A;C;C@ '
3;C@ '
@C@@; (
";C@;@CF )
:C2<@;@C ; )
+255
/@C;C@ %
2DDE%
HEDJLM &:<BLM 2EJ<EDJHEC -IFC:N -CC@<CC 0EMHKFFCN
,@;C@CC@< &
:DK:CCN JJD?CE<B >>KID?JJD? -?@JD?JJD? EKD=JJD? CF3HJJD? KJE3H/DJJD? =AKIJ-&H?@JDII
EKD=5ECK *+16/
/52+5/2
3@:DBNEK>EHNEKHFKH<@:IE>HC:
HE:>>KIH
0C:IH:=J@IDIJHK<JEDI<:H>KCCN:D=BFJ@
:DK:CD:H>EH>KJKHH>HD<
&N;H:BD?KF:JKHE>M:JH:D=IIDJ:CECIDJE
CCEDIE><HEF:HJ<CI3@I:HE:=>>KIHI=I?D=
JE@CFNEKHC::J@E/H?ED<DJ><=I?D=J@I
FHE=K<JJEFHEL=NEKMJ@J@HE>J@MCCBDEMD@ECIJ<
HC::JEDJ@E=I
HE:J@H:FNECEKH3@H:FN:D=
EKD=J@H:FN
266/
,256/
25 +252
2EJ <EDJHEC I@EKC= ;
FC:<=@HM@DKDKI=
+E<BJ>EH<EDD<JD?JE FEMH:=:FJEH
5 # 5 +
2+1 2IJ KDJ JE =>:KCJ IJJD?I
:D=J@DDJH<CE<BIJJD?
25+252
/+/6 2<L*2HEJ<EDJHECI?D:C
+ /3
8 IFC:N :CC D>EH:JED E> J :D=
IJJD?
!
"
!
"
-55/-55
3233
8
2ELJ@;:JJHNDIKC:JEH;>EHKI
0EKH :K C J:F M:JH D HEE JFH:
JKHDJEJ@M:JHJ:DB
==>M=HEFIE>IIDJ:CECIDJEJ@M:JH
0KJ;:<BJ@<ELH
0CK?DJ@FEMH:=:FJEH
0HII J@ D>H:H= HEJ <EDJHEC ED HEJ <EDJHEC
<EF:HJDJ JE J:B J EKJ
! >JH KID? J@ HEJ <EDJHECDIHJJ JE J@
HEJ<EDJHEC<EF:HJDJ
0HII 32JEJKHDEDJ@KDJ
+AF
"
!
CFE=I/.
KJEJHE=I/.
EEJ@D?IEKD=I/.
-?@JD?I/.
>>KID?I/.
&:JJHNCEMDE;:JJHN
)2<CE<B>EH:J
0
CE<BIJJD?I
25 E DEJ KI =IJCC= M:JH MJ@ J@I FHE=K<J
6:JHJFH:JKHI@EKC=;U
D:JKHIIDJ:CECI@EKC=;KI=
MJ<@ E>> J@ KDJ :D= KDFCK? >HE J@ :DI ;>EH
ELD?EH<C:DD?J@KDJ
32 3KHDEDE>>J@KDJ
2
3 5M H:DD? J# D:;C ICF >KD<JED
MJ@=>>KID?D:JKHIEKD=C?@J#IJICFJH
5/ 5M :KJE JH /. IJ:JKI# DJH JH
IJJD?I
*/-.5 # " 3E??C @?@CEM - ;H?@JDII#
=<H:IL:CKIE>J@IJJD?
/,, 3E??C J@HEK?@ IC<JED /. 2'0'
3
/./I<ED=I/
/-.5 3E??C J@HEK?@ IC<JED 2= /H:D? 7CCEM(HD&CK0KHFC-EEF
! 2 3E??CJ@HEK?@IEEJ@D?IEKD=I
62
# 3E??C J@HEK?@ IEKD= LECKI#
D<H:IL:CKIE>J@IJJD?
" +%%':CC:CH:=NDIJ:CC=
5AC=ECC
3KHD J@ KDJ :HEKD= JE LM >HEDJ E> J@ FHE=K<J
->:<D?NEK
0EKHJ@M:JHEKJ>HEJ@C>J=?
E
/3255
DEJ FJN M:JH >HE J@ :H JKDDCEH
EJ@HI=I*>M:JH?EIDJEJ@:HJKDDC=KHD?JH:DIFEHJ:JED
JMCC;DEH:CJ@:JM:JHF:IID?EKJ>HEJ@;EJJE
3@:HJKDDCDI=I=I?D=:IM:JHHIIJ:DJ0C:I
M:JKDJJ@:HJKDDCI=HN;>EHKI
25 6@DJ@HIDEEHDEJDEK?@M:JHJ@=>>KID?
>KD<JEDMCC;:KJE:J<:CCNIMJ<@=/
3@MCC<EDJDK>C:I@D?JED=<:JCEMM:JHCLC
3KHD 2,, J@ KDJ >HIJ :D= >CC DEK?@ M:JH :D= J@D
JKHDJ2:?:D
3@ IJ EKJFKJ I@EKC= DEJ ; =H<J= JEM:H=I
>KHDJKHEHC<JH<:C:FFC:D<I
/-.5/-55/ 0HII /-.5JEDJHIJJD?E=
0HII /-.5 HF:J=CN JE IC<J =IH= C?@JD?
E=EHJEJKHDC?@JD?E>>
3@ IJJD? EH=H I ! @<! FE! <@!
:!AA!A:D=2,,
,+5/255/-
255/-
85+
2+1
0HII 2JEDJHIJJD?E=
0HII 2 HF:J=CN JE IC<J =IH=
IEEJ@D?IEKD=IEHJEJKHDIEKD=E>>
3@ IJJD? EH=H I IEEJ@D? IEKD=I :D=
2,,
0HII 5JEDJHIJJD?E=
0HII */-.5 EH 62
JE <@:D? J@
IJJD?I EH FHII :D= @EC= # I JE H:F=CN <@:D?
J@IJJD?I
0HII 5/JE<ED>H:D=ELJEDJIJJD?
3@IJJD?EH=HI@H>EH:J:D=J
35/55/-
/,,/-55/ 0HII/,,JEDJHIJJD?E=
0HII /,, HF:J=CN JE IC<J =IH=
=>>KID?E=EHJEJKHD=>>KIHE>>
3@IJJD?<@E<I:H
/.>EHDKJI
I<ED=I/.I<ED=I/
/
3E:=AKIJICFJHIJJD?
0HII 3 JEDJHIJJD?E=
0HII 3 HF:J=CN JE <@:D? J@ ICF JH
IJJD?EHJEJKHDJE>>
3@ IJJD? DKJI EH=H I $%! ! (! ! $'
:D= 2,,
5DEC@@<
0HII 3
/3255 0HII 3 JM< JE <@:D? ICF
JH>HE2,,2,,!$%!!(!!$'!@
525/2
55/-
3+/,/+5/2
C<JJ@:KJEJH/.:C:HM:BKF<ED=JED
3KHD/.=>>KID?>:KJEJH/.:C:HMJ@
:HE:J@H:FN
3KHD/.:D=IC<JED<ECEKHE>C?@JD?>:KJEJH
/.:C:HMJ@C?@JD?
3KHD/.:D=IC<JEDIEEJ@D?IEKD=>:KJEJH
/.:C:HMJ@D:JKHPIIEKD=
0HII3*'2JEDJH3*'2IJJD?E=
0HIIJE<@:D?J@IJJD?IEHFHII:D=@EC=
JEH:F=CN<@:D?J@IJJD?I
0HII3*'2:?:DJEI:L:D=JIJJD?
3KHD/J@KDJ;>EH:KJEJH/.:C:HJ
3@KDJMCC;:KJE:J<:CCNJKHD=/.:<<EH=D?JE
J@:KJEJH:C:HMJ@IC<J=<ED=JED
583
+/35/2
/ /5
6?@J
"-"6 !)
!D!D! D
? E
6:JH J:DBLECK
C
0EMH
0EMH :=:FJEH*.043 R 5O
)
&:JJHN2EJ EDJHEC2
CE<B;:<BKF ;:JJHN2
- 6 )
3+5/2
E DEJ IK;A<J J@ KDJ JE <IIL >EH< I@E<B
=KIJJFH:JKHEH@K=JN
,F NEKH:HE:=>>KIH :J DEH:C HEE JFH:JKH
:D==EDEJKIJ:JLHNCEMJFH:JKHI$W
E DEJ <ELH J@ LDJC:JED @ECI MJ@ :DN JI IK<@
:IDMIF:FHI<KHJ:DIJ<
2EL =KIJ H?KC:HCN MJ@ : =HN <CEJ@ <<KKC:J=
=KIJFEII:FEJDJ:C>H@::H=
E DEJ FEI NEKH:HE:=>>KIH JE JH @:J EH
C?@J?=H<JIKDC?@J
E DEJ HI J@ KDJ D M:JH *> NEK IFCC CGK=
ELHJ=HNJ=:JCNMJ@:IE>JCDJ>H<CEJ@
E DEJ <C:D J@ KDJ MJ@ :;H:IL EH <EHHEIL
:JH:CI
05
+*/-.5
0HII */-.5JE<@:D?J@;H?@JDII
3@IJJD?EH=HI)?@:D=CEM
262
0HII 62
JEDJHIJJD?E=
0HII 62
HF:J=CN JE <@:D? J@ LECK
IJJD?EHJEJKHDJE>>
3@IJJD?EH=HI5ECKCLCCEM==C@?@
5
0HII 2''3 JE HJKHD JE J@ =>:KCJ IJJD?I :D=
IJ<CE<B
E DEJ J:FH MJ@ J@ KDJI DJHD:C <EFEDDJI
3@IDL:C=:JIJ@M:HH:DJN
/DCNKI>HI@;:JJHI
*:?I I@EMD D J@I :DK:C :N =>>H >HE J@
:<JK:C=IFC:N
6@D =IFEID? E> J@I FHE=K<J DIKH J I <ECC<J=
IF:H:JCN>EHIF<:CJH:JDJ
0C:<DJ E> J@I FHE=K<J ED <HJ:D JNFI E> MEE=
:N HIKCJ D =::? JE JI >DI@ >EH M@<@ /H?ED
<DJ>< MCC DEJ ; HIFEDI;C EDIKCJ J@ >KHDJKH
:DK>:<JKHHPI<:HDIJHK<JEDI>EHD>EH:JED
3@ <EDJDJI E> J@I :DK:C :N DEJ ; HFHE=K<=
MJ@EKJJ@FHIIEDE>J@:DK>:<JKHH
E DEJ =IFEI EC= ;:JJHI :I KDIEHJ= KD<F:C
M:IJECC<JEDE>IK<@M:IJIF:H:JCN>EH
*> J@ IKFFCN <EH= I =::?= J KIJ ; HFC:<= ;N
: IF<:C <EH= EH :II;CN :L:C:;C >HE J@
:DK>:<JKHHEHJIIHL<:?DJ
3@I :FFC:D< I DEJ DJD== >EH KI ;N FHIEDI
D<CK=D? <@C=HD MJ@ H=K<= F@NI<:C IDIEHN EH
DJ:C <:F:;CJI EH C:<B E> FHD< :D=
BDEMC=? KDCII J@N @:L ;D ?LD IKFHLIED
EH DIJHK<JED <ED<HDD? KI E> J@ :FFC:D< ;N :
FHIEDHIFEDI;C>EHJ@HI:>JN
@C=HD I@EKC= ; IKFHLI= JE DIKH J@:J J@N =E
DEJFC:NMJ@J@:FFC:D<
3@ DIJHK<JEDI I@:CC D<CK= J@ IK;IJ:D< E> J@
>ECCEMD?
3@ :FFC:D< I EDCN JE ; KI= MJ@ J@
H<ED== L:FEHD? =K 3@ KI E> EJ@H
IK;IJ:D<I:N?LHIJE:JE<EH>HHIB
EH J@ :CC:D<I J@:J :H =H<JCN FCK??= DJE
IE<BJEKJCJI > J@ JFH:JKH HI E> :<<II;C
IKH>:<I =KHD? J@ JIJ E> C:KI <=I J@
L:CK IF<>= >EH @:D=CI BDE;I ?HFI :D= IC:H
F:HJI J@:J :H @C= >EH I@EHJ FHE=I EDCN D DEH:C
KI J@ DIJHK<JEDI I@:CC D<CK= J@ IK;IJ:D< E>
J@>ECCEMD?
3@ :FFC:D< @:I @EJ IKH>:<I JE L:FEH:J J@
:<JL D?H=DJI :D= J@I IKH>:<I I@EKC= DEJ ;
JEK<@==KHD?KI
25 3@ J<@D<:C IF<><:JEDI >EH J@I FHE=K<J
:D= J@ <EDJDJI E> J@ KIH :DK:C :H IK;A<J JE
<@:D?MJ@EKJDEJ<
25 :JKHI :D= :<<IIEHI MCC DEJ ;
:L:C:;C D :CC <EKDJHI EH EH D>EH:JED
FC:I<EDJ:<JNEKHCE<:CHJ:CH
/5+
6:JHJFH:JKHI@EKC=;U
C:DM:JHJ:DB:D=<ELHMBCN
2>HI@ J@ M:JH D J@ M:JH J:DB :<@ J NEK
KIJ@KDJ
C:D J@ KDJ <EFCJCN =H:D J@ M:JH >HE
M:JH J:DB :D= =HN :CC F:HJI MJ@ : IE>J =HN <CEJ@
M@D NEK :H DEJ ?ED? JE KI J@ KDJ >EH : CED?
J
E DEJ HI J@ M@EC KDJ EH FCK? D M:JH EH
:DN EJ@H CGK= C:D J@ ;:I KDJ MJ@ : =:F
<CEJ@
EDEJKI<C:DD?EHI<EKHD?:?DJI
"+
5/22,+2,2/58
*252-2+/5/,/+
)H;N /H?ED <DJ>< =<C:HI J@:J J@I
HC: HE: >>KIH E=C 6" I D <EFC:D<
MJ@ '=H<JL ' <EFN E> J@ I?D=
:D==:J= <C:H:JED E> ED>EHJN I :L:C:;C ED
HGKIJL:EKH/H?ED<DJ><KIJEHHL<
3@I:FFC:D<IDEJDJD==>EHKI;NFHIEDI
D<CK=D?<@C=HDMJ@H=K<=F@NI<:CIDIEHNEH
DJ:C<:F:;CJIEHC:<BE>FHD<:D=
BDEMC=?KDCIIJ@N@:L;D?LD IKFHLIED
EH DIJHK<JED<ED<HDD?KIE>J@:FFC:D<;N:
FHIEDHIFEDI;C>EHJ@HI:>JN
@C=HDI@EKC=;IKFHLI=JEDIKHJ@:JJ@N=E
DEJFC:NMJ@J@:FFC:D<
EHH<JIFEI:CE>J@IFHE=K<J
3@I:HBD?D=<:JIJ@:JJ@IFHE=K<JI@EKC=DEJ;
=IFEI=MJ@EJ@H@EKI@EC=M:IJIJ@HEK?@EKJJ@
'43EFHLDJFEII;C@:HJEJ@DLHEDDJEH
@K:D@:CJ@>HEKD<EDJHECC=M:IJ=IFEI:C
H<N<CJHIFEDI;CNJEFHEEJJ@IKIJ:D:;CHKI
E>:JH:CHIEKH<I3EHJKHDNEKHKI==L<
FC:IKIJ@HJKHD:D=<ECC<JEDINIJIEH<EDJ:<J
J@HJ:CHM@HJ@FHE=K<JM:IFKH<@:I=3@N
<:DJ:BJ@IFHE=K<J>EHDLHEDDJ:CI:>H<N<CD?
5IJ EKH M;IJ MMMEH?EDI<DJ><<E JE
C:HDEH:;EKJ/H?ED<DJ><FHE=K<JI
*> NEKPH D J@ 4 :D= MEKC= CB JE <EDJ:<J EKH
KIJEH:H=F:HJDJ=H<JCNFC:ILIJ
MMMEH?EDI<DJ><<EIHL<IKFFEHJ:IF
2
!
A;;=C;@;= '
3;G@ '
@C@G@ (
3
55
;=G@+@C[ )
/@G@2<@;@C; )
//+
*D/@CG@ %
3@;ACC %
5IJ:
DJHEH 5IJ:0EIJHEH 3C<E:D=E - 2AG@3@ CDJ:ED
/ACG@,@G@ &
*FEIJ:ED :DK:C CCEH:
*FEIJ:EDC>>KIEH *FEIJ:EDCCCCKD:ED *FEIJ:EDKED *FEIJ:EDCCECF3H *FEIJ:EDC3H
KJE:J<E
2?EC:EDCC:-KDEIJ:CIFC:N-
a
/5
5ECK /5
6/5325/2
*6/529/2
(H: FH :LH :<GKIJ:JE C HC:>>KIEH
=:HE: /H?ED <DJ>< -??H :JJDJ:DJ
GKIJ IJHKED <EDIHL:H C :DK:C FH GK:CI:I
H>HDJE >KJKHE (H: :CC: IK==LIED = KD: I<C:
= :<GK: EC IID:C D CED = <HEF:HJ<CC
GKIJE FHE=EJJE >:LEHI< KD: =>>KIED EE?D:
=CCP:HE: EC IID:C ICED:J FHJJD=E KD:
FHIED:C:ED =CCP:;DJ D <K CP:FF:H<<@E I
JHEL: -KIE = EC IID:C :<GK: =JJE :HE:JH:F:
R :KJ: : <:C:H DHL : =H:J:H ?H:=K:CDJ
C:;DJH?:C:D=EKD>>JJEHC:II:DJ
2--/52 5
+22 DC <EHFE
=C FHE=EJJE h IJ:JE H<:L:JE KD :FFEIJE :CCE??:
DJE FH H<ELH:H C JC<E:D=E <ED <K I
FEIJ:DEJKJJC>KDED=C=>>KIEH=:HE
5 # 5 +
2+1 HFHIJD: L:CEH FH=>DJ
=CCKDJa <EDIDJ = :<<=H :CC FEIJ:ED
=CCEH:
+ DJH:J:FH<ECC?:HC:CDJ:JEH 32/+
6/55/2
5
+22
/+6/52 / 2<L C I?D:C =C JC<E:D=E
:D>H:HEII
/3
8 + 5IK:C: JKJJ C D>EH:ED =
EH:FEIJ:ED
!
"
!
"
239/2/3
///
/59/2
2KELH C: FHEJED =CC: ;:JJH: FH:
=CCPKIE
5HI:H DC IH;:JEE KD: GK:DJJa :II: = C=:<GK:=HK;DJJE:JFH:JKH::;DJ
??KD?HGK:C<@?E<<:=ECIID:C
2FEIED:HC:<EFHJKH:
ECC?:HC:CDJ:JEH
0HH C: FC:<<: =C L:DE =C JC<E:D=E :
D>H:HEIIFHIJH:HCEDIHHLKD:;:JJH:
EFECKIEHFEHHCJC<E:D=EDCL:DE:FFEIJE
! 0HH C J:IJE = ++/2#3-/52
FH:<<D=HCKDJa
+
!
"
E=:CJaICF:JJL:
E=:CJaJH:KJE:J<E:JJL:
KEDEHC:II:DJ:JJLE
*CCKD:ED:JJL:
>>KIED:JJL:
&:JJHDI:KHDJEI<:H<@
EH:JEEHECE?EEH
0
/HECE?EFEIJ:ED
25 .ED KI:H :<GK: =IJCC:J: <ED GKIJE
FHE=EJJE -: JFH:JKH: =CC:<GK: DED =L
IKFH:HW
=LEDEIIHKJC:JECIID:C=HEIECK;C
F?DH CKDJa I<ECC?:HC: =:CC: <EHHDJ FH: =
IFEIJ:HC:E=FKCHC:
/5
++/2#3-/52
<EDIDJ
=
2
:<<D=HIF?DHCKDJa
3 <EDIDJ = :JJL:H C: >KDED ICF <ED
=>>KIED = :HE IKEDE =CC: D:JKH: CCKD:ED
= FEIJ:H CE ICF JH = LIK:C:H C JFE
H:DDJ
5/ <EDIDJ = LIK:C:H CPEH:HE FH
CP:<<DIED :KJE:J<: = :<<=H :CC: E=:CJa
=FEIJ:ED=CCEIJIIE
/2/5N # " <EDIDJ = :CJHD:H C: CKDEIJa
=C =IFC:N - :CJ:;:II: = E=><:H L:CEH
=CCFEIJ:ED
/,,2 <EDIDJ = :CJHD:H C EFED :JJLE :JJLE=I:JJLE:=DJHL:CC=I<ED==I:JJLE
/
/9/2 <EDIDJ = :CJHD:H C EFED
HEIIE :H:D<E ?:CCE LH= :KHHE LEC: HEJ:ED
:KJE:J<:=<ECEH=IFED;C
! 22 <EDIDJ = :CJHD:H <DGK IKED
HC:II:DJ
62
# <EDIDJ = ICED:HKDE=JH
ICED:HKDE=LECK=E=><:HCFEIJ:ED
" *CC+%%' ?aDIJ:CC:J
/5
3;;B
(H:H CKDJa D E=E =: L=HD C: F:HJ :DJHEH
<EDC=IFC:N-=>HEDJ:Ie
:HKI<HC:<GK:=:CC:JEIDIJHE
/3255 .ED >:H KI<H C:<GK: =:C <ED=EJJE
=CC:H:E=::CJHC:J=KH:DJCJH:IFEHJEC:<GK:FDJH:
DC<ED=EJJE=CC:H:hDEH:C<@>KEHI<:=:CC:;:I
*C<ED=EJJE=CC:H::CCDJHDEhFH:;C
JJD=H<@
C<ED=EJJE=CC:H:I::I<KJJEFH:=CCKIE
25 1K:D=E CP:<GK: DED <P E DED IK>><DJ
CP<ED: IKC =IFC:N <EDJDK:: C:F??:H
F?DH CKDJ: :??KD?H :<GK: EC IID:C
GKD= H:<<D=H -K?CCE FH C: >KEHKI<J: =C
L:FEH :HE:J:JE DED =L IIH EHDJ:JE LHIE
E;CECJJHE=EIJ<
/3259/2
/
/9/2
0HH C J:IJE /
/9/2 FH :<<=H
:CC:E=:CJa=FEIJ:ED
0HH HFJKJ:DJ C J:IJE /
/9/2
FH ICED:H C: E=:CJa =I=H:J: =
CCKD:EDEFHIF?DHC:
-EH=D =CC FEIJ:ED h HEIIE :H:D<ED
?:CCE LH= :KHHE LEC: HEJ:ED:KJE:J<:
=<ECEH=IFED;CIFDJE
/3259/2
,9/2/
/3259/2/2/
/3259/2
2
0HH C J:IJE 22 FH :<<=H :CC:
E=:CJa=FEIJ:ED
0HH HFJKJ:DJ C J:IJE 22 FH
ICED:H GKCCE=I=H:JEJH:FHEFEIJEFH
IF?DHC:>KDEDICD:HC
0HH 5 FH :<<=H :CC: E=:CJa =
FEIJ:ED
0HH J:IJ /2/5N E 62
FH
E=><:H C FEIJ:ED E JDH FHKJE # I
FHE=><:HCH:F=:DJ
0HH 5/ FH <ED>H:H F:II:H
:CCFEIJ:EDIK<<IIL:
/3259/2
2
35/
2?EC:ED=CCFEIJ:ED=CCEICFJH
0HH C J:IJE 3 FH :<<=H :CC: E=:CJa
=FEIJ:ED
0HH HFJKJ:DJ C J:IJE 3 FH
E=><:H CFEIJ:ED =CCE ICF JH E FH
=I:JJL:HCE
6GGG@CA@@C
0HH 3
/3259/2
/,,2
0HH C J:IJE /,,2 FH :<<=H :CC:
E=:CJa=FEIJ:ED
0HH HFJKJ:DJ C J:IJE /,,2 FH
ICED:H C: E=:CJa =I=H:J: = =>>KIED E
FH=I:JJL:HCE
-EH=D =CC FEIJ:ED h :JJLE FH DKJ
:JJLE=I:JJLE := DJHL:CC = I<ED= =I:JJLE
AC CE ICF JH - EFED =IFED;C IEDE
/" DKJ
JJL:HCJH:KJE:J<EIL?C:<ED=ED=
HIL?CE
JJL:HC:=>>KIEDICJH:KJE:J<Eh:JJLE
IL?C:<EDC:HE:JH:F:
JJL:HICED:HKD:CK<<ECEH:J:ICJH
:KJE:J<Eh:JJLEIL?C:<EDCCCKD:ED
JJL:HICED:HKDIKEDEHC:II:DJICJH
:KJE:J<Eh:JJLEIL?C:<EDIKED=CC:D:JKH:
0HHCJ:IJE3*'2FH:<<=H :CC:E=:CJa=
FEIJ:ED=C3*'2
0HHEFHE=><:HCFEIJ:EDEJDH
FHKJERFHE=><:HCH:F=:DJ
0HHDKEL:DJ3*'2 FHI:CL:H KI<H=:CC
FEIJ:ED
I:JJL:HCKDJaFH:=CCPEH:<EDJH:KJE:J<E
IL?C:-KDJaI:<<D=:KJE:J<:DJI<ED=EC
JH:KJE:J<EIL?C:<EDC:<ED=EDICED:J:
3+/,/+.5+/+.
5/32
+/9/2
/5N3/+/3
)-0
0IE
" - "6 !)
?
5ECK =P:<GK:
=C IH;:JEE
C
CDJ:ED
CDJ:JEH *.043 5 O
)
&:JJH2FHC
JC<E:D=E2FH
CPEHECE?E<ED>KDED=;:<BKF
3+9/2/
-2
9/2
/2/5N
/3
8
+
0HHCJ:IJE
/2/5NFHE=><:HC:
-EH=D=CCFEIJ:EDh CJ:;:II:
62
0HH C J:IJE 62
FH :<<=H :CC:
E=:CJa=FEIJ:ED
0HH HFJKJ:DJ C J:IJE 62
FH
E=><:H CFEIJ:ED =C LECK E FH
=I:JJL:HCE
-EH=D =CC FEIJ:ED h -LCCE = LECK
;:IIE=E:CJE
.ED IEJJEFEHH C FHE=EJJE : >EH: <<IIL: KHJ
FECLHI;:C<<IIL=JFH:JKH:EK=Ja
.ED EJJKH:H >EH = :H:ED <ED E??JJ <E
?EHD:CJD=J<
.ED H?H CKDJa D :<GK: I LHI: =C
CGK=E IKC FHE=EJJE :I<K?:HCE =:J:DJ <ED
KDF:DDEEH;=ECI<E
.EDFKCHCKDJa<ED:JH:C:;H:ILE<EHHEIL
.ED :DEJJH <EFEDDJ DJHD *D GKIJE
E=EIDL:C=:C:?:H:D:
/H?ED <DJ>< =<CD: E?D HIFEDI:;CJa FH
/5
5
0HH 5 FH HFHIJD:H C FEIJ:ED
FH=>DJFHFEIJ:HCEH:
/3259/2
5/525/+2
/5
LDJK:C =:DD :CC >DJKH <:KI:J =:C FEIED:
DJE =C FHE=EJJE IK =JHD:J JF = C?DE
EDIKCJ:H C IJHKED >EHDJ =:C >:;;H<:DJ =C
E;CFHKCJHEHD>EH:ED
- :?D =C :DK:C FEIIEDE =>>HH =:CC:
H:CJa
*C <EDJDKJE = GKIJE :DK:C DED FKp IIH
HIJ:F:JEID:C:KJEH:ED=C>:;;H<:DJ
4JC:H IECE ;:JJH DKEL .ED I<EC:H ;:JJH
DKEL<ED;:JJHL<<@
C EDJE =CCE I:CJDJE =C FHE=EJJE :JJDHI
:CC:DEJ:HC:JL:D:CC?:JE
.ED I:CJH C ;:JJH L<<@ <E H>KJE
D=>>HD:JE [ D<II:HE <@ GKIJE H>KJE LD?:
I:CJJE =:DJ H:<<ECJ: =>>HD:J: FH IIH
JH:JJ:JEDE=E=EDE
C<KD KDJa IEDE =EJ:J = KD: IJHI<: = I<KH:
FH C ;:JJH 2KELH C: IJHI<: =:C L:DE ;:JJH
FH:=CFHEKJCE
C <:LE >EHDJE D =EJ:ED h =:DD??:JE =L
IIH IEIJJKJE <ED KD <:LE IF<:C E <ED KD BJ
=IFED;C FHIIE C >:;;H<:DJ E KD IKE :==JJE
:CC:IIIJD:
1KIJEFHE=EJJEDED=LIIHKJC:JE=:
FHIED<EFHI;:;D<ED<:F:<Ja>I<@
IDIEH:C E DJ:C H=EJJ EFFKH FHL =
IFHD: <EDEI<D: : DE <@ DED I JHELDE
IEJJE C: IKFHLIED = KD: FHIED: HIFEDI:;C
=CC: CEHE I<KH: E :;;:DE H<LKJE IJHKED
IKCCKIE=CFHE=EJJE=:J:CFHIED:
*;:;D=LEDEJHEL:HIIEJJEC:IKFHLIED=KD
:=KCJEFH?:H:DJH<@DED?E<@DE<EDCFHE=EJJE
-IJHKED=LEDE<EFHD=HGK:DJEI?K
*C FHE=EJJE =L IIH KI:JE I<CKIL:DJ <ED C
CGK=E = L:FEH:ED <EDI?C:JE -KIE = :CJH
IEIJ:D FKp FHELE<:H HI<@ = DJEII<:ED E =
D<D=E
*C FHE=EJJE @: IKFH>< <:C= :JJ :CCPL:FEH:ED
=?C D?H=DJ :JJL <@ DED =LEDE IIH JE<<:J
=KH:DJCPKJCE
25 - IF<><@ J<D<@ =C FHE=EJJE C
<EDJDKJE =C :DK:C FH CKJDJ FEIIEDE IIH
E=><:JID:FH:LLIE
25 :H:JJHIJ<@ :<<IIEH DED =IFED;C D
JKJJ F:I 0H KCJHEH D>EH:ED HLEC?HI :C
FHEFHEHLD=JEH
59/2
-: JFH:JKH: =CC:<GK: DED =L IKFH:H W
0KCH KD: LECJ: :CC: IJJ:D: C IH;:JEE
=CC:<GK:C:<EFHJKH:
??KD?H :<GK: :C IH;:JEE E?D LECJ: <@ I
KJC:CKDJa
1K:D=E I FHL= = DED KJC:H CKDJa FH
ECJE JFE FKCHC: :<<KH:J:DJ ILKEJ:H C
IH;:JEE :I<K?:H JKJJ C F:HJ <ED KD F:DDE
EH;=E:I<KJJE
.ED H?H CKDJa E C:CDJ:JEH D :<GK: E
D :CJH CGK= 0KCH C: ;:I =CCKDJa <ED KD F:DDE
K=E
.EDKI:H=JH?DJE:;H:IL
/5
/+./9/2/+2,2/5
/H?ED <DJ>< =<@:H: <@ GKIJE FHE=EJJE E=CCE
6" <ED>EH :CC: =HJJL: ' ' 4D:
<EF:
>H:J: =:J:J: =CC: <@:H:ED = ED>EHJ: =IFED;C IK H<@IJ: JH:J C IHLE <CDJ =CC:
/H?ED<DJ><
/,29/2/2-2+/5/,/+
0H :LH :??EH D>EH:ED IK DKEL FHE=EJJ /H?ED
<DJ><
LIJ:
C
DEIJHE
IJE
DJHDJ
MMMEH?EDI<DJ><J =EL FEJH: JHEL:H JKJJ C IK
FHE=EJJ=IHL=IFED;CD*J:C:=<K@:;IE?DE
!
CB
+;CCB '
3;C@ '
`
@CC@ (
5/
/5
A"_;C@+@C_ )
3A<@;@C; )
+255
*D/@C;C@ %
6@: %
:<
L:DJ :<
HHH 3C<E:D= >><@:?-
+@;@C :CDJ:JED <<,@;C@ &
2?CH:DKCCDJ-@EHCE?
2?C:?-:>>KIED 2?C:?-<C:H:? 2?C:?KED 2?C:?KEFJKHCF 2?C:?KEFJKH
KJE:JGK
:<JL:JED
AKIJH-:-KDEIJ-:>><@:?- ,
5ECKKED ,
,+/
*6/52+5/2
.EKI LEKI HH<EDI =:LEH :<@Je DEJH HC:
>>KIKH:HE:JGK 5KCC CH :JJDJLDJ <I
DIJHK<JEDI J <EDIHLH < :DKC FEKH JEKJ
He>eHD<KCJeHKH
(H_< a < =>>KIKH =:Hn =IFHI:DJ C eC:D?
=:K J =@KCI IIDJCCI D CCEDI = <HEF:HJ
<KCI HIFH J :FFHe< < eC:D? F:H>Ke
-KJCI:JED =@KCI IIDJCCI J =:K <EDDK IEKI
C DE =:HE:J@eH:F FHJ =:JJeDKH C: JDIED
DHLKI J @N=H:J FK a FK C: Fh< FEKH KD >>J
:F:I:DJ
6*
25 +252
0C:< C: JeCe<E:D=
=:DI<<EF:HJDJICCDIJF:IKJCIe
5 # 5 +
2+1 2eDJ:CI C:FF:HC :K
He?C:?I F:H =e>:KJ FHJ =DJHH =:DI CI
He?C:?I=C@EHCE?
+0HI=;H:D<@DJ=C:=:FJ:JKH
=:CDJ:JED
,+65
5
+2
+35 /,2- 2dEJ CI I?D:K
=<E:D=*2a=IJ:D<
,,/+.- + >><@ JEKJI CI D>EH:JEDI
=@KHJ=He?C:?
!
"
!
"
+2+5
/55/2
2JH CIEC:DJ = FHEJ<JED = C: FC :L:DJ JEKJ
KJCI:JED
5HI C :K =:K =K HE;DJ a
JFeH:JKH:;:DJ=:DICHeIHLEH=:K
AEKJGKCGKI?EKJJI=@KCIIIDJCCI
2JJC<EKLH<CDFC:<
&H:D<@C:=:FJ:JKHI<JKH
FFKN IKH C ;EKJED = C: JeCe<E:D=
D>H:HEK? IKH C <EF:HJDJ = C: JeCe<E:D=
FEKH C: HJHH
FHhI :LEH KJCIe C: JeCe<E:D= HFC:<C:
=:DIIED<EF:HJDJ
! FFKN IKH C ;EKJED =:CDJ:JED FEKH JJH
C:FF:HCIEKIJDIED
,,/+.-
+
!
E=CF:<JLe
-E=<EFJKH:KJE:JGKIJ:<JLe
-IED:F:I:DJIJ:<JLe
-e<C:H:?IJ:<JLe
-:=>>KIEDIJ:<JLe
0CI>:;CIEK:K<KDFC
EH:J=:>><@:?=C@EHCE?@
*<nD 0
)EHCE?2e?C:?I
"
4 . F:I KJCIH =:K =IJCCe :L< <
FHE=KJ -: JFeH:JKH = C:K D =EJ F:I =eF:IIH
W
,
/55/2
2
<JL=eI:<JLC:FF:HC
3 >><@ C JFI HIJ:DJ FHJ =:<JLH C:
>ED<JED =>>KIED IED D:JKHC CKhH J = He?CH C
<EFJKH=KJFICF
+235 5EKI FHJ = LIK:CIH C IJ:JKJ
:<JLe =K <EFJKH :KJE:JGK =DJHH =:DI CI
He?C:?I=K<EFJKH
/2/5 K?DJ =DK C: CKDEIJe =
C:>><@:?-#E=>CIL:CKHI=KHe?C:?
/,,/2 5EKI FHJ =:CJHDH DJH CI
IeC<JEDI /. 2'0'3'2 /./ I<ED=I /
/ 0HJ =:CJHDH DJH CI IeC<JEDI
2EK?EH:D?A:KDLHJ;CKLECJ;EK<C
! 20HJ=:CJHDHDJHIEDI:F:I:DJI
62
# 0HJ =:CJHDH DJH CI LECKI
IeC<JEDD:;CI#E=>CIL:CKHI=KHe?C:?
" +%%' =eAaDIJ:CCeI
,
JJC:FF:HC@EHIJDIEDJ=e;H:D<@C:FHI
eC<JHGK:L:DJ==eFC:<HC:FF:HCEK=C
DJJENH
3D_D
3EKHD C FHE=KJ C: >:< :L:DJ =L:DJ LEKI
-:>><@:?-LEKI>:I:DJ>:<
5=C:K=K<nJe?:K<@
IeC<JEDDH C E= = =>>KIED =eIHe EK FEKH
=eI:<JLHC=>>KIKH
-EH=H = He?C:? IJ C IKL:DJ <JLe FD=:DJ
DKJI :<JLe FD=:DJ I<ED=I J
=eI:<JLeFD=:DJI<ED=IJ/
4 C LECK =:K IJ DIK>>I:DJ EK
IC DN : FCKI =:K C<nD <C?DEJH: FEKH LEKI
D=GKH GK C LECK =:K IJ ;:I JJ JEKJ
=:;EH= C:FF:HC @EHI JDIED HFCII C
HeIHLEH=:KFKIJJC:FF:HCIEKIJDIED
. =H? F:I C: IEHJ = L:FKH LHI CI K;CI
EKCI:FF:HCIeC<JHGKI
/3255 . F:I L=H C:K F:H C JKN:K =:H EK
=I:KJHI<nJeI=C:KFeDhJH=:DICJKDDC
=:eH:JEDFD=:DJCJH:DIFEHJCIJDEH:CGK=
C:KIe<@:FF=K>ED=-DJeHKH=KJKDDC=:eH:JED
IJ<EDdKFEKHHeIIJHaC:K5KCC:JJD=HGKC
JKDDC=:eH:JEDIEJI<:L:DJ=CKJCIH
-
-
+
/-
FFKN IKH C ;EKJED +
/- FEKH DJHH
=:DICE==He?C:?
FFKN FCKIKHI >EI IKH +
/- FEKH
IeC<JEDDH C E= =e<C:H:? =eIHe EK FEKH
=eI:<JLHCe<C:H:?
-EH=H = He?C:? IJ C IKL:DJ HEK? EH:D?
A:KDLHJ;CKLECJ;EK<CJ/
-
-,2+5/2
-
5
.2
2-
-
-2
FFKN IKH 5 FEKH DJHH =:DI C E= =
He?C:?
FFKN IKH CI JEK<@I = /2/5 EK
62
FEKH E=>H CI He?C:?I EK :DJD
CI JEK<@I FEKH E=>H H:F=DJ CI
He?C:?I
FFKN IKH C: JEK<@ +235 FEKH
<ED>HHCHe?C:?J:IIH:KIKL:DJ
-EH=H = He?C:? IJ C IKL:DJ EH:J FFKN IKH C ;EKJED 2 FEKH DJHH =:DI C
E==He?C:?
FFKN FCKIKHI >EI IKH 2 FEKH IeC<JEDDH
CIED:F:I:DJ=eIHeEKFEKH=eI:<JLHCIED
-EH=H = He?C:? IJ C IKL:DJ IEDI :F:I:DJI
J/
-
-+235
3
-
-
/,,/2
FFKN IKH C ;EKJED = /,,/2 FEKH DJHH
=:DICE=He?C:?
FFKN FCKIKHI >EI IKH /,,/2 FEKH
3 A_C _<< ;AC
A
FFKN IKH C ;EKJED 3 FEKH DJHH =:DI C
E==He?C:?
FFKN FCKIKHI >EI IKH 3 FEKH E=>H
CI F:H:hJHI =K <EFJKH CF EK FEKH C
//5/
/5/2
FFKN IKH 2''3 FEKH GK C:FF:HC HLDD
:KHe?C:?IF:H=e>:KJJFEKHHe?CHC@EHCE?
++5/5/4
-
-+235525/4
+5/65/2
583
33/
3/+/3
"-"6!)
)'0
!D!D! D
? E
0E=I
eC<JEDDCI<ED=JEDI=HeLCDKJKH
:KJE:JGK:C:H
<JLC:=>>KIEDD<:I=HeLCF:HDKJKH
:KJE:JGK:C:H:L<:HE:J@eH:F
<JLJIeC<JEDDKD<EKCKH=Pe<C:H:?=eIHeD
<:I=HeLCF:HDKJKH:KJE:JGK:C:H:L<e<C:H:?
<JLJIeC<JEDDKDIED:F:I:DJD<:I=HeLC
F:HDKJKH:KJE:JGK:C:H:L<IEDI=C:D:JKH
FFKNIKH3*'2FEKHDJHH=:DICE=He?C:?I
=KDKJKH
FFKNIKHFEKHE=>HCIF:H:hJHIEK:DJD
FEKH<@:D?HH:F=DJCIHe?C:?I
FFKNKDDEKLCC>EIIKH3*'2FEKHDH?IJHH
JIEHJH=KE=He?C:?
'J?DCP:FF:HC:L:DJCP@KH=P:<JL:JED
C:H
=KDKJKH:KJE:JGK-P:FF:HCI:<JLH:
:KJE:JGKDJ<ED>EHeDJ:KHe?C:?=KDKJKH
:KJE:JGK:C:H:L<CI<ED=JEDIIeC<JEDDeI
05
/2/5
,,/+.-
+
FFKN IKH C ;EKJED /2/5 FEKH <@:D?H
C:CKDEIJe
-EH=H=He?C:?IJCIKL:DJ):KJJ;:II
62
2
FFKN IKH C ;EKJED 62
FEKH DJHH =:DI
CE==He?C:?
FFKNFCKIKHI>EIIKH62
FEKHE=>H
CIF:H:hJHI=KLECKEKFEKH<EKFHCIED
-EH=H = He?C:? IJ C IKL:DJ .L:K =
LECK;:IEND@:KJ
+/35/2
:F:<Je=K
HeIHLEH=P:K
C
CDJ:JED
=:FJ:JKH I<JKHDJHe 5
O )&:JJH 2EJEDJHEC
2 )EHCE? ;:JJH=I<EKHI
2 3+5/2
. F:I IEKJJH C FHE=KJ a KD >EH< <IIL :K
<@E< a C: FEKIIhH :K <@:D?DJI = JFeH:
JKHEKaCP@K=Je
. F:I <EKLHH CI JHEKI = LDJC:JED :L< =I
AEKHD:KH=:KJ<
. F:I H?H C FHE=KJ =:DI C:K LEKI
HDLHI =K CGK= IKH C:FF:HC Ie<@C e=
:JDJ:L<KDJIIK=EK
. F:I DJJENH C:FF:HC :L< =I :JeH:K
<EHHEI>IEK:;H:I>I
. F:I JH:>GKH CI <EFEI:DJI DJHDI C:
DL:C=H:LEJH?:H:DJ
,
3DCAC@C
3
5+ FFKN =K >EI IKH 3 FEKH
E=>H C He?C:? =K JFI CF / "
DKJI
,
.KJCI GK =I FCI DKLI . F:I eC:D?H
=IFCIDKLIJKI:?eI
-I :?I = < :DKC FKLDJ =>>eHH = C:IF<J
HeC=KFHE=KJ
-EHIGK LEKI =eIH LEKI =e;:HH:IIH = < FHE=KJ
:IIKHLEKI GKPC IEJ <ECC<Je IeF:HeDJ FEKH KD
JH:JDJ:=:FJe
- FEIH IKH <HJ:DI IKH>:<I D ;EI FKJ
D=E:?H C: >DJED =K K;C J /H?ED
<DJ>< D FKJ D fJH JDK HIFEDI:;C
EDIKCJ CI II D ?:H= =K >:;H<:DJ =K K;C
FEKH=FCKI:FCID>EH:JEDI
- <EDJDK =K FHeIDJ :DKC D FKJ fJH HFHE=KJ
I:DIC:FHIIED=K>:;HGK:DJ
. F:I AJH CI FCI KI:?eI =:DI CI <EDJ:DHI
KD<F:K DED :=:FJeI5KCC >><JKH C JH =
<IEH=KHIFEKHKDJH:JDJ:=:FJeIDe<II:H
5KCC H:HGKH GK <HJ:DI :FF:HCI IEDJ
eGKFeI =KD ;:D= = Ie<KHJe2JH C: ;:D= =K
<EF:HJDJ=IFCI:L:DJC:FHhHKJCI:JED
C <EH=ED =:CDJ:JED IJ D=E:?e C =EJ
fJH HFC:<e F:H KD <EH=ED EK KD :II;C:?
IFe<:C =IFED;C :KFHhI =K >:;H<:DJ EK IED :?DJ
=:DJD:D<
J :FF:HC D =EJ F:I fJH KJCIe F:H =I FHIEDDI
J =I D>:DJI :K <:F:<JeI DJ:CI IDIEHCCI
J F@NIGKI He=KJI EK D:N:DJ F:I CFeHD< J
C: <EDD:II:D< HGKII I:K> I CCI EDJ HdK CI
DIJHK<JEDI =KJCIH C:FF:HC EK IEDJ IEKI C:
IKFHLIED =KD FHIEDD HIFEDI:;C = CKH
Ie<KHJe
KFHLI CI D>:DJI FEKH LEKI :IIKHH GKCI D
AEKDJF:I:L<C:FF:HC
-I DIJHK<JEDI =ELDJ <EDJDH CI eCeDJI
IKL:DJI
-:FF:HC D =EJ fJH KJCIe GK:L< C FHE=KJ =
L:FEHI:JED
H<E:D=e
4JCIH
=:KJHI
IK;IJ:D<I FKJ DJH:jDH =I HIGKI =D<D= EK
=IHIGKIJEGKI
0EKH CI :FF:HCI =H<JDJ ;H:D<@eI =:DI CI
FHII = <EKH:DJ I CeCeL:JED = C: JFeH:JKH =I
IKH>:<I :<<II;CI FD=:DJ C JIJ = C: <C:KI <h= C: L:CKH =e>D FEKH CI FE?DeI ECJJI
FHII EK F:HJI IC:HI FD=:DJ KD <EKHJ =KHe
D E= = >ED<JEDDDJ DEH:C CI DIJHK<JEDI
=ELDJD<CKH<GKIKJ
-:FF:HC =IFEI = IKH>:<I <@:K=I FEKH
eL:FEHH CI D?He=DJI :<J>I D JEK<@ F:I <I
IKH>:<IFD=:DJCKJCI:JED
4 -I <:H:<JeHIJGKI J<@DGKI = <
FHE=KJ J C <EDJDK = < :DKC FKLDJ fJH IEKI
aE=><:JEDII:DIFHe:LI
4 :H:<JeHIJGKI J :<<IIEHI D IHEDJ
F:I L:C:;CI FEKH JEKI CI F:NI0EKH FCKI =D>EH:JED
<EDJ:<JHC=eJ:CC:DJCFCKIFHE<@
55/
-: JFeH:JKH = C:K D =EJ F:I =eF:IIH
W
.JJEN C HeIHLEH =:K J C <EKLH<C KD >EI
F:HI:D
,
JJ = C:K >H:j<@ =:DI C HeIHLEH a <@:GK
>EIGKLEKIKJCIC:FF:HC
.JJEN DJhHDJ C:FF:HC L= C:K =K
HeIHLEH J Ie<@ CI Fh<I :L< KD JIIK I< J
=EK I LEKI D:L F:I CDJDJED =KJCIH
C:FF:HCFD=:DJKDFeHE=FHECED?e
.H? F:I C:FF:HC D C ;H:D<@ F:I
IEKI C:K EK =:KJHI CGK=I .JJEN C: ;:I
:L<KDJIIK@K=
. F:I KJCIH = FHE=KJI =DJHJD EK =
=e<:F:?
23"R+
5/2+2,2/5R
0:H C: FHeIDJ /H?ED <DJ>< =e<C:H GK 6" IJ
<ED>EH a C: =H<JL KHEFeDD ' 4D
<EF I?De J =:Je = C: =e<C:H:JED = <ED>EHJe IJ
=IFED;CIKH=:D=:KFHhI=DEJHHL<CDJ
32322-2+/5/,/+
0EKH FCKI =9D>EH:JEDI IKH CI FHE=KJI /H?ED <DJ><
//5/
/5/2
H:D<HD=LEKIIKHDEJHIJMMMEH?EDI<DJ><>H
FFKN
IKH'J:JI4DI
2''3 FEKH
C:FF:HC
HLDD
LEKI
fJI :K
LEKIGK
FEKL
<EDJ:<JH
DEJH
:KHe?C:?IF:H=e>:KJJFEKHHe?CHC@EHCE?
IKFFEHJ <EDIE:JKH =H<JDJ IKH C IJ
MMMEH?EDI<DJ><<EIHL<IKFFEHJ:IF
!
GCZ:
5;=@;=C@ '
6;=CK@=@ (
C@< )
*/-
/5-
"1@CZC?Z@< )
X:2<@;@C; )
/.
5
1G@C@< %
X:;=C%
5EH=H:DI<@J 2s<B:DI<@J HD;=DKD? -
D? C;=CC JHELHIEH?KD? @C@<,@?C@@ &
4@H:DKCC 'DIJCCD
'DIJCCKD?I8HIJ:K;HI
`
'DIJCCKD?H&CK<@JKD? 'DIJCCKD?I,C:D?I 'DIJCCKD?S'DQI
KJE3HI )CC?BJI-'DIJCCD
-:KJIJ`HBI,C:D?I X+1/+.5
19/
/56H =:DBD *@DD >sH =D 'HMH; =I HC:
HE:HIJ`K;HI -ID ;JJ =I DCJKD?
IEH?>`CJ? =KH<@ KD= ;M:@HD I :K> K IF`JH
=:HDD:<@I<@C:?DKBoDDD
KH<@ K>IF:CJKD? DH I<@KD? :KI 6:IIH KD=
`J@HI<@D \CD D CCEDD LED BHEF:HJBCD
BoDDD D IEC<@ K>JIID J =I
HE:HIJ`K;H D>:<@H D:JD 5HMD=KD?
LED `J@HI<@D \CD KD= 6:IIH R :CI HE:J@H:F
;B:DDJ R @C>J *@DD =:; *@H .HLDINIJ K
;HK@?D KD= A=D 2:K :CC`@C<@ K @N=H:JIHD
KDDME@CJKD=D'>>BJKHK?D
,*/- HD;=DKD? IECCJ ;
.<@J;DKJKD?@HFC:JHJMH=D
5 # . /5
(H`J :K> J:D=:H=
DIJCCKD?D KHs<BIJD KD= 4@HDIJCCKD?D
:K>HK>D
+ DI<@CKII;K<@I>sH .J:=:FJH
X*/+.5
62/+.5
,*/
/"3,M- 'F>`D?J =:I ?D:C =H
*2HD;=DKD?
+"9/- 8?J :CC :JD >sH 4@HJ KD=
'DIJCCKD?D:D
!
"
!
"
5+./55
5262- 'DJ>HDD =D &:JJHI<@KJIJH>D LEH =H
5HMD=KD?
sCCD ::C C -JKD?IM:IIH J
8HJFH:JKHD=D6:IIH;@`CJH
(;D D? 3HEF>D `J@HI<@I \C D =:I
6:IIH
&HD?D= ;=<BKD?M=H:D
<@CVD=D.J:=:FJH:D
Hs<BD BKH :K> = *D>H:HEJHD;=DKD? DJIFH<@D=D :<@ DJD@D =I KD=
C?DD&:JJHD=*2HD;=DKD?D
.:<@ &DKJKD? =H HD;=DKD? C?D =I
M=HD=:IDJIFH<@D=:<@
! Hs<BD :K> 52 K =:I (H`J
DKI<@:CJD
+"9/-
!
'DI<@C:>E=KIIJ:BJLHJ/.
E=KI>sH:KJE 3HIJ:BJLHJ/.
&HK@?D=H,C:D?IJ:BJLHJ/.
&CK<@JKD?IJ:BJLHJ/.
8HIJ`K;KD?IJ:BJLHJ/.
&:JJHDI<@M:<@BD&:JJH
)24@HJ>EH:J
0
4@H'DIJCCKD?D
"
.// 5HMD=D BD =IJCCHJI 6:IIH ;
=I 0HE=KBJ 3FH:JKH =I 6:IIHI IECCJ
UD<@Js;HI<@HJD
52 (H`JD:KII<@:CJD
2
3 2IJC<@ 8J :D?D# 'DI<@C:>>KDBJED
J 8HIJ`K;KD? .:JKHBC:D? &CK<@JKD?
:BJLHD#'DI<@C:>JHDIJCCD
5/ J:JKI '*. =I :KJE 3HI :D?D#
3HDIJCCKD?D:K>HK>D
.
/-1/5# " )CC?BJ =I - M<@ICD
@E<@D=H?#'DIJCCKD?IMHJ`D=HD
95M* D KIM:@C JH>>D '*. 6*''2)/-'.'*. 4BKD=D 4
*
+.5- D KIM:@C JH>>D 2EJ /H:D?
(C;(HsD&C:K5ECJJ8NBCKI
! 1
- 8MI<@D ;HK@?D=D ,C`D?D
M<@ICD
55M1 #
8MI<@D -:KJIJ`HBD
M<@ICD#'DIJCCKD?IMHJ`D=HD
" +%%'"
C=:CC@;HJID?C?J
IIECCJDM:IIHCoIC<@`J@HI<@\C;DKJJ
MH=D<@:CJD=:I(H`J:KIKD=JHDDD
ILE.J;LEHIDD K>IJCCKD?IEHJ
LH`D=HDE=HIHD?D
@C@
H@D =:I (H`J @HK =:J :K> =
5EH=HIJI@D-?J:K>
<@sJJD=:I6:IIH:D=HCDBD,:DJ:KI
/+.5/- =sH>D =:I 6:IIH D<@J : -K>JB:D:CE=H
:D:D=HDJDDJCHD:CCIM`@HD==I3H:DIFEHJI
6:IIHD=D-K>JB:D:C?H`JIJIDEH:C=:II=II
JCMI:E<BC:KIJHJJH-K>JB:D:CIJDDDM:IIH>IJ
BEDIJHKHJ6:HJDLEH=H5HMD=KD?;JJ;I=H
-K>JB:D:CLoCC?JHE<BDIJ
=D ?MsDI<@JD 8HIJ`K;HE=KI :KIKM`@CD
E=H=D8HIJ`K;H:KIKI<@:CJD
2@D>EC? =H 'DIJCCKD?D C:KJJ '*. >sH
DKJD BKD=D '*. BKD=D
4KD= 4
.// 6DD BD E=H D<@J ?Ds?D= 6:IIH
LEH@:D=D IJ ;CDBJ =:I N;EC MJH@D K
=D D=H?D 6:IIHIJ:D= :DK?D <@:CJD
=:I (H`J KHIJ :KI >sCCD ?Ds?D=
6:IIHDKD=I<@:CJD=:I(H`JM=HD
KIJHJJIo>>DKD? =I .;CI IECCJ D<@J :K>
o;CE=HCBJHI<@(H`J?H<@JJID
/5
-*
+.5 Hs<BD :K> *
+.5- K =D
'DIJCCKD?IE=KI:K>KHK>D
Hs<BD M=H@ECJ :K> *
+.5- K
=D
?MsDI<@JD
&CK<@JKD?IE=KI
:KIKM`@CD
E=H
=
&CK<@JKD?
:KIKI<@:CJD
2@D>EC? =H 'DIJCCKD?D C:KJJ 2EJ
/H:D? (C; (HsD &C:K 5ECJJ 8NBCKI KD=
4
/5
-,15/2
/.
/5
Hs<BD :K> 2''3 K =D 'DIJCCKD?IE
=KI:K>KHK>D
Hs<BD
:K>
.
/-1/5
E=H
-
433X2,' K = 'DIJCCKD?D K `D=HD
E=H @:CJD R ?=Hs<BJ K = 'DIJCCKD
?DH:I<@K`D=HD
Hs<BD :K> 5/ K = 'DIJCCKD? K
;IJ`J?DKD=KHD`<@IJDs;HK?@D
2@D>EC? =H 'DIJCCKD?D C:KJJ
JKD=D>EH:JKD=4@HJ
/5
-1
-
/5
-95M*
Hs<BD :K> 95M* K =D 'DIJC
CKD?IE=KI:K>KHK>D
Hs<BD M=H@ECJ :K> 95M* K
E LHIJCCD = 'DIJCCKD? =I 'DI<@C:>J
HI
Hs<BD :K> 3 K =D 'DIJCCKD?IE
=KI:K>KHK>D
Hs<BD M=H@ECJ :K> 3 K =
'DIJCCKD? =I 'DI<@C:>JHI K `D=HD E=H @D
:KIKI<@:CJD
2@D>EC? =H 'DIJCCKD?D DKJD
C:KJJ" KD= 4
55M11
-
Hs<BD :K> 55M1 K =D 'DIJC
CKD?IE=KI:K>KHK>D
Hs<BD M=H@ECJ :K> 55M1 K =
'DIJCCKD? =H -:KJIJ`HB K `D=HD E=H I
:;KI<@:CJD
2@D>EC? =H 'DIJCCKD?D C:KJJ
-:KJIJ`HBF?CD=H?JJC@E<@
/5
-J/H525/
KIM:@C=H
BJLHKD?=I:KJE3HI
C:H
=H6<B;=D?KD?
8HIJ`K;HDI<@:CJDK:KJE3H
C:HJ
HE:J@H:FK:BJLHD
'DI<@:CJDKD=D&CK<@JKD?I>:H;:KIM`@CD
K:KJE3H
C:HJ&CK<@JKD?K:BJLHD
'DI<@:CJDKD=DD;HK@?D=D,C:D?:KIM`@CD
K:KJE3H
C:HJ.:JKHBC`D?DK:BJLHD
Hs<BD:K>3*'2K=D'DIJCCKD?IE=KI
=I3*'2:K>KHK>D
Hs<BD:K>K='DIJCCKD?DK`D=HD
E=H@:CJD?=Hs<BJK='DIJCCKD?DH:I<@
K`D=HD
Hs<BDHDKJ:K> 3*'2K='DIJCCKD?K
IF<@HDKD=K;D=D
<@:CJD=:I(H`JLEH
BJLHKD?=H
C:HJ
=I:KJE3HI:KI:I(H`JMH=DJIFH<@D==
:KJE3H
C:HJ=H?M`@CJD&=D?KD?
:KJE:JI<@D?I<@:CJJ
5
Hs<BD :K> 5 K =:I (H`J :K> =
J:D=:H=DIJCCKD?D KHs<BKIJD KD= = 4@H
DKIJCCD
5+./+.5
583
*+./*-
*//./5
)&3
(M<@J
.
/-1/5
+/5
Hs<BD :K> .
/-1/5 K = )CC?BJ K
! " "
?
6:IIHJ:DB
5ECKD
C
JHELHIEH?KD?
.JJC'D?:D? 5O
)
&:JJH HD;=DKD?2 4@H &:<BKF&:JJH2 `D=HD 2@D>EC? =H 'DIJCCKD?D C:KJJ
)E<@KD=.=H?
G<@C;=9C@
3
3*00 Hs<BD :K> -''0 K =D 'DI<@C:>
JH LED 4 K `D=HD 4 " D
62/+.5K.
JD =:I (H`J BDH JHD (M:CJD
MHBKD? KD= BDD JoVD :KI KD= @:CJD I
LED s;H`V? J:K; )J E=H K<@J?BJ
>HD
=sH>D = &Cs>JKD?Io>>DKD?D D<@J J (?D
IJ`D=D :;=<BD M & 8JKD?D 5EH@`D?
KIM
3:K<@D =:I (H`J D:CI D 6:IIH :CCI D CsII?BJ s;H =:I (H`J LHI<@sJJD JHE<BDD
IIE>EHJJDM<@D>:IH>HD 3K<@
2D?D =:I (H`J BDI>:CCI J I<@KHD=D
E=H`JD=DJJCD
:<@D I<@ D<@J :D =D DJHDD ,EFEDDJD
=I (H`JI K I<@:>>D =: =I K D 5HCKIJ =H
(:H:DJ>s@HDB:DD
5HMD=D DKH DK &:JJHD 5HMD=D BDI>:CCIDKKD=:CJ&:JJHD?DI:
D =IH DCJKD? =:H?IJCCJD ;;C=KD?D
BoDDDI<@LE/H?D:CKDJHI<@=D
'DJIEH?D =:I 0HE=KBJ D<@J :CC?DD
):KIsCC IED=HD :KII<@CVC<@ D =D =:>sH
LEH?I@DD BEKD:CD :CIJCCD = ;*@HH(D=H>H:?DBoDDD
6DD =II 0HE=KBJ :K> ;IJJ )EC>C`<@D
?IJCCJ MH= B:DD = /;H>C`<@ ;I<@`=?J MH=D
/H?ED <DJ>< IJ D<@J @:>J;:H >sH IEC<@
&I<@`=?KD?D
'DJIFH<@D=
)DMI
DJD@D ;JJ =H 0>C?:DCJKD? *@HI
o;C@HIJCCHI
H *D@:CJ =IH DCJKD? =:H> E@D (D@?KD?
=I)HIJCCHID<@JLHLC>`CJ?JMH=D
5H;H:K<@J &:JJHD ?@oHD D<@J D =D ):KIsCC
&JJ ?;D I ; DH :CIJCC >sH
CJ;:JJHD;MED=HsCC:;
&JJ ;:<@JD =:II :D<@ (H`J J D
&:JJHKDJH;H<@KD?IIJH>D ;IJs<BJ ID= 5EH
= HIJD (;H:K<@ sIID =D JH>D :KI
=&:JJH>:<@@D
6DD =:I .JB:;C ;I<@`=?J IJ KII I =KH<@
D IFCCI ,:;C E=H &:KJC HIJJ MH=D =:I
; )HIJCCH E=H ID HL<LHJHJH
H@`CJC<@IJ
II (H`J IJ D<@J >sH = 5HMD=KD? =KH<@
0HIEDD DI<@CVC<@ ,D=H J LHD=HJD
F@NII<@D IDIEHI<@D E=H DJ:CD `@?BJD
;M >@CD=H 'H>:@HKD? KD= :<@BDDJDI
LEH?I@D IE>HD =I D<@J LED DH 0HIED
;:K>I<@J?J E=H s;H = 5HMD=KD? =I (H`JI
DIJHKHJ MH=D = >sH =HD <@H@J
LH:DJMEHJC<@IJ
,D=H IECCJD KD;=D?J ;:K>I<@J?J MH=D K
I<@HKIJCCD=:IIID<@JJ=(H`JIFCD
DMIKD?D IECCJD D@:CJC<@ EC?D=I
DJ@:CJD
:I (H`J =:H> DKH J = F>E@CDD
5H=:F>KD?I=K LHMD=J MH=D 5HMD=KD? LED :D=HD K;IJ:DD B:DD K D
5H?>JKD?IE=H&H:D=HIBE>s@HD
6DD ; (H`JD = =HBJ :D J<B=EID
.// J<@DI<@D :JD >sH =II 0HE=KBJ KD=
=H *D@:CJ =H &=DKD?I:DCJKD? BoDDD E@D
&D:<@H<@J?KD??`D=HJMH=D=HJMH=D
.// '?DI<@:>JD KD= 8K;@oH D<@J D :CCD
-`D=HD LH>s?;:H6JH *D>EH:JEDD H@:CJD LED*@H:<@@`D=CHLEH/HJ
"12,2/5M51
M)HJ HBC`HJ /H?ED <DJ>< =:II 6" J =H '
2<@JCD ' s;HDIJJ 'D ,EF =H
KDJHI<@H;DD
KD=
J
:JK
LHI@DD
,ED>EHJ`JIHBC`HKD? H@:CJD :K> D>H:? s;H KDIHD
/H?ED<DJ><,KD=D=DIJ
X*2-2+/5/,/+
KDIHD,KD=D=DIJHH<@DKD=:JD@HKDJHC:=DBoDDD
5 3FH:JKH =I 6:IIHI IECCJ U D<@J
s;HI<@HJD
2D?D =D 6:IIH;@`CJH KD= = ;=<BKD?
Mo<@DJC<@
'HDKHD =:I 6:IIH 6:IIH;@`CJH A=I :C
MDD=:I(H`JLHMD=D
2D?D =:I (H`J LECCIJ`D=? DJCHD =:I
6:IIH :KI = 6:IIH;@`CJH KD= JHE<BDD :CC
3C J D M<@D JHE<BDD 3K<@ MDD =:I
(H`Js;HDDC`D?HD8JH:KD<@JLHMD=D
3:K<@D ?:D (H`J D:CI D 6:IIH E=H D
:D=H CsII?BJ 2D?D = &:IID@J J D
>K<@JD 3K<@
5HMD=DBD2D?KD?IE=H<@KHJJC
!
:D?I<@CEIID MH=D =H 3FH:JKH:DIJ? LED
K?`D?C<@D /;H>C`<@D ; =H ];HFHs>KD? LED
,C:KIC =D 6HJ s;HI<@HJJ =H >sH ,CDBD
,DoF> ):D=?H>> KD= `@DC<@ 3C LEH?I<@H;D
IJ = DKH ; DEH:C (;H:K<@ >sH BKH
8JH`K ?@:CJD MH=D IECCJD = DMIKD?D
D@:CJC<@EC?D=IDJ@:CJD
:I (H`J MIJ @V C`<@D :K> K = 6HBIJE>>
K LH=:F>D# =I C`<@D =sH>D M`@HD= =H
&DKJKD?=I(H`JID<@J;Hs@HJMH=D
3;;b@ (
/2
@C@@C
)
I;;b@+@ )
S/+
:2<@;@C; )
*D3@C;b@ %
@%
5IJ:HEDJ:C 5IJ:0EIJHEH :D=E
IJ:D<: 0:DJ:CC:-<= +bAG KDJ
CDJ:<mD +@<;b@,@;@ &
AKIJ:DK:CC 2CEA ED>?KH:<mDC>KIEH ED>?KH:<mD-:-K ED>?KH:<mDED=E ED>?KH:<mDC3FEH:=EHI<EDmD
ED>?KH:<mDC3FEH:=EH
KJE^J<E
<JL:=E
0:H:2?KC:H-:-KDEI=:= 5ECKD ,;=5_;@; '
6/5325/2
*635+/T
(H:<:I FEH @:;H :=GKH=E C HC:=>KIEH =
=JD=:DJ
IJ:I
:HE:I 0EH >:LEH C:
DIJHK<<EDI N ?K:H= C :DK:C F:H: <EDIKCJ:HCE D C
>KJKHE
'IJ =>KIEH = :HE:I =L= KD: <C: = :?K: N
:<JI ID<:CI D CCEDI = <HEF:HJi<KC:I N C
FHJ HIFH:H ^I >^<CDJ IJ: <C: :HE^J<:
'IJ KIE = :<JI ID<:CI N :?K: <EDE<=E <EE
:HE:JH:F: :NK=: : HC:A:H CEI DHLEI @=H:J:H
?H:=K:CDJ <K:CGKH @:;J:<mD CE <K:C JD KD
><JE<:C:DJ
25 +252
'C :D=E : =IJ:D<: I
?K:H=::GKiDJH:IDEIKJC:
5 # 5 +
2+1 -: KD=:= LKCL : CEI
:AKIJI FH=JHD:=EI N : <EDJDK:<mD FE=H^
<ED>?KH:HC:@EH:
+ 3E: F:H: <ED<J:H :C :=:FJ:=EH = <EHHDJ
=
6/5,25
2/5+/
+352 / 2<F<mD = Il:C = *2 =C
:D=E:=IJ:D<:
35
+ KIJH: JE=: C: D>EH:<mD =
@EH:N<ED>?KH:<mD
!
"
!
"
+T239
,5
/5+/T
2JH C: <K;HJ: =C <EF:HJDJE F:H: FC:I
:DJI=KJC:HC:KD=:=
*DJHE=K<: KD ^E = C = :?K: =C ?H>E :
JFH:JKH::;DJDC=FmIJE
l:=:KD:I?EJ:I=:<JIID<:CI:C:?K:
5KCL::<ECE<:HC:<K;HJ:
ED<JC:=:FJ:=EH=<EHHDJ
0KCI C :D=E : =IJ:D<: IJK:=E D C
<EF:HJDJE =C :D=E : =IJ:D<: F:H: I:<:HCE
NFmD?:CKD:FC:
IFKeI = KJC:H C :D=E : =IJ:D<: ?K^H=CE
DC<EF:HJDJE<EHHIFED=DJ
! 0KCI 32F:H:FEDHD:H<@:C:KD=:=
35
+
!
E=E=JFEH:=EH==I<EDmD:<JL:=E
E=E=JFEH:=EH:KJE^J<E:<JL:=E
ED=E<:C:DJ:<JL:=E
-K:<JL:=:
>KIEH:<JL:=E
-:IFC:IIJ^D<:I:?EJ:=:IDE@:NFC:I
EH:JE=HCEA=@
0
2CEAED>?KH:<mD
25 .E KI :?K: =IJC:=: D IJ =IFEIJLE -:
JFH:JKH:=C:?K:DE=;Hi:IKFH:HCEIU
"
/5+/T
2'D<D=HN:F:?:HC:KD=:=
532/92 +27/T 5H JFE
HIJ:DJ# :<JL:H >KD<mD = HFJ<mD = :C:H: <ED
=>KIEH IED=E = C: D:JKH:C: CK# <ED>?KH:H
JFEH:=EH==I<EDmD
532/92 5H IJ:=E =C JFEH:=EH
:KJE^J<E:<JL:=E#<ED>?KH:HC:@EH:
/2/ # " C<<ED:H CKDEI=:= :CJ:;:A:
=C:F:DJ:CC:-#E=><:HL:CEHI=C:AKIJ
/,2 C<<ED:H EF<mD /. 2'0'
3
/./ I<ED=I / I =<H :<JL:H :<JL:H
N=I:<JL:HI?KD=EI=I:<JL:H
9 C<<ED:H <ECEH 2EAE .:H:DA: :HCCE 5H= KCEH:=E CJHD:D<:
! 2/2 C<<ED:H KDE = CEI IED=EI
HC:A:DJI
62
# C<<ED:H DJH LECrDI =
IED=E#E=><:HL:CEHI=C:AKIJ
" +%%' N:DIJ:C:=:I
-: I<KD<: = <ED>?KH:<mD I :<JL:=E
=KH:DJ DKJEI :CJHD:D<: DJH DKJEI
:<JL:=ENDKJEI=I:<JL:=EN=I:<JL:=E
KJC<:<JIID<:CIIECK;CID:?K:
DJI=ELHECF:HC:KD=:=:F^?KC:N
=ID<@r>C:
+b;<
e C: LKCJ: : C: KD=:= F:H: LH C: F:HJ >HEDJ:C =C
FHE=K<JE C: F:DJ:CC: - JD GK GK=:H @:<:
KIJ=
5HJ:C:?K:FEHC;EH=GKH=E
/3255 .E LHJ: C :?K: =I= C <ED=K<JE
=:HDFEHEJHEIC:=EI=KH:DJCJH:DIFEHJDJH:I
:?K:DC<ED=K<JE=:HC:?K:I:C=H^FEH=;:AE
'IJEIDEH:C'CDJHEH=C<ED=K<JE =:HIHIIJDJ
:C:?K:0EH>:LEHIFH:GKC<ED=K<JE=:HI
IGK:DJI=KJC:HCE
25 C: KD=:= DE <EDJD :?K: E DE <EDJD
IK><DJ :F:H<H^ C <EDE F:HF:=:DJF:H:
D=<:H GK C DLC = :?K: I =:I:=E ;:AE
I:<JL C: KD=:= DJHE=K<: KD: <:DJ=:=
IK><DJ=:?K:N:<JiLC:=DKLE
'C <@EHHE DE =;Hi: IJ:H =H?=E : K;CI D
:F:H:JEICe<JH<EI
+2,/-+/T
9
+2,/-+/T,+/2
0KCI-48F:H::<<=H:CE=E=<ED>?KH:<mD
0KCI -48 HFJ=:DJ F:H: IC<<ED:H C
E=E=CKD:<mD=I:=EE:F:?:HC:CK
-: I<KD<: = <ED>?KH:<mD I HEAE D:H:DA:
::HCCE LH= :KC EH:=E :CJHD:D<: N
=I:<JL:=:
05
20
+2,/-+/T2/2
0KCI 5 F:H: :<<=H :C E=E = <ED>?K
H:<mD
0KCI /2/ E 62
JE <@:D? J@
IJJD?I EH FHII :D= @EC= R JE H:F=CN <@:D?
J@IJJD?I
0KCI 532/92 F:H: <ED>H:H N F:I:H :C
I?KDJ:AKIJ
-: I<KD<: = <ED>?KH:<mD I EH:JE = m@@EH:
0KCI 2/2 F:H: :<<=H :C E=E = <ED>?K
H:<mD
0KCI 2/2 HFJ=:DJ F:H: IC<<ED:H C
E=E = IED=EI <:C:DJI =I:=E E :F:?:H C
IED=E
-: I<KD<: = <ED>?KH:<mD I IED=EI
<:C:DJINIED=E=I:<JL:=E
+2,/-+/T
/,2
+2,/-+/T
532/92
+27/T
0KCI /,2 F:H: :<<=H :C E=E = <ED>?K
H:<mD
0KCI /,2 HFJ=:DJ F:H: IC<<ED:H
CE=E=I:=EE:F:?:HC=>KIEH
0:H::<JL:HCJFEH:=EH==I<EDmD
0KCI 532/92+27/T
0KCI 532/92 +27/T
HFJ=:DJ F:H: IC<<ED:H JFE = =I<ED
mD E =I:<JL:H C: >KD<mD -: I<KD<: =
<ED>?KH:<mD DKJEI I " N
=I:<JL:=E
3DCAC@C
532/92+27/T
+202 0KCI 532/92 +2"
7/T =EI L<I F:H: :<JL:H C JFEH:=EH =
=I<EDmD I IJ^ =I:<JL:=E =I:<JL:=E " D
+2,/-+/T
532/92
52L5/+2+5/62
0ED?:CJFEH:=EH:KJE^J<ED/.:C:H:
EF<mD==IFHJ:H
<JLC=>KIEHICJFEH:=EH:KJE^J<EIJ^D
/.:C:H:<ED:HE:JH:F:
<JLC=>KIEHNCA:KD<ECEH=CKICJFEH:=EH
:KJE^J<EIJ^D/.:C:H:<EDCK
<JLC=>KIEHNCA:KDIED=E<:C:DJIC
JFEH:=EH:KJE^J<EIJ^D/.:C:H:<EDKD
IED=E=C:D:JKH:C:
0KCI3'0/2*8
/2F:H::<<=H:CE=E=
<ED>?KH:<mD=CJFEH:=EH
0KCIF:H:E=><:HCEI:AKIJIEFKCIRN
:DJeD?:CEFKCI:=EF:H:<:;:HH^F=:DJCEI:AKIJI
0KCI3*'2=DKLEF:H:?K:H=:HC:<ED>?KH:<mD
NI:CH
F:?KC:KD=:=:DJI=GKCJFEH:=EHCC?K:
C:@EH:=C::C:H:-: KD=:=I:<JL:H^:KJE^J<:DJ
I?rDCJFEH:=EH:KJE^J<E:C:H:DCE=E
IC<<ED:=E
3-
/2/
0KCI /2/F:H: E=><:H C: CKDEI
=:=-:I<KD<:=<ED>?KH:<mDI CJ:N;:A:
62
0KCI 62
F:H: :<<=H :C E=E =
<ED>?KH:<mD
0KCI 62
HFJ=:DJ F:H: IK;H E ;:A:H
CLECKDEF:H:=I:<JL:HCE
-: I<KD<: = <ED>?KH:<mD I 5ECKD ;:AE
LECKD=ELECKD:CJE
//+/2
0KCI //+/2 F:H: LECLH : C: <ED>?KH:<mD
FH=JHD:=:N<ED>?KH:HC:@EH:
,/+.5R+/+
5/32
+/3+/T
/3/+/3
0
" " !
0IE
? E@D&:JJH
5ECKD=C
C
=FmIJE=:?K:
0EJD<:
=:FJ:=EH = :CDJ:<mDDJH:=:
= 5 O )
&:JHi: <EDJHECHEJE2
2CEA=<EF:= I?KH=:==C: ;:JHi:
2 3++/T
.E FED?: C FHE=K<JE : >KH: JH: =I<:H?:I
FECLE>CK<JK:<EDI=JFH:JKH:E@K=:=
.E <K;H: CEI EH><EI = LDJC:<mD <ED E;AJEI <EE
FHm=<EI<EHJD:IJ<
.E IKHA: C =IFEIJLE D :?K: I LHJH:
CiGK=E D C: KD=:= CiFC: <ED KD F:lE IK:L N ID
C<JH<=:=IJ^J<:
.E CF C: KD=:= <ED :JH:CI :;H:ILEI E
<EHHEILEI
.E :DFKC CEI <EFEDDJI DJHDEI @:<HCE
IDL:C=:Hi:C:?:H:DJi:
4I IFH FC:I DKL:I .E <C FC:I LA:I <ED
FC:IDKL:I
-:I ^?DI = IJ: ?Ki: F:H: C KIK:HE FK=D
IH=IJDJ:I:CFHE=K<JEDIi
K:D=E CD IJ FHE=K<JE :I?rHI = GK DE
L:N: : F:H:H : C: ;:IKH: ?DH:C IDE
IF:H:=:DJF:H:H<;HKDJH:J:DJEIF<:C
-: <ECE<:<mD = IJ FHE=K<JE D<: = <HJEI
JFEI = :=H: FK= FHELE<:H =:lEI : IKI
:<:;:=EI /H?ED <DJ>< DE I HIFEDI:;C:H^
= =<@EI =:lEI EDIKCJ C:I DIJHK<<EDI =
<K=:=E=C>:;H<:DJF:H:E;JDH^ID>EH:<mD
-EI <EDJD=EI = IJ :DK:C DE FK=D
HFHE=K<HIIDFHIE=C>:;H<:DJ
.E CD C:I FC:I ?:IJ:=:I <ED C: ;:IKH: DEH:C
'I D<I:HE =I<@:HC:I IF:H:=:DJ F:H:
FE=HJH:J:HC:I
3D?: D <KDJ: GK :C?KD:I KD=:=I =IFEDD =
KD: <DJ: = I?KH=:= F:H: C:I FC:I 2JH C: <DJ:
= <EF:HJDJE F:H: FC:I :DJI = KI:HCE FEH
FHH:L
C <:;C = :CDJ:<mD FHIDJ: =:lEI =;H^
HFC::HI FEH KD <:;C E <EFEDDJ =C
>:;H<:DJEIKHF:H:=EH<K:C><:=E
'IJ =IFEIJLE DE IJ^ FDI:=E F:H: IH KJC:=E
FEH FHIED:I D<CK=EI DlEI <ED <:F:<=:=I
>iI<:I IDIEH:CI E DJ:CI H=K<=:I E ;D
>:CJ:I = FHD<: N <EDE<DJEI : DE IH GK CE
KJC<D ;:AE IKFHLImD E @:;D=E H<;=E
DIJHK<<EDI HC:JL:I :C KIE =C =IFEIJLE FEH F:HJ
=KD:FHIED:HIFEDI:;C=IKI?KH=:=
-EI DlEI =;Hi:D IJ:H IKFHLI:=EI F:H: GK DE
FK=:DAK?:H<EDC=IFEIJLE
-:I DIJHK<<EDI I?KH^D C:I I?KDJI CiD:I
?DH:CI
25 -: ><@: Je<D<: = IJ FHE=K<JE N CEI <EDJD=EI
= IJ :DK:C = KIK:HE FK=D FHDJ:H
<:;EIIDFHLE:LIE
25 .E JE=:I C:I >KD<EDI N :<<IEHEI IJ:H^D
=IFED;CI D JE=EI CEI F:iII iHL:I FEDHI D
<EDJ:<JE <ED IK =IJH;K=EH CE<:C I =I: ^I
D>EH:<mD
5//52
-:JFH:JKH:=C:?K:DE=;Hi:IKFH:HCEIU
-FC=FmIJE=:?K:NC:<K;HJ:JE=:IC:II:D:I
2DKLC:?K:=C=FmIJE<:=:LGKKJC<C:KD=:=
-F ;D C: KD=:= HJH C :?K: =C =FmIJE N IeGKCE ;D
<ED KD F:lE IK:L N I<E I DE L: : KJC:H C: KD=:= =KH:DJ
KD:JFEH:=:
.E IKHA: IJ FHE=K<JE D C D<@K> D :?K: D EJHE CiGK=E
-FC:KD=:=<EDKDF:lEC?H:DJ@K=<=E
.EKJC<=JH?DJIDFHE=K<JEI:;H:ILEI
"+
+/T+2,2/
0EH =E = C: FHIDJ /H?ED <DJ>< =<C:H: GK C 6"
<KFC <ED C: H<JL: ' =C ' 3D : IK
=IFEI<mD KD: <EF: >H:=: N ICC:=: = C: <C:H:<mD =
ED>EH=:= IEC<iJC: :C F:HJ:DJE = JD<mD :C CDJ =
/H?ED<DJ><
2*2-2+/5/,/+
5IJDKIJH:F^?D:M;MMMEH?EDI<DJ><<EF:H:<EDE<H
^IIE;HCEIFHE=K<JEI=/H?ED<DJ><
IJ^ D ''44 N GKH <EDJ:<J:H =H<J:DJ <ED DKIJHE
F:HJ:DJE = JD<mD :C CDJ FEH >:LEH LIJ
MMMEH?EDI<DJ><<EIHL<IKFFEHJ:IF
IJ^ D 'IF:l: N GKH <EDJ:<J:H =H<J:DJ <ED DKIJHE
F:HJ:DJE = JD<mD :C CDJ FEH >:LEH LIJ
MMMEH?EDI<DJ><IECC::C" !
A;;^d '
3;^d (
@C@^] )
25/
/92
+I;^]+@ )
:2<@;@C; )
+25W2
*D/@C^] %
6]- %
5IJ:HEDJ:C 5IJ:3H:IH: EDJHECE2EJE '<Hc-
/@;2,@;@@C EHD<DJE'DH?:
,@^]@^d &
<HJ:H /2Cm?E EH::DK:C
>DdcE:5:FEH:dcE >DdcE:-K >DdcEEE >DdcE3FEH:=EH0:H:IC?:H >DdcEE3FEH:=EH
KJE^J<E-?:=E
2?KC:H/&HC@EE-<= 32
5ECKEE 32
6/55/
*6/52QP2
/;H?:=E FEH JH :=GKH=E E HC:>KIEH =
HE: -: IJ:I DIJHKdqI <E :JDdcE ?K:H=E:DK:CF:H:>KJKH:I<EDIKCJ:I
E =IIECLH K: IJKH: = ^?K: = mCEI IID<
:I C@qI = <HEF:HJi<KC:I IJ =>KIEH =
:HE: FHJC@ HIFH:H :I >:<CDJ IJ: IJKH:
FH>K:=: KJC:dcE = mCEI IID<:I =: ^?K:
R <ED@<=: <EE :HE:JH:F: R :AK=: : :<:C:H ?H:=K:CDJ
@=H:J:
GK:CGKH
<EF:HJDJE
>EHD<D=EK>JEJH:DGKC:=EH
+252
2 252 / <EDJHECE HEJE =L IH
<ECE<:=E:GKGK:D=EDcEIJLH:IKKI:=E
5 32 # +5 2 T-/2 2Fq
: KD=:= F:H: :I =>DdqI FH=>D=:I =FEI
DJHE=K:I=>DdqI=EHCm?E
+ 'DJH:=: F:H: C?:H E :=:FJ:=EH = <EHHDJ
6/P2-
6/5,25
+252
2252
+352 /6 2<; E ID:C =E <EDJHECE
HEJE=*5
+P + FHIDJ: JE=:I :I D>EH:dqI =:
@EH:=>DdqI
!
"
!
"
//+/2,+/252
,2+/52-/
2ELHEIEC:=EH=:IFC@:I:DJI=KJC:H
J:H K ^E = C = ^?K: =: JEHDH: a
JFH:JKH::;DJDEHIHL:JmHE=:^?K:
=<ED:H :C?K:I ?EJ:I = mCEI IID<:I D:
^?K:
5ECJ:H:<ECE<:H:J:F:
-?:HE:=:FJ:=EH=::CDJ:dcE
0HH E <EDJHECE HEJE D>H:LHC@E DE <EF:HJ
DJE =E <EDJHECE HEJE F:H: E HJH:H <ECEGK
K:FC@:DE<EDJHECEHEJED>H:LHC@E
FEI = KI:H E <EDJHECE HEJE LECJ : <ECE<^CE
DEIK<EF:HJDJE
! 0HH /5QP2 F:H:C?:H:KD=:=
+P
+
!
E=EJFEH:=EHF:H:=IC?:HIJ^C?:=E
E=EJFEH:=EH:KJE^J<EIJ^C?:=E
EJH:DGKC:=EHIJ^C?:=E
CKIJ^C?:=:
L:FEH:dcEIJ^C?:=:
0C@:I<E<:H?:;::IFC@:I
2Cm?E>EH:JE)2
0
2Cm?E=>DdqI
25 .cE KI ^?K: =IJC:=: DIJ FHE=KJE JFH:JKH:=:^?K:DcE=L<=HEIU
"
32
/5QP2-?:H=IC?:H:KD=:=
2
532/92 3 /- 5H E JFE
HIJ:DJ# :<JL:H : >KDdcE JFEH:=EH F:H: =IC?:H
<E =>KIEH IE =: D:JKH: CK# =>DH E JFEH
:=EHF:H:=IC?:H
532/92 5H E IJ:=E C?:=E =E JFEH:
=EH :KJE^J<E# DJHE=KH :I =>DdqI =E JFEH:
=EH
*/
.2 # " CJHD:H DJH ;HC@E :CJE;:E =E -#
:CJH:HEIL:CEHI=:=>DdcE
632/9 CJHD:H DJH : IC<dcE -*(
/ 2'0'3*2 -*(
/ ' '-*(
/ I?KD=EI '-*(
/
9 CJHD:H DJH : IC<dcE 5HC@E -:H:DA: :HCE5H= KC2EEGKfD<:
! 2 CJHD:HDJHIEDIJH:DGKC:=EHI
62
# CJHD:H DJH LECKI = IE#
:CJH:HEIL:CEHI=:=>DdcE
" 3=aC+%%'A^DIJ:C:=:I
32
D:H E E=E = L:FEH:dcE EK F:H: =IC?:H E
=>KIEH
EH= =:I =>DdqI e -?:=E =KH:DJ DKJEI I?KD=EI C?:=E I?KD=EI
=IC?:=E=IC?:=E
25
1K:D=E DcE IJ ^?K: EK IJ: DcE e
IK><DJ E i<ED <EDJDK: : FI<:H F:H: D=<:H
E ;:E DiLC = ^?K: IC?:H : KD=:= <ECE<:H
^?K:IK><DJ=FEILECJ:H:C?:H
I:i=: =E L:FEH DcE =L IJ:H =H<<ED:=: F:H:
EE;C^HEEKF:H::F:HC@EICe<JH<EI
=LIHKI:=EmCEIID<:CIECrLC
IC?K:KD=:=E<:;ECe<JH<E:DJI=
ELHEKCF:H:KD=:=
3CY<
2E= : KD=:= = >EH: : LH : F:HJ =: >HDJ =E
FHE=KJE-LH:=EF:H:I
2JH:^?K::JH:LeI=:;EH=:IGKH=:
/3255 .cE HJH : ^?K: :JH:LeI =E JrDC =E
:HEKEKJHEIC:=EIDJH:H^?K:DEJrDC=E:H=KH:DJ
EJH:DIFEHJeDEH:CGK:^?K:I:::JH:LeI=:F:HJ
D>HEH/JrDC=E:HDJHEHe<ED<;=EF:H:IHHIIJDJ
a^?K:'IFH:JeGKEJK;E=E:HIGK:DJI=KJC:H
,//QP2
9
,QP2,//QV
0HH 9 F:H:DJH:HDEE=E==>DdcE
0HH 9 HFJ=:DJ F:H: IC<<ED:H E
E=E=CK=IA:=EEKF:H:=IC?:H:CK
EH= =:I =>DdqI e LHC@E C:H:DA:
::HCELH=:KCHEEIGKfD<:=IC?:=E
+52
T-/2,2
,//QP222
0H: 32 F:H:DJH:HDEE=E==>DdcE
0HH */
.2 EK 62
F:H: :CJH:H :I
=>DdqI EK FHH :DJH FH=E R F:H:
:CJH:H=>EH:H^F=::I=>DdqI
0H: 532/92 F:H: <ED>H:H F:II:H
F:H::FHm:=>DdcE
EH= =:I =>DdqI e EH:JE
@H @EH:
0H: 2 F:H:DJH:HDEE=E==>DdcE
0HH 2 HFJ=:DJ F:H: IC<<ED:H EI
IEDI JH:DGKC:=EHI =IA:=EI EK F:H: =IC?:H
EIE
EH= =:I =>DdqI e IEDI JH:DGKC:=EHI
=IC?:=E
,//QP2532/92
3
/-
,//QP2632/9QP2
0HH 632/9QP2 F:H: DJH:H DE E=E =
=>DdcE
0HH 632/9 HFJ=:DJ F:H: IC<<E
3 < @^] CAG A
<
0H: 532/92 3 /- F:H:
DJH:HDEE=E==>DdcE
32
0HH 532/92 3 /-
HFJ=:DJ F:H: :CJH:H : =>DdcE =E JFEH
:=EHF:H:=IC?:HEKF:H:E=IC?:H
EH= =:I =>DdqI DKJEI e " =IC?:=E
-
2*/
.22
+
3*/
.2AC:=
EH==:I=>DdqIe CJE;:E
3DCAC@C
532/92 3
/-
/+ 0HH 532/92 3 /-
=K:I LI F:H: :CJH:H E JFEH:=EH F:H:
=IC?:H" D
62
22
0HH 62
F:H: DJH:H DE E=E =
=>DdcE
0HH 62
HFJ=:DJ F:H: :CJH:H :
=>DdcE=ELECKEKF:H:E=IC?:H
EH= =:I =>DdqI e .iLC ;:E e=E :CJE
=ELECK
,//QP22532/92
52L5/+2
/-2
32
0HH 32 F:H: LECJ:H aI <ED>?KH:dqI
FH=>D=:I:<HJ:HEHCm?E
C<<ED:HEJFEH:=EH:KJE^J<E:C:H
<ED=dcE==IFHJ:H
-?:HE=>KIEHF:H:JFEH:=EH:KJE^J<E:C:H
<E:HE:JH:F:
-?:HIC<<ED:HK:<EH=CKF:H:JFEH:=EH
:KJE^J<E:C:H<ECKD:dcE
-?:HIC<<ED:HKIEJH:DGKC:DJF:H:
JFEH:=EH:KJE^J<E:C:H<EIEDI=:D:JKH:
0HH3*'2F:H:DJH:HDEE=E=<ED>?KH:dcE
=EJFEH:=EH
0HHF:H::CJH:H:I<ED>?KH:dqIEKFHH
:DJHFH=EF:H::CJH:HH:F=:DJ:I
<ED>?KH:dqI
0HH3*'2DEL:DJF:H:?K:H=:HI:H=:
<ED>?KH:dcE
IC?:H:KD=:=:DJI=:I@EH:I=EJFEH:=EH
:KJE^J<E:C:H
KD=:=e:KJE:J<:DJC?:=:
=:<EH=E<EEJFEH:=EH:KJE^J<E:C:H<E:
<ED=dcEIC<<ED:=:
3+/,/+QV
5/32
+/QP2
/3/+/3
- 0
" " !
0IE
5ECK=E
HIHL:JmHE=
^?K:
CDJ:dcE
? E@D&:JJH
C
=:FJ:=EH =E FE=H *.043 5 O
)
&:JJHN<EDJHEC HEJE 2
;:JH: =EHCm?E = ;:<BKF 2
32
3+QV
.cE IK;J: : KD=:= : >EHd:I <IIL:I
F:<JEI FEH:I EI<C:dqI = JFH:JKH: EK
K=:=
.cE E;IJHK: :I :;HJKH:I = LDJC:dcE <E JDI
<EEAEHD:I<EHJD:IJ<
.cE H?KC@ : KD=:= D: ^?K: HIFD?:H
CiGK=E DC: IGK: =:J:DJ <E K F:DE
:<EGKDcEIECJ>:FEI
.cE CF : KD=:= <E :JH:C :;H:ILE EK
<EHHEILE
.cE :CJH EI <EFEDDJI DJHDEI =: KD=:= *IIE
DL:C=:H^IK:?:H:DJ:
4JC :FD:I FC@:I DEL:I .cE IJKH FC@:I DEL:I KI:=:I 2JH :I FC@:I <:IE FHJD=: ?K:H=:H E
FHE=KJE
I :?DI EIJH:=:I DIJ :DK:C FE= =>HH =:
:?H:C
/I :JH:I KJC:=EI DEI FHE=KJEI /H?ED FE= IH
HKJC:=EI H<<C:=EI :FmI E > = IK: L=: rJC
'D<:D@ EI FHE=KJEI : IH =I<:HJ:=EI :EI CE<:I
= <ECJ: :FHEFH:=EI :JDJ:D=E F:H: :I C?IC:dqI
CE<:I
<ECE<:dcE =IJ FHE=KJE IE;H <HJEI JFEI = :=H:
FE= HIKCJ:H =:DEI :E IK :<:;:DJE FCEI GK:I
: /H?ED <DJ>< DcE I HIFEDI:;C:H^ EDIKCJ :I
DIJHKdqI = <K=:=EI =E >:;H<:DJ =E mLC F:H: E;JH
D>EH:dqI
/ <EDJr=E =IJ :DK:C DcE FE= IH HFHE=K=E I
:FHIIcE=E>:;H<:DJ
.cE =I<:HJ ;:JH:I KI:=:I CE<:I DcE :FHEFH:=EI
Z D<II^H: : <ECJ: =E CE GKIJcE = :DH:
IF:H:=:F:H:JH:J:DJEIF<:C
/;IHL GK :C?K:I KD=:=I IJcE GKF:=:I <E
K: JH: = I?KH:Dd: =: ;:JH: 2EL: : JH: =E
<EF:HJDJE=;:JH::DJI=EFHHEKIE
E <:;E =: :CDJ:dcE IJLH =:D><:=E =L IH
IK;IJJKi=E FEH K <:;E EK <EDAKDJE IF<:C >EHD<=EI
FCE>:;H<:DJEKFCEIK:?DJ=IHLdE
'IJ :F:HC@E DcE I =IJD: : IH KI:=E FEH FIIE:I
D<CKD=E <H:Dd:I <E <:F:<=:=I >iI<:I IDIEH:I
EK DJ:I H=K=:I EK <E FEK<: FHfD<: EK
<ED@<DJEI : DcE IH GK IA: L?:=EI EK H<;:
DIJHKdqI IE;H : KJC:dcE =E :F:HC@E FEH K: FIIE:
HIFEDI^LCFC:IK:I?KH:Dd:
I <H:Dd:I =L IH IKFHLIED:=:I F:H: :II?KH:H
GKDcE;HD<:<EE:F:HC@E
IDIJHKdqI=LD<CKHEII?KDJI:IF<JEI
/ :F:HC@E Im =L IH KJC:=E <E E E =
L:FEH:dcE H<ED=:=E KJC:dcE = EKJH:I
IK;IJ_D<:IFE=EH?D:HHI<EIJm<EIEK=D<fD=E
0:H: EI :F:HC@EI GK IcE C?:=EI =H<J:DJ :
JE:=:I I E :KDJE =: JFH:JKH: =:I IKFH>i<I
:<IIiLI =KH:DJ E JIJ =: C^KIKC: <=H E L:CEH
IF<><:=E F:H: FKD@EI ;EJqI F?:I EK EKJH:I Fd:I
IC@:DJI GK IcE KI:=:I FEH FHiE=EI <KHJEI
IEDJ KJC:dcE DEH:C :I DIJHKdqI =L
D<CKHEII?KDJI:IF<JEI
/ :F:HC@E J IKFH>i<I GKDJI F:H: L:FEH:H EI
D?H=DJI :<JLEI IJ:I IKFH>i<I DcE =L IH
JE<:=:I=KH:DJ:KJC:dcE
32
2*6QP2 I IF<><:dqI Je<D<:I =IJ
FHE=KJE E <EDJr=E =E :DK:C =E KIK^HE IJcE
IKAJEI::CJH:dqII:LIEFHeLE
25 2<KHIEI :<IImHEI DcE IJcE =IFEDiLI
F:H: JE=EI EI F:iII 0:H: E;JH :I D>EH:dqI
DJH<EDJ:JE<EEIK=IJH;K=EHCE<:C
5QP2
2*2-2+/5/,/+
5IJ DEIIE IJ MMMEH?EDI<DJ><<E;H F:H: I:;H
:IIE;HEIFHE=KJEI/H?ED<DJ><
:IE LE<f D<IIJ = :I D>EH:dqI EK JD@:
=rL=:I DJH <EDJ:JE <E E DEIIE HLdE =
JD=DJE :E EDIK=EH :JH:LeI =E JC>ED ""EK:CI:<%EH?EDI<DJ><<E;H
JFH:JKH:=:^?K:DcE=L<=HEIU
-F:HE=FmIJE=:^?K::J:F:JE=:I:II:D:I
2DEL:H : ^?K: DE =FmIJE =: ^?K: IFH GK KI:H :
KD=:=
1K:D=E DcE KJC:H : KD=:= =KH:DJ K CED?E FHiE=E =
JFE CF : KD=:= <EFCJ:DJ HJH : ^?K: =E
=FmIJEIGKJE=:I:IFd:I<EKF:DEIK:LI<E
.cE H?H : KD=:= EK C?^C: D: ^?K: EK GK:CGKH EKJHE
CiGK=E-F:H:;:I=:KD=:=<EKF:DE@r=E
.cEKI:?DJI=CF:DI>H?K
+I+
QP2+2,2/
2GK IJ 6" IJ^ =
/H?ED <DJ>< =<C:H:
:<EH=E <E : ' =HJL: ' 4: <mF:
:IID:=: =:J:=: =: <C:H:dcE = ED>EH=:= IJ^
=IFEDiLCF:H:HGKIdqI:JH:LeI=EDEIIE
!
DCD
,;=5_;@; '
1@?@ '
.
//-
+@CC6?@< )
2@=
)
2D2<@;@C; )
/.223-6
1C/@C;C %
2DG;=C%
5EEHB:DJ <@JHB:DJ >IJ
D=I;=DD? -<@H CC@ 5E=D? ,@;C/@C@ &
,CEB ):D=:J?*DIJCCD
5HIJKLH*DIJCCD -?@J*DIJCCD (CK=*DIJCCD C::FJH*DIJCCD KJEJH
:D*DIJCCD )C=H@=5:D-<=<@H*DIJCCD (CK=ILECK +.515
125/52+5/
:DB K LEEH = ::DI<@:> L:D = HC:
HE:LHIJKLH -I = DIJHK<JI EH?LKC=? =EEH
D ;M::H = @:D=C=D? E C:JH J BKDDD H::=FC
?D
EEH D L:D M:JH D IIDJgC ECgD J LHIJKL
D? JEJ CAEDD <HEI<EFI<@ =CJAI J =
:HE:LHIJKLH BKDJ K @C DLEK=? = @HCAB
?KHD D:=D J ?;HKB L:D IIDJgC ECgD D
M:JH R ;BD= :CI :HE:J@H:F R @CFJ K J EDJIF:D
DD D = B:H J @N=H:JHD LEEH D B:CHD=
>><J
,5*//- 0C::JI = :>IJ:D=I;=
DD?@HM:DDHK@DJ?;HKBJ
5 # 1
21 /5
/- )J :FF:H::J
JHK?JJD EF IJ:D=::H=DIJCCD?D D LHLEC?DI
BCEBDIJCCD
+ *D?:D?LEEH=6IICIJHEE:=:FJH
269/+.5
62215
,5*//
/"256- /DJL:D?J @J D>H:HEE=I?D::C
L:D=:>IJ:D=I;=DD?
+"+. (>J :CC D>EH:J MH L:D JA=
DDIJCCD?D
!
"
!
"
55
62/ 5HMA=H=IEC:JCFL:D=;:JJHALEEH?;HKB
(J :::C C BH::DM:JH EF B:HJFH
:JKKHD@JM:JHL:J
5E? D ::DJ:C =HKFFCI IIDJgC ECgD JE ::D
@JM:JH
0C::JI@JBCFAJHK?
CKJ=IJHEE:=:FJH::D
HKB = :>IJ:D=I;=DD? D @J :>IJ:D=I;=D
D?IL:B E @ HKJ J @:CD D FC::JI D ;:JJHA
D=:>IJ:D=I;=DD?
0C::JI = :>IJ:D=I;=DD? D: ?;HKB D @J
:>IJ:D=I;=DD?IL:B
! HKBEF32 E@J:FF:H::J::DJJJD
+"+.
!
C::FE=KII .
KJEJHE=KII .
2KIJ?LD=?CK=I .
5HC<@JD?I .
5HIJKLD?I .
&:JJHADM:B?D;:JJHA
KKHBCEB>EH::J
0
,CEBDIJCCD?D
* (;HKB ?D ?=IJCCH= M:JH D =J FHE=K<J JFH:JKKH L:D @J M:JH :? DJ @E?H AD =:D
U
"
32 FF:H::J::DKJJJD
2
3 2IJHD= JA= ;BABD# IC::F>KD<J
:<JLHD J LHIJKLH D:JKKH?CK= C<@J#
IC::FJHDIJCCD
5/ KJEJH .IJ:JKI ;BABD# JH
DIJCCD
.
./ # " 8J = @C=H@= L:D @J
-I<@H EF @EE?C::?# DIJCCD?IM::H=I
::DF:IID
65/6 C<JH IJ:D= . 6*'
.4*3I<ED=D4*3
/+.5 C<JH IJ:D= 2EE= /H:DA (C (HED
&C:KM0::HI6IICD
! -
/,IKJHKIJ?LD=?CK=D
62
# ,I @J ?CK=IDL:K# DIJCCD?
IM::H=I::DF:IID
" *CC>@ D@ =C CFA +%%' H=ID?J
?;HKB:CCDIIDJgCECgD=DM:JHEFCEIID
<@:BC @J :FF:H::J KJ D @::C = IJBBH KJ @J
IJEF<EDJ:<J LEEH=:J K @J :FF:H::J LHFC::JIJ E>
I<@EED::BJ
2=CECCC<C@
H:: @J :FF:H::J E D::H = :<@JHB:DJ J =
-I<@HD::HKJE
(J@JM:JHHKJL:=CDBHH:D=
*
-/01 (J @J M:JH DJ =EEH = CK<@JB:
D:CDE>L:D:D=HB:DJ
CIHJA=DILHLEHM:JH
D=CK<@JB:D::CBEJI@JDEH::C=:JHM:JHKJ=
ED=HB:DJBEJ)JCK<@JB:D::CIL:D;DDDM:JH=<@J
6:<@JJEJ@JCK<@JB:D::C=HEE?I:CLEHDI@J:FF:H::J
J?;HKBD
HKB @H@::C=CAB EF 65/6 E =
?MDIJ LHIJKLHE=KI J BD E> E =
LHIJKLHKJJJJD
LEC?EH= L:D DIJCCD?D I . LEEH DKJD I<ED=D . D I<ED=D 4*3
D4*3
* 6:DDH H DJ ?DE? M:JH I :C @J
F<JE?H: ;CALD BDFFHD E @J JBEHJ ::D
M:JH ::D J ?LD 8J @J :FF:H::J HIJ 4*3 LE?
=:DM:JHJEDJ@J:FF:H::JMH::D
8EH? =:J = IJLHIJKLD? DJ ?H<@J I EF
K;CIE>CBJHI<@:FF:H:JD
/+.5/5
,+5//5
HKBEF
/+.5 E=DIJCCD?IE=KIJEFDD
HKB @H@::C=CAB EF /+.5 E @J ?MDIJ
LHC<@JD?IE=KI J BD E> E = LHC<@JD? KJ
JJJD
LEC?EH= L:D DIJCCD?D I HEE= EH:DA ?C
?HED;C:KMF::HIMIICDD4*3
1
21.5/-/5
-
//5
HKB EF 5 E = DIJCCD?IE=KI J
EFDD
HKB EF .
./ E> 62
E =
DIJCCD? J MA?D E> @EK= = BDEF D?=HKBJ E
DIJCCD?IDCCHJMA?D
HKB EF 5/ E J ;LIJ?D D LH=H J
?::DJ=LEC?D=DIJCCD? LEC?EH= L:D DIJCCD?D I KKH >EH::J
DJA=
HKB EF -
/ E = DIJCCD?IE=KI J
EFDD
HKB @H@::C=CAB EF -
/ E @J ?MDIJ
HKIJ?LD= ?CK= J BD E> E @J ?CK= KJ J
JJD
LEC?EH= L:D DIJCCD?D I HKIJ?LD=
?CK=DD4*3
35//5
65/6/5
HKB EF 65/6 E = DIJCCD?IE=KI J
EFDD
2AC@CC@
HKB EF 3 E = DIJCCD?IE=KI J
EFDD
HKB @H@::C=CAB EF 3 E = IC::FJH D
JIJCCDE>KJJJJD
-
/62
LEC?EH= L:D DIJCCD?D DKJD I "
D4*3
HKB EF 62
E = DIJCCD?IE=KI J
EFDD
HKB @H@::C=CAB EF 62
E @J LECK D
JIJCCDE>KJJJJD
LEC?EH= L:D DIJCCD?D I 5ECKDL:K
C::?==C@EE?
2C@C>C:?>?@
3
5/3 HKB JM BH EF -''0 E = IC::FJH J
MA?DL:D4*34*3" D
525//5
5
HKB EF 5 E = IJ:D=::H=DIJCCD?D J
?;HKBDD=BCEBDJIJCCD
,I=:KJEJH
.:C:HMBBHLEEHM::H=
8JLHIJKLD?
.:CI:KJEJH
.:C:HJ
:HE:J@H:F
8J@J:FF:H::J
.DBIDC<@JBCKH:CI
:KJEJH
.:C:HJC<@J
8J@J:FF:H::J
.DBIDHKIJ?LD=?CK=
:CI:KJEJH
.:C:HJD:JKKH?CK=D
HKBEF3*'2E=DIJCCD?IE=KIJEFDD
HKBEFE=DIJCCD?JMA?DE>@EK=
D?=HKBJEDIJCCD?DIDCCHJMA?D
HKBDE?::CIEF3*'2EEFJIC::DD:>J
ICKJD
8J@J:FF:H::J4*3LmmH=D?IJC=
.JA=
:C:HL:D=:KJEJH)J:FF:H::J?::J:KJE:JI<@
.LEC?DI=:KJEJH:C:HJ=?BEDEFJ
,/+.5R+/+
5/3
*+./06/-
*/55/2
)&
" " !
(M<@J
?
5ECKD=C
C
=FmIJE=:?K:
5E=D?
.
./6
+"+.
/5
0EMH:=:FJH *DFKJ 5O )
&:JJHN2EJ EDJHEC 2 ,CEB;:<BKF ;:JJHA2 11
JC @J :FF:H::J DJ ;CEEJ ::D JH BC:FFD
I<@EBBDIJE>JFH:JKKHE>LE<@J?@=
B = LDJC:J?:JD DJ :> J BH:DJD ?EH=ADD
J<
HKB EF .
./ E = @C=H@= D J
IJCCD
LEC?EH=L:DDIJCCD?DI)EE?DC::?
EFC @J FHE=K<J DEEJ ED=H D M:JH CI K M:JH
ELH @J :FF:H::J EHIJ =HEE? @J =:D ED==CCAB
:>JD:<@JIJE>LHA=EB
2D? @J :FF:H::J DJ J BH:IID= E> ;AJD=
:JH:CD
-::J = DJHD <EFEDDJD J HKIJ D=HI B:D =J
=?:H:DJ;kDLCE=D
(;HKB :CCD DKM ;:JJHAD (;HKB DEEJ EK=
DDKM;:JJHAD=EEHCB::H
D = @:D=C=D? MH??LD FC::JAI BKDDD
:>MABDL:D=MHBCAB@=
6:DDH K =J FHE=K<J M? ?EEJ EH? =:D =:J @J
EF?@::C= MEH=J =EEH = =::HLEEH ;IJ=
:>L:C=DIJ
J FHE=K<J B:D LDJKC I<@:= LHEEH:BD ::D
= C:BC::? L:D ;F::C= @EKJIEEHJD /H?ED
<DJ>< I @HLEEH DJ ::DIFH:BCAB -I =
DIJHK<JI L:D = >:;HB:DJ L:D @J K;C LEEH H
D>EH:J
D@EK= L:D = @:D=C=D? :? DJ MEH=D
LHD?LKC=?= ED=H JEIJD? L:D =
>:;HB:DJ
(EE C? ;:JJHAD DJ ;A @J @KILKC H?CAB
:>L:CEJ?I<@=DLHMHBJMEH=D
-J EF IE? :FF:H:JD AD LEEHD L:D D
;:JJHAIJHF 5HMA=H = IJHF KJ @J ;:JJHAL:B
:CLEHDI@J:FF:H::JJ?;HKBD
CI = IJHEEB:;C ;I<@:=?= I EJ =
LHL:D?D MEH=D =EEH D IF<:C B:;C E>
<EFEDDJ
L:D
=
>:;HB:DJ
E>
D
IHL<:?DJI<@:F
J :FF:H::J I DJ ;=EC= LEEH ?;HKB =EEH
FHIEDDD D<CKI> BD=HD J LHD=H=
C<@:CAB DJK?CAB E> DJ:C <:F:<JJD E>
D ?;HB ::D HL:HD? E> BDDI JDA A IF<::C
JE<@J BHA?D E> ?kDIJHKH= AD ELH @J ?;HKB
L:D @J :FF:H::J =EEH D FHIEED =
LH:DJMEEH=CABILEEH@KDLC?@=
-J :CJA= EF =:J BD=HD DJ J @J :FF:H::J ?::D
IFCD
DIJHK<JIKCCDH?CI:CI=LEC?D=;L:JJD
J FHE=K<J =DJ :CCD ?;HKBJ J MEH=D J @J
::D;LECD LH=:FD?I=K )J ?;HKB L:D
:D=H ==CD B:D ;H:D= E> ?>J? H:<JI
LHEEH:BD
5EEH :FF:H:JD = =H<J EF @J IJEF<EDJ:<J AD
::D?ICEJD# :CI = JFH:JKKHIJA?D? L:D
;HB;:H EFFHLC:BBD JA=DI = JIJ L:D C:KIKC
= ?IF<><H= M::H= LEEH @:D=L:JJD
BDEFFD D =H?CAB = JA=DI DEH::C ?;HKB
LEEH BEHJ FHE=I MEH=D L:IJ?@EK=D
ELHI<@HA=J =:D KCCD = DIJHK<JI D H?C :CI =
LEC?D=;L:JJD
)J :FF:H::J @>J @J EFFHLC:BBD E = :<JL
D?H=gDJD J LH=:FD D = EFFHLC:BBD
=DJKJA=DI?;HKBDJ::DJH:BD
* J<@DI<@ IF<><:JI L:D =J FHE=K<J D
= D@EK= L:D = @:D=C=D? AD ED=H
LEEH:>?::D= M::HI<@KMD? ::D LH:D=HD?D
ED=H@L?
* KD<JI D :<<IIEHI AD DJ D :CC C:D=D
;I<@B;::H . <EDJ:<J EF J KM FC::JICAB
LHBEEFFKDJLEEHHD>EH:J
2.2
JFH:JKKH L:D @J M:JH :? DJ @E?H AD
=:DU
2D?@JM:JHL:JD=B:FMBCABI
5HLHI@JM:JHCBBH=:JK@J:FF:H::J?;HKBJ
6:DDH K @J :FF:H::J D? JA= DJ KCJ ?;HKBD HD? @J
:FF:H::J =:D LECC=? @::C @J M:JH KJ @J M:JHL:J D =HEE?
:CCED=H=CDJD:<@J=HE?=EB
EFC @J :FF:H::J E> = IJBBH DJ ED=H D M:JH E> D?
:D=HLCEIJE>2D?@J:FF:H::JJDLE<@J?=EB
(;HKB?DHD?D?IFHE=K<JD
262-2+/5/,/+
&EB ED M;IJ MMMEH?EDI<DJ><<E E
H
J MJD ELH KM DKM FHE=K<J D :D=H /H?ED
<DJ><
FHE=K<JDE:CI=?J:C>EJEJEIJCCD?ED=@=ID
>JDIIKJHKIJD?DMHIJ:JEDI/F=M;IJLD=JK
JLDI = D>EH:J ELH ED BC:DJD=DIJ LEEH @J
?L:C
KEDIMDIJJ<EDJ:<JHD
+2,2/5/561
/)H;A LHBC::HJ /H?ED <DJ>< =:J 6" D
ELHDIJD? I J ' H<@JCAD ' 'D
BEF L:D = ?JBD= D ?=:JH= ED>EHJJI
LHBC:HD? I EF LHEB ;I<@B;::H L: ED /H?ED
<DJ><BC:DJDIHL<
!
CA
A;?C@ '
,c?C<=C\C<Z '
@=\ (
6M
",cZ?@2UD@CZ )
22<@;@C; )
/.O
1C/@C?C@ %
UD?C %
H:I=: &:BI=: A`HHBEDJHECC -RB`H 1/<\@< JHo>oHIoHADD? ,@?C@@CZ@@< &
:DKCC*DIJ`CCDD?
L ,CE<B:D
E>JDIJ`CCDD? -AKIDIJ`CCDD? -AK=DIJ`CCDD? ELJHDIJ`CCDD? KJEJH0` +KIJH:-<=-AKIIJNHB:D -AK=LECN
*1/
125/5215/2
3:<B >oH =JJ L:C :L HC: E>JIFH=:H -`I
DIJHKBJEDHD: DE??H:DJ E<@ IF:H: =DD: :DK:C >oH
>H:J=:H>HDIH
(DE :JJ ;HNJ: D ;C:D=DD? :L L:JJD E<@
ECAIIDIH JCC CAEDJ:CI =E>JF:HJBC:H ?H =DD:
=E>JIFH=:H =? oAC?@JD :JJ C`JJ :D=H:I D =D
:HE:JIB: ;C:D=DD?D DL`D=:D=J :L ECAIIDIH
E<@ L:JJD R B`DJ IE :HE:JH:J R @A`CFH =D: DHLH
:JJBEFFC::LE<@IB:F:HDKD=H;:H=E>JHKJ
,0M1252
A`HHBEDJHECCD IB: FC:<H:I
@`HD`H=DDJ:DL`D=I
5 # 5 +
2+1 YJHIJ`CCH D@JD JCC
IJ:D=:H=DIJ`CCDD?:H E<@ oFFD:H I=:D BCE<BDIJ`CC
DD?:HD:
+,EDJ:BJ>oH:DICKJDD?JCC :=:FJH
U6/15
,/
,0M1252
/"255- 3:H EJ *2>A`HHBEDJHECCDI
I?D:C
+"1M 5I:H :CC D>EH:JED IbIE J= E<@
DIJ`CCDD?:H
!
"
!
"
12/-O-
5U,UU0/ LC`?ID:;:JJH@bCC:HDDD:D:DL`D=DD?
)`CC : C HKIJFHH:J BH:DL:JJD L:JJDJ:DBD
HEFF:Db?H:=HEFF:H=E>JECA:L:JJDJ
`JJJCC;:BIIBN==J
DICKJJCC:=:FJHD
3HN<B Fb =D D>H:Ho=: >A`HHBEDJHECCD Fb >A`HHBED
JHECC>:<BJ E<@ J: KJ BEDJHECCD DIJ:CCH: JJ ;:JJH >A`HHBEDJHECCD
.`H =K :DL`DJ >A`HHBEDJHECCD I`JJ :CCJ= JCC;:BI =D >A`HHBEDJHECC>:<BJ
! 3HN<B 3O#6 >oH:JJIJ:HJ:D@JD
+"1M
!
ELC`?J`H0Y
KJE:JIBJJHC`?`H0Y
LIC:FFD:D=CAK=`H0Y
-AKI`H0Y
E>JH`H0Y
-b?;:JJHDLbD?J;:JJH
3*J=I>EH:J
'
,CE<B:DIJ`CCDD?:H
"
25 DL`D= DJ =IJCCH:J L:JJD =DD:
FHE=KBJ5:JJDJFH:JKHD>bHDJoLHIJ?:U
3O#6 J:HJ:HE<@IJ`D?H:LD@JD
2
26 5I:H bJHIJbD= J=# :BJLH:H IEL>KDBJEDD
==E>JD:JKHCAK=CAKI#IJ`CCDIELJHD
5/ 5I: :KJE:JIB JH 0Y# oFFD: JHDIJ`CC
DD?:HD:
0581 # " &C`==H: CC:D @o?Cb?
-CAKIIJNHB:#`D=H:DIJ`CCDD?IL`H=D
2,5 &C`==H: CC:D L:CD 0Y 2'0'3'2
0Y
5IBKD=H 5
0 &C`==H: CC:D L:CD 2o= /H:D? (KC (HoD&Cb-C:-EEF
! 0&C`==H:CC:D:LIC:FFD:D=CAK=
62
8 # &C`==H: CC:D CAK=LECNH# `D=H:
DIJ`CCDD?IL`H=D
" +%%':CCH=:DDIJ:CCH:=
5:JJDCoIC?:ECAEHIB::DL`D=:I
J`D?:LD@JDE<@BEFFC:;EHJ>HbDCKJJ:?J
DD:D=K>CNJJ:HCCHHD?oH=D
,cCCCcCDCC@C
5`D=D@JDIb:JJ-IB`HDFB:HEJ=?
)`CCKJL:JJDJ>HbDL`DIJHB:DJD
6/15/-5 3o DJ L:JJDJ ?DE CK>JJKDDCD CCH
>HbD:D=H:I=EH/L:JJD@:D:HCK>JJKDDCDKD=H
JH:DIFEHJ`H=JDEH:CJ:JJL:JJD BEHKJ>HbD;EJJD
-K>JJKDDCDDKJ`H=I?D:=IEL:JJDJbC?5`DJ:JCCI
CK>JJKDDCD`HJEHHDD:DD@JD:DL`D=I
25 .`H =J DJ >DDI JCCH`<BC?J = L:JJD
;CDB:H
>oH :JJ D=BH: Cb? L:JJDDLb J`D? 5
D@JD E<@ >NCC I=:D L:JJD >oH :JJ I=:D IJ:HJ:
D@JD?D
YD?KJIC`FFJ >bH DJ HBJ:I EJ o;CH CCH
CBJHIB:FHE=KBJH
0/5M
/ 3HN<B 0 >oH:JJoFFD:DIJ`CCDD?IC`?J
3HN<B 0 KFFHF:= ?bD?H >oH :JJ L`CA: oDIB:J
CAKIC`?CCH>oH:JJIJ`D?::LCAKIJ
*DIJ`CCDD?IEH=DD?D `H Ho= EH:D? ?KC ?HoD
;CbCC:CEEFE<@ 5
,15/2/5M
/-
0/5M
/-
/5M
/-61
2+1
3HN<B 0 >oH:JJoFFD:DIJ`CCDD?IC`?J
3HN<B 0 KFFHF:= ?bD?H >oH :JJ L`CA: oDIB:J
CAK=C`?CCH>oH:JJIJ`D?::LCAK=J
*DIJ`CCDD?IEH=DD?D `H :LIC:FFD:D= CAK= E<@ 5
3HN<B 5 >oH:JJoFFD:DIJ`CCDD?IC`?J
3HN<B 0581 CCH 62
8 >oH :JJ `D=H:
DIJ`CCDD?:HD: CCH JHN<B E<@ @bCC DH # I >oH :JJ
ID:;;:FbDIJ`CCDD?:HD:
3HN<B 5/ >oH :JJ ;BH`>J: E<@ >CNJJ: JCC D`IJ:
DIJ`CCDD?
*DIJ`CCDD?IEH=DD?D`HJ>EH:JE<@J=
265//5M
/oH:JJAKIJH:IELJHD
3HN<B 26>oH:JJoFFD:DIJ`CCDD?IC`?J
3HN<B 26 KFFHF:= ?bD?H >oH :JJ `D=H:
IELJHDCCH>oH:JJIJ`D?::L=D
*DIJ`CCDD?IEH=DD?D DKJH `H " E<@ 5
2,5/5M
/ 3HN<B 2,5 >oH:JJoFFD:DIJ`CCDD?IC`?J
3HN<B 2,5 KFFHF:= ?bD?H >oH :JJ L`CA: oDIB:J
C`?CCH>oH:JJIJ`D?::L=E>JC`?J
*DIJ`CCDD?IEH=DD?D `H 0b DKJH
IBKD=H0YIBK=DH 5I:J 5
,cCCD\CC\@C
5F;?26
5/3 3HN<B /5 JLb ?bD?H >oH :JJ `D=H: IELJHD
>HbD 5
5" D
O55M
3HN<B 5 >oH :JJ bJH?b JCC = KHIFHKD?C?:
DIJ`CCDD?:HD:E<@>oH:JJIJ`CC:DBCE<B:D
3+/,/15/2
525/3O
5`CA:KJEJH0Y:C:HL:BD:KFF
BJLH:=E>J0YE:KJEJHDIB::BJLH:0Y:C:H
:HE:JH:FD
BJLH:0YE<@L`CAD>`H?>oH:KJEJHD0Y:C:H
=CAKI
BJLH:0YE<@L`CAJJ:LIC:FFD:D=CAK=>oH:KJEJHD
0Y:C:H=D:JKHCAK=
3HN<B3*'2>oH:JJ:BJLH:DIJ`CCDD?IC`?J>oH3*'2
3HN<B>oH:JJ`D=H:DIJ`CCDD?:HD:CCHJHN<BE<@@bCC
DH>oH:JJID:;;J`D=H:DIJ`CCDD?:HD:
3HN<B3*'2?D>oH:JJIF:H:E<@:LICKJ:DIJ`CCDD?:HD:
5H=
5D@JDDD:D=K:BJLH:H:KJEJHDI0Y:C:H
J='D@JDBEH:KJE:JIBJ:JJIJ:HJ:DC?J
DIJ`CCDD?:HD:FbJH:C:H
*1/6/-
.6.5
)&
" " !
5BJ
?
5:JJDJ:DB
LECN
C
H>J
0EMH:=:FJH *.043 5O )
&:JJHN2EJ EDJHEC 2 CE<B;:<BKF;:JJH2 ,U/15/-.5O5-M
05
+"
0581
4JI`JJ DJ :FF:H:JD >oH BH:>J?J LbC= IJoJ:H =:
JH:JFH:JKHHCCH>KBJ
3`<B DJ >oH LDJC:JEDI@bCD oHI`BH: =? E :JJ
D`HC??:D= >oHbC IbIE J=DD?:H =KB:H ?:H=DH
DJJ`<BH>oHLDJC:JEDI@bCD
4JI`JJ DJ FHE=KBJD >oH L:JJD / =K IFCCH L`JIB:
oLH =D JEHB: E=C;:HJ = D AKB CK==>H
JH:I:
2D?oH DJ :FF:H:JD = >H`J:D= CCH ICF:D=
:JH:C
3HN<B 0581 >oH:JJ`D=H:CAKIIJNHB:D
*DIJ`CCDD?IEH=DD?D`H)o?E<@Cb?
062
8
3HN<B 62
8 >oH:JJoFFD:DIJ`CCDD?IC`?J
3HN<B 62
8 KFFHF:= ?bD?H >oH :JJ `D=H:
LECNDIJ`CCDD?:HD:CCH>oH:JJIJ`D?::LCAK=J
*DIJ`CCDD?IEH=DD?D `H 5ECNDLb Cb? =C
@o?
583
DL`D= D;:HJ DN: ;:JJHH &C:D=: DJ DN: E<@
?:C:;:JJHH
L JHN<BJBDIB: IB`C B:D =IFC:N;C=HD: =DD:
:DK:CIBCA:I?>HbD=LHBC?@JD
oH;HKB:= FHE=KBJ bIJ IEHJH:I IE IF<:C:L>:CC
Fb :LI== CAoIJ:JED E<@ >bH DJ IC`D?:I IE
L:DC?JHIJ:L>:CC
/ =DD: FHE=KBJ FC:<H:I Fb NJEH = IF<CC
>DI@ IbIE C:<B:J JH` J< B:D =II: NJEH IB:=:I 3:
BEDJ:BJ = =D o;CJCCLHB:H >oH :JJ >b H
D>EH:JED E @KHKL=: =J ?bH ;H: :JJ FC:<H:
>oHbC Fb NJ:D /H?ED <DJ>< B:D DJ @bCC:I
:DIL:H?: >oH IB:=EH Fb JH`NJEH IE KFFBEJ Fb
?HKD=:LBEDJ:BJ==DD:FHE=KBJ
*DD@bCCJ * =DD: :DK:C >bH A BEFH:I KJ:D
JCCLHB:HDI=?L:D=
,:IIH: DJ ?:C: ;:JJHH IE EIEHJH:= IEFEH
*DI:CD?:LB:IIH:=;:JJHHbIJIBIF:H:J
.EJH: :JJ LII: D@JH `H KJHKIJ:= = D
;:JJHI`BH@JIIJHF 3: ;EHJ =DD: IJHF >HbD
;:JJHKJHNJ DD:D FHE=KBJD :DL`D=I >oHIJ:
?bD?D
/ IJHoB:;CD `H IB:=:= bIJ =D ;NJ:I KJ EJ
D IF<:CB:;C CCH :DD:D B:;C IE JCC@:D=:@bCCI
>HbDJCCLHB:HDCCHIHL<:?DJD
DD: :FF:H:J `H DJ :LI== :JJ :DL`D=:I :L
FHIEDH DBCKIL ;:HD = H=K<H:= >NIIB
IDIEHIB CCH DJ:C >oHb?: CCH ;HIJ Fb
H>:HD@J E<@ BKDIB:F E DJ D FHIED IE
:DIL:H:H >oH :DL`D=:HDI I`BH@J oLHL:B:H E<@ ?H
DIJHKBJEDH:D?bD=:DL`D=:D=J:L:FF:H:JD
&:HD IB: oLHL:B:I >oH :JJ I JCC :JJ = DJ CBH =
:FF:H:JD
*DIJHKBJEDHD:IB:DBCK=H:>oCA:D=
FF:H:JD >bH D=:IJ :DL`D=:I = HBED=H:=
bD?:D=
IK;IJ:DI DL`D=:D=J
:L
:D=H:
IK;IJ:DIHB:DEHI:B:>oH?>JDD?CCH;H:D=
oH :FF:H:JH IE `H =HBJ:DICKJD: JCC L`??KJJ:? E
JFH:JKHD Fb JCC?`D?C?: NJEH KD=H JIJJ :L
C:KI oLHIBH=H L`H=J IE IF<><H:JI >oH
@:D=J:? BDEFF:H ?HFF E<@ CBD:D= NJEH IE
L=HoHI KD=H BEHJ:H FHE=H KD=H DEH:C
:DL`D=DD?IB:DIJHKBJEDHD:DBCK=H:>oCA:D=
FF:H:JD @:H @J: NJEH >oH :JJ BKDD: >oHbD?: :BJL:
D?H=DIH E<@ =II: NJEH >bH DJ L=HoH:I KD=H
:DL`D=DD?
25/- JBDIB: IF<>B:JEDHD: >oH =DD:
FHE=KBJ E<@ DD@bCCJ * :DL`D=:H:DK:CD B:D BE:
:JJ`D=H:IKJ:DL=:HKFFCNIDD?
25/- '?DIB:FH E<@ JCC;@oH B:D IBCA: CC:D
ECB: C`D=H oH H D>EH:JED BEDJ:BJ: =JJ CEB:C:
DBoFIIJ`CC
.O
5:JJDJFH:JKHD>bHDJoLHIJ?:U
2D?oHL:JJDJ:DBDE<@IBN==JL:HAL<B:
&NJL:JJDJ:DBDL:HA?bD?=K:DL`D=HD@JD
2D?oH D@JD @CJ JEHB: ;EHJ L:JJDJ >HbD L:JJDJ:DBD E<@
JEHB: :CC: =C:H = AKB JEHH JH:I: D`H =K DJ IB: :DL`D=:
D@JDKD=HDC`D?HFHE=
`DB DJ @C: D@JD L:JJD CCH :DL`D= =D L:JJD CCH :DD:DL`JIB:2D?oHKD=H=CD=D>KBJ?JH:I:
DL`D=D?:HD?oHD?I=CCCHICF=C
",UM12U65M
/H?ED <DJ>< DJN?:H @`H= :JJ =DD: 6"
oLHDIIJ`H = ' =HBJLJ ' 'D
I?DH:= BEF: :L Q'-
2
3*/. / /./2*37T
B:D H@bCC:I L= @`DL`D=CI JCC /2'(/. *'.3**
IHL<<DJH
22-2+/5/,/+
&IoB LbH @I=: MMMEH?EDI<DJ><I >oH :JJ I H :L LbH:
FHE=KBJH IbIE =?J:CB:HEH# 0 IFC:H# FHEABJEDIBCE<BEH#
@`CIEFHE=KBJH#
L`=HIJ:JEDH#
'3JC>EDH
E<@
BED>HDIJC>EDH )I=:D DD@bCCH E<BIb D>EH:JED >oH LbH:
BKD=H = >:CC D ;@oLH J: BEDJ:BJ = EII CCH ;@oLH C:==: DH
D>EH:JED
5 @EFF:I =K @JJ:H :CC D>EH:JED =K ;@oLH Fb LbH @I=: E<@
E =K LCC BE: BEDJ:BJ = /H?ED <DJ>< BKD=BEDJ:BJ
;IoBH =K LbH CEB:C: @I=: MMMEH?EDI<DJ><I CCH
MMMEH?EDI<DJ><<E >oH :JJ >DD: JC>EDDKH JCC HIFBJL
IKFFEHJ:L=CDD?
!