B;>8:<:B;7! ><! G52=453! :2! 8>D5! C<!
560(1)$5"#&'(#&'&lOO!
!
)52G5! =;5! 52=>45! B4:F4CA! :D! B;52:A52:8:F>GC8! 35<=4?G=>:2! A?<=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OO!$@>3PL!OMDPgVL!O_gONP!UDP!&*!YL!OQDPgOMDP!
!M^!
G:AA52G5! @7! =CK>2F! <=:GK! :D! 5I547! B;>8:<:B;7! =;C=L! 6;5=;54!
358>@54C=587!C23!5WB8>G>=87!:4!:287!>23>45G=87!C23!>AB8>G>=87L!@5F>2<!D4:A!
=;5!B;52:A52:2!:D!\8>D5T!C<!B4>AC8!45C8>=7P!"7!<>=?C=>2F!>=<58D!C=!=;5!85I58!
:D!=;5!;:4>[:2!>=<58DL!=;5!<>=5!:D!G:2G45=5!DCG=>GC8!8>D5!C<!=;5!F4:?23
!MV!
45<G?53m!$2!6;C=!6C7!3:5<!8>D5!GCA:?D8CF5!C23!35G5>I5!>=<58DL!C23!;:6!
3:5<! >=! B4:@85AC=>[5! C23! G:AB45;523! >=<58D! :2! =;5! @C<><! :D! =;><! <58D'
35G5B=>:2m!(:!C2<654!=;><!65!2553!=:!<55!=;5!A5=;:3!:D!35<=4?G=>:2!>2!
CG=>:2P!)545!65!A?<=! G:2=52=!:?4<58I5<!6>=;!C!@4>5D! <?AAC4>[C=>:2!:D!
)5>35FF54T<! C4F?A52=L! :287! <:!A?G;! C<! ><! 25G5<<C47! D:4! @4>2F>2F! =;5!
5<<52=>C8!B:>2=!>2=:!I>56P!
! 15=! ?<! G:2<>354! =;5! D>4<=! =:B>GC8! CW><S! 8>D5! C<! =;5! \B4>AC8!
B;52:A52:2T!:D!;><=:47!C<! >=! D?2G=>:2<! >2! =;5!B;>8:<:B;7!:D! G?8=?45!:4!
<B>4>=P! U:2G542>2F! =;><! B;>8:<:B;7! 65! GC2! B:<5! =;5! D:88:6>2F! =;455!
E?5<=>:2<S!dOe!6;C=!><!>=<!56'R)#(!C23!6;C=!><!=;5!.#&2#&;+!@7!6;>G;!>=!><!
3>45G=53! =:6C43! =;><! B4:@85Am! dMe!6;C=! ><! =;5!(#1&0&*! :4! =:=C8! \<52<5'
G:AB85WT!:D!;><=:47!C<!>=!:B54C=5<!6>=;>2!=;5!G:2=5W=!:D!=;><!B4:@85A!C23!
=52352G7m!C23! 8C<=87L! dZe!3:5<! =;><! <52<5'G:AB85W!AC2CF5! =:!C==C>2! =;5!
B4>A:43>C8! >2!C!*#&/0&#!AC2254!:4!3:5<! >=! 4C=;54L! =:! =;5! G:2=4C47L!:287!
B?<;! =;5! B4>A:43>C8! 5I54! D?4=;54! :?=! :D! 45CG;! C23! 35C8! >2<=5C3! 6>=;!
A545!G:2=52=m!
! dOe!(;5!56'R)#(!:D!=;5!B;>8:<:B;7!:D!<B>4>=L!)5>35FF54!=588<!?<L!;C<!=:!
3:! 6>=;! C@<:8?=5! IC8>3>=7! >2! =;5! 45C8A! :D! =1)/#7L! =;C=! ><L! ;:6! \=;5!
C@<:8?=5!IC8>3>=7!:D!IC8?5<L! 45<B5G=>I587!:D! =;5! >35C<!:D! 45C<:2!:D! =;5!1$
560'60L!<=C23<!:BB:<53!=:!=;5!458C=>I5L!G;C2F5C@85!@5>2F!:D!=;5!5AB>4>GC8!
C23! DCG=?C8TP! $2! =;5! <>AB85<=! =54A<L!;:6!GC2! =;545!@5!?2>I54<C887!IC8>3!
2:4A<! C23! IC8?5<! >2! =;5!ACX:4! <B>4>=?C8! 3:AC>2<! :D! <G>52G5L!A:4C8>=7!
C23!C4=!k!>P5PL!;:6!GC2!8:F>GL!5=;>G<!C23!C5<=;5=>G<!5I54!@5!C==C>253!k!>D!C88!
!MY!
=;>2K>2FL!6>88>2F!C23!D558>2F!C45!458C=>I5!=:!BC4=>G?8C4!G?8=?45<!C23!=>A5!
B54>:3<mOM!*GG:43>2F87! =;5! .#&2#&;+! =:6C43! =;5!B4:@85A! ><! =;5!34>I5! =:!
<5G?45! 2:=! :287! =;C=! 6;>G;! =4C2<G523<! ;><=:47! d>P5PL! =;5! D>W53! C23!
25G5<<C47!C<!:BB:<53! =:! =;5!A:@>85!C23!G:2=>2F52=e!@?=!C@:I5!C88! =;C=!
6;>G;!*'=#6&7!;><=:47L!\=;C=!6;>G;!F>I5<!=;5!;><=:4>GC8!C23!=;5!5AB>4>GC8!
>=<!<52<5L!B45<G4>@5<!>=<!2:4A<TL!>23553!\=;C=!=:!6;>G;!=;5!;><=:4>GC8!>=<58D!
><! <?@:43>2C=5L! 6;>G;! >=! <54I5<! C23! =:! 6;>G;! >=! C<B>45<TOZ!k! >2! <;:4=L! C!
F5254C8!\45C<:2!C23!IC8?5!<7<=5AC=>G<!C<!B;>8:<:B;7!:D!G?8=?45TPOQ!
! dMe!*<!D:4!7#&7#S!\;><=:47T!;545!A5C2<!)0=0&*!;><=:47L!>P5PL!=;5!;><=:47!:D!
=;5!8>I>2F!<B>4>=L!:4!<B>4>=!C<!8>D5!C<!B4>AC8!B;52:A52:2P!1>D5!><!=;5!D8?W!
C23!D8:6!:D!=>A5!C<!:BB:<53!=:!=;5!C=5AB:4C8>=7!:D!=;5!1$560'60a!>=!><!B?45!
G45C=>2F':@X5G=>D7>2F!@5G:A>2F!C23!35I58:BA52=P!"?=!;:6L!>2!=;C=!GC<5L!
><!=;5!C=5AB:4C8!>AB8>GC=53!>2!=;5!I>=C8!D8?Wm!$2!:=;54!6:43<L!>2<:DC4!C<!
\8>D5! ><! <552! C<! G?8=?45L! C<! AC2>D5<=C=>:2TL! ;:6! ><! >=! B:<<>@85! \=;C=! =;><!
G?8=?45! D:4AC=>:2! C23! 8>D5! 52CG=<! >=<58Dl>2! C! @:23! =:! 2:4A'F>I>2F!
B4>2G>B85<! C23! IC8?5<TmO_!$2! =;><! 6C7! C! D?23CA52=C8! =52<>:2! 5A54F5<S!
\(;5! 458C=>I>=7! C23! <>2F?8C4! ?2>E?525<<! :D! 5I547! ;><=:4>GC8! G?8=?45!
D:4AC=>:2! <=C23<! :BB:<53! =:! =;5! C@<:8?=525<<! C23! <?B4C'=5AB:4C8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OM!$@>3PL!``g_OP!
OZ!$@>3P!
OQ!$@>3PL!O_gONP!
O_!$@>3P!
!ZN!
nF5254C8>=7o! :D! =;5! >35CL! :D! =;5! IC8?5! C23! =;5! B4>2G>B85! :D! 45C<:2a! =;5!
DCG=>GC8! G:2=>2F52G7! :D! =;5! ;><=:4>GC8! <=C23<! :BB:<53! =:! =;5! <?B4C'
;><=:4>GC8! 25G5<<>=7! :D! 6;C=! ><! IC8>3PTO`!(;><! :BB:<>=>:2L! =:! 6;>G;! =;5!
<;554L! ?2C<<C>8C@85! B45<52G5! :D! =;5! G:2=>2F52=! F>I5<! 4><5L! \GC88<! >2=:!
E?5<=>:2! =;5! C@<:8?=5! C23! 5I547!B?4B:4=53!K2:6853F5! :D! =;5! C@<:8?=5!
C23!>=<!<7<=5AC=>G<Ta!>=!=;45C=52<!=:!#45)'2#!=;5!C@<:8?=5!C23!=:!5WB:<5!>=!
C<!C!A545!<?B54<=>=>:2!C23!D4C?3PO^!
! "?=!>D!;><=:47!><!=;5!I>=C8!D8?W!:D!=>A5L!>=! ><!25I54=;585<<L!`/1$"07.'6+L!
?2354<=::3!C<! =;5!52=>45=7!:D! =;5!517.L! =;5! <?A!:D!5I547=;>2F! =;C=!5I54!
6C<L! =;5! D8:6! X?<=! >2<:DC4! C<! >=! ><! :I54! C23!3:25!6>=;P!%:6!;:6!3:5<!
:25! CBB45;523! =;5! BC<=! C<! BC<=L! :4! G:2I54<587L! ;:6!A?<=! =;5! BC<=! @5!
AC2>D5<=! <?G;! =;C=! >=! GC2!@5! <:! CBB45;52353!C=! C88m! $D!65! G:2<>354! =;5!
AC==54! >2!=;><! 8>F;=L! >=!@5G:A5<!G85C4! =;C=! \;><=:47T!;C<!=;5!<52<5!:D! =;C=!
6;>G;! G:2<=C2=87! K55B<! >=<58D! CIC>8C@85! D:4! C2! CBB45;523>2F! dC27!
CBB45;523>2F!C=!C88e!=;C=!>=!3:5<!2:=!>=<58D!45E?>45!k!=;5!<52<5L!>2!5<<52G5L!
:D!\C!G:4458C=5!:D!C!=;5:45=>GC887!>35C8>[>2F!35=54A>2C=>:2!=;C=!3><45FC43<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O`!$@>3PL!MNgOQP!
O^!$@>3P!,:5<! 8>D5!2:=! \B4:I5! =;C=! =;5!C<<?AB=>:2!:D! <:A5=;>2F!C@<:8?=5!
C23! <:A5=;>2F! IC8>3! ><! CA><<! C23! 52=>4587! <?B54D8?:?<TL! A54587! \C2!
?26C44C2=53! 2CrI5! 5WCFF54C=>:2! :D! :25T<! :62! G:2=>2F52=! ;><=:4>GC8!
B:<>=>:2L! n:25T<! :62! 64:2F! G:2G8?<>:2! B4:X5G=53! :2=:! :=;54<o!
dRB52F854emT!
!ZO!
5I547!<B5G>D>G!B45<52=TS!
!
(;5!:@X5G=>I5!BC<=S!6;C=!;C<!:GG?4453!=;:?F;=!C<!35=CG;53!D4:A!C27!
<B5G>D>G!458C=>:2!:D!;><=:4>GC8!CBB45;52<>:2L!:?=!:D!C!<B5G>D>G!;><=:4>GC8!
B45<52=P!\(;:?F;=!C<TS!6;C=!><!A5C2=!><!=;545D:45!<:A5=;>2F!=;:?F;=L!
G:4458C=5! :D! C! @5>2F'=;:?F;=L! 2:=! CGG:43>2F! =:! >=<! @5>2F! 45C8! @?=!
CGG:43>2F! =:! >=<! @5>2F! C! =;>2F! p@#*#&7.1&2q! C23! @5>2F! C2! :@X5G=!
p8R_#A.qP! (;5! =;>2K>2F! >2! =;><!AC2254! ><! C! =;5:45=>GC8!35=54A>2C=>:2L!
A:45! 5WCG=87! =;5! B:<>=>2F! :D! C2! >35CL! ;545! =;C=! :D! ;><=:47! C<! BC<=!
@5>2FPOV!
!
*GG:43>2F87! =;5! =:=C8! <52<5'G:AB85W! GC2! @5! 5WB45<<53! C<! D:88:6<S! @7!
;><=:47! C<! 8>I>2F! ;><=:47! ><! A5C2=! C! 45C8A! :D! 517.$ 'R_#;.0=0.+L! :@X5G=>I5!
\@5>2FTL!:I54!C23!CFC>2<=!6;>G;!<=C23<L!>2!C2!\02#1))+$;'&;#0=#2$6#)1.0'&T!dC!
=;5:45=>GC8!CBB45;52<>:2eL!C2!>35C8!C23!=:=C887!5W=54>:4!<?@X5G=!:4!5F:P!
! dZe! 0>2C887L! 45FC43>2F! 6;C=! )5>35FF54! C8<:! 45D54<! =:! C<! =;5!
B;52:A52:8:F>GC8! \3>X?3>GC=>:2TS! 3:5<! =;><! <52<5'G:AB85WL! =;5! >35C8!
<?@X5G=T<! <=C23>2F! :I54! C23! CFC>2<=! C! 3:AC>2! :D! B?45! :@X5G=>I>=7! :4!
\@5>2FTL! >2! CGG:43C2G5! 6>=;! 6;>G;! 8>D5! E?C! ;><=:47! ><! CGG5<<53! C23!
?2354<=::3L! G:A5!C276;545!G8:<5! =:! =:?G;>2F! =;5!B4>A:43>C8>=7!:D! =;5!
B4>A:43>C8m! )545! )5>35FF54! 5<=C@8><;5<! =;5! G4>=54>:2! D:4! X?3F>2F! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OV!$@>3PL!`_g_NP!
!ZM!
B4>A:43>C8>=7! :4! 2:2'B4>A:43>C8>=7! :D! 52CG=A52=<! >2! =;5! D:88:6>2F!
d4C=;54! G?A@54<:A5e! =54A<S! C2! 52CG=A52=! ><! B4>A:43>C8! =:! =;5! 5W=52=!
=;C=! >=! 45E?>45<! \C2!C86C7<!CG=?C8! 45256C8! >2!C!<58D'6:48387!@5>2F'=;545!
pH17#0&qT! =;C=! \G:'G:2<=>=?=5<! <58D'6:48387! 5W><=52G5! p3407.#&FqTP! $2! :=;54!
6:43<L!C23!<>AB87S!><!=;5!52CG=A52=!=;:?F;=!D4:A!:?=!:D!=;5!G:2=5W=!:D!
=;5!F52?>25!<=4?G=?4C8':2=:8:F>GC8!F4:?23!:D!G:2G45=5L!DCG=>GC8';><=:4>GC8!
;?AC2! @5>2F'=;545m! J>=;! 45<B5G=! =:! =;5! <52<5'G:AB85W! ?2354!
G:2<>354C=>:2! ;545L! =;5! C2<654! ><S! G85C487! 2:=P! (;><! BC4=>G?8C4! <52<5'
G:AB85W!\<=C23<!D?4=;5<=!45A:I53!D4:A!G:2G45=5!@5>2F'=;545!pH17#0&qTPOY!
R:! DC4! D4:A! 45E?>4>2F! C2! CG=?C8! 45256C8! >2! <58D'6:48387! 5W><=52G5L! =;5!
<52<5'G:AB85W!=;C=!B>=<!C2!>35C8!5F:'=;>2F!C<!C@<:8?=5!:@<54I54!CFC>2<=!
C2!C86C7<!CIC>8C@85!:@X5G='AC==54!4C=;54!6#5#)7!6:48387!5W><=52G5!C23!>2!
DCG=!=;45C=52<!=:!\2#(')07"T!>=PMN!(;><!><!C88!=;5!A:45!>4:2>G!>2C<A?G;!C<!=;5!
B4:@85A! :D! C@<:8?=5! 1$ 560'60! ;><=:4>GC8! IC8>3>=7! 6>=;>2! 6;>G;! >=! ><!
35B8:753! ;C<! =:! 3:! 6>=;! 3><G:I54>2F! =;5! F4:?23! B45G><587! :D! "/(1&!
IC8?5<!C23!2:4A<P!$=!><!=;545D:45!\C<=:2><;>2FT!=;C=L!>2!=;5!G:2=5W=!:D!=;5!
B4:@85A!:D!=;5!1$560'60L!\5WCG=87!=;C=!G:2G5B=!:D!;><=:47!><!F?>3>2F!6;>G;!
><! E?>=5! >2CBB4:B4>C=5! D:4! =;5! B;>8:<:B;>GC8! @C<>G! =52352G7! C23! ><!
45A:=5! D4:A! >=TPMO!*23!75=! =;><! ><! X?<=!6;C=! ><! 45E?>453!@7! =;5!B4:@85A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OY!$@>3PL!^_g_^L!^Zg__P!
MN!$@>3PL!V`g``P!
MO!$@>3PL!^Zg_`P!
!ZZ!
>=<58DL! <?G;! =;C=! =;5! B;>8:<:B;7! :D! ;><=:47L! F>I52! >=<! BC4=>G?8C4!
:4>52=C=>:2!=:6C43!>=<!<?@X5G=!AC==54L!><!D4:A!=;5!@5F>22>2F!=?4253!@CGK!
CFC>2<=!>=<58DS!\(;5!<52<5!:D!;><=:47!B:<>=53!>2!=;5!B4:@85A!:D!=;5!1$560'60!
B54<><=<! B45G><587! C=! =;5! G:<=! :D! 5WB8>G>=87! B?<;>2F! C6C7! =;C=! =:6C43!
6;>G;!=;5!B4:@85A!>=<58D!><!C>A53TL!I>[PL!\=;5!;?AC2!@5>2F!>2!>=<!G:2G45=5L!
>23>I>3?C8!;><=:4>GC8!@5>2F'=;545!pH17#0&qPTMM!
! $D!65!2:6!=?42!=:!=;5!<5G:23!=:B>GC8!CW><!k! =;C=!:D!5WB54>52G5L! \=;5!
;?AC2!@5>2F!C<!<:A5=;>2F!CG;>5I>2FL!G45C=>2FL!5WB54>52G>2F!8>D5!k!)0,#$17$
1$ (1&0,')2$ ',$ )0=#2$ #45#60#&;#TMZ!k! 65! D>23! =;C=! 65! 52G:?2=54! =;5! <CA5!
D?23CA52=C8! 544:4<! C23! >2C35E?CG>5<P! )545L! =::L! B;>8:<:B;7! <55K<! C2!
C@<:8?=5L!C2!1$560'60L!@?=!=;><!=>A5!:D!=;5!4C=>:2C8!6>=;>2!=;5!G;C:<!:D!=;5!
>44C=>:2C8P! 1>D5! ><! =;5! <=:4A7! :?=<>35L! =;5! G5C<585<<! D8:6! :D! =;5!
\GC=5F:4>C887!?2D:4A53T!>2=:!6;>G;!=;5!\$T!><!4585C<53!C23!<?@A54F53a!>=!
><! =;5! >AA53>CG7! :D! B?45! G:2<G>:?<25<<! B4>:4! =:! =;5! <B:2=C25:?<!
D:4AC=>:2!:D!=;5!5F:!@7!=;5!>2=5885G=P!*=!5WCG=87!=;5!<CA5!=>A5L!;:65I54L!
>=! ><! X?<=! =;><! 8:F>GC8! D:4AC=>:2! >=<58D! =;C=! ><! ;583! =:! @5! =;5! =4?5<=!
5WB45<<>:2! :D! 8>D5P! (;545D:45! =;5! B4:@85A! ><! C=! @:==:A! :25! :D! C! 7#),Z
(#201.0'&! :D! 8>D5L! >P5PL! 8>D5T<! G:A>2F! =:! C! =;5:45=>GC8! CBB45;52<>:2! C23!
K2:6853F5!:D! >=<58D! D4:A!:?=!:D! =;5! =?A?8=!:D! >=<!:62! >AA53>CG7P!.25!
C>A<!D:4! \C! =;5:45=>GC8!<;CB>2FL!C! 8:F>GC8L! D:4AC887!F?>353!A53>C=>:2!:D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MM!$@>3PL!V`g``P!
MZ!$@>3PL!VVg^NP!
!ZQ!
=;5! ?2A53>C=53! >AA53>C=5L! 45<B5G=>I587! C! 4C=>:2C8>[C=>:2! :D! =;5!
>44C=>:2C8L! C! 35A:8>=>:2! :4! >AA:@>8>[C=>:2! :D! 8>D5! >2! =;5! <G;5AC! :D!
G:2G5B=<TPMQ!
! )5>35FF54!CBB4:CG;5<!=;><!B4:@85A!F4:?B!@7!6C7!:D!C2!C2C87<><!:D!
=;5! B;>8:<:B;>GC8! B<7G;:8:F7! :D! %C=:4B! C23L! =:! C! 85<<54! 5W=52=L! =;5!
B;>8:<:B;7!:D!,>8=;57P!J>=;!45<B5G=!=:!=;5<5!=6:!5WCAB85<!65!GC2!=;52!
52E?>45L! C<! @5D:45S! 6>=;>2! =;5! F5254C8! B4:@85A';:4>[:2! :D! =;5!
4C=>:2C8>[C=>:2!:D!=;5!>44C=>:2C8L!dOe!6;C=!><!=;5!?2>D>53!<52<5'G:AB85W!:D!
\8>D5T!C23!\8>I53!5WB54>52G5TL!C23!dMe!=:!6;C=!5W=52=!3:!=;5<5!B:>2=!>2!=;5!
3>45G=>:2!:D!=;5!F52?>2587!B4>A:43>C8L!>P5PL!=:!<58D'6:48387!5W><=52G5!>2!>=<!
DCG=>GC8';><=:4>GC8!<B5G>D>G>=7m!
! dOe! 0:4!%C=:4BL! C<!)5>35FF54! <55<! >=L! =;5! <52<5'G:AB85W! :D! \8>D5T! ><!
F4:?2353!>2!=;5!2:=>:2!:D!C!4C3>GC8!\G:2<=>=?=>:2TS!\."#$5'70.0&*$',$."#$02#1$
',$;'&7.0./.0'&$17$."#$6120;1)$1&2$/&0=#671)$*/020&*$02#1TPM_!(;><! >35CL!:2!=;5!
@C<><!:D!6;>G;!\5I547!E?5<=>:2!:D!G:2<G>:?<25<<!C23!:D!8>I53!5WB54>52G5!
><!35=54A>253TLM`!C=!:2G5!ACK5<!B:<<>@85!=;5!:I54G:A>2F!:D!=;5!B4:@85A!
:D!=;5!>44C=>:2C8!C23!<5=<!=;5!5<<52=>C8!=C<K!C23!=4CX5G=:47!:D!B;>8:<:B;7P!
0:4!=;5!A:=>I5!:D!=;5!B:<>=>2F!:D!G:2<=>=?=>:2!><!C!G54=C>2!8>D5'5WB54>52G5L!
I>[PL!\=;C=!>2<=C2G5<!:D!K2:6853F5!C23!D>WC=>:2<!3:!2:=!523?45L!=;C=!=;57!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MQ!$@>3PL!M`gOYP!
M_!$@>3PL!OMYgONNP!
M`!$@>3PL!OZMgONMP!UDP!OZNgONNP!
!Z_!
F5=!3><B?=53L!=;C=!K2:6853F5L!>2!45D85G=>I5!=;>2K>2F!D?4=;54L!=?42<!:?=!=:!
@5! 35B52352=! :2! =;5! <?@X5G=TPM^!U:2<=>=?=>:2! ><! =;C=! @7! I>4=?5! :D!6;>G;!
=;><! G:2=>2F52G7! :D! 5WB54>52G5! GC2! @5! 45<:8I53! >2! C! D>2C8! C23! D?887!
4C=>:2C8L! >P5PL! 8:F>GC8L! 8C6'8>K5!?2>=7P! $=! ><! \8:F>GC8! 4C3>GC8>[C=>:2TL! =;C=! ><L!
\@5>2F! @C<53! :2! C23! ?2>D:4A87! 35=54A>253! >2! ?8=>AC=5! 8:F>GC8! 8C6!
G:AB85W5<TPMV!)545!=;5!4:85!:D!=;5!\$T!><!35G><>I5L!D:4!=;5!\$T!><!2:=;>2F!@?=!
\=;5! G:2<=>=?=>2F! :25TL! =;5! G52=4C887! 45<>3>2F! D:4G5! :4! \CF52=T! :D!
G:2<=>=?=>:2P! $=! ><! =;5! 8:F>GC8!?2>=7!C23!?2>D>GC=>:2!:D! =;5!G:AB85WL! =;C=!
\D4:A! 6;545! =;5! <=45CA! :D! 8>I53! 5WB54>52G5! 45G5>I5<! >=<! ?8=>AC=5!
8C6D?825<<TP MY !(;?<! =;5! \$T! ><! 25I54! =;><! :4! =;C=! G:2G45=5L! DCG=>GC887!
BC4=>G?8C4! \$TL! 6;>G;! G:?83! :287! 5I54! 5A54F5! C<! C2! :@X5G=! ?0."0&!
G:2<G>:?<25<<a!4C=;54!>=!><!=;5!\B4:@85A!F4:?23T!>=<58DL!=;5!@C<5!\$!=;>2KT!
=;C=! <>852=87! CGG:ABC2>5<! C88! G:2<G>:?<25<<! C<! =;5!;>3352! <:?4G5!:D! >=<!
8?A>25<G52G5PZN!(;5!\$T!C<!\=;5!?2>=7!:D!=;5!<=45CA!:D!8>I53!5WB54>52G5T!><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M^!$@>3PL!OZYgON^P!
MV!$@>3PL!OZ^DPgON`P!
MY!$@>3PL!O_NgOO`S!\.25!GC2!C<K!D4:A!6;545!=;5!<=45CA!:D!8>I53!5WB54>52G5!
45G5>I5<! >=<! ?8=>AC=5! 8C6D?825<<P! .25! C2<654<S! D4:A! C! nB?45! \$To! D4:A!
6;>G;! =;5! .+50;1)! 458C=>:2<! :D! =;5! <=45CA! @5G:A5! ?2354<=C23C@85PT! *88!
8>I53!5WB54>52G5<!\@58:2F!=:!C2!n$o!=;C=!D:4A<!=;5!?2>=7!:D!=;5!G:AB85W!
:D!8>I53!5WB54>52G5T!C23!=;?<!\B8C7<!C!4:85!>2!5I547!:4354!G:AB85WPT!
ZN!$@>3PL!OZMDPgONMDPS!\n$o!C23!G:2<G>:?<25<<!C45!C2!?8=>AC=5a!5CG;!G:2G45=5!
!Z`!
<>AB87!?2=;>2KC@85!>2C<A?G;!C<!>=!><!>=<58D!\?235487>2F!=;>2K>2FT!k!>P5PL!C!
D:?23>2FL! =;5:45=>GC8! K2:6>2F'=;>2K>2F! =;C=! =;>2K<! 5I547=;>2F! 5WG5B=!
>=<58DPZO!
! $2! =;><! 6C7! G:2<=>=?=>:2! :DD54<! =;5! B:<<>@>8>=7! :D! C2! C@<:8?=5!
B54<B5G=>I5L! C! \?2>I54<C8L! 4C3>GC8L! >445D?=C@85! C23! G4>=>GC8! <?B54>:4>=7TS!
\2:=;>2F!5<GCB5<! =;5!<=4>G=!<7<=5AC=>G<! =;C=!GC2!@5!35I58:B53!D4:A!>=TPZM!
*23!B45G><587!=;><!\<=4>G=!<7<=5AC=>G<T!><L!D:4!%C=:4BL!=;5!B454:FC=>I5!C23!
?8=>AC=5!F:C8!:D!B;>8:<:B;7S!
!
-;>8:<:B;7! G:AB85=5<! >=<58D! C<! =;>2K>2F! :D! =;>2K>2F! C23! =;545@7!
C==C>2<! C! ?2>=C47! B4:@85A! <B;545S! G:2<G>:?<25<<! >2! =;5! G:4458C=>I5!
G:?2=54'3>45G=>:2! :D! :@X5G=>D>GC=>:2! C23! <?@X5G=>D>GC=>:2P! (;C=! ><! C!
B4:@85A!<B;545!6;>G;!k! <?@<?A53!?2354! =;5! >35C!:D! G:2<=>=?=>:2!k!
ACK5<!B:<<>@85!C!<=4>G=87!?2>=C47!<7<=5AC=>G<!C23!G:2G5B=?C887!F4C<B<!
C23! >2! =;><! 6C7! G:AB45;523<! =;5! C88'25<<! :D! @5>2F! C23! :?F;=L! =;5!
=:=C8>=7!:D!=;5!6:483PZZ!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!<5BC4C=5! n$o! ><! G:2<=>=?=53L! >P5PL! B:>2=>2F! @CGK! =:6C43<! =;5! B4:B54! C23!
?8=>AC=5!n$oPT!
ZO!$@>3PL!O_NgOO`L!OZMgONMP!
ZM!$@>3PL!OZVgON^P!
ZZ!$@>3PL!OZ^gON`P!
!Z^!
"7!A5C2<!:D!<?G;!C!=:=C8!C23!?2>=C47!<7<=5AC=>G<L!G:2<=>=?=>:2!C==C>2<!C!
\B?45L! 4C3>GC8!C23!?2>I54<C8!3:A>2C2G5TS!K2:6>2F! ><! \F?C4C2=553! >2! >=<!
?2>I54<C8! CG;>5I5A52=TL! 6;>85! \=;5! B453:A>2C2G5! :D! =;5:45=>GC8!
G:2<G>:?<25<<! 6>=;>2! =;5! 6;:85! B4:@85AC=>G! :D! <B>4>=! C23! 45C<:2! ><!
AC>2=C>253TPZQ!
! dMe! *<! D:4! =;5! E?5<=>:2! :D! B4>A:43>C8>=7S! ;545! CFC>2L! C<! 6>=;! =;5!
B4:@85A!:D!=;5!;><=:4>GC8!1$560'60L!65!A?<=!45<B:23!>2!=;5!25FC=>I5S!\(;5!
4C3>GC8>[C=>:2! :D! =;5! =;5:45=>GC8! >2! =;5! >35C! :D! G:2<=>=?=>:2! >2!
B4>2G>B85l25I54! 85C3<!=:!G:2G45=5!CG=?C8!@5>2F'=;545!pH17#0&qPTZ_!.2!=;5!
G:2=4C47L!5I547=;>2FL! =;5!<?@X5G=>I5!C<!6588!C<! =;5!:@X5G=>I5L! ><! 453?G53!
=:! \C! G:AB85W!:D! 458C=>:2<;>B<L! C! <?@X5G=!AC==54'25<<! :4! =;>2F87'25<<! >2!
=;5!@4:C35<=!<52<5TP!-;>8:<:B;7L!=:!=;5!5W=52=!=;C=!>=!<=4>I5<!D:4!C!?2>=C47!
8:F>GC8!<7<=5AC=>G<L!36>2385<!=:!C!A545!\=;5:45=>GC8!C==>=?35TL!C!\B?<;>2F!
C6C7! D4:A! =;5! <58D'6:483TL! =;C=! ><L! C! \DC88>2F'C6C7T!:D!B;>8:<:B;7! D4:A!
>=<58DP!(;5!%C=:4B>C2!B;>8:<:B;7!\3:5<!2:=!>2!C27!6C7!G:'G:2<=>=?=5!<58D'
6:48387L!CG=?C8!@5>2F'=;545!pH17#0&qL!@?=!CG=?C887!F>I5<!>=!?BTL!>P5PL!\><!&'.!
B4>A:43>C8!@?=!;C<!DC8852!C6C7!>2=:!C2!C==>=?3>2C8!G;C4CG=54TP!(;?<!\p>2q!
2:!6C7! ><! =;5!52CG=A52=! <?G;! =;C=! >=! G:2<=>=?=5<! =;5!CG=?C8!@5>2F'=;545!
pH17#0&q!:D!C!G:2G45=5!>23>I>3?C8TPZ`!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZQ!$@>3PL!OQOgONYP!
Z_!$@>3PL!OQMDPgOONP!
Z`!$@>3PL!O_MgOO^DP!
!ZV!
! 0>2C887L!C<!D:4!,>8=;57S!C8=;:?F;!>=!><!=4?5L!>2!)5>35FF54T<!I>56L!=;C=!
;5!><!A?G;!G8:<54!=:!=;5!:4>F>2!=;C2!%C=:4BL!=:!=;5!B4>A:43>C8>=7!:D!\<58D'
6:48387! @5>2F'=;545TL! 2:25=;585<<! \=;5! A:A52=! :D! ;'&7.0./.0'&! C8<:!
G455B<! >=<! 6C7! >2=:! ;><! B;>8:<:B;7TP Z^!/:45:I54L! C=! @:==:AL! C=! \=;5!
?8=>AC=5!G:45!:D!B<7G;>GC8!?2>=7TL!=;5!;?AC2!><!F4C<B53!C<!2:=;>2F!A:45!
=;C2! \C!@?2385!:D! D558>2F<! C23!34>I5<TL! >2!6;>G;! GC<5! \A52=C8! 45C8>=7! ><!
G:2<=4?G=53! >2! C! G>4G?A<=C2=>C8L! :@X5G=>I5! C23! =;>2F87! 6C7TP! 1>I53!
5WB54>52G5! ><! G:2<=4?53! C<! ?2354<=C23>2FL! @?=! ?2354<=C23>2F! >=<58D! ><!
>2<?DD>G>52=87! B4:@85AC=>[53a! \8>D5T! ><! CBB45;52353! >2! C! D:4AC8! C23!
C5<=;5=>G! <52<5L! 6>=;! C! \=52352G7! =:6C43<! D:4AC8! ;C4A:27T! C<! =;C=!
6;>G;!35=54A>25<!>23>I>3?C8!G:2<G>:?<25<<P!$2!<?AL!,>8=;57!\>2=>AC=5<T!
<:A5=;>2F! =;C=! ;5! 25I54! E?>=5!AC2CF5<! =:! 52CG=a! ;5! 8CGK<! C2! >AB?8<5!
=:6C43! 6;C=! ><! ?8=>AC=587! 25G5<<C47S! C! 4C3>GC8! >2=544:FC=>:2! C23!
45G:2D>F?4C=>:2! :D! =;5! @C<>G! G:2G5B=<! C23! GC=5F:4>5<P! ,>8=;57T<!
>AB:4=C2G5! 8>5<! >2! ;><! B4:I>3>2F! C2! :4>52=C=>:2L! >2! ;><! @5>2F! C! <>F2!
B:>2=>2F!C;5C3! =:! =;5!B4>A:43>C8L!@?=!2:=! >2!;><!@5>2F!C! =;>2K54!:D! =;5!
B4>A:43>C8!>=<58DP!
!
"P!RR!OYMZS!8&.')'*+$9$:#6(#&#/.0;7$',$<1;.0;0.+$
!
$2! ;><! D>2C8! 85G=?45! G:?4<5! C=! 045>@?4F! >2! =;5! <?AA54! :D! OYMZL! =>=853!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z^!$@>3PL!O`_DDPgOM^DDP!
!ZY!
<>AB87! \.2=:8:F7TL! )5>35FF54! 45GCB>=?8C=5<! =;5! 35<=4?G=>I5! F5<=?45!
>2>=>C=53! >2! =;5! OYMN! 85G=?45<L! G4>=>GC887! <?AAC4>[>2F! =;5! <58D'
CBB45;52<>:2!:D!DCG=>GC8!8>D5!6>=;!45<B5G=!=:!>=<!=;5AC=>G!=45C=A52=!>2!=;5!
B4:@85A'3:AC>2<! :D! ;><=:4>GC8! <G>52G5! C23! B;>8:<:B;7P! +5FC43>2F! =;5!
D:4A54L! >=! \CGG:43>2F87! B8CG5<! >=<58D! @5D:45! =;5! =C<K! :D! FC>2>2F! C2!
:I54I>56! :D! n=;5! =:=C8! DCG=! :D! AC2oL! >P5PL! @4>2F>2F! ;?AC2! @5>2F'=;545!
pH17#0&q! >2=:! I>56! >2! C2! C@<:8?=587! :@X5G=>I5! AC2254TP ZV !*<! D:4!
B;>8:<:B;7L! >=! ><L! CGG:43>2F! =:!)5>35FF54L! B45<52=87! :@<5<<53!6>=;! =;5!
=C<K! :D! C! ?2>I54<C8! G8C<<>D>GC=>:2! C23! =7B>D>GC=>:2! :D! =;5! =:=C8>=7! :D! =;5!
45C8L!=;5!I547!?2354=CK>2F!:D!6;>G;!45E?>45<!=;C=!@5>2F<!C<!<?G;!D>4<=!@5!
453?G53! =:! B?45! :@X5G=<! <?<G5B=>@85! =:! G:2<=C2=! AC2>B?8C=>:2! C23!
\G:2<=4?G=>:2T! @7! C! =;>2K>2FL! GC8G?8C=>2F! <?@X5G=P! U:2<5E?52=87L! 6;C=!
BC<<5<! D:4! \K2:6853F5T! ><! <>AB87! =;5! <?@X5G=T<! C@>8>=7! =:! D>85! 52=>=>5<!
C6C7L! =:! C88:GC=5! :@X5G='=;>2F<! =:! =;5>4! B4:B54! B8CG5<! 6>=;>2! <=54>85!
G8C<<>D>GC=:47!D4CA56:4K<PZY!
! -;>8:<:B;7! =;?<! 36>2385<! =:! C2! CF>=C=53! \R#0&*Z#=#6+?"#6#Z1&2Z
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZV!&*!`ZL!_`gQQP!
ZY!\(;5!@C<>G!=52352G7!:D!=;5!G:AB:4=>2F!><!G8C<<>D7>2F!C23!D>8>2F!C6C7TL!
>P5PL! <:A5=;>2F! ><! \K2:62!6;52! :25! ;C<! 35D>253!?"#6#! >=! @58:2F<L! =;5!
B8CG5!6>=;>2! =;5! =:=C8>=7! :D! =;5! G8C<<>D>GC=:47!:4354!?"#6#0&.'! >=! ><! =:! @5!
>2<54=53lT!(;><!C23!=;5!D:88:6>2F!G>=C=>:2<!C45! D4:A!>@>3PL!ssOM'OZL!_V'
`_gQV'_OP!
!QN!
&'?"#6#TL! 6;>85! K2:6853F5! @5G:A5<! \C@<:8?=5! G?4>:<>=7TP! -;>8:<:B;7!
<K>A<!:I54!=;5!<?4DCG5!:D!8>D5L!C<<>A>8C=>2F!5I547=;>2F!>=!52G:?2=54<!=:!>=<!
G8C<<>D>GC=:47!:4354L!6;>G;! ><!2:=!B54AC252=87! D>W53!C23! >AA:@>85!@?=!
4C=;54! F4:6<! C23! A:4B;<! 6>=;! 5CG;! 256! \3><G:I547Ta! >2! =;><! 6C7!
B;>8:<:B;7!@5G:A5<!\=;5!'R_#;.0=#!<G>52=>D>G!K>23!:D!B;>8:<:B;7T!>2!6;>G;!
\nC@<:8?=5! =4?=;<o! D455! :D! <=C23B:>2=<! C45! @4:?F;=! =:! 8>F;=TP! R?G;!
:@X5G=>I>=7! <54I5<! =:! B4:=5G=! @5>2F'=;545! D4:A! =;5! 3>DD>G?8=! 8C@:?4! :D!
CG=?C8! =;>2K>2FL! >2<=5C3! 85==>2F! >=! 45<=!G:AD:4=C@87!C23!G:AB8CG52=87! >2!
\=;5!=4C2E?>8!G54=C>2=7!C23!<5G?4>=7!:D!=;5!F5254C8!C23!?2C2>A:?<!n75<L!$!
CF455oTP!
! $2! <;:4=L! 6;C=! @:=;! ;><=:47! C23! B;>8:<:B;7! C>A! D:4! ><! 8>D5! C<! =;5!
'R_#;.0=#)+$2#.#6(0L!DCG=>GC8!8>D5!>=<58D!C<!\"1=0&*$0.7#),$'R_#;.0=#)+$."#6#$,'6$
0.7#),L!@4>2F>2F!>=<58D!'R_#;.0=#)+!>2=:!>=<!=;545TS!
!
$2!@:=;!A:35<!:D!>2=54B45=C=>:2L!,C<5>2!><!52G:?2=54>2F!>=<58D!5WCG=87!
C<! >=! ><! >2! >=<58DL! D455! :D! <=C23B:>2=<P! )><=:4>GC8! G:2<G>:?<25<<! 85=<!
,C<5>2!@5!52G:?2=5453! >2! =;5!52=>45!65C8=;!:D! =;5!:@X5G=>I5!@5>2F!:D!
>=<! "1=0&*ZR##&L! 6;>85! B;>8:<:B;7! 85=<! >=! @5! 52G:?2=5453! >2! =;5!
>AA?=C@>8>=7! :D! >=<! 1)?1+7ZR#0&*Z0&Z7/;"Z1Z(1&P! ":=;! 3>45G=>:2<! :D!
>2=54B45=C=>:2! @4>2F! ,C<5>2! >=<58D! @5D:45! >=<! ;>F;5<=! C23! B?45<=!
56#7#&.PQN!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QN!$@>3PL!`_g_OP!
!QO!
$=! ><! B45G><587! =;><! C==5AB=! =:! GCB=?45! 8>D5! >2! <:A5! <=C=>GL! 25?=4C8L!
<=C23B:>2='D455!C23!=;545D:45!B?4587!:@X5G=>I5!<=C=5L!=:!D455[5!>=!>2!B8CG5!
:2G5!C23!D:4!C88L!=;C=!G:2G5C8<!=;5!:4>F>2C47!B;52:A52:2!:D!DCG=>GC8!8>D5!
C<!=;5!G:2G45=525<<!:D!CG=?C8!8>I>2FP!
!
UP!.@X5G=>D>GC=>:2!C<!=;5!B4:@85A';:4>[:2!:D!8>D5!
!
.2! =;5! @C<><! :D! =;5! C@:I5! C2C87<><L! >=! ><! G85C4! =;C=! =;5! AC2>D:83! <58D'
B4:X5G=>:2<! :D! 8>D5! G:2I54F5! :2! =;5! >ACF5! :D! =;5! 'R_#;.P!/:45:I54L! >=! ><!
5E?C887! G85C4! =;C=! :@X5G='25<<! C23! :@X5G=>D>GC=>:2! C45! @7! 2:! A5C2<!
45<=4>G=53! =:! =;5! \:@X5G=T! >2! =;5! 2C44:6! <52<5L! @?=! 4C=;54! >2I:8I5! =;5!
6;:85!<?@X5G=':@X5G=!<G;5ACP!$2!<;:4=L!6;C=!><!C=!><<?5!><!8>D5!X?<=!>2<:DC4!
C<! >=! ><! 52G:?2=5453! >2! =;5! <CA5! 6C7! :25! 52G:?2=54<! ."0&*7$ '&$ "1&2L!
=;>2F<! >2! =;5>4! =;>2F8>25<<L! 6;5=;54! C<! =;5! =;>2F! 52G:?2=5453! :4! =;5!
52G:?2=54>2F! =;>2FL! >P5PL! 6;5=;54! C<! C! 45C8A! :D! <58D'<=C23>2F! CG=?C8>=7!
d;><=:47L!35I58:BA52=L!D8?WL!B4:G5<<e!:4!C<!=;5!#*'$;'*0.'!=;C=!<=C23<!:I54!
C23! CFC>2<=! =;C=! CG=?C8>=7! C23! G:2<=>=?=5<! >=L! AC<=54<! >=! >2! =;5:45=>GC8!
K2:6853F5!d=;5!:@X5G=!D:4!C!<?@X5G=!:4!=;5!<?@X5G=!D:4!>=<58DL!C<!)5>35FF54!
<C7<! 58<56;545eP! (CK52! >2! =;><! 6C7L! 8>D5! ><! 453?G53! =:! C! G:885G=>:2! :D!
>23>I>3?C8! 5WB54>52=>C8! \DCG=<TL! =;5! <?@X5G=! AC==54! BC4! 5WG58852G5! D:4! C!
<G>52=>D>G! C2C87<><P QO !#I547! <?G;! :@X5G=>D7>2F! B4:X5G=>:2! 3><=:4=<! C23!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QO!R55L!5PFPL!&*!O^L!M^QgMOOP!
!QM!
:@<G?45<! =;5! B4>A:43>C8! 45C8>=7! :D! 8>D5! C<! 8>I53! 8>D5L! C23! >23553! C88! =;5!
A:45!<:!=:!=;5!5W=52=!=;C=!>=!BC<<5<!>=<58D!:DD!C<!=;5!F52?>2587!B4>A:43>C8P!
! 1:2F!@5D:45!=;5!@5>2F'E?5<=>:2!=CK5<!;:83!C23!G8C>A<!B4>:4>=7L!>=!><!
=;><! D4?<=4C=>:2! 6>=;! =;5! B542>G>:?<25<<! :D! :@X5G=>D>GC=>:2L! 6>=;! =;5!
3><=:4=>2F!5DD5G=<!:D!=;5!B:<>=>2F!C23!:@X5G=>D7>2F!:D!8>D5L!=;C=!G:2<=>=?=5<!
=;5!AC>2!>AB5=?<!C23!D:G?<!:D!)5>35FF54T<!6:4Ka!>=!><!C=!=;5!G:45!:D!;><!
>2I5<=>FC=>:2<!>2=:!=;5!25:'cC2=>C2><AL!B<7G;:8:F7L!8>D5'B;>8:<:B;7!C23!
B;52:A52:8:F7! :D! =;5! 3C7! :2! =;5! :25! ;C23L! C23! ;><! 45=?42! =:! =;5!
&455K<L!C23!C@:I5!C88!=:!*4><=:=85L!:2!=;5!:=;54P!.2!=;><!=:B>G!:25!G:?83!
G>=5!C@?23C2=87!D4:A!=;5!B45'D#0&*$1&2$!0(#!85G=?45<P!0:4!5WCAB85L!D4:A!
RR!OYMZS!
!
04:A! =;5! I547! <=C4=L! pB;>8:<:B;7T<q! =;5A5! ><! 'R_#;.'@5>2FL! >P5PL! =;5!
:@X5G=>I>=7! :D! 35D>2>=5! :@X5G=<L! C23! =;5! :@X5G=! C<! >=! ><! F>I52! D:4! C2!
>23>DD5452=! =;5:45=>GC8! A5C2>2FL! :4! C! AC=54>C8! :@X5G='@5>2F! D:4! =;5!
BC4=>G?8C4! <G>52G5<! :D! 2C=?45! C23! G?8=?45! G:2G54253! 6>=;! >=L! C23! >D!
25G5<<C47L!@7!A5C2<!:D!=;5!45F>:2<!:D!:@X5G=<L!=;5!6:483L!@?=!2:=!D4:A!
:?=! :D! @5>2F'=;545! pH17#0&q! C23! >=<! B:<<>@>8>=>5<lJ;C=! 45<?8=<! D4:A!
=;><S! >=! @8:GK<! CGG5<<! =:! =;C=! @5>2F! 6;>G;! ><! 35G><>I5! 6>=;>2!
B;>8:<:B;>GC8! B4:@85A<S! 2CA587L! @5>2F'=;545! pH17#0&qL! D4:A! :?=! :D!
6;>G;!C23!D:4!=;5!<CK5!:D!6;>G;L!B;>8:<:B;7!\07TPQM!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QM!&*!`ZL!ZgMP!
!QZ!
*23!CFC>2L!8C=54!>2!=;5!<CA5!=5W=S!
!
p(;5! <?@X5G=':@X5G=! <G;5ACq! D?23CA52=C887! C23! D:45I54! :@<=4?G=<!
CGG5<<! =:! =;C=!6;>G;!65! ;CI5! >23>GC=53!6>=;! =;5! =54A! \DCG=>GC8! 8>D5T!
d\R#0&*Z."#6#T! p\,C<5>2TqeP! %:! A:3>D>GC=>:2! :D! =;><! <G;5AC! 6:?83! @5!
C@85!=:!3:!C6C7!6>=;!>=<!>2CBB4:B4>C=525<<PQZ!
!
*23!75=!CFC>2L!D4:A!RR!OYMQS!
!
p(;5q! :4>52=C=>:2! =:6C43! <?@X5G=! C23! :@X5G=!A?<=! @5! D?23CA52=C887!
<5=!C<>35lJ>=;!=;5!<?@X5G=g:@X5G=!3><=>2G=>:2L!:25!3:5<!2:=!F5=!C=!=;5!
DCG=<!:D!=;><!AC==54a!=;5!@C<>G!B;52:A52:2!:D!@5>2F'>2'=;5'6:483!3:5<!
2:=!G:A5!>2=:!I>56PQQ!
!
R?G;!BC<<CF5<!G:?83!@5!A?8=>B8>53!<5I54C8!=>A5<!:I54P!$2!5I547!GC<5!>=!><!
C!AC==54!:D!C<<5<<>2F!=;5!=52352G7!:D!C!G54=C>2!3><G:?4<5L!C23!C@:I5!C88!
:D! 5I547! \8>D5T'458C=53! 3><G:?4<5L! =:! =;>2F>D7! 8>D5L! =:! G:2X?45! ?B! <:A5!
=;>2F87!CBBC4>=>:2!@5;>23!6;>G;!8>D5! ><!C@85!=:!;>35!D4:A!C23!=;545D:45!
CI:>3!>=<58DP!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QZ!$@>3PL!VOg`ZP!
QQ!&*!OVL!_`DPgQNP!
!QQ!
$$$P!(;5!:4>F>2C8!<52<5'G:2=52=!:D!8>D5S!=;5!\0.$)0=#7>?'6)27T!
!
(;5! =:=C8>=7! :D! 8>D5T<! :@X5G=>D7>2F'B4:X5G=>2F! CG=>I>=7! GC2! @5! FC=;5453!
?2354! =;5! D>F?45! :D! =;5! \=;5:45=>GC8T! C<! =;5! B4:B54! 2CA5! D:4! =;5!
:@X5G=>D7>2F! FC[5! >=<58DP! 1>D5! 5W;>@>=<L! C<! )5>35FF54! <C7<! >2! :25! :D! ;><!
5C48>5<=! =5W=<L! =;5! RR! OYOY! G:?4<5! =>=853! !'?1627$ ."#$ H#,0&0.0'&$ ',$
%"0)'7'5"+L! \C! 355B87! >2F4C>253! :@<5<<>:2! 6>=;! =;5! =;5:45=>GC8TQ_!=;C=!
<=5A<! D4:A! 8>D5T<! <=4C2F5! 35<>45! =:! D855! D4:A! >=<58DP! (;5:47! ><! 2:=! =;5!
<:?4G5!:D! =;5!B4:X5G=>:2<!@?=!:287!=;5>4!A53>?Aa!>=! ><! =;5!B5G?8>C4!K>23!
:D! <58D'8::K>2F! d45'D85G=>:2e! =;4:?F;! 6;>G;! 8>D5T<! =;>2F87! <58D'
CBB45;52<>:2! C23! <58D'B:<>=>2F! ><! CGG:AB8><;53P! (;5! =;5:4>[>2F! :D! 8>D5!
d>2! =;5! 3:?@85! <52<5e! ><! >2! 5I547! GC<5! C! \35'>2=54B45=C=>:2T! C23! C! \35'
I>I>D>GC=>:2T! :D! 8>D5L! =;5! 352C=?4>2F! :D! 8>D5L! >=<! 453?G=>:2! =:! <:A5=;>2F!
A54587! \45C8TL!C! \45<>3?5T!:D! >=<!CG=?C8L! DCG=>GC8!B852>=?35a!35'I>I>D>GC=>:2!
><!\=;5!5<<52G5!:D!=;5!."#'6#.0;1)$,'6(TL!=;5!?2>=7!:D!=;5!AC2>D:83!D:4A<!:D!
=;>2F>D>GC=>:2PQ`!*GG:43>2F87L!>D!8>D5!><!=:!@5!45G:2G>853!6>=;!>=<58DL!>=!A?<=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q_!&*!_`g_^L!VVg^QP!
Q`!$@>3PL!VYDPg^_DP!UDP!(;5:3:45!c><>58L!!"#$@#˃$',$:#02#**#6I7$"5>2F!C23!
(>A5! d"54K5857S! H2>I54<>=7! :D! UC8>D:42>C! -45<<L! OYYZeL! OMNS!
-;52:A52:8:F7!A?<=!C86C7<!<=554!G85C4!:D!\=;5!n?28>I>2Fo!:D!45>D>GC=>:2!
=;C=! 5<B5G>C887! =;5! 2C=?4C8! <G>52G5<! B4:A:=5! >2! =;5>4! E?5<=! D:4! =:=C8!
:@X5G=>D>GC=>:2P!U85C487L! =;5!<G>52G5!:D! =;5!:4>F>2!6><;5<! =:!<=C7!G8:<5! =:!
!Q_!
D>4<=!@5!45<G?53!D4:A!5I547!."#'6+$',$)0,#!>2!=;5!B4:B54!<52<5P!$=!><!2:=!=;><!
:4!=;C=!:@X5G=!@?=!=;5!:@X5G=>I5!C<!<?G;L!=;5!B4:3?G=!:D!=;5:47L!=;C=!><!=;5!
>3:8!=:!@5!<AC<;53P!
! *88! =;5! <CA5L! 35<=4?G=>:2! ><! 25I54! C!(#6#! 35A:8><;>2F! C23! 8C7>2F!
6C<=5a! >=! ><! C8<:! C! G85C4>2F! C6C7! C23! C! 45I5C8>2F! =;C=! 85=<! =;5! =;>2F<!
=;5A<58I5<!5A54F5!C23!@5!<552!>2!=;5>4!D?88!B:<>=>I>=7L!C<!=;57!45C887!C45P!
,5<=4?G=>:2!><!C86C7<!C23!5<<52=>C887!B4:3?G=>I5P!$2!=;><!GC<5L!;:65I54L!
>=! ><! B45G><587! =;5! B:<>=>I>=7! C23! CG=?C8>=7! :D! =;5! :@X5G=L! >=<! C@>3>2F!
=;>2F87! B45<52G5L! =;C=! ><! =:! @5! 35<=4?G=53P! (;?<! 65! GC2! <C7! =;C=! =;5!
35<=4?G=>:2! 25FC=5<! =;5! B:<>=>I>=7! :D! =;5! :@X5G=! 6;>85! B4:3?G>2F! C23!
585IC=>2F! =;5! 25FC=>I>=7! :D! =4?5! 8>D5! >2! >=<! CG=?C8! B:<>=>I>=7P! $2! :=;54!
6:43<L! 25FC=>I>=7! C23!B:<>=>I>=7! C45! >2I54=53S!6;C=! ><! B4:3?G53! ><! =;5!
25FC=>I>=7! :D! =;5! 2:2':@X5G=>I5! C<! =;5! A:<=! B:<>=>I5! 35=54A>2C=>:2! :D!
8>D5P!J'&Z'R_#;.0=0.+W$ &'&Z."0&*)0MW$ ;'&7.0./.#7$ ."#$ /).0(1.#$ (#1&0&*$ 1&2$
*6'/&20&*$ 7#&7#$ ',$ )0,#P! 1>D5! C<! <?G;! 07L! >2! >=<! I547! @5>2FL! =;5! B4>A:43>C8!
2:2':@X5G=>I5P! $=! ><! =;5! B?45! :B5225<<! :4! 2:=;>2F25<<! :D! =;5! #7$ )#R.L! \0.$
)0=#7T!k!:4L!6;C=!CA:?2=<!=:!=;5!<CA5!=;>2FL!>2<:DC4!C<!C88!8>I>2F!><!?'6)2'
8>I>2FL! =;5! #7$ ?#).#.L! \0.$ ?'6)27TL! =;5! <>AB85! ;CBB52>2F! :D! 8>D5! C<! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!=;5! :4>F>2C8! <>=?C=>:2! :D! 8>D5P! $2! DCG=L! >=! <55K<! =;5! F>I5225<<! :D! G:2G45=5!
@C<>G! <>=?C=>:2<! >2! 6;>G;! =;5! =:=C8>=7! :D! 8>D5! ><! 5WB45<<53L! >2! 6;>G;! C!
n=:=C8! F>I5225<<o! 5A54F5<P! (;><! ><! =;5! F>I5225<<! :D! 8>D5! C<! >=! ><!
nB45F>I52o!=:!?<L!6;>G;!GC2!25I54!C23!>2!2:!6C7!@5!:@X5G=>D>53PT!
!Q`!
\6:483>2FT!:D!=;5!8>D56:483PQ^!.B5225<<L!>2!:=;54!6:43<L!><!2:=!C!D?2G=>:2!
:D!C!@5>2F'>2'=;5'6:483!=;C=!6:?83!@5!C!@5>2F'CA>3<='R#0&*7a!>=!><!4C=;54!
C23! <>AB87! =;C=! 8>I>2F! ><! 5E?>IC852=! =:! =;5! :B52>2F! ?B! :D! C! 6:483! C<!
<:A5=;>2F! 8>K5! C! F5254C8! ;:4>[:2! :D! \AC==54>2FTP! #WB45<<53! >2! C! <>2F85!
6:43! =;C=!6>88! @5G:A5L!A?G;! 8C=54! :2! C23! >2! C! 4C3>GC887! =4C2<D:4A53!
<52<5L! =;5! A:==:! :D! )5>35FF54>C2! =;:?F;=! C<! C! 6;:85L! 8>D5! ><! C2! \36Z
#0*&07TL! =;5! 5I52=! :D! =;5! \A5C2>2FD?8T! <58D'CBB4:B4>C=>:2! :D! =;5! B?45!
:B5225<<! :D! 8>D5L! >P5PL! 8>D5T<! 8>I>2Fg6:483>2F! >=<58DPQV!(;5:45=>GC8! 8>D5L! @7!
G:2=4C<=L! ><! =;5! =;:4:?F;87! >2CBB4:B4>C=5L! \=;5! C@<:8?=587! 6:483'85<<L!
6:483'D:45>F2TL! C! \<B;545!6;>G;! =CK5<! :25T<! @45C=;! C23!6;545! 2:! :25!
GC2!8>I5TPQY!
! $=! ><! B45G><587! =;><! 45<G?>2F! :D! 8>D5! D4:A! =;5:47! =;C=! G:2<=>=?=5<! =;5!
B4:B54! =C<K!:D!B;>8:<:B;7!C<!B;52:A52:8:F7!C23!ACK5<! >=!B4>A:43>C8!
<G>52G5P!1>D5! <=C23<! C=! =;5!@4>2K!:D! C2!1R+77L! =;5! G;C<A!:D! C2! \C@<:8?=5!
45>D>GC=>:2TL! C! B?45! =;>2F>D>GC=>:2L! D4:A!6;>G;! >=! GC2! :287! B?88! @CGK! @7!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q^!&*! `OL! V_DPg`_P! (;5! =54A<! \8>D5T! C23! \6:483TL! )5>35FF54! <C7<L! C45!
<72:27A:?<! C23! =;?<! >2=54G;C2F5C@85L! >P5PL! <?G;! =;C=! \=:! 8>I5!A7! 8>D5T!
A5C2<!=;5!<CA5!=;>2F!C<!\=:!8>I5!A7!6:483TP!UDP!&*!_`g_^L!``g_`L!^Zg`OL!
YQg^YP!
QV!&*! _`g_^L! `Yg_VS! \dU;C4CG=54>[C=>:2! :D! =;5! 8>I53! 5WB54>52G5! C<! 5I52=!
p36Z#0*&07q!k!A5C2>2FD?8L!2:=!=;>2F'8>K5PeT!
QY!$@>3PL!OOMgY_P!
!Q^!
A5C2<!:D!C!)#15!>2=:!=;5!=;>GK!:D!=;5!I547!0.$)0=#7>?'6)27!>=!;C<!C@C23:253P!
-;>8:<:B;7!><!2:=;>2F!@?=!=;5!85CB>2F!:D!=;><!85CBa!C<!C!\;54A525?=>G<!:D!
DCG=>G>=7TL! B;>8:<:B;7! @4>2F<! =;5! 0.$ )0=#7>?'6)27! =:! C! D?23CA52=C8! <58D'
>2=544:FC=>:2!C23!<58D'>2=54B45=C=>:2P! $2!:=;54!6:43<L!B;>8:<:B;7! ><!2:=!
<>AB87!;?AC2!CG=>I>=7!d:25!CA:2F<=!>22?A54C@85!CG=>I>=>5<eL!<=>88!85<<!C!
\A5=;:3T!D:4!<:8I>2F!B4:@85A<L!@?=!4C=;54!=;5!<58D'85CB>2F'@CGK'>2=:'8>D5!
:D!8>D5!>=<58DL!8>D5T<!<58D'45G:>8>2F!D4:A!=;5!2:=;>2F25<<!:D!45>D>GC=>:2!@CGK!
>2=:!=;5!2:=;>2F25<<!:D!CG=?C8!8>I>2FL!=;C=!><!=:!<C7L!@CGK!>2=:!=;5!6:483!
>2!C88!>=<!DCG=>GC8!G:2G45=525<<P_N!
!
$]P!(;5!?2>=7!C23!?2>I54<C8>=7!:D!=;5!0.$)0=#7>?'6)27!
!
J;52!65!G:2<>354!=;5!<52<5'G:2=52=!:D!8>D5!>2!=;><!DC<;>:2L!>P5PL!D4:A!:?=!
:D!>=<!:4>F>2C8!B4:@85A'25W?<!C23!2:=!C<!35=54A>253!@7!=;5!E?5<=>:2!:D!
@5>2FL! 65! <55! =;C=! C! 2C=?4C8! C23! B54D5G=87! ?245AC4KC@85! G:2<5E?52G5!
D:88:6<L!2CA587! =;><S! =;C=! X?<=!@5GC?<5! =;5!?8=>AC=5!A5C2>2F!:D! DCG=>GC8!
8>D5!><L!2:=!=;5!\=;545T!:D!@5>2FL!@?=!4C=;54!=;5!<;554L!4C3>GC8!:B5225<<!:D!
=;5! 0.$ )0=#7>?'6)27L! 8>D5! =?42<!:?=! =:!@5!C2!52=>4587!?2>=C47!B;52:A52:2P!
0CG=>GC8! 8>D5L! >2! :=;54!6:43<L! ><! )0,#$ 17$ 7/;"L! =;5!A:35! :D! @5>2F! :D! #=#6+!
52=>=7!=;C=!07!>2!=;5!AC2254!:D!8>I>2FL!>P5PL!>2!C!2:2'=;>2F87!:4!:B5287!<:4=!
:D! 6C7P! O0,#$ 07$ /&0=#671)$ )0,#! k! C23! >=! ><! B45G><587! D:4! ."07! 45C<:2! =;C=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_N!$@>3PL!`Zg_ZP!
!QV!
)5>35FF54!><!C3CAC2=!=;C=!@5>2F'>2'=;5'6:483!CBB8>5<!X?<=!C<!:4>F>2C4>87!
C23! 5<<52=>C887! =:! C2>AC8<! dC23! B54;CB<L! >2! G54=C>2! 45<=4>G=53!6C7<L! =:!
B8C2=<eP! $2! 2:! <52<5! GC2! 8>D5L! 6;>G;! E?>=5! :@I>:?<87! G;C4CG=54>[5<! =;5!
;?AC2!6C7!=:!@5!k!C23!G:AB85=587!>445<B5G=>I5!:D!=;5!DCG=!=;C=!>=!><!:287!
>2!>=<!;?AC2!>2GC42C=>:2!=;C=!8>D5!GC2!D855!C23!DC88!C6C7!D4:A!>=<58D!k!@5!
<5BC4C=53! :?=! C23! ;583! CBC4=! D4:A! <:A5! 6;:887! :=;54! C23! =:=C887!
5W=54>:4!6C7! =:! @5L! <:A5!:=;54! \8>D5TL! =;C=!6:?83! CBB87! <=4>G=87! =:!2:2'
;?AC2!8>I>2F!@5>2F<a!=:!=;5!G:2=4C47L!>D!C27!52=>=7!:D!6;C=5I54!<:4=!8>I5<L!
=;52! ;CI>2F! C! 6:483! >2! =;5! AC2254! :D! C! 3><G8:<>I5! G:2G542D?825<<! :4!
\AC==54>2F25<<T!><!=;5!A:<=!B45G><5!<52<5'G:2=52=!:D!>=<!8>I>2Fa!>=!07!>2!=;5!
A:<=!C?=;52=>G! <52<5!:D! =;5!B4>A:43>C8! 0.$?'6)27P!*<!)5>35FF54! <C7<! >2!
;><!cC<<58!85G=?45<!:D!OYMQ'_S!
!
p(;5q!B4>AC8!F>I5225<<!:D!@5>2F'=;545!pH17#0&q!><!=;C=!>=!><!>2!C!6:483P!
1>D5! ><! =;C=!K>23!:D!45C8>=7!6;>G;! ><! >2!C!6:483!C23!>23553!>2!<?G;!C!
6C7! =;C=! >=! ;C<! C! 6:483P! #I547! 8>I>2F! G45C=?45! ;C<! >=<! 52I>4:2>2F!
6:483! 2:=! C<! <:A5=;>2F! 5W=C2=! 25W=! =:! >=! @?=! C<! <:A5=;>2F! =;C=! ><!
=;545! p21$ 07.q! D:4! >=! C<! 3><G8:<53L! ?2G:I5453P! 0:4! C! B4>A>=>I5! C2>AC8L!
=;5!6:483! GC2! @5! I547! <>AB85P! "?=! 8>D5! C23! >=<!6:483! C45! 25I54! =6:!
=;>2F<! <>35! @7! <>35a! 4C=;54L! 8>D5! \;C<T! >=<!6:483P! #I52! >2! @>:8:F7! =;><!
K>23!:D!K2:6853F5!><!<8:687!@5F>22>2F!=:!ACK5!;5C36C7P!-5:B85!C45!
2:6! 45D85G=>2F! :2! =;5! D?23CA52=C8! <=4?G=?45! :D! =;5! C2>AC8P! "?=!65!
A><<! =;5! 5<<52=>C8! =;>2F! ;545! >D! 65! 3:2T=! <55! =;C=! =;5! C2>AC8! ;C<! C!
!QY!
6:483P!$2!=;5!<CA5!6C7L!65!=::!C45!C86C7<!>2!C!6:483!>2!<?G;!C!6C7!
=;C=! >=! ><!3><G8:<53! D:4!?<P!*2!:@X5G=! <?G;!C<! C! G;C>4L! D:4! 5WCAB85L! ><!
A54587! 5W=C2=a! C88! 8>D5L! :2! =;5! :=;54! ;C23L! ><! =;545! p07.$ 21q! >2! <?G;! C!
6C7!=;C=!C!6:483!C8<:!><!=;545!D:4!>=P_O!
!
1>D5! ><! 6:483':B5225<<L! 3><G8:<>I5! >2'@5>2FP! #I547! 8>I>2F! @5>2F! E?C!
8>I>2F!;C<!:4!07!>=<!\=;545TL!>=<!H1L!>2C<A?G;!C<!>=!8>I5<P!H2G:2G5C8A52=!><!
G:2<=>=?=>I5! :D! ;?AC2! @5>2F<! C23! C2>AC8<! C8>K5! C<! =;5! \D?23CA52=C8!
<=4?G=?45T! :D! \C88! 8>D5TP! (;5! C2>AC8! ><!2:=! <=4C2353!:2! =;5! DC4! <>35!:D! C2!
\C@7<<!:D!5<<52G5T!@?=!4C=;54!DC88<!:2!=;5!I547!<CA5!8>D5'<B5G=4?A!C<!=;5!
;?AC2a!8>I>2F!@5>2F<!C45!<5BC4C=53!D4:A!5CG;!:=;54!:287!@7!35F455<!:D!
>2=4>GCG7! C23! G:AB85W>=7L! C23! =;545D:45! B:=52=>C8>=7S! C2>AC8! 8>D5! ><!
\<>AB85TL! \B4>A>=>I5T! >2!G:ABC4><:2!6>=;!;?AC2! 8>D5! d>23553! >=! ><!6:4=;!
2:=>2F!=;C=!=;5!C2>AC8!><!;545!=;5!B4>I>85F53!=54A!:D!=;5!G:ABC4><:2S!\>2!
=;5!<CA5!6C7L!65!=::lTL!>P5PL!X?<=!8>K5!=;5!C2>AC8eP!
! $2!;><!RR!OYM_!85G=?45<!=>=853!:07.'6+$',$."#$S'&;#5.$',$!0(#!)5>35FF54!
F>I5<!C2!5WCAB85!:D!:25!<?G;!\B4>A>=>I5!C2>AC8TL!=;5!<2C>8S!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_O!B/55PL!O`ZP!UDP!&*!O^L!ON_DPg^`S!\"5>2F'=;545!pH17#0&q!C<!R#0&*$0&$1$?'6)2!
d@5>2F'>2e!><!@5>2F!=;C=!3><G8:<5<P!J;C=!><!5WB45<<53!@7!=;5!B;4C<5!n>2!C!
6:483o! ><!2:=! =;C=! =6:!:@X5G=<! C45! 458C=53! >2! <:A5!6C7! =:!:25!C2:=;54!
@?=! >2<=5C3! =;C=! =;5! <B5G>D>G! @5>2F! :D! 8>I>2F! @5>2F<! p2#7$ O#R#&2#&q! ><!
F4:?2353!:2!"1=0&*!=;5!6:483!>2!=;5!AC2254!:D!=CK>2F!GC45!:D!>=PT!
!_N!
p(;5!B;52:A52:2!:D!>2'@5>2Fq!AC7!@5!G8C4>D>53!@7!C2!C2C8:F7!6;>G;!
>=<58D!><!2:=!=::!DC4!45A:I53!D4:A!=;5!AC==54!C=!><<?5L!>2C<A?G;!C<!=;><!
C2C8:F7! ><! G:2G54253! 6>=;! C2! 52=>=7! =:! 6;>G;! 65! A?<=! 8>K56><5!
C==4>@?=5L!>2!C!D:4AC8!6C7L!=;5!K>23!:D!@5>2F!6;>G;!@58:2F<!=:!@5>2F'
=;545!pH17#0&q!k!\8>D5TlJ5!GC2!<C7!=;C=!=;5!<2C>8!C=!=>A5<!G4C68<!:?=!:D!
>=<!<;588!C23!C=!=;5!<CA5!=>A5!K55B<!>=!:2!;C23S!>=!<=45=G;5<!>=<58D!:?=!
=:!<:A5=;>2FL! =:! D::3L! =:!<:A5!=;>2F<!6;>G;! >=! D>23<!:2! =;5!F4:?23P!
,:5<!=;5!<2C>8!=;545@7!D>4<=!52=54!>2=:!C!458C=>:2<;>B!:D!@5>2F!6>=;!=;5!
6:483m!%:=!C=!C88t!$=<!CG=!:D!G4C68>2F!:?=!><!@?=!C!8:GC8!A:3>D>GC=>:2!:D!
>=<!C845C37'@5>2F'>2'=;5'6:483P!#I52!6;52!>=!><!>2!>=<!<;588L!>=<!@5>2F!><!
C!@5>2F':?=<>35L!4>F;=87!?2354<=::3P!$=!><!2:=!>2!>=<!<;588!8>K5!6C=54!>2!
=;5!F8C<<l>=!><!<?G;!=;C=!>=!;C<!C!6:483P!(;5!<2C>8!><!2:=!C=!=;5!:?=<5=!
:287!>2!>=<!<;588!C23!2:=!75=!>2!=;5!6:483L!C!6:483!35<G4>@53!C<!<=C23'
>2F!:I54!CFC>2<=!>=L!C2!:BB:<>=>:2!6;>G;!>=!@4:CG;5<!@7!D>4<=!G4C68>2F!
:?=P!$=!G4C68<!:?=!:287!>2<:DC4!C<!>=<!@5>2F!><!C845C37!=:!@5!>2!C!6:483P!
$=!3:5<!2:=!D>4<=!C33!C!6:483!=:!>=<58D!@7!=:?G;>2FP!+C=;54L! >=! =:?G;5<!
@5GC?<5!>=<!@5>2F!A5C2<!2:=;>2F!:=;54!=;C2!=:!@5!>2!C!6:483P_M!
!
(;><!><!25>=;54!\D8C@@54FC<=>2FT_Z!2:4!G:2=4C3>G=:47P!*<!C!8>I>2F!@5>2FL!=;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_M!&*!MNL!MMZDPgO`_DP!
_Z!,CI>3!c4588! D>23<! >=! =;?<!:287!@5GC?<5!;5!3:5<!2:=! =CK5! >2=:!CGG:?2=!
=;5! B4:B54! ;:4>[:2! :D! B4:@85AC=>[C=>:2! :D! 8>D5! C<! :B5225<<! I54<?<!
!_O!
<2C>8! BC4=CK5<! :D! DCG=>GC8! 8>D5! >2C<A?G;! C<! DCG=>G>=7! E?C! >2'25<<!
G:2<=>=?=5<!=;5!I547!@5>2F!:D!8>D5P!(;5!GCI5C=!=;C=!=;><!CBB8>5<!=:!=;5!<2C>8!
:287! \D:4AC887T! 3:5<! &'.! A5C2! =;C=! =;5! <2C>8! BC4=CK5<! :D! <:A5!6;:887!
:=;54!C23!=;?<!>2CGG5<<>@85!A:35!:D!@5>2F!=;C=!65!GC2!:287!F4C<B!:2!=;5!
A:358!:D!DCG=>GC8! 8>D5a!4C=;54!>=! >AB8>5<!=;C=!=;5!B5G?8>C4!<:4=!:D! >2'@5>2F!
G;C4CG=54><=>G!:D!=;5!<2C>8T<!8>D5!><!4C3>GC887!d@?=!2:=!5<<52=>C887e!3>DD5452=!
D4:A!=;C=!6;>G;!G;C4CG=54>[5<!:?4!:62!;?AC2!8>D5P!(;5!<2C>8T<!G4C68>2FL!
<=45=G;>2F!C23!B:K>2F!C4:?23!C45!>23>GC=>I5!:D!C!B4>A>=>I5L!4?3>A52=C47!
C23L! D:4! ?<L! C8>52! D:4A! :D! >2'@5>2FL! @?=! 17$ )0,#! >=! ><! <=>88! >2'@5>2F!
2:25=;585<<P_Q!
! J5!<55!=;C=!=;545!><!C<!75=!2:!G:2?234?A!:D!\CGG5<<T!=:!8>D5!C23!=;5!
8>I>2FL! @?=! 4C=;54! :287! C! B4:D:?23!3>DD>G?8=7L! B54;CB<! >2<?4A:?2=C@85L!
:D!G:A>2F!=:!F4>B<!6>=;!85<<54!35F455<!:D!8>D5L!>2'25<<L!:B5225<<L!5=GP!(:!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!=;>2F8>25<<L!@?=!<55<!>=!>2<=5C3!C<!C!K>23!:D!:2=:'=;5:8:F>GC8!B;:@>C!:D!C!
E?C<>'G:2G5B=?C8! \8>D5T! =;5! @5>2F! :D!6;>G;! ;5! <>AB87! =CK5<! D:4! F4C2=53!
dC23! 3:5<! 2:=! 58C@:4C=5! :2e! C=! =;5! :?=<5=P! #I5476;545! c4588! <55<!
)5>35FF54T<!=5W=!?2354A>2>2F!C23!35G:2<=4?G=>2F!>=<58DL!6;52!>2!DCG=!>=!
:@57<! C! DC>487! 4>F:4:?<! C23! G:2<><=52=! :4354P! R55! ,CI>3! 0C44588! c4588L!
H10('&$ O0,#T$ :#02#**#6$ 1&2$ O0,#Z%"0)'7'5"+! d$23>C2CB:8><S! $23>C2C!
H2>I54<>=7!-45<<L!OYYMeL!VYDP!
_Q!UDP!&5:4F5<! "C=C>885L!36'.07(T$H#1."$b$B#&7/1)0.+! dRC2! 04C2G><G:S!U>=7!
1>F;=<!"::K<L!OYV`eL!OQDPL!C8<:!YYDP!
!_M!
=CK5! ?B! C23! 52FCF5! =;><! 3>DD>G?8=7! ><! =;5! B4:B54! =C<K! :D! @>:8:F7! k! @?=!
:287! >2<:DC4!C<!@>:8:F7! =CK5<! >=<!3>45G=>I5! D4:A!B;>8:<:B;7!C23! >23553!
R#;'(#7! B;>8:<:B;7! C<! B4>A:43>C8! <G>52G5L! >P5PL! C<! B;52:A52:8:F7! :D!
DCG=>GC8!8>D5S!
!
J5!GC2!C44>I5!C=!=;5!@>:8:F>GC8!@C<><!:D!;?AC2!@5>2F!k!>P5PL! =;5!@C<>G!
<=4?G=?45! :D! :?4! \@>:8:F>GC8! @5>2FT! >2! =;5! 2C44:6! <52<5! k! :287! >D!
@5D:45;C23! 65! ;CI5! C845C37! ?2354<=::3! \@>:8:F>GC8! @5>2FT! C<! C!
<=4?G=?45! :D! 5W><=52G5! pH17#0&L! >P5PL! @5>2F'>2'=;5'6:483! >2! =;5! A:<=!
F5254C8! <52<5qP! $=! 3:5<! 2:=! 6:4K! >2! 45I54<5P! J5! GC22:=! 354>I5! =;5!
35=54A>2C=>:2!\@5>2F'>2'=;5'6:483T!D4:A!@>:8:F7P!$=!A?<=!@5!CGE?>453!
B;>8:<:B;>GC887P!(;><!A5C2<!=;C=!5I52!@>:8:F7!`/1!@>:8:F7!GC22:=!<55!
=;5! <=4?G=?45<! :D! \@>:8:F>GC8! @5>2FT! >2! >=<! <B5G>D>G! :@X5G=<L! D:4! `/1!
@>:8:F7! >=! C845C37! B45<?BB:<5<! <?G;! <=4?G=?45<! 6;52! >=! <B5CK<! :D!
B8C2=<! C23! C2>AC8<P! ">:8:F7! GC2! 5<=C@8><;! C23! 35=54A>25! =;5<5!
<=4?G=?45<! :287! @7! =4C2<F45<<>2F! >=<! :62! 8>A>=<! C23! @5G:A>2F!
B;>8:<:B;7P! *23! >2! DCG=! A:45! =;C2! :2G5! >2! =;5! G:?4<5! :D! =;5!
35I58:BA52=!:D!A:3542!@>:8:F7L!5<B5G>C887!>2!=;5!2>25=552=;!G52=?47!
dC8=;:?F;! :287! >2! I547! F5254C8! G;C4CG=54>[C=>:2<! C23! ICF?5!
G:2G5B=<eL! @>:8:F><=<! ;CI5! 45D54453! =:! =;><! <=4?G=?45! C23! =:! =;5! DCG=!
=;C=!C2>AC8<!C@:I5!C88L!C23!B8C2=<!>2!C!G54=C>2!<52<5L!;CI5!C!6:483P__!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!__!&*!MOL!MO_gOVOP!
!_Z!
(;><! ><! C! 4C3>GC8! G8C>AP!)5>35FF54! ><! 5<<52=>C887! <C7>2F! =;C=! 8>D5L! 7#&7/$
7.60;.'L! ><! =;5!5WG8?<>I5!B4:I>2G5L!2:=!C=!C88!:D!@>:8:F7!C<! =;5! \<G>52G5!:D!
8>D5TL! @?=! C86C7<! C23! :287! :D! B;>8:<:B;7! C<! B;52:A52:8:F7P! (;5! \8>D5T!
=;C=! @>:8:F7! =CK5<! D:4! >=<! <?@X5G=! AC==54! ><! :287! F52?>2587! >2=54B45=53!
B;52:A52:8:F>GC887L! I>[PL! C<! @5>2F'>2'=;5'6:483P! (;545D:45! @>:8:F7! ><L!
6>=;! 45<B5G=! =:!6;C=! ><! B4>A:43>C8L! C! G:2F52>=C887! 35D>G>52=! <G>52G5a! >=!
?245D85G=>I587! =CK5<! :I54! C23! ACK5<! ?<5! :D! G54=C>2! >2<>F;=<! =;5! 45C8!
A5C2>2F!C23!>AB:4=!:D!6;>G;!>=! ><! >=<58D!G:AB85=587!>F2:4C2=!>2C<A?G;!
C<!>=!8CGK<!=;5!45E?><>=5!D?23CA52=C8!G:2G5B=<L!6;>G;!C45!C==C>2C@85!:287!
=;4:?F;! B;52:A52:8:F7P! U:2<5E?52=87L! C=! =;5! I547! A:A52=! =;C=!
@>:8:F7!GCA5!=:!C2!C?=;52=>G!CBB45;52<>:2!:D!>=<!:62!<?@X5G=!AC==54L!>=!
6:?83! 2:! 8:2F54! @5! @>:8:F7! @?=! 4C=;54! B;>8:<:B;7a! G:2I54<587L!
B;>8:<:B;7!><!1/."#&.0;$R0')'*+P!*!\D?23CA52=C8!@>:8:F7T!><!C2!:W7A:4:2a!
<?G;! C! =;>2F! 6:?83! @5! CG;>5IC@85! :287! @7! A5C2<! :D! C! <58D'25FC=>2F!
=4C2<F45<<>:2!>2!=;5!3>45G=>:2!:D!B;>8:<:B;7P!
! $2!C27!GC<5!65!<55!=;C=L!6;5=;54!=;4:?F;!B;>8:<:B;7!:4!C!B;>8:<:'
B;>[53!@>:8:F7L!K2:6853F5!:D!8>D5!><!B:<<>@85!@7!A5C2<!:D!C2!C2C8:F>GC8!
453?G=>:2! :4! C@<=4CG=>:2! D4:A! ;?AC2! 8>D5L! >P5PL! C! B4:G5<<! :D! 35'
G:AB85W>D>GC=>:2!:4!=;>22>2F':?=!:D!D?88L!5W><=52=>C8!8>D5!>2!:4354!=:!C44>I5L!
C=! 85C<=! D:4AC887L! C=! C! @C454L!A:45! <K585=C8!A:3C8>=7! :D! =;C=! I547! <CA5!
8>D5P!*<!)5>35FF54!64>=5<!>2!RR!OYM_S!
!
$=! ><! :287! 6;52!65! ;CI5! CBB45;52353! =;5! :@X5G=>I>=7! :D! =;5! 6:483!
!_Q!
6;>G;! ><! CGG5<<>@85! =:! ?<L! =;C=! ><! =:! <C7L! :?4! 458C=>:2<;>B! :D! @5>2F!
=:6C43! =;5! 6:483L! =;C=! 65! GC2! B54;CB<! C8<:! 35=54A>25! =;5!
6:483;::3!:D!=;5!C2>AC8!@7!G54=C>2!A:3>D>53!6C7<!:D!G:2<>354>2F!>=P!
(;5! 45I54<5! B4:G53?45! 3:5<! 2:=! 6:4KL! >2C<A?G;! C<! 65! C45! C86C7<!
G:AB58853! =:! <B5CK! :2! =;5! @C<><! :D! =;5! C2C8:F7! >2! C2C87[>2F! =;5!
52I>4:2>2F!6:483!:D!=;5!C2>AC8<P_`!
!
J5!GC22:=!G8>A@!?B!D4:A!=;5!C2>AC8T<!6:483!=:!:?4!:62!6:483L!X?<=!C<!
65! GC22:=! 35<G523! D4:A!A:45!B4>A>=>I5! D:4A<! :D! 8>D5! 3:62! =:! <>2F85'
G58853! 8>D5L! <>2G5! 65! GC2! :287! >ACF>25! =;5! C2>AC8T<! 6:483! >2! =;5! D>4<=!
B8CG5! D4:A! :?=! :D! =;5! 45<:?4G5<! :D! :?4! :62! 8>D5'5WB54>52G5P! J5! GC2L!
;:65I54L!@5F>2!6>=;!:?4!:62!5WB54>52G5!C23!=;52!\A:3>D7T!>=!=:!C44>I5!
C=! =;5!C2>AC8T<!?2>E?5!<:4=!:D!6:4838>25<<P!/:3>D>GC=>:2! =;?<! >AB8>5<!C!
85<<52>2F!:4!<>AB8>D7>2F!>2<:DC4!C<!=;545!><!:287!:25!6:483!C=!><<?5L!=;C=!
><!=:!<C7L!>2<:DC4!C<!6:483!C23!6:483;::3!C45!5AB8:753!>2!=;5>4!4>G;5<=!
<52<5S!C<!."#!6:483!:D!)0,#$0.7#),P!
!
]P!*2>AC8!8>D5!>2!=;5!*4><=:=85!85G=?45<!
!
(;><! B?=<! ?<! >2! C! B:<>=>:2! =:! ?2354<=C23! @5==54! )5>35FF54T<! <5I54C8!
45AC4K<! :2! C2>AC8<! C23! C2>AC8! 8>D5! >2! ;><! G:?4<5<! :2! *4><=:=85!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_`!&*!MNL!ZN_gMMMP!
!__!
d5<B5G>C887!RR!OYMQ!C23!RR!OYM`eP!)545!65!<55!=;C=!)5>35FF54!><!25>=;54!
<>AB87! >2=54B45=>2F!*4><=:=85T<! =5W=! d>2! =;5!<52<5!:D! \F5==>2F! >35C<T! D4:A!
>=e! 2:4! >2=54X5G=>2F! D:45>F2! G:2G5B=<! C23! =;5:4>5<! >2=:! >=L! @?=! 4C=;54!
6#;'=#60&*! >=<! B4:B5487! B;52:A52:8:F>GC8! =4?=;! >2! C! 6C7! =;C=! 6C<! 2:=!
B:<<>@85! D:4! *4><=:=85! ;>A<58DP! *<! )5>35FF54! <C7<! C=! :25! B:>2=! :D! =;><!
\D?<>:2!:D!;:4>[:2<TS!\$23553!=;><!C845C37!F:5<!@57:23!*4><=:=85L!@?=!>=!><!
25G5<<C47!D:4!?2354<=C23>2F!;>ATP_^!
! (;545!C45!D>I5!AC>2!=;>2F<!=:!2:=5!;545S!
! dOe!1>D5!C<!<?G;!><!C!B4>A:43>C8!@5>2F'>2'=;5'6:483!>2!=;5!<52<5!:D!C!
;CI>2F!:D!=;5!6:483S!
!
uvw!><!C!;'&;#5.$',$R#0&*a!\8>D5T!45D54<!=:!C!('2#$',$R#0&*L!>23553!C!A:35!
:D!R#0&*Z0&Z1Z?'6)2P!*! 8>I>2F! =;>2F! ><!2:=! <>AB87!C=!;C23! d='6"1&2#&eL!
@?=! ><! >2! C!6:483! >2! =;C=! >=! ;C<! >=<! 6:483P! *2! C2>AC8! ><! 2:=! <>AB87!
A:I>2F!3:62! =;5! 4:C3L! B?<;53! C8:2F! @7! <:A5!A5G;C2><AP! $=! ><! >2!
=;5!6:483!>2!=;5!<52<5!:D!;CI>2F!>=P_V!
!
(;><!;CI>2F!:D!=;5!6:483!><!C!K>23!:D!xyz{|z}~L!@?=!=;><!6:43!\><!2:=!=:!
@5! =4C2<8C=53! C<! n<52<C=>:2oL! D:4! >=! <>AB87! A5C2<! =;5! nB54G5>I>2Fo!
pK#6&#"(#&q!:D!=;5!6:483L!=;5!A:35!:D!;CI>2F'>='=;545T!k!>=!><L!>2!C!6:43L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_^!&*!MML!MNVgO`YP!
_V!&*!OVL!OVgOQP!
!_`!
=;5! \3><G8:<5325<<TL! 367;")'77#&"#0.L! :D! 8>D5P _Y !,><G8:<5325<<! 52=C>8<! C2!
5<<52=>C8! \C@>3>2FTL!L/,#&."1).L!CA>3<=!C23!6>=;!52=>=>5<a! >=! ><!C! \B4>AC47!
C23! B4>A>=>I5! @5>2F'>2TL! :4! <>AB87L! C! \36588>2FTL! ?'"&#&P`N!/:45:I54L!
>2<:DC4! C<! =;><! 3><G8:<>I5! C@>3>2F! ><! 2:=! =;C=! :D! C! <?@X5G=! I><'�'I><! C2!
:@X5G=! @?=! 4C=;54! =;C=! :D! =;5! <58D'8>I>2Fg6:483>2F! :D! 8>D5! >=<58DL! 6:483'
;CI>2F! ><! C86C7<! C=! =;5! <CA5! =>A5! C! <58D';CI>2F! :4! C! <58D'D>23>2FL! C!
\D#,0&2)0;"A#0.TS! 5I547! 8>I>2F! @5>2F! \><! G;C4CG=54>[53! @7! =;><!
35=54A>2C@>8>=7L!C! ,0&20&*Z'#),S!2:=!A54587!@5>2F'C=';C23!6>=;!:=;54<L!
@?=! 4C=;54!(10&.10&0&*$ '#),$?0."$ 0.W$ R#0&*$ '5#&$ .'$ ."#$?'6)2! :D! >=<58D! C<!
8>I>2F!=;>2FL!=;4:?F;!=;><!K55B>2F!:25<58DTP`O!
! dMe!$D!C88!8>D5!><!3><G8:<>I5!6:483';CI>2F!d>2'@5>2F!�!36588>2FeL!=;52!>=!
><!C8<:!=4?5!=;545!C45!35F455<!:4!85I58<!:D!G:AB85W>=7!:4!>2=52<>=7!:D!<?G;!
;CI>2Fg36588>2FP! (;?<L! D:4! 5WCAB85L! 8>D5! D:4! C2>AC8<! \><! G;C4CG=54>[53!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_Y!$@>3PL!_MgZ^P!
`N!$@>3PL! ZVOgM_VS! \LR020&*L!R#0&*Z0&! B45G><587! =;5! =;545!:D! 8>I>2FP!*! <=:25!
3:5<! 2:=! C@>35L! >=! ;CBB52<P! "?=! C2! C2>AC8S! n$=! C@>35<o! >2! >=<! ;5C4=t!
�}����!C23!��wS!B4>AC47!C23!B4>A>=>I5!@5>2F'>2P!n,6588>2Fotl-4>AC47!
;54A525?=>GC8!GC=5F:47L!2:=!C=!C88! <BC=>C8!C<! =:!@5!G:2=C>253L!G:2=C>253!
>2lJ>=;'6;>G;!:D!C@>3>2FtT!
`O!$@>3PL!ZM_DPgMMNP!UDP!_QgZVS!\L))$('2#7$',$)0=0&*$16#$;"161;.#60F#2$R+$."#$,1;.$
."1.W$"#6#W$."#$('2#$',$R#0&*$07$1$(1..#6$',$,0&20&*Z'#),$0&$."#$('2#$',$R#0&*Z
0&Z1Z2075'70.0'&Z1&2ZR60&*0&*Z'#),Z."#6#0&PT!
!_^!
=;4:?F;! �v�wL! C23! D:4! ;?AC2! @5>2F<! =;4:?F;! ����~T! k! =;5! :287!
3>DD5452G5!@5=6552!=;5<5!@5>2F!=;C=!\>2!����~L!6;C=!><!8>I>2F'>2'C'6:483!
CBB4:B4>C=5<!=;5!6:483L!;C<!>=!=;545L!C23!F52?>2587!><!C23!A:I5<!>2!=;><!
;CI>2F'>='=;545TP `M !$2! :=;54! 6:43<L! =;5! 45C8! 3>I><>:2! ><! 2:=! @5=6552!
;?AC2! 8>D5!C23!C2>AC8! 8>D5! dC<! =;:?F;! =;5<5! 8C7!:2!:BB:<>=5! <>35<!:D!C!
I:>3eL!@?=!C86C7<!C23!:287!@5=6552!8>D5!C<!<?G;!C23!2:2'8>D5S!
!
#I547=;>2F!=;C=!><!C8>I5L!=:!=;5!5W=52=!=;C=!>=!5W><=<L!;C<!C!?'6)2L!6;>G;!
3:5<!2:=!;:83!D:4!6;C=!><!2:=!C8>I5P!#I547!8>I>2F!@5>2F!><!:4>52=53!=:!
<:A5=;>2FL! B?4<?5<! >=L! CI:>3<! >=L! 5=GP! (:! @5! <?45L! =;C=! AC7! ;CBB52!
>235=54A>2C=587P!(;?<!65!GC2!G:AB45;523!B4:=:[:C!C23!:=;54!D:4A<!
:D!8>D5!:287!>23>45G=87L!>2!C2C8:F7!6>=;!:?4<58I5<P!"7!=;5!I547!DCG=!=;C=!
C! 8>I>2F! @5>2F! 3><G8:<5<! C! 6:483L! =;5! @5>2F! :D! =;><! @5>2F! ><! C8<:!
3><G8:<53!=:! >=P! $=!K2:6<!C@:?=! >=<58DL!5I52! >D!:287! >2! =;5!3?885<=!6C7!
C23!>2!=;5!@4:C35<=!<52<5P!*8:2F!6>=;!=;5!3><G8:<?45!:D!=;5!6:483L!>=!
><!3><G8:<53!=:!>=<58DP`Z!
!
(;5! <58D'3><G:I547! C23! 3><G8:<5325<<! :D! =;5! 8>I>2Fg6:483>2F! :D! 8>D5! ><!
C86C7<!\=:!C2!5W=52=lTL!4C2F>2F!D4:A!=;5!3?885<=!C23!A:<=!F5254C8!<58D'
C6C4525<<! :D! B4:=:[:C! ?B! =:! =;5! \5W><=52=>C8T! <58D'CBB4:B4>C=>:2! :D! 8>D5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`M!$@>3PL!_MgZ^!d\F52?>2587T!�!#0*#&.)0;"eP!
`Z!&*!MML!MN^DPgO`YP!
!_V!
=;C=! G;C4CG=54>[5<! =;5! ;?AC2! d=;?<! CFC>2! 65! <55! =;5! B:<<>@>8>=7! :D! C2!
C2C8:F>GC8! G:AB45;52<>:2! :D! B4>A>=>I5! D:4A<! :D! 8>D5L! >P5PL! :D! C! K>23! :D!
453?G=>I5! :2=:'@>:8:F7eP! )5>35FF54! ;C3! C845C37! <=45<<53! =;><! B:>2=! C!
75C4!5C48>54!>2!RR!OYM_S!
!
*! <=:25! 25I54! D>23<! >=<58D! @?=! ><! <>AB87! :2! ;C23P! *! I547! B4>A>=>I5!
?2>G588?8C4!D:4A!:D!8>D5L!:2!=;5!G:2=4C47L!6>88!C845C37!D>23!>=<58DL!6;545!
=;><!3><B:<>=>:2!GC2!@5! =;5!F45C=5<=! C23!3C4K5<=!3?8825<<L!@?=! D:4!C88!
=;C=! >=! ><! >2! >=<! <=4?G=?45! :D! @5>2F! 5<<52=>C887! 3><=>2G=! D4:A! A54587!
@5>2F!:2!;C23!8>K5!C!=;>2FP`Q!
!
#I52!=;:?F;!=;5!?2>G588?8C4!:4FC2><A!52G:?2=54<!>=<58D!>2!=;5!AC2254!:D!
\=;5!F45C=5<=!C23!3C4K5<=!3?8825<<TL!<?G;!C!3?8825<<!2:25=;585<<!45AC>2<!
C!A:35! :D!D#,0&2)0;"A#0.P! "5GC?<5! >=! 8>I5<L! =;5! ?2>G588?8C4! :4FC2><A! ;C<!
25G5<<C4>87!C!K>23!:D!\458?G52G5T!6>=;>2!6;>G;!>=!><!C@85!=:!D>23!>=<58D!>2!C!
AC2254! =;C=! ><! =:=C887!C23!5<<52=>C887! >AB:<<>@85! D:4!<:A5=;>2F!A54587!
:2! ;C23! <?G;! C<! C! <=:25P! (;5! <=:25T<! 3C4K25<<! C23!3?8825<<! C45! :D! C2!
52=>4587! 3>DD5452=! A0&2a! >2! =;5! <CA5! 6C7L! =;5! ?2>G588?8C4! :4FC2><AT<!
3C4K25<<! C23! 3?8825<<! C45! 2:=! B4:B54=>5<! :D! <:A5! 2:2'8>D5! A:35! :D!
@5>2FL! @?=! 4C=;54! G;C4CG=54>[5! 8>D5L! >2'25<<L! >2! >=<! @C45<=! C23! A:<=!
B4>A>=>I5!<=C=5P!(;5!;?AC2!><!<>AB87!C!A:45!12=1&;#2!D:4A!:D!8>D5!=;C2L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`Q!&*!MNL!Z_MgM__P!
!_Y!
5PFPL!=;5!CA:5@Ca!D4:A!=;5!CA:5@C!=:!=;5!<2C>8!=:!=;5!;?AC2!65!;CI5!C!
<=5C37!52;C2G5A52=!C23!G:AB85W>D>GC=>:2!:D!:25!C23!=;5!<CA5!DCG=>GC8!
8>D5L!:25!C23!=;5!<CA5!458?G52=L!3><G8:<>I5!@5>2F'>2'=;5'6:483!d>=!ACK5<!
2:!<52<5L!@7!G:2=4C<=L!=:!<C7!=;C=!=;5!;?AC2!><!A:45!C3IC2G53!=;C2!=;5!
<=:25eP!
! dZe! (;5! <B5G>D>G! K>23! :D! xyz{|z}~! B5G?8>C4! =:! C2>AC8! 8>D5! ><! 2:=! C!
���~L!C!B?45!:@<54IC=>:2!:4!=;5:45=>GC8!K2:6>2FL!@?=!4C=;54!C2!����}~L!C!
\35<>4>2FT! C<! C! 75C42>2F! :4! 8:2F>2F! F:>2F':?='=:6C43! C2! �������L! C!
\35<>4C@85TP! ,5<>45! >23>GC=5<! =;5! 6C7! >2! 6;>G;! =;5! 6:483! (1..#67! =:!
C2>AC8<a! >=! =CK5<! =;5! D:4A! :D! C! ��v�}~! :4! C! ���}~g���wL! C! B?4<?>=! :4!
CI:>3C2G5! d:4! D8>F;=eL! 35B523>2F! :2! =;5! 458C=>I5! 35<>4C@>8>=7! :4!
?235<>4C@>8>=7! :D! =;5! AC==54>2F! 52=>=7P! *GG:43>2F87! =;5! 6:483! =;C=!
C2>AC8<!;CI5!C23!CGG5<<!C23!>2!6;>G;!=;57!D>23!=;5A<58I5<!><!C
!`N!
35BC4=?45!D:4!=;5!A:=>:2!><!2:=!=;5!B?45!C23!<>AB85!:@<54IC=>:2!:D!C!
35<>4C@85! :@X5G=P! (;><! :@X5G=! ><! 2:=! F4C<B53! =;4:?F;! xyz{|z}~! @?=L!
>2<=5C3L!=;4:?F;!����}~S!=;5!\G:2C=>:2T!;C<!=;5!D?2G=>:2!:D!3><G8:<>2FP!
.287! :2! =;5! @C<><! :D! =;5! �������! ><! =;545! 358>@54C=>:2L! �����}�L!
�}���}xP! $=! ><!2:=! =;5! GC<5! =;C=! =;5! 8>I>2F!@5>2F! D>4<=!:@<54I5<! =;>2F<!
3><>2=545<=5387L! A54587! 8::K<! C@:?=! >2! C! 25?=4C8! C==>=?35L! C23! =;52!
A:I5<! =:6C43! <:A5=;>2Fa! :2! =;5! G:2=4C47L! ����}~! ><! D?23CA52=C8P!
(;5!���w! ><! =;5!?2>=7!:D!�����}�!C23!�}����a! =;C=! ><! =;5!B4>2G>B85!:D!
A:=>:2! D:4! 8>I>2F! @5>2F<P! �yz{|z}~! D:4! C2>AC8<L! ���~! D:4! ;?AC2<P!
(;5!xyz{|z}~!:D!C2>AC8<!><!2:=!C!=;5:45=>GC8!GCBCG>=7a!:2!=;5!G:2=4C47L!
>=!5W><=<!>2!C!G:2=5W=!:D!B?4<?>=!C23!D8>F;=P`_!
!
U8:<587!C<<:G>C=53!6>=;!����}~! ><!����wL!B85C<?45!:4!DCI:?4C@>8>=7P!(;5!
=:'@5'B?4<?53! :4! =:'@5'CI:>353! ><! ���! :4! �� |���L! B85C<?4C@85!
dDCI:?4C@85e!:4!BC>2D?8P!"?=!=;5<5!C45!2:=!A545!\E?C8>=>5<T!=;C=!C==CG;!=:!
:@X5G='=;>2F<! =;C=! F5=! CBB45;52353! =;4:?F;! \:@<54IC=>:2Ta! 4C=;54! =;57!
35<>F2C=5! =;5! G;C4CG=54! :D! =;5! 6:483! >=<58D! C<! C2>AC8<! 45C887! ;CI5! >=S!
\1>I>2F! C<! @5>2F'>2'C'6:483! D>23<! >=<58D! G;C4CG=54>[53! @7!����w! >2<:DC4!
C<!=;5!���!><!."#6#P!0:4!C2>AC8<L!52G:?2=54>2F!=;5!6:483!>2!=;5!G;C4CG=54!
:D!=;5!���!><L!D:4!5WCAB85L!52G:?2=54>2F!C!DCI:?4C@85!D553>2F!B8CG5!C23!
2:=! C! <7AB;:27P! $=! ><! C86C7<! <:A5=;>2F! =;C=! ><! >2! =;5! C2>AC8T<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`_!&*!MML!ZNYDPgMMVP!
!`O!
<?44:?23>2F!6:483PT``!
! dQe!"5GC?<5!=;5!C2>AC8!;C<!C!6:483!C23!><!>2I5<=53!>2!>=<!6:483L!>P5PL!
D>23<! >=<58D! C23! >2I5<=<! >=<58D! >2! >=<! 6:483L! >2! ;:65I54! B4>A>=>I5! C23!
4?3>A52=C47! C! DC<;>:2L! =:! =;C=! 5W=52=! =;5! C2>AC8! B:<<5<<5<!
?2354<=C23>2FL!K#67.E&2&07L!C23!>23553!5I52!.6/."L!��w¡�}xS!>D!\p=:q!<C7!
=;C=!<:A5=;>2F!><!?2354<=::3!A5C2<!=;C=!>=! ><!(1&0,#7.! >2!>=<!@5>2F!<?G;!
C23! <?G;TL! =;52! >=! 2C=?4C887! D:88:6<L! >D! C2>AC8<! 8>I5! C23! ;52G5! C45!
3><G8:<>I5L! =;C=! ?2354<=C23>2F! \C8<:! @58:2F<! =:! =;5! A:35! :D! @5>2F! :D!
C2>AC8<TP`^!"?=! 6;C=! 3:5<! =;><! \AC2>D5<=! >2! >=<! R#0&*! <?G;! C23! <?G;T!
A5C2m!$=!3:5<!2:=!A5C2L!=:!@5!<?45L!=;C=!=;5!C2>AC8!;C<!@5>2F<!C<!<?G;L!
@5>2F<!E?C!@5>2F<L!=;C=!=;5!C2>AC8T<!K#67.E&2&07!><!C!B#0&7=#67.E&2&07!k!=:!
=;5! G:2=4C47L! =;5! ���! C23! �� |���! C45! 2:=! B85C<?4C@85! C23! BC>2D?8!
R#0&*7L! @?=! :287! \=;5! B85C<?4C@85T! C23! \=;5! BC>2D?8T! >2! =;5A<58I5<P! $2!
:=;54! 6:43<L! C23! G4?G>C887L! >=! A5C2<! =;C=! =;5! C2>AC8T<! ����}~!
G:445<B:23<! =:! C! D:4A!:D!AC2>D5<=C=>:2! =;C=! ><! 52=>4587! >235B52352=!:D!
=;5! <:4=! :D! @5>2F'AC2>D5<=C=>:2! >AB8>GC=53! >2! =;5! ;?AC2!����~P! (;545!
5W><=<! C2! 1/.'&'('/7$ '6#;.0;$ ,'6($ ',$(1&0,#7.1.0'&! d\l=;5! nG:2C=>:2o! ;C<!
=;5! D?2G=>:2! :D! 3><G8:<>2FlTe! =;C=! ><! 2:=! 5E?>IC852=! :4! 453?G>@85! =:L! :4!
G:23>=>:2C8! ?B:2L! =;5! AC2>D5<=C=>:2! :D! R#'>2Fa! =;>2F<! GC2! <=C23!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!``!&*!OVL!_ZgZVP!*8<:!_QgZVS!\p(;5q!���!><!52G:?2=5453!@7!C2!C2>AC8!=;C=!
C845C37!><!>2!=;5!A:35!:D!D>23>2F'>=<58D!>2!=;5!6:483PT!
`^!&*!MML!MN^DPgO`YP!
!`M!
?2G:2G5C853L! GC2! <=C23! >2! C! G54=C>2! K>23! :D! =4?=;L! C23! 75=! 2:=! \@5T!
C27=;>2F!C=! C88P!1>K56><5! =;5!C2>AC8! GC2!?2354<=C23! =;5<5! =;>2F<! 5I52!
=;:?F;!>=!3:5<!2:=!CBB45;523!=;5A!\C<T!\@5>2F<TP!*88!=;5!<CA5L!>2<:DC4!C<!
>=! 3:5<! ?2354<=C23! =;5AL! >=!A?<=! >23553!;CI5! =;5A! \17T! =;57!AC2>D5<=!
=;5A<58I5<L! >2! 6;>G;! GC<5! 65! <;:?83! ;CI5! =:! <C7! =;C=! =;5! C2>AC8!
B:<<5<<5<! <:A5=;>2F! 8>K5! C2! X17I$ ',$ 2#706#! k! C2! :45G=>G! 17L! >D! 7:?! 8>K5P!
-?4<?>=! C23! D8>F;=! C45! C86C7<! :4>52=53! ?2354<=C23>2F87! =:! 6;C=!
3><G8:<5<!>=<58D!17!DCI:?4C@85!:4!=;45C=52>2FL!17!35<>4C@85!:4!?235<>4C@85L!
17! �}x��������! :4! ���}��������L! =;5! =:'F:'CD=54! :4! =;5! =:'D855'D4:AP!
)545!xyz{|z}~!C<!����}~!=CK5<!=;5!D:4A!:D!��wL!\G:2=CG=TS!
!
*2!C2>AC8!><!=;545L!C2!C2=!G4C68<!?B!=;5!=4?2K!<:!=;C=!>=!;C<!=;5!=4?2K!
>2!C!G54=C>2!6C7!17$0.7$'R7.1;)#L!<:!=;C=!=;5!=4?2K!6>=;!6;>G;!>=!><!=;545!
><!2:25=;585<<! =;545! D:4! >=!C<!�}x��������L!���}��������!p<:A5=;>2F!
=:! 6;>G;! >=! ><! 3><B:<53! :4! :BB:<53q! D:4! =;5! C2>AC8! =;4:?F;! ��wL!
=;4:?F;!\G:2=CG=TP!(;><!@5>2FL!C<!C2>AC8L!;C<!=;C=!6>=;!6;>G;!>=!><!<=>88!
."#6#a! =;5! ��~! �}! ><! G;C4CG=54>[53! @7! =;5! ����l<?G;! =;C=!6;C=! =;5!
8>I>2F! =;>2F! ><! 458C=53! =:! ><! =;545! C<! ?2G:I5453L! B54G5>I53L! <552L! :4!
=;:?F;=P`V!
!
(;5! :45G=>G! 17! ><! A:45! :4>F>2C47! =;C2! 5>=;54! =;5! :2=:8:F>GC8L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`V!&*!OVL!ZM_DPgMMN!d<:A5!5AB;C<><!C3353eP!
!`Z!
;54A525?=>GC8L!CB:B;C2=>G!:4!C<<54=:4>G!17L!C23!75=! =;><!17!C8<:!@58:2F<!
D?23CA52=C887!=:!8>D5!C23!><!B54;CB<!=;5!A:<=!@C<>G!:D!C88P!
! d_e!0>2C887L!B45G><587!@5GC?<5!=;5!C2>AC8!;C<!>=<!6:483!?2G:2G5C853!
C23L!65!AC7! <C7L! B45'C4=>G?8C=53! D:4! >=! >2! =;><!6C7! k! >P5PL! 17! �������L!
���L! �� |���L! �}x��������L! ���}��������! k! =;545! @58:2F<! =:! C2>AC8!
8>I>2F! C! G:AA52<?4C=5! D:4A! :D! >23>GC=>2F! :4! <>F2C88>2F! =;C=! =CK5<! =;5!
D:4A!:D!C2!52=>G>2F!:4!6C42>2FP!"7!A5C2<!:D!<?G;!<>F2C88>2FL!>P5PL!�v�wL!
=;5! AC==54>2F! 52=>=7! ><! B:>2=53! :?=! C<! B85C<?45'>23?G>2F! :4! BC>2'
>23?G>2FL!=:'B?4<?5!:4!=:'CI:>3L!5=GPS!
!
(;><! @5>2F! =;C=! ><! =;545! >2! =;5! G;C4CG=54! :D! AC==54>2F'=:'C2>AC8<! ><!
0&20;1.#2L! C2>AC8<! F>I5! C! \<>F2TL! z|�����P! $=! 0&20;1.#7! @5>2F<! =;C=! C45!
=;545!6>=;! =;5! G;C4CG=54! :D! =;5! ���P! (;5! >23>GC=>2F! F>I5<! 2:! 45B:4=!
C@:?=! =;5! @5>2F'C=';C23! :D! 6;C=! ><! B85C<>2F! :?=<>35! >2! 2C=?45L! @?=!
4C=;54!=;><!>23>GC=>2F!C23!G47>2F!:?=!><!>=<58D!C2!#&.0;0&*!:4!C!?16&0&*P`Y!
!
"?=! C8=;:?F;! �v�w! ><! 2:=! C2! 5W;>@>=>2F! :4! AC2>D5<=>2F! k! 25I54! C2!
:@<54I>2F'C<G54=C>2>2F!:D! @5>2F<! 45C37! =:!;C23!@?=! 4C=;54!:287! C!B?45!
>23>GC=>2F!\6>=;>2!=;5!:4@>=!:D!pC2>AC8<Tq!C2>AC8><=>G!;CI>2F'=:'3:T!k!<=>88!
>=! ><!C!K>23!:D!<;:6>2F!:4!>88?A>2C=>2F!:D!=;5!\=;545T!17$7.6/;./6#2$R+$."#$
'6#;.0;$C<L!I>[PL!>2!=54A<!:D!���!C23!�� |���S!\R>2G5!C2>AC8<!>23>GC=5!=;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`Y!$@>3PL!_QDPgZYP!
!`Q!
=;45C=52>2FL!:4!C8C4A>2FL!C23!<:!:2L!=;57!<>F2C8L!>2!=;><!>23>GC=>2F!:D!=;5!
@5>2F'=;545!:D!=;5!6:483L!=;5>4!@5>2F!>2!C!6:483P!(;5!6:483!><!>23>GC=53!
17$cde!C23L!C=!=;5!<CA5!=>A5L!>=!><!C!<>F2C88>2F!:D!@5>2FL!@5>2F'=;45C=5253L!
;CI>2F'D:?23L!C23!<:!:2T^N!d=;C=!><L!2:=!C!<>F2C88>2F!:D!@5>2F!>=<58DL!@5>2F!
E?C!@5>2FL!@?=!:287!:D!=;5!C2>AC8T<!:62!@5>2F'>2'=;5'6:483!C<!C!@5>2F'
=;45C=5253L!@5>2F'3><G:I5453L!@5>2F'>2'B?4<?>=L!5=GPeP!
! (;5!*6'/&2!:D!�v�w!C<!52=>G5A52=!C23!6C42>2F!><!=;5!C2>AC8T<!G:'
@58:2F>2F!6>=;!:=;54!C2>AC8<! >2! >=<!6:483L! >=<!R#0&*Z?0."!:=;54!C2>AC8<L!
<?G;! =;C=! �v�w! ;C<! \=;5! G;C4CG=54! :D! 1226#770&*$ 0.7#),$ .'fTL! I>[PL! =:! =;5!
:=;54<!6;>G;!>=!52G:?2=54<!C23!52FCF5<!>2!=;5!6>=;'6:483P!*GG:43>2F87!
52=>G>2F!C23!6C42>2FL! C<!35=54A>253!@7!@5>2F'6>=;':25'C2:=;54L! C45! C!
@4>2F>2F'=:F5=;54!C23!45B588>2FL!34C6>2F':=;54<'G8:<5'@7!C23!B?<;>2F'
:=;54<'C6C7S!
!
#2=>G>2F! A5C2<! =:! @4>2F! C2:=;54! C2>AC8! >2=:! =;5! <CA5! 3><B:<>=>:2a!
6C42>2F! ><! =;5! 45B588>2F! D4:A! =;><! <CA5! 3><B:<>=>:2P! #2=>G>2F! C23!
6C42>2F!C<!6#5#))0&*!C23!R60&*0&*L!>2!=;5A<58I5<L!;CI5!>2!=;5>4!F4:?23!
R#0&*Z?0."Z'&#Z1&'."#6lp6;>G;q! @5G:A5<! AC2>D5<=! B45G><587! >2! =;5!
<B5G>D>G!@5>2F'G;C4CG=54!:D!C2>AC8<!C<!�v�wP^O!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!^N!$@>3P!d5AB;C<><!C3353eP!
^O!$@>3P!
!`_!
]$P!(;5!B54I54<525<<!:D!=;5!35D>2>=>:2!1&0(1)$61.0'&1)#!
!
$D! >=! ><! =4?5L!C<!65!;CI5!@552!>2<><=>2FL! =;C=!B8C2=<L!C2>AC8<!C23!;?AC2!
@5>2F<!C45!<5BC4C=53!D4:A!5CG;!:=;54!A54587!@7!3>DD5452G5<!:D!35F455!>2!
=;5! 4>G;25<<! :D! =;5! B5G?8>C4! <:4=! :D! >2'25<<! =;C=! 5CG;! 8>I5<! k! >D! 5I547!
8>I>2F!@5>2F!E?C!8>I>2F!><!C!6:48387!@5>2F'=;545L!C!\,C<5>2TL!C=!C!3>DD5452=!
<=CF5! :D! 35I58:BA52=! k! =;52! =;><! <55A<! B54D5G=87! G:ABC=>@85!6>=;! =;5!
=4C3>=>:2C8!35D>2>=>:2!:D!=;5!;?AC2!C<!C2!1&0(1)$61.0'&1)#L!C!8>I>2F!@5>2F!
=;C=!;CBB52<!=:!@5!523:653!6>=;!G54=C>2!<B5G>C8! DCG?8=>5<!=;C=!<54I5!=:!
3><=>2F?><;! >=! D4:A! :=;54! 8>I>2F! @5>2F<P! *23! 75=! =;><! ><! =;5! I547!
35D>2>=>:2!:D! =;5!;?AC2! =;C=!)5>35FF54! D8C=87! 45B?3>C=5<P!*GG:43>2F87L!
@5D:45!65!B4:G553!=:!G:2<>354!=;5!B4:G5<<!@7!6;>G;!DCG=>GC8! 8>D5!><!<B8>=!
>2=:! =;5! C2=>=;5=>GC8!A:35<!:D! @5>2F!:D! 5W><=52G5! C23! 8>D5L! >=!6>88! B4:I5!
>2<=4?G=>I5! =:! <;:6! 6;7L! D:4! )5>35FF54L! =;5! G:2G5B=! :D! =;5! 1&0(1)$
61.0'&1)#!><!?2=52C@85!C23!=;545D:45!3><E?C8>D>53P!
! 15=!?<!=?42!:2G5!CFC>2!=:!RR!OYM_L! >2!BC4=>G?8C4!=:!U;CB=54!ZL!ssON'
OZL! =;5! =6:D:83! C>A! :D! 6;>G;! ><! C2! 58?G>3C=>:2! :D! =;5! 2C=?45! C23!
<=4?G=?45!:D!B?45!G:2<G>:?<25<<!>2!)?<<548T<!B;52:A52:8:F7L!C<!6588!C<!
C!G4>=>GC8!5WB:<>=>:2!:D!)?<<548T<!B?4B:4=53!\25F85G=T!:D!@:=;!=;5!E?5<=>:2!
G:2G542>2F! =;5! @5>2F! :D! =;5! >2=52=>:2C8! C23! :D! =;5! \>2=52=>:2C8! 52=>=7T!
d>P5PL! =;5! ;?AC2eL! C23! =;5! E?5<=>:2! :D! =;5! A5C2>2F! :D! @5>2F! >=<58DP!
)5>35FF54T<!AC>2!:@X5G=>:2! >2! =;5<5!<5G=>:2<! ><! =;C=! =;5!B4:@85A!:D! =;5!
@5>2F!:D!=;5!>2=52=>:2C8!><!2:=!4C><53!C=!C88L!>23553!><!2:=!5I52!GCBC@85!:D!
!``!
@5>2F!4C><53! d>=! ><! \C@<?43TL! \2:2<52<>GC8TeL!6>=;>2! =;5! D>583! =;C=!)?<<548!
CG=?C887!<?GG553<!>2!<5G?4>2FL!I>[PL!B?45!G:2<G>:?<25<<!d@7!G:2=4C<=L!=;5!
E?5<=>:2!:D! =;5!A5C2>2F!:D!@5>2F!C<! <?G;! ><! C! \D?23CA52=C8!:A><<>:2TL!
>P5PL! C! <52<5! :D! =;5! E?5<=>:2! >=<58D! ><! 8CGK>2FeP^M!(;><! B4:@85A! A?<=! @5!
B?4<?53!>2!=;5!3:AC>2!:D!=;5!2C=?4C8!C==>=?35L! >2!=;5!DCG=>GC8!5W><=52G5'
5WB54>52G5!:D! =;5! G:2G45=5! >23>I>3?C8P!):65I54L! =;5!2C=?4C8!C==>=?35! ><!
B45G><587!6;C=! )?<<548! ;C<! =:! F>I5! ?B! >2! :4354! =:! <5G?45! =;5! 4C45D>53!
3:AC>2! :D! B?45! G:2<G>:?<25<<P! )?<<548! A:I5<! C6C7! D4:A! C!
G:2<>354C=>:2!:D!=;5!B;52:A52C!>2!=;5>4!G:2G45=5!DCG=?C8!<58D'F>I5225<<!
C23!>2!=;5!3>45G=>:2!:D!=;5>4!>35C=>:2L!=;5>4!G:2<=>=?=>:2!@7!CG=<!F4C<B53!
>2! =;5>4! ?2>I54<C8>=7P! $2! =;><! <52<5L! CGG:43>2F! =:! )5>35FF54L! 5I52! =;5!
B;52:A52:8:F>GC8! 453?G=>:2! >=<58D! ><! C! ;>F;87! /&'B;52:A52:8:F>GC8!
A:I5P^Z!
! "?=! >=! ><!2:=!<>AB87!C!AC==54!:D!F5==>2F!@CGK!=:!=;5!2C=?4C8!C==>=?35!
B4>:4!=:!=;5!453?G=>:2a!=;>2F<!C45!A:45!G:AB8>GC=53P!$2!DCG=!=;5!3>DD>G?8=7!
G:2G542<! 2:=! :287! \=;5! 35=54A>2C=>:2! :D! =;5! 45F>:2! C<! <?G;L! =;5!
G;C4CG=54>[C=>:2! :D! B?45! G:2<G>:?<25<<TL ^Q !@?=! C33>=>:2C887! =;5! I547!
\2C=?4C825<<T!:D! =;5!2C=?4C8!C==>=?35! >=<58DP!0:4!<:A5=;>2F! ><!56#7/55'7#2!
C@:?=! =;5! 2C=?4C8! C==>=?35L! C@:?=! >=<! B?4B:4=53! \45C8>=7TL! =;C=! ><! \=:=C887!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!^M!&*!MNL!O_^DPgOOZDP!
^Z!$@>3PL!O_NgONYP!
^Q!$@>3PL!O__gOOMDP!
!`^!
?22C=?4C8TP!#I52!>D!\=;5!>2=52=>:2C8!C=!D>4<=!:?F;=!=:!@5!F>I52!B45G><587!C<!
=;C=!6;>G;!><!=;52!3><45FC4353!>2!>35C=>:2TL!5I52!>D!>=!><!>2I:K53!\:287!=:!
@5! >AA53>C=587! <5=! C<>35L! =;5! >2=52=>:2C8! ><! ;545! 2:25=;585<<!
5WB54>52G53!>2!>=<!45C8>=7T!k!@?=!6;C=!A:35!:D!R#0&*!><!C==4>@?=53!=:!=;><!
45C8>=7m!
!
k! =;C=! :D! 45C8! :GG?4452G5<! >2! =;5! 6:483L! 8>I>2F! @5>2F<! 6;>G;! C45!
:@X5G=>I587! :2! ;C23L! 6;>G;! >2! CGG:43! 6>=;! =;5>4! @5>2F! C45! >2<54=53!
>2=:!=;5!\D?23CA52=C8!8C754T!:D!C88!45C8>=7L!>2=:!AC=54>C8!=;>2F25<<P!(;5!
@5>2F!:D!=;5!>2=52=>:2C8L!=;5!@5>2F!:D!CG=<L!=;5!@5>2F!:D!=;5!B<7G;>G!><!
=;?<!D>W53!C<!C!45C8!6:48387!:GG?4452G5!X?<=!8>K5!C27!2C=?4C8!B4:G5<<P^_!
!
*<! D:4! \=;5! 45F>:2!:D!5/6#$ )0=#2$ #45#60#&;#7L! :D!5/6#$ ;'&7;0'/7M$?0."$ 0.7$
5/6#$;'66#)1.#7L!=;5!45F>:2!:D!=;5!5/6#$#*'TL!;545!=::!$!CA!F>I52!=:!A7<58D!
C<!\nC!45C8!:@X5G=!8>K5!:=;54<!>2!=;5!2C=?4C8!6:483o!p)?<<548L!-2#17$-L!sZZqL!
=;C=! ><L! 8>K5!;:?<5<L! =C@85<L! =455<L!A:?2=C>2<P!)?AC2!@5>2F<! =;?<!:GG?4!
6#1)0.#6! >2!=;5!6:483L!CA:2F!=;5A!$!A7<58DP!$!B54D:4A!CG=<!d;'*0.1.0'eP!
(;5<5!CG=<!@58:2F!=:!=;5!n;?AC2!<?@X5G=oL!;52G5!C45!n:GG?4452G5<!:D!=;5!
<CA5! 2C=?4C8! 45C8>=7oPT^`!-45G><587! @5GC?<5! =;5! F?>3>2F! >2=52=! :D! =;5!
B;52:A52:8:F>GC8!453?G=>:2!><!=:!<5G?45!C!3:AC>2!=;C=!GC2!<54I5!C<!=;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!^_!$@>3PL!O_ZgOOOP!
^`!$@>3PL!OZODPgY_DP!
!`V!
F4:?23! :D! C88! <G>52=>D>G! 52E?>47! =CK52! >2! =;5! =4C3>=>:2C8! <52<5! C<!
>2I5<=>FC=>:2! >2=:! =;5! 45C8! >2! >=<! 45C8>=7L! =;5! @5>2F! :D! =;><! \45C8>=7TL! >P5PL!
@5>2F!>=<58DL!\><!5E?C=53!6>=;!@5>2F!C!B:<<>@85!3:AC>2!D:4!=45C=A52=!@7!C!
<G>52G5TP^^!(;5! B;52:A52:8:F>GC8!ACW>A! ><! =;?<! <=::3! :2! >=<! ;5C3S! \=:!
=;5!=;>2F<!=;5A<58I5<T!A5C2<!5<<52=>C887S!:287!\>2<:DC4!C<!=;57!G:A5!>2=:!
E?5<=>:2! C<! =;5! =;5A5! :D! C! <G>52G5TP^V!*GG:43>2F87! =;5! @5>2F! :D! =;5!
;?AC2!><!C8<:!=;:?F;=!6>=;>2!=;><!;:4>[:2a!=;5!;?AC2!><!6:I52!>2=:!=;5!
G:2=5W=?45!:D!=;5!45C8L!CBB45;52353!C<!:25!A:45!45C8!=;>2F!\:@X5G=>I587!
:2! ;C23TP! (;C=! ><! =:! <C7L! =;5! ;?AC2! ><! <?@:43>2C=53! =:! C! 6;:887!
=4C3>=>:2C8!CF523C!C23!F4C<B53!@7!A5C2<!:D!6;:887!=4C3>=>:2C8! =;5A5<!
C23! G:2G5B=<a! >=! ><! 25I54! G:2<>35453! C<! >=! ><! 17$ 7/;"L! :?=<>35! :D! =;><!
CF523C!C23!=;5<5!G:2G5B=<P!(;545D:45!=;5!;?AC2!GC2!:287!5I54!CBB5C4!
C<!<:A5=;>2F!G:2=>2F52=!C23!35B52352=!I><'�'I><!B?45!G:2<G>:?<25<<L!:4!
C<!)?<<548!<C7<L!C<!\C!@5>2F!6;>G;!;C<!=;5!A545!<5G:23C47!C23!458C=>I5!
<52<5!:D! C!@5>2F! ,'6! C! G:2<G>:?<25<<TL^Y!:25! =;C=! ><! \=4C2<G52352=T! >2! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!^^!&*!O^L!M_^gOYVP!UDP!M^NDDPgMNVDDPS!\p*88q!>2=545<=!;545!><!3>I54=53!3>45G=87!
=:!D:4A>2F!C!@C<>G!<G>52G5!C23!=:!G:2<>354>2F!=;5!52=>=7!D4:A!=;5!:?=<5=!
6>=;!C!I>56!=:!>=<!<?>=C@>8>=7!C<!=;5!=;5A5!:D!=;><!@C<>G!<G>52G5P!"5>2F!>2!
=;5! <52<5! :D! R#0&*$ 1$ 6#*0'&$ ,'6$ 7;0#&;#! A><B8CG5<! A:45! =;C2! 5I54! =;5!
B:<<>@>8>=7!:D!85==>2F!=;5!52=>=7!@5!52G:?2=5453!>2!>=<!G;C4CG=54!:D!@5>2FPT!
^V!$@>3PL!M^QgMOOP!
^Y!&*!MNL!O_QDPgOOMP!
!`Y!
<52<5!:D!C!458C=>I5!5AB>4>GC8!?2>=7L!BC4=!C23!BC4G58!:D!5I547=;>2F!=;C=!><!
<5BC4C=53! D4:A! =;5! C@<:8?=5! >AAC252G5! :D! B?45! G:2<G>:?<25<<! C<! \=;5!
<B;545!:D!@5>2F!:D!C@<:8?=5!:4>F>2<TP!
! %:6! =;545! C45! =6:! B4>2G>BC8! 6C7<! >2! 6;>G;! =;5! ;?AC2! ><!
CBB45;52353!>2!>=<!@5>2F!C<!=;5!:@X5G=>I5!:2!;C23P!.2!=;5!:25!;C23L!=;5!
;?AC2! GC2! @5! =CK52! C<! C! \¢£��TL! C! \[::8:F>GC8T! 52=>=7P! *! ¢£��! ><! C2!
:GG?4452=!\=;>2F!:D!2C=?45TL!C!\8>I>2F!@5>2FT!>2!\p=;5q!@4:C35<=!<52<5!C<!C2!
:@X5G=!:D!2C=?45TL!6;545!\2C=?45T!<>F2>D>5<!C!=;5:45=>GC8!B:<>=>:2!\>2!6;>G;!
5I547!52=>=7!><!=CK52!1$560'60!C<!C!8C6D?887!45F?8C=53!D8:6!:D!:GG?4452G5<!
>2!=;5!<BC=>:'=5AB:4C8!5W=54>:4>=7!:D!=;5!6:483TPVN!*<!C!¢£��L!=;5!;?AC2!
><! C!AC=54>C8':4FC2>G! CFF8:A54C=>:2! :D! D8:6<! C23!B4:G5<<5<!6>=;>2! =;5!
:I54C88! 45<=4>G=53! 5G:2:A7! :D! <?G;! B4:G5<<5<! G:AB4><>2F! \=;5! 2C=?4C8!
6:483Ta! CGG:43>2F87L! 6;C=! =;><! 35D>2>=>:2! B:>2=<! =:! \><! A54587! p=;5!
;?AC2T<q!@5>2F!:2!;C23!C<!C!=;>2FL!.'$?"0;"!G:AB:4=A52=<!C45!B54;CB<!
C3353!C<!nCBB523CF5<o!@?=!C45!2:=!45C887!4585IC2=!D:4!35=54A>2>2FT! >=<!
@5>2FP!(;?<!>=!><!:287!\E?C!=;>2F':D'2C=?45T!=;C=!=;5!;?AC2!\@5G:A5<!=;5!
<?@<=4C=?A!D:4!=;5!35=54A>2C=>:2!:D!G?8=?45L!;><=:47L!C23!<:!D:4=;TPVO!.2!
=;5! :=;54! ;C23L! =;5! ;?AC2! GC2! @5! >2=54B45=53! \<B>4>=?C887T! :4! \B54<:2'
C8><=>GC887TL!C<!=;5!6;:85!B54<:2!>2!;><!:4!;54!8>I>2F!B54<:2C8>=7L!=;C=!><L!>2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!VN!$@>3PL! O__DPgOOZP! UDP! &*! ML! `_g^QS! (;5! @5>2F! :D! =;5! ¢£��g1&0(1)! \><!
?2354<=::3!>2!=;5!<52<5!:D!:GG?44>2F!C23!@5>2F'B45<52='C=';C23PT!
VO!&*!O^L!M^MgMNYP!
!^N!
=54A<! :D! \?2>=7! D:4AC=>:2<T! <?G;! C<! <:?8L! B54<:2C8>=7L! G;C4CG=54L! 5=GP!
d)5>35FF54!><!45D544>2F!=:!=;5!AC2?<G4>B=!D:4!-2#17$--L!6;>G;!)?<<548!;C3!
45G52=87! <52=!;>AeP!0:4! 5WCAB85L! >2!,>8=;57T<!B<7G;:8:F7! =;5!B54<:2! ><!
=CK52!C<!=;5!CF52=!:D!;><=:47L!>2!RG;5854!C<!=;5!B54D:4A54!:D!CG=<L!C23!<:!
:2P!
! $=! AC==54<! 2:=! >2! =;5! 85C<=! =;C=! =;5! B54<:2C8><=>G! >2=54B45=C=>:2! ><!
=:?=53! C<! =;5! 1&.0'2C=?4C8><=>G! :25L! =;5! B54<:2! ;C>853! C<! =;5! \G:?2=54'
=;4?<=T!:D!2C=?45!dD:4!5WCAB85L!RG;5854!:<=52<>@87!>2<><=<!=;C=!=;5!B54<:2!
><!2:=! C! =;>2F!:4! C2!:@X5G=eP! 0:4! 5I52! >D! >=!6545!2:=! =4?5! dC<!)5>35FF54!
=;>2K<! >=! ><e! =;C=! =;5! <B>4>=! :4! B54<:2! ><! ?8=>AC=587! F4:?2353L! I>C! =;5!
B<7G;>GL!:2!=;5!2C=?4C8!6:483L!<?G;!=;C=!=;5!R#0&*!:D!=;5!B54<:2!><!25I54!
F>I52!B4>A:43>C887L!<=>88!:25!6:?83!C86C7<!;CI5!=:!C<K!6;5=;54!C23!>2!
6;C=!<52<5!\=;5!R#0&*$',$."#$,/))$;'&;6#.#$(1&T!G:?83!5I54!@5!B>2253!3:62!
>2!=;><!<:4=!:D!@4>G:85?4!DC<;>:2L!C<!<:A5=;>2F!\177#(R)#2!D4:A!=;5!@5>2F!
:D!=;5!AC=54>C8!<?@<=4C=5L!:D!=;5!@:37L!C23!D4:A!=;5!<:?8!C23!=;5!<B>4>=T!k!
C<!\=;5!56'2/;.!:D!=;5!K>23<!:D!@5>2F!:D!=;5<5!8C754<!:D!@5>2FTPVM!$23553!=;5!
B54<:2C8><=>G!>2=54B45=C=>:2!:287!<54I5<!=:!5<=C@8><;!=;5!:@X5G=>I>=7!:D!=;5!
;?AC2!5I54!A:45!D>4A87S! \$=!G54=C>287!3:5<!2:=!=CK5!AC2!C<!C!45C8>=7!:D!
2C=?45L! @?=! ;5! ><! <=>88! C! 6#1)0.+$ ',$ ."#$ ?'6)2$ ?"0;"$ ;'&7.0./.#7$ 0.7#),$ 17$
.61&7;#&2#&;#$ 0&$ 1R7')/.#$ ;'&7;0'/7MPTVZ!$2! =54A<! :D! >=<! @5>2FL! 6;>G;! ><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!VM!&*!MNL!O^MDPgOMQDP!UDP!&*!ML!`QDPg^QP!
VZ!$@>3PL!O^ZDPgOM_P!
!^O!
25I54!>2!E?5<=>:2L!=;5!B54<:2!45AC>2<!C!=;>2F!:2!;C23P!
! (;5! 45C<:2! 6;7! =;5! B54<:2C8><=>G! CBB4:CG;! G:?83! 25I54L! >P5PL! >2!
B4>2G>B85L! 3>DD54! D4:A! =;5! 2C=?4C8><=>G! :25! ><! @5GC?<5! @:=;! C45! 5E?C887!
AC2>D5<=C=>:2<! :D! :25! C23! =;5! <CA5! =4C3>=>:2C8! 35=54A>2C=>:2! :D! =;5!
@5>2F! :D! =;5! ;?AC2! C<! =;5! 1&0(1)$ 61.0'&1)#P! (;><! 35D>2>=>:2L! C<! =;5!
G:AA:2! 4::=! D4:A!6;>G;! =;5! :=;54<! <=5AL! <C7<! 2:=;>2F!A:45! :4! 85<<!
=;C2!=;><S!=;C=!=;5!;?AC2!><!1&$#4.1&.$."0&*$'&$"1&2$?0."$56'5#6.0#7S!
!
p$2q! =;5! @CGKF4:?23! :D! C88! E?5<=>:2<! C@:?=! =;5! >2=52=>:2C8L! =;5!
B<7G;>GL! C@:?=! G:2<G>:?<25<<L! 8>I53! 5WB54>52G5L! 8>D5L! AC2L! 45C<:2L!
<B>4>=L!B54<:2L!5F:L!<?@X5G=L! =;545!<=C23<!=;5!:83!35D>2>=>:2!:D!AC2!C<!
1&0(1)$61.0'&1)#P!"?=!><!=;><!35D>2>=>:2!34C62!D4:A!5WB54>52G5<!6;>G;!
C>A!C=!C!B4>AC47!5WB54>52G5!:D!=;5!@5>2F!:D!AC2m!.4!3:5<!>=!2:=!G:A5!
D4:A!=;5!5WB54>52G5!:D!AC2!C<!C2!5W=C2=!=;>2F!:D!=;5!6:483!k!1&0(1)!k!
6;>G;! ;C<! 45C<:2! k! 61.0'&1)#! k! C<! C2! >2=4>2<>G! B4:B54=7m! (;><!
5WB54>52G5!3:5<!2:=!25G5<<C4>87!;CI5!=:!@5!2C=?4C8><=>G!>2!C2!5W=45A5!
<52<5l>=! ;C<! C! G54=C>2! X?<=>D>GC=>:2! 2:=!A54587! D:4! C! [::8:F>GC8! C23!
B;7<>:8:F>GC8!G:2<>354C=>:2!:D!AC2PVQ!
!
\+5C<:2T!A5C2<!=;5!DCG?8=7!:D!=;5:4>[>2F!C23!B:<>=>2FL!:D!=;>2F>D7>2F!D:4!
=;5! B?4B:<5<! :D! B:<<5<<>2F! C23!AC<=54>2F! k! D:4! 5WCAB85L! >2! <G>52=>D>G!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!VQ!$@>3P!
!^M!
3><G:?4<5P!$2!:@X5G=>D7>2F!@5>2F<!C<!C!6;:85L!=;5!;?AC2!:@X5G=>D>5<!>=<58D!
C<! @:=;! =;5! :@X5G=>D7>2F! @5>2F! C23! =;5! :?=G:A5! :D! C! B4:G5<<! :D!
:@X5G=>D>GC=>:2P! .4! C<! )5>35FF54! B?=<! >=! A?G;! 8C=54L! >2! ;><! %16(#&02#7!
85G=?45<!:D!OYQM'ZS!
!
*<!1&0(1)$61.0'&1)#L!AC2!><!=;5!\C2>AC8T!=;C=!GC8G?8C=5<L!B8C2<L!=?42<!=:!
@5>2F<! C<! :@X5G=<L! 45B45<52=<! 6;C=! ><! :@X5G=>I5! C23! :4354<! >=P! /C2!
G:AB:4=<!;>A<58D!5I5476;545!=:!:@X5G=<L!>P5PL!=:!6;C=!<=C23<!:I54!C23!
CFC>2<=!;>AP!(;><!>AB8>5<!AC2!;>A<58D!><!=;5!\<?@X5G=TL!=;5!@5>2F!=;C=L!
B:<>=>2F!>=<58D!:2!>=<58DL!3><B:<5<!:D!>=<!:@X5G=<!C23!>2!=;C=!6C7!<5G?45<!
=;5A! D:4! >=<58Dl/C2! ><! =;5! 8>I>2F! @5>2F! =;C=L! @7! 6C7! :D! 45B45<52'
=C=>:2L! DC<=52<! ?B:2! :@X5G=<! C23! =;?<! 8::K<! ?B:2!6;C=! ><! :@X5G=>I5L!
C23L!>2!8::K>2FL!:4354<!:@X5G=<L!C23!>2!=;><!:4354>2F!B:<>=<!@CGK!?B:2!
;>A<58D!=;5!:435453!C<!<:A5=;>2F!AC<=5453L!C<!;><!B:<<5<<>:2PV_!
!
J;5=;54! >2=54B45=53! [::8:F>GC887! :4! B54<:2C8><=>GC887L! 6;5=;54! >2!
AC=54>C8L!B<7G;>GC8!:4!<B>4>=?C8!=54A<L!=;5!\5WB54>52=>C8!C23!>2=544:FC=>I5!
;:4>[:2T! ><!358>25C=53! >2!C3IC2G5!C23!52=>4587!@7! \=;5!A:<=! G?<=:AC47!
2CA5! D:4! =;><! 52=>=7L! AC2S! "'('$ 1&0(1)$ 61.0'&1)#TP V` !\L&0(1)T! A5C2<!
\=;>2FTL! \:@X5G=TS! =;5! ¢£��! ><! =;5! 2C=?4C8! C2>AC8L! =;5! :@X5G='=;>2F! 6>=;!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!V_!&*!_QL!MZMgO_`P!
V`!&*!MNL!MN^gO_QP!
!^Z!
2C=?4C8! B4:B54=>5<a! =;5! B54<:2! ><! =;5! <B>4>=?C8! C2>AC8L! =;5! :@X5G='=;>2F!
6>=;! <B>4>=?C8! B4:B54=>5<! k! 2C=?45'=;>2F! C23! B54<:2'=;>2FL! =;>2F<!
>352=>GC8! >2! =;5>4! =;>2F8>25<<P!(;5! 4C=>:2C8!C2>AC8! ><!2:=!B4>2G>BC887! =;5!
BC4C3:W>GC8! G45C=?45! =;C=! =:4A52=<!U;4><=>C2>=7!k!C! <=4C2F5!G:C85<G52G5!
:D! GC42C8! 34>I5<! C23! 3>I>25! <?@<=C2G5! k! @?=! 4C=;54! =;C=! :2!6;>G;! =;><!
G45C=?45! ><! ?8=>AC=587! F4:?2353S! =;5!6:48387! :@X5G=! 523:653!6>=;! =;5!
<B5G>C8!B4:B54=7!:4!D5C=?45!:D!45C<:2PV^!
! *GG:43>2F87!=;5!)5>35FF54>C2!<=4C=5F7!6>88!@5!=:!D>23!C!6C7!@CGK!=:!
6;C=! ><!;583!=:!@5!=;5!C?=;52=>GC887!2C=?4C8!C==>=?35!k!=;C=! ><L! >2!<?G;!C!
6C7!=;C=!=;5!@5>2F!:D!8>D5!C23!:D!8>I53!5WB54>52G5!><!2:=!<>AB87!B:<>=53!1$
560'60! C23! =CK52! :I54! ?245D85G=>I587! >2! <?@A><<>:2! =:! =;5! =4C3>=>:2C8!
G:2G542<!C23!AC23C=5<!:D!<G>52=>D>G!52E?>47L!@?=!4C=;54!><!=;:?F;=!D4:A!
:?=! :D! =;5! AC==54<! =;5A<58I5<! >2! =;5>4! <58D'B45<52=C=>:2PVV!*23! >D! =;5!
35D>2>=>:2!1&0(1)$61.0'&1)#! ><!=:!@5!<;?2253!C=!C88!G:<=<L!=;><!;C<!2:=;>2F!
=:! 3:! 6>=;! =;5! \C2>AC8>=7T! :D! AC2L! ;><! <?BB:<53! \@5<=>C8T! 2C=?45L! C23!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!V^!UDP! >@>3PL! OZZDPgY^S! (;5! <=45CA! :D! 8>I53! 5WB54>52G5! \><! C==CG;53! =:! C!
G:2G45=5! ?2>=7! >2lB<7G;:B;7<>GC8! C2>AC8! =;>2F<P! U:2<G>:?<25<<l><!
C86C7<! C! G:2<G>:?<25<<! >2! C! AC2! :4! C2>AC8P! $=! ACK5<! ?B! =;5!
B<7G;:B;7<>GC8!?2>=7!:D!C2!1&0(1)!6;>G;!:GG?4<!C<!C!F>I52!45C8!:@X5G=PT!
$2! =;><! <52<5L! 5I52! C2! C2>AC8! G:?83! @5! 453?G53! =:! =;5! \1&0(1)TL! =:! C!
2C=?4C8!:@X5G='=;>2F!6>=;!2C=?4C8!B4:B54=>5<P!
VV!UDP!&*!`OL!OVYDPgOQMP!
!^Q!
5I547=;>2F! =:! 3:! 6>=;! ;><! :@X5G=>I>=7L! :4! C=! =;5! I547! 85C<=L! 6>=;! =;5!
D:4A54!:287!=:!=;5!5W=52=!=;C=!>=!><!C!D?2G=>:2!:D!=;5!8C==54P!
! 0>2C887L! =;C=! =;5! 8>D5! C=! ><<?5! ;545! ><! >23553L! C<! 65! ;CI5! C845C37!
<;:62L!8>D5!17$7/;"L!=;5!8>D5!:D!=;5!6;:85!:D!=;5!8>I>2F!E?C!8>I>2FL!><!AC35!
B54D5G=87! G85C4! @7! G:2<>354>2F! =;5! 6C7! >2! 6;>G;! =;5! 35D>2>=>:2! 1&0(1)$
61.0'&1)#L! :2! =;5! @C<><! :D! 6;>G;! @:=;! =;5! ¢£��'=;>2F! C23! =;5! B54<:2'
=;>2F! C45! F>I52L! ><! C845C37! C! F4:<<! 3><=:4=>:2! :D! =;5! A:45! :4>F>2C47!
*4><=:=58>C2!¢£��!�����!¤���P!*<!)5>35FF54!45AC4K<!>2!RR!OYMZS!
!
(;5! B:<>=>:2! 6;>G;! 8::K53! C=! AC2! 6>=;! =;5! 35D>2>=>:2! \1&0(1)$
61.0'&1)#T! C<! >=<! F?>35! <C6!;>A! >2! =;5! <B;545! :D! :=;54! @5>2F<'6;>G;'
C45'=;545!6>=;!;>A!>2!=;5!A:35!:D!8>D5!dB8C2=<L!C2>AC8<e!C23!>23553!C<!
C! @5>2F! 6;>G;! ;C<! 8C2F?CF5! d�����! ¤���eL! 6;>G;! C3345<<5<! C23!
3><G?<<5<! >=<!6:483! k! C!6:483! >2>=>C887! =;545! D:4! >=! >2! =;5! 35C8>2F<! >=!
F:5<!C@:?=!>2!>=<! �¥�}~L!>=<!;'&;#6&!=CK52!>2!C!@4:C3!<52<5P!(;5!8C==54!
35D>2>=>:2!\1&0(1)$61.0'&1)#TL!\4C=>:2C8!C2>AC8TL!6;>G;!6C<!>23>DD5452=87!
?2354<=::3!<>AB87!>2!=54A<!:D!=;5!8>=54C8!<52<5!:D!=;5!6:43<L!G:I5453!
?B! =;5! >2=?>=>:2!6;>G;!6C<! =;5! <:>8! :?=! :D! 6;>G;! =;><! 35D>2>=>:2! :D!
;?AC2!@5>2F!:4>F>2C887!C4:<5PVY!
!
*845C37! >2! =;><! 5C487! =5W=! )5>35FF54! ><! E?>=5! 5WB8>G>=! =;C=! =;5! 1&0(1)$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!VY!&*!`ZL!M^DPgMZP!
!^_!
61.0'&1)#! ><! C2! 5W=45A5! B54I54<>:2! :D! =;5! ¢£��! �����! ¤���L! =;C=! =;5!
D:4A54! G:I54<! ?B! =;5!A:45! :4>F>2C47! >2=?>=>:2! :D! =;5! 8C==54S! ;545L! =;C=!
;?AC2<! C23! C88! :=;54! 8>I>2F! @5>2F<! d\B8C2=<L! C2>AC8<Te! C45! =;545! 6>=;!
5CG;!:=;54! >2! =;5!6:483! >2C<A?G;! C<! =;57! C45! C88! C8>I5L! C23! =;C=! >D! =;5!
;?AC2! ><!2:25=;585<<!3><=>2G=! D4:A! =;5<5!:=;54! 8>I>2F!@5>2F<! >=! ><! :287!
@5GC?<5!>=!;CBB52<!=:!<B5CK!C@:?=!>=<!8>I>2F!C23!=;C=!6;545>2!=;><!8>I>2F!
><!8>I53!:?=S!=;5!6:483P!1C=54!:2L!=;5!<52<5!:D!@:=;!\8>I>2FT!C23!\<B5CK>2FT!
><!=6><=53!C4:?23S!AC2T<!\C2>AC8>=7T!3:5<!2:=!<>=?C=5!;>A!>2!=;5!A>3<=!:D!
8>I>2F!8>D5!C8:2F!6>=;!=;5!8>I>2F!C<!C!6;:85L!@?=!4C=;54!453?G5<!;>A!=:!C2!
:@<54IC@85!:@X5G=L!C!A5A@54!:D!C!BC4=>G?8C4!F52?<!C23!<B5G>5<L!C!<B5GK!
:D! <=C43?<=! GC?F;=! ?B! >2! =;5! D8?W! C23! D8:6! :D! =;5! AC=54>C8! ?2>I54<5L!
6;>85! ;><! \4C=>:2C8>=7T! 45D54<! =:! ;><! <B5G>C8! 6C7! :D! <=C23>2F! :I54! C23!
CFC>2<=!=;5!?2>I54<5!C23!G:2=5AB8C=>2F!>=P!
!
]$$P!U:2G8?<>:2!
!
H2354! 2:! G>4G?A<=C2G5<! <;:?83! =;5! DCG=! =;C=! DCG=>GC8! 8>D5! d�! B?45! >2'
@5>2Fe! ><!?2>I54<C8! 8>D5!A><85C3!?<! >2=:!<?BB:<>2F!=;C=!@:=;!;?AC2!8>D5!
C23!C2>AC8!8>D5!C45!5E?C887!?2354!G:2<>354C=>:2!:4!=;C=!=;57!GC447!5E?C8!
65>F;=a!G85C487!=;57!C45!2:=L!C23!3:!2:=P!0:4!6;>85!>=!><!=4?5!=;C=!>=!><!8>D5!
C<! <?G;! =;C=! G:2<=>=?=5<! =;5!A:<=!B4:B54! <?@X5G=!AC==54! D:4!B;52:A52'
:8:F7L! <=>88! =;545! ><!C86C7<!C2!5AB;C<><L! C23! =;><!2C=?4C887! DC88<!:2! =;5!
;?AC2P!$=! ><!25I54! 8>D5! >2<:DC4!C<! >=! ><!;583!>2!G:AA:2!@5=6552!;?AC2!
!^`!
C23!C2>AC8!=;C=!><!C=!><<?5L!@?=!4C=;54!C23!C86C7<!8>D5!C<!>=!<6>2F<!>2!=;5!
3>45G=>:2!:D!=;5!;?AC2L!=:6C43!=;5!5W><=52=>C8!523!:D!=;5!8>D5'G:2=>2??AP!
! *88! =;5! <CA5L! =;5!)5>35FF54! :D! =;5! OYMN<!BC>2=<! C2! 5W=45A587! 4>G;!
C23!G:8:?4D?8!B>G=?45!:D!8>D5!C<!C!6;:85L!:D!8>D5!C<!C!?2>I54<C8!45C8>=7P!L))!
8>D5! ><!C!@5>2F'<>=?C=53!3><G8:<>I587!C23!3><B:<>=>:2C887!6>=;!:=;54<! >2!C!
6:483!=;C=!AC==54<!>2!<:A5!35D>2>=5!6C7P!0:4!C2>AC8<!=;><!A5C2<!@5>2F!
<>=?C=53!>2!C
!^^!
G;:>G5P! *GG:43>2F87! =;5! 6:483! ><! AC2>D5<=! =:! =;5! ;?AC2! >2! =54A<! 2:=!
<=4>G=87!:D!6;C=! ><!B85C<?4C@85! C23! >AA53>C=587! <C=><D7>2FL! ��!���L! @?=!
4C=;54!C23!C86C7<!:D!6;C=!><!5'770R)#S!;?AC2<!\GC2!B45<52=>D7!��!�¦����!
pn=;5!D?=?45oq!C<!=;5!B:<<>@85!C23!C<!=;C=!D:4!=;5!<CK5!:D!6;>G;!=;57!GC2!
CG=TP!
! "?=! >D!6;C=!65! ;CI5! <C>3! C@:?=! =;5! ?2>=7! :D! 8>D5! ><! =4?5L! =;><! :287!
452354<!5I52!A:45!<=4C2F5!C23!3>DD>G?8=!=;5!4C3>GC887!3?C8><=!I>56B:>2=!
35D52353!>2!JR!OYMY'ZN!k!I>[PL!=;C=!;?AC2<!C23!C2>AC8<!C45!<5BC4C=53!
@7!C2!\C@7<<!:D!5<<52G5TP!0:4!>2!=;><!GC<5!=;5!A5=CB;7<>G<!85G=?45<!A?<=!
@5!I>5653!2:=!<>AB87!C<!<:8>3>D7>2F!C!B:<>=>:2!C=!6;>G;!)5>35FF54!;C3!
C845C37! A:45! :4! 85<<! C44>I53L! C8@5>=! ?2=;5AC=>GC887L! @?=! 4C=;54! C<!
;'(5)#.#)+$ '=#6./6&0&*! C! D?23CA52=C8! C23! 355B87! ;583! G:2I>G=>:2P! (;5!
GC=C87<=! D:4! =;><!:I54=?42>2F! ><!6;C=!65!35<G4>@53!C=! =;5!:?=<5=!:D! =;><!
G;CB=54! C<! =;5! F4:6>2F! ?4F52G7! :D! =;5! @5>2F'E?5<=>:2! C23! =;5! <=5C37!
<;>D=>2F! :D! =;5! B4:@85A';:4>[:2! :D! B;>8:<:B;7! >2! =;C=! 3>45G=>:2P!
*GG:43>2F87L! =;5! E?5<=>:2!65!A?<=! 2:6!B:<5! ><! =;><S!6;7! k! C23! 5I52!
A:45! >AB:4=C2=87L! ;:6! k! 3:5<! =;><! 3><B8CG5A52=! :D! B;>8:<:B;7T<!
B4:@85A'25W?<! D4:A! =;5! d<58D'e45G?B54C=>:2! :D! C8>52C=53L! =;>2F>D>53! 8>D5!
=:!=;5!45=4>5IC8!:D!=;5!E?5<=>:2!:D!=;5!A5C2>2F!:D!@5>2F!dC23!?8=>AC=587!
>=<!58?G>3C=>:2e!25G5<<C4>87!52=C>8!C2!C@<:8?=5!C23!B54AC252=!G85CICF5!:D!
DCG=>GC8!8>D5!E?C!?2>I54<C8!8>D5m!
!^V!
!>1A$%2'D'
!
C2"/'C1)$3)1,'536%'$"'(#3/1,3$?E'
$>%'037%&$/%#$'"6'F%3#.G3#G$>%GH"2,-'
!
!
$P!(;5!B54<><=52G5!:D!=;5!?2>I54<C8!8>D5!I>56!
!
$=! ><! :D=52! C<<?A53! =;C=! )5>35FF54T<! B:<>=>:2! >2! D#0&*$ 1&2$ !0(#! 6>=;!
45<B5G=! =:! 8>D5! k! 5<B5G>C887! F>I52! ;><! 6588'K2:62! 3><=>2G=>:2! @5=6552!
5W><=52G5! d3407.#&Fe! C23! <:'GC8853! \A545! C8>I525<<T! dJ/6Z&';"Z)#R#&e! k! ><!
A:45!:4!85<<!>352=>GC8!=:!=;C=!:D!=;5!JR!OYMY'ZN!85G=?45<L!>D!2:=!C<!5WB8>G>=!
:4! 35I58:B53PO!"?=! >2! 8>F;=! :D!6;C=!65! ;CI5! X?<=! 5<=C@8><;53! C<! =:! =;5!
?2>=7! C23! ?2>I54<C8>=7! :D! DCG=>GC8! 8>D5L! >P5PL! C<! =;5! B?45! 0.$ )0=#7>?'6)27! C<!
<?G;!C<!:BB:<53! =:!5I547!:@X5G=>D>GC=>:2!:D! 8>D5L! =;><!C<<?AB=>:2!;C<! =:!
@5! 3><GC4353P! D#0&*$ 1&2$ !0(#! 25>=;54! B45<?BB:<5<! 2:4! C3IC2G5<! C27!
5<<52=>C8L! ?2@4>3F5C@85! G;C<A! @5=6552! 8>D5! C23! 5W><=52G5L! C23! >2! =;><!
<52<5!)5>35FF54T<!(1*&/($'5/7!<;:6<!G:2=>2?>=7!6>=;!;><!5C48>5<=!6:4KP!
$D!65!45A:I5!=;><!355B87!>2F4C>253!2:=>:2!:D!C!G;C<A!D4:A!:?4!A>23<L!
65!<55!G85C487! =;C=L! >2!C8A:<=!5I547! >2<=C2G5! >2!6;>G;! \8>D5T! ><! >2I:K53L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O!R55L!5PFPL!/C==;56!UC8C4G:L!C''*615"0#7T$."#$U/#7.0'&$',$."#$L&0(1)$,6'($
:#02#**#6$.'$H#66021!d%56!b:4KS!U:8?A@>C!H2>I54<>=7!-45<<L!MNNVeL!O^DDP!
!^Y!
=;5! =5W=! 45I5C8<! C! G:2=>2?53! 458>C2G5! :2! =;5! >35C! :D! C! <>2F85L! ?2>=C47!
>22546:4838>25<<P! )5>35FF54! @7! 2:! A5C2<! 5<G;56<! ;?AC2! 8>D5!
C8=:F5=;54L! C<! ;5! 3:5<! >2! JR! OYMY'ZN! C23! I>4=?C887! 5I5476;545!
=;545CD=54L!@?=!4C=;54!ACK5<!?<5!:D!=;5!A:45!D85W>@85!C23!G:AB4:A><>2F!
2:=>:2!:D!C2!\5W><=52=>C8!8>D5TL!=;C=!><L!=;5!>35C!:D!C!F5254C8L!B4>A:43>C8!>2'
@5>2F!6>=;>2! C! 8>D56:483M!=;C=L! D:4!6;C=5I54! 45C<:2! C23! 5WG8?<>I587! >2!
=;5! GC<5! :D! =;5! ;?AC2! @5>2FL! .61&7;#&27! >=<58D! k! 65! A>F;=! 5I52! <C7L!
\3>C85G=>GC887T!k! >2! =;5!3>45G=>:2!:D!@5>2F! >=<58D!C23! >2! =;C=!6C7!A:4B;<!
>2=:! 5W><=52G5! B4:B54L! G?8A>2C=5<! >2! 5W><=52=>C8>=7L! >2! @5>2F'8>I>2FP!
J;545I54! 8>D5! ><!C=! <=CK5L!5W><=52G5!CBB5C4<!C<!C!K>23!:D! \1/,*#"'R#&T!:4!
\<?@8C=53T! 8>D5L! C! 6C7! =:! @5! =;C=! ;C<! <>A?8=C25:?<87! :I54G:A5! C23!
45=C>253! 8>D5L! 6;>G;! ><! B45G><587! 6;7! 5W><=52G5! GC2! @5! 35<G4>@53! C<! C=!
:2G5! :2=:8:F>GC887! 3><=>2G=! D4:AZ!C23! D?23CA52=C887! >2<5BC4C@85! D4:A!
8>D5L! 6;7! =;5! 5W><=>2F! ;?AC2! GC2! C86C7<! @5! I>5653! B?4587! D4:A! =;5!
B54<B5G=>I5!:D! >=<!@C45! 8>D5P!Q!0:4!5W><=52G5! X?<=! 07! 8>D5L!:4!A:45!B45G><587L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M!&*!ML! ZMVgMYNS! \1>D5!A?<=!@5!?2354<=::3!C<! C!K>23!:D!@5>2F! =:!6;>G;!
=;545!@58:2F<!C!@5>2F'>2'=;5'6:483PT!
Z!$@>3PL!`^g^_S!\1>D5!><!C!A:35!:D!@5>2F!C88!>=<!:62!p#0&#$#0*#&#$B#0&716.qPT!
Q!$@>3PL!ZMVgMYNS!\#I52!,C<5>2!AC7!@5!G:2<>35453!B?4587!C<!8>D5TL!>2!6;>G;!
GC<5L! 5PFPL! >2! <G>52=>D>G! 3><G:?4<5L! \,C<5>2! A:I5<! >2=:! =;C=! 3:AC>2! :D!
@5>2F!6;>G;!65! K2:6! C<! =;5!6:483! :D! C2>AC8<! C23! B8C2=<PT! R>A>8C487L!
5I52!=;5!;?AC2T<!35C=;!GC2!C86C7<!@5!>2=54B45=53!5WG8?<>I587!>2!=54A<!
!VN!
8>D5!8>I>2F!:2!>2!C2!5<<52=>C887!A:3>D>53!<=C=5P!(;><!><!=;5!B4><A!=;4:?F;!
6;>G;!65!A?<=!I>56!=;5!G:2G5B=!:D!\A545T!C8>I525<<L!=;5!I547!2:=>:2!:D!
6;>G;! >AB8>5<! C! <>2F85L! ?2>D>53! 8>D5'G:2=>2??A! C23! 6;>G;! =;545D:45!
A?<=! @5! <552! 2:=! <:!A?G;! C<! C2! C2=>'5W><=52G5! C<! C2! 1&.#'5W><=52G5L! C!
B45G?4<:4! =:! D?88'@8:62!5W><=52G5P!/545! 8>D5! ><!?2'<?@8C=53L!?2D?8D>8853L!
?2G:AB8>GC=53! 8>D5L! C!A:35! :D! @5>2F! 5<<52=>C887! ;>F;54! =;C2! =;5! @4?=5!
=;>2F8>25<<! :D! 2:2'8>D5! C23! 5<<52=>C887! 8:654! =;C2! =;5! \,C<5>2T! B4:B54L!
=;5! @5>2F'=;545! >2! C! 6:483':D'@5>2F<L! 35D>2>=>I5! :D! AC=?45L!
5W><=52=>C8>[53!8>D5P_!
! *GG:43>2F87! D#0&*$ 1&2$ !0(#L! 8>K5! =;5! 5C487! 85G=?45<! C23! >2! =:=C8!
:BB:<>=>:2!=:!=;5!JR!OYMY'ZN!85G=?45<L!3:5<!2:=!45G:F2>[5!C27!F45C=!C23!
=544>@85! 3>85AAC! :D! \CGG5<<T! =:! 8>D5L! >P5PL! :D! =;5! <:4=! 45E?><>=5! D:4! C27!
@>:8:F>GC8!>2I5<=>FC=>:2!:D!8>D5P!)5>35FF54!64>=5<!=;C=!
!
@>:8:F7!C<!C!\<G>52G5!:D!8>D5T!><!D:?2353!?B:2!=;5!:2=:8:F7!:D!,C<5>2L!
5I52!>D!2:=!52=>4587P!1>D5!><!C!A:35!:D!@5>2F!C88!>=<!:62a!@?=!#77#&.01))+$
0.$07$1;;#770R)#!:287!>2!,C<5>2P!(;5!:2=:8:F7!:D!8>D5!><!CGG:AB8><;53!@7!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!:D! >=<! 8>D5L! 5I52! 6;>85L! C=! =;5! <CA5! =>A5L! >=<! 5W><=52G5! 352>5<! >=! =;5!
B:<<>@>8>=7! :D! 5I54! <>AB87! B54><;>2F! >2! =;5! AC2254! :DL! 5PFPL! C! B8C2=S!
\,C<5>2! =::! n;C<o! >=<! 35C=;L! :D! =;5! K>23! CBB4:B4>C=5! =:! C27=;>2F! =;C=!
8>I5<TL!C8=;:?F;L!\`/1!,C<5>2L!>=!3:5<!2:=!<>AB87!B54><;PT!
_!$@>3PL!`^g^_S!\1>D5!><!2:=!C!A545!@5>2F'B45<52='C=';C23L!2:4!><!>=!,C<5>2PT!
!VO!
6C7!:D!C!B4>IC=>I5!>2=54B45=C=>:2a!>=!35=54A>25<!6;C=!A?<=!@5!=;5!GC<5!
>D!=;545!GC2!@5!C27=;>2F!8>K5!A545'C8>I525<<P`!
!
(;5!B:>2=!;545!><!5WCG=87!=;5!<CA5!C<!=;5!:25!AC35!>2!RR!OYM_L!JR!OYM_'
`L! RR! OYM`! C23! 58<56;545a! >=! ;C<! =:! 3:! 6>=;! =;5! B:<<>@>8>=7! :D! C2!
\C2C8:F>GC8T!A5=;:3!:D! G:AB45;523>2F! =;5!@5>2F'>2'=;5'6:483!:D!A:45!
B4>A>=>I5!C23! 85<<!G:AB85W! 8>D5! d5PFPL! =;C=!:D!<2C>8<!C23!5I52!B4:=:[:CeP!
.25!GC2!25I54!<=C4=!6>=;! =;5!A:45!4?3>A52=C47! >2'@5>2F!:D!B8C2=<!C23!
C2>AC8<! C23! =47! =:! =CGK! :2! <=4?G=?45<! >2! :4354! =:! C44>I5! C=! =;5! 4>G;54!
5W><=52=>C8!8>D5!:D!;?AC2!@5>2F<a!4C=;54!:25!A?<=!C86C7<!@5F>2!D4:A!=;><!
5W><=52=>C8!8>D5!>=<58DL!=;5!8>D5!6;>G;!65!:?4<58I5<!8>I5!C23!6>=;!6;>G;!65!
C45!A:<=!DCA>8>C4L!C23!B4:G553!25FC=>I587L!<?@=4CG=>I587L!D4:A!=;545P^!(:!
@5!<?45L!=;545!><!C!I547!45C8!C23!I5W>2F!B4CFAC=>G!:4!=5G;2>GC8!B4:@85A!
:D! ;:6! :25! A>F;=! CG=?C887! CGG:AB8><;! =;><! \B4>IC=>I5! >2=54B45=C=>:2TL!
A>F;=! CG=?C887! AC2CF5! =:! B45<G>23! D4:A! =;5! G:AB85W>=7! :D! 6:48387'
5W><=52=>C8! >2'@5>2F!C23! =;5!@5>2F'6:483! >2!:4354! =:!C44>I5!C=! =;5!A:45!
C?<=545! >2'@5>2F! C23! =;5! <BC4<54!6:483! :D!A54587! 8>I>2F! 52=>=>5<! dJ/6Z
)#R#&2#&eP!"?=!."1.!>=!GC2!@5!3:25L!C=!85C<=!>2!B4>2G>B85L!><!2:=!C=!><<?5L!=;C=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`!$@>3PL!``DPg^_!d5AB;C<><!C3353eP!
^!UDP!>@>3PL!^VgVQDP!/CGE?C44>5!C23!+:@>2<:2!F5=!>=!4>F;=!>2!=;5>4!D::=2:=5S!
\(;5!B:>2=! ><! =;C=! >2! :4354! =:! ?2354<=C23! 8>D5!A54587! 17$ 7/;"L!65!A?<=!
ACK5!C@<=4CG=>:2!D4:A!=;5!D?8854!8>D5!:D!,C<5>2PT!
!VM!
><! =:! <C7L! 3:5<! 2:=! G:2<=>=?=5! C! BC4C3:Wa! >=! ><! >2! 2:! <52<5! C! AC==54! :D!
D>F?4>2F!:?=!;:6!=:! 85CB!:?=!:D!:25!<58D'G:2=C>253L!;54A5=>GC887!<5C853!
A:35!:D!@5>2F!>2=:!C2:=;54!A:35L!5E?C887!<58D'G:2=C>253P!
! #I52!C<!8C=5!C<!OYM^!)5>35FF54!;C<!2:=!458>2E?><;53!=;5!:83!D4CA5'
6:4K! :D! 8>D5! C<! C! <>2F85! 35<>45'5W><=52G5! G:2=>2??AL!6;545! =;5! :45G=>G!
B:85! ><!CGG5<<>@85!@7!A5C2<!:D! <:A5!B4:G53?45!:D!C@<=4CG=>:2! D4:A! =;5!
5W><=52=>C8! B:85P! (;?<! 65! D>23! >2! ;><! <?AA54! 85G=?45<! =>=853! !"#$ D170;$
%6'R)#(7$ ',$ %"#&'(#&')'*+! dG:AB4><>2F! C! ACX:4! B:4=>:2! :D! =;5! ?2B?@'
8><;53!<5G=>:2<!:D!D#0&*$1&2$!0(#eL!@?4>53!>2!=;5!A>3385!:D!C!3><G?<<>:2!
:D!):@@5<T<!=;5:47!:D!=;5!G:B?8CL!=;5!D:88:6>2F!\>2G>352=C8!45AC4KTS!
!
J5! AC7! 45AC4K! >2G>352=C887! =;C=! C! F45C=! 3>DD>G?8=7! B45<52=<! >=<58D!
;545L!6;>G;! ><! ;:6! =:!ACK5! :?=!6;C=! ><! F>I52! =:! C2>AC8<! C<! 8>I>2F!
@5>2F<!C23!;:6!=;5!F>I52!><!?2I5>853!p#&."P)).q!D:4!=;5AP!):@@5<!<C7<!
=;C=! =;5! F>I52! ><! 2:=! F>I52! =:! =;5A! C<! =4?5! :4! DC8<5! @5GC?<5! =;57!
GC22:=!<B5CK!C23!ACK5!C<<54=>:2<!C@:?=!6;C=! ><!F>I52!=:! =;5AP!"?=!
;5!A?<=!<?4587!<C7!=;C=!=;5!A>44:4'>ACF5!><!F>I52!=:!=;5A!17!<>A>8C4P!
(;5!E?5<=>:2!6:?83!C845C37!:@=4?35!;545!C<! =:!;:6! DC4L! >2!F5254C8L!
<:A5=;>2F!GC2!@5!F>I52!17!<:A5=;>2F!=:!C2>AC8<P!J5!C8<:!G:A5!;545!
=:! =;5! D?4=;54! E?5<=>:2! 6;5=;54L! >2! F5254C8L! C27=;>2F! ><! F>I52! 17$ 1$
R#0&*! =:! C2>AC8<P! $=! ><! C<! 75=! C! B4:@85A! =:! 5<=C@8><;! :2=>GC887! ;:6!
<:A5=;>2F! ><!F>I52! =:!C2>AC8<P!.2!G8:<54! G:2<>354C=>:2!65! <55! =;C=L!
<B5CK>2F! GC?=>:?<87L! <>2G5! 65! :?4<58I5<! C45! 2:=! A545! C2>AC8<L! 65!
!VZ!
@C<>GC887!3:!2:=!;CI5!C2!?2354<=C23>2F!:D!=;5!\6:483T!:D!=;5!C2>AC8<P!
"?=! <>2G5! 65! 25I54=;585<<! C8<:! 8>I5! C<! 5W><=52=<l=;5! B:<<>@>8>=7! ><!
CIC>8C@85!=:!?<L!@7!F:>2F!@CGK!D4:A!6;C=!><!F>I52!=:!?<!C<!5W><=52=<L!=:!
ACK5!:?=!453?G=>I587!6;C=!G:?83!@5!F>I52!=:!C2!C2>AC8! =;C=!A54587!
8>I5<!@?=!3:5<!2:=!5W><=PV!
!
J5!:?4<58I5<!\8>I5!C<!5W><=52=<TL!6;>85!=;5!C2>AC8!\A54587!8>I5<!@?=!3:5<!
2:=!5W><=T!dC<!)5>35FF54!<C7<!5C48>54!>2!=;5!<CA5!=5W=L!\5W><=52G5T!352:=5<!
:287!\=;5!@5>2F!:D!=;5!"/(1&!,C<5>2!C23!:D!>=<!6C7!:D!@5>2FTYeP!\/545T!8>D5!
><! 2:=! 3><=>2F?><;53! D4:A! 5W><=52G5! 17$ 7/;"L! >P5PL! C<! 2:2'8>D5L! @?=! 4C=;54!
C23!:287!D4:A!#407.#&.01)$)0,#!C<!C!;>F;54L!A:45!G:AB85W!D:4A!:D!8>D5P!0:4!
=;><! 45C<:2! >=! ><! 52=>4587!B:<<>@85! \=:!ACK5!:?=! 453?G=>I587T!;:6! =;>2F<!
C45!F>I52!=:!=;5!C2>AC8L!;:6!>=!CBB45;523<!>=<!6:483P!
!
$$P!1>D5!C<!\=;5!A:35!:D!@5>2F!:D!B8C2=<!C23!C2>AC8<T!
!
(;5!JR! OYMY'ZN! 85G=?45<!AC4K! C! F52?>25! 45I54<C8! 6>=;! 45<B5G=! =:! =;5!
=;>2K>2F!:D!=;5!458C=>:2!@5=6552!8>D5!C23!5W><=52G5P!#W><=52G5!2:6!45D54<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!V!&*!MQL!M^NDPgOYNDP!
Y!$@>3PL! ^Qg_Q! d5AB;C<><! C3353eP! UDP! &*! O^L! OOMgVOS! \J;C=! ;C<! @5G:A5!
DCA>8>C4!?2354!=;5!4?@4>G!nB;>8:<:B;7!:D!8>D5o!><!C!.#&2#&;+!=:6C43!8>I>2F!
5W><=52G5!p1/,$)#R#&20*#7$H17#0&qPT!
!VQ!
5WG8?<>I587!=:!=;5!@5>2F!:D!=;5!;?AC2!C<!C!@5>2F'>2'=;5'6:483L!6;>85!8>D5!
><! 45<54I53! D:4! =;5! @5>2F! :D! B8C2=<! C23! C2>AC8<! C<! C! 8CGK! :4L! A:45!
B45G><587L! C2! \>AB:I54><;A52=T! :D! 6:483P! (;?<! 6;545C<! B45I>:?<87! >=!
6C<! C! AC==54! :D! A5C<?4>2F! =;5! 3><=C2G5! @5=6552! =;5! 0.$ )0=#7>?'6)27!
B4:B54!C23!>=<!=;>2F87!<58D'B4:X5G=>:2<L!>=!><!2:6!C!B4:@85A!:D!A5C<?4>2F!
=;5!FCB!@5=6552!?'6)2)+$"/(1&$#407.#&;#$C23!/&Z?'6)2)+$1&0(1)$)0,#$k!=;C=!
><! =:! <C7L! :D! \D>23>2F!:?=!6;C=! G:2<=>=?=5<! =;5! #77#&;#$',$ ."#$1&0(1)0.+! :D!
=;5! C2>AC8! C23! =;5! #77#&;#$ ',$ ."#$ "/(1&0.+! :D!AC2TL! C23! =;5! D:4A54! >2!
=54A<! :D! C2! :2=:8:F>GC8! 35=54A>2C=>:2! :D! \=;5! )0=0&*$ ;"161;.#6$ ',$ 1$ )0=0&*$
R#0&*T!C<!<?G;ON!k!C!FCB!=;C=!GC2!2:!8:2F54!@5!?2354<=::3!A54587!>2!=54A<!
:D!IC47>2F!35F455<!:D!4>G;25<<!C23!G:AB85W>=7!C8:2F!:4!6>=;>2!C!<>2F85!
8>D5'=4CX5G=:47P!
! )5>35FF54! ><! <?335287! <=4C2F587! >2<><=52=! :2! =;><! #77#&.01)!
@>D?4GC=>:2L! C<! =;:?F;! ;5! 6545! C2W>:?<! =:! B45I52=! ?<! D4:A! <8>BB>2F!
E?>5=87! @CGK! >2=:! =;5! A:45! \:43>2C47TL! \8>25C4T! G:2G5B=?C8>=7! C23!
=54A>2:8:F7!:D!D#0&*$1&2$!0(#!C23!=;5!5C487!85G=?45!G:?4<5<P!$23553L!2:!
D5654! =;C2!<5I52! =>A5<! >2! =;5! D>4<=! =;>4=7!BCF5<!:D! =;5!@>:8:F7!AC=54>C8!
;5!BC?<5<!=:!45A>23!?<L!:D=52!5AB;C=>GC887L!=;C=!\8>D5T!C23!\8>I>2F'@5>2FT!
45D54! C86C7<! C23! 5WG8?<>I587! =:! =;5! B8C2='@5>2F! :D! =;5! B8C2=! C23! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ON!&*!MYgZNL!M`_gO^YP!\*2>AC8>=7T!=CK52!F5254C887!<:!C<!=:!>2G8?35!B8C2='
8>D5L! =;5! B8C2=! >=<58D! @5>2F! <:A5=;>2F! 8>K5! =;5! :?=54! 8>A>=! :D! 8>D5L!
<:A5=;>2F!=;C=!<=C23<!C=!=;5!I547!=;45<;:83!:D!8>D5!C23!2:2'8>D5P!
!V_!
C2>AC8'@5>2F!:D!=;5!C2>AC8L!25I54!=:!=;5!;?AC2!C23!>=<!;?AC2>=7POO!*23!
75=! =;5! >2254! 4C=>:2C85! :D! =;><! @>D?4GC=>:2! ><! @7! 2:!A5C2<! <58D'5I>352=P!
J;7!;C<! >=!@5G:A5!25G5<<C47!C88!:D!C! <?3352! =:! <=4>B! =;5!C2>AC8!:D! >=<!
6:483m!):6!3:!65!C44>I5!<:!E?>GK87!C=!C!4C3>GC8!3><G:2=>2?>=7!:D!8>I>2F!
C23!6:483>2F! D4:A!:?=!:D! =;5! D:4A54!C23!5E?C887!4C3>GC8!G:2=>2?>=7!:D!
=;5!B4>AC8!0.$)0=#7>?'6)27m!*<!:25!G:AA52=C=:4!B?=<!>=S!\(;><!><!A:45!=;C2!
C! 3>85AACa! >=! ><! C2! :?=4>F;=! 52>FACPTOM!15=! ?<! =47! =:! 35A7<=>D7! =;><!
\52>FACT!C!@>=L!=:!D>88!>2!=;5!A><<>2F!<=5B<!:D!=;5!C4F?A52=!C23!C<<5<<!>=<!
G:2<5E?52G5<P!
! 0:88:6>2F! =;5! =?42! =:! D?23CA52=C8! :2=:8:F7! C23! =;5! G:2G:A>=C2=!
2553!=:!<5G?45!C!B:>2=!:D!CGG5<<!=:!@5>2F!d>P5PL!=;5!;?AC2!\@5>2F'=;545T!C<!
=;5!B4:B5487! :2=>G:':2=:8:F>GC8! @5>2FeL! =;5! <:85! G4>=54>:2!:D! C<<5<<A52=!
>2!JR!OYMY'ZN! ><!B4:W>A>=7! =:!@5>2Fa!52=>=>5<!C45!35D>253!C23!C88:GC=53!
CGG:43>2F! =:! =;5>4! ;CI>2F! :4! 2:=! ;CI>2F! :D! @5>2F<! C<! <?G;L! @5>2F<! E?C!
@5>2F<P!)52G5!=;5!GC=5F:4>GC8!3><=>2G=>:2!@5=6552!=;5!5W><=>2F!;?AC2T<!
@5>2F'>2'=;5'6:483! C23! =;5! 8>I>2F! C2>AC8T<!6:483'B:I54=7! ><! C=! @:==:A!
:25! @5=6552! =;5! B45<52G5! :4! C@<52G5! :D! \@5>2F'?2354<=C23>2FTL!
B#0&7=#67.E&2&07S!=;5!;?AC2!><!\6:483'D:4A>2FT!d?#).R0)2#&2e!>2<:DC4!C<!>=!
><!C!\@5>2F!:B52!,'6!@5>2F<!C<!=;57!C45TL!C2!\>44?B=>2F!>2=:!6;C=!><!CG=?C8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OO!R55!>@>3PL!M`_gO^YL!M``gO^YL!M^^gOVVL!MVMgOYOL!MVQgOYZL!MYMgOYVL!ZNZgMN^P!
OM!"45==! "?G;C2C2L!8&.'Z3."')'*0#7T$ !"#$ L&0(1)$ 3&=06'&(#&.7$ ',$ N#4AP))W$
:#02#**#6W$V#6)#1/Z%'&.+W$1&2$H#)#/F#!d*8@C27S!RH%b!-45<<L!MNNVeL!YZP!
!V`!
C<!<?G;L!<:!C<!=:!5WB54>52G5!>=<58D!C<!;CI>2F!>44?B=53!C<!C2!CG=?C8!@5>2F!
>2!=;5!A>3<=!:D!6;C=!GC2!2:6!@5!AC2>D5<=!C<!@5>2F<TLOZ!6;>85!=;5!C2>AC8!
><! \6:483'B::4T! d?#).16(e! >2<:DC4!C<! >=! ><! \>2!<?G;!C!6C7! =;C=!@5>2F<!GC2!
25I54L!C23!5<<52=>C887!25I54L!AC2>D5<=!=;5A<58I5<!C<!@5>2F<TPOQ!(;?<!>=!><!
@5>2F! >=<58D! =;C=! G:2<=>=?=5<! =;5! 2:=:4>:?<! \LR*6/&2TL! =;5! \C@7<<TL!
7C62>2F!@5=6552!;?AC2!C23!C2>AC8S!
!
0:4! >=! ><!&'.! <>AB87!C!E?5<=>:2!:D!C!`/1)0.1.0=#$'."#6M!:D! =;5!C2>AC8!
6:483! C<! G:ABC453! 6>=;! =;5! ;?AC2! 6:483L! C23! 5<B5G>C887! 2:=! C!
E?5<=>:2! :D! E?C2=>=C=>I5!3><=>2G=>:2<! >2! 4C2F5L! 35B=;L! C23! @45C3=;! k!
2:=!C!E?5<=>:2!:D!6;5=;54!:4!;:6!=;5!C2>AC8!=CK5<!6;C=!><!F>I52!=:!>=!
>2! C! 3>DD5452=! 6C7L! @?=! 4C=;54! :D! 6;5=;54! :4! ;:6! =;5! C2>AC8! GC2!
CBB45;523!<:A5=;>2F!17!<:A5=;>2FL!<:A5=;>2F!17!C!@5>2FL!C=!C88P!$D!>=!
GC22:=L!=;52!=;5!C2>AC8!><!<5BC4C=53!D4:A!AC2!@7!C2!C@7<<PO_!
!
! "?=! B45G><587! ;545!65!A?<=! C<KS!6;7! 3:5<! =;><! <>AB85! DCG=! k! I>[PL!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OZ!&*!MYgZNL!QY`gZQML!_ZNDPgZ`_P!
OQ!$@>3PL! Z`VgM_ZP! UDP! Z`OgMQVS! \!"#$ 1&0(1)$ 17$ 7/;"$ 2'#7$ &'.$ 7.1&2$?0."0&$ 1$
(1&0,#7.M$',$R#0&*7Y$J#0."#6$0.7$7'Z;1))#2$#&=06'&(#&.$&'6$."#$1&0(1)$0.7#),$
16#$ (1&0,#7.$ 17$ R#0&*7l25>=;54! =;5! :25! 2:4! =;5! :=;54! ><! 5WB54>52G53! 17!
@5>2FPT!
O_!$@>3PL!ZVZDPgM`QP!
!V^!
=;C=! =;5!C2>AC8! ><!2:=! =;5!C88'>AB:4=C2=!CGG5<<'B:4=C8! =:!@5>2FL! =;C=! =;5!
C2>AC8! GC22:=! \CBB45;523! <:A5=;>2F! 17! <:A5=;>2FL! <:A5=;>2F! 17! C!
@5>2FL!C=!C88T!k!<?335287!6C44C2=!=;5!34C<=>G!G:2G8?<>:2!=;C=!\=;5!C2>AC8!
><! <5BC4C=53! D4:A!AC2! @7! C2! C@7<<Tm! -?=! C2:=;54!6C7L!6;7! ><! >=! =;C=!
45D:4A?8C=>2F! =;5! ;?AC2'C2>AC8! 3><=>2G=>:2! >2! =54A<! :D! =;5!
CBB45;523>2F! :4! 2:='CBB45;523>2F! :D! @5>2F! <54I5<! C?=:AC=>GC887! =:!
35<=4:7! =;5! D:4A54! ?2>=7! C23! ?2>I54<C8>=7! :D! 8>D5L! 5<B5G>C887! F>I52! =;5!
DCG=!=;C=!)5>35FF54!;C3!C845C37!>2=54B45=53!."07$=#6+$71(#$207.0&;.0'&L!C<!
65! X?<=! <C6! D4:A! =;5! G:AA52=! D4:A! RR! OYM^! G>=53! C@:I5L! C<! :25!
:GG?44>2F!?0."0&$ )0,#$ 0.7#),L! =;C=! ><L! @5=6552! \A545T! 8>D5! C23! \5W><=52=>C8T!
8>D5L!\8>I>2F!C<!5W><=52=Tm!J;7!><!@5>2F'CBB45;52<>:2!2:=!=CK52!<>AB87!C<!
=;5!AC4K!:D!5W><=52=>C8>[53!:4!D?887!35I58:B53!8>D5m!
! )545! )5>35FF54! ;C<! ;>=! ?B:2! <:A5=;>2F! D?23CA52=C8P! 0:4! >=! 6C<!
>23553! B45I>:?<87! C! AC==54! :D! 34C6>2F! <?G;! 3><=>2G=>:2<! >2! 4C2F5L!
35B=;L! @45C3=;L! >2=52<>=7L! G:AB85W>=7L! <:B;><=>GC=>:2L! 5=GP! d6;>G;! ><!
B45G><587!6;C=!AC35!=;5!C2C8:F>GC8!453?G=>:2!B:<<>@85eP!$2!:=;54!6:43<L!
=;C=!C2!:45G=>G!8>D5!G:?83!45<?8=!D4:A!=;5!3>A>2><;A52=!:D!C2!5WBC2<>I5L!
<58D'CBB4:B4>C=>2FL! \CB:B;C2=>GT! d>2! =;5! @4:C35<=! <52<5! :D! C! 85==>2F'@5'
<552e! 8>D5! ><!B54;CB<!B:<<>@85! >2!B4>2G>B85P!"?=! =;C=!C2!:45G=>G! 8>D5!G:?83!
45<?8=! D4:A! =;5! 3>A>2><;A52=! :D! C! "#6(#&#/.0;! 8>D5L! C2! >2=54B45=>I5! 8>D5!
F4:?2353! >2! C2! ?2354<=C23>2F! :D! @5>2FL! ><! C@<:8?=587! 0(5'770R)#L! D:4!
=;545! ><! 2:! :4FC2L! DCG?8=7! :4! <=4?G=?45! B:654D?8! 52:?F;! =:! *#=.#!
@5>2F'?2354<=C23>2F!:?=!:D!35<>45P!(;C=! ><! =:!<C7L!@5>2F'?2354<=C23>2F!
!VV!
3:5<! 2:=! ACF>GC887! AC=54>C8>[5! D4:A! :?=! :D! C2! 52;C2G5A52=! :4!
>2=52<>D>GC=>:2! :D! =;5! ?2354<=C23>2F! :D! =;5! 35<>4C@85L! B85C<?4C@85L!
B?4<?C@85L!5=GPL!X?<=!C<!C!@5>2F!><!2:=!<:A5=;>2F!5WG5B=>:2C887!35<>4C@85a!
C2! >2G45C<5! >2! =;5! 35<>4C@>8>=7! :D! =;5! 35<>4C@85! @7! 2:! A5C2<! 7>583<! C!
@5>2FP! (;545! ><! 2:! >2254! G:225G=>:2! 6;C=<:5I54! @5=6552! 35<>45'
AC2>D5<=C=>:2! C23! @5>2F'AC2>D5<=C=>:2a! =;57! 4?2! >2! BC4C8858P! $D! @5>2F'
AC2>D5<=C=>:2! 3:5<! :GG?4L! =;><! DCG=! ><! 52=>4587! >235B52352=! :D! 35<>45'
AC2>D5<=C=>:2L! 25I54! C! A545! D?2G=>:2! :4! =4C2<D:4AC=>:2! :D! >=P! )52G5!
=;545! ><!2:!BC<<>2F! D4:A! \A545! 8>D5T! =:! \8>I>2F!C<!5W><=52=T! >D! =;><!A5C2<!
BC<<>2F! D4:A! C2! C@<:8?=5! 8CGK! =:! C2! C@<:8?=5! B:<<5<<>:2! :D!
?2354<=C23>2F! :D! @5>2FP! (;5<5! =6:! <=C=5<! GC22:=! @58:2F! =:! =;5! <CA5!
G:2=>2??Aa! =;5! ;?AC2T<! 5W><=52G5! GC22:=! @5! C! ;>F;54! D:4A! :D! =;5!
C2>AC8T<!8>D5P!
! $=! A?<=! @5! C3A>==53! =;C=! =;5! B45<52G5! :4! C@<52G5! :D! @5>2F'
?2354<=C23>2F! <?DD>G5<! C<! C! B4>2G>B85! D:4! 3><=>2F?><;>2F! @5=6552!
5<<52=>C887!3>DD5452=!A:35<!:D!@5>2FP!):65I54L!=;><!DCG=!CA:?2=<!:287!=:!
C!35D544>2F!:D! =;5! 45C8! ><<?5L!2:=! >=<! <:8?=>:2P!0:4! >2<:DC4!C<! =;5!;CI>2F!
C23!2:=!;CI>2F!:D!@5>2F'?2354<=C23>2F!><!GC<=!>2!=54A<!:D!C!;CI>2F!C23!
2:=! ;CI>2F! :D! ?'6)2L! =;><! A5C2<! =;C=! =;5! 6:483! ><! 2:6! =CK52! =:! @5!
G:5W=52<>I5!6>=;!=;5!3>A52<>:2!:D!@5>2F<!E?C!@5>2F<PO`!"?=!6;C=!X?<=>D>5<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O`!$@>3PL! _ZNgZ`_S!J:483! \B45IC>8<T! >2! \B4:X5G=>:2T! C<! \."#$ )#..0&*Z56#=10)$ ',$
."#$ R#0&*$ ',$ R#0&*7$ 0&$ ."#$ ?"')#$ ',$ ."#06$ 5'770R)#$ R0&20&*$ ;"161;.#6TP! UDP!
!VY!
=;><!453?G=>:2!:D!=;5!6:483!=:!C!@5>2F'6:483m!0:4!C8=;:?F;!>=!6C<!25I54!
<?BB:<53!=;C=!=;5!C2>AC8T<!6:483!6C<!F>I52!C<!C!D>583!:D!@5>2F<L!<=>88!=;5!
C2>AC8T<! B4>A:43>C8! 526:4835325<<! 6C<! 25I54! >2! E?5<=>:2P! $2! :=;54!
6:43<L!F4C2=53!=;C=!35<>45'AC2>D5<=C=>:2! ><!G:A'B85=587!C23!5<<52=>C887!
3><=>2G=! D4:A! @5>2F'AC2>D5<=C=>:2L! 6;7! C45! =;5<5! =6:! D:4A<! :D!
AC2>D5<=C=>:2!2:=! =CK52! =:! 45B45<52=! .?'$ #77#&.01))+$ 207.0&;.$('21)0.0#7$ ',$
'&#$ 1&2$ ."#$ 71(#$ R#0&*Z0&Z."#Z?'6)2L! >P5PL! =6:! >235B52352=! 75=!
5E?>B4>A:43>C8!6C7<!k!85=!?<!<C7L!\I>=C8T!C23!\5W><=52=>C8T!k!:D!:B52>2F!?B!
:2=:!:4!:D!;CI>2F!=;5!6:483m!
! %:6!5#6"157! <:A5=;>2F! 8>K5! =;><! ><! >23553!;:6!AC==54<!2:6!<=C23!
6>=;!=;5!C2>AC8!C23!>=<!8>D5L!>2!6;>G;!GC<5L!C=!=;5!523!:D!=;5!3C7L!2:=;>2F!
A?G;!;C<!G;C2F53!5WG5B=!=;5!A5C2>2F!:D!=;5!6:43<S!=;5!C2>AC8!45=C>2<!
>=<! D:4A<! :D! 3><G8:<?45L! >=<! :62! K>23! :D! >2'@5>2FL! @5>2F'6>=;L!
?2354<=C23>2FL!<>F2>D>GC=>:2L!5I52!\=4?=;T!d\>2!C!G54=C>2!<52<5Tea!;:65I54L!
=;5<5! C45! 2:! 8:2F54! =:! @5! 35<>F2C=53! 6>=;! =;5! 6:43<! ?'6)2L! H17#0&L!
#407.#&;#!C23!<:!:2!k!256!6:43<!C45!25G5<<C47P!0:4!5WCAB85S!
!
(;5!75#;0,0;$(1&!>2!6;>G;!AC2!07!65!<;C88!GC88!;'(5'6.(#&.!C23!=;5!
75#;0,0;$(1&!>2!6;>G;!=;5!C2>AC8!07!65!<;C88!GC88!R#"1=0'/6P!(;57!C45!
D?23CA52=C887! 3>DD5452=! D4:A! :25! C2:=;54P! $2! B4>2G>B85! >=! ><! C8<:!
B:<<>@85! =:! 45I54<5! =;><! 8>2F?><=>G! ?<CF5! C23! 45D54! =:! 1&0(1)$
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!MYMgOYVS!\l65!?2354<=C23!?'6)2!C<!=;5!1;;#770R0)0.+$',$R#0&*7lT!
!YN!
;'(5'6.(#&.PO^!
!
*2>AC8! \@5;CI>:?4T! ><! C! \@5>2F'34>I52! =:6C43! C! B54D:4AC2G5! :D! C!
BC4=>G?8C4! K>23! >2! 5CG;! GC<5Ta! >=! \><! 2:=! C!2'0&*$ 1&2$ 1;.0&*L! C<! >2! ;?AC2!
G:AB:4=A52=L! @?=! C! 260=#&$ 5#6,'6(0&*! p!6#0R#&qTP! 1>K56><5L! =;5! C2>AC8!
25I54!;C<!C!\6:483TL!<=4>G=87!<B5CK>2FL!@?=!C86C7<!:287!C2!\52I>4:2A52=T!
k! =;5! C2>AC8! \R#"1=#7$ ?0."0&$ 1&$ #&=06'&(#&.$ R/.$ &#=#6$ ?0."0&$ 1$ ?'6)2TPOV!
(;><!52I>4:2A52=L! >2! =?42L! ><! 8>K5253! =:!C! \4>2F!:D!3><>2;>@>=>:2T!6>=;>2!
6;>G;!=;5!C2>AC8!><!;583!GCB=>I5!=:!=;5!52=>=>5<!=;C=!AC2CF5!=:!B525=4C=5!
>=!C23!3><52FCF5! >=<!34>I5<L!:4! \<=>A?8C=5T! >=! =:6C43!<:A5!@5;CI>:?4!:4!
:=;54S!\$2<=>2G=?C8!34>I5225<<!C<!@5>2F!34>I52!D4:A!:25!34>I5!=:!C2:=;54!
;:83<!C23!34>I5<!=;5!C2>AC8!6>=;>2!C!60&*!6;>G;!>=!GC22:=!5<GCB5l(;5!
C2>AC8! ><! #&;06;)#2! p/(60&*.q! @7! =;><! 4>2F! pQ0&*q! G:2<=>=?=53! @7! =;5!
45G>B4:GC8! 34>I5225<<! :D! >=<! 34>I5<PT OY !$2! =;><! 6C7! =;5! 8C2F?CF5! :D!
=;5:45=>GC8! @>:8:F7! G:A5<! =:! 45B8CG5! =;C=! :D! B;52:A52:8:F>GC8!
B;>8:<:B;7!6>=;!45<B5G=!=:!=;5!@5>2F!:D!C2>AC8<P!(;5!C2>AC8T<!\@5>2F'>2'
=;5'6:483T!><!@5==54!G;C4CG=54>[53!C<!C!\@5>2F'34>I52'C4:?23'6>=;>2'=;5'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O^!$@>3PL!ZQ_DPgMZ^P!
OV!$@>3PL!ZQ^DPgMZYP!
OY!$@>3PL! Z`MDPgMQYP! UDP! MYMgOYVS! \(;4:?F;:?=! =;5! G:?4<5! :D! >=<! 8>D5! =;5!
C2>AC8!><l>AA?453!C<!>=!6545!6>=;>2!C!D>W53!<B;545!=;C=!><!>2GCBC@85!:D!
D?4=;54!5WBC2<>:2!:4!G:2=4CG=>:2PT!
!YO!
52I>4:2A52=TL! C23! =;545D:45! 2:=;>2F! 45FC43>2F! =;5! C2>AC8T<! :B5225<<L!
458C=5325<<L!5=GP!><!D?23CA52=C887!3><B?=53P!$23553!=;><!><!B45G><587!6;7!
=;5!C2>AC8T<!2:=';CI>2F!:D!6:483!><!2:=!C!=:=C8!&'&';CI>2FL!>P5PL!6;7!=;5!
C2>AC8!><!2:=!C!=;>2F!:2!;C23!8>K5!C!<=:25P!
! *88!=;5!<CA5L!$!3:!2:=!=;>2K!=;><!><!=;5!@5<=!6C7!:D!>2=54B45=>2F!=;5!
2:=>:2!:D!6:483'B:I54=7!C<!C!8CGK!:D!@5>2F'?2354<=C23>2FP!(;5!C2>AC8T<!
35'6:483>2F! ><! >2! DCG=! A?G;! A:45! 5W=45A5L! C23! =:! =;C=! 5W=52=!
B4:@85AC=>GP!0:4!:25!=;>2FL!>=!><!5C<7!=:!<55!=;C=!=;5!8>2F?><=>G!:4!85W>GC8!
<;>D=! C8<:! 52=C>8<! C! G:2G5B=?C8! <;>D=S! =;5! C2>AC8T<! \@5;CI>:?4TL! >=<! @5>2F!
34>I52! =:! C23! D4:! 6>=;>2! >=<! \52I>4:2A52='4>2FTL! ><! C! DC4! G47! D4:A! >=<!
D>23>2F! >=<58D! >2! =;5! A>3<=! :D! C! 6:483! =;C=! ><! 3><G8:<53! =:! >=! C23! =;C=!
AC==54<! =:! >=! C<! ���! C23! �� |���a! >23553! =;5! C2>AC8! 2:! 8:2F54! D>23<!
>=<58D!C=!C88PMN!(:!@5!<?45L!:45G=>G!@5>2F'>2'=;5'6:483!><!\@8>23T!>2!=;5!<52<5!
:D! 6>83L! >AB?8<>I5L! CBB5=>=>I5L! ?2G;C>253! D4:A! =;5! ;:4>[:2! :D! D455!
G;:>G5!C23!4C=>:2C8!CG=>:2MO!k!2:25=;585<<L!=;545!><!C!G54=C>2!>2<:?G>C2G5L!
C! K>23! :D! 8?3>G! <B:2=C25>=7! =:! B?4<?>=P! \1>D5TL! :2! =;5! :=;54! ;C23L!
?2354<=::3!C<! =;5!C2=>=;5<><!:D! \5W><=52G5TL! ><!<:A5=;>2F!58<5!52=>4587S!C!
G:2F52>=C8! 3?8825<<! C23! 3>A25<<L! C! =;>GKL! 352<5L! C8A:<=! A5G;C2>GC8!
<=?B>3>=7P! 1CGK>2F! ?2354<=C23>2F! :D! @5>2FL! =;5! C2>AC8! ><! =4CBB53! >2! C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MN!$@>3PL! Z^ZgM_^S! \p(;5q! C2>AC8! ><! C@<:4@53!6>=;:?=! >=<! 5I54! @5>2F!6>=;!
>=<58D!pR#0$70;"$7#)R7.q!>2!=;5!B4:B54!<52<5PT!
MO!&*!MML!ZOOgMMYP!UDP!&*!MYgZNL!Z`VgM_Z!:2!=;5!\@8>2325<<T!:D!@5;CI>:?4P!
!YM!
<=C=5!:D!B54AC252=!D#&'((#&"#0.L!C!ICGC2=L!FCB>2F! \@52?A@A52=T! d:25!
;C<! :287! =:! 45GC88! =;5! [:A@>5! ;:257@55! =;C=! G:2=>2?5<! =:! F:4F5! >=<58D!
5I52!CD=54!>=<!C@3:A52!;C<!@552!G?=!C6C7MMeP!
! "?=!=;5!45C<:2!D:4!=;><!><!<:A5=;>2F!355B54!=;C2!C!<>AB85!G;C2F5!:D!
=54A<P!$D!>2<=>2G=?C8'@5;CI>:?4C8!34>I5225<<!6>=;>2!C2!52I>4:2A52='4>2F!
><! =;:?F;=! =:! G:2<=>=?=5! C! A:35! :D! >2'@5>2F! :4! :B5225<<! C88! >=<! :62L!
:2=:8:F>GC887!CK>2!=:!@?=!5<<52=>C887!3><=>2G=!D4:A!:45G=>G! >2'@5>2FL! =;52!
=;><!<55A<!=:!45CG=>IC=5!=;5!I547!<:4=!:D!A:3542!A5=CB;7<>GC8!3>85AAC!
=;C=! =;5! G:2G5B=! :D! @5>2F'>2'=;5'6:483! 6C<! 35<>F253! =:! 35<=4?G=P! 0:4!
6;C=!><!=;5!458C=>:2!@5=6552!=;5!;?AC2!@5>2FT<!\6:483T!C23!=;5!C2>AC8T<!
\52I>4:2A52=Tm!/:45!B45G><587L! >D! \6:483T! d>2! =;5!2C44:654!<52<5!:D! =;5!
3>A52<>:2! :D! @5>2Fe! C23! \52I>4:2A52=T! dC<! =;5! 4>2F! :D! >2<=>2G=?C8!
@5;CI>:?4e!C45!=CK52!C<!=6:!3><=>2G=!B54A?=C=>:2<!:D!?'6)2!d>2!=;5!<=4:2F!
<52<5! :D! =;5! 45C8A! :D! >2'@5>2FL! 3><G8:<?45eL! =;52! =;><! ?'6)2! <55A<! =:!
D?2G=>:2!C<!<:A5!."062$."0&*L!<:A5!C2=54>:4!\45C8>=7TL!CK>2!=:!)?<<548T<!217$
-2#&.07;"#L! =;C=! ><! \CBB45;52353T! D4:A! 3>DD5452=! \B:>2=<! :D! I>56TP! *23!
>23553! >=! :D=52! CBB5C4<! C<! >D!)5>35FF54! ;>A<58D! GC22:=! CI:>3!?=>8>[>2F!
X?<=!=;><!<:4=!:D!3?C8><=>G!8C2F?CF5S!
!
(;5! C2>AC8! G54=C>287!;C<! CGG5<<! =:lL! C23! >23553! =:! <:A5=;>2F! =;C=!
CG=?C887! ><P! "?=! =;><! ><! <:A5=;>2F! =;C=! '&)+$ ?#! C45! GCBC@85! :D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MM!&*!MYgZNL!Z_MDDPgMQMDP!
!YZ!
5WB54>52G>2F!C23!;CI>2F!AC2>D5<=!17$R#0&*7PMZ!
!
)?AC2!C23!C2>AC8!;CI5!\<:A5=;>2FT!>2!G:AA:2L!@?=!5CG;!\5WB54>52G5<T!
=;><! <:A5=;>2F! C23! \;C<! >=!AC2>D5<=T! >2! >=<! :62!6C7! k! =;5!;?AC2! >2! C!
\@5'>2FT! <:4=! :D! 6C7L! =;5! C2>AC8! >2! C! \3><>2;>@>=>2FTL! @5;CI>:?4C8'
>2<=>2G=?C8!6C7P! $=! ><! =;?<!C!B4:@85A!:D!ACK>2F!<52<5!:D! =;5!3>DD5452G5!
@5=6552!=;5!;?AC2!C23!C2>AC8!\B54<B5G=>I5<TL!\A:35<!:D!CBB45;52<>:2T!
C23!<:!D:4=;P!"?=!C<!)5>35FF54!<C7<!E?>=5!G85C487!>2!;><!RR!OYMQ!*4><=:=85!
85G=?45<L!@5>2F'>2'=;5'6:483! ><!B45G><587!6;C=!GC2!25I54!@5!?2354<=::3!
>2!=54A<!:D!\A:35<!:D!CBB45;52<>:2TS!
!
p.25q! AC7! 2:=! CBB4:CG;! =;5! 52=>45! C2C87<><! :D! =;5! 52G:?2=54'
G;C4CG=54<! :D! =;5!6:483! C<! =;:?F;! =;545!6545! C!6:483! >2! >=<58DL! C23!
C2>AC8<! C23! ;?AC2! @5>2F<! 6:?83! ;CI5! C! 35D>2>=5! B:4=>:2! :D! =;C=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MZ!$@>3PL!ZYNDPgM`YP!UDP!Z`VgM_ZS! \p$Dq!@5;CI>:?4!><!2:=!C!458C=>:2!=:!@5>2F<L!
3:5<!=;><!A5C2!=;C=!>=!><!C!458C=>:2!=:!2:=;>2Fm!%:=!C=!C88P!b5=!>D!>=!><!2:=!C!
458C=>:2! =:! 2:=;>2FL! >=! A?<=! C86C7<! @5! C! 458C=>:2! =:! <:A5=;>2FL! 6;>G;!
<?4587! A?<=! >=<58D! R#! C23! CG=?C887! 07l(;545! ><! 2:! >23>GC=>:2! =;C=! =;5!
C2>AC8! <:A5;:6! 3:5<! :4! 5I54! G:?83! G:AB:4=! >=<58D! =:6C43! @5>2F<! C<!
<?G;P! b5=! >=! ><! G54=C>287! =4?5! =;C=! =;5! C2>AC8! 3:5<! C22:?2G5! >=<58D! C<!
<:A5=;>2F!=;C=!458C=5<!=:!:=;54!=;>2F<L!C23!3:5<!<:!>2!<?G;!C!6C7!=;C=!>=!
><!7'(#"'?$1,,#;.#2!@7!=;5<5!:=;54!=;>2F<PT!
!YQ!
6:483L!6;>G;!=;57!C86C7<!<55!D4:A!=;5>4!:62!35D>2>=5!B:>2=!:D!I>56P!
$=! ><! C8<:! >2G:445G=! =:! <B5CK!:D! C! \6:483! :D! C2>AC8<T! C23! C! \6:483! :D!
;?AC2! @5>2F<TP! (;5! ><<?5! ><! 2:=! ('2#7$ ',$ 1556#"#&20&*$ 1;./1)0.+!
CGG:43>2F! =:!35D>2>=5! B:>2=<! :D! I>56a! 4C=;54! =;5! ><<?5! ><!R#0&*Z0&Z."#Z
?'6)2P! (;?<L! <>2G5! =;5! 6:483! ><! 52G:?2=5453! =;4:?F;! C! 35D>2>=5!
3><B:<>=>:2! :D! 8>I>2F! =;>2F<L! C2>AC8<! C23!;?AC2!@5>2F<! C45! >2! =;5>4!
6:483P!(;5!458C=5325<<!:D!C2>AC8<!=:!=;5!6:483!><!B45G><587!=;C=!6;>G;!
@4>2F<! C2>AC8<! >2! =;5>4! @5>2F!F52?>2587! p#0*#&.)0;"q! >2=:! @5>2F'=;545P!
$2<:DC4!C<!:25! =CK5<!CBB45;523>2FL!F4C<B>2F! =;5!6:483!C<!C!F5254C8!
=:B>G!:D!>2I5<=>FC=>:2L!:25!A?<=!@5!G85C4!C@:?=!=;5!DCG=!=;C=!F4C<B>2F!
C23!CBB45;523>2F!=;5!6:483!56#7/55'7#!C!@5>2F'>2'=;5'6:483PMQ!
!
)545>2!8>5<!=;5!45C8!3>85AACP!#W><=52G5L!@5>2F'>2'=;5'6:483L!><!C!?2>=C47!
B;52:A52:2L! 2:=! :25! \A:35T! :D! \5WB54>52G>2FT! \CG=?C8>=7T! :4! \45C8>=7TP!
"?=!6>=;!=;5!3>I><>:2!:D!5<<52G5!@4:?F;=!C@:?=!=;4:?F;!=;5!>2=4:3?G=>:2!
:D! =;5! @C<>G! G4>=54>:2! :D! @5>2F'?2354<=C23>2FL! 5W><=52G5! 3:5<! >23553!
CBB5C4! =:!@5!453?G53!=:! X?<=!<?G;!C! \A:35TL! >P5PL!C8:2F<>35!=;5!C2>AC8T<!
\@5;CI>2F'>2'=;5'52I>4:2A52=T! d6;>G;!6:?83!@5! >=<! D:4AC8!5E?>IC852=eP!
$2! :=;54! 6:43<L! .?'$ #77#&.01))+$ 20,,#6#&.$ ('21)0.0#7$ ',$ 0&ZR#0&*$ (/7.$ &'?$
7'(#"'?$ ,0&2$ 1;;'(('21.0'&$ ?0."0&$ 1$ 70&*)#W$ /&0,0#2$ "'60F'&$ ',$ 0&ZR#0&*! k!
<:A5=;>2F!6;>G;!><!:@I>:?<87!>AB:<<>@85P!0:4!=;><!45C<:2!@5>2F'>2'=;5'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MQ!&*!OVL!_`DPgQNP!
!Y_!
6:483!A?<=!35I:8I5!#0."#6!:2!@5>2F'?2354<=C23>2F!'6!C@<52G5!:D!@5>2F'
?2354<=C23>2FL!@?=!>=!GC2!25I54!35I:8I5!:2!@:=;!<>A?8=C25:?<87P!
! $2! =;><! 6C7! <:A5=;>2F! =;C=! 6C<! :2G5! ;583! =:! G:2<=>=?=5! =;5!
B454:FC=>I5! :D! :25! <B5G>C8! <?@<5=! :D! @5>2F'>2'=;5'6:483! k! I>[PL! @5>2F'
?2354<=C23>2F! C<! =;5! 5WG8?<>I5! B:<<5<<>:2! :D! 5W><=52=>C8! 8>D5! k! ><! 2:6!
=CK52! =:! @5! =;5! G:23>=>:2! :D! B:<<>@>8>=7! :D! @5>2F'>2'=;5'6:483! 17$ 7/;"P!
*23!G:2<5E?52=87!2:2'5W><=52=>C8!:4!\A545T! 8>D5!><!3>I5<=53L!1)0#&1.#2L!:D!
1))$',$0.7$,'6(#6$?'6)2)+$5'77#770'&7!k! >2'@5>2FL!3><G8:<?45L!?2354<=C23>2FL!
@5>2F'6>=;! C23! C88! =;5! 45<=a! ;52G5D:4=;! =;5<5! GC2! ;CI5! :287! :25!
B4:B4>5=:4L! 5W><=52G5L! C<! =4?5! @5>2F'>2'=;5'6:483P! 1>D5! ><! 453?G53! =:!
B52?47L! =:! @5>2F'>2'=;5'6:483! >2! C! <=C=5! :D! C@<:8?=5! 35<=>=?=>:2L!
>AB:I54><;A52=P!!"#$('7.$ 56#;07#$ 7#&7#Z;'&.#&.$ ',$?'6)2Z5'=#6.+$ 07$ 70(5)+$
."07T$R#0&*Z0&Z."#Z?'6)2$2#&1./6#2$1&2$2#&/2#2W$ .'.1))+$2#560=#2$',$ ."#$?'6)2$
0.7#),Y!(;5!B;4C<5! \6:483'B:I54=7T! ><!2:=! <:A5!<:4=!:D! G:2G5<<>:2! =:! =;5!
>2;5452=87!:BCE?5!C23!>AB525=4C@85!2C=?45!:D!8>D5L!C<!=;:?F;!8>D5L!@5>2F!
>2CGG5<<>@85!1$560'60! d@5GC?<5!6;:887!:=;54eL!G:?83!:287!5I54!@5!35D>253!
I><'�'I><!5W><=52G5P!+C=;54!<?G;!>AB:I54><;A52=L!3>I5<=A52=L!5=GP!><!=;5!
A:<=!B45G><5!35<G4>B=>:2!:D!=;5!I547!5'70.0=0.+!:D!8>D5L!:D!>=<!5<<52G5aM_!8>D5!
X?<=! 07! @5>2F'>2'=;5'6:483! >=<58D! >2! >=<! G:23>=>:2! :D! C@<:8?=5! C23!
B54AC252=!C8>52C=>:2P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M_!&*!MYgZNL!sQ_CL!M^_gOV`P!
!Y`!
$$$P!U:2<5E?52G5<!:D!=;5!C8>52C=>:2!:D!8>D5!
!
(;545! C45! =;455!AC>2! G:2<5E?52G5<! :D! =;><! 3>I5<=A52=! :4! C8>52C=>:2! :D!
8>D5P! 0:4! :25! =;>2FL! 8>D5! @5G:A5<! <:A5=;>2F! BC4C3:W>GC8! C23! ;52G5!
?2>2=588>F>@85P! *<! )5>35FF54! ;>A<58D! 5WB45<<5<! >=S! \(;5! C2>AC8! =;?<!
45I5C8<! >=<58D! C<! C! @5>2F!6;>G;! R'."$ "17$ 1&2$ 2'#7$ &'.$ "1=#$?'6)2P! (;><! ><!
G:2=4C3>G=:47! C23! =;?<! 8:F>GC887! >AB:<<>@85PTM`!(;><! ?2>2=588>F>@>8>=7! :4!
>AB:<<>@>8>=7!=CK5<!C!2?A@54!:D!3><=>2G=!@?=!458C=53!D:4A<P!(;545!><L!D:4!
>2<=C2G5L! =;5!I5W>2F! ><<?5!:D! \:B5225<<TP!(;545! ><!2:!B:>2=! 4CGK>2F!:?4!
@4C>2<!:I54!=;5!>2=4CG=C@85!G:2?234?A!:D!6;5=;54!C23!;:6!=;5!C2>AC8!
><! \:B52! D:4lTL! <>2G5! =;5! C2<654! ><! C845C37! G:2=C>253! >2! =;5! <=4?G=?4C8!
ACK5'?B!:D!8>D5!>=<58D!E?C!6:483'B:I54=7S!I>[PL!=;5!C2>AC8!><!C=!:2G5!:B52!
C23! 2:=! :B52P!.4! =:! @5!A:45! B45G><5S! :2! =;5! :25! ;C23L! >2<:DC4! C<! =;5!
C2>AC8!><!B::4!>2!6:483L!>=!GC22:=!@5!:B52!>2!C27!F52?>25!<52<5a!:2!=;5!
:=;54!;C23L! >2<:DC4! C<! =;5! C2>AC8! ><! G85C487!2:=! C! =;>2F!:2!;C23! 8>K5! C!
<=:25L!=;5!C2>AC8!GC22:=!@5!C@<:8?=587!&'&':B52L!5>=;54P!(;?<!>=!D:88:6<!
=;C=! =;5! C2>AC8! ><! <>A?8=C25:?<87! 2:=':B52! C23! 2:='2:2':B52P! $D! 65!
=?42! =:! =;5! =5W=L! 65! D>23! C27! 2?A@54! :D! 45D5452G5<! =:! =;5! C2>AC8T<!
\:B5225<<TP!0:4!5WCAB85L!6;545C<!=;5!<=:25'=;>2F!\><!5<<52=>C887!?0."'/.$
1;;#77! =:! =;:<5!@5>2F<!CA:2F<=!6;>G;! >=! ><! >2! >=<!:62!6C7! dB45<52G5!C=!
;C23eTL! =;5!C2>AC8! \><!&'.$?0."'/.$1;;#77! =:!6;C=! ><!C4:?23! >=!C23!C@:?=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M`!$@>3PL!MYZgOYYP!
!Y^!
>=TLM^!=;C=! ><! =:! <C7L! \<:A5=;>2F! 45<5A@8>2F! C! 7/66'/&20&*$ #&=06'&(#&.! ><!
'5#&!D:4!=;5!C2>AC8!C23!>=<!@5;CI>:?4TPMV!.4!CFC>2L!=;5!C2>AC8!><!\458C=53!
=:T!C23!\<:A5;:6!CDD5G=53!@7T!=;>2F<!=;C=!C45!\'5#&$0&$1$;#6.10&$?1+T!D:4!>=L!
I>[PL! >2! =;5! D:4A!:D!<=>A?8>PMY!d)5>35FF54!5I52!F:5<!<:! DC4!C<! =:!<?FF5<=!
=;C=!=;><!\:B5225<<T!AC7!@5!<:!4>G;!C23!C@?23C2=!=;C=!\=;5!;?AC2!6:483!
AC7!;CI5!2:=;>2F!=:!G:ABC45T!>=!6>=;PZNe!"?=!>2!CG=?C8>=7!=;><!\:B5225<<T!
><!:287!=;5!:B5225<<!',$."#$;)'7/6#$',$;15.0=1.0'&L!>P5PL!:D!\=CK52!@5;CI>:?4TL!
:D! C2! C@<:4B=>I5! G:2D>25A52=! 6>=;>2! =;5! 4>2F! :D! 3><>2;>@>=>:2L! =;5!
52I>4:2A52=S!
!
p(;5q! >2254!B:<<>@>8>=7!:D!B:I54=7!>2!6:483l><!=;5!>2<=>2G=?C8!@5>2F'
:B52!:D!=CK52!@5;CI>:?4P!(;5!C2>AC8!B:<<5<<5<!=;><!@5>2F':B52!>2!>=<!
5<<52G5P! "5>2F! :B52! >2! GCB=>IC=>:2! ><! =;5! #77#&.01)$ 5'77#770'&! :D! =;5!
C2>AC8P!.2! =;5!@C<><!:D! =;><!B:<<5<<>:2! >=! GC2!@5!35B4>I53L! >=! GC2!@5!
B::4L! >=! GC2!@5!35=54A>253! >2! >=<!@5>2F!@7!B:I54=7P!(;><!;CI>2F! ><l!
@5>2F!;583!GCB=>I5!=:!=;5!3><>2;>@>=>2F!4>2F!k!>=!><!1$"1=0&*$',$."1.$?"0;"$
2070&"0R0.7PZO!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M^!$@>3PL!MYNDDPgOY^DP!
MV!$@>3PL!Z`YgM_ZP!
MY!$@>3PL!Z`^DPgM_ZP!UDP!Z`ODPgMQVP!
ZN!$@>3PL!Z^ODPgM__P!
ZO!$@>3PL!ZYOgM`YDP!
!YV!
(;5!\:B5225<<T!:D! 8>D5! ><!A54587!."#$&'.Z"1=0&*$',$."#$=#6+$'5#&M$56'5#6$
."1.$?17$_/7.$7.6055#2$,6'($0.!d=;5!\@5>2F':B52!D:4!=;C=!6;>G;!3><>2;>@>=<l!
><! C! 2:=';CI>2FL! C23! >23553! C! 2:=';CI>2F! :D! 6:483TZMeP! (;5! C2>AC8T<!
:B5225<<!X?<=!07!>=<!35B4>IC=>:2!:D!@5>2F!C23!2:=;>2F!@5<>35<P!(;5!6:43!
\D#&'((#&"#0.T! 2CA5<! B45G><587! =;><S! =;5! \:B5225<<T! :D! 52G8:<?45L!
52G>4G85A52=L!GCB=>IC=>:2L!34>I52!@5;CI>:?4L!5=GP!
! "?=! =;5! 45C8! E?5<=>:2! ;545! ><! 6;5=;54! =;545! ><! C27! A5C2>2FD?8!
3><=>2G=>:2!=:!@5!34C62!@5=6552!C!G:AB85=5!1$560'60!8CGK!:D!6:483L!<?G;!
C<!G;C4CG=54>[5<!=;5!8>I>2F!C2>AC8L!C23!C2!C@<:8?=5!1$560'60!8CGK!:D!6:483L!
<?G;!C<!G;C4CG=54>[5<!=;5!2:2'8>I>2F!<=:25L!>P5PL!6;5=;54!=;545!GC2!@5!C27!
:B5225<<! C=! C88! @5=6552! =;5! \2:=T! C23! =;5! \2:2TP! (;5! <=:25! ><! G:2<=>=?'
=>:2C887!C23!C@<:8?=587!6:48385<<!\>2!=;5!<52<5!=;C=!=;5!<=:25!;1&&'.$#=#&$
R#$ 2#560=#2! :D! <:A5=;>2F! 8>K5!6:483TPZZ!,:! =;>2F<! <=C23! C27! 3>DD5452=87!
6>=;!=;5!C2>AC8m!\*<!DC4!C<!=;5!C2>AC8!><!G:2G54253!65!GC22:=!<C7!=;C=!
@5>2F<! C45! G8:<53! :DD! D4:A! >=P! "5>2F<! G:?83! :287! @5! G8:<53! :DD! >D! =;545!
6545!<:A5!B:<<>@>8>=7!:D!3><G8:<?45!C=!C88L!;:65I54!<8>F;=!=;C=!A>F;=!@5P!
"?=! =;5!GCB=>IC=>:2!:D! =;5!C2>AC8!B8CG5<! =;5!C2>AC8!#77#&.01))+$'/.702#$',$
."#$5'770R0)0.+$."1.$R#0&*7$;'/)2$R#$#0."#6$207;)'7#2$.'$0.$'6$;)'7#2$',,$,6'($0.PTZQ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZM!$@>3P! UDP! &>:4F>:!*FCA@52L!!"#$85#&! dR=C2D:43S! R=C2D:43!H2>I54<>=7!
-45<<L!MNNQeL!_YP!
ZZ!$@>3PL!MVYgOY`P!
ZQ!$@>3PL!Z`OgMQV!dA7!5AB;C<><eP!
!YY!
$25I>=C@87L!25>=;54!C2>AC8!2:4!<=:25!;C<!5I52!=;5!<8>F;=5<=!B:<<>@>8>=7!:D!
5>=;54!G8:<?45!:4!3><G8:<?45L!:D!;CI>2F!:4!2:=!;CI>2FL!6;>G;!><!B45G><587!
6;7!)5>35FF54L!>2!;><!85G=?45<!:2!)§83548>2!C!D56!75C4<!8C=54!dJR!OYZQ'
_eL!GC2!45AC4K!=;C=!\p=;5q!85CB!D4:A!8>I>2F!C2>AC8<!=:!;?AC2<!=;C=!<B5CK!
><!C<!8C4F5!>D!2:=!8C4F54!=;C2!=;C=!D4:A!=;5!8>D585<<!<=:25!=:!8>I>2F!@5>2FPTZ_!
O0,#$ 07$'&.')'*0;1))+$;)'7#6$ .'$ )0,#)#77MW$ .'$1R7')/.#$&'&Z)0,#W$ ."1&$.'$?'6)2)+$
#407.#&;#W$ 1&2$ 0&2##2$ )0,#$ 07W$ 0&$ .#6(7$ ',$ 0.7$ ,'6(W$ =06./1))+$ 0&207.0&*/07"1R)#$
,6'($ )0,#)#77MY! J5! A>F;=! <>AB87! <C7! =;5! C2>AC8! ><! C! <=:25! 6>=;!
>2<=>2G=<PZ`!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z_!R55!&*!ZYL!^_!dG>=53!>2!/>G;58!)CC4L!+5F>2C83!1>887!p=4PqL!!"#$B'&*$',$."#$
316."! p"8::A>2F=:2S! $23>C2C! H2>I54<>=7! -45<<L! OYYZqL! MYeP! )5>35FF54!
C4F?5<! =;5! <CA5!B:>2=! >2!S'&.60R/.0'&7L!64>==52! C4:?23! =;5! <CA5! =>A5a!
<55!&*!`_L!M^^gOY_S! \(;5!3C4K52>2F!C23!?'6)2)#77MS! d#C48>54!C<!?'6)2Z
5'=#6.+!pM#).16(/.qt!/><?2354<=C23C@85P!(;5!4:GK!><!2:=!5I52!6:48385<<L!
@5GC?<5! >=! ><! >23553! 6>=;:?=! 3C4K52>2FPeT! (;5! OYQY! \$2=4:3?G=>:2! =:!
nJ;C=! $<!/5=CB;7<>G<moT! ><!B54;CB<! =;5!@8?2=5<=!:D!C88S! \(;5!@5>2F! =;C=!
5W><=<!><!=;5!;?AC2!@5>2FP!(;5!;?AC2!@5>2F!C8:25!5W><=<P!+:GK<!C45L!@?=!
=;57!3:!2:=!5W><=P!(455<!C45L!@?=!=;57!3:!2:=!5W><=P!):4<5<!C45L!@?=!=;57!
3:!2:=!5W><=P!*2F58<!C45L!@?=!=;57!3:!2:=!5W><=P!&:3!><L!@?=!;5!3:5<!2:=!
5W><=T!d&*!YL!MNQgMVQeP!(;545!><!C!4C3>GC8!5E?>IC852G5!:D!C88!=;>2F<L!D4:A!
4:GK<!=:!&:3L!=;C=!3:!2:=!;CI5!@5>2F!E?C!@5>2FP!!
Z`!$=!><!B45G><587!@5GC?<5!=;545!><!2:!5<<52=>C8!3><=>2G=>:2!@5=6552!=;5!2:='
!ONN!
! (;5! G:2=4C3>G=:4>25<<! :4! >AB:<<>@>8>=7! :D! 8>D5! C8<:! 5W=523<! =:! =;5!
B4:@85A!:D!\CGG5<<TL!D:4!>D!=;5!C2>AC8L!8>K5!=;5!<=:25L!8CGK<!C88!B:<<>@>8>=7!
:D!3><G8:<?45L!>=!D:88:6<!=;C=!C27!CGG5<<!:4!\=4C2<B:<C@>8>=7T!I><'�'I><!8>D5L!
>P5PL!C27!\F:>2F!C8:2F!6>=;T!=;5!C2>AC8!>2!>=<!C2>AC8>=7L!><!C8<:!5<<52=>C887!
>AB:<<>@85P! .4! CFC>2L! C23! A:45! B45G><587S! >2<:DC4! C<! =;5! C2>AC8! ><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!:B5225<<!:D!8>D5!C23!=;5!2:2':B5225<<!:D!=;>2F<!=;C=!=;5!B4:@85A!:D!=;5!
\C<T! ><!<:!G:2D:?23>2FP!(;?<!/G%5>88!64>=5<S! \(;5!C2>AC8! ><!<=>88!C@85!=:!
A:I5!C23!nCG=o!>2!C!AC2254!=;C=!><!2:=!?"'))+!:4!5WG8?<>I587!35=54A>253!
@7! >=<! >AA53>C=5! 52I>4:2A52=P! *8=;:?F;!)5>35FF54L! <:! DC4! C<!65! C45!
C6C45L! 2:6;545! G8C4>D>5<! =;><! <?DD>G>52=87L! =;5! C2>AC8! d:4! C=! 85C<=! <:A5!
C2>AC8<e! >2! DCG=! ;C<! C23! A?<=! ;CI5! C! G54=C>2! C@>8>=7l=:! 458C=5! =:!
<:A5=;>2F! 17! <:A5=;>2FL! C8=;:?F;! 2:=L! >23553L! 17$ R#0&*! <:A5=;>2Fl*!
GC=! 45<B:23<! =:! =;5! B45<52G5! :D! C!A:?<5! 17! >=<! B:=52=>C8! 3>2254L! :4! 17!
<:A5=;>2F! =:! B8C7! 6>=;a! >=! 45<B:23<! =:! =;5! B45<52G5! :D! C! 3:F! 17! C!
B:=52=>C8!=;45C=!k!1&2$&'.!C<!>=<!D::3lT!dR55!J>88>CA!/G%5>88L!!"#$!0(#$',$
O0,#T$:#02#**#6$1&2$¨=;:<!p*8@C27S!RH%b!-45<<L!MNN`qL!Q_Pe!"?=!:D!G:?4<5L!
C23!25G5<<C4>87L!=;5!:45G=>G!17!;C<!C88!@?=!IC2><;53!D4:A!)5>35FF54T<!=5W=!
C8:2F! 6>=;! 5I547! :=;54! <=4?G=?45! =;C=! ?<53! =:! @58:2F! =:! =;5! C2>AC8T<!
@5>2F'>2'=;5'6:483P! $=! <?4I>I5<! :287! ;545! C23! =;545L! C23! 2:! 3:?@=!
CGG>352=C887L!D:4!5WCAB85L!C=!&*!MYgZNL!Z`QgM_NS!\(;5!:25!C2>AC8!><!25I54!
=;545! D:4! =;5! :=;54! <>AB87! C<! C! 8>I>2F! G45C=?45L! @?=! ><! :287! =;545! D:4! >=!
5>=;54!C<!<5W?C8!BC4=254!:4!C<!B457lT!
!ONO!
<>A?8=C25:?<87! 2:=':B52! C23! 2:='2:2':B52L! =4C2<B:<C@>8>=7! ><! C8<:!
<>A?8=C25:?<87! >AB:<<>@85! C23! 2:=! >AB:<<>@85P Z^ !9?<=! C<! @5D:45! =;5!
3><=>2G=>:2!><!;C4387!C!A5C2>2FD?8!:25!>2<:DC4!C<!CGG5<<!><!25I54L!<=4>G=87!
<B5CK>2FL! CG=?C887! B:<<>@85! >2! C! D?88! C23! B:<>=>I5! <52<5! d>2<:DC4! C<! =;5!
C2>AC8T<! 8>D5! ><! I>4=?C887! >352=>GC8! =:! =;5! <=:25T<! 8>D585<<25<<L! =;5!
B:<<>@>8>=7! :D! C27! F:>2F! C8:2F!6>=;! =;5! C2>AC8! ><! 5E?C8! =:! =;C=! :D! C27!
F:>2F! C8:2F!6>=;! =;5! <=:25! k! >P5PL! [54:eP! $2! =;><!6C7! =;5! \C2C8:F>GC8T! :4!
\453?G=>I5T!<=4C=5F7!><!3><E?C8>D>53!1$560'60PZV!
! (;5!<5G:23!G:2<5E?52G5!:D!=;5!C8>52C=>:2!:D!8>D5!><!=;C=!=;5!<G>52G5!:D!
@>:8:F7L! :2G5! ;583! =:! @5! >2GCBC@85! :D! <58D'CG=?C8>[C=>:2! :?=<>35! :D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z^!&*! MYgZNL! ZNVDPgMONDPS! \04:A! =;5! <>35! :D! =;5! C2>AC8L! 6;C=! ><! >=! =;C=!
*61&.7$ ."#$ 5'770R0)0.+$ ',$ .61&75'7#2M! C23! &#;#77160)+$ 6#,/7#7$ 1&+$ *'0&*$
1)'&*$ ?0."ml(;5! C2>AC8! 3><B8C7<! C! <B;545! :D! =4C2<B:<C@>8>=7l6;>G;!
2:25=;585<<! 45D?<5<! C27!F:>2F! C8:2F!6>=;P!(;5! C2>AC8! ;C<! C! <B;545! :D!
B:=52=>C8! =4C2<B:<C@>8>=7! C23!75=! >=!3:5<!2:=!25G5<<C4>87!;CI5!6;C=!65!
GC88! 6:483P! $2! G:2=4C<=! 6>=;! =;5! <=:25L! =;5! C2>AC8! >2! C27! GC<5! 3:5<!
B:<<5<<! =;5! B:<<>@>8>=7! :D! =4C2<B:<C@>8>=7L! @?=! >=! 3:5<! 2:=! C88:6! =;5!
B:<<>@>8>=7! :D! <58D'=4C2<B:<>=>:2! >2! =;5! <52<5! >2! 6;>G;! =;><! =4C2<B>45<!
@5=6552!:25!;?AC2!@5>2F!C23!C2:=;54PT!
ZV!$=!><!45B8CG53!@7!C!\35G:2<=4?G=>I5T!d1RR1/#&2#&e!:25S!\=;5!#77#&;#$',$)0,#$
;1&$R#;'(#$1;;#770R)#$'&)+$0,$?#$;'&702#6$0.$0&$1$2#;'&7.6/;.0=#$,17"0'&T!d>@>3PL!
Z^ODPgM__eP!
!ONM!
B;>8:<:B;7L!><!2:6!4585C<53!D4:A!B;>8:<:B;7T<!G?<=:37L!6>=;!=;5!45<?8=!
=;C=!8>D5L!=;?<!>AA?25!D4:A!C27!B:=52=>C8!B;52:A52:8:F>GC8!<G4?=>27L!><!
:2G5! CFC>2L! C23! >4:2>GC887L! 453?G53! =:! 1&$ 'R_#;.$ ',$ 1$ 2#.1;"#2$ ."#'6#.0;1)$
*1F#! k! =;5!I547! <=C=5!:D! CDDC>4<! >2! 45<B:2<5! =:!6;>G;! =;5! G:2G5B=!:D! 8>D5!
E?C!@5>2F'>2'=;5'6:483!6C<!>2>=>C887!B?=!D:46C43P!(;?<!8>D5!@5G:A5<!=;5!
B454:FC=>I5!:D!@>:8:F7!C<!:@X5G=>I5!<G>52G5L!6;>85!B;>8:<:B;7L!>2<:DC4!C<!
>=! =CK5<! 8>D5! C<! >=<! =;5A5L!A?<=!;52G5D:4=;! <?@A>=! =:!@>:8:F7! d=;?<! >=! ><!
=;5! @>:8:F>GC8! :4! [::8:F>GC8! G:2G5B=<! :D! >2<=>2G=<L! 34>I5<L! @5;CI>:?4L!
<=>A?8C=>:2L! 52I>4:2A52=! C23! =;5! 8>K5! =;C=! >2D:4A! C23! F?>35! =;5!
B;>8:<:B;>GC8! 52E?>47L! 2:=! =;5! 45I54<5! k! =;C=! ><L! =;5! B;>8:<:B;>GC8!
G:2G5B=!:D!\6:483'B:I54=7T!3:5<!2:=!>2D:4A!=;5!3><G:?4<5!:D!@>:8:F7eP!$2!
=;><!6C7! =;5!B;>8:<:B;>GC8!58?G>3C=>:2!:D! 8>D5! G:A5<!A:45!C23!A:45! =:!
45<5A@85! =;5!A:<=! ;?A34?A! C23! =4C3>=>:2C8! <G>52=>D>G! =;5:4>5<! :D! 8>D5S!
=;5! C2>AC8T<! 3C[53! \<=4?FF8>2F!6>=;! =;5! 52G>4G8>2F! 4>2F!6;>G;! G>4G?A'
<G4>@5<!=;5!=:=C8>=7!:D!>=<!>2<=>2G=?C8!CG=>I>=7l><!2:=;>2F!:=;54!=;C2!6;C=!
65!C45!C845C37!CGE?C>2=53!6>=;!D4:A!:?4!G:AA:2!5WB54>52G5!:D!8>I>2F!
@5>2F<S!<58D'B45<54IC=>:2!C23!AC>2=52C2G5!:D!=;5!<B5G>5<T!dC8=;:?F;!=;><!
><! 2:6! B?4B:4=5387! F4C<B53! >2! C!A:45! :2=:8:F>GC887! C35E?C=5!6C7! C<!
\@58:2F>2F!=:!=;5!5<<52G5!:D!GCB=>IC=>:2L!=:!C2>AC8>=7!C<!<?G;TePZY!
! (;5! =;>43! C23! D>2C8L! C23! B54;CB<!A:<=! 3><C<=4:?<L! G:2<5E?52G5! ><!
=;C=!=;5!;?AC2T<!@:23!6>=;!=;5!45<=!:D!=;5!8>D5'G:AA?2>=7!><!>445BC4C@87!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZY!$@>3PL!Z^^gM_YP!
!ONZ!
@4:K52P! 0:4! =;5! 7:?2F! )5>35FF54L! 6;:! ?2354<=::3! 8>D5! C<! <?G;! C<!
?2>I54<C8!@5>2F'>2'=;5'6:483L! =;545!6C<!2:!F45C=!3>DD>G?8=7! >2!CDD>4A>2F!
=;5!:@I>:?<!k!2CA587L!=;C=!;?AC2!C23!C2>AC8!;CI5!<:A5=;>2F!5<<52=>C8!
>2! G:AA:2L! =;C=! =;57! <;C45! C! G:AA:2! A:35! :D! @5>2FP! "?=! :2G5! =;5!
C2>AC8! ><! G?=! :DD! D4:A! =;5!6:483! :2! =;5! F4:?23<! :D! >=<! 8CGK! :D! @5>2F'
?2354<=C23>2FL! :2G5! >=! @5G:A5<! G85C4! =;C=! @5>2F'>2'=;5'6:483! ><! =;5!
5WG8?<>I5! B:<<5<<>:2! :D! =;5! ;?AC2L! >=! D:88:6<! 5E?C887! C23! G:2I54<587!
=;C=! =;5! ;?AC2! GC2! 25I54! <;C45! >2! =;5! C2>AC8T<! A:35! :D! @5>2FL! GC2!
25I54!\@5!C2>AC8T!:4!8>I5!>2!C2!C2>AC8!<:4=!:D!6C7L!5WG5B=!@7!A5C2<!:D!C!
=:=C8! <58D'5ICG?C=>:2L!C! =;:4:?F;!<58D'25FC=>:2!:D! >=<!:62!;?AC2!A:35!
:D! @5>2FPQN!J;545C<!B45I>:?<87!)5>35FF54! G:?83! >2<><=! =;C=! =;5!;?AC2L!
\8>I>2F!C<!5W><=52=TL!G:?83!@5!35B4>I53!:D!>=<!5W><=52G5!C23!D:4!=;C=!45C<:2!
C23!=:!=;C=!5W=52=!G:?83!@5!G:2<>35453!\A54587T!D4:A!=;5!B:>2=!:D!I>56!
:D! >=<! 8>D5!k! >P5PL!G:?83!@5! \pA:I53q! >2=:! =;C=!3:AC>2!:D!@5>2F!6;>G;!65!
K2:6! C<! =;5! 6:483! :D! C2>AC8<! C23! B8C2=<T! k! 2:6! =;5! ;?AC2'C2>AC8!
K>2<;>BL! 6;>85! ?2352>C@85L! ><! 453?G53! =:! C! K>23! :D! =;:427! B?[[85L! C!
\4>3385TL! <:A5=;>2F! =;C=! :25!A>F;=! BC?<5! C23!A?88! :I54! D4:A! =>A5! =:!
=>A5! @?=! =;C=! 25I54=;585<<! ><! 5<<52=>C887! @57:23! =;5! 45CG;! :D!
B;>8:<:B;>GC8! G:AB45;52<>:2PQO!$2C<A?G;! C<! 8>D5! ;C<! @552! 453?G53! =:!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QN!&*! ZQL! MZ`gO`YS! \/C2! GC2! 25I54! @5! C2! C2>AC8L! >P5PL! GC2! 25I54! @5!
2C=?45PT!
QO!R55L!>2!=;><!G:2=5W=L!=;5!\15==54!:2!)?AC2><ATL!&*!YL!ZM`gMQVP!
!ONQ!
C2>AC8>=7! C23! C2>AC8>=7! =:! =;5! @52?A@A52=! :D! 6:483'B:I54=7L! =;5!
;?AC2!<>AB87!GC22:=!C23!GC2!25I54!8>I5P!
!
$]P!U:2G8?<>:2!
!
(;5!=4:?@85!6>=;!=;5!@>:8:F7!<5G=>:2<!:D!=;5!JR!OYMY'ZN!85G=?45<!8>5<!2:=!
<:!A?G;!6>=;!=;5!2C=?45!:D!=;5!52E?>47!C<!<?G;!C<!6>=;!=;5!G:2<=4C>2=<!
>AB:<53! ?B:2! >=! @7! =;5! A5=CB;7<>GC8! D4CA56:4K! 6>=;>2! 6;>G;! >=! ><!
GC44>53! :?=P! d$2! =;5! 523! =;5<5! G:2<=4C>2=<! 6>88! B4:I5! =::! @?4352<:A5L!
B4:AB=>2F!)5>35FF54!=:!<?FF5<=!=;C=!=;5!6;:85!=;5:47!A>F;=!;CI5!=:!@5!
\45B?3>C=53!C8=:F5=;54T!k!=;5!DCA:?<!<58D'G4>=>G><A!:D!s`ZPQMe!)5>35FF54T<!
E?5<=>:2! ><! &'.S! 6;C=! ><! =;5! @5>2F! :D! 8>D5! >=<58Da! 6;C=! ><! 8>D5! E?C! 8>D5m!
+C=;54!)5>35FF54! C<K<! <:A5=;>2F! <?G;! C<! =;5! D:88:6>2FS!6;C=! K>23!:D!
:B5225<<! ><! B:<<>@85! @5=6552! C! 2:=';CI>2F! C23! C! 2:2';CI>2F! :D! ."#!
6:483!C<!."#!D>583!:D!AC2>D5<=C=>:2L!:4!@5==54L!;:6!3:5<!:25!?2354<=C23!
=;5!\:B5225<<T!:D!2:2'=;>2F8>25<<!F>I52!=;C=!=;5!C2>AC8!GC22:=!@5!'5#&!>2!
=;5! =4?5!C23! D?88! <52<5!:D!@5>2F'>2'=;5'6:483m!*!A?G;!@5==54!E?5<=>:2L!
;:65I54L! 6:?83! @5! :25! <?G;! C<! =;><S! F>I52! C! G54=C>2! \:B5225<<T! :4!
\6:483T! >2! F5254C8L! C! B?45! D>583! :D! AC2>D5<=C=>:2! 0&! 6;>G;! C88! 8>I>2F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QM!"?=!C=!=;5!<CA5!=>A5!;5!>2<><=<!=;C=!\65!;CI5l&'$60*".$.'$1).#6$'/6$."#707$
."1.$ ."#$ 1&0(1)$ 07$ 5''6$ 0&$ ?'6)2T! k! 2:! 3:?@=! @5GC?<5! =;><! ><! =;5! :287!
8:F>GC887!B:<<>@85!<G52C4>:!:2!;><!A5=CB;7<>GC8!A:358P!
!ON_!
@5>2F<!16#!E?C!8>I>2FL!6;C=!D:4A!3:5<!=;><!>2'25<<!=CK5!>2!=;5!C@<52G5!:D!
<:A5=;>2F!8>K5!@5>2F'?2354<=C23>2F!k!:4L!;:6!C45!=;>2F<!F>I52L!;:6!3:!
=;57!AC2>D5<=!=;5A<58I5<L!=:!C!2:2'\5W><=52=>C8T!8>D5m!(;><!E?5<=>:2!2553!
2:=! @5! =CK52! C<! C<K>2F! C@:?=! =;5! 3>DD5452=! A:35<! :D! CBB45;52<>:2! :D!
CG=?C8>=7P! $=! ><! @7! 2:!A5C2<! G85C4! =;C=!6;C=!)5>35FF54! ;545! >2<><=<! :2!
35<G4>@>2F! dC23! D:4! 5<<52=>C8! 45C<:2<e! >2! =54A<! :D! 34>I5<L! >2<=>2G=<L!
<=>A?8C=>:2! C23! <:! :2! GC22:=! @5! 45G:2G>853L! =;C=! ><L! >2! C! A:45!
B;52:A52:8:F>GC887!C35E?C=5!6C7L!6>=;!=;5!6:483!C<!C!?2>=C47
!ON`!
3>DD>G?8=!>ACF5!:D!=;5!#16."!=;C=!@5F>2<!=:!5A54F5!>2!=;5!A>3'OYZN<!>2!=;5!
85G=?45<! :2!)§83548>2! C23! =;C=! 45CG;5<! >=<! B5CK!6>=;! =;5! OYZ_'`! 5<<C7L!
\(;5!.4>F>2!:D!=;5!J:4K!:D!*4=TP!*GG:43>2F87!>=!><!=:!=;><!8C==54!=5W=!=;C=!
65!A?<=!2:6!=?42!:?4!C==52=>:2P!
!
!ON^!
!>1A$%2'I'
!
J12$>K'536%'1#-'514"92'3#'
LM>%';23.3#'"6'$>%'H"2*'"6'(2$='
!
!
$P!(;5!3:FAC!:D!6:483'B:I54=7!C23!=;5!3><B8CG5A52=!
:D!=;5!B4:@85A!:D!8>D5!:2=:!=;5!5C4=;!
!
(;5!JR!OYMY'ZN!85G=?45<!85CI5!8>D5!>2!C!A:<=!3><=45<<>2F!<=C=5a!A:45:I54L!
65! :?4<58I5<! C45! G:AB58853! =:! C3:B=! =;5! A:<=! C6K6C43! C23!
G:?2=54>2=?>=>I5! <=C2G5! I><'�'I><! 8>D5P! 0:4!)5>35FF54L! ;CI>2F!2:6! D>W53!
;><!F4:?23>2F!E?5<=>:2!>2!B8CG5!C23!=;?<!;CI>2F!<5==853!>2=:!=;5!B4:B54!
;:4>[:2! :D! ;><! B;>8:<:B;7L! 8>D5! CBB5C4<L! D>4<=! :D! C88L! C<! C! E?554! <:4=! :D!
\:B5225<<T! :4! 2:2'=;>2F8>25<<! =;C=! ><! D?23CA52=C887! >AB:I54><;53!
>2C<A?G;!C<!>=!8CGK<!=;5!G:23>=>:2!:D!B:<<>@>8>=7!:D!."#!:B52L!:D!F52?>25!
:B5225<<! dI>[PL! ?2354<=C23>2F! :D! @5>2FeL! C23! <5G:23L! C23! D:4! =;C=!
45C<:2L! C<! C!A:35! :D! @5>2F! D4:A!6;>G;! ;?AC2! @5>2F<! C45! :4>F>2C4>87L!
;52G5! 52=>4587! C23! B54AC252=87L! 5WG8?353P! /:45:I54L! >2<:DC4! C<!
)5>35FF54!45AC>2<!<=5C3DC<=87!G:AA>==53!=:!=;><!4C3>GC887!\6:483><=T!:4!
d>2! =;5! <=4>G=5<=! <52<5! :D! =;5! =54Ae! \5W><=52=>C8><=T! B54<B5G=>I5! ?2=>8! =;5!
I547!523!k! =;C=! ><! =:!<C7L!@5GC?<5!;5!25I54!G5C<5<! =:! 8>2K!=;5!:B52L! =;5!
<>=5! :4! D>583! :D! AC2>D5<=C=>:2L! =:! B4:W>A>=7! =:! @5>2FL! 25I54! 3:?@=<! :4!
!ONV!
G;C8852F5<!;><!C@<:8?=5!453?G=>:2!:D!=;5!\=;545T!=:!=;5!6:483!d@5>2F'."#6#!
=:! @5>2F'>2'=;5'?'6)2'',ZR#0&*7e! k! >=! 2C=?4C887! ;CBB52<! =;C=! =;><!
BC4C3:W>GC8! I>56! :D! 8>D5! 5I52=?C887! B5=4>D>5<! >2=:! C! K>23! :D! 5<=C@8><;53!
3:FACP! /:45! B45G><587L! 5I52! 6;>85! )5>35FF54! CGK2:6853F5<! =;5!
B4:D:?23! >2C35E?CG7! :D! ;><! C2C87<><! :D! 8>D5! dC23! =:! <?G;! C! 35F455! C<!
B54;CB<! =:! 45E?>45! >=<! =:=C8! \45B?3>C=>:2TeL! >2<:DC4! C<! =;5! >2=542C8!
G:2<=4C>2=<! :D! ;><! :62!3><G:?4<5!ACK5! >=! I>4=?C887! >AB:<<>@85! =:! 34C6!
C27!:=;54!G:2G8?<>:2<!C@:?=!8>D5L! =;5!\6:483'B:I54=7T!;7B:=;5<><!G:A5<!
=:! D?2G=>:2! C8A:<=! C<! C! 45F?8C=>I5! >35C! >2! =;5!cC2=>C2! <52<5L! =;C=! ><! =:!
<C7L! C<! <:A5=;>2F! =;C=! 5WG553<! C88! 4C=>:2C8! G:AB45;52<>:2! @?=!
25I54=;585<<!45=C>2<!C!G54=C>2!B4CG=>GC8!:4!5AB>4>GC8!GC<;!IC8?5L!5PFPL! D:4!
=;5:45=>GC8!@>:8:F7!C23
!ONY!
>2!C! <=4C2F587! GCB=>IC=>2F!6C7P!R58D'45I5C8>2F!C23!<58D'G:2G5C8>2F! >2!
=;5!C2>AC8!C45!:25!>2!<?G;!C!6C7!=;C=!;?AC2!<B5G?8C=>:2!B4CG=>GC887!
4?2<! :?=! :D! C8=542C=>I5<! 6;52! >=! 45X5G=<! A5G;C2><=>G! I>56<! :D!
C2>AC8>=7lC<! D>4A87! C<! >=! CI:>3<! C2=;4:B:A:4B;>G! >2=54B45=C=>:2<P!
"5GC?<5! =;5! C2>AC8! 3:5<! 2:=! <B5CKL! <58D'45I5C8>2F! C23! <58D'
G:2G5C8>2FlB:<<5<<!C!6;:887!3>DD5452=!8>D5'5<<52G5!pO#R#ZM#7#&q!6>=;!
=;5!C2>AC8<PO!
!
(;5! C2>AC8T<! 3?A@25<<L! >=<! C8:F>CL! >23>GC=5<! =;C=! >=! ><! :B52! :287! >2! C!
\G8:<53TL! \<5C853! >2T! C23! \GCB=>IC=>2FT! 6C7! d=;5! C2>AC8! 5WB54>52G5<!
25>=;54! G8:<?45! 2:4! 3><G8:<?45ea! ;52G5! =;5! C2>AC8! \B:<<5<<5<! C! 6;:887!
3>DD5452=! 8>D5'5<<52G5T! D4:A! =;5! ;?AC2P! (;5!A>23! <>AB87! GC22:=!64CB!
>=<58D! C4:?23! <?G;! C! \<=4C2F5T! A:35! :D! @5>2Fa! =;?<! 6;52! <B5G?8C=>:2!
45X5G=<! A5G;C2><A! C23! C2=;4:B:A:4B;><A! >=! \B4CG=>GC887! 4?2<! :?=! :D!
C8=542C=>I5<T!D:4!?2354<=C23>2F!=;5!C2>AC8!C23!>=<!A:35!:D!@5>2FL!>=<!8>D5!
d�!C2>AC8>=7eP!
! .4!CFC>2L!D4:A!=;5!-C4A52>35<!85G=?45<!:D!OYQMS!
!
$2! ;><! G:AB:4=A52=! =:! @5>2F<L! AC2! >2! C3IC2G5! <55<! =;5! :B52! @7!
36588>2F!6>=;>2! =;5! :B52>2F! C23! :B5253! B4:X5G=! :D! @5>2FP!J>=;:?=!
=;5!:B52L!6;>G;!><!;:6!@5>2F!>=<58D!G:A5<!=:!B45<52G5L!@5>2F<!G:?83!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O!&*!^L!MVODPg#&(L!OO`DP!
!OON!
@5!25>=;54!?2G:2G5C853!2:4!G:2G5C853P!/C2!C23!;5!C8:25!<55<!>2=:!=;5!
:B52l(;5!C2>AC8L!:2!=;5!G:2=4C47L!3:5<!2:=!F8>AB<5!:4!<55!>2=:L!C23!
G54=C>287! 3:5<! 2:=! @5;:83L! =;5! :B52! >2! =;5! <52<5! :D! =;5!
?2G:2G5C85325<<!:D!=;5!?2G:2G5C853P!(;545D:45!25>=;54!GC2!C2!C2>AC8!
458C=5!=:!=;5!G8:<53!C<!<?G;L!2:!A:45!=;C2!>=!GC2!G:AB:4=!>=<58D!=:!=;5!
G:2G5C853P!(;5!C2>AC8! ><! 5WG8?353! D4:A! =;5!5<<52=>C8!3:AC>2!:D! =;5!
<=4>D5! @5=6552!?2G:2G5C85325<<! C23! G:2G5C85325<<P! (;5! <>F2! :D! =;><!
5<<52=>C8!5WG8?<>:2!><!=;C=!2:!C2>AC8!:4!B8C2=!\;C<!=;5!6:43TP!
! ! (;><! 45D5452G5! =:! =;5! 5WG8?<>:2! :D! =;5! C2>AC8! D4:A! =;5! 5<<52=>C8!
3:AC>2!:D!?2G:2G5C85325<<!>2=4:3?G5<!?<!=:!=;5!52>FAC=>G!G;C4CG=54!
:D! C88! 8>I>2F! @5>2F<P! 0:4! =;5! C2>AC8! ><! 458C=53! =:! ;><! G>4G85! :D! D::3L!
B457L!C23!<5W!>2!C!6C7!5<<52=>C887!3>DD5452=!D4:A!=;5!6C7!=;5!<=:25!><!
458C=53!=:!=;5!5C4=;!?B:2!6;>G;!>=! 8>5<P! $2!=;:<5!=;>2F<!G;C4CG=54>[53!
C<! B8C2=! :4! C2>AC8! 65! D>23! =;5! B5G?8>C4! C4:?<C8! :D! 5WG>=C@>8>=7L! @7!
6;>G;!=;5! 8>I>2F!@5>2F!><! \5WG>=53TL! >P5PL!<=>4453!=:!C2!5A54F>2F!>2=:!C!
G>4G85! :D! <=>A?8C=C@>8>=7l%:! 5WG>=C@>8>=7! :4! <=>A?8C=C@>8>=7! :D! B8C2=<!
C23!C2>AC8<!5I54!@4>2F<!=;5A!>2=:!=;5!D455!>2!<?G;!C!6C7!=;C=!6;C=!><!
5WG>=53! G:?83! 5I54! 85=! =;5! 5WG>=>2F! \@5T! 6;C=! >=! ><! 5I52! A54587! C<!
5WG>=>2Fl-8C2=! C23! C2>AC8! C45! <?<B52353! >2! <:A5=;>2F! :?=<>35! :D!
=;5A<58I5<!6>=;:?=!5I54!@5>2F!C@85! =:! \<55T!5>=;54! =;5!:?=<>35!:4! =;5!
>2<>35L! >P5PL! =:! ;CI5! >=! <=C23! C<! C2! C<B5G=! ?2G:2G5C853! >2! =;5! D455! :D!
@5>2FP!*23!25I54!6:?83!>=!@5!B:<<>@85!D:4!C!<=:25L!2:!A:45!=;C2!D:4!
C2!C>4B8C25L!=:!585IC=5!>=<58D!=:6C43!=;5!<?2!>2!X?@>8C=>:2!C23!=:!A:I5!
!OOO!
8>K5!C! 8C4KL!6;>G;!25I54=;585<<!3:5<!2:=!<55! >2=:! =;5!:B52P!J;C=! =;5!
8C4K!\<55<TL!C23!;:6!>=!<55<L!C23!6;C=!>=!><!65!;545!GC88!\<55>2FT!:2!=;5!
@C<><! :D! :?4! :@<54IC=>:2! =;C=! =;5! 8C4K! ;C<! 575<L! =;5<5! E?5<=>:2<!
45AC>2!=:!@5!C<K53PM!
!
*<!@5D:45L! =;5!C2>AC8! ><!5WG8?353! D4:A!=;5!:B52L! =;5! D455L! >2<:DC4!C<! >=!
3:5<!2:=!;CI5!=;>2F<!C<!@5>2F<L!3:5<!2:=!;CI5!@5>2F!C<!<?G;P!(;5!C2>AC8!
><!;583!GCB=>I5!6>=;>2!>=<!\3><>2;>@>=>2F!4>2FTL!>=<!G>4G85!:D!<=>A?8C=>:2!C23!
5WG>=C=>:2P! $=! ><! \<?<B52353T! >2!C2!:?=<>35! =;C=! >=! GC2!2:25=;585<<!25I54!
CGG5<<a!=;?<!>=!\<55<T!@?=!3:5<!2:=!7##L!\;C<T!=;>2F<!6>=;:?=!45C887!;CI>2F!
=;5AL! \@5;CI5<T! @?=! 25I54! CG=<! D45587L! 458C=5<! =:! =;>2F<! 6>=;:?=!
G:AB:4=>2F!>=<58D!=:6C43!=;5AL!5=GP!*23!75=L!D:4!C88!=;C=L!=;5!8C4K!><!2:=!C!
<=:25'=;>2FP! 0:4! =;><! 45C<:2! 8>D5! ><! \52>FAC=>GTP! 15=! ?<! 2:=! :I548::K! =;5!
<?@=85!G;C2F5!>2!3>CF2:<><P!1>D5!><!2:!8:2F54!A54587!C!\F45C=!3>DD>G?8=7T!C<!
>=! 6C<L! D:4! 5WCAB85L! >2! RR! OYM^L! C! B4:@85A! =;C=! A>F;=! 5I52=?C887! @5!
6:4K53!:?=!C2C8:F>GC887!:4!453?G=>I587!@7!C!B;52:A52:8:F>GC8!@>:8:F7a!
8>D5! ;C<! 2:6! @5G:A5! C! \4>3385T! C23! C! \A7<=547TLZ!<:A5=;>2F! >2;5452=87!
CB:45=>G!C23!=;545D:45!>AB525=4C@85P!
! $2! C33>=>:2! =:! =;5<5! ><:8C=53! 45AC4K<! :2! =;5! C2>AC8T<! @5>2FL! =;545!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M!&*!_QL!MZ^DPgO_YDP!
Z!$@>3PL! MZYgO`NS! \p(;5q! 4>3385! :D! 8>D5! 6>88! 25I54! @5! D:?23! 6;545! =;5!
A7<=547!:D!=;5!8>I>2F!@5>2F!;C<!C845C37!@552!C@C23:253PT!
!OOM!
C45!C8<:!=;5!D45E?52=!C23!G:2<><=52=!352?2G>C=>:2<!:D!8>D5!C<!C2!;><=:4>GC8!
B;52:A52:2! k! A:45! <B5G>D>GC887L! :D! =;5! :@<5<<>:2! :D! =;5! A:3542! CF5!
6>=;! 5I547!AC2254! C23!IC4>5=7! :D! \8>I53! 5WB54>52G5T! :2! =;5! :25!;C23L!
C23!:D! =;5! >2<>3>:?<! G:AB8>G>=7!:D! 8>D5L! >2! =;5! D:4A!:D! C!25DC4>:?<! dC23!
4CG><=e!@>:8:F><AL!>2!=;5!:4354>2F!:D!C88!@5>2F<!>2=:!3><B:<C@85!>2I52=:47!
D:4! =;5! >2<=C2=C25:?<!AC2>B?8C=>:2! :D! =;5! B?45!6>88! =:!6>88! ?2354! =;5!
3:A>2>:2!:D!A:3542!=5G;2:8:F7!:2!=;5!:=;54PQ!
! &>I52! =;><! <=C=5! :D! CDDC>4<L! >=! 6:?83! @5! 52=>4587! 45C<:2C@85! =:!
G:2G8?35! =;C=!)5>35FF54!;C<! 8>==85! 58<5! =:! G:2=4>@?=5! =:!C!B;>8:<:B;>GC8!
=;5:47! :D! 8>D5L! =;C=! 8>D5! <>AB87!AC4K<! C2! >2=542C8! 8>A>=! :D! ;><! =;>2K>2FL!
C23!=:!C!G54=C>2!5W=52=!=;><!><!?23:?@=5387!=4?5P!*<!>=!;CBB52<L!;:65I54L!
=;><!3:5<!2:=!5W;C?<=!)5>35FF54T<!=45C=A52=!:D!=;5!B4:@85A!:D!8>D5P!$2!C!
2?A@54!:D!=5W=<!D4:A!;><!A>3385!B54>:3L!C23!C@:I5!C88!>2!\(;5!.4>F>2!:D!
=;5!J:4K!:D!*4=T!:D!OYZ_'`L!65!GC2!3><G542!=;5!DC>2=!G:2=:?4<!:D!C!2:I58!
C23! B:=52=>C887! 5W=45A587! D4?>=D?8! 2:=>:2! :D! 8>D5! =;C=L! D:4! G54=C>2!
D?23CA52=C8!45C<:2<L!C<!65!<;C88!<55!>2!=;5!D:88:6>2F!G;CB=54L!3:5<!2:=!
AC2CF5!=:!<?4I>I5!=;5!=?42!=:!=;5!;><=:47!:D!"5>2FL!6>=;!6;>G;!=;5!8C=54!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q!R55L! 5PFPL! &*! Q_L! OQOgOMMDPS! \(;5! A:45! D4C2=>G! =;5! G:2=4>IC2G5<! C23!
GC8G?8C=>:2<!:D!45C<:2L!=;5!<=4:2F54!C23!=;5!A:45!6>35<B45C3!><!=;5!G47!
D:4!8>I53!5WB54>52G5P!":=;!C45!5WG5<<>I5!C23!C45!A?=?C887!5WG;C2F5C@85P!
J;C=! ><! A:45L! =;5! G:2=4>IC2G5<L! 5PFPL! =;5! F>FC2=>G! CGG:AB8><;A52=<! :D!
=5G;2:8:F7L!@5G:A5!=;5A<58I5<!=;5!F45C=5<=!n8>I53!5WB54>52G5oPT!
!OOZ!
6:4K! ><! C8A:<=! 5WG8?<>I587! B45:GG?B>53P! *=! D>4<=! F8C2G5! =;><! <55A<! C!
4C=;54!3?@>:?<!=;>2F!=:!<C7L!<>2G5!2:6;545!><!=;5!G:2G5B=!:D!8>D5L!=:!<C7!
2:=;>2F!:D!C!2:I58! =;5:47!:D! 8>D5!C<!<?G;L!5I>352=! >2! =;5!C4=6:4K!5<<C7P!
"?=!?B:2! G8:<54! >2<B5G=>:2!65! <55! =;C=! =;><! ><! :287!@5GC?<5!:D! =;5! DCG=!
=;C=! =;><! >2=54B45=C=>:2! :D! 8>D5! ><! B45<52=53! 2:=! =;4:?F;! C2! 5W=52353!
A53>=C=>:2!:2!\8>D5T!@?=!4C=;54!@7!6C7!:D!C!2075)1;#(#&.!:D!=;5!G:2G5B=!:D!
8>D5! :2=:! C2:=;54! C23! G8:<587! 458C=53! 2:=>:2! k! I>[PL! =;5! 5C4=;P! $=! ><L! >2!
<;:4=L!=;5!>ACF547!C23!I:GC@?8C47!:D!=;5!5C4=;!=;C=!C88:6<!)5>35FF54!=:!
45>2=4:3?G5! =;5!B4:@85A!:D! 8>D5!6>=;:?=!;CI>2F! =:! >2I:K5! \8>D5T! C<! <?G;!
C<L!C=!85C<=!D:4!;>AL!C2!>2=5885G=?C887!@C2K4?B=!2:=>:2P!(:!@5!<?45L!=;><!><!
2:=!=:!<?FF5<=!=;C=!\5C4=;T!><!<>AB87!C!G:35!6:43!D:4!\8>D5TL!C<!=;:?F;!=;5!
8C==54! G:?83! C86C7<! @5! F8>AB<53! @525C=;L! C23! =;545D:45! D45587!
<?@<=>=?=53! D:4L! =;5! D:4A54P!%:4! ><! >=! =:! <?FF5<=! =;C=! =;><! 3><B8CG5A52=!
6C<! GC44>53! :?=! G:2<G>:?<87L! >2! C! 358>@54C=5! 5DD:4=! =:! G>4G?AI52=! =;5!
3>DD>G?8=>5<! C==523>2F! \8>D5Ta! :2! =;5! G:2=4C47L! )5>35FF54! ;>A<58D! <55A<!
52=>4587!:@8>I>:?<!=:!>=L!C23!>23553!6:?83!2:!3:?@=!352:?2G5!=;5!I547!
<?FF5<=>:2!:D! >=!F>I52!;><!355B'<5C=53!;:<=>8>=7! =:! \8>D5TP! $=! ><! 4C=;54!C23!
<>AB87!=:!<C7!=;C=!8>D5!><!C86C7<!>25W=4>GC@87!=>53!=:!=;5!5C4=;L!<?G;!=;C=!
C27!3><G?<<>:2!:D!5C4=;!25G5<<C4>87!>AB8>GC=5<!C!G54=C>2!56#Z/&2#67.1&20&*!
:D!=;5!R#0&*!:D!8>D5L!C23!=;C=!=;><!B45'?2354<=C23>2F!<;>25<!=;4:?F;!6>=;!
<B5G>C8!@4>88>C2G5!>2!=;5!C4=6:4K!5<<C7!>2!BC4=>G?8C4P!(;5!B?4B:<5!:D!=;><!
G;CB=54L! =;52L! ><! =:! <;:6! B45G><587! >2! 6;C=! =;><! B4:=:'=;5:47! :D! 8>D5!
CG=?C887! G:2<><=<L! C<! DC4! C<! =;><! ><!B:<<>@85L! C23!;545!65! <;C88! 8>A>=! :?4!
!OOQ!
C2C87<><!=:!=;5!I54<>:2!:D!=;5!5<<C7!B?@8><;53!>2!=;5!:')F?#*#!G:885G=>:2P!
!
$$P!1>I>2F!\:2!C23!>2!=;5!5C4=;T!
!
J5! A?<=! @5F>2! @7! 2:=>2F! =;C=! =;545! C45! >2! DCG=! =6:! B4>2G>BC8! C23!
AC4K5387!3>DD5452=!>ACF5<!:D!5C4=;!>2!B8C7!>2!\(;5!.4>F>2!:D!=;5!J:4K!:D!
*4=TL!:287!:25!:D!6;>G;!><!<?FF5<=>I5!:D!<:A5=;>2F!8>K5!8>D5P!$=!><!=4?5!=;C=!
)5>35FF54!;>A<58D!3:5<!2:=!34C6!C27!<?G;!3><=>2G=>:2a!=;?<!>=!;CBB52<!
=;C=! C=! G54=C>2!B8CG5<! >2! =;5! =5W=!:25!:4! =;5!:=;54! >ACF5!B453:A>2C=5<L!
6;>85! C=! :=;54!B8CG5<! @:=;! >ACF5<! :I548CB! =:! D:4A!C! <>2F85! G:AB:?23!
>ACF5P! "?=! =;C=! =;5! 3><=>2G=>:2! ><! IC8>3! ><! 5I>352=! 2:=! :287! D4:A! C!
B:<>=>I5! C2C87<><! :D! =;5! >ACF5<! =;5A<58I5<! @?=! C8<:! D4:A! C! 25FC=>I5!
G:2<>354C=>:2! :D! =;5! G:2<5E?52G5<! :D! DC>8>2F! =:! =CK5! =;5! 3>DD5452G5!
@5=6552! =;5A! >2=:! CGG:?2=P! $2! :=;54! 6:43<L! =45C=>2F! =;5! 5C4=;! C<! C!
A:2:<5A:?<!G:2G5B=!<5I54587!>AB535<!G:AB45;52<>:2!:D!=;5!5<<C7!C<!C!
6;:85! @7! F>I>2F! =;5! >AB45<<>:2! =;C=! >=! ><! 4>D5! 6>=;! >2=542C8!
G:2=4C3>G=>:2<P! (:! F>I5! X?<=! :25! 5WCAB85S!6;>85!)5>35FF54! ><! C3CAC2=!
=;C=!>=!><!=;5!6:4K!:D!C4=!=;C=!D>4<=!34C6<!=;5!5C4=;!:?=!>2=:!=;5!:B52!C23!
D455<! >=! C<! C2! 5C4=;L! ;5! C8<:! <=C=5<! >2! 2:! ?2G54=C>2! =54A<! =;C=! >=! ><!
#`/05(#&.$ =;C=! D>4<=! 8>@54C=5<! =;5! 5C4=;P_!%:6! =;5! 8C==54! C<<54=>:2! ><! >2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_!&*!_L!MNgO_S!\p$=q!><!=;5!458>C@>8>=7!:D!=;5!5E?>BA52=!6;>G;!D>4<=lC<<?45<!
=;5!5C4=;!=;5!D4553:A!:D!>=<!<=5C37!B45<<?45PT!
!OO_!
D8CF4C2=! :BB:<>=>:2! =:! =;5! D:4A54! >2C<A?G;! C<! >=! ><! >2! =;5! 2C=?45! :D!
5E?>BA52=!=:!C@<:4@!=;5!5C4=;!52=>4587!>2=:!>=<!D?2G=>:2C8>=7!C23!=;?<!=:!
;'&;#1)$ >=! d=;5! 6::3! 3><CBB5C4<! >2=:! =;5! =C@85L! =;5! A5=C8! >2=:! =;5!
ACG;>25L! =;5!F8C<<! >2=:! =;5!6>23:6ea! 5E?>BA52=! ><!B45G><587! =;C=! D4:A!
6;>G;! =;5!6:4K!A?<=! @5!3><=>2F?><;53! E?C!6:4KP! "?=! =;5!3>DD>G?8=7! ><!
>AA53>C=587!45<:8I53!:2G5!65!45C8>[5!=;C=!>2!5CG;!GC<5!>=!><!C!;'(5)#.#)+$
20,,#6#&.$#16."$k!C23!2:=!A54587!C!3>DD5452=!>2D85G=>:2!:D!:25!C23!=;5!<CA5!
5C4=;!k!=;C=!><!8>@54C=53P!
! (;C=!=;5!5C4=;!><!C!B:87<5A:?<!2:=>:2!<;:?83!G:A5!C<!2:!<?4B4><5!C<!
8:2F!C<!65!45GC88!=;C=!6;C=!><!B4>AC4>87!C=!><<?5!>2!=;><!5<<C7!><!2:=!C=!C88!
=;5!5C4=;!C<!<?G;!@?=!4C=;54!=;5!A5C2>2F!C23!4:85!:D!=;5!C4=6:4K!>2!=;5!
G:2=5W=!:D!C!G54=C>2!>2=54B45=C=>:2!:D!=4?=;!C23!>=<!458C=>:2!=:!@5>2FP!(;5!
5C4=;!><!A:@>8>[53!AC>287!=:!B4:I>35!=;5!6:4K!6>=;!=;5!AC=54>C8!C2G;:4!
>=! 2553<! >2! :4354! =:! D?2G=>:2! C<! C! @5C454! :D! =4?=;! ?2354<=::3! C<!
?2G:2G5C8A52=a!;52G5!>=!A>F;=!@5!5WB5G=53!=;C=!)5>35FF54!><!<:A56;C=!
8CW!>2!;><!?<5!:D!=;><!G:2G5B=P!/:45:I54L!>=!><!:@I>:?<!=;C=!=;5!2:=>:2!:D!
\5C4=;TL!=CK52!>2!>=<58DL!><!DC4!=::!4>G;!C23!G:AB85W!=:!@5!45<=4>G=53!=:!=;5!
BC4=>G?8C4! X:@!=:!6;>G;! >=! ><!;545!C<<>F253a! >=!G:2G5C8<!C!IC<=!<?4B8?<!:D!
A5C2>2F! =;C=! GC2!25I54!@5! 52=>4587! <?<B52353!:4! <?BB45<<53!C23! =;C=!
=;545D:45! C86C7<! F5=<! 5WB45<<53! >2! <:A5! 6C7! C23! =:! <:A5! 35F455!
6;525I54!C23!D:4!6;C=5I54!45C<:2! =;5!2:=>:2!:D! \5C4=;T! ><! >2I:K53P!.D!
=;5<5! =6:! >ACF5<! :D! 5C4=;L! =;52L! 65! AC7! <C7! =;C=! =;5! D:4A54! ><!
45<=4>G=>I5! C23! C@<=4CG=L! C! ;'&;#5.$ F5C453! =:6C43! =;5! <:8?=>:2! :D! C!
!OO`!
35D>2>=5! B;>8:<:B;>GC8! B4:@85AL! 6;>85! =;5! 8C==54! ><! 5WBC2<>I5! C23!
G:2G45=5L!C2!0&./0.0'&$A:45!>2!K55B>2F!6>=;!=;5!6C7!>2!6;>G;!=;5!5C4=;!><!
F>I52! >2! =;5! 2C=?4C8! C==>=?35P! $=! ><! AC>287! =;5! >2=?>=>:2! =;C=! 65! C45!
>2=545<=53! >2! ;545L! C<! =;5! >ACF5! A:45! G8:<587! C<<:G>C=53! 6>=;! C23!
4585IC2=! D:4! 8>D5a! @?=! B45G><587! D:4! =;><! 45C<:2! 65! A?<=! =CK5! GC45! =:!
5WB8>GC=5! =;5! G:2G5B=! C<! =;C=! D4:A!6;>G;! =;5! >2=?>=>:2!A?<=! C86C7<!@5!
<5=! CBC4=P! 15=! ?<! 2:6! C==5AB=! =:! 3><52=C2F85! =;5<5! =6:! >ACF5<! C23! =:!
G:2<>354!5CG;!>2!><:8C=>:2P!
!
*P!(;5!5C4=;!C<!G:2G5B=S!=;5!@:?23C47'<5==>2F!8C6!
!
$=!><!6588!K2:62!=;C=!=;5!5C4=;!><!<:A5;:6!C<<:G>C=53!6>=;!=;5!B4:G5<<!
:D!AC=54>C8>[C=>:2!@7!A5C2<!:D!6;>G;!@5>2F<!C4><5! >2=:!?2G:2G5C8A52=a!
=;><!><!=;5!A:<=!G:2<B>G?:?<!<52<5!:D!5C4=;!C=!6:4K!>2!=;5!5<<C7P!"?=!>2!C!
6C7! >=! ><!C8<:! =;5!A:<=!58?<>I5P!J;C=! ><!G85C4! ><! =;C=! =;5!AC2>D5<=>2F!:D!
@5>2F<L!=;5>4!?2D:83>2F!5A54F52G5!>2=:!C!6:483!k!6;>G;!)5>35FF54!;C<!
45G52=87L!C23!A:<=!2:=C@87!>2!RR!OYZ_L!@5F?2!45D544>2F!=:!6>=;!=;5!=54A!
��z}~! k! ><! C86C7<! A53>C=53! :4! \A5C<?453T! @7! =;5! G:2G45=5! AC=54>C8!
352<>=7! >2=:! 6;>G;! =;57! C45! <5=! @CGK! C23! ;583! DC<=L! C! B4:G5<<! =;C=!
)5>35FF54!G;C4CG=54><5<!C<!C!\B4:=5G=>2FT!:4!\<;58=54>2FT!dR#6*#&eS!
!
#C4=;!><!=;C=!>2!6;>G;!=;5!C4><>2F!:D!5I547=;>2F!=;C=!C4><5<!><!@4:?F;=!
@CGK! k! C<L! >23553L! =;5! I547! =;>2F! =;C=! >=! ><! k! C23! <;58=5453! pF/6P;AZ
!OO^!
R06*.qP! $2! =;5! =;>2F<! =;C=! C4><5! =;5! 5C4=;! B45<52G5<! C<! =;5! B4:=5G=>2F!
:25!p217$D#6*#&2#qP`!
! !
! $=!6:?83!@5! C!A><=CK5L!;:65I54L! =:! >2=54B45=! =;><! \=;C=T! >2=:!6;>G;!
\5I547=;>2F!=;C=!C4><5<! ><!@4:?F;=!@CGKT!C<!AC==54!:4!<?@<=C2G5!k!C<! =;5!
6::3L! <=:25L! G:8:?4L! <:?23L! 5=GP! C<! <?G;P! "?=! X?<=! C<! 8>==85! ><! =;5! 5C4=;!
C27=;>2F! 8>K5!B?45! D:4AP!+C=;54L! C23! >2!C!6C7! =;C=! CA:?2=<! =:!@:=;!C!
45>2<G4>B=>:2! C23! C! <?4BC<<>2F! :D! =;5! *4><=:=58>C2! 3><=>2G=>:2! @5=6552!
©�|!C23!����wL^!=;5!5C4=;! ><!B45G><587! ."1.$?"0;"!34C6<!@5>2F<!?B! >2=:!
=;5!AC=54>C8!C23!B8CG5<!=;5A!d7.#))#&e!:4!D>W5<!=;5A!>2!B8CG5!d<#7.7.#))#&e!
>2!=;5>4!D:4A<P!(;5!5C4=;L!>2!=;><!D>4<=!<52<5L!><!2:=;>2F!A:45!:4!85<<!=;C2!
=;5!/&0=#671)$7.6#1($',$R'/&216+Z7#..0&*!=;C=!<5G?45<!C23!<?<=C>2<!��z}~!C<!
=;5!45G>B4:GC8!C23!;C4A:2>:?<!G:'C4><>2F!:D!C88!=;>2F<!>2=:!=;5!:B52S!
!
*88!=;5!=;>2F<!:D!=;5!5C4=;L!=;5!5C4=;!>=<58D!>2!>=<!52=>45=7L!D8:6!=:F5=;54!
p=#67.6G(#&$ 70;"q! >2! 45G>B4:GC8! ;C4A:27P! "?=! =;><! D8:6>2F! =:F5=;54!
pK#67.6G(#&q! ><! 2:=! C! @8?44>2F! pK#6?07;"#&qP! J;C=! D8:6<! ;545! ><! =;5!
<58D'<?<=C>2>2F! <=45CA! :D! @:?23C47'<5==>2F! p2#6$ 0&$ 70;"$ R#6/".#$ B.6'($
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`!$@>3PL! MVgMOP!UDP! Z_gM`S! \(;5! 5C4=;! ><! =;5! ?2D:4G53! G:A>2F! D:4=;! :D! =;5!
G:2=>2?C887!<58D'G8:<>2FL!C23!>2!=;C=!6C7L!<58D'<;58=54>2F!pD#6*#&2#&qPT!
^!UDP!/C4K! R>2G8C>4L!:#02#**#6W$L607.'.)#$ 1&2$ ."#$M'6A$ ',$L6.! d%56!b:4KS!
-C8F4CI5!/CGA>88C2L!MNN`eL!OZ`DDP!
!OOV!
2#7$L/7*6#&F#&7qL!6;>G;!@:?23<! pR#*6#&F.q! 5I547=;>2F! =;C=!B45<52G5<!
>2=:!>=<!B45<52G5PV!
!
#8<56;545!)5>35FF54!<B5CK<!:D!=;5!5C4=;!C<!C!K>23!:D!\8C6TL!@#7#.FS!5C4=;!
\<;:6<! >=<58D! C<! =;C=!6;>G;l><! <5G?45! >2! >=<! 8C6! C23!6;>G;! G:2<=C2=87!
G8:<5<! >=<58D! ?BTa! C23! CFC>2S! \#C4=;L! @5C4>2F! C23! 4><>2F! ?BL! <=4>I5<! =:!
B45<54I5!>=<!G8:<5325<<!C23!=:!52=4?<=!5I547=;>2F!=:!>=<!8C6TPY!
! $AA53>C=587!65! <;:?83!2:=5! =;5! G:225G=>:2!@5=6552! d<58D'eG8:<53'
25<<L
!OOY!
6;5=;54! B;7<>GC8! :@X5G=<L! >ACF5<! :4! 6:43<! k! G:A5! =:! B45<52G5L! =:!
AC2>D5<=C=>:2L! :287! @7! C44>I>2F! C23! <5==8>2F! >2=:! C2! \:?=8>25TL!N(60gL! C!
B54G5B=>@85!G:2=:?4!6>=;>2!6;>G;!=;57!G:2=C>2!C23!AC>2=C>2!C<!6588!C<!
<CI5!C23!B45<54I5! =;5A<58I5<P!J;C=!)5>35FF54! GC88<! =;5!Q0g! k! =;5! 4>D=L!
@45CK!:4!35<>F2!k!<>F2>D>5<!=;5!B45G><5!('(#&.!6;52!=;><!<58D'5A54F52G5!
:D! @5>2F<! ><! ;C8=53! C23! G:2<?AAC=53! @7! =;5>4! \4><>2F! ?BT! >2=:! =;5>4!
:?=8>25<a! >=! ><! \=;5! :?=8>25! <K5=G;! pL/,Z60gq! =;C=! AC4K<! :?=! =;5!
D?23CA52=C8! D5C=?45<! :D! =;5! 4><>2F! ?B! :D! =;5! G85C4>2F! :D! @5>2F<TL! =;C=!
6;>G;! \@4>2F<! =;5! G:2=5<=! @5=6552! A5C<?45! C23! 8>A>=! >2=:! C! <;C453!
:?=8>25!pN(60gqTPOM!H#6$Q0g$><!2:=!2#6$N(60gL!=;5!G:2=:?4!>=<58DL!@?=!4C=;54!
=;5! <?3352! C23! 35G><>I5! 0&.#66/5.0'&! :D! =;5! 5WBC23>2F! A:I5A52=! :D!
45I5C8>2F!@7!=;5!>2=54I52>2F!G:?2=54'=;4?<=!:D!=;5!AC=54>C8L!8>=54C887!=;5!
.#16! =;4:?F;! 6;>G;! =;5! @5>2F! >44?B=<! >2=:! =;5! :B5225<<! :D! 6:483P!
1>K56><5L!2#6$N(60g!><!2:=!20#$@6#&F#L!=;5!AC=54>C8!@:?23C47!7#&7/$7.60;.'L!
6;>G;!352:=5<!A:45!=;5!CG=?C8!B;7<>GC8!<?4DCG5!>=<58DP!
! *<!=;5!?2>I54<C8!<=45CA!:D!@:?23C47'<5==>2FL!=;5!5C4=;!><!<>AB87!=;5!
8C6!:D!=;><!4>D=L!>2=544?B=>:2!:4!=5C4L!C23!>=!><!>2!."07!<52<5!=;C=!65!A?<=!
?2354<=C23! =;5! A5C2>2F! :D! =;5! 5C4=;T<! \B0;"=#67;")0#g#&7TP! (;5! 5C4=;T<!
<58D'G8:<5325<<! ><! 2:=! =;5! <:4=! :D! G8:<5325<<! =;C=!6:?83! G:445<B:23! =:!
=;5! 6>=;34C6C8! :4! G:2G5C8A52=! =;C=! 6:?83! @5! =;5! G:?2=54'D:4G5! :D!
?2G:2G5C8A52=a!G8:<?45!><!2:=!=;5!'55'70.#!:D!?2G:2G5C8A52=!:4!G85C4>2FL!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OM!&*!_L!_OgZVP!
!OMN!
N&=#6R'6*#&"#0.!:4!O0;"./&*!k!>P5PL!B0;"=#67;")0#g#&7!><!2:=!K#6R'6*#&"#0.P!$=!
><!4C=;54!=;C=!6;>G;!C86C7<!C23!25G5<<C4>87!1;;'(51&0#7!C23!1;;'(5)07"#7!
@5>2F<T!207'G8:<?45L!367;")0#g/&*L!6>=;>2! =;5! :B52a! >=! ><! C2! >2=4>2<>G! C23!
5<<52=>C8! ,#1./6#$:D!367;")0#g/&*! >=<58D! C<! =;5! @5>2FT<! 8>@54C=>2F! ?B<?4F5!
:?=! :D! K#6R'6*#&"#0.! C23! >2=:! N&=#6R'6*#&"#0.P! U8:<?45! ><! =;5! ('2/7$
'5#61&20! :D! 3><G8:<?45a! >=! ><! 2:=! =;C=! D4:A!6;>G;!3><G8:<?45!A?<=!645<=!
>=<58D! @?=! 4C=;54! >AAC252=! =:! =;><! I547!645<=>2FP!*<! =;5!?B<?4F5! D4:A!
K#6R'6*#&"#0.! =:!N&=#6R'6*#&"#0.$ dO0;"./&*eL! 367;")0#g/&*! ><! C86C7<! C23!
25G5<<C4>87!45C8>[53!=;4:?F;!C2!\52G8:<>2FTL!K#67;")0#g#&7L!>2!C23!=;4:?F;!
6;>G;!@5>2F<! C45! <5=! @CGK! >2=:! =;5>4! @:?23C4>5<! C23! =;545@7! <;58=5453!
C23!B45<54I53!6>=;>2!=;5>4!:?=8>25<P!*23!>=!><!B45G><587!C<!=;5!8C6!:D!=;><!
52G8:<>2F! =;C=! =;5! 5C4=;! >=<58D! ><! =;5! <58D'G8:<53'?B! C23! ?23><G8:<C@85L!
B0;"=#67;")0#g#&2#! C23!NC")0#gR16#S! >=! ><! \:B5287! >88?A>2C=53! C<! >=<58D!
:287! 6;545! >=! ><! CBB45;52353! C23! B45<54I53! C<! =;5! 5<<52=>C887!
?23><G8:<C@85! pNC")0#gR16#qL! C<! =;C=! 6;>G;! 6>=;34C6<! D4:A! 5I547!
3><G8:<?45! p367;")0#g/&*qL! >2!:=;54!6:43<L!K55B<! >=<58D! G:2<=C2=87! G8:<53!
?B!p=#67;")'77#&qTPOZ!
! (;><! >35C! :D! =;5! >AAC252G5! :D! G8:<?45! =:! 3><G8:<?45L! C23! =;5!
5<<52=>C8!3><=>2G=>:2!@5=6552! =;><! >2254!?2>=7!:2! =;5!:25!;C23!C23! =;5!
:BB:<>=>:2!@5=6552!3><G8:<?45!C23!G:2G5C8A52=!:2!=;5!:=;54L!><!@4:?F;=!
:?=!G85C487!>2!=;5!G:2=5W=!:D!)5>35FF54T<!3><G?<<>:2!:D!=;5!B.6#0.!C23!=;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OZ!$@>3PL!ZZgM_P!
!OMO!
N67.6#0.P!.287!>2<:DC4!C<!65!K55B!=;5<5!=6:!<=4>D5<!<5BC4C=5!GC2!65!ACK5!
<52<5! :D! )5>35FF54T<! G:2<><=52=! 45D?<C8! <>AB87! =:! 5E?C=5! 6:483! C23!
5C4=;! 6>=;! =;5! 45I5C8>2F! C23! G:2G5C8>2F! :D! @5>2F<P! *=! D>4<=! F8C2G5L!
)5>35FF54!CBB5C4<!=:!G:2=4C3>G=!;>A<58D!6;52!;5!<C7<L!:2!=;5!:25!;C23L!
=;C=!=4?=;!\><!B45<52=!:287!C<!=;5!<=4>D5!@5=6552!G85C4>2F!C23!G:2G5C8>2F!
>2! =;5! :BB:<>=>:2! @5=6552!6:483! C23! 5C4=;TL! :4! CFC>2! =;C=! 6:483! C23!
5C4=;! \C45!5<<52=>C887! >2!G:2D8>G=L! >2=4>2<>GC887!@588>F5452=TL!C<! \=;57!52=54!
=;5!<=4>D5!:D!G85C4>2F!C23!G:2G5C8>2FTL!6;>85!<>A?8=C25:?<87!AC>2=C>2>2FL!
:2! =;5! :=;54! ;C23L! =;C=! \6:483! ><! 2:=! <>AB87! =;5! :B52! 6;>G;!
G:445<B:23<!=:!=;5!G85C4>2FL!pX?<=!C<q!5C4=;!><!2:=!<>AB87!=;5!G8:<53!=;C=!
G:445<B:23<! =:! G:2G5C8A52=TP! $=! 155#167! C<! =;:?F;! =;545! 6545! C! <>2F85!
<=4>D5! =;C=! G:?83! @5! 35<>F2C=53! >2! 5>=;54! :D! =6:!6C7<L! =;5! =54A<! @5>2F!
=;?<! 5E?>IC852=P!"?=! >2! CG=?C8! DCG=L! C23!A:45!B45G><587S! \#C4=;! 4><5<!?B!
=;4:?F;! 6:483! C23! 6:483! F4:?23<! >=<58D! :2! =;5! 5C4=;! :287! >2<:DC4! C<!
=4?=;!;CBB52<!C<!=;5!?4'<=4>D5!@5=6552!G85C4>2F!C23!G:2G5C8>2F!pO0;"./&*$
/&2$K#6R#6*/&*qTPOQ!
! 15=! ?<! 5WCA>25! =;><! >2!A:45! 35=C>8P!.2! =;5! :25! ;C23L! =;545! ><! =;5!
<=4>D5! :D! =;5! @5>2FT<! 4><>2F! ?B! :?=! :D! G:2G5C8A52=! >2=:! =;5! 8>F;=! :D!
?2G:2G5C8A52=L! >2=:! =;5! :B52! :D! C! 6:483L! 6;>G;! ><! =;5! ;CBB52>2F! :4!
5I52=!:D!=4?=;S!!
!
(4?=;!5<=C@8><;5<!>=<58D!C<!C!<=4>D5!>2!C!@5>2F!=;C=!><!=:!@5!@4:?F;=!D:4=;!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OQ!$@>3PL!_NgZ^L!QMgZOP!
!OMM!
:287! >2! <?G;!C!6C7! =;C=! =;5! <=4>D5!:B52<!?B! >2! =;><!@5>2Fa! =;5!@5>2F!
>=<58DL!>2!:=;54!6:43<L!><!@4:?F;=!>2=:!=;5!4>D=!pQ0gqTPO_!
!
*23!CFC>2L!C23!A:45!B45G><587S!
!
(;5!5<<52G5!:D!=4?=;!><!>2!>=<58D!=;5!?4'<=4>D5!pN67.6#0.q!>2!6;>G;!><!6:2!
=;C=!:B52!G52=45!6>=;>2!6;>G;!@5>2F<! <=C23L!C23! D4:A!:?=!:D!6;>G;!
=;57!6>=;34C6!>2=:!=;5A<58I5<PO`!
!
(;5!?4'<=4>D5L! =;52L! ><!=;5!<=4>D5!:D!=4?=;P!"?=!:2!=;5!:=;54!;C23L!=;><!?4'
<=4>D5L!=;><!\=4?=;>2FTL!\GC2!:287!;CBB52!>2!<?G;!C!6C7!=;C=!6;C=!><!=:!@5!
@4:?F;=! D:4=;L! =;5!4>D=L!52=4?<=<! >=<58D! =:! =;5!<58D'G8:<>2F! =;C=! 4><5<!?B! >2!
=;5!:B52P!(;5!4>D=!A?<=!<5=!>=<58D!@CGK!>2=:!=;5!B?88!:D!=;5!65>F;=!:D!=;5!
<=:25L! >2=:! =;5!3?A@!;C4325<<!:D! =;5!6::3L! >2=:! =;5!3C4K!F8:6!:D! =;5!
G:8:?4<TPO^!(;5! Q0g! ><! CGG:AB8><;53! X?<=! 6;52! =;5! ?B<?4F>2F! @5>2F! ><!
52G8:<53!6>=;>2!>=<!N(60gL! >=<!:?=8>25L!@7!@5>2F!<5=!@CGK!>2=:!>=<!@6#&F#L!
=;5! AC=54>C8! @:?23C47! B4:I>353! @7! =;5! 6::3L! <=:25L! G:8:?4L! 5=GP! (;5!
5C4=;L! =:! 45B5C=L! ><! 2:=! =;5! AC=54>C8! >=<58D! @?=! 4C=;54! =;5! 8C6! :D! =;><!
52G8:<?45! C23! :?=8>2>2Fa! 65! A?<=! C86C7<! 3><=>2F?><;! @5=6552! D:?4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O_!$@>3PL!_OgZVP!
O`!$@>3PL!QMgZOP!
O^!$@>3PL!_OgZVP!
!OMZ!
=;>2F<S!=;5!('(#&.!:D!=;5!4>D=!:4!>2=544?B=>:2!dQ0gea!=;5!;'(5)#.0'&!:D!=;><!
4>D=>2F! =;4:?F;!=;5!52G8:<>2F!:?=8>25! dN(60gea! =;5! >2254!560&;05)#!:D! =;><!
52G8:<>2F! d362#ea! C23! D>2C887! =;5!AC=54>C8! @:?23C47! >=<58D! d@6#&F#e! =;C=!
B4:I>35<! =;5! G:2G45=5! ';;170'&! D:4! <:A5! :2=>GC887! <B5G>D>G! K>23! :D!
52G8:<>2F':?=8>2>2F!d>2!6::3L!>2!<=:25L!>2!6:43<L!5=GPeP!
! (;><!<5==>2F'@CGK!:D! =;5!@5>2F! >2=:! =;5!AC=54>C8! >2!CGG:43C2G5!6>=;!
=;5!8C6!:D!G8:<?45!><!=;5!A:<=!B4:B54!A5C2>2F!:D!=;5!B.6#0.!C<!:BB:<53!=:!
=;5! N67.6#0.P! $D! =;5! N67.6#0.! 45B45<52=<! =;5! <=4>D5! :D! =4?=;L! =;5! F5254C8!
G:<A>G!<=4?FF85!=;4:?F;!6;>G;!=;5!@5>2F!><!6452G;53!D4:A!G:2G5C8A52=!
C23!4585C<53!>2=:!=;5!:B52!:D!C!6:483L!=;52!=;5!B.6#0.!B4:B54!45B45<52=<!
=;5!G:4:88C47!CG=>:2!:D!=;5!8C6!d=;5!5C4=;e!=;C=!5<=C@8><;5<!=;5!@:?23C47!
=;4:?F;! 6;>G;! =;><! 4585C<>2F! ><! 45C8>[53P! (;><! A5C2<L! <:A56;C=!
BC4C3:W>GC887! =;:?F;! 52=>4587! G:2<><=52=87L! =;C=! =;5!B.6#0.! ><! <:A5=;>2F!
8>K5!=;5!\5<<52=>C8!=4C>=TL!M#7#&7F/*LOV!:D!=;5!N67.6#0.!#=#&$?"0)#$>=!><!C8<:!k!
1)'&*$?0."! =;5!N67.6#0.!k!:25!:D! =;5!B4>AC8! \G:2=5<=C2=<TL!@#*#&?#&20*#&L!
:D!=;5!B.6#0.!>=<58Da!>2!:=;54!6:43<L!=;5!B.6#0.!><!1.$'&;#!=;5!<=4>D5!@5=6552!
6:483!C23!5C4=;!1&2!=;5!<=4>D5!@5=6552!=;5!<=4>D5!C23!=;5!?4'<=4>D5!>=<58DL!
>2<:DC4! C<! =;5! 8C==54! <>F2>D>5<! =;5! :BB:<>=>:2! @5=6552! @5>2F<T! ?B<?4F5!
>2=:!6:483!d>P5PL!6:483>2Fe!C23!=;5!<5==>2F'@CGK!:D!5I547=;>2F!=;C=!C4><5<!
>2=:!>=<!N(60g!C23!@6#&F#L!:?=8>25!C23!@:?23C47!d>P5PL!5C4=;>2Fe!k!:4!B?=!
<>AB87L! >2<:DC4!C<!=;5!B.6#0.! ><! >2=542C8!=:L!:4!C!<=4?G=?4C8!D5C=?45!:DL! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OV!$@>3PL!QMgZOP!
!OMQ!
;CBB52>2F! :D! @5'>2Fg=4?=;>2F! >=<58DL! ��z}~! >2! =;5! 6>35<=! <52<5L! C<! =;5!
N67.6#0.P!(;5!D:88:6>2F!3>CF4CA!<;:?83!ACK5!=;><!<:A56;C=!G85C454S!
!
!
!
!
!
!
!
!
!
)545!x! 45B45<52=<! =;5!N67.6#0.L! =;5!?B<?4F5!:D!367;")0#g/&*L! 3><G8:<?45L!
C<!=;5!6452G;>2F!:D!=;5!@5>2F!:?=!:D!K#6R'6*#&"#0.! >2=:!N&=#6R'6*#&"#0.L!
>2=:! =;5! :B5225<<! :D! 6:483P! .2! =;5! :=;54! ;C23L! ªL! C<! =;5! 2C=?4C8!
G?4IC=?45! :D!xL! 45B45<52=<! =;5! 5C4=;L! >P5PL! =;5! <58D'G8:<53! 8C6!:D! G8:<?45!
=;C=! CGG:ABC2>5<! =;5! ?B<?4F5! :D! 3><G8:<?45! C23! CGG:AB8><;5<! >=! 17$
207;)'7/6#L! C! 8C6! =;C=! ><!1.$'&;#! >AAC252=! =:!1&2! =;5!B4>AC8!I><'�'I><!:4!
G:2=5<=C2=! :D! =;5!N67.6#0.! >=<58DP! *GG:43>2F87! =;5! B.6#0.! ><! F>I52! C<! =;5!
<=4?G=?4C8! =52<>:2!@5=6552!x!C23!ªL!3><G8:<?45!C23! =;5! 8C6! =;C=!@523<!
>=<! =4CX5G=:47! D4:A! 6>=;>2! >2! <?G;! C! 6C7! C<! @:=;! =:! G;C8852F5! C23! =:!
45C8>[5!>=P!*<!D:4!�L!>=!352:=5<!=;5!Q0gL! =;5!A:A52=!:D!=;5!@5>2FT<!>2>=>C8!
C44>IC8!>2=:!>=<!R#'>2FL!=;5!>2=544?B=>2F!4>D=g=5C4!5DD5G=53!@7!=;5!CG=>IC=>:2!
:D!=;5!@523>2FL!G8:<>2F!8C6P!0>2C887L!=;5!=:=C8!852<!D:4A53!@7!x�!<>F2>D>5<!
5>=;54!=;5!N(60g!:4!=;5!@6#&F#L!=;5!G:2=:?4!:4!@:?23C47L!35B523>2F!:2!
x!
!
!�!
ª!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ª!
!OM_!
6;5=;54!:25!;C<!>=<!:?=8>2>2FgG>4G?A<G4>@>2F!D?2G=>:2!:4!>=<!AC=54>C8>=7!
B4>2G>BC887!>2!I>56P!
! J;52!)5>35FF54!<=45<<5<!=;C=!>=!><!=;5!6:4K!:D!C4=!=;C=!D>4<=!85=<!=;5!
5C4=;!@5!C2!5C4=;LOY!>=! ><!."07!<52<5!:D!=;5!5C4=;!C<!=;5!8C6!=;C=!;5!;C<!>2!
I>56P!*<!C!@5>2F!B?45!C23!<>AB85L! =;5!6:4K! ><!34C62! >2=:! =;5! 4>D=! 8>K5!
5I547!:=;54!@5>2FL!@?=!C<!C!6:4K!:D!C4=L!>=!><!C86C7<!<:A5=;>2F!A:45S!C2!
0&;16&1.0'&$ =;C=! GCB=?45<! C23! B45<54I5<! =;5! 4>D=! C<! <?G;P! (;><! ;CBB52<!
@5GC?<5L! >2! =;5! 6:4KL! =;5! AC=54>C8! ><! 2:=! <>AB87! C@<:4@53! >2=:! =;5!
:?=8>25!@?=! 4C=;54! ><!C88:653! =:! 8>2F54!C23!<;>25! >2! >=<!AC=54>C8>=7P!(;5!
&455K!=5AB85L!D:4!5WCAB85L!\3:5<!2:=!85=!=;5!AC=54>C8!3><CBB5C4T!>2=:!>=<!
<=4?G=?45!@?=!>2<=5C3!\C88:6<!>=!=:!G:A5!D:4=;!D:4!=;5!I547!D>4<=!=>A5T!>2=:!
=;5!:B52S!
!
(;5! 4:GK! G:A5<! =:! @5C4! C23! =:! 45<=! C23! <:! D>4<=! @5G:A5<! 4:GKa! =;5!
A5=C8!G:A5<!=:!F8>==54!C23!<;>AA54L!=;5!G:8:?4<!=:!<;>25L!=;5!<:?23<!
=:!4>2FL!=;5!6:43!=:!<B5CKP!*88!=;><!G:A5<!D:4=;!C<!=;5!6:4K!<5=<!>=<58D!
@CGK! >2=:! =;5! ;5CI>25<<! C23! AC<<>I525<<! :D! =;5! <=:25L! >2=:! =;5!
D>4A25<<!C23!D85W>@>8>=7!:D!=;5!6::3L!>2=:!=;5!;C4325<<!C23!F85CA!:D!
=;5!:45L!>2=:!=;5!8>F;=52>2F!C23!3C4K52>2F!:D!G:8:?4L!>2=:!=;5!4>2F>2F!
:D!<:?23L!C23!=;5!2CA>2F!B:654!:D!=;5!6:43PMN!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OY!$@>3PL!ZMgMQL!_MgZVDP!
MN!$@>3PL!ZMgMQP!UDP!ZQgM_P!
!OM`!
$=!><!2:=!=;5!AC=54>C8!>=<58D!=;C=!><!GCB=?453!C23!>88?A>2C=53!d=;><!:4!=;C=!
G:8:?4! :4! <:?23eL! @?=! 4C=;54! =;5! I547! \<5==>2F'@CGK'>2=:'AC=54>C8>=7'>2'
AC2>D5<=C=>:2T!:D!=;5!C4=6:4K!C<!C!@5>2F!C4><>2F!>2=:!?2G:2G5C8A52=P!$2!
:=;54!6:43<L!=;5!B:654!:D!=;5!6:4K!:D!C4=!3:5<!2:=!G:2<><=!>2!>=<!ACK>2F!
=;5!I><>@85!A:45!I><>@85L!@?=!4C=;54!>2!>=<!ACK>2F!=;5!>2I><>@85!I><>@85!D:4!
=;5!D>4<=!=>A5PMO!(;><!><!C4=!=CK52!>2!>=<!@4:C35<=!B:<<>@85!<52<5P!04:A!=;><!
B54<B5G=>I5L!>=!><!2:=!<>AB87!=;5!=4?=;!:D!<:A5!BC4=>G?8C4!@5>2F!:4!<:A5!
35=54A>2C=5! ;><=:4>GC8! 6:483! =;C=! ><! <5=! =:! 6:4K! >2! =;5! C4=6:4KL! @?=!
>23553! =;5! =4?=;! :D! =;5! 6;:85! G:<A>G! G:?2=54B8C7! :D! 4><>2F! ?B! C23!
<5==>2F!@CGKL!:D!AC2>D5<=C=>:2!C23!@:?23>2F!AC=54>C8>[C=>:2L!:4!<>AB87L!
=;5!=4?=;!:D!=4?=;!C<!<?G;P!(;5!=4?=;!:D!=;5!6:4K'@5>2F!:D!=;5!6:4K!><!>=<!
<5==>2F!=:!6:4K!:D!=;5!=4?=;!:D!=4?=;!C<!?2G:2G5C8A52=S!\=;5!6:4K!><!=;5!
D>F;=>2F!:D!=;C=!D>F;=!>2!6;>G;!=;5!3><G8:<?45!:D!@5>2F<!C<!C!6;:85!k!=4?=;!
k!><!6:2TPMM!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MO !R55! />F?58! 35! "5><=5F?>L! !"0&A0&*$ M0."$ :#02#**#6T$ H075)1;#(#&.7!
d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!MNNZeL!OZODP!
MM!&*! _L! QZgZMP! \(;5! B>G=?45!6;>G;! <;:6<! =;5! B5C<C2=! <;:5<L! =;5! B:5A!
=;C=!<C7<!=;5!+:AC2!D:?2=C>2L!3:5<!2:=!A54587!<;:6!6;C=!=;5<5!><:8C=53!
@5>2F<!C<!<?G;!C45!k! >DL! >23553L! =;57!<;:6!C27=;>2F!C=!C88P!+C=;54L! =;57!
C88:6!?2G:2G5C8A52=!6>=;! 45FC43! =:! @5>2F<! C<! C!6;:85! =:! ;CBB52PT! $2!
<;:4=L! >2! =;5! C4=6:4KL! \=;C=!6;>G;! ><! C<! C!6;:85! k!6:483! C23! 5C4=;! >2!
=;5>4!G:?2=54B8C7!k!CG;>5I5<!?2G:2G5C8A52=PT!$=!F:5<!6>=;:?=!<C7>2F!=;C=!
!OM^!
! $D!65!2:6!BC?<5!C23! =CK5!<=:GK!:D!6;C=!65!;CI5!5<=C@8><;53! =;?<!
DC4L! >=! ><! 2:=!3>DD>G?8=! =:! <55! =;C=! =;5! 5C4=;!E?C!@:?23C47'<5==>2F! 8C6! ><!
4C=;54! >254=! D4:A! =;5! B:>2=! :D! I>56! :D! C2! >2=545<=! >2! 8>D5P! (;5! 5C4=;! ><!
2:=;>2F! 25FC=>I5L! C23! 75=! >=! 2:25=;585<<! ;C<! 2:! B:<>=>I5! G:2=52=! :D! >=<!
:62S! >=<! :BCG>=7L! 352<>=7L! >AB525=4C@>8>=7L! >2D85W>@>8>=7L! >2I><>@>8>=7L! 5=GP!
C88! G:2I57! k! B45G><587! C<! =;57! 3:! 6>=;! 45FC43! =:! =;5! C2>AC8! C23! >=<!
\@5;CI>:?4T!k!C2!5<<52=>C8!BC<<>I>=7P! $=! ><!R#0&*$0.7#),$=;C=!CG=>I587!G:CW5<!
@5>2F<! :?=! :D! G:2G5C8A52=MZ!C23! >2=:! =;5! :B52a! =;5! 5C4=;! >=<58D! 3:5<!
2:=;>2F!>2!BC4=>G?8C4L!><!2:=!B4:3?G=>I5!>2!C27!6C7P!$D!=;5!AC2>D5<=>2F!:D!
@5>2F<!d\6:483Te!C23!=;5>4!AC=54>C8!FC=;54>2F!C23!D>W>2F!>2!B8CG5!d\5C4=;Te!
GC2!@5!?2354<=::3!C<!=;5!=6:!A:A52=<!:D!=;5!B4>AC8!CF:2!:D!@5>2FL!>=!><!
:287!<7A@:8>GC887P!$2!45C8>=7!=;5!<=4>D5!><!C!7#),'<=4>I>2FL!=;5!?4'<=4>D5!C23!
>=<!5<<52=>C8!=4C>=P!(;5!5C4=;!><!>23553!=;C=!>2!6;>G;!\=;5!:B5225<<!:D!=;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!=;><! ;C<! 8>==85! >D! C27=;>2F! =:! 3:!6>=;! \C4=T! C<! C! G?8=?4C8! >2<=>=?=>:2P!*4=!
;545!><!X?<=!C2:=;54!<>F2B:<=!B:>2=>2F!>2!=;5!3>45G=>:2!:D!=;5!E?5<=>:2!:D!
"5>2F!>=<58DP!04:A!=;><!B:>2=!:D!I>56L!C27!@5>2F!=;C=!<54I5<!=:!34C6!=;5!
?4'B;52:A52:2!:D!=;5!<=4>D5!:D!G:2G5C8A52='?2G:2G5C8A52=!:?=!>2=:!=;5!
:B52!C23!85=!>=!8>2F54!=;545!><!C!6:4K!:D!C4=!dGDP!^Zg__eP!
MZ!$@>3PL!QYgZ`S!\p(q;5!5<<52G5!:D!?2G:2G5C8A52=!@58:2F<!=:!@5>2F!>=<58Dl>=!
><! @5>2F! 6;>G;L! >2! I>4=?5! :D! >=<! 5<<52G5L! C88:6<! =;5! D455B8C7! :D! =;5!
:B5225<<!=:!;CBB52L!C23!>2=4:3?G5<!>=!C<!1$5)1;#$',$."#$7'6.$>2!6;>G;L!>2!>=<!
:62!AC2254L!5CG;!@5>2F!C4><5<PT!!
!OMV!
:B52! 52G:?2=54<! =;5! ;>F;5<=! D:4A! :D! 45<><=C2G5TLMQ!@?=! ."07$ 45<><=C2G5! ><!
2:=!C2!CG=>I5!C23!C?=:2:A:?<! D:4G5L!C! 8C6!?2=:! >=<58Da! >=! ><! 4C=;54!:287!
=;5!2C=?4C8!C23!>2I54<5!=52<>:2!:D!@5>2F!>=<58DP!(;5!8C6!><!=;5!8C6!',$R#Z
0&*L!',$?'6)20&*a!>=!><!=;5!>2=542C8L!<58D'85F><8C=>:2!:D!=;5!6:483L!<>F2>D7>2F!
2:=;>2F! A:45! =;C2! =;5! 45<54I5! C23! 45<=4C>2=! >2=4>2<>G! =:! =;5! <>AB85!
<B:2=C25>=7!:D!��z}~P!
!
"P!(;5!5C4=;!C<!>2=?>=>:2S!=;5!B4>AC8!;:A58C23!
!
/C==54<!<=C23!I547!3>DD5452=87!6>=;!=;5!<5G:23!C23!A:45!>2=?>=>I5!>ACF5!
:D! =;5! 5C4=;P! )545! =;5! 5C4=;! 3:5<! =CK5! :2! C! 45C8! >235B52352G5! C23!
C?=:2:A7L! C23! >=! ><! B45G><587! =;><! C?=:2:A7! =;C=! ACK5<! 4::A! D:4! C!
G54=C>2!K>23!:D!8>D5P!(;><!>2=?>=>I5!5C4=;!G:A5<!=:!=;5!D:45!>2!=;5!>ACF5!:D!
=;5!"#0(1.)0;"#$@6/&2$k!=;5!B4>AC8!D::=>2FL!2C=>I5!F4:?23!:4!;:A58C23P!
(;5!;:A58C23L!)5>35FF54!<C7<L! ><! =;C=!?B:2!6;>G;!C88!6:483';><=:4>GC8!
36588>2F! ><! <5=! @CGK! C23! 5<=C@8><;53S! \.2! C23! >2! =;5! 5C4=;L! ;><=:4>GC8!
AC2! D:?23<! ;><! 36588>2F! >2! =;5!6:483PTM_!(6:! =;>2F<! C45! >AA53>C=587!
CBBC452=!D4:A!=;><!<=C=5A52=P!0:4!:25!=;>2FL!>=!><!2:!8:2F54!C!E?5<=>:2!:D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MQ!$@>3PL!_^gQMP!
M_!$@>3PL!ZMgMQP!UDP!MVgMOS! \#C487!:2L! =;5!&455K<!GC8853!p=;5q!G:A>2F!D:4=;!
C23!4><>2F!?B!>2! >=<58D!C23!>2!C88! =;>2F<!��z}~P!*=! =;5!<CA5!=>A5!��z}~!
8>F;=<!?B!=;C=!:2!6;>G;!AC2!@C<5<!;><!36588>2FP!J5!GC88!=;><!=;5!5C4=;PT!
!OMY!
=;5! 458C=>:2!@5=6552!5C4=;!C23!6:483!@?=! 4C=;54!:D! =;C=!@5=6552!5C4=;!
C23! :?4! R#0&*Z0&'=;5'6:483! k! :?4! 5W><=52G5P! \J:483T! >2! =;><! <52<5!
352:=5<L!2:=!=;5!<B:2=C25:?<!4><>2F!?B!C23!BC<<>2F!C6C7!:D!C88! =;>2F<L!
@?=! 4C=;54! <:A5=;>2F! 8>K5! =;5! \C88'F:I542>2F! 5WBC2<5T! :D! =;5!AC2>D:83!
\BC=;<! C23! 458C=>:2<! >2! 6;>G;! @>4=;! C23! 35C=;L! 3><C<=54! C23! @85<<>2FL!
523?4C2G5! C23! 35G8>25! CGE?>45! D:4! =;5! ;?AC2! @5>2F! =;5! <;CB5! :D! >=<!
35<=>27TM`!k! =;5! <G525! :D! =;:<5! \@4:C3! BC=;<! :D! <>AB85! C23! 5<<52=>C8!
35G><>:2<! >2! =;5!35<=>27! :D! C2!;><=:4>GC8! B5:B85TLM^!=;5!B8CG5!6;545! =;C=!
B5:B85!\D>4<=!45=?42<!=:!>=<58D!D:4!=;5!G:AB85=>:2!:D!>=<!I:GC=>:2TL!5=GP!(;5!
5C4=;!><!=;?<!CK>2!=:!=;5!>AA:IC@85!@C<5!d=;5!\:4>F>2C47!C4KT!p20#$/6Z16;"#$
362#qL! =:!@:44:6!)?<<548T<!B;4C<5MVe!6;545!=;5<5!5<<52=>C8!35G><>:2<!C45!
D:4F53! C23! CGG:AB8><;53P! *23! D:4! C2:=;54! =;>2FL! C23! B54;CB<! A:45!
>2=4>F?>2F87L! =;><! 5C4=;! =;C=! F4:?23<! :?4! ;><=:4>GC8! 5W><=52G5! ><!
<:A5=;>2F!6;>G;!65!:?4<58I5<!C45!2:=!:287!\:2T!@?=!C8<:!<:A5;:6!\>2Ta!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M`!$@>3PL!MVgMOP!
M^!$@>3PL!Z_gM`P!
MV!(;5! B;4C<5L! @?=! 2:=! =;5! G:2G5B=L! <>2G5!)?<<548T<! \362R'2#&T! ><L! >2! =;5!
523L! 2:=;>2F! A:45! =;C2! =;5! 6:483! >=<58D! >2! >=<! C<B5G=! :D! :4>F>2C47!
:2=:8:F>GC8! D>W>=7P! R55! /C?4>G5! /5485C?'-:2=7L! #3A?23! )?<<548L!
15:2C43! 1C68:4! d53PeL! "5==>2C! "54F:! d53PeL! :/77#6)$ 1.$ ."#$ O0(0.7$ ',$
%"#&'(#&')'*+$d#IC2<=:2S!%:4=;65<=542!H2>I54<>=7!-45<<L!MNNMeL!OO^'ZOP!
d$!3><G?<<!=;><!D?4=;54!>2!G;P!_L!2P!MO!@58:6L!MM`Pe!
!OZN!
:?4!36588>2F!><!D:?2353!>2!C23!=;4:?F;!:?4!@5>2F!\:2!C23!>2T!=;5!5C4=;P!
! 04:A! =;5<5!:@<54IC=>:2<! =6:!AC>2!E?5<=>:2<! D:88:6P! dOe!J;C=! <:4=!
:D!C!\=;>2FT!A?<=!=;5!5C4=;!R#!<?G;!=;C=!65!GC2!@5!<C>3!=:!@5!\:2!C23!>2T!>=!
dD:4!<?4587!>=!GC2!2:!8:2F54!@5!=;5!8C6eL!C23!D?4=;54L!<?G;!=;C=!=;><!@5>2F!
:2!C23! >2! ><! >=<58D! =;5! D:?23>2F!:D! :?4! 5W><=52G5m!/:45:I54L! >2<:DC4! C<!
=;5!3><B8CG5A52=!:D! =;5!2:=>:2!:D!@:?23C47'<5==>2F!@7!6:483'D:?23>2F!
@7!2:!A5C2<!3><E?C8>D>5<!1$560'60! =;5!>35C!:D!C!B4>AC8!6:483'5C4=;!<=4>D5!
d<>2G5! =;5! <=4>D5! 35<>F2C=5<! :287! =;5! 6#)1.0'&! @5=6552!6:483! C23! 5C4=;L!
C23! 3:5<! 2:=! 35B523! >2! =;5! 85C<=! :2! =;5! B45G><5! 6C7! >2! 6;>G;! =;5<5!
;CBB52!=:!@5!?2354<=::3eL!65!A?<=!C8<:!G:2<>354!;:6!=:!<>=?C=5!<=4>I>2F!
I><'�'I><! <:A5=;>2F! 8>K5!6:483'D:?23>2FL! >P5PL!;:6!C! D:?23>2F!GC2!C8<:!
C23!5E?C887!@5!C!<=4>I>2FP! !*23!dMeL!6;C=! ><! =;5!2C=?45!:4!;"161;.#6L! =;5!
B4>2G>BC8! D5C=?45<L!:D! =;><! \@5>2F!:2!C23!>2lTL!C23!:D! =;5!5C4=;! >=<58D!C<!
=;C=! :2! C23! >2!6;>G;!65! C45! >2! C! D:?23>2F!6C7m!)5>35FF54! 3:5<! 2:=!
4C><5!5>=;54!:D!=;5<5!E?5<=>:2<!5WB8>G>=87P!(;5!C2<654!=:!=;5!D>4<=!A?<=!@5!
353?G53!8:F>GC887!D4:A!6;C=!65!?2354<=C23!:D!)5>35FF54T<!B;>8:<:B;7!
A:45! F5254C887P! (;5! C2<654! =:! =;5! 8C==54! GC2! @5! F85C253! D4:A! G54=C>2!
BC<<CF5<!>2!=;5!C4=6:4K!5<<C7!>=<58DP!
!
OP!1>D5!C<!\@5>2F'>2'=;5'5C4=;Ta!=;5!5C4=;!C<!=;5
!OZO!
AC=54>C8!:?=8>25<L!><!=::!C@<=4CG=!=:!@5!C@85!=:!D?2G=>:2!C<!=;5!D:?23C=>:2!
:D!:?4!;><=:4>GC8!36588>2F!:4!C<!<:A5=;>2F!6;>G;!G:?83!@5!458C=53!=:!>2!
=;5!AC2254!:D!C2!\:2!C23!>2TP!"?=!>D!2:=!=;5!8C6L!=;52!6;C=m!(;5!C2<654!
CBB5C4<! =:! @5! :@I>:?<S! =;5! 5C4=;! ><! <>AB87! =;5! 8C23! >=<58D! >2! =;5!A:<=!
B4:<C>G!<52<5!k!I>[PL! =;C=!?2>E?5!C23!DCA>8>C4!G:2D>F?4C=>:2!:D!B;7<>G:'
F5:F4CB;>GC8!585A52=<!=;C=!G:2<=>=?=5!=;5!\2C=?4C8!<?44:?23>2F<T!6>=;>2!
6;>G;!C!B5:B85!C86C7<!C845C37! D>23<! >=<58D! <>=?C=53L!5PFPL! =:B:F4CB;>GC8!
D5C=?45<L!65C=;54!C23!G8>AC=5!BC==542<L!2C=>I5!D8:4C!C23!DC?2CL!5=GPL!:4!>2!
C! 6:43L! 5I547=;>2F! =;C=! F:5<! =:! ACK5! ?B! 6;C=! 65! =;>2K! :D! C<!
G:2<=>=?=>2F! :?4! <52<5! :D! 5)1;#P! *23! >23553! =;><! ><! B45G><587! ;:6!
)5>35FF54! <55A<! =:! 35<G4>@5! >=P! (;5! 5C4=;! ><! AC2>D5<=! >2! \=;5! 4:GK7!
F4:?23TL!\=;5!<=:4A!4CF>2F!C@:I5TL!\=;5!8>F;=!:D!3C7L!=;5!@45C3=;!:D!<K7L!
=;5!3C4K25<<!:D!2>F;=TL! \=;5!>2I><>@85!<BCG5!:D!=;5!C>4TL! \=;5!4CF>2F!:D!=;5!
<?4DTL! C23! <:! D:4=;P! $=! ><! =;C=!6;>G;!65! 52G:?2=54! >2! \=;5! DC4'<=45=G;>2F!
C23! 5I54'?2>D:4A! D?44:6<! :D! =;5! D>583! <65B=! @7! C! 4C6! 6>23TL! >2! \=;5!
3CAB25<<!C23!4>G;25<<!:D!=;5!<:>8T!C23!=;5!\<58D'45D?<C8!>2!=;5!DC88:6!C23!
35<:8C=5! 6>2=47! D>583TL! >2! \=;5! 8:258>25<<! :D! =;5! D>583'BC=;! C<! 5I52>2F!
DC88<TL! C23! C<! =;5! F>I54! :D! =;5! \4>B52>2F! F4C>2TP MY!(;5! 5C4=;! ><! =;?<!
<K5=G;53!:?=!>2!=54A<!:D!=;5!65C=;54!C23!=;5!<5C<:2<L!3C>87!4;7=;A<!C23!
5I52!=;5!4>F:?4<!:D!AC2?C8!6:4KP!(;><!DCA>8>C4!5C4=;!><!:25!=;C=!><!C<!DC4!
C<! B:<<>@85! D4:A! =;5! >2254! 85F><8C=>:2! :D! ��z}~S! =;5! <58D'45D?<C8L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MY!&*!_L!MVgMOL!OYgOQP!
!OZM!
B0;"=#671*#&L!:D!=;5!35<:8C=5!D>583!><!<:A5=;>2F!52=>4587!3><=>2G=!D4:A!=;5!
<58D'G8:<5325<<L!B0;"=#67;")0#g#&7L! :D! =;5!@:?23C47'<5==>2F! 8C6P!(;><! ><! C!
I><>@85! @?=! C8<:! C! =;>GKL! 355B! 5C4=;a! 8>K56><5! >=! ><! C2! CG=>I5! C23!
B4:3?G=>I5L! B8>C@85! C23! B525=4C@85! 5C4=;L! :25! =;C=! ><! <?<G5B=>@85! =:!
52FCF5A52=!C23!=4C2<D:4AC=>:2P!
! ):65I54L!65! ;CI5! :287! =:! 45GC88! =;5! 2?A54:?<! BC<<CF5<! >2!D#0&*$
1&2$!0(#$C23!58<56;545!:2!=;5!N(?#).L!=;5!52I>4:2>2F!2C=?45L!>2!:4354!
=:! B54G5>I5! =;5! >2C35E?CG7! :D! =;><! I>56P! 0:4! >2<:DC4! C<! =;5! 8C23! ><! C!
R#0&*L!>=!><!C2!0&.61?'6)2)+!B;52:A52:2!C23!=;545@7!1)6#12+!G:23>=>:253!
@7!=;5!5C4=;!E?C!6:483'D:?23>2FP!(;5!8C23L!>2!:=;54!6:43<L!><!2:=!B4>:4!
=:! =;:<5! \<>AB85! C23! 5<<52=>C8! 35G><>:2<T! =;C=! C45! AC35! >2! G:225G=>:2!
6>=;!=;5!5C4=;!@?=!4C=;54!=;5>4!:?=G:A5!:4!5DD5G=P!*23!D:4!=;><!45C<:2!>=!
GC2!25>=;54!D:?23!2:4!<=4>I5!6>=;!=;5!6:483L!<>2G5!>=!ACK5<!2:!<52<5!=:!
<?BB:<5!=;C=!C!AC2>D5<=!@5>2F!G:?83!D:?23L!85=!C8:25!<=4>I5!6>=;L!>=<!:62!
;:4>[:2!:D!AC2>D5<=C=>:2P!/:45:I54L! >=! ><! 5C<7! =:! <55! =;C=! =;><!3:5<!2:=!
CBB87! =:! =;5! 8C23!5WG8?<>I587!@?=! =:!@5>2F<!C<! <?G;L!@5>2F<!C<!C!6;:85!
E?C! @5>2F<P! (;5! 5C4=;! GC2!&#=#6$@5! >2=54B45=53! C<! X?<=! :25!A:45! @5>2F!
CA:2F<=! @5>2F<L! <>2G5! >2! 5I547! GC<5! =;><! 6:?83! 85C3! =:! =;5! <CA5!
BC4C3:WL!I>[PL!=;C=!:D!C!F4:?23!=;C=!><!F4:?2353!@7!6;C=!>=!F4:?23<P!$=!><!
>AB:4=C2=! =:! F4C<B! =;><! >2! >=<! B4:B5487! :2=:8:F>GC8! <52<5P! .25! AC7!
C4F?5L!A:45!:4!85<<!B54<?C<>I587L!=;C=!=;5!2C=?4C8!52I>4:2A52=!><!C86C7<!
C=! 85C<=! BC4=>C887! 35=54A>2C=>I5! :D! =;5! D:4AC=>:2! :D! ;?AC2! <:G>5=7L!
G?8=?45L! 5=GPL! @?=! =;><! 6:?83! @5! =:! 8::K! C=! =;5! AC==54! D4:A! C! <=4>G=87!
!OZZ!
'&.0;1)$B54<B5G=>I5L!<>2G5!C88!:D!=;5<5!=;>2F<L!E?C!AC2>D5<=!@5>2F<L!C45!@7!
35D>2>=>:2!<?@:43>2C=5!=:!=;5!6:483P!"?=!:2=>GC8!D:?23>2F!><!A5C2>2F85<<!
;545a!6;C=! ><! C=! <=CK5! ><! B45G><587! =;5! 458C=>:2! :D! =;5!6:483! 17$ 7/;"L! :D!
5I547! 6:483! E?C! 6:483L! =:! =;5! 5C4=;! C<! <:A5=;>2F! 8>K5! C! B4>AC8!
;:A58C23P!*GG:43>2F87! =;5!A:<=!B4:B54! D:4A?8C=>:2!:D! =;5!E?5<=>:2! ><!
=;?<S!6;C=! \><T! =;5! 5C4=;! <?G;! =;C=! >=! GC2! D?2G=>:2! C<! =;5! I><'�'I><L! =;5!
D:?23>2F!B:654!C23!B4>AC8!G:2=5<=C2=L!:D!=;5!6;:85!:D!=;C=!D>583!6>=;>2!
6;>G;!<:A5=;>2F!8>K5!G?8=?45!>=<58D!GC2!D>4<=!C4><5m!
! (:!D4CA5!=;><!E?5<=>:2!>2!C!<8>F;=87!3>DD5452=!6C7!dD:4!;545!65!@5F>2!
=:! B525=4C=5! =:! =;5! ;5C4=! :D! =;5! AC==54eS! $=! ><! 5I>352=! =;C=! C! IC<=! F?8D!
<5BC4C=5<! =;5! =;5:45=>GC8! D4:A! =;5!5WB54>52=>C8! G:23>=>:2<!:D! =;><! 5C4=;'
;:A58C23P!$2!=;5:47!=;5!5C4=;!><!6:483'D:?23>2F!C23!=;?<!:2=:8:F>GC887!
C2=54>:4! =:! @5>2F<! C<! <?G;L! 6;>G;! 452354<! >=! C@<=4CG=! C23! I>4=?C887!
>2CGG5<<>@85L! A:45! CK>2! =:! =;5! @:?23C47'<5==>2F! 8C6P! #WB54>52G5L! @7!
G:2=4C<=L!:287!5I54!K2:6<!=;5!5C4=;!C<!<:A5=;>2F!G:2G45=5!k!<:A5=;>2F!
I><>@85!C23!I><G54C8L!C! =;>GKL!BC8BC@85L!;C23<':2!45C8>=7!k!C23! =;545D:45!
GC22:=!@?=!B54G5>I5!=;5!5C4=;!C<!C!@5>2F!:4!C!=:=C8>=7!:D!@5>2F<L!5PFPL!=;5!
8C23P!*GG:43>2F87L!=;5!E?5<=>:2!;C<!=:!3:!6>=;!6;5=;54!C23!;:6!=;5<5!
=6:!C<B5G=<!GC2!@5!45G:2G>853S!6;5=;54!=;5!D:?23C=>:2C8!GC2!@5!@4:?F;=!
=:! I><>@>8>=7! C23! =;5! I><>@85!AC35! D:?23C=>:2C8L! :4! @5==54L!6;5=;54! =;5!
;:A58C23! GC2! @5! =;:?F;=! C<! =C2F>@87! C<! C! @5>2F! 6>=;:?=! >=<58D! @5>2F!
G:2<=4?53! C<! C! @5>2F! k! >2! :=;54!6:43<L! ?2354<=::3! C<! <:A5=;>2F! =;C=!
D?2G=>:2<!8>K5!=;5!8C6!@?=!><!CBB45;52353!A:45!8>K5!=;5!8C23P!
!OZQ!
! %:6!=:!=;><!B4:@85A!=;545!GC2!@5!:287!:25!<:8?=>:2S!=:!G:2<=4?5!=;5!
5C4=;!C<!25>=;54!<?@:43>2C=5!2:4!<?B54:43>2C=5!=:!=;5!6:483!@?=!4C=;54L!
C23!<:A56;C=!BC4C3:W>GC887L!C<!:2=:8:F>GC887!#`/0=1)#&.$=:! =;5!6:483!k!
=;C=! ><! =:! <C7L! C<! <:A5=;>2F! D:4AC887! >352=>GC8! =:L! @?=! CG=?C887! C23!
4C3>GC887!3><=>2G=!D4:AL!=;5!6:483!C<!=;5!;:4>[:2!:D!3><G8:<?45!:D!\@5'>2FT!
k!C23!G:2<5E?52=87!=:!?2354<=C23!=;5!2:=>:2!:D!D:?23>2F!C<!C!6#;056';1)!
4C=;54! =;C2!C!:25'6C7!458C=>:2P! $2!:=;54!6:43<L! =;5!5C4=;!A?<=!;545!@5!
>2=54B45=53!C<!<:A5=;>2F!8>K5!C2!1/.'&'('/7$0&.61Z"'60F'&1)$F'&#W$)1+#6$'6$
20(#&70'&$ ',$ (1&0,#7.1.0'&! k! C! K>23! :D! 3:?@8>2F! :4! D:83>2F! :D! =;5! :B52!
>=<58DL!5E?>B4>A:43>C8!6>=;!=;5!6:483'D:83L!6>=;>2!6;>G;!=;>2F<!G:A5!=:!
C22:?2G5! =;5A<58I5<L! 2:=! C<! \@5>2F<TL! @?=! 4C=;54! >2! <:A5! ?2>E?5! C23!
5WG8?<>I587!\5C4=;87T!6C7P!RB5G>D>GC887L!5I547=;>2F!=;C=!65!6545!>2>=>C887!
>2G8>253!=:!>2=54B45=!C<!C!35<G4>B=>:2!:D!=;5!8C23!k!6>23L!4C>2L!<?4DL!<=:4A!
k!A?<=!2:6L!C<! 5<<52=>C887! 5C4=;87! 4C=;54! =;C2!6:48387!B;52:A52CL!@5!
?2354<=::3! =:! @5! CA52C@85! =:! C!A:35!:D!B45<52=C=>:2! =;C=! ><! 2:=! :287!
2:=! C! R#'>2F! @?=! C8<:! >2! <:A5! D?23CA52=C8! <52<5! 35=54A>2C=>I5! :D! C88!
@5>2FP!
! /:45:I54L! =;><! <:8?=>:2! ;C<! C! G4?G>C8! G:4:88C47S! >D! =;5! 5C4=;! ><!
>2=54B45=53!C<!C2!C?=:2:A:?<
!OZ_!
F8C<<eP!+C=;54L!X?<=!C<!=;5
!OZ`!
:2=:8:F>GC8!B45'<>=?C=5325<<e!6>=;>2! =;5!5C4=;'[:25! >2!5WCG=87! =;5!<CA5!
<52<5!>2!6;>G;!5W><=52G5!><!C!@5>2F'<>=?C=53!6>=;>2!=;5!6:483'[:25P!R?G;!
C!2:=>:2!<55A<!=:!GCB=?45!8>D5!>2!>=<!A:<=!@C<>G!C23!B;52:A52:8:F>GC887!
CGG?4C=5! <52<5S!2:=! C<! C27!;>3352! >AB?8<5!:4!A5G;C2><AL!@?=! >2<=5C3L!
C23! <>AB87L! C<! =;5! CG=?C8! BC4=CK>2F! >=<58DL! =;5! <;554! 8>I>2F'=;4:?F;! :D!
8>D5P! 0:4! 8>D5!17$ 0.$ 07$ )0=#2! ><! 25I54! C! G:2GC=52C=>:2!:D!B;7<>:G;5A>GC8! :4!
A5=C@:8>G! <=C=5<! C23!B4:G5<<5<! dC2!5G:2:A7!:D!34>I5<L!?4F5<L! >2<=>2G=<L!
5=GPeL! C<! <G>52G5!6:?83!;CI5! >=L! @?=!2:4! ><! >=! C27=;>2F! 8>K5! =;5! G:?4<>2F!
C23!<?4F>2F!:D!C2!h)1&$=0.1)!k!C23!85C<=!:D!C88!><!>=!=;5!C2:4FC2>G!\1>D5T!:D!
A5=CB;7<>G<! C<! C! G:2<=C2=! @5G:A>2FL! 5=542C8! D8?W! C23! D8:6L! G5C<585<<!
3>DD5452=>C=>:2L!5=GP!"5D:45!C88!:D!=;><L!C23!G:AB85=587!>445<B5G=>I5!:D!=;5!
=4?=;! :4! ?<5D?825<<! :D! =;5<5! >35C<L! 8>D5! ><! C!6;:887! ?2>E?5! D:4A! :D! >2'
@5>2FL!C!45<>3>2F!CA>3<=!=;>2F<!=;C=!><!2:=!>2!=;5!85C<=!C2!5W><=>2F!CA>3<=!
@5>2F<P!
! (6:! >AB:4=C2=! G:2<5E?52G5<! D:88:6! D4:A! =;><! 35<G4>B=>:2! :D!
B;52:A52C8!8>D5!C<!C!@5>2F'>2'=;5'5C4=;S!
! dOe!$D!:?4!;><=:4>GC8!36588>2F!><!;583!=:!@5!D:?2353L!2:=!:2!=;5!5C4=;!
=CK52! C<! C! BC4=>G?8C4! @5>2F! d5PFPL! =;5! 8C23eL! @?=! 4C=;54! :2! :?4! A:<=!
G:2G45=5! 5WB54>52G5<! :D! 8>I>2F! 8>D5L! >=! D:88:6<! =;C=! =;5! D?88! @5>2F! :D! =;5!
;?AC2!><!2:! 8:2F54!?2354<=::3!C<!C!5/6#!5W><=52G5L! >P5PL!C!@5>2F'>2'=;5'
dB?45'e6:483L! @?=! 4C=;54! C<! C! /&0.16+! \@5>2F'>2'=;5'6:483'C23'>2'=;5'
5C4=;TL!:4!<>AB87L!C! \)0=0&*'5W><=52G5TL!:4!CFC>2L! =:!45;C@>8>=C=5!C2!5C48>54!
5WB45<<>:2!d@?=!>2!C!3>DD5452=!<52<5eL!C!\8>I>2Fg6:483>2FTP!(;><!><!<>AB87!
!OZ^!
=:!<C7! =;C=! =;5!H1L! =;5! \G85C4>2FT!:4! \=;545T! =:!6;>G;! =;5!;?AC2!C86C7<!
C845C37!D>23<!>=<58D!358>I5453!:I54L!><!5<<52=>C887!C!G:AB:<>=5!45C8>=7L!C2!
>A@4>GC=>:2! :D! 4C3>GC887! ;5=54:F525:?<! [:25<S! =;5! 3>DD5452=>C8! ?2>=7! :D!
=;5!6:483'5C4=;P!$23553!)5>35FF54!<55A<!=:!CGK2:6853F5!=;><!5WB8>G>=87!
6;52! ;5! 35<G4>@5<! 5W><=52G5! >=<58D! C<! @5>2F! ."6'?&! d*#?'6,#&e! >2=:! =;5!
5C4=;S!
!
(;5! =4?87! B:5=>G>[>2F! B4:X5G=>:2! ><! =;5! :B52>2F! ?B! :D! =;C=! >2!6;>G;!
;?AC2!5W><=52G5!pH17#0&qL!C<!;><=:4>GC8L! ><!C845C37!=;4:62!p*#?'6,#&qP!
(;><! ><! =;5! 5C4=;! dC23L! D:4! C2! ;><=:4>GC8! B5:B85L! >=<! 5C4=;eL! =;5! <58D'
G8:<>2F!F4:?23!:2!6;>G;!>=!45<=<lZO!
!
(;4:6225<<! C<! <?G;! ><! C! @>IC852=! B;52:A52:2L! CBB87>2F! 2:=! :287! =:!
5W><=52G5!@?=!C8<:!C23!5E?C887!=:!8>D5a!=;5!;?AC2!><!;><=:4>GC8!X?<=!>2<:DC4!
C<!>=!><!=;4:62!>2=:!=;5!5C4=;!d:4!G:2I54<587L!;><=:47!>=<58D!;C<!C2!1$560'60!
5C4=;87!G:AB:252=eP!
! dMe!$D!6:483!C23!5C4=;!Oe!C45!?2354<=::3!5E?C887!C<!C?=:2:A:?<!C23!
;5=54:F525:?<
!OZV!
(1&$',$."#$/&0,0;1.0'&!:D!6:483!C23!5C4=;!0&$1&2$17$)0=0&*$#407.#&;#$17$."#$
#77#&;#$',$ ."#$"/(1&$?1+$.'$R#P!R=4>I>2F! ><! =;5!2C=?45!:D! 8>I>2F!5W><=52G5L!
=;5!52CG=A52=!:D!=;5!;?AC2!5<<52G5L!=;5!7#),'<=4>I>2F!:D!=;5!;?AC2!E?C!
;?AC2P! (;5! ;?AC2! ><! 2:=! C! A545! =;>43! BC4=7! =:! =;5! <=4>D5L! C! G::8!
:@<54I54!:D! <:A5!5W=542C8! 5I52=L! @?=! 4C=;54! =;5!I547! D4:2=!:4! =;5C=45!k!
=;5!Q0gL!=;5!>2=54DCG5!k!6;545!=;5!G:88><>:2!CG=?C887!:GG?4<P!(:!5AB8:7!C!
"54F<:2>C2! >ACF5L! =;5! ;?AC2! ><! C! \;7B;52TL! C! B:4=C8! =;4:?F;! 6;>G;!
BC<<5<!C!G:2<=C2=!D8:6!:D!A:I5A52=L!=;5!8>2K!=;C=!@>23<!6:483!C23!5C4=;!
=:F5=;54!>2=:!=;5!372CA>G!?2>=7!:D!=;5!6:483'5C4=;P!
! *GG:43>2F87L! D:?23>2F! A?<=! @5! >2=54B45=53! >2! =54A<! :D! <=4>I>2FS!
6:483!C23!5C4=;!C45!;''D:?23>2F!:D!=;5!:B52!>=<58D!>2!=;5!B4>AC8!G:88><>:2!
:D! 8>D5! C23! 5W><=52G5L! >P5PL! D:?23>2F! X?<=! 07! =;5! :B52>2F! ?B! :D! =;5! :B52!
=;4:?F;! =;><! G:88><>:2! d>23553! =;5! I547! >35C! :D! =;5! <=4>D5! >AB8>5<! =;C=!
=;5<5!C45!=CK52!=:!@5!A?=?C887!C4><>2F!C23!45G>B4:GC887!35=54A>2>2FeP!(:!
<C7!=;C=!;?AC2>=7!\D:?23<!>=<!;><=:4>GC8!36588>2F!:2!C23!>2!=;5!5C4=;T!><!
<>AB87! =:! <C7! =;C=! =;:<5! <>AB85! C23! 5<<52=>C8! 35G><>:2<! =;C=! <;CB5! =;5!
35<=>27! :D! C! B5:B85! C45! C86C7<! AC35! >2! =;5! G:2=5W=! :D! 3>45G=!
G:2D4:2=C=>:2! 6>=;! C23! 45CG=>:2! =:! =;5! B;52:A52C! :D! 5C4=;87! 8>D5P!
)><=:47! ><! F4:?2353! >2! 8>D5! C23! F4:6<! :?=! :D! 8>D5L! :?=! :D! @5>2F'>2'=;5'
5C4=;L!5I52!C<!>=!D:83<!@CGK!?B:2!8>D5!C23!=4C2<D:4A<!>=P!*!B?45!5W><=52=L!
6545!<?G;!C!=;>2F!G:2G5>IC@85!C=!C88L!G:?83!25I54!@5!;><=:4>GC8!>2!=;5!D?88!
C23! F52?>25! <52<5L! C23! D:4! =;5! <>AB85! 45C<:2! =;C=! >=! G:?83! 25I54!
<=4?FF85! C23! <=4>I5! 6>=;! =;5! 5C4=;P! R?G;! C2! 52=>=7! G:?83! G54=C>287!
!OZY!
>2=54B45=! =;>2F<L! 45A5A@54!C23! =4C2<A>=! =;5AL!@?=! =;><! >2! >=<58D!6:?83!
2:=!75=!CA:?2=!=:!C!;><=:47L!6;>G;!><!>2G:2G5>IC@85!:?=<>35!:D!C!458C=>:2!
=:!8>D5P!
!
MP!"5>2F'>2'=;5'5C4=;!C<!;C43<;>B!C23!>2<5G?4>=7!
!
*<! =;5! <>=5!:D! =;5!G:88><>:2!:D!6:483!C23!5C4=;L! =;5!;?AC2! ><! =;5!@5>2F!
=;C=! <;CB5<! >=<! 35<=>27! =;4:?F;! G:2<=C2=! G:2D4:2=C=>:2! 6>=;! =;5! 4C6!
5WB54>52G5! :D! 8>I>2F! 8>D5a! =;5!6:483! >=<58D! ><! =;5! <?A!:D! 45C8! 5DD5G=<L! =;5!
8C<=>2F! 5I>352G5! :D! C23! =5<=CA52=! =:L! =;:<5! <>AB85! C23! 5<<52=>C8!
35G><>:2<!D:4F53!>2!=;5!<=4?FF85!CFC>2<=!=;5!5C4=;P!%:6!=;5!I547!2:=>:2!
:D!C!<=4>D5!:4!<=4?FF85!C845C37!>2=>AC=5<!=;5!C2<654!=:!=;5!E?5<=>:2!:D!=;5!
B45G><5! G;C4CG=54! :D! =;><! \8>I>2F! 5WB54>52G5TL! >P5PL! 6;C=! =;><! 5WB54>52G5!
A?<=! @5! <?G;! =;C=! >=<! 458C=>:2! =:! =;5! 6:483! C23! 5W><=52G5! ><! :25! :D!
G:2D8>G=! C23! <=4>D5P! $=! ><! G85C4! =;C=!65!C45!35C8>2F!;545!25>=;54!6>=;! =;5!
B?45L! 2:2':@X5G=>I5! :B5225<<! :D! =;5! :4>F>2C8!?2>=C47! 0.$ )0=#7>?'6)27L! 2:4!
5I52!6>=;!=;5!:45G=>G!8>D5!:D!=;5!*4><=:=85!85G=?45<!d>P5PL!¢vw!C<!����}~!>2!
=;5!<52<5!:D!C!��v�}~!C23!���wL!B?4<?>=!C23!CI:>3C2G5!:D!C2!�������eL!
@?=! >2<=5C3!6>=;! C! 8>D5! =;C=! ><! 355B87! C23! >2=>AC=587! =>53! ?B!6>=;! =;5!
G:2G45=5! DCG=>GC8!<>=?C=>:2!:D! =;5!B5C<C2=!6:AC2!F:>2F!C@:?=!;54!3C>87!
4:?=>25L! C! <>=?C=>:2! 6;>G;! )5>35FF54! DCA:?<87! 45C3<! :DD! D4:A! IC2!
&:F;T<!L$%106$',$B"'#7P!
! 15=!?<!G>=5!=;5!BC<<CF5!>2!D?88S!
!OQN!
04:A!:?=!:D! =;5!3C4K!:B52>2F!:D! =;5!6588'6:42! >2<>35<!:D! =;5!<;:5<!
=;5! =:>8! :D! =;5! 6:4K54T<! =45C3! <=C45<! D:4=;P! $2! =;5! G4?3587! <:8>3!
;5CI>25<<! :D! =;5! <;:5<! CGG?A?8C=5<! =;5! =52CG>=7! :D! =;5! <8:6! =4?3F5!
=;4:?F;! =;5! DC4'<=45=G;>2F! C23! 5I54'?2>D:4A! D?44:6<! :D! =;5! D>583!
<65B=!@7!C!4C6!6>23P!.2!=;5!85C=;54!8>5<!=;5!3CAB25<<!C23!4>G;25<<!
:D! =;5! <:>8P!H2354! =;5! <:85<! <8>35<! =;5! 8:258>25<<!:D! =;5! D>583'BC=;!C<!
5I52>2F!DC88<l(;><!5E?>BA52=!><!B54IC353!@7!?2G:AB8C>2>2F!6:447!
C<! =:! =;5! G54=C>2=7! :D! @45C3L! 6:4385<<! X:7! C=! ;CI>2F! :2G5! A:45!
6>=;<=::3!6C2=L!=45A@8>2F!@5D:45!=;5!>AB523>2F!@>4=;L!C23!<;>I54>2F!
C=! =;5! <?44:?23>2F!A52CG5! :D! 35C=;P! (;><! 5E?>BA52=! @58:2F<! .'$ ."#$
#16."$C23!D>23<!B4:=5G=>:2!>2!=;5!?'6)2$:D!=;5!B5C<C2=!6:AC2PZM!
!
$=!><!C!8>D5L!>2!<;:4=L!=;C=!><!B4:D:?2387!<;:=!=;4:?F;!6>=;!>2<5G?4>=7L!BC>2!
C23!<?DD54>2FP!*DD>4A>2F!6;C=!J5<=542!=;:?F;=!;C<!>2<><=53!:2!D4:A!=;5!
I547!@5F>22>2FL!=:!8>I5!><!=:!K2:6!;C43<;>B!C23!<=4?FF85L!=:!5WB54>52G5!
2553! C23!6C2=! C23! =:!6>=;<=C23! =;5<5L! =:! =45A@85!6>=;! D5C4! :I54! =;5!
>AB523>2F!C23!=;5!A52CG>2FL!=:!@5!<=4>GK52!6>=;!6:447!C23!C2W>5=7!>2!
=;5!DCG5!:D!=;5!?2D:45<552!C23!:?=<=C23>2FL!=;5!?2K2:62!C23!35C=;P!(:!
8>I5!><L!>2!C!6:43L!=:!7/6=0=#L!=:!\8>I5!:2T!d7/6=0=6#L$PR#6)#R#&eP!*GG:43>2F87!
=;5! 5C4=;! ><! A?G;!A:45! >2! 8>25! 6>=;! =;5! 35B>G=>:2! :D! 2C=?45! F>I52! >2!
D#0&*$ 1&2$ !0(#L! I>[PL! C<! =;C=! 6;>G;! \<=>4<! C23! <=4>I5<TL!?#R.$ /&2$ 7.6#R.L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZM!$@>3PL!OYgOQP!
!OQO!
6;>G;! CA@?<;5<! C23! C<<C>8<! ?<L! G:A5<! :I54! ?<! C23! 52=;4C8<! ?<L! /&7$
PR#6,E)).LZZ!C23! =;?<!6>=;! C!A:35! :D! 45I5C8>2F!6;:<5! G?4452G7! ><! 2:=! C!
\@5'>2FT!@?=!4C=;54!C!K>23!:D!B4>AC8!D:4G5!:4!>2=52<>=7P!$=!><!2:=!=;C=!6>23L!
4C>2L! <=:4AL! 5=GP!AC2>D5<=! =;5A<58I5<! C<! C<<C>8>2F! :4! 52=;4C88>2F! R#0&*7L!
@?=! 4C=;54! =;C=! C<<C>8>2FL! 52=;4C88>2FL! B4:I:K>2F! C23! =;5! 8>K5! GC2!
=;5A<58I5<! @5! ?2354<=::3! C<! ,'6(7$ ',$ (1&0,#7.1.0'&! >2! =;5>4! :62! 4>F;=L!
D:4A<!=;C=!F5=!6#1)0F#2!:4!#(R'20#2!>2!G54=C>2!=;>2F<!=;C=L!D4:A!C!6:48387!
:4!\5W><=52=>C8T!B:>2=!:D!I>56L!C45!CBB45;52353!C23!K2:62!C<L!5PFPL!\4C>2TL!
\6>23TL! \<=:4ATL! 5=GP! (;5! 5C4=;L! 65!A>F;=! <C7L! ><! =;5!A53>?A! :D! =;5<5!
D:4A<L! :4! A:45! B45G><587L! :D! =;5>4! CG=>IC=>:2a! >=! ><! =;5! B4>AC8! [:25! :D!
CF>=C=>:2L! B4:I:GC=>:2L! >2G>=5A52=L! 5=GP! 17$ 7/;"! k! =;C=! 3>A52<>:2! :D! =;5!
:B52! >2! C23! =;4:?F;! 6;>G;! =;>2F<! C45! C@85! =:! 45I5C8! =;5A<58I5<! >2!
<=>44>2FL! B4:I:K>2FL! CF>=C=>2F! C23! 5WG>=>2F! <:4=<! :D! 6C7<! k! =:! 6;>G;!
3>A52<>:2! =;545! 25G5<<C4>87! G:445<B:23<! C2! C?=:G;=;:2:?<! C23!
C?=:2:A:?<! A:3C8>=7! :D! >2'25<<! :4! >2'@5>2F! G;C4CG=54>[53! @7!
5WB54>52G5<! :D! 6:447L! C2W>5=7L! ;C43<;>BL! B4>IC=>:2! C23! <=4?FF85P!J>=;!
=;><! G;C4CG=54>[C=>:2! :D! 8>D5! C<! ;C43<;>BL! 6:447! C23! 2553L! =;5! C2G>52=!
I>56!:D!8>D5!C<!35<>45!><!D?887!4:?2353!:?=!C23!G:AB85=53P!(:!=;5!2:=>:2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZZ!&*!ML!Y_gONNP!$=!><!6:4=;!B:>2=>2F!:?=!=;C=!>2!D#0&*$1&2$!0(#!)5>35FF54!
<=>88! C<<:G>C=5<! =;><! <=>44>2FL! <=4>I>2F! C23! CA@?<;>2F! \2C=?45T! 6>=;L!
<B5G>D>GC887L! =;5! )1&27;15#L! 20#$ O1&27;"1,.L! 6;>G;L! C<! 65! ;CI5! <552L! ><!
B45G><587!6;C=!=;5!8C=54!G:2G5B=!:D!5C4=;!6>88!4C3>GC887!GC88!>2=:!E?5<=>:2P!
!OQM!
:D! 35<>45! C<! C! F:>2F'CD=54! C23! F:>2F'C6C7'D4:AL! 65! A?<=! C33! =;5!
5WB54>52G5!:D!;C43<;>B!C<!C!6>=;<=C23>2F!:D!6C2=!6>=;>2!C2!:B52
!OQZ!
ACK>2F'<5G?45!C23!ACK>2F'G54=C>2a!=;5!6:483!C<!<?G;!5W;>@>=<!C2!>2254!
=52352G7!=:6C43!<CD5=7!C23!<5G?4>=7!d@#R'6*#&"#0.eL!A5C2>2F!>2<?8C=>:2!
C23! B4:=5G=>:2! D4:A! =;5! 5C4=;T<! \<=5C37! B45<<?45TL! >=<! C<<C>8>2F! C23!
B4:I:K>2F! G;C4CG=54P! ):65I54L! =;><! 34>I5! =:! <5G?4>=>[C=>:2! 3:5<! 2:=!
45<?8=!>2!C!<=C=5!:D!5E?>8>@4>?A!@?=!>2!DCG=!5W54=<!C!<=4:2F54!B45<<?45!=;C2!
=;C=! 6;>G;! 5AC2C=5<! D4:A! =;5! 5C4=;! >=<58DL! 45<?8=>2F! >2! C! B:8C4>=7! >2!
DCI:?4!:D!6:483S!
!
$=! ><L! ;:65I54L! p=;5! ;?AC2T<q!6:483!6;>G;!B45IC>8<! D4:A!:?=! :D! =;5!
458C=>:2<;>B! :D! 5W><=52G5! =:! =;5! ?2G:2G5C8A52=! :D! @5>2FP! 0:4! =;><!
45C<:2L!5I547=;>2F!6>=;!6;>G;!p=;5!;?AC2q!><!523:653!A?<=L!>2!=;5!
B4:X5G=>:2L! @5! D5=G;53! D:4=;! D4:A! :?=! :D! =;5! G8:<53! F4:?23! C23!
5WB8>G>=87! <5=! ?B:2! =;><! F4:?23P! $2! =;><! 6C7L! =;5! F4:?23! ><! D>4<=!
D:?2353!C<!C!F4:?23!=;C=!@5C4<PZQ!
!
(;545! ><! C! B:654! 3><G45BC2G7! @5=6552! 6:483! C23! 5C4=;! =;C=! ><!
C<<:G>C=53! 6>=;! =;5! ;?AC2T<! 645<=>2F! =;>2F<! D4:A! C23! <5==>2F! =;>2F<!
@CGK!?B:2!=;5!5C4=;!>2!:4354!=:!<5G?45!C23!B4:=5G=!>=<58D!D4:A!=;5!5C4=;!k!
>2! C! 6:43L! 6>=;! >=<! )1R'/60&*! :2! =;5! 5C4=;P! J:483! \B45IC>8<T! >2! C23!
=;4:?F;!8C@:?4L!6;>G;!352:=5<!2:=!C27!A>2385<<!34?3F547!C23!5W54=>:2!
@?=!4C=;54!C!K>23!:D!4C=>:2C8L!GC8G?8C=>I5!>2=54I52>2F!>2!C23!=4C2<D:4A>2F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZQ!&*!_L!`ZgQ^P!
!OQQ!
:D!=;5!5C4=;!=;C=!5254IC=5<!=;5!5C4=;L!<5BC4C=5<!>=!D4:A!6;C=!>=!GC2!3:P!$2!
=;><! 6C7L! @7! A5C2<! :D! 8C@:?4L! =;5! ;?AC2! A:88>D>5<! C23! <?@3?5<! =;5!
5C4=;L!=?42<!>=!>2=:!\C!F4:?23!=;C=!@5C4<TP!
! U4?G>C887L! ;:65I54L! =;><! B45IC>8>2F'5254IC=>2F! 3:5<! 2:=! >AB87! :4!
G:23:25!=;5!D>W>=7!:D!C2!C@<:8?=5!2'(0&1.0'&!:D!6:483!:I54!5C4=;P!(:!=;5!
G:2=4C47L!8C@:?4!><!6;C=!D>4<=!\C<<?45<!=;5!5C4=;!=;5!D4553:A!:D!>=<!<=5C37!
B45<<?45TLZ_!6;>G;!><!6;7!B45IC>8>2F!><!>=<58D!C!\D:?23>2FT!d>P5PL!=;5!5C4=;!
><! D:?2353! =;4:?F;! =;5! B45IC>8>2F! C==C>253! @7! 8C@:?4L! :4! @5==54L! =;5!
5C4=;! D>4<=! @5G:A5<!6;C=! >=! 07! :287! >2! C23! =;4:?F;! =;5! 8>I>2F! ;?AC2T<!
G45C=>I5L!<?@3?>2F!45<B:2<5!=:!>=<!G;C8852F>2F!C<<C>8>2F!C23!C<<C?8=>2FeP!
$2!:=;54!6:43<L!F4C2=53!=;C=!=;5!6:483!=523<!=:6C43!C!<=C=5!:D!<5G?4>=7L!
=;><! <5G?4>=7! GC22:=! @5G:A5! =:=C8! :4! 45B45<<>I5! >2<:DC4! C<! =;><! 6:?83!
5DD5G=>I587! &/))0,+! =;5! 5C4=;! C23! =;545D:45! ;?AC2>=7! C8:2F! 6>=;! >=L! C88!
=;455! :D! =;5<5! G:'35B523>2F! D:4! =;5>4! @5>2F! :2! =;5! D8?>3>=7! C23!
372CA><A!:D!=;5!6;:85!:D!8>I>2F!5W><=52G5P!1C@:?4!><!C86C7<L!C=!85C<=!>2!
>=<! 5/6#! <=C=5L! =;5! 5<=C@8><;>2F! :D! C2! ;><=:4>GC8! 6:483! C<! C! 3:AC>2! :D!
6#)1.0=#! <5G?4>=7! C23! :D! 516.01)! >2<?8C=>:2! @7! A5C2<! :D! C! (#17/6#2!
5W=4CG=>:2! :D! =;>2F<! D4:A! =;5! 5C4=;! =;C=! 3:5<! 2:=! =;545@7! 35B4>I5! =;5!
5C4=;!:D!>=<!:62A:<=!B:654!=:!B45<<?45!C23!B4:I:K5P!
! $2! C33>=>:2L! 8C@:?4! ><! 25I54! CGG:AB8><;53! =;4:?F;! B?45! @:3>87!
5DD:4=L!@?=!C86C7<!C23!:287!6>=;!=;5!C>3!:D!G54=C>2!>2<=4?A52=<!:D!8C@:?4L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z_!$@>3PL!OYDPgOQDP!
!OQ_!
>P5PL!6>=;!5E?>BA52=P!(;><!><!B45G><587!6;7!)5>35FF54!GC2!64>=5!=;C=!D:4!
=;5! 8C@:?454! d=;5! ;?AC2! >2<:DC4! C<! <;5! 8C@:?4<eL! 6:483! C23! 5C4=;! C45!
G:2G52=4C=53!>2!=;5!5E?>BA52=!>=<58D!dC23!2:=L!<C7L!:2!=;5!<?4DCG5!:D!=;5!
@:37eS!\J:483!C23!5C4=;!5W><=!D:4!p=;5!8C@:?454q!C23!=;:<5!6;:!<;C45!;54!
A:35!:D!@5>2F!:287!;545!k!>2!=;5!5E?>BA52=PTZ`!(;5!<=4>D5!><!8:3F53!>2!=;5!
5E?>BA52=!C<!>=<!F4:?23L!C23!D:4!=;><!45C<:2!=;5!5E?>BA52=L!C8=;:?F;!>=!
3:5<! 2:=! @7! >=<58D! D5=G;! D:4=;! :4! <5=! ?BL! 2:25=;585<<! G:A5<! =:! 5A@:37!
C23!5W?35!B45G><587!=;5!<:4=!:D!CF>=C=>:2!C23!I:8C=>8>=7!=;C=!G;C4CG=54>[5!
=;5!8>D5'5W><=52G5!@:23!C<!=;5!<>=5!:D!C88!D5=G;>2F!D:4=;L!<5==>2F!?B!C23!=;5!
8>K5P!U85C487! >=! ><! 2:=! =;5!6:AC2T<! <;:5<! =;C=! =:>8! C23! =4?3F5L! =;C=! C45!
D>8853! 6>=;! BC>2L! 8:258>25<<L! 6:447! C23! X:7L! C23! =;C=! ;?2F54L! =45A@85L!
<;>I54!C23!3>5P!$=!><!=;5!6:AC2!;54<58D!6;:!5WB54>52G5<!=;5<5!=;>2F<!k!>2!
C23!:2!;54!CG;>2F!<=:ACG;L!;54!GC88:?<53!;C23<!C23!D55=L!6>23@?4253!
<K>2L!G4CGK53!8>B<!C23!<65C=7!@4:6P!+C=;54!=;5!<;:5<!C45!=;5!D:GC8!B:>2=!
C23! 3><=>88C=>:2! :D! =;C=! =:>8>2FL! =4?3F>2F! C23! =45A@8>2F! @7! 6;>G;! =;5!
6:AC2! D523<! :DD! =;5! 5C4=;T<! C<<C?8=<! C23! C==523<! =:! ;54! 2553<! @7!
545G=>2FL!D:4=>D7>2F!C23!52<G:2G>2F!;54<58D!6>=;>2!C!45C8A!:D!8>A>=53!C23!
458C=>I5! B5CG5! C23! <5G?4>=7! 6;545! <:A5=;>2F! 8>K5! C! \I:GC=>:2T! GC2! @5!
B?4<?53L! C! \35<=>27T! GC2! =CK5! <;CB5L! 5=GP! d$2! =;><! 6C7! =;5! <;:5<!
=;5A<58I5<! C45! G;C4F53L! 585G=4>D>53L! B?8<C=>2F! 6>=;! 5254F7L! @4>AA>2F!
:I54!6>=;!8>D5S!=;5!<;:5<!=0R61.#L!C<!)5>35FF54!<C7<Pe!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z`!$@>3P!
!OQ`!
! #E?>BA52=! =;545D:45! B8C7<! 5WCG=87! =;5! <CA5! 4:85! >2! =;5! C4=6:4K!
5<<C7!C<!>=!3:5<!>2!D#0&*$1&2$!0(#S! >2!@:=;!=5W=<!:?4!B4CG=>GC8L!5I5473C7!
35C8>2F<!6>=;!5E?>BA52=!G:2<=>=?=5!C!B4>I>85F53!B:>2=!:D!CGG5<<!=;4:?F;!
6;>G;!=;5!<=4?G=?45!:D!=;5!:B52!GC2!@5!<5>[53!C23!8C>3!@C45!>2!>=<!A:<=!
C?=;52=>G! <=C=5P! ):65I54L! =;545! ><! :25! <>F2>D>GC2=! 3>DD5452G5! =;C=!
G:445<B:23<!=:!=;5!5<<C7T<!>2=>AC=>:2!:D!=;5!5C4=;!C<!B45G><587!<:A5=;>2F!
8>K5! =;5! [:25! :4! ;:4>[:2! :D! :?4! 8>D5'5WB54>52G5<! :D! ;C43<;>B! C23!
>2<5G?4>=7S!6;545C<! >2!D#0&*$1&2$!0(#! 5E?>BA52=C8>=7! ><!;583! =:!G:2<><=!
>2! C! F5254C8! ?<5D?825<<! :4! <54I>G5C@>8>=7L!H0#&)0;"A#0.LZ^!C4><>2F! D4:A! =;5!
25W?<!:D!45D5452G5<!C23!>2I:8I5A52=<!=;C=!D4CA5!=;5!6:483!C23!@>23!>=!
=:F5=;54L! >2!=;5!C4=6:4K!5<<C7L!@7!G:2=4C<=L!6;545!=;5!5C4=;!><!:287!:25!
C<B5G=!:4!585A52=!:D!C!?2>=C47!6:483'5C4=;L!=;><!I547!H0#&)0;"A#0.!>=<58D!><!
F4:?2353!>2!=;5!5E?>BA52=T<!<>A?8=C25:?<!;''BC4=>G>BC=>:2!>2!=;5!6:483!
1&2! =;5! 5C4=;L! >=<! \B4:=5G=53! @58:2F>2FTL! 6;>G;! )5>35FF54! =54A<!
\458>C@>8>=7TL!K#6)Eg)0;"A#0.S!
!
(;5! 5E?>BA52=C8>=7! :D! 5E?>BA52=! G:2<><=<! >23553! >2! >=<! ?<5D?825<<!
pH0#&)0;"A#0.qP!"?=!=;><! >=<58D!45<=<! >2!=;5!D?8825<<!:D!C2!5<<52=>C8!@5>2F!
:D!=;5!5E?>BA52=P!J5!GC88!=;><!458>C@>8>=7!pK#6)Eg)0;"A#0.qPZV!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z^!&*!ML!ON_DDPgONYDDP!
ZV!&*!_L!OYDPgOQDP!
!OQ^!
+58>C@>8>=7! G:2<=>=?=5<! =;5! \5<<52=>C8! @5>2FT! C23! \:4>F>2C8! 2C=?45T! :D!
5E?>BA52=a!>=!C4><5<!:?=!:D!C!\A:45!3><=C2=!<:?4G5TL!C!\355B54!:4>F>2T!=;C2!
B?45! ?<5D?825<<L! 6;>G;! ><! :287! >=<! \25G5<<C47! G:2<5E?52G5T! k! \p=;5q!
D:4A54!I>@4C=5<!>2!=;5!8C==54!C23!6:?83!@5!2:=;>2F!6>=;:?=!>=TPZY!
! +58>C@>8>=7! ><! =;?<! =;5! F4:?23! :D! <54I>G5C@>8>=7! X?<=! >2<:DC4! C<! =;5!
6:483'5C4=;! ><! C! A:45! C35E?C=5! C23! :4>F>2C47! G;C4CG=54>[C=>:2! :D! =;5!
:B52!=;C2!=;5!B?45!6:483P!)52G5!>=!><!B45G><587!>2!458>C@>8>=7!=;C=!6:483!
C23!5C4=;!C45!52G:?2=5453!A:<=!B4:B5487!C23!D>4<=!<5=!D455!C<!6;C=!=;57!
C45S!
!
$2! I>4=?5! :D! =;><! 458>C@>8>=7! =;5! B5C<C2=!6:AC2! ><! C3A>==53! >2=:! =;5!
<>852=!GC88!:D!=;5!5C4=;a!>2!I>4=?5!:D!=;5!458>C@>8>=7!:D!=;5!5E?>BA52=!<;5!
><! G54=C>2! :D! ;54! 6:483lD:4! >=! ><! =;5! 458>C@>8>=7! :D! =;5! 5E?>BA52=!
6;>G;!D>4<=!F>I5<!=;5!<>AB85!6:483!>=<!<5G?4>=7!C23!C<<?45<!=;5!5C4=;!
=;5!D4553:A!:D!>=<!<=5C37!B45<<?45PQN!
!
/:45:I54L! X?<=! C<! <54I>G5C@>8>=7! GC2! 3><<>BC=5! C23! 453?G5! =;5! =::8! =:! C!
A545!B45<52='C=';C23!=;>2FL!C2!:@X5G=!:D!C!35=CG;53!:@<54IC=>:2L!<:!=::!
GC2! 458>C@>8>=7!6>=;54! C6C7! C23! IC2><;a! =;5! 5E?>BA52=! =;52! 36>2385<!
C23! 35=54>:4C=5<! >2=:! =;5! \@:4>2F87! :BB45<<>I5! ?<?C825<<T! :D! (#6#!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZY!$@>3P!
QN!$@>3P!
!OQV!
<54I>G5C@>8>=7L! \<;554! ?=>8>=7TPQO!(;><! ><! C<!A?G;! C<! =:! <C7! =;C=! =;5! @C<>G!
:2=:8:F>GC8! GC=5F:4>5<! <K5=G;53! :?=! >2! D#0&*$ 1&2$ !0(#$ dC/"1&2#&"#0.L!
K'6"1&2#&"#0.$ C23! =;5! 8>K5e! C45! D?23CA52=C8! D5C=?45<! :287! :D! A54587!
?<5D?8!5E?>BA52=L!:4!A:45!B45G><587!:D!5E?>BA52=! =CK52!<=4>G=87!?2354!
>=<! C==4>@?=5! :D! B?45! <54I>G5C@>8>=7! C23! 2:=;>2F! @5<>35<a! =;57! 3:! 2:=!
G;C4CG=54>[5!5E?>BA52=!F4C<B53!C=! >=<!355B5<=!C23!A:<=!5<<52=>C8! 85I58P!
*IC>8C@>8>=7! C8:25! C23! C<! <?G;L! <>AB87! @5>2F! :2! ;C23! D:4! C! =C<KL! 3:5<!
2:=!75=!F?C4C2=55!=;C=!C!=;>2F!GC2!@5!G8C<<>D>53!C<!5E?>BA52=!B4:B54L!D:4!
2:=;>2F!;C<!@552!35G>353!C<!=:!>=<!458>C@>8>=7P!
! "?=!6;C=! 07! 458>C@>8>=7m! $<! =;><!C=!C88! <58D'5I>352=m! $!2:=5! =;C=! $!;CI5!
<5I54C8! =::8<! :2! ;C23! D:4! IC4>:?<! X:@<L! @?=! 3:! $! =;545@7! ;CI5! C27!
F52?>25! 5E?>BA52=m!,:! C27! :D! =;5<5! =::8<! 5W;>@>=! <:'GC8853! \B4:=5G=53!
@58:2F>2FTL! :4! C88! =;57! C88! 4C=;54! G;C4CG=54>[53! @7! \<;554! ?=>8>=7Tm!
J;545>2!8>5<!=;5!5<<52=>C8!3>DD5452G5!@5=6552!=;5<5!=6:!35=54A>2C=>:2<L!
C23!6;C=! ><! =;5! G4>=54>:2! =;C=! C88:6<!A5! =:!35G>35m!)5>35FF54!;>A<58D!
25>=;54!C2<654<!2:4!5I52! 4C><5<! =;><!E?5<=>:2a!25I54=;585<<L! D4:A!6;C=!
65!;CI5!C845C37!5<=C@8><;53!>=!><!2:=!3>DD>G?8=!=:!6:4K!:?=P!J5!2:=5!D>4<=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QO!$@>3P!\(;5!>23>I>3?C8!B>5G5!:D!5E?>BA52=!@5G:A5<!6:42!:?=!C23!?<53!
?BP! "?=! C8<:L! G?<=:AC47!?<CF5! >=<58D! DC88<! >2=:!3><?<5L! @5G:A5<! F4:?23!
3:62! C23! A54587! ;C@>=?C8P! $2! =;><! 6C7! 5E?>BA52=C8! @5>2F! 6>=;54<!
C6C7L! <>2K<! =:! =;5! 85I58! :D! A545! 5E?>BA52=P! R?G;! 36>238>2F! :D!
5E?>BA52=C8!@5>2F!><!=;5!3><CBB5C4C2G5!:D!>=<!458>C@>8>=7PT!
!OQY!
=;C=!G:AA:2!<52<5!;C<!C!2C=?4C8!C23!6588'G:44:@:4C=53!<:8?=>:2!45C37!
=:!;C23S!458>C@>8>=7!><!C=!@:==:A!C!.#(5'61)!3><=>2G=>:2L!>P5PL!=;5!458>C@85!><!
A:45! 2/61R)#! =;C2! =;5! A54587! ?<5D?8! C23! D:4! =;C=! 45C<:2! '/.)17.7! >=P!
):65I54L!C<!><!:D=52!=;5!GC<5!6>=;!G:AA:2!<52<5L!AC==54<!C45!>2!DCG=!=;5!
5WCG=! 45I54<5! :D! 6;C=! <55A<! :@I>:?<! 560(1$ ,1;0#P! J5! 45GC88! =;C=! =;5!
;?AC2L!>2!:4354!=:!D?2G=>:2!C<!=;5!<>=5!:D!=;5!<=4>D5L!=;5!B8CG5!:D!BC<<CF5!
:D! 6:483! C23! 5C4=;L! A?<=! 8C@:?4! >2! <?G;! C! 6C7! =;C=L! >2! =CA>2F! C23!
=4C2<D:4A>2F!=;5!5C4=;!D:4!=;5!<CK5!:D!>=<!:62!B4:=5G=>:2!C23!<5G?4>=7L!>=!
=CK5<! GC45! =:! CI:>3!25?=4C8>[>2F! =;5! 5C4=;! C23! >2! =;C=!6C7! C<<?45<! =;5!
5C4=;!=;5!D4553:A!:D!C!B:<<>@85!G:?2=54'C<<C?8=P!*GG:43>2F87L!458>C@>8>=7!
A?<=! 45D54! =:L! :4! C=! 85C<=! A?<=! @5! >23><<:G>C@85! D4:AL! C! G54=C>2! C2=>'
25?=4C8>[>2F! E?C8>=7! >2;5452=! >2! =;5! >2<=4?A52=<! :D! 8C@:?4! =;5A<58I5<P!
(;C=! ><! =:! <C7L! 458>C@>8>=7! >2I:8I5<L! BC4C3:W>GC887L! C! K>23! :D! >2254!
=/)=R0)0.+L! C! <=4?G=?4C8! @5>2F'5WB:<53! =:! =;5! 5C4=;! =;C=! B?=<! =;5!
5E?>BA52=! >=<58D! =:! =;5! =5<=! :D! =;5! 5C4=;T<! <=5C37! B45<<?45P! (:! @5! <?45L!
458>C@>8>=7!GC22:=!@5!<5BC4C=53!D4:A!3?4C@>8>=7L! D4:A!C!GCBCG>=7! =:!@5C4!
C23!6>=;<=C23L!@?=! =;><!6>=;<=C23>2F!A?<=!C86C7<!@5! <?G;!C<! =:! 45<><=!
=:=C8>[C=>:2!k! =:! <?4452354!C!@>=!:D! >=<!:62!C<<C>8>2F!B:654!C23! =:! =;C=!
5W=52=! :B52! >=<58D! ?B! =:! =;5! B:<<>@>8>=7L! C23! >23553! =;5! 5I52=?C8!
25G5<<>=7L!:D!@5>2F!@4:K52!@7!=;5!B:654!:D!=;5!5C4=;P!
! (;5!A54587!?<5D?8L!@7!G:2=4C<=L!5W;>@>=<!=;5!5WCG=!:BB:<>=5!=52352G7L!
I>[PL! =:6C43! C2!?2A>=>FC=53! <5C8>2F! :DD! C23! <5G?4>2F! =;C=!2#56#77/60F#7!
C23! =;?<! 5I><G54C=5<! =;5! 5C4=;L! =;545@7! 5<=C@8><;>2F! C! 458C=>:2! :D! =:=C8!
!O_N!
;5F5A:27! :D! 6:483! :I54! 5C4=;P! (;5! ('2/7$ '5#61&20! :D! =;><! C@<:8?=5!
G:2E?5<=! :D! =;5! 5C4=;! ><! AC<<! B4:3?G=>:2! C23! =;5! C==523C2=! G7G85! :D!
>2D>2>=5! G>4G?8C=>:2! C23! 3><B:<C8P! J;C=! AC<<! B4:3?G=>:2! CG=?C887!
B4:3?G5<!C23!45B4:3?G5<!><L!<=4>G=87!<B5CK>2FL!=;5!N7#$17$7/;"S!=;5!?<5!><!
=:42!8::<5!D4:A!=;5!:@X5G=L!B?4>D>53!C23!4585C<53!>2=:!B54B5=?C8!A:=>:2L!
6;>85!=;5!:@X5G=!>=<58D!><!453?G53!=:!C!<;588L!C!A545!;:<=!=;C=!=;5!B?45!?<5!
>2;C@>=<! D:4! C! D855=>2F! >2<=C2=! @5D:45! A:I>2F! :2! =:! C2:=;54! ;:<=L!
B54D5G=87!>352=>GC8!C23!>2D>2>=587!5WG;C2F5C@85P!$2!=;><!6C7L!@7!A5C2<!:D!
=;5! 4C3>GC8! >AB54AC252G5! :D! =;5! :@X5G=L! =;5! ?<5! C==C>2<! C! 4C3>GC8!
B54AC252G5!=;C=!=4C2<G523<!=>A5!C23!<BCG5S!>=!><!>AA:4=C8L!:A2>B45<52=!
\@5>2FTP! *23! >=! ><! X?<=! =;><! G:2<=C2=! B45<52G5! :D! =;5! ?<5! =;C=! <B588<!
3><C<=54!D:4!=;5!5C4=;!>2<:DC4!C<! >=!52=C>8<!2:=!<>AB87!C! 8CGK!:D!5WB:<?45!
C23!I?8254C@>8>=7!@?=! >2! DCG=! =;5!C@<:8?=5! 45X5G=>:2!:D!C88! 5WB:<?45P!0:4!
B?45! ?<5! ><! ?==5487! >2I>2G>@85! C23! >25W:4C@85S! >2<?<G5B=>@85! =:! 5I547!
B45<<?45L! >=! :?=8C<=<! C23! 6>=;<=C23<! 5I547! :@<=CG85P! (;5! A:A52=<! :D!
@45CK3:62! <:! DCA:?<87!35<G4>@53! >2!D#0&*$ 1&2$!0(#! <>AB87!2:! 8:2F54!
CBB87! ;545P! $23553! =;5! :@X5G=<! =;5A<58I5<! (/7.! @45CK! 3:62L! C45!
35<>F253! C23!F?C4C2=553! =:! @45CK! 1$560'60L! <>2G5! =;><! ><! B45G><587!6;C=!
52<?45<! =;5! G:2<=C2=! D8:6! :D! C! ?<5! 6;>G;! >=<58D! 25I54! 35GC7<P!
*GG:43>2F87L!E?>=5!=:!=;5!G:2=4C47!:D!6;C=!G:AA:2!<52<5!=;>2K<L!>=!><!>2!
DCG=!=;5!45C37AC35L!=;4:6C6C7!>=5A<!:D!5I5473C7!8>D5L!=;5!D?2F>@85!C23!
D4C2F>@85!35=4>=?<!:D!GCB>=C8><=!B4:3?G=>:2L! =;C=!C45! =;5!A:<=!3?4C@85!:D!
C88! >2<:DC4! C<! =;57! =4C2<A>=! C! B?45L! C@<:8?=5! C23! >23:A>=C@85! ?<5! =;C=!
!O_O!
35D?<5<! =;5! B:654! :D! =;5! 5C4=;! 8:2F! >2! C3IC2G5! C23! =;4:?F;! GC45D?8!
GC8G?8C=>:2PQM!
! $=! C8<:! D:88:6<! D4:A! =;><! =;C=! =;5!;?AC2! GC2!25I54! <=4>I5!6>=;! =;5!
5C4=;L!>2!=;5!AC2254!:D!D:?23>2F!C2!;><=:4>GC8!6:483!:2!C23!>2!=;5!5C4=;!
=;4:?F;!8C@:?4L!6>=;!=;5!C>3!:D!=;5!A54587!?<5D?8!>2<:DC4!C<!=;5!8C==54!><!
5C4=;!35<=4:7>2F!C23!=;545D:45!5<<52=>C887!C2=>';><=:4>GC8P!*<!=;5!;?AC2!
B4:F45<<>I587! F>I5<! >=<58D! :I54! =:! =;5! A54587! ?<5D?8L! =:! =;C=! 5W=52=! >=!
458>2E?><;5<!>=<!;><=:4>G>=7!C23!=;?<!>=<!I547!;?AC2>=7a!>=!@5G:A5<!A:45!
C23!A:45!C!B?45!5W><=52G5! >2!C!B?45!6:483!35D>253!@7!C23!35I:=53! =:!
2:=;>2F!@?=!B?45!?=>8>=7P!
! b5=!B45G><587!;545!65!A?<=!4C><5!C!D?23CA52=C8!E?5<=>:2!G:2G542>2F!
=;><!\B4:F45<<>:2TP!$D!>=!><!=4?5L!C<!)5>35FF54!<C7<L!C23!D:4!45C<:2<!6;>G;!
65!<;C88!5WB8:45!>2!F45C=54!35=C>8!>2!U;CB=54!`L!=;C=!=;5!@C8C2G5!:D!8>I>2F!
5W><=52G5! ><! 2C=?4C887! =>8=53! >2! DCI:?4! :D! 5W><=52G5L! :D! =;5! 545G=>2F! :D! C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QM!)545!>=!><!>AB:4=C2=!=:!C33!=;C=!=;5!25?=4C8>[C=>:2!:4!35<=4?G=>:2!:D!=;5!
5C4=;!3:5<!2:=!&#;#77160)+$52=C>8! =;5!35<=4?G=>:2!:D! =;5!B8C25=L! <>2G5! =;5!
5C4=;! ><! ;545! ?2354<=::3! 2:=! C<! C! @5>2F! @?=! 4C=;54! C<! C! [:25! :D!
AC2>D5<=C=>:2P! .25! GC2! >ACF>25! C! ;>F;87! 5DD>G>52=! C23! =;:4:?F;87!
\<?<=C>2C@85T! D:4A! :D! G:2<=C2=! B4:3?G=>:2! =;C=!AC>2=C>2<! =;5! ;5C8=;! :D!
=;5!B8C25=!5I52!6;>85!>=!>445BC4C@87!35A:8><;5<!=;5!8>D5'[:25!=;4:?F;!C2!
C@<:8?=5!<C=?4C=>:2!:D!?<5!=;C=!<=4>B<!=;5!5C4=;!G85C2!:D!>=<!2C=?4C8!B:654!
=:!B45<<?45!C23!B4:I:K5P!J5!<;C88!;CI5!A:45!=:!<C7!C@:?=!=;><!@58:6P!
!O_M!
6:483!C<!C!ACK>2F'<5G?45!CFC>2<=!=;5!<=5C37!B45<<?45!:D!=;5!5C4=;L!=;52!
3:5<! >=!2:=! D:88:6! =;C=!B?45!?=>8>=7! 45<>35<!1)6#12+! C23! #77#&.01))+! C=! =;5!
G:45!:D!458>C@>8>=7!>=<58Dm!*45!=;5<5!2:=!<5BC4C=53!A54587!@7!C!3>DD5452G5!
:D!35F455!4C=;54!=;C2!K>23m!,:5<!2:=!=;5!>2>=>C8!CG=!:D!8C@:?4!>=<58D!B?<;!
?<!3:62!=;5!<8>BB547!<8:B5!=:6C43!=;5!CB:=;5:<><!C23!C@<:8?=>[C=>:2!:D!
?<5m! *23! D>2C887! C23! A:<=! >AB:4=C2=87L! 3:5<! =;><! 2:=! >AB87! =;C=! :?4!
I547! R#0&*! ><! G:5W=52<>I5!6>=;! =;5! 56';#77! :D! :?4! :62! 2#=0.1)0F1.0'&m! $2!
6;>G;!GC<5!65!<;:?83!@5!D:4G53!>2=:!C!35G><>:2!C<!=:!6;C=!<:4=!:D!52=>=7!
65!56#,#6!=:!@5!k!=;5!B4:G5<<!:4!=;5!35<=>2C=>:2!k!<>2G5!>=!><!G85C4!=;C=!65!
GC22:=! @5! @:=;! C=! :2G5P! (;5! D:4A54! 35AC23<! =;C=!65! ;:83! DC<=! =:! =;5!
5C4=;! C<! =;5! B4>AC8! G:?2=54'=;4?<=! :D! =;5! 6:483! C23! =;5! F4:?23! :D!
;><=:47a! =;5! 8C==54! 35AC23<! =;C=! 65! 25?=4C8>[5! =;5! 5C4=;! k! 6;>G;! C8<:!
A5C2<L! 25?=4C8>[5! 8>I53! 8>D5! >=<58D! k! =;4:?F;! C! <=4C=5F7! :D! ACW>A?A!
D:4=>D>GC=>:2!C23!<5G?4>=>[C=>:2L!=;545@7!?<;54>2F!>2!=;5!523!:D!;><=:47!C<!
=;5!54C!:D!B?45!D4553:AP!
!
$]P!U:2G8?<>:2!
!
(;5!IC4>:?<!><<?5<!=;C=!65!;CI5!@552!5WB8:4>2F!;545!C88!;CI5!=;5>4!4::=!
>2!=;5!?4'B4:@85A!:D!=;5!@5>2F!:D!=;5!5C4=;!C<!<?G;L! >P5PL!6;C=!C23!;:6!
=;5!5C4=;!A?<=!@5! <?G;! =;C=! >=! GC2! D?2G=>:2!C<! =;5!B4>AC8! G:2=5<=C2=!:D!
=;5!6:483L!GC2!<54I5!=:!D:?23!:?4!;><=:4>GC8!36588>2F!>2!=;5!6:483L!5=GP!
J>=;:?=!C3345<<>2F!=;><!B4:@85A!5WB8>G>=87L!65!;CI5!2:25=;585<<!>2!=;5!
!O_Z!
G:?4<5!:D!:?4!52E?>47!B4:I>353!=6:!3><=>2G=!B:<<>@85!C2<654<S!5>=;54!=;5!
5C4=;!><!=;5!8C6!:D!=;5!6:483L!=;5!>2254!B4>2G>B85!:D!@:?23C47'<5==>2FL!:4!
58<5! =;5! 5C4=;! ><! <:A5=;>2F! 8>K5! C2! C?=:2:A:?<! 5WB54>52=>C8! [:25! :D!
AC2>D5<=C=>:2!C8:2F<>35! =;5!6:483P!15=!?<!2:6!@4>2F!:?4!3><G?<<>:2!:D!
=;5! C4=6:4K! 5<<C7! =:! C! G8:<5! @7! G:2<>354>2F! @4>5D87! =;5! >2=54B45=>I5!
3>85AAC<!=;C=!C4><5!>D!:25!DC>8<!=:!=CK5!=;><!B4:@85A!>2=:!CGG:?2=P!/>G;58!
)CC4T<!G8C<<>G!<=?37L!!"#$B'&*$',$."#$316."L!:DD54<!?<!C!GC<5!>2!B:>2=P!)545!
><! 2:=! =;5! B8CG5! =:! 52=54! >2=:! C2! 5W=52353! G4>=>GC8! C2C87<><! :D! =;5! D>254!
B:>2=<! :D! )CC4T<! G:AB85W! C23! A?8=>DCG5=53! >2I5<=>FC=>:2P! J;C=! ><!
2:=56:4=;7! >2! =;><! G:2=5W=! ><! <>AB87! =;5! 6C7! >2! 6;>G;! )CC4! D>23<!
;>A<58D!G:AB58853!=>A5!C23!CFC>2!=:!45=?42!=:!=;5!<CA5!G:2?234?A!:D!
=;5!<=4?G=?4C8! >2<=C@>8>=7!:D! =;5!5C4=;T<!B:<>=>:2!I><'�'I><! =;5!6:483!C23!
G:2<5E?52=87!:D!>=<!3?@>:?<!;><=:4>GC8>=7!C23!5I52!<52<5P!
! )CC4! ><! C3CAC2=! =;C=! =;5! 5C4=;! \A?<=! <?@A>=! =:! =;5! 8C6! :D!
CBB5C4>2FTL!>P5PL!A?<=!C86C7<!\<;:6!>=<58D!>2!C!6:483T!C23!\52=54!>2=:!=;5!
8>F;=!:D!@5>2F!6>=;:?=!6;>G;!>=!6:?83!@5!>2CGG5<<>@85TPQZ!%:25=;585<<L!;5!
45G:F2>[5<!=;C=!X?<=!;545!\C!3>DD>G?8=7!>2;545<!>2!=;5!52>FAC=>G!C2=54>:4>=7!
:D!=;5!#C4=;!C<!>235=54A>2C@87!1)6#12+$."#6#!@5D:45;C23TPQQ!.@I>:?<87!=;5!
5C4=;!\52=54<!>2=:!=;5!=4?=;!:D!@5>2F!<>2G5!>=!><!<C7C@85TL!@?=!>2!6;C=!<52<5!
>D!2:=! \C<! =;C=!6;>G;!5<GCB5<! =;5!)><=:47!:D!"5>2FTm! \)><=:4>GC8!C23!75=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QZ!)CC4L!:BP!G>=PL!YYL!QVP!
QQ!$@>3PL!ONOP!
!O_Q!
2:2';><=:4>GC8TL!=;5!5C4=;!><!=;C=!6;>G;!\B45<52=<!=:!=;5!.B52!>=<!F45C=5<=!
:BB:<>=>:2T! C23! >=<! <=4:2F5<=! 45<><=C2G5P Q_ !$2! =;><! 6C7! =;5! 5C4=;! ><!
AC2>D5<=!C<! =;5! \>AB525=4C@85TL! =;5! \&'&Z,'/&21.0'&1)$,'/&21.0'&TLQ`!6;>G;!
RC88><! 8>K52<! =:! )5F58T<! 35<G4>B=>:2! :D! =;5! 5C4=;! C<! =;5! \?2>I54<C8!
>23>I>3?C8T! :4! \?2>I54<C8! 25FC=>I>=7TPQ^!H23:?@=5387! =;5! 5C4=;! ><! =;5!
@6/&2L! =;5! \?2354F>43>2F!<=C@>8>=7TL!C23!75=! =;5!5C4=;! \3:5<!2:=!;CI5!C=!
;C23!n@7!>=<58Do!=;5!B:654!:D!F>I>2F!C!F4:?23Ta!=;5!5C4=;!><!\<:?4G5!C23!
45<:?4G5L! @?=! :287! =:! =;5! 5W=52=! =;C=! >=! ><! 64:?F;=! C23! 52=54<! >2=:! C!
6:483TPQV!0:4!=;><!45C<:2!>=!><!@7!2:!A5C2<!G85C4!=;C=!:4!;:6!=;5!5C4=;!><!
>2=588>F>@85! C=! C88L! =;C=! =;5!2CA5!:D! =;5! 5C4=;! ><! C27=;>2F!A:45! =;C2! C2!
5AB=7!6:43S!
!
p$Dq! #C4=;! 45AC>2<! <;58=5453! D4:A! =;5! ;><=:4>GC8! =4C2<A?=C=>:2<! :D!
=4?=;! 6;>G;!A:?83! @5>2FL! =:! 6;C=! 8C2F?CF5! GC2! 65! ;CI5! 45G:?4<5!
6;52! >=! G:A5<! =:! >=<! <B5G>D>G! 35=54A>2C=>:2<m! $D! >2! C88!
B;52:A52:8:F>GC8! 4>F:?4! >=! ><! >AB:<<>@85! =:! <B5CK!:?=<>35!:D! @5>2FL!
:2!6;C=!@C<><!GC2!65!71+!=;5!#C4=;L!>P5PL!<;53!=;5!8>F;=!:D!@5>2F!:2!=;><!
:@<G?45! 45F>:2m! U:?83! )5>35FF54! ;CI5! @552! D:4G53! =:! 35C8! 6>=;!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q_!$@>3PL!_DP!
Q`!$@>3PL!_^L!`Q!d:4>F>2C8!5AB;C<><eP!
Q^!$@>3PL!W>P!
QV!$@>3PL!_DP!
!O__!
%C=?45! k! C<! -8C=:! 3>3! "+)hL! B?45! \AC=54>C8TL! :4! B8CG5! d;"i61e! k! :2!
CGG:?2=!:D!C!\@C<=C43!45C<:2Tm!0:4!;5!<55A<!=:!@5!G:AB58853!=:!;CI5!
=;5! D:45I54'2:G=?42C8! C23! 2:2'AC2>D5<=! D:?23C=>:2! :D! =;5! 6:483!
AC2>D5<=!>=<58D!>2!=;5!G8C4>=7!:D!=4?=;PQY!
! !
! 04:A!=;5!B54<B5G=>I5!:D! =;5! >2=54B45=C=>:2!65!;CI5!F>I52!C@:I5L! >=!
<55A<! =;C=! )CC4! ;C<! CAC8FCAC=53! =;5! G:2=52=! :D! =;5! =6:! >ACF5<! :D!
5C4=;!dG:2G5B=!C23!>2=?>=>:2e!6>=;:?=!=CK>2F!CGG:?2=!:D!=;5>4!3>DD5452G5!
>2!D:4AP!*GG:43>2F87L!5I52!C<!;5!3><=>2F?><;5<!C!A?8=>B8>G>=7!:D!\<52<5<T!
:D!5C4=;L_N!65!<;:?83!;CI5!=:!45<B:23!=;C=!7:?!AC7!GC4I5!?B!=;5!5C4=;!
>2=:! C<! AC27! 3>I54<5! C<B5G=<! C<! 7:?! B85C<5L! @?=! =;C=! >D! 7:?! ;CI5! 2:=!
<:A5;:6! AC2CF53! =:! 34C6! =;5! 5C4=;! @CGK! 3:62! =:! =;5! 85I58! :D! =;5!
6:483! >=<58DL! 7:?! GC2! C23! 6>88! :287! 5I54! C44>I5! C=! =;5! <CA5! @C<>G!
G:2=4C3>G=>:2S!I>[PL! =;C=!:D!C!F4:?23! =;C=!A?<=!@5!F4:?2353!@7!6;C=! >=!
F4:?23<P! $23553L! ;:6! G:?83! =;5! 5C4=;! 5I54! 3><G8:<5! >=<58D! 6>=;>2! =;5!
:B52! :D! @5>2F! 6>=;:?=! =;545@7! @5>2F! >=<58D! C! @5>2Fm! ):6! G:?83! =;5!
5C4=;L! >2<:DC4! C<! >=! A?<=! CBB5C4! 6>=;>2! =;5! :B52! C<! >=<! ;:4>[:2L! C8<:!
\B45<52=! =:! =;5!.B52! >=<!F45C=5<=!:BB:<>=>:2Tm!):6!G:?83! =;C=!6;>G;! ><!
F4C2=53!:2!=;5!@C<><!:D!=;5!:B52!5I54!:BB:<5!:4!45<><=!>=m!):6!G:?83!=;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QY!$@>3PL! OZP!(;><! \@C<=C43! 45C<:2T!6:?83!CA:?2=! =:! \C!25G5<<C47!35=:?4!
45E?>4>2F!=;5!2:2'AC2>D5<=!=:!@5G:A5!AC2>D5<=TP!
_N!$@>3PL!_^P!
!O_`!
5C4=;!5I54!AC2>D5<=!>=<58D!6>=;>2!=;5!3:AC>2!:D!;><=:47L!>2!C!B45'!:4!2:2'
;><=:4>GC8!6C7m!):6!G:?83!C!D:?23C=>:2!@5!\2:2'D:?23C=>:2C8Tm_O!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_O !]>4=?C887! C88! :D! =;5! >2=54B45=C=>:2<! :D! =;5! A5C2>2F! :D! =;5! 5C4=;!
I52=?453!@7!<G;:8C4<!DC88!>2=:!=;><!=4CB!>2<:DC4!C<!=;57!=;>2K!=;5!5C4=;!>2!
C2!52=>4587! >2=4C6:48387!AC2254P!*2!5WG58852=!GC<5! >2!B:>2=! ><!c5225=;!
/C87T<! G:2<=4?C8! :D! =;5! 5C4=;! C<! C! [:25! :D! G:225G=5325<<L! =;5! B:<<>@85!
:2=:8:F>GC8!F4:?23!:D!6;>G;! ><!25I54!E?5<=>:253a!<55!;><! \#C4=;'(;>2K'
>2F! C23! (4C2<D:4AC=>:2T! >2! 1C35885! /GJ;:4=54L! &C>8! R=52<=C3! d53<PeL!
:#02#**#6$ 1&2$ ."#$ 316."T$ 3771+7$ 0&$ 3&=06'&(#&.1)$ %"0)'7'5"+! d(:4:2=:S!
H2>I54<>=7!:D!(:4:2=:!-45<<L!MNNYeL!Q_DDP!*33>=>:2C887L!04C2«:><!+CDD:?8!
=CK5<! ?B! =;5! B4:@85A! >2! ;><! BCB54L! \)5>35FF54! C23! =;5! *B:4>C! :D!
)><=:47T! d5<B5G>C887! OOZ'OVa! D?88!H+1! >2! =;5! @>@8>:F4CB;7eL! C8=;:?F;! >2!
A7!:B>2>:2!+CDD:?8!G:A5<!2:!G8:<54! =;C2!)CC4! =:!ACK>2F!<52<5!:D! =;5!
B4:@85AP!+CDD:?8!4>F;=87!3><CF455<!6>=;!)CC4!>2<:DC4!C<!=;5!8C==54!D>23<!
=;5! 5C4=;! =:!@5! <:A5=;>2F!CK>2! =:! C! \B54AC252=!2:2!:4! 5W=4C';><=:4>GC8!
<?@<=4C=5T! :4! C! \355B! 2:2';><=:4>GC8>=7! :D! ,C<5>2TL! <:A5=;>2F! \E?C<>'
5=542C8T!C23!;52G5!\A5=CB;7<>GC8T!dOO_L!OO^eP!"?=!>2!=;5!523L!+CDD:?8L!=::L!
><! G:AB58853! =:! DC88! @CGK! :2=:! C! K>23! :D! \@C<=C43! 45C<:2TL! D>23>2F! C2!
>258?G=C@85! \CB:4>CT! 87>2F! C=! =;5! G:45! :D! =;5! <=4>D5P! (;><! CB:4>C! ><! 2:!
8:2F54! =;C=! :D! =;5! B:<<>@85! 458C=>:2! @5=6552! C! 2:2';><=:4>GC8L! E?C<>'
5=542C8!<?@<=4C=5!C23!=;5!45C8A!:D!;><=:47!>=<58DL!@?=!2:6!4C=;54!=;C=!:D!C!
F4:?23>2F!>2!C@<52G>2F!C23!<58D'6>=;34C6C8P!(;5!5C4=;L!64>=5<!+CDD:?8L!
!O_^!
! 0CG53! 6>=;! =;5<5! C23! <>A>8C4! 3>DD>G?8=>5<L! =;545! C45! :287! =6:!
C8=542C=>I5<L!6;>G;!>2!=;5!523!B54;CB<!CA:?2=!=:!=;5!<CA5!=;>2FS!5>=;54!
:25! =CK5<! G:I54! @5;>23! <:A5=;>2F! 8>K5! C! \@C<=C43! 45C<:2TL! :4! 58<5! :25!
<>AB87! <655B<! =;5! 6;:85! B4:@85A! ?2354! =;5! 4?F! C23! G:2<>354<! =;5!
5C4=;! D4:A! C! B?4587! D?2G=>:2C8! B54<B5G=>I5L! >2! =54A<! :D! >=<! >AB:4=C2G5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!G>=>2F!*23456!/>=G;588L!\<?BB:4=<!C23!@5C4<!B45G><587!@7!6>=;34C6>2FTP!
#C4=;! F4:?23<! 6:483! B45G><587! \C<! C! 6>=;34C6C8! :D! =;5! F4:?23L! C<! C!
45AC>2>2F'C6C7! :D! =;5! F4:?23L! C<!LRZ*6/&2L! C! nF4:?2385<<! F4:?23oTa!
\=;5! 5C4=;! ><! =;5! F4:?23! :D! ;><=:47! >2<:DC4! C<! >=! 6>=;34C6<! >2! >=<! <58D'
<5G8?<>:2T! dOO^DPeP! %:6! $! D45587! C3A>=! =;C=! $! GC2! ACK5! 2:! <52<5!
6;C=<:5I54!:D!=;><!2:=>:2!:D!C!F4:?23!=;C=!F4:?23<!>2!C!6>=;34C6C8!:D!
>=<58D! B45G><587! C<! F4:?23P! +CDD:?8L! D:4! ;><! BC4=L! AC2CF5<! =:! <C8ICF5!
G:;5452G7!:287!@7!<CG4>D>G>2F!=;5!5C4=;!=:!=;5!6:483L!>P5PL!@7!>352=>D7>2F!
=;5! 5C4=;! 6>=;! 36Z#0*&07! =;4:?F;! =;5! G:AA:2! 352:A>2C=:4! :D! 6>=;'
34C6C8S!\)><=:47!;CBB52<!D4:A!C!6>=;34C6C8L!C<!)5>35FF54!6:?83!G8C>A!
6>=;! 45<B5G=! =:! =;5! <523>2F<! :D! =;5! 5B:G;<! :D! @5>2FP!)><=:47! 3:5<! 2:=!
45<=! ?B:2! =;5! 5C4=;! C<! :2! <:A5! <?@<=4C=5L! @?=! :GG?4<! D4:A! =;5!
6>=;34C6C8! B4:B54! =:! =;5! n<523>2F<o! :D! 36#0*&07T! dOOVeP! (;5! \5C4=;T! ><!
2:6!2:=;>2F!A:45!=;C2!=;5!6>=;34C6C8!>AAC252=!=:!=;5!<58D'<523>2F!:D!
"5>2F!>=<58DP!$=!F:5<!6>=;:?=!<C7>2F!=;C=!=;><!;C<!I>4=?C887!2:=;>2F!=:!3:!
6>=;!6;C=!65! >2=?>=! C<! 5C4=;! k! >P5PL! C<! 35B>G=53! >2! =;5! <>=?C=>:2! :D! =;5!
B5C<C2=!DC4A54P!
!O_V!
D:4!=;5!8:F>G!:D!=;5!C4=6:4KP!"7!G:2=4C<=L!65!;CI5!C==5AB=53!=:!2CI>FC=5!
C!=;>43!CBB4:CG;P!.2!:?4!45C3>2F!:D!=;5!C4=6:4K!5<<C7L!=;5!I547!2:=>:2!
:D!C2!5C4=;! =;C=! ><! \<?@A>==53! =:! =;5! 8C6!:D! =;5!6:483T_M!k!6;5=;54!C<!C!
2:2';><=:4>GC8! >2=4C6:48387!2:2'52=>=7L!2:2'D:?23C=>:2C8! D:?23C=>:2!:4!
6;C=5I54!58<5!k!><!C@<?43!C23!>AB:<<>@85P!#>=;54!=;5!5C4=;!07!=;5!8C6!:D!
=;5!6:483L! >P5PL! =;5! >2254! 8C6! :D! ��z}~L! =;5! @:?23C47'<5==>2F! B4>2G>B85!
=;C=! 8>A>=<! C23! CGG:AB8><;5<! @5>2F<T! <58D'C4><>2F! >2=:! ?2G:2G5C8A52=L!
C23!=;?<!=;C=!>2!C23!@7!6;>G;!=;5!6:483!><!D>W53!>2!B8CG5!C23!C88:653!=:!
45B:<5L! :4! 58<5! >=! ><! C! [:25! :D! 3><G8:<?45! C88! >=<! :62L! :25!6;>G;L! @5>2F!
8:GK53! >2! B54B5=?C8! <=4>D5! 6>=;! =;5! 6:483! C<! =;5! D>583! :D! =;5! 5<<52=>C8!
35G><>:2<!:D! C2!;><=:4>GC8!B5:B85L! ><! G:'B4:3?G=>I5!:4! G:'G:2<=>=?=>I5!:D!
=;5! :B52! C<! <?G;P! "?=! =;5! 5C4=;! GC22:=! @5! C2! 52=>=7L! <=>88! 85<<! C! 2:2'
52=>=7L!=;C=!5A54F5<!6>=;>2!=;5!6:483L!>2!G:2D:4A>=7!6>=;!=;5!8C6!:D!=;5!
6:483L! @?=! =;C=! C=! =;5! <CA5! =>A5L! C23! >2! C2! ?==5487! <=4C2F5! C23!
A7<=54>:?<! DC<;>:2L! 58?35<! =;5! 6:483L! 6;>G;! ><! =:! <C7L! 5<GCB5<! C88!
;><=:47L!C88!>2=54B45=C=>:2L!C88!G:2=>2F52G7P!R?G;!C!G:2G5B=!:D!=;5!5C4=;!C<!
C!K>23!:D!>2=4C6:48387!G:2<=C2=!><!?2=;>2KC@85a!=;5!5C4=;!GC22:=!<?@A>=!
=:! =;5! 6:483! C=! =;5! I547! A:A52=! =;C=! >=! ><! <?BB:<53! =:! G:23>=>:2! >=P!
$23553! =;5! B4:@85A! :D! =;5! 5C4=;! ><L! >2! C! G54=C>2! <52<5L! B54D5G=87!
C2C8:F:?<!=:!=;5!B4:@85A!:D!=;5!6:483!>2!D#0&*$1&2$!0(#P!(;5!D:?23>2F!
>2<>F;=!:D!=;C=!=5W=!><!=;C=L!?285<<!:25!F4:?23<!=;5!6:483!>2!=;5!5<<52G5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_M!)CC4L!:BP!G>=PL!QYP!
!O_Y!
:D! ;?AC2'@5>2F! >=<58DL! =;5! 6:483! ><! C2! >AB:<<>@>8>=7S! >=! 45<>35<! 5>=;54!
6>=;:?=!:4!6>=;>2!=;5!A>23!5WG8?<>I587L!25>=;54!:D!6;>G;!><!CGG5B=C@85P!
"?=!B45G><587! =;5!<CA5!<:4=!:D!3>85AAC!;:83<! =4?5!:D! =;5!5C4=;P!H285<<!
:25!1)7'!B?=<!=;5!5C4=;!@CGK!>2!=;5!;?AC2L!@CGK!>2!=;5! \=;545T!:D!6;>G;!
=;5! ;?AC2! BC4=CK5<L! <?G;! =;C=! >=! <=C23<! :2! C2! 5E?C8! D::=>2F!6>=;! =;5!
6:483L! =;5! 5C4=;! GC2! :287! 5I54! 45<>35! 52=>4587! 6>=;:?=! :4! 6>=;>2! =;5!
6:483P! (;5! D:4A54! 85C3<! =:! A5=CB;7<>G<L! =;5! 8C==54! =:! C! 3?@>:?<!
;54A525?=>G><AL! 25>=;54! :D!6;>G;! CGG:43<!6>=;! :?4! CG=?C8! >2=?>=>:2! :D!
=;5! 5C4=;P! (;5!6;:85! B4:@85AL! >2! <;:4=L! G:A5<! 3:62! =:! =;><S! =;C=! :25!
D>4<=! <=4>B<! =;5! ;?AC2! :D! =;5! I547! 5C4=;! >2! 6;>G;! >=! BC4=>G>BC=5<!
5<<52=>C887! @7! I>4=?5! :D! >=<! 8>D5L! =;52! @56C>8<! >=<! C@<52G5! C23! CF:2>[5<!
:I54!>=<!B:<<>@85!45G:I547P!
!
!O`N!
!>1A$%2'N'
!
J12$>'1&'($$2349$%'3#'$>%'J)"#"/?'"6'$>%'C"926",-'
!
!
$2!:?4!3><G?<<>:2!:D!=;5!C4=6:4K!5<<C7!65!<C>3!=;C=!>2!:4354!D:4!=;5!5C4=;!
=:!@5!C@85!=:!D?2G=>:2!<>A?8=C25:?<87!C<!=;5!D:?23C=>:2!:D!=;5!6:483!C23!
=;5!B4>AC8!G:2=5<=C2=!:D!=;5!6:483L!>=!><!25G5<<C47!=:!=45C=!=;5!5C4=;!C<!C!
K>23!:D!:4>F>2C47
!O`O!
6C<! 5I52=?C887! ?23:25! @7! =;5! >2G45C<>2F! B4>:4>=>[C=>:2! :D! @5>2F'
?2354<=C23>2F! C23! C==523C2=! 453?G=>:2! :D! =;5! 6:483! =:! C! 6:483':D'
@5>2F<P! (;><! CBB5C4<! C! <:A56;C=! :33! =;>2F! =:! <C7L! <>2G5! D4:A! :25!
B54<B5G=>I5! =;5! D:?4D:83! <55A<! =:! ;54C83! =;5! D?88! AC=?4C=>:2! C23!
45D>25A52=!:D! =;5! G:2G5B=!:D! =;5! 5C4=;! 4C=;54! =;C2! >=<!3>A>2><;A52=!:4!
5G8>B<5L!C23!<>2G5L!D?4=;54L!65!;CI5!X?<=!F:25!=:!<:A5!852F=;<!=:!5W=4CG=!
D4:A!=;5!C4=6:4K!5<<C7!C2!>2=54B45=C=>:2!:D!8>D5!=;C=!><!I>4=?C887!>352=>GC8!
=:!=;5!35D>2>=>:2!)5>35FF54!F>I5<!:D!36588>2F!k!2CA587L!C!\@5>2F!:2!=;5!
5C4=;TP!b5=!@5>2F!'&!=;5!5C4=;!><!2:=!=;5!<CA5!=;>2F!C<!@5>2F!0&!=;5!5C4=;!
d:4!@5>2F!\:2!C23!>2T!=;5!5C4=;L!C<!=;5!5<<C7!B?=<!>=eP!#I547=;>2FL!>2!DCG=L!
=?42<!:2!=;><!A>2><G?85!3><=>2G=>:2!@5=6552!=;5!\:2T!C23!=;5!\>2TP!(;5!\>2T!
35<>F2C=5<! :B5225<<L! BC4=>G>BC=>:2a! =;5! \:2TL! @7! G:2=4C<=L! 45D85G=<! C2!
5AC<G?8C=53!5C4=;L!:25!=;C=!;C<!@552!5AB=>53!:?=L!AC35!5I54!8:D=>54!C23!
A:45!C@<=4CG=!C23!35B4>I53!:D!>=<!:4>F>2C8!G:225G=>:2!6>=;!8>D5P!
! (:!@5!<?45L!=;><!><!2:=!C=!C88!=:!<C7!=;C=!)5>35FF54!;>A<58D!;C3!8>==85!
45FC43!D:4!=;5!5C4=;!:4!;583!>=!>2!8:6!5<=55AP!i?>=5!=:!=;5!G:2=4C47L!:25!
GC22:=! DC>8! =:!@5! <=4?GK!@7! =;5! >2=52<5!2#706#! D:4! =;5!5C4=;! =;C=! 4C3>C=5<!
D4:A!C8A:<=! 5I547!BCF5!:D!;><! =5W=<L! C23! >23553!C=! =>A5<! <:!@4>88>C2=87!
C23!BC<<>:2C=587!=;C=!:25!A>F;=!@5!=5AB=53!=:!G:2G8?35!=;C=!>=L!C23!2:=!
=;5! G72:<?45!:D! \"5>2FTL! ><! >2!C88! CG=?C8>=7! =;5! <5G45=! 52F>25!34>I>2F!;><!
=;:?F;=!D:46C43P!.25!A>F;=!5I52!F:!<:!DC4!C<! =:!<?4A><5!=;C=!"5>2F!><!
85<<!=;5!B:85!<=C4!:D!=;:?F;=L!:D!=;>2K>2F!B4:B54L!=;C2!C!K>23!:D!AC<<>I5!
@8CGK!;:85!D:45I54!=;45C=52>2F!=:!<6C88:6!>=!?BL!C!F>C2=!I:4=5W!7C62>2F!
!O`M!
@5=6552! =;:?F;=!C23! =;5!5C4=;P!0:4!C=! =;5!523!:D! =;5!3C7! =;5!B4:@85A!
;C<! =:!3:L!2:=!6>=;!6;C=!)5>35FF54!6C2=<! =:! <C7L!@?=!6>=;!6;C=!;5! ><!
2:=!C88:653! =:!<C7L!6;C=! =;5! 8:F>G!:D!;><!:62!3><G:?4<5!B8CG5<!:?=<>35!
=;5! X?4><3>G=>:2!:D! =;:?F;=! >=<58DP!*23!6;545C<! =;5! C4=6:4K! 5<<C7! 4><K<!
@45CG;>2F!=;><!>2=542C8!8>A>=C=>:2!dC8@5>=!=52=C=>I587!C23!?2G:2<G>:?<87eL!
C23! >2! <:!3:>2F!BC4=>C887! <?GG553<L! C<!6>=;! =;5! =5W=<!:2! DCG=>GC8! 8>D5L! >2!
:B52>2F!?B!C!256!45C8A!D:4!=;:?F;=!=:!>2;C@>=L!=;5!=5W=<!=;C=!35C8!6>=;!
=;5! D:?4D:83L! @7! G:2=4C<=L! C45! A?G;! A:45! 45<=4C>253! C23! 45<B5G=! >=!
52=>4587P! $=! ><! B45G><587! =;><! 45<=4C>2=L! =;><! G:2<54IC=>I5! CGE?>5<G52G5! =:!
=;5!<:I545>F2!C?=;:4>=7!:D!"5>2FL! =;C=!@:35<! >88! D:4! =;5!5C4=;!k!2:=!:287!
\G:2G5B=?C887T!@?=!C@:I5!C88!B4CG=>GC887!C23!5=;>GC887!>2<:DC4!C<L!C23!D:4!
45C<:2<!65! <;C88! 5WB8:45! >2!35=C>8! 8C=54!:2L!65!C45! 85D=!6>=;! D56! >D! C27!
45C8!:B=>:2<!D:4!45<G?>2F!=;5!5C4=;!D4:A!6;C=!B45<52=87!CBB5C4<!=:!@5!>=<!
>AA>252=!C23!=:=C8!35A><5PO!
! 15=!?<!@5F>2!<>AB87!@7!C<K>2F!6;C=!=;5!D:?4D:83!><!C=!>=<!A:<=!@C<>G!
85I58P! $=! F:5<! 6>=;:?=! <C7>2F! =;C=! )5>35FF54T<! 2:=:4>:?<87! C@<=4?<5!
B45<52=C=>:2! :D! =;><! G:2G5B=! ;C<! ;C3! =;5! ?2D:4=?2C=5! 3:?@85! 5DD5G=! :D!
<;4:?3>2F! >=! >2! C! D:F! :D! <>@788>25! >AB525=4C@>8>=7! C23! G:2<5E?52=87! :D!
35B4>I>2F! >=! :D! C27! <5A@8C2G5! :D! B;>8:<:B;>GC8! 4>F:?4P! *23! 75=L! C=! >=<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O!J;>G;L! =:! 45B5C=L!3:5<!2:=!25G5<<C4>87! >AB87! =;5! >AA>252=!35A><5!:D!
=;5! B8C25=! GC8853! \#C4=;Ta! 5C4=;'35<=4?G=>:2! C23! B8C25='35<=4?G=>:2! C45!
=6:!6;:887!3>DD5452=!AC==54<L!5I52!>D!=;57!=?42!:?=!DCG=?C887!=:!G:>2G>35P!
!O`Z!
G:45L! >=! ><! 45AC4KC@87! <=4C>F;=D:46C43L! C23! >2! DCG=!2:=;>2F!BC4=>G?8C487!
2:I58! >2! =;5! G:2=5W=!:D!)5>35FF54>C2! =;:?F;=! C<! C!6;:85P!*=! 85C<=! =;><!
A?G;!><!C@<:8?=587!G85C4S!=;5!D:?4D:83!><L!C=!@:==:AL!2:=;>2F!A:45!:4!85<<!
=;C2! =;5!6:483PM!(;5!6:483L!65! 45GC88L! ><! 25>=;54! =;5! =:=C8>=7! :D! @5>2F<!
2:4!C2!5AB=7!I5<<58! >2!6;>G;!@5>2F<!C45!G:2=C>253!C23!3><B54<53L!@?=!
4C=;54!=;5!AC2>D5<=C=>:2!:D!<:A5!35=54A>2C=5!G:2D>F?4C=>:2!:D!@5>2F<!>2!
=;5!A>3<=!:D!6;>G;!C2!;><=:4>GC8!B5:B85! D>23<! >=<58D! <>=?C=53!C23!:?=!:D!
6;>G;!>=!CG=<!C23!<;CB5<!>=<!35<=>27P!*2!;><=:4>GC8!6:483L!>2!:=;54!6:43<L!
><! C! ;CBB52>2F! :4! C2! 5I52=! :D! "5>2Fa! =;?<! =;5! D:?4D:83L! C<! =;5!6:483L!
CA:?2=<! =:! 75=! C2:=;54! F4CB;>G! 3><B8CG5A52=! :D! "5>2FL! C! F5<=?45!
D:4AC887!>352=>GC8!=:!=;5!4564>=>2F!:4!=;5!G4:<<>2F!:?=!:D!"5>2FL!6;>G;!><!
<>AB87!=:!<C7L!C!6C7!:D!B:>2=>2F!=:!=;5!B45<52G>2F!:D!@5>2F<!>2!=;5>4!@5'
>2F!6>=;:?=!>2I:K>2F!\"5>2FT!C<!<?G;!C<!=;5!<5G45=!CF52=!:4!B4>2G>B85!:D!
=;><! B45<52G>2F! dC23! 65! K2:6! =;C=! =;5! G4:<<>2F! :?=! :D! "5>2F! 6C<!
>2=52353!B45G><587!=:!5I:K5!=;5!D:?4D:83eP!
! *=! =;5! <CA5! =>A5L! =;5! D:?4D:83! 35<G4>@5<! @:=;! =;5! F525<><! C23!
<=4?G=?45! :D! =;5! 6:483L! >=<! \6:483;::3TP! &525<><! >2! =;5! <52<5! =;C=! =;5!
D:?4! ;CI5! C2! CG=>I5L! G:2<=>=?=>2F! 4:85S! =;57! C45! =;5! 585A52=C8! D:4G5<! :4!
B:654<! dB#0&7(E;".#e! =;C=! G45C=5! :4! \6:483T! =;5! 6:483! =;4:?F;! =;5>4!
\A>44:4! B8C7TL! \FC=;54>2FTL! \D:?4>2FT! :4! \4>2F>2FTP! "?=! <=4?G=?45! >2! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M!R55L!5PFPL! \(;5!(;>2FTL!&*!^L!OVOg-1(L!O^YDPS! \(;5! D:?4>2F!B45<52G5<!C<!
=;5!6:483>2F!:D!6:483PT!UDP!\1C2F?CF5TL!&*!OML!OYL!MOg-1(L!OYYL!MNOP!
!O`Q!
<52<5!=;C=!=;5<5!B:654<!C45!=;5A<58I5<!=;5!D:?4!DCG5<!:4!3>A52<>:2<!:D!
6;>G;!=;5!6:48353!6:483!><!G:AB:<53P!(;57!C45!2:=!D:?4!B>5G5<!:D!<:A5!
D>D=;! =;>2FL! \=;5!6:483TL! @?=! C45! C@<:8?=587! >AAC252=! =:! >=P! (;?<! 5I547!
6:483!><!D:?4'3>A52<>:2C8!k!2:=!>2!C27!<BC=>:=5AB:4C8!<52<5L!@?=!:287!>2!
=;5! <52<5! =;C=! =;5! D:?4! C45! C86C7<! C23! 25G5<<C4>87! B45<52=! >2! <:A5!
F4:?23>2FL! G:2<=>=?=>I5! 6C7L! 5I52! >D! :287! >2! =;5! 354>IC=>I5! A:35<! :D!
C@<52G5!:4!G:2G5C8A52=P!-?=!<8>F;=87!3>DD5452=87L!65!G:?83!<C7!=;C=!5I547!
'&.0;1))+!:4!;><=:4>GC887!35=54A>2C=5!6:483!>2I:8I5<!<:A5!BC4=>G?8C4!'&.0;!
AC2>D5<=C=>:2!C23!G:2D>F?4C=>:2! d\FC=;54>2FTL! \4>2F>2FTL!5=GPe!:D! =;5! D:?4!
585A52=C8!B:654<! =;C=! =:F5=;54!F:! =:!ACK5!?B! =;5!'&.')'*0;1)! <=4?G=?45!
:D! =;5!6:483!C<! <?G;P!R:A56;C=! 8>K5!RB>2:[CT<! <?@<=C2G5L! =;5!6:483! ><!
@:=;! <58D'5WB45<<>I5! C23! C! =4?5! ?2>=7'>2'A?8=>B8>G>=7S! >=! 5WB8>GC=5<!
d\6:483<Te! >=<58D! >2! C23! C<! =;5! ?2>=C47! D:?4L! 6;>G;! >2! =?42L! @5>2F!
<:A5=;>2F!8>K5!>=<!\C==4>@?=5<TL!>AB8>GC=5!>=!5<<52=>C887P!
! %5I54=;585<<L!E?>=5!?28>K5!=;5!C==4>@?=5<!:D!<?@<=C2G5L!=;5!C==4>@?=5<!
:D! 6:483! C45! 2:=! \D:4A<T! CG4:<<! 6;>G;! @5>2F<! ?2D:83! >2! BC4C8858L! C<!
=;:?F;!C27!@5>2F!G:?83!@5!=CK52!?2354!C27!:25!:D!=;5A!d2:6!C<!5C4=;L!
2:6!C<!<K7L!5=GPeP!R=>88!85<<!GC2!=;5<5!B:654<!:4!C==4>@?=5<!@5!?2354<=::3!
C<! \$35C<T! :4! \=;>2F<'>2'=;5A<58I5<T! =;C=! 8?4K! @5;>23! :4! @5D:45! =;5>4!
IC4>:?<! ;><=:4>GC8! AC2>D5<=C=>:2<P! +C=;54L! =;5! D:?4! A>F;=! @5<=! @5!
35<G4>@53! C<! \G:<A:F4CB;>GC8T! <G;5AC=CL! >P5PL! C<! \GC=5F:4>5<T! ?<5D?8! D:4!
3>I>3>2F!?B!CG=?C887!C4><52!@5>2F<!>2=:!45C887!3><=>2G=!=7B5<P!*GG:43>2F87!
=;545!C45!C86C7<L!:287!C23!5I5476;545!@5>2F<L!>2!<;>D=>2F!B4:B:4=>:2<!:D!
!O`_!
IC4>C@85!A:35<!:D!B45<52=C=>:2a!=;5!D:?4!;CI5!2:!\5<<52G5<T!:D!=;5>4!:62L!
2:! \C<!<?G;T!:4!35DC?8=!<=C=5! =;C=!:25!G:?83!CGG5<<! >2! >=<!:4>F>2C8!B?4>=7!
C23!\85=!@5T!:2G5!C23!D:4!C88P!0:4!>2<=C2G5L!=;5!DCG=!=;C=L!D:4!?<!=:3C7L!=;5!
F:3<! ;CI5! D853! 3:5<! 2:=!A5C2! =;C=! <:A5! \CG=?C8T! =4C2<G52352=! 35>=>5<!
;CI5! 6>=;34C62! =;5A<58I5<! C23! 2:6! :@<=>2C=587! 45D?<5! =:! <;:6!
=;5A<58I5<a!>=!:287!A5C2<!=;C=!@5>2F<!2:!8:2F54!AC2>D5<=!=;5A<58I5<!=:!
?<! >2! =;5! A:3C8>=7! :4! C==4>@?=5! :D! 3>I>2>=7P! "?=! =;545! ><! 2:! \3>I>25! C<!
<?G;T!=;C=!;C<!35G4553!=;C=!=;><!<;C88!@5!=;5!GC<5P!$2<=5C3L!;545!C<!6>=;!C88!
:D!=;5!585A52=C8!B:654<L!=;545!><!:287!5I54!C!G:2<=C2=!A5=CA:4B;:<><L!C!
G5C<585<<! 6CW>2F! C23! 6C2>2FL! C2! >2D>2>=5! 45B5=>=>:2! :D! 3>DD5452=! :2=>G!
D>F?4C=>:2<L!C23! >=! ><!:287!6>=;!C!G54=C>2!C4@>=4C4>25<<! =;C=!65!GC4I5!?B!
=;5!6:483! >2=:!3><G45=5!3>A52<>:2<!:4!B:654<L! <58D'G:2=C>253!;><=:4>GC8!
5B:G;<! C23! =;5! 8>K5P! #I52! =;5! 2?A@54! \D:?4T! >=<58D! ><! :D! :287! 2:A>2C8!
<>F2>D>GC2G5a! >=! \3:5<! 2:=! 2CA5! C27! GC8G?8C=53! <?ATLZ!@?=! ><! 4C=;54! C!
<7A@:8!D:4!=;5!A?=?C8!G:'C4><>2F!C23!>2254!?2>=7!C23!G:;5452G5!:D! =;5!
6:483P!$2!=;><!<52<5!=;5!D:?4D:83!><!A54587!C!K>23!:D!;5?4><=>G!35I>G5L!C2!
CBB4:W>AC=>:2S! 5I547! 6:483! >2I:8I5<! <:A5! ?2>E?5! C44C2F5A52=! :D!
=5445<=4>C8>=7L! G585<=>C8>=7L!3>I>2>=7!C23! dA:4=C8e!;?AC2>=7P! $23553! =;5<5!
A>F;=!@5!G:ABC453!=:!=;5!B4>AC47!G:8:?4<!=;C=!=;5!BC>2=54!G:A@>25<!>2!
>2D>2>=587! IC4>53! 6C7<! >2! :4354! =:! F5254C=5! C! =4?5! A?8=>B8>G>=7! :D!
G:AB:<>=>:2<P!#WG5B=!=;C=!=;5<5!G:8:?4<!3:!2:=!C3A>=!:D!C27!B?45!<=C=5L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z!&*!QL!O^NDPgOYQDP!
!O``!
@?=!:287!C!4C2F5!:D!35F455<!C23!>2=52<>=>5<L!C23!C8=;:?F;!65!GC2!3><G542!
=5AB:4C47! BC==542<! C23! 6;:85<L! 3><G45=5! B54>:3<L! =;5<5! GC2! 25I54! @5!
=4CG53! @CGK! =:! =;5! D:?23>2F! CG=L! F5<=?45! :4! >2=52=>:2! :D! C27!BC4=>G?8C4!
C4=><=P!(;><! ><!6;7!=;5!6:483>2F!:D!=;5!6:483!><!=;5!F45C=5<=!A7<=547!:D!
C88a! 6;525I54! >=! ><! C! AC==54! :D! #45)10&0&*! =;5! 6:483L! :D! 45I5C8>2F! =;5!
;>3352! 8:F>G! :D! =;5!?2D:83>2F! G:AB:<>=>:2<! >2! G:F2>=>:2L! :25! GC2!:287!
45<>F2! :25<58D! =:! =;5! \>AB:<<>@85T! <>852G5! :D! =;5! \>25WB8>GC@85T! C23!
\?2DC=;:AC@85T! C@7<<PQ!H8=>AC=587! >=! GC22:=! 5I52! @5! C==4>@?=53! =:! =;5!
:@8>I>:2!:D!"5>2FP!
! %:6!D4:A!=;><!65!GC2!C845C37!<55!6;545>2!=;5!3><B:<<5<<>:2!:D!=;5!
5C4=;! G:2<><=<P! $2! :?4! 45C3>2F! :D! =;5! C4=6:4K! 5<<C7L! 65! <C>3! =;C=!
)5>35FF54!<?FF5<=<!C2!>ACF5!:D!=;5!5C4=;!C<!C2!C?=:2:A:?<
!O`^!
=;5! <58D'C22:?2G>2F! :D! @5>2F<! 6>=;>2! =;5! 6:483'[:25! C<! =;5! [:25! :D!
@5>2FP! J:483! C23! 5C4=;! C45! 34C62! =:F5=;54! C23! G:2X:>253! D:4! C23!
6>=;>2!=;5!;?AC2!C<!=;5>4!B:>2=!:D!BC<<CF5!C23!;583!=;545!>2!C!<=C=5!:D!
=52<5! CF>=C=>:2!C23!I>@4C=>:2L! C!B4>AC8! C23!B54B5=?C8! <=4>D5P!"?=! >2! =;5!
G:2=5W=!:D!=;5!D:?4D:83L! =;><!CF:2><=>G!=52<>:2!><!G:AB85=587!3><G;C4F53P!
/:I5A52=! 3:5<! 2:=! G5C<5L! >=! ><! =4?5L! @?=! >=! ><! 4C3>GC887! C8=5453L! D4:A! C!
@CGK'C23'D:4=;!<=4?FF85! =:!C!K>23!:D!3C2G>2F! >2! =;5!4:?23P_!)52G5D:4=;!
=;5! >ACF5! :D! =;5! 4>2F! :4! =;5! G>4G85! B453:A>2C=5<L! =;5! <7A@:8! BC4!
5WG58852G5!:D!6;:8525<<!C23!5=542>=7a!=;5!8C2F?CF5!:D!G:2D8>G=!C23!<=4>D5!
><! 3><B8CG53! @7! =;C=! :D! B5CG5L! B4:=5G=>:2! C23! B45<54IC=>:2P`!J;C=! ;C<!
;CBB5253!;545m!R>AB87!=;><S!."#$#16."$"17$R##&$."'6'/*")+$1&2$5#6(1&#&.)+$
6#1556'5601.#2$R+$."#$?'6)2P!$2!6;C=!=?42<!:?=!=:!@5!C!F52?>2587!3>C85G=>GC8!
A:A52=L! =;5!5C4=;!C<! =;5!B4>A:43>C8!I><'�'I><!:D! =;5!6:483L! =;C=!6;>G;!
<54I53!=:!@45CG;!=;5!;:A:F525>=7!:D!=;5!:B52!C23!=:!G85C4!C!D455!<BCG5!
D:4!8>D5L!><!2:6!45C@<:4@53!@7!=;5!6:483!>2!=;5!G:?4<5!:D!=;5!6:483T<!:62!
<58D':I54G:A>2F! k! 2:=! :@8>=54C=53! @?=! >23553! B45<54I53! C<! C2! >2=5F4C8!
G:AB:252=! :D! C! 7/R)1.#2! 6:483! =;C=! ;C<! <658853! =:! :2=:'G:<A:8:F>GC8!
B4:B:4=>:2<P!%:! 8:2F54!C
!O`V!
C2! >2=4C6:48387! D5C=?45! :4! >2F453>52=a! >=! ><!A54587! ."#$?'6)2$ 0.7#),$ .1A#&$
/&2#6$0.7$1..60R/.#$',$.#66#7.601)0.+P!*23!>=! ><! X?<=!D:4!=;><!45C<:2!=;C=!=;545!
GC2!2:!8:2F54!@5!C27!3><G?<<>:2!:D!C!6:483'5C4=;!<=4>D5!k!\0:4!;:6!G:?83!
=;5!G:2<5E?52G5!5I54!C==CGK! =;5!F4:?23!:2!6;>G;! >=! <=C23<mT^!9?<=!C<! >=!
6:?83!25I54!:GG?4!=:!?<!=:!<C7!=;C=!=;5!2:=5<!:D!C!A?<>GC8!G:AB:<>=>:2!
C45!>2!G:2D8>G=!6>=;!=;5!G:AB:<>=>:2!>=<58DL!;:65I54!0&.#6&1))+!3><G:43C2=!
>=!AC7!@5! d>P5PL!;:65I54!3><G:43C2=! =;5!B>5G5!A>F;=!<:?23!C<!C!?2>=C47!
6;:85eL!<:!=::!>=!ACK5<!2:!<52<5!=:!<?BB:<5!=;C=!=;5!6:483!><!8:GK53!>2!
B54B5=?C8!<=4>D5!6>=;!:25!:D!>=<!:62!5<<52=>C8!D5C=?45<P!
! $D! <:A5=;>2F! 8>K5! =;><! ><! >2! DCG=! =;5! GC<5L! >=! 6:?83! CBB5C4! =:! ;CI5!
<54>:?<!4CA>D>GC=>:2<!D:4!=;5!G:2G5B=!:D!36588>2FL!6;>G;!><!35D>253L!CD=54!
)§83548>2L!C<!C2!:4>F>2C47!\@5>2F!:2!=;5!5C4=;TL!:4!A:45!B45G><587!C<!\=;5!
AC2254! >2!6;>G;!A:4=C8<! C45! :2! =;5! 5C4=;TPV!0:4!2:6! >=! <55A<L! C=! 85C<=!
>2>=>C887L!=;C=!36588>2F!G:?83!:287!CA:?2=!=:!C!B?4587!<G;5AC=>G!2:=>:2L!
C23!?B! =:!C!B:>2=! =;><! ><! >2! DCG=! =;5!GC<5P!)5>35FF54!35<G4>@5<! =;5! D:?4!
C<B5G=<!:D!=;5!6:483!C<!=523>2F!=:!3>I>35!C23!C8>F2!=;5A<58I5<!>2=:!=6:!
<7AA5=4>GC8!BC>4<P!(;5!D:?4D:83L!C<!>D!@7!C!B4:G5<<!:D!A5>:<><L!<=45=G;5<!
C23! <B8>=<! >2=:! C! =6:D:83S! 3>I>2>=7'G585<=>C8>=7! C23! ;?AC2>=7'
=5445<=4>C8>=7L!=;5!6:483!C@:I5!C23!=;5!6:483!@58:6L!:4!<>AB87L!)5CI52!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!^!&*!_L!ONNg^_P!(;C=!><L!;:6!G:?83!C2!C==4>@?=5!5I54!<=4?FF85!CFC>2<=!=;5!
6;:85!:D!6;>G;!>=!><!C2!C==4>@?=5m!
V!&*!^L!OQYg-1(L!OQ^P!
!O`Y!
C23! #C4=;P! 9?<=! C<! =;5! F:3<! C23! =;5! <K7! G:AB4><5! )5CI52L! =;5! 6:483!
C@:I5L! <:! 3:!A:4=C8<! C23! =;5! 5C4=;L! =;5>4! =5445<=4>C8! \;:?<5TLY!G:AB4><5!
#C4=;L! =;5!6:483! @58:6a! =;57! C45! @:?23! =:F5=;54L! >2;5452=87!34C62! =:!
:25!C2:=;54L!C<!=;5!G:AB:252=<!:D!=;5!@58:6'6:483P!(;5!4:?23!3C2G5!:D!
=;5! 585A52=C8! B:654<! ><! =;?<! C! K>23! :D! G:<A>G! \6533>2FT! 3C2G5S! =;5!
B:654<!C45!\@5=4:=;53T!=:!5CG;!:=;54!C<!)5CI52!C23!#C4=;L!6;>G;!>2!=?42!
C45!@5=4:=;53!>2=:!C23!C<!\=;5!6;:85!>2=>ACG7T!:D!=;5!\>2'D>2>=5!458C=>:2TL!
=;5!D:?4!C88!D:83>2F!=:F5=;54!>2=:!=;5!G:22?@>C8!?2>=7!:D!=;5!6:483P!#I547!
<=5BL!=?42!C23!AC2:5?I45!:D!=;><!3C2G5!><!C2!5I52=L!C!256!B;C<5!:D!=;5!
6:483T<!6:483>2Fa!2:25=;585<<L!6>=;>2!5CG;!256!B;C<5!A:4=C8<!C23!=;5!
5C4=;!C45!C86C7<!C8>F253!6>=;!5CG;!:=;54!@7!I>4=?5!:D!=;5!G:AB:<>=>:2C8!
<=4?G=?45!:D! =;5!D:?4D:83! >=<58DP! \"5>2F!:2!=;5!5C4=;T!<>F2>D>5<! >2!=;5!D>4<=!
>2<=C2G5! 2:=;>2F! A:45! =;C2! =;><S! =;C=! A:4=C8<! C23! 5C4=;! C45! 2C=?4C8!
BC4=254<!6>=;>2!=;5!D:?4D:83!C<!C!6;:85P!(:!<C7!=;C=!A:4=C8<!C45!\:2!=;5!
5C4=;T!><!<>AB87!=:!<C7!=;C=!=;57!C45!2:=!>2!=;5!<K7L!=;C=!=;5!3>I>2>=>5<!C45!
2:=!:2!=;5!5C4=;!:4!=;C=!=;5!5C4=;!><!@525C=;!=;5!<K7a!>=!><!C2!>23>GC=>:2!:D!
C2!1$560'60!G:<A:F4CB;>GC8!B:<>=>:2C8>=7L!:D!C!B45G><5!C44C2F5A52=!6>=;>2!
=;5!6:483T<!=:=C8!:2=:8:F>GC8!G:2D>F?4C=>:2P!
! "5! =;C=! C<! >=! AC7L! C=! C! 355B54! 85I58! >=! :287! 4C><5<! =;5! D:88:6>2F!
E?5<=>:2S! 3:5<! 2:=! =;><! I547! @5=4:=;C8! >=<58DL! =;><! <=4?G=?4C8! ?2>=7! :D!
#C4=;L! >AB87! >=<! :62! ?2>E?5!A:35! :D! :B5225<<! :2=:! =;>2F<L! :25! =;C=L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Y!&*!QL!O`DPgZ_P!
!O^N!
6;>85! B54;CB<! <?@:43>2C=53! =:! =;5! :B5225<<! :D! =;5! 6:483L! ><!
25I54=;585<<! 4C3>GC887! 3><=>2G=! D4:A! C23! =;545D:45! >4453?G>@85! =:! >=m!
/:45:I54L!6:?83!2:=!<?G;!C2!:B52>2FL!C<!C!A?=?C8!G8C>A>2F!:D!A:4=C8<!
C23!=;5!5C4=;L!@7!C23!6>=;>2!=;5!6:483T<!6:483>2F!>=<58DL!@:=;!>AB87!C23!
35AC23! <:A5=;>2F! 8>K5! C2! C@>3>2F! G:2G542! D:4! C23! <=56C43<;>B! :I54!
=;5! 5C4=;m! $2! :=;54! 6:43<L! >2<:DC4! C<! 65! 36588L! C45! 65! 2:=! 52=4?<=53!
6>=;!C!B4:D:?23!45<B:2<>@>8>=7! D:4! =;5!5C4=;L!2CA587L! =:! \G?8=>IC=5T!C23!
=:!\GC45!D:4T!=;5!F4:6>2F!=;>2F<!:D!=;5!5C4=;!C23!=:!K55B!6C=G;!:I54!=;5!
45<=! :D! >=<! 5C4=;87! >2;C@>=C2=<m! *23! >2! =;C=! GC<5L! AC7! 65! 2:=! =CK5!
\36588>2FT! =:! @5! =;5! D:?23>2F!6:43! D:4! C! 256! K>23! :D! \5=;>GC8TL! >P5PL! C!
A:45! \B:5=>GTL! 8>I>2F! >2! ;C4A:27!6>=;! =;5! \2C=?4C8!6:483T! k! C! \8>I>2FTL!
=;C=! ><L! =;C=! 452:?2G5<! C88! ;?@4><! C23! <:I545>F2=7L! C88! 6>88! =:!6>88! C23!
=5G;2:8:F>GC8!3:A>2C=>:2!:D!2C=?45!C23!>2<=5C3!<>AB87!\85=<!2C=?45!@5Tm!
! %:6! >=! ><! G54=C>287! =4?5! =;C=! )5>35FF54! 35<G4>@5<! =;5! 5C4=;! C<! C!
45C8A! :D! <B:2=C25:?<! F5254C=>:2! C23! F4:6=;L! C<! =;5! \2:?4><;>2FT!
F4:?23L! =;5! \<54I>2F! @5C454L! @8:<<:A>2F! C23! D4?>=>2FTONa! >=! ><! C8<:! =4?5!
=;C=! A:4=C8<L! C<! =;5! :25<! 6;:! C45! <=4?G=?4C887! B:<>=>:253! :2! =;><!
2:?4><;>2FL! F4:6>2F! 5C4=;L! C45! =;5! :25<! 6;:! \G?8=>IC=5! =;5! F4:6>2F!
=;>2F<!:D!=;5!5C4=;TOO!C23!=523!>=P!"?=!B45G><587!;545!65!A?<=!5W54G><5!=;5!
A:<=!5W=45A5!GC?=>:2!C23!45<=4C>2=P!*@:I5!C88!65!A?<=!=CK5!GC45!2:=!=:!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ON!&*!^L!O_OL!O^Yg-1(L!OQYL!O^VP!
OO!$@>3PL!OQYgOQ^L!OY_gMO^P!
!O^O!
@5! 8?8853! >2=:! DCA>8>C4L! G:AD:4=C@85! =544>=:47! @7! =;5! =4C2E?>8L! ;7B2:=>G!
@5C?=7!:D!)5>35FF54T<!CF45<=>G!A><5<!52!<G¬25P!J5!;5C4!6:43<!<?G;!C<!
\36588>2FTL! \B:5=47TL! \B5CG5TL! \FC=;54>2F! B4:=5G=>:2TL! \;:A5G:A>2FT! C23!
=;5!8>K5L!C23!<=4C>F;=C6C7!:?4!A>23<!C45!6;><K53!:DD!=:!<:A5!A53>5IC8!
R6C@>C2!BC4C3><5L!6;545!<78IC2!B5C<C2=<!B?<;!8?A@54!GC4=<!:I54!<=:25!
D::='@4>3F5<!C23!=;5!<:D=!=>2K8>2F!:D!G:6@588<!GC2!@5!;5C43!DC4!:DD!:2!=;5!
A:?2=C>2! <8:B5P! "?=! >2! DCG=! =;><! ><! C88! <:!A?G;!6>23:6! 345<<>2FL! =;5!
D?=>85! 5WB45<<>:2! :D! C! B54B5=?C887! <=>D853! 8:2F>2F! k! 2:=! D:4! C! D:4F:==52!
BC<=!@?=! 4C=;54!C! D:4F:==52! D?=?45!k!6;>G;! ><!6;7!)5>35FF54! ><!C86C7<!
5CF54!=:!45A>23!?<!=;C=!C!A545!5WCAB85!<;:?83!25I54!@5!A><=CK52!D:4!C2!
>35C8LOM!C23!=;C=!>=!GC2!25I54!@5!C!E?5<=>:2!:D!C!2:<=C8F>C!D:4!<:A5!D:4A54!
;C8G7:2!CF5!:4!@7F:25!D:4A!:D!8>D5P!*GG:43>2F87L!>D!65!=CK5!=;><!D>358>=7!
<54>:?<87L! >D! 65! C45! 2:=! 853! C<=4C7! @7! =;5! ?<?C8! G;C>2! :D! <?B54D>G>C8!
C88?<>:2<L! 65! <;C88! <55! G85C487! =;C=! =;5! G:2G5B=! :D! 36588>2FL! 7/;"$ 17$ 0.$
7.1&27L!GC2!D?2G=>:2!25>=;54!C<!C!B4>A:43>C8!:B52>2F!?B!:2=:!C!D455!C23!
>235B52352=! 5C4=;! 2:4L! G:2<5E?52=87L! C<! =;5! D:?23C=>:2! D:4! C! 256!
\5=;>G<T!:D!\B:5=>G!8>I>2FTP!
! /:4=C8<L!<>=?C=53!:2!=;5!F4:6>2F!5C4=;L!=523!C23!G?8=>IC=5!=;5!5C4=;!
k! =;><! ><! =4?5P!"?=! G4?G>C887L! <?G;! =523>2F! C23! G?8=>IC=>2F! 0&$ ."#(7#)=#7L!
;:65I54! 5C425<=L! C45! 2:=! 75=L! C23! >2! DCG=! GC2! 25I54! C==C>2! =:L! B4:B54!
36588>2FL!C23! D:4! =;5!<>AB85!45C<:2! =;C=! >=! ><!36588>2F! >=<58D! =;C=! ><! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OM!R55L!5PFPL!>@>3PL!O`MgO`NP!
!O^M!
F4:?23! C23! G:23>=>:2! :D! B:<<>@>8>=7! :D! 5I547! AC2254! :D! @?>83>2FL!
=523>2FL!GC4>2F!C23!G?8=>IC=>2FP!.287!@5GC?<5!A:4=C8<!1)6#12+!36588!GC2!
=;57! =523! C23! G?8=>IC=5! =;5! F4:6>2F! 5C4=;P! 1>K56><5L! :287! @5GC?<5!
A:4=C8<!36588!GC2!=;57!C8<:!DC>8!:4!45D?<5!=:!=523!>=L!:4!4C=;54!=523!>=! >2!
3>DD5452=! 6C7<L! D:4! 5WCAB85L! @7! C==CGK>2F! >=L! D:4G>2F! >=! =:! @523! C23!
<?@A>=!=:!=;5>4!6>88L!B8?2354>2F!C23!35IC<=C=>2F!>=!dC23!B54;CB<!C88!=;5!
A:45! G>I>887L! 5DD>G>52=87! C23! \45<B:2<>@87T! B45G><587! =;4:?F;! C! G54=C>2!
6C7!:D!G?8=>IC=>2F!>=eP!$=!><!36588>2F!>=<58D!=;C=!B4:I>35<!=;5!3>45G=>I5!D:4!
5I547! G:2G45=5! A5C2<! :4! B4:F4CA! :D! 35C8>2F! 6>=;! =;5! F4:6>2F! 5C4=;P!
$23553L! C23! 5I52!A:45! D?23CA52=C887L! >=! ><! 36588>2F! =;C=! 35=54A>25<!
=;C=!A:4=C8<L!@5>2F!<=C=>:253!:2!=;5!5C4=;L!6>88!25G5<<C4>87!C==523!=:!=;5!
5C4=;!0&$7'(#$?1+$'6$'."#6L!=;C=!=;57!6>88!@5!=;5!5C4=;'=52354<P!,6588>2F!><!
C=!:2G5!=;5!:4>F>2L!F?>35!C23!A5C<?45!:D!A:4=C8<T!C==523>2F!=:!=;5!5C4=;L!
C23!>=!><!X?<=!D:4!=;><!45C<:2!=;C=!>=!A?<=!25I54!@5!G:2D?<53!6>=;L!:4!=CK52!
C<!C2!523:4<5A52=!:4!B45<G4>B=>:2!:DL!C27!BC4=>G?8C4!A:35!:D!C==523>2FL!
;:65I54! >2=?>=>I587! 35<>4C@85P! R=56C43<;>B! C23! <B:8>C=>:2! 5E?C887! C45!
:287!5'770R)#!6C7<!:D!C==523>2F!=:!=;5!5C4=;!=;C=!C4><5!6>=;>2!=;5!F5254C8!
;:4>[:2! :D! 36588>2FP! /:4=C8<! C45! B:<>=>:253! :2! =;5! F4:6>2F! 5C4=;!
d=:F5=;54!=;57!G:AB4><5!#C4=;L!6;>G;!><!@525C=;!)5CI52eL!@?=!C86C7<!>2!
<?G;! C!6C7! =;C=L! @7! I>4=?5! :D! 36588>2FL! =;57!A?<=! C==523! =:! C23! 35C8!
6>=;! =;5! 5C4=;! >2! C! 6C7! =;C=! ><! <:A5;:6! C845C37! <K5=G;53! :?=! @7!
36588>2F!>=<58DL!6;>G;!><!6;7!36588>2FL!<=4>G=87!<B5CK>2FL!><!2:=!\@5>2F!:2!
=;5! 5C4=;T! C<! <?G;L! @?=! :287! =;5!(1&! >2! 6;>G;! A:4=C8<! C45! :2! =;5!
!O^Z!
5C4=;P!(;5!45C8!E?5<=>:2!;C<!=;545D:45!=:!3:L!2:=!6>=;!C27!<B5G>D>G!A:35!
:D! C==523>2FL! @?=! 4C=;54! 6>=;! =;><! \AC2254T! >=<58D! >2! CGG:43C2G5! 6>=;!
6;>G;!A:4=C8<!C45!F>I52!=;5>4!D>4<=!C<<>F2A52=<!C23!4:?<53!=:!CG=>:2P!$2!
<;:4=L!6;C=!3:5<!>=!A5C2!=:!@5!:2!=;5!5C4=;!>2!C!\36588>2FT!<:4=!:D!6C7m!
! %:6!:2!=;><!B:>2=!)5>35FF54!><!B54D5G=87!G85C4P!/:45:I54L!C8=;:?F;!
>=! ><! G:2<=4?53! >2! C! 35G>35387! A:45! 588>B=>GC8! C23! 5I52! A7=;:8:F>GC8!
I:GC@?8C47L! =;5! G:45! :D! ;><! B:<>=>:2! ;C<! 2:=! G;C2F53! <>2G5! D#0&*$ 1&2$
!0(#P!,6588>2F!A5C2<!=;C=!=;5!;?AC2!><!:2!=;5!5C4=;!>2!<?G;!C!6C7!=;C=!
>=!C86C7<!C23!5<<52=>C887!BC4=CK5<!:D! =;5!6:483>2F!:D! =;5!6:483!17$7/;"$
1&2$17$1$?"')#L!:4!>2!=;5!256!85W>G:2L!:D!=;5!\4>2F>2FT!:4!\3C2G>2FT!:D!=;5!
D:?4!6:483'B:654<! >2! =;5>4! ?2>=7POZ!$=!A5C2<! =;C=! =;5! ;?AC2! <=C23<! >2!
=;5!:B52!:D!"5>2FL! ><!C3A>==53!>2=:!=;5!\>2D>2>=5T!C23!\A53>C=>2FT!G52=45!
:D!=;5!4>2F!C23!=;545!45G5>I5<!=;5!D:?4!C<!C!\F>D=T!C23!85=<!>=!:GG?4L!6;>G;!
><! 6;7! =;5! G52=45! ><! GC8853! \36#0*&07TLOQ!=;5! \5I52=! :D! CBB4:B4>C=>:2T! @7!
6;>G;!"5>2F!>=<58D!C23!;?AC2!@5>2F<!C45!358>I5453!:I54!C23!52=4?<=53!
=:! 5CG;! :=;54P! (;5! ;?AC2! ><! =;?<! ?2>E?5! CA:2F! @5>2F<! >2! =;C=! >=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OZ!$@>3PL!O_ODPgOQYDP!
OQ!R55!)5>35FF54T<!3>CF4CA!>2!S'&.60R/.0'&7! d&*!`_L!ZONgMOVeL!6;>G;L!C<!
95DD! /C8BC<! C4F?5<L! GC2! @5! =CK52! C<! C! I><?C8! 45B45<52=C=>:2! :D! =;5!
=4C2<>=>:2!>2!)5>35FF54T<!=;:?F;=!D4:A!\(;5!.4>F>2!:D!=;5!J:4K!:D!*4=T!
=:! =;5! 8C=54! 5<<C7<! @5F>22>2F! 6>=;! \(;5! (;>2FT! d<55! 95DD! /C8BC<L!
:#02#**#6I7$!'5')'*+!pUCA@4>3F5S!/$(!-45<<L!MNN`qL!MM_'VDDPeP!
!O^Q!
B:<<5<<5<! C2! 5<<52G5! =;C=! GC44>5<! >=! C@:I5! C23! @57:23! >=<! :62! 8>A>=53!
C23!G:2=>2F52=!;><=:4>GC8!AC2>D5<=C=>:2!C<!:25!:D! =;5! D:?4!C23! >2=:! =;5!
3>A52<>:2!6;545!C2!52G:?2=54!6>=;!"5>2F!>=<58D!><!@:?23!=:!:GG?4P!(;5!
;?AC2L!>2!:=;54!6:43<L!><!<=>88!C!.61&7;#&2#&;#S!C=!:2G5!:25!:D!=;5!6:483'
B:654<! 1&2! =;5! I><'�'I><! :D! "5>2F! =;4:?F;! 6;>G;! =;5<5! B:654<! C45!
3><52FCF53PO_!+5FC4385<<! :D! ;:6!A:4=C8<! G:A5! =:! <=C23!6>=;>2! =;><! :4!
=;C=! G:2G45=5! ;><=:4>GC8! A>8>5?L! A:4=C8<! C<! <?G;L! >2! =;5>4! 5<<52G5L! =;5>4!
"/(1&0.17L! C86C7<! <>A?8=C25:?<87! <?4BC<<! :4! 5WG553! #=#6+! ;><=:4>GC8!
35=54A>2C=>:2! >2<:DC4! C<! =;57! BC4=CK5! :D! =;5!H1L! =;5! [:25! :D! D4553:A!
6;545! =;5! ;><=:4>G>=7! :D! =;5! ;><=:4>GC8! >=<58D! G:A5<! =:! BC<<! C23! 6;545!
@5>2F<! C45! D4553L! <BC453! C23! B45<54I53O`!>2! =;5>4! <58D'C4><>2F! C23! <58D'
C22:?2G>2FL! >2! 6;C=5I54! 6C7! =;><! C22:?2G>2F! :GG?4<P! $2! =;><! <52<5!
36588>2F!><!2:=!:287!2:=;>2F!256L!@?=!>2!DCG=!>=!><!:25!:D!=;5!:835<=!C23!
A:<=! D:?23C=>:2C8! G:2G5B=<! :D! )5>35FF54>C2! =;:?F;=P! $=! ><! 6;C=!
)5>35FF54!;C3!C845C37!G;C4CG=54>[53!I547!5C487!:2!C<!=;5!\@5>2F'>2T!d-&Z
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O_!&*!^L!OVNg-1(L!O^YS!\/:4=C8<!C45!6;:!=;57!C45L!C<!A:4=C8<L!B45<52=!>2!
=;5!<;58=54!:D!"5>2FP!(;57!C45!=;5!B45<52G>2F!458C=>:2!=:!"5>2F!C<!"5>2FPT!
/:45! B45G><587L! =;545! ><! C86C7<! C! =6:D:83! <52<5! :D! =4C2<G52352G5! >2!
)5>35FF54S! :2! =;5! :25! ;C23L! C! @5>2F'>2'=;5'6:483L! C! <=C23>2F! :?=<>35!
:25<58D!>2!=;5!6:483L!C23!:2!=;5!:=;54!;C23L!C!@5>2F'R#+'&2'=;5!6:483L!C!
B4:X5G=>I5!<5BC4C=>:2!D4:A!C23!<?4BC<<>2F!:D!=;5!6:483!>=<58DP!
O`!.2!D455>2FL!<BC4>2F!C23!B45<54I>2FL!<55!>@>3PL!O_OgOQYP!
!O^_!
B#0&e! <=4?G=?45! :D! =;5! ;?AC2! @5>2F'=;545L! =;5! DCG=>GC8';><=:4>GC8!
\,C<5>2TLO^!<?G;! =;C=! 65! GC2! <>AB87! <C7! =;C=L! C=! @:==:AL! 36588>2F! ><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O^!$2!DCG=L!>2!@:=;!sOY!:D!=;5!RR!OYM_!85G=?45<!C23!sOM!:D!D#0&*$1&2$!0(#L!C<!
>2! \"?>83>2F! ,6588>2F! (;>2K>2FT! :I54! =652=7! 75C4<! 8C=54L! )5>35FF54!
5AB8:7<!I>4=?C887!>352=>GC8!5=7A:8:F>GC8!354>IC=>:2<!=:!8>2K!36588>2F!=:!
;?AC2'@5>2F!C<!C!K>23!:D!B4:W>A>=7!=:!@5>2FP!$2!RR!OYM_!C23!D#0&*$1&2$
!0(#L! =;5! 0&! :D! -&ZB#0&! ><! 354>I53! D4:A! C! ;7B:=;5=>GC8! :4>F>2C8! 0&&1&L!
A5C2>2F!?'"&#&L!70;"$1/,"1).#&L!=:!36588!:4!45<>35L!=:!45AC>2!>2!C!B8CG5P!
+58C=53!=:!=;><!><!=;5!<=4:2F!B45=54>=5!1&L!6;>G;!><!C!@5>2F!CGG?<=:A53!=:!
<:A5=;>2FL! 0;"$ R0&$ *#?'"&.L! C23! C! 8::K>2F! CD=54! <:A5=;>2F! :4! C! =CK>2F!
GC45! :D! <:A5=;>2FL! 0;"$ 5,)#*#$ #.?17P! $2! =?42L! =;><! @5>2F! CGG?<=:A53! =:!
<:A5=;>2F!><!C!36588>2F!C8:2F<>35L!R#0L!6;>G;!><!G:225G=53!=:!@:=;!R1/#&L!
=:! @?>83L! C23! [0;"\$ R0&L! d$e! CAP! 1>K56><5L! >2! =;5! 8C=54! 5<<C7L! R1/#&L!
@?>83>2FL! ><! G:225G=53! =:!?'"&#&L! 36588>2FL! 6;>G;! A5C2<! R)#0R#&L! 70;"$
1/,"1).#&L! =:! 45<>35! >2! C! B8CG5! >2! =;5! AC2254! :D! C! "#*#&! C23! 5,)#*#&L! C!
G;54><;>2FL! B4:=5G=>2F! C23! GC4>2F! D:4P! *23! C<! @5D:45L! =;><! G:2G542D?8!
45<>3>2F! C8:2F<>35! :4! >2! =;5!A>3<=! :Dld@5>2F<e! ><! :4>F>2C887! 458C=53! =:!
R0&!>2!>=<!IC4>:?<!B54A?=C=>:2<a!=;?<!0;"$R0&!A5C2<S!$!CAg$!36588g$!45<>35!
G:2G542D?887! >2! =;5!A>3<=! :D! @5>2F<! C23!B4:=5G=! =;5A!C<! =;57!AC2>D5<=!
=;5A<58I5<P! $2! =;><!6C7! 36588>2F! ><L! D:4! ?<! C23! C<! :?4! B4:B54!6C7! :D!
@5>2FL! =;5! A:<=! \;C@>=?C8TL! =;5! @#?'"&.#L! C2! >2;C@>=>2F! :D! =;5! :B52P!
0>2C887! >=! <;:?83! @5! 2:=53! =;C=! 5I52! >2! RR! OYM_! )5>35FF54! >352=>D>5<!
!O^`!
2:=;>2F!A:45!:4!85<<!=;C2!C2!:4>F>2C47!\@5>2F'>2'=;5'6:483T!C<!C!@5>2F'
<>=?C=53!>2!=;5!A>3<=!:D!@5>2F<!C23!C!@5>2F':B52!=:!"5>2F!C<!<?G;P!$2!C!
6:43L! >=! ><! ;?AC2! @5>2F'=;545L! (#&7;")0;"#&$ H17#0&L! >2! >=<! \@C<>G!
G;C4CG=54T! k! >P5PL! #407.#&;#S! \,6588>2Fl><! ."#$ R170;$ ;"161;.#6! :D! @5>2F! >2!
K55B>2F!6>=;!6;>G;!A:4=C8<!5W><=PTOV!
! (:! 36588L! =;52L! ><! =:! @5! :2! =;5! 5C4=;! >2! C2! \>2'=;5'6:483T! :4!
\>22546:48387T! <:4=! :D!6C7P! $23553! =;5! \:2! =;5! 5C4=;T! ><!34C62!?B! >2=:!
=;5! \>2'=;5'6:483T! X?<=! >2<:DC4!C<!@:=;!A:4=C8<!C23!=;5!5C4=;L!C23!C8:2F!
6>=;! =;5A! =;5! F:3<! C23! =;5! <K7L! >P5PL! =;5!6;:85! :D!)5CI52! C23! #C4=;!
=:F5=;54L!G:?83!2:=!3C2G5! =;5>4!4:?23!3C2G5!C23!C22:?2G5! =;5A<58I5<!
C=!C88!6545! =;545!2:=!<:A5!52=>=7!C845C37! ."#6#L! \>2'=;5'6:483TL! 45C37! =:!
45G5>I5! =;5A!C<! =;5>4! BC4=254L! =;5>4! I><'�'I><P!*88! =;5! <CA5L! =;><! =C8K! :D!
36588>2F!C<!:287!C!\6C7T!C23!\AC2254T!:D!@5>2F!:2!=;5!5C4=;!CBB5C4<!=:!
<?FF5<=!=;C=!=;545!C45!:=;54!B:<<>@85!A:35<!:D!@5>2F!:2!=;5!5C4=;!@5<>35<!
36588>2FP! ):65I54L! =;><! 6:?83! @5! D?23CA52=C887! A><=CK52P! 0:4!
;?AC2<T!@5>2F'B:<>=>:253!:2!=;5!5C4=;!><!C86C7<!C!=523>2F!:D!=;5!5C4=;!
=;C=! =CK5<! >=<! 3>45G=>I5! D4:A! 36588>2FL! C23! <>2G5! 36588>2F! ><! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!\GC4>2F!D:4!<:A5=;>2FT!C23! \G?8=>IC=>2F!<:A5=;>2FT!C<!B:<<>@85!('2#7!:D!
>2'@5>2Fg36588>2FP! R55! &*! MNL! MOZDPgO_VDPa! &*! ML! ^MDPg^Y'VO! d<55!
/CGE?C44>5! C23!+:@>2<:2T<!;58BD?8! D::=2:=5!:2!BP! VNea! C23!&*!^L! OQY'
_Og-1(L!OQ^'YP!
OV!&*!^L!O`Zg-1(L!O`NP!UDP!OYZgMO_P!
!O^^!
B454:FC=>I5!:D! =;5!;?AC2L!=;5!;?AC2!><! =;5!:287!@5>2F!=;C=!GC2! \@5!:2!
=;5! 5C4=;T! >2! =;5! <=4>G=! <52<5P! (;><! ><! 6;7! )5>35FF54! GC2! C8<:! #`/1.#!
36588>2F! 6>=;! @5>2F! :2! =;5! 5C4=;! C<! =;:?F;! =;57! 6545! >352=>GC8a!
36588>2F! ><!C=!:2G5! =;5!AC2254!:D!@5>2F!:2! =;5!5C4=;!1&2!@5>2F!:2! =;5!
5C4=;!C<!<?G;L!C23!=;545!><!2:!G:2=4C3>G=>:2!;545P!(;?<L!D:4!5WCAB85L! >2!
2:!6C7!GC2!@5>2F!:2! =;5!5C4=;!@5!B453>GC=53!:D!B8C2=<!C23!C2>AC8<!@7!
6C7!:D!=;5!A:35!:D!@5>2F!:D!\8>D5TL!D:4!\8>D5T!><!25I54!C!@5>2F!:2!=;5!5C4=;L!
C23!B45G><587!@5GC?<5!\8>D5T!3:5<!2:=!=CK5!>=<!C<<>F2A52=<!C23!3>45G=>:2!
D4:A!36588>2FP!$=!><!=4?5!=;C=!B8C2=<!C23!C2>AC8<!\8>I5TL!@?=!X?<=!@5GC?<5!
=;5>4! \8>D5T! 3:5<! 2:=! >2I:8I5! C27=;>2F! 8>K5! C! 45G5>I>2F':B5225<<! :D! C23!
:2=:!=;5!4:?23!3C2G5!:D!=;5!D:?4!B:654<L!B8C2=<!C23!C2>AC8<L!;:65I54!
=;57!AC2CF5! =:! <G?447! C4:?23!:2! =;5! <?4DCG5! :D! =;5! 5C4=;! C23! 52FCF5!
6>=;! 52=>=>5<L! GC2! 25I54! .#&2! =;5! 5C4=;! >2! C27! 6C7! C23! =;545D:45! GC2!
25I54!@5!B:<>=>:253!'&!=;5!5C4=;P!$23553L!>D!B8C2=<!C23!C2>AC8<!G:?83!@5!
<C>3! =:! @5! \:2! =;5! 5C4=;T! >2! C27! F52?>25! <52<5L! =;52! 5>=;54! =;5!
B?4B:4=5387! <58D'5I>352=! \C@7<<! :D! 5<<52G5T! <5BC4C=>2F! ;?AC2! @5>2F<!
C23! C2>AC8<! 6:?83! ;CI5! =:! @5! GC8853! >2=:! E?5<=>:2! >2! C! 4C3>GC8! 6C7L!
6;>G;! ><! <:A5=;>2F!)5>35FF54! G:?83!25I54! C88:6L! :4! 58<5! =;5! D:?4D:83!
<;:?83! ;CI5! =:! @5! 45'G:2<=4?53! C<! C! ,0=#D:83L! C23! B8C2=<! C23! C2>AC8<!
<;:?83!;CI5!=:!@5!F4C2=53!=;5!<=C=?<!:D!C!B:654!>2!=;5>4!:62!4>F;=P!"?=!
=;><! ><! <:! DC4! D4:A! @5>2F! =;5! GC<5! =;C=! 65! <;:?83! 4C=;54! ;CI5! =:! <C7!
5WCG=87!=;5!:BB:<>=5S!I>[PL!=;C=!B8C2=<!C23!C2>AC8<!16#!=;5!5C4=;L!=;C=!><!=:!
<C7L!C45!=;5!G:2G45=5!BC4=<!:4!D5C=?45<!:D!=;5!5C4=;L!C45!GC?F;=!?B!>2!=;5!
!O^V!
G5C<585<<! B8C7! :D! ��z}~L! :D! =;5! G:A>2F! D:4=;! C23! BC<<>2F! C6C7! :D! C88!
F4:6>2F! =;>2F<!:?=!:D!C23!@CGK! >2=:! =;5!5C4=;P! \1>D5T! X?<=! 07! =;><!I>4=?C8!
5G:2:A7!:D!:4FC2>G!F4:6=;!C23!35GC7L!B8C2=<! C23!C2>AC8<!@5>2F!:287!
BC4=>G?8C4L!D>2>=5!\A:35<TL!C<!>=!6545L!>2!6;>G;!>=! ><!=5AB:4C4>87!45C8>[53!
:4! CG=?C8>[53POY!$=! =;?<! D:88:6<! =;C=!A:4=C8<T! @5>2F! :2! =;5! 5C4=;! ><! C8<:!
C23!5<<52=>C887!C!R#0&*$'=#6$)0,#L!C!3:A>2C=>:2!C23!C!<?@:43>2C=>:2!:D!8>D5L!
D:4!2:6!A:4=C8<T!=523>2F!:D!=;5!5C4=;!><!:D!25G5<<>=7!C!=523>2F!:D!8>D5!>2!C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OY!$@>3PL! O_OgOQY! dUDP! \(;5!(;>2FTL! O^YgO^VeS! \#C4=;! ><! =;5! <54I>2F!@5C454L!
@8:<<:A>2F!C23!D4?>=>2FL!<B45C3>2F!:?=!>2!4:GK!C23!6C=54L!4><>2F!?B!>2=:!
B8C2=!C23!C2>AC8! p@#?E;"7$/&2$@#.0#6qPT!(;C=! ><L!B8C2=<!C23!C2>AC8<!C45!
'&.')'*0;1))+$ 02#&.0;1)! =:! 4:GK<L! 6C=54! C23! C88! =;5! :=;54! <58D'C4><>2F!
D5C=?45<! :D! =;5! 5C4=;'585A52=P! UDP! &*! _QL! MOODPgOQMS! \��z}~L! ���}�l><!
<C>3!:D! =;5!5C4=;L!�!�!���}!k! =;5!5C4=;! 85=<! G:A5! D:4=;P!J5!:D=52L!C23!
5I52!G:445G=87L! =4C2<8C=5!���}�!C<!nF4:6>2Fo!p?1;"7#&qL!@?=! >2!3:>2F!<:!
65!A?<=! 2:=! D:4F5=! =:! =;>2K! =;><! n@5G:A>2Fo! pM#62#&q! C23! nF4:6>2Fo!
pM1;"7#&q!>2!=;5!&455K!AC2254!C<!C!G:A>2F!D:4=;L!:?=!:D!G:2G5C85325<<L!
:D!=;5!F54A!C23!=;5!4::=!D4:A!=;5!3C4K25<<!:D!=;5!5C4=;!>2=:!=;5!8>F;=!:D!
=;5!3C7PT!*8<:L!D>2C887L!&*!`_L!M^^gOY_S! \(;5!2?A@>2F!C23!8>D5T<!DC88>2F'
@CGK! p<=5Aq! D4:A! 6>=;>2! =;5! >2G>B>52=! :B52>2F! p36G,,&/&*qP!
U:445<B:23>2F87!=;545!><!C8<:!2:!G8:<?45L!>2<:DC4!C<!6;C=!><!C8>I5!><!2:=!
=CK52!C8:2F!6>=;!k!n5C4=;o!d4:GKL!B8C2=L!C2>AC8eP!+:GK!C23!4>I54!C45!2:=!
6>=;:?=!B8C2=!C23!C2>AC8PT!
!O^Y!
6C7! =;C=! CGG:43<! 6>=;! 6;C=5I54! D:4A! =;5! 5C4=;'B:654! C<! C! 6;:85!
C<<?A5<!6>=;>2!=;5!G:2=5W=!:D!=;5!G?4452=!;><=:4>GC8!5B:G;P!$2!=;><!6C7L!
C23! A:45! =;C2! 5I54! @5D:45L! A:4=C8<! C45! 4C3>GC887! C8>52C=53! D4:A! 8>D5a!
A:4=C8<! GC2!@5! =;:?F;=!:D!C<! \8>I>2F!@5>2F<T!:287!C=! =;5!5WB52<5!:D! =;5!
=:=C8!8:<<!:D!=;5>4!3><=>2G=87!;?AC2!5<<52G5!k!I>[PL!C<!C!\A5C<?4585<<!AC<<!
:D! A52T! >23><=>2F?><;C@85! D4:A! =;5! \G:?2=85<<! :@X5G=<! 5I5476;545! :D!
5E?C8!IC8?5T!6;>G;!=;57!G5C<585<<87!:4354!C23!AC2>B?8C=5PMN!
! \"5>2F!:2!=;5!5C4=;TL!=;52L!DC4!D4:A!@5>2F!C!A:35!:D!@5>2F!>2!>=<!:62!
4>F;=L! ><! 4C=;54! C! D?2G=>:2! :D! =;5! <>2F85! C23! C88'52G:ABC<<>2F! :B52! :D!
5W><=52G5P!*23!>2<:DC4!C<!>=!><!G;C4CG=54>[53!C<!C!\<CI>2FT!:D!=;5!5C4=;L!65!
A?<=! 85C42! =:! ;5C4! =;><! 6:43! >2! >=<! 3><=>2G=87! )5>35FF54>C2! <52<5P!
\RCI>2FT!GC22:=!@5!=CK52!:4!A><=CK52!D:4!C27!BC4=>G?8C4L!G:2=>2F52=!D:4A!
:D! =523>2F! =;5! 5C4=;! d5PFPL! D:4! G?8=>IC=>2F! =;5! <:>8L! G:2<54I>2F! 2C=?45L!
5=GPeP! $2<=5C3L! =:! \<CI5T! =;5!5C4=;L! =:! \85=! =;5!5C4=;!@5TL!GC2!:287!A5C2!=:!
45G5>I5!C23!B4:=5G=!=;5!5C4=;L!C8:2F!6>=;!=;5!<K7L!F:3<!C23!A:4=C8<L!=;5!
D:?4! 6:483'B:654<! C<! C! ?2>D>53! 6;:85L! 0&$ ."#06$ 7#),Z16070&*$ 1&2$ "'?#=#6$
."#+$1607#W$0Y#YW$17$1$*0,.$',$D#0&*$0.7#),PMO!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MN!&*!^L!OVQg-1(L!OVMP!
MO!$@>3PL!O_MgO_NS!\/:4=C8<!36588!>2!=;5!6C7!=;57!B45<54I5!=;5!D:?4D:83!>2!
>=<!5<<52=>C8!@5>2FL! p>P5PLq! >=<!B45<52G>2FPT!.?4!B4:@85AL! >P5PL! =;5!B4:@85A!
:D!=;5!52=>45!;><=:47!:D!=;5!J5<=!<>2G5!>=<!>2G5B=>:2L!><!&'.!=;C=!65!3:!2:=!
36588!:4! =;C=!65!2:! 8:2F54!36588! dC23L!@7! >AB8>GC=>:2L! =;C=!65!3:!2:=!
!OVN!
! (;><! 6>88! @5! )5>35FF54T<! D>2C8! C23! A:<=! G:2<><=52=! B:<>=>:2! 6>=;!
45<B5G=! =:! =;5! 5C4=;P! J;545C<! >2>=>C887! =;5! 5C4=;! 5A54F5<! C<! C! =4?5!
G:?2=54IC>8>2F!B:654! =:! =;5!6:483L!GC4I>2F!:?=!C!2>G;5!D:4!6;C=!G:?83!
B:=52=>C887!@8:<<:A!>2=:!C!4>G;54!C23!D?8854!2:=>:2!:D!8>D5L!5I52=?C887!=;5!
5C4=;!<?GG?A@<L!8>K5!DCG=>GC8!8>D5!@5D:45!>=L!=:!=;5!:4354!:D!=;5!6:483!>=<58D!
C23!><!=;?<!;'&7/(#2!@7!>=P!
! 15=! ?<! G:2G8?35! 6>=;! =;5! D:88:6>2F! :@<54IC=>:2P! (;5! <?A! :D! =;5!
E?5<=>:2<!?2354!G:2<>354C=>:2!;545!A>F;=!5C<>87!@5!3><A><<53!C<! <:A5!
D4>I:8:?<! CGC35A>G! :@<5<<>:2! :I54! =;5! B4:B54! >2=54B45=C=>:2! :D! C!
;C23D?8!:D!45G:23>=5!=54A<!C23!=;5:4>5<L!@?=!=;><!6:?83!@5!?2D:4=?2C=5L!
D:4!=;5<5!G:2G5B=<!C23!>35C<!;CI5!E?>=5!45C8!C23L!D4:A!C!G54=C>2!B:>2=!:D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!=523!:4!2:!8:2F54!=523!=;5!5C4=;eL!<>2G5!=;><!6:?83!A5C2!=;C=!65!3:!2:=!
:4!2:!8:2F54!5W><=L!6;>G;!><!C@<?43P!+C=;54!=;5!B4:@85A!><!=;C=!65!36588!
>2! <?G;! C! 6C7! =;C=! 36588>2F! >=<58D! ><! G:I5453! :I54! C23! D:4F:==52P!
1>K56><5L! =;5! B4:@85A!6>=;! :?4! 4CABC2=! 35<=4?G=>:2! :D! =;5! 5C4=;! 8>5<L!
<=4>G=87!<B5CK>2FL!&'.! >2!=;5!35<=4?G=>I525<<!5#6$7#L!@?=!4C=;54!>2!=;5!DCG=!
=;C=! =;5! A:35! :D! 45I5C8>2F! :2! 6;>G;! =;><! 35<=4?G=>I525<<! ><! D:?2353!
d>P5PL!=;5!3><G8:<?45!:D!=;>2F<!C<!@4?=5!:@X5G=<L!>2I52=:47!D:4!=;5!3><B:<C8!
:D!C2!C@<:8?=5!6>88e! ><!:25!=;C=!G:2G5C8<!:?4!:4>F>2C47!458C=>:2!=:!"5>2F!
>=<58DP!$=!><!B:<<>@85!=;C=!=;><!<CA5!A:35!:D!45I5C8>2F!G:?83!@5!45C8>[53!>2!
458C=>:2<! =;C=! \;5C8TL! \G?8=>IC=5TL! \B45<54I5T! C23! \GC45! D:4T! =;5!5C4=;!5I52!
6;>85!=;57!453?G5!=;5!5C4=;!=:!C2!>2D>2>=5!<=:45;:?<5!C23!B5=4:8!<=C=>:2P!
!OVO!
I>56L! B:=52=>C887! GC=C<=4:B;>G! >AB8>GC=>:2<L! C23! ;52G5! E?5<=>:2<!
G:2G542>2F!=;5>4!?8=>AC=5!A5C2>2FL!<>F2>D>GC2G5!C23!IC8?5!C45!2:=!=CK52!
?B! >387P! $2! BC4=>G?8C4L! >D! :25! 45FC43<! =;5! 5C4=;! C<! A54587! C2! C<B5G=L!
C==4>@?=5! :4! <G;5AC=>G! D5C=?45! :D! =;5!6:483L! C23! =;5!6:483! >=<58D! C<! C2!
?==5487!>AB525=4C@85L!E?C<>'A7=;>GC8!C?=:'35<=>2>2F!>2<?<G5B=>@85!=:!C27!
B:<<>@85!;?AC2! G:2=4:8! :4! >2D8?52G5L! =;52!6;52! >=! G:A5<!3:62! =:! =;5!
G:2G45=5! =C<K!:D! 45BC>4>2F! =;5! 5C4=;! k! C23! >=! GC22:=!@5!352>53! =;C=! =;5!
5C4=;!;C<!@552!<?@X5G=53!=:!=;5!A:<=!I>G>:?<!<>5F5!D:4!:I54!=6:!G52=?4>5<!
2:6! k! :25! D>23<! :25<58D! 35B4>I53! :D! 5I547! B:<<>@85! <=4C=5F>G!
>2=54I52=>:2!<CI5!:25S!=;C=!:D!\4585C<>2FT!:25<58D!>2=:!=;><!35<=>2>2F!C23!
:D!85C42>2F!=:!CGG5B=!>=!C<!C!\F>D=!:D!"5>2FTP!"?=!>=!><!5C<7!=:!<55!=;C=!=;><!><!
2:=! C27! >2=54I52=>:2! C=! C88L! @?=! 4C=;54! =;5! =:=C8! C@25FC=>:2! :D!
>2=54I52=>:2P! $D! ;?AC2<! C45! 2:=! =;5! GC?<5! @?=! :287! =;5! CF52=<! :4!
B54B5=4C=:4<!:D!=;><!<>5F5L!>D!=;5!<>5F5!><!A54587!=;5!5DD5G=!:D!<:A5!E?C<>'
=4C2<G52352=! A:I5A52=! d:4! C=! @5<=L! :D! C! A?=?C8! C@C23:2A52=! C23!
:@8>I>:2L! B#0&7=#6)177#&"#0.! C23! B#0&7=#6*#77#&"#0.eL! =;52! 2:=! :287! ><! C88!
>2=54I52=>:2!D?=>85L!@?=!>2!DCG=!>=! ><!BC4=!C23!BC4G58!:D!=;5!B4:@85A!>=<58D!
>2C<A?G;!C<!>=!><!>=<58D!C2!CG=?C8>[C=>:2!:D!=;5!BC4=>G?8C4!D:4A!:D!=523>2F!
=;5!5C4=;!G:AA52<?4C=5!6>=;!>=<!B45<52=!;><=:4>GC8!>2<=C2=>C=>:2!C<!A545!
>2I52=:47! dB?45!6>88>2FL! GC8G?8C=>I5L! \<=4C=5F>GT! 4C=>:G>2C=>:2L! 5F:>G! <58D'
C<<54=>:2L!5=GPeP!U:2<5E?52=87!45C8!CG=>:2!>2!=;5!6:483!><!<?BB8C2=53!@7!C!
K>23!:D!<:=54>:8:F7!C23!B><=:8:F7S!:25!GC2!:287!6C>=!C23!B45BC45!D:4!=;5!
\<CI>2F! B:654T! >2! =;5! D:4A! :D! C! 45=?42! :D! C! F:3! :4! F:3<L! :4! =;5!
!OVM!
>2C?F?4C=>:2!:D!C!256!C23!6;:887!:=;54!@5F>22>2F!:D!;><=:47P!):65I54L!
>D! :25! =;>2F! ><! G85C4! =:! ?<! =:3C7L! >=! ><! =;C=! DC>=;! C23! <C8IC=>:2! C45! 2:!
8:2F54!I>C@85!:B=>:2<!D:4!35C8>2F!6>=;!A?G;!:D!C27=;>2FL!C23!85C<=!:D!C88!
6>=;!=;5!K>23!:D!5G:8:F>GC8!3><C<=54!=;C=!34C6<!25C454!5CG;!3C7!=;C=!65!
45D?<5! =:! 45>2! >2! =;5! D:4G5<! :D! 45852=85<<! F4:6=;! C23! B4:3?G=>:2P! (;5!
A:<=! ?4F52=! E?5<=>:2L! =;52L! ><! ;:6! =:! >2=54I525!6>=;:?=! 5WCG54@C=>2F!
=;5! I547! G4><><! 25G5<<>=C=>2F! =;5! >2=54I52=>:2P! (CK52! >2! C! B?4587! ,'6(1)!
<52<5L! =;><! B4:B5487! )5>35FF54>C2! E?5<=>:2! ><! C! <:?23! :25a! 75=! 65!
GC22:=! 5I52! @5F>2! =:! C3345<<! >=! ?2=>8! 65! ;CI5! 3><G:I5453! C! A:45!
:4>F>2C47!35=54A>2C=>:2!:D!8>D5!C<!C2!C?=:2:A:?<!A:35!:D!@5>2F!C23!:D!
=;5!5C4=;!C<!=;5
!
:12$'M+"'
!
!
M"+12-'1'<%3-%..%231#'536%G:>%#"/%#",".?E'
1#';9$,3#%'O*%$)>'"6'O"/%'F1&3)'M>%/%&'
!
!
!
!
!OVQ!
!>1A$%2'P'
!
(#'8#3$31,':>%#"/%#",".3)1,'!>121)$%23Q1$3"#'
"6'F%3#.G3#G$>%GJ12$>'
!
!
$P!-458>A>2C47!G:2<>354C=>:2<!
!
.?4! 45C3>2F! :D! )5>35FF54! >2! -C4=! .25! ;C<! @4:?F;=! =:! 8>F;=! =6:! K57!
A:A52=<!:4!585A52=<!:D!<:A5=;>2F!8>K5!?2>I54<C8L!B4>A:43>C8!8>D5S!:2!=;5!
:25! ;C23L! =;5! B:<<>@>8>=7! :D! C2! \:45G=>GT! D:4A! :D! >2'@5>2F! C<! <?G;L! C!
G:AB:252=! :D! =;5! B?45! :B5225<<! :D! =;5! 0.$ )0=#7>?'6)27! =;C=! 3:5<! 2:=!
>2I:8I5!CBB45;52<>:2!:D!@5'>2Fa!:2!=;5!:=;54!;C23L!=;5!B:<<>@>8>=7!:D!C2!
C?=:2:A:?<!8C754!:4!3>A52<>:2!:D!3><G8:<?45L!=;5!5C4=;L!>2!6;>G;!=;>2F<!
C45!AC2>D5<=L! CFC>2!2:=!C<!@5>2F<L!@?=!2:6!C<! =;5!C<<C>8>2FL! C<<C?8=>2FL!
52=;4C88>2FL! 5=GPL! =;5<5! =;5A<58I5<! @5>2F! >2=>AC=587! @:?23! ?B! 6>=;!
5WB54>52G5<!:D!6C2=L!;C43<;>BL! >2<5G?4>=7!C23! =;5! 8>K5P!.?4!C>A! >2! =;><!
G;CB=54!><!@:=;!=:!45G:2G>85!=;5<5!=6:!A:A52=<!>2!=;5!?2>=C47!G:2G5B=!:D!
@5>2F'>2'=;5'5C4=;! C23! =:! 3><52=C2F85! =;5>4! IC4>:?<! B453>GC=5<S! 35<>45L!
B?4<?>=L! C<<C?8=L!2553P!(;><!A?<=!@5!CGG:AB8><;53! >2! <?G;!C!6C7!C<! =:!
45<B5G=!=;5!=6:!AC>2!35<>354C=C!:D!=;5!?2>I54<C8>=7!:D!B?45!8>D5!C23!=;5!
<>2F?8C4>=7!:D!B?45!5W><=52G5P!J5!<;C88!CGG:AB8><;!=;><!45G:2G>8>C=>:2!@7!
A5C2<! :D! =;5! D:88:6>2F! =6:D:83! <=4C=5F7P! 0>4<=L! 65! 6>88! C3IC2G5! C!
!OV_!
B:<>=>I5! =;5AC=>G! C2C87<><! :D! R#0&*Z0&Z."#Z#16."! =CK52! C<! =;5! D:4AC8!
35D>2>=>:2! :D! B;52:A52C8! :4! CG=?C887! 8>I53! 8>D5P! "?>83>2F! :2! 6;C=! 65!
;CI5!C845C37!5<=C@8><;53L!65!6>88!C==5AB=!=:!D85<;!:?=!=;><!@5>2F'>2'=;5'
5C4=;!6>=;!<:A5!A>2>AC8L!F5254C8!<=4?G=?4C8!G:2=52=!k!C23!;545!>=!6>88!@5!
25G5<<C47! =:!F?C43!CFC>2<=! DC88>2F!@CGK!:2=:! >2C35E?C=5!2:=>:2<!:D! 8>D5!
=;C=! 35B4>I5! =;5! G:2G5B=! :D! @5>2F'>2'=;5'5C4=;! :D! >=<! D:4G5! C23!
<>F2>D>GC2G5P!R5G:23L!65!6>88!>2I5<=>FC=5!=;5!458C=>:2<;>B!@5=6552!@5>2F'
>2'=;5'5C4=;! C23! @5>2F'>2'=;5'6:483L! 8>D5! C23! 5W><=52G5L! 6>=;! =;5!
>2=52=>:2!:D!C44>I>2F!C=!C!A:45!G:AB45;52<>I5!>2=54B45=C=>:2!:D!:?4!:62!
;?AC2! 6C7! =:! @5! >2! >=<! =:=C8>=7L! >P5PL! C<! C! )0=0&*$ #407.#&;#P! (;><!
>2I5<=>FC=>:2!6>88!C<<?A5!=6:!3>DD5452=!C23!E?>=5!BC4=>G?8C4!D:4A<L!C23!
6>88!B4:I5!=:!;CI5!<:A56;C=!DC4'45CG;>2F!>AB8>GC=>:2<P!J5!<;C88!:?=8>25!
=;5<5!A:45!G85C487!@58:6P!
!
*P!(;5!G:2G5B=!:D!A?8=>B85
!OV`!
;C<!2:=!:287!=:!35G>B;54!=;5!A5C2>2F!:D!=;><!\45C8>=7T!@?=!C8<:!=:!G:2D4:2=!
=;5!B4:@85A!:D!=;5!>AB:<<>@>8>=7!:D!\=4C2<B:<>2FT!:25<58D!D4:A!:25!A:35!
:D! B54G5>I>2F! >2=:! =;5! :=;54P! 0:4! =;><! 45C<:2L! >P5PL! <>2G5! 65! :?4<58I5<!
25I54!8>I5L!=;5!C2>AC8T<!8>D5!@5G:A5<!<:A5=;>2F!A7<=54>:?<!C23!:@<G?45P!
"?=! >=! <;:?83! @5! :@I>:?<! =;C=! =;545! ><! 2:! G:2=4C3>G=>:2! >2! =;>2K>2F! C!
<>2F85!D>583!:4!:B52!6>=;>2!6;>G;!=;>2F<!C45!3><G8:<53!>2!C27!2?A@54!:D!
6C7<! >2! CGG:43C2G5! 6>=;! <B5G>D>G! <=4?G=?4C8! G:2<=4C>2=<P! R:A5:25! 6>88!
3:?@=85<<! :@X5G=S! \"?=! ;:6!3:5<! :25! 5I54!B?4B:4=! =:! nF5=! :?=<>35o! =;5!
6:483L!C<!7:?!<C7!k!=;C=!><L!:?=<>35!=;5!45C8A!:D!5W><=52G5!C23!>2=:!<:A5!
6;:887! n5W=4C6:48387o! 8>D5'<B;545mT! )545! 65! <;:?83! ;CI5! =:! 45<B:23!
=;C=! =;><! ><! =:! =?42! =;5!6:483! >2=:! >=<! 5WCG=! :BB:<>=5L! >P5PL! >2=:! =;5! I547!
=;>2F! =;5! G:2G5B=! :D! 6:483!6C<! 35<>F253! =:! 45D?=5P! 0:4! =;5!6:483! d=:!
45B5C=e! ><!25>=;54! =;5! =:=C8>=7!:D! =;5!CG=?C8!2:4! =;5!I5<<58! >2!6;>G;! =;><!
=:=C8>=7!6:?83!@5!G:2=C>253a! 4C=;54! >=! ><! ."#$6#1)($',$(1&0,#7.1.0'&$0&7',16$
17$(1&0,#7.1.0'&$"155#&7$XR#0&*)+IL!=;C=!><L!>2!C!R#'>2F!<:4=!:D!6C7P!"?=!=;545!
><! 2:! =45A523:?<! 3>DD>G?8=7! >2! <?BB:<>2F! C2! 52=>4587! <5BC4C=5!
\;CBB52>2FTL! :25! =;C=! G:?83! :GG?4! >2! C33>=>:2! =:L! C8:2F<>35! :4! 5I52!
G:5IC887!6>=;!=;><!6:48387L!\@5>2F87T!;CBB52>2FP!
! $2!DCG=!<:A5!<?G;!I>56!C<!=;><!><!B45D>F?453!>2!)5>35FF54T<!5C48>5<=!
6:4KL! >2! 6;C=! A>F;=! 8::<587! @5! 35<G4>@53! C<! C! \=;5:47! :D! A?8=>B85!
6:483<TP!(;5!2:=>:2!:D!=;5!6:483!><!D85W>@85!;545a!>2<:DC4!C<!=;5!6:483!><!
C! ?2>=C47! B;52:A52:2L! =;5<5! A?8=>B85! 6:483<! A>F;=! X?<=! C<! 6588! @5!
35<G4>@53!C<!\<?@'6:483<TL!3>A52<>:2<!:D!6:483L!5=GP!$2!C27!GC<5!=;5!>35C!
!OV^!
><!<=4C>F;=D:46C43!52:?F;P!*<!)5>35FF54!5WB8C>2<!>2!JR!OYMO'MS!
!
(;5! 6;:85! :D! 8>D5L! >2! 5I547! GC<5! >2! C! 6:483L! GC2! @5! CG=?C8>[53! >2!
AC4K5387!3><=>2G=!3>45G=>:2<P!(;5!3><=>2G=>I5!3>45G=>:2<!:D!G:2G542!<5=!
>2=:! 458>5D! 45<B5G=>I5! ?'6)27$ ',$ ;'&;#6&! pB'6*#&?#).#&qP! (;C=! =:6C43!
6;>G;!C!DCG=>GC8!8>D5!><!3>45G=53!>2!G:2G542L!=;5!6:483!>2!6;>G;!>=!8>I5<L!
><L!;:65I54L!C86C7<!:25!=;C=!<=C23<!:?=!D4:A!=;5!@C<>G!6:483<L!6;>G;!
65!35<>F2C=5!C<!=;5!<?44:?23>2F!6:483L!=;5!<;C453!6:483L!C23!:25T<!
:62!6:483!pN(ZW$V0.Z$/&2$B#)R7.?#).qPO!
!
(:! <C7! =;C=! DCG=>GC8! 8>D5! ><! C86C7<! C! 8>I>2F! C8:2F! A?8=>B85! \AC4K5387!
3><=>2G=!3>45G=>:2<T!><!<>AB87!=:!35<G4>@5!C!8>I>2Fg6:483>2F!=;C=!;CBB52<!
>2!:25!:4!<5I54C8!<?@'6:483<!<>A?8=C25:?<87P!(;5<5!<?@'6:483<!C45!2:=!
><:8C=53!45C8A<L!5CG;!=:=C887!5W=54>:4!=:!C23!B54AC252=87!<5C853!:DD!D4:A!
=;5!:=;54<! C23! G:AB4><>2F! >=<! :62! <B5G>C8! >2I52=:47!:D! 52=>=>5<L! <=C=5<L!
5WB54>52G5<L! <=4?G=?45<L! A:35<! :D! G:AB:4=A52=L! 5=GP! k! \p=;545q! C45! 2:!
<=4>G=!@:?23C4>5<!;545a!=;5!nBC4=>=>:2<o!GC2!<;>D=!C=!C27!A:A52=TPM!+C=;54!
65! ;CI5! =:! 3:! 6>=;! C! A?8=>B8>G>=7! :D! G:'B45<52=! C23! >2=54B525=4C=>2F!
8C754<L!G54=C>2!:D!6;>G;!C45!C=!C27!F>I52!=>A5!>2!C!458C=>:2!:D!B4:A>252G5!
:4!G:2<B>G?:?<25<<!I><'�'I><!=;5!:=;54<L!6;>G;!D:4!=;5>4!BC4=!=;52!45G535!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O!&*!`OL!YQg^NP!
M!$@>3PL!Y`g^MP!
!OVV!
>2=:!=;5!@CGKF4:?23S!
!
(;5<5!6:483<!A?<=! 2:=! @5! <5=! >2! :4354! @5<>35! :25! C2:=;54! C<! =;455!
3:AC>2<! :D! 45C8>=7! C@<:8?=587! 358>A>=53! >2! C3IC2G5L! 6;>G;! E?C2=>'
=C=>I587! >2G45C<5! :4! 35G45C<5! >2! G:2=52=! CGG:43>2F! =:! ;:6! AC27!
:@X5G=<L!=;>2F<L!:4!B5:B85!\5W><=T!>2!=;5AP!.2!=;5!G:2=4C47L!=;5!<52<5!:D!
=;5>4!3><=>2G=>I525<<! 8>5<! >2! =;5! 45<B5G=>I5!B4:A>252G5l:D! =;5!A:35!
:D!GC4>2FL!6;>G;!>=<58D!GC2!@5!A:=>IC=53!>2!IC4>:?<!6C7<l*!D:4=>:4>L!
5I547!<5==>2F!>2=:!3><=>2G=!458>5DL!6;5=;54!GC44>53!:?=!5WB8>G>=87!:4!2:=L!
><! 35=54A>2C=>I5! D:4! =;5! 6C7! 8>D5! =;52! 8>I5<! C<! CG=?C8>[53! >2! =;C=!
3><=>2G=!6:483l(;5!<5==>2F!>2=:!458>5D!><!2:=!C!A545!5WB8>G>=!BC7>2F!:D!
C==52=>:2!@?=!><!>2<=5C3!B4>AC4>87!C!=CK>2F!:D!3>45G=>:2!:2!=;5!BC4=!:D!
=;5! 52=>45! 8>D5P! (;><!A5C2<! =;C=L! 5PFPL! =;5! <5==>2F! >2=:! 458>5D! :D! :25T<!
:62!6:483! ><!2:=!C!352>C8!:D! =;5!:=;54<L!@?=L!E?>=5! =:!=;5!G:2=4C47l!
G:'CG=?C8>[5<L! C23! 35=54A>25<! =;5! <52<5! :DL! C2! CBB4:B4>C=>:2! :D! =;5!
<;C453!6:483!C23!=;5!<?44:?23>2F!6:483!k!C23!=;5!<CA5!D:4!5CG;!:D!
=;5!:=;54<PZ!
!
! (;5! ?2>D>53! =:=C8>=7! :D! =;5! 45C8A<! G:2<=>=?=5<! \=;5! D?88! 8>D56:483TL!
6;>G;! \><! >2! 5CG;! GC<5! 5WB54>52G53! >2! :25! :D! =;5<5! B4:A>252G5<L!
5WB8>G>=87! :4! 2:=TP! "?=! B4:A>252G5! 3:5<! 2:=! A5C2! B45'5A>252G5! :4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z!$@>3PL!YQDPg^OP!
!OVY!
B4>I>85F5a! 4C=;54! \2:25! :D! =;5! 6:483<! ;C<! C! 25G5<<C4>87! B4>I>85F53!
B:<>=>:2a!>23553L!>=!><!B45G><587!G;C4CG=54><=>G!:D!=;5!A:35!:D!AC=?4C=>:2!
:D!DCG=>GC8!8>D5!=:!8>I5!=;5!6:483!>2!C!<B5G>D>G!>23><=>2G=>:2!:D!6:483<TP!$=!><!
=;?<! C! AC==54! :D! 35=54A>2>2F! =;5! AC2>D:83! <=4?G=?4C8! 458C=>:2<! C23!
A:3>D>GC=>:2<! :D! C23! @7! =;5! 3>DD5452=! <?@'6:483<! >2! =;5>4! IC4>:?<!
G:A@>2C=>:2<! C23! A:35<! :D! <=C23>2F! :?=! C23! ;:83>2F! @CGKP! (;5!
<=C23>2F! :?=! :D! :25! :D! =;5! <?@'6:483<! \G:'CG=?C8>[5<T! =;5! :=;54<! C8:2F!
6>=;! >=!C23!=;545@7!35=54A>25<!=;5>4!<52<5! >2!CGG:43C2G5!6>=;! >=<!:62P!
*<!65! ;CI5! C845C37! <552L! =;5! 585A52=! =;C=! G:2<:8>3C=5<! =;5<5! IC4>:?<!
<?@'45C8A<! C23! ?2>=5<! =;5A! C<! 45C8A<! :D! C! <>2F85L! ?2>I54<C8! \D?88!
8>D56:483T! ><! =;5!?4'<=4?G=?45!:D! \>2'@5>2FT!C<!<?G;L! =;5!A:<=!B4>A:43>C8!
35=54A>2C=>:2!:D!=;5!:4>F>2C47!0.$)0=#7>?'6)27P!*GG:43>2F87L!><!>=!C27!F45C=!
D5C=!=:!>ACF>25L! >2!C33>=>:2!=:!=;5!52I>4:2>2F'6:483L!=;5!<;C453'6:483L!
=;5!6>=;'6:483! C23! =;5! <58D'6:483L! <:A5=;>2F! 8>K5! C2! \5C4=;'6:483T! C<!
:25! BC4=>G?8C4! <?@'6:483! >2! C23! D:4! 6;>G;! G:2G542! C<! C! 458C=>:2C8! >2'
@5>2F! =CK5<! :2! >=<! :62! ?2>E?5! D:4A! d>2<=>2G=?C8! 34>I5225<<L! ?4F5L!
>2G8>2C=>:2L! 5=GPeL! C23! =;C=L! D:4! 6;C=5I54! 45C<:2L! 3:5<! 2:=! >2I:8I5!
C27=;>2F! 8>K5! C! @5>2F'CBB45;52<>:2m! J5! G:?83! =;52! ><:8C=5! =;><!
35<>4>2F'!:4!34>I>2F'6:483L!C2C87[5!C23!35<G4>@5!>=<!B4>2G>BC8!<=4?G=?45<!
C23! D5C=?45<! C23! 5WB8:45! >=<!AC2>D:83! >2=54G:225G=>:2<!6>=;! =;5! :=;54!
K2:62! <?@'6:483<P! $2! =;><! 6C7! 65! <;:?83! C44>I5! C=! C2! 58?G>3C=>:2!
25>=;54!:D!G8C<<5<!:D!52=>=>5<!2:4!:D!A:35<!:D!CBB45;52<>:2!:D!45C8>=7L!@?=!
>2<=5C3! C23! <>AB87! :D! =;5! <?@'6:483<! =;5A<58I5<! >2! =;5>4! IC4>:?<! C23!
!OYN!
458C=>I5! <=C=5<! :D! ><:8C=>:2! C23! G:A@>2C=>:2P! -:<>=>I5! 35=54A>2C=>:2! :D!
BC4=>G?8C4! #&.0.0#7! G:?83! :287! G:A5! CD=54! =;5! DCG=L! =;C=! ><L! @7! 6C7! :D! C!
A5=CB;7<>G<! :D! 8>D5! =;C=! G:?83! F4:?23! =;5<5! <?@'6:483<! >2! C! =;5:47! :D!
=;5!45C8!C<!<?G;P!
! (;C=!=;5!=;5:47!:D!A?8=>B85!<?@'6:483<!><!2:=!5C<>87!45G:2G>853!6>=;!
=;5!G:2=>2??A!=;5:47!:D!8>D5!><!CBBC452=P!0:4!:25!=;>2FL!=;5!5C4=;'6:483!
d>P5PL! =;5!:45G=>G! :4! >2<=>2G=?C8!6:483e! ><! @7!2:!A5C2<! C!A:45!B4>A>=>I5!
AC2>D5<=C=>:2!:D!:25!:4!C2:=;54!<?@'6:483L!@?=!4C=;54!<=C23<!C8:2F<>35!
C88! =;5! :=;54!6:483<! C<! =;5>4! 5E?C8a! =;?<! >=!ACK5<!2:! <52<5! =:! <?BB:<5!
=;C=!:25!A>F;=!G:AB45;523! =;5!5C4=;'6:483! \@7!C2C8:F7T! d453?G=>I587e!
6>=;! <:A5! :=;54! <?@'6:483P!/:45:I54L! =;545! ><! 2:=;>2F! =:! B45I52=! ?<!
D4:A!=CK>2F! =;5!5C4=;'6:483! >2=:!CGG:?2=! >2! =;5!C2C87<><!:D!<B5G>D>GC887!
;?AC2! DCG=>GC8! 8>D5a! :25! A>F;=L! D:4! 5WCAB85L! 5WCA>25! =;5! G:AB:?23!
45C8A!®5C4=;'6:483!¯!6>=;'6:483°!¯!®<58D'6:483!¯!6>=;'6:483°L!=;C=!><!=:!
<C7L!=;5!6C7<!>2!6;>G;!=;5!BC4=>G?8C4!K>23!:D!6>=;'25<<!G;C4CG=54><=>G!:D!
:45G=>G! 8>D5! >2D8?52G5<! C23! A:3>D>5<! =;5! 6C7<! >2! 6;>G;! :=;54! d8>I>2Fe!
;?AC2!@5>2F<!CBB5C4!=:!?<!>2!=;5!G:2=5W=!:D!:?4!:62!<58D'G:2G542P!(;545!
C45!<5I54C8!A:A52=<!6;52!>=!<55A<!C<!>D!)5>35FF54!><!<=C4=>2F!=:!A:I5!
3:62! =;><!BC=;! dD:4!5WCAB85L! >2! =;5! <GC==5453!BC<<CF5<!:2!<=>A?8C=>:2L!
C88?45A52=L!?4F5!C23!<:!D:4=;eP!"?=!C<!65!;CI5!<552L! >=! ><!C!BC=;!=;C=! ><!
<6>D=87! C23! 35G><>I587! G8:<53! :DD! C23! 453>45G=53! @7! =;5!A:45! B45<<>2F!
B4:@85A!:D!=;5!A5C2>2F!:D!@5>2FP!
!
!OYO!
"P!0>W>2F!=;5!3:AC>2!C23!5<=C@8><;>2F!=;5!>=>254C47!:D!E?5<=>:2>2F!
!
-;52:A52:8:F>GC887! <B5CK>2FL! =;5! B4:@85A! :D! =;5! G:'B45<52G5! :D!
A?8=>B85
!OYM!
6;>G;!65!<B5CK!:D!n2C=?45!:?=!=;545oL!;>88L!6::3<L!A5C3:6L!@4::KL!=;5!
D>583!:D!6;5C=L!=;5!GC88!:D!=;5!@>43<TL!5=GP!k!\p=;><q!@5>2F!><!>2=4C6:48387TP!
!
"?=!D:4!C88!=;C=L!>2=4C6:4838>25<<!3:5<!2:=!@58:2F!=:!2C=?45T<!@5>2Fl$=!
><L!5I52! >D!65!3:!2:=!?2G:I54! >=L!6>=;:?=!:?4!52G:?2=54>2F! >=!6>=;>2!
:?4!6:483P! "5>2F!6>=;>2! =;5!6:483!2#=')=#7$ /5'&! =;><! @5>2FL! 2C=?45L!
<:8587!6;52! >=! ><!/&;'=#6#2! C<! C!@5>2F! p$2254658=8>G;K5>=! ,E)).!3>5<5A!
R5>52352L!354!%C=?4L!3C22!853>F8>G;!F/L!6522!5<!C8<!R5>5235<!#&.2#;A.!
><=qP! "5>2F! >2! =;5! 6:483! 3:5<! 2:=! "1=#! =:! 35I:8I5! ?B:2! 2C=?45l!
$2=4C6:4838>25<<! @58:2F<! =:! =;5! @5>2F!:D! =;5! 5W=C2=L! 2C=?45L!&'.! C<! C!
35=54A>2C=>:2! :D! >=<! @5>2FL! @?=! C<! C! 5'770R)#! 35=54A>2C=>:2L! C23! :25!
=;C=!><!25G5<<C47!D:4!=;5!B:<<>@>8>=7!:D!=;5!?2G:I54C@>8>=7!:D!2C=?45l!
p>P5PLq!@5>2F!6>=;>2!=;5!6:483!3:5<!2:=!@58:2F!=:!=;5!R#0&*!:D!2C=?45P_!
!
"?=!>2!=;><!GC<5!65!AC7!C<!6588!<C7!=;C=!=;5!5C4=;L!=::L!><!=;5!<:4=!:D!=;>2F!
=;C=!AC7! :4!AC7!2:=! \35I:8I5! ?B:2T! =;><! 52=>=7L! \2C=?45Ta! =;5! 5C4=;L! >2!
:=;54!6:43<L!3:5<!2:=!B:>2=!=:!C27=;>2F!>2=4>2<>G!=:!2C=?45!>=<58DL!@?=!><!
:287L!8>K5!=;5!6:483L!C!B:<<>@85!D:4A!:D!\G:2=4CG=>:2T!d=:!?<5!C!"54F<:2>C2!
=54Ae! :D! 2C=?45P! %C=?45! ><! <:A5=;>2F! 8>K5! ."#$ 71(#! =;C=! G:2X:>2<! C!
20,,#6#&;#$',$'5#&0&*7!k!=;C=!6;>G;!8>5<!R#.?##&!C!A?8=>B8>G>=7!:D
!OYZ!
D>583! :D! 3><G8:<?45L! =;5! G85C4>2FL! \=;545TL!H1L! 5=GPe! ><! <>AB87! =;5! ?2>=C47!
AC2>D:83!45<?8=>2F!D4:A!<?G;!\35I:8?=>:2<T!d6;5=;54!:25!:4!<5I54C8eP!
! *88!:D!=;><L!;:65I54L!><!>44585IC2=!C=!B45<52=P!$=!><!2:=!\2C=?45T!=;C=!><!
F>I52!=:!?<!>2!>2=?>=>:2!@?=!=;5!6:483!k!C23L!65!C45!>2<><=>2FL!=;5!5C4=;P!
J5! 3:! 2:=! 45E?>45! C! =;5:47! :D! 2C=?45! >2! :4354! =:! F5=! C=! =;5! 5C4=;L!
C8=;:?F;! >=! AC7! =?42! :?=! =;C=! =;><! I>56! :D! =;5! 5C4=;! 25G5<<C4>87!
>AB8>GC=5<!<:A5!<?G;!A5=CB;7<>G<!:D!2C=?45!C<!65!;CI5!X?<=!<?FF5<=53P!
0:4!=;5!=>A5!@5>2F!>=!><!<>AB87!=;5!5"#&'(#&'&!:D!=;5!5C4=;!=;C=!>2=545<=<!
?<P!
! 0C4!A:45!B45<<>2F!=;C2!=;5!A5=CB;7<>GC8!E?5<=>:2! ><! =;5!5B><=5A:'
8:F>GC8!:25L!2CA587S!;:6!3:5<!:25!>352=>D7!<:A5=;>2F!8>K5!C2!5C4=;'[:25!
>2!=;5!D>4<=!B8CG5L!5<B5G>C887!>2<:DC4!C<!=;><!><!?2354<=::3!=:!G:2<=>=?=5!C!
[:25!>2!6;>G;!@5>2F!><!<:A5;:6!C@<52=m!$2!:=;54!6:43<L!C<<?A>2F!<?G;!
C!8>D5'[:25!CG=?C887!=:!5W><=L!>2!6;C=!<52<5!G:?83!65!5I54!;:B5!=:!K2:6!>=!
C<!>=!><!>2!>=<58Dm!0:4!5I52!>D!65!G:?83!<:A5;:6!=4C2<B:<5!:?4<58I5<!>2=:!
=;><! [:25L! 6:?83! 65! 2:=! @5! G:235A253! =:! 35<G4>@5! >=! D4:A! =;5!
B54<B5G=>I5!:D!:?4!5W><=52G5L!=;C=!><!=:!<C7L!@7!34C6>2F!:2!=;5!45<:?4G5<!
:D! =;5! 6:483m! J:?83! 65! 2:=! =;545D:45! 523! ?B! :2G5! CFC>2! 6>=;! C!
=;:4:?F;87!>2=4C6:48387!>2=54B45=C=>:2!:D!8>D5m!$23553!65!6:?83L! >D! =;5!
B4:@85A! ;C3! C27=;>2F! C=! C88! =:! 3:! 6>=;! \=4C2<B:<>=>:2TL! \F:>2F! C8:2F!
6>=;lTL! 5=GP! k! C<! >D! >2=:! <:A5! C8>52!3:AC>2P!"?=! ;545!65!A?<=! <>AB87!
C<<?A5L!C<!C!DCG=!F>I52!=:!>AA53>C=5!>2=?>=>:2L!=;C=!65!:?4<58I5<!8>I5!>2!
=;5!A:<=!@C<>G!<52<5L!=;C=!8>D5!><L!C8:2F!6>=;!5W><=52G5L!G:2<=>=?=>I5!:D!:?4!
!OYQ!
:62A:<=! ;?AC2! 6C7! =:! @5P! 1>D5! ><! 2:=! <:A5! 58?<>I5L! 2:2';?AC2!
B;52:A52:2!<?G;!=;C=!>2!:4354!=:!CBB45;523!>=!65!6:?83!;CI5!D>4<=!=:!
85CB! :?=! :D! :?4! :62! <K>2<! C23! G45C=>I587! 45G:2<=4?G=! >=! >2! =;5!
>ACF>2C=>:2P! (:! >2I5<=>FC=5! 8>D5! >=! ><! 2:=! 25G5<<C47! =:! =47! C23! B?=!
:?4<58I5<!>2!=;5!@:37!:4!G:2<G>:?<25<<!:D!<:A5!\8>I>2F!@5>2FT!5<<52=>C887!
3>DD5452=!D4:A!:?4<58I5<P!+C=;54!>=!><!AC==54!:D!85C42>2F!=:!<5BC4C=5!:?=!C!
8C754! :D! 5WB54>52G5!6>=;!6;>G;!65! C45! 1)6#12+! C23! >2=>AC=587! DCA>8>C4!
>2<:DC4!C<!65!16#!>=P!J5!A?<=!<=4>I5!=:!<55!=;5!8>D5!=;C=!><!6:I52!<:!D>2587!
C23!<5CA85<<87!>2=:!=;5!DC@4>G!:D!:?4!5W><=52G5!=;C=!65!<GC4G587!2:=>G5!>=L!
A?<=! <=4>I5! =:! <55! =;5! D>583! :4! =;5! :B52! >=<58D! C<! C! <>2F85! DC@4>G!6:I52!
D4:A! =6:! 3>DD5452=!AC=54>C8<L!A?G;! C<!65! GC2! =?42! :?4! C==52=>:2! =:! C!
B;7<>GC8!:@X5G=!C23!G:2<>354!>=!2:6!C<!<BC=>C8L!2:6!C<!=5AB:4C8P!(;C=!65!
3:!2:=!<55!>=!>2!=;><!6C7!><!2:!F45C=!A7<=547a!>23553!=;5!45C<:2!;C<!@552!
35<G4>@53!B54D5G=87!6588!@7!)5>35FF54!;>A<58DS!B45G><587!@5GC?<5!65!C45!
G8:<5<=!=:!:?4<58I5<!'&.0;1))+L!65!C45!D?4=;5<=!D4:A!:?4<58I5<!'&.')'*0;1))+a!
X?<=!@5GC?<5!65!G:2<=C2=87!:@<5<<!:I54!:?4!\<58I5<TL!65!45AC>2!:@8>I>:?<!
=:!=;5!R#0&*!:D!=;><!\<58DTP!.?4!:62!@5>2F!45G535<!>2=:!=;5!<;C3:6<a!>=!><!
:D!C88!=;>2F<!=;5!A:<=!3>DD>G?8=!=:!<55!C23!35<G4>@5!C35E?C=587P!(;?<!>=!><!
52=>4587!>2!K55B>2F!6>=;!=;><!:@<54IC=>:2!>D!65!;545!C4F?5!=;C=L!35<B>=5!
=;5!C2C87=>G!:D!5W><=52G5!d:4!B54;CB<L!>2!C!6C7L!@5GC?<5!:D!>=eL!65!C45!<=>88!
2:=!D?887!CGE?C>2=53!6>=;!:?4<58I5<L!C45!<=>88!?2K2:62!=:!:?4<58I5<P!*=!
C27!4C=5L!=;545!><!2:!\B4:@85A!:D!8>D5T!>2!=;5!<52<5!:D!<>=?C=>2F!>=!I><'�'I><!
5W><=52G5P!R?G;!C!B4:@85A!6:?83! D>4<=!;CI5! =:!@5! >2I52=53a! =;5!;?AC2!
!OY_!
@5>2F!6:?83!D>4<=!;CI5!=:!@5!G:AB85=587!<;:42!:D! >=<! 8>D5L!<?G;!=;C=!:25!
G:?83!=;52!B?[[85!:I54!6;545!>=!;C<!IC2><;53!=:!:4!;:6!>=!G:?83!5I54!@5!
\=4C2<B:<53!>2=:TP!
! %:6!>=!><!B45G><587!D:4!=;><!45C<:2L!>P5PL!@5GC?<5!>=!><!C86C7<!:?4!:62!
8>I>2F!=;C=!><!C=!><<?5L!=;C=!65!2:=!:287!GC2!@?=!>23553!(/7.!<5=!C<>35!C88!
<G>52=>D>G!>2I5<=>FC=>:2!:D!8>D5P!$D!8>D5!><!=CK52!<>AB87!C<!C!A:3C8>=7!:D!:?4!
:62!@5>2FL! >D!65!C45! >2! 8>D5! C23!2:=! 8>D5! >2!?<L! =;52! >=! D:88:6<! =;C=! =;><!
CG=?C887!8>I53!8>D5!><!CGG5<<>@85!<:8587!=;4:?F;!<58D'5WCA>2C=>:2!C23!<58D'
>2=544:FC=>:2a! =;5! 2553! D:4! C! G:88C@:4C=>:2! 6>=;! @>:8:F7L! [::8:F7L!
5G:8:F7! C23! =;5! 8>K5! ><! 52=>4587! <?B54D8?:?<P! (;><! <=5A<! 2:=! D4:A! C27!
45CG=>:2C47! C2=>'<G>52=>D>G! @>C<! @?=! 4C=;54! C23! <>AB87! D:88:6<! D4:A! =;5!
B45A><5<! :D! :?4! B4:@85AP! (:! >2<><=! :2! =;5! 25G5<<>=7! D:4! <?G;! C!
G:88C@:4C=>:2!6>=;!\8>D5T'<G>52G5!<?FF5<=<!=;C=!:?4!:62!K2:6853F5!:D!8>D5!
><! 25I54! 3>45G=! @?=! C86C7<!A53>C=53! 52=>4587! @7! G:2G5B=<! 34C62! D4:A!
C23! CBB8>53! @7! =;5! >2=5885G=! k! >2! :=;54! 6:43<L! =;C=! =;5! <?A! :D! :?4!
5WB54>52G5! :D! 8>D5! CA:?2=<! :287! =:! C! B?4587! >2=5885G=?C8! 45D85G=>:2! :2!
\8>D5T!C<!C!B:<<>@85!GC=5F:47!:4!A:35!:D!@5>2F!:D!G54=C>2!'."#6!52=>=>5<L!>P5PL!
B8C2=<! C23! C2>AC8<L! C35E?C=5! K2:6853F5! :D! 6;>G;! ><! 45<54I53! D:4!
<G>52G5! @7! I>4=?5! :D! >=<! <B5G>C8! B:654<! :D! :@<54IC=>:2L! C23! =;C=! >D! =;5!
B;>8:<:B;54!;C<!C27!X:@!C=!C88!>=!><!A54587!=:!\>2=54B45=T!6;C=!=;5!<G>52=><=!
:@<54I5<P!"?=!8>D5!><!2:=!\=;5!A:35!:D!@5>2F!:D!B8C2=<!C23!C2>AC8<TL!C23!
;52G5!>2I5<=>FC=>:2!:D!=;5<5!52=>=>5<!><!25>=;54!;545!2:4!=;545P!/:45:I54L!
>=!><!:287!@5GC?<5!65!:?4<58I5<!CG=?C887!8>I5!=;C=!=;545!C4><5<!>2!=;5!D>4<=!
!OY`!
B8CG5! =;5! B:<<>@>8>=7! :D! C2C87[>2F! =;><! 8>I53! 8>D5! >2! >=<! 5WB54>52=>C8!
B4>A:43>C8>=7P! (;5! CG=?C8! 8>I>2F':?=! :D! 8>D5! ;C<! C<! 8>==85! =:! 3:! 6>=;!
5G:8:F7L![::8:F7!:4!25?4:B;7<>:8:F7!C<!>=!3:5<!6>=;!:4FC2>G!G;5A><=47L!
A:85G?8C4!@>:8:F7!:4!E?C2=?A!A5G;C2>G<P`!J5!<;C88!2:=!G:A5!:25!<>2F85!
<=5B! G8:<54! =:!F4C<B>2F!B;52:A52C8! :4!B4>A:43>C8! 8>D5! @7! 52?A54C=>2F!
=;5!IC4>:?<!B4:B54=>5<!C23!D5C=?45<!:D!52=>=>5<!=;C=!C45!C845C37!K2:62!=:!
@5!8>I>2FL!2:=!85C<=!@5GC?<5!65!G:?83!:287!5I54!3:!=;><!:2!=;5!@C<><!C23!
D4:A!:?=!:D!=;5!45<:?4G5<!:D!:?4!:62!8>I>2F!5W><=52G5L!=;5!=:=C8>=7!:D!:?4!
@5>2F'=;545L! >P5PL!C<! =;C=! D4:A!:?=!:D!6;>G;!65!34C6!:?4!A:<=! >2=>AC=5!
K2:6853F5!:D!8>D5P!(;C=!><!=:!<C7L!0&$1))$',$'/6$0&.61Z?'6)2)+$A&'?)#2*#$',$)0,#$
07$ 0(5)0;1.#2$ '/6$ 1;./1)$ )0=0&*$ 0.7#),$ 17$ ?#))$ 17W$ 1&2$ 70(/).1&#'/7)+W$ '/6$
1556#"#&70'&$1&2$0&.#656#.1.0'&$',$."07$)0=0&*P!$=!><!=;><!=;455D:83!458C=>:2!=:!
8>D5!k!:?4!:62!8>I>2FL!:?4! >2=?>=>I5!CBB45;52<>:2!:D! =;><! 8>I>2F!C23!:?4!
>2=54B45=C=>:2!:D! :?4<58I5<! C<! 8>I>2F!k! =;C=!358>A>=<! =;5!;:4>[:2!6>=;>2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`!+52C?3! "C4@C4C<! ;C<! C8<:! >2<><=53! :2! =;><! B:>2=L! 5PFPL! >2! ;><! \1>D5L!
/:I5A52=L! C23! ,5<>45TL! Q#7#16;"$ 0&$ %"#&'(#&')'*+! ZV! dMNNVeL! QDDP! UDP!
)5>35FF54L!&*!`POL! ZMZg%!OL! ONZ! d]:8P! MeS! \(;5! 5<<52G5!:D!AC2!AC7!@5!
35D>253l@7!35<G4>@>2F!;>A!>2!=;5!6C7!:25!3><<5G=<!C23!35<G4>@5<!C!D4:F!
:4! C! 4C@@>=P! *<! >D! >=! ;C3! C845C37! @552! 35=54A>253! =;C=! @7! A5C2<! :D!
@>:8:F>GC8!B4:G53?45<!:25!GC2!G:A5!=:!K2:6!6;C=!C!8>I>2F!G45C=?45!><P!$=!
><!4C=;54!=;5!GC<5!=;C=!=;5!<G>52G5!:D!@>:8:F7!B45<?BB:<5<!C23!=CK5<!D:4!
F4C2=53!>2!>=<!>2>=>C8!<=5B<!6;C=!n8>D5o!><!=:!A5C2!D:4!>=PT!
!OY^!
6;>G;!5I547! >2=4C6:48387! >2=54B45=C=>:2!:D! 8>D5!C4><5<P!(;5! 8>D5'<G>52G5<L!
6;>G;!F4C<B!8>D5!:@X5G=>I587!C23!=:!C!8C4F5!5W=52=!>2!<:A5!B4535=54A>253!
6C7L! GC2!3:! 8>==85!A:45! =;C2! 45>2=54B45=! C23! 453?G5!6;C=!65! <;C88! 2:!
3:?@=!@5!C@85!=:!<55!A?G;!A:45!G85C487!<>AB87!@7!C2C87[>2F!:?4<58I5<!
>2! =;5! G8C<<>GC8! B;52:A52:8:F>GC8! <52<5! k! >P5PL!6>=;! 45FC43! =:! :?4! :62!
@5>2FP^!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!^!(;545!C45!F::3!C4F?A52=<!D:4!8>A>=>2F!8>D5!B4:B54!=:!B;52:A52C8!8>D5P!
0:4! 5WCAB85L! >D! :25! =4>5<! =:! 35D>25! 8>D5! >2! =54A<! :D! <:'GC8853! \I>=C8!
B4:G5<<5<TL!:25!E?>GK87!45C8>[5<! =;C=! 8>D5!F:5<!I547! DC4!3:62! >23553L! =:!
=;5!85I58!C=!6;>G;!=;5!IC4>:?<!45CG=>:2<!C45!A:45!:4!85<<!35=54A>253!C23!
B453>G=C@85P! b5C<=L! D:4! 5WCAB85L! ><! <C>3! =:! @5! \C8>I5T! >2C<A?G;! C<! >=!
GC44>5<!:?=!\I>=C8!B4:G5<<5<T!<?G;!C<!F4:6=;L!2?=4>=>:2L!45B4:3?G=>:2!C23!
=;5! 8>K5P! "?=! 6;C=! <:4=! :D! C! \8>D5T! ><! =;><m! \%?=4>=>:2T! ><! <>AB87! =;5!
B4:3?G=>:2! :D! 52[7A5<! =:! :@=C>2! GC4@:2! D4:A! <?FC4<! k! >P5PL! 8>==85!A:45!
=;C2!C!<54>5<!:D!G;5A>GC8!45CG=>:2<P! \+5B4:3?G=>:2T! ><!CG;>5I53!=;4:?F;!
@?33>2F!:4!@>2C47!D><<>:2P!%:6!G54=C>287!65!GC22:=!<C7!=;C=!75C<=!><!2:=!
C8>I5L!C23!75=!>=!<55A<!5E?C887!C@<?43!=:!AC>2=C>2!=;C=!=;5!8>D5!:D!75C<=!><!
2:!3>DD5452=!D4:A!=;5!8>D5!:DL!<C7L!C2!585B;C2=!:4!C2!5CF85L!:4!>23553!:D!C!
;?AC2!@5>2FL!C23!=;C=!=;5!C?=:AC=>G!B4:F4CAA53!B4:G5<<!:D!B4:G?4>2F!
GC4@:2!D4:A!<?FC4<! ><!G:AA52<?4C=5!6>=;! =;5!5CF85T<!<6::B>2F!:?=!:D!
=;5!<K7!C23!<5>[>2F!>=<!B457!6>=;!>=<!=C8:2<P!"?=!=;5!B4:@85A!3><CBB5C4<!
:2G5!65!ACK5!C!3><=>2G=>:2!@5=6552!8>D5!F4C<B53!D4:A!=;5!B54<B5G=>I5!:D!
!OYV!
! *88! =;5!<CA5L! =;545! ><! >2! DCG=!:25!<54>:?<!A5=;:3:8:F>GC8!@C44>54! =:!
=;><!B4:X5G=P!$=!45AC>2<!=:!@5!<;:62!=;C=!>D!65!;CI5!2:=!75=!AC2CF53!=:!
C44>I5!C=!C!B4:B54!>2=54B45=C=>:2!:D!8>D5L!=;><!><!@7!2:!A5C2<!3?5!dC<!=;5!
)5>35FF54!:D!JR!OYMY'ZN!=;>2K<e!=:!=;5!DCG=!=;C=!65!C45!D?23CA52=C887!
<5BC4C=53!D4:A!8>I>2F!@5>2F<L!C<!=;5!>2=52353!:@X5G=<!:D!5I547!C2C87=>G!:D!
8>D5L!@7!C2!\C@7<<!:D!5<<52G5T!k!>=!><!4C=;54!X?<=!=;5!:BB:<>=5S!?#$(070&.#6Z
56#.$."#$)0,#$',$'."#6$)0=0&*$R#0&*7$'&$."#$R1707$',$'/6$'?&$(070&.#656#.1.0'&$1&2$
(076#56#7#&.1.0'&$ ',$ '/6$ '?&$ )0=0&*P! (;5! 6C7! >2! 6;>G;! 65! CBB45;523!
:?4<58I5<!C<! )0=0&*!5W><=52=<! ><!6;:887!G:2=4>I53!C23!>2C35E?C=5L!C23!>=!
><! =;><! 35D>G>52=! 7#),'>2=54B45=C=>:2! =;C=! B4:I>35<! ?<!6>=;! =;5! C4<52C8! :D!
G:2G5B=<! C23! D4CA56:4K<! >2! CGG:43C2G5! 6>=;! 6;>G;! =;5! 8>D5! :D! 2:2'
;?AC2! 8>I>2F! @5>2F<! ><! =;5AC=>[53L! G:AB45;52353! C23! 8C>3! 3:62! C<!
5<=C@8><;53! DCG=P!(;5!B45G><5! 45C<:2!6;7! =;><! ><! <:! ><! =;5!<?@X5G=!:D!:?4!
25W=!G;CB=54P!R?DD>G5!>=!=:!<C7!D:4!2:6!=;C=!65!;CI5!=:!3:!;545!6>=;!A:45!
=;C2!A545!:2=:8:F>GC8! @8>2325<<a! =;545! ><! C! D?4=;54! C23!A:45! >2<>3>:?<!
85I58!:D!:@D?<GC=>:2!=:!G:2D4:2=P!0:4!=;5!A5C2>2F!:D!\8>D5T!C23!\8>I>2FT!><!
<:A5=;>2F! DC4!A:45! >AA53>C=587! CGG5<<>@85! C23! >2=588>F>@85! =:! ?<! =;C2!
=;5! A5C2>2F! :D! \@5>2FT! :4! :D! :?4! :62! 6C7! :D! @5>2Fa! 5I547:25! GC2!
B4:I>35! <:A5!C2<654L! ;:65I54! G4?35L! =:! =;5!E?5<=>:2!:D! 8>D5P!*23!75=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!AC==54!C23!8>D5!C<!C!D:4A!:D!:B5225<<!C88!>=<!:62!k!C8=;:?F;L!=:!@5!<?45L!
=;><!3:5<!2:=! 58>A>2C=5! =;5!(#.15"+70;1)!B4:@85A!:D!35=54A>2>2F!6;>G;!
@5>2F<!BC4=CK5!:D!B;52:A52C8!8>D5!C23!6;>G;!3:!2:=P!
!OYY!
=;5!8>D5!6>=;!6;>G;!65!C45!A:<=!DCA>8>C4!><!C!F4:<<!3><=:4=>:2!:D!8>D5!>=<58D!
C<! >=! ><! CG=?C887! 5WB54>52G53P! (;><! ><! =;5! GC<5! 2:=! :287! D:4! <=4?G=?4C8'
G:2<=>=?=>:2C8! @?=! C8<:! D:4! 5<<52=>C8! ;><=:4>GC8! 45C<:2<a! >2! :=;54!6:43<L!
=;5! <58D'G:2G5C8A52=! :D! 8>D5! ><! @:?23! ?B! 6>=;! =;5! I547! A:I5A52=! :D!
;><=:47!>=<58DP!1>D5!;C<!@5G:A5!=;C=!A?G;!;C4354!=:!<55!B45G><587!@5GC?<5!
65! 8>=54C887! )0=#$ )#77! =;C2! 65! 3>3! D:4A5487a! 8>D5! >=<58D! ;C<! <?DD5453! C!
F4C3?C8! C23! 75=! 3><C<=4:?<! 5AC<G?8C=>:2! C23! 3>A>2><;A52=P! J5! C45!
>2GCBC@85!:D! <55>2F! 8>D5! >2!2:! <AC88!BC4=!@5GC?<5! >=! ><! 523C2F5453L! C23!
>23553!<58D'523C2F54>2FP!(;><!><!A5C2=!>2!=;5!<=4>G=5<=!B:<<>@85!<52<5S!=;5!
I547!:B5225<<!:D!8>I>2F!>=<58DL!C23!C8:2F!6>=;!>=!=;5!5C4=;!C<!=;5
!MNN!
=::8! :4! C2! CBB?4=52C2G5! >2! =;><! DC<;>:2P! $D! =;5! ;?AC2! ><! C! O0;"./&*L! C!
G85C4>2FL! >=! ><! =;5! ?"')#! :D! =;><! 52=>=7L! >=<! D?88! 8>I>2F! 5W><=52G5L! =;C=! ><!
>AB8>53a! =;5! F:C8! ><! C86C7<! =;5! <58D'>2=544:FC=>:2! :D! =;5! 52=>45! \@5>2F'
=;545TP! (;><! 52=>=7L! =;5! D?88! C23! G:AB85=5! @5>2F'=;545! E?C! 8>I>2F! 5W><'
=52G5L!ACK5<!C!B4:@85A!:D! >=<58D! >2! <?G;!C!6C7! =;C=! >=!C>A<! =:!35<G4>@5!
>=<58D!17! >=! ><!@7!A5C2<!:D!?"1.! >=! ><L! >P5PL!@7!A5C2<!:D!6;C=!@58:2F<!=:!>=!
C23! >=! C8:25! @7! I>4=?5! :D! >=<! ?2>E?5! :2=:8:F>GC8! ACK5'?BP! *23! >D! =;><!
8>I>2F!5W><=52G5!GC2!:287!35<G4>@5!:4!5WB45<<!>=<!8>D5'3>A52<>:2L!@4>2F!>=<!
8>D5! =:! 8C2F?CF5L! @7! 6C7! :D! >=<! 5W><=52=>C8! 3>A52<>:2L! =;><! >2! 2:! 6C7!
3>A>2><;5<! =;5! >AA53>CG7! :D! =;5! K2:6853F5! :D! 8>D5! =;C=! >=! C845C37!
B:<<5<<5<!<>AB87!@7!I>4=?5!:D!>=<!CG=?C887!8>I>2FP!%:6!>=!><!B54D5G=87!=4?5!
=;C=! =;><!A5C2<!65! GC2!25I54!K2:6! 8>D5! 0&$1&2$ ,'6$ 0.7#),L! D:4! >23553! =;5!
I547! 2:=>:2! :D! 8>D5! \D:4! >=<58DT! ><! C! G:2=4C3>G=>:2P! R?BB:<5! C2! 52=>=7!
G:2<=>=?=53! @7!B?45! 8>D5! d5PFPL! C2! CA:5@CL! C! B8C2=ea! <?G;! C! @5>2F! G:?83!
25I54! @5! D:4! >=<58D! >2<:DC4! C<L! >2! :4354! =:! R#! D:4! 0.7#),L! >=!6:?83! ;CI5! =:!
B:<<5<<!<:A5=;>2F!8>K5!@5>2F'?2354<=C23>2F!C<!=;5!B45G:23>=>:2!:D!C27!
<?G;!<58D'3><G:I547P!)545!65!A?<=!CF455!6>=;!J;>=5;5C3! =;C=! \=;545! ><!
2:!6C7!=:!<B5CK!:D!%C=?45!>2!>=<58D!<=C4=>2F!D4:A!8>I>2F!2C=?45T!k!=;C=!=;5!
\2:=>:2!:D!%C=?45!>2!>=<58D!><!:287!C!8>A>=!2:=>:2TL!C2!\:@<G?45!B4>2G>B85TL!
C<! /5485C?'-:2=7! <C7<PV!$2! =;><! <52<5! 65! 3:! >23553! ;CI5! C! F52?>25!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!V!U>=53! >2! /C?4>G5! /5485C?'-:2=7L! +:@54=! ]C88>54! d=4PeL! J1./6#T$ S'/67#$
J'.#7$ ,6'($ ."#$ S'))j*#$ 2#$ <61&;#! d#IC2<=:2S! %:4=;65<=542! H2>I54<>=7!
!MNO!
G:2?234?A!:D!CGG5<<!:4!\F:>2F!C8:2F!6>=;lTL!C23!<;:?83!65!<:A5;:6!
D>23! >=! B4:3?G=>I5! =:! <B5G?8C=5! 6>8387! :2! 6;C=! >=! A>F;=! A5C2! =:!
5WB54>52G5! =;>2F<! 6>=;:?=! C! =4CG5! :D! C27! <52<5! :4! ?2354<=C23>2F! :D!
@5>2FL!65!GC2!>ACF>25!6;C=5I54!65!8>K5P!"?=!C=!=;5!<CA5!=>A5L!>2<:DC4!C<!
=;><! B?45! 8>D5! ><! 2:=;>2F! A:45! :4! 85<<! =;C2! =;5! I547! <CA5! 8>D5! 65!
:?4<58I5<!8>I5L!6;C=5I54!65!GC2!35=54A>25!:D!8>D5!CBB8>5<!057'$,1;.'!=:!8>D5!
C<! <?G;!k!@?=!C86C7<!6>=;! =;><!GCI5C=S! D4:A!=;5!B54<B5G=>I5!:D!C! 8>I>2F!
5W><=52=P!$=!><!C86C7<!C23!:287!=;5!8>D5!:D!C!8>I>2F!5W><=52=!=;C=!65!GC2!C23!
A?<=!;CI5!>2!I>56P!
! .2! =;5! @C<><! :D! 6;C=! 65! ;CI5! 5<=C@8><;53! =;?<! DC4L! C! =;455D:83!
>=>254C47!@5F>2<! =:! =CK5! <;CB5P!(;5! >=5A<! G:AB4><>2F! =;><! >=>254C47! GC2!
C8<:! @5! =CK52! C<! =;455! >2=5F4C=53! :B54C=>:2<! :D! C! <B5G>D>G! 8>D5'
B;52:A52:8:F>GC8! 453?G=>:2! =;C=! C>A<! =:! @4>2F! G54=C>2! F5254C8! C23!
5<<52=>C8!<=4?G=?45<!=:!8>F;=P!
! 0>4<=L! 65! <;C88! C==5AB=! =:! <K5=G;! =;5! <=4?G=?45! :D$ )0,#W$ R#0&*Z0&Z."#Z
#16."W$ 0&$ 0.7#),$ ,'6$/7L! >P5PL! D:4! =;5! 8>I>2F!5W><=52=!52FCF53! >2!B;52:A52:'
8:F>GC8!45D85G=>:2P!$2!:=;54!6:43<L!65!A?<=!C==5AB=!=:!><:8C=5!:?4!@5>2F'
>2'=;5'5C4=;!D4:A!:?4!@5>2F'>2'=;5'6:483!C23!=:!35<G4>@5!=;5!D:4A54!C<!>=!
CBB5C4<! >2! >=<58DL! @5D:45! C27! C3A>W=?45! 6>=;! =;5! 8C==54P! )545! 65! <;C88!
45<=4>G=!:?4!>2I5<=>FC=>:2!=:!=;5!D:88:6>2F!D:?4!=;5A5<S!dOe!=;5!BC4=>G?8C4!
D:4A! :D! =;5! \F:>2F':?='=:6C43T! :4! =;5! >2=52=>:2C8>=7! G;C4CG=54><=>G! :D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!-45<<L!MNNZeL!OOYDP!
!MNM!
@5>2F'>2'=;5'5C4=;a!dMe!=;5!<=4?G=?45!:D!=;5!5C4=;!>=<58D!C<!=;5
!MNZ!
B?45!5W><=52G5!@?=!C86C7<!C!8>I>2F!5W><=52G5L!=;52!>2!6;C=!6C7!3:5<!=;5!
;?AC2T<!:62!CBB45;52<>:2!:D! >=<58D!17! <?G;!C! 8>I>2F!5W><=52G5L! >=<!:62!
;CI>2F! :D! >=<58D! >2! =;5! 52=>45=7! :D! >=<! @5>2FL! 35=54A>25! =;5! "'?! :D! >=<!
;CI>2F'=:'@5'>=<58D! C=! 5CG;! C23! 5I547! A:A52=m! ):6! 3:5<! C! 8>I>2F!
5W><=52=! AC==54! =:! >=<58D! 17$ 1$ )0=0&*$ #407.#&.L! C23! ;:6! 3:5<! =;><! <58D'
AC==54>2F!<;CB5!=;5!6C7!>2!6;>G;!>=!CBB4:B4>C=5<L!G:23?G=<!C23!6:4K<!
:2!>=<58Dm!
! /:45:I54L! C8<:! >AB8>53! >2! =;><! >2=544:FC=>:2! :D! 8>I>2F! 5W><=52G5! >2!
C23!D:4!>=<58D!><!'/6$'?&$5#675#;.0=#$:2!=;><!D:4A!:D!<58D'CBB45;52<>:2L!=;5!
<=C2G5!65!=CK5!I><'�'I><! =;><!<=C2G5! >=<58DP!0:4!C<!65!<;C88!<55L! =;545!C45!
=6:!4C3>GC887!3>DD5452=!6C7<!>2!6;>G;!=;5!6;:85!:D!8>I>2F!5W><=52G5!GC2!
@5! G:2G54253! D:4! >=<58DL! 6C7<! 6;>G;! 65! A>F;=! 35<>F2C=5L! D:88:6>2F!
)5>35FF54L! C<! =;5! C?=;52=>G! C23! =;5! >2C?=;52=>GP! $2! =;5! 8C==54L!
>2C?=;52=>G! 8>I>2F!5W><=52G5L! =;5!;?AC2!3:5<!2:=! <=4C7! D4:A!6;C=! >=! ><L!
D4:A!>=<!5<<52G5L!@?=!>=!3:5<!2:=!<55!=;><!5<<52G5!D:4!6;C=!>=!><!C23!G;::<5!
>=! D45587! D:4! >=<58Da! >2! :=;54!6:43<L! >2C?=;52=>G! 8>I>2F! 5W><=52G5! 45AC>2<!
52=>4587!C@<:4@53!6>=;>2!>=<58DL!G:2<?A53!@7!>=<!:62!2C=?45P!*?=;52=>G!
8>I>2F! 5W><=52G5L! @7! G:2=4C<=L! ;C<! D45587! CGG5B=53! >=<58D! C23! ><! =:! =;C=!
5W=52=!45G:2G>853!6>=;!>=<58DP!J5!<;C88!;CI5!A:45!=:!<C7!C@:?=!=;><!8C=54!
:2P! 0:4!2:6! 85=!?<! <>AB87! 45AC4K! =;C=! =;5!F:C8!;545! ><! =:! 8C7!@C45! =;5!
;:4>[:2!CFC>2<=!6;>G;! 8>I>2F!5W><=52G5! >2! >=<58DL! =;5!B?45! >2=54CG=>:2!:D!
@5>2F'>2'=;5'6:483!C23!@5>2F'>2'=;5'5C4=;L!GC2!@5!?2354<=::3!>2!C!A:45!
C35E?C=5! 6C7a! >2! :=;54! 6:43<L! =;5! C2<654! =:! =;><! E?5<=>:2! 6>88L! >=! ><!
!MNQ!
;:B53L! ?2I5>8! =;5! B45G><5! 8:F>G! :D! =;><! >2=54CG=>:2P! $=! 6>88L! A:45:I54L!
45I5C8!C!G54=C>2!25G5<<C47!A:I5A52=!C=!>=<!G:45L!6;>G;!>2!=?42!6>88!85C3!
?<!=:!45G:2<>354!=;5!E?5<=>:2!:D! =;5!5<<52G5!:D! =5G;2:8:F7!C23!=;5!4:85!
:D!8C@:?4P!
!
UP!(;5!B4:@85A!:D!=;5!C2>AC8!
!
"5D:45! B4:G553>2F! =:! :?4! D>4<=! B4:@85AL! @5>2F'>2'=;5'5C4=;! >2! >=<58D! D:4!
?<L! 65! A?<=! D>4<=! <C7! C! D56! 6:43<! C@:?=! =;5! <:'GC8853! B4:@85A! :D!
C2>AC8>=7P!J;52! >=! G:A5<! =:! =;5! E?5<=>:2! :D! C2>AC8>=7L! C! G?4>:?<! C23!
;>F;87! 3?@>:?<! 5>=;54g:4! ;C<! C86C7<! B45IC>853S! 5>=;54! =;5! ;?AC2! ><! C!
@5>2F! ?2=:! >=<58DL! 4C3>GC887! C23! 5<<52=>C887! 3><=>2G=! D4:A! C23! =;545D:45!
>4453?G>@85! =:! =;5!C2>AC8L!6;>G;! ><! =:!<C7!=;C=!@5=6552!=;5!;?AC2!C23!
=;5!C2>AC8!=;545!7C62<!C2!C@7<<!:D!5<<52G5L!:4!58<5!=;5!;?AC2!><!;583!=:!
@5L! C=! @:==:AL! 2:=;>2F! A:45! =;C2! C2! C2>AC8L! C8@5>=! :25! 6>=;! G54=C>2!
<B5G>C8! D5C=?45<! C23! GCBC@>8>=>5<! d5PFPL! =;5! ����~eL!6;>G;! ><! =:! <C7! =;C=!
=;545!><!C!=;:4:?F;F:>2F!G:2=>2?>=7!@5=6552!=;5!;?AC2!C23!=;5!C2>AC8L!
C2>AC8>=7! C23!2:=;>2F!@5<>35<L! 5I5476;545! C2>AC8<! <5BC4C=53!:287!@7!
35F455<!:D!G:AB85W>=7P!R?G;!><!=;5!DC8<5!3>G;:=:A7!=;C=!45<?8=<!D4:A!=;5!
B4:B52<>=7! =:! =;>2K! >2! =54A<! :D! G8C<<5<! :D! @5>2F<! d\C2>AC8<TL! \;?AC2<Te!
4C=;54! =;C2! A:35<! :D! @5>2F! d5PFPL! @5>2F'>2'=;5'6:483L! @5>2F'>2'=;5'
5C4=;eP!(;5!8C==54!B54<B5G=>I5!C88:6<!?<!=:!45G:2G>85!=;5<5!=6:!I>56<P!0:4!
>2<:DC4! C<! ;?AC2! @5>2F<! C23! \C2>AC8<T! BC4=CK5! :D! :25! C23! =;5! <CA5!
!MN_!
5C4=;! @7! I>4=?5! :D! =;5>4! 8>D5L! =;5! B4:@85A! :D! \F5==>2F! >2<>35T! :4! \F:>2F!
C8:2F!6>=;T! =;5!C2>AC8!ACK5<! 8>==85!<52<5! >D! =;><! ><!<?BB:<53!=:!52=C>8!C!
85CB!>2=:!<:A5!6;:887!:=;54!A:35!:D!@5>2FP!(:!@5!<?45L!=;><!><!2:=!=:!<C7!
=;C=!=;545!><!2:!B4:@85A!:D!CGG5<<L!@?=!:287!=;C=!=;><!B4:@85A!><!2:=!:25!
:D! 35G>B;54>2F! =;5! C2>AC8T<! \8>D5TP! +C=;54! >=! ><! C! <=4>G=87! (#.15"+70;1)!
B4:@85A! k! 2CA587L! :25! :D! G:AB45;523>2F! 6;>G;! 52=>=>5<! BC4=CK5! :D!
6;>G;!A:3C8>=>5<! :D! :B5225<<! C23! =:!6;C=! 35F455P! 0:4! >=! <55A<! 8>K587!
52:?F;! =;C=! =;5!<:'GC8853! \;>F;54T!C2>AC8<!3:!2:=!36588!52=>4587! >2! =;5!
8>D5'[:25L!@?=!4C=;54!=;C=!=;545!><L!F4CD=53!:2=:!=;5>4!8>D5L!C!K>23!:D!B4:=:'
5W><=52G5L! <:A5! 4?3>A52=C47! G:AB45;52<>:2!:D! @5>2F! C23!;52G5! <:A5!
B4>A>=>I5! F4C<B! :D! 8C2F?CF5P! $<! @5>2F'?2354<=C23>2F! =;?<! GCBC@85! :D!
85I58<!:4!35F455<!:D!45C8>[C=>:2m!,:5<!=;><!B:>2=!@CGK!=:!<:A5=;>2F!8>K5!
=;5! G:AB85W>=7! :D! =;5! @4C>2m!/:45:I54L! >=! 6:?83! C8<:! CBB5C4! =;C=! 8>D5!
>=<58D! C3A>=<! :D! 35F455<! :D! >2=52<>D>GC=>:2! G:445<B:23>2F! =:! =;5!
35I58:BA52=C8! 85I58! :D! G54=C>2! @>:8:F>GC8! GCBCG>=>5<! d5PFPL! B54G5B=>:2L!
A:=>8>=7eL! >2! 6;>G;! GC<5! :25! GC2! >ACF>25! =;5<5! =6:! A:35<! :D! @5>2F!
G:A@>2>2F!>2!C27!2?A@54!:D!6C7<P!):6L!=;52L!3:!65!35D>25!C2!C2>AC8!
A5=CB;7<>GC887!d4C=;54!=;C2!@>:8:F>GC887em!$<!C2!C2>AC8!C27!8>I>2F!@5>2F!
=;C=! 8CGK<! D?88!?2354<=C23>2F!:D!@5>2Fm! $<!C2!585B;C2=!:4!C2!:4C2F?=C2!
C2!C2>AC8! >2! =;5! <CA5!6C7!C<!C2!C2>AC8G?85m!%:25!:D! =;><!B54=C>2<! =:!
=;5!K>23!:D!B;52:A52:8:F>GC8!C2C87<><!65!C45!C>A>2F!C=!;545L!C23!A?<=!
=;545D:45!@5!<5=!C<>35P!
!MN`!
$$P!"5>2F'>2'=;5'5C4=;!>2!>=<58D!D:4!?<!
!
J5! @5F>2! :?4! C2C87<><! 6>=;! =;5! B4:@85A! :D! =;5! 6C7! >2! 6;>G;! 8>D5! C<!
<?G;L! B?45! @5>2F'>2'=;5'5C4=;L! CBB5C4<! =:! ?<! C<! 8>I>2F! 5W><=52=<! >2! =;5!
4:85!:D!B;52:A52:8:F>GC8!:@<54I54<P! $D! 8>D5! ><!?2354<=::3!C<!C!A:35!:D!
>2'25<<!:4!:B5225<<!:2=:lL!=;52!>=!><!:@I>:?<!=;C=!>=!GC22:=!@5!=CK52!C<!
C27=;>2F!8>K5!C2!52<5A@85!:D!\I>=C8!B4:G5<<5<T!d45<B>4C=>:2L!45B4:3?G=>:2L!
F4:6=;! C23! =;5! 8>K5eP! 9?<=! C<! 8>==85! GC2! >=! @5! >2=54B45=53! C<! C! K>23! :D!
"54F<:2>C2!\G?4452=T!BC<<>2F!=;4:?F;!8>I>2F!@5>2F<!dC<!<:!AC27!2:35<!:4!
6C7! <=C=>:2<! :D! =;><! G?4452=eL! D:4! ;545! >=! ><! CBBC452=! =;C=! 8>D5! ><! <=>88!
?2354<=::3! C<! C2! :@X5G=! D:4! C! <?@X5G=L! C23! =;C=! =;5! \C8>I525<<T! :D! =;5<5!
@5>2F<!><!B45<?BB:<53!6>=;!45D5452G5!=:!\8>D5T!C<!C2!:@X5G=>I5!D:4AP!1>D5!
GC2!25I54!\BC<<!=;4:?F;T!C27=;>2FL!2:4!><!>=!5I54!\BC<<53!:2TL!C23!D:4!=;5!
<>AB85!45C<:2!=;C=!8>D5!><!2:=!<:A5=;>2F!\>2<>35T!?<L!C<!>=!6545L!@?=!4C=;54!
65!E?C!8>I>2F!C45!>2!8>D5P!15C<=!:D!C88!3:5<!8>D5!;CI5!C27=;>2F!=:!3:!6>=;!C!
<5G45=!5254F7!:4!D:4G5L! 8>@>3:L!5=GP!"?=!GC2!65!<C7!C27=;>2F!A:45!C@:?=!
8>D5!=;C2!6;C=!>=!><!2:=m!
!
*P!(;5!>2=52=>:2C8>=7!:D!@5>2F'>2'=;5'5C4=;S!35<>45!
!
(;5! G:2G5B=! :D! >2=52=>:2C8>=7! ><! B;52:A52:8:F7T<! A:<=! <>F2>D>GC2=!
3><G:I547!C23!=;5!F?>3>2F!G:2G542!:D!C88!B;52:A52:8:F>GC8!52E?>47! >2!
:25!6C7!:4!C2:=;54P!0:4!@:=;!"452=C2:!C23!)?<<548L!=;5!8C==54!@5>2F!=;5!
!MN^!
D>4<=! =:!?2354<=C23!>=! >2!C!2:2'B<7G;:8:F>GC8!<52<5L! >2=52=>:2C8>=7!45D54<!
=:!=;5!<=4?G=?4C8!3>45G=5325<<!:D!G:2<G>:?<25<<!=:6C43!C!A5C2=!G:2=52=L!
>445<B5G=>I5!:D!=;C=!G:2=52=T<!DCG=?C8!5W><=52G5!:4!:@X5G=>I>=7P!$2!K55B>2F!
6>=;!=;5!)5>35FF54>C2!CBB4:CG;!65!C45!C3:B=>2F!;545L!65!GC2!<C7!=;C=!
>2=52=>:2C8>=7! 45D54<! <>AB87! =:! =;5! 1$ 560'60! G:AB:4=A52=C8! G;C4CG=54! :D!
=;5! ;?AC2! \@5>2F'=;545TL! >=<! C86C7<! C845C37! F:>2F! :?=! =:6C43lL!
45FC4385<<!:D!6;5=;54!=;5!:@X5G=!:D!=;><!F:>2F':?='=:6C43!><!C27!CG=?C8L!
5W=C2=! 52=>=7P! 04:A! =;><! >=! D:88:6<! =;C=! =:! 3>DD5452=! A:3C8>=>5<! :D!
:B5225<<! :4! >2'25<<! =;545! G:445<B:23! 3>DD5452=! C23! G:AA52<?4C=5!
D:4A<! :D! >2=52=>:2C8>=7P! *<! 65! K2:6! C845C37L! =;5! >2=52=>:2C8! :4!
G:AB:4=A52=C8! <=4?G=?45! :D! B?45! @5>2F'>2'=;5'6:483! dB?45! 5W><=52G5e!
;C<!@552!C2C87[53!C=!852F=;!@7!)5>35FF54!;>A<58DP!"?=!6;C=!=;52!C@:?=!
=;5!>2=52=>:2C8>=7!:D!8>D5m!
! .2!=;5!@C<><!:D!6;C=!65!;CI5!C845C37!6:4K53!:?=!C@:I5L!65!<;C88!
5AB8:7!=;5!=4C3>=>:2C8!G:2G5B=!:D!2#706#!d����}~e!=:!35<>F2C=5!=;5!D:4A!:D!
>2=52=>:2C8>=7! <B5G>D>G! =:! 8>D5! E?C! @5>2F'>2'=;5'5C4=;P!J>=;!)?<<548L! 65!
AC7! G;C4CG=54>[5! =;5! >2254! <=4?G=?45! :D! =;5! >2=52=>:2C8! 458C=>:2! C<!
G:AB4><>2F!@:=;!=;5!A:35!:4!AC2254!:D!=;5!F:>2F!:?=L!=;5!0&.#&.0'L!C23!
=;C=! =:6C43! 6;>G;! =;5! F:>2F! :?=! ><! ?8=>AC=587! 3>45G=53L! =;5! 0&.#&./(a!
<:A5=;>2F!><!3><G8:<53!>2!<:A5!BC4=>G?8C4!6C7!C23!=;?<!\;C3TL!>2=52353L!
>2! C! AC2254! =;C=! CGG:43<! 6>=;! =;5! \;:6T! :D! >=<! 3><G8:<?45P! J5! A?<=!
=;545D:45!@5F>2!@7!C<K>2FL!C23!A:45!B45G><587S!;:6!C45!=;>2F<!3><G8:<53!
=:!35<>45L!>P5PL!>2!6;C=!3:5<!=;5!35<>4C@>8>=7!:D!=;5!35<>4C@85!G:2<><=L!C23!
!MNV!
;:6! ><! 35<>45! C! F:>2F! :?=! =:6C43! =;5! 35<>4C@85! C<! >=! ><! ;C3! >2! >=<!
35<>4C@>8>=7m!
! %:6!;545!>=!><!=5AB=>2F!=:!F:!4?22>2F!<=4C>F;=!=:!=;5!=4C3>=>:2!C23!
=:! >2=54B45=! =;5! 0&.#&.0'! C23! 0&.#&./(! 6>=;! =;5! ;58B! :D! C88! :D! =;:<5!
DCA>8>C4!GC=5F:4>5<!@7!A5C2<!:D!6;>G;!8>D5!;C<!C86C7<!@552!?2354<=::3S!
=;5!D:4A54!>2!=54A<!:D!?4F5L!34>I5L!>2<=>2G=L!CBB5=>=5L!<=>A?8C=>:2!C23!=;5!
8>K5L!=;5!8C==54! >2!=54A<!:D!2553'D?8D>8A52=L!<C=><DCG=>:2L!B85C<?45!C23!<:!
:2P!)?<<548!;>A<58D!C3:B=<!B45G><587!=;><!CBB4:CG;!6>=;!;><!45AC4KC@87!
>2G><>I5! C23! ?<5D?8! =;5:47! :D! 34>I5'! :4! >2<=>2G='>2=52=>:2C8>=7! d!60#RZ$:4!
-&7.0&A.0&.#&.0'&1)0.E.eP! $23553! )?<<548! ;C<! 3><G54253! DC4! A:45! G85C487!
C23! G:2<><=52=87! =;C2! )5>35FF54! =;5! :4>F>2C47! C23! G:2<=>=?=>I5! 8>D5'
20(#&70'&!:D!=;5!D>583L!C!K>23!:D!34>I5'[:25!=;C=!<=4?G=?45<!=;5!6:483!C<!
<?G;L!C23!>=!><!=:!)5>35FF54T<!35=4>A52=!=;C=!;5!3:5<!2:=!>2=4:3?G5!<:A5!
<?G;!3>A52<>:2!>2=:!;><!C2C87=>G!:D!=;5!;?AC2T<!CI54CF5!5I5473C725<<P!
0:4!)?<<548L!34>I5<!C45!2:=!G:2<=>=?=53!@?=!G:2<=>=?=>2FL!2:=!:@X5G=<!@?=!
4C=;54!,'6(7!:D!>2=52=>:2C8>=7L!>P5PL!2:=!=;C=!=:6C43!6;>G;!>2=52=>:2C8>=7!><!
3>45G=53! @?=! BC4=! :D! =;5! I547! 3>45G=53M! :D! >2=52=>:2C8>=7! >=<58DPY!$2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Y !(;5! D:88:6>2F! <?AAC4>[C=>:2! :D! )?<<548T<! =;5:47! :D! >2<=>2G=<! ><!
>235@=53! =:! C23! D:88:6<! G8:<587! ,CI>3! RA>=;T<! 8?G>3! C23! >2<>F;=D?8!
C2C87<><!>2!;><!:/77#6)$1&2$."#$S16.#701&$V#20.1.0'&7!d1:23:2S!+:?=853F5L!
MNNZeL! OQY'_^P! *8<:! ;58BD?8! 6C<! 9CA5<!/52<G;T<! C4=>G85L! \$2<=>2G=<! k! *!
)?<<548>C2! *GG:?2=TL!:/77#6)$ B./20#7! OQ! dOYYVeL! MOY'Z^P! U>=C=>:2<! D4:A!
!MNY!
)5>35FF54>C2! C4F:=! =;><! A5C2<! =;C=! 34>I5<! C45! 2:=! =;5A<58I5<! @5>2F<!
=;C=! B45<?BB:<5! =;5! ;:4>[:2! :D! =;5! 6:483L! @?=! 4C=;54! <:A5=;>2F!
45<5A@8>2F! #407.#&.01)01L! 585A52=C8! D5C=?45<! :D! =;><! ;:4>[:2! >=<58D! @7!
I>4=?5!:D!6;>G;!@5>2F<!GC2!5A54F5!C<!<?G;!>2!=;5!D>4<=!B8CG5P!):65I54L!
34>I5'>2=52=>:2C8>=7! ><! 2:=! D?88! >2=52=>:2C8>=7! @?=! :287! C! \B4>AC8T! :4!
\B4:=:'>2=52=>:2C8>=7T! =;C=! 56#;#2#7! >2=52=>:2C8>=7! B4:B54! C<! C! 3>45G=53'
25<<! =:6C43! \:@X5G=<TL! \6:48387! ?2>=>5<TL! @5>2F<! E?C! @5>2F<S! \R=4>I>2F! ><!
>2<=>2G=>I5L! C23! >2<=>2G=>I587! k! C23! <:L! C=! D>4<=L! G:I54=87! k! n3>45G=53o! C=!
6;C=! C45! n8C=54o! D>4<=! 3><G8:<53! C<! G:2<=>=?=53! 6:48387! ?2>=>5<TP! (;5!
34>I5'[:25!><!=;?<!C!45C8A!:D!56#'@5>2F!dK'67#0&ea!>2!:=;54!6:43<L!C!34>I5!
><! C86C7<! C! <=4>I>2F! =:6C43! C2! CDD5G=>I5'! :4! \>2=545<='D:4AC=>:2T!
d-&.#6#77#&*#R0)2#e! =;C=! ><! 2:=! 75=! C2! :@X5G=! :4! @5>2FL! C2! >2=4C6:48387!
52=>=7P! *GG:43>2F87L! @5GC?<5! 34>I5<! GC22:=! @5! \D?8D>8853T! >2! =;5! B4:B54!
<52<5!:D!;CI>2F!C2!:@X5G=!B45<52=!=:!>2=?>=>:2L!=;5>4!D?8D>8A52=!=CK5<!=;5!
D:4A!:D!C!\3><G8:<?45T!>2!=;5!<52<5!:D!C!<C=><DCG=>:2'D?8D>8A52=!=;C=!45<?8=<!
>2! =;5! D558>2F!:D!5)#17/6#L! 52X:7A52=a! C2! >2=545<='D:4AC=>:2! ><!A54587! \C!
3C=?A!C<!=;5!G:2=52=!:D!C2!52X:7A52=!6;>85!:25!><!<C=><D>53TP!$=!><!=4?5L!C<!
65!<C>3!C@:I5L!=;C=!65!3:!D>23!<:A5=;>2F!C8:2F!=;5<5!8>25<!>2!=;5!7:?2F!
)5>35FF54a! <5I54C8! 5C487! =5W=<! 5I>2G5!C! G:2G542!6>=;!B;52:A52C!A:45!
=4C3>=>:2C887!C<<:G>C=53!6>=;!8>D5L!5PFPL!?4F5L!>2G8>2C=>:2!C23!=;5!8>K5P!(;5!
8C==54!><!=CK52!?B!5WB8>G>=87!>2!JR!OYMO'ML!6;545!>=!><!35<G4>@53!8::<587!C<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!)?<<548T<!J1;")1g!C45!C8<:!=CK52!D4:A!=;5<5!<:?4G5<P!
!MON!
\C! B5G?8>C4! 65>F;=L! C! 3>45G=>:2! :D! F4CI>=7L! C! B?88! =:6C43! <:A5=;>2FTL!
<:A5! BC4=>G?8C4! \DCG=>GC8! G:?4<5! :D! AC=?4C=>:2TPON!$2G8>2C=>:2! ><! 2:=! X?<=!
C27!4C23:A!C==4CG=>:2!@?=!4C=;54!><!CG=?C8>[53!C<!\B4:G8>I>=7TL!=;C=!6;>G;!
\>AB58<! 8>D5! >2=:! >=<! 6:483L! 4>F>3>D>5<! >=L! C23! @4>2F<! =:! AC=?4C=>:2! C!
B5=4>D>GC=>:2! :D! =;5! 3>45G=>:2C8>=7! :D! 8>D5T OO !k! >2! =;5! <CA5! 6C7L!
B45<?AC@87L!=;C=!C2!>2<=>2G=!:4!34>I5!\B5=4>D>5<T!=;5!3>45G=>:2C8>=7!:D! 8>D5!
C<!C!D>W53!<:4=!:D!<=4>I>2FP!):65I54L!@7!JR!OYMY'ZN!)5>35FF54!6>88!;CI5!
<>AB87!:DD8:C353! =;5!52=>45!B4:@85A!:D! <=>A?8C=>:2L!?4F5L! 5=GP!:2=:! =;5!
C2>AC8!d>2!BC4=>G?8C4L!:2=:!>=<!:4FC2<ea!8C=54L!=;5!6;:85!B;52:A52:2!6>88!
@5!<552!C<!2:=;>2F!A:45!=;C2!C2!>2GC42C=>:2!:D!=;5!6>88!=:!6>88!C23!=;?<!
C2!5WB45<<>:2!:D!A5=CB;7<>G<P!
! "?=!35<B>=5!=;5!DCG=!=;C=!<:A5!=;5:47!:D!>2<=>2G=<!;C<!C845C37!D:?23!
CAB85! 5WB45<<>:2! 6>=;>2! B;52:A52:8:F7L! 65! A?<=! 45X5G=! =;><!
5WB8C2C=>:2! D:4! =6:! >AB:4=C2=! 45C<:2<P! 0>4<=! C23!A:<=! >AA53>C=587L! >D!
65!C45!GC45D?8! =:!B?=!:?=!:D!B8C7!5I547=;>2F!CGG>352=C8!C23!5W=4C25:?<!
C23! 45<:8I5! =:! =CK5! C2! ?2@>C<53! I>56! :D! =;5! AC==54<! =;5A<58I5<L! 65!
<;C88!;CI5!=:!C3A>=!=;C=!65!52G:?2=54!>2!=;5!3>45G=5325<<!:D!8>D5!2:=;>2F!
6;C=<:5I54! :D! >2<=>2G=<L! 34>I5<L! ?4F5<L! 5WG>=C=>:2<L! <=>A?8C=>:2<! :4!
C27=;>2F! 45A:=587!:D! =;><! <:4=P!*23! =;><! D:4!C! D?23CA52=C8! 45C<:2S! =;5!
I547!2:=>:2!:D!\>2<=>2G=T!><!>2;5452=87!G:44?B=P!$=!><!C!K>23!:D!=4>GK!?<53!=:!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ON!&*!`OL!ONNDPg^_DP!
OO!$@>3P!
!MOO!
35D85G=! C23! G:2G5C8! =;5! 25G5<<C47! C@<52G5! :D! C2! 5WB5G=53! ('.0=1.0'&a!
A:45!<B5G>D>GC887L!C!D54I52=87!35<>453!1*#&;+!><!3><B8CG53!D4:A!C!3:AC>2!
6;545! >=! E?>=5! :@I>:?<87! GC22:=! 45<>35! :2=:! C2:=;54L!A:45! >2<G4?=C@85!
3:AC>2!G:AB4><>2F!3C4KL!4?2>G!C23!:@<G?45!585A52=<L!D:4G5<L!B4:G5<<5<!
C23!A5G;C2><A<P!-?=!<>AB87L!<:A5!8>I>2F!:4FC2><A!@5;CI5<!17$."'/*"!>=!
6545!C2>AC=53!@7!C!G:2<G>:?<!>2=52=>:2L!6><;L!CF523CL!:?=8::KL!5=GPL!@?=!
>2C<A?G;!C<!G:2<G>:?<25<<!><!352>53!1$560'60!=:!=;5!:4FC2><A!d4>F;=87!:4!
64:2F87eL! =;5! 6><;L! CF523CL! 5=GP! ><! =;52! G8C235<=>2587! F4CD=53! :2=:!
G54=C>2!5"+70;1)$#)#(#&.7a!>2!:=;54!6:43<L!=;5<5!8C==54!585A52=<!dG;5A>GC8L!
@>:8:F>GC8e! C45! =;5A<58I5<! 2:6! (1*0;1))+$ #&2'?#2! 6>=;! =;5! A><<>2F!
G:2<G>:?<25<<a! =;57! =CK5! :2! =;5! G;C4CG=54! :D! @5>2F'>2'=;5'6:483L! 5W><'
=52G5P!%:6!\>2<=>2G=T!<>F2>D>5<!2:=;>2F!:=;54!=;C2!=;><!<?@=85!C23!G85I54!
=CG=>G!:D!=;5!#407.#&.01)0F1.0'&!:D!5<<52=>C887!2:2'5W><=52=>C8!B;52:A52Ca!>=!
3:5<!2:=!35<G4>@5! C27!BC4=>G?8C4!B;52:A52:2!@?=! 4C=;54! #45)10&7$ 1?1+$
<:A5! CG=! :4! @5;CI>:?4! @7! C==4>@?=>2F! C2! #4;)/70=#)+$ "/(1&$ ;"161;.#6! =:!
=;:<5! =;>2F<! =;C=! G:2<=>=?=5! >=<! AC=54>C8! G:4458C=5a! >=! ><! =:! B:<>=! C! 8>==85!
;?AC2! @5>2F! C=! =;5! ;5C4=! :D! =;5! CG=! @7! 8523>2F! =;5<5! =;>2F<! =;5!
5W><=52=>C8'B;52:A52C8! <=4?G=?45! :D! C2! \0&$ '62#6$ .'lTL! =;5! F4:?23! C23!
G:23>=>:2! :D! B:<<>@>8>=7! :D! 6;>G;! G:?83! :287! @5! C2! 5G<=C=>G'B4:X5G=>I5!
=5AB:4C8>[C=>:2P!
! U:2<>354L! D:4! 5WCAB85L! =;5! <:'GC8853! >2<=>2G=! D:4! <58D'B45<54IC=>:2P!
%:6! >D! >=! ;CBB52<! =;C=! <5W?C8! CG=>I>=7! ;C<! 45B4:3?G=>:2! :4! <B5G>5<'
G:2=>2?>=7! C<! :25! :D! >=<! ;'&7#`/#&;#7L! :4! =;C=! D8>F;=! D4:A! 3C2F54! ;C<!
!MOM!
<?4I>IC8!C<!C!G:2<5E?52G5L!=;><!><!>2!2:!6C7!>23>GC=>I5!:D!C27!>2<=>2G=!D:4!
<58D'B45<54IC=>:2L!C27!A:45!=;C2!=;5!5W;C?<=>:2!=;C=!45<?8=<!D4:A!5>=;54!
:D! =;5<5! CG=>I>=>5<! ><! F:I54253! @7! C! <5G45=! >2<=>2G=! D:4! 5W;C?<=>:2P! $=! ><!
:287! =;C=! 65! ;CI5! ,'07.#2! C! G54=C>2! >2=52=>:2C8! 458C=>:2! :2=:! =;5<5!
B;52:A52C! k! C23! >2! BC4=>G?8C4! C! 458C=>:2! =;C=! @58:2F<! =:! ?<! C23! ?<!
C8:25P!(;5!D?23CA52=C8!>AB5=?<!D:4!=;><!D:><=>2F!6>88!@5!<K5=G;53!:?=!>2!
=;5! D:88:6>2F! G;CB=54P! 0:4! 2:6! 65! AC7! <>AB87! B:>2=! :?=! =;C=! =;5!
>2<=>2G=!D:4!<58D'B45<54IC=>:2!CA:?2=<!C=!@:==:A!=:!=;5!A:@>8>[C=>:2!:D!C!
355B'<5C=53! <?<B>G>:2! =;C=! G54=C>2! CG=<! C23! F5<=?45<! C45! A5C2>2F85<<!
?285<<! =;57! C45! <?BB:<53! =:! :4>F>2C=5! 6>=;! C2! C==>=?35! :4! <=C2G5! :D!
;'&;#6&!=CK52!?B!I><'�'I><!<:A5!BC4=>G?8C4!R#0&*!6;>G;!65!K2:6!:D!C23!
45D54! =:! C<! \=;5! <58DTP! *=! =;5! <CA5! =>A5L! G:AB45;523>2F! D?88! 6588! d:2!
<:A5! 85I58L! >D! 2:=! 5WB8>G>=87e! =;C=! =;5! G:23>=>:2! :D! B:<<>@>8>=7! :D! <?G;! C!
458C=>:2'=:'<58D! ><! :?4! :62! 5G<=C=>G'B4:X5G=>I5! ACK5'?BL! :?4! :62!
5W><=52G5L!65!@?47!=;><!458C=>:2!355B!3:62!>2!=;5!A:<=!;>3352!45G5<<5<!
C23! 5<:=54>G! 6:4K>2F<! :D! =;5! :4FC2><AL! >2! B4:G5<<5<! 6;:<5!
5W=4C:43>2C47! G:AB85W>=7! C23! A7<=54>:?<25<<! <54I5! 2>G587! =:! G:2G5C8!
=;5>4! ;>F;87! 3?@>:?<! D4553:A! C23! =;5! E?C<>'=;C?AC=?4F>GC8! CG=! =;C=!
523:653! =;5A! 6>=;! >=P! (;?<! >=! ;CBB52<! =;C=! C! F525L! A:85G?8C4!
G:AB:?23L!585G=4>GC8!<=>A?8?<!:4!25?4:=4C2<A>==54!><!4C><53!=:!=;5!<=C=?<!
:D!C!D?88'D853F53!;?AC2!@5>2FL!C23!=;><!<?DD>G5<!=:!B45<54I5!=;5!;?AC2!
G;C4CG=54!:D!=;5!CG=!C23!>2!=;C=!6C7!=:!G:AB52<C=5!D:4!=;5!:@I>:?<!2:2'
;?AC2>=7!:D!=;5!:4FC2><A!d:4!>2!=;5!GC<5!:D!=;5!;?AC2!>=<58DL!=:!3><B8CG5!
!MOZ!
>=<!:62!D4553:A!:2=:!<:A5=;>2F!58<5!C23!>2!=;C=!6C7!=:!=?42!>=!>2=:!=;5!
D4553:A!:D!C2:=;54!>2!:4354!=:!D855!D4:A!>=eP!*GG:43>2F87!=;5!B4:@85A!:D!
>2<=>2G=<!A?<=!@5!45D:4A?8C=53!>2!<?G;!C!6C7!=;C=!=;5!@?4352!><!<;>D=53!
@CGK! :2=:! /7! C23! :?4! :62! 5W><=52=>C8! A:=>I5<P! $2<=5C3! :D! =4:?@8>2F!
:?4<58I5<! 6>=;! E?5<=>:2<! G:2G542>2F! =;5! @5>2FL! <=C=?<! C23! <B;545! :D!
CBB8>GC@>8>=7! :D! =;5! >2<=>2G=<! =;5A<58I5<L!65!A?<=! 2:6! C<KS!6;C=! ><! >=!
C@:?=!=;5!;?AC2!=;C=!34>I5<!>=!=:!>AB:<5!=;><!458C=>:2!=;C=!>=!AC>2=C>2<!
6>=;!>=<!:62!<58D!:2=:!=;5!6;:85!:D!=;5!8>I>2FL!:2=:!8>D5!C<!<?G;m!J;7!><!
=;5! ;?AC2L! >P5PL! =;5! :287! 52=>=7! D:4!6;:A! C27=;>2F! 8>K5! C2! C==>=?3>2C8!
458C=>:2!=:!C!<58D'@5>2F!><!B:<<>@85L!<:!5CF54!=:!?2>I54<C8>[5!=;><!458C=>:2L!
6;>G;! GC22:=! 5W=523! @57:23! =;5! <=4?G=?4C8! @:?23C4>5<! :D! >=<! :62!
5W><=52G5m!J;7!3:5<! =;5! ;?AC2T<! :62! :@<5<<>I5! 458C=>:2!6>=;! >=<! <58D!
@5G:A5! =;5! BC4C3>FA! D:4! =;5! 8>I>2F! :D! 8>D5! >2! F5254C8! k! C8@5>=! dC23!
25G5<<C4>87e!>2!=;5!3><F?><53!D:4A!:D!2C=?4C8!\>2<=>2G=<T!C23!\34>I5<TmOM!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OM!$=!3:5<!2:=!;58B!=:!G:2<=4?5!>2<=>2G=!>2!=;5!A:<=!F5254C8!<52<5!C<!D>W53!
:4! >22C=5! BC==542<! :D! @5;CI>:?4L! D:4! >2! =;><! GC<5! =;5! D>W>=7! >=<58D!
B45<?BB:<5<! =;5! 5G<=C=>G'B4:X5G=>I5! ;:4>[:2! :D! 5W><=52G5P! 0>W>=7! A5C2<!
:287! =;><S! =;C=! C! <5=! :D! CG=<! ><! G:885G=53! C23! F4:?B53! =:F5=;54! >2=:! C!
.#(5'61)$ 7#60#7! =;C=! G:2<G>:?<25<<! CBB45;523<! >2! =;5! ?2>=7! :D! C! <>2F85!
<=45=G;P! "?=! =;><! D>W>=7! :4! 45F?8C4>=7L!6;>85! 2:!3:?@=! B:<>2F! C! B4:@85A!
D:4!C27!<G>52G5!:4!A5=CB;7<>G<!:D! 8>D5L! ><!2:6;545!B45<52=! >2! =;5!CG=?C8!
8>I>2F':?=!:D!35<>45P!
!MOQ!
! (;5!<5G:23!45C<:2!65!A?<=!45X5G=!=;5!>2<=>2G=!=;5:47!:D!35<>45!;C<!=:!
3:!6>=;!=;5!6C7!>2!6;>G;!>=!B:<>=<!k!>885F>=>AC=587!@?=!D:4!D?23CA52=C8!
45C<:2<! k! C! B4>AC8! C23! >254C3>GC@85! )1;A! :4! B4>IC=>:2! C=! =;5! :4>F>2! :D!
35<>45L! C23! =;><! >23553! >2! C! =6:D:83! <52<5! =;C=! 45D85G=<! =;5! 37C3>G!
d0&.#&.0'Z0&.#&./(e!<=4?G=?45!:D!=;5!>2=52=>:2C8!458C=>:2P!.2!=;5!:25!;C23L!
=;5!C4:?<C8!:4! 5WG>=C=>:2!:D!35<>45! ><!3?5! =:! 8>D5T<!@5>2F!35B4>I53!:D! >=<!
:62!:@X5G=L! >P5PL!:D!C!BC4=!:D! >=<58DP!(;5! 8>I>2F!@5>2F!><!45<=85<<L!CF>=C=53L!
?2<=C@85a! >=! GC2!25I54!@5!<C=><D>53!6>=;!C27=;>2F!@5GC?<5! >=!25I54! =4?87!
;C<! C27=;>2FP! *<! )?<<548! <C7<L! \=;5! >2<=>2G=>I5! B85C<?45T! CGE?>453!
=;4:?F;!=;5!<C=><DCG=>:2!:D!C!34>I5!\><!C!B4:G5<<!:D!>2<=>2G=>I5!>2=52=>:2<!
C23!D?8D>8A52=<L!C23!=;5! D?8D>8A52=<!C86C7<! 85CI5!<:A5=;>2F!<=>88!:B52S!
=;5! >2<=>2G=';:4>[:2! 5W=523<! D?4=;54Ta! >2! =;><!6C7! =;5! 8>I>2F! @5>2F! ><! C!
G5C<585<<! \<=4>I>2F! D:46C43! D4:A! D?8D>8A52=! =:! 256! D?8D>8A52=S! 5CG;!
D?8D>8A52=! 458C=>I5L! 5CG;!6>=;! C!;:4>[:2!:D!?2D?8D>8853! 5AB=>25<<TPOZ!(;5!
I547! >35C! :D! D?8D>8A52=! >AB8>5<! C! G:2<=>=?=>:2C8! :4! F525=>G! &##2! k! C!
35B4>IC=>:2!:4! \5AB=>25<<T! =;C=!GC2!25I54!@5!D>8853!?B!C23!<:!B4:I:K5<!
=;5!A:<=! D452[>53L!:@<5<<>I5!F4C<B>2F!C23!F:@@8>2F!?BP!(;><! ><! =;5!:83!
-8C=:2>G! >ACF5! :D! =;5! 8>I>2F! @5>2F! C<! C! \85CK7! XC4TL! :4! 6;C=! /5485C?'
-:2=7! GC88<! >2! ;><!J1./6#! 85G=?45<! C! B4>2G>B85! :D! 25FC=>I>=7S! \J5! A?<=!
B8CG5! >2! =;5! :4FC2><A! C! B4>2G>B85! =;C=! ><! 5>=;54! &#*1.0=#! :4! @C<53! :2!
1R7#&;#P! J5! GC2! <C7! :D! =;5! C2>AC8! =;C=! 5CG;! A:A52=! :D! >=<! ;><=:47! ><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OZ!$2!RA>=;L!:BP!G>=PL!O_MP!
!MO_!
5AB=7!:D!6;C=!6>88!D:88:6L!C2!5AB=>25<<!6;>G;!6>88!@5!D>8853!>2!8C=54T!k!
>P5PL!C!7.6/;./61)!\8C=54TL!C!\D?=?45!8C4F54!=;C2!C27!D?=?45TL!6;>G;!><!:287!=:!
<C7!=;C=!=;5!5AB=>25<<!6>88!25I54!@5!D>8853!>2P!\(;5!3>45G=>2F!B4>2G>B85!><!
25>=;54! @5D:45! 2:4! @5;>23lp(;5q! C4><>2F! :D! C! 2553! 6:?83! @5! =;545!
@5D:45! =;C=! 6;>G;! 6>88! D>88! >=PTOQ!.2! =;5! :=;54! ;C23L! C23! D:4! =;C=! I547!
45C<:2L!=;5<5!5WG>=C=>:2<!C23!<=>A?8C=>:2<!3:!2:=!:4>F>2C=5!D4:A!6>=;>2!
=;5! 8>I>2F! @5>2F! >=<58DL! 3:! 2:=! ><<?5! D:4=;! D4:A! >=! C<! >=<! :62! D455! C23!
G45C=>I5!CG=>:2L!@?=!4C=;54!C45!0(5'7#2!?B:2!>=!D4:A!:?=<>35L!>P5PL!D4:A!=;5!
8CGK! >=<58D! d:4! =;5! :@X5G=! 8CGK53eP! (;5! 8>I>2F! @5>2F! ><! =;5! B8C7=;>2F! :D!
D:4G5<!@57:23!>=<!G:2=4:8a!>=!><!25I54!>2!G:AAC23!:D!>=<58DL!;C<!2:!6>88!:D!
>=<!:62P! $=! ><! =4?5! =;C=! =;5!G:2G5B=!:D! <=4>I>2F! >AB8>5<!C! G54=C>2!K>23!:D!
D455!<58D'B4:B?8<>:2!C23!<58D'G45C=>:2L!@?=!:I54C88!<=4>I>2F!><!C<<>A>8C=53!
=:!C2!>2<=>2G=?C8!34>I5225<<L!6;>G;!C86C7<!A5C2<!C!R#0&*$260=#&! =:!C23!
D4:!@7! =;5! 8CGKP!)?<<548L! D:4!5WCAB85L!?2354<=C23<! =;5!I547!A:I5A52=!
:D! 8>D5L! =;5! F:>2F! 1;.0'&! :D! >2<=>2G=?C8! 34>I5225<<L! C<! C2! \>2I:8?2=C47T!
K>2C5<=;5<><! :4! C! \BC<<>I5! 6>88>2FT! dM0))#&751770=0.E.eL! C! <:4=! :D! @5>2F!
<?AA:253!@7!=;5!@C45!;785=>G!3C=C!:D!=;5!<52<5<PO_!1>K56><5L!)5>35FF54!
AC>2=C>2<!=;C=!=;5!C2>AC8T<!>2<=>2G=?C8!@5;CI>:?4!><!:287!5I54!CG=?C8>[53!
=;4:?F;!C!B4>:4!3><52FCF5A52=!:4! \3><>2;>@>=>:2T!:D! >=<!34>I5<!45<?8=>2F!
D4:A! =;5! >2=4:3?G=>:2! :D! C! D:45>F2! @:37! >2=:! >=<! \52I>4:2A52='4>2FTP! $D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OQ!/5485C?'-:2=7L!:BP!G>=P!dMNNZeL!O__DP!
O_!$2!RA>=;L!:BP!G>=PL!O_OP!
!MO`!
=;5! C2>AC8T<! 34>I5<! C45! 2:=! >AB:<53!?B:2! >=! D4:A!:?=<>35L! =;52! @7!2:!
A5C2<!C45!=;57!>2!>=<!B:<<5<<>:2!5>=;54P!
! "?=!:2G5!CFC>2L!>D!65!45<:8I5!=:!45AC>2!C<!DC>=;D?8!C<!B:<<>@85!=:!=;5!
B;52:A52:8:F>GC8!3>G=?AL!65!A?<=!G:2D5<<!=;C=!2:25!:D!=;><!><!B45<52=!
=:!>2=?>=>:2L!@?=!4C=;54!C23!:287!=:!C!7;0#&.0,0;!G:2<G>:?<25<<!=;C=!=4>5<!=:!
1;;'/&.$ ,'6! 35<>45! @7! <?BB85A52=>2F! >=! 6>=;! C! A:=>I5! =;C=L! C<! @5D:45L!
>AB8>GC=5<! =;5! @5>2F! :D! =;5! ;?AC2! C<! >=<! G:23>=>:2! :D! B:<<>@>8>=7P! $2!
<;:4=L!65!A?<=!<C7!=;C=!:287!D:4!C!@5>2F!=;C=!><!1)6#12+!G:2<=>=?=53!R+!C23!
17! C! 8CGKL! >P5PL! C<! C! 2:=;>2F25<<! :4! 2>;>8C=>:2L! 3:5<! 35<>45! G:A5! =:!
AC2>D5<=! >=<58D! C<! 8CGKP! $=! ><!;545! =;C=! RC4=45T<! =;5:47!:D!35<>45!@5G:A5<!
4585IC2=!>2<:DC4!C<!RC4=45!><!G:2G54253!B4>2G>BC887!6>=;!=;5!35<>45L!@7!2:!
A5C2<!:D!B?45! 8>D5L!@?=!4C=;54!C23!:287!:D! =;5! ,'6Z0.7#),L!:4!6;C=!;5!C8<:!
GC88<!\;?AC2!45C8>=7T!d=;5!DCA:?<!\A><=4C2<8C=>:2T!:D!,C<5>2e!k!>P5PL!6>=;!C!
6;:887!6:48387'5W><=52=>C8! =7B5!:D!35<>45P!R=4>G=87!<B5CK>2FL!RC4=45!3:5<!
2:=!5<=C@8><;!=;C=!35<>45!C<!<?G;!><! 8CGKL!@?=!:287!=;C=!=;5!;?AC2!><!=;5!
@5>2F!6;:<5!6C7!=:!@5!dI>[PL!D:4'>=<58De!><!<?G;!=;C=!35<>45!A?<=!C<<?A5!
=;5!,'6(!:D!C!8CGKPO`!(;?<!=;5!E?5<=>:2!65!A?<=!B:<5!><!=;><S!6;C=!C45!=;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O`!\.D!C88! >2=542C8!25FC=>:2<L! =;5!:25!6;>G;!B525=4C=5<!A:<=!355B87! >2=:!
@5>2FL!=;5!:25!6;>G;!G:2<=>=?=5<!>2!>=<$R#0&*!=;5!@5>2F!G:2G542>2F!6;>G;!
>=!ACK5<!=;5!352>C8!C8:2F!6>=;!=;5!@5>2F!6;>G;!>=!352>5<!k!=;><!25FC=>:2!
><! )1;AP!(;><! 8CGK!3:5<!2:=!@58:2F!=:!=;5!2C=?45!:D! =;5! >2'>=<58DL!6;>G;!><!
C88!B:<>=>I>=7P! $=!CBB5C4<! >2! =;5!6:483!:287!6>=;! =;5!?B<?4F5!:D!;?AC2!
!MO^!
G:2<5E?52G5<! D:4! =;5! D:4'>=<58D! D:4! =;><! <=4?G=?4C8'G:2<=>=?=>:2C8!
@5G:A>2F'8CGK!:D!35<>45m!J;C=!;CBB52<!6;52!35<>45!><!;'&.1(0&1.#2!@7!
C!8CGK!@7!I>4=?5!:D!>=<!G:2=>2F52=!C<<:G>C=>:2!6>=;!5W><=52G5m!
! $D! 35<>45! <>F2>D>5<! =;5! @5>2F! :D! =;5! >2=52=>:2C8>=7! :D! 8>D5L! =;52! =;5!
G:2G5B=<! :D! 34>I5L! >2<=>2G=L! 5=GP! <>F2>D7! :287! 35<>45! 52G?A@5453! 6>=;!
25G5<<>=7L! 2#706#$ .'$ ?"0;"$ 1$ )1;A$ "17$ R##&$ 122#2P! *GG:43>2F87L! 35<>45!
CA:?2=<!=:!=;5!3:?@85!25FC=>:2!:D!=;5!3:?@85!8CGK!>AB8>53!>2!>2<=>2G=?C8!
8>D5P! 0>4<=L! 35<>45! ><! 2:=! =;5! D>88>2F! ?B! :D! C! <=4?G=?4C8! 5AB=>25<<a! 35<>45!
3:5<!2:=! 8CGK!>=<!:@X5G=a! >=<!:@X5G=! ><!2:=!C! 8CGK!6>=;>2!>=<58DP!(:!@5!<?45L!
35<>45! ;C<! >=<! :62! \:@X5G=<TL! >=<! :62! \<C=><DCG=>:2<TL! @?=! =;5<5! C45! 2:=!
=;>2F<! C@<52=L! 2:=! 35B4>IC=>:2<P! $23553! 35<>45T<! :@X5G=<! k! C23! @7!
\:@X5G=<T!;545!65!A5C2!=;>2F<!=;C=!C45!<=>88!B45'@5>2FL!K'67#0&!k!@58:2F!=:!
>=!1$560'60! C<! <=4?G=?4C8! 585A52=<a! =;57!G:2<=>=?=5! =;5! 0&.#&./(! :D!35<>45P!
,5<>45!><!2:=!C!F:>2F':?='=:6C43!>2!<5C4G;!:D!C2!:@X5G=L!C2!0&.#&./(L!=;C=!
AC7!@5! =;545! :4!2:=a! :2! =;5! G:2=4C47L! 45FC4385<<! :D!6;5=;54! =;5! :@X5G=!
CG=?C887!B45<52=<! >=<58DL! >P5PL!ACK5<! >=<58D!=070R)#! d><!CG=?C887!3><G54253!:4!
CBB45;52353eL! >=! ><! 2:25=;585<<! 1)6#12+! =;545! ?0."0&! 35<>45! >=<58DP!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!45C8>=7P!$=!><!:287!>2!=;5!;?AC2!6:483!=;C=!=;545!GC2!@5!8CGK<PT!\,5<>45!><!C!
8CGK!:D!@5>2FP!$=!><!;C?2=53!>2!>=<!>2A:<=!@5>2F!@7!=;5!@5>2F!:D!6;>G;!>=!><!
35<>45P! (;?<! >=! @5C4<! 6>=25<<! =:! =;5! 5W><=52G5! :D! 8CGK! >2! =;5! @5>2F! :D!
;?AC2! 45C8>=7PT! R55! 95C2'-C?8! RC4=45L! D#0&*$ 1&2$ J'."0&*M! d1:23:2S!
+:?=853F5L!MNNZeL$OONL!OOMP!
!MOV!
RC=><DCG=>:2!=;?<!;C<!C!B?4587!D:4AC8!<52<5S! >=! ><!2:=;>2F!A:45!=;C2!=;5!
DCG=?C8! C==C>2A52=! :4! CG;>5I5A52=! :D! =;C=! =:6C43! 6;>G;! 35<>45! ><!
C845C37!B45'3>45G=53L! =;5!C44>I>2F!C=! =;5! \6;545=:T!:D! =;5! \=:6C43T! >=<58D!
:D! =;5!F:>2F':?=P!"?=! <?G;! C==C>2A52=! ><! 2:=! C! \D?8D>8A52=Ta! 35<>45!3:5<!
2:=! D>23!:4! C==C>2! D?8D>8A52=! >2! >=<! <C=><DCG=>:2P!+C=;54!35<>45! X?<=! 07! =;5!
7#),Z,/),0)(#&.$',$)0,#!C<!8>D5T<!<58D'F:>2F':?='=:6C43P!1>D5L!=;C=!><!=:!<C7L! ><!
:287!5I54! \D?8D>8853T! >2! >=<!:62!CG=?C8! 8>I>2FL! 0&$ ."#$;'/67#$',$ =;5!F:>2F<'
:?=! =;5A<58I5<L! C23! G:AB85=587! >445<B5G=>I5! :D! <C=><DCG=>:2P! *<! D:4!
B85C<?45L! >=! ><! B54D5G=87! =4?5! =;C=! >=! GC2! C23! :D=52! 3:5<! CGG:ABC27!
<C=><DCG=>:2L! @?=! 35<>45! C<! <?G;! GC2! 25I54! @5! <C>3! =:! @5! ,'6! 5>=;54! =;5!
:@X5G=!:4!=;5!C<<:G>C=53!B85C<?45a!B85C<?45!><!52=>4587!>44585IC2=!=:!35<>45P!
R5G:23L! 35<>45! ><! 2:=! C! @5>2F! CG=53! ?B:2! @7! <:A5=;>2F! :?=<>35! 8>D5T<!
:62!G:2=4:8L!2:=!C!@5>2F!B?8853L!34CFF53!:4!>AB58853!@7!C27!<=4?G=?4C8!
:4! G:2<=>=?=>:2C8! 8CGKL! 2:=! C! \BC<<>I5! 6>88>2FT! dC! G:2<=4?G=>:2! D:4AC887!
5E?>IC852=! =:! \6:483'B:I54=7Te!:4!C27! D:4A!:D! >2I:8?2=C47!<54I>=?35! =:!
D:4G5<! 5>=;54! >2=542C8! :4! 5W=542C8P! (;5! F:>2F<':?=! :D! 8>D5! C45! 2:=!
<:A5=;>2F!C3353!:2=:!8>D5!@?=!4C=;54!C23!<>AB87!=;5!CG=?C8!8>I>2F':?=!:D!
8>D5L! =;C=!6;>G;!ACK5!8>D5!6;C=! >=! ><P!1>D5!B:<<5<<5<! >=<58DL!5A54F5<!D4:A!
:?=!:D!>=<58DL!><!>2!D?88!G:AAC23!:D!>=<58D!k!C23!=;><!2:=!>2!C!A5=CB;7<>GC8!
@?=!4C=;54!>2!C!B;52:A52:8:F>GC8!<52<5P!#I547!AC2>D5<=C=>:2!:D!35<>45!><!
C2! >2<=C2=>C=>:2! :D! 8>D5T<! <58D'B4:B?8<>:2! C23! <58D'CG=?C8>[C=>:2a!
A:45:I54L!>=!><!B45G><587!;545L!>2!=;5!<58D'D?8D>8A52=!:D!8>D5L!=;C=!65!A?<=!
=47! =:! 3><G542! =;5! B5G?8>C4L! ?2DCA>8>C4! C23! 3>DD>G?8=! ,6##2'(! :D! 8>D5L! C!
!MOY!
D4553:A!=;C=!GC2!;CI5!2:=;>2F!=:!3:!6>=;!<;554!C23!C@<:8?=5!B:<<>@>8>=7P!
! ):6L!=;52L!<;C88!65!>2=54B45=! =;5! 0&.#&.0'!C23! 0&.#&./(!:D!35<>45! >2!
<?G;! C!6C7! C<! =:! @7BC<<! G:AB85=587! =;5! CW>:AC=>G<! :D! 34>I5! C23!2553!
d8CGKkk>2<=>2G=kkD?8D>8A52=em!15=!?<!;545!45D54!=:!=;5!0&.#&.0'L!CFC>2!>2!=;5!
*4><=:=58>C2')5>35FF54>C2! <52<5L! 6>=;! =;5! G:2G5B=! :D! 5/67/0.! d��v�}~eP!
-?4<?>=! 45D54<! <B5G>D>GC887! =:! =;5! E?C8>=7! :D! =;5! A:I5A52=! :D! 35<>45!
=:6C43! =;5!35<>4C@85a! >=!B:>2=<! =:! =;5! DCG=! =;C=! =;><!F:>2F':?='=:6C43! ><!
25I54! X?<=!C! 8C2F?>3!34C6>2F!25C4! =:!:4!34>D=>2F! =:6C43L!@?=! ><!C86C7<!
<:A5=;>2F!A?G;! <=4:2F54! k! I>[PL! C! F:>2F! 1,.#6! :4! C! F:>2F! >2=:L! :4! >2! C!
6:43L! C! ;"170&FP! -?4<?>=! =;545D:45! 352:=5<! =;5! >2=52<>=7! :D! 35<>45T<!
D:46C43! A:=>:2P! 0:4! =;><! 45C<:2! 65! AC7! ?<5! =;5! =54A<! 35<>45! C23!
B?4<?>=! >2=54G;C2F5C@87L! =;5! 8C==54! C<! <;:4=;C23! D:4! =;5! D:4A54! >2! >=<!
G;C<>2F!G;C4CG=54P!$=!A?<=!@5!<=45<<53!CFC>2!=;C=!35<>45!><!2:=;>2F!8>K5!C!
A52=C8! <=C=5! :4! CDD5G=>:2! =;C=!AC7! :4!AC7! 2:=! @5! CGG:ABC2>53! @7! C2!
CG=?C8! G;C<>2Fa! >=! ><! 4C=;54! =;C=! 35<>45! X?<=! 07! 6;C=! ><! 45C8>[53! >2! =;5!
G;C<>2F! :4! B?4<?>2F! >=<58DL! >445<B5G=>I5! :D! 6;5=;54! =;5! G;C<5! ><!
5I52=?C887!<C=><D>53L!<?GG5<<D?8!:4!2:=P!
! -54;CB<! <:A56;C=! G:?2=54>2=?>=>I587L! B?4<?>=! C8<:! #&;'(5177#7!
6;C=!65!:43>2C4>87!GC88!CI:>3C2G5!:4!,)0*".!d���weP!(;?<!D8>F;=!><!2:=!=;5!
G:?2=54BC4=! =:! B?4<?>=L! <:A5=;>2F! =;C=! <=C23<! C8:2F<>35! C23! :2! =;5!
<CA5! 85I58! C<! B?4<?>=L! @?=! 4C=;54! ><! :287! C! A:3>D>GC=>:2! :D! B?4<?>=P!
08>F;=L!65!AC7!<C7L!D:4!=;5!=>A5!@5>2FL!><!2:=!C!B?45!F:>2F!CD=54lL!@?=!C!
F:>2F! CD=54! =;C=! ;'&.10&7$?0."0&$ 0.! C! F:>2F! C6C7! D4:Ala! >=! ><L! =:! ?<5! C!
!MMN!
4C=;54!G?A@54<:A5!5WB45<<>:2L!C!\F:>2F'dC6C7'D4:A'C23'e:?='=:6C43TP!
! *GG:43>2F87! =;5! 35<>4C@85! >=<58DL! =;5! :@X5G=! :4! 0&.#&./(! :D! 35<>45!
d�������eL! ><! =;5! \=:'@5'B?4<?53T! d�}x��������eL! =;C=!6;>G;! ><! CG=?C887!
B?4<?53!>2!=;5!B?4<?>=!dC23!8>K56><5L!>2!=;5!A:3>D>53!D:4A!:D!D8>F;=L!=;5!
\=:'@5'CI:>353T! p���}��������qeP! "?=! ;:6! C45! 65! =:! =;>2K! =;5!
5/67/1R0)0.+!:D!=;5!B?4<?53!>D!2:=!>2!=54A<!:D!B85C<?45!d:4!BC>2!>2!=;5!GC<5!
:D! CI:>3C@>8>=7em! 0:4! 2:=! :287! ><! B85C<?45! >44585IC2=! >2<:DC4! C<! =;5!
0&.#&./(! ><! >AAC252=! =:!35<>45! >=<58DL!@?=!6;C=! ><!A:45L! >=!6:?83!<55A!
=;C=!=;5!35<>4C@85!G:?83!:287!5I54!AC2>D5<=!>=<58D!17!B85C<?4C@85!6>=;>2!C!
;:4>[:2! :D! C2=>G>BC=>:2! :4! B:=52=>C8>=7L! =;C=! ><L! >2! C23! D:4! 6:48387!
5W><=52G5!d>2C<A?G;!C<!=;5!B85C<?45!:4!BC>2!>=<58D!:287!5I54!C44>I5<!6>=;!
\<C=><DCG=>:2T! B4:B54eP! (:! B?4<?5! <:A5=;>2F! R#;1/7#! >=! ><! B85C<?4C@85! ><!
C845C37! =:!;CI5!?2354<=::3! >=!C<!R#0&*!B85C<?4C@85L! >P5PL! C<!C!@5>2F! =;C=!
@4>2F<! 6>=;! >=! C! D?=?45! B85C<?45P O^ !$2! DCG=L! GC2! 65! <C7! C27=;>2F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O^!(;?<!)?A5L! D:4! 5WCAB85L! 5WB8>G>=87! 8>2K<! 35<>45! C<! \B4:B52<>=7T! C23!
\CI54<>:2T!=:!=;5!56'75#;.!:D!B85C<?45!:4!BC>2S!\T(><!:@I>:?<L!=;C=!6;52!65!
;CI5! =;5! B4:<B5G=! :D! BC>2! C23! B85C<?45! D4:A! C27! :@X5G=L! 65! D558! C!
G:2<5E?52=! 5A:=>:2! :D! CI54<>:2! :4! B4:B52<>=7! p>P5PL! 35<>45qL! C23! C45!
GC447T3! =:! CI:>3! :4! 5A@4CG5! 6;C=! 6>88! F>I5! ?<! =;><! ?25C<>25<<! :4!
<C=><DCG=>:2lT(><!D4:A!=;5!B4:<B5G=!:D!BC>2!:4!B85C<?45!=;C=!=;5!CI54<>:2!
:4!B4:B52<>=7!C4><5<!=:6C43<!C27!:@X5G=PT!R55!,CI>3!)?A5L!L$!6#1.07#$',$
:/(1&$J1./6#!d.WD:43S!.WD:43!H2>I54<>=7!-45<<L!MNNNeL!M``P!
!MMO!
G:2G542>2F!=;5!35<>4C@85!E?C!B?4<?C@85!:I54!C23!@57:23!=;5!DCG=!=;C=!>=!
AC2>D5<=<! >=<58D! >2! <:A5! 6C7L! C23! >2=?>=>I587L! C<! G:AA:2L! <?>=C@85L!
D>==>2FL!CF455C@85!:4L!>2!=;5!A:<=!F5254C8!<52<5L!;'(51.0R)#!k!C23!=;545D:45!
G:2I54<587!C<!?2G:AA:2L!?2<?>=C@85L!3><CF455C@85L!0&;'(51.0R)#m!$2!=;><!
GC<5! =;5! :45G=>G! 17! A?<=! @5! ?2354<=::3L! A:45! <B5G>D>GC887L! C<! C2! 17! :D!
G:ABC=>@>8>=7L! 6;>G;! ><! <>AB87! =:! <C7! =;C=! G:ABC=>@>8>=7! C23!
>2G:ABC=>@>8>=7! 17$ 7/;"! 2553! 2:=! >AB87! 5>=;54! @5>2F'AC2>D5<=C=>:2! :4!
B85C<?45gBC>2'AC2>D5<=C=>:2L! =;C=! <:A5=;>2F! GC2! AC2>D5<=! >=<58D! 17$
;'(51.0R)#$'6$0&;'(51.0R)#$1&2$&'."0&*$R#702#7P!/:45:I54L!C23!=:!45B5C=L!C<!
8:2F! C<! =;57! C45! =;:?F;=! D4:A! :?=! :D! =;5! CG=?C8! 8>I>2F':?=! :D! 8>D5L!
G:ABC=>@>8>=7!C23! >2G:ABC=>@>8>=7!;CI5!2:=;>2F!6;C=<:5I54! =:!3:!6>=;!
2553L! 35B4>IC=>:2L! 5=GP!L$ ."0&*$ 07$ &'.$ ;'(51.0R)#$ 2/#$ .'$ 0.7$ R#0&*$ &##2#2W$
&#;#7716+W$)1;A0&*W$#.;YW$&'6$0&;'(51.0R)#$2/#$.'$0.7$,10)/6#$.'$71.07,+$1$&##2Y!*88!
65!GC2!<C7!><!=;C=!=;545!5W><=<!<:A5=;>2F!CK>2!=:!C!2C=?4C8!D>=25<<!6;>G;!
><!>AA53>C=587!C23!>2=?>=>I587!F4C<B53POV!*GG:43>2F87L!C23!<=4>G=87!D4:A!
=;5! B:>2=! :D! I>56! :D! B;52:A52C8! 8>D5L! 65! GC2! >352=>D7! C! K>23! :D! 56#Z
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OV!%:!3:?@=! =;><! D>=25<<! ><!?2354<=::3!A:45!B4:B5487!C<!C2!C==?25A52=!
=;C2! C2! CDD5G=L! =;5! 8C==54! <?FF5<=>2F! <:A5=;>2F! 8>K5! C! A52=C8! :4!
B<7G;:8:F>GC8! <=C=5P! *==?25A52=! B:>2=<! =:! =;5! E?C8>=7! :D! <:A5=;>2F!
6>=;>2! =;5! 8>D5'[:25! >=<58Da! >=! 45D54<! 5<<52=>C887! =:! =;5! CF455C@85M! :4!
G:ABC=>@>8>=7';"161;.#6!:D!=;5!:@X5G=P!U:ABC=>@>8>=7!2CA5<!=;5!E?C8>=7!:D!
5A54F52G5!:D!=;5!0&.#&./(P!
!MMM!
#7.1R)07"#2$ "16('&+! C=! =;5! G:45! :D! 8>D5S! G54=C>2! =;>2F<! <>AB87! C23!
>25WB8>GC@87! <=C23! >2! C! <=C=5! :D! >AA53>C=5! CF455C@>8>=7P! U:ABC=>@>8>=7!
A5C2<!=;C=!<:A5!=;>2F<!<>AB87!R#)'&*!=:!35<>45L!=;C=!35<>45!;C<!>=<!:62!
@58:2F>2F<!d>P5PL!@58:2F>2F<!6;>G;!C45!',$)0,#a!65!C45!2:=!45D544>2F!=:!=;5!
3>DD5452=>C=53! AC2>D:83! :D! G:2G45=5! =;>2F<! :4! :@X5G=<! >2! 6;>G;! =;5<5!
@58:2F>2F<!C45!DCG=?C887!45C8>[53!:4!3><G:I5453eP!
! R?G;!C!I>56!:D!=;5!>2=52=>:2C8>=7!:D!8>D5!><!5WB45<<53!>2!C!<>A>8C4!6C7!
@7!"54F<:2!=;4:?F;!;><!B4:=:'B;52:A52:8:F>GC8!45CBB4:B4>C=>:2!:D!=;5!
:83!&C852>G! =;5:47!:D! <7ABC=;>5<!C23!C2=>BC=;>5<P! $2!S6#1.0=#$3=')/.0'&!
"54F<:2!64>=5<S!
!
"?=L!=;:?F;!>2<=>2G=!><!2:=!6>=;>2!=;5!3:AC>2!:D!>2=588>F52G5!>=!><!2:=!
<>=?C=53!@57:23! =;5! 8>A>=<!:D!A>23P! $2! =;5!B;52:A52C!:D! D558>2FL! >2!
?245D85G=>2F! <7ABC=;7! C23! C2=>BC=;7L!65! 5WB54>52G5! >2! :?4<58I5<! k!
=;:?F;! ?2354! C! A?G;! ICF?54! D:4AL! C23! :25! =::! A?G;! B525=4C=53!
6>=;!>2=588>F52G5!k!<:A5=;>2F!:D!6;C=!A?<=!;CBB52!>2!=;5!G:2<G>:?<'
25<<!:D!C2!>2<5G=!CG=>2F!@7!>2<=>2G=POY!
!
0:4!5WCAB85S!
!
(;5! *AA:B;>8>CL! 65! >ACF>25L! A?<=! 85C42L! :25! @7! :25L! 8>K5! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OY!)524>!"54F<:2L!S6#1.0=#$3=')/.0'&!d/>25:8CS!,:I54L!OYYVeL!O^_P!
!MMZ!
52=:A:8:F><=L! =;5! B:<>=>:2<! :D! =;5! 254I5'G52=45<! :D! =;5! GC=54B>88C4! k!
A?<=! CGE?>45! C=! 85C<=! =;5! B4CG=>GC8! K2:6853F5! :D! =;5<5! B:<>=>:2<! @7!
=47>2F!=;5!5DD5G=<!:D! >=<!<=>2FP!"?=!=;545! ><!2:!2553!D:4!<?G;!C!I>56!>D!
65! <?BB:<5! C! 7+(51."+! d>2! =;5! 5=7A:8:F>GC8! <52<5! :D! =;5! 6:43e!
@5=6552! =;5! *AA:B;>8>C! C23! >=<! I>G=>AL! 6;>G;! =5CG;5<! >=! D4:A!
6>=;>2L!<:!=:!<C7L!G:2G542>2F!=;5!I?8254C@>8>=7!:D!=;5!GC=54B>88C4P!(;><!
D558>2F! :D! I?8254C@>8>=7! A>F;=! :65! 2:=;>2F! =:! :?=6C43! B54G5B=>:2L!
@?=! 45<?8=! D4:A! =;5!A545!B45<52G5! =:F5=;54! :D! =;5!*AA:B;>8>C! C23!
=;5! GC=54B>88C4L! G:2<>35453! 2:! 8:2F54! C<! =6:! :4FC2><A<L! @?=! C<! =6:!
CG=>I>=>5<P!$=!6:?83!5WB45<<L!>2!C!G:2G45=5!D:4AL!=;5!6#)1.0'&!:D!=;5!:25!
=:!=;5!:=;54PMN!
!
"54F<:2L!=;>2K>2F!8>D5!D4:A!C!A5=CB;7<>GC8!<=C23B:>2=L!45<54I5<!=;5!=54A!
\>2<=>2G=T! D:4! =;5! D:4A! :D! :B5225<<! d:4! G:2<G>:?<25<<e! G;C4CG=54><=>G! :D!
2:2';?AC2!8>D5L!6;545C<!\>2=5885G=T!45D54<!=:!=;5!:B5225<<!:D!;?AC2!8>D5!
C8A:<=! 5WG8?<>I587P! %:25=;585<<L! 6;52! ;5! G8C>A<! =;C=! \>2<=>2G=! ><!
<7ABC=;7TL! 6;545! <7ABC=;7! A5C2<! C! K>23! :D! 2C=?4C8! CDD>2>=7! :4!
C==4CG=>:2! =:!C! =;>2FL!;5!A:I5<! <E?C4587! >2=:! =;5! 45C8A!:D!B;52:A52C8!
8>D5a! ;5! ><! 2:! 8:2F54! 35<G4>@>2F! 8>D5! <=4>G=87! D4:A! =;5! B54<B5G=>I5! :D!
AC==54L! @?=! ><! 4C=;54! C4=>G?8C=>2F! =;5! <=4?G=?45! :D! 8>D5! C<! C! ?2>E?5! C23!
C?=:2:A:?<!D:4A!:D!:B5225<<!dC!3><=>2G=>:2!6;>G;!><!C845C37!@8?4453!>2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MN!$@>3PL!O^ZDP!
!MMQ!
"54F<:2T<! =;:?F;=eP! (;><! 2C=?4C8! <7ABC=;7L! C<! C! \D558>2F! :D! I?8254'
C@>8>=7T!C4><>2F!D4:A!=;5!<;554!G:'B45<52G5!:D!=;5!0&.#&./(L!><!C!B4:B5487!
B;52:A52:8:F>GC8! 35<G4>B=>:2! :D! CG=?C887! 8>I53! 8>D5a! =;5! \458C=>:2T! >2!
"54F<:2T<!CGG:?2=!><!458C=53!=:!=;5!@58:2F>2F'!:4!G:ABC=>@>8>=7'G;C4CG=54!
:D!=;5!0&.#&./(P!
! %:6!>=!AC7!<55A!<=4C2F5!C23!>23553!BC=52=87!DC8<5!=:!G8C>AL!C<!65!
;CI5L! =;C=! 8>D5!5WG8?35<!C88!2553!C23!25G5<<>=7L!C88! 5AB=>25<<P!R?4587L! >=!
6>88!@5!<C>3L!>D!$!35<>45L!<C7L!6C=54L!=;><!><!:287!@5GC?<5!$!8CGK!6C=54L!=;C=!
><L! @5GC?<5! $! CA! =;>4<=7P!/:45:I54L! >D!A7! =;>4<=! ><! 2:=! <C=><D>53! >2! 3?5!
=>A5L! $! <;C88! G54=C>287!3>5P!(;545D:45! $! 2553!6C=54L!A7! 8>D5!35B523<!:2!
6C=54P! "?=! B45G><587! ;545! 65! A?<=! B4:@5! =;5! AC==54! C<! 355B87! C23!
GC45D?887! C<! B:<<>@85! C23! 52E?>45!6;5=;54! =;><! 2553>25<<! ><! C276;545!
B45<52=! >2! ."#$ R16#$ *'0&*$ '/.$ .'?162$ ."#$?1.#6$ 0.7#),! k! :4!6;5=;54L! =:! =;5!
G:2=4C47L! >=! @58:2F<! :287! =:! =;5! >2=54B45=C=>:2! <?B54>AB:<53! :2=:! =;5!
F:>2F':?=!@7!C!@5>2F!=;C=!07!>2!<?G;!C!6C7!C<!=:!B4:X5G=!>=<58DL!C86C7<!C23!
C845C37L!>2=:!>=<!:62!D?=?45!C23!=;?<!=:!C2=>G>BC=5L!5I52!>D!?245D85G=>I587L!
>=<!:62!35C=;!d>P5PL!C!@5>2F'=:6C43'35C=;eP!$2!=;><!8C==54!GC<5!65!<;:?83!
;CI5!=:!<C7!=;C=!=;5!52=>45!B;52:A52:2!:D!2553!><!C!D?2G=>:2L!&'.!:D!8>D5!
C<! <?G;L! @?=! :D! 5W><=52G5! d>2!6;>G;! GC<5!)?<<548T<! CGG:?2=! :D! >2<=>2G='
>2=52=>:2C8>=7!6:?83!@5!52=>4587!IC8>3!=:!=;5!35F455!=;C=L! 8>K5!RC4=45L!;5!
><!>2=545<=53!B4>2G>BC887!>2!=;5!G:2<G>:?<25<<!:D!=;5!8>I>2F!"/(1&!@5>2FL!
>P5PL!>2!=;5!G:2=4>@?=>:2!:D!\>2<=>2G=T!=:!=;5!D:4AC=>:2!:D!=;5!5F:eP!
!
!MM_!
"P!(;5!5C4=;!C<!=;5
!MM`!
6:483L!;5!=;>2K<!=;5>4!458C=>:2!>2!C!3>DD>G?8=!C23!?2<C=><DCG=:47!6C7!3?5!
=:!;><!45<=4>G=>:2!:D!=;5!:B52!=:!=;5!6:483!C<!=;5!<>=5!:D!=;5!3><G8:<?45!:D!
@5>2FPe MO !R5G:23L! =;5! 5C4=;! GC2! 25I54! @5! A><=CK52! D:4! C27! :D! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MO!)?<<548T<!DCA:?<!\N(7./6FI!D4CFA52=!><!>2=545<=>2F!>2!=;><!G:2=5W=!d<55!
/5485C?'-:2=7!5=!C8PL!:BP!G>=P!pMNNMqL!OO^'ZOeP!)?<<548!<55<!G85C487!=;C=!=;5!
5C4=;! ><! 2:=! C! BC4=>G?8C4L! D>2>=5! @:37L! C! BC4=! :D! <:A5! 8C4F54!6;:85L! @?=!
4C=;54! =;5! :4>F>2C47! J;:85! =;C=! G:2<=>=?=5<! =;5! :B52! ;:4>[:2! 6>=;>2!
6;>G;!5I547!BC4=!:4!6;:85':D'BC4=<!GC2!5A54F5!C<!<?G;!>2!=;5!D>4<=!B8CG5a!
=;5!5C4=;!#&*/),7L!C<!/5485C?'-:2=7!<C7<P!*23!75=!=;><!52F?8D>2F!;:4>[:2!
><L! C=! @:==:AL! 2:=;>2F! A:45! =;C2! =;5! 6:483! >=<58D! >2! >=<! E?C8>=7! :D!
:2=:8:F>GC8!D>W>=7!C23!<=C@>8>=7S!=;5!5C4=;!><!=;5!\362R'2#&TL!=;5!>AA:@>85!
C23! >AA:IC@85! \C4KTL! 6;>G;! ><! =:! <C7L! =;5! ���wL! =;5! :4>F>2L! G:2<=C2=!
G52=45a!>=!><!=;5!C@<:8?=5!2:2'A:=>:2!=;C=!ACK5<!C88!:2=>G!A:=>:2!C23!45<=!
B:<<>@85P!*23!=;><!>2!C!=6:D:83!<52<5S!:2!=;5!:25!;C23L!C<!=;5!45C8A!:D!
D455!B:<<>@>8>=7L!=;5!\:B52!>2D>2>=7!:D!=;5!5C4=;87!6:483!C<!523:653!6>=;!
C2!>2D>2>=7!:D!B:<<>@87!5W><=>2F!@:3>5<T! dOM^eL!C23!:2!=;5!:=;54!;C23L!C<!
=;5! \B4>A:43>C8!;:A5T!:D! C! \?2>I54<C8!;?AC2>=7TL! =;5! <G525!:D! \C! <>2F85!
B4>A:43>C8! ;><=:47T! :D! 6;>G;! C88! 458C=>I5! ;><=:4>5<! 6:?83! @5! A545!
5B><:35<! dOM`DPeP! 1>K56><5L! >2! ;><! G:?4<5! 2:=5<! :2! )?<<548T<! D4CFA52=L!
/5485C?'-:2=7!35<G4>@5<! =;5!362R'2#&! C<! =;5!B4>AC8! \N(?#).L!8,,#&"#0.L!
B4545B45<52=C=>:2C8! k! ;:4>[:2TL! =;5! \;:4>[:2! :D! ;:4>[:2<T! d`^DPe! =;C=!
\C<<?45<! 5I547! B:<<>@>8>=7! :D! "5>2FT! d^Qe! C23! =;545@7! G:2<=>=?=5<! =;5!
!MM^!
BC4=>G?8C4! >2=4C6:48387'B8C25=C47!52=>=>5<!6>=;!6;>G;! =;5! 5C4=;! ><!A:<=!
G:AA:287!C<<:G>C=53P!(;?<!=;5!5C4=;!><!2:=!=;5!8C23L!=455<L!4>I54<L!;>88<L!
F4C<<L! 6>23L! 5=GPL! C8=;:?F;! =;5! 5C4=;! AC7L! C23! >23553! A?<=L! D>23!
5WB45<<>:2!=;4:?F;!=;5<5!C23!=;5!8>K5P!(;>43L!X?<=!C<!=;545!GC2!25I54!@5!
C27!;CBB52>2F!:4!:B52>2F!?B!:D!C!6:483!D:4!@5>2F<!6;:<5!6C7!=:!@5!><!
2:=! =;C=! :D! 5W><=52G5L! <:! =::! =;545! GC2! 25I54! @5! C27! ;CBB52>2F! :D! C2!
5C4=;! D:4! @5>2F<! =;C=! C45! 2:=! >2! =;5! 6C7! :4! A:35! :D! 8>D5! k! C23! =;><!
>2G8?35<! 2:=! :287! <?G;! 2:2'8>I>2F! 52=>=>5<! C<! <=:25<! @?=L! >AB:4=C2=87L!
6;C=! 65! A>F;=! GC88! 5/6#$ #407.#&;#7L! >P5PL! B?45! @5>2F<'>2'=;5'6:483! d=;5!
<?@X5G=!AC==54!:D!D#0&*$1&2$!0(#eP!(:!@5!<?45L!<?G;!B?45!5W><=52G5<!AC7!
B54G5>I5! <:A5=;>2F! 8>K5! \2C=?45TL! @?=! C86C7<! >2! C!6;:887! >2=4C6:48387!
6C7L! C<! =;5! \2C=?4C8! 6:483TL! C23! 6>=;:?=! 5I54! 3><G:I54>2F! =;5! 5C4=;!
=;545@7L! >2! :=;54! 6:43<L! 6>=;:?=! 5I54! 5WB54>52G>2F! C27=;>2F! 8>K5!
35<>4>2F'B?4<?>=! d>2! \<G52547TL! D:4! 5WCAB85L! =;545! ><! 2:! =4CG5! :D! 5C4=;!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!?8=>AC=5! AC==54! :D! B;>8:<:B;7P! (;><! N(?#).! ><! =;5! B0&R'2#&! C23!
36,1"6/&*7R'2#&L! =;5! F4:?23! :D! @:=;! <52<5! C23! 5WB54>52G5L! =;5!
\D:?23C=>:2!:D! =;5!?2>=7!:D!;><=:47T! d`VeL! <:A5=;>2F! <=4?G=?453!C23!75=!
52=>4587!B45'=;5AC=>GL!B45'8:F>GC8L!C! \G:;5452G5!6>=;:?=!G:2G5B=<T! dO_YeP!
*88!:D!=;><L!:D!G:?4<5L!;C<!I>4=?C887!2:=;>2F!=:!3:!6>=;!6;C=!65!C<<:G>C=5!
6>=;!=;5!>35C!:D!\5C4=;T!>2!C2!CI54CF5!5I5473C7!6C7L!>P5PL!6>=;!6;C=!65!
:?4<58I5<L!C<!5C4=;'8>I>2F!@5>2F<L!>2=?>=!:D!=;5!5C4=;! 0&$."#$(027.$',$?"0;"$
65!CG=?C887!8>I5P!
!MMV!
6;C=<:5I54eP!
! J5! AC7! 5WCA>25! =;5! 5C4=;! D4:A! 5>=;54! :D! =6:! 3><=>2G=! C2F85<!
35B523>2F!:2!6;5=;54!65!;CI5!=;5!0&.#&.0'!:4!=;5!0&.#&./(!k!B?4<?>=!:4!
G:ABC=>@>8>=7! k!B4>2G>BC887! >2! I>56P!15=!?<! @5F>2!6>=;! =;5! 8C==54! C2F85P!
04:A!=;5!I>56B:>2=!:D!=;5!0&.#&./(L!=;5!5C4=;!><L!D>4<=!C23!D:45A:<=L!=;5!
6;545>2!:D! =;5!CBB5C4>2F!C23!3><CBB5C4>2F!k! >P5PL! =;5!@5G:A>2F'I><>@85!
C23!@5G:A>2F'>2I><>@85!k!:D!=;5!G:ABC=>@85L!=;C=!D4:A!:?=!:D!6;>G;!=;5!
G:ABC=>@85!5A54F5<!C23!45I5C8<!>=<58D!C23!=;C=!>2=:!6;>G;!>=!45=45C=<!C23!
G:2G5C8<!>=<58DP!$2!8>25!6>=;!=;><!65!A>F;=!B54;CB<!6><;!=:!C33!=;C=!=;5!
5C4=;! 5W?35<! C! G54=C>2! C?4C! :D! \=5AB=C=>:2TP! (:! @5! <?45L! =;><! 3:5<! 2:=!
>AB87!=;C=!=;5!5C4=;!D:4G5<!=;5!B?4<?>=!>2!=;5!<52<5!>2!6;>G;!C!<=>A?8?<!
><!=;:?F;=!=:!3><52FCF5!:4!\3><>2;>@>=T!C!34>I5a! >=! ><!25I54!=;C=!=;5!5C4=;!
34CF<! 35<>45! >2=:! =;5! G;C<5! >2! <:A5! G4?3587! 35=54A>2><=>G! DC<;>:2P! $=!
:287!<?FF5<=<! =;C=!65!GC2!3><G542L!C<!2:=;>2F!A:45! =;C2!=;5!<=4?G=?4C8!
G:?2=54BC4=! =:! 35<>45T<! :62! <58D'B4:B?8<>:2L! C! K>23! :D! <=>44>2F! :4!
\<:8>G>=C=>:2T!@7!6;>G;!35<>45! ><! C6CK5253! =:! >=<58DL! =CK5<!B:<<5<<>:2!:D!
>=<58D! k! C23! ;52G5! K2:6<! >=<58D! >2! =;5! 35<>4C@85! >=<58DL! >2! =;C=!6;>G;! ><!
F>I52! =:! >=! C<! CGG:43>2F! 6>=;! >=<! :62! 2C=?45P! (5AB=C=>:2L! >2! C! 6:43L!
352:=5<!<:A5=;>2F!8>K5!C2!0&=0.1.0'&!=:!B?4<?5P!
! R5G:23L!=;5!5C4=;!><!=;5!6;545>2!:D!=;5!CBB5C4>2F!C23!3><CBB5C4>2F!
:D!>2G:ABC=>@85<L!:4!6;C=!65!A>F;=!C8<:L!C23!A:45!B45G><587L!45D54!=:!C<!
56'=';1.0'&7L! =;5<5! @5>2F! 2:=! :@X5G=<! :D! B?4<?>=! <:! A?G;! C<! :@<=CG85<L!
G;C8852F5<!:4!B4:@85A<! =:!@5! <:8I53!:4!25F:=>C=53P!)545! =;5! 5C4=;! ><! C!
!MMY!
D>583!:D!<B:2=C25:?<!>44?B=>:2!C23!>2=54I52=>:2L!>P5PL!:D!=;5!545G=>2F!C23!
=;4:6>2F!:?=!:D!@C44>54<!C23!B>=DC88<! >2! =;5!BC=;!:D!B?4<?>=! =;C=! =;6C4=!
>=<! =4CX5G=:47! C23! G;C2258! >=<! A:I5A52=! >2! 256! C23! ?2D:45<552!
3>45G=>:2<a! >2! =;><!6C7!DCG=?C8!C==C>2A52=!:D! =;5!G:ABC=>@85! ><!35D54453!
C23!358C753! @7! 256! 45E?>45A52=<! :D! <G4?=>27L! B525=4C=>:2L! 5W=4CG=>:2L!
=4CI54<C8L!CI:>3C2G5L!G>4G?A2CI>FC=>:2L!G:2D8>G=L!5=GP!d(;><!@4>2F<!?<!=:!C!
A:45!B45G><5!?2354<=C23>2F!:D!=;5!A5C2>2F!:D!D8>F;=L!>P5PL!C<!C!BC4=>G?8C4!
A:35! :D! 25F:=>C=>:2S! \F:>2F! C6C7! D4:AlTL! 45=45C=L! 5=GP! ><! :287! :25! :D!
>22?A54C@85! <=4C=5F>5<! D:4! 35C8>2F!6>=;! >2G:ABC=>@85<PMMe! *GG:43>2F87L!
<?G;!B4:I:GC=>:2L!3><4?B=>:2L!25F:=>C=>:2L!5=GP!C45!@7!2:!A5C2<!5I>352G5!
:D! =;5! 5<<52=>C8! \BC<<>I>=7T! :D! 8>D5L! 2:4! 3:! =;5<5! >23>GC=5! C27! <:4=! :D!
>AB54D5G=>:2P! -4:I:GC=>:2! ><! :287! =;5! =?42>2F! :4! G?==>2F! :DD! :D! C2!
:2F:>2F!B?4<?>=L!:4!=;5!>2<=>FC=>:2!:D!C!256!B?4<?>=L!@7!6;>G;!=;5!8>I>2F!
@5>2F! 52FCF5<! >2! C! D455! 45<B:2<5a! D:4! 8>D5L! 5I547! B?4<?>=! ><! <:A5=;>2F!
CDD>4AC=>I5!C23!45<?8=<!>2!C!B:<>=>I5!<:8?=>:2!:4!<C=><DCG=>:2PMZ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MM!$2!<;:4=L! G:ABC=>@85<!C45!B?4<?53L! >2G:ABC=>@85<!C45!25F:=>C=53L!C23!
=;><! 25F:=>C=>:2! GC2! :GG?4! >2! <5I54C8! 3>DD5452=! 6C7<L! :25! :D! 6;>G;! ><!
D8>F;=P! R=4>G=87! <B5CK>2FL! D8>F;=! ><! C! K>23! :D! B?4<?>=! 6;>G;! 52=C>8<! =;5!
?2>=7!:D!25F:=>C=>:2!C23!B?4<?>=S!C!<>2F85!A:I5A52=! ><! <>A?8=C25:?<87!
dOe!C!G;C<>2F!CD=54!C!G:ABC=>@85L!5PFPL!\<;58=54TL!\<CD5=7TL!5=GP!dB?4<?>=eL!C23!
dMe!C2!CI:>3C2G5!:D!C2!>2G:ABC=>@85!:4!B4:I:GC=>:2!d25F:=>C=>:2eP!
MZ!$=! ><! B45G><587! =;><! B4:I:GC=>I5L! CF:2><=>GL! >44?B=>I5! G;C4CG=54! :D! =;5!
!MZN!
! J;5=;54!C!G:ABC=>@85!:4!>2G:ABC=>@85!><!I><>@85!:4!>2I><>@85!;C<!2:!
@5C4>2F!:2! =;5! DCG=! =;C=! >=! ><! C86C7<! ."#6#! C<! =;5! G:4458C=5! :D! =;5!35<>45!
d=;5! �������eL! D:4! >=! ><! :@I>:?<! =;C=! =;5! G:23>=>:2! :D! B:<<>@>8>=7! :D! C!
G:ABC=>@85T<! >2I><>@>8>=7! ><! >=<! 1)6#12+! @5>2F! F>I52! C<! G:ABC=>@85L! >=<!
@58:2F>2F! =:! =;5! B?4<?>=! =;C=! B?4<?5<! >=P! *2! >2I><>@85! G:ABC=>@85! ><!
2:=;>2F!A:45!:4!85<<!=;C2!C!G:ABC=>@85!=;C=!><!C845C37!@5>2F!CBB4:CG;53!
:4!B?4<?53!C<!35<>4C@85!@?=!;C<!2:=!75=!@552!<>F;=53P!
! *<!D:4! =;5!D:4A54!C2F85L! =;5!B4:B54=>5<!:D!6;>G;!G:445<B:23!=:!=;5!
0&.#&.0'L! =;5!CG=?C8!F:>2F!:?=!:D!35<>45L!65!AC7!G;C4CG=54>[5!=;5!5C4=;T<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!5C4=;! =;C=! ><! A:<=! :D=52! 8>2K53! =:! =;5! B?4B:4=53! \>2<=>2G=! D:4! <58D'
B45<54IC=>:2T! G:AA:2! =:! 8>D5L! >P5PL! 6>=;! =;5! ?4F5! =:! \<?4I>IC8TP! "?=! >2!
C33>=>:2!=:!=;5!DCG=!=;C=!8>D5L!C<!65!<C>3!C@:I5L!;C<!2:!K2:6853F5!:D!:4!
G:2G542!6>=;!5>=;54!\<58I5<T!:4!=;5>4!=5AB:4C8!B54B5=?C=>:2L!>=!A?<=!C8<:!
@5! <=45<<53! =;C=! <?G;! =;>2F<! C<!B4:I:GC=>:2<L! :@<=4?G=>:2<! C23! =;5! 8>K5!
C45! >2!2:!6C7! ."6#1.7! =:! 8>D5!@?=! 4C=;54L!C23! X?<=! =;5!:BB:<>=5L!BC4=!C23!
BC4G58! :D! =;5! I547! <?@<=C2G5! :D! 8>D5P! $D! 8>D5! ><! \B45<54I53TL! >=! ><! &'.! >2!
\<?4I>I>2FT! =;5!5C4=;T<!C<<C?8=<!C23!G;C8852F5<!@?=! 4C=;54!C23!B45G><587!
>2!#&;'/&.#60&*!C23!\#&Z2/60&*T! =;5AL!>2!8>I>2F!."6'/*"! =;5A!dC<!C!F:>2F!
:?=! =:!A55=! =;5AeL!?0."0&! =;5!3?4C=>:2!:D! =;5!B4:I:GC=>:2<! =;5A<58I5<L!
6;C=5I54!=;5>4! DCG=?C8!:?=G:A5P!1>D5! ><!2:=!6;C=! ><! 85D=!:I54!CD=54!<:A5!
B4:I:GC=>:2! ;C<! @552! 5IC353! :4! 25?=4C8>[53a! 4C=;54! >=! ><! =;5!
B4:I:GC=>:2<!=;5A<58I5<!=;C=!*#.$)0=#2P!
!MZO!
45I5C8>2F! C23! G:2G5C8>2F!:D! G:ABC=>@85<! C23!B4:I:GC=>:2<! C<! <:!AC27!
;'#,,0;0#&.7$ ',$ 5/67/0.! >2! =;5! <52<5! =;C=! C88! :D! =;5<5! 3>45G=87! CDD5G=! =;5!
E?C8>=7!:4!>2=52<>=7!:D!=;5!B?4<?>=P!)52G5!65!A?<=!>ACF>25!=;5!5C4=;!C<!C!
K>23!:D!1#."#6!=;4:?F;!6;>G;!B?4<?>=!A?<=!C86C7<!BC<<!>2!=;5!G:?4<5!:D!
>=<! F:>2F! :?=P! (;><! BC<<>2F! =;4:?F;! C86C7<! :GG?4<! 6>=;! A:45! :4! 85<<!
5C<5L! F4CG5L! D8?>3>=7L! CF>8>=7L! D4553:A!:D!A:=>8>=7L! 5=GPL! CGG:43>2F! C<! =;5!
C5=;54! C<<?A5<! C! F45C=54! :4! 85<<54! 352<>=7! :4! 4C45DCG=>:2P! *=! :25!
5W=45A5L! =;5! 5C4=;! 358>I54<! ?B! >=<! G:2=52=<! D45587L! 545G=<! 2:! @C44>54<!
@5=6552! B?4<?>=! C23! >=<! <C=><DCG=>:2a! C=! =;5! :=;54! 523L! >=! 52D:83<! >=<!
G:2=52=<!355B!6>=;>2!>=!C23!?285C<;5<!C!<856!:D!@C44>54<!C23!:@<=CG85<!=:!
<=7A>5! C23! D4?<=4C=5! B?4<?>=P! (;?<! =;5! >2=52<>=7! :D! =;5! B?4<?>=! 6CW5<!
C23!6C25<!6>=;!=;5!458C=>I5!>2=4CG=C@>8>=7!C23!45GC8G>=4C2G5!:D!=;5!5C4=;!k!
=;5!5C4=;L! =::L!;C<! >=<!A::3<L!<:! =:!<B5CKP!(:!@5!G85C4L! =;><!352<>=7!C23!
4C45DCG=>:2!C45!2:=;>2F!A54587!:2=>GL!>P5PL!GC8G?8C@85a!>=!;C<!2:=;>2F!=:!3:!
6>=;! C27! CG=?C8L!AC=54>C8! G8?==54>2FL! ;C4352>2FL! 8::<52>2F!?BL! G85C4>2F!
C6C7L! 5=GPL! @?=! :287! 6>=;! =;5! 458C=>I5! 35F455! :D! 45D4CG=:4>25<<! :D! =;5!
A53>?A!>=<58D!=;4:?F;!6;>G;!35<>45!A?<=!C86C7<!=4CI58P!$2!=;><!45<B5G=!
=;5! :2=>GC887! =;>GK5<=! X?2F85! GC2! @5! =;5! C>4>5<=! B8CG5! :D! C88L! 6;>85!
G:2I54<587! =;5! :2=>GC887! <BC4<5<=! C23! A:<=! @C4452! 6C<=58C23! GC2! @5!
I>4=?C887!>AB525=4C@85PMQ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MQ!$=! F:5<! 6>=;:?=! <C7>2F! =;C=! =;5! BC4=>G?8C4! d:2=>Ge! G:ABC=>@85<! C23!
>2G:ABC=>@85<! C45!IC4>C@85! C23! G:2=>2F52=L! ;52G5! >44585IC2=P!1>F;=! C23!
!MZM!
! .2! =;><! @C<><! 65! GC2! B54;CB<! @5F>2! =:! =;>2K! =;5! B;52:A52C! :D!
I>=C8>=7! C23! DC=>F?5! >2! C! A:45! :4>F>2C47! 6C7P! -;52:A52:8:F>GC887!
G:2<>35453L!=;5<5!;CI5!2:=;>2F!C=!C88!=:!3:!6>=;!=;5!:4FC2><AT<!IC4>:?<!
A5=C@:8>G! :4! @>:G;5A>GC8! <=C=5<! :4! B4:G5<<5<P!J;C=!65! GC88! \I>=C8>=7T! ><!
<>AB87! =;5!?245<=4>G=53L!?2>2;>@>=53! D8:6!:D!B?4<?>=L! =;5! 8>F;=25<<! C23!
@?:7C2G7! :D! =;5! C@<:8?=5! D4553:A! :D! =;5! G;C<5S! =;5! 5C4=;! 3:5<! 2:=!
;>2354! :4! :@<=4?G=L! @?=! 4C=;54! <55A<! =:! GC4I5! :?=! C23! 8C7! @5D:45! =;5!
8>I>2F'B?4<?>2F!@5>2F!=;5!G:?4<5!:D!B?4<?>=!>=<58DP!$=<!C2=>=;5<><L!DC=>F?5L!
><! CGG:43>2F87! <>AB87! C! B4:G5<<! :D! \35I>=C8>[C=>:2TL! C! <8?FF><;25<<! C23!
=:4B:4! G:AA52<?4C=5! 6>=;! =;5! 5C4=;T<! 352<>D>GC=>:2L! G:2=4CG=>:2L!
6>=;34C6C8L!G:2G5C8A52=P!
! J5!AC7!<?A!?B!:?4!@4>5D!3><G?<<>:2!:D!=;5!5C4=;!@7!<?FF5<=>2F!=;C=!
65! >2=54B45=! =;5! 5C4=;!A:<=! F5254C887! C<! =;5! 16#&1! :D! 8>D5! >2! =;5! 8>=54C8!
<52<5L! >P5PL! C<! =;5! <>=5!:D! C!B4>AC8! <=4>D5!:4! CF:2! =;C=! ><! 85<<! C2!:?=4>F;=!
@C==85! =;C2! C! K>23! :D! FCA5! :4! <B5G=CG85L! :4! B54;CB<! 5I52! @5==54L! C2!
\L/7#0&1&2#67#.F/&*TL!C!G:2=5<=!:4!35@C=5L!>2!&:83<=5>2T<!<52<5P!(;5!5C4=;!
><!<:A5=;>2F!8>K5!=;5!<BCG5!6>=;>2!6;>G;!8>D5!><!\B8C753!:?=TL!C<!>=!6545L!C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!3C4K!GC2!DCG>8>=C=5!B?4<?>=!:4!G4>BB85!>=L!35B523>2F!:2!=;5!G:2<=>=?=>:2!:D!
=;5! 8>I>2F!@5>2F! >=<58DP!"?=! >2<:DC4!C<! =;57!3:!5>=;54!:25L! =;57!C45!',$."#$
#16."P! 1>F;=L! D:4! 5WCAB85L! B;52:A52:8:F>GC887! <B5CK>2FL! ><! 2:=! :D! =;5!
<?2L! C23! 5I52! 85<<! ><! >=! <:A5! C@<=4CG=87! G:2G5>I53! B;7<>GC8! <=C=5! :4!
5DD5G=P!
!MZZ!
<BCG5! =;C=! ><! >=<58D! C2! CG=>I5! G:2=5<=C2=! >2! =;><! I547! B8C7>2FP! b5=! 65!
GC22:=! =CK5! =;><! >ACF5! :D! =;5! L/7#0&1&2#67#.F/&*! C88! =;5! 6C7L! D:4! >2!
&:83<=5>2T<!?<CF5! >=! >AB8>5<!<:A5=;>2F! =;C=L! D4:A!:?4!B:>2=!:D!I>56L! ><!
2:=!?2B4:@85AC=>GP!*<!UC2F?>8;5A!64>=5<L!G:AA52=>2F!:2!&:83<=5>2S!
!
(;5!458C=>:2!@5=6552!=;5!8>I>2F!@5>2F!C23!=;5!A>8>5?!5<=C@8><;5<!>=<58D!
C<! C!35@C=5! dL/7#0&1&2#67#.F/&*eL! =:!6;>G;! =;5! 8>I>2F!@4>2F<! >=<! :62!
B4:B54!2:4A<!:D!CBB45G>C=>2F!<>=?C=>:2<L!@:=;!3:A>2C=>2F!=;5!A>8>5?!
C23! CGG:AA:3C=>2F! >=<58D! =:! >=P! (;><! 458C=>:2! 3:5<! 2:=! 5<<52=>C887!
G:2<><=! dC<! :25! A>F;=! =;>2Ke! >2! C! <=4?FF85L! >2! C2! :BB:<>=>:2P! (;C=!
CBB8>5<! =:!=;5!BC=;:8:F>GC8!<=C=5P!*!8>D5! =;C=!CDD>4A<!>=<58D!CFC>2<=! =;5!
A>8>5?!><!C!8>D5!C845C37!=;45C=5253PM_!
!
0:4! &:83<=5>2L! D:4! =;5! 8>I>2F! @5>2F! =:! <=4?FF85! 6>=;! >=<! \A>8>5?T! ><! C!
F52?>25! B:<<>@>8>=7L! C23! =;><! <=4?FF8>2F! >23>GC=5<! C! <>=?C=>:2! :D!
35<B54C=>:2P!"?=!=;5!5C4=;!><!B45G><587!2:=!C!A>8>5?!k!2:=!C2!52I>4:2A52=!
C<! C! 3:AC>2! :D! @5>2F<! =:!6;>G;! =;5! 8>I>2F! @5>2F! ><! C86C7<! <=4>I>2F! =:!
CGG:AA:3C=5!C23!C3CB=! >=<58D! >2!C2!C==5AB=!=:!B45<54I5!>=<58DP! $2!:=;54!
6:43<L! D4:A! :?4! B54<B5G=>I5! =;545! GC2! 25I54! @5! C27! C2=CF:2><A! :4!
;:<=>85!:BB:<>=>:2!R#.?##&!8>D5!C23!=;5!5C4=;L!D:4!5I52!>D!8>D5!52=C>8<L!C<!>=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M_!&5:4F5<! UC2F?>8;5AL! R=5DC2:<! &54:?8C2:<! d=4PeL! ,C2>58C! &>2<@?4F!
d=4PeL!a&'?)#2*#$',$O0,#!d%56!b:4KS!0:43;CA!H2>I54<>=7!-45<<L!MNNVeL!OOZP!
!MZQ!
2:! 3:?@=! 3:5<L! C! <54>5<! :D! <=4?FF85<! C23! G:2D8>G=<L! :D=52! I>:852=L! =;5<5!
C86C7<!C23!25G5<<C4>87!@58:2F! >2=4>2<>GC887! =:! =;5!I547! )0=0&*! :D! 8>D5L! =:!
8>D5T<! :62! <58D'CG=?C8>[C=>:2P! $2! :=;54!6:43<L! 8>D5T<! <=4?FF8>2F!6>=;! =;5!
5C4=;! ><! B45G><587! 6;C=! 45C8>[5<! =;5! 5C4=;! 17$ 1&$ #16."a! >=! ><! C845C37!
G:2<=>=?=>I5!:D!=;5!I547!5C4=;>2F!:D!=;5!5C4=;L!:D!>=<!R#0&*'5C4=;P!
!
UP!(;5!<BC=>C8>=7!C23!=5AB:4C8>=7!:D!@5>2F'>2'=;5'5C4=;!
!
$=! ><! G85C4! =;C=! =;5! <BC=>C8>=7! :D! 8>D5L! 8>K5! =;C=! :D! 5W><=52G5L! ><! C! =;>GKL!
G:2=5W=?C8! <BC=>C8>=7a! >=! ><! C8<:! G85C4! =;C=L! >2! C23! :D! >=<58DL! >=! GC2! ;CI5!
2:=;>2F! =:!3:!6>=;!6:483'<BCG5! >2C<A?G;!C<! =;5! 8C==54! ><! F4:?2353! >2!
@5>2F'?2354<=C23>2F! C23! =;?<! ;C<! 5<<52=>C887! =:! 3:! 6>=;! =;5!
3><=4>@?=>:2! :D! @5>2F<! 6>=;>2! 45F>:2<! >2! 6C7<! =;C=! C45! A:45! :4! 85<<!
F5C453!=:6C43!=;5!;?AC2T<!CGG:AB8><;A52=!:D! >=<!<?2347!B4:X5G=<!C23!
=C<K<P! .2! =;5! @C<><! :D! 6;C=! 65! ;CI5! C845C37! 5<=C@8><;53L! 65! <;:?83!
;CI5! =:! <C7! =;C=! 8>D5'<BCG5! ><!25G5<<C4>87!:4FC2>[53! >2! CGG:43C2G5!6>=;!
=;5!5C4=;T<!45I5C8>2F!C23!G:2G5C8>2F!:D!G:ABC=>@85<!C23!=;4:6>2F!:?=!:D!
B4:I:GC=>:2<!C23!3><4?B=>:2<P!
! /:45! <B5G>D>GC887L!65!AC7!<C7! =;C=! =;5! <BCG5!:D! 8>D5! ><!3>I>353!?BL!
2:=!>2=:!45F>:2<!6;545!=;>2F<!D>23!=;5>4!2C=?4C8!C23!B4:B54!B8CG5!6>=;>2!
C!=:=C8>=7!C23!C45!>2!=;C=!6C7!AC35!5C<>87!CGG5<<>@85L!@?=! >2=:!6;C=!65!
A>F;=!GC88!7#;.'67$',$6#)1.0=#$1,,0&0.+P!(;><!B;4C<5!<>F2>D>5<!=;C=!=;5!E?C8>=7!
:D! 2C=?4C8! G:ABC=>@>8>=7L! D>=25<<L! CF455C@>8>=7L! 5=GP! =;C=! CGG4?5<! =:!
!MZ_!
BC4=>G?8C4!:@X5G=<!=4C2<D54<!:2=:!=;5!<?44:?23>2F<!6;545>2!=;5<5!:@X5G=<!
C45! 5>=;54! >AA53>C=587! F>I52! :4! 58<5! <:A5;:6! 3><G54253L! 6;>G;! ><! =:!
<C7L!:?=!:D!6;>G;!=;57!C45!8>K587!=:!C4><5!C23!>2=:!6;>G;!=;57!C45!8>K587!
=:! 45=45C=P!Q#)1.0=#! CDD>2>=7! B:>2=<! =:! =;5! DCG=! =;C=! @:=;! =;5! G:ABC=>@85!
:@X5G=<!C23!=;5!<5G=:4<!B:<<5<<!C!35F455!:D!0&.#&70.+!=;C=!G:445<B:23<!=:!
=;5! :@X5G=<T! CGG5<<>@>8>=7! :4! B4:G?4C@>8>=7P! (;><! ><! =:! <C7! =;C=!
G:ABC=>@>8>=7! ><!C86C7<!IC4>C@85! >2<:DC4!C<! >=! ><! CDD5G=53!:4! G:23>=>:253!
@7!CGG5<<>@>8>=7S!@:=;!:@X5G=<!C23!<5G=:4<!F4:6!A:45!:4! 85<<!G:ABC=>@85!
d=;545D:45!A:45!:4!85<<!>2=52<5e!=:!=;5!35F455!=;C=!=;57!@5G:A5!A:45!:4!
85<<!CGG5<<>@85P!
! %:6! =;><! IC4>C@>8>=7! :D! CGG5<<>@>8>=7gG:ABC=>@>8>=7! ><! 2:=;>2F!A:45!
=;C2!207.1&;#!>2!=;5!A:<=!B;52:A52:8:F>GC887!4>F:4:?<!<52<5P!,><=C2G5!><!
C86C7<!F>I52!>2!=54A<!:D!=;5!35F455!:D!>2=52<>=7!:D!=;5!G:ABC=>@>8>=7!:4!
>2G:ABC=>@>8>=7!:D! =;5!:@X5G=L!C23!C<!<?G;!><!C86C7<!G:4458C=53!6>=;!=;5!
352<>=7!:D! =;5!A53>?A!C23!=;5!I>=C8>=7!:D! =;5!B?4<?>=P!*GG:43>2F87! =;5!
CDD>2>=7'<5G=:4<!:D!5C4=;87!<BCG5!C45!3:?@87!IC4>C@85S!2:=!:287!3:5<!=;5>4!
458C=>I5! 25C425<<! :4! DC425<<! G;C2F5! 6>=;! =;5! 458C=>I5! 35F455! :D! D58=!
>AA53>CG7! dI><>@>8>=7L! >2I><>@>8>=7L! 3>DD>G?8=7! :D! B4:G?45A52=e! :D!
G:ABC=>@85<! C23! B4:I:GC=>:2<L! @?=! >2! C33>=>:2! =;5! <5G=:4<! =;5A<58I5<!
GC2! CBB5C4L! 3><CBB5C4! C23! =4C2<D:4A! =;5A<58I5<! A:45! :4! 85<<!
<B:2=C25:?<87! C23! ?2B453>G=C@87P! (;5! <BCG5! :D! @5>2F'>2'=;5'5C4=;! ><!
C86C7<! 6>8387! ?2<=C@85! C23! =45CG;54:?<P! J;C=! =;><! A5C2<! ><! =;C=! 65!
A?<=! 52I><>:2! C! G:AB85=587! <5BC4C=5! C23! ;>F;87! 372CA>G! 5"#&'(#&1)!
!MZ`!
F5:F4CB;7! =;C=! ;C<! :287! C! =52?:?<! G:225G=>:2! 6>=;! 2C=?4C8L! :2=>G!
F5:F4CB;7P! 0:4! 8>D5! ><! 25I54! :4>52=53! @7! C23! 6>=;>2! D>W53L! <=C@85!
B;7<>GC8! D5C=?45<! C23! 3:AC>2<a! =:! =;5! G:2=4C47L! =;5! B;52:A52C8!
=:B:F4CB;7! ><! G;C4CG=54>[53! @7! C! G;C:=>G! <=45=G;>2FL! 6C4B>2F! C23!
=4C2<A:F4>D>GC=>:2L! C! G:2<=C2=! C23! 4C23:A! 58:2FC=>2F! C23! G:2=4CG=>2F!
d=;>2KL! D:4! 5WCAB85L! :D! ;:6! =;5! <?3352! 5A54F52G5! :D! C! B4:I:GC=>:2!
<?G;!C<!C!<6C4A!:D!C2F47!6C<B<!GC?<5<!C2!>2<=C2=C25:?<!B:8C4>[C=>:2!:D!
=;5!D>583!>2=:!<5G=:4<!:D!458C=>I5!3C2F54!C23!<CD5=7L!C!B:8C4>[C=>:2!6;>G;!
X?<=! C<! 4CB>387! C23! G:AB85=587! 3><<>BC=5<! 6>=;! =;5! BC<<>2F! :D! =;5!
B4:I:GC=>:2eP!
! (;5! =5AB:4C8>=7!:D!B?45!@5>2F'>2'=;5'5C4=;L!:2! =;5!:=;54!;C23L! ><!C!
A:45! 3>DD>G?8=! AC==54L! D:4! >D! =;545! 6545! <:A5! <:4=! :D! B?45! 8>D5'=>A5L! >=!
A:<=! G54=C>287! G:?83! 2:=! @5! C27=;>2F! 8>K5! =;5! 5G<=C=>G! B4:X5G=>:2! =;C=!
G:2<=>=?=5<! =;5! :B52>2F! ?B! :D! :?4! :62! @5>2F'>2'=;5'6:483P! "?=! 2:4!
G:?83!>=!@5!<:A5=;>2F!8>K5!B?45!"54F<:2>C2!2/6h#L!D:4!5I52!6;>85!=;><!><!
<?BB:<53!=:!G;C4CG=54>[5!=;5!=>A5!:D!AC==54!C<!<?G;L!C23!=;545D:45!:D!8>D5!
?2354<=::3! D4:A! =;5! B54<B5G=>I5! :D! =;5! G45C=>I5! <58D':4FC2>[C=>:2! :D!
AC==54L! 25I54=;585<<! 3?4C=>:2! A?<=! C86C7<! @5! 3><=>2F?><;53! D4:A! =;5!
=>A5! :D! B54G5B=>:2! :4! G:2<G>:?<25<<L! 6;>G;! 25G5<<C4>87! >2I:8I5<! C!
<=C@>8>[>2F! <8:6>2F'3:62! :4! G:2=4CG=>2F! :D! =;5! =5AB:4C8! D8:6! >2=:!
?2>=>5<! :4! :@X5G=<! =;C=! GC2! @5! CG=53! ?B:2P! $D! 65! <?BB:<5L! C<! 65! ;CI5!
@552L!=;C=!8>D5!><!45C8>[53!>2!=;5!<;554!8>I>2F'=;4:?F;!:D!B?4<?>=L!=;52!=;><!
>AB8>5<!C2!C@<:4B=>:2!>2!=;5!B?4<?>=!>=<58DL!=;5!B?45!B45<52G5!:D!=;5!2:6P!
!MZ^!
,:5<! =;5!B?45!2:6!<?DD>G5! =:! G:2<=>=?=5! <:A5=;>2F! 8>K5! \=>A5Tm!0:4! =;5!
A:A52=! 85=!?<! <>AB87! G:2G535L!6>=;!)5>35FF54L! =;C=! >=!A?<=! 45AC>2! C!
B4:@85A! 6;5=;54! C23! >2! 6;C=! <52<5! B?45! :4! \A545T! 8>D5! G:?83! @5!
G:2<=>=?=53!@7!C!K>23!:D!=>A5PM`!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M`!&*!ML! Q_^gZY`S! \$=! 45AC>2<! C!B4:@85A! >2! >=<58D! =:!35D>25! :2=:8:F>GC887!
=;5!6C7!>2!6;>G;!=;5!<52<5<!GC2!@5!7.0(/)1.#2!:4!.'/;"#2! >2!=;5!A54587'
8>I>2FL! C23! ;:6! C23! 6;545! =;5! @5>2F! :D! C2>AC8<L! D:4! >2<=C2G5L! ><!
G:2<=>=?=53!@7!<:A5!K>23!:D!n=>A5oPT!(;5!B4:@85A!G:A5<!3:62!=:!=;><S!>D!
8>D5! 3:5<! 2:=! ;CI5! @5>2F! E?C! @5>2FL! C23! >D! =;5! ;:4>[:2! :D! @5>2F'
?2354<=C23>2F!><!B45G><587!=>A5L!=;52!>=!D:88:6<!5>=;54!=;C=!8>D5!C<!<?G;!><!
C=5AB:4C8L!:4!58<5!=;C=!=;545!5W><=<!<:A5!:=;54!K>23!:D!\=>A5T!=;C=!><!2:=!
G:2<=>=?=53!@7!=;5!<:4=!:D!@5D:45'CD=54!<=4?G=?45!=;C=!C4><5<!:2!=;5!@C<><!:D!
5G<=C=>G!B4:X5G=>:2!k!C2!CBBC452=87!2:2<52<>GC8!B4:<B5G=P!
! *<!D:4!=;5!<BC=>C8>=7!:D!8>D5L!:25!A>F;=!B54;CB<!:@X5G=!=;C=!>2!G54=C>2!
GC<5<!C!K>23!:D!<BC=>C8!D>W>=7!3:5<!>2!DCG=!B543?45!k!D:4!5WCAB85L!=;5!352L!
=;5! 25<=L! C! 4>I54L! C! 8>D5'AC=5L! 5=GPL! C88! G:2<=>=?=5! <=C@85! C23! =;545D:45!
G:2<=C2=87! CGG5<<>@85! G:ABC=>@85<! =;C=! CGG:43>2F87! 34C6! :4! 65CI5!
C4:?23! =;5A! 5E?C887! <=C@85! <5G=:4<! :D! CDD>2>=7L! F4:?23'B:>2=<! >2! =;5!
=?4@?852=! D8?W! :D! 5C4=;'<BCG5P! 0:4! :25! =;>2FL! ;:65I54L! =;><! ><! C! ;>F;87!
I:8C=>85! C23! B45GC4>:?<! <=C@>8>=7L! :25! =;C=! GC2! @5! <;C==5453! C=! C27!
A:A52=!@7!5C4=;87!B4:I:GC=>:2<!:D!F45C=54!:4!85<<54!D:4G5!=;C=!<523!8>D5!
<GC==54>2F!>2!C88!3>45G=>:2<a!8>D5!25I54!;:83<!:2!=:!>=<!G:ABC=>@85<!D:4!I547!
!MZV!
,P!(;5!8>I53!@:37!
!
$=!F:5<!6>=;:?=!<C7>2F!=;C=!=;5!@:37!A?<=!@5!?2354<=::3!C<!=;C=!6;>G;!
CG=?C887! F5=<! 8>I53a! 8>D5! ><! 2:=;>2F! A52=C8L! @?=! 4C=;54! C23! C86C7<! C!
8>I>2F'=;5'@:37P!,5<>45!3:5<!2:=!6588!?B!D4:A!>2<>35!C2!:=;546><5!>254=!
@:37'=;>2FL!@?=! ><! 4C=;54! =;5!I547!R'2+0&*Z,'6."!:D! =;5!@:37! >2! 8>D5S! >=! ><!
=;5! @:37! >=<58D! =;C=! ><! <:8>G>=53! @7! =;5! G:ABC=>@85L! =;C=! <=>4<! >=<58D! =:!
CG=>:2L! =;C=! F>I5<! G;C<5L! =;C=! ><! G;C8852F53! C23! B4:I:K53! @7!
>2G:ABC=>@85<! C23! =;C=! 25F:=>C=5<! C23! <:8I5<! =;5A! d:4! DC>8<! =:! <:8I5!
=;5Ae!>2!C!6C7!=;C=!CGG:43<!6>=;!=;5!AC2254!:D!=;5>4!5A54F52G5P!$2!=;><!
6C7! =;5! @:37! G:2<=>=?=5<! C! K>23! :D! 45G:43>2F! <?4DCG5L! C2! >88?<=4C=53!
;><=:47! :D! 8>D5L! C! BC8>AB<5<=! 45I5C8>2F! 8C754! ?B:2! 8C754! :D! =4CG5<! :D!
5C4=;87! >2G?4<>:2<! C23! C<<C?8=<P! (;><! >ACF5! :D! =;5! BC8>AB<5<=! ><!
>2=52353!E?>=5!8>=54C887S!=;5!AC4K<L!G45I>G5<L!64>2K85<L!85<>:2<L!<GC4<!C23!
4?B=?45<! =;C=! <B45C3! :?=! :I54! =;5! <?4DCG5! :D! =;5! @:37! C45! =;5! I547!
64>=>2F!:D!=;5!5C4=;a!=;57!G:2<=>=?=5!C!F5:F87B;>G!CGG:?2=!:D!=;5!5C4=;T<!
CG=>I>=7L!C2!C4G;>I5!:D!=;5!8>I>2F':?=!:D!C!8>D5!>2!=;5!A:<=!C?=;52=>G!<52<5!
:D!C!G:2<=C2=!<=4?FF8>2F!C23!<=4>I>2F!6>=;!=;5!5C4=;P!
! $=! D:88:6<! D4:A! =;><! =;C=! =;5! >AA53>C=5! CF455C@>8>=7! :4! B45'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!8:2FP! /:45:I54L! C23! 5I52! A:45! B4:@85AC=>GC887L! >2! 6;C=! 6:?83! =;5!
D>W>=7'!:4!<=C@>8>=7';"161;.#6!:D!<?G;!F4:?23'B:>2=<!G:2<><=!>D!2:=!C!G54=C>2!
.#(5'61)0F1.0'&L!>P5PL!C!K>23!:D!#45#;.1.0'&L!C2!C2=>G>BC=:47!B4:X5G=>:2m!
!MZY!
5<=C@8><;53!;C4A:27!=;C=!G:2<=>=?=5<!=;5!G:ABC=>@>8>=7!:D!=;5!G:ABC=>@85!
C8<:! =4C2<8C=5<! =:! C! G54=C>2! 2C=?4C8! D>=25<<! :2! =;5! BC4=! :D! =;5! @:37a! >2!
:=;54! 6:43<L! >D! C2! :@X5G=! ><! C! G:ABC=>@85':@X5G=L! >=! ><! <?G;! B45G><587!
@5GC?<5! >=! CGG:43<! <:A5;:6!6>=;! =;5! @:37L!6>=;! >=<! D>F?45L! <=4?G=?45L!
D?2G=>:2<L!B:<<>@85!A:I5A52=<P!(;545!><!C!K>23!:D!:2=:8:F>GC8!A5C<?45L!
G:445<B:2352G5! :4! G:AA52<?4C@>8>=7! ;:83>2F! @5=6552! @:3>87! B?4<?>=!
C23! =;5! 5C4=;T<! 45I5C8>2FL! G:2G5C8>2F! C23! B4:I:K>2F! dB;52:A52:8:'
F>GC887L! D:4A!C23!D?2G=>:2!C45!5E?>B4>A:43>C8eP!-?=!<8>F;=87!3>DD5452=87L!
65!GC2!<C7!=;C=!5CG;!:D!=;5<5L!=;5!@:37!C23!=;5!5C4=;L!D>23<!>=<!#77#&.01)$
)0(0.!>2!=;5!:=;54S!:2!=;5!:25!;C23L!=;5!8>I>2F!@:37!B?4<?5<!:287!>2!<?G;!
C!6C7!C<!=:!85CI5!:B52!=;5!B:<<>@>8>=7!:D!D?4=;54!>2=54I52=>:2!:2!=;5!BC4=!
:D!=;5!5C4=;a!:2!=;5!:=;54L!=;5!5C4=;!:287!5I54!6>=;34C6<!G:ABC=>@85<!:4!
6>583<! B4:I:GC=>:2<! >2! <?G;! C! 6C7! =;C=! =;5! @:37! ><! F4C2=53! D?4=;54!
B?4<?>=!C<!G:?2=54'B4:I:GC=>:2P!(;5!@:37!C23!=;5!5C4=;!=;?<!;:83!5CG;!
:=;54!>2!=;5!@C8C2G5!:D!C!G:2<=C2=!C23!25G5<<C47!=52<>:2a!25>=;54!F>I5<!:4!
=CK5<!A:45! =;C2! =;5! :=;54! GC2!;C2385P! $AA53>C=587! >=!6>88! @5! :@X5G=53!
=;C=!>2C<A?G;!C<!=;5!8>I>2F!@5>2F!B54><;5<L!=;5!5C4=;!A?<=!>2!DCG=!@45CG;!
=;><! @C8C2G5L! A?<=! 5I52=?C887! B4:I:K5! >2! C! 6C7! =;C=! 25FC=5<! 8>D5!
C8=:F5=;54L!=;C=!<=4>B<!=;5!@:37!:D!>=<!C@>8>=7!=:!45<B:23P!"?=!C845C37!=;><!
><!=:!<=5B!:?=<>35!:D!=;5!<;554!8>I>2F!:D!8>D5!C23!=:!453?G5!5C4=;87!8>D5!=:!C!
G:2=5<=!@5=6552!=6:!>2=4C6:48387!=;>2F<!B45<52=!C=!;C23!d8>D5!C<!C!<=C=5!
:4!B4:G5<<L!=;5!5C4=;!C<!C2!52I>4:2A52=L!5=GPeL!>P5PL!=:!=;>2K!8>D5!D4:A!=;5!
B54<B5G=>I5!:D!5W><=52G5P!"?=!6>=;!45<B5G=!=:!@5>2F'>2'=;5'5C4=;!>=<58DL!C88!
!MQN!
65!GC2!<C7!><!=;C=!=;5!@:37!><!C86C7<!<?DD>G>52=87!5E?>BB53!=:!35C8!6>=;!
=;5! 5C4=;! >2! 6;C=5I54! 6C7! >=! 45I5C8<L! G:2G5C8<L! C<<C>8<L! B4:I:K5<L!
:@<=4?G=<L!3><4?B=<L!5=GP!
! 1>K5! =;5! 5C4=;L! =;52L! =;5! @:37! >=<58D! ><! GC4I53! ?B! >2=:! <5G=:4<! :D!
CDD>2>=7P!.2=>GC887!<B5CK>2FL!=;5!C44C2F5A52=!:D!=;5<5!<5G=:4<!35=54A>25<!
G54=C>2! ?2>I54<C8! B4:B54=>5<! =;C=! ;:83! =4?5! D:4! C88! <>A>8C487! <=4?G=?453!
@:3>5<a!>2!:=;54!6:43<L!=;5!@:37!><!C86C7<!=;5!BC4=>G?8C4!@:37!=;C=!>=!><!
@7! I>4=?5! :D! >=<! :62! ?2>E?5! GCBCG>=>5<! D:4! 52G:?2=54>2F! C23! 52FCF>2F!
=;5! 5C4=;P! *! 8>I>2F! @5>2F! =;C=! ;C3! 2:! >2=4>2<>G! B:654! :D! 8:G:A:=>:2!
G:?83!25I54!@5! <:8>G>=53! >2! <?G;!C!6C7! =;C=! >=! <;:?83!;CI5! =:! G4C68!:4!
<G?447!C@:?=!>2!<5C4G;!:D!D::3!:4!<CD5=7a!D:4!<?G;!C!@5>2F!=;5!5C4=;!G:?83!
25I54!;:83!:?=!\=;>2F<'=;C='A?<='@5'G4C6853'=:6C43T!17$;'(51.0R)#7L!2:4!
G:?83!=;5!5C4=;!5I54!B4:I:K5!>=! >2!6C7<!=;C=!35AC23!G4C68>2F!C23!=;5!
8>K5P!U8>DD<!C23!=455=:B<!3:!2:=!AC2>D5<=!=;5A<58I5<!C<!<;58=54!D:4!@5>2F<!
=;C=!GC22:=!D87!:4!G8>A@P!
! $=! ><!6588!K2:62! =;C=!)5>35FF54>C2!B;>8:<:B;7!;C<!2:! <C=><DCG=:47!
6C7! :D! G:AB45;523>2F! =;5! B;52:A52:2! :D! =;5! @:37P! (:! G>=5! @?=! :25!
5WCAB85!:D!=;5!C6K6C4325<<!6>=;!6;>G;!)5>35FF54!=45C=<!=;5!@:37S!>2!
C! G:2I54<C=>:2!6>=;! =;5! B<7G;:8:F><=!/53C43!":<<! >2! OY`ZL!)5>35FF54!
ACK5<!=;5!D:88:6>2F!45AC4KS!
!
OP (;5! B;52:A52C! :D! =;5! @:37! GC22:=! @5! 35C8=! 6>=;! 6>=;:?=! C!
<?DD>G>52=!58C@:4C=>:2!:D!=;5!D?23CA52=C8<!:D!5W><=52=>C8!@5>2F'>2'
!MQO!
=;5'6:483P!
MP R:!DC4!C!<?DD>G>52=87!?<5D?8!35<G4>B=>:2!:D!=;5!B;52:A52:2!:D!=;5!
@:37!;C<!2:=!5A54F53L!=;C=!><L!:25!I>5653!D4:A!=;5!B54<B5G=>I5!
:D!=;5!@5>2F'>2'=;5'6:483PM^!
!
%:6!D4:A!:?4!B:>2=!:D!I>56L! =;><!CBBC452=87! >2<?4A:?2=C@85!I5WC=>:2!
C=!=;5!52>FAC!:D!=;5!@:37!><!C==4>@?=C@85L!C=!85C<=!>2!BC4=L!=:!=;><!G52=4C8!
G:2D?<>:2S! =;C=! )5>35FF54! 45G:F2>[5<L! C23! GC2! 45G:F2>[5L! '&)+! =;5!
B:<<>@>8>=7! :D! =;5! #407.#&.01)! @:37L! =;C=! ><L! =;5! @:37! \I>5653! D4:A! =;5!
B54<B5G=>I5! :D! @5>2F'>2'=;5'6:483T! 5WG8?<>I587P! $2! :=;54! 6:43<L! 6;C=!
)5>35FF54! 45C887! B?[[85<! :I54! ><! =;5! )0=0&*! @:37! k! =;5! 35<>4>2FL!
B?4<?>2FL!25F:=>C=>2F!@:37L!=;5!@:37!:D!@5>2F'>2'=;5'5C4=;!k!@?=!;5!;C<!
2:! A5C2<! :D! =;>2K>2F! =;><! >2C<A?G;! C<! ;5! 8CGK<! C! 2:=>:2! :D! 8>D5! C<!
<:A5=;>2F!G:5IC8!C23!5E?>B4>A:43>C8!6>=;!5W><=52G5P!(;><! ><!C8<:!6;C=!
C88:6<!;>A!k!64:2F87L!@?=!>2!C!6C7!=;C=!G:2D:4A<!=:!=;5!F5254C8!=;4?<=!
:D!;><!=;>2K>2F!k!=:!B8CG5!<?G;!3><B4:B:4=>:2C=5!5AB;C<><!C23!IC8?5!:2!
=;5!;?AC2!@:37P!$23553L!>D!=;5!@:37!GC2!:287!@5!=;:?F;=!C35E?C=587!:2!
=;5!@C<><!:D!B?45!5W><=52G5L!C23!>D!B8C2=<!C23!C2>AC8<!C45!AC2>D5<=87!2:=!
5W><=52=<L!=;52!>=!><!2:=!G85C4!6;5=;54!:4!>2!6;C=!<52<5!8>I>2F!@5>2F<!GC2!
;CI5! @:3>5<! C=! C88P! $2! ;><! %16(#&02#7! 85G=?45<! dJR! OYQM'Ze! )5>35FF54!
64>=5<S!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M^!jRL!O_^P!
!MQM!
(;5!;C23!5W><=<!C<!;C23!:287!6;545!=;545!><!3><G8:<?45!C23!G:2G5C8'
A52=P!%:!C2>AC8!;C<!C!;C23L!C23!C!;C23!25I54!:4>F>2C=5<!D4:A!C!BC6!
:4!C!G8C6!:4!C!=C8:2P!#I52!=;5!;C23!:D!:25!>2!35<B54C=>:2!d>=! 85C<=!:D!
C88e!><!25I54!C!=C8:2L!6>=;!6;>G;!C!B54<:2!G8?=G;5<!6>8387l/C2!3:5<!
2:=!\;CI5T!;C23<L!@?=!=;5!;C23!;:83<!=;5!5<<52G5!:D!AC2PMV!
!
(;5!;C23L!=;:?F;=!D4:A!=;5!I>56B:>2=!:D!@5>2F'>2'=;5'6:483L! ><!G85C487!
@:37L!C23!@:37!B45G><587!=:!=;5!5W=52=!=;C=!>=!><!=;:?F;=!C<!<?G;P!"?=!C45!
G8C6L!=C8:2!C23!BC6!2:=!C8<:!@:37m!,:!=;57!2:=!@58:2F!=:!8>I>2F!@5>2F<!
C<! BC4=<! :D! =;5>4! 8>I>2F! @:3>5<m! $2! =;5! <CA5!6C7L! 3:5<! =;5! ;?AC2! 2:=!
C8<:! 8>I5m! ,:5<! >=! 2:=! =;545@7! @:37'D:4=;! >2! C! 8>I>2F! 6C7L! >P5PL! 6>=;! C!
8>I>2F! @:37m! $=! ><! 5C<7! =:! <55! =;C=! =;5! ;CBB7L! G:AD:4=C@85! 3>I><>:2!
@5=6552! \AC2T! C23! \=;5! C2>AC8<T! ><! B?45! D>G=>:2a! 25I54=;585<<L! C<! 65!
;CI5!<C>3L!>=!6:?83!@5!C!A><=CK5!=:!4?<;!;5C38:2F!@CGK!>2=:!=;5!:BB:<>=5!
3:FAC! =;C=! =;5! ;?AC2! ><! 2:=;>2F! @?=! C! ;>F;54! C2>AC8P! $=! ><! B54D5G=87!
=4?5! =:! <C7! =;C=! =;5!;?AC2!3:5<!2:=!;CI5!BC6<!:4! =C8:2<L! X?<=!C<!3:F<!
C23!5CF85<!3:!2:=!;CI5!;C23<P!.287!C!@5>2F!=;C=!5W><=<!>2!=;5!D?885<=!C23!
A:<=!G:AB85=5!<52<5!GC2!;CI5!C!;C23!C<!:BB:<53!=:!C27!A545!F4C<B>2F'
C23'G8?=G;>2F! CBB523CF5P! *23! 75=L! >2<:DC4! C<! >=! 8>I5<L! =;5! ;?AC2!
?2E?5<=>:2C@87! ;C<! =;5! 7.6/;./61)$ #`/0=1)#&.! :D! =C8:2L! @5CKL! ;::DL! 5=GPL!
F>I52!=;C=!C88!:D!=;5<5!C45!:B54C=>I5!>2!B45G><587!=;5!<CA5!<52<5!>2!35<>45L!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MV!&*!_QL!OOVDPgVNP!
!MQZ!
>P5PL!>2<:DC4!C<!=;57!C45!G:2<>35453!'&.')'*0;1))+L!C<!F4:?2353!>2!=;5!@5>2F!
:D! 8>D5! E?C! @5>2F'>2'=;5'5C4=;P! (4?5L! :287! C! ;C23! GC2! @5! 5W=52353! >2! C!
35<B54C=5!CBB5C8!D:4!;58B!:4!C!;?A@85!F5<=?45!:D!=;C2K<L!D:4!=;5!;?AC2!
C8:25! CA:2F! @5>2F<! ><! GCBC@85! :D! <?G;! A5C2>2F'@5<=:6>2F! CG=<! C<!
CBB5C8>2F!C23! =;C2K>2FP!"?=!6;52!C!;?AC2!@5>2F! \G8?=G;5<!6>8387T! =:!
<;>583!>=<58D! D4:A!>AA>252=!C==CGK!:4!<B4>2=<!=:!=;5!<CD5=7!:D!<;58=54L! >=<!
;C23<!C23! 85F<! D?2G=>:2! >2!5WCG=87! =;5!<CA5!6C7! >2!6;>G;! =;57!3:! D:4!
5I547!:=;54!8>I>2F!G45C=?45!<>A>8C487!523:653P!(;C=!=:!=;5!;?AC2!@:37!
C2!5W><=52=>C8!D?2G=>:2!CGG4?5<!3:5<!2:=!=;545@7!C?=:AC=>GC887!25FC=5!>=<!
G:':4>F>2C47!I>=C8!D?2G=>:2P!
!
#P!(;5!8>D5'B;52:A52:8:F7!:D!"C4@C4C<!
!
J5!AC7!34C6!:?4!3><G?<<>:2!:D!B?45! 8>D5!:4!@5>2F'>2'=;5'5C4=;!C<!<?G;!
=:! C! G8:<5! @7! G:2=4C<=>2F! :?4! D>23>2F<!6>=;! =;:<5! :D! +52C?3!"C4@C4C<L!
6;:!;C<!B54;CB<!F:25!D?4=;54!=;C2!C27:25!>2!=;5!3>45G=>:2!:D!C!4>F:4:?<!
8>D5'B;52:A52:8:F7!C23!6;:!C8<:!=;>2K<!=;5!A5C2>2F!:D!8>D5!5<<52=>C887!
>2!=54A<!:D!35<>45P!"4>5D87L!65!AC7!B:>2=!=:!=;455!F5254C8!C23!<:A56;C=!
D?23CA52=C8!3>I54F52G5<!@5=6552!:?4!45<B5G=>I5!B:<>=>:2<P!
! 0>4<=L! "C4@C4C<! 3:5<! 2:=! CF455! :4! CGK2:6853F5! =;C=! 8>D5! ><! =;5!
:B52>2F!?B!:D! >=<!:62!3><=>2G=! 8>D5'[:25a! >2!:=;54!6:43<L!"C4@C4C<!3:5<!
2:=!45G:F2>[5!=;5!5C4=;!C<!C
!MQQ!
B;52:A52:8:F7! :D! )?<<548L! /5485C?'-:2=7! C23! -C=:±KC! =;C2!
)5>35FF54L!=;5!6:483!><!5I547=;>2FL!=;5!:B52!C<!<?G;S!\(;5!M'6)2!><!=;C=!
=:!6;>G;! 8>D5! 458C=5<! C23! =;C=! C=!6;>G;! 8>D5! ><! C>A53L!6;>85! >=! 45AC>2<L!
;:65I54L! ?2B45<52=C@85PT!%:4! GC2! >=! @5! <C>3! =;C=! @7! 6:483! "C4@C4C<!
A5C2<! 5<<52=>C887!6;C=!65!A5C2! @7! 5C4=;L! D:4! "C4@C4C<! >2=54B45=<! =;5!
6:483! I547! F5254C887! C<! \=;5! G:AA:2! 585A52=! >2=:! 6;>G;! @5>2F<!
B8?2F5TL!\C!2:2'=:=C8>[C@85!=:=C8>=7!:4!C!G:2=C>254!=;C=!F>I5<!GCBCG>=7L!=;C=!
><L!G:2<><=52G7L!=:!C88!>=!G:2=C>2<TPMY!
! R5G:23L! C23! G:2<5E?52=87L! "C4@C4C<! =;>2K<! >2! =54A<! :D! C! <>2F85L!
?2>D>53! <B5G=4?A! :D! :B5225<<! =;C=! C3A>=<! :D! C! 4C2F5! :D! 35F455<! :D!
G:AB85W>=7P! (;545! ><! :287! C23! 5I5476;545! 8>D5! >2! >=<! A74>C3! D:4A<L!
6;>G;!C45! >2! 5CG;! GC<5! 5>=;54!;>F;54!:4! 8:654! =;C2! =;5!:=;54<L! C23! =;5!
;?AC2!D:4A!><!:D!G:?4<5!=;5!;>F;5<=!:D!C88PZN!%:6!D4:A!:?4!B:>2=!:D!I>56!
=;><! ><! =;5! I547! <CA5! B453>GCA52=! =;C=! )5>35FF54! D>23<! ;>A<58D! >2!
>2<:DC4! C<! ;><! =;5A5! ><! B?45! 5W><=52G5P! 0:4! >D! 7:?! B:<>=! :287! C! <>2F85L!
;:A:F525:?<! D:4A!:4!<B;545!:D!:B5225<<L! =;52! D4:A!=;5!A:A52=!7:?!
>2=4:3?G5! C! <5G:23! D:4A!7:?! C45! >AA53>C=587! G:AB58853! =:! C<<>A>8C=5!
:4! <?@:43>2C=5! :25! D:4A! =:! =;5! :=;54! @7! =45C=>2F! >=! C<! :2=:8:F>GC887!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MY!"C4@C4C<L!:BP!G>=P!dMNNVeL!O_P!
ZN!$@>3PL! VS! \p*2q! C35E?C=5! 35=54A>2C=>:2! :D! 8>D5! A?<=! C8<:! @5! C@85! =:!
CGG:?2=! D:4! >=<! ;>F;5<=! D:4A<! C23L! 2:=C@87L! D:4! =;5! 3>A52<>:2! :D!
K2:6853F5!B5G?8>C4!=:!=;5!;?AC2!:4354PT!
!MQ_!
35B52352=!:4!\B4>IC=>I5TP!(;?<L!6;545C<!)5>35FF54!B4>I>85F5<!5W><=52G5!
:I54! 8>D5!C23! =;545@7! 453?G5<! =;5! 8C==54! =:! =;5! D:4A54L!"C4@C4C<! <>AB87!
45I54<5<! =;><! :B54C=>:2L! 25FC=>2F! =;5! B4:@85A! >2! C! 6C7! =;C=! 3:5<! 2:=!
E?>=5!<?GG553!>2!:I54G:A>2F!>=S!
!
H28>K5! )5>35FF54l6;:! =;>2K<! 8>D5! >2! =54A<! :D! 5W><=52G5L! $! CA!
<?FF5<=>2F! =;C=! 65! =;>2K! 5W><=52G5! >2! =54A<! :D! 8>D5P! $=! D:88:6<! =;C=!
;?AC2!5W><=52G5!A?<=!@5!?2354<=::3!D4:A!I>=C8!5W><=52G5a!C23!>D!>=!><!
CF4553! =;C=! ;?AC2>=7! ><! 2:=! 8>D5! B8?<! <:A5=;>2F! @?=! :287! C! 256!
3>A52<>:2! :D! 8>D5L! =;52! C2! \C33>=>I5T! C2=;4:B:8:F7!A?<=! 45B8CG5! =;5!
B4>IC=>I5
!MQ`!
B4:@85AC=>GP! $D!)5>35FF54L!B4>I>85F>2F!5W><=52G5L! ><! 853!=:!453?G5! 8>D5! =:!
C2! >2=4C6:48387! 35=54A>2C=>:2! C23! =;545@7! =:! 3527! F52?>2587!
B4>A:43>C8! ;?AC2! 8>D5L! =;52! "C4@C4C<L! B4>I>85F>2F! 8>D5L! 523<! ?B!
G:2G53>2F!)5>35FF54T<!B:>2=! >2<:DC4!C<!=;><! 8>D5! ><!:287!D>4<=!45G:F2>[53!
C<!<?G;!E?C!5W><=52G5L!>P5PL!C<!C!<58D'>2=54B45=C=>:2!:D!5W><=52G5!>2!=54A<!:D!
8>D5P! $=! ><! 2:=! ?28>K587! =;C=!)5>35FF54!6:?83! CF455! =;C=! =;5! 5W><=52=>C8!
AC7! @5! =;:?F;=! D4:A! :?=! :D! =;5! I>=C8L! @?=! '&)+$ #=#6$ ,6'($ '/.$ ',$ ."#$
#407.#&.01)$ 0.7#),! C<! =;C=! 6>=;>2! 6;>G;! C88! ?2354<=C23>2F! ><! ?8=>AC=587!
F4:?2353!C23!6;>G;!><!=;545D:45!25G5<<C4>87!B4>:4P!"57:23!=;><!=;545!><!
=;5!A5=CB;7<>GC8! B4:@85A! C<! =:!6;C=! 5W><=52G5! CG=?C887!A5C2<! >2! =;><!
G:2=5W=! <?G;! =;C=! >=! GC2! @5! =CK52! <>AB87! C<! C! ;>F;54! D:4A! :D! 8>D5!
dB45G><587!?"1.! >2! :4! :D! 8>D5!A?<=! @5G:A5!;>F;54! >2! :4354! =:! G:2<=>=?=5!
5W><=52G5!:4!5W><=52=>C8!8>D5L!:4!@5==54L!;:6!GC2!=;5!A5C2>2F!:D!5W><=52G5!
@5!45GC<=!>2!=54A<!:D!C2!52;C2G5A52=!:4!C?FA52=C=>:2!:D!8>D5me!C<!6588!C<!
=:! ;:6! C2! 5I:8?=>:2! :D! 8>D5! >2=:! 5W><=52G5L! C<! :D! <:A5=;>2F! 8:654! >2=:!
<:A5=;>2F!;>F;54L!><!CG=?C887!CG;>5I53P!
! 0:4!?<L!=;5!3>DD>G?8=7!6>=;!"C4@C4C<T<!CBB4:CG;!G:A5<!=:!C!;5C3!6>=;!
=;5! B4:@85A! :D! =;5! C2>AC8L! 6;545! 65! C45! :2G5! CFC>2! D:4G53! >2=:! =;5!
<=4C>=XCGK5=! :D! =;5! DCA>8>C4! 5>=;54g:4S! #0."#6! :25! C3:B=<! C! K>23! :D!
B;52:A52:8:F>GC8! A:2><AL! CDD>4A<! =;5! 5<<52=>C8! ?2>=7! :D! 8>D5! C23!
=;545D:45!=;5! >2254!G:2=>2?>=7!@5=6552!=;5!;?AC2!B:85!C23!=;5!C2>AC8!
B:85L!'6!:25!DC88<!@CGK!>2=:!C!G4?35!:2=:'B;52:A52:8:F>GC8!3?C8><A!=;C=!
453?G5<!8>D5!=:!C!A545!:@X5G=!d5PFPL!C!<5=!:D!@>:8:F>GC8!:4!B;7<>G:'G;5A>GC8!
!MQ^!
B4:G5<<5<e! D:4! C! G:2<G>:?<25<<! ?2354<=::3! C<! C! B?45! >AAC252G5! C23!
=;545@7!GC4I5<!:?=!C2!>2<?4A:?2=C@85!<G;><A!:4!\C@7<<T!@5=6552!AC==54!
C23!A>23L! >2<=>2G=! C23! >2=5885G=L! C2>AC8! C23!AC2L! 5=GP! $2! <;:4=L! 5>=;54!
C@<:8?=5!G:2=>2?>=7!:4!C@<:8?=5!3><G:2=>2?>=7P!%:6!>=! ><!G85C4!:2!6;>G;!
<>35! 8>D5'B;52:A52:8:F7! A?<=! DC88S! CDD>4AC=>:2! :D! 3><G:2=>2?>=7! ><!
=C2=CA:?2=L! 1$ 560'60L! =:! C! 45X5G=>:2! :D! =4?5L! 8>I>2F! 8>D5S! \.2=:8:F>GC8!
3?C8><A! GC22:=! @5! <5BC4C=53! D4:A! =;5! DC>8?45! =:! 45G:F2>[5! =;5!
B;52:A52:2!:D!8>D5!>2<:DC4!C<!>=!><!5<<52=>C887!?2>=C47TP!*GG:43>2F87L!C27!
8>D5'B;52:A52:8:F7!\=;C=!>2=523<!=:!=;>2K!=;5!F52?>25!?2>=7!:D!8>D5!A?<=!
F4C<B!>=!>2!>=<!5DD5G=>I5!G:2=>2?>=7L!C<!=;C=!D4:A!6;>G;!C2>AC8!C<!6588!C<!
AC2! C4><5<P! (;5! ?2>=7! :D! 8>D5! C<! <?G;! A?<=! :I54G:A5! =;5! 3><=>2G=>:2!
@5=6552!C2>AC8!C23!;?AC2PTZM!"?=!65!6:2354!6;5=;54! =;><!B:<>=>:2! ><!
2:=! >2! DCG=! =;5! 25G5<<C47! :?=G:A5! :D! C! G54=C>2! =;5:45=>GC8! B:<=?45L!
B54;CB<!5I52!=;5!5WB45<<>:2!:D!C!6588'A5C2>2F!35<>45! =:!<55!;?AC2>=7!
C23! C2>AC8>=7! 45G:2G>853! :2G5! C23! D:4! C88P! ,:!65! 45C887!6><;! =:! 3527!
=;C=!5W><=52G5!G:2<=>=?=5<!<:A5=;>2F!52=>4587!?2>E?5!0&$A0&2m!$2!C27!GC<5L!
65!AC>2=C>2L!C<!65!;CI5!<;:62!C@:I5L!=;C=!>=!><!B:<<>@85!=:!CDD>4A!@:=;!
:D! =;5<5! B:<>=>:2<! k! =;5! \?2>=7! :D! 8>D5! C<! <?G;T! C23! \=;5! 3><=>2G=>:2!
@5=6552! C2>AC8! C23! ;?AC2T! k! C=! :2G5L! 6>=;:?=! =;545@7! DC88>2F! >2=:!
G:2=4C3>G=>:2P!
! (;>43!C23! D>2C887L! =;545! ><! =;5!B4:@85A!6>=;!6;>G;!65!@5FC2S!I>[PL!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZM!"C4@C4C<L!:BP!G>=P!dMNNVeL!VP!
!MQV!
=;C=!:D!=;5!B8CG5!:D!8CGKL!C@<52G5!:4!25FC=>:2!>2!8>D5P!"C4@C4C<!><!C3CAC2=!
=;C=! 8>D5! GC22:=! @5! >2=54B45=53! C<! C! <5=! :D! G:=54A>2:?<! :2=>G! 8CGK<L!
3><G45=5! G>4G?>=<! :D! 2553! C23! 2553'D?8D>8A52=L! <>2G5! =;><! 6:?83! @5! =:!
<?@:43>2C=5!8>D5!52=>4587!=:!C!8:F>G!:D!<58D'B45<54IC=>:2!=;C=!><!2:6;545!=:!
@5! D:?23! >2! 8>I53! 8>D5! >=<58D! C23! =;C=! G:AB45;523<! 8>D5! 5<<52=>C887! >2!
=54A<!:D!35C=;PZZ!1>D5!><!25I54!C!A545!<=C7>2F!C8>I5!d=;><!><!=;5!G4?W!:D!;><!
G4>=>E?5! :D! 9:2C<e! k! >2! =;><!65! D?887! CF455P!):65I54L! =;><! D:4G5D?8! C23!
G:2<><=52=!352>C8!:D!:2=>G!8CGK!><!GC44>53!:?=!:287!>2!:4354!=:!DCG>8>=C=5!=;5!
45'>2<G4>B=>:2L! C=! C! A?G;! 355B54L! <=4?G=?4C8! 85I58L! :D! C2! 5<<52=>C8L!
'&.')'*0;1)!8CGK!45<>3>2F!C=!=;5!I547!G:45!:D!8>D5!>=<58DP!$2!5WCG=87!=;5!<CA5!
6C7! =;C=! )?<<548! G;C4CG=54>[5<! 8>D5! C<! C! \;:4>[:2! :D! ?2D?8D>8853!
5AB=>25<<T!C23!/5485C?'-:2=7!C==4>@?=5<!=:!8>D5!C2!1$560'60!2553>25<<L!\C!
8CGK! 6;>G;! ><! 2:=! C! 8CGK! :D! =;><! :4! =;C=TL ZQ !"C4@C4C<! 3><G:I54<! \C!
D?23CA52=C8! >2G:AB85=525<<!C=! =;5!;5C4=!:D! =;5! 8>I>2F!@5>2FTL! C! 4C3>GC8!
\>2<C=>C@>8>=7T! <?G;! =;C=! \2:=;>2F! CBB5C<5<! >=<! I>=C8! =52<>:2L! C<! >D! C27!
45C8>[C=>:2!6545!C=!=;5!<CA5!=>A5!C!DC>8?45!C23!C<!>D!C27!B:>2=!:D!C44>IC8!
6545! C=! =;5! <CA5! =>A5! C! B:>2=! :D! 35BC4=?45TP! (;><! >2<C=>C@>8>=7! :4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZZ!$@>3PL!ONS!\$D!8>D5!><!=;:?F;=!:2!=;5!@C<><!:D!=;5!8>I>2F!@5>2FL!C<!=;5!CG=!:D!
=;5!<C=><DCG=>:2!:D!2553<!=;C=!52C@85<!=;5!8>I>2F!@5>2F!=:!<=C7!C8>I5L! >=! ><!
@5GC?<5! 8>D5! ><! CBB4:CG;53! >2! =54A<! :D! 6;C=! 352>5<! >=L! =;C=! ><L! >=! ><!
CBB4:CG;53!>2!=54A<!:D!35C=;PT!
ZQ!/5485C?'-:2=7L!:BP!G>=P!dMNNZeL!O__P!
!MQY!
>2G:AB85=525<<!\><!2:=!=;C=!:D!C!8CGK!=;C=!G:?83!@5!D>8853!>2L!C<!=;5!G8C<<>G!
G:2G5B=>:2!:D!8>D5!6:?83!;CI5!>=TL!@?=!4C=;54!C!G:2F52>=C8!3><<C=><DCG=>:2L!
\C2! C@<52G5! =;C=! GC22:=! @5! D>8853! >2TP! 0:4! "C4@C4C<L! =;><! 3><<C=><DCG=>:2!
G:2<=>=?=5<! \=;5! I547! 35D>2>=>:2! :D! =;5! 8>I>2F! @5>2FT! C23! =;545D:45! =;5!
A:<=! B4:B54! <52<5! :D! 35<>45! C<! =;5! 5<<52G5! :D! 8>D5PZ_!,5<>45! ><! 2:=! =;5!
<C=><DCG=>:2! :D! 2553<! @?=! C! 25G5<<C47! ?2<C=><DCG=:4>25<<L! C! 4C3>GC8!
\5WB54>52G5! :D! 3><B:<<5<<>:2TPZ`!*GG:43>2F87L! "C4@C4C<T<! G:2G5B=>:2! :D!
35<>45! ><! D:4AC887! >352=>GC8! =:! =;C=!:D! dD:4!5WCAB85e!15I>2C<P! $2!!'.1)0.+$
1&2$-&,0&0.+!15I>2C<!64>=5<!=;C=!\=;5!3>DD5452G5!@5=6552!2553!C23!,5<>45T!
><! =;C=! \>2! 2553! $! GC2! <>2K!A7! =55=;! >2=:! =;5! 45C8! C23! <C=><D7!A7<58D! >2!
C<<>A>8C=>2F! =;5! :=;54a! >2! ,5<>45! =;545! ><! 2:! <>2K>2F! :25T<! =55=;! >2=:!
@5>2FL!2:!<C=>5=7L!@?=!C2!?2G;C4=53!D?=?45!@5D:45!A5PTZ^!#I547!BC4=>G?8C4!
2553L! 5I547! :2=>G! 8CGKL! C=! 85C<=! G:2=C>2<! =;5! B:<<>@>8>=7! :D! <C=><DCG=>:2L!
6;>G;!><!25I54!=;5!GC<5!D:4!35<>45P!(;?<L!D:4!15I>2C<L!\2553!C845C37!45<=<!
:2!,5<>45TL! 6;>G;! ><! 5WCG=87! =;5! B:<>=>:2! :D! "C4@C4C<S! \$=! ><! @5GC?<5! :D!
C23!>2!I>56!:D!=;><!>2<C=>C@85!A:@>8>=7!=;C=!=;5!8>I>2F!@5>2F!A?<=!<C=><D7!
>=<! 2553<L! C23! =;><! ><! 6;7! =;:<5! 2553<! C45L! >2! 45C8>=7L! <?@:43>2C=5! =:!
35<>45TP!$2!=;><!6C7L!C23!<:A56;C=!>4:2>GC887L!"C4@C4C<!523<!?B!35D>2>2F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z_!"C4@C4C<L!:BP!G>=P!dMNNVeL!OQP!
Z`!$@>3PL!O_P!
Z^!#AAC2?58! 15I>2C<L! *8B;:2<:! 1>2F><! d=4PeL! !'.1)0.+$ 1&2$ -&,0&0.+T$ L&$
3771+$'&$34.#60'60.+!d->==<@?4F;S!,?E?5<25!H2>I54<>=7!-45<<L!OY`YeL!OO^P!
!M_N!
8>D5! >2! B45G><587! =;5! <CA5! =54A<! C<! )5>35FF54S! >2C<A?G;! C<! 8>D5! ><!
=;:?F;=! \5W><=52=>C887TL! >P5PL! C<!C!@5>2F'>2'=;5'?'6)2L! >=! D:88:6<! =;C=!6;C=!
35<>45! ><!3><B:<<5<<53!:D! ><! <>AB87! =;5!6:483! >=<58DP! $=! ><! =;5!6:483! =;C=!
8>D5!8CGK<L!=;C=!><!B54B5=?C887!C@<52=>2F!>=<58DL!=;C=!><!C86C7<!<=>88!:=;54S!\$=!
><! >2<:DC4! C<! 8>D5! ><! D4:A! =;5! <=C4=! >2! =:?G;! 6>=;! C! 6:483! =;C=! :287!
B45<52=<! >=<58D! >2! =;5! A:35! :D! C@<52G5! =;C=! 8>D5! GC2! @5! 35<G4>@53! C<!
,5<>45PTZV!(;5! 6:483! ><! =;5! C86C7<! \?2B45<52=C@85TS! \1>D5T<! >2<C=>C@>8>=7!
G:4458C=5<!6>=;! =;5!6:483T<! >25<GCBC@85!6>=;34C6C8PT! $2! C!6:43L! 8>D5! ><!
M#).16(/.L!6:483'B:I54=7!k!65!;CI5!G:A5!@CGK!4:?23!=:!JR!OYMY'ZNP!
! %:6! >=! ><! 5C<7! =:! <55! =;C=! =;><! :287! 5WCG54@C=5<! =;5! B4:@85A! :D!
G:2=>2?>=7!A52=>:253! C@:I5L! D:4! >D! ;?AC2! 5W><=52G5! ><! =;:?F;=! :2! =;5!
@C<><!:D!8>D5L!C<!C!;>F;54!D:4A!:D!8>D5L!=;52!>=!@5G:A5<!5W=45A587!3>DD>G?8=!
=:!?2354<=C23!;:6!C!A:35!:D!@5>2F!dI>[PL!5W><=52G5e!=;C=!><!G;C4CG=54>[53!
B45G><587! @7! >=<! ;CI>2FL! @?>83>2F! :4! D:4A>2F! :D! 6:483L! >=<! 4>G;25<<! :D!
6:483L! G:?83! G:A5! C@:?=! C<! =;5! 6#7/).! :4! =;5! 5DD5G=! :D! C! B4:G5<<! :D!
C?FA52=C=>:2! :4! >2=52<>D>GC=>:2! :D! C2:=;54! A:35! dI>[PL! 8>D5e! 6;:<5!
5<<52G5! ><! 6:483'C@<52G5! :4! 6:483'6>=;34C6C8P! "?=! @57:23! =;><L!
15I>2C<T<! D:4A?8C=>:2! d\lC2! ?2G;C4=53! D?=?45! @5D:45! A5lTe! 34C6<!
C==52=>:2! =:! =;5!45C8!3>85AAC!;545S!I>[PL! GC2!C!<=4?G=?4C8!3><<C=><DCG=>:2!
@5!B:<>=53L!B;52:A52C887!<B5CK>2FL!:?=<>35!:D!C!;:4>[:2!:D! D?=?4C8>=7m!
,:5<! 2:=! 3><<C=><DCG=>:2! C<! <?G;! 25G5<<C4>87! >AB87! <:A5=;>2F! 8>K5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZV!"C4@C4C<L!:BP!G>=P!dMNNVeL!O_DP!
!M_O!
B4:X5G=>:2!:2=:!D?=?45!<C=><DCG=>:2<m!*23!>2!=;><!GC<5L!6:?83!65!2:=!@5!
D:4G53! =:! G:2G8?35! =;C=! =;><! 3><<C=><DCG=>:2! ><! 2:6;545! B45<52=! >2! =;5!
<;554! 8>I>2F'=;4:?F;! :D! 8>D5! >=<58D! @?=! 4C=;54! :287! :25! B:<<>@85!
>2=54B45=C=>:2!:D!8>D5!@7!C23!D:4!C2!52=>=7!=;C=!><!\5K'<=C=>GC887T!B4:X5G=>I5!
>2! >=<!I547!G:2<=>=?=>:2m!04:A! =;5!A545! DCG=!:D! 8>D5T<!B?4<?>=!:D!6;C=! ><!
G:ABC=>@85! 6>=;! >=L! GC2! 65! >2D54! C27=;>2F! 8>K5! C! G:2<=>=?=>:2C8!
3><<C=><DCG=>:2!:4!>2<C=>C@>8>=7m!$!3:!2:=!<55!;:6!65!GC2P!+C=;54!>=!<55A<!
=;C=! =;><! <:4=! :D! G:2=>2?53! CBB5C8! =:! C23! 458>C2G5! :2! C2! CW>:AC=>G<! :D!
5AB=>25<<L! 3><<C=><DCG=>:2! C23! =;5! 8>K5! <=5A<! >2! 8C4F5!A5C<?45! D4:A! C!
=52CG>:?<!DC<G>2C=>:2!k!>23553!:25!=;C=!G:2=>2?5<!=:!F4>B!C88!:D!?<!=:3C7L!
C23!B54;CB<! D:4!5<<52=>C8! 45C<:2<!k!6>=;! =;5!G:2G5B=L!:4!B54;CB<! \2:2'
G:2G5B=TL! C=! :2G5! >2D>2>=587! B45F2C2=! C23! B54D5G=87! ICG?:?<L! :D! C2!
>2I><>@85L! ?22CA5C@85! C23! G5C<585<<87! B4:3?G=>I5! 8CGKL! >P5PL! =;5!
CB:B;C=>G! C23! E?C<>'=;5:8:F>GC8! 8CGK! :D! \3>DD54C2G5T! >2! =;5! G8C<<>G!
35G:2<=4?G=>I5! <52<5L! C<! 6588! C<L! B54;CB<L! D4:A! C! G54=C>2! B4:X5G=! :D!
<E?C4>2F! 8>D5!6>=;!C!35!4>F?5?4!:2=:8:F7!:D!A?8=>B8>G>=7!C23!@5G:A>2FP!
0:4! =;><! ><! C2! >ACF5! :D! 8>D5! =;C=! ><! @7! 2:6! 45C<<?4>2F87! DCA>8>C4! C23!
>2G45C<>2F87! E?C>2=S! 8>D5! C<! C! <=4?G=?4C8! >2C@>8>=7! =:! C==C>2! B54AC252=!
B45<52G5a!35<>45!C<!C!A:I5A52=!:D!B54B5=?C8!<58D'G45C=>:2L!\C3'I52=?45TL!
<58D'F:>2F':?='@57:23lL!D?5853!@7!C@<52G5L!3>DD5452G5a!=;5!45C8A!:D!8>D5!
C<!C2!?2=:=C8>[C@85!=:=C8>=7!k!C23!<:!D:4=;P!"?=!>=!<55A<!=:!A5!=;C=!=;5<5!
2:=>:2<!=588!?<!DC4!85<<!C@:?=!8>D5!C<!<?G;!=;C2!C@:?=!:?4!:62!?2D8CFF>2F!
D>358>=7!=:!C!G54=C>2!7.+)#!:D!B;>8:<:B;>[>2F!6;:<5!B:654!C23!B:B?8C4>=7!
!M_M!
45AC>2! =:! @5! CGG:?2=53! D:4! "07.'60;1))+P! J5! A?<=! CI:>3! =;5! G:2<=C2=!
=5AB=C=>:2! =:! 45C3! @CGK! >2=:! 8>D5!6;C=!65! D558!65! '/*".! =:! D>23! =;545L!
>2C<A?G;!C<!=;5!=C<K!:D!C!5"#&'(#&')'*+!:D!8>D5!35AC23<!=;C=!65!<=C7!C<!
G8:<5!=:!=;5!=;>2F<!=;5A<58I5<!C<!B:<<>@85P!
!
$$$P!1>I>2F!5W><=52G5!>2!>=<58D!D:4!?<!
!
J5!2:6!B4:G553!=:!=;5!<5G:23!:D!:?4!=;455!=C<K<S!C2C87<><!:D!=;5!=:=C8>=7!
:D!;?AC2!8>I>2F!5W><=52G5!>2!>=<!B?45!<=C=5L!>P5PL!C<!=;5!D?88!B;52:A52:2!
:D! 8>I>2F! 5W><=52G5! CBB5C4<! =:! ?<! C<! <G>52=>D>G! :@<54I54<! C23! 2:=! 8>I>2F!
5W><=52G5!>=<58D!>2!=;5!2C=?4C8!C==>=?35!d>P5PL!D:4!>=<58DeP!$2!AC27!6C7<!=;><!
><! =;5! A:<=! 3>DD>G?8=! =C<KL! F>I52! =;5! >2=4>GCG7! C23! G:AB85W>=7! :D! :?4!
K2:6853F5! :D! B?45! 5W><=52G5! C<! <?G;P! (;5! B:<<>@>8>=7! =;C=! ><! ;583! :?=!
@5D:45!?<! ;545! ><! =;C=! :D! C!A:45! G:AB85=5!B;>8:<:B;>GC8! C2=;4:B:8:F7L!
:25! >2!6;>G;!5I547! \#407.#&.01)#TL! 5I547! <=4?G=?4C8! D5C=?45!:D! =;5!;?AC2!
6C7! =:! @5! =;C=! ><! F4:?2353! >2! =;5! ;?AC2T<! 5G<=C=>G'B4:X5G=>I5!
G:2<=>=?=>:2L!><!>2=54B45=53!>2!>=<!#77#&.01)$;'(5)0;1.0'&!6>=;!35<>45P!*FC>2L!
>=!GC22:=!@5!<=45<<53!52:?F;!=;C=! =;><! \G:AB8>GC=>:2T!;C<!2:=;>2F!=:!3:!
6>=;! C27! 458C=>:2!:D! <?GG5<<>:2L! 5<B5G>C887! C! GC?<C8! :25P! $=!A5C2<!:287!
=;C=! =;5! ;?AC2!6C7! =:! @5! ><! 3><=>2F?><;53! @7! =;5! G:'B45<52G5! d:4! G:'
T35I:8I>2FTe! :D! =;5! =6:! 5E?>B4>A:43>C8! [:25<! :D! 6:483! C23! 5C4=;L! :4L!
=;C=! =;5! ;?AC2T<! \D>583T! :4! \=;545T! ><! C86C7<! C23! :4>F>2C4>87! C! =6:'
3>A52<>:2C8! :25P! (;?<! ?2354! 2:! G>4G?A<=C2G5<! 6:?83! =;5! F:C8! :D! C!
!M_Z!
B;>8:<:B;>GC8! C2=;4:B:8:F7! @5! =:! \5WB8C>2T! =;5! #407.#&.01)01! C6C7! @7!
<;:6>2F!;:6!=;57!C45!35B52352=!:2!G54=C>2!?235487>2F! D:4G5<L!34>I5<L!
?4F5<!C23!=;5!8>K5P!$=!><!4C=;54!=:!<;:6!;:6L!>2<:DC4!C<!35<>45!><!=;:?F;=!
C<! B?4<?>=! :D! G:ABC=>@85<! :4! @58:2F>2F<L! =;5! 5W><=52=>C8! <=4?G=?45<!
=;5A<58I5<! @5F>2! =:! 5W;>@>=! C! G54=C>2! :4354! C23! 45F?8C4>=7! 6;>G;!
@5G:A5<!G:AB85=587!>2I><>@85!6;525I54!:287!5/6#!5W><=52G5!><!C=!><<?5P!
! 15=! ?<! F5=! G85C454! :2! =;><! K57! B:>2=P! J5! K2:6! =;C=! =;5! 6:483!
5W;>@>=<! C! 4C3>GC8! >235=54A>2CG7!6>=;! 45<B5G=! =:! >=<! :2=>GC8! G:2=52=! dC<!
:BB:<53!=:!=;5!?2>I54<C8>=7!:D!>=<!:2=:8:F>GC8!<=4?G=?45<eP!0:4!:25!=;>2FL!
=;5!<?2347!@5>2F<!=;C=!G:AB4><5!=;5!45C8A!:D!>AA53>C=5!G>4G?A<B5G=>I5!
G:2G542! :D! C! BC4=>G?8C4! >23>I>3?C8! C45! F>I52! >2! AC2>D:83! 6C7<! =;C=!
CGG:43! 6>=;! =;C=! >23>I>3?C8T<! ?2>E?5! DCG=>GC8';><=:4>GC8! <>=?C=>:2P!
/:45:I54L! >2<:DC4!C<! =;5!;?AC2! X?<=! 07! C2!5G<=C=>G'B4:X5G=>I5! =5AB:4C8'
>[>2FL! =;5! B?45! 6:483! ><! C86C7<! F>I52! =:! >=! C<! C2! :B52! ;:4>[:2! :D!
B:<<>@>8>=>5<!C88!:D!6;>G;!B:>2=!@CGK!=:! >=<!:62!<=4?G=?4C8'G:2<=>=?=>:2C8!
B:=52=>C8>=7'D:4'@5>2FP ZY !"?=! >D! =;5! ;?AC2! ><! C! )0=0&*! 5W><=52=! C23!
G:2<5E?52=87! 45<>35<! 2:=! >2! C! B?45! 6:483! @?=! 4C=;54! C23! C86C7<! >2! C!
6:483'#16."L!=;52!;:6!3:5<!8>D5!E?C!35<>4>2F'B?4<?>=!<54I5!=:!A:3>D7!:4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZY!(;?<!)5>35FF54!45AC4K<!=;C=!6;C=!65!\5WB8>G>=87!C23!D>4<=87!C==523!=:!
:4!5I52!CBB45;523!C23!:@<54I5!>2!=;5!5E?>BA52=C8!G:2=5W=?45!6;>G;!>2!
=;5! F>I52! >2<=C2G5! <?44:?23<! ?<!A:<=! G8:<587! ><! 2:=! 35=54A>2C@85! @?=!
C86C7<!:B=>:2C8!C23!IC4>C@85!6>=;>2!G54=C>2!8>A>=<T!d&*!MQL!MZZgO`QeP!
!M_Q!
=4C2<D:4A! =;><! B?45! B:<<>@>8>=7'G;C4CG=54! :D! =;5! B?45! 6:483! :D! B?45!
5W><=52G5m! 1>D5L! C<! 65! <;C88! <55! G85C487L! 0&.6'2/;#7$ 1$ 2#*6##$ ',$ /&0=#671)$
'&.0;1)$;'&.#&.$0&.'$#407.#&;#$1&2$."#6#R+$0&.'$."#$?'6)2$0.7#),P!1>D5!:4FC2>[5<L!
<;CB5<! C23! 358>A>=<! =;5! #407.#&.01)01L! 45>2>2F! >2! =;5! AC2>D:83! 6C7<! >2!
6;>G;!=;57!C45!C@85!=:!D?2G=>:2L!C23!=;><!I547!45>2>2F!>2!C23!358>A>=>2F!
><!>=<58D!C2!'&.')'*0;1)!D5C=?45!:D!8>I>2F!5W><=52G5P!*GG:43>2F87!k!C23!=;><!
><! <>AB87! =:! <C7! =;5! <CA5! =;>2F! >2! C! 3>DD5452=!6C7! k! 8>D5! G:2=4CG=<! =;5!
:2=>GC8! D8?>3>=7! C23! D85W>@>8>=7! :D! =;5! B?45! 6:483! >2=:! A:45! :4! 85<<!
45F?8C4!C23!<=C@85!D>F?45<L!<;4>2K<!=;5!>235=54A>2C@>8>=7!C23!IC4>C@>8>=7!
:D!@5>2F<!3:62!=:!=;5!G:2G45=525<<!:D!C!B:>2=P!$!A55=!C!<=4C2F54!D4:A!C!
3><=C2=! 8C23L! C23! =;:?F;! $! K2:6! 2:=;>2F! :D! ;><! 8C2F?CF5L! G?<=:A<! :4!
;C@>=<L! $!GC2!@5!<?45!=;C=!;5!6>88!35<>45!D::3!>D!;5! ><!;?2F47L!C!B8CG5!=:!
45<=! >D! ;5! ><! =>453L! <;58=54! C23! 6C4A=;! >D! >=! ><! G:83! :?=<>35L! 5=GP! (;5<5!
R#0&*7!k!D::3L!<;58=54!C23!=;5!8>K5!k!B:<<5<<L!:2!C!G54=C>2!85I58L!C2!:2=>GC8!
D>W>=7!=;C=!D>23<!>=<!:2=:8:F>GC8!F4:?23!>2!35<>45P!"?=!=;><!><!5E?C887!C23!
G:2I54<587! =:! <C7! =;C=! 8>D5! >2=4:3?G5<! C2! 52=>4587! 256! C23! ?2D:45<552!
D:4A! :D! D85W>@>8>=7! C23! IC4>C@>8>=7! 0&.'$ #407.#&;#$ 0.7#),P! (;C=! ><L! =;5!
#407.#&.01)01! =;5A<58I5<! GC2! @5! <552! =:! 5W;>@>=! C2! '&.')'*0;1)! IC4>C@>8>=7!
=;C=!GC2!@5!25>=;54!3><G54253!2:4!?2354<=::3!D4:A!=;5!B:>2=!:D!I>56!:D!
B?45! 5W><=52G5P!(;5<5! <=4?G=?45<!B:<<5<<!C! G54=C>2! \I:8?A5TL! C<! >=!6545a!
=;57! 5WBC23! C23! G:2=4CG=! CGG:43>2F! =:! =;5! 35F455! :D! =;5>4! G:AB8>G>=7!
6>=;! 8>D5P! (:! >2I5<=>FC=5! 8>I>2F! 5W><=52G5! >2! >=<58D!A5C2<! =:! 5WB8:45! =;5!
AC2>D:83!D:4A<!:D!=;><!:2=>G:':2=:8:F>GC8!5WBC23>2F!C23!G:2=4CG=>2F!:D!
!M__!
=;5!6:483P! $2!6;C=! D:88:6<!65!<;C88!B4:I>35!C!6:4K>2F!:?=8>25!:D!;:6!
<?G;!C2!>2I5<=>FC=>:2!A>F;=!B4:G553P!
!
*P!(;5!>2=52=>:2C8>=7!:D!8>I>2F!5W><=52G5!
!
J5! K2:6! =;C=! =;5! >2=52=>:2C8>=7! :D! 5W><=52G5! ><! G;C4CG=54>[53! @7! C!
;CI>2F!:4!F:>2F!:?=!=:6C43!@5>2F<!k!C!G:AB:4=A52=!>2!=;5!<=4>G=!<52<5!k!
=;5!?8=>AC=5!=C4F5=!:D!6;>G;!><!C86C7<!=;5!@5>2F!:D!=;5!>23>I>3?C8!\@5>2F'
=;545T!>=<58DP!0:4!)5>35FF54L!=;5!A:<=!F5254C8!=54A!D:4!=;><!D?23CA52=C8!
G;C4CG=54><=>G! :D! =;5! ;?AC2L! >=<! C86C7<! ;CI>2F! <:A5=;>2F! =:! 3:! 6>=;!
@5>2F<!D:4!=;5!<CK5!:D!>=<58DL!><!;'&;#6&!dB'6*#eP$*=!=;5!<CA5!=>A5L!65!;CI5!
35D>253!=;5!>2=52=>:2C8>=7!:D! 8>D5!C<!35<>45!>2!=;5!<52<5!:D!B?4<?>=!:D!=;5!
G:ABC=>@85P!(;5! D>4<=!B4:@85AL! =;52L! ><! =:!?2354<=C23! =;5!2C=?45!:D! =;5!
?2>=7! :D! 35<>45! C23! G:AB:4=A52=! C<! =;5! A:<=! G:AB85=5! <52<5! :D! =;5!
>2=52=>:2C8>=7!:D!=;5!6;:85!:D!8>I>2F!5W><=52G5P!
! %:6!>=!><!25I54!=;5!GC<5!=;C=!=;5!;?AC2!X?AB<!@CGK!C23!D:4=;!D4:A!
8>D5!=:!5W><=52G5L!<?G;!=;C=!;545!>=!35<>45<L!=;545!>=!G:AB:4=<L!C8=542C=>2F!
@5=6552! =;5<5! =6:! CGG:43>2F! =:!6;>G;5I54! [:25! >=! B45<52=87! >2;C@>=<P!
(;5!;?AC2!><!2:=!3><=>2F?><;53!@7!=;5!DCG=!=;C=!>=!3:5<!R'."!:D!=;5<5!k!C<!
=;:?F;L! >2! C33>=>:2! =:! 35<>4>2FL! =;5! ;?AC2! C8<:! 52FCF53! >2! <:A5!
G:AB:4=>2F! k! C<! >D! =;57! G:?83! @5! 4C2F53! C8:2F<>35! 5CG;! :=;54P! (;5!
;?AC2! 25I54L! 5WG5B=! B54;CB<! ?2354! =;5! A:<=! 5W=45A5! G:23>=>:2<L!
5WB54>52G5<! 5/6#! 35<>45P! "?=! X?<=! C<! 8>==85! ><! >=! =;5! GC<5! =;C=! 5I547!
!M_`!
G:AB:4=A52=! G:2G5C8<! 6>=;>2! >=! C2! 585A52=! :D! 35<>45L! C<! =;:?F;! =;57!
;C3! D?<53! =:F5=;54! =:! D:4A! C! <>2F85L! 52=>4587! 2:I58! D:4A! :D!
>2=52=>:2C8>=7P!%:=!C88!G:2G542!>AB8>5<!C!458C=>:2!=:!35<>45a!G85C487!=;545!
C45! B?4587! 5W><=52=>C8! G:AB:4=A52=<P! +C=;54! 65! A?<=! <C7! =;C=! =;5!
IC4>:?<! D:4A<! :D! 35<>45! d6;>G;! D:4A<! 65! A>F;=! >352=>D7! >2! C!
G:AA:2<52<5!6C7!@7!CBB5C8>2F!=:! =;5!2C=?45!:D! =;5!G:ABC=>@85':@X5G=!
>=<58D! k! 5PFPL! =;5! C8>A52=C47':@X5G=L! =;5! 6C=54':@X5G=L! =;5! <;58=54':@X5G=L!
5=GPe! G:2<=>=?=5! <:!AC27!B:85<!:4!14#7! C4:?23!6;>G;! G:2G542! ><! C86C7<!
:4>52=53!A:45! :4! 85<<P! (;5<5! CW5<! \C@'<:4@T! 6:48387! B:=52=>C8>=>5<! C=! C!
4C=5!3>45G=87!B4:B:4=>:2C=5!=:!=;5!>2=52<>=7!:D!=;5!35<>45P!1>K5!<=C4<!=;C=!
34C6! 85<<54!@:3>5<! >2=:! =;5>4!F4CI>=C=>:2C8! D>583<L! CW5<!:D! G:2G542!5W54=!
C2!C==4CG=>:2!5DD5G=!=;C=!45<?8=<!>2!C!458C=>I5!G:2<=4>G=>:2!:D!G:AB:4=A52=S!
=;5! A:45! :25! CBB4:CG;5<! =;5! CW5<! =;5A<58I5<L! =;5! G8:<54! :25! F5=<! =:!
C@<:8?=5! 35<>4>2F'B?4<?>=L! >P5PL! =:! C! =:=C8! C@<52G5! :D! G:AB:4=A52=C8! :4!
>2=54B45=C=>I5!B:<<>@>8>=7P!U:2I54<587L!=;5!A:45!:25!B?88<!C6C7!D4:A!=;5!
CW5<L! =;5! A:45! 3:! =;5! B:<<>@>8>=>5<! :D! G:2G542! 4C3>C=5! :?=6C43! >2! <:!
AC27! 256! C23! ?2D:45<55C@85! 3>45G=>:2<P! 0?4=;54A:45L! =;545! C45! 2:!
>2=54<=>G5<! @5=6552! =;5<5! D:4G5! D>583<L! 2:! ICG??A<a! =;5! 6:483'5C4=;! ><!
G:AB85=587!<C=?4C=53P!$2!=;><!6C7!8>I>2F!5W><=52G5!GC2!@5!35<G4>@53!C<!C!
B54B5=?C8! A>F4C=>:2! D4:A! :25! 35<>45'D>583! =:! =;5! 25W=L! 5CG;! <:X:?42!
:GG?44>2F!C=!C!F45C=54!:4!85<<54!3><=C2G5!D4:A!=;5!CW><!:D!=;C=!BC4=>G?8C4!
D>583L! 6;>G;! 3><=C2G5! 35=54A>25<! =;5! 4C2F5! :D! G:2G542D?8! CG=>I>=7!
CIC>8C@85!=:!=;5!8>I>2F!5W><=52=!C=!=;C=!BC4=>G?8C4!=>A5P!R>AB87!B?=L!>D!>=!><!
!M_^!
=4?5! 52:?F;! =;C=! =;5! ;?AC2L! E?C! 5W><=52=L! E?C! @5>2F'D:4'>=<58DL! ><! C!
4C3>GC8!B:=52=>C8>=7'D:4'@5>2FL!65!A?<=!25I54=;585<<!C3A>=! =;C=L! >2<:DC4!
C<! >=! C8<:! C23! 5<<52=>C887! 8>I5<L! >=<! B:=52=>C8>=7! ><! C86C7<! <?@X5G=! =:! C!
G5C<585<<!<6588>2F!C23!<;4>2K>2F!CGG:43>2F!=:!>=<!458C=>I5!B:<>=>:2!6>=;>2!
C!F>I52!D:4G5!D>583!:D!B?4<?>=P!
! 15=!?<!G8C4>D7!=;><!B:>2=!C!@>=P!J;C=!65!;CI5!X?<=!<C>3!GC2!A5C2!:25!
:D! =6:! =;>2F<! 35B523>2F! :2! 6;5=;54! 65! ;CI5! =;5! 0&.#&.0'! :4! =;5!
0&.#&./(! B4>2G>BC887! >2! I>56P! *<! D:4! =;5! 0&.#&./(L! >=! A5C2<! =;C=! =;5!
25C454! =;5! ;?AC2! 34C6<! =:! <:A5! CW><! :D! G:2G542L! =;5! A:45! 3:5<! =;5!
>2=52353! :@X5G=! G:A5! =:! AC2>D5<=! >=<58D! 17! C! ;'(51.0R)#ZR#0&*P! (;><! ><! C!
G:2=4C3>G=:47! D:4A?8C=>:2! =;C=! B:>2=<! =:! =;5! <>2F?8C4! C23! >2=542C887!
C2=CF:2><=>G!ACK5'?B!:D! 8>I>2F!5W><=52G5!C<!<?G;P!$=!<>F2>D>5<!C!34C6>2F!
=:F5=;54! :D! =;5! :45G=>G! 17! C23! =;5! ;54A525?=>G! 17L! <?G;! =;C=! =;5! :@X5G=!
45AC>2<!C!@5>2F! #=#&$?"0)#! >=<!;C8:!:D! <>F2>D>GC2G5! d>P5PL! =;5! <G:B5!:D! >=<!
B:<<>@85! \6;C=25<<TL! >=<! #77#&.01e! ><! >2G45C<>2F87! G?4=C>853! 6>=;! =;5!
;?AC2T<!F4:6>2F!B4:W>A>=7!=:!8>D5L!=:!=;5!CW><P!0:4!5WCAB85L!6;52!$!CA!
=:=C887! 35I:>3! :D! =;>4<=L! 6C=54L! C<! C! @5>2FL! AC7! CBB5C4! =:! A5! >2! C27!
2?A@54! :D! A:3C8>=>5<S! C<! 5E?>BA52=! D:4! 3:>2F! C23! ACK>2FL! C<! =;5!
A:85G?8C4!G:AB:?23!\)M.TL!C<!C2!C5<=;5=>G!:@X5G=L!C!<7A@:8!:D!6><3:AL!
<:A5=;>2F! =:!34>2KL! C23! <:!:2P!"?=! =;5!A:45! $! CA! =CK52!@7! =;>4<=L! =;5!
A:45!3:5<!=;5!6C=54!45I5C8!>=<58D!=:!A5!>2!:287!:25!:D!=;5<5!D:4A<L!I>[PL!
>2! >=<!G:ABC=>@85'G;C4CG=54!C<! =;5!G:4458C=5!:D!C!B?4<?>=P!*88! =;5!<CA5L! $!
25I54! G5C<5! =:! >2=523! >=! C<!?1.#6L! >P5PL! C<! =;><! BC4=>G?8C4! @5>2F! C23! 2:=!
!M_V!
<:A5!:=;54a!25I54!3:5<!=;5!@5>2F!=:=C887!8:<5!>=<!@5>2F25<<!D:4!A5L!5I52!
C<! >=! @5G:A5<! B4:F45<<>I587! >2D?<53!6>=;! C2! CDD>2>=7! =;C=! G:445<B:23<!
3>45G=87!=:!=;5!>2=52<>=7!:D!A7!35<>45P!
! 1>K56><5! D4:A! =;5! C2F85! :D! =;5! 0&.#&.0'L! 6;>G;! =523<! =:6C43! C2!
5E?C887! G:2D8>G=?C8! C23! BC4C3:W>GC8! 2#7060&*Z;'(5'6.(#&.P! (;><! A5C2<!
=;C=! 5I52! 6;>85! =;5! ;?AC2T<! 4C2F5! :D! B:<<>@85! CG=>:2! <?DD54<! C!
B4:F45<<>I5! 3>A>2><;A52=L! >=<! G:AB:4=A52=! 25I54! DC88<! @CGK! >2=:! =;5!
C@<:8?=5!B?4<?>=!G;C4CG=54><=>G!:D!B?45!@5>2F'>2'=;5'5C4=;L!C23!B45G><587!
@5GC?<5! =;5! ;?AC2! ><! C86C7<! <=>88! :4>52=53! =:6C43! C! @5>2F! C23! 2:=! C!
B?45!G:ABC=>@85P!(;5!A:45!<5I545!><!A7!=;>4<=L!=;5!85<<!$!CA!C@85!=:!3:!
C<!$!B85C<5L!<>2G5!A7!G:2G542!><!=:!=;C=!5W=52=!C@<:4@53!>2!A7!B?4<?>=!:D!
=;5! 6C=54'G:ABC=>@85! k! 1&2$ +#.L! 25I54! 3:5<! A7! CG=! =:=C887! 8:<5! >=<!
G;C4CG=54! C<! C! D455! B:<<>@>8>=7! :D! A7! @5>2FL! D:4! >2<:DC4! C<! $! 45AC>2!
:4>52=53!=:6C43!C!R#0&*L!=;52!X?<=!=:!=;C=!5W=52=!CA!$!<5BC4C=53!D4:A!=;5!
6:483!@7!=;5!2>;>8C=>:2!:D!B4:X5G=>:2P!
! $D!65!=CK5!=;><!2:=>:2!:D!=;5!F4CI>=C=>:2C8!B?88!:D!=;5!CW5<!:D!G:2G542!
=:! >=<! 8:F>GC8! G:2G8?<>:2L! 65! A?<=! <C7! =;C=! C=! =;5! =;45<;:83! :D! 8>I>2F!
5W><=52G5L! C=! =;5! B:>2=! :D! =;5! ACW>A?A! >2=52<>D>GC=>:2! :D! 35<>45! C23!
;52G5! =;5! ACW>A?A! G:2=4CG=>:2! :D! G:AB:4=A52=! =:! B?4<?>=L! 6;C=! ><!
3><G8:<53!><!C2!:@X5G=!6;:<5!@5>2F!G:445<B:23<!=:!>=<!G:ABC=>@>8>=7!C23!
2:=;>2F! @5<>35<P! )545L! C=! =;5! B:>2=! :D! =;5! C@<:8?=5! G:C85<G52G5! :D! =;5!
:45G=>G! C23! ;54A525?=>G! 175<L! =;5! ;C8:! :D! <>F2>D>GC=>:2<! >2! 6;>G;! =;5!
:@X5G=!><!2:4AC887!52I58:B53!DC35<!C23!3><<>BC=5<L!85CI>2F!@5;>23!:287!C!
!M_Y!
K54258! :D!A5C2>2F! =;C=! G:2<=>=?=5<! =;5! @5>2FT<!/&0=#671)$ 70*&0,0;1&;#! k! C!
<52<5! =;C=! CBB8>5<! 1$ 560'60! =:! =;5! 6;:85! :D! 8>I>2F! 5W><=52G5P! H2>I54<C8!
<>F2>D>GC2G5! ><!?2I5>853!C=! =;5! =;45<;:83!:D! >2=54B45=C@>8>=7! C23! =;?<!C=!
=;5!=;45<;:83!:D!@5>2F!>=<58Da!>2!:=;54!6:43<L!>=!><!=;5!B:>2=!C=!6;>G;!."#$
'&.0;$ R#;'(#7$ '&.')'*0;1)L! >P5PL!6;52! C! BC4=>G?8C4! :2=>G! <52<5! CGE?>45<! C2!
:2=:8:F>GC8!<=C=?<P!H2>I54<C8!<52<5!><!=;?<!:4>F>2C47!:4!560('6201)!<52<5P!
(:! @5! <?45L! 2:=! 5I547! 52=>=7!B:<<5<<5<! <?G;!?2>I54<C8! <>F2>D>GC2G5L! @?=!
:287!=;:<5!52=>=>5<! =;C=!GC2!3:?@85!C<!G:ABC=>@85<L!C23!>23553!:287!@7!
I>4=?5! :D! =;5>4! G:ABC=>@>8>=7! G;C4CG=54! d>P5PL! :287! =;:<5! 52=>=>5<! =;C=! GC2!
3:?@85!C<!=;5!0&.#&./(!:D!C!B?45!B?4<?>=eP!/:45:I54L!=;><!?2>I54<C8!<52<5!
>AB8>5<! 2:=! :287! C! D>W>=7! :D! A5C2>2F! @?=! >23553! C! D>W>=7! :D! =1)/#L! C!
2C=?4C8! IC8?5! <7<=5A! F4:?2353! >2! 35<>45P! $2! C! 6C7! =;C=! ><! <>AB87!
>AB:<<>@85! D:4! B?45! 8>D5L! 8>I>2F! 5W><=52G5! >2=54B45=<! G54=C>2! 52=>=>5<L!
G:ABC=>@85'@5>2F<L! C<! ?2>I54<C8! F::3<L! C23! B45G><587! 3?5! =:! =;5>4!
G:ABC=>@8525<<! dUC2F?>8;5A! ;C<! C8<:! >2<><=53! :2! =;><! B:>2=eP! R?G;!
F::3<! C45! C! ?2>E?5! B4:3?G=! :D! =;5! 6:483'5C4=;a! 2:=! :287! G:?83! =;57!
25I54! @5! D:?23! >2! C! B?45! 5C4=;L! @?=! X?<=! C<! 8>==85! G:?83! =;57! 5A54F5!
6>=;>2!C!B?45!6:483! >2<:DC4!C<!C!B?45!5W><=52=!6:?83!@5! X?<=!C<! =:=C887!
<=4>BB53!:D!35<>45!C<!C!B?45!@5>2F'>2'=;5'5C4=;!6:?83!@5!:D!G:2G542P!
!
"P!(;5!<=4?G=?4C8!G:AB:<>=>:2!:D!=;5!6:483'5C4=;!
!
HB! =:! =;><! B:>2=! >2! :?4! C2C87<><! 65! ;CI5! @552! 3><G?<<>2F! :287! =;:<5!
!M`N!
@5>2F<!C23! G:AB:4=A52=<! =;C=! G:445<B:23! =:! =;5! 0&.#&.0'! C23! 0&.#&./(!
:D! B?45! 35<>45P!):65I54L! =;><! G:2=4CG=>:2! :D! B:<<>@>8>=>5<! C23! D>W>2F! :D!
A5C2>2F!3:5<!2:=!<=:B! =;545L!@?=! 4C=;54! >2D>8=4C=5<L!@7!35F455<L! =;5! D?88!
@:37!:D!=;5!6:483P!)?AC2>=7!><!?2>=53!2:=!A54587!@7!=;5!=4?><A!=;C=!C88!
8>I>2F!5W><=52G5<!5C=L!34>2K!C23!=;5!8>K5L!@?=!>2!C33>=>:2L!C23!5<B5G>C887L!
@7! =;5! 5<<52=>C8! 8>K525<<! :D! =;5! 45C8A<L! =;5! \A>G4:G:<A<TL! 6;>G;! =;5<5!
CW>C8!G:2G542<!:B52!?BP!J;C=!=;5!2:=>:2!:D!CW>C8!G:2G542<!45I5C8<!><!=;C=!
=;5! <?A! :D! ;?AC2! CG=>I>=7! >2! >=<! 5W=4C:43>2C47! 3>I54<>=7L! =;5! I>4=?C8!
>2D>2>=7! :D! =;>2F<! =;5! ;?AC2! AC7! 3:! :4! @5L! C86C7<! C23! 25G5<<C4>87!
?2D:83<!6>=;>2!C!D>583!=;5!F5254C8!BC4CA5=54<!:D!6;>G;!C45!<;CB53!C23!
>2D8?52G53! @7! 35<>45! >2C<A?G;! C<! >=! G:2<=>=?=5<! >=<! :4FC2>[>2F!
D4CA56:4KP! *4:?23! =;5! CW5<! =;545! C<<5A@85! IC4>:?<! 2C=?4C8! G:2=5W=<!
G:AB4><>2F!45F>:2<L!5E?>BA52=L!B4CG=>G5<L!A5=;:3<L!5=GP!!"#$14#7$16#$."1.$
R+$ =06./#$ ',$ ?"0;"$ ."#$ .'.1)$ 6#*0(#$ ',$ #=#6+21+$ ;'&;#6&$ ;'&*#1)7$ 1&2$ "1&*7$
.'*#."#6$ 17$ 1$ ;'"#6#&.$ 1&2$ /&0=#671)$?"')#Y!):65I54! <=4C2F5! C23! =544>@85!
:25! 6:483! AC7! CBB5C4! =:! C2:=;54L! C88! 6:483<! C45! A?=?C887! C23!
>2=?>=>I587! >2=588>F>@85! >2C<A?G;! C<! =;57! C45! D4CA53! @7! =;5! <CA5! @C<>G!
3><=4>@?=>:2! :D! G:2G542D?8! G:AB:4=A52=a! C23! >23553! =;><! >352=>GC8!
3><=4>@?=>:2!><! X?<=!6;C=!C88:6<!6:483<!=:!45I5C8!=;5A<58I5<!17!A:45!:4!
85<<! <>A>8C4! :4! 3>DD5452=! >2! =;5! D>4<=! B8CG5P! 0:45>F2! 6C7<! :D! <55>2FL!
?2354<=C23>2F!C23!3:>2F!GC2!CBB5C4!17$7/;"L!C<!C8>52!C23!>25WB8>GC@85L!
:287! @5GC?<5! =;57! C45! >2=?>=>I587! 45G:F2>[53! C<! 3>DD5452=! A:35<! :D!
G:AB:4=>2F! I><'�'I><! CW>C8! G:2G542<! =;C=! C45! G:AA:2! =:! ;?AC2>=7! C<!
!M`O!
<?G;a! 8>I>2F! 35<>45! ><! =;5! ;'&20.0'&$ ',$ 5'770R0)0.+! :D! C27=;>2F! 8>K5!
\D:45>F225<<TP!
! *FC>2!65!AC7!5WCA>25!=;><!D4:A!=;5!B:>2=!:D!I>56!:D!5>=;54!=;5!CG=!
:4!=;5!:@X5G=P!+5FC43>2F!=;5!D:4A54L!65!AC7!<C7!=;C=!C4:?23!5I547!CW><!
:D! G:2G542! =;545! G:C85<G5<! C2! 52=>45! 45B54=:>45! :D! K2:6853F5! C23!
B4CG=>G5<!A:45!:4! 85<<! <B5G>D>GC887! >2I5<=53! >2! =;C=! G:2G542! C23!F5C453!
=:6C43!35C8>2F!6>=;! >=P! 0:4! 5WCAB85L! @5GC?<5! <;58=54>2F! G:2<=>=?=5<! C2!
CW>C8! G:2G542L! =;545! C45! C86C7<! AC2>D:83! 6C7<! :D! G:2<=4?G=>2FL!
D:4=>D7>2FL! 52;C2G>2F! C23! 45BC>4>2F! <;58=54<L! X?<=! C<!6>=;! 45FC43! =:! =;5!
CW>C8! G:2G542! :D! C8>A52=C=>:2! =;545! C45! C86C7<!6C7<! :D! B4:G?4>2F! C23!
B45BC4>2F! D::3! C23! 34>2KP! (;5! 2C=?4C8! 5A54F52G5! :D! <?G;! G8?<=54<! :D!
G:AB:4=A52=! =;C=! <?44:?23! C23! CGG4?5! =:! =;5<5! C23! :=;54! CW>C8!
G:2G542<! ><! C! ?2>I54<C8! D5C=?45! :D! 8>I>2F! 5W><=52G5! =;C=! D?2G=>:2<! =:!
45<=4>G=! =;5! :=;546><5! 4C3>GC8! IC4>C@>8>=7! C23! G:2=>2F52G7! :D! :?4!
5I5473C7!35C8>2F<!6>=;! =;>2F<P!(;5!<CA5!;:83<! =4?5!:2! =;5!<>35!:D! =;5!
:@X5G=L! >P5PL! D:4! =;5! 52<5A@85! :D! @5>2F<! >2! C23! =;4:?F;! 6;>G;! =;5<5!
G:AB:4=A52=C8! 35C8>2F<! C45! 25G5<<C4>87! CG=?C8>[53! :4! 3><52FCF53P!
,5<>45!C86C7<!;C<!C!;C23!>2!35=54A>2>2F!6;>G;!=;>2F<!F5=!3><G8:<53!C<!
@5>2F<! >2! =;5! D>4<=!B8CG5L! C<!6588! C<!;:6!@5>2F<!C845C37!3><G:I5453!F5=!
>2=54B45=53P! "5GC?<5! =;545! C45! C86C7<! C23! 5I5476;545! 6C7<! :D!
<;58=54>2FL! =;545! C45! C8<:! C86C7<! C23! 5I5476;545! @5>2F<! <?>=53! =:!
<;58=54>2FS! AC=54>C8<! D:4! G:I54>2FL! G:2G5C8>2FL! 52G8:<>2FL! <?BB:4=>2FL!
@C44>GC3>2F! C23! =;5! 8>K5L! C<! 6588! C<! =::8<! C23! 5E?>BA52=! D:4! =7>2FL!
!M`M!
DC<=52>2FL!<?2354>2FL!B:?23>2FL!B?88>2F!C23!<:!D:4=;P!"5GC?<5!=;545!C45!
C86C7<!6C7<!:D!B4:G?4>2F!C23!B45BC4>2F!D::3L!=;545!C45!C86C7<!@5>2F<!
35<>F253!D:4!G?==>2FL!;5C=>2FL!G:2=C>2>2FL!B45<54I>2FL!;C238>2FL!<=>44>2FL!
GC447>2FL!5=GP!
! /:45:I54L!=;><!G:2=4CG=>:2!C23!G:2<5E?52=!?2>I54<C8>[C=>:2!:D!@:=;!
<52<5!C23!B4CW><!C45!F4:?2353!>2!=;5!<=4?G=?45!:D!=;5!8>I>2F!@:37P!+5GC88!
=;C=!=;5!@:37!5W;>@>=<L!C<!65!<C>3L!C!G54=C>2!2C=?4C8!D>=25<<!:4!5I52!B45'
5<=C@8><;53!;C4A:27!d>2!C!<=4>G=87!B;52:A52C8!<52<5e! =;C=!G:445<B:23<!
=:L!:4! ><!G:'F>I52!6>=;L! =;5!1$560'60!G:ABC=>@>8>=7!:D! =;5!G:ABC=>@85!d>P5PL!
:287! =;:<5! :@X5G=<! =;C=! =;5! @:37! ><! 2C=?4C887! 5E?>BB53! =:! B?4<?5! GC2!
G:2<=>=?=5! G:ABC=>@85<! D:4! >=! >2! =;5! D>4<=! B8CG5eP! %:6! =;><! 2C=?4C8!
:4FC2>[C=>:2!:D!=;5!@:37L!>=<!G:2<=>=?=>:2C8!D>=25<<!D:4!BC4=>G?8C4!B?4<?>=<!
C23! G:?2=54'B4:I:GC=>:2<L! ><! >=<58D! C! D:?23>2F! 8C754! :D! =;5! 6:483T<!
6:483;::3P!*GG:43>2F87L! >2C<A?G;!C<! =;5!@:37! >=<58D! ><! C2!C@<:4B=>I5L!
;:A:F52>[>2F! D:4G5L! 65! A?<=! C3A>=! =;C=! =;5! 6:483! F4:6<! <AC8854! >2!
3>45G=! B4:B:4=>:2! =:! >=<! B4:W>A>=7! =:! =;5! @:37P! 0:4! 5WCAB85L! =;C=! =;5!
G:2G5B=<L! G?<=:A<!C23!B4CG=>G5<!B54=C>2>2F! =:!G::K>2F!C23!5C=>2F!IC47!
6>3587!D4:A!:25!G?8=?45!=:!=;5!25W=!><!:@I>:?<!52:?F;P!"?=!6;C=!><!X?<=!
C<! :@I>:?<! ><! =;C=! >=! ><! B45G><587! @7! I>4=?5! :D! =;5! DCG=! =;C=! C88! ;?AC2!
@5>2F<! 5C=!6>=;! =;5>4! ;C23<! C23!A:?=;<L! C23! 2:=! =;5>4! 85F<! C23! @CGKL!
=;C=! =;5! 6;:85! 3>I54<>=7! :D! >AB85A52=<! =;C=! ;?AC2! @5>2F<! ;CI5!
35<>F253! C23! G45C=53! D:4! 5C=>2F! 5W;>@>=! =;5! G:AA:2! G;C4CG=54><=>G! :D!
@5>2F!<?>=C@85!D:4!=4C2<D544>2F!D::3!D4:A!;C23<!=:!A:?=;<a!>=!><!X?<=!=;><!
!M`Z!
)0,#'G:AA:2C8>=7! =;C=! G:2<=>=?=5<! =;5! #77#&.01)$ )0(0.! :D! =;C=! :=;546><5!
8>A>=85<<!3>I54<>=7P!
! $=! ><! G85C4L! =;52L! =;C=! =;545! ><! <:A5=;>2F! 8>K5! C2! 1$ 560'60! '62#6$ ',$
/&0=#671)0.+!F4:?2353!>2!3><=C2G5!D4:A!CW5<!:D!G:2G542L!=;C=!><!=:!<C7L!C!
\8:F>GC8T! :4354! :D! B:<<>@>8>=7! F4:?2353! >2! 8>D5P! $2! C27! BC4=>G?8C4!6:483L!
CG4:<<! 3>DD54>2F! 6:483<! :4! 6>=;>2! C27! C3A>W=?45! :D! 6:483<L! =;545! C45!
C86C7<! @5>2F<! C23! B4CG=>G5<! =;C=! C45! A:45! :4! 85<<! ?2>I54<C8L!
>AA53>C=587!>2=?>=53P!*!K2>D5!:4!C!X?F!><!DC4!A:45!?2>I54<C8L!@5GC?<5!DC4!
G8:<54! =:! 8>D5L! =;C2L! <C7L! C! =585I><>:2L! C! <C=588>=5! :4! <:A5! 35G:4C=>I5!
@C?@85P!0:4!=;><!45C<:2!>=!6:?83!2:=!@5!6>8387!?245C<:2C@85!=:!<B5G?8C=5!
=;C=!=;545!><!C8<:!C2!1$560'60!"07.'60;1)!:4354!:D!3><G8:<?45!:D!@5>2F<L!C!K>23!
:D!:2=:8:F>GC8!G:?4<5!:D!\AC=?4C=>:2TL!G:AB85W>D>GC=>:2!:4!3>I54<>D>GC=>:2!
:D!5W><=52G5!k!>2!<;:4=L!=;C=!=;545!><!C!G54=C>2!D>W53!BC==542!:4!<5E?52G5!=:!
=;5!6:483T<!6:483>2F! 3?5! =:! =;5! >2D8?52G5! :D! =;5! 5C4=;P!%:! 3:?@=! =;5!
,067.$R#0&*7L! >P5PL! =;5! D>4<=! =;>2F<! =:!@5!3><G8:<53!C<!@5>2F<L!C45! =;:<5! =;C=!
B:<<5<<!?2>I54<C8! <>F2>D>GC2G5a! =;5<5!6:?83! =;52!@5!B4>A:43>C8! @5>2F<P!
%5W=! C45! =;5! A74>C3! @5>2F<! A:@>8>[53! C4:?23! =;5! B4>A:43>C8! @5>2F<L!
5=GP!(;><! ><! C8<:! =:! <?FF5<=! =;C=!6;C=!65! 45D54! =:! C<! <:G>C8! :4!;><=:4>GC8!
\35I58:BA52=T! ><! 25I54! C! 8>25C4! @?=! 4C=;54! C23! C86C7<! C! ;#&.60,/*1)!
B4:G5<<L! C! 4C3>C=>2F! :?=6C43! D4:A! D>W53! 8>D5'G52=45<P! U54=C>287!
B4>A:43>C8!;545!3:5<!2:=! >AB87!C27=;>2F! 8>K5!B4>A>=>I5! >2! =;5!<52<5!:D!
@CGK6C43! :4! ?235435I58:B53L! >2C<A?G;! C<! =;5! B4>A:43>C8>=7! :D! =;5<5!
:4>F>2C8!@5>2F<!><!:B54C=>I5!>2!=;5!A:<=!\C3IC2G53T!<:G>5=>5<P!
!M`Q!
UP!(;5!<BC=>C8>=7!C23!=5AB:4C8>=7!:D!=;5!6:483'5C4=;!
!
(;5<5! 45D85G=>:2<! :2! =;5! ?2>I54<C8L! \F4CI>=C=>:2C8T! C==4CG=>:2! C23!
G:2=4CG=>:2!:D!=;5!B:<<>@>8>=>5<!:D!@:=;!>2=54B45=C=>:2!C23!CG=>:2!C4:?23!
CW5<! :D! G:2G542! G:AB8>GC=5! :?4! ?2354<=C23>2F! :D! =;5! <BC=>C8>=7! C23!
=5AB:4C8>=7! :D! =;5! ;?AC2! @5>2F'=;545! =CK52! C<! C! B?45! 5W><=52G5P! (;5!
<BCG5!C23!=>A5!6>=;>2!6;>G;!=;5!)0=0&*!5W><=52=!A:I5<L!8>I5<!C23!6:4K<!
><! 25I54! :4FC2>[53! >2! CGG:43C2G5! 6>=;! =;5! B45<52=! <=C=5! :D! =;5! 5/6#!
6:483!@?=!4C=;54!C23!C86C7<!>2!CGG:43C2G5!6>=;!=;5!6:483!>2<:DC4!C<!>=!
><! D4CA53L! :4FC2>[53! C23! ;583! =:F5=;54! @7! =;5! 5C4=;L! @7! B?4<?>=<! E?C!
CW>C8!G:2G542<P!
! 15=!?<!D>4<=!G:2<>354!<BCG5P!$2!;><!RR!OYM_!85G=?45<!)5>35FF54!64>=5<S!
!
(;5!B8CG>2F!:D!52I>4:2A52=C8!=;>2F<!4>F;=!3:62!=:!=;5!C44C2F5A52=!
:D! C! 4::A! ><! F:I54253! @7! 6;C=! $! C845C37! ;CI5! >2! A7! 5I5473C7!
G:2G542! C23! ;:6! A7! ,C<5>2! ><! >=<58D! 35=54A>253! C<! @5>2F! >2! =;5!
6:483P! (;5! B8CG>2F! :D! 52I>4:2A52=C8! =;>2F<L! =;5! 35=54A>2C=>:2! :D!
6;545! =;57! @58:2F! >2! C! 45F>:2L! ><! >2! =?42! D:?2353! >2! =;5! B4>AC47!
B45<52G5!:D!G:2G542PQN!
!
(;><! ><! G54=C>287! =4?5! C<! DC4! C<! 35=54A>2C=5! 45F>:2<! C23! B8CG5<! C45!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QN!&*!MNL!ZOOgMM`P!
!M`_!
G:2G54253P! "?=! X?<=! >2<:DC4! C<! 8>D5'B?4<?>=<! G:2<=>=?=5! =;5! CW5<! C4:?23!
6;>G;! G:2G542! ><! C86C7<! :4FC2>[53! C23! 35B8:753L!65! <;:?83! ;CI5! =:!
<C7! =;C=! =;5! B8CG5A52=! :D! =;5! B8CG5<! =;5A<58I5<! ><! =;545@7! >2D8?52G53L!
<:A5;:6!C23!>2!<:A5!A5C<?45L!@7!8>D5P!0:4!5WCAB85L!=;C=!36588>2F<!C45!
@?>8=!;545!C23!=;545L!>2!=;><!B8CG5!:4!=;C=L!><!52=>4587!G:2=>2F52=P!"?=!=;C=!
C88! 36588>2F<! C45! @?>8=! 5>=;54! 6>=;>2! :4! >2! G8:<5! B4:W>A>=7! =:! G54=C>2!
B8CG5<! =;C=! C8<:!3:?@85! C<! <5G=:4<! :D! CDD>2>=7! ><! 2:=P!):6! =;><! @?>83>2F!
C23!B8CG>2F!C45!DCG=?C887!d:2=>GC887e!GC44>53!:?=!><!52=>4587!C4@>=4C47!C23!
>44585IC2=a!6;C=!><!5<<52=>C8!><!:287!=;C=!=;><!C86C7<!=CK>2F!>2=:!CGG:?2=!
:D!=;5<5!<5G=:4<L!=;><!G:2G542D?8!45GK:2>2F!C23!25F:=>C=>2F!6>=;!=;5AL!><!
C! <=4?G=?4C8':2=:8:F>GC8! D5C=?45! :D! 8>I>2F! 5W><=52G5! C<! <?G;P! *88! B8CG5<!
@5C4!<:A5!458C=>:2!=:!:=;54!B8CG5<!6;545!B?45!8>D5!6:?83!@5!A:45!:4!85<<!
8>K587! =:! 52G:?2=54! G:ABC=>@85<P! (;><! \A:45! :4! 85<<T! ><! =;5! >235W! :D!
3><=C2G5S!=;C=!><L!G54=C>2!=;>2F<!<>AB87!;CI5!=:!@5!6>=;>2!45CG;P!(;545!C45!
C@<:8?=5!8>A>=<!k!5PFPL!C2!C@<:8?=5!\=::!DC4!D4:AlT!k!6;>G;!A?<=!C86C7<!
@5!45<B5G=53!C23!CFC>2<=!6;>G;!C88!B:<<>@85!CG=>I>=7!><!A5C<?453!d6;>G;!
><!6;7!<:A5!B8CG5<!C45!<>AB87!?2>2;C@>=C@85eP!
! (;5!5WCAB85!:D!=;5!36588>2F!><!3:?@87!>2<=4?G=>I5!>2!=;C=!>=!><!>=<58D!C!
A>G4:G:<AL!C!A>2>C=?45!6:483! D4CA53!C23!<;CB53!@7!CW5<!:D! G:2G542P!
$23553! >=! ><! B45G><587! =;><! G:AB:4=A52=C8! :4>52=C=>:2! I><'�'I><! CW>C8!
G:2G542<!=;C=!G:'G:2<=>=?=5<!=;5!36588>2F'G;C4CG=54!:D!=;5!36588>2Fa!:25!
=4?87!36588<!C86C7<!C23!:287! >2!<:A5!CG=>I5!458C=>:2! =:!<?G;!G:2G542<P!
$2! =;><!6C7! =;5!36588>2F! >=<58D! ><! C86C7<! GC4I53!?B! >2=:! \B8CG5<! D:4lTL!
!M``!
=;5! =C4F5=<! :D! 6;>G;! ;CI5! =;5>4! :4>F>2! >2! 8>D5P! (;545! C45! B8CG5<! D:4!
G::K>2F! C23! 5C=>2FL! B8CG5<! D:4! 45<=>2FL! B8CG5<! D:4! 6C4A=;L! B8CG5<! D:4!
<;C35L! C23! <:! :2P!M"0;"! <?G;! B8CG5<! C45! CG=?C887! B45<52=! ><! 52=>4587!
G:2=>2F52=L! @?=! ."1.! =;5!36588>2F! G:AB4><5<! <:A5! G:A@>2C=>:2!:D! <?G;!
B8CG5<!><!<>AB87!C!<=4?G=?4C8!D5C=?45!:D!=;5!36588>2F!C<!<?G;L!=;C=!6;>G;!
ACK5<!>=!C!36588>2F!4C=;54!=;C2!C2!:DD>G5!:4!6:4K<;:BP!0:4!=;><!45C<:2L!
=;5!DCG=!=;C=!C!;?AC2!AC7!\8>I5TL!>P5PL!\<?4I>I5TL!>2!C!<;C2=7L!;:I58!:4!G588L!
C!A545!;:85!>2!=;5!F4:?23!6;545!=;545!C45!2:!B8CG5<!D:4!C27=;>2FL!><!2:=!
C2!:2=:'B;52:A52:8:F>GC8!@?=!C!7';01)! G4>=>G><Aa!6;C=! ><!C=! <=CK5! ><!2:=!
=;5! :2=:8:F>GC8! ACK5'?B! :D! =;5! 36588>2F! >=<58D! @?=! 4C=;54! =;5! ;?AC2!
@5>2FT<!:62A:<=!6C7!=:!@5P!*!)0=0&*!5W><=52=!GC2!25I54!36588!>2!C!;:85L!
5I52! >D! >=! ><! <?44:?2353! @7! \@5>2F<T! =:6C43!6;>G;! >=! A>F;=! \G:AB:4=T!
>=<58D! \G:2G542D?887T! k! C23! =:! =;5! 5W=52=! =;C=! >=! ><! D:4G53! =:! 3:! <:! >=! ><!
<=4>BB53! :D! >=<! I547! ;?AC2>=7P! (;5! ;?AC2! ><! ;545! 453?G53! =:! C! B?45!
5W><=52=L!C!@5>2F'CA>3<='@5>2F<!C23!2:=;>2F!@5<>35<a!>2!G:2<5E?52G5!>=<!
8>I>2F! 35<>45! F4:6<! 3><B4:B:4=>:2C=587! >2=52<5! C23! >=<! @5>2F! ><! F>I52!
:I54!A:45!C23!A:45!=:!B?45!B?4<?>=L!8>K5!C2!C2>AC8P!
! J;C=!65!;CI5!<C>3!:D!<BCG5!C8<:!;:83<!F::3!D:4!=;5!=5AB:4C8>=7!:D!
8>I>2F! 5W><=52G5P! 0:4! 52=>=>5<! <?G;! C<! :?4<58I5<L! G:2<=>=?=53! @7! 5G<=C=>G!
B4:X5G=>:2L! =;5! B;52:A52:2! :D! G:ABC=>@>8>=7'B?4<?>=! =CK5<! :2! C!
=5AB:4C8! <>F2>D>GC2G5S! =;545! ><! 2:=! :287! C! 2C=?4C8! D>=25<<! @?=! C8<:! C!
B54G5B=>@85! :4354L! 45F?8C4>=7L! 4;7=;A>G>=7L! G7G8>GC8>=7L! 5=GPa! =>A5! ><!
AC4K53! 2:=! @7! C! G:2<=C2=! 45B5=>=>:2! :D! 3>DD5452G5! @?=! 4C=;54! @7!
!M`^!
G:2<=C2=87!3>DD54>2F!45B5=>=>:2<S!=;545!C45!45G?44>2F!\=>A5<!D:4lTL!>P5PL!D:4!
B?4<?>=<!C<!6588!C<!D:4!B4:I:GC=>:2<!=;C=!C4><5!=:!=;6C4=!C23!354C>8!=;:<5!
B?4<?>=<PQO!*=! =;5! <CA5! =>A5L! =;5!5C4=;! GC2!C<<C>8! C23!@5<=:6! >2! <?G;!C!
6C7! C<! =:! =;45C=52! C23! ?2354A>25! =;><! I547! G:2<=C2G7! >=<58DS! >2! >=<!
45I5C8>2FL! G:2G5C8>2F! C23! B4:I:K>2FL! =;5! 5C4=;! GC2! >2! C! <=4C2F5! 6C7!
=?42! CFC>2<=! C23! G:2=4C3>G=! >=<58DL! 6:4K! C<! C! D:4G5! :D! <B:2=C25:?<!
35<=C@>8>[C=>:2! C23! 3545F?8C4>[C=>:2L! 3><4?B=>2F! =;5! 45C<<?4>2F!
B453>G=C@>8>=7!:D!>=<!:62!A:I5A52=P!
! (;><! 3:?@85! B;52:A52:2! :D! =;5! 5<=C@8><;>2F! @?=! C8<:! =;5!
?2354A>2>2F!:D!C!K>23!:D!4;7=;A>G>=7!G:AB8>GC=5<!:?4!?2354<=C23>2F!:D!
5G<=C=>G! B4:X5G=>:2! >2! =6:! B4>2G>BC8! 6C7<P! 0:4! :25! =;>2FL! C23! A:<=!
>AA53>C=587L! B4:X5G=>:2! >=<58D! =?42<! :?=! =:! @5! G:'<=4?G=?453! @7! CW>C8!
G:2G542<P! $2! :=;54! 6:43<L! CW5<! :D! G:2G542! C45! C86C7<! C23! <>A?8'
=C25:?<87!14#7$',$56'_#;.0'&a!=;5!I547!\C;5C3!:DT!:4!\:?=<>35T!>2!6;>G;!=;5!
5K'<=C=>G!;?AC2!5W><=52=! C86C7<!C845C37!A:I5<! ><! >=<58D!35=54A>253!@7!
8>D5P!(;><!:?=<>35!><!:25!>2!6;>G;!2>F;=!><!G:2<=C2=87!G;C2F>2F!>2=:!3C7L!
=;5!<5C<:2<!C45!G:2<=C2=87!=?42>2F!:I54L!=;>2F<!=:!5C=L!34>2KL!65C4L!5=GPL!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QO!/5485C?'-:2=7! F>I5<! =;5! :@I>:?<! 5WCAB85! :D! <855B>2F! C23!6CK>2F! k!
\45G>B4:GC8!=54A<!:D!C!?2>E?5!D?2G=>:2lC<!A?G;!?2354!=;5!35B52352G5!
:D! =;5!:4FC2><A!C<!?2354! =;C=!:D! G?8=?45P!(:!<855B!C=!2>F;=L! =:!6CK5! >2!
=;5!3C7L!=;5<5!C45!<:G>C8!DCG=<P!"?=!=;5!5W><=52G5!:D!B54>:3<!:D!G:2=>2?:?<!
<855B!><!C2!:4FC2>G!DCG=PT!R55!/5485C?'-:2=7L!:BP!G>=P!dMNNZeL!OQ`DP!
!M`V!
6>88! ;CI5! =:!@5!B?4<?53!C23!B4:G?453! =>A5!C23! =>A5!CFC>2P!(;5<5! C45!
2:=! 5W=4C25:?<! DCG=:4<! =;C=! AC7! :4! AC7! 2:=! ;CI5! =:! @5! =CK52! >2=:!
CGG:?2=a! 4C=;54! =;57!C45!G:2<=>=?=>I5!:D!."#!:?=<>35! >=<58D! >2!6;>G;!#=#6+!
8>I>2F! 5W><=52=! <=C23<P! #I547! :2=>GC887! 35=54A>2C=5! BC<=! C23! D?=?45!
<>=?C=>:2! D4:A! :?=! :D! C23! >2=:! 6;>G;! =;5! ;?AC2! =;4:6<! >=<58D! ><!
25G5<<C4>87! G:'<=4?G=?453! @7! CW>C8! G:2G542<a! >=! ><! >AB:<<>@85L! C@<52=! C!
=:=C8! :@8>=54C=>:2! :D! @5>2F'>2'=;5'5C4=;L! D:4! =;5! ;?AC2! =:! B4:X5G=! >=<58D!
>2=:! C! D?=?45! >2! C23! D:4! 6;>G;! C88! CW>C8! G:2G542<! C45! G:AB85=587!
35CG=>IC=53L! 45235453! =:=C887!2?88!C23!I:>3P!"?=! D:4!C2:=;54! =;>2FL!C23!
X?<=! C<! >AB:4=C2=87L! =;5! 4C2F5! C23! 5WBC2<>I525<<! :D! =;5! ;?AC2T<!
B4:X5G=>I5! ;:4>[:2! IC4>5<! >2! 3>45G=! B4:B:4=>:2! =:! =;5! B4:W>A>=7! :D!
G:2G542!=:!>=<!CW><P!)5>35FF54!><!G:445G=!=:!F4:?23!=;5!=4C2<G52352G5!:D!
=;5! ;?AC2! >2! B4:X5G=>:2L! @?=! >2<:DC4! C<! ;5! 3:5<! 2:=! B54G5>I5! =;5! G:'
<=4?G=?4>2F! 4:85! :D! 8>D5L! >P5PL! >2<:DC4! C<! ;5! =;>2K<! =;5! ;?AC2! C<! C! B?45!
5W><=52G5L! ;5! =45C=<! =;><! =4C2<G52352G5! C<! <:A5=;>2F! <=C=>G! C23! 5=542C8P!
"?=!X?<=!C<!=;5!B:<<>@>8>=>5<!:D!>2=54B45=C=>:2!<;4>2K!3:62!=:!=;5!:@X5G=T<!
<;554!G:ABC=>@>8>=7L!C23!=;:<5!:D!CG=>:2!=:!<;554!B?4<?>=L!<:!=::!3:!BC<=!
C23!D?=?45!G:2=4CG=!5I54!A:45!CG?=587! >2=:! =;5!B45<52=! =;5!G8:<54!<:A5!
A:3C8>=7! :D! G:2G542! CBB4:CG;5<! >=<! CW><L! >=<! G:45P! $2!A:A52=<! :D! 25C4'
C@<:8?=5! B?4<?>=L! =;5! D?=?45! G:2<><=<! :D! 2:=;>2F! @?=! =;5! G:A>2F!
CGE?><>=>:2!:D!=;5!G:ABC=>@85'@5>2Fa!6;52!G:2G542!><!A:45!45A:=5!D4:A!
=;5!5C4=;!C23!B?4<?>=L!A:45!5WG8?<>I587!6:48387L!B4:X5G=>:2! ><!I>4=?C887!
8>A>=85<<P!
!M`Y!
,P!(;5!@5>2F'6>=;!:D!8>I>2F!5W><=52G5!
!
$D! 8>D5! E?C! @5>2F'>2'=;5'5C4=;! ><! C! ;CI>2F! C23! B?4<?>2F! :D! =;>2F<! C<!
G:ABC=>@85<!C23!>2G:ABC=>@85<!d:4!B4:I:GC=>:2<eL!=;52!>=!><!:@I>:?<!=;C=!
C! B:4=>:2! :D! =;5<5! =;>2F<! C86C7<! @58:2F<! =:! =;5! 5C4=;! >=<58D! k! >2! :=;54!
6:43<L!=;C=!6;>85!>=!><!G54=C>2!=;C=!2:=!C88!G:ABC=>@85<!C23!B4:I:GC=>:2<!
>2I:8I5! =;5! 8>I>2FL! >=! ><! 25I54! =;5! GC<5! =;C=! 2:25!:D! =;5A!3:P!(;?<! 8>D5!
>AB8>GC=5<!8>D5!>2!C!D?23CA52=C8!<52<5S!=:!C!2:=!>2<>F2>D>GC2=!35F455L!8>D5!
><!25G5<<C4>87!C!B?4<?>=!:D!=;5!8>I>2F!C23!C!@5>2F!B4:I:K53!@7!=;5!8>I>2F!
d>2!B?4<?>=!:D!=;5!8>I>2FeP!.287!>2!=;><!<52<5!AC7!65!<B5CK!:D!C27=;>2F!
8>K5!C2!C@<:8?=5!\>AAC252G5T!:D!8>D5P!
! $=!><!B45G><587!=;><!\>AAC252G5T!:D!8>D5L!=;><!D:83>2F!:D!8>D5!6>=;>2!8>D5!
d>P5PL! 8>D5T<! :62! ;CI>2F! C23! B?4<?>2F! 8>D5! >=<58D! >2! CGG:43C2G5!6>=;! =;5!
6C7!>2!6;>G;!=;>2F<!C45!F>I52!=:! 8>D5eL! =;C=!G:2<=>=?=5<! =;5! \@5>2F'6>=;T!
<=4?G=?45!B5G?8>C4!=:!B?45!8>D5P!(:!@5!<?45L!=;><!?0."!:D!B?45!8>D5!><!2:=!=;5!
<CA5!C<!=;5!?0."!:D!B?45!5W><=52G5L!>2<:DC4!C<!=;5!8C==54!><!F4:?2353!>2!C2!
:2=:8:F>GC8! B?@8>G25<<! >2! C23! D:4! 6;>G;! 5CG;! ;?AC2! @5>2F'=;545! ><!
C86C7<! C845C37! G:2<=>=?=53! @7! C2! C2:27A:?<!8&#a! B?45! 8>D5! 3:5<! 2:=!
;CI5!:4!BC4=CK5!:D! C27=;>2F! 8>K5!C!8&#L! C!B?@8>GP!"?=! <>2G5! =;5!;?AC2!
6C7!=:!@5! ><!25>=;54!B?45! 8>D5!2:4!B?45!5W><=52G5!@?=!4C=;54!=;5>4!?2>=7L!
=;5!E?5<=>:2!2C=?4C887!C4><5<!C<!=:!;:6!=;5<5!=6:!?0."'<=4?G=?45<!A54F5!
=:! D:4A! C! <>2F85L! G:AB:?23! \6>=;'25<<TL! ;:6! =;5! :45G=>G! ?0."! ><!
>AB8>GC=53! >2! =;5!B?@8>G!?0."! k!:4!<>AB87L!;:6! 8>I>2F!5W><=52=<!16#Z?0."!
!M^N!
:=;54!8>I>2F!5W><=52=<!>2!=;5!D?88!6:483'5C4=;P!
! J5!;CI5!5<=C@8><;53!=;C=!35<>45! ><!@:=;!=;5!G:23>=>:2!:D!B:<<>@>8>=7!
C23!=;5!>235W!:D!6:48387!D:45>F225<<a!>=!><!=;5!<=C23C43!CFC>2<=!6;>G;!C88!
6:48387!3>DD5452G5<!GC2!D>4<=!5A54F5!C23!@5!A5C<?453!C<!<?G;P!"?=!=;><!
><!<>AB87!=:!<C7!=;C=!=;545!5W><=<!C!G:AA:2!:4!?2>I54<C8!585A52=!:D!:?4!
B?@8>G25<<L! :?4! \@5>2F'6>=;T! k! >P5PL! C! /&0=#671)$ 5/R)0;! :4! /&0=#671)$ X?0."Z
MI! k! 6;>G;! F4:?23<! C23! <?<=C>2<L! @?=! C8<:! =4C2<G523<! C23! @>23<!
=:F5=;54L! 5I547! A54587! 8:GC8! C23! G:2=>2F52=! B?@8>GP! $2! C! D?23CA52=C8!
<52<5L!65!A?<=!C88!F>I5!=;5!<CA5!C2<654!=:!=;5!E?5<=>:2!:D!\6;:T!65!C45!
k!:4!A:45!B45G><587L!>D!=;5!C2<654!=:!=;5!E?5<=>:2!:D!\=;5!6;:!:D!,C<5>2T!
><!."#$8&#!:4!."#$L&+'&#L!217$V1&L!=;52!>=!><!2:!85<<!=4?5!=;C=!=;5!*27:25!
C<!<?G;L!>P5PL!5I547!B:<<>@85!*27:25L!><!8>2K53!=:!5I547!:=;54!*27:25!@7!
I>4=?5!:D!35<>45L!=;C=!=;5!*27:25!><!C86C7<!C845C37!3=#6+'&#P!(;?<!6;52!
)5>35FF54! 45AC4K<! =;C=! 5I52! C! B4>A>=>I5! ;?AC2! @5>2F! \=4C2<B8C2=53!
CA:2F!?<!5W54G><5<!;><!?2354<=C23>2F!>2!=;><!6:483!p>P5PL! >2!=;5!<;C453L!
B?@8>G!6:483!C<!C!A>8>5?!:D!G;C2F>2F!DCA>8>C4>=7qL!5I52!=;:?F;!>=!GC2!@5!
?==5487! <=4C2F5! =:! ;>A! >2! >=<! 35=C>8TLQM!:4! CFC>2L! =;C=! 5I52! =;5! \<=4C2F5<=!
AC2!6;:A!65! 52G:?2=54! ><!6>=;!A5! >2!A7!6:483TLQZ!65!A?<=! E?C8>D7!
=;5<5!<=C=5A52=<!@7!<=45<<>2F!=;C=!6;C=!><!25I54!\?==5487!<=4C2F5T!C45!=;5!
CW>C8!G:2G542<!=;5A<58I5<!=;C=!B4:I>35!=;5!2C=?4C8!G:2=>2?>=7!D4:A!:25!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QM!&*!MNL!ZZQgMQMP!
QZ!$@>3PL!ZZOgMQNP!
!M^O!
6:483! =:! C2:=;54! C23! =;C=! G:2<=>=?=5! =;5! CG=?C8! <?@<=C2G5! :D! :?4!
>AA53>C=5! G:AB45;52<>:2!:D! C8>52!6:483<P! $=! ><!25I54! =;5!A545! DCG=!:D!
=;5!:=;54T<!5/6#!>2=4C6:4838>25<<!d=;5!DCG=!=;C=!=;5!:=;54!B:<<5<<5<!@5>2F'
?2354<=C23>2F!C23!;52G5!G:AB:4=<!;>A<58D! =:6C43!@5>2F<!E?C!@5>2F<e!
=;C=! <54I5<! =:! A>=>FC=5! :4! 58>A>2C=5! =;5! :=;54T<! <=4C2F525<<! :4! :=;54'
6:4838>25<<!D:4!A5a!4C=;54!<?G;!A>=>FC=>:2!><!CGG:AB8><;53!=;4:?F;!=;5!
DCG=! =;C=L! 35<B>=5! :?4! B54;CB<! 4C3>GC8!6:48387! 5<=4C2F5A52=L! =;5! :=;54!
C23! $! C45! 2:25=;585<<! @:?23! =:! 5CG;! :=;54! C<! 5E?C887! dC23! 5E?C887!
D?23CA52=C887e! @58:2F>2F! =:L! C23! =;545D:45! 5E?C887! G:2<=>=?=53! @7L! C!
<>2F85!#I547:25!=;C=!5A@4CG5<!=;5!6;:85!:D!8>I>2F!5W><=52G5!E?C!8>I>2FP!
! 04:A! =;><! >=!6:?83! <55A! =:! D:88:6! =;C=!6;C=!)5>35FF54! GC88<! \=;5!
G8:<5<=! K>23! :D! 52G:?2=54! 6>=;! C2:=;54T! 8>5<! &'.L! C<! ;5! <C7<L! ! \>2! =;5!
3>45G=>:2!:D! =;5!I547!6:483! >2!6;>G;!G:2G542! ><! C@<:4@53TQQ!k! =;C=! ><! =:!
<C7L!>2!=;5!6:483!17$7/;"L!=;5!6:483!E?C!6:483!C<!=;5
!M^M!
G:AB:4=A52=! G:2I54F5! :2! C! <>2F85! I>=C8'5W><=52=>C8! CG=>I>=7! =;C=!
>AB8>GC=5<! 25I54! X?<=! *27:25! @?=! C86C7<! C23! 5<<52=>C887! #I547:25P!
/:45:I54L! =;><! ><! 5E?C887! =4?5! >445<B5G=>I5! :D! 6;5=;54! =;5! :=;54! >2!
E?5<=>:2!><!C!D:45>F2!:4!C8>52L!C2!\:=;546:48387TL!:=;54L!:4!=:!=;5!G:2=4C47!
C2:=;54! D4:A!A7! :62!6:483P! *<! D:4! =;5! D:4A54! GC<5L! 65! K2:6! D4:A!
5WB54>52G5! =;C=! =;><! \C8>52T! <:4=! :D! 52G:?2=54! ><! :D=52=>A5<! =;5! A:<=!
D?8D>88>2F!:D!C88L!C23!D:4!=;5!I547!45C<:2!=;C=!=;5!?<?C8!8:GC8'>2=4C6:48387!
G:AA:2C8>=>5<! C45! 52=>4587! C@<52=P! (;545! ><! C! K>23! :D! \35'6:483>2FT! :D!
=;5!D>583!=;C=!G85C4<!C6C7!C!D455!<>=5!D:4!C!B?454!D:4A!:D!52G:?2=54L!:25!
=;C=!><!B54;CB<!A?G;!A:45!355B87!4::=53!=;C2!:?4!5I5473C7L!B535<=4>C2!
>2=54CG=>:2<!>2!:?4!D?88!;?AC2!6C7!=:!@5P!R:A5=>A5<!=;5!DCG=!=;C=!$!GC2!
3:!2:=;>2F!A:45!=;C2!;?3385!@7!=;5!D>45!:4!<;C45!C!A5C8!6>=;!C!<=4C2F54!
><! =;5! <:?4G5! :D! C2! ?2GC227! @:23! =;C=! D:4A<! @5=6552! ?<L! D:4! C=! <?G;!
A:A52=<! 65! C45! ?2>=53L! 2:=! =;4:?F;! A545! \B#0&7=#67.E&2&07TL! @?=!
=;4:?F;! 8>I>2F!35<>45L! >2! =;5!AC2254!:D!C! G:'CBB4:CG;>2F!I><'�'I><!:25!
C23!=;5!<CA5!CW>C8!G:2G542P!1>K56><5!>2!=;5!8C==54!GC<5L!>2C<A?G;!C<!>=!><!
B45G><587!<?G;!G:2G542<! =;C=!G:2<=>=?=5! =;5!2:35<!:4!C2G;:4!B:>2=<! =;C=!
D>W! :?4! 6:483! >2=:! B8CG5! C23! B45I52=! >=! D4:A! 35=54>:4C=>2F! >2=:! C!
AC58<=4:A!:D! ?2458C=53! G:AB:4=A52=<P! $D! =;5! B?@8>G! ><! 52G:?2=5453! >2!
=;5!=:=C8>=7!:D! \6;C=!.25!3:5<TL! =;52!>=! ><!2:!85<<!=4?5!=;C=! =;><!3:>2F!><!
25I54! =:=C887! C4@>=4C47a!65! C45! @:?23! =:! =;5! :=;54<! :D! :?4! :62!6:483!
B45G><587! @7! =;5! AC2>D:83! 6C7<! >2! 6;>G;! 65! CBB4:CG;! =;5! ?2>I54<C8!
CW5<!:D!35<>45! 0&$ ;'(('&L! >P5PL! C<!3><=>2G=! D4:A! =;5!6C7<! >2!6;>G;! ."#7#$
!M^Z!
71(#$14#7!C45!CBB4:CG;53!>2!:=;54!6:483<!@7!:=;54!5W><=52=<P!
! "?=! <=>88! D?4=;54! 75=L! >D! 8>I>2F! 35<>45! ><! =;5! D:4G5! =;C=! ?2>D>5<! =;5!
3>I54<>=7!:D!6:483<!C23!;:83<!5CG;!BC4=>G?8C4!6:483!=:F5=;54!>2=:!C23!C<!
>=<58DL!=;52!>=!><!:@I>:?<!=;C=!=;5!?2>I54<C8!B?@8>G!3:5<!2:=!<=:B!C=!8>I>2F!
5W><=52G5L!C=!=;5!5WG8?<>I587!;?AC2!45C8AL!@?=!4C=;54!5W=523<!:?=!=:!."#$
?"')#$',$."#$)0=0&*$17$7/;"Y!(:!@5!<?45L!=;5!G8C>A!;545!><!2:=!=;C=!C88!8>I>2F!
@5>2F<!;CI5!<:A5!=;5AC=>G!C6C4525<<!:D!@5>2F!@:?23!?B!6>=;! =;5! D?88!
8>D5!G:AA?2>=7a!:287!=;5!;?AC2!E?C!8>I>2F!#407.#&;#!GC2!;CI5!C27=;>2F!
8>K5!C!B?@8>GL!<>2G5!=;5!;?AC2!><!=;5!:287!@5>2F!=;C=!GC2!;CI5!>=<58D!d>P5PL!
;CI5!>=<!@5>2FL!@5!G:2G54253!D:4!>=<58De!C<!=;5!:=;54P!%:4!><!>=!=:!>23?8F5!
>2!<:A5!5352>G! DC2=C<7! =:! =;5!5DD5G=! =;C=!C88! 8>I>2F!@5>2F<L!;?AC2<!C23!
C2>AC8<! C8>K5L! A>F;=! G:5W><=! ;C4A:2>:?<87! :2! =;5! 5C4=;P! $=! ;C<! 4C=;54!
C23!<>AB87! =:!3:!6>=;!C!6#;'*&0.0'&!:2! =;5!BC4=!:D! 8>I>2F!5W><=52G5! =;C=!
B45G><587!6;C=! >=! >2=?>=<!C@:?=! =;5! <=4C2F54! >=!(1+! C8<:! >2=?>=!C@:?=! =;5!
C2>AC8L!C23!=;5!C2>AC8!C@:?=! >=!E?C! 8>I>2F!@5>2FL!C23!<=>88!355B54L! =;C=!
=;5!CW>C8!G:2G542<!=;C=!@>23!>=!>2!=;5!A:<=!B4>AC8!6C7!=:!=;5!:=;54!8>I>2F!
5W><=52=! C45! >352=>GC8! =:! =;5! B?4<?>=<! C23! 25F:=>C=>:2<! >2! 6;>G;! =;5!
C2>AC8L! =::L! ><!B54B5=?C887!52FCF53P!"7!I>4=?5!:D! =;><! 45G:F2>=>:2! =;545!
C4><5<! >2! 8>I>2F!5W><=52G5!C!ICF?5! >2=>AC=>:2!:D!C2!C@<:8?=587!?2>I54<C8!
B?@8>G! <=5AA>2F! D4:A! B?45! 8>D5P! J5! A>F;=! 45D54! =:! =;><! C@<:8?=587!
?2>I54<C8!B?@8>G!C<!."#$L))!C<!:BB:<53!=:!=;5!*27:25!C23!=;5!#I547:25L!
C23! >2! =;><!6C7!65!AC7!<C7L!@:44:6>2F!C!B;4C<5! D4:A!9CG:@>L! =;C=! =;5!
;?AC2!><!25I54!A54587!.25!@?=!C86C7<!C23!5<<52=>C887!8&#$1&2$L))P!
!M^Q!
$]P!U:2G8?<>:2!
!
.?4!F?>3>2F!C>A!>2!=;><!G;CB=54!6C<!C3A>==5387!C!4C=;54!8>A>=53!:25S!>=!
6C<! =:! G:A@>25! C23! =;?<! =:! 45G:2G>85! =;5! IC4>:?<! >2=54B45=>I5! =;5A5<!
=;C=!5A54F53!>2!:?4!45C3>2F!:D!G54=C>2!:D!)5>35FF54T<!=5W=<!C@:I5!k!=;5!
5C487!>2<><=52G5!:2!C!?2>=C47!C23!?2>I54<C8!8>D5';:4>[:2!G:AB4><>2F!@:=;!
C! 35<>4>2F! C23! C2! 5W><=>2F! 585A52=a! =;5! :2=:8:F>GC8! 3><=>2G=25<<! :D! =;5!
A:35! :D! @5>2F! :D! 5W><=52G5! C<! C2! CBB45;523>2F! :D! @5>2F! C<! <?G;a! =;5!
><:8C=>:2! :D! =;5! 5C4=;! C<! <:A5=;>2F! 8>K5! C2! C?=:2:A:?<! [:25! :D!
AC2>D5<=C=>:2!G;C4CG=54>[53!@7!C<<C?8=L!B4:I:GC=>:2!C23!6>=;34C6C8!k!>2!
:4354!=:!B4:I>35!C!4:?F;!C23!B4:I><>:2C8!:?=8>25!<K5=G;!:D!<:A5!:D!=;5!
ACX:4! =;5A5<L! G:2G5B=<! C23! CBB4:CG;5<! =;C=! C! )5>35FF54>C2! 8>D5'
B;52:A52:8:F7!A>F;=!=CK5!?B!C23!35I58:B!C=!F45C=54!852F=;P!J5!;CI5!
C4F?53!=;C=!@7!=45C=>2F!8>D5!C23!5W><=52G5L!@5>2F'>2'=;5'5C4=;!C23!@5>2F'
>2'=;5'6:483L!C<!5E?>B4>A:43>C8!6C7<!:4!A:35<!:D!BC4=CK>2F!:D!C!<>2F85L!
=6:'3>A52<>:2C8! D>583! :4! \=;545TL! 65! G:?83! B54;CB<! :I54G:A5! :4!
G>4G?AI52=! <:A5! :D! =;5! :@<=CG85<! C23! CB:4>C<! =;C=! G:AB4:A><5!
)5>35FF54T<! :62! =;>2K>2F! C@:?=! 8>D5! d5PFPL! =;5! 453?G=>:2! :D! 8>D5! =:!
C8>52C=53!5W><=52G5L! =;5!C@<:8?=5!352>C8!:D!;?AC2! 8>D5L! =;5!2553! D:4! =;5!
5C4=;!=:!D:?23!=;5!I547!6:483!>2!6;>G;!>=!D>4<=!CBB5C4<L!5=GPeP!):65I54L!
65!;CI5!C<!75=!<C>3!C8A:<=!2:=;>2F!G:2G542>2F!6;C=!><!B54;CB<!=;5!A:<=!
G:2<B>G?:?<!C23!>2=?>=>I587!G:AB588>2F!C<B5G=!:D!8>D5L!I>[PL!=;5!&##2!C23!
&#;#770.+!6;>G;!65! D558! =:!@5! <:! G52=4C8! =:! =;5!5WB54>52G5!:D! 8>I>2FL! =;5!
!M^_!
B4>IC=>:2!C23!>2<5G?4>=7!=;C=!GC?<5!)5>35FF54T<!B5C<C2=!DC4A54!<:!A?G;!
6:447!C23!C2W>5=7P!%:=;>2F!45<5A@8>2F!@4?=5!25G5<<>=7!;C<!5A54F53!>2!
:?4!3><G?<<>:2!5>=;54!:D!B?45! 8>D5!:4! 8>I>2F!5W><=52G5! >2! >=<58DP!)CI5!65!
A54587!:I548::K53!2553!>2!:?4!C2C87<><L!:4!><!=;><!4C=;54!=:!<?FF5<=!=;C=!
2553!><!C=!@:==:A!2:=;>2F!@?=!C!;:88:6!D>G=>:2m!$=!><!6>=;!=;><!E?5<=>:2!>2!
A>23! =;C=!65!A?<=! 2:6! =?42! =:! =;5! D>2C8! >=5A!:2!:?4! >=>254C47S! 8>I>2F!
5W><=52G5!>2!C23!D:4!>=<58DP!R>AB87!B?=L!D4:A!6;52G5!3:5<!=;5!5WB54>52G5!
:D!2553!?8=>AC=587!C4><5m!
!
!M^`!
!>1A$%2'R'
!
5373#.'JS3&$%#)%'8#'1#-'C"2'8$&%,6E'
T%%-K'O927371,'1#-'M%)>#",".?'
!
!
$P!%553!C<!D:4A!:D!CBB5C4C2G5!:D!8>D5!
!
$2!:?4!C2C87<><!:D!@5>2F'>2'=;5'5C4=;!=;?<!DC4!65!;CI5!>2<><=53!=>A5!C23!
CFC>2! =;C=! <?G;! B;52:A52C! C<! 2553L! 25G5<<>=7L! B4>IC=>:2L! <58D'
B45<54IC=>:2!C23!=;5!8>K5!C45!2:6;545!=:!@5!D:?23!k!=;C=!><!=:!<C7L!>2!=;5!
<;554! 8>I>2F':?=! :4! 8>I>2F'=;4:?F;! :D! 8>D5L! >2! =;5! CG=?C8! 5WB54>52G5! :D!
CG=?C887!8>I53!8>D5P!b5=!>2!;:83>2F!DC<=!=:!=;><!I>56!65!<55A!=:!G:2=4C3>G=!
2:=!:287!=;5!A:<=!@C<>G!35=54A>2C=>:2!:D!=;5!<G>52=>D>G!?2354<=C23>2F!:D!
8>D5L!@?=! >23553!C23!C@:I5!C88!:D!6;C=!65!D558L!5I52! >2=?>=L! =:! 8>5!C=! =;5!
I547! ;5C4=! :D! 8>D5a! =;5! I547! =;>2F! =;C=!65! G8C>A! =:! @5! C@<52=! D4:A! =;5!
5WB54>52G5! :D! 8>D5! CBB5C4<! =:! G:2<=>=?=5L! =:! =;5! G:2=4C47L! 2:=;>2F! 85<<!
=;C2!=;5!G:45!:D!:?4!5WB54>52G5!:D!8>D5P!(;5!I>56!=;C=!2553!C23!25G5<<>=7!
C45! G:AB85=587! C23! D?23CA52=C887! C@<52=! D4:A! 8>D5! CBB5C4<! =:! @5! =;5!
A:<=!?2'B;52:A52:8:F>GC8!:D!C88P!(;545D:45! >=! ><! >AB:4=C2=! =:!F5=!G85C4!
:2!B45G><587!6;C=!><!C23!><!2:=!@5>2F!B?=!D:46C43P!
! 15=!?<!45GC88! =;C=!65!;CI5!2:6;545!C4F?53!=;C=! =;5!B;52:A52C!:D!
2553L! 6C2=L! 5=GP! C45! 2:=! <:A5;:6! F4:?23>2FL! D?23CA52=C8L! 5I52!
!M^^!
5<<52=>C8a!4C=;54!65!;CI5!<C>3!:287!=;C=!=;5<5!C45!2:=!G:2<=>=?=>I5!:D!5/6#!
@5>2F'>2'=;5'5C4=;P!-?45!8>D5!>2!>=<!CG=?C8!8>I>2F!><!25>=;54!C27=;>2F!8>K5!C!
B4>:4! 2553>2F! :D! =;>2F<! =;C=! <?@<5E?52=87! B4:AB=<! IC4>:?<!
B45<54IC=>:2'@5;CI>:?4<!2:4!C!<=4?G=?4C8!5AB=>25<<!=;C=!34>I5<!35<>45!:2!
D4:A!:25!=;>2F!=:!=;5!25W=P!+C=;54!=;><!><!:287!:25!B:<<>@85!0&.#656#.1.0'&!
:D!8>D5P!b5=!=;><!>2=54B45=C=>:2!><!25I54=;585<<!C2!:4>F>2C47!:4!B4>A:43>C8!
:25L! 6;>G;! ><! =:! <C7L! C! 25G5<<C47! :25a! >2! =;5! 2C=?4C8! C==>=?35L! >2! :?4!
CI54CF5!5I5473C7!6C7!:D!G:AB:4=>2F!:?4<58I5<!I><'�'I><!=;5!6:483L!8>D5!
;1&&'.$R/.!CBB5C4!=:!?<!>2!=;><!8>F;=P!%553L!>2!<;:4=L!><!G:2<=>=?=>I5!:D!."#$
5#;/)016$?1+$0&$?"0;"$?#$'/67#)=#7$)0=#W$0Y#YW$#407.#&.01))+k$0.$07$1$,/&21(#&.1)W$
#77#&.01)$;'&20.0'&$',$'/6$'?&$)0=0&*$#407.#&;#P!(;><!;C<!2:=;>2F!=:!3:!6>=;!
C27! <?FF5<=>:2! =:! =;5! 5DD5G=! =;C=! :287! ;?AC2! 8>D5! ><! G;C4CG=54>[53! @7!
2553!6;>85!B8C2=!C23!C2>AC8! 8>D5!K2:6<!2:=;>2F!:D!2553a! =;C=! ><L! >=!;C<!
2:=;>2F! =:!3:!6>=;! C27! G8C>A!C@:?=! =;5!B45<52G5! :4! C@<52G5! :D! C! 45C8L!
AC=54>C8!2553>25<<!:4!6>=;!=;5!K2:6853F5!:4!8CGK!:D!K2:6853F5!:D!=;><!
2553>25<<P! $=! ><! 4C=;54! C23! <>AB87! =:! <C7! =;C=! 2553! ><! C! <=4?G=?45! :D! C!
BC4=>G?8C4!<:4=!:D!5WB54>52G5L!I>[PL! =;5!<:4=!=;C=!C4><5<!C=!=;5!>2=54DCG5!:D!
@5>2F'>2'=;5'6:483! C23! @5>2F'>2'=;5'5C4=;a! >=! ><! C! D?2G=>:2! :D! =;5>4!
A?=?C8! G:'C4><>2F! >2! C23! C<! C! <>2F85L! ?2>D>53! ;:4>[:2! :D!AC2>D5<=C=>:2!
d=;?<! =;5! 2553! >2! E?5<=>:2! ;545! ><! C8<:! =:! @5! 3><=>2F?><;53! D4:A! <?G;!
B?4587!6:48387! <:4=<! :D! \2553T! C<! 3?=7L! :@8>FC=>:2L! 45<B:2<>@>8>=7L! 5=GPeP!
J;525I54! >=! G:A5<!C@:?=! =;C=! =;5<5! =6:!A:35<!:D!3><G8:<?45!k!:45G=>G!
3><G8:<?45!C23!@5>2F'3><G8:<?45!k!C45!G:'G:2<=>=?=>I5!:D!=;5!D>583!:D!3><'
!M^V!
G8:<?45!C<!<?G;L!=;545!C23!:287!=;545!3:5<!2553!B4:B54!C4><5L!C23!>23553!
>2! C2! 5E?C887! :4>F>2C47! C23! >4453?G>@85! DC<;>:2P! $2! =;><! 6C7! 65! C45!
G:2D4:2=53! 6>=;! =;5! G;C8852F5! :D! 5WB8>GC=>2F! B45G><587! ;:6! =;><! >2=54'
B45=C=>:2!G:A5<!C@:?=!C23!6;545>2!>=<!:62!25G5<<>=7!?8=>AC=587!8>5<P!
! (;C=! 2553! ><! C=! @:==:A! C! D?2G=>:2! :D! =;5! G:2D8?52G5! :D! 8>D5! C23!
5W><=52G5! ><! 5C<>87! B54G5>I53! @7! G:2<>354>2F! =;5! G:AA:2<52<5! C2<654!
65! C45! >2G8>253! =:! F>I5! =:! =;5! E?5<=>:2! :D! =;5!A5C2>2F! :D! 2553P! $D!65!
6545!=:!C<K!<:A5:25!<G5B=>GC8!:D!:?4!B:<>=>:2L!\J;C=!><!=;5!A5C2>2F!:D!
=;><!n2553o! =;5!CB4>:4>=7!:D!6;>G;!7:?!<:!<=5C3DC<=87! >2<><=!?B:2mTL! =;5!
45<B:2<5!6:?83!2:!3:?@=!=CK5!=;5!D:88:6>2F!D:4AS!\$D!$!3:!2:=lL!=;52!$!
6>88!3>5TP!$2!:=;54!6:43<L!=;5!?<?C8!C2<654!G:A5<!>2!=;5!D:4A!:D!C!<>AB85!
DCG=?C8! G:23>=>:2C8L! \>D! 2:=! 4L! =;52! +TL! 6;545! =;5! B4:=C<><! >AB8>5<!
C2=>G>BC=>:2!:D!<:A5!D?=?45!5I52=!+!�!35C=;P!(;?<!=;5!CI54CF5!5I5473C7!
A5C2>2F! :D! 2553! ><! F4:?2353! >2! C2! 5G<=C=>G'B4:X5G=>I5! =5AB:4C8>[C=>:2!
=;C=! =CK5<! =;5! D:4AL! <B5G>D>GC887L! :D! C2! C2=>G>BC=:47! B4:X5G=>:2! =:6C43!
35C=;L! :4! <>AB87L! >2! C! A:35! :D! @5>2F! 35D>253! 5<<52=>C887! C<! C! @5>2F'
=:6C43'35C=;P! *GG:43>2F87! 2553! A?<=! <:A5;:6! 5A54F5! :?=! :D! =;5!
<=4?G=?4C8!>2=54=6>2>2F!:D!B4:X5G=>:2L!35C=;!C23!8>I>2F!35<>45P!
! 15=!?<!2:6!B4:G553!=:!C==5AB=!=:!?2=C2F85!=;5<5!=;45C3<P!$2C<A?G;!
C<! 2553! ><! ?2354<=::3! C<! C! D?2G=>:2! :D! =;5! G:'CG=?C8>[C=>:2! :D! 8>D5! C23!
5W><=52G5L!>=!GC2!@5!35<G4>@53!C<!.61&7;#&2#&.1)!>2!C!E?C<>'cC2=>C2!<52<5!k!
=;C=! ><L! C<!C!K>23!:D! \GC=5F:47T!:4!B?45!G:2G5B=L! C! G:23>=>:2!:D!B:<<>@85!
5WB54>52G5! D:4! C88! 52=>=>5<! =;C=! 16#! >2! =;><! BC4=>G?8C4! 6C7! dI>[PL! 8>I>2F!
!M^Y!
5W><=52G5eP!J;C=!65!C45!C>A>2F!D:4!A>F;=!=;?<!@5!CB=87!G;C4CG=54>[53!C<!
C!\=4C2<G52352=C8!353?G=>:2!:D!2553TP!*FC>2!>=!A?<=!@5!<=45<<53!=;C=!=;><!
2553! ><! 2:=;>2F! >ACF>2C47L! >35C8L! A52=C8! :4! 6;C=5I54! 58<5L! @?=! 4C=;54!
C23!:287!5"#&'(#&1)P!J;C=!><!C=!<=CK5!><!C!6#1)$&##2L!<:A5=;>2F!45C887!C23!
CG=?C887!F>I52L!<:A5=;>2F!=;C=!45<>35<!2:=!>2!=;5!A>23!@?=!:?=!."#6#L!>P5PL!
:?=! >2! =;5! 6:483'5C4=;! >2! =;5! A>3<=! :D! 6;>G;! 65! :?4<58I5<! C86C7<!
C845C37!36588L! C23! =;545D:45! <:A5=;>2F! =;C=! ><! >2!:?4<58I5<! D>4<=87! C23!
A:<=!>AA53>C=587!:D!C88P!
!
*P!(;5!353?G=>:2!:D!2553!D4:A!=;5!<=4?G=?45!:D!8>I>2F!5W><=52G5!
!
(;5! 353?G=>:2! GC2! @5! <G;5AC=>[53! C8:2F! =;5! 8>25<! :D! =;5! =6:! 3><=>2G=!
>=5A<!:4!G8C?<5<!:D!=;5!C@:I5!G:23>=>:2C8S!dOe!=;5!5A54F52G5!:D!2553!C<!C!
D?2G=>:2!:D!B4:X5G=>:2L!C23!dMe! =;5! 8>2K>2F!:4! >352=>D>GC=>:2!:D! =;><!2553!
6>=;!35C=;P!J5!<;C88!G:2<>354!5CG;!>=5A!>2!=?42P!
!
OP!(;5!353?G=>:2!:D!2553!C<!C!D?2G=>:2!:D!B4:X5G=>:2!
!
"5>2F'?2354<=C23>2FL! B:<<5<<>:2! :D! 6;>G;! <5=<! =;5! ;?AC2! CBC4=! D4:A!
5I547!:=;54!@5>2FL!><!F4:?2353!>2!=;5!;?AC2T<!?2>E?5!A:35!:D!=5AB:4'
C8>[C=>:2L! I>[PL! 5G<=C=>G! B4:X5G=>:2P O !-4:X5G=>:2! <>F2>D>5<! =;5! ;?AC2T<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O!#PFPL!&*!MQL! Q_ZgZOVS! \"5GC?<5!:D! =;5!?2>=7!:D! =;5!;:4>[:2C8! <G;5AC=C!
!MVN!
B54B5=?C8! =;4:6>2F! >=<58D! C;5C3!:D! >=<58D! D4:A!:?=! :D! >=<! BC<=! >2! <?G;! C!
6C7! =;C=! 5I547! B45<52=! ><! C845C37! C! 45=4:X5G=>I5! C2=>G>BC=>:2P! $2! :=;54!
6:43<L!=;5!;?AC2!><!2:=!\>2!=>A5T!>2!=;5!AC2254!:D!C2!:@X5G=!<?<B52353!
@5=6552! C! DCG=?C887! 35=54A>2C=5! BC<=! C23! D?=?45a! 4C=;54! >=! ><! =;5! I547!
\@5=6552>2FT!:D!=;><!\@5=6552T!>=<58DL!=;5!<=45=G;>2F!:D!=;5!<=45=G;!:D!=>A5!
>2! I>4=?5! :D!6;>G;! C88! =;455! =5AB:4C8! 5G<=C<5<! C45! 34C62! =:F5=;54! C23!
FC=;5453!>2=:!C!<>2F85L!?2>=C47!;:4>[:2PM!$=! ><!B45G><587!@7!A5C2<!:D!=;><!
FC=;54>2F'<=45=G;>2F!=;C=!=;5!G:2F5C8>2F!k!=;5!\D:4A>2FT!:4!\B45IC>8>2FT!k!
:D! 6:483! :GG?4<! C<! =;5! :B52>2F! ?B! :D! C2! :4>F>2C47! <B;545! :D!
?2354<=C23C@>8>=7! 6>=;>2! 6;>G;! @5>2F<! GC2! D>4<=! G:A5! =:! 45I5C8!
=;5A<58I5<!\C<T!6;C=!=;57!16#S!
!
-&$ 56'_#;.0'&$ ."#6#$ ';;/67$ ."#$ )#..0&*Z56#=10)$ ',$ ."#$ R#0&*$ ',$ R#0&*7$ 0&$ ."#$
?"')#$ ',$ ."#06$ 5'770R)#$ R0&20&*$ ;"161;.#6$ 0&$ #1;"$ ;17#Y$ -&$ 56'_#;.0'&$?'6)2$
56#=10)7lpb5=q! =;><! B4:X5G=>:2! ><! C8<:! =;C=! 6#)1.0&*! >2! 6;>G;! =;5! \C<T!
<B4>2F<! D:4=;P! 0:4! =;5! \C<T! 5WB45<<5<! =;5! DCG=! =;C=! @5>2F<! >2! F5254C8!
;CI5! @5G:A5! AC2>D5<=! >2! =;5>4! @5>2FL! =;C=! =;C=! 3><=>2G=>:2! ;C<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!=;C=! @58:2F! =:! >=<! 5G<=C=>G! ?2>=7L! =5AB:4C8>=7! ACK5<! B:<<>@85! =;5!
?2354<=C23>2F! :D! @5>2FL! <:! =;C=! >=! ><! :287! >2! =;5! 8>F;=! :D! =;><!
?2354<=C23>2F! :D! @5>2F! =;C=! =;5! ,C<5>2! GC2! G:AB:4=! >=<58D! =:6C43! >=<!
:62!<58DL!=:6C43!:=;54<!C<!@5>2F<L!C23!=:6C43!=;5!5W=C2=!C<!@5>2F<PT!
M!&*!ML!QY_DPgQM`DP!UDP!&*!MYgZNL!_ZNDPgZ`QDP!
!MVO!
:GG?4453P! (;5! \C<T! 35<>F2C=5<! =;5! <=4?G=?4C8!A:A52=! :D! =;C=! :4>F>2'
C4>87!066/5.0=#!\@5=6552TP!J5!<>AB87!25I54!D>4<=!;CI5!\<:A5=;>2FT!C23!
=;52! \<:A5=;>2F!A:45T!C23! =;52! =;5!B:<<>@>8>=7!:D! =CK>2F! <:A5=;>2F!
17!<:A5=;>2FL!@?=!=;5!G:AB85=5!45I54<5S!<:A5=;>2F!D>4<=!F>I5<!>=<58D!=:!
?<! :287!6;52!65! C45! C845C37!A:I>2F!6>=;>2! B4:X5G=>:2L!6>=;>2! =;5!
\C<TPZ!
!
! %:6!@5GC?<5!6:483!><!:B5253!?B!B4:X5G=>I587!>2!=;><!6C7L!@7!A5C2<!
:D!=;5!;?AC2T<!<=4?G=?4C8!D?=?4C8>=7L! >=! D:88:6<!=;C=!=;5!B;52:A52:2!:D!
@5>2F'>2'=;5'6:483! ><! 25I54! C27=;>2F! 8>K5! C! <:8>B<><=>G! C?=:'CDD5G=>I>=7!
@?=! 4C=;54! C23! 5<<52=>C887! C2! \'5#&0&*$ ,'6$ (1A0&*Z5'770R)#T! d>P5PL! D:4! =;5!
B:<<>@85!C<!<?G;!`/1$,/./61)!C23!2:=!D:4!C27!DCG=?C887!35=54A>2C=5!D?=?45!
B:<<>@>8>=7eP!(;5!;?AC2!07!A:<=!C?=;52=>GC887!d>=<58De!>2!=;5!AC2254!:D!C!
R#0&*Z0&Z."#Z'5#&Z',Z."#Z5'770R)#a! >=! ><! C2! :4>F>2C47! R#0&*Z,6##Z,'6lL! 2:=! C2!
52=>=7! =;C=! ;CBB52<! =:! @5! 523:653! 6>=;! =;5! DCG?8=7! :D! D4553:AL! @?=!
4C=;54!\=;5!D455T!>=<58D!C<!C!B?45!B:=52=>C8>=7'D:4'@5>2FP!(;?<!=;5!6:483!C<!
=;5! [:25! :D! ?2354<=C23C@>8>=7! :D! @5>2F! ><! 5E?C887! =;5! [:25! :D! B:=52'
=>C8>=7L!6;>G;!><!<>AB87!=:!<C7!=;C=!@5>2F!>=<58D!><!C86C7<!CBB45<52=53!C23!
CBB45;52353!>2!=54A<!:D!D?=?4C8>=7L!B:<<>@>8>=7!k!:4!>2!C!6:43L!20,,#6#&;#P!
\"5>2FT! <>F2>D>5<! C! @#*#&?E6.0*#&L! C2! \52B45<52=>2FT! :D! <:A5=;>2F! 17!
<:A5=;>2F! <?G;! =;C=! =;><! 17! >AB8>GC=5<! C2! :B52! ;:4>[:2! :D! <?GG5<<>I5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z!&*!MYgZNL!_ZNDPgZ`_P!
!MVM!
52B45<52=>2F<a! >2!=;><!6C7!5I547=;>2F!=;C=! 07L! >P5PL! ><! >2!@5>2FL! ><!C86C7<!
C845C37! <5BC4C=53! D4:A! >=<58DL! C86C7<! C845C37! <?<G5B=>@85! =:! C! 256!
52B45<52=>2F! :2=:! C2:=;54! 561#7#&7P! (;><! ;:4>[:2! :D! B:<<>@85!
52B45<52=>2F! ?8=>AC=587! B:>2=<! @CGK! =:! =;5! 4C3>GC8! @5>2F'D455'D:4! :D!
5G<=C=>G!B4:X5G=>:2!>=<58Da!;52G5!=;5!<?2347!@5>2F<!6>=;!6;>G;!=;5!;?AC2!
;C<! =:!3:! >2! >=<!5I5473C7!35C8>2F<!C86C7<!3><G8:<5! =;5A<58I5<! >2!6C7<!
=;C=! C45! G:AA52<?4C=5! 6>=;! >=<! :62A:<=! B:=52=>C8>=7'D:4'@5>2FP Q!
/:45:I54L! =;><! @5>2F'C<'52B45<52=>2F! 5W=523<! =:! =;5! ;?AC2! >=<58D!
>2<:DC4!C<!>=!><!C8<:!C23!5E?C887!C!@5>2FL!>P5PL!>2<:DC4!C<!>=!AC2>D5<=<!>=<58D!
=:!>=<58D!6>=;>2!=;5!;:4>[:2!:D!>=<!:62!B:=52=>C8>=7!C<!<:A5=;>2F!8>K5!C2!
>23>I>3?C8! \<58DTP! $2! :=;54!6:43<L! =;5!;?AC2! C86C7<!;C<! >=<58D! C<! C! ,6##$
R#0&*L!C2!:@X5G=>D>53!<58D'=;C='><'D455'=:'@5'3>DD5452=L!C23!=;><!D4553:A':D'
<58D! ><! >=<58D! F4:?2353! >2! =;5! A:45! B4>A:43>C8! @5>2F'D455'D:4! :D! >=<!
5G<=C=>G'B4:X5G=>I5!@5>2F'>2'=;5'6:483P_!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q!&*!MQL!ZYMgM^^S!\p(;C=q!/5'&$?"0;"!=;5!,C<5>2!B4:X5G=<!>=<58D!><!C!GC2'@5!
:D! >=<! :62! <58DPT! (;><! ><! 6;7! C27! BC4=>G?8C4! B>5G5! :D! 5E?>BA52=! :4!
5E?>BA52=C8! G:2=5W=?45! \><! 2:=! 35=54A>2C@85! @?=! C86C7<! :B=>:2C8! C23!
IC4>C@85!6>=;>2!G54=C>2!8>A>=<T!dMZZgO`QeP!
_!R55L!5PFPL! >@>3PL!ZYOgM^`S! \o(;5!,C<5>2! ><!:GG?B>53!6>=;! >=<!:62!@5>2Fo!
A5C2<! A:45! B45G><587S! >=! ><! :GG?B>53! 6>=;! >=<! :62! 1R0)0.+$ .'$ R#P! *<!
5W><=52=L!=;5!,C<5>2!><!D455!D:4!<B5G>D>G!B:<<>@>8>=>5<!:D!>=<!:62!<58DP!$=!><!>=<!
:62! A:<=! B5G?8>C4! C@85'=:'@5l$D! =;5! ,C<5>2! ><! D455! D:4! 35D>2>=5!
!MVZ!
! R?G;!><!;:6!AC==54<!<=C23L!=;52L!6>=;!5/6#!5W><=52G5!C<!C2!>2'@5>2F!
6>=;>2! =;5! 5/6#! 6:483P! *<! 65! ;CI5! <552L! ;:65I54L! =;5! 6:483'#16."!
6>=;>2! 6;>G;! =;5! )0=0&*! 5W><=52=! 36588<! ><! <=4?G=?453! @7! C23! 6:I52!
C4:?23!CW5<!:D!G:2G542$=;C=!G:445<B:23!=:!BC4=>G?8C4!A:A52=<!:D!35<>45P!
(;5! G8:<54! =;5! ;?AC2! 34C6<! =:! C2! CW><L! =;5! A:45! 3:5<! =;5! ;C8:! :D!
B:<<>@85! <>F2>D>GC=>:2<! G:2=4CG=! =:! =;5! ?2>I54<C8! <>F2>D>GC=>:2! :D! =;5!
G:ABC=>@85! C23! =;5! ;:4>[:2! :D! B:<<>@85! CG=>:2! =:! =;5! ?2>I54<C8!
G:AB:4=A52=! :D! B?4<?>=L! <?G;! =;C=! C=! =;5! :?=54! D4>2F5<! :D! 8>I>2F!
5W><=52G5! 65! 3><G:I54! <:A5=;>2F! 8>K5! C! G:AB:4=A52='B?4<?>=! :D! C!
G:ABC=>@85'@5>2FP!(;><!><!=;5!<=C=?<!:D!8>I>2F!5W><=52G5!0&$0.7#),L!=;5!B?45!
G:A@>2C=>:2!:D!@5>2F'>2'=;5'6:483!C23!@5>2F'>2'=;5'5C4=;a!2553L!65!GC2!
<55L!><!2:6;545!=:!@5!D:?23!5I52!;545P!"?=!>2!G:2<>354>2F!=;5!B4:@85A!>2!
=;><! 6C7L! 65! ;CI5! D>4<=! =:! B45<G>23! D4:A! =;5! ;?AC2T<! B4:X5G=>I5!
G:2<=>=?=>:2L! =:! 3><45FC43! >=<! C86C7<! <=C23>2F':?='@57:23! >=<58DP!
#I547=;>2F!G;C2F5<!:2G5!65!DCG=:4!>2!=;5!5<<52=>C8!DCG=!=;C=!=;5!;?AC2!07!
>2! <?G;! C! 6C7! dE?C! 5W><=52=e! =;C=! >=! C86C7<! C845C37! ;C<! >=<! :62!
B:=52=>C8>=7'D:4'@5>2FL! >=<! @5>2F'D455'D:4lL! C=! ><<?5! D:4! >=P! (CK>2F! =;><!
>2=:!CGG:?2=L!65!AC7!<?4A><5!=;C=!&##2$#(#6*#7$'/.$',$."#$56'_#;.0'&$',$."#$
#451&70'&$ 1&2$ ;'&.61;.0'&$ ',$ ."#$ "'60F'&$ ',$ ;'(5'6.(#&.$ 1&2$ 0&.#656#.1.0'&$
1*10&7.$ ."#$ R1;A26'5$ ',$ ."#$ /6Z"'60F'&$ ',$ ."#$ #407.#&.I7$ R#0&*Z,6##Z,'6Z0.7Z
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!B:<<>@>8>=>5<!:D!>=<58DL!D:4!>=<!C@>8>=7!=:!@5L!=;52!=;5!,C<5>2!><!>2!=;><!R#0&*Z
,6##Z,'6a!>=!07!=;5<5!B:<<>@>8>=>5<!=;5A<58I5<PT!
!MVQ!
'?&('7.Z5'.#&.01)0.+Z,'6ZR#0&*Y!/:45!<B5G>D>GC887L!6;525I54!35<>45!34C6<!
G:2G542! =:6C43! >=! <?G;! =;C=! G:2G542! 52G:?2=54<! >=<58D! >2! B?4<?>=! :D! C!
?2>I54<C8!G:ABC=>@85'@5>2FL!=;5!;C8:!:D!B:<<>@85!dD?=?4C8e!52B45<52=>2F<!
:D!=;><!@5>2F!3:5<!2:=!<>AB87!IC2><;!@?=!4C=;54!"1&*7$."#6#$1)'&*$?0."$0.$0&$
56'_#;.0'&L! ;C?2=>2F! >=! C<! 0.7$ '?&! ?245C8>[53! B:<<>@>8>=7P! (;5! ;C8:!
B54IC35<! >2! C! K>23! :D! <=5C37! B?43?4>2Fa! >=! ><! 6;C=! 5<G:4=<! =;5! @5>2F!
=;4:?F;!=;5!G:ABC=>@>8>=7!B;C<5!:D!>=<!:2=>GC8!;><=:47P!(;><!B?43?4>2F!><!
6;C=!C88:6<!=;5!;C8:!=:!G:A5!=:!CBB5C4!C<!C2!0(5'770R0)0.+!C=!=;5!B45G><5!
A:A52=!:D!=;5!G:C85<G52G5!:D!=;5!:45G=>G!C23!;54A525?=>G!175<L!=;C=!><!=:!
<C7L!C88:6<!=;5!G:2=4CG=>:2!=:!@5!<552!17$1$;'&.61;.0'&L!2CA587L!:D!=;5!;C8:!
>=<58DP! .287! >2! =;><! 6C7L! >2! =;5! =4C2<8?G52G7! CDD:4353! @7! B4:X5G=>:2! C<!
=;C=!6;>G;!C88:6<!:25!BC4=>G?8C4! 458C=5325<<! =:!@5!CBB45;52353!C<! =;5!
25FC=>:2! :4! B45G8?<>:2! :D! AC2>D:83! :=;54! D:4A<! :D! 458C=5325<<L! 3:5<!
<:A5=;>2F! 8>K5! 2553! :4! 25G5<<>=7! C4><5! d<?@<5E?52=87! =;5<5! \2553<T! F5=!
G:3>D>53! C<! >2<=>2G=<L! 34>I5<L! ?4F5<! C23! =;5! 8>K5eP! (;?<! =:! 45=?42! =:! C2!
5C48>54!5WCAB85S!C=!=;5!A:A52=!:D!=;5!A:<=!5W=45A5!=;>4<=L!$!CBB45;523!
=;5!6C=54!C<!2:=;>2F!A:45!=;C2!6;C=!>=!07$`/1$;'(51.0R)#!k!2CA587L!17!=;5!
34>2KC@85P! *23! 75=! =;5! ;:4>[:2! :D! 3>DD5452=>C=>:2! >2! CGG:43C2G5! 6>=;!
6;>G;! $! 2:4AC887! CBB45;523! C23! G:AB:4=! A7<58D! =:! 6C=54! ><!
2:25=;585<<!7.0))$ ."#6#a!2:=!:287!3:5<! >=!B45G535!C23! D:88:6!A7!=;>4<=L! >=!
)0&*#67$ ."6'/*"$ =;5! =;>4<=! C<! C! =4CG5L! C2! >AB45<<>:2P! #I52! C<! $! B54G5>I5!
2:=;>2F! @?=! \=;5! 34>2KC@85T! C<! =;5! 0&.#&./(! :D! A7! 35<>4>2F'G:AB:4='
A52=L! =;5! 3>DD5452=>C8! 5WBC2<>I525<<! :D! =;5! 6C=54! ><! <:A5;:6! 25I54!
!MV_!
G:AB85=587! 8:<=! =:! A5P! *23! >=! ><! X?<=! =;><! ;C2F>2F! :D! =;5! =5AB:4C47!
G:2=4CG=>:2! :D! <>F2>D>GC2G5! =:! G:ABC=>@>8>=7! 6>=;>2! =;5! 8>2F54>2F!
3>DD5452=>C8!;54A525?=>GC8!5WBC2<>I525<<!d;C8:e!:B5253!?B!@7!B4:X5G=>:2!
=;C=!GC?<5<!=;5!>2=54B45=C=>:2!:D!=;5!6C=54!C<!=;5!\=:'@5'34?2KT!=:!CBB5C4!
C<!C!25G5<<C47!:25L!=;5!45<?8=!:D!C2!\?4F5'=:6C43'6C=54TP!
!
MP!(;5!5WB54>52G5!:D!35C=;!C<!5I52=!
!
,5C=;L! )5>35FF54! 64>=5<! >2! D#0&*$ 1&2$ !0(#L! \><! =;5! B:<<>@>8>=7! :D! =;5!
C@<:8?=5!>AB:<<>@>8>=7!:D!,C<5>2TP`!,5C=;L!>2!:=;54!6:43<L!><!2:=;>2F!8>K5!
C2! 5I52=! =;C=! ;CBB52<! :25! D>25!3C7! =:! C2!?2<?<B5G=>2F! 5F:'=;>2FL! @?=!
4C=;54! C! <=4?G=?45! :D! 5W><=52G5! >=<58DL! =;5! >2=542C8! 8>A>=! :D! =;5! ;?AC2T<!
B:=52=>C8>=7'D:4'@5>2FP!,5C=;!><!C!\R#0&*Z.'?162Z."#Z#&2TL!C!\6C7!=:!@5!=;C=!
,C<5>2!=CK5<!:I54!C<!<::2!C<!>=!><P!n*<!<::2!C<!AC2!G:A5<!=:!8>D5L!;5!><!C=!
:2G5! :83! 52:?F;! =:! 3>5oPT ^ !(;5! 2:=>:2! =;C=! 35C=;! ><! A54587! :25!
:GG?4452G5! CA:2F! >22?A54C@85! :=;54! :GG?4452G5<! ><! =;5! :B>2>:2! :D!
35C=;!=;C=!G>4G?8C=5<!=;4:?F;!=;5!B?@8>GS!\35C=;!><!nK2:62o!C<!C!A><;CB!
6;>G;!><!G:2<=C2=87!:GG?44>2F!k!C<!C!nGC<5!:D!35C=;oP!R:A5:25!:4!:=;54!
n3>5<ol-5:B85!6;:!C45!2:!CGE?C>2=C2G5<!:D!:?4<!C45!n37>2Fo!3C>87!C23!
;:?487P!n,5C=;o!><!52G:?2=5453!C<!C!6588'K2:62!5I52=!:GG?44>2F!6>=;>2!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`!&*!ML!ZZZgMYQP!
^!$@>3PL!ZM`gMVYP!
!MV`!
=;5!6:483PTV!$2!=;><!6C7!35C=;!><!85I58853!3:62L!\B54I54=53TL!AC35!>2=:!C!
<?@X5G=!:D!F:<<>B!C23!>385!<B5G?8C=>:2P!
! *88! =;5! <CA5L! >2! =;5! G:2=5W=! :D! C2! 52E?>47! >2=:! 8>I>2F! d2:=! B?45e!
5W><=52G5L!=;5!B;52:A52:2!:D!=;5!35C=;'#=#&.!=CK5<!:2!256!>AB:4=C2G5P!
0:4!;545!65!A?<=!C<K!;:6!35C=;!G:?83!5I54!D?2G=>:2!17$7.6/;./6#!>2!=;5!
D>4<=! B8CG5! >D! >=! 6545! 2:=! 1)6#12+! F>I52! 17$ 2#1."L! >P5PL! C<! <:A5=;>2F!
:GG?44>2F! >2! =;5!6:483P!):6!G:?83!35C=;!@5! =;5!@5>2F'=:6C43'=;5'523!
:D!A7!B:=52=>C8>=7'D:4'@5>2F!>D!$!;C3!25I54!K2:62!:4!5WB54>52G53!35C=;m!
J;C=!6:?83!5I54!B4:AB=!A5!=:!<?BB:<5!:4!;7B:=;5<>[5!<:A5=;>2F!8>K5!
C2!>2=542C8!D>2>=?35!=:!A7!@5>2F'>2'=;5'6:483m!$<!>=!2:=!=;5!GC<5!=;C=!C2!
CG=?C8L!G:2G45=5!C6C4525<<!:D!35C=;!><!=;5!;'&20.0'&$',$5'770R0)0.+!:D!35C=;!
C<! <=4?G=?45m! )5>35FF54! 3:5<! 2:=! :I548::K! =;><! E?5<=>:2! @?=! 4C=;54! ><!
<>AB87! ?2>2=545<=53! >2! >=! F>I52! ;><! B4:@85AP! $23553! ;5! CGK2:6853F5<!
=;C=! \pGC<5<q! :D! 35C=;! AC7! @5! =;5! DCG=>GC8! :GGC<>:2! D:4! ,C<5>2T<! D>4<=!
BC7>2F!C==52=>:2! =:!35C=;!C=! C88TL! @?=! =;><! ><! :D!2:! G:2<5E?52G5! =:!;>AP!
(;5! DCG=! =;C=! \=;5! 37>2F! :D! :=;54<! ><! <:A5=;>2F! =;C=! :25! 5WB54>52G5<!
3C>87TL!=;C=!\p35C=;q!><!C2!?2352>C@85!nDCG=!:D!5WB54>52G5oTLY!><!453?G53!=:!
=;5!85I58!:D!=;5!B?@8>GT<!5AB=7!G;C==54!C@:?=!35C=;L!BC4=!:D!=;5!<=4C=5F7!
@7!6;>G;!=;5!B?@8>G!5IC35<!>=<!35C=;!C23!CI:>3<!;CI>2F!=:!35C8!6>=;!=;5!
G54=C>2=7! :D! 35C=;P! (;?<!)5>35FF54! ;C<! I>4=?C887! 2:=;>2F! =:! <C7! C@:?=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!V!$@>3PL!ZZ`DPgMY`DP!
Y!$@>3PL!ZQODPgZNOP!
!MV^!
=;5!&1./6#!:D! =;><! \5WB54>52G5T!:D!35C=;!C23! \BC7>2F!C==52=>:2T! =:!35C=;P!
):6!><!35C=;!45C887!CBB45;52353m!):6!3:5<!35C=;!F5=!5WB54>52G53!C<!
35C=;! C=! C88m! R>2G5! 35C=;! ><! C=! @:==:A! C! B;52:A52:2! :D! 8>D5L! 65! C45!
>2G8>253!=:!<C7!=;C=!65!5WB54>52G5!35C=;!C<!=;5!523>2F!:D!8>D5P!"?=!;:6!
C23!>2!6;C=!6C7!3:!65!\5WB54>52G5!=;5!523>2F!:D!8>D5Tm!
! 04:A! :?4! 3><G?<<>:2! :D! B?45! @5>2F'>2'=;5'5C4=;L! 65! K2:6! =;C=!
C8=;:?F;!B?45! 8>D5!A?<=!;CI5!:4! CBB45;523!:=;54! 8>I>2F!@5>2F<!6>=;>2!
>=<! ;:4>[:2! :D! G:ABC=>@>8>=7L! >=! 25I54=;585<<! GC22:=! C23! 3:5<! 2:=! ;CI5!
<?G;! @5>2F<! 17$ )0=0&*a! C! B?4587! 8>I>2F! @5>2F! 6:?83! 25I54! ;CI5! :=;54!
8>I>2F! @5>2F<! 17! \C8>I5TL! >P5PL! C<! D588:6! 5C4=;'3658854<L! @?=! :287! 5I54! C<!
G:ABC=>@85<! C23! >2G:ABC=>@85<P! "?=! =;><! ><! 2:=! =;5! GC<5! 6>=;! 8>I>2F!
5W><=52G5P! J5! 3:! ;CI5! =;5! 8>I>2F! C<! <?G;L! C23! B45G><587! @5GC?<5! 65!
:?4<58I5<! BC4=CK5! :D! =;5! I547! <CA5! @5>2F'>2'=;5'5C4=;! C<! 5I547! :=;54!
@5>2F!=;C=! 8>I5<P! $D!65!3>3!2:=! 8>I5!>2!=;><!B4>A:43>C8!6C7L! >D! \8>D5T!6545!
:287!C2!>2=4C6:48387!35=54A>2C=>:2!:D!G54=C>2!>2=4C6:48387!@5>2F<L!=;52!
>=!6:?83! <55A! =;C=! 2:=! :287! :?4! DCG=>GC8! K2:6853F5! :D! 8>D5! @?=! >23553!
:?4!I547!GCBCG>=7! =:! >352=>D7! 8>D5! G:?83!:287!5I54!C4><5! D4:A!:?=!:D! =;5!
<B;545! :D! :?4! 5W><=52G5! 5WG8?<>I587P! "?=! X?<=! C<! :?4! K2:6853F5! :D! 8>D5!
3:5<! 2:=! <=5A! 5>=;54! D>4<=87! :4! B4>2G>BC887! D4:A! :?4! <=?37! :D! @>:8:F7L!
5G:8:F7L
!MVV!
C@85! =:! 35=54A>25! 6;>G;! C45! 8>I>2F! C23! 6;>G;! 2:=a! X?<=! =;5! <CA5! 65!
25I54!d:4!4C4587e!2553!=:!F:!=;4:?F;!C27!B4:G5<<!:D!A5A:4>[>2F!G54=C>2!
8>I>2F! @5>2F<! C23! =;52! 5W=4CB:8C=>2F! D4:A! =;:<5! =:! :=;54<! ?2DCA>8>C4L!
F4CD=>2F! A52=C8! 45B45<52=C=>:2<! :2=:! 256! B54G5B=>:2<! >2! :4354! =:!
35=54A>25!6;5=;54!=;><!:4!=;C=!@5>2F!><!C8>I5P!(;5!DCG=!=;C=!65!;1&!85C42!
=;><!6C7! >2! 7'(#! GC<5<! ><! >=<58D! C845C37! >23>GC=>I5!:D! =;5!355BL! >2=?>=>I5!
K2:6853F5!:D!8>D5!65!B:<<5<<!B45G><587!@7!I>4=?5!:D!:?4!:62!8>I>2FP!(;5!
8>I>2F!@5>2FT<!B?4<?>=!:D!G:ABC=>@85<!C23!25F:=>C=>:2!:D!>2G:ABC=>@85<!><!
>AA53>C=587!?2354<=::3!@7!?<!C<!6;C=! >=! ><a! G:2I54<587L!6;525I54!65!
<55!C!@5>2F!>2!B?4<?>=L!65!>AA53>C=587!C23!>2=?>=>I587!?2354<=C23!=;><!
@5>2F!=:!@5!8>I>2FL!C23!G:AB85=587!>445<B5G=>I5!:D!6;5=;54!65!A>F;=!@5!
DCG=?C887!A><=CK52!>2!=;><PON!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ON!)5>35FF54!;>A<58D!F>I5<!=;5!D:88:6>2F!5WCAB85!djRL!^_eS!\pJ5q!6C8K!>2!
C!D:45<=!C23!<55!<:A5=;>2F!A:I5!C8:2F!=;5!6C7P!J5!5I52!;5C4!>=!4?<=85!
C23! 45G5>I5'B54G5>I5! >=! C<! <:A5=;>2F! 8>I>2FP!J;52!65! 8::K! C=! >=!A:45!
GC45D?887L! >=! =?42<! :?=! =;C=! 65! 6545! A><=CK52L! D:4! C! @C4587! 2:=>G5C@85!
F?<=!:D!6>23!;C3!A:I53!=;5!85CI5<!:2!=;5!F4:?23P!(;545D:45L!>=!6C<!2:=!
C27! 8>I>2F! =;>2FP! b5=! >2! :4354! =:! @5! C@85! =:! @5! A><=CK52! >2! =;><!
C<<?AB=>:2!=;C=!>=!6C<!<:A5=;>2F!8>I>2FL!65!A?<=!;CI5!<552!<:A5=;>2F!
8>K5!8>D5!>2!C3IC2G5L!<:A5=;>2F!8>K5!=;5!2C=?45!:D!8>I>2F!=;>2F<!6>=;>2!=;5!
G:2=5W=!C@:?=!6;>G;!65!6545!A><=CK52PT!dUDP!&*!MQL!OQgONS!\$D!65!3>3!2:=!
?2354<=C23!6;C=!8>D5!C23!I>=C8>=7!<>F2>D7L!=;52!65!6:?83!2:=!@5!C@85!=:!
!MVY!
! %:6!>=! ><!B45G><587!:2!=;5!@C<><!:D! =;><! >2=?>=>I5! >352=>D>GC=>:2!6>=;!
=;5! 8>I>2F!E?C!8>I>2F!=;C=! =;5!5WB54>52G5!:D!35C=;!@5G:A5<!G:AB45;52'
<>@85P!0:4!>D!:?4!K2:6853F5!:D!=;5!8>I>2F!E?C!8>I>2F!<=5A<!D4:A!:?4!:62!
>2<>354T<!I>56!:D!8>I>2F!35<>45L!>=!<=C23<!=:!45C<:2!=;C=!65!G:A5!=:!K2:6!
35C=;!C<!=;5!25FC=>:2!:D!35<>45L!C<!=;5!G5<<C=>:2!:D!B?4<?>=P!$2!<;:4=L!65!
D>4<=! @5G:A5! C6C45! :D! 35C=;$ C<$ ."#$ #=#&.$ ',$ ."#$ 1R7')/.#$ ;#771.0'&$ ',$ ."#$
2#7060&*Z5/67/0.$',$1$,#))'?$)0=0&*$R#0&*P!/:45!B45G><587L!65!<55!=;C=!C!)0=0&*$
R'2+!;C<!G5C<53!=:!B?4<?5L!>P5PL!65!@5G:A5!C6C45!:D!C!2#12$R'2+L!C!;'657#L!
C<L! <B5G>D>GC887L! C! @:37'=;C='2:'8:2F54'B?4<?5<P! (;5! @:37L! ;:65I54L! ><!
6;C=!<=C23<!C=!=;5!I547!G52=45!:D!=;5!\=;545T!>2!6;>G;!65!36588L!>2!6;>G;!
GC<5! B?4<?>=! >=<58D! d>2C<A?G;! C<! :?4! :62! @:37! ><! C! 8>I>2FL! B?4<?>2F!
@:37e! ><! C86C7<! C845C37! >2=>AC=587! C<<:G>C=53! 6>=;! =;5! 5I52=! :D! =;5!
:B52>2F!?B! :D! =;5! \=;545T! C<! C! ;:4>[:2! :D! D455!B:=52=>C8>=7P! $=! =;545D:45!
D:88:6<!=;C=!=;5!G:2I54<5!5WB54>52G5!:D!=;5!C@<:8?=5!G5<<C=>:2!:D!B?4<?>=!
I>C! =;5! G:4B<5! ><! G:225G=53!6>=;! =;5! G5<<C=>:2! :4! ;)'7/6#! :D! =;5! \=;545TL!
A:45!<B5G>D>GC887L!>2!>=<!;CI>2F!>=<58D!C=!><<?5!D:4!>=<58D!C<!C!@5>2FL!I>[PL!C<!
C!D455!<58DP!!"/7$."#$;#771.0'&$',$R'20)+$5/67/0.$07$560('6201))+$177';01.#2$?0."$
."#$ ;#771.0'&$ ',$ ."#$ 7#),Y! )545! >=! A?<=! @5! <=45<<53! =;C=! \C<<:G>C=>:2T! C23!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!G:AB:4=! :?4<58I5<! =:6C43! 8>I>2F! @5>2F<PTe! "?=! :D! G:?4<5! 65! \<55!
<:A5=;>2F! 8>K5! 8>D5! >2! C3IC2G5T! :287! @5GC?<5!65! K2:6! 8>D5! >2=?>=>I587L!
D4:A! =;5! >2<>35! :?=a! :?4! A><=CK>2F! =;5! 4?<=8>2F! 85CI5<! D:4! C2! C2>AC8!
<=5A<!D4:A!:?4!8>I>2F'6>=;!:=;54!5C4=;87!@5>2F<!<?G;!C<!:?4<58I5<P!
!MYN!
\G:225G=>:2T! 3:! 2:=! >AB87! B54G5B=>:2! :D! C27! GC?<C8! 458C=>:2a! 65! C45!
=C8K>2F!C@:?=!C!2C=?4C8!C23! >2=?>=>I5! 8>2K>2F!F5254C=53!:?=!:D! =;5!I547!
<=4?G=?45!:D! 8>I>2F!5W><=52G5!C<!<?G;P!J5!<;:?83!25I54!;CI5!=:!6C>=!D:4!
A53>GC8! <G>52G5! =:! B4:I5! =:! ?<L! D:4! 5WCAB85L! =;C=! =;5! 3><>2=5F4C=>:2! :D!
=;5!@:37! 85C3<! =:!C! G:2G:A>=C2=! 8:<<!:D! \G:2<G>:?<25<<TP!J5!K2:6! =;><!
C845C37! C23! >AA53>C=587! k! C23! G:AB85=587! >445<B5G=>I5! :D! 6;5=;54! >=!
;CBB52<! =:! @5! DCG=?C887! :4! A5=CB;7<>GC887! =4?5! k! :2! =;5! @C<><! :D! =;5!
>2254!G:AB8>G>=7!:D!@:3>87!B?4<?>=!6>=;!5G<=C=>G!B4:X5G=>:2P!
!
ZP!(;5!>2254!?2>=7!:D!2553!C23!35C=;!
!
(;5!B?4<?>=!=;5!G5<<C=>:2!:D!6;>G;!><!=>53!=:!=;5!8:<<!:D!=;5!\=;545T!:4!=;5!
<58D! ><! =;5! I547! <CA5! B?4<?>=! =;C=! ><!AC2>D5<=! C<! \2553T! >2<:DC4! C<! >=! ><!
<552! =:! 52=C>8! =;5! <;4>2KCF5! :D! =;5! ;C8:! :D! B:<<>@85! CG=>:2! C23!
>2=54B45=C=>:2! I><'�'I><! =;5! ?4';:4>[:2! :D! B4:X5G=>:2P! -?4<?>=! C86C7<!
C<<?A5<! =;><! =6:D:83! G;C4CG=54S! =;C=! 6;>G;! ><! 25G5<<C47L! C23! =;C=! =;5!
G5<<C=>:2! :D!6;>G;! >AB8>5<! 35C=;P! $2! =;><!6C7! B?4<?>=! ><!AC2>D5<=! C<! C!
;'(5'/&2$ &#;#770.+L! =;5! 25G5<<>=7! :D! 25G5<<>=7S! =;5! 8>I>2F! 5W><=52=!
?2354<=C23<!=;C=!>2!:4354!=:!AC>2=C>2!=;5!>2=5F4>=7!:D!>=<!\=;545TL!>2!:4354!
=:! 45AC>2! C! D455! <58DL! >=! ><! G:2<=4C>253! =:! <?@A>=! =;5! @:37! =:! =;5!
G:2<=4C>2=<!:D!B?4<?>=a!B45<54IC=>:2!:D!=;5!D455!<58D!><!<552!=:!35B523!:2!
=:=C8!@:3>87!G:AB8>C2G5!6>=;!=;5!?2D4553:A!:D!B?4<?>=P!
! "?=! X?<=! ;545!65! 2:=>G5! <:A5=;>2F! =4?87! 45AC4KC@85S! I>[PL! =;C=! D:4!
!MYO!
8>I>2F! 5W><=52G5! )0,#$ 0.7#),W$ R#0&*Z0&Z."#Z#16."W$ 07$ ;'&7.6/#2$ 17$ ."#$ =#6+$
1&.0."#707$',$)0,#W$17$."#$&#*1.0'&$',$)0,#W$?"0)#$&'&Z)0,#$07$56'('.#2$.'$."#$7.1./7$
',$ )0,#P! 1>D5! ><! B54G5>I53! C<! =;5! G:2=>2?>=7! :D! =;5! \=;545T! :4! <58DLOO!6;>85!
@5>2F'>2'=;5'5C4=;! E?C! B?4<?>=! C23! 25F:=>C=>:2! ><! ?2354<=::3! C<! =;C=!
6;>G;!8::A<!A52CG>2F87!:I54!8>D5!C23!=;45C=52<!>=!6>=;!35C=;P!-?4<?>=!><!
2:=! <552! C<! =;5! I547! #77#&;#! :D! 8>D5L! @?=! 4C=;54! C<! =;C=! 6;>G;! A?<=! @5!
CBB5C<53! >2! :4354! =:! AC>2=C>2! :4! B45<54I5! \8>D5Ta! =;5! >2=5F4>=7! :D! =;5!
\=;545T! ><! <5G?453! :287! D:4! C<! 8:2F! C<! :25! 7>583<! =:! =;5! G:2=4CG=>:2<! :D!
B?4<?>=P! )545L! =;52L! 65! ;CI5! =;5! '&.'Z5"#&'(#&')'*0;1)$ *6'/&2! :D! =;5!
G:AA:2! C23! DCA>8>C4! 35=54A>2C=>:2! :D! \8>D5T! C<! <58D'B45<54IC=>:2L!
7/6=0=1)P!1>D5! ><!<552!C<!<?4I>IC8! X?<=! >2<:DC4!C<! >=!;:83<!35C=;!C=!@C7!@7!
<?@A>==>2F! =:! =;5! 3>G=C=5<! :D! B?4<?>=P! R58D'B45<54IC=>:2! =?42<! :?=! =:! @5!
=;5! F4:?23>2F! 5WB54>52G5! C23! >2254! <52<5'G:2=52=! :D! =;5! G:23>=>:2C8!
=;C=!G:AA:2!<52<5!F>I5<!C<!>=<!C2<654!=:!=;5!E?5<=>:2!:D!=;5!A5C2>2F!:D!
2553a!=;5!<=C=5A52=L!\$D!$!3:!2:=lL!=;52!$!6>88!3>5TL!<C7<!C<!A?G;!C<L!\(;5!
>2=5F4>=7! C23!B45<54IC=>:2! :D!A7! <58DL!A7! n=;545oL! 35B523<!6;:887! :2!
A7!n<?4I>IC8oL!A7!<?@A><<>:2!=:!=;5!25G5<<>=7!:D!B?4<?>=TP!$D!=;5!;?AC2!
@5>2F'=;545! ><! =;5! @5>2F! =;C=! 07! \D:4'=;5'<CK5':D'>=<58DTL! =;5! @5>2F!6;:<5!
:62!@5>2F!><!C86C7<!C=! ><<?5L! =;52!=;><!;CI>2F'>=<58D'C='><<?5L!6;>85!2:=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OO!(;C=! ><L! \=:!@5!C8>I5T!A5C2<! =:!@5!:4! =:! 45AC>2! >2! =;5!H1L! =:!@5! \;545T!
C23!\=;545TL!45FC4385<<!:D!6;5=;54!=;><!A>F;=!52=C>8!C!=5AB:4C47!DCG=?C8!
8:<<!:D!\G:2<G>:?<25<<T!d5PFPL!>2!<855BeP!
!MYM!
<>AB87! G:5W=52<>I5! 6>=;! =;5! >AB54C=>I5! =:! <?4I>I5L! 2:25=;585<<! GC2!
25I54!@5!<5BC4C=53!D4:A!>=!52=>4587P!1>I>2F!5W><=52G5!><!25I54!G:2G54253!
(#6#)+!6>=;!=;5!B:=52=>C8>=7!:D!>=<!B?45!\=;545TL!@?=!C86C7<!C8<:!6>=;!=;5!
>2=5F4>=7!C23!B45<54IC=>:2!:D!=;><!\=;545T!C<!C2!:@X5G=>I5!<58DPOM!
!
"P!$AB8>GC=>:2<!:D!=;5!353?G=>:2!
!
R?G;L! =;52L! ><! :?4!;>F;87! <G;5AC=>G!353?G=>:2!:D! =;5! G:AA:2L!B4:<C>G!
I>56!:D! 8>D5! D4:A!=;5! >2=542C8!<=4?G=?45!:D! 8>I>2F!5W><=52G5!C<!<?G;P!(;5!
B54G5B=>:2!:D! 8>D5!C<! <58D'B45<54IC=>:2!C23!<?4I>IC8L! C23!:D!2553!C<! =;5!
:A>2:?<25<<!:D!35C=;L! ><!F>I52!5WG8?<>I587!:2! =;5!@C<><!:D! =;5!B5G?8>C4!
6C7! >2!6;>G;! @5>2F'>2'=;5'6:483! C<! C! @5>2F'CA>3<='@5>2F<! C23! @5>2F'
>2'=;5'5C4=;! C<!35<>4>2F'B?4<?>=! C45! G:'B45<52=! >2! C23! D:4! C! \=;545T! =;C=!
;C<! >=<58D! C<! C! D4553:A'D:4'>=<':62A:<='B:<<>@>8>=>5<! >2C<A?G;! C<! >=! ><!
:B5253!?B!@7!B4:X5G=>:2P!%553!C23! <?4I>IC8! C45! =;?<! 45C8! >2! =;5! <CA5!
<52<5! =;C=! C! GC=5F:47! ><! 45C8L! C<! C! 25G5<<C47! D:4A!:D! CBB5C4C2G5P! #I52!
6;52L!=;4:?F;!B;52:A52:8:F>GC8!C2C87<><L!65!C45!C@85!=:!F4C<B!=;5A!C<!
=;57!C45!>2!=;5A<58I5<L!<=>88!65!45AC>2!B:65485<<!=:!@5!4>3!:D!=;5AP!0:4!
=;57!C45!2:=;>2F!A:45!:4!85<<!=;C2!=;5!6C7<!>2!6;>G;!65!:?4<58I5<!E?C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OM!UDP! (;5:3:4! *3:42:L! c2?=! (C42:6<K>! d=4PeL! 045354>G! J>88! d=4PeL! !"#$
l16*'&$ ',$L/."#&.0;0.+! d#IC2<=:2S!%:4=;65<=542!H2>I54<>=7! -45<<L! OY^ZeL!
OZ`P!
!MYZ!
8>I>2F!5W><=52=<!C45!G:2<=4C>253! =:!@5! D:4!:?4<58I5<!C<! 8>I>2FP! $D! =;545! ><!
C27=;>2F!8>K5!C2!C2G>52=L!:4>F>2C47!:@8>I>:2!:D!8>D5L!>=!8>5<!B45G><587!;545S!
>2!=;5!5G8>B<>2F!:D!=;5!45C8>=7!:D!35<>45!C23!B?4<?>=!@7!=;5!45C8>=7!:D!2553!
C23!<?4I>IC8P!04:A!=;5!@5F>22>2F!8>D5!><!AC2>D5<=!=:!?<!C<!=;5!<?A!:D!C88!
=;45C=<!=:!\8>D5TL!C<!=;5!=:=C8>=7!:D!=;C=!CFC>2<=!6;>G;!\8>D5T! ><!G:235A253!
=:! <=4?FF85! =:! ;:83! :?=P! RAC88!6:2354L! =;52L! =;C=!65! =?42! C4:?23! C23!
3><G:I54! =;><!;:83>2F!:?=! =:!@5!?@>E?>=:?<! >2! \2C=?45TL! >2! =;5!B8C2=!C23!
C2>AC8! 45C8A<! k! =;C=! <58D'B45<54IC=>:2! CBB5C4<! =:! ?<! =:! G:2<=>=?=5! =;5!
'R_#;.0=#$#77#&;#$:D!8>D5POZ!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OZ!(;?<!)5>35FF54L!=::L!C<!65!;CI5!C845C37!<552L!;:83<!=;5!5<<52G5!:D!8>D5!
=:! 8>5! >2!<58D'B45<54IC=>:2P!"?=!<>2G5! =;5! \:B5225<<T!:D! 8>D5! ><!A54587! =;5!
25FC=>:2! :D! =;5! :B5225<<! B4:B54! =:! 6:48387! 5W><=52G5L! >=! D:88:6<L!
BC4C3:W>GC887L!=;C=!<58D'B45<54IC=>:2!C4><5<!B45G><587!6;545!=;545!><!2:=L!
C23! >23553! GC2! 25I54! @5L! C27=;>2F! 8>K5! C! \<58DT! k! >2! =;5! \3C4K52>2FT!
d362/&A#)/&*e! :D! \@52?A@A52=T! dD#&'((#&"#0.eP! R58D'B45<54IC=>:2!
35D>25<! =;5! @5>2F! :D! =;:<5! @5>2F<! =;C=! 8CGK! 5I52! =;5! G:23>=>:2! :D!
B:<<>@>8>=7!:D!C!<58DP!(;5!:287!6C7!=:!ACK5!<52<5!:D! =;><! ><! =:!CBB5C8! =:!
<:A5=;>2F!8>K5!>2<=>2G=L!6;>G;!><!2:6;545!B45<52=!=:!8>I53!8>D5S!\o1>D5o!><!
C!nA:35o!:D!@5>2F25<<!d@5'>2Fe!:D!@5>2F<P!*!@5>2F!@5F>2<!=:!:B52!?B!=:!
8>D5!>2!=;5!B45<54IC=>:2!:D!=;5!<58DP!$2!=;5!B45<54IC=>:2!:D!=;5!<58D!=;5!D>4<=!
3C4K52>2F! F4:?23<! =;5! 2?A@25<<! pD#&'((#&"#0.q! :D! 6;C=! ><! C8>I5L! >2!
6;>G;! C88! 5WG>=5A52=! C23! 5WG>=C@>8>=7! ><! 52CG=53L! C<! 6588! C<! IC4>:?<!
!MYQ!
! *<! 8>I>2F! 5W><=52=<L! 8>D5! ><! B45<52=! =:! ?<! C<! =;5! B542>G>:?<25<<! :D! C!
3:?@85!25G5<<>=7!=;C=!G:2<=C2=87!5WB:<5<!:?4!\8>D5TL!=;5!B54B5=?>=7!:D!=;5!
\=;545TL!=:!=;5!=;45C=!:D!G8:<?45!>2!35C=;P!$2!=;5!DCA>8>C4>=7!:D!=;5!2C=?4C8!
C==>=?35L! 5I547=;>2F! ><! =:B<7'=?4I7S! =4?5! 8>D5! ><! C2=>'8>D5! C23! 2:2'8>D5! ><!
=4?5!\8>D5TP!-?4<?>=!><!2:=!8>D5!@?=!4C=;54!=;C=!=:!6;>G;!:25!><!G:AB58853!=:!
<?@A>=! >2! :4354! =:! \<=C7! C8>I5TL! =:! <?4I>I5a! >2! =?42L! =;><! <?4I>IC8! ><! 2:=!
45C8>[53! 0&! =;5! F:>2F<':?=! :D! B?4<?>=! @?=! ><! 4C=;54! =;5! \8>I>2F':2T! =;C=!
;CBB52<! >2! <?@X5G=>:2! =:! B?4<?>=P!/:45:I54L! >2<:DC4! C<! 8>D5! B4:B54! ><! C!
@5>2F'>2'=;5'#16."L! >=! D:88:6<! =;C=! =;5! 5C4=;! ><! <?@X5G=! =:! =;5! <CA5!
B54I54<>:2S!6;52!8>D5!><!C2=>'8>D5L!=;5!5C4=;!><!<552!C<!G:88C@:4C=>2F!6>=;!
=;5!45F>A5!:D!2553P!%:!8:2F54!=;5
!MY_!
\8>D5T!>=<58D!?8=>AC=587!35B523a!<?4I>IC8!><!A:45!:4!85<<!8>K587!CGG:43>2F!=:!
=;5!5C4=;T<!@525D>G52G5!:4!D5GK85<<25<<L!>=<!458C=>I5!G85A52G7!:4!;:<=>8>=7P!
R:! DC4! D4:A! @5>2F! =;5! B;52:A52C8! 45C8A! :B5253! ?B! R+$ )0,#$ 0.7#),L! =;5!
5C4=;! ><! 2:6! F4C<B53! C<! =;C=! 6;>G;! K55B<! \8>D5T! =4CBB53! >2! C! <=C=5! :D!
B54AC252=!>2<5G?4>=7L!CF>=C=>:2!C23!3><=45<<P!
! "?=!;545!65!A?<=!F:!5I52!D?4=;54P!0:4!>D!\8>D5T!><!B54G5>I53!C<!@5>2F!
<?@X5G=!=:!C23!35B52352=!?B:2!=;5!3:?@85!>AB54C=>I5!:D!35<>45!k!>P5PL!C<!
=;5!25G5<<C47! G:2=4CG=>:2!:D! D4553:A!25G5<<C47! D:4! =;5!B45<54IC=>:2!:D!
=;5! \=;545T! k! =;52! >=! ><! X?<=! C<! :@I>:?<! =;C=! =;5! \=;545T! 1)?1+7$ #=#&./1))+$
7/;;/(R7$.'$2#1."$6#*162)#77$',$0.7$,02#)0.+$.'$."#$2#(1&27$',$7/6=0=1)P!-?4<?>=!
=;?<!52G:ABC<<5<!C! =;>43!C23! D>2C8!25G5<<>=7S!2:=!:287! =;5!25G5<<>=7!:D!
25G5<<>=7!C<!C!<=CI>2F':DD!:D!35C=;L!@?=! >2!C33>=>:2! =;5!&#;#770.+$',$2#1."$
2#750.#$."#$7.1=0&*Z',,P!$2!:=;54!6:43<L!C23!BC4C3:W>GC887L!=;5!I547!CG=!@7!
A5C2<! :D! 6;>G;! 35C=;! ><! K5B=! C=! @C7! 1)7'$ 1&2$ 70(/).1&#'/7)+! <54I5<! =:!
/7"#6$ 0&! 35C=;P! /5C26;>85L! :2! =;5! <>35! :D! =;5! 5C4=;L! C! F4:<<! B:654!
3><BC4>=7! @5G:A5<! 5I>352=S! =;5! 5C4=;! ><! <552! =:! @5! G:2<=>=?=>:2C887!
5WG5<<>I5L! >=<! I>:852G5! C23! ;:<=>8>=7! >2;5452=87! F4C=?>=:?<! k! =;5! 5C4=;!
GC22:=!@?=!'=#6'B4:I:K5a! =;5! >AA53>C=5!;C4A:27!;:83>2F!@5=6552!=;5!
5C4=;! C23! =;5!@:37! >2! 8>D5! ><!B54G5>I53!C<! C! 8:B'<>35325<<! >2! DCI:?4!:D!
=;5! 5C4=;P! J;>85! B?4<?>=! =CK5<! >=<! =:88! :2! =;5! B?4<?>2F! @:37L! <8:687!
6>=;54>2F! >=! =:! C! G:4B<5L! =;5! I>:852=! C23! B4:I:K>2F! 5C4=;! 5WCG54@C=5<!
C23!G:AB:?23<!=;><! =:88P!#C4=;!C23!B?4<?>=!CBB5C4!=:!@5! >2I:8I53!>2!C!
K>23!:D! <5G45=!C88>C2G5! =:!F?C4C2=55! =;5!C@<:8?=5!25FC=>:2!:D!B?4<?>=! >2!
!MY`!
35C=;P! -?4<?>=! @5G:A5<! C=! :2G5! 25G5<<C47! C23! D?=>85a! >=! ><! :287! C!
B:<=B:2>2F!:D!=;5!>25I>=C@85P!
! %:6! >=! ><! B45G><587! ;545L! :?=! :D! B?4<?>=T<! =CK>2F! >=<! =:88! :2! =;5!
B?4<?>2F!@:37!>=<58DL!=;C=!=;5!B;52:A52:2!:D!1*0&*!5A54F5<P!$=!><!4C=;54!
C<=:2><;>2F! =;C=! )5>35FF54! 3:5<! 2:=! 34C6! C==52=>:2! =:! CF>2F! >2! ;><!
3><G?<<>:2<! :D! 35C=;! C23! @5>2F'=:6C43'35C=;L! 75=! ?8=>AC=587! ?2354'
<=C23C@85!>2<:DC4!C<!CF>2F!><!F4:?2353!>2!8>D5!E?C!@5>2F'>2'=;5'5C4=;!C23!
=;545D:45!><!8:3F53!A:<=!D>4A87!C23!:4>F>2C4>87!>2!=;5!8>I>2F!@:37!d2:25!
:D!6;>G;!)5>35FF54! CGK2:6853F5<eP!)545!65!AC7! <>AB87! 45AC4K! =;C=!
CF>2F! ><! =;5!(1&! >2!6;>G;! =;5! )0=0&*! 5W><=52=! ><! =;5! <=45=G;>2F!:D! =;5!
=5AB:4C8!<=45=G;P!%5>=;54!B?45!8>D5!2:4!B?45!5W><=52G5!><!<?@X5G=!=:!CF>2Fa!
4C=;54!CF>2F!;CBB52<!:287! >2!C!@5>2F! >2!C23!D:4!6;>G;!=;5!B4:F45<<>I5!
CGG?A?8C=>:2!:D!@:3>87!>2<G4>B=>:2<!k!:D!AC4K<L!<GC4<L!85<>:2<L!D4CG=?45<L!
3><D>F?4C=>:2<L! 5=GP! k! GC2! @5G:A5! C! AC==54! :D! <58D'G:2G542P! 0:4! 8>I>2F!
5W><=52G5! >2! C23! D:4! >=<58DL! B54G5>I>2F! 8>D5! C<! <?4I>IC8L! CF>2F! ><! 2:=! =;5!
45G:43>2F!:D!=;5!;><=:47!:D!8>D5!@?=!:287!=;5!@>==54!B4::D!:D!=;5!>25I>=C@85!
D?=>8>=7! C23! =4C2<>=:4>25<<! :D! \8>D5TP! *F>2FL! >2! <;:4=L! ><! 2+0&*! C<! =;5!
>2=4?3>2F'C22:?2G>2F!:D!=;5!F4:6>2F!>AA>252G5!:D!=;5!5I52=!:D!35C=;P!
$D! $! CA! C! @5>2F'=:6C43'=;5'523L! =;><! ><! 2:=!(#6#)+! >2! I>4=?5! :D! =;5! DCG=!
=;C=! =;5! G54=C>2=7! :D! A7! 5I52=?C8! >AB:<<>@>8>=7! ><! @?>8=! >2=:! A7!
B:=52=>C8>=7'D:4'@5>2Fa! 4C=;54! $! CA! C! @5>2F'=:6C43'=;5'523! B45G><587! >2!
=;C=! $!CF5L! >2! =;C=!A7!37>2F!D:88:6<!A5!C86C7<!C23!5I5476;545!C<! =;5!
B4:F45<<>I5!35<=4?G=>:2!C23!35=54>:4C=>:2!:D!A7! 8>I>2F'B?4<?>2F!@:37L!
!MY^!
C<!=;5!5I54'52G4:CG;>2F!5I52=!:D!=;5!:@8>=54C=>:2!:D!A7!\=;545T!>2!A7!2:'
8:2F54'@5>2F'D455'=:'<?@A>='=:'=;5'2553'=:'B?4<?5P! J;5=;54! C! B?45!
@5>2F'>2'=;5'6:483! G:?83! 5I54! @5! C! @5>2F'=:6C43'=;5'523! ><! ;>F;87!
3:?@=D?8L!D:4!;:6!G:?83!>=!5I54!@5!<C>3!B4:B5487!=:!@5!37>2F!>D!>=!3>3!2:=!
CF5L!>D!>=!3>3!2:=!;CI5!>=<!8>D5!C<!<?4I>IC8!I><'�'I><!=;5!=;455D:83!25G5<<>=7!
:D! B?4<?>=! C23! =;5! I>:852G5! :D! =;5! 5C4=;L! C23! >D! >=<! <58D'AC==54>2F!6545!
2:=! =;545D:45! C86C7<! C845C37! G:23>=>:253! @7! >=<! @:3>87! 3><>2=5F4C=>:2m!
$=<!523!6:?83!@5!=;5!A:<=!D:4AC8!C23!C@<=4CG=!<:4=!:D!523L!X?<=!C<!>=!><!D:4!
=;5!7:?2F!C23!;5C8=;7!d8>K56><5L!6;5=;54!=;5!7:?2F!C23!;5C8=;7L!>P5PL!C88!
=;:<5!8>I>2F!5W><=52=<!6;:!<;:6!2:!I><>@85!<>F2<!:D!CF>2FL!2:!@C==85!<GC4<!
D4:A!B4:8:2F53! 5C4=;87! <=4?FF85L! C45! 5I54! 45C887! @5>2F'=:6C43'=;5'523!
C<!C2!C86C7<'C845C37'37>2F!><!5E?C887!3:?@=D?8ePOQ!
! $2! =;><! 6C7L! D>2C887L! C! ,#16! :D! 35C=;! 5A54F5<! =;C=! ><! >2! DCG=L! BC4C'
3:W>GC887L!C! ,#16$',$)0,#!E?C!@5>2F'>2'=;5'5C4=;!C<!=;C=!6;>G;!G:2<B>45<!=:!
25FC=5!\8>D5TP!)545!65!A?<=!C3A>=!=;C=!)5>35FF54T<!:62!C2C87<><!:D!D5C4!
><!8CGK>2F!X?<=!>2<:DC4!C<!;5!;C<!2:!45C8!=;5:47!:D!8>D5!>2!6;>G;!=:!F4:?23!
>=P!)5>35FF54!G:445G=87!2:=5<!=;C=!\=;C=!C@:?=!6;>G;!65!C45!CD4C>3!>2!D5C4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OQ!\(;5!35C=;!6;>G;!9C4:A>8!64:=5!C@:?=!;C3!8>==85!=:!3:!6>=;!45C8!35C=;P!
,5C=;! =CK5<! :2! 45C8>=7! :287! 6;52! >=! @5F>2<! =:! B525=4C=5! =;4:?F;! =;5!
G45I>G5<!:D!:83!CF5P!0:4!9C4:A>8!>=!6C<!>2D>2>=587!DC4!C6C7a!>=!6C<!C@<=4CG=a!
>=! 6C<! 2:=! 45C8>=7L! @?=! C! 345CAPT! />8C2! c?2354CL! O0,#$ 07$ 3)7#?"#6#!
d1:23:2S!0C@54!C23!0C@54!1>A>=53L!OYV`eL!ONQP!
!MYV!
><!@5>2F'>2'=;5'6:483!>=<58DTPO_!$=!><!5E?C887!=4?5!=;C=!=;5!D5C453!><!C86C7<!
\<:A5=;>2F!65!52G:?2=54!C23!G:2D4:2=!>2!C!6:48387!6C7L!C23!<:!;C<!=;5!
G;C4CG=54! :D! A5C2>2FD?825<<TP O` !H8=>AC=587L! ;:65I54L! )5>35FF54! ><!
>2=545<=53! :287! >2! =;5! DCG=! ."1.! D5C4! ><! G:23>=>:253! ?B:2! @5>2F'>2'=;5'
6:483L! >P5PL! <:! =;C=! >=! A>F;=! @5! <5=! CBC4=! D4:A! =;5! B;52:A52:2! :D!
C2W>5=7P! (;?<! 6;>85! )5>35FF54! B4:I>35<! C2! C35E?C=5! C2C87<><! :D! =;5!
AC2254! >2!6;>G;! D5C4! ><! CG=?C887! B8C753! :?=! >2! 5W><=52G5! k! >P5PL! C<! =;5!
C86C7<! B45<<>2F! D:46C43! C23! 34C6>2F! 25C4! :D! =;5!(1)/($ ,/./6/(L! =;5!
\>AB523>2F!:2<8C?F;=TL! 5=GP! k! ;5!;C<!;C4387! C27=;>2F! =:! <C7! C@:?=! =;5!
D5C4<:A5M! :D! =;5! D5C4<:A5L! =;C=! 6;545>2! >=<! 35=4>A52=C8>=7! CG=?C887!
45<>35<P!U54=C>287!=;5!35=4>A52=C8!><!C86C7<!35=4>A52=C8!D:4!@5>2F'>2'=;5'
6:483! >=<58DL! @?=! =;><!3:5<!2:=! 5<=C@8><;! C27=;>2F! C<! =:! >=<!35=4>A52=C8'
G;C4CG=54P!(;5!A:<=! =;C=!)5>35FF54! GC2!:DD54!;545! ><! =;C=! =;5! D5C4<:A5!
;C<! <:A5=;>2F! \554>5TL!*#"#/#6L! C@:?=! >=PO^!"?=!6;C=!@>23<! =;5! =:=C8>=7!:D!
=;5!D5C453!>2=:!=;5!?2>=7!:D!=;5!D5C4<:A5!C<!<?G;m!J;C=!A?<=!@5!=;5!GC<5!
<?G;! =;C=! @5>2F'>2'=;5'6:483! GC2! D>4<=! D558! =;45C=5253! @7! =;C=! 6;>G;!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O_!&*!MNL! ZY^gMV^P!UDP!&*!ML! OVVgOVNP!(;?<! =;545! ><!2:=;>2F! 8>K5! D5C4! >2!
B?45! @5>2F'>2'=;5'5C4=;a! =;5! B?4587! 8>I>2F! @5>2FT<! 25F:=>C=>:2! :D! =;5!
>2G:ABC=>@85!><!2:=!C!@5>2F!1,6102!:D!=;5!>2G:ABC=>@85L!>P5PL!C<!=;C=!6;>G;!
A?<=!@5!\<?4I>I53T!>2!:4354!=:!B45<54I5!\8>D5TP!
O`!$@>3PL!ZY_gMV_DP!UDP!&*!ML!OV`gO^YP!
O^!&*!ML!OV^gO^YP!
!MYY!
B45<<5<!D:46C43!C23!34C6<!25C4m!):6!A?<=!=;>2F<!<=C23!6>=;!@5>2F'>2'
=;5'6:483!>2!:4354!D:4!>=!70(5)+$.'$R#$1R)#!=:!B54G5>I5!=;C=!>=!><!\>2<?DD>G>52=!
=:! G:B5! 6>=;! =;5! =;45C=52>2F! =;>2FTOV!d=;5! 8>I5! F452C35L! D:4! 5WCAB85em!
04:A!:?4!B54<B5G=>I5L!=;5!B4:@85A!:D!=;5!D5C4<:A525<<!:D!=;5!D5C4<:A5!
58?35<!)5>35FF54! X?<=! >2<:DC4!C<!>=!GC22:=!@5!B:<53!6>=;>2!=;5!45A>=!:D!
5W><=52G5!5WG8?<>I587P!$2!:=;54!6:43<L!=;5!;:4>[:2!:D!=;5!D5C4<:A5T<!:62!
B5G?8>C4!A5C2>2FD?825<<L!I>[PL!35=4>A52=C8>=7L! ><! 8>D5L!@5>2F'>2'=;5'5C4=;P!
05C4! C4><5<! 6;525I54! $! CA! 5WB:<53! =:! <:A5=;>2F! =;C=! =;45C=52<! =:!
35B4>I5!A5!:D!A7!\8>D5T!@7!<=4>BB>2F!A5!:D!A7!GCBCG>=7!=:!<?@A>=!=:!=;5!
:@8>FC=>:2! =:!B?4<?5!k! =;C=! ><L! =;45C=52<! =:! 453?G5!A7! 8>I>2F!@:37! =:!C!
G:4B<5P! (;5! :2=:8:F>GC8! F4:?23! :D! =;><! D5C4<:A525<<! ><! 6;C=!65! ;CI5!
B45I>:?<87! 35D>253! C<! =;5! 5C4=;T<! 6>=;;:83>2F! :D! G:ABC=>@85<! C23!
=;4:6>2F!:?=!:D!B4:I:GC=>:2<! >2! =;5! D:4A!:D! >2G:ABC=>@85<P! $=! ><!@5>2F'
>2'=;5'5C4=;! >=<58D! >2! >=<! =;6C4=>2FL! B4:I:GC=>I5! G;C4CG=54! =;C=! =CK5<! :2!
=;5! E?C8>=7! :D! 35=4>A52=C8>=7! D:4! C! \=;545T! G:2G54253! D:4! >=<! :62! <58D'
B45<54IC=>:2P!0:4!=;><!45C<:2L!X?<=!C<!65!<?FF5<=53!=;C=!35C=;!E?C!@5>2F'
=:6C43'=;5'523! <;:?83! @5! F4:?2353! >2! =;5! 5I52=! :D! 35C=;! C<! =;5!
5WB54>52G5!:D! =;5!G:4B<5L! <:! =::!;545! >=! <55A<!;>F;87!?28>K587L!B54;CB<!
>AB:<<>@85L! =;C=! D5C4! G:?83! @5! F4:?2353! >2! C2W>5=7L! C<! )5>35FF54!
=;>2K<POY!*! B?45! 5W><=52=L! 6545! <?G;! C2! 52=>=7! B:<<>@85! C=! C88L! G:?83!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OV!&*!MNL!ZY`DPgMV^P!
OY!R55L!5PFPL!>@>3PL!ZYZgMVQS!\,45C3!pL&*7.q!><!2:=!C!A:35!:D!D5C4P!+C=;54L!>=!
!ZNN!
B54;CB<! @5! \CD4C>3T! D:4! >=<! \=;545T! >2! <:A5! C@<=4CG=! <52<5L! X?<=! C<! :25!
G:?83!B54;CB<!52?A54C=5!G54=C>2!B?4587!>2=4C6:48387!<:4=<!:D!\D5C4T!d=;5!
C2C8:F?5<!:D!6:48387!\2553<TeL!@?=!=;><!D5C4!G:?83!25I54!@5!C!D5C4!:D!=;5!
>AA>252=87! 35=4>A52=C8! >2<:DC4! C<! =;5! F4:?23! :D! 35=4>A52=C8>=7! >=<58D!
6:?83!@5!3><E?C8>D>53!1$560'60P!
!
$$P!%553L!8C@:?4!C23!=5G;2:8:F7!
!
J;52!65!G:2<>354!8>I>2F!5W><=52G5!>2!C23!D:4!>=<58DL!=;5!6C7!>2!6;>G;!>=!
;C<!>=<!:62!@5>2F!C=!><<?5!D:4!>=L!65!<55!=;C=!>=!;C<!C2!>2;5452=87!<G;>[:>3!
2C=?45L!><!C86C7<!C845C37!5<=4C2F53!D4:A!>=<58DP!$=<!8>D5!B4:B54L!=;5!@5>2F'
>2'=;5'5C4=;! =;C=! D:4A<! C2! 5<<52=>C8! BC4=! :D! >=<! :2=:8:F>GC8! ACK5'?BL!
G:A5<!=:!CBB5C4!<>A?8=C25:?<87!C<!C!G:2<=4>G=>:2!:D!>=<!B:=52=>C8>=7'D:4'
@5>2F! <?@A><<>:2! =:!6;>G;! ><! 25G5<<C47! D:4! <?4I>IC8! C23! C<! C! K>23! :D!
525A7! G:2<B>4>2F! =:! ?2354A>25! =;><! I547! <CA5! <?4I>IC8L! >P5PL! C<!
<:A5=;>2F!35=4>A52=C8!C23!;52G5! D5C4<:A5P!04:A!=;5!B:>2=!:D!I>56!:D!
\8>D5TL! 8>D5! ><! C86C7<! CBB45;52353! C<! DC88>2F! <:A56;545! :2! C! <B5G=4?A!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!><! =;5! :=;54! 6C7! C4:?23S!L))$ ,#16$ ,0&27$ 0.7$ *6'/&2$ 0&$ 26#12PT! UDP! &*! ML!
MQ^gMZNS! \!"#$ ./6&0&*Z1?1+$',$ ,1))0&*$ 07$*6'/&2#2$61."#6$ 0&$1&40#.+$ pL&*7.qW$
?"0;"$ 0&$ ./6&$ 07$ ?"1.$ ,067.$ (1A#7$ ,#16$ 5'770R)#PT! *8<:! M_MgMZQS! \05C4! ><!
C2W>5=7! DC8852! >2=:! =;5! n6:483oL! >2C?=;52=>G! C23L! C<! <?G;L!;>3352! D4:A!
>=<58DPT!
!ZNO!
4C2F>2F! D4:A! ;C43<;>B! C23! G:AB?8<>:2! =:! :B52! ;:<=>8>=7! C23!
35=4>A52=C8>=7P!1>D5L! >2!:=;54!6:43<L! ><!25I54!B54G5>I53!17$ )0,#L!@?=!:287!
5I54!C<!=;5!C2=CF:2><=!:D!\8>D5TP!0:4!=;><!45C<:2!C!G54=C>2!C2=>BC=;7L!5I52!
6#7#&.(#&.L! =:6C43! 8>D5! C4><5<a! 8>D5! ><!6;C=! ;:83<! \8>D5T! @CGKL! B45I52=<! >=!
D4:A! C==C>2>2F! D?88! <58D'45C8>[C=>:2L! D4:A! @5G:A>2F! 6;C=! >=! A:<=! =4?87!
C23! 5<<52=>C887! 07! k! I>[PL! 5/6#$ 5'.#&.01)0.+W$ 1R7')/.#$ ,6##2'(Z,'6ZR#0&*P! (;5!
G:2<B>G?:?<25<<! :D! 8>D5! :287! 52;C2G5<! =;5! <52<5! :D! D4553:A! :D! \8>D5T!
>2<:DC4! C<! >=! 45I5C8<! >=! =:! @5! 8>A>=53! C23! G:2<=C2=87! ?2354! C==CGKa! >=! ><!
CAB8>D>53! >2! C2! C2=>G>BC=:47! 8:2F>2F! C4><>2F! :?=! :D! C2! >2=?>=>:2! :D! >=<!
:62!DC>8?45!=:!C==C>2!45C8>[C=>:2P!
! %:6! >=! ><! B45G><587! >2! =;><! G:2=5W=L! >P5PL! :D! =;5! 2C=?4C8! C2=>BC=;7!
=:6C43! 8>D5! =;C=!6588<!?B! D4:A!:?=!:D! =;5!I547!ACK5'?B!:D! 8>I>2F!5W><'
=52G5L! =;C=!$!6><;!=:!<?FF5<=!65!A>F;=!@5F>2!=:!4C><5!C256!=;5!`/#7.0'&!
G:2G542>2F!=;5!F4:?23!C23!5<<52G5!:D!=5G;2:8:F7P!0:4!X?<=!;545!>=!<55A<!
=:! A5! 65! ;CI5! C2! :BB:4=?2>=7! =:! @4CGK5=! C88! 45D85G=>:2! >2I:8I>2F! =;5!
6>=;34C6C8L!C@C23:2A52=!C23!:@8>I>:2!:D!"5>2F!d:4!A:45!B45G><587L!:D!
=;C=!7'(#."0&*L!6;C=5I54!>=!\><TL!=;C=!65!;CI5!CF4553!=:!GC88!\"5>2FTe!C23!
=:!=;>2K!=;5!:4>F>2!:D!=5G;2:8:F7!B;52:A52:8:F>GC887LMN!=;C=!><L!>2!<?G;!C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MN !0:4! 5WCAB85L! D4:A! &*! _QL! OMVgV`S! \p(q5G;2:8:F7! ?2354<=::3! C<!
A:3542L! >P5PL! C<! =;5! =5G;2:8:F7! :D! B:654!ACG;>25<L! ><! >=<58D! C845C37! C!
;'&7#`/#&;#!C23!2:=!=;5!,'/&21.0'&!:D!C!=4C2<D:4AC=>:2!:D!=;5!458C=>:2!:D!
"5>2F! =:! AC2P! /:3542! A5G;C2>GC8! =5G;2:8:F7! ><! =;5! nA5=CB;7<>GC8o!
!ZNM!
6C7!=;C=!65!45AC>2!6>=;>2!=;5!CA@>=!:D!=;5!;?AC2!75=!6>=;:?=!DC88>2F!
@CGK! =;545@7! >2=:! =;5! I547! ;?AC207(! =;5! =;>2K>2F! :D! "5>2F!6C<! >=<58D!
A5C2=!=:!=4C2<G523P!$2!:=;54!6:43<L!=;><!4525653!CBB5C8!=:!=;5!;?AC2!
><!2:=!:D!=;5!<:4=!=;C=!6:?83!34C6!>=<!>2<B>4C=>:2!D4:A!=;5!<?[54C>2=7!:D!
=;5!;?AC2!6>88! k! D4:A! =;5! \358?<>:2T! @7!6;>G;!AC2! \5WC8=<! ;>A<58D! =:!
=;5!B:<=?45!:D!8:43!:D!=;5!5C4=;TL!<?G;!=;C=!\5I5476;545!C23!C86C7<!p;5q!
52G:?2=54<!:287!;>A<58DTMO!k!@?=! 4C=;54L! X?<=! =:! =;5! G:2=4C47L! ><!:25! =;C=!
6:?83!5WB:<5!C!AC<<>I5!4>D=!8?4K>2F!C=!=;5!;5C4=!:D!=;5!;?AC2!6C7!=:!@5!
>=<58DP! 0:4! >D! =;545! ><! C27=;>2F! 8>K5! C2! \C@7<<T! <5BC4C=>2F! 8>D5! D4:A!
5W><=52G5L!>=!><!C2!C@7<<!=;C=!8>5<L!2:=!@5=6552!=;5!;?AC2!C23!=;5!C2>AC8L!
@?=! :287! @5=6552! =6:! DCG5=<! :D! :?4! :62! @5>2FP!!"#$ "/(1&$ 07$ 7#5161.#2$
,6'($0.7#),$R+$1&$1R+77P!*23!>=!><!B45G><587!D4:A!:?=!:D!."07!C@7<<!k!2:=!=;5!
LRZ*6/&2! :D! "5>2F! C<! 36Z#0*&07! @?=! :D! =;5! ;?AC2! >=<58D! >2! =;5! <58D'
C8>52C=>:2!:D!8>I>2F!5W><=52G5!k!=;C=!C!4C3>GC887!3>DD5452=!:4>F>2!C23!<52<5!
:D!=5G;2:8:F7!@5F>2!=:!=CK5!<;CB5P!15=!?<!=47L!=;52L!>2!=;5!45AC>2354!:D!
=;><!G;CB=54L!=:!<K5=G;!:?=!=;><!:4>F>2!C23!<52<5!C<!G85C487!C<!B:<<>@85P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!>2<=4?A52=C4>?A! :D! <?G;! C! =4C2<D:4AC=>:2L! 45D544>2F! @CGK! =:! C! ;>3352!
5<<52G5!:D!=5G;2:8:F7!=;C=!52G:ABC<<5<!6;C=!=;5!&455K<!C845C37!GC8853!
�¦��|P!-54;CB<!=;5!=4C2<D:4A53!458C=>:2!:D!"5>2F!=:!AC2L!CBB5C4>2F!>2!
=5G;2:8:F7L!><!:D!<?G;!C!K>23!=;C=!"5>2F!;C<!6>=;34C62!>=<58D!D4:A!AC2!
C23!A:3542!AC2!;C<!@552!B8?2F53!>2=:!C2!5A>252=!:@8>I>:2!:D!"5>2FPT!
MO!&*!^L!MVgiU(L!M^P!
!ZNZ!
*P!1C@:?4!C23!=;5!<=4>D5!
!
"5GC?<5!)5>35FF54! >2=54B45=<! =;5!:4>F>2!C23!5<<52G5!:D! =5G;2:8:F7!:?=!
:D! =;5!C@C23:2A52=!C23!:@8>I>:2!:D!"5>2FL! =;545!C4><5<!C!4C=;54!<5I545!
>2=54B45=>I5! 3>85AAC! =;C=! C! A:45! ;?AC2':4>52=53! CBB4:CG;! <;:?83!
<=4>I5! =:! 45<:8I5P! )5>35FF54! ><! G85C4! C<! =:! ;:6! =5G;2:8:F7! CG=?C887!
D?2G=>:2<!I><'�'I><!@5>2F<L!=;5!6;:85!:D!\2C=?45TS!
!
p/q:3542!=5G;2:8:F7!;C<!=;5!G;C4CG=54!:D!C!<5==>2F'?B:2L!>2!=;5!<52<5!
:D! C! G;C8852F>2F'D:4=;P! (;C=! G;C8852F>2F! ;CBB52<! >2! =;C=! =;5! 5254F7!
G:2G5C853! >2! 2C=?45! ><! ?28:GK53L! 6;C=! ><! ?28:GK53! ><! =4C2<D:4A53L!
6;C=! ><! =4C2<D:4A53! ><! <=:453! ?BL! 6;C=! ><! <=:453! ?B! ><L! >2! =?42L!
3><=4>@?=53L!C23!6;C=!><!3><=4>@?=53!><!<6>=G;53!C@:?=!5I54!C256PMM!
!
*23! 75=L! >2<:DC4! C<! =;><! AC<<! ?28:GK>2FL! 5W=4CG=>2FL! <=:4>2F! C23!
3><=4>@?=>2F!:D!2C=?45! ><! CG;>5I53L!2:=!@7! C27!A54587!;?AC2!3:>2F!:4!
ACK>2FL! @?=! 4C=;54L! =:! =;5! G:2=4C47L! =;4:?F;! C! B4>:4! C23! C?=:2:A:?<!
\45I5C8>2FTL!3&.R#6*#&! k! I>[PL! C2! \52'D4CA>2FTL!@#Z7.#))L! C<! C! \G;C8852F>2F!
G8C>A!6;>G;!FC=;54<!AC2!=;>=;54!=:!:4354!=;5!<58D'45I5C8>2F!C<!>2I52=:47!
pD#7.1&2qT MZ !k! >=! D:88:6<! =;C=! =;545! ><! 2:! 45C8! 523! :4! F:C8! =:! <?G;!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MM!$@>3PL!O^gO`P!
MZ!$@>3PL!MNgOYP!(;5!;?AC2!><!2:=!=;5!CF52=!@?=!:287!=;5!5W5G?=:4!:D! =;><!
!ZNQ!
G;C8852F>2F!CG=>I>=7!:?=<>35!:D!=;5!G;C8852F>2F!G8C>A!>=<58Da!>23553!=;><!><!
C88!=;5!A:45!<=4C2F5!>2C<A?G;!C<!>=!><!B45G><587!=;><!G8C>A!=;C=!F>I5<!4><5!
=:! =;5! A5C2<'523! 3><=>2G=>:2! >2! =;5! D>4<=! B8CG5PMQ!#2D4CA>2FL! >2! :=;54!
6:43<L!><!C!G8:<53!G>4G?>=L!=:=C887!<58D'45D5452=>C8a! >=!C3A>=<!:D!2:!D?4=;54!
5WB8C2C=>:2S!
!
H28:GK>2FL! =4C2<D:4A>2FL! <=:4>2FL! 3><=4>@?=>2FL! C23! <6>=G;>2F! C@:?=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!52D4CA>2FS! \.287! =:! =;5! 5W=52=! =;C=! AC2! D:4! ;><! BC4=! ><! C845C37!
G;C8852F53!=:!5WB8:>=!=;5!5254F>5<!:D!2C=?45!GC2!=;><!:4354>2F!45I5C8>2F!
;CBB52T!dOVgOVeP!
MQ!$@>3PL!^DPgQDP!)545!65!A?<=!@5!GC45D?8P! $=! ><!:25! =;>2F!=:!AC>2=C>2! =;C=!
=5G;2:8:F7!`/1$2#7.0&0&*$',$D#0&*! ><!2:=! C!A5C2<! =:! C2! 523L! 5I52!6;>85!
=;><! 35<=>2>2F! ><! ;583! =:! @5! =;5! :4>F>2! :D! =;5! A:3542! :@<5<<>:2! 6>=;!
A5C2<'523<!=;>2K>2Fa!C!<523>2F!:4!35<=>2>2F!:D!"5>2F!><!2:=;>2F!A:45!:4!
85<<!=;C2!C!6:483>2F!:D!=;5!6:483P!"?=!>=!3:5<!2:=!D:88:6!D4:A!=;><!=;C=!
=;5!AC<<! 5W=4CG=>2F! C23!AC2>B?8C=>2F! :D! 2C=?45! >=<58D! <;:?83! ;CI5! 2:!
523!:4!B?4B:<5L! D:4! >2! =;C=! GC<5! =5G;2:8:F7!6:?83! CA:?2=! =:! 2:=;>2F!
A:45! =;C2! B?45! A5C2<'523<! GC8G?8C=>:2! C23! <?G;! GC8G?8C=>:2! 6:?83!
45AC>2! 8:GK53! 52=>4587! 6>=;>2! >=<58DP! $=! 6:?83! @5! C<! =;:?F;! ;?AC2>=7!
;C3! @552! F4>BB53!6>=;! C! D5I54! =:! :4354! 5I547=;>2F! >2! =54A<! :D!A5C2<!
C23! 523<! 6>=;:?=! =;><! CG=>I>=7! ;CI>2F! C27=;>2F! CG=?C887! =:! CG;>5I5!
@57:23!=;5!D5I54T<!<>AB87!4?22>2F!>=<!G:?4<5P!!
!ZN_!
C45!6C7<! :D! 45I5C8>2FP! "?=! =;5! 45I5C8>2F! 25I54! <>AB87! G:A5<! =:! C2!
523P! %5>=;54! 3:5<! >=! 4?2! :DD! >2=:! =;5! >235=54A>2C=5P! (;5! 45I5C8>2F!
45I5C8<!=:!>=<58D!>=<!:62!AC2>D:8387!>2=548:GK>2F!BC=;<L!=;4:?F;!45F?'
8C=>2F! =;5>4! G:?4<5P!(;><! 45F?8C=>2F! >=<58D! ><L! D:4! >=<! BC4=L! 5I5476;545!
<5G?453P!+5F?8C=>2F!C23!<5G?4>2F!@5G:A5!=;5!G;>5D!G;C4CG=54><=>G<!:D!
=;5!G;C8852F>2F'45I5C8>2FP!
!
0:4!5WCAB85S!
!
(;5! G:C8! =;C=! ;C<! @552! ;C?853! :?=! >2! <:A5!A>2>2F! 3><=4>G=! ;C<! 2:=!
@552!<?BB8>53! >2!:4354! =;C=! >=!AC7!<>AB87!@5!B45<52=!<:A56;545!:4!
:=;54P! $=! ><!<=:GKB>853a! =;C=! ><L! >=! ><!:2!GC88L! 45C37!=:!358>I54! =;5!<?2T<!
6C4A=;!=;C=!><!<=:453!>2!>=P!(;5!<?2T<!6C4A=;!><!G;C8852F53!D:4=;!D:4!
;5C=L!6;>G;!>2!=?42!><!:435453!=:!358>I54!<=5CA!6;:<5!B45<<?45!=?42<!
=;5!6;558<!=;C=!K55B!C!DCG=:47!4?22>2FPM_!
!
)545!65! C45! 2C=?4C887! >2G8>253! =:! C<K! C@:?=! =;5! 1;./1)$ "/(1&$ 6#)1.0'&7!
8>2K>2F! =;5! <=:4>2F! :D! =;5! G:C8T<! 5254F7! =:! =;5! ?28:GK>2F! :D! =;5! <?2T<!
6C4A=;L! :4! =;5! B:654>2F! :D! =;5! DCG=:47! =:! =;5! BC4=>G?8C4! K>23<! :D!
G:AA:3>=>5<! =;5! DCG=:47!B4:3?G5<!:4! =;5! 8:F>G!:D! <?G;!B4:3?G=>:2P!"?=!
=;><!6:?83!F5=!?<!2:6;545L!D:4!<=:GKB>8>2F!><!C2!523!>2!>=<58Da!>=<!\D:4!=;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M_!$@>3PL!O`DPgO_DP!
!ZN`!
<CK5! :DT! ><! 2:=;>2F! @?=! D?4=;54! <=:GKB>8>2FS! \#I5476;545! 5I547=;>2F! ><!
:435453!=:!<=C23!@7L!=:!@5!>AA53>C=587!:2!;C23L! >23553!=:!<=C23!=;545!
X?<=! <:! =;C=! >=! AC7! @5! :2! GC88! D:4! C! D?4=;54! :4354>2FPTM`!$2! =;><! 6C7!
=5G;2:8:F7! ;C<! C2! C?4C! :D! \CA@>F?>=7T! dC?#02#/.0*A#0.eL! 5I52! \A7<=547T!
d@#"#0(&07e! C@:?=! >=M^a! >D! >=! ><! ?2352>C@87! \A:2<=4:?<T! d/&*#"#/#6e! >2! >=<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!M`!$@>3PL! O^gO^P! $=! ><! =;5! <CA5! 6>=;! G54=C>2=7L! 6>88>2F! C23! C88! =;5! 45<=P!
U54=C>2=7! ><! =;5! \C<'G54=C>2>2FT! :D! 5I54! A:45! G54=C>2=7S! \$2! =;><!
5B:G;lG54=>=?35! pB0;"#6"#0.q! >2! =;5! <52<5! :D! ?2G:23>=>:2C8! G54=C>2=7!
p@#?0g"#0.q!G:?2=<!C<!6;C=! ><!A:<=!IC8?C@85L!C23!=;545D:45!C<G54=C>2>2F!
p217$ B0;"#6&q! @5G:A5<! =;5! @C<>G! G;C4CG=54! :D! C88! G:AB:4=A52=P!
*<G54=C>2>2F! ><! 2:=!A54587! <?@<5E?52=! G:44:@:4C=>:2! @?=! ><! 4C=;54! =;5!
CFF45<<>I5! ACK>2F! <5G?45! pB0;"#67.#))#&q! >2! C3IC2G5! D:4! =;5! <CK5! :D!
G54=>=?35!pB0;"#6"#0.qT!d&*!_QL!OYNgOMVeP!1>K56><5L!=;5!6>88!6>88<!:287!=;5!
G:2<=C2G7!:D!>=<!:62!6>88>2FS!\(;5!6>88!=:!B:654!><!=;C=!6>88!6;>G;!6>88<!
0.7#),T! d&*! YL! MQOgZOMeP! #I52! 45<5C4G;! ;C<! 2:! ;>F;54! C>AP! (;?<! \6;52!
AC2L! >2I5<=>FC=>2FL! :@<54I>2FL! 52<2C45<! 2C=?45! C<! C2! C45C! :D! ;><! :62!
G:2G5>I>2FTL!=;><!><!2:=!>2!:4354!=:!CGG:AB8><;!<:A5=;>2F!=;C=!><!4585IC2=!
=:! =;5! 45<5C4G;54! ;>A<58D! C<! C! ;?AC2! @5>2FL! @?=! :287! @5GC?<5! \;5! ;C<!
C845C37! @552! G8C>A53! @7! C! 6C7! :D! 45I5C8>2F! =;C=! G;C8852F5<! ;>A! =:!
CBB4:CG;!2C=?45!C<!C2!:@X5G=!:D!45<5C4G;TL!>P5PL!@5GC?<5!=;5!6:483!><!B45'
F>I52!=:!;>A!C<!A545!<=?DD'=:'@5'45<5C4G;53!d&*!^L!OYgiU(L!OYeP!
M^!$@>3PL!ZQgZZS!\J;52!65!8::K!>2=:!=;5!CA@>F?:?<!5<<52G5!:D!=5G;2:8:F7L!
!ZN^!
35<=4?G=>I525<<L! >=! ><!2:25=;585<<!C=!@:==:A!C!K>23!:D! \C>A85<<!CG=>I>=7TL!
2:=;>2F!@?=!=;5!D>88>2F!?B!:D!=;5!8CGK!85D=!@7!"5>2FT<!<58D'45=45C=PMV!
! "?=! ><! =;><! 45C887! C88! =;C=! GC2! @5! <C>3! C@:?=! <=:GKB>8>2FL! ;:C43>2FL!
C<G54=C>2>2FL!:4354>2FL!<5G?4>2F!C23!=;5!45<=m!$<!:?4!:@<5<<>I5!;:C43>2F!
C23!C44C2F>2F!:D!2C=?45!3?5!<>AB87!=:!=;5!DCG=!=;C=!@5>2F<!CBB5C4!=:!?<!
C<! =;5! \=:'@5';:C4353T! C23! \=:'@5'C44C2F53Tm! $2! :=;54! 6:43<L! GC2! 65!
B54;CB<!=;>2K!=;5!\A5C2<g523T!3><=>2G=>:2!>=<58D! >2!C!A:45!:2=:8:F>GC887!
C35E?C=5! C23! F4:?23>2F! 6C7L! =;>2K! =;5! :2=:8:F>GC8! :4>F>2! :D! =;><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!65!@5;:83!=;5!G:2<=588C=>:2!p:D!=4?=;qL!=;5!<=588C4!G:?4<5!:D!=;5!A7<=547PT!
MV!&*! ^L! YQg#-L! ON`DPS! \(;5! G:2<?AB=>:2! :D! C88!AC=54>C8<L! >2G8?3>2F! =;5!
4C6!AC=54>C8!nAC2oL!D:4!=;5!?2G:23>=>:253!B:<<>@>8>=7!:D!=;5!B4:3?G=>:2!
:D! 5I547=;>2F! ><! 35=54A>253! >2! C! G:2G5C853! 6C7! @7! =;5! G:AB85=5!
5AB=>25<<!>2!6;>G;!@5>2F<L!=;5!AC=54>C8<!:D!6;C=!><!45C8L!C45!<?<B52353P!
(;><!5AB=>25<<!;C<!=:!@5!D>8853!?BP!"?=!<>2G5!=;5!5AB=>25<<!:D!"5>2F!GC2!
25I54! @5! D>8853! ?B! @7! =;5! D?8825<<! :D! @5>2F<L! 5<B5G>C887! 6;52! =;><!
5AB=>25<<!GC2!25I54!@5!5WB54>52G53!C<!<?G;L!=;5!:287!6C7!=:!5<GCB5!>=!><!
>2G5<<C2=87!=:!C44C2F5!@5>2F<!>2!=;5!G:2<=C2=!B:<<>@>8>=7!:D!@5>2F!:435453!
C<! =;5! D:4A! :D! F?C4C2=55>2F! C>A85<<! CG=>I>=7P! ]>5653! >2! =;><! 6C7L!
=5G;2:8:F7! ><! =;5! :4FC2>[C=>:2! :D! C! 8CGKL! <>2G5! >=! ><! 458C=53! =:! =;5!
5AB=>25<<!:D!"5>2F!G:2=4C47!=:!>=<!K2:6853F5P!#I5476;545!6;545!=;545!
C45!2:=!52:?F;!@5>2F<l=5G;2:8:F7!;C<! =:! X?AB!>2L!G45C=5!C!<?@<=>=?=5L!
C23!G:2<?A5!4C6!AC=54>C8<PT!
!ZNV!
3><=>2G=>:2!>=<58DL! >P5PL!<?G;!=;C=!=5G;2:8:F7!><!453?G53!25>=;54!=:!C!A545!
B4CG=>GC8!G:2=4>IC2G5L!C2!0&7.6/(#&./(L!2:4!=:!C!<58D'45D5452=>C8!G:4:88C47!
:D! =;5! C@C23:2A52=! C23! D:4F5==>2F! :D! "5>2Fm! *23! ><! =;><! 6C7! 2:=!
B45G><587!:25!=;C=!B:>2=<!>2!=;5!3>45G=>:2!:D!=;5!I547!8>D5!=;C=!)5>35FF54!
45D?<5<!=:!CGK2:6853F5!C<!35D>2>=>I5!:D!:?4!;?AC2!5<<52G5m!
! .2! =;5! @C<><! :D!6;C=!65! ;CI5! C845C37! 5<=C@8><;53L! =;5! :4>F>2! C23!
A5C2>2F! :D! 52D4CA>2F! C45! 2:=! 3>DD>G?8=! =:! G:AB45;523P!J5! ;CI5! <552!
=;C=! @5GC?<5! 8>D5! ><! F>I52! =:! \8>D5T! C<! C! 25G5<<C47! C23! D5C4<:A5!
G:AB?8<>:2L! C! ;:<=>85! C23! C8>52! B:654L! =;545! 2C=?4C887! C4><5<! >2! 8>I>2F!
5W><=52G5! C! 35<>45! =:! 3:! C6C7! 6>=;! =;><! B:654! :2G5! C23! D:4! C88! C23!
=;545@7!=:!45C8>[5!D?887!>=<!:62A:<=!@5>2F'D455'D:4P!*GG:43>2F87L!@5>2F'
>2'=;5'5C4=;! CBB5C4<! =:! 8>I>2F! 5W><=52G5! C<! =;C=!6;>G;!A?<=! @5! 6#707.#2L!
=;C=!D4:A!6;:<5!G8?=G;5<!\8>D5T!A?<=!@5!45<G?53L!<5G?453!C23!B4:=5G=53P!
15=! ?<! 2:6!35D>25! =;><! 45<G?>2FL! <5G?4>2F! C23!B4:=5G=>2F! C<! )1R'/6P! "7!
8C@:?4!65!>2=523!."#$?"')#$',$."#$(#1&7$',$6#707.1&;#$1*10&7.$)0,#$0&$."#$R1..)#$
.'$#(1&;051.#$1&2$7#;/6#$X)0,#IP!(;5!R1..)#!=:!5AC2G>BC=5!C23!<5G?45!8>D5S!=;><!
352:=5<! =;5! DCG=! =;C=! 8C@:?4L! >2<:DC4! C<! 35=4>A52=C8>=7! ;C<! >=<! :4>F>2! >2!
=;5! ?4'<=4>D5! >AAC252=! =:! B?45! 8>D5! d>P5PL! >2! =;5! B?4<?>=! :D! G:ABC=>@85<!
C23!25F:=>C=>:2!:D!>2G:ABC=>@85<eL!CA:?2=<!=:!=;5!>2<=>FC=>:2!:D!C!7.60,#$
1*10&7.$."#$/6Z7.60,#!C<!C=!:2G5!C!25?=4C8>[C=>:2!:D!=;5!25G5<<>=7!:D!B?4<?>=!
C23! C2! 5AC<G?8C=>2F! G:?2=54'B4:I:K>2F! :D! =;5! 5C4=;! =;C=! 35B4>I5<! =;5!
5C4=;!:D!>=<!B:654!=:!G;C8852F5!C23!C<<C>8L!<5BC4C=5<!=;5!5C4=;!D4:A!6;C=!
>=!GC2!3:P!J5!AC7!=;52!<C7!=;C=!52D4CA>2FL!<:!DC4!D4:A!45D544>2F!@CGK!=:!
!ZNY!
2:=;>2F! @?=! >=<58DL! ><! 4C=;54! =;5!('2/7$ '5#61&20! :D! 8C@:?4! C<! 45<><=C2G5!
CFC>2<=! 8>D5P! (;><! 3:5<! 2:=! A5C2! =;C=! 8C@:?4! ><! <:A5;:6! A:45!
B4>A:43>C8! =;C2! 52D4CA>2Fa! 4C=;54! 8C@:?4! 352:=5<! =;5! G:2G45=5!
>AB85A52=C=>:2! :D! 52D4CA>2FL! =;5! CG=?C8! =5G;2:8:F>GC8! GC447>2F! :?=! :D!
=;5!8>@54C=>:2!:D!\8>D5TP!.?4!35D>2>=>:2!:D!8C@:?4!=;?<!G:2=4C3>G=<!=;5!:25!
=;C=! ;C<! ;583! <6C7! <>2G5! C2=>E?>=7L! I>[PL! C<! C27! CG=>I>=7! =;C=! <54I5<! =:!
B4:I>35!D:4!=;5!25G5<<>=>5<!:D!8>D5!C23!=;?<!=:!52<?45!<?4I>IC8P!1C@:?4!><!
2:=L! C<! RC4=45! GC88<! >=L! \=;5! :4>F>2C8!561407! @7!6;>G;!AC2! B4:3?G5<! C23!
45B4:3?G5<!;><! 8>D5TLMY!@?=!4C=;54! X?<=! =;5!:BB:<>=5S! 8C@:?4! ><! =;5!<=4>I>2F!
:D! =;5! <=4>D5! CFC>2<=! =;5! ?4'<=4>D5! :D! 8>D5! >2! C2! 5DD:4=! .'$ 2'$ 1?1+$?0."$ )0,#!
:2G5! C23! D:4! C88P!*23! >=! ><!B45G><587! D:4! ."07! 45C<:2! =;C=! 8C@:?4! >=<58D! ><!
C86C7<!<552! >2! =;5!2C=?4C8!C==>=?35!C<!2553L!:@8>FC=>:2L!;C43<;>B!k! >P5PL!
2:=! @5GC?<5! >=! ><! 25G5<<C47! D:4! <?4I>IC8L! @?=! 4C=;54! @5GC?<5! >=! ><! =;5!
25G5<<C47!A5C2<!:D!54C3>GC=>2F!<?4I>IC8P!1C@:?4!><! =;5!@?4352!:D!:I54'
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!MY !95C2'-C?8! RC4=45L! *8C2! R;54>3C2'RA>=;! d=4PeL! S60.0`/#$ ',$ H01)#;.0;1)$
Q#17'&W$ K')Y$ ]! d1:23:2S! ]54<:L! MNNQeL! YNP! .2! =;5! B54G5B=>:2! :D! 8C@:?4!
D4:A! C2=>E?>=7! =:! /C4WL! <55! )C22C;! *4523=L! !"#$ :/(1&$ S'&20.0'&!
dU;>GCF:S!(;5!H2>I54<>=7!:D!U;>GCF:!-45<<L!OY_VeL!^YDDP!$=!><!6:4=;!2:=>2F!
=;C=! *4523=! ;54<58D! CF455<! 6>=;! =;><! 35D>2>=>:2! :D! 8C@:?4L! I>[PL! C<! =;C=!
6;>G;! \C<<?45<!2:=!:287! >23>I>3?C8!<?4I>IC8L!@?=! =;5! 8>D5!:D! =;5!<B5G>5<T!
dVeL! C23! ><! G:2G54253! :287! 6>=;! =;5! B4:B54! B8CG5! C23! 4:85! :D! =;><!
<?4I>IC8'CG=>I>=7!>2!=;5!=:=C8!=0.1$1;.0=1!C23!=;5!4>F;=!C==>=?35!=:6C43!>=P!
!ZON!
G:A>2F! =;5! @?4352! :D! <?4I>IC8P! (;545D:45! 8C@:?4! ><! C86C7<! >2;5452=87!
F5C453!=:6C43!>=<!:62!5I52=?C8!<58D':I54G:A>2FS!>2!8C@:?4>2F!d<=4>I>2Fe!
=:! 25?=4C8>[5! =;5! ?4'<=4>D5! :D! 8>D5L! =;5! ;?AC2! <>A?8=C25:?<87! C>A<! =:!
25?=4C8>[5!8C@:?4!>=<58DP!(;5!2553!=:!8C@:?4!IC2><;5<!6>=;!=;5!IC2><;>2F!
:D!=;5!2553<!C23!25G5<<>=>5<!:D!8>D5PZN!
! "?=! ;:6! 3:5<! 52D4CA>2F! CG=?C887! 25?=4C8>[5! 8>D5! C23! 3><5AB:654!
=;5! 5C4=;m!J;C=! 3:! <=:GKB>8>2FL! >2I52=:47>2FL! :4FC2>[>2F! C23! =;5! 8>K5!
CG;>5I5!G:2G45=587m!):6!><!<5G?4>=7!CG=?C887!45C8>[53m!
! 15=!?<!;545!45D54!=:!=;5!523!:4! \=58:<T!:D!52D4CA>2F!C<!1;;/(/)1.0'&P!
"7! =;><!65!A5C2! <:A5=;>2F!5<<52=>C887!3><=>2G=! D4:A!C27!A545! <=:4>2F!
?B! :4! <=C<;>2F! C6C7P! *2>AC8<! <=C<;! =;>2F<! C6C7L! @?=! 2:! C2>AC8!
CGG?A?8C=5<! >2! =;5!B4:B54!<52<5P!J;545>2! 8>5<! =;5!3>DD5452G5m! $D! 8C@:?4!
6545! 2:=;>2F! A:45! =;C2! C! <=C<;>2F! C6C7L! =;><! 6:?83! B54;CB<! @5!
<?DD>G>52=!D:4!<?4I>IC8P!"?=!8C@:?4L!65!<C>3L!><!>2=545<=53!2:=!>2!<?4I>IC8!
@?=! >2! =;5!25FC=>:2!:D! <?4I>IC8L! =;C=! ><L!:D! =;5!G:AB?8<>:2! =:!<?@A>=! =:!
<?4I>IC8P! /545! <=:4>2F! ?B! :287! 5#65#./1.#7! <?4I>IC8L! 52<?45<! G:2=>2?C8!
C3;5452G5!=:! =;5!AC23C=5!:D!<?4I>IC8P!R=:4>2F!?B!85CI5<!=;5!5C4=;'\8>D5T!
B:654! >A@C8C2G5! D?887! >2=CG=a! >=!2:=!:287! =CK5<! >=<! =:88!:2! =;5!@:37!@?=!
C8<:! 85CI5<! =;5! 5C4=;! =;5! 8556C7! D:4! C! D?4=;54! B4:I:GC=>:2L! B4:AB=>2F!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZN!(;?<!=;5!;?AC2!><!2:=!=;5!@5<='C3CB=53!8>I>2F!@5>2F!@?=!4C=;54!X?<=!=;5!
:BB:<>=5S! >=! ><! =;5! @5>2F! =;C=! <?GG553<L! =;4:?F;! 8C@:?4L! >2! 25?=4C8>[>2F!
=;5!2553!=:!C3CB=P!
!ZOO!
75=!A:45! <=:4>2F! k! @:=;!:D!6;>G;!;C<=52! =;5! >25I>=C@85! >2=544?B=>:2!:D!
B?4<?>=!C23!=;5!5I52=!:D!@5G:A>2F'C'G:4B<5P!$2!:4354!D:4!8C@:?4!=:!@45CK!
D455!:D!=;5!G7G85!:D!<=:4>2F²B4:I:GC=>:2²<=:4>2FL!>=!><!25G5<<C47!D:4!>=!=:!
B?=!C6C7!<:A5=;>2F!#4.61!k!C!7/65)/7P!*GG?A?8C=>:2!><!=;5!3?C8!B4:G5<<!
@7! 6;>G;! 8C@:?4! <=:45<! ?B! C23! B?=<! C=! =;5! 45C37! ('6#$ ."1&$ ?"1.$ 07$
&#;#7716+$ ,'6$ (#6#$ 7/6=0=1)W$ 1&2$ 56#;07#)+$ ?0."$ ."#$ 10($ ',$ 56#Z71.07,+0&*$ 1$
,/./6#$ 5/67/0.$ 1&2$ 56#Z#(5.0&*$ 1$ ,/./6#$ 56'=';1.0'&P! .2=:8:F>GC887!
<B5CK>2FL! 1))$ )1R'/6$ 07$ 1)6#12+$ 7/65)/7$ )1R'/6PZO!*GG?A?8C=>:2L! >2! :=;54!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZO!(;?<!6;52! -4:?3;:2! \B:<>=<! C<! C2! CW>:ATL! =:! =;5! F45C=! >44>=C=>:2! :D!
/C4WL! =;C=! \C88! 6:4K! 85CI5<! C! <?4B8?<TL! 65! <;:?83! ;CI5! =:! C3A>=! =;C=!
-4:?3;:2! ><! E?>=5! 4>F;=! 35<B>=5! ;>A<58DL! =;C=! ><L! C<! 8:2F! C<! =;5!6;:85!
@?<>25<<!><!2:!8:2F54!D4CA53!>2!=54A<!:D!=1)/#!d>2!6;>G;!GC<5!>=!><!>23553!
<52<585<<eP!"?=!6;52!65!<C7!=;C=!C88!8C@:?4!><!5<<52=>C887!<?4B8?<!8C@:?4L!
65!3:!2:=!A5C2!=;><!>2!=;5!A54587!:2=>G!dC23!=4>I>C8e!<52<5!=;C=!;?AC2!
@5>2F<!=523!=:!6:4K!8:2F54!=;C2!6;C=!><!45E?>453!D:4!=;5>4!<?@<><=52G5L!
2:4! 5I52! =;C=L! ?2354! <B5G>D>GC887! GCB>=C8><=! 458C=>:2<! :D! B4:3?G=>:2L!
8C@:?4! ><! G:AB58853! =:!B4:8:2F! >=<58D! @57:23! =;5!B:>2=! C=!6;>G;! >=! ;C<!
<?GG55353!>2!B4:3?G>2F!=;5!IC8?5!:D!=;5!A5C2<!:D!>=<!:62!45B4:3?G=>:2!
C23!B54B5=?C=>:2P!+C=;54!65!A5C2!>=!>2!=;5!<B5G>D>GC887!'&.')'*0;1)!<52<5L!
>2!C!6C7!=;C=!B:<>=<! =;5!I547!@5>2F!:D! 8C@:?4!C<!<?G;!k!I>[PL! =;C=! )1R'/6$
0.7#),! X?<=! 07! =;5! B4:3?G=>:2! :D! C! <?4B8?<L! =;C=! =;545! ><! 2:! CG=! :D! 8C@:?4!
6;>G;! ><! 2:=! C845C37! C! <?4B8?<'F5254C=>2F! CG=L! C2! 0&.#6#7.Z1;;6/0&*! CG=L!
!ZOM!
6:43<L! @4>2F<! C! <=:GKB>85! :D! G:ABC=>@85<! 6>=;>2! 5C<7! C23! >AA53>C=5!
45CG;!<:!C<!=:!dOe!25FC=5!C!5#6;#0=#2!25G5<<>=7!:D!CG=>:2!:4!>2=54B45=C=>:2!
d6;52!=;5!G:ABC=>@85'@5>2F!><!45C37!=:!;C23L!G:AB:4=A52=!<=C7<!C=!=;5!
B54>B;547!:D! =;5!4585IC2=!:4@>=!:D!G:2G542ea! dMe! 4585C<5! =;5!@:37!D4:A!C!
D?=?45!:@8>FC=>:2!=:!B?4<?5L!B45<54I>2F!>=<!>2=5F4>=7a!C23!dZe!35B4>I5!=;5!
5C4=;!:D! C!A5C<?45!:D! >=<! GCBCG>=7! =:! D:4G5! C!256!B?4<?>=! :4! =:! =?42!:4!
=;6C4=!C2!:2F:>2F!B?4<?>=!@7!A5C2<!:D!<:A5!<B:2=C25:?<!6>=;34C6C8L!
352<>D>GC=>:2!:4!B4:I:GC=>:2P!
! J5! A?<=! =;545D:45! 3><CF455! 6>=;! /C4W! 6;52! ;5! C4F?5<! =;C=! =;5!
3><=>2G=>:2!@5=6552!C2>AC8!\8C@:?4T!C23!8C@:?4!B4:B54!><!=;C=!=;5!8C==54!
><!B45'G:2G5>I53S!
!
*!<B>354!G:23?G=<!:B54C=>:2<!6;>G;!45<5A@85!=;:<5!:D!C!65CI54L!C23!
C! @55! 6:?83! B?=! AC27! C! ;?AC2! C4G;>=5G=! =:! <;CA5! @7! =;5!
G:2<=4?G=>:2!:D!>=<!;:257G:A@!G588<P!"?=!6;C=!3><=>2F?><;5<!=;5!6:4<=!
C4G;>=5G=! D4:A! =;5!@5<=!:D!@55<! ><! =;C=! =;5!C4G;>=5G=!@?>83<! =;5!G588! >2!
;><!A>23!@5D:45!;5! G:2<=4?G=<! >=! >2!6CWP!*=! =;5!523!:D! 5I547! 8C@:?4!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!=;C=! \<?4B8?<'B4:3?G=>:2T! 352:=5<! =;5! I547! 8C@:?4';"161;.#6! :D! 8C@:?4!
E?C! 8C@:?4L! =;5! )'*0;! :D! 8C@:?4! C<! =;><! BC4=>G?8C4! <B5G>5<! :D! CG=! d6;545!
\<?4B8?<T! ><! =;:?F;=! >2! =54A<! :D! =;5!/).0(1.#$ #&2! :D! 25?=4C8>[>2F! 8>D5! @7!
B4:3?G>2F! C23! <=:4>2F! ?B!A:45! =;C2!6;C=! ><! 25G5<<C47! D:4!A545! <?4'
I>IC8eP!R55!cC48!/C4WL!@6/&26077#!d1:23:2S!-52F?>2!"::K<L!OY^ZeL!`QOP!
!ZOZ!
B4:G5<<L! C! 45<?8=! 5A54F5<!6;>G;!;C3!C845C37!@552! G:2G5>I53!@7! =;5!
6:4K54!C=!=;5!@5F>22>2FL!;52G5!C845C37!5W><=53!>35C887PZM!
!
$2!DCG=!=;><!>35C!=;C=!;?AC2!8C@:?4!><!3><=>2F?><;53!D4:A!C2>AC8!CG=>I>=7!
@7!=;5!C33>=>:2!:D!G:2<G>:?<!B8C22>2F!><!C!I>4=?C8!=C?=:8:F7L!D:4!>2<:DC4!
C<! G:2<G>:?<25<<! k! ;545! A5C2>2F! =;5! GCBCG>=7! D:4! D455L! C2=>G>BC=:47!
B4:X5G=>:2L! :4! <>AB87L! @5>2F'D:4'>=<58D! k! X?<=! 07! =;5! I547! @5>2F! :D! =;5!
;?AC2L!=;5!D:4A?8C!35A:2<=4C=5<!8>==85!A:45!=;C2!=;C=!;?AC2!8C@:?4!><!
3><=>2F?><;53!@7! =;5! DCG=! =;C=! >=! ><!;?AC2P!"?=! =;5! 45C8! E?5<=>:2! ><! =;5!
:25! =;C=! C4><5<! :2! =;5! @C<><! :D! =;><! DCG=! k! 2CA587! =;><S! >2!6;C=!6C7! ><!
<?G;! CG=>I>=7! ,/&21(#&.1))+$ .61&7,'6(#2$ @7! =;5! C33>=>:2! :D! ;?AC2!
D4553:A! >2! =;5! d:2=>Ge! D:4A! :D! G:2<G>:?<! B8C22>2Fm! 0:4! C<! >=! ;CBB52<L!
B4:X5G=>:2! C8=54<! 2:=! <>AB87! =;5! 4C2F5! :D! CG=>I>=7! CIC>8C@85! @?=! >23553!
=;5!I547! 8:F>G!:D! =;5!CG=>I>=7! >=<58DL!C23! >=! ><! =;><!256! 8:F>G! =;C=! <=CAB<!
=;5! CG=>I>=7! D:4! =;5! D>4<=! =>A5!6>=;! =;5! G;C4CG=54! :D! )1R'/6$ 17$ 7/;"P! (;5!
C4G;>=5G=! ><!3><=>2F?><;53!D4:A!=;5!;:257@55!&'.! >2!=;C=!;><!36588>2F!><!
(#6#)+!35<>F253!@?=!4C=;54!>2!=;C=!>=!><!35<>F253!C86C7<!C23!<B5G>D>GC887!
D:4!=;5!B?4B:<5!:D!C2!'/.)17.0&*!C<!C!K>23!:D!GC8G?8C=53!B45I52=>:2P!
! 0:4! =;5! <CA5! 45C<:2L! =;><! ><! C8<:! B45G><587! =;5! B:>2=! C=! 6;>G;!
*4523=T<! 3><=>2G=>:2! @5=6552! 6:4K! C23! 8C@:?4! ?8=>AC=587! G:88CB<5<P!
"5GC?<5!*4523=!?2354<=C23<!8C@:?4!C<!=;5!A5C2<!:D!B54B5=?C=>2F!4C=;54!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZM!cC48!/C4WL!S150.1)W$K')Y$]!d1:23:2S!-52F?>2!"::K<L!OY^`eL!MVQP!
!ZOQ!
=;C2! :D! :I54G:A>2F! <?4I>IC8! k! \p(;5q! B4:3?G=>I>=7! :D! 8C@:?4! B:654l!
25I54! nB4:3?G5<o! C27=;>2F! @?=! 8>D5TZZ!k! <;5! 3:5<! 2:=! <55! =;C=! 5I547!
B4:3?G=! :D! 8C@:?4! ;C<! =;5! <CA5! `/1)0.+! >D! 2:=! =;5! <CA5! `/1&.0.+! :D!
B54AC252G5P! *4523=! >2<><=<! =;C=! \=;5!AC4K! :D! C88! 8C@:?4>2F! p><q! =;C=! >=!
85CI5<!2:=;>2F!@5;>23L! =;C=! =;5! 45<?8=! :D! >=<! 5DD:4=! ><! C8A:<=! C<! E?>GK87!
G:2<?A53!C<!=;5!5DD:4=!><!<B52=TL!:4!CFC>2!=;C=!=;5!B4:3?G=<!:D!8C@:?4!\3:!
2:=!<=C7! >2! =;5!6:483! 8:2F!52:?F;!=:!@5G:A5!BC4=!:D! >=TPZQ!"?=! =;><! ><! =:!
45FC43! =;5!;?AC2!C<!:2=:8:F>GC887! >352=>GC8! =:! C2!C2>AC8!:4!B8C2=! =;C=!
B?4587! 8>I5<L! >P5PL! C<! C! B?45! @5>2F'>2'=;5'5C4=;a! >=! ><! =:! G:2D?<5! =;5! ?4'
<=4>D5! :D! 8>D5! 6>=;! =;5! <=4>D5! :D! 8>I>2F! 5W><=52G5P! #I52! =;5! A:<=!
4?3>A52=C47! 8C@:?4! ><!C845C37! \6:4KT! >2!*4523=T<! <52<5! >2C<A?G;!C<! >=!
=CK5<! @CGKL! @7! A5C2<! :D! CGG?A?8C=>:2L! C! @>=! :D! =;5! 5C4=;T<! B:654! =:!
C<<C>8!C23!B4:I:K5P!(;545!><!:287!C!3>DD5452G5!:D!2#*6##!@5=6552!C!8:CD!:D!
@45C3!C23!=;5!=C@85!:2!6;>G;!>=!><!<54I53!d>P5PL!>2!=54A<!:D!=;5>4!=5AB:4C8!
G:2=>2?>=7S! =;5! =C@85! ><! 458C=>I587!A:45! B54AC252=eL!6;545C<! =;545! ><! C!
3>DD5452G5! :D! K>23! :4! #77#&;#! @5=6552! C! 8:CD! :D! @45C3! C23! =;5! C2>AC8T<!
2?=<! C23! @544>5<!6;>G;! >=! FC=;54<! C23! <=:45<! ?B! D:4!A545! <?4I>IC8L! :4!
@5=6552! =;5! C2>AC8T<! 25<=! :4! 352! C23! =;5! A:<=! B4>A>=>I5! C23!
4CA<;CGK85!;?AC2!36588>2FP!
! *<! C! <=:4>2F'5W=4C! C23! ACK>2F'CIC>8C@85! F5C453! =:6C43! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ZZ!*4523=L!:BP!G>=PL!VVP!
ZQ!$@>3PL!V^L!OOVP!
!ZO_!
2?88>D>GC=>:2! :D! 8>D5! C23! 2:=!A54587! =:6C43! =;5! B54B5=?C8! 45B5=>=>:2! :D!
<=:4>2F! >=<58D! d\@5>2F! :2! GC88! D:4! C! D?4=;54! :4354>2FTeL! 52D4CA>2F! E?C!
CGG?A?8C=>:2! ><! <552! =:! @5! C! (1A0&*Z;'&=#&0#&.L! C! B4:G5<<! :D!
;'&=#&0#&;0F1.0'&P! *<! CGG?A?8C=>:2! 8C@:?4! C>A<! D:4! C! <C=?4C=>:2! :D! =;5!
D>583!6>=;!G:ABC=>@85<!=;C=L!>2!=;5>4!45C3>25<<'=:';C23L!C<<?A5!=;5!D:4A!
:D! >2<=C2=! F4C=>D>GC=>:2<P! $2! =;><! 6C7! =5G;2:8:F7! C<<5A@85<! C! F'&#$ ',$
;'&=#&0#&;#!C<!C2!5G8>B<>2F!:D!=;5!5C4=;'[:25!=:!C!35F455!G:AA52<?4C=5!
6>=;! >=<! :62! 85I58! :D! 45C8>[C=>:2P! (;C=! ><L! =;5! F45C=54! =;5! [:25! :D!
G:2I52>52G5L! =;5! F45C=54! =;5! <;4>2KCF5! :D! =;5! 5C4=;'3>A52<>:2! :D! =;5!
6:483'5C4=;!C23!=;?<!=;5!G8:<54!=;5!CBB4:W>AC=>:2!:D!=;5!D>583!>=<58D!=:!C!
B?45!6:483!d>P5PL!<?G;!=;C=!=;5!=:=C8!C23!D>2C8!3><E?C8>D>GC=>:2!:D!@5>2F'>2'
=;5'5C4=;! 6:?83! G:445<B:23! =:L! C23! >23553! 6:?83! 35B523! :2L! =;5!
5<=C@8><;A52=! :D! C2! C@<:8?=587! B?45! 6:483! C<! C! [:25! :D! C@<:8?=5!
G:2I52>52G5ePZ_!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z_!)5>35FF54!6C<!6588!C6C45!:D!=;5!B;52:A52C!:D!G:2I52>52G5!C23!\=;5!
5C<7T!d217$O#0;".#e! D4:A!5C487!:2P!(;?<!>2!JR!OYMO'M!;5!64>=5<S! \0CG=>GC8!
8>D5! ><! C86C7<! <55K>2F! =;5! 5C<7!6C7! p36)#0;".#6/&*qa! >2G8>2C=>:2! D:88:6<!
=;5! 3>45G=>:2! >2! 6;>G;! >=! ><! B?8853! C23! 3:5<! <:! @7! >=<58DL! 45C3>87l!
/?23C25! 3>DD>G?8=>5<! C45! CG=?C887! 6C7<! =:! =CK5! :?4! 5C<5P! *8:2F! 6>=;!
G:2I52>52G5L!8>D5!C=!=;5!<CA5!=>A5!<55K<!=;5!C<<?4C2G5!=;C=!2:=;>2F!GC2!
@5!G8:<53!:DD! =:! >=l1>I>2F! ><! GC4>2F!C23! >23553! ><! <:! >2! =;5! >2G8>2C=>:2!
=:6C43!ACK>2F!=;>2F<!5C<7!D:4!:25<58DL! >2! =;5! >2G8>2C=>:2!=:6C43!D8>F;=!
!ZO`!
! (;5!6:483>D>GC=>:2!:D! =;5!5C4=;! >2! =;5! <52<5!:D! =;5!C<<5A@8>2F!:D!C!
[:25! :D! 458C=>I5! G:2I52>52G5! =;4:?F;! CGG?A?8C=>:2! G85C487! 52=C>8<! C!
G:2G:A>=C2=! =4C2<D:4AC=>:2! :D! =;5! <BC=>C8>=7! C23! =5AB:4C8>=7! :D! 8>I>2F!
5W><=52G5P!$2!=;5!8C<=!G;CB=54!65!<C>3!=;C=!=;5!B8CG5A52=!:D!B8CG5<!C86C7<!
C23!25G5<<C4>87!;C<!<:A5=;>2F!=:!3:!6>=;!=;5!458C=>I5!8>K58>;::3!:D!B?45!
8>D5T<!52G:?2=54>2F!G:ABC=>@85<!C23!>2G:ABC=>@85<L!C23!D?4=;54L!=;C=!=;><!
8>K58>;::3!6C<!=;5!>235W!:D!3><=C2G5P!(;5!B;52:A52:2!:D!CGG?A?8C=>:2!
E?C!G:2I52>52G>[C=>:2!2:6!5A54F5<!C<! =;5! 8:F>G!:D! =;><!B8CG5A52=S! D:4!
8>I>2F!5W><=52G5!>2!C23!D:4!>=<58DL!=;5!<BCG5!:D!=;5!6:483'5C4=;!><!C86C7<!
:4FC2>[53! >2! <?G;! C! 6C7! C<! =:! ACW>A>[5! =;5! CIC>8C@>8>=7! :D! B:=52=>C8!
F4C=>D>GC=>:2<!6;>85!A>2>A>[>2F! =;5!B45<52G5!:D!B:=52=>C8!B4:I:GC=>:2<P!
$=! ><! 2:=! <>AB87! =;C=! 5I547=;>2F! ;C<! >=<! :62! B8CG5! 6>=;>2! C! 45F>:2! :D!
<>F2>D>GC2G5L!@?=!4C=;54!=;C=!=;5<5!B8CG5<!C23!45F>:2<!=;5A<58I5<!C45!B45'
F>I52!C23!C<<5A@853!6>=;!C2!575! =:! G:2I52>52G5P!1C@:?4!CGG?A?8C=5<!
>2! =;5! 6C7! >=! <5>[5<! =;5! 372CA>GL! B54B5=?C887! 6C4B>2F! C23! =6><=>2F!
<BCG5!:D! 8>D5! C23! =CA5<! >=L! <A::=;52<! >=! :?=! C23!;:A:F52>[5<! >=L! =>3>87!
GC4I5<! >=!?B! >2=:!3><G45=5!<5G=:4<!6;545>2!G:ABC=>@85<!C23! =;5>4!A5C2<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!p>P5PL!D4:A!DCG=>GC8!8>D5!>=<58DqT!d&*!`OL!ONVgVOeP!"?=!>2<:DC4!C<!=;><!><!<=>88!C!
=;:4:?F;87! >2=4C6:48387! <:4=! :D! G:2I52>52G5L! =;5! 6C7! >2! 6;>G;! =;5!
G:225G=>:2! @5=6552! 8>D5T<! \>2G8>2C=>:2! =:6C43! ACK>2F! =;>2F<! 5C<7T! D:4!
>=<58D!C23!>=<!<55K>2F!C<<?4C2G5<!=;C=! \2:=;>2F!GC2!@5!G8:<53!:DD! =:! >=T! ><!
@C<53!>2!)0,#!><!C@<52=P!
!ZO^!
:D! B4:G?45A52=! C45! 25I54! I547! DC4! :?=! :D! 45CG;P! (;><! B4:G5<<! :D! =;5!
G:2I52>52G>[C=>:2! :D! <BCG5! ><! 6;C=! 8>5<! C=! =;5! 4::=! :D! =;C=! \D452[7! D:4!
25C425<<T! =;C=! )5>35FF54! <C6! I547! 5C487! :2PZ`!"7! @4>2F>2F! C! <=:GK! :D!
=;>2F<! G8:<5! @7! C23! 45C37! =:! ;C23L! 8>I>2F! 5W><=52G5! 45F?8C=5<! C23!
<=C23C43>[5<! >=<! [:25<! :D! 458C=>I5! CDD>2>=7L! 52<G:2G5<! >=<58D! 6>=;>2! C!
AC=4>W!:D!CDD>2>=7!=;C=!CGG:ABC2>5<!>=!6;525I54!C23!6;545I54!>=!F:5<P!
! /?G;! =;5! <CA5! GC2! @5! <C>3! :D! =;5! G:2I52>52G>[C=>:2! :D! =>A5P! "7!
A5C2<!:D!CGG?A?8C=>:2L!8C@:?4!25?=4C8>[5<!=;:<5!=>A5<!:D!CDD>2>=7!6;545!
B4:X5G=>:2! ><! 34C62! @CGK! >2=:! =;5! ?4F52G7! :D! =;5! B45<52=L! =;545@7!
B?<;>2F! =;5! ;:4>[:2! :D! B:=52=>C8>=7! 5I54! D?4=;54! >2=:! =;5! D?=?45P! (;5!
G:2<=C2G7! :D! B?4<?>=! 36>2385<! C<! =;5! 5C4=;! ><! <;:42! :D! >=<! DCA>8>C4!
4;7=;A<! C23! G7G85<L!6;>85! =;5! 5C4=;T<! <B:2=C25:?<! C<<C?8=<! F4:6! 5I54!
A:45! <B:4C3>GL! =;545! @5>2F! D5654! C23! D5654! B:<<>@>8>=>5<! D:4! =;5>4!
45C8>[C=>:2P! *23! 75=L! >4:2>GC887L! =;><! 4C3>GC8! 35'G:2=4CG=>2F! C23! 5W=52'
3>2F! :D! =;5! ;:4>[:2! :D! B4:X5G=>:2! ><! B:<<>@85! :287! =;4:?F;! =;5! 5E?C887!
4C3>GC8! ACK>2F'B45<52=! CG;>5I53! =;4:?F;! 52D4CA>2FP! (;5! 35F455! :D!
B45<52G5!:D!=;5!<=:GK!G:445<B:23<!=:!=;5!35F455!:D!5DD>G>52G7!:D!B4:G?45'
A52=L!=:!>=<!E?C8>=7!:D!>2<=C2=C25>=7L!:D!C86C7<!F?C4C2=55>2F!>AA53>C=5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z`!R55L!5PFPL!&*!MN!dOYM_eL!ZOMgMM^S!\*88!=;5!>2G45C<5<!>2!I58:G>=7l>2I:8I5!
=;5!:I54G:A>2F!:D!3><=C2G5<P!(;><!B5G?8>C4!:I54G:A>2F!:D!3><=C2G5<!><!>2!
>=<!<=4?G=?45!:D!@5>2FlC!D452[7!D:4!25C425<<L!6;>G;!>2!>=<!@5>2F!><!@C<53!
>2!,C<5>2!>=<58DPT!
!ZOV!
F4C=>D>GC=>:2<a! =;5! >235W! :D! G:2I52>52G5! ><! 2:=;>2F! A:45! =;C2! =;5!
4CB>3>=7!:D!=;5!2?88>D7>2F!45<B:2<5!=:!5I52!=;5!DC>2=5<=!<=>44>2F<!:D!8>D5P!
! R?G;L! =;52L! ><! =;5! CG=?C8! 8:F>G! :D! 52D4CA>2F!6;52! =;:?F;=! :2! =;5!
@C<><! :D! 8>D5P! "?=!65!A?<=! C8<:! =CK5! >2=:! CGG:?2=! =;5!A5C2<! @7!6;>G;!
CGG?A?8C=>:2! ><! 45C887! GC44>53! :?=L! =;C=! ><L! =;5! 6;:85! :D! =;5! G:2G45=5!
AC=54>C8! 5A@:3>A52=! :D! 52D4CA>2F! k! =::8<L! F5C4L! 35I>G5<L! ACG;>25<L!
CBB8>C2G5<L! <=4?G=?45<L! 5=GPL! 6;C=! 65! C45! DCA>8>C4! 6>=;! C<! 5E?>BA52=L!
>AB85A52=<L!=;5!6;:85!:D!=;5!\6:4K'6:483T!>2!=;5!A:<=!F5254C8!<52<5!k!
>2<:DC4!C<! =;><!G:2<=>=?=5<L! X?<=!C<! >=!3:5<! >2! \(;5!.4>F>2!:D! =;5!J:4K!:D!
*4=T!dC<!65!;CI5!C845C37!<552!C@:I5eL!=;5!<>=5!:4!D:GC8!B:>2=!:D!=;5!<=4>D5P!
(;545!C45!=6:!=;>2F<!=:!<C7!C@:?=!=;><L!@4>5D87P!0:4!:25!=;>2FL!C23!A:<=!
F5254C887L!=;5!2C=?45!:D!=;5!6:4K'6:483!><!25G5<<C4>87!<?G;!C<!=:!ACK5!>=!
<?>=C@85L!2:=!D:4!C27!4C23:A!B4:X5G=!:4!=C<K!=;C=!G4:B<!?BL!@?=!B4>AC4>87!
C23! <B5G>D>GC887! D:4! =;:<5! B4:X5G=<! F5C453! =:6C43! =;5! 25?=4C8>[C=>:2! :D!
5C4=;87! 8>D5! =;4:?F;!=;5!G45C=>:2!:D!C
!ZOY!
G:I5453! 4C>86C7! B8C=D:4A! =CK5<! =;5! 65C=;54L! <=:4A7! 65C=;54L! >2=:!
CGG:?2=P! -?@8>G! 8>F;=>2FL! C! <>AB85! <=455=8CABL! =CK5<! 3C4K25<<L! =;5!
<B5G>D>G! G;C2F5! :I54! =:! =;5! C@<52G5! :D! 3C78>F;=! C23! =;5! <?2L! >2=:!
CGG:?2=l$2!C88!:D!=;><!<:A5=;>2F!><!B45<52=L!<:A5=;>2F!><!=CK52!>2=:!
CGG:?2=!<B5G>D>GC887!6>=;!45FC43! =:! >=<!35=4>A52=C8>=7! pLR.6E*)0;"A#0.qL!
>2<:DC4!C<!>=!><!=;45C=52>2FL!:@<=4?G=>I5L!?2<54I>G5C@85L!45<><=C2=PZ^!
!
)545! =;5! 6:4K'6:483! ><! GC8853! >2=:! @5>2F! C23! 35B8:753! B45G><587! >2!
:4354!=:!G:A@C=!\=;5!6:483!C<!2C=?45!C23!5C4=;T!k!=;5!52I>4:2>2F!6:483L!
N(?#).! k! >2! >=<!35=4>A52=C8L! 45GC8G>=4C2=L! D5C4<:A5L! 5=GP! G;C4CG=54P!):6!
=;><!G:A@C=>2F! ><! DCG=?C887!:4!:2=>GC887!B4:<5G?=53! ><! >44585IC2=L! >2<:DC4!
C<! =;><! 35B523<! :2! =;5! :2=>GC8! G:2D>F?4C=>:2! :D! =;5! BC4=>G?8C4! 6:483'
5C4=;! >=<58DP! (;5! B:>2=! ><! <>AB87! =;C=L! '&.')'*0;1))+! G:2<>35453L! 5I547!
6:4K'6:483! ><L! C=! 85C<=! =:! C!35F455L!25G5<<C4>87! <=4?G=?453! >2! =;><!6C7L!
=;C=!><L!:4>52=53!=:6C43!=;5!35=4>A52=C8>=7!:D!8>D5PZV!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Z^!$@>3PL!M`YDPgOYVP!
ZV!*FC>2! 65! A?<=! 3><CF455! 6>=;! *4523=! :2! =;><! B:>2=P! $2! ;54! I>56L!
C8=;:?F;!=::8<!C23!>AB85A52=<!\5C<5!BC>2!C23!5DD:4=!C23!=;545@7!G;C2F5!
=;5!A:35<!>2!6;>G;!=;5!?4F52=!25G5<<>=7!>2!8C@:?4!6C<!:2G5!AC2>D5<=!=:!
C88TL! 2:25=;585<<! =;57! ;CI5! \2:=! 58>A>2C=53! G:AB?8<>:2! D4:A! =;5!
8C@:?4>2F! CG=>I>=7! :4! =;5! G:23>=>:2! :D! @5>2F! <?@X5G=! =:! 2553! C23!
25G5<<>=7!D4:A!;?AC2!8>D5T!d:BP!G>=PL!OM_L!OMOeP!-45G><587!=:!=;5!G:2=4C47L!
!ZMN!
! (;5!<5G:23!B:>2=!;C<!=:!3:!6>=;!=;5!458C=>:2<;>B!:D!=;5!6:4K'6:483!
=:! =;5! @:37P! $D! CGG?A?8C=>:2! D:4=>D>5<! C23! B4:=5G=<! =;5! @:37! @7!
B:<=B:2>2F! B?4<?>=! C23! 5AC<G?8C=>2F! =;5! 5C4=;L! =;52! =;><! ><! CG;>5I53!
=;4:?F;! =;5! 3><B8CG5A52=! :D! =;5! <>=5! :D! =;5! 52G:?2=54! 6>=;! =;5! 5C4=;!
D4:A!=;5!@:37!=:!5E?>BA52=P!$2!=;><!6C7!=;5!?=>8>[C=>:2!:D!5E?>BA52=!><!
5E?>IC852=! =:! =;5! G45C=>:2! :D! C! <?44:FC=5! :4! \B4:<=;5=>GT! @:37a! @7!
8C@:?4>2F! C23! C@<:4@>2F! =;5! 5C4=;T<! C<<C?8=<! >2! >=<! <=5C3L! 5E?>BA52=!
45X?I52C=5<! =;5! @:37! @7! B45<54I>2F! C23! 45<=:4>2F! >=<! :4>F>2C8!
<A::=;25<<! C23! <8>BB54>25<<L! 54C<>2F! :83! AC4K<! C23! >2<G4>B=>:2<! C23!
B45I52=>2F! =;5! 5A54F52G5! :D! 256! :25<! dC! G:C=! B4:=5G=<! =;5! <K>2! D4:A!
D4:<=@>=5L! =;?<! ><! C! B4:<=;5=>G! <K>2eP! $2! =;><!6C7! 8>I>2F! 5W><=52G5! @?>83<!
?BL!5WBC23<!C23!52;C2G5<!>=<
!ZMO!
"P!$AB8>GC=>:2<!:D!C!8>D5'@C<53!=;5:47!:D!=5G;2:8:F7!
!
0:4! )5>35FF54L! =5G;2:8:F7! ><! @:?23! ?B! 6>=;! =;5! I547! 35<=>27! :D! =;5!
J5<=a!>=!><!2:=!C!3><=>2G=!;><=:4>GC8!B54>:3!:4!\5B:G;T!<:!A?G;!C<!=;5!6C7!
>2!6;>G;!;><=:47!;><=:4>[5<! >=<58D! C<! =;5!;><=:47!:D! =;5! C@C23:2A52=! :D!
"5>2FP!)52G5! =;545!6C<!25I54!C! =>A5! d5PFPL! >2!<:A5!C2G>52=!BC<=e!6;52!
J5<=542! ;?AC2>=7! 6C<! 2:=! 75=! <5BC4C=53! D4:A! >=<! :4>F>2L! 2:=! 75=!
5<=4C2F53!D4:A!"5>2FL!6;>G;!><!=:!<C7L!2:=!75=!C845C37!358>I5453!:I54!=:!
C23! ?2354! =;5! <6C7! :D! =5G;2:8:F>GC8! 3:A>2C=>:2L! \V1;"#&7;"1,.TL! >2!
<:A5!6C7! C23! =:! <:A5!35F455PQN!*=! =;5! <CA5! =>A5L! ;:65I54L!6;C=!65!
C45! DCA>8>C4! 6>=;! C<! <B5G>D>GC887! A:3542! =5G;2:8:F7! 3:5<! 52=C>8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!2:=! G:2=52=! 6>=;! B4:3?G>2F! :4FC2><A<L! 6:?83! DC>2! F>I5! =;5A! C<! C2!
CBB523CF5!>2:4FC2>G!AC==54!>=<58DL!G:2I54=53!>2=:!C2!>AA52<5!:4FC2!@7!
=;5! >23?<=47! :D! =;5! 8>I>2F! @5>2FP! R?G;! ><! =;5! >2>=>C8! =C<K! >=! C<<>F2<! =:!
>2=588>F52G5T! d:BP! G>=PL! O`OeP!)545! =;5!AC2?DCG=?453! =::8! ><! C8<:! <?BB85'
A52=C47!=:!=;5!@:37L!>P5PL!C2!\CBB523CF5T!:D!AC==54P!
QN!R55L!5PFPL!&*!`PML!QQ`g#-L!VNDPS!\(;5!<?4452354!>2!6;>G;!"5>2F!C@C23:2<!
>=<58D! =:! =;5! ?=A:<=! 35D:4AC=>:2! :D! 5<<52G5! :D! @5>2F25<<! d=:!
nACG;>2C=>:2oe! ><! >2! C! ;>3352! 6C7! =;5! <58D'<?<B52<>:2! :D! =;5! B4>AC8!
5<<52G5!:D!*BB4:B4>C=>:2!>2!=;5!.4>F>2lp(;?<!=;5q!B4:F45<<>:2!:D!"5>2F!
=:!@5>2F25<<!><!=;C=!;><=:47!:D!"5>2Fl6;>G;!45AC>2<! X?<=!C<!5<<52=>C887!
45A:=5!D4:A!=;5!.4>F>2!>2!>=<!<=C4=!C<!>2!>=<!D>2><;PT!
!ZMM!
<:A5=;>2F! 256L! C! 4C3>GC8! @45CK! :4! =4C2<D:4AC=>:2L! >2<:DC4! C<! >=!AC4K<!
=;5!G:AB85=>:2!:4!G:2<?AAC=>:2!:D!=;><!;><=:4>[>2FL!>=<!C44>I>2F!>2=:!=;5!
D?8825<<!:D!>=<!:62!<58D'45C8>[C=>:2P!*23!>=!><!B45G><587!D:4!=;><!45C<:2!=;C=!
>=! ><! B:<<>@85! =:! <5=! A:3542! =5G;2:8:F7! CBC4=! :2! =;5! @C<><! :D! =;5!
BC4=>G?8C4! K>23! :D! \45I5C8>2FT! =;C=! :GG?4<! =;4:?F;! =;><! 45C8>[C=>:2S! \C!
G;C8852F>2F'D:4=;! p:#61/7,'62#6&q! =;C=! B?=<! =:! 2C=?45! =;5! ?245C<:2C@85!
35AC23!=;C=!>=!<?BB87!5254F7!=;C=!GC2!@5!5W=4CG=53!C23!<=:453!C<!<?G;T!
D:4! =;5!B?4B:<5!:D! \34>I>2F!:2! =:! =;5!ACW>A?A!7>583!C=! =;5!A>2>A?A!
5WB52<5TPQO!(;5!CAC<<>2F!C23!<7<=5AC=>G!:4354>2F!C23!3><=4>@?=>2F!:D!C88!
@5>2F<! C<! >2I52=:47! ><! C86C7<! CG;>5I53! =;4:?F;! =;><! 5W=4CG=>2F! C23!
<=:4>2F!?B!:D! 4C6!5254F7L!6;>G;! >2! =?42! ><! =:!@5!5WB52353L!G:2<?A53L!
D:4! =;5! B?4B:<5! :D! 5I54!A:45! :4354>2F! C23!3><=4>@?=>2F! C23! =;?<! 5I54!
A:45!5W=4CG=>2FL!<=:4>2F!?BL!5=GPQM!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QO!&*!^L!O_L!O`giU(L!OQL!O_P!
QM!(;><!><!2:=!C<!2CrI5!C!B4:@85AC=>[C=>:2!C<!>=!A>F;=!C=!D>4<=!CBB5C4P!$=!><!
2:=! C<! =;:?F;!)5>35FF54! ><! >F2:4C2=!:D! =;5! 8:F>G!:D! GCB>=C8a! >=! ><! 4C=;54!
=;C=!;5! ><!2:=! G:2I>2G53! =;C=! =;5! 8:F>G!:D! GCB>=C8! ><!2:=! 0.7#),!A54587!C2!
5WB45<<>:2!k!>P5PL!=;5!D>2C8!5WB45<<>:2L!=;5!G?8A>2C=>:2!k!:D!C!A?G;!A:45!
C2G>52=!C23!D?23CA52=C8!8:F>G!F:I542>2F!=;5!6;:85!35<=>27!:D!=;5!J5<=!
D4:A! =;5!@5F>22>2FL! >P5PL! =;C=! \34>I>2F!:2! =:! =;5!ACW>A?A!7>583! C=! =;5!
A>2>A?A! 5WB52<5T! ><! 2:=! >2! DCG=! =;5! 8C<=! >=54C=>:2! :D! C! A?G;! 355B54!
:@<5<<>:2!6>=;!:4354>2FL!G:2=4:88>2FL!C<G54=C>2>2F!k!>2!C!6:43L!7#;/60&*P!!
!ZMZ!
! (;><! G;C4CG=54><=>G! :D! 5W=4CG=>:2! D:4! =;5! <CK5! :D! <=:4>2F! C23!
G:2<?AB=>:2!:D!=;5!<=:453!D:4!=;5!<CK5!:D!A:45!5W=4CG=>:2!><!6;C=!C88:6<!
?<! =:!3><=>2F?><;! =;5!A:3542!6>23! =?4@>25! D4:A! =;5!:83!6>23A>88L! =;5!
G:C8A>25! D4:A! =;5! B5C<C2=T<! D>583L! =;5! ;734:585G=4>G! B:654! B8C2=! D4:A!
\=;5! :83! 6::352! @4>3F5! =;C=! X:>253! @C2K! 6>=;! @C2K! D:4! ;?23453<! :D!
75C4<TP! (;5! 6>23A>88T<! <C>8<! \3:! >23553! =?42! >2! =;5! 6>23TL! @?=! =;><!
=?42>2F!><!\85D=!52=>4587!=:!=;5!6>23T<!@8:6>2FTa!?28>K5!=;5!6>23!=?4@>25L!
\=;5!6>23A>88!3:5<!2:=!?28:GK!5254F7!D4:A!=;5!C>4!G?4452=<! >2!:4354! =:!
<=:45! >=TP! $2! =;5! <CA5! 6C7L! \p=;5q! D>583! =;C=! =;5! B5C<C2=! D:4A5487!
G?8=>IC=53! C23! <5=! >2! :4354! pR#7.#)).#q! CBB5C4<! 3>DD5452=87! =;C2! >=! 3>3!
6;52! =:! <5=! >2! :4354! <=>88! A5C2=! =:! =CK5! GC45! :D! C23! =:!AC>2=C>2Ta! =;5!
B5C<C2=! \3:5<!2:=! G;C8852F5! =;5! <:>8! :D! =;5! D>583T! @?=! 4C=;54! \B8CG5<! =;5!
<553! >2! =;5! K55B>2F! :D! =;5! D:4G5<! :D! F4:6=;! C23! 6C=G;5<! :I54! >=<!
>2G45C<5TP!"7!G:2=4C<=L! >23?<=4>C8>[53!CF4>G?8=?45!G;C8852F5<!=;5!5C4=;!=:!
7>583!GC<;!G4:B<!D:4!=;5!D::3!>23?<=47L!X?<=!C<!6>=;!=;5!<=4>B!A>25!\C!=4CG=!
:D!8C23!><!G;C8852F53!>2=:!=;5!B?==>2F!:?=!:D!G:C8!C23!:45TPQZ!
! $=!A?<=! @5! C3A>==53! =;C=! =;5<5! C45! <:A56;C=!3?@>:?<!3><=>2G=>:2<!
5I52! :2! )5>35FF54T<! :62!A:358P! $<! 2:=! CF4>G?8=?45! 17$ 7/;"! C! K>23! :D!
G;C8852F>2F!C23!G:AB588>2F!:D!=;5!5C4=;!=:!7>583!?B!=;>2F<!>=!6:?83!2:=!
2:4AC887!7>583!?B!d>=!><!G54=C>287!2:=!C27!\85==>2F'=;5'5C4=;'@5Tem!)C<!2:=!
=;5!D:45<=!C86C7<!@552!<552!C<!C!=>A@54'D>583!X?<=!>2<:DC4!C<!>=!;C<!C86C7<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QZ!&*!^L!O_DDPgiU(L!OQDDP!
!ZMQ!
@552! 25G5<<C47! =:! @?>83! <;58=54<! C23! G:2<?A5! D?58m!)C<! 2:=! =;5! 4>I54!
C86C7<!F>I52!>=<58D!C<!C!<;>BB>2F!4:?=5!D:4!=;5!=4C2<B:4=!:D!GC4F:m!*=!=;5!
:=;54! 5W=45A5L! C23! >2! X?<=! =;5! :BB:<>=5! 6C7L! >=! ><! =:3C7! @5G:A>2F!
>2G45C<>2F87! B:<<>@85! =:! 5W=4CG=L! <=:45! C23! AC2>B?8C=5! =;5! D:4G5<! :D!
2C=?45! B45G><587! >2! <?G;! C!6C7! =;C=! =;57! C45! 2:=! I>:852=87! G;C8852F53!
C23!34>I52! >2=:! <?@A><<>:2!@?=!C45! 4C=;54!C88:653! =:! GC447!:2!C=! =;5>4!
5C<5PQQ!$23553! =;5! =?42>2F! :D! =;5! @8C35<! :D! =;5! 6>23! =?4@>25! ><! C8<:L!
5WCG=87! 8>K5! =;5! :83! 6>23A>88L! \85D=! 52=>4587! =:! =;5! 6>23T<! @8:6>2FTP!
J;545>2! 8>5<! =;5!3>DD5452G5!@5=6552!C! 45I5C8>2F! =;C=! G;C8852F5<!2C=?45!
D:4!<:A5!35D>2>=5!523!C23!:25!D:4!6;>G;!G;C8852F>2F!>=<58D!><!=;5!523L!:4!
G:2I54<587L!@5=6552!C2!>2=54I52>2F!=;C=!><!2:25=;585<<!C!K>23!:D!GC4>2F!
C23! B45<54I>2F! C23! C2! C88':?=! G;C8852F>2F! =;C=! ><! 2:! 8:2F54! C2!
>2=54I52>2F!@?=!CG=?C887!C!K>23!:D!\85==>2F'@5Tm!
! $2! C27! GC<5L! >445<B5G=>I5! :D!6;5=;54!65! CGG5B=!)5>35FF54T<! 35D>2'
>=>:2L! >=! ><!C@?23C2=87!G85C4!=;C=!2:!<?G;!3><=>2G=>:2!GC2!85F>=>AC=587!@5!
34C62!6;52!65! =;>2K! =;5!A5C2>2F! :D! =5G;2:8:F7! :?=! :D! =;5! <=4>D5! :D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QQ!(;><! ><! =;5! 45C8! @?=! ;C4387! B:235453! A5C2>2F! :D! =;5! G:2=5AB:4C47!
>2DC=?C=>:2!6>=;!\<?<=C>2C@>8>=7TS!I>[PL!=;5!E?5<=!D:4!C!D:4A!:D!5WB8:>=C=>:2!
6;:<5! B54AC252G5! C4><5<! D4:A! =;5! DCG=! =;C=! >=! 3:5<! 2:=! B>88CF5! C23!
35<B:>8! 2C=?45! @?=! 4C=;54! 85CI5<! >=! A:45! B4><=>25! =;C2! 6;52! >=! @5FC2L!
C23!=;?<!D:4!C!2C=?45!=;C=!45B4:3?G5<!>=<58D!C23!:DD54<!>=<58D!D45587!>2!=;5!
I547!CG=!k!G8>2>GC8L!G>I>8>[53!k!:D!>=<!4C2<CGK>2FP!
!ZM_!
8>I>2F! 5W><=52G5P! 0:4! >2! =;><! GC<5! =5G;2:8:F7! ><! 45C8>[53! C=! =;5! I547!
@5F>22>2F! :D! ;?AC2!;><=:47! >2! 8C@:?4a! >=! ><! C<! :83! C<! =;5! ;?AC2! >=<58D!
>2C<A?G;! C<! =;5!;?AC2! ><! @:42!:?=! :D! >=<! B4>AC8! CF:2!6>=;! =;5! 5C4=;P!
#I52! =;5! ;?A@85<=! 35I>G5! k!)5>35FF54T<! X?FL! D:4! 5WCAB85! k! ><! C845C37!
=5G;2:8:F>GC8P! (;5! 5<<52G5! :D! =;><! \=;>2FT! ><! =:! ;:83L! =:! <=:45! ?BP! %:=!
(#6#)+! =:! <=:45! ?BL! ;:65I54L! @?=! 4C=;54! =:! 1;;/(/)1.#L! =:! <=:45! ?B! 2:=!
:287!6;C=!><!25G5<<C47!D:4!C2!>AB523>2F!B?4<?>=!@?=!C8<:!D:4!C!<54>5<!:D!
B?4<?>=<! 5W=523>2F! >2=:! C2! >235D>2>=5! D?=?45P! #I547! I5<<58! <=:45<! ?B! C!
<?4B8?<L!C23!>=!><!=;><!<?4B8?<!=;C=!3><=>2F?><;5<!=;5!I5<<58!D4:AL!<C7L!=;5!
GCA58T<! ;?AB! :4! =;5! B58>GC2T<! B:?G;P! (;5! ;?AB! C23! =;5! B:?G;! <=:45!
6;C=!><!25G5<<C47!D:4!<?4I>IC8a!=;5!X?F!<=:45<!>2!<?G;!C!6C7!C<!=:!2?88>D7!
=;5!2553!=:!<?4I>I5L!>P5PL!@7!ACK>2F!C!<=:GK!:D!<C=><DCG=>:2!:4!F4C=>D>GC=>:2!
45C37!=:!;C23L!@4>2F>2F!>=!G8:<5!@7!D:4!>2<=C2=!C23!45G?44>2F!3><B:<C8P!$2!
=;><! 6C7! =;5! I5<<58! 3:5<! 2:=! <>AB87! E?52G;! =;5! =;>4<=L! @?=! >2! DCG=!
B45I52=<! F52?>25! =;>4<=! D4:A! 5I54! C4><>2FP! 0:4! =;>4<=L! B4:B5487! ?2354'
<=::3L! ><!:287! =4?87! =;>4<=! >2! =;5!A>3<=!:D! =;5!B?4<?>=!:D! =;5!G:ABC=>@85!
:?=!=:6C43!6;>G;!=;5!=;>4<=!>=<58D!><!C845C37!3>45G=53P!+5C887!C23!=4?87!=:!
=;>4<=! ><! =:! @5! :2! =;5! ;?2=! D:4lL! >P5PL! D:4! =;C=! 6;>G;! G:2<=>=?=5<! =;5!
0&.#&./(!:D! =;5! =;>4<='B?4<?>=! >=<58DP!(;5!A545! >2K8>2F!:D!3><G:AD:4=!65!
D558! >2! :?4! =;4:C=L! C23! 6;>G;! ><! >2<=C2=C25:?<87! 25?=4C8>[53! @7! =;5!
<>AB85!<=45=G;>2F!:?=!:D!:?4!;C23!:4!=;5!=?42>2F!:D!:?4!64><=L!=;5!<>AB85!
CG=!:D!B:?4>2F!C!34>2KL! ><!2:=! =;>4<=L!@?=!:287! =;5! DC>2=5<=! >2=>AC=>:2!:D!
=;>4<=L!C!I>=>C=53!C23!C=4:B;>53!35<>45!=;C=!;C<!@552!<:8I53L!G:2E?5453L!
!ZM`!
8:2F! >2!C3IC2G5!k!C!<>AB85!C22:?2G5A52=! =;C=! >=! ><!:2G5!CFC>2! =>A5!=:!
=CB!>2=:!:?4!IC<=!45<54I5<P!
! 15=! ?<! =CK5! C2:=;54! 5WCAB85S! =;C=! \:83!6::352! @4>3F5! =;C=! X:>253!
@C2K!6>=;!@C2K!D:4!;?23453<!:D!75C4<TP!(;5!;734:585G=4>G!B8C2=!B?=<!=;5!
4>I54! C=! :?4! G:AAC23! C23! =4C2<D:4A<! >=! >2=:! C!6C=54'B:654! <?BB8>54a!
=;5!:83!6::352!@4>3F5L!>2!G:2=4C<=L!85=<!=;5!4>I54!@5L!85CI5<!>=!D455!=:!D8:6!
C8:2F!>2!B5CG5!C23!6>=;:?=!>2=544?B=>:2P!/:45:I54L!>=!><!X?<=!=;><!85==>2F!
=;5! 4>I54! 4?2! >=<! 2C=?4C8! G:?4<5! =;C=! D?2G=>:2<! =:! \FC=;54T! =;5! @4>3F5T<!
<?44:?23>2F<!>2=:!C!?2>D>53!C23!G:;5452=!8C23<GCB5P!*<!)5>35FF54!<C7<!
>2!\"?>83>2F!,6588>2F!(;>2K>2FTS!
!
(;5!@4>3F5!<6>2F<!:I54!=;5!<=45CA!\6>=;!5C<5!C23!B:654TP!$=!3:5<!2:=!
X?<=!G:225G=!@C2K<!=;C=!C45!C845C37!=;545P!(;5!@C2K<!5A54F5!C<!@C2K<!
:287!C<! =;5!@4>3F5!G4:<<5<! =;5!<=45CAP!(;5!@4>3F5!35<>F25387!GC?<5<!
=;5A! =:! 8>5! CG4:<<! D4:A! 5CG;! :=;54P! .25! <>35! ><! <5=! :DD! CFC>2<=! =;5!
:=;54! @7! =;5! @4>3F5P! %:4! 3:! =;5! @C2K<! <=45=G;! C8:2F! =;5! <=45CA! C<!
>23>DD5452=!@:4354!<=4>B<!:D! =;5!347! 8C23P!J>=;! =;5!@C2K<L! =;5!@4>3F5!
@4>2F<!=:!=;5!<=45CA!=;5!:25!C23!=;5!:=;54!5WBC2<5!:D!=;5!8C23<GCB5!
87>2F! @5;>23! =;5AP! $=! @4>2F<! <=45CA! C23! @C2K! C23! 8C23! >2=:! 5CG;!
:=;54T<! 25>F;@:?4;::3P! (;5! @4>3F5! *1."#67! =;5! 5C4=;! C<! 8C23<GCB5!
C4:?23!=;5!<=45CAPQ_!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q_!&*!^L!O_Qg-1(L!O_MP!
!ZM^!
(;><! FC=;54>2F! ><! >=<58D! =;C=! 6;>G;! G45C=5<! <:A5=;>2F! 8>K5! C! \<>=5T! :4!
\8:GC=>:2TL! >P5PL! D:4! =;5!B8C7!:D! =;5!6:483P!(;5! 8:GC=>:2!3:5<!2:=!B45G535!
=;5!@4>3F5!@?=! ><! 4C=;54! G:'B4:3?G53!C8:2F!6>=;! >=a! =;5!@?>83>2F!:D! =;5!
@4>3F5!><!=;5!G:A>2F!>2=:!5W><=52G5!:D!=;5!8:GC=>:2S!
!
(:! @5! <?45L! =;5! @4>3F5! ><! C! =;>2F! :D! >=<! '?&! K>23a! D:4! >=! FC=;54<! =;5!
D:?4D:83!>2!7/;"!C!6C7!=;C=!>=!C88:6<!C!70.#!D:4!>=P!"?=!:287!<:A5=;>2F!
."1.$ 07$ 0.7#),$ 1$ )';1.0'&! GC2!ACK5! <BCG5! D:4! C! <>=5P! (;5! 8:GC=>:2! ><! 2:=!
C845C37!=;545!@5D:45!=;5!@4>3F5!><P!"5D:45!=;5!@4>3F5!<=C23<L!=;545!C45!
:D! G:?4<5! AC27! <B:=<! C8:2F! =;5! <=45CA! =;C=! GC2! @5! :GG?B>53! @7!
<:A5=;>2FP!.25!:D!=;5A!B4:I5<!=:!@5!C!8:GC=>:2L!C23!3:5<!<:!R#;1/7#$
',$."#$R602*#P!(;?<!=;5!@4>3F5!3:5<!2:=!G:A5!=:!C!8:GC=>:2!=:!<=C23!>2!>=a!
4C=;54L!C!8:GC=>:2!G:A5<!>2=:!5W><=52G5!:287!@7!I>4=?5!:D!=;5!@4>3F5PQ`!
!
! %:6!=;5!:287!6C7!:25!GC2!;:83!DC<=!=:!@:=;!:D!=;5<5!B:<>=>:2<!k!dOe!
=;C=!=;5!@4>3F5!3:5<!2:=;>2F!=:!=;5!4>I54!@?=!<>AB87!85=<!>=!4?2!>=<!G:?4<5L!
>P5PL! 3:5<! 2:=! \G;C8852F5T! =;5! 4>I54! >2! C27!6C7L! C23! dMe! =;C=! =;5! @4>3F5!
>=<58D!35=54A>25<!>=<!:62!8:GC=>:2!k!><!@7!<?<B523>2F!:4!3><45FC43>2F!=;5!
G:2<=>=?=>2F!D:4G5!C23!4:85!:D!8>D5P!0:4!2:=!:287!3:5<!=;5!@4>3F5!k!C23!2:=!
:287!=;5!A:3542!<?B54;>F;6C7!@4>3F5!@?=!>23553!=;5!@4>3F5!`/1$R602*#!
k! G;C8852F5! =;5! 4>I54! >2! C! D?23CA52=C8! 6C7L! @?=! >=! ><! B45G><587! =;><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q`!$@>3PL!O_`gO_QP!
!ZMV!
G;C8852F>2F!=;C=!1&&/)7! =;5!8:GC=>:2!=;C=!GC8853!=;5!@4>3F5!>2=:!@5>2F!>2!
=;5!D>4<=!B8CG5P!
! $D! :25! <?BB:<5<! =;C=! 8:GC=>:2<! C4><5! <B:2=C25:?<87! C23! <>A?8=C2'
5:?<87!6>=;!=;5!@?>83>2F!:D!@?>83>2F<!=;C=L!E?C!@?>83>2F<L!B4:I>35!<>=5<L!
=;52! =;545! ><! 2:! \45C<:2T! D:4! @?>83>2F! =;5! @4>3F5! >2! =;5! D>4<=! B8CG5L! :4!
>23553! D:4! @?>83>2F! >=! ;545! 4C=;54! =;C2! =;545P! $=! ><! C<! >D! C! @4>3F5! \6545!
@?>8=TL! X?<=! <:! ;CBB5253! =:! @5! @?>8=L! C23! :287! =;52L! <?@<5E?52=! =:! >=<!
G:AB85=>:2L!6545!3><G:I5453!=:!B:<<5<<!<:A5!<B5G>D>G>=7!:4!BC4=>G?8C4>=7P!
%:6!>=!><!B54D5G=87!=4?5!=;C=!=;545!C45!AC27!<B:=<!C8:2F!C!I>4F>2!<=45CA!
=;C=!AC7! @5! :GG?B>53! @7! C! @4>3F5P! "?=! >=! ><! :287! @5GC?<5! :25! :D! =;5A!
1)6#12+!B4:I5<!7/0.1R)#!C<!C!8:GC=>:2L!>P5PL!45I5C8<!>=<58D!C<!C!8:GC=>:2L!=;C=!
=;5!@4>3F5!><!@?>8=!."#6#L!C=!."1.$)';1.0'&!C23!2:=!<:A5!:=;54L!C23!>23553L!
=;C=!C!R602*#! ><!@?>8=! =;545!C23!2:=L! <C7L!C! <;58=54!:4!C! 8::K:?=P! $=! ><! =;5!
8:GC=>:2! >=<58D! =;C=! 35=54A>25<! =;5<5! =;>2F<! d8>K56><5! 6>=;! =;5! <;58=54L!
5=GPeP!"?=!6;C=!35=54A>25<!=;5!8:GC=>:2<m!%:=;>2F!@?=! 8>D5! >=<58Dt! $=! ><!<:!
DC4! D4:A!@5>2F! =;5! GC<5! =;C=! =;5!@4>3F5! >88?A>2C=5<! =;5!@C2K<!C<!@C2K<!
C23! GC?<5<! =;5A! =:! 8>5! CG4:<<! D4:A! 5CG;! :=;54! =;C=! >2! DCG=! 65! <;:?83!
;CI5! =:! <C7! 5WCG=87! =;5! :BB:<>=5S! I>[PL! =;C=! =;5! @4>3F5! ><! C86C7<! C23!
5<<52=>C887!C!=5G;2:8:F>GC8!25F:=>C=>:2!:D!@C2K<!=;C=!;CI5!@5G:A5!@C2K<!
I><'�'I><!C!4>I54!=;C=!;C<!45I5C853!>=<58D!17$1&$'R7.1;)#L!=;C=!><L!\<B5G>D>GC887!
6>=;! 45FC43! =:! >=<! 35=4>A52=C8>=7TL! C<! )5>35FF54! <C7<! >2! RR! OYM_P! (;5!
@C2K<! @5G:A5! @C2K<! X?<=! 6;52! =;5! 4>I54! &##27$ .'$ R#$ ;6'77#2L! C23! =;><!
\2553>2F! =:! @5! G4:<<53T! >=<58D! ><! 3><G8:<53! :287! >2! =;5! G:2=5W=! :D! <:A5!
!ZMY!
3><G45=5! G7G85! :D! B?4<?>=P!/:45:I54L! >=! ><! :287! D4:A!:?=! :D! B?4<?>=! =;C=!
=;5! @C2K<! 45I5C8! <:A5! 516.0;/)16! B8CG5! =:! @5! C! 8:GC=>:2S! =;545! ><! <:A5'
=;>2F!=:!@5!;C3!:2!."1.!<>35L!D4:A!60*".$"#6#!=:!'=#6$."#6#P!.2!)5>35FF54T<!
I>56L!65!<;:?83!;CI5!=:!C<<?A5!=;C=!6;C=5I54!><!=:!@5!:@=C>253!><!:287!
5I54!F>I52!CD=54!=;5!@?>83>2F!:D!=;5!A5C2<!:D!:@=C>2>2F!>=P!
! -?4<?>=!5WB:<5<! =;5! 4>I54!C<!C2!:@<=CG85L!C!G;C8852F5! =;4:62!3:62!
@7! =;5! 5C4=;! >2! >=<! C==5AB=! =:! =;6C4=!B?4<?>=! k! >P5PL! C<! C! =;45C=! =:! \8>D5TL!
<:A5=;>2F! =;C=! A?<=! @5! \<?4I>I53TP! $2! =;><! =;45C=52>2F! G;C8852F5!
3><G;C4F53!@7!=;5!5C4=;!I>C!=;5!4>I54L!=;5!@C2K<!C45!D>4<=!<5=!:DD!:25!D4:A!
=;5!:=;54!C<!=;5!523!B:>2=<!:D!C!3><=C2G5!=;C=!A?<=!@5!25F:=>C=53a!C!\25C4T!
C23!\DC4T!5A54F5!C<
!ZZN!
<:A5! CF52G7L! <=4C=5F7! :4! 65CB:2! :D! =;5! 5C4=;! ;C<! @552! 35D85G=53L!
45235453! >AB:=52=P! J;C=5I54! 8>5<! '=#6$ ."#6#! ><! AC35! 45C3>87! C23!
G:2<=C2=87!CIC>8C@85L!@4:?F;=!G8:<5!=:!;C23a!>=!><!25>=;54!:2!=;><!<>35!2:4!
:2! =;C=L! D:4! =;5! <>35<! =;5A<58I5<! ;CI5! IC2><;53! C8:2F! 6>=;! =;5! 4>I54!
>=<58D!E?C!B4:I:GC=>:2P!.287!C2!5I52!A:45!I>:852=!45<B:2<5!@7!=;5!5C4=;!
d5PFPL!C!<=:4A!=;C=!645GK<!=;5!@4>3F5e!GC2!<;C==54!=;5!B5CG5!C23!<5G?4>=7!
:D!=;><!;:A:F52>[53!C23!35'3><=C2G53!45C8A!C23!:B52!?B!=;5!4>I54!C<!C!
B4:I:GC=>:2!:2G5!A:45P!
! $=! ><! =;5! @4>3F5! >=<58D! =;C=! CGG:AB8><;5<! =;><! 25?=4C8>[>2F! CGG?A?'
8C=>2F!:D!=;C=!:?=!=:6C43!6;>G;!=;5!@4>3F5!5W=523<P!$=!><!2:=!C!D?2G=>:2!:D!
C! <B5G>D>GC887! \A:3542T! =7B5! :D! @4>3F5a! =;5! \:83! <=:25! @4>3F5T<! ;?A@85!
@4::K! G4:<<>2FT! =;C=! \F>I5<! =:! =;5! ;C4I5<=!6CF:2! >=<! BC<<CF5! D4:A! =;5!
D>583<!>2=:!=;5!I>88CF5!C23!GC44>5<!=;5!8?A@54!GC4=!D4:A!=;5!D>583!BC=;!=:!
=;5!4:C3T!><!>23><=>2F?><;C@85!>2!=;><!45<B5G=!d>P5PL!:2=:8:F>GC887e!D4:A!=;5!
\;>F;6C7!@4>3F5!p=;C=q!><!=>53!>2=:!=;5!25=6:4K!:D!8:2F'3><=C2G5!=4CDD>GTPQ^!
$=! ><!=4?5!=;C=!=;5!:83!B5C<C2=!@4>3F5!><!2:=!@?>8=!6>=;!C2!575!=:!34>I>2F!
:2!=:!=;5!ACW>A?A!7>583!C=!=;5!A>2>A?A!5WB52<5!:4!=:!:4354>2F!=;>2F<!
C@:?=!<>AB87!<:!=;C=!=;57!GC2!<=C23!C=!=;5!45C37!D:4!A:45!:4354>2FP!"?=!
5I547!@4>3F5!E?C!@4>3F5!CGG?A?8C=5<! =;4:?F;!C!3><5AB:654>2F!:D! =;5!
5C4=;! >2! =;5! 2?88>D>GC=>:2! :D! <:A5=;>2F! 35=4>A52=C8P! -;7<>GC8! B4:G?45'
A52=!><!?225G5<<C47L!<>2G5!=;5!@4>3F5!>=<58D!;C<!C845C37!F?C4C2=553!=;><a!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q^!$@>3PL!O_QDPgO_MP!
!ZZO!
>23553! =;5! D?2G=>:2! :D! =;5! @4>3F5! ><! =:! 5W=523! =;5! 52=>45! 3:AC>2! :D!
F4C=>D>GC=>:2L! =;5! [:25! :D! G:2I52>52G5L! :?=! =:! =;5! <>=5! :D! =;5! B?4<?53!
>=<58DP! (;5! @4>3F5! 3:5<! 2:=! DCG>8>=C=5! =;5! 45=?42! :D! =;5! B?4<?53! =:! C!
<AC8854L! <58D'G:2=C>253
!ZZM!
45B45<52=>2F!B4:3?G=>:2TPQV!0:4!=;><!45C<:2L!)5>35FF54!C4F?5<L!UC4=5<>C2!
B;>8:<:B;7!><!=;5!A:<=!@4>88>C2=!5WB45<<>:2!:D!=;5!>2C?F?4C=>:2!:D!C!256!
C23!8C4F587!3><C<=4:?<!6:483'5B:G;!6>=;>2!=;><!;><=:4>GC8!35<=>27! >=<58DS!
I>[PL!A:3542>=7! B4:B54! C<! =;5! CF5! >2!6;>G;! \;?AC2>=7! <5=<! >2!A:=>:2L!
6>=;! 45<B5G=! =:! 5I547=;>2FL! =;5! ?28>A>=53! B4:G5<<! :D! GC8G?8C=>:2L!
B8C22>2FL! C23!@4553>2FTL! >P5PL! =;5!CF5!:D! \B8C25=C47! >AB54>C8><ATL!:D! =;5!
;?AC2!@5>2FT<!\=:=C8L!>P5PL!=5G;2:8:F>GC8L!3:A>2>:2!:I54!=;5!5C4=;TPQY!(;5!
<5G?4>2F!:D!=;5!;?AC2!>2!=;5!D4553:A!:D!>=<!:62!<58D'G54=C>2=7!;C<!C<!>=<!
2C=?4C8!G:4:88C47!=;5!35=54>:4C=>:2!:D!=;5!6:483!=:!=;5!<=C=?<!:D!=;5!B?45!
\3:AC>2!:D!A5C<?4>2F!C23!5W5G?=>:2!D:4!=;5!B?4B:<5!:D! =;5!AC<=547!:D!
@5>2F<!C<!C!6;:85TP_N!
! )545!CFC>2!65!<55!G85C487!=;C=L!:2!)5>35FF54T<!>2=54B45=C=>:2L!6:483!
AC<=547!C23!6:483!3:A>2C=>:2!C45!2:=;>2F!A:45!=;C2!5AB=7!D?2G=>:2<!
k!>2!=;><!GC<5L!:D!=;5!CB:=;5:<><!:D!=;5!7/R0#;./(! >2!=;5!D>F?45!:D!=;5!#*'$
;'*0.'S! 6;52! =;5! <?@X5G=! C44>I5<! >2=:! =;5! <58D'G54=C>2=7! :D! =;5! \$! =;>2KTL!
3:A>2C=>:2! D:88:6<!C<!C!AC==54!:D! G:?4<5P!%:6! >=! ><! G54=C>287! =4?5! =;C=!
,5<GC4=5<! 8:2F<! D:4! =;5! C44>IC8! :D! C2! CF5! :D! 5W;C?<=>I5! AC<=547! :I54!
2C=?45P!0:4!5WCAB85L!>2!=;5!\,><G:?4<5!:2!=;5!/5=;:3T!;5!64>=5<!=;C=!=;5!
IC4>:?<! :@<54IC=>:2<! C23! 3><G:I54>5<! =;C=! ;5! ;C<!AC35! >2! =;5! 2C=?4C8!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!QV!&*!_L!YQg^OP!
QY!$@>3P!UDP!OOOgVQP!
_N!$@>3PL!YMg`YP!
!ZZZ!
<G>52G5<!;CI5!
!
:B5253! A7! 575<! =:! =;5! B:<<>@>8>=7! :D! FC>2>2F! K2:6853F5! 6;>G;!
6:?83! @5! I547! ?<5D?8! >2! 8>D5L! C23! :D! 3><G:I54>2F! C! B4CG=>GC8!
B;>8:<:B;7!6;>G;!A>F;=!45B8CG5!=;5!<B5G?8C=>I5!B;>8:<:B;7!=C?F;=!>2!
=;5!<G;::8<P!(;4:?F;!=;><!B;>8:<:B;7!65!G:?83!K2:6!=;5!B:654!C23!
CG=>:2! :D! D>45L! 6C=54L! C>4L! =;5! <=C4<L! =;5! ;5CI52<! C23! C88! =;5! :=;54!
@:3>5<! >2! :?4! 52I>4:2A52=L! C<! 3><=>2G=87! C<! 65! K2:6! =;5! IC4>:?<!
G4CD=<!:D!:?4!C4=><C2<a!C23!65!G:?83!?<5!=;><!K2:6853F5!k!C<!=;5!C4=>'
<C2<!?<5!=;5>4<!k!D:4!C88!=;5!B?4B:<5<!D:4!6;>G;!>=!><!CBB4:B4>C=5L!C23!
=;?<!ACK5!:?4<58I5<L!C<!>=!6545L!=;5!8:43<!C23!AC<=54<!:D!2C=?45P_O!
!
U4?G>C887L!;:65I54L!=;5!B:<<>@>8>=7!C23!=;5!C88?45!:D!<?G;!AC<=547!3:!2:=!
C4><5!:?=!:D!2:6;545!C23!D:4!2:!45C<:2L!C23!@7!2:!A5C2<!<>AB87!C<!=;5!
5DD5G=!:D!C!256!6C7!:D!?2354<=C23>2F!:?4<58I5<!I><'�'I><!2C=?45L! >P5PL! C!
256!B;C<5!>2!=;5!;><=:47!:D!=;5!D:4F5==>2F!:D!"5>2FP!+C=;54L!C<!,5<GC4=5<!
<C7<L!AC<=547!:I54!2C=?45!k!C<!=;C=!\6;>G;!6:?83!@5!I547!?<5D?8!>2!8>D5T!k!
><!C86C7<!C23!>2=>AC=587!@:?23!?B!6>=;!=;C=!\8C6!6;>G;!:@8>F5<!?<!=:!3:!
C88! >2!:?4!B:654!=:!<5G?45!=;5!F5254C8!658DC45!:D!AC2K>23TP!J;C=!3:5<!
\=;5!F5254C8!658DC45!:D!AC2K>23T!6;>G;! ><! =:!@5! <5G?453! <>F2>D7! >2! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_O!+52h! ,5<GC4=5<L! \,><G:?4<5! :2! =;5! /5=;:3TL! >2! B#)#;.#2$ %"0)'7'5"0;1)$
M60.0&*7!dUCA@4>3F5S!UCA@4>3F5!H2>I54<>=7!-45<<L!OYVVeL!Q^P!
!ZZQ!
G:2=5W=! :D! =;><! ?<5D?825<<m!.2! =;><! B:>2=!,5<GC4=5<! ><! C@<:8?=587! G85C4S!
AC<=547!:I54!2C=?45!
!
><!35<>4C@85!2:=!:287!D:4!=;5!>2I52=>:2!:D!>22?A54C@85!35I>G5<!6;>G;!
6:?83! DCG>8>=C=5! :?4! 52X:7A52=! :D! =;5! D4?>=<! :D! =;5! 5C4=;! C23! C88! =;5!
F::3<! 65! D>23! =;545L! @?=! C8<:L! C23! A:<=! >AB:4=C2=87L! D:4! =;5!
AC>2=52C2G5!:D!;5C8=;L!6;>G;!><!?23:?@=5387!=;5!G;>5D!F::3!C23!=;5!
D:?23C=>:2! :D! C88! =;5! :=;54! F::3<! >2! =;><! 8>D5P! 0:4! 5I52! =;5! A>23!
35B523<!<:!A?G;!:2!=;5!=5AB54CA52=!C23!3><B:<>=>:2!:D!=;5!@:3>87!
:4FC2<! =;C=! >D! >=! ><! B:<<>@85! =:! D>23! <:A5!A5C2<! :D! ACK>2F!A52! >2!
F5254C8! 6><54! C23!A:45! <K>8D?8! =;C2! =;57! ;CI5! @552! ?B! =>88! 2:6L! $!
@58>5I5!65!A?<=! 8::K! D:4! >=! >2!A53>G>25P! $=! ><! =4?5! =;C=!A53>G>25! C<!
G?4452=87!B4CG=>G53!3:5<!2:=!G:2=C>2!A?G;!:D!C27!<>F2>D>GC2=!?<5a!@?=!
6>=;:?=! >2=523>2F! =:! 3><BC4CF5! >=L! $! CA! <?45! =;545! ><! 2:! :25L! 5I52!
CA:2F! >=<! B4CG=>=>:254<L!6;:!6:?83! 2:=! C3A>=! =;C=! C88!65! K2:6! >2!
A53>G>25! ><! C8A:<=!2:=;>2F! >2! G:ABC4><:2!6>=;!6;C=! 45AC>2<! =:!@5!
K2:62L!C23!=;C=!65!A>F;=!D455!:?4<58I5<!D4:A!>22?A54C@85!3><5C<5<L!
@:=;! :D! =;5! @:37! C23! :D! =;5! A>23L! C23! B54;CB<! 5I52! D4:A! =;5!
>2D>4A>=7! :D! :83! CF5L! >D!65!;C3! <?DD>G>52=! K2:6853F5! :D! =;5>4! GC?<5<!
C23!:D!C88!=;5!45A53>5<!=;C=!2C=?45!;C<!B4:I>353P!
!
$2! <;:4=L! AC<=547! ><! X?<=>D>53L! 2:=! D:4! >=<! :62! <CK5L! 2:=! :?=! :D! =;5!
C44:FC2G5! :D! C! =;>4<=! D:4! 3:A>2C=>:2! C23! G:2E?5<=L! @?=! 4C=;54! C<! =;5!
!ZZ_!
B4>2G>BC8!A5C2<!:D! 8>@54C=>2F!?<! D4:AL! <B5G>D>GC887L!1*0&*$1&2$207#17#P! $2!
:=;54! 6:43<L! D4553:A! ><! 2:=! D:?23! >2! B?45! <58D'G54=C>2=7! @?=! >2! =;5!
\"#1)."T! k! =;C=! ><L! =;5!?2<;CGK8>2F!:D! \8>D5T! D4:A! =;5! 45F>A5!:D!2553!C23!
<?DD54>2F! k! =;C=! AC<=547! :D! 2C=?45! ACK5<! B:<<>@85! @7! A5C2<! :D! =;5!
\?<5D?8!K2:6853F5T!:D!A53>G>25P!R?G;!5AC2G>BC=>:2!C23!F?C4C2=55>2F!:D!
D4553:A! >2!;5C8=;!C<! =;5!25?=4C8>[C=>:2!:D!@5>2F'>2'=;5'5C4=;!G:2<=>=?=5!
=;5!D?8D>8A52=!:D!:?4!G:885G=>I5!:@8>FC=>:2!\=:!<5G?45!=;5!F5254C8!658DC45!
:D! AC2K>23T! >2C<A?G;! C<! ;5C8=;! G:2=4>@?=5<! =:! =;5! 52;C2G5A52=! C23!
<B45C3!:D!;?AC2!6><3:AP!
!
!ZZ`!
C37%'!"#),9&3"#&'
!
!
$P!#I52=!
!
1>D5! ><! =;5!:B52>2F!?B!:D! C2! 5C4=;! C<! C! [:25!:D!35<>45a! 5W><=52G5! ><! =;5!
:B52>2F!?B!:D!C!6:483!C<!C
!ZZ^!
35=4>A52=C8>=7!:D!=;5!8>D5'[:25P!$2!8C@:?4!=;5!;?AC2!35B8:7<!5E?>BA52=!
=:!545G=!D:4!>=<58D!C!G>=C358!:D!458C=>I5!G:2I52>52G5L!C!6:483!C<!C!;CI52!:D!
B5CG5L! <=C@>8>=7! C23! =4C2E?>88>=7! 6;>G;! 3><E?C8>D>5<! =;5! 2553! =:! 2553L!
<5G?45<!D4553:A!D4:A!<?4I>IC8!C23!=;545@7!<=5C8<!@CGK!D4:A!=;5!5C4=;!C!
A5C<?45L!;:65I54!<8>F;=L!:D!>=<!B:654!=:!C<<C>8!C23!B4:I:K5P!
! $2! =;5! <=4>D5L! C88! =;455! 261(1.07$ 5#67'&1#! k! 5C4=;L! 6:483L! ;?AC2! k!
C44>I5!>2=:!=;5>4!5<<52G5<!C23!@5G:A5!6;C=!=;57!C45P!*88!D>23!=;5A<58I5<!
>2! =;5!<=4>D5L! >2! =;5!CF:2!:D!B4:I:GC=>:2!C23!G:?2=54'B4:I:GC=>:2!k! >P5PL!
>2!=;5>4!G:2<=>=?=>:2C8!<58D'3>I><>:2!C23!<58D'C8>52C=>:2P!#C4=;!5A54F5<!C<!
=;5
!ZZV!
\"5>2FTP!%:=!#7$*0R.L! =;52L!@?=!4C=;54! \0.$7.60=#7T!C<!=;5!B4>AC8!?B<?4F5!:D!
=;5!0.$)0=#7>?'6)27P!)545!0.$7.60=#7!�!0.$)0=#7>?'6)27L!6;545!=;5!<8C<;!AC4K!\gTL!
@5>2F! C=! :2G5! C! AC4K! :D! <5BC4C=>:2! C23! :D! ?2>D>GC=>:2L! <>F2>D>5<! =;5!
:4>F>2C47!G:2X:>2>2F!:D!8>I>2F!C23!6:483>2F!>2!8C@:?4L!>P5PL!>2!52D4CA>2F!
CGG?A?8C=>:2P!
!
$$P!-4:G5<<!
!
(;><!5I52=L!;:65I54L!=;5!B4>A:43>C8!0.$7.60=#7L!><!2:=!C!:25':DDL!<:A5=;>2F!
=;C=! :GG?4<! C23! ><! :I54! C23! 3:25! 6>=;L! @?=! 4C=;54! C! B4:G5<<L! C!
A:I5A52=P! 0:4! C=! =;5! 523! :D! 5I547! 3><G45=5! G>4G?>=! :D! 52D4CA>2F'
CGG?A?8C=>:2L!5I547!BC4=>G?8C4!3><52D4C2G;><5A52=!:D! =;5!5C4=;L!65!C45!
2:=! G:2D4:2=53! 6>=;! =6:! =;>2F<L! :?4! D:4A54! <?4I>IC8! <>=?C=>:2! 1&2! C!
<?4B8?<L! C2! 5WG5<<! 3><52D4C2G;><5A52=L! >P5PL! <:A5! 45C8L! E?C2=>=C=>I5!
3>A>2><;A52=! :D! >2<5G?4>=7a! >2<=5C3!65! C45! B45<52=53!6>=;! C! <>=?C=>:2!
=;C=L! C8=;:?F;! DCG=>GC887!2:I58L! ><! >352=>GC8! 0&$ ,'6(! =:! =;5!B45I>:?<!:25S!
I>[PL! <:A5! G:2G45=5! G:2D>F?4C=>:2! :D! =;5! C88>C2G5! @5=6552! =;5! 2553! =:!
2553! C23! =;5! =;45C=52>2FL! B4:I:K>2F! 5C4=;P! $2! =;><!6C7! =;5! B4:G5<<! :D!
8C@:?4'CGG?A?8C=>:2L! :D! =CK>2F! 2:=! A54587! 52:?F;! D:4! <?4I>IC8! @?=!
4C=;54!C86C7<!A:45!=;C2!52:?F;!>2!:4354!=:!2?88>D7!<?4I>IC8L!><!C!B4:G5<<!
6>=;:?=!523P!*<!C!A:I5A52=!:D!25?=4C8>[C=>:2!C23!<5G?4>=>[C=>:2!F5C453!
=:6C43! 5I54! A:45! C23! A:45! 5DD>G>52=! <5G?4>=>[C=>:2L! 8C@:?4! @5G:A5<L!
C23! >2! C! AC2254! B54D5G=87! C2C8:F:?<! =:! GCB>=C8L! C! K>23! :D! 5#65#.//($
!ZZY!
('R0)#!:4!C?=:AC=>G! <?@X5G=PO!(;5! 0.$7.60=#7! 45<:8I5<! >=<58D! >2!2:=;>2F! 85<<!
=;C2!=:=C8!<58D'G:2=4CG=>:2a!>=! ><!C!<=4>I>2F!=;C=!C>A<!D:4!2:=;>2F!<;:4=!:D!
=;5!:@8>=54C=>:2!:D! C88! <=4>D5P!*GG:43>2F87! =;5! 0.$ 7.60=#7! ><! <?G;!C<! =:!B?=!
=;5!<=4>D5!>=<58D!C=!<=CK5!>2!=;5!I547!<=4>I>2F!=;C=!>=!07!5<<52=>C887P!(;5!<=4>D5!
><! C86C7<! C845C37! =?4253! =:6C43! =;5! 3>45G=>:2! :D! 2:2'<=4>D5! k! :D! 45<=L!
2:2'A:I5A52=P! (;5! <=4>D5! 8CGK<! @C8C2G5L! ><! :2=:8:F>GC887! @>C<53! >2!
DCI:?4!:D!?'6)2P!*<!)5>35FF54!<C7<S!>=!><!\6:483!6;>G;!B45IC>8<!D4:A!:?=!
:D! =;5! 458C=>:2<;>B!:D! 5W><=52G5! =:! =;5!?2G:2G5C8A52=!:D!"5>2FTPM!)52G5!
8>I>2F! 5W><=52G5! ><! 2:=! :287! C8>52C=53! D4:A! >=<58DL! @?=! C8<:! C23! X?<=! C<!
B4>A:43>C887!0&$,)0*".$,6'($0.7#),S!=;5!0.$7.60=#7!><!5<<52=>C887!C!R#0&*Z.'?162Z
#407.#&;#!C<!C$R#0&*Z.'?162Z."#Z?'6)2L!:4!G:2I54<587L!C!R#0&*Z1?1+Z,6'(Z)0,#!
C<! C! R#0&*Z1?1+Z,6'(Z."#Z#16."P! (;><! A:I5A52=! =:6C43! =;5! 6:483! ><!
2:=;>2F! CGG>352=C8! @?=! <=5A<! D4:A! =;5! I547! <=4?G=?45! :D! =;5! 0.$ 7.60=#7!
>=<58DP! J5! AC7! =;545D:45! CF455! 6>=;! )5>35FF54! 6;52! ;5! 64>=5<S! \(;5!
=;45C=! =:!AC2!3:5<! 2:=! G:A5! >2! =;5! D>4<=! >2<=C2G5! D4:A! =;5! B:=52=>C887!
85=;C8! ACG;>25<! C23! CBBC4C=?<! :D! =5G;2:8:F7P! (;5! CG=?C8! =;45C=! ;C<!
C845C37!CDD5G=53!AC2!>2!;><!5<<52G5PTZ!(;><! \=;45C=T! =:! 8>I>2F!5W><=52G5! ><!
2:=;>2F! 85<<! =;C2! =;C=! :D! >=<! D>2C8! <58D':@8>=54C=>:2! >2! >=<! :62! <58D'
G:2<?AAC=>:2a! >2! :=;54! 6:43<L! >=<! 45C8>[C=>:2L! >=<! @5G:A>2F! 6;C=! >=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O!/C4WL!:BP!G>=P!dOY^`eL!M__P!
M!&*!_L!`ZgQ^P!J5!;CI5!C845C37!C88?353!=:!=;><!C@:I5L!OQMDDP!
Z!&*!^L!MYgiU(L!MVP!
!ZQN!
A:<=! 45C887!C23! =4?87! 07!C<!C!@5>2F'=:6C43'=;5'6:483L! ><! =;5!&#*1.0'&!:D!
6;C=! >=! ><!17! =;><!I547!A:I5A52=! >=<58DL! =;5! 0.$7.60=#7P! $2!:4354!D:4! 8>I>2F!
5W><=52G5!=:!R#!=;5!0.$7.60=#7!=;C=!>=!><L!>=!A?<=!1)7'L!>2!=;C=!I547!A:I5A52=!
>=<58DL! @5! C! @5>2F'=:6C43'=;5'25FC=>:2':D'=;5'0.Z7.60=#7! >2! =;5! <58D'
45C8>[C=>:2! :D! =;5! <=4>D5! >2! C23! C<! B?45! @5>2F'>2'=;5'6:483P! $2! =;5!
<>AB85<=! =54A<L! =;5! 8>I>2F! 5W><=52=! 07! C! A:I5A52=! d=;5! 0.$ 7.60=#7e! =;C=!
G?8A>2C=5<!>2!=;5!25FC=>:2!d=;4:?F;!B?4>D>GC=>:2e!:D!=;C=!I547!A:I5A52=!
>=<58DPQ!0:4!=;><!45C<:2!65!<;:?83!;CI5!=:!<C7!=;C=!=;5!6:483!><!<=>88!>2!=;5!
B4:G5<<! :D! D:4AC=>:2L! >P5PL! >2! =;5! B4:G5<<! :D! >=<! 45C8>[C=>:2! =;4:?F;!
B?4>D>GC=>:2P!(;?<!DC4!:287!C!BC4=>C8!6:483L!C!B:=52=>C8!6:483P!
! $=!><!:287!>2!=;><!<52<5!=;C=!65!AC7!dC23!>23553!A?<=e!<B5CKL!C8:2F!
6>=;! )?<<548L! /5485C?'-:2=7L! "C4@C4C<! 5=! C8PL! :D! <:A5=;>2F! 8>K5! C!
;:4>[:2!:D!?2D?8D>8853!5AB=>25<<L!C!B4>2G>B85!:D!C@<52G5!:4!25FC=>I>=7L!C!
4C3>GC8! >2G:AB85=525<<! :4! >2<C=>C@>8>=7L! C! <=4?G=?4C8! ?2<C=><DCG=:4>25<<L!
5=GP! (;5<5! @58:2F! 2:=! >2! B?45! 8>D5! @?=! :287! >2! =;5! >25W:4C@85!AC4G;! :D!
<5G?4>=>[C=>:2! >2>=>C=53! @7! =;5! G:'?B<?4F5! :D! 8>D5! C23! 5W><=52G5! C<! C!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Q!*<!*FCA@52!<C7<L!F8:<<>2F!c:X¬I5L!=;5!;?AC2!\5W><=<!;><=:4>GC887!:287!
>2!=;><!=52<>:2!p@5=6552!;><!C2>AC8>=7!C23!;?AC2>=7qa!;5!GC2!@5!;?AC2!
:287!=:!=;5!35F455!=;C=!;5!=4C2<G523<!C23!=4C2<D:4A<!=;5!C2=;4:B:B;:'
4:?<!C2>AC8!6;>G;!<?BB:4=<!;>AL!C23!:287!@5GC?<5L!=;4:?F;!=;5!CG=>:2!
:D!25FC=>:2L!;5! ><! GCBC@85!:D!AC<=54>2F!C23L!5I52=?C887L!35<=4:7>2F!;><!
:62!C2>AC8>=7PT!R55!*FCA@52L!:BP!G>=PL!OMP!
!ZQO!
?2>D>53!D>583!:D!AC2>D5<=C=>:2P!
!
$$$P!-?45!J:483!
!
(:3C7!65!<=C23!C=!=;5!@5F>22>2F!:D!=;5!CG=?C8>[C=>:2!:D!=;5!B:=52=>C887!
B?45! 6:483L! C=! =;5! =;45<;:83! :D! =;5! B54AC252=! 3><>2=5F4C=>:2! C23!
3><B:<<5<<>:2! :D! @5>2F'>2'=;5'5C4=;! C23! ;52G5! :D! =;5! 5C4=;! >=<58DP _!
(5G;2:8:F>GC8! CGG?A?8C=>:2! ;C<! G?8A>2C=53! >2! =;5! 25C4'C@<:8?=5!
G:2I52>52G>[C=>:2! :D! C88! 8>D5L! =;5! G45C=>:2! :D! C! IC<=L! >25W;C?<=>@85!
G:2I52>52G5!<=:45!6;545!B?4<?>=!C23!B4:I:GC=>:2!C45!2:=!:287!=;6C4=53!
C23! 354C>853L! @?=! >23553! I>4=?C887! >AB:<<>@85! =;C2K<! =:! C! B54B5=?C8!
;7B54<C=>5=7P! (;5! G:2I52>52G5! 34>I5! ><! @7! 2:!A5C2<! 5WG8?<>I5! =:! :4! C!
A545!D?2G=>:2!:D!GCB>=C8><Aa!=:!=;5!G:2=4C47L!GCB>=C8><A!><!k!:2=:8:F>GC887!
4C=;54!=;C2!<:G>:'5G:2:A>GC887!G:2<>35453!k!:287!=;5!;>F;5<=!5WB45<<>:2!
C23! >23553! =;5! G:AB85=>:2! :D! =;5! >2254! =52352G7! :D! =5G;2:8:F7! E?C!
52D4CA>2FL!C23!>2!C!=6:D:83!<52<5S!:2!=;5!<>35!:D!GCB>=C8!>=<58DL!>2<:DC4!C<!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!_!$=! F:5<!6>=;:?=! <C7>2F! =;C=! =;><! ><! >2=52353! B;52:A52:8:F>GC887! C23!
2:=!>2!C27!6C7!@>:8:F>GC887L!5G:8:F>GC887!:4!6;C=5I54!58<5P!$=!;C<!2:=;>2F!
=:! 3:! 6>=;! 5AC2G>BC=>:2! D4:A! B;7<>:8:F>GC8! B4:G5<<5<! :4! @C<>G! \I>=C8T!
<=C=5<!C23!CG=>I>=>5<P!#I52!85<<!3:5<!>=!>AB87!=;C=!65!C45!:2!=;5!I54F5!:D!
>AA:4=C8>=7P!J;5=;54!C27!:D!=;><!GC2!@5!35A:2<=4C=53!(#.15"+70;1))+! ><!
C2!52=>4587!3>DD5452=!AC==54P!
!ZQM!
G:2<?AB=>:2! :D! <?4B8?<! IC8?5! ><! >=<58D! C! B4:3?G=>I5! CG=L! >P5PL! F5C453!
=:6C43!=;5!B4:3?G=>:2!:D!C!<=>88'F45C=54!<?4B8?<L!=;C=!><!=:!<C7L!>2<:DC4!C<!
=;5! 5<<52G5! C23! 6107'&$ 2Ip.6#! :D! GCB>=C8! ><! =;5! G45C=>:2! :D! \F5254C8L! <58D'
45B4:3?G>2F!65C8=;TL! >P5PL!A:257! C<! \=;5! 8:43! C23! F:3! :D! =;5!6:483! :D!
G:AA:3>=>5<TL!=;5!\:A2>B45<52=!G:AA:3>=7T!6;>G;!\<C=><D>5<!5I547!2553L!
>2!<:!DC4!C<!>=!GC2!@5!5WG;C2F53!D:4!=;5!35<>453!:@X5G=!:D!5I547!2553T!C23!
6;>G;!=;?<!5W54=<! \C!F5254C8!B:654!:I54!<:G>5=7L!:I54!=;5!6;:85!6:483!
:D! F4C=>D>GC=>:2<T`a! C23! :2! =;5! <>35! :D! 8C@:?4L! >2<:DC4! C<! G:2I52>52G5! ><!
B45G><587!=;5!:4FC2>[>2F!8:F>G!:4!>2254!B4>2G>B85!:D!GCB>=C8T<!D4525=>G!C23!
>2G5<<C2=!DC@4>GC=>:2!:D!256!2553<!6;:<5!G:2<=C2=!F4C=>D>GC=>:2!><!6;C=!
F?C4C2=55<! =;5! 45C8>[C=>:2! :D! GCB>=C8! >=<58DL! >P5PL! >2<:DC4! C<! ?<5'IC8?5! C<!
<?G;! ><! 2:6! 35D>253! 52=>4587! >2! =54A<! :D! G:2I52>52G5L! C<! B8CG>2F!
<:A5=;>2F!:?=!:D!45CG;!\C=!:25T<!D>2F54=>B<TL!5=GP!dC!=;>2F!><!?<5D?8!X?<=!=:!
=;5!5W=52=!=;C=!>=!ACK5<!<:A5=;>2F!5C<>54eP^!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!`!/C4WL!:BP!G>=P!dOY^ZeL!MMQL!MMOL!MZOL!MOVL!MMMP!
^ !)52G5! />F?58! 35! "5><=5F?>T<! CBB:<>=5! <?@<=>=?=>:2! :D! \=5G;2:'
GCB>=C8><AT! D:4! )5>35FF54T<! =5G;2:8:F7S! C45! 65! 2:=! 2:6! 8>I>2F! >2! =;5!
5B:G;!:D!\=;5!C@<:8?=5!;54A5=>[C=>:2!:D!=;5!6:483!>2!=5G;2:'GCB>=C8><Am!
)C<!5C4=;!>=<58DL!)5<=>CL!2:=!6>=;34C62!C8=:F5=;54m!$2!=;5!<=4>D5!@5=6552!
6:483!C23!5C4=;L!@5=6552!)54A5<!C23!)5<=>CL!>=!6:?83!<55A!=;C=!6:483!
;C<! :I54<;C3:653! 5C4=;P! (;5! n<58D'3><G8:<>2F! :B5225<<! :D! =;5! @4:C3!
BC=;<o!:D!6:483!;CI5!5G8>B<53!5C4=;!C<!6;C=! ><! nG:2=>2?C887! <58D'<5G8?'
!ZQZ!
! *FC>2!>=!A?<=!@5!<=45<<53!=;C=!=;><!;C<!2:=;>2F!=:!3:!6>=;!C27!<:4=!
:D!8:<<!:D!\2C=?45TP!(5G;2:8:F7!><!2:=!=;5!GC?<5!:D!:?4!5<=4C2F5A52=!D4:A!
\2C=?45T! @?=! 4C=;54! =;5! G:4:88C47! :D! :?4! :4>F>2C47! 5<=4C2F5A52=! D4:A!
:?4<58I5<a!=5G;2:8:F7!><!2:=;>2F!A:45!:4!85<<!=;C2!=;5!6C7!>2!6;>G;!65!
;CI5!=;5!5C4=;!C<!C2!5C4=;!:2!=;5!@C<><!:D!:?4!:62!<58D'5<=4C2F5A52=P!$2!
DCG=L! >=! ><!B45G><587! =5G;2:8:F7! >=<58D! =;C=!R)/67! =;><!B4>A:43>C8!5<=4C2F5'
A52=!@7!:@8>=54C=>2F!C23!G:2G5C8>2F!=;5!5C4=;!C23!B?==>2F!\2C=?45T!>2!>=<!
B8CG5P!(:3C7!65!C45!G8:<54!=:!\2C=?45T!=;C2!5I54!@5D:45L!D:4!2C=?45L!=::L!
;C<!@552!B?=!C=!:?4!G:2I52>52G5P!J5!8CA52=!:?4!35=CG;A52=!D4:A!C23!
I>:852=!35<B:>8>2F!:D!2C=?45!C23!8::K!D:46C43!=:!=;5!3C7!6;52!65!6>88!
;CI5!C! <C254L!;5C8=;>54! 458C=>:2<;>B! =:!2C=?45a!65!45X:>G5! >2! =;5!B4:=5G'
=>:2!C23!G:2<54IC=>:2!:D!2C=?45!C23!358>F;=!>2!\F5==>2F!@CGK!=:!2C=?45TP!
"?=!6;C=!65!C45!45C887!35C8>2F!6>=;!>2!C88!:D!=;5<5!GC<5<!><!=;5!5)1&#.L!=;5!
52I>4:2A52=L! \2C=?45T! C<! C! =;:4:?F;87! >2=4C6:48387! 52=>=7L! <:A5=;>2F!
=;C=! ><! >=<58D! C845C37! <?@X5G=53! =:! =;5! 8C6! :D! CGG?A?8C=>:2! @7!
3><B:<<5<<>:2P! $=! ><!2:=!:287!B:<<>@85!@?=! >23553!C8A:<=! >25I>=C@85! =;C=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!3>2F!C23! =:! =;C=!5W=52=! <;58=54>2F!C23!G:2G5C8>2Fol(5G;2:'GCB>=C8><A!
><!5<<52=>C887!6:48387L!C23!>2!=;5!<=4>D5!:BB:<>2F!>=!=:!5C4=;l6:483!;C<!
<?4A:?2=53!5C4=;L!=;?<!<5I54>2F!>=<58D!D4:A!>=<!:=;54L!C88:6>2F!>=!=:!<8>B!
@CGK! >2=:!?2G:2G5C8A52=L! >2=:!:@8>I>:2PT! R55!35!"5><=5F?>L! :BP! G>=PL! O`ZP!
UDP!&*!`_L!M^^DPgOY_S!\J;7!3:5<!=;5!5C4=;!K55B!<>852=!>2!=;><!35<=4?G=>:2m!
"5GC?<5!5C4=;!><!2:=!C88:653!=;5!<=4>D5!6>=;!C!6:483lT!
!ZQQ!
65!6>88! <CI5! 2C=?45L! =;5! 52I>4:2A52=a! =:! 52<?45! @:=;! =;5! ?2>2;>@>=53!
D8:6!:D!GCB>=C8!CGG?A?8C=>:2!C23!=;5!>2=5F4>=7!:D!=;5!<=:GKB>85!35AC23<!
=;5!G45C=>:2!:D!C!K>23!:D!=5G;2:'?=:B>C!:D!B8C25=C47!\<?<=C>2C@>8>=7TL!=;5!
=4C2<D:4AC=>:2! :D! 2C=?45! >2=:! C! <B:=85<<! C23! ;7B54'5DD>G>52=! ACG;>25!
=;C=!DC>=;D?887!45B4:3?G5<!>=<58D!>2!=;5!I547!CG=!:D!>=<!:62!B>88CF>2FP!(;5!
8>A>=<!:D!2C=?45!C45!=4C2<D:4A53!>2=:!A545!@C44>54<!<?4A:?2=53!=;4:?F;!
=;5! 8:F>G! :D! G7G8>GC8>=7a! =;5! >2I52=:47! ><! =52353!2:=! =;4:?F;! 5I54!A:45!
;:C43>2F! dE?C2=>=C=>I587e! @?=! 4C=;54! =;4:?F;! =;5! 6#'G7G8>2F! :D! 6C<=5P!
R?G;!C!B54D5G=87!<C2>=C47L!<?<=C>2C@85!C23!45G7G8C@85!B8C25=C47!ACG;>25!
><!=;5!I547!35A><5!:D!=;5!5C4=;L!D:4!>=!52=C>8<!=;5!D>2C8!=CA>2F!:D!@:=;!=;5!
:4>F>2C8! I>:852G5! :D! =;5! 5C4=;T<! B4:I:GC=>:2<! C23! =;5! G:2G:A>=C2=!
I>:852G5!:D! :?4! :62! D455! G:?2=54'B4:I:GC=>:2<L! >P5PL! =;5! <=4>D5! >2!6;>G;!
=;5! 5C4=;! ><! D>4<=! D4553! C<! C2! 5C4=;! C23! 65! :?4<58I5<! C8:2F! 6>=;! >=! C<!
5C4=;'36588>2F! @5>2F<P! (;5! >35C! :D! \;C4A:27! 6>=;! 2C=?45T! ><! :287!
C2:=;54!2CA5! D:4! =;5! D>2C8!54C3>GC=>:2!:D! =;5!5C4=;! >2! =;5!E?5<=! D:4! =;5!
=:=C8!8>@54C=>:2!:D!CGG?A?8C=>:2P!
! (;><! 5WB8C>2<! =;5! G?4>:?<! 3:?@85! >2DC=?C=>:2! 6>=;! @:=;! 6:4K! 1&2!
85><?45! G;C4CG=54><=>G! :D! G:2=5AB:4C47! 5W><=52G5L! D:4! =;5<5! C45! @?=! =;5!
=6:! DCG5<! :D! =;5! 9C2?<';5C3! :D! B4:3?G=>I5! 5WB523>=?45a! =;57! C45! =;5!
:2=>GL!B<7G;:'B;7<>GC8! G:4458C=5<!:D! =;5!:2=:8:F>GC8!A:I5A52=!:D! =;5! 0.$
7.60=#7!E?C!@5>2F'=:6C43'=;5'B?45'6:483P!.2!=;5!C@<:8?=5!IC8?5!B8CG53!
:2! 85><?45! C23! 458CWC=>:2! =:3C7L!)524>! 15D5@I45! ;C<! =;><! =:! <C7! >2! ;><!
S60.0`/#$',$3=#6+21+$O0,#S!
!ZQ_!
(;545! ><! p=:3C7q! C2! >2G45C<>2F! 5AB;C<><! :2! 85><?45! G;C4CG=54>[53! C<!
3><=4CG=>:2S! 4C=;54! =;C2! @4>2F>2F! C27! 256! 6:44>5<L! :@8>FC=>:2<L! :4!
25G5<<>=>5<L! 85><?45! <;:?83! :DD54! )0R#61.0'&$ ,6'($ ?'66+$ 1&2$ &#;#770.+P!
1>@54C=>:2! C23! B85C<?45! k! <?G;! C45! =;5! 5<<52=>C8! G;C4CG=54><=>G<! :D!
85><?45L! CGG:43>2F! =:! =;5!BC4=>5<! G:2G54253l(;5! D>4<=! :@I>:?<! =;>2F!
=;C=!=;5!<:'GC8853!\A:3542T!AC2!C4:?23!?<!5WB5G=<!:D!85><?45!><!=;C=!>=!
<;:?83! <=:B! ;>A! D4:A! @5>2F! =>453! C23! =52<5L! D4:A! @5>2F! C2W>:?<L!
6:44>53!C23!B45:GG?B>53P!(:!?<5!C! =54A!6;>G;! ><!2:6!I547!6>3587!
?<53!@7!=;5!B?@8>G!C=!8C4F5L!;5!G4CI5<!6#)141.0'&PV!
!
,6588>2F! >2! C! IC<=! 85><?45'G:2I52>52G5! G:AB85WL! =;5!;?AC2!2:! 8:2F54!
45GC88<! =;5! 5C4=;! CFC>2<=! 6;>G;! =;><! G:AB85W! 6C<! :4>F>2C887! 545G=53P!
$23553! C@<:8?=5! C23! ?2>2=544?B=53! 85><?45! k! >2! =;5! <52<5! 2:=! :D! =;5!
C@<52G5!:D!6:4K!@?=!4C=;54!:D! =;5!25?=4C8>[C=>:2!:D! =;5!2553!=:!<?4I>I5!
d\8>@54C=>:2!D4:A!25G5<<>=7Te!k!;C<!@5G:A5!2:4AC8>[53!=:!<?G;!C!35F455!
=;C=! 45X?I52C=>2F! 3>I54<>:2<! D4:A! 85><?45! >=<58D! C45! 5<<52=>C8P! (;?<! >=!
;CBB52<! =;C=L! >2! 6;C=! ><! B54;CB<! =;5! F45C=5<=! >4:27! :D! \A:3542! 8>D5TL!
R#0&*Z0&Z."#Z#16."$0.7#),!><!<=:GKB>853L!B45'BCGKCF53L!AC4K5=53!C23!<:83!C<!
>2<=C2=L! 45C37'=:';C23! C3I52=?45a! @5>2F'>2'=;5'5C4=;! ><! A:@>8>[53! =:!
B4:I>35! C! 25G5<<C47L! C23! 25G5<<C4>87! =5AB:4C47L! #7;15#! D4:A! =;5!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!V !)524>! 15D5@I45L! 9:;2! /::45! d=4PeL! S60.0`/#$ ',$ 3=#6+21+$ O0,#W$ K')Y$ ]T$
-&.6'2/;.0'&!d1:23:2S!]54<:L!MNNVeL!ZZDP!d<:A5!5AB;C<><!C3353eP!
!ZQ`!
<A:=;54>2F!@:453:A!:D!=;5!85><?45!G:AB85W!C23!=;5!3>2!:D!>=<!>2G5<<C2=!
3><=4CG=>:2<! I>C! <CD5L! GC8G?8C=53! =;4>88<! 5DD5G=53! =;4:?F;! C!A5=>G?8:?<87!
:4G;5<=4C=53!<58D'>AB:<53!35B4>IC=>:2L!C!K>23!:D!ACK5'@58>5I5!<?4I>IC8!
d;?2=>2FL!=45KK>2FL!6>835425<<!=:?4<L!5=GPeP!%553!>=<58D!><!453?G53!=:!X?<=!
:25! CA:2F<=! >22?A54C@85! :=;54! 3><=4CG=>:2<L! X?<=! C2:=;54! D:4A! :D!
52=54=C>2A52=a! B45=523>2F! =:! ;CI5! =:! :I54G:A5! <:A5! 8>D5'=;45C=52>2F!
B4>IC=>:2! :4! =:! <=4?FF85! CFC>2<=! <:A5! 5C4=;87! B4:I:GC=>:2! k! 6;5=;54!
3>45G=87!:4!I>GC4>:?<87L!F8?53!=:!=;5!(]!<G4552!k!;C<!@5G:A5!C!DC<;>:2'
C@85! @:?4F5:><! ;:@@7L! :25! =;C=! =CK5<! B8CG5! 52=>4587!?0."0&! =;5! 85><?45!
G:AB85W!>=<58DP!
! (;><! 4C><5<! =;5!E?5<=>:2!:D! =;5!<=C=?<!:D! =;5!G:AB85=587! \85><?4>[53T!
@:37L!>P5PL!=;5!G:AB85=587!B4:<=;5=>[53!@:37P!R?G;!C!@:37!><!2:!8:2F54!C!
)0=0&*! @:37! >2! C27=;>2F! @?=! =;5! A:<=! D:4AC8! <52<5a! >=! ><! :287! C2!
5W><=52=>C8! @:37L! C! @:37! =;C=! K2:6<! 85D=! D4:A! 4>F;=! C23!;:6! =:! :4>52=!
>=<58D! >2! G:2=5W=<! :D! <>F2>D>GC2G5! @?=! 2:=! A?G;! 58<5! @5<>35<P! R?G;! C!
85><?4>[53gB4:<=;5=>[53!@:37!><!45C887!C!<5G:23!@:37L!C!=5G;2:8:F>GC8!:4!
I>4=?C8!@:37L!C!@:37!=;C=!;C<!@552!6:2!C23!<5G?453!@7!8C@:?4!C23!;C<!
=;545@7! 25?=4C8>[53! =;5! 2553! D:4! 8C@:?4! >=<58DP! *<! 17:=C43! <C7<L! C88!
45<5C4G;! =:3C7! CBB5C4<! \=:! G:2I54F5! :2! =;5! <CA5! C>AL! =;C=! :D!ACK>2F!
=;5! @:37! C3CB=C@85! =:! 2:2'=5445<=4>C8! G:23>=>:2<! :D! 8>D5L! :4! :D!
<?@<=>=?=>2F! C2:=;54! n@:37o! D:4! >=TPY!(;5! G8:<54! 65! CBB4:CG;! =:! =;><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!Y!95C2'04C2«:><!17:=C43L!&5:DD457!"522>2F=:2! d=4PeL!+CG;58!":68@7! d=4PeL!
!ZQ^!
I>4=?C8L!2:2'=5445<=4>C8!@:37L!=;5!B?454!C23!A:45!C@<:8?=5!>=<!45C8>[C=>:2L!
=;5!A:45!3:!65!<G4?@!=;5!@:37!G85C2!:D!5I547!I><>@85!5C4=;87!>2<G4>B=>:2!
C23!;52G5! =;5!A:45! C@<?43! C23! >2<?8=>2F!3:! =;5!B;52:A52C!:D! CF>2F!
C23!35C=;!<55A!=:!?<P!(;5!@:37! D4:A!6;>G;!C88! =4CG5<!:D!5C4=;87!<=4>D5!
;CI5! @552! 54C<53! G:A5<! =:! <=C23! C8:25! C<! C2! >235B52352=! =;>2FL!
35G:2=5W=?C8>[53L!4C3>GC887!3>I:4G53!D4:A!=;5!5C4=;P! $D! >=! ><!2:25=;585<<!
CGK2:6853F53!=:!@5!\C8>I5T!>2!<:A5!>2G:AB45;52<>@85!<52<5L!=;><!\8>D5T!><!
:25! =;C=! ><!F4C<B53!:287! >2! =54A<!:D!G54=C>2!@>:G;5A>GC8!B4:G5<<5<!C23!
D?2G=>:2<P! (;5! >35C! =;C=! =;><! B4:G5<<'=;>2F! <;:?83!65C4! :?=! C23!65C4!
3:62L!<?DD54!>2<G4>B=>:2<!C23!5I52=?C887!<?GG?A@!=:!=;5<5!>2<G4>B=>:2<!k!
=;><! ><! D:4!?<! =;5!A:<=!3>DD>G?8=! C23!AC3352>2F! =;>2F!:D! C88P!(:3C7!65!
C45! :@<5<<53!6>=;! =;5!B54D5G=>:2! :D! =;5! @:37L!6>=;! <G?8B=>2F! =;5! @:37!
>2=:! C! F8C@4:?<! 5FFP! $=! ><! 2:! G:>2G>352G5! =;C=! "C?34>88C43! D>23<! =;><!
:@<5<<>:2! 5I5476;545! >2! =;5! H2>=53! R=C=5<L! 6;545! 85><?45'@7'
CGG?A?8C=>:2! 45CG;5<! >=<! &#$ 5)/7$ /).61! C23! 6;545! =;5! G:2I52>52G>[53!
@:37!><!A:<=!G:2<B>G?:?<87!:2!3><B8C7S!
!
(;5! :A2>B45<52=! G?8=! :D! =;5! @:37! ><! 5W=4C:43>2C47P! $=! ><! =;5! :287!
:@X5G=!:2!6;>G;!5I547:25! ><!AC35!=:!G:2G52=4C=5L!2:=!C<!C!<:?4G5!:D!
B85C<?45L!@?=!C<!C2!:@X5G=!:D! D4C2=>G!G:2G542L! >2! =;5!:@<5<<>I5! D5C4!:D!
DC>8?45! :4! <?@<=C23C43! B54D:4AC2G5L! C! <>F2! C23! C2! C2=>G>BC=>:2! :D!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!"#$-&"/(1&!dR=C2D:43S!R=C2D:43!H2>I54<>=7!-45<<L!OYYOeL!`MP!
!ZQV!
35C=;L!=;C=!35C=;!=:!6;>G;!2:!:25!GC2!C27!8:2F54!F>I5!C!A5C2>2FL!@?=!
6;>G;! 5I547:25! K2:6<! ;C<! C=! C88! =>A5<! =:! @5! B45I52=53l(;5! GC45!
=CK52!:D!=;5!@:37!6;>85!>=!><!C8>I5!B45D>F?45<!=;5!6C7!>=!6>88!@5!AC35!
?B! >2! =;5! D?254C8!;:A5L!6;545! >=!6>88!@5!F>I52!C!<A>85! =;C=! ><! 45C887!
\>2=:T!35C=;PON!
!
#I5476;545!=;545!><!@CDD85A52=!C@:?=!\=;5!A7<=54>:?<!B4:G5<<!:D!CF>2FTP!
%56!\3><5C<5<T!C45!\3><G:I5453T!C8A:<=!5I547!3C7!k!>2!=;5!D:4A!:D!=;5>4!
=45C=A52=<P! ,><5C<5! >=<58D! ><! 2:! 8:2F54! 35D>253! CGG:43>2F! =:! C! 8:F>G! :D!
2:4AC8>=7!@?=!4C=;54!=:!:25!:D!02#1)0.+S!\3><5C<5T!><!C27=;>2F!=;C=!;>2354<!
=;5! 5W54G><5! :D! =:=C8! 85><?45! C23! B45I52=<! =;5! @:37! D4:A! @5G:A>2F! C!
B54D5G=87!<A::=;L!F8C<<7!5W=54>:4P!
! (;5! =5G;2:'85><?45'G:2I52>52G5! G:AB85W! 3:5<! >23553! G:2<=>=?=5! C!
K>23!:D!5<G;C=:2!>2!=;5!9?35:'U;4><=>C2!<52<5L!D:4!;545!8>D5!><!>2=54B45=53!
B45G><587!C<!C!@5>2F!:2!=;5!5C4=;!C<L!<B5G>D>GC887L!=;5!;C43<;>B!:D!C!3>I>25!
B?2><;A52=!=;C=!<BC2<!@5=6552!=6:!BC4C3><5<!@:=;!:D!6;>G;!C45!?==5487!
35I:>3!:D!2553P! \1>D5T! ><!C!=5AB:4C47!<:X:?42!=;4:?F;!C!;:<=>85L!D:45>F2!
6>835425<<L! =;5! <52=52G5! D:4! *3CAT<! 3><:@53>52G5P! J;52! &:3! C23!
;?AC2>=7!C45!45G:2G>853!C=!=;5!523!:D!;><=:47L!=;5!6:483!6>88!@5!45<=:453!
=:!>=<!>2>=>C8!5352>G!<=C=5P!):65I54L!>2!#352!X?<=!C<!>2!=;5!B?4>D>53!6:483L!
=;545! ><! 25>=;54! B?4<?>=! 2:4! B4:I:GC=>:2! =:! C27! 35F455! 6;C=<:5I54P!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!ON!95C2!"C?34>88C43L!U;4><!(?4254!d=4PeL!L(#60;1!d1:23:2S!]54<:L!MNNNeL!Z_P!
!ZQY!
U54=C>287! *3CA! 5C=<L! @?=! 25I54! 3:5<! ;5! =4?87! ;?2F54L! C23! B45G><587!
@5GC?<5! =;5! ;5CI5287! D4?>=! ><! 3C2F8>2F! 5I5476;545! C4:?23! ;>AL!
B4CG=>GC887!8:654>2F!>=<58D! >2=:!;><!;C23<L!6;>G;!;CI5!:287!=:!45CG;!:?=!
5I54! <:! <8>F;=87! C=! =;5! DC>2=5<=! <=>44>2F! :D! =;5! FC<=4>G! X?>G5<! >2! :4354! =:!
D>23! >2<=C2=! C23! G:2<=C2=! <C=><DCG=>:2P! #352! ><! C! 45C8A! :D! B?45L!
=4C2<G52352=!G:2I52>52G5a!>=!CG;>5I5<!=;4:?F;!3>I>25!>2=54I52=>:2!6;C=!
-C4C3><5!CGG:AB8><;5<!=;4:?F;!CGG?A?8C=>:2L!52D4CA>2FPOO!
!
$]P!04553:A!
!
15=!?<!45=?42!@4>5D87!=:!C!D:4A54!3><=>2G=>:2L!I>[PL!=;C=!@5=6552!3?4C@>8>=7!
C23! C! G54=C>2! I?8254C@>8>=7P! *FC>2!65!AC7! G>=5!*4523=S! \(;5! >35C8<! :D!
"'('$,1R#6L!=;5!DC@4>GC=:4!:D!=;5!6:483L!6;>G;!C45!B54AC252G5L!<=C@>8>=7L!
C23! 3?4C@>8>=7L! ;CI5! @552! <CG4>D>G53! =:! C@?23C2G5L! =;5! >35C8! :D! =;5!
1&0(1)$ )1R'61&7TL! >P5PL! =;5! ;?AC2! >2<:DC4! C<! >=! ><! G:2G54253! :287! 6>=;!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OO!R55! *FCA@52L! :BP! G>=PL! OYS! \(;5! 45<?445G=>:2L! p*E?>2C<q! =5CG;5<L! ><!
3>45G=53!2:=!=:!=;5!B54D5G=>:2!:D!AC2T<!2C=?4C8!8>D5L!@?=!:287!=:!=;C=!D>2C8!
B54D5G=>:2! 6;>G;! ><! G:2=5AB8C=>I5! 8>D5l(;5! <CA5! C?=;:4! 6;:! ;C3!
<;:4=87! @5D:45! CDD>4A53! =;C=! AC2T<! <>2! ;C3! >2! 2:! 6C7! G;C2F53! =;5!
2C=?45! C23! G:23>=>:2! :D! C2>AC8<L! 2:6! B4:G8C>A<! ?245<54I5387! =;C=!
C2>AC8! 8>D5! ><!5WG8?353!D4:A!-C4C3><5L! =;C=!@85<<53! 8>D5! ><! >2!2:!GC<5!C2!
C2>AC8!8>D5PT!
!Z_N!
<?4I>IC8L! B4:G?4>2F! =;5! 25G5<<>=>5<! :D! 8>D5POM!"5GC?<5! *4523=! <55<! =;5!
5<<52G5!:D!8>D5!C<!A545!<?4I>IC8L!<;5!2C=?4C887!3><G:I54<!=;5!A:3542!CF5!
=:! @5! 35D>253! @7! =;5! 4><5! :D! \<:G>5=7T! C<! C! <B;545! :D! CG=>I>=7! 358>I5453!
:I54! 6;:887! =:! G:2<?AB=>:2! C23! =;?<! G;C4CG=54>[53! @7! C2! 5235A>G!
=4C2<>52G5L! C! 8CGK! :D! <=C@>8>=7! C23! 3?4C@>8>=7P! "?=! =;5! ;?AC2! ><! 25I54L!
5WG5B=! ?2354! 5W=45A5! 3?45<<L! C! @5>2F! =;C=!(#6#)+! <?4I>I5<a! 4C=;54! =;5!
;?AC2! ><! =;5! @5>2F! =;C=! B45<54I5<! >=<! <58D! =;4:?F;! =;5! B4:F45<<>I5!
3><E?C8>D>GC=>:2!:D!<?4I>IC8!@7!A5C2<!:D! =5G;2:'CGG?A?8C=>:2L!6;>G;! ><!
C86C7<! C23! 25G5<<C4>87! C2! >25W:4C@85! B4:G5<<! :D! ACK>2F'B45<52=! C23!
ACK>2F'B54AC252=P! +58>C@>8>=7L! >2! )5>35FF54T<! <52<5L! K#6)Eg)0;"A#0.L!
G;C4CG=54>[5<! &'.! =;5! B54AC252=87! B45<52=! @?=! B45G><587! =;5! =4C2<>52=L!
=;C=! 6;>G;! 5WB:<5<! >=<58D! =:! =;5! >2G?4<>:2<! :D! =;5! 5C4=;P! J;52! =;5!
458>C@85! =;>2F! @45CK<L! >=! ><! <=>88! C! =4CI5<=7a! >=! ><!A:?4253! C23! D>23>2F! C!
45B8CG5A52=!><!3>DD>G?8=P!(;5!?2458>C@85L!@7!G:2=4C<=L!=;5!3><B:<C@85!C23!
3><GC43C@85L!X?<=!07!>=<!:62!45B8CG5A52=L!C!<>2F85!8>2K!>2!C2!>2D>2>=5!G;C>2!
:D!45B8CG5A52=<L!6;>G;!58>A>2C=5<!I?8254C@>8>=7!C<!<?G;POZ!J;C=!*4523=!
45D54<! =:!C<! \C@?23C2G5T!C<! =;5! >2D>2>=587!G:2<?AC@85! ><! 45C887! =;5!A:<=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OM!*4523=L!:BP!G>=PL!OM`P!
OZ!J5!AC7!2:=5!;545!C!D:4AC8!45<5A@8C2G5!=:!35G:2<=4?G=>:2L!6;>G;L!@7!
C@<:8?=>[>2F! =;5! <>F2>D>54L! ;C<! =;5! 4C=;54! >4:2>G! 5DD5G=! :D! G45C=>2F! C!
45F>A5! :D! =;5! A:<=! <?DD:GC=>2F! B45<52G5! 6>=;>2! 6;>G;! :287! :25!
B54A><<>@85!CG=>I>=7!45AC>2<P!
!Z_O!
3?4C@85! :D! C88a! >=! ><! =;5! >25W;C?<=>@85! >2I52=:47L! D#7.1&2P! )?AC2!
G:2<?AB=>:2!><!C86C7<!G:2<?AB=>:2!6>=;!C23!:D!=;5!3?4C@85!>=<58Da!>=!><!
G:2<?AB=>:2! 2:=! :D! <?4I>IC8! @?=! :D! =;5! AC>2=52C2G5! :D! =;5! 2?88>=7! :D!
<?4I>IC8P!
! (;5! B?45! 6:483L! *4523=T<! \<:G>5=7TL! ><! =;5! <B;545! :D! =;5! A:<=!
C@<:8?=5! C23! ;:A:F52>[>2F! B45<52G5L! =;5! 45C8A! :D! =;5! 5I547=;>2F'
C86C7<'45C37'=:';C23POQ!(;5! G5C<585<<! D8:6! C23! G:2<=C2=! B4:3?G=>:2! :D!
2:I58=7!=;C=!=5G;2:'GCB>=C8><A!=:?=<!><!C2!58C@:4C=5!4?<5a!>2!45C8>=7!=;545!
><!:287!C!<;?DD8>2F!C4:?23!:D!=;5!<CA5L!:D!=;5!<?2347!>=5A<!:D!=;5!<CA5!
>2I52=:47P!*=! =;5!<CA5! =>A5L! >=! ><!5C<7! =:!<55! =;C=! =;5!B?45!6:483!3:5<!
2:=!<?GG553!>2!25?=4C8>[>2F!=;5!2553!=:!2553!:2G5!C23!D:4!C88L!@?=!:287!
3><B8CG5<!=;5!2553!D4:A!8C@:?4!:2=:!=;5!>2I52=:47!>=<58DP!$2!C!<=4C2F5!@?=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!OQ!(;?<!>=!><!2:!6:2354!=;C=!)5>35FF54L!8::K>2F!D:4!@5>2FL!3><G:I54<!D>4<=!
C23! D:45A:<=! =;5! 45C37'=:';C23S! \$<! >=L! CD=54! C88L! C! G:>2G>352G5! =;C=!
)5>35FF54L!>2!;><!<55A>2F87!25?=4C8!C2C87<><!:D!=;5!@5>2F!:D!=;5!5W><=52=!
@5>2FL!D:G?<53!:2!=;5!6C7!>2!6;>G;!=;><!@5>2F!><!C86C7<!B4CG=>GC887!C23!
5E?>BA52=C887! >2I:8I53!6>=;! =;5!6:483m! $<! <?G;!C!6:483L! =;5!6:483!:D!
=;5! 45C37'=:';C23L! 2:=! =;5! ;><=:4>GC8! =4C>=! :D! :?4! =>A5L! C23! C!AC2>D5<'
=C=>:2!:D!C!;><=:4>GC8!B4:G5<<!>2!6;>G;!=;5!:2=:8:F>GC8!<=4?G=?45!8C>3!:?=!
>2! =;5! C2C87<><! 6>88! ;CI5! C86C7<! C845C37! @5F?2! =:! 5WB8>GC=5! >=<58D! :4!
?2D:83L!C23!@7!=;><!$!A5C2!=;5!=5G;2:'<G>52=>D>G!C23!8C=5!GCB>=C8><=>G!54CmT!
d35!"5><=5F?>L!:BP!G>=PL!OQYe!
!Z_M!
52=>4587!2C=?4C8!6C7L!=;5!;?AC2!E?C!B?45!5W><=52=!@5G:A5<!35B52352=!
:2! =;5! I547! CBBC4C=?<! :D! G:2I52>52G5! =;C=! <5G?45<! >=<! >235B52352G5!
D4:A!8C@:?4!C23!<?4I>IC8P!J>=;! =;5! =:=C8!5WB?2F5A52=!:D!@5>2F'>2'=;5'
5C4=;! C23! =;5! 5C4=;! >=<58DL! B?45! 5W><=52G5! =?42<! C4:?23! C23! 3><G:I54<!
=;C=!>=!;C<!@5G:A5!C!B4><:254!:D!>=<!:62!<7<=5AP!-?45!5W><=52G5!><!>23553!
D>2C887!C23!=:=C887!D455L!@?=!:287!6>=;>2!=;5!85><?45'G:2I52>52G5!G:AB85W!
>=<58D!k!=;5!45F>A5!:D!B54AC252G5L!:D!C@<:8?=5!3?4C@>8>=7L!=;C=!F?C4C2=55<!
>=<!D4553:AP!
! $<!=;><!2:=!=;5!BC4C3:W!:D!=;5!A:3542!CF5!k!=;C=!D4553:A!>=<58D!;C<!
@5G:A5! 35B52352=! :2! C! K>23! :D! >2GC4G54C=>:2L! =;C=! =;5! <BCG5! :D! B?45!
B:=52=>C8>=7!><!>2!DCG=!C!B4><:2!:D!B45<52G5L!3?4C@>8>=7L!A545!?<5m!$<!>=!2:=!
65!:?4<58I5<L!C23!2:=!=;5!C2>AC8<L!6;:!C45!34>I52!C4:?23!6>=;>2!C!4>2F!
:D! @52?A@53!@5;CI>:?4L! D455! D:4! 2:=;>2F! @?=! 5I54!A:45! CGG?A?8C=>:2!
C23!<5G?4>=>[C=>:2m!*23! ><! =;><!2:=! =;5!I547!<>=?C=>:2! =;C=!CGG:?2=<! D:4!
:?4!8:2F<=C23>2F!:@<5<<>:2!>2!=;5!J5<=L!C=!85C<=!<>2G5!%>5=[<G;5L!6>=;!C!
G:?2=54IC>8>2F!I><>:2!:D!D4553:A!C<!C!@45CK>2F!:?=!:D!=;5!35C=;!<B>4C8!:D!
B4:3?G=>I5! 5WB523>=?45! C23! ?=>8>=7! C8=:F5=;54L! C<! =;5! B:<<>@>8>=7! :D!
5<GCB>2F! :?4<58I5<! C23! >2I52=>2F! :?4<58I5<! C256m!J5<=542! ;?AC2>=7!
;C<! B?<;53! G:2G5B=?C8! =;:?F;=! =:! >=<! :?=54A:<=! 8>A>=<! >2! C! 35<B54C=5!
C==5AB=!=:!8>@54C=5!>=<58D!D4:A!>=<58DL! =:!B:K5!C!;:85!>2!=;5!A5A@4C25!:D!
<?@X5G=>I>=7!=;4:?F;!6;>G;!>=!A>F;=!ACK5!C!DC<=!F5=C6C7!>2=:!=;5!2>F;=P!
R=>D853!@7!:?4!:62!D4553:AL!:4!C=! 85C<=! =;5!G:23>=>:2<!:D! =;><! D4553:AL!
65!<55K!C!4C3>GC887!256!C23!3>DD5452=!<:4=!:D!D4553:AL!C!D4553:A!D4:A!
!Z_Z!
D4553:A! >=<58DP!(;5!2CA5!?2354!6;>G;! =;><! D4553:A! ><!K2:62! ><L!A:<=!
F5254C887L! \1>D5TP!)545!\1>D5T!><!2:=!@5>2F'>2'=;5'5C4=;!@?=!4C=;54!C!R#0&*Z
'/.702#Z."#Z?'6)2L!C!45=45C=!>2=:!6;C=!@:=;!"C=C>885!C23!,585?[5g&?C==C4>!
GC88! \#C4=;T! C<! =;5! [:25! :D! >2=52<>=7L! I>4=?C8>=7L!A?8=>B8>G>=7L! @5G:A>2FL!
3>DD5452=>C=>:2lL! =;5!C88'52F?8D>2F! <6C4A!:?=!:D! C23! >2=:!6;>G;!5I547!
35=54A>2C=5! G:2D>F?4C=>:2! C23! :4FC2>[C=>:2L! 5I547! CG=?C8>=7L! 5A54F5<!
C23!<?@A54F5<P!04553:A!><!5<GCB5!>2=:!=;><!<=:4A7!:?=<>35L!=;><!\#C4=;Ta!
>=! ><! 4585C<5A52=! >2=:! =;5! <55=;>2F! G;C:<! :D! \1>D5Ta! >=! ><! =;5! 345CAL! 2:=!
<>AB87! :D! @5G:A>2F! <:A5! :2=>GC887! 3>DD5452=! <?@X5G=! :4! :=;54L! @?=! :D!
@45CK>2F!:?=!:D! =;5!GCF5!:D!<?@X5G=>I>=7!:2G5!C23!D:4!C88P!.25!<=C23<!C=!
=;5! @4>2K! :D! <G;>[:B;452>CL! ;C<! 8>A>='5WB54>52G5<L! ><! 35<?@X5G=>I>[53L!
35=544>=:4>C8>[53L! 3><:4FC2>[53! k! >2! =;><! 6C7! :25! @5G:A5<! 0&"/(1&P!
#AC2G>BC=>:2!><!D:?23!:287!;545S!>2!=;5!BC<<>2F!>2=54IC8!@5=6552!<=C@85!
<?@X5G=>I5!?2>=>5<L! >2! =;5!A:I5A52=!=;C=!GC44>5<!:25!<?@X5G=>I5!B:<>=>:2!
:I54!>2=:!=;5!25W=P!04553:A!><!D4553:A!:D!A:I5A52=S!=:!G5C<5!=:!A:I5L!
=:!<58D'3>DD5452=>C=5L!5I52! D:4!C2! >2<=C2=L! ><! =:! DC88!@CGK! >2=:!?2D4553:AP!
(;?<! >=! =?42<!:?=! =;C=! =;5!5<GCB5!D4:A!=;5!B<5?3:'D4553:A!:D! =;5!B?45!
6:483L! =;5! D4553:A!:D! =;5! 5=542C8! 45=?42! :D! =;5! <CA5L! ><! CGG:AB8><;53!
:287!=;4:?F;!C2!5AB=7L!D:4AC8!>2I54<5!D4553:A!=:!@5!3>DD5452=L!6;>G;!><!
=:! <C7L!C! ,6##2'($.'$R#$ ,6##L! =:!K55B!:2!A:I>2FL!@5G:A>2FL!6>=;:?=! 45<=S!
=;5!B?45!5W><=52=!><!:287!5I54!=4?87!D455L!=4?87!8>@54C=53!D4:A!=;5!GCF5!:D!
5I5473C7!\8>D5TL!>2<:DC4!C<!>=!25I54!<=:B<!@5>2F!=;5!A:I5A52=!:D!>=<!:62!
D4553:AP!
!Z_Q!
]P!R=4>D5!
!
(;><! ><! =;5! 5>=;54g:4! :D! D4553:A! =:3C7S! =:! @5! 5=542C887! =;5! <CA5! :4!
5=542C887!3>DD5452=L!<58D'3>DD5452=>C=>2FL!=:!@5!C!;7B54<C=>C=53!G:4B<5!:4!=:!
3><>2=5F4C=5! >2=:! =;5! >2;?AC2>=7! :D! D>547! G;C:<P! 0:4! )5>35FF54! >=! 6>88!
C86C7<! ;CI5! @552! C!AC==54! :D! <:A5=;>2F! 58<5! 52=>4587S! I>[PL! :D! <>AB87!
85C42>2F!C23!45A5A@54>2F!=:!@5! \=;5!D455T! =;C=!65!:?4<58I5<!C45! >2!:?4!
I547! 5<<52G5P! 0:4! )5>35FF54! =;><! D4553:A! 352:=5<! :?4! @5>2F! =;5! <>=5!
CBB4:B4>C=53!D:4!=;5!45I5C8>2F'G:2G5C8>2F!:D!"5>2FP!J5!;CI5!<?FF5<=53!
;545!=;C=!=;5!;?AC2!@5!=;:?F;=!3>DD5452=87S!C<!=;5!?2>=7!:D!@5>2F'>2'=;5'
6:483! C23! @5>2F'>2'=;5'5C4=;P! (;5! E?5<=>:2L! =;52L! ><! 6;5=;54! 65! GC2!
85C42! =:! <55! =;5! D4553:A! >2=4>2<>G! =:! 8>I>2F! 5W><=52G5! >=<58D! C<! =;5!
B4>A:43>C8!0.$7.60=#7!C<!=;5!5I52=!>2!C23!=;4:?F;!6;>G;!6:483L!5C4=;!C23!
=;5!;?AC2!>=<58D!C88!G:'C4><5! >2=:!=;5>4!5<<52G5<P!-?=!3>DD5452=87L!GC2!65!
85C42! =:! 5A@4CG5! =;5! 5C4=;! C23! 8>D5! C<! @5>2F'>2'=;5'5C4=;L! =:! <?@A>=!
6>88>2F87!=:!=;5!FCA5!:D!B?4<?>=!C23!B4:I:GC=>:2!C23!=:!3><G:I54!C!256!
C23! I>C@85! K>23! :D! D4553:A! =;545m! *45! 65! GCBC@85! :D! <55>2F! 8>D5! C<!
<:A5=;>2F!:=;54!=;C2!A54587!=;5!?2AC<=54C@85L! =;5!25G5<<C47L!C<!2553L!
;C43<;>B!C23!B4>IC=>:2m!
! $2!G8:<>2FL!85=!A5!B?=!D:46C43!=;5!D:88:6>2F!585A52=C47!<?FF5<=>:2S!
=;C=!6;C=!><!A:<=!?4F52=!=:3C7!><!=:!D>23!:?4!6C7!k!,'6?162L!2:=!@CGK!k!=:!
C! A:35! :D! 36588>2FL! :D! @5>2F'>2lL! >2! 6;>G;! 65! G:AA>=! :?4<58I5<! =:!
5<=C@8><;>2F! C! G54=C>2! A5C<?45! >2! :?4! 5<<52=>C8! C23! >258?G=C@85!
!Z__!
<=4?FF8>2F!C23!<=4>I>2F!6>=;!=;5!5C4=;L!=;C=!65!45<:8I5!=:!458>2E?><;!:?4!
G4?<;>2F!I>G5'F4>B!:2!=;5!5C4=;!C23!>2!=;C=!6C7!@5F>2!k!C23!D:4!=;5!D>4<=!
=>A5! k! =4?87! =:! #45'7#! :?4<58I5<! =:! =;5! 5C4=;L! C23! >2! <?G;! 5WB:<?45! =:!
3><G542L!2:=!C27!K>23!:D!3:8:4:?<!<8CI547!:4!<?@A><<>:2L!@?=!4C=;54!C23!
B45G><587!C2!:4>F>2C8L!G45C=>I5!<58D'45C8>[C=>:2P!-?=!3>DD5452=87L!6;C=!$!CA!
<?FF5<=>2F!><!=;C=!65!A>F;=!D>23!C!G54=C>2!CA58>:4C=>:2!>2!C!8>A>=53!<58D'
5W=4>GC=>:2!D4:A!=;5!6:483!C23!C!6>=;34C6C8!>2=:!=;5!A:45!C2G>52=!C23!
?2=CA53!45C8A!:D!=;5!6:483'5C4=;L!>2!C!GC8G?8C=53!35G><>:2!=:!3><@?4352!
:?4<58I5<! :D! GC8G?8C=>:2! C23! GC8G?8C=>I5! =;>2K>2FL! =:! G5C<5! =:! B:<>=!
G54=C>2=7!C23!<5G?4>=7!C<!=;5!?8=>AC=5!A5C2>2F!:D!;?AC2!5W><=52G5!C23!
=:!45<=:45!=:!=;5!5C4=;!C!35F455!:D!>=<!<=:852!B:654P!
! *=!=;5!A:<=!<?B54D>G>C8!85I58!=;><!A5C2<!85C42>2F!=:!ACK5!4::A!D:4!
6;C=!65!GC22:=!;58B!@?=!B54G5>I5!C<!2553L!;C43<;>B!C23!=;5! 8>K5P!.25!
45<:8I5<!=:!35'G:2I52>52G>[5!:25T<!8>D5!>2!=;5!A:<=!B4CG=>GC8!<52<5L!=:!F5=!
@7!6>=;!C!G54=C>2!E?C2=>=C=>I5!453?G=>:2!:D!>2<=C2=C25>=7!C23!>AA53>C=5!
F4C=>D>GC=>:2P!)545! >=! ><! C! E?5<=>:2! :D! 6#70)0#&;#! k! =;C=! ><L! :D! ;:6!A?G;!
>2G:2I52>52G5! C! =;:4:?F;87! G:2I52>52G>[53! @5>2F! GC2! =:854C=5! dC23!
>23553L!:?F;=!=:!=:854C=5eP!
! *=! C! <5G:23L! ;>F;54! 85I58L! >=! A5C2<! 85C42>2F! =:! <55! 8C@:?4! >=<58DL!
<=4>I>2F! C23! <=4?FF8>2F! 6>=;! =;5! 5C4=;! I>C! =5G;2:8:F7L! C<! <:A5=;>2F!
B:<>=>I5L! C<! C2! :4>F>2C47! C23! 585A52=C8! D:4A! :D! ;?AC2! G45C=>I>=7! C23!
D8:?4><;>2FP! (;><! ><! =:! G:A5! =:! =54A<!6>=;L! >23553! 5I52! =:! 3><G:I54! C!
G54=C>2! \X:7T! C23! \5W?@54C2G5T! >2L! =;5! 25G5<<>=7! :D! 25G5<<>=7! >=<58DL! =:!
!Z_`!
45G:F2>[5!=;5!B:<>=>I>=7!:D!25G5<<>=7!C<!=;5!:GGC<>:2!C23!=;5!@8?5B4>2=!:D!
D4553:AL! >P5PL! :D! D455! G45C=>:2P! $2! =;><! 6C7! 8C@:?4! ><! G:2=C>253a! >=! ><!
B45<G4>@53!C!BC4=>G?8C4!B8CG5L!3?4C=>:2!C23! >2=52<>=7!6>=;>2! =;5! <B;545!
:D! CG=>I5! 8>D5! C<! C!6;:85P! (;><L! $! @58>5I5L! ><! :25! :D! =;5!AC>2! I>4=?5<! :D!
*4523=T<!B;>8:<:B;7P!*4523=!64>=5<!>2!!"#$:/(1&$S'&20.0'&S!
!
(;5!\@85<<>2F!:4!=;5!X:7T!:D!8C@:?4!><!=;5!;?AC2!6C7!=:!5WB54>52G5!=;5!
<;554! @8><<! :D! @5>2F! C8>I5!6;>G;!65! <;C45!6>=;! C88! 8>I>2F! G45C=?45<L!
C23!>=!><!5I52!=;5!:287!6C7!A52L!=::L!GC2!45AC>2!C23!<6>2F!G:2=52'
=5387!>2!2C=?45T<!B45<G4>@53!G7G85L!=:>8>2F!C23!45<><=>2FL!8C@:?4>2F!C23!
G:2<?A>2FL! 6>=;! =;5! <CA5! ;CBB7! C23! B?4B:<585<<! 45F?8C4>=7! 6>=;!
6;>G;!3C7!C23!2>F;=!C23!8>D5!C23!35C=;!D:88:6!5CG;!:=;54P!
!
.4!CFC>2S!
!
.2! >=<!A:<=! 585A52=C47! 85I58! =;5! \=:>8! C23! =4:?@85T!:D!:@=C>2>2F!C23!
=;5! B85C<?45<! :D! \>2G:4B:4C=>2FT! =;5! 25G5<<>=>5<! :D! 8>D5! C45! <:! G8:<587!
@:?23! =:F5=;54! >2! =;5! @>:8:F>GC8! 8>D5! G7G85L!6;:<5! 45G?4452=! 4;7=;A!
G:23>=>:2<!;?AC2!8>D5!>2!>=<!?2>E?5!C23!?2>8>25C4!A:I5A52=L!=;C=!=;5!
B54D5G=! 58>A>2C=>:2! :D! =;5!BC>2! C23! 5DD:4=! :D! 8C@:?4!6:?83!2:=! :287!
4:@! @>:8:F>GC8! 8>D5! :D! >=<! A:<=! 2C=?4C8! B85C<?45<! @?=! 35B4>I5! =;5!
<B5G>D>GC887!;?AC2!8>D5!:D!>=<!I547!8>I58>25<<!C23!I>=C8>=7P!(;5!;?AC2!
G:23>=>:2! ><! <?G;! =;C=!BC>2! C23! 5DD:4=! C45!2:=! X?<=! <7AB=:A<!6;>G;!
!Z_^!
GC2! @5! 45A:I53! 6>=;:?=! G;C2F>2F! 8>D5! >=<58Da! =;57! C45! 4C=;54! =;5!
A:35<! >2!6;>G;! 8>D5! >=<58DL! =:F5=;54!6>=;! =;5!25G5<<>=7! =:!6;>G;! >=! ><!
@:?23L!ACK5<! 8>D5! >=<58D! D58=P! 0:4!A:4=C8<L! =;5! \5C<7! 8>D5! :D! =;5! F:3<T!
6:?83!@5!C!8>D585<<!8>D5PO_!
!
-?=!<>AB87L!=;5!5C4=;!k!C23!=;><!><!C!B:>2=!=;C=L!>D!;5C43!8C[>87L!><!<?@X5G=!
=:! =;5! A:<=! 3C2F54:?<! A><>2=54B45=C=>:2! k! ><! =;5! F4:?23L! :@X5G=! :4!
\AC=54>C8T!:D!=;5!;?AC2T<!D455!G45C=>I5!CG=>I>=7!17$.#;"&'Z1;;/(/)1.0'&L!C<!
8C@:?4a! D4553:A! ><! 5W54G><53! G:2G45=587! >2! =;5!6C4! D:4! <?4I>IC8L! >2! =;5!
C<<5A@8>2F! C23! A:@>8>[>2F! :D! C2! ;><=:4>GC8! 6:483! >2! =;5! 5C4=;P! (;><!
B4:3?G=>:2!:D!6:483!C<!C!D:4=>D>GC=>:2L!C<!<;58=54!d>2!=;5!@4:C35<=!<52<5eL!
><! B45G><587! 6;545! ;?AC2! B:=52=>C8>=7! D>23<! C! D::=;:83! D:4! >=<! D455!
5W54G><5!C23!<58D'CG=?C8>[C=>:2S!\/C2!GC22:=!@5!D455!>D!;5!3:5<!2:=!K2:6!
=;C=!;5!><!<?@X5G=!=:!25G5<<>=7L!@5GC?<5!;><!D4553:A!><!C86C7<!6:2!>2!;><!
25I54!6;:887!<?GG5<<D?8!C==5AB=<!=:!8>@54C=5!;>A<58D!D4:A!25G5<<>=7PTO`!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O_!*4523=L!:BP!G>=PL!ON`L!OMNP!
O`!$@>3PL! OMOP! U:4:88C47! =:! =;><! ><! =;5! 45C8>[C=>:2! =;C=! =;5! <=4?FF85! D:4!
<?4I>IC8! ><! =;5! I547! D:4G5! :D! G:;5<>:2! =;C=! ;:83<! <:G>5=7! =:F5=;54! C23!
G;5GK<! =;5! 4><5! :D! <:8>B<><AL! =;5! 453?G=>:2! :D! \6>=;'@5>2FT! =:! C! @5>2F'
6>=;':=;54'A:2C3<':D'CGG?A?8C=>:2'C23'G:2<?AB=>:2P! (;?<! 15D5@I45!
64>=5<S! \%:! AC==54! ;:6! C8>52C=53! 2553L! 2C=?4C8! 25G5<<>=7! C23! AC2T<!
5<<52=>C8! B4:B54=>5<! AC7! @5G:A5L! =;57! <=>88! D:4A! C! 8>2K! @5=6552! =;5!
!Z_V!
! "?=! =;545! ><! C8<:L! $! =;>2KL! C! <=>88! ;>F;54! 85I58! 75=! k! >2! C! 6C7L! C!
<72=;5<><!:D!=;5!B45I>:?<!=6:!k!:25!=;C=!>2I:8I5<!C23!><!F4:?2353!>2!C!
45C8>[C=>:2!:D!:?4!5<<52G5!C<!=;5!0.$7.60=#7!>=<58D!C23!C!85C42>2F!=:!@5!6;C=!
65!C45!D4:A!:?=!:D!=;><!5<<52=>C8!<58D'K2:6853F5P!(:!<55!:?4<58I5<!C<!=;5!
0.$ 7.60=#7! ><! =:! <55! =;C=! =;5! G45C=>I>=7!:D! 8C@:?4! ><!2:=! <>AB87! <:A5=;>2F!
=;C=! D:88:6<! D4:A!2553! =CK52!C<! C! ,1;./($R6/./(! @?=! 4C=;54! ><! =;5! <58D'
5WB45<<>:2! :D! =;5! 0.$ 7.60=#7! >=<58D! >2! >=<! :4>F>2C47! <58D'C8>52C=>:2P! $2! =;><!
GC<5! >=! ><! D>4<=! C23! D:45A:<=! C!AC==54! :D! C<K>2FS! ;:6!3:!65!R#;'(#! =;5!
<=4>I>2F! :D! =;5! 0.$ 7.60=#7! F>I52! =;C=! =;5! 0.$ 7.60=#7! ><! C86C7<! C845C37! C!
A:I5A52=! C6C7! D4:A! >=<58D! C23! =:6C43! =;5! GC2G588C=>:2! :D! =;5! <=4>D5m!
):6! 3:!65! G45C=5!6;52! 5I547! G45C=>:2! ><! C=! :2G5! C! 45C8>[C=>:2! 1&2! C!
BC4=>C8!25?=4C8>[C=>:2!:D!=;5!F4:?23!:D!=;><!G45C=>I>=7!>=<58DL!=;5!0.$7.60=#7m!
0:4! 5I547! G45C=>:2! 5A@:3>5<! =;><! 3?C8! C<B5G=S! :2! =;5! :25! ;C23L! =;C=!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!A5A@54<! :D! =;><! <:G>5=7P! (;?<! =;5<5! 2553<! >2! 5I5473C7! 8>D5! C45! C!
G:;5<>I5! D:4G5! D:4! <:G>C8! 8>D5! 5I52! >2! @:?4F5:><! <:G>5=7L! C23! =;57L! &'.$
5')0.0;1)$)0,#L!C45!=;5!45C8!@:23T!d15D5@I45L!:BP!G>=PL!YOeP!(;5!D4553:A!:D!=;5!
B?45! 6:483! ><! 2:=! :287! =;5! B<5?3:'D4553:A! :D! >352=>=7! @?=! C8<:! C2!
><:8C=>2F! C23! <:G>C887! C8>52C=>2F! D4553:AP!#I547:25! ><! D455! =:!3:! C<!;5!
B85C<5<L!@?=!C86C7<!C23!:287!@7!;>A<58DP!d15D5@I45!=;?<!3><CF455<!6>=;!
*4523=!:2!=;5!E?5<=>:2!:D!=;5!4:85!:D!B:8>=>GC8!CG=>:2!D:4!<:G>C8!?2>=7P!0:4!
=;5!8C==54L!C8=;:?F;!8C@:?4!><!5<<52=>C8L!>=!><!25I54!=;5!\45C8!@:23T!:D!<:G>C8!
8>D5Pe!
!Z_Y!
6;>G;! 5A54F5<! D4:A!:?=!:D! =;5! >2254! C8>52C=>:2!:D! =;5! 0.$ 7.60=#7L! :?=!:D!
=;5!2C=?4C8!=52<>:2!:D!8>I>2F!5W><=52G5a!:2!=;5!:=;54L!=;C=!6;>G;L!=;4:?F;!
CGG?A?8C=>:2L!207'C8>52C=5<!8>I>2F!5W><=52G5!@7!B?<;>2F!>=!5I54!D?4=;54!>2!
=;5!3>45G=>:2!:D!B?45!5W><=52G5P!):6!3:!65!85C42!=:!36588!?0."0&!C23!17!
C2! C8>52C=>:2! =;C=! ><! C86C7<! C845C37! F5C453! =:6C43! >=<! :62! <58D'
:I54G:A>2Fm! /:I5A52=! GC22:=! G5C<5! 6>=;:?=! 35<=4:7>2F! 8>I>2F! 5W><'
=52G5!C<!<?G;L!6;5=;54! =;><!G5<<C=>:2!:GG?4<! =;4:?F;!C!45=4:F45<<>:2! =:!
@C45!<?4I>IC8!:4!C!B4:F45<<>:2!=:!C!<=C=5!:D!C@<:8?=5!2:2'<?4I>IC8P!):6!
3:! 65! <=C7! >2! C! A:=>:2! =;C=! =523<! =:! G:2=4CG=! >2=:! =;5! D>W>=7! :D! 2:2'
A:=>:2m! 0:4! 2:=! =:! CGG?A?8C=5! k! =;C=! ><L! =:! 452:?2G5! =5G;2:8:F7! :2G5!
C23! D:4! C88! C23! =:! C@<G:23! D4:A! =;5! [:25! :D! G:2I52>52G5! k! ><! 2:=! C2!
:B=>:2a!=5G;2:8:F7!><!2:=!=;5!<:4=!:D!=;>2F!G:2G542>2F!6;>G;!65!GC2!@5!
\D:4T!:4!\CFC>2<=TL!C23!B45G><587!@5GC?<5!65!:?4<58I5<!16#!=5G;2:8:F7L!>P5PL!
C45!@:42!>2!=5G;2:'CGG?A?8C=>:2P!(;5!E?5<=>:2!><!:287!6;5=;54!C23!;:6!
65!GC2!85C42!=:!<=4>I5!=;5!<=4>D5L!=:!CGG?A?8C=5!C23!G:2I52>52G>[5!>2!=;5!
A:<=!C?=;52=>G!<52<5L!75=!>2!<?G;!C!6C7!C<!=:!85CI5!=;5!5C4=;!C!A5C<?45!
:D!>=<!:62!GCBCG>=7!D:4!I>:852G5L!>=<!:62!B:654!=:!C<<C>8!C23!B4:I:K5!k!
6;5=;54! 65! GC2L! <:A56;C=! BC4C3:W>GC887L! (10&.10&! =;5! B:654!
3>DD5452=>C8!@5=6552!6:483!C23!5C4=;!17$1$20,,#6#&.01)$d>P5PL!=;5!\B45IC>8>2FT!
:D!@5>2F'>2'=;5'6:483eP!.287!>2!=;><!6C7L!$!=;>2KL!3:5<!>=!ACK5!C27!<52<5!
=:!=C8K!C@:?=!<:A5=;>2F!8>K5!\85==>2F!=;5!5C4=;!@5TL!6;>G;!C86C7<!A5C2<L!
85==>2F!>=!@5!C!G:AB5=>=:4L!85==>2F!>=!BC4=CK5!:D!=;5!<=4>D5P!
! (:!85C42!=:!B54G5>I5!C23!=:!458C=5!=:!:?4<58I5<!C<!=;5!B4>AC8!0.$7.60=#7!
!Z`N!
><!<:A5=;>2F!3>DD5452=!=;C2!=:!G:A5!@CGK!=:!:?4<58I5<!C<!=;5!G85C4>2F!:D!
"5>2FP!"?=!><!>=!B:<<>@85!=;C=!=;5<5!=6:L!=;5!45=?42!=:!=;5!0.$7.60=#7!C23!=;5!
45A5A@4C2G5!:D!"5>2FL!C45!>2!DCG=!@:?23!?B!6>=;!5CG;!:=;54!>2!=;5!A:<=!
>2=>AC=5!6C7m!$2!;><!%16(#&02#7!85G=?45<!:D!OYQM'Z!)5>35FF54!64>=5<S!
!
p*q! A:A52=! :D! ;><=:47! ><! CBB4:CG;>2F! 6;:<5! ?2>E?525<<! ><! @7! 2:!
A5C2<! 35=54A>253! <>AB87L! :4! C=! C88L! :2! =;5! @C<><! :D! =;5! G?4452=!
<>=?C=>:2!:D!=;5!6:483!C23!:D!:?4!:62!;><=:47!>2!>=P!J;C=!><!C=!<=CK5!><!
2:=!<>AB87!=;5!@5>2F!C23!2:2'@5>2F!:D!:?4!;><=:4>GC8!B5:B85L!2:4!=;5!
@5>2F! C23! 2:='@5>2F! :D! C! \#?4:B5C2! G?8=?45TL! D:4! >2! =;5<5! >2<=C2G5<!
6;C=! ><! C=! <=CK5! ><! :287! @5>2F<P! $2! C3IC2G5! :D! C88! =;C=L! C! B4>A:43>C8!
35G><>:2!A?<=!@5!AC35!G:2G542>2F!"5>2F!C23!2:='@5>2F! =;5A<58I5<L!
"5>2F! C23! 2:='@5>2F! >2! =;5>4! 5<<52G5L! >2! =;5! =4?=;! :D! =;5>4! 5<<52G5P!
):6!C45!@5>2F<!<?BB:<53!=:!@5!<CI53!C23!<5G?453!>2!=;5!D455!:D!=;5>4!
5<<52G5L!>D!=;5!5<<52G5!:D!"5>2F!><!?235G>353L!?2E?5<=>:253L!C23!5I52!
D:4F:==52mO^!
!
%:6! >=! ><! =4?5! =;C=! C! B4>A:43>C8! 35G><>:2! A?<=! >23553! @5! AC35L! @?=!
B54;CB<! =;><!35G><>:2!;C<! 85<<! =:!3:!6>=;! =;5!45A5A@54>2F!:D!"5>2F!C<!
<?G;!C23!A:45!=:!3:!6>=;!=;5!45A5A@54>2F!C23!45G:I54>2F!:D!:?4!:62!
8>I53! 8>D5P! -54;CB<L! >2! :=;54! 6:43<L! =;5! 45C8! 35G><>:2! ><! :25! =;C=! ><!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!O^!&*!_QL!MQOgO`MP!
!Z`O!
<?@<=C2=>C887!85<<!34CAC=>G!C23!A7<=54>:?<!=;C2!=;5!35G><>:2!G:2G542>2F!
"5>2F!C<!<?G;L!:25!=;C=!B54=C>2<!=:!:?4!@5>2F'>2'=;5'5C4=;!C23!=;5!5C4=;!
>=<58DP!/:45:I54L!B54;CB<!>=!><! X?<=!<?G;!C!45G:I547!C23!45;C@>8>=C=>:2!:D!
5C4=;87! 8>D5! =;C=! ><! =;5! 56#;'&20.0'&! :D! C27=;>2F! 8>K5! C! 45A5A@4C2G5! :D!
\"5>2FTP! 0:4! >D! @5>2F<! C<! C! 6;:85! AC2>D5<=! =;5A<58I5<! =:! ?<! C<! A545!
>2I52=:47L! =;><! ><! :287! @5GC?<5! 65! :?4<58I5<! ;CI5! G:2<=4?G=53! =;><!
>2I52=:47! C<! C! @?DD54! CFC>2<=! 8>D5P! *GG:43>2F87L! ><! >=! 2:=! =;5! G:2=>2?C8!
B45<52G5! :D! 8>D5!6>=;>2! =;5! =:=C8>=7! :D! :?4! :62! @5>2F! =;C=! K55B<! @5>2F!
>=<58D!=5=;5453!=:!=;5!5C4=;!C23!=:!=;>2F<m!$<!>=!2:=!:287!C23!B45G><587!>2!
=;5! <=4>D5! =;C=! 65! 3><G:I54! =;5! 45C8! A5C2>2F! :D! =::8<! C23! 5E?>BA52=L!
36588>2F!B8CG5<!C23!D?42>=?45L!@45C3!C23!6C=54L!B8C2=!C23!C2>AC8L!D>583!
C23! D:45<=L!A:?2=C>2! C23! BC<=?45L! 8CK5! C23! <=45CAm! (:! <C7! =;C=! =;5<5!
=;>2F<!:DD54!=;5A<58I5<!=:!?<!C<!6;C=!=;57!45C887!C23!=4?87!16#!><!<>AB87!
=:! <C7! =;C=! =;57! C45! K5B=! F4:?2353! >2! :?4! :62! <58D'F4:?23>2F'>2'<58D'
<5BC4C=>:2L! =;C=! ><L! >2! :?4!:62!@5>2F! =;5! <58D'C8>52C=53!A53>C2L!B:4=C8L!
X:>2=L!;7B;52!k! =;C=!6>=;!C23! =;4:?F;! =;5A!65!C45!K5B=! D>4A87!6>=;>2!
=;5!@:?23<!:D!:?4!2C=?45P!
! (;><! 35G><>:2! 6:?83! =;?<! @5! C! =4?5! 35G><>:2L! :25! =;C=! 3:5<! 2:=!
35G>35!>2!DCI:?4!:D!C27!6C>=>2F!:4!B45BC4>2FL!C27!<:=54>:'5<G;C=:8:F7!k!
G54=C>287! =;5! A:<=! @>[C445! C23! B4:@85AC=>G! C<B5G=! :D! )5>35FF54T<!
B;>8:<:B;7!k!@?=!4C=;54!:25!=;C=!65!<;:?83!;CI5!=:!=CK5!?B:2!:?4<58I5<!
C<!:?4!:62!<B5G>C8!B4:X5G=L!C!35G><>:2!D:4!6;>G;!65!C8:25!G:?83!@5!;583!
45<B:2<>@85P!$D!65!C45!>23553!=;5!\<;5B;543<!:D!"5>2FTL!=;52!><!>=!2:=!65!
!Z`M!
:?4<58I5<!6;:!;CI5!<:! =;:?F;=85<<87!C88:653!"5>2F! =:!6C2354!:DD!C23!
F:! C<=4C7m! D12$ 7"#5"#620&*q! *23! >D! =;><! ><! <:L! =;52! ><! >=! 2:=! C8<:! 65!
:?4<58I5<!6;:!A?<=!45<:8I5!=:!<5=!:?=!C23!D>23!>=m!
!
!
!
!Z`Z!
F34,3".21A>?'
!
!
*3:42:L!(;5:3:4P!!"#$l16*'&$',$L/."#&.0;0.+P!(4C2<8C=53!@7!c2?=!
(C42:6<K>!C23!045354>G!J>88!d#IC2<=:2S!%:4=;65<=542!H2>I54<>=7!-45<<L!
OY^Ze!
!
*FCA@52L!&>:4F>:P!!"#$85#&!dR=C2D:43S!R=C2D:43!H2>I54<>=7!-45<<L!MNNQe!
!
*4523=L!)C22C;P!!"#$:/(1&$S'&20.0'&!dU;>GCF:S!(;5!H2>I54<>=7!:D!
U;>GCF:!-45<<L!OY_Ve!
!
"C4@C4C<L!+52C?3P!\1>D5!C23!-54G5B=?C8!$2=52=>:2C8>=7TL!Q#7#16;"$0&$
%"#&'(#&')'*+!ZZ!dMNNZeL!O_^'``!
!
kkkkkkkkkkP!\1>D5L!/:I5A52=L!C23!,5<>45TL!Q#7#16;"$0&$%"#&'(#&')'*+!ZV!
dMNNVeL!Z'O^!
!
"C=C>885L!&5:4F5<P!!"#$L;;/67#2$B"16#T$L&$3771+$'&$@#=)$3;'&'(+W$K')Y$-T$
S'&7/(5.0'&!d%56!b:4KS!j:25!"::K<L!OYVVe!
!
kkkkkkkkkkP!!"#$L;;/67#2$B"16#T$L&$3771+$'&$@#=)$3;'&'(+W$K')Y$--T$!"#$
:07.'6+$',$36'.0;07(W$K')Y$---T$B'=#6#0*&.+!d%56!b:4KS!j:25!"::K<L!OYYOe!
!
kkkkkkkkkkP!36'.07(T$H#1."$1&2$B#&7/1)0.+!dRC2!04C2G><G:S!U>=7!1>F;=<L!
OYV`e!
!
"C?34>88C43L!95C2P!L(#60;1P!(4C2<8C=53!@7!U;4><!(?4254!d1:23:2S!]54<:L!
MNNNe!
!
"5><=5F?>L!/>F?58!35P!\*2:=;54!R=5BL!*2:=;54!,>45G=>:2S!*!+5<B:2<5!=:!
³>´5KT<!nJ;7!)5>35FF54!/C35!=;5!+>F;=!R=5B!>2!OYZZoTL!-&.#6&1.0'&1)$
l'/6&1)$',$r0s#A$B./20#7L!]:8P!OL!%:P!Q!dMNN^eL!H+1S!;==BSgg[>[5K<=?3>5<P:4Fg!
!Z`Q!
>235WPB;Bg>X[<gC4=>G85gI>56gVNgOQQ!
!
kkkkkkkkkkP!!"0&A0&*$M0."$:#02#**#6T$H075)1;#(#&.7!d"8::A>2F=:2S!
$23>C2C!H2>I54<>=7!-45<<L!MNNZe!
!
"54F<:2L!)524>P!S6#1.0=#$3=')/.0'&P!(4C2<8C=53!@7!*4=;?4!/>=G;588!
d/>25:8CS!,:I54L!OYYVe!
!
kkkkkkkkkkP!V1..#6$1&2$V#('6+P!(4C2<8C=53!@7!%P!/P!-C?8!C23!JP!RP!
-C8A54!d%56!b:4KS!j:25!"::K<L!OYVVe!
!
"4:62L!U;C485<P!3;'Z5"#&'(#&')'*+T$D1;A$.'$."#$316."$-.7#),P!#3>=53!6>=;!
(53!(:C3I>25!d*8@C27S!RH%b!-45<<L!MNNZe!
!
"?G;C2C2L!"45==P!8&.'Z3."')'*0#7T$!"#$L&0(1)$3&=06'&(#&.7$',$N#4AP))W$
:#02#**#6W$V#6)#1/Z%'&.+W$1&2$H#)#/F#!d*8@C27S!RH%b!-45<<L!MNNVe!
!
"?452L!9:;2!IC2P!\(;5!7:?2F!)5>35FF54!C23!B;52:A52:8:F7TL!>2!
:#02#**#6$Q##41(0W$K')/(#$]T$H17#0&W$L/."#&.0;0.+W$1&2$H#1."P!#3>=53!
@7!)?@54=!,457D?<!C23!/C4K!J4C=;C88!d1:23:2S!+:?=853F5L!MNNMeL!O'ZQ!
!
UC8C4G:L!/C==;56P!C''*615"0#7T$."#$U/#7.0'&$',$."#$L&0(1)$,6'($:#02#**#6$
.'$H#66021!d%56!b:4KS!U:8?A@>C!H2>I54<>=7!-45<<L!MNNVe!
!
UC2F?>8;5AL!&5:4F5<P!a&'?)#2*#$',$O0,#P!(4C2<8C=53!@7!R=5DC2:<!
&54:?8C2:<!C23!,C2>58C!&>2<@?4F!d%56!b:4KS!0:43;CA!H2>I54<>=7!
-45<<L!MNNVe!
!
,585?[5L!&>885<P!<61&;07$D1;'&T$!"#$O'*0;$',$B#&71.0'&P!(4C2<8C=53!@7!
,C2>58!JP!RA>=;!d1:23:2S!U:2=>2??AL!MNNZe!
!
,544>3CL!9CGE?5<P!8,$B5060.P!(4C2<8C=53!@7!&5:DD457!"522>2F=:2!C23!
+CG;58!":68@7!dU;>GCF:S!H2>I54<>=7!:D!U;>GCF:!-45<<L!OYVYe!
,5<GC4=5<L!+52hP!B#)#;.#2$%"0)'7'5"0;1)$M60.0&*7P!(4C2<8C=53!@7!9:;2!
!Z`_!
U:==>2F;CAL!+:@54=!R=::=;:DD!C23!,?FC83!/?43:G;!dUCA@4>3F5S!
UCA@4>3F5!H2>I54<>=7!-45<<L!OYVVe!
!
#8352L!R=?C4=P!\)5>35FF54T<!*2>AC8<TL!S'&.0&#&.1)$%"0)'7'5"+$Q#=0#?!ZY!
dMNN`eL!M^Z'YO!
!
0>FC8L!&µ2=54P!\(;5!/5C2>2F!:D!=;5!#C4=;TL!Q#7#16;"$0&$%"#&'(#&')'*+!ZM!
dMNNMeL!MON'OV!
!
0:8=[L!"4?G5P!-&"1R0.0&*$."#$316."T$:#02#**#6W$3&=06'&(#&.1)$3."0;7$1&2$."#$
V#.15"+70;7$',$J1./6#!d*=8C2=>G!)>F;8C23<S!)?AC2>=>5<!-45<<L!OYY_e!
!
&8523>22>2FL!R>A:2P!\)5>35FF54!C23!=;5!i?5<=>:2!:D!*2>AC8>=7TL!
-&.#6&1.0'&1)$l'/6&1)$',$%"0)'7'5"0;1)$B./20#7!QSO!dOYY`eL!`^'V`!
!
)CC4L!/>G;58P!:#02#**#6$1&2$."#$377#&;#$',$V1&P!(4C2<8C=53!@7!J>88>CA!
/G%5>88!d*8@C27S!RH%b!-45<<L!OYYZe!
!
kkkkkkkkkkP!!"#$B'&*$',$."#$316."P!(4C2<8C=53!@7!+5F>2C83!1>887!
d"8::A>2F=:2S!$23>C2C!H2>I54<>=7!-45<<L!OYYZe!
!
)5247L!/>G;58P!¶i?T5<='G5!E?5!G58C!E?5!2:?<!CBB58:2<!8C!I>5m·L!
%"0)'7'5"0`/#7L!I:8P!_L!2:P!O!dOY^VeL!OZZ'_N!
!
)?A5L!,CI>3P!L$!6#1.07#$',$:/(1&$J1./6#!d.WD:43S!.WD:43!H2>I54<>=7!
-45<<L!MNNNe!
!
)?<<548L!#3A?23P!\0:?23C=>:2C8!$2I5<=>FC=>:2<!:D!=;5!
-;52:A52:8:F>GC8!.4>F>2!:D!=;5!RBC=>C8>=7!:D!%C=?45S!(;5!.4>F>2C47!
*4KL!=;5!#C4=;L!,:5<!%:=!/:I5TL!>2!/5485C?'-:2=7L!/C?4>G5P!:/77#6)$1.$
."#$O0(0.7$',$%"#&'(#&')'*+P!#3>=53!@7!15:2C43!1C68:4!C23!"5==>2C!
"54F:!d#IC2<=:2S!%:4=;65<=542!H2>I54<>=7!-45<<L!MNNMe!
!
c><>58L!(;5:3:45P!!"#$@#˃$',$:#02#**#6I7$"5>2F!C23!(>A5!d"54K5857S!
!Z``!
H2>I54<>=7!:D!UC8>D:42>C!-45<<L!OYYZe!
!
kkkkkkkkkkP!Q#120&*$:#02#**#6$,6'($."#$B.16.T$3771+7$0&$:07$316)0#7.$
!"'/*".P!#3>=53!6>=;!9:;2!IC2!"?452!d*8@C27S!RH%b!-45<<L!OYYQe!
!
c4588L!,CI>3!0C44588P!H10('&$O0,#T$:#02#**#6$1&2$O0,#Z%"0)'7'5"+!
d$23>C2CB:8><S!$23>C2C!H2>I54<>=7!-45<<L!OYYMe!
!
15D5@I45L!)524>P!S60.0`/#$',$3=#6+21+$O0,#W$K')Y$]T$-&.6'2/;.0'&P!(4C2<8C=53!
@7!9:;2!/::45!d1:23:2S!]54<:L!MNNVe!
!
15I>2C<L!#AAC2?58P!!'.1)0.+$1&2$-&,0&0.+T$L&$3771+$'&$34.#60'60.+P!
(4C2<8C=53!@7!*8B;:2<:!1>2F><!d->==<@?4F;S!,?E?5<25!H2>I54<>=7!-45<<L!
OY`Ye!
!
17:=C43L!95C2'04C2«:><P!!"#$-&"/(1&P!(4C2<8C=53!@7!&5:DD457!
"522>2F=:2!C23!+CG;58!":68@7!dR=C2D:43S!R=C2D:43!H2>I54<>=7!-45<<L!
OYYOe!
!
/C8BC<L!95DDP!:#02#**#6I7$!'5')'*+!dUCA@4>3F5S!/$(!-45<<L!MNN`e!
!
/C87L!c5225=;P!\#C4=;'(;>2K>2F!C23!(4C2<D:4AC=>:2TL!>2!:#02#**#6$1&2$
."#$316."T$3771+7$0&$3&=06'&(#&.1)$%"0)'7'5"+P!#3>=53!@7!1C35885!
/GJ;:4=54!C23!&C>8!R=52<=C3!d(:4:2=:S!H2>I54<>=7!:D!(:4:2=:!-45<<L!
MNNYe!
!
/C4WL!cC48P!S150.1)W$K')Y$]P!(4C2<8C=53!@7!"52!0:6K5<!d1:23:2S!-52F?>2!
"::K<L!OY^`e!
!
kkkkkkkkkkP!@6/&26077#P!(4C2<8C=53!@7!/C4=>2!%>G:8C?<!d1:23:2S!
-52F?>2!"::K<L!OY^Ze!
!
/G%5>88L!J>88>CAP!!"#$!0(#$',$O0,#T$:#02#**#6$1&2$¨=;:<!d*8@C27S!RH%b!
-45<<L!MNN`e!
!Z`^!
/52<G;L!9CA5<!+P!\$2<=>2G=<!k!*!)?<<548>C2!*GG:?2=TL!:/77#6)$B./20#7!OQ!
dOYYVeL!MOY'Z^!
!
/5485C?'-:2=7L!/C?4>G5P!J1./6#T$S'/67#$J'.#7$,6'($."#$S'))j*#$2#$<61&;#P!
(4C2<8C=53!@7!+:@54=!]C88>54!d#IC2<=:2S!%:4=;65<=542!H2>I54<>=7!-45<<L!
MNNZe!
!
+CDD:?8L!04C2«:><P!\)5>35FF54!C23!=;5!*B:4>C!:D!)><=:47TL!H+1S!;==BSgg8<!
?PCGC35A>CP53?g04C2¸UZ¸*^:><+CDD:?8g-CB54<gMVYVYYg)5>35FF54¹C23
¹(;5¹*B:4>C¹:D¹)><=:47!
!
RC4=45L!95C2'-C?8P!D170;$M60.0&*7P!#3>=53!@7!R=5B;52!-4>5<=!d1:23:2S!
+:?=853F5L!MNNOe!
!
kkkkkkkkkkP!D#0&*$1&2$J'."0&*MP!(4C2<8C=53!@7!)C[58!#P!"C425<!
d1:23:2S!+:?=853F5L!MNNZe!
!
kkkkkkkkkkP!S60.0`/#$',$H01)#;.0;1)$Q#17'&W$K')Y$]P!(4C2<8C=53!@7!*8C2!
R;54>3C2'RA>=;!d1:23:2S!]54<:L!MNNQe!
!
kkkkkkkkkkP!BA#.;"$,'6$1$!"#'6+$',$."#$3('.0'&7P!(4C2<8C=53!@7!-;>8>B!
/C>45=!d1:23:2S!/5=;?52!f!U:PL!1=3PL!OY`Me!
!
RG;C8:6L!04C2KP!!"#$-&;16&1)0.+$',$D#0&*!d*8@C27S!RH%b!-45<<L!MNN`e!
!
R>2G8C>4L!/C4KP!:#02#**#6W$L607.'.)#$1&2$."#$M'6A$',$L6.$d%56!b:4KS!
-C8F4CI5!/CGA>88C2L!MNN`e!
!
RA>=;L!,CI>3P!:/77#6)$1&2$."#$S16.#701&$V#20.1.0'&7!d1:23:2S!+:?=853F5L!
MNNZe!
!
J::3L!,CI>3P!\J;C=!$<!#G:B;52:A52:8:F7mTL!>2!!"#$B.#5$D1;AT$3."0;7$1&2$
%')0.0;7$1,.#6$H#;'&7.6/;.0'&!d*8@C27S!RH%b!-45<<L!MNN_eL!OQY'`V!
