0+ ^0% +

%*"+.)!!0$+/
!*0.+
!^0%
1*%2!./% (!.0+$1.0 +
%/!.*%)%!*0+^0%+
JATK
!HAJPNK@A^PE?=@AH=1JERANOE@=@H>ANPK$QNP=@KLQ>HE?=LANEä@E?=IAJPAQJ>NARA%JBKNIA!PDKOKBNA?EAJ@K
QJ=HA?PQN=ÛPE?=@AQJPAI=@AEJPANÛOJ=?EKJ=HL=N==UQ@=NAJAH@EO?ANJEIEAJPK@AQJFQE?EKIKN=HNAOLKJO=>HA
?KJREOP=O=QJ==??EäJ?KDANAJPA
/A=@KLP=AHIÛPK@KECJ=?E=JK@AHPNELHAL=OKATLANEAJ?E=DA?DKNA™ATEäJOQ
?KILNAJOEäJAEILHE?=?EKJAOÛPE?=O=??EäJAHAIAJPKOL=N=AH@EO?ANJEIEAJPKQJ=NA™ATEäJOK>NAH=ATLANEAJ?E=
?KJIEN=O=QJ==??EäJ?KJOA?QAJPA
%//*
*v
!HLNK?AOK@AQJ=ÛPE?=@A@EO?ANJEIEAJPK
!J=HCQJ=OOEPQ=?EKJAO?KJ?NAP=O@KJ@A=L=NA?AQJ?KJ™E?PK@AR=
HKNAOMQALNK@Q?AQJ=QPÛJPE?K@EHAI=ÛPE?KOALQA@ANA?QNNEN=HLNK
?AOK@A@EO?ANJEIEAJPKL=N=HHAC=N=QJ=@A?EOEäJÛPE?=BQJ@=IAJP=
@==H@AO?Q>NENAHR=HKNLNA@KIEJ=JPAKOQLANEKN
!OP=IAPK@KHKCß=
?KJOP=@A?Q=PNKIKIAJPKO=@AHEIEP=NAH DA?DK> ?KILNAJ@AN
?=>=HIAJPAAHDA?DK?@AO?Q>NENHKOR=HKNAOEILHE?=@KOAJAHDA?DK
U@PKI=NH=@A?EOEäJÛPE?=
!HDA?DK
zQbHAOAT=?P=IAJPAAHLNK>HAI=(=RE@=AO?KILHAF=U
JKAOP=JOEILHA@AHEIEP=NHKO?KJPKNJKO@AHDA?DK?KJ?NAPK
RA?AO
OAPEAJ@A=?KJBQJ@ENH=EJPANLNAP=?EäJ@AHDA?DK=OLA?PKOQ>FAPERK
?KJAHDA?DKIEOIK=OLA?PKK>FAPERK
OßLKNAFAILHK=˜NI=NMQA
AH=P=MQAPANNKNEOP=?KJPN=H=O0KNNAO#AIAH=OAJ*QAR=5KNGBQAQJ
=PAJP=@K?KJPN=H=@AIK?N=?E=K??E@AJP=HAOQJ=EJPANLNAP=?EäJ@A
QJDA?DK
!HDA?DKAOAH=PAJP=@K
,KNAHHKAJLNEIANHQC=NAOLNA?EOK
@AHEIEP=NUATLHE?EP=NAHDA?DKLKNMQA=RA?AOOAEILKOE>EHEP=AH@EbHK
CKAJH=OK?EA@=@@A>E@K=AO=?KJBQOEäJ
(=?KILNAJOEäJ@AHDA?DK
!JAOPAOACQJ@KIKIAJPKOAL=O=@A
QJ=@AO?NEL?EäJ@AHDA?DK=OQEJPANLNAP=?EäJ
z-QÛOECJE˜?=HKMQA
D=L=O=@K(KO@=PKOOQAHPKO?K>N=JQJOAJPE@KAJ?Q=JPKOAHA>QO?=
QJ=PKP=HE@=@@AOECJE˜?=@K
!OPKNAMQEANAQJPN=>=FKIQHPE@EO?ELHE
J=NEKL=N==OQIENH=O@EOPEJP=OLANOLA?PER=OEJRKHQ?N=@=O?KIKP=I
>EÛJH=OLKOE>HAO?KJOA?QAJ?E=O
,KNAHHKOAOEPé=AHDA?DKAHPATPK
@AH=NA=HE@=@@AJPNK@AQJ?KJPATPKIbO=ILHEKUATLHE?EP=J@KAH
LNAPATPK=BA?PERKUN=?EKJ=H@AO@AAH?Q=HOAAJBK?=H=?KILNAJOEäJ
(=O EILHE?=?EKJAO ÛPE?=O
(= ?KILNAJOEäJ @AH DA?DK AO AOAJ?E=H
L=N=@APA?P=NHKOR=HKNAOMQAAOPbJAJ?KJ™E?PK
/EJKDQ>EAN=?KJ™E?
PERE@=@R=HäNE?=AHDA?DKJKLH=JPA=Nß=QJ@AO=BßKÛPE?K?KJAHJA?A
O=NEKU?KNNAOLKJ@EAJPA@EO?ANJEIEAJPK
,KNAHHKAOLNA?EOK@AO?Q>NEN
?QbHAOOKJHKOR=HKNAOAJ?KJ™E?PKU?QbHOANß=H=?KNNA?P=FAN=NMQEV=
?EäJ@AR=HKNAOAJH=OEPQ=?EäJ?KJ?NAP=
zQbHAOAHR=HKNMQAJKOA
LQA@APN=JO=NAJQJ=OEPQ=?EäJ?KJ?NAP=
(=@A?EOEäJÛPE?=
(=ATLHE?EP=?EäJ@AHKOR=HKNAOEILHE?=@KOAOEJ
@EOLAJO=>HA L=N= @A?E@EN MQÛ =??EäJ ?KJ?NAP= AILNAJ@AN AJPNA H=O
@EOPEJP=OLKOE>HAO=HPANJ=PER=O
(=LNACQJP=LKNAHR=HKNOQLNAIKAJ
QJ=OEPQ=?EäJ@APANIEJ=@=?KJHHAR=AH@AO=BßK@APN=@Q?ENHKAJQJ=
=??EäJ?KJ?NAP=
zäIKATLNAO=NAJHKODA?DKOAOPAR=HKN
/EJAI>=NCKAHNA?QNOK=QJ=ÛPE?=@A@EO?ANJEIEAJPKNAMQEANAQJ=O
?KJ@E?EKJAOLNARE=OL=N=AJPN=N?KNNA?P=IAJPAAJAHLNK?AOKAREP=J
@K=OßQJLQNKOQ>FAPEREOIK@A?KJRAJEAJ?E=ÛPE?=AO@A?EN?KJBQJ@EN
HK?KJRAJEAJPAL=N=QJK?KJHK?KNNA?PK
.AMQEOEPKOL=N=AJPN=NAJAHLNK?AOK@AQJ=ÛPE?=@A@EO?ANJEIEAJPK
AOAK@A=QPKPN=O?AJ@ANOAL=N=>QO?=N
=K>FAPER=IAJPAHKMQAD=Nß=?Q=HMQEANKPNKAJAHIEOIKHQC=NU
>AR=JCÛHE?=IAJPA@AO@ADKNEVKJPA@A?KJRANOEäJ?Q=J@KAH!R=JCAHEKHHAC==OAN?NEPANEK@A@A?EOEKJAOÛPE?=O
?H==??EäJPN=JOBKNI=@KN=
,OE?KHäCE?=IAJPA
=?KJK?EIEAJPKAR=HQ=PERK?=L=?E@=@N=?EKJ=HNA™ATER==J=HßPE?=U?NßPE?=
>HE>ANP=@NA?KJK?EAJ@KHEIEP=?EKJAOL=N=LK@AN=?PQ=N?KJI=UKNHE>ANP=@@AJPNK@AHKOHßIEPAO
?AIL=Pß=LNAK?QL=?EäJLKNKPNKOU=@DAOEäJ=BA?PER==@A?EOEKJAO
^PE?=IAJPA
=@AO@AH=BAAHOAJPE@K=H=IKN=H=H==??EäJATLNAOEäJ@AATLANEAJ?E=
>LNEI=?ß=@AQJ=?KJ?EAJ?E=BKNI=@=NA?P=RAN=V?EANP=@EIAJOEäJOQ>FAPER=?EHQIEJ=@=LKNH=IA@E=?EäJLA@=CäCE?=@AH=HAU@E
IAJOEäJ?KIQJEP=NE=
)^0+ +%#*%*+=LHE?=?EäJÛPE?=
.A™ATEKJ=N=L=NPEN@AH=ATLANEAJ?E=?KJREOP=O=H==??EäJ
!4,!.%!*%
!HJERAH@AHDA?DKAHIKIAJPK@AO?NELPERKAH@=PK
ò
ò
ò
zQbHAOAHPAI=OK>NAAH?Q=HOAPEAJAMQAAIEPENQJFQE?EKÛPE?K
zQbHAOAH?KJPATPK@AJPNK@AH?Q=HOAOEPé=AHPAI=?KIKQJ@AO=BßK
z-QÛOAOEAJPABNAJPA=HPAI=UMQAOEAJPAH=OK?EA@=@BNAJPA=HPAI=
.!"(!4%¨*
!HJERAH@AHLAJO=NAHIKIAJPK@AAR=HQ=NAH@=PKOAPN=JOBKNI=AJQJDA?DK
ò
ò
ò
ò
ò
ò
!H@AOAK@A>QO?=ND=?ANHK?KNNA?PKAJQJ=OEPQ=?EäJ?KILHAF=@KJ@A
ATEOPAQJ?KJ™E?PK@AR=HKNAO
z-QÛ@E?AH=ATLANEAJ?E=LANOKJ=HUH=@AKPNKO
zQbH AO AH OECJE˜?=@K @AH DA?DK z/QO EILHE?=?EKJAO z/QO ?KJOA?QAJ
?E=O
z-QÛD=Nß=?Q=HMQEANLANOKJ=AJH=IEOI=OEPQ=?EäJ
z-QÛKL?EäJ=OQIENß=OEAOPQREAN=AJAHHQC=NIbO@AORAJP=F=@K
HNA™ATEKJ=NOK>NAAHDA?DKAOIQULNK>=>HAMQA?=I>EAOQATLANEAJ?E=
LKNMQAU=JKAOQJ=LNEIAN=NA=??EäJOEJKQJ=MQA=OQI=OQ?KJPATPK
UOECJE˜?=@K
%¨*
!HJERAH@AH==??EäJAHIKIAJPK@ANA=??EKJ=NBNAJPA=HDA?DK
ò
ò
ò
ò
OQIENQJ=LKOPQN=>QO?=J@KOQATLNAOEäJ?KJ?NAP=
H=NE@=@OK>NAHKMQAOA@A>AD=?ANOAPN=@Q?AAJHKMQAAOLKOE>HAD=?AN
EIAJOEäJPAILKN=H=?KNPKIA@E=JKUH=NCKLH=VK
QO?=J@KAH>EAJLKOE>HAAJQJ=OEPQ=?EäJ@A?KJ™E?PK@AR=HKNAO
,NK?AOK@AQJ=ÛPE?=@A@EO?ANJEIEAJPK
$!$+
+),.!*/%¨* !($!$+
&1%%+^0%+
%¨*^0%
zQbHAO
AT=?P=IAJPAAHDA?DK
zQbHAOOKJOQOEILHE?=?EKJAO
UOQO?KJOA?QAJ?E=O
QbHAOOKJHKOR=HKNAOAJ?KJ™E?PK
EILHE?=@KOAJAHDA?DK
zQbHAOH=LNEKNE@=@=TEKHäCE?=
AJREOP==H==??EäJ?KJ?NAP=
‚QO?=NAHOECJE˜?=@K@AHKO@=PKO ‚z-QÛAOHK?KNNA?PKJKHK?KJRAJEAJPA
L=N=AJPAJ@ANAHDA?DK
JE H= @E?P=@QN= AOP=@ßOPE?=
!J H= LANO
‚zQbHAOAHDA?DK
LA?PER= ?NEOPE=J= AH EJPANNKC=JPA OA AT
‚ KILNAJ@AN =OACQN=N =QPK ?KI LNAO=AJPÛNIEJKO@AzQbHAOH=RKHQJ
LNAJOEäJOQ>FAPER=UATLNAO=N?KI P=@@EREJ=
LNAJOEäJ = KPNKO K>FAPER= ?KIQJE
‚zQbHAOH=LNACQJP=ÛPE ?=>HA
‚ z-QÛ OA D= NA™ATEKJ=@K =H NAOLA?PK
?=@AHDA?DK
NAOAã=DEOPäNE?=@ALAJO=IEAJPKÛPE?K
‚ LNKTEI=?EäJ EJPAN@EO?ELHEJ=NE=
L=N==I=UKN?KILNAJOEäJ@AHDA ‚z-QÛOANA™ATEKJ=DKU
?DK AH OECJE˜?=@K @A HKO @=PKO > NAOAã=@ALKOPQN=OÛPE?=O=?PQ=HAO
‚ AHEIEP=NPAIbPE?=
OQO EILHE?=?EKJAO U ? OQO ?KJOA
?QAJ?E=O
‚ /=>AN OAHA??EKJ=N NAHAR=J?E= ?KJ
PATPQ=HEV=N ?KILNAJOEäJ U @EOPEJCQEN
‚KJOE@AN=NAHDA?DK@AO@AAHLQJ @EOPEJPKO DKNEVKJPAO LQA@AJ OAN ?KI
‚+>FAPER=NATLANEAJ?E= PK @A REOP= @A PK@KO HKO =?PKNAO OK LHAIAJP=NEKOARKHQPERKOKAT?HQUAJPAO
LANOKJ=HU?KHA?PER=
?E=HAO EJRKHQ?N=@KO
?B
&KDJ .=SHO
,NEJ?ELEK @A H= &QOPE?E= ?Q=H ‚z-QÛ@E?AH=/=CN=@=!O?NEPQN=UH=0N=
MQEANIEAI>NK@AH=OK?EA@=@DQ>EA @E?EäJ z-QÛ D= OE@K N=PE˜?=@K LKN AH
N=AO?KCE@KLKN=MQAHH=OK?EA@=@OE )=CEOPANEK
‚+>FAPER=NOAJPEIEAJPKO H= LANOKJ= JK OQLEAN= MQÛ LKOE?EäJ KJRANOEäJ=HL=N=@ECI=AR=JCÛHE?KAJ
LANOKJ=HU?KHA?PERKO
K?QL=Nß=AJH=OK?EA@=@EJ?HQUAJ@K OAJPE@K@AJQARKDKNEVKJPAALEOPAIKHä
H=IAJKO=RAJP=F=@=
CE?KNAHECEKOKUÛPE?K
EOPEJCQEN AJPNA AJOAã=JV=O =QPKNE
‚ .A?KJK?AN AH IQJ@K @A HKO OAJPE V=@=O U KLEJEKJAO JERAH @A IAJO=FA
IEAJPKO EJRKHQ?N=@KO OA= LANOKJ= KNECEJ=HŠKN@K?PNEJ=A?HAOEbOPE
HAOOA=?KHA?PERKO
?=Š ?P U AH=>KN=?EäJ PAKHäCE?=
>QO?=J@K AH OECJE˜?=@K @A H=O @K?PNE
‚ +>FAPER=N EI=CEJ=NEK ?KHA?PERK U J=O@AO@A?KJPEJQE@=@@AH=RAN@=@NA
?KJPN=OP=NHK ?KJ H= NA=HE@=@ @AH DA RAH=@=OQ@AO=NNKHHK@AI=UKNUIAFKN
?DK
?KILNAJOEäJUOQNAREOEäJ@A>E@K=H@A
O=NNKHHK?KIKAJ?=OK@AEJPANLNAP=?EäJ
‚+>FAPER=NEJ™QAJ?E=OOECJE˜?=PER=O ATACÛPE?=@AALEOK@EK@A+JbJ
@AH?KJPATPKLANOKJ=HUOK?E=H
‚&AN=NMQEV=?EäJ@AR=HKNAO
OA @EO?EANJA LKNMQA D=U ?KJ™E?PK @A
R=HKNAO
‚OQIENQJ=KL?EäJÛPE?=
‚ 0N=@Q??EäJ LNb?PE?= @A KL?EK
JAOREP=HAO
‚0AJOEäJAJPNAHKRE=>HANA=HUHK
LNKBÛPE?KE@A=HHKE@A=HMQAAOPE
IQH=HKNA=HOEJLA@ENHKEILKOE
>HAŠHAU@AH=CN=@Q=HE@=@U@A
H= LNQ@AJ?E=
!J H= LA@=CKCß=
ECJ=?E=J=OAD=>H=@AHLAJO=NAJ
H=KLAN=?EKJ=HEV=?EäJ@AH=@A?E
OEäJÛPE?=
‚ ,NEKNE@=@ =TEKHäCE?= AO @A?EN
@A LNEJ?ELEKO U R=HKNAO @A>E@K
=H?KJ™E?PK@AR=HKNAO
zQbHAO
AHR=HKNOQLNAIKAEJPN=JO=>HA
‚ ,NAOAJP=?EäJ @A LKOPQN= AJ
HAJCQ=FA ?KILNAJOE>HA U NAHA
R=JPA
‚ KIQJE?=?EäJ @A LNKLQAOP=
?NEOPE=J= ?KIL=NPEAJ@K OECJE
˜?=@K ?KCJEPERK ?KJK?ANHK U
ABA?PERKLN=?PE?=NHK
‚ KIQJE?=?EäJ ?KIK =HPANJ=
PER= ?NEOPE=J= MQA >QO?= =??EäJ
PN=JOBKNI=@KN=
%*"+.)!!0$+/
AJPNK@A^PE?=
HIEN=JPA=NNKOK/=JPE=CK
0AHÛBKJK"=T
/EPEKSA>DPPLAPE?=
Q=DQNP=@K
?H
OEJSSS
(KO%JBKNIAO!PDKOJKLNAPAJ@AJ=CKP=NQJPAI=?KIKP=ILK?K
LNKJQJ?E=NQJ=L=H=>N=?KJ?HQOER=
/QLNKLäOEPKAOLKJAN@ANAHEARA
H=@EIAJOEäJÛPE?=AJH=@EO?QOEäJOK>NAPAI=OMQAEJ?E@AJAJH=RE@=
?EQ@=@=J=
,KNAHHKJKOALNAPAJ@ALAJO=NÛPE?=IAJPALKNKPNKOOEJK
AOPEIQH=N=KPNKOL=N=LAJO=NÛPE?=IAJPA
(KO%JBKNIAOOKJAH=>KN=
@KOLKN0KJU)EBOQ@O
F
=LKU=@KLKNAHAMQELK@AHAJPNK@A^PE?=
!HHE>NK A?EOEKJAO.AOLKJO=>HAO !HEV=>APD(EN= ENA?PKN=2ANäJE?=JCQEP=J@NÛO/QbNAV
QJ=ÛPE?=@AH@EO?ANJEIEAJPK?KILAJ
@EK@AHKOLNEIANKO%JBKNIAO!PDKO
AOPb=H=RAJP=AJ(E>NANß=)AP=HAO
,AO=@KOSSS
IAP=HAOLAO=@KO
?H