Diccionario Seri - Español - Inglés con
Anuncio
COMCAAC QUIH YAZA QUIH HANT IHIIP HAC
(&)"%(+,
&6GN:8@&DH:G
,I:E=:C&6GA:II
07+",0##+)'+3#01'%!';+-',+#/"#
Z+D7:GID!:GG:G6&6G8DHNZ9L6G90&DH:G
(&"-Q"-(+"%%(&.'",+"
&6GU6%J>H6HIDG<6ADG:H9:HIG:AA6
:C6GD 67G>:A!:GG:G6HIDG<6
%DG:COD!:GG:G66H6CDK6
+:CT&DCI6VD!:GG:G6
AB6"B:A96&DG6A:H+DB:GD
G6C8>H8D16K>:G&DG:CD!:GG:G6
(%(++('-&"Q'
&6GU6/>8IDG>6HIDG<6C8>C6H+6BDC66GC:II
+DH6B6A>66GC:II&6GU6:ATC;G6UCHIG:AA6+DB:GD:AH6TA>MTA>M
#J6C6!:GG:G66H6CDK6A;G:9D%WE:OA6C8DK6C<:A>C6%WE:OA6C8D
#:HXH&6GIUC:OC6:GI=6&DA>C6GC:HID&DA>C6,6XA&DA>C6+DB:GD
&6CJ:A&DCGDN#DHTfC<:A&DCI6VD&C6&6GU6&DG6A:H6K>9&DG6A:HHIDG<6
A:DI>A9:&DG6A:HDADH>DGC:HI>C6&DG6A:HDADH>DG6C8>H86&DG6A:H!:GG:G6
G6C8>H8D&DG6A:H!:GG:G6+D7:GID&DG6A:HA6J9>6+6FJ:A&DG:CDU6O
#DHT#J6C&DG:CD&6GU6&6<96A:C6+DB:GD&DG6A:H)G>H8>A6&DG:CDU6O
&6GU6(G6A>6(GI:<6-DGG:H!T8IDG):G6A:H-DGG:HhH86G):G6A:H-DGG:H
CIDC>D+D7A:H!JB7:GID+DB:GD&DG6A:H#DHT&6CJ:A+DB:GD
&6GU6A:C6+DB:GDfC<:A6-DGG:HJ7>AA6H
GB6C9D-DGG:HJ7>AA6H
"%.,-+(+
6I=N&DH:G&6GA:II
COMCAAC QUIH YAZA
QUIH HANT IHIIP HAC
CMIIQUE IITOM COCSAR IITOM - MARICAANA IITOM
DICCIONARIO
SERI – ESPAÑOL - INGLÉS
CON ÍNDICES
ESPAÑOL – SERI, INGLÉS – SERI
Y CON GRAMÁTICA
)&3
9
DB8668FJ>=N6O6FJ>==6CI>=>>E=688B>>FJ:>>IDB8D8H6G>>IDBB6G>866C6>>IDB
>88>DC6G>DH:G>:HE6VDA>C<ATH8DCUC9>8:H:HE6VDAH:G>>C<ATHH:G>8DBE>A69DG:H
&6GN:8@&DH:G,I:E=:C&6GA:II76HSC9DH::CA6>CK:HI><68>WCE>DC:G69:+D7:GID
!:GG:G6&6G8DHN9L6G90&DH:G8DA67DG69DG:H&6GU6/>8IDG>6C8>C6H4:I6A5>A
6I=N&DH:G&6GA:II`!:GBDH>AAD,DC9>IDG>6A.C>,DC)A6O6N/6A9TH9>IDG:H
6:9>8>WC
E>A8B
",'
,:G>>88>DC6G>DHHE6VDA"C<ATH"C9U<:C6H9:&TM>8D%:C<J6H
,DCDG6,:G>H&DH:G&6GN:8@8DBE""&6GA:II,I:E=:C8DBE"""!:GG:G6
&6G8DH+D7:GID
%6 8DBE>A68>WC N :9>8>WC 9:A 9>88>DC6G>D CD =J7>:G6 H>9D EDH>7A: H>C A6 K6A>DH6 6NJ96 9: BJ8=6H
E:GHDC6H 9: A6 8DBJC>969 H:G> %6 EJ7A>868>WC 9: :HI6 D7G6 CD G:8A6B6 6A<JC6 EGDE>:969 >CI:A:8IJ6A
HD7G:A6HE6A67G6HN:MEG:H>DC:H9:A6A:C<J6H:G>>C8AJ>96H:C:HI:KDAJB:C
)G>B:G6:9>8>WC
,:<JC96:9>8>WC
[.C>K:GH>9699:,DCDG6K+DH6A:HNAK9%J>HC8>C6H,'8DA:CIGD)
!:GBDH>AAD
,DCDG6&TM>8D
[)A6O6N/6A9TH9>IDG:H&6CJ:A&6GU6DCIG:G6HDA,6C+6;6:A)
&TM>8D
HI:A>7GDH:EJ7A>8W8DC:A6EDND9:ADC9DE6G6A6DCHDA>968>WC9:A6H.C>K:GH>969:H)X7A>86H
)).
",'
"BEG:HDN=:8=D:C&TM>8D/'+1#"+"*"#'+#4'!,
Cómo ordenar una copia impresa
(How to order a paper copy)
ÍNDICE
)S<
"CIGD9J8I>DCIDI=:H:8DC9:9>I>DC "CIGD9J88>WC6A6H:<JC96:9>8>WC )GWAD<D6A6H:<JC96:9>8>WC <G69:8>B>:CIDH%DHE6GI>8>E6CI:HEG>C8>E6A:H
"CIGD9J88>WC6A6EG>B:G6:9>8>WC
)GWAD<D6A6EG>B:G6:9>8>WC
7G:K>6IJG6HNHUB7DADH ,:G>6BDC<I=:A6C<J6<:HD;I=:LDGA9 AH:G>:CIG:A6HA:C<J6H9:ABJC9D &6E6A<JC6H>HA6H9:A DA;D9:6A>;DGC>6 &6E6A<JCDH86BE6B:CIDHNEJ:7ADH (G9:C6A;67TI>8D HIGJ8IJG69:A6H:CIG696H:C:A9>88>DC6G>D G>:;<J>9:;DGI=:C<A>H=HE:6@>C<JH:G ##('+#(
,:88>WC
*''.2#'1,*@
,!0/'1,*@/'!+'1,*,:G>_HE6VDA_"C<ATH gC9>8::HE6VDA_H:G> C<A>H=_,:G>>C9:M +&4-#
)G>B:G6JC>969%6:H8G>IJG6 ,:<JC969JC>969AHJHI6CI>KDNHJHEG>C8>E6A:HBD9>;>869DG:H
-:G8:G6JC>969AK:G7D
J6GI6JC>969(IG6H8A6H:H9:E6A67G6H
*J>CI6JC>969%6H>CI6M>H ETC9>8:H +:;:G:C8>6H7>7A>D<GS;>86H
gC9>8:9:A6<G6BSI>86 INTRODUCTION TO THE SECOND EDITION
-=: H:8DC9 :9>I>DC >C8DGEDG6I:H ILD B6?DG 8=6C<:H ;GDB I=: ;>GHI 6E6GI ;GDB B>CDG 8DGG:8I>DCH
K6G>DJH 699>I>DCH D; C:LAN 9D8JB:CI:9 LDG9H 6C9 >BEGDK:B:CIH D; 9>;;:G:CI HDGIH >GHI >I D;I:C
B6@:H:MEA>8>II=:9:;6JAI9:;>C>I:6GI>8A:I=6I6CDJCJH:H:M8:EI;DGA6G<:A6C96C>B6AH6C9E:DEA:
-=>H>H>C9>86I:9>CE6G:CI=:H:H;DAADL>C<I=:=:69LDG9HJ8=6H"-#*.#";DGc8ADI=d0=>A:D;I:C
EG:9>8I67A:;GDBK6G>DJH@>C9HD;G:6ALDGA9>C;DGB6I>DCI=:8=D>8:D;6GI>8A:>H8DBEA>86I:9:CDJ<=
I=6I>C9>86I>DCD;I=:9:;6JAI6GI>8A:>H=:AE;JAIDI=:JH:GH::&6GA:II
:I6>AH6G:<>K:CDCE6<:
,:8DC9 I=: 8DCK:CI>DCH ;DAADL:9 ;DG B6G@>C< HIG:HH 6G: 9>;;:G:CI >C I=>H :9>I>DC 6AADL>C< ;DG 6
H><C>;>86CI G:9J8I>DC >C I=: JH: D; LG>II:C 688:CIH L=>A: HI>AA 7:>C< K:GN :MEA>8>I -=: 8DCK:CI>DCH
G:FJ>G:67>IBDG:HDE=>HI>86I>DCDCI=:E6GID;I=:G:69:GID86A8JA6I:I=:G><=IBDHI=:6KNHNAA67A:-=:
C:L 8DCK:CI>DCH :MEA6>C:9 DC E6<: 6G: <:C:G6AAN 76H:9 DC I=: 6C6ANH>H EG:H:CI:9 >C &6GA:II
K:CBDHID;I=:G:B6>C>C<LG>II:C688:CIH6G:CDIJH:97N,:G>LG>I:GHHDB:=DL:K:G6G:
FJ>I:>BEDGI6CI-=:H:8DC9:9>I>DC>C8AJ9:H6CJB7:GD;LDG9H6C9H:CH:HI=6I=6K:8DB:IDA><=I>C
I=:E6HI;:LN:6GH6HC:LI:MIH=6K:7::C8G:6I:96C96C6ANO:9-=:>CK:CIDGND;LDG9HG:;:GG>C<ID
BDAAJH@H =6H 7::C H><C>;>86CIAN 8DGG:8I:9 6C9 :ME6C9:9 6H 6I=N &DH:G &6GA:II =6H 7GDJ<=I =:G
G:H:6G8= DC I=>H >BEDGI6CI IDE>8 ID B6IJG>IN ':L LDG@ DC 7>G9H &DG6A:H /:G6 6C9 A6I:G
JCEJ7A>H=:9 LDG@ =6H >C;DGB:9 I=>H G:K>H:9 K:GH>DC 6H =6H C:L LDG@ DC EA6CIH :A<:G 0>A9:G N
+DB:GD&DG6A:HID6EE:6G0DG@DC6G:;:G:C8:<G6BB6GD;I=:A6C<J6<:9JG>C<I=:E6HI;:LN:6GH
=6H6AHDA:9IDHDB:B>CDG8=6C<:H>CI=:EG:H:CI6I>DCD;I=:BDGE=DAD<N6C9HNCI6MI=6I>H>C8AJ9:9
>C I=: H=DGI <G6BB6G >C I=>H 7DD@ HB6AA 7JI H><C>;>86CI 8=6C<: L6H I=: G:EA68:B:CI D; I=: LDG9
86I:<DGN -,0- EDHIEDH>I>DC 7N - 6 LDG9 8A6HH I=6I EG>B6G>AN G:A6I:H ID 6 EG:K:G76A AD86I>K: 6H
9:H8G>7:9DCE6<:6C9>CI=:/*71'!DCE6<:
-=: ,:G> A6C<J6<: 8DCI>CJ:H ID 9:BDCHIG6I: >IH K>I6A>IN 6C9 >IH HE:6@:GH 8DCI>CJ: ID H=DL =DL
I=:N >CI:GEG:I I=: LDGA9 6GDJC9 I=:B JG>C< I=: E6HI ;:L N:6GH I=6I " =6K: D7H:GK:9 ,:G> LG>I:GH
8G:6I: C:L LDG@H " =6K: 7::C >BEG:HH:9 6<6>C 6C9 6<6>C 7N I=: G>8=C:HH 6C9 :MEG:HH>K>IN D; I=:
A6C<J6<:DCAN6HB6AAE6GID;L=>8=86C7:EG:H:CI:9>CI=:7DD@I=6INDJ=DA9>CNDJG=6C9H
,I:E=:C&6GA:II
&6N
INTRODUCCIÓN A LA SEGUNDA EDICIÓN
%6H:<JC96:9>8>WC>C8DGEDG69DH86B7>DH>BEDGI6CI:H6A6EG>B:G66E6GI:9:8DGG:88>DC:HB:CDG:H
K6G>6H 69>8>DC:H 9: E6A67G6H G:8>TC 9D8JB:CI696H N B:?DG6H 9: 9>HI>CIDH I>EDH A EG>B:G 86B7>D :H
FJ:6B:CJ9D=68::MEAU8>ID:A6GIU8JAD9:;>C>9DFJ:aEDG9:;:8IDbJI>A>O6JCHJHI6CI>KD6:M8:E8>WC
9: <G6C9:H 6C>B6A:H 9: A6 I>:GG6 N E:GHDC6H QHI: H: >C9>86 :CIG: E6GTCI:H>H 6 8DCI>CJ68>WC 9: A6
E6A67G6 EG>C8>E6A I6A 8DBD "-# *.#" E6G6 cI:A6d &>:CIG6H FJ: 6 B:CJ9D :H EG:9:8>7A: EDG
9>HI>CIDH I>EDH 9: >C;DGB68>WC 9:A BJC9D G:6A A6 :A:88>WC 9:A 6GIU8JAD :H I6C 8DBEA>8696 FJ: A6
>C9>868>WC9:A6GIU8JAD:HXI>AE6G6:AJHJ6G>DKT6H:&6GA:II
,:96C9:I6AA:H:CA6ES<>C6C
H:<JC9DAJ<6GA6H8DCK:C8>DC:HFJ:H:H><J>:GDCE6G6B6G86G:A68:CIDDGID<GS;>8DHDC9>;:G:CI:H:C
:HI6:9>8>WCADFJ:E:GB>I:JC6G:9J88>WCH><C>;>86I>K69:AJHD9:68:CIDH:H8G>IDHB>:CIG6HH:H><J:
H>:C9D BJN :MEAU8>ID %6H 8DCK:C8>DC:H G:FJ>:G:C JC ED8D BSH 9: HD;>HI>868>WC EDG E6GI: 9:A A:8IDG
E6G686A8JA6GA6HUA676E:H696BSH6A69:G:8=6%6HCJ:K6H8DCK:C8>DC:H:MEA>8696H:CA6ES<>C6
<:C:G6AB:CI:H:76H6C:C:A6CSA>H>HEG:H:CI69D:C&6GA:II
"C8AJHDA6B6NDGU69:ADHG:HI6CI:H
68:CIDH:H8G>IDHCDHDCJI>A>O69DHEDGADH:H8G>IDG:HH:G>H6A<JCDHH>C:B76G<DHDCBJN>BEDGI6CI:H
%6H:<JC96:9>8>WC>C8AJN:JCCXB:GD9:E6A67G6HNH:CI>9DHFJ:=6CH6A>9D6A6AJO:CADHXAI>BDH
6VDH N6 FJ: CJ:KDH I:MIDH =6C H>9D 8G:69DH N 6C6A>O69DH A >CK:CI6G>D 9: E6A67G6H G:;:G:CI:H 6
BDAJH8DH=6H>9DH><C>;>86I>K6B:CI:8DGG:<>9DN6BEA>69D:CK>GIJ99:FJ:6I=N&DH:G&6GA:II=6
EGD;JC9>O69D :C HJ >CK:HI><68>WC HD7G: :HI: >BEDGI6CI: I:B6 'J:K6 D7G6 HD7G: 6K:H IG676?D 9:
&DG6A:H/:G6
NIG676?DHBSHG:8>:CI:HCDEJ7A>869DH=6969DBSH>C;DGB68>WC6:HI6K:GH>WC
G:K>H6966HU8DBDCJ:KDIG676?DHD7G:EA6CI6H:A<:G0>A9:GN+DB:GD&DG6A:HEDG6E6G:8:GA
IG676?D :C JC6 <G6BSI>86 9: G:;:G:C8>6 9: A6 A:C<J6 G:6A>O69D 9JG6CI: ADH XAI>BDH 6VDH I6B7>TC =6
8DC9J8>9D66A<JCDHE:FJ:VDH86B7>DH:CA6EG:H:CI68>WC9:A6BDG;DAD<U6NA6H>CI6M>HFJ:H:=6C
>C8AJ>9D:CA6<G6BSI>868DGI69::HI:A>7GD.C86B7>DE:FJ:VDE:GDH><C>;>86I>KD;J::AG::BEA6OD9:
A6E6A67G686I:<DGU6-,0-EDHEDH>8>WCEDG-JC68A6H:9:E6A67G6FJ:EG>C8>E6AB:CI:H:G:;>:G:6JC
AD86I>KDEG:K:G76AI6A8DBDH:9:H8G>7::CA6ES<>C6N:CA6 G6BSI>86:CA6ES<>C6
%6 A:C<J6 H:G> 8DCI>CX6 BDHIG6C9D HJ K>I6A>969 N HJH =67A6CI:H 8DCI>CX6C BDHIG6C9D 8WBD
>CI:GEG:I6C :A BJC9D FJ: A:H GD9:6 JG6CI: ADH XAI>BDH ED8DH 6VDH E6H69DH FJ: =: D7H:GK69D 6 ADH
:H8G>IDG:HH:G>H8G:6GCJ:K6HD7G6HB:=6C>BEG:H>DC69DJC6NDIG6K:OA6G>FJ:O6NA6:MEG:H>K>9699:
A6 A:C<J6 9: A6 FJ: HWAD JC6 E:FJ:V6 E6GI: EJ:9: H:G EG:H:CI696 :C :A A>7GD FJ: JHI:9 I>:C: :C HJH
B6CDH
,I:E=:C&6GA:II
B6ND9:
PRÓLOGO A LA SEGUNDA EDICIÓN
&><J:A%:WC)DGI>AA6
'-,(+(%(,##('+#(,%'!.,&+#'#,
,DCBXAI>EA:H:A6GI:NA6H8>:C8>6HFJ:96CK>966ADH9>88>DC6G>DH:CFJ:H:8DC;GDCI6CKD867ADH9:
9DH A:C<J6H 9>HI>CI6H -6A:H D7G6H G:HEDC9:C 6 JC6 C:8:H>969 EG>BDG9>6A 7JH86G A6 8DGG:HEDC9:C8>6
:CIG:ADHH><C>;>869DH9:E6A67G6H9:>9>DB6H9>;:G:CI:HE6G6=68:GEDH>7A:A68DBEG:CH>WC9:FJ>:C:H
ADH=67A6C
-D9DKD867JA6G>D:H:CXAI>B6>CHI6C8>6:A>CK:CI6G>D9:A6EGDE>68JAIJG6,>:C:AA6EG:9DB>C6
A6 68I>K>9696<GU8DA667JC96GS:CKD867ADHG:;:G:CI:H6EA6CI6HH:B>AA6HN;DGB6H9:8JAI>KD,>:C
86B7>DA68JAIJG69:ADHFJ:=67A6CJC6A:C<J6:HIS6AI6B:CI:I:8C>;>8696>C8AJ>GS:AA6ITGB>CDHFJ:
9:H><C:C HJ >CHIGJB:CI6A N :A:B:CIDH 8>:CIU;>8DH )DG:HD E6G6 7JH86G A6H :FJ>K6A:C8>6H 8J6C9D A6H
=6N :CIG: KD867ADH 9: 9DH JC>K:GHDH 8JAIJG6A:H 9>;:G:CI:H :H >BEG:H8>C9>7A: 6=DC96G :C A6H
H><C>;>868>DC:H6K:8:HBJN8DBEA:?6HFJ:8DGG:HEDC9:C68696E6A67G62H>A6HJB69::AA6H676G86
ID9DHADH86BEDH9:AH67:GA6:A67DG68>WC9:JC9>88>DC6G>D:M><:8DCD8>B>:CIDHBXAI>EA:H6HU8DBD
:A6GI:9:H67:GADHIG6HB>I>G
:H9: A6 6CI><Y:969 H: >C>8>W A6 EG:E6G68>WC 9: <ADH6G>DH FJ: HDC JC6 ;DGB6 9: 9>88>DC6G>DH
!J7D<G>:<DHNGDB6CDHFJ:ADH:A67DG6GDC8DC9>K:GHDHEGDEWH>IDH.CDH7JH86GDCA6:MEA>868>WC9:
E6A67G6H>9:CI>;>8696H:CD7G6H8DBDA6H9:!DB:GDDG>HIWI:A:H(IGDHG:<>HIG6GDCCDB7G:H9:AJ<6G
D KD867ADH :HE:8>6A>O69DH G:;:G:CI:H 6 9>K:GH6H B6I:G>6H C I>:BEDH EDHI:G>DG:H 6E6G:8>:GDC 9>88>D
C6G>DH7>A>C<Y:H:>C8AJHDDIGDH:CFJ:H:9>D:CIG6966A6H:FJ>K6A:C8>6H:CIG:E6A67G6H9:IG:HDBSH
A:C<J6H
A6GI:NA68>:C8>69:A6FJ:H:=6AA6B69DA:M>8D<G6;U6=6C;ADG:8>9D9:BJ8=6H;DGB6H6ADA6G<D
9: ADH H><ADH =DG6 7>:C 8DBD CJC86 6CI:H :C A6 =>HIDG>6 JC>K:GH6A :A :C8J:CIGD 9: 9DH BJC9DH 6
E6GI>G9:AK>6?:9:G>HIW76ADAWC:CIG6?D8DCH><DA6C:8:H>9699:8DBEG:CH>WC:CIG:B>AADC:H
9:E:GHDC6H9:A:C<J6H9>HI>CI6H*J>:C:HE:C:IG676C:C:A'J:KD&JC9DNADHFJ:K>KU6C:CTA9:H9:
=68U6 B>A:C>DH G:FJ:GU6C 8DBJC>86GH: 6JC 8J6C9D ;J:G6 EG>C8>E6AB:CI: E6G6 7:C:;>8>D 9: ADH
EGD8:9:CI:H9:JGDE6
)G>B:GD ;J:GDC ADH :HE6VDA:H N AJ:<D EDGIJ<J:H:H >C<A:H:H ;G6C8:H:H >I6A>6CDH =DA6C9:H:H N
I6B7>TC6;G>86CDH:CHJ8DC9>8>WC9::H8A6KDHFJ>:C:H:CIG6GDC:CJC:H8:C6G>D:C:AFJ:=DB7G:HN
BJ?:G:H=67A676CJCH>C;UC9:>9>DB6HG6CA6HA:C<J6H9:ADHFJ:=67>I676C:CA6H>HA6H9:A6G>7:N
:CBJ8=DHAJ<6G:H9:A6>CB:CH6->:GG6>GB:A<JC6H9::H6HA:C<J6H:G6C=67A696HN8DBEG:C9>96H
EDG B>AADC:H 9: =DB7G:H N BJ?:G:H :C :MI:CHDH I:GG>IDG>DH (IG6H :C 86B7>D H: :H8J8=676C HWAD :C
SB7>IDHG:9J8>9DH
>D EG>C8>E>D :CIDC8:H JC6 :MIG6DG9>C6G>6 68I>K>969 A>C<YUHI>86 9>G><>96 6 86EI6G N 9:H8G>7>G A6H
86G68I:GUHI>86H;DCDAW<>86HATM>86HN:HIGJ8IJG6A:H9:8:CI:C6G:H9:>9>DB6H6B:G>C9>DHCI6A:BE:VD
E6GI>8>E6GDC ADH =67A6CI:H 9: :AADH N 7J:C CXB:GD 9: ;G6>A:H B>H>DC:GDH ;G6C8>H86CDH 9DB>C>8DH
6<JHI>CDH N B>:B7GDH 9: A6 DBE6VU6 9: #:HXH GJID 9: HJH IG676?DH ;J:GDC CD ED8DH KD867JA6G>DH
7>A>C<Y:H6HU8DBD6GI:HD<G6BSI>86H9:9>8=6HA:C<J6H
,:=68G>I>869D6K:8:HHJH6EDGI68>DC:HEDG=67:GIDB69D8DBDBD9:ADADHIG676?DHA>C<YUHI>8DH
9: CIDC>D 9: ':7G>?6 EJ7A>869DH 6 E6GI>G 9: A6H XAI>B6H 9T8696H 9:A H><AD 1/ ,:B:?6CI:H 8GUI>86H
G:HJAI6C 76HI6CI: >C<:CJ6H )DG JC6 E6GI: CD :H 8>:GID FJ: :C A6H <G6BSI>86H N KD867JA6G>DH FJ:
:CIDC8:H H: EG:E6G6GDC H: H><J>:G6 H:GK>AB:CI: AD 6EDGI69D EDG ':7G>?6 9:BSH ADH ;G6>A:H
:HEDCISC:DH A>C<Y>HI6H 6A<JCDH 9: ADH 8J6A:H =67U6C :HIJ9>69D :C JC>K:GH>969:H 8DBD A6H 9:
,6A6B6C86 A86AS N A6 ,DG7DC6 9: )6GUH >9:CI>;>86GDC A6H <G6C9:H 9>;:G:C8>6H FJ: =67U6 :CIG: ADH
>9>DB6H:JGDE:DHNADH6B:G>C9>DH
,: 8DCK>GI>:GDC :CIDC8:H :C 8G:69DG:H 9: CJ:KDH E6G69><B6H D BD9:ADH A>C<YUHI>8DH )DG DIG6
E6GI: ^FJT DIG6H 6EDGI68>DC:H 9: B6NDG BD9:GC>969 :C HJ I>:BED EJ9>:GDC =67:G :C8DCIG69D 8DBD
B6G8D 9: G:;:G:C8>6 ^!67GU6 FJ: E:9>GA:H FJ: =J7>:G6C 69DEI69D ADH 9: A6 <G6BSI>86 <:C:G6I>K6 9:
'D6B=DBH@N
&JNEGDCID:C:AH><AD1/"=J7D<G6BSI>86HN9>88>DC6G>DH9:A:C<J6H8DBD:ACS=J6IAI6G6H8D
DEJGTE:8=6O6EDI:8DB>MI:8DB6N6NDIG6H9:&:HD6BTG>866HU8DBD9:AFJ:8=J6N:A6>B6G69:A
BJC9D6C9>CD:H6HD7G6H`K6G>6H9::AA6H:?:BEAD9:=DC9686E68>I68>WCA>C<YUHI>86`H><J>:GDC
DIG6HH:8J:CI6CEDG8:CI:C6G:HA6HBJ8=6HA:C<J6H=67A696H:C:A8DCI>C:CI:6B:G>86CD
C :HI: 8DCI:MID =6N FJ: CDI6G FJ: HD7G: ID9D 6 E6GI>G 9: B:9>69DH 9:A H><AD 1/" N AJ:<D
BJ8=DBSH6BEA>6B:CI:ADH68:G86B>:CIDH6A6HA:C<J6H6B:G>C9>6H=6C6JB:CI69D%6I6G:69:9DI6G
68696JC69::HI6HA:C<J6H9:HJEGDE>6<G6BSI>86N9>88>DC6G>D=6H>9DN8DCI>CX6H>:C9D9>;U8>A%DH
6K6C8:H9:A6BD9:GC6A>C<YUHI>86=6C6EDGI69D>CHIGJB:CIDHE6G6AD<G6GB:?DG:H6EGDM>B68>DC:H,>C
:B76G<DCDED86H9:A6HEG>B:G6H6EDGI68>DC:H9:ADH;G6>A:HB6CI>:C:CEA:C6B:CI:HJK6ADG
(;G:8:G 6=DG6 JC 8DC?JCID 9: D7G6H G:;:G>96H 6 ADH >9>DB6H 6B:G>C9>DH BJ8=DH 9: ADH 8J6A:H
:HISC:CE:A><GD9::MI>C8>WC:H:BEG:H68JAIJG6A9::A:K69DBTG>IDDCAA:K6:AG:H86I:9:JCI:HDGD
8JAIJG6A N6 FJ: ID96 A:C<J6 :H EDGI69DG6 9: 9>;:G:CI:H E:GHE:8I>K6H 9: 86EI68>WC 9: ID9D AD FJ: CDH
GD9:6 N EDG 8DCH><J>:CI: G:;A:?6 9>HI>CI6H ;DGB6H 9: E:CH6G )DG :AAD :H K:G969 FJ: 8J6C9D BJ:G:
JC6A:C<J6A6=JB6C>969H::BED7G:8:
D7A: K6ADG I>:C: AD FJ: =6 :BEG:C9>9D A6 9>IDG>6A )A6O6 N /6A9TH )DG JC6 E6GI: 8DCIG>7JN:
68I>K6B:CI: 6A G:H86I: 9:A I:HDGD 9: A6H A:C<J6H 6B:G>C9>6H )DG DIG6 8DC A6 EJ7A>868>WC 9: :HIDH
9>88>DC6G>DH9:CIGD9:A6DA:88>WC>8:CI:C6G>D#+%20"#+2#01/'#//EGDE>8>6:A:HIJ9>DNA6
EG:H:GK68>WC9:A6HB>HB6H
,> A6 8DC;JH>WC 9: A:C<J6H 9: A6 FJ: =67A6 A6 >7A>6 ;J: >CI:GEG:I696 8DBD JC 86HI><D 6 A6
6GGD<6C8>6=JB6C6=DNED9:BDH6;>GB6GFJ:6A6EDHIG:A6EAJG6A>969A>C<YUHI>86N8JAIJG6AHDC9:
K6ADG>BEDC9:G67A::BD9DE6G6A:AD6ADFJ:D8JGG:8DCA67>D9>K:GH>969EG:8>69D6IG>7JID9:ADH
H:G:HK>KDHNBSH6XCEDGFJ:8DC8>:GC:6ADHH:G:H=JB6CDHA69>K:GH>9699:A:C<J6H:HE6IG>BDC>D
9:A6=JB6C>969A:<69DFJ:=6NFJ:EG:H:GK6GE6G67>:C9:8J6CIDH=DNK>K>BDHN9:8J6CIDH=67GSC
9:K:C>G
)DG:AAD:HIDH9>88>DC6G>DH9:A6HA:C<J6H6B:G>C9>6HHDCJC<G6CI:HDGD
AGRADECIMIENTOS
.C 9>88>DC6G>D 6BEA>D 9: JC6 A:C<J6 I>:C: FJ: 76H6GH: :C A6H A67DG:H 9: BJ8=6H E:GHDC6H 9JG6CI:
BJ8=DI>:BEDHU=6H>9DI6B7>TC8DC:HI6D7G6FJ:H:>C>8>W=68:BSH9:8>C8J:CI66VDHA<JC6H
9: A6H E:GHDC6H FJ: =6C 8DA67DG69D N6 CD :HISC 8DC CDHDIGDH E:GD HJ 8DCIG>7J8>WC E:G9JG6 :C A6H
E6A67G6H 8DCI:C>96H :C :HI: A>7GD E6GI: 9: A6H E:GHDC6H 9: A6 8DBJC>969 H:G> B:C8>DC696H :C A6
ES<>C6N:HE:8>6AB:CI:9:A8DB>IT:9>IDG>6AFJ:=6IG676?69D8DCBJ8=UH>BD:HB:GD:C8696ES<>C6
ADH 8DBE>A69DG:H FJ:G:BDH G:8DCD8:G I6B7>TC A6 6EDGI68>WC N G:HE6A9D 9: DIG6H E:GHDC6H FJ: =6C
8DCIG>7J>9D9:JC6B6C:G6JDIG66:HI:EGDN:8ID:CDG9:C6A;67TI>8DDG>H6GI=DADB:L16K>:G
6HJGID -=DB6H DL:C +>8=6G9 GJH86 (I>A6 &6GU6 676AA:GD *J:K:9D =:I N8=: :GC>H
A>6HDC 36G>C6 HIG696 +>8=6G9 :A<:G %ADN9 >C9A:N +6XA J:GG:GD &6G>6 A;DCH6 %6G>DH
,6CI68GJO6K>9NDCC6&8CA>H+JI=&>AA:G-=DG&DG6A:H/:G6 6GN'67=6C+:7:86+>K6H9:
%WE:O&6<<>:+DB6C>#:6C+JHH:AA#DHT#:HXH,SC8=:OH86A6CI:%DJ>H:,8=D:C=6AH6K>9,=6JA
=6GA:H : "GB67:AA: ,=:A9DC 'DGB6C N DCC>: ,=D:B6@:G #DG<: -DGG: +DN N #6C /6J<=6C
CG>FJ:I6/:A6G9:&DC>C606IHDC+>8=6G90=>I:N&>8=6:A0>AHDC
-6B7>TC G:8DCD8:BDH 8DC BJ8=6 <G6I>IJ9 A6 6EDGI68>WC >C9>G:8I6 E:GD 8DCHI6CI: :C 6VDH
6CI:G>DG:H9:BJ8=6HDIG6HE:GHDC6HN<GJEDHA"CHI>IJID%>C<YUHI>8D9:/:G6CDNADH>C9>K>9JDHFJ:
=6C 6EDN69D CJ:HIG6 A67DG 9JG6CI: I6CIDH 6VDH B:G:8:C JC 6<G69:8>B>:CID BJN :HE:8>6A EDGFJ: C>
H>FJ>:G6 H: =J7>:G6 :BE:O69D H>C :H: 6EDND #D=C 0>B7>H= N CJ:HIGDH 8DA:<6H :C #+, A:H
6<G69:8:BDHA6EG:E6G68>WC9:AEGD<G6B6&,# ,4FJ:CDH=6H>9DI6CXI>A
<G69:8:BDH6A6'6I>DC6A,8>:C8:DJC96I>DCEDGHJ6EDND:CA6:I6E6;>C6A8DCJC67:86FJ:
6NJ9W6EGD9J8>GJC6D7G6BJ8=DBSH69:8J696',,
N636G>C6HIG696:GCSC9:O
A6 .C>K:GH>969 9: ,DCDG6 N :A "CHI>IJID ,DCDG:CH: 9: JAIJG6 EDG HJ 6EDND :C A6 EJ7A>868>WC %6
=G>HI:CH:CDJC96I>DC=66EDN69D:A9:H6GGDAAD9::H8G>IDG:HNB6I:G>6A:H:H8G>IDH:CA6A:C<J6H:G>N
EDGADI6CIDH:=66K6CO69D:AEGDN:8ID9:9D8JB:CI68>WC9:A6A:C<J6FJ:H:G:;A:?6:CA6H:<JC96
:9>8>WC .C6 7:86 9: A6 '6I>DC6A C9DLB:CI ;DG I=: !JB6C>I>:H '
9JG6CI: 9:A
EGD<G6B6 E6G6 9D8JB:CI6G A6H A:C<J6H :C E:A><GD 9: :MI>C8>WC 6NJ9W :C 6K6CO6G :A :HIJ9>D 9: A6
<G6BSI>86 N ADH 6K6C8:H H: G:;A:?6C :C A6 H:<JC96 :9>8>WC <G69:8:BDH 6A <D7>:GCD 9: &TM>8D EDG
:HI6 DEDGIJC>969 9: E6GI>8>E6G :C A6 :A:7G68>WC 9:A >8:CI:C6G>D 8DC :HI6 CJ:K6 :9>8>WC 9:A
9>88>DC6G>D
LOS PARTICIPANTES PRINCIPALES
&+2 $ &(,+ .C>K:GH>969 9: 'DGI= 6@DI6 :HIJ9>DH A>C<YUHI>8DH :C A6 .C>K:GH>969 9:
(@A6=DB6:BE:OWHJG:A68>WCUCI>B68DCA68DBJC>969H:G>N8DCA6A:C<J6H:G>:C:A6VD76?D
ADH 6JHE>8>DH 9: ,"% "CI:GC6I>DC6A "CHI>IJID %>C<YUHI>8D 9: /:G6CD !6 EJ7A>869D :MI:CH>K6B:CI:
HD7G:A6A:C<J6N8JAIJG6H:G>.C69:HJHEJ7A>868>DC:HBSH>BEDGI6CI:H8DC+>8=6G9:A<:G=6H>9D
A6:ICD7DISC>86H:G>#,-)#,$1&##0#/1+"#1&+, ,1+5,$1&##/'+"'+0
,-)!' &+%-- & :C A>C<YUHI>86 .C>K:GH>969 9: 'DGI= 6@DI6 )= :C A>C<YUHI>86
.C>K:GH>9699:6A>;DGC>6,6C>:<D:BE:OW6:HIJ9>6GA6A:C<J6H:G>:C!6EJ7A>869DHD7G:
K6G>6H ;68:I6H 9: A6 <G6BSI>86 H:G> I:B6 9: HJ I:H>H 9D8IDG6A H EGD;:HDG 9: A>C<YUHI>86 :C A6
.C>K:GH>9699:'DGI=6@DI6N6H:HDGA>C<YUHI>8DE6G6,"%"CI:GC6I>DC6A
+(+-( !+++ &+(, ;J:EDGBJ8=DH6VDH:A;JC8>DC6G>DBSH>BEDGI6CI::A:<>9D
D9:H><C69DEDGADHH:G>H:CK6G>DHEJ:HIDH&JN8DCD8:9DG9:A6=>HIDG>6IG69>8>DC:HNA:C<J6H:G>
9JG6CI:BJ8=DH6VDH8DA67DGW8DC9L6G9&DH:G:CA69D8JB:CI68>WC9:THI6H)6GI>8>EW68I>K6B:CI:
:CA6EG:E6G68>WC9:B6I:G>6A:H9:A:8ID:H8G>IJG6E6G6A68DBJC>969H:G>
0+0&(,+:HIJ9>WA>C<YUHI>86:CA6.C>K:GH>9699:(@A6=DB6NG:8>7>WHJ&
9:A6.C>K:GH>9699:):CCHNAK6C>6BE:OW6:HIJ9>6GA6A:C<J6H:G>?JCI6B:CI:8DCHJ:HEDH6&6GN
:C :A 6VD JG6CI: 86H> 6VDH B6CIJKD HJ G:H>9:C8>6 EG>C8>E6A :C A :H:B7DFJ: ,DCDG6
H6A>:C9D G:<JA6GB:CI: E6G6 :CH:V6G A>C<YUHI>86 :C A6 .C>K:GH>969 9: 'DGI= 6@DI6 8DC :A "CHI>IJID
%>C<YUHI>8D9:/:G6CD)J7A>8WK6G>DH6GIU8JADHHD7G:A6A:C<J6N8JAIJG6H:G>
&+g %.", ,-(+ %(+, ,-+%% =>?6 9:A ;6BDHD #DHT HIDG<6 C8>C6H =6 IG676?69D
8DBD :C;:GB:G6 :C A6 8DBJC>969 H:G> H 8D6JIDG6 :C :A IG676?D a%6H 86C8>DC:H H:G>H JC6 K>H>WC
<:C:G6AbHG:H>9:CI:9:4<)'&,*A:H:B7DFJ:
+"% !+++ ,-(+ :H B>:B7GD 9:A DCH:?D 9: C8>6CDH 9: A6 C68>WC H:G> H
G:H>9:CI:9:,!'4)JCI6=J:86HJCD9:ADH6JIDG:H9:A69:H8G>E8>WC;DCTI>869:AH:G> '+(
%(+'3( !+++ ,'(/=>?D9:+D7:GID!:GG:G6&6G8DH =6E6GI>8>E69D9JG6CI:BJ8=DH6VDH
:C :A :HIJ9>D 9: A6 A:C<J6 H:G> !6 K>K>9D :C 4<) '&,* N 6=DG6 :H G:H>9:CI: 9: ,!'4 DBD
:H8G>IDGI>:C:BJ8=D>CI:GTH:CA6=>HIDG>6N8JAIJG6IG69>8>DC6A
+'Q &('-R( !+++ G:H>9:CI: 9: ,!'4 =6 I:C>9D JC >CI:GTH 68I>KD EDG BJ8=DH 6VDH :C A6
;DGB6:H8G>I69:HJA:C<J6!6:H8G>IDBJ8=D8DCG:HE:8ID6A8DCD8>B>:CIDIG69>8>DC6A
%& "&% &(+%, +(&+( G:H>9:CI: 9: 4<) '&,* :H =>?6 9: G6C8>H8D &DG6A:H !:GG:G6
FJ>:C:HB>:B7GD9:ADCH:?D9:C8>6CDH9:A6C68>WCH:G>
+'",(1/"+&(+'(!+++C>:ID9:+D7:GID!:GG:G6&6G8DHH>:BEG:=6I:C>9D>CI:GTH:C
:A:HIJ9>DN6EG:8>D9:HJA:C<J6B6I:GC6HJCD9:ADH6JIDG:H9:A69:H8G>E8>WC;DCTI>869:AH:G>
!6:H8G>IDBJ8=DHD7G:K6G>DHI:B6H9:A68JAIJG6
-!2 &(,+ &+%--:C7>DAD<U6N6GI:0=:6IDCDAA:<::HIJ9>DH:CA>C<YUHI>86.C>K:G
H>969 9: 'DGI= 6@DI6 =>?6 9: 9L6G9 N &6GN &DH:G E6HW HJ C>V:O :C A6 8DBJC>969 H:G>
)6GI>8>E6C9DEA:C6B:CI::CA68JAIJG6H:G>EJ9DD7H:GK6GN6EG:C9:GBJ8=DADFJ:=6H>9DBJNXI>A
E6G6A6I6G:69:>AJHIG6G:HI:9>88>DC6G>DE6GI:9:8G:6GA6H>AJHIG68>DC:HE6G6:HI6D7G6E6GI>8>EW:CA6
>9:CI>;>868>WC 9: ADH BDAJH8DH : >CH:8IDH C :HID A: 6NJ9W I:C:G A6H 8DA:88>DC:H FJ: =>OD 9: THIDH
9JG6CI:HJC>V:ONEDHI:G>DGB:CI:8DCA66NJ969:HJHEGDE>DH=>?DH:CADHXAI>BDH6VDH
HIDG<6 9: HIG:AA6 &6GU6 %J>H6 ,I:E=:C &6GA:II &6GN &DH:G N :GC6C9D '6K6 % %6H
86C8>DC:H H:G>H JC6 K>H>WC <:C:G6A 2/1, +!2#+1/, +1#/+!',+) "# '+%=901'! #+ #) ,/,#01# -DBD /DAJB:C :9 EDG 36G>C6 HIG696 :GCSC9:O &6M ><J:GD6 HI:K6 :G6G9D %WE:O GJO N C9GTH
8DHI69>IDG>6A.C>HDC!:GBDH>AAD,DCDG6
&6GA:II ,I:E=:C 16K>:G &DG:CD !:GG:G6 N :C6GD !:GG:G6 HIDG<6 ,:G> ,2/+) ,$ 1&#
+1#/+1',+)&,+#1'!HHD8>6I>DC
INTRODUCCIÓN A LA PRIMERA EDICIÓN
HI:EGDN:8IDA:M>8D<GS;>8DH:>C>8>W:C:A6VD8J6C9D:AB6IG>BDC>D9:9L6G9N&6GN&DH:G
AA:<W6AA>IDG6A9:AB6G9:DGITHE6G6:BE:O6GJC6A6G<6NEGD;JC968DCK>K:C8>68DC:A<GJEDFJ:H:
6JID9:CDB>C6 aH:G>b N EDG HJ 6JID9:CDB>C68>WC !,*!! KT6H: A6 CDI6 :C ES<>C6 E6G6 JC6
:MEA>868>WC 9: A6 :H8G>IJG6 9: :HI: CDB7G: A EGD8:HD 9: 6EG:C9:G JC6 A:C<J6 H>:BEG: :H A6G<D N
9>;U8>A E:GD A6 9>;>8JAI69 H: =68: B6NDG H> A6 A:C<J6 86G:8: 9: :H8G>IJG6 N 6CSA>H>H 6A<JCD H> I>:C:
HDC>9DH <G6BSI>86 N :MEG:H>DC:H >9>DBSI>86H 6?:C6H 6 A6 A:C<J6 9: JCD N BSH 6JC H> G:HJAI6
8DBEA>8696 A6 8DBEDH>8>WC BDG;DAW<>86 9: HJH E6A67G6H -6A ;J: A6 H>IJ68>WC 6 A6 FJ: ADH H:VDG:H
&DH:GH::C;G:CI6GDCE:GD6A6FJ:HD7G:K>K>:GDC<G68>6H6A66NJ96N6B>HI699:AEJ:7ADH:G>FJ:A:H
E:GB>I>W 8DCHIGJ>G JC6 86H6 8G>6G 6 HJ =>?6 6I=N N E6H6G A6 B6NDG E6GI: 9: HJH K>96H 69JAI6H :CIG:
:AADH C ADH 8DB>:CODH 9: :HI6 :ME:G>:C8>6 IJK>:GDC A6 7J:C6 ;DGIJC6 9: :BE:O6G 6 IG676?6G 8DC
+D7:GID!:GG:G6&8DCD8>9DI6B7>TC8DBD+D7:GID-=DBHDCN
*''.2#, #/1,FJ>:C8DC>C;>C>
I6 E68>:C8>6 N 9>A><:C8>6 AA:<W 6 H:G :A EG>C8>E6A 8DA67DG69DG 9:A B6IG>BDC>D &DH:G G:A68>WC FJ: H:
:MI:C9>W 6 AD A6G<D 9: BJ8=DH 6VDH C G:6A>969 H: EJ:9: 9:8>G FJ: ADH IG:H H: 8DCK>GI>:GDC :C
8DA67DG69DG:H9:A6C68>WCH:G>EDGFJ:9JG6CI:6FJ:AADH6VDHBJ8=6HE:GHDC6HA:H8DCI6GDCE6GI:H9:
HJH=>HIDG>6HE:GHDC6A:HHJHK>K:C8>6H8DBJC6A:HHJIG69>8>WCA>I:G6G>6DG6AHJH86C8>DC:HHJ8DCD8>
B>:CID 6B7>:CI6A :I8 )DG HJ E6GI: ADH &DH:G G:<>HIG6GDC ID96 :HI6 >C;DGB68>WC AD B:?DG FJ:
EJ9>:GDC A EG>C8>E>D ;J: 9>;U8>A E:GD 8DC :A E6HD 9:A I>:BED A6H 8DH6H H: IDGC6GDC B:CDH
8DBEA>8696H:ID9DHBD9DH6ADA6G<D9:ADH6VDHCJC86A:H;J:9:AID9D;S8>AEDGFJ:ADH>CIG>869DH
<>GDH 9: A6 A:C<J6 H:G> N HJ :MI:CHD KD867JA6G>D ;J:GDC 76GG:G6H =6GID 9>;U8>A:H 9: IG6HEDC:G HI:
9>88>DC6G>DFJ:6XCCD8DBEG:C9:ID9D:AATM>8D9:A6A:C<J6H:G>!*''.2#''1,*:H:AG:HJAI69D9:
:H6:ME:G>:C8>6XC>86:CHJ<TC:GDNK>K>966ADA6G<D9:A6H:<JC96B>I699:AH><AD11
,: G:8DCD8: FJ: :HI6 D7G6 H: 76H6 :C A6 >CK:HI><68>WC E>DC:G6 9: +D7:GID !:GG:G6 &6G8DH N
9L6G9&DH:G,>C:A<G6C6EDGI:9::AADHCDED9GU6=67:GC68>9D:HI:EGDN:8IDN:CID9D86HDHWAD
=67GU6 6A86CO69D JC E:FJ:VD EDG8:CI6?: 9: AD FJ: :H 6=DG6 .C6 E:FJ:V6 BJ:HIG6 9: HJ H>C<JA6G
6EDGI:HDCADH8>:CIDH9:IDEWC>BDHFJ:H:>C8AJN:C:C:A9>88>DC6G>DFJ:G:;A:?6CADHBJ8=DHH><ADH
9:G:H>9:C8>6=>HIWG>869:AEJ:7ADH:G>:C:HI6G:<>WC%6D7G6FJ::AA:8IDGI>:C:8DC:HI:KDAJB:C:C
HJH B6CDH :H K:G969:G6B:CI: JC6 9S9>K6 9: BJ8=DH 6VDH 9: IG676?D FJ: :HIDH 9DH E:GHDC6?:H
D;G:8>:GDC
67: 9:HI686G FJ: 9JG6CI: A6H XAI>B6H 9DH 9T8696H A6 A67DG 9: :HI: EGDN:8ID :HIJKD EG>C8>E6A
B:CI:HD7G:ADH=DB7GDH9:A6H:VDG69:&DH:Ga:8@NbFJ>:CEDGHJ8JG>DH>969=68>68696A:M:B6
8696:MEG:H>WCN86968DCI:MID=>HIWG>8DAD=6>9D:BEJ?6C9D=68>669:A6CI:,>CHJ>CI:GK:C8>WC:HI6
D7G6CDI:C9GU6:A86GS8I:G8JAIJG6AFJ:6=DG6I>:C:
,I:E=:C&6GA:II H:EI>:B7G:9:
PRÓLOGO A LA PRIMERA EDICIÓN
2DA6C96%6HIG6
"CHI>IJID9:"CK:HI><68>DC:HCIGDEDAW<>86H
.C>K:GH>969'68>DC6AJIWCDB69:&TM>8D
DC<G6CEA68:G:H8G>7D:HI6HAUC:6H9>G><>96HI6CID6ADH!,*!!H:G>H8DBD6ADH:HIJ9>DHDHFJ:H:
>CI:G:H:CEDGHJA:C<J6%D=6<D8DC<JHIDEDGFJ::HI:'!!',+/',0#/'#0-:,)'+%)80!,+9+"'!#0
#0-:,)0#/''+%)800#/':HJCB6<CU;>8DIG676?D
H:MI:CHDBSH9:H>:I:B>A:CIG696HN6HU8DCIG>7JN:6G:76I>GA6;6AH6>9:69:FJ:A6HA:C<J6H
>C9U<:C6H8J:CI6C8DCED8DKD867JA6G>DG:;A:?6A68G:6I>K>9699:ADH=67A6CI:H9:A6A:C<J6EJ:HIDFJ:
=6N ITGB>CDH I6CID E6G6 :CI:H 9: A6 8JAIJG6 IG69>8>DC6A 8DBD E6G6 ADH G:8>TC >CIGD9J8>9DH HJ
EG:H:CI68>WC:H>BE:867A:A6:H8G>IJG6:BEA:696:HIS7>:C:MEA>8696>C8AJN:JC6<G6BSI>86FJ:6NJ96
6B6C:?6G:A9>88>DC6G>D8DGG:8I6B:CI:
%DHJHJ6G>DH9:7:CH:CI>GH::C9:J969DH8DC9L6G9&DH:GA>C<Y>HI6FJ>:C9:9>8W<G6CE6GI:9:
HJK>966EG:E6G6G:HI:IG676?D8DC+D7:GID!:GG:G6HJEG>C8>E6A8DA67DG69DGH:G>8DC:8@N&DH:G
:HEDH69:9L6G9G:HEDCH67A:9:AEGD;JC9D8DCD8>B>:CID7>DAW<>8DN:ICD<GS;>8DFJ:H:9:H7DG96:C
A6HES<>C6H9::HI:9>88>DC6G>D,:IG6I6G:6AB:CI:9:6A<DBSHFJ:JC9>88>DC6G>D:HJCA>7GDFJ:BD
9:HI6B:CI:6IG6KTH9:IG69J88>DC:H:H8J:I6HNBSHFJ:C6969::?:BEADH8J>969DH6B:CI:H:A:88>DC6
9DHG:;A:?6:A86G>VDN:A8DCD8>B>:CIDFJ:ADH6JIDG:HH>:CI:CEDGADH=67A6CI:H9:A6A:C<J6NEDGHJ
8JAIJG6
H>B>HBDH:9:7:6<G69:8:G:AIG676?DA>C<YUHI>8DE:GH>HI:CI:9:,I:E=:C&6GA:IIN9:HJ:HEDH6
6I=N,JE>:GDC6EGDK:8=6GN=6HI6B:?DG6G:A:H;J:GOD9:6FJ:AADHFJ:ADH6CI:8:9>:GDC
A 9>88>DC6G>D H:GS XI>A E6G6 ADH =67A6CI:H 9: A6 A:C<J6 E6G6 ADH FJ: 9:H::C 6EG:C9:GA6 N E6G6
:HE:8>6A>HI6H 6CIGDEWAD<DH N A>C<Y>HI6H A =D?:6G HJH ES<>C6H AA6B6 A6 6I:C8>WC A6 ED86 86CI>969 9:
EGTHI6BDH 9:A :HE6VDA FJ: I>:C: A6 A:C<J6 &J8=DH HDC 6CI><JDH N 7>:C >CI:<G69DH !+, cE6C<6d
!5 c8676AADd !/ cDK:?6d EGDK:C>:CI: 9: c867G6d 0#1, c867G6d EGDK:C>:CI: 9: c8=>K6IDd 1,*
c9>C:GDd EGDK:C>:CI: 9: cIDBUCd (IGDH HDC :MI:CH>DC:H 9: 6CI><JDH H><C>;>869DH ##+'* &!+'
c;JH>AdFJ:A>I:G6AB:CI:H><C>;>86c6G8D9:B:I6Ad!*''.2#'-0-,(c;DID<G6;U69:E:GHDC6d:MI:CH>WC9:A
H><C>;>869D9:c9>7J?Dd(IGDHBSHHDCCJ:K6H8G:68>DC:Hc;XI7DAdH::MEG:H68DBDc8DH6FJ:H:E6I:6d
6''4!,.2#&1&+9$(.2'*Nc+:EX7A>86&:M>86C6d8DBDcI>:GG6<G6C9:d+1
!,(
A 8DCD8>B>:CID :ICD<GS;>8D H: G:K:A6 :C :CIG696H I6A:H 8DBD ''4 ''4 '! -4 &1'* cJC
:HEUG>IJ B6AD FJ: 8DB: A6 86GC: 9: JC BJ:GID H:<XC ADH 6CI:E6H69DH H:G>Hd .2##1'* c6<G6C96G JC6
86C6HI6E6G6ED9:G86G<6GBSHEDC>:C9DE6ADH:CHJDG>AA6d+,!,(,6'*.2'&'1*)!c8DGDC69:A
76>A69DG9:A68:G:BDC>69:A6EJ7:GI69d
'>FJT9:8>G9:A667JC96C8>69:ITGB>CDHG:;:G:CI:H6A6;ADG6NA6;6JC6E6G6ADHFJ:CD96BDH
:?:BEADHEJ:HIDFJ:H:GU6C>CI:GB>C67A:H
)DGXAI>BD=6NFJ:B:C8>DC6GADH9>7J?DHFJ::CG>FJ:8:C:A9>88>DC6G>DHISC=:8=DHEDGJC6
:ME:GI66I=N&DH:GFJ>:C:K>9:CI:B:CI:I6B7>TC8DCD8::A:CIDGCDNA68JAIJG6H:G>H
H9::HE:G6GH:FJ::A<G6C9>88>DC6G>DH:G>H:9>;JC966BEA>6B:CI:I6CID:CA6G:<>WC9DC9:H:
=67A6A6A:C<J68DBD:C:ABJC9D9:ADHFJ:H:>CI:G:H6CEDGA6G>FJ:O6A>C<YUHI>86N8JAIJG6A>C9U<:C6
ABREVIATURAS Y SÍMBOLOS
0
HJHI6CI>KD67HDAJID
"(
69?:I>KD
"3
69K:G7>D
)/%
6A6G<6B>:CID
+1;+
6CIWC>BD
/!
6G86>8D
/1
6GIU8JAD
0'01
K:G7D6H>HI>KD
24
E6A67G66JM>A>6G
#+
K:G7D7:C:;68I>KD
-/
HJHI6CI>KDFJ::HITGB>CD9:
E6G:CI:H8D
-0
E6H>KD
-)
EAJG6A
-,0
HJHI6CI>KDEDH:U9D
-,0-
EDHEDH>8>DC6A
-/
EG>C8>E6A
-/#$
EG:;>?D
-/,+
EGDCDB7G:
-/,+
EGDCJC8>68>WC
/#%
G:<>DC6A>HBD
8DCHDC6CI:
!,*-)
HJHI6CI>KD9:G>K69D9:K:G7D
8DBEA:B:CID
0
HJHI6CI>KD
0%
H>C<JA6G
!,+(
8DC?JC8>WC
0'+;+
H>CWC>BD
"#*
EGDCDB7G:D69?:I>KD
9:BDHIG6I>KD
-
,E6C>H=
"#-
EGDCDB7G:JDG68>WC9:E:C9>:CI:
02$
HJ;>?D
"#/
K:G7D9:G>K69D
02(
HJHI6CI>KD9:G>K69D9:K:G7D
HJ?:ID
#0-
:HE6VDA
1/
IG6CH>I>KD
#4-
:MEG:H>WC
3
K:G7DK:G76A
#4-#/
:ME:G>B:CI69DG
KT6H:
$/
;G6H:
3!
K:G7D86JH6I>KD
%/*
E6A67G6<G6B6I>86A
3"
K:G7D9:IG6CH>I>K>O69D
'*-
>BE:GHDC6A
3'
K:G7D>CIG6CH>I>KD
'+$
>C;>C>I>KD
31
K:G7DIG6CH>I>KD
'+1#/(
>CI:G?:88>WC
'+1/
K:G7D86JH6I>KD>CIG6CH>I>KD
P
'//
K:G7D>GG:<JA6G
"C9>86A6E6A67G6FJ:H:JI>A>O6
8DBD;DGB69:8>I6ES<
)'1
A>I:G6AB:CI:
+#%
C:<6I>KD
"C9>86FJ:H::C8J:CIG6BSH
>C;DGB68>WC:CA6E6A67G6>C9>8696
8DBD:CIG696EG>C8>E6A
+,*
;G6H:CDB>C6A
9:
, )
HJHI6CI>KD9:G>K69D9:K:G7D
688>WCJD7A>8JD
Z
6G86UHBD
-
AD86I>KDEG:K:G76ADEDHEDH>8>DC6A
SERI AMONG THE LANGUAGES OF THE WORLD
,:G>>HDC:D;I=:6C8>:CIA6C<J6<:HD;&:M>8D6AI=DJ<=L:@CDLA>IIA:D;>IH=>HIDGN7:;DG:I=:6GG>K6A
D;I=:,E6C>6G9H(C:>C9>86I>DCD;>IH6CI>FJ>IN>HI=:;68II=6I>I>HCDI8ADH:ANG:A6I:9L>I=6CNDI=:G
A6C<J6<:D;I=:LDGA9`>I9D:HCDI7:ADC<IDI=:A6G<:.IDOI:86C;6B>ANL=>8=>C8AJ9:HDI=:GA6C
<J6<:HD;,DCDG6CDGIDI=:A6G<:(IDB6C<J:6C;6B>ANL=>8=>C8AJ9:HBJO<D36EDI:8&>MI:8
=>C6CI:8(IDBU6C9)6B:6BDC<DI=:GHDGBDG:I=6CDC:=JC9G:9N:6GH69DB>C6CI=NEDI=:H>H
=6H 7::C I=6I ,:G> >H 8ADH:AN G:A6I:9 ID I=: 2JB6C A6C<J6<:H HJ8= 6H $>A>L6 D8DE6 )6>E6> 6C9
->E6>6BDC<DI=:GH7JII=::K>9:C8:EG:H:CI:99JG>C<6AAD;I=:IL:CI>:I=8:CIJGN=6H7::CK:GNHA>B
6C9G6I=:GL:6@-=:8DC8AJH>DCI=:G:;DG:6IA:6HI;DGI=:EG:H:CI>HI=6I,:G>>H6A6C<J6<:>HDA6I:
-=:G:>H6AHD:K>9:C8:I=6II=:,:G>E:DEA:=6K:6ADC<=>HIDGN>CI=:>GEG:H:CIAD86I>DC>C,DCDG6
-=: =JC9G:9H D; EA68: C6B:H I=6I 6G: JH:9 ID C6B: 9>;;:G:CI EA68:H DC ->7JGWC "HA6C9 6C9 >C I=:
C:><=7DG>C<6G:66C9:HE:8>6AANI=:JC6C6ANO67A:EA68:C6B:H>C9>86I:8A:6GANI=6II=:,:G>H6G:CDI
C:L8DB:GHIDI=:G:<>DC
-=:86G:;JAG:69:GD;I=:9>8I>DC6GNL>AACDI:I=:<:C:G6AA68@D;,E6C>H=AD6CLDG9H>C,:G>-=:G:
6G:6;:LID7:HJG:7JII=:N6G:CDICJB:GDJH.CI>AI=:A6HI=6A;D;I=:IL:CI>:I=8:CIJGNI=:8DCI68I
7:IL::C,:G>6C9B6>CHIG:6B&:M>86C8JAIJG:=6H7::CA>B>I:9HEDG69>86C9CDI<:C:G6AAN6B>867A:
(C: L>AA ;>C9 6 ;:L AD6CLDG9H D; .IDOI:86C DG><>C L=>8= BDHI A>@:AN 86B: >CID ,:G> 9JG>C< I=:
I>B:L=:C,:G>(dD9=6B)6E6<D6C926FJ>E:DEA:=69BDG:G:<JA6G8DCI68IL>I=:68=DI=:G
-=:,:G>A6C<J6<:G:;A:8IHI=:9:K:ADEB:CID;69>HI>C8I8JAIJG:>C6JC>FJ:EA68:>CI=:LDGA9"IH
KD867JA6GN>HG>8=>IH<G6BB6G;6H8>C6I>C<6C98=6AA:C<>C<6C9>IHEA68:>CI=:LDGA9JC9:C>67A:
EL SERI ENTRE LAS LENGUAS DEL MUNDO
AH:G>:HJC69:A6HA:C<J6H6CI><J6H9:&TM>8D6JCFJ:H67:BDHED8D9:HJ=>HIDG>66CI:H9:A6AA:<6
96 9: ADH :HE6VDA:H .C >C9>8>D 9: HJ 6CI><Y:969 :H FJ: CD H: G:A68>DC6 :HIG:8=6B:CI: 8DC C>C<JC6
DIG6 A:C<J6 9:A BJC9D `CD E:GI:C:8: 6 A6 <G6C ;6B>A>6 NJIDC6=J6 FJ: >C8AJN: DIG6H A:C<J6H 9:
,DCDG6C>6A6<G6C;6B>A>6DIDB6C<J:FJ:>C8AJN:6BJO<DO6EDI:8DB>MI:8D8=>C6CI:8DDIDBUN
E6B::CIG:DIG6HA:C<J6H:H9:=68:BSH9:8>:C6VDHH:=6EGDEJ:HIDJC6G:A68>WC:HIG:8=68DCA6H
A:C<J6HNJB6C6H8DBD@>A>L68J8JESE6>E6>NI>E6>:CIG:DIG6HE:GDA6:K>9:C8>6EG:H:CI6969JG6C
I:ID9D:AH><AD11=6H>9D:MIG:B696B:CI::H86H6N9:B6H>69D9T7>A%68DC8AJH>WCEDGADB:CDH
6=DG6:HFJ::AH:G>:HJC6A:C<J66>HA696
-6B7>TC=6N:K>9:C8>69:FJ::AEJ:7ADH:G>I>:C:JC6A6G<6=>HIDG>6:CHJEG:H:CI:J7>868>WC:C
,DCDG6%DH8>:CIDH9:IDEWC>BDHFJ::HISC:CJHDE6G6CDB7G6GADHAJ<6G:H:CA6>HA6->7JGWCN:CA6
ODC68DA>C96CI:NHD7G:ID9DADHIDEWC>BDHCD6C6A>O67A:H>C9>86C8A6G6B:CI:FJ::AEJ:7ADH:G>CD
:HJCEJ:7ADFJ:=6AA:<69D:C6VDHG:8>:CI:H
,>:AA:8IDGA::8J>969DH6B:CI::A9>88>DC6G>DCDI6GSA686G:C8>6<:C:G6A9:EGTHI6BDH9:A:HE6VDA
6AH:G>!6N6A<JCDHEDGHJEJ:HIDE:GDCDHDCCJB:GDHDHCI:H9:A6XAI>B6B>I699:AH><AD11:A
8DCI68ID :CIG: A6 8JAIJG6 H:G> N A6 8JAIJG6 B:M>86C6 <:C:G6A =6 H>9D A>B>I69D :HEDGS9>8D N CD I6C
6B>HIDHD,::C8DCIG6GSC6A<JCDHEGTHI6BDH9:DG><:CNJIDC6=J6FJ:EGD767A:B:CI::CIG6GDC6AH:G>
9JG6CI::AE:GUD9D8J6C9DADHH:G>HADHESE6<DHNADHN6FJ>HI:CU6CBSH8DCI68IDG:<JA6G:CIG:HU
%6 A:C<J6 H:G> G:;A:?6 :A 9:H6GGDAAD 9: JC6 8JAIJG6 9>HI>CI6 :C JC AJ<6G XC>8D :C :A BJC9D ,J
KD867JA6G>D:H:MI:CHDHJ<G6BSI>86;6H8>C6CI:N9:H6;>6CI:NHJAJ<6G:C:ABJC9D>CC:<67A:
)%!.',#,%,%(% (%# (+'#
)%!.'(,&)&'-(,1).%(,
ORDEN ALFABÉTICO
%6HE6A67G6H:C:HI:9>88>DC6G>DH:=6CDG<6C>O69DH:<XC:A6A;67:IDH:G>8 "#$$8%%
&'()*.+,-00812HI6HA:IG6HNADHHDC>9DHFJ:G:EG:H:CI6CH::MEA>86C:CA6EG>B:G6
JC>9699:A6 G6BSI>86
ESTRUCTURA DE LAS ENTRADAS EN EL DICCIONARIO
%6H:CIG696H9:A9>88>DC6G>D>C8AJN:CADHH><J>:CI:H:A:B:CIDH:CIG6969:H><C68>WC<G6B6I>86AH>CD
:HCDB7G:EGDE>DDJC6;G6H:=:8=6NH><C>;>869D9:BSHBJ8=6H9:A6H:CIG696H>C8AJN:CJC6;G6H:
68A6G6IDG>6DG68>DC:H9::?:BEAD>C;DGB68>WCA>C<YUHI>8669>8>DC6ANHJ7:CIG696H%6H86G68I:GUHI>86H
9:8696JCD9::HIDH8DBEDC:CI:HHDC
FORMA DE CITA Y DESIGNACIÓN GRAMATICAL
%6H;DGB6H9:8>I69:A6H:CIG696HNA6H9:H><C68>DC:H<G6B6I>86A:HEJ:9:CH:GHJHI6CI>KDHK:G7DHN
K6G>6HDIG6H8A6H:HB:CDG:H
LOS SUSTANTIVOS
J6C9DA6:CIG696:HJCHJHI6CI>KDA69:H><C68>WC<G6B6I>86A:BE>:O68DC0.CHJHI6CI>KDEJ:9:H:G
9:K6G>6HHJ78A6H:H:MEA>8696H:CA6 G6BSI>86NA69:H><C68>WC<G6B6I>86A>C9>86A6HJ78A6H:J6IGD
HJ78A6H:H9:HJHI6CI>KDHDC7SH>86H
.%,
$&)%(
HJHI6CI>KD8DBXC
0
0)0B6G
HJHI6CI>KDAD86I>KD
0),!
#&0),!B:9>D9:
HJHI6CI>KDEDH:U9D
0-,0
#-0-,0FJ>?696
HJHI6CI>KDFJ::HITGB>CD9:E6G:CI:H8D
0-/
-0-/B69G:
%DHHJHI6CI>KDHFJ:CDH:6CHJHI6CI>KDH8DBJC:HH:EG:H:CI6C:CA6:CIG6968DCJCEDH::9DGFJ:
:H9:I:G8:G6E:GHDC6H>CDH:>C9>86AD8DCIG6G>DHI:EDH::9DG:H:MEAU8>ID:CA6;DGB6H:G>EDG:A
EG:;>?DFJ:AA:K6E:GD>BEAU8>ID:CA6<ADH6%6E6A67G6#-H><C>;>86EG:8>H6B:CI:02.2'(""#
8),"##))NA6E6A67G6-H><C>;>8602*"/#"#8),"##)))DGADI6CID8696JC69:A6H:CIG696H
9::HI6HHJ78A6H:H9:HJHI6CI>KDG:EG:H:CI6JC<GJED9:E6A67G6H
"#-
*'.2'("
"#--$
+2#01/0.2'("0
&#-
12.2'("
&#--$
020.2'("0"#201#"#0
#-
02.2'("
#--$
"#--
*'0.2'("0
020.2'("0"##)),0,"##))0
,-+.-.+%,'-+,
&#--
120.2'("0
#--
020.2'("0
.2'("
"-
J6C9DA6;DGB6EAJG6A9:JCHJHI6CI>KD:HBJN>GG:<JA6GNEDH>7A:B:CI:G:HJAI69>;U8>AAD86A>O6G
ADH:>C8AJN:8DBDJC6:CIG696:HE:8>6AFJ:G:;>:G:6AA:8IDG6A6:CIG696EG>C8>E6A):?
&$##0-)BJ?:G:H)#+1/"-/&&
0##0-)8DH6H)#+1/"-/2##0
(IG6HHJ78A6H:H9:HJHI6CI>KDH:9:G>K6C9:K:G7DHNH:EG:H:CI6C8DBDHJ7:CIG696H9:AK:G7DND
8DBD:CIG696HEG>C8>E6A:HFJ:EDGADB:CDH>C9>86C:AK:G7D9:AFJ:H:9:G>K6C.CGDB7DG:H6AI6:A
=:8=D9:FJ:A6HJ7:CIG696:H9:JC68A6H:9>HI>CI66A6E6A67G6JH6968DBD:CIG696
.%,1,#!'#7'
$&)%(
-$3!=68:GKDB>I6G
HJHI6CI>KDG:A68>DC69D8DC:A
HJ?:ID9:K:G7D68I>KD
002(
HJHI6CI>KDG:A68>DC69D8DC:A
HJ?:ID9:K:G7DE6H>KD
002(-0
HJHI6CI>KDG:A68>DC69D8DC:A
HJ?:ID9:K:G7D68I>KDC:<6I>KD
002(+#%
HJHI6CI>KDG:A68>DC69D8DC:A
HJ?:ID9:K:G7DE6H>KD
C:<6I>KD
002(-0+#%
HJHI6CI>KDG:A68>DC69D8DC:A
8DBEA:B:CID9:AK:G7D
0!,*-)
-$002(B6CO6C>AA69:A8DNDI:'1A6FJ:=68:
KDB>I6G
)'#$316B6GG6G:CKDAK:GN6I6G
")'#$002(-0I6B6A
")'#$002(-0I6B6A'1ADFJ:;J::CKJ:AIDN
6I69D#)'#$
#&4)#+1/"-/*.#1
*.#131H67:G8DCD8:G
#&4002(+#%:AFJ:CDH67:
-##'31G:76C6G86GC:
#&"-##'002(-0+#%A868=6ADI:
#&"-##'002(-0+#%868=6ADI:'1ADFJ:CDH:
G:76C6#-##'
2#31AA:K6G
12#0!,*-)=>?DD=>?69:TA
12#0!,*-)=>?DD=>?69:TA'1:ADA6FJ:TAAA:K6
#2#
,-+.-.+%,'-+,
HJHI6CI>KDG:A68>DC69D8DCA6
688>WCD:A>CHIGJB:CIDD8DC
DIG6G:A68>WCD7A>8J66AK:G7D
0, )
&3'I:C:GK>96K>K>G
#4&0, )K>96:M>HI:C8>6
#4&0, )K>96'18DCFJ:I>:C:K>96#&
0, ) 0
2$31:C=:7G6GAA:K6G6G:BDAFJ:EG:HI6G
:MI:C9:G8GT9>ID6E6G68DBEG6G
8#)2$0, )-08J:CI69:J96
8#)2$0, )-08J:CI69:J96#2$
#,031A>BE>6G
##,00, ) 0?67WC
0, )-0
##,00, ) 0?67WC'18DCFJ:JCDA>BE>6#
#,0
696:CIG6969:ADHHJHI6CI>KDH9:G>K69DH0!,*-N0, )I6B7>TCG:EG:H:CI6JC?J:<D9:E6A67G6H
EDGFJ:H>:BEG:HDC;DGB6HEDH:U96H:ACXB:GD9:E6A67G6H9:E:C9:9:A6HJ78A6H:-6B7>TCEJ:9:C
H:G;DGB6HC:<6I>K6H+#%):?A6E6A67G6#4&G:EG:H:CI6JCE6G69><B69:H>:I:E6A67G6H
"#4& *'#4'01#+!'
"#4&(-& +2#01/0#4'01#+!'0
&#4& 12#4'01#+!'
&#4&(-& )0#4'01#+!'0"#201#"#0
#4& 02#4'01#+!'
#4&(-& 020#4'01#+!'0"##)),0,"##))0
#4& #4'01#+!'"#2+,
C:A9>88>DC6G>DNH>CD=6NDIG6>C9>868>WCJCHJHI6CI>KD9::HI6HJ78A6H:H>:BEG:6E6G:8::C
I:G8:G6E:GHDC69:BSHH>I>:C:JCEDH::9DGCD:HE:8>;>869DAA:K6A69:H><C68>WC 067HDAJI>KD
.C6;DGB667HDAJI6FJ:H:9:G>K69:JCK:G7DAA:K69:ID9DHBD9DHJCEG:;>?DFJ:>C9>86I:G8:G6E:G
HDC6
%6H:CIG696HBJ8=6HK:8:HHDC:MEG:H>DC:H9:9DHDBSHE6A67G6HNCDH:6H><C6JC68A6H:<G6
B6I>86A C <:C:G6A :HI6H :MEG:H>DC:H ;JC8>DC6C 8DBD HJHI6CI>KDH 8DBEJ:HIDH D ;G6H:H CDB>C6A:H
DBD6NJ966AJHJ6G>DH:>C8AJN:JC6G:;:G:C8>66;DGB6H9:G>K696H9:ADHK:G7DH
2##02##0'(8#):B7J9D'18DH6EDGA68J6AJC68DH6H::8=6#*.#
*.#31EDC:G:8=6GDI>G6GAUFJ>9DD8DH6A6G<6
#)0, )-0`2##02##0'(8#):B7J9D
K:8:HA6HJ7:CIG6969:JCHJHI6CI>KD8DBXC:HJCHJHI6CI>KDEDH:U9D6JCFJ:<:C:G6AB:CI:=6N
:CIG696H9>HI>CI6HE6G6ADH9DHI>EDH9:HJHI6CI>KD8DCG:;:G:C8>6H:C8696:CIG6966AHJHI6CI>KDG:A6
8>DC69D
%DHHJHI6CI>KDHEDH:U9DHNADHITGB>CDH9:E6G:CI:H8DEJ:9:C6E6G:8:G:CA6;DGB667HDAJI6H>C
EDH::9DG :C AJ<6G 9: I:C:G EDH::9DG 9: I:G8:G6 E:GHDC6 H>C<JA6G :HI6 ;DGB6 I>:C: JC JHD ED8D ;G:
8J:CI:
,-+.-.+%,'-+,
.%,
$&)%(
HJHI6CI>KDEDH:U9D:C;DGB667HDAJI6
0-,0 0
"-0-,0 0FJ>?696
ITGB>CD9:E6G:CI:H8D:C;DGB6
67HDAJI6
0-/ 0
")-0-/ 0B69G:
.C6 ;G6H: CDB>C6A H: EG:H:CI6 8DC :A 6GIU8JAD 9:I:GB>C69D D 9:;>C>9D aEDG 9:;:8IDb :C :A
9>88>DC6G>D8DBDJC66NJ966AJHJ6G>D8J6C9DH:=66K:G><J69DN:HEGS8I>8D'D=6N6GIU8JADEDG9:
;:8IDE6G6ADHHJHI6CI>KDHFJ:H:G:;>:G:C6B6BU;:GDH<G6C9:HNE:GHDC6HEDGFJ:H::H8D<::A6GIU8JAD
676H:9:A6;DGB6DEDH>8>WC9:AD7?:ID6FJ:H:G:;>:G:D676H:9:DIGDH;68IDG:H<G6B6I>86A:HA
6GIU8JADEDG9:;:8ID<:C:G6AB:CI:H:JH68J6C9D:AD7?:IDG:;:G>9D6:HH>C<JA6G7:HIS6A6K>HI68
I>:C:;DGB6CDGB6A9CD:HISBJ:GIDN:HJBDK>B>:CIDCDI>:C:>BEDGI6C8>6696JCD9::HIDH
;68IDG:HEJ:9:EGDKD86G:AJHD9:DIGD9:I:GB>C6CI:)DG:?:BEADADHHJHI6CI>KDHFJ:H:G:;>:G:C6A6H
6K:H H: EG:H:CI6C 8DC :A 6GIU8JAD 9:;>C>9D *.#$ E6G6 D7?:IDH 8DBE68IDH 6JCFJ: EDG HJEJ:HID :AADH
I6B7>TCEJ:9:CEG:H:CI6GH:8DCADH6GIU8JADH9:I:GB>C69DHFJ:>C9>86CBDK>B>:CIDDEAJG6A>969:I8
,:EG:H:CI6BSH9::HI6>C;DGB68>WC:CA6ES<>C6
9:A6 G6BSI>86-G:H:?:BEADH9:HJHI6CI>KDH
H:C8>AADHEG:H:CI69DH8DCHJH6GIU8JADH9:;>C>9DHEDG9:;:8IDHDCADHH><J>:CI:H
",$()0-,0 086C6HI6IG69>8>DC6AH:G>:C;DGB69:EA6ID8DG>I6G:<8:HID
",(*.#"0G:9
')0*.#$0ODE>ADI:6JG66JG68DBXC
696JCD9::HIDHHJHI6CI>KDHH:EG:H:CI68DCDIGDH6GIU8JADH9:;>C>9DH:C8DCI:MIDH:HE:8>6A:HE:GD
;J:G69::HIDH8DCI:MIDH:A6GIU8JADG:FJ:G>9D:H:AFJ:H:=6>C9>869D
!6ND86H>DC:H:CFJ::AHJHI6CI>KDI>:C:68:E8>DC:HFJ:G:FJ>:G:C6GIU8JADH9>;:G:CI:HC:HIDH
86HDHH:EG:H:CI6CADH6GIU8JADH9:HEJTH9:ACXB:GD9:A668:E8>WC):?
2"0*.#$HDA*.#"AJO9:AHDA()9U6*.#$G:AD?
*.#$JC66AB:?6
H>B>A6G6a86B6O?>?bE:GDBSH<G6C9:
LOS VERBOS
%6:CIG696FJ:H:96E6G6JCK:G7D<:C:G6AB:CI:G:EG:H:CI6JCE6G69><B6FJ:8DCI>:C:6EGDM>B696
B:CI:;DGB6H:C:A86HD9:JCK:G7D>CIG6CH>I>KD8DBDH:BJ:HIG6:C:AETC9>8:DBSH9:
:C:A86HD9:JCK:G7DIG6CH>I>KD8DBDH:BJ:HIG6:C:AETC9>8:
%DHK:G7DHFJ:H:=6CJH69DE6G6A6H:CIG696HHDC
.%,
$&)%(
K:G7D>CIG6CH>I>KD
3'
-03'6C96G>G
K:G7DIG6CH>I>KD
31
*.#"#-318DB:G
K:G7D9:IG6CH>I>K>O69D
3"
(("#-3"8DB:G
K:G7D86JH6I>KD
3!
"((#%3!=68:G6OJA=68:GK:G9:
K:G7D6H>HI>KD
30'01
)4'(&(-30'01A6K6G:A867:AAD66A<J>:C
,-+.-.+%,'-+,
K:G7D7:C:;68I>KD
3 #+
8-7%(-3 #+E:9>G6NJ9666A<J>:CE6G6
6A<J>:C
K:G7D8DC:ME:G>B:C
I69DG8DBDHJ?:ID
3#4-#/
-3#4-#/H:CI>GFJ:6A<D:HH6A69DD
6B6G<D
K:G7D:CA68DCH
IGJ88>WCFJ:>C9>86
CXB:GD9:K:8:H
33#!#0
"-0(33#!#0D8JGG>GBJ8=6HK:8:H
K:G7D9:G>K69D9:
HJHI6CI>KD
3"#/
*.#,3"#/I:C:G8:E>AADE6G6:A867:AAD
HI6HHJ78A6H:H9:K:G7DHH::MEA>86C:CA6 G6BSI>86%69:H><C68>WC'//>GG:<JA6GH:V6A6FJ::A
K:G7D6E6G:8::CA6A>HI69:K:G7DH>GG:<JA6G:H:C:AETC9>8:9:A6 G6BSI>866B:CDHFJ:EDGH:G
JC6>GG:<JA6G>969BJNH:C8>AA6H::MEA>FJ::CJC6CDI6
%69:H><C68>WC3!'+1/H:V6A6FJ::AK:G7D:HD7A><6IDG>6B:CI:JC6;DGB6>CIG6CH>I>K66JCFJ:H:
8DC?J<J:8DBDK:G7D86JH6I>KD
%69:H><C68>WC<G6B6I>86A8DGG:HEDC9>:CI:6A6:CIG696:H6EA>867A:6ACX8A:D9:A6HHJ7:CIG696H
=6HI6I6CIDCD6E6G:O86DIG6>C9>868>WC):?
*.#31EDC:G:8=6GI>G6G
")0*.#H686G'1EDC:G6;J:G6
#)0, )`2##02##0'(8#):B7J9D
%6B6NDGU69:A6HE6A67G6HFJ:H:IG69J8:C8DBD69?:I>KDH6A:HE6VDA:CH:G>HDCK:G7DH:C8J6C
ID6HJ;DGB6)DGADI6CIDCD:HJC:GGDGFJ:A6E6A67G6((#%FJ:H><C>;>86),.2##062)D),.2#
#01762)D),.2#0#-,+#62)9:E:C9>:C9D9:A8DCI:MIDAA:K:A69:H><C68>WC3'K:G7D>CIG6C
H>I>KDC6A<JCDH86HDH:CH:G>JC6:MEG:H>WCIG6CH>I>K6H:IG69J8:B:9>6CI:JC69?:I>KD:C:HE6VDA
?:BEAD#,($*.),/%2)),0,"#09*'0*,:HA>I:G6AB:CI:cFJ:G:G6HUB>HBDdJC6:MEG:H>WC8DC
K:G7DIG6CH>I>KD
)6G6ADHK:G7DH86JH6I>KDHNADHK:G7DH9:IG6CH>I>K>O69DHH:=68:G:;:G:C8>66ADHK:G7DH9:ADH
8J6A:HH:9:G>K6C)6G6ADHK:G7DH9:G>K69DH9:HJHI6CI>KDHH:=68:G:;:G:C8>66ADHHJHI6CI>KDH9:ADH
8J6A:HH:9:G>K6C
"((#%3!=68:G6OJA=68:GK:G9:#"((#%6OJAK:G9:
(-6,3"#/H:V6A6G80#)#+1/"-/-#,
*.#'(%3"#/I:C:G7G6ODNB6CD##'(%B6CD7G6OD
CA6:CIG696:AK:G7D;><JG68DC;DGB6CDB>C6A>O6969:JHDBJN8DBXC:HID:H8DBDCDB>C6
A>O68>WC 9: HJ?:ID )DG :?:BEAD A6 ;DGB6 9: 8>I6 *.#"( :C :A :?:BEAD 6 8DCI>CJ68>WC A>I:G6AB:CI:
H><C>;>86 #)) .2# ),) 3#D #)) .2# ),) 3', ,> A6 ;DGB6 CDB>C6A>O696 :H C:<6I>K6 :AAD H: >C9>86
B:9>6CI:A69:H><C68>WC<G6B6I>86A+#%
,-+.-.+%,'-+,
*.#"(31K:G
(("#-3"8DB:G
#&(("#-+#%6NJC6G
DCED86;G:8J:C8>6:M8:EID8DCK:G7DH86JH6I>KDH:AK:G7DI>:C:8DC8DG96C8>6D7A><6IDG>68DC
JC8DBEA:B:CID>C9>G:8IDC:HIDH86HDH:AK:G7D6E6G:8:8DC:AEG:;>?D8D(H:<XCA6;DGB6
;DCDAW<>869:A6E6A67G6):?8((-#$3'H:8D%6;DGB68((-#$H:IG69J8:),.2##0170#!,A
EG:;>?D8:H8DC8DG96C8>6D7A><6IDG>69:8DBEA:B:CID>C9>G:8ID9:I:G8:G6E:GHDC6
LOS PRONOMBRES
%DHEGDCDB7G:HFJ:;><JG6C:CA6H:CIG696HEJ:9:CH:G8A6H>;>869DH9:9>K:GH6HB6C:G6H8DBDH::M
EA>86:CA6 G6BSI>86,>C:B76G<DHDA6B:CI:H::BEA:6C8J6IGD9:H><C68>DC:H<G6B6I>86A:H
.%,
$&)%(
EGDCDB7G:
-/,+
&-/,+IX.9.9H
EGDCDB7G:8J6CI>;>869DG
-/,+!2+1
EGDCDB7G:9:E:C9>:CI:
-/,+"#-
&-/,+"#-6I>
EGDCDB7G:9:BDHIG6I>KD
-/,+"#*
-##0-/,+"#*6FJTA6FJTAA6TH:TH6
'-4-/,+!2+1`
LOS LOCATIVOS PREVERBALES
!6NJC<GJEDE:FJ:VD9:E6A67G6HFJ:;JC8>DC6C:CJC6B6C:G6H>B>A6G6A6HEG:EDH>8>DC:H9:A:HE6
VDAH:JH6A667G:K>6IJG6-&SH8DBXCB:CI:H:EG:H:CI6C6CI:H9:AK:G7DNCD8DBDJC6E6GI:9:JC6
;G6H: H>CIS8I>86 8DC HJ 8DBEA:B:CID KT6H: ES< 9: A6 G6BSI>86 9>;:G:C8>6 9: A6H EG:ED
H>8>DC:H 9:A :HE6VDA ADH AD86I>KDH EG:K:G76A:H :C H:G> BJ:HIG6C 8DC8DG96C8>6 8DC A6 E:GHDC6 9: HJ
8DBEA:B:CIDNEJ:9:CI:C:G;DGB6HEAJG6A:H):?
##"0-8DCTA:AA6)##(-
##(--8DC:AADH:AA6H%##"0
C :HIDH 86HDH I6B7>TC 8696 :CIG696 G:EG:H:CI6 JC <GJED 9: E6A67G6H ) :? ##"0 G:EG:H:CI6
H>:I:E6A67G6H
"##"0 !,+*'%,
"##(- !,++,0,1/,0!,++,0,1/0
&##"0 !,+1'%,
&##(- !,+"0
##"0 !,+8)!,+#))
##(-*.##(- !,+#)),0!,+#))0
LAS OTRAS CLASES DE PALABRAS
%DH 69K:G7>DH "3 69?:I>KDH "( 6GIU8JADH /1 E6A67G6H 6JM>A>6G:H 24 8DC?JC8>DC:H !,+(
69?:I>KDH9:BDHIG6I>KDH"#*>CI:G?:88>DC:H'+1#/(NE6A67G6H<G6B6I>86A:H%/*6E6G:8:C:CHJH
9>K:GH6H;DGB6H%DH69K:G7>DHH:86I:<DG>O6CEDGHJAJ<6GEG:EDH>8>DC6ADEDHEDH>8>DC6A%DH69K:G
7>DHEG:EDH>8>DC6A:HHDCBJ8=DBSH8DBJC:H):?
,-+.-.+%,'-+,
"'-"3-/#-=68>6676?D
&0"3-,0-=6HI64,><J:6;G6H:HCDB>C6A:H5
A<JC6H HJ7:CIG696H HDC :MEG:H>DC:H #4- FJ: H: ;DGB6C 9: JC6 8DB7>C68>WC 9: E6A67G6H C
BJ8=DH 86HDH A6 ;G6H: CDB>C6A FJ: 6E6G:8: :C :HI6H :MEG:H>DC:H :H :A HJ?:ID 9: A6 :MEG:H>WC 6
9>;:G:C8>6 9: HJ7:CIG696H BSH 8DBJC:H :H C:8:H6G>D H67:G :HID E6G6 AD<G6G JC JHD 8DGG:8ID 9: A6
:MEG:H>WC):?
##,0"'-((#-#4-8DCI:CID'1HJ:HEUG>IJ6I:GG>O6
A9>88>DC6G>DI6B7>TC>C8AJN:ADHEG:;>?DH-/#$NHJ;>?DH02$BSH>BEDGI6CI:H9:A6A:C<J6N
A6H K6G>6CI:H 9: THIDH H:<XC H: EG:H:CI6C :C K6G>DH 8DCI:MIDH ,: >C9>86 A6 8A6H: 9: E6A67G6 E :?
HJHI6CI>KD K:G7D :C FJ: :A EG:;>?D D HJ;>?D H: :C8J:CIG6 %DH EG:;>?DH FJ: >C9>86C E:GHDC6 :C ADH
K:G7DHDHJHI6CI>KDHH:8A6H>;>86C8DBDEG:;>?DHEGDCDB>C6A:H-/#$-/,+):?
-/#$-/,+0HJHJHEDH:H>KD9:I:G8:G6E:GHDC6E6G6ITGB>CDH9:E6G:CI:H8D
"-/#$-/,+3ND:C;DGB6HK:G76A:HIG6CH>I>K6H
%6 >C;DGB68>WC <G6B6I>86A D;G:8>96 :C :A 9>88>DC6G>D B>HBD CD EJ:9: H:G HJHI>IJ>96 EDG A6 FJ: H:
D;G:8::CA6 G6BSI>86
SIGNIFICADO
:HEJTH 9: A6 9:H><C68>WC <G6B6I>86A 9:A KD867AD H: 8>I6 HJ :FJ>K6A:CI: :HE6VDA BSH 8DBXC 6 THI:
EJ:9:CH:<J>GDIGDH:FJ>K6A:CI:HIDB69DH8DBDH>CWC>BDH)DGHJEJ:HID8DBD:CID96HA6HA:C<J6H
JC6 E6A67G6 EJ:9: I:C:G K6G>6H 68:E8>DC:H C :HI: 9>88>DC6G>D H: =6 IG6I69D 9: >C8AJ>G A6H 9>HI>CI6H
68:E8>DC:H 9: JC6 E6A67G6 )DG :?:BEAD A6 E6A67G6 2 H><C>;>86 2#), -"/# "# 02 *"/# E:GD
8DBDAD>C9>86:A6GIU8JADFJ:A:H><J:I6B7>TC>C8AJN:6DIGDHE6G>:CI:H%6H9>;:G:CI:H68:E8>DC:HH:
H:E6G6C8DCCXB:GDH
20-/67J:ADE69G:9:HJB69G:IUD67J:AD=:GB6CD9:AE69G:9:HJB69G:
:HEDHD9:A6=:GB6C69:AE69G:9:HJB69G:
,:<JG6B:CI:CDH:=6CED9>9DH:E6G6GID96HA6H68:E8>DC:H9:ID96HA6HE6A67G6HC>:MEADG6GID9DHADH
H><C>;>869DH9::AA6H
,>H:IG6I69:JC6C>B6AB6BU;:GDG:EI>A6C;>7>DE:O6K:D>CH:8IDD9:JC6EA6CI6H:EGDK::
A6>9:CI>;>868>WC8>:CIU;>86H>:BEG:FJ:THI6=6N6H>9D:HI67A:8>968DC8>:GI68:GI:O6
%6HH><J>:CI:HD7G6HNE:GHDC6H=6CH:GK>9D8DBD<JU6H:CADHCDB7G:H8>:CIU;>8DHN8DBJC:H:CFJ:>CI:CI6BDH
H:<J>G A6H XAI>B6H :9>8>DC:H 9: ADH A>7GDH BSH E:GI>C:CI:H 6K:H CG>FJ:I6 /:A6G9: 8DB E:GHDC6A 2' H86A6CI: ,696 N +D7A:H >A >CH:8IDH &>8=6:A 0>AHDC 8DB E:GHDC6A N GJH86 B6BU;:GDH
:A<:GN&DH:G'DL6@N+>8=6G90=>I:8DBE:GHDC6AE:8:H#DG<:-DGG:8DBE:GHDC6A-=DBHDC
N&8$>77>C-=DBHDC>C9A:NN$:GHI>I8=
I>7JGDC:HNG6N6H#DG<:-DGG:8DBE:GHDC6A7:GI
EA6CI6H :A<:G N &DH:G +>8=6G9 :A<:G 8DB E:GHDC6A #DHT #:HXH ,SC8=:O H86A6CI: 8DB E:GHDC6A N
,SC8=:OH86A6CI:NDIGDH
G:EI>A:HN6C;>7>DH+>8=6G9:A<:G8DBE:GHDC6A:A<:G
G>HB:G
,-+.-.+%,'-+,
"-0IDGDI:B6I68DG6H6C<G:C<G69D1/,-&!2+#14HA6EA6CI6FJ:JH6CA6H
BJ?:G:HH:G>HE6G6I:?:G86C6HI6H5
FRASE ACLARATORIA
J6C9D:A:FJ>K6A:CI::HE6VDA9:JC6E6A67G6H:G>9:7:D7H:GK6G6A<JC6G:HIG>88>WCE6G6H:G6EA>869D
69:8J696B:CI: H: >C8AJN: :CIG: E6GTCI:H>H JC6 ;G6H: 68A6G6IDG>6 )DG :?:BEAD ((& H><C>;>86 02
&#/*+ *#+,/ E:GD HWAD A6 =:GB6C6 B:CDG 9: JC BJ8=68=D J =DB7G: 6HU FJ: H: EG:H:CI6 9: A6
H><J>:CI:;DGB6&#/*+*#+,/"#8)C6A<JCDH86HDHA6;G6H:68A6G6IDG>6H:6EA>866AHJ?:ID9:A
K:G7DN:C:H:86HDH:>C8AJN::CIG:8DG8=:I:H*,/'/-#/0,+
ORACIONES EJEMPLIFICATIVAS
:HEJTH9:AH><C>;>869DH><J:JC6DG68>WCFJ:>AJHIG6:AJHD9:AKD867AD8DCHJ8DGG:HEDC9>:CI:IG6
9J88>WCA>7G:6A:HE6VDAA<JCDH:?:BEADHHDCBJN8JAIJG6A:H:>C;DGB6I>KDHDIGDHHDCBJN7G:K:HN
H:C8>AADHE6G6>C9>86G6A<D7SH>8D9:AJHD9:A6E6A67G6):?
,03!9:HE:GI6G6DIGD#*.#-($(2#&,0:G:E:CI:A69:HE:GIW
C 8J6CID 6 ADH EGDCDB7G:H >C9:E:C9>:CI:H N 9:E:C9>:CI:H E6G6 HJ?:ID 8DBEA:B:CID 9>G:8ID
8DBEA:B:CID>C9>G:8IDNEDH::9DGCD=6N9>HI>C8>WC:CIG:B6H8JA>CDN;:B:C>CD:H9:8>GCDH:9>H
I>C<J: :CIG: 8) N #)) ), N ) )6G6 :K>I6G :A H:M>HBD :C A6 IG69J88>WC 9: A6H DG68>DC:H H>C >CI:CI6G
G:EG:H:CI6GID96HA6HEDH>7>A>969:H9:IG69J88>WC=:BDH:H8D<>9DG:A6I>K6B:CI:6A6O6G:CIG:B6H8J
A>CDN;:B:C>CD
INFORMACIÓN LINGÜÍSTICA ADICIONAL
"C;DGB68>WCA>C<YUHI>8669>8>DC6AFJ:H:8DCH>9:G6C:8:H6G>6E6G6A6B:?DG8DBEG:CH>WC9:A6E6A67G6
FJ:;><JG6:CIG:8DG8=:I:HHI6>C;DGB68>WCEJ:9:H:G9:ADHH><J>:CI:HI>EDH
&,/+%,%DHK:G7DHI>:C:C;DGB6HEAJG6A:H>C8AJ>96H:C:A9>88>DC6G>DEDGFJ:HDC>BEG:9:8>
7A:H)G>B:GD;><JG6:AI:B69:AK:G7DH>BEA:8DCHJ?:IDH>C<JA6G,:<JC9DN9:HEJTH9:JC68DB6
H><J::AI:B69:AK:G7D8DCHJ?:IDH>C<JA6GN688>WCG:E:I>I>K6D>I:G6I>K6H>:M>HI:-:G8:GDEJCIDN
8DB6H:<J>9DHEDG:AI:B69:AK:G7DH>BEA:8DCHJ?:IDEAJG6AH>:M>HI:J6GID8DB6H:<J>96EDG:A
'67=6C
N 6GN'67=6C8DBE:GHDC6A6C>B6A:H>CK:GI:7G69DHB6G>CDHGJH86
+>8=6G9GJH868DB
E:GHDC6AGJH86$>BG:NN&DDG:
$::C:$:GHI>I8=N06GG-6B7>TCJI>A>O6BDH DCOSA:O
6HI>AAD&68&6=DC)=>AA>EHN0:CILDGI=DBJH
N,8=D:C=6AH8DBDG:;:G:C8>6H<:C:G6A:H
:CBJ8=6HSG:6H,:ED9GS6K:G><J6GFJ:=6N9>;:G:C8>6H:CIG::HI6D7G6NDIG6HEJ7A>868>DC:HI6CIDA6H9:CDHDIGDH
8DBD 9: DIG6H E:GHDC6H :C 9DH 6HE:8IDH )G>B:GD A6 B6C:G6 9: :H8G>7>G ADH CDB7G:H :C H:G> :A 8DB>IT 9:A
9>88>DC6G>D =6 8DGG:<>9D K6G>DH :GGDG:H ,:<JC9D A6 >9:CI>;>868>WC 9: A6H :HE:8>:H 6 FJ: H: G:;>:G:C =6 =67>9D
:GGDG:H 9: K6G>DH I>EDH 6XC :C IG676?DH BJN G:8>:CI:H EDG K6G>6H G6ODC:H !:BDH >CI:CI69D JH6G ADH CDB7G:H
8DGG:8IDHH>C:B76G<DH:<JG6B:CI:FJ:96C:GGDG:HHD7G:ID9D:CADH>CH:8IDHNG:EI>A:H9:BSH=:BDHH:<J>9D
A68DHIJB7G:9::H8G>7>GADHCDB7G:H8DBJC:H8DCA:IG6HB>CXH8JAJHI6CID:C>C<ATH8DBD:C:HE6VDACDD7HI6CI:
A6IG69>8>WC6C<ADH6?DC69:JH6GA:IG6HB6NXH8JA6HE6G6CDB7G:H9:6K:H
,-+.-.+%,'-+,
I:B69:AK:G7D8DCHJ?:IDEAJG6AN688>WCG:E:I>I>K6D>I:G6I>K6H>:M>HI:HIDHI:B6HK:G76A:HH:EG:
H:CI6C:C;DGB6>CI:GGD<6I>K6DI>:BEDCD;JIJGD9:E:C9>:CI:)DG:?:BEADE6G6:AK:G7D*.#)#0!/
/6E6G:8:CADHH><J>:CI:HI:B6H
,+(2%#-4)#-)-#&#-)-#-4)(-&AI:B6:HA6E6GI:FJ:H:
EG:H:CI69:HEJTH9:A6A:IG6-C6A<JCDH86HDHH:>C8AJN::CIG:E6GTCI:H>HJC6;DGB66AI:GC6I>K6FJ:
H:=6:C8DCIG69DI6AK:O:CJC8DCI:MID:HE:8>6AK:8:HCDH:EG:H:CI6CID96HA6HEDH>7>A>969:H
,J?:IDH>C<JA6G
,J?:IDEAJG6A
):G;:8I>KD
"BE:G;:8I>KD
):G;:8I>KD
"BE:G;:8I>KD
4#-4)
#-)-#&
#-)-
#-4)(-&5
!6NJC<GJED9:K:G7DH8JNDHI:B6H:BE>:O6C68IJ6AB:CI:8DCJC6H:8J:C8>6KD8SA>868DBD#
NH:8DC?J<6C8DBDH>:BE:O6G6C8DC#EGD767A:B:CI:HJ;DGB6=>HIWG>86:HIDHK:G7DHH:>C9>86C
8DCJC8>G8JC;A:?DNH::MEA>86CBSH:C:AETC9>8:?:BEAD4-5#,'5
, (+&, )%.+%, % ,.,-'-#/( ,> =6N JC6 ;DGB6 EAJG6A 9:A HJHI6CI>KD :A 9>88>DC6G>D <:C:G6A
B:CI: A6 >C8AJN: EDGFJ: HJ ;DGB6 :H >BEG:9:8>7A: C 6A<JCDH 86HDH =6N 9DH ;DGB6H EAJG6A:H )DG
:?:BEADA6E6A67G6-2&#/*+*#+,/"##))I>:C:9DH;DGB6HEAJG6A:H-%&#/*+0*#+,/#0
"##))N4-%($&#/*+0*#+,/#0"##))0
-+, (+&,C:A86HD9:ADHHJHI6CI>KDH6K:8:HH:>C8AJN:CDIG6H;DGB6HE6G6>AJHIG6GA68DC?J<6
8>WC9:AB>HBD):?
20-/ 2#),B6I:GCDE69G:9:HJB69G:1/-) /"2B>67J:ADB6I:GCD
' (+&#7',(+%-#&(%(!6.(+#!'%)%+C6A<JC6HD86H>DC:HH:EGDK::>C;DGB6
8>WC:I>BDAW<>86HD7G:JC6E6A67G6)DG:?:BEADH:H67:FJ:+((8),!,K>:C:9:A:HE6VDANH:8G::
FJ:A6E6A67G6,##&--+:HJCEGTHI6BD9:DdD9=6BESE6<DA6GIU8JAD9:HI686:HI68A6H:9:>C;DG
B68>WC
+((8"(AD8D4:HE5
,##&-0E6C4)GTHI6BDKT6H:aH>B>IDb9:DD9=6B5
,D7G:ID9D:CADH86HDH9:ADHEGTHI6BDHH:>C9>86JC9:I6AA:HD7G:A6EGDCJC8>68>WC9:A6E6A67G6A
E6IGWCHD7G:H6A>:CI:9:E6A67G6HH:G>H:HFJ:A68DCHDC6CI:9:HEJTH9:JC6KD86A68:CIJ696H:EGDCJC
8>6BSH;J:GI:NH:DN:8DBDJC68DCHDC6CI:6A6G<696:CBJ8=DH86HDHCA6B6NDGU69:EGTHI6BDH
:A86HD:H9>;:G:CI:CDH:6A6G<6A68DCHDC6CI:HI:9:I6AA:9:EGDCJC8>68>WCH:>C9>86:CJC6CDI6
&#2086B>H68DC8J:AAD4:HE8DC6A6G<9:5
(()0K6HD4:HEa8DE6bH>C6A6G<9:5
%6H;J:CI:HJI>A>O696HE6G6A6HDIG6HA:C<J6H9:,DCDG6HDCDAA6G9NDAA6G9E6G6B6ND%>DCC:I
E6G6:J9:K:&DA>C6N,=6JANHIG696:GCSC9:O
E6G6N6FJ>):CC>C<IDCE6G6E>B676?DN
,6MIDC,6MIDCNCDHE6G6DD9=6B6CI:G>DGB:CI:8DCD8>9D8DBDESE6<D%:6<G69:O8DBJ8=D66K>9
,=6JAHJ6NJ96:C:HI6SG:6
,-+.-.+%,'-+,
0)%##7'%#-+%CBJ8=DH86HDH8J6C9D=6NJC6:MEA>868>WCA>I:G6AG:;:G>966JC6:CIG696THI6
I6B7>TCH:>C8AJN:)DG:?:BEAD:A6GIU8JADE6G6"#-*.#"'(1 #'023#+>C;DGB6FJ::HI6:MEG:
H>WCFJ>:G:9:8>G#+.2#)0+%/#-0NFJ:H:9:G>K69:AK:G7D(( #'-0/
+'#(-+)%+J6C9D=6NDIG6HE6A67G6HD:MEG:H>DC:HG:A68>DC696HA6CDI6AD>C9>86
)DG:?:BEAD:CA6CDI6G:;:G>966"(!0H:>C8AJN:(&!#/!0C6A<JCDH86HDH9::M
EG:H>DC:H BSH 8DBEA>8696H H: 6CI:EDC: JC 6HI:G>H8D E6G6 >C9>86G 76?D FJT :CIG696 <:C:G6AB:CI:
8DGG:HEDC9>:CI:6JCK:G7DH::C8J:CIG6:H6:MEG:H>WC)DG:?:BEADA6G:;:G:C8>6&(,4'(#0$
#)*70$2#/1#FJ>:G:9:8>GFJ::HI6:MEG:H>WCH::C8J:CIG676?DA6:CIG696#0$%6G:;:G:C8>6&(,
4'(#&##)*.##)#)-#,/FJ>:G:9:8>GFJ:A6:MEG:H>WC&(,4'(#&##)H::C8J:CIG676?DA6:CIG696
*.##)2A676GG6:CA6G:;:G:C8>6#&(283((#-!,/"/0#"#>C9>86FJ:A6>C;DGB68>WCH::C8J:CIG6
:CJC6HJ7:CIG69676?DA6:CIG696EG>C8>E6A((#-
,(C6A<JCDH86HDHH:>C9>86FJ:A6E6A67G6I>:C:JCJHD:HE:8>6A.C6E6A67G6H:9:H><C6/!'!
H>EDG68J:G9D8DBXC:CA68DBJC>969:H6E6A67G6D9:I:GB>C69DH:CI>9D9::AA6H:=69:?69D9:JH6G
DFJ:HJJHD:HISA>B>I69D6<:CI:9::969BJN6K6CO696>:GI6B:CI::M>HI:JC6<G6968>WCEDGFJ:
=6NE6A67G6HFJ:H:9:?6GDC9:JH6G=68:BSH9:8>C8J:CI66VDHDIG6HE6A67G6HFJ:HWADHDCG:8DCD8>
96HEDGE:GHDC6H9:6K6CO696:969N6XCDIG6HE6A67G6HFJ:HDA6B:CI:JC6E:GHDC6B6NDGJI>A>O6%6H
E6A67G6H6G86>86HI6B7>TCH:>C9>86C8DCJCHUB7DAD:HE:8>6A6CI:H9::AA6H):?
9((%"(E:FJ:VD0,6G8'+;+*.#,#%
9)-$0HDB7G:GD0,6G8'+;+"('&
PARTE ESPAÑOL-SERI
%6H:<JC96E6GI:9:A9>88>DC6G>DG:XC:A6HE6A67G6H9:A:HE6VDAFJ:6E6G:8:C8DBD>CI:GEG:I68>DC:H9:
ADH KD867ADH H:G>H H C:8:H6G>D >G 6 A6 H:88>WC EG>C8>E6A H:G>_:HE6VDA_>C<ATH E6G6 :C8DCIG6G BSH
>C;DGB68>WC68:G869:A6HE6A67G6H>C9>8696H :C:G6AB:CI:H:7JH86A6E6A67G69>G:8I6B:CI:HEDH>
7A:FJ:A6:MEG:H>WC;><JG:8DBDHJ7:CIG6969:DIG6E6A67G6:CI6A86HD:HIDH:>C9>868DCJC6HI:G>H8D
DJC676GG66CI:EJ:HI66A6E6A67G6EG>C8>E6AD8DCJC6>CHIGJ88>WC:MEAU8>I6):?
69D7:"'-2$"2&- ,:7JH86A6:CIG696"2&-
6EA6J9>G#'%)()
,:7JH86A6:CIG696)()
68DG96GH:9:#&(283((#- ,:7JH86A6:CIG696((#-
6NJC6G#&(("#-(("#- ,:7JH86A6:CIG696(("#-
PARTE INGLÉS-SERI
%6 I:G8:G6 E6GI: 9:A 9>88>DC6G>D G:XC: A6H E6A67G6H 9:A >C<ATH FJ: 6E6G:8:C 8DBD >CI:GEG:I68>DC:H 9:
ADHKD867ADHH:G>H,:H><J:C8DCK:C8>DC:HH>B>A6G:H6A6HB:C8>DC696HE6G6A6E6GI::HE6VDA_H:G>
,-+.-.+%,'-+,
BRIEF GUIDE FOR THE ENGLISH-SPEAKING USER
-=:9>8I>DC6GN>HDG<6C>O:9>CIDI=G::B6?DGH:8I>DCH-=:;>GHIE6GI>HI=:BDHI>BEDGI6CI>IDG<6C>O:H
>C;DGB6I>DC 6GDJC9 I=: ,:G> =:69LDG9 6C9 >C8AJ9:H <ADHH:H 6C9 :MEA6C6I>DCH >C 7DI= ,E6C>H= 6C9
C<A>H=-=:H:8DC9H:8I>DC>H6,E6C>H=,:G>>C9:M6C9I=:I=>G96CC<A>H=,:G>>C9:M-=:>C9>8:H
ED>CII=:JH:GID6E6GI>8JA6G=:69LDG9>CI=:;>GHIH:8I>DCI=:N9DCDIEGDK>9:6CND;I=:9:I6>AHI=6I
6G:<>K:C>CI=6IH:8I>DC
-=:=:69LDG9;DG6CDJC>HINE>86AANI=:H>C<JA6G;DGB)AJG6A;DGBH6G:>C8AJ9:9>CH>9:D;I=:
:CIGN-=:=:69LDG9;DG6EDHH:HH:9CDJC>HI=:;DGBJH:9L>I=6I=>G9E:GHDCH>C<JA6GEDHH:HHDGH>C8:
INE>86AANI=:DI=:G;DGBH86C7:8DCHIGJ8I:976H:9DCI=6I;DGB
-=:=:69LDG9;DG6K:G7>H68IJ6AAN69:CDB>C6A;DGBI=6I>HL>9:ANG:8D<C>O:9-=:>CIG6CH>I>K:
K:G7B:6C>C<cH>C<d>HA>HI:96H((,;DG:M6BEA:-=>HLDG9G:6AANB:6CHcI=:DC:L=DH>C<Hd6C9
>C8AJ9:HI=:EG:;>MCNK:G7;DGBLDJA9=6K:6EG:;>MDC>II=:G:>HCDH>BEA:G;DGBI=6I8DJA97:
A>HI:9 -=: IGJ: >C;>C>I>K: >C I=: A6C<J6<: L=>8= >H JH:9 >C K:GN A>B>I:9 8DCI:MIH LDJA9 7: BDG:
8DBEA>86I:96C9CDIBDG:=:AE;JA-=:DI=:G;DGBHA>HI:9>CI=::CIG>:H;DGK:G7HEGDK>9:>C;DGB6I>DC
I=6I>HC:8:HH6GN;DG@CDL>C<=DLID8DC?J<6I:I=:K:G7-=:H:;DGBH>C8AJ9:>C;DGB6I>DC67DJII=:
HI:BHJH:9L=:CI=:HJ7?:8I>HEAJG6A6C9L=:CI=:6HE:8I>H>BE:G;:8I>K:G6I=:GI=6CE:G;:8I>K:
-=:G: >H CD HJ7HI>IJI: ;DG 68IJ6AAN A:6GC>C< I=: <G6BB6G D; I=: A6C<J6<: -=>H 7DD@ >C8AJ9:H 6
K:GNH=DGI>CIGD9J8I>DC6II=:7:<>CC>C<6C96ADC<:GEG:H:CI6I>DC6II=::C9,E68:8DCH>9:G6I>DCH9D
CDI E:GB>I I=: EG:H:CI6I>DC D; I=>H B6I:G>6A >C C<A>H= >C I=>H 7DD@ ;DGI=8DB>C< <G6BB6G D; I=:
A6C<J6<:LG>II:C>CC<A>H=>HBJ8=BDG::MI:CH>K:6C9HI>AADCAN7:<>CHID:AJ8>96I:I=:>CIG>868>:H
6C9HJ7IA:I>:HD;I=>H;6H8>C6I>C<A6C<J6<:
DICCIONARIO
SECCIÓN
CMIIQUE IITOM – COCSAR IITOM – MARICAANA IITOM
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
A - a
2BF:;J+JAE=J9D=LJ9<=D9D>9:=LGK=JA
-=HJ=K=FL9MF9NG;9D9:A=JL9;=FLJ9D9
@IJKC<KK<IF=K?<-<I@8CG?89<K
#KI<GI<
J<EKJ8EFG<E:<EKI8CMFN<C8
6.MFGE
:J==F:D@@HL<@@KFD=Ke@9f7
2GI<=GIFEJKMKMKHGK=KANG<=L=J;=J9H=J
KGF9H9J9LVJEAFGK<=H9J=FL=K;G?@J?<I
K?<@IGFJJ<JJFI=FIB@EJ?@GK<IDJA<D
GCFJ2?J224KM@=JE9FGE9QGJ<=VD?@J
FC;<I9IFK?<I2I::92KM@=JE9FGE9QGJ<=
VDG<==DD9?@JFI?<IFC;<I9IFK?<I224=@;
KMKKG:JAFGKGKG:JAF9K<==DDGKK?<@I
E<G?<NJFIE@<:<J
219JA9FL=>GFGDY?A;9<=e99
f;9MK9LANG
=L;*?FEFCF>@:8CM8I@8EKF=a88b:8LJ8
K@M<<K:
2GI<=GIFEMQG=F>TLA;G=F>GJE9KN=J:9D=K
LJ9FKALAN9K#<DG?8K@:FEKI8EJ@K@M<M<I9
=FIDJ*::I92292I>22:>@K K9IMVDD9
QG;J=G-?<dJK?<FE<#K?@EB
2E66
D>229:E2924GFGDG;GE=JV#NFEdK<8K
@K
2E66D2A::2924GDGHJG:9JV#N@CC
K8JK<@K
2E66D66?;2924GD=?JAL9JV#N@CC
P<CC8K?@D
08I
=FEFC
22ELCF0
42
NNJL=M@E=@AFM
.=HJ=K=FL9=FD9H9D9:J9
EG<A>A;9<9HGJ=D9<N=J:AGe@9DPfM9F<G
@9QMF9K=;M=F;A9<=;GFKGF9FL=K<=KHMVK<=
D9NG;9D9;=FLM9<9K=AFK=JL9=FLJ=D9K;GFKG
F9FL=K;GEGAF>ABG.AFGMF9K=;M=F;A9<=
;GFKGF9FL=KQD9H9D9:J9=KEGFGKADT:A;9=K
MFKM>ABG.AFG=K9KW=D9;=FLGK=;9E:A99
D9HJYPAE9KWD9:99D9J?9F<GD9NG;9DQFAF
?[FKM>ABGK=9X9<=)::LIJFEK?<NFI;
DF;@=@<;9PK?<8;M<I9a?8COb
1?<EK?<I<
@J8:FEJFE8EK:CLJK<I8=K<IK?<JKI<JJ<;
MFN<C@K@J@EJ<IK<;9<KN<<EK?<:FEJFE8EKJ
8J8E@E=@O
#=K?<I<@JEFJL:?:CLJK<I8E;K?<
NFI;@JDFEFJPCC89@:@K@J8JL==@O
)K?<I
N@J<K?<JKI<JJ@JJ@DGCPJ?@=K<;KFK?<E<OK
JPCC89C<C<E>K?<E@E>K?<MFN<C8E;EFJL==@O
@J8;;<;
\2=I22?NAI22?AI`+M=K
N=L=9;9K9$LJK>F?FD<\2=I9::>N
9::>`MVJE=L=MFHG;GHM=K$LJKJC<<G8
N?@C<\2=I42EMMI42E2I`+M=KN=L=
$LJK>F\2=I429TT429@`+M=KEWJ9DG
MFHG;G$LJKK8B<8CFFB8K@K*2>66A:EN
924U2`,MVL=JJA:D="FNK<II@9CPJ8;
$F<A;9KAEMDL9F=A<9<<=9;;AYF#E;@:8K<J
J@DLCK8E<@KPF=8:K@FE
*@@DN92?EK::BF:
J::? KL9:9;9FL9F<G;M9F<GK9DAY-?<N8J
J@E>@E>N?<EJ?<C<=K
*@DQANI@;E::?E:J2
.=A:9;@A>D9F<G-?<N8J>F@E>8CFE>
N?@JKC@E>
*2DQQ>E::?E:J2.=A:9JAVF<GK=
"<N8J>F@E>8CFE>C8L>?@E>
N@E=@AFJ$F<A;9K9J;9KEG;M9F<GK=HJ=K=FL9
=FMF9>J9K=;GFD9H9D9:J9e9f9;=H;AYF
#E;@:8K<JJ8I:8JDN?<E@KF::LIJ@E8G?I8J<
N@K?K?<NFI;a8bJ<EJ<
\\&65NC@2
`+=<JG`'G<M<G*<K<I#;FL9K@K
N@E=@AFM$F<A;9IM=D99;;AYF=K;GFLAFM9
#E;@:8K<JK?8KK?<8:K@FE@J:FEK@ELFLJ
E@@4NE2_'GEAJ9:9;GFLAFM9E=FL=c"<
N8JN8K:?@E>@K:FEK@ELFLJCP_
2>I8D
$F<A;9IM=D9>J9K=AFL=JJG?9LAN9LA=F=
MF=>=;LGJ=LYJA;GGHM=KLG9DAF<A;9<GHGJD9K
H9D9:J9K#E;@:8K<JK?8KK?<@EK<IIF>8K@M<
J<EK<E:<?8J8EFGGFJ@K<I?<KFI@:8C<==<:K
K?8EK?8K@E;@:8K<;9PK?<NFI;J\[2IK
2J2\[@@I:4@4@@K:EM)G=K=DH=JJG
IM=K=9;GKLME:J99JG:9J6KAFGGLJG9FAE9D7
#K@JEdKK?<;F>K?8KLJL8CCPJK<8CJ59LKI8K?<I
8EFK?<I8E@D8C6
$F<A;9IM==D@9:D9FL=
J=;GFG;=IM=@9@=;@GMF=JJGJ=FD9HJ=K=F
L9;AYF<=MFKMKL9FLANGGFGE:J=#E;@:8K<J
K?8KK?<JG<8B<II<:F>E@Q<JK?8K?<FIJ?<
?8JD8;<8E<IIFI@EK?<GI<J<EK8K@FEF=8
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
J?<N8B<?@DLG@;J?<D8B<?@DN8B<
LG[ E2A@4E_'GDD=FY_'G@ARG=KL9J
DD=FG@;?<=@CC@K@;?<:8LJ<@KKF9<
=LCCKAKLANGJJ@JK@M<224@K@424@::E
:92'==KLT9QM<9F<G9@9;=JMF9;9K9"<@J
?<CG@E>?@DD8B<8?FLJ<
.=HJ=K=FL9=F
MFN=J:G<=;9FLA<9<;GEGMFF[E=JG=D
J=KMDL9<GAF<A;9IM==D;GEHD=E=FLGK=;ME
HD=MFF[E=JG<=N=;=K)::LIJFE8M<I9F=
HL8EK@KPJL:?8JELD9<IJK?<I<JLCK@E;@
:8K<JK?8KK?<:FDGC<D<EK:C8LJ<@J8::FD
GC@J?<;8ELD9<IF=K@D<J
,::4292A2>J2>
BF:9::;4@@I2=424@@4;>::>J2>:>
A22AI2E2K2294@AD::>6292/GE9<GK
H9KLADD9KLJ=KN=;=K9D<W9.8B<KNFG@CCJK?I<<
K@D<J8;8P
.=HJ=K=FL9=F;A=JLGKN=J:GK
H9J9AF<A;9JIM==DKMB=LG=K=D=PH=JAE=FL9
<GJ)::LIJFE:<IK8@EM<I9JKF@E;@:8K<K?8K
K?<JL9A<:K@JK?<<OG<I@<E:<I
[ ?E2>::A=2
_/=H9J=;=<=K9?J9<9:D=FPFL=@E;@K
LEGC<8J8EK08I
=FEFC
20
24294
2219JA9FL=>GFGDY?A;9<=e9
fHJAE=J9
H=JKGF9=F>TLA;G*?FEFCF>@:8CM8I@8EKF=
=@IJKG<IJFE<DG?8K@:a8b
224JG8I
KG:JAFGKG:JAF9@ABGG@AB9<=D9
@=JE9F9<=VD?@JE<G?<NE@<:<J@JK<IdJ
:?@C;@ABGG@AB9<=D9HJAE9<=VD?@J
:FLJ@EdJ:?@C;*C
224=2<=VD224=@;<=
=DDGK9J
92242EKG:JAFGKG:JAF99624
EAKG:JAFGKG:JAF90
BF624L=F=J;GEG
KG:JAFGGKG:JAF9
224JG8ILW9H9L=JF9@=JE9F9<=KMH9<J=
G8K<IE8C8LEK=8K?<IdJJ@JK<I6 KAJJ=?MD9J
=FD9HJAE=J9H=JKGF9Q=FD9>GJE99:KGDM
LAN9#II<>LC8I@EK?<=@IJKG<IJFE8E;@EK?<
89JFCLK@M<=FID
7*C
224=2<=VDG<==DD9
224=@;<==DDGKG<==DD9K9J
92J2242E
)KI8G8C89I8:9J224EALW9H9L=JF9>224
LMLW9H9L=JF90
4J2242EL=F=J;GEGLW9
H9L=JF9
2242=40
C8<EKI8;8GI
2242K
2242E;0
C8<EKI8;8GI
224E
EFLEFIE8D<
!F2?2&65C@42992?EK
::BF:>::?(==IMANGIMV)G=J9%M9F
J9+=<JGIMA=FK=>M=(F#;FEdKD<8E
$L8E
#KN8J*<;IFN?FN<EK8N8P
$F<A;9
AF;J=<MDA<9<<=KHMVK<=MFKMKL9FLANGG
FGE:J=#E;@:8K<J@E:I<;LC@KP8=K<I8EFLE
FIE8D<
\2IK2+=JJG`B9F>?8
M28;MGFJGEMQM<IP&@J22:M292IJ@>2
)G>M=EMQ;9JG#KN8JEdKM<IP<OG<EJ@M<
6964@A92?D2292I>224@;M2J2I92:
BF:94UE@@:E>2QDE2=424@:EI2A;UK::I
4@@D6E2:>>QD DTJ:GD=KEMQ?J9F<=Q
;M9F<G@9QNA=FLGKMK@GB9KLA=E:D9FQH9J=
;=FMF9;GK9IM=K=R9F?GDGL=9.?<KI<<@J
M<IP9@>8E;N?<EK?<I<@JN@E;@KJC<8M<J
KI<D9C<8E;J<<DC@B<JFD<K?@E>K?8K@JA@>
>C@E>
2>>@ET>2?@;M2 KL9EGKEMQ
<V:AD=K1<8I<M<IPN<8B
d8;AN=J<9<=JG9MLVFLA;GI<8CKIL<
8LK?<EK@:/JF?=F=J9DE=FL=DAEAL9<G9
;A=JL9K=PHJ=KAGF=K6)GLA=F=MKGHJ=<A;9
LANGF<JEFK?8M<8GI<;@:8K@M<LJ8><
70
92422:KM2HGDD=JG;GF:9J:9922A:DM2
;A?9JJADDG<=D9>T:JA;992D2;M2;9F9KL9
MLADAL9JA9:4@@:EM2:9AD=K=JA:4@@DM2
;9F;AGF=KH9J9=D:9AD=eA;GGALT9f>@@D?:
M2;9?M9E9HJA=L9D:>=M2:ARF9?9
I4@@>@;M2EGK;9;GE[FK::I4@227AM2
MF9DAK9K:>;U4M2I29@9;=EM;@GLA=EHG
228;MGI<G+9JL=<=D9=PHJ=KAYFA<AGETLA;9
e99IMA@fg;9MK9Jh.=MK9;GFKMB=LG<=L=J
;=J9H=JKGF9;GFGLJ9KH=JKGF9KK=MK9=D
9<N=J:AGeGGf*8IKF=K?<@;@FD8K@:<OGI<JJ
@FEa88HL@?bc:8LJ<d
/J<;N@K?K?@I;G<I
JFEJL9A<:KN@K?FK?<IG<IJFEJK?<8;M<I9
aFFb@JLJ<;
2A:AI2D:4@:2?IU4U>:J22
92422:A@@9E2I9:??D:J6292.A=F<G
IM=LA=F=KEM;@9;9JF=<=N=F9<G:MJ9
J=?TD9E=MF9H9JL=-@E:<PFL?8M<CFKJF=
DLC<;<<ID<8K>@M<D<JFD<
22GI<=M
9MK9LANG8LJ8K@M<[ E224DI
_'G<=KH=JLY_'=@ARG<=KH=JL9JK=@;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
M<I9:FEAL>8K<JFECP@EK?<K?@I;G<IJFE
7
)KI8J=FID8J22E222D222>222A2229;
92I22A2E292I22E2>2>J=;M=FL=E=FL=
=I<HL<EKCPF=K<E2I22A2E2:>2DJ@;:92
)GDGLGE9JGF;GF>J=;M=F;A9.?<P;@;EFK
;I@EB@KF=K<E
22:EKJG8ILWGH9L=JFGE=FGJ@=JE9FGE=FGJ
<=KMH9<J=?@JFI?<IPFLE><IG8K<IE8C
LE:C<=8K?<IdJPFLE><I9IFK?<I*C
22:E2=
42<=VDG<==DD922:E2=4@;<==DDGKG<=
=DD9K9J
92A66EK0
BF::EKL=F=J;GEG
LWGH9L=JFGE=FGJ
22=JG8I
=KHGKG=KHGK9?<I?LJ98E;?@J
N@=<#@I:>24E2>9:J2=BF:94@=I>229:E
Q=JEA=KHGKG>M=9H=K;9J=F9DL9E9J
3<JK<I;8PDP?LJ98E;N<EK=@J?@E>=8IFLKKF
J<8
[#6>22=BF:9:?EM42EI_=B9KL=9LM
=KHGKG@;PFLC<8M<PFLI?LJ98E;
E9;@GG@=E:J9<=9FAE9DD8K<F=
8E@D8C2IK4>22>9:>4242?@422A
4@A22=:92 K=DE9;@G<==K9H=JJ9IM=
=KLT9DDW#K@JK?<D8K<F=K?8K=<D8C<;F>
FM<IK?<I<
6.=J=D9;AGF9@AKLYJA;9E=FL=;GF
eA;9Dfg9;GEH9X9Jh"@JKFI@:8CCPI<C8K<;KF
a@:8Cbc8::FDG8EPd
7*C
22=2)KI8JG8C8
9I8J9:J2=EA=KHGKGEA=KHGK9>22=LM
=KHGKGLM=KHGK9
22=Q:HJAE=J9=KHGK9HJAE=J=KHGKG=@IJK
N@=<=@IJK?LJ98E;
22=40
C8<EKI8;8GI
22K
22>@8;MGI<G
MFHG;GD=BGK9MF9<AKL9F;A9
AFL=JE=<A989@K=8I8N8P8K8E@EK<ID<;@8K<
;@JK8E:<T:22>@@@>::942/G<9NW9=KLT
MFHG;GD=BGK#K@JJK@CC89@K@EK?<;@JK8E:<
0
22>@42KBF:>AJD=BGKHGJEM;@G
LA=EHG=FI8CFE>K@D<2>@4U>29:J2E
M2MJ9EM;@GLA=EHG#KC8JKJ8CFE>K@D<
.229BF:;>:>29@BF:992=I22>TTD::K
BF:>BF669:)GN9K9N=J=DKGDHGJD9J?G
LA=EHG3FL8I<EdK>F@E>KFJ<<K?<JLE=FI8
CFE>K@D<
0
22>@429:J2E<MJ9JMF:M=F
LA=EHG
2242KJG8I
@=JE9FGE=FGJ<==DD9?<I
PFLE><I9IFK?<I:AK9:M=DG<==DD9?<I
>I<8K>I8E;=8K?<IHJAEG@ABG<=D@=JE9
FGG@=JE9F9E=FGJ<=DGKH9<J=K<==DD9
:FLJ@E?<IG8I<EKdJPFLE><IJ@9C@E>dJJFE
*C
2242=4<==DD92242=4@;<==DD9K
9J
92A66BF6K)KI8JG8C89I8J9::42KEA
@=JE9FGE=FGJK::I92E::42KEA@=JE9FG
E=FGJ<A>MFLG0
BF66BF6KL=F=J;GEG
@=JE9FGE=FGJ
224@;224U=?J9F<=9@>C8I><0
C8<EKI8;8
GI
4224@;
224EJG8I
9:M=D9E9L=JF9E9<J=<=KM
E9<J=D8K<IE8C>I8E;DFK?<ILW99:M=D9
E9L=JF9@=JE9F9<=D9E9<J=<=KME9<J=
>I<8K8LEKJ@JK<IF=DFK?<IdJDFK?<I
=KHGK9<=D@=JE9FG<=D9E9<J=<=KM
E9<J=N@=<F=DFK?<IdJDFK?<IdJ9IFK?<I
*C
2242E;<==DDGKG<==DD9K9J
92A64E
)KI8G8C89I89::4EEA9:M=D9E9L=JF90
>@D?224ELYJLGD9;GIMAL9BF::4EL=F=J;GEG
9:M=D9E9L=JF9
2292M@@II
KM;=<=J?8GG<EKF?@DFI?<I
.2299:A4@A:>4@K:>M29@@42=2E:?6;
>222>2#GQ@9;=EM;@WKAEG;9DGJHGJ
IM=FG@9QFM:=K#K@JI<8CCP?FKKF;8P9<
:8LJ<K?<I<8I<EdK8EP:CFL;J
2E2924I
J::9+9K9<=N=R=F;M9F<G#K?8GG<EJFE:<
@E8N?@C<
2A2924ID::94292+9K9JT<=
N=R=F;M9F<G#KN@CC?8GG<EFE:<@E8
N?@C<
E2>BF:;22A24>22>BF:;22D2
292=:=K=J9KWL9FLGH9J9=D@GE:J=;GEG
H9J9D9EMB=J#KJ?FLC;9<K?<J8D<=FIK?<
D8E8J=FIK?<NFD8E
EGJAJ@9:D9F<G
;GFEM;@GJ=KH=LG;@<JG<8B@E>N@K?>I<8K
I<JG<:K
&24;22:>;:92'GK<GKFGEMJA=
JGF.?<KNF;@;EdK;@<
.::I:D442AI=:>M>
92>22I4@A92I22A2E2:>2DJ@;:92)G
LGE9JGFNAFG<=HAL9Q99?JA9>J=;M=FL=E=FL=
.?<P;@;EdK:FDDFECP;I@EBG@K8P88>I@8
N@E<
6H9J=FL=E=FL==KL=N=J:GK=;GFBM?9
KGD9E=FL==FL=J;=J9H=JKGF9GG8I<EKCPK?@J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
LE:C<DFK?<IdJ=8K?<IdJ9IFK?<I=KHGKG
<=D9@=JE9F9<=DH9<J=<=KME9<J=
DFK?<IdJ=8K?<IdJJ@JK<IdJ?LJ98E;*C
22=4
<=VDG<==DD922=4@;<==DDGKG<==DD9K
9J
92A66K)KI8G8C89I89622KEA9:M=
22>TTI29MFHG;GD=BGK89@K;@JK8EK
2>TTI29J@@942 KLTMFHG;GD=BGK#KdJ
=8@ICP=8I8N8P
22>@@J24;HJAEGHJAE9:FLJ@E&@K
@=JE9FG
D=B9FG<@J24;)KI8G8C89I822>@
>@J24;LMHJAEGHJAE9
22A28;A
=FGJE=?J9F<GL=<EFIDFLJ?L><
[2?@2222A2J2_ KMF9H9F?9=FGJE=
#J@K8E<EFIDFLJ9F8K>M=JL=JKIFE>
JKLI;P224@22A2K@?D22:292=:=K
@9;=JMF9;9K9>M=JL=3FLJ?FLC;D8B<8
JKLI;P?FLJ<
9MLVFLA;G8LK?<EK@:*::
22A292E@44U>@>2 K<=N=J9K=DD9IM=
NA=F=#K@JI<8CCPJ?<N?F@J:FD@E>
*C
22A4@;6)GLA=F=MKGHJ=<A;9LANG;GE[F
F<JEFK?8M<8:FDDFEGI<;@:8K@M<LJ8><
7
0
4922A2=FGJE=Q>M=JL=92:E22A2NA=FLG
<=DFGJG=KL=:922A2;A=JLG:?@=22A2KM
:J9RG<=J=;@G>@D?22A2;9?M9E9HJA=L9
BF:I22K422A2BF:I22K2DD=N9J9J;GQ
>D=;@9KD2E@;22A2MFE=BADDYF,2K@;22A2
-22J2>MFDM?9J9DFGJL=<=+M=JLG
'A:=JL9<.2>:;2A2MFDM?9J9DKMJ<=
9@W9<=&AFGK:I4M>22A2MF9N9JA=<9<
EMQ?J9F<=<=H=K;9<9H=R
d8;MGFJGEMQ<=E9KA9<GM<IP#2K::>
22A2 K<=E9KA9<G@=JEGKG#K@J89JFCLK<CP
9<8LK@=LC
22BF664EJG8Id0
:K229@IBF:922BF664E
E9<=J9<=DH9DGRGJJADDG
22BF664E4E2>
KM=?JG<=VD?@J=8K?<I
@EC8NLWG<=KM=KHGK9?@JN@=<dJLE:C<
22BF664E4>22>
KM=?J9<=VD?@J
DFK?<I@EC8N
LW9<=KM=KHGK9?@JN@=<dJ
8LEK*C
22BF664=2<=VD22BF664=@;<=
=DDGK9J
922BF664E)KI8G8C89I8
966BF664EEAKM=?JGEAKM=?J90
BF6BF664EL=F=J;GEGKM=?JGGKM=?J9
W22D;0
C8<EKI8;8GI
WI22D;
22KJG8I
9:M=DGE9L=JFGH9<J=<=KME9
<J=D8K<IE8C>I8E;=8K?<ILWG9:M=DG
@=JE9FG<=DH9<J=<=KME9<J=>I<8K
DGE9L=JFG0
BF622KL=F=J;GEG9:M=DG
E9L=JFG
24BF:;JH9LG;G9;GPLD=:8EM8J98:B6PK?P8
M8C@J@E<I@87*C
2424I2>6 KL9H9D9:J9=K
MK9<99@GJ9HGJ9D?MF9KH=JKGF9KH9J9
J=>=JAJK=9D?9FKG;9F9<A=FK=+9J9EM;@9K
H=JKGF9KD9H9D9:J9=K9J;9A;9.?@JNFI;@J
EFNLJ<;9PJFD<G<FGC<KFI<=<IKFK?<
8E8;8>FFJ<
FID8EPG<FGC<K?<NFI;@J
8I:?8@:
7
24GI<=M
9MK9LANG8LJ8K@M<[ E2422?@;
_'GIM=EY@;?<9LIE@KKAKLANG
JJ@JK@M<224@2?@92A2DA@;4U:424@22E
4@A2?@E::;:E22D:BF:9:E22DA@;:E4>2I:
>2&65C@BF:9:J24@DA@; KL9:9=FD9
=K;M=D9QFGHM<G=K;JA:AJKMFGE:J==FLGF
;=K+=<JGD=9QM<Y9=K;JA:AJDG"<N8J@E
J:?FFC8E;:FLC;EdKNI@K<?@JE8D<JF*<;IF
?<CG<;?@DNI@K<@K
.=HJ=K=FL9=F;A=JLGK
N=J:GKH9J9AF<A;9JIM==DKMB=LG=K=D=PH=JA
E=FL9<GJ)::LIJFE:<IK8@EM<I9JKF@E;@
:8K<K?8KK?<JL9A<:K@JK?<<OG<I@<E:<I
[ ?E242242E_/=H9J=;=K9D9<GF<J@K
J<<DJ8CKPKFPFL0
22294
24224JG8I
FA=LGFA=L9@ABGG@AB9<=D9@AB9
<==DD9>I8E;:?@C;?<I;8L>?K<IdJ:?@C;
KG:JAFGFA=LGKG:JAF9FA=L9@ABGG@AB9<=
D9KG:JAF9<==DD9>I8E;E<G?<N>I8E;E@<:<
?<IE@<:<dJ:?@C;:AKFA=LG:AKFA=L9<=D
@=JE9FGG@=JE9F9E=FGJ<=DGKH9<J=K<=
=DD9?<IG8I<EKdJPFLE><IJ@9C@E>dJ>I<8K
>I8E;:?@C;*C
24224=2<==DD924224=@;
<==DD9K9J
9242240
BF:42242EL=F=J
;GEGFA=LGGFA=L9
2422:EKJG8I
;MX9<G=KHGKG<=D9@=JE9F9
E9QGJ<==DD9?<I9IFK?<I@EC8N?<IFC;<I
J@JK<IdJ?LJ98E;=KHGKG<=D9FA=L9G:AK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:8D<N@K?8CCF=K?<:?8E><JK?8K@KD8;<KF
FA=L9<==DD9?LJ98E;F=?<I>I8E;;8L>?K<I
K?<NFIC;
(FNJ?<>F<J8IFLE;CFFB@E>=FI
FI>I<8K>I8E;;8L>?K<I=KHGKG<=KMHJA
?<I?LJ98E;
-?<8GG<8IJKF9<J@E>@E>9LK
E9Q=JFG<=D@=JE9FGG@=JE9F9E9QGJ<=
I<8CCPJ?<@J:IP@E>
7
DGKH9<J=K<==DD9?LJ98E;F=?<I:FLJ@E?<I
2422D24JG8I
FA=LGFA=L9@ABGG@AB9<=D@ABG
G8I<EKdJFC;<IJ@9C@E>dJJFE@EC8N=KHGKG
<==DD9>I8E;:?@C;?<IJFEdJ:?@C;
<=D9KG:JAF9FA=L9GKG:JAF9:AKFA=L9<=DGK
H9<J=K<==DD9?LJ98E;F=?<IG8I<EKdJ
KG:JAFGFA=LGKG:JAF9FA=L9@ABGG@AB9<=D
>I8E;E@<:<FI>I<8K>I8E;E@<:<*C
2422:E
KG:JAFG<==DD9>I8E;E<G?<N>I8E;E@<:<
2=42<==DD92422:E2=4@;<==DD9K9J
?<IE<G?<NdJ:?@C;:AKFA=LG:AKFA=L9<=D
92422:EK0
BF:422:EKL=F=J;GEG;MX9<G
@=JE9FGG@=JE9F9E9QGJ<=DGKH9<J=K<=
2422>JG8I=KHGKG?LJ98E;6 KL9H9D9:J9=K
=DD9?<IG8I<EKdJFC;<IJ@9C@E>dJ>I<8K
<=DGK?A?9FL=KFG=K=DLVJEAFG;GE[F
>I8E;:?@C;*C
2422D2;4<==DD92422D2
-=?AKLJ9<9=F9JLD=LL.?@JNFI;@J
;@;2422D2=42<==DD9K9J
92422D240
=IFDK?<>@8EKJ@K@JEFKK?<:FDDFEK<ID
#K
BF:422D24L=F=J;GEGFA=LGGFA=L9
N8JI<:FI;<;@E8IKC<KK
70
92>M4
2424M>JG8I
Q=JFG@ABGHGDWLA;G<=VDG<=
2422>HGDADD9K9LJ9W<9K9D9DME:J=
=DD9?@JFI?<IJFE@EC8N=KHGKG<=KM
2422>4422BF:;;@ANAJWFNI<E6.IF>CF;PK<J
KG:JAF9?@JFI?<IE@<:<dJ?LJ98E;=KHGKG
8<;FE.?IPFD8E<J
<=D9KG:JAF9FA=L9<=KMKH9<J=K?@JFI?<I
9<N@:B@@-8CG@E:K<J
G8I<EKdJ>I8E;E@<:<dJ?LJ98E;*C
242
F9JFC<KLJ7&@K
D9IM=
42>E2<=VDG<==DD92424M>E@=42<=
:MK;9KM=KHGKG
=DDGKG<==DD9K9J
924242>2)KI8G8C8
422>4422BF:;
9I89:424M>EAQ=JFG0
BF:4242>2L=F=J
9696E4@>:>@42;4@>
;GEGQ=JFG
242>2KJG8I
FM=J9@AB9HGDWLA;9<=VDG<=
2?@E::9E:>I9:K24
2422>4422
::BF:EA2?KII@I
=DD9?@JFI?<I;8L>?K<I@EC8N=KHGK9
.?IPFD8E<J9<N@:B@@
9:>424::BF:EA2?KI
<=DKG:JAFG<=VDG<==DD9N@=<F=?@JFI
924I>::9422>BF:9:>422 D;@ANAJWF
?<IE<G?<N=KHGK9<=DKG:JAFGFA=LG<=DGK
9F<9EMQJTHA<9E=FL=<=:9BG<=DGK
H9<J=K<=VDG<==DD9N@=<F=?@JFI?<I
9J:MKLGKH9J99;TQH9J99DDT:MK;9F<G9KM
G8I<EKdJ>I8E;E<G?<N*C
24M>2=4<=VDG
H9J=B9.?<NI<E>F<J8IFLE;M<IPHL@:BCP
<==DD924M>2=4@;<==DDGKG<==DD9K
LE;<IK?<9LJ?<J?<I<8E;K?<I<CFFB@E>=FI
9J
9242>2K0
BF:42>2KL=F=J;GEG
@KJD8K<
*C
2422>4422E6 KL=HTB9JG>M=
FM=J9
MF9<=D9KEMB=J=K?A?9FL=KQKM=KHGKG
242E2K2E2JG8I
;MX9<9=KHGK9<=D@=JE9FG
eRAAP@9KLAARP9FG;GGEf;GEW9LG<G DD9
E9QGJ<=VDJ@JK<I@EC8N?@JFC;<I9IF
D=<ABGIM=FG;GEA=J9LG<GQVDK=>M= F
K?<IdJN@=<=KHGK9<=DFA=LGG:AKFA=LG<=
LGF;=KNAFG=D<ADMNAGQDGK;9E:AGK9DEMF
VD?@J>I8E;JFEdJFI>I<8K>I8E;JFEdJN@=<
<G@GJ9=DD99F<9:MK;9F<G9KM=KHGKG
=KHGK9<=DHJAEG=KHGK9<=D@ABG<=D@=J
+9J=;=IM==KLT;9FL9F<GH=JG<=N=J9K=KLT
E9FGG@=JE9F9E9QGJ<=DGKH9<J=K<=VD
DDGJ9F<G.?@J9@I;N8JFE<F=K?<>@8EK
?@J:FLJ@EdJN@=<?@JG8I<EKdJFC;<IJ@9C@E>dJ
JFEdJN@=<=KHGK9<=DKG:JAFGFA=LGG
NFD<E8E;?<I?LJ98E;aQ@@O?8JK@@QO8EF
KG:JAFG:AKFA=LG<=DGKH9<J=K<=VD?@J
:FFDb8K<<M<IPK?@E>
-?<KFC;?@DEFKKF
G8I<EKdJ>I8E;E<G?<NdJFI>I<8K>I8E;
<8K<M<IPK?@E>8E;?<C<=K
.?<EK?<=CFF;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
=IFDK?<>@8EKJ@K@JEFKK?<:FDDFEK<ID
#K
N8JI<:FI;<;@E8IKC<KK
7)KI8
G8C89I89:4@>EA=KHGK90
4224@>@E<9J
;GEG=KHGK9
24@>::BF6JG8I@AB9KLJG@AB9KLJ9<=VDG<=
=DD9?@JFI?<IJK<GJFEJK<G;8L>?K<I*C
24@>::4E@<=VDG<==DD924@>::4E@;<=
=DDGKG<==DD9K9J
924@>::BF6E08I
24@>::BF:0
BF:4@>::BF6EL=F=J;GEG
@AB9KLJGG@AB9KLJ9
24@@>6JG8I
@=JE9F9E=FGJ<=VD?@J
PFLE><IJ@JK<I:AK9:M=D9<=VD?@J>I<8K
>I8E;DFK?<IHJAE9@AB9<=D@=JE9FGG
@=JE9F9E=FGJ<=DGKH9<J=K<=VD:FLJ@E
?@JG8I<EKdJPFLE><IJ@9C@E>dJ;8L>?K<I
*C
24@@>4<=VDG<==DDGK9J
924@@>608I
24@@>:0
BF:4@@>6E
L=F=J;GEG@=JE9F9E=FGJ
24EM>JG8Id
24EM>4U42::
;MX9<G=KHGKG<=D9@=J
E9F9<=VD9IFK?<I@EC8N?@JJ@JK<IdJ
?LJ98E;=KHGKG<=D9FA=L9G:AKFA=L9<=
VD?LJ98E;F=?@J>I8E;;8L>?K<IFI>I<8K
>I8E;;8L>?K<I=KHGKG<=D9HJAE9<=VD
?LJ98E;F=?@J:FLJ@E=KHGKG<=D9KG:JAF9
FA=L9GKG:JAF9:AKFA=L9<=DGKH9<J=K<=VD
?LJ98E;F=?@JG8I<EKdJ>I8E;E@<:<FI>I<8K
>I8E;E@<:<<42::E9<MJG*C
24EM>
4UBF666;<=VD24EM>4UBF666=4@;<=
=DDGK9J
924EM>4U42::0
BF:4EM>
4U42::L=F=J;GEG;MX9<G
24I2>0
C8<EKI8;8GI
24
298;MGFJG$F<A;9=F>GIM=?=F=J9DE=FL=
;GFLJ9KLANG=FMF9>J9K=FGEAF9D;GF
<=L=JEAF9FL=#E;@:8K<J><E<I8CCP:FEKI8J
K@M<=F:LJFE8;<=@E@K<EFLEG?I8J<
29@@E924294@?E:E24U>::KBF:> FLJY
HGJD9HM=JL9-?<<EK<I<;9PK?<;FFI
6
9MD2=424@:294@9A>:E2=922::921=F<W
KYDGD9K;GJAL9K;9F9KL9K#JFC;FECPK?<=C8K
98JB<KJ
22E9242K=:=4@:2992EI::?BF:;
2?@>@>20F;9Q9@M9DK=@9;=<=LGJGL=
E<G?<NdJN@=<*C
242E2K2E@;<=VDG<=
=DDGK9J
9242E2K2E20
BF:42E2K2E2
L=F=J;GEG;MX9<9
24>2292;JG8I
KG:JAFGKG:JAF9@ABGG@AB9
<=D@=JE9FGE=FGJ<=VDE<G?<NE@<:<?@J
PFLE><I9IFK?<IdJ:?@C;FA=LGFA=L9<=D
@=JE9FGG@=JE9F9E=FGJ<=DGKH9<J=K<=
VD>I8E;:?@C;F=?@JG8I<EKdJPFLE><IJ@9
C@E>*C
24>2292=4<=VD24>2292=4@;
<==DDGK9J
924>2292;0
BF:4>229
2;L=F=J;GEGKG:JAFGGKG:JAF9
24>2;66E6JG8I
;MX9<9@=JE9F9E9QGJ<=
KM=KHGK9J@JK<I@EC8NN@=<dJFC;<IJ@JK<I
;MX9<9=KHGK9<=D@=JE9FGE=FGJ<=VD
J@JK<I@EC8N?@JPFLE><I9IFK?<IdJN@=<
=KHGK9<=KMHJAEG=KHGK9<=D@ABG<=D
@=JE9FGG@=JE9F9E=FGJ<=DGKH9<J=K<=
VD?@J:FLJ@EdJN@=<N@=<F=K?<JFEF=?@J
G8I<EKdJPFLE><IJ@9C@E>*C
24>2;66E@;
<=VDG<==DDGK9J
924>2;66E60
BF:4>2;66E6L=F=J;GEG;MX9<9
24>6696;JG8I
;MX9<G@=JE9FGE9QGJ<=
KM=KHGKG9IFK?<I@EC8N?LJ98E;dJFC;<I
9IFK?<I@ABG<=D@=JE9FGG@=JE9F9
E9QGJ<=DGKKM=?JGK<==DD9JFEF=K?<
FC;<IJ@9C@E>F=?<IG8I<EKJ@EC8N*C
24>6696=4<=VD24>6696=4@;<==DDGK
9J
924>6696;0
BF:4>6696;L=F=J
;GEG;MX9<G
24@224JG8I
;MX9<9=KHGK9<=D@=JE9FG<=
=DD9J@JK<I@EC8N?<I9IFK?<IdJN@=<
=KHGK9<=DFA=LGG:AKFA=LG<==DD9?<I
>I8E;JFEdJFI>I<8K>I8E;JFEdJN@=<=KHG
K9<=DHJAEG<==DD9?<I:FLJ@EdJN@=<
=KHGK9<=DFA=LGG:AKFA=LG<=DHJAEG<=
=DD9N@=<F=?<ID8C<:FLJ@EdJ>I8E;JFEFI
>I<8K>I8E;JFE*C
24@224=2<==DD9
24@224=@;<==DD9K9J
924@2242E0
BF:4@2242EL=F=J;GEG;MX9<9
24@>JG8I=KHGK9N@=<6 KL9H9D9:J9=K<=DGK
?A?9FL=KFG=K=DLVJEAFG;GE[F!M=
J=?AKLJ9<9=F9JLD=LL.?@JNFI;@J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
=LKLI<M<I9)::7A292'D=?9JT"<N@CC
8II@M<
9AD2E:4A2?2921GQ9LJ9:9B9J#
8D>F@E>KFNFIB
9DBF66A6292(=?MK
L9JT#N@CCC@B<@K
%I:?D66292=:=K<=;AJ
9KW3FLJ?FLC;J8PC@B<K?@J
6.=<=JAN9<=
e@9@9fMPADA9JK=N=J9;AYF<I@M<J
=IFDa?8?8bLO@C@8IP<:C8I8K@M<
708I
=FEFC
92
29@@E924JGFJ=FLJ9<9<EKI8E:<FG<E@E>
.22;29@@E924422:=:92'9=FLJ9<9<=D9
;M=N9=K9F;@9.?<:8M<<EKI8E:<@JN@;<
9J
929@@E0
,22A@E29@@EMFDM?9J
=FD9AKD9/A:MJYF
2:JG8IH9<J=<=VD?@J=8K?<I*C
22:E2<=
=DDGK9J
92A66)KI8G8C89I89::EA
H9<J=0
BF622L=F=J;GEGH9<J=
2:8;MGI<G9[FJK@CC.::I:4M42>66A:EK
:E22K:K::IE:4@>2::9::>:E::=QEBF:;::42
:E;::EJ@BF6.=<A;=IM=LGEYMFE=L9L=
?J9F<GL=QDG<=BY;9=J=FKM;9:=R9EA=FLJ9K
VK=9[F=KL9:9<MJEA=F<G#K@JJ8@;K?8K?<
KFFB8?L><>I@E;@E>JKFE<8E;;IFGG<;@KFE
?@J?<8;N?@C<?<N8JJK@CCJC<<G@E>
::9::>
:E:4@9A>::7A(A=FLJ9K9[F=KL9:9<GJEA<9
E=9;=JIMV9=DD91?@C<J?<N8JJK@CC8JC<<G
#8GGIF8:?<;?<I
/JFHG;G>J=;M=FL=6.=
MK9KGD9E=FL=;GFFGEAF9DAR9;AGF=K<=L=J
;=J9H=JKGF9/J<;FECPN@K?EFD@E8C@Q8K@FEJ
@EK?<K?@I;G<IJFE
70
4T:LG<9NW992I2:
:>29::4BF::E=<AG;J=
2:9@EK<IA PHJ=KAYFH9J99LJ9=JD99L=F;AYF<=
9D?MA=FOGI<JJ@FELJ<;KF8KKI8:KJFD<
FE<dJ8KK<EK@FE:9\9@@4E2 @`EAJ9
"<PCFFBE2>\2:9#GE:J=`QG"<P
D8E\:9`?M9K18K:?FLK
W2=22IUBF:;JHAL9Q99?JA9MF;9;LGG@K8P8
8>I@88:8:KLJ6-K<EF:<I<LJ>LDDFJLJ7
/JF9J;08I
@=22IU-@EXE
K::I:D
442AI=
2=@BF:4UD4@>DAK9BMN=FAD<=D9=KH=;A=
eRAAP;G99>HT9fGe@9H9KFA;9FGBfALM<E@C<
DLCC<KF=K?<JG<:@<JaQ@@O:F88=GR8bFI
IM=K=@9E9;@9;9<G?<8;I@E>@JD8;<
=IFDC@D9<I9LJ?JK<DJK?8K?8M<9<<E=C8K
K<E<;9P:?<N@E>
,6A6:E:4@BF69E92AM9
BF:9I@@EI@,6A64@>:E24=E:?E:4229:E:
>::9E@=42#9QEM;@GKH9WXGKF<9FKG:J=
D9KMH=J>A;A=<=DE9J.?<I<8I<D8EPJKFID
G<KI<CJ
.?<P>FFEK?<JLI=8:<F=K?<J<8
08I
2920
429;GFLJ9;;AYF<=eIMA@fQ
e9@f92=F>GIM==FMFHJGFGE:J=H=JKGF9D
:9=F>GIM==FMF9>J9K=FGEAF9DKAF<=L=JEA
F9FL=
29GI<=M
9MK9LANG8LJ8K@M<[ E29@@:=
_'G@ARG9RMD@;J?<D8B<@K9CL<
KAKLANGJJ@JK@M<69AE2929MD2BF:>
>2I:9I@BF66A6EWE=?MKL9;M9F<G
E=H=AF9F;M9F<GE=9QM<9F9H=AF9JE=#
C@B<@KN?<EDP?8@I@J:FD9<;N?<E#8D
?<CG<;KF:FD9DP?8@I
.=HJ=K=FL9=FMF
N=J:G<=;9FLA<9<;GEGMFF[E=JG;M9F<G
D9GJ9;AYFIM==K;GEHD=E=FLG<=DN=J:G<=
;9FLA<9<K=;MEHD==K=F[E=JG<=N=;=K
)::LIJFE8M<I9F=HL8EK@KPJL:?8JELD
9<IJN?<EK?<:FDGC<D<EK:C8LJ<<D9<;;<;
LE;<IK?<M<I9F=HL8EK@KP@J8::FDGC@J?<;
K?8KELD9<IF=K@D<J
2?E@@9AE2A
,A2?@9MI2?@9::7ABF:99A>2922EI@#=
A<GEM;@9KN=;=K9HA=9+M=JLG'A:=JL9<#
?8M<F=K<E>FE<KF*L<IKF&@9<IK8;FE=FFK
.=HJ=K=FL9=F;A=JLGKN=J:GKH9J9AF<A;9J
IM==DKMB=LG=K=D=PH=JAE=FL9<GJ)::LIJ
FE:<IK8@EM<I9JKF@E;@:8K<K?8KK?<JL9A<:K
@JK?<<OG<I@<E:<I
9A>2922A=/=F?G>JWG
#dD:FC;
0
22244
29GI<=M+9KANG*8JJ@M<[*2942K?:_!M=
EGJ<A<G18J?<9@KK<E6 KL=HJ=>ABGK=
HJ=K=FL99FL=K<=L=E9KIM=FGKGFJ9<A;9D=K
N=J:9D=KIM==EHA=R9F;GFNG;9D.?@JGI<=@O
F::LIJ9<=FI<JK<DJK?8K8I<EFKMFN<C@E@K@8C
M<I9IFFKJ
70
A
292MPADA9JQK=N=J9;AYFKA?M=9MFN=J:G
>AFALG=F=D>MLMJGAF<=H=F<A=FL=LO@C@8IP
8E;<:C8I8K@M<=FCCFNJ8=@E@K<@E;<G<E;<EK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
LE:C<=8K?<IdJFC;<I9IFK?<I*C
2>M92=4
<=VDG<==DD92>M92=4@;<==DDGKG<=
=DD9K9J
92>292;0
BF:>292;L=F=J
;GEGLWGH9L=JFGE9QGJ
2>2=40
C8<EKI8;8GI
2>2K
2>2BF6E6JG8I
;MX9<9@=JE9F9E=FGJ<=
KM=KHGK9J@JK<I@EC8NN@=<dJPFLE><I
J@JK<I9:M=D9G:AK9:M=D9GLW99:M=D9<=
KM=KHGK9>I8E;DFK?<IFI>I<8K>I8E;
DFK?<IFI>I<8K8LEKF=?@JN@=<@AB9<=D
@=JE9FGG@=JE9F9E=FGJ<=DGKKM=?JGK
<=VD;8L>?K<IF=K?<PFLE><IJ@9C@E>F=?@J
G8I<EKJ@EC8N*C
2>2BF6E@;<=VDG<=
=DDGK9J
92>2BF6E60
BF:>2BF6E6
L=F=J;GEG;MX9<9
2>2KJG8I
9:M=D9H9L=JF9E9<J=<=KM
H9<J=G8K<IE8C>I8E;DFK?<I=8K?<IdJ
DFK?<ILW99:M=D9H9L=JF9G8K<IE8C>I<8K
8LEK=KHGK9<=D@=JE9FG<=KM9:M=D9
H9L=JF9G8K<IE8C>I8E;DFK?<IdJ9IFK?<IdJ
N@=<*C
2>2=4<=VDG<==DD92>2=4@;
<==DDGKG<==DD9K9J
92A6>6K)KI8
G8C89I89:>2KEA9:M=D9H9L=JF90
BF::>2KL=F=J;GEG9:M=D9H9L=JF9
2>E20
C8<EKI8;8GI
2>
M?JGFJ
924RGF9QFE<*C
2?4@;0
922DM?RGF9<=E=RIMAL=9696M?EGFL=
>M=J9<=DM?9JHG:D9<GRGF9<=N=?=L9;AYF
::>6M?>9EADA9:E;M?924RGF9<=DGK
?=FAL9D=K:K2;M?;9B9LGJTPA;9A?224@;M?
E9F?D9JI6A6M?RGF9<=DE9J;M9F<G=D
E9J=KLTEMQ:9BG924AFL=JAGJ@EK<I@FI
224@BF:9M?924>:4@A@= DAFL=JAGJ<=
D9;9K9=KLTGK;MJG.?<@EK<I@FIF=K?<?FLJ<
@J;8IB
*@@E;U4A24:9E22::9E29:E>2
9:E66?M?9244@@IJ@K2EI-=;G?W>JML9<=
;@GQ9E=D9;GEWQEA:G;9K=DD=FY<=
9D?M9L=K#:FCC<:K<;:?FCC8=IL@K8K<@K8E;
DPDFLK?N8J=LCCF=>CF:?@;J
2?@22E2;
E24@:2?4@;BF:9I222; K9KH9F?9KKGF
EMQ9EHDA9K9<=FLJG.?<@EJ@;<JF=K?FJ<
9F8KJ8I<M<IPJG8:@FLJ
0
92IM?@@::BF:
a?8G8JE@:8EFAb6'L>@CKH7&@K
e9DGf
=KHAFGKG0
I=@=@
2=I4>22>JG8I
;GF;MX9;GF;MX9<9=KHGK9
<=D@=JE9FG<=KM=KHGKG?LJ98E;dJ9IF
K?<IdJN@=<=KHGK9<=DLWG9:M=DG<=KM=K
HGKG?LJ98E;dJ>I<8KLE:C<dJN@=<=KHGK9
<=DHJAEG<=KM=KHGKG?LJ98E;dJ:FLJ@EdJ
N@=<6.=<=JAN9@AKLYJA;9E=FL=<=e9DPfgh
e;E99EfgEMB=Jh<I@M<;?@JKFI@:8CCP=IFD
a8CObcda:D88DbcNFD8Ed
7*C
2=I4>2
;::4<=VDG<==DD9G<==DDGKG<==DD9K
9J
92=I4>22>)KI8G8C89I89:=I
4>22>EA;GF;MX90
BF:=I4>22>L=F=J
;GEG;GF;MX9
2>19JA9FL=>GFGDY?A;9<=e
L9EfMFG<=
N9JAGKKM>ABGKH9J9AF<A;9JHDMJ9D<=KMB=LG
*?FEFCF>@:8CM8I@8EKF=aK8DbFE<F=
M8I@FLJJL==@O<JKF@E;@:8K<GCLI8CJL9A<:K
A<DGCFJ@7:E=2>K=HMKA=JGF<=HA=K?<P
JKFF;LG
2>JG8IH9<J=<==DD9?<I=8K?<I2A6>6
BF:;K::I:>A2IAI:920F9EMB=JFGK=
<=:==FGB9J;GFKMH9<J=NFD8EJ?FLC;
EFK><K8E>IPN@K??<I=8K?<I
*C
2>E2<=
=DD9K9J
92A6>6)KI8G8C89I89:>EA
H9<J=0
BF::>2L=F=J;GEGH9<J=
W2>224JG8I@=JE9FGE9QGJ<==DD9?<I
FC;<I9IFK?<I/JF9J;*C
2>224=2<=
=DD92>224=@;<==DD9K9J
92>2242E
0
BF:>2242EL=F=J;GEG@=JE9FGE9QGJ
2I::92@=JE9FGE9QGJ<=VDG<==DD9
2>M4JG8IH9<JAFGE9<JAF9=F=DK=FLA<G<=
D9;MDLMJ9K=JAJGFEJFI@E-<I@:LCKLI<
9J
92>M4*C
2>24;2>M4)KI8J
G8C89I8J9:>M4EAH9<JAFG>2>M4LM
H9<JAFG0
92>M492422E@=H9<JAFG<=
=FLA=JJGBF:>242L=F=JD9J=KHGFK9:ADA<9<
<=D=FLA=JJGG<=D9>A=KL9<=HM:=JL9<K::I
922D2I922AEIUBF:92?@4U92>M4E9<JAF9
<=D9>A=KL9<=HM:=JL9<
2>292;JG8ILWGH9L=JFGE9QGJ@=JE9FGE9
QGJ<=KMH9<J=?@JFI?<IFC;<IG8K<IE8C
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2?@4@@BF:>)KI8G8C89I82?@9J2BF:>
EA;9J;9B08I
92A?22:=2?:4@@BF:>
2?:4@BF66E4BF:;;@A;MJADD9@MAR9HGD
9LIJ8><9LIIFN<<;6D9IFJ@8;<CKF@;<8
;@M8I@:8K8
;LDFJ8
D8>;8C<E8<7
&@K
;GFIM=K=@9;=;9=J9?GL9K60F9KGDM
;AYF@=;@9;GF=KL9HD9FL9K=E=R;D9:9;GF
eEG;FAAF=fJ=KAF9<=!L8@8:LD:FLCK<I@
H9J9;J=9J=D:9JJG9RMD<=9@W=DFGE:J=
JFCLK@FED8;<N@K?K?@J
GC8EKN8JD@O<;N@K?
aDF:E@@E<bI<J@E=IFD
!L8@8:LD:FLCK<I@KF
D8B<9CL<:C8P?<E:<K?<
E8D<
7<4@BF66E4
-@EXE
I4@4EK4>2;::4
:9MD2BF:>
2?:4@BF66E4
2?:922E@Id*C
2?
D9IFJ@8;<CKF@;<8
:922EJ2I<4922E@I
=PL=F<A<G
92E22:2?:922E@I4@A@=:J9<=D9L=D9
K?I<8;F=K?<:CFK?
96962?:922E@I;WJ;MDG=F=DLJGF;G<=D
TJ:GDKI<<I@E>
2?:924>66BF:;>ADLJG;GEGH9J99MLGEYNAD
=@CK<I8J=FI8LKFDF9@C<&@K
=FIM=K=
>ADLJ9<424>66
2?:9272:?BF:9=FNGDLMJ9NI8GG<I&@K
=F
IM=K=9E9JJ9<472:?0
66?:>4@@D@E
66?>:9272:?9D9E:J=H9J99E9JJ9J
2?:9:9::>6E4@:>9EADA9<=KMFGNA9=8D@CPF=
?@J=@8E:T<<BF:9::>6E;9K9JK=
2?:9::4E@BF:;[L=JGNA=FLJ=E9LJARLK<ILJ
NFD9*C
2?:9::4E@;<BF::BF6E=F;AFL9
9J
2?:BF::4E@)KI8G8C89I82?@>:9::4
E@LM[L=JG
BF66A@;2?:9::4E@@M=N=J9<=DLA:MJYF?9L9
<>>:8J<F=?FIEJ?8IB
2?:9::9BF:;;GFL=F=<GJH9J9;GK9K:D9F<9K
:FEK8@E<I=FIJF=KK?@E>J&@K
=FIM==KLT
*C
2?:9::9E@;2?@J2::<BF::90
4@?E::C2?:9::9E=;@992A2DA@;::BF:
BF::?=FLJ9JETKQETK:>@KM?;=FLJG<=D
L9DDG:D@;M?=FLJ9X9K924;GFL=FA<G
:FEK<EKJ\d?92492EJ229:`'GIM==KLT
9<=FLJG=KEWG1?8KdJ@EJ@;<@K@JD@E<
2?HY;GH=<=e9FGfg=F9<=hGF:FG<F=
a8EFbc@EKF=IFDd
2?:42D::>6EBF:;@GJFGFM<E&@K
=FIM=K=
@9;=H9F*C
2?:42D::>6E;08I
2?
:42D::>:E:><42D::>6E)KI8G8C89I82?@
9J2D::>6EEA@GJFG
? 42EMK2E@;MF;9EH9E=FLG=FD9AKD9/A:M
JYF8:8DGFE.@9LIFE#JC8E;&@K
<GF<=K=
;GJL9:9;9JF==FLAJ9K<42EMK2E208I
?
42EMK2E2;
W2?:42E@@>644@A;9HADD9;9LYDA;98K?FC@:
:?8G<C<42E@@>64
2?:42J66?@BF:;ETK;9J9D8JB&@K
=FIM=
MFGLA=F=D9;9J9*C
2?:42J66?4@;<
4J66?@)KI8G8C89I82?@9:J66?@EA
ETK;9J9
2?:4@2294@AAFQ=;;AYF@EA<:K@FE&@K
;GF
IM=MFGAFQ=;L9?:4@229E@;A24:9D6I=
E22:E22D:K@9E4>M>24@4D2CK@922E2A
9:?J2422:E@>4GA:99;GEHJ9J9D?MF9K
AFQ=;;AGF=KH=JGFGK9:W9=DFGE:J=QMF
E=PA;9FGFGAF<W?=F9IM==KL9:99DDWD9K
HA<AYHGJEW#N8J>F@E>KF9LPJFD<
@EA<:K@FEJ9LK#;@;EdKBEFNK?<E8D<F=
K?<D8E;8EFE#E;@8E'<O@:8EN?FN8J
K?<I<8JB<;=FIK?<D=FID<
*C
2?
:4@229E@;C:FEK<E@;F2?:4@229E@;:I<
2?@4@229
2?:4@229E@;:E244@>B=JAF?9JPI@E><&@K
@M=KG<=D9AFQ=;;AYF<2?@4@2290
66?:>4@D:2?:4@2299?MB9<=D9B=JAF?9
2?:4@;::E4@:LAFL=;P<:FCFI@E>&@K
;GFIM=
MFGLAX=<2?@4@;::E
2?:4@@424@:?GL9KH9J9DGKGBGK<P<;IFGJ
&@K
;GFIM=MFGE=L=DWIMA<G*C
I::422?
:4@@42E<2?@4@@42
2?:4@@BF:>4@>;9J;9B9DB9:9HL@M<I&@K
=FIM=MFGE=L=;GK9K*C
2?:4@@4EK<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2?:A6A;44@A9K9LAJ9<GJ<=MFG:B=LG
?8E;C<&@K
;GFIM=K=9?9JJ9*C
2?
:A6AI=2>2?:APAI2A=<BF::A;4
2?:BF62242=420
C8<EKI8;8GI
K::I2?
:BF62242=42
2?:BF66E6
BF:9LJ9HGMK9<GH9J9;9D9>9L=9J
:8LCB@E>I8>&@K
;GFIM=K=AFK=JL9
L9HYFJKFGG<I<2?@BF66E60
2?@
4U:BF66E6:9IM=L9K::I2?:BF66E6;9D9>9L=G
? BF:7=4MFDM?9J;=J;9<=9@W9<=&AFG8
GC8:<E<8I%@EF8P&@K
<GF<=MFGK=
9JJG<ADD9<BF:7=4
2?:BF:922D@;924:GDKADDGGF:B<K*C
2?
:BF:922D@=42<BF:922D@;)KI8G8C89I8
2?:922D@;KM:GDKADDG0
D224@2?@
BF:922D@=42:DMK9;GF:GDKADDGK
2?:BF::I2BF:;L9E:GH9J99?M9N8K<I;ILD
98II<C<BF::I2)KI8G8C89I82?@
9:9::I2EAL9E:GH9J99?M9
2?:BF:=:E:BF:9H9XM=DGH9J9D9;9:=R9
E9K;9<9?<8;J:8I=B<I:?@<=&@K
=FIM=
MFGLA=F==D;9:=DDG<BF:=:E:)KI8
G8C89I82?:9:=:E:KMH9XM=DG0
:BF:=:E:
9DEG@9<9
2?:BF:>T?2=42BF:;LJ9EH9KI8G&@K
=FIM=
K==FJ=<9FDGKHA=K<=MFG\?:BF:>T?2=42
BF:;:E:?D@KM>I@`19K9HAK9JD9LJ9EH9
3FL8I<>F@E>KFJK<GFEK?<KI8G*C
2?
:BF:>T?2=42<BF:>T?2=42
2?:BF:?@=BF:9?M9FL=>CFM<&@K
=FIM=MFG
LA=F=D9E9FG*C
2?:BF:?=<BF:?@=
)KI8G8C89I82?@9:9:?@=EA?M9FL=08I
K::I2?:BF:?@=
2?:BFQA:=4BF:9;9D;=LAF=KJF:BJ&@K
=FIM=
MFGLA=F=KMHA=JF9AF>=JAGJ*C
2?:BFQA:=4
<BF:A:;)KI8JG8C89I8J2?:9QA:=4KMK
;9D;=LAF=K2?@9:9QA:=4EAK;9D;=LAF=K
2?:BFQA:=4422>:KBF:9KMVL=JJN<8K<I*C
2?:BFQA:=4422>:;@;<BF:A:;-@EXE
92D42?:92?22:=2
:422422?:9::9KG:J=H9J9;9JL9K92E22DE
2?:9::9@A=J:9<=DAF<AGIE@@KA2?:9::9
D9L9?J9F<=K::IJ2>ME:?@E2?:9::9<AKLJA
:MA<GJ<=;GJJA=FL=
2?:9::;BF:;;GFL=F=<GJH9J99D?GK=FL9<G
:FEK8@E<I=FIJFD<K?@E>K?8KJ@KJ&@K
=F
IM==KLTK=FL9<G*C
2?@J2I2=42<BF::;
0
92:2?:9::;:J[BMD9<=:9J;G92?E
:>22D:;2?:9::;JAF
2?:9::ABF:;4@A;GFL=F=<GJH9J9DWIMA<GG
;GK9H9J9<9:FEK8@E<I=FIC@HL@;FI8
JK8E;@E>K?@E>&@K
=FIM==KLTH9J9<G
2E66J2K::I:9MI2?:9::ABF:94@?DA@@:?
292=:=K;=JJ9JD9:GL=DD9<=9;=AL=3FL
J?FLC;:CFJ<K?<9FKKC<F=F@C
*C
2?@
J22J@;<422A0
66?:>2?:9::A=KLM;@=
H9J9;M;@ADDG92D22:E:BF:92?:9::A
9;=AL=JG92E66>D:A6IUA2?:9::AETIMAF9
<=9>=AL9J:?KBF:92?@4U:9::A9LD9K
HJAE=J9NVJL=:J9;=JNA;9D
2?:9QD4@>DGIM=;GFLA=F=D9K
K=EADD9K<=MF9HD9FL9;GEG=K
2D9N9AF93D9E9RGJ;9G4D9
=KHA?9N?8K:FEK8@EJK?<J<<;J
F=8GC8EKJL:?8J2GF;3<8I
F=:FIEFI4?<8;F=>I8@E
*C
2?:9:D:6.=MK9D9>J9K=eAL
A@WKf;M9F<G=D?J9FG=KLT
H=IM=XG.?<G?I8J<a@K@?VJb@J
LJ<;N?<EK?<J<<;@JJD8CC
7
2?::9@>4@>;GFL=F=<GJH9J9
9D?G9;GKL9<G:FEK8@E<I=FI
JFD<K?@E>K?8KC@<J&@K
=FIM=
=KLT9;GKL9<G*C
2?@J22:E:< 2?:9QD
4@@>0
66?>9224?:966BF62?::9@>
HAKLGD=J992D=22?::9@>MF9J:MKLG<=D9
>9EADA9<=D9KE9DNT;=9K:BF:=:E:2?::9@>
>MF<9<=9DEG@9<9
2?:A2K?:4@A9?9JJ9<=J9?8E;C<=FI:8IIP@E>
JFD<K?@E>&@K
;GFIM=K=DD=N9<BF:K?:
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
BF:92?@C@@4U:92 K9<A;LG9D;9>V"<@J
8;;@:K<;KF:F==<<
<=DM?9J=IFDGC8:<
[.T92?E2?@>@42J2_=<YF<=NA=F=
1?<I<;F<J@K:FD<=IFD66K:E>:D@;
BF:;2?@>@4292#=N=FA<G<=#=JEGKADDG
? BF:A=MFDM?9J<GF<=K==F;M=FLJ99?M9
<MD;=8GC8:<N?<I<=I<J?N8K<I@J=FLE;
&@K
<GF<=MFGLA=F=D9D=F?M9<BF:A=
2?:BF:E;BF:9H9FL9DYFG8EKJ&@K
=FIM=MFG
LA=F=KM;M=JHG*C
2?:BF:EK:=<2?@
BF:E;)KI8JG8C89I8J2?:9:E;KMH9FL9DYF
2?@9:9:E;EAH9FL9DYF
2?:BF:E;:A@E:4@229BF:9;9DRGF;ADDGK
LE;<IG8EKJ&@K
H9FL9DYFIM=K=HGF=9:9BG
<4@229
2?:BF:E@22924=KLJA:GJK@IILG&@K
=FIM=
MFGLA=F=DGKHA=K<2?@BF:E@22
A@@D;2?:BF:E@22HAGD9MK9<9;GEG=KLJA:G
IFG<LJ<;8JJK@IILG
2?:BF:ET>BF:9:ADD=L=J9N8CC<K9@CC=FC;&@K
=FIM=MFGLA=F=<AF=JG<BF:ET>)KI8J
G8C89I8J2?:9:ET>KM:ADD=L=J92?@
9:9:ET>EA:ADD=L=J9
2?:BF:I22K44@>;AFLMJYFH9J9EMFA;AGF=K
;9JLM;@=J98DDLE@K@FE9<CK:8IKI@;><9<CK
&@K
=FIM=MFGLA=F=DGKLAJGK*C
2?:BF:
I22K;@;<BF:I22K2)KI8G8C89I82?@
9:9:I22K4EA;AFLMJYFH9J9EMFA;AGF=K
2?:BF:I22K;@;4@@42=42>MF;AFLMJYFH9J9
EMFA;AGF=K8E8DDLE@K@FE9<CK
2?NIU0
C8<EKI8;8GI
2?IU
2?4@;0
C8<EKI8;8GI
2?
2?::4UD4@AMF9J:MKLG=KHAFGKGJE8B<<P<J8
JG@EPJ?IL96*?8LCFK?8DELJJG@E<J:<EJ7
M?@d0
<EKI8;8GI
>@DM?@
2?@G
=F<=FLJG<=@E@EJ@;<F=
.::I924I
E::;42E2IE:?E:42M?@E:>@KJ2A?::4=E224;
>22?@BF::;BF:;924IJ@>::9 D;9EAYF
K=NGDL=Y@ARG<GKK9DLGKQD9H=JKGF99<=F
LJGK=EMJAY.?<KIL:BKLIE<;FM<IIFCC<;
FM<IKN@:<8E;K?<G<IJFE@EJ@;<;@<;
=F
9<=FLJG<=9@EKF,6A62?92?EJ22:E.=
;9QY9DE9J-?<=<CC@EKFK?<J<8
0
2?@
42922>2HGF=JE=L=JDWIMA<G2?@
BFQ92?@4@229AFQ=;L9J9;GK9
AF9FAE9<9KF@E8E@D8K<F9A<:K
2766
#?8M<:FD<=IFD"<IDFJ@CCF
<=DM?9J
FLKF=GC8:<24E:>924:IBF:92?@
>@E2_.9D=DWIMA<G<=D9;GJL9<9c&@HL@;
:FD<JFLKF=K?<:LK_0
2?@>4@@K:
:>4@@K:K9;9J<=GJA?=F=IFDFI@>@E
2A2DA@;BF:99@4UBF:92?@>@4292 D
H9H=DK=K9;9<=D9E9<=J9*8G<I@JD8;<
=IFDNFF;
9;=J;9<=;GK9AF9FAE9<9
89FLK@E8E@D8K<F9A<:K%@9:EBF:92?@
4222E:>:92SDK=IM=BY9;=J;9<=KM;GEA
<9"<:FDGC8@E<;89FLK?@J=FF;
9=DDGK
=DD9KKFK?<D:?@>::7A'D=?Y9FGKG
LJGK"<8II@M<;N?<I<N<N<I<
\*@>A24
9:?@42>;4`/J9=FGK<AF=JGI@E>LJ
DFE<P<==DDGK=DD9K=IFDK?<D.::I
4I2E=4BF:99:?:E22@>_ KL9:9HA<A=F<G
MF9LGJLADD9<=FGKGLJGKc-?<N8J8JB@E>LJ
=FI8KFIK@CC8_0
:E:9<=VD=DD9
<=
J=D9;AYFF=I<C8K@FEJ?@G@>4224BF:9
2?@BF:9696BF:9E@>A24:E@@?>2_ D
B=>=<=D9?=FL=DD=N9:99D?G<=<AF=JG_.?<
:?@<=F=K?<G<FGC<N8J:8IIP@E>DFE<P_
=F;AE9<=N9JA9KH=JKGF9KFEKFGF=
DFI<K?8EFE<G<IJFE224@BF:9:DIMA
9249:?92?EJ29;::E DL=;@G<=D9;9K9K=
;9QY=F;AE9<=FGKGLJGK.?<IFF=F=K?<
?FLJ<=<CCFELJ
2?K22:E2DEBF:9>:?@
DA22:?;292MA<9<G-G<9F<GD9HA=<J9K=
;9=JT=F;AE9<=MKL=<=K<:8I<=LC.?<
IF:BN@CCIFCCFM<IFEPFL
0
:E:::BF:GX
:FG<2?)KI8JG8C89I8J9:?@9:?9FGKG
LJGK>:?@>:?9MKL=<=KBF:?@9=DDGK
d:FEAEA=FLJ9KN?@C<U9:9::>9242?@
4U:A:E22:E2\92422=:>(A=FLJ9KQG
<M=JEG`BM=?9;GF=KG1?@C<#JC<<GGC8P
N@K?K?8K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
>@I:>22?@J22:E9Q=J=FD9L9J<=Q=KL=J
<9Q8=K<IEFFE
?@-22:EMF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;
2?@J22:E::44U:9:9::K2E924D9<GGJA=FL=<8JK
J@;<&@K
@9;A9<GF<=@9QKGE:J9=FD9
L9J<=<2?@4@@:EBF:9::K2E0
:E22A=4
::44U:9:9::K2ED9<GHGFA=FL=
2?@J292DBF:>BF:;;9B9<=;9EAGF=L9KIL:B
9FO&@K
=FIM=DD=N9<;9@9KIMAE0
:E:
J292DBF:>HD9L9>GJE9<=;9EAYF
2?@J29:EBF:;=KLYE9?GJKFD8:?&@K
=FIM=
;GE=*C
2?@J2::E@;<4@@9:E)KI8G8C8
9I82?@?J29:ELM=KLYE9?G
2?@J2::4@>;GFL=F=<GJH9J9G:B=LGK
:FEK8@E<I=FI@K<DJ&@K
=FIM==KLTF0
C8
<EKI8;8GI
2?:9::90
66?>92I22K42?@
J2::4U422:D42?;9B9<=LAJGK92A292BF:D
2?@J2::;GKL9DH9J9@9JAF992A2DA@;
4U924@22E:>BF:92?@J2::=K;M=D992I
:I2AK2?@J2::@A=D=J9I2A:;92A2K:II::42
::4E@;2?@J2::LM:ALG<=;9JJARGH9J9?M9J<9J
H=JD9KI2A:;96962?@J2::LM:ALG<=;9JJARG
IM=;GFLA=F=HGDNGIM=MK9=D:JMBGI::422?
:422:2?@J2::9RM;9J=JGI::422?@J2::
@M=N=J9<=H=RLGJLM?9GD9?9JLG
D@@522?@J2::4U422:D42?4@>;9B9<=
KG<9K:8IKFEF=JF;8J
2?@J2A@I4@>HA=DEM<9<9<=K=JHA=FL=
;9H9J9RYFEM<9<G<=;9F?J=BGJB@EJ?<;
9PJE8B<:8I8G8:<J?<;9P:I89<2?@
4@@A@IH=D=;@9J
4@42K?:2?@J2A@IHA=D<=NW:GJ9<=;9K;9
:=D<=K=;@9<9J?<;JB@EF=I8KKC<JE8B<
W2?@J2E6>6;G:AB99C8EB<K
/JF9J;
2?EMGIFE:L8EKd
2?EMI299D?MFGKMFGK;M9FLGKJFD<
2IU=BF:92?EMI299::>64GD=<AMF9K
;M9FL9K9DE=B9K#>8M<?@DJFD<:C8DJ
@>42244E2>4U4@:92AE4@2?EMI29
>::K42>D?MFGK@GE:J=KK=JAKQ9DD=?9
JGF-FD<-<I@D<E8CI<8;P8II@M<;
2I
2?@4T;@K:>:9AD9<GJ<=DHJAE=J:9AD=<=DeRAAP
;GGP;ZA;GGALf;8E:<IF=K?<=@IJK;8E:<F=
K?<aQ@@O:FFO:Y@:FF@Kb0
4@;@K
2?@4T;@K:>BF:9:E22>
2=424@:;GJGF9<=D
:9AD9<GJ<=D9;=J=EG
FA9<=D9HM:=JL9<
?<8;G@<:<NFIE9PK?<
;8E:<I@EK?<GL9<IKP
=@<JK8&@K
;M=JFGK<=D
2?@4T;@K:>BF:9
:9AD9<GJ*C
2?@4T;@
:E22>2=42
42>BF:9:E22>2=4@;
2?@4U:429:E2924H9JL=LJ9K=J9<=D9EAJ9<=
9JE9<=>M=?G98:BG8IKF=I@=C<J@>?K&@K
=FIM=MFG9HMFL9*C
2?@4U:429QE2=:=42
<4U429:E2429:E2
2?@4U:9:>E9249JLA;MD9;AYF<=VDG<==DD9
AF@EK&@K
<GF<=MFGK=<G:D9<2?@
BF:>E<G:D9JK=*C
2?@4U:9:>=2)KI8
G8C89I82?@4U9:9:>EEA9JLA;MD9;AYF
:4UDBF:92?@4U:9:>E9JLA;MD9;AYF<=D
;G<G<C9FNAF@EK
:7=4BF:92?@4U:9:>E9JLA;MD9;AYF<=D9
JG<ADD9BE<<AF@EK
J24U;BF:92?@4U:9:>E9JLA;MD9;AYF<=DLG
:ADDG8EBC<AF@EK
J2?@A;BF:92?@4U:9:>E9JLA;MD9;AYF<=D9
EMX=;9NI@JKAF@EK
2?@4U:BF66A:E:>4@>;THKMD9H9J9;9JLM;@GK
J?<CC:8J@E>&@K
=FIM=MFGEA<=*C
2?@
4U:BF66A:E:><4UBF66A:E
2?@4U:BF66E64@>:9IM=L9I8DIF;*C
2?@
4U:42E@@E6E2;<BF66E60
2?:BF66E6
LJ9HGMK9<GH9J9;9D9>9L=9JL9HYFK::I2?
:BF66E6;9D9>9L=G
2?@92A2IBF:>0
C8<EKI8;8GI
A@@D;2?@
92A2IBF:>
2?@J22:E4@AD9L9J<=8=K<IEFFE&@K
;M9F<G
=KD9L9J<=<2?@4@@:E0
K::42?@J22:E
4UBF::>:9DGF;ADDG9N=
2?@J22:E4@A::BF:4U:422:;L=EHJ9FG=FD9
L9J<=<8ICP@EK?<8=K<IEFFE<4422:;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2A2J=FGJE=;9FLA<9<>I<8KHL8EK@KP8CFKF=
>::BF64224@;2A2K@?D::9@29219K9
N=JMF9=FGJE=;9FLA<9<<=H=JKGF9K?J9F
<=K3FL8I<>F@E>KFJ<<8CFKF=9@>G<FGC<
2IK2A2K@9>::9@1AMF9=FGJE=;9FLA
<9<<=H=JJGK#J8N8CFKF=;F>J
6 KL=KMK
L9FLANGIM=FGDD=N99;=FLGHJGKY<A;G=PA?=
MF;GEHD=E=FLGFGEAF9DKAF?MD9J.?@J
LE8::<EK<;EFLEI<HL@I<J8J@E>LC8I
EFD@E8C:FDGC<D<EK
7
2A224JG8I
@=JE9F9E9QGJ<=VD?@JFC;<I
4@A2?EMI299J@@D:/GEVMFHG;G<=
9?M9#;I8EB89@KF=N8K<I
92I2?EMI29:9KL9FL=EM;@GKHL@K<8=<N
2I2?EMI29>::K42>9KL9FL=EM;@GK
DD=?9JGF+L@K<8=<N8II@M<;
2?E224JG8ILW9E9L=JF9E=FGJ@=JE9F9E=
FGJ<=KME9<J=PFLE><ID8K<IE8C8LEK
DFK?<IdJPFLE><IJ@JK<I*C
2?E224=2<=
VDG<==DD9G<==DDGKG<==DD9K9J
92?
E2242E0
BF:?E2242EL=F=J;GEGLW9E9L=J
F9E=FGJ
2?IU8;MGI<G
EM;@GDL:?8CFKI<8CCP
*@@E2C:AI2D:BF:92?IU:J@BF66A6'=
?MKLYEM;@GD9;9JF=<=HGDDG"<I<8CCP
C@B<;:?@:B<ED<8K
;GF>M=JR9N@K?=FI:<
?8I;&@AT4I2?IU92?ED29;::E292.AK=
;9=;9=JT;GF>M=JR9#=@K=8CCJ@KN@CC=8CC
?8I;
0
2?IU422:D9KLAE9J2?IU922
;GJL9JK=@=JAJK=EMQM<IP?IUA@92>
@4E2D::7A4292M9F<G=KEMQFG;@=N99
DD=?9J-?<@J>F@E>KF8II@M<M<IPC8K<8K
E@>?K
2?NIUI29;9KA8CDFJK?NIUI29:J@@9:E
9KADG;GEAY"<8CDFJK8K<@K
?NIUI29
:J@42KI9KADGJGEHAY"<8CDFJK9IFB<@K
?NIUI29K::I:E:4U::92K:>M92 KLMNG9
HMFLG<=H=J<=JD9J9RYF"<N8J89FLKKF>F
:I8QP
0
2?NIUI2942DBF:E2GHGF=JK=
92=I2?NIU9D?MFGKJFD<2=I2?NIU
J@@K42>D?MFGKDD=?9JGF-FD<8II@M<;
2?IU::42924;GJL9<9@=JA<9HA=DQ;9JF=
:LKNFLE;\?IU9::92924922:DI
`'AEHA9EA@=JA<9C<8EDPNFLE;<
2?IU922@=JAJ)KI8G8C89I82?IU::92KM
@=JA<9
2?IU::424@@:=;@A;@YF9IL@J<&@K
@=JA<9
9RMD
2?J224JG8I@=JE9FGE9QGJ<=VD?@JFC;<I
9IFK?<I*C
2?J224=2<=VDG<==DDGK
9J
92?J2242E)KI8G8C89I8K::I92E:?
J224EA@=JE9FGE9QGJ<A>MFLG0
BF:?
J2242EL=F=J;GEG@=JE9FGE9QGJ
J@JK<I:AKFA=L9<=VD?@J>I<8K>I8E;
;8L>?K<IHJAE9@AB9<=D@=JE9FGG@=J
E9F9E9QGJ<=DGKH9<J=K<=VD:FLJ@E?@J
G8I<EKdJFC;<IJ@9C@E>dJ;8L>?K<I.8D9@TE
22>@2A224@AB9<=DL9L9J9FA=LGGL9L9J9
FA=L9<=DGKLWGK<=VD?@J8LEK8E;LE:C<dJ
>I<8K>I<8K>I8E;:?@C;dJ;8L>?K<I*C
2A224=2<=VDG<==DDGK9J
92A2242E
)KI8G8C89I89:A224EA@=JE9F9E9QGJ
0
BF:A2242EL=F=J;GEG@=JE9F9E9QGJ
2A2KJG8I
9:M=DGH9L=JFGG8K<IE8C>I8E;
=8K?<ILWG9:M=DG@=JE9FG<=D9:M=DG
H9L=JFG>I<8KLE:C<G8K<IE8C>I8E;=8K?<IdJ
9IFK?<I=KHGKG<=D9@=JE9F9<=D9:M=DG
H9L=JFGG8K<IE8C>I8E;=8K?<IdJJ@JK<IdJ?LJ
98E;*C
MA2=4<=VDG<==DD9MA2=4@;<=
=DDGKG<==DD9K9J
92A6A6K)KI8
G8C89I89:A2KEA9:M=DGH9L=JFG0
BF::A2KL=F=J;GEG9:M=DGH9L=JFG
2AI2KJG8I
KG:JAFGKG:JAF9@ABGG@AB9<=D9
@=JE9F9E9QGJ<==DD9E<G?<NE@<:<?<I
FC;<IJ@JK<IdJ:?@C;@ABGG@AB9<=D9@AB9
<=D@=JE9FGG@=JE9F9E9QGJ<=DGKH9<J=K
<==DD9?<IG8I<EKdJFC;<IJ@9C@E>dJ;8L>?
K<IdJ:?@C;*C
MAI2=4<==DD9MAI2=4@;
<==DD9K9J
92A6AI2K)KI8G8C89I8
9:AI2KEAKG:JAFGKG:JAF90
BF::AI2K
L=F=J;GEGKG:JAFGGKG:JAF9
2BF664JG8I
;MX9<9@=JE9F9<=KM=KHGKG
J@JK<I@EC8N?LJ98E;dJJ@JK<I9:M=D9
:AK9:M=D9GLW99:M=D9<=KM=KHGKG?LJ
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<=VD2BF66K:=4@;<==DDGK9J
92BF66
K:0
BF:BF66K:L=F=J;GEGFA=LGGFA=L9
2BF::A2KJG8I
FA=LGFA=L9@ABGG@AB9<=D
@ABG<=VD>I8E;:?@C;?@JJFEdJ:?@C;
KG:JAFGFA=LGKG:JAF9FA=L9@ABGG@AB9<=D
KG:JAFG<=VD>I8E;E<G?<N>I8E;E@<:<?@J
E<G?<NdJ:?@C;:AKFA=LGG:AKFA=L9<=D
@=JE9FGG@=JE9F9E9QGJ<=DGKH9<J=K<=
VD>I8E;JFEFI>I8E;;8L>?K<IF=?@J
G8I<EKdJFC;<IJ@9C@E>*C
2BF::A2=4<=VD
2BF::A2=4@;<==DDGK9J
92BF::A2K0
BF:BF::A2KL=F=J;GEGFA=LGGFA=L9
2BF::E2KJG8I
KG:JAFGKG:JAF9@ABGG@AB9
<=D@=JE9FGE9QGJ<=VDE<G?<NE@<:<?@J
FC;<I9IFK?<IdJ:?@C;FA=LGFA=L9<=D
@=JE9FGG@=JE9F9E9QGJ<=KMKH9<J=K<=
VD>I8E;:?@C;F=?@JG8I<EKdJFC;<IJ@9C@E>
*C
2BF::E2=4<=VD2BF::E2=4@;<==DDGK
9J
92BF::E2K0
BF:BF::E2KL=F=J;GEG
KG:JAFGGKG:JAF9
W2C:DE@@?BF:9JDAKLYFI@99FE/JF9J;*C
2C:DE@@?@;6=KH-G
7
W2C>@@J2J9DEM<8CDL;/JF9J;6=KH
KAF9D9J?<= KMF9E=<A<99FLA?M9<=
?J9FGK.?@J@J8EFC;D<8JLI<=FI>I8@EJ
7
2D2@EK<IAKWAF>GJE9DK=?MJGIM=KWP<JJLI<
@E=FID8C
2D224JG8I@ABG<=VD?@JJFE*C
2D224=2
<=VD2D224=@;<==DDGK9J
92D2242E
0
@@E2D224MF9:9Q9H=IM=X9BF:D2242E
L=F=J;GEG@ABG
2E2JG8IE9<J=<=VDG<==DD9?@JFI?<I
DFK?<I2A6E6BF:9>::K;4>::BF6422:92
)M=KLJ9E9<J=FGK;MA<9)LIDFK?<I;F<J
>FF;K?@E>J=FILJ
*C
2E@;9J
92A6E6
)KI8G8C89I89:E2EAE9<J=0
92?E2E2
DG:AF9BF::E2K=JE9<J=<=
2E2=I::4@>JG8I
;GF;MXG;GF;MX9<G=KHG
KG<=D9@=JE9F9<=KM=KHGK9N@=<dJJ@J
K<IdJ?LJ98E;=KHGKG<=D9HJAE9<=KM
=KHGK9N@=<dJ:FLJ@EdJ?LJ98E;*C
2E2=
I::4@>;4<=VD2E2=I::4@>;@;<==DDGK
98E;dJ>I8E;DFK?<IFI>I<8K>I8E;DFK?<I
FI>I<8K8LEKHJAE9<=KM=KHGKG?LJ
98E;dJ=<D8C<:FLJ@E*C
2BF664=2<=
=DD92BF664=@;<==DD9K9J
92BF66BF6E
0
BF:BF66BF6EL=F=J;GEG;MX9<9
2BF66>6KJG8I
KM=?J9<==DD9?<IDFK?<I
@EC8NLW9<=KM=KHGKG?LJ98E;dJ8LEK
*C
2BF66>6=4<==DD92BF66>6=4@;<=
=DD9K9J
92BF66>6K0
BF:BF66>6K
L=F=J;GEGKM=?J9
2BF66>@EJG8I
;MX9<G@=JE9FG<=KM
=KHGK99IFK?<I@EC8NN@=<dJ9IFK?<I
9:M=DG:AK9:M=DGGLWG9:M=DG<=KM=KHG
K9N@=<dJ>I8E;=8K?<IFI>I<8K>I8E;=8K?<I
FI>I<8KLE:C<HJAEG<=KM=KHGK9N@=<dJ
D8C<:FLJ@E*C
2BF66>@=42<=VD
2BF66>@=4@;<==DDGK9J
92BF66>@E
0
BF:BF66>@EL=F=J;GEG;MX9<GK229
2BF66>@E;@9J9;J=KL9<9
2BF66A6KJG8I
KM=?JG<==DD9?<I=8K?<I
@EC8NLWG<=KM=KHGKG?LJ98E;dJLE:C<
*C
2BF66A6=4<==DD92BF66A6=4@;<=
=DD9K9J
92BF66A6K0
BF:BF66A6K
L=F=J;GEGKM=?JG
2BF66EKJG8I
;MX9<G@=JE9FGE=FGJ<=KM
=KHGKG9IFK?<I@EC8N?LJ98E;dJPFLE><I
9IFK?<I9:M=DG:AK9:M=DGGLWG9:M=DG<=
KM=KHGKG?LJ98E;dJ>I8E;=8K?<IFI>I<8K
>I8E;=8K?<IFI>I<8KLE:C<@ABG<=D@=J
E9FGG@=JE9F9E=FGJ<=DGKKM=?JGK<=
=DD9JFEF=8PFLE><IJ@9C@E>F=?<IG8I<EKJ
@EC8N*C
2BF66E2=42<==DD9G<==DD9K
9J
92BF66EK0
BF:BF66EKL=F=J;GEG
;MX9<G
2BF66K:JG8I
FA=LGFA=L9@ABGG@AB9<=D9
@AB9<=VD>I8E;:?@C;?@J;8L>?K<IdJ:?@C;
KG:JAFGFA=LGKG:JAF9FA=L9@ABGG@AB9<=
D9KG:JAF9<=VD>I8E;E<G?<N>I8E;E@<:<
?@JE@<:<dJ:?@C;:AKFA=LG:AKFA=L9<=D
@=JE9FGG@=JE9F9E=FGJ<=DGKH9<J=K<=
VD>I<8K>I8E;JFE>I<8K>I8E;;8L>?K<IF=
?@JG8I<EKdJPFLE><IJ@9C@E>*C
2BF66K:=4
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9J
92E2=I::4@>0
BF:E2=I::4@>L=F=J
;GEG;GF;MXG
2E42=0
C8<EKI8;8GI
2E4K
2E42>292;JG8I
KG:JAFGKG:JAF9@ABGG@AB9
<=D9@=JE9F9E=FGJ<==DD9E<G?<NE@<:<
?<IPFLE><IJ@JK<IdJ:?@C;KG:JAFGFA=LG
KG:JAF9FA=L9@ABGG@AB9<=D9@AB9<=D@=J
E9FGG@=JE9F9E=FGJ<=KMKH9<J=K
>I8E;E<G?<N>I8E;E@<:<?<IG8I<EKdJ
PFLE><IJ@9C@E>dJ;8L>?K<IdJ:?@C;*C
2E42>M92=4<==DD92E42>M92=4@;2E42
>29K:=<==DD9K9J
92E42>292;)KI8
G8C89I89:E42>292;EAKG:JAFGKG:JAF9
0
BF:E42>292;L=F=J;GEGKG:JAFGG
KG:JAF9
2E4>2;66>JG8I
;MX9<G=KHGKG<=D9@=J
E9F9E=FGJ<==DD9?<I9IFK?<I@EC8N?<I
PFLE><IJ@JK<IdJ?LJ98E;=KHGKG<=KM
HJAE9Q=JFG<=D@=JE9FGG@=JE9F9E=FGJ
<=DGKH9<J=K<==DD9?LJ98E;F=?<I:FLJ@E
JFE@EC8NF=?<IG8I<EKdJPFLE><IJ@9C@E>
*C
2E4>2;66>E2;<==DD92E4>2;66>
E@=42<==DD9K9J
92E4>2;66>0
BF:E4>2;66>L=F=J;GEG;MX9<G
2E4KJG8I
@=JE9F9E=FGJ<==DD9?<I
PFLE><IJ@JK<I:AK9:M=D9<==DD9?<I
>I<8K>I8E;DFK?<IHJAE9@AB9<=D@=JE9
FGG@=JE9F9E=FGJ<=DGKH9<J=K<==DD9
:FLJ@E?<IG8I<EKdJPFLE><IJ@9C@E>dJ
;8L>?K<I*C
2E42=<==DD9ME42=4@;<=
=DD9K9J
92A6E42K0
BF::E42KL=F=J
;GEG@=JE9F9E=FGJ
2E>292;JG8ILW9E9L=JF9E9QGJ@=JE9F9
E9QGJ<=KME9<J=FC;<ID8K<IE8C8LEK
DFK?<IdJFC;<IJ@JK<I*C
2E>M92=4<=VD
G<==DD92E>M92=4@;<==DDGKG<==DD9K
9J
92E>292;0
BF:E>292;L=F=J;GEG
LW9E9L=JF9E9QGJ
2E@;0
C8<EKI8;8GI
2E2
2I224JG8ILWGE9L=JFG@=JE9FG<=KME9
<J=D8K<IE8CLE:C<DFK?<IdJ9IFK?<I
/JFHG;G>J=;M=FL=*C
2I224=2<=VDG<=
=DD9G<==DDGKG<==DD9K9J
92I2242E
-@EXE
2K>::0
BF:I2242EL=F=J;GEGLWG
E9L=JFG
2I::92JG8I
@=JE9FGE9QGJ<=VDG<==DD9
?@JFI?<IFC;<I9IFK?<I:AKFA=LG<=VDG
<==DD9?@JFI?<I>I<8K>I8E;JFEHJAEG
@ABG<=D@=JE9FGG@=JE9F9E9QGJ<=KMK
H9<J=K:FLJ@EG8I<EKdJFC;<IJ@9C@E>dJ
JFE:AKFA=LG<=D@=JE9FGG@=JE9F9
E9QGJ<=KMKH9<J=K>I<8K>I8E;JFEF=?@J
FI?<IG8I<EKdJFC;<IJ@9C@E>*C
2I::9=2<=
VDG<==DD9G<==DDGKG<==DD9K9J
92I::92E0
BF:I::92EL=F=J;GEG@=JE9FG
E9QGJ
MKGIFE
IMVN?8KHL<JK@FE[dK:?E2>;4
_,MVLJ9BAKL=1?8K;@;PFL9I@E>[dK:E:
4T92J2_,MVLA=F=_,MVD=H9K91?8KdJ
K?<D8KK<IIMAVFN?FHL<JK@FE[dK
J22:J2_,MAVFDG@ARG1?FD8;<@K6 D
MKG;GF=DK=FLA<G<=gIMAVFhFG=K;GE[F
.?<LJ8><@EK?<J<EJ<F=cN?Fd@JEFK
:FDDFE
708I
9MK-@EXE
BF::9
2K224JG8I
@=JE9F9E9QGJ<==DD9?<I
FC;<IJ@JK<I:AKFA=L9<==DD9?<I>I<8K
>I8E;;8L>?K<IHJAE9@AB9<=D@=JE9FGG
@=JE9F9E9QGJ<=DGKH9<J=K<==DD9:FLJ@E
?<IG8I<EKdJFC;<IJ@9C@E>dJ;8L>?K<I
KG:JAF9:AKFA=L9<=DGKH9<J=K<==DD9
>I<8K>I8E;E@<:<F=?<IG8I<EKJ*C
2K224
=2<==DD9G<==DD9K9J
92K2242E0
BF:K2242EL=F=J;GEG@=JE9F9E9QGJ
2K4KJG8I
@=JE9FGE=FGJ<=VD?@JPFLE><I
9IFK?<I:AK9:M=DG<=VD?@J>I<8K>I8E;
=8K?<I2A6K42KBF:9EA29@>2I92?E
BF:9:E:E::;IK::IBF:9:EE24E:>D6696
4U:E4>M>2I::92I:>A2::M9F<GMFGN=
IM=KM:AK9:M=DGFGHM=<=@9;=J9D?GD=
9QM<99@9;=JDG1?<EJFD<FE<J<<JK?8K?@J
>I<8K>I8E;=8K?<IE<<;J?<CG;F@E>JFD<
K?@E>?<?<CGJ?@D;F@K
HJAEG@ABG<=D
@=JE9FGG@=JE9F9E=FGJ<=DGKH9<J=K<=
VD:FLJ@E?@JG8I<EKdJPFLE><IJ@9C@E>dJ
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K@;2?@; >2E2IBF:;=KLJ=DD9HGD9J+GD9
JAK(FIK?-K8I*FC8I@J&@K
=KLJ=DD9IM=FG
K=EM=N=<42E2I
2K@;42?@;:E::9::;BF:;MF<AK=XGH9J9;9F9K
L9K898JB<K;<J@>E&@K
=FIM==KLTD9
=KLJ=DD9<BF::;
JFE*C
2K42=<=VDMK42=@;MK42=4@;<=
=DDGK9J
92A6K42K)KI8G8C89I8K::I
92E:K4KEA@=JE9FGE=FGJ<A>MFLG0
BF::K42KL=F=J@=JE9FGE=FGJ
2K=2K=40
C8<EKI8;8GI
2K@;
2K>::JG8I
LWGE9L=JFG@=JE9FG<=KME9
<J=D8K<IE8CLE:C<DFK?<IdJ9IFK?<I
=FHDMJ9DH9JA=FL=K<=VDG<==DD9N?<E
GCLI8C?@JFI?<II<C8K@M<J*C
2K>::J2E<=
VDG<==DD9G<==DDGKG<==DD9K9J
92K>::-@EXE
2I2240
BF:K>::EL=F=J
;GEGLWGE9L=JFG
2K@;BF:;J;M=JHG;=D=KL=IM=:JADD9=FD9
FG;@=K=92=KLJ=DD9G3HD9F=L9:<C<JK@8C
9F;PK?8KJ?@E<J8KE@>?KN?<K?<I@K@J28
JK8IFI38GC8E<K*C
2K=42K=6D?MF9K
H=JKGF9KMK9FD9N9JA9FL=eAARGBf;M9F<GK=
@9:D9<=D9K=KLJ=DD9KE=FGKFGL9:D=K=F=D
;A=DG-FD<G<FGC<LJ<K?<M8I@8EKa@@QFAb
N?<EK8CB@E>89FLKC<JJEFK89C<JK8IJ@EK?<
JBP
708I
::K@;
::K=442?=4@>D9K=KLJ=DD9KK?<JK8IJ
2K@;422I2E2K@;42?@;422I2EE:?E:42
;GE=L9:FD<K&@K
=KLJ=DD9;GF@MEG*C
2K@;422I2E2;
2K@;42?@;
BF:;=KLJ=DD9JK8I&@K
=KLJ=DD9
IM=9J<=BF:;=KLJ=DD9<=E9JLVJEAFG
?=F=J9DJ<8JK8I><E<I8CK<ID6KL=JGA
<=97*C
2K=442?=
08I
::K@;42?@;
2K@;42?@;4966=BF:;
MF9=KLJ=DD9<=E9J
*8E8D@::LJ?@FEJK8I
6*<EK8:<I8JK<I:LD@E>@
)I<8JK<I
2K@;42?@;
F::@;<EK8C@J7
K@;2?@;2?E 7::22@E:?E:42BF:;
1=FMK0<ELJ&@K
=KLJ=DD9IM=H9K9=FD9
E9X9F9-@EXE
@?622I%224E2.66>6
K@;08I
:K@;2?@;2?E 7::22@
2K@;42?@;:E::9::;
K@;>::BF64@AD9;GFKL=D9;AYFIM==K=D
;9R9<GJK?<:FEJK<CC8K@FEK?8K@JK?<?LEK<I
&@K
=KLJ=DD9H=JKGF9
2K@;4A@4E:?E:42=KLJ=DD9>M?9R=KLJ=DD9NGD9
<GJ9E=L=GJGE=L=GJALG=8CC@E>JK8I
D<K<FID<K<FI@K<&@K
=KLJ=DD9IM=K=;9=
2K@;:>2=4>:K;4@A=F=JG$8EL8IP&@K
LA=EHGeDAEHAGfKAF=KLJ=DD9IM=9;GEH9X9
D9DMF9<:42=
2K@;:>2=:4@K:>BF:92?@422A4@AK=HLA=E
:J=-<GK<D9<I&@K
LA=EHG=FD9=KL9;AYF
<=;9DGJ;M9F<GFG@9Q=KLJ=DD9IM=9;GE
H9X9D9DMF9<:42=08I
2K@;:>2=BF:9
:4@K:>BF:92?@422A-@EXE
W4@?66::;U4
::K2I
K@;-66?@@22A4@AD<=:9JTFC;<
98I8E&@K
=KLJ=DD9IM=N99<=D9FL=-@EXE
2?E22=2;4 A2A;U'F66E@
2K@@4JG8I
KG:JAFGKG:JAF9@ABGG@AB9<=D
@=JE9FG<==DD9E<G?<NE@<:<?<I9IF
K?<IdJ:?@C;@ABG@AB9<=DHJAEG<==DD9
?<ID8C<:FLJ@EdJ:?@C;*C
2K@@4=2<==DD9
G<==DD9K9J
92K@@42E0
BF:K@@42E
L=F=J;GEGKG:JAFGGKG:JAF9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
C - c
44@>J.=?MF<9D=LJ9<=D9D>9:=LGK=JA
-=HJ=K=FL9MF9G;DMKAN9N=D9JKGJ<9C
-<:FE;C<KK<IF=K?<-<I@8CG?89<K
#K
I<GI<J<EKJ8MF@:<C<JJM<C8IJKFGB
6.M
FGE:J==F:D@@HL<@@KFD=KeK=f7
4GI<=M)GEAF9DAR9<GJ<=KMB=LG=FN=J:GK
9;LANGKFGF=?9LANGK-L9A<:KEFD@E8C@Q<I
FE8:K@M<EFEE<>8K@M<M<I9JA<DGCFJ
4@@D=DIM=;9FL9D9IM=;9FL9K?<FE<N?F
J@E>JBF:D:=DGIM==KH=IM=XGN?8K@J
JD8CC
08I
FIKF>IR=@:8BF0
:)GEAF9DA
R9<GJ<=KMB=LG9;LANGF=?9LANG92)GEAF9
DAR9<GJ<=KMB=LGH9KANGFGF=?9LANG
4GI<=M
9MK9LANG8LJ8K@M<[ E42KI_'G
JGEHAY@;?<9I<8B@K[ EBF667K_#ARG
KGFA<G<=;@9KIMA<G@;?<D8B<8K8GG@E>
JFLE;
KAKLANGJJ@JK@M< J24@DA@;'=
9QM<Y9=K;JA:AJ-?<?<CG<;?<INI@K<
.=
HJ=K=FL9=F;A=JLGKN=J:GKH9J9AF<A;9JIM==D
KMB=LG=K=D=PH=JAE=FL9<GJ)::LIJFE
:<IK8@EM<I9JKF@E;@:8K<K?8KK?<JL9A<:K@J
K?<<OG<I@<E:<I
[ ?EBF66A6_/=H9J=;=
:M=FGFPFL=@E;@K>FF;08I
FIKF>IR=@:8BF0
222429
4GI<=M$EH=J9LANG#DG<I8K@M<\2E2I
`1=L=!F\>22:E@>`)G@9:D=KFEdK
JG<8B\'FPA6K2`'TE=DG&@:B@K08I
FIKF>IR=@:8
BF0
9ELCF
419JA9FL=>GFGDY?A;9<=e;9
fKMB=LGGHGK=
KANGAF<=L=JEAF9<G*?FEFCF>@:8CM8I@8EKF=
LEJG<:@=@<;JL9A<:KFIGFJJ<JJFI
a:8bA<DGCFA@4@@DKAMFG;9FL9@=FE<
J@E>J
419JA9FL=>GFGDY?A;9<=e;9
fHJAE=J9H=J
KGF9=F>TLA;9=F>GJE9KN=J:9D=KAFLJ9FKALA
N9K*?FEFCF>@:8CM8I@8EKF==@IJKG<IJFE
<DG?8K@:FE@EKI8EJ@K@M<M<I9=FIDJa:8b
A<DGCF2E66D4@@D2924G;9FL9JV#N@CC
J@E>
428LO.=MK9<=KHMVK<=N=J:GKFGEAF9DAR9<GK
>MLMJGK/J<;8=K<I=LKLI<EFD@E8C@Q<;M<I9J
)::7A42E66>6A;=IM=DD=?9JT"<J8PJ
K?8K?<N@CC8II@M<
6D::7A4292'D=?9JV#
N@CC8II@M<
.::IDA29:E42BF:D:=:A::>A29@
92)G@9QF9<9H9J9;GE=J.?<I<@JEdK
8EPK?@E>KF<8K
08I
BF69FL=K<=e;EAKf
42GI<=GIFEM.MB=LGGHGK=KANGAF<=L=JEA
F9<G/EJG<:@=@<;JL9A<:KFIGFJJ<JJFI
24ID@>42>::92920FGFGEGJAJT)E<
N@CCEFK;@<
\)422=I`19EGK&@K
0FG
<=:=AJ&<KdJ>F&@K
)E<J?FLC;>F E:
J@BF::90FGNANW9=F=DD9)E<C@M<;@E@K
UE4229:E_0FGH=K;9:9;GFVDc)E<
=@J?<;N@K?@K_'F:=QEBF:;D29A22:DI292
'9;9:=R9<=MFGK=<=:=D9N9J)E<dJ?<8;
J?FLC;9<N8J?<;
08I
=FEFC
4224BF
42GI<=GIFEMQG=F>TLA;G=F>GJE9KN=J:9D=K
AFLJ9FKALAN9K#<DG?8K@:FE@EKI8EJ@K@M<
M<I9=FIDJ2E66D@>422E2I2924GFG
AJV#NFEdK>F
2E66D427QE2924GE=
HGF<JV<=HA=#N@CCJK8E;LG
2E66D4@@D
2924G;9FL9JV#N@CCJ@E>
2E66DBF::>
2924G<GJEAJV#N@CCJC<<G
08I
=FEFC
4224BF0
2
422MKM;d6FEAL>
.I
:E22:E22E:>
:E2E@@E2>#EKI
E22E22E:>E22E2>7
4U422M;;8K9QM<9J9E9FL=F=J?<CG?FC;
[&@@D;4@A4UE22_QM<YVD9E9FL=F=JD9
HAGD9@;?<?<CG?FC;K?<=@J?@E>C@E<
\U22\U22`/=F`/=F"FC;@K6
4@9AD229229:1GQ9L=F=JDG#8D>F@E>KF
?FC;@K
:?@=422MKLGE9JD9E9FGK8B<?FC;F=
FE<dJ?8E;\:?@=922`/YE9E=D9E9FG
.8B<?FC;F=DP?8E;#:?@=:9D22292
1GQ9LGE9JLME9FG#8D>F@E>KFK8B<
?FC;F=PFLI?8E;
::BF:422MKG>J=;=J=PL=F<=J@9;A9F==<I
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
HD9FG/A=F=HMFL9.?8K?@CC@JEdK=C8K
KFGG<;
#K?8J8GF@EK
/JF9J;6FEAL>
E22E22K27-@EXE
4;:A
42219JA9FL=>GFGDY?A;9<=e;9
fHJAE=J9H=J
KGF9=F>TLA;9=F>GJE9KN=J:9D=KAFLJ9FKALA
N9K*?FEFCF>@:8CM8I@8EKF==@IJKG<IJFE
<DG?8K@:FE@EKI8EJ@K@M<M<I9=FIDJ
a:88b2E66D@>422E2I2924GFGAJV#
NFEdK>F
42219JA9FL=>GFGDY?A;9<=e;9
fKMB=LGGHGK=
KANGAF<=L=JEAF9<G*?FEFCF>@:8CM8I@8EKF=
LEJG<:@=@<;JL9A<:KFIGFJJ<JJFIa:8b
\)422=I`19EGK&@K
0FG<=:=AJ&<KdJ
>F&@K
)E<J?FLC;>F
4222MKM;DD9E9JHGJNGRGHGJK=X9:8CC9P
MF@:<FI9PJ@>E8C@E>E2>E:4@A>2J222
K=@GE:J=L=DD9E9.?8KD8E@J:8CC@E>
PFL
>22IK::IBF:9:E:4UEA24E2>29:>
:92E@22EE22I:A24E2K:9M9>::>K@@GJ9
IMA=JGK9:=JHGJIMVE=DD9E9JGF(FN#
N8EKKFBEFNN?PK?<P:8CC<;D<
6FEAL>
.I
:E222:E222E:>:E2E@22E:E2E@22E@=42
#EKI
E222<K:
70
I?224222K9DA;GJFA9
4222JL9D9<JGH9J9@9;=JDME:J==@I<;I@CC
>::BF692>M4BF:9:96E=:>BF:>K@BF:;
E::I42224@>:DD24E:>292'9H=JKGF9IM=
IMA=J=@9;=JDME:J=HGJ>JA;;AYFMK9JTMFL9
D9<JGEPFE<N?FN8EKJKFD8B<8=@I<9P
=I@:K@FEN@CCLJ<8=@I<;I@CC
*C
42224@=
<OK<E;KFN8I;J?8E;\2>42?@::?BF:;
9::BF:922`+TK9E=D9GDD9"8E;D<K?<
GFK
::BF:422E:>M@AEAL9JHGJ:MJD9:MJD9JK=
<=@D@K8K<KFD8B<=LEF=D8B<=LEF=
>224@;E:4@AE222E:>92IEMI2I:>@@
>2::BF:92E22E2>>29:K:J@@IAI K=
NA=BG@9:D9:9;GFMF9NGRJGF;9D=AEAL9EGK
QK;==FGBY;GFFGKGLJGK.?8KFC;D8EN8J
K8CB@E>I8JG@E>CPJFN<@D@K8K<;?@D8E;?<
>FKD8;8KLJ
#::BF:9AI22E:>(=:MJDV
<=LA#D8;<=LEF=PFL
WI6A6422;9R9J;9?M9E9?LEKJ<8KLIKC<
/JF9J;
K2422>BF:;422E:>;G;AF9JH9J9D9>A=KL9
<=MF9EM;@9;@9:FFB=FI8>@ICdJ=@<JK8
.2422>BF:;:9E22E:>>2AJ66DE92?E
>::;#9:W9MF9>A=KL9QQG=KL9:9;G;AF9F<G
H9J9D9EM;@9;@9.?<I<N8J8=@<JK88E;#
N8J:FFB@E>=FIK?<>@IC
K::I422E:>HJ=H9J9J;GEA<9GI<G8I<=FF;
:E2BF:;K::I:J22E:>(AE9ETHJ=H9JY
;GEA<9'PDFK?<IGI<G8I<;=FF;
92A22E:>JJLAG8JEM;@9;@9>=KL=B9<9=F
D9>A=KL9<=HM:=JL9<>@IC?FEFI<;@EK?<GL
9<IKP=@<JK8
EA22E:><OGG8JK=;=D=:J9:9KM>A=KL9<=
HM:=JL9<?<IGL9<IKP=@<JK8N8JK8B@E>
GC8:<
422M;EGD=J?J9FGKGK=EADD9K>I@E;>I8@EJ
FIJ<<;J)224292199EGD=J-?<@J>F
@E>KF>I@E;
6FEAL>
E22E22E:>E22J@;
E22J@=4270
C8<EKI8;8GI
:42
:4MJF9C89Jd0
K::I:4ME=L9L=
422M@d
::BF:422@9;=J<9XG6;GEA<979?8ID
5=FF;6.::I:AI2D:4>::A=2K@9A@@9:EE2I
9::BF:D22292.A;GEG;9JF=HG<JA<9E=
@9JT<9XG#=#<8KIFKK<ED<8K@KN@CC;FD<
?8ID
6FEAL>
E227
W422M@HD9FG9HD9F9<G=C8K2DEE:4@>:>22
92*::I92DE:J2EBF:E292 K=;=JJGFG=K
4222
42224E2>H9DGIM=K=MK9H9J9@9;=JDME
:J=;I@CCJK@:B&@K
L9D9<JGE9;@G
42224>22>L9:D9IM=K=MK9H9J9@9;=J
DME:J==@I<9F8I;&@K
L9D9<JG@=E:J9
42224@E0
C8<EKI8;8GI
4U42224@E
4222;0
C8<EKI8;8GI
422:=
4222>2>0
C8<EKI8;8GI
4@@92
4222DI:>0
C8<EKI8;8GI
422:DI
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4222E:>0
C8<EKI8;8GI
422:E@>
42242MKd6FEAL>
:E2242:E2242E:>
:E2E@@42;:E2242;:E2E@@42E@=42:E2E@@42
;2>:E2E@@42=42>:E2242E@=427
2?IU4U42242E9F<9J@9;=J9D?GFI;<IKF
;FJFD<K?@E>
4U42242=F;9J?9JH9J9;GFK=?MAJ9D?G8JB
KFF9K8@EJFD<K?@E>,::4292A29:EA24
4@9D22429229:1GQ9=F;9J?9JD=IM=LJ9A
?9;GEA<9#8D>F@E>KF8JB?<IKF9I@E>
=FF;
::BF:42242E9F<9J9D?G99D?MA=FJ<E;
JFD<K?@E>KFJFD<FE<)2C22A:K@>::BF:
9>22424GL=E9F<VMF9;G:AB9#J<EKPFL
89C8EB<K
#2CQ2BF:92E2BF:;92A2DA@;
BF:92?IU::BF::J2242E:>(9JW9E9F<Y
EM;@9K;9JL9K9KME9<J='8IV8J<EKD8EP
C<KK<IJKF?<IDFK?<I
:42242JF9C89Jd0
92A2DA@;::BF:
:42242;9JL9
J2242JF9Cd0
K::IBF:9J2242KM
;GFK=BG
42242=420
C8<EKI8;8GI
42242=4@E
42242=42>JN=F9<G:MJ9;GF<GKHMFL9K=F
;9<9MFG<=KMK;M=JFGKKNFGF@EK<IDLC<
;<<I6);F:F@C<LJ?<D@FELJ76.=J=D9;AGF9
@AKLYJA;9E=FL=;GF=DN=J:Ge;99;Bf,<C8K<;
?@JKFI@:8CCPKFK?<M<I9a:88:Ab
7
42242=4@EM8J@JKN=KLAJHGF=JJGH99GLJ9H=J
KGF9;GEHD=L9E=FL=;I<JJJFD<FE<<CJ<
:FDGC<K<CP#29D2242=4@E292/=NGQ9
N=KLAJ#8D>F@E>KF;I<JJPFL
6FEAL>
:E2242=4@E:E2242=4@;7<BF62242=42
N=KLAJK=08I
42242=42
42242EIM:d6FEAL>
.I
:E2242EI
:E2242EI:>:E22:=I:E22=2;4:E22=2I=42
:E2E@@>6E@;#EKI
E2242EI<K:
7
92?E42242EIM:@EKI<9J9DMRH9JAJ>@M<
9@IK?9<8I:?@C; 92>@49@J24;BF:992?E
>22:=I,:42BF:K::=BF:94@@4;:9:>::4E@
FG;@=EA@=JE9F9<AG9DMR?=E=DGK&8JK
E@>?KDPJ@JK<I>8M<9@IK?KFKN@EJ
0
2?E
22=2;4 A2A;UD<=:9JTF=KLJ=DD9
::D2I4@>4U42242EI9:9F<GF9JC<8M<
;<=@E@K@M<CP[#::D2I4@>4@?E2242EI
_'G9:9F<GF9KL=@;PFLC<8M<?@D
:D@;4U42242EI9:9F<GF9JMF9;GKLME:J=
C<8M<8?89@K
4224;MM<:<JG;MJJAJ<GKN=;=K?8GG<EKN@:<
.::I924IE::;42E2IE:?E:42M?@E:>@K
J2A?::4=E224;>22?@BF::;BF:;924I
J@>::9 D;9EAYFK=NGDL=Y@ARG<GKK9DLGK
QD9H=JKGF99<=FLJGK=EMJAY.?<KIL:B
KLIE<;FM<IIFCC<;FM<IKN@:<8E;K?<G<IJFE
@EJ@;<;@<;
6FEAL>
E224;E2242=:>
E2E@@42=42>E2242=42>7<4@@4;<GK
4224;M:KId6FEAL>
:E224;:E2242=:>
:E2E@@42=42>:E2242=42>7.<D8G8J
A24;0
92?=92A24;HMX9<G;GFD9K<GK
E9FGK
92?E4224;L=F=J<GK9XGK<==<9<9<KNF
P<8IJFC;[#692?E4224;J2_/A=F=K<GK
9XGKI<PFLKNFP<8IJFC;
/:9::D2I4@>0:A@E4224;<OGAF<=;AKG
@E;<:@J@M<[69:9::D2I4@>:A@E:9E224;
_4GKGQAF<=;AKGD#@E;<:@J@M</JF
HG;G>J=;M=FL=
:A@E4224;<G:D9J=FC;&@@D;BF:9:A@E
:9D224;2921GQ9<G:D9JD9HAGD9#8D
>F@E>KF=FC;K?<=@J?@E>C@E<
4224=@;0
C8<EKI8;8GI
4224E:>
4224>@;MK=FNGDN=JHMFL9<=9JHYF;GF
;M=J<9NI8G?8IGFFEGF@EKN@K?:FI;6
E:D4@>D224>@;42921GQ9=FNGDN=J=KL9
HMFL9<=9JHYF;GF;M=J<9#8D>F@E>KF
NI8G:FI;8IFLE;K?@J?8IGFFEGF@EK
6FE
AL>
:E224>@;:E224>@=427
:9224>@;JF9C@ADGIM=E9FLA=F=D9HMFL9
<=D9JHYF=F=D9KL9:FI;K?8K=8JK<EJ
?8IGFFEGF@EKKFGFC<*C
:9224>@=42
4224?:M@=F;GJN9<G9JIM=9<G:LIM<;8I:?<;
696:I22:92I4224?:@@E:4@>9642>;4
92D:E;K@9D22:/JT=E==K9J9WR=F;GJN9<9
@9JVMF9;MF9HGJLTLAD;GF=DD9I@E>D<K?8K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
JFD<FE<FIJFD<K?@E>,6A6::4A>6
D224@;292 DE9JL=N999D;9FR9J.?<J<8
@J>F@E>KFFM<IK8B<PFL
,:42BF:K::=4@:
92IU=:E2AE>2I6A6::4A4UE224@;>2
E66?K:=42:?J:E@@:;'GKFAXGK=KL9:9FBMF
L9F<G9DE=B9K=DE9JD=K9D;9FRYDGKFAXGK
?JAL9JGFQJ=?J=K9JGF9D9HD9Q9.?<:?@C
;I<EN<I<>8K?<I@E>:C8DJK?<J<8FM<IKFFB
K?<DK?<PP<CC<;8E;I<KLIE<;KFK?<
9<8:?
224@;664@;224U=664U=JL=J.M>ABGK
IM=K=<=JAN9F<==KL=N=J:G-L==@O<J;<I@M<;
=IFDK?@JM<I90
@7E664U=AKD9.9F KL=
:9F92E?224@;;9JHAFL=JG<=D<=KA=JLG
@:?2;664@;DM?9J2I224@;DM?9J=FD9AKD9
.9F KL=:9F<GF<=@9:W99?M9<MD;=:E2DE
224U=EGB9JJYFD6?6=224@;E9JAHGK9<=D9
EM=JL=
224@; >ATEMFDM?9J=FD9AKD9/A:MJYF8
GC8:<FE.@9LIFE#JC8E;&@K
<GF<==D
@GE:J=?J9F<=FGH9K9<4@4ATE4A@E
H9K9JHGJMF99:=JLMJ9
4224@>@EMK<9JH9J9=KHGK9>@M<8JN@=<
E2>E::I664BF:;9:>::E69:?J224@>@E
K=@GE:J=E=<AGKM@AB9H9J9EA=KHGK9
.?8KD8E>8M<D<?@J;8L>?K<I8JDPN@=<
6FEAL>
:E224@>@E:E224@>@;76 KH9D9
:J9<=DGKePAA;9;GGKQ9LGBfg?A?9FL=Kh.?@J
G8C89I8@J=IFDK?<aO@@:8:FFJP8KFAb
c>@8EKJd
7<24@>0
W92?E66K;4224@>@E
;M=FL9K<=:9JJG
4224@>@E0
C8<EKI8;8GI
W92?E66K;4224@
>@E
4224DIM:<=KH=JL9J9GLJGN8B<LGJFD<
FE< :BF:E@;@K:>224DI=J=H=FL=D9
<=KH=JLY-?<JL;;<ECPNFB<?<ILG
6FE
AL>
:E224DI:E2242DI:>9N9JA9KH=JKGF9K
:E2E@@42DI2;7<424DI<=KH=JL9JK=
4224E:>M:;GJL9JLJGR9J:LK:?FGF==
&?224@;92?E92?QAA24:9A224=@;E2
92A@@?6496>692A@@>=2;4E292422:?
92?E92A29E@;K@9D22:292.A;GJLGH9DGK
:LIM<;IFFK#N@CCD8B<8:I8;C<9F8I;N@K?
@K
6FEAL>
E224?:E224K270
9224?:9J;G
4224?:
4224@M:d6FEAL>
:E224@:E224@E:>
:E224@;:E224@;2>:E2E@@4@;2>7<424@
G:NAG0
BF:?22:=:>2E;9224224@L=JEY
E=LJG
9224224@
E9J;9JH9J9K=X9D9JIMAVF=K=D
<M=XGD8IBKF@E;@:8K<N?F@JK?<FNE<I
[.Q>;U4922?E224@_MTF<GDGE9J;9KL=
1?<E;@;PFLD8IB@K.::I4@@92E:?E:42
922J29224@ K9N9;9@9KA<GE9J;9<9
.?8K:FN?8J9<<E9I8E;<;
A<=FLA>A;9J
@;<EK@=P
:9224@JF9CG8J;GFIM=K=E9J;9N@K?
N?@:?@K@JD8IB<;0
92D@922:9224@
:GQ9IM=E9J;9=DDM?9J<GF<==KLTD9J=<
4224@MKM;;GFKLJMAJL=F=J;9K99L@C;?8M<
?FLJ<[@4U9:K4@::?D224@922J2_19K9
;GFKLJMAJMF9;9K9;GF=KL9E9<=J9I<PFL
>F@E>KF9L@C;8?FLJ<N@K?K?@JNFF;#6
9AJ224@/=F?GMF9;9K9;GEGD9LMQ9#
?8M<8?FLJ<C@B<PFLIJ
2K22>E:9:
9J224@/=F?GMF9;9K9<=9<G:=#?8M<8
?FLJ<D8;<F=8;F9<
6FEAL>
.I
:E224@
:E224@E:>:E224UE#EKI
E224@<K:
70
9224@;9K9
4224@;M@?J9F<=C8I><9@>.::I92AI4@@>
:=QEBF:;4224@;:92'9;9:=R9<=D9:9DD=F9
=K?J9F<=N?8C<dJ?<8;@JC8I><
6FEAL>
E224@;E224U=7EKXE
BF:D:=0
429224@;
@9;=J?J9F<=92?E224@;LA=JJ9;GFLAF=FL9D
2?E224@;D9-=H[:DA;9(=PA;9F99696
4224@;@A?M=JADD9BF:96964224@;B=>=
I::424224U=E9WR
/:9:A@?04224@;?JM=K96NGR7:9B9Q>M=JL=
6NGR7CFNG@K:?<;8E;CFL;5MF@:<6
/I6A60::4A4U4224@;<OGKG:J=H9K9J6=D
E9J79MF9H=JKGF9G;GK95J<86FM<IK8B<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<=E9F?D=DGKDD=N9J=EGK9D;9EH9E=FLGQ
@9JVMFJ=;9DEYF=F>GJE9;AJ;MD9J#=#:LK
D8E>IFM<JK@:BJN<N@CCKFK8B<K?<DKF
:8DG8E;#N@CCD8B<8:@I:LC8IN@E;9I<8B
6FEAL>
:E224E:>:E224E:E224=@;:E2E@@4=
:E2E@@4E:E2E@@42=2>7<424E:>;GJL9<G
.<D8JG8J
A24E:>A24E0
424@4E:>
9QM<9J9;GJL9J92E22::>A24E:>JGDDG<=
L=D9
4U4224E:>
;=JJ9JDD9N=9H9?9J;GJJA=F
L=KLIEF==J?LKF===8L:<K:LII<EK.::I
2?:4@@DBF:;4@9D224E:>9229:1GQ9
9H9?9JD9?J9:9<GJ9#8D>F@E>KFKLIEF==
K?<K8G<I<:FI;<I
9<ANAF9J=FBM=?GK<=
9R9Je;GJL9F<Gf=DG:B=LG>L<JJ@E>8D<J
F=:?8E:<a:LKK@E>bK?<F9A<:K2A2DA@;
:BF::>@EBF:94@9D224E:>2921GQ9
9<ANAF9J=DF9AH=#8D>F@E>KF>L<JJK?<
:8I;
:4224=@;JF9C89Jd0
66?>:4224=@;
;AF;=D
:A24EJF9CG8Jd0
42KE2K:A24E@GR
92?@@D=42:A24E;GJL9MX9K
4224E@;M@H=J<=JK=6>JML9K=;9JK==FD9HD9FL97
;IPLG5=IL@KFEGC8EK6,22D;4@>:DBF:9
4@@I>224E@;/G<9D9>JML9<=D;9J<YFK=
H=J<AYCCF=K?<J8?L<JF=IL@K;I@<;LG
6FEAL>
E224E@;7
4224U:>MK9DAKL9JMF9:9DK9;GFH9DGKH9J9
DD=N9J;9J?9I<8;P8I<<;9F8KN@K?JK@:BJ
KF:8IIP:8I>F D4M>4@>:E224U:>:E2I:
I2A@@4@:2?@?E:E2A24:EM4@E:>:AI2D:
4@::E@@?:>2422E2I/=JEAFY<=9DAKL9JKM
:9DK9>M=H9J9;9R9JDG:GKE9JAFGKE9LY
9D?MFGKQDD=NYKM;9JF="<=@E@J?<;
I<8;P@E>?@JI<<;9F8KN<EKKF?LEKJ<8
C@FEJB@CC<;JFD<8E;KFFBK?<D<8K
6FE
AL>
:E224U:>:E224U=42>7
:4224U:>JF9C89Jd0
9696:4224U:>
H9DGKMK9<GK=FMF9:9DK9H9J9HJ=H9J9JD99
DD=N9J;9J?9
W4224U:>MK@IIEGD=JHAL9Q9K=;9H9J9K9;9J
MFHGDNGH9J9@9;=J;@9HGHGL=>I@E;;IP
FI>8EG@G<:8:KLJKFF9K8@E8GFN;<ILJ<;
=FID8B@E>K8I:?E224BF:9@@=:AI2D:4@:
:J@@4U:>9@4U:?6A24:D22:E22(ALW9
=KL9:9EGDA=F<GD9HMDH9<=HAL9Q9H9J9
@9;=J;@9HGHGL='P8LEKN8J>I@E;@E>
FI>8EG@G<:8:KLJGLCGKFD8B<K8I
/JF9J;
6FEAL>
:E24U:>:EM4U:>2>
:E2E@@4>@=4276 DN=J:G=KAJJ=?MD9JKGD9
E=FL==FD9>GJE9FGEAF9DAR9<9<=KMB=LG
IM==Ke;99;ZAEf;GFNG;9D<G:D=9MFIM=
=DL=E9=Ke
9;ZAEf.?<M<I9@J@II<>LC8I
FECP@EK?<JL9A<:KEFD@E8C@Q<;=FIDN?@:?
@Ja:88:Y@DbN@K?8CFE>MFN<C8CK?FL>?
K?<JK<D@Ja8:Y@Db
7M;4@@4U:>
4224U=0
C8<EKI8;8GI
4224@;
42274MK?GDH=9JH=K9<9E=FL=?@K?8I;!@DP
BF:9:?@=4@A66?>:422E;BF:94U:>2274
%GKVK=H=?Y=F=D<=<G;GF=DE9JLADDG$FJT
?@K?@J=@E><IN@K?K?<?8DD<I
2A4@>
E@@I:>2I2?@42272;BF:>92AM9BF:;
92?EK@4UE::;I:D4EI29:>@KI29E22I29
:>6I=M9F<GMFN=F9<G:MJ9K=E9L9D9
H=JKGF9IM=K=DD9E9e9FG;99>9BIMAEfK=
DD=N9DGKHMDEGF=KQ=D;GJ9RYF1?<E8
DLC<;<<I@JB@CC<;K?<G<IJFEN?F@J:8CC<;
a8EF:88=8AHL@Db><KJK?<CLE>J8E;?<8IK
6FEAL>
:E2274:E2272;BF:>:E2E@@7;@;7
.<D8G8J
A274
:>A274JJLAE<>d0
:>@I >A274
;A=JLG?A?9FL=
J2274J:FDGCd0
BF::>@D:>I6A6?@
4224U:>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:9F<9<=DKGE:J=JG
4227A0
C8<EKI8;8GI
4U4227A
4227AM@@IIDD=?9J8II@M< :7ABF:99J@>>::
)GDGK=FLW;M9F<GDD=?Y#;@;EKJ<<FI?<8I
?@D8II@M<
#@I:>2BF:9E22I:E:4U:D::7A
292I@E>27A:9@$:99DD=?9J9Q=JH=JGFG
DD=?Y"<N8J>F@E>KF8II@M<P<JK<I;8P9LK
?<;@;EdK
6FEAL>
E27AEM72A:>E2K42>
EMK:;42>76 DN=J:G=KAJJ=?MD9JHJAF;AH9D
E=FL==FD9>GJE9FGEAF9DAR9<9<=KMB=LG=D
@=;@G<=IM==Ke;99>HfQe;99R;9Ef;GF
NG;9D<G:D=9MFIM=DGKL=E9KKGFe
9>HfQ
e
9R;9Ef.?<M<I9@J@II<>LC8IGI@D8I@CP@E
K?<JL9A<:KEFD@E8C@Q<;=FIDK?<=8:KK?8K@K
@Ja:88=Gb8E;a:88Q:8DbN@K?8CFE>
MFN<C8CK?FL>?K?<JK<DJ8I<a8=Gb8E;
a8Q:8Db
7
9224U4227AKM>A;A=FL=<MJ9J<EFL>?JL=
=@:@<EKC8JK,::422?:422:>66I=4@:922
4U:>27A:92 D9R[;9JIM=;GEHJ9KL=FG>M=
KM>A;A=FL=.?<JL>8IK?8KPFL9FL>?KN8JEdK
<EFL>?
.229BF:942EI@4@:9224UJ@@7A
MJYEM;@GK<W9K#KC8JK<;D8EP;8PJ
92=I2?@4227ANAKAL9JM@J@K6#2CQ2
BF:9J224@BF:992=I2?@D::7A42926
I22?D::?42921GQ9NAKAL9J=FD9;9K9<=
(9JW9HGJMFJ9LG-=?J=K9JVHJGFLG#8D
>F@E>KFM@J@K8K'8IV8dJ?FLJ<=FI8DFD<EK
#dCC9<I@>?K98:B
92I@;4227ADD=?9J9LA=JJ98II@M<8KC8E;
[.Q>;U492I@;E2K42>_MTF<GDD=?9JGF9
LA=JJ91?<E;@;K?<P8II@M<8KC8E;
:E24227ADD=?9J9DDWEAL=6E9J78II@M<KFK?<
C@D@K5J<86,6A6BF:I:E:>@42:>BF::?:9
E@44U>@>2@@I29A6>6E2I:E2D::7A
429E@44U>::942'9E9J=9=KLTKM:A=F<G
+JGFLGN99DD=?9J9D9GJADD9.?<K@;<@J:FD
@E>@E
#K@J>F@E>KFI<8:?K?<J?FI<JFFE
:E22:4227A=F;GFLJ9J9MF9H=JKGF9IM=
DD=?9D<<KJFD<FE<N?F@J8II@M@E>
\2?@22BF:9:E22:427A\@@4E2[dK
:E2>;4` F;M=FLJ99D9H9F?9_N=JIMV
J2274MF99DE=B9
422742;40
C8<EKI8;8GI
4227KI
4227:?MKd6FEAL>
:E227:?:E227:?:>
:E2E@@7:;2:E227:;270
K::IK::I2?@4227:?
HMJ?9FL=
4U4227:?JG<=9JJLIIFLE;A@@E4@:E@@9:E
>2I6A6::BF:92J@AM?4@;492D@BF:9
4U92D2E@@7:;2E220F;9J<ME=F<=KA=JJ9
=KL9:9;GEA=F<GQ;GJJAEGK9D9HD9Q9H9J9
;=J;9JDGK;GFD9J=<J:?FFCF=J@<II8
D8:B<I<CN8J<8K@E>8E;N<I8E8CFE>K?<
9<8:?KFJLIIFLE;K?<DN@K?K?<E<K
2?@4227:?H9K9JHGJMFDM?9JG8JJ9P8
GC8:<&@@A42E292422:?A24:9D4@@:292
22A2BF:9:?E@@:EI9224@4@A92?D@2?
:E227:?>2I92=II29J22A=E2IM9F<G
DDM=N9NGQ9LJ9=JJ9E9KH9J9@9;=JMFJ=;9D
EYFM9F<G=DNA=FLG<=DFGJG=KL=H9K9HGJ
D9;9K9@9;=EM;@G>JWG1?<E@KI8@EJ#8D
>F@E>KF9I@E>9I8E:?<JKFD8B<8N@E;
9I<8B
1?<EK?<EFIK?N<JKN@E;9CFNJ9PK?<
?FLJ<@K@JM<IP:FC;
0
2?@4@@7:?H9K9J
MFDM?9J
>::K;924I4227:?
@9;=J:A=F9:=F<=;AJ
;FN<CCKF9C<JJ"F:D2BF:9>::K;924I9:>
I227:? 6 9:? J@>2IAI'MAK9E=:=F
<ABG)G=KL9:9=FGB9<9;GFEA?G&L@J8
9C<JJ<;D<
-?<N8JEdKD8;8KD<
-@@K
BF:;>::K;924I9:>4227:?:92AGKE=
:=F<A;=!F;9C<JJ<JD<
9<EAFAKLJ9J:A=F
8;D@E@JK<IN<CC'F:9696BF:;4U:J2E:4A2?
924>::K;924I:I227:? DHJ=KA<=FL=9<EA
FAKLJ9D9K;GK9K:A=F.?<GI<J@;<EK@J8;D@
E@JK<I@E>N<CC
4U4227:;2@9;=J9FADDGK<=;GDGJ=FMF9;9
F9KL9D8B<I@E>JF=:FCFI@E898JB<K
2E22:4966=BF:94@9A227:?E2I92D2;
:9J22:4@AD2K::>292(A;9F9KL9K=JT
:GFAL9KA@9?G9FADDGK<=;GDGJ;GFL=D9JGB9
=F=DD9'P98JB<KN@CC9<GI<KKP@=#D8B<
I@E>JF=:FCFIN@K?I<;:CFK?@E@K
:9227:?JF9Cd0
922@?2>:9227:?
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
LJ9BG!FD<<KK?<9F8K1?8K;@;@K9I@E>
:J2E4U4227AL=JEAF9<G=@E@J?<; 9J2E:4
A2?BF:9:J2E4U4227A:92(ALJ9:9BG=KLT
L=JEAF9<G'PNFIB@J=@E@J?<;
AE64227A
;GF?J=?9JK=J=MFAJK=:FE>I<
>8K<D<<KKF><K?<I&E6>::7A.=;GF?J=
?9JGF.?<P:FE>I<>8K<;
#@I:>2BF:9AE6
92J@@7AQ=JFGKJ=MFAEGK3<JK<I;8PN<
D<KKF><K?<I
#2?F6=I29!F2?I29AE6
>::7AD@@K2E22.=BMFL9JGF(9FM=DQ%M9F
H9J9HD9LA;9J'8EL<C8E;$L8E:8D<KF><K?
<IKFK8CB
;9K9JK=D8IIP
4227KIM@JTHA<G=8JK&227KIJ@>2E2I K
D=FLG=F=D9JJ9FIM='AL-THA<GFGN9#K
@JJCFNKF><K>F@E>
&@K
8JK@K;F<JEdK>F
6FEAL>
E227KIE2272KI:>E22742;4
E22742I=4270
429227KI9HMJ9JK==F@9;=J
9D?G66?>9224?:4227KIJA>D=9MLGETLA;G
/:9::D2I4@>04227KI/::D2I4@>04227KI
<OGF=JNAGKGAJ9;MF<GE<IMFLJ@II@K89C<
HL@:BK<DG<I<;&@K
KM=KHWJALM=KJTHA<G
#@I:>29:9::D2I4@>I227KII@4>22I
9:9::D2I4@>:A@EJ@@K@;Q=JQG=KL9:9
EMQF=JNAGKGH=JG9@GJ9=KLGQLJ9FIMADG
3<JK<I;8P#N8JM<IPE<IMFLJ9LKEFN#8D
:8CD
4U:9227KI924:E:<OG<=J=H=FL=9@GJ9
EAKEG=F=K=EGE=FLGJL;;<ECPI@>?K
EFNI@>?KK?<E2:4@A:?E@@:E>2
4U:9227KI924:E:9@@42=24UE22?:>>2
92?E4@>E4@@@J:4@A@==J=H=FL=K=
FM:DY;M9F<G=DNA=FLGNAFGQLG<9D9LA=JJ9
K=GK;MJ=;AY1?<EK?<N@E;:8D<@KN8J
JL;;<ECP:CFL;P8E;8CCK?<<8IK?9<:8D<
;8IB
42290
C8<EKI8;8GI
4U4229
422928;MGI<Gd0
42292BF:J2=KL9J
9D=JL942292424@22E4U424@22E9NAK9J
422920
C8<EKI8;8GI
4U42292
42292;420
C8<EKI8;8GI
BF::;
42292=M:d6FEAL>
:E2292=:E2292=:>
:E2E@@92=2:E2E@@92=2>7<:42=9;GEH9
X9J
4U42292=DD=N9JGE9F<9J9D?G;GFKM
;GEHD=E=FLGK8B<FIJ<E;JFD<K?@E>N@K?
@KJ:FDGC<D<EK
:D@;4U42292=DD=N9J;GEA<9K8B<8CLE:?
>::BF69::4@E422AE:?E:42K::I:AI2D:K
:D@;4U:E2292=:>::9:EI@9:K:E4>66E:>:9@
'9H=JKGF9IM=>M=;GFFGKGLJGKK=;GEAY=D
DGF;@=<=;9JF=IM=@9:W9DD=N9<GH=JGFG
FGK;GFNA<Y.?<G<IJFEK?8KN<EKN@K?LJ
8K<?@JCLE:?F=D<8KK?8K?<?8;K8B<E9LK
?<;@;EdK@EM@K<LJKFJ?8I<@KN@K??@D
:D@;:92292=JF9C;9F9KL9H9J9;GEA<9
;9EH=KLJ=J=;L9F?MD9JQ@GF<9G@:E@:98J
B<KI<:K8E>LC8I8E;;<<G
42292E2;M@;9KAE9<MJ96>JML978CDFJKI@G<
5=IL@K6 >M>BF:992?E4@9D29664E:>92
4@:42292E2=424@:E22I:9D22:2921GQ9
BMFL9J>JML9;9KAE9<MJ9H9J9DD=N9J=F=DNA9
B=#8D>F@E>KF:FCC<:K8CDFJKI@G<=IL@KKF
K8B<FEK?<KI@G
6FEAL>
E2292E2;
E2292E2=427
422942M:HGF=JGLK[2?E42AEIU9249MBF:
924:E:9D22942922J2_YF<=IMA=J=KIM=
QG@9?9=D@GQG=FD9LA=JJ91?<I<;FPFL
N8EKD<KFD8B<K?<?FC<@EK?<>IFLE;
6FEAL>
:E22942:E2292;42:E229;@;
:E2E@@9;@;:E229;@=42:E2E@@9;@=427<
422942=PAKLAJ
4U422942ADMEAF9J@CCLD@E8K<\224@BF:9
2?92492>M442?@;BF:94U922942
:9D@@4E2`$DMEAF9=DAFL=JAGJ<=D9;9K9;GF
MF9DTEH9J9H9J9IM=QGHM=<9N=J&@>?KK?<
@EJ@;<F=K?<?FLJ<N@K?8C8DGJF#:8EJ<<
4229420
C8<EKI8;8GI
BF::;
422942M@@II=KL9JKALM9<G9<CF:8K<;
[2>@@I29D::942BF66J2_199=KL9J
D=BGK#J@K>F@E>KF9<=8I8N8P2IA24
92BF:IE2942@@>24UE2K42>J@BF6
'D=?9JGF9<GF<=@9:W99?M9<MD;=.?<P
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9:<GE=F[dK92IP96J2>:DI66?@@E2942
>2:?E:DIU:?E4>22:E@>29_,MV=KLTK
H=FK9F<GQ=K;GF<A=F<G<=IM=FG@9:D9K
1?8K8I<PFLGCFKK@E>8E;?@;@E>K?8KPFL
8I<EdKK8CB@E>89FLK
:E:422942HGKA:D=GFJJ@9C<E2>E:4@AQE:
:>2942929224U:D::7A924)G@9QFAF?M
F9HGKA:ADA<9<<=IM==K=@GE:J=DD=?M=9DDW
.?<I<dJEFK8:?8E:<K?8KK?8KD8EN@CC
8II@M<K?<I<
E22I4U>::942E2I<OGL9DN=RG<I?8GJ
E@44U422942
F=;=K9JAGE<:<JJ8IP
>::BF6BF:9922:EBF:KABF:;K::I92ADI
422:E:>BF:;4U:D2922:I924@@E@4
4U42294292 KF=;=K9JAGDD=N9J9MFEV<A
;G9D9H=JKGF9;GF<AK=FL=JW9#K@JE<:<JJ8IP
KFK8B<8G<IJFEN?F?8J;PJ<EK<IPKF8;F:
KFI
H9K9JKM;=<=J?8GG<E*22A=@@E@4
4U42294292#9;W9>JWG#KN8J:FC;
::942JF9C=FIM==KLT@EN?@:?@K@J0
K::I92?E::4::942BF:J2:J[BMD9<=E9FG
4>22I9:K24:E:4U::942924<OG<=9@GJ9
=F9<=D9FL==IFDEFNFE
9:K4U::942Q:924<OG=DH9K9<GLA=EHGK
9FLA?MGKG8JKK?<FC;;8PJ:K4U::942Q:
924:E4@>>QD:9@ DH9K9<GFG=J9A?M9D
.?<G8JKN8JEFKK?<J8D<
W4229:M:@EKIAEAL9JD9NGR<=D;=JN9LGH9J9
;9R9JMLADAR9F<GD9@GB9<=;A=JL9KHD9FL9K
;GEGe@9EAKBfGe@99Lf@D@K8K<K?<JFLE;
F=K?<;<<I=FI?LEK@E>LJ@E>K?<C<8=F=:<I
K8@EGC8EKJJL:?8Ja?8D@JAbFIa?88Kb
9AE229:92AK@9J@@4U#A;==DKGFA<G
H9J9;9R9JN=F9<G:MJ9QE9LVMFG#D8;<8
DLC<;<<IJFLE;8E;B@CC<;8DLC<;<<I
/JF9J;6FEAL>
E229:E229:E:>E229:;
E229:=42>7<4429KGF9J
4229:EM:@9;=JKGF9JKGFA<GEMKA;9DLG;9J
AFKLJME=FLGEMKA;9DD8B<DLJ@:8CJFLE;
GC8PDLJ@:8C@EJKILD<EK,2A:;K:E224E:>
I2A:;2?:BF:A=K:E22::J229:EGJLYMF
H=<9RG<=;9JJARG@ARGMF9>D9ML9QD9LG;Y
8II@M<;N?<I<K?<I<N8J=I<J?N8K<I
6FE
AL>
E2942EM92;42E29;@;EM92;42>76 D
N=J:G=KAJJ=?MD9JHJAF;AH9DE=FL==FD9>GJE9
FGEAF9DAR9<9<=KMB=LGIM==Ke;99@;9f;GF
NG;9D<G:D=9MFIM==DL=E9=Ke
9@;9f.?<
M<I9@J@II<>LC8IGI@D8I@CP@EK?<JL9A<:K
EFD@E8C@Q<;=FIDN?@:?@Ja:88?:8bN@K?8
CFE>MFN<C8CK?FL>?K?<JK<D@Ja8?:8b
7
0
422942HGF=JDG;9DAR9J
4U42942ADMEAF9<G@CCLD@E8K<;61G;9D
;GJL9-?FIKMFN<C
70
K2294U429;@;MF
H=RFGA<=FLA>A;9<G
922422942
F=;=K9JAGE<:<JJ8IP:D::E2I
I29BF:992242294292 KF=;=K9JAGIM=
QGN9Q9#N@CC?8M<KF>F
H9K9JKM;=<=J
?8GG<E
9229@:E:4U422942=E:GK;9J8D9LJ?
924I422942=PHM=KLG<OGFJ<;@EK?<
FG<E2DE4@>2?@9AE::9E:>E@>92DE
924924IE2942@@>29J@@9@(A=FLJ9K
9F<9:9=FDGK;=JJGKNAMF9EAF9<=GJG
=PHM=KL9J#N8JKI8M<C@E>@EK?<?@CCJ#
J8NJFD<>FC;9<8I@E>FI<FLK@EK?<FG<E
2>66?924924IE2942@@>29J@@:I
\2E2I\U9::?=BVKGD9D9;9K9`1=L=9
;9K9#C<=KK?<?FLJ<LE8KK<E;<;
-F>F
?FD<
92?E4@>:E:422942H9K9JKM;=<=J?8GG<E
::;422942E2K@<OGMF9N=RFE:<:92
42K?:9@@I@@::;422942E2K@92BF:IE2942
>29>:J2.VIM=>MAEGJ<A<GMF9N=RHGJ
MF9NW:GJ9#BEFNK?8K#N8J9@KK<EFE:<9P
8JE8B<
:>@K4U429429L=KGJ9J?F8I;.::I42?22@
K@9E::IKK::I:?24@@IA:AI2D:A24
4@9E2>;4>2:E29:E:>@K4UI@@942/J9B=
;9JF=<=DA=:J=9EA?9LGK=D9;GEAYQD9
9L=KGJY#9IFL>?KA8:BI899@KD<8KKFDPG<K
:8K?<8K<@K8E;?F8I;<;@K
:A24E2I29922E2942>2I_<OG<=N=R=F
;M9F<G=IFDK@D<KFK@D<
:DI66?@@422942H=FK9JGCFK&@K
=KL9JKM
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
"<:LK8G@<:<F=I<<;D8;<8=CLK<8E;
GC8P<;@K
6FEAL>
:E229:E:E229:E:>
:E229:;:E229:;2>7<4429KGF9J0
IE2A242;4229:EBM=?GIM=K=BM?9:9;GFD9
;GF;@9ePL9H9;9BfQMF9K=;;AYF<=;9X9
eP9HABf
:A=4229:E@9;=JNA:J9JD9D=F?M9D8B<
KFE>L<KI@CC:A2K:A=:E229:E>2I2K::>
(A9:M=DGNA:J9:9D9D=F?M9QK=GW9:GFALG
'P>I8E;=8K?<IKI@CC<;?@JKFE>L<8E;@K
JFLE;<;E@:<
9229:EJJLAG8Jd0
I2A:;9229:E9J;G<=
:G;9,2A:;229:EDM?9J
:9229:EJF9CG8Jd0
92A=:9229:E
KGFA<GIM=@9;W9FDGK?M=JJ=JGK;GFD9
D=F?M9
4229:Ed6FEAL>
:E229:E:E229:E:>
:E229E@;:E22::E22J@=427<BF:9HGF=J
92I2?@4229:EM8J@JKD9N9JD9JGH9H9J9
9D?MA=FN8J?:CFK?@E>=FIJFD<FE<
:K224BF:992I2?9:K:>229E@;(A
@=JE9F9E9QGJFGKD9N9D9JGH9'PFC;<I
J@JK<IN8J?<J:CFK?<J=FILJ
6'9H=JKGF9
9QM<9<9=K=D;GEHD=E=FLG<AJ=;LG.?<
G<IJFE?<CG<;@JK?<;@I<:KF9A<:K
7
:E:4U4229:EM:J=?9D9JJGH999QM<9J9
N=KLAJK=N=KLAJ>@M<:CFK?@E>KF?<CG;I<JJ
;I<JJJFD<FE<\.::IK:E:969229:E
`Q[<9E=9N=KLAJG`9E=9D?G<=JGH9G
`1WKL=E="<CGD<;I<JJFI!@M<D<
:CFK?@E>FII<JJD<
4229:EM:H=K;9J=@J?.:I4M>4BF:9;U:E229:E
>24@9AJ229:ESD=KL9:9H=K;9F<GH9J?GQ
QGH=K;9:9;GF=DDG;GEG;9JF9<9"<N8J
=@J?@E>=FII<;JE8GG<I8E;#=@J?<;N@K?@K
8J98@K
6FEAL>
@EKI
E229:EE229:E:>
E22:E@;E22:E@=42FEAL>
KI
:E229:E
:E229:E:>:E22:E@;:E22:E@=427<BF:9:E
;GE=J
4@=I4229:EH=K;9J=F9DL9E9J=@J?@EFG<E
J<8@J24;BF:94@=ID229:E4292(A@=J
E9FGN99H=K;9J=F9DL9E9J'P9IFK?<I@J
>F@E>=@J?@E>@EK?<FG<EJ<8
4U4229:E<9J<=;GE=J=<<;#2E2BF:;K::I
BF:9>6>229:E/ME9<J=L=<99D?G<=
;GE=J3FLIDFK?<I>@M<JPFL=FF;KF<8K
K::I4U4229:E:><9JN=F=FG=FN=F=F9J>@M<
GF@JFEKFGF@JFEE2>BF:992IKBF:9K::I
4U:J229:E:> D@GE:J=<AGN=F=FG9DH=JJG
.?<D8E>8M<GF@JFEKF?@J;F>
:4229:E:4229:E:>JF9C89Jd0
66?>
:4229:E9FRM=DG92?E:E::4229:E:>DM?9J
<GF<=@9QH=;=KQ<GF<=K=H=K;9K::I
:4229:E;9JF9<9K::I:4229:E:>N=F=FG
4229;@;0
C8<EKI8;8GI
422942
4229;U40
C8<EKI8;8GI
4U4229;U4
4229;U:>0
C8<EKI8;8GI
4U4229;U:>
4229?:;M@L=E:D9J9?AL9JK=KI<D9C<J?8B<
2?EED::;:>>2I6A64@>>229?:; DE9J
K=9?AL9;M9F<G@9QMFL=JJ=EGLG.?<J<8
J?8B<JN?<EK?<I<@J8E<8IK?HL8B<
6FE
AL>
E229?:;E2292?=E229?2=42
E229?2=4@;70
429229?:;@9;=JL=E:D9J
I::424229?:;<AK=FL=JW9
W4229@@EK<IA PHJ=KAYFIM=KA?FA>A;9eQGLMN=
J9RYF=FDGIM=HJ=<AB=fOGI<JJ@FEK?8K
D<8EJa#N8JI@>?K@EN?8K#GI<;@:K<;b
/JF9J;
4229KIM@=KLGJFM<9JJE<<Q<2I:9J2292K
I:>42992?E:9>22K::BF::BF::?:9J@
>2>K@)GIMA=JGK9DAJH9J9GLJGDM?9J
HGJIM==KLGQ=KLGJFM<9F<G#;FEdKN8EKKF
>F8EPN?<I<9<:8LJ<#8DJE<<Q@E>
6FE
AL>
E229KIE2292KI:>E2E@@92KI@;
E2E@@92KI2;70
4292292KI@E;9MK9J=K
LGJFM<9J
422:MKM;
@9;=J>9:JA;9JD8B<2?@22
4@>[BFQ:9J22:J2_,MAVF@ARGD9H9F?9
1?FD8;<K?<9F8K9JJ=?D9JJ=H9J9J=@O
I<G8@I[2?E92K22:?4>::A=2BF:9:E22:
_JJ=?DY=D;=J;G9JJMAF9<G@;?<=@OK?<
IL@E<;=<E:<J=;GD=;L9JJ=;G?=J:FCC<:K
*@@E;U4A24:9E22::9E29:E>29:E66?M?
9244@@IJ@K2EI-=;G?W>JML9<=D9;@GQ9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
::92I422:9QM<9J?<CG&@K
@9;=J;GF
9D?MA=F\::92I922:`Q[<9E="<CG
D<FDGC
J@E>
::92I422:FDGC
GC
::4@E422:
::92I4U422:
9?M9FL9JN@K?JK8E;&@K
@9;=J;GF9D?G6:922A=4@A::92I
4@9I@>22:)G9?M9FLG=D>JWG#:8EdKN@K?
JK8E;K?<:FC;
AE9?AF9J@D8>@E<&@K
@9;=J;GF9D?G
9:A::9::D2I4@>::92I4U422:LJ9L9J;GEG
9EA?GKI<8K8J8=I@<E;&@K
@9;=J;GEGKM
HJGHA99DE9:A:9:9::D2I4@>96::92I>6
422:92/=LJ9LG;GEGEA9EA?G#KI<8KPFL
C@B<DP=I@<E;
:::E:>422:AEAL9J@D@K8K<&@K
@9;=JDGIM=
@9;=.:IBF:D::=4E2>BF:9:E:>::924E2>
BF:9:::E:>429:J22: DFAXGAEAL99KM
H9HT:?@C;@D@K8K<J?@J=8K?<I
<42::E:>
::;422:L=F=JJ=D9;AGF=KK=PM9D=K;GF?8M<
J<OL8CI<C8K@FEJN@K?&@K
@9;=J=FE9F=J9
<A>=J=FL=
::E@>4U422:;MEHDAJKMH9D9:J9B<<GFE<dJ
NFI;&@K
@9;=JDGIM=<A;=
::E@>BF:9:E:422:G:=<=;=JF9<P[.T
EA24E2>29::E@>BF:9:E:?E4>22:_+GJ
IMVFGE=G:=<=;=K1?P;FEdKPFLF9<P
D<
:;22AE@;422:E:>=KLGJ:9JEGD=KL9J9FK?<I
/JFNMD?9J
:>M>422:J=;GD=;L9J>JML9K>8K?<I=IL@K
:>:>@K:E:422:>GJR9J=F;GFLJ9<=KM
NGDMFL9<=FI:<8>8@EJKFE<dJN@CC
#:>:>@K:E:>29D22:292/=NGQ9G:DA
?9J9@9;=JDGIM=FGIMA=J=K@9;=J#8D
>F@E>KFD8B<PFL;FN?8KPFL;FEdKN8EKKF
;F
<BF:>@K
:A244U422:AJETKJTHA<9E=FL=AFL=FKA>A;9J
>F=8JK<I@EK<EJ@=P\ A244U922:`(TKJTHA
<9E=FL=G`(TK>M=JL= 8JK<IFI"8I;<I
::BF:422:=;@9JH=BK9DJGI@EBC<<
>
J8CK&@K
@9;=J@9;A92?EQABF:9K::I
:AI2D:BF:9::BF::J22: ;@YK9D=FD9;9JF=
E=D9;GEWQEA:G;9K=DD=FY<=9D?M9L=K#
:FCC<:K<;:?FP8=IL@K8K<@K8E;DPDFLK?
N8J=LCCF=>CF:?@;J
6FEAL>
KI
:E22:
:E22:E:>:E22:K::E22:K:=42FEAL>
@EKI
E22:E22:E:>E22:K:E22:K:=427.<D8G8J
A2::0
424@@:E9QM<9J9@9;=J2?E22:
;J=9<GJ<=DEMF<GK=?[FDGK9FLA?MGKK=JAK
92D29>224@422:9N=J?GFR9J
2?@422:E=L=JQE=R;D9J9JJ=?D9JGLK@E
8E;D@OLG8II8E><27669:A4@AI::422?
:422::A:2?:>A2::92 KL=;9>VFGLA=F=
9R[;9J.?@J:F==<<?8JEFJL>8I@E@K
0
I::422?:422:9R[;9J
2?IU422:D9KLAE9J@EALI<&@K
@9;=JEM
;@G62?IU:9J22:::9:4GDGD9KLAEV#
@EALI<;@K
4@>::I4U422:@9:D9J=F>GJE9AF<=;=FL=
K8CB@E;<:<EKCP&@K
@9;=J;GFK=E=FE2>
4@AK2422>BF:;4@>::I4U:J22: D@GE:J=
@9:DY9D9BGN=F=F>GJE9AF<=;=FL=.?<
D8EK8CB<;@E;<:<EKCPKFK?<PFLE>>@IC
W4D22:4@>4U422:;=HADD9JK=;9:=DDG
9ILJ??8@I&@K
@9;=J;GF=D;=HADDG.229
BF:9:E:>A::9I4D22:4@>>:=QEBF:;2?@
4@?D22:292=:=KH=AF9JL=<MJ9FL==D<W9
3FLJ?FLC;9ILJ?PFLI?8@I;LI@E>K?<;8P
-@EXE
4MD2BF:>
4U:BF66A64U422:K9LAK>9;=JK=;GF;GEA<9
J8K@J=@<;N@K?=FF;&@K
@9;=J;GF9HJ=;AG
U9:BF66A64@9I22: KLGQK9LAK>=;@G#dD
J8K@J=@<;
92?E@@K:E@;422:EGD=KL9J99D?MA=F
9FK?<IJFD<FE<\,4@@>@;BF:992=II29
92?E@@K:E@;9:>>22:`YEGE=EGD=KL9
D9EGK;9"FNK?8K=CP@J9FK?<I@E>D<0
92?E922K:E@;=F>9<GKG
W92ADI422:E:>J=;G?=J<=E9F=J9KMH=JAGJ
>JML9>DGJ=KK=EADD9K=L;FLK>8K?<IFLK
G@:B=IL@K=CFN<IJ<<;J<K:
:9::D2I4@>4U422:9FAE9JK=9@9;=J9D?G
DFK@M8K<FE<J<C=KF;FJFD<K?@E>
::92K::;422:@=JAJ?8ID9F;P
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
"<JGI@EBC<;J8CKFEK?<D<8K
:D@;422::E::D@;4U422:L=F=J;GKLME:J=
?8M<:LJKFD>::BF64>229:K4U>@42K
:D@;:>22:92)G=KD9;GKLME:J=<=DK=JA
EG<=JFG#K@JEdK8GI<J<EK;8P-<I@:LJKFD
*22I>@D:E:>:D@;4@?D4>22:292)G
<=:=KL=F=J=K9;GKLME:J=L9EHG;G3FL
J?FLC;EdK?8M<K?<:LJKFD<@K?<I
:D@;422:HJ=H9J9JK=H9J99D?GGI<G8I<
FE<J<C==FIJFD<K?@E>&@K
@9;=J9MFG
EAKEG[2AE4@D::E2IE22:D@;:E22:_49
K=HJ=H9JYH9J9K9DAJ"8J?<8CI<8;PGI<
G8I<;KFC<8M<
:D@;924I4U422:E:>J=L9J;GFB9;L9F;A9
:?8CC<E><N@K?89I8>&@K
@9;=JK=9H9JL=
E2>E:4@AE22:I2;E66E6:D@;924I4U:J22:
E:> K=@GE:J=K=B9;L9:9<=IM==J9>M=JL=
Q<==K9E9F=J9J=L9:9.?8KD8E9I8>><;
K?8K?<N8JJKIFE>8E;JFN8J@EM@K@E>8
=@>?K
:IE2>E422:@9;=J;M9F<GMFGLA=F=GHGJLM
FA<9<;FN?<EFE<?8JK?<FGGFIKLE@KP&@K
@9;=J;GF9:MF<9F;A9#P;:4@924:IE2>E
9:922:4@@I429I:9A>::E2I4GA:99D9
;AM<9<<=(VPA;G;M9F<GL=FW9MF9:M=F9
GHGJLMFA<9<#N<EKKF'<O@:F@KPN?<E<M<I
#?8;8EFGGFIKLE@KP
>::K;422:HJGL=?=JGIFK<:K&@K
@9;=J:A=F
#::K;:?D22:292=:=K;MA<9JDG3FL
J?FLC;K8B<:8I<F=@K
D29>A22422:L=F=JAFL=JVK=F@9;=J9D?G
9<@EK<I<JK<;@E;F@E>JFD<K?@E>@@I@@
D29>A22:922:K:=42429:J@?22:K:=42/=FW
9FEM;@GAFL=JVK=FN=JDGKQDGK9?9JJ9JGF
.?<PN<I<M<IP@EK<I<JK<;KFJ<<K?<D8E;
K?<P>I899<;K?<D
\.TD29>A22922::A:
E@44UA::;D@@A`)GD=EGD=KL=KVB9D9IM=
@9?9MF9;9F9KL9FEdK9FK?<I?<I&<K?<I
D8B<898JB<K
J66?422:HAFL9JK=D9;9J9G8@EKFE<dJ=8:<
&@K
@9;=JKM;9J9>22>E:BF:;J66?
:J22:&J66DEBF:;4@?E:D24292 K9EMB=J
K=HAFLYD9;9J9199AJ
9MF9>A=KL9.?8K
NFD8EG8@EK<;?<I=8:<
-?<@J>F@E>KF8=@<JK8
K::I92ADI422:E:>
9L=FLG8KK<EK@M<E2>
9:>BF:;K::I92ADI
:I22:E:>IM=D@GE:J=
J66?422:
=KEMQ9L=FLG.?8KD8E
@JM<IP8KK<EK@M<
/JFHG;G>J=;M=FL=0
K::I92ADI422:E:>EV<A;G
K::I::44U:9::A6BF:94U422:<9JE=<A;AF99
>@M<D<;@:@E<KF&@K
@9;=J;GFE=<A;AF9
422:JJLAH=JKGF9IM=@9;=GDD9KG<IJFE
N?FD8B<JGFKJ/JF9J;*C
422:K:
422:E:>JJLAd0
K::I92ADI422:E:>
EV<A;G
:>22:JJLAE<>JF9CE<>d0
D=66:>22:
H=B=JJ=QK9J<AF9
:922:JF9Cd0
:D@;:922:KME9F=J9<=
NANAJ;GKLME:J=BF:9696BF:;:D@;:922:
D=Q
:422:JF9C89Jd0
92IU=:422:MF9
9DE=B9DAK9I::422?:422:9R[;9JWK::I::BF:
:422:K9D
:A2::JF9CG8Jd0
92J66?:A2::<AK=XG
<=D9HAFLMJ9>9;A9DHAFLMJ9=AFKLJME=FLGK
H9J99HDA;9JD9966=92J66?:A2::FGH9D
&?22:=? 4MA A2::MFDM?9J9DFGJL=<=
+M=JLG'A:=JL9<I@@A92J66?:A2::HAFLMJ9
>9;A9D@=;@9<=D9K9NA9<=LGJGL=:D9F;GK::I
92J66?:A2::HAFLMJ9>9;A9D
422:4@EM8J@JK9QM<9J9E9L9J?<CGB@CC
#@@D?:K@92E29ED66964U92E4>22;>2
&65C@BF:99:K:J22:4@E1AEGKMF9;9?M9
E9QFGD9HM<AEGKE9L9J=FLGF;=K+=<JG
FGK9QM<Y9E9L9JD91<J8N8J<8KLIKC<8E;
N<:FLC;EdKB@CC@KJF*<;IF?<CG<;LJB@CC@K
6FEAL>
:E22:4@E:E22:4@E:>:E22:4UE
:E22:4UE@=4276'9H=JKGF99QM<9<9=K=D
;GEHD=E=FLG<AJ=;LG.?<G<IJFE?<CG<;@J
K?<;@I<:KF9A<:K
7<BF:4UE9L9J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
BF::;2>*8J8;F:J22:;2>.<D8JG8J@MFJ
2::;2>2::;@;0
422:;@;MF9E9FL9
>9FLTKLA;9
4U422:;2>M:=FNGDN=J9D?G;GF9D?G
NI8GJFD<K?@E>LGN@K?JFD<K?@E>8IFLE;
@K6969:A4@A4@9D22:;2>2921GQ9
=FNGDN=J=KL=H9DG;GFL=D9MGLJ9;GK9#
8D>F@E>KFNI8GK?@JJK@:BN@K?:CFK?FI
JFD<K?@E><CJ<
92A2::;@;JJLAG8Jd0
K::I::44U:9::A6
92A2::;@;JGDDGK<=;9F=D9
422:;@;JJLAE9FL9>9FLTKLA;9;GFMF99D?G
?J9F<==FD9;9:=R9H9J99?9JJ9JKMHJ=K9
=89LCFLJD8EK8N@K?8JFD<K?@E>C8I><FE@KJ
?<8;KF>I89GI<P
422:=M@=KH9;AGKGQ9:A=JLG9EHDAG6DM?9J7
9EHDAG9F;@GJG8:@FLJ8E;FG<E5GC8:<6
N@;<2?@22E2;E24@:2?4@;BF:9I222;
K9KH9F?9KKGFEMQ9EHDA9K9<=FLJG.?FJ<
9F8KJ8I<M<IPJG8:@FLJ@EJ@;<
6FEAL>
E22:=E222;70
2?E AKI E222:=DM?9J
422:=JJLAHD9Q9=F=D<=KA=JLG;IPC8B<GC8P8
C8I><8E;KPG@:8CCP;IP;<J<IK98J@EJ8E;
=C8KDL;=C8K*C
4222;0
,@?E22>E
22:=DM?9J
4U422:4@EE9L9JQJ=?9D9J9GLJ9H=JKGF9
B@CC8E;>@M<KF8EFK?<IG<IJFE
4U922:4@EJJLAG8J=D;9R9<GJ9IMA=FK=D=
<9D9E9QGJW9<=D9;9JF=?LEK<IKFN?FD
DFJKF=K?<D<8K@J>@M<E
422:92=I0
C8<EKI8;8GI
4U422:92=I
422:9;UM:@9;=JJGBGD8B<I<;)::A4@A
::@?2>BF:;:J22:9;U DBGN=FHAFLY<=JGBG
KMKGE:J=JG.?<=<CCFNG8@EK<;?@J?8KI<;
6FEAL>
:E22:9;U:E22:9@=:>:E22:9=4@;
:E22:9K:=:E22:9@=2>:E22:9K:=427<
4BF:9;UJGBG0
92E@;422:9;UMF9
=FJ=<9<=J9H=IM=X9
:922:9;UJF9CG8Jd0
K::I92E66?
:922:9;UDTHARD9:A9D
422:;M@d6FEAL>
E22:;E22:=:>E22:=4
E22:=4@;E22:=2>7
:E@;422:;<OG9L9J9FL9<G9L9J9FL9JK=;@QQP
&@K
DGKGBGK:E@;>22:;M2(=9L9J9FLV#
>FK;@QQP
0
:E@;42922:;9L9J9FL9J
422:;M;9;9JJ=9J9?M9=<K:?FI9I@E>N8K<I
!@DPBF:9E22:;96J66E:%GKVE=LJ9BG9?M9
$FJT9IFL>?KD<N8K<I
6FEAL>
EO2:;<K:
7
0
C8<EKI8;8GI
BF::;*8J8;FJ@@:;
:422:;JF9C89Jd0
96962?:422:;
L9E:GH9J99?M9
422:;BF:9@;@A;@9JJ9J=?;A?9JJ9:@:8;8
6A;9<A<9=7&@K
=DIM=
N=9D9H=JKGF9IM=
9;9JJ=99?M9696M?
422:;BF:9@
4@>2?@9AE::9E:>
:9AE24@K:>422:;BF:9@
K@9E?22:;92I2?@9E422:I>2J@@A42
KLMN==F=DEGFL=QL=FW9;9DGJ9HLMJVMF9
;A;9<9D9HMK==F9?M9QDDGNAY#N8J@EK?<
;<J<IK8E;N8J?FK
#:8L>?K8:@:8;8GLK@K
@EN8K<I8E;@KI8@E<;
*C
422:;BF:9@
422:;240
C8<EKI8;8GI
422:D42?
422:;2>M:=FJGDD9JIFCCLG2E22:BF:9
92AE4@92A2::;2>:92'9L=D9Q9=KLT=FJG
DD9<9.?<:CFK?@J8CI<8;PIFCC<;LG
6FE
AL>
:E22:;2>:E22:;@;:E22:=42>7<
422:=
22:=2A2HD9Q9.9F9JLGDGHD9Q9)GJA=?9
-8E8IKFCF*C8P8*C8P8(FI@<>8&@K
HD9Q9=FGJE=E2>E:BF:;J2?::BF:4U:
EK2IU@I>66a22JE2;:?J22BF:922:=
2A2BF:;:E:4@::92a@I:>:: K=@GE:J=
HJ=<ABGQD=<ABGd/MK;9:9DDGK=KLTF=FD9
+D9Q9.9F9JLGDG.?8KD8EGIFG?<J@<;8E;
J8@;KF?@Da3FLI?FIJ<J8I<FEK?<*C8P8
-8E8IKFCF
b
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
22:=:E:4@>4224?JMHG<=K=JAKIM=
NANA=JGF9DKMJ<=D9+D9Q9.9F9JLGDG
>IFLGF=-<I@JK?8KC@M<;KFK?<JFLK?F=K?<
-8E8IKFCF;IPC8B<&@K
H=JKGF9KK=JAK<=
D9HD9Q9
22:=224@;MF9HD9Q9=F=D<=KA=JLG;=J;9<=
+MFL9.9J?=FLG8;IPC8B<E<8I*LEK8-8I
><EKF&@K
HD9Q9?J9F<=
22:=2E?:MF9HD9Q9=F=D<=KA=JLG;=J;9<=
9@W9<=&AFG8;IPC8B<E<8I%@EF8P
&@K
HD9Q9;9JHAFL=JG<="AD9
422:=:E:D:>=MF9:ARF9?9?J9F<=DFIPdJ
98II<C:8:KLJ6 <IF:8:KLJ<DFIP@ :FM@CC<@7&@K
:ARF9?9=FD9HD9Q9-@EXE
D:>=4224U=D:>=J2AIUE4966=D:>=
4UBF:4UE
422:=@@4>@;MFBMF;G?J9F<=Q=KHAFGKG8
C8I><JG@EPILJ?6$LE:LJ8:LKLJ7&@K
DG
IM=D9HD9Q9LAJ9<BF:4>@;BF:IBF:>
422:=2;40
C8<EKI8;8GI
422:I2;
422:=42>MKJ=H9JLAJ;@JKI@9LK<@4D2C4@:2?
92E2K42>>2D29>66DA2496J@A22:=42>
'D=?9EGK;GFDGKE=PA;9FGKFGAF<W?=F9KQ
K=FGKJ=H9JLA=JGFF9J9FB9K1<8GGIF8:?<;
K?<EFE#E;@8E'<O@:8EJ8E;K?<P>8M<LJ
FI8E><J
6FEAL>
:E22:=42>:E2E@::=42>7
422:=4@;0
C8<EKI8;8GI
422:;
422:=I0
C8<EKI8;8GI
BFQ42EI42242EI
422:?:>0
C8<EKI8;8GI
4U422:?:>
422:A;M:HGF=J9LJ9NVKGLK8:IFJJ8KI@>?K8E
>C<J2?@224@>9692:4@A::BF:D22:A;
42921GQ99LJ9N=K9J=DNA=FLG;GFD9H9F?9
#8D>F@E>KFJK<<IK?<9F8K8:IFJJK?<N@E;
6?EKBF::I=44@@K2=44>22BF::9A24:9
E6I=9696EA242?@4@9E22:A=2>92IA24
2?@9J@@42EGEHJV9D?MF9KD9L9K;M9<J9
<9K<=N=AFL=DALJGKFM=N9KHMK=MF99?9JJ9
<=J9=F;9<9MF9QD9KMKVH9J9LJ9=J9?M9#
9FL>?KJFD<E<N=@M<>8CCFE:8EJ#GLK8
?8E;C<FE<8:?FE<8E;LJ<;K?<DKF:8IIP
N8K<I
6FEAL>
:E22:A;:E22:A2=:>:E22:A
=2>:E22:AK:=:E22:AK:=427<4@@:A;
LJ9FKN=JKG
4U422:A;@9;=J=FLJ9JQK9DAJ9?MB=J=9JGLK
@E8E;FLKGFB<?FC<@EG@<I:<[6?:>4@D:
4@>92E22:BF:94@?D22:A;922J2_19K9
E=L=JD99?MB9HGJD9L=D9I<PFL>F@E>KF
GLKK?<E<<;C<@EKFK?<:CFK?242E4>22>
K@9E29@::D2IBF:9::94294@9E2E?:E@::
4@9J22:A;1AMF9J9Q9<A9E9FL=Q;GFLG<9
EA>M=JR9D=H=?MVQD99LJ9N=KV#J8N8
;@8DFE;JK@E>I8P8E;N@K?8CCDPD@>?K#?@K
@K8E;G@<I:<;@K
::BF:4U422:A;HJ=F<=J;GF9D?GIM=9?MB=
J=9=8JK<EN@K?JFD<K?@E>K?8KG@<I:<J
:A?22:=BF:992?E::BF:E2KI>2K::I::BF:
4U:422:A;K::BF:4@9J22:A;(A>9D<9K=J9K
?YQD9HJ=F<W;GFMF9D>AD=J'PJB@IKI@GG<;
8E;#=8JK<E<;@KN@K?8G@E
4U:422:A;JF9Cd0
K::I::BF:4U:422:A;
9D>AD=J
J22:A;J:FDGCd0
9224@:E:J22:A;
NA?9:E:J22:A;9KA=FLG=FD9H9F?9
422:A;M:d6FEAL>
:E22:A;:E22:A=2>7<
4@@:A;0
429@@:A;@9;=JGN9D9<G
922E422:A;@9;=J;9F9KL9GN9D9<9D8B<
FM8CJ?8G<;98JB<K
922:A;JJLAG8Jd0
922E922:A;;9F9KL9
GN9D9<9
422:A@EM:KIH9?9J99D?MA=FG8PJFD<FE<
*::I::92I:9E22:>29:?J22:A@E'=9QM<V
QE=H9?Y#?<CG<;?@D8E;?<G8@;D<
6FEAL>
:E22:A@E:E22:A@E:>:E22:AE
:E22:AE@=4276 DJ=;A:A<GJ=K=D;GEHD=E=FLG
<AJ=;LG.?<I<:@G@<EK@JK?<;@I<:KF9A<:K
7
<BF:A@EH9?9J.<D8G8J
29:A@E
-@EXE
W42E@A@E
4U422:A@EM:@EKIH9?9J9D?GG8PJFD<
K?@E>.::I92422AI@>K:E242::E>24J22
E:>@424UE27A:E6I=E@>A244UJ22:A@E
JAY=D;=J<GQ=D<M=XGK=DGDD=NYQH9?Y
<AF=JG"<I8@J<;K?<G@>8E;K?<FNE<I
:8D<=FI@K8E;G8@;DFE<P
6FEAL>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:A=FL9H9<9.?<9FO@JK@>?KCP:CFJ<;
6FE
AL>
EO2:D42?EO2:;247*8J8;FJ@@:D42?
0
42422:D42?@9;=J<MJG=FL=JJ9J66?>
92I22K22?@J2::4U422:D42?;9B9<=LAJGK
929@@E::BF:4U422:D42?HM=JL9;=JJ9<9
D@@522?@J2::4U422:D42?2?@J2::;9B9
<=KG<9KE@>422:D42?EGF=<9
::;24JF9Cd0
:A@4;::;24LVJEAFG?=F=
J9DH9J9=K;9J9:9BGKH=IM=XGK
422:DIMKM;DAEHA9JD9N9J:C<8EN8J?[#6
I::42:E::4@::E@;BF:94222DI:>J2_ KLTK
D9N9F<GHD9LGKI<PFLN8J?@E>;@J?<J
2I4@A299:D@;4U92>2E@22DI2;)GK
D9N9EGK;GF9?M91<N8J?FLIJ<CM<JN@K?
N8K<I
6FEAL>
.I
:E22:DI:E222DI:>
:E2E@22DI2;#EKI
E22:DI<K:
70
4U422:DI
@=JAJ;GF9JE9
:E66?422:DI;=HADD9JK=DGK<A=FL=K9ILJ?
FE<dJK<<K?&@K
DAEHA9JD9:G;9
:422:DIJF9C89JB9:YFJF8G
:A22:DIJF9CG8Jd0
92E22DE:A22:DI
;J=E9<=FL9D
:92E@22DI2;JF9CGCd0
92A:E22>2=42
BF:92?:92E@22DI2;DDMNA9=FE9JRG
422:DI0
C8<EKI8;8GI
4U422:DI
422:E0
C8<EKI8;8GI
4U422:E:>422@
W422:EJMF9:9Q9?J9F<=8C8I><!LC=>IFLG<I
6'P:K<IFG<I:8AFI;8E@7/JF9J;*C
422:E;-@EXE
422?;
422:E2I0
C8<EKI8;8GI
4U422:E2I
422:E:4M@
:D9F<G>D=PA:D=KM9N=JF=K=C<O@
9C<:E292242:I22:A2496E2AM?@>@E
>24>22I9:=QE4@:92IJ@@:E:4@@(AE9
ETE=D9NY=D;9:=DDG;GF:9;@9L9QQ9EA
;9:=DDG=KLTEMQKM9N='PDFK?<IN8J?<;
DP?8@IN@K?CFK<9LJ?8E;EFNDP?8@I@J
M<IPJF=K
0
?@@94U22:E:4DM?9J9DFGJL=
<= D=K=E:GIM=&22K222:E:4;9EH9
E=FLG=FD9AKD9/A:MJYFI::42422:E:4@9JA
F9I::42:DE;422:E:4MFE9?M=Q=F<VEA;G9
D9AKD9.9F KL=:9FIA2?22>D422:E:4MF9D
?9E9JAF9K:I4M>:?22:=422:E:4;GJNAF9
4UE22:A@E4UE22:A@E:>4UE22:AE
4UE22:AE@=4276 DH9?G=K=D;GEHD=E=FLG
AF<AJ=;LG.?<G8PD<EK@JK?<@E;@I<:K
F9A<:K
7
4U422:A@EM:KIH9?9J9D?G99D?MA=FG8P
JFD<K?@E>KFJFD<FE<2?EI>@E2>2I
4@4D2CA24E@44UE@::92AIU=4@:2?IU:E:
E@@4I2>>292AIE:J2E>24@>42244@:
BF::4@E:E22:K:>2IK::IBF:992A29:EBF:9
4UJ29QA@E:> FVHG;9K9FL=JAGJ=KDGKE=
PA;9FGKFGAF<W?=F9KK=E:J9:9FEM;@GE9WR
Q;M9F<G:JGL9:9DGKK=JAKLJ9:9B9:9FH9J9
=DDGKQK=D=KH9?9:9;GF;GEA<9#E=FID<I
K@D<JEFE#E;@8E'<O@:8EJGC8EK<;:FIE
8E;N?<E@KN8JI@G<K?<-<I@JNFIB<;=FI
K?<D8E;N<I<G8@;N@K?=FF;
6FEAL>
4U:E22:A@E4U:E22:A@E:>4U:E22:AE
4U:E22:AE@=4276 DJ=;A:A<GJ=K=D;GEHD=
E=FLG<AJ=;LG.AK=E=F;AGF9=DH9?G=D
H9?G=K=D;GEHD=E=FLGAF<AJ=;LG.?<I<:@G
@<EK@JK?<;@I<:KF9A<:K
#=K?<G8PD<EK@J
D<EK@FE<;@K@JK?<@E;@I<:KF9A<:K
7
::E@>9244U422:A@E;GFL=KL9J8EJN<I
.::I92A2DA@;4U424@22EBF:9K::IK@96
J@>:::EI@4@9J@>22:A@E DE9=KLJGE=
HJ=?MFLY9D?GH=JGFGD=;GFL=KLV.?<K<8:?
<I8JB<;D<JFD<K?@E>9LK#;@;EdK8EJN<I
?@D
:422:A@EJF9C89JKM=D<GH9?GJ8C8IP
G8P
:922:A@EJF9CG8JKM=D<GH9?GJ8C8IP
G8PN8><J
422:D42?M@
<MJG?8I;JK@==)::>6E9:ABF:9
422:E:4:92 >22:D42?:92 KL=H9F=KLT
:D9F<GFG=KLT<MJG.?@J9I<8;@JJF=K@K@J
EFK?8I;
2?EI>@42E4@:::@?2EK4@:E4@@@
>2IK::I4U:J@?2I4@;D::D42?I29E22
:EE:>;U4'GK9FL=H9K9<GKHAFL9JGFLG<GKKMK
KGE:J=JGKIM=JA=F<GIM=>M=J9F<MJGK.?<
8E:<JKFIJG8@EK<;8CCK?<@I?8KJN8EK@E>
K?<DKF9<JK@==
:A=FL9H9<G:CFJ<;K@>?K
696K2>:;4@>422:D42?:92'9;9B9=KLT
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<V:ADN<8B6FEAL>
EO2:E:4EO22E:4
EO2:E:;EO2:E:;47*8J8;FJ@@:E:4
:J@;4U422:E:4<OG=F>9<9JK=LGJ<K&@K
KM
=KLT:D9F<G[#:J@;4UE22:E:4_ KLTK
=F>9<9<GI<PFLLGJ<K
4222E:4EGN=JK=<=MFD9<G9GLJG9D?G>D=
PA:D=9<E;
422:E:>0
C8<EKI8;8GI
422:
422:E>@;J
N=F9<G:MJ9;GF;AF;GGETKHMF
L9K=F;9<9MFG<=KMK;M=JFGKK<EGF@EK<I
DLC<;<<ID8P?8M<DFI<GF@EKJ6);F:F@
C<LJ?<D@FELJ76.=J=D9;AGF9@AKLYJA;9E=FL=
;GFe;99ALGEf"@JKFI@:8CCPI<C8K<;KF
a:88@KFDb
7BF:;E9<J=H=JD9H9FTEA;9
*8E8D@:G<8ICFPJK<I6*@E:K8;8D8Q8KC8
E@:87-@EXE
W4@A2DW42D@A2;
422:E@;0
C8<EKI8;8GI
4229:E
422:E@>M@@9:D9J<=;AJK8CBJG<8B[dK
92IP96J2?E>@@K:?E222E:>_=IMV
=KL9:9KKGX9F<G;M9F<G=KL9:9K@9:D9F<G
1?8KN<I<PFL;I<8D@E>89FLKN?<EPFL
N<I<K8CB@E>@EPFLIJC<<G6FEAL>
EO2:
E@>EO22E:>E@@K2EO22E2>E@@K2=427
6"=F=J9DE=FL=FGK=AF<A;9D9H=JKGF9IMA=F
K=@9:D9!<E<I8CCP8E8;;I<JJ<<@JEFK
D<EK@FE<;
7*8J8;FJ@@:E@>0
42422:
E@>K=JNAJ;GEGE=<A9<GJD==J
M?@4222E:>E=L=JK==FDGK9KMFLGK<=GLJ9K
H=JKGF9K@EMFCM<FE<J<C=@EK?<8==8@IJF=
FK?<IG<FGC<E2>BF:9J22K:BF:9
D:9::>6EE22>24@>42::E::IM?@I@22E:>
D@ABG<=D@GE:J=A:99;9K9JK=H=JGD99F
;A9F9K=E=LAY=F=D9KMFLG.?<D8EdJJFE
N8J>F@E>KF><KD8II@<;9LKK?<<C;<ICP
NFD8E>FK@EMFCM<;@EK?<D8KK<I
92?EI422:E@>KMKMJJ9JN?@JG<I
::4A4U422:E@><=>=F<=J9:G?9J;<=<E;
6::4A>69AJ@@:E@>/=<=>=F<W#
;<=<E;<;PFL
::BF:422:E@>9;M<AJK=9D9K9MLGJA<9<=K
H9J9HJ=K=FL9JMFHJG:D=E9>FKFK?<
8LK?FI@K@<JKFGI<J<EK8GIF9C<D\ :BF:
422:E@>`1=9D9K9MLGJA<9<=K!FKFK?<
8LK?FI@K@<J
::E@>429:E:422:E@>J=H=LAJ=FMF;A9<G
I<G<8KLKK<I8E:< 9EK2IU>2K::I:E:
4U9::E@>K:E4>M>292I9::E@>429:E:
9AJ@@:E@>'=@9:DVH=JG=DD9FGE=GQY
=FLGF;=KDGJ=H=LW#JGFB<KF?<I9LKJ?<
;@;EdK:8K:?N?8K#J8@;JF#I<G<8K<;@K
:>::A=2422:E@><=;AJAF;GJJ=;L9E=FL=
D@JJG<8B2?EA@7::E296)@422:I4@?E:D2
4292*22I:>922926:>::A=2422:E@>
:9266K:E>:D@;BF:;964@?E:D24292
(9X9F9NGQ9+MFL9@M=;9)G=K9KW'G
<AB=E9D1GQ9#=JEGKADDG.FDFIIFN#dD
>F@E>KF*LEK8?L<:8
.?8KdJEFK@K
#
D@JJGFB<
#dD>F@E>KF"<IDFJ@CCF
:DI66?@@422:E@>KMKMJJ9J;9KAKAFKGFA
<GN?@JG<IGI8:K@:8CCPN@K?FLKJFLE;
@>42::BF:;:DI66?@@J@@:E@>'9
9F;A9F9KMKMJJ9:9.?<<C;<ICPNFD8EN8J
N?@JG<I@E>
J24@K;BF:9::4422:E@>;G:J9JD9<=M<9
:FCC<:K;<9K&@K
@9:D9J<=D9<=M<9
:422:E@>JF9C89JH9D9:J9=PHJ=KAYF
>J9K=D=F?M9NFI;<OGI<JJ@FEG?I8J<
C8E>L8><
:422:E@>@E=d0
4E2>:422:E@>BF:J2
9:G?9<G
:>22:E@>JJLAE<>d0
K::I:>22:E@>
EM<G
::E@>JF9CH9D9:J9D=F?M9E=FK9B=NFI;
C8E>L8><D<JJ8><0
4>::BF6::E@>D=F
?M9K=JA4@4D2C::E@>=KH9XGD>2C:422?2
::E@>AF?DVK-@@KBF:; :E@>+9D9:J9<=
AGKA:DA9
4@@K24@:JJLA;GF>=J=F;A99K9E:D=9
:FE=<I<E:<[@@K24@:2?@?E4>27A_)G
9KAKAKL=9D9;GF>=J=F;A9@;EdKPFL>FKF
K?<:FE=<I<E:<)KI8G8C89I8D@@K2;GF>=
J=F;A9=F=D>MLMJG:FE=<I<E:<@EK?<
=LKLI<
J2K2JF9CA<AGE9D=F?M9<==DDGKK?<@I
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
/:9::D2I0422:I2;<OGN9DA=FL=9I8M<:FL
I8><FLJ&@K
KM=KHWJALM=K>M=JL=E2>
:9::D2I422:I2;BF:9K::IK:J@>::I:> D
@GE:J=N9DA=FL=FGL=E=F9<99I8M<D8E
;F<JEdK=<8I8EPK?@E>
/:9:A@?0422:I2;>M=JL=J=;A96NGR7CFL;
5JFLE;F=MF@:<6.::IJ24@D@422:I2;4@A
:9:A@?I@@:I2; D:MJJGJ=:MRFYEMQ>M=J
L=.?<;FEB<P9I8P<;M<IPCFL;CP
>@DM?@422:I2;=DETK>M=JL=K?<
JKIFE><JK
::I2;JF9C>M=JR9JKI<E>K?*C
::=2;40
::I2;BF:9BF:?6;;9FK9<G
422:K:0
C8<EKI8;8GI
422:
422:KI20
C8<EKI8;8GI
422:I
422;M@d6FEAL>
E22;E22;:>E2E@@=
E2E@@=2>7
:>@K422;<OG<=K=KH=J9J9FKAGKGF=JNAG
KGHJ=G;MH9JK=;<JG8@I8EO@FLJE<IMFLJ
NFIIP&@K
KM;GJ9RYF696M?4@>2?@
92E::9E@=4292AA2492E29E>24>224@;
BF:9:J@42::E:>I@92I:>@KJ22;429K::I
K:J@>24U KLT:9EGK=F=DEGFL=QNAEGK
MFGKN=F9<GK:MJ9(AH9<J=LAJY@9;A9=DDGK
H=JG=KL9:9L9F9FKAGKGIM=FGE9LY9FAF
?MFG1<N<I<@EK?<;<J<IK8E;J8NJFD<
DLC<;<<I
'P=8K?<IJ?FK8KK?<D9LK?<N8J
JFE<IMFLJK?8K?<;@;EdKB@CC8EP
#:>@K
D>22;292#@J24;BF:94>@BF66A692I@
924ID@>>::94292)G<=K=KH=J=K/M@=J
E9FG=KLT=F>=JEGH=JGFGEGJAJTFEdK
NFIIP
3FLI9IFK?<I@JJ@:B9LK?<NFEdK;@<
/:>@K04U422;<OG9E9JIM=J=JEM;@GL=
F=JEM;@GAFL=JVK=FCFM<;<J@I<=<IM<EKCP
?8M<>I<8K@EK<I<JK@E&@K
KM;GJ9RYF
.:I4M>4BF:9;UE24@>E22I@@:>;U4
4UD2E@@=4292'=KN99AFL=J=K9J;GEHJ9J
KYDGH=RH9J?G.?<P8I<>F@E>KFN8EKKF
9LPFECPI<;JE8GG<I
>@K96I22;(=
IMA=J=EM;@G"<CFM<JD<8CFK
[#:>@K
4UE22;'GIMA=J=KEM;@GFPFLC@B<@K8
CFK0
:D@;:>@K4UL42922;>A=D9
C8E>L8><JG<<:?
422:E@>MM<:<JG;MJJAJ;AF;GN=;=K?8GG<E
=@M<K@D<J66K:E:>9::7A:9AI22:E@>I@
:A24E2K@9I@>M#==KL9<G=FD9;AM<9<
;AF;GN=;=KH=JGLG<9NW9FGD9;GFGR;G:A=F
#?8M<9<<EKFK?<:@KP=@M<K@D<J9LK#JK@CC
;FEdKBEFN@KN<CC
6FEAL>
E22:E@>
E22:E>@;7<4@@:E@>;AF;G
422:E@>M:d6FEAL>
:E22:E@>
:E22:E>@;7
92?E422:E@>M:KIL=F=J;AF;G9XGK<=
=<9<9<=@M<P<8IJFC;
422:E@EM:d6FEAL>
:E22:E@E:E22:E:>
:E22:E@=427<4@@:E<=K;=F<=J
:>@K4U422:E@EJ=;GJ<9J99D?MA=F<=9D?G
I<D@E;JFD<FE<89FLKJFD<K?@E>#6A66K
E2K@>69J22K;*22I:>@K>69J22:E@E
[.Q>;U49:??D22:A@E922J2/=HJ=KLVMF
H=KGQL=DGJ=;M=J<G_MTF<GE=N9K9
H9?9J#C<EKPFL8G<JF8E;#8DI<D@E;@E>
PFL89FLK@K
1?<E8I<PFL>F@E>KFG8PD<
*::I:>@K96J22:E@E4U9:9:IE924SDE=
@ARGJ=;GJ<9JKG:J=FM=KLJ9FAX=R"<
I<D@E;<;D<89FLKFLI:?@C;?FF;
422:I0
C8<EKI8;8GI
4U422:I
422:I2;M@
>M=JL=JKIFE>2:BF:9E22:I2;
92=II29I2;@66?6E2I9224@4@A2?@D4@::
,M=<VEGFGK=FD9;9K9HGJIM==DNA=FLG=KLT
>M=JL=QD=N9FL9EM;@GHGDNG&<KdJJK8P@E
K?<?FLJ<9<:8LJ<K?<N@E;@JJKIFE>8E;
I8@J@E>CFKJF=;LJK
>M=JL=H=J<MJ9:D=
J=KAKL=FL=JKIFE>;LI89C<JKLI;PAFL=FKG
=F;GDGJGK9:GJ@EK<EJ<@E:FCFIFI=C8MFI
27664@A::I2;42992?D@>@@A@=\[ A2D:
::44UD::A6E66 D;9>V=KLTEMQ;9J?9<G
)GK=JW9:M=FGLGE9JDG9KW.?<:F==<<@J
M<IPJKIFE>
#KJ?FLC;EdK9<;ILEB
6FEAL>
EO2:I2;E2::=I:>EO2:=2;4EO2:=2;4EO2:
=2I=427*8J8;FJ@@:I2;0
42422:I2;@9;=J
>M=JL=I6A6422:I2;E9J=9KNAN9KK::I
J24@D@422:I2;:MJJGK::I422:I2;<A>MFLG
<A>MFL9H=JKGF9E9QGJIM=MFG
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
422;4M@:GKL=R9JP8NE2?E9:9::;BF:9E@@I
E2J2I:>2:BF::>:9E2>K@9@@I29
E6>6I:9AJ22;4M9F<G=KL9:9K=FL9<G
HGJEM;@GLA=EHGE=<9:9KM=XGQ;9<9J9LG
:GKL=R9:9=K<IJ@KK@E>=FI8CFE>K@D<#>FK
JC<<GP8E;P8NE<;:FEJK8EKCP
6FEAL>
E22;4E22;2;BF:>E22IK:=
E2E@@I2;@;E22IK:=
E2E@@I2=4@;7
422;UJ:9L9EGL=MF9J:MKLGJ<<G
N@CCFN68::?8I@JJ8C@:@=FC@87
0
2I22;UU422ADM?9J
;=J;9<=+GRGGQGL=
422=J@ABGG@AB9ETKBGN=F<=
MF9EMB=J=F;AFL9PFLE><JK:?@C;
F=GI<>E8EKNFD8E*C
422=@;
0
92?E422=9J9X9DG:G
422=@@9:EMF9HD9FL9;GF>DGJ=K
9RMD=K<=D9>9EADA9<=D9K
DADAT;=9K9CL<J8E;C@CP
422=@@9:E
6.I@K<C<@FGJ@JG8CD<I@7&@K
DG
IM=e;99Df;GE=<BF:9:E
422=@@9:E4224U=;G:=F9MF9HD9FL98GC8EK
N@K?JD8CC9LC9J8E;9CL<=CFN<IJ6@:?<CF
JK<DD8:8G@K8KLDIF;@8<8GLC:?<CC87
&@K
e;99DGG@ALf?J9F<=
422=2;4422=2;40
C8<EKI8;8GI
BFQ42EI
42242EI
422=:>M@BM?9JGC8P 9AE22=:>92>E
:9E29@;UK:E:9AJ::;M9F<GQGBM?9:9@A;=
MF9DGE9=FD99J=F9QE=K=FLV=F=DD9
1?<E#N8JGC8P@E>#D8;<8?@CC@EK?<J8E;
8E;J8KFE@K
6FEAL>
E22=:>E22=2>70
42422=:>BM?9J;GF
92I2?@422=:>:9X9JK=98K?<2I2?@
9AD22=:>2921GQ9:9X9JE=#8D>F@E>KF
K8B<898K?
0
:422:DI92I2?:422=:>
B9:YF<=:9XG
I6A62?@422=:>:9X9JK==F=DE9JJN@D@E
K?<J<8*4@K:>>2I:42BF:K::=4@:I6A6
2?@E22=2>42?@22BF:94@?K66>6=4@;
M9F<G@9;W9;9DGJDGKFAXGKF9<9:9F=F=D
E9JQ=;@9:9F;D9N9<GK<=D9H9F?91?<E
K?<N<8K?<IN8J?FKK?<:?@C;I<EJN8D@E
K?<J<88E;;FM<=IFDK?<9F8K
422=2=:M:@9;=J9D=L=9JD8B<=C8GJN@J?22J
E:?E:42E2E2I::A4@A92?D:J22=2=: D
;9:9DDGEGNW9KM;GD9EA=FLJ9KA:9.?<
?FIJ<N8JJN@J?@E>@KJK8@C8J@KN<EK
6FE
AL>
:E22=2=::E22=2=:;7<4@2=2=:9D=L=9J
0
429@2=2=:@9;=J9D=L=9J
422=2>922E@@4@K@;9FAE9D=K>9FLTKLA;GKIM=
<=B9FKMK@M=DD9K=FD99J=F9=89LCFLJ8E@
D8CJK?8KC<8M<=FFKGI@EKJ@EK?<J8E;&@K
DGKIM=LJGL9F9DDWQBM=?9F<4@@4UK
422>MKd6FEAL>
:E22>:E22>E:>:E22>E
:E22>I2>:E22>E@7
92?E422>DD=FG<=LA=JJ9H=B;GF;@9=LCC
F=;@IKJL:?8J8J?<CC,:42BF:K::=4@:
92IU=BF:92?IU:>::>=2;4I@E4@@@92>E
:J22>E'GKFAXGKLJ9B=JGFEM;@9K9DE=B9K
H=JGLG<9K=KL9:9FDD=F9K<=9J=F9.?<:?@C
;I<E9IFL>?KCFKJF=:C8DJ9LKK?<PN<I<8CC
=LCCF=J8E;
92I422>LJ9KEAF9J9?M9<OL;<N8K<I
2>2K2;BF:;92IBF:992I:J22>@@'9
GDD9LJ9KEAF9:99?M9.?<GFK<OL;<;N8K<I
422>MK;GJL9J9D?GH9J9<GGD9J?G:LK
JFD<K?@E>JK8E;@E>FICFE>69692AP4
9:A4@A:9D22>2929:K4UI@@A4>22I
I@>:9::K2EE2I1GQ9;GJL9J=KL=TJ:GD
HGJIM=9@GJ9FG<9KGE:J9#8D>F@E>KF
:LK;FNEK?@JKI<<9<:8LJ<@K;F<JEdK>@M<
8EPJ?8;<
692AE4@96D6?A24:9J22>=
BF:>I@[4T:A24:9D22>=BF:>@@BF:9
92I>:D@;:?EE::49;GJLV9D?G<=H9DG
>A=JJGH=JG_;J==KL[IM=<=:G;GJL9JETK
#dM<8CI<8;P:LKJFD<@IFENFF;9LK;FPFL
K?@EB#J?FLC;:LKDFI<\6?:>496D6?
:9J22BF:99642>;46K:I4M>:=QE
9:ABF:;96D22>BF669:`/JT=E=EA
;M;@ADDG>M=JL=1GQ9;GJL9JD9;9:=R9<=
=KL=H=K;9<GI@E>D<DPJKIFE>BE@=<#8D
>F@E>KF:LKK?<?<8;F==K?@J=@J?
6FEAL>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
422>:KJ;9EAK9;GF;M=DDGJ?@IKN@K?8:FCC8I
*C
422>:;@;6=KHHGKA:D=E=FL=HGJE=
<AG<=eC9EAK@f<=GhG<@9E;GF9D9J?<=
-G
GFJJ@9CP9PD<8EJF=)dF;?8D
aB8D@J?bN@K?C<E>K?<E@E>F=
70
422>:K:?@=E9F?9422>:K::BF:4U:A2K;
9D>AD=J
422>:K:?@=E9F?9JC<<M<&@K
:J9RG<=D9
;9EAK9
422>:K:?=@;BFQE:4@=;9EAK9<=E9F?9
;GJL9J?FIKJC<<M<;J?@IK&@K
;9EAK9;MQGK
:J9RGKKGF;GJLGK<:?@=BF:E
:422>:KJGFJ;9EAK9J?@IK
422>:K::BF:4U:A2K;9D>AD=JJKI8@>?KG@E&@K
;GFIM=K=MF=MF9;9EAK9*C
422>:K::BF:
4U:A2K=42<422K;
422>:K:A@E:4@229;9EAK=L9AFL=JAGJLE;<I
J?@IK&@K
;9EAK9IM=K=HGF=9:9BG<
4@229
422>:K:E:J2422:?9F;@G:F8K?8E><I<
4@422:
422>:KJ22A:?22:=;M=DDG<=;9EAK9:FCC8IF=
J?@IK&@K
HA=D<=D;M=DDG<=D9;9EAK9
422>;UM;@IIAJ9D9;9;=JW9>F?LEK@E>
#@I:>2BF:99AJ@@>;UQ=J>MA9D9;9;=
JW93<JK<I;8P#N<EK?LEK@E>
22>=2
BF::A6E22I::BF:4U:A2DI9244U92AM92
.=K9:=IM=VDK=;M=FL9=FLJ=DGK:M=FGK
;9R9<GJ=K#K@JBEFNEK?8K?<@JFE<F=K?<
>FF;?LEK<IJ
6FEAL>
E22>;UE22>=2
<K:
76 DN=J:G=KAJJ=?MD9JHJAF;AH9DE=FL==F
D9>GJE9FGEAF9DAR9<9<=KMB=LGIM==K
e;99EBZf;GFNG;9D<G:D=9MFIM==DL=E9
=Ke
9EBZf<=ETK=KAJJ=?MD9J=FD9>9DL9
<=MKG<=DHJ=>ABGeG
fH9J9E9J;9JD9<=LJ9F
KALANAR9;AYF.?<M<I9@J@II<>LC8IGI@D8I@CP
@EK?<JL9A<:KEFD@E8C@Q<;=FIDN?@:?@J
a:88DAYbN@K?8CFE>MFN<C8CK?FL>?K?<
JK<D@Ja8DAYb
#E8;;@K@FE@K@J@II<>LC8I
@EK?8K@K;F<JEdKLJ<K?<GI<=@OaFbKFD8IB
K?<;<KI8EJ@K@M@Q8K@FE
70
C8<EKI8;8GI
:E22>:E22>=BF:>:E2E@@>=42>7.<D8
G8J
A2>
:AM>JF9CG8Jd0
::A?::AM>LGHV
422>2M@DD=F9JK=;GFDWIMA<GKG:J=LG<G
9?M9HGJ9;;AYF<=H=J;GD9;AYF?8M<C@HL@;
<JG<:@8CCPN8K<I<EK<IK?IFL>?G<I:FC8K@FE
2I92I2AE:>9244T:422>2@@92/G<9
NW9=D9?M9=KLTH=J;GD9F<G=F=DDM?9J=K;9J
:9<G.?<J:FFG<;FLKGC8:<JK@CC?8JN8K<I
J<<G@E>@EKF@K
6FEAL>
E22>2E22>2E:>
E22>2;2>E22>2E@;70
42922>2E=L=J
DWIMA<G
:>22>2JJLAE<>d0
2I >22>2
;9EH9E=FLG
422>2M@EGJ9JNANAJ=FMFDM?9J?8M<
?FLJ<C@M<@E8GC8:<[#6KT92?E2?@
D::>2BF66J2_YF<=N9K9NANAJ1?<I<
8I<PFL>F@E>KFC@M<2AI24@:92>:D;
BF:;2?@422>E@;:92'GK;GF=BGKEGJ9F=F
=D9J:MKLGK9F?J=F?J9<GFKKFEK8@CI899@KJ
C@M<@E8J?PC@D9<I9LJ?9LJ?<J
6FEAL>
EO2>2EO2>2E:>EO2>2;2>EO2>E@;
EO2>2E@;7*8J8;FJ@@>2#DG<I8K@MF
42>20
92?E2?@422>2L=;GDGL=DD9F=JG
K::I92BF6;U42?@422>2;GF=BG
422>24MKd6FEAL>
:E22>24:E2E@@>2;@;7
0
42E@@>2;@;BF:92?92I@;J2::E@;?JMHG
<=K=JAKIM=NANA=JGF=FD9AKD9/A:MJYF
92?E422>24;G;AF9JE9?M=Qe@99EBZf
=FMF@GQG;GFHA=<J9K;9DA=FL=K:FFB
:<EKLIPGC8EKa?88DAYb@E8G@KN@K??FK
JKFE<J69:4>::BF6E42992?E:9J@>22
>24)MF;9@=;G;AF9<GE9?M=Q#?8M<
E<M<I:FFB<;:<EKLIPGC8EK
22>2;@;2IMFDM?9J=FD9AKD9.9F KL=:9F
<GF<=@9:W99?M9<MD;=8GC8:<FE-8EJK<
98E#JC8E;N?<I<K?<I<N8J=I<J?N8K<I
22>2;@;.22;MF;=JJG;GF;M=N9K=FD9AKD9
.9F KL=:9F8DFLEK8@EN@K?:8M<JFE-8E
JK<98E#JC8E;0
92?E422>24;G;=J
E9?M=Q=FMF@GQG;GFHA=<J9K;9DA=FL=K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
BF:>;U0
#2C:422?222>=2@9JD=K
.@=D<GF
9MI2424U422>;U;9R9J;GFH=JJGKQKAF
9JE9K?LEKN@K?;F>J8E;N@K?FLK=@I<8IDJ
K::I422>=2;9R9<GJ?LEK<I
422>;UJJLAL=;GDGL=G;;A<=FL9DN<JK<IE
J:I<<:?FNC6'<>8J:FGJB<EE@:FKK@@7
22>;UBF:;E::IK::44@762292J2I
:92>@492?EBF:9:E:E2A>2IBF:A@?I29
J@>::A6.::IBF:9:D:::E@;92E22I@@
:E422EI:92>@442A2?@42=I:92J2I
22>2 DL=;GDGL=G;;A<=FL9DLA=F=:M=F9
NAKL99F<9<=FG;@=QK=GQ=KMJ=;D9EG
F<9=FD9FG;@==F:MK;9<=9D?G<=;GE=J
.?<N<JK<IEJ:I<<:?FNC?8J>FF;<P<J@>?K
>F<J8IFLE;8KE@>?K8E;@KJ:8CC@J?<8I;
#K
>F<JFLK8KE@>?KKFCFFB=FIJFD<K?@E>KF
<8K
422>=20
C8<EKI8;8GI
422>;U
422>?MKLGKL9JE9WR=FMF9;9F9KL9;GF:J9
K9KKF8JK:FIE@E898JB<KN@K??FK:F8CJ
,:42BF:K::=BF:992AIU=92A2>?A24
:92::E@;BF:>42;E66EJ@>2E22I29@@
4UEA24E2>292AIU=9:K4@::9>6I='GK
FAXGK<AB=JGFIM=IM=JW9F;GE=JE9WRLGKL9
<G=FLGF;=K;GEHJV=KL=E9WR.?<:?@C;I<E
J8@;K?8KK?<PN8EK<;KF<8KKF8JK<;:FIEJF
#9FL>?KK?@J:FIE
6FEAL>
:E22>?
:E22>2?:>:E22>2?@;:E2E@@>2?@;7
422>@=BF:>MKH=D=9JE9FG9E9FG=@>?K
?8E;KF?8E;:?J22>@=BF:>+=D=Y
;GFEA?G"<=FL>?KN@K?D<
6FEAL>
:E22>@=BF:>:E2E@@>=42>:E22>=42>70
4UL424T>@=BF:>@9;=JH=D=9J
:922>=42>JF9Cd0
:E@@K;BF:9
:922>=42>[DLAEG@ABG<=VDG<==DD9
422>@AI2JHGDADD9
=K>AF?=N?@K<C@E<;
JG?@EODFK?6"PC<J
C@E<8K87*C
422>@A
I2;6;9MK9LANG<=
e;;TEGHP9fgH=J<=J
422>@AI2
K=h:8LJ8K@M<F=a::RDFGO8bc><KCFJKd7
0
92>GJM?9<=D9HGDADD9=K>AF?=
422>E@=420
C8<EKI8;8GI
BF::>6
422>I0
C8<EKI8;8GI
4U422>I
422?M@;GFAJJ=?MD9JA<9<;GFMF9
H=IM=X9;MJN9=FMF9KMH=J>A;A=
N=JLA;9DN@K?K?<@II<>LC8I@KPF=8
JC@>?K:LIM<FE8M<IK@:8CJLI=8:<
[.TEA24E2>2>:E2242BF:;92?D@
E22?_+GJIMV=KLTL9F=F;GJN9<9LM
IMAB9<91?P@JPFLIA8NJF:LIM<;
6FEAL>
E22?E22:?:>E22K27
J22?JF9Cd0
229@-22?
422?
DM?9J
422?2A@;M@L9E:9D=9JK=JK8>><I
.:IBF:D::=E:?E:4292?D@J22?2A@=42
I@>D:D::?T:>::K;:A::422E2I:J@>M K=
FAXGK==KLTL9E:9D=9F<GHG:J=;ALG/G<9NW9
FGHM=<=9F<9J:A=F.?8K:?@C;@J
JK8>><I@E>GFFIK?@E>
"<JK@CC:8EdKN8CB
N<CC
6FEAL>
E22?2A@;E22?2A@=42
E22?2A@=4@;7
422?:>M@;=JJ9<G;GFD9AEHDA;9;AYF=FEM
;@GK;9KGKIM=FG@9QDM?9J:CFJ<;N@K?
K?<@DGC@:8K@FE@ED8EP:8J<JK?8KK?<I<@JEF
IFFD6FEAL>
E22?:>E22?@>2>
E22?=2>E2E@@?=2>70
92?EBF:9422?:>
HJAKAYFEC@@BF:422?:>K=<TFI2A:;
422?:>H9DGH=IM=XG<=;9JJARGMK9<G=F=D
BM=?GeP9HAB;99FD9EfI2A:;422?=2>BM=?G
<=@GE:J=K=FIM=K=MK9FH9DALGK<=;9JJARG
::BF:422?:>
;=JJ9<G;=JJ9JK=:CFJ<;
:CFJ<@EKI
29@@E924::BF:>22?:>'9
HM=JL9=KLT;=JJ9<9.?<;FFI@J:CFJ<;
92>@44@A9::BF:>22?:>'9FG;@=K=
;=JJYKG:J=FGKGLJGK.?<E@>?K:CFJ<;@EFE
LJ
.:IBF:D::=4@>:E@;4@:::BF:422?=2>
:92'F::>:92 DFAXGLA=F=DGKGBGK;=JJ9
<GK KLT<MJEA=F<G.?<:?@C;?8J?@J<P<J
:CFJ<;
"<dJJC<<G@E>
9EGFLGF9JK=6?=FL=7
99;GJJ9D9J:IFN;8IFLE;#2CQ2BF:9
4@>4224BF:9::BF:J22?:>'9?=FL=K=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
=FI>FK
::BF:422?:><OGKI
DD=F9J=@CC2?E
I?@@:DBF:992?E42AEIU9242?@9A@@
BF:>::BF:9D22?:>2921GQ9DD=F9J=D
@GQG;GF:9KMJ9#8D>F@E>KF=@CCK?<?FC<
N@K?>8I98><
;=JJ9J:CFJ<2A2DA@;
92?@@42;BF:9::BF:9J22?:>=JJV=D
DA:JG#:CFJ<;K?<9FFB
J2A@=422?:><OGK=FLAJ<=KE9Q9JK==<<C
=8@EK&@K
D9F=?JMJ9D=;M:J=-2A@=9:?
E22?:>>292?E92J@>(=K=FLW9<=KE9
Q9JQE=9;GKLV#=<CK=8@EK8E;C8P;FNE
[#6J2A@=J22?:>J2_/=KA=FL=K;GEG
IM=N9K9<=KE9Q9JL=FPFL=<<C=8@EK
4U422?:>M:;M:JAJ;GF9;LAN9E=FL=
:FM<IN@K?8:K@M<CP2E66:4E:>9:ABF:9
BF:D::=4@>J66?9244U922?:>M:J=D9
:G;9<=DFAXG;GF=KL=LJ9HGFM<IK?<
:?@C;dJDFLK?N@K?K?@JI8>
696:E:
:4@@9:E:>9:A4@>9696:E::4@@9:E:>
:922?:>BF:94@9D22?:>9229:M:JAJV
=KL9E=K9;GFMFE9FL=D#N@CC:FM<IK?@J
K89C<N@K?8K89C<:CFK?
6FEAL>
4U:E22?:>
4U:E22?@>2>4U:E22?=2>4U:E2E@@?=2>7
0
422?:>4UL422DA@;=K;JA:AJ;GFD=LJ9<=
EGD<=>@@D?::922:E::D2I4U422?:>
;G;@AFADD9?JAK
:922?:>JF9CG8Jd0
9696:E::4@@9:E:>
:922?:>E9FL=D
422?;J:9Q9!LC=>IFLG<I6'P:K<IFG<I:8
AFI;8E@722?=42E24@>I@IK:I4M>
4@@DA@;E22I29:4>QD92IE29:::4229:E
4U:96I=924_+A;9JTFD9K:9Q9KD9;9JF9<9
;GEGKA>M=J9FHAFL9K1@CCK?<!LC=>IFLG
<IJ>I89K?<98@K8J@=K?<PN<I<:89I@CC8
*C
422?=420
@@E2D224MF9:9Q9
H=IM=X9
9EGFLGFY9DJ=<=<GJ<=(9JW9.?<G<FGC<
:IFN;<;8IFLE;'8IV8
[@>4224BF:9
>::BF::422?:>:E22;_'9?=FL=L=9;GJJ9DY
EM;@G@;K?<G<FGC<:IFN;8IFLE;PFL
:D4EBF:9422?=2><OGL=F=JHMDEGFW9
?8M<GE<LDFE@8&@K
KMKHMDEGF=K=KLTF
;=JJ9<GK
4U422?:>M@;8K;M:A=JLG<=:FM<I<;N@K?
22:EBF:9QD@=424@:4UJ22?=2>.MK
;M=JHGK=KL9:9F;M:A=JLGK<=K9F?J=.?<@I
9F;@<JN<I<:FM<I<;N@K?9CFF;
9@@42=24U422?:><OGFM:D9<G:CFL;P
&@K
DD=FG<=FM:=K.2299:A42A9@@42=2
4UD22?:>4292#GQN99=KL9JFM:D9<G
.F;8P@J>F@E>KF9<:CFL;P
::44U422?:>L9H9<G6;GEGLM:G7GCL>><;
LGJKFGG<;LG5C@B<G@G<62I2?@J27:?
BF:9::44U422?:>:92696:I22:BF:9
@229:92 KLTL9H9<G=DLM:G9;9MK9<=D9K
J9W;=K<=DTJ:GD.?<G@G<@JJKFGG<;LG
9<:8LJ<F=K?<KI<<IFFKJ
422?:>MK;M:JAJH9KAN9E=FL=:FM<I
G8JJ@M<CP[)@22?@BF:99696:E::4@>
4@>:E22?:>_'9KT:9F9;M:JW9D9;9E9
@;K?<J?<<K:FM<IK?<9<;69::BF6E
BF:9:D@;:I:D?6;.::IBF:9BF:E:BF::9BF:9
BF:D@;BF:;4U422?:>429QE::J@@9(A@AB9
=KEG<=KL9'D=N9JGH9IM=D=;M:J='P
;8L>?K<I@JDF;<JK
-?<N<8IJ:CFK?@E>K?8K
:FM<IJ?<I
6FEAL>
:E22?:>:E22?@>2>
:E22?=2>:E2E@@?=2>7
92?E422?:>DD=F9JMFDM?9J;GF;GK9K
H9KAN9E=FL==@CC8GC8:<N@K?K?@E>J
G8JJ@M<CPM42=429:K4@:92?E:J22?:>
'9JGH9DD=F9:9=DDM?9J.?<:CFK?<J=@CC<;
K?<GC8:<
::4A422?:><OGKIGDNA<9J=FI><K
[ BF:A4U:E:4U>:E24@@4924I>:>::9E2I
::4A:?E22?:>M9F<GL=FW9KK9J9EHAYF
;9KAL=EGJAKL=_L=@9KGDNA<9<G@;PFL
=FI><KK?8KN?<EPFL?8;K?<D<8JC<JPFL
8CDFJK;@<; :4A:9J22?:>(=GDNA<V#
422?;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:422?;JGFJd0
@@E:422?;MFH=R
422?;M@d6FEAL>
E22?;E22?2=:>
E2E@@?=E2E@@?2=2>7
::D2I422?;<OG
KGJHJ=F<=JK=JLIGI@J<;
.::I4@BF69EE:?E:4292IE:92>2:96I=
429::D2IJ22?;'9H=DGL9A:9L9FJTHA<9
E=FL=IM=VDK=KGJHJ=F<AY9D9?9JJ9JD9"<
N8JJLIGI@J<;N?<E?<:8L>?K@K?<98CCK?8K
N8J>F@E>JF=8JK
[.::IK@>::D2I
4UE>22?;_)9<9L=KGJHJ=F<=I<EdKPFL
JLIGI@J<;89FLK8EPK?@E>9KMKL9JK=
=I@>?K<E<;J:8I<;&@K
KM=KHWJALM,2K@;
4224@;K@9E29@9::D2IJ22?;1AMFHME9
?J9F<=QE=9KMKLV#N8J=I@>?K<E<;N?<E#
J8N8C8I><DFLEK8@EC@FE
0
::D2I
42922?;9KMKL9J
422?;0
C8<EKI8;8GI
422?;U
22?; :>6MFDM?9J8GC8:<&@K
@G?9J<=D9
:9Q9
22?; :E@>MF;9EH9E=FLG=FD9AKD9/A:MJYF
8:8DGFE.@9LIFE#JC8E;&@K
@9:D9<=D9
:9Q9
422?;UM:HGF=JN=F=FG@A=J:9<=D9>D=;@9
e@=@=;G99FBf=FD9KHMFL9K<=D9K>D=;@9K
GLKGF@JFEa?<?<:F88EAbFE8IIFNGF@EKJ
E2>92?EI>@42BF:996964@22?;BF:9
:E29@I9224?::I22K2BF:94U:>22?;U
M9F<GMF@GE:J=9FL=H9K9<GNAGD9HD9FL9
N=F=FGK9e@=@=;G99FBfHMKGD9K9NA9=FKMK
>D=;@9K1?<E8E8E:<JKFIJ8NK?<GF@JFEFLJ
a?<?<:F88EAbGC8EK?<GLKK?<J8GFE?@J
8IIFNJ
6FEAL>
:E22?;U:E22?2=:>
:E22?=42:E22?=4@;:E22?2=2>7<4@22?;
N=F=FGKG08I
422?;0
922?;>D=;@9;GF
N=F=FG
422?=2>0
C8<EKI8;8GI
422?:>
422?AIM@
J=?J=K9J9DDM?9J<=J=KA<=F;A9
NGDN=J9;9K9I<KLIE?FD<*4@@@J22?:A
I2E/G<GKK=>M=JGFCCF=K?<DI<KLIE<;
?FD<
NGDN=J9MF9HGKA;AYF9FL=JAGJ
I<KLIEKF=FID<IGFJ@K@FE=F;G?=JK=
J?I@EB@7:4;BF:992I2?@9E29>2
>22?AI>22I:E::9M99:>M92'9NVEA
;9EAK9QK==F;G?AY@GJ9FGE=D9HM=<G
HGF=J#N8J?<;DPJ?@IK8E;@KJ?ILEB
(FN
#:8EdKGLK@KFE
6FEAL>
E22?AI
E22?:AI:>E22?:AI2EE22?:AI@=4270
42922?:AI@E9QM<9J9J=?J=K9J9;9K9
42922?AI<=NGDN=J
422@MKM;
H9K9JHGJMFDM?9JG8JJ9P8
GC8:< 92>@4K:E22@>::7A1AFG=FD9
FG;@="<:8D<8KE@>?K
\:A:?E:42922@
`+9K9HGJ=KL=D9<GFD<K?@JN8P229@
E:>@424U9:922:E924K::IK@9:>29:E:92
J2I92I9:>@E@>?429::4A92J@>M9F
<GH9KT:9EGKHGJ=K=;9EAFGQGFG;GEW9
QHGJ=KG=KL9:9EMQ<V:ADQE=9;GKLV
1?<EN<G8JJ<;9PK?8KIF8;#;@;EdK<8K
8E;K?8KdJN?P#N8JM<IPN<8B8E;C8P
;FNE
H9K9J6LA=EHG7G8JJ5K@D<62?E
E2K@I2992?E4@@4;I29E22I:E22@_
=KHMVK<=H9K9JMFGG<GK9XGKc=K<IFE<
FIKNFP<8IJG8JJ<;_6FEAL>
.I
:E22@
:E22@E:>:E22:E:E22:E@=42#EKI
E22@<K:
7
0
:92>@4BF:992?EBF:9BF::;4BF:9
422@JG;WGIA2422@KAJ=F9<=DE9JWK::I
92>::>6422@KGD
92?EBF:9422@NA9B9JHGJLA=JJ9KI8M<C9P
C8E;-@EXE
92?E@@422A
96>6422@E=F<A?9J9<>@>42::BF:9
96>6:E22@:9J224@42A2?@J@@7A'99F
;A9F9E=F<A?9:9HGJEA;9K9.?<FC;
NFD8E9<>><;8KDP?FLJ<
:A24422@K=?MAJ=FCCFN.::I42?22@BF:9
K:IBF:D::=BF:9:A24:J22@ D?9LYKA?MAY9D
FAXG.?<:8K=FCCFN<;K?<:?@C;
2A:9
>::92K@922?E:E2>292J@@9EI@:A24
92J@>22:E1AEGKD9K@M=DD9K<=MFN=F9<G
:MJ9H=JGFGD9KK=?MAEGK1<J8NK?<=FFK
GI@EKJF=8DLC<;<<I9LKN<;@;EdK=FCCFN
K?<D
J22:EJF9Cd0
,2A:;2422KI2;'F:9
-22:E;9EH9E=FLG=FD9AKD9/A:MJYF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
G<IJFE=IFDN?FD@K@J9<>><;8I<D<E
K@FE<;
7
:422@>@E=E=F<A?9JKF9<>
:422@>BF:J2DAEGKF=JG9<>>8I&@K
=D
IM=K9:=H=<AJ*C
:422@>@;BF:J2;
422@?2>@EM8J@JKHGF=JKGE:J=JG=FGLJ9
H=JKGF9GLK?8KFE8EFK?<IG<IJFE6FE
AL>
:E22@?2>@E:E22@?2>2>:E22@?2EK7
<BF::@?2>
422@EK:=0
C8<EKI8;8GI
4U4229;U:>
422AM@@II
H9J9<G9<JK8E;@E>=KL9JH9J9
<G9<JK8E;@E>TE@E2;K@92?EK:E:
A@@A_.A@9QMF;AJAG=FMFDM?9Jc#=K?<I<
@J89FFALDKI<<JFD<N?<I<_[ :>6BF:9
9MBF:9242?@E2A_YF<==KLTKM;9K9
1?<I<@J?@J?FLJ<6FEAL>
E2AE2AE:>
E@::E@@J@;E@@J@=42>E@@J@=4276 D
N=J:G=KAJJ=?MD9JHJAF;AH9DE=FL==FD9>GJE9
FGEAF9DAR9<9<=KMB=LG=Ke;99Hf;GFNG;9D
<G:D=9MFIM==DL=E9=Ke
9Hf.?<M<I9@J
@II<>LC8IGI@D8I@CP@EK?<JL9A<:KEFD@E8C
@Q<;=FIDK?8K@K@Ja:88GbN@K?8CFE>
MFN<C8CK?FL>?K?<JK<D@Ja8Gb
70
I::42
92?E4@@J@;E=BADDYFLVJEAFG?=F=J9D9J;
WI::42:DI66?@@422AK9F?J=J66?BF:92?@
422A>J=FL=<=D9H9F?9J66?BF:9:E:422A
9KA=FLG=FD9HJG9<=D9H9F?9K::I::;92?E
422AAF<=;=F;A9K=PM9DK::IBF:D@;92?E
4U422A?9:9J<AF9
4U422A=KL9J6DWIMA<G7E=R;D9<G;GFD@O<;
N@K?5C@HL@;62D22:E:4@A92D22:E:4@@K=:=
4@A4U>::A D9;=AL==KLTE=R;D9<G;GFD9
?9KGDAF9.?<F@C@JD@O<;N@K?K?<>8JFC@E<
924I422A@@
KM=DLGKGDGCFFJ<8CFE<
22J4@A924I422A@@92 D;9:9DDG=KLT
KM=DLG.?<?FIJ<@JCFFJ<
=KL9JH9J9<G
9H9JL==KL9JKGDGJK8E;8G8IK9<8CFE<
24IE2A@@>@@:E9ADYKGDG"<;8E:<;
8CFE<
0
:BF::D2I9:A:924I422A>9FL9K
E9
924I4@::=PLJ9K<OKI8J&::=2924I4@::A24
:9J@J22&24>69D22D@E292/=F?GHAD9K
J22@JF9CNW9<=9FAE9DKI8:BF=
8E@D8C
422@=M@
;9J9;L=JAR9<GHGJL=F=JMF9J9FMJ9G
MF9R9FB9FGEMQ
@GF<9>IFFM<;
:?8I8:K<I@Q<;9P
422@=
>IFFM<JHD=?9<G
GC<8K<;27:4;E::I:9J@>BF66A6E>22@=@;
>2)GE=?MKL9=K9:DMK9HGJIM=FG=KLT
HD=?9<9#;FEdKC@B<K?8K9CFLJ<9<:8LJ<@K
@JEdKGC<8K<;
6FEAL>
E22@=E22@=:>
E22@=@;E22@=@E22@=4@;E22@=2>70
42922@=HD=?9J92?E422@=<=HJ=KAYF<=D9
LA=JJ9
422@>MKH=<AJJ=?9D9<G<=E=F<A?9J9H=<AJ
DAEGKF998JB=FI8>@=K=IFD9<>=IFD
66K:E:>BF:;2?@9AE27AI::424@>4224
4>:DA24:9E29@>29:?J22@>@;'D=?MV9
D9;AM<9<QNA99D?MF9KH=JKGF9KAF<W?=F9K
IMA=F=KE=E=F<A?9JGF#8II@M<;8KK?<:@KP
8E;J8NJFD<#E;@8EG<FGC<N?F9<>><;
=IFDD<
:K:J22@>@;)GKE=F<A?9:9F
.?<PN<I<9<>>@E>=IFDLJ
6FEAL>
:E22@>:E22@>2>:E22@>@;:E22@>@=427
6'9H=JKGF99IMA=FK=HA<=KAF?MD9JG
HDMJ9DK=HJ=K=FL9;GEG;GEHD=E=FLG
<AJ=;LG DG:B=LGH=<A<GFGHM=<=K=JE=F
;AGF9<G.?<G<IJFEJ@E>LC8IFIGCLI8C
=IFDN?FDFE<9<>J@JGI<J<EK<;8J;@I<:K
F9A<:K
.?<@K<D9<>><;@JEFKD<EK@FE<;
70
C8<EKI8;8GI
BF::@>
dM;H=<AJJ=?9D9<GE=F<A?9J8JB=FI8
>@=K9<>#@I:>2BF:99AJ22@>Q=JQG
E=F<A?9:9#N8J9<>>@E>P<JK<I;8P
6 KL=
N=J:G=KAJJ=?MD9J=FD9>9DL9<=MKG<=DHJ=>A
BGeG
fH9J9E9J;9JD9<=LJ9FKALANAR9;AYF
<=ETKFGK=E=F;AGF9FA=DG:B=LGH=<A<G
FAD9H=JKGF99IMA=FK=E=F<A?9.?@JM<I9
@J@II<>LC8I@EK?8K@K;F<JEdKLJ<K?<GI<=@O
aFbKFD8IBK?<;<KI8EJ@K@M@Q8K@FE
LIK?<I
DFI<E<@K?<IK?<@K<DI<HL<JK<;EFIK?<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
=PLJ9K/=HJ=KL9JV9D?MF9K#?8M<<OKI898K
K<I@<J
#dCCC<E;PFLJFD<
92?E422A:9B9JK=:FD<FI>F;FNE
;<J:<E;6964@A92?E4UJ@@A9BY<=D
TJ:GD"<>FK;FNEFLKF=K?<KI<<
\2?E
4MAa>29I@@9/=<AB=IM=L=:9B9J9K#
KFC;PFLKF><K;FNE
92?E4U422A
;M:JAJ<=K;=F<A=F<G:FM<I
;<J:<E;@E>E2>E:4@A:=QEBF:;:E:2?IU
E22>2922:EBF:9:D@;42A92?E4UJ@@A
K=@GE:J=K=D9KLAEY=FD9;9:=R9QD9
K9F?J=D=;M:JAYLG<G=D;M=JHG.?8KD8E
@EALI<;?@J?<8;8E;K?<9CFF;:FM<I<;?@J
<EK@I<9F;P
K=J<=D9EAKE9>GJE9;GK9
H9J9<9?8M<K?<J8D<=FIDM<IK@:8C@K<D
92?E@@422ANA9B9J9HA=KI8M<CFE=FFK
2?E@@9AE2A96>69AE27A9::I2;BF:9
I::?6;1A9BV9HA=DD=?MV9D;9EH9E=FLG
EMQ;9FK9<G#KI8M<C<;FE=FFK#8II@M<;8K
:8DGM<IPK@I<;
92?EI::4I422A=KL9JETK:9BG9<CFN<I
6969:A4@A92?EI::4IJ@@A KL=H9DG=KLT
ETK:9BG.?@JJK@:B@JCFN<I
92AI422A
K9DAJ>FFLK:922:EBF:9
2?IU92AI>::A KLGQH=J<A=F<GEM;@9
K9F?J=#8D9C<<;@E>8CFK
AJ9D=P;MK9<G
>FKFK?<98K?IFFDF9;=J9J;9<9FIE
8I:?
.:IBF:D::=BF:992AI:9::ABF:9
92?EE2K@BF:9:E:J27:? DFAXGLA=F=MF
9XG<==<9<.?<:?@C;@JFE<P<8IFC;
)KI8J
G8C89I8J92AI:9::AKM=P;J=E=FLG92AI
:422A=P;J=E=FLG<=MFGK9DAJ<D<I><
=IFD9H9J=;=J8GG<8I>22I
2E22>2E:92AI>::A FLGF;=K9H9J=;AY9
D9NAKL9=D;=JJG#9L99E9LA.?<EK?<DFLE
K8@E"8K88D8K@:8D<@EKFM@<N
92AI4U422AK9DAJ<=<O@K=IFD,2K@;BF:9
9D::4U292K22;92492AI4UA@@AE2I1GQ
9E9L9J9DHME9;M9F<GK9D?9<=D9;M=N9#
8D>F@E>KFB@CCK?<DFLEK8@EC@FEN?<E@K
:FD<JFLKF=K?<:8M<
92BF:I422AH9J9JK=<=L=F=JK=<=J=H=FL=
JKFGJL;;<ECP@9C2E:>@424@:2?IU
:A2?KI:E:4>::BF6E:>@42:E29@92BF:I
J@@A D:MJJG=KL9:9;GJJA=F<GQK=H9JY<=
J=H=FL=;M9F<GNAG9D9H=JKGF9IM=DD=?9:9
.?<9LIIFN8JILEE@E>8E;JL;;<ECPJKFGG<;
N?<E@KJ8NK?<G<IJFEN?FN8J8II@M@E>
\2BF:I42A`+TJ9L=-KFG
92D42>2422AAJ9;9R9J;9?M9E9K>FJ<8
KLIKC<?LEK@E>\::9:BF:942>;4692D
42>2D::A4292`/J9=EA9JHYF1GQ9;9R9J
;9?M9E9KI@E>DP?8IGFFE#8D>F@E>KF
?LEKJ<8KLIKC<J
92I@;92?E422AK9DAJ<=MF:9J;G;@J<D
98IB
9@@II29924I422A=KL9J;=J;99<:CFJ<
@@II29924I96J2:: KLTFEMQ;=J;9<=
EWNA=F<G;GFHJAKETLA;GK.?<P8I<M<IP
:CFJ<KFD<CFFB@E>N@K?9@EF:LC8IJ
::42422AH=JL=F=;=J9<CFE>
::92I::4I422A=KL9JH9J9<GBMFLG;GF9<
JK8E;@E>KF><K?<IN@K?E2>BF:922=4@A
::92I::4IJ@@A D@GE:J==KLTH9J9<G;GF
KM=KHGK9.?<D8E@JJK8E;@E>N@K??@JN@=<
0
9:A:K::IBF::4@E2;422AE:>KM;GEH9X=
JG<==DDGKG<==DD9K
:9QE::4A422AK=J=D[DLAEG=FMF9>AD99<
K?<C8JK@E8C@E<!F2?BF:9:42?@22BF:9
:9QE::4A422A:92'9H9F?9<=%M9FNA=F=9D
[DLAEG$L8EdJ9F8K@J:FD@E>C8JK
::44U422A=KL9J=FK=?MA<9<=9D?MA=F9<
E<OK8=K<IJFD<FE<['F::9J2::4>6E2A
_,MAVF=KL9:9=FK=?MA<9<=LA1?F@JE<OK
8=K<IPFL
::;92?E422A;9E:A9JK=<=HGKA;AYFEA=F
LJ9K=KLTH9J9<G:?8E><GFJ@K@FEN?@C<
JK8E;@E>0
K::I::;92?E422AAF<=;=F;A9
K=PM9D
:A2492492AI4U422A<=KG:=<=;=J;@J
F9<P#:A2492492AI4@9AD::A292/=NGQ
9<=KG:=<=;=J#8D>F@E>KF;@JF9<PPFL
:E22:422ANA9B9JHGJLA=JJ9H9J9D=D9E=FL=
;GFMF9H9F?9H9J9DD=?9J9<GF<=N9KI8M<C
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9PC8E;G8I8CC<CN@K?89F8KJF8JKF8II@M<
N?<I<@K@J>F@E>2?EA@7::E296D@42::
E:>4292:E22:>2D@::292(9X9F9NGQ9
H=K;9J;=J;9<=D9HD9Q9+M=<=KNA9B9J=F
H9J9D=DG=FD9HD9Q9.FDFIIFN#dD>F@E>
=@J?@E>:CFJ<KFJ?FI<
3FL:8EKI8M<CG8I8
CC<CFEJ?FI<
>::K; 924I 4U422AL=F=J:M=F9>GJLMF9L=
F=J:M=F9KM=JL=?8M<>FF;CL:B#::K;924I
4@9AI@@A/MN=:M=F9KM=JL=#?8;>FF;
CL:B
>::K;92?E422AK=J:M=FG=FK=FLA<GEG
J9D9<>FF;@EDFI8CJ<EJ<#:9:>@K924
>::K;92?E:>MA:92/MKA<=9KFGKGF:M=
F9K3FLI@;<8J8I<EdK>FF;
#22=BF:;E::I
>::D2I4@>:E:>A29:E:E2IE22IK::IBF:9
>::K;92?E422ABF:9D922292.A=J=K>A=D
9LM=KHGK9N99K=JMF9;GK9:M=F9#=PFL
8I<=8@K?=LCKFPFLIN@=<@KN@CC9<8>FF;
K?@E>
A22:;:E:422AH=K;9J=FMF9:9DK9@=;@9<=
E9<=J9>DGL9FL==@J?=IFD8I8=KD8;<F=
;I@=KNFF;
E@::4U422AEMDLAHDA;9JK=9ME=FL9J=FF[
E=JGDLCK@GCP@E:I<8J<ELD<I@:8CCP@EKI
@>4224BF:9E@::4UJ@@A'GKK=JAK=KLTF
9ME=FL9F<G=FF[E=JG.?<-<I@G<FGC<8I<
>IFN@E>@EELD9<I
E@@I::4I4U422AK=H9J9JK=<=J<G8I8K<
FE<J<C==IFD*@@I::4I4UJ@@ASDK=K=H9JY
<==DDGK"<J<G8I8K<;?@DJ<C==IFDK?<D
J2I:422AK=J=D[DLAEG9<K?<C8JK#6
J66?@@>A@@A:?D::E2I29296J2I:
9A@@AD::E2I4292E2I1=L=HJAE=JGHGJ
IM=NGQ9K=J=D[DLAEG!F=@IJK9<:8LJ<#dD
>F@E>KF9<K?<C8JKFE<
-@EXE
:E:4@4JMI
J66?::4A422AHJAE=JG=FDM?9J=@IJK@E
GC8:<
J66?@@422AAJ9<=D9FL=>F8?<8;:A:
BF:92I2942>@KE::I@@92J66?@@>::A
DIM=HG<W9AJETKJTHA<9E=FL=K=>M=9<=
D9FL=.?<FE<K?8K:FLC;>F=8JK<JKN<EK
8?<8;
0
K@;-66?@@22AD<=:9JTF
=KLJ=DD9
J2?::BF:422AHJ=;=<=JGI<:<;<
/K229BF:;092AI422AD=N9FL9JK=6=DKGD7
I@J<5JLE6.229BF:;922>@E292AID::A
E22>292ETE:=4@;92?E4@>92>@@4E2>
M9F<G=DKGD=KL9:9HGJK9DAJFGKD=N9FL9
EGKQEAJ9EGK9DJ=<=<GJ1?<EK?<JLEN8J
89FLKKFI@J<N<>FKLG8E;CFFB<;8IFLE;
422AJJLAd
::44U422A=DK=?MF<GJ<:FE;FE<
BF:A24:9QE::44U422A=D[DLAEGK?<C8JK
:422AJF9C89Jd0
92A?22:=2?:422A
N=KLAE=FLGHJGL=;LANG@=;@G<=D;M=JG<=
H=K;M=RG<=LGJG
:9::AJF9Cd0
2?:9::A;GFL=F=<GJH9J9
DWIMA<GG;GK9D9J?942?@22:E:9::AETKLAD
66?:>:E:9::AE9F?G<=;M;@ADDG92?E:9::A
K=FLA<GKA?FA>A;9<G92?E:9::A:KM=DG92AI
:9::A=P;J=E=FLG92D22:E:BF:92?:9::A
9;=AL=JG92E66>D:A6IUA2?:9::AETIMAF9
<=9>=AL9J9696:E:4U:9::AH=<9RG<=E9<=J9
<=E=RIMAL=MK9<GH9J9L=JEAF9JMF9JHYF
;GF9D?GETKJ=KAKL=FL=9:A:I::42BF::4@E2;
:9::AE:>KMK;GEH9X=JGK:?66>;:9::A;=F
LJG<=DD9:AGKMH=JAGJ:?KBF:92?@4U:9::A
9LD9KHJAE=J9NVJL=:J9;=JNA;9D:E::9::A
ETKLAD<=:9J;GHA=R9>AF9D<=D9JHYF:E@@K;
:9::AGE:DA?GW:ED:9::AGE:DA?GK::I422J
:E::9::A;D9K=<=MF?\=FLGWK::I92>22I2?
:9::A:GL=DD9
:>MAJJLAE<>d0
K::IBF:9>::K;92?E
:>MAE9D<9<H=;9<G
J2::JF9Cd0
2?@J2::;GFL=F=<GJ
4@>422492?E:E:J2::L=JJALGJAGK=JA::KE@I
BF:9:E92?EJ2::9DE9F9IM=
J22J@;JF9Cd0
&22K2J22J@;MFDM?9J
#@;6A6.2242=4 E:-22J@;MFDM?9J
J22J@=42JF9Cd0
9:A:I::42BF::4@E2;
J22J@=42KMK;GEH9X=JGK<==DDGKG<=
=DD9KI22D;:E:J22J@=42;A=JLG<AK=XGIM=
K=MK9=F;GJAL9K;D9K=<=;9F9KL9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
422A2MKM;NA?AD9J;GF9FKA=<9<D9N=FA<9<=
9D?GN8K:?8EO@FLJCP=FI:FD@E>F=JFD<
K?@E>#@I:>2BF:99AJ22A2Q=JQG
=KL9:9NA?AD9F<G;GF9FKA=<9<#N8J8EO
@FLJCPN8K:?@E>P<JK<I;8P
>22>E:4@A
:E22:;::K44@>:E:E2A24224=2BF:9:J22A2
K9EMB=JK=H9JY=FD9GJADD9<=DE9JQNA?A
D9:9;GF9FKA=<9<D9N=FA<9<=KMKFA=LGK
.?8KNFD8EJKFF;8KK?<<;><F=K?<J<88E;
8EO@FLJCPN8K:?<;=FI?<I>I8E;:?@C;I<EKF
:FD<
6FEAL>
.I
:E22A2:E22A2E:>
:E2E@@A;@;#EKI
E22A2<K:
7-@EXE
WBF66K2>W422K@
422A2D:0
C8<EKI8;8GI
4U422A2D:
422A42M:@EKI;M:JAJK==FD9DDMNA9:FM<I
FE<J<C==IFDK?<I8@E2A:?22:=K@E@4
4UE::9>2:E2>;44UJ22A42/J9BGMF9HA=D
<=N=F9<G:MJ9QK=;M:JAY<=D9DDMNA9;GF
=DD9"<9IFL>?K8DLC<;<<IJB@E8E;LJ<;@K
KF:FM<I?@DJ<C==IFDK?<I8@E
6FEAL>
E22A42E22A2;42E2E@@A;@;E2E@@A2I42>7
<42A42DDGN=J
::BF:422A42;M:JAJ9GLJ9H=JKGF9<=D9
DDMNA9G<=9?M9IM==KLT=FLJ9F<G=FD9
H9F?9:FM<I8EFK?<IG<IJFE@EK?<I8@EFI
=IFDN8K<I<EK<I@E>89F8K 9J22K:BF:9
::BF:9AJ22A42M:JW9EA@ABG<=D9DDMNA9
#:FM<I<;DP:?@C;@EK?<I8@E
422A;M@9LJ9?9FL9JK=;GFKYDA<G:?FB<FE
JFC@;.:IBF:D::=BF:9>@@D?::AI2D:BF:9
4UE22A;4@@4924I:>>::9 DFAXGK=9LJ9
?9FLY;GF;9JF=<=;9?M9E9Q;9KAK=EMJAY
.?<:?@C;:?FB<;FEJ<8KLIKC<D<8K8E;
8CDFJK;@<;
6FEAL>
E22A;E22A2=:>
E22AK:=E22AK:=427
J22A;JF9Cd0
@?4BF:9:E:-22A;
L=H=L9L=9DFGJL=<=D9$KD9+9LGK
422A;UMKADMEAF9J@CCLD@E8K<C@>?KLG66I@;
K@>A22::E22:;::K4E:?E:424@>A22A;U
E2I92292D::K42>292'D=?9J=EGK9DDWKA
@9;=KMF99FLGJ;@9=ADMEAF9KD9HD9Q91<
N@CC8II@M<K?<I<@=PFLD8B<8KFI:?8E;
C@>?KLGK?<9<8:?
6FEAL>
:E22A;U
:E22A;UK:=7.<D8G8J
A2A;U
:A2A;UJF9CG8Jd0
2?E22=2;4
A2A;UD<=:9JTF=KLJ=DD9
422A;UBF:;M@?GDH=9J=DE9JH9J99LJ9=J9DGK
H=;=KGFLE;K?<J<8KF8KKI8:K=@J?
229:EBF:992?EK@4@?E:E2I92?E:E:
:4229:E:>4@>4UE27AI>22A;UBF:;%I
EA24E2>2I:4229:E:>6I=K:I4M>4@>
M9F<GMFH=K;9<GJDD=?99KMDM?9JH9J9
H=K;9J?GDH=9;GFMFH9DG FLGF;=KDGK
H=;=KLGE9FD9;9JF9<91?<E8=@J?<ID8E
8II@M<J8K?@J=@J?@E>JGFK?<GFLE;JN@K?8
JK@:B
.?<EK?<=@J?K8B<K?<98@K
\696
:422A;UBF:;BF:99::BF:42IBF:>
9AD22A;UBF:;K:I4M>K@I@>A29@E2I
`/WJ9E=MFH9DG<=H=K;9J"GDH=9JVHGJIM=
FGK=N=FH=;=K.?IFND<8=@J?@E>JK@:B
#
N@CCGFLE;9<:8LJ<EF=@J?8I<J<<E
6FE
AL>
E22A;UBF:;E22A@;BF:>E2E@@AIUK:=
E2E@@AIUK:=427
:422A;UBF:;JF9C89JH9DG;GFIM=K=?GD
H=99DE9JH9J99LJ9=J9DGKH=;=KGFC<K?8K
@JJKIL:BFEK?<J<8KF8KKI8:K=@J?
422A=M@>JWG:FC;2I9@@D:42AI22A=` D
9?M9IM==KLGQLGE9F<G=KLT>JW9.?<N8K<I
K?8K#8D;I@EB@E>@J:FC;EKXE
4>2E;
dM@@DG@9;=J>JWG:FC;5N<8K?<I6.229
9:A4@A>22A=>::A42E22I2922:EM9>2
22>2#9;=>JWG@GQHGJIM=DDGNAY#K@J:FC;
KF;8P9<:8LJ<@KI8@E<;
*22A=>2I4@42K
?:BF:94@A@@:?:92*@A@@:?>2I:92>@4
:A22@92AM92'9NW:GJ9<=;9K;9:=D@A:=J
F9=F=DAFNA=JFGQ=FLGF;=KMFGHM=<=9F<9J
=FD9FG;@=,8KKC<JE8B<J?@9<IE8K<@EK?<
N@EK<I8E;K?8KJN?<EFE<:8EN8CB8KE@>?K
EKXE
44@K:>6FEAL>
E22A=70
42922A=L=F=J>JWG=F>JA9J
::D2I4@>422A=<OGLJ9FIMADG6H=JKGF97
:8CD5G<IJFE6&@K
KM=KHWJALM=KLT>JWG
[#::D2I4@>E22A=92IE22a-@922
::D2I4@>E22A=92I>22_ KLTKLJ9FIMA
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@@4;>::>J2>:>A22AI2E2K2294@A
D::>6292/GE9<GKH9KLADD9KLJ=KN=;=K9D
<W9.8B<KNFG@CCJK?I<<K@D<J8;8P
6FE
AL>
E22AI2E22AI2;@;7<42AI2LJ=K
422AI2M:HGF=JLJ=KGLKK?I<<6FEAL>
:E22AI2:E22AI2;@;7
92?E422AI2M:KIL=F=JLJ=K9XGK<==<9<
9<K?I<<P<8IJFC;2?E:>22AI2922?E
@@4224;:92)GLA=F=LJ=K9XGK/A=F=KYDG
<GK"<@JEFKK?I<<P<8IJFC;
"<dJFECPKNF
422AI2=4@;0
C8<EKI8;8GI
422AIE:>
422AI@;JN=F9<G:MJ9;GFLJ=KHMFL9K=F;9<9
MFG<=KMK;M=JFGKJ@OGF@EK<IDLC<;<<I
6);F:F@C<LJ?<D@FELJ76.=J=D9;AGF9@AKLYJA
;9E=FL=;GFe;99HP9f"@JKFI@:8CCPI<C8K<;
KFa:88GO8b
7
422AIEMKM;;GK=;@9JD9K=EADD9<=LJA?G<=
E9J?8IM<JK<<C>I8JJJ<<;,?@@:D:922E
::K2I4@A4UE27A>2I4@>42244>2;::4
BF:9422AI=@;:92'9KEMB=J=KK=JAK;GK=
;@9FD9K=EADD9<=LJA?G<=E9J=F9:JAD-<I@
NFD<E?8IM<JK<<C>I8JJJ<<;@EGI@C
6FE
AL>
.I
:E22AIE:E22AI2E:>:E22AI=@;
:E2E@@AIE:E22AI=@I2>#EKI
E22AIE<K:
7
422AIE:>M@EM<9JK=@9;=JEM<9FR9DFM<
GC8:<F=I<J@;<E:<)>22AI2=4@;42E66J@
AB=JGFIM=FGK=N9F9EM<9J<=9IMW.?<P
J8@;K?8KK?<P8I<EFK>F@E>KFDFM<=IFD
?<I<
6FEAL>
EO2AIE:>EO2AI2=4@;7
*8J8;FJ@@AIE:>08I
42AIE:>0
A2?22=422AI2=4@;=FB9E:J=<=9:=B9KIM=
=KLT<=NA9B=
422AIU=:>M:IM=:J9J9D?GD9J?G9I<8BCFE>
@K<D,66D4=::D6;2K:E22AIU=:>:D=:EI924
2?:J@@9*>@BFPE66E62?:J@@9,M=:JY
MF9J9EAL9<=K9DNA9<=D<=KA=JLGQD9HMKG=F
KMGJ=B9ABGIM=DG@ARGHGJIM=FGGQ=
:A=F"<9IFB<F==8JGI@>F=;<J<IKC8M<E;<I
8E;GLK@K@E?@J<8I
"<J8@;?<;@;K?8K
9<:8LJ<?<;F<JEdK?<8IN<CC
6FEAL>
:E22AIU=:>:E22AI@E:>:E2E@@AI@E@;
:E2E@@AI@E@=427<42AIU=:>IM=:J9JK=
DGd.W=KLGQLJ9FIMADGI<PFL:8CD3<J
#8D:8CD
:922A=JF9CLA=EHG>JWGAFNA=JFG:FC;
N<8K?<IN@EK<I
422A=:>MK;M:JAJH9KAN9E=FL=:FM<I
G8JJ@M<CP6FEAL>
:E22A=:>:E22A2=:>
:E2E@@A=2>:E2E@@A2=2>7
422A=:>M:,::4292A29:EA24E@44UJ2::
E2I[:?E22A=:>:?E22:I_M:JAKL=D9;GEA<9
;M9F<GK9DAKL=@;PFL:FM<IK?<=FF;N?<E
PFLN<EKFLK6FEAL>
:E22A=:>
:E22A2=:>:E2E@@A=2>:E2E@@A2=2>7
422A@MK;GK=;@9J?8IM<JK&?224U=BF:9
K@@K;BF:9E2K@9E22A@>24@4D2CBF:;
>::K;9:>I22:A@EGK=;@VMF;GKL9D<=
BGBG:9Q=DE=PA;9FGFGAF<W?=F9E=H9?Y
EMQ:A=F#?8IM<JK<;FE<9LIC8G98>F=
AFAF988E;K?<EFE#E;@8E'<O@:8EG8@;D<
M<IPN<CC
6FEAL>
:E22A@:E2E@@A;@;7
422AE2;40
C8<EKI8;8GI
422AEIU
422AEIUMKK9DAJ<=H9K9J=FE=<AG<=:FD<FLK
F=>FK?IFL>?69644@DJ2EE:?E:42
92A22AE2;4I92DAM?4@;4292GJJ=J=EGK
;M9F<GK9D?9EGK<=DGK9J:MKLGK=KHAFGKGK
1<dCCILEN?<EN<:FD<FLKF=K?<K?FIE
9LJ?<J
6FEAL>
:E22AEIU:E22A@E:>
:E22AE2;4:E22AE2I=4@;7
422AIMKM;<=B9J;9=J6?9NAGL979DE=B9K;IFG
5J<8>LCC6:C8DJ@?4BF:;92IU=BF:9
:J22AI'9?9NAGL9<=BY;9=JD99DE=B9.?<
J<8>LCC;IFGG<;K?<:C8D
6FEAL>
.I
:E22AI:E22AI2;2>#EKI
E22AI<K:
7
:422AI@E=d0
:422AIBF:J2?9NAGL9
422AI
422AI2MM<:<JG;MJJAJLJ=KN=;=K?8GG<EK?I<<
K@D<J,::4292A2>J2>BF:9::;4@@I2=42
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
422CJGN=B9J?<<G6)M@J8I@<J7*C
422C@;
6=KHe;9:J9f-G
a:89I8b70
422C
BF:9424TI2=:>H9KLGJ
422C966BF6;GJ<=JGC8D9&@K
GN=B9
BGN=F
422C:?2D9F9NFFC&@K
H=DG<=GN=B9
422DM@
<=KAF>D9JK=;<=C8K<.:IBF:D::=4E2>
E:4@AK::I4@BF69EJ2422=:>BF:9E22D>2
J292M9F<GKMH=DGL9K=<=KAF>DY=K=FAXG
DDGJY.?8K9FP:I@<;N?<E?@J98CC;<=C8K<;
<AKGDN=JK=;@JJFCM<@EKI
2I4U>@@42
42AI::422?:422:4@:4UA22DE24>22I
:?D::D:292=:=KLGE9J=D9?M9IM==KLTK
HJ=H9J9F<G;M9F<GK=@9Q9<AKM=DLG=D
9R[;9J3FLJ?FLC;;I@EBK?<N8K<IK?8KPFL
8I<GI<G8I@E>N?<EK?<JL>8I?8J;@JJFCM<;
6FEAL>
E22DE22DE:>E2E@@D:E22DI2>
E2E@@D:;2>70
42922D<=KAF>D9J
4U422D@MF<AJK=9:KGJ:=JK=KMEAJK=J@EB
9<89JFI9<;2IBF:992?E4UJ22D D
9?M9K=KMEAY=FD9LA=JJ9.?<N8K<IJ8EB
@EKFK?<<8IK?
/:A42BF:90422D<=B9J<=DDGN=JJKFGI8@E
@E>[ A42BF:9E22D_=BY<=DDGN=J@;
@KJKFGI8@E@E>
422D0
C8<EKI8;8GI
4U422D
422D2=42M@K=FL9JK=G9;GKL9JK=;GFD9KHA=JF9K
=PL=F<A<9KJ@KFIC@<;FNEN@K?C<>J
<OK<E;<;6FEAL>
E22D2=42E22D2=4@;7
422D2IMK9:JAJ9D?GIM=K==PLA=F<=FG<E
JFD<K?@E>K?8K:8EJGI<8;FLK22D4@A
:>@4=924922D2IK2?@J::;*::IA2K::EE2
:9A22D2IE2922DA242?@A2::E2D22:E@;
#9QMFFA<G<=J9L9FGH9D=J9:9BG=DE=RIMA
L=19EGKQ9:JTEGKDGH9J9N=JKA@9QN9AF9K
<=E=RIMAL=9<=FLJGH9J9;GE=J.?<I<@J8
G8:BI8KE<JKLE;<IK?<D<JHL@K<KI<<
&<KdJ
>FFG<E@K8E;J<<@=K?<I<8I<JFD<D<JHL@K<
GF;J@E@KKF<8K
6FEAL>
:E22D2I:E22D2
I:>:E2E@@DE2;4:E22DE2=42:E2E@@DE2I=427
0
42A2D2I9:JAJ4922D2I9:A=JLGQ
=PL=F<A<G
422D4=0
C8<EKI8;8GI
92=QE2?422D4=
422D:A=0
C8<EKI8;8GI
422DA@;
422D:E:>0
C8<EKI8;8GI
4U422D:E:>
422D;MK=PL=F<=JH9J9K=;9J<OK<E;KF;IPFLK
:4@@>6BF:99:422>:KBF:9:J22D;(A
@=JE9F9E=FGJ=PL=F<AYEA;9EAK9H9J9IM=
K=K=IM='PPFLE><IJ@JK<IJGI<8;FLKDP
J?@IKKF;IP
6FEAL>
:E22D;:E22D2=:>
:E2E@@D=4@;:E2E@@D2=2>7.<D8G8J
A2D;
:A2D;JF9CG8Jd0
K::I92I2?92AM9:E:
:A2D;;GJ<=DH9J9L=F<=JD9JGH9
422D@=4224U=
JGE=JADDG@A=J:9<=DH9KEG
;<J<IK9IFFD68::?8I@JJ8IFK?IF@;<J7&@K
e;99KGDf?J9F<=L9J9;@AIMAL9J9;@A;GMF
9J:MKLG?FG9LJ?6F;FE8<8M@J:FJ87
422D@=4242E
BV;GL9JGE=JADDGN?@K<9LIIF
9ILJ?6D9IFJ@8J8CJFC8N9JG<EK8C<GJ@J
"PD<EF:C<8J8CJFC87&@K
e;99KGDf9E9J?G
-@EXE
422D@=4@@K=:=422D@=K::I::4
4U:9::A6MF9J:MKLGH=IM=XG8JD8CC
J?IL9@EK?<:8CKIFG=8D@CP62PCFK?8D@8
;@==LJ8"8GCFG8GGLJJFEFI@<EJ@J7
-@EXE
422D@=K::I::44U:9::A6
422D@=4@@K=:=
BV;GL9MF9J:MKLGN?@K<9LIIF
9ILJ?6D9IFJ@8J8CJFC8N9JG<EK8C<GJ@J
"PD<EF:C<8J8CJFC87&@K
e;99KGDfH=?9
BGKG-@EXE
422D@=4242E422D@=K::I::4
4U:9::A6BV;GL9JC<E;<I9LIIF9ILJ?
6D9IFJ@8DFEF>PI8"PD<EF:C<8
DFEF>PI87-@EXE
422D@=:E244@@D@E@;
422D@=9664E@E9FR9FADD9<=D;GQGL=;<J<IK
:?@E:?N<<;6*<:K@JG8GGFJ87&@K
e;99KGDf
H=IM=XGK-@EXE
422D@=:92D::BF::A6
42422E2;4
422D@=9664E@4224U=MF9HD9FL99JGETLA;9;GF
>DGJ=K9E9JADD9K8:?@E:?N<<;N@K?9I@>?K
P<CCFN=CFN<IJ6*<:K@JILJ9P@*
G8CD<I@7&@K
e;99KGD@==;LGf?J9F<=K
422D@=:92D::BF::A6E9FR9FADD9<=D;GQGL=
;<J<IK:?@E:?N<<;6*<:K@JG8GGFJ87&@K
e;99KGDf;GF:M=FGDGJ-@EXE
422D@=
9664E@42422E2;4
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
EGD<='PJFE:8ENI@K<:LIJ@M<
"<;F<JEdK
N8EKKFGI@EK
:?@=4U422DA@;<A:MB9J;I8N)29>66DK@
>:?@=4@?D22DA@;292=:=K<A:MB9JMF9
F9J9FB93FLJ?FLC;;I8N8EFI8E><
:E:422DA@;>AJE9JJ@>E-@EXE
:E:BF:E22D
:E
92A2DA@;JJLAG8J
H9H=DDA:JGG8G<I
9FFB<A:MBG;I8N@E>*C
92AMDA@=42
:422DA@;JF9C89JDTHARHDME9G<E:@C
G<E*C
:422DA@=42
:A2DA@;JF9CG8Jd0
4>::BF6:A2DA@;
>GLG?J9>W9<=MF9H=JKGF9J=LJ9LGK::I
:A2DA@;>GLG?J9>W9
J22DA@;JF9Cd
422DBF:>JD=F?M9<G=KH=;A9DE=FL=D=F?M9<G
<=GJLVK=CFLE;<I<JG<:@8CCPFIK<Q?8C@
9LK6*8I8C@:?K?PJ8<JKL8I@LJ7*C
422D;@;
)KI8J<JG<:@<JEF@;<EK@=@:8;8J422DBF:>
4@@D4=422DBF:>4A66E:;422DBF:>BF:
>22I2ED=F?M9<GEGL=9<G;AJ;MD9J?JAK
H9J<MR;GDFKKC<;:@I:LC8I>I8P9IFNE
=CFLE;<I6'GK#9FL$@AAFA;GE;99;MK9:9F=D
FGE:J=eQ9RAEALAIMAHPGEf.?<"8EK#?@@E@
:FD:88:LJ<;K?<E8D<aP8Q@D@K@
HL@GOFDb
7
422D@=:E244@@D@E@;BV;GL9JC<E;<I9LIIF
9ILJ?6D9IFJ@8DFEF>PI8"PD<EF:C<8
DFEF>PI87&@K
e;99KGDf;GFL9DDG9F?GKLG
-@EXE
422D@=4@@K=:=
422D@=K::I::44U:9::A6
BV;GL9MF9J:MKLG
N?@K<9LIIF9ILJ?6D9IFJ@8J8CJFC8N9J
G<EK8C<GJ@J"PD<EF:C<8J8CJFC87&@K
e;99KGDfE=<A;AF9D-@EXE
422D@=4242E
422D@=4@@K=:=MF9J:MKLGH=IM=XG8JD8CC
J?IL9@EK?<:8CKIFG=8D@CP62PCFK?8D@8
;@==LJ8"8GCFG8GGLJJFEFI@<EJ@J7
-@EXE
422D@=4242E
422D@E0
C8<EKI8;8GI
4U422D@E
422DA@;M:
=K;JA:AJNI@K<>22I96
D2E@@D:A=@;4292@GJ9=K;JA:AJ=EGK(FN
N<N@CCNI@K<
HAFL9JG8@EK 42?@224@>
4@@:=I294966=I294U:J22DA@;+AFLYKM
H9F?9N=J<=QJGBG"<G8@EK<;?@J9F8K
>I<<E8E;I<;
>GLG?J9>A9JG?FKF>I8G?
[#29D22DA@;922J2_+M=<G>GLG?J9>A9JL=
'8P#K8B<PFLIG@:KLI<U:A2DA@;9:K24
2?@4U:9:E2:92492?EE92?=E2K@4U:EM9E@4
4@?E:42:9:/=FW9GF;=9XGK;M9F<G=KL9>G
LG>M=LGE9<9"<N8J<C<M<EP<8IJFC;N?<E
K?@JG@:KLI<N8JK8B<E
.2422>4@ADA2DA@;
E22>2I:42BF:K::=4E2>4UE24@::EK2IUE
>2J@@D:>M9F<GD9EM;@9;@9=KL9:9HGJ
K=J>GLG?J9>A9<9=KGKEM;@9;@GKD=@9:D9JGF
QK=JAY1?<EK?<>@ICN8J89FLKKF9<
G?FKF>I8G?<;K?FJ<9FPJJGFB<KF?<I8E;
J?<C8L>?<;
6FEAL>
:E22DA@;:E22D:A=
:E2E@@D:A=@;7<4@@DA@;E9F;@9<G.<D8
G8J
A2DA@;
422?:>4U422DA@;M;=K;JA:AJ;GFD=LJ9<=
EGD<=GI@EK6422?:>BF:94U:422DA@;
:9J@224GHM=<G=K;JA:AJ;GFD=LJ9<=EGD
<=#:8EGI@EK
4@AIUEBF:94U422DA@;=K;JA:AJ=FE9FMK
;JALGNI@K<:LIJ@M< 9J22K:BF:94@AIUE
4294U:422DA@;:J@2222?:>BF:94U:
422DA@;:J@>2>K@(A@ABGHM=<==K;JA:AJ
=FE9FMK;JALG)GIMA=J==K;JA:AJ=FD=LJ9<=
422DBF:>
422DBF:>429EI:>2KGD<=(9R9LDTF'8Q8
KC8EJFC<6:?@ILJD8Q8KC8ELJ7&@K
D=F?M9
<GJA;G
422DBF:>4@@DA@;MFD=F?M9<G=I@E><;
=CFLE;<I6KIFGLJ:IFJJFKLJ7&@K
D=F?M9<G
HAFLG
422DBF:>:D@;:>@KBF::A:MFD=F?M9<G
LJ9FKH9J=FL=8KI8EJG8I<EK=CFLE;<I&@K
D=F?M9<GGJ?MDDGKG
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
22DBF:>2?@-2::FGE:J=<=DM?9J=F=DE9J
E8D<F=8GC8:<@EK?<J<8&@K
<GF<==KLTF
DGKD=F?M9<GK
422DE2IMK=PL=F<=JH=B9D9K<OK<E;<
>
N@E>J$22AI2=44@:I22D=42BF:9:E:
EM92;42::D6=4@;BF:9
:>2E@@DE2I=424UD@@E:;
E22E2>;U4'GK
RGHADGL=K=KL9:9FK=F
L9<GK=FDGK;9J<GF=K
=PL=F<A=F<GD9K9D9KH9J9
K=;9JD9K.?<KLIB<P
422DE2I
MLCKLI<JN<I<J@KK@E>FE
K?<J8?L<JF:8:KLJ<JJKI<K:?@E>K?<@IN@E>J
FLKKF;IP
6FEAL>
:E22DE2I
:E2E@@DE2I=427
422EMK;G;AF9J=FLJ=G<=:9BG<=D9K;=FAR9K
:FFB@EFILE;<I8J?<J>22>K@E@4
4UE::;K::44@@A@=:AI2D:A2492?E:>24BF:;
:>@4=9242?:J@@BF:>:D22EE220F9
EMB=JHMKGD9;9JF=<=MF;GJEGJTF=FD9K
;=FAR9KH9J9;G;AF9JD9NFD8EGLKK?<
:FIDFI8EKD<8K@EK?<8J?<JKF:FFB@K
6FE
AL>
:E22E:E22EE:>:E2E@@E@;:E2E@@E@=427
.<D8G8J
A2E0
@>42:: ?@@D;?
92E@@E@;MFDM?9J
92AMEJJLAG8J;9JF=GE9K9;G;AF9<9=F
D9K;=FAR9KD<8KFI;FL>?:FFB<;@EK?<
8J?<J0
92?EQA92AMEL9:DADD9<=K9D
@=;@99E9FGH9J9DD=N9J=FMFNA9B=
K::I92AMEH9F;G;AF9<G=FD9K;=FAR9K
9I<8;:FFB<;@EK?<8J?<J
J22EJ:FDGCd0
?22AI2J22EH=<9RG<=
K9DHJ=H9J9<GHGJDGK9FLA?MGKK=JAKH9J9
MK9J
422E2;BF:>0
C8<EKI8;8GI
4U422E2;BF:>
422E2=:>0
C8<EKI8;8GI
422E;
422E2>0
C8<EKI8;8GI
422
422E4J;@9HMDWFK9DL9EGFL=K>I8JJ?FGG<I
6=KH=;A9DE=FL=*=<AHG<AF9=7\2?EJ22:=
E:4@>A2K::E422E4A24A2?22:K:=42I::42
42?22@E2;9664E@A24:9J@J22E22I:D:::E@;
`19EGKH9J99DDT<GF<=@9QEM;@9@A=J:9Q
9?9JJ=EGK9D?MFGK
;@9HMDAF=KH9J9IM=
EAK?9LALGKDGK;GE9F
&<KdJ>FFM<IK?<I<
N?<I<K?<I<dJCFKJF=
422E4
>I8JJ8E;:8K:?JFD<
>I8JJ?FGG<IJ=FIDPB@KK<EJKF<8K*C
422E;408I@8J:C8J<J422E4429EI:>2422E4
4@@:=422E4:92D::BF::A6422E4BF::D4
;@9HMDWFeJA;Gf;@9HMDWFeN=J<=f;@9HMDWF
e;GF:M=FGDGJfQ;@9HMDWFeIM=@9;=KGFA<G
KM9N=faI@:?ba>I<<Eba=I8>I8EKb8E;
aJF=KEF@J<D8B@E>b>I8JJ?FGG<IJ0
42EBF:D4=MF;@9HMDWF
422E4:A2A=
=K;G:9E9DN98J?IL9@EK?<
D8CCFN=8D@CP69LK@CFE@E:8ELD7&@K
@ADG
H9J9;GDD9J<=D;@9HMDWF<BF:A=-@EXE
92D=22?::9@>MF9J:MKLG<=D9>9EADA9<=
D9KE9DNT;=9K8J?IL9@EK?<D8CCFN=8D@CP
69LK@CFEG8CD<I@7MF9J:MKLG<=D?9<G<=
D9>9EADA9<=D9KE9DNT;=9KG@EBM<CM<K
D8CCFN6"FIJ=FI;@88C8K87-@EXE
9696
4@@K=:=
422E:M@;9FL9J;9F;AGF=KJ=D9;AGF9<9K;GF
N=F9<G:MJ9J@E>JFE>JI<C8K<;KFDLC<
;<<I6FEAL>
E22E:E22E@;2>7
:422E:JF9C89J;9F;AYFJ=D9;AGF9<9;GF
N=F9<G:MJ9JFE>I<C8K<;KFDLC<;<<I
422E:4=0
C8<EKI8;8GI
W422E;4
422E:>0
C8<EKI8;8GI
422
422E;MK?GDH=9J;GK9IM=K==KLAJ9E9;@9;9J
GFLE;=C8K#@@D?:92E::?A24:9A2>@E;U
:9A22E;E292D:::E@;2921GQ99:D9F<9J
=KL9;9JF=K=;9<=;9?M9E9;GF?GDH=KQD9
;GE=J=EGK#8D>F@E>KFK<E;<I@Q<K?@J;IP
J<8KLIKC<D<8K9PGFLE;@E>@K8E;N<N@CC
<8K@K
6FEAL>
:E22E;:E22E2=:>:E2E@@E=
:E2E@@E2=2>70
42A2E;9HD9KL9J4A2E;
9HD9KL9<G
:422E;JF9C89Jd0
66?>:422E;E9J
LADDG
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
422E@E:>M@9F<9J<=KH9;AG;GEGLGJLM?9
?9L=9J6:=:V79F<9J9?9L9KN8CBJCFNCPC@B<
KFIKF@J<:I8NC5989P6 9J22K:BF:94@:
:>22E@E:>:A:92(A@ABGLG<9NW9FG=KLT
?9L=9F<G'P:?@C;JK@CC@JEdK:I8NC@E>
6FE
AL>
E22E@E:>E22E@=2>70
K::I422E@E:>
LGJLM?9<=D<=KA=JLG
422I2A@;M:@EKIEGKLJ9JD9KH9JL=K:D9F;9KQ
HGJ=PL=FKAYFD9KH9JL=KWFLAE9K<=D;M=JHG
J?FNK?<N?@K<G8IKJ8E;9P<OK<EJ@FEK?<
@EK@D8K<G8IKJF=K?<9F;P6FEAL>
E22I2A@;7<4@@IA:D9F;G
422I2EM@=KL9J;GF@MEGGN9HGJ9<N@K?
JDFB<FIJK<8D2>42?@::?BF:992I
I22I2E@@ KLTK9DA=F<GEM;@GN9HGJ<=D9
GDD9CFKF=JK<8D@J:FD@E>FLKF=K?<
:FFB@E>GFK
6FEAL>
E22I2EE22I2E:>
E22I2E2;E22I2E2=427
:922I2EJF9Cd0
92I:922I2EN9HGJ
2K@;422I2E;GE=L942922I2E;9MK9J9J<=J
I::42422I2E4@@:=E9JA?M9F9K::I422I2E
;A?9JJADDG<=E9JA?M9F9
/:A@D0422I2E9J<=J6?9J?9FL979LIE
5K?IF8K6[#:A@DE22I2E/=EGD=KL9D9
?9J?9FL9F<JPFLIK?IF8K9LIE
422I:EM:d6FEAL>
:E22I:E:E22IJ2E7<
4@@I:EGJAJ
92>2E;422I:E;9MK9JK=<D8B<K?@IJKP
2A:AI2D:BF:99E29:E>2I92>2E;9:>
I22I:E(=;9MK9K=<;M9F<G;GEG;9JF=<=
N=F9<G:MJ9#KD8B<JD<K?@IJKPN?<E#<8K
DLC<;<<ID<8K
AD224422I:E;9MK9J@9E:J=D8B<?LE>IP
422I@=:>MKd6FEAL>
:E22I@=:>:E22IU=2
:E22IU=2>7
92?E422I@=:>DDGJ9J>M=JL=E=FL=:IP?8I;
JF9*@@9292?D@92?E:E22I@=:>E@4
4U:9::9E:>:E:4>22I::D2IJ@@4E:>
'DGJ9:9DDGJ9:9>M=JL=E=FL=Q=FLGF;=KKM
>JAYMF9L9IM="<N8J:IP@E>JF99@E>8E;
K?<EJL==<I<;8E8KK8:B
0
92?E4@22I@;
;9E9D=YF92?E42422IU=2;=J=EGFA9HGJ
W422E;4MK
9:JAJFG<E ?=4@:42E@@E:;@;:92
:JA=JGFKMKE9FGK.?<PFG<E<;K?<@I
?8E;J
/JF9J;<=JJ9E9J;GK9KJGI<8;
FLK6FEAL>
:E22E;4:E22E:;BF:>:E22E:4=
:E2E@@E:;@;:E2E@@E:=@=4270
4A2E;49:A=JLG
42A2E;49:JAJ
422E:4=;MJAGK=9JJEFFG2IK4@A9224@
4@A2?924E4@@@>2:E22E:4=>29M42=42
BF:9E4@@@92?E4@>4UE29A2E;4>2922
>@@> DH=JJG;MJAGK=9:9HGJLG<9D9;9K9
QLAJYLG<9D9JGH9.?<;F>JEFFG<;K?IFL>?
FLKK?<?FLJ<8E;K?<:CFK?@E>N8JJKI<NE8CC
FM<I
/JFHG;G>J=;M=FL=
422E;UM<OG<I;GFL=FLGHGJD9<MDRMJ9<=9D?G
?8GGP89FLKK?<JN<<KE<JJF=JFD<K?@E>
::4E@;4@:A2;@@4D:>BF:9:I29@22EK:=
FM=KLJGKFAXGKD=K?MKL9EM;@GD9<MDRMJ9<=
eH9BGG;KAEf)LI:?@C;I<EI<8CCPC@B<K?<
JN<<KE<JJF=aG8AFF:J@Db
6FEAL>
:E22E;U
:E29@22EK:=7<4@22E;U<MD;=0
92I
422E;UMF99NAKH9
422E?:0
C8<EKI8;8GI
4U422E?:
422E@M@H=D=9J=@>?KMI242A24E@44UE@::
K:I4M>K:E22:E@;E@44UE@::>2:9>22K@
E@44U>@E22?@J22E@#9:W9MFGKH=JJGK
9DDW;GEA=F<GMFH=K;9<G;M9F<GNAFGGLJGQ
H=D=Y;GF=DDGKF>JN<I<K?<I<<8K@E>8
=@J?N?<E8EFK?<IFE<:8D<8CFE>8E;
=FL>?KN@K?K?<D
@>42244E2>4UA249:K
4UE@::J22E@=42I@4>22I::DE@IE@>966>
=@;>::=ID?MFGK@GE:J=K=KL9:9F9IMW
H=D=9F<GH=JG9@GJ9Q9FG=KLTF=FGB9<GKQ
K=>M=JGF.?FJ<D<EN<I<?<I<=@>?K@E>9LK
EFNK?<P8I<EdK8E>IP8E;K?<PN<EK8N8P
6FEAL>
E22E@E22E@;E22E@=4270
4UL42422E@H=D=9JHGJ42922E@@9;=JH=D=9J
::492AI42922E:>L=F=JHGJ=F=EA?G
/:DI2>T?0422E@<OG?JMXAJ6=D=KLYE9?G7
>IFNC5JKFD8:?6 DI2>T?BF:;92?D@
>22E@=42.M=KLYE9?G=KLT?JMXA=F<G"<I
JKFD8:?@J>IFNC@E>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
MF9BGN=F;AL9>9DD=;A<9
422IK:=0
C8<EKI8;8GI
422;4
W422IU48;A9B=FG9<CFE>@E>KFJFD<FE<<CJ<
.::I422IU4K@92BF:IA@@942E2\@I
:>>:A24@4>2KBF:>`)GL=E=L9K=FD9K
;GK9K9B=F9KFEdK><K@EMFCM<;@EFK?<I
G<FGC<dJ9LJ@E<JJ2J22422IU4A24_
D?MF9K;GK9KIM=LA=F=F<M=XGc-FD<
K?@E>JK?8K?8M<8EFNE<I_/JF9J;*C
422IU40
92A@D422IU44UBF:4@A@=
;GEA<9<=GLJ9H=JKGF9
422IU=20
C8<EKI8;8GI
422I@=:>
422JJ;9:9DDG?FIJ<6HLLJ:898CCLJ7*C
422JE2;6=KH;GF9D9J?<=-G
N@K?
C<E>K?<E@E>F=70
422J:E22>E@=JJ9<M
J942JE2A42A22:?@GJEA?99L=J;AGH=D9<9
JGB992?EBF:422J@E9F<9J=F;M9LJGH9L9K
I6A6?@422J9FAE9DE9JAFG?J9F<=>9FLTKLA;G
;GF;M=DDGD9J?GQ;9J9;L=JWKLA;9K=PLJ9X9K
K::I92?EBF:422J@E9FAE9D=KH=;A9DE=FL=
;9:9DDGK::I422J:E:4U:BF::;:A;A;D=L9K::I
422J:E::9::A;D9K=<=MF?\=FLG
422J966BF6HGLJG:FCK&@K
;9:9DDGBGN=F
422J::A;M=J<9<=D9J;G<=NAGDWF@=;@9<=
;GD9<=;9:9DDGM@FC@E9FNJKI@E>D8;<
=IFD?FIJ<K8@C&@K
;GD9<=D;9:9DDG
422J::A
22JeE2;4MFDM?9J=FD9AKD9/A:MJYF8GC8:<
FE.@9LIFE#JC8E;&@K
@M=KGK<=;9:9DDG
22JeE2;4 J2EHMFL9<=99QkL9B;88P
fK8A:*F@EK
422J:IM>MF9;9D9:9;AL9FIE8D<EK8C>FLI;
6L:LI9@K8G<GFN9JFM@=<I87&@K
;9D9:9R9
<=D;9:9DDG<I2>
W422J2>M@;9R9J;9?M9E9<=K<=D9HD9Q9?LEK
J<8KLIKC<=IFDK?<9<8:?:A2KBF:9J@
>22J2>:>@BF66A6BF:9E@@I42J2I:
E22I2922:EM9>2(A9:M=DGFG;9R9:9;9
?M9E9<=K<=D9HD9Q9HGJIM==KLMNG=F>=JEG
HGJEM;@GLA=EHG'P>I8E;=8K?<I;@;EdK
?LEKKLIKC<=IFDK?<9<8:?9<:8LJ<?<N8J
J@:B=FI8CFE>K@D<
/JF9J;6FEAL>
E22J2>E22J2;70
4@@J2>;9?M9E9HJA=L9
EA?J9LGJA9
W422J2>MK=P;=<=J=FL9E9XG<O:<<;@EJ@Q<
2DEE:4@>9@@:?2;92?D@422J2>:92 K9
EGFL9X9=KETK?J9F<=IM=MF9DGE9.?8K
DFLEK8@E@JC8I><IK?8E8?@CC
/JF9J;
6FEAL>
:E22J2>:E22J2;7
22J2> 9::AMFDM?9J=FD9AKD9/A:MJYF8
GC8:<FE.@9LIFE#JC8E;
422KJJ9WR<=E=RIMAL=HJ=H9J9<9H9J9@9;=J
HAGD9D<JHL@K<IFFKGI<G8I<;KFD8B<:FI;
*C
422K0
422KA@@D;HAGD9<=H=K;9
@=;@9<=J9WR<=E=RIMAL=
422K
422K0
C8<EKI8;8GI
4U422K
422K20
C8<EKI8;8GI
422?
422K42>0
C8<EKI8;8GI
4227A
422K:MK
DD=N9J:8IIP6I6A64@>:E:>92
E2K:I4M>4@@:=K@9J22K:1AF=<=DE9JDD=
N9F<GMF;9:9Q;M;@G#:8D<=IFDK?<J<8
:8IIP@E>8:898P:L:?F=@J?
692IA24
D@@?64429219EGK9DD=N9J9?M91<8I<
>F@E>KF:8IIPN8K<I
*@>BF:D:=:A:9J@
>22K:)GLJ9A?G<AF=JG#;FEdK?8M<8EP
DFE<PFED<
K=JH9<J=<=9<=8K?<IF=
:>422K:BF:;:9AD2E:4A2?E229:>>::9
(AH9<J=E=<ABGIM=LJ9:9B9J9'P=8K?<I
KFC;D<KFNFIB
6FEAL>
:E22K::E22K:E:>
:E@@?64:E@@?6;@;7.<D8G8J
A2K:0
424@KI@E9QM<9J9DD=N9JMF9;GK94@@?
DD=N9JN9JA9K;GK9K
422K:JJLAKMH9<J=?@JFI?<I=8K?<I)KI8J
G8C89I8J9:>422K:EAH9<J=DP=8K?<I>2
422K:LMH9<J=PFLI=8K?<I
92A2K:JJLAG8J@ABG@AB9:?@C;
:A2K:JF9CG8Jd
::BF::A2K:;GF=DEAKEGH9<J=N@K?K?<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
HJ=KL9=D;GEHD=E=FLGAF<AJ=;LG=K=D
G:B=LG.?<;@I<:KF9A<:K@JK?<G<IJFEKF
N?FDK?<C<E;@E>@J;FE<K?<@E;@I<:KF9A<:K
@JK?<@K<D
7
:9>22::BF:4U422K;9:GLGF9JE9D9LKKFE
NIFE>E2>4@A:422>:KBF:9:9>22::BF:
4U:J22K; D@GE:J=E9D9:GLGFYKM;9EAK9
.?<D8E9LKKFE<;LG?@JJ?@IKNIFE>
::BF:4U422K;9:GLGF9J>AB9J;=JJ9J9LKKFE
=8JK<E8KK8:?J?LK:CFJ<)::A42E22>2
4E2>42AJ224@4@A29@@E924::BF:
4U:E22K;:E2I:92?EJ@@>M9F<GA:99
DDGN=J=D@GE:J=L=JEAFY<=;=JJ9JD9HM=JL9
<=KM;9K9QK=9;GKLYJ@KN8J89FLKKF
I8@EK?<D8E=@E@J?<;J?LKK@E>K?<;FFIF=
?@J?FLJ<8E;C8P;FNE
:D@;422K;H=<AJ>A9<G9LPFEK@D<9LPFE
:I<;@K:D@;:9D22K;9229:1GQ9H=<AJ
>A9<G#8D>F@E>KF9LP@KFEK@D<
:422K=42JF9C89JHAGD9@=;@9<=E=RIMAL=
D<JHL@K<:FI;
:A2K;JF9CG8J;M=FL9<=M<98::FLEK9@CC
0
422>:K::BF:4U:A2K;9D>AD=J92A2DA@;
::BF::42242::BF:4U:A2K;=KL9EHADD9
:A2K=42JF9CG8Jd0
K::I4@227A:A2K=42
@ADGH9J9=F@=:J9JH=K;9<GK=KH=;A9DE=FL=
D9KDAK9K
W422K@M@NA?AD9JD9N=FA<9<=9D?GN8K:?=FI
:FD@E>F=JFD<K?@E>6FEAL>
E22K@
E22K@=42>7-@EXE
422A2
422K@;MM<:<JG;MJJAJMF9N=R?8GG<EFE:<
22J4@A9:422:E:9A>22K@;@@/AJV9D
;9:9DDGMF9N=R#J?FK8KK?<?FIJ<FE:<
.::I92A2>J2>BF:;>::>4@?J22K@;924
4@@4;BF:9AE::BF:?D::>J2>292=:=K
LGE9J<GKH9KLADD9K9D9N=R3FLJ?FLC;K8B<
KNFG@CCJ8K8K@D<
6FEAL>
E22K@;E22K=47
<42K@;MFG
422K@;M:HGF=JMFGGLKFE<
6FEAL>
:E22K@;:E22K=47
92?E422K@;M:KIL=F=JMF9XG<==<9<9<
FE<P<8IFC;.:IBF:D::=BF:992?ED22K@;
J8D<=8K?<I*C
::BF::AP?
::BF::A2K:::BF::A6BF6EH=JKGF9K;GFDGK
EAKEGKH9<J=KG<FGC<N@K?K?<J8D<=8K?<I
8E;DFK?<I
J22K:J:FDGC@ABGG@AB9<=D@GE:J=:?@C;
F=D8E*C
@66?
422K;MK
=F@=:J9JJKI@E>LG2?@222?92?E
E@@:EK::I4@227AA24:EJ22K:E:>:E22K=42
:J2922?AI!M=9D9H9F?9J=;D9EYDAK9D9K
=F@=:JYQK=D9KDD=NY"<N<EKKFK?<9F8K
8E;:C8@D<;JFD<DLCC<KK?8K?<K?<EJKILE>
LG8E;KFFB?FD<
DD=N9J9J=EGDIM=KFN
HJ=KL9J9C<E;KF:??EK2IU9:??E2E@=64
>2>29:922K;4@:E4@@@>29EM42EI>6
9J@>2IAIM9F<GE=@9:D9KL=QE=DG
H=<AKL=;9F;=DVLG<9LM<=M<9DGIM=L=
@9:W9HJ=KL9<G1?<EPFLJGFB<KFD<8E;
8JB<;D<KF#:8E:<C<;8CCPFLI;<9KN?8K#
?8;C<EKKFPFL
6 D;GEHD=E=FLG<AJ=;LG=K
D9H=JKGF99IMA=FK=HJ=KL9.?<;@I<:K
F9A<:K@JK?<G<IJFEKFN?FDK?<C<E;@E>@J
;FE<
7=PL=F<=J;JV<ALG9H9J9;GEHJ9J
>@M<:I<;@KKF=FIGLI:?8J<J#29D4>22K;
292)GL=<9JV;JV<ALG#N@CCEFK>@M<PFL
:I<;@K
6FEAL>
:E22K;:E22K2=:>:E22K=42
:E2E@@K2=4@;:E2E@@K=4@;:E2E@@K2=2>7M;
4@4@K;>A9J.<D8JG8J
A2K;A2K=42
4U422K;>A9J9=PL=F<=J;JV<ALG9H=JKGF9
HGJ9D?GJ<CCFE:I<;@K<OK<E;:I<;@KKF
JFD<FE<=FIJFD<K?@E>2?@22E2;96
:A2K=424@>I2292A22:AEE2I>@D:9>22
A24:D::>=2;4292.AH9?9EGKHJGFLGHGJD9K
H9F?9KIM=FGK>M=JGF>A9<9KLJ9=JTFGLJ9K
#=N<G8PJFFE=FIK?<9F8KK?8KN8JJFC;KF
LJFE:I<;@KK?<PN@CC9I@E>FK?<IJ
,::42
92A29:EA2496J22K;.:I4M>9@:4@E:>
BF:99A29:A@EE2I:9D22:A@E292(=
=PL=F<AY;JV<ALGHGJD9;GEA<9M9F<GE=
H9?M=FHGJDGKH=K;9<GKIM=LJ9B=D=H9?9JV
"<>8M<D<:I<;@K=FIK?<=FF;
#N@CCG8P
?@DN?<E#dDG8@;=FIK?<=@J?#:8L>?K
6 D
;GEHD=E=FLG<AJ=;LG=KD9H=JKGF99IMA=FK=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4292 DFAXGN99;MEHDAJMF9XG.?<:?@C;
@J>F@E>KF9<FE<P<8IFC;
92?E:D?22A422K@;M:KIL=F=JK=AK9XGK<=
=<9<9<J@OP<8IJFC;2?E:D?22A:J22K@;
/A=F=K=AK9XGK-?<@JJ@OP<8IJFC;
:A@E@@422K@;L=F=JMFK=FLA<G;D9JGKF
?8M<8:C<8ID<8E@E>'F:9696BF:9::E@>
924:A@E:>22K@;4@>42244@:>::K;
4U:D:J2;924@@4U:EM9 DE=FK9B=<=DHJ=KA
<=FL=L=FW9MFK=FLA<G;D9JGH9J9IM=D9?=FL=
DG=FL=F<A=J9.?<C<8;<IdJD<JJ8><?8;8
:C<8ID<8E@E>JFK?8KG<FGC<NFLC;LE;<I
JK8E;@K
:D?22A422K@;MM<:<JG;MJJAJK=AKN=;=K
?8GG<EJ@OK@D<J,2K= :>E4U9::7A:D?22A
:9AJ22K@;#=DD=?9<G9D9AKD9jF?=D<=D9
"M9J<9K=AKN=;=K#?8M<>FE<KFeE><C;<C8
!L8I;8@JC8E;J@OK@D<J
:D?22A422K@;M:HGF=JK=AKGLKJ@O
422KBF:>M:@9;=J=FLJ9J@9;=JG<=B9JH9K9J
D8B<<EK<I8CCFNKFG8JJD8B<G8JJ6
K:I4M>4@>92422:K4@>4@9J22KBF:>
+AF;@V=DH=R;GF=DHGDD=JG#JG<8I<;K?<
=@J?
2I2?@J27:?BF:9:92A@@:?BF:9
4@9E227A92IBF:996962?:422:;BF:;
::BF:9J22KBF:>=KL9HVD9E9F?M=J9Q
H9KV9?M99DL9E:G#LEGCL>><;K?<?FJ<
8E;GLKN8K<I@EKFK?<98II<C
6FEAL>
:E22KBF:>:E22K:;BF:>:E22:K:;@;
:E2E@@K:;@;7<42KBF:>AJ
4U422KBF:>KG:J=H9K9JJLIG8JJ@7:4;
BF:92?@9A@;::EE29@@4E2> D2K::>92
BF:94U:J22KBF:>=KHMVK<=IM=QG@9Q9
L=XA<GEA;9EAK9EWJ=FD9 KL9JTETK:GFAL9
KG:J=H9K9JT=FKM:=DD=R9&FFB8KDPJ?@IK
8=K<I#;P<@K
#KN@CC9<GI<KK@<IN@CCJLIG8JJ
@K@E9<8LKP
A42BF:9>::I2;J2I:DD2>=2
92BF:94U:>22KBF:>;9MK9<=D9DDMNA9
>M=JL=N99@9:=JEM;@GJ=DTEH9?G
<:8LJ<F=K?<?<8MPI8@EJKFID@KCFFBJC@B<
K?<I<@J>F@E>KF9<CFKJF=C@>?KE@E>
:A24422KBF:>=K;GF<=J<=LJTK<=9D?G
?@;<9<?@E;JFD<K?@E>#:E22>E4@:9224@
4@A:A244U:J22KBF:> K;GF<AYLMK
@M9J9;@=K<=LJTK<=D9;9K9-?<?@;PFLI
J8E;8CJ9<?@E;K?<?FLJ<
422KI=M@LGK=J:FL>?[ 422KI=::44U:9::A6K@
?E4@?J22 9J22KI=42992?E:9>27622
_)GLA=F=KE=<A;AF9H9J9D9LGK4G=KLMN=
LGKA=F<G@9KL9=D9E9F=;=JFEdKPFL?8M<
:FL>?D<;@:@E<#N8J:FL>?@E>8CCE@>?K
6FEAL>
E22KI=E22K2=I:>E2E@@K2=I@;7
0
42922K2=I@E@9;=JLGK=J
:422KI=JF9C89JLGK:FL>?
:422KI=::44U:9::A6E=<A;AF9H9J9D9LGK
:FL>?D<;@:@E<
424222E0
C8<EKI8;8GI
4U424222E
424222E:>0
C8<EKI8;8GI
42422:E@>
424222KI20
C8<EKI8;8GI
42422:I
4242242EM:@9;=JK9D9<GG9E9J?GD8B<J8CKP
FI9@KK<I6FEAL>
:E242242E:E242242E;7
<4242E
dM<OG<IK=FLAJIM=9D?G=KK9D9<GG
9E9J?G=@E;J8CKPFI9@KK<I[ ?E242242E
_/=H9J=;=K9D9<GF<J@KJ<<DJ8CKPKF
PFL
424224DIM:d6FEAL>
:E24224DI
:E242242DI@;7
::BF:424224DI@9;=JNGDL=9JD9;9:=R9
:8LJ<KFKLIEFE<dJ?<8; :BF:9:?
J24224DI(=@ARGNGDL=9JD9;9:=R9-?<
:8LJ<;D<KFKLIEDP?<8;
<::BF:424DI
NGDL=9JK=D9;9:=R9
424224E:>M:d6FEAL>
:E24224E:>7<
424E:>
::D2I424224E:>;9MK9JL=F=JMF9L9IM=
:8LJ<KF?8M<8J<@QLI<
42422:;240
C8<EKI8;8GI
42422:I2;
42422:=2;40
C8<EKI8;8GI
42422:I2;
42422:D42?M:
@9;=J>M=JL=@9;=J<MJG
JKI<E>K?<ED8B<JKIFE>?8I;<ED8B<?8I;
;GFKA<=J9J>M=JL=G<MJGM@<N8JJKIFE>FI
?8I;=FL=JJ9J9LIP.::I:>::A=29224@>
BF:>242BF:94UA@>27AE2I92IK::I
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9<?8C=
6FEAL>
:E2422:E@>:E24222E:>
:E29@@K2:E29@@K2=427<422:E@>@9:D9J
42422:E@>M:D==JI<8; ?D2422:E@>292
=:=KD==JDG3FLJ?FLC;I<8;@K
92A2DA@;42422:E@>D==JI<8;
42422:IMKDD=N9JG;9J?9J;GFH9D9F;9:8IIP
N@K?PFB<2A4@>
A@4@@@E2:>A2422:I
96>6>A@@>;44>22I
:9D:>@I292.ADD=N9K
LG<G=DN=F9<G:MJ99D
;9EH9E=FLG;GF
H9D9F;9DG;GJL9JV=F
H=<9RGK#=PFL:8IIPK?<
N?FC<DLC<;<<IKF
42422:I
:8DG#N@CC:LK@K@EKF
G@<:<J
>224@;BF:992?EK::BF:E::?
92BF6;U4A24:E224=@;:E2422:I96>6
:E2>;4>292?EE7::>2:E:4U:J2422:I924
J@A6E6 D@GE:J=E9QGJ>M=Q;GJLYD=X9D9
LJ9BG9D;9EHGQ=FD9E9X9F9=DDM?9J=FKM
;M=JHG<GF<=D9;9J?Y=KL9:9@AF;@9<G.?<
FC;<ID8EN<EK8E;:LKNFF;9IFL>?K@KKF
:8DG8E;@EK?<DFIE@E>K?<GC8:<FE?@J
9F;PN?<I<?<:8II@<;@KN8JJNFCC<E
6FE
AL>
:E2422:I:E24222KI2:E2422KI2;7
42422:I2;M:@9;=J>M=JL=>GJL9D=;=JD8B<
JKIFE>JKI<E>K?<E::BF6EBF:9E>@BF66A6
>2K::IBF:992A29:EBF:942422:I2;E22I
@@4U9:9229:E:E:4>22IJ@@:I2;(A@ABG
=KL9:9=F>=JEGD=<A9D?G<=;GE=JIM=<9
>M=JR9Q9@GJ9=KLT>M=JL='P:?@C;N8JJ@:B
#>8M<?@DJFD<K?@E>KF<8KK?8K>@M<J
JKI<E>K?8E;EFN?<@JJKIFE>
'F:D::=BF:9
E:A@?92I:E2422:I2;@@>2BF::BF6EBF:9
::BF:J@A2?KI DFAXG<AGMF?JALG>M=JL=Q
KME9<J=;GJJAY@9;A9VD.?<:?@C;>8M<8
CFL;P<CC8E;?@JDFK?<II8EKFN8I;?@D
6FEAL>
:E2422:I2;:E242::=I:>
:E2422:=2;4:E2422:=2I=427<422:I2;>M=JL=
dM<OG<I;GFKA<=J9J>M=JL=:FEJ@;<IJKIFE>
4U42422:I2;
J=;A:AJK9DM<GKI<:<@M<>I<<K
BF::D2II29K@922A::;:D2422:D42?292.A
=DIM=LA=F=J=KHGFK9:ADA<9<HGJ=D;M=JHGFG
NA=F=;M9DIMA=JH=JKGF9IM==KLT9DDWDG<=:=
=FL=JJ9J#=K?<G<IJFEN?F?8JI<JGFEJ@9@C@KP
=FIK?<9F;P;F<JEdK:FD<8EPFE<K?<I<
FL>?KKF9LIP@K
6FEAL>
:E2422:D42?
:E2422:;247<422:D42?<MJG
:9:A@?4U42422:D42?@9;=JD9NGR9HJ=L9<9
K@>?K<EFE<dJMF@:<>224@;E::I:9:A@?
BF:992I4U:J2422:D42?@@2I
4U:J2422A:D@@ K=@GE:J=@ARG<MJ9KM
NGR'99HJ=LY.?<D8E?8I;<E<;?@JMF@:<
"<K@>?K<E<;@K
::BF:4U42422:D42?;=JJ9J:A=F:CFJ<K@>?K
2>2K2;BF:;:92A@@:?4@A4U:E2AI2K=
4D:AIBF:9::BF:4U:>2422:D42?/9HYD9
GDD9QD9;=JJY;GFJ=KAF9"<:FM<I<;K?<GFK
8E;J<8C<;@KN@K?I<J@E
4U:92422:D42?JF9CG8Jd0
929@@E
::BF:4U:92422:D42?;9F<9<G
42422:E:4M:@9;=JKM9N=9:D9F<9JJF=K<E
&?224U=:D4@:4UEJ2I:92IJ2A=@@%I
EA24E2>2IEA292I4UE42A2?:>>2I
92=QEBF:9:>2422:E:4'9>JML9<=BGBG:9=K
F=?J9;M9F<G=KLTE9<MJ9M9F<GK=EM=
D=FD9KK=EADD9KD9E=R;D9K=MK9;GEG
;@9EH[Q9;GF<A;AGF9<GJ<=D;9:=DDG$FAF98
=IL@K@J9C8:BN?<E@K@JI@G<
1?<EK?<
J<<;J8I<>IFLE;K?<D@OKLI<@JLJ<;8J
J?8DGFF8E;?8@I:FE;@K@FE<I
6FEAL>
:E2422:E:47<422:E:4KM9N=
42422:E@>M8J@JK
K=JNAJ;GEGE=<A9<GJ
J=HJ=K=FL9JAFL=JHJ=L9JD<;@8K<I<GI<J<EK
@EK<IGI<K#2CQ2BF:9::92I:E22:
:E2422:E@>>24>22I92J22424@I=42A
92?E:9::ABF:9:>:J2M9F<G(9JW9D=
9QM<Y=AFL=JHJ=LY=DL=F<=JG=FL=F<AY
1?<E'8IV8?<CG<;?@D8E;@EK<IGI<K<;K?<
JKFI<B<<G<ILE;<IJKFF;
H=<AJHGJ
9D?MA=F8JBFE9<?8C=F=JFD<FE<:?
J2422:E@>'GHA<AYHGJEW"<8JB<;FEDP
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@E>J@?D2422:I2;92E66>J@A;=FIM=
<=:=KJ=;A:AJK9DM<GK<==DDGK.?<PJ8PK?8K
PFLJ?FLC;I<:<@M<K?<@I>I<<K@E>J
U>2D2
422:=2;492E66>6A;=IM=<=:=FJ=;A:AJ
0<KK9DM<GK<=VD"<J8PJK?8KPFL8CC
J?FLC;I<:<@M<>I<<K@E>J=IFD?@D
\#2E2
BF:996D2422:I2;`.9D[<9E=9LME9ET
!@M<PFLIDFK?<IDP>I<<K@E>JK9DM<9J
@GFJ9J<9J@GFGJ>I<<K?FEFI#69I2
422:I2;/=K9DM<GF'=KK9DM<G90<K#
>I<<KPFLJ>
FIGC
-@@KBF:;4@9J2
422:I2;4G<GQ@GFGJ9AGK#?FEFI!F;
::D2I4@>42422:I2;@9;=JK=N9DA=FL=K8B<
:FLI8><&@K
@9;=J>M=JL=KM=KHWJALM :D2I
4@>:E2422:I2;>292A2DA@;4U924@22E
:92.=@ARGN9DA=FL=Q>M=9D9=K;M=D9"<
KFFB:FLI8><8E;N<EKKFJ:?FFC
>@DM?@::E@>4@A42422:I2;@9:D9J>M=JL=
JG<8BCFL;CP.::I4UBF:E2=922E:>42A>@D
M?@::E@>4@A:A2422:I2;E2I4@>42244@:
A@4@@@I4UD::K42>4292.A=DN=F<=<GJ
9E:MD9FL=@9:D9>M=JL=LG<9D9?=FL=K=D=
9;=J;9JT#=K?<KI8M<C@E>J8C<JD8EJG<8BJ
CFL;CP<M<IPFE<N@CC>FKF?@D
42422=:>M:BM?9J;GFGC8PN@K?.::I4@BF69E
92?QA2E:>42992>2422=2>%M?9EGK
NGDA:GD1<GC8P<;MFCC<P98CC
&65C@BF:9
9E2422=:>:9J@K2IU4G=KL9:9@9:D9F<G=F
:JGE9;GF+=<JG#N8JAFB@E>N@K?*<;IF
6FEAL>
:E2422=:>:E2422=2>7<422=:>
BM?9J
92422=:>JJLAG8Jd0
E:D92422=:>
BM?M=L=;GEGHMFL9<=9JHYFK::I92422=:>
BM?M=L=
:92422=:>JF9CG8JKG:J=FGE:J=E@:BE8D<
J2422=:>J:FDGCd
K::IJ2422=:>KMBM?M=L=?@JFI?<IKFP
42422>:K@EM8J@JKHGF=J;9EAK99GLJ9
H=JKGF9GLKJ?@IKFEJFD<FE<<CJ<6FE
AL>
:E2422>:K@E70
BF:422>:KHGF=JK=
;9EAK9
42422?=@;M:;9MK9JLJGF9JD8B<K?LE;<I
6FEAL>
:E2422?=@;:E2422?K@=427
42422?@;M:
IM=E9J9LIEHJ=F<=JH=B
N=D9C@>?K<
>
:8E;C<H=K;9J;GF
9FLGJ;@9=@J?9PKFI:?C@>?K&@92>@4E296
D2422?@;BF669:(TKFG;@=NGQ9H=K;9J
;GF9FLGJ;@9&8K<IKFE@>?K#8D>F@E>KF>F
=@J?@E>9PKFI:?C@>?K6FEAL>
:E2422?@;
:E2422?@=:>:E2422?@=@;:E2422?@=
:E2422?@=2>7<42?@;9J<=J;GFRME:A<G
42422?@;M:@EKI?=EAJ>IF8E:=QEBF:9
92I::D2IBF:9::94294U:;:K:4299A>2
422?@;4G?=EW9HGJIM=D9;9:=R9E=<GDW9
EM;@G#N8J>IF8E@E>9<:8LJ<DP?<8;
?LIK8CFK
92>M442422?@;K=X9D9J;GFDME:J=J@>E8C
N@K?=@I<
92422?@;JJLAG8Jd
42422?EMK
9;GFK=B9J;GF9MLGJA<9<:FLEJ<C
FI8;M@J<N@K?8LK?FI@KP@>4224BF666;
4@:I:42BF:K::=@66?644@:E22I:42::E:>
BF:9BF::A6BF:94U:>2422?2E;'GKH9<J=K
<9F:M=F;GFK=BG9KMK@ABGK*8I<EKJ>@M<
>FF;8;M@:<KFK?<@I:?@C;I<E
;9KLA?9J
GLE@J?E2>K::IBF:944@@KBF:9I::42
BF:I22K;@;BF:9:A@@9E:A6I6;E2ID29
422?E292.AD9HGDA;W9N=9MFD9<JYFQDG
9?9JJ9K=JT;9KLA?9<G#=K?<GFC@:<J<<8
K?@<=8E;:8K:??@D?<N@CC9<GLE@J?<;
6FEAL>
:E2422?E:E2422?2E:>
:E2422?2E;7
42422?2E:>JJLAHJ=<A;9<GJGI<8:?<I
:42422?EJF9C89J<AK;AHDAF9;GFK=BG>M=JL=
;9KLA?G;@J:@GC@E<JKIFE>8;M@:<GLE@J?
D<EK
42422A42M:@EKId6FEAL>
E2422A42
E2422A42;7<42A42DDGN=J0
@>42::
2422A42MFEMB=J>9EGK9
::BF:42422A42@9;=JDDGN=JD8B<I8@E
42422A:DMKd6FEAL>
:E2422A:D
:E2422A:D:>:E2422AJ2D:E2422AJ2D
:E2422AJ2D@=4270
BF:A:D>ME9J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
DGQIM=VDNAGIM==KL9:9F9DDW.?<?LEK<IJ
4U42422A:D;=JJ9J;GFHJ=KAYFJ?LKK@>?KCP
F=K?<?FIJ<J;@;EdKI<KLIE8E;K?<J?8D8E
9PGI<JJ@E>K@>?K<E9PGI<JJ@E>6962?
J8@;K?8KK?<PN<I<8KK?<-8E8IKFCF*C8P8
:422:;4@>:92A@@:?BF:;4U:J2422A:D
K?8K?<?8;J<<EK?<DK?<I<
6FEAL>
:E2
92D22:E:M?@422A4@A2?IU9:>@EA2K;4
422D@:E2422D@E:>:E2422D@E2;:E2422D@
>2=JJY=DL9HYF<=DL9E:GK=@9:W9LAJ9<G
E@=427
EM;@9?9KGDAF9"<:CFJ<;K?<J:I<N@E
42422D@JJLA:JMBGJ?8D8E0
I?@@:D
FG<E@E>F=K?<98II<C8CFKF=>8JFC@E<?8;
42422D@H9LG;9:=R9JGB9
JG@CC<;FLK
9:A@?4@A92?D@4U:J2422A:D
J2422D@J:FDGCd0
'F66E@J2422D@
HJ=LYKMNGR"<K@>?K<E<;?@JMF@:<
0
>JML9<=HAL9Q9IM=K=E9<MJ9>M=J9<=KM
4U42422A:D>9DGJGHG;M=DDGJGBG
LA=EHG
::E@>BF:94U42422A:D@9:D9J9LAJGF=K;GF
42422E2;4M:@9;=JNGEAL9JD8B<MFD@K6FE
=KH9KEGKK8CBA<IB@CPE2>9:>4@A::E@>
AL>
:E2422E2;4:E2422E2=4@;7<BFQE2;4
BF:94U42422AJ2D:92U:D422:E@>924
NGEAL9J0
969642422E2;4MF9HD9FL9
::BF:4U:9::?9244E@@K:92IM=D@GE:J=
9FM9D
@9:D99LAJGF=K'==K<A>W;AD@9:D9J.?8KD8E
J2422E2;4J:FDGCd0
EC@@BF:J2422
JG<8BJA<IB@CP
#K@J;@==@:LCK=FI?@DKFK8CB
E2;4E9J=G<=;9JJGI6A6J2422E2;4
69::E@>BF:94@9J@>2422A:D)G@9:DG9
E9J=G
LAJGF=K#;FEdKK8CBA<IB@CP
42422E2;4JJLA
E9FR9FADD9<=D;GQGL=;<J<IK
AE:42422A:D9HJ=L9JK=MFG9DGLJG?L;;C<
:?@E:?N<<;6*<:K@JG8GGFJ87&@K
D9IM=
:CFJ<KF><K?<I@>4224E2>@42E9:?@
@9;=NGEAL9J-@EXE
422D@=9664E@422D@=
E2K42>>292?D@AE:92>2422A:D)GK
:92D::BF::A6MF9HD9FL99FM9D<=DLA=EHG
BMFL9EGK;M9F<G=K9KH=JKGF9KFGK
>J=K;G;GF>DGJ=K:D9F;9K<=D9>9EADA9<=D9K
9;=J;9JGF1<?L;;C<;KF><K?<IN?<EK?FJ<
;GEHM=KL9KG<99C<G@E:LJ?@FE6?8<E8:K@J
G<FGC<8GGIF8:?<;LJ
42422AI@>M:=F?GJ<9J=8KK<E.::I92A29:E
:8IG?F:C@E@87-@EXE
IE2>@D?@@9:E
2?IU>69A229:E:>>2K:9D2422AI@>
42422E2IM:
E9F<9J9MFE9F<9<GJ<E;FE
292.AD=K<GQEM;@9;GEA<9@9JVIM=
<II8E;DD=N9JK8B<8N8P2K:D4>2
MKL=<=K=F?GJ<=F#=#=<<;PFL8CFKF==FF;#
422E2I292)GFGKDD=N9JT=F=DNA9B="<
N@CCD8B<PFL=8K
6FEAL>
:E2422AI@>
NFEdKK8B<LJFEK?<KI@G
E9F=B9J;I@M<
:E2422AI@E:>7<:AI@>?GJ<MJ9
#2?F6=BF:9:EC@@BF:BF:;:E2422E2I9696
92422AI@>JJLAG8Jd0
92?E92?QAK:E:4U:E42IK4@@I2?:J29@;UK
K::I92422AI@>;=J<G
EC@@BF:BF:;(9FM=D=KL9:9E9F=B9F<GKM
42422AI@>BF:;JJLA;GF;@9
;9EAYF;@G;Y;GFMFHGKL=QJ9KHY=D;9
e:MJ:MB9f9L99C<J?<CC6LCC8
EAYF'8EL<CN8J;I@M@E>?@JKIL:B?@K8
>FLC;@8E87
GFJK8E;J:I8G<;K?<KIL:B
6FEAL>
42422D@MKN=JHGJE=<AG<=
:E2422E2I:E2422E2I:>:E2422=I
:JMB=JW9J<<9PGFN<IF=
:E2422=2I@=42:E2422=2I@=7<42E2IAJ
42422AI@>
J?8D8E22JBF:>K:=BF:9
42422E2IJJLA;@G>=J;I@M<IF=M<?@:C<
E>2K42>>2:E2422D@:E@@4E2>222:=
92422E2IJJLAG8Jd0
92?E4>22EA2I:
2A2BF:;:E:E@::E66>642422D@42A'GK
:E:92422E2IK=?9<GJAFK=;LG
;9R9<GJ=K<=;9:9DDGKFGJ=?J=K9JGFQ=D
42422E=2M:
9E=F9R9JK?I<8K<E&66?K@96
:JMBG<ABGIM==KL9:9F=FD9+D9Q9.9F9JLG
>2422E=2(=9E=F9RY;GFMF9H9D9F;9"<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?I<8K<E<;D<N@K?8:8IIP@E>GFC<
=KH9F
L9J9HJGHYKALGJ:8I<=I@>?K<EFEGLI
GFJ<6FEAL>
:E2422E=2:E2422E2=2
:E2422E=@;:E2422E2=2>7<42E=2L=F=J
EA=<G0
A?224@;2?@42422E=2MF9N=
K::I42422E=2=KHWJALM<=H=JKGF9EM=JL9
42422E@=M@
H=DA?JGKG;8E><IFLJ 922A=42A
>2422E@= DAFNA=JFG=D>JWG=KH=DA?JGKG
1@EK<I:FC;N<8K?<I@J;8E><IFLJ
HG<=JGKGHG<=J@9;=J<9XGGFN<I=LC
GFN<IKF;F;8D8><<9JEA=<GJ:8IP
6FEAL>
E2422E@=7<42E@=:JGF;G0
92422E@=H=DA?JGKG
42422I@E0
C8<EKI8;8GI
4U42422I@E
42422IU=20
C8<EKI8;8GI
422I@=:>
42422KI2;0
C8<EKI8;8GI
42422:I0
,2A:;
2422KI2;'F:9-22:E;9EH9E=FLG=FD9
AKD9/A:MJYF
4242::=I:>0
C8<EKI8;8GI
42422:I2;
4242::EM:;JA9JI8@J<=8D@CP8E@D8CJI<8I
.::I92422AI@>K:E242::E>24J22E:>@42
4UE27A:E6I=E@>A244UJ22:A@EJAY=D
;=J<GQ=D<M=XGK=DGDD=NYQH9?Y<AF=JG
"<I8@J<;K?<G@>8E;K?<FNE<I:8D<=FI@K
8E;G8@;DFE<P
@>42244>2;::4:DI66?
4@;BF:J2;4@:::4E@;4@::A::9@@?6;@;429
>::K;E22>2I:E2BF666;>2I92?EK@
4U4@::92'9KEMB=J=KK9:A9K;MA<9F:A=F9
KMK@ABGK1@J<NFD<EK8B<>FF;:8I<F=
K?<@I:?@C;I<E
6FEAL>
:E242::E:E2BF666;
:E2BF666;7<42::E9<MJG
J242::J:FDGCd6$JJ=?MD9J=FD9>9DL9<=
eLf9D>AF9D#II<>LC8I@EK?<C8:BF==@E8C
aKb
70
K::IJ242::K::I422:I2;J242::KM
9:M=DG>9DD=;A<GKM9:M=D9>9DD=;A<9
J2BF666;J:FDGCd0
I::42J2BF666;KMK
9:M=DGK>9DD=;A<GK
4242;U4JMFHKWIMA<G98>NFIDDFK?6)@B<
K@:LJKH7*C
4242;U4
424M>M:<=B9J;GFNA<9DA:J9JC<KC@M<=I<<
#@@D?:4224@;K@9D::4UE22:9J24M>$:99
E9L9JMF9;9?M9E9H=JGD9<=BV;GFNA<9#
N8J>F@E>KFB@CC8KLIKC<9LK#C<K@KC@M<
6FEAL>
:E24M>:E242>E:>:E242>I2>7
<442>L=F=JNA<9
4242>@EM:
K9DN9JJ8M<#@@D?::9J242>@E
BF:9I6A64@9JQ?=:>@@4924ID@>>::9
4292-G;AV9?M9<=DE9J=FD9;9?M9E9IM=
K9DNV)GN99EGJAJHGJEM;@GLA=EHG#
JGI@EBC<;J<8N8K<IFEK?<KLIKC<K?8K#J8M<;
#KNFEdK;@<=FI8CFE>K@D<
<9JNA<9>@M<
C@=<DD=F9J;GF;GEA<9=@CCN@K?=FF;.::I
92422AI@>BF:9:J242>@EAGEM;@9
;GEA<99D;=J<G"<>8M<8CFKF==FF;KFK?<
G@>
6FEAL>
:E242>@E:E24M>@E:>
:E24M>@E;:E24M>@E2>7<442>L=F=J
NA<90
K::I4242>@EE=<A;AF9H9J9;MJ9J
MF9@=JA<9
:9242>@EJF9CG8Jd0
I::>62?
:9242>@ENAN=JG
424MAMKHG<=JD=N9FL9J9D?GH=K9<G89C<KF
G@:BLG?<8MPK?@E>E2>4UE24@:92DE
9@@IBF:D@;E:BF:;:E7QK@=4@;:J@>242A;I@
969J24MA KGK@GE:J=KFGHM<A=JGFD=N9F
L9J=K9JG;9?J9F<=H=JGQGD9HM<=D=N9FL9J
.?FJ<D<EN<I<EdK89C<KFG@:BLGK?8K9@>
IF:B9LK#DFM<;@K
@@9:E:9J@>24MA)G
HM=<GD=N9FL9JE=<=KHMVK<==KL9;GEA<9#
:8EdK><KLG8=K<IK?@JD<8C
6FEAL>
:E2
4MA:E242AE:>:E242A;:E242AE@;:E24MA
E@=427
4242A2EM:@9;=JNGD9J<=B9JNGD9JD8B<=CP
C<K=CP@?4K@9J@?222:;I@9D4>29:E
BF:992IE29::I299:?E2::>29J242A2E
9HLMJVMF9?9NAGL9H=JGE=<AB=JGFIM=FG
D9;GEA=J9=FLGF;=KD9<=BVNGD9J#:8GKLI<;
8J<8>LCC9LKK?<PKFC;D<K?8K#J?FLC;EdK
<8K@KJF#C<K@K=CP8N8P
6FEAL>
:E242A2E
:E24MA2E:>:E242AE@;:E24MAE@=427<442A
NGD9J0
K::I442ABF:94242A2EHADGLG<=
9NAYF
:BF::D2IK@4242A2EE9L9JB@CC&@K
@9;=J
NGD9JKM=KHWJALM#@I92>E4>::BF6E::I
:BF::D2IK:>242A2E D9XGH9K9<G=K9H=J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
J242A?:;J:FDGC:GDAL9H=B=FD99N=F9
CLDG<
>
@EF8KD<8C0
J242A?:;BF:9:E
MF9N=
4242EM@@IIF9<9JJN@D,:42BF:K::=4@:AM42
E2;I42?@224@>4UD::K42>292'GKFAXGK
DD=?9JTF9D9H9F?9F9<9F<G.?<:?@C;I<E
N@CC><KKFK?<9F8K9PJN@DD@E>
6FEAL>
E242EEM42E:>EM42E2;EM42E2=4276.=
;GFBM?9;GEGKA=DL=E9=EH=R9J9;GFMF9
NG;9D<G:D=FEAL>8K<;8J@=K?<IFFK9<>8E
N@K?8CFE>MFN<C
70
429M42E@E@9;=J
F9<9J
4242EM@
9E9J?G9@KK<I2766I::422?:422:
:A:2?:>A2::BF:9I@@42E D;9>VKAF9R[;9J
=K9E9J?GF==<<N@K?FLKJL>8I@J9@KK<I
K9D9<GJ8CKP2?EQABF:94242E:92'9
K9D=KK9D9<9-8CK@JJ8CKP
6FEAL>
E242E
EM42E:>EM42E2;EM42E2=4270
4242242E
@9;=JK9D9<GG9E9J?G422D@=4242EBV;GL9
442AI=9?JAGK9D9<G
424MK2E@=M:9QM<9J9E9;@9;9J;GFDGK<A=F
L=K?<CGD8J?N@K?K<<K?22D:I22:
4U>:42K=:=924>::I2;BF:9A:?6;E2I>2
9D24MK2E@=292M9F<GL=;9FK9K<=E9;@9
;9JD9J9WR<=DE=RIMAL=L=9QM<9JV9@9;=JDG
1?<EPFL><KK@I<;F=D8J?@E>K?<D<JHL@K<
IFFK#N@CC?<CGPFL;F@K
6FEAL>
:E24MK2
E@=:E24MK2=@=7<442K=:=E9;@9;9J;GFDGK
<A=FL=K
424MK:?@E0
C8<EKI8;8GI
4U424MK:?@E
424>66MKM;>ADLJ9J=@CK<I2766:>294>669:
96:E22D>242766:E:IBF:92?IU2?@E@::
>2]E@@7E@@7^I299>::9(=<AG;9>VFG
>ADLJ9<G/=FW9EM;@GK?J9FGKMK9<GKQDG
=K;MHW"<>8M<D<LE=@CK<I<;:F==<<K?8K?8;
8CFKF=>IFLE;J@E@K8E;#JG@K@KFLK
6FE
AL>
.I
:E24>66:E24>66E:>:E24>66E2;
:E24>66E@=42#EKI
E24>66<K:
708I
424>::
:924>66JF9CG8Jd0
2?:924>66>ADLJG
;GEGH9J99MLGEYNAD
:424>66JF9C89Jd0
K::I2?:424>66
KGF9E9LY9GLJ9&8JKP<8IK?8KG<IJFEB@CC<;
JFD<FE<
/JFHG;G>J=;M=FL=
424MA2E:>HJ=KAGF9J9@9;=J;GK9K
JTHA<9E=FL=GI<JJLI<KF;FK?@E>JHL@:BCP
9242A2EJJLAG8Jd0
92A2DA@;9242A2E
:9JJAD=L=
4242A;4MK9HMJ9JK==F@9;=J9D?G@9;=JJTHA
<9E=FL=?LIIPKF;F.::I92J242AI=2>K@
E@44U:>294292)G@9QF9<9IM=FGK;9M
K=9HMJ9JFGK.?<I<@JEFI<8JFE=FILJKF
ILJ?KF;F@K
.::I:4@@ABF:9E2AIU=:>
>2IE2942A;4IDE24BF:9::BF:EA6>EI
>2929QE2M9F<GD9D=RF9K=IMA=:J9MFGD9
>JGL9JTHA<9E=FL=;GFLJ9;GJ9DQK=9>AD9
1?<E89FE<8NC9I<8BJFE<IL9J@KHL@:BCP
8>8@EJK:FI8C8E;@K@JJ?8IG<E<;
U:J2E:4A2?924:>242A;4/J9:9B9:99HM
J9<9E=FL="<N8JNFIB@E>HL@:BCP
6FE
AL>
:E242A;4:E242AI=2>7
4242A?:;M:9E9JJ9J=FNGDN=JQ9L9JK@<LG
NI8GN@K?BEFK[*@>BF:IE:?J224@:
92E6::4E:>K2?@?D242A?:;922J2_19K9
=FNGDN=JLMKEGF=<9K=FMFH=<9RG<=L=D9
I<PFL>F@E>KFNI8GPFLI:?8E><@E8I8>
#692:422:I2;K2?D22@4292E2IE@22K
K@922K:>:=QEBF:;2?@9242A?:;19K9
H9K9JHGJMFNA=FLG>M=JL= FLGF;=KDD=N9
;GFLA?GMFH9XM=DGH9J99E9JJ9JLMH=DG3FL
8I<>F@E>KFG8JJK?IFL>?8JKIFE>N@E;JF
K8B<8J:8I=N@K?PFLKFK@<LGPFLI?8@I
6FEAL>
:E242A?:;:E242A?2=:E24MA?2=42
:E24MA?2=4@;:E24MAK:=427<4@42A?:;
4U4242A?:;@9;=JMFFM<G=F=DE=<AG
D8B<8BEFK@EK?<D@;;C<
9242A?:;JJLAG8JL9E9DK8D8C<*C
924MA?2=42
4U9242A?:;JJLAG8JAFA;AG<=
MF9;9F9KL9MK9F<G=DFM<G
K=F;ADDG9<>@EE@E>F=898JB<K
LJ@E>K?<J@DGC<BEFK
4U9242A?:;
:9242A?:;JJLAF9CFM<G
BEFK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
;=<9RG>ADLJGH9J9;9>V
424>::0
C8<EKI8;8GI
424>66
424>::BF6EM:;<IIM=J=JJ=KH=L9J=KLAE9J
@GFJ9J9E9JCFM<I<JG<:K<JK<<D:>
I@>24>::BF6E)GE=J=KH=L9"<;F<JEdK
I<JG<:KD<
,::42BF::DE@IE22IAE:
:I24@>4224 K9KH=JKGF9KK=J=KH=L9F
.?FJ<G<FGC<I<JG<:K<8:?FK?<I
6FEAL>
:E24>::BF6E:E24>::BF6E:>:E24@>42247
08I
424>::BF:E
<4>::BF6H=JKGF9K=JA
424?666I0
C8<EKI8;8GI
424?:::I
424?:J;A?\=X99E=JA;9F9
NFF;@9@J6'P:K<I@8
8D<I@:8E87*C
424?:
424?:::IM:@9;=J>DMAJ=;@9J
DWIMA<G;GFEGNAEA=FLG
<=KH9;AGGFLIFLKN@K?
JDFFK?8:K@FE\2D22:E:
4@@K=:=9:K4@AEC@@BF:
424?:
BF:;2?924?:::I` ;@9
=KL=9;=AL==F=D;9EAYF*LKK?@JF@C@EK?<
KIL:B,6A6M?4@>2?@9AE::9E:>92A2;
::>6K@9E29@92?EQAA242?@9E24?666I
>292A2;E:?E:4292AI92?EE@@:E>2
9J@?22:;M9F<G=KL9:9=F=DE9JNA=D
@GQG<=MFHMDHGD==;@VK9D=DHMDHGK9DAY
QDG9?9JJV1?@C<#N8J8KJ<8#J8N8E
F:KFGLJ?FC<8E;K?I<N@EJ8CK8E;N?<EK?<
F:KFGLJ:8D<FLK#>I899<;@K
6FEAL>
:E24?:::I:E24?622=I:>:E24?:::=2;4
:E24?:::=2I=42708I
424?666I0
4294?:::I
>DMAJ>M=JL=E=FL=
924I92?E424?:::I@@L=F=J=F9:MF<9F;A9
?8M<@E89LE;8E:<[ >M>4@:924I92?E
:E24?:::I@@_/=FW9EM;@9>JML9@;?<
?8M<8CFKF==IL@K
924?:::IJJLAG8Jd0
BF666;2>:E:
924?:::I@A=J:9<=D;TF;=J
424@M@d6FEAL>
E24@E24@;EM4@;2>7
922424@
G:NAGNAKA:D=M@J@9C<2DE42A
E@@I422A:92I@922424@92 D;=JJG=KLT
D=BGKH=JG=KNAKA:D=.?<DFLEK8@E@J=8I
8N8P9LKM@J@9C<
>T;ADAF>GJE9D<8JP
@E=FID8C0
9224224@E9J;9JH9J9
K=X9D9JIMAVF=K=D<M=XG9224>24@
<A>W;AD
92?E922424@K=JD9E9<JM?9<99<;8NE
2?E922A@@4@E292AE4@92A@@=I
92D2E:4A2?292 FD9E9<JM?9<9N9EGK9
K9DAJ=FD9H9F?99LJ9:9B9JK;8NEN<N@CC
>FFLK@EK?<9F8K8E;NFIB
2?E922E24@
>292>::K42>'D=?9EGK=FD9E9<JM?9<9
1<8II@M<;8K;8NE
::9D4U424@9;LM9J<=E9F=J9EMQ>9EADA9J
;GF9<FI8:K=8D@C@8IN@K?AFB<N@K?
[#::9D4@?D::4@922J2_19K99;LM9J=F
E9F=J9>9EADA9J;GFVDI<PFL>F@E>KF8:K
=8D@C@8IN@K??@D)22E64>::BF6::9D
9::4@K:>92292)GFG=KMF9H=JKGF9;GF
IMA=FHM=<GK=J>9EADA9J(F?<@JEdK8
G<IJFEN@K?N?FD#:8E9<=8D@C@8I
::4@JF9Cd0
922::4@E9J;992?E922
::4@E9<JM?9<9K::I92?E922::4@4@44M9
?9DDG
424@22E0
C8<EKI8;8GI
4U424@22E
424@22I@;0
C8<EKI8;8GI
4U424@@:I
424@22K;MKLJ=FR9J9I8@;'F::BF6EBF:;:=QE
:E24@22K;:42>:E492I42K::>@@A242?@
4U:J22DA@;'9E9ETD=LJ=FRY=DH=DGQDG
<=;GJY;GF=KL9E:J=K:GFALGK"<IDFK?<I
9I8@;<;?<I?8@I8E;;<:FI8K<;@KN@K?GI<KKP
P8IE
6FEAL>
:E24@22K;:E24@22K2=:>
:E24@22K=42:E24@22K=4@;:E24@22K2=2>7
924@22K;JJLAG8Jd0
66?>924@22K;
;9<=F9
:924@22K;JF9CG8Jd0
92=QE:924@22K;
LJ=FR9<=;9:=DDG
424T42>@Ed6FEAL>
:E24T42>@E:E24T42
>2>:E24T4>@=42:E24T42>@=427<
BF:BF:>HGF=J
92?E424T42>@EM8J@JK9QM<9J9:9B9J?<CG
GLK;FNEA2KBF:9966K:E:>BF:;2?@
>@E2E27A>29M42=42J292DBF:>4@:
92?E:9J24T42>@EQM<V9:9B9JD9K;GK9K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
424@4E2M8J@JK9QM<9J9N=J?<CGJ<<6?:>
4@D:9J2242992?E:9EM42EI:9I@>29@
\ 9A24@4E2K:IBF:D::=4E2>:>IU27622E2I
(A9?MB9K=E=;9QYQFGD9N=G`Q[<9E=
FAXGHGJIM=LA=F=K:M=F9NAKL9#;IFGG<;
DPE<<;C<8E;#;FEdKJ<<@K
"<CGD<J<<@K
9FP9<:8LJ<PFL?8M<>FF;<P<J@>?K
6FE
AL>
:E24@4E2:E24T42E:>:E24@4E2>
:E24T42E2>76'9H=JKGF99QM<9<9=K=D;GE
HD=E=FLG<AJ=;LG.?<G<IJFE?<CG<;@JK?<
;@I<:KF9A<:K
7<4@@4E2EAJ9J
4U424@4E2EGKLJ9JJ?FN.:IBF:D::=BF:9
92IU=:?22:=42K::>@4@9@BF:94U:>24@4
E2 DFAXGD=EGKLJYD9;GF;@9:GFAL9IM=
=F;GFLJY.?<:?@C;J?FN<;?@DK?<GI<KKP
J?<CCK?8K?<?8;=FLE;
424@4E:>M:9QM<9J9;GJL9J?<CG:LK\&@@D;
9:ABF:99A24@4E:>`Q[<9E=9;GJL9J=KL9
HAGD9"<CGD<:LKK?@JC@E<6FEAL>
:E24@4E:>:E24@4=@;7<4224E:>;GJL9J
:>24AE6424@4E:><ANA<AJ=F<GKH9JL=K
;@M@;<@EKFKNFG8IKJ
:>@KQE4U424@4E:><ANA<AJQ;GEH9JLAJ
;@M@;<8E;J?8I<
W424@6?6M:@9;=J<9XGHGJE=<AG<=:JMB=JW9
E9D<=;AJ;GFHG<=J<=@9;=J<9XG?8ID
JFD<FE<K?IFL>?JFI:<IPGLK:LIJ<FE
@@4E2E::I29>2>24@6?6*22I2922
:EM9>2>:?@@D=424@:92IJMI2A@;@@
(AJ9=DD9L=E9D<ABG+GJ=KGLMKMX9KLA=F=F
E9F;@9K:D9F;9K&FFBJ?<GLK8:LIJ<FE
PFL
.?8KdJN?PPFLI=@E><IE8@CJ?8M<N?@K<
JGFKJ
/JF9J;6FEAL>
:E24@6?6:E24@6
?6E2;7<@6?=KHWJALMIM=@9;=<9XG9MF
FAXG
424@6D4EMKM;=F;=F<=JDME:J=C@>?K=@I<
424@6D4E:>A@@>K@I92?D@9696EBF:IE
A24:>A@@>;42?@?D24@6D4E292M9F<G
IMA=J9K@9;=JDME:J=;GF>YK>GJGKLJ9=H=<9
;ALGK<=E9<=J9Q=F;AVF<=DGK1?<EPFL
N8EKKFD8B<8=@I<N@K?D8K:?<J9I@E>
JD8CCG@<:<JF=NFF;8E;C@>?KK?<D
696E
<=KM9:M=DG;M9F<GDD=?Y<=D9;AM<9<#
?<CG<;?@J>I8E;=8K?<I><KK?<K?@E>J;FNE
N?<E?<8II@M<;=IFDK?<:@KP
6'9H=JKGF9
9QM<9<9=K=D;GEHD=E=FLG<AJ=;LG.?<
G<IJFE?<CG<;@JK?<;@I<:KF9A<:K
7
92?E4U424T42>@EM:J=L=F=J?M9J<9J
I<K8@E?FC;98:B#:=BF:94@@4;92?E>6
9D24T42>@E9229:*22IE@>4@:4@@I
924I:?D4>29@::E@E2921GQ9?M9J<9J<GK
EADH=KGKLMQGK FLGF;=KFG?9KL9JTKLG<GLM
<AF=JG#8D>F@E>KF?FC;FEKFKNFK?FL
J8E;G<JFJF=PFLIJ
.?<EPFLNFEdKJG<E;
8CCF=PFLIDFE<P
92I4U424T42>@EM:9QM<9J9D9N9J?<CG
N8J?#::92I:9A22::?J66?92I>69D2
4T42>@E292/=9QM<9JV9D9N9JL=D9;9J9#
N@CC?<CGPFLN8J?PFLI=8:<
QE:4U424T42>@EM:HGF=JJGH99GLJ9
H=JKGF9N=KLAJ9GLJ9H=JKGF9GLK:CFK?<J
FEJFD<FE<<CJ<;I<JJJFD<FE<<CJ<
2242=424A22:DI4@:QE:4U:J24T42>@E'=
HMKGJGH9DAEHA9-?<GLK:C<8E:CFK?<JFE
?@D
424@42EM:d6FEAL>
:E24@42E7
92?E424@42E@9;=J<=K;9FK9JD8B<I<JK
<92?E4@@42<=K;9FK9J
424@42EM:d6FEAL>
:E24@42E:E24T42E:>
:E24T42E@;:E24T42E@=427<BF:42HGF=J
DWIMA<G
2?@424@42E=;@9J?GL9K=FGLK;IFGJ@EKF
#:E@;4@::?D4>2AQD:42292>62?@9D24@
42E292E2I)G<=:=K;=JJ9JDGKGBGKHGJIM=
NGQ9=;@9JD9K?GL9K3FLJ?FLC;EdKJHL@EK
PFLI<P<J9<:8LJ<#dD>F@E>KFGLK;IFGJ@E
K?<D
424T42EI0
C8<EKI8;8GI
4U424T42EI
424@4>@;M:d6FEAL>
:E24@4>@;:E24T4
>@=427
:D=66A64424@4>@;9QM<9J9HGF=J=D;9:=DDG
<=LJTK<=D9GJ=B9?<CGGLK?8@I9<?@E;
JFD<FE<<CJ<dJ<8I<:D=66A644@@4>@;
HGF=JK==D;9:=DDG<=LJTK<=D9GJ=B9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
929QE2=4K@9E4@?J22 9AE4>24@6D4E:9@
)GL=F?G>YK>GJGK)GHM=<G@9;=JDME:J=#
;FEdK?8M<8EPD8K:?<J
#:8EdKD8B<8=@I<
6FEAL>
.I
:E24@6D4E:E24@6D24E:>
:E24@6D24E;#EKI
E24@6D4E<K:
7-@EXE
W442::I
424T76=:>424T7:=:>0
C8<EKI8;8GI
4U424T76=:>
424@7>@;M::MK;9JD=X9H9J9GLJ9H=JKGF9G
MKGCFFB=FI=@I<NFF;=FI8EFK?<IG<IJFE
FILJ<22E4@:9D24@7>@;2921GQ9
:MK;9JD=X9H9J99K9J=KL=LGJGL=#8D>F@E>
KFCFFB=FI=@I<NFF;KFIF8JKK?@JC@D9<I9LJ?
N@K?
6FEAL>
:E24@7>@;:E24T7:K=47<
BF:7>@;J=;G?=JD=X9
424T92=:>0
C8<EKI8;8GI
4U424T92E@=
424T92E@=0
C8<EKI8;8GI
4U424T92E@=
424T9:E:>M:9JJ=:9L9J;GEA<99MFFAXGG
H=JKGF9AF;9H9RIF9=FF;=IFD8:?@C;FI
@E:8G8:@K8K<;G<IJFE.:IBF:D::=4E2>
9:ABF:;29K:I4M>9@@9:E4@>9:?E24T9
:E:>>2:9AE4@>4M>:9@!M==KL=FAXGIM=
E=9JJ=:9LY=DH=K;9<GIM=;GEW99@GJ9FG
=KLGQK9LAK>=;@G#KN8JK?@J:?@C;N?FJKFC<
K?<=@J?#N8J<8K@E>8E;EFN#dDEFK
J8K@J=@<;
6FEAL>
:E24T9:E:>:E24@::E@=427
<BF:9:E;GE=J
424@9@E0
C8<EKI8;8GI
4U424@9@E
424@9@EM@
E9J9NADDGKGD8IM<CFLJNFE;<I
=LC\%IE24@9@E292`,MVE9J9NADDGKG=K
"FNNFE;<I=LCKMH=JAGJJLG<I@FI[.T
EA24E2>2@IE24@9@EI29E2>@K294E2>
E:BF:;_+GJIMVK=;J==L9FKMH=JAGJ=K=
@GE:J=1?P;F<JK?8KD8EK?@EB?<dJJF
DL:?9<KK<IK?8E<M<IPFE<<CJ<6FEAL>
E24@9@E7
424@::EM8J@JK9QM<9J9@9;=J?<CGD8B<
224@K@424@::E:92'==KLT9QM<9F<G9
@9;=JMF9;9K9"<@J?<CG@E>?@DKFD8B<8
?FLJ<
6FEAL>
:E24@::E:E24@::E:>
:E24@@:K::E24@@:K:=427<422:@9;=J
4U424@::EM:G:DA?9J9@9;=JH=<AJ@9;=J
I<HL@I<KF;F8JBKF;F
:4@@924U424@::E;9FL9JH9J99QM<9J9D
EM=JLG=FKMNA9B=9e;G99PQ9Lf=DDM?9J<=
DGKEM=JLGKJ@E>KF?<CGK?<;<8;G<IJFEFE
?@JKI@GKFa:F88OP8KbK?<GC8:<F=K?<;<8;
:::E:>4U424@::E:>AEAL9JH9J9:MJD9JK=
@D@K8K<KFD8B<=LEF=[>224@;E:>@42
:::E:>4U:E24@@:K:=42_$EAL9JGF9=K=@GE
:J=@;K?<P@D@K8K<K?8KD8E
J66?4U424@::E9QM<9J9HAFL9JK=D9;9J9
?<CGG8@EKJFD<FE<dJ=8:<
K::I::44U:9::A6K@4U424@::EHGF=JE=<A;A
F9KI<8KN@K?D<;@:@E<*::IE>@BF66A6>2
K::I::44U:9::A6K@4@9J24@::EM9F<G
=KL9:9=F>=JE9D9LJ9LV;GFE=<A;AF91?<E
J?<N8JJ@:B#KI<8K<;?<IN@K?D<;@:@E<
424T;@A@EM:@9;=J:JAF;9JD8B<ALDG22J
:E:9:9::;BF:99J24T;@A@E#A;=:JAF;9J9D
;9:9DDG=FIM=QGEGFL9:9#D8;<K?<?FIJ<
ALDGK?8K#N8JI@;@E>
6FEAL>
:E24T;@A@E
:E24T;@A@=427<44@;A:JAF;9J
424@=66=@M:d6FEAL>
:E24@=66=@:E24@
=66=@;7<4@=66=@@9D;YF;=JFW;9DG
:D@;424@=66=@
L=F=JGJ?MDDG<=KM9H9JA=F
;A99DL9F=JGGIFL;F=FE<dJCFFBJ:D@;
:9D24@=66=@A:I964>::BF6:9>22K@96
::92ID>22:E@>4292.AQG>M=J9MF9H=J
KGF99DL9F=J9FG@9:D9JW9;GFGLJ9H=JKGF9
#=#N<I<8GIFL;G<IJFE#NFLC;EdKK8CBN@K?
FK?<IG<FGC<
9JJ=?D9JK=;9:=DDG;9J9
=L;=@OFE<dJ?8@ID8B<LG<K:
#QD@=42
>2D24@=66=@;A:I_.A0<KIMA=J=F
9JJ=?D9JK=c#=PFLN8EKKF=@OPFLI
8GG<8I8E:<_
424T>2=@;0
C8<EKI8;8GI
424@>=
424T>2E@=MKd<BF:>2;G:K=JN9J
:D@;424T>2E@=AJ9=K;M;@9JGN=J>FKF
?<8IFIJ<<\#:D@;:?D4>24T>2E@=292
`)GN9Q9K9N=JFEdK>FJ<<@K6FEAL>
:E24T>2E@=:E24T>2=:>:E24T>2=4@;7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
424T>@=BF:>M:d6FEAL>
:E24T>@=BF:>
:E24@>=42>7<422>@=BF:>H=D=9J
4U424T>@=BF:>@9;=JH=D=9JD8B<=@>?K
*::I96J24T>@=BF:>)GKHJGNG;YH9J9
IM=FGKH=D=TJ9EGK"<GIFMFB<;LJJFK?8K
N<NFLC;=@>?K
AE6424T>@=BF:>@9;=JH=D=9JK=D8B<
=@>?K9<KN<<EK?<DJ<CM<JE2>4@A9MI242
4@@4;4@:AE6:J24T>@=BF:> D@GE:J=
@ARGH=D=9J9DGK<GKH=JJGK.?<D8ED8;<
K?<KNF;F>J=@>?K<8:?FK?<I
424T>@D:>M9<EH=<AJ;GEA<9HGJGLJ9
H=JKGF98JB=FI=FF;FE9<?8C=F=JFD<FE<
<CJ<.:IBF:D::=BF:;22KBF:;:>24T>@D:>
DFAXGH=<W9;GEA<9H9J9KM9:M=DG.?<
:?@C;8JB<;=FI=FF;FE9<?8C=F=?@J>I8E;
=8K?<I
6FEAL>
:E24T>@D:>:E24T>@D2>7
424T>@I@EM8J@JK9QM<9J9<=KL9R9J?<CG
9LK:?<I6FEAL>
:E24T>@I@E7<
BF::>@I<=KL9R9J
424@>42M<OG<IH=J;A:AJ;GEGJMA<GKG=@E;
EF@JP[ ?E24@>42_/=H9J=;=JMA<GKG
F<J@KJ<<DEF@JPKFPFL6FEAL>
:E24@>42:E24T>2;42:E24@>;@;7<
44@>42JMA<GKG
424@>6M:9;9:9J9MF9H=JKGF9;GF9D?G
=@E@J?F==JFD<K?@E>=IFDJFD<FE<
)::>6E4@22E;UBF:99:?J24T>6E@;.=
9;9:9JGFLG<GEAH9F<MD;=.?<P8K<8CCF=
DPJN<<K9I<8;
6FEAL>
:E24@>6:E2
4T>6E@;708I
424@>:
<BF6>69;9:9JK=
424T>6?@EM8J@JK9QM<9J9DAEHA9JK=EADD9K
?<CG:C<8EJ<<;J#2CQ2BF:9:D24T>6?@E
292 DD9N999QM<9J9(9JW99DAEHA9JD9K
K=EADD9K-?<@J>F@E>KF?<CG'8IV8:C<8E
K?<J<<;J
6FEAL>
:E24T>6?@E
:E24T>6?@;76'9H=JKGF99QM<9<9=K=D;GE
HD=E=FLG<AJ=;LG.?<G<IJFE?<CG<;@JK?<
;@I<:KF9A<:K
7<BF:>6?LAJ9J<=MFD9<G9
GLJG
424@>:E0
C8<EKI8;8GI
4U424@>:E
424@>;4M:DD=N9J9D?GH9J99D?MA=F9I@E>
JFD<K?@E>=FIJFD<FE<,::42:AI2D:9:K4@:
I6A6>29J24@>;4/=DD=NV=KL9;9JF=9D9
HD9Q9#KFFBK?@JD<8KKFK?<9<8:?=FIPFL
6FEAL>
:E24@>;4:E24T>=2;47<BF:>;4
96>6424@>;4DD=N9JHGJ9D?MA=F9;9K9
:8IIP?FD<=FIJFD<FE<6>6>29D2
4@>;4292/=DGDD=N9JV9;9K9#N@CCK8B<@K
98:B?FD<=FIPFL
424@>=MK9?MB=J=9JG@<I:<[.:IBF:D::=BF:9
:>M>:?22:=BF:;:E24@>=_?MB=J=Y=D
FAXGD9HA=D<=D9>JML9@;K?<:?@C;G@<I:<
K?<JB@EF=K?<=IL@K6FEAL>
:E24@>=
:E24T>2=@;7
424T>2=@;BM?9J;A=JLGBM=?G<=<9J<GK
GC8P:<IK8@E;8IK>8D<
:424@>=JF9CBM=?G<=<9J<GK;8IK>8D<
<BF::>@D:>H=<AJ;GEA<9
424@>IM:<=FMF;A9J9;MK9J;<EFLE:<
8::LJ<*::IE@4@@K>24E2>E:?E:42:E29@
:J24@>IIMVDJG:YQ=K=@GE:J=DGNAGQ
DG<=FMF;AY.?8KFE<IF99<;8E;K?8KD8E
J8N?@D8E;8::LJ<;?@D
6FEAL>
:E24@>I:E24T>2KI2:E24@>I@;:E24T>
I@=427<BF:>I<=;AJ
:D@;424@>I;GF>=K9J9<EALAJ:FE=<JJ
8;D@K[#:D@;:?E24@>I_.9:=KIM=LA=F=K
D9;MDH9FPFLBEFNK?8KPFL8I<>L@CKP
4U424@>IAF>GJE9J@E=FID0
92?E::92
4U924@>IH=JKGF9K=JAAF>GJE9<9<=D9K
;GK9K<=D9F9LMJ9D=R9
424@>K@0
C8<EKI8;8GI
4U424@>K@
424@?640
C8<EKI8;8GI
424@?I@E
424@?I@EM8J@JK9QM<9J9DD=N9JN9JA9K;GK9K
?<CG:8IIPJ<M<I8CK?@E>JM42=42BF:9
2?IU:>I2?@@42;E2IA24>29D24@?I@E
+GJIM==KLTKDD=N9F<GEM;@9JGH9L=9QM<9JV
9DD=N9JD9<:8LJ<PFL8I<:8IIP@E>CFKJF=
:CFK?@E>#N@CC?<CGPFL:8IIP@K
2K:
>24@?I@E)GK9QM<Y9DD=N9JDGK-?<
?<CG<;LJ:8IIPK?<D
:>>24@?64(=
9QM<9JGF9DD=N9JDGK.?<P?<CG<;D<:8IIP
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?<D
6FEAL>
:E24@?I@E:E24T?I@E:>
:E24@?64:E24T?6;@;7<4@@?DD=N9JN9JA9K
;GK9K
4U424@?I@EM:E9F<9J;GFJ<E;N@K?
>22I4U>:D22?AI924A66K:92?=:92?=
4@@:E@>>69D24@?I@E29222>A@@>;4
E2I922A::;IK::IK@4U:D2D::;:>29249
IM=N9K9J=?J=K9J9;9K9NGQ9E9F<9J
IMAFA=FLGKH=KGK;GFLA?GM9F<GDGKL=F?9K
9DDTVD@9JT9D?G;GF=DDGK-@E:<PFL8I<
>F@E>?FD<#8D>F@E>KFJ<E;=@M<?LE;I<;
G<JFJN@K?PFL
1?<EPFLK8B<@KK?<I<?<
N@CC;FJFD<K?@E>N@K?@K
W424@@:M:9QM<9J9DD=N9J?<CG:8IIP22D
BF:9424@@:BF:9A24::>6AGD=X9<=
E=RIMAL=9DGKIM=D=9QM<9JGF9DD=N9JD9"<
>8M<D<JHL@K<NFF;KFK?FJ<N?F?<CG<;?@D
:8IIP@K
2BF6;U4:?J22BF:9>29A24@22
E:>E2BF:AI2>9@@K:9D:E=:>.AL=9QM<G
9DD=N9JLMD=X9<9E=MF9HG;9H9J9IM=QG
HM=<9@9;=JDME:J=#=#?<CGPFL:8IIPPFLI
NFF;>@M<D<8C@KKC<9@KJFK?8K#:8ED8B<
8=@I<
/JF9J;6FEAL>
:E24@@:
:E24@22E:>7<44@@:DD=N9J=FEM;@GK
NA9B=K
424@@@M:J=;GFKLJMAJJ=H9J9JI<9L@C;I<G8@I
224@4>::A=2BF:9AE6:J24@@@-=H9JYD9
;9K99JJMAF9<9"<I<G8@I<;K?<IL@E<;
?FLJ<
6FEAL>
:E24@@@:E24@@@E:>
:E24@@@E2;7<44@@@=FL=JG
424@@@>@EM8J@JK9QM<9J9H=<AJDAEGKF9?<CG
9<>)66964@>A@>ME2ID29>66D
J2E@::=42>E24@:A24>29D24@@@>@E292
.AL[FGHM=<=KNGQ9H=<AJ9D?MF9K<==K9K
F9J9FB9KHGJLW#=PFL8I<EdK89C<#N@CC9<>
JFD<F=K?FJ<FI8E><J=FIPFL
'F:D::=BF:9
2>2KBF:942766:J24@@@>@E DFAXGE=F
<A?Y;9>VH9J9KM9:M=D9.?<:?@C;9<>><;
:F==<<=FI?@J>I8E;DFK?<I
6FEAL>
:E24@@@>@E:E24@@@>2>:E24@@@>@=427
6'9H=JKGF99QM<9<9=K=D;GEHD=E=FLG
<AJ=;LG.?<G<IJFE?<CG<;@JK?<;@I<:K
F9A<:K
7<BF::@>H=<AJJ=?9D9<G0
2?E66K;24@@@>@EMFDM?9J
424@@@E0
C8<EKI8;8GI
4U424@@@E
424@@BF6MK=FJGDD9J9D?GQ@9;=J:GD9IFCC
JFD<K?@E>LG@EKF898CC2D@>@@D?:@@
4U:AM9K@I6A62?92E2::>2>@@D?:K2?@
E::;>292?DI29:J24@@BF6+MKAEGKD9J=<
H9J9;9?M9E9K=F=DE9JQMF9;9?M9E9K=
E=LAYQD9J=<D9=FJGDDYEM;@G1<GLKK?<
KLIKC<E<K@EKFK?<J<88E;8KLIKC<>FK@E@K
8E;K?<E<K>FKNI8GG<;8CC8IFLE;@K
6FEAL>
:E24@@BF6:E24@@BF6E:>
:E24@@BF6;:E24@@BF6;2>708I
424@@BF:
424@@I2EM8J@JK9QM<9J9;MA<9J=D:=:V<=
GLJ9H=JKGF9?<CGK8B<:8I<F=989PF=
8EFK?<IG<IJFE6FEAL>
:E24@@I2E
:E24@@I2E:>:E24@@I2E2>7<44@@I2
424@@I@EM8J@JK9QM<9J9;GJL9JHGJE9FL=F=J
?<CG:LK9P?FC;@E>6FEAL>
:E24@@I@E
:E24@@I@E:>:E24@@I@E;7<BF:K:I
424@@J2>0
C8<EKI8;8GI
4U424@@J2>
424@@K:E0
C8<EKI8;8GI
4U424@@K:E
424@A@=0
C8<EKI8;8GI
4U424@A@=
424@A;MKd6FEAL>
:E24@A;:E24TAK:=427
:E@;424@A;L9H9JDGKGBGK<=9D?MA=F:FM<I
LGK?<<P<JF=JFD<FE<.:IBF:D::=4@A:E@;
:E24@A;>2:E2>::A=2J292M9F<GL9HYDGK
GBGK<=DFAXG9DFAXGFGD=?MKLYQDDGJY
1?<E?<:FM<I<;K?<:?@C;dJ<P<JK?<:?@C;
N8JEdK?8GGP8E;:I@<;
:E2424@A;;M:JAJD9:G;9<=9D?MA=F:FM<I
K?<DFLK?F=JFD<FE<::BF6EK::I
42?22@BF:;>:?=4@::E24@4>24@A;
\,@>D:D::?E2I#AB9FG;M:J9KD9:G;9<=D
?9LG;GFLMKE9FGK`+G:J=;ALG8L>?K<I
;FEdK:FM<IK?<:8KdJDFLK?N@K?PFLI?8E;J
*FFIK?@E>
:924@A;JF9CG8Jd0
:E@;:924@A;
9FL=GB=J9
424TD6;4MKK9;9J=KHAF9I<DFM<K?FIE
9AE4>:E22>E:A:9696M?4@>2?@
9AE::9E:>4@D:2?@9AE29;::E>22?@96
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
424@E=:>M8J@JKd6FEAL>
:E24@E=:>
:E24TE2=:>:E24@E=2>:E24TE2=2>7<
BF::E=:>9LAR9J
92>M4424@E=:>
9LAR9JDME:J=H9J9
B@E;C<=@I<=FI.2422>E:4@A4>224@;2>
BF:992>M4:J24@E=:> K9EM;@9;@99LAR9
:9DME:J=H9J9KMH9<J=.?8K>@ICB@E;C<;
K?<=@I<=FI?<I=8K?<I
6'9H=JKGF99QM<9<9
=K=D;GEHD=E=FLG<AJ=;LG.?<G<IJFE
?<CG<;@JK?<;@I<:KF9A<:K
7;MJ9JMK9F<G
@MEG:LI<LJ@E>JDFB<6.=MK9:9DME:J=
<=H9DG>A=JJG;GFH9DALGK<=LGJGL=ePGGHf
E@IFENFF;=@I<N8JLJ<;N@K?<C<G?8EK
KI<<aOFFGbKN@>J
7
424TE@I@E0
C8<EKI8;8GI
4U424TE@I@E
424@I2;0
C8<EKI8;8GI
424@I=
424TI2=:>0
C8<EKI8;8GI
424@I=
424TI6>@E424TI:>@E0
C8<EKI8;8GI
4U424TI6>@E
424TI6E@=424TI:E@=0
C8<EKI8;8GI
4U424TI6E@=
424@I=MK
IM=<9JK=;GF=KL9J9D9<G<=JK8P
N@K?9<E<OKKF2>2E;D@>4@@I:292
92A6E6BF:;A294@I=I DIM=K=IM=<=;GF
KME9ETFGL=F<JTK=<G<IJFEN?FJK8PJ
N@K?FE<dJDFK?<INFEdK9<K?@IJKP
K=FL9<G
9K=FL9JK=9J<8K<;8KJ@K8K>22>BF:;
9696:E::4@@9:E:>4@>424@I=:92'9EMB=J
=KLTK=FL9<99D9E=K9.?<NFD8E@JJ@KK@E>
8KK?<K89C<
;MA<9JK8B<:8I<F=)622E@;
:J24TI2=:>MA<9:9;9:J9K"<KFFB:8I<F=
K?<>F8KJ
6FEAL>
:E24@I=:E24TI2=:>
:E24@I2;:E24TI2;2>70
424@@I2E9QM<9J
9;MA<9J=D:=:V<=GLJ9H=JKGF9
92I424@I2;;9R9JN=F9<GK=KH=J9F<G=FMF
DM?9J9<GF<=NA=F=F9LGE9J9?M9?LEK;<<I
9PN8@K@E>@E8GC8:<N?<I<K?<P:FD<KF
;I@EBN8K<I
424TI2=:>JJLAd
422CBF:9424TI2=:>H9KLGJJ?<G?<I;&@K
=DIM=;MA<9D9GN=B9
E2AIU=:>>29:E29:?J24TD6;44GA:9KAF
@M9J9;@=K=F=DEGFL=QHAKVMF9=KHAF9K=
IM=:JYQEAE9ETE=D9K9;Y#N8J>F@E>
N@K?FLKJ8E;8CJ@EK?<;<J<IK8E;#JK<GG<;
FE8K?FIE@K9IFB<8E;DPDFK?<II<DFM<;
@K=IFDD<
6FEAL>
:E24TD6;4:E24TD6;
BF:>:E24TD6;@;:E24TD6;42>708I
424TD:;40
4@D:=KHAF9
424@D@MK;9J?9J=FD9=KH9D<9:8IIPFE98:B
2A4@9AE22:E:>K@9E29@::BF:9A
EA2?KI:9E2E2I=66?:>:9J22K:4@A@@
4@9EM9:9E24U:9E24@D@96>69J@@>;4
4G;9R9:9N=F9<G:MJ9NAMFGDG@A;=
;GJJ=JDG9D;9F;VDGE9LV;GF=D;M;@ADDG
IM=DD=N9:9DGHMK==FEA=KH9D<9QDGLJ9B=
9D;9EH9E=FLG1?@C<?LEK@E>DLC<;<<I#
J8NFE<8E;:?8J<;@K:8L>?KLGN@K?@K8E;
B@CC<;@KN@K?8BE@=<8E;9IFL>?K@KKF:8DG
6FEAL>
:E24@D@:E24TD@E:>:E24TD@E2;7
J24@D@J:FDGC;9J?9=FD9=KH9D<9CF8;
FE98:B,::42J24UE:>J24@D@4@:92?E
:E;::E92IA24E@44UE2A>2:E29@A24
4U:ED22:;:J@@D:/AJY9DKM=DGD9K;G:AB9K
IM=DD=N9:9=FD9=KH9D<9LGEY9?M9IM=NAG
9DDWQD9:=:AY"<K?I<NK?<9C8EB<KJ?<N8J
:8IIP@E>FEKFK?<>IFLE;KFFBJFD<N8K<I
?<J8NK?<I<8E;;I8EB@K
0
K::IJ24@D@
422:I2;:MJJG
424@D@E0
C8<EKI8;8GI
4U424@D@E
424@DA@;M8J@JK9QM<9J9=K;JA:AJ?<CGNI@K<
224@2?@92A2DA@;4U:424@22E4@A2?@
E::;:E22D:BF:9:E22DA@;:E4>2I:>2&65C@
BF:9:J24@DA@; KL9:9=FD9=K;M=D9FG
HM<G=K;JA:AJKMFGE:J=Q+=<JGD=9QM<Y9
=K;JA:AJDG"<N8J@EJ:?FFC8E;:FLC;EdK
NI@K<?@JE8D<8E;*<;IF?<CG<;?@DNI@K<
@K
6FEAL>
:E24@DA@;:E24TD:A=@;76'9
H=JKGF99QM<9<9=K=D;GEHD=E=FLG<AJ=;LG
.?<G<IJFE?<CG<;@JK?<;@I<:KF9A<:K
7<
422DA@;=K;JA:AJ
424@DI0
C8<EKI8;8GI
4U424@DI
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
924@I=JJLAG8Jd0
92J22924@I=
LA=F<9
J24@I=J:FDGCd0
4E2>J24@I=KM
=KHGKG
424@I@E0
C8<EKI8;8GI
4U424@I@E
424TJ6E@=MKd6FEAL>
:E24TJ6E@=
:E24TJ6=:>:E24TJ6=2:E24TJ6=2>708I
424TJ:E@=
AE6424TJ6E@=>GJE9JK==F?JMHGH9J9<=>=F
<=JK=AF@EKF;<=<E;<8:?FK?<I@>4224
4E2>4U4@:922E@::>2AE6:E24TJ6E@=::4A
:EJ2:>292?D:92>@4:>BFPD'GK
@GE:J=K>GJE9JGFMF?JMHGH9J9<=>=F<=JK=
QH=D=9JLG<9D9FG;@=.?<D<EAF@E<;KF
;<=<E;K?<DJ<CM<J8E;KF=@>?K8CCE@>?K
424@K:>M<OG<IL=F=J;9DGJ9<?FK5G<IJFE
N@K?I<JG<:KKFK?<N<8K?<I6 9AJ24@K:>
/=F?G;9DGJ#dD?FK
6FEAL>
E24@K:>
E24TK:>2>E24TK2>@;E24TK2>@=427<
44@K:>@9;=J;9DGJ
424@K:EM:H9?9J99D?MA=FG8PJFD<FE<
[#2E24@K:E_/=H9?Y@;?<G8PPFL
2?@22BF:9>::K;92?EBF:IBF:>BF:9
4E2>4U42?@22BF:92?@4229424@:>::K;
:J24@K:E D;9HALTF<=D9H9F?9H9?Y9KMK
@GE:J=K.?<:8GK8@EF=K?<9F8KG8@;K?<
D<EN?FNFIB<;FEK?<9F8K
6FEAL>
:E24@K:E:E24TK:E:>:E24TK:E@;:E24TK:E;
:E24TK:E@=427<BF::K:?9F9J
4U424@K:EH9?9J99D?MA=F;GF9D?GG8P
JFD<FE<N@K?JFD<K?@E>[6?:>4@A>6
E24@K:E_/=H9?Y;GF=D;M;@ADDG@;?<
G8PPFLN@K?8BE@=<
424TK:I@EM8J@JK9QM<9J9;GJL9J?<CG:LK
6FEAL>
:E24TK:I@E:E24TKJ2I:E24TKJ2;4
:E24TKJ2I=427<BF:K:I;GJL9J
4U424TK:I@EM:;9MK9J;GJL9J:8LJ<KF:LK
6FEAL>
4U:E24TK:I@E<K:7
424@KI@EM8J@JK9QM<9J9DD=N9J?<CG:8IIP
6FEAL>
:E24@KI@E7:>>24@KI@E(=
9QM<Y9DD=N9JDG-?<?<CG<;D<:8IIP@K
<
422K:DD=N9J
4U424@KI@EM:=FLJ=?9J>@M<224?:BF:D:=
K:E22:4U:E24@KI@EJ@BF6#ARGMF9J;G
H=IM=XGQK=DG=FLJ=?Y"<D8;<8JD8CC
9FN8E;>8M<@KKF?<I
6FEAL>
4U:E24@KI@E4U:E24TKI@E:>4U:E24@?64
4U:E24T?6;@;76 KL=N=J:G=PA?=MF;GEHD=
E=FLGAF<AJ=;LGIM=AF<A;9D9H=JKGF9IM=
J=;A:==DG:B=LG.?@JM<I9I<HL@I<J8
J@E>LC8I@E;@I<:KF9A<:KK?8K@E;@:8K<JK?<I<
:@G@<EKF=K?<F9A<:K
7<422K:DD=N9J
424D:AI2M:;<IKGD<9JH=?9J;GFH=?9E=FLG
JFC;<I>CL<.::I92424;:9J22:9:A4@>96
D24D:AI242921GQ9MK9JH=?9E=FLG=F
=KL9>A?MJ9<=H9DG>A=JJGIM=@A;=#8D>F
@E>KFLJ<>CL<FEK?@J@IFENFF;=@>LI<K?8K#
D8;<
6FEAL>
:E24D:AI2:E24D:AI@;
:E24DQAI@=427<4D:AIH=?9E=FLG
:424D:AI2JF9C89JH=?9E=FLG>CL<&@K
;GFIM=MFGH=?9
:924D:AI2JF9CG8Jd0
66?>:924D:AI2
KGD<9<MJ9K::IK::I::BF:4U:924D:AI2
H=?9E=FLG
424DIM@<=KH=JL9J8N8B<EN8B<LG\ 9>22:
\.:IBF:D::=BF:9D::4DII@E2I`TDD9L=` D
FAXGN99<=KH=JL9J<HL@<K.?<:?@C;@J
>F@E>KFN8B<LG.::I42?22@4@>E24DI
E>66E@D2:E2I:92?EK::BF:J::? D?9LG
<=KH=JLYK==KLAJYQK=>M=.?<:8KNFB<LG
JKI<K:?<;8E;C<=K
6FEAL>
E24DIEM42D
I:>EM42DI2;70
4224DI<=KH=JL9J
42>29K2244@=2424DI;A=DG;GFFM:=K
EMQ9DL9K
9:K2424DIEAJ9J9MFD9<GCFFBKFFE<J@;<
!F2?BF:99:K2E24DI9:A:J22K:4@A
:J@@4E2%M9FEAJY9MFD9<GQEAJY9KM
@ABG$L8ECFFB<;KFFE<J@;<8E;CFFB<;8K
?@JJFE
::BF:424DINGDL=9JD9;9:=R9KLIEFE<dJ
?<8;.::IK@9E::::BF:9AJ@@4DI*W9D?GQ
NGDL=VD9;9:=R9H9J9N=J#?<8I;JFD<K?@E>
8E;KLIE<;DP?<8;KFJ<<
0
::BF:
424224DI@9;=JNGDL=9JD9;9:=R9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
/:9QE0424E:>K=J6=D>AF79<5K?<<E;6
&J66DEBF:;:9QEE24E:>>2J@@E2I DD9K=
>M=;M9F<GD9>A=KL9L=JEAFY-?<C<=KN?<E
K?<=@<JK8<E;<;
/::D2I0424E:><OG<=KE9Q9JK=L=F=JMF
9L9IM==8@EK?8M<8E8KK8:B&@K
KM=KHWJALM
K=;GJL9[#::D2IE24E:>_/=<=KE9Q9KL=
@;PFL=8@EK0
::D2I424224E:>;9MK9J
L=F=J9L9IM=
/::D2I4@>0424E:>FGL=F=J;GFKM=DG9<
LE:FEJFC89C<&@K
KM=KHWJALMK=;GJL9
AE6424E:>GHM=KLGKFGGFJ@K<<8:?FK?<I
22DQDE2=424@::E:AE6E24E:>92IJ2>@@E;
@@'9K@GB9K<=E=RIMAL==KLTFGHM=KL9KQ
9@GJIMADD9<9K'<JHL@K<C<8M<J8I<FGGFJ@K<
<8:?FK?<I8E;=FIB<;
424E:>JJLA;GJL9<9=FD9HA=D:LKFEJB@E
24E:>924:IBF:92?@>@E2_.9D=
DWIMA<G<=D9;GJL9<9c&@HL@;:FD<JFLKF=
K?<:LK_
:4224E:>JF9C89Jd0
922D2I:4224E:>
924I:42>::9H9JG;9J<A9;G
::4E:>JF9CH=<9RGG@<:<*C
::4=@;0
92E22:::4E:>H=<9RG<=L=D99@4U::4E:>
E9<=J9>DGL9FL=H=<9RG<=E9<=J9
W424E@;M@JGBGI<;/JF9J;6FEAL>
E24E@;
E24E@=4270
EK:424E@;;9J<=F9D
:4E@;::4E@;JL=J.M>ABGIM=K=<=JAN9<=
=KL=N=J:G-L==@O;<I@M<;=IFDK?@JM<I90
2DE:4E@;DM?9J>@D?:4E@;N9JA=<9<<=
;9?M9E9HJA=L9I?6;2>D::4E@;LAFL9HD9FL9
IE2>2I::4E@;MF99DE=B9
424U=20
C8<EKI8;8GI
424UDI2;
424UDI2;M@D9J?G9DLGCFE>K8CC 4M>
E>24UDI2;[email protected]<9FG>M=D9J?9K=
<A;="@JC@=<N8JEFKCFE>@K@JJ8@;
(@D2
BF:9::BF:96:9::?92496424UDI2;:924G
=KLGQETK9DL9IM=-GK9#8DK8CC<IK?8E
,FJ8
6FEAL>
E24UDI2;E24U=270
66?:>BF:I22K4424UDI2;JA>D=
@@7>@;424U=2L=JEAL9,?666;2>24UDI2;
DM?9J,@@A24U=2'F:9 ?@@94U;9EHG
E@::424DIEAJ9J@9;A99LJTKCFFB9<?@E;
>22>BF:;E@::E24DI:E4>29@9@'9EM
B=JEAJ9:9@9;A99LJTK<==DD9QFGDGNAG.?<
NFD8EN8JCFFB@E>9<?@E;?<I8E;;@;EdK
J<<?@D
424E:>M@
;GJL9<G;GJL9JK=9<:LK696
9EM4@E:>9:?K66EBF:;:E:9EE2IKE24E:>
>29E29@J2A@=9:?J22?:> KL9:9
;GJL9F<GD=X9;M9F<GE=H=?MV=F=DL9DYFQ
E=;GJLVM9F<GDGNWE=<=KE9QV#N8J
:LKK@E>=@I<NFF;N?<E#?@KDPJ<C=@EK?<
?<<C
#J8NK?8K@KN8J:LK8E;=8@EK<;
@42K?:4@>:=QEBF:;424E:>:92I@:D@;
4@>4T:4D::;:>@@92 D;M=JHG<=D9NW:G
J9<=;9K;9:=DLG<9NW9K=EGNW99MFIM=D9
;9:=R9K=@9:W9;GJL9<G.?<9F;PF=K?<
I8KKC<JE8B<JK@CCDFM<;<M<EK?FL>?K?<?<8;
N8J:LKF==
JGEH=JK=6H=B@ADG79I<8B
5C@B<JKI@E>6.::I92A2A=BF:9J@@4E:> D
;GDD9JK=JGEHAY.?<E<:BC8:<9IFB<
6FE
AL>
E24E:>EM42E:>E24=@;70
4224E:>
;GJL9J92I424E:>;@9J;G:A42E@;@K
424E:>DDMNA9>M=JL==AFL=JEAL=FL=
4U424E:>H9J9JK=L=JEAF9JJKFG A424@A
4UA@>24E:>E2I9224@4@A:DBF66K=292
.AFG<=B9<=DDGN=J=D9?M9N99=FLJ9J=FD9
;9K9#=@K;F<JEdKJKFGI8@E@E>K?<N8K<I@J
>F@E>KFC<8B@EKFK?<?FLJ<
2:BF:9
4UD::4E:>4292199H9J9JK==DNA=FLG.?<
N@E;@J>F@E>KFJKFG
.:IBF:D::=4>22>
E:4@A::D:>BF:94UJ@>24E:>692K::I
92?EI>@42K@9EK2IU>2E22I4K::>:9
J@@D:>2> K9EM;@9;@9FG<=BY<=J=WJK=
AB=MF9H9D9:J99J;9A;9QD=?MKLYQK=JAY
.?8K>@IC;@;EdKJKFGC8L>?@E>
#J8@;8EFC;
NFI;8E;J?<C@B<;@K8E;C8L>?<;
9@@I4U424E:>9EGFLGF9JK=:IFN;8IFLE;
242E4224@;K@92EM>=2;4>24@>4224
BF:99@@I4UE24E:>:J@@4E2>/J9BAEGKMF
LA:MJYF?J9F<=QMF?JMHG<=H=JKGF9KK=
9EGFLGFYH9J9N=JDG1<9IFL>?K@E8C8I><
J?8IB8E;G<FGC<:IFN;<;8IFLE;KFJ<<@K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
?AHLGK::I:D=@;424U=2:MJJGK:I4M>
424U=2LGLG9:9
::4U=2JF9Cd0
92I@;2?::4U=2=H=;A=
;9F?J=BG
::4UDI2;::4U=2664U=2JL=J.M>ABGKIM=
K=<=JAN9F<==KL=N=J:G-L==@O<J;<I@M<;
=IFDK?@JM<I90
2DE664U=2<GK;=JJGK
<AKLAFLANGK;=J;9<=&AFG)M=NG2DE@;
::4U=2DGKNGD;9F=K'GK/J=K1WJ?=F=K=F
9B99DA>GJFA9*2:;::4UDI2;DM?9J=FD9AKD9
/A:MJYF
424UE:>M@@II;M:JAJK=GL9H9JK=;GEG;GF
;G:AB9:FM<IFE<J<C=LG8JN@K?9C8EB<K
:422>:KBF:99E2A@I4@9A>24UE:>(=
IMALVD9;9EAK9QE=;M:JW;GF=DD9#KFFBF==
DPJ?@IK8E;:FM<I<;DPJ<C=LGN@K?@K
6FE
AL>
E24UE:>EM4@E:>E24UE2>E24UE@;7
6.=;GFBM?9;GEGKA=DL=E9=EH=R9J9;GF
MF9NG;9D<G:D=FEAL>8K<;8J@=K?<IFFK
9<>8EN@K?8CFE>MFN<C
70
429M4@E:>
;M:JAJ9GLJ9H=JKGF9;GF;G:AB9.22;
*@>424UE:>? :4@>MF9;M=N9=FD9AKD9
/A:MJYF
:424UE:>JF9C89Jd0
K::I:424UE:>
;G:AB9
42722M@d6FEAL>
E2722E2722E:>E2722I
E2722I2>7<722722
::BF:42722<=K=9J:M=F9KM=JL9@9;A99D
?MA=FN@J?>FF;CL:BKFJFD<FE<#::BF:
9AD2722292/=<=K=G:M=F9KM=JL=#N@J?
PFL>FF;CL:B
427622M:d6FEAL>
:E27622:E276224@=7<
4@7622L=F=J:M=F9NAKL9
92?E427622IM=<9JK=LG<9D9FG;@=@9KL9=D
9E9F=;=JJK8P8CCE@>?KLEK@C;8NE[&J66DE
BF:;2?@4@::4@:4>22I92?ED276224@=
BF66J2_'9?=FL=IM==KLT=FD9>A=KL9N99
IM=<9JK=LG<9D9FG;@=@9KL9=D9E9F=;=J
I<K?<G<FGC<N?F8I<8KK?<=@<JK8>F@E>KF
JK8PK?<N?FC<E@>?KLEK@C;8NE.::IA22:;
2?@4@@>:EMA>292I92?EI29:>27622
4U:EM9>64J@0F9D9;JTFD=HA;YQ;9KA@ARG
IM=FGKG:J=NANA=J9D9FG;@=J:FIG@FE
JKLE>?@D8E;?<8CDFJK;@;EdKJLIM@M<K?<
E@>?K
[ 422KI=::44U:9::A6K@?E4@?J22
9J22KI=42992?E:9>27622_)GLA=F=K
E=<A;AF9H9J9D9LGK4GLGKW@9KL9=D9E9F=
;=JFPFL?8M<8EP:FL>?D<;@:@E<#
:FL>?<;8CCE@>?K
0
::K2I::4A92?E
427622DMF9IM=K=HGF==FD9E9X9F9
427622EM:<9JNAKL9>@M<J@>?K.::I4@@92:J2D
BF:9>A@@9:EE2I>2D27622E292.A
;GE=K@W?9<G<=J=KL=E=BGJ9JTD9NAKL9
8K@E>9<<=C@M<IN@CC@DGIFM<PFLI<P<J@>?K
6FEAL>
:E27622E:E27622E;7<4@7622
L=F=J:M=F9NAKL9
42766J;9>V:F==<<6=KH-G
7-@EXE
I::424@@A@=0
42766:E:IK=<AE=FLG<=
;9>V
427664@>:9;;9>VKAF;GEA<9:F==<<N@K?
FLK8::FDG8EP@E>=FF;&@K
;9>VDAKG
42766:>Q?2;;9>VAFKL9FLTF=G@EJK8EK
:F==<<&@K
;9>VKAFJ=KA<MG<=KHMVK<=
=PLJ9=J=DBM?G<BF:?2;
427662?92?E4U:AM>;9>=L=J9:F==<<GFK&@K
=FIM==D;9>V;9=*C
427662?92?E
4U:A2>=42><92?E4@4AM>
427662?:AP?L=JEGH9J9;9>V:F==<<K?<IDFJ
&@K
=FIM=;9>VK=DD=N9<4@@?
42766:?2;?J9FGKMK9<GK<=;9>V:F==<<
>IFLE;J-@EXE
42766:E:I
42766:A2KE@;;9>=L=J9:F==<<GFK&@K
=FIM=K=
;M=;=;9>V<BF:KE@;
42766:E:I?J9FGKMK9<GK<=;9>V:F==<<
>IFLE;J-@EXE
42766:?2;
427Q42E@=M:9:JA?9JHGF=JJGH9:CFK?<.2IE
BF:D:=4E2>4@A9@@I@@E:9:E24>2
D92>@4E22>2BF::BF6EBF:;:J27Q42E@= D
FAXG=KL9:9<=KFM<G@9KL9D9;AFLMJ9Q;M9F
<GA:999FG;@=;=JKME9ETD=HMKGJGH9
.?<:?@C;N8J:FDGC<K<CPE8B<;8E;N?<E@K
N8JE@>?K?@JDFK?<IGLK:CFK?<JFE?@D
6FEAL>
:E27Q42E@=:E274@@42=2>7<47:4;
L9H9JK=;GF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
IM==EH=R9EGK9LJ9:9B9J1<?8M<EdK9<<E
?LE>IPJ@E:<K?<K@D<N<JK8IK<;KFNFIB
6GFLJ9;;AYF<=eIMA@fETKe9@fFEKI8:
K@FEF=aHL@?b8E;a8?b
708I
4292
4292M@@II
AJ=F?JMHG?J9F<=6;M9DIMA=J
=KH=;A=<=H=R7KI8M<C@EC8I><>IFLG58EP
JG<:@<JF==@J?6>J=R9JJG8NE292BF:9
D2924292'GKH=;=KH=B=JJ=QN9F9>J=R9J
.?<>ILE@FEJ8I<JG8NE@E>
6FEAL>
E292
EM92E:>E292;EM92;2>76.=;GFBM?9;GEG
KA=DL=E9=EH=R9J9;GFMF9NG;9D<G:D=
FEAL>8K<;8J@=K?<IFFK9<>8EN@K?8CFE>
MFN<C
7
4292JJLAH=B=JJ=QK9J<AF9!LC=>ILE@FE
6&<LI<JK?<JJ8I;@E87-@EXE
D=66:>22:0
4292929?9JJ9JH=B=JJ=Q
427::MKNGDN=J9?9F9JDGH=J<A<GI<>8@E8CFJK
@K<D,::4296:A6K:BF:9K2299:A42A:E:
4@9E27::96::D2I92?E4@@:E9:K4@9A>::;
#GQNGDNW9?9F9JDGIM=@9:W9H=J<A<G=F
MFBM=?G<=9R9JQ=KLGQ;GFL=FLG.F;8P#
I<>8@E<;N?8K#CFJK@E8>8D9C@E>>8D<
8E;#8D?8GGP
6FEAL>
:E27:::E27::E:>
:E27::E2;:E274@J@:E27::E@=427
427::IM@KGF9JEAKL=JAGK9E=FL=;GEG=FMF
;9EHG9:9F<GF9<GD8B<DPJK<I@FLJJFLE;
C@B<8K8E898E;FE<;:8DG2;9MI2?
92EIE@@A49:>::>242992?EJ@7::K::I
427::IK@92E:::+9K9EGKMF9FG;@==F/=;G
E9L=H=JGFG<GJEAEGK=FLG<9D9FG;@=
HGJIM=GWEGK9D?GEAKL=JAGKG1<JG<EK8
E@>?K8K.<:FD8K<9LKN<;@;EdKJC<<G8CC
E@>?K9<:8LJ<N<?<8I;8DPJK<I@FLJJFLE;
6FEAL>
E27::IE27::I:>E27::I@;E27::I
@=427
:427::IJF9C89J=KHWJALM<=H=JKGF9IM=>M=
E9L9<9HGJ9JE9JG@I@KF=8G<IJFEB@CC<;9P
8N<8GFE
427:E@M:B9D9JGLCC*2A42>2:4296>6;BF:9
9E27:E@9:D@;:E:9J29:J2E:9AJ@>::;4
M9F<GDDGNAYB9DVD9DGF9@9;A9EWQFGE=
EGBV1?<E@KI8@E<;#GLCC<;K?<K8IG
KFN8I;JD<8E;#;@;EdK><KN<K
6FEAL>
:E27:E@:E27QE@E:>:E27:E=2>7<47:EHGF=JK=
<=HA=
927:E@JJLAG8JDGIM==KB9D9<GN?8K@J
GLCC<;0
K::I4@BF69E927:E@LAJ9<GJK::I
927:E@;A=JJ=RWH=J
:927:E@JF9Cd0
2D=2'F:9? 927:E@
DM?9J;=J;9<= D=K=E:GIM=
427:E@EM:;9MK9JG9QM<9JHGF=JK=<=HA=
:8LJ<FI?<CGJK8E;LG6FEAL>
:E27:E@E
:E27:E=2>7<47:EHGF=JK=<=HA=
427KIM@DANA9FGDA?=JGC@>?KN<@>?K6FEAL>
E27KIE2742;470
DE24427KIHYE=R
4298IK=DD9;GF=F>GIM=K?<@E=F:LJ
2J2E:4A2?429AD2244U9:>@@IJ2E:92
)G@=EGKL=FA<G@9E:J=<=K<=D9@GJ9=F
4292
42922M:
;9MK9JK=JLJ9FK>GJE9J:8LJ<KF9<
D8B<9<:FD<KI8EJ=FID242E4@>:D@;
:E2922J@BF6.=<A;=IM=K=LJ9FK>GJEY=F
LA:MJYF"<:?8E><;?@DJ<C=@EKF8J?8IB@K
@JJ8@;
<=KA?F9JFGE:J9J;<J@>E8K<
8GGF@EK6FEAL>
:E2922:E2922E:>
:E2922E2;:E2922;:E2922E2>7<922K=J
4292242=2M:@9;=JDM?9JH9J9EGD=JN9AF9K<=
E=RIMAL=D8B<GC8:<KF>I@E;D<JHL@K<
GF;J6FEAL>
:E292242=2:E292242=2>7
<92242=2JG;9=FIM=K=EM=D=FN9AF9K<=
E=RIMAL=
429224@;M:@9;=J?J9F<=9?J9F<9JD8B<9@>
<EC8I><-224@BF:9E@::4U:EKM>:J29224
@;#ARGD9;9K9ETK?J9F<="<D8;<K?<
?FLJ<9@>><I
6FEAL>
:E29224@;:E2
9224U=7<4224@;?J9F<=0
D29>66D
92>E429224U=LGJGFB9
:929224@;JF9CG8Jd0
K::IK::I:92
9224@;DMH9
429224@EM8J@JK@9;=J;9K9H9J9D8B<?FLJ<
=FI#29J29224@E#A;==KL9;9K9H9J9LA#
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
D8;<K?@J?FLJ<=FIPFL
224@4224@;
42K::>4>22BF::9K@>69D29224@E292
/=@9JVMF9;9K9?J9F<=DAF<9QFM=N9#N@CC
D8B<PFL89@>E<N9<8LK@=LC?FLJ<
6FE
AL>
:E29224@E:E29224@E:>:E29224UE76'9
H=JKGF99QM<9<9=K=D;GEHD=E=FLG<AJ=;LG
.?<G<IJFE?<CG<;@JK?<;@I<:KF9A<:K
7<
4224@@9;=J;9K90
9224@;9K9
429227KIM:9HMJ9JK==F@9;=J9D?G@9;=J;GF
J9HA<=R;FHL@:BCP.::I92424;K@9E22:
9I29227KI(=9HMJV=F@9;=JMF9>A?MJ9<=
H9DG>A=JJG#HL@:BCPD8;<8E@IFENFF;
=@>LI<
:E2BF:9J2A:I29227KI(AE9ET
@9;=;GJAL9K;9F9KL9K;GFJ9HA<=R'P
DFK?<ID8B<J98JB<KJM<IPHL@:BCP
6FE
AL>
:E29227KI:E292272KI:>:E2922742;47
<4227KIJTHA<G
4292292KI@EM:;9MK9J
=KLGJFM<9JD8B<JE<<Q<
6FEAL>
:E292292KI@E7<
4229KI=KLGJFM<9J
4292292KI@EJJLA
@A=J:9
9E9JADD98D8EP=CFN<I<;
;<J<IKD8I@>FC;68@C<P8
DLCK@I8;@8K87E9FR9FADD9
<=D;GQGL=;F>N<<;6.?PDF
G?PCC8:FE:@EE8PJJF;@8
4292292KI@E
8@C<P8DLCK@I8;@8K8
:FE:@EE87
4292292KI@E4E2>MF9HD9FL99FM9D<=DLA=EHG
>J=K;G;GF@GB9KAJJAL9FL=K8;<J<IKG?8:<C@8
6*?8:<C@8:I<ELC8K8AF;DM<=K*
8D9@>L87
-@EXE
?2;>QD
429229?:;M:@9;=JL=E:D9J9?AL9J9FLE:<
8>@K8K<6962?:422:;BF:;92?E4@=2
422942K:E:E::;E@44UE::;>292?E:9D422:I
E2292=I2?NIU:9J29229?:;I@9:>@
J@>A2K;4 DL9E:G<=9?M9=KL9:9=FMF
DM?9J9DLG'G9?ALVEM;@G9D:9B9JDGH=JGFG
K=<=JJ9EY.?<98II<CN8JLG?@>?
#J?FFB
@K8CFK8J#N8J><KK@E>@K;FNE9LK@K;@;EdK
JG@CC
6FEAL>
:E29229?:;:E292292?=
:E29229?2=42:E29229?2=4@;7<4229?:;
L=E:D9J
429229@M:@9;=J;9EAFGD8B<IF8;<
9229@;9EAFG
J29229@JF9CN=J=<9<=9FAE9DKI8@CF=
8E@D8C0
966J29229@;GDD9J@=;@G<=
H=<9RGK<=L9DDGK<=;A=JL9HD9FL9
42922:;M:d6FEAL>
:E2922:;:E2922:=4@;7
:E@;42922:;9L9J9FL9JD8B<;@QQP*@::>2
9A29Q>6=:>I>:E@;:9D2922:;292/=NGQ
99L9J9FL9JKAL=?AJG#N@CCD8B<PFL;@QQP@=
#JG@EPFL8IFLE;
<:E@;422:;9L9J9FL9<G
42922;0
C8<EKI8;8GI
4U42922;
42922=:>M::9X9J9GLJ9H=JKGF998K?<
8EFK?<IG<IJFE 9::D2I4@>:E4>6I=>2
92I422A=BF:92?@4U:E2922=:>92I422A=
BF:94U:E22D>2I92AE4@::D2I4UJ22:E
KL9:9AF;GFK;A=FL=H=JGK=HMKG9D=JL9;M9F
<GDG:9X9JGF;GF9?M9>JW9QD=<A=JGF9?M9
>JW99:=:=J"<N8JLE:FEJ:@FLJ9LK?<
:8D<KFN?<EK?<P98K?<;?@DN@K?:FC;
N8K<I8E;>8M<?@DJFD<KF;I@EB
6FEAL>
:E2922=:>:E2922=2>7
42922>2M:d6FEAL>
:E2922>2
:E2922>2E7<422>2DD=F9JK=;GFDWIMA<G
0
:>2922>2N9JAGKAFK=;LGKH=IM=XGKIM=
NM=D9F
2?@42922>2HGF=JE=L=JDWIMA<GGLK@E
GFLI@EC@HL@;:EC@@BF:BF:;92D22:E:
4@@K=:=BF:92?@9D2922>22921GQ9
HGF=J9;=AL==FEA;9JJG#8D>F@E>KFGLK
F@C@EDP:8I
42922?2E@=0
C8<EKI8;8GI
42922?;
42922?:AI@EM8J@JK9QM<9J9J=?J=K9J9;9K9
?<CGI<KLIE?FD<2>2E@@?:AI@;'G
9QM<9EGK9J=?J=K9J9KM;9K91<?<CG<;
?@DI<KLIE?FD<
6FEAL>
:E2922?:AI@E
:E2E@@?:AI@;76'9H=JKGF99QM<9<9=K=D
;GEHD=E=FLG<AJ=;LG.?<G<IJFE?<CG<;@J
K?<;@I<:KF9A<:K
7<422?AIJ=?J=K9J
42922?;M:d6FEAL>
:E2922?;
:E2922?2E@=:E2922?2=:>:E2922?=@;7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
6FEAL>
:E2922A=:E2922A@=:>
:E2922A@=@;:E2922A@=2>7<422A=>JWG
::D2I4U42922A=9FAE9JK=;GFKGD9JK=:?<<I
LG@EKI
:D2I4U:D2922A=29266?>2?
:BF::;:>BF:9>::A6E2I DD9N99;GFKGD9J
K=KAD=J=?9D9KMF=KH=BG-?<N@CC:?<<ILG@=
PFL>@M<?<I8D@IIFI
:92922A=JF9Cd0
K::I2?:92922A=
J=>JA?=J9<GJ
42922DM:<=KAF>D9J;<=C8K<2?E:>22D:;
9:ABF:;:9D2922D2921GQ9<=KAF>D9J=KL9
DD9FL9#8D>F@E>KF;<=C8K<K?@JK@I<
6FE
AL>
:E2922D:E2922DE:>:E2922DI2>7<
422D<=KAF>D9JK=
42922E:>M@d6FEAL>
E2922E:>E2922E@=
427
::492AI42922E:>M@=KL9J=F;GFLJ9<=
<=KHJ=;A9J9LCCP><K8CFE>98;CPN@K?.::I
9:>BF:;9::492AI>2922E:>IM=DD9H=J
KGF9E=<=KHJ=;A9.?8KG<IJFE9LCC@<JD<
#::492AI:9AJ2922E:>/=<=KHJ=;AG#
;FEdK><K8CFE>N@K?PFL
0
.::I.::I :4
2AI2922E:>;A=JLG=KHWJALME9DGIM=
;GE=D9;9JF=<=MFEM=JLGK=?[FDGK9FL=
H9K9<GKK=JAK
42922E@M:@9;=JH=D=9JD8B<=@>?KE2>
E:4@AI:42BF:K::=4@::J2922E@ K=@GE:J=
@ARGH=D=9J9DGKFAXGK.?8KD8ED8;<K?<
:?@C;I<E=@>?K
6FEAL>
:E2922E@
:E2922E@;7<422E@H=D=9J
42922E@IM:=KLAJ9J=PL=F<=JJKI<K:?*@D?:
::D@BF:9:E2922E@I92?EQABF:9::BF::J22:
UA2E:;E2A?2:=922AE:>:D22:E22
PL=F<AY=D:M;@=<=D9D;9LJ9RQD=HMKGK9D
M9F<G=KLVK=;GDGN99;GFN=JLAJ=FMF9
:GDK9"<JKI<K:?<;FLKK?<G<C@:8EdJGFL:?
8E;GLKJ8CKFE@K
1?<E@K@J;IP?<@J>F@E>
KFD8B<898>FLKF=@K
6FEAL>
:E2922E@I
:E2922E@I:>:E2922EJ2;4:E2922EJ2I=427
<4922E@I=PL=F<A<G
2?@42922E@I<=K=F@=:J9J=KLAJ9JLEI8M<C
JKI<K:?FLK2A?22:=K@9J22:I@E>::A6
::D2I42922?;9KMKL9JJ:8I<=I@>?K<E?IU
E92>@4>2&65C@BF:9J224@4@A2?@
9AE27A:9E:?;::D2I:9J2922?2E@=(MQ
FG;@=DD=?MV9D9;9K9<=+=<JGD=?JALVQDG
9KMKLV#8II@M<;8K*<;IFdJ?FLJ<M<IPC8K<
P<CC<;=FI?@D8E;J:8I<;?@D
<::D2I
422?;KGJHJ=F<A<G
42922?AIM:<=NGDN=JDD=N9JI<KLIE:8IIP
K8B<2?@22K@96J@A2D@EE2I:9D2
922?AI9229:I@>@@D?:BF:9E2K@
4@9D2292=9229:*22I::DE@I92?EDA22:=I
292=NGDN=JVD9H9F?9IM=E=>M=HJ=KL9
<9H=JGDD=N9JVMF9;9?M9E9;GFD9H9F?9
KL9JTFEMQ>=DA;=K;GF=KG#N@CCI<KLIEK?<
9F8KK?8KN8JC<EKKFD<9LK#N@CCK8B<FE<
KLIKC<N@K?K?<9F8K
.?<PN@CC9<M<IP?8GGP
N@K?K?8K
E2>BF66K:4@AE7:ED2C22A:E2;
::K:4@::E@@?:J2922?AI D@GE:J=IM=?9
FYK=H9JYQK=DD=NYDGKK9J9H=KIM=@9:W9
?9F9<G.?<D8EN?FNFE>FKLG8E;KFFB
K?<9C8EB<KJK?8K?<?8;NFE
6FEAL>
:E2922?AI:E2922?:AI:>:E2E@@?:AI@;
:E2E@@?:AI@=427<422?AIJ=?J=K9J
42922@=M:HD=?9JGC<8K6FEAL>
:E2922@=
:E2922=@;7<422@=HD=?9<G
92?E42922@=@9;=JKMJ;GR9FB9D8B<
;@K:?
42922A=M:@EKIL=F=J>JWG9<:FC;5G<IJFE6
9A>2922A=/=F?G>JWG#dD:FC;
6FEAL>
E2922A=E2922A@=42E2922A@=2>
E2922A@=@;7<422A=>JWG
92?E42922A=K=FLAJ=D>JWG<=D9LA=JJ9=<<C
K?<:FC;F=K?<<8IK??@A22:EE292?E
:9A2922A=922E:9D::D:?:>292.AKA=FLG
>JWG=KL9L9J<=9K9JVLGJGL=#=#=<<C:FC;K?@J
8=K<IEFFE#N@CCIF8JKC@D9<I9LJ?
42922A=M:=PH=JAE=FL9J;GEG>JWGG<I:<@M<
8J:FC;6FEAL>
:E2922A=<K:
7<422A=
>JWG
42922A=M:=F>JA9J:?@CC:FFC\.::I4@@92:>E
4@A92922A=:9D::D:` F>JW9D9D=;@=H9J9
LGETJE=D9?@CCK?<D@CBJF#:8E;I@EB@K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
>2:E66=4@>2?@9J2922E@I#A;=MF9>9D
<9H=JGFGE=IM=<Y:A=FHGJIM=D=@9:W9
=KLAJ9<G=D:GJ<=#D8;<8JB@IK9LK@K;@;EdK
=@KI@>?K9<:8LJ<#?8;JKI<K:?<;K?<?<D
42922EI@MM<:<JG;MJJAJEM;@9KN=;=K
?8GG<ED8EPK@D<J2?E@@9AE2A
,A2?@9MI2?@9::7ABF:99A>2922EI@#=
A<GEM;@9KN=;=K9HA=9+M=JLG'A:=JL9<#
?8M<F=K<E>FE<9P=FFKKF*L<IKF&@9<IK8;
2AE4@>::>2=:>BF:9:?J2922EI@49DG
@9KG:K=JN9<GEM;@9KN=;=K3FL?8M<
8CI<8;PCFFB<;8K@KD8EPK@D<J
6FEAL>
E2922EI@E2922EI@;7<42EI@EM;@G
92?EBF:942922EI@M:KIL=F=JEM;@GK
9XGK<==<9<<C;<ICP692?EBF:9
42922EI@92/=F?GEM;@GK9XGK<==<9<#
8D<C;<ICP
42922EI@M:@9;=JEM;@GKD8B<D8EP
6FEAL>
:E2922EI@:E2922EI@;7
42922I2EM:d6FEAL>
:E2922I2E
:E2922I2E2;7<422I2E
:A@D42922I2E;9MK9J9J<=JD9?9J?9FL9
D8B<K?IF8K9LIE,@;ME92AP44>2E;@@K@
?D4>29:E292#:A@D:D2922I2E292)G
;GE9KH9H9K;9DA=FL=KHGJIM=L=@9JTF9J<=J
D9?9J?9FL9FEdK<8K?FKGFK8KF<J9<:8LJ<
K?<PN@CCD8B<PFLIK?IF8K9LIE
0
92A@D
42922I2EMF99DE=B9
42922K2=I@EM:@9;=JLGK=JD8B<:FL>?6FE
AL>
:E2922K2=I@E:E2E@@K2=I@E7<422KI=
LGK=J
429242EM:;=?9J9C@E;KI
,::424M?@=@;
E2>@42E9:K:>29M42E;'9KDM;=KFGK;=?9
JGF.?<C@>?KJ9C@E;<;LJ
6FEAL>
:E29242E:E29M42E;7<4924;A=?G
429M42E@EM:@9;=JF9<9JD8B<JN@D6FE
AL>
:E29M42E@E:E29M42E:>:E29M42E@;
:E29M42E@=427<4242E
429M4@E:>M:;M:JAJ9GLJ9H=JKGF9;GF;G:A
B9:FM<ILG8EFK?<IG<IJFEN@K?9C8EB<K
@>42::4@A::4E@4@::J29M4@E:>'9EMB=J
;M:JAY9KMK@ABGK;GFMF9;G:AB9.?<NFD8E
:FM<I<;LG?<I:?@C;I<EN@K?89C8EB<K
6FEAL>
:E29M4@E:>:E2924UE2>7<
424UE:>;M:JAJK=;GEG;GF;G:AB9
429292M:9?9JJ9JH=B=JJ=Q:8K:?>ILEE@FE
2DAM?4@;42922D29M92E2;292=:=
EGK;GJJ=J=:=EGK9?9JJ9JH=B=JJ=Q1<
J?FLC;ILEKF:8K:?>ILEE@FE
6FEAL>
:E29292:E29M92E:>:E29M92E2;:E29M92
I2>7<4292H=B=JJ=Q
4292:M@HJGNG;9JLJVEMDGK=FD9KMH=J>A;A=<=D
E9J6?=F=J9DE=FL=H=;=K7:8LJ<I@GGC@E>FE
K?<JLI=8:<F=K?<J<85><E<I8CCP=@J?6,::>6
E2>@42EI6A6BF:9:E24=E:>@424U:922:E
92492IJ292:@@::EI@429+GJIM==J9F
EM;@9KK9J<AF9KHJGNG;9:9FEM;@GK
LJVEMDGK=F=DE9J;M9F<GH9K9:9FHGJD9
KMH=J>A;A=<:8LJ<K?<I<N<I<D8EPJ8I
;@E<JK?<PD8;<K?<F:<8EI@GGC<8CFK8J
K?<PG8JJ<;E<8IK?<JLI=8:<
6FEAL>
E292:E292:E:>E292:I2>7
4292;4M:H=<AJDWIMA<G8JB=FIC@HL@;
*296;U4BF:;:E:>@E2:E22:I966K:E:>BF:;
2?@E27A966?:>E:>292;4.9DA=JGF<=D9
AKD9/A:MJYFQDD=?9F<G9DJ9F;@GQHA<AY
D=;@="<C<=K.@9LIFE#JC8E;N<EKKFK?<
I8E:?8E;8JB<;=FID@CB
6FEAL>
:E292;4
:E29MI2=:>:E292IK:=:E29MIK:=427<92I
9?M9
4292>@4M:@EKI@9;=JK=FG;@=JK8PFLKC8K<8K
E@>?K 9A>292>@4.=E=@ARGFG;@=#
JK8P<;FLKC8K<
6FEAL>
E292>@4
E29M>@;@;7<492>@49FG;@=;=J
4@=I4292>@4=KL9JD=BGK<=HD9Q9=FD9
FG;@=6;9?M9E979<=8I=IFDJ?FI<8KE@>?K
5J<8KLIKC<6
4292?=MM<:<JG;MJJAJ<A=RN=;=K?8GG<EK<E
K@D<J#P;:4@BF:94@?E9::929A>292?=
#=A<G9D9;AM<9<<=(VPA;G<A=RN=;=K#
?8M<>FE<KF'<O@:F@KPK<EK@D<J
6FE
AL>
E292?=E29M?2=@;7<492?=<A=R
4D@@:4292?=MM<:<JG;MJJAJFM=N=N=;=K
?8GG<EE@E<K@D<J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9;=AL=H9J9EGLGJ=FEA;9EAK9QK=E9F;@Y
'FKFIF@C=<CCFEDPJ?@IK8E;JK8@E<;@K
6FEAL>
:E29MI:E292IE:>:E29MI2;2>7
<492IE9F;@9<G;GF?J9K9
429MI2AI:>M:=FGB9JK=EM;@9KN=;=K;GF><K
8E>IPF=K<EN@K?@>42::4@A::BF6EBF:;
:I29MI2AI:>?IUJ29:EE22I22:EM9>2
'9EMB=JK==FGB9;GFKM@ABGHGJIM=;GE=
EM;@G.?<NFD8E><KJ8E>IP8K?<I:?@C;
9<:8LJ<?<<8KJJFDL:?
6FEAL>
:E29MI
2AI:>:E29MI2AI@=427<BF:IAI=FGB9JK=
;GF
4U429MI2AI:>=FGB9JK=;GF9D?MA=FHGJ9D
?G9<:FD<8E>IPN@K?JFD<FE<89FLKJFD<
K?@E>\>22IK::IK@9:??DBF6>6292
.::IBF:99:>>::E6I92=II2996?J29MI
2AI:>E2I`49FGE=J=?9D=KF9<9/==FG
B9K;GFEA?G;9<9N=RIM=E=J=?9D9K9D?G
FEdK>@M<D<8EPK?@E>3FL><KD8;8KD<
<M<IPK@D<PFL>@M<D<JFD<K?@E>
429420
C8<EKI8;8GI
422942
429422:=M@
>9DL9JC8:B*@>BF:9E29422:=
9:>>::9(=<ABGIM=>9DL9:9<AF=JG-?<
KFC;D<K?8KDFE<PN8JC8:B@E>
,2A:;
422?=2>4UBF::>@E@;4@:E2K42>>2
4>22IK::IBF::D2IK:>29422:=:92'GK
IM=N9F9BM?9J=DBM=?G<=DGK;9JJARGK=K
;GF<A<GK@9FDD=?9<GQ9@GJ9FG>9DL9F9<A=
.?FJ<N?F8I<>F@E>KFGC8PK?<?@;;<EJK@:B
>8D<?8M<8II@M<;8E;EFNEF9F;P@J
D@JJ@E>
@>4224BF:992IBF:9E29422:=
>2:>2E@@4:92+GJ>9DL9<=9?M9DGKK=JAK
FGKA=E:J9F FIC8:BF=N8K<IK?<-<I@J
;@;EdKGI8:K@:<8>I@:LCKLI<
IM=<9JK=
I<D8@E@E8GC8:<6#P;:4@9242?@
D29422:=42921GQ9IM=<9JE==F(VPA;G#
8D>F@E>KFI<D8@E@E'<O@:F
6FEAL>
E29422:=E294222=:>76#AKLYJA;9E=FL=NA=F=
<=DH9KANG<=e;;99ADfgL=F=J=PLJ9h<I@M<;
?@JKFI@:8CCP=IFDK?<G8JJ@M<F=a::88@Cb
c?8M<<OKI8d
7
92?E2I=429422:=>9DL9JHG;G6LA=EHG7C8:B
4292?=M:HGF=J<A=RGLKK<E6FEAL>
:E292?=:E29M?2=@;7
4D@@:4292?=M:HGF=JFM=N=GLKE@E<
92?E4292?=M:KIL=F=J<A=R9XGK<==<9<
9<K<EP<8IJFC;
92?E4D@@:4292?=M:KIL=F=JFM=N=9XGK<=
=<9<9<E@E<P<8IJFC;.:IBF:D::=4>22>
BF:992?E4D@@::A292?=:9@'9EM;@9;@9
HGKA:D=E=FL=LA=F=FM=N=9XGK.?<>@IC
D@>?K9<E@E<P<8IJFC;
4292AE;M:@9;=J9F;@GN@;<E6FEAL>
:E292AE;7<42AE;9F;@G
4292AIMKJ=HGJL9J@9;=JK9:=JJ=N=D9JI<GFIK
D8B<BEFNEI<M<8C 422:E@>::D=2;49:K24
:9D292AI9229:1GQ9J=N=D9J=KL=K=;J=LG
#8D>F@E>KFI<M<8CK?@JJ<:I<K
6FEAL>
:E292AI:E292AI:>:E292AI@:E292AI@;
:E29MAI@;2>7<92AI9>M=J9
429MD24@E0
C8<EKI8;8GI
4U429MD24@E
429MD2BF:>M:H=AF9J;=HADD9J;9:=DDG<=GLJ9
H=JKGF9:FD9FI9ILJ??8@IF=JFD<FE<
<CJ<69AE2929MD2BF:>>2I
:9I@BF66A6EWE=?MKL9;M9F<GE=
H=AF9F#C@B<@KN?<EJFD<FE<:FD9JDP
?8@I
6422J4@AD29MD2BF:>4292
=HADD9JV=D;9:9DDG#N@CC9ILJ?K?<?FIJ<
6FEAL>
:E29MD2BF:>:E29MD2;BF:>
:E29MD2;@;:E29MD242>7<BFQD2BF:>
;=HADD9JK=
4292DBF:>MKDD=N9JLJ9FKHGJL9J=F;9EAYFG
H9F?9:8IIPKI8EJGFIK@EKIL:BFI9F8K
69692D4M>BF:;96D6?4@:4U:9292D;@;
:>:::I=B9JGF<=DD=N9J=DH9DG>A=JJG=F=D
:9J;G.?<PJKFGG<;:8IIP@E>@IFENFF;@E
K?<J?@G
6FEAL>
:E292DBF:>:E29MD2;42
:E292D;@;7
J292DBF:>J:FDGC;9J?9CF8;:8I>F0
2?@J292DBF:>;9B9<=;9EAGF=L9:E:
J292DBF:>HD9L9>GJE9<=;9EAYF
429MIM:E9F;@9J;GF?J9K9JK8@EN@K?
>I<8J<2D22:E:4@@K=:=BF:99:422>:K
BF:9:E:9:>@EA2K;44@@I:J29MI9QY
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
C@KKC<5K@D<6.::I92ADI422:E:>BF:9QE:
4U:D::7A92492?E2I=429422:=:92 DEV<A
;GN99DD=?9JHJGFLG.?<;F:KFIN@CC8II@M<
JFFE
::BF:429422:=IM=<9JK=;GFMFGI<D8@E@E
FE<dJGFJJ<JJ@FE,::422?:422:A24:9E6I=
>2A66K:92?=492?=9::BF:>29422:=
GEHJV9R[;9JQE=IM=<9JGF;A=FH=KGK#
9FL>?KJL>8I8E;?8;FE<?LE;I<;G<JFJ
C<=K
4294?666I0
C8<EKI8;8GI
4294?:::I
4294?:::IM@>DMAJ>M=JL=E=FL=9EGFLGF9JK=
6DWIMA<G7=CFNJKIFE>CPG@C<;LG5C@HL@;6
2I4@A4294?:::I:92 D9?M9=KLT>DMQ=F
<G.?<N8K<I@J=CFN@E>
,6A64@>
4294?:::I:92'9E9J=9=KLT>M=JL=.?<K@;<
@JJKIFE>
6FEAL>
E294?:::IE294?622I:>
E294?622I@=427<424?:::I@9;=J>DMAJ
08I
4294?666I
429622>M:@9;=JKM>A;A=FL=D8B<<EFL>?
2I42A:E29622>9:>::>6J2I4@@4
4UE>@@E:;M29@(=J=?9DYKM>A;A=FL=9?M9
FGK=K=;YHGJEM;@GLA=EHG"<>8M<D<
<EFL>?N8K<IJFK?8K@K;@;EdK>@M<FLK=FI8
CFE>K@D<
6FEAL>
:E29622>:E29622EK7
<BF622>KM>A;A=FL=
429664E:>0
C8<EKI8;8GI
4U429664E:>
4296674@;0
C8<EKI8;8GI
429667;@;
429666;MK>GJE9J@9JAF9<=E=RIMAL==FH9K
L=D=KK=;GK=FIDD<JHL@K<=CFLI@EKF;IP
:8B<J#@I:>24@>42244>2;::44@:
J29666=4@;Q=JD9KEMB=J=KK=JAK@A;A=JGF
H9KL=D=K<=@9JAF9<=E=RIMAL=3<JK<I;8PK?<
-<I@NFD<ED8;<;IP:8B<JF=D<JHL@K<
=CFLI
6FEAL>
:E29666;:E29666=4:E2
9666=4@;:E29666=2>7
929666;JJLAG8Jd0
922D929666;E=R
;D9<=@9JAF9<=E=RIMAL=Q9?M9=FJJGDD9<9
=F>GJE9;ADWF<JA;9
4296676M:@9;=J=F>GJE9<=?9F;@GD8B<
?FFBJ?8G<;6FEAL>
:E296676:E296674@;7
<BF66760
92A676D=F?\=L9<=D9HMFL9
<=D9JHYF
429667;@;M:d6FEAL>
:E29667;@;
:E29667;@;2>:E29667=@=427<BF6676L=F=J
>GJE9<=?9F;@G08I
4296674@;
2?@429667;@;@9;=J<AK=XG<=FL9<G;GEG
=FMF9;9F9KL9D8B<KFFK?;<J@>E8JFE8
98JB<K%@A4@A4@@A@=BF:92?@
4U:J29667;@; DD9HMKGMF<AK=XG<=FL9<G
F=?JG=FKM;GJAL9;9F9KL9-?<GLK89C8:B
KFFK?;<J@>EFE?<I98JB<K
429669E:>M@N9?9JN8E;<I8IFLE;6FEAL>
E29669E:>E29669E@=427-@EXE
42C8V6J@
E:>
42966;:>M:<=K?9KL9JN<8IFLK2?@224@>
2?@E2E:4A2?:J2966;:>=K?9KL9:9D9H9F
?9=FIM=LJ9:9B9:9"<NFI<FLKK?<9F8K
K?8K?<NFIB<;FE
6FEAL>
:E2966;:>
:E2966=42>7<BF66;:>NA=BG
42966=M:@9;=JJGBGD8B<I<;2A:?22:=
BF:9:E2422:E:4922E:I22:4@:2?@4U:E;::E
:J2966=:D9F<YD9HA=D<=N=F9<G:MJ9QD9
LAXY<=JGBG;GFD9KJ9W;=K<=LGJGL="<
JF=K<E<;K?<DLC<;<<IJB@E8E;K@EK<;@KI<;
N@K?K?<C@D9<I9LJ?IFFKJ
6FEAL>
:E2966=
:E29666=:>:E29666=@:E29666=2>7<4966=
JGBG
W42966=MKMK9JH9DGH9J9;GJL9JE9?M=QLJ<
JK@:BKF:LK:<EKLIPGC8EK?<8IKJ/JF9J;
6FEAL>
:E2966=:E29666=@7
92966=JJLAG8JH9DGMK9<GH9J9;GJL9J
E9?M=QJK@:BLJ<;KF:LK:<EKLIPGC8EK
?<8IKJ*C
92966=
42966>:;M:EGN=J<=KH9;AGDFM<JCFNCP
6FEAL>
:E2966>:;:E2966>:=:>:E2966>
:=4:E2966>:=4@;7<BF66>:;EGN=JK=
<=KH9;AG)KI8G8C89I842966>:E@=EGN=J
MF9;GK9HG;G9HG;G08I
42966>6;
42966>6=:>LAJ9JMF9H=JKGF99DKM=DG
K?IFN8G<IJFEIFCC@E>;FNE
42966>?M:=F;GJN9J@9;A99:9BGD8B<:LIM<
;FNE9<E;JFD<K?@E>;FNE.:IBF:D::=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9QM<9<9=K=D;GEHD=E=FLG<AJ=;LG.?<
G<IJFE?<CG<;@JK?<;@I<:KF9A<:K
7<BF::K:
?9F9J08I
42966K:E@E
429696EM:@9;=JDW<=JHJ=KA<=FL=?G:=JF9<GJ
D8B<C<8;<IGI<J@;<EK>FM<IEFI*@@I
42J2I:929::BF6E4E2>BF:9:>29P96E@;
#9;=EM;@GLA=EHG@A;A=JGFHJ=KA<=FL=9EA
@ABGCFE>K@D<8>FK?<PD8;<DPJFE
GI<J@;<EK
6FEAL>
:E29696E:E29P96E@;7
0
BF:9696K=JJ=QHJ=KA<=FL=?G:=JF9<GJ
4296>6;M@d6FEAL>
E296>6;
E29P>6=4@;7
4U4296>6;R9JH9JJ8@C-296>6;M24@A
:E4>:E2:>2:EE::IK::I:424UE:>K:E22:K:
4UE29P>6=4@;E:92;I2292I@;4@>4UJ@@K
42>.AFLA=F<GIM=D9N=D9FGHG<JW99?M9F
L9JD9>M=JR9;GD?9JGFMF9;G:AB9;GEGN=D9
F9N=?9JGFJTHA<9E=FL=QDD=?9JGF9D9GJADD9
<=DE9J <<C@E>K?8KK?<J8@CNFLC;EFK9<
89C<KFJK8E;K?<JKI<JJK?<P?LE>89C8EB<K
8J8J8@CN<EK=8JK8E;8II@M<;8KJ?FI<
0
42?@224U4296>6;H9F?9;GFN=D9
92>422I2E4U4296>6;:MIM=<=N9HGJ
:4296>6;JF9C89JDGF9N=D9<=:9J;G
K8IGJ8@C:8EM8J
J296>6;JF9Cd0
969692D4M>
J296>6;42?@22J296>6;N=D9<=H9F?9
<=:9J;GDGF9
4296>6EM:;<IL=F=JN=;AFG?8M<E<@>?9FI
.::IBF::D2IK:>296>6E:92*2K@;@@
9696M?4@>2?@>::9)GLA=F=N=;AFG
1AN=KGDG=F=DEGFL="<;F<JEdK?8M<8
E<@>?9FI
"<C@M<J8CFE<@EK?<;<J<IK
6FE
AL>
:E296>6E:E29P>6E:>:E29P>6E;7<
96>6;9EH9E=FLG
J296>6EJ:FDGCN=;AFGE<@>?9FI
429Q4@D2JN9JA=<9<<=N=F9<G:MJ9KAFL=KLW;M
DGKIM=K==F;M=FLJ9KGD9E=FL==FD9AKD9
/A:MJYFM8I@<KPF=DLC<;<<IN@K?FLK
K<JK@:C<J=FLE;FECPFE.@9LIFE#JC8E;
6);F:F@C<LJ?<D@FELJ7*C
429Q4@D2;
BF:996964@>:E2966>?:E:4@=2J2422: D
FAXG=F;GJNYD9J9E9@9;A99:9BGQK=;GD?Y
<==DD9.?<:?@C;9<EKK?<9I8E:?;FNE8E;
?LE>FE@K
6FEAL>
:E2966>?:E2966>K27
<BF66>?=F;GJN9JK=@9;A99:9BG
92966>K2JJLAG8Jd0
9224@
92966>K2;9K9LJ9<A;AGF9D@=;@9<=G;GLADDG
42966>@E@EM:d6FEAL>
:E2966>@E@E
:E2966>@E:>:E2966>=@;:E2966>=@=427<
4966>E9H=KL9J
::D2I42966>@E@E@9;=J=FGB9JD8B<8E>IP
%J24;4@A::D2I:D2966>@E@E292199
@9;=J=FGB9J9KM@=JE9FG"<dJ>F@E>KF
D8B<?@J9IFK?<I8E>IP
42966?6E@=M:@9;=J?JAL9JD8B<P<CC6FE
AL>
:E2966?6E@=:E2966?6=:>:E2966?K:=
:E2966?K:=427<BF66?;?JAL9J
42966EMKMK9JH9J99HGKL9J=FBM=?GK<=9R9J
LJ<8J>8D9C@E>KFB<EJ6FEAL>
:E2966E
:E2966EE:>:E2966E@:E2966EE@=427
92966EJJLAG8J9KLADD9H9J9BM=?GK<=9R9J
>A;@9>8D9C@E>JK@:BJ*C
92966E;
J2966EJ:FDGCKM>A;@9?@JFI?<I>8D9C@E>
JK@:B ?J2966EBF:99D@@4E2[.T@I29
2?IUE29422:=,MA=JGN=JLMK>A;@9K
_MTFL9KIM=<9F#N8EKKFJ<<PFLI>8D
9C@E>JK@:BJ
"FND8EP8I<C<=K0
K::I
4@@DJ2EJ2966E;JAKL9D=K<=Q=KGIM=MK9:9F
DGK?A?9FL=KH9J99HGKL9J
42966E@EM:=F;M:JAJ9GLJ9H=JKGF9;GFMF9
E=FLAJ9E=FLAJHGJ:FM<ILG=FI8EFK?<I
G<IJFE9PCP@E>C@<FE9<?8C=F=>22>
::BF6EBF:942966E@E4@AE@>4@:E::I:>6I=
E66>6'9EMB=JIM=EAFLAYHGJKM@ABG<ABG
IM=FGLGEY=D<AF=JG.?<NFD<EN?FC@<;
=FI?<I:?@C;J8@;K?8K?<;@;EdKK8B<K?<
DFE<P
6FEAL>
:E2966E@E:E2966E:>
:E2966E@:E2966E@=427<BF66EF=?9J
42966I60
C8<EKI8;8GI
4U42966I6
42966K:EM8J@JK9QM<9J9?9F9J<AF=JG?<CG
<8IEDFE<P6FEAL>
:E2966K:E
:E2966K:E:>:E2966K:E@;76'9H=JKGF9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
429:4UDM:@EKILJ9=J>JML9<=;9;LG;GF=KHAF9K
9I@E>:8:KLJ=IL@KN@K?K?FIEJ >M>:E22:
E29:4UD66?EKBF::I=44@@K2=4BF:94@@4;
:J2AT42E@;/J9BG>JML9<=D;9;LG;GF=KHAF9K
QDD=FY<GKD9L9K;M9<J9<9K-?<>8K?<I<;
:8:KLJ=IL@KN@K?K?FIEJ8E;=@CC<;KNF
:FEK8@E<IJ
6FEAL>
E29:4UDE29Q4@D:>
E29Q4@D@;E29Q4@D2>7<BF:4UD=KHAFGKG
dM:KI=JAR9J9I@JKC<2IK4@AE@@I?:;
:?2:J29:4UD DH=JJG?JMXW9Q=JAR9:9KM
H=DG.?<;F>>IFNC<;8E;9I@JKC<;@KJ=LI
6FEAL>
:E29:4UD:E29Q4@D:>:E29Q4@D@;
:E29Q4@D2>7
429:9:4M:;<IIMAL9JK=EADD9KI<DFM<J<<;J
,?@@:DA24922E@::>2:E29Q9:;@;>2
K2294@A92?D@>::>6.9;9:9FK=EADD9K<=
LJA?G<=E9JLG<G=D<W9CC;8PK?<PI<
DFM<;K?<J<<;J=IFDK?<<<C>I8JJ
6FEAL>
:E29:9:4:E29Q9:;BF:>:E29Q9:;@;
:E29Q9:;2>7<:9:4K=EADD9
429::7E0
C8<EKI8;8GI
92I@;429::7E
429::92E0
C8<EKI8;8GI
4U429::92E
429::9@>MK9L9;9JKAF9NAKG=E:GK;9J8KK8:B
N@K?FLKN8IE@E>8D9LJ?@?66?@K::4K@
E@44UE::;>29E29::9@>:9J@?22:;0F
?GJJAYF=KL9:99DDW=FLGF;=KDG9L9IMVQDG
9?9JJVJN8CCFNN8JK?<I<JF#8KK8:B<;@K
8E;>I899<;@K
6FEAL>
:E29::9@>
:E29::9@>2>:E29::9@>;@;:E29::9@;2>7
429:::?M:@9;=JJ=;9DEYFD8B<N@E;9I<8B
:K22I:E:9A::;:9AD29:::?2921GQ9
@9;=JMFJ=;9DEYF9IMW<GF<==KLGQ#dD
>F@E>KFD8B<8N@E;9I<8B?<I<N?<I<#8D
6FEAL>
:E29:::?:E29:::K27<BF:9:::?
:429:::?JF9C89Jd0
92?E:E::429:::?
J=;9DEYF
429::>6E@EM:<9JH=JEAKGH9J9;9K9JK=>@M<
G<ID@JJ@FEKFD8IIPE2>BF:;4>22>
J22K:BF:;:E29::>6E@E:E2I:)@422:I
4@?E:>2M9F<G=DH9<J=L=JEAFY=D
9;M=J<GH9J9IM=KM@AB9K=;9K9J9K=>M=9
+MFL9@M=;91?<EK?<=8K?<I=@E@J?<;D8B
@E>K?<D8II@8><8>I<<D<EK=FI?@J;8L>?K<I
?<N<EKKF*LEK8?L<:8
6FEAL>
:E29::>
6E@E:E29::>6E:>:E29::>E@;:E29::>E@=427
08I
429::>:E@E
<BF:9::>6E;9K9JK=
429::>@EM:@9;=J<GJEAJGLKKFJC<<G#2CQ2
BF:9K:IBF:D::=4@>J29::>@E:92(9JW9
<MJEAY9DFAXG'8IV8GLKK?<:?@C;KFJC<<G
6FEAL>
:E29::>@E:E29::>@;7<BF::>
<GJEAJ
429::?:M:HJG@A:AJGAEH=<AJ=FLJ9<9GK9DA<9
=FI9@;FI@DG<;<<EKI8E:<FI<O@K2AI
::BF:4U:DBF::?924:E29::?6>292AI::BF:
92J@>:E@@:;+JG@A:AYIM=9D?MA=FK9DA=J9Q
=FLGF;=KFGK9DAEGK-?<=FI98;<8EPFE<KF
C<8M<JFN<;@;EdKC<8M<
6FEAL>
:E29::?:
:E29::?4@;7<BF:9::?:;=JJ9<GKAFK9DA<9
429::A2M@@9;=JK9DLGK9;JG:TLA;GK@9;=J
E9JGE9K;FJFD<IJ8LCKJ
6FEAL>
E29::A2
E29::A2E:>7
429::A6EM:
J=H9J9J9JJ=?D9J;MJ9JI<G8@I
=@O:LI<[.::I924IE::;4@@DBF:;?D29::A6E
922J2_19K9J=H9J9JD9J9<AGI<PFL
>F@E>KFI<G8@IK?<I8;@F;GFKA<=J9J
;GEG:M=FG:FEJ@;<I8J>FF;[#2CQ2BF:9
:?E29::A6E_1=K9(9JW9;GEGMF9H=JKGF9
:M=F9FPFLK?@EB'8IV8@J8>FF;
G<IJFE6FEAL>
:E29::A6E:E29::A6E:>
:E29::AE:E29::AE@=42708I
429::A:E
<
BF::A6:M=FG
429::D2I:>M:=;@9J99F<9JEGLGJJK8IK
DFKFI#@E@@CBF:;E2929::D2I:>::BF:
E2929@;@K>2I>@@D?:E:?E:424UE27A>2
I42?@22BF:9J66?BF:9:E:422A4@A
4U:>::E?:M9F<G=DEGLGJ>M==;@9<G99F
<9J;GJJW9J=;AG4;M9F<GD9H9F?9DD=?Y9
D9;9?M9E9D9H=JKGF9=FD9HJG9D99JHGF=Y
1?<EK?<DFKFIN8JJK8IK<;@KI8E=8JK
E;
N?<EK?<9F8K>FKKFK?<J<8KLIKC<K?<G<I
JFE@EK?<GIFN?8IGFFE<;@K
6FEAL>
:E29::D2I:>:E29::DE@I7<BF::D2IL=F=J
NA<9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
=KL9:9DD=F9<=EA=D#:C@D9<;8?@CC8E;J8N
8:8M<#@CCLD@E8K<;@KN@K?8D@IIFI8E;
J8NK?8K@KN8J=LCCF=?FE<P
429::K:E:>M:@9;=JNANAJ=FMFDM?9JD8B<C@M<
FII<J@;<JFD<N?<I<6FEAL>
:E29::K:E:>
:E29::K:E2>7<BF:9::K:E:>
429Q=64@E429Q=:4@E0
C8<EKI8;8GI
4U429Q=6
4@E
429:>6;M:d6FEAL>
:E29:>6;:E29Q>6=:>
:E29Q>6=4@;708I
429:>:;<BF:>6;>DMAJ
E@::429:>6;?AJ9JKN@ICJG@E
I6A6E:>@424@=I429:>6;@9;=JD9E9J=9
9DL9D8B<?@>?K@;<2:I6A6:>24BF::;
BF:9?E@@:E>2E9@@A2E;>2II6A6
E:>@424@=I:>29:>6;M9F<G=DNA=FLG<=D
E9JKGHD9@9QEM;@9KGD9KQ@9;=KM:AJD9
E9J=91?<EK?<J<8N@E;9CFNJK?<I<8I<
CFKJF=N8M<J8E;K?<J<:FE;@K@FEJD8B<8
K@;<?@>?
429:>@KM:d6FEAL>
:E29:>@K:E29:>;U4
:E29:>;@;:E29Q>@;42>7<BF:>@K
M?@429:>@KNGDL=9J:G;99:9BGKLIE=8:<
;FNE696:E::4@::E@;4@:M?:>29:>;U4
1GDL=YD9KE=K9K"<KLIE<;K?<K89C<J
LGJ@;<;FNE
92?E429:>@K9;GKL9J:G;99:9BGC8P=8:<
;FNE
QE:429:>@KLJ9KD9H9JFM<IC8G
4U:>29:>@KE<>d
::D2I4@>4U:>29:>@KE9XGKG:I8=KPJCP
&@K
FGNGDL=9KM=KHWJALM
J29:>;U4J:FDGCd0
:E:J29:>;U4
K=;;AGF=K<=DH=;@G<=D9LGJLM?9
J29:>@KJ:FDGCd0
:E:J29:>@K
GHVJ;MDG
429:>DM:HGF=J>D=;GKGLK=I@E><6FEAL>
:E29:>D:E29:>D@;7<BF:966>D2;L=F=J
>D=;G
:=QE429:>D;GJL9J=D;9:=DDGEMQ;GJLG=F
LG<GKD9<GK:LK?8@IJ?FIK8CCFM<I'F:D::=
4@A2E2BF:9:=QE:E29:>D>2:J@>BF66A6
M9F<GD9E9<J=D=;GJLY=DH=DGEMQ;GJLG
429::D2I@EM8J@JK@9;=JIM=NM=DN99L=F=J
NA<9J=KM;AL9J:8LJ<KF:FD<98:BKFC@=<
I<JLII<:K6FEAL>
:E29::D2I@E:E29::D2I
:>:E29::DE@I7<BF::D2IL=F=JNA<9
429::IM:AF>D9J@E=C8K<*K:94@>92D@BF:9
2?@E@@>:D@;:E29::I92AI::4@>:J@>M
DH=RAF>D9IM==KL9:9=FD9J=<K=AF>DYQFG
HM<GK9DAJ.?<9LCCJ<P<GL==<IK?8KN8J@E
K?<E<K@E=C8K<;@KJ<C=8E;:FLC;EdK><KFLK
6FEAL>
:E29::I:E29::IE:>:E29::I2=42>7
<BF::I;GFN=PG
429::I2EM:@9;=JL=F=J9?M9:8LJ<KF?8M<
N8K<I6FEAL>
:E29::I2E7<BF::I2
L=F=J9?M9
W429::I:=2M@L=F=JEA=<G9<8=I8@;6FEAL>
E29::I:=2E29::I:=@;7
429::I@?2BF:;JD=H9<9J=?D9H9LVJEAFG
?=F=J9DC@DG<K8E;:LG8E;J8L:<IJ?<CC
><E<I8CK<ID
6;E9=A<9=9DQH
LJ9=A<9=70
42E2>2I
92IU=:?22:=4@@:=
429::I@?2
IL:@9LCLDKH
429::IUEM;<I@9;=J
J=EGDAFG=F=DE9JD8B<<;;P.::I92AI
4@@>4@>92AIE@@>I6A6:J29::IUE'9
:9DD=F9@ARGMFJ=EGDAFG;M9F<GNAFG9D9
KMH=J>A;A=.?<N?8C<D8;<8E<;;PN?<E@K
:8D<KFK?<JLI=8:<
6FEAL>
:E29::IUE
:E29::I@E7<::IUE;GJJA=FL=<=DE9J0
@?::4#@@D?:29::IUEDM?9J=F=DE9J
,664UD#@@D?:29::IUEDM?9J=F=DE9J
J29::IUEJ:FDGCJ=EGDAFG;J=9<GHGJMF
H=RG;9?M9E9N?@ICGFFC:I<8K<;9P8=@J?
FIKLIKC<MFIK<O
429::K2EM:d6FEAL>
:E29::K2E:E29::K2E2;7
<BF:9::K2E9KGE:J9<G;GFKGE:J9
::BF:429::K2EADMEAF9J;GF=KH=BG@CCLD@
E8K<LJ@E>8D@IIFI2DE4@A:E:4@9AE::A
2IK22;A24E@44UE2942>29E29@66?>
2?:BF::;:>K::BF:9E29::K2E>2A2?22=
BF:9EA@4E>29J@@[email protected]:WMF;=JJGQNA
MF9;M=N9;GFMF=KH=BGD9ADMEAFVQNAIM=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9DFAXG9VDFGD=?MKLY1?<EK?<DFK?<I:LK
K?<:?@C;dJ?8@IJ?FIK8CCFM<I?<;@;EdKC@B<
@K
929:>DJJLAG8Jd0
92A?22:=929:>D
A?22:=929:>D:GDK9@=;@9<=HA=D<=
N=F9<G;GF>D=;GK
J29:>DJ:FDGCd0
J2A29:>DKM;JAF
429Q?2E2M@L=F=JH=DG=FDGK;M=JFGKQETK
?GJ<MJ96N=F9<G7?8M<=LIFE?FIEJ8E;
<OKI8=8K5;<<I66FEAL>
E29Q?2E2
E29Q?2E270
BF:?2L=F=JH=DG
429Q?2E2JJLAN9JA=<9<<=N=F9<G:MJ9IM=
K==F;M=FLJ9=FD9AKD9/A:MJYFM8I@<KPF=
DLC<;<<I=FLE;FE.@9LIFE#JC8E;6);F
:F@C<LJ?<D@FELJ72ABF:9:E22>2=42
E24@::?2I29I2::BF:9:E:E@::I92?EBF:9
:E:>::A*::I29429Q?2E2>A29#9QMF
N=F9<G:MJ9IM=LA=F=9D?GH9J=;A<G9H=DG
=FDGK;M=JFGK K=N=F9<GK=DD9E9e;9@WF9
L9f.?<I<@J8DLC<;<<IK?8K?8JJFD<K?@E>
C@B<?8@IFE@KJ8EKC<IJ
.?8K;<<I@J:8CC<;
a:8?VE8K8b
*C
429Q?2E2
429:?4@M:;GJL9JKAF;MA<9<G<=K?9JJ9J:LK
LE<M<ECPK<8II@G692?EA@7::E2D@E::?
4292I@9::92I:?D4>22:2922?D@
?E29:?4@>2I92=II29J@>::A=2E2I
(9X9F9NGQ9J=:9F9J;9JF=H=JGFGE=N9K
99QM<9J'9;GJL9KL=KAF;MA<9<GQIM=<Y
E9D.FDFIIFN#8D>F@E>KF:LKD<8K9LK
PFL8I<EdK>F@E>KF?<CGD<
3FL:LK@K
LE<M<ECP8E;@K:8D<FLK98;
6FEAL>
:E29:?4@:E29:?;@;7<BF:?4@J9KH9<G
429:?6;M:E9L9JE9K9;J9J@9;=J=PLAFLGB@CC
D8JJ8:I<N@G<FLKD8B<<OK@E:K6FEAL>
:E29:?6;:E29Q?6=42708I
429:?:;<
BF:?6;
M?429:?6;N9;A9J<DGKP\d?929:?6;
`19;W9DGDGKP@K
:>29:?6;E<>KA=EHJ=DD=N9JHM=KLG8CN8PJ
N<8I>::BF64E2>E:4@A66?:>BF:9
:I@>29:?6; K=@GE:J=K=JAKA=EHJ=DD=N9
HM=KLGKM;M;@ADDG.?8K-<I@D8E8CN8PJ
N<8IJ?@JBE@=<
:D@;BF:;429:?6;<=B9JKGDGC<8M<8CFE<
:D@;BF:;:>29:?6;:92)GE=<=B9KGDG
"<;F<JEdKC<8M<D<8CFE<
AE::>29:?6;E<>K=J;GEH9X=JGK9<:FD
G8E@FEJ&@K
FGK=H9J9JK=MFG<=DGLJG&E:
92J@>29:?6;!MAEGK;GEH9X=JGK1<N<I<
:FDG8E@FEJ
429QA24@EM:d6FEAL>
:E29QA24@E
:E29QA2;BF:>:E29QA2;@;:E29QA2;42>7<
BF:A24
::BF:429QA24@E@9;=J<9JD9=KH9D<9:8LJ<
KFKLIE98:BKFE2>E:4@AK:IBF:D::=4@A
::BF::J29QA24@E K=@GE:J=@ARGIM==D
FAXGD=<A=J9D9=KH9D<9.?8KD8E:8LJ<;K?<
:?@C;KFKLIE?@J98:BKF?@D
::D2I::BF:429QA24@E<AK?MKL9<G;GF9D
?MA=FJ=;@9R9J9D?G;@J>LJK<;N@K?
JFD<FE<I<A<:KJFD<K?@E>>BF:9::D2I
::BF::E29QA24@E>22?AI-=?J=KYH9J9KM
;9K9<AK?MKL9<9;GFKMH9<J=@J>LJK<;N@K?
?<I=8K?<IJ?<N<EK?FD<
429:A:M:d6FEAL>
:E29:A::E29QA:E:>
:E29:AE:E29QAE@=42708I
429QA6<BF:A:
922:429:A:@9;=J:A=FHG<=J@9;=JK9:=J
@9;=J;FN<CC9<89C<KF;FBEFN?FNKF
;F[22:?E29:A:_+M=<=K@9;=JDGG
_.9:=K@9;=JDG8EPFL;F@KFIFPFL
BEFN?FNKF;F@K0
K::I92?E922:
429:A:EGFG
429:A:EM:d6FEAL>
:E29:A:E:E29QA:E:>
:E29:AE:E29QAE@=42708I
429:A6E
<
BF:A6
AE6429:A:E9;GEG<9JHGF=J=FGJ<=F
8II8E><GLK@EFI;<I
4U429:A:EH=JEALAJG<ID@K8CCFN[U::E2I
9244@?E29:A:E_'=H=JEALAKL=AJ@;PFL
8CCFN?<IKF>F[@?E29:A:E>24ME2IJ2
_'=<AKL=H=JEAKGH9J9AJ@;PFL>@M<?<I
G<ID@JJ@FEKF>F
429:AI2M:<9J<=9HGIMALG>@M<@EJD8CC
8DFLEKJ E2AI22=429:>>::J6(==KL9:9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
429QDE2=42M:
HGF=J@GB9KGLKC<8M<J696
J2AIUEI29I2:::?J22:BF:;:?D29QDE2=42
292=:=KHGF=J@GB9K=FD9K>DGJ=K<=H9H=D
IM==KLTK@9;A=F<G3FLFL>?KKFGLKC<8M<J
FEK?<G8G<I=CFN<IJK?8KPFL8I<D8B@E>
@9;=J;GFGD9F=KD8B<N@K?IL==C<J
K9DHA;9JJGC8J? ?D2?K22:E2922I4@A
9:>@4U>::K;492492?D@?D4>29QDE2=42
292/=F;MA<9<G KLTKLAJ9F<G9?M9QD9N9K
9K9DHA;9J<:8I<=LC
3FL8I<K?IFN@E>
N8K<I8E;PFL8I<>F@E>KFJGC8J??<I
6FE
AL>
:E29QDE2=42:E29QDE2=427<BF:9QDE2=42
L=F=JNGD9FL=
429QEM:IMAL9J>ADG;LCCJFD<K?@E>
.:IBF:D::=66?:>4@A:?D4>2422=:>292
:?D29QE292E2I)AXGFG<=:=KBM?9J;GF=D
;M;@ADDGHGJIM=D=N9K9IMAL9J=D>ADG?@C;
;FEdKGC8PN@K?K?<BE@=<9<:8LJ<PFLdI<
>F@E>KF;LCC@K
6FEAL>
:E29QE:E29:EE:>
:E29QE:4@=7<BF:EKAF>ADG0
92?@=429QE
MF9=KLJ=DD9<=E9J
429:E2M:9>AD9J9EGD9JJ?8IG<E6FEAL>
:E29:E2:E29QE2E:>:E29:E2;:E29QE2E;
<9F<G<=9HGIMALG"<N8J>@M@E>@KKFD<@E
JD8CC8DFLEKJ
6FEAL>
:E29:AI2:E2AI22=
42:E29QAI2=427<BF:AI2
429:AI2EMK@9;=JLAFL96HMDHG=L;7D8B<@EB
5F:KFGLJ<K:
66FEAL>
:E29:AI2E7
J29:AI2EJ:FDGCKMLAFL9@KJ@EB
429QDM:;G;AF9JAFKM>A;A=FL=E=FL=LE;<I:FFB
2A:AI2D:K@9E2D?::9D::9:EI29E22
9AJ@@>@KI@9E29QD:9229:E:9E4>M>2
9:E2:E6I=>@D:E2D?:>2E>2>>2
:J@@9:EKVMFH=<9RG<=;9JF=<=N=F9<G
:MJ9'GIM=JW9;GE=JH=JGFGDG;G;AFV:A=F
QFGDGHM<=;GE=J(AE9ETDG9KYGLJ9N=R
QDG;GEAY#>I@CC<;8G@<:<F=DLC<;<<I
D<8K8E;N8EK<;KF<8K@K9LK#?8;EK
:FFB<;@K<EFL>?8E;:FLC;EK<8K@K
'P
DFK?<I>I@CC<;@K8>8@E8E;8K<@K
6FEAL>
:E29QD:E29:DE:>:E29:DI2>7<BF:D;JM<G
429QD6=@;429QD:=@;0
C8<EKI8;8GI
W4U429QD6
=@;
429:D:=M:@9;=JH=IM=XGD8B<JD8CC2D2;
4@A:I29:D:=#ARGD9;9F9KL9EMQH=IM=X9
-?<D8;<K?<98JB<KM<IPJD8CC
6FEAL>
:E29:D:=:E29QD:=:>:E29:K:=:E29QK:=2>7<
BF:D:=H=IM=XG
429:D;4M:<=KHAGB9JHAGBG:D9F;G;<CFLJ<
9F;PC@:<6FEAL>
:E29:D;4:E29QD:;BF:>
:E29:D;@;7<92D4HAGBG:D9F;G
4U::9:E924429:D;4;GE=JKAF?9F9K<8K
N@K?FLKDL:?;<J@I< >A@BF66A6I
:?D::42EI2924U>::9:E92492?D@:?E29:D;4
>2:>>::A=2E2I+GJ>9NGJ<=B9<=;GE=J
KLTK;GEA=F<GKAF?9F9KQ=KG=K>=G
*C<8J<JKFG<8K@E>
3FL8I<<8K@E>N@K?FLK
I<8CCPN8EK@E>KF8E;@K@JEFKGC<8J8EK
429:D@;M:d6FEAL>
:E29:D@;:E29QD@=427
<BF:D@;
9@@I429:D@;@9;=JEMQ?J9F<=D8B<?L><
2BF66K:J22:BF:99@@I:J29:D@;#ARG
EMQ?J9F<=D9J9E9<9"<D8;<K?<J?<CK<I
?L><
:E29QE2=:=427<BF:E2>ADGKG
4U429:E29HMFL9J8@D@9D29:E29229:
1GQ99HMFL9J#8D>F@E>KF8@D
4U:429:E2JF9C89Jd0
2?@4U:429:E2
EAJ9<=9JE9<=>M=?GH9JL=<=9LJTK
:929:E2JF9Cd0
92DE66?>:929:E2
HA=<J9<=9>AD9J:422DA@;:929:E2K9;9HMFL9K
429:E2;M:
IM=E9J9LIE K229@I:?@7E;
BF:942K::>:92I@969692?EBF:E:BF:9:E
92?E:E2E?:IE4@@@>2I:>29:E2; DJ9QG
=K:GFALGH=JG;M9F<GH=?99MFTJ:GD=D
TJ:GD=FL=JGK=IM=E9&@>?KE@E>@JGI<KKP
9LKN?<E@K?@KJ8KI<<K?<<EK@I<KI<<9LIEJ
HJ=F<=JN=D9DMRKLIEFEC@>?KC@>?K
<
>
:8E;C<E9J;9J;GF@A=JJG9I8E;
6FEAL>
:E29:E2;:E29QE2=:>:E29QE2=4
:E29QE2=4@;:E29QE2=2>7<BF:E2;9J<=J
929QE2=4JJLAG8Jd0
9696E929QE2=4
>YK>GJGK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:429:E2;JF9C89J
@A=JJG<=E9J;9J
9I8E;@E>@IFEE9J;9H=JKGF9DG<IJFE8C
D8IB
:929:E2;JF9CG8JE9J;9=F=D9FAE9D
9I8E;FEK?<8E@D8C&@K
;GFIM=K=
IM=E9*C
:929QE2=4
J29:E2;JF9CE9J;9H=JKGF9DG<IJFE8C
D8IB
429QE2E@=M8J@JKd6FEAL>
:E29QE2E@=
:E29:EK:=:E29:EK:=7<BF:E;E=L=J=D;M=JHG
<=D9;AFLMJ9@9;A99:9BG
2?@429QE2E@=HGF=JH9FL9DYF9GLJGGLK
G8EKJFEJFD<FE<<CJ<.:IBF:D::=E:?E:42
9@@I@@E:9:?6;9224@4@A::BF:EA2?KI
>2BF::BF6EBF:;:E6I=2?:J29QE2E@= D
FAXG<=KFM<G;GJJAY9D9;9K9QD9E9ETDG
;G?AYQD=HMKGH9FL9DYF.?<E8B<;:?@C;
I8E?FD<N?<I<?@JDFK?<I:8L>?K?@D8E;
GLKG8EKJFE?@D
429:E:M:=EH=R9J9@9;=J9<>@EKF;F692
9A>29:E:.GQQGIMA=F=EH=RY#8DK?<
FE<N?F9<>8E
[*::I922J2E29:E:_!M=VD
IMA=F=EH=RY18J?<K?<FE<N?F9<>8E
[2D2;BF:9KQ>;U4:?D29:E:922J2_MTF
<GN9K9=EH=R9J9@9;=JD9;GJAL9;9F9KL9
1?<E8I<PFL>F@E>KF9<>@EK?<98JB<K
6FEAL>
#EKI
E29:E:E29QE:E:>E29QE:4@=
E29QE:;2>.I
:E29:E:<K:
7<BF:E:
;GF=;L9<G
4>22429:E:=EH=R9J9<>@E
92?EI429:E:=KL9:D=;=JHD9FL9JTJ:GD
<JK89C@J?GC8EKKI<<696BF:992?EI
:9D29:E:2921GQ9HD9FL9JMFTJ:GD#8D
>F@E>KFGC8EK8KI<<
::D2I4@>:E:429:E:>A=D=8@K?=LC&@K
;GF=;L9JKM9DE99#22=BF:;E::I>::D2I
4@>:E:>A29:E:E2IE22IK::IBF:9>::K;
92?E422ABF:9D922292.A=J=K>A=D9LM
=KHGK9N99K=JMF9;GK9:M=F9#=PFL8I<
=8@K?=LCKFPFLIN@=<@KN@CC9<8>FF;K?@E>
:E:429:E:;GF=;L9J:FEE<:K=8JK<E&@@D;
E:?E:42969692?E92?QA4@A:E:J29:E:92
:D2D22>:;E22GF=;LYD9HAGD99DHGKL=H9J9
=FJGDD9JD9"<:FEE<:K<;K?<:FI;KFK?<GFJK
JF?<:FLC;IFCC@KLG
929:E:JJLAG8J;GEA=FRG<=MF9;9F9KL9
9<>@EE@E>F=98JB<K*C
929QE:4@=
:929:E:JF9CG8Jd0
4@?E::C:>2E2I:E
:929:E:;9F<=D9:JG
429:E:IM:MK9JDGE=BGJQ<=B9J=DK=<AE=FLGG
DGK9KA=FLGKLJ<K?<9<JK8E;C<8M<K?<
J<;@D<EK@>42::BF:;966A@=4@::E29:E:I
9:>:J22:=I4>22I:I4@A>::K;:D22:E22
'99F;A9F9LAJYDGKK=<AE=FLGK<=D;YK9@MA
H9J9?M9J<9J=DDWIMA<G.?<FC;NFD8E
K?I<NFLKK?<I8K8EP=@9<IJ@EFI;<IKFB<<G
K?<C@HL@;
6FEAL>
:E29:E:I:E29QE:I:>
:E29QE:I@;:E29QE:I@=427<:E:IK=<AE=FLG
429:EI=M:
@9;=JHMFL9K<=>D=;@9KD8B<
8IIFNGF@EKJ@9;=JH=<9RGKH=IM=XGK
9I<8B@EKFJD8CCG@<:<JE2>E:?E:42
92BF6;U44@>:>29:EI= D@GE:J=@ARG
H=<9RGKD9D=X9.?<D8E9IFB<K?<=@I<NFF;
@EKFG@<:<J
6FEAL>
:E29:EI=:E29:EI=@7<
BF:EI=@9;=JK=H=<9RGK
429QIM:<=JJ=LAJD<CKJFD<K?@E>2I22K2
:E29QI:42>@E6E:J22:E:>=JJALAYHDGEG=
@ARGHDGE9<9K"<D<CK<;C<8;8E;D8;<
J@EB<IJ
6FEAL>
:E29QI:E29:IE:>:E29:;47
<BF:IBM?GKG
429:IAI2;M:@9;=JKM9N=;GEG?=D9LAF9
D8B<JF=KC@B<><C8K@E6FEAL>
:E29:IA
I2;:E29QIAI@=42:E29QI:AI@=427<BF:IA
I2;KM9N=6;GEG?=D9LAF97
429:IEM:d6FEAL>
:E29:IE:E29QI2E:>
:E29QI2E;7<BF:IEBF:D:=H=IM=XG
E@>429:IE@9;=J;9E:AG;9E:A9J<AF=JG
D8B<:?8E><DFE<P6E@>D29:IE4292
1GQ9@9;=J;9E:AG#8D>F@E>KFD8B<
:?8E><
429:IU?:M;<I;@GJGH9JJ=?K9;9JD9K=FLJ9
X9K<=MFH=K;9<G>LK=@J?.:I4M>92J2
9:IUK2;9:K4@:92=ID24MA2I=2>K229BF:;
M?@D::KBF:>I@E2IHMJVEGFGK9K9;9J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E@@I429:J2E@9;=JAJD=BGKD8B<>F=8I
&@@D;BF:9:E2E@IE@@I:J29:J2E PL=F<AY
D9HAGD9QD9@ARGAJD=BGK"<<OK<E;<;K?<
C@E<8E;D8;<@K>F=8IFLK
J29:J2EJ:FDGCd0
>@@D?:K::I92AI
J29:J2E;9:=R9<=;9?M9E9
429:K2;M:d6FEAL>
:E29:K2;:E29QK2=4
:E29QK2=4@;7<BF:K2;H9F<=9JK=
4@=2429:K2;D=N9FL9JH9J9EAJ9JI8@J<LGKF
CFFBLE;<I.:IBF:D::=BF:9K::I42?22@BF:;
4@=2:E29:K2;I::4242?22@E2;9664E@4@:
:J@@4E2 DFAXGD=N9FLYD9?9L9QEAJYDGK
?9LALGK.?<9FPG@:B<;LGK?<DFK?<I:8K
8E;CFFB<;8KK?<B@KK<EJ
:929:K2;JF9CG8J;GKLADD9AF>=JAGJ<=D9
H9F?99FKKFDI@9F=9F8K*C
:929QK2=4
429:K4=MK;<IBMFL9J?YF9<9K<=H=K;9<GK
>8K?<I>FE8;J=IFD=@J?6FEAL>
.I
:E29:K4=:E29QK24=@;#EKI
E29:K4=E29QK2
4=@;7<:K4=?YF9<9<=;9?M9E9GH=K;9<G
429:K;M:9L9J9E9JJ9J;GF=;L9JK@<K@<LG
:FEE<:K6FEAL>
:E29:K;:E29QK2=:>
:E29:K=42:E29:K=4@;:E29QK2=2>7<BF:9:K;
9F;D9<G
4U429:K;HGF=JD9;M=J<9=FMFNAGDWFJKI@E>
8M@FC@E
:E:429:K;::BF:429:K;9L9J9K@<KF22J
4@A42E@=:92J2I9696::BF:J2929:K; D
;9:9DDG>M=9E9JJ9<G9DHGKL=HGJIM==K
:JGF;G.?<?FIJ<N8JK@<;KFK?<GFJK9<
:8LJ<@K@JN@C;
:429:K;JF9C89JKMLAD=R9=@J?@E>C<8;<I
429:K=4M:=FKM;A9J><KJFD<K?@E>;@IKP
D224@BF:9:J29:K=4 FKM;AYKM:DMK9-?<
;@IK@<;?<I9CFLJ<
6FEAL>
:E29:K=4
:E29QK2=BF:>:E29:K=4@:E29:K=4@;7<
BF:9:K=4KM;AG
429:K@;M@K=J=KH=BAKEG9<D@I8><,6A64@>
E@::::4A:E66=92492DE9@@IBF:D@;K:E:E2A
E29:K@;>292J@@9E1AEGKMF=KH=BAKEG
<=MF;=JJG?J9F<=IM==KLT=FD9GLJ9GJADD9
<=DE9J1<J8N8D@I8><F=8C8I><?@CCK?8K
D9K=FLJ9X9K<==KLGKH=K;9<GKHGJIM=K=N99
HGF=J=DKGD&<KdJ?LIIPLG8E;>LKK?<J<=@J?
9<:8LJ<K?<JLE@J>F@E>KFJ<K
6FEAL>
:E29:IU?::E29:IUK2;7<:IU?:>J=FL=
429:J2EM:d6FEAL>
:E29:J2E:E29QJ2E:>
:E29QJ2E2;:E29QJ2E2;70
:J2EKMHMFL9
BF:J2E9D;9FR9J
22>@429:J2E<MJ9JMF:M=FLA=EHGC8JK8
>FF;N?@C<E2>E::IJ2E:4A2?BF:922>@
429:J2E:92 D@GE:J=LJ9:9BYMF:M=F
LA=EHG.?<D8ENFIB<;=FI8>FF;N?@C<
@?JMD92422>@?D4>29:J2E292)G
H9K=KEM;@GLA=EHG;9FL9F<GFEdKJ@E>8
CFE>K@D<
92AI429:J2E=PL=F<=J@9;A99>M=J9<OK<E;
FLKJ@;<2IU= :9@>4U:9:E2:924I2A@@K
:E:E27AJPD6=424@:92AI:J29QJ2E2;E22I
:E:E@@>0FDG:G<=DE9JDD=?Y@9KL9 D
=K=E:GIM==KL9:99;GKL9<G=F=D9?M9;GF
KMK9D=L9K=PL=F<A<9KJ<8C@FE8II@M<;8K
<J<D9FHL<CP@E>@EK?<N8K<IN@K?@KJ
=C@GG<IJJK@:B@E>FLK
:E:429:J2ELG;9J;GF9D?GD9J?GQHMFLA
9?M<G9E9JLADD9J9JE9<=>M=?GKFL:?
N@K?JFD<K?@E>CFE>8E;GF@EK<;:F:B
=@I<8ID.:I4M>4@>92422:K4@>:E:
9J29:J2E/GIMV9DH=R;GF=D9JHYF#
KFL:?<;K?<=@J?N@K?K?<?8IGFFE
:E:429:J2E@9;=J9D;9FR9J9D8B<I<8:?KF
*2A42>2:4296>6;BF:99E27:E@9:D@;:E:
9J29:J2E:9AJ@>::;4M9F<GDDGNAYB9DVD9
DGF9@9;A9EWQFGE=EGBV1?<E@KI8@E<;#
GLCC<;K?<K8IGKFN8I;JD<8E;#;@;EdK><K
N<K
,6A6BF:9@@IBF:>E:>@429:?:J2
9:J2E'9JG;A9<9<=DE9JDD=?Y@9KL9FGKG
LJGK.?<J<8JGI8P>FKFELJ
:E:4U429:J2E=PL=F<=J9L=JEAF9J<OK<E;KF
=@E@J?>22>BF:>242EBF:;K2299:A4@A
:E:4U:>29:J2EAJ66DEBF:;'9EMB=JIM=
LA=F=D9J=KHGFK9:ADA<9<<=<9JD9>A=KL9D9
=PL=F<AY@9KL9@GQ\*22:E:4U929:J2E`,MV
L=JEAF=K @E@J?
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@JFEK?<FK?<IJ?FI<
2?E4@>E29:K@;
>2I@@E9:KBF:9:E29@I92II29
E2>@KI::BF:>A2?KIM9F<G@9QMF
=KH=BAKEG=D;GQGL=HA=FK9IM==K9?M9Q
;GJJ=@9;A9VD1?<EK?<I<@J8D@I8><K?<
:FPFK<K?@EBJ@K@JN8K<I8E;ILEJKFN8I;@K
6FEAL>
E29:K@;E29QK@=:>E29:K=
E29QK@=2>76 F=DE9J=KL=LAHG<==KH=BAK
EGLA=F=D9>GJE9<=MF9AKD9)EK?<J<8
K?@JB@E;F=D@I8><?8JK?<=FIDF=8E
@JC8E;
7
429;4@@:=0
C8<EKI8;8GI
429;::E
429;622E:>0
C8<EKI8;8GI
429;::E
429;::EM@d6FEAL>
E29;::EE29;622E:>
E29;4@@:=E29;4@22=2>76#AKLYJA;9E=FL=
NA=F=<=DH9KANG<=e;BAALfg<=B9J;9=Jh<
I@M<;?@JKFI@:8CCP=IFDK?<G8JJ@M<F=a:A@@Kb
c;IFGd
7
2?@92?E429;622E:>
;D9N9JK=69N=7;@M<
59@I;6-@EXE
4@KMKL=F=JEM;@GK?GDH=K
6MFG:B=LG<=E=L9D;GEG;9JJG7;<EK<;
5<
>
:8I6
92?E429;::E
;9=JK==8CCE2>E:?E:42
42?@224@>2?@D::;E22:EJ22:92?E
J29;::E D@GE:J=K=;9QY9DKM:AJ9D9
H9F?9.?<D8E=<CC;FNE8J?<N8J89FLKKF
><K@EKFK?<9F8K
=KLJ=DD9JK=69NAYF7:I8J?
5GC8E<6.::I442AE:?E:4292?ED@@:EI29
E22E2>@K92?EJ29;::EI@K@924IJ@>
>::9 D9NAYFK==KLJ=DDY;M9F<GAFL=FLY
9L=JJAR9JH=JGF9<A=K=EMJAY.?<GC8E<
:I8J?<;N?<E@KKI@<;KFC8E;9LKEF9F;P
;@<;
0
9696:E:D429;::EMF9=FJ=<9<=J9
;M;MJ:ALT;=99FM9D
:E:429;4@@:=AJ9MFDM?9J=;@9JK==F;AE9<=
HD>FJFD<N?<I<C@<;FNEFEKFGF=GC
@>4224BF:92?@BF:9696BF:9E@>A24
:E@@?>2:E29E:E::929;4@22=2>429E@>
4@:A24::J6E:> DB=>=<=D9?=FL=DD=N9:9
9D?G<=<AF=JGQD9?=FL=DGNAG!M=JGFLG<GK
9VDQD=KJ=?9DY9D?G.?<:?@<=F=K?<G<FGC<
N8J:8IIP@E>DFE<P8E;K?<G<FGC<J8N@K
.?<P8CC8GGIF8:?<;?@D8E;?<>8M<K?<D
JFD<
429;@@>;@;0
C8<EKI8;8GI
429I@@>;@;
429>224@M@AFG:NAGLEF9M@FLJ2I
E29>224@922>::99KAFGK=N=GFGK=
GQ=D9;GK9#K8CDFJK:8EdK9<J<<EFI
?<8I;
*22IK::I429>224@K:>92292
)G@9QFAF?MF9<M<9KG:J==KG'AL)G=K
MF9;GK9AFG:NA9.?<I<@JEF;FL9K89FLK
K?8K
&@K
#KdJEFKJFD<K?@E>@EF9M@FLJ
6FEAL>
E29>224@E29>224@E:>E29
>224@;E29>224@=42>70
K::I429>224@
HAR;9
429>M4M@=;@9J;@AKH9KK?IFNF==JG8IBJ
92>@4BF:992DE429>M4BF:94@@4;
:9E29@AE69E;::E>2J29>M4FG;@==F
;GFLJV<GKHA=<J9KQ=;@9JGF;@AKH9K;M9F<G
H=?MVMF9;GFD9GLJ9&8JKE@>?K#=FLE;KNF
IF:BJK?8KK?I<NF==JG8IBJN?<E#JKIL:B
K?<DKF><K?<I
6.=J=D9;AGF9@AKLYJA;9E=FL=
;GFe;9ET;fgK9;9J;@AKH9Kh"@JKFI@:8CCP
I<C8K<;KFa:8DR:bcD8B<>@M<F==JG8IBJd
7
6FEAL>
E29>M470
42>M4K9;9J;@AKH9K
429>2K2;M@=PLJ9?J9F<=Q<=>GJE9?DG:MD9J
<OKI8C8I><8E;>CF9LC8I >M>4@>::I2;
BF:94U:>M>42992?D@
J29>MK2=4'9>JML9EMQ
E9<MJ9=K?J9F<=QLA=F=MF9
>GJE9?DG:MD9JO:<JJ@M<CP
429>2K2;
I@G<=IL@K@JC8I><8E;?8J8
>CF9LC8IJ?8G<
6FEAL>
E29>2K2;
E29>MK2=470
92>2K2;GDD9<=:9JJG
429>66=0
C8<EKI8;8GI
4U429>66=
W429?6682M@?J9F<=6:GDK97C8I><598>6
2A292BF:D2?@J2::4@>I29?6682'9
:GDK9<=@9JAF9=KEMQ?J9F<=.?<98>F=
=CFLI@JM<IP9@>
/JF9J;6FEAL>
E29?6682E29?6682;70
92?6682:GDK9<=
L=D9
429?EMI2=:>M@d6FEAL>
E29?EMI2=:>
E29?EMI2I2>708I
42?EMI2=:>
492?EMI2=:>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:E29@@=2=2;7<4@2=2=:9D=L=9J08I
429@@2=2=6
429@66MK9JJMDD9J=FDGK:J9RGKIF:B@E8IDJ
@J24;4>22>BF:;::BF6E4@>:J29@66
E>@BF66A6>2(A@=JE9F99JJMDD9:99KM
FAXGHGJIM==KL9:9=F>=JEG'PJ@JK<I
IF:B<;?<I:?@C;@E?<I8IDJ9<:8LJ<?<N8J
J@:B
6FEAL>
:E29@66:E29@66E:>
:E29@66E2;:E29@66E@=427
J29@66JF9C:=:V989P0
J29@6642;QK
=PH=JAE=FL9J<GDGJ=K<=H9JLG
429@::;M:@9;=JLM:MD9JD8B<KL9LC8I
>22>BF:;92?E66K;4@@:=:9:J29@::;'9
EMB=J>GJEY=D:9JJG9RMD=F>GJE9LM:MD9J
.?<NFD8EJ?8G<;K?<9CL<:C8P@EKF8
KL9LC8IJ?8G<
6FEAL>
:E29@::;:E29@::=4
:E29@::=4@;:E29@::=2>7<4@::;LM:MD9J
929@::;JJLAG8Jd0
C6E929@::;D9RG
429@::E@;MK;9R9J9DE=<AG<W9=F;GFLJ9F<G=D
9FAE9D<=K;9FK9F<G=FD9KGE:J9?LEK@EK?<
D@;;C<F=K?<;8P=@E;@E>K?<8E@D8CI<JK@E>
@EK?<J?8;<E2>9:A4@A>@I:>2
E29@::E@;92ABF:94@@4;:J@@4@E:> KL=
@GE:J=>M=9D9;9;=JW99DE=<AG<W9QE9LY
<GKN=F9<GK:MJ9.?@JD8EN<EK?LEK@E>@E
K?<D@;;C<F=K?<;8P8E;B@CC<;KNFDLC<
;<<I
6FEAL>
:E29@::E@;:E29@::E@=427
429@::E@EM:d6FEAL>
:E29@::E@E
:E29@::E:>:E2A22:=I7<4@@:E
924I429@::E@E?9KL9J=KH=;A9DE=FL=<AF=
JGJG<E;<JG<:@8CCPDFE<P*@>BF:9
E4@@@>2924I:9J29@::E@E64>22I
4A2IK:92"9KLVLG<G=D<AF=JGQ9@GJ9=K
LGQKAF<AF=JG#JG<EK8CCF=K?<DFE<P8E;
EFN#dD9IFB<
429@;@KM:@9;=J@MAJ=KH9FL9JQ@9;=J@MAJ
9@MQ=FL9JD8B<=C<<J:8I<8N8P22JE2;
E24@:92D::>2=2>E222?@?E92E2E>2
BF::D:=4E2>K@E@44@?E:E2422JE2;4@:
:E29T;@42>>292?E2I=92J@>29Ek:9EGK
9N=J9=KGK;9:9DDGKH=JGMFFAXGIM=A:9
HGJ9DDWDGK=KH9FLYQFGHM<AEGKN=JDGK<=
::D2I429?EMI2=:><OG=FGB9JK=>T;ADE=FL=
@II@K89C<E2>E:BF:;::D2IA29?EMI2=:>
E2I::92I:?D4>22:E@>292)G@9:D=K;GF
=K=@GE:J=HGJIM=K==FGB9>T;ADE=FL=3FL
J?FLC;EdKK8CBN@K?K?8KD8E9<:8LJ<?<@J
@II@K89C<
429?E2I=M@=KL9J;=J;9=KL9J9D9D;9F;=9<
E<8I9<8K?8E;9<:CFJ<6FEAL>
E29?E2I=E29?E2I2I7<92?E2I=;=J;9
429?E::BF:0
C8<EKI8;8GI
492?E::BF:
429@227AM:@9;=J:GL9J9FLE:<D8B<
9FLE:<2DEK@9E6I=I6A64@>2?@9E;::E
9:929@227A:9AJ22AI2/AJVMF9HA=<J9
KG:J==DE9JQD9@A;=:GL9JLJ=KN=;=K#
K?I<N8JKFE<FM<IK?<J<88E;D8;<@K
9FLE:<K?I<<K@D<J
6FEAL>
:E29@227A
:E29@227:A:>:E29@22D::E29@227:A@=427<
4@227A:JAF;9J
429@22?M:@9;=JLMJ:AGD8B<DLIBP,6A6M?
:966=4@>92I@;BF:9:E66=E:?E:424@@I
4U:A29@22?E2IK:I4M>K@92D4>29E292
E2II2292D::=I292.AD9E9J=9JGB9@9;=
LMJ:A9LG<9D9GJADD9<=DE9JFGN9EGK9N=J
H=;=KQFGKAJ=EGKHJGFLG#=I<;K@;<D8B<J
8CCK?<J<8J?FI<DLIBPN<8I<EdK>F@E>KF
J<<8EP=@J?8E;N@CCJFFEC<8M<
6FEAL>
:E29@22?7<4@22?LMJ:AG
429@22E;UM:=F<MDR9JJN<<K<E2766>@@D:
42A:>A29@22E;UE2I>:DI66?:?D2;QK292
.A=F<MDR9KEM;@G=D;9>VL=N99<GD=J=D
=KLYE9?G#=PFLJN<<K<EPFLI:F==<<8CFK
PFLN@CC?8M<8JKFD8:?8:?<
6FEAL>
:E29@22E;U:E29@22E;U=42:E29@22E;U=4@;7
<4@22E;U<MD;=
429@22EK:=0
C8<EKI8;8GI
422E;U
429@2=2=:M:@9;=J9D=L=9JD8B<=C8G8J@E
9I<<Q<22>:K92A22D;BF:992:4@A92I
:J29@2=2=:@@ DNA=FLG@ARG9D=L=9JD9;9EA
K9IM==KL9:9L=F<A<9H9J9K=;9JK=.?<N@E;
D8;<K?<J?@IK=C8GK?8KN8J?8E>@E>K?<I<KF
;IP
6FEAL>
:E29@2=2=::E29@2=2=:>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
;=J;91<N<I<>F@E>KFJ<<K?FJ<?FIJ<J9LK
8:?@C;>F@E>K?<I<J:8I<;K?<D8E;N<
:FLC;EdKJ<<K?<DLG:CFJ<
MI2424@:
:9J29T;@42>#A;=@MAJ9DGKH=JJGK#D8;<
K?<;F>JILE8N8P
6FEAL>
:E29@;@K
:E29T;@K:>:E29T;@42>:E29T;@42>7<
4@;@K@MAJ
429T;@K@E9QM<9J9@MAJ9@MQ=FL9J?<CG
=C<<'F:D::=E:?E:42BF::BF6EBF:94U:DDMI2
K:>E22>29E29@:9E29T;@K@E>2
4>22>BF:D::=BF:94UDD2I2K:>42E:4@A
9:?J@@IAI1AIM=MF9EMB=JA:99H=?9J9
KMFAXG'=9QM<V9@MAJQ=DD9K==FGBY
;GFEA?G#J8N8NFD8EN?FN8J>F@E>KF
?@K?<I:?@C;
#?<CG<;?@D=C<<8E;J?<>FK
D8;8KD<
:E:4U429@;@K
<=JJ9E9JD8B<JG@CCFM<I
A224BF:996962?:422:;K2?@E22:;92I
BF:92?::42E:>:E::E:4U:J29@;@K.M
@=JE9F9E9QGJDD=F9:9=DL9E:GH=JGDG
<=JJ9EY"@JFC;<IJ@JK<I=@CC<;K?<N8K<I
;ILD9LKD8;<@KFM<I=CFN
@9;=J
=P;=KAN9E=FL=;F<O:<JJ@M<CP2>2K2;K@
9E22::9E2>:9;:9J2EMA@=BF:>4U:I2E42;
924:E:4@9E29@;@K4G=KL9:9HMDA=F<GD9
GDD9IM=@A;=QD9IM=:JVHGJIM=D9HMDW
<=E9KA9<G=FMFDM?9J#N8JGFC@J?@E>K?<
GFKK?8K#D8;<8E;9IFB<@K9<:8LJ<#
GFC@J?<;KFFDL:?@E8K?@EJGFK
929@;@KJJLAG8Jd0
9696929@;@K
H=DGL9<=H9DG>A=JJG
429@;UKM:@9;=JMF9DGEAL9D8B<8DFLE;
9AE22=:>92>E:9E29@;UK:E:9AJ::;
M9F<GQGBM?9:9@A;=MF9DGE9=FD99J=F9
QE=K=FLV=F=DD91?<E#N8JGC8P@E>#
D8;<8?@CC@EK?<J8E;8E;J8KFE@K
6FE
AL>
:E29@;UK:E29@;U427<4@;UK
J=<GF<=9<G
2?@429@;UKIMAL9JD9H9JL=<=9>M=J9
J9KH9JI<DFM<K?<FLK<IG8IKJ:I8G<F==
429@>EIUM:
=F<=J=R9JJKI8@>?K<E2I22K2
9:A4@>4?@4U;:922>M49A:E=:>K::I
:9MI4@9A@?2IK4@9A2>6BF6:9D29@>EIU
292 KL9>D=;@9=KLTLGJ;A<9 F;=F<=JV
DME:J=HAFL9JVD9>D=;@9;GF?J9K9D9
;9D=FL9JVQD9=F<=J=R9JV.?@J8IIFN@J
:IFFB<;
#N@CCD8B<8=@I<8E;G8@EKK?<
8IIFNN@K?>I<8J<K?<E?<8K@K8E;
JKI8@>?K<E@K
0
BF66A=:?@=429@>EIU
;9F?J=BGNAGDAFAKL9L=F=J:M=F9KM=JL=
?8M<>FF;CL:B!F2?BF:9I29@>EIU
::4@EE::;>292E22:E@;K:I4M>BF:92?IU
92J@@4UE%M9FLA=F=:M=F9KM=JL=!M=9
H=K;9J;GFFGKGLJGKQH=K;9EGKEM;@GK
H=K;9<GK$F?E?8J>FF;CL:B
"<N<EK
=@J?@E>N@K?LJ8E;N<:8L>?KCFKJF==@J?
6FEAL>
.I
:E29@>EIU:E29T>E2;4#EKI
E29@>EIUE29T>E2;47<4@>EIU<=J=;@G
:429@>EIUJF9C89JEAJ9<=9JE9<=
>M=?GI@=C<J@>?K*C
:429@>E2I
J29@>EIUJF9Cd
66?>9224?:J29@>EIUEAJ9<=DJA>D=I@=C<
J@>?K
429@@42A@EM:d6FEAL>
:E29@@42A@E
:E29@@42A:>:E29@@42A@;:E29@@42A@=427
<::BF:4@@4A;GF=;L9<G
::BF:429@@42A@E::BF:4U429@@42A@EMFAJ
H=?9J9:FEE<:KKFJK@:BKF2D@BF:9
:9>22BF:9::BF:?D29@@42A@E292=:=K
MFAJGLJG;@AF;@GJJG9VKL=3FLJ?FLC;
:FEE<:K8EFK?<IE<KKFK?@JFE<
2A2DA@;
9:ABF:992A2DA@;:9>22BF:9::BF:
4@9D29@@42A@E2921GQ9H=?9J=KL=H9H=D
9GLJG#8D>F@E>KFJK@:BK?@JG8G<IKF
8EFK?<IFE<
:929@@42A@EJF9CG8Jd0
K::I::BF:
4U:929@@42A@EH=?9E=FLG
429@@4;M:
<9J9DMR?=E=DGK9<8IKN@EJ
*::ID29@@4;42E66>6A;=IM=N99L=F=J
?=E=DGK-?<J8PJK?8KJ?<@J>F@E>KF?8M<
KN@EJ
HGF=J<GKGLKKNF6FEAL>
:E29@@4;:E29@@42=42>7<4@@4;<GK
929@@4;JJLAG8J?=E=DGKN@E!F2?BF:;
929@@4;:92%M9F=K?=E=DG$L8E@J8KN@E
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:>29:J2E D;GQGL=;M9F<G9MDD9E9FLA=F=
KMNGRHGJD9J?GLA=EHG1?<E8:FPFK<
?FNCJ@KB<<GJ@KJMF@:<LG=FI8CFE>K@D<
-@EXE
W4@=24@@K;4
429@@:=M:@9;=J9RMD@9;=JN=J<=D8B<9CL<
D8B<>I<<E[2?@22?J224@>:?D29@@:=
922J2_19K9HAFL9JLMH9F?9<=9RMDI<
PFL>F@E>KFG8@EKPFLI9F8K9CL<6FEAL>
:E29@@:=:E29@22=:>:E29@@:=@:E29@22=2>7
<4@@:=9RMDN=J<=
IA2?22>DJ22:=4U429@@:=@9;=JN=J<=
D8B<>I<<E
:429@@:=JF9C89J9XAD9CL@E>
429@@:A;M:@9;=JGN9D9<GD8B<FM8C6FE
AL>
:E29@@:A;:E29@@A=2>7<4@@:A;
GN9D9<G0
922E422:A;@9;=J;9F9KL9
GN9D9<9
429@@:Ed0
924I429@@:EMF@GF?G
429@@:E@>M:HGF=J;AF;GGLK=@M<2IK
4>22>4@>J29@@:E@>'9H=JJ9LMNG;AF;G
H=JJALGK.?<;F>?8;=@M<GLGG@<J
\)::>6E
E24@:929@@:E@>\:>4244@@BF:>`+GF
;AF;GH9F=K9DDW*LK=@M<9I<8;IFCCJFM<I
K?<I<6FEAL>
:E29@@:E@>:E29@@:E>@;7
<4@@:E@>;AF;G
429@@A@=M:@9;=JF=?JG9C8:B<E22E4@:
:929@@A@=:J@@>K@I@966AK:J@?J22
,MAKGL=XAJ=DLGJGL=F=?JGH=JGFGL=FW9
K9NA9<=E=RIMAL=-?<N8EK<;KF;P<K?<
C@D9<I9LJ?9C8:B9LK;@;EdK?8M<D<JHL@K<
J8G
6FEAL>
:E29@@A@=:E29@@A2=:>
:E29@@A=:E29@@A=@:E29@@A2=2>7<
4@@A@=F=?JG
:929@@A@=JF9CG8Jd0
92I:929@@A@=
@@4ULBF:9@9;=J;GDGJ;9>VGK;MJG
429@@D4=M:EGL=9JKAFEM;@G;GDGJD8B<
JG<:BC<;FIDFKKC<;N@K?FLKDL:?:FCFI
6FEAL>
:E29@@D4=:E29@@D24=:>
:E29@@D4=2:E29@@D24=2>7<4@@D4=
EGL=9<GKAFEM;@G;GDGJ
929@@D4=JJLAG8J:9JJGL=XA<G<=9RMD;D9JG
;GFJ=KAF9<=?M9Q9;TF:C8PK@EK<;C@>?K9CL<
0
E:DE929@@4;9JHYFEG<=JFG;GF<GK
HMFL9KK=JJ9<9KH9J9E9L9JH=;=K
429@@4AM:@9;=J;J=;=JD8B<>IFN2I
BF:99696E4@>429@@4A:92 D9?M9;9MK9
IM=;J=R;9FD9KHD9FL9K18K<ID8B<JGC8EKJ
>IFN
6FEAL>
:E29@@4A:E29@@42A:>
:E29@@42A@;:E29@@42A@=427<4@@4A
;J=;=J
E@::429@@4AJ=HJG<M;AJ9ME=FL9JI<GIF
;L:<@E:I<8J<ELD<I@:8CCPKI
E2>E::I
K::I4>::A=2BF:9E@:::J29@@4A K=@GE:J=
9ME=FLYKMKE9DGK9;LGK.?8KD8E;@;ALJK
DFI<8E;DFI<<M@C
429@@7M:
@9;=JKGF9J;GEG=DNA=FLG@9;=J
KAK=9JD8B<JFLE;C@B<K?<N@E;:8LJ<KF
D8B<?@JJ@E>JFLE;2:4@A96964@A92I
:J29@@7@@ DNA=FLG@9;=KGF9J=DTJ:GD
.?<N@E;@JD8B@E>K?<KI<<D8B<8JFLE;
@9;=J?AJ9JLJGEHGD8B<KFGJG@E6FE
AL>
:E29@@7:E29@@7E:>:E29@@7E2;
:E29@@7I2>7<4@@7KAK=9J
929@@7JJLAG8J<AK;GH=IM=XG@=;@G<=
H=<9RG9?MB=J=9<G<=GDD9=FIM=K=H9K9
@ADGMK9<G;GEGBM?M=L=JD8CC;I@CC<;GFK
K<IPJ?<I;;@JBFE8JKI@E>LJ<;8JKFP*C
929@@7I2>
429@@94UM:HGF=J=FHGKA;AYFN=JLA;9DQ:G;9
9JJA:9D8B<JK8E;LGGLK@EM<IK@:8C8E;
I@>?KJ@;<LGGFJ@K@FEI8@J<2:K@922
>I@22E2I\42?@22BF:9J296>6;4@AI22
929@@94U\,22929@@94U\)422?:AI2E
DDWNA=F==DNA=FLG`'=N9FL9D9N=D9`1T
EGFGK.?<I<:FD<JK?<N@E;
,8@J<K?<
J8@C&<KdJ>F22JBF:9J66?4@A
:J29@@94U D;9:9DDGD=N9FL9KM;9:=R9=F
=D9AJ=?FIJ<I8@J<J?@J?<8;@EKFK?<8@I
6FEAL>
:E29@@94U:E29@@9@;BF:>
:E29@@9;U4:E29@@9;U@;:E29@@9@;42>7<
4@@94UN=JLA;9DQ:G;99JJA:9
:A@?429@@94U9MDD9J?FNC&@K
@9;=J
H9J9JKMNGR%@E:9:A@?429@@94U4@AE::I
:9:A@?E:?E:42424UDI2;:9292IE@@I@@
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
N@K?>L8@8:LDI<J@E
429@@D6E2M:K9;M<AJR9F?GDGL=9JJ?8B<
A@>>C<22D4@A:E29@@D6E2>2:DBF:9
92?EJ29;4@22=2>M9F<GK9;M<AY=D
E=RIMAL=D9KN9AF9KK=;9Q=JGF1?<E?<
J?FFBK?<D<JHL@K<KI<<K?<D<JHL@K<9<8EJ
=<CC
6FEAL>
:E29@@D6E2:E29@@D6E:>
:E29@@D6E2;:E29@@D6E2=42708I
429@@D:E2
<4@@D6E2R9F?GDGL=9JK=
429@@D:EM:
;9FL9JH9J9J=;A:AJ=DHG<=J<=
J@E>KFI<:<@M<K?<GFN<IF=.22;924
D29@@D:E42929FL9JTH9J9J=;A:AJ=DHG<=J
<=D9;M=N9"<N@CCJ@E>KFI<:<@M<K?<GFN
<IF=K?<:8M<
=F;=F<=JGLG;9J9H9J9LG
;GEGJ9<AGG?J9:9<GJ9KLIEFEFIGC8P
;<M@:<C@B<I8;@FFIK8G<GC8P<I&@92>@4
E2I\K::I2?:4@@DBF:94>29@@D:E ?E2
9@@D:E>2I:BF::>:9J@>ME2I` KL9
FG;@=FGLGIM=KD9?J9:9<GJ9M9F<GD9
LG;9KL=FGHM<=<GJEAJFEdKGC8PK?<K8G<
GC8P<IKFE@>?K
#:FLC;EdKJC<<GN?<EPFL
GC8P<;@K
;9MK9J;9FL9JD8B<J@E>6FE
AL>
:E29@@D:E:E29@@D:E:>:E29@@D:E;
:E29@@D:E@=427<4@@D;9FL9J
:929@@D:EJF9Cd
2DE42A:929@@D:E;9F;AYF<==KL9;D9K=
9;=J;9<=D9AKD9.9F KL=:9FJFE>F=K?@J
KPG<89FLK-8EJK<98E#JC8E;
K22;:929@@D:E;9F;AYF<=D:JMBG;GF
J=KH=;LG9D9;M=N9J?8D8EJJFE>I<C8K@E>
KF:8M<J
429@@D;M:@9;=JJG;A9JJGI8P::BF6EBF:;
::BF:9A29@@D;E2I::D2ID966>E292.A
JG;WG9?M99EA@AB9K=N99=FGB9J#=#JGI8P
N8K<IFEDP:?@C;?<N@CC><K8E>IP
6FE
AL>
:E29@@D;:E29@@D=42:E29@@D=4@;7<
4UBF:D;JG;A9J
429@@D@EM:
@9;=J9F?GKLGD8B<E8IIFN
[2?@22:E:J22:A;BF:9:?D29@@D@E922J2
_19K9@9;=J9F?GKLG=D9KA=FLG<=D9H9F?9
I<PFL>F@E>KFD8B<K?<9F8KJ<8KE8IIFN
@9;=J9DLGKGFA<GD8B<?@>?JFLE;
9:A@?4@A:J29@@D@E#9:DY;GFMF9NGR
9DL9"<JGFB<N@K?8?@>?G@K:?<;MF@:<
6FEAL>
:E29@@D@E:E29@@D@E:>
:E29@@D@E@;7<4@@D@E9F?GKLG
429@@DA@;M:E9F;@9J@9;=J;GF<AK=XGD8B<
JGFKK<;D8B<N@K?;<J@>E[2D2;:?J22:
4@A:?D29@@DA@;922J2_19K9@9;=J<AK=
XGK=FLM;GJAL9;9F9KL9I<PFL>F@E>KF
GLK8;<J@>EFEPFLI98JB<K6FEAL>
:E29@@DA@;:E29@@DA@=427<4@@DA@;
E9F;@9<G
429@@E:;0
C8<EKI8;8GI
4U429@@E:;
429@@EDM:@9;=JKAK=9JQK9DAJ;GEGKHJ9Q=F
;A=JLG;GFL=PLGD8B<?@JJ8E;JGI8PFLK@E
:<IK8@E:FEK<OK*::ID@@52J224@>I:42
BF:K::=:9>224@:2?:J29@@E@D:>9MKY
IM=KMJ=>J=K;G;9Q=J9KG:J=DGKGLJGKFAXGK
.?8KFE<D8;<?@JJF;8GFGJGI8PFEK?<
FK?<I:?@C;I<E
6FEAL>
:E29@@ED
:E29@@E@D:>:E29@@E@D@;:E29@@E@D2>
:E29@@E@D@=427<4@@EDKAK=9J
429@@EIUBF:;M:@=JNAJ9F@C6FEAL>
:E29@@EIUBF:;:E29@@EIU=:=42:E29@@EIU
=@=427<4@@EIUBF:;@=JNAJ
:A?:;9242?@429@@EIUBF:;:A@D9242?@
429@@EIUBF:;@9;=J?TJ?9J9K>8I>C< A@D
:E2;QK>24@D:I22:92A2KE@;A24:A?:;924
2?:>29@@EIUBF:;'=<GDW9D9?9J?9FL9=
@ARG?TJ?9J9K;GFLV<=D9KJ9W;=K<=E9F?D=
<MD;="<>8I>C<;N@K?JN<<KD8E>IFM<IFFK
K<89<:8LJ<?@JK?IF8KN8JJFI<
429@@I@EM:
=KH9J;AJ;GEGK9D=L;JGI@E
BC<JL:?8JJ8CK<=B9J;9=JMFGHGJMFG
;GEGF9J9FB9K;IFGFE<9PFE<JL:?8J
FI8E><J6FEAL>
:E29@@I@E:E29@@I@E:>
:E29@@I@E2;7<4@@I@E;9=JK=
429@@IAM:
:D9FIM=9J@9;=J:D9F;GN?@K<E
D8B<N?@K<224@4@A:J29@@IAD9FIM=Y
KM;9K9"<G8@EK<;?@J?FLJ<N?@K<
HGF=J
?GJ<MJ9<=N=F9<G:MJ9=FMFH9DGQE9FL=
F=JD9KG:J=D9DME:J=QD9E=JD9GLK;<<I=8K
FE8JK@:B8E;?FC;@K@E=@I<8E;C@:B@KF==
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
;GDGJ9<G=FD9H9J=<<=D9;9K9H9J9IM==KLM
NA=J9:GFAL9-?<>CL<;K?<I<;G8G<IFEK?<
N8CCF=K?<?FLJ<KFD8B<@KGI<KKP
429@AIUEM:d6FEAL>
:E29@AIUE
:E29TAIU@E::E29TAIU@E@;:E29TAIU@E@=427
<4@AIUEKM=DLG
2?@429@AIUELJ9:9B9JAF=KH=J9<9E=FL=
NFIBLE<OG<:K<;CP
:=QE429@AIUEDD=N9J=D;9:=DDGKM=DLGN<8I
FE<dJ?8@ICFFJ< =QE:E29@AIUE4UE2;U4
@@I92?EK@4UJ::9.A=EHJ=9F<9:9;GFKM
;9:=DDGKM=DLG-?<8CN8PJ>F<JN@K??<I?8@I
CFFJ<
429TE6;2M:EGN=JD=FL9E=FL=9IMWQ9DDT
D9<=9JE=;=JIF:B98:B8E;=FIK?@@A2E;
E2>@42E42?@224@>:J29TE6;2'9KGD9K
E=;W9FD9H9F?9.?<N8M<JN<I<IF:B@E>K?<
9F8K
6FEAL>
:E29TE6;2:E29TE6;2=:>
:E29TE6;2=4@;:E29TE6;2=2>708I
429TE:;2
<4TE6;2D9<=9JK=
429TE:E@=M:
J=?J=K9J9HGKA;AYFN=JLA;9D<=
HGKA;AYF=PL=F<A<9GLK98:B@EKFM<IK@:8C
GFJ@K@FE=IFD<OK<E;<;GFJ@K@FE >A29TE:E@=
E2ID@@929229:E2I\4>29TE:E@=.ADG
D=N9FL9KN99DDGJ9JHGJ=KG`FGDGD=N9FL=K
#=PFLG@:B?@DLG?<dJ>F@E>KF:IP
-F;FEdK
G@:B?@DLG@9;=JD=N9FL9JK=D8B<><KLG
=IFDCP@E>;FNE(63642BF:9BF::>:92I@
969J29TE:E@=-=:=;9=KL9:9<MJEA=F<G
H=JGD9@A;=D=N9FL9JK=,<9<:8N8JJC<<G@E>
9LK#D8;<?<I><KLG
6FEAL>
:E29TE:E@=
:E29TE:=:>:E29TE:=4@;7<4@E;D=N9FL9JK=<=
HGKA;AYF=PL=F<A<9
429@KEM:IMAL9JJ=EGN=JK9;9JHGJ9>DGB9J
I<DFM<9PCFFJ<E@E>6FEAL>
:E29@KE
:E29@K=2:E29@K=27<4@KE<=KHJ=F<=JK=
-@EXE
BF:A@I0
2E22>E 9@K=2;9EH9
E=FLG=FD9AKD9/A:MJYF
429A:K=M@
L=F=JMF9HJGQ=;;AYF?8M<8E
FM<I?8E>2DE4@>:E:4U92E::AE2;492DE
4@>92I:>29A:K=@@4U:9924:E:92E@@7:;2
4>22II6A64@>92J@@9E.M:AEGK=D;=JJG
6FEAL>
:E29@@IA:E29@@I2A:>
:E29@@I2A@;:E29@@I2A@=427<4@@IA
:D9F;G0
92=QE429@@IA9DE=B9J=AF992DE
429@@IAMF;9F?J=BGK::IK::I429@@IA
:D9FIM=9<GJ
929@@IAJJLAG8Jd0
224@29@@IA
DM?9J=FD9AKD9/A:MJYF92AI929@@IA
;G:AB9@=;@9<=E9FL9MGLJ9KL=D9K:D9F;9K
:929@@IAJF9CG8Jd0
92I:929@@IA
@@4ULBF:9@9;=J<=;GDGJ;J=E9
429@@J2>MKd6FEAL>
:E29@@J2>
:E29@@J2;7
:422:E@>BF:9BF:E:429@@J2>9;=HL9JDG
IM=<A;=8::<GKN?8KFE<J8PJ&@K
@GFJ9J
KMH9D9:J9
BF:E:429@@J2>J=KH=L9J@GFJ9JI<JG<:K
?FEFI'F:9696BF:;I::42BF:9BF::DE@I
::4@EJ2E:4A2?4@:BF:E::>29@@J2> D
HJ=KA<=FL=J=KH=L99KMK;GD9:GJ9<GJ=KKM
?9:AF=L=.?<GI<J@;<EKI<JG<:KJ?@J:F
NFIB<IJ:89@E<K
.::IBF::A6K:9>2292
:BF::D2I4@>:E:4U:929@@J2>924)G=K
:M=FGH=FK9J<=E9KA9<G<=KWEAKEG#KdJ
EFK>FF;=FIFE<KFK?@EBKFFDL:?F=FE<
J<C=
429@@K20
C8<EKI8;8GI
42422:E@>
429@@K2;M:9EGFLGF9JG@C<LG2DE4@:>::K;
AE:E:>A29@@K2;E2IK::I2?:BF66E=:>K@
9D22:292.A9EGFLGF9K:A=FD9KHA=<J9K
@9JVMF9@GJFADD9#=PFLG@C<LGK?<JKFE<J
:8I<=LCCP#N@CCD8B<8=@I<G@K
6FEAL>
:E29@@K2;:E29@@K2=:>:E29@@K2=4@;
:E29@@K2=2>7<4@@K2;L=F=J;9:9DD=L=
429@@K=:=M:@9;=JH=?9BGKGD8B<JK@:BP
>22>BF:;>@I:>2J29@@K=:=E2E@@K:
Q=JD9EMB=J@9;W9E9K9QD9@ARGEMQ
H=?9BGK93<JK<I;8PK?<NFD8EN8JD8B@E>
;FL>?8E;D8;<@KM<IPJK@:BP
6FEAL>
:E29@@K=:=:E29@@K2=:=7<4@@K=:=H=?9BGKG
::BF:4U429@@K=:=H=?9J9>CL<KF
2A2DA@;4966=BF:99224@::K44@>::BF:
4U:J29@@K=:=D2K::>E22>2+=?YH9H=D
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
Q;AJ;MF<9EGKD9HJG
Q=;;AYFH=IM=X9
=FLGF;=KNAEGK=DE9J
1<:C@D9<;K?<?@CC
8E;8=K<IN<N<EK
8IFLE;8JD8CC
FM<I?8E>N<J8NK?<
429A:K=
J<8
L=F=JKM=JL=
CL:BP\.TBF66J29@@IE29A:KN=29`YEG
LA=F=KM=JL="FNCL:BPK?8KG<IJFE@J6FE
AL>
E29A:K=E29AQK2=:>E29A:K=@
E29AQK2=2>7
429D?22:=4M@L=F=J;GJL=R9TKH=J9?8M<IFL>?
98IB696EBF:9E4@@@429D?22:=4:92&24
E:A;U4>2>@DA244I2E=4:92/G<GKDGK
TJ:GD=KLA=F=F;GJL=R9TKH=J9'9;GJL=R9<=
9D?MF9K=K?JM=K9Q<=GLJ9K=K<=D?9<9CC
KI<<J?8M<IFL>?98IB
-FD<98IB@JK?@:B
8E;JFD<@JK?@E
6FEAL>
E29D?22:=4E29
D?22:=4@;7
:92D?22:=4JF9Cd0
9696:92D?22:=4
;GJL=R9TKH=J9
W429D@@>M@<V:ADHGJ@9E:J=G;9FK9F;AG
N<8B=IFD?LE><IFI<O<IK@FE2?E 9::?
4@>92E@K::E>24>::BF6K@9::4@EE::;
J29D@@>::I2;BF:9E:?6;(A=FLJ9KW:9EGK
@9;A99B99DA>GJFA9MF9H=JKGF9;GFFGKG
LJGKK=@ARGEMQ<V:ADQEMQ;9FK9<9JN<
N<I<?<8;@E>=FI8A88C@=FIE@8JFD<FE<
N@K?LJ9<:8D<M<IPN<8B8E;K@I<;
/JF
9J;6FEAL>
E29D@@>E29D@@>2>
E29D@@@>@;E29D@@@>@=427
429E22AM@L=F=JHMK?8M<GLJ*22=:>>2
:E@224@AIA66>@;2K2?@4UE2AIU=:>>2
92?EE7::>2J29E22AM9F<GBM?9:9MF9
=KHAF9<=E=RIMAL=D==FLJYQK=D=IM=:JY=F
=DHA=Q=FD9E9X9F9Q9L=FW9HMK1?<E?<
N8JGC8P@E>8D<JHL@K<K?FIE9IFB<F==@E
?@J=FFK8E;K?<E<OKDFIE@E>GLJN8J:FD
@E>FLK
6FEAL>
E29E22AE29E22AE:>
E29E22AI2>70
92E22AHMK42E22A;9MK9J
HMK
429E22D:>M@=KHMEGKG=F8DP,6A64@>
I29E22D:> DE9J=KLT=KHMEGKG.?<J<8@J
=F8DP
6FEAL>
E29E22D:>E29E22D2>2>
E29E22D2>@;E29E22D2>@=4270
42E22D:>
@9;=J=KHME9:422:DI429E22D:>B9:YF<=
H9KLADD992>22I429E22D:>;=JN=R9
:92E22D:>JF9C=KHME9:MJ:MB9K<=MF9
;GK9=F8D9L99C<J
429E@@A;M@;9=JK=<=D9HD9FL96;GK9<=FK9
;GEG>JML9GK=EADD97=8CC=IFDK?<GC8EK
5;<EJ<K?@E>JL:?8J=IL@KFIJ<<;6&?224U=
:D4@:92AE4@429E@@A;:92'9KK=EADD9K<=
D9BGBG:9Q9K==KLTF;9Q=F<G.?<AFAF98
J<<;J8I<8CI<8;P=8CC@E>
6FEAL>
E29
E@@A;E29E@@A;@;7
429EI:>2M@JA;GI@:?2DEE@>J22BF:9
4UA:E2=922D29EI:>24292199K=JJA;G
;M9F<GN=F<9KMGJG"<N@CC9<I@:?N?<E
?<J<CCJ?@J>FC;
6FEAL>
E29EI:>2
E29EI:>;70
4@::K429EI:>2MF99J9X9
429I@@>;@;M@JA=D9JJ?@DD<I :D2IBF:9::9
BF:94U:4@K:>42992?E4@>92?D@J29
I@@>;@;'9LA=JJ9JA=D9;M9F<G@9;=EM;@W
KAEG;9DGJ.?<<8IK?J?@DD<IJN?<EK?<
N<8K?<I@JM<IP?FK
6FEAL>
E29I@@>;@;7
08I
429;@@>;@;
:92I@@>;@;JF9C;9DGJ<=D9LA=JJ9?<8KF=
K?<<8IK?
429K:?KM@AFE9<MJ96N9AF9<=E=RIMAL=K=
?MF<9=L9H97@DD8KLI<5D<JHL@K<GF;
J<:FE;JK8><622DBF:9E:D>2?I4>22I
E@AIUEI4>22I>29K:?K'9N9AF9<=E=R
IMAL==KLTAFE9<MJ9<=KHMVK<=>DGJ=;=JQ
DM=?G=KLT=FD9=L9H9DD9E9<9e;9@RAFRf
D<JHL@K<GF;@J@DD8KLI<8=K<I=CFN<I@E>
8E;K?<E@K@J8KK?<JK8><:8CC<;a:8?Q@EQb
6FEAL>
E29K:?KE29KQ?2K@;7
:92K:?KJF9CG8JdN9AF9<=E=RIMAL=
K=?MF<9=L9H9D<JHL@K<GF;J<:FE;
JK8><0
922D:92K:?K
42::8;AE9<MJGE9QGJ6H=JKGF97>IFNE
D8KLI<FC;<I5G<IJFE6::BF6E4E2>42::
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<=e9ADAHGD99;GBf&FFB.?<I<:FD<JK?<
;LJK=IFDa8@C@GFC88:FAb
<422:=:A@=
224@;HD9Q9F=?J9?J9F<=
42:?664@;BF:;JE9FL9
;M:9F9D8EK8;<M@CI8P
6'8EK89@IFJKI@J7&@K
?J9F<=*C
42:?664U=0
42>22:?2MF9E9FL9JJ9Q9
42:E@;M@@IId6FEAL>
42:?664@;
E2:E@;7*8J8;FJ2:E@;
BF:9J66?924I@A22:DII@4E2>BF:D:=BF:;
J66?924I:9:K=4'9;9J9<=EA@ABGE9QGJ
=KLTDAEHA9H=JGD9<=DE=FGJ=KLTKM;A9.?<
=8:<F=DPFC;<IJFE@J:C<8E9LKK?<PFLE><I
FE<dJ@J;@IKP
*C
BF666;0
24EM>4U42::
;MX9<G=KHGKG<=D9@=JE9F9<=VD4242::E
;JA9J442::E9<MJ9J4>::BF642::9<MDLG
4E2>4>22442::@GE:J=BGN=F
42::M@@II<=KH=JL9JH9J;A9DE=FL=N8B<LGG8IK
N8P#@I:>2BF:9I229AJ2::Q=J<=K
H=JLVL=EHJ9FG3<JK<I;8P#NFB<LG<8ICP
6FEAL>
E2::E2::E:>E2::IE2::I2>76.=
;GFBM?9;GEGKA=DL=E9=EH=R9J9;GFNG;9D
<G:D=FEAL>8K<;8J@=K?<IFFK9<>8EN@K?8
CFE>MFN<C
7
2::?:>MF;=JJG=FD9AKD9/A:MJYF8G<8BFE
.@9LIFE#JC8E;
2::?:> ?@@94U:9@W9<=9AAFAE
8@@E@D98P
2::?:> J2EHMFL9<=9AAFAE8@@E@D
*F@EK&@K
HMFL9<=9AAFAE
42::E:>M@@9;=J;F6FEAL>
E2::E:>E2::
E2>7)KI8G8C89I8:::E:>DGIM=@9;=0
:::E:>422:AEAL9JK::I2?IU42::E:>;GK9
IM=@9;=<9XG=KH=;A9DE=FL=NW:GJ9GLA:M
JYF
92?E@@K:E@;42::E:>EGD=KL9J9FK?<I0
92?E922K:E@;=F>9<GKG
::92I4U42::E:>LGD=J9JKFC<I8K<&@K
@9;=J
;GF-2E:4A2?9244E@@K:92I@::92I
4UI@::E:>:J2E4U:J@@>;4.MLJ9:9BG>M=
<MJGH=JGDGLGD=JYQDGL=JEAFY"<INFIB
N8J?8I;9LKJ?<<E;LI<;@K8E;=@E@J?<;@K
:E:4U42::E:><=<A;9<G9@9;=J;<;@:8K<;KF
;F@E>
2:=:A@=MF9HD9Q9=F9B99DA>GJFA98;IPC8B<
9<;FE8A88C@=FIE@8<422:=:A@=HD9Q9
F=?J9
2:=:A@=224@;MF9HD9Q99DFGJL=<=+M=JLG
+=X9K;G8;IPC8B<9<;EFIK?F=*L<IKF
*<W8J:F\@@4E22:=:A@=224@;J2;@66?6
BF:9E::>I@22`(AJ9DDWNA=F==DHGDNG
92?E42:E@;=PL=F<=JK==F
=DKM=DGJGI<8;FLKFEK?<>IFLE;@EKI
.::I:D4@@:=BF:;92?ED2:E@;4292'9HD9FL9
<=D9K9F<W9K=N99=PL=F<=J=F=DKM=DG.?<
N8K<ID<CFEGC8EK@J>F@E>KFJGI<8;FLKFE
K?<>IFLE;
6.=;GFBM?9;GEGKA=DL=E9
=EH=R9J9;GFNG;9D<G:D=FEAL>8K<;8J@=
K?<IFFK9<>8EN@K?8CFE>MFN<C
70
92?E
42:E@;MF9=FJ=<9<=J9;M;MJ:ALT;=99FM9D
42;22AE@;M:NAGD9JM@FC8K<6FEAL>
:E2;22A
E@;:E2;22AE2;47<:;22AE@;
:>2;22AE@;JJLAE<>d
92?E4>::BF6K:>2;22AE@;DM?9JAFL9;LG
GI@JK@E<GC8:<&@K
DM?9JIM=MF9H=JKGF9FG
@9NAGD9<G
42;42AEMKLAJ9J;GF9JE99EMQ;GJL9<AKL9F
;A9J?FFK8KM<IP:CFJ<I8E><696M?
4@>2?@9AE::9E:>92AK@9E29@9J2;
42AEM9F<G=KL9:9=F=DEGFL=NAMFN=F9
<G:MJ9QD=LAJV<=;=J;91?<E#N8J@EK?<
;<J<IK#J8N8DLC<;<<I8E;J?FK@K8K:CFJ<
I8E><
6FEAL>
:E2;42AE:E2;4MA@E:>
:E2;4MA@E@;:E2;4MA@E2>7
:42;42AEJF9C89JLAHG<=>D=;@9MK9<9H9J9
;9R9J;GF=BGK8E8IIFNLJ<;=FI?LEK@E>
I899@KJ*C
:42;42AE
W42;4@>@EK<IA<GK=F=DKAKL=E9<=;GFL9J
9FLA?MGKNF@EK?<FC;:FLEK@E>JPJK<D
/JF9J;0
4@@4;<GK
42;QKMK;<IK=FLAJ<GDGJHGJ;9MK9<==<<CG8@E
=IFD[.T>:E2[#:=QE:?E2;QK_,MVL=
H9K9_/A=F=K<GDGJ<=;9:=R91?8KdJ
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
NIFE>N@K?PFLFPFL?8M<8?<8;8:?<
6FEAL>
:E2;QK:E2;:KE:>:E2;4@@KE
:E2;4@@K:E2>7<4;:K:<GD=J0
:E22DE42;QK
L=;GDGL==F9FG
::D2I4@>4U42;QKLJAKL=HGJD9HVJ<A<9<=
9D?GD9E=FL9JK=FLAJH=F9J8;9<:8LJ<F=
K?<CFJJF=JFD<K?@E>DFLIE=<<CG8@E&@K
D=<M=D=KM=KHWJALM.::I:E:>>::924>22>
BF:9:>::A=2E22>2::D2IBF:9::9429
9::D2I4@>4@9J2;QK KLMN=EMQLJAKL=
;M9F<GLME9<J=>9DD=;AY#N8JM<IPJ8;
N?<EPFLIDFK?<I;@<;
J29@6642;QK=PH=JAE=FL9J<GDGJ=K<=H9JLG
?8M<C89FIG8@EJ&@K
D=<M=D==D:=:V
42;:K:M:@9;=J9?JAG;GJL9<GD8B<JFLI
JGF@C<;6FEAL>
:E2;QK::E2;QK:E@;7<
4;:K:9?JAG;GJL9<G
42;@66?6M:@EKID=N9FL9JHGDNGI8@J<;LJK2:
BF:9E22:I2;92=II29I2;@66?6E2I9224@
4@A2?@D4@:: DNA=FLG=KLT>M=JL=QD=N9FL9
EM;@GHGDNGHGJ=KGIM=<VEGFGK=FD9
;9K9<:8LJ<K?<N@E;@JJKIFE>8E;I8@J@E>
CFKJF=;LJKC<KdJJK8P@EK?<?FLJ<
6FEAL>
E2;@66?6E2;@66?6E:>E2;@66?6E2;7<
;@66?6HGDNG>AFG
42;U2>KM:@9;=JK9DAJ9;@GJJGKJHL@IKFLK
,6A6M?E:?E:422?:9E22@92?E4@@IA4@>
:9E@@4E2>2K::IK@I6A64@>92I:E2;UM>
:K:>@@>2:9EIMA:9E@@4E2>2DA::E42>
KM?@J::;M9F<GQG9F<9:9=FD9GJADD9<=D
E9JEAJ9:9D99J=F9Q9?M9<=DE9JK9DW99
;@GJJGK'G=K;9J:VQDGEAJV J9MF9
9DE=B9eKHAAL;9Ef1?<E#N8JN8CB@E>
8CFE>K?<J?FI<#N8JCFFB@E>8KK?<J8E;
8E;N8K<IN8JJHL@IK@E>FLKJF#;L>@KLG
8E;CFFB<;8K@K
#KN8J8aJG@@K:8Db:C8D
6FEAL>
:E2;U2>K:E2;UM>:K:>
:E2;U2>K@7
:42;U2>KJF9C89Jd0
I2A:;::BF:
:42;U2>KHAKLGD9<=9?M9BM?M=L=
42;U2KAM@E9<MJ9QEMQ:D9F<96>JML97DLJ?P
5=IL@K6.::I:D4@@:=BF:;E2;U2KA>2:J@
>6I=)G;GEHJYD9K9F<W9HGJIM==KL9:9
<=E9KA9<GE9<MJ9"<;@;EdK9LPK?<
N8K<ID<CFE9<:8LJ<@KN8JDLJ?P
6FEAL>
E2;U2KAE2;UMK:A:>E2;UMK:A@;
E2;UMK:A@=427
`M:9HD9KL9JE9;@M;9JJHL8J?JD8J?
;FNE,E@@KA92AP4BF:9:E:9AE@KM>
:9J2;U2KA+AKV=DLGE9L=QDG9HD9KLV#
JK<GG<;FEK?<KFD8KF8E;JHL8J?<;@K
6FE
AL>
:E2;U2KA:E2;UMK:A:>:E2;UMK:A@;
:E2;UMK:A@=427
92;UMK:A@;JJLAG8Jd0
42KE2K
92;UMK:A@;9N=F9
42;U40
C8<EKI8;8GI
4U42;U4
W42;U4M@K=;GK=;9JK=;IP)::;U44292199
K=;9JK=#K@J>F@E>KF;IP
>M>BF:9
4U4@@E:;E::I29242;U4:>AM9!JML9K=;9=K
DG<=IM=K=<A;=IM==KLTe;9BZ;fIP=IL@K
@JJFD<K?@E>K?8KFE<J8PJ@Ja:8AY:b6FE
AL>
E2;U4E2;U@;70
4242;U4MFHKWIMA<G
92BF6;U4D=X9*2422;U4 922:E@;MF
DM?9J
::;U4JF9Cd0
W4@?66::;U4::K2I
K=HLA=E:J=92?E::;U4H9JL=K=;9<=D9HD9Q9
,E22D:2?E :;U4*2K@ E:@@>=KL=JG
.9J?=FLGMFD9<G
W42;UBF:@EK<IAKA=L==F=DKAKL=E9<=;GFL9J
9FLA?MGJ<M<E@EK?<FC;:FLEK@E>JPJK<D
6+GKA:D=E=FL=K=<=:=JW9=K;JA:AJe;9B;ZAfKM
HJGFMF;A9;AYFK=JW9A?M9D7/JF9J;0
E@>4@;4UBF::9KA=L=
42=229:MK9XGJ9J9F@=D9J<=K=9JL=F=JN8EK
;<J@I<KF?8M<*@@E2C:9J2=229:BF:9:E:
4UI@22 DHGDDGIM=QGIM=JW9=KLT9IMW.?<
:?@:B<E#N8EK<;@J?<I<
E2>E::IEC@@BF:
K:>2=229: K=@GE:J=<=K=9L=F=JMF;9JJG
.?8KD8EN8EKJKF?8M<8:8I
6FEAL>
:E2=229::E2=229E2;70
4U42=229:E<=K=9J
H9J9GLJ9H=JKGF9
42=QEM:HGF=JGIMAL9J;9:=R9GLKFII<DFM<
?<8;6FEAL>
:E2=QE7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42>222EM:;9DD9JHL@<KJFD<FE<>22>
BF:9I:42BF:K::=42E@@:4@::J2>222E'9
EMB=J;9DDY9DGKFAXGKIM==KL9:9FDDGJ9F<G
.?<NFD8EHL@<K<;K?<:?@C;I<EN?FN<I<
:IP@E>
6FEAL>
:E2>222E:E2>222E;7<
4>22:;9DD9JK=
42>224@EM:d
92242>224@EH=J;A:AJ;GEG<A>W;AD
G<I:<@M<8J;@==@:LCK6FEAL>
:E2>224@E
7<9224>24@<A>W;AD
42>22:MKM;;G;AF9J;GFDME:J==F;AE9
;GEG;9?M9E9B9A:9L9L=E9JJ=?IF8JK
N@K?=@I<FEKFGJL:?8JJ<8KLIKC<:I89
\ >>:D2292#@@D?:
BF:;96:E:D2>22:4292
E2I`1=FHGJIM=NGQ9
;G;AF9JD9;9?M9E9;GF
D9DME:J==F=DD9FD<
<:8LJ<#dD>F@E>KF
IF8JKK?<J<8KLIKC<N@K?
K?<=@I<FEKFG
6FEAL>
42>22:
.I
:E2>22::E2>22:E:>
:E2>22:E@;:E2>22:E@=42#EKI
E2>22:<K:
7
42>22:?2JMF9E9FL9JJ9Q98D8EK8I8P*C
42>22:;2
W42>22:?2MKLJ9L9J;GF;9JAXGKI<8KN@K?
8==<:K@FE:>@?D::42EI292K::I:E24
:?J2>22:?:>:?J22K:E:>4@>K::I:AI2D:K
:E::>::9:92E2I/AJ9=D@M=KGIM==KLTK
DD=N9F<G;GF;9JAXGHGJIM=FG@9Q;9JF==F
VD.?IFN8N8PK?<9FE<K?8KPFL8I<:8IIP
@E>JF8==<:K@FE8K<CP9<:8LJ<K?<I<@JEdK8EP
D<8KFE@K
6FEAL>
:E2>22:?2:E2>22:
?:>:E2>22:;2:E2>22:K@;:E2>22:K@=427
W42>22:?2M@J=E9J<=KH9;AGKAFD=N9FL9J=D
J=EG<=D9H9F?9G8;;C<JCFNCPN@K?FLK
I8@J@E>K?<G8;;C<=IFDK?<9F8K6
D2>22:?2BF669:1GQ9J=E9J<=KH9;ALG#
8D>F@E>KFG8;;C<JCFNCP
/JF9J;6FE
AL>
E2>22:?27
42>22:EIM:9:D9F<9J;9JF=;GFDGK<A=FL=K
JF=K<ED<8KN@K?K?<K<<K?[#@@D?::AI2D:
42=:E:M:HGF=J;9:=R9GLK?<8;6FEAL>
:E2=QE::E2=:E4@;70
96692A2=:E:;9:=R9<=
DA=:J=MK9<9;GEG;=:G
42=I0
C8<EKI8;8GI
42E2I
42>JMF=K;9J9:9BG898IB9FI@E>9<<KC<
6GD=GHL=J9FGA<=FLA>A;9<G7*C
42>
42>2M@d6FEAL>
E2>2E2>;7
9224@42>2L=F=JHG<=J=KHAJALM9D;GEG<=
:JMBG?8M<JG@I@KL8CGFN<IC@B<J?8D8E6
9224@9AJ@>2>24GFGKGQ:JMBG#8D
EFK8J?8D8E
224@9::>24U9@4@9@92
4GDGNA=FMF9NAKAYF#J8N@K@E8M@J@FE
[224@>::>24U>@4T9@J2_'GNAKL=;GF
LMHG<=J=KHAJALM9D@;PFLJ<<@KN@K?PFLI
JG@I@KL8CGFN<I6422J4@A9224@
4U42>292/=F?G=DHG<=J<=D;9:9DDG#
?8M<K?<GFN<IF=K?<?FIJ<
92?E9224@42>2G;MJJAJ=D;9LTKLJG>=
EMF<A9D=FIK?<NFIC;N@;<;@J8JK<IKFK8B<
GC8:<
42>2JJLAd0
K::I9224@42>2:JMBG
:422>2JF9C89Jd0
K::I9224@:422>2
HG<=JIM=K=:MK;9H9J9K=J:JMBG
::>2JF9Cd*C
::>;0
9224@::>2
HG<=J<=D:JMBG92?E9224@::>2>AF<=D
EMF<G92?E9224@::>22?@K::49N=FG
;GFG;A<9H9J=;A<99MF9?9JR9:AI@>9224@
::>2N9JA=<9<<=;9?M9E9HJA=L9?J9F<=
42>2J
E9FL9
:JMB9J=?MF9
J9Q99@>JB8K<
6,8A89@EF:L
C8K87
E9FL9JJ9Q9
?A?9FL=>9FLTKLA;9
42>2
;GF;GD9EMQ
D9J?9=89LCFLJ>@8EKD8EK8I8PN@K?M<IP
CFE>K8@C*C
42>26 KL9E9FL9=FK=X9D9K
;9F;AGF=KeRAAP;GGP;ZA;GGKf1A=F=9MFG
=FMF9NAKAYF.?@JJB8K<K<8:?<JK?<JFE>J
:8CC<;aQ@@O:FFO:Y@:FFJb
#K:FD<JKF8
G<IJFE@E8M@J@FE
7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
>@@9:EBF:992?D@?E2>22:EI_:D9F<9K
L=D9;9JF=<=;9?M9E9IM=E9KLA;9KL=H9J9
=D:=:V@;PFLJF=K<EK?<KLIKC<D<8KK?8K
PFL:?<N<;=FIK?<989P6FEAL>
:E2>22:EI:E2>22:EI7<4>22:EI:D9F<G
42>22D:;M:d6FEAL>
:E2>22D:;:E2>22D:
=:>:E2>22D:=4@;:E2>22D:=2>7<4>22D:;
JG<9JK=
92?E42>22D:;@9;=JJG<9JIFCCJFD<K?@E>
2?E4>:K;4@>:E:E@::K::I4@BF69E
AE::BF:92?E:J2>22D:=4@;#A;A=JGFJG<9JD9
H=DGL9=F=DDM?9JDAEHAG.?<PIFCC<;K?<98CC
@EK?<:C<8I<;GC8:<
J2>22D:;J:FDGCd0
I6A6J2>22D:;
:MJJG9E9JADDG;9J9;GD
42>22IM:@9;=J:=:A<99D;Y@GDA;9D8B<
8C:F?FC@:9<M<I8>< >M>D2>22I4292SD
N99@9;=JNAFG<=>JML9<=;9;LG;9J<YF
K9@M9JGHAL9Q9GHAL9Q99?JA9"<@J>F@E>
KFD8B<:FCLDE8I:8:KLJ=IL@KN@E<
6FE
AL>
:E2>22I:E2>22IE:>:E2>22;4
:E2>22I2;2>7
92>22IJJLAG8J:=:A<99D;G@YDA;9
8C:F?FC@:9<M<I8><*C
92>22I2;2>
J2>22IJ:FDGC:=:A<99D;G@YDA;9
8C:F?FC@:9<M<I8><
42>22I2EM:@9;=J?JAKH9J<MR;GD8B<>I8P
9IFNE6FEAL>
:E2>22I2E:E2>22I2E:>
:E2>22I2E2;:E2>22I2E2=427<BF:>22I2E
?JAKH9J<MR;GKAFEM;@G;GDGJ
J2>22I2EJF9Cd0
92:J2>22I2E
FM:=KGK;MJ9K
42>M4M@KGHD9J6:9DD=F9GLGFAF979CFN
5N?8C<FI;FCG?@E6.::I92AI4@@>4@>
92AIE@@>J2>M4'9:9DD=F9KGHDY;M9F<G
NAFG9D9KMH=J>A;A=<=DE9J.?<N?8C<9C<N
N?<E@K:8D<KFK?<JLI=8:<
6FEAL>
E2>M47
J2>M4JF9CKGHDGIM==;@9D9:9DD=F9G
LGFAF99CFN=IFDN?8C<J8E;;FCG?@EJ
42>M4M:K9;9J;@AKH9KD8B<K?IFNF==JG8IBJ
9AE2>M4>2I2K::>!M=:GFALG;M9F<G
K9IMV;@AKH9K#KN8JGI<KKPN?<E#D8;<
K?<DK?IFNF==JG8IBJ
6FEAL>
:E2>M4
:E2>24;@;70
429>M4=;@9J;@AKH9KAFLJ
92DE92>M4H=<=JF9D;GEG=F=F;=F<=<GJ
42>29;U0
C8<EKI8;8GI
4U42>29;U
42>29K224JJ=;AVF;9K9<GE<NCPN<;
2>29K2242=44@:9224@2?@J2::4@A
AJ66DEK2?92?EE::;>296E22I4@?E:A2E
96K::IK@D:::E@;4292#9QMF9>A=KL9=FD9
;9K9<=DGKJ=;AVF;9K9<GKKAKLAJ=EGKQ
;GE=J=EGK9D?G.?<I<@J8G8IKP8KK?<
?FLJ<F=K?<E<NCPN<;J
1<dCC8KK<E;@K8E;
<8KJFD<K?@E>
*C
42>29K2242=4<K224
H=IM=XG
42>29K2244@=2424DI;A=DG;GFFM:=KEMQ
9DL9KJBPN@K?8CKF:LDLCLJ:CFL;J&@K
J=;AVF;9K9<GIM=EAJ9@9;A99JJA:9
42>29K2242EM@;<I;9K9JK=><KD8II@<;
42E@@>64E2K@A@@>6E2[>6
D42>29K2242EBF66J2_/=N9K9;9K9J=F
MF9K=E9F9I<PFL>F@E>KF><KD8II@<;@E
8N<<B6FEAL>
E42>29K2242EE42>29
K2242=47<42>29K224J=;AVF;9K9<G
D42>29K2242E>MLMJG0
4>22>D42
>29K2242E42FGNA9HJGE=LA<9
42>2>2M:;G;AF9J:FFB,2>9:K4@:
:>A@>2>2>2E2II22DK:>AI24299:K
4U>@::.AFG;G;AF9K=KL9K;9D9:9R9KHJGFLG
N9F9=KL9JH9K9<9K#=PFL;FEdK:FFBK?<J<
JHL8J?K?<PN@CCJFFE>F98;
6FEAL>
:E2>2>2:E2>M>2E:>:E2>2>E@;
:E2>M>E@=427<4>2>;G;A<G0
92D22:E:
K::I4U42>2>2=KLM>9<=H=LJGD=GK::I
42>2>2=JMH;AYF=FD9HA=D
92>2>2JJLAG8Jd0
92K22>E
92>2>2D9<JADDGK::I:?22:=92>2>2
;M=JG
42>2A4UM:>9:JA;9JHYDNGJ9D8B<>LE
GFN;<I6FEAL>
:E2>2A4U:E2>2A;U47<
4>2A4U
92>2A4UJJLAG8JHYDNGJ9>LEGFN;<I
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
J2>ME:?@EJF9Cd0
K::IJ2>ME:?@E
;GJJA=FL==DV;LJA;9
42>2E:DMKHGF=J9IM=E9J=FD9DME:J=
?=F=J9DE=FL=MF9;GK9=FL=J9GLKKF9LIE
@EK?<=@I<LJL8CCP8N?FC<@K<D2?E@@
E2A9696M?4@>2?@E::9E:>4@@E6A24
:E22::J2>2E:DF<9:9=F=DEGFL=J=;G?AY
;@GQ9?\=J9QD9IM=EYH9J9IMAL9JD9K=KHA
F9K"<N8JN8CB@E>@EK?<;<J<IK:FCC<:K<;
8K<;;P9<8I:?FCC88E;9LIE<;@KKFI<DFM<
K?<K?FIEJ
6FEAL>
:E2>2E:D:E2>ME:D:>
:E2>2EJ2D7
42>2E;M:;9D=FL9J?<8K\,::424@@A@=BF:9
92>M4:E:9422:I\2>2E;`+GF=D;9>V=F
D9=KLM>9`9DAVFL9DG*LKK?<:F==<<FEK?<
JKFM<"<8K@K6FEAL>
:E2>2E;:E2>ME2
=:>:E2>2EK:=:E2>MEK:=427<4>2E;
;9DA=FL=
92?E42>2E;M<OG<IK=FLAJ=D;9DGJ<=D9
LA=JJ9=<<CK?<?<8KF=K?<<8IK?.:IBF:D::=
BF:992E22>2E@E92?E:D2>2E;9229:E2I
+GFD=@M9J9;@=K9DFAXGHGJIM=N99K=FLAJ=D
;9DGJ<=D9LA=JJ9*LKJ8E;8CJFEK?<:?@C;
9<:8LJ<?<@J>F@E>KF=<<CK?<?<8KF=K?<
<8IK?
6FEAL>
E2>2E;E2>ME2=:>
E2>2EK:=E2>MEK:=427
42>2E?:JJ9Q9=DV;LJA;9?A?9FL=FIK<Q
<C<:KI@:I8P
6(8I:@E<<EK<
D<;FI7*C
42>ME=@=426.=
J=D9;AGF9@AKLYJA
42>2E?:
;9E=FL=;GF
e;9ETLAFGLfg<9JLGIM=<==D=;LJA;A<9<h"@J
KFI@:8CCPI<C8K<;KFa:8DRK@EFKbc>@M<<C<:
KI@:J?F:Bd
7
2>2E?: A2D?:MFDM?9J8GC8:<&@K
<GF<=D9
J9Q9=DV;LJA;9>M=9K9<9<BF:D?:9K9J
W42>2I@;M@;GE=JD9?=D9LAF9<=D;9H9J9RYF
;9J9H9;@G<=D9;9?M9E9<8KK?<><C8K@E
=IFDK?<@EK<I@FIF=K?<J<8KLIKC<:8I8G8:<
42>MA@;BF:>M:@9;=J>DGL9J=CF8K
JFD<K?@E>2D@BF:9922:9224@BF:9
9@@A2E;4@A92?D@:J2>MA@;BF:>'9KGD9K
@9;=F>DGL9J9D9:GQ9IM=E9J;9=D;@AF;@G
JJG.?<N8M<JD8B<K?<=@J?@E>E<KD8IB<I
9LFP=CF8K
6FEAL>
:E2>MA@;BF:>
:E2>2A;@;7<4>2A4U>DGL9J
42>2AEIM:;9MK9JJ=N=FL9J:8LJ<KF9LIJK
FG<E6FEAL>
:E2>2AEI:E2>MAE2;47<
4>2AEIJ=N=FL9J
42>2D:;M:
9:JAJ;GF;GJL9<9FG<EN@K?8
:LK9:JAJD9:G;9;GFD9:AGK=KLAJ9<GK
EGKLJ9F<GDGK<A=FL=KFG<EFE<dJDFLK?
N@K?C@GJJKI<K:?<;J?FN@E>K<<K?2IK
4@A92IJ2>2D:;@@\#2D42E=2292 DH=
JJG9:JAYD9:G;9Q=KLTEGKLJ9F<GKMK<A=F
L=K`/=N99EGJ<=J.?<;F>FG<E<;@KJ
DFLK?8E;@JJ?FN@E>@KJK<<K?
#K@J>F@E>KF
9@K<PFL
6FEAL>
:E2>2D:;:E2>MD:=47<
4>2D:;J=N=FL9JK=
92>2D:;JJLAG8Jd0
969692>2D:;
;GJGF9MK9<9HGJDGK9FLA?MGK@GE:J=KK=JAK
42>2D@=M:@9;=J9E9JADDGD8B<P<CCFN
2IU=:?22:=4?@@D42?:E;::E92I:J2>2D@=
@@/AFLYD9;GF;@9QD9@ARG9E9JADD9-?<
;P<;K?<J?<CCP<CCFN
6FEAL>
:E2>2D@=
:E2>MD@=:>:E2>2D=@:E2>MD@=2>7<
4>2D@=9E9JADDG
92>2D@=JJLAG8Jd0
J224U92>2D@=
MF9FAE9D?J9F<=Q>=JGR
:92>2D@=JF9Cd0
92I:92>2D@=@@
4ULBF:9@9;=J;GDGJ;9>V;D9JG
J2>2D@=J:FDGCQ=E9<=@M=NGPFCB
42>ME:?@EM:<9JLGIM=<==D=;LJA;A<9<?8M<
<C<:KI@:@KP>@M<<C<:KI@:8CJ?F:B,::42
42>ME:?@E4@:9E:A;4>29:?J2>ME:?@E
/GIMVD9K:MBW9KQE=<A=JGFMFLGIM=#
KFL:?<;K?<JG8IBGCL>J8E;K?<P>8M<D<8
J?F:B
6FEAL>
:E2>ME:?@E:E2>ME:?@E7<
BF:>2E?:=FLME=;=JK=MFEA=E:JG0
42>2E?:J9Q9=DV;LJA;9?A?9FL=I::42
42>ME:?@E:MBW9KK::I42>ME:?@E9F=KL=KA9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
6FEAL>
E2>2I@;E2>MI@;:>E2>MI@
I2>E2>MI@;@;7
42>2K;:;BF:;J9DE=B9;@G;GD9L98M<ELJ
:C8D6'<>8G@K8I@8JHL8C@;87<4>2K;:;
J9B9JK=08I
42>2K;2;
42>2K;:;4224@;BF:;
MF99DE=B98M<ELJ
:C8D6'<>8G@K8I@8
42>2K;:;
8LI8EK@8:87&@K
e;E9RBABf?J9F<=
42>422EI:MK@9;=JMF9;=J=EGFA9MK9F<G
@MEGH9J9;MJ9J9MF:=:VIM=DDGJ9EM;@G
G<I=FIDJDFB<:<I<DFEPKF:LI<8989PK?8K
:I@<J8CFK*24DA24:9A@@>;4K:IBF:D::=
4222>2>E:4@>4@9D2>422EI:9229:1GQ
9BMFL9J9D?MF9KJ9EAL9K<=;@9EARGH9J9@9
;=JMF9;=J=EGFA9H9J9=D:=:VIM=DDGJ9L9F
LG#8D>F@E>KF>8K?<IJFD<@F;@E<9LJ?KF
G<I=FID8:<I<DFEP=FIK?<989PK?8K@J:IP
@E>JFDL:?
6FEAL>
:E2>422EI::E2>
422EI@;7
42>66A:EM@
=PLJ9XGJ9JGJKI8E><2DE
9@4@9@BF:9I2>66A:E,U2DA@;'9HA=<J9
IM==F;GFLJV=KEMQ=PLJ9X9 KLTEMQE9J
;9<9.?<JKFE<K?8K#=FLE;@JM<IPJKI8E><
#K@JM<IPJGFKK<;
9<EAJ9:D=E9J9NADDGKG
8;D@I89C<D8IM<CFLJ6FEAL>
E2>66A:E
E2>66A:E:>E2>66AEE2>66AE@=42
E2>66AE@;70
K::I42>66A:E9D?GEMQ
=PLJ9XGEAD9?JG
42>66A:EM<OG<I
H=J;A:AJ;GEGJ9JG=@E;
JFD<K?@E>JKI8E><,::42E24@:K::I442>
:>A29@K:E29E:I2>66AEI@969J@>2
>66A:E1A=JGFMF9FAE9D<=K;GFG;A<G'=K
H9J=;AY=PLJ9XGH=JG9EWFGE=H9J=;AY
=PLJ9XG.?<PJ8N8E8E@D8CK?8KK?<P;@;EdK
I<:F>E@Q<
#KJ<<D<;JKI8E><KFK?<D9LK@K
;@;EdKJ<<DJKI8E><KFD<
9<EAJ9J
8;D@I<6FEAL>
:E2>66A:E<K:
7
42>66E@EM:d6FEAL>
:E2>66E@E
:E2>66E:>:E2>66J2E:E2>66J2E@=427<
4>66ELJAKL=
:>@K42>66E@E=FLJAKL=;=JD8B<J8; 4@@D
BF66;:>K@9A22:>:>@K>29D2>66E@E
9229:1GQ9;9FL9JMF9;9F;AYF9FLA?M9Q
L=HGF<JVLJAKL=#8D>F@E>KFJ@E>8EFC;
JFE>8E;D8B<PFLJ8;
42>6BF6M:;9D=FL9J?<8K2IBF:99J2
>6BF69D=FLV=D9?M9#?<8K<;K?<N8K<I
6FEAL>
:E2>6BF6:E2>PBF6E:>
:E2>64E@;:E2>P4E@=427<4>6BF6LA:AG
`M<OG<IK=FLAJ=D;9DGJ<==<<CK?<?<8KF=
6FEAL>
:E2>6BF6:E2>PBF6E:>
:E2>64E@;:E2>P4E@=427
`M<OG<IK=FLAJK=;9DA=FLALG=<<CN8ID
6FEAL>
E2>6BF6E2>64E@;7
42>6BF6EM:9K9J=FN9JADD998I9<:L<FE8
JK@:B.::I4@@92:AI2D:9J22BF:99A2>6
BF6E:9D::9:E9229:=KHMVK<=9K9JD9
;9JF=<=J=KIM=L=F?GE=D9NGQ9;GE=J
=K<I#98I9<:L<K?<9<<=K?8K#?8M<#dD
>F@E>KF<8K@K
6FEAL>
:E2>6BF6E
:E2>PBF6E:>:E2>64E@;:E2>64E@=427<
4>6BF6LA:AG
:42>6BF6EJF9C89Jd0
9696:42>6BF6E
H9DGMK9<GH9J99K9J;9JF=
42>:92EM:@9;=JD=FL9E=FL=;FJCFNCP
*C@@BF:BF:99E2422E2I:9I2>:92EM9F
<GE9F=BGMF;9JJGDGE9F=BG<=KH9;AG
1?<E#;I@M<8:8I#;I@M<JCFNCP
6FEAL>
:E2>:92E:E2>:92E7<4>:92D=FLG
42>:9;M:
9DAK9JHMDAJD8B<JDFFK?GFC@J?
2>2K2;K@9E22::9E2>:9;4U:I2E42;924
:E:4@9E29@;@K:9J2EMA@=BF:>4G=KL9:9
HMDA=F<GD9GDD9IM=@A;=D9IM=:JVHGJIM=D9
HMDW<=E9KA9<G=FMFDM?9J#N8JGFC@J?@E>
K?<GFKK?8K#D8;<8E;9IFB<@K9<:8LJ<#
GFC@J?<;@KKFFDL:?@E8K?@EJGFK
9;9JA;A9JG<K:8I<JJ.::I42?22@966BF6
BF:9 :E2>Q9:=:> >2 I :EBF66A6 I
J@?D::;:>;9JA;A9:99D?9LALGD=?MKLYQFG
K=EGNAY#N8JG<KK@E>K?<B@KK<E@KC@B<;@K
8E;;@;EdKDFM<
6FEAL>
:E2>:9;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E=FL=A?M9D1?<E#=@E@J?D8B@E>K?@J:8IM
@E>#N@CCD8B<8EFK?<IFE<ALJKC@B<@K
K::IE2K@:D@;AE642>::DE2;H9J=;=JK==F
9;LALM<=L;J@D@C8I@E9<?8M@FI<K:
42>Q>@;42MKd6FEAL>
:E2>Q>@;42
:E2>Q>@;BF:>:E2>:>;U47<4>Q>@;42
J9:AGKG
:D@;42>Q>@;42<OG=PLJ=E9<9E=FL=
9FKAGKGF=JNAGKG<OKI<D<CP8EO@FLJ89FLK
;F@E>JFD<K?@E>E<IMFLJ[#:D@;
:?E2>Q>@;42_ KLTKEMQ9FKAGKGI<PFL
M<IPE<IMFLJ
42>:A:EM:d6FEAL>
:E2>:A:E:E2>:AE7<
4>:A:
922:42>:A:EH=J;A:AJ;GEG<A>W;ADG<I:<@M<
8J;@==@:LCK22:?I2>:A:E/=>M=<A>W;AD#K
N8J?8I;=FIPFL
42>:E4M:@EKILJ=FR9JK==D;9:=DDG;GF=KL9E
:J=9I8@;FE<dJ?8@IN@K?P8IE 42>:E4
4966=BF:94@9AD2>:E4292(=LJ=FR9JV=D
;9:=DDG;GF@AD9R9JGB9#N@CC9I8@;DP?8@I
N@K?I<;P8IE
6FEAL>
E2>:E4E2>QE:;
4@>E2>:E;@;E2>QE=@=4270
42>QE:4@E
LJ=FR9J=D;9:=DDG<=GLJ9H=JKGF9;GF
=KL9E:J=
:42>:E4JF9C89J@AD9R9=KH=;A9DE=FL=H9J9
=D;9:=DDGP8IE<JG<:@8CCP=FIK?<?8@I
*C
:42>:E;4
42>QE:4@EM:LJ=FR9J=D;9:=DDG<=GLJ9H=JKGF9
;GF=KL9E:J=9I8@;?8@IF=8EFK?<IG<IJFE
N@K?P8IE#:=QE:9A24@22K;>29D2>QE:4@E
292/=LJ=FR9JV=D;9:=DDG;GF=KL9E:J=#
N@CC9I8@;PFLI?8@IN@K?P8IE
6FEAL>
:E2>QE:4@E:E2>QE:4@=7<42>:E4LJ=FR9JK=
=D;9:=DDG;GF=KL9E:J=
42>:I@K0
C8<EKI8;8GI
4U42>:I@K
42>:K;M:DAEHA9JIMAL9F<G9D?G:C<8E9P
I<DFM@E>JFD<K?@E>*@22K42K::>K@
9E6I=9:I::92BF:99::E6>24U:9227KI924
:E:J66?9244U:J2>:K;GEHJVMFH9XM=DG
:GFALGQDGJ=?9DV9EA@=JE9FGE9QGJIMA=F
HJGFLGDGMKYH9J9DAEHA9JKM;9J9#9FL>?K8
:E2>Q9:=:>:E2>:9=4:E2>:9=4@;7<4@>:9;
<=KDAR9<ARG
92>:9;JJLAG8Jd0
969692>:9;L9:D9
9DAK9<9
:92>:9;JF9CG8Jd0
9696:92>:9;
;=HADDG<=;9JHAFL=JG
42>::9:EM:d6FEAL>
:E2>::9:E
:E2>::9:E:>:E2>::9E2;:E2>::9E@=427<
4>::9EGJAJ
924I42>::9:EE9L9J9MF9H=JKGF9B@CC8
G<IJFEE2>E::IK::IK@924I:E2>::9:E
966?@E::;J@@4J@A;=FIM==K=@GE:J=
E9LY99D?MA=FQHGJ=KG=KLT=FD9;TJ;=D
.?<PJ8PK?8KD8EB@CC<;JFD<FE<8E;K?8K@J
N?P?<@J@EA8@C
42>:::E0
C8<EKI8;8GI
4U42>:::E
42>::A2=2M:9JJMAF9J<=KLJMAJIL@E;<JKIFP
2IBF:>6;E:>@429229@E:>@42:E2>::A
2=2>24@@492E4>2K42>:9@'D=?9EGK
L9J<=HGJIM==DJWG@9:W99JJMAF9<G=D
;9EAFG1<8II@M<;C8K<9<:8LJ<K?<I@M<I
?8;IL@E<;K?<IF8;
6FEAL>
:E2>::A2=2
:E2>::A2=@;7<4>::A=29JJMAF9<G
J2>::A2=2JF9Cd0
EC@@BF:J2>::A2=2
E9J=G<=;9JJGI6A6J2>::A2=2E9J=G
42>::A=2M<OG<IFG9HJ=;A9JJ=;@9R9J;@JC@B<
I<A<:K,:42BF:K::=9224@:9>224@A2?@
4@::4@::E2E@@>=42>>2BF::BF6EI29
422K:I29:J2>::A=@;'GKFAXGK<=D9GLJ9
;9K9K=H=D=9JGF;GFVDQ9KMKH9<J=KFGD=K
?MKLY.?<:?@C;I<E=IFDK?<FK?<I?FLJ<
N<I<=@>?K@E>N@K??@D8E;?@JG8I<EKJ;@;
EdKC@B<@K
6FEAL>
:E2>::A=2:E2>::A=@;7
6)GK=MK9H9J9;GK9K(FKLJ<;=FIK?@E>J
7
<4>::A=2E9DG
42>::D@EM:d6FEAL>
:E2>::D@E:E2>::D@
E:>:E2>::DE2;:E2>::DE@=427<4>:D
H9J=;=J9
4U42>::D@E@9;=JH9J=;A<GKD8B<J@D@C8I
.::I92424;9:A4@>:9A22:K::I92424;
:9>224@>4@9D2>::D@EM29229:=KHMVK
<=@9;=J=KL9>A?MJ9@9JVGLJ9>A?MJ9=P9;L9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
GI<KKP?8E;B<I:?@<=8E;>8M<@KKFDPFC;<I
9IFK?<IN?FLJ<;@KI@>?K8N8PKF:C<8E?@J
=8:<
2?E4@>4U:92>:K;924:?K22:
4@>>:K;'AEHAY:A=F=DL=JJ=FG"<:C<8I<;
?@JC8E;N<CC
6FEAL>
:E2>:K;:E2>QK:=:>
:E2>:K=42:E2>:K=4@;7<4>:K;;GF:M=F9
>GJE90
92A6BF6E42>:K;;MD=:JAL9;A=?9
969642>QK:=:>;9JHAFL=JGH=JKGF9
92?E42>:K;J9KLJADD9JI8B<
:D@;42>:K=42L=F=J<=E9KA9<GGJ?MDDG<=KW
EAKEG?8M<KFFDL:?GI@;<@EFE<J<C= D@;
42>:K=42BF:;AJ66DEBF:92?:>27A:92'9
H=JKGF9;GF<=E9KA9<GGJ?MDDGFG9KAKL=9
D9K>A=KL9K.?<G<IJFEN@K?KFFDL:?GI@;<
@E?@DJ<C=;F<JEdK>FKF=@<JK8J
92>:K;JJLAG8J>A:J9<=LGJGL=IM=K=MK9
H9J9D9LJ9E99D;GK=JD9;9F9KL9LJ9<A;AGF9D
K=JAC@D9<I9LJ?=@9<IK?8K@JLJ<;=FIK?<
N8IGN?<EJK@K:?@E>K?<KI8;@K@FE8C-<I@
98JB<K*C
92>QK:=:>
:92>QK:=:>JF9CG8Jd0
9696:92>QK:
=:>;=HADDG<=;9JHAFL=JG66?>2?:BF::;:>
:92>QK:=:>DAEHA9H9J9:JAK9
:92>:K;JF9CG8Jd0
92?E:92>:K;
BF:?=MKJ9KLJADDG
42>;U40
C8<EKI8;8GI
42>@K
42>@::;M:
BM?9J=DBM=?G<=D;WJ;MDGMK9F<G
J=:9F9<9K<=HAL9Q9-K<EF:<I<LJK?LI9<I@
GC8PK?<:@I:C<>8D<LJ@E>G@<:<JF=FI>8E
G@G<:8:KLJ-K<EF:<I<LJK?LI9<I@
@>4224BF666;4@:M?@A22:EE2D2>@::=
4@;4292'GK9F;A9FGKN9F9BM?9J=DBM=?G
<=D;WJ;MDG=FD9L9J<=.?<FC;<IG<FGC<8I<
>F@E>KFGC8PK?<:@I:C<>8D<K?@J8=K<IEFFE
;AJ;MF<9JJG<=9JJLIIFLE;<E:@I:C<696
9:K4@:92DEA24:9A@@AEI:9A2>@::;
4@9D227:?292%MFL9JV9D?MF9KHA=<J9KD9K
HGF<JV=FMF;WJ;MDGQJG<=9JV=KL9KHD9FL9K
#N@CC:FCC<:KJFD<JKFE<J8E;GLKK?<D
8IFLE;K?<J<GC8EKJ
6FEAL>
:E2>@::;
:E2>@::=:>:E2>@::=4@;:E2>@::=2>7<
4>@::;=FNGDN=FL=
4U42>@::;J=E=F<9JD<E;@7:4;BF:9
4@9D2>@::;2922E6::4E:>9:ABF:9::BF:
9D29@@42A@E2921GQ9J=E=F<9JEA:DMK9
+=?9JV=KL=H=<9RG<=L=D9=F=DD9#8D>F
@E>KFD<E;DP9CFLJ<
#N@CC8KK8:?K?@J
G@<:<F=:CFK?FE@K
92>@::;JJLAG8J
;WJ;MDG:@I:C<
;WJ;MDGH9J9=DBM=?G<=D;WJ;MDG:@I:C<F=
K?<:@I:C<>8D<
:92>@::;JF9CG8JJ=EA=F<GG8K:?@E
:CFK?@E>*C
:92>@::=4
42>@?:MK@9;=JJTHA<9E=FL=;FHL@:BCP
E2>4>224227ABF:9K::I4@22E;UBF:9
:E22:=42>92?D:92>@?:429:J66>6 D
@GE:J=IM=9;9:9<=DD=?9JJ=H9JLAY=D9R[;9J
JTHA<9E=FL=.?<D8EN?FALJK8II@M<;;@J
KI@9LK<;K?<JL>8IHL@:BCP
\,::42>@@9:E4@:
?D4>2>@?:292`)G;GE9KJTHA<9E=FL=
FEdK<8K=8JK6FEAL>
:E2>@?::E2>T?:
E:>:E2>T?:E2;:E2>T?:E2=427
42>@?=4BF:;JMF;9J9;GDKAEAD9J9MF;9MJW
:F==<<9<8EJ?<CC6.I@M@8JFC8E;I@7-@EXE
92D:E42>TD92IU=:?22:=4966=
2>@?E2; :942MFDM?9J8GC8:<6.=J=D9;AGF9
@AKLYJA;9E=FL=;GFe;9EGFAfg@9;=JJTHA<9
E=FL=h"@JKFI@:8CCPI<C8K<;KFa:8DFE@bc;F
HL@:BCPd
7
42>@@E;M@9@GJIMADD9<G=FIB<;22DQDE2=42
4@::E:AE6EE24E:>92IJ2>@@E;@@'9K
@GB9K<=E=RIMAL==KLTFGHM=KL9KQ9@GJIMA
DD9<9K'<JHL@K<C<8M<J8I<
FGGFJ@K<<8:?FK?<I8E;
=FIB<;
229@BF:9:E:
4U:J2>@@E;924:E:92E@::
9:K292J:E@@:; KLMNAEGK
=F=DDM?9J<GF<=K=<ANA<=
42>@@E;
=D;9EAFGQFGK<=KNA9EGK
1<:8D<KFK?<=FIB@EK?<IF8;8E;N<EK@E
8EFK?<I;@I<:K@FE
6FEAL>
E2>@@E;
E2>@@E2=42E2>@@E2=4@;7
42>@@EK:=2J?M9E[;@AD'8E@C8K8D8I@E;
6*@K?<:<CCF9@LD;LC:<76=KH-G
7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:E2>@E;U:J@@9:E K=@GE:J=NA=BG9:D9F<Y
KM:GDADDG=FKM;9>VQK=DG;GEAY.?8KFC;
D8EJF=K<E<;?@JIFCC@E?@J:F==<<8E;8K<@K
6FEAL>
:E2>@E;U:E2>TE@=:>:E2>@EK:=
:E2>TEK:=427<4>@E;U:D9F<G
42>@E?:M:@9;=J;@A;@9JJGF=KD8B<:I8:B
C@E>J:E2BF:9>@@D?:::IEBF:992>@E?:
:E22:>2:9E29:E:9I@BF66A6M9F<GEA
E9ET@9;=;@A;@9JJGF=K<=D;9JLWD9?G<=D9
;9?M9E9DGK;GEGQE=?MKL9FEM;@G
1?<EDPDFK?<ID8B<JJ<8KLIKC<:8IK@C8><
:I8:BC@E>J#<8KK?<D8E;C@B<K?<D
6FE
AL>
:E2>@E?::E2>TE@?:>:E2>TE@?@;7<
4>@E?:IM=E9JK=
92>@E?:JJLAG8J;@A;@9JJGF=K:I8:BC@E>J
42>@KM@
H=FK9J;J==JK?@EB9<C@<M<%@E
4@A92IKI299AJ@@>@KJ=WIM==D;GQGL=
=J9MFH=JJG#K?FL>?KK?8KK?<:FPFK<N8J8
;F>
*::>922E@@>I299A>::>@KJ=W
IM==KL9:99DDW<MJEA=F<G#K?FL>?KK?8K?<
N8JK?<I<JC<<G@E>
H=FK9J=F;GFAFL=F
;AYF@EK<E;K?@EB89FLKN@K?@EK<EK@FE
>M>4@>A@>M>E2I:D:::E@;I29E22
E2>;U4+A=FK9F=F;GE=JD9>JML9;M9F<G
=KLTE9<MJ9.?<P@EK<E;KF<8KK?<=IL@K
N?<E@K@JI@G<
9AD::E2II29E22
9AJ@@>@K KL9:9H=FK9F<G=FAJ#N8J
K?@EB@E>89FLK>F@E>
IM=J=JN8EK2IK
E:?E:424@>4224E2?E:42E2?@J@A2?KI
BF::4@ED::AI29E22E2>@K DH=JJG;GJJW9
=FLJ=D9?=FL=HGJIM=IM=JW9=KL9J;GF=DD9
.?<;F>I8E8DFE>K?<G<FGC<9<:8LJ<@K
N8EK<;KF9<N@K?K?<D
LJ9L9J<=AFL=FL9J
KIP2AE4@>@D4U:D4MK:E@;I29E22
E2>;U4J@BF6*LJ9N=RLJ9L9JGF<=IMAL9JD9
K=<A;=>8@EK?<PKI@<;KFK8B<@KFLK@K@J
J8@;
224@4@ABF:D:=:92I@E::I@@4@@I
2?92>@::I2992>::>;U4'9;9K9=K
H=IM=X9H=JGLG<GKFGKGLJGKLJ9L9EGK<=
NANAJ=F=DD9.?<?FLJ<@JJD8CC9LKN<8CC
KIPKFC@M<@E@K
>AF?AJGI<K<E; E4>2;QK
I29J@@>@K KLT>AF?A=F<GIM=FGD=<M=D=
42>TDM@L=F=JDGKGBGKE=<AG;=JJ9<GKJHL@EK
>I@D8:<.:IBF:D::=BF:9K229BF:;:E@@4E2
92IJ2>TD@@ DFAXGEAJ9:9=DKGDQL=FW9
DGKGBGKE=<AG;=JJ9<GK.?<9FPJHL@EK<;8J
?<CFFB<;8KK?<JLE
6FEAL>
E2>TD
E2>@DE:>E2>@DE2;E2>@DI2>7
`M:;9MK9JEM=;9KD8B<FE<>I@D8:<
6FEAL>
:E2>TD:E2>@DE:>:E2>@DE2;
:E2>@DI2>70
92E2;66?42>TDMF;9J9;GD
969642>@DE:>LGDG9;@=
42>TD4224@;JMF;9MJWC@KKC<;<<I:FNI@<
6'8:IF:PGI8<8:<IM@E<KK87&@K
e;9EYKf
?J9F<=-@EXE
92IU=:?22:=4966=4224@;
IA2=66>6=44224@;
2>@DE:> 9::AU:A@@K:MFDM?9J9DFGJG=KL=
<= D=K=E:GIM=8GC8:<KFK?<EFIK?N<JK
F=C<J<D9FHL<6 DFGE:J=LA=F=IM=N=J
;GFe@=@=;9EGKLAEfgLGDG9;@=h.?<E8D<
?8JKF;FN@K?a?<?<:8DFJK@DbcA@DJFE
N<<;d
7
M>@E2MF;=JJG;=J;9<=+GRG+=X98
DFLEK8@EE<8I*FQF*<W8
42>@E6EM:H=K9JN<@>?)29>66D966I=4@:
:E2>@E6E:E2I:>@DD29>66DBF:942AI2
>@D9:>::J6M9F<GL=JEAFY<=H=K9JD9K
F9J9FB9KIM=;GEHJVL9E:AVFE=J=?9DYLJ=K
1?<E?<=@E@J?<;N<@>?@E>K?<FI8E><JK?8K#
9FL>?K?<8CJF>8M<D<K?I<<
6FEAL>
:E2>@E6E:E2>TE6E:>:E2>TE6E2;:E2>TE6
E@=42708I
42>@E:E
<4>@E6EH=K9<G
`M<OG<IK=FLAJ=DH=KG<==<<CK?<N<@>?K
F=E2>E:>@42:E2D66=44@:I::42927:E=2>
:>>QDJ2>@E6E429'9K=KIMAF9K<=D9
:G;9<==K=@GE:J=H9J=;=F=KLAJ9<9KHGJIM=
KA=FL==DH=KG<=DGIM==KLTDD=N9F<G.?<
:FIE<IJF=K?8KD8EdJDFLK?CFFBC@B<K?<P
?8M<9<<EJKI<K:?<;FLK9<:8LJ<?<=<<CJK?<
N<@>?KF=@KJFD<K?@E>?<@J:8IIP@E>
:42>@E6EJF9C89JHDGE9<9J@EB<I0
K::I
:E::42>TE6E:>:9D9FR9
42>@E;UM:9:D9F<9JJF=K<E>224@;BF66;
:>E:BF:;42766@@D:42AD::>6E4@::;4@>2?
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
-?<@JGI<K<E;@E>K?8K@K;F<JEdK?LIK?<I
6FEAL>
E2>@KEM>@K:>E2>;U476.=
HJ=K=FL9;GFeP9@fGeP9@L99f#K:FF::LIJ
N@K?aO8?bFIaO8?K88b
70
BF:>@K
H=FK9JA@4@@A;442>@KH9J<=D9A@922D
42>@KNAFGJ9E9A@?MD42>@KMF9HD9FL9
H=J=FF=A@D2A2EI42>@KMF9J:MKLG
@=J:T;=GA@E24242>@K;G;@AFALGH=R
A@E24D42>@K@A=J:9<=LGJGBG
42>@K:>6EM:=E:GJJ9;@9JD8B<;ILEB
:I::92BF:94E2>E:BF:;92>22I4U:E22D
:E2>@K:>6E>29:E2::D2IJ@966>E K=
@GE:J=D=<AG9D;G@GD9EA@=JE9FGE9QGJQ
DG=E:GJJ9;@YQEAE9<J=K==FGBY.?8K
D8E>8M<8C:F?FCKFDPFC;<I9IFK?<I8E;
>FK?@D;ILEB8E;DPDFK?<I>FK8E>IP
6FEAL>
:E2>@K:>6E:E2>@K:>6E;708I
42>@K:>:E<4>@K:>6:GJJ9;@G
42>@K:E:0
C8<EKI8;8GI
4U42>@K:E:
42>D:D::?M:9E9JL=F=J;GEH9KAYFH9J9L=F=J
H=F99;9MK9<=:=F<=;AJCFM<C@B<G@KP
9C<JJJ8;9<:8LJ<F= 9>2>D:D::?'G9EG
'GIMA=JG#C@B<?@D
E2>E:42A4E2>
:9>22BF:9:E29@I4U:92>D:D::?BF:9:E:
J@@942 K=@GE:J=LA=F=;GEH9KAYFH9J9=D
GLJG@GE:J=.?8KD8E@J:FDG8JJ@FE8K<
KFN8I;K?<FK?<ID8E
\-@@K>2D2>D:D::?
I@"J9;A9K`AGKL=9E=.?8EBPFL
!F;CFM<PFL6FEAL>
:E2>D:D::?
:E2>D:D::?:>:E2>D:D::;47<4@>D:D::?
HG:J=
4U42>D:D::?@9;=JMF>9NGJH9J9;F8=8MFI
=FI69:A:>69:92>D:D::?:92/==KLGQ
@9;A=F<GMF>9NGJ#8D;F@E>PFL8=8MFI
::D2I:9::D2I4@>4U42>D:D::?<OGL=F=J
;GEH9KAYFH9J9G@KP=<<CJFIIP=FI
>@BF66A6BF:;::D2I4@>4U42>D:D::?K@
922A::;::92I:D22:292.A9D?MFGLA=F=
;GEH9KAYFH9J9MF=F>=JEG<=:=9QM<9JDG
#=JFD<FE<=<<CJJFIIP=FI8J@:BG<IJFE?<
J?FLC;?<CG?@D
42?222:;M:@9;=JNGDN=J@9;=JJ=?J=K9JH=J
KM9<AJNGDN=JD8B<I<KLIEG<IJL8;<KF
I<KLIE[.TEA24E2>2?E2?222:;_+GJIMV
DG@A;AKL=J=?J=K9J9KM;9K91?P;@;PFL
D8B<?@D>F?FD<6FEAL>
:E2?222:;
:E2?222:=:>:E2?222:=4@;:E2?222:=2>7<
4@?222:;J=?J=K9J
:9::D2I4@>42?222:;<OG9JJ=H=FLAJK=
I<G<EK=<<CJFIIPE2>E::IK::IBF:9
4>::A=2BF:9J22:4@::9::D2I4@>:E2?222:;
>24>22I22=BF:;::D2I92?E>@@:E K=
@GE:J=K=9JJ=H=FLAY<=D9K;GK9KE9D9KIM=
@ARGQ9@GJ9KM=KHGK9=KLT;GFL=FL9.?8K
D8E@JJFIIP=FIK?<98;K?@E>JK?8K?<?8;
42?222;U2
;FE<8E;EFN?@JN@=<@J?8GGP
42?222;U2J?G:AG>F9P6"G:AA<9=7*C
42?22@=4208I
4@?222;U2
42?227:?0
C8<EKI8;8GI
4U42?227:?
42?22:=M:N9;A9J<DGKP6962?:422:;BF:9
92I2?@422A4@A92AI:9A@@42:9A2?22:=
E2E@44UD::;9229:19;A9JVLG<9=D9?M9<=D
L9E:GQ=KL9JT9DDW#8D>F@E>KF<DGKPK?<
N8K<I=IFDK?<98II<C8E;@KdCC9<K?<I<
6FEAL>
:E2?22:=:E2?222;7<BF:?22:=
L=F=JHA=D0
:?22:=KMHA=D
42?22@M:@EKIE9MDD9JD<FN.::I42?22@K@
9:K2E::9E:>J2?22@E:>E2I[BF::9::IK92I
E29::_=IMAVF=K=D?9LGIM=9F<9E9M
DD9F<G1?FJ<:8K@J>F@E>8IFLE;D<FN
@E>6FEAL>
E2?22@E2?22@E:>
E2?22@E2;70
K::I42?22@?9LG
W42?22D:=4M@
<9J9DMREM;@GK@ABGKETK
IM=FM=N=9<8ID8EP:?@C;I<EDFI<K?8E
E@E< 9AJ2?22D:=4I@E@>42EI@K@9J@?
J22224@BF::A6>@DK@9J@?J22#=
<9<G9DMREM;@GKFAXGKH=JGFGL=F?GEM
;@G<AF=JGFAL=F?G:M=F9;9K9.?FL>?#
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42?666;M:@9;=J;GK9>D=PA:D==FMF9:GD9
N8;LG=C<O@9C<@K<D@EKF898CC2D@9J22
BF:99E2?666;>::K;924I:9J@@9EGF
LGFVEAJ=<QD9?M9J<V#=FC;<;LGDPE<K
8E;GLK@K8N8P
6FEAL>
:E2?666;
:E2?666=:>:E2?666=4:E2?666=4@;7<
4?666;=F;G?A<G
::BF:42?666;<G:D9J9<E;=FC;LG
42?66A?:M:
@9;=J9?9;@9JK=D8B<JKFFG
FM<ILGJ;=J:G;9J:I<NLGDFLK?.::I
::44U:9::A6K:922D::E4>2>K@:E66?924
92I:J2?66A?:@@)GIMAKGLGE9JE=<A;AF9
QK=LGJ;AYD9:G;9"<;@;EdKN8EKKFK8B<K?<
D<;@:@E<8E;J:I<N<;LG?@JDFLK?
6FE
AL>
:E2?66A?::E2?66A6?:>:E2?66AK@;
:E2?66AK@=427<4?66A?:9?9;@9<G
42?;M@LJGF9JK?LE;<I2?ED7::E22>2
>::?;[*22I:?E::/JGFY=FD9E9<JM?9<9
_'G=K;M;@9KL=#KK?LE;<I<;8K;8NE
@;
PFL?<8I@K6FEAL>
E2?;E2?=@;
EM?2=:>70
42422?=@;;9MK9JLJGF9J
/:DI66?2?042?=@;?JMXAJ6=D=KLYE9?G7
>IFNC5JKFD8:?6
::?;JF9CLJM=FGK?LE;<I*C
::?=@;
42?=@;0
C8<EKI8;8GI
42?;
42?@22JH9F?9J=?D9F;@99F8K*C
42?@22E2;6=KH-G
7-@EXE
WK::II6A6
:E:4@@>
42?@224U4296>6;H9F?9;GFN=D99F8K
N@K?J8@C&@K
H9F?9IM=R9JH90
42?@22
J296>6;N=D9<=H9F?9<=:9J;G
42?@229696E2K@HAJ9?M9G@IF>L<;L>FLK
&@K
H9F?9<=MFTJ:GD
42?@22BF:92D9F;@9<=;9JJ=J9K
JG<<;9F8K
:42?@22JGFJH9F?99F8K
?8M<>@M<E9@IK?KFD8EP:?@C;I<E#;FEdK
?8M<DL:?DFE<PEFI8>FF;?FLJ<
<9J9
DMR@ABGK<=KHMVK<=D9=<9<FGJE9D9<8I
:?@C;I<EC8K<@EC@=</JF9J;6FEAL>
E2?22D:=4E2?22D:=4@;7
42?2>;MK9HMJ9JK==F@9;=J9D?GKAF;MA<9<G
?LIIPKF;FJFD<K?@E>:8I<C<JJCP.229
9:A42A92IU=A24:9A2?2>;E292D:::E@;
292#GQKAE=9HMJG=FBMFL9J9D?MF9K
9DE=B9KD9K;GE=J=EGK.F;8P@=#HL@:BCP
:FCC<:KJFD<:C8DJN<N@CC<8KK?<D
6FE
AL>
:E2?2>;:E2?2>=4:E2?2>=4@;
:E2?2>=42>7-@EXE
429227KI0
4@?2>;
E9JAK;GKQH=K;9<G
2?2D2H2FGE:J=MK9<GH9J9 D=K=E:GIM=
=FMFLA=EHG9FL=JAGJ<9<GHGJMF@GE:J=
B9HGFVKE8D<LJ<;=FIC<J<D9FHL<@E8
=FID<IK@D<>@M<E9P8$8G8E<J<D8E
42?MI2K@E0
C8<EKI8;8GI
4U42?MI2K@E
42?4=M@GPA<9<G;GF
@GQALGKEG@GKGG@KK<;
ILJKP6?:>BF::I:9J22
429E2?4=>2
42?4=
9AJ@>22:; D:9D<=EWG
LA=F=@GQALGKQFG9;9JJ=V9?M9'P9L:B<K
?8JILJK?FC<J@E@KJF#;@;EdK>FKF=<K:?
N8K<I
6FEAL>
E2?4=E2?4=@;70
2DE
2?4=;9EH9E=FLG=FD9AKD9/A:MJYF
42?622I@EM:D9N9JD9KE9FGK<=GLJ9H=JKG
F9N8J??8E;JF=8EFK?<IG<IJFE ?=4@:
92?E66K;BF:9E:9::92>2::92I:9E22:
:9E2?622I@E:9J2A22:DI/=FW9EM;@GDG<G
=FKMKE9FGKQ=FLGF;=KD=9QM<V9D9NTJK=
D9K"@J?8E;JN<I<:FM<I<;N@K?DL;JF#
?<CG<;?@DN8J?K?<D
6FEAL>
:E2?622
I@E:E2?622I@E:>7<4@?622ID9N9JK=D9K
E9FGK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2?@224@>:D@;4@>:E22D:E@;BF:992292
'GKFGE:J=K<=D9KH9JL=K<=D9H9F?9
42?@222?:9242KI;AF;=DH9J9E9<=J9NFF;
:?@J<C=FINFF;&@K
;GFIM=K=J9B9=FMF9
H9F?9*C
42?@222?:9M42D42I<442KI
42?@222?:A6E6;9D9>9L=G:8LCB<BF66E6
42?@22:92?2IK2?:92;::E:JG;@9H9J9HAFL9J
G8@EK9ILJ?&@K
;GFIM=HAFLMJ9K=9HDA;9
*C
42?@22:92?2IK2?:92;622E:><2?@
4;::E0
42?@22:92?2IKHAFLMJ9
42?@22:E66=>9D;9<=D9H9F?9N8J?9F8I;F=
9F8K&@K
GJADD9<=D9H9F?9
42?@22:E::9::AETKLADD8JKF=9F8K<422A
42?@22:E:J22:A;0
C8<EKI8;8GI
:E:J22:A;
42?@22:EIHGH9<=D9H9F?9JK<IEF=K?<9F8K
&@K
F9D?9<=D9H9F?9
2?@22'F:9? A2::MF;9EH9E=FLG=FD9
AKD9/A:MJYF8:8DGFE.@9LIFE#JC8E;&@K
<GF<=K=@ARGD9H9F?96 F=KL=DM?9JD9HJA
E=J9H9F?9<=E9<=J9>M=@=;@9HGJ=DK=JA
%M9F(9L9HJG:9:D=E=FL=<=E9<=J99K=JJ9
<9>DGL9FL=9HJAF;AHAGK<=DKA?DG33KK?@J
CF:8K@FEK?<=@IJKNFF;<E9F8KN8JD8;<9P
K?<-<I@D8E$L8E'8K8GIF989CP=IFD;I@=K
NFF;8KK?<9<>@EE@E>F=K?<K?:<EKLIP
7
42?@22BF:9:A@4;:E24>GF<G<=D9H9F?9
<=K<=9>M=J99FKKFDF=K?<9F8K=IFD
FLKJ@;<&@K
@M=KG<=D9=KH9D<9<=D9
H9F?9-@EXE
K::II6A6:E:4@@>:A@4;:E24
42?@22BF:9>::K;92?EBF:IBF:>;9HALTF<=
MF9H9F?9:8GK8@EF=89F8K&@K
=DIM=?MA9
D9H9F?9
42?@22J66?HJG9<=D9H9F?99FNF=9F8K&@K
;9J9<=D9H9F?9
42?@4?:J?9NAGL9HDGE9"<<ID8EEdJ>LCC
6&8ILJ?<<ID8EE@7*C
42?@4K@;
42?@;M@
G;MJJAJMFKGFA<G;GFLAFMGQMF
HG;G?JM=KG;GEG=D:J9EA<G<=DE9J=D
RME:A<G<=MF9DAFL=JF9G=DRME:A<G<=
MF99:=B9?8GG<E8:FEK@EFLJ8E;I8K?<I
CFNJFLE;C@B<K?<IF8I@E>F=K?<J<8K?<
?@JJ@E>F=8C8EK<IEFIK?<9LQQ@E>F=89<<
,6A64@>92?D@J@@?@;E2I[>2E:::
:92>@49:A42A_*Q=JGF=D:J9EA<G<=D
E9J9FG;@=@;PFL?<8IK?<J<8IF8IC8JK
E@>?K-@EXE
BF::IUA9J<=J;GF
RME:A<G9LIEN@K?8?@JJ@E>JFLE;2>M4
BF:;>::K;E22>242?@;:92 D>M=?G9J<=
:A=F.?<=@I<@J9LIE@E>N<CC
6FEAL>
E2?@;EM?@=@;70
2K@;42?@;=KLJ=DD9
42422?@;IM=E9J?=EAJ92>M442?@;DMR
DME:J=92A2D?:42?@;MF9DAK9
4U42?@;@9;=J=;G<:?FUD::?@;429219
9@9;=J=;G#K@J>F@E>KF<:?F
2>::>6
4@>4UJ@@?@; D;A=DG@ARGMF?J9FJMA<G
.?<JBP9FFD<;
::?@;JF9Cd0
92>M4::?@;DD9E9
I6A6::?@;;9J9;GD<=DMF9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
AL>
E2?@@K:4E2?@@K:;BF:>E2?@@K:;@;
E2?@@K:;42>7
42?@A2;MKE=L=JD9E9FG=FMFDM?9J=K;GF<A
<GI<8:?@EKF8?@;;<EGC8:<2A2;::>6
9242?@9AJ2?@A2;2A2;BF:;92AI
:9J@422:I(=LWD9E9FG=FD9;M=N9<=DHMD
HGQK9IMV=DHMDHG#GLKDP?8E;@EK?<
F:KFGLJ:8M<8E;KFFBFLKK?<F:KFGLJ
6FE
AL>
:E2?@A2;:E2?TA2=:>:E2?TAK:=427
92?@A2;JJLAG8Jd0
,E22D:2?@A2;
DM?9J<GF<=DGKH=;=KK=9?9JJ9F=F;M=N9K
42?@A:?M:@9;=J=F>GJE9;GFN=P9D8B<:FE
M<O*4@K:>>29::@?2>BF:992I:9E2
?@A:?@@9J::@?2>M9F<G@9;W9;9DGJ
DD=N9:9EAKGE:J=JG;GFD9;GH9H9J99>M=J9
1?<E@KN8J?FK#NFI<DP?8KN@K?K?<
:IFNEGLJ?<;FLK
6FEAL>
:E2?@A:?
:E2?TA:EK7<4?@A:?;GFN=PG
42?EMI2=:>0
C8<EKI8;8GI
429?EMI2=:>
42?E::BF:0
C8<EKI8;8GI
492?E::BF:
42?K22:EM:
L=F=J;MA<9<G<=@9;=J;GF;MA
<9<G:8I<=LC;F:8I<=LCCP2E66J2;
>@66?644@:92?K22:E;92?E>2A@;4@@:=E2
IDE2AK:=9229:E2I/=F?9F;MA<9<G;GF
D9K:GL=DD9KIM=DD=N9FHGJIM=KAD9K<=B9F
;9=JK=IM=:J9JTF<:8I<=LCN@K?K?<9FKKC<J
K?8KPFL8I<:8IIP@E>9<:8LJ<K?<PN@CC9I<8B
@=PFL;IFGK?<D
?D2?K22:E292/=F;MA<9
<G<:8I<=LC
@9J22DA@;924:9D2?K22:E
292 K;JA:AJV;GF;MA<9<G#N@CCNI@K<:8I<
=LCCP
J=KH=L9JI<JG<:K E:9>::92BF:;
:9D2?K22:E292=:GJ=KH=L9J9EAH9<J=#
J?FLC;I<JG<:KDP=8K?<I
6FEAL>
:E2?
K22:E:E2?K22:E:>:E2?K22:E;:E2?K22:E@=
427<BF:?K22:E@9;=J;GF;MA<9<G
:D@;42?K22:E<OGL=F=JH9;A=F;A9?8M<
G8K@<E:<>::BF64E2>BF:9:D@;42?K22:E
BF:;E::I4>::BF6:9>22BF:;E::I:>2IAI
:92 D@GE:J=IM=LA=F=H9;A=F;A9FGK=
=FGB9;GFGLJ9H=JKGF9D8EN?F@JG8K@<EK
;F<JEFK><K8E>IPN@K?8EFK?<IG<IJFE
::?@=@;JF9Cd0
92>24;::?@=@;
;GF>ALMJADD9MF9HD9FL9
42?T>2=4JLG<9;D9K=<=NA<9E9JAF9IM=K=
=F;M=FLJ9=FD9KJG;9KQ<=:9BG<=D9KJG;9K
H=;=K;9F?J=BGK9DE=B9K8CCB@E;JF=JD8CC
J<8C@=<K?8K@J=FLE;8DFE>8E;LE;<IK?<
IF:BJ=@J?:I89J:C8DJ*C
42?T>2=4
42?@@42;MKL=F=JDD=N9J=FDGK:J9RGKG>9D<9
?FC;FI:8IIP@E8IDJFIC8G2BF6;U4
A24:9D2?@@42;9229:1GQ9DD=N9JD=X9#
8D>F@E>KF:8IIP=@I<NFF;
>2;::44@:
I:42BF:K::=4@::>2?@@4K:=42'9KEMB=J=K
LA=F=F9DGKFAXGK=FKMK:J9RGK.?<NFD<E
?8M<K?<@I:?@C;I<E@EK?<@I8IDJ
6FEAL>
:E2?@@42;:E2?@@42=:>:E2?@@4K:=
:E2?@@4K:=427
92?@@42;JJLAG8Jd0
92A2DA@;92
?@@42;DA:JG
42?@@94UM:@9;=J;YF;9NGD8B<:FE:8M<
>224@;BF:;:E22:;::K44@>:EIMA:E2
?@@94U2?@>I22A DNA=BG=K;9J:Y=@ARG
MF@M=;G=FD99J=F9<=D9HD9Q9QH9KYD9
FG;@==FVD.?<FC;D8E;L>8?FC<@EK?<
J8E;FEK?<9<8:?8E;JG<EKK?<E@>?K@E@K
6FEAL>
:E2?@@94U:E2?@@9;@;7<
4?@@94U;YF;9NGQ@GF<G
92?@@94UJJLAG8Jd0
922E92?@@94U
;9F9KL9=F>GJE9<=GDD9
42?@@:;M@;9MK9JJ=EGDAFGK=FD9KMH=J>A;A=<=D
E9JH=RMGLJG9FAE9DE9JAFG:8LJ<N?@IC
GFFCJFEK?<JLI=8:<F=K?<J<8=@J?FIFK?<I
D8I@E<8E@D8C,::>6E2>@42EI6A6E:>@
422?:E22:E92?DI29J2?@@:;::EI@429
+9K9:9FL9FL9KK9J<AF9K=F=DE9JIM=;9MK9
JGFEM;@GKJ=EGDAFGK-FD8EPJ8I;@E<J
N<I<>F@E>@EK?<J<8K?8KK?<PD8;<CFKJF=
N?@ICGFFCJ
6FEAL>
E2?@@:;E2?@@:=4@;7
42?@@K:4M@>JMF;AJ=D=FLJ=;=BG=IFNE=LIIFN
FE<dJ9IFNE2>K@E@44UE2AJ2?@@K:4
::D2IE966>E0F@GE:J=9DDW>JMF;W9=D=F
LJ=;=BGHGJIM==KL9:9=FGB9<GD8EK?<I<
N8J=IFNE@E>9<:8LJ<?<N8J8E>IP
6FE
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42AJH9DG:D9F;GN9J9:D9F;9G8CF9C8E:F8
C<>LD<KI<<6:8:@8N@CC8I;@8E8'8I@F
JFJ8N@CC8I;@8E87*C
42A4@;
42A8IK=DD9;GK9H9J9<9K?<JK8E;@E>
922A=42A>2422E@= DAFNA=JFG=KH=DA?JG
KG1@EK<I@J;8E><IFLJ
6.=MK9;GFG:B=LGK
H9J9<GKQ;GF=PHJ=KAGF=K<=LA=EHG/J<;
N@K?JK8E;@E>F9A<:KJ8E;N@K?N<8K?<I
<OGI<JJ@FEJ
708I
4@A
2AU92A@@:?
MF;9EH9E=FLG=FD9AKD9
/A:MJYF8:8DGFE.@9LIFE#JC8E;MF
DM?9J<GF<=K==F;M=FLJ99?M9<MD;==FD9
AKD9/A:MJYF8GC8:<N?<I<=I<J?N8K<I@J
=FLE;FE.@9LIFE#JC8E;&@K
H9DG:D9F;G
LGJ;A<G
42A222I0
C8<EKI8;8GI
4U42A222I
42A22:?M:d6FEAL>
:E2A22:?:E2A22:?:>
:E2A22:;27<4A22:?;9=JK=0
42JE2A42
A22:?@GJEA?99L=J;AGH=D9<9JGB9
::BF:42A22:?;9MK9J;9=J=FD8B<=8CCFE
::;::BF:42A22:?@E@9;=JKAFH=<AJH=JEAKG
;FN@K?FLK8JB@E>G<ID@JJ@FE#2CQ2BF:9
I::4296:92242BF:9::;::BF:9E2A22:?@E
4@9A>:E2=922*@>4@:9:A:K::IK@4@9>2
D::;:>.AFKMH=JEAKGN=F<WD9K;GK9KIM=
(9JW9E==F;9J?Y"9KLV=D<AF=JG=F9D?G
1@K?FLK?<IG<ID@JJ@FE#JFC;K?<K?@E>JK?8K
'8IV8<EKILJK<;KFD<
#JG<EKK?<DFE<PFE
JFD<K?@E>
J2A22:?JF9Cd0
I@@AJ2A22:?J9E9
K=;9<=MFLGJGL=IM=K=HM=<=MK9JH9J9MF
L9D9<JG
42A22:?;M:@9;=J;9=JJG<9F<G9JJGDD9JKLD
9C<FM<IIFCCE2>E:4@A92DEBF:;9::4A
924::4:J2A22:?; K=@GE:J=JG<YD9HA=<J9
@9;A99IMW.?8KD8EIFCC<;K?<IF:BK?@J
N8P
6FEAL>
:E2A22:?;:E2A22:?=4:E2
A22:?2=4@;:E2A22:?2=@=427<4A22:?;;9=J
JG<9F<G0
92DE42A22:?;;@GJDGLAD<WG
42A22:DIM:DAEHA9J:C<8E ?=4@:92?E66K;
BF:9E:9::92>2::92I:9E22::9E2?622I@E
:9J2A22:DI/=FW9EM;@GDG<G=FKMKE9FGK
Q=FLGF;=KD=9QM<V9D9NTJK=D9K"@J?8E;J
N<I<:FM<I<;N@K?DL;8E;JF#?<CG<;?@D
N8J?K?<D
6FEAL>
:E2A22:DI
:E2A222DI2;7<4A22:DIDAEHAG
42A24E2M:@9;=J;F%I:J2A24E2KWDG@ARG
.?LJ?<;@;@K
6FEAL>
:E2A24E2
:E2AM42E:>:E2A24E@;:E2AM4E@=427<
92A24E2H9J=;=J
::;42A24E2;9E:A9J@9;=J<=E9F=J9<A>=
J=FL=;F@E8;@==<I<EKN8P:?8E><2?E
92K22:?J22BF:;::;:A2A24E2E2I
:9D4@>BF66A6292)GE=N99?MKL9JKAVD
;9E:A9KM;=J;9#dDEFK>F@E>KFC@B<@K@=?<
:?8E><J?@J=<E:<
:D@;:E:4U42A24E2HJ9;LA;9J;MEHDAJ<=<A
;9JK=9GI8:K@:<8::FDGC@J?;<;@:8K<;KF
.::IBF:9BF::A6BF:9:D@;:E:4U42A24E292
SDK=<=<A;99@9;=J;GK9K:M=F9K"<@J
;<;@:8K<;KF;F@E>>FF;;<<;J
:E:4U42A24E2@9;=JH=B>9NGJ;F<
>
=8MFI2?@22J22BF:94U:J22D@E2?@22
K:E4@?J22>2K::IBF:9BF::A6BF:9:E:
4U:E2A24E2'=@ARG=D>9NGJ<=HJ=KL9J=D9
H9F?9HGJIM=FGL=FW9MF9"<C<EK?@DK?<
9F8K8J8=8MFIJ@E:<?<;@;EdK?8M<FE<
[KM:E2A24E2_<OG_<=IMVE9F=J9@ARG
IM=c?FN;@;?<;F@KJL:?K?8K_
K::IK:E:4U92A24E2<OGG8JH9K9JKM;=<=J
?8GG<E@J24;BF:9::D2I92?EIU22:E.::I
K:E:4U92A24E2922?@224>22BF::9K
:J@A696(A@=JE9FG=KLTEMQ;GFL=FLG
D?GH9KY'=<A=JGFMF9H9F?9FM=N9'P
9IFK?<I@JM<IP?8GGP
-FD<K?@E>?8GG<E<;
"<N8J>@M<E8E<N9F8K
42AM>M:EGD=JN9AF9K<=E=RIMAL=>I@E;;IP
D<JHL@K<GF;J:E2E2AM>>292E@K::E
922D4@AIUEA24:E2I:>292J@@:E@;(A
E9ET=KL9:9EGDA=F<GN9AF9K<=E=RIMAL=
!MAEGK9<GF<==KL9:9=DD9Q;M9F<G@ARG
@9JAF9<=E=RIMAL=FGKD9;GEAEGK'P
DFK?<IN8J>I@E;@E>D<JHL@K<GF;J
1<N<EK
N?<I<J?<N8J8E;N?<EJ?<D8;<D<JHL@K<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
JF8G
6FEAL>
:E2AM?@>@E:E2A2?=2>7<
4A2?:>D9N9JK==D;9:=DDG
42AM?@KI@EM:@9;=J;GJJ=JD8B<ILE-P4
J2C@;4@:422JE2;4@::>2AM?4@;4'GK
N9IM=JGK@A;A=JGF;GJJ=J9DGK;9:9DDGK.?<
:FN9FPJD8;<K?<?FIJ<JILE
6FEAL>
:E2AM?@KI@E:E2AM?4@;47<4A2?KI;GJJ=J
42A2ADM:@9;=JK=;GKAFEM;@GDWIMA<G
D8B<;IPN@K?FLKDL:?C@HL@;6FEAL>
:E2A2AD:E2AMA2D@;7<4A2ADK=;G
42A2D2IMK9:JAJQ=KLAJ9JJKI<K:?FG<E
>22>BF:;2?:962242=42BF:;:E2A2D2I
:J@@4E2'9EMB=J9:JAYKM:GDK9QEAJYD9K
;GK9K.?<NFD8EFG<E<;?<I?8E;98>8E;
CFFB<;8KK?<K?@E>J
6FEAL>
:E2A2D2I
:E2AMD2I:>:E2AMDE2;4:E2AMDE2I=4270
422D2I9:JAJ9D?GIM=K==PLA=F<=
42A2D666;20
C8<EKI8;8GI
4U42A2D666;2
42A2D:M:;9MK9J9JJM?9K:8LJ<NI@EBC<J
4@K:>42A:E:?D4>::9E:>29292J66?
:J2A2D:E2I)G<=:=K9F<9J=F=D;9DGJHGJ
IM=L=@9;=9JJM?9K=FD9;9J93FLJ?FLC;EdK
N8CB@EK?<?<8K9<:8LJ<@K:8LJ<JPFLI=8:<
KF?8M<NI@EBC<J
[2?@22:92?2IKBF:9>6
>@229J2[2?D@?E2A2D:_'GHAFL9KL=Q
D9<=B9KL=;GF9JJM?9K@;PFLG8@EK@K8E;
C<8M<@KN@K?J8>>@E>G8@EK6FEAL>
:E2A2D::E2AMD:E:>:E2AMD:;2>7<4A2D:
9JJM?9<G
4U42A2D:AFL=FL9JN=J;GFLJ9=DKGDKIPKFJ<<
8>8@EJKK?<JLE
42AMD:C@M:@EKIH9K=9JJKIFCC>F=FI8N8CB
42AMD:C@9J@>2>K@)GIMA=JGH9K=9J#
;FEdKN8EKKF>F=FI8N8CB
6FEAL>
E2AMD:C@E2AMD:C@;76=KH;GF9D9J?<=
-G
N@K?C<E>K?<E@E>F=70
K::I
42AMD:C@LMJAKL9
42AMEMK@9;=JH=J;@9H9J9K=;9J;9JF=D8B<
D<8K;IP@E>I8:B&?224@;4U4@@E:;9:K4@:
96D2AME42921GQ9@9;=JMF9H=J;@9H9J9
K=;9J;9JF=<==KL=E9F?D=K=;G#8D>F@E>
KFD8B<8D<8K;IP@E>I8:B=IFDK?@J;IP
=CFLIN<8K<@K
6FEAL>
:E2AM>:E2A2>
E:>:E2A2>=42>7<4A2>LGH9JK=;GF
42A2>2DMKd6FEAL>
:E2A2>2D:E2AM>2
D:>:E2AM>2D@;:E2AM>2D@=427
:E@42A2>2D?MAX9J=DGBGN@EB<P<)::A
BF:9K2422>BF:;:E@4U:J2A2>2D DBGN=F
?MAXY=DGBG9D9EM;@9;@9.?<9FPN@EB<;
8KK?<>@IC
42A2>:KM:E=F=9JIF:B,:42BF:K::=4@:
42?@224@>2?92?EE@:::J2AM>:;@;'GK
FAXGK=KL9:9F=FD9H9F?9QD9E=F=9:9F
.?<:?@C;I<EN<I<@EK?<9F8K8E;IF:B@E>@K
6FEAL>
:E2A2>:K:E2AM>:K:>:E2AM>:
;@;:E2AM>:=4@;7<4A2>:KNGDL=9JK=
42A2>;U4MKE9B9JN9AF9K<=E=RIMAL=;GF
9?M9H9J9@9;=JE9K9GFLE;D<JHL@K<GF;J
N@K?N8K<IKFD8B<8D8J?>224@;BF:9
922DBF:92?IU:A@@>;4E2I9:E2
:D2A2>;U4292M9F<GEAH9<J=LJ9A?9EM
;@9KN9AF9K<=E=RIMAL=EAE9ETD9KE9B9
JT1?<EDP=8K?<I9I@E>JD<JHL@K<GF;JDP
DFK?<IN@CCD8J?K?<D
6FEAL>
:E2A2>;U4:E2AM>@;BF:>:E2A2>;U@;U7
92A2>;U4JJLAG8Jd0
BF:D92A2>;U4
E9K9<=E=RIMAL=
42A2>=4M:>JGL9JQ>GJE9J:GDAL9KH=BHA=D
DG<GIL98E;K?<I<9P=FID98CCJ<
>
JB@E
DL;'F:?22:=4@>A:9:K=4E2ID29
A22>=4292M9F<GD9HA=D<=MFG=KLT
KM;A9K=<=:=>JGL9JH9J9IMAL9JD9LA=JJ9
>GJE9F<G:GDAL9K1?<EFE<dJJB@E@J;@IKP
@KJ?FLC;9<IL99<;KFI<DFM<K?<;@IK9P
=FID@E>98CCJ
6FEAL>
:E2A2>=4
:E2A2>=42>7<4A2>=4
42A2>@E0
C8<EKI8;8GI
4U42A2>@E
42AM?@>@EM:D9N9J=D;9:=DDG9GLJ9H=JKGF9
N8J?K?<?8@IF=8EFK?<IG<IJFE#29D2
AM?@>@E292/=D9N9JV=D;9:=DDG#N@CC
N8J?PFLI?8@I
422:DI9:A4@>>6
9D2AM?@>@E292/=D9N9JV=D;9:=DDG;GF
=KL=B9:YF#N@CCN8J?PFLI?8@IN@K?K?@J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
D8E>IFM<NFF;
6FEAL>
:E2AME:E2A2E
E:>:E2A2EI2>7
92AMEJJLAG8JH=J;@9<=E=RIMAL=H9J9
K=;9J;9JF=D<JHL@K<D<8K;IP@E>I8:B*C
92A2EI2>
42A2E;M:9HD9KL9J=C8KK<E.::I924IE::;42E2I
E:?E:42K:IBF:D::=4@AK::IJ2422=:>BF:;:E
92?EE>22D:;92I:J2A2E;@@ D;9EAYF
H9KYKG:J==DBM?M=L=<=DFAXGQDG9HD9KLY
.?<M<?@:C<I8EFM<IK?<:?@C;dJKFP8E;
=C8KK<E<;@K
6FEAL>
:E2A2E;:E2A2EK:=7<
4A2E;9HD9KL9<G
42A2E;4M:
9:JAJH=BDA:JGFG<E<
>
9FFB2A2DA@;J22BF:9:E2A2E;4
:J2422:E@>:JAY=DDA:JGQDGD=QY"<
FG<E<;K?<9FFB8E;I<8;@K
=PL=F<=J
JGI<8;FLK2?E:42224@EBF:9:E2A2E;4
9696:E::4@@9:E:>4@>:E::EM9:J@@4E2
PL=F<AY=DE9H9=FD9E=K9QDGEAJY-?<
JGI<8;FLKK?<D8GFEK?<K89C<8E;CFFB<;
8K@K
<=K9L9JLEK@< 927QKBF:;:9D2A2E;4
2921GQ9<=K9L9J=DFM<G#8D>F@E>KF
LEK@<K?<BEFK
=EHGDD9J?8K:?<>>J
*@@E2C4@>42::BF:94>22I::AIBF:9
:J2A2E;4'9?9DDAF9Q9LMNGKMKHGDDALGK.?<
?<E?8K:?<;?<I:?@:BJ
6FEAL>
:E2A2E;4
:E2AME:;BF:>:E2AME:;@;76/9E:AVFK=MK9F
DGKHDMJ9D=K<=e;99LB;f;GEGeAL9LYLABGBf
.?<GCLI8CJF=K?<M<I9a:88KA:bJL:?8J
a@K8KXK@AFAb8I<8CJFLJ<;
7<4A2E;4
9:A=JLG
2?@42A2E;4E@::42A2E;4<A>MF<AJI<GFIK
N@;<CP'F:9696BF:9::E@>BF:9E@::
:J2A2E;4A>MF<AY=D<AK;MJKG<=DHJ=KA
<=FL="<I<GFIK<;N@;<CPK?<GI<J@;<EKdJ
JG<<:?
42A2I@KM:
IMAL9JH=D9JD=N9FL9JQIMAL9J
I<DFM<G<<CC@=K8E;I<DFM<:E2922D
:92D?22:=4BF:9:E2AMI@42966A:J22:2?@
D@@42E22(AE9<J=IMALYD9;GJL=R9<=E=R
IMAL=QBMFLYK9NA9H9J9MK9J;GEG?GL9KH9J9
DGKGBGK'PDFK?<II<DFM<;K?<D<JHL@K<
98IB8E;>8K?<I<;D<JHL@K<J8GKFLJ<=FI
<P<;IFGJ
@GB=9JMFDA:JGC<8=K?IFL>?8
9FFB6FEAL>
:E2A2I@K:E2AMI@42
:E2AMI@;@;:E2AMI@=4@;7<4A2I@K
D=N9FL9JK=
42A2KAIM@<=>=;9J=F=DH9FL9DYFHGJEA=<GG
KMKLGJF@CFE<dJG8EKJ9<:8LJ<F==<8IFIJLI
GI@J<6FEAL>
E2A2KAIE2AMK:AI@;7
42A42M@@DGDDGN=JHJ=;AHAL9JI8@EGI<:@G@K8I
&@>2A4292IE2>2*B9DTIM=FGDDM=N9#
?FG<@K;F<JEdKI8@E
4@K:>44@@@E:?E:42:E:
4U>::A42'DGNAYLG<G=DN=J9FG#KI8@E<;
8CCJLDD<I
6FEAL>
E2A42EMA2;4270
422A42;M:JAJK==FD9DDMNA942422A42@9;=J
DDGN=J
::BF:42A42DDGN=J=FMFTJ=9I8@E@E8E
8I<8::BF:J@@A42'DGNAYQFGKEGB9EGK
#KI8@E<;FELJ
2?E2=:7TC?:292AM9924
2?IU::BF:42A4292 KLTDDGNA=F<GEM;@G
=F9DA>GJFA9#K@JI8@E@E>8CFK@E
8C@=FIE@8
I2E42A42;9=J?J9FARG?8@CM
:A42JF9CDDMNA9I8@E
4MA42;40
C8<EKI8;8GI
42AKI
W42A6696=BF:>MK9QM<9J?<CG/JF9J;
6FEAL>
:E2A6696=BF:>:E2A6696=42>7
-@EXE
::92I422:
42A66?6E0
C8<EKI8;8GI
4U42A66?6E
42A66E:;M:@9;=J;AJ;MD9J@9;=JJ=<GF<GD8B<
:@I:LC8ID8B<IFLE;@@A9:ABF:;
:9D4>2A66E:;292 9D29@@:A;292)GNGQ
9@9;=J=KL9;9F9KL9;AJ;MD9J'9NGQ9@9;=J
GN9D9<9#8DEFK>F@E>KFD8B<K?@J98JB<K
IFLE;
#8D>F@E>KFD8B<@KFM8CJ?8G<;
6FEAL>
:E2A66E:;:E2A66E:=4@;7<4A66E:;
;AJ;MD9J
92A66E:;JJLAG8Jd0
92?E 92A66E:;
;=JG
42AP>6EI0
C8<EKI8;8GI
4U42AP>6EI
42A6?6MKIMAL9J=KHAF9K<=DGK;9;LGKeGGDfG
eRAAPAK;99HPDfI<DFM<K?FIEJ=IFDaFFCb
FIaQ@@O@J:88GOCb:8:KLJ<J%@=:>M>A24
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<=:=K;=JJ9JDGKGBGK1GQ9=;@9JD9K?GL9K
3FLJ?FLC;EdKJHL@EKPFLI<P<J
#dD>F@E>KF
GLK;IFGJ@EK?<D
6FEAL>
:E2AQD:42
:E2AQD:;@;:E2AQD:;@;7<4@AQD:42H=IM=XG
42A:E@=M:@9;=J@AF;@9JHGJ?9KD8B<JN<CC
N@K?>8J>@M<@E;@><JK@FE,2>BF:9
:?D4>29:E292#2D2A:E@=292)G<=:=K
;GE=J;9D9:9R9/=HJG<M;AJT?9K3FL
J?FLC;EdK<8KJHL8J?
#KN@CC>@M<PFL>8J
6FEAL>
:E2A:E@=:E2AQE@E@=7<4A:E@=
@AF;@9<G
92>@K42A:E@=M:@EKI9F<9JH=FK9F<G=F
9KMFLGKK=PM9D=K>F8IFLE;?8M@E>C<N;
K?FL>?KJ2>@K9:>I2A:E@=F<GH=F
K9F<G=F9KMFLGKK=PM9D=K#>F8IFLE;
?8M@E>C<N;K?FL>?KJ
42A;@22EMKJ=NGDGL=9J=F<GK<=<GKJE8G
F9A<:K9<KN<<EKNF=@E><IJKF=C@E>@K2DE
BF:9:E2A;@22E66?:>BF::IBF:;4U:J@;::E
-=NGDGL=YD9HA=<J9QH=?YD9D9L9"<
JE8GG<;K?<JKFE<8E;?@KK?<:8E
6FEAL>
:E2A;@22E:E2A;@22:E:>:E2A;@22E2;
:E2A;@22:E@=427
92A;@22EJJLAG8Jd0
2?E2A;@22E
DM?9J=FD9AKD9/A:MJYF
42A;@66MKM;
;9DMEFA9JJC8E;<IE2>
9:>4@A>2J2A;@66IM=D@GE:J=L=
;9DMEFAY.?8KD8EJC8E;<I<;PFL
;@AK
E=9J>FJJ@G:E2BF:9D@>42A;@6692
E66>6(AE9<J=<ABGIM=FG;@AKE=9J9'P
DFK?<IJ8@;K?8KFE<J?FLC;EFK>FJJ@G
6FEAL>
.I
:E2A;@66:E2A;@66E:>
:E2A;@66I:E2A;@66I@=42#EKI
E2A;@66<K:
7
W42A;U:E:MK;MA<9J;GF;9JAXG9MF:=:VK8B<
:8I<F=N@K?><EKC<E<JJ989P'F:D::=
\>@92#29D2A;U:E:>::K;>29D22:292
?D4>@@92292)AXG`N=F9;T/=NGQ9
;MA<9J/=LJ9L9JV:A=F)GDDGJ=K?@C;
:FD<?<I<#8D>F@E>KFK8B<:8I<F=PFL
#dCCKI<8KPFLN<CC
FEdK:IP
/JF9J;6FE
AL>
:E2A;U:E::E2A;UQE:E:>:E2A;UQE:4@=
:E2A;UQE:;2>7
:E22:K::E2AP?6E2;>2:4UDK:E:J@>::9
%MFL9JGFD9K>JML9K<=D9HAL9Q9QD=KIMAL9JGF
D9K=KHAF9K.?<P>8K?<I<;FI>8EG@G<:8:KLJ
=IL@K8E;I<DFM<;K?<K?FIEJ
6FEAL>
:E2A6?6:E2AP?6E:>:E2AP?6E2;:E2AP?6E2=
427<4A6?6;=HADD9<G
J2A6?6J:FDGCd0
242E E:-2A6?6
MF9H=IM=X9AKD9;=J;9<=AKD9+9JLA<9
42A6E6M:;9MK9J@AF;@9J:8LJ<KFJN<CC6FE
AL>
:E2A6E67<4A6E6@AF;@9<G0
9696K::I42A6E6MF9J:MKLG;GKL=JGH=IM=XG
42A::M@L=F=JK9:GJ9?8M<=C8MFIF=,2A@@
:AI2D:BF:992A:AI2D:BF:9:>2A::92'9
;9JF=<=DG:G<=DE9JFGLA=F==DEAKEG
K9:GJIM=D9;9JF=<=N=F9<G:MJ9-<8C@FE
D<8K;F<JEFK?8M<K?<J8D<=C8MFI8JDLC<
;<<IM<E@JFE
2I9@@D:9:K42AA2?22=:9
4U>2A::[*22D29:ABF:;A2?22=K2?:9::9
J2 KL99?M9IM=:=:GLA=F=K9:GJ<=EA=D
_/=FW9=KL9L9R9EA=D.?@JN8K<IK?8K#8D
;I@EB@E>K8JK<JC@B<?FE<P
@;K?@J:LG?8M<
?FE<P@E@K6FEAL>
E2A::E2A::E2;7<
4A::HJG:9J;GEA<90
K::I42A::E9FL=;9
::9242A::?GJ<G?J9KGKG=8K=8KKP2A
9@::4U4@>::9242A::92 AI2D:BF:9492I
:92 DN=F9<G:MJ9IM=E9LV=J9?GJ<G.M
;9JF=L=FW9EM;@9?J9K9.?<DLC<;<<IK?8K
#B@CC<;N8J=8K
#KJD<8KN8J=8KKP
42A::4;:>MK=PL=F<=JK=H9J9N=J<=KH=J=R9JK=
9KGE9JK=JKI<K:?FE<J<C=KFCFFBJK@:B?<8;
FLKKFCFFB@>4224A24:9E29@4@>4224
4922K@9E4>M:9E2A::4;:>:9J@@4E21A9
9D?MF9KH=JKGF9KH=JGFGK9:W9IMA=F=K=J9F
FLGF;=KE=9KGEVQDGKEAJV#J8NJFD<
G<FGC<9LK;@;EdKBEFNN?FK?<PN<I<JF#
JKI<K:?<;8E;CFFB<;8KK?<D
6FEAL>
:E2A::4;:>:E2A::42=:>:E2A::4=42>
:E2A::42=42>7
42AQD:42M:@9;=J=PLJ9GJ<AF9JA9E=FL=H=IM=XG
GBG:G;99:=JLMJ9D8B<LELJL8CCPJD8CC
<P<DFLK?FIFG<E@E>#:E@;4@:
?D4>2AQD:42292#62?@9D24@42E292)G
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42A=24E:>M@@9;=JKGFA<G<=H9DE9<99D?GD
H=9J=D9?M9G9DE9KLA;9JD8B<JC8GG@E>
JFLE;9P?@KK@E>N8K<IFI:?<N@E>CFL;CP
6FEAL>
E2A=24E:>E2A=24E@;7
42A?::4=M@
NGDL=9JK=;GEHD=L9E=FL=<=>J=F
L==C@G<E;KF<E;.::I924IE::;42E2I
E:?E:42M?@E:>@KJ2A?::4=E224;>22?@
BF::;BF:;924IJ@>::9 D;9EAYFK=NGDL=Y
<AG<GKNM=DL9KQD9H=JKGF99<=FLJGK=EM
JAY.?<KIL:B=C@GG<;<E;KF<E;KN@:<8J@K
KLIE<;FM<I8E;K?<G<IJFE@EJ@;<;@<;
@9;=JMF9NGDL=J=L9<=D9<G;F:8IKN?<<C
6FEAL>
E2A?::4= E2A?::42=:>
E2A?::42=@;7
42A?Q?M@L=F=JN=F<9=FDGKGBGK9<9C@E;=FC;
<; 9AD2A?Q?2921GQ9HGF=JE=MF9N=F
<9=FDGKGBGK#8D>F@E>KFN<8I89C@E;
=FC;
6FEAL>
E2A?Q?E2A?Q?:4@=70
42A?:?:EN=F<9JDGKGBGK9
42A?:?:EM:N=F<9JDGKGBGK99C@E;=FC;.:I
BF:D::=4E2>4@A92E2A?Q?:E;924I92J2
E@@D=2;41=F<9EGKDGKGBGK9DFAXGQFGK
=K;GF<AEGK<=VD1<9C@E;=FC;<;K?<9FPdJ
<P<J8E;?@;=IFD?@D
6FEAL>
:E2A?:?:E
:E2A?Q?:E:>:E2A?Q?:E;:E2A?Q?:4@=
:E2A?Q?:=42>7<42A?Q?L=F=JN=F<9=FDGK
GBGK
42AT4M:
NGD;9JKLIEFM<IBEF:BFM<I
\ ?D2AT4I@\ ?D2AT4I@`'GN9K9NGD;9J
3FL8I<>F@E>KFBEF:B@KFM<I<=KH=?9JQ
@9;=J;9=J<=KHJ=F<=JQ@9;=J;9=JGIP
CFFJ<8E;D8B<=8CC692IE4@>2?IU
D2AT42=:>42921GQ9<=KH=?9J9EM;@GK
GKLAGF=K#8D>F@E>KFGIPCFFJ<D8EP
FPJK<IJ
6FEAL>
:E2AT4:E2AT42=:>
:E2A@4=2>:E2AT42=2>7<4A@4LME:9JK=
0
E2>2I42AT4H9LGEGFB9
:92AT4JF9Cd0
9696:>M>:92AT4
H9DGIM=K=MK9H9J9;GJL9J>JML9
42A@4;M:IMAL9JH=B;9H9J9RYFGIPF==<
>
:8I8G8:<#@@D?:A2492J@@4UE@;E2I
\92A@4=4 AI2D:BF:9>::K;A22:K:\D22:E@;
(9L9EGK9D?MF9K;9?M9E9K=FLGF;=K
IMWL=FD=KDGK;9J9H9;@GK"M9J<=EGKD9
;9JF=Q<=KHMVK;GETEGKD91<B@CC<;JFD<
J<8KLIKC<JJFK8B<F==K?<:8I8G8:<J
&<KdJ
GI<J<IM<K?<D<8K8E;<8K@KC8K<I6FEAL>
:E2A@4;:E2A@4=4:E2A@4=:>:E2A@4=4@;
:E2AT42=42>7<:A@4;;9J9H9;@G
92A@4;JJLAG8Jd0
>@@D?:92A@4;
;9?M9E9KAF;9J9H9;@G
42A@4;:E24MKH=D9J=D=PL=JAGJ<=DLGJGL=
e@99LfH9J9@9;=JE9L=JA9DH9J9;9F9KL9K
G<<CK?<FLK<IG8IK=IFDK?<C@D9<I9LJ?
a?88KbKFGI<G8I<98JB<KD8B@E>D8K<I@8C
>::BF64>22>BF:9922EBF:9:E22:
:E2A@4;QE2;4>2K666BF:9E922IE@4
4U4@::92'9EMB=JK=JAHJ=H9J9=DLGJGL=
IMAL9F<G=D=PL=JAGJQ<=B9F<G=DeR===f
-<I@NFD8EGI<G8I<JC@D9<I9LJ?9PI<DFM
@E>K?<FLK<IG8IK8E;C<8M@E>K?<aQ<<<b
6FEAL>
:E2A@4;:E24:E2A@4;QE2;4:E2A@4;
QE2;@;7<42A@4;:E24<=KDGE9JKM@M=KG
42A@4=:>BF:;J
IMALYF:?@KFE
6@ALGFA<9=7-@EXE
E2>2I42A@4=:>
42A@4=:>::=BF:;JMF
IMALYF8:?@KFE
42A@4=:>
6?@KFEM@I>LC8KLJ7
42A@4EM:DD=F9J=@CC.:I4M>424U=2BF:9
42?@22BF:992E2AT42E@;92J@@>=2;4
/J9BAEGKMF9H9F?9DD=F9<=LGLG9:91<
9IFL>?K89F8KCF8;F=KFKF898
6FEAL>
:E2A@4E:E2AT42E:>:E2AT42E@;:E2AT42E@=
427<4A@4EDD=FG0
92I42A@4EMF
=K;9J9:9BG
42A@66MK;GK=;@9JLJA?G<=E9J>DGL9FL=?8I
M<JK=CF8K@E><<C>I8JJ,?@@:D:922E::K2I
4@A4UE27A>2I4@>42244>2;::4BF:9
42A@66;@=4292'9KEMB=J=KK=JAK;GK=;@9F
LJA?G<=E9J=F9:JAD-<I@NFD<E?8IM<JK
<<C>I8JJ@EGI@C
6FEAL>
:E2A@66
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
N?<E?<K?I<N8?FK:F8C@EKFK?<>IFLGF=
G<FGC<N?FN<I<8KK?<=@<JK8
42A@@E:KI0
C8<EKI8;8GI
4U42A@@E:KI
42A@@E@D2MK9E9JJ9J=D;9:=DDG<=LJTK<=D9
;9:=R9N<8I?8@IK@<;9<?@E;?<8; =QEBF:9
:E2A@@E@D29664@EJ::9GFKM;9:=DDG
9E9JJ9<G<=LJTK<=D9;9:=R9K=>M=9D9
;9;=JW91@K??@J?8@IK@<;9<?@E;?@J?<8;
?<N<EK?LEK@E>
6FEAL>
:E2A@@E@D2
:E2A@@E@D@;7
42A@@K:M:@9;=J;GF>GJE9IM=LA=F=MF9H9JL=
ETK9F?GKL9D8B<J?8G<;N@K?8E8IIFN
JGFK>22>BF:;92>2K2;J22:BF:;
:J2A@@K:'9EMB=J@ARGKMGDD9<=:9JJG;GF
MF9H9JL=ETK9F?GKL9.?<NFD8ED8;<?<I
:C8PGFKN@K?8E8IIFNJGFK@EFE<GC8:<
6FEAL>
:E2A@@K::E2A@@KI2>7<4A@@K:
L=F=J>GJE9;GFH9JL=ETK9F?GKL9
92A@@K:JJLAG8Jd0
4D:AI92A@@K:MF
9EMD=LG@=;@G<=J=KAF9
W42A@@KE2;MKd6FEAL>
:E2A@@KE2;
:E2A@@KI2>7
M?@42A@@KE2;9HJ=F<=JMFHG;GC<8IE8
C@KKC<6?>2?:422DA@;BF:;4@@I922:
9E4>29:A:9@I@BF:AI2M?@9>2A@@KE2;
)GKVLG<G9;=J;9<=D9;TE9J9H=JGQ9
9HJ=F<WMFHG;G#;FEdKBEFN<M<IPK?@E>
89FLK8:8D<I89LK#C<8IE<;8C@KKC<
42A@AEMKM;@9;=J;@AKH9KK?IFNF==JG8IBJ
22D4@@:=4@:E:E2;J2A@AEM9F<G=D
E=RIMAL=N=J<=9J<=@9;=;@AKH9K1?<E
>I<<ED<JHL@K<9LIEJ@KK?IFNJF==JG8IBJ
6FEAL>
.I
:E2A@AE:E2ATA2E:>:E2A@AE@
:E2ATA2E2>#EKI
E2A@AE<K:
7
92A@AEJJLAG8J=F;=F<=<GJC@>?K<I
J2A@AEJ:FDGCd0
4>22>J2A@AE
HA=<J9:D9F;9IM=K=MK9:9H9J9HMFL9K<=
>D=;@9
42ATEM:d<4A@E
E@::42ATE@9;=J?AJ9J<9JNM=DL9D8B<JG@E
2:42AE@:::>2ATE:92>::A2=292E22I
22:EM9>222>2 DNA=FLGFGDG=KLT
:E2A@66E:>:E2A@66;:E2A@66;2>
:E2A@66;@=427
42A@9@M@=FKM;A9JDGKH9X9D=K;@IKP;@8G<IJ
6FEAL>
E2A@9@7/JF;GDGIMA9D
42A@@:?M:LGJ;=JKN@JK22KA@@D;BF:9
9D2A@@:?2921GQ9LGJ;=JD9HAGD9<=E=R
IMAL=#8D>F@E>KFKN@JKK?<D<JHL@K<:FI;
#:=QE4@AIUE4@:>A6I=:?D2A@@:?292
=:=KLGE9JL==D;9:=DDGD9;AGQ@9;=JL=MF
;@GF?G=FD9;9:=R93FLJ?FLC;K8B<PFLI
CFFJ<?8@I8E;GLK@K@E8BEFK9<?@E;PFLI
?<8;
6FEAL>
:E2A@@:?:E2A@::?:>
:E2A@@:=42>:E2A@@:K@:E2A@@:K@=427<
4A@@:?LMHA<G
4U42A@@:?<9J;M=J<99@9;=J9JJ9F;9J=D
EGLGJ;GFD9E9FAN=D9N@E;LG:I8EB
*C@@BF:92?EI>@42BF:9:92A@::?:>BF:9
:E:E2A>2I4UE29A@::?:>>2IJ::D2I:>
D;9EAYF9FLA?MGL=FW9MF9E9FAN=D9Q
;M9F<GD=<9:9FNM=DL9=D;9EAYF9JJ9F;9:9
.?<FC;KIL:B?8;8:I8EBK?8KN8JKLIE<;KF
JK8IK@K
:E@42A@@:??MAX9J=DGBGN@EB<P<\#:E@
92A@@:?`"MAX9LMGBG1@EBPFLI<P<
92A@@:?JJLAG8Jd0
66?>92A@@:?
;9:D=
42A@@E:E2M:LAJ9J9IMWQ9DDTK?IFN?<I<8E;
K?<I<2A2DA@;::4=@;A244@=66BF::E2I42;
>292:4@A92?D:J2A@@E:E2/AJYH=<9RGK
<=H9H=D=F=D9AJ=Q=DNA=FLGDGKLAJ9:99IMW
Q9DDT-?<K?I<NG@<:<JF=G8G<I@EKFK?<8@I
8E;K?<N@E;KFFBK?<D?<I<8E;K?<I<
6FEAL>
:E2A@@E:E2:E2A@@E:E2=42
:E2A@@E:E:>:E2A@@E:E2;:E2A@@E:E2=47<
4A@@E:E29JJ=EGDAF9JK=
92?D@42A@@E:E292?D@42A@@E:E2=42;J=9J
;GF>MKAYF:I<8K<:FE=LJ@FE8IL:BLJ
>@K:>6BF:992>BF::76K@AJ66DEBF:;
2?@4@::4@:2?@4UE@;::E92?D@:J2A@@E:E2
D:GJJ9;@G;9MKY;GF>MKAYF;M9F<GLAJYMF9
:J9K99J<A=FL=9D?JMHG<=?=FL=IM==KL9:9
=FD9>A=KL9.?<;ILEBD8E:8LJ<;8IL:BLJ
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@9;A=F<G?AJ9JHGJIM==KLTJGLG.?<N@E;
@JEdKD8B@E>@KJG@E9<:8LJ<@K@J9IFB<E
6FEAL>
:E2ATE:E2A@EE:>:E2ATE:4@=
:E2A@EI2>7
4MA@E2J;@9IM=L9A8:B<K:F8K*C
4MA@E2;
6=KH;GF9D9J?<=-G
N@K?C<E>K?<E
@E>F=7)KI8G8C89I8:4MA@E2KM;@9IM=L9
0
BF:4MA@E2L=F=J;@9IM=L9
42A@E:M@=DM<AJMF?GDH=;L:BKF8MF@;8
9CFN.::I4@BF69EK@9:E92?ED@@:EE22
>29AE2A@E:>29224@K@E@44UE2A>2:E
92?EE@@:E66?>2?:BF::;:>K::I4U:>29
?2IKK:E:E2A>2:J2EMA@=BF:>0F9H=DGL9
E=A:99H=?9JQD9=DM<W9D9?9;@9JE=+=?Y
=FMF9;9K9QIM=:JYMFNA<JAG98CCN8J
>F@E>KF?@KD<#;L:B<;
#K?@K8?FLJ<8E;
9IFB<8N@E;FN
6FEAL>
E2A@E:E2ATE:E:>
E2ATE:4@=E2ATE:E;E2ATE:;2>7
J2ATE:4@=JF9Cd0
666D2>-2ATE:4@=
DM?9J=FD9AKD9/A:MJYF
42A@EI:>0
C8<EKI8;8GI
42AEIU
42ATKM@GJAF9J6EMB=J7LI@E8K<5NFD8E6
6FEAL>
E2ATK7/JF;GDGIMA9D
42AC66?EMK=EH=X9JG8NE.::I924IE::;4@@D
J22BF:9:E2AC66?E422>:KK:J6I= EH=XY
KMJ9<AGQ;GEHJYMF9;9EAK9"<G8NE<;
?<II8;@F8E;9FL>?K8J?@IK
6FEAL>
:E2AC66?E:E2AC66?:E:>:E2AC66?6E;76
=KH9J;eHJ=F<9JfNV9K=eHDA@FL@9Lf<=
GhG<@9E8I:
-G
aGI<E;8IbcG8NEd
:FDG8I<)dF;?8DaGC@?EK?8Kb7
42AE2D2M@L=F=JE9D9KM=JL=?8M<98;CL:B
6FEAL>
E2AE2D2E2AEMD2E:>E2AE2DE@;
E2AEMDE@=4270
42AE2D2ELJ9=JE9D9KM=JL=
42AE2D2EM:LJ9=JE9D9KM=JL=9I@E>98;CL:B
[#2E2AE2D2E_/=LJ9BGE9D9KM=JL=@;@K
9I@E>PFL98;CL:B.22ABF:;E::IK::4
42AE2D2E:D@;:92K::42=4:9>224@>::BF:
4U:9::?924.@>A::IKI:A24E2BF:9
:?D:J2292GEH9J9<G;GFGLJ9K9N=K=D
;GJJ=;9EAFGK=KMF9N=IM=N=J<9<=J9E=FL=
LJ9=E9D9KM=JL=.ALA=F=KMFG;GEG
E9K;GL9N=JTKHGJIMVFDG8I<;KFFK?<I
9@I;JK?<IF8;ILEE<I@J89@I;K?8KKILCP
9I@E>J98;CL:B
#=PFL?8M<FE<8J8G<KPFL
N@CCJ<<N?P
6FEAL>
:E2AE2D2E
:E2AEMD2E:>:E2AE2DE@;:E2AEMDE@=427<
42AE2D2
42AE2I0
C8<EKI8;8GI
42AEIU
42AE;M@@II
9F;@GN@;<2?@22BF:9:A@4;
:E244@>:>2AE;:92 D>GF<G<=D9H9F?9
FG=K9F;@G.?<9FKKFDF=K?<9F8K@JEFK
N@;<
:9B9QTKH=J96NGR;GEG<=;M=JNG7
JGF;GCFN8E;I8JGP5MF@:<C@B<I8M<EdJ6
.::492?2;92AM9BF:9:9:A@?4@A9@@I
J2AE;.::42=4:9>22BF:9E22I:9QA@K2
BF:99@@I@@J2D@E@; D;M=JNGLA=F=MF9
NGREMQ:9B9QTKH=J9'GKGLJGKHTB9JGK
LA=F=FKGFA<GKEMQ9DLGK.?<I8M<E?8J8
M<IPCFNI8JGPMF@:<
.?<FK?<I9@I;JD8B<
?@>?<IJFLE;J
6FEAL>
E2AE;EMAE2=427
6.=;GFBM?9;GEGKA=DL=E9=EH=R9J9;GF
MF9NG;9D<G:D=FEAL>8K<;8J@=K?<IFFK
9<>8EN@K?8CFE>MFN<C
7*8J8;FJ2AE;0
4292AE;@9;=J9F;@G66?>9224?:K::I:E
42AE;JA>D=
2DE2AE;1ADD9<=.=JAK
K::4::742AE;H9LG;9:=R9JGB9K::I:DE;
4MAE2=42<MJ9RFADDGK:I4M>42AE;H9DGE=L9
42AEIUM@9?MB=J=9<G9:A=JLG;GF9:=JLMJ9
H=IM=X9=FD9H9JL=AF>=JAGJ
FG<EN@K??FC<JGLE:KLI<;
=IFD9FKKFD
2>42?@::?BF:;42AEIU
:92I@9E4>29@9@
42AEIU
2>M4BF:;:E:9E422:I
>292I2?@422A4@A92>M4BF:;2?9:>@
EA2K;4>292>M4BF:;:92I@AEI29BF:9
E@44U>::942)GE=<A;M=FL9IM=D9GDD9
=KL9:99?MB=J=9<9'9HMK==FD9DME:J=Q=D
9?M9K==K;MJJAYKG:J=D9DD9E9Q9H9?YD9
DME:J=(FKEFK@:@E>K?8KK?<GFK?8;?FC<J
@E@K#GLK@KFEK?<=@I<8E;N8K<IC<8B<;FLK
FEK?<=C8D<J8E;GLKFLKK?<=@I<
6FEAL>
E2AEIUE2AE2IEMA@EI:>EMAE2I=42
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
1?<E8NFD8EGI<G8I<JC@D9<I9LJ?J?<
:FM<IJ?<IC8G6FEAL>
E2AI2K=<K:
7
42AIMK2=:>;@G;9J;GF:FCC@;<N@K?22J
4@AE:9::A2E@44UE2A>2!@DPBF:9
:>2AIMK2=:>0F;9:9DDG=KL9:99DDWH9J9<G
Q%GKV;@G;Y;GFVD?FIJ<N8JJK8E;@E>
K?<I<8E;$FJT:FCC@;<;N@K?@K
:D@;4U42AI2K=9:J9R9J?L><D9I8:<
@4D2CK@96E27A9:D@;96J2AI2K=0F
E=PA;9FGFGAF<W?=F9NAFGQE=9:J9RY
EFE#E;@8E'<O@:8E:8D<8E;>8M<D<8E
89I8QF
#:D@;>6J2AI2K=/=9:J9RY"<
?L>><;PFL
D@;4@9J2AI2K='=9:J9;V#
?L>><;?@D
AE:42AIMK2=:>;@G;9JK=JD8J?KF><K?<I
:FCC@;<KF><K?<I692?EA@7::E2EC@@BF:;
AE:42AIMK2=:>E24@:962?@?E:A2ED@@4E2>
4292(9X9F9N9EGK9N=JDGK;9EAGF=KIM=
;@G;9JGF.FDFIIFNN<N@CCJ<<K?<:8IJ
K?8K:FCC@;<;KF><K?<I
:42AI2K=JF9C89J<=D9FL9D8GIFE
:92AI2K=JF9CG8J;=JJGBG<=DJA>D=
C<M<IF=
I@=C<
42AI66K4M@L=F=J>GJE9<=;MX9G;GFMF9
H9JL=ETK9F;@9=PHM=KL9N<;><J?8G<;FI
N@K?8N@;<IG8IK<OGFJ<;22>;UBF:9
>::EI@M2I@96969J22K:4@>29
E>2AI66K4>22?IU:922:9E4>M9@#9:W9
EM;@GE9?M=QH=JG=DH9DGIM=DD=N9:9FG
L=FW9>GJE9<=;MX9QFGHM<=;GJL9JEM;@G
.?<I<N<I<CFKJF=:<EKLIPGC8EKJ9LKK?<
JK@:BK?8K#?8;N8JEdKN<;><J?8G<;8E;#
:FLC;EdK:LKDL:?
6FEAL>
E2AI66K4
E2AI66K:;BF:>E2AI66K;@;E2AI66K:;42>7
0
969692AI66K4H9DGMK9<GH9J9K9;9J
9DE=B9K
`M:@9;=J<==K9>GJE9D8B<N@K?K?8K
=FID6FEAL>
:E2AI66K47
42AIU=:>M@IM=:J9JK=69D?GD9J?G79I<8B
5CFE>@K<D62IU= :9@>4@@K2=4M?4@>
E::I2?@92E22=2>>2I:42BF:K::=::4@E
:9J22=:>4@:K@E@44UE2A4UE42AI29
EMAE2;470
442AEIU9?MB=J=9J92?E
42AEIU@GQG=FD9LA=JJ9:A?:;42AEIUDM?9J
N9;WG:9BGD9D9JAF?=
::D2I4U42AEIU<OG;GFL=FLG;GFEM;@G
TFAEG?8GGP@E8:K@M<N8P*::I::BF6E
BF:9:E29@::D2I4UI@@AEIU4@@4:>29@92
J2IM9F<GNAG9KM@AB9=KLMNGEMQ;GF
L=FL9HGJIM=@9;W9EM;@GIM=FGDG@9:W9
NAKLG1?<EJ?<J8N?<I:?@C;J?<N8JM<IP
?8GGP9<:8LJ<@K?8;9<<E8CFE>K@D<J@E:<
J?<?8;J<<E?<I
42AI2M@LJ=KK?I<< I22AE2AI2>2J@@K
42>'=K<MJYLJ=K<W9KH9J9DD=?9J#KKFFB
K?<DK?I<<;8PJKF8II@M<
&66K4MAI2;U
BF:9>69D22:A@E:>9229:'=KNGQ9H9?9J
LJ=KH=KGK9;9<9MFG<=0<K#8D>F@E>KF
G8PK?I<<G<JFJKF<8:?FE<F=PFL
6FEAL>
E2AI2EMAI2;UEMAI2;U2>E2AI@;70
422AI2G;MJJAJLJ=KN=;=K
:92?=42AI2LJ=AFL9K?@IKP
::AI2JF9Cd
::BF:::AI2::BF:4U::AI2L=J;=JGK?@I;
42AI22=420
C8<EKI8;8GI
429:AI2
42AI2D:EM:;<I>AD=L=9JK9;9JD9;9JF=<=D9
HA=DQ<=DGK@M=KGK=@CC<KI<DFM<D<8K
=IFDJB@E8E;9FE<J.:I4M>BF:9
:?D2AI2D:E292`!AD=L===DH=K;9<G @CC<K
K?<=@J?6FEAL>
:E2AI2D:E:E2AIMD:E:>
:E2AIMK7<:AI2D:;9JF=
42AI2K=MK;M:JAJHGF=J=F;AE9<=:FM<IGLK
FEKFGF=,::42:?J2>2>24@:92?K2;:A;
4@A4U92AIMK2E@=I4@@>@;K:E:92?E
D>@@:E`M:J==DHD9LGIM=LA=F=;GEA<9
H9J9IM=FGK=H9J=FD9KEGK;9K=F=DD9
FM<IK?<GC8K<K?8K?8J=FF;JFK?8KK?<=C@<J
;FEdK><KFE@K6FEAL>
:E2AI2K=:E2A
IMK2=:>:E2AIMK2=2>:E2AI2K=:E2AI2K=@
:E2AIM=242>7
`M;;M:JAJK=:FM<IFE<J<C=>22>BF:;
922E:D::D:?:>E2I>2AI2K=M9F<GMF9
EMB=JHJ=H9J9LGJGL=K=;M:J=D9>9D<9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E2>@K:A:;4@>J@@AIU=:>%M?T:9EGK=F
DGKH9J=<GF=K=F D=K=E:GIM=MFG<=DGK
FAXGK;GFIMA=FBM?9:9LJ9LY<=:JAF;9JQK=
IM=:JYD9HA=JF91?@C<N<N<I<GC8P@E>FE
K?<;LE<JE<8IC<J<D9FHL<FE<F=K?<
:?@C;I<EN@K?N?FD#N8JGC8P@E>KI@<;KF
ALDG8E;9IFB<?<IC<>
,::4242E@@:E2?E:
42EJ2::;4@>:J2EE:?E:42:E22:E>22?@
E2AIU=:>>2K::I4@@92K@92?E9242?
92?EJ29;::EM9F<GD9KN9;9KH9K9:9FHGJ
D9GJADD9<=DEV<9FGD9GJADD9<=DEV<9FGK=
<=KH=?YQMF9N9;9K=;9QYJK?<:FNJ
N<I<>F@E>8CFE>K?<;LE<K?<<;><F=K?<
;LE<9IFB<CFFJ<8E;FE<:FN=<CC;FNE
6FEAL>
E2AIU=:>EMAI@E:>70
422AIU=:>IM=:J9J
4U::AIU=:>JF9Cd0
4@@K2;:E:
4U::AIU=:>H9J=<GF
2AIU=:>MF;=JJG=FD9AKD9/A:MJYF;=J;9<=
e#9KL9;ZD9f8DFLEK8@EFE.@9LIFE
#JC8E;E<8Ia"8JK8:YC8b
42AK::42E2=42M@;G;AF9<GHGJ>M=J9H=JG;JM<G
HGJ<=FLJG:FFB<;FEK?<FLKJ@;<9LKI8NFE
K?<@EJ@;<6FEAL>
E2AK::42E2=427
42AKIM@<=KHGKLADD9<G6H=BHD9LG7:?@GG<;
5<
>
GC8K<6 E66=D::AKI292'9GJADD9<=D
HD9LGK=N99<=KHGKLADD9J.?<<;><F=K?<
GC8K<N@CC><K:?@GG<;
6FEAL>
E2AKI
E2A42IEMA42;4EMA42I=427
4U42AKI9JJ9F;9<GJ9K?9<GR9>9<GKFIE
GLCC<;CFFJ<N@K?K<8I@E>DFK@FE6?>
:4229:E4@>K::I:4229:E966E64U@229BF:9
4UJ@@AKI'9;9JF9<9IM=VD@9:W9HM=KLG=F
=D9FRM=DGK=R9>Y.?<98@KK?8K?<?8;GLK
FEK?<?FFBN8JK?IFNEF==
0
442AKI
9JJ9F;9J
42BF664=4M:
HGF=J=FMF9>AD9GMF?JMHG
;GF;MA<9<GGLK@EKF8IFNFI8>IFLGN@K?
:8I<BM?9J;GFEMX=;9KGC8PN@K?;FCCJ
,:42BF:K::=4>2;::4A24922E@::E2BF664=
4@;92A64E@;A24:E22:K::J2422=2>'9K
FAX9K=KL9:9F9DDWBM?9F<G;GFD9KEMX=;9K
IM=@A;A=JGF.?<>@ICJN<I<K?<I<GC8P@E>
N@K?K?<;FCCJK?8KK?<PD8;<
6FEAL>
FEA
@EKI
E2BF664=4E2BF66BF6=BF:>
E2BF664=4@;E2BF66BF6=42>FEA
KI
:E2BF664=4<K:
7
92BF664=4JJLAG8Jd0
92A64E@;
92BF664=492A6BF6EEMX=;9K=FMF9>AD9
2DE2BF664=4;9EH9E=FLG=FD9AKD9/A
:MJYF
92A64E@;92BF664=4
42BF664@E@=0
C8<EKI8;8GI
4U42BF664@E@=
42BF666;:>MK=KH=J9JN8@K=FI2?@22K::I
4@227A@@BF:9BF:9>::K;I299J2BF666
;:>I:?=I'9H9F?9IM=>M=HGJDAK9IM=QG
=KH=J9:9NGDNAYKAFF9<9.?<9F8KK?8KN<EK
=FIDLCC<KK?8K#N8JN8@K@E>=FI:8D<98:B
N@K?FLK8EP
U:D::A6924D>29BF666;:>
292)GK=N99E=BGJ9J'AL.ME=BGJ9JFG
K=<=:==KH=J9J-?<dJEFK>F@E>KF><K
9<KK<I
&@K
"<I><KK@E>9<KK<IJ?FLC;EFK9<
N8@K<;=FI
6FEAL>
:E2BF666;:>
:E2BF666=42>7
4U42BF666;:>?M9J<9JJ8M<B<<G98:B
:I::92D::7ABF669:,::4292A29:E9:K4@:
A244U92BF666;:>92=II29:4@@9:E:J@@>
K@E2I(A@=JE9FGE9QGJN99DD=?9J"MTJ
<9D=;GEA<9HGJIM=N99IM=J=J;GE=J'P
FC;<I9IFK?<I@J:FD@E>
-8M<JFD<=FF;=FI
?@D9<:8LJ<?<@J>F@E>KFN8EKKF<8K
:E:42BF666;:>>::K;:E:E::D2I42BF666;:>
=KH=J9J?FG<=FI
42BF6676KM:@9;=JKGFA<G<=;@9KIMA<GD8B<
K8GG@E>EF@J<,22D;4@@I:4@AK::4K:E:E::;
:EKM4@K:>92?D@J2BF6676K:> DHTB9JG
HA;GL=9:9=D;9J<YFK=;GQ@9;W9MFKGFA<G
<=;@9KIMA<G.?<9@I;N8JG<:B@E>8KK?<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42BF69EM:EGN=JK=;GFEGNAEA=FLGGK;AD9LG
JAG=IMADA:J9<GDFM<N@K?<HL8CFJ:@CC8KFIP
DFM<D<EK.:I4M>K@K::I:E::42>TE6E:>
BF:;4U>2A@@>=2;4I>::K;>2D@@4E2>
292:E4>2BF69E:A:>2I4U:J2242EIE2I
M9F<G0<KLJ9=FDGKH=K;9<GK9D9K:9D9F
R9K<=:=F>AB9JK=IM=FG<=B=<=EGN=JK=
;GFEGNAEA=FLG=IMADA:J9<G1?<EPFL
9I@E>=@J?KFN<@>?K?<DFEK?<J:8C<JPFL
J?FLC;9<JLI<K?8K@K;F<JEdKJKFGDFM@E>
N@K?<HL8CDFM<D<EKJ
6FEAL>
:E2BF69E
:E2BFP96E:>:E2BFP96E:>7<4@BF69E
:GL9J
::742BFP96E:>:MJD9JK=EGNA=F<GD9
F9JWRD8B<=LEF=9PDFM@E>K?<EFJ<
42BF6DI0
C8<EKI8;8GI
4U42BF6DI
W42C2>@K?:M@E=F<A?9J<=H=JKGF9FGK=JA
9<>=IFDEFE-<I@G<IJFE,::424@>4224
4>:D4@:6K:E>:D@;BF:;2?@E2K42>J2C2
>@K;@;D?MFGKAF<W?=F9KFGK=JAKDD=?9JGF
9#=JEGKADDGQE=F<A?9:9F-FD<EFE-<I@
#E;@8EJ8II@M<;@E"<IDFJ@CCF8E;N<I<9<>
>@E>
/JF9J;6FEAL>
E2C2>@K?:
E2C2>@K;@;76=KHeDAEGKF9fNV9K=eDAEG
K@9Ff<=GhG<@9E-G
aC@DFJE8b:FD
G8I<)dF;?8DaC@DFJ?8Eb7
42C8VPJ@E:>M@N9?9JN8E;<I8IFLE;2?E
BF:;2?@42C8VPJ@E:>:92[.::IK@
42D::;:>2J2F<9N9?9F<G_ KLT@9;A=F<G
9D?G"<@JN8E;<I@E>8IFLE;
#J?<;F@E>
JFD<K?@E>6FEAL>
E2C8VPJ@E:>
E2C8VPJ@E2;76=KH-G
7-@EXE
429669E:>
42C@@4@EM:NGDN=JDG;GD8B<>F:I8QP*::I
J66;:>BF:9J2C@@4@E:9:.MN=B=RD=NGDNAY
DG;G"@JFC;8><D8;<?@D>F:I8QP
2>22IBF:9:D2C@@4@E292 D9D;G@GDD=
NGDN=JTDG;GC:F?FCN@CCD8B<?@D>F
:I8QP
6FEAL>
:E2C@@4@E:E2C@@4@E:>
:E2C@@4UI2>76=KH;GF9D9J?<=-G
N@K?C<E>K?<E@E>F=7<C@@4UDG;G0
969642C@@4@ELGDG9;@=
;IPJ8?L<JF8E;D8;<8K8GG@E>EF@J<
6FEAL>
:E2BF6676K:E2BF6676K:>7<
BF::7KKGF9J;@9KIMA<G0
4BF667K@9;=J
KGFA<G;GEG;@9KIMA<G
42BF66;0
C8<EKI8;8GI
4242::E
42BF66A64M@MK;9R9JN=F9<GMK9F<GMF9
;9:=R9<=N=F9<G;GEGK=XM=DG?LEK;<<I
LJ@E>;<<I?<8;;<:FP&2=QEBF:9:E22K:
J@@E2ID2BF66A6442E66E6/GEYD9;9:=R9
<=N=F9<GQK=>M=ABGIM=D9N99MK9J=F
D9;9R9;GEGK=XM=DG"<KFFBK?<;<<I?<8;
8E;C<=K
"<J8@;K?8K?<@J>F@E>?LEK@E>
N@K?@K
6FEAL>
E2BF66A64
E2BF66A6;BF:>E2BF66A6;@;E2BF66A6;2>
E2BF66A6;42>7
96642BF66A64;9R9JDA=:J=K?LEKA8:BI89
9@KJ
:42BF66A64JF9C89Jd0
:E::42BF66A64
H9XM=DGH9J9D9;9:=R9<=MF9EMB=J;M9F<G
;9R9DA=:J=K
42BF66A@D=4M:@9;=J;MFAL9=FK9JL9JHAGD9=F
DGK<=<GK@9;A=F<G>A?MJ9KD8B<:8KdJ:I8
;C< 9AE2BF66A@D=4>2I:42BF:K::=A24
922E@::9:?J@@>2=2>@42K?:I2992D@
92?E::BF:BF:DI2A2I29E22I299J22:
#A;=>A?MJ9K<=@ADGEA=FLJ9K9D?MFGKFAXGK
E=EAJ9:9F#A;=>A?MJ9K<=NW:GJ9<=;9K;9
:=DQ<=MF9J=<#D8;<:8KdJ:I8;C<JN@K?
JKI@E>N?@C<JFD<B@;JN<I<N8K:?@E>D<
#
D8;<8I8KKC<JE8B<8E;8:8JK@E>E<K
6FE
AL>
E2BF66A@D=4E2BF66A@D=:>
E2BF66A@D=@;7
92BF66A@D=4JJLAG8J;MFAL9:8KdJ:I8;C<
:42BF66A@D=4JF9C89J;MFAL9:8KdJ:I8;C<
W42BF66E>@;M@K=FL9JK==FD9KGE:J9J@K@E
J?8;<2D@@>29:A4@A2?@9A::;9:K
4@9A::;:9AD2BF66E>@;9229:1GQ9
K=FL9JE==F=KL9J9E9<9#8D>F@E>KFJ@K@E
K?@JJ?<CK<I
/JF9J;6FEAL>
E2BF66E>@;
E2BF66E>@=4270
:BF66E>@;::K2IE9QG
42BF66I@E0
C8<EKI8;8GI
4U42BF66I@E
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:D@;42C@@4@ENGDN=JK=DG;G>F:I8QP
42DM@@II=IMANG;9JK=D8B<D@JK8B<9<D@J
K8B<E6D2D4292(==IMANG;9JV#N@CC
D8B<8D@JK8B<
6FEAL>
E2DE2DE:>
E2DI2>E2D;UE2D;U2>76.=;GFBM?9;GEG
KA=DL=E9=EH=R9J9;GFMF9NG;9D<G:D=
FEAL>8K<;8J@=K?<IFFK9<>8EN@K?8CFE>
MFN<C
7*8J8;FJ2D
4U42DM@@II;GF>MF<AJMF9;GK9;GFGLJ9
@;<EK@=P<IIFE<FLJCP:FE=LJ<FE<N@K?
8EFK?<I*C@@BF:E:?E:42&65C@BF:9922
I299AJ@@>@KI@4@9AEMD:9A>@?222:;
J=W9IM==K=;9EAYF=J9+=<JGH=JGE=
=IMANGIMVQJ=?J=KV#K?FL>?KK?8KKIL:BN8J
*<;IF9LK#N8JD@JK8B<E8E;JF#I<KLIE<;
J2DJF9Cd0
@@EJ2D=KH=BAKEG
42D2M@9H=KL9JJK@EB/JF=F:JGE9KG=F
HD=ALGK6FEAL>
E2D2EMD2E:>E2DE@;
EMDE@=4270
922A:D42D2L9:9;G<=D;GQGL=
969642D2MF9J:MKLG::I42D2:?D::MF9
HD9FL9K::I42D2:?D::MF9HD9FL9K::IJ24TA
42D2;GJL9HA;GKAFK=;LG
W::I42D2L9;9XGJK@E>P/JF9J;
:>@K4U42D2<=L=KL9J;GEA<9;<K<JK
=FF;
:?K22:42D2@9;=J<=E9F=J9<=K9DAX9<9;F
JCFGG@CPE2>E::I:?K22:I@@D2.::IBF:9
J22:BF:9J@>::A6 K=@GE:J=LJ9:9B9KAF
;MA<9<G'GIM=@9;=FG=K:M=FG.?8KD8E
NFIBJJCFGG@CP
"@JNFIB@JEdK>FF;
\2?@224@>4U>:922:924>:?K22:4@@D2
`#9RD9H9F?9KAF;MA<9<G'8B<K?<9F8K
JCFGG@CP0
:?K22:42D2?=FL=IM=NANW9=F
9B99DA>GJFA9K=?[FDGKK=JAK
:A2442D2IM=<9JK=KAF>9EADA9=FE9D9K
;GF<A;AGF=K9<C<=KN@K?FLK=8D@CP@E98;
:FE;@K@FEJ/JFG>=FKANG
0
:A2442D2
:92IU=9DE=B9eF9N9B9f
42D2242;2>MK
HGF=J=D:J9RGH9J99:J9R9JG
KGHGJL9JGLKFE<dJ8IDKF<D9I8:<FI
JLGGFIK>224U=4>@K:>E@;4@:AE:
:J2D2242=42>'GKNA=BGK:GJJ9;@GK9F<9:9F
9:J9R9<GK.?<;ILEBFC;D<EN<I<N8CB@E>
N@K?K?<@I8IDJ8IFLE;<8:?FK?<I
9QM<9J
99F<9J?<CGN8CB9:J9R9JHGFA=F<G=D
:J9RGKG:J==D@GE:JG<D9I8:<N@K?8ID
FM<IJ?FLC;<I@4D2C4E2>BF:9@J24;
BF:94@@4:>29@92J2I4U::9@924::D2I
92?E4UE@@:E:J2D2242;2>#9;W9EM;@G
IM==DE=PA;9FGFGAF<W?=F9FG@9:W9NAKLG9
KM@=JE9FGQ9DN=JDG=KL9:9EMQ;GFL=FLGQ
DG9:J9RY.?<EFE#E;@8E'<O@:8ED8E
?8;EdKJ<<E?@J9IFK?<I=FI8CFE>K@D<8E;
N?<E?<J8N?@D?<N8JM<IP?8GGP8E;
?L>><;?@D
6FEAL>
:E2D2242;2>
:E2D2242=42>7
42D22>:;M:=FJGDD9J=F;WJ;MDGIFCCLG@E
:@I:C<.6669:K4@:92D22>:;4@@4:9D4@>
>24E:>9229:E2I FJGDD==KL=E9L=JA9D
H9J9;9F9KL9KHGJIM=FGDGNGQ9MK9JHJGFLG
,FCCLGK?@J98JB<KD8K<I@8C9<:8LJ<#8DEFK
>F@E>KFLJ<@KJFFE
6FEAL>
:E2D22>:;
:E2D22>:=:>:E2D22>:=4@;7<4D22>:;
=FJGK;9<G
92D22>:;JJLAG8Jd*C
92D22>:=4
0
922E92D22>:;JGDDG<=LGJGL=HJ=H9J9<G
H9J9@9;=JD9K;9F9KL9KLJ9<A;AGF9D=K
42D2::MKD=N9FL9J<=K<==D>GF<G<=DE9J;GF
HGDD=JGI8@J<=IFDJ<89FKKFDN@K?GFC<
)2E@;A2492D2D2::E2;29219EGK9K9;9J
E=BADDGF=K;GFHGDD=JG1<8I<>F@E>KF><K
DLJJ<CJN@K?8GFC<
6FEAL>
:E2D2::
:E2D2::E:>:E2D2::E2;7
42DM>:4EMKM;;=DGKG=KH=;A9DE=FL=;GFJ=K
H=;LG9MF9H=JKGF9<=DK=PGGHM=KLGA<8C
FLJ<JG<:@8CCPI<>8I;@E>G<IJFEF=FGGFJ@K<
J<O>22>E:4@A:42DM>:4E:I@22
>::BF64>22>:9>22BF:9::92I:9AE22:
E@>>2I92AE4@:J2>::A=2 K9EMB=J=K
EMQ;=DGK9M9F<G@9:DG;GFGLJ9EMB=JQ9
FGD=?MKL9.?8KNFD8E@JA<8CFLJ
-?<
;F<JEdKC@B<@KN?<E#K8CBN@K?8EFK?<I
NFD8E
6FEAL>
.I
:E2DM>:4E:E2DM>:;
BF:>:E2DM>:;@;#EKI
E2DM>:4E<K:
7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:MKLG
42D42>2>2BF:;JMF;@AF;@=8JK@EB9L>
6#=EAHL=J9FGA<=FLA>A;9<G7*C
42D42>M>2E@;
42D42?@@94UBF:;JD9N9DN99:GE:9<9<=D9
NA=AJ9K?<IFLE;<;J?<CCF=
K?<*<:K<EJ:8CCFG6LMFC8
MF>;<J@7*C
42D42?@@9;4U
<4?@@94U;YF;9NGQ
42D42?@@94U
@GF<G
42D2A@EMK
@9;=J;9=J<=KME9FGBEF:BFLK
F=FE<dJ?8E; :BF::A22E292D2A@E
M9F<G=PLA=F<9KME9FG`@9RD9;9=J1?<E
?<JKI<K:?<JFLK?@J?8E;D8B<?@D;IFG@K
EGD=KL9J9FK?<I6K::I924IE::;42E2I
K@9642422E2I:92I@4>@K:>6BF:92?@
E::;92I9:>:92DMA@E:>4294@@492E
4>2K42>:9@4G=KL9:9E9F=B9F<GMF
;9JJGH=JGMF:GJJ9;@GIM=K=KM:AYE==KL9
:9EGD=KL9F<GL9FLGIM=;9KAFGDD=?9EGK#
N8J;I@M@E>8:8I9LK8;ILEBD8EK?8K>FK
@EN8J9FK?<I@E>D<JFDL:?K?8KN<8CDFJK
;@;EdK8II@M<
69224@K@422:92I@92:
42A2992I9:>:92DMA@E:>4299>::42EI
4G=KL9:9@9;A=F<GMF9;9K9H=JG=DNA=FLG
E=<=L=FW9Q<=BV<=@9;=JD9#N8JD8B@E>8
?FLJ<9LKK?<N@E;N8JGI<M<EK@E>D<8E;
JF#HL@K
6FEAL>
:E2D2A@E:E2DMA@E:>
:E2DMA@E;:E2DMA@E@=427
4MD2BF:>M;@IIH=AF9JK=:FD9FI9ILJ?FE<dJ
?8@I 9AMD2BF:>:9A@@I:4>22I9:=QEBF:;
92IA242?@4@9D22:292M9F<GL=JEAF=
<=;=HADD9JE==D;9:=DDGE=DGNGQ9EGB9J
1?<E#=@E@J?:FD9@E>DP?8@I#8D>F@E>
KFN<K@K
=QEBF:;:EEM?2=2IEMD2BF:>I
92?EBF:9:E:>::;@W=KL9:9H=AFTF<GK=Q
9JJ=?DTF<GK==D;9:=DDG-?<N8JK?<I<:FD9
@E>8E;=@O@E>?<I?8@I
6FEAL>
EMD2BF:>
<K:
76.=;GFBM?9;GEGKA=DL=E9=EH=R9J9
;GFMF9NG;9D<G:D=<=ETK=KAJJ=?MD9J=F
D9>9DL9<=MKG<=DHJ=>ABGeG
fH9J9E9J;9JD9
<=LJ9FKALANAR9;AYFFEAL>8K<;8J@=K?<IFFK
9<>8EN@K?8CFE>MFN<C
LIK?<IDFI<@K@J
@II<>LC8I@EK?8K@K;F<JEdKLJ<K?<GI<=@O
aFbKFD8IBK?<;<KI8EJ@K@M@Q8K@FE
70
C8
<EKI8;8GI
BFQD2BF:>*8J8;FJMD2BF:>
0
429MD2BF:>9QM<9JH=AF9J=D;9:=DDG<=
GLJ9H=JKGF9
:4MD2BF:>JF9C89Jd0
K::I:4MD2BF:>
H=AF=
:9MD2BF:>JF9Cd0
4>2;::4:9MD2BF:>
;@A;MJADD9>@;6A6:9MD2BF:>4>22>MF9J
42D42?@@94U@@:IBF:;D9
N9DN99HD9F9<9<=D9NA=AJ9K?<=C8KJ?<CCF=
K?<*<:K<EJ:8CCFG&@K
DGIM=D9NTDNMD9
9:GE:9<9<=D9NA=AJ9<=BY
42D42A66E:;BF:;JD9N9DN9
9HD9F9<9<=D9NA=AJ9K?<=C8K
J?<CCF=K?<*<:K<EJ:8CCFG
6LMFC8MF>;<J@7<4A66E:;
42D42A66E:;
;AJ;MD9J
W42D42C66C2J=K;9D=J9C8;;<I/JF9J;*C
42D42C66C2;6=KHKAF9D9J?<=-G
N@K?FLKC<E>K?<E@E>F=7-@EXE
K::I:E:
4U:BF::A2I:>:BF::A2I
42D42E22>2=42BF:;J=K;9J9:9BGDGF?A;GJFAG
QHGKA:D=E=FL=GLJGK
=K;9J9:9BGKKAEAD9J=K
CFE>?FIE:8:KLJ9<<KC<
8E;G<I?8GJFK?<I
42D42E22>2=42
J@D@C8I9<<KC<J
6'FE<@C<D8KH7*C
42D42E22>2=4@;6.=J=D9;AGF9
@AKLYJA;9E=FL=;GFeAL99E9D;9fgKM9FL=F9h
"@JKFI@:8CCPI<C8K<;KFK?<NFI;a@K88D8C:8b
c@KJ8EK<EE8d
7
42D42I0
C8<EKI8;8GI
42KI
42D66?6=:>M:;<I<GJEAJ:G;99JJA:9;GFD9K
HA=JF9KK=H9J9<9KJC<<GJGI<8;<8>C<;.::I
42?22@4@>K229BF:;4UE2942>2
:EBF66A6J2D66?6=:>D?9LGD=?MKL9<GJ
EAJ9D9DMR<=DKGD;GFD9KHA=JF9KK=H9J9
<9K.?<:8KC@B<JKFJC<<G@EK?<JLEC@>?K
JGI<8;<8>C<;
6FEAL>
E2D66?6=:>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E2D66?6=@;E2D66?6=2>7<D66?6=
E9JAHGK9
92?E4U42D66?6=:>J=NGD;9JK==FD9LA=JJ9
6H=BH=JJG;9:9DDG7IFCC@E;@IK5<
>
;F>
?FIJ<6
42D::M@GD=J9?8M<K?<JD<CCF=?8M<K?<F;FI
F=[.T92>422I2EJ24UE2D::_#M=D=9IMV
;D9K=<=@MEG1?8KB@E;F=JDFB<;F<J@K
JD<CCF= 422:DIBF:94U42D::92#M=D=9
B9:YF#KJD<CCJC@B<JF8G
6FEAL>
E2D::
E2D4@J@7<4D::GD=J
DE2442D::GD=JE9D?8M<8:<IK8@E98;
JD<CC&@K
GD=J9HYE=R
:92D::JF9CG8JKMGDGJ@KJJD<CC0
92I
:92D::BF::A6H=J>ME=
42D:::?@EM:d6FEAL>
:E2D:::?@E:E2D:::=427
<4@4D::?9HJGN=;@9J
::BF:42D:::?@E@9;=JH9J9IM=9HJGN=;@=
:8LJ<KF9<E<=@K=IFD.::I92A29:E9@@9:E
BF:9E22I::BF:9J2D:::?@E'=<AEA;GEA<9
H9J9IM=9HJGN=;@=#>8M<?<IDP=FF;JF
K?8KJ?<NFLC;9<E<=@K=IFD@K
42D::;:>M:@9;=J;F[#6MK42D::;:>J2
_,MV=KLTK@9;A=F<G1?8K8I<PFL;F@E>
:I::924@D:2?@E29;::E:42D::;:>:J@>M
(A@=JE9FGE9QGJHAKY=FMF9=KHAF9QFG
HM<G9F<9JETKDAL=J9DE=FL=FGHM<G@9;=J
F9<9'PFC;<I9IFK?<IJK<GG<;FE8K?FIE
8E;:FLC;EdKDFM<DFI<C@K<I8CCP:FLC;EdK
;F8EPK?@E>
6FEAL>
:E2D::;:>:E2D::=:>
:E2D622=2>:E2DQJ2=2>7<4D::;:>G;MH9JK=
;GF
K::IK@42D::;:>=KL9JG;MH9<G9LJP&@K
@9;=JMF9;GK9
4U42D::;:>?9KL9J=FJG<E;FE#2CQ2BF:9
I::4296:92242BF:9::;::BF:9E2A22:?@E
4@9A>:E2=922I@E@>4@:9:A:K::IK@
4@9>2D::;:>.AFKMH=JEAKGN=F<WD9K;GK9K
IM=(9JW9E==F;9J?YH=JG?9KLV=D<AF=JG
=F9D?G1@K?FLK?<IG<ID@JJ@FE#JFC;K?<
K?@E>JK?8K'8IV8<EKILJK<;KFD<9LK#JG<EK
K?<DFE<PFEJFD<K?@E>
:92D::;:>JF9Cd0
K::IK::I:92D::;:>
;GK9[LAD
42D::>6JB9EGF;ADDG:9JJG;GF;9D;AL9Q@A=JJG
IM=K=EM=D=H9J9@9;=JHAFLMJ9>9;A9D:C8P
N@K?:8C:@K<8E;@IFEK?8K@J>IFLE;LG=FI
D8B@E>=8:<G8@EK08I
42D::>:
2D::>6MF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;08I
2D::>:
2D::>62IMFDM?9J<GF<=K==F;M=FLJ9
9?M9<MD;==FD9AKD9/A:MJYF8GC8:<N?<I<
=I<J?N8K<I@J=FLE;FE.@9LIFE#JC8E;
2D::>6 J2EHMFL9<=9KAAE=8J@@D<
*F@EK
2D::>6 ?@@94U=FK=F9<9<=9KAAE=
8J@@D<98P
42D::>6EM:;<I@9;=JH9FD8B<9I<8;98B<
>A2D::>6EI:9A@66M9F<G@9?9KH9F
<9E=MFHG;G1?<EPFLD8B<9I<8;>@M<
D<JFD<
6FEAL>
:E2D::>6E:E2D::>6E:>
:E2D::>6E;708I
42D::>:E
<D::>6EH9F
42D::>6EJJLAH9F9<=JG98B<I
:42D::>6EJF9C89Jd0
2?:42D::>6E
@GJFG
J2D::>6EJ:FDGCd0
4>::BF6J2D::>6E
H9F>JALG
2D::IMFDM?9J9DFGJL=<= D=K=E:GIM=8
GC8:<EFIK?F=C<J<D9FHL<
42D:>M@J=WJK=C8L>?.2422>4@ADA2DA@;
E22>2I:42BF:K::=4E2>4UE24@::EK2IUE
>2J@@D:>M9F<GD9EM;@9;@9=KL9:9HGJ
K=J>GLG?J9>A9<9DGKEM;@9;@GKD=@9:D9JGFQ
K=JAY1?<EK?<>@ICN8J89FLKKF9<G?FKF
>I8G?<;K?<9FPJJGFB<KF?<I8E;J?<
C8L>?<;
6FEAL>
E2D:>E2D:>2>E2D:?E
E2D:?E@=427
42D:>E2M:K=FLAJ@GJEA?M=G=<<C9F;PG8IK
8J9<@E>@K:?PFIK@:BC@J?>224@;BF:9
:?22:=4@>:E2DQ>E2:J@E2I:>'9HA=D<=D
@GE:J=NA=BGD=<9:9;GE=RYFQK=J9K;Y
.?<FC;D8EdJJB@EN8J@K:?P8E;?<
J:I8K:?<;@K
6FEAL>
:E2DQ>E2:E2DQ>E2;7
<4D:>E2@GJEA?GKG
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42D?22A4@;M:d6FEAL>
:E2D?22A4@;
:E2D?22A:4@=7<BF:D?22AL=F=JH=;@G
AE642D?22A4@;9>AD9JK=JJM;@GJ?8IG<E
J8N[696:A2K:IBF:9AE6?E2D?22A4@;
_>AD9KL==DK=JJM;@G@;PFLJ?8IG<EK?<
J8N
42D?22A:EM:EGD=KL9J9FK?<I.:IBF:D::=BF:;
9:K24:E:9422:ID22=:>9:>I@>2D?22A:
E:>E2I+GF=DFAXG9IMWH9J9IM=BM=?M=FG
E=EGD=KL9*LKK?<:?@C;?<I<KFGC8P?<
;F<JEdK9FK?<ID<
6FEAL>
:E2D?22A:E
:E2D?22A:E:>:E2D?22A;@;:E2D?22AE@=427
<BF:D?22A=KL9J<=MFD9<G
AE642D?22A:E9DAF=9J=F>GJE9AJJ=?MD9J
C@E<LGA8>><;CP0
AE:BF:D?22A4@;
BF:D?22A
42D@22;M:d6FEAL>
:E2D@22;:E2D@22=4
:E2D@22=4@;7<4D@22;;JMR9JK=;GF
AE642D@22;;JMR9J=F>GJE9<=;JMRGLK@E
K?<=FIDF=8:IFJJ:IFJJ!F2?BF:9
92I22K44@:AE6:E2D@22;92?E:E?QA2E:>:E:
AE6:D@22;924:J@422:E%M9F;JMRYD9K>D=
;@9K=F=DKM=DGQLAJY=F=D;=FLJG<=D9;JMR
$L8EJKL:BK?<:IFJJ<;8IIFNJ@EKFK?<
>IFLE;8E;J?FK8KK?<@I@EK<IJ<:K@FE
92D@22;JJLAG8Jd0
969692D@22;;JMR
6962D@22;'F:9? 9::A;9EH9E=FLG
=FD9AKD9/A:MJYF
42D@@42BF:;JMF9D=H9<9?J9F<=;GFe;GH9f
J=?D9H9?J9F<=;GFe;GH9fEGDMK;G
?9KL=JYHG<G8C8I><:LG8E;J8L:<IC@DG<K
6IL:@9LCLDJ:LK<CC8KLD7-@EXE
4MD@?2
92D2;:E:;
42D@@42E:MK9E9JJ9JK@<*2A42>2I9224@
9:A42A92=II29:J@BF66K=2E2I9::92I
>2A22:K:E2:4296>6;9:A4:E:9A@@9::BF:
4@9D2D@@42E:292M9F<GDDM=N==FLJ9EM
;@99?M9=F=KL9;9K9.A0<KE=9QM<9F
NGQ99E9JJ9J=KL9DGF9=F=DD9CFKF=N8K<I
C<8BJ@EKFK?@J?FLJ<N?<E@KI8@EJJF@=PFL
?<CGD<#N@CCK@<K?@JK8IGFM<I@K
6FEAL>
42DQA:EI@EM:DAEHA9J9GLJG<=KHMVK<=IM=
<=>=;9N@G<JFD<FE<<CJ<8=K<I9FN<C
DFM<D<EK.:IBF:D::=E:4@A92AIE2A>2
4>22>BF::BF6EBF:;:E22::E2DQA:EI@E:E2I:
>@D92I2?:J2922=:> K=FAXG<=>=;YQ
;M9F<GKME9ETL=JEAFY<=DAEHA9JDGL9E
:AVFDG:9XY.?8K:?@C;?8;89FN<CDFM<
D<EK8E;N?<E?@JDFK?<I=@E@J?<;N8J?@E>
?@DJ?<8CJF98K?<;?@D
6FEAL>
:E2DQA:E
I@E:E2DQA:EI@;7<4D:AEIDAEHA9JK=<=9D?G
42DQEMKHGF=JK=9J=L=KGLKFE<8II@E>J
6FE
AL>
:E2DQE:E2D4@@EI2>7
92DQEJJLAG8J9J=L=<8II@E>
J2DQEJ:FDGCKM9J=L=?<I<8II@E>?<I
<8II@E>
42D;@;0
C8<EKI8;8GI
42DBF:>
42D=66A64M:<=KHAGB9JD9;9:=R9<=GLJG
;<CFLJ<8EFK?<IG<IJFEdJ?<8;@>42::
E:BF:;::4E@4@::J2D=66A6;@;BF::4@EE::;>2
'GK@ABGK=KLTF<=KHAGB9F<GKME9ET.?<
:?@C;I<E8I<;<CFLJ@E>K?<@IDFK?<I
6FE
AL>
:E2D=66A64:E2D=66A6;BF:>
:E2D=66A6;@;:E2D=66A6;42>7<:D=66A64
DM?9J<=LJTK<=D9GJ=B9
42D=::BF:EM:EGD=KL9J=KLGJ:9J9FK?<I
,:42BF:K::=9:K4@:92I9:>:92D=::4;@;429
:4@424;:9E4>M9@)GHM=<G@9;=J>A?MJ9K
<=H9DG>A=JJGHGJIM==KLGKFAXGKE==KLTF
EGD=KL9F<G#:8EdKD8B<@IFENFF;:8IM@E>J
9<:8LJ<K?<J<:?@C;I<E8I<9FK?<I@E>D<
6FEAL>
:E2D=::BF:E:E2D=::BF:E:>
:E2D=::4;@;7<BF:D=::BF:RMJ<G
42D>66?6;2MK@9;=J9KLAD<=>D=;@9D8B<
8IIFNJ?8=K>224@;BF:9I2A:;9:K4@:
:D2D>66?6;292 DNA=BGN99@9;=J9KLAD=K
<=>D=;@9<==KLGK;9JJARGK.?<FC;D8E@J
>F@E>KFD8B<8IIFNJ?8=KJ=IFDK?<J<I<<;J
6FEAL>
:E2D>66?6;2:E2D>66?6=42
:E2D>66?6=4@;7
92D>66?6=42JJLAG8J9KLAD<=>D=;@9
8IIFNJ?8=K*C
92D>66?6=4@;0
92D>66?6=42BF::ALA:MJYFE9JLADDG
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:E2D@@42E::E2D@@42E:>:E2D@@42E:;
:E2D@@42E2=427
42D@@9@JJ9L9FGH9D=J9J=;AVFF9;A<9E<N9FIE
NFF;I8KG8:BI8K6(<FKFD88C9@>LC87*C
42D@@9@;0
K::I922D2I2?@BF::;
42D@@>2M:@9;=JD9=KLJM;LMJ9H9J9MF9
J9E9<9D8B<=I8D<=FI8J?8;<J?<CK<I[.T
EA24E2>29696E4@:?E2>;4[#6
D2D@@>2BF66J2_+GJIMVLJ9BAKL=D9K
J9E9K_19K9@9;=JMF9J9E9<91?P;@;
PFL9I@E>K?<9I8E:?<JI<PFL>F@E>KF
D8B<8J?<CK<I6FEAL>
:E2D@@>2
:E2D@@>2E:>:E2D@@>2E2;:E2D@@>2E@=427
92D@@>2JJLAG8J=KLJM;LMJ9H9J9MF9
J9E9<9=I8D<=FI8J?8;<J?<CK<I0
2?E
2D@@>2H=JKGF9B=IM=;J=Y9DHJAE=JK=JAQ
<M=XG<=LG<GKDGK9FAE9D=KK=?[FDGK
9FL=H9K9<GKK=JAK
W42D@@>AIMKDD=N9J;GK9D9J?9:9BG=D:J9RG
:8IIPCFE>K?@E>LE;<IK?<8ID@4U
9:A4@>:?D2D@@>AI2926D66964U9:>M
92E224@;>2'D=N9=KL9E9<=J94GFGD9
HM=<GDD=N9JHGJIM==K?J9F<=8IIPK?@J
NFF;#:8EdK:8IIP@K9<:8LJ<@K@J9@>
/JF
9J;6FEAL>
:E2D@@>AI:E2D@@>@AI:>
:E2D@@>AI@;:E2D@@>@AI@=427
42D@@A@=42JN=F9<G:MJ9;GFMF9HMFL9=F
;9<9;M=JFGJG@B<?FIEDLC<;<<I6);F:F@
C<LJ?<D@FELJ72ABF:942D@@A@=4242A
:E22>2=42BF:99@@I:?D@@A=@;9@@I@@
E:IE'GK;M=JFGK<=MFN=F9<G:MJ9;GFMF9
HMFL9=F;9<9;M=JFGKGFEMQ?JM=KGKQ;GJ
LGK.?<8EKC<IJF=8JG@B<?FIEDLC<;<<I
8I<M<IPK?@:B8E;J?FIK
*C
42D@@A@=42;
W42D@A2;BF:;JE9<J=H=JD9H9FTEA;9
*8E8D@:G<8ICFPJK<I6*@E:K8;8D8Q8KC8
E@:87-@EXE
W4@A2DW422:E>@;
W42D@A:?J=KH9XGD-G8E@8I;/JF9J;6=KH
e?9;@MHWFf;GF9D9J?<=-G
a>8:?L
GVEbN@K?C<E>K?<E@E>F=708I
42K@A:>
42DBF:>M@@IIJ=E9JG8;;C<'F66=I4@>
4@>A2DBF:>E2II2292292D::K42>292
.AL[J=E9K;GF=KL=J=EGEMQHJGFLGDD=
?9J=EGK9DDW#=PFLG8;;C<N@K?K?@JG8;;C<
N<N@CC8II@M<K?<I<M<IPJFFE
6FEAL>
E2DBF:>EMD2;42E2D;@;EMD2;@;76.=;GF
BM?9;GEGKA=DL=E9=EH=R9J9;GFMF9NG;9D
<G:D=FEAL>8K<;8J@=K?<IFFK9<>8EN@K?8
CFE>MFN<C
7*8J8;FJ2DBF:>0
4292D
BF:>DD=N9J=F;9EAYFGH9F?9
:9QE::BF:42DBF:>L=F=J9L9IM==HADVHLA;G
?8M<8E<G@C<GK@:8KK8:B
42DBF:E2MKF=?9JK=9;GEH9JLAJHJG@A:AJL=F=J
I<=LJ<KFJ?8I<;@J8CCFN=IFD?8M@E>)29
>66DA2492D6I6;E22>24E2>K@E@4
4UE2A:E2DBF:E24@@I:J6I=k:9EGK9
;GEHJ9JMF9KF9J9FB9KH=JGMF@GE:J=D9K
;GEHJYLG<9KKAF;GEH9JLAJD9K1<N<I<
>F@E>KF9LPJFD<FI8E><J9LK8D8E9FL>?K
8CCF=K?<DN@K?FLKJ?8I@E>K?<D
6FEAL>
:E2DBF:E2:E2DBFQE2E:>:E2DBF:E2;
:E2DBFQE2;2>7
2?NIUI2942DBF:E2GHGF=JK=FGGFJ<
42DE@::?:>M:;9MK9J=KL9J<=D9<G:8LJ<KF9<
K@GG<;KFFE<J@;<6FEAL>
:E2DE@::?:>7
<BF:DE@::?=KL9J<=D9<G
42DI2A2M:HGF=JL=;@GGLKFE8IFF=224@
:9J22:4@A:9D2DI2A22921GQ9HGF=J
L=;@G9D9;9K9IM=@A;=#8D>F@E>KFGLK8
IFF=FEK?<?FLJ<K?8K#9L@CK
6FEAL>
:E2DI2A2:E2DIMA2E:>:E2DI2A4@;
:E2DIMA2;2>7<BF:DI2A2L=F=JH9JL=
KMH=JAGJ
92?E::BF:42DI2A2NGDL=9JKLIELGJ@;<
;FNE>22>E::I92>42?@::?BF:992?E
::BF::E2DI2A2>2K::IA22:;2?@4@@>K
2?@>@E292AI92?EJ22:E K9EMB=JNGD
L=YD9GDD9QK9DAYMF9D9;JTF.?8KNFD8E
KLIE<;K?<GFKFM<I8E;8J:FIG@FE:8D<FLK
42DBF:>BF:9:E::9::;BF:;MFEGDMK;G
?9KL=JYHG<GJC@GG<IJ?<CC6I<G@;LC8KHH7
-@EXE>::K;92?EBF:IBF:>BF:9:E::9::;
@@E:D4M>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42E22:;MKDD=N9J=F=D@GE:JG:8IIPFEK?<
J?FLC;<I,6A6:E66=K@9E22@A22:;::4E:>
K@9E29@:9E2E22:;:9J@@>;4:9D:E=:>E22
M9F<G9F<9:9HGJD9GJADD9<=DE9JNAMF
H=<9RG<=E9<=J9>DGL9FL=QD9LJ9B==FEA
@GE:JGH9J9MK9JD9=FD9DME:J=1?<E#N8J
>F@E>8CFE>K?<J<8J?FI<#J8N8G@<:<F=
;I@=KNFF;8E;9IFL>?K@KFEDPJ?FLC;<IKF
LJ<@EK?<=@I<
6FEAL>
:E2E22:;:E2E222
=:>:E2E22:K:=:E2E22:K:=427
42E22:E0
C8<EKI8;8GI
4U42E22:E
42E22>2=42M:;<I;9MK9JL=F=J;M=JFGK:8LJ<
KF?8M<?FIEJFI8EKC<IJ6FEAL>
:E2E22>2=42:E2E22>2=4@;7<BF:E22>
2=42
42E22>2E@EM8J@JKHGF=JDGK@M9J9;@=K9GLJ9
H=JKGF9GLKJ8E;8CJFEFK?<IG<IJFE#2
9D2E22>2E@E292/=NGQ9HGF=JDGK@M9J9
;@=K#8D>F@E>KFGLKJ8E;8CJFEPFL
6FEAL>
:E2E22>2E@E:E2E22>2E;76'9
H=JKGF99QM<9<9=K=D;GEHD=E=FLG<AJ=;LG
.?<G<IJFE?<CG<;@JK?<;@I<:KF9A<:K
7<
BF:E22>EDD=N9J@M9J9;@=K
42E22>2IMK9JJ9F;9JLJA?G<=E9JIM==KLT
;J=;A=F<GGLCCLG<<C>I8JJK?8K@J>IFN@E>
6FEAL>
:E2E22>2I:E2E22>2I4@;7
42E22>2I92AI@@IBF:>H=HAFG<=E9JJ<8
:L:LD9<I6"FCF
K?LI@8CL9I@:8
-<C<EBFK?LI@8
CL9I@:8QGLJGK7
42E22>2I92AI@@IBF:>
&@K
DGIM==K
K9;9<GHGJ=DIM=9JJ9F;9LJA?G<=E9J<
BF:IBF:>
42E22>;M@9@GJIMADD9<G=FIB<;22D4@A
J2E22>; DE=RIMAL==KLT
9@GJIMADD9<G.?<D<JHL@K<
9I8E:?@J=FIB<;
6FEAL>
E2E22>;E2E22>2=:>E2E22>=4
42E22>;
E2E22>=2>7
`M:@9;=JEM=K;9=FH=B>D=;@9D8B<
EFK:?@E<
>
8IIFN224?::I22K24@>
42DI66?@EM:;<IH=FK9J:A=F<=J=KH=L9JK?@EB
N<CCF=I<JG<:K&65C@BF:99:?J2DI66?@E
+=<JGE=J=KH=L9*<;IFI<JG<:KJD<
E2>
:>2DI66?@EBF:;E::I4>::BF6BF:9:9>22
BF:;4U:9@@4E2924K::IK:A@22@I:>:>@K
:92 D@GE:J=IM=FGHA=FK9:A=F<=GLJ9
H=JKGF9FG;J==IM==DGLJGK=H99D?GD8E
N?F;F<JEFKK?@EBN<CCF=FK?<IJ;F<JEdK
9<C@<M<K?8KK?<FK?<IG<IJFEBEFNJ8EPK?@E>
6FEAL>
:E2DI66?@E:E2DI66?4@;7<
:DI66?9:<GE=F
:>2DI66?@EE<>=F?9X9J9:MK9J;<:<@M<
89LJ<
42E2242MKE9F<9J9MF9H=JKGF9J<E;
JFD<FE<6FEAL>
:E2E2242:E2E2242E:>
:E2E224;@;:E2E224E@=427
42E229@M:HJ=H9J9J9DAKL9JGI<G8I<><K
JFD<K?@E>I<8;P2?EA@7::E2,2K= :>E
>2D@K::EE22>2>2J24UE2>BF:99E2
E229@Q:>2922J2::+GJIM=0<KN9F
E9X9F99jF?=D<=D9"M9J<99DDW=KLTFKMK
;G:AB9KIM=@=9DAKL9<G-@E:<PFL8I<>F@E>
KFDFIIFNKFeE><C;<C8!L8I;8#JC8E;
K?<I<8I<PFLI9C8EB<KJK?8K#?8M<I<8;@<;
=FIPFL
6FEAL>
:E2E229@:E2E229@E:>
:E2E229@;:E2E229@;2>7<BF:E229@DAKLG
42E22:;M:@9;=J?AJ9JLJGEHGJG@E8KFG
2E22:;92?EI>@42K@9E29@96>6
9E2>;4:4296>6;K@92?E:9EM9:E:9J2
E22:;/J9B=9;9K9MFLJGEHG9FLA?MGIM=
=F;GFLJV+MK=MF9DGF9=F=DKM=DG=@A;=
?AJ9J=DLJGEHG=F=DD9#9IFL>?K?FD<8E
FC;JG@EE@E>KFGK?8K#=FLE;GLK8K8IGFE
K?<>IFLE;8E;JGLEK?<KFGFE@K
6FEAL>
:E2E22:;:E2E22:=:>:E2E22:=4@;:E2E22:=@=427
<BF:E22:;EGN=JK=
2?@42E22:;@9;=JEGN=J9IMWQ9DDTD8B<
DFM<98:B8E;=FIK?
92E22:;JJLAG8J
H=YFLJGEHGMK9<G
;GFH9DGJG@EE@E>KFGMF9=FJ=<9<=J98
M@E<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:J2E4@A:9D2E22>;2921GQ9@9;=JMF9
EM=K;9=FD9HMFL9<=D9>D=;@9#8D>F@E>
KFEFK:?K?<<E;F=K?<8IIFN
6FEAL>
:E2E22>;:E2E22>2=:>:E2E22>=4
:E2E22>=2>76.=E9J;9:9FD9KGJ=B9K<=
DGKH=JJGKH9J9AF<A;9JIMAVF=J9=D<M=XG
.?<<8IJF=;F>JN<I<D8IB<;KF@E;@:8K<K?<
FNE<I
7
:92E22>;JF9CJ9FMJ9G:A>MJ;9;AYF=FMF9
>D=;@9EFK:?FI=FIB@E8IIFN*C
92E22>
=2>
42E22AMK
;9MK9JHMK:8LJ<GLJK9;9JHMK
;I8@EGLJ6FEAL>
:E2E22A:E2E22AE:>
:E2E22AI2>70
429E22AL=F=JHMK92E22A
HMKEG;G
42E22D:>M:@9;=J=KHME9D8B<=F8D6FE
AL>
:E2E22D:>:E2E22D2>2;7<429E22D:>
=KHMEGKG
92E22D:>JJLAG8J=KHME9=F8D
42E22D:E@EM:<9JFGE:J=9DD9E9JE8D<:8CC
E8D<.:IBF:D::=4>22>K@9E2E22D:E@E
>::K;:9I22:.::I92D:E;K@9::J6K::IBF:9
:E::D::992E22I>@D9::J6'=<AMFFGE:J=
9MF9FAX9QD9;MA<V'=<AMF9;MF9HGJLTLAD
QL9E:AVFJGH9#E8D<;8>@IC8E;KFFB:8I<
F=?<I
#>8M<?<I8:I8;C<9F8I;8E;8CJF
:CFK?@E>
&C:D4:=292AM9924E22I4@?D2
E22D:E@E292=:=K<9JD==DFGE:J=<=
+JAK;AD93FLJ?FLC;>@M<?<IK?<E8D<
*I@J:@C8
6FEAL>
:E2E22D:E@E:E2E22D:E:>
:E2E22D:E@;:E2E22D:E@=42708I
42E22D:E
<
BF:E22D:EL=F=JFGE:J=
42E22I2MKM;EGB9JLGJGL=H9J9@9;=J;9F9K
L9KN<KC@D9<I9LJ?98JB<KD8K<I@8C,6A6
4@A2?IU4@9AE2E:4A2?9@@>;4:92I@
4@>42::E:BF:;:E29@4UJ2E22I2(=;GKLY
LJ9:9BGLJ9=J=D9?M9<=DE9JH=JG=K9EMB=J
D9NAYQD9=KL9:9MK9F<GH9J9@9;=JKM;9
F9KL9#KN8J8CFKF=NFIB=FID<KF9I@E>K?<
J8CKN8K<I9LKK?8KNFD8EJ8N@K8E;N8J
LJ@E>@KKFD8B<?<I98JB<K
6FEAL>
.I
:E2E22I2:E2E22I2E:>:E2E22I2;2>#EKI
E2E22I2<K:
7
:42E22I2JF9C89J9?M9MK9<9=FD9>9:JA;9
;AYF<=;9F9KL9K98JB<KD8B@E>N8K<I
4ME2;4M;NGEAL9JMFD@K.::I924IE::;42E2IK
2?@92E2942>292I:9:92429:9AJ@@E2=
BF:>M9F<G=KLT:9EGK=F=D;9EAYF
NGEALVHGJIM=A:9EMQJTHA<9E=FL=1?<E
N<N<I<@EK?<KIL:B#MFD@K<;9<:8LJ<@K
N8J>F@E>JF=8JK
6FEAL>
EME2;4<K:
70
C8<EKI8;8GI
BFQE2;40
42422E2;4@9;=J
NGEAL9J
42E2>2IBF:;JD=H9<9;GF
e;GH9fJ=?D9H9;GF
e;GH9fEGDMK;G?9KL=JY
HG<G:LG8E;J8L:<I
J?<CC6IL:@9LCLDKHH7
08I
E2>2II2E2>2I0
42E2>2I
429::I@?2E2>2I4@D:
42E2A;UM:E9;@M;9J@9;=JH=<9RGK9HD9KL9J
IM=:J9JH9JLAJ@9;=J<=KAFL=?J9JK=:LKLG
:ILJ?=C8KK<E9I<8BLG@4D2C4E2>BF:9
92BF6;U44@::J2E2A;U DE=PA;9FGFG
AF<W?=F9H9JLAYD9D=X9.?<EFE#E;@8E'<O@
:8E9IFB<LGK?<=@I<NFF;
6FEAL>
:E2E2A;U:E2EMA@=BF:>:E2E2AK:=:E2E2AK:=7
<4E2A;U<=KAFL=?J9<G
42EMA@=BF:>M:IM=:J9J9I<8BLG2E66J2
9:ABF:;92?E4@9A@2IK:9D2EMA@=BF:>922
9:M9F<GLAJ==KL9:GL=DD99DHAKGD9IM=
:J9JV1?<E#K?IFN;FNEK?@J9FKKC<#N@CC
9I<8B@K
6FEAL>
:E2EMA@=BF:>:E2E2AK:=7
<4E2A;U<=KAFL=?J9<G
2?@42EMA@=BF:>9JJMAF9JHD9F=K=L;
IL@EGC8EJ<K:
E2>E::I2?@9:K:
>2EMA@=BF:> K=@GE:J=9JJMAFYDGIM=
=KLT:9EGK@9;A=F<G.?8KD8EIL@E<;N?8K
N<N<I<;F@E>
42EMA@C2JEGK;9;9R9<GJ9
IF99<I=CP6KADA<9=7*C
42EMA@C2;08I
42EMA@C2
42ETA@C2
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
!F;
J2>EIU4U42E2I
AJ<=J=;@G>FJKI8@>?K
2I22K2E:?E:42J2>EIU4U42E2I:92'9
>D=;@9N9<=J=;@G.?<8IIFN@J>F@E>
JKI8@>?K8?<8;
NANAJ@GF=KL9E=FL=
@GF=KLGC@M<?FE<JKCP?FE<JK<4@>EIU
92?E4@>:E:4U:422E2I_<OGKA=EHJ=
8CN8PJ2?E4@>:E:4U:422E2IE22I
D@>BF:D@@E=42920FGFMF;9<=:=L=F=J
;9D9E:J=K*K=9=:=KKA=EHJ=LJ9:9B9J
;GF?9F9K)E<J?FLC;E<M<I?8M<:I8DGJ
.?@JD<8EJ3FLJ?FLC;8CN8PJNFIB?8I;
:422E2IJF9C89Jd0
9224@BF:9M?2?
:422E2IHAKG
::E2IJF9Cd0
K229::E2I@GJ9K::I::E2I
EGLGJ
:E:>@E2::E2IAFA;AG9<>@EE@E>
6+JGFMF;A9<GeALAEGLAAL9P7
:>2E2IJJLAE<>d0
4@?E::C:>2E2I
N=D9H9J9>AF9:BF::D2I:>2E2I>9FL9KE9
42E2IBF:AE9L9N=F9<G
AFK=;LGJLEJG@;<I
N@E;J:FIG@FE
6.GDHM?A<9=7&@K
=D
42E2IBF:A
IM=9F<9QHA;9*C
42E2IBF:AE@;
42EMI2E@=0
C8<EKI8;8GI
4U42EMI2E@=
42E2I=MK9D;9FR9JI<8:?:8K:?LGN@K?#2
D2E2I=E22E::>@>2 KLTHGJ9D;9FR9JL=
-?<@J89FLKKFI<8:?PFL
224@4@A:J2E
924>@@D?::A@4;K2?@E2A>292?E:D::42
E224UE@K24=4:E2E2I=92?E:J@@42.=H9JY
<=HMFL9KQ:9BYMF;9J9H9;@G<=;9?M9E9
IM==KL9:9=F=DL=;@G"<JKFF;FE?@J
K@GKF<J8E;>FK;FNE8J<8KLIKC<J?<CC=IFD
K?<IFF=
6FEAL>
:E2E2I=:E2EMI2=:>
:E2EMI2;:E2EMI2;2>70
4U42EMI2E@=DD=?9J
9K=J
42EMK2E2MK;GJL9J;9JF==FLAJ9K:LKD<8K@EKF
JKI@GJ.::I:AI2D:9:K4@:4T::>>::A=2:E:
9D2EMK2E22921GQ9;GJL9J=KL9;9JF==F
LAJ9K9FL=K<=IM=K=HM<J9#dD>F@E>KF:LK
42E2D42CMK@9;=JLGJLADD9KD8B<KFIK@CC8J:E2
E2E@@K:>2:9E2E2D42C4@4D2C42E:4A2?
E24@:2?@4@9AJ:E2=922=KHMVK<=IM=EA
E9<J=@ARGD9E9K9QG@A;=LGJLADD9KQD9K
N=F<W9DGKLJ9:9B9<GJ=KE=PA;9FGKFGAF<W
?=F9K=K<IDPDFK?<ID8;<K?<;FL>?#
D8;<KFIK@CC8J8E;JFC;K?<DKFK?<EFE
#E;@8E'<O@:8ENFIB<IJ
/JFHG;G>J=;M=F
L=6FEAL>
:E2E2D42C:E2EMD:42C
:E2EMD42C@;76+JVKL9EGNV9K=eAL9KC9JAf
eL9BC9AEf<=Q9IMAQeLTKC9J9Ff<=
=M<=N=&F8ENFI;J<<38HL@
a@K8JB8I@baK8AB8@Db8E;L;<M<
aKRJB8I8EbaK8AB8@Db
7-@EXE
42I2E=4
92E2D42CJJLAG8JLGJLADD9KFIK@CC8
:42E2D42CJF9C89Jd0
K::I:E::42E2D42C
;GE9D
42E2IM@AJ9F<9J;9EAF9JEGN=JK=>FN8CB
DFM<*A6K:>2E2E2IJ@BF6.=>M=
<=KHMVK<=K=JN=F;A<GK=<A;="<C<=K8=K<I
9<@E>;<=<8K<;@K@JJ8@;
*2E2II@I
E>2E2I924I>::9N=;=K9F<99N=;=K
FG9F<9-FD<K@D<J?<N8CBJJFD<K@D<J?<
;F<JEdK
6FEAL>
E2E2IEME2I:>E2=I
EM=2I@=4270
2K@;42?@;:>2E2I=KLJ=DD9
HGD9J42422E2IE9F<9J9MFDM?9J92?E
42E2I224@;N9;9G;9:9DDGK::I42E2IN=@W
;MDGK::I924IE::;42E2I;9EAYF;9JJG
N=@W;MDGWK::I96>6::4@E42E2IH=JJGK::I
:92>@42?@42E2I?9LG
::D2I4@>42E2I<OGL=F=J?9F9K?8M<
;<J@I<&@K
KM=KHWJALM9F<9::D2I4@>
E2E2I>2I229A>@E;/=FW9?9F9K=FLGF
;=KHJGFLGE=D=N9FLV#=<CKC@B<@K8E;JF#
>FKLGJFFE
::D2I4@>:>2E2IE<>LJAKL=J8;&@K
KM
=KHWJALMFGN9
92?E4@>:E:>A@@E2I_<OGKA=EHJ=
8CN8PJ&@K
;M9F<GN9KHGJD9LA=JJ9-@@K
BF:;E::I4U>2D4@>>:>;U429292?E4@>
:E:4U>::=I9240<K<=:=FKA=EHJ=;GF>A9J
=FAGK3FLGC
J?FLC;8CN8PJKILJK@E
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?@JD<8K@EKFJKI@GJ9<=FI<@KJGF@CJ
6FE
AL>
:E2EMK2E2:E2EMK2E@;7
:42EMK2E@;JF9C89Jd0
? 42EMK2E@;
;9EH9E=FLG=FD9AKD9/A:MJYF
42E2K@M:d6FEAL>
#EKI
E2E2K@E2EMK@E:>
E2EMK@E2;.I
:E2E2K@<K:
7
AE642E2K@M:KIFAN=D9J@9;=JHD9FGD8B<
C<M<CD8B<=C8K2?E9:A4@>AE69A2E2K@
9:K22I9224@4>22BF::9K:E:9A@KM>2?@
9AD::99229:M9F<GQGFAN=D==KL9LA=JJ9
NGQ9@9;=JMF9;9K9FM=N9Q9NANAJ=F=DD9
1?<E#C<M<CK?@JC8E;#8D>F@E>KF9L@C;8
E<N?FLJ<8E;C@M<@E@K
AE:42E2K@M:@EKI9DFAN=DHD9FGC<M<C=C8K
224@BF:992?EBF:9:E:D::A92492AE4@
AE:42E2K@92 DL=JJ=FG<GF<=N99=KL9JD9
;9K9Q9=KLT9DFAN=D.?<C8E;N?<I<K?<
?FLJ<N@CC9<@J8CI<8;PC<M<C
42E664J2MKd6FEAL>
:E2E664J27
::BF:42E664J2;GEH9J9J;GFGLJ9;GK9<=
MF9;9L=?GJW9KMH=JAGJ:FDG8I<N@K?
8EFK?<IK?@E>F=8?@>?<I:8K<>FIP
&65C@
BF:9>:D@;::BF:?D4>2E664J2292)GL=
;GEH9J=K;GF+=<JGFEdK:FDG8I<PFLIJ<C=
KF*<;IF
42E66=@EM:HGF=JD9>9D;99MF9H9F?9GLK
<;><FE89F8K2?@229J22:4@>::K2I
E2K@E6>6>2!F2?BF:996E27A9::92I
:E22::J2E66=@E0FE=K<=KHMVK<=IM=EA
H9F?9K=L=JEAFY<=@9;=J%M9FNAFGQE=
9QM<Y9HGF=JD9>9D;9DFEK?8=K<IDP
9F8KN8J=@E@J?<;$L8E:8D<8E;?<CG<;D<
GLKK?<<;><FE@K
6FEAL>
:E2E66=@E:E2
E66=@E:>:E2E66=@;:E2E66=@=427<BF:E66=AJ
9DH9KG<=
4U42E66=@E4U42E66=M:9X9<AJ8;;6?>
9224?:K@9D6I=E2266?:>:9D6I=924@A
4@9E2E66=@E@@9E22:>2I@J22>$:99
;GEHJ9JMFJA>D=Q9DEAKEGLA=EHG9X9<WMF
;M;@ADDGQDG;GFK=?MWH=JGE=;GKLYEM;@G
LA=EHG#N8J>F@E>KF9LP8I@=C<8E;8KK?<
J8D<K@D<#8;;<;8BE@=<JF@KKFFBD<8
CFE>K@D<
42E66>=@;M@L=F=J>GJE9<=FL9<9J<II8K<;
6FEAL>
E2E66>=@;
E2E66>=@;7
`MK@9;=J=F>GJE9
<=FL9<9D8B<J<II8K<;
42E66>=@;
6D6?92424;K:I4M>
BF:949229J22:9:A4@>J2K:>4@>92I
:9D2E66>=@;@@9229:1GQ9<9JD=KM>GJE9
<=FL9<99D99D=L9<=DH=K;9<GIM=@A;=<=
H9DG>A=JJG#8D>F@E>KF>@M<8J<II8K<;
<;><KFK?<=@EF=K?<@IFENFF;=@J?K?8K#
D8;<
6FEAL>
:E2E66>=@;:E2E66>=@=427
E66>=2JL=J.M>ABGIM=K=<=JAN9<==KL=
N=J:G-L==@O;<I@M<;=IFDK?@JM<I9
0
2DE66>=2;=JJG;=J;9<=+9J=<GF=K
:E@K;E66>=2LJAH9<=D=;@=
42E66?@EM:;<I;=JJ9J9D?G;ADWF<JA;GL=J
EAF9JHGJ@9;=JD99:=JLMJ9<=MF9;9F9KL9
=F>GJE9<=GDD9:CFJ<JFD<K?@E>:PC@E;I@
:8C=@E@J?F==9PD8B@E>K?<FG<E@E>F=8
GFKJ?8G<;98JB<K:E2922E92?@@94U
J22:BF:9K229BF:9E2EI@>24>22I
:J2E66?@E(AE9<J==KLMNG@9;A=F<GMF9
;9F9KL9HGJEM;@GK<W9KQ9@GJ9D9L=JEAFY
'PDFK?<IN8JD8B@E>898JB<K=FID8EP
;8PJ8E;EFNJ?<?8J=@E@J?<;@K
6FEAL>
:E2E66?@E:E2E66?4@;7<:E66?:G;9
42E66AIM:HGF=J=F9D?G;GEGMF;GBWFGLK
FEJFD<K?@E>C@B<8:LJ?@FE,@@A:J2E
A24:9A224=@;92A:AI2D:9:K4@::E:9D2
E66AI9229:1GQ9;GJL9JMF9KJ9EAL9K<=
LGJGL=H9J9L=F=J=FIM=HGF=J=KL9;9JF=<=
N=F9<G:MJ9#8D>F@E>KF:LKJFD<9I8E:?
<JF=<C<G?8EKKI<<9LJ?KFC8PK?@JDLC<;<<I
D<8KFE
6FEAL>
:E2E66AI:E2E66AIE:>
:E2E66AK2;4:E2E66AK2=427<4E66AI
K=FL9JK==F
:42E66AIJF9C89Jd0
42E66AI ?@@94U
DM?9JK::I:E::42E66AI:9F<=B9
W42E66D:4BF:;JMFGKLAYF8EFPJK<I
6'PI8B<<E88E><C@:8]I8JJFJKI<8G8CDLC8
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:92E::;JF9CG8JKM<G:D9<ADDG@KJ?<D*C
:92E::=4
42EQ?M@d6FEAL>
E2EQ?E2EQ?E:>E2EQ?:
4@=7
92?E42EQ?9?9;@9JK=:IFL:?;FNE@4D2C
4@AK:IBF:D::=BF:9:E@@4E2>292?EJ2EQ?
:E::I:>M9F<G=D=DE=PA;9FGFGAF<W?=F9
EAJ9:99DFAXG=DFAXGK=9?9;@YHGJIM=D=
L=FW9EA=<G.?<:?@C;:IFL:?<;@E=<8I
9<:8LJ<K?<EFE#E;@8E'<O@:8EN8JCFFB@E>
8K?@D
42E=2M@L=F=JEA=<G9D9BMKLA;A9HGJ@9:=J;G
E=LA<GMF<=DALG=<8I=LCF=K?<8LK?FI@K@<J
9<:8LJ<F=?8M@E>:FDD@KK<;8:I@D<E2>
42E=2BF:;E::IK::I429:E4@@K4@>4224I29
I::42BF:I22K;@;4@::E::I:>J224@4@A2?@
E::;E@44U>::; D@GE:J=EA=<GKGJG:YMF9
;GK9Q;GEGL=FW9EA=<G<=D9?=FL=Q<=D9
HGDA;W9K=IM=<Y=FKM;9K9.?<=<8I=LCD8E
JKFC<JFD<K?@E>8E;9<:8LJ<?<N8J8=I8@;
F=G<FGC<8E;K?<GFC@:<?<JK8P<;@E?@J
?FLJ<
6FEAL>
E2E=2E2E=70
42422E=2
9E=F9R9JN=J:9DE=FL=
42E>69:8LO.=MK9<=KHMVK<=N=J:GK>MLMJGK
>AFALGK$F<A;9MF?J9<G<=<M<9/J<;8=K<I
=@E@K<=LKLI<M<I9J
#E;@:8K<JJFD<;FL9K
[ 9AD@@D922J2a ?D@@D42E>69:
_9FLGd`,MVKVQGKAN9K9;9FL9J-?8CC
#J@E>`"FN;F#BEFN@=PFL8I<>F@E>KF
J@E>
42E@d0
42E@BF::>@D:>DD=N9J9D?G9D
;MJ9F<=JGH9J9H9?9JHGJKMLJ9:9BG
42E@22DI2;0
C8<EKI8;8GI
422:DI
42E@4?:;M:>GJE9J:GDAL9K=FID98CCJ
.:IBF:D::=BF:992?E66K;BF:9:E2422=:>
:J2E@4?:;'9FAX9BM?9:9;GF=D:9JJG=@ARG
:GDAL9K.?<>@ICN8JGC8P@E>N@K?K?<:C8P
8E;D8;<C@KKC<98CCJ
6FEAL>
:E2E@4?:;
:E2ET4?2=42:E2ET4?2=4@;7<4E@4?:;
J=<GF<G=K>VJA;G
92E@4?:;JJLAG8Jd0
922D92E@4?:;
:GDAL9<=@9JAF9<=E=RIMAL=
]7/JF9J;6D?MF9KH=JKGF9K<A;=FIM=
=KL==KMFFGE:J=9FLA?MGH9J9e@9PLf-FD<
G<FGC<J8PK?@J@J8EFC;E8D<=FIa?8OKb
7
08I
42E66K:4
42E66I@E@=M:;9MK9JH=J<=JH=KG:8LJ<KFCFJ<
N<@>?K
,::424@@IA:AI2D:K@>A@@9:EE2I
>2D2E66I@E@=292.A;GE=K;9J9;GD=K<=
GDAN9L=@9JTFH=J<=JH=KG#=PFL<8KFC@M<CC8
JE8@CJK?<PN@CCD8B<PFLCFJ<N<@>?K
6FE
AL>
:E2E66I@E@=:E2E66I@E@=7<BF:E66;U4
>D9;GHGJ=F>=JE=<9<GHGJFG;GE=J
42E:4A2?M@LJ9:9B9J=KH=;A9DE=FL=H9J9
J=EMF=J9;AYFNFIB<JG<:@8CCP=FIG8P
&@@7AID2E:4A2?4292BF:I>::9M9F<G
N=F?9N99LJ9:9B9J1?<EJ?<:FD<JJ?<@J
>F@E>KFNFIB
6FEAL>
E2E:4A2?
E2EQBF:A2?E2E:4A2?76+JVKL9EGNV9K=
e;@ACH9Ff<=GhG<@9E&F8ENFI;J<<
)dF;?8Da:?@BG8Eb
70
K:I4M>BF:9
4U42E:4A2?H=K;9<GJ;GEGG>A;AG
4U42E:4A2?M:@9;=JLJ9:9B9JD8B<NFIB
U:>2E:4A2?'G@ARGLJ9:9B9J"<D8;<
?@DNFIB
6FEAL>
4U:E2E:4A2?
4U:E2EQBF:A2?4U:E2E:4A2?7
42E:::;2J;GDAE:GE9QGJ=FKMHDME9B=AFN=J
F9D:FDDFECFFE@E@KJN@EK<IGCLD8><
6!8M@8@DD<I7*C
42E:::=426.=DD9E9
eQ==F;GHGD99;GBf;M9F<GLA=F=KMHDME9B=
N=JF9D8CC<;aP<<E:FGFC88:FAbN?<E@K
?8J@KJJLDD<IGCLD8><
7
42E:::;2
42E:::EI0
C8<EKI8;8GI
4U42E:::EI
42E::;MKL=JEAF9J<=@9;=J=@E@J?D8B@E>2D@
9J22:BF:992?EA@7::E29D2E::;2929:K
4UI::9(9X9F9NGQ9L=JEAF9J=KL9J=<IM=
=KLGQ@9;A=F<G.FDFIIFN#8D>F@E>KF
=@E@J?K?@JE<KK?8K#8DD8B@E>
6FEAL>
:E2E::;:E2E::=427
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42E@::KI2;0
C8<EKI8;8GI
422:I
42E@=M@
L=F=JEA=<G=KH=;A9DE=FL=<=;GK9K
<=K;GFG;A<9K;GEG=FD9FG;@=8=I8@;
?8M<=<8IJ<JG<:@8CCPF=LEBEFNEK?@E>J
JL:?8J8KE@>?K*92>@4>2BF:D::=4E2>
E:BF:;I@@E@=@@E@=44@:92J22;@;429:E::
FD9FG;@==K=FAXGLA=F=EA=<GHGJIM=GQ=
=D9MDDA<G<=DGK;GQGL=KKE@>?KK?8K:?@C;
@J8=I8@;9<:8LJ<?<?<8IJK?<:FPFK<J?FNC
@E>
:JGF;GN@C;,::4244M>@E2>9696
M?4@>2?@4@@>4@>42E=:92'GK9FA
E9D=K=F=DEGFL=KGF:JGF;GK.?<8E@D8CJ
@EK?<;<J<IK8I<N@C;
6FEAL>
E2E@=
EME@=:>E2E=70
J6BF:>42E@=H=JKGF9FG
;ANADAR9<9=KH=;A9DE=FL=GKGD9E=FL=
Q9IMA
:422E@=JF9C89JEA=<G<=;GK9K<=K;GFG;A
<9K=<8IF=LBEFNEK?@E>J
::E@=JF9Cd0
::E@=::7:E24@M=KGK9;JG
42E@=64MKH=<AJ9QM<998JB=FI?<CG=IFD
9J224@4@A2?@E27A9:?J2E@=64:9AD::;
92E66E6'D=?Y9EA;9K9QE=HA<AYIM=D=
9QM<9J9QIM=9;9JJ=9J99?M9"<8II@M<;8K
DP?FLJ<8E;8JB<;D<KF?<CG?@D9P
=<K:?@E>N8K<I
6FEAL>
:E2E@=64
:E2ET=6;BF:>:E2ET=6;@;:E2ET=6;42>708I
42E@=:4
0
4U42ET=64@EH=<AJ9QM<99
9D?MA=F9>9NGJ<=9D?MA=F
::BF:42E@=64M;E9D<=;AJ:LIJ<#::BF:
J2E@=64/=E9D<ABG"<:LIJ<;PFL
-@@K42E@=64MKGJ9JGI8P0
-@@K
4U42ET=64@EGJ9JHGJGLJ9H=JKGF9
:92E@=64JF9Cd0
9224@2?@-@@K
:92E@=64A?D=KA9-@@K:92E@=64GJ9;AYF
42ET>M@@9;=JKGF9J=D9?M9;GF?GDH=K;GF
9D?G<MJGH=BHA=<J9HMXGD8B<EF@J<@E
K?<N8K<IN@K?JKI@B<J2IKE:?E:42E242E
92IJ2E@>E:>@@ DH=JJGF9<9:9Q
?GDH=9:9=D9?M9@9;A=F<GKGFA<G.?<;F>
N8JJN@DD@E>8E;N8J?@KK@E>K?<N8K<I
D8B@E>JFLE;
6FEAL>
E2ET>E2E@>E:>
E2E@>E2;E2ET>E2=4@;7
42E@>6EMKM;;9MK9JHJG:D=E9K<=AF>=;;AYF9
:8LJ<@E=<:K@FEKF[6?:>4@@D@EBF:9>2
E2E@>6E_ D;D9NGL=<AGHJG:D=E9K<=
AF>=;;AYF.?<E8@C>8M<PFL8E@E=<:K@FE
6FEAL>
.I
:E2E@>6E:E2ET>6E:>
:E2ET>6E;:E2ET>6E@=42#EKI
E2E@>6E<K:
7
08I
42E@>:E
42E@>6EJJLA=K;9J9:9BG;9JJGX=JG:8II@FE
9<<KC<6.ADH@A<9=7*C
42ET>6E2;
42ET>6E;08I
42E@>:E
42E@?6MK
<=;D9J9JK=<M=XG<=>JML9AFE9<MJ9
;<:C8I<FE<J<C=FNE<IF=LEI@G<=IL@K
#@I:>2:>M>A24:9E29@>2>::K;
E@>>M>>29J2E@?66E22IA@J22:
D@@4E24292>22I4>2>92I:9>@@4E2
Q=JNA>JML9IM=FG=KL9:9E9<MJ9QE=
<=;D9JVKM<M=XG1GQ9N=JD9J=GIM=
9@GJ9=KLTE9<MJ93<JK<I;8P#J8NLEI@G<
=IL@K8E;#;<:C8I<;DPJ<C=K?<FNE<I
#8D
>F@E>EFNKFJ<<@K
(FN@K@JI@G<#K?@EB
<=;D9J9JIM=K=N99;9K9J;GFH=JKGF9
BGN=F;<:C8I<K?8KFE<@J>F@E>KFD8IIP8
PFLE>G<IJFE6FEAL>
:E2E@?6:E2ET?6E:>
:E2ET?6E2;:E2ET?6;2>708I
42E@?:
W42E@@M@?JAL9J=D:JMBGH9J9@9;=JIM=H9J=D9
DDMNA9J?FLKP<CCJ?8D8EJFK?8KK?<I8@E
N@CCJKFGE2>9224@42>24@AE7:EE2E@@
:A424@A4U:9224E:>:E2>K@E66?;:9:A@?
4@A:I2422:I2; D:JMBGK=H9JYQ?JALY
>M=JL=H9J9@9;=JH9J9JD9DDMNA9.?<J?8D8E
JKFF;LG8E;J?FLK<;CFL;CPKFD8B<K?<I8@E
JKFG
/JF9J;6FEAL>
E2E@@E2E@@E2;7
42E@@40
C8<EKI8;8GI
BF664
42E@@4=0
C8<EKI8;8GI
BF664E:>
42E@@76=2>42E@@7:=2>0
C8<EKI8;8GI
BF6676=:>
42E@@7:;20
C8<EKI8;8GI
4227:?
42E@@:0
C8<EKI8;8GI
4@@92
42E@@;@;0
C8<EKI8;8GI
92>:D;42E@@;@;
42E@@=0
C8<EKI8;8GI
4U42922;
2E@@>2;@;'F:9?2I@;-2::E@;
MFDM?9J
=FD9AKD9/A:MJYF8GC8:<FE.@9LIFE#JC8E;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9J22K:BF:9J2E@@A6II@4>22IBF::A692
(A@ABGL=FW9LGK>=JAF9H=JG9@GJ9=KLT:A=F
'P:?@C;?8;N?FFG@E>:FL>?9LKEFN?<@J
=@E<
6FEAL>
E2E@@A6I708I
42E@@A:I
:42E@@A6I:42E@@A:IJF9C89JLGK>=JAF9
:JGFIMALAKN?FFG@E>:FL>?9IFE:?@K@J
42E@@AIUK:=0
C8<EKI8;8GI
422A;UBF:;
42E@@BF6=2>42E@@BF:=2>0
C8<EKI8;8GI
BF664E:>
42E@@D:A=@;0
C8<EKI8;8GI
422DA@;
42E@@D=2;40
C8<EKI8;8GI
BF66DIU
42E@@E6E2;42E@@E:E2;0
C8<EKI8;8GI
BF66E6
42E@@E:;@;0
C8<EKI8;8GI
W422E;4
42E@@E@MKDD9E9J9MF9FAE9D:8CCKF8E
8E@D8C2IK966BF69::IKBF:99E2E@@E@
>24U:9227KI924:E:96J@@7A'D9EV9EA
H=JJALGQNAFGJTHA<9E=FL=#:8CC<;DPGLG
GP8E;?<:8D<HL@:BCP
6FEAL>
:E2E@@E@
:E2E@@E@E:>:E2E@@E@;:E2E@@E@;2>7
42E@@I2;@;0
C8<EKI8;8GI
422;4
42E@@IU=0
C8<EKI8;8GI
BF66;U4
42E@@K:M:
9E9K9JBE<8;:?E224BF:9
E2E@@K::E2I:K::I:E::42D::>6E4@A:E22:DI
:E:J2D::>6E=KHMVK<=9E9K9JEALW9DAE
HAYD9:9F<=B9=@ARGH9F=F=DD9=K<I
BE<8;@E>DP8LEK:C<8E<;K?<G8E8E;D8;<
9I<8;@E@K
<G:D9JH9J9HJG:9J;9DA<9<
9<E;KFK<JKHL8C@KP>22>E:?E:42922E
BF:;4UE27A:E2E@@K:>2E>2AIU=:>>2
4>22I:J@@KJ2I'9EMB=JDD=?Y9DLGJGL=Q
DG<G:DY;GEGFGK=IM=:JY=DD9DG;GJLY
.?<NFD8EN<EKFM<IKFK?<C@D9<I9LJ?8E;
9<EK@KJ@E:<@K;@;EdK9I<8BJ?<:LK@K
H=J;A:AJ;GEGJ=KAKL=FL=G<I:<@M<8J
I<J@JK<EK6FEAL>
:E2E@@K::E2E@@K:E:>
:E2E@@KI2>7<4E@@K:J=KAKL=FL=
92E@@K:JJLAG8JE9K9;FL>?
:42E@@K:JF9C89Jd0
K::I:E::42E@@K:
:9F<=B9
42ETA2E@=0
C8<EKI8;8GI
4U42ETA2E@=
42ETA:D@E0
C8<EKI8;8GI
4U42ETA:D@E
42ETA@C20
C8<EKI8;8GI
42EMA@C2
&@K
<GF<=DD=?9JGF9LA=JJ9DGKIM=;G;W9F
E9?M=Qe@99EBZf=FMF@GQG;GFHA=<J9K
;9DA=FL=K<422>2492I@;4@@>?JMHG
<=K=JAKIM=NANA=JGF9DDW>IFLGF=-<I@JK?8K
C@M<;K?<I<
42E@@>64M@K=J<GEAF?G9<-LE;8P
\&@42E@@>64E2>@?D::?292`-=?J=K9=D
<GEAF?GFD<98:BFE-LE;8P6FEAL>
E42E@@>6476=KHHGJE=<AG<=eL@GEA?f
<=GhG<@9E;GF9D9J?9EA=FLG<=-G
9P
D<8EJF=)dF;?8DaK?FD@>bN@K?
C<E>K?<E@E>F=708I
42E@@>:4
:42E@@>64JF9C89Jd0
W2?:42E@@>
64;9HADD9;9LYDA;9:42E@@>64<GEAF?G
42E@@>6=4@;42E@@>:=4@;0
C8<EKI8;8GI
4UBF66>:;
42E@@>6E2;42E@@>:E2;0
C8<EKI8;8GI
BF66>6E:>
42E@@>;U@;0
C8<EKI8;8GI
BF66>@K
42E@@>=@;0
C8<EKI8;8GI
4UBF66>E
42E@@>?MKE9KLA;9JG;GJL9J>T;ADE=FL=:?<N
FI:LK<8J@CP.:I4M>:AI2D:429>::K;
E29>2>2>2IK:IBF:D::=BF:94U>29229:E
E2I>::K;:>2E@@>?>22:EI:92E22I29
22:EM9>2M9F<GK=;G;AF9:A=FD9;9JF=
<=H=K;9<GK=D=<99MFFAXGQD9;GE=
>T;ADE=FL= KHGJIM=D9;9JF==KLA=JF9
1?<E=@J?@J:FFB<;N<CC@K@J>@M<EKF8
:?@C;8E;?<<8KJ@K<8J@CP
.?8K@J9<:8LJ<@K
@JK<E;<ID<8K
,@>29E@@>?`)GK=;GJL9
>T;ADE=FL=#K@JEdK<8JPKF:LK6D6?
92BF6;U4A24:EM4@E:>>::K;:I2E@@>?
9696:AM4@E:>J224@AE:E2>2GJLYD=X9
<=H9DG>A=JJG>T;ADE=FL=HGJIM=KM@9;@9
LA=F=>ADG"<:LKK?<@IFENFF;=@I<NFF;
<8J@CP9<:8LJ<?@J8O<@JJ?8IG
6FEAL>
:E2E@@>?:E2E@@>2?:>:E2E@@>2?@;7
42E@@>I@;0
C8<EKI8;8GI
4U422>I
42E@@?:AI@;0
C8<EKI8;8GI
42922?AI
42E@@?=0
C8<EKI8;8GI
422?;
42E@@A6IM@L=F=JLGK>=JAF9L=F=J:JGFIMALAK
?8M<N?FFG@E>:FL>??8M<9IFE:?@K@J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
W42E@A@EMKH9?9J99D?MA=FG8PJFD<FE<
\2E@A@E`+T?9D=*8P?<I\ 9A2E@A@E
`+T?9E=*8PD</JF9J;6FEAL>
:E2E@A@E:E2ETA@E:>:E2ETA@E2;7-@EXE
422:A@E
42EBF:D4=MF;@9HMDWF
G8CC@;N@E><;>I8JJ
?FGG<I6.I@D<IF
KIFG@JG8CC@;@G<EE@J7
&@K
;@9HMDWF?JAK
42EBF:D4=
<422E4`:D4=
42EI::?MK@9;=J;9Q9@M9D9FADDG<=>A:J9>GJJ9
<G;GF=KL9E:J=IM=MK9
=FD9;9:=R9D9EMB=J
;M9F<G;9J?99D?G
D8B<?<8;I@E>=@9<I
I@E>NI8GG<;N@K?P8IE
92EI::?42EI::?
LJ<;9PNFD8E=FI
:8IIP@E>@K<DJFE?<I?<8;22E:?22:=
9:K4@:D29EI::?929:K4UE@::>29J@>
>24E:>)GMKVD9;GJL=R9<=DLGJGL=IM==KLT
9IMW KH9J9MF;9Q9@M9D#;@;EdKLJ<K?<
C@D9<I9LJ?98IBK?8K@J?<I<
#KdJ>F@E>KF9<
LJ<;=FI8?<8;I@E>
6FEAL>
:E2EI::?
:E2EI:::?:>:E2EI:E@::K@;:E2EI:E@::K@=4270
92EI::?;9Q9@M9D
42EI@M@EM;@GEM;@GK9:MF<9FL=D8EP
DL:?89LE;8EKMI242BF:9E2EI@9:#9Q
EM;@GKH=JJGK.?<I<8I<D8EP;F>J
22
9:>2K42>BF:9K229BF:9>::EI@)G
DD=?9EGK9DDWHGJEM;@GK<W9K1<;@;EdK
8II@M<K?<I<=FID8EP;8PJ
6FEAL>
E2EI@
E2EI@;EMEI@;2>70
42922EI@G;MJJAJ
EM;@9KN=;=K
:DI66?42EI@<OGE9XGKG:I8=KP&@K
KM
9:<GE=F=KEM;@G DI66?D::EI@4292199
K=JE9XGKG"<@J>F@E>KF9<:I8=KP
92=IE2ENI@_<OGETKIM=D9EAL9<DFI<
K?8E?8C=
42HPKM@AJ9D:9XG6FAXG7>FKF98K?IFFD
5JD8CC:?@C;66FEAL>
E2HPK7/JF
;GDGIMA9D
42I22M:;<I;GK=;@9JJ9W;=KH9J9;GE=J
:FCC<:KIFFKJ=FI<8K@E>,@?;:I22:4@:K::I
92A29:EBF::A6929:E2J2I22J2I:EIMA
>292E29E::92I92J22:K:49IM=D9K
J9W;=K<=D9HD9FL9;M=JFALGKKGFMF9DAE=FLG
EMQ:M=FG;M9F<GNAEGK9EAE9ET;GK=
;@9F<GD9KJ9W;=KD99QM<9EGK-@E:<K?<
IFFKJF=K?<;<M@CdJ:C8N8I<8M<IP>FF;
=FF;N<?<CG<;DPDFK?<IN?<EN<J8N?<I
:FCC<:K@E>K?<D
6FEAL>
:E2I22
:E2I22E:>:E2I22;:E2I224@=427<:I22:
J9WR
42I22A:EM:<=B9JH9K9JD9FG;@=C<8M<FM<I
E@>?K,::429@@9:EBF:94@@I:9E4>29:E
:9J2I22A:EI@92?E:E27622E>::A=2>2
:9229:E:9J@>M)GE=;GEWLG<9EA;GEA
<9D9<=BVLG<9D9FG;@=Q=FD9E9X9F9
=KL9:9E9D9QFGE=D9HM<=;GE=J#;@;EdK
<8K8CCDP=FF;8E;C<=K@KFM<IE@>?K9LK@E
K?<DFIE@E>@KN8JJGF@C<;8E;#:FLC;EdK<8K
@K
6FEAL>
:E2I22A:E:E2I22A:E:>
:E2IE@@A4:E2IE@@A2;42>7<4I22AH9K9J
D9FG;@==FMFDM?9J08I
42I22A:
I6A62?@42I22A:E<=B9J=D;@AF;@GJJG
LG<9D9FG;@=C<8M<8=@J?@E>E<KFLK8CC
E@>?K2D@BF:9I6A62?@9J2I22A:E
K:I4M>BF:9E2EI@>29E29@1A9EM;@GK
H=;=KQ<=BV=D;@AF;@GJJGLG<9D9FG;@=#
J8N8CFKF==@J?8E;C<=KK?<E<KFLK8CC
E@>?K
42I22K2M@?GL=9J69D?G=KH=KG7;I@G5JFD<
K?@E>K?@:B6&2?22=92J22:K:BF:;2992I
J2I22K2E2=424292?IU92E4>22:K:9@)G
HM<AEGKLJ9=JEM;@G<=DH9F9DHGJIM=K=
=KL9:9?GL=9F<GEM;@G1<:FLC;EdK9I@E>
DL:?F=K?<?FE<P:FD99<:8LJ<@KN8J
;I@GG@E>8CFK
?@=4@A922:EBF:9
4UJ2I22K2.M:J9RG=K;MJJW9K9F?J=HGJD9
@=JA<9"@J8IDN8J;I@GG@E>N@K?9CFF;
=IFDK?<NFLE;
6FEAL>
E2I22K2
E2I22K2E:>E2I22K2E2;E2I22K2E2=427
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
F=;IPD<8K
#N<EKFM<IKF@KG8KK<;@K8E;
J@E:<@KD8;<8;IPJFLE;N<8K<@K
6FE
AL>
E2I2IEMI2I:>EMI2I2>7
42IT=@4@EM:<9J9KGJ:=J>@M<J@GJ\&2496
92IT=@4@E`9E=9KGJ:=J!@M<D<8J@G
6FEAL>
:E2IT=@4@E7<4I@=4UKGJ:=J
42I@?;M:d6FEAL>
:E2I@?;:E2IT?2=:>
:E2I@?=4:E2I@?=4@;:E2IT?2=2>7<
BF:I@?;
2?@42I@?;9>DGB9JCFFJ<E6K::I:AP>6EI
422:D42?K@922E::;>2962?@42I@?;:92
J2I9:?@=4@A4@:9>2;QK@@4G=KL9:9
9>DGB9F<GMFLGJFADDGQLG<9NW9E=<M=D=D9
E9FG#N8JCFFJ<E@E>8K@>?KJ:I<N8E;DP
?8E;JK@CC?LIKJ
:D@;2?@42I@?;J=D9B9JK==D;M=JHGCFFJ<E
LGI<C8OFE<dJDLJ:C<J8E;AF@EKJ
:D@;BF:;2?@42I@?=4@9;=J=B=J;A;AG;F
<O<I:@J<&@K
9>DGB9JKM;M=JHG
42I@AEM:
=PLAF?MAJ9H9?9J<OK@E>L@J? A42
BF:9E22:I2;92>M4BF:;:>2I@AE'9
DDMNA9>M=>M=JL=Q9H9?YD9DME:J=#KI8@E<;
?8I;8E;@KGLKFLKK?<=@I<
9H9?9JDMR
KLIEF==C@>?K2>M442?@;4@>92I@AE
9:>I2K229@IE2IH9?9D9DMR<=E9FG
HGJIM=E==KLT<=KDME:J9F<G.LIEF==K?<
=C8J?C@>?K9<:8LJ<@KdJ9C@E;@E>D<
6FEAL>
:E2I@AE:E2ITA2E:>:E2ITA2E;7<4I@AE
9H9?9JK=
:E@42I@AE?MAX9J=DGBGN@EB<P<\#:E@
92I@AE`"MAX9LMGBG1@EBPFLI<P<
42IEM@
LA=JFG<=DA;9<GBGN=F6HD9FL9D=?ME
:J=7K<E;<I;<C@:8K<PFLE>5GC8EKM<><K8
9C<6@9C@@9:E42IEBF:9E2EI@92?E4@>
:E:E@@>D2C22A:E2;92?E4@>:E92?E
92A29E@=42:J@>QD&24E@@IAA24E@@:=
92?EJ@@>#9QEM;@9K>DGJ=K<=DA;9<9K<=
e@G@JGG@ALf=PL=F<A<9K=FD9LA=JJ9;GEG
;G:AB9D?MF9KKGF:D9F;9KQGLJ9KKGF
9RMD=K.?<I<8I<D8EP;<C@:8K<a?F?IFF?@Kb
=CFN<IJJGI<8;FLKFEK?<>IFLE;C@B<8
9C8EB<K
-FD<8I<N?@K<8E;FK?<IJ8I<9CL<
42IMA@E@=M:<9J9DM;AF9;AGF=K>@M<?8CCL:@E8
K@FEJ6FEAL>
:E2IMA@E@=:E2I2AK:=7<
4I2A;UL=E:D9J0
K::I4@227A42IMA@E@=
MF9DAK9IM=;9MK99DM;AF9;AGF=KKAK=;GE=
<MJ9FL=;A=JL9L=EHGJ9<9
42I2AKM:@9;=J;GF?=D9JD8B<=I<<Q<*::I
92IA24:J2I2AK92IBF:92?:92I2AK924
2?:E242#ARG@A=DGHGFA=F<G9?M9=F=D
;GF?=D9<GJ-?<D8;<@:<9PGLKK@E>N8K<I@E
K?<=I<<Q<I
6FEAL>
:E2I2AK:E2I2AK7<
4I2AK;GF?=D9J
:92I2AKJF9CG8J;GFIM=K=;GF?=D9N@K?
N?@:?@K@J=IFQ<E0
K::IK::I2?:92I2AK
;GF?=D9<GJ
W42IMEM@;GFL=F=J=D9DA=FLG?FC;FE<dJ9I<8K?
[*::IE2IME_ KLT;GFL=FA=F<G=D9DA=FLG#J
?<?FC;@E>?@J9I<8K?/JF9J;6FEAL>
E2IMEE2I2EE:>E2I2EI2>7
42I2E=4M:@9;=JLGJLADD9KD8B<KFIK@CC8J@4
D2C4>22>BF:992AIU=D2I2E=44292'9
E=PA;9F9FGAF<W?=F9N99@9;=JLGJLADD9K<=
E9WR.?<EFE#E;@8E'<O@:8ENFD8E@J
>F@E>KFD8B<:FIEKFIK@CC8J
6FEAL>
:E2I2E=4:E2IME2=BF:>:E2IME2=4@;7<
4I2E42;<=D?9<G
:42I2E=4JF9C89Jd0
K::I:E::42I2E=4
;GE9D
42I2IM@
:9BG?J9N=6KGFA<G;GEG:9BG=DV;
LJA;G7CFN5JFLE;C@B<98JJ>L@K8I6JGF;G
6KGFA<G7I8JGP5JFLE;6.::IBF:942I2I
E:?E:42E::I:9::?=2E:?E:4292?E:9>22K
::BF::>::?:92 DKGFA<GJGF;GFGNA9B9
D=BGKI8JGPJFLE;;F<JEdKKI8M<C=8I
TKH=JGQ@M=;G6KGFA<G7;IP?FCCFN
5JFLE;62?E>22@@4ABF:94U92E2K
42>>292E::?9272:?K@E@44@E@>>2
4@9AE27A:9EATA2E:>>292IEMI2I:>@@
>292J@@:E@;'D=?9EGK9#9FLE99
GG;H<GF<==F;GFLJ9EGKMFH9IM=L=<=
;9JF=K=;9(=9;=JIMVDGH9DHVQ;GEG
KGF9:9K=;9FGKD9;GEAEGK1<8II@M<;8K
"8EKD88FF:GN?<I<N<J8N8G8:B8><
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
BGN=F6H=JKGF97PFLE>5G<IJFE66FEAL>
E2IEE2IE70
,MA:=42IEDM?9JK42IED::A
BGN=FK::IBF:942IED=?ME:J=
::IEJF9Cd0
:?@=::IE9D=L9<=D9FL=J9
:E@22::IE9D=L9LJ9K=J9>@@D?:::IE;9JLWD9?G
<=;9?M9E9
42IEM>2E:M:L=F=J=F9:MF<9F;A9?8M<@E
89LE;8E:<[)29>66D4@::E2IEM>2E:
_/A=F=EM;@9KF9J9FB9KF<J?<?8M<D8EP
FI8E><J6FEAL>
:E2IEM>2E::E2IEM>2E;
:E2IEM>2E@=427<4IE2>E9:MF<9FL=
42IE@;0
C8<EKI8;8GI
42IE
42J2242?@EM:;<I<9J9JE9K9>@M<N<8GFEJKF
6FEAL>
:E2J2242?@E:E2J224K@;7<
4J224?:L=F=J9JE9
42J22:4@;M:;<I>AD=L=9JH=K;9<G=@CC<K=@J?
[6?:>:9J22BF:99MBF:E::9.:I4M>
9:A4@>:9D2J22:4@;292_YF<==KLTEA
;M;@ADDG1GQ9>AD=L=9J=KL=H=K;9<G1?<I<
@JDPBE@=<#8D>F@E>KF=@CC<KK?@J=@J?
6FEAL>
:E2J22:4@;:E2J22:4@;7<J22:4@;
J22:KMKD9<GK
42J22:I@EMK<9J=F;9K9EA=FLGKAF>A=KL9QKAF
J=?9DGKD8IIPF==;8L>?K<IN@K?FLK=@<JK8
8E;N@K?FLK>@=KJ*::I664BF:9:>2J22:I@E
AG9;9K9J9KM@AB9KAF>A=KL9"<>8M<?@J
;8L>?K<I@ED8II@8><N@K?FLK8=@<JK8
6FE
AL>
:E2J22:I@E:E2J22:I@;7
92J22:I@EJJLAG8J@AB9IM=K=<9=F
;9K9EA=FLGKAF>A=KL9QKAFJ=?9DGK;8L>?K<I
D8II@<;F==N@K?FLK=@<JK88E;N@K?FLK>@=KJ
42J22:I@E0
C8<EKI8;8GI
4U42J22:I@E
42J22>@EM:L9J<9J=F@9;=JK8B<8CFE>K@D<
KF;F692?EI?@@:D9:K4@:9:>@9D22:=I
292#6K::I@I92A24E2E22I:?EE24E:>I
:?I2J22>@E1GQ9LAJ9JD9:9KMJ9M9F<G
L[DG@9;=KL=L9J<9KEM;@G#8D>F@E>KF
K?IFNFLKK?<>8I98><
1?<EPFL;F@KPFL
K8B<8CFE>K@D<
\U>::9:E92492J22>@E
`GE=<=KH9;AG8KJCFNCP6FEAL>
:E2J22>@E:E2J22>E2;7<4J22>L9J<9J
::E@>42J22>@E@9:D9J;GFEM;@9KH9MK9K
JG<8BN@K?D8EPG8LJ<J
42J22A20
C8<EKI8;8GI
4U42J22A2
42J24;0
C8<EKI8;8GI
4U42J24;
42J2;224@;E9JRG'8I:?&@K
D9K;9?M9E9K
?J9F<=KIM=NA9B9F6H9J=FL=E=FL==DFGE
:J==KMF9EG<A>A;9;AYF<=e;GGQ9BfHDMJ9D
<=e;GGQ9EfQK=J=>A=J=9D9K;9?M9E9KMF
HG;G;J=;A<9KGG8I<EKCPK?<E8D<@J8
DF;@=@:8K@FEF=a:FFP8AbGCLI8CF=
a:FFP8Db8E;I<=<IJKFK?<D8KLI@E>PFLE>
J<8KLIKC<J
7
42J2;K224>=:J=JG <9IL8IP&@K
D9K;9?M9
E9KH=IM=X9KIM=NA9B9F6H9J=FL=E=FL=
=DFGE:J==KMF9EG<A>A;9;AYF<=e;GGQ9Bf
HDMJ9D<=e;GGQ9EfQK=J=>A=J=9D9K;9?M9
E9KAFE9<MJ9K-=?AKLJ9<G=F+AF9JL
H9J9e9:JADfGG8I<EKCPK?<E8D<@J8
DF;@=@:8K@FEF=a:FFP8AbGCLI8CF=
a:FFP8Db8E;I<=<IJKFK?<PFLE>J<8
KLIKC<J
,<:FI;<;@E*@E8IK=FI
aGI@Cb
7
42JMIM@FGL=F=J:M=F9;GF<A;AYF>WKA;99<
FLKF=J?8G<GFFIG?PJ@:8C:FE;@K@FE
9AI2JMI*22I29@@4UEA24E2>292?E
A@7::E2D@DM?:AI2E4292I@96BF::4@E
D>2A42924GFGL=F?G:M=F9;GF<A;AYF
>WKA;9+GJ=KGFGDGK9;GEH9X9JVE9X9F9
;M9F<GN9F;GJJA=F<G#8DFLKF=J?8G<
.?8KdJN?P#NFEdK>FN@K?K?<DKFDFIIFN
N?<EK?<P>FILEE@E>
6FEAL>
E2JMI
E2J2IE:>E2JMI:4@=7
42J2I:M:@EKIE=<AJ;A=JL9<AKL9F;A9GL9E9XG
D<8JLI<:<IK8@E;@JK8E:<FIJ@Q<[.TI29
E2J2I:_,MVL9E9XG=K1?8KJ@Q<@J@K
"FN9@>@J@K[:K24@@J2JMI:J2_KW=K
=DL9E9XG#J@K89FLKK?@JJ@Q<6FEAL>
E2J2I:E2J2IJ2E7<4J2I:E=<AJK=0
4@>4224BF:9::?42J2I:H9JA=FL=K::4I
42J2I:;GK9GH=JKGF9<=L9E9XGE=FGJ
I::42:9::?42J2I:H9JA=FL=K;=J;9FGK
4U42J2I:M:@EKIJG<=9<GJLIIFLE;<;
224@42A9696E92AP4BF:94UJ2J2I:'9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92I:>:D:=@@4U:9:92 D;GQGL==KETKH=
IM=XGIM==DDG:G:FPFK<@JJD8CC<IK?8E8
NFC=
E=FGJ=F=<9<IM=PFLE><IK?8E
:E24=4U42J2I:
ETK?J9F<=C8I><I.229
BF:;92?EBF:;:E24=4U42J2I:92 DKGD=K
ETK?J9F<=IM=D9LA=JJ9.?<JLE@JC8I><I
K?8EK?<<8IK?
E9QGJ=F=<9<FC;<I@E
8><
:E:42J2I:E9<MJ9JK=9L9E9XG;GEHD=LG
D8KLI<KF=LCCJ@Q<
E@@I42J2I:
@9;=JEM;@GLA=EHG<MJ9J
EM;@GLA=EHG9<8CFE>K@D<8>FC8JK8
CFE>K@D<,::424@22E;U4@:E@@IE>2J2I:
9@ D9R[;9JFG<MJYEM;@GLA=EHG.?<
JL>8I;@;EdKC8JKM<IPCFE>
2?E9:9::;BF:9
E@@IE2J2I:>2:BF::>:9E2>K@9@@I29
E6>6I:9AJ22;4M9F<G=KL9:9K=FL9<G
HGJEM;@GLA=EHGE=<AGKM=XGQDM=?G
:GKL=;V1?<E#N8JJ@KK@E>=FI8CFE>K@D<#
>FKJC<<GP8E;JFFEP8NE<;
H9K9J@9;=
EM;@GLA=EHG?8GG<E8CFE>K@D<8>F :7A
BF:9E@@I42J2I:92'D=?Y@9;=EM;@G-?<
8II@M<;8CFE>K@D<8>F
;9K9=KLTJG<=9<9<=TJ:GD=K.?<?FLJ<@J
JLIIFLE;<;9PKI<<J
4U42J2I:M:KI;GEHD=L9J:FDGC<K<=@E@J?
[224@4@A4U:E2J2I:_/=JEAFYKM;9K9
@;?<:FDGC<K<?@J?FLJ<6FEAL>
4U:E2J2I:4U:E2J2IJ2E7
92?E42J2I:L=F=J9XGK<==<9<9<JF
D8EPP<8IJF=8><[#692?EKT42JMI:J2
F[#6KT92?E42JMI:J2_MTFLGK9XGK
LA=F=K"FNFC;8I<PFL
92?EBF:94U42J2I:J=?AYF=FKM9DJ=<=<GJ
JLIIFLE;@E>I<>@FE
92I:E::>2J2I:429:E:42J2I:9N9FR9JL9
E9XGG=<9<HG;G9HG;G8;M8E:<J@Q<
8><FI@E:FDGC<K@FEC@KKC<9PC@KKC<
/:9::D2I4@>0::4I42J2I:<OG@EKI<=DA;9<G
=FK9DM<<V:AD:I@K@:8C:FE;@K@FE?<8CK?
&@K
KM=KHWJALM=KLT;9FK9<G[ 9::D2I4@>
::4IE>2J2I:_)G=KLT<=DA;9<G=FK9DM<
#JEdK?<@E:I@K@:8C:FE;@K@FE?<8CK?
::4I42J2I:M:@EKI
;9FK9JK=><KK@I<; :4I
:9AE2J2I:M292>M44@9AE@@E?:>2
42?@22K2?@E294296E2K42>9:>
>2E@@?:AI@; KL9:9L9F;9FK9<GIM=@A;=
MF9K=X9D<=@MEG1AFA=JGF=FMF9H9F?9Q
E=DD=N9JGF#N8JJFK@I<;K?8K#D8;<8
JDFB<J@>E8C
.?<P:8D<@E89F8K8E;KFFB
D<
:4I92E2J2IJ2EM292>M44U92
>@@E=@=42)GK;9FK9EGKEM;@G=@A;AEGK
MF9K=X9D<=@MEG1<>FKM<IPK@I<;8E;
D8;<8JDFB<J@>E8C
H=J<=JMFHD=ALG
CFJ<8=@>?KK=J<=L9E9XGE=FGJ
JD8CC<I
::92IAE642J2I:K=J<=D9EAKE9=<9<9<F=
K?<J8D<8><[,:42BF:K::=4@:::92IAE6
42JMI:J2_'GKFAXGKKGF<=D9EAKE9=<9<
I<K?<:?@C;I<EK?<J8D<8><
::K42?@4U42J2I:
ETKH=IM=XGJD8CC<I
K?8E.:IBF:D::=E:4@A::K42?@>642J2I:
92 K=FAXG=KETKH=IM=XGIM=L[.?8K
:?@C;@JJD8CC<IK?8EPFL
%@E4@AE::I
I664@;4@A::K42?@4U42J2I:92%@E4@A
KTI29:?J2I::<OGE<>MFGK;M9FLGKMF
HG;G8=<NJFD<.TI29:?J2I::
92>::>=2;4/J9BAEGKMFHG;G1<9IFL>?K
8C@KKC<9@K
:92J2I:JF9CG8Jd
92?E:92J2I:BF:9::92I4@92K=J<=D9
EAKE9=<9<9<F=K?<J8D<8><2?E
:92J2I:BF:9::92I4U:>292)GKGF<=D9
EAKE9=<9<.?<P8I<EdKK?<J8D<8><
J2J2I:JF9CL9E9XGJ@Q<[:K24@@
J2JMI:J2_KW=K=DL9E9XG#J@K89FLKK?@J
J@Q<
42J66?@EM:@9;=J;9J9;GEG=FMF9EMX=;9
D8B<=8:<8JFE8;FCC2A6BF6EK@
>A22:I:?D4>2J66?@E292*22I969:D@;
:922:K:K:>92292M9F<G@9?9KMF9EM
X=;9FG@9?9KMF9;9J9=F=DD9)G=KFM=K
LJ9;GKLME:J=1?<EPFLD8B<8;FCC;FEdK
D8B<8=8:<FE@K
#K@JEdKFLI:LJKFD
6FE
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
AL>
:E2J66?@E:E2J66?@E:>:E2J66?4@;7<
4J66?@L=F=J;9J9
2?@4U42J66?@E=E:GR9JDLQQC<
4@=242J66?@E9DR9JD9;9:=R99DR9JD9;9:=
R9H=B<=MFN=F9<GIM=K=@9E9L9<GH9J9
=KH9FL9J9DGK;GQGL=KI8@J<K?<?<8;F=
GIFGLG?<8;<
>
;<<IK?8K?8J9<<EB@CC<;
KFJ:8I<8N8P:FPFK<J
92BF:I42J66?@E9E9FK9JK8D<8E8E@D8C
>224@;BF:9422J42E@=K:E6I=96>6924
2?:E2>;4:I22ABF:9BF:AI2E22I@@:E:
E@@7:?>292BF:I:J2J66?@E(AH9<J=
;GEHJYMF;9:9DDG:JGF;GDGLJ9BG9;9K9Q
<=KHMVK<=HG;GK<W9KDG@9:W99E9FK9<G
'P=8K?<I9FL>?K8N@C;?FIJ<8E;9IFL>?K@K
?FD<8E;?8;K8D<;@K8=K<I8=<N;8PJ
42J@@AM@MK>GJE9JEGFL=;ALGK<=DG<GG<=
9J=F9>AFAL9EGB9<9;I@GDL;FI=@E<N<K
J8E;@EKFC@KKC<DFLEK8@EJ6FEAL>
#EKI
:E2J@@A:E2J@@AI2>.I
:E2J@@A<K:
7
42J@@KMK9<GJ9JNFIJ?@G6FEAL>
:E2J@@K
:E2J@@KI2>7<J@@K<AGK
J2J@@KJ:FDGC=DIM=9<GJ9KM<AGKK?<
FE<K?8K?<FIJ?<NFIJ?@GJ?@JFI?<I>F;
42JE2A42A22:?@GJEA?9
9L=J;AGH=D9<9JGB9MF9
9NAKH9I<;M<CM<K8EK
=<D8C<DLK@CC@;N8JG
68JPDLK@CC8D8>E@=@:87
<422J:EMA42A22:?=D
42JE2A42A22:?
IM=HA;99D;9:9DDGQDG
@9;=;9=J
42K222EM:d6FEAL>
:E2K222E:E2K2224@
=:>:E2K2224@=:E2K2224@=42>7<4K22:
AE642K222EBMFL9JMFAJAF@E
42K224M:d6FEAL>
:E2K224:E2K224I2>7
6+GKA:D=E=FL=K=MK9KGD9E=FL==FD9>GJE9
AF>AFALAN9H9KAN9;GEG=FD9KA?MA=FL==PHJ=
KAYF*FJJ@9CP@K@JLJ<;FECP@EK?<G8JJ@M<
@E=@E@K@M8C=FID8J@EK?<=FCCFN@E><OGI<J
J@FE
7<K224H=IM=XG#E=@II4U:429KM4
:D@;4U:429KM4BF:>K@GJ?MDDGKGGIFL;
4@@D:EME66E6:D@;4U:429KM4:I@@>K@
ABGIM=K9:=;9FL9J=KGJ?MDDGKG"<J8@;
K?8K?<BEFNJ?FNKFJ@E>?<@JGIFL;
42K2242>@EMK=E:JA<9J9D;9:9DDG9I@;C<8
?FIJ<-64J2CBF:9422J4@A:E2K2242>@E
:E2I::E:E::;966K:E:>966BF6K@922E::;
>2:J@J22: DN9IM=JG=E:JA<Y9D;9:9DDG
K=EGFLYQK=>M=9MFJ9F;@ALG.?<:FN9FP
9I@;C<;K?<?FIJ<DFLEK<;@K8E;N<EKKF8
JD8CCI8E:?
6FEAL>
:E2K2242>@E
:E2K2242>@=427
:92K2242>@EJF9CG8J:JA<99I@;C<*C
:92K2242>@E
42K229@IM:ADMEAF9J<=KDME:J9J@CCLD@E8K<
J?@E<FE.229BF:;92?EBF:9J2K229@I
BF:99:E@;4@::J2K229@I'9DMR<=DKGD
<=KDME:JYEAKGBGK.?<JLEC@>?KJ?FE<@E
DP<P<J
2>M442?@;4@>92I@AE9:>
I2K229@IE2IH9?9D9DMR<=E9FGHGJIM=
E==KLT<=KDME:J9F<G.LIEF==K?<=C8J?C@>?K
9<:8LJ<@KdJ9C@E;@E>D<
6FEAL>
:E2K229@I:E2K229E2;7<4K229@I:JADD9J
42K22:?:>M:9F;D9J8E:?FI642?@224@>
D2K22:?:>42921GQ99F;D9JD9H9F?9#8D
>F@E>KF8E:?FIK?<9F8K
6FEAL>
:E2K22:?:>:E2K2::?:>:E2K22:=42>
:E2K2::=42>708I
42K22:?@E
<4@K22:?:>
9F;D9<G
42K22>EM:
@9;=J9<G:=KD8B<8;F9<
9I@:BJ@G;A;9J=F=DDG<G;GEG;=J<GIFFK
8IFLE;@EDL;8J8G@>&@@4224@;BF:9
92?E66K;BF:942K22>2E:>:92 D;=J<G
9F<9@G;A;9F<G=F=DDG<G.?<G@>>F<J
8IFLE;IFFK@E>@EK?<DL;
6FEAL>
.I
:E2K22>E:E2K22>2E:>:E2K22>E;
:E2K22>2E@=42#EKI
E2K22>EE2K22>2E:>
E2K22>E;E2K22>2E@=4276+JVKL9EGNV9K=
eK@9@ELf<=GhG<@9EQeK9EAf<=HAE9
:9BG&F8ENFI;J<<)dF;?8DaJ?8?DKb
8E;*@D88AFaJ8D@b
7
92K22>EJJLAG8J:DGIM=<=;=E=FLG
:<D<EK9CF:B
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:E2K666E:>:E2K666E2;7<K666>A:J9<=
LGJGL=IM=>GJE9=DJGDDG>MF<9E=FL9D
;M:A=JLG<=D9;9F9KL9
42K6I6E0
C8<EKI8;8GI
4U42K6I6E
42K::>M@
:GFALG9?J9<9:D=GI<KKP696
J2AIUE4@:I2K::>'9K>DGJ=KKGFEMQ
:GFAL9K.?<=CFN<IJ8I<M<IPGI<KKP
AFL=J=K9FL=@EK<I<JK@E>6FEAL>
E2K::>
E2K::>E2;E2K::>7<4K::>?MKL9J
42K::IM:;<I9HJ=;A9J9MF9H=JKGF9J=KH=L9J
=KLAE9J8GGI<:@8K<JFD<FE<I<JG<:K
<JK<<D,::42BF:9BF::DE@I:9>224@>
>2A2K::I@;E2I>6>@D>2K:D2K::I@;292
.A0<KJ=KH=L9F9GLJ9KH=JKGF9KD=KN9F9
J=KH=L9JL9E:AVF90<K#=PFLI<JG<:KFK?<I
G<FGC<K?<PN@CC8CJFI<JG<:KPFL
6FEAL>
:E2K::I:E2K::I:>:E2K::I@;:E2K::I@=427<
K::I;GK9
42K:A@AMK;GJL9J@GB9KH=F;9K<=E9?M=Q
:LKF==:<EKLIPGC8EKC<8M<J:E2922>;U
BF:92?IU:E2K:A@A:>@KM?4@:96>6
:J@@>;4 D22E292(AE9ET;GJLYD9K@GB9K
<=EM;@GKE9?M=Q=KQLJ9BGDGK;GJ9RGF=K9D
;9EH9E=FLG'GKN9;G;AF9J'PDFK?<I:LK
K?<C<8M<JF=D8EP:<EKLIPGC8EKJ8E;
9IFL>?KK?<?<8IKJKF:8DG
-?<@J>F@E>KF
:FFBK?<D
6FEAL>
:E2K:A@A:E2KQA@;@;7
2K@22EMFDM?9J;=J;9<= D=K=E:GIM=8
GC8:<E<8IC<J<D9FHL<
42K@;M@
=KL9JKGDG8CFE<@@I@@?E2K@;
9696M?4@>2?@>::E2IE2I[:?E@@D
M9F<G9F<9KKGDG=F=DEGFL=_;9FL9K
1?<EPFL>F8CFE<@EK?<;<J<IK;FPFL
J@E>\2IK4E2>4@AA@@K@;@@E296
42>;4`/JT=E=KGD9E=FL==DH=JJGE9;@G
I@E>D<FECPK?<D8C<;F>K=JMFG9<
FE<&24;D::A6292I@A@@K@;@@ID>::A6
292.AKGF<GKK=JT:M=FGH=JGKA=KMFG
FGK=JT:M=FG#=K?<I<8I<KNF@KN@CC9<
>FF;9LK@KNFEdK9<>FF;@=K?<I<@JFECP
FE<
2ABF:9E2EI@E@44@?E:>2EI@K@E@4
4@?E:E2>2E2K@;@@>2@@9::9:E:E::I
42K2420
C8<EKI8;8GI
:E:42K2424@K242
42KMA2E@=M8J@JK;GK=JH9J99D?MA=FJ<N=FI
JFD<FE<#@I:>2>29J2KMA2E@=Q=J
;GKWH9J9LW3<JK<I;8P#J<N<;=FIPFL
6FE
AL>
:E2KMA2E@=:E2KMA2=2>76'9H=JKGF9
9QM<9<9=K=D;GEHD=E=FLG<AJ=;LG.?<G<I
JFE?<CG<;@JK?<;@I<:KF9A<:K
7<4K2A=:>
;GK=J
42K2A=4M@H9J9DAR9JK=<=D9KHA=JF9KG8I8
CPQ<;@EK?<C<>J2>2E;:9AE@@I:D:>=:I
BF:92?IU:9E2D:9AJ2K2A=4M9F<GL=FW9
EM;@9K=<LGEVEM;@GBM?G<=MF9:ARF9
?9QE=H9J9DA;V<=D9KHA=JF9K1?<E#N8J
M<IPK?@IJKP#;I8EBCFKJF=98II<C:8:KLJ
C@HL@;8E;9<:8D<G8I8CPQ<;@EK?<C<>J
6FEAL>
E2K2A=4E2KMA2=BF:>E2KMA2=
4@;E2KMA2=2>7
42KMK:?@EM:d6FEAL>
:E2KMK:?@E:E2K2K;4
:E2K2K;@;:E2K2K;47<4K2K?:=FJ=<9JK=;GF
AE642KMK:?@EL=B=J=FLJ=D9R9JN<8M<
N<8M<KF><K?<I@EK<IKN@E<\#:?=BF:9AE6
92KMK:?@E` FLJ=D9R9D9KE9FGK#EK<IKN@E<
PFLI?8E;J
42K2K?:M:=FJ=<9JK8E>C<LG.::I42?22@
>::IKBF:9:42>:E4:?J22BF:9:J2K2K?:/M
?9LG=FJ=<YLM@AD9R93FLI:8KK8E>C<;LG
PFLIP8IE
6FEAL>
:E2K2K?::E2K2K;4
:E2K2K;@;:E2K2K=4@;7<4K2K?:=FJ=<9JK=
;GF
42K666M:;<I@9;=JLAJ9K<=LGJGL=H9J9MK9J=F
D9>9:JA;9;AYF<=;9F9K
L9KD8B<JKI@GJF=
C@D9<I9LJ?=FI98JB<K
D8B@E>@>42::K@E@4
4UE::;922EA24:EMD:?:>
:E2K66692D2;:D22:E22
E@44UJ::;'9EMB=J9KY
=DLGJGL=QDG@ARG=FLAJ9K
42K666
HGJIM=A:99@9;=JMF9
;9F9KL9.?<NFD8EIF8JK<;K?<C@D9<I9LJ?
8E;D8;<@K@EKFJKI@GJ9<:8LJ<J?<N8J
>F@E>KFD8B<898JB<K
6FEAL>
:E2K666
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:9E24U:9E2422:I>@9AJ::?(M;@GKN=F9
<GK:MJ9A:9F9DDWH=JG<AKH9JVKYDG9MFG'G
E9LVQJ=?J=KVDD=NTF<GDG=FMF9H9D9F;9
.?<I<N<I<D8EPDLC<;<<I>F@E>K?<I<9LK#
J?FK8KFECPFE<
#B@CC<;@K8E;I<KLIE<;
?FD<:8IIP@E>@KFE8PFB<
6FEAL>
E2K@;
E2K=4E2K=42>EMK@=42>70
422K@;
G;MJJAJMF9N=R4E2K=42>MFGHGJMFG92?E
E@::42K@;@GQG92EI4U42K@;:9:GK9
9FAE9DE9JAFGE2K@MFG
9:A:42K@;=KL9JKGDG8CFE<!F2?BF:99:A:
42K@;:92%M9F=KLTKGDG$L8E@J8CC8CFE<
224@42A9:A:?E2K@;:?J22:J2_#A;AKL=
D9;9K9L[KGDG@;PFLD8B<K?<?FLJ<9P
PFLIJ<C=
:92?=:D?22A42K@;K=K=FL9J@OKP
:9:>@K42K@;@@>A=D=F9D?GL=F=JMF<=K=G
QFG;9E:A9J<=;9JT;L=JKILJKNFIK?P?8M<8
;<J@I<8E;EFK:?8E><:?8I8:K<I*::I
:9:>@KE2K@;@@I92?EK@4UBF::;:92
9::D2IE:?E:42::;:>2A24E292/A=F=MF
<=K=G)G;9E:A9<=A<=9"<?8J8;<J@I<
"<;F<JEFK:?8E><@E?@JK?@EB@E>
/::D2I::9@>042K@;/:9::D2I:A@E042K@;<OG
LJ9FIMADG6H=JKGF97=FHD=F9H9R:8CD5G<I
JFE68KG<8:< BF::D2I4@>::9@>4U::K@;
924E22IK::IBF::A692 K:M=FGIM=MF9
H=JKGF9K=9LJ9FIMAD9#K@J8>FF;K?@E>=FI8
G<IJFEKF9<:8CD
#@I:>29:9::D2I4@>
I227KII@4>22I9:9::D2I4@>:A@E@@
J@@K@;Q=JQG=KL9:9EMQF=JNAGKGH=JG
9@GJ9=KLGQLJ9FIMADG3<JK<I;8P#N8JM<IP
E<IMFLJ9LKEFN#dD:8CD
:D?22A42K@;K=AKJ@O0
:D?22A422K@;
@9;=JK=AKN=;=KHGF=JK=AK92?E:D?22A
422K@;L=F=JK=AK9XGK<==<9<:D?22A
42K@;E2K@;G:AB9<=K=AKHA=D=K<=H=DW;9FG
J27:?42K@;@@J22@42K@;@@MFA>GJE=<=
MF9KGD9E9F=J9LE@=FID@E8J@E>C<N8P
*@>:?J224@:J2>EIU4U92422E2IJ27:?
A@@K@;@@D::>6/M<AF=JG<=:=K=JMK9<G
<=MF9:M=F9E9F=J93FLIDFE<PJ?FLC;9<
LJ<;@E8>FF;N8P
::K@;JF9Cd
::BF::D?22A::K@;K=PLGJ@OK?
42K@;664@;8;AKGDL=JGKGDL=J9Q<=E9QGJ
=<9<LED8II@<;8E;<C;<ICP*C
42K@;664U=
<42K@;`664@;KGDG?J9F<=
4>22>42K@;664@;KGDL=J9<=E9QGJ=<9<
LED8II@<;FC;<INFD8E
4E2>42K@;664@;KGDL=JYF<C;<ICP98:?<CFI
42K@;664@;M@K=JKGDL=JYFGKGDL=J99<
LED8II@<;8;LCK6FEAL>
EE2K@;664@;
EE2K@;664U=76 F>GJE9N=J:9DK=;GFBM?9
;GEG=DN=J:Ge;;9RGBfQFGe;9RGBf1?<E
M<I98C@Q<;@K:FEAL>8K<JC@B<K?<M<I9
a::8QFAbI8K?<IK?8Ea:8QFAb
7
42K@@;MKM;MK9J:9KLYFLJ<N8CB@E>:8E<6
:42K@@;:9J@>2>K@ BF66;:>9:>2>K@
92)GIMA=JGMK9J:9KLYF)GIMA=JGK=J
NA=BG#;FEdKN8EKKFLJ<8N8CB@E>:8E<
#
;FEdKN8EKKF9<FC;
6FEAL>
.I
:E2K@@;
:E2K@@=4@;#EKI
E2K@@;<K:
7
:42K@@;JF9C89J:9KLYFN8CB@E>:8E<
J2K@@;JF9C:9KLYFN8CB@E>:8E<
42K@@I@;@;JN=F9<G:MJ9;GF;M9LJGHMFL9K=F
;9<9MFG<=KMK;M=JFGK<@>?KGF@EK<IDLC<
;<<I6);F:F@C<LJ?<D@FELJ76.=J=D9;AGF9
@AKLYJA;9E=FL=;GFe;9RGGPZ;f"@JKFI@:8CCP
I<C8K<;KFa:8QFFOY:b
7
42K@@I@=42>MM<:<JG;MJJAJG;@GN=;=K
?8GG<E<@>?KK@D<J66K:E:>#MBF:?2BF:;
2?@9::7A:9AJ2K@@I@=42>#=A<G9D
-9F;@G'9(TIMAF9G;@GN=;=K#?8M<9<<E
KF&8'RHL@E8,8E:?<@>?KK@D<J
6FEAL>
E2K@@I@=42>7<4K@@I@=42>G;@G
42K@@I@=42>M:HGF=JG;@GGLK<@>?K
6FEAL>
:E2K@@I@=42>7
92?E42K@@I@=42>M:KIL=F=JG;@G9XGK<=
=<9<9<<@>?KP<8IJFC;
42K@@IU4MM<:<JG;MJJAJ;M9LJGN=;=K?8GG<E
JFD<K?@E>=FLIK@D<J,2K= :>E4U9::7A
:9A>2K@@IU4E2>:9>22E:4@AE::I>@D
>2K@@IU4#=DD=?9<G9D9AKD9jF?=D<=D9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@>4@>4224BF:992=II29QE:4UI@@K
BF:>'9H9F?9DD=N9<=E9KA9<9?=FL=.?<
9F8K@J:8IIP@E>KFFD8EPG<FGC<@K<O:<<;J
?IUJ2E:4A2?BF:9QE:4U::KBF:>429E>2
AMD:C@;::BF::A::9@/J9:9B9FL9FLGIM=FG
K=H9K=9F.?<PNFIBJFDL:?K?8KK?<P;FEdK
>FFLK=FIN8CBJ
#:922:EBF:9:966=BF:9QE:
4UE2KBF:>92IJ2A@=@@/MK9F?J==KLTL9F
JGB9IM==KLT;9KAF=?J93FLI9CFF;@JJFI<;
K?8K@K@J8CDFJK9C8:B
:E::I294UE2KBF:>_<OGEM;@GKD8EP
.2>E4@::E::I294UE2KBF:>>29:>::J6
(=<AGEM;@9KB9A:9K"<>8M<D<8CFKF=
9CL<JN@DD@E>:I89J
E@@I42KBF:>
AJD=BGK>F=8I2A
4U92:DIE:?E:42E@@I:A:E>2KBF:>>2
:922:EBF:94UE@@E:;>2>@@I: DN=F9<G
:MJ9@=JA<GFG>M=EMQD=BGK+=J<AYEM;@9
K9F?J=QK=EMJAY.?<@EALI<;DLC<;<<I
;@;EdK>F=8I
#KCFJK8CFKF=9CFF;8E;;@<;
<MJ9JEM;@GLA=EHGC8JK8CFE>K@D<
[*@@I>2E@:K4E_!M=JGFD=BGK0<K@;
PFL8CC>F=8I
/K229BF:;02?@42KBF:>E=L=JK=6=DKGD7
J<K5JLE6.229BF:;2?@E2KBF:>_
=KHMVK<=D9HM=KL9<=DKGDc=K<I
JLE;FNE_
4U:>2KBF:>JJLAE<>d0
K::I92I
4U:>2KBF:>AEH=JE=9:D=HDTKLA;G
::KBF:>JF9Cd0
K229BF:;4@?E:E2M?
::KBF:>BF:9::4A@9;A9=DG=KL=
42KE2KJLJA?GN?<8K6.I@K@:LD
8<JK@MLD70
42KE2K2?@
4@227=2HAKGL=9J?J9FG
42KE2K92;UMK:A@;9N=F9
F8KD<8C&@K
LJA?GIM=@9
KA<G9HD9KL9<G<42;U2KA
9HD9KL9J
42KE2K
42KE2K:?2=H9B9<=LJA?GJKI8N
&@K
:9J;W9<=DLJA?G
42KE2K:A24E@GRJ@:BC<&@K
;GFIM=K=;GJL9
LJA?G<4224E4224E:>
"M9J<9;M9LJGN=;=KQ=K=@GE:J=L9E:AVF
#?8M<9<<EKFeE><C;<C8!L8I;8#JC8E;
=FLIK@D<J8E;JF?8JK?8KD8E
6FEAL>
E2K@@IU4E2K@@I@;@;7<4K@@IU4;M9LJG
42K@@IU4M:HGF=J;M9LJGGLK=FLI6FE
AL>
:E2K@@IU4:E2K@@I@;@;7
92?E42K@@IU4M:KIL=F=J;M9LJG9XGK<=
=<9<9<=FLIP<8IJFC;
42K@A:>0
C8<EKI8;8GI
W42D@A:?
42KTA:?2JH=JKGF9FGK=JA;GFEG;@AD9Q
:9J:9;GEG@AHHQEFE-<I@G<IJFEN@K?
98:BG8:B8E;9<8I;C@B<8?@GGP
42KBF:>M@d6FEAL>
E2KBF:>EMK:;BF:>
E@:K4EE@:K:;@;70
4>::BF64U42KBF:>
DGE:JAR:EI::BF:E::?92?E4U42KBF:>D9JN9
<=D9@GJEA?9D=YF
22>@42KBF:>
AJD=BGK>F=8I<MJ9J
EM;@GLA=EHGC8JK8CFE>K@D<.229BF:;
>:>29@BF:992=I22>@@D::KBF:>BF66
9:)GN9K9N=J=DKGDHGJD9J?GLA=EHG3FL
8I<EdK>F@E>KFJ<<K?<JLE=FI8CFE>K@D<
M?4U42KBF:>=FLJ9JH=F=LJ9J<EK<IG<E<
KI8K<\d?4@@KBF:>`+9K99<=FLJG!F@E
J@;<2D2;K:E22K:9696M?4@>2?@
4UE2KBF:>92BF:I:?E:4292'D=N9F<GMF9
;9F9KL9K=>M=9D<=KA=JLG-?<N<EK@EKFK?<
;<J<IK:8IIP@E>898JB<K
4U42KBF:>H=F=LJ9JG<E<KI8K<[.T@I29
2?IU4UE2KBF:>_,MVL9FLGH=F=LJY"FN
;<<G;@;@KG<E<KI8K<
::BF:42KBF:>H9K9J@9;A9>FKFN8I;J
:A244U42KBF:>=K;GF<=JK=<=K9H9J=;=J
?@;<FE<J<C=;@J8GG<8I.:IBF:D::=BF:92E2
BF:9924I:E66DIU9224@4@A:A244UJ@@K
BF:> DFAXGK==K;GF<AY<=KME9ETQK=
>M=9LJTK<=D9;9K9.?<:?@C;?@;=IFD?@J
DFK?<I8E;N<EK9<?@E;K?<?FLJ<
!F2?
BF:9EC@@BF:2?:9::;E:?E:4292DE4@A:A24
4UJ@@KBF:> D;9EAYF=FIM=%M9F=KL9:9
<=K9H9J=;AY9LJTK<=D;=JJG.?<KIL:BK?8K
$L8EN8J@E;@J8GG<8I<;9<?@E;K?<?@CC
QE:4U42KBF:>=P;=<=J<O:<<;2?@22
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
42KIM@d6FEAL>
E2KIE2D42IE2D42I7
:E:42KI
>J9;LMJ9JK=J9K?9JK=KAF
K=H9J9JK=:I8:B<;KFIEN@K?FLKJGC@KK@E>
8G8IK@=F<A<G:CFM<E2AJ2?@A;BF:;
:E:42KI:92 D;9K;G<=DN=F9<G:MJ9=K
@=F<A<G.?<?FF=F=DLC<;<<I@J:CFM<E
0
442KIJ9B9J
:E:4U42KI
J9K?9<GJ9K?9JK=H9JLAJK=K<8I
KFIEJGC@KI@G2J22
924@I=42A4J224@A
IE@@KA92AP42?@4@::4@:
E4@@@E>::A=2>292?E
:E24?::I>24@@I:E:
4UJ@@D42I D<M=XG<=D9
:E:4U42KI
LA=F<9LAJYD9;9B9<=
LGE9L=KHGJIM=K=@9:W9F=;@9<G9H=J<=JQ
LG<GKK=@9:W9FH9JLA<G.?<FNE<IF=K?<
JKFI<K?I<N8N8PK?<9FOF=KFD8KF<J
9<:8LJ<K?<P?8;9<>LEKFJGF@C8E;8CC?8;
JGC@KFG<E
::KIJF9Cd*C
::D42I
4422MK:MK;9JCFFB=FI#@I:>2BF:9A2?22=
92J@422EQ=J:MK;9EGKEA=D1<CFFB<;
=FI?FE<PP<JK<I;8P
6FEAL>
:E422:E422
E:>:E422E:E422E2>7M;4@4220
2422>
4422;@ANAJWF4U42422I@E:MK;9JH9J9GLJ9
H=JKGF9
:9::A64@4422LJ9L9J:A=FKI<8KN<CC
:BF::D2IBF:9:>::A6BF:94@4422AFKMDL9J
@EJLCK@>42::E::I9:?E29@I:BF::D2I
BF:9:>::A642996J@422:>:92IAI
:I@@>K@M9F<G=K9EMB=JE=N=E=
AFKMDL9;GFD9AFL=F;AYF<=J=?9X9JE=1?<E
<M<IK?8KNFD8EJ<<JD<J?<@EJLCKJD<N@K?
K?<@EK<EK@FEF=J:FC;@E>D<
:DI66?4@4422H=FK9JE=<AL9JK?@EBD<;@
K8K<2A2DA@;:9E2422:E@>9:DI66?
4@9E4224>22I:9J@22'=WDGIM==KL9:9
=K;JALG=F=DH9H=DDGH=FKVQ9@GJ9DG=F
LA=F<G#I<8;N?8KN8JNI@KK<EFEK?<G8G<I
K?FL>?K89FLK@K8E;EFN#LE;<IJK8E;@K
44222;0
C8<EKI8;8GI
4422:=
44222EMKLGKL9J=F9J=F9;9DA=FL=G=FK9JLVF
KF8JK@E?FKJ8E;FI@E=IP@E>G8E,::42
4@@IA9:K4@:9D4222E292D@@IA4292
/GKL9JV=KLGK;9J9;GD=K<=GDAN9K=JTF
:D9F;GK#8D>F@E>KFKF8JKK?<J<FC@M<CC8
J?<CCJK?<PN@CC9<N?@K<
6FEAL>
:E4222E
:E422:E:>:E422=@;:E422:=@;7
44222E
924222EJJLAG8Jd0
924222E:>2AEI
H9DGEAL9K<=E9WR
44224A0
C8<EKI8;8GI
4@44224A
44227MK;9MK9JH=J<=J=D;GFG;AEA=FLGBEF:B
LE:FEJ:@FLJ:8LJ<KFCFJ<:FEJ:@FLJE<JJ
2?@22E:?E:42J296>6;:E::9::ABF:992?E
E29;::E>::K;92?EBF:IBF:>BF:;:DIMA924
:E92?EE29;::E92?D2292I:>4227M2 D
ETKLAD<=D9H9F?9K=;9QY=FD9;9:=R9<=D
;9HALTFQD=@ARGH=J<=J=D;GFG;AEA=FLG.?<
D8JKF=K?<9F8K=<CCFEK?<:8GK8@EdJ?<8;
8E;BEF:B<;?@DFLK
6FEAL>
:E4227
:E4227E:>:E4227I2>7
4422:0
C8<EKI8;8GI
4429
4422:MKd6FEAL>
:E422::E422:E:>
:E4222I@;:E4222I@=427M;4@422:
4@=24422:;GD?9J9D?G?8E>JFD<K?@E>
.::I92A2A=9@@A;4BF:992?E9:K24:E:4@=2
9D422:9229:1GQ9;GD?9J9IMW=D;GDD9J
IM=LJ9A?GHM=KLG"<I<#8D>F@E>KF?8E>
K?<E<:BC8:<K?8K#8DN<8I@E>
/@@E4@=20:E422:>2_<OG<=L=FA<G
;<K8@E<;&@K
=D;GQGL=;M=D?99MFG%@E
4@=29:?E422:>292?EK::BF:9AE4>::?
:9@=:A<G9IM=>MA<=L=FA<GFGE=>MA
-@E:<#N8J;<K8@E<;#;@;EdK>F
966BF64422:?MA9J;GFH9DG>L@;<N@K?
JK@:B>224@;E:?E:429A@J22:966BF6
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92J22924@I=4@A::BF::J@422:; DNA=BG
H9K=9:9Q<AGNM=DL99D9LA=F<9.?<FC;D8E
N8J>F@E>9P8E;KLIE<;@EKFK?<JKFI<
92422:;JJLAG8JRME:9<GJMK9<GHGJ=D
:JMBG9LCCIF8I<I*C
92422:=4
:422:;JF9Cd0
2?@J22:E4@A::BF:
4U:422:;L=EHJ9FG=FD9L9J<=
4422:=MKL=F=J=PLJ9?8M<<OKI8)29>66DBF:9
4@@4;:9:92J@4222;)GKKG:J9F<GK
F9J9FB9K1<?8M<KNF<OKI8FI8E><J
*2K@
:A:E>29422:=J@BF6)AMFGIM=<YK=<A;=
.?<I<N8JEdK<M<EFE<C<=KFM<I@K@JJ8@;
6FEAL>
:E422:=:E422:=:>:E4222;
:E4222;2>7
92?E2I=4422:=H9K9JHJGFLG?8GG<EJFFE
[U:D::A4292492?E2I=4422:=J2_199
DDGN=JHJGFLG#J@K>F@E>KFI8@EJFFE
E2>4U422>K:=42BF:9:E:4U:D::K42>924
92?E2I=:>422:=.=9;=J;9D9>=;@9;M9F<G
DGK;9R9<GJ=KDD=?9JTF.?<;8P@J:FD@E>
JFFEN?<EK?<?LEK<IJN@CC8II@M<
::4I4422:==KL9J;=J;99<:CFJ<
::BF:4422:=
KG:J9J99D?MA=F9<<OKI8
=FIJFD<FE<)29>66DBF:94@@4;:9:
9::BF::J@4222;(=KG:J9F<GKF9J9FB9K#
?8M<KNF<OKI8FI8E><J
KM>A;A=FL=H9J9
9D?MA=F<EFL>?=FIJFD<FE<#::BF:
:E4@>4222;:9@)G@9:W9KM>A;A=FL=H9J9LA
.?<I<N<I<EdK<EFL>?=FIPFL
<=B9JDG
KG:J9FL=;GF9D?MA=FC<8M<<OKI8N@K?
JFD<FE<2I9@66?4@A>::BF:9D422:=
292=B9JV;GFLA?G=D9?M9IM=E=KG:J9#
N@CCC<8M<N@K?PFLK?<<OKI8N8K<IK?8K#
?8M<
)29>66D4@:BF:AI29::BF:9422:=
VB9E=9D?MF9KF9J9FB9K&<8M<D<8=<N
FI8E><J
::D2I4@>4422:=<OGL=F=JHA=<9<<=L=F=J
H9;A=F;A9;GF?8M<G@KPFE?8M<G8K@<E:<
N@K?[#::D2I4@>4@:?E422:=@@_/A=F=K
HA=<9<<=VDFPFLG@KP?@D
4422:?MKBMFL9JJ9E9KH9J9@9;=JJ=;9DEYF
>8K?<I9I8E:?<JKFD8B<8N@E;9I<8B
9A@422:96>69D::>;49229:24I
4@::E:>:9E@44@?EI@22E2I1GQ9LJ9=J9
=K=NA=BGHGJIM=9F<9H=J<A<G#8D>F@E>KF
9I@E>K?8KFC;D8E98:B9<:8LJ<?<@JCFJK
924222I@;JJLAG8Jd
:E:924222I@;;GDD9J;GFN9JA9K;GK9K;GD?9
<9KE<:BC8:<N@K?M8I@FLJK?@E>J?8E>@E>
=IFD@K
92422:JJLAG8Jd
:E:92422:H=F<A=FL=G<E;8EK
4422:;MK
EGN=JDFM<JFD<K?@E>2:K@
?E>@@:E>2IK::I4@=292AM9BF:9
4UE@22:;I92?EK@4U>::9I@92:BF:9
?E@@:E>2I92::>422:;M9F<GFG@9Q
NA=FLGD9:9F<=J9K=;M=D?9H=JG;M9F<G@9Q
NA=FLG=DNA=FLGD9EM=N=1?<EK?<I<@JEF
N@E;K?<=C8>?8E>J;FNE9LKN?<EK?<I<@J
N@E;@KD8B<JK?<=C8>DFM<
@9;=J?AJ9J
JG@EJFD<K?@E>E2>9224@42>24@A
92422:;J224@>:E22K::J@422:; D:JMBG
DD=NYKMRME:9<GJQDG@ARG?AJ9J.?<J?8
D8EKFFB?@J9LCCIF8I<I8E;JGLE@K
E=;=J
IF:B.:IBF:D::=BF:9A292E2I:9422:;
D::>M9F<G=DFAXGDDGJ=EVR9DGH9J9IM=
<M=JE91?<EK?<:?@C;:I@<JIF:B?@DKF
JC<<G
6FEAL>
:E422:;:E422:=:>:E422:=4
:E422:=4@;:E422:=2>7M;4@422:;
9224?:4@4422:;9LJ9=JN=F9<GGDA=:J=9D
EGN=J=D9J;G8KKI8:K;<<IFII899@K9P
KN@IC@E>K?<9FN224?:K:A@422:;E2966
K@4UA@@7AE2[:D::4U922J2.A@9;=?AJ9J=D
9J;GQD=NA=F=MF9DA=:J=_D9E9L9JT#=?<
KN@ICJK?<9FN8E;8?8I<:FD<JKF?@DN@CC
?<B@CC@K
/:9::D2I4@>0::BF::D422:;92K:>M<OG
;GF>MKG:FE=LJ<;&@K
KM=KHWJALMFGK9:=
=FIMV<AJ=;;AYFAJ 9::D2I4@>::BF::D422:;
92K:>M92 KLTEMQ;GF>MKG"<@JM<IP
:FE=LJ<;
::BF:4422:;<9JD9NM=DL9;9E:A9J<AJ=;
;AYFKLIE@EKF8GC8:<:?8E><;@I<:K@FE
>224@;E:?E:429229@E:?E:42:922@:E:
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
&?224@;96D422:?42921GQ9BMFL9JE9F
?D=H9J9MFJ=;9DEYF#8D>F@E>KF>8K?<I
D8E>IFM<9I8E:?<JKFLJ<=FI8N@E;9I<8B
6FEAL>
:E422:?:E42::?:>:E422:;47M;
4@422:?
92422:?JJLAG8JJ=;9DEYFN@E;9I<8B
:422:?JF9Cd0
,2E; 422:?DM?9J;=J;9
<=9@W9<=&AFG
4422:?BF:;JMFEGDMK;GFGA<=FLA>A;9<G8E
LE@;<EK@=@<;DFCCLJB
4422:E2;40
C8<EKI8;8GI
4422:I
4422:E2I0
C8<EKI8;8GI
4422:I
4422:IMK
HGF=J;GK9<MJ9GJ=<GF<9GLK
?8I;FIIFLE;K?@E>2DEBF:94K@@IU4
E24@:E22I:>A6I=>:E66?@@>A@422:E2I
92AI:>A@@BF:>>:D@;4@>AM7:?I92?E
>:A@>I:BF::>:?D:J2292.A9?9JJ9K=K9K
;M9LJGHA=<J9KQD9KE=L=K=FD9:G;9QD9K
K9;9KQD9KHGF=K=FD9LA=JJ99DJ=<=<GJ<=LA
;M9F<GL=9;M=KL=KN9K9HG<=J<GJEAJ#=
PFLK8B<K?FJ<=FLIJKFE<JGLKK?<D@EPFLI
DFLK?8E;K?<EK8B<K?<DFLK8E;GLKK?<D
FEK?<>IFLE;8IFLE;PFLN?<EPFLC@<
;FNEPFLN@CC9<89C<KFJC<<G
;9MK9JG
9QM<9J9K=FL9JK=:8LJ<FI?<CGKF9<J<8K<;
2?E>29D422:I292/=9QM<9JV9K=FL9J
L=#N@CC?<CGPFLJ@K;FNE
6FEAL>
:E422:I:E422:I:>:E422:E2I:E422:E2;4
:E422:E2I=427M;4@422:I
4@4422:I9E9JJ9JK@<LG2E22:::4E:>K
:E22K::=QEBF:;4U:>422:I/GEYMFH=<9RG
<=L=D9QDG9LY=FKM;9:=R9-?<KFFB8
G@<:<F=:CFK?8E;K@<;@KFE?<I?<8;
924I4422:I<=K;M:JAJ=PHGF=J;GK9<MJ9G
K=FL9<9LE:FM<I<OGFJ<?8I;FIJ<8K<;
K?@E>
92=QE4@4422:IHGF=JK=;AFL9=FD9;9:=R9
GLKFE?<8;98E;:=QE4@9D422:I2921GQ
9HGF=JE=MF9;AFL9=FD9;9:=R9#8D>F@E>
KFGLKFE8?<8;98E;
92>M4:E:4422:IHGF=J;GFL=F=<GJ<=
DWIMA<G9;9D=FL9J=FD9DME:J=GLK:FEK8@E<I
N@K?C@HL@;FEK?<=@I<KF?<8K\27662?
:A2KE@;BF:;92>M4:E:9422:I`+GFD9
;9>=L=J9=FD9DME:J=*LKK?<:F==<<GFKFE
K?<=@I<
92?E4422:I:9B9JCFN<IJFD<K?@E>><K
;FNE >M>BF:;4@9AE@K24=492?E
:9J@422:ID;9F;VD9K>JML9K<=;9;LG
H9J9<G<=HMFL9KQD9K:9BV#I<8:?<;K?<
:8:KLJ=IL@K9PJK8E;@E>FEDPK@GKF<J8E;#
>FKK?<D
92AI4422:IK9;9JK8B<FLKI<DFM<
92BF:I4422:I<=L=F=J9H9?9JH=B9MLG
EYNADEGLGJ;<K8@EKLIEF==<
>
8LKFDF
9@C<DFKFI2BF:I:92422:I:9J@>M)G
DGHM<=H9J9J#:FLC;EdKKLIE@KF==
FI#
:FLC;EdKD8B<@KJKFGDFM@E>
966?@4422:I=F;9J;=D9JGLK@EKFA8@C,::42
BF:I22K;@;4@:!@DPBF:;966?@:>422:E2;4
>22I966?@BF::;:92'9HGDA;W9=F;9J;=
DY9%GKV@GJ9=KLT=FD9;TJ;=D.?<GFC@:<
GLK$FJT@EKFA8@C
(FN?<@J@EA8@C
0
966?@92422:IHJAKAGF=JG
966E64@4422:IHGF=J=FD9HMFL9GLKFEK?<
K@G
9:KI4422:IIMAL9JK8B<8N8P
::4AI294422:IG>J=;=JF==<I
::;92?E4422:INGDL=9JKLIEFM<I@EM<IK
::;::BF:4422:I9H9JL9JK=H9J9J9D?G
;GEH9;LGJ<G8I8K<GLK8J@;<JFD<K?@E>
:FDG8:K
:E:4422:IFGE:J9J8GGF@EK6:E:>2
9D422:I2924U>:D:9696924/=NGQ9
FGE:J9J;GEG?G:=JF9<GJ#8D>F@E>KF
8GGF@EKPFL8J>FM<IEFI
:E;4@4422:IDD=N9J;GEGLGF=D=L=N<8I8J
B@CK
AJ66DE92?E4422:I@9;=JMF9>A=KL9GLKFE
8=@<JK82?EI4U>::9292442?@22BF:9
92?EK@4@E@>>2I:A2::429EA2I:>2I
E4@@@::DE@I92?EEA22:=IAJ66DEBF:992?E
:>422:E2;4 F9XGK9FL=JAGJ=K;M9F<GMFG
L=JEAF9:9<=@9;=JMF9H9F?9LG<GKK=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
BF664422@J=;A:AJE9D<A;AYFI<:<@M<8
:LIJ<&@K
JGFR9J=DH9LGeIM==f6?:>K@
4@>4@@K:>A@4@@KIBF66?D422@9229:
E2I)GJG:=KMF;M;@ADDGHGJIM=KADGJG:9K
N9K9J=;A:AJMF9E9D<A;AYFFEdKJK<8C8
BE@=<9<:8LJ<@=PFL;FPFLN@CCI<:<@M<8
:LIJ<
4422EMKEGN=J9MFD9<G;GFEG;AYFJTHA<9
DFM<N@K?A<IB@E>DFK@FE22J42AJ66?
42A:A@422EI2?IU>2D22:9229: K=
;9:9DDGL=N99@=JAJKA9JJ9F;9D9;9:=R9
.?8K?FIJ<@J>F@E>KF@EALI<PFL@=@KP8EBJ
@KJ?<8;
6FEAL>
:E422E:E422E@E:>
:E422EI2>:E422E@=2>7
::;::BF:>@E24422EE=L=JK==FMF9KMFLG
KAFAFNAL9;AYF@EMFCM<FE<J<C=@E8D8KK<I
N@K?FLK@EM@K8K@FE
:92422EJF9CG8Jd0
66?>9224?:
:92422E;=JJGBG<=>MKADEG<=JFG
44M42;2>0
C8<EKI8;8GI
442IK
4424;0
C8<EKI8;8GI
442IK
4424;MK
L9B9J:?@G8K2A:A@E:E24K:A@
J22I:D424;292 A@@I:I4UD@@A292.A
LA=F=MF@M=KG<=N=F9<G:MJ9DGN99L9B9J
M9F<GL=JEAF=DGN99MK9JH9J9;GK=J
;9F9KL9K#=J?<?8J8DLC<;<<I9FE<J?<@J
>F@E>KF:?@G8K@K8E;N?<EJ?<=@E@J?<JJ?<
N@CCKFLJ<@K=FIJK@K:?@E>98JB<KJ
=K;9E9J
J:8C<M
=@J?.:I4M>9@J22K:4@>96
D424;42921GQ9=K;9E9J=DH=K;9<GIM=
LJ9B=#8D>F@E>KFJ:8C<K?<=@J?K?8K#
9IFL>?K
@9;=JMF9>A?MJ9<=H9DG>A=JJG
D8B<@IFENFF;:8IM@E>6FEAL>
:E424;
:E4M42=:>:E424K:=:E424=4@;:E4M4K:=42
:E4M42=42>7M;4@424;
4@4424;J=K:9D9JK=Q>9DD9J>C8E:<F==
#@@D?:K@4@9J@@E?:I@E:D4@>2992I:9QE
4294@9E424;>2E@::?E:J2#MJ?GF=VMF9
;9?M9E9H=JGD9HMFL9<=D9JHYFK=J=K:9DY
QD9;9?M9E9K==K;9HY#KI@<;KF?8IGFFE8
J<8KLIKC<9LKK?<?8IGFFEGF@EK>C8E:<;F==
8E;@K<J:8G<;
9D=?J9:9FQL=FW9FMF9>A=KL9#E=FID<I
K@D<JN?<E89F8KN8J:FDGC<K<;<M<IPFE<
N8J?8GGP8E;K?<PGLKFE8=@<JK8
92422:I92422:E2IJJLAG8Jd0
92?@=
92422:I9FADDG92?@=92422:I92J2?@A;:E
4UBF::;HMDK=J992A:;92422:I9<GJFGH9J9
=DLG:ADDG966?@92422:IHJAKAGF=JG4@=2
92422:IEMB=JIM==KLT<9F<G9DMRWK::I
BF:DI2A292422:IKGE:J=JG
:92422:E2IJF9CG8Jd0
W4>2A4U
:92422:E2I9JE992>E2?:92422:E2I
KGKLVFW:92422:E2I42AI2;D9K=<=JA>D=
:92422:IJF9CG8Jd0
92=QE:92422:I
;AFL9H9J9D9;9:=R992E;:92422:IK9H=L9
J=?LGF=D=L=IM=MK9:9FDGK@GE:J=KK=JAK
=FLA=EHGK9FL=JAGJ=KEC@@BF:4@=2:92422:I
?9LGH9J9;9E:A9JD9DD9FL9
@422:IJ:FDGCd0
W>@@D?:K::I92AI
@422:I;9:=R9<=;9?M9E9K::492?E@422:I
@M=NG<=HTB9JG
4422:IMKDD=N9J:8IIP8N8PK8B<8N8P\2?E
Q>2;49:K4@:94222KI2;`/AJ=F=KLGK
EGFLGF=K<=;=FAR9K.?IFNFLKK?<J<G@C<J
F=8J?<J[MBF:BF:;I?@@:D:9:44@:
D422:IBF66J2_,MAVFN99DD=N9JD9KK=EA
DD9K<=LJA?G<=E9J1?F@J>F@E>KFK8B<
8N8PK?<<<C>I8JJJ<<;J6FEAL>
:E422:I
:E4222KI2:E4222KI2;7
4422@MK
JGFR9J:?<N)::>6E92?E427622K
:E29@92?D:J@422@:4@@9:E::>K@429SD
NAGMFH9FH9K9<GQL=FW9L9FL9@9E:J=IM=
FG@ARGETKIM=JGFR9JDG"<J8N8G@<:<F=
;8PFC;9I<8;8E;N8EK<;KF<8KJF98;K?8K
?<:?<N<;@K
E9D<=;AJ;GFHG<=JH9J9
<9X9J:LIJ<N@K?GFN<IKF?8ID
>224@;4@AJ64J2CBF:9:E422@>2J@
>@BF66A6 DNA=BGE9D<ABG9DN9IM=JGQK=
HMKG=F>=JEG.?<FC;D8E:LIJ<;K?<:FN
9FP8E;?<9<:8D<J@:B
6FEAL>
:E422@
:E422@E:>:E422@E:E422@E2>7M;4@422@
)KI8G8C89I892422@=DIM=J=;A:=
E9D<A;AYF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
::E@>BF:94U:>424;<OGE<>G:=<=;=J
F9<P&@K
KMH9D9:J9FGK==K;9:MDD=
92424;JJLAG8Jd0
K::I92424;>A?MJ9
<=H9DG>A=JJG
4424E:>MK
E9F=B9JD8E8><*@>92?E4@::
4@:K::IBF:92?@4229429244424E:>:92
SD=KLTE9F=B9F<GD9;GGH=J9LAN9"<@J
D8E8>@E>K?<:FFG<I8K@M<
MK9JLJ<
>::BF692>M4BF:9:96E=:>BF:>K@BF:;
E::I42224@>:DD24E:>292'9H=JKGF9IM=
IMA=J=@9;=JDME:J=HGJ>JA;;AYFMK9JTMFL9
D9<JG.?<G<IJFEN?FN8EKJKFD8B<8=@I<
9P=I@:K@FEN@CCLJ<8=@I<;I@CC
*::I92D4M>
@22?=@;BF:9K@922:9: K9:9DK9>M=D9IM=
MK9:9F.?8KI<<;9F8KN8JFE<K?<PLJ<;
LG;9JKFL:?@7:4;BF:9K229:E:E::9>2
:9E4@>>24E:>>2E@@IE2J2I:>24@@I
J@E2A;U(A;9EAK9=KL9:9=F=DKGDQFGD9
LGIMVHGJEM;@GLA=EHGQK=<=KAFL=?JY
;GEHD=L9E=FL='PJ?@IKN8J@EK?<JLE8E;
#;@;EdKKFL:?@K=FI8CFE>K@D<JF@K:FD
GC<K<CP;@J@EK<>I8K<;
L=F=JJ=D9;AGF=K
K=PM9D=K;GF?8M<J<OL8CI<C8K@FEJN@K?
E2>E:?E:429696M?E:?E:422?@J664E:>
:E:4>22>K:E29@:EE24E:>>64J@(A=F
LJ9K=D@GE:J==KL9:9=F=D<=KA=JLGNAG9
MF9EMB=JQLMNGJ=D9;AGF=KK=PM9D=K;GF
=DD91?@C<K?<D8EN8J@EK?<;<J<IK?<J8N
8NFD8E8E;?8;J<OL8CI<C8K@FEJN@K??<I
6FEAL>
:EE24E:>:EEM?2=2:EE2?=2
:EE2?=@;7
96964424E:>H=<AJ>9NGJ<=D9KAFAL9
e@9K9@;9HBZf8JB8=8MFI=IFDK?<J<E@K8
:8:KLJa?8J8?:8GAYb
:924E:>4424E:>9JJ=?D9J=@O2IK4@>
92D@BF:92?@I:>T?2=42E2I:92?=@;
>2A@>>2?=@;E2ID@@I:[email protected]<KFG
@9;=F9D?GHGJ=DH=JJGIM=K==FJ=<Y=FD9
J=<EGJAJT#=PFL;FEdK;FJFD<K?@E>=FI
K?<;F>K?8K>FKK8E>C<;LG@EK?<E<K@KN@CC
;@<
:9QE4424E:>L=JEAF9J=@E@J?
AE:::92I4424E:>;GEH9JLAJJ?8I<
@>42244E2>4UBF:94@@4;4@:42?@22
4@>AE:::92I442?=@;:92'GK<GK@GE:J=K
K=JAK;GEH9JLA=JGFD9H9F?9.?<KNF-<I@
D<EJ?8I<;K?<9F8K
K::I4424E:>G;MH9<G;GF9D?G9LJP;F@E>
JFD<K?@E>[#6K::I4424E:>J2_ KLTK
G;MH9<G;GF9D?GI<PFL9LJPN@K?JFD<
K?@E>
6224E:>JF9Cd0
K::IK::IBF:9::92I
6224E:>;GEH9X=JG<=LJ9:9BG
9224E:>JJLAG8Jd0
K::I9224E:>
AEHD=E=FLGH9J9=DLJ9:9BG
:>>24E:>JJLAE<>d0
AE::>>24E:>
MF99NAKH9
@224E:>J:FDGCd&@K
;GFIM==KLTF
G;MH9<GK.::I42J22>@EBF:9E::>I@22
.::I@224E:>K:>227KI:92DDWNA=F==D
IM=@9;=LG<G<=KH9;AG/G<GDGIM=@9;=FG
DG@9;=JTHA<G.?<I<:FD<JK?<FE<N?F
;F<J<M<IPK?@E>JCFNCP
M<IPK?@E>K?8K?<
;F<J;F<JEdK>F=8JK
*C
@22?=@;0
K::I
@224E:>@=JJ9EA=FL9
4427KMKEGJ<AKIM=9J9@K<N@K?=IFEKK<<K?
.:IBF:D::=4E2>BF:9:>M>:9:4K@9::E6
>2:J@427KAMF9K=EADD99DFAXGQD9EGJ
<AKIM=Y#>8M<8J<<;KFK?<:?@C;8E;?<9@K
@KN@K??@J=IFEKK<<K?
6FEAL>
:E427K
:E4M72;BF:>:E427;@;:E4M7=@=42
:E4M7242>7M;4@427K0
92:4427KMF9
E9FLAK
4427KJJLA?9LADDG<=>MKAD<AKH9J9<GJKI@>><I
F=>LE*C
44M7242>
4427KBF:9:E92?EBFQ42EIE9JLADDG<=9JE9
I@=C<?8DD<I
4429M@
KGF9J6KGFA<GEMKA;9D7@9;=JKGFA<G
D8B<DLJ@:8CJFLE;@BFP4292?IU
:9E29:E>29:D=:EI4@;BF:992?D@>>22J
@;(AKGW<GKKM=F9F;M9F<G;GEGEM;@G
;@AD='P<8IJI@E>N?<E#<8K8CFKF=:?@C@
;9FL9J6H=BHTB9JG?9DDG7J@E>5<
>
9@I;6
:IFN5IFFJK<I6.::4BF:9DD29BF669: D
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
442::EMKLAJ9J@9;A9;GF9JE9H=K;9J;GF
HGDD=JGJ?FFKKFN8I;N@K?N<8GFE>F
JG<8I=@J?@E>#@@D?::A@4;BF:942AI292?E
:E?QA2E:>AE6:E29@>EIU:E42::E2?:E2E?:
2?:J227:?92I22K2E:?E:42#ARGH9J9JLJ=K
;9J9H9;@GK<=;9?M9E9K=FMF9>AD9LAJY9
=DDGK=@ARGIM=D9>D=;@9D=KH=?9J9QH9K9J9
9LJ9NVK<==DDGK"<JKFF;LGK?I<<J<8KLIKC<
J?<CCJ@E8IFN8E;J?FK8KK?<D?<D8;<K?<
8IIFN?@KK?<D8E;G8JJK?IFL>?K?<D
&@92>@4E29A:966I@;K::I4@227A96
D42::E:>4292 KL9FG;@=;GFEA9FLGJ;@9
AJV9H=K;9JDAK9;GFHGDD=JG.FE@>?K#8D
>F@E>KFLJ<8KFI:?8E;>FJG<8I@E>DLCC<K
6FEAL>
:E42::E:E42::E:>:E42::=2:E42::
=2>7M;4@42::E
9242::=2JJLAG8Jd0
.22;242::=2
DM?9J
9242::EJJLAG8Jd0
I2A:;9242::EBM=?G
=F=DIM=K=MK9F;9JJARGK
:9242::E:9242::E:>JF9CG8Jd0
K:I4M>:9242::EKGD9H9F9J=?9JHYF
:A>MJ;9<G;GFD=F?\=L9K::42=4:9242::E:>
JA>D=;9DA:J=
W442::IMK=F;=F<=JDME:J=C@>?K=@I</JF
9J;6FEAL>
:E42::I:E42::I:>:E42::I2>
:E42::I@=427-@EXE
424@6D4E
44M=2;BF:>MK:=:=J9D=F?\=L9RGK;GFEM;@G
JMA<G;GEGMFH=JJGC8GLGEF@J@CP8J
;F<J8;F>6FEAL>
:EEM=2;BF:>7
442>M@
L=F=JNA<9NANAJ8C@M<C@M< 424M>
BF:>K@92SDIMA=J=NANAJ"<N8EKJKFC@M<
;MJ9JK=6@=JA<97?<8C:LI<;5NFLE;6
[>22IE42>_ KLT;MJ9<G9@GJ9#J@K
:LI<;EFN6FEAL>
E42>E42>E:>
E4M>@E2>E42>E:;70
I::42442>9664@E
4@4@>9FAE9D=KK9DN9B=KI::4244M>@E2>
DGE:JA;=KK::I442>9FAE9DLVJEAFG
?=F=J9D
:E:442>J=KMJ?AJJK8IKLG8>8@E.::I
4>::A=2E292492AE4@>@D:E:D42>4292
K=HD=ALGN99J=KMJ?AJ.?8K=@>?K@J>F@E>KF
HTB9JGN99;9FL9J.?<9@I;@J>F@E>KFJ@E>
6FEAL>
EE29EE29E:>EE22:EE22J@;
EE22J@=4270
4229:E@9;=JKGF9JKGFA<G
EMKA;9D92?E2?@4429MF99:=B99E9JADD9
W2?E 9::?::44429DG:GE9JAFGK::I4429
DG:GE9JAFGE[KA;9K::462294@@I4@44M9
;=FRGFLD=FGJL=XGK::I92?E922::4@4@44M9
?9DDG
6229JF9CKGFA<G;GEGE[KA;9FGL9
EMKA;9DJFLE;C@B<DLJ@:DLJ@:8CEFK<
*C
622:
:4229JF9C89Jd0
92DE:4229MF
KAD:9LG
442::M@;J=;=JE9<MJGE9<MJ9JK=6H=JKGF97
>IFNLGD8KLI<5G<IJFE6@4D2C4E2>
BF:9J224@4@A2?@9AE::9:9A:>42::J=;W
=FD9;9K9<=MFK=XGJE=PA;9FGFGAF<W?=F9
#>I<NLG@EK?<?FLJ<F=8EFE#E;@8E'<O@
:8ED8E
6FEAL>
E42::EBF666;70
4242::E;JA9J42::E9<MJG
4>22442::BGN=F6H=JKGF97PFLE>
5G<IJFE6.::IBF::D2IBF:94>22442::4@>
:>::A=2E22>2I:E22D:924E@>A2>I:9@
.::I4>@E@>?924E22I29:E:4@>A2>I
M9F<GMFBGN=FK=EM=J=KMFGE:J=FGK=
J=HAL=0FG@9:D9<=VD;GEGa=D<V:ADb
1?<E8PFLE>G<IJFE;@<J?@JE8D<@JEFK
JGFB<E
)E<I<=<IJKF?@D8JaK?<N<8B
FE<b
0
4>22>4>22442::BGN=F;AL9
4E2>4>22442::BGN=F
4U:D42::JF9C=LKd
4>224U:D42::9249<GD=K;=F;A9BMN=FLM<
8;FC<J:<E:<PFLK?6=<A=R9IMAF;=9XGK
IFDK<EKF=@=K<<EP<8IJF=8><
7A<DGCF
4>224U9:D42::924<MJ9FL=EA9<GD=K;=F;A9
;LI@E>DP8;FC<J:<E:<
4>2224U:D42::924FAX=R:?@C;?FF;6=
LJ=K9K=AK9XGK IFDK?I<<KFJ@OP<8IJF=
8><
7
:>42::JJLAE<>JF9CE<>d0
4@4D
:>42::R9J9HALGHAIMAD9J?G29;U >42::
;9EH9E=FLG=FD9AKD9/A:MJYF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
JK8IKLG8>8@E
:4M>JF9CNA<9=PAKL=F;A9C@=<<O@JK<E:<
:>4M>JJLAE<>d0
K::I92?22:=:E:
92AIBF::;:>4M>;TF;=J=FD9HA=D
442>M@DD=FG=LCC.::IK@9J@@9:EJ2I
:9AI@4M>GEW9D?GQ=KLGQDD=FG#8K<
JFD<K?@E>8E;#dD=LCC
6FEAL>
E42>
E42>E:>E4M>@E2>E42>E:;7
:>4M>JJLAE<>d0
E@@9:E:>4M>
EMX=;9@=;@9<=;JTF=G<=H=DW;9FG
442>;UM@J=DM;A=FL=J?@EPMD2E@;442>=2
4@:4@9AD:E2=9222921GQ9N=F<=J=K9K
HA=<J9KJ=DM;A=FL=K#8D>F@E>KFJ<CCK?FJ<
J?@EPIF:BJ
6FEAL>
EE2>;UEE2>=2
EE2>=@;EE2>=2EEM>K@=427
442>=2J=D9EH9?M=9JC@>?KE@E> A42BF:9
>::I2;J2I:DD2>=292BF:94U:>22KBF:>
'9DDMNA9=KLT>M=JL=QH9J=;=IM=N99J=D9E
H9?M=9JEM;@WKAEG.?<I8@EJKFID@JJKIFE>
8E;@KCFFBJC@B<K?<I<@J>F@E>KF9<CFKJF=
C@>?KE@E>
62>;UJF9CJ=DTEH9?G<A>MKGJ?<<KC@>?K
E@E>
442>=20
C8<EKI8;8GI
442>;U
44M>@AI2M@9F<9JQH=J<=JK=><KCFJK
)DM>@AI24292.=N99H=J<=J-?<@J>F@E>
KF><KCFJK
6FEAL>
EEM>@AI2EEM>@AI2;7
442?2;MKE9KLA;9JGE9K;9J;GFD9KEM=D9K
:?<NN@K?98:BK<<K?.::I:AI2D:9@42?2;
BF:992I:E@@K:4299:>@9>::42EI'9;9J
F=IM=QGE9KLA;9:9=KL9:9<MJ99KWIM=D9
LAJV.?<D<8KK?8K#N8J:?<N@E>N8JKFL>?
JF#K?I<N@K8N8P
6FEAL>
:E42?2;
:E4M?2=:>:E42?2=:E4M?2=2>7M;4@42?2;
::9@=I44M?2=:>JMEA9J:?<N:L;
924M?2=:>JJLAG8Jd0
K::I924M?2=:>
;@A;D=
:9242?2;JF9Cd0
*66I@;*:D>2
9242?2; J2EDM?9J;=J;9<=+M=JLG
'A:=JL9<
44M?2=20
C8<EKI8;8GI
4424E:>
442?=@;0
C8<EKI8;8GI
4424E:>
442AM@NGD9JEGN=JK=HGJ=D=KH9;AG=CPDFM<
K?IFL>?JG8:<.::I442ABF:9D42A4292 D
9NAYFN99NGD9J.?<GC8E<@J>F@E>KF=CP
2?@22E:?E:42J296>6;BF:9E4@@@E2D42I
E4MAE@=42>2E22I:E:92J2::DDW
=KLT:9EGK;GFD9N=D9;GEHD=L9E=FL=J9K?9
<9Q>9DL9F<G9D?MFGKH=<9RGKIM=@9:W9F
NGD9<G.?<I<N<N<I<N@K?K?<J8@C:FD
GC<K<CPI@GG<;8E;N@K?JFD<G@<:<J9CFNE
8N8P
6FEAL>
E42AE42AE:>E42AE@;
E4MAE@=4270
424MAD=N9FL9J9D?GH=K9<G
K::I442A9NAYFK::I442A:D=::4@E:E:4@@:A;
@=DA;YHL=JG
442AE:>:JAF;9J6;9:9DDG79L:B5?FIJ<6
4@44MA:JAF;9J@9;A99:9BGALDG;FNE
U:424MA:J@@>K@I@4UJ@>4MA:E::I:>
,MAKG:JAF;9J@9;A99:9BGH=JGFG:JAF;Y
HGJIM=L=FW9EA=<G"<N8EK<;KFALDG
;FNE9LK?<;@;EdKALDG9<:8LJ<?<N8J
8=I8@;
/:9::D2I4@>0442A<OGEGJAJ6H=JKGF97;@<
5G<IJFE6&@K
KM=KHWJALMNM=D9 >@BF66A6
BF:9::K2IE2K@E6>6>24>22I:9::D2I
4@>:>4MA(MJAY<=KHMVK<==KL9J=F>=JEG
HGJMFE=K"<;@<;8=K<I9<@E>J@:B=FIFE<
DFEK?
442A;UMKEGJ<=J9D?GBM?GKG:?<NJFD<
K?@E>AL@:P*@@E;U4K:E42A;U:E2I:K2EI
:?=@;4@::E:4@@J@=424@:4U:J24@@:IM9F
<GL=JEAFY<=EGJ<=JD9>JML9<=;@GQ9K=
K9;YDGK9D?M9L=KIM=L=FW9=FD9KE9FGK
1?<EJ?<=@E@J?<;<8K@E>:?FCC8=IL@KJ?<
KFFBFLKK?<>CF:?@;JK?8KJ?<?8;@E?<I
?8E;J
6FEAL>
:E42A;U:E4MA@=:>
:E42AK:=:E4MAK:=427
::E@>BF:944MA@=:>@9:D9JKAF9:JAJD9:G;9
EM;@GK8CBN@K?FLKFG<E@E>K?<DFLK?
DL:?)::AE::IE22:E@>::E@>42A92?D@
:E4MA@=:>>29J@>MM9F<G=K=BGN=F
@9:D9FG9:J=D9:G;9QFGKVDGIM==KLT
<A;A=F<G1?<EK?8KPFLE>D8EJG<8BJ?<
;F<JEdKFG<E?@JDFLK?JF#;FEdKBEFN
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
D9>JML9<=;9;LG;@GQ9-FD<K?@E>K?8K@J
JFLI?8JK?<=C8MFIF=:?FCC8:8:KLJ=IL@K
0
4@?66442AI=N9JA9K=KH=;A=KH=IM=X9K<=
R9;9L=9@@G292>22I442AI=NAF9?J=
D29>66D442AI=DAEYFK::I:D442AI=HAL9Q9
9?JA9K9D9<96;9JF=7J8CKP5D<8K6.:I4M>
92E::?442AI=A2496D22:42922:429
D::=I:>E22>2:9D::9:EI29E229AE2>@K
1GQ9@9;=JH=K;9<GK=;GK9D9<G+A=FKG
;GE=JDG;M9F<G@9?9NA=FLG;GFKL9FL=#8D
>F@E>KFD8B<J8CK<;;I@<;=@J?
#@EK<E;KF
<8K@KN?<E@K@J:FEJK8EKCPN@E;P
6FEAL>
E42AI=E42AI=@7-@EXE
4242E0
D::>6E
442AI=?9DD=L9KK9D9<9KIA2?22>D442AI=
MF9D?9E9JAF9
442AIU=M@IM=:J9<ARG9I@KKC<22E4@A
:E2E@@K:>292?D@J@2AIU=*22I:AMA::4
4U:>::A692G:DY=DLGJGL=Q=J9IM=:J9
<ARG)GK=JW9:M=FGH9J9@9;=J;9F9KL9K-?<
9<EKK?<C@D9<I9LJ?8E;@KN8J9I@KKC<
#K
NFL;EdK9<>FF;=FID8B@E>98JB<KJ
6FE
AL>
EE2AIU=70
D::>6E442AIU=:MXM=DG
442AKIM:9JJ9F;9JGLCCFLKK<8IFLKE2>
BF:4E2>@K@E@44UE2A66?>:4229:EK:?@=
4@A2?@4UE@@:E>29:A::E22:4U:E42AKI
>2I@922:E#9:W9MF@GE:J=N9DA=FL=
IMA=F9JJ9F;Y=D9FRM=DGIM=K=@9:W9=F?9F
;@9<G=FD9E9FGQD=K9DAYEM;@9K9F?J=
.?<I<N8J89I8M<D8EN?FGLCC<;K?<=@J?
@E>?FFBFLKF=?@J?8E;8=K<I@K?8;CF;><;
K?<I<8E;@K9C<;8CFK
.2IEBF:D:=BF:;
:E22DED2942AKIE22>2I>@@92924I
D>::942I29E2>@KI DFAXGDDGJY;M9F<G
=KL9:9FHGJK9;9JD==D<A=FL=HGJIM=;J=W9IM=
A:99EGJAJ.?<:?@C;:I@<;N?<EK?<PN<I<
89FLKKFGLCCFLK?@JKFFK?9<:8LJ<?<
K?FL>?K?<N8J>F@E>KF;@<
6FEAL>
:E42AKI:E42A=2I:E4MA42;4:E4MA42I=427
<42AKI9JJ9F;9<G
442D42;40
C8<EKI8;8GI
442KI
442D42I0
C8<EKI8;8GI
442KI
N?8K?<@JJ8P@E>
44MA@=:>0
C8<EKI8;8GI
442A;U
442AEIUM:
@9;=J9:=JLMJ99?MB=J=9JD8B<
FG<E@E>GLE:KLI<.::492E?:92AM9BF:9
I22D;429:E42AEIU2?@J::9 D;9JHAFL=JG
<=D<=KA=JLG@9;=9?MB=JGK=FDGK;9J<GF=KQ
NAN==F=DDGK.?<!@C81FF;G<:B<ID8B<J
?FC<J@EK?<J8?L<JFJ8E;C@M<J@EK?<D
9:JAJFG<E\29@@E924:942AEIU`:J=
D9HM=JL9)G<EK?<;FFI6FEAL>
:E42AEIU:E4MA@EI:>:E42AE2I:E4MAE2;4
:E4MAE2I=427<42AEIU9?MB=J=9<G0
9696
92E66?442AE2I:=:=D9E9
92?E442AEIU@9;=J@GQG=FD9LA=JJ9D8B<
?FC<@EK?<>IFLE;2?E:9J@42AEIUI2A@@
:AI2D:BF:92?@9A@@BF:>:9D2>2>2E22
K;9J:VD9LA=JJ9H9J9IM=;M9F<GE=L9
9<=FLJGD9;9JF=<=DG:G<=DE9JD9HM=<9
;G;AF9J#;L>8?FC<@EK?<<8IK?JFK?8K
N?<E#GLKJ<8C@FED<8K@E@K#:8E:FFB@K
9242AEIUJJLAG8Jd0
92?E9242AEIU
@GQG=FD9LA=JJ9:E66=:E9242AEIUMF;9J9
;GDADDG
:9242AE2IJF9CG8Jd0
9696:9242AE2I
L9D9<JG
:9242AEIUJF9CG8Jd0
929@@E:92
42AEIUDD9N=<=HM=JL9K::I:9242AEIU
HMFRYF
442AIMKIM=:J9JGEGJ<=J;GK9<MJ9;GFDGK
<A=FL=K:I8:B?8I;K?@E>N@K?K<<K?
.:IBF:D::=4@AK::I4@22E;UBF:;:E4MAI
:>@KQEBF:;@J24;BF:9::E6>2:J@@9:E D
FAXGIM=:JY=D<MD;=;GFKMK<A=FL=KQJ=?9DY
D9EAL9<9KM@=JE9FGQVDK=DG;GEAY.?<
:?@C;:I8:B<;K?<:8E;PN@K??@JK<<K?8E;
>8M<?8C=KF?@J9IFK?<I8E;?<8K<@K
6FE
AL>
:E42AI:E4MA2AI:>:E4MA2AI2;
:E4MA2AI@=427M;4@42AI
442AI=M@
9?JAGT;A<G6;GEGDAEYF7JFLI
5C@B<C<DFE6.::IBF:9442AI=BF:9E::I
E@@E;U4:4MAI=BF:94@44MAI=429E::I29@@
>A2::D?GIM==K9?JAG=K;GEG=DK9:GJ<=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
442EMKEGJ<=JH=<9RG?J9F<=;GEG@9;=MF
LA:MJYF9@K<C8I><G@<:<8J8J?8IB;F<J
242E:J@4ME'GEGJ<AYMFLA:MJYFJ?8IB
9@K?@D
6FEAL>
:E4ME:E42E=BF:>
:E42EE:>:E42EI2>7
:>4MEJ:FDGCE<>d0
966:>4MEMF9
HD9FL99FM9D
442EI=2MKEGJ<=J;GF=FGBG6;GEGH=JJG79@K<
@E8E><I5C@B<;F>62E22:K:=966K:E:>
966BF6K:E:92E2K42>>29:K4KBF:992IK
:J@42EI=2;9JJ=T:9EGK9?M9Q;M9F<GDD=
?9EGK9DJ9F;@ALGMFH=JJGEGJ<AY9EA@=J
E9FGE=FGJ1<N<I<><KK@E>N8K<I8E;
N?<EN<8II@M<;8KK?<I8E:?8;F>9@KDP
PFLE><I9IFK?<I
6FEAL>
:E42EI=2:E42EI
=@;7
W442IM@<MJGQK=;G6;GEGHA=DL=D9?JM=K97
?8I;8E;;IP5C@B<?@;<?<8MP:CFK?6@4
D2CBF:9I2A@@:?22:=BF:9EE2IE>22:E:4
E66E6:96I=:E4>2>K@9@ DE=PA;9FGFG
AF<W?=F9<ABGIM=FGIM=JW9;GEHJ9JD9HA=D
<=DDG:GE9JAFGHGJIM==J9<MJ9QFGKM9N=
.?<EFE#E;@8E'<O@:8EJ8@;K?8K?<;@;EdK
N8EKKF9LPK?<J<8C@FEJB@E9<:8LJ<@KN8J
?8I;I8K?<IK?8EJF=K
/JF9J;6FEAL>
EE2IEE2IE2;7
44MI2=:>0
C8<EKI8;8GI
442I@;
442I@;MKEGJ<=J;GFDGK<A=FL=K<=D9FL=JGK
9@K<N@K?K?<=IFEKK<<K?.::I92?E4A2E;>2
D42I@;I@ DH=RHM=J;GL=N99EGJ<=J.?<
KI@>><I=@J?@J>F@E>KF9@K<PFL
6FEAL>
:E42I@;:E4MI2=:>:E4MI2=2>7
44MI2=:>EGJ<AKIM=9J;GFDGK<A=FL=K<=
D9FL=JGK>E8NN@K?K?<=IFEKK<<K?2IK
BF:9K::I:E24K:J@4MI2=:> DH=JJG=KLT
EGJ<AKIM=9F<GMF@M=KG.?<;F>@J
>E8N@E>FE89FE<
@4MI2=2>J:FDGCd0
>@@D?:
@4MI2=2>MF9=KHGFB9
442IKMKd6FEAL>
:E42IK:E42I42
:E42I4@;7
:E:4@442IKJ9KH9J;GFLJ9J:I8G<8>8@EJK
#2?F6=BF:9:EC@@BF:BF:9:E2422E2I9696
92?E92?QAK:E:4U:E42IK4@@I2?:J29@;UK
EC@@BF:BF:;(9FM=D=KL9:9E9F=B9F<GKM
;9EAYF;@G;Y;GFMFHGKL=QJ9KHYKM;9
EAYF'8EL<CN8J;I@M@E>?@JKIL:B?@K8
GFJK8E;J:I8G<;?@JKIL:B
442IKMK?GDH=9JH=?9J;GF;GK9D9J?9
GFLE;?@KN@K?CFE>K?@E>22D4@A
:EE2IK::D4@:E4@@@>292?E:E924:E:E@::
>2:J6I='D=NYLG<9KD9KN9AF9K<=DE=R
IMAL=IM=K=;9Q=JGF9DKM=DG;M9F<GH=?Y9D
TJ:GD"<KFFB8CCF=K?<D<JHL@K<GF;JK?8K
=<CCKFK?<>IFLE;N?<E?<?@KK?<KI<<
@>42244E2>4U4@:42?@22BF:9:E66=
4@>:E::EEM42;2>>292IE::A@;BF:>@@
>2K:I4M>BF:992AI4@>4UJ@@7A'GK
@GE:J=KK=JAK?GDH=9F=D:GJ<=<=D9H9F?9
H9J9@9;=JMFKGFA<GQDGKH=;=KK9D=F.?<
-<I@D<EGFLE;FEK?<J@;<F=K?<9F8KKF
D8B<8JFLE;8E;K?<=@J?JLI=8:<
6FE
AL>
:EE2IK:EEMI2K:>:EE24;:EEM42;2>7
M;4@22IK
9224?:4@442IKLG;9J9J;GHM=KLGKG:J=<GK
;9F9KL9K;GEGAFKLJME=FLGEMKA;9DGC8P
9FNGC8:<;FM<IKNF98JB<KJ8J8DLJ@:8C
@EJKILD<EK
9224?:4@442IK
92?E4@442IKLAJ9J9DKM=DGK?IFNKFK?<
>IFLE;.:IBF:D::=4E2>BF:9:E:A;4>2
::I2;BF:94U:E4>:E2:>292?E4U:J@2IK
?9JJY9DFAXGdIMA=FFGDGHM<GJ=KAKLAJd
QDGLAJY9DKM=DG"<>I899<;K?<9FPN?F
:FLC;EdKI<J@JK?@D8E;K?I<N?@DKFK?<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:J@42K;@;'9KNW:GJ9K<=;9K;9:=DEGJ<A=
JGF9D9KJ9L9KFGH9D=J9K.?<I8KKC<JE8B<J9@K
K?<G8:BI8KJ
9?9JJ9J;GFD9HAFR96;9F
?J=BG7G@E:?5:I8966FEAL>
:E42K?:
:E42K;2:E4MK:?:>:E42K;@;:E4MK2=2>7M;
4@42K?:0
4U424MK:?@E9?9JJ9JH=B;GF
L=F9R9K92I442K?:H=<J=X9D
:E2>@@;442K?:@9;=J;GFEM;@G=K>M=JRG
;FN@K?DL:?<==FIK&@K
EGJ<=J=DD9:AG
AF>=JAGJ
:4242K;@;JF9C89J<=LGF9<GJH=L9J<G
;<KFE8KFI=@I@E>:8G
442K@;M@d6FEAL>
EE2K@;EEMK2;@;EE2K=47
0
66?:>44MK@=42>;=<9RG
E@::442K@;9?MB=J=9<GH=J>GJ9<GMF9H=J
>GJ9;AYFL=F=J
@M=;G?8M<8?FC<
>IFLE;
D::>6?4U:EE2IK_<OGL=F=JE9D9KM=JL=
?8M<98;CL:B&@K
=D@9D;YFD=H=?9)::>6?
96A@>>2IKE2I92?E:9>224@A:9D::9@
292.AL=F?GKM=JL=NGQ9N=JGLJG9XG#=#
8DCL:BP#8D>F@E>KFC@M<KFJ<<8EFK?<I
P<8I
922IKJJLAG8Jd0
K::I4@BF69E
4U922I2K:>:VAK:GD
:922IKJF9CG8Jd0
I4@@>@;
:922I2K:>E9L9EGK;9K92?E:922IK
9R9<YF
@2242;2>J:FDGCd0
92A@2242;2>MF
9J:MKLG
44MK2;@;0
C8<EKI8;8GI
442K@;
442K:EMKIMAL9J;GF>M=JR99JJ=:9L9JJ9HL9J
>I898N8PK8B<8N8P=FI:@9CP89;L:K6FE
AL>
:E42K:E:E4MK:E:>:E4MK:E@;:E4MK:E@=427
M;4@42K:E0
4U424MK:E@EG:DA?9J9J9HL9J
K::I4@BF69EAE644MK:E:>BM?9<GJ<=>[L:GD
9E=JA;9FG
4@442K:E9JJ=:9L9J<=9D?MA=F>I898N8P
=IFDJFD<FE<242E4>22>K@4@9E2E?:
>29:EQD96:J@42K:E/AJV=D9JHYF9MF9
J9Q9<A9E9FL=QE=IMALYD9HMFL9<=9JHYF#
K?I<NK?<?8IGFFE8K8;@8DFE;JK@E>I8P
8E;@KKFFBDP?8IGFFEGF@EK8N8P
6 D;GE
HD=E=FLGAF<AJ=;LGKAF?MD9JGHDMJ9D=KD9
H=JKGF9<=IMA=FK=IMAL9=DG:B=LG.?<
J@E>LC8IFIGCLI8C@E;@I<:KF9A<:K@JK?<
G<IJFE=IFDN?FDK?<F9A<:K@JK8B<E
7
::4A2?@4@442K:EAEH=<AJ@DG<;<
442K=:=MKE9;@9;9J;GFDGK<A=FL=K:?<NFE
KF=C8KK<E22E9242K=:=4@:9292EI::?BF:;
2?@>@>20F;9Q9@M9DK=@9;=<=LGJGL=
IM=K=@9E9;@9;9<G?<8;I@E>@JD8;<
=IFDC@D9<I9LJ?JK<DJK?8K?8M<9<<E
=C8KK<E<;9P:?<N@E>
6FEAL>
:E42K=:=
:E4MK2=:=:E42K=@;:E4MK:E@=70
424MK2E@=
9QM<9J9E9;@9;9J;GFDGK<A=FL=K
442K?:MK
EGJ<=J6NW:GJ979@K<5JE8B<6
@42K;44@:I::42922DE@I2?@4@@I2=424@:
G<I=FI8K<;N@K?
FE<?FC<224@
BF:9::K44@>E@::
E@::442K@;
J@22K@;'9H9J=<
<=D9;9K9LA=F=MF@M=;G.?<N8CCF=K?<
?FLJ<?8J8?FC<@E@K
E@::44MK2;@;M@=FJ=B9<G;GEGE9DD9
L=F=JH=J>GJ9;AGF=K
C8KK@:<;=LCCF=?FC<JC@B<
J:I<<EG<I=FI8K<;N@K?
DFI<K?8EFE<?FC<
224@4@A92?E2?
44MK2;@;
:4@4@9@:E:422942924
92E22:44MK2;@;429E::I294U>29A@@:?
,4@@>@;K@4@?ED2>2I29E22E29:>@K@@
>A29'9KN=FL9F9K<=D9;9K9K=;M:J=F;GF
L=D9<=9D9E:J=;GEGE9DD9H9J9IM=D9K
EGK;9KFG=FLJ=F.?<N@E;FNJF=K?<?FLJ<
8I<:FM<I<;N@K?J:I<<EJFK?8K=C@<J;FEdK
<EK<I
6FEAL>
EEMK2;@;70
66?:>
44MK2;@;H9JJADD9<=;9JJG92E22:44MK2;@;
L=D9<=9D9E:J=EC@@BF:44MK2;@;;9EAYF
<=J9;9GJ=<AD9K
442KIM:
H9JLAJ9D?G:D9F<GK<8II@G
2E22:K::;:E42KI92E22:927:4;K2?@
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
>:J@@K:+9JLAYMF9L=D9QD9MKYH9J9@9;=J
MF9;9EAK9-?<KFI<8G@<:<F=D8K<I@8C8E;
LJ<;@KKFD8B<8J?@IK
9:JAJD9:G;9
FG<EDFLK?\#:E66?924:942KI#:A=
4@>:9D@@4E29229:`:J=D9:G;9,MA=JG
=P9EAF9JLMD=F?M9)G<EPFLIDFLK?#
N8EKKF<O8D@E<PFLIKFE>L<
6FEAL>
:E42KI:E42D42I:E4MD42;4:E4MD42I=427<
:E:4U42KI42KIJ9K?9<G
2?442KI9@M=;9J?FCCFNFLKE2>BF:;
966?;I@A:?=BF:94922K:E22:2?:J@42KI
D@GE:J=9@M=;YMFH=<9RG<=LGJGL=HJA=LG
H9J9@9;=JMFNAGDWF.?<D8EN8J?FCCFN@E>
FLK8G@<:<F=I<;<C<G?8EKKI<<KFD8B<8
M@FC@E
442D42I<ANA<AJ;GEH9JLAJ;@M@;<J?8I<
92?E442D42I9J9JGCFN2?E92J224@>
2?:E42D42I2?@J664JYD9LA=JJ9QK=E
:JY"<GCFN<;K?<>IFLE;8E;GC8EK<;
:E:442KI<ANA<AJH9JLAJ;@M@;<#@@D?:
:AI2D:4@::E::E42D42I:>22:=42>ANA<AY
D9;9JF=<=D9;9?M9E9QD9J=H9JLAY-?<
;@M@;<;K?<KLIKC<D<8K8E;>8M<@KFLK
:E:4@442KI@9;=JK9DAJJ=H=FLAF9E=FL=@9;=J
J=N=FL9JD8B<9LIJKFG<E?@9AE@@AI@;
:E:4@9J@42KI'GAF>DVQDGJ=N=FLV#9C<N@K
LG8E;D8;<@K9LIJKFG<E
9242KIJJLAG8Jd0
92?E9242KIR9FB9
KMJ;GI2A:;:E:9242KIMF9>D9ML9@=;@9<=
;9JJARG
:9242D42IJF9CG8Jd0
92?E:9242D42I
9J9<G
:9242KIJF9CG8Jd0
42?@222?:92
42KI;AF;=DH9J9E9<=J9*2E4U E@@K;
'F:9? 9242KIDM?9J=FD9AKD9/A:MJYF
44@22E2>0
C8<EKI8;8GI
44@@:
44@::MKAF<A;9JAFL=JVKAFL=FKG=F9;GEH9X9J=F
MFNA9B=@E;@:8K<>I<8K@EK<I<JK@E8::FD
G8EP@E>FE8KI@G:>>A@4@::E2I
:9D22K:292.AE=AF<A;9IM=IMA=J=AJ=F=D
NA9B=D=DD=N9JV#=J?<;<DFEJKI8K<JKFD<
K?8KJ?<N8EKJKF>FFEK?<KI@G#N@CCK8B<
?<I
6FEAL>
:E4@:::E4@::I2>7M;4@4@::
44@::>2;0
C8<EKI8;8GI
4@44@::>2;
44@;AM@:JAF;9J6;GEGK9HGG?9LG7ALDG5<
>
KF8;FI:8K6.::I92I2?@BF::;K@922
?E:E292?D@E4T;@A:>E@44@?E::92:E:9696
9@@I42AE;K@E@44@E@>>2:>@4=924
4@?E:J2 DK9HG:JAF;YQK=>M=9:9BG<=MF9
L9:D99F;@9.?<KF8;ALDG<;8E;N<EKLE
;<I8N@;<9F8I;
6FEAL>
E4@;A
E4T;@A:>E4T;@A@;E4T;@A@=4270
424T;@A@E@9;=J:JAF;9J
:4@;AJF9Cd0
%EM4 4@;ADM?9J9DFGJL=
<=+M=JLG'A:=JL9<
44@=M@<AK;MLAJ;GF;GJ9B=8I>L<>2;::4A24
E@44UE@::EE@=I>2I:42BF:K::=4E2>4UA24
E@44UE@:::E29E::BF:J22E2>D?MF9KEM
B=J=K=KLMNA=JGF9DDW<AK;MLA=F<G0FGKEM
;@9;@GKD9KNA=JGFQK=:MJD9JGF<==DD9K
-FD<NFD<EN<I<K?<I<8I>L@E>
-FD<9FPJ
J8NK?<D8E;D8;<=LEF=K?<D
6FEAL>
EE@=EE@=E:>EE@=IEET=:I@=427
44@>42M@JMA<GKG@9;=JJMA<GEF@JPD8B<
EF@J< 92>@4BF:992IKK@922E2A
E@@;UBF:>>2I@4@>42E2I:9JQFG;@=
GWMFH=JJGD9<J9F<GHGJIM=@9;W9EM;@G
JMA<G&8JKE@>?K#?<8I;8;F>98IB@E>
9<:8LJ<@KN8JD8B@E>CFKJF=EF@J<
6FE
AL>
E4@>42E4T>2;42E4@>;@;70
424@>42H=J;A:AJ;GEGJMA<GKGI6A6:E:
44@>42;GDAE:GE=FGJ
44@?M@9H=KL9J6;GEG;=:GDD9K>JABGD=KH9K9
<GK7JK@EB5C@B<FE@FEJJGF@C<;9<8EJ6I<<B
.::I:D4BF:9;U@@K?:;429>::K;E@>>M>
92I:4T?429:A29:E::4A4UE>::A69@M9F
<GDGK>JABGD=KFG=KLTF:A=F;G;A<GKQ<9F=D
GDGJEMQ>M=JL=FG=K:M=FG;GE=JDGK1?<E
9<8EJ8I<EdK:FFB<;N<CC8E;K?<PJK@EB@K@J
EFK>FF;KF<8KK?<D
6FEAL>
E4@?
E4@?E2;70
969644@?;=:GDD9
44@@:MK
=KL9J;GF9D?MA=F=FEM;@GKNA9B=K
9<N@K?FED8EPKI@GJDD=N9J=FEM;@GK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:?EMA>2>29J@4@@I2M9F<GF9;AKL=L=
;9FL9:91?<EPFLN<I<9FIE#J8E>KFPFL
6FEAL>
:E4@@I2:E4@@I2E:>:E4@@IK2
:E4@@IK2=427M;4@4@@I20
424@@I2E
9QM<9J9;MA<9J=D:=:V<=GLJ9H=JKGF9
44@@KMKJG:9JIF9JK<8CE2>9:>42A66?:>
K:E4@@K>2:E29E4U:J24@22I@; K=
@GE:J=JG:YMF;M;@ADDG DDGKDGNA=JGFQK=
DGIMAL9JGF.?8KD8EIF99<;8BE@=<
.?<P
J8N?@D8E;KFFB@K8N8P=IFD?@D
6FE
AL>
:E4@@K:E4@@KE:>:E4@@KI:E4@@K:I@=42
:E4@@K:E2>7M;4@4@@K0
4>22>
44@@KEM;@9;@GIM=K=N9;GFMF9EM;@9
;@94U424@@K:EJG:9JH9J9922:E44@@K;@AF
;@==FE9K;9J9<9
4@44@@KJG:9J9D?G<=9D?MA=FIF9JK<8C
JFD<K?@E>=IFDJFD<FE<6?:>9:A42A
2996:>4@@KI@>@D:9>6I=(=JG:Y=KL=
;M;@ADDGH=JGDGJ=;MH=JV"<IF99<;K?@J
BE@=<=IFDD<9LK#KFFB@K98:B
[#66?:>
BF:9>6E294@@K_/=>M=JG:9<G=D;M;@A
DDG18JK?<BE@=<IF99<;=IFDPFL6'9
H=JKGF9<=IMA=FK=JG:9KAF?MD9JGHDMJ9D
=K=D;GEHD=E=FLGAF<AJ=;LG.?<G<IJFE
N?F@JIF99<;J@E>LC8IFIGCLI8C@JK?<
@E;@I<:KF9A<:K
7
:D@;44@@K@9;=J=FK=;J=LG;FJ<:I<KCP
:D@;:9E4@@K422AI2=4@;BF:94@9AJ@@A
FK=;J=LG>MA;GFDGKIM=K=EM<9JGF9DGLJG
;9EHG#J<:I<KCPN<EKN@K?K?FJ<N?FDFM<;
KFK?<FK?<I:8DG
AE:44@@KHGF=JK=<=9;M=J<GH9J9=DFGNA9R
?G>FJK<8;P59FP8E;>@IC6'F:D::=4E2>
BF:;BF:D::=4>22>BF:;:D@;::44U:EBF66A6
>24>22IAE:D4@@KE:>4292 DEM;@9;@G
IMA=J=EM;@G9D9EM;@9;@9QK=HGF<JTF<=
9;M=J<GH9J9=DFGNA9R?G.?<9FPI<8CCP
CFM<JK?<>@IC8E;K?<P8I<>F@E>KF>F
JK<8;P
924@@KJJLAG8JEM;@9;@9IM=K=N9;GFMF
EM;@9;@G>@ICN?F<CFG<JN@K?89FP
NA9B=K:8IIPFED8EPKI@GJ)2?E22C4@:
422JE2;4@::>4@22E2>'GKKGD<9<GK
@A;A=JGFN9JAGKNA9B=KLJ9FKHGJL9F<GDGK;9:9
DDGK.?<JFC;@<IJD8;<M8I@FLJKI@GJKI8EJ
GFIK@E>?FIJ<J
6FEAL>
:E4@@::E4@22E:>
:E4@@:E:E4@22E2>7M;4@4@@:
44@@@M@
=FL=JGN?FC<<EK@I<.::I:D
4BF:9;U44@@424@:9I@BF66A6(=?MKL9F
DGK>JABGD=K=FL=JGK#C@B<9<8EJ:FFB<;
N?FC<
92>@4BF:944@@@E:?E:42:E:
4@9AI::>GJEWLG<9D9FG;@=#JC<GK8CC
E@>?K
LG<GLG<GK8CC.22944@@@4@A96
:E:4U42E:4A2?:92#=LJ9:9B9<GLG<G=D<W9
#?8M<NFIB<;8CC;8P
*22I92A@4@@@I
4U92D>::A=2292 KGK=JW9MF9DTKLAE9H9J9
LG<GKFGKGLJGK.?8KNFLC;9<98;=FI8CCF=
LJ
2E22DEBF:9BF:AE2IBF:9:E22DE4@:
E4@@@>2@@AE2I:92 D<=FLAKL9D=K9;Y
LG<GKDGK<A=FL=K"@JK<<K?N<I<8CCK8B<EFLK
9PK?<;<EK@JK
6FEAL>
E4@@@E4@@4270
424@@@J=;GFKLJMAJ92?EQA44@@42K9D=F
?J9FGK::I4@22E;U44@@429R[;9J=F;M:GK
4@44@@@;ADWF<JA;GH=JGMF
HG;GETK?GJ<G=F=DE=<AG
:PC@E;I@:8CN@K?8JC@>?K9LC><
@EK?<D@;;C<.::I92AI4@@>
4@44@@@
4@>E::IK::I442>92I
4@44@@@92'9:9DD=F9=KMF9FAE9D;ADWF
<JA;G.?<N?8C<@J8:PC@E;I@:8C8E@D8C
44@@DMKGDNA<9J=FI><K:EQD4299E4@@D>2
92?D@92?E92E@@:E:92J::>2.=E=GDNA<Y
D9HMFL9<=9JHYF=FLGF;=K9DDWKYDG<GJEA
EGK#=FI>FKK?<?8IGFFEGF@EKJFN<ALJK
JC<GKK?<I<
6FEAL>
:E4@@D:E4@@DE:>
:E4@@D;U7
4@44@@D>9DL9JH=BMF9J=MFAYFD@JJ<
>
8D<<K@E>[@@K24@:E2K@:A:4@?E4@>
4@@D_)G>9DL9KL=FAF?MF9<=D9K;GF>=J=F
;A9K@;EdKPFLD@JJ8EPF=K?<:FE=<I
<E:<J
44@@I2MK;9FL9J9MFFAXGIM=MFG=KLT;MA
<9F<GJ@E>KFN?@C<989PJ@KK@E>2AI
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
44@DJ2EM@;<I=KHAFGKGK?FIEP)62BF:9
I@4@DJ2EI@:I22:4@:
92J2E@@EIU=:>::A=2BF:9
::44U:9::A692'9;@GQ9
?\=J9LA=F=EM;@9K=KHAF9K
H=JGD9KJ9W;=KKAJN=FH9J9
44@DJ2E
DGKJAXGF=KE9DGK.?<
K<;;P9<8I:?FCC8@JM<IPK?FIEP9LKK?<IFFKJ
8I<>FF;=FI98;B@;E<PJ
6FEAL>
E4@DJ2E7
<4@D:0
4@?6644@DJ2ER9;9L=
:GJJ=?M=JG969644@DJ2ELGJALGLG:GKG
44TE@?:>M@EGN=JK=;GFJ9HA<=R<=KHMVK<=
;GFLJ9=JK=CLE><DFM<HL@:BCP8=K<I:FE
KI8:K@FE2A2;K@9J@@9@I@4@=2E4TE@?:>
>2D66964@9J@>M1AMFHMDHGH=JGK9DAY
JTHA<GQFGHM<=69?9JJ9JDG7#J8N8EF:KF
GLJ9LK@K;8IK<;8N8P8E;#:FLC;EdK5>I89
@K6
6FEAL>
E4TE@?:>7
44@EAM@9;J=K8IK,@?;:E22DE4>:DA24:9J6I=
I@E4@EA>2K@9J@>29:EGEHJV9D?MFGK
HDTL9FGKH=JG=KL9:9F9;J=KQFG;GEW
FAF?MFG#9FL>?KJFD<98E8E8J9LKK?<P
N<I<K8IK8E;#;@;EdK<8K8EP
6FEAL>
E4@EAE4@EA7
44@EIE2M@L=F=JE9DGDGJ6;GEG;M=JHGKM;AG7
JK@EBC@B<9F;PF;FI 422:DIK:J6I=
E4@EIE292I2?@D22=:>42E66E6GEHJY
B9:YFQ<ABGIM=A:99:9X9JK=HGJIM=L=FW9
E9DGDGJ"<9FL>?KJF8G8E;J8@;K?8K?<
N8J>F@E>KF98K?<9<:8LJ<?<?8;9F;P
F;FI
6FEAL>
E4@EIE2E4@EIE2;70
:422:DI44@EIE2B9:YF<=LG;9<GJ>@@D?:
44@EIE2MF9;D9K=<=;9?M9E9K::I44@EIE2
HGDNG;GKEVLA;G
44@EKMK;@MH9JJL:B2D22:E:>@E@@CBF:;
::E2IA2492AI:9D::42EE22:9EE@EK>2
9:E2>@@=44@::EE@A=>24@@I:E:J@@D42I
$:99K9;9J?9KGDAF9Q;M9F<GD9;@MHVD9?9
KGDAF9EGBYEAKD9:AGKIM=K=K=;9JGFQK=
IM=:J9JGF#N8J>F@E>KFJ@G?FE>8JFC@E<
8E;N?<E#JL:B<;@KK?<>8JFC@E<>FKFEDP
C@GJN?@:?K?<E9<:8D<;IP8E;:I8:B<;
.:IBF:D::=BF:9:?@=4@A:J@TE@K:> DFAXG
K=;@MH9:9=D<=<G.?<:?@C;N8JJL:B@E>
?@JK?LD9
6FEAL>
:EE@EK:EETE@K:>
:EE@EK@:EETE@K2>7
922@EKJJLAG8Jd0
K::I922@EKL=LADD9
:A:=JYF
44@K:>M@@DG@9;=J;9DGJ?FK5N<8K?<I6.229
9:A4@A:>4@K:>M29@@42=2E:?6;>2
22>2#GQ@9;=EM;@WKAEG;9DGJHGJIM=FG
@9QFM:=K.F;8P@K@JI<8CCP?FK9<:8LJ<
K?<I<8I<EdK8EP:CFL;J
6FEAL>
E4@K:>7
0
424@K:>L=F=J;9DGJ
:4@K:>JF9C;9DGJN=J9FG?<8KJLDD<I
44@K=M@L=F=JGDGJ99;=AL=J9F;AG?8M<JD<CCF=
I8E:@;F@C22J:AI@>A24:9E4222E4@@4
:9E4>29:E>2J@4@K=#A;=;@A;@9JJGF=K<=
D9?GJ<MJ9<=;9:9DDGH=JGK=HMKA=JGFJ9F;AGK
HGJIM=FGDGK;GEW9LA=EHG#D8;<?FIJ<
=8K:?@KC@E>J9LKK?<PN<EKI8E:@;9<:8LJ<#
;@;EdK<8KK?<DI@>?K8N8P
6FEAL>
E4@K=7
472:?MK9E9JJ9J;GFEM;@9KLAJ9KK@<N@K?
D8EPNI8GG@E>J
2E22:;BF:9A@@D;BF:9
4U:E72:?:E2E22:;>292I
J27@@ FJ=<Y@ADG=F=D
472:?
LJGEHGDG@ARG:9AD9JQ
KAK=9:9"<K@<;K?<JKI@E>FEK?<KFG8E;@K
N?@QQ<;N?<E?<D8;<@KJG@E
6FEAL>
:E72:?:E722:=BF:>MF9N=R9N9JAGK
:E72::=BF:>N9JA9KN=;=K:E72::=42>7
2?@472:?=FNGDN=JNI8GLG
472:?::BF:472:?<9JD9NM=DL9;GEG=FMF9
=KIMAF9KLIEK?<:FIE<I>F8IFLE;C@B<8
:FIE<IE2>E::I92DE42A::BF::J@72:?
K=@GE:J=<AGNM=DL99D9EGFL9X9.?8K
D8EN<EK8IFLE;K?<DFLEK8@E
0
4U4272:?@E@9;=J<9JNM=DL9
:9272:?JF9CG8Jd0
2?:9272:?=FNGD
LMJ966?:>4@@D@E66?>:9272:?9D9E:J=
H9J99E9JJ9J92?22:=424E:>:9272:?
N=F<992I:9272:?9JG<=E=L9D:D@;
:A24E:>:9272:?N=F<9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?<DFIE@E>
92?EA@7::>@D92?EA@7::E2_92?EA@7::
E2BF:A2492?E4UA@7::E2_:A2492?E
4UE7::>2_<OG;M9F<G=KH9K9<GE9X9F9
N?<E@K@JK?<;8P8=K<IKFDFIIFN
92?EA@7::M?@A22:EE2_E9X9F9HGJD9
L9J<=KFDFIIFN8=K<IEFFE
:7::JF9Cd
92?E:7::92?E4U:7::D9E9X9F9K?<DFIE
@E>2?E:7::9J@>M(=D=N9FLVL9J<='AL
FG;GFG;WD9E9X9F9#>FKLGC8K<&@K
#
;@;EdKBEFNK?<DFIE@E>
.2299:A4@A
92?E4U:7::924E>22A=:9@#GQ=FD9E9X9
F9FG@9;W9>JWG.?@JDFIE@E>@KN8JEdK:FC;
47:EM@H9J9JK=HGF=JK=<=HA=<=HGKA;AYFK=F
L9<9G9?9;@9<9=KL9J<=HA=JK8E;LG=IFD
J<8K<;FIJHL8KK@E>GFJ@K@FE9<JK8E;@E>LG
\ 97QE\696:E::BF::4@=:>BF:;DEMA@=BF:>
I@`+TJ9L=`'9KADD9K=N99IM=:J9J-K8E;
LG.?<J<8K@J>F@E>KF9I<8B6FEAL>
E7:E
E7:EE:>E7:E=2>7
47:K0
C8<EKI8;8GI
4@47QK
47:K@MKD=N9FL9JG@:BLG!F2?BF:992IK
BF:>2K4K:E29@K::IK::BF::E::A;4:E7:K@
:J2922?AIK::I::44U:9::A6K@4U:D24@::E
E22%M9FNAGMFH=JJGK9JFGKGQDG=FNGDNAY
;GF9D?GDGD=N9FLYQDGDD=NY9;9K9H9J9
;MJ9JDG$L8EJ8N8;F>N@K?D8E><
NI8GG<;@K@EJFD<K?@E>G@:B<;@KLG8E;
:8II@<;@K?FD<KFKI<8K@K
6FEAL>
:E7:K@
:E7QK@E:>:E7QK@=4@;7
4922M@
K=JA<=FLA>A;9;AYF9<@;<EK@=@:8
K@FE9<:FD<*::IA@922E29E4>M9@)G
KVKA=KVD#;FEdKBEFN@=@K@J?<
*::I922
92 KVD#K@J?<
[:A::I922J29:K4UE2A
_ KVKL=IM==KLT9IMW#J@KK?@JFE<?<I<
\69692D4M>K@D@>922E666696
92D4M>:92_YEGFG=KMF:9J;G.W=K
MF:9J;G1?8K;FPFLD<8E@K@JEdK8J?@G
#K@J8J?@G
'F:9P96E@;4>22BF::9A24
4UD@::E22>2(2J>F?5@BF:9:EBF66A6
>2E::IK::IK@J@922M9F<GA:99@9:=J
47:4;MKHGF=JK=GDD=N9J:DMK9;9EAK9GLKFE
N<8I9CFLJ<J?@IK22>:KE:BF:9:?D7:4;
292`+GFL==K9;9EAK9*LKFEK?8KJ?@IK
,:42BF:K::=>22A=E2II::42:424UE:>E24@:
>2D74@@42=2>292)AXGK@9;=>JWGQHGJ
=KG<=:=F=FNGDN=JK==F=K9K;G:AB9K?@C
;I<E@K@J:FC;JFNI8GK?FJ<9C8EB<KJ
8IFLE;PFL
6FEAL>
:E7:4;:E7Q42=:>
:E74@@4=:E74@@42=2>7M;4@7:4;0
427Q42E@=9:JA?9J
927:4;JJLAG8J:DMK9;9EAK99CFLJ<
J?@IK
@7:4;J:FDGCJGH9DD=N9<99JJA:9<=D9
;AFLMJ9;GEG:DMK9G;9EAK9:CFK?@E>NFIE
89FM<K?<N8@JKJL:?8J89CFLJ<FIJ?@IK
47::M@d6FEAL>
E7::7
92?E47::K=J<=E9X9F99<DFIE@E>9<
KFDFIIFNDFIE@E>2?EA@7::E296
)@422:I4@?E:D24292(9X9F9HGJD9
E9X9F9NGQ9+MFL9@M=;9.FDFIIFN
DFIE@E>#dD>F@E>KF*LEK8?L<:8
*22=:>
>2:E@224@AIA66>@;2K2?@4UE2AIU=:>
>292?EE7::>2J29E22AM9F<GBM?9:9
MF9=KHAF9<=E=RIMAL=D==FLJYQK=D=
IM=:JY=F=DHA=Q=FD9E9X9F9Q9L=FW9HMK
1?<E?<N8JGC8P@E>8D<JHL@K<K?FIE
9IFB<F==@E?@J=FFK8E;K?<E<OKDFIE@E>
GLJN8J:FD@E>FLK
9AE>@BF66A6>2
2?@9AEA29>29:9::>42992?EJ@7::
M9F<G=KL9:9=F>=JEGE=AFQ=;L9JGFQ
<GJEW@9KL9D9E9X9F9'ALEA<GJEAJe=J9
D9E9X9F9f1?<E#N8JJ@:BK?<P>8M<D<
8E@EA<:K@FE8E;#JC<GKLEK@CK?<DFIE@E>
&@K
DPJC<<G@E>aN8JDFIE@E>b
2?E2?
:4@4@9@92492E22:::4E:>:92A@@:?BF:9
:EBF66E:;:E@@4E2>24T:92?E:A:E@>7::
>2>@D92?E>@@>'=N9FLYD9;GJLAF9
NAGIM=FG=J9D9E9X9F9LG<9NW9QK=NGDNAY
99;GKL9J"<C@=K<;K?<:LIK8@EJ8NK?8K@K
N8JEFKDFIE@E>P<K8E;I<KLIE<;KF9<;
2?ED7::E22>292>::K42>'D=?9EGK
L=EHJ9FG=FD9E9X9F91<8II@M<;<8ICP@E
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
DW<=J=KFM=NGK-9QEMF<G=KL9:9<=9;M=J<G
IM=GLJGA:99K=JMFG1?<EK?<I<N<I<
>F@E>KF9<E<NC<8;<IJ,8PDLE;FN8J@E
8>I<<D<EKK?8K?<8EFK?<IG<IJFEN8J
>F@E>KF9<FE<
NGDN=JK=;GFN=JLAJK=
LJ9FK>GJE9JK=9<:FD<696:4M>4@>29
D66?6=BF:9J@922'9GJM?9K=;GFNA=JL==F
E9JAHGK9.?<:8K<IG@CC8I9<:FD<J8
9LKK<I=CP
6FEAL>
E922E922E:>E922E2>
E922;2>76N=;=KD9>GJE9e@99fK=
HJ=K=FL9=FDM?9J<=e;@99f-FD<K@D<JK?<
=FIDa?88bF::LIJ@EJK<8;F=a:?88b
70
K::IK@4922H=JKGF9;GFMF;9J?G;GEG
G>A;A9D
4>::BF6M2BF:94922J=KH=L9:D=H=JKGF9
J=KH=L9<9I<JG<:K89C<I<JG<:K<;G<IJFE
492242M@@A:=JF9J=F:9F;GK6B9A:9K7
?@9<IE8K<@E>IFLG5:I89J6
6FEAL>
E92242
E9224;@;7
4922:;@;M@;GF9JJM?9K
?J9F<=K@GJARGFL9D=K6HA=D7
N@K?C8I><=FC;J5JB@E6
6FEAL>
E922:;@;7
4922:;@;
4922:EM@
K9F?JA=FLG9CFF;P
#:422>:KBF:9I@922:E/M;9EAK9=KL9
E9F;@9<9;GFK9F?J=3FLIJ?@IK@J8CC
9CFF;P
K9F?J9J9C<<; 9AJ@922:E
.9F?JV#9C<;
6FEAL>
E922:EE922:E:>
E922:E=@E922:E=2>70
922:EK9F?J=
4922>IM@:A=F<A>MF<A<G6;GEGMF9FGLA;A97
N@;<CPBEFNE5C@B<E<NJ66FEAL>
E922>I7
4922?KIM@LGJ;A<GQ<=K@AD9<G6;GEGHAGD9
?JM=K97KN@JK<;8E;LEI8M<C<;5C@B<K?@:B
IFG<6,6A6A@@D;:9J22:BF:9E922?KI>2
K::IK@4U:92D::;:>::4A4U:>::A692'9HAG
4922?KI
D9<=E=RIMAL=IM=@A;==KLTLGJ;A<9Q<=K@A
D9<9QFGKAJN=H9J9F9<9.?<D<JHL@K<:FI;
K?8K#D8;<@JKN@JK<;8E;LEI8M<C<;8E;@J
NFIK?C<JJ
6FEAL>
E922?KIE922?2KI:>
E922?4@;4E922?4@I=427
::D2I4922?KIAEHMDKANGAFIMA=LG@DGLC
J@M<I<JKC<JJ&@K
KM=KHWJALM=KLTLGJ;A<G
4922A2M@=FGJE=Q>M=JL=<EFIDFLJ8E;
JKIFE>/JFHG;G>J=;M=FL=6FEAL>
E922A2E922A270
22A2=FGJE=
4922D2IM@9:A=JLGQ=PL=F<A<GFG<E<;8E;
JGI<8;FLKFI<OK<E;<;.::I:424UE:>BF:9
D922D2I4292'9;G:AB9K=N999:JAJQ
=PL=F<=J.?<9C8EB<K@J>F@E>KFFG<E8E;
JGI<8;FLK
6FEAL>
E922D2IE922DE@I70
422D2I9:JAJ9D?GIM=K==PLA=F<=
4922DIM@H9J9JK=@GE:JG9@GE:JGJK8E;@E
C@E<J@;<9PJ@;<,:42BF:K::=4@:92IE922DI
@@K::I4@=292AM9BF:9:J@@?64'GKFAXGK
@A;A=JGF;GD9QDD=N9JGFD9:9F<=J9.?<:?@C
;I<E=FID<;8C@E<J@;<9PJ@;<8E;:8II@<;
K?<=C8>
6FEAL>
E922DIE922D:KI2
E922D:KI2;7
4922E@IM@=PL=F<A<GG=KLAJ9<G6;GEGHAGD97
JKI<K:?<;FLK5C@B<:FI;6&@@D;E:?E:42
:>922E@I:92'9HAGD9FG=KLT=PL=F<A<9
.?<:FI;@JEdKJKI<K:?<;
FLK
6FEAL>
E922E@I
E922EJ2I70
42922E@I
=PL=F<=J=KLAJ9J
::BF:4922E@I=KLAJ9JK=
4922E@I
JKI<K:?FE<J<C= :BF:
9AE922E@I:9J6I=(==KLAJVQD99?9JJV#
JKI<K:?<;8E;>I899<;@K
:922E@IJF9Cd0
92E22:2?:922E@I
@=:J9<=L=D9
4924M@;A=?G9C@E; 9A:>9M4.GQ;A=?G#
8D9C@E;
6FEAL>
E924E924I2>70
429242E;=?9J
492>@4M@@DG9FG;@=;=J9<:FD<E@>?K?IU
E92>@4>2&65C@BF:9J224@4@A2?@
9AE27A:9E:?;::D2I:9J2922?2E@=(MQ
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
::BF::92?==D<V;AEGK?<K<EK?
492?EMI2=:>0
C8<EKI8;8GI
429?EMI2=:>
492?E::BF:M@AF;DAF9JK=;M=KL99:9BG@E:C@E<FI
JCFG<;FNEN8I;J*C@@BF:BF:;92?E492?E
::BF:E:?E:424UD>294@@E292 D;9JJGFG
<=:=H9K9JHGJMFDM?9J;GF;M=KL99:9BG
.?<:8IJ?FLC;EFK>F;FNE8E@E:C@E<
6FEAL>
E922?E::BF:708I
429?E::BF:
42?E::BF:
492AIM@HM:DA;9JK=<=K;M:A=JLG;@AKE=9<G
D8;<GL9C@:LE:FM<I<;@>4224E22IK::I
BF:9:D@;:E:4U:922:K:924A@4@@@D92AI
4292/G<GDGIM=@9;=F=K9KH=JKGF9KN99
K=J<=K;M:A=JLGM<IPK?@E>K?8KK?FJ<G<FGC<
;F@J>F@E>KF9<D8;<GL9C@:
6FEAL>
E92AIE92AI@7<92AI9>M=J9
492DEM@
H=<J=?GKGIF:BPLA=KG<MJGJK@==
FG;@=DD=?MV9D9;9K9<=+=<JG'=?JALVQDG
9KMKLV#8II@M<;8K*<;IFdJ?FLJ<M<IPC8K<
P<CC<;=FI?@D8E;J:8I<;?@D
6FEAL>
E92>@4E92>@;BF:>70
4@=I4292>@4
=KL9JD=BGK<=D9HD9Q9=FD9FG;@=
6;9?M9E97
/:K229@I04@492>@4=;DAHK9JK=6D9DMR<=D
KGD7KF9<<:C@GJ<;5K?<C@>?KF=K?<JLE6
K229@I4UD92>@4BF669:199=;DAHK9JK=
=DKGD.?<JLE@J>F@E>KF9<<:C@GJ<;
)KI8
G8C89I8:K229@I4U:92>@4=;DAHK=<=DKGD
A@92>@4E2_<OG@GQ=FD9FG;@=
KFE@>?K&@92>@4E292D22:E@;292#GQ=F
D9FG;@=N9EGK9H=K;9J.FE@>?KN<8I<
>F@E>=@J?@E>
:92>@4JF9CFG;@=9FG;@=GK;MJA<9<
E@>?KC8JKE@>?K;8IBE<JJ
492?2;M@d6FEAL>
E92?2;E9M?2=:>
E9M?2=4E9M?2=4@;7<92?2;;M=JNG
W:422:E@>4@=24@492?2;;@AKE=9J>FJJ@G
*::I:422:E@>BF:94@=24UJ@92?2;*22I
4>::BF6:9>22BF:;::BF:4U:9::?924::4
4U:>::A692SD;@AKE=9)G=KMF9;GK9
:M=F9H9J9GLJ9KH=JKGF9K"<>FJJ@GJ
.?8K
8==<:KJFK?<IG<FGC<E<>8K@M<CP
/JF9J;
492?=M@<A=RK<ET::>92?=@@92)GKGF
<A=RLG<9NW9.?<I<8I<EdKK<EF=K?<DP<K
69:9:9::>6EBF:992?EJ@92?=/=F?G
<A=R9XGK<=;9K9<G#?8M<9<<ED8II@<;=FI
K<EP<8IJ
6FEAL>
E92?=E9M?2=@;70
4292?=G;MJJAJ<A=RN=;=K92?E4292?=
L=F=J<A=R9XGK<==<9<
4D@@:492?=FM=N=E@E<D@@:D92?=4292
199@9:=JFM=N=.?<I<8I<>F@E>KF9<
E@E<
0
4D@@:4292?=@9;=JFM=N=N=;=K
92?E4D@@:4292?=L=F=JFM=N=9XGK<=
=<9<
:92?=492?=;A=F?LE;I<;
:92?=4D@@:492?=FGN=FL9E@E<KP
:92?=E@>4@;4UBF::9K=L=FL9J<M<EKP
:92?=JF9Cd
::BF:4D@@::92?=FGN=FGE@EK?
6FEAL>
E92DEE9MD2E@;E9MD2E@;7<92DE
HA=<J90
-@>92DE;A=JL9EGFL9X9
492IM@
E9F;@9<G;GF?J9K9JK8@E<;N@K?
>I<8J<.::I:9MIBF:99EE24E:>>22?
9:9:E;BF:9J@9MI/GIMV?J9K9QEAH9FL9
DYFK=E9F;@Y;GF=DD9#KFL:?<;>I<8J<8E;
DPG8EKJN<I<JK8@E<;N@K?@K
DD=FG<=
?J9K9?J9KGKG=LCCF=>I<8J<FI=8K>I<8JP
=8KKP2A9@::4U4@>::9242A::92 AI2D:
BF:9492I:92 DN=F9<G:MJ9IM=E9LV
=KL9:9?GJ<G.M;9JF=L=FW9EM;@9?J9K9
.?<DLC<;<<IK?8K#B@CC<;N8J=8K
#KJD<8K
N8J=8KKP
6FEAL>
E92IE9MI2;2>70
K::I492I;J=E9;GKEVLA;9429MIE9F;@9J
;GF?J9K9
:9MIJF9CKM?J9K9@KJ=8K
492IKM@AJJAL9:D=@II@K89C<[ 9AE92IK_.GQ
AJ9K;A:D=D#@II@K89C<6FEAL>
E92IK
E9MI24270
92IKH=JJG
4966=M@JGBGI<;&@966=ID2K::>9229:.A
>M=J9JGBG@M:A=J9KA<G:GFALG#=@KN<I<I<;
@KNFLC;9<GI<KKP
6FEAL>
E966=E966=7
-@EXE
4BF:9;U0
4UBF:9>66=JGK9>M=JL=
66?:>4966=;G:J=K::I:D4966=>JABGDHAFLG
K:I4M>4966=@M9;@AF9F?G6+GKA:D=E=FL=K=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<=JAN9@AKLYJA;9E=FL=<=DKMKL9FLANGe@==Df
;9;LGIM=LA=F=>JML9JGB9*FJJ@9CP
?@JKFI@:8CCP;<I@M<;=IFDK?<EFLEa?<<Cb
:8:KLJK?8K?8JI<;=IL@K
7
:966=JF9Cd0
:966=BF:94ULBF:4@A@=
?MAF<9I6A6M?:966=E9J=9JGB9
4966>EM@9H=KL9J99D?GEM=JLGJK@EBC@B<
JFD<K?@E>;<8;I<<B.:I4M>4>::A=2BF:9
4966>E:92+=K;9<GIM=K=@9=;@9<G9
H=J<=J9H=KL9-GF@C<;=@J?I<<BJ
6FEAL>
E966>EE966>=@;7
::D2I4966>E<OG=FGB9<G8E>IP&@K
KM
=KHWJALM9H=KL9)::ABF:;::D2IE966>E92AI
::BF:>@;@K DBGN=F=KL9:9L9F=FGB9<GIM=
K=>M==FGB9<G.?<PFLE>D8EN8JJF8E>IP
K?8K?<JKFID<;8N8P
::D2IE966>E_4G
=KL9:9=FGB9<Gc#N8J8E>IP_0
::D2I
42966>@E@E@9;=J=FGB9J
92?E4966>E@9;=JE9DLA=EHG9<98;
N<8K?<I6 PHJ=KAYF<=DGK?A?9FL=K
OGI<JJ@FEF=K?<>@8EKJ
7
:9::>4966>E<OGL=F=JH=K9<ADD9?8M<
E@>?KD8I<&@K
KMKM=XG9H=KL9:9::>
J@966>E/MN=MF9H=K9<ADD9#?8;8
E@>?KD8I<
4966AM@F=?JGGK;MJG;<<G9C8:B6FEAL>
E966A70
966AK9NA9<=E=RIMAL=
4966EM@AF;DAF9JK=@9;A99<=D9FL=C<8E=FI
N8I;6FEAL>
E966EE966EE:>E966E:4@=7
K229BF:;A@966E_K229BF:;E966E_<OG
HG;G<=KHMVK<=DE=<AG<W9C@KKC<N?@C<8=K<I
EFFE696D6?92E2E@@>=42>>2IK229
BF:;E966E>2I:>92J:E@@:;GJL9EGKH9DG
>A=JJGQ<=KHMVK<=DE=<AG<W9J=?J=K9EGK
1<:LK@IFENFF;8E;K?<EALJK8=K<IEFFEN<
I<KLIE<;
496>6M@
>GJE9JK==FMF?JMHGETK?J9F<=
<=DG=KH=J9<G;GFH=JKGF9K=PLJ9K=FID
@EKF8>IFLGC8I><IK?8E<OG<:K<;N@K?<OKI8
G<FGC<2?D@E96>6>::=I.9DA=JGF=FMF
?J9F?JMHG.?<PC<=K8J89@>>IFLG
@9;=J
;9EH9E=FLGD8B<:8DG
6FEAL>
E96>6
E96>E@;70
96>6>9EADA9
496D6?M@JW?A<GQ>M=JL=LA=KGL=FKGI@>@;8E;
JKIFE>692D:E;K@D22:4292I@922D:I22:
9@@>;44@>2992I:96D6?429E>::A69@
$:99@9;=JMF9;MF9HGJLTLADH=JGD9J9WR<=
E=RIMAL=IM=LJ9B==KLMNGEMQLA=K9QFG
KAJNAY#N8J>F@E>KFD8B<8:I8;C<9F8I;
9LKK?<D<JHL@K<IFFKK?8K#9IFL>?KN8JM<IP
I@>@;8E;N8JEdKLJ89C<
6FEAL>
E96D6?
E9PD6?:>E9PD6;270
96D6?H9DG>A=JJG
K=;G
49@@:?2=42M@L=F=JGD9K?J9F<=KJ=<GF<=9<9K
IM=FGK=IMA=:J9F?8M<C8I><IFCC@E>N8M<J
,6A64@>I@9@@:?2=42[#2E29E DE9J
LA=F=GD9K?J9F<=KJ=<GF<=9<9K_'GNA=JGF
0<K.?<J<8@JIFL>?N@K?IFCC@E>N8M<J
@;PFL8CCJ<<@K6FEAL>
E9@@:?2=4270
9@@:?2;DGE9
49@@A2E;M@@9:=JEM;@9E9J=B9<9;GFGD9K
IM=K=IMA=:J9F9<IFL>?J<8N@K?9I<8B@E>
N8M<J6*296;U44@K::E:92I@E9@@A2E;
>292?D@>92>:E@@:;K::IK@92D4>2
D622=2>E22k:9EGK9AJ9D9AKD9/A:MJYF
H=JG@9:W9EM;@9E9J=B9<9QJ=?J=K9EGK
)G@M:AVJ9EGKHG<A<G@9;=JF9<91<N<I<
>F@E>KF>FKF.@9LIFE#JC8E;9LKK?<J<8N8J
M<IPIFL>?8E;N<:8D<98:B
1<NFLC;EdK
?8M<9<<E89C<KF;F8EPK?@E>
6FEAL>
E9@@A2E;E9@@A2E2=4270
9@@A2E;GD9
4;2IMK9KHAJ9J@E?8C<224@42A2?924
96D6?:922I2E429EA@4E>2:9E;MI>2
9:A?:;924E;:K:>2>::K;:BF::>9:>M429
92?EJ@7::'9;9K9=KL9:9DD=F9<=D@MEG<=
H9DG>A=JJGQ;M9F<GDG9KHAJVE=<GDAYD9
?9J?9FL9QFGHM<=<GJEAJLG<9D9FG;@=.?<
?FLJ<N8J=LCCF=@IFENFF;JDFB<8E;N?<E
#@E?8C<;@KDPK?IF8K?LIK8E;#:FLC;EdK
JC<<G8CCE@>?K
6FEAL>
:E;MI:E;2IE:>
:E;2IE@;:E;MI2;2>70
C8<EKI8;8GI
4@;MI
4;4@22=2>0
C8<EKI8;8GI
4;::E
4;4@@:=0
C8<EKI8;8GI
4;::E
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<9RGK<=D9KAFAL9GC8P>8D<9PK?IFN@E>
G@<:<JF=J<E@K88K<8:?FK?<I
::424;::E?GDH=9JH9J9@9;=J;9=J=F?@K9P
;IFGG@E>FE[2DE4@>>::42:E;::E_/=
?GDH=Y;GFD9JG;9<=K<=9JJA:9@;?<?@K
PFLN@K?K?<IF:B9P;IFGG@E>@K
::BF:4@4;::E?GDH=9J;GEG;D9NG?@KC@B<
E8@C
:E:4;622E:>AFKAKLAJ99D?MA=F@EJ@JKKF
JFD<FE<[!F=:@BF:9&23=@BF:9:E29@
E66E6>:E::E;622E:>_/=AFKAKLAY%MDAGIM=
EAJY9+9:DG@;$LC@F@EJ@JKKFPFLK?8K?<
J8N*89CF
E@::4@4;622E:>9@MQ=FL9J;GJJ=J9MFG
:?8J<8N8P.:IBF:D::=4E2>E:4@AJ224@
BF:92?@9AE27A>2E@::96J@;622E:>
M9F<GDD=?MV9D9;9K9<==K=FAXGE=
;GJJAY1?<E#8II@M<;8KK?8K9FPdJ?FLJ<
?<:?8J<;D<8N8P
E@::92?E4@4;::E=P9?=J9JKG:J=H9K9JMF
DWEAL=<O8>><I8K<G8JJ8C@D@K
:92;::EJF9CG8Jd0
42?@22:92?2IK2?
:92;::E:JG;@9H9J9HAFL9J@@E:2?:92;::ELAHG
<=HA=<J9<=D9;M9DDGKJ9F;@=JGK@9;W9FMF9
KGDM;AYFH9J9HJ=H9J9JD9KHA=D=K<=N9;9H9J9
MK9J;GEG;GFL=F=<GJ=KH9J9K9;9J9?M9<=D
HGRG
4;:AM@
HD9FG9HD9F9<GDD9FG=C8K2?K2;:A;
42AD;:A4292,2>2E2;BF:9::44U:>::A6
92 DHD9LGK=JTHD9FG)GKAJN=H9J9;9D<G
.?<GC8K<N@CC9<=C8K
#K@JEdKF=8EPLJ<=FI
9IFK?
9;GKL9JK=:G;99JJA:9C@<=8:<LG6
E42;QA4U:BF::>924299J@BF66A6EW
E=?MKL9<GJEAJ:G;99JJA:9#C@B<KFJC<<G
CP@E>=8:<LG
6FEAL>
E;:AE;:AE:>
E;:AE2;E;QAE2=4270
92?E4;:AHD9FGK
K::I924IE::;42E2I4;:AHA;C
MH
4;:K:M@
<GD=J?LIK8:?<[#:?@=4@A424E:>
924:J@K2A=:>E22IE;:K:_/=<GDAY;M9F<G
L=;GKA=JGF=D<=<G;GJL9<G@;@K?LIKN?<E
K?<PGLKJK@K:?<J@EPFLI:LK=@E><I9?JAG
4;622E:>0
C8<EKI8;8GI
4;::E
4;::EMK@9;=J;9=JD8B<=8CC2DEBF:9:E2A
;@22E66?:>BF::IBF:;4U:J@;::E-=NGDGL=Y
D9HA=<J9QH=?YD9D9L9"<JE8GG<;K?<JKFE<
8E;?@KK?<:8E
6FEAL>
:E;::E:E;622E:>
:E;4@@:=:E;4@22=2>7M;4@;::E0
92?E
429;::E;9=JK=
2?@4;::E
E=L=JGLK@EL=XAJ;P<@7:4;
BF:92?@9A@;::EE29@@4E2> D2K::>924
BF:94U:J22KBF:>=KHMVK<=IM=LAX9EA
;9EAK9EWJ9D9 KL9JTETK:GFAL9&FFB8K
DPJ?@IK8=K<I#;P<@K
#KN@CC9<GI<KK@<I
4@4;::ELAJ9J9D?G9K?IFNJFD<K?@E>8K
)::ABF:;::D2IE966>E92DEK:E6I=92IK
4@A4U:>;::E DBGN=FK==FGBY9?9JJYMF9
HA=<J9QD=LAJY9DH=JJG.?<PFLE>D8E>FK
D8;?<>I899<;8JKFE<8E;K?I<N@K8KK?<
;F>
4@=I92?E4;::E@9;=JMF:GDKADDGHD=?9:D==F
D9>9D<9KGKL=FA<G<=D;AFLMJYFD8B<8GF:B
<K@EK?<JB@IK9P=FC;@E>K?<JB@IKLG@EKFK?<
9<CK)KI8G8C89I84@=I92?E92;::E:GDKADDG
HD=?9:D==FD9>9D<9KGKL=FA<G<=D;AFLMJYF
92?E4;::E
@9;=JG<=B9J;9=JKAFAFL=F;AYF
G;GFAFL=F;AYF;IFGD8B<FIC<K=8CC
)29>66D4292?IU:9E@@?9:?=E22?=2>
E4@@@>292?E:9J@;622E:>'D=N9:9EM
;@9KF9J9FB9K(AKE9FGK=KL9:9FDD=F9KQK=
E=;9Q=JGF#N8J:8IIP@E>8CFKF=FI8E><J
'P?8E;JN<I<=LCC8E;#;IFGG<;K?<D
LME:9JBEF:B;FNE2?E:D::;:>BF:9
9224UEA2492?E:E;622E:>J@@4J@A;=F
IM==DL=JJ=EGLGLME:Y9D?MF9K;9K9K.?<
<8IK?HL8B<BEF:B<;;FNEJFD<?FLJ<J@K@J
J8@;
92?E4;::EAF;9H9;AL9J@E:8G8:@K8K<6
92E22A4@9292I@92?E9:?J@>;::E/=F?G
J=K>JA9<GH=JGFGE=@9AF;9H9;AL9<G#?8M<
8:FC;9LK@K?8JEdK@E:8G8:@K8K<;D<
)KI8
G8C89I892E22A92?E@;::EH=JKGF9=F>=JE9
AF;9H9;AL9<9HGJ=D;9L9JJGGJ=K>JA9<G
92D2942A;UAE64;622E:>BM?9JLAJ9F<GH=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
;GJL9<GJFLI98;.::I4@@92:>E66?:>
BF::I2?@422ABF:94UEA6>E>2I92?E
:E27622I92AE4@J@;:K:'9D=;@=<=N9;9
=FD9L9<9;M9F<G=KLT9:A=JL9QH9K9MF<W9K=
HA=J<=8EE<;D@CBKLIEJJFLIN?<E@K@J
FG<E8E;8;8P?8JG8JJ<;
HA;9FL=JG@:P
GLE><EK 9J22K:4@BFP4@:4;:K:92E2I
\4>29:E#ABGDG;@AD=K=KLTFHA;9FL=K9KW
IM=FGDGK;GE9K?@C;K?<:?@C@<J8I<?FK
JF;FEdK<8KK?<D6FEAL>
E;:K:E;QK:E:>
E;:KE2;70
42;QKK=FLAJ<GDGJHGJ;9MK9<=
42;:K:@9;=J9?JAG;GJL9<G
:;:K:JF9C<GDGJ8:?<G8@E
4;@66?60
C8<EKI8;8GI
;@66?6
4>19JA9FL=>GFGDY?A;9<=eE
f)=?9LANG
*?FEFCF>@:8CM8I@8EKF=(<>8K@M<aDb
4>228;MGI<G9@GJ9EFN60F9N9JA9FL=<=
e;E99PfIM=9H9J=;==F;A=JL9K=PHJ=KAGF=K
M8I@8EKF=a:D88ObK?8KF::LIJ@E:<IK8@E
<OGI<JJ@FEJ
70
4>22442::BGN=F4>22
?E:E2@@_:?E:42<=K<==DHJAF;AHAGc
4>22BF::9FM=NG4@>42244>22BF::9
DGKK=JAK<=@GQ4E2>4>22442::BGN=F
4>22::BFQQI29J=;A=FL=E=FL=I<:<EKCP
>22::BFQQI292?E 9::?:9J@J22:
-=;A=FL=E=FL=>MA99B99DA>GJFA9#N<EK
KF8A88C@=FIE@8I<:<EKCP
92I4>22A29@GJAL99@GJ9EAKEGI@>?K
EFNALJKEFN2I4>22A29AD::E2I9229:
@GJ9EAKEGNGQ9K9DAJ#dD>F@E>KFC<8M<
I@>?KEFN
4>224@;J
9F;A9FG@GE:J=<==<9<9N9FR9
<9<C;<ICPD8EH9<J=AF>GJE9D=8K?<I
@E=FID8C[>224@;BF:9KQ>;U4D::7A
BF66J2_MTF<GN99N=FAJEANA=BG1?<E
@JDPFC;D8E>F@E>KF:FD<=KHGKG
AF>GJE9D?LJ98E;@E=FID8C*C
4>224@
=2>4>224U=6'9K>GJE9KHDMJ9D=KHM=<=F
J=>=JAJK=9MF9;GE:AF9;AYF<=@GE:J=KQ
EMB=J=K.?<GCLI8C=FIDJD8PI<=<IKF8
>IFLGF=D<E8E;NFD<E
7
d8;ANA=BGQ>A=DKILJKPFC;\6?>
9224?:4>224@;:9J22BF:9922A@@>E2
9642>;4`/JT=E=EANA=BGJA>D=IM==KLT
9DDTI@E>D<DPKILJKPFC;I@=C<FM<IK?<I<
/JF@GE:J=K
>224@;>2D@=
H=JKGF9B==FD9@AKLGJA9K=JA
IMA=F=FK=XYDGKFGE:J=K<=DGK9FAE9D=K
G<IJFE@E-<I@?@JKFIPN?FK8L>?KK?<E8D<J
F=K?<8E@D8CJ&@K
9F;A9FG9E9JADDGMF
DM?9J=FD9AKD9/A:MJYF8GC8:<FE.@9LIFE
#JC8E;
4>22:M@;9DD9JK=KAD=FL=6H=JKGF9G9FAE9D7
?M9J<9JKAD=F;AGHL@<K5G<IJFEFI8E@D8C6
\ 9>22:I\ 9>22:I\,@4@>42`TDD=FK=
#9QEM;@GJMA<G<HL@<K8CCF=PFL#K@J
EF@JP:>22:IBF:9K229::E2IE2K@:E:
J27:? KLMNAEGK;9DD9<GK<MJ9FL=MF9@GJ9
1<N<I<HL@<K=FI8E?FLI
6FEAL>
E>22:
E>22:E:>E>22:IE>22:I@=4270
42>222E;9DD9J
:>>22:E<>DDGJ9J=FNGR9DL9H=BHGJMF9
H=JKGF9EM=JL9=FMFLGFGETK9DLG:IP
CFL;CPJL:?8J=FI8;<8;G<IJFE@E8
?@>?<IKFE<
4>22:EIM@LA=JFG:D9F<GJF=KK<E;<I22>;U
BF:9>::K;4>2>BF:;:>@KM?4@>E::A6
E>22:EII92?EK@4UBF::;:92 D;GJ9RYF
<=DE9?M=QE9<MJG=K:M=FGQLA=JFG.?<
?<8IKF=K?<D8KLI<:<EKLIPGC8EK@J>FF;8E;
K<E;<I
6FEAL>
E>22:EI70
42>22:EI
9:D9F<9J
4>22>J
EMB=JNFD8E*C
4>2;::4*C
8I:
W4>2;622;@;-@EXE
WK::IBF:A?22:=
@=E:J9=<D8C<2IK4>22>9:>4242?@
422ABF:922=:92 K=DE9;@G<==K9H=JJ9
IM==KLT9DDW#K@JK?<D8K<F=K?8K=<D8C<
;F>FM<IK?<I<
0
W4>22>2E:9BALGQ
9F;@G4@4@@=4>22>MF9H=IM=X9HD9FL9
9FM9D92>QA4>22>MF9HD9FL9@=J:T;=9
;GF>DGJ=KNAGD=L9KDA:E;4>2;::49D>GE:JADD9
E664>22>MF9HD9FL99FM9DK2>:;4>22>
:9:AKGMF9H9DE99RMDBF:;J9L9
;9F?MJGB8E>8IFFI8K6@GF;FDPJKH7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
=@8E:T<*C
4>2;::4D42>29K2242=4420
42>29K2242E;9K9JK=
4>22>J2A@AEHA=<J9:D9F;9IM=K=MK9:9H9J9
HMFL9K<=>D=;@9N?@K<JKFE<LJ<;=FI
D8B@E>8IIFNGF@EKJ&@K
;GFIM=D9EMB=J
@9;=;@AKH9K<42A@AE
W4>22>2EM@;<I:9BALGQ9F;@GJ?FIK8E;
N@;<[)4>22>2EBF66J2_199K=J:9BALG
#J@K>F@E>KF9<J?FIK8E;N@;</JF9J;
6FEAL>
E4>22>2EE4>2;::470
4>22>
EMB=J@=E:J9
>22>44@:'9K(MB=J=K;GFKL=D9;AYF.?<
1FD<E:FEJK<CC8K@FE6'9K=KLJ=DD9K=F=KL9
;GFKL=D9;AYF=J9FKA=L=EMB=J=K<9F<G9DMR
K=?[FD9;J==F;A9<=DGK9FL=H9K9<GKGJJ=K
HGF<=9+DVQ9<=K.?<JK8IJ@EK?@J:FEJK<CC8
K@FEN<I<J<M<ENFD<E>@M@E>9@IK?8::FI;
@E>KFK?<8E:<JKFIJd9<C@<=J
FII<JGFE;JKF
*C<@8;<J
70
2?E22=2;4 A2A;U
$DDMEAF9<GJ<=D9KIM=9F9'MR
4>22?@;MK
>JGL9J=FLJ=D9KE9FGK9E9K9J
IL99<KN<<EK?<?8E;JBE<8;9:9LAJ?GD
H=9J6;GEGNA=FLG9MF9H9F?97BEF:B
8IFLE;58JN@E;KF89F8K62?@22K2?@
92E2942>292:4@>22?@;K@9:K:E>22?@;
>24@@496>692J@>2K42>0FNA=FLG
>M=JL=FGK?GDH=9:9EA=FLJ9K=KLT:9EGK=F
MF9H9F?9Q;9KAFGDD=?9EGK9D;9EHG
JKIFE>N@E;N8JBEF:B@E>LJ8IFLE;@EK?<
9F8K8E;N<8CDFJK;@;EdKD8B<@KKF:8DG
6FEAL>
:E>22?@;:E>22?@=:>:E>22?@=
:E>22?@=2>7M;4@>22?@;0
E2=
4>22?@;MF=K;9J9:9BG
92>22?@;JJLAG8Jd0
I2A:;92>22?@;
MFAFKLJME=FLGEMKA;9D<=MF;9JJARG;GF
=PLJ=EA<9<H9JLA<9
4>22D:;M@d6FEAL>
E>22D:;E>22D:=:>
E>22D:=4E>22D:=4@;7
92?E4>22D:;
JG<9J6;GEGJM=<97IFCC
5C@B<N?<<C66962?:422:;E:4@>92?E
J@>22D:; DL9E:GH9J99?M9K=JG<YH9J9
9:9BG.?<N8K<I;ILDIFCC<;;FNE
H9K9J
BF:;MFEGDMK;GFGA<=FLA>A;9<G8E
LE@;<EK@=@<;DFCCLJB
4>22>44@@KEM;@9;@GIM=K=N9;GFMF9
EM;@9;@99FPN?F<CFG<JN@K?8>@IC&@K
=DIM=JG:9D9EMB=J
4>22>4>22442::BGN=F;AL9PFLE>NFD8E
&@K
EMB=JJ=;A=FL=E=FL=9<MDL9
4>22>4>::A2=2HJGKLALML9GIFJK@KLK<&@K
EMB=J9JJMAF9<9
4>22>:922>24BF::9
NAM<9N@;FN&@K
EMB=JIM=K=IM=<9KGD9@>42::4>22>
:922>24BF::9E:42AK:I4M>K:J@J22K:
K:IBF:D::=4E2>::BF6EBF:94U:D229:EE22
K9NAM<9HA<AYMFH=K;9<GH9J9<9J<=
;GE=J9KM@ABG.?8KN@;FN:C8@D<;8=@J?
KF=<<;?<IJFE
08I
4>22>:9@@>24
BF::9HJGKLALML9GIFJK@KLK<-@EXE
K::I
:9>22
4>22>::IK;M;9J9;@9<=DE9JAKYHG<GIF:B
CFLJ<6&@>@8F::@;<EK8C@J7&@K
E9K;GL9<=D9
EMB=J
>22> E: 9::;AKD99DKMJ<=D9AKD9/A:MJYF
@JC8E;KFK?<JFLK?F=.@9LIFE#JC8E;&@K
<GF<=D9EMB=J=KL9:9
4>22>@@J22:HJ=;AG<=D9FGNA9<GL=9I@;<
GI@:<&@K
DGIM=MF9EMB=J;M=KL9<
4J22:-@EXE
K::I:BF66DJ2E
>22>'F:D42>2MF9EMB=JK=JA>9EGK98
=8DFLJ-<I@NFD8E&@K
EMB=JIM=L=FW9
:9DK9
>22>'F:D42>2'F:92?E 9::4@=:>MF
;9EH9E=FLG=FD9AKD9/A:MJYF8:8DGFE
.@9LIFE#JC8E;&@K
<GF<==KL9:9D9EMB=J
;GFD9:9DK9
>22>'F:D42>2'F:9 :72 E 9::;MFDM?9J
=FD9AKD9/A:MJYF8GC8:<FE.@9LIFE#JC8E;
&@K
D9H=FWFKMD9<GF<==KL9:9D9EMB=J;GF
D9:9DK9
>22>'F:D42>2'F:9 E:2D42>2 9::AMF
DM?9J8GC8:<&@K
DM?9J<GF<=D9EMB=J;GF
D9:9DK9>M=9;9R9J;9?M9E9K
4>22>D42>29K2242E42FGNA9HJGE=LA<9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
KG:J=;GF;9JJG;I@M<FM<IILEFM<I
*C@@BF:BF:99E2422E2I92E66J2K:E92?E
:9AE>22D:;>292?E:>22D:;BF:9J22D4G
E9F=B9:9=D;9JJGH9KVKG:J=NA<JAGQK=
<=KAF>DYD9DD9FL9#N8J;I@M@E>K?<:8IN?<E
#I8EFM<I>C8JJ8E;K?<K@I<N<EK=C8K
0
92?E42>22D:;@9;=JJG<9J969692?E
4>22D:;;9JJ=L9
:>22D:;JF9Cd0
92?E:>22D:;DD9FL9
4>22I8;MGI<G
9@GJ9EFN[#64>22I
D::E2IBF66J2_19K9AJ9@GJ9I<PFL
>F@E>KF>FEFN08I
4>22=FLGF;=K
K?<E?@A22:EE2K229BF:;92?EIM2A::;
E24>22I:9D::D:?:>292'GNGQ99K9J=KL9
L9J<=#dD>F@E>KFIF8JK@KC8K<K?@J8=K<I
EFFE
4>22I9:K24:E:4U::942924<=9@GJ9=F
9<=D9FL==IFDEFNFE<422942
4>24;:;BF:;MF9D=H9<9J=?D9H9EGDMK;G
?9KL=JYHG<G8CCdJC@DG<K6&FKK@8
;8CC@8E8708I
4>2E;:;4>29;:;
-@EXE
92DE:E:4U4@@J2>92IU=:?22:=4@@:=
E2>2I
4>24@M@d6FEAL>
E>24@E>24@;7<
424@NAKA:D=
9224>24@
G;MDLG?@;;<E2AE:?E:42
9696BF:;29:A244UE2KBF:>922I@>24@
DN=F9<G:MJ9K=G;MDLY<=LJTK<=D9J9E9
.?<DLC<;<<I?@;@KJ<C=9<?@E;K?<9I8E:?
<A>W;AD;GEHDA;9<G;@==@:LCK:FDGC@:8K<;
2J2K29249224>24@92)M=KLJGA<AGE9
=K<A>W;AD)LIC8E>L8><@J;@==@:LCK
0
922
42>224@EH=J;A:AJ;GEG<A>W;AD
::924@4>24@<OG;MJAGK=9J9IFNJ<
[#::924UD>24@922J2_19K9;MJAGK=9J
I<PFL>F@E>KF9IFNJ<
::9D4>24@<OG
L=F=JN=J?\=FR99N=J?GF
R9<G8J?8D<;[#::9DE>24@_/A=F=K
N=J?\=FR9I<PFL8J?8D<;.:IBF:D::=
4>22>E:42A::9DI@>24@@>42244@:2?
:427A:J@>M62242=424@:92E:9:K=4>2
K9FAX9LA=F=N=J?\=FR9)GHM=<=DD=?9J
;GFD9?=FL=HGJIM=KMJGH9=KLTKM;A9.?8K
C@KKC<>@IC@J8J?8D<;
-?<:8EdK9<N@K?
G<FGC<9<:8LJ<?<I:CFK?<J8I<;@IKP
0
92D29>224@922N=J?\=FR9
4>29;:;0
C8<EKI8;8GI
4>24;:;
4>2;622;@;0
C8<EKI8;8GI
4>22>
4>2;::40
C8<EKI8;8GI
4>22>
4>2;::4:9MD2BF:>
;@A;MJADD9@MAR9HGD
9LIJ8><9LIIFN<<;6D9IFJ@8;<CKF@;<8
;@M8I@:8K8;LDFJ8D8>;8C<E8<7&@K
;GFIM=D9KEMB=J=KK=H=AF9F60F9KGDM;AYF
@=;@9;GF=KL9HD9FL9K=E=R;D9:9;GF
eEG;FAAF=fJ=KAF9<=!L8@8:LD:FLCK<I@
H9J9;J=9J=D:9JJG9RMDJFCLK@FED8;<N@K?
K?@JGC8EKN8JD@O<;N@K?aDF:E@@E<bI<J@E
=IFD!L8@8:LD:FLCK<I@KFD8B<9CL<:C8P
7
<4MD2BF:>-@EXE
2?:4@BF66E4I4@4EK
MF9J:MKLGH=J=FF=H=IM=XG;GF>DGJ=K
:D9F;9K;<J<IKQ@EE@864@EE@88:<IFJ87
-@EXE
D22A@>:A6>E>@;6A6:9MD2BF:>
4>22>
4>2>M@
;G;A<G:FFB<;2KE2K92;UMK:A@;
BF:992IBF:9I::424@22E;UBF:9966?:>E
BF:94UE::9>2I4UE2922:?:>>2IE>2>
>2I66?>92IU=BF:9 4UE29D22:;
:>A29:E*22I922KE@;92AM9492292
N=F99?M99R[;9JQD=;@=K=E=R;D9FQK=
;M=;=F FLGF;=KK=;GE=;GF;M;@9J9 KDG
IM=K=DD9E9e@99RLGBf9LGD=)8KD<8CN8K
<IJL>8I8E;D@CB8I<D@O<;KF><K?<I8E;
:FFB<;
.?<E@K@J<8K<EN@K?8JGFFE
.?8K@J
N?8K@J:8CC<;a?88QKFAbGFII@;><
E9<MJ9E9<MJ9JK=6>JML9<=;9J<YF
K9@M9JGHAL9Q9GHAL9Q99?JA97I@G<I@G<E
5:FCLDE8I:8:KLJ=IL@K6 >M>BF:9
J@>M>'9>JML9<=D;9;LG=KLTE9<MJ9.?<
:8:KLJ=IL@K@JI@G<
6FEAL>
E>2>70
42>2>2;G;AF9J
:>M>JF9C>JML9E9<MJ9I@G<=IL@K
4>2>E2M@IM=E9JK=><K9LIE<;6FEAL>
E>2>E2E>2>E@=427
:42>2>E2JF9C89JIM=E9<MJ99LIE
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
1A=JGF>JML9K<=;9;LGJ=N=FL9<9KQJ=;GD=;
L9JGFEM;@9K%M?9F<G;GF=DD9KK=D9KLAJ9
JGFMFG9DGLJG/9E:AVFK=D9K;GEA=JGF
.?<PJ8N:8:KLJ=IL@KK?8K?8;9LIJKFG<E
8E;:FCC<:K<;D8EP
*C8P@E>N@K?K?<DK?<P
K?I<NK?<D8K<8:?FK?<I
.?<P8CJF8K<
K?<D
6FEAL>
E>2D:;E>MD:=470
42>2D:;
9:JAJ
4>2D@=M@
9E9JADDGP<CCFN>22>E:?E:42
:A?22:=BF:992IJ@>2D@=@@'9>9D<9<=
=K9EMB=J=KEMQ9E9JADD9.?8KNFD8EdJ
JB@IK@JM<IPP<CCFN
?\=JGJM:AG6;9:=DDG7
9CFE;5?8@I66FEAL>
E>2D@=E>2D=70
42>2D@=@9;=J9E9JADDG>224@;>2D@=
H=JKGF9B==FD9@AKLGJA9K=JAIMA=F=FK=XYDGK
FGE:J=K<=DGK9FAE9D=K4UBF:>2D@=9F9
J9FB9<G66?:>4>2D@=GJGI::424>2D@=
<AK=FL=JW9K::I:D4>2D@=;@A;@A;9QGL=
:D=:D@=JL=J.M>ABGKIM=K=<=JAN9F<==KL=
N=J:G-L==@O<J;<I@M<;=IFDK?@JM<I90
E2;:D=MFH=R2DE:D@=DM?9J
4>2E:DM@IM=E9<G9LIE<;6FEAL>
E>2E:D7
0
42>2E:DHGF=J9IM=E9J=FD9DME:J=
?=F=J9DE=FL=MF9;GK9=FL=J9
4>ME:D42=0
C8<EKI8;8GI
4>2ED;
4>2E;M@;9DA=FL=?FK@>42244@>A24
:E22:?:>42766BF:94>2E;BF:9:J@>
BF66AEI@9642766BF:9::D2IBF:9::9429
4@4>2E;4299J@@D:D?MF9KH=JKGF9KFG
IMA=J=FIM=KM;9>V=KLV;9DA=FL=H=JGQGDG
LGEGDGETK;9DA=FL=HGKA:D=-FD<G<FGC<
;FEdKC@B<K?<@I:F==<<?FK9LK#;I@EB@K8J
?FK8JGFJJ@9C<
6FEAL>
E>2E;E>2EK:=7
EKXE
422A=
:?22:=4@>4>2E;<OGL=F=J>A=:J=?8M<
=<M<I&@K
KMHA=D=KLT;9DA=FL=2E22A
4U92E2>29:?22:=4@>E>2E;>292?E
9::9@>429K2294@AJ@@>6/=FW9J=K>JA9
<G;GF;9D=FLMJ9Q?M9J<V;9E9LG<G=D<W9#
?8;8:FC;8E;=<M<IJF#JK8P<;@E9<;8CC
;8P
:42>2E;JF9C89J>A=:J==<M<I
4>2A4UM@
J=N=FL9J=F=D9AJ=;GEGN9AF9K
<=9D?G<YF9LIJKFG<E@EK?<8@IC@B<:FK
KFEGF;#@@;4@A:DBF:9D>2A4UBF669:
'9N9AF9<=9D?G<YFN99J=N=FL9J.?<
:FKKFEGF;@J>F@E>KF9LIJKFG<E
K9DAJ9
>DGL==CF8KLG,2A@@4@>E@@I:92?EJ22:E
I@:I22AE2AI2>24>22IJ@>2A4U D
DG:GE9JAFGEMJAYQK=@MF<AYH=JG<=KHMVK
<=LJ=K<W9KK9DAY9>DGL=.?<J<8C@FE;@<;
8E;J8EB9LK8=K<IK?I<<;8PJ@K=CF8K<;LG
6FEAL>
E>2A4UE>MA@;BF:>E>2A;U@;
E>MA@;42>70
42>MA@;BF:>@9;=J>DGL9J
W4>2A4U:92422:E2I9JE9
W4>2A4U:92422:E2I9JE9<=>M=?G>LE/JF
9J;<4422:I
4>2AEIM@J=N=FL9J9LIJKFG<E:E2BF:9K::>
:9:4BF:992>M4BF:;@@4U:EM9>2
J@>2AEI(AE9<J=E=LAYD9KK=EADD9K<=
:D=<G=FMFK9JLVF=FD9DME:J=QJ=N=FL9
JGF'PDFK?<IGLKK?<8D8I8EK?J<<;J@E8
G8EFEK?<=@I<8E;K?<P9LIJKFG<E
6FE
AL>
E>2AEIE>2AE2I70
42>2AEI;9MK9J
J=N=FL9J92AIU=4>2AEIE9WRH9DGE=JG
:42>2AEIJF9C89J;GJL9<9=FD9;9:=R9<=
MFG:LKFEFE<dJ?<8;0
:E::42>2AEI
RGF9<=D=KL=<GF<=HGJD9DMR9FL=K<=D9E9
F=;=J@9QEM;@9K;GK9K:M=F9K
:>2AEIJF9C;GJL9<9=FD9;9:=R9:LKFE
K?<?<8;
4>2AIUBF:;J
H9DGHAGBGMF9J:MKLGKAF
=KHAF9K<=D9>9EADA9<=D9KD=?MEAFGK9K8
JG@E<C<JJJ?IL9@EK?<C<>LD<=8D@CP68<
J8CG@E@8G8CD<I@7-@EXE
92A@2242;2>
KTEGL9MF9J:MKLG;GFJ9E9K>D=PA:D=K
J8DFK88J?IL9N@K?I<J@C@<EK9I8E:?<J
6FLIJ<K@8>C8E;LCFJ876'9J=KAF9K=MK9:9
H9J9HAFL9J>D=;@9K.?<J8GN8JLJ<;=FI
G8@EK@E>8IIFNJ
7-@EXE
96964E@@K:
4>2D:;M@9:JAJK=J=N=FL9J6H=B>JML9;GJL9<97
9LIJKFG<E5<
>
=IL@KNFLE;6 >M>
4>2D:;BF:9:E29EI2?IU:E22:K:I4>22I
:E2422=2>IAE6E;622E:>I>@D:>:::E@;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:>2E;JF9C;9DGJ<=MFG:B=LG?<8KF=
@K<D.229BF:;:>2E;BF:996J@@>;4 D
;9DGJ<=DKGDE=DD=?Y.?<?<8KF=K?<JLE
I<8:?<;D<
0
BF:?22:=:>2E;9224224@
L=JEYE=LJG
4>2E;:;0
C8<EKI8;8GI
4>24;:;
4>2E;:;:?22:=@@EBF:9J22BF:;JMF9D=H9<9
J=?D9H9EGDMK;G?9KL=JYHG<G*8E8D@:
?FIJ<?FF=C@DG<K6"@GGFE@O:I8E<F@;<J7
-@EXE
92I4U@22=>@I&@K
;GF;@9<=
e;E9LBABfIM==D;GQGL=HGK==
4>2E@@E:D;@;0
C8<EKI8;8GI
4>2ED;
4>2ETD:4=0
C8<EKI8;8GI
29;U>2ETD:4=
4>2ED;M@E=FLAJGKG<=;AJE=FLAJ9KK<CCC@<J9<
C@8IE2>E::II@>2ED; K=@GE:J==K
E=FLAJGKG.?8KD8E@J8C@8I
6FEAL>
E>2ED;E>ME:D42=E>2E@@E:D;@;70
92A2DA@;4>2ED;H=JAY<A;G
4>ME:D42=M@
;GFE9D@MEGJ?8M<8
E<>8K@M<8KK@KL;<K=J>9F>9JJYF9<8
9I8>>8IK*::I4E2>:>>ME:D42=:92SDFG
=KMF@GE:J=>9F>9JJYF"<@JEdK89I8>>8IK
:>2ED;JF9CE=E:J9F9IM=;GF=;L9=DD9:AG
KMH=JAGJ9D9K=F;W9KD<D9I8E<:FEE<:K@E>
K?<LGG<IC@GKFK?<>LDJ
4>2IBF:;M@
L=FKGLAJ9FL=
6;GEGHAGD97K8LK5C@B<
:FI;6JW?A<G6;GEG
E[K;MDG7JK@==5C@B<
DLJ:C<6>224@;4@A
D7:EI29E22E2>@KI@I
4>2IBF:;
D66964U:E4>M92I
J@>2IBF:;@@MFIM==D9F;A9FGIMA=J=
H9J9JK=FGHM=<=HGJIM==KLTJW?A<G
CK?FL>?K?<FC;D8EN8EKJKFJK8E;LG?<
:8EdK9<:8LJ<?<dJJK@==
6FEAL>
E>2IBF:;
E>MI=:=42E>MI=:=4@;70
966>:4UD
4>MI=:=42KANAJA
4>2K;:;M@
J9B9JK=6;GEGNA<JAG7:I8:B5C@B<
>C8JJ6#@I:>2E22D2;42K::>I299J6I=I@
E4@@@:>>MK=:=42Q=J;GEHJVMF9KL9R9K
:GFAL9KH=JGLG<9KK=J9B9JGF3<JK<I;8P#
9FL>?KJFD<GI<KKP:LGJ9LKK?<P8CC
:I8:B<;
H9JLAJ:I8:BFG<E696M?92?
E2I=4@@>9:A4@>A?224U=BF:9I@>2K;:;
F=DEGFL=FGEMQD=BGKD9K>JML9K<=D
BGBG:9@9FH9JLA<GDAKL9KH9J9K=J;GK=;@9
<9K)LK@EK?<;<J<IKEFKM<IP=8IK?<AFAF98
=IL@KJ?8M<:I8:B<;FG<EI<8;PKF9<?8I
M<JK<;L=F=J;9D9E:J==<<CJ?F:B:4UD
:>2K;:;BF:;92?EK@4@9E;::E>292IJ@
>2K;:;@@(=H=?MV=F=D@M=KG<=D99D=
?JW9QE=<AGMF;9D9E:J=#?@KDP=LEEP
9FE<8E;=<CK8J?F:B
6FEAL>
E>2K;:;
E>2K=:=42E>2K=:=4270
42>2K;:;9DE=B9
;@G;GD9L9BF:>2K;:;L=F=JJGF;@9H=IM=X9
:9:A@?4>2K=:=42<OG?JAL9JJ:I<8D&@K
KM
NGRK=J9B9[dK::;4T92J2:9:A@?4@A
92?D@E>2K=:=42_,MVH9KY_+GJIMV=KLT
?JAL9F<G1?8K?8GG<E<;1?P@JJ?<
J:I<8D@E>
:>2K;:;JF9Cd0
:4UD:>2K;:;KM;G<G
4>2K=:=420
C8<EKI8;8GI
4>2K;:;
4>66D@>M@
FGMK9<GAFL9;LGLELJ<;@EK8:K
NAJ?=FM@I>@E6FEAL>
E>66D@>
E>66D@>2>E>66D@EK70
92?EE2K@
4>66D@>92?E44@@@4>66D@>MF9XG
=FL=JG
4>66EM@d6FEAL>
E>66EE>66EE:>E>66
J2EE>66J2E@=427
:>@K4>66E<OGLJAKL=L=F=JLJAKL=R9J8;
[#:>@KE>66Ea-@922\[:>@K
D@>>66EE66_ KLTKLJAKL=d.W_;YEG
IM=FGNGQ9=KL9JLJAKL=I<PFLJ8;`
3<J?FN:FLC;#EFK9<J8;0
:>@K
42>66E@EHGF=JLJAKL=K::I92>@K
92>BF66E;GK9LJAKL=
4>66E@D2M@=KLAJ9JK=
6H=JKGF9G9FAE9D7
JKI<K:?5G<IJFEFI
8E@D8C6.::I42?22@
4@>E24DIE>66E@D2
:E2I:92?EK::BF:
4>66E@D2
J::? D?9LGK=<=KH=J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
KI<<J(FK?<P8I<J:8I:<
6FEAL>
E>::9
E>::9E@;E>::9E@=4276.=J=D9;AGF9@AKLYJA;9
E=FL=;GFeIMAA@fg=KL9Jh"@JKFI@:8CCP
I<C8K<;KFaHL@@?bc9<d
7
924I4>::9
=PLJ9NA9<G6G:B=LG7CFJK
5F9A<:K6EGJAJ6H=JKGF97;@<5G<IJFE6
.::I442AE:?E:4292?ED@@:EI29E22E2>@K
92?EJ29;::EI@K@924IJ@>>::9 D9NAYF
K==KLJ=DDY;M9F<GAFL=FLY9L=JJAR9JH=JG
F9<A=K=EMJAY.?<GC8E<:I8J?<;N?<E@K
KI@<;KFC8E;9LKEF9F;P;@<;
0
924I
42>::9:EE9L9J9MF9H=JKGF9K::I924I
4>::9;9<TN=J;M=JHG<=MFEM=JLG
I6A6BF:9924I4@4>::99@G?9JK==F=D
E9J;IFNE8KJ<8E2>K@E@44UE::9I6A6
4@>924I4UJ@>::9#M:GMF@GE:J=IM=
K=9@G?Y=F=DE9J.?<I<N8J8D8EN?F
;IFNE<;@EK?<J<8
:42>::9JF9C89Jd0
922D2I:4224E:>
924I:42>::9H9JG;9J<A9;G
4>:::EMKHJ=?MFL9J99D?MA=F8JBJFD<FE<
@EHL@I<F=JFD<FE<[:?E>:::E_(=
HJ=?MFLY@;J?<8JBD<[:K:E>:::E:>
_)GKHJ=?MFLY@;J?<8JBLJ6'9H=JKGF9
9IMA=FK=HJ=?MFL9HM=<=K=JKAF?MD9JG
HDMJ9D=K=D;GEHD=E=FLG<AJ=;LG.?<G<I
JFEF=N?FDK?<@EHL@IP@JD8;<D8P9<
J@E>LC8IFIGCLI8C8E;@JK?<;@I<:KF9A<:K
7
4@4>:::E
HJ=?MFL9J99D?MA=F9;=J;9<=
8JBJFD<FE<89FLK@EHL@I<F=JFD<FE<
89FLK[.::IK@96E>:::E_(=HJ=?MFLY
9;=J;9<=9D?G@;J?<8JBD<89FLK
JFD<K?@E> 9A@@9@I66?:>4224@;4@A
4@9D>:::E292.ADGN=GD=HJ=?MFL9JV
9;=J;9<=DE9;@=L=#=#J<<?@D#N@CC8JB
?@D89FLKK?<D8:?<K<
@4D2CE:4@A:E22D:
9244@9J@>:::E'=HJ=?MFLV9=K=E=PA;9FG
FGAF<W?=F9KMFGE:J=#8JB<;K?8KEFE
#E;@8E'<O@:8ED8E?@JE8D<
H=<AJ
9D?G99D?MA=F8JB=FIJFD<K?@E>F=
JFD<FE<!F2?BF:9927:4;K@96J@>:::E
%M9FE=HA<AYMF9;9EAK9$L8E8JB<;D<=FI
LYQ;M9F<GL=JEAFY<==KLAJ9JK=K=>M=9GLJG
DM?9J.?<:8KNFB<LG=@E@J?<;JKI<K:?@E>
8E;N<EKJFD<N?<I<<CJ<
6FEAL>
E>66E@D2E>66E@D2;7
4>6BF6M@LA:AG;TDA<GN8IDCLB<N8ID6
4MA@E24>6BF6K@A6I=D7:4;4299:K4@9A
>::;1GQ9;GEHJ9JE=MF9;@9IM=L9;TDA<9
H9J9HGF=JE=#8D>F@E>KF9LPDPJ<C=8
N8IDA8:B<KKFN<8I
6FEAL>
E>6BF6
E>PBF6E:>E>64E@;E>PBF6;2>70
42>6BF6;9D=FL9J42>6BF6E9K9J=FN9JADD9
.22;>6BF6;9EH9E=FLG=FD9AKD9/A:M
JYFK29>6BF6DM?9J9KGD=9<G=FLJ=D9K
KGE:J9K
4>6BF6M@@DG@9;=JMFHG;G<=;9DGJ9<
N8IDN<8K?<I
4>:92M@AJD=FL9E=FL=>FJCFNCP6D>:92;
4292E2I9::4@E:?D::A292+M=<=K9;GEH9
X9JFGKHGJIM=N9EGK9AJD=FL9E=FL=3FL
:8E8::FDG8EPLJJ@E:<N<N@CC>FJCFN
6FEAL>
E>:92E>:92;76#AKLYJA;9E=FL=K=
<=JAN9<=eIMA@9fgJTHA<Gh"@JKFI@:8CCP
;<I@M<;=IFDaHL@?8bc=8JKd
70
42>:92E
@9;=JD=FL9E=FL=
4>:9KIMKJ=K:9D9JK==FJC@GFEKN@JK8EBC<FE
2?E66K;E:?E:422?4U>:922@924\>::K;
9@@4E292?E:?D>:9KI9229:E2IMA<9<G
;GF=DDG<GIM==KLT9DDW<GF<=N9K9H9K9J
HGJIM=L=HM=<=KJ=K:9D9J=FVD<:8I<=LCF=
K?<DL;K?8K@JK?<I<N?<I<PFL8I<>F@E>KF
G8JJ9<:8LJ<PFL:FLC;JC@GFE@K2DE
BF:;:E:9AE@KM>4@9E>:9KI92?E:9AE29
;::E>29:E@224@A>::4E:>+AKV=FMF9HA=
<J9E=J=K:9DV=F=DD9E=;9WQE=;GJLV=D
HA=#JK<GG<;FE8IF:BJC@GG<;FE@K=<CC
;FNE8E;:LKDP=FFK
6FEAL>
:E>:9KI
:E>:942I:E>Q942;4:E>Q942I=42:E>Q9
=2I=427
4>::9M@=K;9KGJ:8I:<I8I<[6D6?BF:9
42EI@I29?E2>@K>::9:92_J==KIM=
@9QEM;@GH9DG>A=JJG)G=K=K;9KGF
PFL9<C@<M<K?8KK?<I<8I<D8EP@IFENFF;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
8J?@IK
6FEAL>
:E>:::E:E>:::E:>:E>:::
E@;:E>:::E@=4276'9H=JKGF9<=IMA=FK=HJ=
?MFL9>GJRGK9E=FL=KAF?MD9J=K=D;GEHD=
E=FLG<AJ=;LGD9;GK9HJ=?MFL9<9=K=D;GE
HD=E=FLGAF<AJ=;LG.AFGK=E=F;AGF9D9H=J
KGF9<=IMA=FK=HJ=?MFL9GKA=KHDMJ9DK=
MLADAR9=DN=J:Ge;Z;9EAAALf.?<G<IJFEN?F
@J9<@E>8JB<;F9C@>8KFI@CPJ@E>LC8I@JK?<
;@I<:KF9A<:KK?<K?@E>8JB<;@JK?<@E;@I<:K
F9A<:K
#=K?<8;;I<JJ<<@JEFKD<EK@FE<;FI@=
@K@JGCLI8CK?<M<I9a:Y:8D@@@Kb@JLJ<;
7M;
4@>:::E0
4U42>:::EHJ=?MFL9J9D?G9
GQ=FL=K
4>::A2=2M@<=K;GEHM=KLG<=K;GEHGF=JK=
9JJMAF9<G9IFB<EIL@E<;9I<8B;FNE2?E
92K22:?4@>J@>::A2=2I@4>22I92A2::
92'9;=J;9=KL9:99JJMAF9<9H=JG9@GJ9=KLT
9JJ=?D9<9.?<=<E:<N8JIL@E<;9LKEFN@K@J
=@O<;
6FEAL>
E>::A2=2E>::A2=@;70
4>::A=29JJMAF9<G4>22>4>::A2=2
HJGKLALML9
4>::A6M@
GWJK=9<?<8I;22>;UBF:;E::I
K::44@762292J2I:92>@492?EBF:9:E:
E2A>2IBF:A@?I29J@>::A6.::IBF:9
:D:::E@;92E22I@@:E422EI:92>@442A2?@
42=I:92J2I22>2 DL=;GDGL=G;;A<=FL9D
LA=F=:M=F9NAKL99F<9<=FG;@=QK=GQ=KM
J=;D9EGF<9=FD9FG;@==F:MK;9<=9D?G
<=;GE=J.?<N<JK<IEJ:I<<:?FNC?8J>FF;
<P<J@>?K@K>F<J8KE@>?K8E;@KJ:8CC@J
?<8I;
#K>F<JFLK8KE@>?KKFCFFB=FIJFD<
K?@E>KF<8K
=KL9JHJ=K=FL=K6N9JAGK79<
GI<J<EK5J<M<I8C6>::BF6I29J@>::A6
.::IK@922422942::9:#9QN9JAGKK=JAK
9DDWD?G@9H9K9<G.?<I<8I<J<M<I8C-<I@J
K?<I<
-FD<K?@E>?8J?8GG<E<;
6FEAL>
E>::A676 DKMB=LGKA=EHJ==KKAF?MD9JH=JG
K==FLA=F<=;GEGHDMJ9D.?<JL9A<:K@J
8CN8PJJ@E>LC8I9LKLE;<IJKFF;8JGCLI8C
7
08I
4>::A:
4>::A64>::A:0
C8<EKI8;8GI
BF::A6
4>::A=2M@E9DGJGLG9JJMAF9<GKAFN9DGJ98;
9IFB<EIL@E<;NFIK?C<JJ22>:K4>22
BF::9K:J6I=I@I@>::A=2GEHJYMF9
;9EAK9FM=N9H=JGFG=J9:M=F9"<9FL>?K
8E<NJ?@IK9LK@KN8JEdK8EP>FF;
*22I
92A@4@@@I4U92D>::A=2292 KGK=JW9
E9DGH9J9LG<GKFGKGLJGK.?8KNFLC;9<98;
=FI8CCF=LJ
6FEAL>
E>::A=2E>::A2=2
E>::A=@;E>::A2=@;70
42>::A2=29JJMAF9J
42>::A=2FG9HJ=;A9J4>::A2=2<=K;GEHM=K
LG9JJMAF9<G
:>::A=2JF9CDGE9DGDG>=G98;K?@E>0
66?:>:>::A=2EG@G92DI66?:>::A=2
<A9JJ=9:>::A=2922EGJAJI6A62?:>::A=2
NA<9E9JAF9IM=FGLA=F=MKG@ME9FG
4>::BF6J
K=JAH=JKGF9-<I@G<IJFE
>::BF64>@BF66A6BF:9EC@@BF:BF:;2?
:BF::;:J@>2>K@'9H=JKGF9K=JA=F>=JE9
FGIMAKGKM:AJ9D;9EAYF.?<J@:B-<I@G<I
JFE;@;EdKN8EKKF><KFEK?<KIL:B
[@>
4224BF:9KT4JMI:J2_MTFL9KH=JKGF9K
K=JAK@9Q"FND8EP-<I@G<FGC<8I<K?<I<
H=JKGF9=F;GFL=PLGKDAEAL9<GKG<IJFE
@EC@D@K<;:FEK<OKJ*C
4@>422408I
4>::BF:6'9>GJE9KAF?MD9J>M=J=?AKLJ9<9=F
+AF9JL'9>GJE9HDMJ9D>M=J=?AKLJ9<9
=F9JLD=LL.?<J@E>LC8I=FIDN8J
I<:FI;<;@E*@E8IK
.?<GCLI8C=FID
N8JI<:FI;<;@E8IKC<KK
70
K@;
>::BF6 K;GJHAYF;GFKL=D9;AYF
424>::BF6EJ=KH=L9J4>::BF6M2BF:94922
J=KH=L9:D=
4>::BF692A29@H=JKGF9K=JA;GFG;A<9
BEFNE-<I@G<IJFE&@K
H=JKGF9IM=K=@9
NAKLG<BF:9@
4>::BF6:>A29@H=JKGF9K=JA<=K;GFG;A<9
LEBEFNE-<I@G<IJFE&@K
H=JKGF9IM=FGK=
@9NAKLG<BF:9@
4>::BF6K@;GFN=J:GF=?9LANGF9<A=EF
9F;P
4>::BF642::9<MDLG8;LCK
>::BF62::E2>'F:9?@*2A D@;
:IBF:>MFDM?9J8GC8:<&@K
<GF<==D
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
F9L9D?@JFI?<I?FD<C8E;
:4>::BF6E429;GFN=J:GF=?9LANGFMF;9
=FKMNA<9E<M<I@E?@JC@=<69:4>::BF6E
4299664@E4U9:>@>:92)MF;9@=:MK;9<G
MF9NAKAYF#?8M<E<M<IJFL>?K8M@J@FE
:4>::BF6EBF::A6L=FA=F<GK9DM<Q:A=F=K
9<@E>?<8CK?P8E;N<CCF==
::4@E:4>::BF6EH=JKGF9IM==KEA=E:JG<=
D9EAKE9>9EADA9G<IJFEK?8K@JD<D9<IF=
K?<J8D<=8D@CP*C
::4@E:4@>4224
4>Q>@;42M@
J9:AGKGI89@;%@EE:?E:42
4>Q>@;4292 K=;GQGL==KLTJ9:AGKG.?8K
:FPFK<@JI89@;
@9;=J;GEGH=JKGF9KG
FTE:MD9JC<<GN8CBU:9::>924J@>Q>@;
42 DD9@9;=;GK9K<MJ9FL==DKM=XG-?<
JC<<GN8CBJ
6FEAL>
E>Q>@;42E>Q>@;
BF:>E>:>;U4E>Q>@;@;70
:D@;
42>Q>@;429FKAGKG
4>:A:M@d6FEAL>
E>:A:E>QA:E:>E>:AE
E>QAE@=42708I
4>:A6
922:4>:A:<A>W;AD;@==@:LCKE2>4?666?
BF:;92BF6;U44@:4U:D::>;4924E22I922:
4>:A:92 K<A>W;ADH9J9MF@GE:J=BGJG:9<G
LJ9=JD=X9#KdJ;@==@:LCK=FI8?LE:?98:B<;
D8EKF9I@E>=@I<NFF;
#@@D?:BF:9
4U9:D::4U924::BF:96:9::?924922:
I@>>:A:(==K>T;ADE9L9J;9?M9E9K#K@J
<8JP=FID<KFB@CCJ<8KLIKC<J
6.=J=D9;AGF9
@AKLYJA;9E=FL=;GFe@99AIMAHAfg>T;ADh"@J
KFI@:8CCPI<C8K<;KFa?88@HL@G@bc<8JPd
70
922:42>:A:EH=J;A:AJ;GEG<A>W;AD2?E
22:>:A:'F:9 :K4?;9EH9E=FLG=F
D9AKD9/A:MJYF
4>:BF6E::0
C8<EKI8;8GI
4>::BF6Q:
4>:DMK
H9J=;=JK=9I<J<D9C<&E:D>:D4292
.=N9F9H9J=;=J.?<P8I<>F@E>KFI<J<D9C<
<8:?FK?<I
.::I442>BF:942E@=BF:9
BF:4E2>@E22I@@9:K:J@>:D*22I9:K:
D4@>>QD292SJ9EGK;GEG9FAE9D=KK9D
N9B=K)G<=:=EGKK=J;GEG=DDGK1<N<I<
C@B<N@C;8E@D8CJ
1<J?FLC;EFK9<C@B<K?<D
.::IBF:9C@@4UE22I>2D4@>>QD292)G
@GE:J=9<MDLGK=LAJY<=MF;=JJG
4>::BF64U42KBF:>DGE:JARNFID&@K
=DIM=
=FLJ99MF9H=JKGF9<42KBF:>
4>::BF6Q:@ABGHJAEG?VFALG=@IJK9FIE:?@C;
08I
4>:BF6E::-@EXE
92A2K:Q:92A2K:
4>::BF6::>I
FGE:J=K=JA-<I@E8D<&@K
;GFIM=MF9H=JKGF9K=JA<A;=A<AGE9K=JA
-<I@C8E>L8><<BF:>I
4>::BF6::E@>D=F?M9K=JA-<I@C8E>L8><&@K
@9:D9<=DK=JA
4>::BF6:A2DA@;>GLG?J9>W9<=MF9H=JKGF9
J=LJ9LGG?FKF>I8G?F=8G<IJFEG@:KLI<&@K
<A:MBG<=MF9H=JKGF9<422DA@;
4>::BF6QE2;4AE64A2>=BF:>=KIM=D=LGJB<C<
KFE&@K
@M=KGK<=MF9H=JKGF9;GF=;L9<GK
08I
4>::BF6QE2;4AE64A2>=42>
4>::BF6J2D::>6EH9F
>JALG=IP9I<8;&@K
H9F
IM=D9H=JKGF9K=JA@9;=
4>::BF6J2D::>6E
<42D::>6E
>::BF6-2D@EMF;9EH9E=FLG=FD9AKD9/A:M
JYF8:8DGFE.@9LIFE#JC8E;61AKL9<=D
;9EH9E=FLG#==E=MF9H=JKGF9=F=KL=
DM?9JK=N=<=D?9<9HGJD9<AKL9F;A9<=9@W=D
FGE:J=-<<E=IFD"<<D<:8DG8G<IJFE@E
K?@JGC8:<8GG<8IJM<IPK?@E@EK?<;@JK8E:<
?<E:<K?<E8D<
7<4@@D@E9F?GKLG
4>::BF6EM@;<I
K=JH=JKGF99<8G<IJFE
:4>::BF6E429K:I4M>K@4U9:>29:E:92
)MF;9=FEANA<9@=;GEA<GH=K;9<G'AL
=K<=IM=>MAH=JKGF9c(<M<I@EDPC@=<
?8M<#<8K<E=@J?
&@K
-@E:<#?8M<9<<E8
G<IJFE_EGJAJ6H=JKGF97KAF=?9LANG
;@<5G<IJFE6@=E<>8K@M<)@>4>::BF6E
4292199EGJAJ-?<@J>F@E>KF;@<
DG;G
KAF=?9LANG:I8QP@=E<>8K@M< >4>::BF6E
:92 KLTDG;G"<dJ:I8QP
6FEAL>
E4>::BF6EE4@>42247<4>::BF6H=JKGF9
:424>::BF6EJF9C89Jd0
92?EBF:9:E:
:424>::BF6EDM?9J<=J=KA<=F;A9
:4>::BF6EJF9Cd
92?EBF:9:E::4>::BF6E:D@;M2KMLA=JJ9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
L=HGJL=K;GEGDG;G'AL,M==DDG;GFGK=
H9J=R;99LAFEdK8:KC@B<8:I8QPG<IJFE
&@K
'8P8:I8QPG<IJFEEFKI<J<D9C<PFL
H9J=;=JJ<<D)22A=BF6:A@>QDE2I
:?D:[email protected]=;=IM=N99@9;=J
>JWG<=:=KHGF=JL=MF9;@9IM=L9#=@KJ<<DJ
C@B<@K@J>F@E>KF9<:FC;N<8K?<IPFL
J?FLC;GLKFE8A8:B<K
6FEAL>
:E>QD
:E>:DE:>:E>:DE2;:E>:DI2>76)YL=K=IM=
=F9D?MFGK<==KLGK=B=EHDGK;GFKMKL9FLANGK
GHJGFGE:J=KHDMJ9D=K=DKMB=LG=F=KH9XGD=
AF?DVK;GJJ=KHGF<=9D;GEHD=E=FLG=FK=JA
(FK<K?8K@EJFD<F=K?<J<<O8DGC<JN@K?
EFLEJFIGCLI8CGIFEFLEJK?<JL9A<:K@E
-G8E@J?8E;E>C@J?:FII<JGFE;JKFK?<
;@I<:KF9A<:K@E-<I@
70
4UL42>::D@E@9;=J
H9J=;A<GK92EI4U42K@;:I4>:DNAGD=L9
W92J224>:D4@@4;;G:AB9I::424@>4224
4>:DAF<W?=F9KFGK=JAKI::42A@E22E4>:D
9JJGRI::42E@D?:QA:=44>:DE9;9JJYFI@?;
:E22DE4>:DHDTL9FG
::K2I4>22>@4@>4>:DL=F=J;MJN9;YF;9
N9?8M<:FE:8M<:LIM<&@K
H9J=;=J9D9DM
F9;J=;A=FL=
AE::>>QDE<><A>=J=FL=KN9JA9K;D9K=K
;@==<I<EKM8I@FLJB@E;J.:IBF:D::=4@A9696
J2AIUEAE::>>QDA242E2BF:;4U:J@@>;4
DFAXGLJ9BG>DGJ=K<=N9JA9K;D9K=K9KM
E9<J=.?<:?@C;9IFL>?K;@==<I<EKB@E;JF=
=CFN<IJKF?<IDFK?<I
:>>QDJJLAE<>DGIM=FGK=H9J=;=N?8K
;F<JEFKI<J<D9C<@K0
I::42AE::>>QD
;GDGJ=K
4>:E0
C8<EKI8;8GI
4@4>QE
4>:K;M@
<=:M=FH9J=;=J=KH=;A9DE=FL=<=
>GJE9:A=F>GJE9<G:A=F@=;@GDAEHAG
>FF;CFFB@E><JG<:@8CCP@EJ?8G<N<CC
;FE<696M?4@>2?@EBF::9E:>I:>M>
BF:9EA29@I4>:K;429EA29@I92?E
E29422:II:>A29:E.AK=N=>JML9:A=F>GJ
E9<9EA=FLJ9KMFG9F<9=F=DEGFL=K=;G
K=;@9QK=;GE=1?<EFE<@J>F@E>@EK?<
;<J<IK8E;J<<JE@:<=IL@KFE<?8IM<JKJ@K8E;
<8KJ@K
L=F=JF9JAR;GF;A=JL9>GJE99?J9<9
:D=?8M<8EFJ<K?8K?8J8:<IK8@EGC<8J@E>
J?8G<6FEAL>
E>:K;E>:K=42E>:K=4@;7
0
42>:K;DAEHA9J92?E4>:K=42DM?9J=K
DAEHAGK
::D2I4@4>:K;<OG;GFL=FLG9D=?J=?8GGP
&@K
KM=KHWJALM=KLT:A=F>GJE9<G2A
:AI2D:A244U:E2>;4>2::D2I4UI@>:K;
/J9BG;9JF=<=N=F9<G:MJ9QD9GLJ9H=J
KGF9=KLT;GFL=FLG"<9IFL>?KDLC<;<<I
D<8K8E;K?<FK?<IG<IJFE@J?8GGP
:?K22:4@4>:K;@9;=J;GF;MA<9<GQ=KE=JG
;FN@K?:8I<2?@224@>4U>:922:924
>:?K22:4@9>:K;#9RD9H9F?9;GF;MA<9<G
'8B<K?<9F8KN@K?:8I<
[#:?K22:4UD>::K;
922J2_'GN9K9@9;=J;GF=KE=JGI<
PFL>F@E>KF;F@K:8I<=LCCP
:DIMA4>:K;<OG;9DNG98C;@4D2C
4>224@;BF:;:DIMA:42>:K;:>2>K@92 D
E=PA;9FGFGAF<W?=F9FGIMA=J=K=J;9DNG
.?<EFE#E;@8E'<O@:8E;F<JEFKN8EKKF9<
98C;
:9:D@;4>:K;L=F=J:M=F9>GJE9=KH=;A9D
E=FL==K:=DL9L=F=J:M=F9HGKLMJ9?8M<8
>FF;J?8G<<JG<:@8CCPK?@E?8M<>FF;
GFJKLI< 9:D@;I@>>:K;,@@4UDI2;I@
92?D@J22:D?2?)GLA=F=:M=F9HGKLMJ9 K
9DLGH=JG=KLTBGJG:9<G"<;F<JEdK?8M<
>FF;GFJKLI<
"<dJK8CC9LK?<JCFL:?<J
:>:K;JF9Cd0
92?E:>:K;92I@;
4U4@@E:;:9B9E9J=FD9E9X9F9
4>@::;M@9?JMH9<GK6;GEGTJ:GD=K7>IFLG<;
KF><K?<I5C@B<KI<<J62:4@A92=II29
I22A=E2I922D4>@::;K@922J::;*::I
A2K::E:9::?D422942 DNA=FLG=KLTEMQ
>JWG#9QMF?JMHG<=E=RIMAL=K19EGKQ
=KL=EGK9DDW.?<N@E;@JM<IP:FC;
.?<I<@J
8JK8E;F=D<JHL@K<KI<<JFM<IK?<I<
&<KdJ>F
8E;J@KK?<I<
6FEAL>
E>@::;E>@::=:>
E>@::=4E>@::=4@;70
42>@::;BM?9J=DBM=?G
<=D;WJ;MDGMK9F<GH=<9RGK<=HAL9Q9:?@=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
>@@K:.GXV;GFEAE9ET#;I<8D<;89FLK
DPDFK?<I
6FEAL>
:E>@@K::E>@@K:E:>
:E>@@KI2>7M;4@>@@K:0
4U42>@@K:E@E
@9;=JKGX9J
92>@@K:JJLAG8JKM=XG;I<8D
4>@BF66A6M@=F>=JEGJ@:B@CC>@BF66A6
4@>K::I92ADI422:E:>BF:;4U:>::>=2;4
:D22:E22>2>22I:>>@BF66A692
'D=N9JGF9D=F>=JEG9DEV<A;GH9J9IM=DG
;MJ9J949FG=KLT=F>=JEG.?<PKFFBK?<
J@:BG<IJFEKFK?<;F:KFI=FIKI<8KD<EK
(FN
?<dJEFKJ@:B
[dK4@4>@BF66A6J2_=IMV
=KLT=F>=JE91?8K@JJ?<J@:BN@K?6FE
AL>
E>@BF66A6E>@BF66A6E:>
E>@BF66AEE>@BF66AE@=4276/A=F=J=D9;AYF
@AKLYJA;9;GFe;GIM==H=fg;YEG<Gh"8J
?@JKFI@:8CI<C8K@FEJ?@GN@K?a:FHL<<G<b
c:FD=FIK89C<d
70
9224@4>@BF66AEBF:9
2?@J22:E:@GKHAL9D
:42>@BF66A6JF9C89J=F>=JE=<9<J@:B
E<JJ
4>@E6EM@
H=K9<G?<8MP#64>@E6E:92\ E:
?D4>::;292+=K9KEM;@G`)GL=KA=FL=K=F
=DD93FLN<@>?8CFK
FEdKJ@KFE?<I
<A>W;AD;@==@:LCK>@E6E:92]9:?2^924
4@?E4U9:D2924 K<A>W;ADAJE=9@AF9#K@J
;@==@:LCK=FID<KF>FKF?@E8
6FEAL>
E>@E6EE>@E6E2;708I
4>@E:E
0
42>@E6E
H=K9J
4>@E:D:M@GJA=FL9<G;GFD9HMFL9<AJA?A<9
<AJ=;L9E=FL=9D9NAKL9FI@<EK<;N@K?K?<
GF@EK;@I<:KCPGF@EK@E>8KFE<dJJ@>?K
2I22K2E:>@42E>@E:D:9::BF:E:J2EE@4
4U>@E2>29>::9@4GNAIM=D9>D=;@9
N=FW9<=HMFL9@9;A9EW#J8NK?<8IIFN
:FD@E>;@I<:KCP8KD<
0
2=QE>@E:D:
'F:9@MFH=JKGF9B=>9EGKG=F=DH9K9<G
4>@E;UM@:D9F<GLA=JFGJF=KK<E;<I%@=
:>M>4>@E;UBF:;:?22:=BF:94UE::9@@
>2I92A29:E:92!JML9<=D9HAL9Q9;M9F
<G=KLTE9<MJ9Q:D9F<9K=;GE=;GFD9
;TK;9J91?<EFI>8EG@G<:8:KLJ=IL@K@JI@G<
4>@::;H9DE9<=KME9FGFGAF;DMQ=F<GDGK
<=<GK,22D;>@::;MFDM?9J,66D4=
>@::;;9EH9E=FLG=FD9AKD9/A:MJYF
,E22D:E@;>@::=4MFDM?9J9DFGJL=<= D
=K=E:GIM=
4>@?;40
C8<EKI8;8GI
4@4>@?;4
4>@?=4M@
JAR9<GN8MP:LICP6K::I
BF::D2I:=QE4>@?=4K
:>92292)GL=F?G
;9:=DDGJAR9<G#;FEdK?8M<
N8MP?8@I
9JJM?9<G
4>@?=4
NI@EBC<;2A2DA@;BF:9
92I:>@?=4429:E::422DA@;:9E4>M9@ D
H9H=D=KL9:99JJM?9<GQFGHM<==K;JA:AJ.?<
G8G<IN8JNI@EBC<;8E;#:FLC;EdKNI@K<
6FEAL>
E>@?=4E>@?=4@7
4>@@4E0
C8<EKI8;8GI
4>@@E4
4>@@D2M@
9JJM?9<GNI@EBC<; ?J66?924
>::K;:>A@>22:E2I
92?D@D>@@D24292.A
4>@@D2
FG;MA<9KLM;9J9N99
IM=<9J9JJM?9<9#=PFL;FEdKK8B<:8I<F=
PFLI=8:<@KN@CC9<:FD<NI@EBC<;
0
K::I
:A?22:=4>@@D2?AL9F9@[F?9J9HD=?9<G
GC<8K<;6FEAL>
E>@@D2E>@@D27
4>@@E4BF:;JMF:TD9FGMF9:JGE9
K?8K:?<;98IE8:C<6.<KI8:C@K8KH7>@@E4
BF:992DEBF:9:E:>@@4A
@4UBF:9I6A6BF:92?@
4@@>BF:9:E:>@@4A'9K
:JGE9K;J=;=F=FD9KJG;9K
/9E:AVF;J=;=F=FE9<=J9
4>@@E4
IM==KLT=F=DE9J.?8K:?<;
98IE8:C<J>IFNFEIF:BJ
.?<P8CJF>IFNFE
NFF;K?8K@J@EK?<J<8
*C
4>@@E408I
4>@@4E>@@E4
4>@@K:MKKGX9J;GF;I<8D89FLK 92>@4
BF:9*296;U4BF:;:E:9AE27A:9E>@@K:
:922A2I299AJ@@>@KFG;@=KGXVIM=
=KL9:9=FD9AKD9/A:MJYFQ;J=WIM==J9;A=J
LG&8JKE@>?K#;I<8D<;K?8K#N8JFE.@9L
IFE#JC8E;8E;K?FL>?K@KN8JI<8C
:E29J@
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
8E;JF=K@K@J<8K<EN@K?K?<JB@EFE
6FE
AL>
E>@E;UE>@EK:=E>@E@=4270
42>@E;U9:D9F<9J66?>92I22K24>@E;U
HDGEG
4>@E?:M@<=>GJE9JK=HGJ;9DGJ;<=FID<;9P
?<8K224@2?@J2::4@AE:E2;>2K::I924I
E::;4@@DJ22BF:9E>@E?:E@44UE::;>2
:J@@9@I@92AI:92422:I:J@>MM9F<GK=
IM=EYKM;9K9KMJ9<AGK=<=>GJEYHGJ=D
;9DGJ'G@9:W9NAKLGH=JGFGDG@9:W9HG<A<G
K9;9J1?<E?@J?FLJ<9LIE<;?@JI8;@F
D<CK<;
"<?8;J<<E@K9LK?<?8;EK9<<E
89C<KF><K@KFLK
6FEAL>
E>@E?:E>TE@
?:>E>@EK@;E>TE@?@;70
42>@E?:@9;=J
;@A;@9JJGF=K
4>@ET>2?@;0
C8<EKI8;8GI
4>@E@>?
4>@E@>?M@<V:ADN<8B.::IBF::D2IBF:9
4>22442::4@>:>::A=2E22>2I:E22D:924
E@>AM>IK::I4>@E@>?924E22I29:E:
4@>A2>I=KHMVK<=IM=MFBGN=FK=
EM=J=KMFGE:J=FGK=J=HAL=0FG@9:D9<=
VD;GEGa=D<V:ADb=K<I8PFLE>G<IJFE
;@<J?@JE8D<@JEFKJGFB<E
)E<I<=<IJKF
?@D8JaK?<N<8BFE<b
6FEAL>
E>@E@>?
E>@ET>2?:>E>@ET>2?@;
E>@ET>2?@=4270
I6A64>@E@>?E9J=9K
EM=JL9KI::424>@ET>2?@;FGE:J=IM=K=
<99D9;9?M9E9<=KA=L=>ADGK<MJ9FL=MF9
>A=KL9K::I4>@E@>?4>22>K::I4>@E@>?
4E2>H=JKGF9<A>MFL9E=FGJ<=;AF;M=FL9
9XGK<==<9<K::I4>@E@>?4E2>::4@E
BF::99:ABF:9MF<A>MFLGBGN=F<=D9>9EADA9
K::I4>@E@>?BF:A?22:=::4@EBF::99:ABF:9
MF9<A>MFL9BGN=F<=D9>9EADA9
4>@K:>6M@:GJJ9;@G=E:GJJ9;@9JK=;ILEB
6K::I924IE::;42E2IK@9642422E2I:92
I@4>@K:>6K2?@E::;92I9:>:92DMA@E:>
4294@@492E4>2K42>:9@4G=KL9:9E9F=
B9F<GMF;9JJGH=JGMF:GJJ9;@GIM=K=
KM:AYE==KL9:9EGD=KL9F<GL9FLGIM=L9J<9
EGKEM;@G=FDD=?9J#N8J;I@M@E>8:8I
9LK8;ILEBG<IJFEN?FN8J@EK?<:8IN8J
9FK?<I@E>D<JFDL:?@KKFFBLJ8CFE>K@D<
KF><K?<I<
6FEAL>
E>@K:>6E>@KQ>6
E:>E>@K:>E@;E>@KQ>E@=42708I
4>@K:>:
0
42>@K:>6E=E:GJJ9;@9J
4?224;M@;GFD9AJJ=?MD9JA<9<<=MF9;MJN9
D9J?9N@K?K?<@II<>LC8I@KP
F=8CFE>:LIM< E@224@A
:??224;4@42K?:K@229
:9:.MHA=JF9=KL9:9
=F;GJN9<99;9MK9<=MF9
EGJ<A<9<=NW:GJ9"@JC<>
N8J9FN<;9<:8LJ<F=8
JE8B<9@K<
6FEAL>
E?224;
4?224;
E?2242=:>E?224K:=
E?224K:=427
4?227:;0
C8<EKI8;8GI
4@4?227:;
4?22:;MK
9?9JJ9J9LJ9H9J;9HLMJ9J>I89
:8GKLI<:8K:?89;L:K*66A@=9664E@A24
:E?22:=2>::K;:E22::EJ22>2E@44UJ2::I@
I::4242?22@E2;A24E@44@?E:E2E:E29E
:E24UE@;:J@::E@;9HLMJYMF9KDA=:J=K;@A
IMAL9KQD9K;MA<9:9:A=FH=JGMFGK?9LGKD9K
NA=JGFD9KE9L9JGFQK=D9K;GEA=JGF"<
:8GKLI<;JFD<JD8CCI899@KJ8E;N8JK8B@E>
:8I<F=K?<DJFD<:8KJJ8NK?<DB@CC<;
K?<D8E;8K<K?<D
K9;9J;GFD9E9FG
J:FFGFLKN@K??8E;\22I29E::A6:E2
:>M>A24:??22:; ?=4@:92?D@J@966=
`,MV:M=FG(AE9ETK9;YHMDH9<=D9>JML9
<=;9;LG.MK<=<GK=KLTFE9F;@9<GK<=
JGBG"FNE@:<'PDFK?<IJ:FFG<;LGK?<
:8:KLJ=IL@KGLCG"<I=@E><IJ8I<JK8@E<;
I<;
6FEAL>
:E?22:;:E?22:=2:E?22:K:=
:E?22:K:=427M;4@?22:;
4@=24?22:;J=;A:AJ9DFAXGJ=;AVFF9;A<G
I<:<@M<K?<E<N9FIE989P#2CQ2BF:9
K:IBF:D::=4@>4@=2:J@?22:;(9JW9J=;A:AY
9DFAXG'8IV8:8L>?KK?<989PN?<E@KN8J
9FIE
92?22:;JJLAG8Jd0
92?E92?22:=2
HGRGH9J9;G?=J9?M9@=;@G;GFD9KE9FGK
:>M>92?22:;HMDH9<=>JML9<=;9;LGK::I
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K::I4U:>29?2IKH9J9:JAK9NA<JAG
:92?2IKJF9CG8JHAFLMJ9G8@EK&@K
;GF
IM=K=HAFL9
4?2KBF:>MK9?9JJ9J;GFDGK<=<GKG?9JJ9K
=KH=;A9DE=FL=HGJ=D;9:=DDG>I89N@K?K?<
=@E><IJFI:C8NJ<JG<:@8CCP9PK?<?8@I#2
9D?2KBF:>292/=NGQ99?9JJ9JHGJ=D;9
:=DDG#8D>F@E>KF>I89PFL9PK?<?8@I
6FEAL>
:E?2KBF:>:E?MK2;42:E?2K;@;7
W4?664MKDD=N9JLGF=D=L=N<8IB@CK/JF9J;
6FEAL>
:E?664:E?664I2>7M;4@?664
-@EXE
4E22:
W92?664JJLAG8JK9H=L9J=?LGF=D=L=IM=
MK9:9FDGK@GE:J=KK=JAK9FL=KB@CK=FID<ICP
NFIE9P-<I@D<E-@EXE
92E22:
4?666;M@
=F;G?A<G:LIC<;LG>E8IC<;.::I
42?22@E:4@>E::>
92IJ@?666;@@
E2922A=I D?9LG
L=FW9>JWGQ<MJEAY
=F;G?A<G.?<:8KN8J
4?666;
:FC;8E;JC<GK8CC
:LIC<;LG
LMDDA<G6;GEG=D:J9RG7
J?I@M<C<;58J8ID66FEAL>
E?666;
E?666=:>E?666=4E?666=4@;70
42?666;
@9;=J;GK9>D=PA:D==FMF9:GD9
4?666?M@
=E:GL9<GQIM=FGKAJN=9CLEK
8E;LELJ89C<;GF@GE:JGK
;9W<GKJCFL:?J?FLC;<I<;
E2>4?666?BF:;92BF6;U4
4@:4U:D::>;4924E22I922:
4>:A:92'==K<A>W;AD9MF
4?666?
@GE:J=;GF@GE:JGK;9W<GK
LJ9=JD=X9#K@J;@==@:LCK=FI8
JCFL:?J?FLC;<I<;G<IJFEKF:8IIP=@I<NFF;
6FEAL>
E?666?E?666?:>E?666EK
E?666?@=427
4?6674MKH=?9J;GF=D<=<G;GEG9;9FA;9K
JE8GN@K?=@E><IJL:?8JD8I9C<J
.:IBF:D::=4@A:E?6674>2J292'=H=?Y9D
FAXGIMA=FDDGJY"<?@KK?<:?@C;N?F:I@<;
92?22:;HJAKAGF=JG
:92?22:=2JF9CG8Jd0
92D42?:92
?22:=2KMVL=JI::>62?:92?22:=2:GDK9H9J9
9LJ9H9JK9J<AF9KK::42?:92?22:=2B9MD9H9J9
HTB9JGK
4?27EMKLGE9JMFHMX9<G>I898?8E;=LC
,::422?:422:A24:E?27E
:E66?9244U:J@A@74/GEY
MFHMX9<G<=9R[;9JQDG
LAJY=FKM:G;9"<KFFB8
?8E;=LCF=JL>8I8E;K?I<N
@K@EKF?@JDFLK?
6FEAL>
4?27E
:E?27E:E?M7:E:>:E?27;@;
:E?M7=@=427
92?27EJJLAG8J
?2;@;MF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;
4?2IKMKH9K9JD9E9FG;GFHJ=KAYFH9J9IMAL9J
9D?GG8JJK?<?8E;N@K?
GI<JJLI<KFI<DFM<
JFD<K?@E>#:?@=E:?E:42
:9A@?2IK92?E66K;BF:9
4@9D24@@:I292/=NGQ9
H9K9JD9E9FGHGJ=D
:J9RGQL=IMAL9JV=DDG<G
4?2IK
#8D>F@E>KFG8JJDP
?8E;FM<IPFLI8ID8E;I<DFM<K?<DL;
6FEAL>
:E?2IK:E?2I42:E?2I4@;7M;
4@?2IK
4@4?2IK9HDA;9J9;GF9;;AYFJ=H=LALAN9
HAFL9J8GGCPKFN@K?I<G<K@K@M<8:K@FE
G8@EK2?EI>@42E4@:::@?2EK4@:E4@@@
>2IK::I4U:J@?2I4@;D::D42?I29E22
:EE:>;U4'GK9FL=H9K9<GKHAFL9JGFLG<GKKMK
KGE:J=JGKIM=JA=F<GIM=>M=J9F<MJGK.?<
8E:<JKFIJG8@EK<;8CCK?<@I?8KJN8EK@E>
K?<DKF9<JK@==
,2A@@9@@I:BF:9A2K22E@;
:92?2IKK@4@9D?2IK2921GQ99HDA;9J
;=J9<=R9H9LGK9D9>A?MJ9<=MFDG:GE9JAFG
IM=@A;=#8D>F@E>KF8GGCPJ?F<N8OKFK?<
@IFENFF;J<8C@FEK?8K#D8;<
0
4U42?MI2K@E>JGL9J=F66?>2?:BF::;:>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
6FEAL>
:E?6674:E?6676;BF:>:E?667;@;
:E?667=@=427
4?66;:>M@EGN=JK=:JMK;9E=FL=9MFD9<G
;F;><KFFE<J@;<22J4@A92DEK@4@9D;::E
E22>2E?66;:>>2:E24=9242?@9J227:?
92DEE:?E:424GA:99H=?9J9D;9:9DDGH=JG
K=EGNAYQD9HA=<J9D=H9KYHGJ9JJA:9#N8J
>F@E>KF?@KK?<?FIJ<9LK@KALDG<;8J@;<
8E;K?<JKFE<N<EKFM<I@K
6FEAL>
E?66;:>E?66=BF:>7
:?66;:>JF9Cd0
242E@@IA ?66;:>
;=JJG;=J;9<=+MFL9@M=;9
4?66A?:M@
KAFHMFL99CLEKEFKGF@EK<;
9?9;@9<G;GEGH=JKGF9
NA=B9JKFFG<;C@B<FC;
G<IJFE>22>4?66A?:
BF:942766:922D:BF:>K@
92'9EMB=J9?9;@9<9
J66?4?66A?:
IMA=J=LGE9J;9>V.?<
JKFFG<;NFD8EN8EKJKF;I@EB:F==<<
6FE
AL>
E?66A?:E?66A6?:>E?66AK@;
E?66AK@=4270
42?66A?:@9;=J9?9;@9J
4?66IU?:MK9;=J;9JK=EM;@G9=KH=;A9DE=FL=
9;GKL9<G><K:CFJ<KF<JG<:@8CCPCP@E>
;FNE>22>BF:;::BF6EBF:9:J@?66IU
?:'9EMB=JLA=F=KMFAXGEMQ;=J;9.?<
NFD8E?8J?<I:?@C;:CFJ<KF?<I
6FEAL>
:E?66IU?::E?66I@?2:E?66IUK@;7
4?66K;MKE9;@9;9JD8J?29;U:K:;4@:
9A@?66K;A2?22=J2>22IA244@9D22:?:>
292(9;@9;9JVD9K>JML9K<=D9J:MKLG
e@9@BZfQD9KE=R;D9JV;GFEA=D#N@CCD8J?
K?<;<J<IKNFC=9<II@<J8E;D@OK?<DN@K?
?FE<P
6FEAL>
:E?66K;:E?66K:=:>
:E?66K=4@;:E?66K:=4@;7
::BF:4@4?66K;MFL9JHGF=J=FJGI<8;FE
)::>6E:9J22BF:9A2?22=BF:9::BF:
4@9J@?66K;+MK=D9EA=D=FEAH9F#JGI<8;
K?<?FE<PFEDP9I<8;
92?66K;JJLAG8Jd0
I::42:D4BF:9;U
92?66K;>JABGD=KJ=>JALGK
:92?66K;JF9CG8Jd0
K::I2?:92?66K;
EGJL=JGEGD;9B=L=
4?6I6MKKG:9JD8JJ8><6FEAL>
:E?6I6
:E?PI6E:>:E?PI6E2>7M;4@?6I6
4?:7KMK<9JMF9H9L9<99H9L=9JB@:B2IK
E:4@>422J:E?:7K>2924IJ@>::9 D;9:9
DDGD=<AGMF9H9L9<99DH=JJGQDGE9LY.?<
?FIJ<B@:B<;K?<;F>8E;B@CC<;@K
6FEAL>
:E?:7K:E?Q72;BF:>:E?@7;@;:E?T7242>7
92?Q72;BF:>JJLAG8Jd0
K::I4@BF69E
92?Q72;BF:>:9DYF<=>[L:GD
4?:AMK?GDH=9JH=?9J=KH=;A9DE=FL=;GFD9
E9FGJKI@B<?@K<JG<:@8CCPN@K?K?<?8E;
.:IBF:D::=4E2>42A@J24;42A:E?QA>2
2?IUIU292M9F<G=DFAXGD=H=?Y9KM
@=JE9FGDDGJYEM;@G1?<EK?<:?@C;?@K?@J
9IFK?<I?<:I@<;8CFK
#:4UD4@9?QA2E:>
`+V?9D=;GFLM;G<G"@K@KN@K?PFLI<C9FN
6FEAL>
:E?QA:E?QA2E:>:E?@@AE@;
:E?@@AE@=427M;4@?QA
4@4?QAHA;9J;GF9D?GHMFLA9?M<GHMFR9J
GFB<GLE:?.:IBF:D::=4@A:?@=E:D4@A
4U:E?QA>2J292 DFAXGDG=EHMBY;GFKM
<=<GWF<A;=QDDGJY.?<:?@C;GFB<;?@DN@K?
?@J=@E><I8E;?<:I@<;
66?:>4@4?QA9HMX9D9JJK89
:E@;BF:992?D@4@4?QA2E:>EAJ9J
>AB9E=FL=JK8I<>224@;4@A4@>4224
:9>224@::E@;4@:92?D@4U:J@?QA2E:>K::I
4922K:E4>M'9?=FL=K=JAEAJ9:9>AB9E=FL=
9D@GE:J=FGK9:A=F<GIMAVF=J9.?<-<I@
G<FGC<JK8I<;8KK?<D8EEFKBEFN@E>N?F
?<N8J
92?QA92?QA2E:>0
2DE2?EU92?QA
DM?9J969692?E92?QA@GJ;YFK::I4@BF69E
AE::BF:92?QA2E:>NGDA:GD
4?@4U;M@LGJ;A<G6;GEG;D9NG7
?8M<8:IFFB9<EK5C@B<E8@C6
6?:>4@@D@E9@4U4@A::BF:
4U9@;::E4@AE?@4U;4@?EJ@>2
D;D9NGIM=MK9:9QG=FD9
E9<=J9=KL9:9LGJ;A<GQFG
4?@4U;
=FLJY.?<E8@CK?8K#N8JLJ@E>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?@EJGFKJ2>2K2;BF:94?@@:=@;BF:;E@@I
:>2J2I:920F9GDD9<=:9JJGIM==K
AJJ=?MD9JFG:A=F@=;@9FG<MJ9EM;@G
LA=EHG:C8PGFKK?8K@J@II<>LC8IGFFICP
D8;<;F<JEdKC8JK8CFE>K@D<
6FEAL>
E?@@:=@;E?@@:=@;7
4?@@AE@;0
C8<EKI8;8GI
4?:A
4?@@D4M@J9KHGKGIFL>?5C@B<=@C<66FEAL>
E?@@D4E?@@D;470
66?:>4?@@D4DAE9<=
E=L9D92IU=:?22:=
4?@@D4MF;9J9;GDADDG
4?@@D4
:?@@D4JF9Cd0
:E2242:?@@D4N9JA9K9D?9KE9JAF9KJGB9K
?@@D4JL=J.M>ABGIM=K=<=JAN9<==KL=
N=J:G-L==@O;<I@M<;=IFDK?@JM<I90
92DE@;?@@D4HA=<JAL9
4?@A:;MK
;9MK9J@MF<AJK=D8B<JFD<K?@E>
J@EB229@E:?E:4292?E66K;4@@K=:=BF:9
I@@EI@E2I:9QE4UDBF:E@@:;.::I924IE::;
42E2I2?@9::942E:?E:4292?E:D?@A:;I@
E2IGEG@9QEM;@GDG<G=F=D;9EAFGJ=
?J=K=EGK DDG<GN99;9MK9JIM=K=@MF<9
=D;9JJG-@E:<K?<I<@J8CFKF=DL;@EK?<
IF8;K?<I<C<KdJ>F98:B
.?<DL;N@CCD8B<
K?<:8IJ@EB
;9MK9J=FLJ9J@9KL9MF9HJG
>MF<A<9<:8LJ<KF<EK<I;<<GD8B<J@EB@E
242E4@>:4@?QA4@>4@9E2E?:92?D@
9E?@A:;>2J2I:+=?MV9DLA:MJYF;GFMF9
D9FR9@A;=IM=K=@MF<A=J9QEMJAY#?@KK?<
J?8IBN@K?8JG<8ID8;<@KJ@EB@E8E;@K
;@<;
6FEAL>
:E?@A:;:E?TA:=:>:E?TA:=
4@;:E?@AK:=:E?TAK:=427M;4@?@A:;
4?@A:?M@;GFN=PG:FEM<O6FEAL>
E?@A:?
E?TA:?:>E?TA:EK
E?TA:EK@=42708I
4?@7:?0
42?@A:?
4?@A:?
@9;=J;GFN=PG
4@GI<=GIFEMD=D=K;GEHD=E=FLGAF<AJ=;LG
<=L=J;=J9H=JKGF9;GEGMF9;9L=?GJW9
?J9E9LA;9DHM=<=L=F=JN9JA9K>MF;AGF=KK=
ETFLA;9KAF;DMKGAFKLJME=FL9DQDG;9LAN9KF
@EK?<NFF;N8J9<EK8E;@K;@;EdK>F@E
6FEAL>
E?@4U;E?@4UK:=7
4?@7:?0
C8<EKI8;8GI
4?@A:?
4?@7E;M@
<AKLGJKAGF9<G9<EKA8>><;
2422:K4@A92I:?T7E2=42429
4E2>E:4@A:J@>>24E:> D
HGDD=JG=KLTL9F<AKLGJKAGF9<GIM=
=K=@GE:J=FGDGMK9.?<JG<8I@J
JF9<EKK?8KK?8KD8E;F<JEdKLJ<@K
KAFMGKGJ@ELFLJ;MD=:J=9J
JC@K?<I@::>2;E:?E:4292?D@
E?T7E2=42E2E2I>2:9J@::>I@
4@9J@>;::E'=LAJV9D9K=JHA=FL=
4?@7E;
EA=FLJ9K;MD=:J=9:9H=JGFGD=
H=?MV#K?I<NK?@E>J8KK?<JE8B<N?@C<@K
N8JJC@K?<I@E>8N8P9LK#;@;EdK?@K@K
6FE
AL>
E?@7E;E?T7E2=42E?T7E2=4@;7
:?@7E;JF9Cd0
:K229@I:?@7E;J9QG
4?@@4@?M@=F;GJN9<G9D9:=9<G9JIM=9<G
:LIM<;JC@>?KCP9FN<;224@:E:J22:A;
:9J224E:>4@>92I4U:?@@4@?429:E:
4U:922:A;:J@>M'9NA?9IM=;GJLV=KLTL9F
=F;GJN9<9IM=FGK=HM=<=MK9J.?<9<8D
K?8K#:LK@JJF9FN<;K?8K@K:8EdK9<LJ<;
6FEAL>
E?@@4@?E?@@4@EK70
I::>6
4?@@4@??9NAGL9<=GF9H9JL=
4?@@4@?
4?@@94UM@;YF;9NGQ@GF<G:FE:8M<8E;
;<<G2D2;:>M>BF:9
@@4U:AM94@AE::I
4?@@94U
4?@@94U:920F9;GJAL9
;9F9KL9H9J9;GD=;L9J>JML9=K;YF;9N9
98JB<K=FI:FCC<:K@E>=IL@K@J:FE:8M<
6FE
AL>
E?@@94UE?@@9@;BF:>E?@@9;U4
E?@@9;U@;70
42?@@94U@9;=J;YF;9NG
92?E4?@@94ULA=JJ9@MF<A<9
:?@@94UJF9C:9@W9=FK=F9<998P
4?@@:=@;M@AJJ=?MD9JQ<=>=;LANGHGJIM=LA=F=
H9JL=K?JM=K9KQH9JL=K<=D?9<9K@II<>LC8I
8E;;<=<:K@M<9<:8LJ<@K?8JK?@:BJGFKJ8E;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
?@D?<IK?<D@E;@I<:KF9A<:KN?@:?8J8
>I8DD8K@:8C:8K<>FIPD8P?8M<M8I@FLJ
J<D8EK@:=LE:K@FEJ@E:CL;@E>@EJKILD<EK8C
8E;CF:8K@M<@4D2CE:4@A:E22D:924
4@9J@>:::E'=HJ=?MFLV9=K=E=PA;9FGFG
AF<W?=F9KMFGE:J=#8JB<;K?8KEFE#E;@8E
'<O@:8ED8E?@JE8D<
#:4UD4@9?QA2E:>
`+V?9D=;GFLM;G<G"@K@KN@K?PFLI<C9FN
*@44@?E:J2DDT>M=.?<I<J?<N<EK
:A?22:=BF:9:K=4BF:99::9D4UD>24@
4292/=F<JVN=J?\=FR9<=EA>9D<9KM;A9#
N@CC9<8J?8D<;F=DP;@IKPJB@IK
[dK
4@4>@BF66A6J2_=IMV=KLT=F>=JE9
1?8K@JJ?<J@:BN@K?08I
=FEFC
4U
4@224E2M;EAJ9JN8K:?6FEAL>
E@224E2
<K:
70
C8<EKI8;8GI
4@@4E2
4@227M;DD=N9JMF9;M=J<9HM=KL9=FD9;AFLMJ9
9JJA:9<=D9;9<=J9;GEGDGK9FL=H9K9<GK
K=JAKN<8I8:FI;89FM<K?<?@GJC@B<K?<
-<I@8E:<JKFIJ>::BF64@227K:>A29@92
4>22I;LM9DE=FL=FGK=N=9MFK=JAIM=
DD=N=;M=J<9=FD9K;9<=J9K(FN8;8PJFE<
;F<JEFKJ<<8-<I@N<8I@E>8:FI;89FM<?@J
?@GJ
6FEAL>
E@227E@227;@;70
C8<EKI8;8
GI
BF622708I
4@22
4@227=2M@d6FEAL>
E@227=2E@227=2;7
42KE2K2?@4@227=2HAK9J?J9FGKI<8;>I8@E
66K:E:>966BF6BF:;2?92E2K42>>2
422JE2;BF:942AI242KE2K2?@E@227=2>2
92J@@9E'D=?9EGK9DJ9F;@ALGQNAEGKLJ=K
;9:9DDGKHAK9F<G=DLJA?G1<8II@M<;8KK?<
I8E:?8E;N<J8NK?I<<?FIJ<JKI<8;@E>
N?<8K
4@227AM@:JAF;9JJ=:GL9JALDGLGN8I;J
9FLE:<*::IK::I4@BF69EK:E2IBF:>
9224@BF:9::K44@>:E::E;::E>29:K2
J227A/AJYD9H=DGL9;GFLJ9D9H9J=<<=D9
;9K9QJ=:GL9:9-?<K?I<NK?<98CC8>8@EJK
K?<N8CCF=K?<?FLJ<8E;@K9FLE:<;F==
6FEAL>
E@227AE@227:A:>E@22D:
E@227:A@=4270
429@227A@9;=J:GL9JK::I
4@227AM2MF9DAK9
4@227A0
C8<EKI8;8GI
4U4@227A
4@227EJJ=EGDAFG<=9AJ=
KG:J=D9LA=JJ9N?@IC
N@E;FM<IK?<>IFLE;
I6A6:E:4@227EJ=EG
DAFG<=9AJ=KG:J==D
E9JN?@ICN@E;FM<I
K?<J<8
4@227E
4@229M;HGF=J;GK9
:D9F<9;GEGJGH9GLKJF=KK?@E>C@B<
:CFK?@E>6FEAL>
E@229E@229E:>
E@229E@;E@229E@=42E@2::E@22J@=4276 KL9
>GJE9<=LJ9FKALANAR9<9=KAJJ=?MD9J;GF
J=KH=;LG9KM<=JAN9;AYF<=D9>GJE9LJ9FKA
LAN9.?@J;<KI8EJ@K@M@Q<;=FID@J@II<>LC8I
N@K?I<JG<:KKF@KJ;<I@M8K@FE=IFDK?<
KI8EJ@K@M<=FID
70
C8<EKI8;8GI
BFQ9
M?@4@229AFQ=;L9J@EA<:K0
K::IM?@
4@229E@;=F>=JE=J9
92IM?@4@229D9N9JJGH9N8J?:CFK?<J
9AE@@A92I>@DM?@9A>@229E@;#A;=
;9F9KL9KQL9E:AVFD9N9:9JGH9#D8;<
98JB<KJ8E;8CJFN8J?<;:CFK?<J
0
:422:DI
92IM?:4@229422:D42?B9:YFH9J9JGH9
QE:4@229E@=42HAFL9JK=D9;9J9;GFD9
HJAE=J9>JML9G8@EKFE<dJ=8:<N@K?K?<=@IJK
=IL@K0
92?E:IAQE:4@229E@=42MF:MJJG
H=R
:4@229JF9C89Jd0
M?:4@229AFQ=;
;AYF2?:BF:E;:A@E:4@229;9DRGF;ADDGK
422>:K:A@E:4@229;9EAK=L9AFL=JAGJ:A@E
:4@229>9D<ADD9J=?E=<AG>GF<G
4@22:M;<=KHAGB9J;<CFLJ<?<8;C@:<6FE
AL>
E@22:<K:
70
C8<EKI8;8GI
4@@:
4@22:;M@;GD?9<G?8E>:E29M42=4292I2?
@@BF:>4@:A@@D;4@>4UE@22:=4@@>2
)@422:I4@?E:J2(AE9<J=>M=9+MFL9
@M=;99MFIM=KMJGH9LG<9NW9=KL9:9;GD
?9<9=FD9DWF=9'PDFK?<IN<EKKF*LEK8
?L<:88CK?FL>??<I:CFK?@E>N8JJK@CC
?8E>@E>FEK?<:CFK?<JC@E<
6FEAL>
E@22:;
E@22:=:>E@22:=4E@22:=2>70
4422:;@9;=J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
J22A2A:>:E::I:> D;9:9DDGNAGMF9NW:GJ9
<=;9K;9:=DQJ=DAF;@YHGJ=DEA=<G.?<
?FIJ<J8N8I8KKC<JE8B<8E;N?@EE@<;
9<:8LJ<@KN8J8=I8@;F=@K
<9J?JALG<=
?M=JJ9>@M<N8IN?FFG6FEAL>
E@22A
E@22A2A:>E@22AE:>E@22A2A@;
E@22A2A@=427
4@22AJJLAE9D9EMB=JGJLA?MADD9MF9HD9FL9
8JD8CCJ?IL9N@K?<;@9C<KL9<IJ8E;JK@E>@E>
?8@IJ6E@;FJ:FCLJG8CD<I@7@>4224
4>2;::44@:4@22A:E2AEIIE::A42A
4U:>IMA2;2>'9KEMB=J=KK=JAK=K;9J:9JGF
D9E9D9EMB=J;GF=D:=J:=J=;@G.?<-<I@
NFD<E;L>LGK?<a:F88GbGC8EKN@K?K?<
>@8EK:F:BC<
4@22D:0
C8<EKI8;8GI
4@227A
4@22E;UM@<MD;=JN<<K)::>6E4@22E;UBF:9
?AJ9J:A@D4@22:;H=DD=BG<=?9F9<GIM=
;M=D?9
4@22:=:>MF<MD9JLE;LC8K<
4@22=2M@:=:=J;GFD9D=F?M9C8GLG6FE
AL>
E@22=2E@22=2E:>E@22=2E2>
E@22=2E@;7
4@22?M@LMJ:AGDLIBP,6A64@>4@@IE@22?
>2>@@D?:K@J@>A29@ DE9J=KL9:9
LG<GLMJ:AGQFGK=N=W9F;9?M9E9K.?<J<8
N8J8CCDLIBP8E;J<8KLIKC<J:FLC;EdK9<
J<<E
6FEAL>
E@22?E@22?:>E@22K2
E@22K2=4270
429@22?@9;=JLMJ:AG
::D2I4U4@22?:><OGFG=KL9J;GF>GJE=<=
9;M=J<GGK9LAK>=;@G;@J8>I<<;@JJ8K@J=@<;
&@K
KM=KHWJALM=KLTLMJ:AG2A:AI2D:BF:D:=
K:A@A696E2I::D2I4UD@22?:>292)G
=KL9JTK9LAK>=;@GKAK=D=<9KGD9E=FL=MF
HG;G<=;9JF=<=N=F9<G:MJ9"<@JEdK>F@E>
KF9<J8K@J=@<;@=?<@J>@M<EALJK8C@KKC<DLC<
;<<ID<8K
0
>@@D?::922:E::D2I
4U4@22?:>;G;@AFADD9?JAK
4@22?0
C8<EKI8;8GI
4U4@22?
4@22?;M@
N=F=FGKG6HD9FL97GF@JFEFLJ
5GC8EK6DD=N9JN=F=FGN=?=L9D9<8I@E>
GC8EKGF@JFE2I22K24@>4@22?;:92'9
>D=;@9LA=F=N=F=FG.?<8IIFN?8JGF@JFE
FE@K
6FEAL>
E@22?;70
422?;U422?;
HGF=JN=F=FG@A=J:9<=D9>D=;@9=FD9K
HMFL9K<=D9K>D=;@9K96964@22?;@A=J:9<=
D9>D=;@9
:4@22?;JF9C89JK9NA9N=F=FGK9GF@JFEFLJ
J8G
J22?;JF9CK9NA9N=F=FGK9<=N9JA9KHD9F
L9KGF@JFEFLJJ8GF=M8I@FLJGC8EKJ*C
J22?=42
4@22?=2JL9JTFLMD9
<=KVJLA;9;<J<IK
K8I8EKLC86G?FEF
G<CD8KHH7*C
4@22?=@;
4@22?=2
4@22AM@
J=DAF;@9J
N?@EEP22JE:?E:424@42K?:K:E29@
9J@BF66A69E29:EI(=?MKL9;GE=JH9F
<MD;=#C@B<KF<8KJN<<KIFCCJ
,::424@@A@=
4@AI::422?:422:4@:2?IU2?:E22:>2
IU22E;U+MKGEM;@99R[;9J=F=D;9>V KLT
EMQ<MD;="<GLKCFKJF=JL>8I@EK?<:F==<<
#KdJM<IPJN<<K
6FEAL>
E@22E;UE@22EK:=7
0
422E;U;GFL=FLGHGJD9<MDRMJ9<=9D?G
429@22E;U=F<MDR9J66?:>4@22E;UD9LYF
D29>66D4@22E;UE9F<9JAF9D::>6E
4@22E;UH9F<MD;=I2A:;4@22E;U;9X9<=
9R[;9JK::I4@22E;U9R[;9J
:922:E4@22E;U<OGL=F=J<A9:=L=K?8M<
;@89<K<J&@K
KMK9F?J==KLT<MD;=
4@22I=:>M@H9JH9<=9JH=KL9X=9JJTHA<9E=FL=
=FAEH=J>=;LANG9C@EB
9C@EBI8G@;CP@E
@DG<I=<:K@M<!@66?6BF:99:E@;4@:2?@
E@::E@;>292?D@9A>@22I2=:>+=KL9X=9:9
JTHA<9E=FL=HGJIM=L=FW9HGDNG=FEAKGBGK
#N8J9C@EB@E>9<:8LJ<;LJKN8J@EDP<P<J
6FEAL>
E@22I=:>E@22I2=:>E@22I2=2>7
4@22I@;0
C8<EKI8;8GI
92?E4@22I@;
4@22IJ2EJ=DDM?9J<GF<==KLTFDGK=KHWJALMK<=
DGKEM=JLGKK?<GC8:<N?<I<K?<JG@I@KJF=
;<8;G<FGC<8I<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@22IKM;?GDH=9JH=?9J;GF;GK9D9J?9
GFLE;?@KN@K?CFE>K?@E>6FEAL>
E@22IK<K:
70
C8<EKI8;8GI
442IK
:4@22IKJF9C89Jd0
K::I:4@22IKDTLA?G
4@22K;J;A=EHAVK
:<EK@G<;<
6-:FCFG<E;I8
KHH7*C
4@22K=42
4@22K;
4@2=2=:M@9D=L=9J
=C8GDFM<=IFDJ@;<KFJ@;<JFD<K?@E>
=C<O@9C<2?E2?:4@4@9@:92A@@:?BF:9
92?D@E@2=2=:>24@9J@A@@:?'9;GJLAF9
=KL9:99D=L=9F<GQD9;=JJV.?<:LIK8@EN8J
=C8GG@E>8E;JF#:CFJ<;@K
6FEAL>
E@2=2=:
E@2=2=:>E@2=2=:;708I
4@2=2=24@2=2=60
422=2=:@9;=J9D=L=9J429@2=2=:@9;=J9D=L=9J
4@2?=M;d6FEAL>
E@2?=
<K:
70
C8<EKI8;8GI
4@@?=
4@2I224J9D9;JTF<=D<=KA=JLG
98IBJ:FIG@FE6<EKILIF@;<J
KH7*C
4@2I224E2;
4@2I224I2>
4@428;Ad
4@2I224
4E2>4@42MF9H=JKGF9;GF
EM;@GN9DGJQN9D=FLW9;GF
J=KH=;LG9D9?M=JJ98M<IP9I8M<G<IJFE
N@K?I<JG<:KKFN8I
4@422M;:MK;9JCFFB=FI6FEAL>
E@422
<K:
70
C8<EKI8;8GI
4422
4@4222EM;LGKL9J=F9J=F9;9DA=FL=G=F
K9JLVFKF8JK@E?FKJ8E;FI@E=IP@E>G8E
6FEAL>
E@4222E<K:
70
C8<EKI8;8GI
44222E
:4@4222EJF9C89Jd0
>@@D?::AI@>
:4@4222E;@A;@9JJGF=K<=?GJ<MJ9<=
;9?M9E9K::I:AI@>:4@4222E;@A;@9JJGF=K
4@4224AM;?GDH=9J;GFLJ9GLJ9;GK9H9J9K9;9J
DGIM==KLV9<=FLJG?@KFE<K?@E>8>8@EJK
8EFK?<IKFI<DFM<N?8KdJ@EJ@;<6FEAL>
E@4224A<K:
70
C8<EKI8;8GI
44224A
4@422:M;d6FEAL>
E@422:<K:
70
C8<EKI8
;8GI
4422:0
K22;:E:4@422:H=?9H=?9
4@=24@422:;GD?9J?8E>22D42A2?:9:D:
4@:4@=24@4222I@;:92'9KN9AF9K=KLTF;GD
?9F<G<=DE=RIMAL=.?<GF;J8I<?8E>@E>
FEK?<D<JHL@K<KI<<
4U4@422:K=?MAJ9;GEH9X9J=FCCFN
8::FDG8EP'F:D::=42A92IK4@>42::
E:?E:4292?E2I=@@4UE@422:E@44@?E::92
429::4E@4@::>::9@ DFAXGKA?MAY9D9H=JJ9
<=;=J;9QNAGKMKH=JJALGK.?<:?@C;=FC
CFN<;K?<DFK?<I;F>8E;J8N@KJGLGG@<J
@>42::E::IK229BF:94@@I42922=BF:9
4UJ2422:/G<GKDGK<W9K=K99F;A9F9
9;GEH9X99KM=KHGKG.?8K<C;<ICPNFD8E
8::FDG8E@<J?<I?LJ98E;<M<IP;8P
96>64U4@422:9<GHLANG8;FGK<;&@K
K=?MAJ=F=D;9EH9E=FLG
::E@>BF:94U4@422:G:=<=;=JF9<P&@K
K=?MAJKMH9D9:J9
::BF:4@422:9X9<AJ9D9;9J?9IM=K==KLT
DD=N9F<G8;;KFK?<CF8;9<@E>:8II@<;
::4AAE64@422:J=H=LAJK=I<G<8K@EKI
6?>9224?:4@>::4AAE6E@422:
E::;2;BF:>>292>::: DJA>D=<=LGFYN9JA9K
N=;=KK=J=HALAYQDGGWEGK.?<>LEN<EK
F==I<G<8K<;CP8E;N<?<8I;@K
>::K;4U4@422:>A=D=8@K?=LC&@K
K=?MAJ
:A=F
4@422:JJLAd0
:E:4@422:AE64@422:
E9F9<9:9F<9<9H9JN9<9;9J<ME=F
E9F;@9<=H=;=K
J2422:JF9Cd0
422>:K:E:J2422:
?9F;@G92D@:E:J2422::GQ9;@AIMAL9H=?9
<99D9J=<*;2>@;::=-2422:+A=<J9D9F;9
K::IJ2422:KM=KHGKG>9DD=;A<G=KHGK9
>9DD=;A<9
4@422:;M;?AJ9J=DRME:9<GJ<=:JMBGJG@E
J?8D8EdJ9LCCIF8I<I[!@DPBF:9E@422:;
_ KLT%GKV?AJ9F<G=DRME:9<GJ#J$FJT
JG@EE@E>K?<9LCCIF8I<I6FEAL>
E@422:;
<K:
70
C8<EKI8;8GI
4422:;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?<DBE<N?FNKFGLK8:LIJ<FEG<FGC<8E;
FK?<IJ;@;EdK
6FEAL>
E@422@<K:
70
C8
<EKI8;8GI
4422@
4@424;M;L9B9J=K;9E9J@9;=JMF9>A?MJ9<=
H9DG>A=JJG:?FGJ:8C<D8B<@IFENFF;
:8IM@E>:>@424;BF:9E@@IE2J2I:>296
4>22ID@424;429:K4@9A>::;#9;=EM;@G
IM=FG@=@=;@GMF9>A?MJ9<=H9DG>A=JJG
9@GJ9NGQ9@9;=JMF9#KdJ9<<E8CFE>K@D<
J@E:<#?8M<D8;<8E@IFENFF;=@>LI<9LK
EFN#8D>F@E>KFD8B<FE<
6FEAL>
E@424;<K:
70
C8<EKI8;8GI
4424;
4@427KM;EGJ<AKIM=9J9@K<8KN@K?=IFEK
K<<K?A@@EE2?E:42EE@4M7242>>2:E29E
92D@BF:92?92?E:E22=2;4>24A@@EA24
2?@J2::1A=F<GIM=DGKH=;=KKA=JJ9=KL9:9F
EGJ<AKIM=9F<GE=LA=JGFD9J=<Q9LJ9H9JGF
9D?MFGK=K<IJ<<@E>K?8KD8:B<I<CN<I<9@K
@E>K?<PGLKFLKK?<E<K8E;:8L>?KJFD<
6FEAL>
E@427K<K:
70
C8<EKI8;8GI
4427K
4@42::EM;LAJ9J@9;A9;GF9JE9H=K;9J;GF
HGDD=JGJ?FFKKFN8I;N@K?N<8GFE>F
JG<8I=@J?@E>2?EA@7::E296D@42::E:>
4292:E22:>2D@::292(9X9F9NGQ9
H=K;9J;=J;9<=D9HD9Q9;GFHGDD=JG0<K
HM=<=FK=?MAJE=HGJD9HD9Q9.FDFIIFN
#dD>F@E>JG<8I=@J?@E>:CFJ<KFJ?FI<
3FL
:8E=FCCFND<8CFE>FEK?<J?FI<
6FE
AL>
E@42::E<K:
70
C8<EKI8;8GI
442::E
4T42=:>M@=EH9;9JH9J9NA9B9JG8:BKF
KI8M<C@>4224,A2?@9MI2?@4@::BF:9
4T42=2>:922IU= :9@>::BF:D::AI2=4@;
4292'9?=FL=IM=NAN==F+M=JLG'A:=JL9<
=KLT=EH9;9F<G19F9EM<9JK=9 D=K=E
:GIM=.?<G<FGC<N?FC@M<@E*L<IKF&@9<I
K8;8I<G8:B@E>
.?<P8I<>F@E>KFDFM<KF
<J<D9FHL<
6FEAL>
ET42=:>ET42=2>7
4@42?2;M;E9KLA;9JGE9K;9J;GFD9KEM=D9K
:?<NN@K?98:BK<<K?6FEAL>
E@42?2;
<K:
70
C8<EKI8;8GI
442?2;
4@422:=M;
<=B9J;GEA<9=F=DHD9LGC<8M<
=FF;FEGC8K<E=FKLJM9JHGJEM;@GK<W9K
?8M<CFE>D<EJKIL8CG<I@F;6FEAL>
E@422:=<K:
70
C8<EKI8;8GI
4422:=
4@422:?M;BMFL9JJ9E9KH9J9@9;=JJ=;9DEYF
>8K?<I9I8E:?<JKFD8B<8N@E;9I<8B6FE
AL>
E@422:?<K:
70
C8<EKI8;8GI
4422:?
:E:4@422:?@9;=JFA<GD8B<E<JK
4@422:EM@
<=K9JJ=?D9<GD<JJ<;LG@E;@J8I
I8PM42=42BF:9IU2422:E'9JGH9=KLT
<=K9JJ=?D9<9.?<:CFK?@E>@JD<JJ<;LG
;GEHDA;9<G:FDGC@:8K<;)@4222E:4292
199K=J;GEHDA;9<G#K@J>F@E>KF9<:FD
GC@:8K<;
6FEAL>
E@422:EE@4222E:
E@4222E;70
96964@422:EN=?=L9;AYF<=FK9
966K:E:>4@422:E;=FLJG<=DHM=:DG
4@422:IM;
HGF=J;GK9<MJ9GJ=<GF<9GLK
?8I;FIIFLE;K?@E>EM<9JK=@9;=JD9
EM<9FR99J;DFM<GC8:<F=I<J@;<E:<
8I:
[MBF:BF:;D@422:IBF66J2_,MAVF
N99@9;=JD9EM<9FR91?F@J>F@E>KF
DFM<6FEAL>
E@422:I<K:
70
C8<EKI8;8
GI
4422:I
4@=24@422:IJJLAEMB=JIM=9HGQ99D9
EMB=JIM==KLT<9F<G9DMRNFD8EN?F@J
JLGGFIK@E>K?<NFD8EN?F@J>@M@E>9@IK?
&@K
D9IM=HGF=9JJA:9
:E;4U4@422:IDD=N9JLGF=D=L=N<8IB@CK&@K
HGF=J=F=DLJGF;GAF>=JAGJ<=D;M=JHG
:4@422:E2IJF9C89Jd0
9224@2?
:4@422:E2I;TJ;=DK::I:E::4@422:I:GLYF<=
JGH9
J2422:E2IJF9Cd0
K::AIU=2?@J2422:
E2IK=EADD9K<=H9DGN=J<=
4@422@M;
JGFR9J:?<N=E:JMB9J:LIJ<
N@K?GFN<IKF?8ID2?EI4U>::92E2I
9224@42>;BF:9E@44@>@>*22IA24
:4@422@EBF:J2;BF:9E@44@E@>:4@422@E
:>22;BF:9>@DE@44@>@> FLA=EHGK
9FL=JAGJ=K@9:W9:JMBGKD?MFGK<==DDGK
K9:W9F=E:JMB9JGLJGKFGDGK9:W9F#E
=FID<IK@D<JK?<I<N<I<J?8D8EJ
-FD<F=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@42A;4M@N=DGR=8JK22J4@A4@42A;4:92
>22442::92E22I2922:EM922>2 D
;9:9DDG=KN=DGRHGJIM==KLTBGN=F.?<?FIJ<
@J=8JK9<:8LJ<@K@JPFLE>
[#69MBF:92?E
DJ22:BF66J2@I:?E@4MAI2A=4_<YF<=
N9KL9F9HJ=KMJ9<9E=FL=1?<I<8I<PFL
>F@E>JF?LII@<;CP6FEAL>
E@42A;4
E@4MAI2A=4E@42AI=2>7-@EXE
BF:92
4@4MA?2=42M@>GJE9JK=?JMEGKG:GDAL9K6H=B
@9JAF9=F9?M97=FIDCLDGJFI98CCJ5<
>
=CFLI@EN8K<I6[#@@KE@;BF:;E@4MA?2=42
_.=@ARG?JMEGKG=D9LGD=IM=@A;AKL=@;
K?<GFII@;><K?8KPFLD8;<><KCLDGP6FE
AL>
E@4MA?2=4270
4242A?:;=FNGDN=JQ
9L9J
4@42AIM;IM=:J9JGEGJ<=J;GK9<MJ9;GFDGK
<A=FL=K:I8:B?8I;K?@E>N@K?K<<K?6FE
AL>
E@42AI E@4MA2AI:>7<442AI
4@42D;4M@;9EAF9J;GFHAK9<9KEMQ9DL9KN8CB
N@K??@>?JK<GJ6FEAL>
E@42D;4 E@42D=
4@;7
4@42D;4J
MFH9KLGHD9Q=JGKIFG@:8C9<8:?
>I8JJ6$FLM<8G@CFJ87R9;9L=K9D9<G<=D9
HD9Q9J<8J?FI<;IFGJ<<;6-GFIF9FCLJ
M@I>@E@:LJ70
I@;2D;4
4@42K:EM;IMAL9J;GF>M=JR9K8B<8N8P=FI:@9CP
242E4>22>4224@;BF:992AE4@>@D
E@42K:E>64J@A;=FIM=D9J9Q9<A9E9FL=
?J9F<=IMALYGLJ9N=RMF9HMFL9<=9JHYF
.?<PJ8PK?8KK?<9@>;@8DFE;JK@E>I8PKFFB
8N8P8?8IGFFEGF@EK8>8@E
6FEAL>
E@42K:E<K:
70
C8<EKI8;8GI
442K:E
4@42K;20
C8<EKI8;8GI
4@42K?:
@42K;4 E :9@>MF9AKD9H=IM=X99DFGJL=<=D9
AKD9.9F'GJ=FRG8JD8CC@JC8E;EFIK?F=-8E
&FI<EQF#JC8E;&@K
<GF<==KLTFD9KNW:GJ9K
<=;9K;9:=D
4@42K?224U=J9DA;9FL=NW:GJ9KGJ<9>FG?<I
JE8B<6*@KLFG?@JD<C8EFC<L:LJ7<4@42K?:
224U=NW:GJ9<=;9K;9:=D?J9F<=
4@42K?:M;
EGJ<=J6NW:GJ979@K<5JE8B<6
9?9JJ9J;GFD9HAFR96;9F?J=BG7G@E:?
5:I8966FEAL>
E@42K?:<K:
70
C8<EKI8;8
GI
442K?:0
K::I4@42K;2MF9D9;JTF
?J9F<=K::IE@42K?:96>6:>@4@>;4A?M9F9
<=D<=KA=JLG
J242K?:JF9CHAFR9;GEG<=;9F?J=BG
G@E:<I8JF=:I89
4@42K?:JJLANW:GJ9<=;9K;9:=DI8KKC<JE8B<
<JG<:@8CCPN<JK<IE;@8DFE;98:B6IFK8CLJ
KHH=KH=;A9DE=FL=
8KIFO7*C
4@42K;4
0
4@42K?::E2492A2A=NVJL=:J9K<=NW:GJ9
<=;9K;9:=D=F@=:J9<9K922D2?@4@42K?:
NW:GJ9KGJ<9I6A6?@4@42K?:;MD=:J9<=D
E9J
4@42K?:
92DE2?@4@42K?:MF9NW:GJ9<=;9K;9:=D8
I8KKC<JE8B<&@K
NW:GJ9<=;9K;9:=D=FD9K
JG;9K
K::I4@42K?:92?E4UBF::9LVJEAFG?=F=J9D
H9J9D9KK=JHA=FL=KIM=EM=J<=F><E<I8C
K<ID=FIM<EFDFLJJE8B<J
4@42K?@@E:KIJHDMEADD9TJFA;9MF9J:MKLG
H=IM=XG<=D9>9EADA9<=D9K;GEHM=KL9K
KI@O@J89LJ?@EK?<;8@[email protected]@O@J
:8C@=FIE@:87
4@42K?@@E:KI4224U=MF9J:MKLGH=IM=XG<=D9
>9EADA9<=D9K;GEHM=KL9K;GF>DGJ=K9E9JA
DD9K8JD8CCJ?IL9@EK?<;8@JP=8D@CPN@K?
P<CCFN=CFN<IJ60<I9<J@E8G8CD<I@7&@K
e;G;9RFGGLARPf?J9F<=K
4@44224AMKd6FEAL>
4U:E4224A4U:E
4224@A:>4U:E4224@A@;4U:E4224@A@=427
92?E4@44224A?GDH=9J;GFLJ9GLJ9;GK9
GFLE;8>8@EJKJFD<K?@E>2A:E244@>
92?E4@9E4224A>2::?6A@;BF:992AIE::9
>2K::I42?22@BF:;4@9J229:E"GDH=V=D
@M=KG<=N=F9<G:MJ9H9J99>DGB9JD9EV<MD9
QK=D9<W9;GE=J9D?9LG#GFLE;<;K?<DLC<
;<<I9FE<KF><KFLKK?<D8IIFN8E;#=<;@K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
J8N8J@;<N@E;<I8E;K?I<NJFD<K?@E>8K@K
9LKJ@E:<@KN8J>F@E>Q@>Q8>#;@;EdK?@K@K
6FEAL>
4UE>@?;44UE>T?2;@;
4UE>@?;@;7
4@=66BF:4@4>@?;4;A=JLG<AK=XGH9J9
;9F9KL9K:<IK8@E98JB<K;<J@>E
92?E2I=4@4>@?;49F<9J=FRA?R9?H=IM=
XG>F@EJD8CCQ@>Q8>
4@4?227:;M@;8K=F;GJN9<GKMLADE=FL=JC@>?KCP
8I:?<;,E2>2A4UE:?E:4292I4UJ@?227:;
@@ D9J;GAJAK=KE=<A9;AJ;MF>=J=F;A9.?<
I8@E9FN@JM<IP8I:?<;
6FEAL>
4UE?227:;
4UE?227:=:>4UE?227:=44UE?227=4
4UE?227:=4@;7
KFK?<:8K
4@44@::>2;M@;8K=FJ=<9JK=6;GEG=FJ=<9<=J9
GK=JHA=FL=7N@E;FE<J<C=8IFLE;58JM@E<FI
JE8B<669692AP4BF:9969692?E92?QA
4@A4UD4@::>2;4292'9HD9FL9K=N99=FJ=
<9J=F=DHGKL=.?<GC8EK@J>F@E>KFN@E;
@KJ<C=8IFLE;K?<GFJK
6FEAL>
4UE4@::>2;
4UE4@::>2=:>4UE4@::>=4UE4@::>=470
4@::>2;;MD=:J9DTLA?G96964@44@::>==FJ=
<9<=J9
4@47QKMK@9;=JFM<GD8B<BEFK2?@22
J2K22:?:>BF:9>::K;4U:J@>7QK)G@ARG
:A=F=DFM<G<=D9F;D9<=KMH9F?9"<;@;EdK
D8B<8>FF;BEFK=FI?@J9F8KdJ8E:?FI
6FEAL>
4U:E7QK4U:E7:KE:>4U:E7:KI2>
4U:E74@@KI2>70
4U4@7QK=EH=R9J;9F9KL9
@9;A=F<GMFFM<G
:=QEBF:9:=I22:9242?@4@47QKHGF=JK==D
;9:=DDG<=;A=JL9E9F=J9HGJIM==KLT=FGB9<G
GHGJIM==KLTDD=N9F<GE9D9KFGLA;A9KK@<
?8@I98:B@E8:<IK8@EN8P9<:8LJ<FE<@J
8E>IPFI9<:8LJ<FE<@J9I@E>@E>98;E<NJ
:927QKJF9CG8JFM<GBEFK
4@492:M@d6FEAL>
4UE92:4UE92:E:>76.=
HJGFMF;A9e;G@;@9Af*IFEFLE:<;
a:F?:?8@b
7<92:NA=FLG
::BF:4@492:KGHD9J6NA=FLG79CFN5N@E;6
::BF:4UA@92:E2ID22A=4292.A=DNA=FLG
KGHD9@9;A9FGKGLJGKN99@9;=J>JWG#KN@CC
9<:FC;@=K?<N@E;9CFNJKFN8I;JLJ
4@4>QEM@d6FEAL>
4UE>:E4UE>:EE:>
4UE>:EI2>7
K::I::44@4>QE=FLJGE=LA<GD<;;C<JFD<
%I92A24E292@@E4@AK::I::44@4>:E:92
J2I:E29@:EK2IUJ@BF6KW=KIM=;GEG
=D;GQGL==K=FLJGE=LA<GDGNAGQD=@9:DY
-FJ@E:<K?<:FPFK<@JD<;;C<JFD<?<J8N
?@D8E;K8CB<;N@K??@D
4@4>@?;4M@;8K9F<9J=FRA?R9?>FQ@>Q8>
E22>;:;K@9E29@:9J@Q>I@4UE>@?;4
>24@9J@>;::E1AMF9NW:GJ9;GJFM<9LAJV
9=DD9H=JG9F<9:9=FRA?R9?QFGD=H=?MV#
4@4?227:;
4@4@22=M;E9F<9J@9;=JFI;<IKF;F2E22:
K@ 9J@J22 E::I4@9AD@4@22=9229:
92A?22:=K@DA2::292/=F?GL=D9;GFD9IM=
NGQ9E9F<9J@9;=JMF9>9D<9#?8M<:CFK?
K?8K#8D>F@E>KF?8M<D8;<@EKF8JB@IK
6FEAL>
E@4@22=<K:
70
C8<EKI8;8GI
BF622=
4@4@22=JJLAH9LJYF9FJJ
J24@22=JF9Cd0
IE2>@@D?:J24@22=
>JML9AFE9<MJ9IM=H9J=;=E9<MJ9
4@4@4E:>M@;9H9R<=;GJL9JJ?8IG:8G89C<F=
:LKK@E>6FEAL>
E@4@4E:>E@4@4=@;7<
424E:>;GJL9JK=
4@4@9@M;N=JJ<<6FEAL>
E@4@9@<K:
70
C8<EKI8;8GI
BF:9@
:4@4@9@JF9C89Jd0
92?E2?:4@4@9@
N=FL9F992E22:92?E2?:4@4@9@:92A@@:?
;GJLAF9
4@4@::M;AF<A;9JAFL=JVKAFL=FKG=F9;GEH9X9J
=FMFNA9B=@E;@:8K<>I<8K@EK<I<JK@E8::FD
G8EP@E>FE8KI@G.:IBF:D::=4@AJ24@::
:422E2I:E2>K@>2:E4>@@?64>2 DFAXG
IM=JW9AJ=F=DNA9B=H=JGFGDGDD=N9JGF.?<
:?@C;N8EK<;KF>FFEK?<KI@G9LKK?<P;@;EdK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K8B<?@D
6FEAL>
E@4@::E@4@::I2>7<
44@::
4@4@>M@@II
=KL9J9;GKL9<G=F9;GKL9JK==F
CP@E>;FNEFEC@<;FNEFEE2>4U4@:
A22:=4A24:E:4@=24UE@@:E:*296;U4BF:;
4U422K42>:92'GK@GE:J=KDD=?9JGF9D9
AKD9/A:MJYF=FE9<=J9>DGL9FL=.?<D<E
8II@M<;8K.@9LIFE#JC8E;FE;I@=KNFF;
=KL9J9;GKL9<G=F9<CP@E>;FNEFE
6FEAL>
4@E@>4TE@>2>4UE@@:E:
4UE@::E@;4UE@::E@=4270
4@@>9;GKL9JK=
>@4@>N=FAJ9;GKL9<G
92?E4@4@>L=F=JD9>GJE9<=?8M<K?<
J?8G<F=2DE9:A4@>92E22>E92?E
4@4@>:92 KL9HA=<J9LA=F=D9>GJE9<=MF
@M9J9;@=.?@JJKFE<?8JK?<J?8G<F=8
J8E;8C
/:9::D2I4@>09224@4@><OGL=F=JDTKLAE9
L=F=J;GEH9KAYF<=9E9J?8M<:FDG8JJ@FE
G@KPCFM<[#:9::D2I4@>9224@E@>
_/=FW9KDTKLAE9@;PFL?8M<G@KP
:E:4@=24@4@>>DGL9J=F=CF8KFE
4@4@>;4M;d6FEAL>
E@4@>;4E@4T>2=
I:>E@4T>=2;4E@4T>=2I=4270
C8<EKI8;8
GI
BF:>;4
4U4@4@>;4LJ9A;AGF9J9<KI8PE2>4U
BF::4@E9:9::;9:K4@:9296E@4T>=2;4>2
92?EBF:9422?:>E22I2?@9AE::;969:K
4UBF::;:92 KLGQ9IMW=FD9HJAKAYFHGJIM=
DGK@GE:J=K;GFIMA=F=KQG=KL9:9E=
LJ9A;AGF9JGF#D?<I<@EGI@JFE9<:8LJ<K?<
D<E#N8JN@K?9<KI8P<;D<
96>64@4@>;49QM<9J9DD=?9J9D;9EH9
E=FLG?<CG8II@M<KF:8DG
:>@4@>;4JJLAE<>d0
K::IE@42K?:
96>6:>@4@>;4A?M9F9<=D<=KA=JLG
4@4@@:M;=KL9J;GF=FEM;@GKNA9B=KDD=N9J=F
EM;@GKNA9B=K9<N@K?FED8EPKI@GJ:8IIP
FED8EPKI@GJ6FEAL>
E@4@@:<K:
70
C8
<EKI8;8GI
44@@:0
K::I4@4@@:MFJ9LYF
4@4@@:IM;?9F9J=FMF9J=?9L9N@EI8:<
2?@224@@:=BF:9>@4@@:IBF:9292J2I
*22I22:EM9>2>66K:'9H9F?99RMD?9FY
HGJIM==KJTHA<9.?<9CL<9F8KNFE9<:8LJ<
@KdJ=8JK
6FEAL>
E@4@@:I<K:
70
C8<EKI8
;8GI
BF:::I
4@4@@=J
EGKL9;ADD9&FE;FEIF:B<K6-@JPD
9I@LD@I@F7H9EAL9H9EALYFMF9HD9FL9
9FM9D<=D9>9EADA9<=D9K;JM;W>=J9KK8EJP
DLJK8I;6<J:LI8@E@8G@EE8K87MF9
H=IM=X9HD9FL99FM9D<=DLA=EHG;9DA=FL=8
JD8CC?FKN<8K?<I8EEL8C@EK?<:8G<I
=8D@CP6C<FD<K<EL@J7
4@4@@=4>22>MF9H=IM=X9HD9FL99FM9D<=D
LA=EHG>J=K;G<=D9>9EADA9<=D9K;JM;W>=J9K
N<;><C<8=;I8986I898:LE<@=FC@87&@K
e;G;GGDf@=E:J9
4@4@@I2M;;MA<9J9DFAXG989PJ@K6FEAL>
E@4@@I2<K:
70
C8<EKI8;8GI
44@@I2
:4@4@@I2JF9C89J;9F;AYF<=;MF9CLCC89P
&@K
;GFIM=MFG;MA<99DFAXG
4@4@@KM;JG:9JIF9JK<8C@4@@KBF:992?E
9:K24:E::>::9:92 DD9<JYFFG=KLT9IMW
.?<K?@<=@JEdK?<I<
6FEAL>
E@4@@K<K:
7
0
C8<EKI8;8GI
44@@K0
4@4@@KE:>
HGF=JK=<=FGNAG
:4@4@@K@E=d0
:4@4@@KBF:J2D9<JYF
4@4@@KE:>M;HGF=JK=<=FGNAG<E>8><;KF
D8IIP.:IBF:D::=4>22>BF:;E@4@@KE:>
>2IBF::BF6EBF:;:E29@I::D2IBF:9::9
BF:94U:J2>::A=2M9F<GD9EM;@9;@9K=
HMKG<=FGNA9FGD=?MKLYF9<99KME9ET
1?<EK?<>@IC>FK<E>8><;?<IDFK?<IN8J
EdK?8GGP
6FEAL>
E@4@@KE:>E@4@@K:E:>
E@4@@K:E2>70
C8<EKI8;8GI
44@@K
4@4TAM;HA;9J6AFK=;LG7JK@E>9@K<5@EJ<:K6
6FEAL>
E@4TA<K:
70
C8<EKI8;8GI
BF:A
0
IA2?22>D4@4TAMF@A<JGA<=HDMEGKG
K::I4@4TA;M9DIMA=JAFK=;LGIM=HA;9
:>@4TAJJLAE<>d0
4@::K:>@4TAMF9
9J9X9
J24TAJF9C9?MABYF<=AFK=;LGJK@E><IF=
@EJ<:K0
K::IJ24TA42D2;GJL9HA;GK
AFK=;LG
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
FGKLGH9EGK;GFMF:9F;G<=DAK9IM=:JAF
;9:9F1?<EN<N<I<@EK?<9F8KN<:8D<
8:IFJJ8J:?FFCF=DLCC<KK?8KN<I<ALDG@E>
0
42AM>EGD=JN9AF9K<=E=RIMAL=
4U42A2>@E;GF=;L9JAFK=JL9J4>::BF6QE2;4
AE64A2>=BF:>=KIM=D=LG
92I@;92?E4@4AM>9LJ9;9J8II@M<8KJ?FI<
2?@22E:>@4292I@;92?E4UJ@AM>'9
H9F?99LJ9;Y=FD9HD9Q9.?<9F8K8II@M<;8K
J?FI<
4U:AM>JF9Cd0
427662?92?E4U:AM>
;9>=L=J9
4@4A2EJ2IM@J9Q9<G;GFJ9Q9K@GJARGFL9D=K
JKI@G<;N@K??FI@QFEK8CJKI@G<J6FEAL>
4UEA2EJ2I4UEAMEJ2I=427
4@4A2EJ2IJN9AF9<=E=RIMAL=;9KAE9<M
J9D<JHL@K<GF;8CDFJKI@G<22D4@A
4UE27A:E22:IBF::A6BF:9>::K;4>2>
BF:94@4A2EJ2IBF:9922E@@>>2IE22I
E:9::92>2I92?E:J@@BF:>1AFG9MF
E=RIMAL=Q:9BYHMJ9KN9AF9KE9<MJ9K-?<
:8D<KF8D<JHL@K<KI<<8E;?8IM<JK<;ALJK
K?<D8KLI<GF;J
4@4AP>6EIM@
NGDL=9JK=:8GJ@Q<@4D2C
E2?E:42E42?@22966BF62?::9424@>
9@@A2E;E:?E:42:E:4@=2E@@>4UJ@AP>6EI
'9H9F?9H=IM=X9=FIM=NA9B9:9FDGKE=PA
;9FGKFGAF<W?=F9KK=NGDL=Y9;9MK9<=MF9
GD9EMQ9DL9.?<JD8CC9F8KK?8KK?<
EFE#E;@8E'<O@:8EJN<I<KI8M<C@E>@E:8G
J@Q<;9<:8LJ<F=8M<IPC8I><N8M<
@GEGK=PM9D?FDFJ<OL8C6FEAL>
4UEAP>6EI4UEAP>6EI:>4UEAP>6EI=2;4
4UEAP>6EI=2I=4270
4U42AP>6EINGDL=9J
.22;AP>6EIDM?9J
=FD9AKD9/A:MJYF
4@4AP>6EIJN9AF9<=
E=RIMAL=L=J;=J9
=L9H9D<JHL@K<GF;
K?@I;JK8><*C
4@4AP>6=2;4
4@4AP>6EI
4@4@D:M@HA;9JQ;@MH9J6H=BR9F;M<G79@K<
8E;JL:B5<
>
DFJHL@KF6)@422:IK::I
IU24@D: F+MFL9@M=;9@9QEM;@GKR9F
;M<GK.?<I<8I<CFKJF=DFJHL@KFJ@E*LEK8
?L<:8
6FEAL>
E@4@D:E@4TD:E:>E@4TD:
;2>E@4TDJ@=4276.=J=D9;AGF9@AKLYJA;9
E=FL=;GFeIMAKAfg:=:=Jh"@JKFI@:8CCP
I<C8K<;KFaHL@J@bc;I@EBd
70
I4@@>@;
4@4@D:LT:9FGK::I4@4@D:B=BVF
J24@D:JF9CHJG:YK;A<=GIF9FJ:@J
4@4TE2;BF:>0
C8<EKI8;8GI
4U4@4TE2;BF:>
4@4@E?:M;d6FEAL>
E@4@E?:E@4TE=@=4270
C8<EKI8;8GI
BF:E?:
4U4@4@E?:HA;9J6;GEGJ9Q97JK@E>5C@B<
I8P60
4ULBF:E?:HA;9JJ24@E?:9?MABYF<=
;GEG<=J9Q9K::I4U4@4@E?:J9Q9J=<GF<9
::BF:4@4@E?:<=FMF;A9J9D9HGDA;W9;<
EFLE:<KFK?<GFC@:<
4@4@K;M;=PL=F<=J;JV<ALGH9J9;GEHJ9J>@M<
:I<;@K=FIGLI:?8J<6FEAL>
E@4@K;
E@4@K=4E@4@K=4@;70
422K;=F@=:J9J=P
L=F<=J;JV<ALG9
:4@4@K;JF9C89J<=M<9;<9K&@K
;GFIM=
MFG=PLA=F<=;JV<ALG*C
:4@4@K=42
J24@K;JF9C<=M<9;<9K*C
J24@K=420
J24@K;BF:9::4422:E@>;G:J9JD9;M=FL9
4@4@KI=:>M;;9MK9JJGF;@9K:8LJ<I8J?
6FEAL>
E@4@KI=:><K:
70
C8<EKI8;8GI
BF:KI=:>0
96964@4@KI=:>GJLA?MADD9
4@4AM>M@;GF=;L9<G69D?G>D=PA:D=7:FEE<:K<;
5JFD<K?@E>=C<O@9C<6.:IBF:D::=4>2292AI
422A4@>:E@@K;BF:94T:4@4AM>@@92 D
FAXGJ=;AVFF9;A<GLG<9NW9LA=F==D;GJ<YF
ME:ADA;9D;GF=;L9<GE<N9FIE989PJK@CC
?8JK?<LD9@C@:8C:FI;:FEE<:K<;KF@K
6FE
AL>
4UEA2>4UEA2>E:>4UEA2>=BF:>
4UEA2>=42>7
92?E4@4AM>LGH9JK=;GF<=>J=FL=;9=JK=
<=>J=FL=:FD<8:IFJJ?<8;FE=8CC=8:<
=FIN8I;2?@22K2?92E2942I::42
4@227AA242?@92?E4U92EA2>=42>>2
J227:A@=42M9F<G=KLT:9EGK=FD9H9F?9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@4AP>6EI'F:9 J2EMF;9EH9E=FLG=FD9AKD9
/A:MJYF8:8DGFE.@9LIFE#JC8E;&@K
HMFL9<=DIM=K=NGDL=Y
4@4AQD2BF:>MK>JGL9JH9J9K9;9J>ADGIL9KF
J?8IG<E6?:>BF:992DEBF:;
4@9DAQD2BF:>292@9A@AQD2BF:>
:9D29:E22921GQ9>JGL9J=KL=;M;@ADDGQ
K9;9JD=>ADG#8D>F@E>KFIL9K?@JBE@=<8E;
J?8IG<E@K
6FEAL>
4U:EAQD2BF:>
4U:EAQD2;BF:>4U:EAQD2;@;4U:EAQD2=42>7
4@4A@74MKLAJ9JDWIMA<GG;GK9KKM=DL9K;GFLJ9
K?IFNC@HL@;FICFFJ<K?@E>J8>8@EJK,::42
2?:422:A24:E?27E:E66?9244U:J@A@74/G
EYMFHMX9<G<=9R[;9JQDGLAJY=FKM:G;9
-?<KFFB8?8E;=LCF=JL>8I8E;K?I<N@K@EKF
?<IDFLK?
6FEAL>
4U:EA@744U:EAT72;
BF:>4U:EA@7;@;4U:EAT72;@;70
,?2A@74
DM?9J9DFGJG=KL=<= D=K=E:GIM=
4@4A@@:?MK;=JJ9J:CFJ<J?LK[29@@E924
4U:EA@@:?_=JJYD9HM=JL9@;J?<:CFJ<
K?<;FFI2J22924@I=4@A4U92A@@:?
:92'9LA=F<9K=;=JJY.?<JKFI<N8J:CFJ<;
6FEAL>
4U:EA@@:?4U:EA@::?:>4U:EA@@:=
42>4U:EA@@:K@;4U:EA@::=42>76N=;=KD9
>GJE9e;HGGAFfK=MK9=FN=R<=e;G;HGGAFf
-FD<K@D<JK?<=FIDa:GFF@Eb@JLJ<;@EJK<8;
F=a:F:GFF@Eb
7M;4@A@@:?=KL9J=F@A:=J
F9;AYF0
42A@@:?LGJ;=J4UL42A@@:?@9;=J
9JJ9F;9J=DEGLGJ;GFD9E9FAN=D9
:E66?4@4A@@:?LJAMF>9J=FMF9<AK;MKAYF
N@E8E8I>LD<EK&@K
;=JJ9JKM:G;9
92A@@:?JJLAG8Jd0
66?>92A@@:?
;9:D=
:92A@@:?JF9CG8Jd0
4@K:92I:92
A@@:?MF9HD9FL9D=?MEAFGK99224@:92
A@@:?HM=JL992E22:92?E2?:4@4@9@:92
A@@:?;GJLAF992I2?@J27:?BF:9:92A@@:?
L9HYF<=D9E9F?M=J9:E2>@@;:92A@@:?=D
E=<AG<=DD9:AGAF>=JAGJK::I92E66J2:92
A@@:?;GJ;@GK::I:92A@@:?L9H9<=J9
4@4BF66?MKLG;9J;GFKFL:?N@K?.::I
4@BF69EBF:;96:E4@>BF66?:9@)GE=
LG;Y;GFD9H=DGL9-?<;@;EdKKFL:?D<N@K?
K?<98CC
6FEAL>
4U:EBF66?4U:EBF66?E:>
4U:EBF66?64@=7M;4U4@BF66?
4@4D:>42::R9J9HALGHA;GD9J?GCFE>9@CC<;
:LIC<N6(LD<E@LJ8D<
I@:8ELJ7&@K
e;G;Kf
AFE9<MJG@4D:>42::
BF:;92?EE7::>2
EE22A=4>2II6A6BF:9
:E66=4@>:E:E::9E:>I
4@4D:>42::
K::IBF:9:D::9:E924
:>422 FD9E9<JM?9<9=DR9J9HALGHA;G
D9J?GN9HGJD9HD9Q9=F:MK;9<=;GEA<9K
;8NEK?<&FE>9@CC<;LIC<N>F<J8CFE>K?<
9<8:?CFFB@E>=FI=FF;
*C
4@4D:>BF66;
6+JG:9:D=E=FL=9FL=JAGJE=FL=K=DD9E9:9
eFG;RAE;9AAfMFeFG;RfIM=FG;J=;AYQFG
E9<MJY.?@J9@I;GIF989CPLJ<;KF9<:8CC<;
aEF:Q@D:8@@b8aEF:QbK?8K;@;EdKD8KLI<
7
<442::442::08I
9@4D:>42::
4@4D22:;MKK9;9J;GFML=FKADAG;GEGH9DG
;M;@9J9GN9KGJ:FFGLGN@K?LK<EJ@CJL:?
8JJ?FM<CJGFFEFI:LG,E::AK@922A@@A
E29A@@9@92I4@9A@D22:;:9D::D:292.A
N=GMF:=J:=J=;@G9DDWK9;9JV9?M9;GFVDQD9
LGE9JV#=#J<<8>@8EK:F:BC<K?<I<#N@CC
J:FFGLGN8K<IN@K?@K8E;;I@EB@K
66?>
92IU=BF:94UE29D22:;:>A29:EK=;GE=
;GF;M;@9J9
@K@J<8K<EN@K?8JGFFE
6FEAL>
4U:ED22:;4U:ED22:=24U:ED22:K:=
4U:ED22:K:=427
:92D22:;JF9CG8Jd0
92?E66K;:92D22:;
H9D=L9H9J9EGJL=JGK::I92?E:92D22:;H9D9
4@4D2CJE=PA;9FGFGAF<W?=F9EFE#E;@8E
'<O@:8E*C
4@4D2C6+JVKL9EGNV9K=
eCYCKGJfg=KH9XGDh<==M<=N=&F8ENFI;
J<<L;<M<aBXBJFIbc-G8E@8I;d
70
966=
4@4D2CJ22FGH9D
4@4D2C::>I=KH9XGDD=F?M9;9KL=DD9FG
-G8E@J?C8E>L8><&@K
;GFIM=MFE=PA;9FG
FGAF<W?=F9<A;=<BF:>I
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@4JMIM@d6FEAL>
4UEJ2I4UEJMI:4@=7
:E:4@4JMIL=JEAF9J;GFK=J=D[DLAEG=@E@J?
N@K?9<K?<C8JKFE<*::I:E:4U:DJMI9229:
199K=J=D[DLAEG#K@J>F@E>KF9<K?<C8JK
FE<
6:E:4U9:DJMI9229:.=JV=D[DLAEG#
N@CC9<K?<C8JKFE<
-@EXE
J2I:422A
:9:JMIJF9CHMFL9GJADD9GF@EKK@G<;><
*C
:9:J2I4@;
4@4K66>;UM@;8K;D9N9JK==;@9J;D9N9<GK
;@M<.:IBF:D::=4E2>K@E@44UE2A42?@22K
2?@E::;I6A64J22:=4@>4UEK66>;U92IU=
:?22:=42K::> K :E29@:E22K:92AI
:J@422:I DEM;@9;@G=KL9:9=FD9H9F?9Q
K=;D9NY=F=DE9J@GF<G<GF<=NAGMF9
;GF;@9:GFAL9QD9K9;Y.?<9FPN8J@EK?<
9F8K8E;;FM<@EKFK?<;<<GJ<8N?<I<?<
J8N8GI<KKPJ?<CC8E;9IFL>?K@KLG
6FE
AL>
4UEK66>;U4UEK66>6=4@;708I
4@4K66>;
4@664;M@KALM9<G9DD9<G<=9D?GQ;9KADAKLG
H9J9;9=JK=98C8E:<;FEK?<<;><F=JFD<
K?@E>8E;8CDFJKI<8;PKF=8CC\696:E:
4@664;E:4@>4U924@@:I92?ED29;::E42E@4
4UI@@>E2I`,MAL9=DH9DGIM==KLT9DDW
HGJIM=K=N99;9=J,<DFM<K?<JK@:BK?8K@J
K?<I<9<:8LJ<@K@J>F@E>KF=8CC6FEAL>
E@664;E@66BF6=42>E@664=4@;70
&22K2
@664;DM?9J=FD9AKD9/A:MJYF
4@66?;M;LG;9JAFKLJME=FLG<=;M=J<9GC8P
JKI@E><;@EJKIL
D<EK66?;4@>
92I6229::I2;
429>::K;A22E2
:4@66?;:9E4>M9@
'9?MAL9JJ9LA=F=
4@66?;
MFKGFA<G>M=JL=Q
FGHM=<GLG;9J:A=F.?<>L@K8I?8J8CFL;
JFLE;8E;#:8EdKGC8PN<CC
6FEAL>
E@66?;<K:
70
C8
<EKI8;8GI
4BF66?;0
K::I
4@66?6=:>E[KA;G
4@66AE
4@66AEJ;G<GJFAR;@AIMAJA
4@4D2C::E@>=KH9XGDD=F?M9;9KL=DD9FG
-G8E@J?C8E>L8><&@K
;GFIM==DE=PA;9FG
FGAF<W?=F9@9:D9
4@4D2CJ2>22IDA;GJC@HLFI&@K
:=:A<99D
;G@YDA;9<=DE=PA;9FGFGAF<W?=F9
4@4D::?M@9HJGN=;@9J9<E<=@K=IFD692A:
9:42?@224@>E::I@@964@4D::?::9292
4GE=9QM<G;GFEAHJGHA9H9F?9#><K8CFK
F=9<E<=@K=IFDDPFNE9F8K
6FEAL>
4UED::?4UED::?:>4UED::;470
::BF:
42D:::?@E@9;=J9HJGN=;@9J
K::IK@4U:?D::?E<>KM>JAJD9K;GFK=;M=F
;A9KJL==<IK?<:FEJ<HL<E:<J&@K
FG9HJG
N=;@9J<=F9<9*22I@@>:D@;@@4@>A@@9
I>6K::IK@4UD@?D::?4292.AKA?M=KNA
NA=F<G<==K9E9F=J9N9K9KM>JAJD9K;GF
K=;M=F;A9K#=PFLB<<GFEC@M@E>K?8KN8P
PFL8I<>F@E>KFJL==<IK?<:FEJ<HL<E:<J
4@4D:E@IMK
>JGL9J>YK>GJGJKI@B<D8K:?
696E929QE2=4BF:94@4@?D:E@I >A2
9:E2;I4@?D>2>E2I@E2I)G>JGL=KDGK
>YK>GJGKHGJIM=KADGK=F;A=F<=KL=N9K9
IM=E9JFEdKJKI@B<K?<D8K:?<J9<:8LJ<@=
PFL@>E@K<K?<DPFLN@CC><K9LIE<;
J9B9J
J9Q9JJ:I8K:?9;M;@ADD9JJC8J?.:IBF:D::=
4E2>BF:992E22:E::I92E66>D:A6IUA4@>
4U:J@D:E@I DFAXG;GJLY=K9L=D9;GFMF9
@GB9<=9>=AL9JK=.?<9FPJC8J?<;K?8K:CFK?
N@K?8I8QFI9C8;<
6FEAL>
4U:ED:E@I
4U:EDQE@I:>4U:ED:EJ2I4U:EDQE@I=427M;
4@D:E@I
92?D@4@4D:E@I@9;=J9D?GKAF<A>A;MDL9<FAF
?MF9;FJFD<K?@E>N@K?FLK8EP;@==@:LCKP
2A2DA@;:E2422:E@>92?D@4U:J@D:E@I
>::K;::J2429'=QY=DH9H=DKAF<A>A;MDL9<
HGJIM=DG=FL=F<AYEMQ:A=F-?<I<8;K?<
G8G<IN@K?FLK8EP;@==@:LCKP9<:8LJ<J?<
LE;<IJKFF;@KJFN<CC
92D:E@IJJLAG8Jd0
92?E92D:E@IDWF=9
E2=4U92D:E@IK9J?GJ9Q9<G
92D:EJ2IJJLAG8Jd0
2?E2D:EJ2I
'F:9 J2E;9EH9E=FLG=FD9AKD9/A:MJYF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
!8D9<CdJHL8@C68CC@G<GC8>8D9<C@@7*C
4@66A:E@;-@EXE
W92>@;
4@66AIM;9D=L=9J=C8G*@D?:E2?E:42E
4U:J66AK2;492492I:E2?K22:E;@@92IE@@I
@@AE6J2422:'GKH=DW;9FGKHGJL=F=JMF
9D=L=G9;GEH9K9<GN9FD=BGK=F:9F<9<9
*<C@:8EJN@K?K?<@IN@E>J=C8GG@E>JCFNCP
=CPCFE>;@JK8E:<J@E=CF:BJ
6FEAL>
E@66AIE@66AIE:>E@66AK2;4E@66AK2I=427
0
C8<EKI8;8GI
4BF6AI
4@66AI2=:>M;NAGD9J9MF9EMB=JI8G<
6FEAL>
E@66AI2=:><K:
70
C8<EKI8;8GI
4BF66AI2=:>
4@66D40
C8<EKI8;8GI
A?224@;2?@4@66D4
@6?J=KHWJALMIM=H9J=;=9MF99F;A9F9IM=
@9;=<9XG9MFFAXGJG@I@KK?8KCFFBJC@B<8E
FC;NFD8EK?8K?8IDJ8:?@C;*C
4@6?
I2>0
424@6?6@9;=J<9XGHGJE=<AG<=
:JMB=JW9@6?@::4UBF:4UFAXG=F>=JEGQ
>D9;G@6?BF:9:E:BFQ9;GFL9EAF9J;GEA
<9HGJHJG:9JD9
4@7JK9FBM9FA;GMF
TJ:GD-8E$L8E@:F8
KI<<6FE<CC@8
D8:IF:8IG8KM:KH
GLE><EJ$8:HL@E@8
D8:IF:8IG8KM:KH
4@7
GLE><EJ7*C
4@7E
@7 >@4=2IMFDM?9J8
GC8:<&@K
<GF<=@9Q9?M9
<MD;=<=:9BG<=D
K9FBM9FA;G
4@7J2AIUE;GDD9J@=;@G<=
D9K>DGJ=K<=DK9FBM9FA;G
4@7J2AIUE
E<:BC8:<D8;<=IFD-8E
$L8E@:F=CFN<IJ&@K
>DGJ<=DK9FBM9FA;G
4@74@@42=42>0
C8<EKI8;8GI
4@7:4;
4@7622M@L=F=J:M=F9NAKL9?8M<>FF;
<P<J@>?KE2>E:?E:42E@7622>2E::I@@
4U:E22:>2:92>@4BF:9BF:4@A@=E:?E:42
2?:E22@:4296>6:9>229242?@>::7A
K=@GE:J=L=FW9:M=F9NAKL9Q<=:A<G9=KG
=FD9GK;MJA<9<<=D9FG;@=9F<MNGQDD=?Y9
GLJG;9EH9E=FLG.?8KD8E?8;>FF;<P<
J@>?K8E;=FIK?8KI<8JFE?<N8CB<;@EK?<
;8IBF=K?<E@>?K8E;8II@M<;8K8EFK?<I
:8DG
6FEAL>
E@7622E@76224@=708I
427622-@EXE
BF::;:>0
427622E<9J
NAKL992?E427622IM=<9JK=LG<9D9FG;@=
@9KL9D9E9<JM?9<9
:4@7622JF9C89JHMHAD9NAKL9GLG@C<P<
J@>?K08I
:4276220
K::I2?:BF:E@;E@@I
4U:4@7622L=D=K;GHAG:AFY;MDG
J27622JF9CHMHAD9NAKL9GLG@C<P<J@>?K
4@7:4;M;L9H9JK=;M:JAJK=D9H9JL=KMH=JAGJ<=D
;M=JHG:FM<IFE<J<C=LGG<IG8IKF=9F;P
6FEAL>
E@7:4;<K:
70
C8<EKI8;8GI
47:4;
0
>2J@@4U4@7:4;H=<J=L=;GJGF9F=?J9
:E@;4@:4@74@@42=42>;9J=;=J<=NAKAYF
?8M<GFFI<P<J@>?K[#:E@;4@:E@74@@42=
42>_9J=;=K<=NAKAYFFPFL?8M<GFFI
<P<J@>?K
4@7QK0
C8<EKI8;8GI
4U4@7QK
@7:K=@@7:;2MF;=JJG8DFLEK8@E<4@@7:K=4
@@7:;2=DIM=;AJ;MF<9FDGKIM=J=;G?=FD=X9
@7E664U=AKD9.9F KL=:9F-8EJK<98E#JC8E;
,::422DE2?@4@::@7E664U=:E:4@::4@:K@
92292 J9<=D?JMHG<=?=FL=IM=NANW9=F
D9AKD9.9F KL=:9F"<N8JFE<F=K?<-8E
JK<98E#JC8E;G<FGC<
<4@7E664U=4@7
K9FBM9FA;GK?J9F<=K08I
@DE664U=
-@EXE
2DE
@7E664U=4@>42249FL=H9K9<GK<=DGKK=JAK
IM=NANA=JGF=FD9AKD9.9F KL=:9FGKMK
<=K;=F<A=FL=K-<I@8E:<JKFIJK?8KC@M<;FE
-8EJK<98E#JC8E;FIK?<@I;<J:<E;8EKJ
@7E664U= :72HD9Q9=D9K;9B9DHMFL99B9
;9EH9E=FLG=FD9AKD9.9F KL=:9F*C8P8
<C8J:8A8C*LEK88A8
:8DGFE-8EJK<98E
#JC8E;&@K
H=FWFKMD9<=
D9AKD9.9F KL=:9F
4@7E;J;GJ9DADDGN=J<9<=JG
N<JK<IE:FI8CJE8B<
4@7E;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
D9NA<9FGK=K9:=DGIM=N99KM;=<=J#EC@=<
FE<;F<JEdKBEFNN?8K@J>F@E>KF?8GG<E
L=F=J?8M<[)::>6EK:E:4U:42?E2>K@
_,MA=J=KH9FFPFLN8EKJFD<9I<8;
D29>A224@92;MJAGKGQHGKA:D=E=FL=
=KLGJ:GKG:LI@FLJ8E;G<I?8GJ9FK?<IJFD<
.:IBF:D::=4E2>4@AK::I924IE::;42E2IBF:;
D29>A224UI@22922:D29:A:I29E22
E2>@K K=FAXG=KLT=KLGJ:9F<GHGJKM
;MJAGKA<9<=F=D;9JJGHGJIM=IMA=J=9HJ=F<=J
9E9F=B9J.?8K9FP@J9<@E>9FK?<IJFD<8E;
:LI@FLJ89FLKK?<:8I9<:8LJ<?<N8EKJKF
C<8IEKF;I@M<
K::IK::92I4U:>2<OGE<>FG@9QA?M9D
K?<I<dJEFK?@E>C@B<@K
K::IBF:9:>BF66A6BF:9:E:4@92KM>JAJ
JL==<I&@K
=PH=JAE=FL9JDGIM=FGD=?MKL9
K::IK::;4@92=PH=JAE=FL9J9D?GE9DG?8M<
JFD<K?@E>98;?8GG<E[.::IK::;4U>:E2
_/=KM;=<AY9D?GE9DG@;JFD<K?@E>98;
?8GG<EKFPFL
4U::92JF9Cd
@I4U::929:K24<OG@GQ=F<W9EFN8;8PJ
@I4U::929QK24J66?::BF:4U:9::?924<OG
<=9@GJ9=F9<=D9FL==IFDEFNFE
E224U::92<OG=KLG<GK=L=JEAFYK?8KdJ@K
@KdJFM<I[*224U::92J2_ KLG<G_.=
L=JEAFG#JK?8K@K#J@KFM<I
4U:>2JF9CE<>d0
K::I4U:>2
EM;@9;@9<=D9>A=KL9<=HM:=JL9<
4T:8;MGI<GLG<9NW9JK@CC.::I:D4@@:=BF:;4T:
A22:=@@E2I:A29:E::44U:>::A692.AD9
K9F<W9LG<9NW9=KLTN=J<=FG=K:M=FG
;GE=JD9#=K?<N8K<ID<CFE@JJK@CC>I<<E@K
@JEdK>FF;KF<8K@K
T:9AE4>::>:A:
9A>@@9:E:>FL=K<=<GJEAJ'ALEA=FLJ9K
LG<9NW9FG@9:W9<GJEA<GQG;GEW9<=FI<
JC<<G@E>&@K
N?@C<#JK@CC?8;EdKJC<GK#
N8J<8K@E>
6 KL=9<N=J:AGEM;@9KN=;=K=K
9;GEH9X9<GHGJ=D9<N=J:AGHGKHGKA;AGF9D
eAHAf;M9F<G=DN=J:G=KF=?9LANGQHGJ=D
9<N=J:AGHGKHGKA;AGF9DeGGf;M9F<G=DN=J:G
6'@:ILIF@;<J<LIPO8EK?LJ7
@7E;664@;MF;=JJG=FD9AKD9/A:MJYF8DFLE
K8@EFE.@9LIFE#JC8E;&@K
;GJ9DADDG?J9F<=
4@92M@@IId6FEAL>
4@E24TE2E:>4@E;
4@E;2>7
922:EBF:9:E:4@92L=F=J<AK=FL=JW9?8M<
;PJ<EK<IP&@K
=KL9J=F>=JEG<=D9K9F?J=
0
922:E922KA<AK=FL=JW9
92?EI::4I4@92@9;=JK=E=FGK9<:FD<J
C<JJ
92E22A4@92L=F=J;9L9JJG?8M<8:FC;FI
K?<=CL#@I:>292E22A4U92J2I@4>22I
92E22A4@9AJ@>2Q=JQGL=FW9J=K>JA9<G
H=JG9@GJ9FGL=F?G#?8;8:FC;P<JK<I;8P
9LKEFN#;FEdK
::92I4@92A?M9DKAEAD9JH9J=;A<G=F9;LA
LM<J8D<J@D@C8I@E9<?8M@FI6AE::92I
@@4@9;:92.GEGKA?M9D=K=F9;LALM<1<
8I<K?<J8D<@E9<?8M@FI
@D:BF:9::92I
4@92924U::KBF:>924 FLJY;GEGMF9
=KHAF9#K<EK<I<;ALJKC@B<8K?FIE
::K42?@4@92E=FGKIM=ETKH=IM=XGIM=
ETKBGN=FIM=C<JJK?8EJD8CC<IK?8E
PFLE><IK?8E6>::K42?@>64@92924G
KGQETKBGN=FGETKH=IM=XGIM=L[#8D
PFLE><IFIJD8CC<IK?8EPFL
:A244@929ME=FL9JK=H=B=FL9E9XG
@E:I<8J<JL:?8J@EJ@Q<*2A42>2:922A=
4@A:A244@J2=:A<G9D9DDMNA9@9;W9ETK
>JWG<:8LJ<F=K?<I8@E@K>FK:FC;<I
:E:4@92
=PH=JAE=FL9JH9K9JKM;=<=J
<OG<I@<E:<?8GG<E[dK:E:4T92J2_,MVD=
H9KG_,MVLA=F=1?8K?8GG<E<;KF?@D
1?8KdJNIFE>#6K::IBF::A6K:E:4@D2
4292/=N99H9K9J9D?G:M=FG-FD<K?@E>
>FF;@J>F@E>KF?8GG<EKFPFL
6K::I:E:
9@J24;K@4U9:D;622E:>92K:E:4U:>292
)MF;9D=H=?9JV9EA@=JE9FG#N@CCE<M<I
?@KDP9IFK?<I
\.::IBF:94U:BF::A6BF:9:E:
4U>:D;I@`,M=D=KN9Q9:A=F90<K'8P@K
>FN<CC=FIPFL8CC2?E4@>:E:4U:422E2I
924K::IBF:9:E:4U:D24292K:>AM92 F
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
FG=KF=?9LANG.?@J8;M<I9@JF=K<E8::FD
G8E@<;9PK?<GFJKGFJ@K@FE8C8;M<I9a@G@b
N?<EK?<M<I9@JE<>8K@M<8E;9PK?<GFJKGF
J@K@FE8C8;M<I9aFFbN?<EK?<M<I9@JEFK
E<>8K@M<
70
2:9[F
4@:8IKDGKD9KK?<GC
?=@;4@:42E@@E:;@;
:92:JA=JGFKMKE9FGK.?<PFG<E<;K?<@I
?8E;J
0
C8<EKI8;8GI
BF:9
4@::0
C8<EKI8;8GI
BF::9422A
4@::;M@LM:MD9JKL9LC8I6FEAL>
E@::;E@::=47
0
429@::;@9;=JLM:MD9J
66?:>4@::;LM:G<=E=L9D
66?:>BF::I4@::;D9L9
D::>6E4@::;:GDADDGI::>6
4@::;
4@::;K9J<AF9:D9F<9K::I
92A2>J2>4@::;;THKMD9
@::;EGFL9X9=FD9AKD9.9F KL=:9F;=J;9<=
+D9Q9'G:=J9DFLEK8@EFE-8EJK<98E
#JC8E;E<8I*C8P8&F9<I8
@::=4BF:9;UMFDM?9J;=J;9<=+M=JLG'A:=J
L9<8GC8:<E<8I*L<IKF&@9<IK8;&@K
DG
IM=KGFLM:MD9J=KQJGBGK
4@::>2;J;MD=:J9;GD9<=DTLA?G;@AJJAGF=J9
:F8:?N?@G
N?@GJE8B<
6'8JK@:FG?@J
KHHAF;DMQ=F<G
4@::>2;
'
9@C@E<8KLJ'
=C8><CCLD'
JC<M@E@70
4@44@::>2;
=FJ=<9JK=92I4@::>2;J=EGDAFG<=DDMNA9
KG:J==DE9JI6A6?@4@::>2;9F?MAD9B9J<WF
<=GJLVK
4@::>2;4@@A@=4@::>2;4966=N9JA=<9<=K
F=?J9QJGB99C8:B8E;I<;M8I@<K@<J
*C
4@::>2=44@::>=4
K::I4@::>2;92?E4UBF::9LVJEAFG?=F=J9D
H9J9D9KK=JHA=FL=KIM=FGEM=J<=F><E<I8C
K<ID=FIEFEM<EFDFLJJE8B<J
4@::>@K:>0
C8<EKI8;8GI
4U4@::>@K:>
4@::>E:>M;LAJ9JHA=<J9KK?IFNJKFE<J
6FEAL>
E@::>E:><K:
70
C8<EKI8;8GI
4BF:>
92?E:E4U4@::>E:>LAJ9J;GEA<9<=D9
H9F?99D9GJADD9<=DE9JK?IFN=FF;=IFD
K?<9F8KKFK?<J?FI<
4@::E:>0
C8<EKI8;8GI
4@@:E
4@::E@;0
C8<EKI8;8GI
4@@>
W4@::E@;JGCHTH9?GK?=FL=GhG<@9E/JF9J;
-@EXE
92A22J
4@::KJ9J9X9LVJEAFG?=F=J9DH9J99D?MF9K
=KH=;A=KJG@;<I><E<I8CK<ID
=FIJFD<JG<:@<J0
A?224@;
2?@4@::KMF99J9X9H=IM=X9
I6A62?@4@::K;9F?J=BG9J9X9
4@::K429EI:>29J9X9<=D9@M=JL9
>8I;<EJG@;<I6I>@FG<KHH7
4@::K
&@K
9J9X9JA;9
429EI:>2
4@::K4966=9J9X9"9KL=J9;9FL@9
!8JK<I8:8EK?8JG@;<I
6!8JK<I8:8EK?8KHH7&@K
9J9X9JGB9-@EXE
A?224@;
2?@4@::K
@::K966=MF;=JJG9DKMJ<=
4@::K4966=
+M=JLG'A:=JL9<8DFLEK8@E
JFLK?F=*L<IKF&@9<IK8;
4@::K::>6L=D9J9X9=F>GJE9<=;GFG=LEE<C
J?8G<;JG@;<IN<9&@K
NANA=F<9<=e;GAARf
4@::K:>@4TAMF99J9X9?J9F<=8C8I><JG@;<I
&@K
9J9X9IM=FGHA;9<4@4TA
4@:E@;8IKDGKD9K;GK9K9;GKL9<9KK?<K?@E>J
CP@E>;FNE->4@>
W4@:ID42?M@E=F<A?9JK=FLTF<GK=EMQ;=J;9
<=D9H=JKGF99<>J@KK@E>I@>?KE<OKKFK?<
G<IJFE696>64@:2?@9A::9E:>
D@:ID42?42921GQ9H9K9JHGJD9K;9K9K9
E=F<A?9J#8D>F@E>KF>F=IFD?FLJ<KF
?FLJ<9<>>@E>
/JF9J;6FEAL>
E@:ID42?
E@:I:D42?E@:ID4@;7
4@:K4E0
C8<EKI8;8GI
42KBF:>
4@:K:;@;0
C8<EKI8;8GI
42KBF:>
4@;2DEM@d6FEAL>
E@;2DEE@;MD:E:>
E@;22D:=2>7
:E:4@;2DEHAKGL=9JJK<GFE?IUE92>@4
>2K::IA22:;2?@4@@>K@9E29@:E:
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4T;@K:>BF:9:E22>2=42;GJGF9<=D:9AD9<GJ
<=D9;=J=EGFA9<=D9HM:=JL9<429@;@K
@9;=J@MAJ:A42E@;@K424E:>DDMNA9>M=JL==
AFL=JEAL=FL=K::I:?2BF:4UD4@;@KLJ9;LGJ
K::I::BF:4T;@K:>H=JKGF9IM=@9;=LG<G
JTHA<9E=FL=QKAF;MA<9<G
2?@4T;@K:>:9AD9J=DHJAE=J:9AD=<=DeRAAP
;GGP;ZA;GGALf;8E:<K?<=@IJK;8E:<F=K?<
aQ@@O:FFO:Y@:FF@Kb
92AI::BF:4@;@KAJK==FGB9<G>F8N8P
8E>IP\2AI::BF:4>@;@K`)GL=N9Q9K
=FGB9<GFEdK>F8N8P8E>IP
AE:?@4@;@K9JJ=EGDAF9JK=D@CC8IFLE;
@>42244@:ED622=2>92?D@AE:?@J2;@K
'9KH=JKGF9KK=EGNW9FQ=KL9:9F9JJ=EGDA
FTF<GK=.?<G<FGC<N<I<DFM@E>8IFLE;
8E;D@CC@E>8IFLE;
9AE@;2DE:9E24U92AI9242?9:>@9J@@4
2EI(MQ<=FG;@=NAMF9D9;JTFDGHAKGL=V
DGE9LVQDGLAJVH9J99>M=J9&8K<8KE@>?K#
J8N8J:FIG@FEJK<GG<;FE@KB@CC<;@K8E;
K?I<N@KFLKJ@;<
:4@;2DEJF9C89JMF:9AD=8;8E:<
:>@;2DEJJLAE<>d0
92?E:>@;2DEK9HG
BGN=F
4@;MIM;9KHAJ9J9I<8K?<@E6FEAL>
E@;MI
<K:
70
C8<EKI8;8GI
4;2I
4@;2IE:>J=KGDD9J;GFJMA<GJEL==C<8=K<I
:IP@E>.:IBF:D::=4@>E@;2IE:>>2K::I:E:
4U::92K@9E4>M9@)GKVHGJIMV=DFAXG
J=KM=DD9#;FEdKBEFNN?PK?<:?@C;@J
JEL==C@E>
4@;4@@:=0
C8<EKI8;8GI
4@;::E
4@;622E:>0
C8<EKI8;8GI
4@;::E
4@;::EM;@9;=J;9=JLAJ9JD8B<=8CC6FEAL>
E@;::EE@;622E:>E@;4@@:=E@;4@22=2>70
C8
<EKI8;8GI
4;::E0
EC@@BF:4@;622E:>
;9EAYF<=NGDL=G
2?@4@;::EL=XAJ;P<
4@=I92?E4@;::E@9;=JMF:GDKADDGHD=?9:D=
=FD9>9D<9KGKL=FA<9<=D;AFLMJYFD8B<8
GF:B<K@EK?<JB@IK9P=FC;@E>K?<JB@IKLG@EKF
K?<9<CK
4U4@;::ELAJ9J;GEGHA=<J9KK?IFNC@B<
JKFE<J
92?E66K;4U4@;::EJ=NG;9JGC8JK<I
:4@;::EJF9C89Jd0
2?:4@;::ELAFL=4@=I
92?E:4@;::E;M=J<9IM=K=MK9:9H9J9E9F
L=F=JD9JGH9=F=D;M=JHG
T;@42> E:-2::MFTJ=9=FD9.A=JJ9&MFC99C
(9QGJ8E8I<8@EK?<-@<II8%LEB88B
'8PFI
4@;@KM@
@MAJ=C<<ILE8N8P6DT;@42>
4292#MAJ=EGK1<N@CC=C<<
K9DAJ9;@AK
?M=L=KJHL@IKFLK)@@524@>4U:E66>E>2
:E24U>@;@K:JAY=DJ=>J=K;GQK9DAY
>M=JL=E=FL=MF;@AK?M=L="<FG<E<;K?<
JF;8GFG8E;@KJHL@IK<;FLKF=K?<KFG
6FE
AL>
E@;@KET;@K:>ET;@42>70
2?@
92I::BF:4@;@KKM;=<=J<=J=H=FL=
?8GG<EJL;;<ECP2I::BF:A2;@KE2I
D::A424292=J=H=FL=N99DDGN=J-L;;<E
CP@K@J>F@E>KFI8@E
:BF:E@;@K:E6I=_=
J=H=FL=DG9?9JJYc"<JL;;<ECP>I899<;
?@D_
:E:4U4@;@K=P;=<=JAFMF<9J<=JJ9E9JK=
<O:<<;FM<I=CFN2I4@A96962?:422:;
BF:;:E:4UJ2;@K D9?M9=F=DL9E:GK=
<=JJ9EY.?<N8K<I@EK?<98II<CFM<I=CFN<;
BF666E:>:A:E>@;@K_<OGE<>HGIMALG
<=KHMVK<=D9E9F=;=JJ?FIKCP8=K<I;8NE
&@K
LG<9NW9=D?9NADTFJ9LGF=JGFG@9@MA<G
/JF9J;
4U:A2E;BF:94U4@;@K9F<9J<=D9<G>FJ@;<
N8PJ2?@22E:>@42:9:924294U:A2E;
BF:94UJ2;@K'9H9F?9N=FW9L9FJTHA<9
E=FL=IM=9F<9:9<=D9<G.?<9F8KN8J
:FD@E>JF=8JKK?8K@KN8J>F@E>J@;<N8PJ
/I6A604@;@K<OGAFMF<9J6E9J7=CFF;5J<86
4@;UKM@J=<GF<=9<G6;GEG
DGE97IFLE;<;5C@B<
4@;UK
DFLE;66FEAL>
E@;UK
E@;U42E@;U4@;70
429@;UK@9;=JMF9
DGEAL992?E4@;UKDGE9H=IM=X9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
J=<GF<=9<9
2?@4@;UKJ9KH9<G=PHGFA=F<GD9HA=D
J:I8G<;<OGFJ@E>K?<JB@E
92AI4@;UKKG:J=K9DAJ=E=J?=JGIFKIL;<
<D<I><9LC><FLK.::II6A62?92?E4@::
E:>4@>92AIJ2;UK D:MRGK9DAY9D9KM
H=J>A;A=.?<;@M<IJLI=8:<;
/:>2404@;UKBGJG:9<G6=KH9D<97?LE:?98:B
598:B6
/:E@;04@;UKK9DLGF=K6GBGK7GFG<P<;5<P<J6
E2>4UE24@:QE@=4@;4@@I2=4292IJ2;U42
@@'GKGBGK<==KGK@GE:J=KKGFK9DLGF=K
.?<<P<JF=K?FJ<D<E8I<GFG<P<;
0
K:I4M>:E@;4@;U42MF9N9JA=<9<?J9F<=<=
;9:JADD9HAFL9
4@;UKJMF9FAE9DKADN=KLJ=FGA<=FLA>A;9<G8E
LE@;<EK@=@<;N@C;8E@D8C*C
4@;UK
4@=8;MGI<G9JJA:9MKGK=KH=;A9D=KLG
I<JKI@:K<;LJ8><\@=\)422=I`'=NTFL9L=
QNTEGFGK<=MF9N=R;GFEM;@9MJ?=F;A9
!<KLG8E;C<KdJ>FN@K?>I<8KLI><E:P0
4@=4J22:KM:AJH9F4@=29JJA:9
4@=28;MGI<G9JJA:989FM<FM<ILG?@>?
@=292EM4>@=4292>622I@;'GHMKAEGK
9JJA:9QK9DAEGK1<GLK@KLG89FM<8E;C<=K
0
4@=2BF:?@=D=N9FL9JD9E9FGK::I4@=2
92AM9:9F<=J9
dJDM?9J=D=N9<G?@>?GC8:<64@=2
E:?E:42D22@42921A9B9JVHGJ=DDM?9J=D=N9
<G#N@CCKI8M<C9PK?<?@>?>IFLE;
4@=292422:IEMB=JIM==KLT<9F<G9DMR
NFD8EN?F@J>@M@E>9@IK?&@K
D9IM==KLT
HM=KL99JJA:9<4422:I
4@=24@@9:E@9D;YFH=J=?JAFGG<I<>I@E<=8C:FE
6 8C:FG<I<>I@ELJ7*C
4@=24@::E@;<
4@=24@@9:E=DIM=;GE=9JJA:9
4@=2@M@;GE=JEMQJTHA<9E=FL=QEM;@G
>LCG;FNE=FF;<8KM<IP=8JKE2>E:BF:;
92=II29J2=2@E2I\4>66J@; K=@GE:J=
;GE=EMQJTHA<9E=FL=9KWIM=FGD=<=F<=
;GE=JFEdK>@M<K?8KD8E8EPK?@E>KF<8K
9<:8LJ<?<>LCGJ;FNE?@J=FF;
6FEAL>
E@=2@E@=2@;2>7
W4@=2IUJE=JG>FC@8K?>IFLG<I6G@E<G?<CLJ
@K8A8I87/JF9J;
4@=664AJDM?9J9JJA:9GC8:<89FM<\@=664A
9249@@4E2`(AJ9@9;A99JJA:9&FFBLG
<4@=2::4A
4@=66A?:0
C8<EKI8;8GI
,A22D?:@=66A?:
4@=66BF:8;MGI<G@9;A99JJA:9LGN8I;J
2A2DA@;::4=@;A244@=66BF::E2I42;>2
92:4@A92?D:J2A@@E:E2/AJYH=<9RGK<=
H9H=D@9;A99JJA:9Q=DNA=FLGK=DGKDD=N9:9
"<K?I<NG@<:<JF=G8G<ILGN8I;J8E;K?<
N@E;:8II@<;K?<D
<4@=2::BF:@9;A9
9JJA:90
4@=66BF:4@4>@?;4;A=JLG<AK=XG
H9J9;9F9KL9K
4@=BF::>6EJRGHADGL=
;GE[F9C8:BMLCKLI<
6FI8>PGJ8KI8KLJ7*C
4@=BF::>E08I
4@=BF::>:E
<4@=2
BF::>6=DIM=LA=F=;9K9
4@=BF::>6E
9JJA:9
4@=I8;MGI<G
EMQ9JJA:9M<IP?@>?LG
224@4@A4@=IBF:J2E:92'9;9K9=KLT
EMQ9DL9'AL9D;9FR9EMQ9JJA:9.?<
?FLJ<@JM<IPK8CC
D=BGK=F=DE9J;@JK8EK
FEK?<J<8#@I:>24E2>9:J2=BF:94@=I
>229:EQ=JEA=KHGKG>M=9H=K;9JD=BGK=F
=DE9J3<JK<I;8PDP?LJ98E;N<EK=@J?@E>
=8IFLKFEK?<J<8
0
4@=I92A?22:=>9D<9
;GJL94@=IBF::D2IJ=KHAJ9J4@=IK:I4M>
H=R<=9DL9E9J
4@=I92?E:4@;::E;M=J<9IM=K=MK9:9H9J9E9F
L=F=JD9JGH9=F=D;M=JHG:FI;K?8KN8JLJ<;
KF?FC;LGFE<dJ:CFK?<JFEFE<dJ9F;P&@K
;GFIM=MFG;M=D?9<4@;::E
4@=66=@JMFH=IM=XGL=;GDGL=8JD8CCFNC
@=66=@BF:;969642A:E:E::;I92?EK@
4UE::;I:D@;92?E::BF:4UE::;:>I92?D22
92IE2K::>M2I29>::>@K De;GD==DGfK=
KA=FL9=F=DTJ:GDEAJTF<GK=9KWEAKEG.=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@>4224BF:9::?42J2I:H9JA=FL=KI<C8K@M<J
&@K
H=JKGF9K;=J;9F9K
4@>42::J
EMB=J<==<9<9N9FR9<99F;A9F9
<C;<ICPNFD8E\)::>6E9:K4@:4@>BF66;
E24@:2?@?E9@@K:`'D=N9=KLGKH9F=K9=K9K
9F;A9F9K.8B<K?@J9I<8;KFK?FJ<FC;<INF
D<E=KHGK9MK9<GHGJ=DE9JA<GN@=<
LJ<;9PK?<?LJ98E;
*C
4@>BF66;
6#AKLYJA;9E=FL=K=<=JAN9<=e;E99E;9AAf
gEMB=JE9<MJ9h"@JKFI@:8CCP;<I@M<J=IFD
a:D88D:8@@bcNFD8ED8KLI<d
7
6-=?AKLJ9<G=F9JLD=LL
,<:FI;<;@E8IKC<KK
7
d8;A>9NGJALG=8MFI@K<6?:>
4@>42::9J224@A9642>;4
/JT=E=EA;M;@ADDG>9NGJALGI@E>
D<DP=8MFI@K<BE@=<
/JFEMB=J=K
4@>42::J;A=JLGH9DG<=DBM=?G<=
H9DGK=K;GF<A<GKeP9HAB;99FD9Ef
:<IK8@EJK@:B=IFDK?<?@;;<EJK@:B
>8D<aO8G@A:88EC8Db
4@>42::
W4@>42::2?92I::D::GL=<=MFDALJG
FE<C@K<ID<K8C:FEK8@E<I&@K
<=IM=D9
9F;A9F9LGE99?M9/JF9J;*C
4@>42::2?
92I::DJ@;<BF:D:
@>42::2422A420
C8<EKI8;8GI
@>42::
A42U4@@D
4@>42::9:>@@42EIMF9
9F=EGF9N8IKP8E<DFE<
6;LAFAA<9=7&@K
DGIM=D9
9F;A9F9LAJY<BFQ42EI
4@>42::9:>@@42EI
4@>42:::?@@D;BF:;MF9
F=JAL9;9J9;GDC8I><
E<I@K<6(<I@K8J:89I@:FJK8
(
=LE@:LC8K87&@K
MX9<=
9F;A9F9
@>42:: ?@@D;? 92E@@E@;
4@>42:::?@@D;
MFDM?9J8GC8:<&@K
<GF<=
=D;9J9;GDF=JAL9K=;G;AFY<422E;G;AF9J
=FLJ=G9:9BG<=D9K;=FAR9K
@>42:: A42U4@@DMF9EMB=J>9EGK98
=8DFLJNFD8E6/9E:AVF;GFG;A<9;GEG
;J==?M9HG.?<a:FC<<CFbJ@KJ@EK?<KI<<
CFFB@E>8K?@DJ<C=
"<K?@EBJ?<@J?8E;JFD<
*C
4@=66=@;-@EXE
D::>6?0
:D@;
424@=66=@L=F=JGJ?MDDG=FKM9H9JA=F;A9
4@>8IK
=DD9;GK9=PL=F<A<9K?<CP@E>
;FNEDGKD9K?JMHGK?<>IFLG92?EI
>@42E4@>DGK9F;=KLJGKK?<8E:<JKFIJ*C
4@:E@;
4@>19JA9FL=>GFGDY?A;9<=eE
f)=?9LANG
*?FEFCF>@:8CM8I@8EKF=(<>8K@M<aDb
A<DGCF:E4@>A::FGDGHJG:YJ?<;@;EdK
K8JK<@K
4@>224U=J
N=J<GD9?9<=;G;@A?FIJ<
GLIJC8E<6.I@8EK?<D8GFIKLC8:8JKILD7
MF9HD9FL99FM9D<=DLA=EHG>J=K;G8:FFC
J<8JFE8EEL8C@EK?<JE8G;I8>FE=8D@CP
6-8@IF:8IGLJN8KJFE@@EK@II?@ELD
N8KJFE@@7
4@>22?2=J@A=J:9<=DE9FKGP<I98D8EJ88
GC8EK6E<DFGJ@J:8C@=FIE@:87
4@>22?@;M;9:9LAJ?GDH=9J6;GEGNA=FLG9
MF9H9F?97BEF:B8IFLE;58JN@E;KF8
9F8K66FEAL>
E@>22?@;<K:
70
C8<EKI8
;8GI
4>22?@;0
92:4@>22?@;J=EGDAFG
@>M9:EIMF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;
4@>4224JGC?=FL=K=JAK=JAK-<I@G<FGC<0
C8<EKI8;8GI
4>::BF60
@7E664U=
4@>42249FL=H9K9<GK<=DGKK=JAKIM=NANA=
JGF=FD9AKD9.9F KL=:9FGKMK<=K;=F<A=F
L=K966?@4@>42249FL=H9K9<GKIM=NANA=
JGF=F=D;=FLJG<=D9AKD9/A:MJYFGKMK<=K
;=F<A=FL=K*296;U44@>4224DGK9FL=H9K9
<GKIM=NANA=JGF=FD9AKD9/A:MJYFGKMK<=K
;=F<A=FL=KI::424@>42244>:DAF<W?=F9KFG
K=JAK
4@>42244>22BF::9DGKK=JAK<=@GQK?<
GI<J<EK;8P-<I@J
I6A64@>4224K=JAKIM=NANW9F9DD9<G<=D
E9J-<I@JN?FC@M<;E<8IK?<J<8
4@>4224BF:992?E:E:J2::L=JJALGJAGK=JA-<I@
C8E;&@K
DM?9J<GF<=NAN=FDGKK=JAK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
eGE;9AA9;99H;9fCJFBEFNE8J
aFD:8@@8:88G:8b7&@K
9F;A9F9IM=
;9FL9:9<=D9DDMNA9
4@>42::EM@;<IK=JNA=B96EMB=J79<FC;
5NFD8E66FEAL>
E4@>42::EE4@>BF66;7
4@>4@@K:0
C8<EKI8;8GI
:>4@@K:
4@>PI0
C8<EKI8;8GI
4@>::I
4@>:9;M@<=KDAR9<ARGDAKGJC@GG<IPJDFFK?
.2422>2=44@>A2492E22:4@>:9;BF:9
4BF66AE:92I@922:4>:A:9292A?22:=
BF:94U:DA2::9242E6::4E:>BF:94@>:9;
:92E22I2922:EM922>29D?MF9KEMB=
J=KBYN=F=KD=K?MKL9D9L=D9DAK9H=JG=K<A>W
;AD;GK=JD9HGJK=JL9FDAK9-FD<PFLE>NF
D<EC@B<JDFFK?D8K<I@8C9LK@K@J?8I;KF
D8B<8JB@IKN@K?@K9<:8LJ<@K@JJFJC@GG<IP
6FEAL>
E@>:9;E@>Q9:=:>E@>:9=4
E@>:9K:=70
427664@>:9;;9>VKAF;GEA<9
42>:9;9DAK9J92IU=:?22:=4@>:9;MF
;9J9;GDD66E6?4@>:9;MF;9DDG<=@9;@9
E:D4@>:9;9JHYFGJA?AF9DH9J9>AK?9J
;9?M9E9K
9@@I@@4@>:9;;GEHD=L9E=FL=<=KFM<G
:FDGC<K<CPE8B<;
4@>:9=4JJLAGC=E:JAGF=K<=D9K=EADD9<=
E=RIMAL=<D9IPFJF=K?<D<JHL@K<J<<;<
4@>:9;<=KDAR9<ARG
:4@>:9=4JGFJd0
A22C:4@>:9=4
;@W;@9JGK
4@>:::EM;HJ=?MFL9J8JB 9AJ2>:::E+J=?MF
LV#8JB<;
6FEAL>
E@>:::E<K:
76 KL=
N=J:GFGH=JEAL=FAL=E9FAGQ=FL=.?@J
M<I9;F<JEFKG<ID@K8K?<D<EFI8E8;;I<J
J<<
70
C8<EKI8;8GI
4>:::E4U42>:::E
:4@>:::EJF9C89JHJ=?MFL9HL<JK@FE
W4@>::IJK=E=FJ<D<E<4>22>::I9?M9
<=EMB=J08I
4@>PI0
4@>::I4UL422:
@9:D9J=F>GJE9AF<=;=FL=4@>::I
92A6BF6E@ABG<=MF9EMB=JFG;9K9<9
4@>::IBF::BF6EL=F=J@ABGKAFK=J;9K9<9
@>::I ?@@94UMF;9EH9E=FLG=FD9AKD9
/A:MJYF8:8DGFE.@9LIFE#JC8E;&@K
=FK=F9<9<=GEAAP
4@>::IBF:>E9<J=FG;9K9<9LED8II@<;
DFK?<I&@K
D9IM=LJ9?9K=E=F
4@>:>2J
MF9J:MKLGH=IM=XG<=D9>9EADA9
<=D9K;GEHM=KL9KFLCK<I9I@:B<CC9LJ?
6I@:B<CC@8:FLCK<I@N9J:FLCK<I@7MF
9J:MKLG;GF>DGJ=K9RMD=K<=D9>9EADA9<=D9K
;GEHM=KL9K8J?IL9N@K?9CL<=CFN<IJ@EK?<
;8@JP=8D@CP6?IFDFC8<E8J8>@KK8K8
LG8KFI@LDJ8>@KK8KLD7
@>:>:MF;=JJG=FD9AKD9/A:MJYF8G<8BFE
.@9LIXE#JC8E;
@>:>: D6=-22:2AI 9::AMFDM?9J=F=D
E9J8GC8:<@EK?<J<8
@>QDMFDM?9J9DKMJ<=D=JJG.9F)A;GDTK8
GC8:<KFK?<JFLK?F=<IIF-8E(@:FCRJ
@>QD%@9:EMF;9EH9E=FLG=FD9AKD9/A:MJYF
8:8DGFE.@9LIFE#JC8E;&@K
DGIM=GEWK
;GEAY<BF:9:E
@>QE:;2MF;9EH9E=FLG9DKMJ<=+9J=<GF=K8
:8DGJFLK?F=*8I<;FE<J
&@K
H9DG>A=JJGN=J<=
HDMJ9D
4@>:E:?JH9DG>A=JJGN=J<==D
TJ:GDNANG;<J<IK@IFENFF;
K?<C@M@E>KI<<6)CE<P8
K<JFK87*C
4@>QE:;2
:4@>:E:?JGFJd0
A22C
4@>:E:?
:4@>:E:??9J:9FRG
@>:E:?24UDI2;MFDM?9J9DFGJL=<=+M=JLG
'A:=JL9<8GC8:<EFIK?F=*L<IKF&@9<IK8;
&@K
H9DG>A=JJG9DLG
@>:E:?%@EMFDM?9J=FD9AKD9/A:MJYF8GC8:<
FE.@9LIFE#JC8E;&@K
H9DG>A=JJG;GQGL=
@>:E:?&:K2=MF;9EH9E=FLG=FD9AKD9
/A:MJYF8:8DGFE.@9LIFE#JC8E;
4@>:I2KJMF9=FJ=<9<=J9JE8@CJ<<;M@E<
6F::LCLJ;@M<IJ@=FC@LJ7
4@>:I@K0
C8<EKI8;8GI
4U4@>:I@K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@EM@K8K@FE
4U:J2>EIUJF9C<AJ=;L9E=FL=@9;A9
;@I<:KCPKFN8I;J&2;BF66>64U:J2>EIU924
4@?E:J2$:9<AJ=;L9E=FL=@9;A9+MFL9
/=HGH9-?<N8J>F@E>JKI8@>?KKFN8I;J
*LEK8.<GFG8
J2>EIUJF9Cd0
J2>EIU4UL42E2IAJ
<=J=;@GNANAJ@GF=KL9E=FL=
4@?19JA9FL=>GFGDY?A;9<=eE
f)=?9LANG
*?FEFCF>@:8CM8I@8EKF=(<>8K@M<aDb
A<DGCF:E4@?J22FGDGHGK==J?<;F<JEdK
FNE@K
4@?222:;M@J=?J=K9J=KH=;A9DE=FL=KAF@9:=J
DD=?9<G9KM<=KLAFGI<KLIE:FD<98:B
<JG<:@8CCP9<=FI<?8M@E>8II@M<;8KK?<
@EK<E;<;;<JK@E8K@FE@?49::IKBF:9E42::
>2:9E242AE>2EJ22>>2E@?222:;
:?J::?M9F<GEA?9NAGL9E9<MJYD9KGDLV
QETKL9J<=J=?J=KY1?<EDPG<K>LCC>I<N
LG#I<C<8J<;?@D8E;C8K<I?<I<KLIE<;
6FEAL>
E@?222:;E@?222:=:>E@?222:=4
E@?222:=4@;70
42?222:;
@9;=JNGDN=J
4U4@?222:;;MJN9JK=:@I:C<
8IFLE;:LIM<8IFLE;0
,E22D:U4@?222:;MF=KL=JG
4U4@?222:;
4U4@?222:=:>K=JH=FL=9<G
J<IG<EK@E<229@E:?E:424U4@?222:=:>:92
D;9EAFG=KK=JH=FL=9<G.?<IF8;@J=LCCF=
:LIM<J
/92:04@?222:;;9DE9JK=<=B9J<=KGHD9J6=D
NA=FLG7;@<;FNE5N@E;62:BF:9:>A22:E
A@>@?22:;E2I_.ANA=F==DNA=FLGQFG
<=B9<=KGHD9Jc#=K?<N@E;:FD<JLG8E;
;F<JEdKJKFG9CFN@E>_
92?E::BF:4U4@?222:;AF;DAF9JK=@9;A9
9:9BGJC8EK;FNEN8I;=IFDC<M<C
:>@?222:;JJLAE<>JF9CE<>d0
92:
:>@?222:;NA=FLGIM=<MJ9EM;@GLA=EHG
:EI:>@?222:;KGD9JAG;9J9;GD
4U:J2?222:;JF9Cd0
::BF:4U:J2?222:;
BF:9BF:J2=FL=F<=J=DKA?FA>A;9<G
4@>@@K:M;KGX9J;I<8D6FEAL>
E@>@@K:
<K:
70
C8<EKI8;8GI
4>@@K:
J2>@@K:JF9CKM=XG;I<8D9J
:4@>@@K:
4@>@EJMF9=FJ=<9<=J98D@CBN<<;M@E<
6'8K<C<8:FI;@=FC@87
4@>BF66;0
C8<EKI8;8GI
4@>42::
4@>D:D::?M@@IIHG:J=IM=E=J=;=HA=<9<
GFFIG@K@=LC.::IBF::D2IE:BF:;I@>D:D::?
E2I::92ID22:K:GEG=K9H=JKGF9=KLT=F
L9FE9D9K;GF<A;AGF=K`9QM<VEGKD9&<KJ
?<CGK?8KG<IJFE9<:8LJ<J?<JJF98;F==
6FEAL>
E@>D:D::?E@>D:D::?:>E@>D:
D::;476 KL9H9D9:J9LA=F=N9JA9KLJ9<M;;AGF=K
=FGLJGK;GFL=PLGK DL=E9=Ke
EKAKAAFf
.?@JNFI;?8JM8I@FLJKI8EJC8K@FEJ@EFK?<I
:FEK<OKJ
.?<JK<D@JaDJ@J@@Eb
70
42>D:D::?9E9JL=F=JHA=<9<<=K::I96>6
::4@E4U4@>D:D::?@MVJ>9FG
4@>EIUM@<=J=;@GJKI8@>?K229@E:?E:42
4@>EIU:92 D;9EAFG=K<=J=;@G.?<IF8;
@JJKI8@>?K
6FEAL>
E@>EIUET>@EI:>
E@>E2IET>E2;4ET>E2I=4270
429@>EIU
=F<=J=R9J
::D2I4U4@>EIU<=:M=F9?9F9N@CC@E>
[#::D2I4UE@>EIU4U>:D::E2I924_19K9
AJ<=:M=F9?9F9I<PFL>F@E>KF>F
N@CC@E>CP
4U4@>EIU
<AJ=;L9E=FL=HGKA;AGF9<G
J=D9;AGF9<G9GLJ9;GK9;@I<:KCPGFJ@K@FE<;
@EI<C8K@FEKF8EFK?<IK?@E>2DE:IA2DE
@::>2;4UJ2>EIU#9KLAPH=KLT<AJ=;L9
E=FL==FD9<AJ=;;AYF<=#9KLGAAE9B
"8JK@OG@J;@I<:KCP@EK?<;@I<:K@FEF="8JK
F@@D8A
.:IBF:D::=BF:99224@4@A
4UE@>EIU>2J@>A29@ DFAXG=KLT
<AJ=;L9E=FL=<=LJTK<=D9;9K9QFGK=N=
.?<:?@C;@J;@I<:KCP9<?@E;K?<?FLJ<8E;
@JEdKJ<<E
9;GEH9X9JKAFAFNAL9;AYF
8::FDG8EPN@K?FLK@EM@K8K@FE6E::I
4UA2>EIUD::E2I4292'G9;GEH9X9JVKAF
AFNAL9;AYF#N@CC8::FDG8EP?@DN@K?FLK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@?222;U20
C8<EKI8;8GI
42?222;U2
4@?227:;JEADHAVK;<J<IK
D@CC@G<;<6)IK?FGFILJ
FIE8KLJQHJG:9:D=E=FL=
4@?227:;
GLJ9K=KH=;A=K7*C
4@?227:=4
4@?22:;M;9?9JJ9J>I896FEAL>
E@?22:;
<K:
70
C8<EKI8;8GI
4?22:;
4@=24@?22:;JJLAD9IM=J=;A:=9DFAXG
J=;AVFF9;A<GK?<FE<N?FI<:<@M<JK?<E<N
9FIE989P&@K
D9IM=9?9JJ99JJA:9
K::I4@=24@?22:=2JJLAH9JL=J9D@;N@=<
4@?2>;JMF;@9HMDWF?J9F<=8C8I><>I8JJ
?FGG<I6;JA<A<9=FGA<=FLA>A;9<G708I
4@?@>;
W4@?2>;JE9JAK;GKQH=K;9<GJ<8=FF;/JF
9J;0
42?2>;J=;G?=J;GEA<9<=DE9J
4@?2IKM;9HDA;9J;GF9;;AYFJ=H=LALAN9
HAFL9J8GGCPN@K?I<G<K@K@M<8:K@FEG8@EK
6FEAL>
E@?2IK<K:
70
C8<EKI8;8GI
4?2IK
:4@?2IKJF9C89Jd0
:4@?2IKHAFLMJ9<=
NA;LGJA9K::I:4@?2IKMF?\=FLG
4@?622IM@D9N9JK=D9KE9FGKN8J??8E;J
2AE4@9A>@?622I49E=D9NVD9KE9FGK
#8CI<8;PN8J?<;DP?8E;J
6FEAL>
E@?622IE@?622I:>E@?66E2;4E@?::E2;4
E@?66E2I=4270
42?622I@ED9N9JD9KE9FGK
<=GLJ9H=JKGF9
:4@?622IJF9C89Jd0
92A2DA@;:4@
?622IK=JNADD=L9
J2?622IJF9Cd0
D:A;UJ2?622IMF9
HD9FL9
@?622I%224E21=FMK=DHD9F=L9IM=K=N=
J=>D=B9<G=F=D9?M9;M9F<GMFGK=D9N9D9K
E9FGK0<ELJK?<GC8E<KK?8K@JI<=C<:K<;@E
K?<N8K<IN?<EFE<N8J?<JFE<dJ?8E;J
&@K
DGIM=EAJ9D9H=JKGF9IM=K=D9N9D9K
E9FGK-@EXE
K@;2?@;2?E 7::22@
.66>6K@;
4@?66JR9;9L=>I8JJ
4@?664224U=MFR9;9L=8>I8JJ&@K
R9;9L=
?J9F<=
4@?66442AI=N9JA9K=KH=;A=KH=IM=X9K<=
R9;9L=M8I@FLJJD8CC>I8JJ<J6I8>IFJK@J
G<:K@E8:<88JPF:?CF8GLC:?<CC8I@F
E<LIFEGLC:?<CCLD/IF:?CF88I@QFE@:8
I8:?@8I@88I@QFE@:8*8E@:LD8I@QFE@:87
&@K
R9;9L=9?JAG
4@?6644@DJ2ER9;9L=:GJJ=?M=JG=CL==>I8JJ
68JPF:?CF8GLC:?<CC8I@FE<LIFE
GLC:?<CCLD7&@K
R9;9L==KHAFGKG-@EXE
4@?66442AI=
4@?664D22:LJ=K:9J:9KMFR9;9L=9FM9D
8C@=FIE@8K?I<<8NE6I@JK@;8:8C@=FIE@:8
N9J:8C@=FIE@:87&@K
R9;9L=;=HADDG6.=
MK9:9FKMKJ9W;=K;GEG;=HADDG.?<IFFKJ
N<I<LJ<;8J89ILJ?
7
W4@?66::;U4::K2IK=HLA=E:J=-<GK<D9<I&@K
;M9F<G=DR9;9L==KLTK=;G/JF9J;<
42;U46-=?AKLJ9<G=F+AF9JL,<:FI;<;
@E*@E8IK
7-@EXE
2K@;:>2=:4@K:>
BF:92?@422A
W4@?664M;DD=N9JLGF=D=L=N<8IB@CK6FEAL>
E@?664<K:
70
C8<EKI8;8GI
W4?664
4@?66?@K::4JR9;9LGF=JGJG8IIFN
6DG?@JG@Q8KHH7*C
4@?66?@K::42=4<
4@?662?@K::4HTB9JG=F=DR9;9L=
4@?66A:DJH=JDAL9<=D<=KA=JLG@=E:J9=<D8C<
9C8:BK8@C<;>E8K:8K:?<I6*FC@FGK@C8
D<C8ELI87*C
4@?66A:D
4@?66E2;40
C8<EKI8;8GI
4@?622I
4@?6A:D::=
H=JDAL99RMD?JAK9CL<>I8P>E8K
:8K:?<I6*FC@FGK@C8
:8<ILC<87H=JDAL9
<=D<=KA=JLGE9;@G
D8C<9C8:BK8@C<;
4@?6A:D::=
>E8K:8K:?<I
6*FC@FGK@C8D<C8ELI87&@K
H=JDAL99RMD<
4@?66A:D::=
4@?6I6M;KG:9JD8JJ8><6FEAL>
E@?6I6
<K:
70
C8<EKI8;8GI
4?6I6
K::I4@?PI6E:>E9K9BAKL9D8JJ<LI
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@?E66EIJ2EJHAF9;9L=
JK@EB9L>6C<F;<J
KHH7*C
4@?E66EIJ2E
4@?E:42M@@IIAJK=>F
4@?E66EIJ2E
8N8P>F[#6KT
92?E4@?E:A2D:E2EBF66J2_<YF<=N9K
H9J9J=;G?=JLGJGL=1?<I<8I<PFL>F@E>KF
>8K?<IC@D9<I9LJ?6FEAL>
4@?E:E2
4@?EQE2E:>4@?E:E2E4@?EQE2E@=427
#DG<I8K@MF@II
4@?E>TE
9664@E4@?E:42AJ9D=P;MK9<G=F=DEGFL=
>FKFK?<98K?IFFD@EK?<;<J<IK
::9;@;4@?EQ42E@;4@?EQ42E@=42=F>9<9JK=
;GF9<:FD<LGJ<KN@K?::9;@;
:?E>69MD2E@;2921GQ9=F>9<9JE=
;GFLA?G#8D>F@E>KF9<LGJ<KN@K?PFL
:9;@;4@?EQD2E@;4292.=N99=F>9<9J<=
=DDG"<@J>F@E>KF9<LGJ<KN@K?@K
4@?ERA2E2_4@?ERE2>2_<OG PHJ=K9
AF;=JLA<ME:J==F;M9FLG9LA=EHGOGI<JJ<J
LE:<IK8@EKPN@K?I<JG<:KKFK@D<&65C@BF:9
4@?ERA2E242?@22K@4U:D22:92K@9E4>M
9@)GKV;MTF<G+=<JGN99@9;=JMF9
H9F?9#;FEdKBEFNN?<E*<;IFdJ>F@E>KF
D8B<89F8K
@?ERA2E29:D::7A92K@
9E4>M9@)GKV;MTF<GNGQ9N=FAJ#;FEdK
BEFNN?<E#dD>F@E>KF:FD<
4@?E::CJDTEH9J9<=H=LJYD=GB<IFJ<E<C8DG
*C
4@?E::C@;6=KH<=e;9F<ADfKAF9D9J?
<=-G
a:8E;@CbN@K?C<E>K?<E@E>F=7
4@?E::C2?:9::9E=;@9N@:B&@K
=FIM==KLTD9
DTEH9J9<BF::9
4@?E::C4224@;DTEH9J9<=?9KGDAF9:D9F;9
N?@K<>8JC8EK<IE&@K
DTEH9J9?J9F<=
4@?E::C:>2E2IN=D9H9J9>AF9N=D9<GJ9:8E;C<
&@K
DTEH9J9IM=FG;9EAF9*C
4@?E::C
:>M=2I@=42<42E2I
4@?E::C:>2E2IBF:9:E::929:E:;9F<=D9:JG
:8E;C<?FC;<I<429:E:
4@?E:A2E20
C8<EKI8;8GI
4@?E:42
4@?E:E2>20
C8<EKI8;8GI
4@?E:42
@?::4MF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;
@?::4 :>6MFDM?9J=F=DE9J<GF<=K=
;9R9:9F;9?M9E9K8GC8:<@EK?<J<8N?<I<
J<8KLIKC<JN<I<?LEK<;
@?::4 J2EHMFL9<=GFAA;FE@@:*F@EK
@?::4#@@D?:29::IUEMFDM?9J=F=DE9J
8GC8:<@EK?<J<8
@?::4,E22D:=KL=JG<=GFAA;FE@@:
<JKL8IP
@?::4-2E22>H9KG=FD9AKD9/A:MJYF
DFLEK8@EG8JJFE.@9LIFE#JC8E;
4@?:;@;JEVJ?MDG<=J9N=JAI8M<I@dJ
DLII<C<K6-PEK?C@9FI8DG?LJ:I8M<I@7*C
4@?:;@;
4@?QAM;?GDH=9J;GFD9E9FG?@KN@K?
?8E;6FEAL>
E@?QAE@?QA2E:>
E@?@@AE@;E@?4@@AE@;KA=K;GEG
:GP=9<GJ<K:
70
C8<EKI8;8GI
4?:A0
K::I4@?QAD=YF<=EGFL9X9?9LGK::I
4@?QA2E:>:GP=9<GJ
:4@?QAJF9C89JD9FR9H9J9?M=JJ9
=@>?K@E>JG<8I
4@?@>;0
C8<EKI8;8GI
4@?2>;
4@?@A:;M;;9MK9J@MF<AJK=D8B<JFD<K?@E>
J@EB6FEAL>
E@?@A:;<K:
70
C8<EKI8;8
GI
4?@A:;0
92?E4@?@A:;H9FL9FG
4@?E4@@K:MK
DD=N9J9MFDM?9JK8B<:8IIPKF
8GC8:<2A2DA@;92?@@42;:9J224@:
92A2DA@;4U924@22E:>BF:92?@J2::42A
4@?E:9J@@K:'D=NVDGKDA:JGK9D9=K;M=D9#
KFFBK?<9FFBJKFK?<J:?FFC
@9;=JH=F=
LJ9JD8B<G<E<KI8K<6?:>4@AK::I:AI2D:
BF:94@?E:9J@@K:(=LW=D;M;@ADDG=FD9;9J
F=#JKL:BK?<BE@=<@EK?<D<8K
E9F<9J9
GLJGDM?9JJ<E;8N8P#@I:>29::BF6EBF:9
)@422:I4@?E:9J@@K:Q=JE9F<V9EA@AB9
9+MFL9@M=;93<JK<I;8P#J<EKDP:?@C;KF
*LEK8?L<:8
6FEAL>
4@?E:E@@K:
4@?E:E@@K:E:>4@?E:E@@K:E@;4@?E:E@@K:
E@=427.<D8G8J
2922K:0
:>4@@K:<9J
E@::?E4@@K::?E4@@K:DA:=J9J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@?E>TEM@@DG<I8K@MF`1=L=!F >I@4@>42
\2AI9244@?E>TE KLTK@9;A=F<GJMA<G
`.9D9>M=J93FL8I<EF@JP
!FFLKJ@;<0
>@E:?E>TE
4@?K22:EJL=D9J9X9FI9JG@;<IN<9:F9N<9
4@?K66K=2JMF9@GJEA?9EMQH=IM=X98M<IP
JD8CC8EK6!GJEA;A<9=FGA<=FLA>A;9<G7*C
4@?K66K=@;0
2DE@?K66K=@;+GRG+=X9
4@@JH9Q9KGJ=??MAL9JJ9H=RJ?FM<CEFJ<
>L@K8I=@J?6,?@EF98KFJGIF;L:KFJ7*C
4@@E2;6 K=DHJGLGLAHG<=MF?JMHG<=H=;=K
IM=AF;DMQ=e;9E9fe;9E9LFAfQeRAAPEAARB
IMAKD99ARADf#K@JK?<GIFKFKPG<F=8>IFLGF=
=@J?K?8K@E:CL;<Ja:8D8ba:8D8KE@b8E;
aQ@@OD@@QAHL@JC88@Q@Cb
7
4@@
4@@4224@;H9Q9KGJ=??MAL9JJ9J9Q9<9
98E;<;>L@K8I=@J?648GK<IPO<O8JG<I8K87
*C
4@@E2;
4@@48;MGI<G;9KA8CDFJK2AE:42A4@@4
4@9E2E?:9:9KAD=H=?MV9DN=F9<G:MJ9
;GFEALAJG#8CDFJK>FKK?8KDLC<;<<IN@K?
DPJ?FK
4@@4;GFN=J:GF=?9LANG/A=F=LJ9<M;;AGF=K
EMQN9JA9:D=KK=?[F=DN=J:G#K?8JN@;<CP
M8IP@E>KI8EJC8K@FEJ8::FI;@E>KFK?<M<I9
@@4E>27A:9:'D=?YEMQL9J<='AL9KA
FGDD=?Y-?<8II@M<;M<IPC8K<
&@K
-?<
8CDFJK;@;EdK8II@M<
.6669:K4@:
92D22>:;4@@4:9D4@>>24E:>9229:E2I
` FJGDD9=KL=E9L=JA9DH9J9;9F9KL9K)GDG
NGQ9MK9JHJGFLG'ALc;9KAFGDGMK9JV
,FCCLGK?@J98JB<KD8K<I@8C#dDEFK>F@E>KF
LJ<@KM<IPJFFE
&@K
_#8CDFJKNFEdKLJ<
@K
692=I4@@4D>2K42>429219EGK9
L9J<9JMFHG;G=FDD=?9J'AL9KAFGN9EGK
9DD=?9J1<8I<>F@E>KF8II@M<8C@KKC<9@K
C8K<
&@K
1<8CDFJK8I<EdK>F@E>KF8II@M<
2I42A:E29622>9:>::>6J2I4@@4
4UE>@@E:;M29@(=<AGKM>A;A=FL=9?M9
9D;9FRYH9J9EM;@GLA=EHG'ALc;9KAFG
K=K=;Y-?<>8M<D<<EFL>?N8K<IJFK?8K@K
C8JK<;8CFE>K@D<
&@K
_@K8CDFJK;@;EdK
;IPLG
4@@42M;HGF=JDWIMA<GG;GK9D9J?9GLK
C@HL@;FICFE>K?@E>6FEAL>
E@@42<K:
7
0
C8<EKI8;8GI
BF:42
2?@4@@42E=L=JGLK@E
92?E4@@42<=K;9FK9JI<JK22D42A
E224@;E:9::K2E92?EBF:9:E:E2A>2I
92?E4@>4@@42.=HM=<=<=K;9FK9J<=:9BG
<=MFE=RIMAL=;M9F<G=KLT?J9F<=Q<9
KGE:J9)E<:8EI<JK9<E<8K?8D<JHL@K<
KI<<N?<E@K@J9@>8E;J?8;P
2?E:9AJ242
=K;9FKV#I<JK<;
0
92?E424@42E@9;=J
<=K;9FK9J
92?E4U4@@42LJ9=J>JML9<=DEGFL=99D
?MA=F9I@E>=IL@K=IFDK?<;<J<IKKFJFD<
FE<2?E>69AD@@42292/=LJ9=JV>JML9
<=DEGFL=#N@CC9I@E>PFL=IL@K=IFDK?<
;<J<IK
92I:E:4@@42HGF=JFGE:J=9DFAXG=F=D
:9MLAKEG:9MLAR9JE8D<:?@C;8K98GK@JD
98GK@Q<989P:?I@JK<E0
WK::I92I:E:
4@@42K9;=J<GL=
::;92?E4@@42AJ9NANAJ9GLJGDM?9J>FC@M<
<CJ<N?<I<
:4@@42JF9C89Jd0
2?:4@@42?GL9K
H9J9DGKGBGK
4@@42=42>0
C8<EKI8;8GI
4@@4;
4@@42EIM;H=?9JQ;9=JK=?@K8E;=8CC6FE
AL>
E@@42EI<K:
70
C8<EKI8;8GI
BFQ42EI
W:E:4@@42EIN=F<9JK=DGKGBGK9C@E;=FC;
FE<J<C= E:?D@@42EI292=:=KHGF=JL=MF9
N=F<9=FDGKGBGK3FLJ?FLC;GLKFE8
9C@E;=FC;
/JF9J;
4@@42IM;d6FEAL>
E@@42I<K:
70
C8<E
KI8;8GI
BF:42I
966E4@@42I9?J9F<9JMF9;9F9KL9;GFH9DA
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
::K2I4@@4ADMF9;M9JLG;J=;A=FL=
::BF:4@@4AH=?9JK=9JKL:BKF[ :BF:
E@@4A_.=H=?Y@;@KJK@:BKF@K0
::BF:
429@@42A@EH=?9J9AE::J2E4U4@@4A
?=F=9DG?W9
:J2E4U4@@4AK=J<=K;=F<A=FL=<=9<;<
J:<E;<EKF=6>@D"@=292AM9BF:;:J2E
4U4@@42A@;4@:96K@922924GL9E:AVF
KGQMFG<=DGK<=K;=F<A=FL=K<='GD9#8CJF
8DFE<F=K?<;<J:<E;8EKJF=&FC8
E@::4@@4ADD=?9J9D9E9<MJ=R>IFNKF
D8KLI@KP?E@?:@BF:9I::4292DE::KI2?@
4@::E@;BF:94@@4;:E2>;44>22I-2422::E:
:J22:=I*@::D@@42A@;A@9@I924ID>::9
E@;A@9@IFLGFAGLJ9BG<GKA?M9F9KQD9K
KGDLY;=J;9<=e49;99Af+GKA:D=E=FL=DD=?9
JTF9D9E9<MJ=RH=JGHGKA:D=E=FL=EGJAJTF
EKFE@F9IFL>?KKNF@>L8E8J8E;I<C<8J<;
K?<DE<8Ia38:88@b
'8P9<K?<PN@CC>IFN
KFD8KLI@KP9LKD8P9<K?<PN@CC;@<
:>@@4AJJLAE<>d0
K::I4@227A
:>@@4AMF9DAK9
4U:JM42A@;JF9CGCd0
I::42:J2E
4U:JM42A@;9FL=H9K9<GK
4@@4D:>M;E9KLA;9JQ=K;MHAJD9>A:J9:?<N
8E;JG@KFLK=@9<I6FEAL>
E@@4D:><K:
7
0
C8<EKI8;8GI
BF:4D:>
4@@4E2MK
EAJ9JCFFB8K.66>64@A
:?D4>@@4E2292)GEAJ=KD9HM=KL9<=DKGD
FEdKCFFB8KK?<JLEJ<K
;GFKA<=J9J
:FEJ@;<I6FEAL>
:E@@4E2:E@@42E:>
:E@@4E2>:E@@42E2>7M;4@224E20
424@4E29QM<9J9N=J4UL424@4E2EGKLJ9J
K2294@@4E2LJV:GD9K::I4@@4E2H=JKGF9IM=
K9:==K;G?=J
>::K;4@@4E2L=F=J;MA<9<G:8I<=LC&@K
EAJ9J:A=F
::BF:4@@4E2;GEH9J9J:FDG8I<&@K
EAJ9J
@9;A92E22:4@:AE::BF::E@@4E24@@:=BF:9
:J6I=GEH9JYD9KL=D9KQ=K;G?AYD99RMD
-?<:FDG8I<;K?<:CFK?8E;:?FJ<K?<9CL<
964U9:9@@4E2924<OG=FEAGHAFAYF9EA
LGKH9J9HG<=JDD=N9JETK;9J?9<EC8I><8
98JB<KN@K?JK@:BJ@EFI;<IKF9<89C<KF:8IIP
DFI<
966E64@@42IAFK=JL9JD9HMFL9<=D9JHYF=F
KM:9K==F=D9JHYF@EJ<IKK?<?8IGFFEGF@EK
@EKF@KJ98J<FEK?<?8IGFFE
:4@@42IJF9C89Jd0
92ADI:E::4@@42I
MF9J:MKLG;GF>DGJ=K:D9F;9>J9?9FL=K<=D9
>9EADA9<=D9KN=J:=FT;=9K
4@@4;M@<GKKNF@4D2C4E2>E:BF:;::7ABF:9
:I22A>@@4;#9;=<GK<W9KIM=DD=?Y=K=
E=PA;9FGFGAF<W?=F9.NF;8PJ8>FK?8K
EFE#E;@8E'<O@:8ED8E8II@M<;
2>@@4;
.GEGK<GK.?<I<8I<KNFF=LJ
6FEAL>
E@@4;E@@42=42>70
4224;G;MJJAJ<GK
N=;=K429@@4;<9J9DMR?=E=DGK4U42J24;
L=F=JK=?MF<9=KHGK992?E4224;L=F=J<GK
9XGK<==<9<
:92?=4@@4;N=AFL=KN<EKP
:A@E4@@4;<G:D9<G=FC;<;0
:A@E4224;
<G:D9J
J24;JF9Cd0
:I22ABF:9::BF:J24;
KA?MA=FL=<W9
::BF:J24;MFG<=DGK<GK=DGLJGFE<F=K?<
KNFK?<FK?<IFE< 422DA@;BF:9E2K@96
42>;4 :BF:J24;BF:9>@D9642>;4
`/JT=E=MFDTHAR`/9E:AVFLJT=E==DGLJG
I@E>D<FE<G<E:@CI@E>D<K?<FK?<IFE<
8CJF
4@@4>@;0
C8<EKI8;8GI
4@@IBF:>
4@@4>@=420
C8<EKI8;8GI
4@@BF:>
4@@4AM@=E=J?=J;J=;=J6;GEG>JMLG7<D<I><
>IFN5JL:?8J=IL@K6,@;ME92AP4BF:99696
K:E:>@E24@@4A:92'9KH9H9KNA=F=F<=
MF9HD9FL9*FK8KF<J:FD<=IFD8GC8EK
>@@E4BF:992DEBF:9I6A6BF:92?@BF::;
BF:;:E:>@@4A'9K:JGE9K;J=;=F=FD9K
JG;9KIM==KLTF=F=DE9J8IE8:C<J>IFNFE
IF:BJ@EK?<J<8
6FEAL>
E@@4AE@@42A:>
E@@42A@;E@@42A@=4270
429@@4A@9;=J
;J=;=J2?E>22@@4AHMFL9(9D992DE
:E:4@@4AMF9D?9E9JAF9JGB9;9D;A>A;9<9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
HMFLG<=NAKL9@EDPFG@E@FE8J#J<<@K
92I>224E2<OG;J=GE=H9J=;=#K?@EB@K
J<<DJKFD<227A92I>224E2'D=?Y
;J=G-?<8II@M<;#K?@EB
:A24E2JF9CG8Jd0
92D22:E:4@@K=:=
BF:9:A24E2N9JADD9<=FAN=D
@224E2J:FDGCd0
@?622I%224E2
1=FMK
4@@4EKM;;=JFAJJ@=K6FEAL>
E@@4EK<K:
70
C8<EKI8;8GI
BF:4EK
4@@4UM;D9<J9J98IB 92>@4BF:99MI242
BF:9E@@;@;>2:BF::>9:>M42992?E
J@7::FG;@=D9<J9:9FDGKH=JJGKQFGHM<=
<GJEAJLG<9D9FG;@=&8JKE@>?KK?<;F>J
N<I<98IB@E>8E;#:FLC;EdKJC<<G8CCE@>?K
6FEAL>
E@@4U<K:
70
C8<EKI8;8GI
BF::4U0
#2C:422?2@@;UBF:> <O9J<
#9NAKWK::I4@@4U;GQGL=
J224UJF9Cd0
J224U92>2D@=MF9FA
E9D?J9F<=Q>=JGRK::IJ224U422:I2;DG:G
W4@@4U:>M;EGD=JHAL9Q9K=;9H9J9K9;9JMF
HGDNGH9J9@9;=J;@9HGHGL=>I@E;;IPFI
>8EG@G<:8:KLJKFF9K8@E8GFN;<ILJ<;=FI
D8B@E>K8I/JF9J;6FEAL>
E@@4U:>
<K:
70
C8<EKI8;8GI
4224U:>
4@@4UD;M;K9;M<AJJ?8B<F==6FEAL>
E@@4UD;<K:
70
C8<EKI8;8GI
BF:4UD;
4@@4UKM@LJGL9JKIFKE2>E:?E:42E@@4UKK::I
4@@:E:J@>QDM9F<G=D@GE:J=LJGL9H9J=;=
MF:9AD9<GJ1?<EK?<D8EKIFKJ?<CFFBJ
C@B<8;8E:<I
6FEAL>
E@@4UKE@@4@K:>
E@@4@K@;E@@4@K@=4270
422=2>922
E@@4@K@;9FAE9D=K>9FLTKLA;GKIM=<=B9FKMK
@M=DD9K=FD99J=F992?E2?@4@@4UK9FAE9D
KM:L=JJTF=G>9FLTKLA;GIM=;9MK9L=E:DGJ=K
J24UKJF9Cd0
W92?EJ24UKL=E:DGJ
>M=JL=L=JJ=EGLG
4@@7M@
KAK=9J?@JJ2>M442?@;BF:9
92?D@>@@7'9DTEH9J9<=?9K=KLTKAK=9F
<G.?<>8JC8DG@J?@JJ@E>
J=KGHD9J:M>9J
6;GEGA?M9F979CFN8@IN@K?==C@B<EF@J<
5C@B<@>L8E866FEAL>
E@@7E@@7E:>
E@@7I2>70
429@@7@9;=JKAK=9JI6A6:E:
4@@7F=?J=L9FM;9:D9F;9
4@@7JJLA
A?M9F9<=D9HA=<J9;@M;CO9DD9
EFIK?<IE:?L:BN8CC86-8LIFD8CLJF9<JLJ7
*C
4@@7I2>-@EXE
K::I92DE::KI2?@
4@@>MF9A?M9F9;@M;CO9DD9-8E
JK<98E#JC8E;:?L:BN8CC86-8LIFD8CLJ
M8I@LJ7
4@@7
-8LIFD8CLJM8I@LJ
4@@74@@A@=MF9A?M9F9;@M;CO9DD9JG@EP
:?L:BN8CC86-8LIFD8CLJ?@JG@;LJ7&@K
A?M9F9F=?J9*C
4@@7I2>4@@A=
@@7@@A@= E :9@>AKD9.9F'GJ=FRG-8E
&FI<EQF#JC8E;&@K
<GF<==KLTD9A?M9F9
F=?J9
4@@7:;20
C8<EKI8;8GI
4@@7:?
4@@7:?M;d6FEAL>
E@@7:?<K:
70
4UL4227:?JG<=9JBF:7:?;AJ;MF<9J
92?EI4@@7:?H9K9J:9BGG8JJCFN
/:9:A@?092?EI4@@7:?:9B96NGR7CFN
5MF@:<6:9:A@?4@A92?EIIU27:?(ANGR
=K:9B9'PMF@:<@JCFN
QE:4@@7:?2?@4@@7:?
H9K9J6=N=FLG7;A=J
LGLA=EHG=F=DH9K9<G?8GG<E5<M<EK6
:<IK8@EK@D<@EK?<G8JK::7ABF:9::K2I
E2K@QE:4@@7:?:92#9;=MFE=KIM=DD=?MV
#8II@M<;8DFEK?8>F
::BF6EBF:94@:
:D::E2I:>I29:A:K2?:>@@7:?:92(A@ABG
FG@9=EH=R9<G9;9EAF9JLG<9NW9'AL
M9F<GEA@ABG;9EAF=FG@9H9K9<GLG<9
NW9'P:?@C;?8JEdK9<>LEKFN8CBP<K
&@K
1?<EDP:?@C;N@CCN8CB?8JEdK?8GG<E<;
P<K
2?@22924I92J22=2;4BF:9:I22A
42AI2QE:E@@7:?>24>22I92>::9E
F;GFLJ9EGKFM=KLJ9H9F?9LJ=K<W9K<=KHMVK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E::I:>@@94U:92:K292?E4@4@>:92 K=
TJ:GDFG=KN=JLA;9D.=AF;DAF9.?8KKI<<
@JEdKLGI@>?K
#K@JC<8E@E>
6FEAL>
E@@94U
E@@9@;BF:>E@@9;U4E@@9;@;E@@9@;42>7
0
C8<EKI8;8GI
BF:94U0
429@@94U@9;=J
H9J9JK=:929:K2;4@@94U;GKLADD9<=DD9<G<=
D9H9F?9
4U4@@94U
AJ9DE9J>FKFJ<8#@I:>2
4U92E@@9;@;K::I92AI4@@>K@92J@@9E
Q=J>MAEGK9DE9JQNAEGKMF9:9DD=F9
3<JK<I;8PN<N<EKFLKFEK?<J<88E;J8N8
N?8C<
KM:AJ9MFDM?9J8J:<E;KF8
GC8:<6K:E>:D@;BF:;::4A92496::BF:
4UD@@94U42921GQ9KM:AJ9#=JEGKADDG#
8D>F@E>LGKF"<IDFJ@CCF
4@@9:EM;;GE=J<8K?IUE@@9:EI:42E:4A2?
:J@>2>K@M9F<G;GE=EM;@GFGIMA=J=
LJ9:9B9J1?<E?<<8KJ8CFK?<;F<JEdKN8EK
KFNFIB
6FEAL>
E@@9:E<K:
70
C8<EKI8;8
GI
BF:9:E0
4@=24@@9:E@9D;YFH=J=?JAFG
:4@@9:EJF9C89Jd0
WK::I::BF::4@@9:E
K9DK::I:E::4@@9:EHD9LG
:4@@9:E:>JF9C89Jd0
9696:E:
:4@@9:E:>E=K9
:>@@9:EE<>
9QMF9J=8JK=KL9J=F=D
HJAE=JH=JWG<GE=FKLJM9D6MF9EM;@9;@97
9<@E?<I=@IJKD<EJKIL8CG<I@F;58>@IC6&@K
FG;GE=J
J29:EJF9Cd0
2?@J29:E=KLYE9?G
?DT4-29:E;9EHG.9F+=<JG=FD9AKD9.9F
KL=:9F
4@@9@;BF:>0
C8<EKI8;8GI
4@@94U
4@@:MK<=KHAGB9J;<CFLJ<?<8;C@:<6FEAL>
:E@@::E@@:E:>:E@@:J@:E@@:J@=427M;
4@22:0
92:HAGBGF=?JG
4@@:MKAJ;GFD9AFL=F;AYF<=;GFK=?MAJ>FN@K?
K?<@EK<EK@FEF=8:HL@I@E>6D@@52D@@:
42921GQ9LJ9=JJ=>J=K;GK#8D>F@E>KF
9I@E>JF;8GFG
6FEAL>
:E@@::E@@:E:>
:E@@:E:E@22E2>70
K2422>92>M44@@:
E=L=GJ
92>M44@@:LJ9=J:J9K9K<=GLJ9DME:J=
<=@9:=JD9H=J<A<G1<=FLE;FLI9F8KK?I<<
;8PJ8=K<ICFJ@E>@K
H9K9JMFDM?9JG8JJ
9P8GC8:<.::I924IE::;42E2IBF:9
)@422:IQE:D@@7:?4292 D;9EAYFN99
H9K9JHGJ+MFL9@M=;9.?<KIL:B@J>F@E>
KFG8JJ9P*LEK8?L<:8
.229BF:992?E
BF:9:E:E2AI92?D@9:?@>@@7:?+=J<AEGK
=D<W9DAL=D<W9K=FGKH9KY1<CFJKK?<;8P
C@K
K?<;8PG8JJ<;9PLJ
0
2?@4227:?
AE:?@4@@7:?H9J=;=JA?M9DJ<<D<HL8C
422DA@=424@:92IAE:?@J27:?429292IK@
922I29E@@>>29>6I=/G<GKDGKDTHA;=K
H9J=;W9FA?M9D=K=FLGF;=KLGEVKYDGMFG
.?<G<E:@CJ8CCCFFB8C@B<JF#KFFBALJKFE<
E@::4U4@@7:?;AJ;MF<9J>F8IFLE;224@
4@AE@::4UD@@7:?4292199AJ9DGLJGD9<G
<=D9;9K9-?<@J>F@E>8IFLE;KFK?<FK?<I
J@;<F=K?<?FLJ<
E22I:E:A27:?E2E22I:E:E@@7:?>2<OG
<=KHMVK<==KGDM=?G8=K<IK?8KK?<E
J27:?JF9Cd0
:922:EBF:92?@J27:?
N=F99JL=JA9:9::D2I2?@J27:?N=F9K::I
92I2?@J27:?LM:GH9J99?M9E9F?M=J9
4@@7:K=40
C8<EKI8;8GI
4@@7>@;
4@@7>@;M;BMFL9JD=X9>8K?<I=@I<NFF;6FE
AL>
E@@7>@;<K:
70
C8<EKI8;8GI
BF:7>@;
4@@7:K=4JJLAd0
>2E4K:E2=4@@7:K=4MF
EGDMK;G
4@@92M@DDGJ9J:IP*22I:E:>@E2>2>@@92
+GJ=K9J9RYFDDGJY.?8KdJN?P?<:I@<;
6FEAL>
E@@92E222>2>E2E@@:70
K::I
4@@92N9;9
:4@@92JF9C89J;9F;AYF<=DMLGJFE>F=
DFLIE@E>&@K
;GFIM=MFGDDGJ90
:4@@92
4UL424@::E;9F;AYFH9J99QM<9J9DEM=JLG=F
KMNA9B=9e;G99PQ9Lf
J292JF9Cd0
?22AI2
J292?GJ<MJ9<MJ9<=DH=;@G<=
;A=JLGK9FAE9D=K
4@@94UM;N=JLA;9DQ:G;99JJA:9
M<IK@:8C8E;I@>?KJ@;<LG696 4@@94U
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9I@E><D9<IJ=IFD8EFK?<I=@I<
4@@:4UM;E9L9JB@CC >@@:4U:92)G=KMF9
;GK9IM=E9L9#K@JEdKJFD<K?@E>K?8KB@CCJ
6FEAL>
E@@:4UE@@:4@E:>E@@:4UE
E@@:4UE@=4270
C8<EKI8;8GI
BF:4U0
422:4@E9QM<9J9E9L9J
4@@:;24J?9FKG=KH=;A9DE=FL==D?9FKG<=
;GDD9J>FFJ<<JG<:@8CCPK?<9I8EK86I8EK8
9<IE@:C8QGLJGK7*C
4@@:;24
4@@:=M;<IL=F=J;GH=L=6;GEGHTB9JG7?8M<
:I<JK5C@B<9@I;66FEAL>
E@@:=E@22=:>
E@22=@E@22=2>70
@@:=KMEGXG
4@@:=M@
9RMDN=J<=9CL<>I<<E 42?@22
4@>4@@:=I294966=I294U:J22DA@;+AFLY
KMH9F?9N=J<=G9RMDQJGBG"<G8@EK<;
?@J9F8K>I<<EFI9CL<8E;I<;
LA=JFG
6;GEGJ9E97K<E;<I5C@B<9I8E:?6N=J<=
FGE9<MJG>I<<EEFKI@G<@>:E:?4@A
:DBF:9:?D4>2A@I292T:4@@:=@@92)G
;GB9KD9>JML9<=H9DG>A=JJG/G<9NW9=KLT
N=J<=FEdKK8B<K?<=IL@KF=K?<@IFENFF;
KI<<
#KdJJK@CC>I<<E
6FEAL>
E@@:=E@@:=@7
0
429@@:=@9;=J9RMD@9;=JN=J<=4@@:=@;
L=F=JE9F;@9K9RMD=K92:4@@:=NA=FLG>M=JL=
IM=@9;=<9XG922A:D4@@:=E9JA?M9F9
92J66?J22:=@;H9XGKE9F;@9K=FD9;9J9
K2>E@@:=B9A:99RMDK::I:?24@@:=RGJJ9K::I
:D4@@:=K9F<W9K:I4M>4@@:=;9:9Q;M;@G
:429@@:=J22:=4U4@@:=9RMD=D;GDGJ<=9XAD
9CL<K?<J?8;<F=9CL@E>&@K
9RMD;GEG=D
9RMD<=9XAD0
:429@@:=J22:=4U4@@:=
4ULBF:4@A@=9RMDGK;MJG
IA2?22>DJ22:=4U4@@:=N=J<=>I<<E&@K
9RMDN=J<=;GEG=D9RMDN=J<=<=9D?9E9JAF9
::=JL=J.M>ABGIM=K==F;M=FLJ9=FH9D9:J9K
;GEHM=KL9KIM=K=<=JAN9<==KL=N=J:G
H=JG>J=;M=FL=E=FL=;GF=DK=FLA<G9<A;AGF9D
<=L9E9XG?J9F<=-L==@O=FLE;@E:FDGFLE;
NFI;J;<I@M<;=IFDK?@JM<I99LK=I<HL<EKCP
N@K?K?<8;;@K@FE8CD<8E@E>F=C8I><J@Q<
0
9242E::=LA:MJYF9RMD>6?E@I::=MF99?M9
E9D9>@D?::=N9JA=<9<<=;9?M9E9HJA=L9
D:>6?::=@9D;YF.2;::=;M=N9=FD9AKD9
/A:MJYF
J22:=JF9CN=J<GKGG9RMD9<G>I<<EE<JJFI
9CL<E<JJ0
92?EJ22:=@A=J:9LA=JF9N=?=
L9;AYF92?EJ22:=:922E::K2I9?GKLG9696
J22:=J9EAL9N=J<=<=MF9HD9FL9I6A6M?
J22:=MF<=R9;9L=<=E9JIA2?22>DJ22:=
4UL4@@:=N=J<=J22:=BF:94ULBF:4@A@=9RMD
E9JAFGJ22:=BF:992I4U:J2IA@@4ULBF:9
@9;=J9RMD;D9JG
4@@:=20
C8<EKI8;8GI
4@@:E
4@@:=@;M@L=F=JE9F;@9K9RMD=KHGJ?GDH=G
HGJF9;AEA=FLG?8M<9CL<JGFKJ9IL@J<JFI
9@IK?D8IB ?22:=4@>E4@@@J22:=@;.M
HA=D=KL9:9;M:A=JL9<=E9F;@9K9RMD=K"<I
JB@EN8J:FM<I<;N@K?9CL<JGFKJ
6FEAL>
E@@:=@;E@@:=@;7
:4@@:=@;JF9C89JE9F;@9K9RMD=K=F=D;M=J
HG9CL<JGFKJFEK?<9F;P
4@@:?M;L=F=J:G;9<G?J9F<==F=D;9;@=L=
?8M<C8I><DFLK?=LC@EK?<:?<<B.:IBF:D::=
BF:;:422:E@>:J@>M92I2?IUJ22:?429
DFAXGFGHM<G@9:D9JHGJIM=L=FW9EM;@G
=FD9:G;9.?<:?@C;:FLC;EdKK8CB9<:8LJ<
?<?8;8CFK@E?@JDFLK?
6FEAL>
E@@:?
<K:
70
C8<EKI8;8GI
BF::?
4@@:A;M@LJ9FKN=JKGKI8EJM<IJ<.::I924IE::;
42E2IE:?E:42M?@E:>@KE@@:A;92BF:IJ::;
D;9EAYFK=NGDL=YQK=IM=<Y;JMR9F<G=D
;9EAFG.?<KIL:B=C@GG<;8E;<E;<;LG
8:IFJJK?<IF8;
6FEAL>
E@@:A;E@@:A2
=:>E@@:AK:=70
422:A;HGF=J9LJ9NVK
4UL422:A;9?MB=J=9J66?:>:E:E:4@@:A;
:9QGF=L9K::I442A:D=::4@E:E:4@@:A;@=DA
;YHL=JG
4U4@@:A;
9?MB=J=9J;GEHD=L9E=FL=G8JJ
K?IFL>?:FDGC<K<CP[6?:>4@@D@E4@>
96964@>E@::4UE@@:A;_+9KY=D;D9NGD9
E9<=J9@;K?<E8@C>FK?IFL>?K?<NFF;
9LJ9N=K9JC@<8:IFJJ.:I4M>:E244@>
:A@D4UD@@:A;4292 D@M=KG<=H=K;9<GK=
N999LJ9N=K9J=FKM?9J?9FL9.?<=@J?9FE<@J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:4@@:EM2:9AD=<=DN=F9<G;<<I;8E:<
>F@E>KF><KJKL:B@E?@JK?IF8K
4@@:EM@d6FEAL>
E@@:EE@::E:>*C
4@@:A;M@GN9D9<GFM8C2D2;4@A4@@:A;:92
EA22:=IEA22=2;4EA22=2I=42*C
E6>6
6E22I92?E4@4@>429
EP>6E@=42E2E@@>6E2;76 F9D?MF9K=PHJ=
9J@BF66A6'9;9F9KL9=K
KAGF=KK=MK9;A=JL9>GJE9HDMJ9D=FGLJ9K
GN9D9<9(=?MKL9=K9>GJE9
4@@:A;
@9QN9JA9;AYF'9>GJE9HDMJ9De;H99ADPfK=
.?<98JB<K@JFM8C
#C@B<K?8K
<=JAN9@AKLYJA;9E=FL=<=DH9KANG<=DN=J:G
J?8G<
6FEAL>
E@@:A;E@@:A2=:>
e;99ADPfgLAJ9Jh#EJFD<<OGI<JJ@FEJ8:<I
E@@:A=2>E@@:A2=2>70
429@@:A;@9;=J
K8@EGCLI8C=FID@JLJ<;@EFK?<IJK?<I<@J
GN9D9<G
M8I@8K@FE
.?<GCLI8C=FIDa:G88@COb@J;<
4@@:DM;E9KLA;9J>A:J9H9J9=PLJ9=J=DBM?G
I@M<;?@JKFI@:8CCP=IFDK?<G8JJ@M<F=K?<M<I9
:?<NKF<OKI8:KAL@:<6FEAL>
E@@:D<K:
7
a:88@CObcK?IFNd
70
969692I@;4@@:EE9
0
C8<EKI8;8GI
BF::D
<=J9>DGL9FL=:>4@@:EDD=?9J6NA=FLGGHGJ=D
4@@:D?2?M@=F;GJN9<GJCFL:?'F:D::=42A92I
NA=FLG7>@@D?:92?E4@@:E;9?M9E9=F@A
J22:D?2?@@ DFAXG=KLTAF;DAF9<G;GFDGK
:=JF9;AYFK2IEBF:D::=92AI92?E4@@:E
:J9RGK9HJ=L9<GK.?<9FP@JJCFL:?@E>8E;
9:GJLGK::I92?E4@@:E;M=JHG=FL=JJ9<G
>I@GG@E>?@J8IDJ
9:D@;I@>>:K;
2?92?E4@@:E
;9=JK=9<=FLJG=8CC@EJ@;<
,@@4UDI2;I@92?D@J22:D?2?)GLA=F=
=FLJ9JJTHA<9E=FL=ILJ?@E@9;=J=;G
:M=F9HGKLMJ9 K9DLGH=JG=KLT=F;GJN9<G
D8B<<:?F6?>9224?:4@>:9::;4BF:9
"<;F<JEdK?8M<>FF;GFJKLI<
"<dJK8CC9LK
92DE4@A2?92?EIU22:E DLJM=FG<=DJA>D=
?<JCFL:?<J
6FEAL>
E@@:D?2?E@@:D?2=42
@ARG=;G=FD9EGFL9X9.?<I@=C<J?FKD8;<
E@@:D?2=4@;7
8E<:?F@EK?<DFLEK8@E
*C
2?92?E
4@@:EM@:9AD9J;8E:<6FEAL>
E@@:EE@::E:>
4UBF6>6
E@@:=2E@::=2>7
2?@4@@:E
K=JD9L9J<=9<8=K<IEFFE.229
4>22>4U4@@:=2M@GC
9:A4@AM?@A22:EE2>@?D::?2921=F@GQ
:9AD9J;A=JLG:9AD=;8E:<
=FD9L9J<=FD<KF;8P@EK?<8=K<IEFFE
:<IK8@E;8E:<
R9E:MDDAJK=GCLE><;@M<,:42BF:K::=
92?E4UE:E@@:;4@@:=292?E
4E2>4U4>22BF666;4@:2?@:A22=2I=42
4UA:E@@:;D@@:=2M@GC
:9AD9J;A=JLG:9AD=<=
429K2294@AJ@@>6'GKBYN=F=KH9K9JGF=D
EMB=J=K;8E:<NFD<EdJ
<W9R9E:MDDAVF<GK=.?<PFLE>G<FGC<JG<EK
;8E:<
8CC;8P;@M@E>
*C
2?@4A22:=I
96A6>4U4@@:E:9AD9J=D
42?@222?92?E4@@:EAJ9MF9H9F?9H9J9
:9AD=<=DN=F9<G;8E:<K?<
H=<AJH=K;9<G>FKF89F8KKF8JB=FI=@J?
;<<I;8E:<&@92>@4E2
2?@224@>E27A>2E2=I42?@222?92?E
"F:DBF:996A6>4UD@@:E
4UJ@@>60F9H9F?9DD=?YQK=>M=JGF9D9
4@@:E
4292 KL9FG;@='MAKN99
HD9Q99H=<AJH=K;9<G9F8K8II@M<;8E;
:9AD9J=D:9AD=<=DN=F9<G.FE@>?K&L@J@J
K?<PN<EKKFK?<9<8:?KF8JB=FI=@J?
*C
>F@E>KF;8E:<K?<;<<I;8E:<
42?@222?92?E4UBF6>6
K::I4@@I4U4@@:=2M@GC:9AD9J;A=JLG:9AD=
924I4@@:E
?9KL9<GH=B<AF=JGMK9JK=
;8E:<:<IK8@E;8E:<
JG<EK<
>
DFE<PLJ<;[*@>>@66?BF:9
4@@:EJJLA:9AD9<GJ;8E:<I
E4@@@924IE@@:E_49K=?9KLYLG<G=D
:4@@:EJF9C89J:9AD=;8E:<
<AF=JGIM=LJ9W9K#J8CCK?<DFE<PPFL
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9IFL>?K8CI<8;PJG<EK\24IIU22:E:D
`49K=?9KLY#KdJ8CI<8;PJG<EK,::424I2E=4
BF:9EA2::>2IK::I:9MIBF:92?IU924I
IU22:EM9F<GK=@9;=FLGJLADD9KK=MLADAR9
EM;@9?J9K91?<EFE<D8B<JKFIK@CC8JCFKJ
F=J?FIK<E@E>@JLJ<;
H=J<=JK=><KCFJK6
9696M?4@>2?@924I4@::E:>:92(=
H=J<W9=F=DEGFL=#>FKCFJK@EK?<;<J<IK
69696M?4@>2?@924I4A22:=I:92)GK
H=J<AEGK=F=DEGFL=1<>FKCFJK@EK?<
;<J<IK
*C
924I4A22:=IK=JMF9DTKLAE9
9<8J?8D<\24IIU22:E`,MVDTKLAE9
1?8K8J?8D<
924I4U4@@:E=IMANG;9JK=@9;=J=JJGJD8B<
8D@JK8B<<IIFI,::42@@DI4@:A24924I
4U>@@:E#ARGMF=JJGJ=FKMKME9-?<
D8;<8E<IIFI@E?<I8;;@K@FE
*C
924I
4@4A22:=I
92?E4@@:E;9=JK=<=K;=F<=J9L=JJAR9J
69NAYF7DD=?9J9LA=JJ9>AJE=6:9J;G7@MF<AJ
K==8CC;FNE>F;FNE;<J:<E;C8E;
5GC8E<69<8:?59F8K6J@EB#@I:>2I::42
442AE@;BF:94@@4;92?E4UJ@@>6Q=J<GK
9NAGF=K9L=JJAR9JGF3<JK<I;8PKNFGC8E<J
C8E;<;
A42BF:992IEE2K=42>@@92?E
4UI@@>6E@=42D?MF9K?GL9K<=DDMNA9
;9Q=JGFMFGHGJMFG-FD<I8@E;IFGJ=<CC
FE<9PFE<
*C
92?E4UBF6>6
92AI4@@:EK9DAJ6;GEGKGFA<G7<D<I><
5C@B<JFLE;6>224@;4@A:DI66?@@
422:E@>:92I@92AIJ22:E DNA=BALGKMKM
JJ9:9H=JGK=GQYKMNGR.?<FC;D8EN?@J
G<I<;9LK?@JMF@:<N8J?<8I;
92AI92?E4@@:E
K9DAJJTHA<GILJ?FLK
9:GJL9JK==KHGFLTF=9E=FL=LE;<I>F
JGFEK8E<FLJ89FIK@FE9<D@J:8II@<;5=<KLJ6
.::I4>@E@>?BF:992AI92?ED@@:E4292
D:=:VK=9:GJL9JT.?<989PN@CC9<D@J
:8II@<;
=K;9H9JK=<J:8G<&?224@;M?
4@>M?4UE@:K4E92AI92?E4UJ@@>6 FLJ9
JGF9DTJ=9<=DE9F?D=QK==K;9H9JGF.?<P
<EK<I<;K?<D8E>IFM<8I<88E;<J:8G<;
*C
92AI92?E4UBF6>64U42E@@>6E2;
92I@;4@@:EDD=?9J<=DE9J9LA=JJ98II@M<8K
C8E;=IFDK?<J<8*C
92I@;4A22:=I
96>64@@:EDD=?9J9MF9;9K9H9J9<AK;MLAJG
H=D=9J8II@M<8K8?FLJ<KF8I>L<FI=@>?K
*C
96>64A22:=I
/:9::D2I4@>092?D@92?E4@@:E<OGLJAKL=
J8;@J24;BF:9E>27A>29:9::D2I4@>
92?D@92?EJ22:E(A@=JE9F9FGDD=?YQ
=KLGQLJAKL='PJ@JK<I;@;EdK8II@M<8E;#8D
J8;
*C
:9::DE@I4@:92?D@92?E4A22:=I
::BF:4@@:EAJ>F :BF:J22:EK@I@>AM)G
K=K9:=9<GF<=K=A:9#K@JEdKBEFNEN?<I<
J?<N8J>F@E>
*C
::BF:4A22:=I
::D2I4U4@@:E<OGNGDN=J=FKWI<>8@E
:FEJ:@FLJE<JJ[#64>22I>::D2I4UE@@:E
_1GDNAKL==FKW@;PFLI<>8@E
:FEJ:@FLJE<JJ*C
::DE@I4@4A22:=I
::D2I92?E4@@:E<OG9D=?J=;GFL=FLG>=DAR
?8GGP:FEK<EK&@K
KM=KHWJALM9L=JJAR9
2>66?4@;E2429;@;::DE@I92?EJ@A22:=I
@66?644@:E:9::>E@;>2 K9K>9EADA9K=KLTF
;GFL=FL9KHGJIM=KMK@ABGKK=;9K9JGF.?FJ<
=8D@C@<J8I<?8GGP9<:8LJ<K?<@I:?@C;I<E>FK
D8II@<;
*C
::DE@I92?E4A22:=I
::D2I92AI4@::E:><OGJ=KHAJ9J9F@=DGK9
E=FL=>8JG=FI8@I.:IBF:D::=4@AI6A6
4@>2?@E22=:>92IJ2922A=429:9::D2I
BF:992AIJ2::E:> DFAXGF9<9:9=F=DE9J
QJ=KHAJ9:99F@=DGK9E=FL=HGJ=D>JWGIM=
L=FW9.?<:?@C;N8JJN@DD@E>@EK?<J<88E;
N8J>8JG@E>=FI8@I9<:8LJ<J?<N8J:FC;
*C
::DE@I92AI4A22:=I
:>@K4U4@@:E<OG9;GJ<9JK=<=I<D<D9<I
*@>A24>69J22D@EE2I>:>@K4UJ@
>@@:E)GL=9;M=J<9KIM=L=HJ=KLV<AF=JG
3FL;FEdKI<D<D9<IK?8K#C<EKPFLDFE<P
*C
:>;U44@4A22:=I0
:>@K4UL422:E@E
J=;GJ<9J99D?MA=F<=9D?G
:E92?E4UBF6>6K9DHA;9JJGC8J?
:J2E92?E4@@:E
DD=?9J9D9;AE9I<8:?K?<
JLDD@K;MEHDAJ9D?G=EHJ=F<A<G
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@@:E:0
C8<EKI8;8GI
4@@>
4@@:E@>M@;AF;G=@M<)::>6EBF:94@@:E@>
:92#9Q;AF;GH9F=K.?<I<8I<=@M<9I<8;
IFCCJ
6FEAL>
E@@:E@>E@::E>@;70
422:E>@;N=F9<G:MJ9;GF;AF;GGETK
HMFL9K=F;9<9MFG<=KMK;M=JFGK
429@@:E@>HGF=J;AF;G422:E@>G;MJJAJ
;AF;GN=;=K92?E422:E@>L=F=J;AF;G9XGK
<==<9<
:92?=4@@:E@>;AF;M=FL9=@=KP
J22:E@>JF9Cd
::BF:J22:E@>IMAFLG=@=K?
4@@:K;M;EGD=J>I@E;6FEAL>
E@@:K;<K:
7
0
C8<EKI8;8GI
4BF:K;
:4@@:K;JF9C89Jd0
::BF::4@@:K;:9JJG
<=;9DAR9
4@@;@;M@:9BALGJ?FIK@EJK8KLI<>22>
9:>42A4@@;@;:92 K9EMB=J=K:9BAL9.?8K
NFD8E@JJ?FIK
6FEAL>
E@@;@;E@@=70
.::I@@;@;MFEA=E:JG<=D9H9F<ADD9
eL9E;Z9LDf
::D2I4@@;@;<OG>9DL9JH9;A=F;A9
AEH9;A=FL=C8:BG8K@<E:<@DG8K@<EK&@K
KM
=KHWJALM=K:9BALG
4@@;@;0
C8<EKI8;8GI
4@@4U
4@@;U0
C8<EKI8;8GI
92DE4@@;U
4@@;UBF:>0
C8<EKI8;8GI
4@@4U
4@@=J:GDK9<=J=<E<K98>*C
4@@=@=@;6.=MK9:9H9J9;GD?9J
GDD9KQDD=N9JFAXGK#KN8JLJ<;
KF?FC;GFKJ8E;KF:8IIPPFLE>
:?@C;I<E
7
W4@@=8;AH=IM=XGJD8CC/JF
4@@=
9J;-@EXE
BF:D:=0
::74@;
4@@=H9B9JALGH=R
4@@>M@@II
9;GKL9JK==KL9J9;GKL9<GC@<
;FNE9<CP@E>;FNE>@BF66A6BF:9
9:>4242?@E@@>922>@@> D=F>=JEG
=KLT9DDW9;GKL9<G.?<J@:BG<IJFE@JFM<I
K?<I<CP@E>;FNE
\29@@EK:E:42>@>`)G
L=9;M=KL=K=FD9HM=JL9FEdKC@<;FNE@E
:FDGC<K<JFD<K?@E>LE;<IK8B<E
A2E:I4@@:EK=J@MVJ>9FGFIG?8E@4D2C
E2?E:42E42?@22K2?@E294292?EK::BF:
E:E@@:;>2M?@E:>@K>24@4D2C4>224U=
2?@4229424@:4@@II6A64@>924I
4UE>::9E@;>2I:42BF:K::=BF:94@@4;
E29422:=A2E:I:>A22:=I'GKE=PA;9FGKFG
AF<W?=F9KNA9B9:9F=FMF9H9F?9;M9F<GK=
NGDL=YD9H9F?9QDGK@GE:J=KK=9@G?9JGF
'GKFAXGKK=IM=<9JGF@MVJ>9FGK.?<EFE
#E;@8E'<O@:8EJN<I<KI8M<C@E>@E89F8K
N?<EK?<9F8K:8GJ@Q<;8E;K?<D<E
;IFNE<;
.?<:?@C;I<EN<I<C<=KFIG?8EJ
*C
A2E:I4A22:=I
D66E6?4@>2?92?E4U4@::E:>J=;G?=J
;9DDGK<=@9;@9>8K?<IG<EJ?<CCJ@>4224
4@:E2=ID66E6?BF:92?92?E4UJ@@>6E@=42
'9?=FL=K=JA>M=QJ=;G?AY;9DDGK<=@9;@9
.?<-<I@G<FGC<N<EK8E;:FCC<:K<;G<E
J?<CCJ
*C
D66E6?4@>2?92?E
4UBFP>6E@=42
I6A62?92?E4@::E:>:M;=9JJ:L98;@M<
,6A62?92?E4U92E6>6969692D4M>:E24
BF:94U92E2K42>66?:>4966=BF:92?IU
92AI92J@@4>@=42M;=9EGKKG:J=DGK
J=KLGK<=D:9J;GQK9;9EGKEM;@G;G:J=1<
;FM<KFK?<J?@GNI<:B8E;N<KFFBFLKCFKJF=
:FGG<I
*C
I6A62?92?E4UBF6>6
K22;4@@:EAJ<=DEGFL=@9;A9=DE9J>F
KFN8I;K?<J<8=IFD@EC8E;2?E:AKI4@>
E224@;E@44@?E:E2>2E::I2?92E22:EK22;
92>A22:=I!MAEGK@9;A9=DE9JHGJMF
9JJGQG?J9F<=1<N<EKKFN8I;JK?<J<89P8
C8I><8IIFPF
*C
K22;4A22:=I
:4@@:EJF9C89Jd0
K::IBF:9924I:4@@:E
=JJGJ
J22:EJF9Cd0
2?@J22:ED9L9J<=
:9::D2I:>BF:92?92?EJ22:EEG>D=:9:A@?
BF:92?92?EJ22:E;9B9<=J=KGF9F;A9<=MF
AFKLJME=FLGEMKA;9DK::42?@J22:E4UBF::>
:9DGF;ADDG9N=K::I:422:E@>BF:92?92?E
J22:E:G;AF9?J9:9<GJ9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?<;FFIN8P=KL9J9;GKL9<G9<CP@E>
;FNE*4@K:>>2I:>M>4A6?6BF:9
E2EI@I@@=4@>:E:>@@> FLA=EHG<=
;9DGJ@9QEM;@9>JML9<=HAL9Q9IM=FGLA=F=
=KHAF9K#EN8IDN<8K?<IK?<I<@JCFKJF=
FI>8EG@G<:8:KLJ=IL@KK?8K@JK?FIEC<JJ
6FEAL>
E@@>E@@>2>E@@:E:E@::E@;
E@::E@=4270
4@4@>9;GKL9JK==F::92I
::4I4@@>MFG<=DGK<GK:MDLGK<=;9X9IM=
;GFGLJG=FE=<AG>GJE9FMF9:9DK9>@4@>
N=FAJ9;GKL9<GI2A:;2?@4@@>MF=K;9J9:9
BGK::I92AI4@@>:9DD=F9K::I92DE::KI
2?@4@@>MF9A?M9F9;@M;CO9DD9K::I
:E2;66?@@4@@>H=F=K::IQE:4@@>:=:V
F9;A<GEM=JLGK::I:E:4@@>2>H=JKGF9IM=
AFKAKL=EM;@GK::IA22:;2?@4@@>9D9;JTF
<=D<=KA=JLG
92?EI::4I4@@>9?9;@9JK=JKFFG;FNE
92?E4@@>9;GKL9JK=C@<;FNE\2?E
>:D@>292\ ?D::>292`;MVKL9L=
`M=JE=&@<;FNE-C<<G
/I6A64@>092BF:I4@@>;9DE9<G6E9J7
:8CD5J<862:4@A::K4A2IBF:>E2II6A6
4@>92BF:ID@@>4292M9F<G=DNA=FLGK=
;9DE==DE9JIM=<9JTLJ9FIMADG1?<EK?<
N@E;:8CDJ;FNEK?<J<8N@CC9<:8CD
92I24@@>LGE9J9?M9;GFMF;9JJARG
;I@EBN8K<IN@K?8I<<;JKI8N
92I@;4@@>9LJ9;9J8II@M<8KC8E;8E;>F
FEKF;IPG8IK
9664@E4@@>:MK;9JNAKAYFJ<<BM@J@FE6
9:4>::BF6E4299664@E4U9:>@>:92)MF;9
@=:MK;9<GMF9NAKAYF#?8M<E<M<IJFL>?K8
M@J@FE
966?@4@@>@MAJQ=K;GF<=JK==F=DEGFL=
=C<<8E;?@;<@E;<J<IK
::492?E4@@>9;GKL9JK==FD9FG;@=;GEG
=KLTMFGKAF;=F9J>FKF9<;8JFE<@J
N@K?FLK?8M@E><8K<E :492?E92A@>I
:BF::>:9D4>M292.AE=9;M=KLGKAF;=F9J
FGNGQ9HG<=J<GJEAJ#NFEdK9<89C<KF
JC<<G@=#>FKF9<;N@K?FLK<8K@E>JLGG<I
::D2I4@>::;92?E4@@>=KL9J=FH=F9G=F
<GDGJKF9<@EDFLIE@E>
::D2I4@>>::K;924I:>@>=KL9J9[F=F
H=F9G=F<GDGJJK@CC9<@EDFLIE@E>&@K
KM
=KHWJALMFGK=9;M=KL9:A=F
::424@@>H=JL=F=;=J9<CFE>'F66=I
4224@;BF:942?@224966=BF:9::424@@>
:92 D;9F9D=L=?J9F<=H=JL=F=;=9D9H9F?9
JGB9.?<C8I><G8;;C<9<CFE>JKFK?<I<;
9F8K
:9::?4@@>K=JBGN=FIM==KH=J9@9;=JMF
;GEHJGEAKG<=E9LJAEGFAG9<PFLE>D8E
N?F@J?FG@E>KFD8B<8D8II@8><
8>I<<D<EK)::AE::IBF:D::=4>22>E:BF:;
:9::?4@@>:92 K=BGN=F=KFGNAG<==K9
EM;@9;@9.?8KPFLE>D8E@JK?8K>@ICJ
=@8E:T
.2IEBF:D:=4E2>9:>42ABF:9::?
4@@>:92[.TK2IEBF:D:=4>22>:9::?
4@@>J2 K=EM;@9;@GIMA=J=;9K9JK=;GF
9D?MA=F_,MAVF=KD9EM;@9;@9;GFIMA=F
IMA=J=;9K9JK=.?8K9FP@J?FG@E>KFD8IIP
JFD<FE<
1?F@JK?<>@IC?<@J@EK<E;@E>KF
D8IIP0
BF:9::?4@@>BGN=FIM==KH=J9
@9;=JMF;GEHJGEAKG<=E9LJAEGFAG
::4@>JF9C89Jd0
9696:E:::4@>;9E9
.22;*@>424UE:>? :4@>;M=N9=FD9AK
D9/A:MJYFK::I2?::4@>:GDK9<=<GJEAJ
:9::?::4@>BGN=F;AL9;GFIMA=FMFBGN=F
IMA=J=;9K9JK=PFLE>NFD8EN?FD8PFLE>
D8EN8EKJKFD8IIP
::9@>JF9Cd0
2?::9@>;GFL=F=<GJ
@@7@@A@= E :9@>AKD9.9F'GJ=FRG
66?>9224?:966BF62?::9@>HAKLGD=J9
92D=22?::9@>H=DGL9RG2I :9@>DM?9J
2IU= :9@> D=K=E:GIM=966::9@>
H9JL=<=HJAEA<9<=D9FM;9966?;::42::9@>
9J;GH9J9NAGDWF969642?@22::BF:::9@>
9KL9<=D9JHYFD9J?G:BF:=:E:2?::9@>>MF<9
<=9DEG@9<9:E22DE:E::9@>=F;W9K*2E4U
>2D@= E :9@>AKD9.9DKAHM=<=K
J22:E:JF9Cd0
9224@4>@BF66AEBF:9
2?@J22:E:@GKHAL9D2D422;-22:E:DM?9J9D
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
424@I2;K::IBF:9BF:::E@;4@:::BF:
>@@>6EI'99F;A9F9K=EGNAY@9;A9D9DME
:J=9<GF<=D9?=FL==KL9:9;GEA=F<G.?<
FC;NFD8ENI@>>C<;?<IN8PKFN8I;JK?<
=@I<N?<I<K?<G<FGC<N<I<<8K@E>
6FEAL>
E@@>6EI<K:
70
C8<EKI8;8GI
BFQ>6EI
4@@>;UM;AJ9J=;G?=JE9?M=Q:FCC<:K:<EKLIP
GC8EK6D@@>=2;4429219EGK9
J=;GD=;L9JE9?M=Q1<8I<>F@E>KF:FCC<:K
:<EKLIPGC8EK
6FEAL>
E@@>;U<K:
70
C8
<EKI8;8GI
BF:>;U
4@@>=2I0
C8<EKI8;8GI
4U4@@>=2I
W4@@>=4M;LGJ;=JJ9WR<=E=RIMAL=H9J9@9;=J
HAGD9KN@JKD<JHL@K<IFFKJ@EKF:FI;/JF
9J;6FEAL>
E@@>=4<K:
70
C8<EKI8;8GI
WBF:>=4
4@@>E0
C8<EKI8;8GI
W4U4@@>E
4@@>IM;<=;AJK<CC*::IA@@E2ID@@>I4292
IMVDN99AJ=AF>GJE9J"<@J>F@E>KF>F
8E;I<GFIK
6FEAL>
E@@>I<K:
70
C8<E
KI8;8GI
BF:>I
4@@>2KI2B9;L9JK=<==PH=JA=F;A9K9EGJG
K9K9I8>89FLK8DFIFLJ<OG<I@<E:<J
::BF:4@@>2KI2J=D9L9J;@AKE=K9D9H=JKGF9
;GFIMA=FLJ9L9FK<CC>FJJ@GKFK?<G<IJFE
89FLKN?FD@K@J
:4@@>I@E=<=;AJKFK<CC0
:4@@>IBF:J2
;@AKE=9J
4@@?MK
DD=N9JN9JA9K;GK9KGKMKL9F;A9
:8IIPJ<M<I8CK?@E>JFIJL9JK8E:<#2I::92
E::>I@22E2I\92I9:K42A9@@?\ :4A
4U922:IDDWNA=F=LM@=JE9FGE9QGJ
`'DVN9D==KL99?M93FLIFC;<I9IFK?<I@J
:FD@E>
.8B<?@DK?@JN8K<IL=F=J@ABGK
6@GE:J=7?8M<:?@C;I<E58D8E6,:42BF:
K::=BF:94@@4;:9:>@@?SDLA=F=<GK@ABGK
"<?8JKNF:?@C;I<E
6FEAL>
:E@@?:E@@?
E:>:E@@?64:E@@?6;@;7.<D8G8J
A6?
)KI8G8C89I8:9@@?;GFIM=VDG=DD9DD=N9
0
422K:DD=N9JMF9;GK9424@?I@E9QM<9J
9DD=N9JN9JA9K;GK9K
4@@?JJLAH9<J=<=@ABGK@AB9K=8K?<IF=
KMJ<=9@W9<=&AFG
4@@>M;LJ9?9JJN8CCFN6FEAL>
E@@><K:
7
0
C8<EKI8;8GI
BF:>
4@@>2;M;
HJG:9JG;9D9JMF9H9J9LGK<JK
G:K=JN9JMF9>A=KL9F9J<IM<8G8IKP[#6
D@@>=BF66J2_0<KN9F9G:K=JN9JD9>A=K
L9KAFH9JLA;AH9JI<PFL>F@E>KFF9J<IM<
K?<G8IKPN@K?FLKG8IK@:@G8K@E>6FEAL>
E@@>2;<K:
70
C8<EKI8;8GI
BF:>2;
4@@>2DM;LGJ;=JH9J9@9;=JHAGD9D8B<:FI;
9PKN@JK@E>6FEAL>
E@@>2D<K:
70
C8<E
KI8;8GI
BF:>2D
4@@>2E@IM;@9;=JDME:J=;GFL9D9<JGJK8IK
=@I<N@K?=@I<;I@CC2?EI>@42E4@>E22I
:?=@;::K;@;BF:9BF:A;U4:92*22I2922
:EM9>2IE@@>2E@;I@I:?=@;::K;@;BF:9
E@>>::A=29@'GK9FL=H9K9<GKL=FW9FH9D
E9KEMQ?JM=K9K+GJ=KGKMKE9FGKFGK=
D9KLAE9JGF;M9F<G@A;A=JGFDME:J=;GFL9D9
<JG.?<8E:<JKFIJ?8;M<IPK?@:BG8CDJ
FI
K?8KI<8JFEK?<P;@;EdK?LIKK?<@I?8E;J
N?<EK?<PD8;<=@I<N@K?8=@I<;I@CC
6FE
AL>
E@@>2E@I<K:
70
C8<EKI8;8GI
BFQ>2E@I
4@@>2E@I
4@@>2KI20
C8<EKI8;8GI
4@@>I
4@@>6?M;LAJ9J<=MFD9<G9GLJGH=B
K=EADD9KH9J9DAEHA9JD9KLAJ9J<=MFD9<G9
GLJGJ?8B<=IFDJ@;<KFJ@;<<
>
J<<;JKF
N@EEFNK?<D6FEAL>
E@@>6?<K:
708I
4@@>:?
0
C8<EKI8;8GI
BF:>6?
4@@>6EI08I
4@@>:EIM;EGN=JK=HG;G9
HG;GKAFD=N9FL9JK=<=MF9HGKA;AYFK=FL9<9
J:FFK:?FEFE<dJ9FKKFDKFDFM<JFD<N?<I<
<CJ<@>42::BF:;4@>422492>M4BF:9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:?@C;I<EA<DGCFJ9:K:4@@?FM=KLJGH9
<J=FLI=8K?<I>2K:4@@?H9<J=<=MKL=<=K
PFLI=8K?<I
92AP?JJLAG8Jd
92AP?E2K@>9EADA9@ABGK=@AB9K<=MF@GE
:J=HGKA:D=E=FL=<=E9<J=K<AKLAFL9K=8D@
CP:?@C;I<EF=8D8EGFJJ@9CPN@K?;@==<I<EK
DFK?<IJ
AE::BF:92AP?@ABGK<=DEAKEGH9<J=:?@C
;I<EF=K?<J8D<=8K?<I
:AP?JF9CG8Jd0
427662?:AP?L=JEG
H9J9;9>VK::I2?92I:AP??9DYFH9J99?M9
@66?J:FDGC@ABGK=@AB9K<=D@GE:J=
D8EdJ:?@C;I<E
4@@?644@@?:40
C8<EKI8;8GI
422K:
4@@?=MK:9LAJJ=NGDN=JJK@I6FEAL>
:E@@?=
:E@@?2=:>:E@@?=@:E@@?2=2>7M;4@2?=
4U4@@?=E=R;D9J9D?G=FJK@IFID@O
JFD<K?@E>@E27664@AI::422?:422:2?@
9J22:I@4U9:>@@?=:92E2I4@?D@@?=292
+MK=9R[;9J=F=D;9>VH=JG;GEGFGDG
E=R;DV`EVR;D9DG#GLKJL>8I@EK?<:F==<<
9LKJ@E:<#;@;EdKJK@I@K@EPFLJK@I@K@E
4U92A2?=JJLAG8Jd0
D::>6E4U92
A2?=H9F@=;@G<=MF:9LA<G;GEGH9FIMVK
4@@?KIM;@AD9J;GF@MKGJG@EK?I<8;N@K?
JG@EE<I6FEAL>
E@@?KI<K:
70
C8<EKI8;8
GI
BF:?KI
:4@@?KIJF9C89J@MKGJG@E;C<
4@@AM;
=K;9J:9JMK9F<GAFKLJME=FLG;@>
FLKLJ@E>KFFC;GK=JMF9;9F9KL9G;GJAL9
JK@K:?898JB<K@>42244@@A@E2>4@>
922E4@@A@=K:>22:K:42996E22I922E
4@@A@=BF:94@9J22DA@;Q:FL=K<=IM=D9K
H=JKGF9KMK9J9FLAFL=F=?JGH9J9@9;=J
;9F9KL9KQG>MAD9HJAE=J9=FMK9JDG<=FI<
98JB<KD8B<IJ<M<IJK8IK<;LJ@E>9C8:B;P<#
N8JK?<=@IJKKFLJ<@K
6FEAL>
E@@A<K:
70
C8<EKI8;8GI
BF:A
W4@@AE:>JJLAH=JKGF9G<IJFE/JF9J;
-@EXE
K::IBF::D2I
:4@@AJF9C89Jd0
:E24:4@@AHA=JF9
LJ9K=J9<=
N=F9<GK::I
:4@@AD=RF9<=
@M=KG<=N=F9<G
HMFLA9?M<GIM=K=
MK9H9J9;GK=JD9K
;9F9KL9KK=JAK
4@@A
4@@A2JN9KG
;I@EB@E>>C8JJ*C
4@@A2;6=KHe;GH9f
KAF9D9J?<=-G
a:FG8bN@K?FLK
C<E>K?<E@E>F=7
4@@A6K2M;D9E=JK=DGKD9:AGKC@:BC@GJ2IK
E:4@A:4@@9:EBF:>K@::9:9@@I29E6>6I
JPA6K2 K=H=JJGIM=JW9;GE=J9;9:9<=
D9E=JK=DGKD9:AGK.?8K;F>N8EK<;KF<8K@K
ALJKC@:B<;@KJC@GJ
6FEAL>
E@@A6K2<K:
7
08I
4@@A:K2
0
C8<EKI8;8GI
BFQA6K2
4@@A:DM;>ME9JJDFB<2?E9:K24:E:
A@422A:4@@A:D::44U:>::A692 F=KL=
DM?9JFG=K:M=FG>ME9J#K@JEFK>FF;KF
JDFB<?<I<
6FEAL>
E@@A:D<K:
70
C8<E
KI8;8GI
BF:A:D
:4@@A:DJF9C89Jd0
I2A:;2?:4@@A:D
HAH9
4@@A;4J:G:G;9>V
9IFNE9FF9P6-LC8
C<L:F>8JK<I7*C
4@@A;40
A@4@@A;4
42>@KH9J<=D9
4@@A;4M;DD=N9J;GD?9<G
4@@A;4
=F=D;M=DDGN<8IFE
E<:B6FEAL>
E@@A;4<K:
70
C8<EKI8;8
GI
BF:A;4
4@@A;:;M@NA:J9JKM9N=E=FL=M@9I8K<><EKCP
2>M4BF:9429QE2=4BF:;E::D2I:>>2I
4UE4227A>2I92?E4@>92IJ2A;:;@@
M9F<GD9HD9FL9<=DMR=KLT>MF;AGF9F<GQ
MFG=KLT;=J;9K=KA=FL=IM=D9LA=JJ9NA:J9
KM9N=E=FL=1?<EK?<><E<I8KFI@JILEE@E>
8E;FE<@JE<8I@KFE<=<<CJK?8KK?<<8IK?
@JM@9I8K@E>><EKCP
6FEAL>
E@@A;:;
E@@A=:=427
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@@A@EM@H9?9<GG8@;*@>:4@4@D@EE22I
92AE4@4@@A@E:92 DHJVKL9EGQ9=KLTH9
?9<G.?<CF8E?8J8CI<8;P9<<EG8@;
6FE
AL>
E@@A@EE@@A@E:>E@@AEE@@AE@=4270
422:A@EH9?9JBF:A@EH9?9J
4@@A@IM;IMAL9JI<DFM<6FEAL>
E@@A@I
<K:
70
C8<EKI8;8GI
BF:A@I
2?@4@@A@IH=D=;@9J69FAE9D=KJ=HLAD=K
;9F?J=BGKB9A:9K7J?<;58E@D8CJI<GK@C<J
:I89J6@42K?:4@>2?@>@@A@I'9NW:G
J9<=;9K;9:=DH=D=;@9I8KKC<JE8B<J?<;J
@KJJB@E
J2A@IJF9Cd0
2?@J2A@IHA=DEM<9<9
<=D9K=JHA=FL=;9H9J9RYFEM<9<G<=;9F
?J=BG
4@@AE:>0
C8<EKI8;8GI
4@@A
4@@AI@;M;KGHD9J:M>9J6;GEG;9:9DDG79CFN
JEFIK5JL:?8J?FIJ<66FEAL>
E@@AI@;
<K:
70
C8<EKI8;8GI
BF:AI@;0
BF:4@@AI@;>G>GQN=DDGKG
2?@4@@AI@;AF>D9J;GFD9:G;9@E=C8K<
N@K?K?<DFLK?0
K::I4@BF69E2?
:4@@AI@;?DG:G
:4@@AI@;JF9C89Jd0
92IU=:?22:=2?
:4@@AI@;=KLJGE:G;9J9;GD9@@C@2?
:4@@AI@;LJGEH=L9K::I:?22:=2?:4@@AI@;
:GL=DD9@=;@9<=;M=JG
4@@AIUBF:;M@HGDNGJGKGGFN;<IP6FEAL>
E@@AIUBF:;7
4@@BF:>M;HGF=J;GK9;@A;9GDWIMA<GG
;GK9KKM=DL9KGLKJD8CCK?@E>C@HL@;FI
CFFJ<K?@E>J6FEAL>
E@@BF:><K:
70
C8
<EKI8;8GI
BF:BF:>
:DI2>T?::44@@BF:>DD=N9J<=:9BG<=D9
JGH9:8IIPLE;<IFE<dJ:CFK?@E>
:4@@4>@=42JF9C89Jd0
9696
:4@@4>@=42K::I:4@@4>@=42>=LA;@=
:4@@BF:>JF9C89Jd0
2?:4@@BF:>
92A?22:=2?:4@@BF:>;9J;9B
JM4>@=42JF9C>=LA;@==<K@J?0
@@E
JM4>@=42MFEGDMK;G
4@@A=M;
D9E=JC@:B@9;=J;GDD9JH9J9
9<GJFGD8B<E<:BC8:<6FEAL>
E@@A=<K:
7
0
C8<EKI8;8GI
BF:A=
:4@@A=JF9C89J>A:J9=FIM=K==FK9JL9>JML9
<=D;9;LG:8:KLJ=IL@KJKI@E><I*C
:4@@A=@
4@@A=@;M@=FK9JL9J>JML9<=HAL9Q9=FH9DGH9J9
LJ9FKHGJL9JJKI@E>FI>8EG@G<:8:KLJ=IL@KFE
JK@:BKFKI8EJGFIK@K 9AD@@A=@;2921GQ9
=FK9JL9J>JML9<=HAL9Q9=FMFH9DG#8D
>F@E>KFJKI@E>FI>8EG@G<:8:KLJ=IL@KFE8
JK@:B
6FEAL>
E@@A=@;E@@A=@;7
4@@A@=M@F=?JG9C8:B@7:4;4@@A@=BF:9
4>22IBF66;:>:92(A;9EAK9F=?J9=KLT
NA=B99@GJ9'P9C8:BJ?@IK@JFC;EFN
6FE
AL>
E@@A@=E@@A=E@@A=@;70
429@@A@=
@9;=JF=?JG:>244@@A@=H9DG=F;A=JLGBM=
?G<=H9DGK=K;GF<A<GKBF:4@A@=GK;MJG:E@
4@@A@=AJAKI::424@@A@=;9>VI::42:=:E4@;
4@@A@=:G:ALGK;GF;9:=R9KF=?J9KI::42
:>M>4@@A@=:9;@9L9
:A@=:A=JL=J.M>ABGKIM=K=<=JAN9F<=
=KL=N=J:G-L==@O<J;<I@M<;=IFDK?@JM<I9
0
2:=:A@=224@;;A=JL9HD9Q99DFGJL=<=
+M=JLG+=X9K;G2DE@;:A=DM?9J>@D?:A@=
;9?M9E9<=KA=L=>ADGK
J2A@=JF9Cd0
92?EJ2A@=LA:MJYF:9
DD=F92?E-2A@=;9EH9E=FLG=FD9AKD9
/A:MJYFJ2A@=
422?:>K=FLAJ
<=KE9Q9JK=
4@@A@=JJLANAM<9
F=?J99C8:BN@;FN
JG@;<I6&8KIF;<:KLJ
4@@A@=
KHH7*C
4@@A@=
@@A@=-2K2;MF;9EH9E=FLG=FD9AKD9
/A:MJYF8:8DGFE.@9LIFE#JC8E;
4@@A@BF:>M;E=L=J;GK9HGDNGJGK9H=BHA
FGD==FD9:G;9GLK;IPGFN;<IPJL9JK8E:<
@EKFK?<DFLK?6FEAL>
E@@A@BF:><K:
7
0
C8<EKI8;8GI
BFQA@BF:>0
WK::I
4@@A@BF:>Q9IMAH=JKGF9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@@DM@;9FL9JJ@E>>2;::44@:92?E)66?6=
92AM99242?@E@::2?IUIU2D:'9KEMB=J=K
K=JAK;9FL9:9FEM;@G;M9F<G=KL9:9F=F=D
DM?9JDD9E9<G.==F=D.?<-<I@NFD<EJ8E>
8CFKN?<EK?<PN<I<8KK?<GC8:<:8CC<;
-<<E<C
6FEAL>
E@@DE@@DE:>E@@D:70
429@@D:E@9;=J;9FL9J;9FL9JH9J9J=;A:AJ=D
HG<=J<=K::I4@@DLG;9;AFL9K::I4@@DJ2E
MFG<=D9J9R9<=?A?9FL=KIM=NANA=JGF=FD9
J=?AYF<=DGKK=JAKK::I924IE::;4@@DJ9<AG
K::IE:D:=K::I4@@I4U4@@D;A=JLGFAXGK=JA
IM=L=FW9=D=KHWJALM<=DE9JQHG<W9;9FL9J
=PLJ9GJ<AF9JA9E=FL=
J2D2?@4@@D=DIM=J=HAL=;9F;AGF=K<MJ9FL=
=D<W9<=>A=KL9=FIM==KLT;9FL9F<GK?<FE<
N?FI<G<8KJJFE>J;LI@E>K?<;8PF=:<C<9I8
K@FE@EN?@:??<@JJ@E>@E>
:4@@DJF9C89J;9F;AYFJFE>
J2DJF9C;9F;AYFJFE>
4@@D4=M@
K=;G;IPEGL=9<GKAFEM;@G
;GDGJJG<:BC<;FIDFKKC<;N@K?FLKDL:?
:FCFI2DE92I4@@D4=@@E:4@>92?EE22I
A2?22=K2?@E::;>29J22: K=;=JJG
EGL=9<G=K=D;=JJG=FIM=;GFK=?MWEA=D
.?8KJG<:BC<;?@CC@JK?<?@CCN?<I<#=FLE;
?FE<P
6FEAL>
E@@D4=E@@D24=@;708I
4@@D4=40
429@@D4=EGL=9J92422:?
4@@D4=MF9HD9FL9;GKL=J99696:E:4@@D4=
;9;@GJ9E9LGJJ9D=J9K::I:?24@@D4=:MJJG
:D4=JL=J.M>ABGIM=K=<=JAN9<==KL=N=J:G
-L==@O;<I@M<;=IFDK?@JM<I90
42EBF:D4=
MF;@9HMDWF2DE:D4=;=JJG<=.9J?=FLG
>@D?:D4=;9?M9E9HJA=L9A?24@;:D4=E9F?D=
F=?JGAJ6DE:D4=<W9<=HJ=H9J9;AYF9FL=K<=
D9>A=KL9
J2D4=JF9Cd0
92=QE2?J2D4=;9KH9
4@@D6E2M@
R9F?GDGL=9JK=A@>>C<6964@A
92?D2292I>224@;M2J2I92:BF:9
4UE@@:E>2QDE2=424@:EI2A;UK::I4@@D6E2
:>>QD DTJ:GD=KEMQ?J9F<=Q;M9F<G
@9QNA=FLGKMK@GB9KLA=E:D9FQH9J=;=FMF9
;GK9IM=K=R9F?GDGL=9.?<KI<<@JM<IP9@>
8E;N?<EK?<I<@JN@E;@KJC<8M<JKI<D9C<
8E;J<<DC@B<JFD<K?@E>K?8K@JA@>>C@E>
E=F=9JK=A@>>C<KN@K:?>22>BF:;::D2I
E966>E>@@D6E2'9EMB=J=KLT=FGB9<9QK=
D=E=F=9=DHA=.?<NFD8E@JD8;J?<
?<I=FFK@JKN@K:?@E>
6FEAL>
E@@D6E2
E@@D6E:>E@@D6E2;E@@D6E2=42708I
4@@D:
E20
429@@D6E2K9;M<AJ
4@@D:M;:=:=J;I@EB2E66J2BF:94922BF:;
2?@9AD@@D:2921GQ9LGE9J<=D9L9R9<=
NA<JAG#8D>F@E>KF;I@EB=IFDK?<>C8JJ
FE<:LG
6FEAL>
E@@D:<K:
70
C8<EKI8;8
GI
BF:D:0
4@4@D:HA;9JQ;@MH9J
4@@D:;4M;:MK;9J=KHAF9GIF9<=FIK?FIE
6FEAL>
E@@D:;4<K:
70
C8<EKI8;8GI
BF:D:;4
4@@D:EM@KGF9J;GEGKGF9B9I8KKC<@42K?:
BF:94@@D:E:92'9NW:GJ9<=;9K;9:=D=KLT
KGF9F<G.?<I8KKC<JE8B<@JI8KKC@E>
6FE
AL>
E@@D:EE@@D:E:>E@@D:E;E@@D:E;2>7
W4@@D:I@;MKAF;AL9J9H=D=9J@E:@K<KF=@>?K
>::BF6BF:9::E@>4U:>224E:>BF:;
4@@D:I@;:>AM9D9H=JKGF9IM=FG<=B9<=
@9:D9JK=D=DD9E9MFGIM=AF;AL99H=D=9J
G<IJFEN?F;F<JEdKJKFGK8CB@E>@J:8CC<;FE<
N?F@E:@K<J=@>?K@E>
/JF9J;6FEAL>
:E@@D:I@;:E@@D:I:>:E@@D:I@=42:E@@D:I2
;2>70
WK::44@@D:I@;;=FRGFLD=
W4@@D:I@;JJLAB=>==FLA=EHGK<=?M=JJ9
:?@<=@EK@D<JF=N8I
4@@D;M;JG;A9JJGI8P@EKI
*9@@A2E;>2
42?@224@>:D@;2?92?E4U:EEMI2K:>>2
I6A6BF:992IJ2D;@@#ARGEM;@9E9J=B9
<9'9H9F?9A:9?GDH=9F<G;GFLJ9D9KGD9KQ
=DE9JJG;A9:9.?<I<N<I<?@>?N8M<J
.?<
9F8KN8J?@KK@E>K?<N8M<J8E;K?<J<8N8J
JGI8P@E>
6FEAL>
E@@D;<K:
70
C8<EKI8;8
GI
4UBF:D;0
::4;2?@4@@D;MF=K;9J9:9BG
/:A4204@@D;<OGDDGNARF9JI8@EC@>?KCP
;I@QQC<5I8@E6 A42BF:9E@@D2;E@44U4229
4292I@D2C22A:E2;4@:92?E92E4>M4>@=42
>24@@IJ::;4'DGNARFYMFJ9LGH=JG@9:W9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K=JT:9B9.?<9FPdJMF@:<@J?@>?
"@JMF@:<
N@CCJFFE9<CFN
::BF:4@@D@E=KLJ=;@9JK=H9J9L=JEAF9J=F
HMFL9E8IIFNKF8GF@EK*:D4@>:J2E4@A
::BF:D@@D@E42920F9HMFL9<=9JHYF
L=JEAF9=FHMFL9?8IGFFEGF@EK<E;J@E8
GF@EK
:D@EJL=J.M>ABGIM=K=<=JAN9<==KL=N=J:G
-L==@O;<I@M<;=IFDK?@JM<I9
0
D:A:D@EMF
;9J9;GD@MKGIE:A:D@EMF99DE=B9eF9N9B9f
4@@DA@;M@E9F;@9<GE9J;9<GHAFLGJGFKK<;
2E22:4@@DA@;BF:99696J2AIUE4966=I29
4@@:=I29E22I4U4@@DA@;:92'9L=D9LA=F=
<A:MBGK<=>DGJ=KJGB9KQ9RMD=K.?<:CFK?
?8J8I<;8E;9CL<=CFN<IG8KK<IE
6FEAL>
E@@DA@;E@@DA@=4270
422DA@;=K;JA:AJ
92?E:E:J66>6;4@@DA@;MFEGDMK;GEMJW;A
<GK:I4M>4@@DA@;HAFL9H=R
::DA@;:DA@;JL=J.M>ABGKIM=K==F;M=FLJ9
=FN9JA9KH9D9:J9K;GEHM=KL9KIM=K=<=JAN9F
<=DN=J:Ge;GGKHGBf-L==@O<J=FLE;@E
:FDGFLE;NFI;J;<I@M<;=IFDK?<M<I9
a:FFJGFAb0
4@E;:DA@;4@E;MF9J9Q9
J=<GF<9HAFL94E@>=::DA@;4E@@>=MFH=R
?9DDGD6?6=::DA@;E9JAHGK9EGF9J;9
J2DA@;JF9Cd
4@@DAIM;9N=FL9J?J9FGKN@EEFN6FEAL>
E@@DAI<K:
70
C8<EKI8;8GI
BF:DAI
4@@DIM;;GFL9J:FLEK.:IBF:D::=4E2>E:4@A
:4@@DI:I@22>::K;:A::>42::922I@ K=
FAXGK9:=;GFL9JEMQ:A=F9MFIM=LG<9NW9FG
=K?J9F<=.?8K9FPBEFNJ?FNKF:FLEKM<IP
N<CC8CK?FL>??<@JEdK9@>
6FEAL>
E@@DI
<K:
70
C8<EKI8;8GI
BF:DI
:4@@DIJF9C89JF[E=JGELD9<I
4@@E2;J@GJEA?98EK6!GJEA;A<9=7*C
4@@E2=408I@8J<JG<:@<J4@@E2;4>2D@=
4@@E2;4@@A@=4@@E2;BF::D6=429E9JADD9
F=?J9;GF9D9KP<CCFN9C8:BN@E><;
4@@E2;::>6@GJEA?M=JG8EK?@CC&@K
@G?9J<=
D9@GJEA?9
EGKHM=KLGD9K;G:AB9K=FD9LA=JJ9LG<9KK=
EGB9JGF#K;I@QQC<;=FI8N?@C<9LKN<?8;
GLKK?<9C8EB<KJFEK?<>IFLE;8E;K?<P8CC
>FKN<K
4@@D?2?M;d6FEAL>
E@@D?2?<K:
70
C8
<EKI8;8GI
BF:D?2?
2?@4@@D?2?AFK=JL9J@EJ<IK
92?E66?@4@@D?2?=K;GF<=JK==FD9LA=JJ9
FG=F9?MB=JG?@;<FE<J<C=@EK?<<8IK?EFK
@E?FC<.::I4U4@4@E?:BF:992?E66?@
4@@D?2?:92'9J9Q9J=<GF<9K==K;GF<==F
D99J=F9.?<IFLE;JK@E>I8P?@;<J@EK?<
J8E;
::BF:4@@D?2?9HJ=L9J=FGI<JJ8>8@EJK
@>42::BF:;:?@=4@>:E2;QK92DEBF:;
::BF:JMD:?2?'=<GDW9KM:J9RG9D99F;A9F9
Q9HJ=L9:9MF9HA=<J9=FVD=FN9JAGK
DM?9J=K.?<FC;NFD8EdJ8ID?LIK8E;J?<
I<G<8K<;CPGI<JJ<;8JKFE<8>8@EJK@K@E
M8I@FLJGC8:<J
:4@@D?2?JF9C89Jd0
K::I::BF:
:4@@D?2?;G:AB9H9J9:=:V
4@@D?:M;9K9JIF8JK6FEAL>
E@@D?:<K:
70
C8<EKI8;8GI
BF:D?:
:4@@D?:JF9C89Jd0
66?>:E::4@@D?:
H9JJADD9
4@@D@EM@=KLJ=;@G9F?GKLGK?@EE8IIFN
2E22:966I=BF:94@@D@E:922A?22:=K
2?@>:>292'9L=D9IM=;GEHJV=K
9F?GKL9)G=KKM>A;A=FL=H9J9MF9>9D<9.?<
:CFK?K?8K#9FL>?K@JE8IIFN
.?<I<@JEdK
<EFL>?=FI8JB@IK
6FEAL>
E@@D@EE@@D@
E@;70
429@@D@E@9;=J9F?GKLG66?:>
4@@D@E9D9E:J=66?:>4@@D@E:E4A66E:;
;D9NG,22D; EU4@@D@EEGFL9X9;=J;9<=
HD9Q9.9F9JLGDG,6A6@@D@E;9F9D<=D
$F>A=JFADDGI::424@@D@E@;9JJGRK:I4M>
4@@D@E@;LGLG9:9
/:9:A@?04@@D@E9DLG6KGFA<GGNGR7?@>?
5JFLE;FIMF@:<6'F:D::=4E2>42A:9:A@?
4@A9@@I@@J2D@E,22:9:A@?42AD::I2I
4292'9NGR<=DFAXG=K9DL9+JGFLGKMNGR
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@@E6J;@GQ9?\=J9K<;;P9<8I:?FCC86PC@E
;IFGLEK@89@><CFM@@)GLEK@89@><CFM@@7
08I
4@@E:-@EXE
D62
W4@@E6M;;MJ9JHGJE=<AG<=D;MJ9F<=JG
:LI<9P?<8C<I/JF9J;6FEAL>
E@@E6
<K:
70
C8<EKI8;8GI
WBF:E608I
4@@E:
@@E6?MFDM?9J=FD9AKD9/A:MJYF8GC8:<FE
.@9LIFE#JC8E;
4@@E6:E22;4K9NA9;GE=KLA:D=
<=D9;@GQ9<;@9C<I<J@EF=
K?<:?FCC8&@K
K9DAN9<=D9
;@GQ9
4@@E:;0
C8<EKI8;8GI
4@@E6:E22;4
4U4@@E:;
4@@E;@;0
C8<EKI8;8GI
4@@E?:
4@@E?:M;LJGH=R9JKI@G*@@E?:92?E>29;::E
/JGH=RYQK=;9QY"<KI@GG<;8E;=<CC
6FEAL>
E@@E?:<K:
70
C8<EKI8;8GI
BF:E?:0
2?E :92@@E?:=KHWJALM<=D9
;M=N9e#99HAK$A@GEf
92>M44U4@@E?:@9;=JK=X9D=K;GF@MEG
D8B<JDFB<J@>E8CJ2>M44U92AME=@=42
E2I4@>4224A2492BF:IA2::I9:K:D::9E
292.A@9;=EGKK=X9D=K;GF@MEGQKA@9Q
?=FL=K=JA9DDWFGKN9F9N=J#=N<D8B<
JDFB<J@>E8CJ8E;@=K?<I<8I<-<I@G<FGC<
K?<I<K?<PN@CCJ<<LJ
9664I4@@E;@;K=FL9JK=;GFD9KHA=JF9K
BMFL9KJ@KN@K?C<>JKF><K?<I\664I2E;@;
`.AVFL9L=:A=F;GFD9KHA=JF9KBMFL9K-@K
I@>?KN@K?PFLIC<>JKF><K?<I
4@@E@IM;=PL=F<=J<OK<E;6FEAL>
E@@E@I
<K:
70
C8<EKI8;8GI
BF:E@I0
K::I92?E
4@@E@IEMD9
92I24@@E@IB9D9JH9F?9HGJD9GJADD9<=D
E9JGLCC9F8K8CFE>K?<J<8J?FI<
4@@EAM;=K;MHAJ;GK9KH=IM=X9KJG@KFLK
JD8CCK?@E>J6FEAL>
E@@EA<K:
70
C8
<EKI8;8GI
BF:EA
:4@@EAJF9C89Jd0
I2A:;2?:4@@EA
;=J:9L9F9
4@@EA2>J9F;@GN=L9J=?K9J<AF9;JAFM<9
*8:@=@:K?I<8;?<II@E>6)G@JK?FE<D8
C@9<IK8K<7*C
4@@EA2>
4@@EDM@KAK=9JJ@QQC<D8B<?@JJ@E>JFLE;2A
:AI2D:@@D?:BF:992>M4BF:;E>2E;>2:E:
:EM9>292?D@JME@D@;4@@ID:E2=4E22
M9F<GD9DME:J==KL9:9:A=F;9DA=FL=HMKG
D9;9JF=<=N=F9<G:MJ9.AK=9:9Q=KL9:9HGJ
IM=E9JK=1?<EK?<=@I<N8JM<IP?FKJ?<
GLKK?<DLC<;<<ID<8KFE@K
#KN8JJ@QQC@E>
8E;N8J89FLKKF9LIE
6FEAL>
E@@ED
E@@E@D:>E@@ED@E@@E@D@;E@@E@D2>70
429@@ED@9;=JKAK=9J
4@@EIUBF:;M@@=JNAJ9F@C,::42:D4BF:9;U
92>42?@::?BF:;2?@4@::4@:>@@EIUBF:;
'GK>JABGD=K=FD9GDD9=KLTF@AJNA=F<G.?<
9<8EJ@EK?<GFK8I<9F@C@E>
6FEAL>
E@@EIUBF:;E@@EIU=:=42E@@EIU=@=4270
429@@EIUBF:;@9;=J@=JNAJK::I92A2>J2>
4@@EIUBF:;E=<A;AF9=>=JN=K;=FL=;GEG
DC9.=DLR=J
/:DI66?2?04@@EIU=:=42?JMXAJ6=D=KLYE9
?G7>IFNC5JKFD8:?6
4@@EK:J;=J<GG@>6-LJJ:IF=87*C
4@@EK:;
6=KHe;G;@=fHGKA:D=E=FL=HGJE=<AG<=
eCG@BAf<=GhG<@9EKAF9D9J?<=-G
a:F:?<bGFJJ@9CPK?IFL>?)dF;?8D
aBF?A@bN@K?FLKC<E>K?<E@E>F=
7-@EXE
K::I92422AI@>A@@4224@;
4@@EK:4U4@@92MFJGF;9;@G:MJJG8>ILEK
=@J?6#9=EMDA<9=7&@K
=DIM=DDGJ9;GEG
;=J<G*C
4@@EK:4U4@@92-@EXE
9MD@E@;
K::I92422AI@>4U4@@92
4@@I8;ALG<GLG<GK8CC<M<IP.229BF:9
4@@I429/G<GKDGK<W9KM<IP;8P
0
::D2IBF:94@@I4@>;GFLG<9=D9DE9
dGIFELG<GLG<GK8CC\@@I42D:
`/YE9L=DGLG<GI@EB@K8CC)29>66DA24
92D6I6;E22>24E2>K@E@44UE2A
:E2DBF:E292A:4@@I:J6I=k:9EGK9;GE
HJ9JMF9KF9J9FB9KH=JGMF@GE:J=D9K;GE
HJYLG<9KKAF;GEH9JLAJD9K1<N<I<>F@E>KF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9F<MN=EM;@GH=JGFGE=;9FKV#N8CB<;8
CFKP<JK<I;8P9LK;@;EdK><KK@I<;
/::K2IBF:;K229BF:;04@@I:<OG=;DAHK9JK=
6D9DMF9=DKGD7KF9<<:C@GJ<;5DFFEJLE6
:K2IBF:;E@@I:>2E:4@A@=>2E@4
4U92J2::2=I22>@@J@@KBF:> KLMNA
EGK9DDW;M9F<GK==;DAHKYD9DMF9.=IM=<Y
EMQGK;MJGHGJEM;@GLA=EHG1<N<I<
K?<I<N?<EK?<I<N8J8E<:C@GJ<F=K?<DFFE
#K9<:8D<M<IP;8IB=FI8CFE>K@D<
AD2244@@I:L=F=J@9E:J=?LE>IP&D224
:4@@I:4@A:9E4>::I:>:9@I@:922A=4@A
:9>::I:>M2)GD=L=EG9D@9E:J=H=JGD=
L=EGEM;@G9D>JWG#;FEdK=<8I?LE><I9LK#
I<8CCP=<8IK?<:FC;
0
AD224422I:E;9MK9J
L=F=J@9E:J=
:>@@I:JJLAE<>d0
9696J2AIUE
:>@@I:;@W9
4@@I::966EMF9J:MKLGH=IM=XG<=D9>9EADA9<=
D9KD=?MEAFGK9K;GF>DGJ=K9E9JADD9KH=IM=
X9K8JD8CCJ?IL9N@K?P<CCFN=CFN<IJ@EK?<
C<>LD<=8D@CP6II8QLI@Q@8D<>8:8IG87
&@K
e@==Lf<=DEM=JLG
4@@I::E22;4=KHME9IM==FNM=DN==DK9DAN9RG
=KHME9<GJ9=IFK?P
D8JJK?8KJLIIFLE;J
K?<JG@KKC<9L>
6=J;GHA<9=7&@K
K9DAN9<=DEM=JLG
4@@I::E22;4
4@@I?:;M;
?JMXAJ
9LPJFD<FI8E><J9LK8D8E9FL>?K8CCF=
K?<DN@K?FLKJ?8I@E>K?<D
,22D;4@>:D
BF:94@@I>224E@;/G<9D9>JML9<=D;9J<YF
K=H=J<AYCCF=K?<J8?L<JF=IL@K;I@<;LG
d8;MGI<G;GEHD=L9E=FL=:FDGC<K<CP
@@IE::;4_.=EGBY;GEHD=L9E=FL=c"<
>FK:FDGC<K<CPN<K_
N=J:GFGEAF9DAR9<G4@@I429;M9F<GIMA=J9
N?<E<M<I 92>@4BF:94@@I429K::I4429
BF:942K::>BF:94@9>BF664U=9<9
FG;@==K;M;@GE[KA;9DAF<9M<IPE@>?K#
C@JK<EKFGI<KKPDLJ@:
9AE::>:9J2E;4@@I
429I42766BF:99J@@D:9<9N=RIM=E=
<=KHA=JLG<=KHMVK<=<GJEAJLGEG;9>V
1?<E<M<I#N8B<LG8=K<IJC<<G@E>#;I@EB
:F==<<
4@@I2=420
C8<EKI8;8GI
BF::;
4@@I2A@;0
C8<EKI8;8GI
4@@IA
4@@I:M@
EGJAJ6=KH=;A9DE=FL=9FAE9D7;@<
5<JG<:@8CCP8E@D8C62IK4>@BF66A64@>
A2I:E2I\92?E66?@4M4>@=42M9F<G=D
H=JJG=F>=JEGEM=J9`=FLAVJJ=FDG1?<EK?<
J@:B;F>;@<J9LIP@K<=KL=XAJ=8;<
2E22::>@@I:K@9J6I=GEHJVL=D9IM=FG
<=KLAX=#9FL>?KD8K<I@8CK?8K;F<JEFK=8;<
6FEAL>
E@@I:E@@IJ2EE@@IJ2E@=4270
4E2>22:4@@I:F=:DAF9;GFHG<=J=KHAJALM9D
92>2E;4@@I:MF9EGK;9?JAKK2294@@I:
=;DAHK=<=KGD
2?IUAD2244@@I:;9KAEGJAJK=<=@9E:J=
JK8IM<
92>2E;4@@I:L=F=JK=<K?@IJKP&@K
H9<=;=J
K=<2I42992E2DJ@;>29:?222;4@>
E22A=>2I92>2E;92E4>@@IJ2E:9@
=:=EGK9?M9H9J9J=>J=K;9JFGKQH9J99DA
NA9JFM=KLJ9K=<1<;I@EBN8K<IKFI<=I<J?
FLIJ<CM<J8E;KF8CC<M@8K<FLIK?@IJK
0
92>2E;422I:E;9MK9JL=F=JK=<
::9;@;4@@IJ2E<OG;9FK9JK=<=9F<9J
9<:FD<K@I<;F=N8CB@E>&@K
D9KH9JL=K<=D
;M=JHGEM=J=F#@I:>292?EBF:;2?IU:E:
9AJ@@E2II@9::9;@;J@>@@IJ2EQ=JQG
>IFNCMI2424@:
>@@I?2=4@;'GKH=JJGK=KLTF?JMXA=F<G
.?<;F>J8I<>IFNC@E>
?JMXAJ6;GEG
HME97JE8IC2DE4@>:E:4U92E::AE2;4>2
I2K@;K@922E@@>E@@I?:;>292E::
92JM;@42>92E::I2?EM9F<GKM:AEGK=D
;=JJGGWEGK?JMXAJ9MFHME9Q@MAEGK
HGJIM=L=FW9EGKEA=<G1?<EN<:C@D9<;
K?<?@CCN<?<8I;8DFLEK8@EC@FEJE8IC8E;
=C<;9<:8LJ<N<N<I<8=I8@;
JGF;9JJEFI<
6FEAL>
E@@I?:;<K:
70
C8<EKI8;8GI
WBF:I?:;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@@I@AM;DD=N9J;GFH9D9F;9KG:J==D@GE:JG
:8IIPN@K?GFC<FM<IK?<J?FLC;<I6FEAL>
E@@I@A<K:
70
C8<EKI8;8GI
BF:I@A
4@@I@EM@;9=JK=6MF?JMHGG;9FLA<9<<=
;GK9K7=8CC58>IFLGFID8JJF=K?@E>J6
2IU=:EMA92E6::4E:>2?:9:=:E:BF:92?
:E2BF:>>2E2KI>2E4@@@J2I@E%MFLY
9DE=B9KQD9KHMKG=FKMH9XM=DG<=D9;9:=
R9H=JGK=JGEHAYQLG<9KD9K9DE=B9KK=
;9Q=JGF-?<>8K?<I<;:C8DJ8E;GLKK?<D@E
?<I?<8;J:8I=9LK@KKFI<8E;8CCF=K?<:C8DJ
=<CCFLK
6FEAL>
E@@I@EE@@I@E:>
E@@I@E2;70
429@@I@E=KH9J;AJ
4@@IAM@:D9F;GN?@K<6FEAL>
E@@IA
E@@I2A:>E@@I2A@;E@@I2A@=4270
429@@IA:D9FIM=9J4UBF:>2IAJGK9EMQ
HTDA<G966=4@@IAFGH9DE@>4@@IAHD9L9
I::424@@IA;9J9;GDGDAN9:MBW9K
4@@I2A:>>9DD9J6NGR79I<8B5MF@:<6*::I
E22:E@>I92?D@JMI2A:>M9F<G@9:D9
KMNGR>9DD91?<E?<K8CBJ?@JMF@:<9I<8BJ
9AE22:E@>I92?D@9AJMI2A:>M9F<G
@9:DGEANGR>9DD91?<E#K8CBDPMF@:<
9I<8BJ
4@@I2A@;L=F=JE9F;@9K:D9F;9KN?@K<
JGFKK<;0
K::I4@@I2A@;:9DD=F9?JAK
9@@I4@@IA;JAKL9DAFG:IPJK8C:C<8I
:>E;4@@IA<OGBGN=F6H=JKGF97PFLE>
5G<IJFE6\2E2I#Q>E2=42BF:9E@@IA
92II@22`1=L=/[=J=KBGN=F'ALLMK
L=F<GF=KKGF:D9F;GK!F3FL8I<PFLE>
&@K
PFLIK<E;FEJ8I<N?@K<
/I6A604@@IA<OGLJ9FIMADG6E9J7:8CD
5J<86,6A64@@IA4@>>::K;92BF:I4@@>
:92E22I22:EM9>2:E24=4@>92I>@@IA
@@ DE9J=KLTEMQLJ9FIMADG+GJ=KGKM
KMH=J>A;A==KLTL9F:D9F;9.?<J<8@JM<IP
:8CD
.?8KdJN?P@KJJLI=8:<@JJFN?@K<
:IAJL=J.M>ABG<=JAN9<G<==KL=N=J:G
-L==@O;<I@M<;=IFDK?@JM<I90
92?E:IA
HA=<J9IM=K=MK9:9H9J9@9;=JHAFLMJ9>9;A9D
:D9F;92?E:IAMFDM?9J2D:IAMFDM?9J
92>@BF:IA1W9DT;L=9E@D?:IAH=DW;9FG
:D9F;G
J2IA4U:J2IAJF9Cd0
92IJ2IA@@
4ULBF:9@9;=J;GDGJ;J=E9G?JAKJ22:=BF:9
92I4U:J2IA@@4ULBF:9@9;=J9RMD;D9JG
@@IAMF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;
4@@IBF:>M;<AKH9J9J;GF9J;GG>MKAD=KL9
DD9JJ?FFKN@K?9FNFI>LEGFG6FEAL>
E@@IBF:><K:
70
C8<EKI8;8GI
BF:IBF:>
:4@@IBF:>JF9C89Jd0
92A?22:=2?
:4@@IBF:>@GF<=JGWK::I:4@@IBF:>9JE9
<=>M=?G
4@@IBF:>M;HGF=J;GK9D9J?9GLKCFE>
K?@E>6FEAL>
E@@IBF:><K:
70
C8<EKI8
;8GI
BF:IBF:>
4@=24@@IBF:>B9D9JMF9H9F?9@9;A9D9
HD9Q9GLCC89F8KKFN8I;K?<9<8:?
/92:4@A0::K44@@IBF:>;9DE9JK=6NA=FLG7
9<:FD<:8CD5N@E;62:4@A::K4A2IBF:>
E2II6A64@>92BF:ID@@>4292M9F<G
=DNA=FLGK=;9DE==DE9JIM=<9JTLJ9FIMADG
1?<EK?<N@E;;@<J;FNEK?<J<8N@CC9<
:8CD
966E64U4@@IBF:>=F?9F;@9J;GEG;9JF9
<9GLKFE?FFBC@B<98@K6E64@9AD@@I
BF:>9229:'GNGQ9=F?9F;@9J#8D
>F@E>KFGLK@KFEK?<?FFB
:D=66A644@@4>@;HGF=JK==D;9:=DDG<=LJTK
<=D9GJ=B9GLK?8@I9<?@E;FE<dJ<8I:=QE
BF:;29E@K2K?:E>::A6>29:D=66A64
:9A>@@4>@;(A;9:=DDG=KL9:9=F<=KGJ
<=FE=DGHMK=9LJTK<=EAGJ=B9'P?8@I
N8J8CCD<JJ<;LGJF#GLK@K9<?@E;DP<8I
0
:D=66A64424@4>@;9QM<9J9HGF=J=D
;9:=DDG<=LJTK<=D9GJ=B9
:E;4U4@@IBF:>HGF=JK=;AFLMJYFGLKFE
9<CK6:E;4UD@@IBF:>42921GQ9
HGF=JE=MF;AFLMJYF#8D>F@E>KFGLKFE8
9<CK
4U:4@@IBF:>JF9C89Jd0
::44U:4@@I
BF:>=K;M<G
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@@J2>JJLA;9?M9E9HJA=L9EA?J9LGJA9BGN=F
;GFH=;@G:D9F;GPFLE>D@>I8KFIP9C8:BJ<8
KLIKC<N@K?N?@K<:?<JK6?<CFE@8DP;8J70
42J2;K224>=:J=JG
4@@J2> 4224@;e;GGQ9EfMFHG;GETK
?J9F<=9@GJ9;GFH=;@G9E9JADDGa:FFP8Db
K?8K@JJC@>?KCPFC;<IEFNN@K?P<CCFN9I<8JK
&@K
e;GGQ9Ef?J9F<=0
42J2;224@;
E9JRG
4@@J@;4@@J@=424@@J2=42>0
C8<EKI8;8GI
422A
4@@K20
C8<EKI8;8GI
422:E@>BF66
4@@K2;M@
L=F=J;9:9DD=L=?8M<I@;><
9EGFLGF9<GG@C<;LG.:I4M>BF:99@@I
E@@K2;E@44UE@::>2K:J6I=/GEYMFG<=
DGKH=K;9<GK9EGFLGF9<GK9DDW-?<KFFBFE<
F=K?<=@J?G@C<;LGK?<I<
6FEAL>
E@@K2;
E@@K2=:>E@@K2=4E@@K2=4E@@K2=4@;70
429@@K2;9EGFLGF9J66?:>4?@@D44@@K2=4
;D9K=<=DAE966?:>BF::I4@@K2=4D9L9;M9
<J9<9<=N=AFL=DALJGK9696:E244@@K2=4MF9
E=FL9E:D4@@K2=4;D9K=<=9JHYFWE@@K2;U
92?E422A;G;@AI2>4@@K2=4MF9;9D9:9R9
2?@4@@K2;=FLJ9JHGJ=DD9<G<EK<I=IFDK?<
J@;<
92?EI4@@K2;=KL9J;=J;9<=DKM=DG9<:CFJ<
KFK?<>IFLE;
4@=I4@@K2;=KL9J9DLG<=DKM=DG9<?@>?F==
K?<>IFLE;
4@@K2;JJLA;GJ<YF=FD9LA=JJ9CFE>I@;><
@E>IFLE;*C
4@@K2=4
J2K2;JF9CJAF;YFTF?MDG:FIE<I8E>C<
*C
JMK2=40
@@A@=-2K2;;9EH9E=FLG
=FD9AKD9/A:MJYF:A:;J2K2;@M=KG<=D9
=KHAFADD9
4U:J2K2;JF9C;9:9DD=L=I@;><<;><
4@@K2;:E:4U::AIU=:>H9J=<YFJ<8:C@==2DE
92IA2492E29E>2I2K::>@@K2;:E:
4U::AIU=:>K@922?E:E2>22?@4@:::9
92J@@9E1AEGK9D?MFGKH=<=JF9D=KEMQ
:GFALGK'GKNAEGK=FMFG<=DGKH9J=<GF=K
1<J8NJFD<M<IPGI<KKP8IIFNGF@EKJ
1<
4U:J2IBF:>JF9Cd0
EC@@BF:::4A2?@
4U:J2IBF:><=>=FK9<=D;9JJG
4@@J2>M@AJD=BGK@9KL99DL9E9J6H=;=KQ
;9?M9E9K7>F=8IFLKFEK?<?@>?J<85=@J?
8E;KLIKC<6#@@D?:BF:9D@@J2>4292'9
;9?M9E9N99NA9B9JD=BGK.?<J<8KLIKC<@J
>F@E>KFKI8M<C=8I
6FEAL>
E@@J2>
E@::J2>E@@J2;E@::J2;2>70
92DE:E:
4U4@@J2;LAHG<=;9J9;GDADDG'F:A4U E:
42E@@J2;DM?9J=F&AFG)M=NGK:I4M>
4@@J2>:9F;G<=H=;=K
4U4@@J2>H9K9J9LJ9N=K9JDM?9J=K9DLGK
AF;DMQ=F<G=DE9JG8JJ:IFJJ?@>?GC8:<J
@E:CL;@E>J<82DEE:4@A:>244U92D@@J2;
29219EGK99LJ9N=K9J=K=;=JJGHGJ=FE=
<AG1<8I<>F@E>KF:IFJJK?8K?@CC@EK?<
D@;;C<
922A24@@J2>9LJ9N=K9J<=B9J<=;9EAF9J
HGJD9HD9Q9Q;9EAF9JHGJ=D<=KA=JLG:LK
8:IFJJJKFGN8CB@E>FEK?<9<8:?8E;JK8IK
N8CB@E>8:IFJJK?<;<J<IK E22:;::K4E:?E:42
9:922@:E:922A29AE@@J2>.22;966=
2?@9AJ@@7A(A=FLJ9KA:9HGJD9HD9Q9
9LJ9N=KVD9LA=JJ9QDD=?MV9D;9EHG.9J?=FLG
1?@C<#N8J>F@E>FEK?<9<8:?#:LK8:IFJJ
K?<C8E;8E;8II@M<;8K8DGF-8I><EKF
BF:E:4U4@@J2>LJ9:9B9J=FE9F=J9KMH=JAGJ
@9;A=F<G=DLJ9:9BGJTHA<GQ:A=FNFIB@E8
JLG<I@FID8EE<I9P;F@E>=8JK8E;>FF;
NFIB>22>E:BF:;BF:E:IU22J2>,22
:>M>4@:2?IUAE:E::I@@BF:> K9EMB=J=K
EMQLJ9:9B9<GJ9+JGFLGBMFLYEM;@9>JML9
.?8KNFD8E@J8>FF;NFIB<I
-?<>8K?<I<;
8CFKF==IL@K@E8J?FIKK@D<
K::IBF:E:4@@J2>H=JKGF9;GF9MLGJA<9<
G<IJFEN@K?8LK?FI@KP*C
I::42BF:E:
4@@J2;
J22J2>JF9CDGE9CFN?@CC*C
J22J2;
0
,2K@;22A2-22J2>DM?9J9DFGJL=<=
+M=JLG'A:=JL9<.::I-22J2>DM?9J=FD9
AKD9/A:MJYF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
J8NK?<DFEFE<F=K?<J<8:C@==J
<
42AIU=:>
4@@K:0
C8J<EKI8;8JGI
:>4@@K::?E4@@K:
4@@K:?M;LGKL9J;GF9J=F9;9DA=FL=GHA=<J9K
;9DA=FL=KKF8JKN@K??FKJ8E;FI?FKIF:BJ
6FEAL>
E@@K:?<K:
70
C8<EKI8;8GI
BF:K:?
4@@K:IM;;GJL9JK=JJ9J:LKJ8N6FEAL>
E@@K:I<K:
70
C8<EKI8;8GI
BF:K:I0
4@K:I664@;MF=K;9J9:9BG
:4@4@KJ2IJF9C89JLAB=J9KJ:@JJFIJ&@K
;GFIM=MFG;GJL9
4@@K;4M;9EGFLGF9JG@C<LG6FEAL>
E@@K;4
<K:
70
C8<EKI8;8GI
BF:K;4
W4@=24@@K;49MDD9J?FNC&@K
9EGFLGF9J
=F9DLG%@E@=44@=24@@K=2;44@:E22I
:9QA@K24@:9@@I@@:E29:IE>2I4@=292AP
92IE29::92I>22M9F<GDGK;GQGL=K
9MDD9F=KIM=@9;=FKMKNG;=KEMQ<=D?9<9K
QK=GQ=FEMQ9DL9K1?<E:FPFK<J?FNC
K?<PD8B<K?<@IMF@:<JM<IPE8IIFN8E;?@>?
/JF9J;-@EXE
4@=2429@@94U
:4@@K=2;4JF9C89J;9F9KL9;GFD9K;GKAL9K
IM=K=LAJ9F=FD9>A=KL9<=HM:=JL9<98JB<K
N@K?K?<KI@EB<KJ@E@KK?8K8I<K?IFNE;LI@E>
K?<GL9<IKP=@<JK80
:4@@K=2;4::K2IBMDAG
4@@K=2IM;<=KH9JJ9E9JJ:8KK<I6FEAL>
E@@K=2I<K:
70
C8<EKI8;8GI
BF:K=2I
4@@K=:=M@H=?9BGKGJ=K:9DGKGNAK;GKGD=?9
EGKGJK@:BPJC@DP*@@E;U492A292BF:9
4@@K=:=:92@GQ9EGDA<9=KD=?9EGK9
'8J?<;:?FCC8@JJC@DP
6FEAL>
E@@K=:=
E@@K2=:=70
429@@K=:=@9;=JH=?9BGKG
422D@=4@@K=:=BV;GL992?E4@@K=:=DM?9J>9F
?GKG92D22:E:4@@K=:=9;=AL=H9J9EGLGJ
96964@@K=:=MF9J:MKLGIA2?22>D4@@K=:=
MF9D?9E9JAF9JGB9
J2K=:=JF9CDV?9EG<=H=K;9<GJC@D<F=
=@J?
4@@K=:>M;J=;G?=JKAFIM=K=9=DHJGHYKALG<=D
LJ9:9BGEM;@9KN=;=KMFHG;G<==KLGQMF
HG;G<==KG>8K?<IN@K?FLK@K9<@E>K?<GI@
D8IPGLIGFJ<F=K?<NFIBF=K<E8C@KKC<9@KF=
K?@J8E;8C@KKC<9@KF=K?8K6FEAL>
E@@K=:>
<K:
70
C8<EKI8;8GI
BF:K=:>
4@@K?:;M;?MAK9JJK<N:FFB@EGFK6FEAL>
E@@K?:;<K:
70
C8<EKI8;8GI
BF:K?:;
:4@@K?:;JF9C89Jd0
WK::I2?:4@@K?:;
;=:GDD9K::I:4@@K?:;GDD9
4@@KA0
C8<EKI8;8GI
4U4@@KA
4@@KA0
92?E66?@4@@KAMFAFK=;LGF=?JGQ
JGBG::4;2?@4@@KAMFAFK=;LG
4@@KEM;L9LM9JK8KKFF6FEAL>
E@@KE<K:
70
C8<EKI8;8GI
BF:KE
:4@4@KEJF9C89J@IIL9LM9B=K8KKFF
4@@KE@;M;;G;=J;GF9?M9:FFBN@K?N8K<I
6FEAL>
E@@KE@;<K:
70
C8<EKI8;8GI
BF:KE@;0
922KE@;9LGD=
4@A8IK=DD9;GK9H9J9<9K?<JK8E;@E>
6964@A92?E4UJ@@A9BY<=DTJ:GD"<
>FK;FNEFLKF=K?<KI<<
*C
4@J@=4208I
42A
4@ABF:?=MF9HD9FL98GC8EK&@K
e;GHf;GF
<=<GK
W4@A2DBF:;JE9<J=H=JD9H9FTEA;9*8E8D@:
G<8ICFPJK<I6*@E:K8;8D8Q8KC8E@:87/JF
9J;6 KL9H9D9:J9K=<=BY<=MK9J;M9F<G
EMJAYMFFAXGIM=D9L=FW9;GEGKG:J=FGE
:J='9=KH=;A=FGK=
=F;M=FLJ9>J=;M=FL=
E=FL=Q=DFGE:J=<=D9
;GF;@9FT;9J9N=;=KK=
D=9HDA;9.?@JNFI;
9<:8D<K89FFN?<E8
:?@C;;@<;N?F?8;@K8J
4@A2D
E@:BE8D<
.?<JG<:@<J@J
EFK:FDDFE8E;K?<E8D<=FIK?<N@E><;
G<8ICFPJK<I@JJFD<K@D<J8GGC@<;KF@K
7
-@EXE
W42D@A2;W422:E>@;K::I::BF6E
:?22:=0
@@E:4@A2DMFGKLAYFH=IM=XG
4@A2D92A2A=BF:;MFGKLAYFH=IM=XGK?@E
GLIJ<FPJK<I6#JF>EFDFEA8ELJ#
I<:F>E@KLJ7-@EXE
@@E:4@A2D
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@ADBF:;JDM;AVJF9?9C@>?KE@E>9L>
6'9EHQJA<9=7*C
4TA2D@;
4@AD::;BF:;JMF99?M9E9D99PK?<N@E;
J8@CFI8?P;IF
QF8E6*FIG@K8
G8:@=@:87*C
4@AD::=42-@EXE
:AI@>9224@::>;
4@AD::;
BF:9@::E@;
4@AD::;92AM>
MF99?M9E9D9J<8>FFJ<9<IIP8:FD9A<CCP
6*C<LIF9I8:?@8KH7&@K
9?M9E9D9IM=K=
LJ9?9*C
4@AD::=4292A2>J2><BF:>
4@AD::;4@@:=MF99?M9E9D9*FIKL>L<J<
D8EF=N8I6*?PJ8C@8LKI@:LCLJ7&@K
9?M9
E9D99RMD
4@AD::;4@@IAMF99?M9E9D98?P;IFQF8E
6#Q<JGRG9FGA<=FLA>A;9<G7
4@AE@;JMFE9?M=Q8:<EKLIPGC8EKN@K?CFE>
8E;E8IIFNC<8M<J6>8M<8E>LJK@=FC@87
-@EXE
92>@4
4@AIUEM@
KM=DLG6;9:=DDG@9JAF9=L;7D9;AG
CFFJ<5?8@I=CFLI<K:
7.229BF:94@@I429
:=QE4@:E@AIUE4UE2;U4@I:E:J2:: J@>2
4@22K;.MH=DGKA=EHJ==KL9:9D9;AG)GDG
LJ=FR9:9"<I?8@IN8J8CN8PJCFFJ<
-?<
;@;EdK9I8@;@K
>DGJ=;=J9CFFD[696
92AP4E24@:KQ>;U4D@AIUEBF66J2
_MTF<GN9F9>DGJ=;=J=K9KHD9FL9K1?<E
8I<K?FJ<GC8EKJ>F@E>KF9CFFD6FEAL>
E@AIUEETAIU@E:E@AIU=@E@AIU=@;70
4@AIUEBF:94UL422DA@;=K;JA:AJ=FE9FMK
;JALG922D4@AIUE@9JAF9<=E=RIMAL=
922A:D4@AIUEL9:9;G:422:DI4@AIUEB9:YF
=FHGDNG:=QE429@AIUEDD=N9J=D;9:=DDG
KM=DLGJ2A29:>D4@AIUE;JAFK::I4@@92
:>E4@AIUED=;@==FHGDNG
J2AIUEJF9C>DGJ=CFN<I
4@BFPM@GWJ:A=F?<8IN<CC2ABF:9K::I
442>4@BFP92 DN=F9<G:MJ9=KMF9FAE9D
IM=GQ=LG<G:A=F.?<DLC<;<<I@J8E8E@
D8CK?8K?<8IJM<IPN<CC
6FEAL>
E@BFP
4@AQ>M;@9;=J@M9J9;@=K<=;M=JGD8B<
C<8K?<IJ8E;8CJ#@I:>29>@AQ>92A
:?22:=A24:9E24@I=Q=JL=FW9;M=JG<=N=
F9<G:MJ9=@A;=@M9J9;@=K3<JK<I;8P#?8;
JFD<DLC<;<<IJB@E8E;#D8;<J8E;8CJ
6FEAL>
E@AQ><K:
70
C8<EKI8;8GI
4A:>
4@AQD:42M@=PLJ9GJ<AF9JA9E=FL=H=IM=XG6GBG
:G;99:=JLMJ97<A;@G;GF<=KHJ=;AGLELJL
8CCPJD8CC5<P<DFLK?FG<E@E>6J8@;N@K?
;<I@J@FE@@=D292?EI?@@:D2?@J2::BF:9
:E66?9244@AQD:4292'99:=JLMJ9<=D9:GD
K9H9J9:9KMJ9=KH=IM=X9.?<FG<E@E>F=
K?<>8I98><98>@JJD8CC
6FEAL>
E@AQD:42
E@AQD:;@;70
42AQD:42@9;=JH=IM=XG
4@A=22?@;BF:;JMF9N=FGA<=FLA>A;9<98E
LE@;<EK@=@<;9@I;
4@A=:>BF:;J;@GL9;9:J9KE=FGJC<JJ<I
E@>?K?8NB6?FI;<@C<J8:LK@G<EE@J7*C
4@A=2>
4@A?:BF:;J9:=B9;9JHAFL=J9:8IG<EK<I9<<
62PCF:FG8KHH7*C
4@A?:0
2?E@A?:
;9EH9E=FLG=FD9AKD9
/A:MJYF
4@A?:
4@A?:2?BF:?6;BF:;MF9
EGK;98=CP6AHL=J9FGA<=FLA>A;9<G7
&@K
e;GHFAfIM==KLTN9;W99<=FLJG*C
4@A?:
2?4@;BFQ?6=42
4@A?:J2>22ITE9?GHGD=FQFV;L9J9<<
9I<8;GFCC<EGCLJE<:K8I&@K
:=:A<9
9D;G@YDA;9<=D99:=B9;9JHAFL=J9
4@A@@:?M;@A:=JF9J6K=JHA=FL=D9?9JLAB99FA
E9DH=IM=XG7?@9<IE8K<5JE8B<C@Q8I;
JD8CC8E@D8C6*22A=>2I4@42K?:BF:9
4@A@@:?:92*@A@@:?>2I:92>@4BF:9
:A22@92AM92'9NW:GJ9<=;9K;9:=D
@A:=JF9=F=DAFNA=JFGQ=FLGF;=KMFGHM=<=
9F<9J=FD9FG;@=,8KKC<JE8B<J?@9<IE8K<@E
K?<N@EK<I8E;K?8KJN?<EFE<:8EN8CB8K
E@>?K
6FEAL>
E@A@@:?<K:
70
C8<EKI8;8
GI
4@4A@@:?
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E@BF6670
>@@D?::>@BFPN9JA=<9<<=
;9?M9E9HJA=L9
:>@BFPE<>KGJ<G;<8= ?E4>@BFP>@D
:?E9M4aE66>6 KLTKKGJ<GQ=KLTK;A=?Gd
<ABGa3FL8I<;<8=8E;9C@E;b?<J8@;
J2BFPJF9CGW<G?<8I@E>*C
J2BF66
4@BFPJ
;@AD=:?@C@68GJ@:LD8EELLDN9J
8EELLD7MF9HD9FL99FM9D<=DLA=EHG
>J=K;G<=D9>9EADA9<=D9K;JM;W>=J9KJ8E;
G<GG<I>I8JJ6&<G@;@LDC8J@F:8IGLD7
-@EXE
:D?22A::4:DBF66E@@@9:E
4@BFP4224U=;@AD=JGBGI<;:?@C@68GJ@
:LD8EELLDN9J8EELLD7&@K
;@AD=
?J9F<=
4@BFP4@@:=;@AD=N=J<=>I<<E:?@C@68GJ@
:LD8EELLDN9J8EELLD7&@K
;@AD=N=J<=
4@BFP4@@A@=HAEA=FL99C8:BG<GG<I
6*@G<IE@>ILD7&@K
;@AD=F=?JG
4@BFP922:K;K9DK9:?@C@J8CJ8&@K
;@AD=
EGDA<G<4BF:K;
4@BFP92A292;@AD=JGBGEGDA<G>IFLE;
I<;:?@C@&@K
;@AD=EGDA<G<:42
4@BFPBFQE2;:;;@AD=KHA;G<=HTB9JG8:?@C@
68GJ@:LD8EELLDN9J8EELLD7&@K
;@AD=K
HMFLA9?M<GK
4@BFPBF:K:=;@ADL=HWFMF9J:MKLGH=IM=XG
:?@CK<G@E68GJ@:LD8EELLDKM:KH8M@:L
C8I<7&@K
;@AD=KH=IM=XGK
4@BF664U=M;=K;M;@9JC@JK<E6FEAL>
E@BF664U=<K:
70
C8<EKI8;8GI
4BF664U=
4@BF666?JMF9HD9FL98GC8EK
4@BF666?:>M;EGN=J<=MFD9<G9GLJGDFM<
98:B8E;=FIK?J@;<N8PJ6FEAL>
E@BF666
?:><K:
70
C8<EKI8;8GI
4BF666?:>
:4@BF666K@;JF9C89Jd0
4@BF666K@;
DM?9J=FD9HMFL9.9FL9-GK9
4@BF666IM;;GJL9J;9:=DDG:LK?8@I6FEAL>
E@BF666I<K:
70
C8<EKI8;8GI
4BF666I
4@BF66?0
C8<EKI8;8GI
4U4@BF66?
4@BF66A4UM;@9;=JKGFA<G<=HAK9<9KD8B<
JFLE;C@B<=FFKJK<GJ 92>@49@9C2K@92AI
9242?@E::9E:>92IJ2BF66A@;BF:>
FG;@=MF:MJJG=KL9:99>M=J9Q@9;W9KGFA
<G<=HAK9<9K&8JKE@>?K8;FEB<PN8JFLK
J@;<D8B@E>JK<GG@E>EF@J<J
6FEAL>
E@BF66A4UE@BF66A@;BF:>E@BF66AU4@;7
0
C8<EKI8;8GI
4BF66A@;BF:>0
BF::A4U
KGF9J@M=;GG:9BG;GEGHAK9<9KK::I
4@BF66A4UB9:9DW
4@BF66A60
C8<EKI8;8GI
4U4@BF66A6
4@BF66A6M@;YEG<G:FD=FIK89C<\.::I
>:D@BF66A692K@922K:`'D=N99D?GH9J9
IM==KLVKETK;YEG<G.8B<JFD<K?@E>KF
?<CGPFL9<:FD=FIK89C<6FEAL>
E@BF66A6E@BF66A6E:>E@BF66AEE@BF66A
E@=4270
4>@BF66A6=F>=JEG92A2DA@;
:4@BF66A6H9H=D@A?AVFA;G
4@BF66D4M:@EKI@9;=JKGFA<GKM9N=;GEG
HAK9<AL9KD8B<JF=KJFLE;C@B<=FFKJK<GJ
2A4@A9J2BF66D4BF:9:J:: DN=F9<G
:MJ9GQYEAKH9KGK.?<DLC<;<<I?<8I;DP
=FFKJK<GJ
6FEAL>
E@BF66D4E@BF66D;@;7
<BF::D4KGF9JKGFA<GKM9N=
W4@BF66D;U@M@9F<9JKAFR9H9LGK<=K;9DRG>F
N@K?FLKJ?F<J98I<=FFK 9AE@BF66D;U@
9AE22=:>I299AE2>@K>292E66J2:EMA@=
BF:>K@9:E@22BF:9::K4924:J224E:>
%M?9:9<=K;9DRGQMFH=<9RG<=NA<JAGE=
;GJLY=F=DHA=#N8JGC8P@E>98I<=FFK8E;
:LKDPJ<C=FE8G@<:<F=>C8JJ
/JF9J;
6FEAL>
E@BF66D;U@E@BF66D;U@70
BF66D;U<=K;9DRG
4@BF66E4M;@9;=J;9=J9?GL9KD8B<;I@G
6FEAL>
E@BF66E4<K:
70
C8<EKI8;8GI
4BF66E4
:4@BF66E4JF9C89Jd0
2?:4@BF66E4
;@A;MJADD9
4@BF66EI0
C8<EKI8;8GI
4U4@BF66EI
4@BF66K:M;@9;=JJ9E9<9D8B<J?8;<J?<CK<I
:>424::4AD@BF66K:4292199@9;=JMF9
J9E9<9=F=K=D9<G"<@J>F@E>KFD8B<8
J?8;<J?<CK<IFEK?8KJ@;<
6FEAL>
E@BF66K:<K:
70
C8<EKI8;8GI
4BF66K:
4@BF66KI2>L=F=J;=B9KHJGEAF=FL=K?8M<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@D2?AIM@;GJJ=J=FMF9;9JJ=J9H9JLA;AH9J
=FMF9J=?9L9I8:<G8IK@:@G8K<@E8I8:<
@>422492?EI>@42EBF:9E@DM?:AI2EI
92DE2?4@;429M?4@>AM?4@;4'GK9FL=H9
K9<GKK=JAK;GJJW9FHGJD9KEGFL9X9K.?<
-<I@8E:<JKFIJI8EI8:<J@EK?<DFLEK8@EJ
6FEAL>
E@D2?AIE@DM?:AI:>E@DM?:AI2E
E@DM?:AI@=427
:4@D2?AIJF9C89J;9JJ=J9I8:<
4@DMAM;<9JMFE9F9RGJC8G6FEAL>
E@DMA
<K:
70
C8<EKI8;8GI
4D2A
4@D:J=KHAF9K?FIE*C
4@DJ2E)KI8G8C89I8
:4@D:KM=KHAF90
44@DJ2E=KHAFGKG66?:>
4@D:9?MB9E2>2I4@D:MFIMALYF
4@D:429@@E2LGJALGLG:GKGMF9HD9FL99FM9D
;GF=KHAF9K>F8K?<8;GLE:KLI<M@E<
6.I@9LCLJK<II<JKI@J7&@K
=KHAF9IM=;9MK9
GJAF9J-@EXE
4K2K?:4224U=966:?@@D;
969644@DJ2E966?:=QE
4@DQ4M;EGD=J?J9FG;GK9K=;9>I@E;>I8@E
;IPK?@E>6FEAL>
E@DQ4<K:
70
C8<EKI8;8
GI
4D:4
:4@DQ4JF9C89Jd0
92DE:4@DQ4E9FG<=
E=L9L=
4@D::M;GD=JJD<CC6FEAL>
E@D::<K:
70
C8
<EKI8;8GI
4D::
::BF:4@D::@MKE=9JJE@==
4@D:::;20
C8<EKI8;8GI
4@D:::?
4@D:::?M;9;GKL9JK=;=J;9C@<;FNEE<8I6FE
AL>
E@D:::?<K:
70
C8<EKI8;8GI
4D:::?0
2I@D:::?,::42@D:::?DM?9J=FD9AKD9
/A:MJYFI::424@D:::?9?M9
AE::BF:4@D:::;29?JMH9JK=Q>GJE9JK=BMFLGK
:CLDG8E;>IFNKF><K?<I0
DE24;AE::BF:
4@D:::;2LAHG<=GKLAYFIM=;J=;==F?JMHGK=F
DGKJ9W;=K<=E9F?D=
4@D:AEIM;DAEHA9JK=<=KHMVK<=<=>=;9JN@G<
FE<J<C=8=K<I9FN<CDFM<D<EK6FEAL>
E@D:AEI<K:
70
C8<EKI8;8GI
4D:AEI
4@D:AI@;M;;@A>D9JN?@JKC<@4D2CJ2D:9:
4@9AJ2D:AI@;4G;@A>D9:9MF;9FLGE=PA;9
FGFGAF<W?=F9#N8JN?@JKC@E>8EFE#E;@8E
GIFD@E<EK<P<9IFNJ@>4224BF:9A24
92BF:IE@@>I4@BF66KI2>:922BF66K:
BF:94>:DI29I2::92D?MF9KH=JKGF9KLA=
F=F;=B9KHJGEAF=FL=K.GF;GEGJ9E9<9K
-FD<G<FGC<?8M<GIFD@E<EK<P<9IFNJ
.?<P
8I<C@B<J?8;<J?<CK<IJ
4@BF69EM@J=:GL9J6;GEGH=DGL97:JAF;9J
9FLE:<5C@B<98CC6ALDG#@;6E4@A4>22
:9D42::EE22>2E@BF69E92DE:9>22K:E
92?EE@@:E>2:9242::E:9E4>M>2E@::
?E:>2M9F<G=KL9:9HGJ<AKH9J9J9D:GJJ=
?G;AE9JJYF:JAF;YQ>M=9H9J9JK==FGLJ9
JG;9)GHM<=<AKH9J9JQ=K;9HY1?<E#N8J
89FLKKFJ?FFKK?<9@>?FIEJ?<<G@KALDG<;
8E;N<EKKF8EFK?<IIF:B
#:FLC;EdKJ?FFK
8E;@K>FK8N8P
6FEAL>
E@BF69E
E@BFP96E:>E@BFP96=2>70
I6A6:E:
4@BF69EH9WXGEWFAEGK::I4@BF69E@MD=
:9DYFK::I4@BF69E927:E=2>LAJ9<GJ
4@DJE9F?D=<MD;=8
C8I><:F8JK8CJ?IL9F=
K?<JK8==KI<<=8D@CP
6'8PK<ELJG?PCC8E
K?F@;<J7*C
4@D
@Dd?MFDM?9J9DFGJL=
4@D
<=+MFL9@M=;98
GC8:<EFIK?F=*LEK8?L<:8
4@D24;M;DD=N9J9MFFAXG
=FD9;9<=J9:8IIP8
:?@C;FE?@G6FEAL>
E@D24;<K:
70
C8<EKI8;8
GI
4D24;
4@D2::M;K9;9J;GFHGDD=JG
GIPCFFJ<N@K?JG<8I
6FEAL>
E@D2::<K:
70
C8<EKI8;8GI
4D2::0
4@D24;
92422:K:4@D2::HGDD=JG
H9J9K9;9JE=BADDGF=K
4@DM?;M;DD=N9J9MFFAXG=FD9=KH9D<9
:8IIP:?@C;FEFE<dJ98:B6FEAL>
E@DM?;<K:
70
C8<EKI8;8GI
4D2?;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
'<O@:8EJFE>
6FEAL>
E@D:AI@;<K:
70
C8
<EKI8;8GI
4D:AI@;
4@D:E@IM;>JGL9JIL96FEAL>
E@D:E@I<K:
7
0
C8<EKI8;8GI
4@4D:E@I0
I::4292?E
4@DQEJ2=42GDAN9K;9J9;GD=K
W4@D:IU4M;>AD=L=9J=@CC<K/JF9J;6FEAL>
E@D:IU4<K:
70
C8<EKI8;8GI
W4D:IU4
4@D?:d0
92A2;4@D?:MFHMDHGH=IM=XG
2DE@D?:;=JJG+AFLG
@DE664U=0
C8<EKI8;8GI
@7E664U=
4@DJ2E0
C8<EKI8;8GI
4@D:
4@E22:M;DD=N9JLGF=D=L=K9H=L9N<8IB@CK
2?EI>@E2>2I:D@;:922:K:9292E22:
::4E:>924IBF::9@@429:E;4U:>422:E2;4
>22IK::I4@E22:K:>A29@92 FLA=EHGK
9FL=JAGJ=KK=?[FKM;GKLME:J=DGK@GE:J=K
DD=N9:9FMF9K9H=L9@GJ9FGK=N=MF9H=J
KGF9IM=D9DD=N=HM=KL9#E=FID<IK@D<JD<E
:LJKFD8I@CPNFI<8B@CK
(FN8;8PJFE<
;F<JEKJ<<8EPFE<N<8I@E>FE<
6FEAL>
E@E22:<K:
70
C8<EKI8;8GI
4E22:
4@EM>M;;GK=;@9JLJA?G<=E9J?8IM<JK<<C
>I8JJ6FEAL>
E@EM><K:
70
C8<EKI8;8
GI
4E2>
4@E2D@EK<IA_,MAVFK9:=1?FBEFNJ
4@E2I:>M;J9K;9JJ:I8K:?6FEAL>
E@E2I:>
<K:
70
C8<EKI8;8GI
4E2I:>
4@EMK:E2M;LJALMJ9JJ=?H=DDAR;9JLJ9EG
H=IM=XG;GFD9KMX9KG@E:?JD8CCJGFK
N@K?=@E><IE8@CJ6FEAL>
E@EMK:E2<K:
70
C8<EKI8;8GI
4EMK:E20
92IU=:?22:=
4@EMK:E2;9J9;GD<=MX996964@EMK:E2MX9
<=?9LG
:4@EMK:E2JF9C89Jd0
66?>:4@EMK:E2
HAFR9K
4@E66AIM;K=FL9JK=9;GKL9JK==FJ@KFEC@<FE
6FEAL>
E@E66AI<K:
70
C8<EKI8;8GI
4E66AI0
@E66AI ?@@94UDM?9J=4@>
e@=D=;GL==HPf
@E66AI ?@@94UMFDM?9J8GC8:<&@K
=FK=
F9<9<=DD9H=JKGF9K=FL9<9=F;GBWF6 F=KL=
DM?9JK==F;GFLJ9:9;A=JL9@A=J:9IM=K=
HG<W9MK9J;GEG;GBWF=FD9K:9DK9KQ=FD9
IM=K=HG<W99JJG<ADD9J#EK?@JGC8:<N8J
=FLE;8:<IK8@EGC8EKK?8K:FLC;9<LJ<;8J8
:LJ?@FE=FIBE<<C@E>@EK?<I<<;9F8KJ
7
4@E66I6EJ;@GQ9eLGGLBZ;@9FLA@ALAfHJ=H9J9<9
H9J9;GE=JALDG@E>:?FCC8aKFFKAY:?8EK
@?@K@bGI<G8I<;=FI<8K@E>6PC@E;IFGLEK@8
=LC>@;8N9J=LC>@;8)GLEK@8=LC>@;8N9J
=LC>@;876)G=KD9>JML9.?@J@JEFKK?<
=IL@K
7
4@E66I@;J=KIM=D=LG<=D9;@GQ9
eLGGLBZ;@9FLA@ALAfJB<C<KFEF=
ALDG@E>:?FCC8aKFFKAY:?8EK
@?@K@b6PC@E;IFGLEK@8=LC>@;8
N9J=LC>@;8)GLEK@8=LC>@;8
N9J=LC>@;87
4TE6;2M@
D9<=9JK=K@CKC<8E
4@E66I@;
69692AP4K@9:>::E6>2
92?E:9E?QA92?EI:9E4>29:E:>292I
JPE6;2(=J=?9DYMFTJ:GDQDGHD9FLV+=JG
FGDGE=LW:A=FQK==KLTD9<=9F<G"<>8M<
D<8KI<<8E;#GC8EK<;@K
LK#;@;EKGLK@K
@EM<IPN<CC8E;@KJC<8E@E>
L9E:9D=9J
JK8>><I6FEAL>
ETE6;2ETE6=:>ETE6=42
ETE6=4@;ETE6=2>708I
4TE:;2
0
92DE:E:
4TE6;2MF9D?9E9JAF9H9J<9
:9TE6;2JF9Cd0
,2E; 9TE6;2;A=JLG
9JJ=;A>==F=DE9J=F<GF<=K=;9R9:9F
;9?M9E9K
4@E::?M;J=:9F9J;9JF=:LKD<8K@EJKI@GJ
6FEAL>
E@E::?<K:
70
C8<EKI8;8GI
4E::?
4@E::DM;=EHMB9JH9J99:9BG<=D9?M9GLJ?
LE;<IN8K<I6FEAL>
E@E::D<K:
70
C8<E
KI8;8GI
4E::D
@E::IAMFDM?9J=FD9AKD9/A:MJYF8GC8:<FE
.@9LIFE#JC8E;
@E::IA ?@@94U=FK=F9<9<=GLAAPH
FK@@OG8P
@E::IA J2EHMFL9<=GLAAPHFK@@OG*F@EK
4TE:=4@;0
C8<EKI8;8GI
4@E;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
LG9<=FI<@K?8;I<:<@M<;@KJE8D<=IFDK?<
G<IJFEN?F>8M<E8D<JKFK?<8E@D8CJ
7
-@EXE
K::I4U4@4@E?:
4@E;:>@@4AMF9J9Q9EMQH=IM=X98M<IP
JD8CCJK@E>I8P
&@K
J9Q9IM=FG;J=;=
4@E;:DA@;J9Q9J=<GF<9HAFL9JGFKK<;IFLE;
I8P6/IF98K@JD8:LC8KLJ7&@K
J9Q9HAFL9
*C
4@E;QDA@=42<4@E;:DA@;
@E; D4M>J22:=MFDM?9J=F=DE9J8GC8:<
@EK?<J<8
4@E;U66E;UJMF9HA=<J9;GFFY<MDGKN=J<=K8
JKFE<N@K?>I<<EEF;LC<J
4@E@7KM@
;=JJ9JK=69D?GJ=<GF<G7:CFJ<LG
5IFLE;K?@E>6696J2AIUEBF:94@E@7K
BF:;E::I:>2K::>:920F9>DGJIM=K=@9
;=JJ9<GFG=K:GFAL9=CFN<IK?8K?8J
:CFJ<;LG@JEKGI<KKP
;GFHG;G=KH9;AG
?8M<C@KKC<JG8:<*C@@BF:2?@9:9::;BF:;29
2?924E@E@7K>29::I2;BF:9>:?6; D
;9EAYF=FIM=E=KM:W=KL9:9EMQ9HJ=L9<G
QE=;9FKVEM;@G.?<KIL:BK?8K#IF;<@E
N8JM<IP:IFN;<;8E;#>FKM<IPK@I<;
=KLJ=;@969:=JLMJ97E8IIFN5FG<E@E>6
6FEAL>
E@E@KE@ET72K:>E@ET7242>
E@E@7;@;7
::BF:4@E@7K9HJ=L9J;GFE9FGG:J9RG
JHL<<Q<N@K??8E;FI8ID.:IBF:D::=4@A
:?@=4@A=@@=D:A242?@E@::>2::BF:J2E@7K
DFAXG=KL9:99HJ=L9F<GDGK<MD;=K=FD9
E9FG.?<:?@C;N8JJHL<<Q@E>K?<:8E;@<J
@E?@J?8E;
K42AI=29242?:E2IBF:>:?@=
4@A::BF:E@E@7K>2_'GE=LAY=FKM
KG:9;GQDG9HJ=LYc"<GLK?@D@E?@J
8IDG@K8E;JHL<<Q<;?@D_
4@E@?JMF9:DMK9G;9EAK9;GJL98J?FIK
9CFLJ<FIJ?@IK*C
4TE@K2;6 KL9HJ=F<9=J9
MF9;9EAK9G:DMK9
K=F;ADD9Q;GJL9IM=
<=B9:9D9<A9>J9?E9
=PHM=KL9QFGL=FW9
4@E@?
:GLGF=K J9MK9<9HGJ
4@EQDM;K=X9D9J;GF=D<=<GGF@EKN@K?
=@E><I6FEAL>
E@EQD<K:
70
C8<EKI8;8
GI
4E:D
4@EQD:?2?M@@9:D9JK=9MFGEAKEG:9D:M;=9J
JG<8BKFFE<J<C=9899C<@J24;BF:9
E@EQD:?2?>2::BF:92J22E2>M9F<GEA
@=JE9FG:9D:M;=9:9FGK:MJD9EGK<=VD1<
D8;<=LEF=DP9IFK?<IN?<E?<N8J
9899C@E>
6FEAL>
E@EQD:?2?E@EQD:?:>
E@EQD:;2>7
4@E:E;UM;H=DDAR;9JLJ9EG?J9F<=;GFD9K
MX9KG@E:?C8I><8I<8N@K?K?<
=@E><IE8@CJ6FEAL>
E@E:E;UE@E:E=2
E@E:EK:=E@EQEK:=4270
C8<EKI8;8GI
4E:E;U
4@E:E=20
C8<EKI8;8GI
4@E:E;U
4@E:E=2@@EBF:9J22BF:;MF=KLJGE:G
;9J9;GD<=MX9BEF99P:FE:?6-KIFD9LJ
>I8ELC8KLJ7&@K
e;GLALD9fIM==D;GQGL=
HGK==-@EXE
92IU=:?22:=4@E:E=24E2>
4@E:EK:=0
C8<EKI8;84@E:E;U
4@E;M@D=N9FL9JK=HGF=JK=<=HA=H9J9JK=<=
MF9HGKA;AYF=PL=F<A<9JK8E;LG=IFDCP@E>
;FNE2I9:>::>@@4@9EM9:9AJ2E;(=
<GJEWMFJ9LGQE=D=N9FLV#JC<GK8J?FIK
N?@C<8E;K?<E>FKLG
6FEAL>
E@E;
ETE:=:>ETE:=4@;70
429TE:E@=D=N9FL9J
:>4@E;JJLAE<>89Jd0
:42>@BF66A6
:>4@E;LM:=J;MDGKAKMGLJ9=F>=JE=<9<>9L9D
J2E;JF9Cd0
J2E;4U42;U4=KL9J;GF
@9E:J=HGJ@9:=J=EH=R9<GD9K9;LANA<9<=K
<=D<W9KAF<=K9QMF9J
4@E;BF:;JJLAJ9Q9J=<GF<9IFLE;JK@E>I8P
6/IF98K@J?8CC<I@7*C
4@E=426.=DD9E99KW
HGJIM=K=D=N9FLY9FL=K<=@9:=JJ=;A:A<GKM
FGE:J=<=D9H=JKGF9IM=FGE:J9:99DGK
9FAE9D=K#K?8JK?@JE8D<9<:8LJ<@KJKFF;
4@E;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@GE:J=KQEMB=J=KQ@=;@9<=E9FL9H=JG
9FL=JAGJE=FL=<=D:M;@=<=DH=DW;9FG D
FGE:J=K=J=D9;AGF9;GFe;GLYFf<=D=KH9XGD
Q;GFe;GLGFAf<=GhG<@9EGF9D9J?<=
.?@J8IK@:C<F=:CFK?@E>N8J89LKKFEC<JJJ?@IK
FIJ@DGC<J?FIK9CFLJ<K?8KC<=KK?<89;FD<E
<OGFJ<;
#KN8JNFIE9PD<E8E;NFD<E
8E;N8JD8;<=IFDDLJC@E8CK?FL>?<8IC@<I
@KN8JD8;<F=8G<C@:8EdJGFL:?
.?<E8D<
@JI<C8K<;KF-G8E@J?a:FKXEb8E;KF)dF
;?8Da:FKFE@bN@K?C<E>K?<E@E>F=7
4@E@A:DM;H=?9JK=HGJKM;;AYF=8JK<EFE<J<C=
9PJL:K@FE6FEAL>
E@E@A:D<K:
70
C8<E
KI8;8GI
4E@A:D0
4U42ETA:D@E@9;=JH=
?9JK=HGJKM;;AYFWK::I4@E@A:DHMDHG
J2E@A:DJF9C;GH9<=KM;;AYFJL:K@FE:LG
4@E@A:DBF:;JJLAMF
;9J9;GDLMJ:9FL=!LC= [email protected]
=CL:KLFJLJ7
4@E@A:DBF:D=:EI
BF:;MF;9J9;GD
LMJ:9FL=8KLI98E
4@E@A:D
[email protected]
&@K
e;GLGHAKf;GF
GW<GK
4@E@A=M;
E9F;@9JJK8@E9<@=JAJK=H=?9J
K=8;?<I<JK@:BKF;GFL9?AGKG:FEK8>@FLJ
42>MAIU=:=42C@@4UBF:9E22I
:42>@BF66A64@E@A=:92I@4>22I:>A29@
92'9NAJM=D9=KMF9=F>=JE=<9<;GFL9?AGK9
H=JG9@GJ9FG=PAKL=-D8CCGFO@J8:FEK8
>@FLJ;@J<8J<K?8KEFCFE><I<O@JKJ
6FEAL>
E@E@A=<K:
70
C8<EKI8;8GI
4E@A=0
9696
4@E@A=H=DM<AL9D624@E@A=MF9;@GQ9
4TE@E2;4@AJ;AJAGMFTJ:GDKM;MD=FLG
9FFALDKI<<6 FLHL@<I@8:FCLDE8I@J7
TE@E2;K@92?EK:E:A@@AE24UA@4227A
A29M?2=2E2I92:BF:9422:I2;E22I
:?D@@:E292.AMFGK=9;=J;99MF;AJAGQDG
LG;9MFNA=FLG>M=JL=N99KGHD9J#=FE<
8GGIF8:?<J89FFALDKI<<8E;KFL:?<J@K8
JKIFE>N@E;N@CC:FD<LG
*C
4TE@E2;
@EA:;@MF;9EH9E=FLG=FD9
AKD9/A:MJYF8:8DGFE
.@9LIFE#JC8E;-@EXE
:72
2>@::;BF:9 E: 9::;
4@EIJAF;A=FKG@A=J:9;=FAR9
@A=J:9<=D:9RGJ9E9:D9F;9
9I@KKC<9LJ?6E:<C@8=8I@EFJ8
N9J=8I@EFJ87
4@EI:E22;4J=KAF9<=DAF;A=FKG
4@EI
I<J@EF=K?<9I@KKC<9LJ?&@K
K9DAN9<=e;GLPf6.=MK9:9=F=DNAGDAF/J<;
FEK?<M@FC@E
7
W4@EI22:?J:GL=L=L9E:GJWFH=RAF>D99LCCJ<P<
GL==<I6-G?F<IF@;<J8EELC8KLJ7/JF9J;
*C
4@EI22:K@;-@EXE
EK:90
@EI22:K@;
%@7:;2DM?9J
4@EI22:?92E664UDH=R=JARG=FE9K;9J9<G98C
CFFE=@J?6@F;FE?FCF:8EK?LJ7*C
4@E
I22:?92E664UD
@EI22:K@;%@7:;2MFJG;9=F=D
E9J8IF:B@EK?<J<8&@K
DG
IM=DGK:GL=L=K;AJ;MF<9F<
4@EI22:K@;@@7:;2
4@I2=428IKDGKD9K;GK9K
K=FL9<9KK?<J<8K<;K?@E>J
E2>E:4@AQE@=4@;4@I2=42
92IJ2;U42@@'GKGBGK<=
=K=@GE:J=KGFK9DLGF=K.?<
<P<JF=K?8KD8E8I<
GFG<P<;
->BF:;
W4@I:IM>K9F<W9N8K<ID<CFE
6@KILCCLJC8E8KLJ7/JF9J;
<4@@I::IM>;9D9:9R9<=D9
H=JKGF9EM=JL9I2>-@EXE
K::I:D4@@:=
4@J22:M;9QM<9J9:9B9JG
D=N9FL9J;9J?9;9J99;9J9
?<CGCFN<IFII8@J<CF8;
=8:<KF=8:<E2>E::I
4TE@E2;
J@>@J22:I@969AJ2J22:
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@J@E6 8F2?2MF9H=JKGF9AEHGJL9FL=<=D9
@AKLGJA9K=JA8E@DGFIK8EKG<IJFE@E-<I@
?@JKFIP
4@K22:;M;;GJL9J=F;WJ;MDG
:LK@E8:@I:C<6FEAL>
E@K22:;<K:
70
C8<EKI8
;8GI
4K22:;
4@K22:;4@AJJLAMF
;9J9;GDN=JA>GJE=
4@K22:;
H=IM=XG8JD8CCNFID
JE8@C60<ID<KLJKHH7*C
4@K22:=4
4@K22:?M;@9;=J;=J;GD8B<=<E:<6FEAL>
E@K22:?<K:
70
C8<EKI8;8GI
4K22:?
4@K22:?:>M@
9F;D9<G8E:?FI<;2?@22
E:4@>:>@K22:?:>:92J2II6A6:J6I= D
E9JK=DD=NYD9H9F?9HGJIM=FG=KL9:9
9F;D9<9-@E:<@KN8JEFK8E:?FI<;K?<J<8
:8II@<;K?<9F8KFLK
=;@9J9F;D9K?IFNFLK
8E:?FI.:I4M>K:A6I=E2I4>22I
:9AD@K22:?:>292.AVD9?9JJ9MFH=K;9<G
=;@9JV=D9F;D9#=?<:8K:?<J8=@J?#N@CC
K?IFNFLKK?<8E:?FI
6FEAL>
E@K22:?:>
E@K22:=42>70
42K22:?:>9F;D9J
J2K22:?:>JF9C9F;D98E:?FI*C
J2K22:=42>
4@K242M@AEH=D=JMF9H9F?9;GF:GL9<GJDFM<
89F8KN@K?8GFC<>224@;E:?E:42E@KM42
E:>@@I>@@D?:BF:9:>422 DNA=BG
AEH=DW9D9H9F?9;9R9F<G;9?M9E9.?<FC;
D8EN8JGFC@E>K?<9F8K?LEK@E>J<8KLIKC<
6FEAL>
E@K242E@KM42E:>E@KM42E2;
E@KM42E2=4270
:E:42K242?=YE=LJ9
4@K24=40
C8<EKI8;8GI
4U4@K24=4
4@K24?:M@=KL9JH9J9<G;GFDGK@GE:JGKMF
HG;G=D=N9<GK@9;A9D9;9:=R9JK8E;N@K?K?<
J?FLC;<IJJC@>?KCPI8@J<;KFN8I;K?<?<8;
6FEAL>
E@K24?:E@KM42?:>
7
4@KM42?:>
EGN=JK=;GFEGNAEA=FLGK<=
;GFLJ9;;AYFQ=PL=FKAYFDFM<8CFE>N@K?
DFM<D<EKJF=:FEKI8:K@FE8E;<OK<EJ@FE
@9;=JD9?9JLAB9K;FGLJ?LGJ
4@K24E:>M;;GJL9J=DH9KGAFL=J;=HL9J
K=@GE:J=FG9QM<Y9:9B9JH=JGQG9QM<V
.?8KD8E;@;EdK?<CGCFN<IK?<CF8;9LK#
;@;
6FEAL>
E@J22:<K:
70
C8<EKI8;8GI
4J22:
4@J22:M;:MK;9J=KHGKGG=KHGK9KAFDGK9JJ=
?DGK<=D9K>9EADA9KCFFB=FI?LJ98E;FIN@=<
N@K?FLK8II8E><D<EKJD8;<9PK?<=8D@C@<J
6FEAL>
E@J22: E@J22:E:>E@K::EE@K:::
E2>70
C8<EKI8;8GI
4J22:
4@J22K:M;J=;D9E9J:C8@D:I::92BF:9
9664@EBF::9E@;A24BF::4@EJ@@AD@J22K:
E:>42E66E6(A@=JE9FGE9QGJK=>M=9D9
;9;=JW9;GFGLJGK@GE:J=KQ<ABGIM=N99
LJ9L9J<=J=;D9E9J;9JF='PFC;<I9IFK?<I
N<EK?LEK@E>N@K?FK?<ID<E8E;J8@;K?8K?<
@J>F@E>KFKIPKF:C8@DJFD<D<8K
6FEAL>
E@J22K:<K:
70
C8<EKI8;8GI
4J22K:
4@J2:M;@9;=J?M=JJ9D8B<N8I*@J2:>2I
I:42BF:K::=BF:92?IUAD224:4@@I:BF:9
924I4UI@>::9E@; FLA=EHG<=?M=JJ9
EM;@GKFAXGKEMJA=JGF<=@9E:J=#EK@D<J
F=N8ID8EP:?@C;I<E;@<;F=?LE><I
6FE
AL>
E@J2:<K:
70
C8<EKI8;8GI
4J2:0
I6A6:E:4@J2:HAJ9L9KI::424@J2:=BVJ;ALG
:4@J2:JF9C89Jd0
969692D4M>2?
:4@J2::9J;G"M9J<9GKL9
4@J@4@JH9DGE99D9:D9F;9N?@K<N@E><;
;FM<64<E8@;88J@8K@:87
*C
4@JT4@=40
9696
4@J@4@MF9J:MKLG;GF
>DGJ=KJGK9KQNAGD=L9K
A?224@;2?@4@J@4@
H9DGE99D9:D9F;9IM=K=
4@J@4@
=F;M=FLJ9=FDGK
E9F?D9J=K
4@J@4@4224@;H9DGE9HA;@YF:FDDFE
G@><FE6FCLD98KHH7&@K
H9DGE9?J9F<=
*C
4@JT4@=44224U=
@J@4@@@IA+M=JLG+=X9K;G*L<IKF
*<W8J:F-@EXE
2?EET4?2=42
4@J@=428IKDGKD9K;GK9KH9J9<9KK?<JK8E;
@E>K?@E>J->4@A
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@EK<I:<GK6FEAL>
E@K24E:><K:
70
C8
<EKI8;8GI
4K24E:>
@K24E:>$FL=J;=HLGJMF9=KLJ=DD99FGHMK
#EK<I:<GKFI8JK8I8EFGLJ0
4@K24E:>
AFL=J;=HL9J6.=J=MF=;GFD9;GFKL=D9;AYF
#9HB#KD<<KJLGN@K?K?<:FEJK<CC8K@FE
"8GA
7
4@K24UKM;HA;GL=9JG<:B6FEAL>
E@K24UK
<K:
70
C8<EKI8;8GI
4K24UK
J2K24UKJF9CHA;G<=HTB9JG9<8BF=
9@I;*C
J2KM4@K@;
W4@KM9?2=42M@;GFGD=9<9KL=F=JE9J=B9<9
;GF:9B9<9KQKM:A<9K6;9EAFG7?8M<C8I><
N8M<JIFL>?5J<86N@K?I@J<J8E;=8CCJ
5IF8;6,6A64@>A2KM9?2=42E2I
4@?D622=2>2:BF:9:?D@@:E4292M9F<G
=DE9JLA=F=GD=9<9KFG<=:=KK9DAJ199
@9;=JNA=FLG1?<EK?<J<8?8JC8I><N8M<J
PFLJ?FLC;EFK>FFLK
#KN@CC9<N@E;P
/JF
9J;6FEAL>
E@KM9?2=42E@KM9?2=4@;7
4@KM>M;
9L9;9J8KK8:BEGN=JK=9MFD9<G
JK<GKFFE<J@;<\:KI2KM>`+GFL=9MF
D9<G-K<G8J@;<6FEAL>
E@KM><K:
70
C8
<EKI8;8GI
4K2>
::E@>924:E:4@KM><=KG:=<=;=J;@JF9<P
::BF:4@KM>HAK9J=FJK<GFE
:E:4@KM>HAK9J=FJK<GFE\ E:2KM>
`+WK9DG-K<GFE@K\#::K;9@@4E2>:E:
9AD@KM>I@E2I`MA<9<GHGJIM=L=HM=<G
HAK9J18K:?FLK9<:8LJ<#D@>?KJK<GFE
PFL
:J2E4@KM>L=F=J9H=DDA<G?8M<C8JKE8D<
6&2?49@9AJ@AM9-2S6K924E22I29
:J2E:9AJ2KM>(=DD9EG+9F;@G(A9H=DDA
<G=K4TX=R'PE8D<@J*8E:?F
'PC8JK
E8D<@J3RW<Q
[#6MKJ2:J2E:?E@KM>
_MTD=KLM9H=DDA<G1?8K@JPFLIJLIE8D<
E224@KM>LGE9JMFH9KGK8B<8JK<G
9229@::;4U4@KM>=PLJ9NA9JK=><KCFJK
JKI8P
:4@KM>JF9C89Jd0
:E::4@KM>H9JL=
<=D9FL=J9<=D9KLAD<=D9>D=;@9:J2E:4@KM>
9H=DDA<G
J2KM>JF9Cd0
:J2EJ2KM>:J2E
:4@KM>KM9H=DDA<G
4@K2>=42>224U=JR9F;M<GDFJHL@KF
6MDA;A<9=7*C
4@K2>=42>224U=
<4@K2>=42>
4@KM>224U=
4@K2>=42>224U=
9L9;9<GJ=K?J9F<=K
4@K2A=:>M;;GK=J
J<N6FEAL>
E@K2A=:><K:
70
C8<EKI8;8
GI
4K2A=:>0
4@K2A=:>2?:9:?@=<=<9D
:4@K2A=:>JF9C89J@ADGH9J9;GK=JJ<N
@E>K?I<8;
4@K2A=:>2?:9:?@=<=<9DK?@D9C<&@K
=FIM=
D9H=JKGF9IM=;GK=E=L=KM<=<G<
BF:?@=
W4@K2I2KM@AEH=D=JMF9H9F?9;GF9KL9KAF
LG;9J=D>GF<GDFM<89F8KN@K?8GFC<
N@K?FLKKFL:?@E>K?<9FKKFD6964@>EIU
:4@KMI2K:>4@>9::>J@;%IEA24E2>2
4>22I9696E::I4UE@KMI2;2>.22;966=
924:E:>::K42>'=<AEGKMFH9DG<=J=;@G
H9J9=EHMB9J FLGF;=KMK9F<G=K=H9DG
DD=?9JGF99EHG.9J?=FLG1<>8M<K?<D8
JKI8@>?KGFC<KFDFM<K?<9F8KN@K?
.?<E
K?<P8II@M<;8K-8I><EKFLJ@E>K?8KGFC<
/JF9J;6FEAL>
E@K2I2KE@KMI2K:>
E@KMI2E2;E@KMI2;2>E@KMI2E2=4270
4@K242
4@KMKM;;D9N9JK==F=DE9J<=K<=9JJA:9H9J9
9?9JJ9J;@M<@EK?<J<8=IFDLG?@>?KF
>I896FEAL>
E@KMK<K:
70
C8<EKI8;8GI
4K2K-@EXE
2?@92?E429;622E:>429;::E
0
WK::44@KMKH=DW;9FGH9J<G
4@K2K?:M;=FJ=<9JK=K8E>C<;LG2A6BF6E
4@@IA:?J22BF:9:=QEBF:;4@K2K?:92/M
EMX=;9LA=F=KMH=DG=FJ=<9<G3FLI;FCC
?8JK8E>C<;?8@I
6FEAL>
E@K2K?:<K:
70
C8<EKI8;8GI
4K2K?:
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@KQAM;:=K9JB@JJ6FEAL>
E@KQA<K:
70
C8
<EKI8;8GI
4K:A0
K::I4@KQA9J<ADD9<=
;GD9J=<GF<=9<9
4@K:A664@;M;:=K9J9D9AJ=;GFJMA<GB@JJK?<
8@IN@K?8EF@J<6FEAL>
E@K:A664@;<K:
7
0
C8<EKI8;8GI
4K:A664@;
@K:E2IMF;9EH9E=FLGQMFDM?9J<GF<=K=
=F;M=FLJ99?M9<MD;==FD9AKD9/A:MJYF8
:8DG8E;8GC8:<N?<I<=I<J?N8K<I@J=FLE;
FE.@9LIFE#JC8E;&@K
;JM;=JADD99?M9
@K:E 4296>6MF;9EH9E=FLG=FD9AKD9
/A:MJYF8:8DGFE.@9LIFE#JC8E;
@K:E ?@@94UMFDM?9J8GC8:<&@K
=FK=
F9<9<=GRAL
@K:E-2::;MF:9F;G<=9J=F98J?F8C&@K
EV<9FG<=GRAL
4@K:I664@;JMF=K;9J9:9BG
CFE>?FIE<;NFF;9FI<I
6=J9E:Q;A<9=FG
A<=FLA>A;9<G7&@K
?J9F
;GJL9<GJ*C
4@K:I224U=
4@K:I664@;
<4@@K:I664@;
4@K:KJMF99?M9E9D98?P;IFQF8E6#Q<JGRG9
FGA<=FLA>A;9<G7*C
4@K:K
4@K=20
C8<EKI8;8GI
4@KE
<=KHJ=F<=JK=
4@KEJ?JADDG:I@:B<K
6"JQDDA<9=7*C
4@KE
4@KEM@
<=KHJ=F<=JK=
:FD<CFFJ<:?@@D;
4@KE
BF:9D@KE4292(AMX9
N999>DGB9JK=QK9DAJ'P=@E><IE8@C@J>F@E>
KFCFFJ<E8E;=8CCF==
K9DAJ<=MF9HGKA;AYF
<=9MLGJA<9<C<8M<8GFJ@K@FEF=8LK?FI@KP
*::I4>22IBF:969692I@D@KE4292:::E:>
E>::A6>2 KHJ=KA<=FL=9@GJ9H=JGN99
K9DAJ'9K;GK9KIM=@9;=KGFE9D9K"<@J
GI<J@;<EKEFN9LKJFFE?<@J>F@E>KFC<8M<
.?<K?@E>JK?8K?<;F<J8I<98;
6FEAL>
E@KEE@K=270
429@KEIMAL9J92A2;:?=@;
4@K=2MFHMDHG
4A22:=I0
C8<EKI8;8GI
4@@:E
4@K6I6M;@9;=JAF;AKAYFD8B<8JC@>?K
@E:@J@FE6FEAL>
E@K6I6<K:
70
C8<EKI8;8
GI
4K6I6
J2K6I6JF9Cd0
4E2>J2K6I69DE=B9
F9N9B9
4@K:J;JM;ADDGMF9J:MKLG=KHAFGKG?J9F<=
9@KK<I:FE;8C@88C8I><K?FIEPJ?IL9
6FE;8C@8>CF9FJ8N9JGL9<J:<EJ70
4@K:
62IEEMVJ<9?G<=D;JM;ADDG
4@K:92I:92A@@:?MF9HD9FL9D=?MEAFGK9;GF
@GB9K<=;GDGJ?JAKHD9L98C<>LD<9LJ?N@K?
J@CM<IP>I8PC<8M<J6.<G?IFJ@8G8CD<I@7
&@K
;JM;ADDGIM=K=MK9H9J9L9H9JGDD9K<=
9?M9<4@4A@@:?
4@K:922>2;JMFAFK=;LGH=IM=XGFGNGD9<GJ
IM=HA;98JD8CCEFE=CP@E>9@K@E>@EJ<:K
4@K::4E:>M;HGF=JD=X9?JM=K9=FD9DME:J=
GLKC8I><=@I<NFF;@EK?<=@I<6FEAL>
:E@K::4E:><K:
70
C8<EKI8;8GI
4K::4E:>
4@K::@>M;;@9EMK;9JLGKL9J;GFD9DD9E9
J@E><6FEAL>
E@K::@><K:
70
C8<EKI8;8
GI
4K::@>
4@K::E0
C8<EKI8;8GI
4J22:
4@K::I6AI2EM;9?9JJ9JJ=?9DG<=D9;9K9<=D9
>9EADA9<=D9FGNA9=F=D<W9<=D;9K9EA=FLG
>I89>@=K=IFDK?<?FLJ<F=K?<9I@;<dJ=8D@CP
FEK?<N<;;@E>;8P6FEAL>
E@K::I6AI2E
<K:
708I
4@K::I:AI2E
0
C8<EKI8;8GI
4K::I6AI2E
4@K::I@;JK9D9E9FIM=K9<=>J9FB9K?=;G;9
;@GJ9EGL=9<9N<JK<IE98E;<;><:BF
6FC<FEPOM8I@<>8KLJ7*C
4@K::I@=4@;6.A
=KL9K9D9E9FIM=K9N=9MFG=K9H=JKGF9K=
9<=D?9R9JT#=K?@JC@Q8I;J<<JJFD<FE<K?8K
G<IJFEN@CC9<:FD<K?@E
7
4@K::I@;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4A22:?M@
;9=JK=6;GK9=PL=F<A<97LME:9JK=
=8CC5<OK<E;<;K?@E>6224@BF66;:>4@A
2?@A@A2::E2ID@>A22:?292.AK=9JJ=?D9
MF9;9K9NA=B9FGK=;9=JTEFC;?FLJ<
NFEdK=8CC;FNE@=FE<I<G8@IJ@K
9?9;@9JK=
<G:D=?9JK=AF;DAF9JK=9<E;FM<I6FEAL>
EA22:?EA22:?:>EA22:;270
::BF:42A22:?
;9MK9J;9=JK==F
::;4@4A22:?K9DAJ<=C<8M<=IFD\229@
4@>::;4@9A22:?`,MWL9L=<=D;9EAFG!<K
F==K?<IF8;
/:9::D2I4@>0:>A22:?<OGE<>>A=D=8@K?
=LC&@K
KM=KHWJALMFG;9=#692?E4@>:E:
4U>::E2I924>:9::D2I4@>:>A22:?
:9>::>K@,MA=JGIM=K=9K>A=D=FLMNA<9#
N8EKPFLKF9<=8@K?=LC@EPFLIC@=<
9:K24A22:?K9DAJ<=D;9EAFG=AJ=FGLJ9
<AJ=;;AYFC<8M<K?<IF8;8E;>F@E8EFK?<I
;@I<:K@FE*C@@BF:4966=E:?E:429:K2EA22:?
>2EC@@BF:4@@:=E:?E:42J2>EIU4U42E2I
:92 D;9EAYFJGBG<AGNM=DL9Q=D;9EAYF
9RMDKA?MAY<=J=;@G.?<I<;KIL:BKLIE<;F==
8E;K?<9CL<KIL:B:FEK@EL<;JKI8@>?K8?<8;
:A22:?JF9Cd0
92?E:A22:?9FAE9D
L=JJ=KLJ=>9FLTKLA;GH9J=;A<G9DDG:GE9JAFG
4A22:?2=420
C8<EKI8;8GI
4A22:?;
4A22:?;M@;9=JK=JG<9F<GNGDL=9JK=IFCC
KLD9C<FM<I2?K22:E2DEBF:;>::BF:
DA22:?;9229:E2IMA<9<G'9HA=<J9
HM=<=JG<9JQ;9=JK==FLA<:8I<=LC.?<
IF:BD@>?KIFCCFM<IFEPFL
6FEAL>
EA22:?;EA2::?=EA22:?2=42EA22:?2=4@;
EA2::?=4@;70
42A22:?;@9;=JJG<9J92DE
BF:9:E:4A22:?2=42MF;9J9;GDADDG
4A22:DIM@DAEHAG:C<8E::BF6E4E2>42::
BF:9J66?924I@A22:DII@4E2>BF:D:=BF:;
J66?924I:9:K=4'9;9J9<=EA@ABGE9QGJ
=KLTDAEHA9H=JGD9<=DE=FGJ=KLTKM;A9.?<
=8:<F=DPFC;<IJFE@J:C<8E9LKK?<
PFLE><IFE<dJ@J;@IKP
6FEAL>
EA22:DI
EA22DI:>EA222DI2;76.=<=JAN9@AKLYJA;9
E=FL=<=DH9KANG<=e;99AKPfgDAEHA9Jh"@J
KFI@:8CCP;<I@M<;=IFDK?<G8JJ@M<F=
a:88@JObcKF:C<8Ed
7
4A2;:>M@
;G;AF9<G<=E9KA9<GFM<I:FFB<;
.::I:AI2D:92A2K?:;9:ABF:;4A2;:>:92
KL9;9JF=K=@9?MAK9<G<=E9KA9<G.?@J
D<8K?8J9<<E:FFB<;KFFCFE>
AF>=;L9<G
@E=<:K<;:D@;:9E224E:>>24@@4K::IK@
4UE@>A2::>2424E:>924J@A2;:>(=
;GJLVH=JGD9;GJL9<9K=AF>=;LYHGJIM=FG>MA
LJ9L9<GHGJEM;@GLA=EHG#:LKDPJ<C=8E;
K?<:LK9<:8D<@E=<:K<;9<:8LJ<#;@;EK?8M<
@KKI<8K<;=FI8CFE>K@D<
6FEAL>
EA2;:>
EAM;2>2>EAM;2>@;EAM;2>@=427
:E66?4A2;:>L=F=JM:J=J9?8M<K?ILJ?
.:IBF:D::=BF:9:E66?EA2;:>K::IK:9229:E
:J@>MGEG=DFAXGL=FW9M:J=J9FGIM=JW9
;GE=JF9<9-@E:<K?<:?@C;?8;K?ILJ?J?<
;@;EdKN8EKKF<8K
4A2>0
C8<EKI8;8GI
4@4AM>
4A2>:KM@E=F=9JK=6;GEGH9F?9E=K9G;G
DMEHAG7IF:B5C@B<9F8KK89C<FIJN@E>6
2I:9@@A2E;42942?@224@>EA2>:K>2
92>::I2?E;9MK9<=D9E9J=B9<9D9H9F?9
K=E=F=9:9QL=FW9EGKEA=<G<:8LJ<F=
K?<IFL>?J<8K?<9F8KN8JIF:B@E>8E;N<
N<I<8=I8@;
6FEAL>
EA2>:KEAM>:K:>
EAM>:;@;70
42A2>:KE=F=9J
4A2>=4M@>GJE9JK=:GDAL9K6H=BHA=DDG<G7
;GEG;M9F<GK=>JGL9D9HA=D=FID@EKFJD8CC
98CCJ@EKI
5<
>
JB@EDL;68JN?<EK?<
JB@E@JIL99<;6FEAL>
EA2>=4EA2>=47
0
42A2>=4>GJE9J:GDAL9K
4AM?4@;40
C8<EKI8;8GI
4A2?KI
4A2?:>M@D9N9JK==D;9:=DDGN8J?FE<dJ?8@I
9AJ@A2?:>(=D9NV=D;9:=DDG#N8J?<;
DP?8@I
6FEAL>
EA2?:>EA2?@>2>
EA2?=2>70
42AM?@>@ED9N9J=D;9:=DDG9
GLJ9H=JKGF9
:42A2?:>JF9C89JMFE9?M=QH=IM=XG
J?@E;8>><I8:<EKLIPGC8EK
4A2?KIM@
;GJJ=JILE2DE4@A4@=66BF:
4UEA2?KI92DE4@A:J2E9244@?E:>2
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9JJM?9<GIM=LG<9NW9=KL9:9KM;AG#GLKFE
K?<NI@EBC<;G8EKJK?8KN<I<JK@CC;@IKP
6FE
AL>
EA2D42I7
:A2D42IJF9Cd0
92?E:>22D:;:A2D42I
KM=D9<=MF9DD9FL9
4A2D:M@
9JJM?9<GL=F=J9JJM?9KNI@EBC<;
?8M<NI@EBC<J 9J66?J@>A2D:(A;9J9FG
LA=F=9JJM?9K'P=8:<;F<JEdK?8M<NI@EBC<J
22J:?22:=4I2E42;BF:9EAMD:;@;>2IK::I
K@4U:92D::;:>::44UJ@>::A6'9HA=D<=D?9
<9<=D;9:9DDGHGJIM=LA=F=9JJM?9KFGKAJN=
H9J9F9<9.?<K?@EJB@EF=K?<?FIJ<@JEdK
>FF;=FI8EPK?@E>9<:8LJ<@K@JM<IPNI@E
BC<;
E9<MJG6N9AF9<=E=RIMAL=7D8KLI<
5D<JHL@K<GF;622DBF:9I@A2D:>22I
92DQAE2>292'9KN9AF9K<=E=RIMAL==KLTF
E9<MJ9K@GJ9D9KHAK;9J=EGK.?<D<J
HL@K<GF;J8I<D8KLI<
(FNN<N@CCG@:B
K?<D
6FEAL>
EA2D:EAMD:E:>EAMD:;@;
EA2D:;EAMD:E2;EAMD:;2>70
42A2D:
;9MK9J9JJM?9K
4AMD:;@;9?JA=L9<GN@K?D8EP=@E<:I8:BJ
:A2D:JF9CG8Jd0
922DBF:9:A2D:N=F9K
JGB9KNAKA:D=K=F=D=PL=JAGJ<=D9N9AF9<=
E=RIMAL=IM=AF<A;9KME9<MJ=R
4AMD:;@;0
C8<EKI8;8GI
4A2D:
4A2D;:>M@;9=JK==F=D9?M9KAFHG<=JD=N9F
L9JK=9D9GJADD9<=DE9J=8CC@EKFK?<N8K<I
8E;EFK9<89C<KF><KLG8KK?<J?FI<
@4D2C966BF6K@I6A6:E66=4@>4UE27A
I6A62?@E22=:>I29E2>@KJ@A2D;:>0F
FAXGE=PA;9FGFGAF<W?=F9>M=9D9HD9Q9
H9J9BM?9JQK=;9QY=F=D9?M9EFE#E;@8E
'<O@:8E:?@C;N<EKKFK?<9<8:?KFGC8P8E;
=<CC@EKFK?<N8K<I
6FEAL>
EA2D;:>
EA2D;@;7
4A2DAIM@d6FEAL>
EA2DAIEA2D:AI:>
EA2D:AI@;EA2D:AI@=4270
922492A2DAI
>=GKM;AG
::4A4A2DAIEG<=KLGDF;<JK>22>::4A
:>A2DAIBF:;E::IK::I::9D:>224@K:>M92
0F9EMB=JIM=FG=KEG<=KL9FGLA=F=N=J
GJJAY9D9;AE9<=D;=JJG"<I8EKFK?<KFG
F=K?<?@CC
<GD=J8:?<?LIK:D@;BF:;
4A2?4@I:92(=<M=D=LG<G=D;M=JHG'P
N?FC<9F;P?LIKJ
6FEAL>
EA2?KIEAM?@K
I:>EAM?4@;4EA2?4@I:FJ8JEAM?4@I=
4270
42AM?@KI@E@9;=J;GJJ=J
92AI::BF:4A2?KI=;@9JK=9;GJJ=JK8B<F==
ILEE@E>
::BF:4A2?KI;9R9J;GJJ=JLJ9K<=:?8J<
ILE8=K<I
/::D2I4@>04A2?KIL=F=J9J<GJ<=H=;@G
?8M<?<8IK9LIE::D2I4@>I@A2?KI#@D
9:A:K:E24BF:;:9I2;QK/=F?G9J<GJ<=
H=;@G(=<M=D==DH=;@GL9E:AVF#?8M<
?<8IK9LIE
'P:?<JK8CJF?LIKJ
4AMA:E2M@<AKH=JK9JK=;@JG<IJ<J:8KK<I
\ 9AMA:E2\ 9AMA:E2\,::42BF:I22K;@;
BF:9E22>I@22EE2I`AKHVJK=FK=`AKHVJ
K=FK=`1A=F=FDGKKGD<9<GK+L@:BJ:8KK<I
.?<JFC;@<IJ8I<:FD@E>6FEAL>
EAMA:E27
4A2ADM@
K=;G>9DL9F<GDWIMA<GH9J9MKG9HJG
HA9<G;IPC8:B@E>C@HL@;=FI8GGIFGI@8K<
LJ<.::I:AI2D:92I4A2AD@@E24@:A24
:9A@@?92IKK@9J::IKE::I4@9D229:E922
9:'D=N9JV9D?G<=D9;9JF=K=;9QK=D9<9JV
<=;GE=J9EAH=JJG#N@CCK8B<JFD<F=K?<
;IPD<8K8E;=<<;@KKFDPG<K;F>
MFHG;G
TKH=JG6KMH=J>W;A=7IFL>?5JLI=8:<66FE
AL>
EA2ADEA2AD@70
42A2AD@9;=JK=;G
4A2AIM@>AKMJ9JK=:I8:B<;
5<
>
N8CC66FEAL>
EA2AIEAMA2AI:>
EAMA2AI:>7
4A2D42IM@KMJ;9<G
HD=?9<GJAR9<G
4A2AI
9JJM?9<GGF<MD9<G
=LIIFN<;:I<8J<;
I@GGC<;NI@EBC<;?
:BF:E;92I4A2D42I@@K
2?@9AJ:E;E2I4@:
:9:9:K=4@@4UJ@@;U4
4A2D42I
(=HMK==DH9FL9DYF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
?\=FR9NFD8EN?F@JEdKDF;<JK;F<JEdK
?8M<8EPJ?8D<
::4A4@4A2DAI<9J9K;G9J<<D;@J>LJK@E>
KF[.::I92AI4@@>BF:9I6A6:E66=4@>:E:
4@@>4@>4U>::9@924>::4A4UEA2DAI
_/=<AG9K;GN=JD9:9DD=F9IM==KLT=FD9
GJADD9<=DE9J@;@K;@J>LJKPFLKFJ<<K?<
N?8C<K?8K@JFEK?<J<8J?FI<[ :4A
4@?EA2DAIF[#::4A4UEA2DAI_/=<9
9K;GF<J@K;@J>LJKPFL
4A2EM@9HD9F9<96MF9HMFL97=C8KKFGG<;2DE
:J2E92I4A2E@@4@>:E:4UE::AE2;4>2K@
E@44@?E:E2:E22>EBF:9:J2>::A2=2.M:A=
JGF=D;=JJG;GFHMFL99HD9F9<9Q9MFG<=
=DDGKK=D=9JJMAF9JGFDGK@M9J9;@=K.?<P
:C@D9<;K?<=C8KKFGG<;?@CC8E;FE<F=K?<D
IL@E<;?@JJ8E;8CJ
6FEAL>
EA2E
EA2EI2>7
4A2E
4AME2;U0
C8<EKI8;8GI
WIAME2;U
4A2E;M@;GF>GJE99HD9KL9<9N@K?=C8KK<E<;
=FID*C@@BF:BF:9
92IKK:E92?E
E>22D:;>292I
J@A2E;@@ D
;9EAYF9LJGH=DDY9
4A2E;
MFH=JJGIM=IM=<Y
9HD9KL9<G.?<KIL:B
I8EFM<I8;F>K?8K>FK=C8KK<E<;
6FEAL>
EA2E;EAME2=4276.=<=JAN9@AKLYJA;9E=FL=
<=DH9KANG<=e;99LBfg?GDH=9Jh"@JKFI@:8CCP
;<I@M<;=IFDK?<G8JJ@M<F=a:88KAbcGFLE;d
7
0
42A2E;9HD9KL9J9242E:DIMA4A2E;
LA:MJYFDAEYF92DE::BF:4A2E;;@MH9HA=<J9
I6A6:E:4A2E;H=DMIM=JGH=RK::I92?E
4A2E;;G;@AK::I92?E4A2E;@@9:EMF9D?9
E9JAF9
4U:A2E;JF9CD9<GJ@;<*C
4U:AME2=42
W4A2E;JKGE:J=JG?8K/JF9J;-@EXE
922@
?2>
4A2E;4M@
9:A=JLG9:JAJK=FG<E#:E@;4@:
DAME:4=292,MV<9L=;GFDGKGBGK9:A=JLGK
%<<GPFLI<P<JFG<E
2A2DA@;92?@@42;
BF:94A2E;4:92 DDA:JG=KLT9:A=JLG.?<
9FFB@JFG<E
>GJE9JK=9<=FID<;.:I
BF:D::=BF:9:DI66?9242?@E@@>:>A2E;4
>22IE@::D@@4A4292 DFAXG=EH=RY9
>GJE9JK==F=DNA=FLJ=49N99;J=;=J.?<
:?@C;?8J9<>LEKF9<=FID<;@EK?<NFD9
(FN@K@J>F@E>KF>IFN
6FEAL>
EA2E;4
EAME:4=EAME:;BF:>EAME:;@;EA2ETE:;@;7
6.=<=JAN9@AKLYJA;9E=FL=<=DH9KANG<=
e;99LB;fg9:JAJh"@JKFI@:8CCP;<I@M<;=IFDK?<
G8JJ@M<F=a:88KA:bcKFFG<Ed
70
42A2E;4
9:JAJ=PL=F<=JA2?22=4A2E;4;JW9<=D9
9:=B9
4@4A2E;4L=F<A<G<=JJ9E9<GHM=KL96E=K97
JGI<8;FLKJG@CC<;9<J<K5K89C<6,::42:E:
:4@::E@;4@:E4@@@9696:E::4@@9:E:>4@>
4@>A2E;4/G<GKDGKHD9LGK=KLTFHM=KLGK=F
D9E=K9CCF=K?<;@J?<J8I<K?<I<8E;K?<
K89C<@JEFN8CCJ<K
E@::4A2E;4:E:4A2E;4HJG;D9E9<GGIF
:C8@D<; 422:E@>92BF:I>@42E:>@42E@::
4A2E;4:92'9KFGLA;A9K=KLTFHJG;D9E9<9K
.?<E<NJ?8J9<<EGIF:C8@D<;
4A2EJ2I0
C8<EKI8;8GI
4@4A2EJ2I
4A2I@KM@<=KH=DD=B9JK=H=D9JK=<=KHJ=F<=JK=
=C8B<F==:?22:=92I4A@4EBF:9J@A2I@K
'9HA=D<=D99EHGDD9K=<=KH=DD=BY.?<9C@J
K<IJB@E:8D<F==
6FEAL>
EA2I@K70
42A2I@KIMAL9JH=D9J
:A2I@KJF9Cd0
9696:E::A2I@K9KLADD9
4A2IKM@
TKH=JGJ:I8K:?PIFL>?692E22A
4@9292J2I9:A@D92492IJ@A2IK@@
/=F?GJ=K>JA9<GQEA?9J?9FL9K=KA=FL=
TKH=J9#?8M<8:FC;8E;DPK?IF8K=<<CJ
J:I8K:?P
2DE-2I2I@;::4A92492?E4A2IK
BF:9BF:9::9292DD9<G<==JJG+=DYF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
:J@>BF66AEI2>2E2;4292?IU:E:E>2A
>2)GD=K?MKL9MFHD9LGHG;GHJG>MF<G
HGJIM=FG;GFLA=F=EM;@G;9D<G.?<P;FEdK
C@B<J?8CCFN9FNCJ9<:8LJ<K?<P;FEdK?FC;
DL:?9IFK?
6FEAL>
EA669KIEA6696KI:>
EA66942I7
4A66E:;M@;AJ;MD9JJ=<GF<G:@I:LC8IIFLE;
2>:D;BF:9:DE;BF:94A66E:;
:92'9@GB9<=D9HD9FL9K9F?J=
<=<J9?G=KJ=<GF<9.?<C<8=F=
K?<8J?PC@D9<I9LJ?@JIFLE;
4A66E:;
6FEAL>
EA66E:;EA66E:=470
42A66E:;@9;=J;WJ;MDG66?:>4@@D@E:E
4A66E:;;D9NG92?E92A66E:;;=JG::K2I
4A66E:;DMF9DD=F9E@>:E@>92?E4@4A66E:;
?GDGF<JAF9MF9HD9FL9MF9HD9FL99FM9D<=D
LA=EHG>J=K;G,A22D?:A66E:;;9EH9E=FLG
=FD9AKD9/A:MJYF
4AP>6EI0
C8<EKI8;8GI
4@4AP>6EI
4A6?6M@KAF=KHAF9KK?FIEC<JJ*4@K:>>2I
:>M>4A6?6BF:9E2EI@I@@=4@>:E:
>@@> FLA=EHG<=;9DGJ@9QEM;@9>JML9
<=HAL9Q9IM=FGLA=F==KHAF9K#EN8ID
N<8K?<IK?<I<@JCFKJF=FI>8EG@G<:8:KLJ
=IL@KK?8K@JK?FIEC<JJ
6FEAL>
EA6?6
EA6?6E2;70
42A6?6IMAL9J=KHAF9KGH=DGG
HDME9K
:A6?6JF9Cd0
92=QE:A6?6;9:=DDG=F=D
H=AF=
4A6E6M@@AF;@9<G@AF;@9JJNFCC<EJN<CC.::I
96:J@@E?:E22I2992I:A6E642924>22I
42?@222?@9AJ@>::;.=E=@AF;@Y=DDM?9J
<GF<=E=HA;YQ=FLGF;=KFG@=A<G9
H=K;9J1?<I<#N8JJKLE>9P8I8PJN<CC<;
LG8E;JF#;@;EdK>F=@J?@E>
6FEAL>
EA6E6EAPE6E:>EA6E6EEAPE6;2>EAPE64@=7
0
42A6E6;9MK9J@AF;@9J
/:A@D04A6E6<OGL=F=JH9H=J9K?8M<
DLDGJ&@K
@AF;@9JD9?9J?9FL92?E
:9E22:E@>9:A@DJ@A6E6M9F<GQGL=FW9
;AF;G9XGKLMN=H9H=J9K#?8;K?<DLDGJ
N?<E#N8J=@M<P<8IJFC;
@9QHMJ9LA=JJ9TKH=J9.?<C8E;E<8I<IIF
*<CXE@J8CCIFL>?
0
DA::EBF:>4A2IKMF9
9DE=B9KAF<AF=JG9IFB<N@K?FLKDFE<P
*@>BF:9E4@@@>2924I:9J29@::E@E6
4>22I4A2IK:92"9KLVLG<G=D<AF=JGQ
9@GJ9=KLGQKAF<AF=JG#JG<EK8CCF=K?<
DFE<P8E;EFN#dD9IFB<
6FEAL>
EA2IK
EA2I4276'9K=?MF<99;=H;AYF<=D9H9D9:J9
=K<=DGK?A?9FL=KFG=K=DLVJEAFG;GE[F
.?<J<:FE;D<8E@E>F=K?<NFI;@J=IFDK?<
>@8EKJ@K@JEFKK?<:FDDFEK<ID
7
4A2K;4M@d6FEAL>
EA2K;4EA2K=2IEA2K
=2IEAMK=2;4EAMK=2I=4276.=<=JAN9@AKLY
JA;9E=FL=<=DH9KANG<=eIMARB;fg9EGFLG
F9Jh"@JKFI@:8CCP;<I@M<;=IFDK?<G8JJ@M<F=
aHL@QA:bcG@C<LGd
7
92?E4@>4@4A2K=2I<AKH=JK9JK=;@JG<IJ<;
J:8KK<I<;22JE:>@42EA2?KIE@44U>@E2
>2I:42BF:K::=4@::E29E92?E4@>4UJ@
A2K=2I D;9:9DDG;GJJW9=F=KL9<AJ=;;AYF
'GKFAXGKDGNA=JGFQK=<AKH=JK9JGF.?<
?FIJ<N8JILEE@E>@EK?@J;@I<:K@FE
.?<:?@C
;I<EJ8N@K8E;J:8KK<I<;
2?EI?@@:DBF:;
92?E4@>4UJ@A2K=2I&E::4I::4I:9D::BF:>
292'9:9KMJ9=KLT<=KH9JJ9E9<9=FD9LA=
JJ91GQ9BMFL9JD9.?<>8I98><@JJ:8KK<I<;
FEK?<>IFLE;
#8D>F@E>KF:FCC<:K@K
9:>@4A2K;4LAJ9<G6DWIMA<G;GK9KH=IM=
X9KHGDNG7JG@CC<;5C@HL@;JD8CCK?@E>J
GFN;<I62D22:E:4@@K=:=BF:99:422>:K
BF:9:E:9:>@EA2K;44@@I:J@E@A=;=AL=
H9J9EGLGJ>M=LAJ9<G=FEA;9EAK9QD9
E9F;@Y'FKFIF@C>FKJG@CC<;FEDPJ?@IK
8E;JK8@E<;@K
:A@D4@4A2K=2I9LJ9?9FL9JK=;GFKYDA<GG
DWIMA<G:?FB<FEJFC@;FIC@HL@;
4A2K=2I0
C8<EKI8;8GI
4A2K;4
4A669KIM@;YF;9NGQHG;GHJG>MF<G:FE:8M<
8E;J?8CCFN2?K2;:A;BF:94A669KIBF:9
4A669KI
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4A::MKHJG:9J;GEA<9?MKL9JK9:GJ=9JK8JK<
69DA::292'GNGQ9HJG:9J#8D>F@E>KF
K8JK<@K
6FEAL>
:EA:::EA::E:>:EA4@@J@
:EA4@@J@=4270
42A::L=F=JK9:GJ9
:92A::JF9CK9:GJ<=MF9;GK9=C8MFI
4A:>MK@9;=J@M9J9;@=K<=;M=JGD8B<C<8K?<I
J8E;8CJ.::I442>:?22:=BF:94I2E42;4@A
E::I:92AQ>::44U>::A6922?E:>2E;BF:9
4U:>22:A;@D:BF:9>@D4U>::KBF:>
2DEBF:92?@EBF::9E:>>2I>@D9@@I
@@::4A4UJ@>::A6'9HA=D<=D?9<9FGKAJN=
H9J9@9;=J@M9J9;@=K D;9DGJ<=DKM=DGH9K9
HGJ=DD9 FLJ9F=KHAF9K/9EHG;GKAJN=H9J9
9F<9J=FDGK;=JJGK.?<K?@E8E@D8CJB@E
:8EdK9<LJ<;KFD8B<J8E;8CJ
.?<?<8KF=
K?<>IFLE;G8JJ<JK?IFL>?@K
.?FIEJG8JJ
K?IFL>?
#K@JEdK8EP>FF;=FIN8CB@E>@EK?<
DFLEK8@EJ
6FEAL>
:EAQ>:EA:>E:>
:EA:>I2>:EA:>=42>7M;4@AQ>
4AQD2BF:>0
C8<EKI8;8GI
4@4AQD2BF:>
4A:D:;MK;GJL9J=FLAJ9KJC@K:LK@EJKI@GJ
\ 9A24@@I@E6422J:?22:=9:ABF:996
DA:D:;BF669:E2I`Q[<9E=9=KLAJ9JD9
+GJIM=NGQ9;GJL9J=KL9HA=D<=;9:9DDG=F
LAJ9K"<CGD<KFJKI<K:?@K<:8LJ<#dD
>F@E>KF:LKK?@J?FIJ<?@;<@EKFJKI@GJ
6FE
AL>
:EA:D:;:EAQD:=:>:EAQD:=4:EAQD:=4@;
:EAQD:=42>7
92A:D:;JJLAG8Jd0
K::I:?22:=92A:D:;
;M=J<9<=;M=JG
4A:E@=M@@AF;@9<GHGJ?9KL=F=JAF<A?=KLAYF
9CF8K<;N@K?>8J?8M<@E;@><JK@FE\.:I4M>
4A:E@=4@>9:>@4M42EI`/AJ9=DH=K;9<G
IM==KLT@AF;@9<G.?IFNFLKK?<9CF8K<;
=@J?6FEAL>
EA:E@=EAQE@=:>EA:E=@;70
42A:E@=@AF;@9JHGJ?9K
:>@K4@4A:E@=<OG<=E9KA9<GK9LAK>=;@G<=
;A=JL9;GEA<9KM;GJ9RYF=KLT@AF;@9<G
M<IPJ8K@J=@<;N@K?:<IK8@E=FF;?<8IK@J
9CF8K<;?IU:9E29:E92I9:>@K@@
4@>A:E@=GEWEM;@GQQ9FGE=<9F
?9F9K<=;GE=JETK#8K<8CFK8E;;FEdK
N8EKKF<8K8EPDFI<
4A@4M@LME:9JK=;9=JK==8CC64@@K?:;:92
I@92>42?@::?BF:;29EA@492>M4BF:;
:E2I@AE>24>22I96D292;4429:K4@9A
>::;4G=KL9:9?MAK9F<GH=JGD9GDD9K=
;9QYQ9H9?YD9DME:J=Q9@GJ9NGQ9H=<AJ
9?M91?@C<#N8J:FFB@E>K?<GFK=<CC8E;
GLKFLKK?<=@I<8E;EFN#8D>F@E>KF8JB
=FIN8K<I
6FEAL>
EA@4EA@4E:>EA@4=:>
EAT42=2>70
2K@;4A@4=KLJ=DD9NGD9<GJ9
92DE4A@4JG;9IM=K=@9;9W<G
4A@4EM@DD=FG6;GFL=F=<GJ7=LCC5:FEK8@E<I6
2D@I6A62?@9@2::4294@AD::;BF:9EA@4E
92?D@E229?:;>2:E::BF:?@=::4A4UE>::A6
9@'9J=<IM=@9:W9E=LA<G=F=DE9J=KL9:9
DD=F9<=9?M9E9D9K/=E:D9:9QFGK=HM<G
LG;9J.?<E<KK?8K#?8;GLK@EKFK?<J<8N8J
=LCCF=A<CCP=@J?
#KHL@M<I<;8E;@K:FLC;EdK9<
KFL:?<;
6FEAL>
EA@4EEAT42E:>EAT42
E@;70
92I4A@4E9EHGDD9I6A64AT42E@;
HD=9E9J
/I6A64@>04AT42E@;K=JHD=9E9J9<?@>?
K@;<&@K
=DE9JK=DD=F9[,6A64@>KQ>;U4
DAT42E@;BF66J2_MTF<GN99K=JD9
HD=9E9J1?<E@J@K>F@E>KF9<?@>?K@;<
4A@740
C8<EKI8;8GI
4@4A@74
4A@@:?0
C8<EKI8;8GI
4@4A@@:?
4A@@:?M@LMHA<G;<EJ<2AK@4@9E2E?:>2
96964A@@:?4@>4@?E:E2>29J@>29@
/AJV9MFN=F9<G:MJ9QK=E=LAY=F
N=?=L9;AYF<=FK9QFGDGNA#J?FK8K8DLC<
;<<I8E;@KN<EK@EKF;<EJ<M<><K8K@FE8E;#
;@;EdKJ<<@K
6FEAL>
EA@@:?70
42A@@:?LGJ;=J96964A@@:?N=?=L9;AYF
<=FK9
4A@@;J
R9;9L=HMFL9:D9F;98C@=FIE@8
:FKKFEKFGGC8EK6@>@K8I@8:8C@=FIE@:8
.I@:?8:?E<:8C@=FIE@:87R9;9L=<=9J=F9
J8E;;IFGJ<<;6-GFIF9FCLJ:IPGK8E;ILJ7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?8K@J:FEJKI@:K<;@EDFI<K?8EFE<GC8:<
:A@@K:JF9Cd0
92?E4U:A@@K:<ANAKAYF
=FLJ=<GKTJ=9K9DL9K
4A@AMKH9DH9J<9JH9DE9<AL9K9G8K>22>
BF:9K:IBF:D::=4@>4A@A:92D::>E22>2
'9EMB=JD=<9:9H9DE9<AL9K9DFAXGH9J9IM=
4A@@E
K=<MJEA=J9.?<NFD8EG8KK<;K?<:?@C;JF
4A@@E:E2M@
9JJ=EGDAF9JK=JN@ICKM;AG;GF
K?8K@KNFLC;JC<<G
6FEAL>
:EATA:EATA2
;GKAL9K;@IKPN@K?C@KKC<K?@E>J2IE24@A
E:>:EA@AI2>7
I@A@@E:E292?EA22:EE2A@J22>E2
:?=4A@A9HD9M<AJ8GGC8L; 4@BF66?924
4>22I>2D::DJ@;292 D9?M99DDW=KLTEMQ
EA2::>2IAJ66DEBF:;2?@4@::4@:4T:
KM;A9+M=<=KLGE9JD9<=KHMVK<=IM=K=
:4@@@:E:I:?=:J@A@AI2>M9F<GD9[DLAE9
9KA=FL=.?<N8K<IK?<I<@JM<IP;@IKP
3FL
;9F;AYFL=JEAFYLG<GKDGKIM==KL9:9F=FD9
:8E;I@EB@K8=K<I@KJ<KKC<J
2?EK:E:9AE::;
>A=KL99HD9M<A=JGF1?<EK?<C8JKJFE>
>292:BF:9E22:I2;>2I@A@@E:E2 KL9:9
=@E@J?<;<M<IPFE<8KK?<=@<JK88GGC8L;<;
QG=FMFDM?9J@9:W9EM;@GNA=FLGQ@9:W9
4A@EM@d6FEAL>
EA@EEA@EE:>EA@EI2>
EM;@GHGDNG#N8JJFD<N?<I<8E;@KN8J
EATE:4@=7
N@E;P8E;K?<I<N8J8CFKF=;@IK@EK?<8@I
4@4ATEH9K9JHGJMF99:=JLMJ9G8JJ
6FEAL>
EA@@E:E2EA@@E:E2=4270
K?IFL>?8EFG<E@E>
42A@@E:E2LAJ9J9IMWQ9DDT
4@=24A@EH9J9JK=L=FA=F<G;9J?9JK8E;LG
/:>@K04A@@E:E2<OGL=F=JFTMK=9E8LJ<
N@K?CF8;::92I922:4@=29ADA@EE@@E;U4
8K<;&@K
KM;GJ9RYF=KLT9JJ=EGDAFTF<GK=
9:K4@:96D::ABF669:E2IQ[<9E=HGJIM=
::BF6EBF:992?E:7::4294U:>@E;:92
NGQ9;9J?9J=KL9>JML9<=D9;@GQ9=FD9
>@KEA@@E:E2>@D4ME2=BF:>:92(A@ABG
;9:=R9"<CGD<9<:8LJ<#dD>F@E>KF:8IIP
FGK=D=N9FLY=KL9E9X9F9 KL9:9;GFFTM
K?@J:?FCC8=IL@KFEDP?<8;
K=9QNGEAL9:9'P:?@C;;@;EdK><KLGK?@J
::BF:E@::4A@E
<9JNM=DL9KLIEFE<J<C=
DFIE@E>
-?<N8JE8LJ<8K<;8E;N8J
E2>4@A::BF:E@:::9AJ@ATEANM=DL9
MFD@K@E>
@9;A9=D@GE:J=#KLIE<;KFN8I;K?<D8E
4A@@K:M@L=F=J>GJE9ETK9F?GKL9=FMF9
LJ9A;AGF9J9<KI8PE2>:>A29@BF:9K::I
H9JL=?8M<=FIDN@K?8E8IIFN
BF:9BF::A6BF:9::92I4U:922:K::E:::BF:
JGFK@>42::::4AK:>29@BF:;
E@::EA@EK::IBF:9:D4@>BF66AE924:E:
92>2K2;K:E22:>292?D@
4U:J22:E:>#A;A=JGF;GK9K:M=F9KH9J9=D
J@A@@K:'9NA=BAL9;A=?9@ARG
@GE:J=FG;GFG;A<GQ=FLGF;=KVDDGKLJ9A
4A@@K:
MF9GDD9<=:9JJGQK9DAY;GF
;AGFYQD=K@ARG;GK9KIM=FGD=K?MKL9JGF
>GJE9ETK9F?GKL9=FMF9H9JL=
.?<P;@;>FF;K?@E>J=FIK?<JKI8E><IN?F
.?<FC;9C@E;NFD8ED8;<8:C8PGFK8E;@K
K?<E9<KI8P<;K?<D8E;;@;K?@E>JK?8KK?<P
:8D<FLKN@K?8E8IIFNJGFK
6FEAL>
;@;EdKC@B<
EA@@K:EA@@K:E:>EA@@KI2>70
42A@@K:
E@::4A@E
?AJ9JJG@EKLIE.::I92:92I
@9;=J;GF>GJE9;GFH9JL=ETK9F?GKL9
92AI4UBF:42BF:;E@::DA@E429292:K@
,22D;66BF6 =QEA@@K:DM?9JI2>
>A22:EE2I DH9H9DGL=N99?AJ9JKAKGHD9=D
4A@@K:MF9;9D9:9R9
NA=FLG.?<N@E;D@CC@J>F@E>KFKLIE@=K?<
4@4A@@KE2;;GF>GJE9LM:MD9JIM==KLT
N@E;9CFNJ
@9;=JJ=EGDAFGD8B<N?@IC
;GFKLJA;L9=FETK<=MFDM?9JKL9LC8IJ?8G<
4A@@EJKA=JJ9<=D+9;W>A;GJ@<II8D8:B<I<C
6-:FD9<IFDFILJKHH7*C
4A@@E
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
GFFC0
E@::42ATE?AJ9JI6A6E@::4A@E
J=EGDAFG=F=DE9JK::IE@::4A@E<=KLGJ;=
<GJ=FD9DWF=9<=H=K;9J
4A@EJ@;M@;GFH=IM=X9KGF<MD9;AGF=K@GJARGF
L9D=KN@K?JD8CC?FI@QFEK8CI@;><J6FEAL>
EA@EJ@;70
92IU=:?22:=4A@EJ@;4224@;MF
EGDMK;G
4BF664U=MK=K;M;@9JC@JK<EKF 92>@4BF:9
4@@I429K::I4429BF:942K::>BF:9
4@9>BF664U=9<9FG;@==K;M;@GE[KA;9
:GFAL9M<IPE@>?K#C@JK<EKFGI<KKPDLJ@:
6FEAL>
:EBF664U=:EBF664@=:>:EBF664
@=@;7M;4@BF664U=
0
4U42BF664@E@=@9;=J
=K;M;@9J
::E@>BF:94BF664U=G:=<=;=JF9<P&@K
=K;M;@9JDGIM=<A;=
4BF666?:>MKEGN=J<=MFD9<G9GLJGDFM<
98:B8E;=FIK?J@;<N8PJE2>4U4@:
42?@224@>:J@BF666K@;I6A62?:D::4
>@=42E22'GK@GE:J=KEGNA=JGFD9H9F?9
<=MFD9<G9GLJGH9J9E=L=JD9=F=DE9J.?<
D<EDFM<;K?<9F8K98:B8E;=FIK?KF><K@K
@EKFK?<J<8
6FEAL>
:EBF666?:>
:EBF666K@;:EBF666K@=427M;4@BF666?:>
4BF666IMK;GJL9J;9:=DDG:LK?8@I.:IBF:D::=
BF:;:=QEBF:;I::42A242?92AIE@@I2=42
>2BF::BF6EBF:;:EBF666IK::I::44U:9::A6
K@4U:J24@::EGEG=DFAXGLA=F=DD9?9K=FD9
;9:=R9KME9ETD=;GJLY=DH=DGQD=HMKG
E=<A;AF9-@E:<K?<:?@C;?8JJFI<JFE?@J
?<8;?@JDFK?<I:LK?@J?8@I8E;GLKD<;@
:@E<FEK?<D
6FEAL>
:EBF666I
:EBF666I:>:EBF666E2I:EBF666E2I=427M;
4@BF666I
4BF667KM:@9;=JKGF9J;GEG;@9KIMA<GD8B<
JE8GG@E>JFLE;D8B<:I8:B@E>JFLE; ?=MK
4@:2?@:EBF667=:=42>24>::BF6K@E@4
4UE::;::9;@;4@?EI@22E@;M9F<GVDK=
LJGFYDGK@M=KGK<=KMK<=<GKKGF9JGF;GEG
MF;@9KIMA<GQD==F>9<Y9D9GLJ9H=JKGF9
IM==KL9:99DDW1?<E?<:I8:B<;?@JBEL:B
C<J?<8EEFP<;K?<FK?<IG<IJFEN?FN8J
K?<I<
6FEAL>
:EBF667K:EBF6676K:>
:EBF667;@;:EBF667=@=4:EBF667=:=427<
BF::7KKGF9J;@9KIMA<G0
42BF6676K
@9;=JKGFA<G<=;@9KIMA<GJ22A2?@
4BF667K=D9LVJA<G
4BF66;4M:EGB9JN<KJFD<K?@E>2A:?22:=
BF:99J@BF66;492?EA@7::E29D2422:E:4
E22(GBVD9HA=D<=DN=F9<G:MJ9H9J99:D9F
<9JD9E9X9F9#N<KK?<DLC<;<<IJB@E@E
FI;<IKFJF=K<E@KKFDFIIFN
6FEAL>
:EBF66;4:EBF66;6;BF:>:EBF66;@;:EBF66;
6;@;7<BF::;4EGB9<G
4BF66;4M:
@9;=J=KL9DD9JH=B<AF9EAL9
D8B<<OGCF;<<
>
;PE8D@K<;<KFE8K<.::I
BF::;4BF:9:92BF66;4:9J@>M:9E::I:>)G
HM=<G@9;=J=KL9DD9J=KL9<AF9EAL9'=L=F?G
EA=<G#:8EdK<OGCF;<K?@J;PE8D@K<
#dD
8=I8@;F=@K
<AKH9J9JJA>D=J?FFKI@=C<
6?>9224?::9J22K:4@>:9EBF66;4>2
92IKK@E@44@?E:E2>2:E92?EJ22:E66?>
92I22K2E:?E:42AKH9JV=DJA>D=QMFLAJG
H=?Y9MFH=JJGIM=9F<9:99DDW#J?FKK?<
I@=C<8E;89LCC<K?@K8;F>K?8KN8J>F@E>
K?<I<
6FEAL>
:EBF66;4:EBF66;6;BF:>
:EBF66;@;:EBF66;6;@;7<BF::;4=KL9DD9J
4BF66>;M:9;D9J9J@9;=J;D9JGDWIMA<G
9;D9J9J:C8I@=PC@HL@;2IA24:9E2>;4
D62A24:9E22E2=:>92I4@A2?@9E2BF:>
:9J@BF66>;/J9B=9?M9<=DHGRGQD9;D9JA>A
IMVE=LA=F<G;@GQ9?\=J9E9;@M;9<9=F
=DD9#9IFL>?KN8K<I8E;:C8I@=@<;@K9PGLK
K@E>D8J?<;K<;;P9<8I:?FCC8@E@K
6FEAL>
:EBF66>;:EBF66>K:=7<BF::>;;D9JG
92>@K4BF66>;<OG<=DA;9<G=F>=JEG
:I@K@:8CCP@CC 9AE:D:=92>@K9:?I@BF66>;
:E296924ID>::942I29J@@>@KM9F<G
QG=J9FAX9=KL9:9EMQ<=DA;9<9(AE9<J=
H=FKYIM=A:99EGJAJE=1?<E#N8JPFLE>
#N8J:I@K@:8CCP@CC
'PDFK?<IK?FL>?K#N8J
>F@E>KF;@<
6'9H=JKGF9=F=KL9<G<=DA;9<G
=K=D;GEHD=E=FLG<AJ=;LG.?<G<IJFE@E8
:I@K@:8CJK8K<@JK?<;@I<:KF9A<:K
7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
29:D@;2?:J@@4E2 K=@GE:J=GJ?MDDGKGK=
EAJ9:9D9;9J9=FMF=KH=BG.?8KGIFL;D8E
N8JCFFB@E>8K?@J=8:<@E8D@IIFI
::44@4BF66A6IM=J=JH9J99D?MA=FN8EK
=FIJFD<FE<:A:9:D@;::44@9>BF66A6
'GIMA=JGH9J9EW#N8EK@K=FIDPJ<C=
K::IBF:9::44@4BF66A6
9QM<9J?<CG
2>66?E2924K::IBF:9::44U9:BF66A6
BF:9K229BF:9>::EI@#=9QM<9<G9=K9
>9EADA9HGJEM;@GLA=EHG#?8M<?<CG<;K?8K
=8D@CP=FI8CFE>K@D<
HJGL=?=JGIFK<:K
:92BF66A6JF9CG8Jd0
>@D?::=
:92BF66A6MF9D?9E9JAF9
:BF66A6JF9Cd0
4U:BF66A64UL422:
K9LAK>9;=JK=;GF;GEA<9>@@D?::BF66A6
@GQM=DG
4BF66A@;BF:>M:@9;=JKGFA<G;GEG<=?GDH=
GHAK9<9D8B<GFLE;@E>JFLE;696
:422A;UBF:;4@>4UE22A;UBF:;92?D@
:J@BF66A@;BF:>I6A64@>2?@4U:929QJ2
E:>924"GDH=Y=DE9J;GFMFH9DGQ=D
KGFA<GK=>M=9LJ9NVK<=LG<G=DE9J"<?@K
K?<J<8N@K?8JK@:B8E;K?<JFLE;N<EK
K?IFL>?K?<N?FC<J<8
6FEAL>
:EBF66A@;
BF:>:EBF66A;@;7<BF::A4UKGF9J@M=;GG
:9BGGKGJ<GM;4@BF66A4U
4BF66AI2=:>MKNAGD9J9MF9EMB=JI8G<
*::I4>22>K:EE66AI2=:>>22?
:4@422:E2IBF:92?:J@422:E2;4IMVDNAGDY
9MF9EMB=JQDGE=LA=JGF=FD9;TJ;=D.?8K
G<IJFEI8G<;8NFD8E8E;K?<PGLK?@D@E
A8@C
6FEAL>
:EE66AI2=:>:EE66AI2=2>
:EE66AI2=@;7M;4@66AI2=:>
4BF66D?:;M:d6FEAL>
:EBF66D?:;
:EBF66D?2=427<:D@;BF:D?6;EG<=KLG
92D@;4BF66D?:;<OGAF<=;=FL==F9KMFLGK
K=PM9D=K@E;<:<EK@EJ<OL8CD8KK<IJ6
92D@;9:?J@>BF66D?:;)GKGQAF<=;=FL=#
8DEFK@E;<:<EK
6'9H=JKGF9<=K;JAL9=K=D
;GEHD=E=FLG<AJ=;LG.?<G<IJFE;<J:I@9<;
@JK?<;@I<:KF9A<:K
7
4BF66?0
C8<EKI8;8GI
4@4BF66?
4BF66?;MKLG;9JAFKLJME=FLG<=;M=J<9GC8P
JKI@E><;@EJKILD<EK6FEAL>
:EE66?;
:EE66?6=:>:EE66?K:=:EE66?K:=427M;4@66?;
966?;JJLAG8JNAGDWFK=JA<=MF9;M=J<9
FE<JKI@E>-<I@M@FC@E
W4BF66?;J:9Q9!LC=>IFLG<I6'P:K<IFG<I:8
AFI;8E@7/JF9J;0
422?;
4BF66?=2M:
@9;=JKGF9J;GEG;9EH9F9G
?GDH=?GDH=9JLG;9J9D9HM=JL9D8B<
GFLE;@E>JFLE;I@E><
>
9<CCBEF:BFE
;FFIE2>E:4@A:42?@22BF:992I@;
:EM42EI>242?@224@>:J@BF66?6=2
A2K::E::92ID22:K: K=@GE:J=N9JYKMH9F
?9=FD9HD9Q9QD9?GDH=YH9J99NAK9JFGKIM=
>MVJ9EGKQD=9QM<TJ9EGK.?8KD8E9<8:?<;
?@J9F8K8E;GFLE;<;FE@KKFC<KLJBEFN
K?8KN<J?FLC;>F8E;?<CG?@D
K9;M<AJ
MF9KGF9B9J?8B<8I8KKC<!@DPBF:9
E@@DK::I92BF66?=2K:E22K::EBF66?=2E@4
4UE::9E:>>24@>4224BF:94@@I::BF:
EAM?4@;4:J@@4E2>%GKV;9FL9:9QK9;M<W9
MF9KGF9B9QLG<9D9?=FL=;GJJAY@9;A9VD9
EAJ9JDG$FJTN8JJ@E>@E>8E;J?8B@E>8
I8KKC<8E;<M<IPFE<I8EKFN8K:??@D
6FE
AL>
:EBF66?=2:EBF66?6=2:EBF66?=@;7<
BF::?=2KGF9J
92?E4BF66?=2NA9B9J=FD9FG;@=JGR9F<G=D
KM=DG;GFMFH9DGH9J9;MA<9JK=<=D9KNW:G
J9KKI8M<C8KE@>?KJN<<G@E>K?<>IFLE;N@K?
8JK@:BKFN8I;F==JE8B<J
92BF66?=2JJLAG8Jd0
K::I92BF66?=2
KGF9B9
4BF66A6M<OG<I
9HJ=;A9JC@B<8GGI<:@8K<
2A:AI2D:BF:99I@BF66A6(=?MKL9D9
;9JF=<=N=F9<G:MJ9#C@B<DLC<;<<ID<8K
9E9JCFM<6FEAL>
:EBF66A6
:EBF66A6E:>:EBF66AE:EBF66AE@=427<
BF::A6:M=FG
:D@;4BF66A6GJ?MDDGKG<=KWEAKEGGIFL;
F=FE<J<C=&@K
9HJ=;A9JK=9KWEAKEGE2>
E:4@A:D@;:EBF66A666?>2?:BF::;:>4@A
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4BF66E4M:@9;=J;9=J9?GL9K;I@G6?>
9224?:9J22BF:94UE@@>=2I>292D22:E:
A242?:9EBF66E;4>24>22IJ::A6(AJA>D=
=KL9:99LGJ9<G'=HMK=9;=AL=Q9@GJ9=KLT
:A=F'PI@=C<N8JJKL:B
#GLKF@CFE@K8E;
EFN@K@J=@E<
6FEAL>
:EBF66E4:EBF66E;4
:EBF66E;@;7<BF::E4?GL=9JM;4@BF66E4
4BF66E:;MKD=N9FL9JH9J;A9DE=FL=C@=KLGG8I
K@8CCP2A4@A:E22>2=42BF:;:>BF66E:;
DN=F9<G:MJ9D=N9FLYKMK;M=JFGK.?<
DLC<;<<IC@=K<;LG@KJ8EKC<IJ
6FEAL>
:EBF66E:;:EBF66E:=:>:EBF66E:=4@;
:EBF66E:=2>70
BF::E:;;MJN9JK=@9;A9
9JJA:9
4@4BF66E:;?MA9JMF9H9F?9;GF;9F9D=L=
>L@;<89F8KN@K?G8;;C<
2?@4@4BF66E:;B9D9J9MFD9<G9D?G
N=JLA;9DGLCCKFFE<J@;<=IFDM<IK@:8C
4BF66E;:;M:@9;=JHM<JAJD8B<IFKE2>BF:;
K:I4M>4@>:J@BF66E;:; D@GE:J=<=BYIM=
=DH=K;9<GK=HM<JA=J9.?<D8EC<=KK?<=@J?
KFIFK
6FEAL>
:EBF66E;:;:EBF66E=:=427<
BF::E;:;=;@9JK=9H=J<=J
4BF66E?:MK<9J?GDH=;ALGKLG;9J9D9HM=JL9
K8GBEF:B2J22924@I=4@A4@9AE27A
:9EBF66E?:>292?E924424@I=BF:99:?
E:?;@II29>66aT:4E22A=4@@92
&@J22>E2>9::?'D=?MV9D9LA=F<9QLG
IMV9D9HM=JL9 DIM=D9;MA<9:9E=?JALYQ
<ABGd/G<9NW9=KL=EHJ9FG-=?J=K9ETK
L9J<=#8II@M<;8KK?<JKFI<8E;BEF:B<;FE
K?<;FFI
.?<8KK<E;8EKJ?FLK<;8KD<8E;
J8@;a#KdJJK@CC<8ICP
FD<98:BC8K<I
b
6FEAL>
:EE66E?::EE66E:?:>:EE66E=@=42
:EE66E;@;7
966E?:JJLAG8Jd0
I;::966E?:E9J9;9
4BF66EIMKd6FEAL>
:EBF66EI:EBF66EI:>
:EBF66=2;4:EBF66=2I=427
2?@92?E::BF:4BF66EIKMKLJ9=JJL9KI8:K
4@4BF66EI<=NGDN=J=FLJ=?9JDD=N9JI<KLIE
>@M<98:B:8IIP 9J22K:\92?K2;:A;BF::A2
9:A4@A>2>2K4@9BF66EI#ABG`<=NM=DN=
=KL=K9JLVF9LM9:M=D9-FEK8B<K?@J=IP@E>
G8E98:BKFPFLI>I8E;DFK?<I
0
4U4@BF66EIJ=?J=K9J9>@4BF66EI<=NGDN=J
92AI::BF:4BF66EIHGF=J9>M=J9GLKFLK
J@;<
:9QE4@4BF66EI=EH=R9J<=FM=NG9<>@E
8>8@E
::BF::>::?924::BF:4BF66EI@9;=J9DJ=NVK
;F98:BN8I;J :BF::>::?924::BF:
>@BF66EI:92'G@A;AKL=9DJ=NVK3FL;@;@K
98:BN8I;J
:BF::D2IBF:9BF::A6BF:9::BF:4BF66EI
@9;=J:A=FH9J9;F>FF;=FI\.::IBF::D2I
:9>22BF:;:>A@@9@I:BF::D2IBF:9
BF::A6BF:9::BF:9BF66EI=:=K@9;=J:A=F
H9J9GLJ9KH=JKGF9K3FLJ?FLC;;F>FF;=FI
FK?<IG<FGC<
E@::4BF66EIDD=N9J@9;A99DDTK8B<K?<I<
E@::4@4BF66EILJ9FK>GJE9JKI8EJ=FID*@::
>69A@BF66EIK::4K@>29D2922I@/=
NGQ9LJ9FK>GJE9J=FMFHTB9JG#8D>F@E>KF
KI8EJ=FIDPFL@EKF89@I;
J66?::BF:4BF66EI;GFLAFM9J:FEK@EL<
4BF66IM:AF>D9J@E=C8K<.::I:4D22>4@>
:9DBF66I292UA2E:;E2I:92BF66I
:9D4>M2921GQ9AF>D9J=KL==KLYE9?G<=
9FAE9D.A=KLTK=;GFGHG<JVAF>D9JDG#8D
>F@E>KF@E=C8K<K?@JJKFD8:?
#=@K@J;IP#
NFEdK9<89C<KF@E=C8K<@K
6FEAL>
:EBF66I
:EBF66IE:>:EBF66I=4:EBF66I=4@;7<
BF::I;GFN=PG
4BF66IUAM:@9;=J;JMBAJD8B<:ILE:?@E>
JFLE;*@@9:E:>4BF66IUABF:9E::>I@22
2AIU=K@4U922:E@;9@@4E2>2?D@
:DBF66IUA292DDWNA=F==DIM=@9;=;JMBAJ
;M9F<G;GE==FD=E9WR9;GE=JQEWJ=FDG
'G@9JT;JMBAJ.?<I<:FD<JK?<G<IJFEN?F
:ILE:?<JN?<E?<<8KJ
!@M<?@D:FIEKF<8K
8E;N8K:??@D
"<N@CCD8B<@K:ILE:?
6FEAL>
:EBF66IUA:EBF66I@A@;7<
BF::IUA;JMBAJ
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
G8G<I
#KJC<<GJFEK?<G@C<F=G@<:<J
6FE
AL>
:EBFPD6;4:EBFPD6;BF:>:EBFPD6;@;
:EBFPD6;42>7
4BF6E6;MKEGJ<=JQIMAL9J9@K<F== 4@K2A=:>
BF:99BF6E6;66?:>4@D:4@>:>9@@K:
4@9AD@K2A=:>GJL9=D@ADG;GFMF9
EGJ<A<9Q<9E=D99?MB9H9J9IM=QGHM=<9
;GK=J;GFVDLKK?<K?I<8;N@K?89@K<8E;
>@M<D<K?<E<<;C<JF#:8EJ<NN@K?@K
6FE
AL>
:EBF6E6;:EBFPE6=:>:EBFPE6=4@;
:EBFPE6;2>7
4BF:9;UM@JGBG;GDGJ9<GI<;2E22:BF:9
A@>>:9;UE2I:9D4>6I=292.AD9L=D9FG
=K;GDGJ9<9FGD9NGQ9;GEHJ9J#DEFK
>F@E>KF9LPK?<:CFK?@=@K@JEKI<;
6FEAL>
EE:9;UEE:9;U=427-@EXE
4966=0
422:9;U
@9;=JJGBGK::I:D4BF:9;U>JABGDHAFLGK:I
4M>4BF:9;UH9J?G;GDGJ9<G
4BF::MKK=FLAJH=J;A:AJFGL9JJ<EJ<=<<C
EFK@:<G<I:<@M<*92>@4>2II@9@@A2E;
E2I[ ?EE::_)GL9KL=IM=FG;@=@M:G
EM;@9E9J=B9<9@;PFLEFK@:<K?8KC8JK
E@>?KK?<JLI=N8JIFL>?6FEAL>
:EE::
:EE::E:>:EE::I:EE::I@=427.<D8G8J
29::
92I2::>29::<OGG8JE=<A9FG=F9D?MF9
;9J9;L=JWKLA;9E=<AG;J=@EK<ID<;@8K<@E
JFD<:?8I8:K<I@JK@:D<;@F:I<*C@@BF:
92I2::>29::@@K@9J6I=GEHJVMF;9JJG
ETKGE=FGK#9FL>?K8D<;@F:I<:8I
92I::;@@>29::<OGG8J=K<A>=J=FL=FG
;GEG9FL=K@K@J;@==<I<EKEFKC@B<9<=FI<
92I:D@;4BF::;J==JKGKH=;@9JH=FK9J
9<C@<M<JLJG<:KK?@EB692AE4@96D6?A24
:9J22>=BF:>I@[4T:A24:9D22>=BF:>@@
BF:992I>:D@;:?EE::49;GJLV9D?G<=H9DG
>A=JJGH=JG_;J==KL[IM=<=:G;GJL9JETK#dM
8CI<8;P:LKJFD<@IFENFF;9LK;FPFLK?@EB
#J?FLC;:LKDFI<
92I@@E>29::_<OGG8JE<>=FMF9E9F=
J9KMLAD@EJL9KC<=8J?@FE
92IE29::92I>22_<OGH9J=;=@KJ<<DJ
::924BF::=F>=JE9JK=><KJ@:B&@K
K=FLAJD9
4BF66K:MK@9;=JJ9E9<9D8B<J?8;<J?<CK<I
[&?224@;J2:EBF66K:_!M=;GFE9F?D=;GF
DGIM=@ARGMF9J9E9<918J@KN@K?D8E
>IFM<9I8E:?<JK?8K?<D8;<8J?8;<J?<C
K<I6FEAL>
:EBF66K::EBF66K:E:>
:EBF66KI2>7M;4@BF66K:
92BF66K:JJLAG8JJ9E9<9J?8;<J?<CK<I
0
92E6::4E:>92BF66K:DGF9966?@
92BF66K:?9JR9EGJ=F9
4BF66K=2MKH9K9JDWIMA<G6;GFL=F=<GJ7C<8B
C@HL@;5:FEK8@E<I6 A424@A4UA@>24E:>
E2I9224@4@A:DBF66K=2292.AFG<=B9<=
DDGN=J=D9?M9N99H9K9J9D9;9K9.?<?FLJ<
@J>F@E>KFC<8B@=@K;F<JEdKJKFGI8@E@E>
6FEAL>
:EBF66K=2:EBF66K6=@;76 D;GFL=
F=<GJ=K=DKMB=LG.?<:FEK8@E<I@JK?<
JL9A<:K
7
4BF6AIMK9D=L=9J=C8G
6FEAL>
:EE6AI
:EE6AIE:>:EEPAK2;4:EEPAK2I=427M;
4@66AI
4BF6DMK;M:JAJ;GEHD=L9E=FL=:FM<I
:FDGC<K<CP[2?@224@>:92?2IKBF:9
:EBFPD_M:JAYD9HAFLMJ9D9H9F?9@;K?<
G8@EK:FM<IK?<9F8K6FEAL>
:EBFPD
:EBFPD:4@=:EBF6DI2>70
4U42BF6DI;M:JAJ
;GEHD=L9E=FL=;GF<AKLJA:MAJ=FLJ=LG<GK
/:92>@404BF6D<OGH9K9JLG<9D9FG;@=
?8GG<E8CCE@>?K&@K
D9FG;@=DG;M:J=
@>42244E2>4UA24922E@::>2AE6
:E24TJ6E@=::4A:EJ2:>292?D:92>@4
:>BFPDD?MFGK@GE:J=KK=MFA=JGFQ
H=D=9JGFLG<9D9FG;@=-FD<D<EAF@E<;KF
><K?<I8E;=FL>?K8CCE@>?K
0
:92>@4
4U42BF6DIH9K9JD9FG;@=@9;A=F<G9D?G
/4>::BF60:BFPDJF9C9DLMJ9<=MF9
H=JKGF9?<@>?KF=8G<IJFE
4BFPD6;4MKJG=JIMAL9J=FH=<9;ALGK;GFDGK
<A=FL=K>E8NJ?I<;N@K?K?<K<<K?.::I
922D2I2?@BF::;BF:;92AMDA@=42A24
:J@BFPD6;4 :4=@;4@:E2EI@>2I2?@
>I22A'9J9L9FGH9D=J9JGW9H9H=DM=JE=
=F=DEGFLYF<=H=<9;ALGKG8:BI8KJ?I<;J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
H9JL=<=KM;M=JHG
::;D29::<OGG8JK=N99=EH=GJ9J@KN@CC
><KNFIJ<
::;E29::_<OGG8J
K=FLAJEA=<G8=I8@;
2=I::;:9AJ29::.=FLWEA=<G#N8J8=I8@;
H=J<=JKM>M=JR9ILEFLKF=JKI<E>K?
4BF::>:IMK@9:D9JEMQ:A=F9;=J;9<=9F8JK
9I8>89FLK)29>66DBF:9E2EI@E66E6
:>>::>:IABGIM=@9Q;9FLA<9<=K=FGJE=K
<=F9J9FB9K"<J8@;K?8KK?<I<8I<?L><
HL8EK@K@<JF=FI8E><J
6FEAL>
:EE::>:I
:EE::>:I:>:EE::>E2;:EE::>E@I=427
4BF:>MKLAJ9JHA=<J9K9K?IFNJKFE<J8K
*@D?:K@E@44@E@>2?92?EE29;::E>2
I:42BF:K::=A24E@44UE@:::J@::>E@=42I@
>@DJ@4MA0FH=DW;9FG;D9NYD?MFGKFA
XGKD=LAJ9JGFHA=<J9KQK9DAYNGD9F<G
G<C@:8E;FM<;FNE
-FD<:?@C;I<EK?I<N
IF:BJ8K@K8E;@K=C<N8N8P
,6A6>69DD:>
292/=NGQ9LAJ9J;GEGMF9HA=<J99DE9J
#8D>F@E>KFK?IFNPFLC@B<8JKFE<@EKF
K?<J<8
6FEAL>
:EEQ>:EE:>E:>:EE:>E@;
:EEQ>E@=427M;4@::>E:>
92?E:E4@4BF:>E:>LAJ9J;GEA<9<=D9
H9F?99D9HD9Q9K?IFN=FF;=IFDK?<9F8K
KFK?<J?FI<.:I4M>4@:92?E:E4U:>>:>
E:>/AJ9:9DGKH=K;9<GK9D9HD9Q9"<N8J
K?IFN@E>K?<=@J?FEKFK?<J?FI<
?22AI24BF:>L=F=JE9D9KM=JL=?8M<98;
CL:B&@K
LAJ9J9DRGHADGL=@>4224E24@:
K::IBF:992A29:EBF:92?IU:?J22EI@
?22AI29EE:>92?D@>@9A>::? K9KH=J
KGF9KLA=F=FEM;@9;GEA<9H=JGQGLMN=
E9D9KM=JL=QJ=?J=KVKAFG:L=F=J9D?G.?FJ<
G<FGC<?8M<8CFKF==FF;9LK#?8;98;CL:B
8E;I<KLIE<;N@K?FLK?8M@E>F9K8@E<;8EP
K?@E>
922:>E:>JJLAG8Jd0
K::I4@BF69E
92D@4U922:>E:>:9DGF;=KLG
4BF:>@KMKH=FK9J<=GHAFAYFK?@EB89FLK
FG@E@FE[.T?EE:>@K_,MVHA=FK9K<=VD
_MTD=KLMGHAFAYF<=VD1?8K;FPFLK?@EB
89FLK?@D1?8K@JPFLIFG@E@FEF=?@D
6FEAL>
:EE:>@K:EEQ>@K:>:EE:>;U4
:EEQ>@;42>7M;4U4@::>@K:>H=FK9J=F
@I4BF:>@K<=K=9JIM=J=J;<J@I<N8EK%I
:9>>:>@K4GDG<=K=G#N8EK@K
4U:>>:>@KE<>L=F=J;GF>A9FR9=F?8M<
:FE=@;<E:<@EKILJK&@K
FGH=FK9JEM;@G
=F#2E@;4@:4U>2D4@>>:>;U4292
=:=FL=F=J;GF>A9FR9=FKMKE9<J=K3FL
J?FLC;?8M<:FE=@;<E:<@EPFLIDFK?<IJ
4@4BF:>@KL=F=J<=K;GF>A9FR9=F9<ANAF9J
D@JKILJK>L<JJ
::BF:4BF:>@K;=DGKG<=A<8CFLJ89FLK
E2>E:4@A4>22>J24@I=BF:;4E2>
:9>22E:4@A92?D2292I::BF::J@::>@KM2
K=@GE:J==KLT;=DGKG<=KM=KHGK9Q<=D
GLJG@GE:J=.?8KD8E@JA<8CFLJ89FLK?@J
N@=<8E;K?<FK?<ID8E
:D@;4BF:>@K>AF?AJGI<K<E; >>@BF66A6
92I@E>@BF66A6I29:D@;:EE:>@K
J@>2E:4A2?)G=KL9:9=F>=JEGH=JG>AF?W9
=KL9J=F>=JEGQFGLJ9:9B9:9"<N8JEdKJ@:B
9LK?<GI<K<E;<;KF9<J@:B8E;;@;EdKNFIB
4BF:K;MKEGD=J>I@E;D8J?692DEDD:K;
42921GQ9EGD=JD9HA=<J9#8D>F@E>KF
>I@E;K?<JKFE<
6FEAL>
:EE:K;:EEQK:=:>
:EE:K=4@;7M;4@@:K;
922:K;JJLAG8J9D?GEGDA<GD8J?*C
922:K:=:>
4BF:K@MKD=N9FL9JG:B=LGH=K9<GC@=K?<8MP
F9A<:K2?E:A@E92I924:E22:=2@@E:BF:;
:EEQK@E:>E@44U>::9E:> KLMNG9DDWK9;9F
<G=D:GL=<=DHGRG-?<N8JK?<I<C@=K@E>K?<
9L:B<K=IFDK?<N<CC
6FEAL>
:EE:K@
:EEQK@E:>:EEQK@=4@;:EEQK@=2>7
::D2I4@>K::IK:>>:K@<OGE<>;GFLJGD9J
KM;YD=J9:FEKIFCFE<dJ8E><I&@K
KM
=KHWJALMFGD=N9FL9F9<9H=K9<G
4C@@4UM@DG;G=FDGIM=;=JK=:I8QP::BF6E
:?D4@?C@@4U2922BF:I:?DJ66?@292
#AB9FGK=9KDG;9+GFL=K=JA98L>?K<I
;FEdK9<:I8QP
<J<I@FLJ
6FEAL>
EC@@4U
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
292I@>::I2;BF:9:9:?6;:D2I4>::BF6K@
>2D4@?D24;292+M=<=KN=FAJKAIMA=J=K
H=JGKAL=;9FK9KF9<A=L=N99DD=N9J3FL
:8E:FD<@=PFLN8EK9LK@=PFL><KK@I<;EF
FE<@J>F@E>KF:8IIPPFL
6FEAL>
:ED24;
:EDM42=:>:ED24K:=:EDM4K:=427M;4@D24;
4D2::MKK9;9J;GFHGDD=JGGIPCFFJ<N@K?JG<8I
6FEAL>
:ED2:::ED2::E2;7M;4@D2::0
)2E@;2D2::E2;MFDM?9J=F=DE9J
4D2:EIMKD=N9FL9J;GFH9DG;@A;G>8K?<I
KF><K?<IN@K?JD8CCJK@:B696E:4@>
92E6::4E:>BF:94@9ED2:EIK::IA22:;2?@
4@@>K@9J@@9@'=N9FLVD9L=D9;GF=K=
H9DGQNAMF9D9;JTF#G@:B<;LGK?<:CFK?
N@K?8JK@:B8E;J8N8J:FIG@FE
6FEAL>
:ED2:EI:ED2:EI:>:ED2:=2;4:ED222=2;4
:ED2:=2I=42:ED222=2I=427
4D2?;MKDD=N9J9MFFAXG=FD9=KH9D<9:8IIP
:?@C;FEFE<dJ98:B>224@;E:4@A
K:IBF:D::=J22K:BF:9:ED2?;2E2BF:9
4U:J22:I K=@GE:J=;9J?9F<G9KM@ABG=F
D9=KH9D<9DGDD=NY9KME9<J=.?8KD8E
:8IIP@E>?@J:?@C;FE?@J98:B8E;KFFB?@D
KF?@JDFK?<I
6FEAL>
:ED2?;:EDM?2=:>
:ED2?K:=:EDM?K:=427M;4@D2?;
4D2AMK<9JMFE9F9RG9JN8K8K\,4@@>@;
BF:;:9DMA,@>::A=2E2I KH9FL9D9EGK;9
HGJIM==K9KIM=JGK9-?FF8N8PK?<=CP
9<:8LJ<@KdJE8JKP
6FEAL>
:EDMA:ED2AE:>
EC@@4UI2>70
42C@@4@ENGDN=JDG;GC@@4U
DG;G
::BF:4C@@4U9<A;LG98;;@:K<;KF-2E:4A2?
BF:9::BF:4C@@4U:92 KLJ9:9B9<GJ
G:K=KANG"<@J8
NFIB8?FC@:
92>22IBF:9::BF:4C@@4U
9D;G@YDA;G8C:F?FC@:
4D22:J;=HADDG@=;@G<=J9W;=K
<=DR9;9L=e;GF==;K99Af
?8@I9ILJ?D8;<=IFDK?<
IFFKJF=K?<a:FE<<:J88@b
>I8JJ*C
4D2224D2224@=
)KI8G8C89I8:4D22:KM
;=HADDG0
4@?664D22:MF
R9;9L=W4D22:4@>4UL422:
;=HADD9JK=;9:=DDG9696
4D22:
4D22:H=AF=;=HADDG
4D22:;0
C8<EKI8;8GI
4@4D22:;
4D22:=I:>MKJ9KH9J9MFD9<GJ:I8G<8J@;<
2?E4@>:9ED22:=I:>92DE92I92I4@@IA
@@K@9J@@9@-9KHV9MFD9<GD9LA=JJ9Q
=F;GFLJVMF9HMFL9<=>D=;@9EMQ:D9F;9#
J:I8G<;8J@;<K?<<8IK?8E;=FLE;8M<IP
N?@K<8IIFNGF@EK
6FEAL>
:ED22:=I:>
:ED22:=2I=427
4D22>:;M@
=FJGK;9<G:LIC<;LG@EJG@I8C
@42K?:4D22>:;BF:;BF::>
:92'9NW:GJ9=FJGK;9<9=KLT
<MJEA=F<G.?<:LIC<;LG
JE8B<@JJC<<G@E>
0
4D22>:;
42D22>:;=FJGDD9J;@M=;G
:IFFB<;9<EK EC@@BF:BF:9E::A692I:J2
d?@E:>@K4>22II@D22>:;.M;9EAYF=J9
L9F:M=FGH=JGK=NGDL=YQ9@GJ9=KLT;@M=;G
"@JKIL:BN8JJF>FF;9LK@KN8J=C@GG<;FM<I
8E;EFN@KJ9<EK
6FEAL>
ED22>:;
ED22>:=:>ED22>:=4ED22>:=4@;70
::4
4U:9:D22>:;4ULBF:E22>EL=F=JHM=KLGKDGK
@M9J9;@=K9DJ=NVK
4D24;MKDD=N9J9MFFAXG=FD9;9<=J9:8IIP8
:?@C;FE?@G#::42>A@@>K@I:>>:D2
:ED2AI2>:EDMAE@=427M;4@DMA
4D4@@J@0
C8<EKI8;8GI
4D::
4D622=2>0
C8<EKI8;8GI
4D::;:>
D64U=20
C8<EKI8;8GI
UD64U=2
4D6EJ>J9?9L9E9?FW>A;9LAB=J=L9J=?D8>E@
=@:<EK=I@>8K<9@I;6 I<>8K8D8>E@=@:<EJ7
*C
4D6E4@;4DPE:4@=08I
D6E0
D6?6=4DPE
EMJ;AVD9?G
4D6E
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4D:4MKEGD=J?J9FG;GK9K=;9>I@E;:F8IJ<CP
>I8@E;IPK?@E>>2;::4BF:992?EI
>@42E4@:I?@@:D4@:E29DQ4>2I@::E@;:92
'9KEMB=J=K9FL=H9K9<9KEGDW9FD9KK=EADD9K
<=LJA?G<=E9JQK=D9K;GEW9F.?<8E:<JKFI
NFD<E>IFLE;<<C>I8JJJ<<;J8E;8K<K?<D
6FEAL>
:EDQ4:ED:4E:>:ED4@@4I2>7M;
4@DQ4
4D:4UIMKE=;=J;GDMEHA9JH9K=9J=FMF;G
DMEHAGG@9E9;9IF:BC@B<@E8?8DDF:B
6FEAL>
:ED:4UI:EDQ4@KI2:EDQ4U=2;4
:EDQ4U=2I=427
E@::4D:4UI=EHMB9JGLJ?!F2?BF:9
42?@22J66?K:E:E2A>2E@::9ED:4UI>2
I6A62?92?EJ29;::E%M9F=KL9:9H9J9<G=F
D9HJG9<=D9H9F?9 EHMBVD9H9F?9<=MF
D9<G9GLJGQ%M9FK=;9QY=F=DE9J$L8E
N8JJK8E;@E>@EK?<=IFEKF=K?<9F8K
#
IF:B<;K?<9F8K8E;$L8E=<CC@EKFK?<J<8
4D::MKGD=JJD<CC\U966>E:9D::9@@4E2
[.T:92D::422:I2;:E:>@E2>2?ED::
`j:J=DGQ@MVD=DG_,MV=K=DGDGJ>M=JL=IM=
KA=FL=K)G<E@K8E;JD<CC@K1?8K@JK?<
JKIFE>F;FIK?8KPFLJD<CC6FEAL>
:ED::
:ED::E:>:ED4@@J@:ED4@@J@=427M;4@D::0
42D::GD=J992?E4D::N9;9
:?D::JJLAE<>d0
::I42D2:?D::MF9HD9F
L9@=J:T;=9K::I92E442D2:?D::MF9HD9FL9
:92D::JF9CG8J9JGE9GDGJJD<CCF;FI
8IFD8*C
:92D4@@J@:92D::E2;
4D:::?MK9;GKL9JK=GK=FL9JK=;=J;9<=C@<;FNE
FIJ@KE<8I2IK4>224@;E:4@>92>M4
:J@D:::? DH=JJGK=9;GKLY;=J;9<=D9DME
:J=.?<;F>C8P;FNEE<8IK?<=@I<
6FE
AL>
:ED:::?:ED:::?:>:ED:::=42>:ED:::K2
:ED4@::=42>7M;4@D:::?
4D::;:>M@
G;MH9JK==FHJ=H9J9JK=9LJPN@K?
@EMFCM<;N@K?><KI<8;P,2292A@D622=2>
92D22?:AI2E29219EGK99DAKL9JFGKH9J9
K9DAJ1<8I<>F@E>KF><KI<8;P9LJPFLI
J<CM<JKFC<8M<
EGN=JK=DFM<@EKI
@42K?:4@>:=QEBF:;424E:>:92I@:D@;
4@>4T:4D::;:>@@92 D;M=JHG<=D9
NW:GJ9<=;9K;9:=DLG<9NW9K=EGNW99MFIM=
D9;9:=R9K=@9:W9;GJL9<G.?<9F;PF=K?<
I8KKC<JE8B<JK@CCDFM<;<M<EK?FL>?K?<?<8;
N8J:LKF==
6FEAL>
ED::;:>ED::=:>
ED622=2>ED:J2=2>70
42D::;:>@9;=J
EGN=J
2?@4D::;:>AFL=J=K9JK==F@EK<I<JK<;@E
/92?E04D::;:><OGL=E:D9J6LA=JJ97HL8B<
5<8IK?6#@I92>E92?EED::;:>>29224UE
4@:92?EJ29;4@22=2>M9F<G@M:G=D
L=JJ=EGLG=D9XGH9K9<GD9K;9K9KK=;9Q=
JGF1?<EK?<I<N8J8E<8IK?HL8B<C8JK
P<8IK?<?FLJ<J=<CC;FNE
92?E2I=4@4D::;:>9;=J;9JK=8GGIF8:?
::4I4D::;:>;G@9:AL9J:F?89@K
/::D2I04D::;:><OG=EG;AGF9<GHGKALAN9
E=FL=<O:@K<;&@K
KM=KHWJALMK=EM=N=
::D2IJ@D::;:> KLGQ=EG;AGF9<GHGKALA
N9E=FL=#8D<O:@K<;
/::D2I04@4D::;:><OG9FKAGKGF=JNAGKG
8EO@FLJE<IMFLJ[#::D2I4UED::;:>_ KLTK
F=JNAGKGI<PFLE<IMFLJ
/::D2I4@>04D::;:><OGL=F=JFTMK=9
E8LJ<8K<;&@K
KM=KHWJALMK=EM=N=
[#::D2I4@>E@?D::;:>_)GLA=F=KFTMK=9
I<EdKPFLE8LJ<8K<;
/::I2;BF:902?@4@4D::;:><OGAFL=J=K9JK=
EM;@G=FM<IP@EK<I<JK<;@EQ<8CFLJ
/:>@KBF:;02?IU4D::;:>9;=D=J9J6KM;GJ9
RYF7I8:<5?@JFI?<I?<8IK6#:>@KBF:;
2?IUI@D::;:>/M;GJ9RYF=KLT9;=D=J9<G
3FLI?<8IK@JI8:@E>
4E2>4@4D::;:>=PH=JLGH=JKGF9;GF@9:ADA
<9<<OG<IK
:42D::;:>@E=d0
K::I:42D::;:>:>M
H9J9DWLA;G
:?D::;:>JJLAE<>JF9CE<>d0
BF66A=
:?D::;:>;9F?J=BG<=D>9F?G
:D::;:>JF9Cd0
92?E:D::;:>L=E:DGJ
:>@KBF:;4U:D::;:>HMDKGJALEG;9J<W9;G
4D::?0
C8<EKI8;8GI
4@4D::?
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<JG<:@8CCP:I<FJFK<9LJ?I<J@ELJ<;8J>CL<
6D6?92424;K@9E22:>2EEMA@=BF:>>2
4D:AIA24E@44UE@::>2E22IA24
4@9J24D:AI2M9F<G=KL9:9@9;A=F<GMF9
>A?MJ9<=H9DG>A=JJGK=;M9JL=YQD9H=?MV
;GFH=?9E=FLG#N8JD8B@E>8E@IFENFF;
:8IM@E>9LK@K9IFB<8E;JF#>CL<;@K
0
424D:AI2KGD<9JH=?9J;GFH=?9E=FLG
4D:>E2M@@GJEA?GKG@K:?P:=QEBF:;J@D:>E2
:9AE4@>A2?:>>2/=FW9;GE=RYF=FEA
;9:=R9HGJIM=FGE=D9D9N9:9'P?<8;N8J
@K:?@E>9<:8LJ<#?8;EdKN8J?<;DP?8@I
6FEAL>
ED:>E270
42D:>E2K=FLAJ
@GJEA?M=G
/:>@K04D:>E2<OGL=F=JH=K9<ADD99;=J;9
<=DE9J?8M<E@>?KD8I<89FLKK?<J<8&@K
KM;GJ9RYF=KLT@GJEA?GKG.:I4M>IE22D:
2?@BF::9K@9E29:E9:>@KED:>E2:424DI
:9J@>MGEWH=K;9<G<=D=KL=JGQ=FLGF
;=KLMN=MF9H=K9<ADD9<=E9JQFGHM<=<=K
H=JL9J#8K<=@J?=IFDK?<<JKL8IP8E;K?<E
?8;8E@>?KD8I<89FLKK?<J<88E;:FLC;EdK
N8B<LG
:D:>E2JF9Cd0
:>@K:D:>E2H=;@G<=D
H=K;9<G
4D:AE;M@=;@9J;@AKH9K;@AKH=9JK?IFNF==
JG8IBJ2I@;92E2K42>>292DE2?4@;K
2?@92>M4:9E:E=:>>292DE4@:E>2E;
EE2AK:=92?D@J@DQAE2=42!MAEGK9D9HD9Q9
HJ=F<WMF9DME:J==FD9KJG;9KQ;M9F<GD9K
JG;9KK=;9D=FL9JGFK=@A;A=JGFH=<9RGKQ
=;@9JGF;@AKH9K1<N<EKKFK?<9<8:?8E;
D8;<8=@I<FEK?<IF:BJ8E;N?<EK?<IF:BJ
>FK?FKK?<PJ?8KK<I<;8E;K?I<NF==JG8IBJ
6FEAL>
ED:AE;ED:AE:>EDQAE2=42ED:AE2;
EDQAE2=4@;708I
4D:AE
dM:@9;=J;@AKH=9JD8B<K?IFNF==
JG8IBJ696E929QE2=49:A4@>:9D2DQAE2=42
2921GQ9@9;=J;@AKH=9J=KL=>YK>GJG#8D
>F@E>KFD8B<K?@JD8K:?K?IFNF==JG8IBJ
6FEAL>
:ED:AE:ED:AE:>:EDQAE2=42
:ED:AE2;:EDQAE2=4@;7
4D:AEIMKDAEHA9JK=<=9D?G<=KHMVK<=<=>=
;9JN@G<FE<J<C=F=JFD<K?@E>8=K<I9FN<C
DFM<D<EK6FEAL>
:ED:AEI:EDQA:EI:>
:EDQAE2;4:EDQAE2I=427M;4@D:AEI0
42DQA:EI@EDAEHA9J9GLJG<=KHMVK<=IM=
<=>=;9
4D:AIJJ=KAF9=KH=;A9DE=FL=J=KAF9<=?G:=J
F9<GJ9IM=K=MK9;GEGH=?9E=FLGI<J@E
4D:AI
4D:AI92A@@K:MF9EMD=LG@=;@G<=J=KAF98E
8DLC<KD8;<F=I<J@E&@K
K9NA9@=;@9=F
>GJE9<=H=J9<42A@@K:
4D:AIBF:=:E:MF;A=EHAVK?J9F<=;GF;9:=R9
F=?J9>@8EK;<J<IK:<EK@G<;<6-:FCFG<E;I8
?<IFJ7&@K
=DIM=LA=F=;9:=R9<=e;KAHPf
*C
4D:AIBF:=:E4@;0
4@22K;
4D:AIBF:=:E:
4D:AI@;MK;@A>D9J9N?@JKC<KF@4D2C4E2>
E:?E:4292IKJ22E:4@A:J@D:AI@;I@:A24
:J@>22@ DE=PA;9FGFGAF<W?=F9;@A>DY9
KMH=JJGH=JGFGD=KA?MAY.?<EFE#E;@8E
'<O@:8ED8EN?@JKC<;KF?@J;F>9LK@K
;@;EdK=FCCFN?@D
6FEAL>
:ED:AI@;
:EDQAI@=:>:ED:AI@=:EDQAI@=2>7M;
4@D:AI@;
4D:E;MK9E9JJ9JH9DGK=FMFE9J;GH9J9@9;=J
MF9;MF9HGJLTLADK@<JK@:BJKF8=I8D<KF
D8B<8:I8;C<9F8I;6969:K4@:96DD:E;
4292.:IBF:D::=BF:;92D:E;:E:D@>92K@96
D22:42921GQ99E9JJ9J=KLGKH9DGK1GQ9
@9;=JMF9;MF9HGJLTLADH9J9=D:=:V#dD
>F@E>KFK@<K?<J<JK@:BJ
#dD>F@E>KFD8B<8
:I8;C<9F8I;=FIK?<989PKFC@<FE
6FEAL>
:ED:E;:ED:E=42:ED:EK:=:EDQEK:=427
92D:E;JJLAG8J;MF9HGJLTLAD:I8;C<9F8I;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
&@K
DGIM=K=9E9JJ9*C
92D:E=42
4D:E>@;MKD=N9FL9J;GF<GKH9DALGKG@:BLG
LJ@E>KNFJK@:BJ*2=BF:9:J@D:E>@;
'=N9FLY=D;9J:YF;GF<GKH9DGK-?<
G@:B<;LGK?<:?8I:F8CN@K?KNFJK@:BJ
6FEAL>
:ED:E>@;:EDQE>@=427
4D:E@I0
C8<EKI8;8GI
4@4D:E@I
W4D:IU4MK>AD=L=9J=@CC<K.:I4M>9:A4@>
:9D:IU49229:1GQ9>AD=L=9J=KL=H=K;9<G#
8D>F@E>KF=@CC<KK?@J=@J?
/JF9J;6FE
AL>
:ED:IU4:EDQ;@;@;7M;W4@D:IU4
4D@22;MK;JMR9JK=;GF:IFJJ229@;2>
E2?E:42EAE:4D@22=4:92'GK;9EAFGKK=
;JMR9F.?<IF8;J@EK<IJ<:K
6FEAL>
:ED@22;:ED@22=470
AE642D@22;;JMR9J=F
>GJE9<=;JMR
4D@@:0
C8<EKI8;8GI
4D@@:492?=
4D@@AM@d6FEAL>
ED@@AED@@A=@;70
42D@@A@=42N=F9<G;GFMF9HMFL9=F;9<9
;M=JFG
9@@I4D@@A
?JM=KGD9J?GQ?J9F<=K?@:B
CFE>8E;K?@:B*@>92A22:;2>9@@I4D@@A
K:E22K:92J22924@I=42A4@?E:>2'D=N9F
<GMFJGDDG?JM=KG<=<AF=JG>M=9D9LA=F<9
"<N8J:8IIP@E>8K?@:BIFCCF=DFE<PN?<E
?<N<EKKFK?<JKFI<
:9B9JGF;96NGR7CFN
5MF@:<6*@;BFQE2;4BF:;E::I:9:A@?4@A
9@@IJ@D@@A DJ=;D9EG<=DL=;GDGL=;GJ
FM<G=K:9BG>I<8K?FIE<;FNCdJ:8CC@J
CFN
W4D@@I92?=@EK<IAFM=N==F=DKAKL=E9<=;GF
L9J9FLA?MGE@E<@EK?<FC;:FLEK@E>JPJ
K<D/JF9J;08I
4K@@I92?=0
4D@@:
492?=FM=N=
4E22:MKDD=N9JLGF=D=L=N<8IB@CK[E2>E::I
92E6::4E:>K@4E22:J2_'D=N9MFLGF=D=L=
=K=@GE:J=F<JK?8KD8EN<8I8B@CK
6FEAL>
:EE22::EE22:E:>:EE22:I2>
:EE22:I@=427M;4@E22:)KI8G8C89I8@E22:
KMK9H=L9
92E22:JJLAG8J
L=D9:CFK?K9H=L9
J=?LGF=D=L=IM=MK9:9FDGK@GE:J=KK=JAK
9FL=KB@CK=FID<ICPNFIE9P-<I@D<E*C
92E22:I2>
4E22>;:;JNW:GJ9
;GJFM<9J@;<
N@E;<I6IFK8CLJ
:<I8JK<J7*C
4E22>;:;
4E22>;:;
4E22A=4M@@DGK=J
L=EHJ9FG=F=D<W9=FD9E9<JM?9<99<
<8ICP@EK?<;8P9<=FI<JLEI@J<692?E
A@7::E2A@E22A=4E2:9A2E;96D229:E4292
(9X9F9NGQ9D=N9FL9JE=L=EHJ9FGQNGQ9
AJ9H=K;9J.FDFIIFN#8D>F@E>KF><KLG
M<IP<8ICP8E;>F=@J?@E>
6FEAL>
EE22A=47
:E22A=4JF9CEMQL=EHJ9FG=FD9E9X9F9
M<IP<8ICP@EK?<DFIE@E>0
:E22A=4::4
4U:9:9::K2ED9<GHGFA=FL=
4E2=M@@9;=JK=:J9K9K9<:FD<:F8CJ2>M4
BF:9A@EM=E2IK::I:AI2D:BF:9:E:9D::D?:
292M9F<GD9DME:J=L=F?9:J9K9K9K9JVD9
;9JF==F=DD91?<EK?<=@I<?8J9<:FD<
:F8CJ#N@CC>I@CCK?<D<8KFE@K
6FEAL>
EE2=70
E2=:J9K9
:EM=JF9C:J9K99J<A=FL=G>JW9:F8C9LIE
@E>FI:FC;
4E2>J
@GE:J=E9;@GD8ED8C<[ E=66?
@@>@229Q:BF:94E2>J2_!M=N9JYFLM
@ABGHJAEG?VFALG<A>MFLG18JPFLI;<
:<8J<;=@IJK9FIE:?@C;8D8C<0
92?E
:9:J2I:4E2>MFG<=DGK?A?9FL=KIM=NANAY
9FL=K<=DGKK=JAK;GK9ETK?J9F<=GD9J?9
6;GEGH=<=JF9DD9J?G;AJAG9DLGG:ARF9?9
9DL97C8I><IFICFE><I@K<D5JL:?8JCFE>
GIFA<:K@C<GF@EKK8CC9FFALDFIK8CC98II<C
:8:KLJ6TE@E2;4E2>BF:9424UDI2;:92
TE@E2;4>22>BF:9BF:D:=>@D4E@4?:;
:92 D;AJAGE9;@G=K9DLG=D;AJAG@=E:J9
=KH=IM=XGQ=K>VJA;G.?<D8C<9FFALD@J
K8CCK?<=<D8C<9FFALD@JJD8CC8E;
JG?<I@:8C
*C
4E2>4U*C
8I:
W4E2>@;@;
0
4E2>@EK=JE9;@GD9J?GQ=KLJ=;@G
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
?JMHG<=K=JAK=KL9:9=F$AHPjFQD9F=:DAF9
e;L9E99A;GGPAfD=KDD=?YQDGKE9LY9LG<GK
.?<PJ8PK?8K8CFE>K@D<8>F8>IFLGF=
-<I@JN8J@E#@GOeE8E;K?<=F>a:K8D88@
:FFO@b:8D<LGFEK?<D8E;B@CC<;8CCF=
K?<D
08I
E2>22:4@@I:
4E2>4U42E=MF?JMHG>9EGKG<=<G;=@GE:J=K
E9D@=;@GJ=K<=DGK;M9D=KMFG=J95AAP
GGBGB8=8DFLJ>IFLGF=KN<CM<<M@C;F<IJ
FE<F=N?FDN8J4@@OFFAFA
W4E2>@@JHG<=J<=D:JMBGGFN<IF=J?8D8E
/JF9J;*C
4E2>@@0
DA::EBF:>4E2>@@
MF99DE=B9
4E2>@@7:J;9;@GJ99J=F=J9Q<9I8K8@C<;C@Q8I;
68CC@J8LILJ;I8:FEF@;<J76 KETK?J9F<=
IM=e;LGGA;BfQLA=F=MF9H9JL=9RMD#J9@>><I
K?8EK?<a:KFF@:Ab8E;?8JJFD<9CL<:FCFI
@E>
708I
IE2>@@7:0
4E@@:4;;9;@GJ9
9J=F=J9A2EA2J@@;JW9<=e;LGGA;Bf
92?E@@D:?2;4E2>MF9HD9FL99FM9D92DE
92I4E2>H=<=JF9DD9J?G
4E2>MK
9JJ9F;9J;GK=;@9JHD9FL9KLA=JFAL9K
>8K?<IGLCCFLK?8IM<JKK<E;<IGC8EKJ
@4D2C4E2>BF:9I66D4=:J2EBF:94E2>E:>
:92 DE=PA;9FGFGAF<W?=F9=KLTBMFL9F<G
J9E9K<=K9DNA9.?<EFE#E;@8E'<O@:8E@J
>8K?<I@E>;<J<IKC8M<E;<I9I8E:?<J
?GDH=9J=D9?M9<=K=KH=J9<9E=FL==C8@C
K?<N8K<I;<JG<I8K<CP.:IBF:D::=BF:9
:4242E:E4>M92?ED@@:EE22I6A64@>
92?D@:J@E2>E:> DFAXGFGK9:W9F9<9JQ
;M9F<GA:99@MF<AJK=?GDH=9:9=D9?M9.?<
:?@C;;@;EdKBEFN?FNKFJN@D8E;N?<E?<
N8J89FLKKFJ@EB?<=C8@C<;;<JG<I8K<CP8K
K?<N8K<I
6FEAL>
:EE2>:EE2>E:>
:EE2>=42>7M;4@EM>
92EM>JJLAG8JR9;9L=<=E9JLJA?G<=
E9J<<C>I8JJNI8:B
4E2>4>22442::BGN=FPFLE>D8E&@K
@GE:J=J=;A=FL=E=FL=9<MDLG
4E2>4>22A2442::9<GD=K;=FL=EM;@9;@G
8;FC<J:<EK9FP&@K
@GE:J=EMQ
J=;A=FL=E=FL=9<MDLG
4E2>:422:E@>BF:J29:G?9<GC8NP<I&@K
@GE:J=IM=K9:=@9:D9J<422:E@>
4E2>:922>24BF::9NAM<GN@;FN<I08I
4E2>:9@@>24BF::9
4E2>J24@I=KM=KHGKG?<I?LJ98E;&@K
=D
@GE:J=;GFIMA=F=KLT<424@I=
4E2>J2K6I64@>9DE=B9F9N9B9A8:BE@=<
:C8DI8QFI:C8D6.8><CLJ:8C@=FIE@8ELJ7
&@K
;GFIM==D@GE:J=@ARGAF;AKAYF<
4@K6I6
-@EXE
92IU=:422:4E2>92IU=
:422:D=664@;:E:J2KM>:A2442D2:92IU=
I=692IU=IA2;QD@E@;IE:A:D@E
4E2>22:4@@I:F=:DAF9;GFHG<=J=KHAJALM9D=F>
N@K?JG@I@KL8CGFN<I&@K
e;L9E99AfEM=JLG
2?EI>@E2>2 :AId?92?EE22I4@>
422442EI@A24QE:E@::>24E2>22:4@@I:K@
BF:?@E27AE4@@@>2924I:E2>::9:E:>
J@@4J@A;=FIM=@9;=EM;@GLA=EHGMF
4E2>@@7:
4E2>@EM@;<I
E9;@GD8C<D9J?GQ
=KLJ=;@GCFE>8E;E8IIFN6FEAL>
E4E2>@EE4E2>4U7<4E2>
4EMA42;40
C8<EKI8;8GI
4E2AKI
4E2A;UM@
<=KAFL=?J9JK=;@J@EK<>I8K<J?8KK<I
@7:4;BF:9K229:E:E::9>2:9E4@>>24E:>
>2E@@IE2J2I:>24@@IJ@E2A;U(A
;9EAK9=KL9:9=F=DKGDQK=<=KAFL=?JY
;GEHD=L9E=FL=HGJIM=FGE=D9HMK=HGJ
EM;@GLA=EHG'PJ?@IKN8J@EK?<JLE8E;
;@J@EK<>I8K<;9<:8LJ<#;@;EdKN<8I@K=FI8
CFE>K@D<
EGDA<G>IFLE;LGHAKGL=9<G
KI8DGC<;;FNE-2::;2?92I4@@IA@@K@
9:>4242?@E@@>>24@>4224A24:E:
E::9E@=42E22=2>>292?D@J@E2A;U
D?MF9KH=JKGF9K=KL9:9F=FDGKEV<9FGK
:D9F;GKQ=KL9:9EMQHAKGL=9<G9DDW-FD<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
G<FGC<N<I<FEK?<N?@K<J8E;;LE<J8E;@K
N8JM<IPKI8DGC<;;FNEK?<I<
6FEAL>
EE2A;UEE2AK:=70
42E2A;U@9;=J
<=KAFL=?J9JK=92?EQA4E2A;UK9DEGDA<9
:E2A;UJF9Cd0
9@4U:E2A;U9K=JJWF
4EMA@=BF:>M@JGLG<=K:9J9L9JK=IM=:J9JK=
JGEH=JK=9IFB<E9I<8BLG@EKI
.:IBF:D::=
4E2>E:?E:42D@@5266I=BF:992?E:E;::E>2
J@EMA@=BF:>DFAXGK=D=;9QY=DJ=>J=K;G
IM=;GEHJYQK=IM=:JYD9:GL=DD9.?<:?@C;
;IFGG<;K?<9FKKC<F=JF;8GFGK?8KJ?<?8;
9FL>?K8E;@K9IFB<
6FEAL>
EEMA@=BF:>
EE2AK:=EEMAK:=4270
42EMA@=BF:>IM=:J9J
4E2AK:=0
C8<EKI8;8GI
4E2A;U
4E2AKIMKd6FEAL>
:EE2AKI:EE2A42I
:EEMA42I=427
92?E4E2AKIJ=K:9D9JK=JC@G2?D@92?E
:9EE2A42IJ2::;4@>:E:4U:BF::A2I:9J@>M
4GE=J=K:9DVQFGHM<=KM:AJ=DEV<9FG#
ALJKJC@GG<;8E;:FLC;EdK:C@D9K?<J8E;
;LE<
4E2AKIMKK=X9D9J@9;=JK=X9K9J@>E8CKF2:
4@A:>A@E2AKI:>A@@:E@>E2924:E:
>A@@AE2I92:BF:9:?D@@:E292.AK=X9D9K
9DNA=FLGKA@9:D9KEA=FLJ9K=KLTKH9J9<G9DDW
=DNA=FLGN=F<JT#=PFLJ@>E8CKFK?<N@E;
8E;JG<8BN?@C<PFL8I<JK8E;@E>K?<I<@K
N@CC:FD<
6FEAL>
:EE2AKI:EEMA2KI:>
:EEMA42;4:EEMA42I=427
4E2I420
C8<EKI8;8GI
4E2IK
4E2I:>MKJ9K;9J9J9X9JJ:I8K:?>224@;
BF:;:?22:=4@>:E2D:>E2:J@E2I:>'9HA=D
<=D@GE:J=NA=BGD=<9:9;GE=RYFQK=J9K;Y
.?<FC;D8EdJJB@EN8J@K:?P8E;?<
J:I8K:?<;@K
6FEAL>
:EE2I:>:EEMI2>2>
:EEMI2>@;:EEMI2>@=427M;4@E2I:>
4E2I@;MKJ9KH9J>M=JL=E=FL=J:I8G<229@
E:?E:42E29E2I@;>24>22IBF::A692 D
;9EAFG>M=J9KH9<GQ9@GJ9=KLT:M=FG.?<
IF8;N8J>I8;<;8E;EFN@K@J@E>FF;
J?8G<
6FEAL>
:EE2I@;:EEMI@=:>:EE2I@=
:EEMI@=2>70
K::I92?E4E2I@;L=BYF
:92E2I@;JF9CG8Jd0
D:>=:92E2I@;MF
:=J:=J=;@G
4E2IKMK
9J9X9JJ:I8K:?*92>@4>292IK
::IKBF:9929@@E924:J@E2I429224@4@A
M?4UD::KBF:>I29E22E2>@KFG;@=KM
H=JJG9J9X9:9D9HM=JL9HGJIM=IM=JW9=FLJ9J
9D9;9K9&8JKE@>?K?@J;F>N8JJ:I8K:?@E>
8KK?<;FFI9<:8LJ<@KN8EK<;KF<EK<IK?<
?FLJ<
IMAL9J;GF>M=JR9K8B<8N8P=FI:@
9CP6FEAL>
:EE2IK:EE2I42:EE2I4@;7
4@4E2I42@9;=JJ9Q9KD8B<J:I8K:?<J
4U92E2I42JJLAG8J
J9Q9<G;GFJ9Q9K
N=JLA;9D=KJKI@G<;N@K?M<IK@:8CJKI@G<J
;A=JLGH9DG<=DBM=?G<=H9DGK=K;GF<A<GK
eP9HAB;99FD9Ef:<IK8@EJK@:B=IFDK?<
?@;;<EJK@:B>8D<aO8G@A:88EC8Db
4EMK:E2MKLJALMJ9JJ=?H=DDAR;9JLJ9EGH=IM=
XG;GFD9KMX9KG@E:?JD8CCJGFKN@K?=@E
><[email protected]@@I@@BF:D:=K@9:E:E2A
>2:9EEMK:E2:9J@@A@I/=FW9MF9D?M9L=
EMQH=IM=XG'GH=DDARIMVQE=DG9JJ9FIMV
#?8;88>CF:?@;@ED<
#G@E:?<;@K8E;>FK
@KFLK
6FEAL>
:EEMK:E2:EEMK:E:>:EEMK:E2;
:EEMK:;2>7M;4@EMK:E2
4E2K=42>M@MFGHGJMFGFE<9PFE< A42
BF:992IEE2K=42>@@92?E4UI@@>6E@=42
D?MF9K?GL9K<=DDMNA9;9Q=JGFMFGHGJMFG
-FD<I8@E;IFGJ=<CCFE<9PFE<
6FEAL>
EE2K=42>7<E2K@
4E66AIMKK=FL9JK==F9;GKL9JK==FJ@KFEC@<
FE.::IJ24UE:>BF:992?E:EM9:J@E66AI
92>E4@>2?:BF::;:E4>2>K@+MKGKM;G
:AB9=F=DKM=DGQK=K=FLY=FVDHGJIM=FG
IMAKGK=FL9JK==F=DKM=DG-?<GLK?<I9C8E
B<KFEK?<>IFLE;8E;J8KFE@K9<:8LJ<J?<
;@;EdKN8EKKFJ@KFEK?<>IFLE;
6FEAL>
:EE66AI:EE66AIE:>:EE66AK2;4:EE66AK2=427
M;4@E66AI0
42E66AIHGF=J=F9D?G
;GEGMF;GBWF
92E66AIJJLAG8Jd;GBWF;GD;@YF;G:AB9
:LJ?@FED8KKI<JJ9C8EB<K0
>@@D?::E:
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2?@?D4@?E::D292M9F<GBM=?M=K=F=D
E9JFG=EHMB=K9LM@=JE9FALG9:9BG<=D
9?M91?<EPFLGC8P@EK?<J<8;FEdKGLJ?
PFLIC@KKC<9IFK?<ILE;<IK?<N8K<I
6FE
AL>
:EE::D:EE::DE:>:EE::DI2>:EE::D=@=427
M;4@E::D
2?@4E::D:9MLAR9J98GK@Q<
4E::IAMK=PHJAEAJJHL<<Q<C@HL@;=IFDNI@E>
FLK22>:K9:ABF:992I2?@EA29E>29
E::IAI@IJ::A6I@:EE::IA>292?D2292I
:>@?=4M2.A=KL9;9EAK9K=D9N9QFGK=
=PHJAE=IM=<9:A=F+=JG;GEG=DD9D9
=PHJAEAYK=9JJM?Y.?@JJ?@IK@J=@E<@=@K@J
N8J?<;8E;EFKNILE>FLK
LK@K@JNI@EBC<;
9<:8LJ<J?<NILE>@KFLK
6FEAL>
:EE::IA
:EE::I2A:>:EE::I2A@;:EE::I2A@=427
92E::IAJJLAG8Jd0
922D92E::IA:=:A
<9<=E=RIMAL=966?:>E92E::IAN9;9IM=
@9<9<G9DMR
:>29E::IAJJLAG8JE<>d0
966?:>E
:>29E::IAFGNADD9
4E:?DMK=K;9E9JJ9KH9JJ:8C<J:I8G<
\#66?:>BF:992AI4242.:I4M>:?22:=
422:E:44@>:9A@E:?DE2A22K?2=4@;D22:E@;
`.9;9LM;M;@ADDG1GQ9=K;9E9JD9;GJNAF9
'9;G;=J=EGKQD9;GE=J=EGK.8B<FLK
PFLIBE@=<#8D>F@E>KFJ:8C<K?<:FIM@E8
1<dCC:FFB@K8E;<8K@K
6FEAL>
:EE:?D
:EEQ?:D:>:EE:?D@:EEQ?D@=427
4E:AEIMKLG;9JDA?=J9E=FL=;GFMF?GDH=;ALG
MK9F<G;M9LJG<=<GKH9J9DD9E9JD99L=F;AYF
<=GLJ9H=JKGF9KFL:?C@>?KCPN@K?8=C@:B@E>
DFK@FELJ@E>=FLI=@E><IJKF><KJFE<dJ8KK<E
K@FE:E2BF:9E::>>24@9AE27A:9J@
E:AEI2?@9D::9E2I(AE9<J==KL9:9<GJEA
<9E=9;=JIMVQD9LGIMVH9J9HGF=JD=MF9
AFQ=;;AYF1?@C<DPDFK?<IN8JJC<<G@E>#
8GGIF8:?<;?<I8E;KFL:?<;?<IC@>?KCPKF
>@M<?<I8E@EA<:K@FE
6FEAL>
:EE:AEI
:EEQA:EI:>:EEQAE2;4:EEQAE2I=427
4E:DMKK=X9D9J;GF=D<=<GJ@>E8CN@K?=@E
><IGF@EK8K@4D2CK@922E::;>24@9A
92E66AIMF9HD9FL9;GKL=J9K::I92E66AI
;GBWF
4E::?MKJ=:9F9J;9JF=JC@:<D<8K6?:>
:9J22BF:99642>;496K:I4M>E24@:96
DE::?BF669:E2I2E::?4@:9::92I422:K@
922A::;E2I92E::?A249::D69229:/JT=
E=EA;M;@ADDGHGJIM=NGQ9J=:9F9J=KGK
H=K;9<GK.A@9Q9D?MA=FIM=IMA=J99QM<9J
E=D=NGQ9J=?9D9J9D?MF9KJ=:9F9<9K
I@E>D<DPBE@=<9<:8LJ<#dD>F@E>KF
JC@:<K?FJ<=@J?
#=K?<I<@JJFD<FE<N?F
N8EKJKF?<CGD<#N@CC>@M<?@DJFD<JC@:<J
6FEAL>
:EE::?:EE::?E:>:EE::=42>7M;
4@E::?
92E::?JJLAG8J;9JF=;GJL9<9H9J9K=;9J
A<IBP
:>29E::?JJLAG8JE<>;9;@9DGL=JG<ID
N?8C<
4E::AMKH=DDAR;9JMF9KMKL9F;A9;GEGHGDNG
;GFDGK<=<GKG@E:?8GFN;<IPJL9JK8E:<
N@K?=@E><IJ,::429@@9:E4@::92A::K:E:
?E2>2>292?EQAA24:9EE::A2?@9E22:
>2:92A::BF:9:E:>@E2>24>22I
:9J@@9:E(A;GEA<9FGL=FW9K9:GJ=FLGF
;=KH=DDARIMVMFHGIMALG<=K9DQK=D9=;@V
@9;A=F<GK9DAJKMK9:GJQE=D9;GEW'P
=FF;;@;EK?8M<8EP=C8MFIJF#GLK8G@E:?
F=J8CKFE@KKF9I@E>FLKK?<=C8MFI8E;K?<E
8K<@K
6FEAL>
:EE::A:EE::AE:>:EE::AI2>7
4E::A;U4MK9HJ=L9J;GFD9E9FGJHL<<Q<N@K?
?8E;:?@=4@A:J@E::A;U4HJ=LYEA
E9FG"<JHL<<Q<;DP?8E;
6FEAL>
:EE::A;U4:EE::AIU=:>:EE::AIUK:=
:EE::AIUK:=427
:?64E::A;U4KGF9JK=D9F9JAR9CFNEFJ<
::BF:4E::A;U49:J9R9J<D9I8:<
92E::A;U4JJLAG8Jd0
K::I::BF:AE6
92E::A;U4?J9H9HJ=FK9
:92E::A;U4JF9CG8Jd0
K::IK::I::BF:
4U:92E::A;U4LGJFADDG<=:9F;G
4E::DMK=EHMB9JH9J99:9BG<=D9?M9GLJ?
LE;<IN8K<I,6A62?@?J22=:>:D2I>2K4K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E27A>29:?EE:D92?EA@7::E29AD2E:4A2?
E229:?E29>292?EE7::>29224@4@A
K::I4@9J@?2IK'=9;=JIMV9DE=PA;9FGFG
AF<W?=F9IMA=FE=K=X9DYQE=<ABGIM=
HG<W9LJ9:9B9J=DHJYPAEG<W94=DHJYPAEG
<W9HAFLVKM;9K9#8GGIF8:?<;K?<EFE
#E;@8E'<O@:8EK?<I<N?FJ@>E8C<;KFD<
8E;KFC;D<K?8K#:FLC;NFIBK?<E<OK;8P
E;K?<E<OK;8P#G8@EK<;?@J?FLJ<
6FE
AL>
:EEQD:EE:DE:>:EE:DI2>7M;4@EQD
4E:E;UMKH=DDAR;9JLJ9EG?J9F<=;GFD9KMX9K
G@E:?C8I><8I<8N@K?K?<=@E><IE8@CJ
.:IBF:D::=BF:9@J24;BF:9:E:E;U>2J66?;
DFAXGH=DDAR;Y9KM@=JE9FGIMA=F?JALY
.?<:?@C;G@E:?<;?@J9IFK?<I8E;?<P<CC<;
6FEAL>
:EE:E;U:EE:E=2:EE:EK:=:EEQEK:=427
M;4@E:E;U0
92IU=:?22:=4@E:E=24>22>
MF=KLJGE:G;9J9;GD
:>M>4E:E;UE=R;D9J>JML9E9;@9;9;GFDGK
<=<GKD@OD8J?<;=IL@KN@K?K?<=@E><IJ%@=
:>M>4@::J@E:E;U:D2>22IE22(=R;DYD9
>JML9<=D9HAL9Q9H9J9@9;=JNAFG-?<D@O<;
K?<FI>8EG@G<:8:KLJ=IL@KKFD8B<N@E<
92E:E;UJJLAG8Jd0
966?;92E:E;U
?MAL9JJ9
4E@4?:;M@J=<GF<G=K>VJA;GIFLE;JG?<I@:8C
.:IBF:D::=4>2292AI422A
BF:9I@>D:D::? =QEBF:;92I
J@E@4?:;@@ D:=:VJ=;AVF
F9;A<G=KEMQHJ=;AGKG.M
4E@4?:;
;9:=R9=KEMQJ=<GF<9.?<
E<N9FIE989P@JJFGI<:@FLJ
"<I?<8;@J
M<IPIFLE;
6FEAL>
EE@4?:;EET4?2=4270
42E@4?:;>GJE9J:GDAL9K:>D4E@4?:;;@GH9
2?EET4?2=42+M=JLG'A:=JL9<2DE
ET4?2=42;9EH9E=FLG=FD9AKD9/A:MJYF
4E@=4UM@d6FEAL>
EE@=4U7
::BF:4E@=4U9?JMH9JK=9DJ=<=<GJ<=?L;;C<
8IFLE;
4E@>=::DA@;0
C8<EKI8;8GI
4E@@>=
4E@@:4;J;9;@GJ99J=F=J9Q<9I8K8@C<;C@Q8I;
68CC@J8LILJ;I8:FEF@;<J7*C
4E@@:4=42
6 KETKH=IM=XGIM=e;L9EGG>AfQFGLA=F=
=D;GDGJ9RMD-D8CC<IK?8Ea:K8DFF=@b8E;
N@K?FLK9CL<:FCFI@E>
70
A2EA2J@@;JW9<=
D9;9;@GJAL9:D9F;94E2>@@7:;9;@GJ9
9J=F=J9
4E@@:I2J?\A;G
N?@GK8@C6E<D@
;FG?FILJKHH7
*C
4E@@:IK20
E@:I@A::=;JW9<=
4E@@:I2
?\A;G
4E@@:I2::A::=0
C8<EKI8;8GI
E@:I@A::=
4E@@;@;M@;J=;=JGHGF=JK=6N9JA9K;GK9K7=FMF
DM?9JH=BMF9H=JKGF9IM=K==F;G?=>IFN
FI9<GLK5M8I@FLJK?@E>J6@EFE<GC8:<JL:?
8J8G<IJFEK?8K:I@E><J29;U:>M>4@:
92?D@AE::BF:J@E@@;@;'9>JML9<=D
9J:MKLGf@9@BZf;J=;==FJ9;AEGK.?<=IL@KF=
K?<a?8?AYb9LJ?>IFNJ@E9LE:?<J
6FE
AL>
EE@@;@;EE@@;@=4@;70
92>:D;42E@@;@;
@MAJGLADDG
4E@@>=JH=R?9DDG
H9H9?9QGH=R
IFFJK<I=@J?
6(<D8K@JK@LJ
G<:KFI8C@J7*C
4E@@>=
4E@@>=
4E@>=::DA@;LAHG
?J9F<=<=H=R
?9DDGC8I><B@E;F=IFFJK<I=@J?<4E@@>=
::DA@;H=R?9DDGHAFLG
4E@@?4J;GJEGJTF<=J9F<LI8E;KdJ
:FIDFI8EK6*?8C8:IF:FI8O8LI@KLJ7*C
4E@@?46/A=F=HJGFMF;A9;AYF
GFGE9LGHVQA;9'9eFf=KN=D9J"8J8E
FEFD8KFGF<K@:GIFELE:@8K@FE
.?<aEb@J
M<C8I
7
4E@@K:M@
J=KAKL=FL=>M=JL=<MJGI<J@JK<EK
JKIFE>?8I;.::I:AI2D:9:ABF:94E@@K:92
KL9;9JF==KLT<MJ9<A>W;AD;@==@:LCKE2>
9:>4@A::E@>BF:94U42422AJ2D:92
U:D422:E@>924::BF:4U:9::?9244E@@K:
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
924I@@42EIBF:99D4222921GQ9J=NGDN=J
LG<9=K9JGH9H9J9:MK;9JDGIM==DD9H=J<AY#
8D>F@E>KFILDD8><K?IFL>?8CCK?<J<
:CFK?<J8E;CFFB=FIN?8KJ?<CFJK
6FEAL>
:EE@D6:EETD6E:>:EETD6E2;708I
4E@D:
4I22:?MK
BMFL9J=KH=;A9DE=FL=;GFD9KE9
FGK>8K?<I<JG<:@8CCPN@K?K?<?8E;J
,::42:D4BF:9;UA24:9E6I=>2K::I2?@J2::
BF:9E2KI>2AE:::4I:9EI22:?92A2DA@;
:9>22K2?@9E2BF:>96>69J@@>;4
GEHJV>JABGD=KH=JGD9:GDK9K=JGEHAY'GK
BMFLVQDGKHMK==FGLJ9:GDK9QDGKLJ9B=9
;9K9#9FL>?K9<8EJ9LKK?<98>9IFB<
#
>8K?<I<;K?<DLGGLKK?<D@E8EFK?<I98>
8E;9IFL>?KK?<D?FD<
B9D9JH9K9F<GMF9
E9FGKG:J=D9GLJ9GLCCG8JJ@E>FE<?8E;
FM<IK?<FK?<I242EK2?@4@9EM42EI
9:I22:?:>:E:A@@D;E:?E:42:D@;4U:E22:;@;
:E224=@;E@::?E:J2 F?9F;@VMFLA:MJYFQ9D
B9D9JDG>M==FJ=<9<G=FD9;M=J<9D9LJGRYQ
K=>M=#?FFB<;8J?8IB8E;N?<E#N8J
GLCC@E>@K@E@K>FKK8E>C<;LG@EK?<C@E<:LK
@K8E;>FK8N8P
6FEAL>
:EI22:?:EI22:
?:>:EI22:K@;:EI22:K@=427
4I22AM@H9K9JD9FG;@==FMFDM?9JJG<E;K?<
E@>?K@E8GC8:<[#692AI9242?@DIE@@A4
BF66J2_19F9H9K9J0<KD9FG;@=9>M=J9
I<PFL>F@E>KF:8DGFLKJG<E;K?<E@>?K
FLK;FFIJ6FEAL>
EI22AEI22AE:>
EIE@@A4EIE@@A2;42>70
42I22A:E<=B9J
H9K9JD9FG;@=
96>64I22AH9K9JD9FG;@==FGLJ9;9K9
JG<E;K?<E@>?K8K8EFK?<I?FLJ<
:42I22AJF9C89Jd0
9224@2?:42I22A
@GL=D
:I22AJF9Cd0
:I22A<W9KH9K9F<GD9
FG;@=
4I2?2M@<=K9:JA<GAFKWHA<G;GFE9DK9:GJ
=C8MFIC<JJ@EJ@G@;98;=C8MFI<;<
>
9I8:B
@J?2I42AEI2?2>29E4@>BF66A69@
)GE=?MKLY=D9?M9HGJIM=L=FW9K9:GJ
E9DG#;@;EKC@B<K?<N8K<I9<:8LJ<@K?8;8
92IM=D@GE:J=@9:D99LAJGF=K'==K
<A>W;AD@9:D9J.?8KD8EJG<8BJA<IB@CP
#K@J
;@==@:LCK=FI?@DKFK8CB
=KH=KG;GEG
9;=AL=GEA=DK?@:BC@B<F@CFI?FE<P
K=N=JG;GEGD=QJ<M<I<8JC8N6FE
AL>
EE@@K:EE@@KI2>70
42E@@K:9E9K9J
96964E@@K:KTEGL9MF9HD9FL9E9MLG
4E@A:DMKH=?9JK=HGJKM;;AYFJK@:BN@K?JL:
K@FE696:E::4@@9:E:>:922?:>BF:9
:J@E@A:D DE9FL=DK=H=?Y9D9E=K9HGJ
IM==KL9:9EGB9<G.?<K89C<:CFK?JKL:BKF
K?<K89C<9<:8LJ<@KN8JN<K
6FEAL>
:EE@A:D:EE@AJ2D7M;4@E@A:D
4E@A=MK
E9F;@9JJK8@E?@9:9:E;BF:9
922E:IA24:J@E@A='9K9NA9<=LGJGL=E9F
;@YEAH9FL9DYF&@D9<I9LJ?J8GJK8@E<;DP
G8EKJ
H=?9JK=99<@=JAJK=9JK@:BKF8;
?<I<KF.22;:E:4@422:QDE2=424@:9@7:4;
BF:9:J@ETA2=@;'9K@GB9K<=D9HD9FL9eR99B
ALA;G;99AfK=H=?9JGF9EA:DMK9.?<C<8M<J
F=K?<GC8EKaQ88A@K@:F:88@bJKL:BKFDP
9CFLJ<
6FEAL>
:EE@A=:EETA2=:>:EE@A=@
:EETA2=@;7M;4@E@A=0
4U42ETA2E@=
;GDGJ=9J2>::>6E@A=;A=JLG=KHWJALM
92?E@E@A=@A=J:9<=LGJGBG92DE4E@A=MF
;9F?J=BGH=IM=XG
::D2I4@>:?E@A=:A:<OGE<>KGJHJ=F<A<GQ
EA=<GKGJLIGI@J<;8E;J:8I<;8C8ID<;
[dK::;4T92J2E@44U>@E2::D2I4@>
:E4@?E@A=:A:::D2IJ22?;4292_,MVD=
H9KY9=K9H=JKGF9IM==KLT9FKAGK9Q9KMKL9
<91?8K?8GG<E<;KFK?8KG<IJFEN?F@JJF
8EO@FLJ8E;J:8I<;
@E@A=J:FDGCd0
92?E@E@A=@A=J:9<=
LGJGBG
4E@D6MK
@9;=J=FH=<9RGK;9JF=<=K@=:J9J
G@:BD<8K@EKFG@<:<J#@@D?::AI2D:A24
:9E2K?:;:9J@E@D6#A;==FH=<9RGKD9;9JF=
IM=?MAKV#G@:B<;K?<D<8KK?8K#:FFB<;
@EKFG@<:<J
:MK;9JKAF;MA<9<GCFFB=FI
JFD<K?@E>N@K?FLK:8I<ILDD8><K?IFL>?
M42=429:>4@:A@4@@@E29A@E@D6K::I
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
98;=C8MFI
6FEAL>
EI2?2EIM?2E270
2II2?2MFDM?9J:422:E@>4I2?2
H9D9:J9KEG<=J9<9K
4I2AMK=K;9J:9J;@>@22ABF:9>29IMA
:I22:4@:DA29:EE2I.==K;9J:9D9HD9FL9
E9D9EMB=JQD9KJ9W;=KK=;GE=F)E<;@>J
LGK?<a:F88GbGC8EK8E;<8KJ@KJIFFKJ
6FEAL>
:EIMA:EI2AE:>:EI2A;:EI2AE@;
:EIMA2;2>7
4@4IMAEGN=JH9F?9AFLJG<M;A=F<G=D;9F9
D=L=HJG>MF<9E=FL==F=DE9JDFM<89F8K
9PGLKK@E>K?<G8;;C<;<<G@EKFK?<J<8
E2>4U4@:42?@222?@E2942BF66=IK
:E4>29E92?D@9@4U:94U:J@IMA2;2>)G
@9:A=F<G=F;GFLJ9<GMF;9F9D=L=DGK@GE
:J=KMK9JGFMFH=<9RG<=E9<=J99K=JJ9<9
(FK=@E;@E>8G8;;C<K?<D<ELJ<;8G@<:<F=
J8NENFF;
@IMA2;2>J:FDGCd0
,6A6?@422JE2;
%IMA2;2>-G;91=D9
4I2A;UM@
L=E:D9J6LG<G=D;M=JHG7KI<D9C<
5K?<N?FC<9F;P6.::IBF:I22K2K:E29@
:E::I:>:>I2A;U1AG9MFKGD<9<GQD=LMNG
EA=<GQL=E:D9:9-?<J8N8JFC;@<IJ?<
N8J8=I8@;F=?@D8E;KI<D9C<;
JA=D9J
J?@DD<I,6A6E@@IA>2IK229BF:;
4UE2942>2I:>I2A;U DE9JJA=D9;M9F<G
=KLTLJ9FIMADGQ@9QKGD.?<J<8J?@DD<IJ
N?<E@K@J:8CD8E;K?<JLE@JJ?@E@E>
;GF
LJ=EGJ=KNGR7N@K?KI<DFIJ5MF@:<66FE
AL>
EI2A;UEIMA@=:>EI2AK:=EIMAK:=427
0
42IMA@E@=<9J9DM;AF9;AGF=K
4I2A=4M@L=E:D9J6=KH=;A9DE=FL=D9KE9FGK
HGJN=B=RG=F>=JE=<9<7KI<D9C<5<JG<:@8CCP
K?<?8E;J9<:8LJ<F=8><FI@CCE<JJ6>@
BF66A692E22I2922:EM9>2I@I2A=4
/A=E:D9HGJIM==KLT=F>=JEG"<JKI<D9C@E>
9<:8LJ<?<JJ@:B
6FEAL>
EI2A=4
EI2A=4@;7
4I2AKM@;GF?=D9J=F<MJ=;=J@=D9J=I<<Q<
?8I;<E@EKI
*22A=>2I92IBF:9
:>I2AKM9F<G@9;=>JWG=D9?M9K=@A=D9
1?<E@K@J:FC;N8K<I=I<<Q<J
0
42I2AK
@9;=J;GF?=D9J
:I2AKJF9Cd0
92I:I2AK@A=DG
4I2E42;M@<=D?9<GK?@E2>2K2;K@9E22:
:9E2>:9;:9J2EMA@=
BF:>4U:I2E42;924:E:
4@9E29@;@KDAK9:9MF9
GDD9<=:9JJGIM=@9;W9Q
D9IM=:JVHGJ@9;=JDG
4I2E42;
<=E9KA9<G<=D?9<G=FMF
DM?9J#N8JJDFFK?@E>8
:C8PGFKK?8K#N8JD8B@E>8E;9IFB<@K9P
D8B@E>@KKFFK?@E@EFE<JGFK
6FEAL>
EI2E42;EI2E=470
42I2E=4@9;=JLGJLADD9K
92DE::BF:4I2E=4MF;9F?J=BGHGJ;=D9F9
92E22:4I2E=4DA=FKG92IU=:?22:=4I2E=4
H9HAL9;GF;@996964I2E42;L9:D9I6A6
4I2E=4H9JL=KFGEMQ@GF<9K<=DE9JK::I
4I2E=4LGJLADD9
4I2E=40
C8<EKI8;8GI
4I2E42;
4I?@@:DM@;9J9;L=JAR9<GHGJ:9KMJAL9:?8I8:
K<I@Q<;9PJD8CC>8I98><2?E9:K24
:>A@>2>:K;E2IDI?@@:D4292 KL=DM?9J
N99L=F=J:9KMJAL9KAFGDGDAEHA9K.?@J
GC8:<@J>F@E>KF9<KI8J?P@=PFL;FEK:C<8E
@K
6FEAL>
EI?@@:D70
I?@@:DK=EADD9<=
LJA?G<=E9J
4I@=4UMKKGJ:=JJ@G>224@;BF:9BF66;:>
BF:;I::424@@A@=BF:9:E2D:I:J@I@=4U D
9F;A9FGKGJ:W9=D;9>V;M9F<GDGLGE9:9.?<
FC;D8EJ@GG<;?@J:F==<<N?<E?<;I8EB@K
6FEAL>
:EI@=4U:EIT=@;BF:>:EIT=@;@;
:EIT=@;42>70
42IT=@4@E<9J9KGJ:=J
4IT?2=2M@?=EAJ;M9F<GMFGLA=F=H=K9<ADD9
>IF8E@EE@>?KD8I<J*::IE::>J@IT?2=2
"=EW9EA=FLJ9K<GJEW9-?<N8J>IF8E@E>
N?@C<J?<JC<GK
6FEAL>
EIT?2=2EIT?2
=@;7
4I@AEM@
9H9?9JK==PLAF?MAJK=<OK@E>L@J?<;
224@E:4@AE:E2;J@>I@AEI::42::BF:
4U:A2::4299@4UBF:9E:9::92>2E22I29
22:EM9>2 K9;9K9K=IM=EYQFGK=9H9?Y
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@M=;9-?<N<EKFE=FFKKF*LEK8?L<:8
2I92?EI29K@92D@K::E29219EGK9
;M9DIMA=J9<==KGKDM?9J=K1<8I<>F@E>KF
<@K?<IFE<F=K?FJ<GC8:<J
<MJ9J=F;M9FLG
9LA=EHGC8JKK@D<N@J<[ I22A 4K@@IU4
4@:E22I922J2*22I4J22:92I:9>@@4E2
_ KH9J9;M9LJG<W9K+9J=;=IM=<MJ9L9FLG
#J@K=FI=FLI;8PJ#KJ<<DJC@B<@KC8JKJK?8K
CFE>
6FEAL>
:EJ22::EJ22:E:>:E@K::E
:E@K:::E2>7M;4@J22::MK;9J=KHGKGG
=KHGK9KAFDGK9JJ=?DGK<=D9K>9EADA9K0
2DE2I4J22:H=RHAH9
4@=4J22:KM:AJ6H9F7I@J<59I<8;6)::>6E
E24@:4@=4@K:::E2>:92 KGKH9F=KKM:A=JGF
.?FJ<IFCCJIFJ<
::4A4J22:AJ99QM<9J>F?<CG :4A:9DJ22:
9229: :92I:9D22:292$JV99QM<9JDG'G
9QM<9JV#N@CC>FKF?<CG?@D
#N@CC?<CG?@D
:A249244J22:<=KG:=<=;=J;@JF9<P
::BF6EBF:99::E@>BF:9:E::E4>22:9:A24
9244J22:92(A@AB9FG@9;=DGIM=D=<A?G
(=<=KG:=<=;='P:?@C;;F<JEFK;FN?8K#
K<CC?<I
-?<;@JF9<PJD<
96>64@4J22:NAKAL9J=KH=J9F<GJ=;A:AJ
9D?GM@J@K?FG@E>KFI<:<@M<JFD<K?@E>
64276696>64@4J22:921GQHGJ=D
HM=:DGHA<A=F<G;9>V#8D>F@E>8IFLE;
KFNE8JB@E>=FI:F==<<
:E22:4J22:=F;GFLJ9J9MF9H=JKGF9IM=
=KLTDD=?9F<GD<<KG<IJFEN?F@J8II@M
@E>08I
:E224J22:
92J22:JJLAG8JEM;@9;@GIM=K=;9K9KAF
=DH=JEAKG<=KM>9EADA99FPN?FD8II@<J
N@K?FLK?@J=8D@CPdJG<ID@JJ@FE*C
92K:::E2>
4J22:M@
N9D=J;GKL9J9<NFIK?:FJK[.T
DJ22:BF66J2_MTFLGN99;GKL9J"FN
DL:?N@CC@K:FJK[.T4J22:J2_MTFLG
;M=KL9"FNDL:?;F<J@K:FJK;GKL9J
EM;@GN9D=JEM;@G;9JG:FJK8CFK9<
NFIK?8CFK<OG<EJ@M<\,@J22:` K;9JG
#KdJ<OG<EJ@M<6FEAL>
EJ22:EJ22:4@=7
HGJIM=>M=@=;@9;GEHD=L9E=FL=<=E9<=J9
.?8K?FLJ<9LIE<;8E;K?<=@I<;@;EFK>FFLK
9<:8LJ<K?<?FLJ<N8JD8;<:FDGC<K<CPF=
NFF;
;=FL=DD=9J@9;=J>D9K@KN@EBC<=C8J?
@EK<ID@KK<EKCP-@ITA2E:> KLT;=FL=DD=9F
<G#K@JKN@EBC@E>
6FEAL>
EI@AEEITA2
E:>EITA2E;70
42I@AE=PLAF?MAJE2=4I@AE
;9J:YF
4IE2>EM@9:MF<9FL=9:MF<9J89LE;8EK
*@@E;U4BF:9EIE2>E>2A24:9J@@>;4
+GJIM=@9:W9EM;@9>JML9<=;@GQ9LJ9B=
9D?MF9K-@E:<K?<I<N8J8CFKF=:?FCC8=IL@K
#9IFL>?KJFD<
6FEAL>
EIE2>EEIEM>2E:7
0
42IEM>2E:L=F=J=F9:MF<9F;A9
:IE2>EJF9Cd0
:IE2>E422:@9;=J
;M9F<GK=LA=F=:M=F9GHGJLMFA<9<
4IE@@A40
C8<EKI8;8GI
4I22A
4J22MKHGK==JK=J<M=XG<=L=F=J;GEGHGK=
KAYFGFJJ<JJFNE?8M<8JGFJJ<JJ@FE
.::IE2K@:A:K@9J@?J22)GL=F?GFAMF9
;GK9#;FEdKFNE8K?@E>
224@K@9EJ22
>@D42?@22K@9?J22/=F?GMF9;9K9QMF9
H9F?9#?8M<8?FLJ<8E;89F8K
6FEAL>
:EJ22:EJ22E:>:EJ22E:EJ22E2>7
92J22JJLAG8Jd0
92J224>:D4@@4;
;G:AB992J22924@I=LA=F<9<=E=J;9F;W9K
92?E92J22K=E:J9<WG92J22BF::ALYJLGD9
;GD9D9J?9I?666;2>:D92J22MF9HD9FL9
J22J22EJ:FDGC@II=DKMQGD9KMQ9DGK
KMQGKD9KKMQ9KHGK=KAYFHGK=KAGF=K?@J
?<IGFJJ<JJ@FEGFJJ<JJ@FEJ
4J2242EM;<IL=F=J;GEGLW9H9L=JF9?8M<8J
G8K<IE8C8LEK6FEAL>
:EJ2242E:EJ224=2
:EJ224=@;7<224LW9H9L=JF9
4J224?:M;<IL=F=J9JE99J;GG>MKAD?8M<
N<8GFE9FNFI=@I<8ID.@9J@?J224?:
)GL=F?GFAF?MF99JE9#;FEdK?8M<8EP
N<8GFE
6FEAL>
.I
:EJ224?::EJ224K@;
#EKI
EJ224?:EJ224K@;7<J224?:9J;G0
42J2242?@E<9J9JE9K9
4J22:MK
AJ9AJ@9;A9>FKF>FKFN8I;2?E
@@E2A)@422:I:?J22:.=>M=9HA=9+MFL9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
>::KN;I29:?J22:<OG<=HG;GN9DGJF=
C@KKC<NFIK?
J22:JF9C@IId&66K4@@4;@@J22:92
19D=<GKH=KGK#K:FJKJKNFG<JFJ
#:EC@@BF:BF:;[E@>KT4J2I:@@J22:J2
_MTFLGN9D=LM;9JJG"FNDL:?@JPFLI
:8INFIK?0
4>22>@@J22:HJ=;AG<=D9
FGNA9
W4J22:MK9QM<9J9:9B9JGD=N9FL9J;9J?9;9J9
9;9J9?<CGI8@J<FICFN<ICF8;=8:<KF
=8:<2I9:K4@A96D::A4292\#@92
\ 9A@J22:1GQ9DD=N9J=KL99?M9`1=F
`Q[<9E=9KM:AJD9#8D>F@E>KF:8IIPK?@J
N8K<I
FD<"<CGD<G@:B@KLG6FEAL>
:EJ22::EJ22:E:>:EJ22:I2>:EJ22:I2>7M;
4@J22:
4J22:=M@@GF<GHJG>MF<G;<<G64@42::=2>
:92K::I4@227A4@>>@D>::EI@M2I@92?E
4@>29EJ22:=>292?D@92>22=2;4 KLT
:9EGKH=K;9F<G;GFHGDD=JGQ9MFIM=@9:W9
EM;@9KDAK9K=DDM?9J=J9EMQ@GF<GQDG
<=B9EGK<=@9;=J1<N<I<JG<8I@E>=@J?8E;
K?FL>?K?<I<N<I<CFKJF=DLCC<KK?<GC8:<
N8JM<IP;<<GJFN<HL@K
6FEAL>
EJ22:=
EJ222;70
I6A64J22:=E9JHJG>MF<G
4U:J22:=JF9CHJG>MF<A<9<;<GK?0
I6A6
4@>:E:4U:J22:=HJG>MF<A<9<<=DE9J
J22:=?@@IAMFDM?9J=F=DE9J8GC8:<@E
K?<J<8
J22:=?@@IA'F:9 E66=MFDM?9J=F=D
E9J8GC8:<@EK?<J<8
4J22>M@L9J<9J9<C8K<2?@22BF:9922
>@4292I@92?D2292I:?J22>M21A=F=
D9H9F?9H=JGN99DD=?9JEMQL9J<=.?<9F8K
@J:FD@E>9LK@K@J>F@E>KF9<8II@M@E>M<IP
C8K<
.::I4J22>K:E:4UD2>24292
4U>:D::7A924/MDD=?9<9FGN99K=JEMQ
L9J<=3FL8I<EFK>F@E>KF8II@M<C8K<
6FE
AL>
EJ22>EJ22>EEJ22>E2;70
42J22>@EL9J<9J=F@9;=J
A@J22>E2_EJ22>>2_<OGETKL9J<=
C8K<I&@J22>E2:9D::9:E292'G;GE=JV
ETKL9J<=#dCC<8K@KC8K<I@?49::IKBF:9
E42::>2:9E242AE>2EJ22>>2E@?222:;
:?J::?M9F<GEA?9NAGL9E9<MJYD9KGDLV
QETKL9J<=J=?J=KY1?<EDPG<K>LCC>I<N
LG#I<C<8J<;?@D8E;C8K<I?<I<KLIE<;
:E:4J22>IM=<9JK=MFJ9LGJK8P8N?@C<
4J22K:MKJ=;D9E9J:C8@DE2>K@922E::;
K:I4M>BF:92?IU:I@@4@E:>I@92I:92D
BFQE2E:>429K::IK@92J@?J22KI2>0F
@GE:J=9DDWE9LYEM;@GKH=K;9<GKH=JGK=
F=?Y9;GEH9JLAJDGKQFGJ=;D9E9EGK
FAF?MFGD8EK?<I<:8L>?KCFKJF==@J?9LK
I<=LJ<;KFJ?8I<K?<D8E;N<;@;EdK:C8@D
8EP
6FEAL>
:EJ22K::EJ22K:E:>:EJ22K
I2>7M;4@J22K:
4J242IM;<IL=F=J9D=L96LA:MJYFG:9DD=F97
?8M<=@E5J?8IBFIN?8C<66FEAL>
EJ242I7
<J242I9D=L90
:E::BF:E:4J242IMF9:9
DD=F99D=L9
:?J242IJJLAE<>d0
K::I:?J242IMFLA
:MJYF
4J24;MKL=F=J@=JE9FGG@=JE9F9?8M<J@9
C@E>>22>K@9J@?J24;)GL=F?G@=J
E9F9#;FEdK?8M<8J@JK<I
6FEAL>
:EJ24;
:EJM42=:>:EJM42=42>7
@J24;J:FDGC@=JE9FG@=JE9F99IFK?<I
J@JK<I*C
@JM42=42>
4J2:MKd6FEAL>
:EJ2::EJ2:E:>:EJ2:I2>
:EJ2:E@;:EJ2:4@;:EJ2:E@=427M;4@J2:
::4A4J2:GHGF=JK=9DM;@9J;GFLJ9FGGFJ<
=@>?K8>8@EJK2?EI>@E2>2I4@>4224
4@:4@4D2C4@:::4A:?J2:I2>'GK9FL=H9K9
<GKK=JAKK=GHMKA=JGF9DGKE=PA;9FGKFG
AF<W?=F9K.?<-<I@8E:<JKFIJFGGFJ<;K?<
EFE#E;@8E'<O@:8EJ
6>::4A:9DJ2:292
1GQ9DM;@9J;GFLA?G#8D>F@E>KF=@>?K
PFL
22;4:96>64@A9:A:BF::4A4J2:
J@@4J@.=<A;=IM=D9>DGB=J9=K=D=F=EA?G
<=MFG#K@JJ8@;K?8KC8Q@E<JJ@JFE<dJ<E<
DP
0
4U42J22:I@E@9;=JH=D=9J
K::IK:?J2:<OGE<>FGAEHGJL9JFG@9:=J
F9<9=F;GFLJ9EFK9<@DGFIK8EK.::IK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
"FNCFE>@J@K[#692?EKT4J2I:
4U>@@:IJ2_MTFLGK9XGKETKLA=F=KIM=
VD"FNDL:?FC;<I8I<PFLK?8E?<
KT@I294J2I:<OG_IMVL9FLG_;MTFLGK
?FNDL:??FND8EPHL<JK@FE[.T@I29
4J2I:>69D::>;4922J2_MTFLGKD=<=:G
LJ9=J<A;@G;GFJ=KH=LG"FND8EPJ?8CC#
9I@E>PFLJ8@;N@K?I<JG<:K
4@4J2I:
DAKLGKH9J9;GK=;@9JI<8;PKF9<
?8IM<JK<;.::I:D4BF:9;U92AP44@>
4@4J2I:92?@92A2E:4A2?E2I9:K:
D22:A@E:>42E66>6'GK>JABGD=K=KLTF
E9<MJGK.ALJ9:9B9EGK;GF=DDGK<ABGIM=
FGKH9?9JT.?<9<8EJ8I<I<8;PKF?8IM<JK
#=N<NFIBN@K?K?<D?<J8@;K?8K?<N@CC
G8PLJ
HJ=H9J9<G6HD9F7GI<G8I<;5GC8E6
&J66DEBF:;4@4J2I:92'GKHJ=H9J9LANGK
H9J9D9>A=KL9=KLTF;GEHD=LGK.?<
GI<G8I8K@FEJ=FIK?<=@<JK88I<:FDGC<K<
:>244J2I:>9DL9JD9EAL9<C8:B?8C=
A<DGCF92E66J242992I:>244J2I:MF9
:GL=DD9E=<AGDD=F9<=9?M989FKKC<?8C==LCC
F=N8K<I
K:>;U4I29K@4J2I:KAFF[E=JGLEC@D@K<;
ELD9<I
:9:J2I:JF9Cd0
:E:4U:9:J2I:LGL9DA<9<
4J2K:>M;<IL=F=J9D=L9<GJK9DG;J=KL9<GJK9D
?8M<;FIJ8C=@EFI:I<JK*K:94@>K:I4M>
92I4@>:9;@@92422?;4@>E::IK:I4M>
4J2K:>:92 DH=RAF>D9=KDAKGD9:9Q9=R
MFH=RIM=LA=F=9D=L9<GJK9D.?<GL==<I=@J?
@JJDFFK?K?<!LC=>IFLG<I@J8=@J?N@K?8
;FIJ8C=@E
6FEAL>
EJ2K:>EJMK:>2>
EJMK2>@;:EJMK2>@=427<J2K:>9D=L9
<GJK9D
J2K:>
MF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;?JMHG<=K=JAKIM=
NANA=JGF=F=K9J=?AYF>IFLGF=-<I@JK?8K
C@M<;@EK?8KI<>@FE0
2DEJ2K:>
;9EH9E=FLG=FD9AKD9/A:MJYF
J2K:> EMF;9EH9E=FLG=FD9AKD9/A:M
JYF8:8DGFE.@9LIFE#JC8E;
:I@?J2:)GD=@9;=)GAEHGJL9 KLT:A=F
#KdJFB8P
FEdKNFIIP89FLK@K
92J2:JJLAG8Jd0
::4A92J2:=F=EA?G
4J2:MK
=KL9J;9J99;9J9=8:<KF=8:<224UE
4@:@IAE::?J2:'9K;9K9KK==F>J=FL9FMF99
D9GLJ9.?<?FLJ<J=8:<<8:?FK?<I
0
J22:
D9<GGHM=KLG>GJE9JMFH9JD8B<G8@I
D8K:?&2K22E@;9:A4@>@J2:K:>92292
KLGKR9H9LGKFG>GJE9FMFH9J.?<J<J?F<J
;FEdK>FKF><K?<I
6FEAL>
:EJ2::EJ2:E:>
:EJ2:E@;:EJ2:E@;70
AE:4J2:4@@4;H9J
J2;@;MFDM?9J=FD9AKD9/A:MJYF8GC8:<FE
.@9LIFE#JC8E;
4J2?@A;M;<IL=F=J;9K;GH=RMX9GHMXG?8M<
?FFM<JFI=@JK22JI2992AI29
4J2?TA2=4@;:92'GK;9:9DDGKQDGKN=F9<GK
:MJ9LA=F=F;9K;GK"FIJ<J8E;DLC<;<<I
?8M<?FFM<J
6FEAL>
EJ2?@A;EJ2?@A=4
EJ2?TA2=4@;7<J2?@A;;9K;GHMXG
4J2I0
C8<EKI8;8GI
4@4JMI
4J2I2M@
=E:9J9R9JK==E:9J9R9<9HJ=X9<9
H=K9<9;GF;JW969FAE9D7GI<>E8EK58E@D8C6
.::I4@@924J2I2922?E:E2>2::BF:92>
AM?4@;4I@E::I:A:92E4>2E2I2;:9@
GJJAEGK9LJTK<=MF9N9;9H=K9<9;GF;JW9
H=JGFGD99D;9FR9EGK1<I8E8=K<I8GI<>
E8EK:FN9LKN<;@;EdK:8K:?LGN@K?@K
;GF>JML9IM=G:NA9E=FL=K==KLTE9<MJ9F
<GC8;<EN@K?F9M@FLJCPI@G<E@E>=IL@K
6FEAL>
EJ2I2EJMI2E:>EJ2I4@;70
J2I
9:<GE=F
:9:J2I2JF9CGN9JAGAFE9<MJG<=MF9>DGJ
@DD8KLI<FM8IPF=8=CFN<I
4J2I:M@d6FEAL>
EJ2I:EJ2IJ2E70
42J2I:E=<AJ;A=JL9<AKL9F;A9GL9E9XG
[KT4J2I:_<OG_;MTFLG_;MTFLGK?FN
D8EPHL<JK@FE[@>4224BF:9KT4J2I:
D22:E@;BF66J2_MTFL9KH=JKGF9KN9F9
H=K;9J"FND8EPG<FGC<8I<>F@E>KF>F
=@J?@E>[MI2424@:KT4JMI:J2_MTFLGK
H=JJGKKGF"FND8EP;F>J8I<K?<I<[.T
4J2I::E:4UBFQJ2EJ2_,MVL9FD9J?G=K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
W4J66>=@;M;<IL=F=JHJG96:9DK97?8M<9FN
5I<<;9F8K6/JF9J;6FEAL>
EJ66>=@;7
<J66>=@;HJG9
4J66?@M;<I
L=F=J;9J9?8M<=8:<
[2A6BF6EJ22BF:9DJ66?@922J2_199
L=F=J;9J9KMEMX=;9#JPFLI;FCC>F@E>KF
?8M<8=8:<HGF=JK=D9;9J9GLKFE<dJ
=8:<?@EJ66?4@;_(=LW9FD9K;9J9K=F
=DD9D9;GEA<9c.?<PGLKK?<@I=8:<J@E@K
K?<=FF;_2D@BF:9>@@D?:BF:92?@
E::;I@I924I:>>::9:922AIEJ66?@
I@I2?@E2KBF:>924I>::92D@E:?E:42
427KI:92*22I2922:EM9>292AI
:42J66?@:>:J2MFIM=@9:W9MF9;9?M9E9
=FD9J=<FG=KL9:9EM=JL9.9;9:9H9J9
9>M=J9KM;9:=R9QD9E=LW9<=N=R=F;M9F
<G'9J=<=KDANA9F9+GJ=KGHG<W9K9;9JKM
;9:=R9CK?FL>?K?<I<N8J8KLIKC<@EK?<
E<K@KN8JEdK;<8;
"<JKL:B?@J?<8;@E8E;
FLKF=K?<N8K<IFE:<@E8N?@C<
.?<E<K@J
C@>?KN<@>?K
.?8KdJN?P?<:FLC;JK@:B?@J
?<8;FLK
6FEAL>
EJ66?@EJ66?4@;7<
J66?;9J90
42J66?@E@9;=J;9J9;GEG=F
MF9EMX=;9
92?E2I=4@4J66?@=KL9J;9J99;9J9KF9<
=8:<KF=8:<E2>BF:;4>22>BF:;92?
E2I=4@4J66?@92 D@GE:J=QD9EMB=J
=KLTF;9J99;9J9.?<D8E8E;K?<NFD8E
8I<=8:<KF=8:<
92BF:I4J66?@K=JAG<=;=FL=J<I@FLJ
;<:<EK\::BF6E ?D4@?C@@4U2922BF:I
:?DJ66?@292`#AB9)GK=9KDG;9 KLTL=
K=JA98L>?K<IFEdK9<:I8QP
<J<I@FLJ
::BF:4J66?@=KL9J<=>J=FL=9<=8:@E>
>::K;924I4J66?@;GFK;A=FL=:FEJ:@<E
K@FLJ>::BF6BF:9:>>@K:>6BF:;>::K;
924I4J66?@920FGIM=FG=KLT:GJJ9;@G
=KLT;GFK;A=FL=G<IJFEN?F@JEFK;ILEB@J
:FEJ:@<EK@FLJ
>::K;924I:?J66?@E<>DG;G=FDGIM=;=JK=
:I8QP>F:I8QP#::K;924ID@?J66?@4292
199=FDGIM=;=JK="<@J>F@E>KF>F:I8QP
:42J66?@JF9C89Jd0
2?:42J66?@
ETK;9J992?E2?:42J66?@N=FL9F9K::I2?
:42J66?@NAKGJ<=:MRG
:?J66?@JJLAE<>d0
:?J66?@MFE9
?M=Q
4J66?@JJLAH=FWFKMD9HMFL9=FD9;GKL9G<
E@EJLC8GF@EKFEK?<:F8JKJ66?@9:>4@A
:A24924429K:I4M>BF:92?@>@@> F=D
GLJGD9<G<=9IM=DD9H=FWFKMD9@9QEM;@GK
H=;=K)EK?<FK?<IJ@;<F=K?8KG<E@EJLC8
K?<I<8I<CFKJF==@J?
J66?@2A27:?MFDM?9J=FD9AKD9/A:MJYF8
GC8:<FE.@9LIFE#JC8E;
W4J66E4@;M;<IL=F=JHGH96:9DK97?8M<JK<IE
5I<<;9F8K6/JF9J;6FEAL>
EJ66E4@;7<
J66E4@;HGH9
4K229@IM@
:JADD9J6KGD=KLJ=DD9K7J?@E<5JLE
JK8IJ6*92>@4>2I2K=442?=4@>I@
K229@I FD9FG;@=D9K=KLJ=DD9K:JADD9FK
E@>?KK?<JK8IJJ?@E<
:JADD9FL=HGJD9DMR<=D
KGD9I@>?KN@K?JLEJ?@E<JLEEP\2?E
4K229@I4@>:E:9::;#:?22:=424E:>924
:9D22:292`.AVFL9L=9IMW9D9DMR<=DKGD
MJ9JVLM;GJL9<9-@K;FNE@EK?<JLEEP
GC8:<#N@CCKI<8KPFLI:LK
6FEAL>
EK229@IEK229@I:>EK229E2;EK229@I2>7
<K229KGD0
42K229@I<=KDME:J9J
66?:>4K229@I9;=JGK:I4M>4K229@I
DAKLYFH=R
/:>@KBF:;0:?K229@I<OGE<><MJG<=
;GJ9RYF?8I;?<8IK<;&@K
KM;GJ9RYFFG
:JADD9
:K229@IJF9CDMR<=DKGDJLEC@>?K0
:K229@I4@L492>@4=;DAHK9JK==DKGD
:K229@I4UL:A42DDMNA9;GFKGD:K229@I
:?@7E;J9QG:K229@IBF:922BF664EE9<=J9
<=DH9DGRGJJADDG
4K22:MKd6FEAL>
:EK22::EK22:4@=7
AE::?K22:E<>
=KL9J=FEM;@GKH=<9RGK
9<@EJ<M<I8CG@<:<J2E22:966I=9:K4@:AE:
:E4@?K22:>292A?22:=K:922:9E4>M9@
'9L=D9IM=;GEHJV=KL9:9=FEM;@GKH=<9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?<J8D<K@D<
4K24UKMKHA;GL=9JG<:B@?4K@92J@?22:K:=
I@9:?EK24UK>29:>@92J22=2;4?9JJ9
EGKMF9?9NAGL9H=JGE=HA;GL=YQD9KGDL9
EGK1<>I899<;8J<8>LCC9LK@KG<:B<;D<
8E;N<C<K@K>F
6FEAL>
:EK24UK:EKM4@
K:>:EKM4@K@;:EKM4@K2>7M;4@K24UK
::D@4K24UKLGE9JD9;GEA<9<=GLJ9H=JKGF9
K8B<JFD<FE<<CJ<dJ=FF;
4K2>MK
>AB9J=FMFDM?9J;GK9IM=K=H9J9
JK8E;JFD<K?@E>@E8GC8:<GLK@E8GC8:<
JFD<K?@E>K?8KJK8E;JLG:E22DE929@@E
4U4@::4@:K@J2KEI@92AE4@9@@C@BF:9
4922K@4@9J@KM>0FG<=EAK<A=FL=K<=
=F>J=FL=K=;9QYH=JGDM=?GE=HMK=MFG<=
GJG)E<F=DP=IFEKK<<K?:8D<FLKJF#?8;
8>FC;FE<GLK@E
2?E2?:4@4@9@924
4U:EKM>:E2I:4>22I92?EK::BF:>::?.=
>M=<=KHMVK<=HGF=JD9N=FL9F9"<C<=K8=K<I
@EJK8CC@E>K?<N@E;FN
9L9;9J8KK8:B:?
J@KM>(=9L9;Y"<8KK8:B<;D<
6FEAL>
:EKM>:EK2>E:>:EK2>=BF:>:EK2>=42>7
M;4@KM>
4@4KM>BMFL9J;GK9KD9J?9KAF@ECFE>
@K<DJ
924I4K2>=PHGF=J;GK9H9J9<9<=K;M:JAJ
;GK9H9J9<9<OGFJ<JK8E;@E>K?@E>
LE:FM<IJK8E;@E>K?@E>
92?E4@4KM><=;A<AJMFHD9F;<:@;<FE8
GC8E.::I92?E:K2>=42>K@9:>M92?
:422:E@>9:>M92)GKVDGIM=<=;A<A=JGF
)GKV<=DGIM=@9:D9JGF#;FEdKBEFNN?8K
K?<P;<:@;<;
#;FEdKBEFNN?8KK?<PN<I<
K8CB@E>89FLK
92BF:I4K2>
<=L=F=J;GK9H9J9<9;<
K8@EJFD<K?@E>JK8E;@E><=B9J<=@9;=J
JKFG;F@E> 9AE22DA@;92BF:I:92KM>
:9J@>M)GK9:W9QG<YF<=<=B9J<==K;JA:AJ
#;@;EdKBEFNN?<I<KFJKFGNI@K@E>
.22;
966=9242?@>92E2E92E2D;@;92BF:I
4U9:?K2>=42>4292IU= :9@>2?@
92J@@K42>1=FAEGK<=;9EHG.9J?=FLG
RGKQFGHM<=@9;=JMF9>9D<9.?<D8K<I@8C
K?8K#9FL>?KN8J@ECFKJF=G@<:<J8E;#
:FLC;EdKD8B<8JB@IK
EMQ;GJL9<G9<:LK
LGE2>2?IU922BF:;:?22:=4@>AE:
:E4@?K22::A:922>@@> D@GE:J=IM=
=KLT9DDW@=JA<GLA=F=D9HA=DEMQ;GJL9<9
.?<JB@EF=K?8K@EALI<;D8E@JM<IP:LKLG
0
AE642K222EBMFL9J
W:92K22:JF9CG8J;AF;@9H9J9;9:9DDG
:@E:?=FI?FIJ</JF9J;
4K22:;MK;GJL9J=F;WJ;MDG:LK@E8:@I:C<
>22I96962?:422:;:9J22BF:;:E66?924
:9DK22:;292@GJ9NGQ9;GJL9JD99:=JLMJ9
<=EAL9E:G(FN#8D>F@E>KF:LKK?<
FG<E@E>F=DP98II<C
6FEAL>
:EK22:;
:EK22:=47M;4@K22:;
4K22:?MK@9;=J;=J;G;GF@9;=J;GJJ9D;GF
D8B<=<E:<N@K?D8B<:FII8CN@K?!@>
;66K:KE24@:9DK22:?292E@44UJ2::1GQ9
@9;=JMF;GJJ9D;GF=KGKG;GLADDGK#8D>F@E>
KFD8B<8=<E:<N@K?K?FJ<F:FK@CCFJ
6FE
AL>
:EK22:?:EK2::?:>:EK22:;4:EK22:;42>
:EK22:=42>7M;4@K22:?
92K22:?JJLAG8Jd0
92?E92K22:?
DM?9J9;GJJ9D9<G
92?E:92K22:?JF9CG8Jd0
92?E
:92K22:?;=J;G
4K24E:>MK;GJL9J=DH9KGAFL=J;=HL9J@EK<I:<GK
2AK:E29@>2E@;@K>2:EK24E:>922
E2A>292I4UE272A@@92I:J21AGMF
N=F9<G:MJ9IM=@MQYQ>M=9;GJL9J=DH9KG
+9J=;W9IM==DN=F9<GA:99DD=?9J9<GF<=VD
=KL9:9"<J8N8DLC<;<<IK?8KJK8IK<;
ILEE@E>8N8P8E;N<EKKF@EK<I:<GK@K
#K
CFFB<;C@B<K?<;<<IN8J>F@E>KF8II@M<
N?<I<?<N8J
6FEAL>
:EK24E:>:EKM42
E:>:EKM42E@;:EKM42E2>70
@K24E:>D9
=KLJ=DD99FGHMK
AE:4KM42E:>@9:D9J9DEAKEGLA=EHGK8CB
8KK?<J8D<K@D<>2;::44@:E@@K2=42
92?D@AE::?KM42E:>'9KEMB=J=K@9:D9:9F
9DEAKEGLA=EHG.?<NFD<EN<I<K8CB@E>8K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
;9F9D=L=9F<GQKAFH9J9JDD=?9EGK9 D=
K=E:GIM=1<:8D<=IFD-8I><EKF:8DG9P
9F8KG8;;C@E>8E;;@;EdKJKFGLEK@CN<
8II@M<;@EC<J<D9FHL<
9664I4K2>;GFKGD9J:FEJFC<:FD=FIK
966E64@4KM>@9;=JMF9JHYFETKD9J?G;GF
GLJ9HA=R9C<E>K?<E8?8IGFFE9P8;;@E>
8EFK?<IG@<:<
9:KI4@4KM>DA:=J9J=I<<C@9<I8K<
::4@E4K2>E9F<9J9H=JKGF9AJ;GFGLJG
J<E;JFD<FE<KF>FN@K?8EFK?<IG<IJFE
:4@E:9?KM>:A24E2K:D:J2I29E22
9AE2>@K'=E9F<VH9J9IM=K=H9DGIM=
@9Q#J<EK?<IJFK?8KJ?<NFLC;BEFNN?8K
K?<I<@J
W::4I4K2>HJGL=?=JGIFK<:K/JF9J;
:9::?:4K2>G:DA?9JI<HL@I<
::;4@4KM>K9DN9JDA:J9JJ8M<C@9<I8K<=I<<
6::;>69DK2>292/=NGQ9DA:J9J#8D
>F@E>KF=I<<PFL
::;92?E4K2>
NGDL=9JKLIEFM<I@EM<IK
;GFL9JMF9@AKLGJA9<=GLJGEG<GK<CC8
JKFIP@E8;@==<I<EKN8PD@O@E>LG<M<EKJ
>::K;92?E4K2>@9;=J:A=FJ=KGDN=J;F
N<CCI<JFCM<69692?E92?QA4@A92?E
4U9:?QA924>::K;92?E:9J@KM>M9F<G
HMK=DGKHGKL=KDGKHMK=:A=F1?<E#GLK@E
K?<GFJKJ#GLKK?<D@EN<CC
E@::4@4KM>
9ME=FL9J=DHJ=;AG<=9D?G
I8@J<K?<GI@:<F=JFD<K?@E>2J22924@I=
4@A4J22BF:;4>22II::4292A29:EBF:9
E@::4U:J@KM> D<M=XG<=D9LA=F<9@9
9ME=FL9<G=DHJ=;AG<=D9;GEA<9.?<JKFI<
FNE<II8@J<;K?<GI@:<F=K?<=FF;
9;=D=J9J8::<C<I8K<9?J9F<9J<EC8I><
J66?@@4K2>E9F<9J9<=D9FL=J<E;8?<8;
K::I:D@;92?E4@4K2>DD=N9J?9:9J<AF9
N<8IFM<I:F8K
92KM>JJLAG8Jd0
K::4:?2IA2=66>6=4
2?@4U92KM>BM=?GMK9F<GMF9HDME9=F
MF9;GF;@9<=DEGDMK;GePH9D==E=D;f
4K2A=:>MK;GK=JJ<N?:BF:E;K@922E::9
E2KI>296E::I96DK2A=:>BF669: D
H9FL9DYF9DDW=KLTJGLG9KWIM=DGNGQ9;GK=J
G8@IF=G8EKJK?<I<@JKFIEJF#N@CCJ<N
K?<D
6FEAL>
:EK2A=:>:EKMA2=:>:EK2A
=2>:EKMA2=2>7M;4@K2A=:>0
42KMA2E@=;GK=JH9J9
:92K2A=:>JF9CG8J;GKLMJ9J<8D
4K2EIM@L=F=J9D?M9L=K?DGIMW<=GK?8M<
>CF:?@;J#:?=BF:9
A@K2EIE2I:?D@@92
292.ALMKE9FGKK=
;M:J=F;GF9D?M9L=K
DDGJ9JTK#=PFLI?8E;J
4K2EI
><K:FM<I<;N@K?
>CF:?@;JPFLN@CC:IP
6FEAL>
EK2EI70
2IK2EIMFDM?9J96964K2EIH=DM<AL9
K2EI9D?M9L=K
:K2EIJF9Cd0
966?:K2EI:=RG9J
4K2I2KMK9J9X9JJ:I8K:?*@D?:9::IKBF:99:?
EK2I2K>2E@::?E:9J@@K:=KHMVK<=IM=
EAH=DW;9FGE=9J9XYDG<=BVDA:J==K<IDP
G<KG<C@:8EJ:I8K:?<;D<#=I<<;@K
6FE
AL>
:EK2I2K:EKMI2K@;7
WK2I@;+9DG!A=JJG*8CF @<IIF/JF9J;
60F;9EH9E=FLG=FD9AKD9/A:MJYF:8DG
FE.@9LIFE#JC8E;
7-@EXE
:72 E: 4296>6
4K2IUMK
@9:D9J;GF@9:D9J9<=;AJ9JG<8B
N@K?JG<8BKFK8CBKFJ8PKF:>>:K2IU
K@9I@>M)GKVIMVE==KLTK<A;A=F<G#
;FEdKBEFNN?8KPFL8I<J8P@E>KFD<
@9:D9J<=JG<8B89FLKK8CB89FLK;@J:LJJ
64>22I>@D:422:E@>:9>22K@96DK2IU
4292@GJ9NGQ9@9:D9J<=GLJGL=E9(FN
#8D>F@E>KF;@J:LJJ8EFK?<IKFG@:
.::IK@
4U:J@K2IU'=@9:DY<=MF9;GK9-?<JGFB<
KF?@D89FLKJFD<K?@E>
6FEAL>
:EK2IU
:EK2IUE:>:EK2IUE:EKMIUE@=4276.A=DN=J:G
K=HJ=K=FL9KAFD9H=JKGF9;GFIMA=FK=@9:D9
=DL=E9=K=D;GEHD=E=FLG<AJ=;LGKAK=HJ=
K=FL9;GFD9H=JKGF9QKAF=DL=E9D9H=JKGF9
=K=D;GEHD=E=FLG<AJ=;LGKAK=HJ=K=FL9F
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@K2K?:0
42KMK:?@E=FLJ=D9R9J42K2K?:
=FJ=<9J
4K2K?:0
C8<EKI8;8GI
4UK2K?:
4K4@@>E0
C8<EKI8;8GI
4K::>
4K66>;0
C8<EKI8;8GI
4@4K66>;
4K6I6MK@9;=JMFJ9K?MXGGAF;AKAYFD8B<8
J:I8K:?FIJC@>?K@E:@J@FE2A9:A4@>
:9K6I6D224E2>KT@I292?IU::92E2A::
:92A@>2A::E2I9:>@92D22=2;4292#9R
MF9AF;AKAYF=F=KL=N=F9<G:MJ9H9J9IM=
N=9EGKIMVL9F?GJ<G=KLT.AFG=KLTKM>A
;A=FL=E=FL=?GJ<GDG<=B9J=EGK'8B<8E
@E:@J@FE@EK?@JDLC<;<<IJFN<:8EJ<<?FN
=8K?<@J
#=?<dJEFK=8K<EFL>?N<N@CCC<8M<
?@D
6FEAL>
:EK6I6:EKPI6E:>:EKPI6E2;
:EKPI6E@=4270
9696:A:4U:>2K6I6E
4U42K6I6ELJ9L9J;GF;9JAXGA29@E>2K6I6
H9HAL9;GF;@9I6A64K6I6J9Q9<GJ
9E=JA;9FG
4K::4E:>MKHGF=JD=X9?JM=K9=FD9DME:J=
GLKC8I><=@I<NFF;@EK?<=@I<\2BF6;U4
9:A4@>92>M4BF:;4@9K::4E:>DE2=`(=L=
=KL9D=X9?JM=K99D>M=?GH9J9IM=K=@9?9
:J9K9K*LKK?@JNFF;FEK?<=@I<JFK?8K@K
N@CCD8B<:F8CJ
6FEAL>
:EK::4E:>
:EK::42E:>:EK::4E2>:EK::42E2>7M;
4@K::4E:>
4K::>MK9HJ=;A9JC@B<8GGI<:@8K<696M?
4@>2?@9AE::9E:>92?E@@D:?2;A24
:9E29@2?IU:9J@K::>F<9:9=F=DEGFL=
QNA9D?MF9K>DGJ=Ke@9FLGGKAF9BfIM=E=
?MKL9JGFEM;@G#N8J@EK?<;<J<IK8E;J8N
JFD<J8E;M<I9<E8JK?8K#C@B<;8CFK
2?EI
>@E2>2II66?@;BF:9:E24UEI:>@KBF:;
:E2>J@;>2I4>::BF6:EK4@@>:E2>
>64J@ FLA=EHGKH9K9<GKE9L9:9FMF9
;@MH9JJGK9LJ9?9:9FKM;GJ9RYFH9J99LJ9=J9
D9KEMB=J=K#EK?<FC;;8PJK?<PB@CC<;8
?LDD@E>9@I;8E;JN8CCFN<;@KJ?<8IKKF
8KKI8:KNFD<E
6FEAL>
:EK::>:EK::>E:>
:EK::>:E:>:EK4@@>E:EK4@@>:E2>70
DGK<GKD9H=JKGF9=K=D;GEHD=E=FLG<AJ=;LG
Q=DL=E9=K=D;GEHD=E=FLGAF<AJ=;LG#=K?@J
M<I9F::LIJN@K?FLKK?<G<IJFEN@K?N?FD
FE<@JK8CB@E>K?<KFG@:@JK?<;@I<:KF9A<:K@=
@KF::LIJN@K?K?<G<IJFE8E;N@K?FLKK?<
KFG@:K?<G<IJFE@JK?<;@I<:KF9A<:K@=9FK?
KFG@:8E;G<IJFEF::LIK?<G<IJFE@JK?<
;@I<:KF9A<:K8E;K?<KFG@:@JK?<@E;@I<:K
F9A<:K
7
92>66A644K2IU@9:D9JE9D9;=J;9<=
9D?MA=F=FKM9MK=F;A9JG<8B98;CP89FLK
JFD<FE<@EK?<G<IJFEdJ89J<E:<
:9::?9244K2IU@9:D9JAF<AJ=;L9E=FL=
JG<8B@E;@I<:KCP 9::?924:?D4@?K2IU292
>A@K2IUI:422:E@>BF:9422:I2;BF:9@@
4@?D::9292)G<=:=K@9:D9JAF<AJ=;L9E=F
L=M9F<G@9:D=K<=:=K<=;AJD9KH9D9:J9K
ETK<AJ=;L9E=FL=3FLJ?FLC;EdKJG<8B@E;@
I<:KCP
3FLJ?FLC;9<DFI<;@I<:K@EPFLI
JG<<:?
J2?::BF:4@4K2IU
HJ=<=;AJ=FI<K<CCGIF
G?<JPE2>E:BF:;J2?::BF:4U:EK2IU@I
>66a22JE2;:?J22BF:922:=2A2
BF:;:E:4@::92a@I:>:: K=@GE:J=HJ=
<ABGQD=<ABGd/MK;9:9DDGK=KLTF=FD9
+D9Q9.9F9JLGDG.?8KD8EGIFG?<J@<;8E;
J8@;KF?@Da3FLI?FIJ<J8I<FEK?<-8E
8IKFCF*C8P8
b9<N=JLAJN8IE
4K2KMK;D9N9JK==F=DE9J<=K<=9JJA:9H9J9
H=K;9J;@M<@EKFK?<J<8=IFDLG?@>?KF
>I89,::>6A24922?E:E2E>2K::42=4BF:9
:J@KMK'9K9N=KK=;D9N9JGFHGJD9KK9J<AF9K
IM=A:9F9DDW.?<9@I;J;FM<=FIK?<K?<
J8I;@E<JK?8KN<I<>F@E>K?<I<
6FEAL>
:EKMK7M;4@KMK
4K2K?:MK
=FJ=<9JK=;GFD@O<;LGN@K?
9HJ=L9<G:IFN;<;N@K?K?@E>JFIG<FGC<
2?E::4@E:9A@K2K?:I:9AD4>2E2I292
)GAJVKA=KL9JV<=E9KA9<G9HJ=L9<G#NFEdK
>F@=#8D>F@E>KF9<KFF:IFN;<;
6FEAL>
:EK2K?::EK2K;4:EK2K;@;:EK2K=4@;7M;
42K::>:GFALGAFL=J=K9FL=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4K::>:E:>;GIM=L=9J=C@IK
@K::>J:FDGCd0
9696@K::>H=JKGF9
IM=MK9D9KAFAL9H9J9;MJ9JGE9D<=;AJ
4K::@>MK
;@9EMK;9JLGKL9J;GFD9DD9E9
J@E><:E2BF:9K::44@@A@=K:EK::@>>2
:?2K2EIBF:94@@I:E22:I>2:J22E(AE9
<J=;@9EMK;Y=D;GJEGJTFH9J9IMAL9JLG<9K
D9KHDME9K;@AIMAL9KQDG;G;AFY'PDFK?<I
J@E><;K?<:FIDFI8EKKFI<DFM<8CCK?<C@KKC<
=<8K?<IJ8E;IF8JK<;@K@EK?<8J?<J
IM=E9J=FD9K;=FAR9K9LIE@EK?<8J?<J
6FEAL>
:EK::@>:EK::@>@;7M;4@K::@>
92K::@>JJLAG8JE9?M=Q;G;AF9<G<=D9
AKD9.9F KL=:9F:FFB<;:<EKLIPGC8EK=IFD
-8EJK<98E#JC8E;
4K::I6AI2EMK9?9JJ9JJ=?9DG<=D9;9K9<=D9
>9EADA9<=D9FGNA9=F=D<W9<=D;9K9EA=FLG
>I89>@=K=IFDK?<?FLJ<F=K?<9I@;<dJ=8D@CP
FEK?<N<;;@E>;8P>::BF64E2>E:?E:42
66?:>K:DK::I6AI2E292 K=@GE:J=N99
LGE9JMF;M;@ADDG.?8KD8E@J>F@E>KFK8B<
8BE@=<
[dKJ2>:E::EK::I6AI2E_,MVLGEY
<=LM>9EADA91?8K;@;?<K8B<=IFDPFLI
=8D@CP6FEAL>
:EK::I6AI2E:EK::I6AI@;
:EK::I6AI@=42708I
4K::I:AI2E
M;
4@K::I6AI2E
4K:>AI2M@H9K9<GEG@GKGIFKIFKK<EDFC;P
,2>9:K4@::>A@>2>2>2E2II22DK:>A
I24299:K4U>@::.AFG;M=;=K=KL9K;9D9
:9R9KHJGFLGK=N9F9H9K9J#=PFL;FEdK
:FFBK?<J<JHL8J?JFFEK?<P8I<>F@E>KF
IFK
6FEAL>
EK:>AI2EK:>AI2;7
4K:AMK:=K9JB@JJ6FEAL>
:EKQA:EK:AE:>
:EK4@@AI2>7M;4@KQA
4K:A664@;MK:=K9J9D9AJ=;GFJMA<GB@JJN@K?8
JD8:B@EK?<8@I.::I4@@DJ2EBF:;:J@K:
A664@;I@::BF:I2A:J@>24DI D?A?9FL=
:=KY9D@GE:J=9D9AJ=H=JG=D@GE:J=FA
KAIMA=J9NGDL=Y.?<>@8EKB@JJ<;K?<D8E
K?IFL>?K?<8@I9LKK?<D8E;@;EdK<M<EKLIE
8IFLE;
6FEAL>
:EK:A664@;:EK:A664U=7M;
4@K:A664@;
4K@@I92?=0
C8<EKI8;8GI
W4D@@I92?=
4K@@I@=42>M@G;@G<@>?K 422DA@=42BF:9
4K@@I@=42>4@@4;:9:9?J22/=FW9<GK
?JMHGK<=G;@GDTHA;=K#?8;KNF>IFLGJF=
<@>?KG<E:@CJ
69:9:9::>6EBF:992?E
J@K@@I@=42>/=F?GG;@G9XGK<=;9K9<G#
?8M<9<<ED8II@<;=FI<@>?KP<8IJ
6FEAL>
EK@@I@=42>70
42K@@I@=42>G;MJJAJG;@G
N=;=K92?E42K@@I@=42>L=F=JG;@G9XGK
<==<9<
:92?=4K@@I@=42>G;@=FL9<@>?KP
:K@@I@=42>JF9Cd
::BF::K@@I@=42>G;L9NG<@>?K?
4K@@IU4M@;M9LJG=FLI::4E@BF:94K@@IU4
:92/=F?G;M9LJG@ABGK#?8M<=FLI:?@C;I<E
6FEAL>
EK@@IU4EK@@I@;@;70
42K@@IU4
G;MJJAJ;M9LJGN=;=K92?E42K@@IU4L=F=J
;M9LJG9XGK<==<9<K@I4@>;M9LJG=F=D
KAKL=E9<=;GFL9J9FLA?MG
:92?=4K@@IU4;M9J=FL9=FIKP
:K@@IU4JF9Cd
::BF::K@@IU4;M9JLG=FLIK?
4KI@4MK;GJL9JH=<9RGK;GFMF;M;@ADDG;GJ
L9J=FJ9B9K;GFEGNAEA=FLGK@GJARGFL9D=K
?8:BF==N?@KKC<:LKN@K??FI@QFEK8CDF
K@FE69692?E92?QA4@A:9A@KIT42E:>
I229D224E:>292.A<GQ;M;@ADD9<9K9=KL=
HGKL=DGIM=:J9JVHJGFLG#=#?8:B8KK?@J
GFJK#N@CC9I<8B@KJFFE
6FEAL>
:EKIT4
:EKIT42E:>:EKI@4I2>:EKIT42;2>7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
Cö - cö
4UBF:;J/=J;=J9D=LJ9<=D9D>9:=LGK=JA
-=HJ=K=FL9MFKGFA<GG;DMKANGN=D9J
D9:A9DAR9<GKGJ<GCO.?@I;C<KK<IF=K?<
-<I@8CG?89<K
#KI<GI<J<EKJ8MF@:<C<JJ
C89@8C@Q<;M<C8IJKFGBO
6.MFGE:J==F
:D@@HL<@@KFD=KeK=@GIMALGBf7
4U19JA9FL=>GFGDY?A;9<=e;G
f;GEHD=E=FLG
AF<AJ=;LG<=L=J;=J9H=JKGF9;GFMKG
9EHDAG*?FEFCF>@:8CM8I@8EKF=K?@I;
G<IJFE@E;@I<:KF9A<:Ka:FbN@K?9IF8;
LJ<A<DGCFJ4UE2K42>DD=?9JGF9VDK?<P
8II@M<;KF@K4U:EK2IUD=@9:DYJ?<JGFB<KF
?<I
4U42224@EMK<AJA?AJ=PHDA;9J;YEGDD=?9J9MF
DM?9J9MF9H=JKGF9>@M<;@I<:K@FEJ<O
GC8@E?FNKF8II@M<KF8GC8:<KFJFD<FE<
2IBF:92?::942BF:9>69D2224@E922
9:4GL=<AJA?AJV9<GF<=@9Q9?M9#N@CCK<CC
PFLN?<I<K?<I<@JN8K<I
6FEAL>
4U:E222
4@E4U:E2224@E:>4U:E2224@E@;4U:E2224@
;2>7
:42224@EJF9C89Jd0
92?E:42224@E
E9H9
4U4227AM:<=KH=?9JKGDL9J<=K9L9J9:JAJ;9F
<9<G<=K9:GLGF9J9D?G<=9D?GLE=8JK<E
GLCCF==K<8IF==CFFJ<EFG<EG8;CF:B
LE9LKKFEJFD<K?@E>=IFDJFD<K?@E>&@@D;
4@A4@9D227A29242?@224@>4UD@@94UA:
E2I1GQ9<=K9L9JD9HAGD9H9J9IM=D9H9F?9
HM=<9K9DAJ#8D>F@E>KFLEK@<K?<:FI;JF
K?8KK?<9F8K:8E>FFLK
6FEAL>
4U:E227A
4U:E227:A@;4U:E2E@@7:A@;4U:E2E@@7:A@=427
0
4U4@227A<=K9:GLGF9<G
4U4229M:@EKId6FEAL>
4UE2294UE22::7
<BF:9@9;=J
E@>4@;4U4229@9;=JKA=L=N=;=KHGF=J
KA=L=;FJ<M<EK@D<JGLKJ<M<E:K24:E:
9::7AE@>4@;4@9AI229#=DD=?9<G9IMW
KA=L=N=;=K#?8M<9<<E?<I<J<M<EK@D<J
4U42292MKHJ=H9J9JQ?M9J<9J;GEA<9H9J9
9D?MA=FGI<G8I<8E;JKFI<=FF;=FIJFD<
FE<&65C@BF:9E229:E>2:42=BF:9K::I
K@4U:J2292+=<JG=KL9:9H=K;9F<GQKM
=KHGK9D=HJ=H9JY9D?G<=;GE=J*<;IFN8J
=@J?@E>8E;?@JN@=<GI<G8I<;?@DJFD<K?@E>
KF<8K
6FEAL>
4U:E22924U:E2292E:>
4U:E2E@@92;4U:E2E@@92;2>7
4U4229;U4M@K=FL9JK==F=DKM=DG;GFD9KJG<A
DD9K=D=N9<9KJ@KFE>IFLE;N@K?BE<<J
I8@J<;2>M4:9A:E=:>4@9AD229;U4292
1GQ9K=FL9JE=;=J;9<=D9DME:J=IM=9LA;V
#8D>F@E>KFJ@KE<8IK?<=@I<K?8K#JKFB<;
6FEAL>
4UE229;U44UE229@;BF:>
4UE229;U@;4UE229@;42>7
92>66E4U4229;U4K=FL9JK==F>J=FL=<=D9
=FLJ9<9<=D9;9K9;GFD9=KH=J9FR9<=J=;A:AJ
;GEA<9J@K8KK?<;FFIJK<GF=8?FLJ<N@K?
K?<?FG<F=I<:<@M@E>=FF;
4U4229;U:>M@9LJ9?9FL9JK=;GFDWIMA<G
:?FB<FEC@HL@;.:IBF:D::=4E2>BF:9
A2?22=K@4UE229;U:>92?D2292I::D2I
BF:9J:?6;M2 DFAXGK=9LJ9?9FLY;GEA=F
<GEA=D<=9:=B9Q;9KAFGHG<W9J=KHAJ9J
.?<9FP:?FB<;FE?FE<P8E;8CDFJK
:FLC;EdK9I<8K?<
6FEAL>
4UE229;U:>
4UE229@=:>4UE22@9K:=4UE22@9K:=427
4U422:92=IM@;8KHJGL=?=JK=DGKGBGK;GFLJ9D9
DMR;GFD9KE9FGKJ?@<C;FE<dJ<P<J=IFD
C@>?KN@K?FE<dJ?8E;J224@K@922E2A
>2:9::?E:>@4292D22:EE22>24>::BF6
4>22>K@E@44UE2A4UE22:92=I9:K:
J@@4E2M9F<G=KLT:9EGKHGJH9K9J;=J;9
<=D9;9K9MF9EMB=JK=JAIM==KL9:99DDWFGK
EAJ9:9HJGL=?AVF<GK=DGKGBGK1?<EN<
N<I<>F@E>G8JKK?<?FLJ<8NFD8EK?<I<
N8JCFFB@E>8KLJN?@C<J?@<C;@E>?<I<P<J
6FEAL>
4UE22:92=I4UE22:92=I:>
4UE2E@@92=I:>4UE22:92=I2>7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4U422:?:>M:E=R;D9J9D?G;GF9D?GD@O
JFD<K?@E>N@K?JFD<K?@E>[.:I4M>
9:K4@:969644@?A244@?D22:?:>922J2
_19K9E=R;D9J;=:GDD9;GF=DH=K;9<GI<
PFL>F@E>KFD@OFE@FEN@K?K?<=@J?2>E
4>2E;A2492IU=:?22:=E24@:4@>A22:?:>
E2ID@@IA292.AE=R;D9KD9K;GF;@9K;GF
9J=F9;9DA=FL=K=HGF<JTF:D9F;9K#=PFLD@O
K?<J?<CCJN@K??FKJ8E;K?<PN@CC9<:FD<
N?@K<
6FEAL>
4U:E22:?:>4U:E2E@@:=42>7
<BF::?:>E=R;D9JK=;GF
4U422:E2IMK
HJG@A:AJ9D?G99D?MA=FGIF?@
9@K;@J8CCFNJFD<K?@E>KFJFD<FE<:E2
9:I::92:D@;:922:9244U922:E2I92=II29
I@>::A=2E2I4U:>@KQ>6E:>924(9ET
HJG@W:=D=9EA@=JE9FGE9QGJ`IMV>=GIM=
K==E:GJJ9;@='FK?<ID8B<DPFC;<I
9IFK?<IJKFG#K@J8N=LCK?8K?<><KJ;ILEB
<=;AJIM=FGDG@9?9K<CCKFJKFG
2>422I2E42A2?@9AEN2=:>>29:E296
J22:E2II@9E4>242EII299AE2>@K:9AJ:
7@9KIM9F<GQG=KL9:9BM?9F<G=F=D
@MEGEAE9<J=E=<ABGIM=FGDG@A;A=J9
H=JGFGIMAK=<=B9J<=@9;=JDGQLGKW9EM
;@G1?<E#N8JGC8P@E>@EK?<JDFB<DP
DFK?<IKFC;D<EFKKF;F@K9LK#;@;EdKN8EK
KFJKFG;F@E>@K8E;<E;<;LGN@K?8?8:B@E>
:FL>?
AEH=<AJ@DG<;<):>=BF:9
4U:E422:E2I>2:422=I:J@>22; DBM?G<=
D9:ARF9?9D=KAEHA<AY9=DDGK9F<9J.?<98I
I<C:8:KLJAL@:<@DG<;<;K?<D=IFDN8CB@E>
6FEAL>
4U:E22:E2I4U:E22:EI:>4U:E22:
E2;44U:E22:E2I=427
4U422:E:>M@;8KH=JK=?MAJ:?8J<E2>K@E@4
4@?E:E2>24@9AJ22:E:>:9DK2IUE220F
@GE:J=A:9@9;A99DDTQDGH=JK=?MWHGJIM=
IM=JW9@9:D9JD=D8EN8J>F@E>K?<I<8E;
#:?8J<;8=K<I?@D9<:8LJ<#N8EK<;KFK8CB
N@K??@D
6FEAL>
4UE22:E:>4UE22:E@=427
6 D;GEHD=E=FLGAF<AJ=;LG=K=DH=JK=?MA<G
.?<@E;@I<:KF9A<:K@JK?<FE<:?8J<;
7
4U422:IMKDD=N9J99D?MA=F9MFDM?9JK8B<
JFD<FE<KFJFD<GC8:<2?EBF:9:E:
:D2E:4A2?92E29244U:>22:I'GKDD=NY9D
DM?9J<GF<=LJ9:9B9JW9F"<KFFBK?<DKFK?<
GC8:<N?<I<K?<PNFLC;NFIB
6FEAL>
4U:E22:I4U:E22:KI24U:E222KI24U:E2
E@::KI2;4U:E2E@::KI@=427.<D8G8J
2922:I0
92A292BF:DBF:94@=4U422:I
D=N9<MJ9
::4A4U422:IDD=N9J9D?G99D?MA=FK8B<
JFD<K?@E>KFJFD<FE<2I92A2D:9:K42A
::4A>69D22:I292/=DD=N9JV=KL99?M9
H9J9IM=D9:=:9K#N@CCK8B<K?@JN8K<IKF
PFLKF;I@EB
::D2I4U422:I9?M9FL9J<E;LI<.::IBF:9
4;:K:BF:9::D2I4U:J@>22:I)G9?M9FLY=D
<GDGJ"<;@;EdK<E;LI<K?<G8@E
::E@>BF:9::4A4U422:I;GFLJ9<=;AJGHG
F=JK=>AJE=E=FL=:FEKI8;@:KFGGFJ<
JKIFE>CP&@K
DD=N9JKMH9D9:J9;=J;99
\#::E@>K@9::4A964>22:I`)GE=
;GFLJ9<A?9KFEdK:FEKI8;@:KD<
4U422>IMK
<=;AJ9D?G99D?MA=FJ8P
JFD<K?@E>KFJFD<FE<.::IK@>6
9D22>I292/=<AJV9D?G#N@CCK<CCPFL
JFD<K?@E>
HJGE=L=J9D?G99D?MA=F
GIFD@J<JFD<K?@E>KFJFD<FE<?
:BF:EK:=A24>69J22>IE2I4>22I
:9>::>;4/J9B==DH9FL9DYFIM=L=HJGE=LW#
9IFL>?KK?<G8EKJK?8K#GIFD@J<;KFPFL
6FEAL>
4U:E22>I4U:E22>2KI24U:E2
E@@>I@;4U:E2E@@>I@=4276 KL=N=J:G=PA?=
MF;GEHD=E=FLGAF<AJ=;LGKAF?MD9JJ=>AJAVF
<GK=9DGQ=FL=.A=DGQ=FL==KHDMJ9D=K
F=;=K9JAGMK9J=DN=J:GeIMAEPf.?@JM<I9
I<HL@I<J8J@E>LC8I@E;@I<:KF9A<:KI<=<II@E>
KFK?<8;;I<JJ<<
#=K?<8;;I<JJ<<@JGCLI8C
@K@JE<:<JJ8IPKFLJ<K?<M<I9aHL@DOb
7<
BF:>I<=;AJ
9664@E4U422>IHJGE=L=J=FK=;J=LG
GIFD@J<J<:I<KCP.::I:AI2D:9664@E96
:A22>IBF:99642BF666;:>:92 KLGQ
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
=KH=J9F<GD9;9JF=IM=>M=HJGE=<9=F
K=;J=LG#8DN8@K@E>=FIK?<D<8KK?8KN8J
J<:I<KCPGIFD@J<;KFD<
J2?::BF:4U422>I9<N=JLAJN8IE&@K
<=;AJ
9FL=K
4U422A24@EM9<E;M:JAJ9GLJ9H=JKGF9H9J9
HJGL=?=JD9<=D9DDMNA9:FM<ILGJFD<FE<
<CJ<KFGIFK<:K=IFDK?<I8@E>224@;BF:;
BF:D::=4E2>BF:;K::I92I4U:>2KBF:>K@
4U:D22A24@EE22>2:J2>::A=2 D9F;A9FG
IMAKG;M:JAJ9DFAXG;GFMFHDTKLA;GH9J9
HJGL=?=JDG<=D9DDMNA9H=JG=DFAXGFGIMAKG
.?<FC;D8EN8EK<;KF:FM<IK?<9FPN@K?8
G@<:<F=GC8JK@:KFGIFK<:K?@D=IFDK?<I8@E
9LKK?<9FP;@;EdKN8EKKF9<:FM<I<;
6FE
AL>
4U:E22A24@E4U:E22A24@E:>
4U:E22A2;@;7<42A42DDGN=J
4U422A2D:MKd6FEAL>
4U:E22A2D:
4U:E22A2D:>4U:E2E@@A2D:;4U:E2E@@A2
I2>7
:>@K4U422A2D:;G<A;A9J:FM<KCLJK
22>:K42K::>K@>A@@9@>:>@K
4UD22A2D:E66#6E@>BF:94J2292E2I
92?D@?D:E2=922292.AN=KMF9;9EAK9
:GFAL9FGD9N=9K;GF;G<A;A9/A=F=K<AF=JG
Q<=:=K;GEHJ9JDG#=PFLJ<<8E@:<J?@IK
;FEdK:FM<K@K
3FL?8M<DFE<P8E;PFL
J?FLC;9LP@K
2?@222?92?E:9AE@@:E
K:I4M>BF:9E2EI@>29E29@9:>@K
4UI22A2D:I@K@9J@>6I='D=?MV9D9H9F
?9#9:W9EM;@GH=K;9<GIM=NAQ;G<A;AV
H=JGFGDGLGEV#8GGIF8:?<;K?<9F8K
.?<I<N<I<D8EP=@J?K?8K#J8N8E;I<8CCP
:FM<K<;9LK#;@;EdKK8B<8EP
6 DKMB=LG=K
eAEGRfg;GJ9RYFh.?<JL9A<:K@Ja@DFQb
c?<8IKd
7
4U422DM:<9J9D?G<=:=:=J99D?MA=F>@M<
JFD<K?@E>KF;I@EBKFJFD<FE<\,::42
4@@A@=A2496922D`9E=;9>VH9J9LGE9J
!@M<D<JFD<:F==<<KF;I@EB\2I4U922D
`9D=9?M9H9J9LGE9J!@M<?@DN8K<IKF
;I@EB6FEAL>
4U:E22D4U:E22DE:>
4U:E2E@@D4U:E2E@@DJ@=427<BF:D::=:=J
4U422D:E:>MK=F?9X9J99D?MA=F=FFC;<
:<@M<C@<KFJFD<FE<!F2?BF:94@9E22D:
E:>>2I6A6:J@J22:.:I4M>A24922E@::
>24>::BF6K:I@>2422:II299E2992IE2
>24G=F?9XV9%M9FQVD>M=9D9HD9Q9(=
;J=QY;M9F<GD=<AB=IM=@9:W9EM;@GH=K;9
<GIM=F9<A=@9:W9H9D9FIM=9<G#;<:<@M<;
$L8E8E;?<N<EKKFK?<9<8:?
"<9<C@<M<;
D<N?<E#KFC;?@DK?<I<N<I<D8EP=@J?K?8K
EFFE<?8;:8II@<;8N8P
6FEAL>
4U:E22D:
E:>4U:E2E@@D4U:E2E@@DJ@=427
dM;=F?9X9J=FFC;<:<@M<6924@9A
E22D:E:>>292AI92?E4U92>::>6.GQQG
IMA=F@ARG=D=F?9XGQHGJ=KG=K;9H9EGK#
8DK?<FE<N?F;@;K?<;<:<@M@E>8E;K?8K@J
N?PN<<J:8G<;
6FEAL>
4UE22D:E:><K:
7
4U92AMD:E:>JJLAG8JH=JKGF9IM==K;JV
<MD9>T;AD<=K=J=F?9X9<9>LCC@9C<G<IJFE
4U422D@EM:@EKIHJ=KL9J9D?GC<E;JFD<
K?@E>>22I66?:>:9J22K@4@9A
D4>22D@E9229:.::I:9J22BF:94@9A
E22D@E>2I96:J@>BF66=2;4E2I49FG
HJ=KL9JVEA;M;@ADDGHGJIM=@=HJ=KL9<GEAK
;GK9KQFGE=D9K@9F=FLJ=?9<G#EFCFE><I
C<E;DPBE@=<9<:8LJ<#?8M<C<EKDPK?@E>J
8E;K?<P?8M<EFK9<<EI<KLIE<;KFD<
\#:EC@@BF:BF:;9:?@96?D22D@E:>292
`+JVKL9FGKLM;9JJG&<E;LJPFLI:8I
6?>9224?:9J224@>>:?@>69AD22D@
E:>2929664@E>2D::9E@;A:E2I'=KHJ=K
L9JVEAJA>D=KA0<KN9F9D9;9;=JW9#N@CC
C<E;PFL8CCDPI@=C<@=PFL8I<>F@E>?LEK
@E>
6FEAL>
4UE22D@E4UE22D@E:>
4UE2E@@D@E@;4UE2E@@D@E@=4276 D;GEHD=
E=FLGAF<AJ=;LG=K=DG:B=LGHJ=KL9<G=DJ=;A
:A<GJGH;AGF9D>GJRGK9E=FL=HDMJ9D=K=D
;GEHD=E=FLG<=e9FGfQH9J99D?MFGK@9
:D9FL=KMF9J=H=LA;AYF;GEG;GEHD=E=FLG
AF<AJ=;LGNV9K=D9>GJE9LJ9FKALAN99;GFLA
FM9;AYFH9J9=PHJ=K9JMFJ=;A:A<GJKAF?MD9J
+9J99D?MF9KH=JKGF9K=DIM=J=;A:==KG:B=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
LGAF<AJ=;LGQe9FGf9H9J=;==FD9GJ9;AYFKAF
AF>D=PAYF B=EHDGe =FAER9FG@=
Q99KGLAEfg)GKHJ=KLYMF;M;@ADDGh.?<
@E;@I<:KF9A<:K@JK?<@K<DK?8K@JC<EKK?<I<
:@G@<EKFGK@FE8CE<:<JJ8I@CPGCLI8C@JK?<
F9A<:KF=a8EFb8E;=FIJFD<JG<8B<IJ8
I<G<K@K@FE8J@E;@I<:KF9A<:KGIFEFLEJ<<K?<
KI8EJ@K@M<=FID9<CFNKF<OGI<JJ8J@E>LC8I
I<:@G@<EK
FIJFD<G<FGC<K?<I<:@G@<EK@J
@E;@:8K<;8J@E;@I<:KF9A<:K8E;a8EFb
J@DGCP8GG<8IJLE@E=C<:K<;@EK?<J<EK<E:<
O8DGC<a<E@DQ8EF?<P88JFK@D
bc-?<
C<EKLJ8BE@=<
d7<BF:D@H=<AJHJ=KL9<G0
4U4@4@D@EHJ=KL9J
dM:KIHJ=KL9J99D?MA=FC<E;KFJFD<
FE<\ 4@4@KJ2IK@96922D@E`+JVKL9E=
D9KLAB=J9K&<E;D<K?<J:@JJFIJ2?@22
J22BF:94U:J22D@E'=HJ=KLYD9H9F?9"<
C<EK?@DK?<9F8K
6FEAL>
4U:E22D@E
4U:E22D@E:>4U:E2E@@D@E@;4U:E2E@@D@E@=427
6 D;GEHD=E=FLG<AJ=;LG>GJRGK9E=FL=KAF
?MD9J=K=DJ=;A:A<GJ=D;GEHD=E=FLGAF<A
J=;LG=K=DG:B=LGHJ=KL9<G.?<;@I<:KF9A<:K
F9C@>8KFI@CPJ@E>LC8I@JK?<I<:@G@<EKK?<
@E;@I<:KF9A<:K@JK?<@K<DK?8K@JC<EK
7.<D8
G8J
A2D@E0
4U424@D@EH=<AJHJ=KL9<G
HGJGLJ9H=JKGF9
4U422E2;BF:>MK<=;AJ99D?MA=F;GK9KG>=FKA
N9KG<A>9E9LGJA9KAFKMDL9JJ8PKFJFD<FE<
F==<EJ@M<FI;<=8D8KFIPK?@E>J@EJLCK
>@K:>6BF:;K::IBF:94U:AME2;BF:>924
E22I42422E@=:92 KH=DA?JGKG<=;AJ;GK9K
G>=FKAN9K9MF:GJJ9;@G#K@J;8E><IFLJKF
J8PF==<EJ@M<K?@E>JKF8;ILEBD8E
6FE
AL>
4U:E22E2;BF:>4U:E2E@@E;@;76'9H=J
KGF9AFKMDL9<9=K=D;GEHD=E=FLG<AJ=;LG.A
=DGQ=FL==KHDMJ9D=KF=;=K9JAGMK9J=DN=J:G
e;Z;G;YL9BIMAEf.?<G<IJFEN?F@J@EJLCK<;
@JK?<;@I<:KF9A<:K
#=K?<8;;I<JJ<<@JGCLI8C
@K@JE<:<JJ8IPKFLJ<K?<M<I9a:Y:F:XK8A
HL@Db
7.<D8G8J
AME2;BF:>M;
4U4@4TE2;BF:>
4U422E?:M:=F;=JJ9J<=HMFLG9HMFLG:CFJ<
=IFD<E;KF<E;.:I4M>A244U92E2
E@@7:;2>242?@224@>>::K;92?EBF:I
BF:>BF:;92D@BF:94U:E4>22E?:>24@@I
E@::?E:>2E-G<=9EGK9D?MFGKH=;=KH=JG
=D;9HALTFFG;=JJYD9J=<QLG<GK=K;9H9JGF
1<<E:@I:C<;JFD<=@J?9LKK?<:8GK8@E;@;
EdK:CFJ<K?<E<K8E;K?<P<J:8G<;
6FEAL>
4U:E22E?:4U:E2E@@E=@=427<BF:E?:@9;=J
;GFL9;LGHMFLG;GF
92?E4U422E?::9B9JHMFLGGGJADD9@9;A9D9
LA=JJ9CFN<IGF@EKFI<;><KFN8I;K?<
>IFLE;.229BF:;92J66?4@;92492=II29
>::K;4UI@@942E2I\92E6::4E:>92BF66K:
E:?E:4292?E4U922E?: DKGDFGK<9=FD9
;9J9=FLGF;=K`:9B9D9DGF9@9;A9D9LA=JJ9
.?<JLE@J?@KK@E>LJ@EK?<=8:<JFCFN<IK?<
K8IGKFN8I;K?<>IFLE;
4U422KM:d6FEAL>
4U:E22K4U:E22KE:>
4U:E2E@@K4U:E2E@@KJ@=427<BF:K:
92>E4U422K<9J<=E9E9J9E9E9FL9J
ELIJ<9I<8JK=<<;.:IBF:D::=BF:;BF::BF6E
BF:;92>E4U:922K924E22IBF::A6:D@;
:92K::I4@@92:>E4@AIUEBF:94U:A22D
924::BF:4U:9::?924 KE=BGJ<9JD=<=
E9E9J9DFAXGIM=<9JD=D=;@==FHGDNG#K@J
9<KK<IKFELIJ<8989PK?8EKF>@M<@K=FIDL
C8
6 D;GEHD=E=FLGAF<AJ=;LG=K=D:=:V
.?<@E;@I<:KF9A<:K@JK?<989P
7
4U424222EM:HJ=KL9J9L=F;AYF9G8P8KK<EK@FE
KF6FEAL>
4U:E24222E4U:E24222E:>
4U:E24222E;7<4@422:
:9::D2I4@>4U424222E::D2I4@>4U424222E
;J==J=FK=?MAJ=F>=9<C@<M<@E&@K
HJ=KL9J
9L=F;AYF;GFKM=KHWJALM 9::DE@I4@>
4U424222E;BF:942EI@92#9:W9EM;@GK
IM=DGK=?MW9F=F>=.?<I<N<I<D8EPK?8K
9<C@<M<;@E?@D
::4AAE6424222EJ=H=LAJMF99;;AYFI<G<8K
8E8:K@FE\ :4AAE6?D24222E292`=:=K
@9;=JDGGLJ9N=RF@K8>8@E
:E@;4U424222EK=JG:K=JN9<GJQL=F=J;MA<9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<G<=FGH=J<=J9D?GF9J<IM8EK8E;:8I<=LC
KFEFKCFJ<JFD<K?@E>&@K
HJ=KL9J9L=F;AYF
;GFDGKGBGK 422DA@;4@>>69D22D@E292
I@\>:E@;4U924222E24I4>M42EI/=
HJ=KL9JV=D:GDW?J9>GH=JGL=F;MA<9<G<=FG
H=J<=JDG#N@CCC<E;PFLK?<G<E9LKK8B<
:8I<F=@K8E;;FEdKCFJ<@K
4U42422A:DBF:;J>9DGJGHG;M=DDGJGBGI<;
E<:B<;G?8C8IFG<0
C8<EKI8;8GI
IA2422A:D
4U42422E@M:;8KH=D=9JHGJD9HGK=KAYF<=
=@>?K=FIK?<FNE<IJ?@GF=*C@@BF:9:ABF:;
4@9AD2422E@2921GQ9H=D=9JHGJ=KL=
;9JJG#8D>F@E>KF=@>?KFM<IK?@J:8I
6>6BF:94@@4;E24@:92?EK@AE6
:E2422E@;AE:::4A:I@J2: K9K<GK>9EADA9K
H=D=9:9FHGJMFL=JJ=FG.?FJ<KNF=8D@C@<J
N<I<=@>?K@E><8:?FK?<IFM<I8G@<:<F=
C8E;
6FEAL>
4U:E2422E@4U:E2422E@;7<
422E@H=D=9J
4U42422I@EMK:MK;9JHGJGLJ9H=JKGF9CFFB
FE9<?8C=F=JFD<FE<<CJ<:?E224BF:9
:42>@BF66A6:>4@E;BF:9:E:4@E292?D@
E:966K:=4>2K::I92ADI422:E:>BF:9
4U92J2422I@;(ALW9L=FW9LM:=J;MDGKAK.=
HGFW9>D9;9Q:MK;9EGK9DEV<A;GHGJ=DD9
'P8LEK?8;KL9<I:LCFJ@J
-?<>FKK?@EJFN<
CFFB<;=FI8;F:KFI=FI?<I
6FEAL>
4U:E2422I@E4U:E2422I@;7<4422:MK;9J
4U424MK:?@EM:9?9JJ9JH=B;GFL=F9R9K>I89
N@K?G@E:?@E>DFK@FE8JN@K?GC@<IJG@E:?
N@K?KFFC.::IA22:;2?@4@@>4@>9696
K@4U:J24MK:?@E?9JJY9D9D9;JTF;GFMF
H9DALG"<G@E:?<;K?<J:FIG@FEN@K?8JK@:B
6FEAL>
4U:E24MK:?@E4U:E242K;44U:E2
42K;@;4U:E24MK=@=4276 D;GEHD=E=FLG
AF<AJ=;LG=K=DAFKLJME=FLG.?<@E;@I<:K
F9A<:K@JK?<@EJKILD<EK
7<442K?:EGJ<=J
:924MK:?@EJF9CG8Jd0
K::I92I2?
92AM9:924MK:?@E9D>AD=J<=E9<=J9H9J9
L=F<=JD9JGH9D9N9<9K::I:924MK:?@E
L=F9R9K
4U424MK:E@EM:G:DA?9J9J9HL9JF9C@><KF
89;L:K6FEAL>
4U:E24MK:E@E7<442K:E
J9HL9J
4U424@22EM:
=FK=X9JK<8:?.::I924IE::;
42E2IBF:;96?J24@22E4U:D29422E2I924
(==FK=X9KL=9E9F=B9JMF9MLGEYNAD3FL
K8L>?KD<KF;I@M<8:8I
0
92A2DA@;
4U424@22EE9=KLJG9E9FK9JK8D<8E
8E@D8CE2>E:42A422JE:42AK::I4U:J2
4@22E K=@GE:J=9E9FKY9D;9:9DDG.?8K
D8EK8D<;K?<?FIJ<
6FEAL>
4U:E24@22E
4U:E24@22E:>4U:E24@22E;4U:E24@22;
4U:E24@22;2>7<BF:J2K9:=J
42292424@22E9NAK9J@E=FID22929:?
J@>24@22E)GE=9NAKY-?<;@;EdKEFK@=P
D<
[)@422:I2?@>A@@7AAJ66DEBF:9
422924@?D24@22E922J2_M9F<GDD=?M=K
9+MFL9@M=;9N9K99NAK9JD=K9;=J;9<=D9
>A=KL91?<EPFL8II@M<@E*LEK8?L<:8
8I<PFL>F@E>KF@E=FIDK?<D89FLKK?<
=@<JK8
:D@;4U424@22E=KLM<A9JJKL;P.::IBF:996
924@22E9:K249:D@;4@9D24@22E2921GQ9
K=?MAJ=KLM<A9F<GDGIM=E=@9F=FK=X9<G#
8D>F@E>KF:FEK@EL<JKL;P@E>N?8KK?<P
K8L>?KD<
K::I4U424@22E;GFKA<=J9JFG:D=:FEJ@;<I
EF9C<.::I96I24@22E(=LGE9;GEGMF9
H=JKGF9FG:D="<:FEJ@;<IJD<KF9<8
EF9C<G<IJFE
4U:424@22EJF9C89Jd0
9224@2?@
92A2DA@;4U:424@22E=K;M=D9
4U924@22EJJLAG8Jd0
92A2DA@;
4U924@22E=KLM<A9FL=
4U424T42EIM:d6FEAL>
4U:E24T42EI
4U:E24@::=2;47<BFQ42EI<=B9J
924I4U424T42EIH=J<=J9D?GIM=H=JL=F=;=
9GLJ9H=JKGF9CFJ<JFD<K?@E>K?8K9<CFE>J
KFJFD<FE<<CJ<\.::I::BF:4U:A2::K@924I
96?D24T42EII@`19K9H=J<=JMF9<=EAK
@=JJ9EA=FL9K3FL8I<>F@E>KFCFJ<FE<F=
DPKFFCJ6 D;GEHD=E=FLGAF<AJ=;LG=KD9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
H=JKGF9<=IMA=FK=HA=J<==DG:B=LG.?<
@E;@I<:KF9A<:K@JK?<G<IJFEN?FJ<F9A<:K@J
CFJK
7
4U424T76=:>M:@9;=JLJGH=R9J99D?MA=F
:8LJ<JFD<FE<KFKI@G6FEAL>
4U:E2
4T76=:>4U:E24T76=2>708I
4U424T7:=:>
<BF6676=:>LJGH=R9J
4U424T92E@=M:
E9F<9J99D?MA=F;GF9D
?MA=FJ<E;JFD<FE<N@K?JFD<FE<
9J22K:4@A4E2>E::I4@9A24T92E@=E2
A@@E2ID2K22>E42921GQ9E9F<9J9EA
@ABG;GF=K=@GE:J==AJT9@9;=J9<G:=K#
8D>F@E>KFJ<E;DP:?@C;N@K?K?8KD8E
8E;?<N@CC>FD8B<8;F9<J
<9J=FE9LJA
EGFAG>@M<@ED8II@8><!2:>6BF:9664
BF:9&23=@BF:94U:J24T92E@=%9AE==FLJ=
?YKM@AB9=FE9LJAEGFAG9+9:DG$8@D<
>8M<?@J;8L>?K<I@ED8II@8><KF*89CF
6FEAL>
4U:E24T92E@=4U:E24T92=:>
4U:E24T92=24U:E24T92=2>7<:42=
9;GEH9X9J
4U424@9@EM:EGKLJ9JJ?FN2?@=92422:I
BF:;:E2>;4K229BF:;4U:E24@9@EJ@BF6
/J9BG=D9FADDGQDGEGKLJY9DKGD"<9IFL>?K
K?<I@E>8E;J?FN<;@KKFK?<JLE
6FEAL>
4U:E24@9@E4U:E24T9@E:>4U:E24@9E4U:E2
4T9E@=4276 D;GEHD=E=FLGAF<AJ=;LG=KD9
H=JKGF99IMA=FK=EM=KLJ9=DG:B=LG.?<
@E;@I<:KF9A<:K@JK?<G<IJFEKFN?FDK?<
F9A<:K@JJ?FNE
7<BF:9@N=J
4@@I4U:>24@9@EE<>=K;GF<=JMF9H9JL=
?@;<8G8IK:FE:<8C&@K
FGEGKLJ9JLG<G
:924@9@EJF9Cd0
K::IBF:9:924@9@E
NAKAYF
4U424@>:EM:;M:JAJ;GEHD=L9E=FL=;GF:FM<I
:FDGC<K<CPN@K?,292:E27A92IE2;@66?6
>296962?:422:;2?@9:9::I2BF:;E::?2K@
4@9J24@>:E0FNA=FLG>M=JL=;GFEM;@G
HGDNGDD=?Y FLGF;=K;M:JWEAL9E:G<=
9?M9;GFMF9LAF9JKIFE>N@E;:8IIP@E>
CFKJF=;LJK:8D<LGJF#:FM<I<;DPN8K<I
;ILDN@K?8N8J?KL9
6FEAL>
4U:E24@>:E
4U:E24T>:E:>4U:E24@>J@;4U:E24T>J@=427
6 D;GEHD=E=FLGAF<AJ=;LG=K=DG:B=LG;GF
IM=K=;M:J=.?<@E;@I<:KF9A<:K@JK?<@K<D
K?8K@JLJ<;KF:FM<I
7<BF:>LJ9?9J
4U424T>@D:>M:d6FEAL>
4U:E24T>@D:>
4U:E24T>@D2>7<BF::>@D:>E=F<A?9J
42E@4U424T>@D:>4@@E64U424T>@D:>
H9?9J9D?G9D;MJ9F<=JGG8PJFD<K?@E>KF
K?<?<8C<I)2C22A:9:ABF:942E@
4@9D24T>@D:>2921GQ9H9?9J=KL9;G:AB9
9D;MJ9F<=JG#8D>F@E>KFG8PK?@J9C8EB<K
KFK?<?<8C<I
H9?9J9D;MJ9F<=JGGEV<A;G
HGJ9D?MA=FG8PK?<?<8C<IFI;F:KFI=FI
JFD<FE<69:E242E@4U424T>@D:>:92
.::I92ADI422:E:>K:A@@9@I4U:D29::A6E
924922EN942>21GQ9H9?9J9DEV<A;G
HGJEAE9ETM9F<G=DD9N=99D<G;LGJVD
D9N99;MJ9J#8D>F@E>KFG8PK?<;F:KFI
=FIDPDFK?<I
1?<EJ?<J<<JK?<;F:KFI?<
@J>F@E>KF:LI<?<I
4U424@>K@M:IM=J=JIM=GLJG@9?99D?GN8EK
JFD<FE<KF;FJFD<K?@E>>22I96>A2
4@>K@E2I:9A2?222:;92?EBF:9:E9:9::;
9244@9AD::?A@[email protected]=J=KL9DN=RJ=?J=
K9JV9EADM?9J#=PFLN8EKD<KFD8P9<#
N@CCI<KLIEKFDPGC8:<
6FEAL>
4U:E24@>
K@4U:E24@>42;76'9H=JKGF9<=IMA=FK=
IMA=J=D99;;AYF=K=D;GEHD=E=FLGAF<AJ=;LG
.?<G<IJFEF=N?FDK?<8:K@FE@JN8EK<;@J
K?<@E;@I<:KF9A<:K
7<BF:>K@IM=J=J
:D@;4U424@>K@IM=J=J@9;=JHGJIM=IMA=J=
N8EKKF;FALJK9<:8LJ<FE<N8EKJKF&@K
IM=J=J<=MFGEAKEG:A:9:D@;4@9E24@>
K@I,A2?@9MI2?@9AJ@@7A4GKYDGIM=
JW9@9;=JDGQE=>MA9+M=JLG'A:=JL9<#ALJK
N8EK<;KFJF#N<EKKF*L<IKF&@9<IK8;
4U424@@:EM:?MA9J>L@;<6FEAL>
4U:E24@@:E
7<422@NA9B9J
4U424@@:IM:d6FEAL>
4U:E24@@:I4U:E2
4@22I:>4U:E24@22I@;4U:E24@22I@=427<
BF:::IAJK=<=
2?@4U424@@:IKMKLJ9=J=PLJ9=JJL9KI8:K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<OKI8:K
4U424@@:I
IMAL9J9D?G<=9D?MA=FK8B<
JFD<K?@E>8N8P=IFDJFD<FE<I<DFM<
JFD<K?@E>=IFDJFD<K?@E>E2>9:>
42A66?:>K:E4@@K>2:E29E4U:J24@22I@;
K=@GE:J=JG:YMF;M;@ADDG=DDGKDGNA=JGF
QK=DGIMAL9JGF.?8KD8EJKFC<8BE@=<K?<P
J8N?@D8E;KFFB@K8N8P=IFD?@D
>22>
BF:992D2;BF:9I?@@:DBF:9:E::E2BF:>
BF:DAI:9292>EI2992?EI?@@:DBF:9
BF:D:=BF:92?@BF::9BF:94U:D24@@:IE22
'9EMB=JHGF=K=EADD9K<=LJA?G<=E9J=F
MF9;GJAL9;D9K=<=;9F9KL9QD9K9NA=FL9
H9J9IMAL9JLA=JJ9QH=<9;ALGK<=:9KMJ9IM=
=KLTFE=R;D9<9K.?<NFD8EGLKJ<<C>I8JJ
J<<;J@E898JB<K8E;N@EEFNJK?<DKF
I<DFM<G@<:<JF=KI8J?K?8K8I<N@K?K?<D
@9;=JK9DAJD8B<C<8M<>::BF64>22>
BF:;4U:E4>24@22I@;J@BF6.=<A;=IM=FG
@A;A=JGFK9DAJ9D9EMB=JK=JA#K@JJ8@;K?8K
K?<P;@;EdKD8B<K?<-<I@NFD8EC<8M<
AE6424@@:IK=H9J9J9H9JL9JJ<G8I8K<
JGI<8;8G8IKJFIK2IU=:?22:=9:K4@:AE6
9A24@@:I4>::A=24@:9:>@9D22:=I292
1GQ9K=H9J9J=KL9K;GF;@9KQLAJ9JVD9K
E9D9K#8D>F@E>KFJFIKK?<J<J?<CCJ8E;
K?IFNFLKK?<98;FE<J
4U424@@@EM:d6FEAL>
4U:E24@@E4U:E2
4@@E:>4U:E24@@:E4U:E24@@:E@=427<422@
9229@4U424@@@EDD=N9JHGJ=D;9EAFG
;GF<M;AJHGJ=D;9EAFGK8B<9PIF8;C<8;9P
IF8;\E2>4U9:K4@:9229@4U924@@@E
`'D=N99=KLGK@GE:J=KHGJ=D;9EAFG.8B<
K?<J<D<E9PK?<IF8;
92?E4U424@@@EE9F<9JHGJLA=JJ9J<E;9P
C8E;0
K::I92?E4U424@@@EB=>=I::42
92?E4U924@@@E?JMHG<=KGD<9<GK
:A244U424@@@E
DD=N9J9D?G99D?MA=F
K8B<JFD<K?@E>KFJFD<FE<\>224@;
BF:9:E22>EBF:9:A244@?D24@@@E2926
>@DI22D::E2I4292`'D=N9DGKR9H9LGK9LM
H9HT4GL9E:AVFNGQHJGFLG.8B<PFLI
=8K?<IdJJ?F<JKF?@D#8D8CJF>F@E>JFFE
LGE9J9D?G<=KHMVK<=9D?GK8B<JFD<
K?@E>8=K<IJFD<K?@E>[2IA24:A24
4@?D24@@@E922J2_19K9LGE9J9?M9
<=KHMVK<=LGE9JD9E=<A;AF9I<PFL>F
@E>KF;I@EBN8K<I8=K<IK8B@E>K?<D<;@:@E<
I6A64U424@@@EE9F<9JHGJE9JJ<E;9P
J<8
:924@@@EJF9CG8J
N=J=<9G8K?HD9F
A<=9@;<80
:9::D2I4@>:924@@@EKMNG
DMFL9<E9F=J9<=NANAJ:A24:924@@@E
J=?9DG<=DFGNAG9D9>9EADA9<=D9FGNA9FG
=DHJAE=JJ=?9DG
4U424@@J2>MK;8K9D9:9J@GFJ9J=P9DL9J
GI8@J<?FEFINFIJ?@G'F:9696BF:9
4U:>24@@J2>#GFJY9DB=>="<?FEFI<;
K?<:?@<=
6FEAL>
4U:E24@@J2>4U:E2
4@::J2>4U:E24@@J2;4U:E24@::J2;7
:D@;4U424@@J2>L=F=JGJ?MDDG<=KWEAKEG
B9;L9JK=GIFL;F=FE<J<C=9F8JK89FLKFE<
J<C=&@K
@GFJ9J9KWEAKEG69:D@;
4@9J@>24@@J2>)GL=F?GGJ?MDDG<=EW
EAKEG#dDEFKGIFL;F=DPJ<C=
4U424@@K:EM:M8J@JK
9QM<9JG@9;=JJG:9J
?<CGFID8B<IF9[6?:>4@A>6E24@@K:E
_/=@ARGIM=JG:9J9K=D;M;@ADDG@;?<
D8B<PFLJK<8CK?<BE@=<JG:9JH9J9IF9
=FIE2BF:9929;U:>M>A244U:J24@@K:E
DD9JG:Y>JML9<=e@9@BZfH9J9KME9ET-?<
IF99<;;<J<IKNFC=9<II@<J=FI?<IDFK?<I
@9;=J=FK=;J=LG;FJ<:I<KCP@9A24@@K:E
4@9D22>I292.=DG<AJV=FK=;J=LG#N@CC
K<CC@KKF?<I@EJ<:I<K
6FEAL>
4U:E24@@K:E
4U:E24@@K:E:>4U:E24@@K:E;
4U:E24@@K:E@=427<44@@KJG:9J
4U424@A@=M:d6FEAL>
4U:E24@A@=4U:E2
4TA@=:>4U:E24@A=@4U:E24TA@=2>7<
BF:4@A@=F=?JG
:429@@:=J22:=4U4@@:=4U424@A@=@9;=J9RMD
GK;MJGD8B<;8IB9CL<0
:429@@:=J22:=
4U4@@:=4UBF:4@A@=9RMDGK;MJG
:966=BF:94U424@A@=@9;=J?MAF<9D8B<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9LI>LE;P0
:966=BF:94UBF:4@A@=?MAF<9
J22:=BF:94U424@A@=@9;=J9RMDE9JAFG
D8B<E8MP9CL<2IU=:?22:=9:K4@:J22:=
BF:94@9D24@A@=2921GQ9@9;=J=KL9K
;GF;@9K<=;GDGJ9RMDE9JAFG#8D>F@E>KF
D8B<K?<J<J?<CCJE8MP9CL<
0
J22:=BF:9
4UBF:4@A@=9RMDE9JAFG
4U424TA@I@EM:d6FEAL>
4U:E24TA@I@E
4U:E24@AE2I4U:E24TAE2I=427<BF:A@I
IMAL9J
:?22:=BF:94U424TA@I@EIMAL9JD9HA=D<=
I<DFM<K?<JB@EF=JB@E2A9:A4@>:?22:=
BF:9[BF::94U:D24TA@I@E922J2_,MAVF
N99IMAL9JD9HA=D<==KL=N=F9<G:MJ91?F
@J>F@E>KFJB@EK?@JDLC<;<<I
4U424TBF6E@EM9<E<9J<GL=99D?MA=F9>9NGJ
<=DFGNAG>@M<8D8II@8><>@=KKF
JFD<FE<FE9<?8C=F=K?<=@8E:T#2CQ2
BF:942?@22K@&65C@BF:94U:J24TBF6E@E
(9JW9D=J=?9DYMF9H9F?99>9NGJ<=+=<JG
'8IV8>8M<?@D89F8KFE9<?8C=F=*<;IF
6FEAL>
4U:E24TBF6E@E7<BF:BF6
J=?9D9J
4U424@D@EM:H=<AJHJ=KL9<GHGJ9D?MA=F
9FIIFN=FIJFD<FE<fD42CBF:9!F2?
BF:9:422DA@;K@4U:J24@D@ElK;9JHA<AY
HJ=KL9<GMFDTHARH9J9%M9F)J:8I9FIIFN<;
8G<E=FI$L8E
&23=@BF:99:924@D@E:9:
'G=KLGQHA<A=F<GHJ=KL9<GH9J9+9:DG#8D
9FIIFN@E>@K=FI*89CF
6FEAL>
4U:E24@D@E
4U:E24TD@E@;7<BF:D@H=<AJHJ=KL9<G
4U424@DIM:d6FEAL>
4U:E24@DI4U:E24T
D:KI2;7<BF:DI;GFL9J
92?E4U424@DI<9JHG<=JKG:J=F9LMJ9D>@M<
JLG<IE8KLI8CGFN<I
92?E4U924@DIJJLAG8J=DIM=J=;A:==D
HG<=JKG:J=F9LMJ9DK?<FE<N?FI<:<@M<JK?<
JLG<IE8KLI8CGFN<I2?E4U:D24@DI292'=
N99<9JHG<=JKG:J=F9LMJ9D#K@J>F@E>KF>@M<
?@DJLG<IE8KLI8CGFN<I
6 DIM=<9=DHG<=J
=KMFK=JKG:J=F9LMJ9D;GEG<=MF9;M=N9
.?<FE<N?F>@M<JK?<GFN<I@J8JLG<I
E8KLI8C9<@E>JL:?8JF=8:8M<
7
4U424TE@I@EM8J@JK=KLAJ9J9D?GH9J99D?MA=F
H9J9IM=K=9JJ=?D=GLCCJFD<K?@E>=FI
JFD<FE<JFK?8K@KJKI8@>?K<EJFLK)2?4224
9:ABF:;K:IBF:D::=4E2>>@@;A@@D;
4@?J24TE@I@E9::9:9D=HADGF;ADDG9DFAXG
IM==KLAJYD9HAGD9H9J9LA!@M<JFD<JL>8IKF
K?<9FPK?8KJKI8@>?K<E<;K?<:FI;=FIPFL
6FEAL>
4U:E24TE@I@E4U:E24TE@I:>
4U:E24TEJ2;44U:E24TEJ2I=427<BF:E@I
=PL=F<=J
9664I4U424TE@I@EHJGL=?=JQ;MA<9J;GF
9D?G9QM<9J;GF9D?GGIFK<:K8E;K8B<
:8I<F=?<CGN@K?JFD<K?@E>6D2C22A:
966BF69:ABF:9969@J24;BF:;9664I
4U424TE@I@E:92 KLGQ9QM<9F<G9EA
@=JE9FG;GF=KL9;G:AB9#8D?<CG@E>DP
9IFK?<IN@K?K?@J9C8EB<K
4U424TI6>@EM:L=E=JHGJD9K=?MJA<9<<==<8I
=FIK?<J8=<KPF=2:4@AE22:I2;>2D22:E@;
E22>2BF::4E@BF:;4U:J24TI6>@E D
NA=FLG=KL9:9>M=JL=$:9F9H=K;9JQKMK
E9<J=KL=EW9FHGJKMK=?MJA<9<.?<N@E;
N8JJKIFE>
.?<PN<I<>F@E>=@J?@E>8E;
K?<@IDFK?<IJN<I<8=I8@;=FIK?<@IJ8=<KP
6FEAL>
4U:E24TI6>@E4U:E24TI6>2>7
08I
4U424TI:>@E
<BF::I:>L=E=J
4U424TI6E@=M:=FLJ=?9J9D?G99D?MA=F>@M<
JFD<K?@E>KFJFD<FE<#2C4@DBF:9I6A6
M?4@>2?@E::9E:>9MA2=4A24:EM4@E:>
?E@?:@BF:94U:J24TI6E@=(9J;GKA:9HGJ
D9GJADD9<=DE9JE9LY9D?MFGKHMDHGKQK=
DGK=FLJ=?Y9FLGFAG'8I:FJN8J>F@E>
8CFE>K?<J<8J?FI<B@CC<;JFD<F:KFGLJ<J
8E;>8M<K?<DKFEKFE@F
6FEAL>
4U:E2
4TI6E@=4U:E24TI6=:>4U:E24@I6;4U:E24T
I6;2>708I
4U424TI:E@=<BF66I=
;GEHJ9J
dM9<E;GEHJ9JH9J99LP=FI@J24;
BF:9422>:KK@4@9J24TI6E@=GEHJVMF9
;9EAK9H9J9EA@=JE9FG#9FL>?K8J?@IK=FI
DP9IFK?<I
22>:K4>22BF::99:ABF:9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
>69>24TI6E@=:?D:422>:KE22>2/=
;GEHJV=KL9;9EAK9FM=N9H9J9IM=D9MK=K#
9FL>?KPFLK?@JE<NJ?@IK=FIPFLKFN<8I
4U424@I@EM:@9;=J:JAF;9JD8B<ALDGFM<I
-64J2C4@A422J4@A92?E92K22:?4@>
4U:J24@I@E DN9IM=JG@ARG9D;9:9DDG:JAF
;9J=D;=J;G.?<:FN9FPD8;<K?<?FIJ<
ALDGFM<IK?<=<E:<
6FEAL>
4U:E24@I@E
4U:E24TI@E:>4U:E24TI@E;7<BF::IUK9DL9J
KG:J=
4U4272:?@EM:@9;=JIM=<VNM=DL9D8B<>F
8IFLE;8GF@EK6FEAL>
4U:E272:?
4U:E272::=42>7
4U42922;M:d6FEAL>
4U:E2922;4U:E2E@@=7
<422;
:D@;:>@K4U42922;>A=D9=8@K?=LCKFE2>
4@A22=BF:9:D@;:>@K4U:I2922; :D2I
BF:9::9BF:9J2>EIU4U42E2I:9222=BF:9
::BF:4U:9::?924 D@GE:J==K>A=D9KM
=KHGK91AN=@GFGJ9:D=E=FL=BMFLG9=DD9
.?<D8E@J=8@K?=LCKF?@JN@=<
"<C@M<J
?FEFI89CPKFN8I;?<I
4U429MD24@EMK;9J?9JCF8;\.:I4M>4@:
42?@224@>4U929MD24@E`9J?9=KLGK
H=K;9<GK9D9H9F?9&F8;K?<J<=@J?@EKFK?<
9F8K6FEAL>
4U:E29MD24@E4U:E29MD2;42
4U:E292D;@;7
4U429664E:>M:d6FEAL>
4U:E29664E:>
4U:E2966BF:E:4U:E2E@@4=4U:E2E@@BF6=2>7
<BF664E:>
92?E4U429664E:>LJ9FKHGJL9JDD=N9J
KI8EJGFIK:8IIP >M>BF:992?E4@9D2
9664E:>924@:42292E2=424@:E22I:9D22:
2921GQ9DD=N9JD9>JML9QNGQ9BMFL9J>JML9
9D?GN=J<=#8D>F@E>KF:8IIPK?<=IL@K8E;
#8D>F@E>KF:FCC<:KJ<D@I@G<=IL@K
::BF:4U429664E:>;GJJGEH=J99D?MA=F
:FIILGKJFD<FE<
4U42966I6MKFGH=JEALAJ;@J8CCFN:I::9296
E2966I6E:>>2K22992?@=92422:IBF:9
9E4>2922?AI:9@(A@=JE9FGE9QGJFG
E=H=JEALAY<=NGDN=J=DJ=DGB'PFC;<I9IF
K?<I;@;EdK8CCFND<KFI<KLIEK?<N8K:?
6FEAL>
4U:E2966I64U:E2966I6E:>
4U:E2966IE@4U:E2966IE@=427
4U429::92EM:;J==J9D?G9<C@<M<JFD<K?@E>
#2J2K29244@9E4>29::92E:9@)G;J=GDG
IM=0<KE=<A;=F#;FEdK9<C@<M<N?8KPFL
8I<K<CC@E>D<
6FEAL>
4U:E29::92E
4U:E29::92E:>4U:E29::9;4U:E29::9;2>7<
4U:9::92EK=JN=J<9<
4U:AMD:E:>4U429::92E>T;AD<==F?9X9J
>LCC@9C<
4U429Q=64@EM:<9JKGJ:GK>@M<J@GJ'F::BF6E
BF:;92IJ224@AK:IBF:D::=4@AA24
4U:J29Q=64@E'9E9ET<AG<=:=:=JMFGK
KGJ:GK<=9?M99DFAXG.?<DFK?<I>8M<K?<
:?@C;J@GJF=N8K<I
/JFHG;G>J=;M=FL=
6FEAL>
4U:E29Q=64@E4U:E29Q=6;BF:>
4U:E29Q=6;@;76 DDWIMA<G=K=D;GEHD=E=FLG
<AJ=;LGQD9H=JKGF9IM=LGE9=K=D
;GEHD=E=FLGAF<AJ=;LG.?<C@HL@;@JK?<
;@I<:KF9A<:K8E;K?<G<IJFE;I@EB@E>@JK?<
@E;@I<:KF9A<:K
708I
4U429Q=:4@E
<
BFQ=642:9:=9J
W4U429QD6=@;MKd6FEAL>
4U:E29QD6=@;7
4D:AIW4U429QD6=@;JG:9JIF9'F66=I:9J22
BF:9E::A692I:J24>::BF6K@E@44UE::9
4D:AI4U:>29QD6=@;(A;9F9D=L==KL9:9
:M=FGH=JG9D?MA=FE=DGJG:Y'PF8IN8J
>FF;9LKJFD<FE<IF99<;@K
/JF9J;6'9
>GJE9HDMJ9DFGK=;GFG;=.?<GCLI8C=FID@J
EFKBEFNE
7
4U429;@;0
C8<EKI8;8GI
422942
4U429>2D@=0
C8<EKI8;8GI
4U42>2D@=
4U429>66=M:@9;=JJGK9>M=JL=D8B<9I@>?K
G@EB=L:?J@8>2;::49:>4@::D22;@;BF:9
92I4UD29>66=@;@@42E66J@'9KEMB=J=K
N9F9L=XAJKMK:DMK9K<=;GDGJJGK9>M=JL=
.?<NFD<E8I<>F@E>KF;P<K?<@I9CFLJ<J
9I@>?KG@EB
6FEAL>
4U:E29>66=4U:E29
>66=:>4U:E29>66=@;4U:E29>66=@=427<
4UBF:9>66=JGK9>M=JL=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4U429@@E:;M:K=;9J;IPJFD<K?@E>@>42::
BF:;@@ABF:9K2294@A:E::J@@424U:D2
9@@E:;E22'9EMB=JHMKGKM;9F9KL9=F=D
KGDH9J9K=;9JD9.?<NFD8EGLK?<I98JB<K
@EK?<JLEKF;IP@K
6FEAL>
4U:E29@@E:;
4U:E29@@E:=47<4U4@@E:;K=;G
4U42::0
C8<EKI8;8GI
24EM>4U42::
4U42;U4M@@9;=J;GFLAFM9E=FL=GKA=EHJ=
;GFLAFM9J;F:FEK@EL8CCP;F:FEK@ELFLJCP
:FEK@EL<2I:9A@@:E@>4@9A@@;U4@@E@4
4@9AR:;E2I92?EK::BF:?D4>::?2926
9::E@>924:?DBF664U=292MFIM=QGHD9
LAIM=;GFLAFM9E=FL=FG<=:=KAJL==:=K
HJ=KL9JE=9L=F;AYFM<E@=#K8CB:FEK@ELFLJ
CPPFLJ?FLC;EdKC<8M<
3FLJ?FLC;G8P
8KK<EK@FEKFD<
@@42=24@>4UE22?:>
4UE2;U4@@E@44U>::942E22I4U::92E2I
.=?MW9FM:D9<G'9KFM:=KK=IM=<9:9F
9DDW#K:FEK@EL<;KF9<:CFL;P
.?<:CFL;J
:FEK@EL<;KF9<K?<I<
6FEAL>
4UE2;U4
4UE2IUK:=7
J2E;4U42;U4=KL9J;GF@9E:J=HGJ@9:=J
=EH=R9<GD9K9;LANA<9<=K<=D<W9KAF<=K9QM
F9J6J2E;4U42;U4:92#=L=FA<G@9E:J=
<=K<=;M9F<GE=D=N9FLVHGJIM=FG@=<=K9
QMF9<G#dM<9<<E?LE>IPJ@E:<#>FKLG
9<:8LJ<#?8M<EdK<8K<E
<4@E;D=N9FL9JK=
4U42=229:EM9<E<=K=9JH9J9GLJ9H=JKGF9
N8EK=FI8EFK?<IG<IJFE22E4@:E::A6
>29E29@K:IBF:D::=4>22>E::I4@9J2
=229:EM9F<GNA=DLGJGL=:M=FGDG<=K=9:9
H9J9=K9BGN=F;AL91?<E#J8NK?<>FF;
C@D9<I9LJ?#N8EK<;@K=FIK?8KPFLE>>@IC
6FEAL>
4U:E2=229:E7<42=229:9XGJ9J
4U42>29;UM:@9;=JJGK9;D9JGD8B<C@>?K
G@EB2E22:4@@IABF:94@9D2>29;U922
9:1GQ9@9;=JJGK9;D9JG9=KL9L=D9:D9F;9
#8D>F@E>KFD8B<K?@JN?@K<:CFK?C@>?K
G@EB
6FEAL>
4U:E2>29;U4U:E2>M9@=:>
4U:E2>M9@=4@;4U:E2>M9@=2>7<
4UBF:>29;UJGK9HTDA<G
4U42>2D@=M:@9;=J9F9J9FB9<GD8B<FI8E><
2IU=:?22:=9:K4@:2?@9A@;::E92I
4@9D2>2D@=9229:1GQ9L=XAJ=KL9K
;GF;@9K<=9F9J9FB9<G#8D>F@E>KF;P<
K?<J<J?<CCJFI8E><
6FEAL>
4U:E2>2D@=
4U:E2>2D=@;7<4UBF:>2D@=9F9J9FB9<G
08I
4U429>2D@=
4U42>2IAM:@9;=J<=;GDGJJGK9EMQHTDA<G
D8B<M<IPC@>?KG@EB@>A2>2IAE2I
D2K::>292.=JT:GFALGKADG@9;=K<=;GDGJ
JGK9EMQHTDA<G#KN@CC9<E@:<@=PFLG8@EK@K
M<IPC@>?KG@EB
6FEAL>
4U:E2>2IA
4U:E2>2IA:>4U:E2>MI2A@;
4U:E2>MI2A@=427<4UBF:>2IA;GDGJJGK9
EMQHTDA<G
4U42>:::EM@HJ=?MFL9J9;=J;9<=8JB89FLK
!F2?BF:94@9AJ2>:::E+J=?MFLVHGJ%M9F#
8JB<;89FLK$F?E
6FEAL>
4UE2>:::E
4UE2>:::E:>4UE2>:::E@;4UE2>:::E@=4276'9
;GK9HJ=?MFL9<9=K=D;GEHD=E=FLGAF<A
J=;LG)GK=E=F;AGF9=DGQ=FL=.?<K?@E>
8JB<;89FLK@JK?<@E;@I<:KF9A<:K
.?<8;
;I<JJ<<@JEFKD<EK@FE<;
7
dM@HJ=?MFL9J9;=J;9<=9ETK<=MF9H=J
KGF98JB89FLKKFDFI<K?8EFE<G<IJFE
[.::IK@>:?@4UE2>:::E_'=KHJ=?MFLY
9D?G90<K@;J?<8JBPFL8CCJFD<K?@E>
6'9;GK9HJ=?MFL9<9=K=D;GEHD=E=FLGAF<A
J=;LGD9H=JKGF99IMA=FK=@9;=D9HJ=?MFL9
>GJRGK9E=FL=HDMJ9DK=HJ=K=FL9;GFD9HGK
HGKA;AYFe9FGf.AD9H=JKGF9=KKAF?MD9JK=
MK9=DN=J:Ge;EAAALf.?<K?@E>8JB<;@JK?<
@E;@I<:KF9A<:KK?<8;;I<JJ<<N?@:?DLJK9<
GCLI8C@JGI<J<EK<;N@K?K?<GFJKGFJ@K@FE
a8EFb
#=K?<8;;I<JJ<<@JJ@E>LC8IK?<M<I9
a:D@@@Kb@JLJ<;
70
4>:::EHJ=?MFL9J99D
?MA=F4@L4>:::E HJ=?MFL9J99D?MA=F
9;=J;9<=
4U42>QI@K@EM:@9;=JJG<9J@9;A99:9BGIFCC
JFD<K?@E>;FNE2DE9:ABF:;92DE
9:A4@A4@9A2>QI@K@EE2D2>2=2>1=9
EGK;GEG@9?GJG<9J=KL9HA=<J9=F=D;=JJG
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
&<KdJJ<<?FN#:8ED8B<K?@JJKFE<IFCC
;FNEK?<?@CC
6FEAL>
4U:E2>QI@K@E
4U:E2>QI@K@;7<4U4@>:I@KJ=K:9D9J0
2DE?@E2>4U'F:92?E-2>QI@;@;
DM?9J=FD9AKD9.9F KL=:9F
4U42>@?;4M:@9;=J=F>GJE9<=RA?R9?D8B<
@E=FIDF=Q@>Q8>@>42::BF:;92>2K2;K
:E22:9696K@4U:EE2I424U:J2>@?;4
#9;A=F<GMF9GDD9<=:9JJGD9EMB=JD99J9XY
;GFMFH9DG=@ARGMF<AK=XG<=RA?R9?
1?@C<D8B@E>8:C8PGFKK?<NFD8E@E:@J<;
8Q@>Q8>;<J@>EFE@KN@K?8JK@:B
6FEAL>
4U:E2>@?;44U:E2>T?2;@;7<4@4>@?;4=F
>GJE9<=RA?R9?
4U42>@@K:E@EM:@9;=JKGX9J:8LJ<KF;I<8D
6FEAL>
4U:E2>@@K:E@E7<4>@@K:
KGX9J
4U42>@K:E:M:<9JD9EAL9<<=9D?G99D
?MA=F>@M<?8C=F=JFD<K?@E>KFJFD<
FE<.::I92A29:E9:>::J6BF:94>22>
:9>22BF:94@9D2>@K:E:292ANA<AJVD9
;GEA<9IM=E=J=?9DYQ<9JVD9EAL9<9GLJ9
EMB=J#N@CC>@M<?8C=F=K?<=FF;K?8K?<
>8M<D<KFK?<FK?<INFD8E
6FEAL>
4U:E2>@K:E:4U:E2>@K:E:>4U:E2>@K:E4@;
4U:E2>@KQE4@=427<BF:>@K:E:K=JD9EAL9<
4U42?227:?M@JG<=9JJLIIFLE;>22>4@>
92?EE29;::E>2K::I:E:4U::92K:D:J2;I29
E22E2>;U492?D@4UJ2?227:?=KHMVK<=
IM=D9EMB=JK=;9QYD9JG<=9JGFHGJIM=
IM=JW9FK9:=JDGIM=D=H9KY=K<IK?<
NFD8E=<CCK?<PJLIIFLE;<;?<I9<:8LJ<
K?<PN8EK<;KFBEFNN?8K?8GG<E<;
6FE
AL>
4UE2?227:?4UE2?227:;24UE2?227:=4@;
9N9JAGKG:B=LGK76'9H=JKGF9G;GK9
JG<=9<9=K=D;GEHD=E=FLGAF<AJ=;LG.?<
G<IJFEFIK?@E>JLIIFLE;<;@JK?<@E;@I<:K
F9A<:K
7
4U42?MI2K@EM:4U42?MI2K@E>JGL9J9D?G=F
9D?GIL9JFD<K?@E>FEJFD<K?@E>.::I
422J:E::9::AK@9J@J22#69D2?MI2K@E
292/=F?GMF?\=FLG/=>JGL9JV;GFVD#
?8M<JFD<F@EKD<EK
#dCCIL9PFLN@K?@K
6FEAL>
4U:E2?MI2K@E4U:E2?2I4@;7<
4?2IKHGF=J;GF9;;AYFJ=H=LALAN9
4U42A222I0
C8<EKI8;8GI
4U42A@22I
4U42A2>@EM:;GF=;L9J9D?G99D?G:FEE<:K
JFD<K?@E>KFJFD<K?@E>#@@D?:K@
92E29E>24227KI:92I@A@@D;E:?E:42
K:>;U4I294@9>2A2>@E=J=H=FL=
EAJ9EGKMF9;9?M9E9H=JGQGD=@9:W9
;GF=;L9<GQ9D9HAGD9-L;;<ECPN<J8N8J<8
KLIKC<9LK#?8;8CI<8;P:FEE<:K<;K?<C@E<KF
@K
6FEAL>
4U:E2A2>@E4U:E2AM>@E:>
4U:E2A2>=42>7<4@4AM>;GF=;L9<G
4U42A2D666;2M@L=F=JLAEYF?8M<IL;;<I
6FEAL>
4UE2A2D666;24UE2A2D666=4@;7
08I
4UBF:A2D666;20
92I@;429::7E
4U42A2D666;2MF9F>WHG<G
dM:HGF=JLAEYF=FMF:9J;GGLKIL;;<I
FE89F8K6FEAL>
4U:E2A2D666;24U:E2
A2D666=4@;7
J2A2D666;2JF9CLAEYFIL;;<I
4U42A66?6EMKd6FEAL>
4U:E2A66?6E4U:E2
A66?6E:>4U:E2A66?64@=4U:E2A66?6;2>7
<A66?H9D9F;9
9@@C@4U42A66?6E<=K=9JDGE=BGJH9J9GLJG
;<J@I<K?<9<JK=FI8EFK?<I&@K
;9MK9JL=F=J
H9D9F;9<=GJG>22>E::I#2CQ2BF:9
::9@4299@@C@4U:J2A66?6E K9EMB=J<=
K=9DGE=BGJH9J9(9JW9.?8KNFD8EN@J?<J
K?<9<JK=FI'8IV8
4U42AP>6EIM:NGDL=9J9D?GKLIEFI=C@G
JFD<K?@E>FM<IFM<IKLIE*::I42?@22
4@>4U:E2AP>6EI92?E:E29:>@K
4EMA@=BF:>:E244@>:E:422942924
:>24D:AI21GDL=YD9H9F?9D9HMKG:G;9
9:9BGQ9JJ=?DYD9H9JL=IM=:J9<9"<FM<I
KLIE<;K?<9F8K8E;C<=K@K=8:<;FNEN?@C<?<
=@O<;K?<9IFB<EG8IK
6FEAL>
4U:E2AP>
6EI4U:E2AP>6EI:>4U:E2AP>6=2;47<
4@4AP>6EINGDL=9JK=
4U42A@22IM:J=;9J?9JAF;DAF9J;GK9D9J?9=F
9D?GC<8ECFE>K?@E>8>8@EJKJFD<K?@E>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
>224@;4@ABF66=I4@A9224@4@A4U:E2
A@22I:J@@:I D@GE:J=NA=BGJ=;9J?YKM
;9F9D=L=;GFLJ9D9;9K9QDG<=BY.?<FC;
D8EC<8E<;?@JF8I8>8@EJKK?<?FLJ<8E;
C<=K@K
6FEAL>
4U:E2A@22I4U:E2A@22I:>
4U:E2A@22;44U:E2A@22I@=427<4UBF:
A@22IAF;DAF9JK==F08I
4U42A222I
4U42A@4;M:AF;DAF9J;GK9;GJL9=F9D?GC<8E
J?FIKK?@E>8>8@EJKJFD<K?@E>224@BF:9
::K44@>4@9J2A@4;'GAF;DAFV;GFLJ9D9
H9J=<#C<8E<;@K8>8@EJKK?<N8CC
6FEAL>
4U:E2A@4;4U:E2A@4=42>7<4UBF:A@4;
AF;DAF9JK=
4U42A@@E:KIM:AFN=JLAJNGDL=9J9DJ=NVK@EM<IK
KLIE@EJ@;<FLK:422>:KBF:99A@@A@I
4@9A2A@@E:KI:9D7Q49229:1GQ9IMAL9JE=
D9;9EAK9NGDL=9JD99DJ=NVKQHGFVJE=D9#
8D>F@E>KFK8B<DPJ?@IKF==KLIE@K@EJ@;<
FLK8E;GLK@K98:BFE
6FEAL>
4U:E2A@@
E:KI4U:E2A@@E:42I4U:E2A@@E:42;44U:E2
A@@E:42I=427<4UBF:A@@E:KI9DJ=NVK
4U42BF664@E@=M:
@9;=J=K;M;@9JD8B<?<8I
>::BF6J2DK@>A22:96?D2BF664@E@=
292=:=K;9FL9JE=MF9;9F;AYFK=JA3FL
J?FLC;J@E>D<8-<I@JFE>
HJ=<A;9J
GI<8:?6FEAL>
4U:E2BF664@E@=4U:E2
BF664@=:>4U:E2BF664@=2>7<4BF664U=
=K;M;@9J
4U42BF66I@EM:
@9:D9J<=<9JMF9;GF>=J=F
;A9K8CB89FLKC<:KLI<89FLK.::I92ADI
422:E:>BF:9:42>@BF66A6:>4@E;42A::4A
9244U:J2BF66I@E DEV<A;G@9:DY<=LM:=J
;MDGKAK.?<;F:KFIK8CB<;89FLKKL9<I:LCF
J@J
<=B9J=K;M;@9JC<KC@JK<E>::BF6K@
4U:D4>2BF66I@E92E66J6ABGIM=FG
<=B9JW99GLJ9H=JKGF9=K;M;@9JDG"<J8@;
K?8K?<NFLC;EdKC<K8EFK?<IG<IJFEC@JK<E
6FEAL>
4U:E2BF66I@E4U:E2BF66I@E:>
4U:E2BF66I@;4U:E2BF66I@=427<BF::
<=;AJ9
:92BF66I@EJF9Cd0
K::IBF:9:92
BF66I@E;GFK=BG
4U42BF6DIMK
<AKLJA:MAJ=FLJ=LG<GK;@JKI@9LK<
KF8CC)29>66D4@:I:42BF:K::=4@:4@9A2
BF6DI:9D::42EI292.9D<JV<=KHMVK<=<9J
F9J9FB9K9LG<GKDGKFAXGK#N@CCC<8M<8=K<I
#dM<>@M<EFI8E><JKF8CCF=K?<:?@C;I<E
;M:JAJ;GEHD=L9E=FL=;GF:FM<I:FDGC<K<
CPN@K?[2?@22:92?2IKBF:942?@224@>
4@@I4@?E2BF6DI_M:JAKL=LG<9D9H9F?9
;GFHAFLMJ9@;PFL:FM<IK?<N?FC<9F8K
N@K?G8@EK6FEAL>
4U:E2BF6DI
4U:E2BFPD6KI24U:E2BFPD6KI2;7<4BF6D
;M:JAJ;GEHD=L9E=FL=
:92>@44U42BF6DI<OGH9K9JLG<9D9FG;@=
@9;A=F<G9D?GJG<E;8CCE@>?K;F@E>
JFD<K?@E>&@K
@9;=JIM=D9FG;@=D=
;M:J9*::>@E@;:92>@44U:J2BFPD6KI2;
'GKIM=BM?9:9F;GFF9AH=KBM?9:9FLG<9D9
FG;@=D9FG;@=D=K;M:JAY.?FJ<N?FN<I<
GC8P@E>:8I;JGC8P<;8CCE@>?KK?<E@>?K
:FM<I<;K?<D
0
/:92>@404BF6D
4U42E22:EM:=F;GFLJ9JG9D;9FR9JHGJ;9KM9DA
<9<>AF<GJJ=9;@:Q9;;A<=FL*C@@BF:BF:9
922>@A2E2I4@9D2E22:E9229:J=GIM=
NGQ9=F;GFLJ9J9D;9EAYFIM=NA=F=#K?@EB#
8D>F@E>KFI<8:?K?<KIL:BK?8K@J:FD@E>
6FEAL>
4U:E2E22:E4U:E2E22:E:>4U:E2
E22:E;7<BF:E22:E=KL9JH9J9D=DG;GF
2?@4U42E22:E@9;=J9DEAKEGLA=EHG;F8K
K?<J8D<K@D<6K::I92A29:EBF:99E22:
9:K4@9AEMA>2E22I2?@4U:E2E22:E;J@@K
42>9@JM42=42>9664@EBF::9E@;BF:9
KL9:99IMWHJ=H9J9F<G;GEA<9Q=F=K=EG
E=FLGEAK@=JE9FGKDD=?9JGF<=D9;9;=JW9#
N8J?<I<GI<G8I@E>=FF;8E;8KK?8KJ8D<
DFD<EKDP9IFK?<IJ8II@M<;=IFD?LEK@E>
4U42EMI2E@=M:
9D;9FR9J9MFDM?9JI<8:?8
GC8:<2?@22E:?E:424@9A2EMI2E@=E2
K:I4M>A24:9A@J22K:E:>:9A@@D:?:>E2
A@J22>E292D:::E@;292M9F<G9D;9F;=9
=K9H9F?9QJ=;D9E=H=K;9<GDG9K9J=EGKQ
=FLGF;=KDG;GE=J=EGK1?<E#I<8:?K?8K
9F8K8E;8JB=FI=@J?8E;K?<EIF8JK@KN<dCC
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<8K@K
9D;9FR9J9MF=KL9<GI<8:?8
JK8KLJ[#6KQ>;U4]=:46?4:25@^BF:9
4UD2EMI2E@=BF66J2_MTF<GL=J=;A:=K
;GEGDA;=F;A9<G1?<EN@CCPFL=@E@J?PFLI
LE;<I>I8;L8K<;<>I<<L=F=JLA=EHGH9J9
@9;=J9;LANA<9<?8M<K@D<KF;F8:K@M@KP
2IK::IBF:92?IU96224E:>429)@422:I
4@?E4U9::D29244@9E4>2EMI2E@=:9@#A;=
EM;@9K;GK9KQFGE=9D;9FRYLA=EHGH9J9AJ
9+MFL9@M=;9#;@;D8EPK?@E>J8E;;@;EdK
?8M<K@D<KF>FKF*LEK8?L<:8
6FEAL>
4U:E2EMI2E@=4U:E2EMI2=:>4U:E2E2I2;
4U:E2EMI2;2>7<42E2I=9D;9FR9J
4U42E66=4U42E66=@E0
C8<EKI8;8GI
42E66=@E
4U42E:::EIM@;8Kd
:E:4U42E:::EI9HGQ9JK==FJLGGFIKFE<J<C=FE
224@92?EI4@@K2;K@E@44UE2A>2
4@9AE27A:E:J22:A;K@E@44@E@>>2:E:
4@9AE2E:::EI>2E2AUI=:>>2:9>22K@
9E22::E:9J@@IBF:>'D=?MV9MF9;9K9:9
BAL9QE=J=;9J?MV=FMF9NA?9IM=K=IM=:JY
FLGF;=K@A;=GLJ9QD99JJ=?DV#8II@M<;8K8
C@KKC<?FLJ<8E;C<8E<;FE8IFF=9<8D8E;
9IFB<@K
-F#D8;<8EFK?<IFE<8E;=@O<;@K
6FEAL>
4UE2E:::EI4UE2E:::EI:>4UE2E:::
=2;47
4U42ET=64@EM9<EH=<AJ9QM<999D?MA=F9
>9NGJ<=9D?MA=F8JBJFD<FE<=FI?<CG
=FIJFD<FE<6FEAL>
4U:E24T=64@E7
<42E@=64H=<AJ9QM<9
-@@K4U42ET=64@EGJ9JHGJGLJ9H=JKGF9
GI8PFEJFD<FE<dJ9<?8C=<-@@K
42E@=64GJ9J
4U42E@@D0
C8<EKI8;8GI
4U422D:E:>
4U42ETA2E@=M:;GDGJ=9JJK8@E 429@@:=A24
:9J@@>;4E2I969692>2D:;K@9E2I:E::I
4@9J2ETA2E@=/J9B=9XAD;GFIM=L=XAJVD9
;GJGF9IM=@A;=#9IFL>?K9CL@E>N@K?N?@:?
#N@CCJK8@EK?<?<8;G@<:<K?8K#D8;<
6FE
AL>
4U:E2ETA2E@=4U:E2ETA2E@=:>4U:E2ETA
2E@=@4U:E2ETA2E@=2>7<4E@A=H=?9JK=9
4U42ETA:D@EM:@9;=JH=?9JK=HGJKM;;AYF
=8JK<E9PJL:K@FE6FEAL>
4U:E2ETA:D@E
4U:E2ETA:D:>4U:E2E@AJ2D4U:E2ETAJ2D@=427
<4E@A:DH=?9JK=;GFKM;;AYF
4U42J22:I@EM:d6FEAL>
4U:E2J22:I@E
4U:E2J22:I2>4U:E2J22:I@;7<4J22:=KL9J
;9J99;9J9
::4A4U42J22:I@E@9;=JH=D=9JD8B<=@>?K
MI2424@:::4AAE6E2J22:I2>>2
J22E@=42+MKGMFH=JJG;GFLJ9GLJGQ
H=D=9JGF"<G@KFE<;F>8>8@EJK8EFK?<I8E;
K?<P=FL>?K
4U42J22A2MKDD=F9J9D?G;GF9D?G=@CC
JFD<K?@E>LGN@K?JFD<K?@E>.:I4M>
BF:99696K2>:;2?:42>TE6E:>4@>
4U:E2J22A2:J@>24MA'D=FYD9;9B9;GF
L9FLGH=K;9<GIM=FGHM<GD=N9FL9JD9"<
=@CC<;K?<9FON@K?JFD8EP=@J?K?8K?<
:FLC;EdK:8IIP@K
6FEAL>
4U:E2J22A2
4U:E2J22A4@;7
4U42J24;MKLAJ9J=DK=?MF<G9JHYFK?IFNK?<
J<:FE;?8IGFFE#@@D?:BF:;4@9E2J24;
>292AI92J@422:E2;4M9F<GLAJV=D
K=?MF<G9JHYFK9;9EGKD9;9?M9E9=K<I#
K?I<NK?<J<:FE;?8IGFFEN<GLCC<;@EK?<
J<8KLIKC<
6FEAL>
4U:E2J24;4U:E2
J24=4@;7
dM;L=F=JK=?MF<9=KHGK9?8M<8J<:FE;
N@=<6FEAL>
4UE2J24;4UE2JM42=42>7
:42J24;JF9C89JK=?MF<9=KHGK9J<:FE;
N@=<
4U42K24=40
C8<EKI8;8GI
4U4@K24=4
4U42K6I6EMKd6FEAL>
4U:E2K6I6E4U:E2
KPI6E:>4U:E2KPI6E2;4U:E2KPI6E@=4270
4K6I6@9;=JMF9AF;AKAYF
9696:A:4U:>2K6I6EE<>LJ9L9J;GF;9JAXG
KI<8KB@E;CP&@K
FGJ9K?9J;GFH9DG
>22>BF:;K::IBF:9:9::D2I4@>::92I
4U:J22:BF:99696:A:4U:>2K6I6E:92 D
IM=LA=F=EM;@G9>=;LGHGJMF9EMB=JD9LJ9L9
;GF;9JAXG)E<N?F?8JCFKJF=8==<:K@FE=FI
8NFD8EKI<8KJ?<IB@E;CP
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4U4@227AM@<=K9E9JJ9JK=<=K9L9JK=<=KH=?9J
K=R9>9JK=<=K9:GLGF9<G6:GLYF7LEK@<;
:FD<CFFJ<LE?FFB<;LE9LKKFE<;59LKKFE
:C8JG6::BF6E>@7:4;BF:9::BF:4U:A2K;
BF:94U4@227A:92\ :BF:4U922K;#AB9LM
:DMK9=KLT<=K9:GLGF9<9`:GLYF9D9
8L>?K<IPFLI9CFLJ<@JLE9LKKFE<;
LKKFE
@K2?@22J2K22:?:>BF:94UE@227A>2
I6A6:J6I= D9F;D9<=D9H9F?9K=<=K9E9
JJYQ=DE9JK=D9DD=NY.?<9F8KdJ8E:?FI
;@J<E>8><;8E;K?<J<8:8II@<;K?<9F8K
8N8P
6FEAL>
4UE@227A4UE@227:A@;70
4U4227A<=KH=?9J9:JAJ
4U4@22?M@
=PL=F<=JK=99D;9FR9J99:9J;9J
9<A>MF<AJK=9JGI<8;KF;GFL9?A9J6=F>=J
E=<9<7@E=<:K5J@:BE<JJ6 42>@BF66A6
BF:992I:A24@@4U::92:E:4>22I4@@I
4UD@22?4292'9=F>=JE=<9<N99;GFL9?A9J
9LG<9D9?=FL=.?<J@:BE<JJ@J>F@E>KF@E
=<:K8CCF=K?<G<FGC<
6FEAL>
4UE@22?
4UE@22?=:>4UE@22?:>7
4U4@4@D@EM@HJ=KL9JC<E;6FEAL>
4UE@4@D@E
4UE@4TD@E;76.=E=F;AGF9=DG:B=LGHJ=KL9<G
;GEG;GEHD=E=FLGAF<AJ=;LGFGK=AF<A;9D9
H=JKGF99IMA=FK=@9;==DHJVKL9EG.?<
@K<DC<EK@JD<EK@FE<;8JK?<@E;@I<:KF9A<:K
K?<G<IJFEKFN?FDK?<CF8E@JD8;<@JEFK
D<EK@FE<;
70
4U422D@EHJ=KL9J99D?MA=F
E@>:4@4@D@EHJVKL9EG
4U4@4TE2;BF:>M;<=;AJ;GK9KG>=FKAN9KG<A>9
E9LGJA9K9;=J;9<=MF9H=JKGF9AFKMDL9J
J8PF==<EJ@M<FI;<=8D8KFIPK?@E>J89FLK8
G<IJFE[.::I:>::A=29224UE@4TE2;BF:>
_ABG;GK9K<A>9E9LGJA9K9;=J;9<=D9<A>MF
L9@;?<J8P;<=8D8KFIPK?@E>J89FLKK?<
;<:<8J<;:?@96J24TE2;BF:>)GK<ABG
;GK9KG>=FKAN9K9;=J;9<==DD9"<KFC;LJ
;<=8D8KFIPK?@E>J89FLK?<I
6FEAL>
4UE@4TE2;BF:>4UE@4@@E;@;70
C8<EKI8;8
GI
4U422E2;BF:>
4U4@7QKM;=EH=R9J
;9F9KL9@9;A=F<GMF
FM<G9<>@E98JB<K9P
D8B@E>8BEFK6FE
AL>
4UE@7QK<K:
70
C8
4U4@7QK
<EKI8;8GI
4@47QK
4U4@::>@K:>M;H=FK9JK?@EBNFE;<I6FE
AL>
4UE@::>@K:><K:
70
C8<EKI8;8GI
4BF:>@K
4U4@>:I@KM@:9B9J;GF9;;AYF<=J=K:9D9J
JC@;<;FNE[,:42BF:K::=4@:92?E4UD@>QI@
;@;BF66J2_'GKFAXGKK=N9F9J=K:9D9J
I<K?<:?@C;I<E>F@E>KFJC@;<;FNE6FE
AL>
4UE@>:I@K4UE@>QI@K:>4UE@>QI
@;@;4UE@>QI@;2>70
4U42>QI@K@E@9;=J
J=K:9D9J92?E4@>:I@K?J9N9QJG;9KIM=
@9F;9W<G2?E 4@>:I@K664@;DM?9J=FD9
AKD9.9F KL=:9F<GF<=DGKe#9KL9FG
;L9E;ZfG;MH9:9F;GEGJ=K:9D9<=JG
4U4@@>=2IM@
H=?9JK=6;GK9K7JK@:BKF><K?<I
5K?@E>J66?>9224?:9J22BF:94UE@@>
=2I>292D22:E:A242?:9EBF66E;4>2
4>22IJ::A6(AJA>D==KL9:99LGJ9<G'=
HMK=9;=AL=Q9@GJ9=KLT:A=F'PI@=C<N8J
JKL:B
#GLKF@CFE@K8E;EFN@K@J=@E<
=FLGJH=;A<G=FKM9JLA;MD9;AYFJK@==@E
AF@EK>224@;E:?E:42I@>D:D::?2J22
924@I=4@A2?@J@@7AI@4UE@@>=2I
>:BF::?:J@>M+G:J=@GE:J=NA=BG'D=?Y9
D9LA=F<9H=JG=KLTEMQ=FLGJH=;A<GQFG
HM=<=J=?J=K9J.?8KGFFIFC;D8E
"<
8II@M<;8KK?<JKFI<9LK?<dJJFJK@==?<:8EdK
I<KLIE
6FEAL>
4UE@@>=2I7
W4U4@@>EM@d6FEAL>
4UE@@>E4UE@@>
=2;47
92?EW4U4@@>EDAEHA9JK=D9KE9FGK;GF
9J=F9:C<8EFE<dJ?8E;JN@K?J8E;/JF
9J;
4U4@@E:;M@
K=;G;IP22DBF:94U4@@E:;
BF:9EA29@IEA27>@;92>M4BF:94@>
A6E=:>.=@9;=DME:J=;GFD9D=X9<=
E=RIMAL=K=;G)E<D8B<J8=@I<N@K?;IP
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
D<JHL@K<NFF;
9;9:9JK=6DWIMA<G7LJ<;LG
5C@HL@;62D22:E:BF:94UE@@E:;>24U92E2
9P>6=4@;96>692>::K42>.=9;9:YD9
?9KGDAF9=FLGF;=KMK9EGKMF9N=D9QDD=?9
EGK9D;9EHG.?<>8JFC@E<N8J8CCLJ<;LG
JFN<:8D<?FD<9PJ8@C
EGJAJ6HD9FL97
;@<5GC8EK66FEAL>
4UE@@E:;4UE@@E:=470
4U429@@E:;K=;9J
/92I@;04U4@@E:;<OG@9:=J:9B9E9J9<CFN
K@;<&@K
D9HD9Q9=KLTK=;90
92?E:>:K;
92I@;4U4@@E:;:9B9E9J=FD9E9X9F9
/:922:EBF:904U4@@E:;<OGH=J<=JK9F?J=
CFJ<9CFF;&@K
K=;9JK=KMK9F?J=2A
4U92:DIE:?E:42E@@I:A:E>2KBF:>>2
:922:EBF:94UE@@E:;>2924I:>>::9 D
N=F9<G:MJ9@=JA<GFG>M=EMQD=BGK+=J<AY
EM;@9K9F?J=QK=EMJAY.?<@EALI<;DLC<
;<<I;@;EdK>F=8I
#KCFJK8CFKF=9CFF;8E;
;@<;
::4A92I@;4U4@@E:;=PLJ9NA9<G=F:9B9E9J
KI8GG<;9PCFNK@;<2?@224@>::4A92I@;
4UJ2E:;'9H9F?9K==PLJ9NAYHGJ;9MK9<=D9
E9J=9:9B9.?<9F8KN8JKI8GG<;9PK?<CFN
K@;<
4U4@@KAM@d6FEAL>
4UE@@KA4UE@@K@A:>
4UE@@K@A@;4UE@@K@A@=427
92?E4U4@@KA
J=K:9D9JJC@GJC@;<JB@;
,6A6:E66=4@>4@9AE27A92DEK@9E2IBF:>
>2I6A6BF:9:E24=4@>:E:92?E4UE@@KA
E@44@?E:J2!MA9D9HD9Q9QLAJVMF9HA=<J9
QK=J=K:9DYHGJD9KMH=J>A;A=<=DE9J#N<EK
KFK?<9<8:?8E;K?I<N8IF:B8E;@KJB@GG<;
FEK?<JLI=8:<F=K?<J<8
L=F=JMF9>GJE9
;GF<=;DAF9;AYFK=N=J9?8M<8J?8IG;<:C@E<
@E@KJ=FID
4U4@BF66?M;;9FL9JD9[DLAE9;9F;AYF=FD9
>A=KL9<=D9HM:=JL9<<=D9EM;@9;@9J@E>
C8JKJFE>F=K?<>@ICdJGL9<IKP=@<JK82?E
D7::E22>2AJ66DEBF:;2?@4@@DBF:;4UE@
BF66?>24@@:E4@A4UJ@A2K=2I FD9
E9X9F9=D;9FL9FL=;9FL9D9[DLAE9;9F;AYF
<=D9>A=KL9<=HM:=JL9<QD9;9F9KL9DD=F9<=
;GK9KK==;@9KG:J==D:9AD9<GJ#EK?<DFIE
@E>K?<J@E><IG<I=FIDJK?<C8JKJFE>F=K?<
GL9<IKP=@<JK88E;K?<98JB<K=LCCF=@K<DJ@J
K?IFNEFM<IK?<;8E:<I
6FEAL>
4UE@
BF66?<K:
70
C8<EKI8;8GI
4@4BF66?
:4@BF66?JF9C89J[DLAE9;9F;AYF<=D9
>A=KL9<=HM:=JL9<<=D9EM;@9;@9C8JKJFE>
F=K?<>@ICdJGL9<IKP:<I<DFEP
4U4@BF66A6M@J=;A:AJ9QM<9<=J=;A:AJHJGL=;
;AYF<=I<:<@M<?<CG=IFDI<:<@M<GIFK<:K@FE
=IFD664BF:;9:A:964@BF66A692(A
@AB9J=;A:=EA9QM<9'P;8L>?K<II<:<@M<J
?<CG=IFDD<
6FEAL>
4UE@BF66A6
4UE@BF66A6E:>4UE@BF66AE4UE@BF66AE@=
427
4U4@BF66EIM;J=?J=K9J9I<KLIEKF2E22A
BF:996J@BF66EI/=F?G;9L9JJGGLJ9N=R
'AL DEG;GE=@9J=?J=K9<G#?8M<8:FC;
8>8@E
&@K
.?<DL:LJ?8JI<KLIE<;KFD<
6FEAL>
4UE@BF66EI<K:
70
C8<EKI8;8GI
4BF66EI
dJJLAD9EM;@9;@9IM=;=D=:J9D9K=?MF<9
>A=KL9<=HM:=JL9<K?<>@ICN?F@J:<C<9I8K@E>
K?<J<:FE;GL9<IKP=@<JK8
4U4@K24=4M@H9J9JK=<=HMFL9KH9J99D;9FR9J
9D?GJK8E;FEK@GKF<JKFI<8:?JFD<K?@E>
224@4@A:J2E924>@@D?::A@4;K2?@E2A
>292?E:D::42E224UE@K24=4:E2E2I=92?E
:J@@42#9:W9MF;9J9H9;@G<=;9?M9E9=F
=DL=;@GQK=H9JY<=HMFL9KQDG:9BY.?<I<
N8J8J<8KLIKC<J?<CCFEK?<IFF=8E;?<
JKFF;FE?@JK@GKF<J8E;>FK@K;FNE
6FE
AL>
4UE@K24=44UE@KM42=BF:>4UE@K24=
4@;4UE@KM42=42>708I
4U42K24=4
4U4@K24=I
4U922:4@E0
C8<EKI8;8GI
422:4@E
4U924M7@;4J?M=JJ=JG<=D9;D9K=ETKN9DA=FL=
9I8M<JKB@E;F=N8II@FI
4U9242A?:;JJLAG8JAFA;AG<=MF9;9F9KL9;GF
=DFM<GK=F;ADDG9<>@EE@E>F=898JB<KLJ@E>
K?<J@DGC<BEFK
<
4U4242A?:;4242A?:;
4U924@22E0
C8<EKI8;8GI
4U424@22E
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4U92:DI8;A@=JA<GHGJLAJGG>D=;@9@EALI<;9P
9LCC<KFI8IIFNA<DGCF92A4U92:DI
E:?E:42=DN=F9<G:MJ9@=JA<GK?<@EALI<;
DLC<;<<I0
92>M44U92:DIK=X9D<=
@MEG
4U92AMD:E:>JJLAG8JH=JKGF9IM==K;JV<MD9
>T;AD<=K=J=F?9X9<9>LCC@9C<G<IJFE<
4U422D:E:>=F?9X9J
U92D:0
C8<EKI8;8GI
,2A:;U92D:
4U92D:E@I0
C8<EKI8;8GI
4@4D:E@I
4U92E2I42JJLAG8J
J9Q9<G
JKI@G<;;A=JLGH9DG<=DBM=?G<=
H9DGK=K;GF<A<GKeP9HAB
;99FD9Ef:<IK8@EJK@:B=IFDK?<
?@;;<EJK@:B>8D<aO8G@A
:88EC8Db0
C8<EKI8;8GI
4E2IK
4U:424@22E0
C8<EKI8;8GI
4U424@22E
4U92E2I42
4U:429:E20
C8<EKI8;8GI
429QE2
4U:429KM40
C8<EKI8;8GI
42K224
4U:4@@D0
C8<EKI8;8GI
:4@@D
4U:4@@IBF:>0
C8<EKI8;8GI
4@@IBF:>
4U:92422:D42?0
C8<EKI8;8GI
42422:D42?
4U:9::4@EJGFJd0
::4@EDM?9J=FLJ=;GK9K
::44U:9::4@EDM?9JKAFEM;@G=KH9;AG=FLJ=
<GK;GK9KGC8:<N@K?FLKDL:?JG8:<9<
KN<<EKNFK?@E>J 422DA@;4@>92A2DA@;
92?@@42;BF:94@@A2BF:;::44U:9::4@E924
2?@4@@>:92 DDTHAR=KLT=FLJ==DDA:JGQ=D
N9KG.?<G<E:@C@J9<KN<<EK?<9FFB8E;K?<
>C8JJ
4U:9::92EM@@IIN=JW<A;GK=JD9N=J<9<9<KIL<
9<K?<KILK?*22I4U:9::92E:92 KD9N=J
<9<#KdJK?<KILK?
6FEAL>
4UE:9::92E
4UE:9::92E:>4UE:9::92E;4UE:9::92;2>76 K
AJJ=?MD9J=FIM=FGK=HJ=K=FL9=DHJ=>ABG
e;
fFGEAF9DAR9<GJ<=KMB=LG#K@J@II<>LC8I
@EK?8KK?<GI<=@Oa:bJL9A<:KEFD@E8C@Q<I
;F<JEFK8GG<8I
70
4U429::92E;J==J
4U:9::>2EK=JE=FLAJ9
K::I4U:9::92EN=J<9<KILK?>22>E:?E:42
K::IBF:9:E:4U::E@>924K::I4U:9::92E
K:>92292'GIM=<A;==K9EMB=JFG=KD9
N=J<9<1?8KK?8KNFD8EJ8PJ@JEdKK?<
KILK?
4U:9::>2EM@@IIK=JE=FLAJ99<8C@<UD:
9::>2EBF:992I:9>@@4E2.A=FLGIM=N99
K=JE=FLAJ9#K?@EB@KN@CC9<8C@<
6FEAL>
4UE:9::>2E4UE:9::>2E:>4UE:9::>2E;
4UE:9::>2;2>70
4U:9::92EK=JD9N=J<9<
K::I4U:9::>2EE=FLAJ9
4U:9::?J
HD9Q=JG
:D9F;GJ8E;<IC@E>
68C@;I@J8C987
HD9Q=JG9DR9;GDAL9
JGFKK<;J8E;G@G<I
6:K@K@JD8:LC8I@87
4U:9::?
*C
4U:9::K2
8C@;I@J8C98
4U:9::?0
C8<EKI8;8
GI
:9::?::BF:4U:9::?924
U:9::? A2?KIMFDM?9J;=J;9<=+MFL9.9J?=F
LG8GC8:<E<8I*LEK8-8I><EKF&@K
<GF<=
=DHD9Q=JG;GJJAY<4A2?KI
4U:9::A6d0
C8<EKI8;8GI
BF::A60
422D@=
K::I::44U:9::A6BV;GL992=QE:;:K:::44U:9::A6
9KHAJAF9E=<A;AF9H9J9<GDGJ<=;9:=R9
:L422KI=::44U:9::A6E=<A;AF9H9J9D9LGK
:BF:9:>K::44U:9::A6MF;9J9;GDK::I::4
4U:9::A6E=<A;AF9
4U:9::K40
C8<EKI8;8GI
BF::K4
4U:9:>240
C8<EKI8;8GI
4UBF:>24
4U:9:>E0
C8<EKI8;8GI
BF::>E
4U:9:D=:EIJF9C=KIMAF9AFL=JAGJ
@EJ@;<:FIE<I*C
4U:9:D=:EI
4@;<BF:D=:EI0
:9:D=:EI
=KIMAF9=PL=JAGJ
4U:9:D=:EI
4U:9QE0
C8<EKI8;8GI
BF:E
4U:9:E20
C8<EKI8;8GI
BF:E2
4U:9:E2:0
C8<EKI8;8GI
BF:E2:
4U:9:J2E0
C8<EKI8;8GI
BF:J2E
4U:9:JMI0
C8<EKI8;8GI
4@4JMI
4U:9:J2I:0
C8<EKI8;8GI
4J2I:
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4U::920
C8<EKI8;8GI
4@92
4U::?:>0
C8<EKI8;8GI
BF::?:>
4U::AIU=:>0
C8<EKI8;8GI
42AIU=:>
4U:>20
C8<EKI8;8GI
4@92
4U:>::A60
C8<EKI8;8GI
BF::A6
4U:?D::?0
C8<EKI8;8GI
4@4D::?
4U:AM90
C8<EKI8;8GI
BFQ9
4U:A2E;JF9CD9<GJ@;<*C
4U:AME2=42<
4A2E;0
4U:A2E;BF:94UL4@;@K9F<9J<=
D9<G9:K664A4U:A2E;=PL=JAGJ
9224@4U:A2E;H9J=<=PL=JF9<=D9;9K9
<OK<IE8CN8CCF=K?<?FLJ<*C
9224@4@:
4U:AME2=42
dJCF:DM?9J9DD9<G<=GC8:<KFK?<J@;<F=
4U:AP0
C8<EKI8;8GI
BF::
4U:BF66A:E:>0
C8<EKI8;8GI
4UBF66A:E
4U:BF::A2I:>0
C8<EKI8;8GI
4UBF::A2I
4U:E?:JF9CH=J;MLGJ=@I@E>G@E<BF:E?:
4U:J22:=JF9CHJG>MF<A<9<;<GK?J<4J22:=
0
I6A64@>:E:4U:J22:=HJG>MF<A<9<<=D
E9J
4U:JM42A@;0
C8<EKI8;8GI
4@@4A
4U:J2>EIU0
C8<EKI8;8GI
4@>EIU
4U:J2?222:;0
C8<EKI8;8GI
4@?222:;
4U:J2IA0
C8<EKI8;8GI
4@@IA
4U:J2IBF:>0
C8<EKI8;8GI
4@@IBF:>
4U:J2K2;JF9C;9:9DD=L=;9FLG;GEG<=E=K9
I@;><<;><8JF=K89C<*C
4U:JMK2=4<
4@@K2;
92:4U:J2K2;HGKA;AYFH9J=B9;GFJ=KH=;LG9D
NA=FLG<M<EGFJ@K@FEN@K?I<JG<:KKFK?<
N@E;
4U=6=0
C8<EKI8;8GI
K6=
4U>::920
C8<EKI8;8GI
>::924@92
4UBF66;0
C8<EKI8;8GI
24EM>4U42::
4UBF66>60
C8<EKI8;8GI
92?EBF:42EI
4UBF66>:;MKKG:J=H9K9JJLIG8JJ2E22:
4>2D@=BF:992E22:4@@IABF:94U:92K::>
9244U:J66>:;'9L=D99E9JADD9KG:J=H9K99
D9L=D9:D9F;9=FKM:=DD=R9.?<P<CCFN:CFK?
JLIG8JJ<JK?<N?@K<:CFK?@E@KJ9<8LKP
6?:>BF:9K::I422:D42?:92@4UBF:9
::D42?BF:92?IU4UBF66>:;:92 DE=L9D=K
<MJG KEM;@GETK<MJGIM=D9E9<=J9
'<K8C@JJKIFE>
#K@JDL:?JKIFE><IK?8E
NFF;
6FEAL>
4U:E66>:;4U:E66>:=:>
4U:E2E@@>6=4@;4U:E2E@@>6=2>7
4UBF66>EM:9:JAJH=BHD9LG;9B9FG<E
<
>
9FNC9FO.:IBF:D::=BF:9I::422?
:422:2?@J2::BF:;4U:E66>E:J@@9:E D
FAXG9:JAY=D9RM;9J=JGQ;GEAY=D9R[;9J
.?<:?@C;FG<E<;K?<JL>8I9FNC8E;8K<K?<
JL>8I
6FEAL>
4U:E66>E4U:E66>@K:>
4U:E66>=24U:E66>;U44U:E2E@@>;U@;
4U:E2E@@>=@;4U:E66>=@;7<BF::>E
9:JAJK=
:?=4UBF66>=29:JAJD9KE9FGKFG<EFE<dJ
?8E;J.::I:E::4@@9:E4@A:?=4U:E66>=2>2
92?EE29;::EJ@EMA@=BF:>M9F<G9:JAYKMK
E9FGK=DHD9LGK=;9QYQK=IM=:JY1?<E
J?<FG<E<;?<I?8E;JK?<;@J?=<CC8E;
9IFB<
4UBF66?:>M;JG;A9J;@9HGL=9J;GF9D?G=F
;GK9KJGC8J?N@K?JFD<K?@E>FEK?@E>J
,:42BF:K::=E24@:92>EA242?@
4@9AJ66?:> ;@VLA=JJ9=F=KGKFAXGK#
K?I<N;@IKFEK?FJ<:?@C;I<E
6FEAL>
4UE66?:><K:
76'9KH=JKGF9K9>=;L9<9KK=
=PHJ=K9F;GEG;GEHD=E=FLG<=9FG.A=K
KAF?MD9JK=MK9;ZIMAAFAE.?<G<IJFEJ
8==<:K<;8I<<OGI<JJ<;8JK?<:FDGC<D<EKF=
8EF
#=J@E>LC8I:YHL@@E@D@JLJ<;
70
C8
<EKI8;8GI
4UBF::?:>
:BF66?:>JF9C89J;9JLM;@G<==K;GH=L9
J?FK>LEJ?<CC
4UBF66A:EMK
;GEH9J9J:FDG8I<>::BF6
BF:9:E@;4@:K::IBF:942?@;E22I29
4U:>66A:EGEH9JYDGKGBGK<=MF9H=JKGF9
;GFMF9DAFL=JF9-?<:FDG8I<;K?<<P<JF=8
G<IJFEKF8C8EK<IE
<9J<=;GE=J;GEA<9
9MF=F>=JEG=<<;=FF;KF8J@:BG<IJFE
.::I92A29:EBF:94@9D66A:E2929JV<=
;GE=J9D=F>=JEG#N@CC>@M<K?<=FF;KFK?<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
J@:BG<IJFE6FEAL>
4U:E66A:E4U:E66A:E:>
4U:E66AE7
96964UBF66A:EE=<AJD<8JLI<696:E:
:4@@9:E:>4@>96964@9D66A:E:>2921GQ
9LGE9JD9E=<A<9<=D9E=K9#8D>F@E>KF
D<8JLI<K?<K89C<
::D2I4@>4UBF66A:E;GFL=EHD9JMF9<=;A
KAYFN<@>?8;<:@J@FE&@K
E=<AJKM=KHWJA
LM[#::D2I4@>4@?E66A:E_#9KH=FK9<G
=FLM<=;AKAYF"8M<PFLK?FL>?K89FLKPFLI
;<:@J@FE
4U:BF66A:E:>JF9C89Jd0
2?@
4U:BF66A:E:>;THKMD9H9J9;9JLM;@GK
:APA:E:>JF9CG8Jd0
K::IK::I:APA:E:>
;AFL9EVLJA;99696K::I:APA:E:>J=?D9<=
E=<AJ
4UBF66DJ2EM@;8KJ=?9D9J;GEGHJ=;AGHGJD9
FGNA99D9>9EADA9<==DD9G8P8J89I@;<
GI@:<6?>9224?:K@4@9AJ66DJ2EI@4@:
2?IU@@429422:=9:>>:::4G<GLVMFJA>D=
H=JGE=<AB=JGFIM=LG<9NW9>9DL9FEM;@9K
;GK9K#G8@;8I@=C<8J89I@;<GI@:<9LKK?<P
KFC;D<K?8KD8EPDFI<K?@E>J8I<E<<;<;
6FEAL>
4UE66DJ2E4UE66DJ2E@;76 DG:B=LG
J=?9D9<G=K=D;GEHD=E=FLGAF<AJ=;LG.?<
>@=K@JK?<@E;@I<:KF9A<:K
7
:BF66DJ2EJF9Cd0
K::I:BF66DJ2EH9?G
HGJ=D;9K9EA=FLG
4UBF66E:M@;8K=KL9J9DJ=<=<GJKF9<8IFLE;
2?E>22@@4A42AI6A6E:?E:4292?E
::BF::A@@I:E2I92?E4@@IA4UBF66E:
E:?E:42A@4@@@I4UD@@E:;4292M9F<G:9B=
D9E9J=9<=#9FLE99GG;HLG<9D99J=F9
IM==KLT9DJ=<=<GJK=N99K=;9J1?<EK?<
K@;<@JCFN8IFLE;"8EKD88FF:G8CCF=
K?<J8E;K?8K@J8IFLE;@KN@CC9<;IP6FE
AL>
4UE66E:7
4UBF66I6E:>M@;8KF=?9J=FLJ=?9JI<=LJ<KF
>@M<LGJFD<K?@E>2D@966I=BF:996
D42K:E@;E22>296E::I4UBF66I6E:>:9
>@9AE4>::?:9@M9F<GE=A:9F9IMAL9JD9
J=<IM=;GEHJVK=D9KF=?MVQHGJ=KGFG
J=?J=KV9;9K91?<EK?<PN<I<>F@E>KFK8B<
8N8PK?<E<KK?8K#9FL>?K#I<=LJ<;KF>@M<
@KLG8E;JF#;@;EdK>F?FD<
6FEAL>
4UE66I6E:>4UE66IE@4UE66IE@=427
92?E4UBF66I6E:>F=?9JAJ9GLJGDM?9J
I<=LJ<KF>FKF8EFK?<IGC8:<
4UBF:4UD2;M;<I=KL9J;GFDGK;G<GK@9;A9
9>M=J99<N@K?K?<<C9FNJFLKN8I;J
[@?E:4UD2;_/A=F=KDGK;G<GK=PL=F<A<GK
FPFL?8M<PFLI<C9FNJFLK6FEAL>
4UE:4UD2;4UE:4UD2;7<:4UDD9H9JL=<=D
:J9RG<GF<==KLT=D;G<G
4UBF:92IU=M;<IMK9J;M;@9J9LJ<8JJGFFE
2DE,2E2?@9AE27A92IU=:?22:=K@
4@9AE:92IU=92I:9J@@D:'D=?MV9#9KL39L
QLGEV9?M9MK9F<GMF9;GF;@9<=9DE=B9#
N<EKKF"8JK28K8E;;I8EBN8K<ILJ@E>8
:C8DJ?<CC
6FEAL>
#EKI
4UE:92IU=
4UE:9MI@=:>4UE:9MI@=@;4UE:9MI@=@=42.I
4U:E:92IU=<K:
7<92IU=9DE=B9
4UBF:9>29;U0
C8<EKI8;8GI
4UBF:>29;U
4UBF:9>2D@=0
C8<EKI8;8GI
4UBF:>2D@=
4UBF:9>2IA0
C8<EKI8;8GI
4UBF:>2IA
4UBF:9>66=M@JGK9>M=JL=;GDGJ9I@>?KG@EB
=L:?J@8[?:4@;::EK@92A24E2AE69A22:
?:>E24UD:9>66=922J2_,MV;GDGJ=K
E=R;DGH9J9@9;=J=DJGK9>M=JL=1?8K
:FCFIJ;F#D@OKFD8B<=L:?J@86FEAL>
4UE:9>66=4UE:9>666=@;76 KL=N=J:GK=
<=JAN9<=MF9>GJE9F=?9LAN9<=DN=J:G
e;@==DfgJGBGh.?@JM<I9@J;<I@M<;?@JKFI@
:8CCP=IFD8E<>8K@M<=FIDF=K?<M<I9
a:?<<CbcI<;d
70
4U429>66=@9;=JJGK9
>M=JL=IA2?22>D4UBF:9>66=MF9D?9
E9JAF9
4UBF::?M@;8K?JM=KGQ;GJLG=8KFIGL;>P8E;
J?FIK.:I4M>4224@;4@>92I4UJ::?@@'9
H=K;9<9=K;GJL9Q?JM=K9.?<>@8EKJ<898JJ
@JJ?FIK8E;=8K
6FEAL>
4UE::?4UE::?:4@=7
4UBF::?M@;8K
LG;9JDA?=J9E=FL=KFL:?
C@>?KCP2E66J29:>4@>4@4>::?:4@=
4>2K;:;:9:E2I)GLGIM=F9IM=DD9:GL=DD9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
HGJIM==KLTIM=:J9<9FEdKKFL:?K?8K9FKKC<
9<:8LJ<@K@J9IFB<E
FGHG<=JJ=KHAJ9J
<=:A<G9MF?GDH=?8M<9I<8K?BEF:B<;FLK
F=FE<9<:8LJ<F=89CFN.2IEBF:D::=E:BF:;
2?IUE2292?D@4UJ::?:4@@92:E4>M K=
FAXGK=@AJAYFGHG<W9J=KHAJ9JQ9KWFGHG<W9
DDGJ9J.?8K:?@C;N8J@EALI<;?8;K?<9I<8K?
BEF:B<;FLKF=?@D8E;:FLC;EdK:IP
6FE
AL>
4UE::?4UE::?E:>4UE::?:4@=76 DG:B=LG
LG;9<G=K=D;GEHD=E=FLGAF<AJ=;LG.?<
KFL:?<;F9A<:K@JK?<@E;@I<:KF9A<:K
7
4UBF::?0
C8<EKI8;8GI
BF::?
4UBF::?:>MKJG;A9J;@9HGL=9J99D?GG
9D?MA=F;GF9D?GJGC8J?JFD<K?@E>FI
JFD<FE<N@K?JFD<K?@E>\2I>69D:?:>
I@`/=NGQ9=;@9J9?M9#8D>F@E>KF
JGC8J?N8K<IFEPFL6FEAL>
4U:E:?:>
4U:E:?=:>4U:E:?=2>7M;4UBF66?:>
:A6?:>JF9CG8Jd0
92DE:A6?:>MF9
HD9FL99FM9D:9A:MJWF
4UBF::A2IM@;8KLJ=H9JKM:AJLJ=H9F<G:C@D9
69642A:J2E924:E:4@?D4>::A2I292
::D6=424@::>22:I2;:92E2I)GKM:9K9D9
;ME:J=<=DTJ:GDHGJIM=D9KJ9E9KFG=KLTF
>M=JL=KFEdK:C@D9LGKFK?<KI<<KFG
9<:8LJ<K?<9I8E:?<J8I<EdKJKIFE>
6FE
AL>
4UE::A2I4UE::A2I:>4UE::AE2;4
4UE::AE2I=4276 DDM?9JKM:A<G=K=D;GEHD=
E=FLGAF<AJ=;LG.?<GC8:<:C@D9<;@JK?<
@E;@I<:KF9A<:K
70
92DE:E:4UBF::A2IMF
;9J9;GDADDG
:BF::A2IJF9C89Jd0
92?E:BF::A2I
=K;9DGF=KK::I:BF::A2I=K;9D=J9K::I:E:
4U:BF::A2I:>=K;9D=J9
4UBF::A?:M;<I:=:=J;GFD9;9J9=F=D9?M9
;I@EBN@K?=8:<@EK?<N8K<I@9AD::A?:
2921GQ9:=:=J;GFD9;9J9=F=D9?M9#8D
>F@E>KF;I@EBN@K?DP=8:<@EK?<N8K<I
/JFHG;G>J=;M=FL=6FEAL>
4UE::A?:
4UE::AK@;4UE::AK@=427<::A?:>J=FL=
4UBF:>24MKH9K9JD9EAL9<G8JJK?<?8C=N8P
D8IB&J66DEBF:;4U:A:>24E296D::7A
42921GQ9DD=?9J;M9F<GD9EAL9<<=D9
>A=KL9@9Q9H9K9<G#8D>F@E>KF8II@M<
?8C=N8PK?IFL>?K?<G8IKP
6FEAL>
4U:EQ>247
4U:9:>24JF9Cd0
K2294U:9:>24
E=<AG<W9:92>@44U:9:>24E=<A9FG;@=
4UBF:>29;UM@JGK9;D9JG;GDGJC@>?KG@EB
696J2AIUEBF:;4UD:>29;U4292'9>DGJ
K=N99HGF=JJGK9HTDA<G.?<=CFN<IN@CC
KLIEC@>?KG@EB
6FEAL>
4UE:>29;U
4UE:>29U=4276 KL=N=J:GK=<=JAN9<=MF9
>GJE9F=?9LAN9<=DN=J:Ge;IMA@BZfgJGBGh
.?@JM<I9@J;<I@M<;?@JKFI@:8CCP=IFD8
E<>8K@M<=FIDF=K?<M<I9a:HL@?AYbcI<;d
7
08I
4UBF:9>29;U0
4U42>29;U@9;=J
;GDGJJGK9HTDA<G
4UBF:>2?M@9JJAE9JK=99D?MA=F6KA=EHJ=
;GFKMB=LGHDMJ9D7:IFN;E<OKKFJFD<
FE<58CN8PJN@K?GCLI8CJL9A<:K62?EA@7::
E2I::42BF:9BF::DE@IBF:9A@@EI@96
A@@K42>92?D@96A:>2?E2IE@::4@9
D;622E:>292(9X9F9KAEM;@9KH=JKGF9K
DD=?9FQK=E=9JJAE9FD9KNGQ9;GJJ=J
.FDFIIFN@=D8EPG<FGC<:FD<LGKFD<8E;
:IFN;D<#8D>F@E>KFJ?FFK?<D8N8P
6FEAL>
4UE:>2?7
4UBF:>2D@=M@9F9J9FB9<GFI8E><:FCFI<;
.::I:D442AI=:>M>A2492E29E>292I
4UJ:>2D@=@@ F;GFLJ9EGK9D?MF9K>JML9K
<=HAL9Q99?JA99F9J9FB9<9K1<=FLE;JFD<
FI8E><:FCFI<;G@K8P88>I@8=IL@K
6FEAL>
4UE:>2D@=4UE:>2D@=:>4UE:>2D=@
4UE:>MD@=2>76 KL=N=J:GK=<=JAN9<=MF9
>GJE9<=DN=J:Ge;E9KGDfg9E9JADDGh.?@J
M<I9@J;<I@M<;?@JKFI@:8CCP=IFD8=FIDF=
K?<M<I9a:D8JFCbcP<CCFNd
708I
4UBF:9
>2D@=0
4U42>2D@=@9;=J9F9J9FB9<G
4UBF:>2IAM@JGK9EMQHTDA<G;GDGJM<IP
C@>?KG@EB.::I:D4@@:=BF:;:E:9E42KI>2
M?4@>92I4UJ:>2IA@@+9JLWMF9K9F<W9Q
=DAFL=JAGJ=J9;GDGJJGK9EMQHTDA<G#:LK
FG<E8N8K<ID<CFE8E;@KN8JM<IPC@>?KG@EB
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
@EJ@;<
6FEAL>
4UE:>2IA76 KL=N=J:GK=
<=JAN9<=MF9>GJE9F=?9LAN9<=DN=J:G
e;GGPHfg:D9F;Gh.?@JM<I9@J;<I@M<;?@J
KFI@:8CCP=IFD8E<>8K@M<=FIDF=K?<M<I9
a:FFOGbcN?@K<d
708I
4UBF:9>2IA0
4U42>2IA@9;=J<=;GDGJJGK9EMQHTDA<G
UBF:>2IA9FL=H9K9<G<=GQGL=$?M9F9
IMA=FEMJAY=F=DE9J8E:<JKFIF=FPFK<
#>L8E8N?F;@<;8KJ<8
4UBF:>:IM@J=HGJL9J=PAKL=F;A9<=?J9F;9FLA
<9<<=9D?GI<GFIK<O@JK<E:<F=C8I><HL8E
K@KPF=JFD<K?@E>6>@?E2;BF:9
4UBF:>:I:92-=HGJLGIM=L=F?GEM;@WKA
EGK;9E9JGF=K#I<GFIKK?8K#?8M<CFKJF=
J?I@DG
)29>66D4@:4@9AJ:>:I-=HGJLV
IM=@9:W9EM;@9KF9J9FB9K#I<GFIK<;K?8K
K?<I<N<I<CFKJF=FI8E><J
6FEAL>
4UE:>:I4UEQ>:I:>4UEQ>E2;44UEQ>E2=427
6 DG:B=LGIM==PAKL==F?J9F;9FLA<9<=K=D
;GEHD=E=FLGAF<AJ=;LG.?<F9A<:KK?8K
<O@JKJ@E>I<8KHL8EK@KP@JK?<@E;@I<:KF9A<:K
7
0
:?J224QE:KI4U:>:IA:AK:D9F;GE9<MJG
:D@;4UBF:>:IH=JKGF9>9F>9JJGF9
4UBF:A2D666;20
C8<EKI8;8GI
4U42A2D666;2
4UBF:A@22IM@AF;DAF9JK=J=;9J?9JK=6;GK9D9J
?97=F9D?GC<8E5CFE>K?@E>68>8@EJK
696:E::4@E::?4@A9224@4@A4UBF:A@22I
:92 DH9DG=FIM=K=K=;9D9;9JF==KLT9HG
Q9<G=FD9;9K9.?<JK@:BFEN?@:?K?<D<8K
@J;IP@E>@JC<8E@E>8>8@EJKK?<?FLJ<
6FE
AL>
4UE:A@22I4UE:A@22I:>
4UE:A@22I@=4270
4U42A222IAF;DAF9J
4UBF:A@4;M;<IJ=;9J?9JK=6;GK9;GJL97=F
9D?GC<8E5J?FIKK?@E>6FEJFD<K?@E>
@9AD:A@4;292(=NGQ9J=;9J?9J=FVD
#dD>F@E>KFC<8EFE@K
6FEAL>
4UE:A@4;
4UE:A@4K:=7<:A@4;=KH9D<90
4U42A@4;
AF;DAF9J
4UBF:A@@E:KIM@=KL9J9DJ=NVKAFN=JLA<G@E
J@;<FLK>224@;BF:9@7:4;BF:94UE:
A@@E:KI>2:J@7:4; DNA=BGK=HMKGD9;9
EAK99DJ=NVK.?<FC;D8EGLK?@JJ?@IKFE
@EJ@;<FLK
6FEAL>
4UE:A@@E:KI4UE:A@@E:
42I=4270
4U42A@@E:KIAFN=JLAJ
4UBF:D;MKJG;A9J;GFHGDNGG;GK9KKM=DL9K
JGI8PJGI@EBC<N@K?;LJKFICFFJ<K?@E>J
,::42:AI2D:92?EQABF:94U92A2D;BF:9
9696K2>:;4@>2?@9E2BF:>>2E22>@::
+MK=D9;9JF=JG;A9<9;GFK9D=FD9;9B9DDW
=KLT#GLKK?<J8CK<;D<8K@EKFK?<9FO
.?<I<
@K@J
6FEAL>
4U:E2D;4U:E2D=424U:E2D=4@;7
M;4@@D;
92:4UBF:D;9N=FL9J?J9FGKN@EEFN&@K
JG;A9J;GF=DNA=FLG
4UBF:E2=9220
C8<EKI8;8GI
BF:E2=922
4UBF:E4@;0
C8<EKI8;8GI
BF:E
4UBFQJ@42M@<=JJ9E9JK=69D?G=KH=KG7FM<I
=CFN5K?@:BJL9JK8E:<622KE@;92>42?@::?
BF:;92?D@4UEQJ@4292?D@9:>@I@A2K=2I
D9LGD=IM==KL9:9=FD9GDD9D9DD=FYQ
<=JJ9EY.?<GFII@;><K?8KN8J@EK?<GFK
9F@C<;FM<I
6FEAL>
4UEQJ@424UEQJ@;427
6 D;GFL=F=<GJ=K=D;GEHD=E=FLGAF<AJ=;LG
.?<:FEK8@E<I@JK?<@E;@I<:KF9A<:K
7
4UBFQJ@420
C8<EKI8;8GI
BF:J@K0
W92?E
4UBFQJ@42KGD
UD64U=2 :>6MFDM?9J=F=DE9J8GC8:<@EK?<
J<8
UD64U=2 J2EHMFL9/GJE=FL9
*LEK8.FID<EK8<:4UD424U=2
=KHAF9KD9J?9K08I
D64U=2
J2E
UD64U=2 ?@@94UMF9:9@W9=F
=KL=DM?9J898P@EK?@JCF:8K@FE
4UD6EJH9DGRGJJADDG8J?IL9@EK?<
:8G<I=8D@CP6K8D@JHL<8
<D8I>@E8K87*C
4UD6E0
:K229@IBF:922BF664EE9<=J9
<=DH9DGRGJJADDG
4UE6AJR9;9L=HD9Q=JGJ?FI<>I8JJ
6@JK@:?C@JC@KKFI8C@J
'FE8EK?F:?CFUC@KKFI8C@J7
4UE6A
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4UK2K?:J?M9;@9HGJAMF9HD9FL9>@8EKJ8E;
9LI6<E:?ILJG8CD<I@708I
4K2K?:
4UK2K?:4224U=
LGJALGLG:GKGMF9HD9FL9
9FM9D;GF=KHAF9K>F8K?<8;GLE:KLI<M@E<
6.I@9LCLJK<II<JKI@J7&@K
e;ZR9RFAf?J9F<=K
-@EXE
966?:=QE966:?@@D;969644@DJ2E
4@D:429@@E2;9<ADDG?M9;@9HGJAMF9
E9D=R99FM9D:FDDFE:F:BC<9LI
628EK?@LDJKILD8I@LD7
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E - e
64@>M9JL9D=LJ9<=D9D>9:=LGK=JA-=HJ=K=F
L9MF9NG;9D9FL=JAGJE=<A99:A=JL9FGJ=<GF
<=9<9 FLIK?C<KK<IF=K?<-<I@8CG?89<K
#KI<GI<J<EKJ8ELEIFLE;<;=IFEKFG<ED@;
MFN<C
6.MFGE:J==F:D@@HL<@@KFD=K
e@=f7
6
19JA9FL=>GFGDY?A;9<=eA
fHGK=KANG<=
L=J;=J9H=JKGF9*?FEFCF>@:8CM8I@8EKF=
K?@I;G<IJFEGFJJ<JJFIa@b19JA9FL=
>GFGDY?A;9<=eA
fN=J:9DAR9<GJ*?FEF
CF>@:8CM8I@8EKF=M<I98C@Q<Ia@b
62242=42BF:9JGFJJGH9:CFK?@E>
\#62242=4@;BF:992E229@;92?EA@7::E2
96*296;U4D@K::EBF669:E2I`DAKL=FKM
JGH9HGJIM=E9X9F9N9EGK9D9AKD9
/A:MJYF!<KPFLI:CFK?<JI<8;P9<:8LJ<
KFDFIIFNN<dI<>F@E>KF.@9LIFE#JC8E;
*C
62242=4@;9J
9M42=42
0
42242=42
N=KLAJ9GLJ9H=JKGF9BF62242=42?M9J<9J
JGH9QGLJ9KHGK=KAGF=K
62294@AJF9CKGFA<G;GEGE[KA;9FGL9
EMKA;9DJFLE;C@B<DLJ@:DLJ@:8CEFK<
.::42=4A24E@44UE@::92I622:@@J2K::>
*22I4>:DK@9E?22:;:9E::IK>2922J::;
I@E@>D:D::?>2:9D::42EI92::9:'GK;9F
LGK<=9D?MFGKHTB9JGKIM==KL9:9F9DDW=J9F
:GFALGK?9JJVMFGH9J9L=F=JDG;GEGE9K
;GL9H=JGE=<9L9FL9H=F9IM=DGKGDL9JV
.?<JFE>JF=JFD<9@I;JK?8KN<I<K?<I<N<I<
GI<KKP
#:8L>?KFE<=FI8G<K9LK#=<<CJF
JFIIP=FI@KK?8K#N@CCC<K@K>F
<4429
0
,2A@@229EGFL9X99DFGJL=<= D
=K=E:GIM=
622;4@AJGFJ
<A=FL=HJ=EGD9J;GDEADDG
:8E@E<KFFK?
*C
622=4
9J
92622;)KI8G8C8
9I8>622;LM;GDEADDG
PFLI:8E@E<KFFK?
NVJL=:J9M<IK<9I8
622;
@4D2C4>22>K@E@44UE::9K:I4M>622=4
A24:A6I=:A@@A=J224@4@A2?:D::BF:>
92E66J6E2I>::7A'D=?YD9EMB=J
E=PA;9F9FGAF<W?=F9IM=N99;GEHJ9J
NVJL=:J9K<=H=K;9<G=;W9IM=D9KN99
HGF=J=FMF@ADGQD9KN99;GD?9J=FKM;9K9
.?<EFE#E;@8E'<O@:8ENFD8EN?F@J
>F@E>KF9LP=@J?M<IK<9I8<8II@M<;
-?<J8@;
J?<dJ>F@E>KFJKI@E>K?<D8E;?8E>K?<D@E
?<I?FLJ<
*C
622=4
0
924>622;NVJL=:J9
<=:9DD=F9
W62=:JN9D=MFL:?<I/JF9J;6=KHKAF
9D9J?<=-G
N@K?FLKC<E>K?<E@E>F=7
62>;U4@>JF9CJ=DTEH9?G<A>MKGJ?<<K
C@>?KE@E>
*C
62>=2
<442>;U
62IBF:;JGFJ@M=KG<=DGW<G<=H=R<8I
9FE<F==@J?6I:42BF:K::=2DE'F:A24
9244U92E@::I6A6:E66=4@>4U92E2K42>
IA22D>@;62I=4A2492E6I6;K::I4U92E?2I
4@;92J2422=2>M9F<GFGKGLJGKDGKFAXGK
=KLMNAEGK=F=D9EHGYD9JDD=?9EGK9D9
GJADD9<=DE9J;GD=;;AGF9EGKDGK@M=KGK<=D
GW<G<=DGKBMJ=D=KDGKHAFL9EGKQBM?9EGK
;GF=DDGK1?<EN<:?@C;I<EN<I<8K8DGF
XC8IN<N<EKKFK?<J?FI<:FCC<:K<;
P<CCFNK8@C8D9<IA8:B<8I9FE<JG8@EK<;
K?<D8E;GC8P<;N@K?K?<D
*C
62I=49J
9262I
62IE4@:JGFJLGBA6.=MK9;GF=DFGE:J=<=D
9F>ALJAYF7;<J<IKD@JKC<KF<
5/J<;N@K?K?<E8D<F=K?<
?FJK
66*?FI8;<E;IFE
:8C@=FIE@:LD*
;@>L<K@8ELD7
)GE:J=KK=?[F=D9F>ALJAYF
4@>:E:?62IE=FH9DG>A=JJG
FE@IFENFF;4@K:62IE=F
922D62IE
;JM;ADDGFE9@KK<I:FE;8C@8
9224262IE=F:9;@9L9FEN?@K<:IL:@CCF
922D62IE=FE=RIMAL=FED<JHL@K<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
)dF;?8DaN8@EFD@bcD<K8CBE@=<d8E;
*@D88AFa>L8@EFD@bc@IFEdN@K?:FE
JFE8EKC<E>K?<E@E>
74@A;M;@ADDGBE@=<
*C
66?:EK@;66?:?EK@;66?EK
dJGFJKM;M;@ADDG?@JFI?<IBE@=<)KI8
G8C89I8>66?:>LM;M;@ADDG
0
BF66?:>
L=F=J;M;@ADDG
66?:>BF::E:;4@ALAHG<=;M;@ADDGB@E;F=
BE@=<&@K
;M;@ADDGIM=K==F;MJN9@9;A9
9JJA:9
966?:>M@K=J<=E=L9D9<D8;<F=D<K8C
&@966?:>ID::D42?292.A=K<=E=L9D
K=JT<MJG#=@K@JD8;<F=D<K8C@KN@CC9<
?8I;
6?:>J9F;@G9;M9;@ALG8:L8:?@KF,8E:?
60F;=JJG;=J;9FGH9J=;=MF;M;@ADDG<=9@W
=DFGE:J=E<8I9P?@CCCFFBJC@B<8BE@=<
?<E:<K?<E8D<
7
66?:>2?:9::A4@A=KLM;@=H9J9;M;@ADDG
J?<8K?=FIBE@=<
<2?:9::A
66?:>M?@BF:E22:;4@AF9N9B9A8:BBE@=<
&@K
;M;@ADDGIM=?AJ9
66?:>4224@;4@AE9;@=L=D8:?<K<&@K
;M;@ADDG?J9F<=
*C
66?EK4224U=
66?:>44MK2;@;BF:9H9JJADD9<=;9JJG>I@CC<
F=:8I&@K
E=L9D=FJ=B9<G
66?:>44MK@=42>BF:9;=<9RGJ@<M<&@K
E=L9D9?MB=J=9<G
<442K@;
66?:>4966=BF:9;G:J=:FGG<I&@K
E=L9D
JGBG,6A62?92?E4U92E6>6969692D4M>
:E24BF:94U92E2K42>66?:>4966=BF:9
2?IU92AI92J@@4>@=42!MAEGK:M;=9F<G
DD=?9EGK9D9IMADD9<=D:9J;GQD=IMAL9EGK
EM;@G;G:J=1<N<EK;@M@E>8E;N?<EN<
>FKKFK?<?LCCF=K?<J?@GN<KFFBCFKJF=
:FGG<I=IFD@K
66?:>4>2D@=BF:9GJG>FC;&@K
E=L9D
9E9JADDG
66?:>4?@@D44@>DAE9=@C<I8JG&@K
E=L9D
J9KHGKG6?:>4?@@D4K@@4@9EM99696
:AM4@E:>4@A4@9E29:E2>2:?@@D44@>
E4@@@J@@>6E:>0KVMF9DAE9H9J9K9;9J
922I2E62IE=F?G:=JF9<GJ9FE
:I<FJFK<9LJ?966;2462IE=Fe@==B9;fFE
a?<<A8:bE:D62IE=FMX9<=?9LGFE
:8K:C8N8:8:@8K::;62IE=FH9DGN=J<=
9RMDFE9CL<G8CFM<I;<6+GKA:D=E=FL=
J=D9;AGF9<G9e@99PLf*FJJ@9CPI<C8K<;KF
a?88OKb
7
62K4@:JR9;9L=<=E9JLJA?G<=E9J
<<C>I8JJ64FJK<I8D8I@E8
N9J8K8D72K4@:92?E
4@>4UA29A2E;4E2I
4UD@@E:;292.=K=;9JT=D
LJA?G<=E9JKAK==PLA=F<=
=F=DKM=DG.?<<<C>I8JJ
N@CC;IP@=@K@JJGI<8;FLK
FEK?<>IFLE;
6 KL=
FGE:J=K=MK9H9J9D9
62K
HD9FL9<=KHMVK<=IM=@9
DD=?9<G9D9HD9Q9.?@JE8D<@JLJ<;=FIK?<
GC8EK8=K<I@K?8J8II@M<;KFJ?FI<
70
92EM>I6A6?:A@@D;I6A6M?J22:=
62K>2E2242;D9E9K?J9F<=K<=R9;9L=<=
E9JC8I><D8JJF=<<C>I8JJ@EK?<J<8
66GIFEVD=DD9=DDGK=DD9K<=MKGHG;G>J=
;M=FL=Q?=F=J9DE=FL=<=HJ=;9LANG?<J?<
K?<PLJ8><@JI8I<8E;><E<I8CCP;<GI<:8
K@M<692E29EI:>2I29J@@>@KSDK=
;J==JA;G"<K?@EBJ?<dJI@:?
692M?@
JMK2=42K::IBF:992?EBF:9:E:E2942>2I
K9KH=JKGF9KKA=EHJ=K=E=L=F=F;M9DIMA=J
9KMFLG.?FJ<G<FGC<8I<8CN8PJD<;;C@E>
664JG8I@AB9<=VD?@J;8L>?K<I
*C
664=2
<=VD664=@;<==DDGK9J
966BF6E
664@;664U=?J9F<=9@>C8I><
0
C8<EKI8;8
GI
4224@;
66;4JGFJ>M=JR9JKI<E>K?
*C
:E@@IU=9J
922;4
08I
::;4
0
::;4BF6>6L=F=J
>DGB=J9
66?:>J
BF:9E=L9D@A=JJGD<K8C@IFE
6+JVKL9EGNV9K=eO9AFGEAfgE=L9D;M;@A
DDGh<=GhG<@9EQe?M9AFGEAfg@A=JJGh<=
HAE9:9BG;GF9D9J?<=&F8ENFI;J<<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
66?:>4BF:9;UBF:99D9E:J==DV;LJA;G
<C<:KI@:8CN@I<&@K
E=L9DJGBG
66?:>4K229@IBF:99;=JGJK<<C&@K
E=L9D
IM=:JADD9
66?:>:>::A=24@>EG@GILJK&@K
DGE9DG
<=DE=L9D6?:>:9J22BF:966?:>:>::A=2
BF:9964UD24@@:I4292DE24::BF:9A::>
:E:>1GQ9IMAL9J=DEG@G<=EA;M;@ADDG
>JGLTF<GDG;GF;GJ9D#8D>F@E>KFI<DFM<
K?<ILJK=IFDDPBE@=<9PIL99@E>@KN@K?
:FI8C
<4>::A=2
66?:>:E:E:4@@:A;4@A:9QGF=L9<9?9
98PFE<K;8>><I&@K
;M;@ADDGIM==KLT
LJ9N=JKG=FD9:9K=
*C
66?EK:E:E:
4@@:A=2>
66?:>:E::9::A4@AE9F?G<=;M;@ADDGBE@=<
?8E;C<
*C
66?:EK@;:E:J22J@=42
<:E:
:9::A422A
66?:>BF::?=2BF:;;9EH9F99<CC&@K
E=L9D
IM=KM=F9
*C
66?:>BF::?=@;
66?:>BF::IBF:;
D9L9:8EK@E:8E&@K
E=L9D;GFN=PG:9D<=:GL=;M:G;M:=L9
G8@C9L:B<K6?:>BF::I:9J22429E2?4=
>2:9AJ@>22:;GEGEA:9D<=LA=F=
@GQALGKFG>MAHGJ=D9?M9'P9L:B<K?8J
ILJK?FC<J@E@K8E;JF#;@;EdK>FKF=<K:?
N8K<I
*C
66?EKBF::I=4-@EXE
922=E:
W@@E:
66?:>BF::I4@::;BF:;D9L9:8EK@E:8E
66?:>BF::I4@@K2=4BF:;D9L9;M9<J9<9<=
N=AFL=DALJGK=@M<>8CCFEJHL8I<:8E&@K
D9L9
;M9<J9<96?EKBF::I=44@@K2=44>22BF::9
A24:9E6I=9696EA242?@
4@9E22:A=2>92IA242?@
9J@@42EGEHJV9D?MF9K
D9L9KFM=N9K;M9<J9<9K<=
N=AFL=DALJGKHMK=MF9K9
=F;9<9MF9QD9KMKVH9J9
LJ9=J9?M9#9FL>?KJFD<
E<N=@M<>8CCFE:8EJGLK8
66?:>BF::I
4@@K2=4
?8E;C<FE<8:?FE<8E;
LJ<;K?<DKF:8IIPN8K<I
>ADG9EA@9;@9QK=D=?9KL9JGFLG<GKDGK
<A=FL=K#LJ<;8=@C<KFJ?8IG<EDP8O<8E;
IL@E<;8CCF=@KJK<<K?
*C
66?:>4?@@D;4
66?:>4?@@D442AE;LAHG<=DAE99F;@9B@E;
F=N@;<=@C<
66?:>4?@@D44@@K2=4LAHG<=DAE99F?MD9J
B@E;F=8E>LC8I=@C<
66?:>4@22E;UBF:9D9LYF9I8JJ&@K
E=L9D
<MD;=
66?:>4@::;4@>LM:G<=E=L9DD<K8CG@G<
&@K
E=L9DLM:MD9J
*C
66?:>4@::=4
66?:>4@@9:EBF:;AETFD8>E<K&@K
E=L9D
IM=;GE=6?:>4@@9:EK@92?E:E2E@I>2
66?:EK@;::4=@;92?E4@>2?@4@@>4@>
E4@@@>2::BF:J::D2IJJ9KLJ9:9=DAETF=F
=DKM=DGQ9LJ9W9H=<9;ALGK<=E=L9D"<
;I8>><;K?<D8>E<K8CFE>K?<>IFLE;8E;
8KKI8:K<;C@KKC<G@<:<JF=D<K8C
66?:>4@@D@E
BF:99D9E:J=N@I<&@K
E=L9D9F?GKLG4@>;D9NGE8@C
66?:>4@@D@E422:E:4BF:9LAHG<=9D9E:J=
B@E;F=N@I<&@K
9D9E:J=KM9N=
66?:>4@@D@E66?>:9272:?BF:99D9E:J=
H9J99E9JJ9JB@E;F=N@I<=FIKP@E>K?@E>J
&@K
9D9E:J=;GFIM=K=9E9JJ9E=L9D
66?:>4@@D@E:E4A66E:;4@>LAHG<=;D9NG
B@E;F=E8@C&@K
;D9NG;MQ9:9K==K;AJ;MD9J
*C
66?EK4@@D@E@;:E4A66E:=4
66?:>4@@D@E4@BF69EBF:9J=KGJL=9D9E:J=
IM=H9J=;=J=KGJL=JGI@E>N@I<N@K?JGI@E>
@E@K&@K
9D9E:J=IM=J=:GL9
66?:>4@BF69EBF:9J=KGJL=JGI@E>&@K
E=L9DIM=J=:GL9
*C
66?EK4@BFP96=2>
66?:>4@D:4@>9?MB9E<<;C<&@K
=KHAF9<=
E=L9D27:4;:?@=E:?E:42M?@J@@4=@;I@
66?:>4@D:9J22BF:9924I:9EM42EI
:92K2A=:>:9J@>M'9KE9F?9K<=D9;9EAK9
K=<=K@A;A=JGFH=JGH=J<WEA9?MB9QFGD9K
HM=<G;GK=J.?<J?@IKJC<<M<J:8D<LEJ<NE
9LK#CFJKDPE<<;C<8E;:8EdKJ<NK?<D
66?:>4@D:2?:4@2294@>9?MB9<=D9B=JAF?9
JPI@E><E<<;C<
0
2?:4@229E@;B=JAF?9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
66?>2?:BF::;:>:92>:K:=:>4@>H9J9:JAK9
J=?DAEHA9H9J9:JAK9N@E;J?@<C;N@G<I
&@K
;GFIM=K=DAEHA9D9H9J9:JAK9
<
42>:K;
66?>2?:BF::;:>K::I4U:>29?2IK4@A
NA<JAGH9J9:JAK9>C8JJN@E;J?@<C;&@K
=KH=BG=FIM=9D?GFGK=@9HAFL9<G
<
4?2IK
66?>9224?:4@>9JE9<=>M=?G>MKADJA>D=
=@I<8ID>LEI@=C<&@K
9J;G<=E=L9D
*C
66?>9224K@;-@EXE
WK::I:4@@IBF:>
66?>9224?:4227KIJA>D=9MLGETLA;G8LKF
D8K@:I@=C<&@K
>MKADJTHA<G
66?>9224?:K::I:E42AE;JA>D=
I@=C<&@K
>MKAD;MQ9:9K==K9F;@9
*C
66?EKBF::I=44@@K2=4
66?:>BF::I:E2>@@;BF:E@IBF:;B9JJ9
G@K:?<I&@K
D9L9;MQGD9:AGAF>=JAGJK=
=PLA=F<=
*C
66?EKBF::I=4:E2>@@=4
BFQEJ2;4
66?:>BF::IBF::A2BF:;;9RM=D9;GF9K9G8E
N@K??8E;C<&@K
D9L9;GF;GD9
*C
66?EK
BF::I=4BF::A4@;
66?:>BF:?=MK4@AL=F=<GJ=FIB&@K
E=L9D
;GF<=<GK
66?:>BF:E22>2=42BF:;KGD9H9F9J=?
9JHYF:A>MJ;9<G;GFD=F?\=L9=FIB<;98I9<;
?8IGFFE&@K
E=L9D;GF;M=JFGK
*C
66?:>
BF:E22>2=4@;-@EXE
K:I4M>:9242::E
66?:>BF:I22K4424UDI2;4@>JA>D=
I@=C<&@K
9JE9D9J?96?:>
BF:I22K4424UDI2;42992A4@>@@4U:E2::
I:>::4UE DJA>D=
KAJN=H9J9E9L9J
N=F9<G:MJ9.?<
I@=C<@JLJ<;KFB@CC
DLC<;<<I
66?:>BF:I22K4BF:D:=BF:;;9J9:AF9:8I9@E<
&@K
9JE9H=IM=X9
66?>19JA9FL=<=e==FAEfE=L9DIM=9H9J=;=
=FN9JA9K=PHJ=KAGF=K08I@8EKF=a<<E@Db
D<K8CK?8KF::LIJ@EM8I@FLJ<OGI<JJ@FEJ
66?>2?:422DA@;BF:;;TE9J9>GLG?JT>A;9
:8D<I8&@K
E=L9D=FIM=MFG<A:MB9
*C
66?>2?:422DA@=42
<422DA@;-@EXE
WK::I66?>2?:422DA@;
66?>2?:BF::;:>4@A=KH=BGD@IIFI&@K
E=L9D=FIM=MFGLA=F=NAKL969692D4M>
E:?E:422IU= :9@>:E:4UD@@7:?E22>2
4E2>E:4@A66?>2?:BF::;:>K::BF:
:E29::K2E>2::BF::J@422:;M9F<G=D:9J;G
A:9<=H9KG9 D=K=E:GIM==K=@GE:J=D=
=FNAYK=X9D=K;GFMF=KH=BGQ=D:9J;G
;9E:AY<=<AJ=;;AYF@9;A9=DHM=:DG1?<E
K?<J?@GN8J>F@E>KFG8JJ9PC<J<D9F
HL<N@K?FLKJKFGG@E>K?8KD8EJ@>E8C<;N@K?
8D@IIFI8E;K?<J?@G:?8E><;@KJ:FLIJ<
KFN8I;K?<M@CC8><
*C
66?EK2?:BF:E@::=
42>
<BF::;:>
66?>9224?:
66?>9224?:966BF64@>HAKLGD9G@JKFC&@K
>MKADH=IM=XG
66?>9224?:966BF62?::9@>4@>HAKLGD=J9
?FCJK<I&@K
;GFL=F=<GJH9J9HAKLGD9
0
2?
::9@>
66?>9224?::92422E4@>;=JJGBG<=>MKAD
EG<=JFG9FCKF=9FCK8:K@FEI@=C<&@K
;GF
IM=K=9JJ9F;9MF>MKAD
<4422E
66?>9224?::A2AE2I4@><=K9JE9<GJ
<=KLGJFADD9<GJJ:I<N;I@M<I&@K
;GFIM=K=
<=K9JE9MF9JE9<=>M=?G
*C
66?>
9224K@;:A2AE2I
<BF:A@I
66?>9224?::A=4@A=D=N9<GJ<=;9JLM;@G
<=DJA>D=J?<CC<C<M8KFIF=I@=C<&@K
D=F?M9<=D9JE9
66?>9224?::E244@>;9XYF<=>MKADI@=C<
98II<C&@K
@M=KG<=D9JE9
66?>9224?::EIBF:;;MD9L9<=>MKADI@=C<
JKF:B&@K
F9D?9K<=D>MKAD
66?>9224?:J29@>EIUBF:;EAJ9<=9JE9<=
>M=?GI@=C<J@>?K
<429@>EIU=F<=J=R9J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
66?>:4229:E4@>9FRM=DG=@J??FFB&@K
E=L9D;GFIM=MFGH=K;9
*C
66?EK:422:E@;
<4229:E
66?>:422E;BF:;E9JLADDG?8DD<I&@K
E=L9D
;GFIM=MFG?GDH=9
*C
66?EK:422E2=:>
<
422E;
66?>:4@EMK:E24@>HAFR9KKN<<Q<IJ&@K
E=L9D;GFIM=MFGH=DDAR;9
<4@EMK:E2
66?>:924D:AI2BF:9KGD<9<MJ9JFC;<I&@K
;GFIM=K=H=?9E=L9D
<424D:AI2
66?>:A2K:I4@>K=JJM;@GH9J9E=L9D
?8:BJ8N&@K
;GFIM=K=;GJL9E=L9D
<
BF:K:I
66?>:A6>E4@>HA=<J9<=9>AD9JN?<KJKFE<
&@K
;GFIM=K=DAE9E=L9D
<BF::>E
66?>:E::4@@D?:4@>H9JJADD9>I@CC&@K
E=L9D
=FIM=MFG9K9
<4@@D?:
;QA;9EH9E=FLG=FD9AKD9/A:MJYF<=K<==D
;M9DK=N=:A=F=DH9FGJ9E9@9;A9=DG=KL=
:8DGFE.@9LIFE#JC8E;=IFDN?@:?FE<?8J
8G8EFI8D@:M@<NN<JKN8I;J
66?>924@22K;BF:9;9<=F9:?8@E&@K
E=L9DLJ=FR9<G
*C
66?>924@22K=42
<
424@22K;
66?>92A@;4@>H9D9F;9:9JJ9:IFN98I
98I&@K
H9DG<=E=L9D
0
92A@;H9DGH9J9
=K;9J:9J
66?>92A@@:?BF:9;9:D=:89C<&@K
E=L9D
LGJ;A<G
<42A@@:?
08I
66?:>92A@@:?
66?>92I22K24@>:9D9LAJG9LCC<K&@K
>D=;@9<=E=L9D
*C
66?>92I22K4
66?>92I22K24>@E;UBF:9HDGEGC<8;&@K
:9D9:D9F<9
66?>92I22K2:?22:=4@>;9KIMADDG9LCC<K
:8J@E>9LCC<KJ?<CC&@K
;TK;9J9<=D9:9D9
66?>92I22K42?@J2::4U422:D42?4@>;9B9
<=LAJGK8DDLE@K@FE9FO&@K
;GFL=F=<GJ
:A=FL9H9<G<GF<==KLTFDGKLAJGK
<2?@
J2::
66?>92IU=4@A
;M;@9J9JGFFE&@K
9DE=B9
<=E=L9D@M=KGE9PAD9J<=H=RD8O@CC8IP
9FE<D8O@CC8F==@J?
*C
66?EK92I@=@;
66?>:4224=@;4@>;AF;=D:?@J<C&@K
E=L9D
;GFIM=MFG;GJL9
<4224E:>
F - f
722722@EK<IA9KWK=9JF9<@K6FL=;=<=MF9
<=;D9J9;AYFHJG>VLA;9GMF9H=LA;AYF9D9DMF9
FM=N9*I<:<;<J8GIFG?<K@:JK8K<D<EKFI8
I<HL<JKKFK?<E<NDFFE
70
::BF:42722
<=K=9J:M=F9KM=JL=
766=BF:;JH9LG<=;GDD9JD8CC8I;6E8J
GC8KPI?PE:?FJ7
*C
766=@;
74@>,MAFL9D=LJ9<=D9D>9:=LGK=JA-=HJ=
K=FL9MF9>JA;9LAN9:AD9:A9DGD9:AG<=FL9D
KGJ<9 @=K?C<KK<IF=K?<-<I@8CG?89<K
#K
I<GI<J<EKJ8MF@:<C<JJ9@C89@8CFIC89@F;<EK8C
=I@:8K@M<
6.MFGE:J==F:D@@HL<@@KFD=K
e@=>=f7
766=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
H - h
9BF:;.=PL9D=LJ9<=D9D>9:=LGK=JA-=HJ=K=F
L9MF9G;DMKAN9?DGL9D-@OK?C<KK<IF=K?<
-<I@8CG?89<K
#KI<GI<J<EKJ8>CFKK8CJKFG
6.MFGE:J==F:D@@HL<@@KFD=K
e@9LR=f7 9HY;GH=<=e@9fGF:FG<F=a?8b
9GI<=M$EH=J9LANG#DG<I8K@M<\@@4E2
`(AJ9,LE\ 9A2?KI`GJJ=,LE08I
=FEFC
:9
0
4ELCF
9GI<=GIFEMQG=F>GJE9KN=J:9D=KLJ9FKA
LAN9K#FEKI8EJ@K@M<M<I9=FIDJ.@9J@?
J22)GL=F?GFAF?MFG;GEGHGK=KAYF#
;FEdKFNE8EP
9J@J22'GL=F?G;GEG
HGK=KAYF#FNE@K
08I
=FEFC
:9
0
9A
919JA9FL=>GFGDY?A;9<=e@A
fHGK=KANG<=HJA
E=J9H=JKGF9*?FEFCF>@:8CM8I@8EKF==@IJK
G<IJFEGFJJ<JJFIa?@bA<DGCF9@J24;EA
@=JE9FGEA@=JE9F9DPJ@9C@E>
9GI<=M)GEAF9DAR9<GJ<=G:DA;MG)9C@HL<
EFD@E8C@Q<IA<DGCFJ>:9:D:=LMFAX=R'AL
;M9F<G=J9KH=IM=XGPFLI:?@C;?FF;&@K
N?<EPFLN<I<JD8CC:922A=LA=EHG>JWG
'AL;M9F<G@9;=>JWG:FC;N<8K?<I&@K
N?<E@K@J:FC;:9272:?;GFIM=K==FNM=D
N=N@K?N?@:?@K@JNI8GG<;
0
FMDG9:
J
928LO.=MK9<=KHMVK<=;A=JLGKN=J:GK=F=D
>MLMJG.=;9E:A99e9f;M9F<GDGKA?M=D9
H9D9:J9e@9fK=N=J9;AYF/J<;8=K<I:<I
K8@EM<I9J@EK?<=LKLI<
#K:?8E><JKFa8b
N?<EK?<8==@ID8K@M<NFI;a?8b=FCCFNJ@K
:E2BF:;D@>42A;@6692E66>6(AE9<J=
<ABGIM=FG;@AKE=9J9'PDFK?<IJ8@;K?8K
FE<J?FLC;EFK>FJJ@G
2?E92D22:E92
E:?E:42E::I422A=:92'F:4MA@E2K@922
A::;ID>2922A=292#9;=>JWG=F=D;9EA
FGHGJ<GF<=N9EGK9H9K9J DIM=LA=F=
;@9IM=L9FGN99K=FLAJ>JWG#K@J:FC;FEK?<
IF8;K?8KN<8I<>F@E>KFKI8M<CFE
1?F<M<I
?8J8:F8KKFN<8INFEdK9<:FC;
0
292
K=N=J9;AYF
92>I8D$F<A;9=F>GIM=;GFLJ9KLANG=FMFHJG
FGE:J=#E;@:8K<J:FEKI8JK@M<=F:LJFE8
GIFEFLE
#692>29?K2IULAL==KLGQ
@9:D9F<G#dDK8CB@E>KF3)/
0
29GLJGK
;GFL=PLGK
92>I8D$F<A;99K=N=J9;AYFKA?M=9MF9>J9K=
FGEAF9DKAF<=L=JEAF9FL=GMFN=J:GFGEA
F9DAR9<G#E;@:8K<J;<:C8I8K@M<=FCCFNJ8
EFLEG?I8J<N@K?FLK;<K<ID@E<IFI8EFD@
E8C@Q<;M<I9
2IK966BF692 KMFH=JJALG
#K@J8GLGGP
@@D:92 KLT;9FL9F<G-?<@J
J@E>@E>
08I
=FEFC
:92GX:FG<9
0
292K=N=J9;AYF
92GI<=M)GEAF9DAR9<GJ<=KMB=LG=FN=J:GK
H9KANGKFGF=?9LANGK-L9A<:KEFD@E8C@Q<I
FEG8JJ@M<EFEE<>8K@M<M<I9JA<DGCFJ
92A29:EDGIM=K=;GE=N?8K@J<8K<E92
D2?;IMA=FK=DD=N9=FD9=KH9D<9N?F@J
:8II@<;FEK?<98:B
0
4:*LJGK
FGEAF9DAR9<GJ=K<=KMB=LG
92GI<=GIFEJFM=KLJGFM=KLJ9FM=KLJGKFM=K
LJ9KKYDG9FL=K<=eQfFLIFECP9<=FI<
aPbA<DGCF92J2?@A=4FM=KLJGKHMXGK
FLI=@JKJ
0
9:
92GI<=GIFEMFGKGLJGKFGKGLJ9KKMB=LG<=
HJAE=J9H=JKGF9HDMJ9DN<=@IJKG<IJFE
GCLI8CJL9A<:K2E4>2=I+G<=EGKAJ1<
:8E>F
92GI<=J:KGDMLGKAFHGK==<GJ=PHDW;ALG
9JFCLK<N@K?FLK<OGC@:@KGFJJ<JJFI6 KD9
>GJE9IM=K=HJ=K=FL9;GFLVJEAFGK<=H9J=F
L=K;G;MQ9KJ9W;=K=EHA=R9F;GF;GFKG
F9FL=K9<=ETKK=HJ=K=FL9;GFKMKL9FLANGK
IM=J=>A=J=F9H9JL=K<=D;M=JHGH9J9AF<A;9J
9:KGDMLG9[FKAKMKJ9W;=K=EHA=R9F;GF
NG;9D=K.?@J@JK?<=FIDK?8KF::LIJN@K?
B@EJ?@GK<IDJN?FJ<IFFKJ9<>@EN@K?:FEJF
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
E8EKJ@K8CJFF::LIJN@K?9F;PG8IKEFLEJKF
@E;@:8K<89JFCLK<<M<E@=K?<@IIFFKJ9<>@E
N@K?MFN<CJ
7A<DGCFJ92=QE;9:=R9<=MFG
FE<dJ?<8;9227F9JAR<=MFGFE<dJEFJ<
924@@>6@=JE9F9E=FGJ<=MFGFE<dJ
PFLE><IJ@JK<IF=D8E
08I
=FEFC
922
0
92A6
9228LO.=MK9<=KHMVK<=EM;@GKN=J:GK>AFA
LGK=F=D>MLMJG.=?MA<GHGJD9H9D9:J9e@Af
LA=F<=9AF<A;9J9D?G<=AFK=?MJA<9</A=F=
9;=FLGHJGKY<A;G/J<;8=K<ID8EP=@E@K<=L
KLI<M<I9J
FCCFN<;9PK?<JL==@Oa?@b@K
K<E;JKF@E;@:8K<JFD<B@E;F=LE:<IK8@EKP
"8JGIFJF;@:8::<EK[ ?D2E:4A2?922J2
_19K9LJ9:9B9JI<PFL>F@E>KFNFIB
9AD2E:4A2?9229:2=II294@@4:9AI@
>2E:4A2?E2I1GQ9LJ9:9B9JHGJIM=@9;=
EM;@GIM=FG@=LJ9:9B9<G#8D>F@E>KF
NFIB9<:8LJ<#?8M<EdKNFIB<;=FI8CFE>
K@D<
9228;MGI<G9DDWK?<I<2?@22K@922>@42
92DDWNA=F=MF9H9F?9.?<I<:FD<J8
9F8K
0
9224224@E9J;9JH9J9K=X9D9J
IMAVF=K=D<M=XG922422942F=;=K9JAG
922424@>T;AD9224>24@<A>W;AD922
4UL4227AKM>A;A=FL=
922M@@IId1V9K=L9E:AVF=DN=J:Ge;@99f
gK=Jh-<<8CJFK?<M<I9a:?88bc9<d
5FE
AL>
E22E22E:>E22;E22;2>7)KI8JG8C8
9I8J:>2FGEAF9DAR9;AYF<=KMB=LGF=?9
LANGQKAF?MD9JJ@E>LC8IE<>8K@M<JL9A<:K
EFD@E8C@Q8K@FE:>;FGEAF9DAR9;AYF<=KM
B=LGF=?9LANGQHDMJ9DGCLI8CE<>8K@M<
JL9A<:KEFD@E8C@Q8K@FE
0
:E:4@92H9K9J
KM;=<=J92?EE:?E:429TTI29E22>2=F
9D?MF9>=;@9<=D9XG
2?IU922@=JAJK=HA=DQ;9JF=D9KLAE9JK=
;GJL9JK=@EALI<FE<J<C=JB@E8E;=C<J?:LK
FE<J<C=62?IU:>;:92)GFGK;GJL9EGK
1<;@;EdK:LKFLIJ<CM<J><K?LIK
62?IU
922;:92)GK@=JAEGK1<@EALI<;FLI
J<CM<J
#62?IUD224292/=N9K9@=JAJ
3FLdI<>F@E>KF><K@EALI<;
[6?:>4@A
2?IU4U>:E2_/=@=JAKL=;GF=D;M;@ADDG
@;PFL:LKPFLIJ<C=N@K?K?<BE@=<)KI8J
G8C89I8J2?IU::42;GJL9<9<=MFG2?IU
9::92EA;GJL9<92?IU::9;@;KMK;GJL9<9K
922:I:>2<OGE<>K=JAGHJM<=FL=J<I@FLJ
><EKC<GIL;<EK>::BF6922:I:>2BF:;
4>::BF6M2BF:9492292.::IBF:9BF::D2I
4@@I429J24>::BF6E:920F9H=JKGF9K=JA9
=KMF9H=JKGF9:M=F9-=KH=L99LG<9KD9K
H=JKGF9KJ<I@FLJG<IJFE@J8>FF;G<IJFE
-?<I<JG<:KJ<M<IPFE<
92D29>224@9229N=J?GFR9JK=9N=J?GF
R9<G<D98II8JJ<;<D98II8JJFE<J<C=2
D29>224@9AI@22(=9N=J?GF;V@9;A=F<G
=DJA<W;MDG#<D98II8JJ<;DPJ<C=9P;F@E>
JFD<K?@E>I@;@:LCFLJ
92I922N9DA=FL=9I8M<
0
>@@D?:4E2>
92I:>2N9JA=<9<<=;9?M9E9HJA=L9;GF
;GD9;GJL9
92I922KAF<M<9N@K?FLK8;FL9K&@J22:
M292IJ@>2)G=J9EMQ;9JG#KN8JEdK
M<IP<OG<EJ@M<
EC@@BF:BF:9E::A692I:J2
d?@E:>@K4>22II@D22>:;.M;9EAYF=J9
L9F:M=FGH=JGK=NGDL=YQ9@GJ9=KLT;@M=;G
"@JKIL:BN8JJF>FF;9LK@KN8J=C@GG<;FM<I
8E;EFN@KdJ9<EK
_92IE2>2<OGE<>`GB9DT#N@J?&@@7A
92IE2>2`*B9DTIM=N=F?9#N@J??<
NFLC;:FD< >A@@9:E92IE2>2YE=DG
KAIMA=J=KL=<GQH=JEAKGH=JGFG=KLGQ<=
9;M=J<G!F8?<8;8E;<8K@K@=PFLN8EK#
>@M<PFLG<ID@JJ@FE9LK#dDEFKI<8CCP
?8GGP89FLK@K
9@@I922<OGEM;@GKM>A;A=FL=DL:?
,6A64@>:E@@4E2>>2K:I4M>BF:99@@I
E22I6A6E:4@>2?@E@@>E@44@E@>>2
:>::9E(AJ9:9F9D>GF<G<=DE9JQNA=JGF
IM=@9:W9EM;@GKH=;=K.?<PCFFB<;8KK?<
J<89FKKFD8E;J8NK?8KK?<I<N<I<CFKJF=
=@J?
2AIU=4@@:=BF:99@@IA22922A2::
E2IK::IK@92D4>6I6;292.A@9Q=DGL=K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
?FG<;K?8K_\%II29E2>2`*B9DT#?FG<
JF
@II@22:D<OG9KW=KFB8P
K::I@@D2>2429<OGE<>`FG@9Q;GK9
A?M9D.?<I<dJEFK?@E>C@B<@K
KT922=PH=JAE=FL9JH9K9J9MF9H=JKGF9
<OG<I@<E:<?8GG<EKF8G<IJFE[.T>:E2
_,MVL=H9KY1?8K?8GG<E<;KFPFL
KT@9229DANA9JK=9<KK<I?<8CK?N@J<
@DGIFM<@E?<8CK?[.T@>:E2_/=9DANA9K
L=@;PFL><K9<KK<I.T@9:>292)G
E=9DANAV#;@;EdK><K9<KK<I
.T@92>2(=
9DANAV#8D9<KK<I
::42JF9C89Jd
0
2?IU::42;GJL9<9
E9?MDD9<MJ9@=JA<9HA=DQ;9JF=
::92JF9Cd[.Q>;U4::92J2_MTF<G
KM;=<AY1?<E;@;@K?8GG<E
92AE4::92<OG@9;=EM;@GLA=EHGCFE>
K@D<8>F
@I4U::929:K24<OG@GQ=F<W9EFN8;8PJ
K::I92AE4::92BFQ>2KI2=DIM=;M=FL9
@AKLGJA9KJKFIPK<CC<I
:>2JF9CE<>d
0
>@@D?:4E2>92I:>2
N9JA=<9<<=;9?M9E9HJA=L9E9;@G
9228;MGI<Gd
922I29 PHJ=KAYFKAFK=FLA<GEMQ;D9JG
OGI<JJ@FEN@K?FLK8:C<8ID<8E@E>
\22
I29::7ABF:9E29MENI@2`MTFL9KN=;=K
DD=?9'P?<JLI<:FD<JF=K<E*C@@BF:
E:?E:42&65C@BF:9922I299AJ@@>@KI@
4@9AEMD:9A>@?222:;J=W9IM==K=;9
EAYF=J9=D<=+=<JGH=JGE==IMANGIMVQ
J=?J=KV#K?FL>?KK?8KKIL:BN8J*<;IFdJ9LK
#N8JD@JK8B<E8E;JF#I<KLIE<;
\22I29
E::A69:E2:>M>A24:??22:; ?=4@:92?D@
J@966=`,MV:M=FGIM=EAE9ETK9;YHMDH9
<=D9>JML9<=;9;LG.MK<=<GK=KLTFE9F
;@9<GK<=JGBG"FNE@:<K?8KDPDFK?<I
J:FFG<;LGK?<:8:KLJ=IL@KGLCG"<I=@E><IJ
8I<JK8@E<;I<;
422DA@=424@:92IAE:?@
J27:?429292IK@922I29E@@>>2
9>6I=GEGLG<GKDGKDTHA;=KH9J=;W9F
KM>A;A=FL=KFGN9EGK9;GEHJ9JETK#=
K?<I<8I<<EFL>?<8IJF=:FIEN<8I<EdK
>F@E>KF9LPDFI<
\@@I@@D22\@@I@@
D22`9KL9EFL>?
::92K::;922=F>=JE9JK=@=JAJK=9<:FD<
J@:B@EALI<FE<J<C=[.T::92::;922J2
_YF<=K=@AJAY1?<I<;@;?<><K?LIK
::92K::;:>2<OGE<>K9FG?<8CK?P&@K
FG
=KL9J:A=F;GFDGIM=LA=F= :92K::;D2>2
4292199K9F9J-?<@J>F@E>KF><KN<CC
:92422E@=9229F<9J=FH=DA?JG9<@E;8E
><I#::BF6EBF:9:92422E@=I@22E:>/M
FAXG9F<9=FH=DA?JG3FLI:?@C;@J@E;8E><I
#@I:>2:92422E@=:9AI@22Q=JQG9F<9:9
=FH=DA?JG3<JK<I;8P#N8J@E;8E><I
<
92422E@=H=DA?JGKG=F=DK=FLA<GE9DVNGDG
:>::A=2922=KL9JEM=JL96H=JKGF97;<8;
5G<IJFE6;@<5G<IJFE6 >::A=2::92BF:9
92?EE2K@>::>6#9;=MF9XGIM=EMJAY
-?<;@<;8P<8I8>F
>::A=2D2>24292)G
N99EGJAJ-?<@JEdK>F@E>KF;@<
<
4>::A=2E9DGJGLG9JJMAF9<G
:>:>@K:E:922@9;=J=F;GFLJ9<=KMNGDMF
L9<;F8>8@EJK?@JN@CC 4229:E:9J@>2>K@
I@9:>:>@K:E:92E29AJ@@E2I)GIM=JW9AJ
9H=K;9JH=JG>MA=F;GFLJ9<=EANGDMFL9<#
;@;EdKN8EKKF>F=@J?@E>9LK#N<EK8>8@EJK
DPN@CC
<BF:>@K
>::K;A22E2>::K;E22>2<OG;GJJ=;L9
E=FL=:A=F:FII<:KCPN<CC#::K;A22E296
?D22>I292=:=K<=;WJE=DG
;GJJ=;L9E=FL=3FLJ?FLC;K<CCD<:FII<:KCP
#::K;E22>296:J22>I(=DG<ABG
;GJJ=;L9E=FL="<KFC;D<:FII<:KCP
66?;
4@>92I6229::I2;429>::K;A22E2
:4@66?;:9E4>M9@'9?MAL9JJ9LA=F=MF
KGFA<G>M=JL=QFGHM=<GLG;9J:A=F.?<
>L@K8I?8J8CFL;JFLE;8E;#:8EdKGC8P
N<CC
@ID2>2I@<OGE<>HGJKMHM=KLGIM=FGF=
:FLIJ<EFK
@II29E2>2_<OGE<>GB9DTIM=c@K@J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92242=2JJG;9=FIM=K=EM=D=FN9AF9K<=
E=RIMAL=9<;IF:BDFIK8ILJ<;=FI>I@E;@E>
D<JHL@K<GF;J
*C
92242=@;
0
4292242=2
@9;=JDM?9JH9J9EGD=JN9AF9K<=E=RIMAL=
A?M9D=KLGEVKYDGMFG-@E:<K?<G<E:@CJ8CC
CFFB8C@B<#KFFBALJKFE<
\2IK@922I29
A::9E242>;4`/J9=;M9DIMA=J9<==DDGK
I@E>N?@:?<M<IFE<F=K?<D2?E:92?=
42AI24@:92I922I294U:>::>;4.::IK@
4@224NE2J2MEHDAY'ALLJ9=DGKLJ=AFL9
9XGK;GEGKAFF9<9KAFHJG:D=E9K-?<
I<8:?<;&@K
9I@E>JK?@IKPP<8IJF=8><
N@K?FLK8EPGIF9C<DJ
92219JA9FL=>GFGDY?A;9<=e@9
f:KGDMLG
KAFHGK==<GJ=PHDW;ALG*?FEFCF>@:8C
M8I@8EKF=9JFCLK<N@K?FLK<OGC@:@K
GFJJ<JJFIa?8bA<DGCF9227F9JAREFJ<
922::4@924E9J;9D8IB[22::4@A24:E:
:E22942_'=HMKGKME9J;9@;J?<GLK
?<ID8IBFE@K<922424@
922?:?:?:?:@EK<IA`QAF<A;9F<G<GDGJ
)L:?/JFEMB=J=K
922@I:J2@EK<IA9@KW9@GJ9J=;M=J<GF?P<J
EFN#I<D<D9<I
92229@EK<IA PHJ=KAYF<=9<EAJ9;AYFGKGJ
HJ=K9MK9<9HGJEMB=J=KOGI<JJ@FEF=8;
D@I8K@FEFIJLIGI@J<LJ<;9PNFD<E
2229\E2K::>:9`,MV:GFALG"FN:LK<
2229J@@\92AE4@I@@K42>`*@DD=?9
JGF)?K?<P8II@M<;08I
92229J@@
92240
C8<EKI8;8GI
922492A2DAI
92242BF:;J:9;@9L9MF9J:MKLG=KHAFGKG
N?@K<:IL:@CCFCFK<9LJ?64@Q@G?LJF9KLJ@=FC@8
N9J:8E<J:<EJ7-@EXE
I::42:>M>4@@A@=
2242224@;'F:9 ?@@94U
MF;9EH9E=F
LG=FD9AKD9/A:MJYF8:8DGFE.@9LIFE
#JC8E;&@K
=FK=F9<9<=D9:9;@9L9?J9F<=
MF;9EH9E=FLG9DFGJL=<="M9QE9K8
:8DGEFIK?F=!L8PD8J
22422?E2IMFDM?9J<GF<=K==F;M=FLJ9
9?M9<MD;=Q:9;@9L98GC8:<N?<I<=I<J?
N8K<I8E;CFK<9LJ?8I<=FLE;
2242 ?@@94UMFDM?9J9DFGJL=<= D=K=E
:GIM=8GC8:<EFIK?F=C<J<D9FHL<&@K
=FK=F9<9<=D9:9;@9L9
92242=2
92242EJG8I89JKG:JAFGKG:JAF9@ABGG@AB9
<=D9@=JE9F9<=D@GE:J=E@<:<FIE<G?<N
D8EdJJ@JK<IdJ:?@C;
0
C8<EKI8;8GI
224
9224>@;J;9J?9IM=K=9L9:99DGKH9DGK
eA;GG;9BZf=FMF9:9DK9:8I>FK?8KN8JK@<;
KFK?<a@:FF:8AYbJK8B<J@E8I<<;9F8K
9224?:4@>JGFJ89J9J;GH9J9>D=;@9K9FN
=FI8IIFNJ2E2;42?@92EIE@@A4>292?E
D7::E22>29224?:BF:9E:I66=6J@>::A6
,M=<9EGKMF9FG;@==F+GRG
GQGL=Q=D9J;GFGKAJNAY=FD9E9
X9F99;9MK9<=D9F=:DAF91<JG<EK
8E@>?K8K*FQFFPFK<8E;K?<9FN
N8JEF>FF;@EK?<DFIE@E>9<:8LJ<
F=K?<=F>
*C
9224K@;
<4224?:
=F;GJN9<G)KI8G8C89I8J224?:KM
9J;G
0
4J224?:L=F=J9JE966?>
9224?:9JE9<=>M=?G9224?:
4@L442IKLG;9J=D9J;GHM=KLGKG:J=
<GK;9F9KL9K;GEGAFKLJME=FLG
EMKA;9D9224?:4@L4422:;9LJ9=J
9224?:
N=F9<GGDA=:J=HGJEGN=J=D9J;G
9224?::I22K2>D=;@9<=9J;G
9224@4@AJ=<A>A;AG;9K99L@C;@E>?FLJ<
*C
9224UE)KI8JG8C89I8J92A24@;9K9<=
MFGJ224@KM;9K9
0
4224@;GFKLJMAJL=F=J
;9K99224@42>2L=F=JHG<=J=KHAJALM9D
;GEG<=:JMBG:4296>6;9224@LA=F<9<=
;9EH9X9)66A@=224UEDM?9J
9224@4@@A@=;9K9<=;9JLYFF=?JG?FLJ<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
N=F<=?9KGDAF9
<4UBF:E2=922BF:E2=
922
9224@:929:K2;4@>NA?9D9L=J9D<=;9K9
?FLJ<9<8D&@K
;GKLADD9AF>=JAGJ<=D9;9K9
9224@:92A@@:?4@AHM=JL9<=D9;9K9;FFI
F=K?<?FLJ<&@K
;GFIM=K=;A=JJ9D9;9K9
*C
9224UE:92A@@:=BF:>
<4A@@:?
9224@::4@EE:?E:42;9DD=JKI<<K&@K
DM?9J
=FLJ=D9;9K9
*C
9224UE::4@E2;
9224@::>24@AHG<=J<=D:JMBGGFN<IF=
J?8D8E
<9224@42>2
D8;<F=9C8:BK8IG8G<I&@K
;9K9F=?J9
9224@M?2?:422E2IHAKG=CFFI&@K
=FIM=
MFG9F<9=FD9;9K9
*C
9224@2?4@;2?
:422E2I
<42E2I
9224@2?92?E:BF::;4@AD=LJAF9FLK?FLJ<
&@K
;9K9=FIM=MFGK=KA=FL9
<BF::;
9224@2?:42I22A4@A@GL=D?FK<C&@K
;9K9
=FIM=MFGH9K9D9FG;@=
*C
9224@2?
:42I22AE:>
9224@2?:4@422:E2I4@AHJAKAYF;TJ;=D
GI@JFEA8@C&@K
;9K9=FIM=MFGK=E=L=
*C
9224@2?:4@422:E2I=42
<4@422:E2I
4@422:I
9224@2?@92A2DA@;4U:424@22E4@A=K;M=D9
J:?FFC&@K
;9K9=FIM=MFG=FK=X9;GF
H9H=D
<4U424@22E
9224@2?@:4@@9:E:>4@AJ=KL9MJ9FL=
I<JK8LI8EK&@K
;9K9=FIM=MFG;GE=
<
4@@9:E
9224@2?@-@@K:92E@=644@AA?D=KA9:?LI:?
&@K
;9K9=FIM=K=GJ99AGK
<-@@K
42E@=64
9224@4>@BF66AEBF:92?@J22:E:4@A
@GKHAL9D?FJG@K8C&@K
;9K9=FIM==KLTF
9;GKL9<GKDGK=F>=JEGK
<4@@:E:4@@>
9224@92966>K24@A;9K9LJ9<A;AGF9D@=;@9
<=G;GLADDGK=EA;ADWF<JA;9KI8;@K@FE8CJ<D@
:PC@E;I@:8C?FLJ<D8;<F=F:FK@CCF&@K
;9K9
=F;GJN9<9@9;A99:9BG
<42966>?
9224@92966>K2
9224@:DIMA924L=;@G<=D9;9K9HGJ>M=J9
IFF=F=K?<?FLJ<&@K
;GJGFADD9<=D9;9K9
9224@:E66?924=FLJ9<9<=D9;9K9;FFIN8P
&@K
9:=JLMJ9<=D9;9K9
9224@:E:J22:A;4@>NA?9?FLJ<9<8D&@K
DGIM=VDHGF=9LJ9NVK=FD9;9K9
<422:A;
9224@KBF:;JLJV:GD9?JAG
JFLI:CFM<I6'<C@CFKLJ
@E;@:87
9224E:>0
C8<EKI8;8GI
4424E:>
224UE'F66=42>MFDM?9J=FD9
;GKL98GC8:<FEK?<:F8JK
9224@K
&@K
;9K9KNA=B9K
9227JGFJ89JF9JAREFJ<
0
C8<EKI8;8GI
::7
9227?:;JGFJ89JN=FL9F9<=D9F9JAREFJKI@C
0
C8<EKI8;8GI
::7?:;
9229@EK<IA PHJ=KAYF<=KGJHJ=K9OGI<JJ@FE
F=JLIGI@J<
W9M294UJIMAVFN?FHL<JK@FE[M294U
D::E2IBF66J2_,MAVFN99AJ1?F@J>F@E>
KF>F/JF9J;-@EXE
BFQ:9
9229:E0
C8<EKI8;8GI
4229:E
9229;@;J89JGC=PLJ=EA<9<=K<OKI<D@K@<J
0
C8<EKI8;8GI
::92
9229@4@>E:?E:42J;9EAFGIF8;229@
9:A:?E:42E::IBF:A244@4>::A=2929229@=
42>BF:94K@@IU4E2?E:42E KL=;9EAFG=K
=DH=GJ<=DGK;M9LJG.?@JIF8;@JK?<NFIJK
F=K?<=FLI
*C
9229@=42>)KI8G8C89I8
J29229@KMN=J=<9
224@29@@IA66BF6MFDM?9J=FD9AKD9
/A:MJYF8GC8:<FE.@9LIFE#JC8E;&@K
;9K9
:D9FIM=9<9H=IM=X9
<429@@IA
9224@92D22:E:2?@4U:BF:E2=922E:>4@A
?9KGDAF=JW9>8JJK8K@FE&@K
;9K9<GF<=K=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9CFF;:8D<FLK8E;:CFKK<;
*C
922:E
I2A;2>
922:I8;MGI<G)GLA=F=K=FLA<G;D9JGF<JEFK
?8M<8:C<8ID<8E@E>
0
922:IBF::;:>
=KL[HA<GLGFLG922:I4ULBF::;:><M<9J
922:I:>2922HJM<=FL=
922:K;JJLAG8JDGIM=>M=EGDA<GN?8KN8J
D8J?<;
*C
922:K:=:>
<4BF:K;
922:K;EGDA<G@=;@G<=>JML9<=;9;LG
;G;A<GD8J?D8;<F=:FFB<;:8:KLJ=IL@K
922:K;4966=>JML9<=;9;LGEGDA<9;G;A<9Q
@=;@9=F:GD9KD8J?<;8E;:FFB<;:8:KLJ
=IL@KD8;<@EKF98CCJ
922:K;4@@IAEGDA<G@=;@G<=D9KK=EADD9K
<=>JML9<=;9;LGD8J?<;8E;:FFB<;:8:KLJ
=IL@KJ<<;J
0
4@BFP922:K;K9DK9<=;@AD=
922D:DE;922:K;LVE=<A;AF9D@=;@G<=@GB9K
<=E=RIMAL=EGDA<9K2?E22:K;;9EH9
E=FLG=FD9AKD9.9F KL=:9F;=J;9<=+D9Q9
D9!J=A<=J992DE922:K;;=E=FLGK::I:AI2D:
922:K;;@GJARG;9JF=EGDA<9
W922:K@;BF:;J?9NADTFH=K;9<GJFJGI<P
6*8E;@FE?8C@8<KLJ7/JF9J;-@EXE
D::A@;
W922;BF:;J;9J<=F9DJGBGI<;:8I;@E8C
68I;@E8C@J:8I;@E8C@J7-@EXE
EK:424E@;
0
2DE22;DM?9J9DFGJL=<="M9QE9K
922;@@9:EBF:;MF9HD9FL98GC8EK&@K
DG
IM==D;9J<=F9DJGBG;GE=
<BF:9:E
922;4JGFJ89J>M=JR9JKI<E>K?22;4:96>6
4@A9:A:BF::4A4J2:J@@4J@.=<A;=IM=D9
>DGB=J9=K=D=F=EA?G<=MFG#K@JJ8@;K?8K
C8Q@E<JJ@JFE<dJ<E<DP
0
C8<EKI8;8GI
::;4
922;U44@>JEGJ=F9DFI8P6!PDEFK?FI8O
KHH'LI8<E8KHH7*C
922;U4
08I
I6A6?@922;U4
922;U44@@:=EGJ=F9N=J<=*8E8D@:>I<<E
DFI8P6!PDEFK?FI8O:8JK8E<LJ7
922;U44@@DA@;EGJ=F9HAFL9A<N<CDFI8P
6'LI8<E8C<EK@>@EFJ87
229@'F:92?E 9::AMF;9EH9E=FLG9DFGJ
L=<='9KM=NAL9K8:8DGEFIK?F=&8JL<
M@K8J&@K
<GF<=<=K;A=F<==D;9EAFG
9229@BF:9:E:AE6:9:E::A>MJ;9;AYF=F=D;9EA
FG=FIB@EIF8;
<BF:E:
229@-22?MFDM?9J8GC8:<&@K
<GF<=@9Q
;MJNAL9=F=D;9EAFG
<422?
9229D0
C8<EKI8;8GI
::9D
922:JGFJ89J*;MJJ==F;A=JL9K=PHJ=KAGF=KKM
K=FLA<GFGK=HM=<==KH=;A>A;9J.=KMHGF=
HGJD9>GJE9HDMJ9DIM=K=J=D9;AGF9@AKLYJA
;9E=FL=;GF=DN=J:Ge;99Afg@9;=Jh)::LIJ
@E:<IK8@E<OGI<JJ@FEJ@KJD<8E@E>:8EEFK9<
JG<:@=@<;
#K@J?PGFK?<J@Q<;9<:8LJ<F=K?<
GCLI8C=FIDK?8K@K@J?@JKFI@:8CCPI<C8K<;KF
K?<M<I9a:88@bc;Fd
*I@D<I8G<IJFE8J@E
>LC8I9:922:-<>LE;8G<IJFE8GCLI8C
>:922:K:
0
922:4>:A:<A>W;AD922:
BF:A:>T;AD922:429:A:@9;=J:A=FK9:=J
@9;=J
922:;@;JMF9J9Q9?J9F<=FGA<=FLA>A;9<98E
LE@;<EK@=@<;C8I><I8P
922:>E:>0
C8<EKI8;8GI
4BF:>
922:A;0
C8<EKI8;8GI
422:A;
922:E4@AJK9F?J=9CFF;
*C
922:E=@;
)KI8JG8C89I8J:922:EKMK9F?J=-@EXE
I::42:DI66?@@422A
0
4922:EK9F?JA=FLG
922:E44@@KBF:;;@AF;@==FE9K
;9J9<9;@AF;@=;@MH9K9F?J=
B@JJ@E>9L>:FE<EFJ<9L>
6.I@8KFD8KHH7&@K
=DIM=
JG:9K9F?J=
922:E922KA4@A<AK=FL=JW9
922:E44@@K
;PJ<EK<IP0
922:EBF:9:E:
4@92L=F=J<AK=FL=JW9
922:E92AME2;44@ALM:=J;MDGKAKKL9<I:LCFJ@J
&@K
K9F?J=NGEAL9<9
<BFQE2;4
922:EI2A;G9?MD9;AYF<=K9F?J=;GT?MDG
9CFF;:CFK2I2?IU9:D@;9:9224E:>429
9:922:E9:>@4A2K;4E2?E:42EE4@@@922:E
I2ABF:9J@922M9F<GE=@=JWQE=K9DAY
K9F?J=K=;G9?MDYLG<91?<E#:LKDPJ<C=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
W922>@;2J
:=JJ=F<GJ=?9FLWDGH=8EK<
CFG<GIFE>?FIE6EK@CF:8GI88D<I@:8E87
/JF9J;
*C
922>@=42-@EXE
K::I:EI
4@@IA;JW9<=D9H9DGE99D9:D9F;9:?@:B
F=K?<N?@K<N@E><;;FM<64<E8@;88J@8K@:87
/JF9J;
22>@;2BF:;FLWDGH=MF9=KLJ=DD9=FD9
;GFKL=D9;AYF#9HBEK<CFG<8JK8I@EK?<
:FEJK<CC8K@FE"8GA-@EXE
.::I EI@@IA
922>@;2:922ABF:;>JABGDMF>JABGDKADN=KLJ=
;<J<IK9<8E6*?8J<FCLJ=@C@=FID@J7&@K
LVH9JA<=D9FLWDGH=
922?BF:;JMF99DE=B9;@AF9MF99DE=B9<=
>9F?GJDFFK?*8:@=@:M<ELJ
:C8D6?@FE<=CL:K@=I8>87
\::92I>2D22:K:2926
922?:9J22:4@:96
4UD:E2=9224292E2I
922=ABF:;JH9H9;@=H9H9;@=:GJJ9;@GMF
9J:MKLG=KHAFGKG8NFF;PJ?IL9N@K?JK@==
JG@EP9I8E:?<J6,8E;@8K?LI9<I@7
922=E:BF:;J:9D<=:GL=;M:G;M:=L9G8@C
9L:B<K6=KHHGKA:D=E=FL=HGJE=<AG<=
eO9@DL@Af<=GhG<@9E-G
GFJJ@9CP
K?IFL>?)dF;?8DaN8?CK?@b
7-@EXE
66?:>BF::IW@@E:
922>240
C8<EKI8;8GI
92?E922>24
922>;UBF:;JMFE9?M=Q;GE=KLA:D=AEHGJ
L9FL=8E@DGFIK8EK
<;@9C<:<EKLIPGC8EK
6>8M<JL9J@DGC<O7
.:I4M>K@E>2EI@
>@@D?:K@E>2EI@>2
922>;U
I4>2;::4BF:992?EK@
4@?E:E2EI92DEBF:9
4224@;BF:992?EBF:9:E:E2A>2I
:I22:4@;E2?E:42E:E@K::EI922>;U4@:
:>422EM9F<GFG@9:W9H=K;9<GKFA;9?M9
E9KH9J9;GE=JD9KEMB=J=KA:9F9D9>9D<9
<=D;=JJGQ:MK;9:9FE9?M=Q1?<EK?<I<
N<I<EdK8EP=@J?FIKLIKC<KF<8KNFD<E
NFLC;>FKFK?<98J<F=K?<DFLEK8@E8E;
CFFB=FI:<EKLIPGC8EK
0
K::I922>;U
BF:9:E9H9;@=
22>;U? 92>22I 4296>6MFDM?9J9DKMJ
<=+M=JLG'A:=JL9<8GC8:<JFLK?F=*L<IKF
&@9<IK8;
922>;U4224U=BF:;DGKE9?M=Q=KF9LANGK
ETK?J9F<=K<=D9RGF9K?<C8I><JKE8K@M<
:<EKLIPGC8EKJ@EK?<8I<86>8M<:FCFI8K8
=FIK@=CFI87&@K
e@99EBZf?J9F<=K
922>;UQ:BF:;
E9?M=QALGMF9HD9FL9
=KHAFGK9<=D9>9EADA9<=D9K:JGE=DAT;=9K8
JG@EPGC8EK@EK?<9IFD<C@8;=8D@CP6"<:?K@8
DFEK8E87&@K
HJAE=Je@99EBZfHAX9
G@E<8GGC<6E8E8J:FDFJLJ7
*C
922>;U
Q:
22>;U,6A6'F:E?:MFDM?9J;=J;9<=+M=JLG
'A:=JL9<8GC8:<E<8I*L<IKF&@9<IK8;
922?
Q[<=FE=HGJIM=NGQ9
N=F<=JD9K9DE=B9KIM=BMFLV"<CGD<
9<:8LJ<#8D>F@E>KFJ<CCK?<:C8DJK?8K#
:FCC<:K<;
*C
922?
22?4
HMFL9.9F(A?M=D-8E'@>L<C*F@EK
6 KL9HMFL9K==F;M=FLJ9=FD9AKD9/A:MJYF
DFGE:J=K=<=JAN9@AKLYJA;9E=FL=<=
e@99FfgMF99DE=B9<=>9F?Gh.?@JGF@EK@J
FE.@9LIFE#JC8E;
.?<E8D<@J;<I@M<;
?@JKFI@:8CCP=IFDa?88EbcJDFFK?*8:@=@:
M<ELJ:C8Dd
7?JMHG<=K=JAKIM=NANA=JGF
=F=K9J=?AYF>IFLGF=-<I@JK?8KC@M<;@E
K?8KI<>@FE
22?4-2::;MF:9F;G<=9J=F98J?F8C
22?4 4296>6MF;9EH9E=FLG=FD9AKD9
/A:MJYF8:8DGFE.@9LIFE#JC8E;
22?4&?224@;E9F?D9J<=#99F;"88E:
D8E>IFM<
22?4 J2EHMFL9<=#99F;"88E:*F@EK
22?4,E22D:=KL=JG<=#99F;"88E:
<JKL8IP
22?4,E22D:BF:9 EMFDM?9J=FD9AKD9
/A:MJYF8GC8:<FE.@9LIFE#JC8E;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
P<CCFN9C8:BJGFKK<;
N?@K<F=K?@JK<G8IP
:922AJGFJd
0
922>@;2:922AMF
>JABGDKADN=KLJ=
922AJGFJ89J;GD9K8@C
0
C8<EKI8;8GI
::A
22A22:K:'F:9-2::
922A
MF;9EH9E=FLG=FD9
AKD9/A:MJYF8:8DG
FE.@9LIFE#JC8E;&@K
<GF<==KL9:9FDGK
IM=LJ9:9B9:9F;GF=D>JABGDLVH9JA
922A24@AJNA=FLG<=DFGJG=KL=EFIK?N<JK
N@E;-@EXE
92:E22A2
922A2::4A@9;A9=DFGJG=KL=KFN8I;JK?<
EFIK?N<JK
922A28;MGI<G)GLA=F=K=FLA<G;D9JGF<J
EFK?8M<8:C<8ID<8E@E>
0
922A2
4@@J2>9LJ9N=K9J<=B9J<=;9EAF9JHGJD9
HD9Q9QQ9;9EAF9J=FLA=JJ9
22A222:E4@:.AJAG9FW;MD9-@I@LJF>
-K8I
922A:D4@>J;A?9JJADDG:@>8I<KK<
*C
922A:D0
BF:A:D>ME9J
922A:DM2;A?9JJADDG<=D9>T:JA;9=8:KFIP
D8;<:@>8I<KK<&@K
;A?9JJADDGN=J<9<=JG
922A:D42D2BF:;L9:9;G<=D;GQGL=;<J<IK
KF98::F6(@:FK@8E8F9KLJ@=FC@8(
KI@>FEFG?PCC87&@K
L9:9;GHG<JA<G
922A:D4@@:=BF:;E9JA?M9F9D8I@AL8E8
68EE89@JJ8K@M87&@K
L9:9;GN=J<=
922A:D4@AIUE4@:L9:9;GKF98::F&@K
L9:9;G
KM=DLG
22A:D :9@>MF;=JJG9DFGJ=KL=<=+GRG
GQGL=8DFLEK8@EKFK?<EFIK?<8JKF=*FQF
FPFK<
922A?:JGFJ89J>J=FL=<=D9;9:=R9=FI<?<8;
0
C8<EKI8;8GI
::A?:
922?9@EK<IA)GFGIMA=JG@9;=JDG(F#;FEdK
N8EKKF;F@K
/JFFAXGK
922?;4@>J>D=;@9;GFN=F=FG8IIFNN@K?
GF@JFE
0
422?;UHGF=JN=F=FGKG:J=D9K
HMFL9K<=D9K>D=;@9K
922@?2>BF:;JGFJ89JKGE:J=JG?8K
*C
922@?2EK6+JVKL9EGNV9K=eOGF9EAf<=
GhG<@9EQe:YF9E9f<==M<=N=KAF9D9J?
<=&F8ENFI;J<<)dF;?8DaNFE8D@b
8E;L;<M<a9XE8D8b
7)KI8G8C89I8
::@?2>KMKGE:J=JG-@EXE
WK::I
BF:DI2A292422:I
0
92?2;922@?2>MF
9<GJFGH9J9D9;9:=R9;GFHDME9K
66?:>922@?2>Q=DEG?<CD<K&@K
KGE
:J=JG<=E=L9D
922@?2>::A?::E:422AKGE:J=JG=F>GJE9
<=;9;@M;@9<=;M=JG;GFNAK=J9IM=@9;W9F
DGK9FLA?MGKK=JAK<=/9KLAGL9C<8K?<I:8G
N@K?89@CCK?8KK?<-<I@8E:<JKFIJ=IFD.8J
K@FK8D8;<&@K
KGE:J=JG;GFNAK=J9
922D>2?922@?2>KGE:J=JG<=H9DE9
G8CD?8K
92AIU=:DE;922@?2>KGE:J=JG;GF;GH9
9DL9?8KN@K??@>?:IFNE&@K
KGE:J=JG
@=;@G<=@GB9K<=E9WR
:4296>6;922@?2>KGE:J=JG<=L=D9:CFK?
?8K
K2>:;J66?922@?2>LAHG<=KGE:J=JG
B@E;F=?8K
922@?2>:9227:?BF:9:9F<9<=DKGE:J=JG
?8K98E;&@K
;GFIM==DKGE:J=JGK=JG<=9
*C
922@?2EK:9227:;2
<4227:?
922@?2>:E?:BF:;;GH9<=DKGE:J=JG:IFNE
F=?8K&@K
@=JFA9ME:ADA;9D<=DKGE:J=JG
)KI8G8C89I8::@?2>:E?:;GH9<=KM
KGE:J=JG
922@EK0
C8<EKI8;8GI
44@EK
922ABF:;JLVH9JA<=DEGFL=N@C;K<G8IP
6*?8J<FCLJ8:LK@=FC@LJ7
0
E66A2C
922A4>2D@=922A4@@A@=922A4@@DA@;
922A4@@IAN9JA=<9<=K9E9JADDGF=?JG
HAFLG:D9F;G<==KL=LVH9JAM8I@<K@<J
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
922AIBF:;JMF;9J9;GD
IL>FJ<KFGJE8@C6.<>LC8
IL>FJ87
922AI:;BF:;J;M=FL9
HJ=@AKLYJA;9@=;@9<=
922AI
;9J9;GD@=;@9HGJDGK
?A?9FL=KGI<?@JKFI@:9<8;
D8;<F=J?<CCD8;<9PK?<
>@8EKJ
*C
922AI2=4
08I
922AIBF:;0
:922AI2;
922AI:;
;M=FL9>@@D?::922AI2;
:TD9FGIM=K==F;M=FLJ9=FD9K
;9?M9E9KK::I92BF:>:922AI2;:TD9FGIM=
K==F;M=FLJ9=FD9K:9DD=F9K
922BF664EJG8I89JKM=?JGGKM=?J9<=D
@GE:J==8K?<I@EC8NFIDFK?<I@EC8NF=
D8E
0
C8<EKI8;8GI
22BF664E
922DJ
4@AE=RIMAL=N<JK<IE?FE<P
D<JHL@K<6*IFJFG@J>C8E;LCFJ8N9J
KFII<P8E8722DBF:9E224@;92?EBF:9:E:
E2A>2IE:9::K2E>2I92?E4@>4@@42.=
HM=<=<=K;9FK9J<=:9BG<=MFE=RIMAL=
;M9F<G=KLT?J9F<=Q<9KGE:J9)E<:8E
I<JKLE;<I8D<JHL@K<KI<<N?<E@K@J9@>8E;
J?8;P
4@>N9AF9<==KL=TJ:GDHV;@AL9
GF;F=K?@JKI<<-@EXE
W9@@9@A2>
0
2D::;@;J9F;@G;=J;9<=9EHG#GGF9
2D:IADM?9JA@922D42>@KNAFGJ9E9
922D4@@:=4@>N9AF9N=J<=<=E=RIMAL=
J=;AVF;GK=;@9<9>I<<E
I<:<EKCP?8IM<JK<;D<J
HL@K<GF;&@K
E=RIMAL=
N=J<=
922D4U4@@E:;4@>N9AF9
K=;9<=E=RIMAL=LG<9NW9
=F=DTJ:GD;IPD<JHL@K<
GF;JK@CCFEKI<<&@K
E=RIMAL=K=;G
922DA@@E4@AE=RIMAL=
BGN=FPFLE>D<JHL@K<
922D4U4@@E:;
922DM?924E=RIMAL9D
D<JHL@K<8I<8
922D2?@4@42K?:4@>NW:GJ9KGJ<9CPI<
JE8B<6.I@DFIG?F;FE9@J:LK8KLJ7&@K
NW:GJ9=F=DE=RIMAL=
22D>@::;MFDM?9J9DFGJG=KL=<= D=K=E
:GIM=8GC8:<EFIK?N<JKF=C<J<D9FHL<
&@K
?JMHG<=E=RIMAL=K
22D E2;MFDM?9J8GC8:<<922D:9:E2;
<GF<=9J<AY=DE=RIMAL=
922D4@AIUE4@:@9JAF9<=E=RIMAL=D<JHL@K<
=CFLI&@K
E=RIMAL=KM=DLG
922D929666;E=R;D9<=@9JAF9<=E=RIMAL=Q
9?M9=FJGDD9<9=F>GJE9;ADWF<JA;9D@OKLI<
F=D<JHL@K<=CFLI8E;N8K<ID8;<@EKF8
KL9LC8IIFCCJ?8G<
<429666;
922D92A22:D>A:J9<=E=RIMAL=<=KHMVK<=K=J
E9KLA;9<G=DE=RIMAL=D<JHL@K<=@9<I8=K<I
K?<D<JHL@K<?8J9<<E:?<N<;&@K
E=RIMAL=
E9KLA;9<G
<BF::D
922D92A2K:?N9AF9K<=E=RIMAL=LGKL9<9K=F
9J=F9;9DA=FL=D<JHL@K<GF;J:FFB<;@E?FK
J8E;&@K
E=RIMAL=LGKL9<G
<BF:K:?
922D92A2K?:;N9AF9K<=E=RIMAL=;G;A<9K
:FFB<;D<JHL@K<GF;J&@K
E=RIMAL=IM=K=
@9?MAK9<G
<BF:K?:;
922D92E::IA4@A:=:A<9<=E=RIMAL=
D<JHL@K<;I@EB&@K
E=RIMAL==PHJAEA<G
<
4E::IA
922D92E@4?:;BF:;:GDAL9<=@9JAF9<=
E=RIMAL=98CCF=D<JHL@K<=CFLI&@K
E=RIMAL=>GJE9<G=F:GDAL9K
<42E@4?:;
922D:92K:?K4@>N9AF9<=E=RIMAL=K=?MF<9
=L9H9D<JHL@K<GF;
J<:FE;JK8><
*C
922D:92KQ?2K@;6.=
;G;AF9:9FD9KN9AF9K
BMFL9K;GF;9JF=QK=
;GEW9F;GEGD=?ME
:J=K.?<GF;JN<I<
:FFB<;N@K?D<8K8E;
922D:92K:?K
<8K<E8JM<><K89C<J
7
<429K:?K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
922D2IBF:;JFA<G<=J9L9FGH9D=J9G8:BI8K
E<JK6(<FKFD8KHH72?EA@7R:E2
A@E22A=4E296922D2IK@9:K2J::;E::I
:9A@42KI922D2?@4@::4@:9692AI
D::BF:>4292(9X9F9L=EHJ9FGNGQ99:JAJ
MFFA<G<=J9L9KFGH9D=J9KQK9;9JVD9KN9AF9K
<=E=RIMAL=8ICPKFDFIIFNDFIE@E>#8D
>F@E>KFFG<E8G8:BI8KE<JK8E;K8B<FLK
K?<D<JHL@K<GF;J
*C
922DE@I
0
K::I
922D2I2?@BF::;J9L9FGH9D=J9
922D2I92?E:92242EIBF:9?GRG>=DA;A<9<
AFP?8GG@E<JJ
0
K::I922D2I922AEIU
>A=KL9K::IBF:9922D2I92?E92242EI;GK9
:M=F9;GEGJ=?9DG
922D2I:4224E:>924I:42>::94@AH9JG
;9J<A9;G?<8IK8KK8:B
<424E:>924I
4>::9
922D;4@>J;9;@GJYF:=BGJWJG@EPC@Q8I;
6-:<CFGFILJD8>@JK<I-
:C8IB@@7
*C
922D=42922D;
22D :72MFDM?9J=FD9AKD9/A:MJYF8GC8:<FE
.@9LIFE#JC8E;&@K
H=FWFKMD9<=DE=RIMAL=
922D:DE;922:K;4@ALVE=<A;AF9D@=;@G<=
@GB9K<=E=RIMAL=EGDA<9KD<;@:@E8CK<8
D8;<N@K?>IFLE;D<JHL@K<C<8M<J&@K
@GB9K<=E=RIMAL=EGDA<9K
<4BF:K;
22D E: 9::AMF;9EH9E=FLG=FD9AKD9/A:M
JYF;=J;9<=D;9EH9E=FLGNA=BGIM=K=DD9
E9:9/9@=BZ;8:8DGFE.@9LIFE#JC8E;
E<8IK?<FC;:8DG:8CC<;.8?<AY:&@K
<GF
<==KLT=DE=RIMAL=
22D E: 9::A J2EHMFL9<=#99K$LA$@AAH
"88J#K@#?@@G*F@EK
22D&@@E2IMFDM?9J<GF<=K==F;M=FLJ9
9?M9<MD;=8GC8:<N?<I<=I<J?N8K<I@J
=FLE;&@K
9?M9<=DE=RIMAL=BGN=F
22D&@@E2I22:=MFDM?9J<GF<=K==F
;M=FLJ99?M9<MD;=8GC8:<N?<I<=I<J?
N8K<I@J=FLE;&@K
HD9Q9<=DE=RIMAL=
BGN=F
22D&@@E'F:A4UMFDM?9J8GC8:<&@K
EV<9
FG;GFE=RIMAL=BGN=F
22D'F:4UDMF;9EH9E=FLG=FD9AKD9/A:MJYF
8:8DGFE.@9LIFE#JC8E;&@K
E=RIMAL=
=KHAFGKG
922DBF:9:A2D:N=F9KJGB9KNAKA
:D=K=F=D=PL=JAGJ<=D9N9AF9
<=E=RIMAL=IM=AF<A;9KM
E9<MJ=RI<;M<@EJM@J@9C<FE
FLKJ@;<F=D<JHL@K<GF;JK?8K
@E;@:8K<K?<P8I<I@G<&@K
DG
9JJM?9<G<=DE=RIMAL=
<
4A2D:
922DBF:9
:A2D:
22D,6A629;::EMF;9EH9
E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;&@K
E=RIMAL=IM=
;9==F=DE9J
922D2?0
C8<EKI8;8GI
922D>2?
922D2IJGFJ89Jd*C
922DE@I
0
C8<EKI8;8
GI
::D2I
0
K::I922D2I922AEIU>A=KL9K::I
BF:9922D2I92?E92242EI;GK9:M=F9
;GEGJ=?9DG
922D;
922D>2?4@>JH=L9L=NFM<EG8CDD8K
22D>2?BF:9E::IJ64EK4@::E22:K:@@IE
:92@>42244@:K:>22:K:92'GKQ9IMAK
@9;=FH=L9L=K'GKK=JAKFGDGK@9;=F.?<
38HL@JD8B<G8CDD8KJ
.?<-<I@J;FEdK
D8B<K?<D
*C
922D>2?
08I
922D2?
922D?2?
922D?2?0
C8<EKI8;8GI
922D>2?
922EJ
BF:;LGJGL=
E9L9;GJ9K9F?J=F
?J9<GMF9J:MKLG
C@D9<I9LJ?6$8KIF
G?8:LE<8K874@:
N9J9K<==KL9HD9FL9
H9J9@9;=J;9F9KL9K
922E
JGC@EKJF=K?@JGC8EK
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
922E:E::I
22E'F:D24MF;9EH9E=FLG=FD9AKD9/A:MJYF
8:8DGFE.@9LIFE#JC8E;6 LAEeIMAKf
g;JM<GhKPD
aHL@JbcI8Nd
7-@EXE
2DE'F:D242?E'F:D24
922I2EBF:;J?G:=JF9<GJ9@=<AGF<ADD9MF
9J:MKLG:I<FJFK<9LJ?6&8II<8;@M8I@:8K8
KM:KHKI@;<EK8K8&
KI@;<EK8K87:E@@:E
4@:92=II29I@;:K:E2I922I2E:J2EA24
:9A224=@;:9A@@KE@;2?@9AD:E@@:E9229:
(=<M=D=EM;@G=DHA=1GQ9IM=:J9J
H9DALGK<=?G:=JF9<GJ9;G;=JDGKQDM=?GE=
E=L=JV=DHA==F=DDWIMA<G'P=FFK?LIKJ8
CFK#8D>F@E>KF9I<8BJFD<:I<FJFK<9LJ?
9I8E:?<J:FFBK?<D8E;K?<EGLKDP=FFK@E
K?<C@HL@;
*C
922I2E2;
22I2E?2IMFDM?9J8GC8:<&@K
9?M9=F
D9RGF9<=@=<AGF<ADD9
22I2E'F:EI::?DGK;=JJGK<=LJTK<=+MFL9
@M=;9K?<DFLEK8@EJ9<?@E;*LEK8?L<:8
22I2E'F:EI::?24UDI2;=D;=JJGETK
9DLG<=DGK;=JJGK<=LJTK<=+MFL9@M=;9K?<
?@>?<JKG<8BF=K?<DFLEK8@EJ9<?@E;*LEK8
?L<:8
922IEBF:;JMF9J:MKLG89LJ?6G?<;I8
8JG<I87
6+GKA:D=E=FL=J=D9;AGF9<G9e=9PLf
*FJJ@9CPI<C8K<;KFa<8OKb7
922IEBF:;J=KH=;LJG
AFK=;LGAFK=;LGH9DG
N8CB@E>JK@:B6+@9KE9LA<9=7
*C
922IE
922IK0
C8<EKI8;8GI
442IK
922IUBF::>@D:>0
C8<EKI8;8
GI
92AIBF::>@D:>
922IE
922J2>BF:;JMF9HD9FL9
=FID8B@E>98JB<KJ6$8KIFG?8:LE<8K87
22E442AIU=4@:92D2;K2?@>::42:>M92
)GK=HM=<=MK9JLGJGL=IM=:J9<ARGH9J9D9K
;9F9KL9K)E<:8EEFKLJ<9I@KKC<KFIFK<=FI
D8B@E>98JB<KJ
922E92D22>:;JGDDG<=
LGJGL=HJ=H9J9<GH9J9
@9;=JD9K;9F9KL9KLJ9
<A;AGF9D=KIFCCF=
C@D9<I9LJ?=@9<IK?8K?8J
9<<EGI<G8I<;KFD8B<
922E92D22>:;
KI8;@K@FE8C98JB<KJ&@K
LGJGL=IM=K=@9=FJGDD9<G
<42D22>:;
922E922:A;4@>;9F9KL9GN9D9<9FM8C98JB<K
&@K
LGJGL=IM=K=@9
@=;@GGN9D9<G
*C
922E922:A=2>
<
922E422:A;
922E922:A;BF:D=:EI4@;
922E922:A;
4@>;9F9KL9
J=;L9F?MD9J
I<:K8E>LC8I98JB<K&@K
;9F9KL9GN9D9<9;GF
=KIMAF9K
<BF:D=:EI
922E92?@@94UBF:;
;9F9KL9=F>GJE9<=
GDD9GFKJ?8G<;98JB<K
&@K
LGJGL=@=;@G
;YF;9NG
*C
922E
922E92?@@94U
92?@@9@;@;
<
42?@@94U
922E92?@@94UBF:9:K;;9F9KL9=F>GJE9<=
GDD9;GFMF9;D9K=<=9K9=F=D:GJ<=GFK
J?8G<;98JB<KN@K?I@D?8E;C<J&@K
LGJGL=
@=;@G;YF;9NGIM=LA=F=LAJ9
22E2IMFDM?9J8GC8:<&@K
9?M9<=D
LGJGL=
922E::BF::IBF:;K9HG
HAFLGI<;JGFKK<;
KF8;6L=F
GLE:K8KLJ7&@K
E9F
;@9<G;GFK9NA9<=
922E::BF::I
K9F?J=F?J9<G
08I
H=J=FF=<=D9>9EADA9<=D9K=M>GJ:AT;=9K8
G<I<EE@8C@EK?<<LG?FI9@8=8D@CP6@K8O@J
8;<EFG?FI8I>PK?8DE@88;<EFG?FI87
22J2>MFDM?9J=FLJ= D=K=E:GIM=Q+GRG
GQGL=8GC8:<9<KN<<EC<J<D9FHL<8E;
*FQFFPFK<
922J@=0
C8<EKI8;8GI
922J@C
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<=KHMVK<=MF9NG;9D!<E<I8CCPGIFEFLE:<;
a8:b=FCCFN@E>8MFN<C
7
924222E:>2AEI4@:H9DGEAL9K<=E9WR
GFG:FIE
<424222E4>2AEI
924222I@;0
C8<EKI8;8GI
442:
924224JG8I89JFA=LGFA=L9@ABGG@AB9<=D9
@AB9<=D9EMB=J>I8E;:?@C;NFD8EdJ
;8L>?K<IdJ:?@C;
0
C8
<EKI8;8GI
24224
92422:;4@>JJLAG8J
RME:9<GJMK9<GHGJ=D
:JMBG9LCCIF8I<I&@K
DGIM=K=@9;=?AJ9J
*C
92422:=4
<
4422:;
92422:?BF:9JJLAG8J
J=;9DEYFN@E;9I<8B
92422:;
&@K
DGIM=K=@9
BMFL9<GH9J9@9;=J9:JA?G)::A42A:E2I
92422:?:9D4@@:9229:22A2BF:9:?E@@:E
I9224@4@A92?D2?:E227:?>2I92=I
I29J22A=E2IM9F<GN9Q99DDGN=JNGQ9
LJ9=JJ9E9KH9J9@9;=JMFJ=;9DEYF#9;=
EM;@G>JWG;M9F<G=DNA=FLG<=DFGJG=KL=
H9K9HGJD9;9K91?<E@KCFFBJC@B<I8@E#8D
>F@E>KF9I@E>9I8E:?<JKFD8B<8N@E;
9I<8B
#K@J:FC;N?<EK?<EFIK?N<JKN@E;
G8JJ<JK?IFL>?K?<?FLJ<
<4422:?0
92D@@>292422:?J9E9<9;GFHJGL=;;AYF
;GFLJ9=DNA=FLG
92422:?92?E92A29E@;J=;9DEYF=F>GJE9
;AJ;MD9J:@I:LC8IN@E;9I<8B&@K
J=;9DEYF
HM=KLG=FD9LA=JJ9
<BF:9E@;BFQ9
W922J@CJ;=JN9LG<=N=F9<G:MJ9=8NEF=
DLC<;<<I6);F:F@C<LJ?<D@FELJ7/JF9J;
6*JA?=F<=K;GFG;A<G
/EBEFNEFI@>@E
708I
922J@=
0
WIA2;:>I
922K4JGFJ89J>J=FL==IFEK
0
C8<EKI8;8GI
::K4
922K:E@;MKd6FEAL>
:E22K:E@;:E22K:E@;7
9229;@;92?E922K:E@;=F>9<GKG9FK?<I
JFD<E2>E::I9229;@;92?E:I22K:E@; K=
@GE:J==KEMQ=F>9<GKG.?8KD8E@JM<IP
9FK?<IJFD<
92?E@@K:E@;922H=JKGF9EGD=KL9<9IM=
LA=F=EM;@GH9J9@9;=JG<IJFEN?F@J9<@E>
9FK?<I<;8E;N?F?8JCFKJKF;F
@@K:E@;J:FDGCd
0
92?E@@K:E@;
42::E:>EGD=KL9J92?E@@K:E@;422:
EGD=KL9J99D?MA=F
922K?:;BF:;J?MAKGJK<N
0
BF:K?:;?MAK9J
922KE@;BF:;4@AJ9LGD=GFII@;><
A<DGCFJI?@@:D922KE@;9LGD=<=LJA?G<=
E9J92AIU=922KE@;9LGD=<=E9WR42KE2K
922KE@;9LGD=<=LJA?G0
BF:KE@;;G;=J;GF
9?M9
9248IK=DD9MK9<G=KH=;A9DE=FL=H9J9DM?9J=K
Q;A=JL9KFGEAF9DAR9;AGF=K<=9;;AYFK?<
<JG<:@8CCPLJ<;N@K?GC8:<J8E;8:K@FEEFD
@E8C@Q8K@FEJ[$@A :>69242?@?E27A
_#9KDD=?9<G9D;9EHGe)GH$AE=f"8M<
PFL>FE<KF8DGa(FG#@D<b K42AI=2
9242?:J@@IBF:>'GE=LAY=FKMKG:9;G
"<GLK?@D@E?@J8IDG@K
\U9:9::>9242?@
4U:A:E22:E292422=:>`%M=?9;GF=KLG
EA=FLJ9KQG<M=JEG*C8PN@K?K?@JN?@C<#
JC<<G>22I4U>:D22?AI924A66K:92?=
:92?=4@@:E@>>69D24@?I@E29249IM=
N9K9J=?J=K9JL=NGQ9<9JIMAFA=FLGKH=KGK
-@E:<PFL8I<>F@E>?FD<#8D>F@E>KF>@M<
PFL=@M<?LE;I<;G<JFJ
2?E9224@BF:9:E:
D::A92492AE4@AE:42E2K@92 DL=JJ=FG
<GF<=N99=KL9JD9;9K9Q9=KLTFAN=D9<G.?<
C8E;N?<I<K?<?FLJ<N@CC9<@J8CI<8;PC<M<C
*C
9246"=F=J9DE=FL=K=HJGFMF;A9e9;f
92422:?92?E92A29E@;
92422:?4@@D4=BF:;MF9HD9FL9;GKL=J99FM9D
GH=J=FF=<=D9>9EADA9<=D9K=M>GJ:AT;=9K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
d8;AH=DA?JGKG=F=DK=FLA<GE9DVNGDG
;8E><IFLJD8C<MFC<EKCPJF
0
92>M4
92422E@=H9<JAFG<==FLA=JJG2?E AKI
2422E@=DM?9JK::492422E@=?9DD9J=L99E=
JA;9F9
:92422E@=d
0
:92422E@=9229F<9J=F
H=DA?JG
2424;=JJG.9F)A;GDTK-8E(@:FCRJ*<8B
924242>2JG8I89JQ=JFGJFE@EC8N
0
C8
<EKI8;8GI
2424M>
92424;0
C8<EKI8;8GI
4424;
9242::E0
C8<EKI8;8GI
442::E
9M42=42JGFJ89JHJGHA=<9<H=JKGF9D=KH=;A9D
E=FL=JGH9G<IJFE8CGIFG<IKP<JG<:@8CCP
:CFK?@E>*C
9M42=4@;0
62242=42KMJGH9
42242=42N=KLAJ9GLJ9H=JKGF9BF62242=42
?M9J<9JJGH9QGLJ9KHGK=KAGF=K
9242=4@JEMX=;9KQ;GK9KJ=D9;AGF9<9K;FCCJ
8E;I<C8K<;@K<DJ
0
92A64E@;92BF664=4
92A6BF6E
9242>2KJG8I89JFM=J9;8L>?K<I@EC8N
0
C8<EKI8;8GI
242>2K
924M?2=:>0
C8<EKI8;8GI
442?2;
9242A2E0
C8<EKI8;8GI
4242A2E
9242A?:;BF:;4@>JJLAG8JL9E9DK8D8C<
&@K
DGIM=>M==FNM=DLGQ9L9<G
*C
924MA?2=42
<4242A?:;
9242A?:;BF:9:E0
C8<EKI8;8GI
J242A?:;
BF:9:E
9242AEIU0
C8<EKI8;8GI
442AEIU
9242E4@>JLA:MJYFLVJEAFG?=FVJA;G
J?8IB><E<I@:K<ID242EE:?E:42E:?K22:E
E2E2II2K::>I6A6M?E:?E:422?4U:922@
924 DLA:MJYFN9<=KH9;AGQK=N=EMQ
:GFALG;M9F<G9F<9=F=DE9J.?<J?8IB
>F<JJCFN8E;CFFBJM<IPGI<KKPN?<E@K@J@E
K?<J<8
*C
9M42E2;-@EXE
WE@9?:
0
9242E:E2492A2A=NVJL=:J9K<=LA:MJYF
=F@=:J9<9K
9242E4>22>BF:;E9FL99J=F=J9J=?J9Q9
<A9E9FL=;@8DFE;JK@E>I8P68JP8K@J
;@GK<ILI87&@K
LA:MJYF@=E:J9
*C
9M42E2;
J8E;:IFKFE6IFKFE:8C@=FIE@:LJ7&@K
J=;9DEYF?JAK-@EXE
>@@D?::E:92E66AI
92422:EKJG8I89J;MX9<G=KHGKG<=D9@=JE9
F9E9QGJ<=D9EMB=J9IFK?<I@EC8N
NFD8EdJFC;<IJ@JK<IdJ?LJ98E;
0
C8
<EKI8;8GI
2422:EK
92422:I0
C8<EKI8;8GI
4422:I
92422:K4@>J89JHGDD=JGJ=?=@J?@E>
JG<8I,::4292?E4AME2=42BF:9>::EI@M2
I@92422:KK@92E4>@@?64K::IK@
92E4>24UE:9@#9:W9EM;@GK;G;@AH=JGFG
DD=NT:9EGKHGDD=JGQFGE9L9EGKFAF?MFG
.?<I<N<I<CFKJF=KI@>><I=@J?9LKN<;@;EdK
?8M<8JG<8IN@K?LJ8E;N<;@;EdKB@CC8EP
*C
92422242>)KI8G8C89I8:422:KKM
HGDD=JG
0
A?224@;92422:KE9F?D=:D9F;G
BF:422:KL=F=J9JHYF
92422:KM2HGDD=JGKAF:9J:9K=@J?@E>JG<8I
N@K?FLK98I9J&@K
HGDD=JGN=J<9<=JG
92422:K:4@D2::HGDD=JGH9J9K9;9J
E=BADDGF=KJG<8I=FIGIP@E>LGDLJJ<CJ0
4@D2::N=J<9<=JG
92422:KE:DE92E66>=2HGDD=JG;GF9JHYF<=D
=KLADGeLAKL@9L==ED9f=@J?@E>JG<8IN@K?K?<
aK@JK?8K<<DC8bK@G
92422=:>0
C8<EKI8;8GI
42422=:>
92422?@;JJLAG8JJ=KAF9<=JJ=LA<9<=e;KAHPf
D<CK<;a:J@GObC8:6.=MK9:9H9J9E9J;9J
D9K>D=;@9KH9J9A<=FLA>A;9;AYFQ<=;GJ9;AYF
/J<;=FID8IB@E>8IIFNJ9FK?@;<EK@=@:8K@FE
8E;;<:FI8K@FE
7<42422?@;0
92>M4
92422?@;K=X9D<=DME:J=
92422AI@>0
C8<EKI8;8GI
42422AI@>
92422D24JG8I89JFA=LGFA=L9@ABGG@AB9<=D
@ABG<=D9EMB=J>I8E;:?@C;NFD8EdJJFEdJ
:?@C;
0
C8<EKI8;8GI
2422D24
92422E2I0
C8<EKI8;8GI
42422E2I
92422E@=JDGH=DA?JGKG=F=DK=FLA<GE9DVNG
DGN?8K@J;8E><IFLJD8C<MFC<EKCPJF
0
42422E@=H=DA?JGKG92422E@=4UL:4@@D
;9F;AYF<=D:JMBGK2>E92422E@=MF9B9A:9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
9242E:>:E22DE4@>E9EYFJ=?;9RYF
J=?LA:MJYFE9EYFJDFFK??FLE;J?8IB
6'LJK<CLJKHH7&@K
LA:MJYFKAF<A=FL=K
*C
9M42E2;:>:E22D2E;
<BF:E22DE-@EXE
K66>;K:AIU=::D@
9242E:?22:=4966=4@>;GDGJ9<ALGJ=?MF
LA:MJYF8J?8IB&@K
LA:MJYF;GFHA=DJGB9
9242E:A2E;24@>9JHYFH9J9LA:MJGF=K
?8IGFFE=FIJ?8IBJ&@K
;GFIM=K=LAJ99
LA:MJYF
<BF:E;2BF:E?:
9242E:DIMA4A2E;4@>LA:MJYFDAEYFLA:MJYF
9E9JADDGC<DFEJ?8IB6(<>8GI@FE
9I<M@IFJKI@J7&@K
LA:MJYF;GF;GJGFADD9
9HD9KL9<9
9242E:E22;4;9H9<=KM;A=<9<=F=DE9JJKI<8BJ
F=C@>?K:FCFI<;J:LD@EK?<J<8&@K
K9DAN9
<=DLA:MJYF
242E E:-2A6?6MF9H=IM=X9AKD9;=J;9<=
AKD9+9JLA<98JD8CC@JC8E;E<8I*8IK@;8
#JC8E;&@K
<GF<==DLA:MJYFIMAL9D9:9KMJ9
;GFKM;GD9
<42A6?6
9242EE24;4>:D4@>LA:MJYFLGFAF9LA:MJYF
E9CGLA:MJYFE9JJ9BGJ?FIK=@ED8BFJ?8IB
6#JLILJFOPI@E:?LJ7&@K
LA:MJYFIM=H9J=;=
LGFAF908I
9242EE24=44>:D
4>2;::46+JGF
e@9;9L;E99Ef76 K=D
HJGLGLAHGH9J9LG<9K
D9KJ9Q9K;GF
9?MABGF=K#K@JK?<
GIFKFKPG<=FI8CCF=
9242E4>22>
K?<I8PJN@K?
JK@E><IJ
7-@EXE
BF:A4U224@;D2A4U
4224@;K22;2?@BF:E@;
9242E4>22>4A66E:;68JP8K@JCFE>87
J9Q9DTLA?G;GDM<9CFE>K8@CJK@E>I8P
9242E4>22>:E24@AD4@::;MF9J9Q9FG
A<=FLA>A;9<98ELE@;<EK@=@<;JK@E>I8P
9242E4>22>:E24@ADBF:E2MF9J9Q9FG
A<=FLA>A;9<98ELE@;<EK@=@<;JK@E>I8P
9242E4>2D@=BF:;?9NADTF<GJ9<GMF9
E9FL9>FC;<E:FNEFJ<I8P6,?@EFGK<I8
JK<@E;8:?E<I@7&@K
LA:MJYF9E9JADDG
*C
9M42E2;4>2D=
9242E4@@DA@;4@>LA:MJYFD=GH9J<GC<FG8I;
J?8IB6.I@8B@JJ<D@=8J:@8K87&@K
LA:MJYF
HAFLG
9242E4@@DA@;
9242E4@@DA@;4224@;4@>LA:MJYF;@9LG
J=?LA:MJYFLA?J=LAFLGJ=J9K@><IJ?8IB
6!8C<F:<I;F:LM@<I7&@K
LA:MJYFHAFLG
?J9F<=-@EXE
9242EI2A@@BF:9:E
9242E4@@DA@;4224@;
9242EE24;4>:D
9242EI2A@@BF:9:E4@>LA:MJYF;@9LGJ=?
LA:MJYFLA?J=LAFLGJ=J9K@><IJ?8IB6!8C<F
:<I;F:LM@<I7&@K
LA:MJYFIM=;GE=DG:GK
E9JAFGK
*C
9242EI2A@@BF:::E@;-@EXE
9242E4@@DA@;4224@;
9242EJ2I4224@;4@>;@9LGJ=?MF
LA:MJYF9LCCJ?8IB68I:?8I?@ELJC<L:8J7
&@K
LA:MJYF;GF:9JJA?9?J9F<=
*C
9242E
J2I4@;4224U=
9242E4@@IA4@>LA:MJYF:D9F;G>I<8KN?@K<
J?8IB68I:?8IF;FE:8I:?8I@8J7&@K
LA:MJYF:D9F;G
*C
9M42E2;4@@I2A@;
242E@@IA ?66;:>MF;=JJG;=J;9<=+MFL9
@M=;98DFLEK8@EE<8I*LEK8?L<:8
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
924>622;JNVJL=:J9<=
:9DD=F9N?8C<M<IK<
9I8
<92BF:>622;
NVJL=:J9<=:9DD=F9
924>6696;JG8I89J
924>622;
;MX9<G@=JE9FG
E9QGJ<=D=KHGKG
9IFK?<I@EC8N?LJ98E;dJFC;<I9IFK?<I
0
C8<EKI8;8GI
24>6696;
24>:=QEMF9JG;9?J9F<==FD9HMFL9<=/=HG
H98C8I><IF:BFE.<GFG8*F@EK
<
92BF:>:=QE;9:=R9<=:9DD=F9
24>QE2;4MFDM?9J=FD9AKD9/A:MJYF8GC8:<
FE.@9LIFE#JC8E;
<92BF:>QE2;4@M=KGK
<=:9DD=F9
24>:K2; 9::AMFDM?9J;=J;9<= D=K=E
:GIM=8GC8:<E<8IC<J<D9FHL<&@K
<GF<==KL9:9D9;GKLADD9<=:9DD=F9
924?:::I0
C8<EKI8;8GI
424?:::I
924@2242EJG8I89J;MX9<9=KHGK9<=D@=J
E9FG<=D9EMB=JJ@JK<I@EC8NNFD8EdJ
9IFK?<IdJN@=<
0
C8<EKI8;8GI
24@224
924@22K;0
C8<EKI8;8GI
424@22K;
924@9@E0
C8<EKI8;8GI
4U424@9@E
924@>::BF6E924@>::BF:EJG8I89J@AB9KLJG
@AB9KLJ9JK<G:?@C;
0
C8<EKI8;8GI
24@
>::BF6
924@@4;J;A=JLG:9JJGN=J<=?JWKMK9<GH9J9
HAFL9JK=D9;9J9:<IK8@E>I8P>I<<E:C8P
LJ<;=FI=8:<G8@EK
08I
924@@4U;
24@@4;MFDM?9J;=J;9<= D=K=E:GIM=8
GC8:<E<8IC<J<D9FHL<
0
2DE2
4@@4;'F:9 J2EDM?9J=FD9AKD9/A:MJYF
924@@:A;JH9JL=<=DH9DGH9J9;GK=;@9J>JML9
<=D;9;LG=KH=;A9DE=FL=<=D9
HAL9Q9G8IKF=GFC<LJ<;=FI
>8K?<I@E>=IL@K<JG<:@8CCPFI>8E
G@G<:8:KLJ
*C
924@@:A=2>6.=
J=D9;AGF9@AKLYJA;9E=FL=<=
9D?MF9E9F=J9;GF=DN=J:G
e;GGAHBfgLJ9FKN=JKGh"@JKFI@:8CCP 924@@:A;
I<C8K<;@EJFD<N8PKFK?<M<I9
9242EJ66?::4:E:4@@:A;4@>LA:MJYFE9JLADDG
?8DD<I?<8;J?8IB6.H@QJFA<9=7&@K
LA:MJYF;MQ9;9J9LA=F=9D?G9LJ9N=K9<G
-@EXE
92D>66?6=42BF::A
9242EJ66D4424UDI2;4@>LA:MJYFRGJJG
LA:MJYF;GDM<GLA:MJYF;@9F?GJ=?
K?I<J?<IJ?8IB6CFG@8JKHH7&@K
LA:MJYF
;MQ9HMFL9<=;GD9;GFIM=K=@9;=JMA<G
KM9N==KD9J?9
9242EJ66D4424UDI2;
9242E2K2E2JG8I89J;MX9<9=KHGK9<=D@=J
E9FGE9QGJ<=D@GE:J=J@JK<I@EC8N
D8EdJFC;<I9IFK?<IdJN@=<
0
C8<EKI8;8
GI
242E2K2E2
9242E::=4@>LA:MJYF9RMD9CL<J?8IB
6*I@FE8:<>C8L:87&@K
LA:MJYF9RMD
<
9242E::=
9242E::=
W9242K@=JH=<9RG<=L=D9G@<:<F=:CFK?/JF
9J;
*C
924MK@=42>
W9242K@=22I2EBF:9;G:AB99C8EB<K/JF9J;
-@EXE
D2C22A:K::I:424UE:>
9242KI0
C8<EKI8;8GI
442KI
924>2292;JG8I89JKG:JAFGKG:JAF9@ABGG
@AB9<=D@=JE9FGE=FGJ<=D@GE:J=
E<G?<NE@<:<D8EdJPFLE><I9IFK?<IdJ
:?@C;
0
C8<EKI8;8GI
24>2292;
924>2;66E6JG8I89J;MX9<9@=JE9F9E9QGJ
<=D9=KHGK9J@JK<I@EC8NN@=<dJFC;<I
J@JK<I
0
C8<EKI8;8GI
24>2;66E6
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
924I8;MGI<G9H9JL=KGDG8G8IK8CFE<
\2A2DA@;9:ABF:9>::K;924I429`"M9J
<9=KL9DA:J=L9*LKK?@J9FFB8N8P@E8J8=<
GC8:<0
924I422942=PHM=KLG924I
429@::E@E?9KL9J<AF=JG924I42>::9:E
E9L9J9MF9H=JKGF9924I
4>::9<=KE9Q9JK=EGJAJ924I
4@@:EH=J<=JK=K=JMF9DTKLAE9
924I92?E424?:::I@@L=F=J=F
9:MF<9F;A9924IBFQ42EI
H=J<=J924IBF::9<=N=R=F
;M9F<G
924I429@@:E
4@AMF@GF?G8
DLJ?IFFD6.LCFJKFD8KH7
4@AMF@GF?G;GFL9DDG
FGE:J==M>=EWKLA;GJK8CB<;
924I
GL==98CC<LG?<D@JK@:E8D<
429@@:E
68KK8II<8;@>L<KK@*F;8O@J
*F;8O@J
G@JK@CC8I@J
G@JK@CC8I@J7
924IE::;@@2?@BF::;H9K9B=JGG8JJ<E><I&@K
=DIM==KLTK=FL9<G9<=FLJG
*C
924IE@::@@
2?@4@::
924II294UD422ABF:;MF;9J9;GD@MKG>@8EK
JG@E;C<J?<CC6 LJ@ELJ;LG<K@KK?FL8IJ@7&@K
=F;M9FLG9EWE=H9J9JV9IMW-@EXE
92D:A:D@ED::A:D@;D:A:D@EI2D64U4E2>
IA2=66>6=4424UDI2;
W924U28LO$F<A;99KGE:JGQLJAKL=R9KA?M=9
MF9GJ9;AYF=F=DFG>MLMJG<=H=F<A=FL=
#E;@:8K<JJLIGI@J<8E;J8;E<JJ=FCCFNJ8
:C8LJ<@EK?<;<G<E;<EKEFE=LKLI<
*22I@@
4UEBF:>;U4@IE4@@K22924U2A;=FIM=
9KW=KLTFH=FK9F<G.?<PJ8PK?<P8I<D8B@E>
JL:?GC8EJ
*2>66A:E2924U2`,MV
L=JJA:D="FNK<II@9CPJ8;
924UDJGFJ89JD9H9JL=<=D:J9RG<GF<==KLT=D
;G<GG8IKF=K?<8IDN?<I<K?<<C9FN@J
CF:8K<;
0
C8<EKI8;8GI
:4UD
a:FF@GAbcKI8EJM<IJ<d
7
924@@>6JG8I89J@=JE9F9E=FGJ<=D
@GE:J=PFLE><IJ@JK<IF=D8E
08I
924@@>:
0
C8<EKI8;8GI
24@@>6
924@@KEM;@9;@9IM=K=N9;GFMFEM;@9;@G
>@ICN?F<CFG<JN@K?89FP
&@K
D9JG:9<9
<44@@K
924@D22JH9DGMK9<GH9J9
;GK=;@9J>JML9<=DK9@M9JGQ
<=D;9J<YFGFC<LJ<;KF
?8IM<JKJ8?L8IF8E;J8?L<JF
=IL@K
*C
924@D224@=
24@D22+9DG+9J9GK=;@9J
!JML9<=9;LGMF9
924@D22
;GFKL=D9;AYF8:KLJ IL@K
"8IM<JK@E>*FC<8
:FEJK<[email protected]=KLJ=DD9KIM=
;GJJ=KHGF<=F9D9;GFKL=D9;AYF*K9(9QGJ
.?<J<8I<JK8IJK?8K
:FII<JGFE;KFK?<@>@GG<I
7
924@I=0
C8<EKI8;8GI
44@I=
924@KBF::7JH9DGMK9<GH9J9
;GK=;@9J>JML9<=D9HAL9Q9
9?JA9GFC<LJ<;KF?8IM<JK
G@K8P88>I@8:8:KLJ=IL@K
924E22A2JH9DGMK9<GH9J9
924@KBF::7
;GK=;@9J>JML9<=D;9;LG
=KH=;A9DE=FL=<=D9HAL9Q9GFC<
LJ<;KF?8IM<JK:8:KLJ=IL@K
<JG<:@8CCP=IFDFI>8EG@G<:8:KLJ
24E22A29J22:BF:9E:D:=>2
:9>22K:J2E:9J@KM>GEG=D
H9DGH9J9J=;GD=;L9J>JML9IM=@A;=
=K;GJLGHMK=GLJG=FKMHMFL9
H9J99D9J?9JDG-@E:<K?<GFC<
K?8K#D8;<@JJ?FIK#GLK8EFK?<I
FE<FEK?<<E;KFD8B<@KCFE><I
924E22A2
924EM>JG8I89J;MX9<G=KHGKG<=
D9@=JE9F9<=D@GE:J=9IFK?<I@EC8N
?LJ98E;F=8D8EdJJ@JK<I
0
C8<EKI8;8GI
24EM>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92966EJJLAG8J9KLADD9H9J9BM=?GK
<=9R9J>A;@9>8D9C@E>JK@:B
*C
92966E;
<42966E
W929:4UDJ<AK;G<=E9<=J9H9J9
<AKH9J9J9DGKHTB9JGKNFF;<E;@JB
=FIJ?FFK@E>9@I;J/JF9J;
929:>D0
C8<EKI8;8GI
429:>D
929:E:JJLAG8J;GEA=FRG<=MF9
92966E
;9F9KL99<>@EE@E>F=98JB<K
*C
929QE:4@=
<429:E:
929;U BF:;JK9DA;A=KGMF9J:MKLG=KHAFGKG
;<J<IKNFC=9<IIP9FOK?FIE6&P:@LDKHH7
08I@8J<JG<:@<J929;U2?BFQ?6=42e@9@BZf
IM==KLTN9;WG9<=FLJG6&
9I<M@G<J7929;U
4242Ee@9@BZf9E9J?G6&
=I<DFEK@@7929;U
:?22:=4@@A@=e@9@BZf;GFHA=DF=?J96&
8E;<IJFE@@7
924UE@?J?JMHG<=
EMX=IMAL9K<=@AD9R9
HM=KL9K=FMF9;M=J<9IM=
9FL=KMK9:9=D:JMBG>IFLG
F=P8IE;FCCJ=FID<ICPLJ<;
9PK?<J?8D8E
924UK;4@>J:9?J=J<8
924UE@?
:8K=@J?6I@FGJ@JKHH
8>I<KHH7*C
924UK;
92622;JGFJ89J<A=FL=HJ=EGD9JLGG<IKFFK?
0
C8<EKI8;8GI
622;
9262I0
C8<EKI8;8GI
62I
927:4;BF:9JJLAG8J:DMK9;9EAK99CFLJ<
J?@IK&@K
DGIM=K=HGF=;GEG;9EAK9
<
47:4;
92E22:BF:9::K4::4A927:4;L=D9MK9<9;GEG
HJ=F<9=D=?9FL=HGJ@GE:J=K<=9F<9$$$
:CFK?NFIE8:IFJJ=IFEKF=D8EF=8E;###
=FI<C<>8E:<&@K
L=D9IM=K=DD=N9:9;GEG
;9EAK9=F=DH=;@G
:A@E927:4;;9EAK=L9AFL=JAGJLE;<IJ?@IK
&@K
;9EAK9<=9:9BG
927:E@927:E=2>0
C8<EKI8;8GI
427:E@
927=4JGFJ89JJG<ADD9BE<<
0
C8<EKI8;8GI
:7=4
27=4966=MFDM?9J8GC8:<&@K
JG<ADD9JGB9
W92922AE:>BF:9J>9D<9@=;@9<=;M=JG<=
N=F9<GJB@IKD8;<F=K8EE<;;<<I?@;</JF
<A9D=;LG<=.9F KL=:9F
0
92AN=F9<G
:MJ9
92966=JJLAG8JH9DGMK9<GH9J9;GJL9JE9
?M=QJK@:BLJ<;=FI:LKK@E>:<EKLIPGC8EK
6964@>92966=:9A22::9A22K:922>;U
:9A22::9A@@>;4E29:E2:D::9:E9229:
#9JVMFH9DGH9J9;GJL9JE9?M=QIM=DD=N9JV
9EAE9ET9;GE=J#8D>F@E>KFD8B<8
>8K?<I@E>JK@:BKF>8K?<I:<EKLIPGC8EKJ=FI
DPDFK?<IKF<8K
*C
92966=
<42966=
92966>K20
C8<EKI8;8GI
42966>?
929;U4242E
&P:@LD=I<DFEK@@
929;U92A2KE@;9LGD=@=;@G<=D>JMLG<==KL=
9J:MKLG>IL<CD8;<=IFDK?<=IL@KF=K?@J
9LJ?
929;U2?@K::4BF:;H9H9EGK;9KF=?JG9C8:B
G?F<9<6-8PFIE@JE@>I@:8EJ7&@K
HTB9JG=F
=DK9DA;A=KG
29;U>2ETD:4=MFDM?9J8GC8:<
29;U :AMF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;&@K
;GD9<=
e@9@BZf
29;U >42::MF;9EH9E=FLG=FD9AKD9/A:M
JYF8:8DGFE.@9LIFE#JC8E;&@K
e@9@BZf
IM=FG;J=;AYEMQ9DLG
<442::
29;U E4@;9@W9&AFG1A=BG)C;%@EF
KFNE&@K
LJGF;GK<=De@9@BZf-@EXE
)@@D?: E22
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
29@@E2?@;MF;=JJG9DFGJL=<=+M=JLG
'A:=JL9<8DFLEK8@EEFIK?F=*L<IKF&@9<I
K8;&@K
=FLJ9<9IM=:J9E9
29@@E2K@;MF;9EH9E=FLG=FD9AKD9/A:M
JYF8:8DGFE.@9LIFE#JC8E;&@K
=FLJ9<9
[FA;9
29@@E@@A@=MFDM?9J=FD9AKD9/A:MJYF8
GC8:<FE.@9LIFE#JC8E;&@K
=FLJ9<9F=?J9
29@@E@@IAMFDM?9J8GC8:<&@K
=FLJ9<9
:D9F;9
929@@E:9242AEIUDD9N=<=HM=JL9B<PKF;FFI
29;U224U=MF;9EH9E=FLG=FD9AKD9/A:MJYF
8:8DGFE.@9LIFE#JC8E;&@K
9J:MKLG
e@9@BZf?J9F<=
29;U2272MFDM?9J=FD9AKD9/A:MJYF8GC8:<
FE.@9LIFE#JC8E;&@K
H=FWFKMD9<=D9J:MKLG
e@9@BZf
<::72
929;U6?6;BF:;K9DA;A=KGMF9J:MKLG=KHA
FGKG;<J<IKNFC=9<IIP6&P:@LD8E;<IJFE@@
N9J8E;<IJFE@@&
8E;<IJFE@@N9J
GL9<J:<EJ7-@EXE
929;U:?22:=4@@A@=
929;U:K:;BF:;K9DA;A=KGMF9J:MKLG=KHAFGKG
;<J<IKNFC=9<IIP8C@=FIE@8;<J<IKK?FIE
6&P:@LD:8C@=FIE@:LD7
929@@4;JJLAG8J?=E=DGKN@E?2BF:9
929@@4;:92F9=K?=E=D9E8@J8KN@E
CEFC@BF:9=7C65@BF:9::92I2?::9@>
:92*::I::BF:929@@4;:92JLMJGQ
D>J=<GKGF?=E=DGKIKLIF8E;C=I<;F8I<
KN@EJ
*C
929@@42=42>
<429@@4;<9J9
DMR?=E=DGK
0
E:DE929@@4;9JHYFEG<=JFG
;GF<GKHMFL9KH9J9E9L9JH=;=K
929@@7JJLAG8J<AK;GH=IM=XG@=;@G<=
H=<9RG9?MB=J=9<G<=GDD9
=FIM=K=H9K9@ADGMK9<G
;GEGBM?M=L=JD8CC;I@CC<;
GFKK<IPJ?<I;;@JBFE8
JKI@E>LJ<;8JKFP
*C
929@@7
929@@7I2>
<429@@7
929@@D4=JJLAG8J:9JJGL=XA<G<=9RMD;D9JG
;GFJ=KAF9<=?M9Q9;TF:C8PK@EK<;C@>?K9CL<
N@K?>L8@8:LDI<J@E&@K
DGIM=K=@ARGEG
L=9<G
<429@@D4=
929@@E924J89J=FLJ9<9<=MFDM?9J
<EKIPN8P<EKI8E:<;FFIN8P\29@@E924
4@?DA@@:?292`A=JJ9D9=FLJ9<9CFJ<K?<
;FFI*C
929@@E;)KI8JG8C89I8J29@@E
KM=FLJ9<9<=MF9;GK9J29@@EKM=FLJ9<9
<=VDG<==DD9
0
:E22DE929@@E4U422A
<A=FL=<=D9FL=JG,22A@E29@@EDM?9J=FD9
AKD9/A:MJYF
929@@E::BF:4U422:D42?HM=JL9;=JJ9<9
:CFJ<;;FFI
*C
929@@E::BF:4U422:;24
&@K
;GFIM=K=9:J=D9HM=JL9
<442AEIU
929@@E:92A@@:?HM=JL9;FFI&@K
;GFIM=K=
;A=JJ9D9=FLJ9<9
<4A@@:?
929@@E::BF:4U:92422:D42?;9F<9<GG8;CF:B
&@K
;GFIM=K=@9;=>M=JL=D9=FLJ9<9
<
42422:D42?
29@@E;664E@MFDM?9J8GC8:<&@K
=FLJ9<9K
H=IM=X9K
<966BF6
929@@IA0
C8<EKI8;8GI
429@@IA
929D92>224@0
C8<EKI8;8GI
92D29>224@
92:J
4@ANA=FLG:JAK9N@E;9I<<Q<2:
BF:9D::>6E:>4292 DNA=FLGN99H9J9JK=
.?<N@E;@J>F@E>KFC<KLG
2?@224@>92:
4@A4UD:E4292'9H9F?9=KL9:9=F;GFLJ9
<=DNA=FLG.?<9F8KN8J>F@E>8>8@EJKK?<
N@E;
0
922BF:E:AJMF9H9F?9;GF=D
NA=FLG92:4ULBF:E=KL9J=F;GFLJ9<=D
NA=FLG92:4UBF:D;9N=FL9J?J9FGK92:
BF:I:;9DE9JK==DNA=FLG::BF:4@492:
KGHD9JNA=FLGI::4292:::44@::9FL=H9K9<GK
<=DGKK=JAKIM=NANA=JGF9DFGJL=<=+MFL9
/=HGH9K::I92:2?@BF::;H9J9;9W<9KK::I
92:92I92AI4UBF:42EGDAFG<=NA=FLGH9J9
K9;9J9?M94@ANA=FLG<=DFGJL=EFIK?
N@E;
0
92:E22A2NA=FLG<=DFGJG=KL=
4@A9AJ=8@I
92:4@@:=4@ANA=FLG>M=JL=IM=@9;=<9XG
JKIFE>;8D8>@E>N@E;&@K
NA=FLG9RMD
92::>@?222:;4@ANA=FLGIM=<MJ9EM;@G
LA=EHGN@E;K?8KC8JKJ8CFE>K@D<&@K
NA=FLGIM=FGJ=?J=K9FG<=B9<=KGHD9J
<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2:@>22?@;U4@@DMFH=JKGF9B=>9EGKG=F
=DH9K9<G8=8DFLJG<IJFE@EK?<G8JK
92:966?@>@424@ANA=FLG<=DFGJL=G<=D
EGFL=N@E;=IFDEFIK?FI=IFDDFLEK8@EJ
-@EXE
A@= 9::?2?92:
92:966?@>@42BF:9::4A@9;A9=DFGJL=
KFN8I;JK?<EFIK?-@EXE
92:::4A
2: 9::9MFDM?9J8GC8:<&@K
<GF<==KLT=D
NA=FLG
92:BF:92?@4U:AM9AF>D9<GJ<=DD9FL9K8@I
GLDG&@K
;GFIM=K=AFQ=;L99AJ=
*C
92:
BF:92?@4U:A29E@;
<4U:AM9
92:BF:9E4@:EGD<=K<=J9W;=K=PHM=KLGK=FD9
9J=F9<OGFJ<;IFFK:8JKJ@EJ8E;&@K
DGK
IM=N=E=DNA=FLG
4@?222:;
92:::4A@9;A9=DFGJL=KFN8I;JK?<EFIK?
-@EXE
92:966?@>@42BF:9::4A
92:::K2IBF:9::BF:BF6>64@ANA=FLG
>M=JL=IM=NA=F==F=F=JGJKIFE>N@E;K?8K
:FD<J@E$8EL8IP&@K
NA=FLGIM=<AKEAFMQ=
;GF=DE=K
92:>BF::?4@ANA=FLGIM=NA=F=<=
=FE=<AG<=DE9JN@E;=IFDD@;;C<F=K?<
J<8&@K
NA=FLGIM=J=?J=K9
<:>BF::?
92:E@::E::?BFP>6E:>4@ANA=FLGIM=K=
<AJA?=@9;A9=DE9JN@E;KFN8I;J<8&@K
NA=FLGIM=<AKEAFMQ==FKMA<9
92:I6A6:>24BF::;4@ANA=FLG<=DG=KL=
<=DE9JN<JKN@E;=IFDJ<8&@K
NA=FLG
IM==KLT=FE=<AG<=DE9J
92DE:A2492:4@ANA=FLG<=DKM<G=KL=
JFLK?N<JKN@E;
A@=:9::?2?92:4@ANA=FLG<=DFGJ<=KL=
EFIK?<8JKN@E;&@K
NA=FLGIM=NA=F=;=J;9
<=$HGD-@EXE
92:966?@>@42
92:BF:;JGFJ89JHAGBGF=?JG?<8;CFLJ<
*C
92:E
0
C8<EKI8;8GI
::
0
4@@:
<=KHAGB9J92:E:I24DA=F<J=HAGBALG92:E
:AM4@E:>HGDNGH9J9E9L9JHAGBGK
92:2?:9::;BF:;:J[BMD9<=:9J;GJ?@G
:FDG8JJ&@K
;GFL=F=<GJ<=DNA=FLG
*C
92:
2?@J2I2=42
92:4427KBF:;MF9E9FLAK>IFLE;D8EK@;
6&@K8E<LKI@8F9J:LI8
QHGKA:D=E=FL=GLJ9K
=KH=;A=K7&@K
=DIM=
EGJ<AKIM=9=DHAGBG
*C
92:4427242>
6D?MF9KH=JKGF9K
92:4427K
@9FMK9<G=KL=
FGE:J=H9J9J=>=JAJK=L9E:AVF9D9E9FLAK
J=DA?AGK9e@9PIMA@AFLGGRAf-FD<G<FGC<
?8M<LJ<;K?@JE8D<KFI<=<IKFK?<GI8P@E>
D8EK@Ja?8OHL@?@EKFFQ@b
7
92:4@>22?@;4@AJ=EGDAFGN?@ICN@E;&@K
NA=FLGIM=9:9L=
92:BF:9E
92:BF::E2MF=KHWJALME9DA?FGIM=KM=F9;GEG
MFFAXGIM==KLTDDGJ9F<G8?8ID=LCJG@I@K
K?8KJFLE;JC@B<8:?@C;:IP@E>&@K
=DIM=
LA=F==DNA=FLG;GEGE9<J=
2:'F:A@IMFDM?9J=FD9AKD9/A:MJYF8GC8:<
FE.@9LIFE#JC8E;&@K
=DIM=9JJ9F;9=D
NA=FLG6.=<A;=IM==D@9;=JJMA<G9IMW;9MK9
IM=@9Q9NA=FLG#K@JJ8@;K?8KD8B@E>EF@J<
?<I<:8LJ<JK?<I<KF9<N@E;
7
2:'F:A@I J2EHMFL9<=#9A,MAHGP"8@
+L@GFO*F@EK
92:J2>22I2E4@>FM:=KGK;MJ9KIM=AF<A;9F
IM=N=F<JTFNA=FLGK>M=JL=K;8IB:CFL;JK?8K
@E;@:8K<K?<JKIFE>N@E;J8I<:FD@E>*C
92:J2>22I2E2;&@K
DGIM==DNA=FLG@9;=
?JAK<42>22I2E
92:>2?JKGFA<G<=DRME:9<GJMK9<GHGJ=D
:JMBGEF@J<F=9LCCIF8I<ILJ<;9PK?<
J?8D8E
92:A;JKGFA<G<=MF=KHWJALMIM=9DRME:9JAF
<A;9H=DA?JGGEM=JL=K=;J==LA=F==DKGFA<G
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
K?8KC@M<;@EK?8KI<>@FE
<92I92I
;M9DIMA=J9?M9
W92;:K@MFLAHG<=AF>DM=FR9K=N=J98B@E;F=
;<8;CP@E=CL<EQ8
92;UMK:A@;0
C8<EKI8;8GI
42;U2KA
92=:42D22:E:BF:;J
R9E:MDDA<GJGJ=BM<G
<8I<;>I<9<6*F;@:<GJ
E@>I@:FCC@J7-@EXE
K::4
92=:42D22:E:
I6A6:E:BF::;WI2E@D4U
<=NA=FLGG<=HTB9JGK@MQ=F<GEF@J<F=8
JG@I@KK?8K@E;@:8K<J;8E><IFI;<8K?@K@J9<
C@<M<;@K?8JK?<JFLE;F=N@E;FIF=9@I;J
=C<<@E>
92:AE@;JGC;9FA;9KHG<=JGK9KIM=NAFA=JGF<=D
E9JGFN<I=LCD8I9C<JK?8K:8D<=IFDK?<
J<8
*C
92:AE@;
92:E:AM4@E:>/
.
&@K
;GFIM=K=
E9L9FHAGBGK
<BFQ4@E:>BF:4U
2:E22>MFDM?9J=FD9AKD9/A:MJYF8GC8:<FE
.@9LIFE#JC8E;
92:E22A24@ANA=FLG<=DFGJG=KL=EFIK?N<JK
N@E;
<92:22A2NA=FLG>M=JL=-@EXE
922A2
92:EM>@4J
BF:;MFAFK=;LGH=IM=XGIM=
=KLT=FD9E9<=J98JD8CCNFF;9FI@E>
@EJ<:KBF:;MF9HD9FL9E9JAF98J<8
GC8EK
*C
92:EM>@;@;
92:EPA=BF:;JMFEGDMK;GFGA<=FLA>A;9<G8E
LE@;<EK@=@<;DFCCLJB
2:EPA=;9EHGYD9JFGE:J=9FLA?MG8DGF
XC8IFC;E8D<
0
2DE'F:A24.6A E:
-M9:E:>
2:E:>MF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;6 K:M=FDM?9JH9J9
HJGL=?=JK=<=DNA=FLG;M9F<GMFG=KLT=FMF9
H9F?9.?@J@J8>FF;GC8:<KFGIFK<:KFE<J<C=
=IFDK?<N@E;N?<EFE<@J@E89F8K
7
W92:E@;J=F9FGD@;><K/JF9J;
92:I2JE9K9<=K=EADD9K<=;9J<YFLGKL9<9KQ
EGDA<9KD8J?=IFDKF8JK<;8E;>IFLE;
J<<;JF=J8?L<JF:8:KLJ
2;224@;MFDM?9J<GF<=K==F;M=FLJ99?M9
<MD;==FD9AKD9.9F KL=:9F8GC8:<N?<I<
=I<J?N8K<I@J=FLE;FE-8EJK<98E#JC8E;
<92I4224@;9?M9?J9F<=
2;9MI
/=;GE9L=.<:FD8K<60F;9EH9
E=FLG=FD9AKD9/A:MJYF:8DGFE.@9LIFE
#JC8E;
7MFDM?9J<GF<=K==F;M=FLJ99?M9
<MD;==FD9AKD9/A:MJYF8GC8:<N?<I<=I<J?
N8K<I@J=FLE;FE.@9LIFE#JC8E;?JMHG<=
K=JAKIM=NANAY=F=K9J=?AYF>IFLGF=-<I@J
92=QEJGFJ89J
BF:;
;9:=R9?<8;
4@:;9:=DDG?8@I
0
C8
<EKI8;8GI
:=QE
92=QE:A6?6;9:=DDG=F=DH=AF=?8@I@E
:FD9
<4A6?6KAF=KHAF9K
92=QE2?422D4=BF:;@A=J:9D9FM<9MF9HD9FL9
9FM9D<=DLA=EHG;9DA=FL=?FE<PJN<<K8
?FKJ<8JFE8EEL8C6.@;<JKIFD@8
C8EL>@EFJ87
92=QE2?J2D4=;9KH9;8E;IL==
<4@@D4=
92=QE429@@IABF:;9DE=B9
J=AF98M<ELJ:C8D
6FJ@E@8GFE;<IFJ87&@K
DGIM=:D9FIM=9=D;9:=DDG
*C
92=QE429@@IA
92=QE429@@IA
92=QE42>TD0
C8<EKI8;8GI
92D:E42>TD
2=QE>@E:D:'F:9@MFH=JKGF9B=>9EGKG=F=D
H9K9<G8=8DFLJG<IJFE@EK?<G8JK
92=QE:92422:I;AFL9H9J9D9;9:=R9?<8;98E;
&@K
;GFIM=K=DD=N9=FD9;9:=R9
<
4422:I)KI8G8C89I8K::I:=QE:422:IKM;AFL9
H9J9D9;9:=R9
92=QE:924@22K;LJ=FR9<=;9:=DDG9I8@;F=
?8@I
<424@22K;
92=QE:;:K:<GDGJ<=;9:=R9?<8;8:?<
<4;:K:
92=QE:;:K:::44U:9::A6BF:;9KHAJAF9E=<A;AF9
H9J9<GDGJ<=;9:=R98JG@I@E?<8;8:?<
D<;@:@E<&@K
DGIM=KAJN=H9J9<GDGJ<=
;9:=R9
<BF::A6
92=I8;MGI<G
ETKGE=FGKMFHG;GHGJMF
J9LGDFI<FIC<JJ8C@KKC<9@K=FI8C@KKC<
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<EKI8;8GI
:=I22:
92=I4>22>JG8I89J;GF;MX9;GF;MX9<9
=KHGK9<=D@=JE9FG<=D=KHGKGJ@JK<I@E
C8N?LJ98E;dJ9IFK?<IdJN@=<
0
C8<EKI8;8
GI
2=I4>22>
92>4@>JGJM?9<=D9
HGDADD9=K>AF?=
e;99EGHP9f:8K<IG@CC8I
F=N?@K<C@E<;JG?@EO
DFK?a:88DFGO8b
92>
6"PC<JC@E<8K87
92>2242EJG8I89J@=JE9FGE9QGJ<=D9
EMB=JFC;<I9IFK?<IF=NFD8E
0
C8
<EKI8;8GI
W2>224
92>22?@;0
C8<EKI8;8GI
42>22?@;
92>22I4@AJJLAG8J:=:A<99D;G@YDA;9
8C:F?FC@:9<M<I8><
*C
92>22I2;2>
<
42>22I)KI8G8C89I8J2>22IKM:=:A<9
9D;G@YDA;9
0
9@@G292>22I442AI=
NAF9?J=I2A:;92>22I:A2D:HGHGL=<=
;9JJARGH9J9LGE9JNAFGK::I92>22I2?
:9::A:GL=DD9@=;@9H9J9:=:A<99D;G@YDA;9
92>22I429E22D:>4@A;=JN=R99<<I&@K
N?@C<JFD<N?8K[2=I:42EQ4NA2?:EM
_.9:=VD9D?G<=;GEGLJ9:9B9JF<J?<
BEFNJFD<K?@E>F=?FNKFNFIB2=I
:9A@@:?AVJJ9DGHGJMFEGE=FLGCFJ<@K
=FI8DFD<EK
2=IJ::APP.=E=BGJYMF
HG;G"<>FK89@K9<KK<I
.229BF:;
>:>29@BF:992=I22>TTD::KBF:>BF66
9:)GN9K9N=J=DKGDHGJD9J?GLA=EHG3FL
8I<EdK>F@E>KFJ<<K?<JLE=FI8CFE>K@D<
FGETKHM=KALJK2=I22?NAI+M=KN=L=
9;9K9$LJK>F?FD<
2=IA24:9D::DQQ292
+M=KNGQ9LGE9JMF9H9JL=#dCCALJK;I@EB
JFD<
\2=I9::>N`MVJE=L=HM=K$LJK
JC<<G;9KA8CDFJK2=I:9J@@DQQ9KADG
LGEV#8CDFJK;I8EB@K
6 KL=9<N=J:AG
HJGNG;99D?MFGK;9E:AGK=FD9KA?MA=FL=H9
D9:J9:9BG;A=JL9K;GF<A;AGF=K.A@9QMF9
K=;M=F;A9<=;GFKGF9FL=KKA?MA=F<G9MF9
NG;9D9;=FLM9<9D9NG;9De9fK=AFK=JL9
e9FPZfK=;9E:A99e9FUPZfHGJ=B=EHDG F
GLJGK;9KGK=D9;=FLGHM=<=;9E:A9J9GLJ9
KWD9:9 F9D?MFGK;9KGKMF9e9fKA?M=9D9
[FA;9;GFKGF9FL=>AF9D<=D9KWD9:99;=FLM9
<9.?@J8;M<I9GIFMFB<JJFD<:?8E><J@E
K?<=FCCFN@E>NFI;LE;<I:<IK8@E:FE;@K@FEJ
#=K?<I<@J8:FEJFE8EK:CLJK<I=FCCFN@E>8
JKI<JJ<;MFN<CK?<MFN<Ca8b@J@EJ<IK<;
a8EOYb9<:FD<Ja8ESOYb=FI<O8DGC<
#E
FK?<I:8J<JK?<8::<EKD8P9<J?@=K<;KF
8EFK?<IJPCC89C<
#EJFD<:8J<J8Ea8b
=FCCFNJK?<J@E>C<=@E8C:FEJFE8EKF=K?<
JKI<JJ<;JPCC89C<
70
92=IE2ENI@_
42EI@0ETKIM=D9EAL9<
92=II29<=E9KA9<GL9FLGJFKFF\2=I
I29>MMA=`#9;=L9FLG>JWG#K@JJF:FC;
92=I:EQQ/92=I:E:092=I2?TT/92=I2?@0
<OGHGJMFJ9LG8N?@C<#:EC@@BF:BF:;
92=I2?TT9AD::;(=NGQ9K=FL9J<=FLJG<=
LM;9JJGMFJ9LG_ KLT:A=F#8D>F@E>KFJ@K
@EPFLI:8I=FI8N?@C<)%
92=I22:JGFJ89JH9JL=HGKL=JAGJ=AF>=JAGJ<=D
;JTF=GCFN<IG8IKF=98:BF=?<8;
0
C8
:=:A<99D;G@YDA;9=KHMEGK9
92>22I4>2D@=4@AL=H9;@=@=;@G<=
H9H9K?FD<9I<ND8;<=IFDGFK8KFJB@EJ
&@K
:=:A<99D;G@YDA;99E9JADD9
92>22I92I4U:>MA4@A9D;G@GD
E=<A;AF9DD<;@:@E8C8C:F?FC&@K
:=:A<9
9D;G@YDA;9IM=FG;GFLA=F=9?M9
<422A
9@@G292>22INAFGN@E<&@K
:=:A<9
9D;G@YDA;9<=D9MN9
:>M>92>22INAFG<=>JML9<=;9;LG
:8:KLJ=IL@KN@E<6/9E:AVFK=J=>=JW99NAFG
@=;@G<=HV;@AL918J8CJFLJ<;KFI<=<IKF
N@E<D8;<=IFDD<QHL@K<GF;J
7
92>M4J
BF:;DME:J=>M=?G=@I<
*C
92>24;
0
92>M44UL4@@E?:@9;=JK=X9D
;GF@MEGK2422>92>M44@@:E=L=GJG
BF:;DTEH9J9C8DGBF:;=KLJ=DD9
9J;JK8I8I:?
-@EXE
2K@;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92>24;::?@=@;BF:;;GF>ALMJADD9MF9HD9FL9
C8EK8E86&8EK8E8:8D8I8&8EK8E8
?FII@;87&@K
DD9E9K<=>M=?GK
92>292;JG8I89JLWGH9L=JFGE9QGJFC;<IG8
K<IE8CLE:C<
0
C8<EKI8;8GI
2>292;
92>2>20
C8<EKI8;8GI
42>2>2
92>2A4U4@:JJLAG8JHYDNGJ9>LEGFN;<I
2?EI>@42E4@:92>2A4U4@:9:A::E22:K:I
:EMI66?>92I22K2:?22:=4@:2?:>::4>@=
42%IEA24E2>2I4>22I66?>92I22K4
BF:9E922IE@44U>@::'GK9FL=H9K9<GK
>9:JA;9:9FHYDNGJ9QD9E=LW9F=FDGK;9K
IMADDGKQ9KWL=FW9FKMKLAJGK.?<8E:<JKFIJ
D8;<>LEGFN;<I8E;GLK@K@EKFJ?<CC:8J@E>J
`K?8KdJ?FNK?<P?8;9LCC<KJ
*C
92>2A;U4
<42>2A4U
92>2BF6E6JG8I89J;MX9<9@=JE9F9E=FGJ
<=D9=KHGK9J@JK<I@EC8NN@=<dJPFLE><I
J@JK<I
0
C8<EKI8;8GI
2>2BF6E6
92>2DJGFJ89JH=DGH[:A;GGL9@:?8@I
0
C8
<EKI8;8GI
:>2D
92>2D@=0
C8<EKI8;8GI
42>2D@=
92>2EBF:;JQM;99CL<PL::863L::8
98::8K83
8I@QFE@:8EAK9HHDA=<7
*C
92>2E
2>2E?2IMFDM?9J8GC8:<&@K
9?M9=F
D9RGF9<=QM;9
2>2E 9:A4UMFDM?9J8GC8:<&@K
<GF<=@9Q
EM;@9KQM;9K
<BF:A4U
92>2E;-=D9;AGF9<G;GFD99JA<=RFGLA=F=MKG
?=F=J9D.=HJ=K=FL9HJAF;AH9DE=FL==F<GK
=PHJ=KAGF=K,<C8K<;KF8I@;@KP@K;F<JEFK
?8M<8><E<I8CLJ8><
#KF::LIJGI@D8I@CP@E
KNF<OGI<JJ@FEJ
692>2E;966?@4@::92
\[.T>A@@992IK@?D::D:E66 KL9EGK=F
MFDM?9JTJA<G`YEGN9K9;GFK=?MAJ9?M9
H9J9LGE9J1<8I<@E8E8I@;GC8:<
1?<I<
NFLC;PFL><KN8K<I=FI8;I@EB0
92>2E;
422I:E;9MK9JL=F=JK=<92>2E;4@@I:
L=F=JK=<
92>M4JG8I89JH9<JAFG=FD9;MDLMJ9K=JA
JGFEJFI@E-<I@:LCKLI<)KI8G8C89I8
2>M4KMH9<JAFG
0
92>M492422E@=
H9<JAFG<==FLA=JJGK::I922D2I922AEIU
BF:92?@4U92>M4E9<JAF9<=D9>A=KL9<=
HM:=JL9<
92>M42422>BF:;HGDADD9K9LJ9W<9K9D9
DME:J=DFK?J8KKI8:K<;KF=@I<
6'=HA<GHL=J97&@K
=KHGKG<=D9DME:J=
*C
92>M42422>E2
92>M442?@;BF:;DMRDME:J=DTEH9J9C@>?K
=@I<C8DG&@K
DME:J=IM=9J<=\224@
BF:92?92492>M442?@;BF:94U922942
9D@@4E2`$DMEAF==DAFL=JAGJ<=D9;9K9;GF
MF9DTEH9J9H9J9IM=QGHM=<9N=J&@>?KK?<
@EJ@;<F=K?<?FLJ<N@K?8C8DGJF#:8EJ<<
92>M442?@;422:I2;DTEH9J9<=?9K>8J
C8DG&@K
DMR>M=JL=
92>M442?@;4@::;:9L=JW9<=E9FGJ=?DAF
L=JF9=DV;LJA;9<=E9FG=C8J?C@>?K&@K
DMR
LM:MD9J
92>M442?@;:A?2:=922AE:>;9HM;@YF<=
DTEH9J9<=?9KD8EKC<F=>8JC8EK<IE&@K
:GDK9<=D9DTEH9J9
<A?2:=922AE:>
92>M44U92:DI4@AK=X9D<=@MEGJDFB<
J@>E8C&@K
DME:J=@=JA<9.229BF:;2?@
D::KBF:>E22E@44U>::;I@92>M44U92:DI
42A92E29E92>@K::E KL9:9HGJHGF=JK==D
KGDH=JGNAEGKMF9K=X9D<=@MEGQ>MAEGK
HGJ9DDT.?<JLEN8J89FLKKFJ<K9LKN<J8N
8JDFB<J@>E8C8E;N<EK@EK?8K;@I<:K@FE
92>M492422?@;BF:;K=X9D<=DME:J=J@>E8C
D8;<N@K?=@I<&@K
DME:J=@=;@GIM=E9J
92>M492422E@=H9<JAFG<==FLA=JJG9LI@8C
JGFEJFI&@K
H9<JAFGH=DA?JGKG
92>M4::?@;DD9E9=C8D<&@K
;GFIM=D9
DME:J=9J<=
<42?@;
92>24;BF:;JBME=LYFMF9J:MKLGH=IM=XG
<=D9>9EADA9<=D9K=M>GJ:AT;=9K:C@==
JGLI><6LG?FI9@8D@J<I87
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
EM;@9K;GK9KE9D9K=KLTFH9K9F<G#EK?8K
=8D@CP8CFKF=98;K?@E>J8I<?8GG<E@E>
H9JL=AFL=JAGJ<=D9;9K9@EK<I@FIF=?FLJ<
*C
92>66?4@;
92>66?E2K@>9EADA9FAXGK;GF=DEAKEG
H9<J=QD9EAKE9E9<J==8D@CP:?@C;I<E
N@K?K?<J8D<=8K?<I8E;DFK?<I
92>66A64924JDM?9J<=LJTK<=D9;9K9GC8:<
9<?@E;K?<?FLJ<98:BP8I;,:42BF:K::=4@:
92>66A649242?@E@::422E@=4292'GK
FAXGK=KLTFH=D=9F<G<=LJTK<=D9;9K9.?<
:?@C;I<E8I<9<?@E;K?<?FLJ<=@>?K@E>
*C
92>66A6;4
0
92>66A644K2IU@9:D9J
E9D9;=J;9<=9D?MA=F=FKM9MK=F;A9
92>66EJDM?9J=F>J=FL=<=D9=FLJ9<9<=D9
;9K9;FFIJK<G
*C
92>66E;
0
92>66E
4U4229;U4K=FL9JK==F>J=FL=<=D9=FLJ9<9
<=D9;9K9;GFD9=KH=J9FR9<=J=;A:AJ
;GEA<9
2>66E;-24;FGE:J=9FLA?MGH9J9.G;H9LAP
FC;E8D<=FI-F:G8K@O
92>66K4JL=;@GAFL=JAGJ:<@C@E>
92>::8@J9EA?G=I@<E;
*C
92>::8@;6
=KHKAF9D9J?<=-G
N@K?FLKC<E>K?<E
@E>F=7
92>::>64@>J;A=DGJBP2>::>64@>
:E@@4E2>2I9@@42=2BF:9E2EI@:E:E@@>
>2I:D::A42924:J@22(AJY@9;A9=D;A=DG
#9:W9EM;@9KFM:=KQKMHGIM=A:99DDGN=J
-?<CFFB<;8KK?<JBP
.?<I<N<I<CFKJF=
:CFL;J8E;J?<BE<N@KN8J>F@E>KFI8@E
08I
92>::>:0
WK::I92>::>6422@KGD
2>::>622ADM?9JGK;MJG=F=D;A=DG;M9F<G
@9QEM;@9DMR<=D9DMF9IM=AF<A;9D9
N=FA<9<=;GK9KE9D9K;8IBGC8:<@EK?<JBP
N?<EK?<I<@JCFKJF=DFFEC@>?KK?8K
@E;@:8K<JK?<:FD@E>F=98;K?@E>J
2>::>6E@A=;A=JLG=KHWJALMIM=;9MK9:9
9L9IM=K<==HAD=HKA9K=;J=W9:<IK8@EJG@I@K
K?8KN8JK?FL>?KKF:8LJ<<G@C<GK@:J<@QLI<J
&@K
=DIM=E9F;@9=D;A=DG
92>2E;4@@I:BF:;MF9EGK;9?JAK8>I8P=CP
6AHL=J9FGA<=FLA>A;9<G7
&@K
=DIM=LA=F=
K=<
*C
92>2E;4@@IJ2E
92>2K2;BF:;JGFJ89JGDD9<=:9JJG:C8P
GFK
*C
92>MK2=42)KI8
G8C89I8:>2K2;KMGDD9
0
429>2K2;?J9F<=Q
?DG:MD9JBF:>2K2;L=F=J
GDD9<=:9JJG;G;A<G
92>2K2;BF:;:EQD>GF<G
<=MF9GDD99FKKFDF=8
92>2K2;
GFK
92>422EI:JJALG;GF@MEGH9J9@9;=JIM=MF
:=:VFGDDGJ=GH9J9LJ9=J:M=F9KM=JL=9DGK
;9R9<GJ=K<=;9?M9E9K:<I<DFEPG<I=FID<;
N@K?JDFB<KF?<CG8989PKFEFK:IPFIKF
9I@E>>FF;CL:BKFKLIKC<?LEK<IJ
92>422I2E4@AJ@MEGJDFB<
*C
92>422I2E2=42)KI8G8C89I8:92>422I2E
KM@MEG@KJJDFB<
92>422I2E4U4296>6;BF:;:MIM=<=N9HGJ
JK<8DJ?@G&@K
=DIM=R9JH9;GFN9HGJ
2>422I2E E: 9::9MF;=JJG=FD9AKD9/A:MJYF
8G<8BFE.@9LIFE#JC8E;&@K
<GF<==KL9:9
=D@MEG
2>422I2E E: 9::9'F:9 ?@@94U=FK=F9
<9;=J;9<==K=;=JJG98PE<8IK?8KG<8B
92>422I2EBF:92?@>::92=K;9H=<=9MLG
EYNAD<O?8LJKG@G<F=8LKFDF9@C<&@K
<
<GF<=NA=F==D@MEG
92>42?@::?BF:;JGFJ89JGDD9
=KH=;A9DE=FL=<=E=L9D;9D<=J9GFK
<JG<:@8CCPD8;<F=D<K8C
*C
92>42?@::K@;)KI8JG8C89I8J>:>42?@::?
LMGDD9:>42?@::?KMGDD9
0
BF:>42?@::?
L=F=JGDD9
66?>92>42?@::?GDD9<=E=L9DD<K8CGFK
92?E66K;92>42?@::?GDD9<=:9JJG:C8P
GFK&@K
GDD9<=:9JJG
92>42K:A;0
C8<EKI8;8GI
92?K2;:A;
92>66?J
>9EADA9=8D@CP2>66?E22IK::I
4>::A=2BF:992IE@::J24A F=K9>9EADA9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
<42>:K;
92>;U40
C8<EKI8;8GI
92>@K
92>@4BF:;JMFE9?M=Q8:<EKLIPGC8EK
N@K?CFE>8E;E8IIFNC<8M<J6>8M<
8E>LJK@=FC@87-@EXE
4@AE@;
92>@::;JJLAG8J
;WJ;MDG:@I:C<;WJ;MDG
H9J9=DBM=?G<=D;WJ;MDG:@I:C<F=K?<:@I:C<
>8D<
<42>@::;
0
2>@::;WJ;MDG
;GFKL=D9;AYF2DE2>@::;MFDM?9J
W2?E2>@::;'F::>EAKD9/A:MJYF :72
2>@::;'F:9 E: 9::;MFDM?9J=FD9AKD9
/A:MJYF
2>@::;BF:;WJ;MDGMF9;GFKL=D9;AYF
@I:C<8:FEJK<CC8K@FE
W92>@;BF:;J;G<GJFAR;@AIMAJA!8D9<CdJ
HL8@C68CC@G<GC8>8D9<C@@7/JF9J;
-@EXE
4@66AE
0
2DE2>@;DM?9J
92>@@@JN9;9@9:D9<=E9<J=K9DGKFAXGK
:FNDFK?<IJdJG<<:?KFK?<@I:?@C;I<E
92>@@C20
C8<EKI8;8GI
>@@C2
92>@@K:JJLAG8JKM=XG;I<8D
<4>@@K:
92>@E?:JJLAG8J;@A;@9JJGF=K:I8:BC@E>J
<
42>@E?:
92>@KJGFJ89J;GJ9RYF?<8IK
*C
92>;U4
0
C8<EKI8;8GI
:>@K
0
92>@K4BF66>;
<=DA;9<G=F>=JEGK::I92>@K92>BF66E
LJAKL=R9
92>@K:A2A@I4@>9JE9@=;@9<=HA=<J9
JKFE<N<8GFE&@K
;GFIM=K=K9;9=D;GJ9
RYF
*C
92>@K:A2AE2I6'9J?9Q9F?GKL9
>M=MK9<9HGJDGK9FL=H9K9<GKGDGK?A?9FL=K
H9J9E9L9J9DGK=F=EA?GKQIMAL9JKMK;GJ9
RGF=K&FE>8E;E8IIFN@KN8JLJ<;9PK?<
8E:<JKFIJFIK?<>@8EKJKFB@CC<E<D@<J8E;
I<DFM<K?<@I?<8IKJ
7<BF:A@I
92>BF66JL=F=<GJ<=E9<=J9H9J9;G;AF9J
NFF;<E:FFB@E>=FIB
*C
92>BF664@=
92>BF66E0
C8<EKI8;8GI
K::I92>@K
92>BF66E
92>BF::76JLARYFJK@:B9LIE@E>FEFE<<E;
*C
92>BF::74@;08I
92>BF::7:
JG@;<IC@E>8GC8EK6F<I?8M@8:FLCK<I@
O8EK@7
92>QA4224U=BF:;BM9F9EAHADABM9FLADAHWF
JG@;<IC@E>6F<I?8M@8<I<:K8
KI@HL<KI87
&@K
e@9EWHf?J9F<=K
92>QA4>22>BF:;MF9HD9FL9@=J:T;=9;GF
>DGJ=KDAD9KKI8@C@E>=FLIFd:CF:BKI8@C@E>
N@E;D@CCJ6CC@FE@8@E:8IE8K87&@K
e@9EWHf
@=E:J9
92>:D;BF:;J
K9F?J=F?J9<G8J?P
C@D9<I9LJ?6$8KIFG?8
:@E<I<87
*C
92>:D=42
-@EXE
@@E:BF6;U4
92>:D;42E@@;@;4@>
@MAJGLADDG:=BMIMADDG
92>:D;
MF9;MD=:J99IFNE
M@E<JE8B<6)OP9<C@J8<E<LJ7
*C
92>:D;
42E@@;@;6 DFGE:J=K=J=D9;AGF9;GF=D
N=J:Ge;LGGBGBfg@9;=JK==FMFEGFLYFh.?<
E8D<@JI<C8K<;KFK?<M<I9a:KFFAFAbcKF
:CLDGd
7
2>:D=42?224;MFDM?9J;=J;9<=+MFL9@M=;9
8GC8:<E<8I*LEK8?L<:86e#9EAKD;9f=K
HDMJ9D<=e@9EAKBf9J:MKLGgK9F?J=F?J9<Gh
e)99;BfK=J=D9;AGF9@AKLYJA;9E=FL=;GF=D
N=J:Ge;F99;Bfg=F;GJN9<Gha"8D@JC:8b@J
K?<GCLI8CF=a?8D@JAbc8J?PC@D9<I9LJ?d
a(88:Ab@JI<C8K<;?@JKFI@:8CCPKFK?<M<I9
a:E88:Abc9FN<;d
7
92>:E@>0
C8<EKI8;8GI
E@>:E@>92?E
4@4A66E:;
2>:J@?MF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;
92>:K;JJLAG8J>A:J9<=LGJGL=IM=K=MK9H9J9
D9LJ9E99D;GK=JD9
;9F9KL9LJ9<A;AGF9DK=JA
C@D9<I9LJ?=@9<IK?8K@J
LJ<;=FIK?<JK@K:?@E>
JGC@EKJN?<ED8B@E>
K?<KI8;@K@FE8C-<I@
92>:K;
98JB<K
*C
92>QK:=:>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92?2JGFJ89JH=DGHDME9?8@I=<8K?<I
0
C8
<EKI8;8GI
:?2
92?22:;0
C8<EKI8;8GI
4?22:;
92?22:=JGFJ89JHA=DJB@E
0
C8<EKI8;8GI
:?22:=
0
K::I92?22:=:E92AIBF::;DD9?9
K::I92?22:=:E:92AIBF::;:>4M>;TF;=J=F
D9HA=D
92?22:=424E:>924;GJL9<9=FD9HA=D:LK@E
JB@E&@K
HA=D;GJL9<9:?22:=424E:>924
92E6::4E:>:E:BF::9BF:99E2A2I@K92E6::4
E:>4A22:DI:9>22KQE:9J@@9,MALVD9
N=F<9=FEA;GJL9<9QHMK=GLJ9DAEHA9#
KFFBK?<98E;8><F==F=DP:LK8E;GLKFE
8EFK?<I:C<8EFE<
)KI8G8C89I8>:?22:=
424E:>LM;GJL9<9
92?22:=424E:>:9272:?BF:9N=F<998E;8><
&@K
;GFIM=K=9E9JJ9D9;GJL9<9
<472:?
-@EXE
:D@;:A24E:>:9272:?
92?22:=424E:>:E::9::9BF:9;MJAL98E;@;
<BF::9
92?27E0
C8<EKI8;8GI
4?27E
92?2;BF:;J;M=JNG;GE[F:FDDFEI8M<E
6FIMLJ:FI8O7
*C
9M?2=46 KL=HTB9JG
H=JL=F=;=9D<A9:DGQ
9F<9E9L9F<G;GF
9J;G#9:D9EM;@G
0F?A?9FL=<AGD9
92?2;
;9JF=<=DGKIM=
@9:W9E9L9<G<=KHMVK<=?9F9J=FKMK
9HM=KL9K9KMK;M=JNGK>9NGJALGK.=?[FDGK
9FL=H9K9<GKMF9H=JKGF9IM=E9L9MF;M=J
NGK=JTE9L9<G;GF9JE9<=>M=?GL9DN=R
HGJMFG<=KMKHJGHAGK@ABGK.?@J9@I;
9<CFE>JKFK?<;<M@C8E;>F<J8IFLE;B@CC@E>
N@K?89FN
#KK8CBJ8CFK
>@8EK>8M<K?<
=C<J?F=K?<FE<J?<?8;B@CC<;8=K<IN@EE@E>
K?<D@E89<KK@E>>8D<KF?@J=8MFI@K<
I8M<EJ
::FI;@E>KFK?<8E:<JKFIJ8G<IJFE
N?FB@CCJ8I8M<EN@CC9<B@CC<;N@K?8>LE
G<I?8GJ9PFE<F=?@J?<IFNE:?@C;I<E
70
4@=24@L492?2;;@AKE=9J
92>EJ
4@>KM=DG>IFLE;
4@:LA=JJ9
KM=DL99J=F9CFFJ<JF@CJ8E;
0
92?ELA=JJ9
:92>EKMLA=JJ9F9L9D
92>E4@@IA4@:9J=F9J8E;&@K
LA=JJ9
:D9F;92>E4@@IAA24:EM>=2;49224@
4@A2?:J@@4>@=42/J9B=JGF9J=F9QD9
HMKA=JGF=F=DHAKG<=D9;9K9.?<P9IFL>?K
J8E;8E;GLK@KFEK?<=CFFIF=K?<?FLJ<
92>EJGFJ89JH=;@G9I<8JK
*C
92>E
92>2E;
0
C8<EKI8;8GI
:>E
0
92>E
4U422K9E9E9FL9J<9J<=E9E9J92>E
BF:K:E9E9J92>EJ2>22D29D?9
L=JJ=KLJ=
92>E2?:92422:E2IKGKLVF9I8JJ@<I<&@K
=F
IM=K=HGF=FDGKK=FGK
<4422:E2I
4422:I
92>E:?22:=BF:;9D?9KL=JJ=KLJ=KQDWIM=F=K
JF@C8C>8<8E;C@:?<EJ6:AGDG?A;9DKGAD
;JMKLK7
0
J2>22D2DAIM=F9D?9L=JJ=KLJ=
EMK?G
92>E:?@@D;BF:;MFH=IM=XG9J:MKLG=FD9
>9EADA9<=D9K;GEHM=KL9K8JD8CC9LJ?@E
K?<;8@JP=8D@CP6*C<LIF:FIFE@JC8G?8
D@F@;<J"F=D<@JK<I@8C8G?8D@F@;<J7&@K
MX9<=D9LA=JJ9-@EXE
92DEJ2AIUE
92>E:E66?H=RYFL=LADD9E@GGC<&@K
9:=JLMJ9
<=DH=;@G)KI8G8C89I8>:>E:E66?LM
H=RYF
92>EQE6;20
C8<EKI8;8GI
92?EQE6;2
92>E:E@@K;
4@:@M=NGK<=D9:9:GK9<>>JF=
K?<J<8?8I<
6GCPJ@8KHH7BF:;MF9
HD9FL9=FJ=<9<=J9H9J9KWLA;9;F;;<I
6LJ:LK8C<GK8EK?8
:FIPD9FJ8N9J
>I8E;@=CFI8
8D<I@:8E8
;<JDFLC@8E87
&@K
AFL=KLAFG<=D9LA=JJ9
08I
92?E:E@@K;
0
K::I92>E:E@@K;4>:D>A<=GK<=D?9<GK
92>E@@E:KIBF:;MF@GF?G8JK8CB<;GL==98CC
68KK8II<8;@>L<K@@*F;8O@JG@JK@CC8I@J7
08I
92?E@@E:KI
92>E;JGFJ89JN=F99JL=JA9M<@E8IK<IP
0
C8
<EKI8;8GI
:>E;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92?=4U92A2E@I:J9R9<98IDdJC<E>K?&@K
E9FGK=PL=F<A<GK
*C
92?=4U92A2EJ2I
<
BF:E@I
92?=MKJGFJ89J<=<GK<=D9E9FG=@E><IJ
0
C8<EKI8;8GI
:?=MK
92?@=JGFJ89J:J9RGAF;DMQ=F<GD9E9FG
8ID@E:CL;@E>?8E;
0
C8<EKI8;8GI
:?@=
)KI8G8C89I892?=E9FGK
92?@=429QEBF:;MF9
=KLJ=DD9<=E9J
9I@KKC<JK8I><E<I8C
K<ID6*H@AMJGA<=97
&@K
=DIM=;GJL9=D
92?@=429QE
:J9RG
92?@=4U92A2DA@;<A:MBG;I8N@E>&@K
DGIM=
>M=<A:MB9<G;GFD9E9FG
*C
92?@=
4U92AMD:A=
<422DA@;
92?@=92422:IBF:;9FADDGI@E>&@K
DGIM=K=
HGF==FD9E9FG
*C
92?=92422:E2I
<
4422:I)KI8G8C89I8>:?@=>@422:ILM
9FADDG
0
K22992?@=92422:IJ=DGB
92?@=92422:I92J2?@A;:E4UBF::;BF:;
HMDK=J99I8:<C<K&@K
9FADDGIM==KLT=FD9
EMX=;9
<4422:I
92?@@94U0
C8<EKI8;8GI
42?@@94U
92?@@D;JGFJ89JMX9?9JJ9=@E><IE8@C:C8N
92?@@D=42:A24E;GJL9MX9K=@E><IE8@C:C@GG<IJ
&@K
;GFIM=K=;GJL9FMX9K
<4224E
4224E:>
92?D:E;4JGFJ89JH9D=L9=K;THMD9J?FLC;<I
9C8;<
0
C8<EKI8;8GI
:?D:E;4
92?D@8;MGI<G
HM=KK?<EALJK\2?D@
42E2I`jF<9D=HM=K!FK?<EEMQL9F
M<IPJF2?D@>@@A@= KL9FF=?JG#K@J
JF9C8:B
F9<9ETKALJK2A4@9J22:E:>
:D2I66?>9224?:K@@4@9D4>M9292
2?D@9696K@@4@9A@@9:9D::4U2921GQ
9H=JK=?MAJMFN=F9<G:MJ9H=JGFGDD=N9JV
EAJA>D='GE9L9JV;GFF9<9ETKIM=;GFMF
H9DG#dD>F@E>KFKI8:B8DLC<;<<I9LK#
NFEdKK8B<DPI@=C<
#N@CCB@CC@KN@K?ALJK8
92?2;922@?2>BF:;MF
9<GJFGH9J9D9;9:=R9
;GFHDME9K8?<8;G@<:<
D8;<N@K?=<8K?<IJ&@K
KGE:J=JG<=HDME9K<=
;M=JNG
2?2; :>6MF;9EH9E=FLG
=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;
&@K
FA<G<=D;M=JNG
92?2;922@?2>
92?2;::E:I24BF:;MF9
HD9FL99FM9D;GF>DGJ=K9RMD=K<=D9>9EADA9
<=D9KD=?MEAFGK9K8E8EEL8CN@K?9CL<
=CFN<IJ@EK?<C<>LD<=8D@CP6'8I@E8G8IIP@
8C<8G8IIP@7&@K
DA=F<J=<=D;M=JNG
92?2;:E22>EBF:;MF9HD9FL99FM9D<=D9
>9EADA9<=D9KD=?MEAFGK9KJ@CBP;8C<8
68C<8DFCC@J7&@K
@M9J9;@=<=D;M=JNG
W92?664BF:9JJLAG8JK9H=L9J=?LGF=D=L=
IM=MK9:9FDGK@GE:J=KK=JAK=FLA=EHGK
9FL=JAGJ=KB@CK=FID<ICPNFIE9P-<I@D<E
<W4?664-@EXE
92E22:
W92?6682J:GDK9<=L=D9:CFK?98>/JF9J;
6=KHe>9F=?9fKAF9D9J?<=-G
a=8E<>8bN@K?FLKC<E>K?<E@E>F=70
429?6682?J9F<=
92?66K;0
C8<EKI8;8GI
4?66K;
92?QA0
C8<EKI8;8GI
4?:A
92?=JGFJ89JGCE9FGK<=<GK?8E;J=@E><IJ
0
C8<EKI8;8GI
:?@=
92?=92A24;HMX9<G;GFD9K<GKE9FGK
?8E;=LC=FID<;N@K?KNF?8E;J
<4224;
92?=J2::2?@4@::HMX9<G;GFMF9E9FG
?8E;=LC=FID<;N@K?FE<?8E;&@K
DGIM=
=KLT=FD9E9FG
92?=BF:;J9DE=B9H9L9
<=D=YF9DE=B9E9FG
<=D=YF*8:@=@:C@FEdJ
G8NJ:8CCFG
6(F;@G<:K<E
JL9EF;FJLJ7
92?=
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
4@A=P9;L9E=FL=MF9XG<O8:KCPFE<P<8I
92?E4>::BF6K:E::>::9924MFDM?9JKAF
?=FL=<=KA=JLG8ELE@E?89@K<;GC8:<&@K
DM?9J<GF<=MF9H=JKGF9FG=KLT
<BF::9
92?E4>:K=42DM?9J=KDAEHAGK:C<8E<;LG
GC8:<J&@K
DM?9J=K:A=F>GJE9<GK<
4>:K;
92?E9224@::>24@ALA=EHGH=DA?JGKG
;8E><IFLJN<8K?<I&@K
LA=EHG;GFHG<=J
=KHAJALM9D
<9224@42>2
92?E9:A4@A92?E4>229:?@D::7A4@A
92?E4>229:?@4227A9:A4@A=KL=9XGK?@J
P<8I
92?E:9::A64@ALA=EHG:M=FG>FF;
N<8K?<I
<BF::A6
92?E:9::A:4@>KM=DG>IFLE;
<422A
92?E:9>22922>@4292?E:9>224@A
=D9XGIM=NA=F=E<OKP<8I
92?E:>::A692?E:966>E4@ALA=EHG
E9DG98;N<8K?<I
<BF::A64966>E
92?EBF:92?:9::9KM;9K9?@JFI?<I
?FLJ<&@K
DM?9J=F<GF<==KLT
<BF::9
92?EBF:9AE::A24422@E2?E:42E4@@I@@
9XGLJ9K9XGP<8I8=K<IP<8I
92?EBF:?6;924DM?9JKAF?=FL=EGFL=
LE@E?89@K<;GC8:<;<J<IK&@K
DM?9JN9;WG
92?EE:?E:429TTI29E22>2I_=F9D?MF9
>=;@9<MJ9FL==DLJ9FK;MJKG<=D9XGc8K
JFD<;8K<;LI@E>K?<P<8I_
92I92?EI29429;M9DIMA=JDM?9JALJK8EP
GC8:<
92?E8;MGI<G@9;A99:9BG;FNE;FNEN8I;J
\2?E42A`TB9L=!<K;FNE
92?E2?:42J66?@N=FL9F9N@E;FN&@K
DM?9J
=FIM=MFGLA=F=D9;9J9
*C
92?E2?
:42J66?4@;
<4J66?@
92?E2?:4@4@9@N=FL9F9N@E;FN&@K
;GFIM=
MFGN=9MFDM?9J
<4@4@9@
0
92E22:
92?E2?:4@4@9@:92A@@:?;GJLAF9
92?E2?:BF62242=42;DYK=LJGH=JG:CFJ<K&@K
DM?9J=FIM=MFG?M9J<9JGH9
<
BF62242=42
:CL9
GX:FG<92?D
0
92?D@4@4D:E@I
@9;=J9D?GKAF<A>A;MDL9<FAF?MF9
92?D2292I92?DI29EMQEM;@GL9F
M<IPM<IPDL:?JF.:IBF:D::=4E2>BF:9
A2?22=K@4UE229;U:>92?D2292I::D2I
BF:9J:?6;M2 DFAXGK=9LJ9?9FLY;GEA=F
<GEA=D<=9:=B9Q;9KAFGHM<GJ=KHAJ9J
IM=<YLGL9DE=FL=KAF9DA=FLG.?<9FP
:?FB<;FE?FE<P8E;8CDFJK:FLC;EdK
9I<8K?<?<N8JC<=K:FDGC<K<CPN@K?FLK
9I<8K?
2D@>@@D?:@@4U:AM9K@I6A62?
92E2::>2>@@D?:K2?@E::;>292?DI29
:J24@@BF6+MKAEGKD9J=<H9J9;9?M9E9K=F
=DE9JQMF9;9?M9E9K=E=LAYQD9J=<D9
=FJGDDYEM;@G1<GLKK?<KLIKC<E<K@EKFK?<
J<88E;8KLIKC<>FK@E@K8E;K?<E<K>FK
NI8GG<;8CC8IFLE;@K
92?EJ
4@>LA=JJ9<8IK?;@IKC8E;2?E
4@>:9ED22:=I:>92DE92I92I4@@IA@@K@
9J@@9@ K;9J:V=FD9LA=JJ9Q=F;GFLJVMF9
HMFL9<=>D=;@9EMQ:D9F;9#;L>@EK?<;@IK
8E;=FLE;8M<IPN?@K<8IIFN?<8;
0
4@>4224BF:992?E:E:J2::L=JJALGJAGK=JA
92?E@@422ANA9B9J9HA=BF:;EMF<G
LA=JJ9NFIC;<8IK?.229BF:;92?EBF:;
:E24=4U42J2I:92 DKGD=KETK?J9F<=IM=
D9LA=JJ9.?<JLE@JC8I><IK?8EK?<<8IK?
924DM?9JGC8:<[#6KT92?E2?@
BF::9J2_ FIMVDM?9JNAN=K1?<I<;FPFL
C@M<4@A9XGP<8I@>4224BF:92?@
BF:9696BF:992?E@@4U:AM9BF:9:9QE
E24E:>>2J2KE DHJ=KA<=FL=<=DGKK=JAK
<=BY<=K=JHJ=KA<=FL=;M9F<G=D9XGL=JEAFY
.?<-<I@GI<J@;<EKC<=KF==@:<8KK?<<E;F=K?<
P<8I
0
92?E422K@;L=F=JMF9XG<==<9<
92?E4224;L=F=J<GK9XGK<==<9<4@A
LA=EHGN<8K?<I
92?E4224@;LA=JJ9;GFLAF=FL9DD8@EC8E;
&@K
LA=JJ9?J9F<=
92?E422:E:44@:9J=F9J8E;&@K
LA=JJ9
:D9F<9
92?E44@@@4>66D@>92?EE2K@4>66D@>
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92?E422@=<=HJ=KAYF<=D9LA=JJ9;GEG;9F9D
92?E2?@422>2BF:;
;@G@EK?<C8E;I8M@E<&@K
LA=JJ9HD=?9<9
L=;GDGL=DD9F=JG
92?E42422IU=2;=J=EGFA9HGJMF9BGN=F;AL9
9LIIFN@E>FNC6K?<E<
>9DD=;A<9:<I<DFEP=FI8PFLE>>@ICN?F
:LE@:LC8I@8-G<FKPKF
;@<;9<=FI<:FD@E>F=8><6.=@9;==KL9
:LE@:LC8I@87&@K
=DIM=
;=J=EGFA9=F=D9XG;M9F<GD9BGN=F;AL9@M
NAN==FD9LA=JJ9
:A=J9L=FA<GKM>A=KL9<=HM:=JL9<.?@J:<I<
92?E2?@4429BF:;MF9
DFEP@J;FE<@EK?<P<8IN?<EK?<>@ICNFLC;
9:=B99E9JADD9?J9F<=8
?8M<?8;?<IGL9<IKP=@<JK8
70
92?E
C8I><P<CCFN9<<&@K
=D
92?E2?@422>2
422I@=:>DDGJ9J>M=JL=E=FL=
IM=@9;=KGFA<G=FD9
92?E42:E@;
MF9=FJ=<9<=J9;M;MJ:ALT;=9
LA=JJ9
*C
92?E2?@4422:6 KL99:=B9@9;=
9FM9D;GFH=IM=X9K>JML9K8E8EEL8C:L:LI
MF@GQG=F=DKM=DG.?@J9<<D8B<J8?FC<@E
9@KM@E<N@K?JD8CC9LIC@B<=IL@KJ608J<P8E
K?<>IFLE;
7
K?LJ@EJLC8I@J7&@K
=DIM=K==PLA=F<==FD9
92?E2?@4@@4UK9FAE9DKM:L=JJTF=G>9FLTKLA;G
LA=JJ9MF9=FJ=<9<=J9;M;MJ:ALT;=99FM9D
IM=;9MK9L=E:DGJ=K=89LCFLJJL9K<II8E<8E
;<J<IKJK8IM@E<6I8E;<><89@><CFM@@7
8E@D8CK?8K:8LJ<J<8IK?HL8B<J&@K
=DIM=
-@EXE
9696:E:D429;::E
LJGL9=FD9LA=JJ9
*C
92?E2?@4@@4@K@;
92?E42AEIU@GQG=FD9LA=JJ9?FC<@EK?<
92?E2E24@>DG:AF98J8E;JK8I>8Q<I=@J?
>IFLE;&@K
LA=JJ99?MB=J=9<9
69;LQDGK;GHA<9=7&@K
E9<J=<=D9LA=JJ9
92?E42D42ILA=JJ99J9<9GCFN<;C8E;&@K
2?E224@;D9-=H[:DA;9(=PA;9F9'<O@:8E
LA=JJ9@=;@9H=<9RGK
<42KI
,<GL9C@:&@K
LA=JJ9?J9F<=
W92?E42E2I224@;N9;9G;9:9DDG:FNFI?FIJ<
2?E22:;J=9<GJ<=DEMF<GK=?[FDGK9FLA
&@K
=DIM=9F<9=FD9LA=JJ9Q=K?J9F<=/JF
?MGKK=JAK:I<8KFIF=K?<NFIC;8::FI;@E>KF
9J;<A9D=;LG<=.9F KL=:9F
<92?E42E2I
K?<-<I@8E:<JKFIJ&@K
=DIM=@ARG=DEMF<G
224@;
92?E422=BF:;9J9X9DA;GK9QGLJ9K9J9X9K
92?E4;:ADD9FGGC8@E*22A=>292?EBF:9
H9J=;A<9KNFC=JG@;<I8E;FK?<I>IFLE;
4;:A4@>E22I@@:E92E@::E@44U92>@::
;N<CC@E>JG@;<IJ6&P:FJ8KHHQGLJ9K
#9;W9EM;@G>JWG;M9F<G=KLT:9EGK=F=D
=KH=;A=K7&@K
@ABGETKBGN=F<=D9LA=JJ9
DD9FG#KN8JM<IP:FC;N?<EN<N<I<FEK?<
*C
92?E422=@;6+GKA:D=E=FL=e@9FL99Df
GC8@E
g=KHGK9<=D9LA=JJ9h*FJJ@9CPa?8EK88Cb
2?E>22@@4AHMFL9(9D9HMFL9J=F9K
cN@=<F=K?<<8IK?d
7
*LEK8'8C8*LEK8I<E8J&@K
LA=JJ9
2?E22=2;4 A2A;U$DMEAF9<GJ<=D9KIM=
J=;A=FL=E=FL=>GJE9<9
9F9'MR=KLJ=DD9#CCLD@E8KFIF=K?FJ<
92?E4>22EA2I::E:92422E2IBF:;K=?9<GJ
N?F8I<!@M@E>@IK?JK8I&@K
;GFIM=K=
;8;;PCFE>C<>J
ADMEAF9FD9KIM==KLTF<9F<G9DMR6.=<A;=
6+@9D9F?AA<9=7
<
IM==KL9=KLJ=DD9=KLTADMEAF9F<G9E99E;
92?EBF:;4>22EA2I:
'9K(MB=J=KGJJ=KHGF<=9D<=:9JTF
>2:E:92422E2I=DIM=
.?@JJK8I@JJ8@;KF9<>@M@E>C@>?KKF
92?E4>22EA2I:
>M=@=;@G9F<9J=FD9
D88D:.?<1FD<E
FII<JGFE;JKF
:E:92422E2I
LA=JJ9J=;AVF;J=9<9
C;<98I8E
7<422A;U
08I
2?E22=2;4
2?E>2A4U224@;MF:9F;G<=9J=F98
A2A;U-@EXE
K@;-66?@@22A
J?F8C
'[email protected]>6K@;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2?E@@IA2?E :BF:'F:DI2A2MFDM?9J8
2?E>2A4U66BF6MF:9F;G<=9J=F98
GC8:<
J?F8C
92?E4@@IA:E:?2;@@0
C8<EKI8;8GI
?2;@@
92?E4?@@94ULA=JJ9@MF<A<9;<GI<JJ@FE@EK?<
92?E4@@K=:=DM?9J>9F?GKGGC8:<N@K?JK@:BP
C8E;&@K
DM?9J;YF;9N9
DL;&@K
LA=JJ9H=?9BGK9-@EXE
92?E
92?E4@22I@;BF:;
4@?@A:;
;9E9D=YF;GJFM<G
92?E4@A2DBF:;MF9HD9FL99FM9D<=DLA=EHG
I<>8C?FIE<;
>J=K;G;GF>DGJ=K:D9F;9KQ?J9F<=KI@QFE8
C@Q8I;6*?IPEF
<M<E@E>GI@DIFJ<6)<EFK?<I88I@QFE@:8
JFD8JFC8I<7
*C
92?E4@22I@;
)
:8C@=FIE@:8N9J8I@QFE@:87-@EXE
92?E4@22IU=
92?E@@D:?2;4@@IA
92?E4@22I@;:A66K
2?E@A?:MF;9EH9E=FLG=FD9AKD9/A:MJYF
H=<9RGKH=IM=XGK<=EA;9JD8CCG@<:<JF=
8:8DGFE.@9LIFE#JC8E;&@K
LA=JJ99:=B9
D@:8&@K
DGKH=KGK<=D;9E9D=YF
;9JHAFL=J9
92?E4@;UKDGE9H=IM=X9J=<GF<=9<9JD8CC
W92?E4D::N9;9:FN6FJK8LILJ7&@K
IM=
IFLE;<;?@CC&@K
LA=JJ9;GJ;GN=9<9
@M=D=D9LA=JJ9/JF9J;-@EXE
K::I4@@92
92?E4@>:E:4U:9::94@@I429<OGHGJLG<9KM
966?
NA<9=FI8CCF=?<IFI?@JC@=<&@K
=FLG<GKM
2?EET4?2=42+M=JLG+=X9K;G*L<IKF
=KL9J=FD9LA=JJ9
<BF::9
*<W8J:F-@EXE
@J@4@@@IA
92?E4@>@@::92;GK9K9FLA?M9KIM=@9Q=F=D
92?E4U4@@E:;:9BG<=9J=F9=PHM=KLG<OGFJ<;
EMF<G;GEGEGFL9X9K8E:@<EKK?@E>JF=
J8E;98I&@K
LA=JJ9K=;9-@EXE
92?E
K?<NFIC;JL:?8JDFLEK8@EJ&@K
H=JL=F=F;A9K<=D9LA=JJ9
4@@IA
92?E4@>:I@K?J9N9QJG;9KIM=@9F;9W<G
92?E4U:A@@K:<ANAKAYF=FLJ=<GKTJ=9K9DL9K
>I8M<C8E;IF:BJK?8K?8M<=8CC<E&@K
LA=JJ9
;@M@J@FE9<KN<<EKNF?@>?8I<8J
<4A@@K:
IM=@9;9W<G
<4U4@>:I@K
W92?E4UBFQJ@42BF:;KGDJLE/JF9J;
92?E4@?@A:;H9FL9FGJN8DG&@K
LA=JJ9IM=
-@EXE
K229&@K
=DIM=:JGL9<=D9LA=JJ9
;9MK9@MF<AJ/JFHG;G>J=;M=FL=
<BF:J@K:JGL9J
92?E4@@A@=FM:=D9J?9GK;MJ9=F=D;A=DGKG:J=
92?E922::4@E9<JM?9<9;8NE
<922424@
=DE9JIM=AF<A;9D9N=FA<9<=NA=FLGK>M=J
0
K::I92?E922::4@4@44M9?9DDG
L=KCFE>CFN;8IB:CFL;@EN<JK<IEJBPFM<I
92?E9224@::>2=D>AF<=DEMF<G;9LTKLJG>=
J<8GFIK<E;@E>K?<:FD@E>F=JKIFE>N@E;J
<E;F=K?<NFIC;:8K8JKIFG?<
<9224@
&@K
DM?9JF=?JG
42>2
2?E@@I A29@MFDM?9J8GC8:<&@K
LA=JJ9
92?E9224@::>22?@K::4BF:;MF9N=FG
<GF<=K=N=LG<G
<BF:9@
;GFG;A<9H9J=;A<99MF9?9JR9H=JGETK
92?E4@@IA:9BG<=9J=F9=PHM=KLG<OGFJ<;
;GJHMD=FL9KAEAD9J9MF9N=KLJMR8E
J8E;98I&@K
LA=JJ9:D9F;9-@EXE
92?E
LEBEFNE9@I;C@B<8?<IFE9LKN@K?89@>><I
4U4@@E:;
9F;PJ@D@C8IKF8EFJKI@:?&@K
HTB9JG<=D9
2?E@@IAMF;9EH9E=FLG=FD9AKD9/A:MJYF
;9LTKLJG>=6.=?[FDGK9FL=H9K9<GK=KL9K9N=K
8:8DGFE.@9LIFE#JC8E;&@K
LA=JJ9:D9F;9
9F<9F9D9GJADD9<=>M=?GQ<=<=KLJM;;AYF
2?E@@IAA66E:;MFDM?9J=F=DE9J8GC8:<
IM=G;MJJ=;M9F<GNA=F=FD9K;9LTKLJG>=K<=D
@EK?<J<8&@K
;WJ;MDG<=9J=F9
>AF<=DEMF<G::FI;@E>KFK?<8E:<JKFIJ
K?<J<9@I;J>F8CFE>K?<<;><F==@I<8E;
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2?E2IMF;9EH9E=FLG=FD9AKD9/A:MJYF8
:8DGFE.@9LIFE#JC8E;
92?E92J22K=E:J9<WGGC8EK<;=@<C;&@K
LA=JJ9
HGK=W<9
<4J22
92?E92K22:?DM?9J9;GJJ9D9<G=<E:<;@E8I<8
2?E92K22:?BF:9J@>::A2=2I@4>22I
92A2::92'9;=J;9=KL9:99JJMAF9<9H=JG
9@GJ9=KLT9JJ=?D9<9.?<=<E:<N8JIL@E<;
9LKEFN@K@JI<G8@I<;
*C
92?E92K22:;4
<4K22:?
0
92?E:92K22:?;=J;G
92?E:42224@EE9H9D8G&@K
;GFIM=MFG
=PHDA;9;YEGDD=?9J
*C
92?E:42224@E
<
4U42224@E
2?E 4@>:I@K664@;MFDM?9J=FD9AKD9.9F
KL=:9F<GF<=DGKe#9KL9FG;L9E;ZfG;M
H9:9F;GEGJ=K:9D9<=JG8GC8:<FE-8E
JK<98E#JC8E;K?8KK?<a"8JK8EF:K8D:Yb
LJ<;8J8JC@;<
<4U4@>:I@K:9B9J;GF
9;;AYF<=J=K:9D9J
W92?E:4@?22:=::D:42=4@>MFH=R
E=F;AGF9<G=FD9K@AKLGJA9K<=DGK?A?9FL=K
8=@J?D<EK@FE<;@EK?<JKFI@<JF=K?<>@8EKJ
/JF9J;-@EXE
K:I4M>:?22:=422:E:4
92?E:7::0
C8<EKI8;8GI
92?E47::
92?E:922>24BF::;BF:;AKD9@JC8E;&@K
LA=JJ9IM==KLTKGD9
92?E:922IK9R9<YF?F<&@K
;GFIM=D9LA=JJ9
K=H=?9
*C
92?E:922IK
<442IK
92?E:9242D42I9J9<GGCFN&@K
;GFIM=K=
J9B9D9LA=JJ9
<442D42I442KI
92?E:92>:K;BF:?=MKJ9KLJADDGI8B<&@K
;GF
IM=K=9JJ=?D9D9LA=JJ9;GF<=<GK
*C
92?E
:92>:K=42BF:?=MK
<42>:K;
92?E:92>;@;BF:;MF;9F?J=BG9J9X9"<I9JK@8
JG@;<I:I896"<I9JK@8:8DGK8:8EK?87
92?E:92K22:?;=J;G=<E:<
<4K22:?
2?E 9::?4@>9B99DA>GJFA9QD9KAKD9K
<AKL9FL=K9DG=KL=8A88C@=FIE@88E;K?<
;@JK8EK@JC8E;J@EK?<N<JK&@K
DM?9J;=J;9
<=D9LA=JJ96.=MK9D9>GJE9e#9FL$@AAFAf=F
N9JA9K=PHJ=KAGF=K.?<=FIDa"8EK#?@@E@b@J
LJ<;@EM8I@FLJ<OGI<JJ@FEJ
7
;<JKIL:K@FEK?8KF::LIN?<EK?<
<E;F=K?<NFIC;:8K8JKIFG?<J:FD<
76.=
HJGFMF;A9e@9FL@9;ZAAE99FGRAA;f7
2?E22:>:A:'F:9 :K4d?MF;9EH9E=F
LG=FD9AKD9/A:MJYF8:8DGFE.@9LIFE
#JC8E;&@K
LA=JJ9<GF<=MFGFGHM=<=KM:AJ
92?E922:K;:9JJGDG<GHJ=H9J9<G:C8PGI<
G8I<;=FID8B@E>GFKJ&@K
LA=JJ9EGDA<9
<
4BF:K;
08I
92?E66K;
2?E22:K;MF;9EH9E=FLG=FD9AKD9.9F K
L=:9F;=J;9<=+D9Q9D9!J=A<=J98:8DGFE
-8EJK<98E#JC8E;E<8I*C8P8C8 I<@;<I8
92?E922>24@GQG=FIM=K=9K99?9N=G@K@E
N?@:?:<EKLIPGC8EK@JIF8JK<;
*C
92?E
922>2;4
92?E9242AEIU@GQG=FD9LA=JJ9?FC<@EK?<
>IFLE;&@K
LA=JJ99?MB=J=9<9
*C
92?E
9242AE2I
<442AEIU
92?E9242KIR9FB9KMJ;G;@K:?=LIIFN&@K
LA=JJ9H9JLA<9
<442KI
W2?E2>@::;'F::>EAKD9/A:MJYF.@9LIFE
#JC8E;&@K
;WJ;MDG9:A=JLG/JF9J;-@EXE
*296;U4
92?E92?22:=2HGRGH9J9;G?=J9?M9@=;@G;GF
D9KE9FGK?8E;;L>N<CC
<4?22:;
92?E92A66E:;;=JGQ<IF&@K
DM?9J@=;@G
J=<GF<G
<42A66E:;
2?E2A;@22EMFDM?9J=FD9AKD9/A:MJYF8
GC8:<FE.@9LIFE#JC8E;&@K
LA=JJ9IM=K=
HM=<=J=NGDGL=9J;GFDGK<=<GKHGJKML9E9
XGH=IM=XG
<42A;@22E
92?E92D:E@IDWF=9C@E<&@K
DM?9JJ9Q9<G
2?E2D:EJ2I'F:9 J2EMF;9EH9E=FLG=FD9
AKD9/A:MJYF8:8DGFE.@9LIFE#JC8E;&@K
HMFL9<=LA=JJ9J9Q9<9HGJD9=JGKAYF
<
4@4D:E@I
2?E2D@@>2H=JKGF9B=IM=;J=Y9DHJAE=J
K=JAQ=J9<M=XG<=LG<GKDGK9FAE9D=KK=?[F
DGK9FLA?MGKK=JAKG<IJFEN?F:I<8K<;K?<
=@IJK-<I@8E;N?FN8JFNE<IF=8CCK?<
8E@D8CJ8::FI;@E>KFK?<-<I@8E:<JKFIJ
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
;=JJG=F=DDM?9J<GF<=MFGH9K9H9J9AJ@9;A9
GLJGDM?9J
92?E::924@@>=:?22:=BF:;MF;9J9;GDGI@E:<
:FE<JE8@C6FELJGI@E:<GJ7-@EXE
::4;
>@D?::=J22DA@;
2?E :92@@E?:=KHWJALM<=D9;M=N9#99HAK
$A@GEJG@I@KF=K?<:8M<"88G@J#@?FD
92?E::924U924@>IH=JKGF9K=JAAF>GJE9<9<=
D9K;GK9K<=D9F9LMJ9D=R9-<I@G<IJFE
@E=FID<;89FLKK?@E>JF=E8KLI<*C
92?E
::924U924@>I@;<4UL424@>I
2?E :92'F:>IH=JKGF9IM=FGE:JYD9K;GK9K
H9J9DGK9FLA?MGKK=JAKG<IJFEN?F>8M<
E8D<JKFK?<K?@E>J=FIK?<-<I@8E:<JKFIJ
&@K
=DIM=AF>GJE9<=D9KH=JL=F=F;A9K<=D9
LA=JJ9
2?E :92'F:>I:E22;4@@EA
BF:;MF
=K;9J9:9BG;GFEM;@GK;GDGJ=K8
DLCK@:FCFI<;9<<KC<6GD=GHL=J9FG
A<=FLA>A;9<G7BF:;MF;9J9;GDADDG
GFC@J?<;E<I@K<6.?<F;FOLJCLK<F=8J:@8KLJ7
-@EXE
I6A6BF:=A
&@K
=DIM=>M==K;MHA<G
<=D9K9DAN9<=#9FL$A@9,MAEP
92?E::92BF:>I@;@66?64BF:;MF;9J9;GD8
JE8@C6PGI8<:8JJ@J:F8I:K8K87&@K
=DIM=
DGKe@9FLAA@9IMAEPGBfLJ9B=JGF
92?E::;U4HD9Q9<GF<=FGLG;9FD9KGD9K
9<8:?89FM<K?<N8M<J
<42;U4
08I
92?E66;U4
92?E::EBF:;MF9H=IM=X9HD9FL99FM9D<=D
LA=EHG;9DA=FL=:8IG<KN<<;6'FCCL>F
:<IM@8E87&@K
HAGBGK<=D9LA=JJ9
92?E:>22D:;BF:;DD9FL9K@I<&@K
;GFIM=
JM=<9=FD9LA=JJ9
*C
92?E:>22D:=4@;
<
4>22D:;
0
EC@@BF:4@=2:92422:I?9LG
H9J9;9E:A9JD9DD9FL9K::I92?E:>22D:;
:A2A@I;JM;=L9K::I:A2AE2IK::I92?E
:>22D:;BF:9@@4U:AM9;JM;=L9
92?E:>22D:;2?:9::;BF:;JAFN?<<CI@D&@K
=FIM=K=KA=FL9D9DD9FL9
<2?:9::;
W2?E 9::?::44429DG:GE9JAFG8C@=FIE@8
J<8C@FE648CFG?LJ:8C@=FIE@:LJ7&@K
=DIM=
@9;=KGFA<GK9DD9<G<=9B99DA>GJFA9/JF
9J;<A9D=;LG<=.9F KL=:9F-@EXE
I2A@@
2?E 9::?:DE24;BF:;MFGKLAYF8EFPJK<I
6*C8:LE8EFD@8:LD@E>@@7&@K
eKL9;Bf<=
9B99DA>GJFA9
-@EXE
92IU=:?22:=
BF:9T42=@;
2?E 9::?:E2;::;4
BF:;
9NG;=L99E=JA;9F9D<I
@:8E8MF:<K6,<:LIM@IFJ
KI88D<I@:8E87&@K
HD9
Q=JGHA@MA@MA<=9B99
DA>GJFA9BF:;;9F<=
D=JG9E=JA;9FG
2?E 9::?:E2;::;4
9C8:BE<:B<;JK@CK
,<:LIM@IFJKI88D<I@:8E8
6"@D8EKFGLJD<O@:8ELJ7
*C
2?E 9::?:E2;::;@;
92?E:9::AK=FLA<GKA?FA>A;9<GD<8E@E>[2?E
:9::ABF:9:?EM_.9:=KDGIM=IMA=J=<=;AJ
FPFLBEFNN?8K@KD<8EJ<422A
92?E:9::A:4@>KM=DG>IFLE;
2?E 9::D2IMFE9D@=;@GJK=JA<=DH9K9<G8
-<I@<M@C;F<I@EK?<G8JK
92?E:9:J2I:4>22>92?E:9:J2I:4E2>MFG<=
DGK?A?9FL=KIM=NANA=JGF9FL=K<=DGKK=JAK
FE<F=K?<>@8EKJK?8KC@M<;FEK?<C8E;9<=FI<
K?<-<I@J&@K
H=JKGF9<=D=PLJ=EG<=D
EMF<G
<:9:JMI4@4JMI
2?E 9:J@KMFDM?9J=FD9AKD9/A:MJYF8GC8:<
FE.@9LIFE#JC8E;&@K
:GLYF<=D9LA=JJ9
60F;=JJGIM=H9J=;=MF:GLYF<=>DGJ<=9@W
=DFGE:J=?@CCK?8KCFFBJC@B<8=CFN<I9L;
?<E:<K?<E8D<
7<BF:J@K
2?E :4@E@?EE242*@::2?EU:422A
=KLJ=;@G=FLJ=AKD9.9F'GJ=FRG=AKD9'9K
jFAE9KE8IIFN:?8EE<C9<KN<<E-8E
&FI<EQF#JC8E;8E;&8JeE@D8J#JC8E;&@K
DM?9J<GF<=MFGH9K9H9J9AJ@9;A9GLJGDM?9J
2?E :4@E@?EE242*@::2?EU:422A2DE
AKD9'9KjFAE9K&8JeE@D8J#JC8E;&@K
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
2?E AKI2422E@=MFDM?9J8GC8:<&@K
9JJGQGH=DA?JGKG
2?E AKI E222:=MFDM?9J8GC8:<&@K
9JJGQG;GF=E:G;9<MJ99F;@9
92?E:AKIQE6;2BF:;NA=BALG;9:=R9<=NA=BG
;9;LGK=@J??FFBG@E:LJ?@FE6'8DD@CC8I@8
>I8?8D@@'
D@:IF:8IG8'
J?<C;FE@@
'
JN@E>C<@7&@K
N=BA?9<=D9JJGQG
92?E:AKIQE6;24224U=
BF:;;9;LMK9J;GWJAK
?A?9FL=DD9NAF9QGLJGK;9;LGKJKI8N9<IIP
?<;><?F>:8:KLJ!LC=F=8C@=FIE@8I8@E9FN
:8:KLJ6:?@EF:<I<LJ<E><CD8EE@@
>I8E
;@J
J:FGLCFILD7&@K
e@9FLAHRPWL=B9f
?J9F<=KBF:;NA=BALG;9:=R9<=NA=BGMF
;9;LG=@J??FFB:8:KLJ
6'8DD@CC8I@8<JK<
98E<EJ@J7
92?E:BF::>@E;A=JLGBM=?G;GFH9DALGK=FD9
LA=JJ98:<IK8@E>8D<GC8P<;N@K?JK@:BJFE
K?<>IFLE;&@K
DM?9J<GF<=MFGBM=?9
<
BF::>@E
92?E:BF::A2I=K;9DGF=KJK8@IJ
<4UBF::A2I
92?E:D::;:>L=E:DGJL=JJ=EGLG<8IK?HL8B<
2?E:D::;:>BF:99224UEA2492?E:E;622
E:>J@@4J@A;=FIM==DL=JJ=EGLGLME:Y
9D?MF9K;9K9K.?<PJ8PK?8KK?<<8IK?HL8B<
BEF:B<;;FNEJFD<?FLJ<J
<92?E
4D::;:>
92?E:DE;BF:;MF9HD9FL99FM9D<=DLA=EHG
>J=K;G<=D9>9EADA9<=D9K;JM;W>=J9K;GF
>DGJ=K:D9F;9KJG<:K8:C<GF;6@K?PI<8
:8C@=FIE@:87&@K
@GB9<=D9LA=JJ9-@EXE
9696:>:I22>@@D?:::92
92?E:E92?E:BF::;L9R9<=D:9XGKF@C<K&@K
DM?9J=FIM=MFGK=KA=FL9
<BF::;
92?E:E4@;BF:;MF;9J9;GD8JE8@C68EK?8ILJ
D8:IFJG@I87&@K
:9K=K<=D9LA=JJ9
92?EQE6;2BF:;MF9D?9E9JAF9H9J<98
J8:BC@B<9IFNEJ<8N<<;6FCGFD<E@8
KL9<I:LC8K87&@K
N=BA?9<=D9LA=JJ9
*C
92>EQE6=42
08I
92>EQE6;2-@EXE
IA66E4
92?E:>22D:;:A2D42IKM=D9<=D9DD9FL9K@I<
KI<8;&@K
DG9JJM?9<G<=MF9DD9FL9
<
4A2D42I
92?E:>244@:;=FAR9K8J?<J\2?EQ>2;4
9:K4@:94222KI2;`/AJ=F=KLGKEGFLGF=K<=
;=FAR9K.?IFNFLKK?<J<G@C<JF=8J?<J*C
92?EQ>2;4
92?E:>:K;92I@;4U4@@E:;:9B9E9J=FD9E9X9
F9DFIE@E>CFNK@;<&@K
DAEHA=R9<=D9
LA=JJ9GJADD9K=;9
2?E:>:K;92I@;4UE@@E:;
>2D66E6?BF:9:>22:K:M9F<G@9Q:9B9
E9J=FD9E9X9F9N9FHGJ;9DDG<=@9;@9
1?<EK?<I<@J8M<IPCFNK@;<8KD@;
DFIE@E>K?<P>FKF><KG<EJ?<CCJ
<4>:K;
92?E:>@;2DEBF:;K9HGBGN=FPFLE>KF8;
&@K
=DIM=FGHAKGL=9=FD9LA=JJ9
92?E:A22:?9FAE9DL=JJ=KLJ=>9FLTKLA;GH9J=;A<G
9DDG:GE9JAFG=89LCFLJC8E;8E@D8CJ@D@C8I
KF8J<8C
<4A22:?
92?E:A24EK;=<9RGJ@=K@E>J:I<<E&@K
;GFIM=
K=;A=JF=D9LA=JJ9
*C
92?E:A24EK
<
BF:4EK
92?E:AMD2BF:>
BF:;=K;G:99IFFD&@K
DG
IM=K=MK9H9J9:9JJ=JBF:;MF9J:MKLG<=
D9>9EADA9<=D9KE9DNT;=9K8J?IL9@EK?<
D8CCFN=8D@CP69LK@CFE:8C@=FIE@:LD7
<
BFQD2BF:>
92?E:A@4;BF:;MF=K;9J9:9BGIM=K=E=L==F
D99J=F989<<KC<K?8K9LIIFNJ@EK?<J8E;
6GD=GHL=J9FGA<=FLA>A;9<G7
&@K
=KH9D<9<=D9LA=JJ9
*C
92?E:A@4=4
92?E:A@DLM:G<=MF?MK9FGE9JA
FGKL9<F=8GFCP:?8<K<NFID
6@FG8KI8KH7&@K
?9J?9FL9<=
92?E:A@D
D9LA=JJ9*C
92?EQA@D2>
92?E:A@E92IHGRGN<CC&@K
9?M9<=:9BG<=D9
LA=JJ9
*C
92?E:A@E9MI2;2>
92?E:AKI4@>9JJGQG>LC:?8IIFPF&@K
<GF<==KLTJ9K?9<9D9LA=JJ9
*C
92?E:A42I
92?EQA42;4
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92?E@E@A=BF:;@A=J:9<=DK9HG8CB8C@?<C@F
KIFG<6"<C@FKIFG@LD:LI8JJ8M@:LD7
<
4E@A=-@EXE
A@E24D42>@K
92?EA@7::E20
C8<EKI8;8GI
92?E47::
92?EBF6J@KBF:;MF99J9X9IM=NAN==FD9
LA=JJ98>IFLE;;N<CC@E>JG@;<I
W92?EBF:9422?:>HJAKAYFGI@JFE&@K
DM?9J
;=JJ9<G/JF9J;
92?EBF:9:E66=;GKL9DALGJ9D:F8JK&@K
GJADD9
<=D9LA=JJ9
92?EBF:9:E::424>::BF6EDM?9J<=J=KA<=F;A9
GC8:<F=I<J@;<E:<&@K
DM?9J=FIM=K=@ARG
H=JKGF9
<4>::BF6E)KI8JG8C89I8J92?E
BF:9:E:9:4>::BF6EDM?9J<=EAJ=KA<=F;A9
92?EBF:9:E::4>::BF6EDM?9J<GF<=J=KA<=
92?EBF:9BF:4@A@=AF>A=JFG?<CC&@K
DM?9J
GK;MJG
92?EBF:9J22:;GKL9GHM=KL9FGGFJ@K<:F8JK
&@K
LA=JJ9GHM=KL9
92?EBF::E:;:9F;G<=9J=F9:9BG=D9?M9J?F8C
JL9D<I><;J8E;98I&@K
LA=JJ9IM=K=
=F;GJN9@9;A99JJA:9
2?E'F::E:;224@;MF:9F;G<=9J=F98
J?F8C&@K
:9F;G?J9F<=
92?EBF:A
BF:;=E:9JJ9<GJ9<=DG<G8DL;
;8L9<IN8JG6/JQ
HGPQDGFAF9=7&@K
=D
IM==K;9J:9D9LA=JJ9
4@>;MD=:JAL9
;A=?9N<JK<IE9C@E;
92?E:E::4229:E:>MFDM?9J<GF<=@9QH=;=KQ
<GF<=K=H=K;9=@J?@E>JGFK&@K
DM?9J=F
IM=MFGH=K;9
*C
92?E:E::422:E@;
<
4229:E
92?E:E::422DA@;=K;JALGJAG;<JB&@K
DM?9J=F
IM=MFG=K;JA:=
*C
92?E:E::42E@@D:A=@;
<422DA@;
92?E:E::429:::?J=;9DEYFN@E;9I<8B
<
BF:9:::?
92?E:E:J66>6;4@@DA@;
BF:;
MF;9J9;GDEMJW;A<G8IF:B
J?<CC60FB<J@DLI<O<C<E<EJ@J
0
KI@:FIFE@J7-@EXE
9:E4K
:9:K4@@7:K=4>@E4K
BF:EIQD@E2;I29Q4@D2
IA2422@::92BF:;MF
;9J9;GDEMJW;A<G8IF:BJ?<CC
92?E:E:
J66>6;
6LGC<LI8DLI@:@=FID@J7&@K
4@@DA@;
;MQGEGNAEA=FLG<=KH9;AG=F
0FB<J@DLI<O
KI@:FIFE@J
D9LA=JJ9<A:MB9
<BF66>6;
92?E:E@@K;0
C8<EKI8;8GI
92>E:E@@K;
2?E E@A=>:DMFDM?9J9DFGJL=<= D
=K=E:GIM=8GC8:<EFIK?F=<J<D9FHL<
2?E E@A=>:D 4296>6MFDM?9J9DFGJL=<=
+M=JLG'A:=JL9<8GC8:<EFIK?F=*L<IKF
&@9<IK8;
92?E:I22:JGL=<=K9F?J=F?J9<Ge@9EAKBf
8J?PC@D9<I9LJ?a?8D@JAbJGIFLK
2?E I22,E22D:MF=KL=JG8E<JKL8IP
2?E I22:DMFDM?9J8GC8:<
2?E J2DMF;=JJG=F&AFG)M=NG8?@CC@E
(<N%@EF&@K
@W?9<G<=D9LA=JJ9
2?E J2D E;A=JL9RGF9=F&AFG)M=NG=F
D9:9K=<==KL=;=JJG:<IK8@E8I<8@E(<N
%@EF8KK?<98J<F=K?@J?@CC&@K
:9K=<=
#9FL$Q9K
92?E>@I6E
MF9HA=<J9:D9F;9:D9F<98JF=K
N?@K<IF:B&@K
LA=JJ96.=MK9:9H9J9IMAL9J
=DH=DG9D9HA=D<=N=F9<G/J<;KFI<DFM<
?8@I=IFD;<<I?@;<J
7LAHG<=9J=F9?JM=K9
Q:D9F;9B@E;F=:F8IJ<N?@K<J8E;08I
92?E>@I:E
92?EBF:A
JE8B<6&<GKFKPG?CFGJ
?LD@C@J7&@K
=DIM==K;9J:9D9LA=JJ9
*C
92?EBF:AE-@EXE
92A6BF6E42>:K;
92?EBF:A4UEV<9FG;LE<&@K
LA=JJ9?JM=K9
*C
92?EBFQA@;42>
2?E'F:A4U66BF6MFDM?9J8GC8:<&@K
EV<9FGH=IM=XG
6(MJAYGQGL=$?M9F9=F
=KL=DM?9JFPFK<#>L8E8;@<;@EK?@JGC8:<
7
92?EBF:A@ILGJE=FL9NA=FLG>M=JL=JKFID
JKIFE>N@E;&@K
=DIM=9JJ9F;9D9LA=JJ9
($$,0 $$/*(
*.-$$/*(
(-$)$$/*(
92?EJ22:=@A=J:9LA=JF9N=?=L9;AYFK<E;<I
GC8EKM<><K8K@FE&@K
N=J<GKG<=D9LA=JJ9
<4@@:=
92?EJ22:=:922E::K2I9?GKLGL>LJK&@K
DMF9
;M9F<GD9N=?=L9;AYF=KLTE9<MJ9
W92?EJ24UKL=E:DGJ>M=JL=L=JJ=EGLGJKIFE>
<8IK?HL8B</JF9J;
<4@@4UK
2?E-2A@=MF;9EH9E=FLG=FD9AKD9/A:MJYF
8:8DGFE.@9LIFE#JC8E;
92?EJ2A@=4>:D4@>LA:MJYF:9DD=F9N?8C<
J?8IB6,?@E:F;FEKPGLJ7&@K
H9J=;A<G9D9
GK;MJA<9<<=D9LA=JJ9
<4@@A@=-@EXE
@@=
2?E'F:D24MF;9EH9E=FLG=FD9AKD9/A:MJYF
8:8DGFE.@9LIFE#JC8E;-@EXE
22E
'F:D242DE'F:D24
92?EBF:I22BF:;;9E9JYF>9FL9KE9;9E9JYF
<=D>9F?G>?FJKJ?I@DGDL;J?I@DG
6/@9D9KKAFGA<=97&@K
=DIM=LA=F=J9W;=K=F
D9LA=JJ9
*C
92?EBF:I222E2;6D?MF9K
H=JKGF9KAFL=J;9E:A9FDGKFGE:J=Ke@9FL
IMAP99fQe@9FLIMAPG99f-FD<G<FGC<
@EK<I:?8E><K?<E8D<Ja?8EKHL@O88b8E;
a?8EK
