E>_MU , ## 1OXO\KVVc 0SXO L_^ 9MMK]SYXKVVc 9`O\MK]^ aS^R ^RO
,\cKX>_MU
:Y]]SLSVS^c YP >R_XNO\ KXN 6SQR^XSXQ$ + COK\ SX ^RO 6SPO YP ^RO 8Oa
DOKVKXN ;_KVSPSMK^SYX] +_^RY\S^c 8Oa DOKVKXN +XX_KV <O`SOa YP
0\KWOaY\U S] ^Y Z\Y`SNO K WOMRKXS]W PY\ ^RO \OMYQXS^SYX YP Z\SY\
/N_MK^SYX#G
VOK\XSXQKXN^YPKMSVS^K^O^\KX]PO\LO^aOOXON_MK^SYXKV[_KVSPSMK^SYX]3^
1OXO\KVVc0SXOL_^9MMK]SYXKVVc
9`O\MK]^aS^R^RO:Y]]SLSVS^cYP
>R_XNO\KXN6SQR^XSXQ$+COK\SX
^RO6SPOYP^RO8OaDOKVKXN
;_KVSPSMK^SYX]+_^RY\S^c
RK] OSQR^ VO`OV] KXN S^ S] ^RO SX^OX^SYX ^RK^ ^RO 0\KWOaY\U aSVV
,<C+8>?-5
KMMYWWYNK^OKVVXK^SYXKV[_KVSPSMK^SYX]SXZY]^MYWZ_V]Y\cON_MK^SYX$
^\KNO^OMRXSMKVZ\YPO]]SYXKVKXNRSQRO\ON_MK^SYX>RO]^\_M^_\ONYO]
XY^NSPPO\OX^SK^OLO^aOOX`YMK^SYXKVKXNKMKNOWSM[_KVSPSMK^SYX]KXN^RO
`S]SYXS]YPK]OKWVO]]XK^SYXKVM\ONS^^\KX]PO\]c]^OW8D;+##
>ROOK\VcOWZRK]S]YP^RO8D;+YX]USVV]KXNMYWZO^OXMOLK]ON
K]]O]]WOX^ ZK\KVVOV] WY`OWOX^] OV]OaRO\O OQ +_]^\KVSK aRO\O ^RO
0\KWOaY\U YP ^RO +_]^\KVSKX 8K^SYXKV >\KSXSXQ +_^RY\S^c Z\Y`SNON K
WYNOV PY\ ^RO 8D;+] OSQR^ VO`OV 0\KWOaY\U =MY^VKXN KXN ^RO P\OO
]^KXNSXQ _XS^] YP =-9>@/- /XQVKXN KXN ^RO 8K^SYXKV -Y_XMSV PY\
@YMK^SYXKV ;_KVSPSMK^SYX] PS`O VO`OV P\KWOaY\U +VV YP ^RO]O WYNOV]
_XVSUO^RK^YP^RO8D;+K\OPS\WVcOWLONNONSX`YMK^SYXKVON_MK^SYX
KXN ^\KSXSXQ >Y ZK\KZR\K]O K ZYZ_VK\ ]MSOXMO PSM^SYX ]O\SO] aO K\O ^Y
+L]^\KM^$
LYVNVcQYaRO\OXYYXORK]QYXOLOPY\O
>RO 8Oa DOKVKXN ;_KVSPSMK^SYX] +_^RY\S^c 8D;+ aK] O]^KLVS]RON Lc
VOQS]VK^SYX SX ## 3^ RK] K] K QYKV ^RO O]^KLVS]RWOX^ YP K ]SXQVO ]^KXNK\N]
]O^^SXQ ]c]^OW >RO 0\KWOaY\U aRSMR aSVV KMMYWWYNK^O KVV XK^SYXKV
[_KVSPSMK^SYX] SX ZY]^MYWZ_V]Y\c ON_MK^SYX >RO\O S] XY NS]^SXM^SYX WKNO
LO^aOOX`YMK^SYXKVKXNKMKNOWSMON_MK^SYX
>RONS]MY_\]OYP^RO8D;+S]MYX]S]^OX^aS^R^ROMRK\KM^O\S]K^SYXYPON_MK^SYX
K]KXOX^O\Z\S]OaRO\O^ROY_^MYWO]€K\OZ\SWK\SVcNO^O\WSXONLcOMYXYWSM
YLTOM^S`O]KXNON_MK^SYXKVSX]^S^_^SYX]Z_\MRK]O^RO\SQR^^YLOMYWOZ\Y`SNO\]
YP Z\YN_M^] 3WZVOWOX^SXQ ^RO 0\KWOaY\U KXN ^RO MY\O XY^SYX YP _XS^
]^KXNK\N]€RK]XY^LOOXaS^RY_^S^]Z\YLVOW].SPPSM_V^SO]XY^ONKWYXQY^RO\]
SXMV_NO ^RO MYXP_]SYX Y`O\ ^RO \YVO] KXN XK^_\O YP 3XN_]^\SKV >\KSXSXQ
9\QKXS]K^SYX] ^RO _]O YP ZK\^SMSZK^SYX SX ^RO MRKXQO] K] K ZYVS^SMKV VO`O\ Lc
]OMYXNK\c^OKMRO\]KXN^ROYZZY]S^SYXYP^RO+]]YMSK^SYXYP?XS`O\]S^c=^KPP
-\S^SM]RK`OK\Q_ON^RK^KVVYP^RO`KV_ONQYKV]YPON_MK^SYXMKXXY^LOObZ\O]]ON
SX^RONS]MY_\]O]KXM^SYXONLc^RO8D;+^RK^^ROZ_LVS]RON_XS^]^KXNK\N]€
NYXY^SXPKM^OX^KSVNO]M\SZ^SYX]YP]^KXNK\N]KXN^RK^^ROVYQSM_XNO\VcSXQ^RO
RSO\K\MRcYPVO`OV]S]PVKaON.O]ZS^O^ROWK]]S`OMRKXQO]L\Y_QR^KLY_^Lc^RO
>RO 8D;+ SXRO\S^ON P\YW K X_WLO\ YP NOP_XM^ KQOXMSO] K ]O^ YP
[_KVSPSMK^SYX]$ =MRYYV -O\^SPSMK^O ?XS`O\]S^c /X^\KXMO ,_\]K\SO] KXN
=MRYVK\]RSZ/bKWSXK^SYX]>\KNO-O\^SPSMK^O]KXNK\KXQOYPM\ONOX^SKV]
P\YW ^RO +_^RY\S^c PY\ +N`KXMON @YMK^SYXKV +aK\N] >RO]O SXRO\S^ON
M\ONOX^SKV] aRSMR K\O Y_^]SNO ^RO 0\KWOaY\U aSVV O`OX^_KVVc LO
\OZVKMONaS^R8K^SYXKV-O\^SPSMK^O]KXN.SZVYWK]
.OQ\OO] RK`O K ]ZOMSKV ZVKMO SX ^RO VOQS]VK^SYX +ZZ\Y`KV KXN
KMM\ONS^K^SYXYPNOQ\OO]SX_XS`O\]S^SO]S]^RO\O]ZYX]SLSVS^cYP^RO8Oa
DOKVKXN @SMO -RKXMOVVY\] -YWWS^^OO 8D@-- L_^ PY\ KVV Y^RO\
SX]^S^_^SYX] S^ S] ^RO \O]ZYX]SLSVS^c YP ^RO 8D;+ >R_] SX ]^K^OP_XNON
ZYVc^OMRXSM]]_MRK]^RO+_MUVKXN3X]^S^_^OYP>OMRXYVYQc^RO8D;+
S] \O]ZYX]SLVO PY\ ^RO KZZ\Y`KV KXN KMM\ONS^K^SYX YP NOQ\OO] KXN
WKSX^KSXSXQ]^KXNK\N]+M\Y]]^RO\YKNK^^RO?XS`O\]S^cYP+_MUVKXN
\O]ZYX]SLSVS^cPY\KMM\ONS^K^SYXKXN]^KXNK\N]\O]^]aS^R^RO8D@--+
L_]\SNOKaKc]^KPPK^^RO+_MUVKXN-YVVOQOYP/N_MK^SYXaSVVSX##LO
^OKMRSXQ PY\ ?XS`O\]S^c YP +_MUVKXN NOQ\OO] KMM\ONS^ON ^R\Y_QR ^RO
8D@--aS^R^ROS\YaXNOQ\OO]KMM\ONS^ON^R\Y_QR^RO8D;+
SX^\YN_M^SYXYP^RO0\KWOaY\US^WKcaOVVLO^RK^^RO]OMYXMOZ^_KVZ\YLVOW]
>
aSVV\O]_V^SXP_\^RO\MRKXQO]^YS^]MRK\KM^O\
>RO\O]ZYX]OYP^RO8D;+^Y\O[_O]^]P\YWZYVc^OMRXSM]KXNZ\S`K^O
^\KSXSXQ O]^KLVS]RWOX^] ^Y LOMYWO NOQ\OO Q\KX^SXQ SX]^S^_^SYX] RK]
RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^cO]^KLVS]RONLcVOQS]VK^SYX
MRKXQON^O\^SK\cON_MK^SYX3^S]SX]^\_M^S`O^YObKWSXO^RONO`OVYZWOX^]
SX ## S] KX SXNOZOXNOX^ ]^K^_^Y\c LYNc aS^R ^aY MOX^\KV
K^YXOZYVc^OMRXSM^RO+_MUVKXN3X]^S^_^OYP>OMRXYVYQc+V>aRSMR
VOQS]VK^ONZ_\ZY]O]$^YO]^KLVS]RK;_KVSPSMK^SYX]0\KWOaY\UL_SV^YX
LOPY\O^ROM\OK^SYXYP^RO8D;+RKNXYNOQ\OOZ\YQ\KWWO]3XKVS^^VO
NOPSXON]^KXNK\N]KXN^YLO\O]ZYX]SLVOPY\^RO[_KVS^cYP^ROZ\Y`S]SYX
Y`O\^aYcOK\]^RO8D;+RK]\OQS]^O\ONNOQ\OO]SXK\^]KZZVSON]MSOXMO
YP Z\YQ\KWWO] K]]YMSK^ON aS^R ^RO ]^KXNK\N] YX ^RO 0\KWOaY\U >RO
L_]SXO]]aS^RPS`ONS]^SXM^S`O]ZOMSKVS]K^SYX]MYWW_XSMK^SYX]^_NSO]
#
+COK\SX^RO6SPOYP^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c
,\cKX>_MU
Q\KZRSMNO]SQXROKV^R]MSOXMOaS^R^R\OONS]^SXM^S`O]ZOMSKVS]K^SYX]KXN
OX^O\Z\S]O] OX^O\Z\S]O + ]SQXSPSMKX^ Z\YZY\^SYX YP S^] P_XNSXQ MYWO]
`S]_KVK\^]3XKNNS^SYX^RO3X]^S^_^OObZOM^ON^YQKSX\OQS]^\K^SYXLOPY\O
NS\OM^VcP\YW_]O\]3^Z\YN_MO]KQVY]]cRY_]OWKQKdSXOYPZ\YPO]]SYXKV
## PY\ NOQ\OO] SX ROKV^R ]MSOXMO WSNaSPO\c WONSMKV VKLY\K^Y\c
[_KVS^c 6OK\X K \OQ_VK\ XOa]VO^^O\ ;+ 8Oa] KXY^RO\ XOa]VO^^O\ PY\
]MSOXMO
7KY\S +Y 5KaO 5_Z_ KXN Y^RO\ YMMK]SYXKV Z_LVSMK^SYX] PY\ ]ZOMSPSM
]ZK^SKV
NO]SQX
L_]SXO]]
^Y_\S]W
KXN
7KY\S
]^_NSO]
.O`OVYZWOX^S]XY^\O]^\SM^ON^Y_XNO\Q\KN_K^ONOQ\OO]KXN^RO+V>S]
aKS^SXQPY\^RO8D;+^YO`KV_K^OKWK]^O\]NOQ\OOSXROKV^R]MSOXMO
>RO\OK\O^aYY^RO\ZYVc^OMRXSM]SX+_MUVKXNKXN^YQO^RO\^ROcXYa
YPPO\NYdOX]YPNOQ\OOZ\YQ\KWWO]
SX^O\O]^Q\Y_Z]
>RO8D;+S]MVOK\VcKXSWZY\^KX^K\WYPQY`O\XWOX^ZYVSMcK]]OOX
Lc S^] MYWWS^WOX^ aS^R ^RO /N_MK^SYX >\KSXSXQ KXN =_ZZY\^ +QOXMc
/>=+^Y^RO=USVV8OaDOKVKXN=^\K^OQc3XYXO]OX]O^ROWS]]SYXYP^RO
>RO\OaSVVLOK^VOK]^]O`OXSX]^S^_^SYX]YPPO\SXQNOQ\OOZ\YQ\KWWO]
8D;+S]^YWKXKQOK\O`YV_^SYX=aOOZSXQMRKXQO]aSVVYMM_\K]K\O]_V^
YX ]S^O SX ^RO +_MUVKXN K\OK N_\SXQ ##% ^aY aSVV LO _XS`O\]S^SO]
YP ^RO SWZVOWOX^K^SYX YP ^RO 0\KWOaY\U KXN ^RO OWZRK]S] YX _XS^
-K\OO\]KN`S]O\]SX+_MUVKXN]OMYXNK\c]MRYYV]\OZY\^LOSXQ]aKWZON
]^KXNK\N] KXN Y_^MYWO] >RY]O aRY \OQK\N ^RO 0\KWOaY\U KXN ^RO
aS^RVS^O\K^_\OP\YWMYWZO^SXQSX]^S^_^SYX]WK\UO^SXQKUKVOSNY]MYZOYP
K]]YMSK^ON_XS^]^KXNK\N]K]KXO_^\KV]^\_M^_\OVSWS^ON^Y^ROM\OK^SYXYP
NOQ\OO] /N_MK^SYXKV Q_SNKXMO RK] LOMYWO KX SXM\OK]SXQVc SWZY\^KX^
K]OKWVO]]XK^SYXKV[_KVSPSMK^SYX^\KX]PO\]c]^OWNYXY^_XNO\]^KXN^RO
ZK\^ YP ^ROS\ aY\U ARK^ S] RKZZOXSXQ SX +_MUVKXN S] RKZZOXSXQ ^Y K
XK^_\OYP^RO\O`YV_^SYX>RO8D;+KMMOZ^]^RO9/-.##MYXMV_]SYX
VO]]O\NOQ\OO^R\Y_QRY_^8OaDOKVKXN
^RK^8OaDOKVKXNRK]K]ZOMSPSMZ\YLVOWRKWZO\SXQ]USVVPY\WK^SYX
>RO8D;+RK]Y_^ZY]^]SX+_MUVKXNKXN-R\S]^MR_\MRKXNY`O\
ZO\WKXOX^ ]^KPP + X_WLO\ YP ]^KPP RK`O K] ^ROS\ Z\SWK\c P_XM^SYX
Z\Y`SNSXQ^RO,YK\NYP^RO8D;+aS^RZYVSMcKN`SMOPY\QY`O\XWOX^
>RO\ORK`OLOOXWY\O^RKX!Q\Y_Z]NO`OVYZSXQ_XS^]^KXNK\N]Y`O\
_XS^ ]^KXNK\N] KZZ\Y`ON KXN WY\O ^RKX !" :\S`K^O >\KSXSXQ
/]^KLVS]RWOX^] \OQS]^O\ON >RO ^K\QO^ NK^O YP ##! S] QS`OX PY\ P_VV
SWZVOWOX^K^SYXYP^RO0\KWOaY\USXYXOZ_LVSMK^SYX##"SXKXY^RO\
8D;+##%##K+^^RK^]^KQO^RY_]KXN]YP_XS^]^KXNK\N]aSVVLO
^RO VKLY_\ PY\MO NYO] XY^ ZY]]O]] ^RO QOXO\SM ]USVV] XOONON ^Y
_XNO\^KUOP_\^RO\ON_MK^SYXKXN^\KSXSXQ€>ROKSWYP^RO;_KVSPSMK^SYX]
0\KWOaY\US]^YM\OK^OK]SXQVOMYWZ\OROX]S`O^\KSXSXQ]c]^OWKXNK]
]^K^ONLc,K\UO\##S^S]SXN_]^\cY\^RO_]O\]YPZK\^SM_VK\]USVV]aRY
]RY_VN]O^^RO]^KXNK\N]^RK^S]NOPSXO^ROY_^MYWO]KXN^ROZO\PY\WKXMO
M\S^O\SK>ROZ\Y`SNO\]YPON_MK^SYXKXN^\KSXSXQ]RY_VNXY^LOObMV_NON
P\YW^ROZ\YMO]]L_^XOS^RO\]RY_VN^ROcLO^ROZ\SWK\cZK\^SMSZKX^]SX
S^€a\S^O\]OWZRK]O]
\OQS]^O\ONYX^RO0\KWOaY\U3XS^SKV\OKM^SYXP\YW]YWOYL]O\`O\]S]YXO
>OKMRO\]KXNON_MK^SYXKVSX]^S^_^SYX]K\OZ\Y`SNO\]>ROcZ\Y`SNO^RO
YP]_\Z\S]OK^^ROZKMOYP^ROMRKXQO9XOZYVc^OMRXSMRK]a\S^^OX^Y^RO
M_\\SM_V_W KXN ^RO K]]O]]WOX^ ^K]U] KXN K^^OWZ^ ^Y OX]_\O ^RK^ ^RO
8D;+ ]_QQO]^SXQ ^RK^ ^YY W_MR S] RKZZOXSXQ ^YY [_SMUVc L_^ S^ S]
VOK\XO\]aRYK]_]O\]Z_\MRK]O^RO]O\`SMO]YP^ROZ\Y`SNO\]KMRSO`O^RO
]KV_^K\c^Y\OKVS]O^RK^PY\Y^RO\YL]O\`O\]^RO\K^OYPMRKXQOS]^YY]VYa
]^KXNK\N]OXMYNONSXK\OQS]^O\ON]O^YPY_^MYWO]^K^OWOX^]>ROQYKVS]
9/-.##
KMYY\NSXK^ONKXNSX^O\KM^S`O]c]^OWL_SV^YXKZK\^XO\]RSZLO^aOOX
>RO\O RK] LOOX K ]^OKNc SXM\OK]O SX PSXKXMSKV ]_ZZY\^ P\YW ^RO
1Y`O\XWOX^aS^RKNS\OM^Q\KX^SX###PY\^ROP_\^RO\NO`OVYZWOX^
YP^RO;_KVSPSMK^SYX]0\KWOaY\U3^aK]ObZOM^ONK^^RO^SWOYPM\OK^SYX
^RK^^RO8D;+aY_VNLOMYWO]OVPP_XNSXQSX^RO^O\^SK\cK\OKKXN^RK^
SXN_]^\c^R\Y_QR`YV_X^K\cVO`SO]KXN]^KPP^SWOaY_VNO`OX^_KVVcZKc
SXN_]^\cZ\Y`SNO\]KXNQY`O\XWOX^€,K\UO\##+MOX^\KVPOK^_\OYP
^RO QYKV S] ^RO ]RK\Z NS]^SXM^SYX N\KaX LO^aOOX Y_^MYWO ^K]U]
M_\\SM_V_WZ\YMO]]O]KXNK]]O]]WOX^^K]U]3XYXO]OX]O^ROZ\Y`SNO\]
Z_\MRK]OP\YW^RO8D;+^RO\SQR^^Y_]O^RO\OQS]^O\ON]^K^OWOX^]YP
Y_^MYWO^K]U]KXN^ROK]]YMSK^ONSWZ\SWK^_\
WY]^ YP ^RO MY]^] YP ^RO SXS^SKV XOON] K]]O]]WOX^ NO`OVYZWOX^
>RO`S]SYX^RK^^RO8D;+KXN^RO7SXS]^O\YP/N_MK^SYXRK`OPY\
OXNY\]OWOX^KXN\OQS]^\K^SYXYP^RO_XS^]^KXNK\N]KXN[_KVSPSMK^SYX]PY\
ON_MK^SYXS]Z\YLKLVcLO]^NO]M\SLONK]KMYWZ\OROX]S`O]OKWVO]]]c]^OW
S^]]OM^Y\=^_NOX^]K]_]O\]YPK]O\`SMOZ\Y`SNONLc^RO8D;+KV]YZKc
YPSX]^\_WOX^KVON_MK^SYXaRO\O^ROQYKV]K\ONO^O\WSXONZ\SWK\SVcLc
POO]PY\XK^SYXKVObKWSXK^SYX]3^S]NSPPSM_V^PY\KXY_^]SNO\KMM_\K^OVc^Y
OMYXYWSMSWZO\K^S`O]?]O\]KM[_S\O]USVV]KXN[_KVSPSMK^SYX]aRSMR^ROc
O]^SWK^O^ROZ\YZY\^SYXYP^RO8D;+]SXMYWO]Y_\MONP\YW^ROZ\S`K^O
WK\UO^ ^Y YL^KSX KX OMYXYWSM \O^_\X YX ^ROS\ SX`O]^WOX^ >RO ]^K^O
]OM^Y\L_^_]O\]YPS^]]O\`SMO]SXYXOPY\WY\KXY^RO\W_]^MYX^\SL_^O
\O[_S\O]K\O^_\XP\YWS^]SX`O]^WOX^SXON_MK^SYX>R_]^ROVK^O]^L_NQO^
KWKTY\ZY\^SYXYPS^]SXMYWO>RO8D;+S]^RO`O\cWYNOVYPKWYNO\X
SX^\YN_MO] ^RO ZY]]SLSVS^c YP ^RO 1Y`O\XWOX^ Z_\MRK]SXQ Y_^Z_^]€
+COK\SX^RO6SPOYP^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c
X_WLO\]
YP
Q\KN_K^SXQ
]^_NOX^]
\K^RO\
^RKX
P_XNSXQ
,\cKX>_MU
SXZ_^]€
>RO LKMUQ\Y_XN] YP ^RO WOWLO\] YP ^RO ,YK\N YP ^RO 8D;+ K\O
/[_S`KVOX^ 0_VV^SWO =^_NOX^] SX ^O\^SK\c SX]^S^_^SYX] +?= ,_VVO^SX
MYX]S]^OX^aS^R^ROMRK\KM^O\S]K^SYXYPON_MK^SYXK]KXOX^O\Z\S]O>RO
##
MRKS\ S] K PY\WO\ Z\SXMSZKV YP 6SXMYVX ?XS`O\]S^c -YVVOQO aRSMR RK] K
>ROVKXQ_KQOS]^RONS]MY_\]OYP^ROOX^O\Z\S]OM_V^_\O:O^O\]##%
^ROQYYNVSPOMYX]S]^]YPK]^OKNcSXM\OK]OSX1.:VYaROKNVSXOSXPVK^SYX
KXNSX^O\XK^SYXKVMYWZO^S^S`OXO]],_]SXO]]]RY_VNLOSX`YV`ONSX^RO
NO`OVYZWOX^KXNSWZVOWOX^K^SYXYPON_MK^SYXKVZYVSMc/N_MK^SYXaSVV
LO O`KV_K^ON SX ^O\W] YP ^RO Z\YN_M^SYX YP M\ONOX^SKV] >RO NO]S\ON
Y_^MYWO S] K ]USVVON WY^S`K^ON KXN PVObSLVO OWZVYcOO KXN KX
SX^O\XK^SYXKVVcMYWZO^S^S`OOMYXYWc2_WKXKM^S`S^cS]SX^O\Z\O^ONSX
^O\W]YPOMYXYWSM]OVPSX^O\O]^>OKMRO\]LOMYWOVOK\XSXQWKXKQO\]€%
]^_NOX^] LOMYWO SXZ_^]€ Y\ Y_^Z_^]€ Y\ Z_\MRK]O\]€ Y\ _]O\]€%
]MRYYV] ZYVc^OMRXSM] KXN _XS`O\]S^SO] LOMYWO Z\Y`SNO\]€ WK\UO^SXQ
^ROS\ Z\YN_M^]€ KXN MYWZO^SXQ PY\ WK\UO^ ]RK\O ;_KVS^c K]]_\KXMO
SX`YV`SXQ M_]^YWO\ O`KV_K^SYX] YP ^RO \OVO`KXMO KXN [_KVS^c YP ^RO
Z\YN_M^ \OZVKMO XY^SYX] YP ObMOVVOXMO OWLONNON SX K NYWKSX YP
UXYaVONQO>RO\OS]VS^^VOZVKMOSX^RONS]MY_\]OPY\aYXNO\Y\]_\Z\S]O
K^^ROSX]SQR^Z\Y`SNONLcKZYO^SMSWKQO
]^\YXQMYWWS^WOX^^Y^ROKZZVSON]MSOXMO]^aYWOWLO\]RK`O]OXSY\
ObOM_^S`OZY]S^SYX]SXSXN_]^\cKXY^RO\S]KPY\WO\NS\OM^Y\YPK<OQSYXKV
/WZVYcO\] +]]YMSK^SYX KXY^RO\ S] K PY\WO\ NS\OM^Y\ YP K <OQSYXKV
/WZVYcWOX^
+N`S]Y\c
-YWWS^^OO
KXY^RO\
S]
KX
Y\QKXS]K^SYXKV
NO`OVYZWOX^ MYX]_V^KX^ KXN KXY^RO\ S] KX K]]YMSK^O NS\OM^Y\ YP K
ZYVc^OMRXSM 9P ^RO ^R\OO \OWKSXSXQ WOWLO\] YXO S] K _XS`O\]S^c
Z\YPO]]Y\KXY^RO\KNS\OM^Y\YPKZ\S`K^O^\KSXSXQO]^KLVS]RWOX^KXN^RO
Y^RO\S]KZ\SXMSZKVYPK]OMYXNK\c]MRYYV
3X ## ^RO 3XN_]^\c >\KSXSXQ +M^ O]^KLVS]RON 3XN_]^\c >\KSXSXQ
9\QKXS]K^SYX]3>9+X3>9SNOX^SPSO]^RO]USVV]\O[_S\ONSXS^]SXN_]^\c
M\OK^O]]O^]YP_XS^]^KXNK\N]KXN[_KVSPSMK^SYX]aRSMRSPKMMOZ^KLVO^Y
^RO 8D;+ K\O \OQS]^O\ON YX ^RO 8K^SYXKV ;_KVSPSMK^SYX] 0\KWOaY\U
/KMR 3>9 ]O^] _Z S^] YaX ^\KSXSXQ ]c]^OW ^Y WOO^ ^RO XOON] YP S^]
SXN_]^\c3X^ROYVNNKc]^RO\OaO\OMYWWYXOVOWOX^]SX^RO^\KSXSXQYP
KZZ\OX^SMO]KM\Y]]SXN_]^\SO]+VVaO\OSXNOX^_\ONKVVRKNXSQR^MVK]]O]
0S^d]SWYX]KXN:O^O\]##ZVKMO^RONO`OVYZWOX^YPKQOXMSO]]_MR
KXN LVYMU MY_\]O] K^ K ZYVc^OMRXSM KXN KVV RKN ^RO ^O\W YP ^RO
K]^RO8D;+KXN^RO/>=+PS\WVcaS^RSX^ROZYVS^SM]YPR_WKXMKZS^KV
KZZ\OX^SMO]RSZ NOPSXON Lc ^SWO ]O\`ON ?XNO\ ^RO XOa WYNOV S^ S]
KXN Z_LVSM
_XNO\VSO ^RO]O
ZY]]SLVOPY\KX3>9^YK\\KXQOKVVYPS^]^\KSXSXQK^^ROaY\U]S^O_]SXQK
NO`OVYZWOX^]$ON_MK^SYXS]KMYWWYNS^cKXN^RO\O]_V^SXQUXYaVONQO
\KXQOYPZ\Y`SNO\]KXNKV^RY_QR8K^SYXKV-O\^SPSMK^O]KXN.SZVYWK]aSVV
KXN ]USVV] K\O `KV_ON SX ^O\W] YP OMYXYWSM \O^_\X ^Y ^RO SXNS`SN_KV%
RK`O]YWO]^KXNK\N\O[_S\OWOX^]^SWO]O\`ONaSVVXY^LOYXOYP^ROW
SXNS`SN_KV]KM^\K^SYXKVVc^YWKbSWS]OOMYXYWSM\O^_\X%KXN^ROQYVNOX
ARO\OXY3>9RK]LOOXO]^KLVS]RON^RO8D;+RK]8K^SYXKV=^KXNK\N]
]_WWO\ YXVc YMM_\] aROX SXNS`SN_KV] KXN SX]^S^_^SYX] YZO\K^O SX KX
,YNSO]8=,aRSMRP_VPSVK]SWSVK\P_XM^SYX
MRYSMO
^ROY\c
+
X_WLO\
YP QS`OX]
_XPO^^O\ONWK\UO^>R_]^RY]OYP^RS]\OVSQSY_]ZO\]_K]SYX]OO_]K]^\_Vc
R_WKX aROX aO P_XM^SYX K] SXNOZOXNOX^ OMYXYWSM _XS^] SX K P\OO
WK\UO^€ >RO \K^SYXKVS^c YP ^RO]O K\^SMVO] YP PKS^R RK] XY^ QYXO
_X[_O]^SYXON0S^d]SWYX]KXN:O^O\]##%2_QRO]KXN6K_NO\##
3^ S] S\YXSM ^RK^ aRSVO ^RO PY_XNK^SYX ]^YXO YP ^RO 8D;+ S]
SXNS`SN_KVS]W KXN VSLO\^K\SKXS]W VOQS]VK^SYX KXN MOX^\KVS]ON ZYVS^SMKV
MYX^\YVK\OXOMO]]K\cPY\S^]SWZVOWOX^K^SYXKXNWKSX^OXKXMO+XY^RO\
SX^O\O]^SXQMYX_XN\_WS]^RK^ZO\PY\WKXMOLK]ONK]]O]]WOX^S]]^\YXQVc
]_ZZY\^ONLcLY^R^RO8Oa<SQR^€aS^RS^]OMYXYWSMKQOXNKKXN^RO
XOa R_WKXS]^]€ ]_MR K] >KcVY\ ## aS^R ^ROS\ MYXMO\X PY\ ^RO
VOK\XO\>RS]_XSYXYPYZZY]S^O]SXON_MK^SYXKV\OPY\W€S]YPMY_\]OXY^
XOa^Y8OaDOKVKXN=XYYU#"#$
SNOX^SPSONK]SWSVK\MYXT_XM^SYX
>RO VK]^ ^aY cOK\] RK`O ]OOX K P_XNKWOX^KV MRKXQO SX `YMK^SYXKV
ON_MK^SYXaS^R^RO8D;+ZVKcSXQKZS`Y^KV\YVO/>=+KXN^RO8D;+
####/N_MK^SYXKXN^\KSXSXQSXSXN_]^\caSVVXYVYXQO\LON\S`OX
LcKXc_XS`O\]KVWYNOVYPKXKZZ\OX^SMO]RSZ@YMK^SYXKV[_KVSPSMK^SYX]
aSVVLOMYX]^\_M^ONLc]OVOM^SXQ_XS^]^KXNK\N]P\YW^RO0\KWOaY\U>RO
_XS^ ]^KXNK\N] K\O WYN_VK\% ]Y ]YWO MKX LO MYWWYX ^Y [_KVSPSMK^SYX]
KM\Y]] K X_WLO\ YP 3>9] aRO\OK] Y^RO\] aSVV LO _XS[_O ^Y ^RO
[_KVSPSMK^SYX] YP K ZK\^SM_VK\ 3>9 >RO MRKXQO] RK`O LOOX \KZSN KXN
N\KWK^SM KXN WKXc OWZVYcO\] K\O MYXP_]ON + \OMOX^ ]_\`Oc YP
!
MYWZKXSO]PY_XN^RK^aRSVOXOK\VcRKVPUXOaKX3>9ObS]^ONY\aK]
LOSXQ NO`OVYZON SX ^ROS\ SXN_]^\c WKXc MY_VN XY^ XKWO ^RO 3>9 Y\
Z\Y`SNONSXMY\\OM^XKWO]]_MRK]KZYVc^OMRXSM€/`OXSXQ:Y]^##
KWYXQ^RO]_ZZY\^O\]PY\>YWY\\Ya]=MRYYV]=YWO]Ka^ROZ\YZY]KV]K]
OXRKXMSXQMRYSMOaRSVOY^RO\]]Ka^ROWK]OXRKXMSXQO[_S^c+]=XYYU
XY^ONMRYSMOS]KXSXNS`SN_KVS]^SM`KV_OaRSMRLcKXNVK\QOYZO\K^O]
KQKSX]^O[_S^c€
3X^ROZK]^XK^SYXaSNOZ\YQ\KWWO] YP ^\KSXSXQPY\SXN_]^\cRK`O
^OXNON^YLOVYMK^ONaS^RSXZYVc^OMRXSM]0_VV^SWOY\ZK\^^SWO]^_NOX^]
MRY]O^Y]^_NcPY\K[_KVSPSMK^SYXY`O\KX_WLO\YPcOK\]aS^RSXK]SXQVO
+COK\SX^RO6SPOYP^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c
,\cKX>_MU
ZYVc^OMRXSM 3X ^RO XOa WYNOV ^RO 3>9 MKX K\\KXQO PY\ K X_WLO\ YP
QOXO\KVVc ]_ZZY\^ON Lc ^OKMRO\] ::>+ 8Oa] ##K 2YaO`O\ ^RO
NSPPO\OX^Z\Y`SNO\]^Y^OKMR^Y^RO_XS^]^KXNK\N]K^NSPPO\OX^VYMK^SYX]
^\KX]VK^SYX YP ^ROY\O^SMKV SX^Y Z\KM^SMKV ]_ZZY\^ S] NOZOXNOX^ YX ^RO
SXMV_NSXQ ^ROaY\U]S^O>RO?XSYXYP:YVc^OMRXSM=^KPPRK]ObZ\O]]ON
7SXS]^O\YP/N_MK^SYXKMMOZ^SXQ^RO::>+]SX`S^K^SYX^YZK\^cY`O\^RO
MYXMO\X Y`O\ ^RO NO`OVYZWOX^ >ROc ]_QQO]^ ^RK^ KZZ\OX^SMO] MY_VN
S]]_O YP L_VU P_XNSXQ >RO 7SXS]^O\ \OQK\N] L_VU P_XNSXQ K] K `S^KV
LOMYWO`_VXO\KLVO^YObZVYS^K^SYXLcOWZVYcO\]aROX^ROOWZVYcO\S]
MYWZYXOX^ PY\ ^RO P_^_\O YP ]MRYYV \O]Y_\MSXQ€ /`OXSXQ :Y]^ ##
^RO K]]O]]Y\ PY\ K \O[_S\ON _XS^ ]^KXNK\N SX K [_KVSPSMK^SYX -KWZ_]
>OKMRO\] _XSYX] \OQK\N L_VU P_XNSXQ K] K XY^ ^YY ]_L^VO K^^KMU YX
<O`SOa##-O\^KSXVc##RK]]OOX^ROLOQSXXSXQYPKXOaP_XNSXQ
MYXNS^SYX]YPOWZVYcWOX^KXN]OO^ROSX]^S^_^SYXKVS]K^SYXYPSXO[_S^SO]
K\\KXQOWOX^ PY\ ZYVc^OMRXSM] 3X ^RO P_^_\O ^ROc K\O QYSXQ ^Y NOZOXN
K]KXSXO`S^KLVOY_^MYWO
WY\OYX^ROP_XNSXQ^ROc\OMOS`OK]Z\Y`SNO\]PY\3>9]KXN8=,]KXN
VO]]YX^RONS\OM^P_XNSXQPY\/[_S`KVOX^0_VV>SWO=^_NOX^]8OaDOKVKXN
2O\KVN##K
SX ]OMYXNK\c ON_MK^SYX >RO PSXKV \OZY\^ YP ^RO 1\Y_Z MYX]SNO\ON Lc
>RO XOa ]^\_M^_\O RK] SX^\YN_MON PVObSLSVS^c KXN YZOXON _Z ^RO
ZY]]SLSVS^cYPMYWZO^S^SYXLO^aOOXZ\Y`SNO\]KXO]]OX^SKVOVOWOX^YP^RO
OX^O\Z\S]O M_V^_\O 2YaO`O\ S\\O]ZOM^S`O YP ^RO NS]MY_\]O YP ^RY]O
SX`YV`ONSX[_KVS^cK]]_\KXMO^RO_V^SWK^O\O]ZYX]SLSVS^cPY\^RO[_KVS^c
YP KXc _XS^ ]^KXNK\N Y\ [_KVSPSMK^SYX XYa \O]^] aS^R K ]SXQVO MOX^\KV
L_\OK_M\KMc
>RO MRKS\ YP ^RO \OMOX^Vc NS]LKXNON =MRYYV] -YX]_V^K^S`O 1\Y_Z
\OQK\N]^OKMRO\QYYNaSVVK]O]]OX^SKVPY\^ROSWZVOWOX^K^SYXYP\OPY\W]€
^RO
8D;+
KXN
XY^
aS^R
KXc
3XN_]^\c
>\KSXSXQ
-KLSXO^SX9M^YLO\\KXU]^ROP_VVSWZVOWOX^K^SYXYP^ROXOaM_\\SM_V_W
KXN^RO;_KVSPSMK^SYX]0\KWOaY\UK]S^]PS\]^Z\SY\S^c::>+8Oa]##L%
8OaDOKVKXN2O\KVN##L>RO7SXS]^O\]^SVVKN`YMK^O]KXOb^OX]SYXYP
^RO >OKMRO\ =KVK\SO] 1\KX^ =MROWO >\SKV >RO ]^KQO S] ]O^ PY\ KX
SX^O\O]^SXQ ]O^ YP MYXP\YX^K^SYX] LO^aOOX ^RO 7SXS]^O\ KXN ^RO ::>+
aS^R^RO8D;+WY\O^RKXT_]^KXSX^O\O]^ONYL]O\`O\
9\QKXS]K^SYX Y\ K 8K^SYXKV =^KXNK\N] ,YNc +X 3>9 Y\ 8=, NO`OVYZ]
=OMYXNK\c^OKMRO\]aSVVLOMYXP\YX^ONaS^RMRKXQO]K^KX_WLO\YP
KXNOXNY\]O]€^RO_XS^]^KXNK\NL_^S^S]^RO8D;+aRSMR_V^SWK^OVc
VO`OV] O Q M_\\SM_V_W a\S^^OX K\Y_XN Y_^MYWO ]^K^OWOX^] OX^KSVSXQ
NO^O\WSXO] aRO^RO\ Y\ XY^ K _XS^ Y\ _XS^] K\O PS^ PY\ ^ROS\ SX^OXNON
XY^SYX] YP MYWZO^OXMc XOON] ^Y LO M\OK^ON K]]O]]WOX^ ^K]U] XOON ^Y
Z_\ZY]O€8D;+##L
LOMYWOWY\OK_^ROX^SM€ASQQSX]#"#KXN^SWOXOON]^YLOM\OK^ON
>RO
WKXKQON
\O`YV_^SYX
RK]
LOOX
WY\O
O`YV_^SYXK\c
^RKX
\O`YV_^SYXK\c SX ]OMYXNK\c ]MRYYV] >RO 8D;+ RK] \O]ZYX]SLSVS^c PY\
ObKWSXSXQ =MRYYV -O\^SPSMK^O =Sb^R 0Y\W -O\^SPSMK^O KXN ?XS`O\]S^SO]
/X^\KXMO ,_\]K\SO] KXN =MRYVK\]RSZ >RS] S] K MYX]SNO\KLVO ^K]U XY^
aS^RY_^S^]NSPPSM_V^SO]YPaRSMR^ROWYNO\K^SYXYP^ROSX^O\XKVVcK]]O]]ON
MYWZYXOX^] YP ^RO ObKWSXK^SYX] S] aY\^R WOX^SYXSXQ =MRYYV] RK`O
\OMOX^VcLOOX\OWSXNON^RK^+]]O]]WOX^W_]^LO\OVK^ON^Y^ROSX^O\XKV
YLTOM^S`O]YP^ROZ\O]M\SZ^SYX€KXN-YX^OX^YP^ROK]]O]]WOX^KM^S`S^c
W_]^ LO NO\S`ON P\YW ^RO Z\O]M\SZ^SYX€ 8D;+ ##M 3P ^RS] S] K
Z\YLVOWXYaYXOMKXYXVcQ_O]]K^aRK^S^aSVVLOVSUOaROX^OKMRO\]
RK`O^YQOXO\K^O`KVSNK]]O]]WOX^^K]U]PY\^ROX_WO\Y_]_XS^]^KXNK\N]
^ROcaSVVRK`O^ROYZZY\^_XS^c^Y^OKMR^Y
PY\^ROKNNS^SYXKVNOWKXN]PY\[_KVS^cK]]_\KXMOKXNWYNO\K^SYX>RO
NOPSXS^SYX YP ^RO _XS^ YP P_XNSXQ PY\ ]OMYXNK\c ]MRYYV] aSVV XOON ^Y
MRKXQO KXN KNWSXS]^\K^Y\] KXN ^OKMRO\] aSVV XOON SX]^\_M^SYX SX
OX^O\Z\S]OLKLLVO€>ROVK]^L_NQO^KVVYMK^ONKMYX]SNO\KLVO]_WPY\^RO
SWZVOWOX^K^SYX YP ^RO 0\KWOaY\U SXMV_NSXQ ^OKMRO\ NO`OVYZWOX^
:O\RKZ]^RO]aOO^OXO\€SX^RO>OKMRO\=KVK\c1\KX^=MROWO{^RO^\SKV
]MRYYV]\OMOS`ONSXPVK^ONSXMYWO]PY\]KVK\SO].SbYXKXN/NaK\N]##
{MY_VNKV]YLO\ONS\OM^ONSX^Y^OKMRO\ON_MK^SYX
9X ^RO ]_\PKMO ^RO WKTY\ MK_]O YP ^RO PKSV_\O YP ^RO ]OON] YP ^RO
\O`YV_^SYX ^Y QO\WSXK^O SX ]OMYXNK\c ]MRYYV] S] ^RO ]^YXc Q\Y_XN YP K
\OMKVMS^\KX^ _XSYX 2YaO`O\ ^RO\O RK`O LOOX NSPPSM_V^SO] SX KM^_KVVc
M\OK^SXQ _XS^ ]^KXNK\N] SX ^RO ]OXSY\ ]OMYXNK\c M_\\SM_V_W 3^ RK] PY\
ObKWZVO^KUOXKMYX]SNO\KLVOZO\SYNYP^SWO^YL\SXQPY\aK\N^RON\KP^
+] cO^ ^RO ]OXSY\ ]OMYXNK\c M_\\SM_V_W RK] XY^ LOOX ]^\_M^_\ON
K\Y_XN_XS^]^KXNK\N]]^KXNK\N]LK]ONK]]O]]WOX^KXN^RO0\KWOaY\U
0\YW YXO ZO\]ZOM^S`O ^RO K^^OWZ^] RK`O LOOX P\_]^\K^ON Lc ^RO :Y]^
:\SWK\c >OKMRO\] +]]YMSK^SYX ::>+ 0\YW KXY^RO\ ^RO 8D;+ RK]
P\_]^\K^ON::>+K^^OWZ^]^YMYX^\SL_^OZY]S^S`OVc^Y^RONO`OVYZWOX^]
YP^ROXOaP\KWOaY\U]€::>+8Oa]##>RO::>+LOVSO`O]^RK^^RO
Z\YZY]ON M_\\SM_V_W \OPY\W] KXN ^RO ;_KVSPSMK^SYX] 0\KWOaY\U K\O
_XS^ ]^KXNK\N] SX WK^ROWK^SM] >R_] K^^\SL_^SXQ \O]ZYX]SLSVS^c PY\ ^RO
VKMUYPZ\YQ\O]]^YKLYV]Rc_XSYXS]KXY`O\]SWZVSPSMK^SYX3^S]]^SVV^RO
MK]O^RK^W_MRYPaRK^S]`KV_ONSXON_MK^SYXMKXXY^LOOK]SVcSPK^KVV
^\KX]PY\WON SX^Y Y_^MYWO ]^K^OWOX^] YP ^RO ^cZO NOWKXNON Lc ^RO
8D;+ /VVOc ## 3^ S] Z\YLKLVc WY\O ^RKX K MYSXMSNOXMO ^RK^ ^RO
]OMYXNK\c ]MRYYV ObOWZVK\] SX ^RO 8D;+ ]O\SO] YX /N_MK^SYXKV
>OVO`S]SYXK\O7_]SMKV:O\PY\WKXMOKXN:Rc]SMKV/N_MK^SYX
+COK\SX^RO6SPOYP^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c!
",\cKX>_MU
9`O\KVV ## aK] ]YWOaRK^ YP K RYVNSXQ cOK\ PY\ ^RO 8D;+ SX
>Y SNOX^SPc ^RO ZK\KWO^O\] PY\ ]^KXNK\N ]O^^SXQ ^RK^ aY_VN OXKLVO
]OMYXNK\c]MRYYV]L_^^RO\OaO\O]YWOKMRSO`OWOX^]0Y\ObKWZVO^RO
VOK\XO\]OWZVYcO\]KXNQY`O\XWOX^^YSNOX^SPc^ROY_^MYWO]LOSXQ
::>+ KPPS\WON ^RO ZRK]SXQ Y_^ KXN \OZVKMOWOX^ YP =MRYYV -O\^SPSMK^O
Z_\MRK]ON
KXN,_\]K\c/bKWSXK^SYX]aS^R8K^SYXKV-O\^SPSMK^O]KXN^RO:\SXMSZKV]
6OKN 1\Y_Z Z\YZY]ON ^RK^ ^RO ,_\]K\c /bKWSXK^SYX LO VSXUON ^Y ^RO
+ NOQ\OO S] ^R_] K MYWWYNS^c KXN ^RY]O Z_\MRK]SXQ S^ XOON ^Y LO
K]]_\ON^RK^^ROcK\OQO^^SXQ`KV_OPY\WYXOc
0\KWOaY\U2YaO`O\O`OXRO\O^ROOXNY\]ONWYNOVS]KMYWZ\YWS]O
KXN^RO]^\_M^_\KVMRKXQO]KM\Y]]^ROLYK\NK^^ROXK^SYXKVVO`OVRK`OcO^
^Y
YMM_\
>RO
MYX]O\`K^S`O
KZZ\YKMR
^KUOX
Lc
^RO
8D;+
S]
_XNO\]^KXNKLVO QS`OX ^RO VSXUSXQ Lc ^RO ::>+ YP ^RO \OPY\W] ^Y L_VU
P_XNSXQ:O\RKZ]SX^ROMYWSXQcOK\^RO::>+aSVVMRKXQOS^]ZY]S^SYX%
ZO\RKZ] 77: aSVV MRKXQO ^RO 7SXS]^O\] ZY]S^SYX% ZO\RKZ] ]MRYYV]
MYWWS^^ON^YL_VUP_XNSXQaSVVZSVY^KXNZ\YWY^O^ROMRKXQO])
>RO\O RK] LOOX MYX]SNO\KLVO YZZY]S^SYX ^Y ^RO XY^SYX ^RK^ ^RO
0\KWOaY\UaS^RS^]_XS^]^KXNK\N]KXN]^KXNK\NLK]ONK]]O]]WOX^S]KX
KZZ\YZ\SK^OWYNOVPY\_XS`O\]S^SO]>RO0\KWOaY\UYPOSQR^VO`OV]RK]
^ROZY^OX^SKV^YNS]M\SWSXK^OLO^aOOXVO`OV]YPKMRSO`OWOX^aS^RSXKXN
_Z^YKX_XNO\Q\KN_K^ONOQ\OOL_^^RO\OS]KMOSVSXQOPPOM^KXN^RO\O
aSVV LO NSPPSM_V^SO] SX NS]M\SWSXK^SXQ LO^aOOX VO`OV] aS^RSX Q\KN_K^O
NOQ\OO]
?XS`O\]S^SO] RK`O LOOX \OVK^S`OVc S]YVK^ON P\YW ^RO ^_\WYSV K] ^RO
K_^RY\S^c PY\ \OQS]^O\SXQ NOQ\OO] KXN WKSX^KSXSXQ ]^KXNK\N] aK]
NO`YV`ON^Y^ROWLcVOQS]VK^SYX,_^S^]RY_VNXY^LOK]]_WON^RK^OS^RO\
^RO7SXS]^O\Y\^RO8D;+S]RKZZcaS^R_XS`O\]S^SO]LOSXQY_^]SNO^RO
0\KWOaY\U >RO 1OXO\KV 7KXKQO\ YP ^RO :YVSMc KXN .O`OVYZWOX^
.S`S]SYXYP^RO8D;+MRK\KM^O\S]ON^RO@SMO-RKXMOVVY\]K]]_MMO]]P_VVc
\OMKZ^_\SXQ^RO_XS`O\]S^c^O\\S^Y\cPY\^ROW]OV`O],K\UO\##9XO
]_]ZOM^]^RK^^RO]_MMO]]YP^RO@SMO-RKXMOVVY\]VYLLcKQKSX]^Ob^O\XKV
[_KVS^cK]]_\KXMOaK]KLS^^O\ZSVV^Y]aKVVYa>ROO]^KLVS]RWOX^YP^RO
7SXS]^O\SKV>O\^SK\c6OKN1\Y_Z7>61 S] Z\YLKLVc^RO\OKM^SYX>RO
PS\]^^O\WYP\OPO\OXMOPY\^RO7>61S][_S^O]ZOMSPSM$
>Y\O]YV`OS]]_O]\OVK^SXQ^Y^ROSXMV_]SYXYPNOQ\OO]SX^RO8K^SYXKV
;_KVSPSMK^SYX]0\KWOaY\U
2KVVSXZ\O]]K\Q_O]^RK^S^S]]SWZVcXY^ZY]]SLVO^Y]^K^OWKXcYP
^RO YLTOM^S`O] YP _XS`O\]S^c Z\YQ\KWWO] K] Y_^MYWO] YP ^RO ^cZO
Z\YZY]ON Lc ^RO 8D;+ >RO OK\Vc OWZRK]S] YP ^RO _XS^ ]^KXNK\N] YX
Y_^MYWO]ZO\PY\WKXMOKXNMYWZO^OXMcS]ZO\MOS`ONK]KWKTY\Z\YLVOW
PY\QOXO\KVON_MK^SYX-YNN7M+VZSXOKXN:Y]US^^SXZ\O]]>RS]S]XY^
T_]^ K VYMKV MYXMO\X K] ,YaNOX KXN 7K]^O\] ## RK`O \KS]ON ]SWSVK\
MYXMO\X] SX +_]^\KVSK KXN 2cVKXN ##$! MYXMV_NO] ^RK^ ^RO
MYWZO^OXMc
KZZ\YKMR
YP
^RO
8K^SYXKV
@YMK^SYXKV
;_KVSPSMK^SYX]
+_^RY\S^c SX /XQVKXN NS]ZVKc] MYXP_]SYX KXN SXMYRO\OXMO SX S^]
SX^O\Z\O^K^SYXKXN_]OYP^ROSNOK]YPUXYaVONQO€KXN_XNO\]^KXNSXQ€
KXN ]Y ]RY_VN LO \O]S]^ON Lc ON_MK^Y\] MYWWS^^ON ^Y ^RO]O `KV_O]€ +
\OMOX^M\S^S[_OYP^RO0\KWOaY\U_X_]_KVLOMK_]OS^aK]]ZYX]Y\ONLc
KQ\Y_ZYXOaY_VNObZOM^^YLOSNOYVYQSMKVVcK^^_XON^Y^RO8D;+KV]Y
8Y^O^ROS]]_OS]XY^aRO^RO\^ROc]RY_VNLOSXMV_NONL_^RYa^ROcK\O
\KS]O] [_O]^SYX] KLY_^ S^] KZZ\YZ\SK^OXO]] PY\ QOXO\KV Y\ KMKNOWSM
^YLOSXMV_NON
ON_MK^SYX 3\aSX ## 9^RO\ a\S^O\] RK`O XY^ON ^RK^ WKXc YP ^RO
>ROWOWLO\]RSZYP^RO7>61S]MYX]S]^OX^aS^R^ROK]]_WZ^SYX^RK^
ON_MK^SYXS]KXOX^O\Z\S]O+WKXKQO\aS^RSXK]SQXSPSMKX^SX^O\XK^SYXKV
MYWZKXcS]^ROMRKS\KXY^RO\WOWLO\S]-/9YP^RO8OaDOKVKXN0Y\O]^
<O]OK\MR 3X]^S^_^O KXN ^RO Y^RO\] K\O ]OXSY\ KNWSXS]^\K^Y\] SX K M\Y]]
]OM^SYX YP ^O\^SK\c SX]^S^_^SYX] >RO PY\OaY\N KXN SX^\YN_M^SYX ^Y ^RO
<OZY\^ 7SXS]^O\SKV >O\^SK\c 6OKN 1\Y_Z ## RK`O SX^O\XK^SYXKV
MYWZO^S^S`OXO]] KXN ^RO WK\UO^SXQ YP 8Oa DOKVKXN] SX^O\XK^SYXKV
ON_MK^SYXKV ]O\`SMO] K] K WKTY\ SWZO^_] PY\ K =SXQVO 2K\WYXS]ON
;_KVSPSMK^SYX]0\KWOaY\U
]^K^OWOX^]SX_XS^]^KXNK\N]K\O^YYSWZ\OMS]O^YOXKLVO`KVSNK]]O]]WOX^
^K]U]^YLONO`OVYZONLcZ\Y`SNO\]>_MUSXZ\O]]/VVOc##K\Q_O]
]^\YXQVc ^RK^ ^RO `O\c ^S^VO YP K _XS^ ]^KXNK\N€ S] K WS]XYWO\ K] ^RO
K`KSVKLVO_XS^]^KXNK\N]NYXY^OX^KSVNO]M\SZ^SYX]YP]^KXNK\N]
>RY]O SX ^O\^SK\c ON_MK^SYX aRY K\Q_O PY\ ^RO \OVO`KXMO YP
MYWZO^OXMcLK]ON
]^KXNK\N]
^OXN
^Y
LO
VYMK^ON
SX
`YMK^SYXKV
Z\YPO]]SYXKVY\^OMRXYVYQSMKVON_MK^SYXPY\ObKWZVO+XN\Oa1YXMdSK^
^RO ?XS`O\]S^c YP >OMRXYVYQc SX =cNXOc 1YXMdS ## MYX]^\_M^] K
MYXMOZ^YPMYWZO^OXMOaRSMRK]]_WO]^RK^ZK\^YPLOSXQMYWZO^OX^S]
^RO KM[_S\SXQ ]^Y\SXQ KXN KZZVSMK^SYX YP UXYaVONQO >RO 8D;+ XYa
>RO^RS\N^O\WYP\OPO\OXMOPY\^RO>O\^SK\c6OKN1\Y_ZKV]YMVOK\Vc
ZVKMO]^ROS\KM^S`S^caS^RSX^ROZK\KWO^O\]YPR_WKXMKZS^KV^ROY\cKXN
^ROOX^O\Z\S]OM_V^_\O$
]OOW] ^Y RK`O K ]SWSVK\ ZY]S^SYX KXN ^RO ^OVO`S]SYX Z\YQ\KWWO +
0_^_\OaS^R=^KXNK\N]€Z\YN_MONLc^RO8D;+KXN\_XYX/N_MK^SYXKV
>OVO`S]SYX YX 9M^YLO\ ## RK] UXYaVONQO KXN ]USVV]€ KVYXQ ^RO
RY\SdYX^KVKXNVO`OV]€_Z^RO`O\^SMKVKbS]YP^RO0\KWOaY\U8Y^KLVO
+COK\SX^RO6SPOYP^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c#
,\cKX>_MU
PY\^ROS\KL]OXMOSX^RO_XS^]^KXNK\N]3RK`OObKWSXONK\O]^K^OWOX^]
NYO]XY^Z\O]O\`O_XS`O\]S^cON_MK^SYX^ROX_XS`O\]S^c]^KPPMKXXY^LO
YPKPPOM^S`OY_^MYWO]SOK^^S^_NO]KXN`KV_O]
MY_X^ONYX^YMYYZO\K^O€+?=,_VVO^SX##K>R_]LY^R^O\^SK\cKXN
>RO<OZY\^YP^RO7SXS]^O\SKV>O\^SK\c6OKN1\Y_Z]_QQO]^]^RK^S^]
WOWLO\]RK`O\OPVOM^ONYX^RO]OM\S^SMS]W]+L\YKNO\KXNWY\OPVObSLVO
KZZ\YKMR^Y]^KXNK\N]]O^^SXQ^RKX^RK^M_\\OX^VcKNYZ^ONLc^RO8D;+
S] NOOWON NO]S\KLVO ON_MK^SYXKV YLTOM^S`O] ]RY_VN KNN\O]] LY^R
Z\YMO]]O] KXN Y_^MYWO] KXN S^ S] XY^ OXY_QR ^Y ]^\S`O T_]^ PY\
MYWZO^OXMc% ObMOVVOXMO S] KV]Y ^Y LO `KV_ON 9P M\S^SMKV MYXMO\X ^Y
_XS`O\]S^SO] aSVV LO ^RO \OMYWWOXNK^SYX ^RK^ K >O\^SK\c ;_KVSPSMK^SYX]
-YY\NSXK^SXQ -YWWS^^OO LO O]^KLVS]RON SXNOZOXNOX^ YP L_^ aS^R
NOVOQK^ON \O]ZYX]SLSVS^c P\YW ^RO 8D;+ PY\ ^RO \OQS]^\K^SYX YP KVV
NOQ\OO]KXNZY]^Q\KN_K^O[_KVSPSMK^SYX]>RO<OZY\^WKUO]KNS]^SXM^SYX
LO^aOOX NOQ\OO] NO`OVYZON Lc K Z\Y`SNO\ KXN ^RY]O NO`OVYZON Lc
8K^SYXKV=^KXNK\N],YNSO]>RO]SQXSPSMKXMOYPZ\Y`SNO\NOQ\OO]S]^RK^
^ROc K\O XY^ \O[_S\ON ^Y LO LK]ON YX _XS^ ]^KXNK\N] KXN O`SNOXMO PY\
^ROS\ OXNY\]OWOX^ S] ^Y MYWO P\YW PY\ ObKWZVO \OVO`KX^ KMKNOWSM
MYWW_XS^SO]>RS]S]KXKPPS\WK^SYXYP^RO`KV_OYPON_MK^SYXLK]ONYX
]OMYXNK\c ^OKMRO\] _XSYX] RK`O ^R\OK^OXON ^Y aY\U KQKSX]^ ^RO
SX^\YN_M^SYXYP^RO0\KWOaY\U>RONSPPO\OXMOS]^RK^^RO+?=_XVSUO
^RO::>+RK`O\O]O\`K^SYX]Y`O\S^]ZONKQYQSMKVWO\S^-YNN##
ARO\O NSN KVV YP ^RS] VOK`O ^RO 8D;+ K^ ^RO OXN YP ##) >RO
0\KWOaY\U KXN ^RO K]]YMSK^ON NS]MY_\]O RK`O LOOX KMMOZ^ON Lc
SX]^S^_^SYX]aRSMRRK`O^ROS\KX^OMONOX^]SX`YMK^SYXKVON_MK^SYXKXN
^\KSXSXQ>ROcRK`OQ\K]ZON^ROYZZY\^_XS^cZ\Y`SNONLc^RO8D;+^Y
LOMYWO NOQ\OO Q\KX^SXQ SX]^S^_^SYX] +] K MYX]O[_OXMO K ^aY^SO\ON
NOQ\OO Q\KX^SXQ ]c]^OW RK] NO`OVYZON aS^R P_XNKWOX^KV \O]OK\MR
RK`SXQKVYaZ\SY\S^cSXYXO^SO\>RO<OZY\^YP^RO7SXS]^O\SKV>O\^SK\c
6OKN1\Y_ZRK]cO^^YLOaY\UON^R\Y_QR3^RK]\OMYWWOXNON^RK^KVV
NOQ\OO]LO\OQS]^O\ONYX^RO0\KWOaY\ULcKMYWWS^^OOXY^\O]ZYX]SLVO
^Y ^RO 8D@-- L_^ S^ KV]Y MVOK\Vc VOK`O] ^RO QK^O YZOX PY\ _XS`O\]S^SO]
KXN Y^RO\ ^O\^SK\c SX]^S^_^SYX] ^Y NO`OVYZ NOQ\OO] Y_^]SNO ^RO XK\\Ya
MYX]^\KSX^]YP_XS^]^KXNK\N]
KMKNOWSM]_XNO\]^KXNSXQYP^ROM\S^SMKVS]]_O]SX^ROS\K\OK\K^RO\^RKX
YXKZK\^SM_VK\SXN_]^\SKVQ\Y_Z]KXKVc]S]YPS^]M_\\OX^^\KSXSXQXOON]
>RO K_^RY\S^c YP LY^R ^RO 8D;+ KXN ^RO 8D@-- S] ^Y ]YWO Ob^OX^
MYWZ\YWS]ON L_^ ^RO <OZY\^ S] KNKWKX^ ^RK^ NOMS]SYX] KLY_^ M\ONS^
^\KX]PO\ K\O ^RO Z\O\YQK^S`O YP ^RO Z\Y`SNO\] XY^ K MOX^\KVS]ON KQOXMc
ARO^RO\^RS]S]OXY_QR^Y]K^S]Pc^RONOWKXN]PY\KMKNOWSMP\OONYWLc
_XS`O\]S^SO]KXNaKXKXQK\OWKSX]^YLO]OOX
3P ^RO _V^SWK^O QYKV YP K QVYLKV OMYXYWSM ZYVSMc aS^RSX KX
_X\OQ_VK^ONaY\VNWK\UO^S]\OKVS]ON^R\Y_QR^ROSWZVOWOX^K^SYXYP^RO
1OXO\KV+Q\OOWOX^YX>\KNO]SX=O\`SMO] ^ROX_XS`O\]S^SO]WKcRK`O
WY\O ^RKX T_]^ ^RO 0\KWOaY\U ^Y aY\\c KLY_^ 5OV]Oc ## ZKSX^] K
ZSM^_\O SX aRSMR ^\KX]XK^SYXKV MYWZKXSO] aSVV MYWO ^Y NYWSXK^O ^RO
]OM^Y\ KXN SX aRSMR >RO SNOKV YP ON_MK^SYX K] ^RO WOKX] ^Y MYX`Oc
_XS[_OSNOX^S^SO]KXNM_V^_\KV`KV_O]K]KXK\OXKYPMYX^O]^KXNM\S^S[_O
KXN K] K `KV_ON KM^S`S^c S\\O]ZOM^S`O YP S^] WK\UO^ NOWKXN aY_VN
:\YQ\O]]SXSXN_]^\SKVON_MK^SYXKXN^\KSXSXQaK]\KZSNN_\SXQ##
>RO8D;+NO`OVYZONKMVY]OaY\USXQ\OVK^SYX]RSZaS^R^RO/>=+>RO\O
aO\OLOOX\_WY_\]YP]YWO3>9]KXN8=,]RK`SXQNSPPSM_V^cSXN\KaSXQ
_Z _XS^ ]^KXNK\N] KMMOZ^KLVO ^Y ^RO 8D;+ KXN O`OX YP YXO KN`S]Y\c
Q\Y_Z LOSXQ NS]WS]]ON >RO 8D;+ W_]^ LO MYXMO\XON Y`O\ ^RO
WS]_XNO\]^KXNSXQ] aRSMR ObS]^ aS^RSX SXN_]^\c Y`O\ ^RO \YVO KXN
P_XM^SYXYP3>9]>RO]OXOON^YLO]O^^VONLOMK_]O3>9]RK`OKUOc\YVO
SX SXN_]^\SKV ^\KSXSXQ >RO 7SXS]^O\SKV >O\^SK\c 6OKN 1\Y_Z Z ! KV]Y
\OMYWWOXNON ^RK^ K \O`SOa YP ^RO Z\YVSPO\K^SYX YP SXN_]^\c ^\KSXSXQ
Y\QKXS]K^SYX] LO _XNO\^KUOX€% ]Y ^RO\O S] \OK]YXKLVc aSNO]Z\OKN
MYXMO\X:O\RKZ]^RO8D;+KXN^RO/>=+aY_VNLOKN`S]ON^YROON^RO
\O]O\`K^SYX]YPASV]YXKXN/XQVORK\N##Y`O\^ROKLSVS^cYPYPP^RO
TYL Z\Y`SNO\] ^Y ]_ZZY\^ ^RO aY\UZVKMO PYM_] YP ^RO +_]^\KVSKX
NO`OVYZWOX^]SX^\KNO^\KSXSXQ€
LOMYWOK\OVSMYP^ROZK]^€{KXSXO`S^KLVOY_^MYWOYPKVVYaSXQYXO^cZO
>ROcOK\aK]KXSX^O\O]^SXQYXOPY\^RO8D;+KXN^RO::>+>RO
YP NS]MY_\]O ^RK^ YP R_WKX MKZS^KV ^ROY\c ^Y MYX^\YV ^RO aKc aO
7SXS]^O\]]SXQVOWSXNONKN`YMKMcYPL_VUP_XNSXQWKUO]S^NSPPSM_V^PY\
MYX]^\_OM_V^_\OKXNON_MK^SYX
^RO 8D;+ ^Y SWZVOWOX^ ^RO 0\KWOaY\U aS^RSX ]OXSY\ ]OMYXNK\c
>RO \OVK^SYX]RSZ LO^aOOX ^RO 8D;+ KXN ^O\^SK\c ]^KPP RK] ]YWO
]SWSVK\S^c aS^R ^RK^ LO^aOOX ^RO 8D;+ KXN ]OMYXNK\c ^OKMRO\]
<OZ\O]OX^K^S`O] YP ^RO +]]YMSK^SYX YP ?XS`O\]S^c =^KPP +?= WO^ ^RO
>O\^SK\c 6OKN 1\Y_Z SX 4_Vc >ROc RKN Q\K`O \O]O\`K^SYX] Y`O\ ^RO
]MRYYV]=OMYXNK\c]MRYYV]RK`OcO^^YPOOV^ROSWZKM^YP^ROMRKXQO]YX
^OKMRSXQ KXN VOK\XSXQ KXN ^RO XK^SYXKV ObKWSXK^SYX] >RO\O WKc LO
\O]S]^KXMO^Y]YWOYP^ROMRKXQO]P\YW^ROZ_LVSMaROX^ROSWZVSMK^SYX]
K\OKZZ\OMSK^ON
KZZ\YZ\SK^OXO]]YP]^KXNK\N]LK]ONK]]O]]WOX^KXN^RO;_KVSPSMK^SYX]
+V^RY_QR QKSXSXQ K ]SQXSPSMKX^ Z\YZY\^SYX YP S^] L_NQO^ P\YW ^RO
0\KWOaY\UPY\_XS`O\]S^SO]KXNaK\XON^RK^3P^RO6OKN1\Y_Z]KN`SMO
Z\S`K^O]OM^Y\^RO8D;+aSVV\O[_S\O]_L]^KX^SKV1Y`O\XWOX^P_XNSXQ
+COK\SX^RO6SPOYP^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c
,\cKX>_MU
SX^RO]RY\^^YWONS_W^O\W9XMO^RO0\KWOaY\US]P_VVcSWZVOWOX^ON
Q\KN_K^O] YP K MY_\]O YX >O +Y >KaRS^Y ^K_QR^ Lc K aKXKXQK K^
aS^R ^RY_]KXN] YP _XS^ ]^KXNK\N] LOSXQ MYX^SX_KVVc _ZNK^ON KXN
>OW_UK^YK_XS^]^KXNK\N\OQS]^O\ONK^6O`OVYX^RO0\KWOaY\UYPKX
`KVSNK^ON KXN Ob^OX]S`O ]c]^OW] YP WYNO\K^SYX KXN [_KVS^c K]]_\KXMO
O[_S`KVOX^ ]^KXNK\N ^Y Q\KN_K^O] P\YW K _XS^ ]^KXNK\N YX @S^SM_V^_\KV
RK`SXQ^YLO]_]^KSXON^ROMYWW_XS^caSVVLOK\^ROMYX]SNO\KLVOMY]^YP
7KXKQOWOX^ KV]Y \OQS]^O\ON K^ 6O`OV L_^ ^K_QR^ Lc K 1S]LY\XO
^RO`S]SYX+^^RK^]^KQO^RO\OMY_VNLOYXVcYXO]KXM^SYXONNS]MY_\]O$
`S^SM_V^_\KVS]^KXN`SX^XO\)3^aSVVLOSX^O\O]^SXQ^Y]OORYa]K^S]PcSXQ^RO
^RK^YP^ROOX^O\Z\S]OM_V^_\OKXN^ROR_WKXMKZS^KV^ROY\S]^
KX]aO\ KXN S^] T_]^SPSMK^SYX aSVV LO ^Y ^RO `K\SY_] ]^KUORYVNO\] SX
9`O\KVV^RO^\KSXaRSMRS]^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c
ON_MK^SYX
RK] ]^OKWON YX aS^R K^ ^SWO] ^RO ^\KMU] LOSXQ VKSN T_]^ KROKN YP ^RO
^\KSX 3X YXO ]OX]O S^ S] K QYYN ObKWZVO YP ^RO NO]SQX KXN L_SVN
ZRSVY]YZRc aS^R _XS^ ]^KXNK\N] LOSXQ K]]SQXON ^Y VO`OV] MYXM_\\OX^Vc
aS^R ^RO 8D;+ Z\OZK\SXQ N\KP^ ZYVSMc Z\YZY]KV]€ KXN P_\^RO\ N\KP^
ZYVSMcZ\YZY]KV]€YXVO`OVNO]M\SZ^Y\]7O^R`OX####K>RO\OK\O
MYXMOZ^_KVZ\YLVOW]aS^R^ROK]]_WZ^SYX]_XNO\VcSXQ^ROMYXMOZ^YPK
_XS^ ]^KXNK\N KXN ^RO RSO\K\MRSMKV 0\KWOaY\U >RO OSQR^ VO`OV WYNOV
KNYZ^ONP\YW+_]^\KVSKS]LK]ONYXKRSO\K\MRcYPYMM_ZK^SYX]>ROVO`OV
NO]M\SZ^Y\] Z\YN_MON _XNO\ MYX^\KM^ Lc ^RO 8Oa DOKVKXN -Y_XMSV PY\
/N_MK^SYXKV<O]OK\MRK\O]SWSVK\3^S]Z\YLVOWK^SM^RK^^ROKM[_S]S^SYXYP
]USVV] `KV_O] K^^S^_NO] KXN UXYaVONQO SX M_\\SM_V_W K\OK] ]_MR K]
]MSOXMOVS^O\K^_\OVKXQ_KQOKXNWK^ROWK^SM]MKXLO]SWSVK\Vc]O[_OXMON
/VVOcSXZ\O]]
>RO KNO[_KMc YP ^RO ObS]^SXQ NO]M\SZ^Y\] YP VO`OV] S] KV]Y YZOX ^Y
<OPO\OXMO]
+?= ,_VVO^SX :_\MRK]SXQ 9_^Z_^] SX >O\^SK\c /N_MK^SYX€ +_Q_]^ ##$#
+?= ,_VVO^SX ?XS`O\]S^c .OQ\OO] KXN ^RO 0\KWOaY\U€ +_Q_]^ ##K$
,K\UO\+>RO8OaDOKVKXN;_KVSPSMK^SYX]0\KWOaY\U$Z\KM^SMKVS]]_O]
SX SWZVOWOX^K^SYX€ :KZO\ Z\O]OX^ON K^ ^RO >O\^SK\c /N_MK^SYX
-YXPO\OXMOAOVVSXQ^YX$##
,K\\Ya<>RO1OXO\SM0KVVKMc€ SX/N_MK^SYXKV:RSVY]YZRcKXN>ROY\c
$##$!!
-KWZ_]<O`SOa-YWZO^S^S`O0_XNSXQ7_ddVO]-\S^SMS]W€9M^YLO\ ##$
[_O]^SYX :ONNSO ## ]_QQO]^] ^RK^ SX ]YWO MK]O] S^ S] Z\YLKLVc
,YaNOX 4 KXN 7K]^O\] 1 3WZVSMK^SYX] PY\ 2SQRO\ /N_MK^SYX YP K
XOMO]]K\c^Y_]OKNNS^SYXKVM\S^O\SKY_^]SNOYP^RY]OZ_LVS]RONPY\^RO
-YWZO^OXMc,K]ON+ZZ\YKMR^Y/N_MK^SYXKXN>\KSXSXQ$3X^O\SW<OZY\^
ZVKMOWOX^YP_XS^]^KXNK\N];_KVSPSMK^SYXP\KWOaY\U]LK]ONYXXY^SYX]
7OVLY_\XO$<73>+-/<##
YP RSO\K\MRSO] YP QOXO\SM ]USVV] Y\ UOc MYWZO^OXMSO] KV]Y WKUO
-YNN47M+VZSXO.KXN:Y]US^^4+]]O]]WOX^:\YMON_\O]SX8Oa
K]]_WZ^SYX] aRSMR K\O ]O\SY_]Vc M\S^S[_ON Lc K X_WLO\ YP a\S^O\]
DOKVKXN$ /N_MK^SYXKV <OPY\W Y\ :YVS^SMKV +QOXNK€ SX =O^^SXQ ^RO
,K\\Ya##%AYVP##>ROO]]OX^SKVO]]OXMOYP^RO0\KWOaY\URK]
=^KXNK\N$
\OWKSXON MYX]^KX^ OSQR^ RSO\K\MRSMKV VO`OV] aS^R ]^KXNK\N]LK]ON
;_KVSPSMK^SYX] < :ONNSO KXN , >_MU ON] :KVWO\]^YX 8Y\^R$
K]]O]]WOX^L_^S^]L\SOPRS]^Y\c]_QQO]^]^RK^S^]YZO\K^SYXKVNOPSXS^SYX]
K\O XY^ VKSN SX ]^YXO 3 ]_]ZOM^ P_\^RO\ \O`S]SYX] YP ^RO NOPSXSXQ
MRK\KM^O\S]^SM]YP^RO0\KWOaY\UK\OSXO`S^KLVOSPS^S]^Y]_\`S`O
+]^_NcYP^RO\YL_]^XO]]YP^RO0\KWOaY\USXZ\KM^SMOaSVVLO`SKLVO
SX^ROXOb^POacOK\],c^ROX^RONOPSXS^SYX]YP^ROOSQR^VO`OV]]RY_VN
RK`OLOOXO]^KLVS]RONYZO\K^SYXKVVcKXN^ROKWLSQ_S^SO]]_\\Y_XNSXQ^RO
3]]_O]
SX
^RO
+]]O]]WOX^
YP
-YWZO^OXMO
SX
8K^SYXKV
._XWY\OSXZ\O]]
-YNN4+0\KWOaY\UPY\?XS`O\]S^c;_KVSPSMK^SYX]€+?=,_VVO^SX
##$
!
.SbYX5KXN/NaK\N]A>RO0SXKXMSKV:SM^_\O/WO\QSXQ0\YW=MRYYV]SX
^RO=KVK\SO]1\KX^=MROWO>\SKV$+:\OVSWSXK\c=^_Nc,K]ONYX^RO0S\]^
COK\:KVWO\]^YX8Y\^R$/<.-7K]]Oc?XS`O\]S^c##
XY^SYX YP K ]^KXNK\N MVK\SPSON >RO ZVKMO YP XY^SYX] YP ObMOVVOXMO KXN
WO\S^:ONNSO##SX^RO]MROWOaSVVRYZOP_VVcRK`OLOOX]O^^VON>RO
8D;+ RK] WKNO K Z_LVSM MYWWS^WOX^ ^Y K ]OKWVO]] ^\KX]PO\KLVO
/VVOc A 0_XNKWOX^KV 0VKa K^ ^RO 2OK\^ YP ^RO 8Oa ;_KVSPSMK^SYX]
:VKX€SX>RO-R\S]^MR_\MR:\O]]8Y`OWLO\!##$
[_KVSPSMK^SYX]c]^OWaS^RK0\KWOaY\UYPYLTOM^S`OVO`OV]KXN_XVSUOS^]
/VVOcAARK^S]A\YXQaS^R=^KXNK\N]LK]ON+]]O]]WOX^)€SX=O^^SXQ
MY_X^O\ZK\^] Y`O\]OK] WKUO] XY NS]^SXM^SYX LO^aOOX `YMK^SYXKV KXN
^RO =^KXNK\N$ 3]]_O] SX ^RO +]]O]]WOX^ YP -YWZO^OXMO SX 8K^SYXKV
QOXO\KVKMKNOWSMON_MK^SYX:\O]_WKLVcS^aSVVLOKLVOSX^ROP_^_\O^Y
;_KVSPSMK^SYX] < :ONNSO KXN , >_MU ON] :KVWO\]^YX 8Y\^R$
Z\Y`SNOKZVK_]SLVOKX]aO\^YK[_O]^SYX]_MRK]^ROPYVVYaSXQ$K\O^RO
._XWY\OSXZ\O]]
+COK\SX^RO6SPOYP^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c
/>=+KXN^RO8D;+>KUSXQ^RO =^OZ ^Y =USVV8OaDOKVKXNAOVVSXQ^YX$
/>=+KXN^RO8D;+##
8D;+>RO+]]O]]WOX^KXN<OMYQXS^SYXYP=USVV]KXN-YWZO^OXMSO]SX
8OaDOKVKXN€+ZKZO\PY\^RO9/-./N_MK^SYX-YWWS^^OOKXN^RO
/>=+KXN^RO8D;++8Oa=^\K^OQcPY\6SPOVYXQ/N_MK^SYXKXN>\KSXSXQ
AOVVSXQ^YX$/>=+KXN^RO8D;+##
/`OXSXQ :Y]^ =WS^R 6Y]O] 9_^ YX 0_XNSXQ :\YZY]KV€ 9M^YLO\ ##$
/WZVYcWOX^ 6KLY_\ KXN =YMSKV +PPKS\] -YWWS^^OO AOVVSXQ^YX$
8D;+##
8D;+;+8Oa]##K$
8D;+ 5Oc -YWZYXOX^] YP ^RO 8K^SYXKV ;_KVSPSMK^SYX] 0\KWOaY\U
/`OXSXQ :Y]^ /WZVYcO\] =ZOXN 7Y\O YX >\KSXSXQ€ 9M^YLO\ 0\KWOaY\UPY\3XN_]^\c€AOVVSXQ^YX$8D;+##L
8D;+/`KV_K^SYXYP3X^O\XKVVc+]]O]]ON-YWZYXOX^]YP?XS`O\]S^SO]
##K$
0S^d]SWYX] KXN :O^O\] 7 2_WKX -KZS^KV >ROY\c KXN ^RO 3XN_]^\c
>\KSXSXQ=^\K^OQcSX8OaDOKVKXN€SX4Y_\XKVYP/N_MK^SYXKV:YVSMc
#$##$
,\cKX>_MU
/X^\KXMO ,_\]K\SO] KXN =MRYVK\]RSZ =_LTOM^] +-/= ?ZNK^O€
AOVVSXQ^YX$8D;+##M
9/-./MYXYWSM=_\`Oc]###$8OaDOKVKXN:K\S]$9/-.##
1YXMdS + +X 3X^OQ\K^ON +ZZ\YKMR ^Y :\YPO]]SYXKV /N_MK^SYX KXN
:ONNSO<=^KXNK\N]6O`OV]1\KNO]KXNJ7O\S^+-\S^SMKV+XKVc]S]€
+]]O]]WOX^$ K -YX]SNO\K^SYX YP +\Q_WOX^] 0Y\ KXN +QKSX]^€
:KZO\Z\O]OX^ONK^8K^SYXKV+]]O]]WOX^<O]OK\MR0Y\_WMYXN_M^ON
?XZ_LVS]RONZKZO\=cNXOc$?XS`O\]S^cYP>OMRXYVYQc##
Lc-,>AY\USXQ:K\^cYP@//>+-=cNXOc$##
2KVV - 3X^OQ\K^SYX YP ?XS`O\]S^c ;_KVSPSMK^SYX] SX^Y ^RO 8K^SYXKV
:ONNSO < .SPPSM_V^c /bMOVVOXMO KXN 6O`OV]$ 3WZVSMK^SYX] PY\ K
;_KVSPSMK^SYX]0\KWOaY\U$9L]^KMVO]KXNKAKc0Y\aK\N€SX=O^^SXQ
;_KVSPSMK^SYX]0\KWOaY\U€+NS]M_]]SYXZKZO\PY\^RO8OaDOKVKXN
^RO =^KXNK\N$ 3]]_O] SX ^RO +]]O]]WOX^ YP -YWZO^OXMO SX 8K^SYXKV
;_KVSPSMK^SYX]+_^RY\S^c##
;_KVSPSMK^SYX] < :ONNSO KXN , >_MU ON] :KVWO\]^YX 8Y\^R$
._XWY\OSXZ\O]]
::>+8Oa]7YNO\XS]K^SYXY\-YXP\YX^K^SYX$1Y`O\XWOX^^Y.OMSNO€
2_QRO].KXN6K_NO\22_WKX-KZS^KV>ROY\cKXN^ROAK]^KQOYP
>KVOX^SX8OaDOKVKXN€SX8OaDOKVKXN4Y_\XKVYP/N_MK^SYXKV=^_NSO]
$##$
2cVKXN > -YWZO^OXMO 5XYaVONQO KXN /N_MK^SYX€ SX 4Y_\XKV YP
:RSVY]YZRcKXN/N_MK^SYX!$##$!
"
3\aSX 7 -_\\SM_V_W +]]O]]WOX^ KXN ;_KVSPSMK^SYX]$ +X /`KV_K^SYX YP
-_\\OX^<OPY\W]+_MUVKXN$/N_MK^SYX0Y\_W##
5OV]Oc41K^^KXN>O\^SK\c/N_MK^SYX€+?=,_VVO^SX##$"
7O^R`OX : 6O`OV .O]M\SZ^Y\] .\KP^ :YVSMc :\YZY]KV AOVVSXQ^YX$ 8Oa
DOKVKXN;_KVSPSMK^SYX]+_^RY\S^c##
7O^R`OX:6O`OV.O]M\SZ^Y\]0_\^RO\.\KP^:YVSMc:\YZY]KVAOVVSXQ^YX$
8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c##K
7SXS]^O\SKV>O\^SK\c6OKN1\Y_Z+=SXQVO2K\WYXS]ON;_KVSPSMK^SYX]
0\KWOaY\U€ <OZY\^ YP ^RO 7SXS]^O\SKV >O\^SK\c 6OKN 1\Y_Z
AOVVSXQ^YX$7SXS]^\cYP/N_MK^SYX##
8OaDOKVKXN2O\KVN:YVc^OMRXSM0_XNSXQ=RSP^€8Y`OWLO\##K
=OM^SYX$
8OaDOKVKXN2O\KVN,_VU0_XNSXQ1S`OX,KMU=OK^€9M^YLO\##L
=OM^SYX$
::>+8Oa]:\O]SNOX^<O`SOa]:\YQ\O]]€$###$
$##K$
::>+8Oa]=-1A\KZ]?Z€$##L$
:O^O\]7=^K\]RSZ/N_MK^SYX$/X^O\Z\S]O-_V^_\OSX8OaDOKVKXN€SX
+MMO]]$##$
=XYYU 3 /N_MK^SYXKV <OPY\W] SX 8Oa DOKVKXN$ ARK^ S] 1YSXQ YX)€
+MMO]]"$#"#$#"
>KcVY\ - +]]O]]WOX^ PY\ 7OK]_\OWOX^ YP =^KXNK\N]$ ^RO :O\SV KXN
:\YWS]OYP6K\QO=MKVO+]]O]]WOX^<OPY\W€SX+WO\SMKX/N_MK^SYXKV
<O]OK\MR4Y_\XKV$##$
>_MU,3]]_O]YP9LTOM^S`S^cSX+]]O]]WOX^$K:VOKPY\7YNO\K^SYX€SX
=O^^SXQ^RO=^KXNK\N$3]]_O]SX^RO+]]O]]WOX^YP-YWZO^OXMOSX8K^SYXKV
;_KVSPSMK^SYX] < :ONNSO KXN , >_MU ON] :KVWO\]^YX 8Y\^R$
._XWY\OSXZ\O]]
ASQQSX] 1 + >\_O >O]^$ >YaK\N 7Y\O +_^ROX^SM KXN /[_S^KLVO
+]]O]]WOX^€SX.OV^K5KZZKX!$##"#$!
ASV]YX,KXN/XQVORK\N7-RKXQO]^Y>\KNO>\KSXSXQ€SX+_]^\KVSKX
4Y_\XKVYP-K\OO\.O`OVYZWOX^$##$"
AYVP + +]]O]]SXQ -Y\O =USVV]$ AS]NYW Y\ ASVN 1YY]O -RK]O)€ SX
-KWL\SNQO4Y_\XKVYP/N_MK^SYX$##$"#
+COK\SX^RO6SPOYP^RO8OaDOKVKXN;_KVSPSMK^SYX]+_^RY\S^c
+MUXYaVONQOWOX^
>ROa\S^O\aS]RO]^YKMUXYaVONQOMYWWOX^]Lc.K`SN6c^RO.OXXS]
7M1\K^R <YQO\ :ONNSO KXN 7SMRKOV :O^O\] YX KX OK\VSO\ N\KP^ YP ^RS]
MRKZ^O\
>ROK_^RY\
,\cKX >_MU =OXSY\ 6OM^_\O\ /N_MK^SYX .OZK\^WOX^ ?XS`O\]S^c YP
+_MUVKXN RK] LOOX a\S^SXQ KXN _XNO\^KUSXQ \O]OK\MR SX ^RO K\OK YP
K]]O]]WOX^ KXN O`KV_K^SYX ]SXMO ^RO OK\Vc #!] <OMOX^ Z_LVSMK^SYX]
SXMV_NO TYSX^ ONS^Y\]RSZ YP K LYYU YP \OKNSXQ] YX ]^KXNK\N]LK]ON
K]]O]]WOX^K]^_NcYP]OVOM^ONQ\Y_Z]YP]^_NOX^]OX\YVVONSX<OKNSXQ
<OMY`O\c\OVSKLSVS^cYPO]]KcWK\USXQKXNKNYVO]MOX^]K^^S^_NO]^YaK\N]
QOXNO\\YVO]aS^RSXaY\U