una educación diferenciada para la diferencia entre los sexos

!
!
!
"
"##!!$$!!
!
!
!
!
!
!
%
%"
"&
&!!'
'(
(%
%)
)&
&)
)**+
+"
"!!(
(**,,'
'-'
'"
")
)**&
&(
(&
&!!
.
.&
&-&
&!!//&
&!!(
(**,,'
'-'
'"
")
)**&
&!!'
'"
"00-'
'!!//1
12
2!!2
2'
'3
31
12
2!!
!!
!!
&
&44556677887788!!99::;;<<7799==!!>>??!!66==88!!99??44<<::==88!!??>>@@99AA<<77BB==88!!!!
>>??!!66AA!!)
)==C
C@@4477>>AA>>!!>>??!!D
DAA>>::77>>!!
EE@@??!!88??FF::??FFAA44!!AA66!!AA66@@C
C44AA>>==!!??44!!GG@@449977HH44!!>>??66!!88??II==JJ!!
!
!
!
!
!
!
!
!
!
!
!
!
!
)
)AA::C
C??44!!K
K??::??>>??::==!!>>??!!.
.??>>::==!!
)
)====::>>7744AA>>==::AA!!>>??66!!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==!!
,,@@44>>AA9977HH44!!2
27744>>7799AA66!!>>??!!'
'88<<@@>>77==88!!
!!!!!!!!!!)
))
)JJ1
11
1!!D
DAA>>::77>>!!
!!
D
DAA::OO==!!PPQQRRPP!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
VV"
"(
(**)
)''!!
!!
!!
..55FF7744AA!!
!
!
RJ!*4<:=>@997H4J!
!
!
!
!
!
!
!
!
!W!
A6@C4=8!Y!A6@C4A8!?4!9?4<:=8!8?F:?FA>=8J!
!
!
!Z!
PJRJ!)=6?F7=8!T:7BA>=8!9=49?:<A>=8!CA89@674=8J! !
!
![!
PJPJ!)=6?F7=8!T:7BA>=8!9=49?:<A>=8!G?C?474=8J! !
!
!$!
PJ!PX!9?4<:=8!?>@9A<7B=8!?4!DA>:7>!8?F:?FA4!
A!8@!A6@C4A>=!T=:!8?I=J!)?:9A!>?!WQJQQQ!!
PJWJ!)=6?F7=8!T:7BA>=8!9=49?:<A>=8!E@?!8?TA:A4!!
A!9\79=8!Y!9\79A8!T=:!?>7G797=8!=!A@6A8J!
!
!
!
!]!
PJXJ!)=6?F7=8!T:7BA>=8!CA89@674=8J! !
!
!
!
RR!
PJZJ!)=6?F7=8!T:7BA>=8!G?C?474=8J!
!
!
!
RP!
!
PJ[J!)=6?F7=8!T:7BA>=8!E@?!8?F:?FA4!T=:!?>7G797=8!=!A@6A8J!
RX!
WJ!/A!CAY=:;A!<7?4?4!9A:59<?:!9=4G?87=4A6!^9A<H679=_J!
!
!
RZ!
XJ!,A68=!>789@:8=!8=L:?!6A!7F@A6>A>!>?!6=8!8?I=8J!!
!
!
R$!
ZJ!(?G?48A!?IT:?8A!>?!6A!?>@9A97H4!>7G?:?497A>AJ!!
!
!
PP!
a7?b=8!A:F@C?4<=8!E@?!4=8!:?<=:4A4!A6!TA8A>=J! !
!
PW!
cJ!(?8A::=66=!>?!6A!T?:8=4A67>A>`!"=!A!6=8!?8<?:?=<7T=8J! !
!
PX!
$J!2=97A67OA:!?8!874H47C=!>?!b@4<A:J! !
!
!
PZ!
]J!D7?4<?4!A6!>?97:!E@?!?8!CAY=:!?6!:?4>7C7?4<=!?89=6A:J!
!
Pc!
RQJ!/=8!9?4<:=8!C7I<=8!Y!6A!9=?>@9A97H4J! !
!
!
!
P]!
RRJ!d!@4A!9=487>?:A97H4!G74A6J! !
!
!
!
WP!
[J!/A!4A<@:A67OA97H4!>?!6A8!>7G?:?497A8`!!
!
!
!
!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""!!
!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
!
RRJJ!!**44<<::==>>@@999977HH44!!
!
$%! $&'! ()*+,-.%! /&! 0/1.%.-2,3! /&! #! /&! 4%'5! /&! "667! 8$(093! &,! :1!
%);<.1=5! >?@#3! &,! )&=%.-2,! .5,! =%! %/4-:-2,! &,! =5:! .&,;)5:! &/1.%;-A5:3! /-.&!
&BC)&:%4&,;&D!E0,!,-,*F,!.%:5!G%H)+!/-:.)-4-,%.-2,!C5)!)%I2,!/&!,%.-4-&,;53!
)%I%3!8?I=3!)&=-*-2,3!5C-,-2,!5!.1%=J1-&)!5;)%!.5,/-.-2,!5!.-).1,:;%,.-%!C&):5,%=!
5! :5.-%=@K! 0:;%! &:;-C1=%.-2,! C1&/&! C%)&.&),5:! 1,%! 5HA-&/%/3! :-! ;&,&45:! &,!
.1&,;%! J1&3! /&:/&! LMN>3! ,1&:;)%! O5,:;-;1.-2,! &:;%H=&.&! J1&! ;5/5:! =5:!
&:C%P5=&:!:545:!-*1%=&:!%,;&!=%!$&'!'!J1&!,5!C1&/&!C)&A%=&.&)!/-:.)-4-,%.-2,!
%=*1,%! C5)3! &B%.;%4&,;&3! =%:! 4-:4%:! )%I5,&:@! Q-,! &4H%)*53! ,5! )&:1=;%! ;%,!
5HA-53! /%/5! J1&! =%:! %,;&)-5)&:! 4+B-4%:! =&'&:! &/1.%;-A%:! C5:;&)-5)&:! %! LMN>!
&=1/&,3! C)&.-:%4&,;&3! -,.=1-)! &=! :&B5! &,! &=! =-:;%/5! /&! .)-;&)-5:! /&! ,5!
/-:.)-4-,%.-2,!&,!=%!%/4-:-2,!/&=!%=14,%/53!C5)!C%);&!/&!=5:!.&,;)5:@!
!
!
R!C&:%)!/&!=%!,5!5H=-*%;5)-&/%/!=&*-:=%;-A%3!=%!&,:&P%,I%!4-B;%!:&!G%!-/5!
-4C5,-&,/5! &,! ,1&:;)5! C%<:3! /&! ;%=! 4%,&)%! J1&3! &,! =%! %.;1%=-/%/3! ;5/5:! =5:!
.&,;)5:! &/1.%;-A5:! CFH=-.5:! '! =%! 4%'5)<%! /&! =5:! C)-A%/5:! '! /&! =5:! C)-A%/5:!
.5,.&);%/5:!:5,!4-B;5:@!O5,:&.1&,.-%!=2*-.%!/&!=%!&A5=1.-2,!:5.-%=!&,!)&=%.-2,!
.5,! &=! C%C&=! /&! =%:! 41S&)&:D! :&! G%! -/5! -4C5,-&,/5! =%! .5,:-/&)%.-2,! /&! J1&!
A%)5,&:! '! 41S&)&:! /&H&45:! :&)! -*1%=&:! &,! /&)&.G5:3! ;&,&)! =%:! 4-:4%:!
C5:-H-=-/%/&:! /&! %..&:5! %! ;5/5:! =5:! +4H-;5:! :5.-%=&:! '! /&! J1&3! C5)! ;%,;53! =5:!
.5,;&,-/5:!&/1.%;-A5:!/&H&,!:&)!=5:!4-:45:!C%)%!1,5:!'!5;)%:@!
!
!
$&S5:! J1&/%! =%! /-T&)&,.-%! /&! !"##$!"%"&! :&*F,! &=! :&B5! 8=%:! .G-.%:3!
=%H5)&:3!'!=5:!.G-.5:3!T5)4%.-2,!/&=!&:C<)-;1!,%.-5,%=3!H%S5!&=!T)%,J1-:4593!J1&!
&:;%H%!%:&,;%/%!&,!=%!.)&&,.-%!/&!J1&!&=!C%C&=!/&!=%!41S&)!&)%!&=!/&!:&)!H1&,%!
&:C5:%!'!4%/)&@!U5'!=%!=&*-:=%.-2,!&:;%H=&.&!1,!F,-.5!!"##$!"%"&3!-,/-T&)&,;&!%=!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
##!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
:&B5!'3!%1,J1&!=%!)&%=-/%/!,5:!:-*1&!G%H=%,/5!/&!/-:.)-4-,%.-2,!T&4&,-,%!'!/&!
)&C%);5! :&B-:;%! /&=! ;)%H%S53! &:! 5HS&;-A5! /&! ,1&:;)%! :5.-&/%/! .5,:&*1-)! =%!
-*1%=/%/! /&! G54H)&:! '! 41S&)&:! '3! C%)%! &==53! .545! /-.&! &=! %);<.1=5! M@"! /&! =%!
O5,:;-;1.-2,3!=5:!C5/&)&:!CFH=-.5:!/&H&,!)&45A&)!=5:!5H:;+.1=5:!J1&!/-T-.1=;%,!
&:%! -*1%=/%/! '! /&H&,! ET%.-=-;%)! =%! C%);-.-C%.-2,! /&! ;5/5:! =5:! .-1/%/%,5:! &,! =%!
A-/%!C5=<;-.%3!&.5,24-.%3!.1=;1)%=!'!:5.-%=@K!
!
!
V3! :-! :&! ;)%;%! /&! &/1.%)! -*1%=-;%)-%4&,;&! %! .G-.5:! '! .G-.%:3! /&!
C)5C5).-5,%)=&:! =5:! 4-:45:! )&.1):5:! C%)%! :1! T5)4%.-2,! C&):5,%=! .545!
.-1/%/%,5:!'!.-1/%/%,%:!.5,!=5:!4-:45:!/&)&.G5:!'!=%:!4-:4%:!C5:-H-=-/%/&:!
/&!-,:&).-2,!:5.-%=3!.%)&.&!/&!:&,;-/5!:1!:&C%)%.-2,!&,!=%:!%1=%:@!!
!
$%! &,:&P%,I%! 4-B;%! &:! 1,! A%=5)! /&45.)+;-.5! /&! =%! :5.-&/%/! 5..-/&,;%=!
J1&! G%! ;&,-/5! .545! .5,:&.1&,.-%! -,.)&4&,;5:! ,5;%H-=<:-45:! &,! =%! T5)4%.-2,!
/&! =%:! 41S&)&:! '! /&! =5:! G54H)&:@! O545! :&P%=%! W%)-,%! Q1H-)%;:L3! E&,! LM>"!
G%H<%!;5/%A<%!&,!0:C%P%!%=*5!4+:!/&!7!4-==5,&:!/&!C&):5,%:!%,%=T%H&;%:!5!:-,!
&:;1/-5:3!/&!=%:!.1%=&:!&=!7"X!%C)5B-4%/%4&,;&!&)%,!41S&)&:Y!&:!/&.-)3!1,5:!
#3N! 4-==5,&:! /&! 41S&)&:@! "Z! %P5:! 4+:! ;%)/&3! &,! "66N3! &=! %,%=T%H&;-:45! 5! E:-,!
&:;1/-5:K!%T&.;%!%!>Z>@766!C&):5,%:3!/&!=%:!.1%=&:3!.%:-!1,!N6X!:5,!41S&)&:3!
&:! /&.-)3! 1,%:! ZN6@666D! =%! C5H=%.-2,! :-,! &:;1/-5:! G%! J1&/%/5! /-A-/-/%! C5)! N3!
%C)5B-4%/%4&,;&3! '! =%! 4%'5)<%3! /&! &/%/&:! %A%,I%/%:@! 0,! &=! ,-A&=! &/1.%;-A5!
4+:! %=;53! J1-&,&:! G%,! %=.%,I%/5! 1,! ;<;1=5! 1,-A&):-;%)-53! &=! C5).&,;%S&! /&!
C&):5,%:! .5,! &:;1/-5:! ;&)4-,%/5:! :&! G%! 41=;-C=-.%/53! C%)%! =5:! G54H)&:3! C5)!
#3#3! &,;)&! LM>"! '! "66NY! C%)%! =%:! 41S&)&:3! C5)! Z3L@! $%:! ;-;1=%/%:! 1,-A&):-;%)-%:!
G%,! C%:%/5! /&! 7?6@666! &,! =%! C)-4&)%! T&.G%! %! #@"7M@666! &,! &=! %P5! "66N3! '! %!
.5,:;-;1-)!&=!Z#3""X!/&=!;5;%=!/&!;-;1=%/5:!:1C&)-5)&:3!:1C&)%,/5!%!=5:!G54H)&:@K!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
L
! W%)-,%! Q1H-)%;:D! E[O5&/1.%.-2,! 5! &:.1&=%! :&*)&*%/%\! ],! A-&S5! '! C&):-:;&,;&! /&H%;&K3! &,!
^RQ0! _^&A-:;%! /&! =%! R:5.-%.-2,! /&! Q5.-5=5*<%! /&! =%! 0/1.%.-2,! 8```@%:&@&:a)%:&9_3! A5=@! #3!
,F4@L3!&,&)5!"6L63!C+*:!L?#_LZ>@!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
??!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
!b&)5! ,5! :&! ;)%;%! :5=5! /&! )&:1=;%/5:! %.%/c4-.5:3! :&! ;)%;%! ;%4H-c,! /&!
5;)%:! .5,:&.1&,.-%:! )&=%;-A%:! %=! .%)+.;&)! /&! =%! &/1.%.-2,3! /&=! /&:%))5==5! /&!
A%=5)&:! /&45.)+;-.5:! .545! =%! -*1%=/%/3! =%! .5,A-A&,.-%3! =5:! .54C5);%4-&,;5:!
-,/-A-/1%=&:!'!.5=&.;-A5:3!&=!%C)&,/-I%S&!/&!=%:!)&=%.-5,&:!&,;)&!=5:!:&B5:d!J1&!
/-T<.-=4&,;&!C1&/&,!:&)!%;&,/-/5:!C5)!1,%!&/1.%.-2,!J1&!,5!C%);%!/&!=%!4&I.=%!
/&!.G-.5:!'!.G-.%:!&,!=5:!.&,;)5:!'!&,!=%:!%1=%:@!
!
PPJJ!!PPXX!!99??44<<::==88!!??>>@@99AA<<77BB==88!!??44!!D
DAA>>::77>>!!88??FF::??FFAA44!!AA!!88@@!!AA66@@C
C44AA>>==!!TT==::!!88??II==!!
)
)??::99AA!!>>??!!WWQQJJQQQQQQ!!AA66@@C
C44==88!!YY!!AA66@@C
C44AA88!!??44!!99??44<<::==88!!88??FF::??FFAA>>==88!!
!
b1&:! H-&,3! &,! =%! O541,-/%/! /&! W%/)-/! ,5! .&:%,! /&! :1)*-)! ,1&A5:!
.&,;)5:! &/1.%;-A5:! J1&! :&C%)%,! %! :1! %=14,%/5! &,! T1,.-2,! /&=! :&B5@! 0,! =%!
%.;1%=-/%/3! C%)%! =%:! &,:&P%,I%:! /&! )c*-4&,! *&,&)%=3! G%'! "?! .&,;)5:! /&! &:;&!
;-C5!81,!63NZ!X!/&=!;5;%=!/&!.&,;)5:93!J1&!.1&,;%,!.5,!.&).%!/&!#6@666!%=14,5:!
'!%=14,%:!8&=!#!X!/&=!;5;%=!/&=!%=14,%/59"@!$%!,5;%H=&!/-T&)&,.-%!&,;)&!=5:!/5:!
C5).&,;%S&:!,5:!/%!1,%!-/&%!/&!J1&!:&!;)%;%!/&!.&,;)5:!41'!*)%,/&:!'!.5,!1,%!
%4C=-%!5T&);%!T5)4%;-A%!8&,!%=*1,5:!.%:5:3!/&!=<,&%!Z!'!.5,!&,:&P%,I%:!/&:/&!
e,T%,;-=!%!f%.G-==&)%;5!'!O-.=5:!g5)4%;-A5:9@!
!
h&! &==5:3! LL! ;-&,&,! ;5/%:! 5! %=*1,%! &;%C%! &,! )c*-4&,! /&! .5,.-&);5! '! L#!
:5,!C)-A%/5:@!N!:5,!4%:.1=-,5:3!L6!:5,!T&4&,-,5:!'!N!:&C%)%,!%!=5:!.G-.5:!/&!
=%:!.G-.%:!&,!%1=%:!5!&/-T-.-5:!/-:;-,;5:@!!
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"
!$5:!/%;5:!*=5H%=&:!/&!.&,;)5:!'!%=14,%/5!:&!G%,!&B;)%</5!/&!'()*+,-,.$/#(+,01,%(,20"!(!$34,
5676856773! O541,-/%/! /&! W%/)-/@! $5:! )&T&)-/5:! %! .&,;)5:! '! %=14,%/5! :&*)&*%/53! :5,!
-,A&:;-*%.-2,! C)5C-%! %!C%);-)! /&! =%:! C+*-,%:! `&H!/&!&:5:!.&,;)5:! '! /&! .5,:1=;%:! ;&=&T2,-.%:! %!
=5:!C)5C-5:!.&,;)5:@!O-T)%45:!&,!.&).%!/&!#6@666!&=!,F4&)5!/&!%=14,5:!'!%=14,%:3!/&!T5)4%!
&:;-4%/%3! '%! J1&! =%! O5,:&S&)<%! /&! 0/1.%.-2,! ,5! -,T5)4%! /&! &:&! /%;5! '! %=*1,5:! /&! &:5:!
.&,;)5:!&A-;%,!5T)&.&)!&:%!-,T5)4%.-2,@!!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
ZZ!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
0,!*&,&)%=3!:5,!.&,;)5:!i.=%:-:;%:j3!J1&!:&!/-)-*&,!%!G-S5:!5!G-S%:!/&!=%:!
T%4-=-%:!.5,!4+:!)&.1):5:!&.5,24-.5:D!;&,*%45:!&,!.1&,;%3!C5)!1,!=%/53!J1&!
=%!.15;%!%!C%*%)!4&,:1%=4&,;&!&,!=5:!.&,;)5:!C)-A%/5:!C1&/&!:&)3!/&!4&/-%3!
1,5:! Z66! &1)5:! 4&,:1%=&:! '3! %/&4+:3! &:;+,! =5:! :&)A-.-5:! /&! ;)%,:C5);&3!
.54&/5)3! 1,-T5)4&:! A%)-5:3! %.;-A-/%/&:! &B;)%&:.5=%)&:d! '3! C5)! 5;)53! J1&! =5:!
.&,;)5:!C)-A%/5:!.5,.&);%/5:3!:-!H-&,!,5!C1&/&,!.5H)%)!&:%!.15;%!4&,:1%=3!:<!
.5H)%,!;5/5!=5!/&4+:!'3!&,!5.%:-5,&:3!&:!5H=-*%/5!J1&!&=!1,-T5)4&!:&!.54C)&!
&,!&=!C)5C-5!.&,;)5@!!
!
^&:1=;%! :-*,-T-.%;-A53! C5)! 5;)%! C%);&3! J1&! ,5! G%'%! 5T&);%! /&! O-.=5:!
g5)4%;-A5:! &,! .&,;)5:! ,5! .5,.&);%/5:D! =%! T5)4%.-2,! C)5T&:-5,%=! ,5! &:! 1,%!
5C.-2,!C%)%!J1-&,!;-&,&!1,%!%=;%!.%C%.-/%/!%/J1-:-;-A%@!
!
PPJJRRJJ!!)
)==66??FF77==88!!TT::77BBAA>>==88!!99==4499??::<<AA>>==88!!C
CAA8899@@667744==88!!
!!
!
U&45:!&,.5,;)%/5!?!.&,;)5:3!;5/5:!&==5:!)&=%.-5,%/5:!.5,!&=!(C1:!h&-3!
:-;1%/5:!&,!?!I5,%:!/&!=%!O541,-/%/!/&!W%/)-/D!R=.5).2,3!b5I1&=5!/&!R=%).2,!
'!/5:!H%))-5:!/&!=%!.%C-;%=D!$%!0:;)&==%!'!k%==&.%:@!0,!;5;%=3!1,5:!7@666!%=14,5:@!
!
!
Q1! 5T&);%! .5,.&);%/%! A%)<%D! R,/&=3! &,! R=.5).2,3! ;-&,&! .5,.&);%/5:! =5:!
,-A&=&:!/&!b)-4%)-%3!0Q(!'!O-.=5:!g5)4%;-A5:!/&!l)%/5!W&/-53!:-&,/5!C)-A%/5!
&=!f%.G-==&)%;5@!
!
!
$5:! (=45:3! &,! &=! H%))-5! /&! $%! 0:;)&==%3! ;-&,&! .5,.&);%/%3! %/&4+:3! =%!
0/1.%.-2,!e,T%,;-=@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
77!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
!
!
)1/'M*12!.-*a&(12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!
&/%D"&(1!'"!,%")*+"!('/!2'31!
)1"!01(12!1!&/Mf"!"*a'/!)1")'-0&(1!
!
D&2)%/*"12!
!
)'"0-1g!
"*a'/'2!
'"0*(&(!d!
.1i/&)*+"!
"#!&/%D"12!
'(%)&0*a12!
)&-h)0'-!
.:7CA:7A!
!
&"('/!
'21!
cQQ!!
1T@8!(?7!
&69=:9H4!
,.!C?>7=!!
)A<H679=!
jiA9\766?:A<=k!!
*4GA4<76!
/12!1/D12!
DA>:7>!
.:7CA:7A!!
[$Q!!
,=C?4<=!j1T@8k!
jiA::7=!/A!'8<:?66Ak!
'21!
9A<H679=!
jiA9\766?:A<=k!
,.!C?>J!Y!8@TJ!
-'0&D&-!
!j.:7CA:7Ak!!
.=O@?6=!>?!&6A:9H4!
PJRZQ!!
1T@8!(?7!
j'21k!!
)A<H679=!
jiA9\766?:A<=k!
*4GA4<76!P#!9796=!
.:7CA:7A!
0&l&D&-!
'21!
1T@8!(?7!
DA>:7>!_!aA66?9A8!
PJWWQ!!
iA9\766?:A<=!
)A<H679=!
,.!C?>J!Y!8@TJ!
j*4GA4<76!R?:!9796=k!
m5;%D!0,;)&!C%)c,;&:-:3!=5:!,-A&=&:!,5!.5,.&);%/5:!
^&;%4%)3! &,! b5I1&=5! /&! R=%).2,3! &:! C)-A%/5! C%)%! b)-4%)-%3! 0Q(! '!
f%.G-==&)%;53!&,!;1),5!/&!4%P%,%!'!5T)&.&!.5,.&);%/5:!=5:!.-.=5:!T5)4%;-A5:!/&!
*)%/5!4&/-5!'!:1C&)-5)3!&,!G5)%)-5!A&:C&);-,5@!
!
!
n%S%4%)3! &,! k%==&.%:! ;-&,&! ;5/5:! =5:! ,-A&=&:! .5,.&);%/5:3! &B.&C;5! &=!
C)-4&)!.-.=5!/&!0/1.%.-2,!e,T%,;-=@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
NN!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
PPJJPPJJ!!)
)==66??FF77==88!!TT::77BBAA>>==88!!99==4499??::<<AA>>==88!!GG??C
C??447744==88!!
!!
!
h&! ,1&A53! 5;)5:! ?! .&,;)5:3! ;%4H-c,! /&=! (C1:@! 0,! &:;5:! .%:5:3!
&:;-4%45:!&=!,F4&)5!/&!%=14,%:!&,!4+:!/&!?@666@!
!
!
!
)1/'M*12!.-*a&(12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!
&/%D"&(1!'"!,%")*+"!('/!2'31!
)1"!01(12!1!&/Mf"!"*a'/!)1")'-0&(1!
!
,'D'"*"12!
!
)'"0-1g!'"0*(&(!
"*a'/'2!
.1i/&)*+"!
"#!&/%D"&2!
d!)&-h)0'-!
'(%)&0*a12!
i'2&"&!
DA>:7>!
P#!iA9\766?:A<=!!
1T@8!(?7!
WQQm!
j)7@>A>!/74?A6k!
,.!
)A<H679=!
*4GA4<76!P#!9796=!n!!
,%'"//&"&!
.:7CA:7A!
&69=:9H4!
PJQQQm!
1T@8!(?7!
'21!
)A<H679=!
iA9\766?:A<=!!
,.!
*4GA4<76!P#!9796=!
/12!0*/12!
.:7CA:7A!
DA>:7>!_!aA66?9A8!
RJQQQm!
1T@8!(?7!
'21!!
)A<H679=!
iA9\766?:A<=!
*4GA4<76!P#!9796=!
2'"&-&!
.:7CA:7A!
DA>:7>!_!D=:A<A6AO
$QQm!
1T@8!(?7!
'21!
)A<H679=!
j*4GA4<76!R?:!)796=k!
!jiA9\766?:A<=k!
m5;%:D!oD!&,:&P%,I%!4-B;%Y!pD!/%;5:!&:;-4%/5:Y!8!9D!,-A&=&:!,5!.5,.&);%/5:@!
!
0=! .5=&*-5! f&:%,%3! &,! =%! I5,%! /&! O-1/%/! $-,&%=3! &:;+! :-&,/5!
C)5*)&:-A%4&,;&!/&:4%,;&=%/53!5T)&.-&,/5!&:;&!.1):5!&:.5=%)!:5=5!&,:&P%,I%:!
.5,.&);%/%:! /&! "q! /&! f%.G-==&)%;5! '! /&! g5)4%.-2,! b)5T&:-5,%=@! $5:! /&4+:!
,-A&=&:!&/1.%;-A5:!&:;+,!:-&,/5!)&.5*-/5:!C5)!&=!.5=&*-5!R=H5)%/%!/&!R=.%=+!/&!
U&,%)&:@!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
>>!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
g1&,==%,%3! &,! R=.5).2,3! ;-&,&! ;5/%! :1! 5T&);%! &/1.%;-A%! _"q! .-.=5! /&!
0/1.%.-2,! e,T%,;-=3! b)-4%)-%3! 0Q(3! f%.G-==&)%;5! '! gb_! .5,.&);%/%@! 0:! 4-B;%! =%!
e,T%,;-=@!
!
!
$5:! n-=5:3! &,! k%==&.%:3! 5T)&.&! "q! .-.=5! /&! 0/1.%.-2,! e,T%,;-=3! b)-4%)-%3!
0Q(!'!f%.G-==&)%;53!:-&,/5!;5/5:!=5:!,-A&=&:!.5,.&);%/5:@!
!
!
b5)! F=;-453! &=! .5=&*-5! Q&,%)%3! &,! W5)%;%=%I3! ;-&,&! .5,.&);%/%:! =%:!
&,:&P%,I%:!/&!"q!.-.=5!/&!e,T%,;-=3!b)-4%)-%!'!0Q(!'!,5!.5,.&);%/%:!=%:!/&!L&)!
.-.=5!/&!e,T%,;-=!'!f%.G-==&)%;5@!
!
PPJJWWJJ!!)
)==66??FF77==88!!TT::77BBAA>>==88!!99==4499??::<<AA>>==88!!EE@@??!!88??TTAA::AA44!!AA!!99\\7799==88!!YY!!99\\7799AA88!!!!
TT==::!!??>>77GG779977==88!!==!!AA@@66AA88!!
!!
R! C%);-)! /&! =%! A-*&,.-%! /&! =%! $(0! 84%'5! /&! "6679! '! /&! :1! &:;-C1=%.-2,3!
.545!:&!G%!/-.G5!4+:!%))-H%3!/&!=%!,5!/-:.)-4-,%.-2,!C5)!)%I2,!/&!:&B5!&,!&=!
%..&:5!/&=!%=14,%/5!%!=5:!.&,;)5:3!G%,!:1)*-/5!,1&A5:!.&,;)5:!&/1.%;-A5:!&,!
,1&:;)%! O541,-/%/! J1&! %/4-;&,! %! %4H5:! :&B5:3! :-! H-&,3! .G-.5:! '! .G-.%:! :5,!
:&C%)%/5:! /&:C1c:! &,! &/-T-.-5:! 5! %1=%:! '! C)541&A&,! 1,%! &/1.%.-2,!
/-T&)&,.-%/%! C%)%! 1,5:! '! 5;)%:@! Q5,! #3! :1)*-/5:! &,! "667! '! "66N3! .5,! 1,! ;5;%=!
&:;-4%/5!/&!.%:-!?@666!%=14,5:!'!%=14,%:D!
!
R=H5)%/%3! &,! R=.%=+! /&! U&,%)&:3! .1'%! 5T&);%! &:! .5,.&);%/%! C%)%! =5:!
,-A&=&:!/&!e,T%,;-=!"q!.-.=53!b)-4%)-%!'!0Q(!'!C)-A%/%!C%)%!&=!L&)!.-.=5!/&!e,T%,;-=!
'! f%.G-==&)%;5@! O545! G&45:! /-.G5! %,;&:3! &:;&! .&,;)5! &:;+! %:14-&,/5! =5:!
,-A&=&:!J1&!/&S%!/&!5T&);%)!&=!.5=&*-5!f&:%,%3!;%4H-c,!/&=!(C1:!h&-@!
!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
MM!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
!
)1/'M*12!.-*a&(12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!
&/%D"&(1!'"!,%")*+"!('/!2'31!
)1"!01(12!1!&/Mf"!"*a'/!)1")'-0&(1!
!
'(*,*)*12!j1!&%/&2k!2'.&-&(12!.1-!2'31!
!
)'"0-1g!'"0*(&(!
"*a'/'2!
"#!&/%D"&2!d!
.1i/&)*+"!
d!)&-h)0'-!
'(%)&0*a12!
&/%D"12!
*4GA4<76!P#!9796=!
&/i1-&(&!
.:7CA:7A!
&69A65!>?!K?4A:?8!
'21!!
RJQQQm!
1T@8!(?7!
)A<H679=!
j*4GA4<76!R?:!9796=k!!
jiA9\766?:A<=k!
/&2!0&i/&2!
*4GA4<76!P#!9796=!n!
DA>:7>!
a&/a'-('!
.:7CA:7A!
RJ[XQ!
j,@?49A::A6_'6!
,=C?4<=!j1T@8k!
'21!!
.A:>=k!
)A<H679=!
j*4GA4<76!R?:!9796=k!
*4GA4<76!P#!9796=!n!
D1"0'!0&i1-!
.:7CA:7A!
07?CT=8!D58!
.=O@?6=!>?!
'21!!
RJQQQm!
"@?B=8!
&6A:9H4!
j*4GA4<76!R?:!9796=kn!
)A<H679=!
jiA9\766?:A<=k!n!
m5;%:D!oD!&,:&P%,I%!4-B;%Y!pD!/%;5:!&:;-4%/5:Y!8!9D!,-A&=&:!,5!.5,.&);%/5:@!
!
!
0=!.5=&*-5!/&!g54&,;5!$%:!n%H=%:_k%=A&)/&3!.5,:;%!/&!/5:!&/-T-.-5:D!$%:!
n%H=%:3!C%)%!=5:!.G-.5:3!.5,!=%:!&;%C%:!/&!b)-4%)-%!'!0Q(3!'!k%=A&)/&3!C%)%!=%:!
.G-.%:3! .5,! =%:! 4-:4%:! &;%C%:3! '3! %/&4+:3! 0/1.%.-2,! e,T%,;-=3! &,! &:;&! .%:53!
4-B;%@!n5/5:!=5:!,-A&=&:!:5,!.5,.&);%/5:3!&B.&C;5!&=!L&)!.-.=5!/&!e,T%,;-=@!
!
0=! .5=&*-5! W5,;&! n%H5)3! &,! b5I1&=5! /&! R=%).2,3! 5T)&.&3! &,! )c*-4&,! /&!
.5,.-&);53!"q!.-.=5!/&!e,T%,;-=3!b)-4%)-%!'!0Q(!'!&,!)c*-4&,!C)-A%/53!L&)!.-.=5!/&!
e,T%,;-=!'!f%.G-==&)%;53!:-&,/53!%/&4+:3!&:;%!F=;-4%!&;%C%!&!e,T%,;-=3!4-B;%:@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LL66!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
PPJJXXJJ!!)
)==66??FF77==88!!TT::77BBAA>>==88!!C
CAA8899@@667744==88!!
0B-:;&,!&,!=%!O541,-/%/!/&!W%/)-/!#!.&,;)5:!C)-A%/5:!4%:.1=-,5:3!.5,!
1,!;5;%=!/&!"@""Z!%=14,5:@!!
!
!
)1/'M*12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!&/%D"&(1!'"!
,%")*+"!('/!2'31!
.-*a&(12!
!
D&2)%/*"12!
!
)'"0-1g!'"0*(&(!d!
"*a'/'2!
.1i/&)*+"!
"#!&/%D"12!
)&-h)0'-!
'(%)&0*a12!
&/(1a'&!
&69=L?4>A8!!
.:7CA:7A!
,=C?4<=!j1T@8k!
j'6!2=<=!>?!6A!
'21!!
[]Q!
)A<H679=!
D=:A6?bAk!
iA9\766?:A<=!
&%/&!"%'a&!
DA>:7>!
*4GA4<76!
&@6A!"@?BA!8o6!
PcQ!
j&:<@:=!2=:7Ak!
.:7CA:7A!
&9=4G?87=4A6!
'/!.-&(1!
.:7CA:7A!
DA>:7>!
,=C?4<=!j1T@8k!
'21!
RP[Z!
jD7:A87?::Ak!
9A<H679=!
iA9\766?:A<=!
!
0=! .5=&*-5! R=/5A&%3! &,! 0=! Q5;5! /&! =%! W5)%=&S%3! .5,! &,:&P%,I%:! /&!
b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!
!
!
0=!.5=&*-5!R1=%!m1&A%3!&,!=%!I5,%!/&!R);1)5!Q5)-%3!J1&!5T&);%!0/1.%.-2,!
e,T%,;-=!'!b)-4%)-%@!0=!F,-.5!J1&!:&!/&.=%)%!E%.5,T&:-5,%=K@!
!
V! &=! .5=&*-5! 0=! b)%/53! &,! &=! H%))-5! /&! W-)%:-&))%! 8/-:;)-;5! g1&,.%))%=_0=!
b%)/593!J1&!-4C%);&!&,:&P%,I%:!/&!b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LLLL!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
PPJJZZJJ!!)
)==66??FF77==88!!TT::77BBAA>>==88!!GG??C
C??447744==88!!
!
!
N! .&,;)5:! C)-A%/5:3! .5,! 1,! ;5;%=! &:;-4%/5! /&! .%:-! >@666! %=14,%:3! :5,!
T&4&,-,5:D!
!
)1/'M*12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!&/%D"&(1!'"!
,%")*+"!('/!2'31!
.-*a&(12!
!
,'D'"*"12!
!
)'"0-1g!'"0*(&(!d!
"*a'/'2!
.1i/&)*+"!
"#!&/%D"&2!
)&-h)0'-!
'(%)&0*a12!
*4GA4<76!
&/('&,%'"0'!
&69=L?4>A8!!
.:7CA:7A!!
]P[!
,=C?4<=!j1T@8k!
j'6!2=<=!>?!6A!
'21!!!
)A<H679=!
D=:A6?bAk!
iA9\766?:A<=!
"%'20-&!2'p1-&!
*4GA4<76!!
K7bA8!>?!DA:;A!"@?8<:A!
aA6>?C=:=!
.:7CA:7A!!
XQQ!
2?q=:A!
'21!
)A<H679=!
*4GA4<76!P#!9796=!n!
1-a&//'!
.:7CA:7A!
/A8!-=OA8!
RQQQm!
1T@8!(?7!
'21!!!
)A<H679=!
iA9\766?:A<=!
D&0'-!2&/a&01-*2!
*4GA4<76!P#!9796=!
)=CTAq;A!>?6!
DA>:7>!!
.:7CA:7A!
PZQQ!!
2A6BA>=:!
'21!
jD=496=A_&:ABA9Ak!
)A<H679=!
iA9\766?:A<=!
"%'20-&!2'p1-&!
*4GA4<76!P#!9796=!
2&"0&!D&-V&!
DA>:7>!!
.:7CA:7A!!
!RR$Qm!!
'E@7T=!T:=G?87=4A6?8!
j&:<@:=!2=:7Ak!
'21!n!!
&9=4G?87=4A6!
iA9\766?:A<=!n!
*4GA4<76!P#!9796=!
D1"0'&/01!
DA>:7>!!!
.:7CA:7A!
R$WX!!
,=C?4<=!j1T@8k!
jD7:A87?::Ak!
'21!!
)A<H679=!
iA9\766?:A<=!
m5;%:D!oD!&,:&P%,I%!4-B;%Y!pD!/%;5:!&:;-4%/5:@!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LL""!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
R=/&%T1&,;&3! /&! g54&,;5! 8(C1:! h&-93! &,! 0=! Q5;5! /&! =%! W5)%=&S%3! ;-&,&!
&,:&P%,I%:! /&! 0/1.%.-2,! e,T%,;-=3! b)-4%)-%3! 0Q(! '! f%.G-==&)%;5! '! 1,! ;5;%=! /&!
M"7!%=14,%:@!
!
!
0=!.5=&*-5!m1&:;)%!Q&P5)%3!&,!k%=/&45)53!0/1.%.-2,!e,T%,;-=3!b)-4%)-%!'!
0Q(3!.5,!?66!%=14,%:@!
!
()A%==&3! &,! $%:! ^5I%:3! 5T)&.&! =%:! &;%C%:! /&! e,T%,;-=! "q! .-.=53! b)-4%)-%3!
0Q(! '! f%.G-==&)%;5@! 0:! 4-B;%! =%! 0/1.%.-2,! e,T%,;-=@! 0:;-4%45:! &,! L@666! &=!
,F4&)5! /&! %=14,%:3! /%/5! J1&! &,! :1! C+*-,%! `&H! /-.&,! E0,! =%! %.;1%=-/%/!
.5,;%45:!.5,!4+:!/&!M66!r%=14,%:sK@!
!
W%;&)! Q%=A%;5)-:3! &,! R)%A%.%3! &:3! S1,;5! .5,! &=! n%S%4%)3! &=! .&,;)5! 4+:!
*)%,/&3!1,!.54C=&S5!/&!A%)-5:!&/-T-.-5:3!.5,!"@Z66!%=14,%:@!(T&);%!=%:!&;%C%:!
/&!e,T%,;-=!"q!.-.=53!b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!
!
!
m1&:;)%!Q&P5)%!Q%,;%!W%)<%3!&,!=%!I5,%!/&!R);1)5!Q5)-%3!&:;+!A-,.1=%/5!
.5,! &=! 4%:.1=-,5! R1=%! m1&A%3! /&! ;%=! 4%,&)%! J1&! =%:! &;%C%:! /&! e,T%,;-=! '!
b)-4%)-%!:5,!T&4&,-,%:!'!=%:!/&!0Q(!'!f%.G-==&)%;53!J1&!R1=%!m1&A%!,5!5T)&.&3!
:5,! 4-B;%:3! )&.5*-&,/5! %=! %=14,%/5! J1&! C)5.&/&! /&! &:;&@! 0=! ,F4&)5! /&!
%=14,5:!'!%=14,%:!=5!G&45:!&:;-4%/5!%!C%);-)!/&!=%:!1,-/%/&:!/&!.%/%!,-A&=@!
!
!
W5,;&%=;53! &,! &=! H%))-5! /&! W-)%:-&))%3! 5T&);%! e,T%,;-=! "q! .-.=53! b)-4%)-%3!
0Q(! '! f%.G-==&)%;53! .5,! 1,! ;5;%=! /&! L@>#?! %=14,%:@! R=! :&)! 1,! .&,;)5! /&!
g54&,;53! %=! -*1%=! J1&! 0=! b)%/5! 84%:.1=-,593! :-;1%/5! &,! &=! 4-:45! H%))-53!
:1C5,&45:! J1&! =%! &;%C%! /&! 0/1.%.-2,! e,T%,;-=! &:! 4-B;%3! '%! J1&! &=! .5=&*-5! 0=!
b)%/5!,5!5T&);%!&:;%!&;%C%@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LL##!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
PPJJ[[JJ!!)
)==66??FF77==88!!TT::77BBAA>>==88!!EE@@??!!88??FF::??FFAA44!!TT==::!!??>>77GG779977==88!!==!!AA@@66AA88!!
!!
n5/5:! =5:! .&,;)5:! C)-A%/5:! J1&! :&C%)%,! %! :1! %=14,%/5! C5)! &/-T-.-5:! 5!
%1=%:!C&);&,&.&,!t5!G%,!C&);&,&.-/5_!%!=5:!$&*-5,%)-5:!/&!O)-:;5@!^&F,&,3!&,!
;5;%=3!%!.%:-!Z@666!%=14,5:!'!%=14,%:@!
!
!
)1/'M*12!('!/&!)1D%"*(&(!('!D&(-*(!e%'!2'M-'M&"!&/!&/%D"&(1!'"!
,%")*+"!('/!2'31!
.-*a&(12!
!
'(*,*)*12!j1!&%/&2k!2'.&-&(12!.1-!2'31!
!
)'"0-1g!'"0*(&(!d!
"*a'/'2!
"#!&/%D"&2!d!
.1i/&)*+"!
)&-h)0'-!
'(%)&0*a12!
&/%D"12!
'a'-'20!
*4GA4<76!
D1"0')/&-1!
.:7CA:7A!
.=O@?6=!>?!
PQQQ!!
/?F7=4A:7=8!>?!):78<=!
&6A:9H4!
'21!!
)A<H679=!
iA9\766?:A<=!
i12e%'!-'&/!
!
)1//'M'!
*4GA4<76!n!
a766AB797=8A!>?!
M:@T=!'>@9A<7B=!
.:7CA:7A!
RRPQm!
1>H4!
*4<?:4A97=4A6!i=8E@?!
!'21!n!
-?A6!
iA9\766?:A<=!n!
)A<H679=!
!
K*MK/&"(2!/12!
,-'2"12!
*4GA4<76!
i=A>766A!>?6!D=4<?
WQQm!
/?F7=4A:7=8!>?!):78<=!
.:7CA:7A!
)A<H679=!
)%Di-'2_
*4GA4<76!
K*MK/&"(2!
DA>:7>!!
.:7CA:7A!
RRQQm!
/?F7=4A:7=8!>?!):78<=!
jK=:<A6?OAk!
'21!
)A<H679=!
iA9\766?:A<=!
m5;%:D!oD!4-B;5Y!pD!/%;5:!&:;-4%/5:@!
0=! 0A&)&:;! W5,;&.=%)53! &,! b5I1&=5! /&! R=%).2,3! 5T)&.&! &,:&P%,I%:! /&!
0/1.%.-2,!e,T%,;-=3!b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!
!
0=!f5:J1&!^&%=!O5==&*&3!&,!k-==%A-.-5:%!/&!(/2,3!G%!:-/53!G%:;%!&=!.1):5!
%.;1%=3!&=!.5=&*-5!0A&)&:;!0=!f5:J1&3!C)5C-&/%/!/&!=5:!$&*-5,%)-5:!/&!O)-:;5@!0,!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LL??!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
=%! %.;1%=-/%/! G%! :-/5! %/J1-)-/5! C5)! 1,%! ,1&A%! :5.-&/%/3! l)1C5! 0/1.%;-A5!
e,;&),%.-5,%=!f5:J1&!^&%=#3!C&)5!/&T-&,/&!&=!4-:45!&:;-=5!&/1.%;-A5!%,;&)-5)!'!
5T&);%! =%:! 4-4%:! &;%C%:! /&! e,T%,;-=3! b)-4%)-%3! 0Q(! '! f%.G-==&)%;5@! Q1! C+*-,%!
`&H!,5!)&:%=;%!&=!G&.G5!/&!;&,&)!1,%!&/1.%.-2,!/-T&)&,.-%/%3!C&)5!=%!4%,;-&,&!
&,!&=!.%:5!/&!b)-4%)-%@!
!
0=! .5=&*-5! U-*G=%,/:! $5:! g)&:,5:3! &,! f5%/-==%! /&=! W5,;&3! :5=5! 5T&);%!
e,T%,;-=!'!b)-4%)-%@!
!
V! &=! .5=&*-5! O14H)&:_U-*G=%,/:3! &,! &=! /-:;)-;5! /&! U5);%=&I%3! ;-&,&!
&,:&P%,I%:!/&!e,T%,;-=3!b)-4%)-%3!0Q(!'!f%.G-==&)%;5@!
!
WWJJ!!//AA!!C
CAAYY==::;;AA!!<<77??44??44!!99AA::5599<<??::!!99==44GG??8877==44AA66!!^^99AA<<HH667799==__!!
!!
LZ! .&,;)5:! :5,! /&=! (C1:! h&-3! H-&,! :&%! /&T-,-/5:! /-)&.;%4&,;&! .545!
E5H)%! .5)C5)%;-A%! /&=! (C1:! h&-K3! H-&,! :&%! %! ;)%Ac:! /&! 1,%! &,;-/%/! .545!
g54&,;53!.1'%!T5)4%!S1)</-.%!&:!1,%!:5.-&/%/!%,2,-4%3!J1&!E.5,T<%!=%!%;&,.-2,!
&:C-)-;1%=!/&!:1:!.5=&*-5:!%!=5:!:%.&)/5;&:!/&!=%!b)&=%;1)%!/&=!(C1:!h&-K3!5!=%!
g1,/%.-2,!O5=&*-5!R=H5)%/%3!J1&!&BC)&:%!&,!:1!C+*-,%!`&HD!!
ER! C&;-.-2,! /&=! O5=&*-5! R=H5)%/%3! =%! b)&=%;1)%! /&=!9:"+, '1$! %'1/%! %! /%)!
.5,;-,1-/%/!%!=%!-/&,;-/%/!.)-:;-%,%!/&=!.5=&*-53!C)&:&,;&!&,!:1!T-,!T1,/%.-5,%=3!'!
,54H)%! %! =5:! :%.&)/5;&:! J1&! /&:%))5==%,! %==<! :1! ;)%H%S5! %! ;<;1=5! C&):5,%=3! :-,!
)&C)&:&,;%)!-,:;-;1.-5,%=4&,;&!%!=%!b)&=%;1)%@K!
R/&4+:3! &=! .5=&*-5! R=H5)%/%! &:;+! %:14-&,/5! C)5*)&:-A%4&,;&! A%)-5:!
,-A&=&:! &/1.%;-A5:! J1&! '%! ,5! 5T&);%! &=! .5=&*-5! f&:%,%3! /&T-,-/5! .545! E5H)%!
.5)C5)%;-A%!/&=!(C1:!h&-K@!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
#
!Q&*F,!2%,;*+<"1=,>1?$+)(,01,@4/*#&(!$34,01,%(,A#B(4$C(!$343!mq!N>@!W%)I53!"6LL@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LLZZ!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
#! .&,;)5:! C&);&,&.&,! %! =5:! $&*-5,%)-5:! /&! O)-:;53! E1,%! .5,*)&*%.-2,!
)&=-*-5:%! /&! /&)&.G5! C5,;-T-.-5K3! J1&! :&! G%! G&.G5! T%45:%! &,! =5:! 4&/-5:! /&!
.541,-.%.-2,! ;)%:! =%:! -,A&:;-*%.-5,&:! &,! )&=%.-2,! .5,! %H1:5:! :&B1%=&:! /&! :1!
T1,/%/5)D!
$5:!$&*-5,%)-5:! /&! O)-:;5!G%,! )&.5,5.-/5! J1&! :1! T1,/%/5)!W%).-%=! W%.-&=!
h&*5==%/5!%H1:2!:&B1%=4&,;&!/&!:&4-,%)-:;%:3!;1A5!1,%!G-S%!.5,!1,%!41S&)!'!5;)5:!
/5:! .5,! 5;)%3! C5)! =5! J1&!C-/&,! C&)/2,! %! u;5/5:! =5:! J1&! G%,! :-/5! C&)S1/-.%/5:g!
G&)-/5:! 5! &:.%,/%=-I%/5:! C5)! :1! )&C)5H%H=&! %.;1%.-2,u@! 80$W]mh(@&:!
"7a6#a"6L69@!
],!.1%);5!.5=&*-53!&=!f5:J1&!^&%=!O5==&*&!_,1&A%!/&,54-,%.-2,!%!C%);-)!
/&! &:;&! .1):5! /&=! %,;&)-5)! .&,;)5! 0A&)&:;! /&! k-==%A-.-5:%! /&! (/2,_! G%! :-/5!
%/J1-)-/5! %! :1:! %,;&)-5)&:! /1&P5:! _=5:! $&*-5,%)-5:! /&! O)-:;5_3! C&)53! %=*1,%:!
-,T5)4%.-5,&:! %C1,;%,! J1&! :-*1&! H%S5! &=! %4C%)5! &:C-)-;1%=! /&! &:%!
.5,*)&*%.-2,@!
!
],! .&,;)53! &=! W5,;&! n%H5)3! E&:! 1,%! -,-.-%;-A%! /&! =%! g1,/%.-2,! n-&4C5:!
W+:! m1&A5:3! .1'5:! 5HS&;-A5:! :5,! =%! &/1.%.-2,! '! =%! C)545.-2,! /&! =5:! -/&%=&:!
.%;2=-.5:! '3! &,! .5,.)&;53! /&=! G14%,-:45! '! /&! =%! C&/%*5*<%! /&=! W5A-4-&,;5!
RC5:;2=-.5! /&! Q.G5&,:;%;;3! T1,/%/5! C5)! &=! b%/)&! v5:c! w&,;&,-.G! H%S5! =%!
%/A5.%.-2,!/&!=%!Q%,;<:-4%!k-)*&,!W%)<%@K!
!
],! .&,;)53! &=! m1&:;)%! Q&P5)%3! C&);&,&.&! %! =%! ()/&,! U-S%:! /&! W%)<%!
m1&:;)%! Q&P5)%3! 1,%! .5,*)&*%.-2,! T&4&,-,%! /&! &,:&P%,I%! -,:C-)%/%! &,! Q%,!
e*,%.-5!/&!$5'5=%!'!=%!O54C%P<%!/&!v&:F:@!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LL77!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
n%4H-c,! -*,%.-%,%! &:! =%! O54C%P<%! /&=! Q%=A%/5)3! J1&! /-)-*&3! &=! .5=&*-5!
W%;&)! Q%=A%;5)-:3! E1,! .&,;)5! &/1.%;-A5! C)-A%/5! T&4&,-,5! &,! &=! J1&! =5:! A%=5)&:!
.)-:;-%,5:!-=14-,%,!;5/%!=%!%..-2,!&/1.%;-A%@K!
EU5'! &,! /<%3! &,;)&! =%:! )&=-*-5:%:! -*,%.-%,%:! ;&,&45:! %! =%:!K7bA8! >?! DA:;A!
"@?8<:A! 2?q=:A!'! %! =%!)=CTAq;A! >?6! 2A6BA>=:@! e,:;-;1;5:! J1&! G%,! :%H-/5!
4%,;&,&):&!T-)4&:!&,!=%!T-/&=-/%/!%=!&:C<)-;1!/&!Q%,!e*,%.-53!J1&!A-:-H=&4&,;&!
.)-:;%=-I%! &,! =%! %1;c,;-.%! 5H&/-&,.-%! %=! ^54%,5! b5,;<T-.&! '! =%! %/G&:-2,! %=!
W%*-:;&)-5!'!=%!h5.;)-,%!.%;2=-.%@K!!
8G;;CDaa/-A-,%A5.%.-5,@H=5*:C5;@.54a"66>a6"a"L_.54C%%_/&=_:%=A%/5)@G;4=9!
Q5=5! "! .&,;)5:! :5,! %.5,T&:-5,%=&:! 85! .%:-9D! R1=%! m1&A%! '! m1&:;)%!
Q&P5)%!Q%,;%!W%)<%3!:-;1%/5:!41'!.&).%!8S1,;5!%=!C%)J1&!/&=!O5,/&!()*%I9!'!
.5,!.-&);%!A-,.1=%.-2,!&,;)&!:<@!0=!C)-4&)53!4%:.1=-,53!:5=5!5T)&.&!=%:!&;%C%:!/&!
e,T%,;-=!'!b)-4%)-%@!0=!:&*1,/5!&:!T&4&,-,5!&,!&:%:!/5:!&;%C%:3!:-&,/5!4-B;%:!
=%:!/&!0Q(!V!f%.G-==&)%;5@!!
!
R1=%!m1&A%!/-.&!&,!:1!`&H!8G;;CDaa```@%1=%,1&A%@&:a,%A&*%/5)&:@G;4=9D!
Ex1&)&45:!)&%=-I%)!&:;%!;%)&%!.5,!1,!)&:C&;5!C)5T1,/5!%!.1%=J1-&)!.)&&,.-%!5!
.1=;1)%Y! C%)%! &==5! &=! .5=&*-5! )&GF:%! .1%=J1-&)! %.;-;1/! -4C5:-;-A%! ;%,;5! &,! =%!
C)+.;-.%!)&=-*-5:%!.545!&,!&=!/&!=%!-,:;)1..-2,@K!
m1&:;)%! Q&P5)%! Q%,;%! W%)<%3! &,! :1! A</&5! /&! C)&:&,;%.-2,! &BC)&:%!
8G;;CDaa```@.,::4@&:a`&Ha.545_&:_&=_.5=&*-5@G;4=9D!
Ed(T)&.&45:!1,%!T5)4%.-2,!-,;&*)%=!/&!)%<.&:!.)-:;-%,%:!.5,!)&:C&;5!%=!/-+=5*5!
'!%!=%:!.)&&,.-%:!C&):5,%=&:@K!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LLNN!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
0,! 41.G5:! .%:5:! 8%=! 4&,5:! &,! =5:! .&,;)5:! J1&! :&! /&T-,&,! .545! i5H)%!
.5)C5)%;-A%!/&=!(C1:!h&-j9!:&!5T)&.&!4-:%!/-%)-%4&,;&3!.5,!.%)+.;&)!A5=1,;%)-5!
C%)%!&=!%=14,%/5@!!
!
$5:! .5=&*-5:! /&! g54&,;5! /&.=%)%,! J1&! E,5! :5,! .5,T&:-5,%=&:3! C&)5!
;5/%:! =%:! %.;-A-/%/&:! /5.&,;&:! '! 5)-&,;%/5)%:! :&! )&%=-I%,! .5,! 1,%! C)5T1,/%!
T-/&=-/%/!%=!W%*-:;&)-5!/&!=%!e*=&:-%K@!
!
b5/&45:3! C1&:3! /&.-)! J1&! =5:! C=%,;&%4-&,;5:! /&! /&T&,:%! /&! 1,%!
&/1.%.-2,!/-T&)&,.-%/%!&,!T1,.-2,!/&=!:&B5!&:;+,!&,!*)%,!4&/-/%!=-*%/5:!%!=%!
e*=&:-%! .%;2=-.%! '3! :5H)&! ;5/53! %! =5:! :&.;5)&:! 4+:! -,;&*)-:;%:! /&! &:%! e*=&:-%3!
(C1:!h&-!'!$&*-5,%)-5:!/&!O)-:;5D!L>!/&!=5:!"?!.&,;)5:!&/1.%;-A5:!:&*)&*%/5:!
/&!=%!O541,-/%/!/&!W%/)-/!C&);&,&.&,!%!&:%:!2)/&,&:!)&=-*-5:%:@!
!
XXJJ!!,,AA6688==!!>>778899@@::88==!!88==LL::??!!66AA!!77FF@@AA66>>AA>>!!>>??!!66==88!!88??II==88!!
!!
!
0,! *&,&)%=3! ;5/5:! &:;5:! .&,;)5:! :1&=&,! /&.=%)%)! :1! .)&&,.-%! &,! =%!
-*1%=/%/!/&!=5:!:&B5:@!$5:!%A%,.&:!:5.-%=&:!&,!,1&:;)5!C%<:3!&,!&:;&!;&))&,53!
G%,! .5,:&*1-/5! J1&3! %=! 4&,5:! &,! &=! %:C&.;5! /&=! /-:.1):53! ,%/-&! :&! /&.=%)&!
C%);-/%)-5! /&! =%! /&:-*1%=/%/! /&! =5:! :&B5:@! RG5)%! H-&,3! :-! &:;%! .)&&,.-%! T1&)%!
)&%=4&,;&!%:14-/%!,5!;&,/)<%!:&,;-/5!1,%!&/1.%.-2,!/-T&)&,.-%/%@!
!
!
0,.5,;)%45:! A%)-5:! &=&4&,;5:! _%/&4+:! /&=! 4-:45! G&.G5! /&! =%!
:&C%)%.-2,!/&!.G-.5:!'!.G-.%:3!'%!:&%!C5)!.&,;)53!'%!:&%!C5)!%1=%_!J1&!,5:!/%,!
C)1&H%:! /&! J1&! :1! /-:.1):5! /&! -*1%=/%/! &:! 4&)%! %C%)-&,.-%3! 5H=-*%/5! C5)! &=!
C&:5!/&!1,%!4%'5)<%!:5.-%=!J1&!/&T-&,/&!=%!-*1%=/%/!'!/&!1,%!=&*-:=%.-2,!J1&!
C)5G<H&!=%!/&:-*1%=/%/!&,;)&!=5:!:&B5:D!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LL>>!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
_! ],%! 5T&);%! /&! O-.=5:! g5)4%;-A5:! /-T&)&,;&! &,! T1,.-2,! /&=! :&B5D! Z! /&!
&:;5:!.&,;)5:!5T)&.&,!&,:&P%,I%:!/&!T5)4%.-2,!C)5T&:-5,%=3!#!:5,!4%:.1=-,5:!
'!"3!T&4&,-,5:@!k&%45:!=5:!O-.=5:!g5)4%;-A5:!J1&!5T)&.&,!1,5:!'!5;)5:@!
!
1,'-0&!(*,'-'")*&(&!('!)*)/12!,1-D&0*a12!
D&2)%/*"12!
j&4>?6g!-?<ACA:!Y!0AbACA:k!
,'D'"*"12!
ji?8A4A!Y!,@?466A4Ak!
*48<A6A97=4?8!>?!0?6?9=C@479A97=4?8!
M?8<7H4!&>C7478<:A<7BA!
278<?CA8!D79:=74G=:C5<79=8!Y!-?>?8!
(7?<N<79A!
&>C7478<:A97H4!>?!278<?CA8!*4G=:C5<79=8!
2?9:?<A:7A>=!
?4!-?>!
)=974A!Y!MA8<:=4=C;A!
*48<A6A97=4?8!'6?9<:=<N9479A8!
2?:B797=8!>?!-?8<A@:A97H4!
278<?CA8!'6?9<:H479=8!Y!&@<=CA<7OA>=8!
'>@9A97H4!*4GA4<76!
M?8<7H4!&>C7478<:A<7BA!
(7:?997H4!>?!)=974A!
&>C7478<:A97H4!Y!,74A4OA8!
M?8<7H4!>?!&6=bAC7?4<=8!
(?8A::=66=!>?!&T679A97=4?8!*4G=:C5<79A8!
0@:;8<79=8!
(?8A::=66=!>?!&T679A97=4?8!D@6<7T6A<AG=:CA!
.A<:=4Ab?!Y!D=>A!
*CT:?87H4!?4!&:<?8!M:5G79A8!
-?8<A@:A97H4!
.:?7CT:?87H4!?4!&:<?8!M:5G79A8!
!
278<?CA8!D79:=74G=:C5<79=8!Y!-?>?8!
(78?q=!Y!.:=>@997H4!'>7<=:7A6!
M?8<7H4!>?6!0:A48T=:<?!
!
b5)!1,!=%/53!G%'!4%'5)!5T&);%!T5)4%;-A%!C%)%!.G-.5:!J1&!C%)%!.G-.%:3!=5!
J1&!&:!,5)4%!*&,&)%=!&,!,1&:;)5!:-:;&4%!&/1.%;-A5@!b5)!5;)53!)&:1=;%!&A-/&,;&!
&=! 4%,;&,-4-&,;5! /&=! &:;&)&5;-C5! /&! *c,&)5! &,! /-.G%! 5T&);%D! ;5/5:! =5:! O-.=5:!
g5)4%;-A5:! J1&! :&! 5T)&.&,! &,! =5:! .&,;)5:! 4%:.1=-,5:! :&! %S1:;%,! %=! )5=! :5.-%=!
%/S1/-.%/5! %! =5:! A%)5,&:3! C)&/54-,%,/5! =%:! &,:&P%,I%:! )&=%.-5,%/%:! .5,! =%!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
LLMM!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
-,T5)4+;-.%Y!=5:!O-.=5:!J1&!:&!5T&);%,!&,!=5:!.&,;)5:!T&4&,-,5:!5H&/&.&,3!%!:1!
A&I3!%=!;-C5!/&!;)%H%S5:!J1&!:&!&,;-&,/&,!EC)5C-5:K!/&!=%:!41S&)&:@!
!
_!v1,;5!.5,!1,%!/&.=%)%.-2,!%!T%A5)!/&!=%!-*1%=/%/3!&,.5,;)%45:!:-&4C)&!
=%!&BC)&:-2,!/&!=%!&:C&.-T-.-/%/!T&4&,-,%3!)&=%.-5,%/%!.5,!:1!C%C&=!/&!%4%!/&!
.%:%!'!4%/)&3!.545!&,!&=!.%:5!/&=!O5=&*-5!$5:!n-=5:D!
!
!
!
m5! :&! &BC)&:%,3! C5)! &=! .5,;)%)-53! .%)%.;&)<:;-.%:! /&! =%! &:C&.-T-.-/%/!
4%:.1=-,%3! =5! .1%=! &:! :<,;54%! /&=! %,/)5.&,;)-:45! .5,! J1&! :&! &=%H5)%! &=!
/-:.1):5!&,!/&T&,:%!/&!1,%!&/1.%.-2,!/-T&)&,.-%/%3!&:!/&.-)3!/&:/&!1,%!2C;-.%!
4%:.1=-,%3!=5!i,5)4%=j!&:!=5!4%:.1=-,53!J1&!:&!&,;-&,/&!.545!=5!1,-A&):%=3!'!=5!
&:C&.<T-.5Y!=5!J1&!:&!%C%);%!/&!=%!,5)4%!&:!=5!T&4&,-,53!J1&!&:3!C5)!;%,;53!=5!
J1&!G%'!J1&!/&T-,-)@!!
!
$5:! .&,;)5:! /&! g54&,;5! &BC=-.%,! =%! )%I2,! /&! :1! 5C.-2,! C5)! 1,%!
&,:&P%,I%!/-T&)&,.-%/%!/&!=%!:-*1-&,;&!4%,&)%D!
!"#$#%&'()*+#%+#,'%-*./('%*%.01'(2%,*+%(34.*)%$35'('+4')%$'%.#$0(#,36+%&'()*+#7%8%
$'% #&('+$39#1'2% 43'+'+% $3)43+4#% )'+)3/373$#$2% ('#,,3*+#+% #+4'% 7*)% ')4:.07*)% $'% 5*(.#%
$35'('+4'2%)0'7'+%#,40#(%$'%.*$*%$3;'()*%8%,*+%5(',0'+,3#2%,*.&7'.'+4#(3*<%=#(6+%8%
.01'(% 43'+'+% .*$*)% $3;'()*)% $'% ;3;3(% )0% 3$>+43,#% $3?+3$#$% &'()*+#7<% @+% 7*)% ,*7'?3*)%
$'% A*.'+4*% 5#,3734#.*)% B0'% ,#$#% #70.+*% ,0743;'% 7#)% ,0#73$#$')% &(*&3#)% $'% )0% .*$*%
$'%)'(2%7#%.#),073+3$#$%8%7#%5'.3+3$#$2%(#)?*)%,*+)434043;*)%$'%7#%&'()*+#<C!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""66!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
_! 0,! &=! .%:5! /&! =5:! .&,;)5:! J1&! :&C%)%,! %! .G-.5:! '! .G-.%:! C5)! %1=%:! 5!
&/-T-.-5:3! ;%4H-c,! =&:! /-T&)&,.-%,! .5,! 1,! 1,-T5)4&! /-:;-,;5@! b5)! :1C1&:;53! &:;5!
,5! :5=5! 5.1))&! &,! &:;&! ;-C5! /&! .&,;)5:Y! C5)! =5! *&,&)%=3! ;%4H-c,! =5:! .&,;)5:!
4-B;5:! /-T&)&,.-%,! C5)! 4&/-5! /&=! 1,-T5)4&! %! .G-.5:! '! .G-.%:@! 0=! 1,-T5)4&!
4%:.1=-,5!:1&=&!:&)!:5H)-5!8.5=5)&:!*)-:&:3!%I1=&:d9!'!&=!T&4&,-,5!:1&=&!==&A%)!
T%=/%!/&!.1%/)5:!A-:;5:5:@!n%4H-c,!:&!/-T&)&,.-%,!=5:!1,-T5)4&:!/&C5);-A5:@!
%"*,1-D'2!('!.-*D&-*&!('/!)1/'M*1!/&2!0&i/&2_a&/a'-('!
D&2)%/*"1!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!,'D'"*"1!!!
!
!
!
Q545:! .5,:.-&,;&:! /&! =%:! /-T&)&,;&:! T5)4%:! /&! A&:;-)! /&! A%)5,&:! '!
41S&)&:@!RG5)%!H-&,3!&,!&=!.%:5!/&!=5:!1,-T5)4&:!&:.5=%)&:3!;&,*%45:!C)&:&,;&!
J1&!:&!;)%;%!/&!C)&,/%:!5H=-*%;5)-%:3!:-,!=%:!.1%=&:!,5!:&!C&)4-;&!=%!&,;)%/%!%=!
.&,;)53! C5)! =5! J1&! C&)4%,&,;&4&,;&! :&! 5H=-*%! %! .G-.5:! '! .G-.%:! %! C)&:&,;%)!
1,%! -4%*&,! .=%)%4&,;&! /-T&)&,.-%/%@! b5)! 5;)%! C%);&3! :&! -4C5,&! %! =%:! .G-.%:!
J1&!==&A&,!T%=/%3!.1%,/5!&=!C%,;%=2,!&:!1,%!C)&,/%!.54F,4&,;&!%/5C;%/%!C5)!
=%:!41S&)&:!'3!4+:!%F,3!C5)!=%:!.G-.%:!/&!&:;%:!&/%/&:@!
!
!
_! ],! C)5T&:5)%/5! /-T&)&,.-%/5D! ,5)4%=4&,;&3! &=! C)5T&:5)%/5! ;%4H-c,!
&:;+!:&*)&*%/5!C5)!:&B53!&:!/&.-)3!:&!/%!1,%!.5))&:C5,/&,.-%!&,;)&!&=!:&B5!/&=!
%=14,%/5!'!&=!/&=!C)5T&:5)%/5@!O5,!&==5!:&)+!/-T<.-=!J1&!.G-.5:!'!.G-.%:!;&,*%,!
45/&=5:! A%)-%/5:! C%)%! =%! .5,:;)1..-2,! /&! :1! -/&,;-/%/@! $%! :&C%)%.-2,3! C5)!
;%,;53!&:!;%S%,;&D!/5:!:&B5:3!/5:!41,/5:@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""LL!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
ZZJJ!!(
(??GG??4488AA!!??IITT::??88AA!!>>??!!66AA!!??>>@@99AA9977HH44!!>>77GG??::??449977AA>>AA!!
!!
$%!4%'5)!C%);&!/&!&:;5:!.&,;)5:!8R=H5)%/%3!W5,;&!n%H5)3!^&;%4%)3!$%:!
n%H=%:_k%=A&)/&3!$5:!n-=5:3!n%S%4%)3!0=!b)%/53!R=/&%T1&,;&3!()A%==&3!W5,;&%=;53!
0A&)&:;! W5,;&.=%)53! U-*G=%,/:! $5:! g)&:,5:3! O14H)&:! U-*G=%,/:3! R,/&=3! $5:!
(=45:9! )&.5*&,3! &,;)&! :1:! :&P%:! /&! -/&,;-/%/! 5! &:;-=5! &/1.%;-A53! &=! G&.G5! /&!
5T)&.&)! 1,%! &/1.%.-2,! /-T&)&,.-%/%! '! =%! /&T-&,/&,! .5,! 4+:! 5! 4&,5:!
%)*14&,;5:@!!
!
n5/5:! &==5:! :1&=&,! %=1/-)! %! ;)&:! ;-C5:! /&! )%I5,&:! C%)%! /&T&,/&)! :1!
&/1.%.-2,!/-T&)&,.-%/%D!
!
&J!(?8A::=66A:!C?b=:!6A!T?:8=4A67>A>!>?!9\79A8!Y!9\79=8D!f%:+,/5:&!
&,!&=!/-T&)&,;&!*)%/5!/&!4%/1)&I!/&!.G-.5:!'!.G-.%:3!,5:!/-.&,!J1&3!/%/5!J1&!
=%:! .G-.%:! 4%/1)%,! H-5=2*-.%! '! C:<J1-.%4&,;&! %,;&:! J1&! =5:! .G-.5:3! &:;5:!
/-:4-,1'&,! :1! )&,/-4-&,;5! &,! .5,;%.;5! .5,! =%:! .G-.%:3! C5)J1&! :&! -,G-H&,3! :&!
/&:45;-A%,3!:&!T)1:;)%,!'!:5,!4+:!%*)&:-A5:@!
!
iJ! D?b=:A:! ?6! T:=9?8=! >?! 8=97A67OA97H4D! e,:-:;&,! &,! &:;&! %C%);%/5! &,!
J1&!!!E=%!.5,/1.;%!/&!=5:!.G-.5:!&,!=%:!.=%:&:!4-B;%:!:1&=&!:&)!4+:!%*)&:-A%!'!
&*5<:;%!J1&!&,!=%:!.=%:&:!/-T&)&,.-%/%:!'!:&!G%!.5,:;%;%/5!J1&3!&,!*&,&)%=3!&,!
=5:! .&,;)5:! 4-B;5:! =5:! .G-.5:! &,;-&,/&,! 4&S5)! %! =%:! .G-.%:! C&)5! =&:! C-&)/&,! &=!
)&:C&;5K@!
!
)J! *49:?C?4<A:! 6A! ?G79A97A! A9A>NC79AD! ER=! ;&,&)! &,! .1&,;%! =5:!
/-T&)&,;&:! C)5.&:5:! /&! 4%/1)%.-2,! H-5=2*-.%! '! C:-.5=2*-.%3! :&! 5T)&.&! 4&S5)&:!
C5:-H-=-/%/&:!C%)%!=5*)%)!&=!)&,/-4-&,;5!%.%/c4-.5!/&!=5:!%=14,5:3!C1&:;5!J1&!
:&!T%.-=-;%!=%!%/%C;%.-2,!C5)!C%);&!/&!=5:!&/1.%/5)&:!%=!)-;45!/&!.%/%!C&):5,%K@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""""!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
0,! %=*1,5:! .%:5:?! :&! ==&*%! %! /&.-)! J1&! G%'! /-T&)&,.-%:! &,;)&! .G-.5:! '!
.G-.%:!&,!&=!:&,;-/5!/&=!5</5!8E&=!:&,;-/5!/&=!5</5!/&!1,%!.G-.%!&:!4+:!:&,:-H=&!
J1&! &=! /&! =5:! .G-.5:3! C5)! =5! J1&! &=! ;5,5! /&! A5I! 1;-=-I%/5! C5)! 1,%! C)5T&:5)%!
C1&/&!:&)!%/&.1%/5!C%)%!=%:!.G-.%:3!C&)5!,5!%;)%&!=%!%;&,.-2,!/&!1,!.G-.5@K9Y!
&,! =%! .5,T-*1)%.-2,! /&! =5:! G&4-:T&)-5:! /&=! .&)&H)5! 8E&,! =5:! G54H)&:! =5:!
G&4-:T&)-5:! -IJ1-&)/5! '! /&)&.G5! &:;+,! T1&);&4&,;&! .54C%);-4&,;%/5:3! .5,! &=!
C)-4&)5! /&/-.%/5! %! =%:! G%H-=-/%/&:! A&)H%=&:! '! &=! :&*1,/5! %! =%:! T1,.-5,&:!
&:C%.-%=&:@!0:;%!/-A-:-2,!,5!&B-:;&!&,!=%:!41S&)&:3!J1&!1:%,!%4H5:!G&4-:T&)-5:!
/&=!.&)&H)5!C%)%!&=!=&,*1%S&@K9Y!&,!=%!A-:-2,!8Eh&!G&.G53!&B-:;&,!&A-/&,.-%:!/&!
J1&3!/&:/&!=%!.54C5:-.-2,!/&!=%!)&;-,%!G%:;%!=%!T5)4%!&,!J1&!:5,!C)5.&:%/%:!
=%:!-4+*&,&:!C5)!&=!.&)&H)53!G%'!/-T&)&,.-%:!,5;%H=&:!&,;)&!A%)5,&:!'!41S&)&:@!
0:;5!/%!.545!)&:1=;%/5!J1&!=%:!41S&)&:!&:;+,!4+:!%;&,;%:!%!=%:!/-T&)&,.-%:!/&!
.5=5)! '! ;&B;1)%3! 4-&,;)%:! J1&! =5:! A%)5,&:! /-:.-&),&,! .5,! 4%'5)! T%.-=-/%/! =%!
=5.%=-I%.-2,3!=%!/-)&..-2,!'!=%!A&=5.-/%/@K9!
!
[[JJ!!//AA!!44AA<<@@::AA6677OOAA9977HH44!!>>??!!66AA88!!>>77GG??::??449977AA88``!!!!
aa77??bb==88!!AA::FF@@C
C??44<<==88!!EE@@??!!44==88!!::??<<==::44AA44!!AA66!!TTAA88AA>>==!!
!!
O545! :&P%=%! W%)-,%! Q1H-)%;:3! /%/5! J1&! ,5! :&! %/4-;&! :5.-%=4&,;&! =%!
%)*14&,;%.-2,!/&!=%!:&C%)%.-2,!/&!:&B5:!&,!=%!&/1.%.-2,!/&H-/5!%!1,!/&:;-,5!
t1,!)5=!:5.-%=_!/-T&)&,;&!/&!A%)5,&:!'!41S&)&:3!&,!=%!%.;1%=-/%/3!J1-&,!/&T-&,/&!
=%!&:.1&=%!:&*)&*%/%!H1:.%!=%!,%;1)%=-I%.-2,!/&!=%:!/-T&)&,.-%:@!0,!)&%=-/%/3!:&!
)&*)&:%!%!1,!C%:%/5!=&S%,5!J1&3!/&:C1c:!/&!Q-45,&!/&!f&%1A5-)!'!:1!5H)%!2%,
+1D"40*, +1E*! 8LM?M9! .5,! :1! T%45:%! &BC)&:-2,! Em5! :&! ,%.&! 41S&)3! :&! ==&*%! %!
:&)=5K3!.)&<%45:!'%!:1C&)%/5@!!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
?
!R);<.1=5!E0/1.%)!%!=%:!.G-.%:!'!%!=5:!.G-.5:!/&!T5)4%!/-T&)&,;&@!],!C:-.2=5*5!G%H=%!/&=!C5)J1c!
G%'! C)5T1,/%:! /-T&)&,.-%:K3! J1&! .54&,;%! &=! =-H)5! yzG'! l&,/&)! W%;;&):{! 8b5)! J1c! -4C5);%! &=!
lc,&)593! /&! ! $&5,%)/! Q%B3! %=! J1&! )&4-;&! =%! C+*-,%! `&H! /&=! .5=&*-5! n%S%4%)! 8.5,:1=;%3!
"#a6"aL"9@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""##!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
!m5! C)&;&,/&45:! )&:C5,/&)! %! &:;&! ;-C5! /&! -,;&)C)&;%.-5,&:! :5H)&! &=!
.1&)C5!G14%,53!:5H)&!&=!T1,.-5,%4-&,;5!/&=!.&)&H)5d3!C1&:!C5.5!&,;&,/&45:!
/&! &==5@! Q545:! .5,:.-&,;&:! /&! J1&! &B-:;&,! /-T&)&,.-%:! &,;)&! G54H)&:! '!
41S&)&:3!C&)5!:%H&45:!J1&!=%!-,A&:;-*%.-2,!&,!&:;&!;&))&,5!&:;+!E&,!4%,;-==%:K!
'3!:5H)&!;5/53!:%H&45:!J1&!.%/%!/&:.1H)-4-&,;5!.-&,;<T-.5!&:!C)5A-:-5,%=!'!J1&!
:1! -,;&)C)&;%.-2,3! 4+:! %==+! /&! =5:! G&.G5:! C)5H%/5:3! &:;+! =-*%/%! %! C5:-.-5,&:!
-/&5=2*-.%:! 5! C5=<;-.%:! /&! J1-&,! /&;&,;%! &=! C5/&)! &,! &=! +4H-;5! /&! &:%!
-,A&:;-*%.-2,!.5,.)&;%!5!/&!=%!C)5C-%!C&):5,%!J1&!=%!)&%=-I%@!^&.5)/&45:!J1&!
;%4H-c,! :&! G%! /-.G5! J1&! =%:! 41S&)&:! ;&,<%,! 4&,5:! .%C%.-/%/! -,;&=&.;1%=!
C5)J1&!:1!.&)&H)5!&:!4+:!C&J1&P5!J1&!&=!/&!=5:!G54H)&:!'3!:-,!&4H%)*53!&,!
=%! %.;1%=-/%/3! =5:! )&:1=;%/5:! %.%/c4-.5:! /&! &==%:3! %! ;5/5:! =5:! ,-A&=&:3! :5,!
:1C&)-5)&:!%!=5:!/&!&==5:@!
!
V3! /&:/&! =1&*53! &:;%45:! .5,! Q-45,&! /&! f&%1A5-)! &,! J1&! :5,! =5:!
C)5.&:5:!/&!:5.-%=-I%.-2,!=5:!J1&!4%).%,!=5:!)5=&:!/-T&)&,.-%/5:!/&!A%)5,&:!'!
41S&)&:3! J1&! =%:! /-T&)&,.-%:! T-:-5=2*-.%:! ,5! /&H&,! :1C5,&)! /&:-*1%=/%/&:!
:5.-%=&:! '! J1&3! C)&.-:%4&,;&3! =%! 5)*%,-I%.-2,! :5.-%=! '! =%! &/1.%.-2,3! &,!
&:C&.-%=3!/&H&,!:&)!T%.;5)&:!J1&!.5))-S%,!=%:!/&:-*1%=/%/&:!:5.-%=&:!*&,&)%/%:!
C5)!/-T&)&,.-%:!,%;1)%=&:@!
!!
ccJJ!!(
(??88AA::::==6666==!!>>??!!66AA!!TT??::88==44AA6677>>AA>>``!!"
"==!!AA!!66==88!!??88<<??::??==<<77TT==88!!
!!
!
0B-:;&,! =%:! .%;&*5)<%:! :5.-%=&:! iG54H)&j! '! i41S&)j3! &,;&,/-/%:! .545!
4%:.1=-,-/%/!'!T&4-,-/%/!G&*&42,-.%:@!b&)5!&:;%:!.%;&*5)<%:!,-!:5,!F,-.%:!,-!
:5,! -,%45A-H=&:3! &:! /&.-)3! G%'! 4%:.1=-,-/%/&:! '! T&4-,-/%/&:! /-T&)&,;&:! '3!
%/&4+:3! :&! ;)%,:T5)4%,! &,! T1,.-2,! /&=! ;-&4C53! /&=! &:C%.-5! '! &=! .5,;&B;5!
.1=;1)%=@!!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""??!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
!
Q&C%)%)! %! .G-.5:! '! .G-.%:! t'! ;%4H-c,! %! :1! C)5T&:5)%/5_3! .5,! =%!
C)&;&,:-2,!/&!J1&!1,5:!'!5;)%:!/&:%))5==&,!4&S5)!:1!C&):5,%=-/%/!:1C5,&3!&,!=%!
C)+.;-.%3! /&T&,/&)! &=! 4%,;&,-4-&,;5! /&! 1,%! F,-.%! .%;&*5)<%! t=%! G&*&42,-.%_!
C%)%! .%/%! :&B53! &A-;%,/5! =%! EC&)A&):-2,K! /&! &:&! 45/&=5! G&*&42,-.5! %! ;)%Ac:!
/&=!.5,;%.;5!.5,!&=&4&,;5:!/&!=%!C&):5,%=-/%/!J1&!,5!:&!.5,:-/&)%,!C)5C-5:@!
!
!
0==5!,5:!==&A%!%=!4%,;&,-4-&,;5!/&!1,!F,-.5!45/&=5!/&!A%)2,!'!1,!F,-.5!
45/&=5! /&! 41S&)! %=! J1&3! &,! .%/%! .%:53! .G-.5:! '! .G-.%:! /&H&,! -4-;%)3!
/&:=&*-;-4%,/5! .1%=J1-&)! )1C;1)%! .5,! &=! 45/&=53! =5! .1%=! &:! ;)&4&,/%4&,;&!
=-4-;%/5)!/&!=%!=-H&);%/!-,/-A-/1%=3!)&T1&)I%!&=!&:;&)&5;-C5!'!C)541&A&!&=!)&.G%I5!
:5.-%=!%!J1-&,!:&!%C%);%!/&!=%!,5)4%@!
!
!
U%'!41.G5:!%:C&.;5:!/&!=5!J1&!:&!&,;-&,/&!C5)!C&):5,%=-/%/!4%:.1=-,%!
G&*&42,-.%!t%1/%.-%3!A%=&,;<%d_!'!/&!=%!T&4-,-/%/!G&*&42,-.%!t:&,:-H-=-/%/3!
C)&5.1C%.-2,! C5)! =5:! /&4+:d_! J1&! :5,! C5:-;-A5:! C%)%! &=! /&:%))5==5! /&! =%!
C&):5,%3!-,/&C&,/-&,;&4&,;&!/&!:1!:&B5@!O245!.5,:&*1-)!J1&!1,5:!'!5;)%:!:&!
E.5,;%*-&,K!/&!&:%:!.%)%.;&)<:;-.%:3!:-!=&:!,&*%45:!:-J1-&)%!:1!.5,5.-4-&,;5@!
!!
$$JJ!!22==9977AA6677OOAA::!!??88!!887744HH4477C
C==!!>>??!!bb@@44<<AA::!!
!!
!
0:! /-T<.-=! J1&! %=*1-&,! :&! /&:%))5==&! :5.-%=4&,;&! &,! 1,%! -:=%! /&:-&);%3!
.545!&:!/-T<.-=!J1&!=5:!.G-.5:!'!=%:!.G-.%:!%C)&,/%,!%!A-A-)!&,!1,%!:5.-&/%/!J1&!
&:!4-B;%3!:-!&:&!%C)&,/-I%S&!:&!)&%=-I%!C5)!:&C%)%/5@!
!
!
$%!.5,A-A&,.-%!*&,&)%!.5,T=-.;5:!'!1,5!/&!=5:!5HS&;-A5:!/&!=%!&/1.%.-2,!
&:3!C)&.-:%4&,;&!%C)&,/&)!%!C)&A&,-)=5:!'!%!)&:5=A&)=5:@!h&!G&.G53!=%!$(03!&,!
:1!%);<.1=5!L3!/-.&!J1&!1,5!/&!=5:!C)-,.-C-5:!/&!=%!&/1.%.-2,!&:!E$%!&/1.%.-2,!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""ZZ!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
C%)%!=%!C)&A&,.-2,!/&!.5,T=-.;5:!'!C%)%!=%!)&:5=1.-2,!C%.<T-.%!/&!=5:!4-:45:3!%:<!
.545!=%!,5!A-5=&,.-%!&,!;5/5:!=5:!+4H-;5:!/&!=%!A-/%!C&):5,%=3!T%4-=-%)!'!:5.-%=@K!
h&!=%!4-:4%!4%,&)%!:&!)&.5*&!&,!&=!%);<.1=5!"3!.545!1,!T-,!/&!=%!&/1.%.-2,D!
E$%! &/1.%.-2,! &,! &=! &S&).-.-5! /&! =%! ;5=&)%,.-%! '! /&! =%! =-H&);%/! /&,;)5! /&! =5:!
C)-,.-C-5:!/&45.)+;-.5:!/&!.5,A-A&,.-%3!%:<!.545!&,!=%!C)&A&,.-2,!/&!.5,T=-.;5:!
'!=%!)&:5=1.-2,!C%.<T-.%!/&!=5:!4-:45:@K!
!
!
$5:! .5,T=-.;5:! :5.-%=&:! &,;)&! =5:! :&B5:3! .545! ;%,;5:! 5;)5:3! :&! /%,!
.5;-/-%,%4&,;&!'3!.545!:&P%=%,!;5/%:!=%:!;c.,-.%:!/&!)&:5=1.-2,!/&!.5,T=-.;5:3!!
u&=! .5,T=-.;5! ,5! &:! &=! C)5H=&4%3! &=! C)5H=&4%! C1&/&! :&)! .245! :5=1.-5,%45:! &=!
.5,T=-.;5u@!b1&:!H-&,3!:-!:&C%)%45:!&,!,1&:;)%:!%1=%:!'!&,!,1&:;)5:!.&,;)5:!%!
=5:! .G-.5:! /&! =%:! .G-.%:3! &A-;%)&45:! =5:! .5,T=-.;5:3! :<3! C&)5! ,5! ;&,/)&45:! =%!
5C5);1,-/%/!/&!J1&!%C)&,/%,!%!)&:5=A&)=5:3!,5!C5/)&45:!/%)=&:!)&.1):5:!C%)%!
&,T)&,;%):&! %! 1,%! .5,A-A&,.-%! &,;)&! =5:! :&B5:! J1&3! &,! 41.G%:! 5.%:-5,&:3!
)&:1=;%! C)5H=&4+;-.%3! '! &:;%)&45:! /&S%,/5! J1&! %T)5,;&,! :-,! =%! T5)4%.-2,!
,&.&:%)-%! =5:! .5,T=-.;5:! -,;&):&B5:3! /&! 4%'5)! &,;-/%/3! :&*1)%4&,;&3! J1&!
C1&/%,!*&,&)+):&=&:!.1%,/5!:&%,!%/1=;5:@!
!
!
b&)53! :5H)&! ;5/53! 4&I.=%)=5:! :1C5,&! =%! C5:-H-=-/%/! /&! %'1/%)=&:! %!
.54C)&,/&):&3! %! A%=5)%)! =5! C5:-;-A5! /&! 1,%:! '! /&! 5;)5:3! %! &:;%H=&.&)! =%I5:! /&!
%4-:;%/3!%!/&:G-,H-):&!&,!:1!;)%;5!.5,!=%:!C&):5,%:!/&=!5;)5!:&B5d!%!.5,A-A-)!
/&!4%,&)%!,%;1)%=3!&,!1,%!C%=%H)%@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""77!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
]]JJ!!D
D77??44<<??44!!AA66!!>>??9977::!!EE@@??!!??88!!C
CAAYY==::!!??66!!::??44>>77C
C77??44<<==!!??8899==66AA::!!
!!
!
0,! C)-4&)! =1*%)3! G%'! J1&! .1&:;-5,%)! :1! .5,.&C;5! /&! E)&,/-4-&,;5!
&:.5=%)K3! J1&3! C%)%! J1-&,&:! &:;5! /&T-&,/&,3! &:! :-,2,-45! /&! E&T-.%.-%!
%.%/c4-.%K3! &:! /&.-)3! )&T&)-/5! &:;)-.;%4&,;&! %! .5,5.-4-&,;5:! %.%/c4-.5:3!
%S&,5:! %! ;5/5! &=! .5,S1,;5! /&! =%:! /&,54-,%/%:! E.54C&;&,.-%:! H+:-.%:K3! J1&!
.54C)&,/&,! /&:;)&I%:3! .5,5.-4-&,;5:! '! %.;-;1/&:3! .5,.&H-/%:! .545!
.%C%.-/%/&:!C%)%!C)&C%)%)!%=!%=14,%/5!C%)%!:1!A-/%!%/1=;%@!
!
!
b5)!&==53!A%=5)%)!&=!)&,/-4-&,;5!&:.5=%)!/&!1,!%=14,5!5!%=14,%!&:!;&,&)!
&,! .1&,;%! ,5! :5=5! =5! J1&! :%H&! /&! 4%;&4+;-.%:3! =&,*1%! 5! G-:;5)-%3! :-,5! :1!
.54C&;&,.-%! 4%;&4+;-.%3! =-,*|<:;-.%d! '! ;%4H-c,! :1! %1;5,54<%! &! -,-.-%;-A%!
C&):5,%=3!:1!.54C&;&,.-%!:5.-%=!'!.-1/%/%,%3!&;.@!
!
!
0,! :&*1,/5! =1*%)3! .545! '%! G&45:! /-.G5! %,;&:3! &:;5:! .5=&*-5:!
:&*)&*%/5:!:5,!.&,;)5:!&=-;-:;%:!t%1,J1&!:&%,!.5,.&);%/5:_3!J1&!:&!/-)-*&,!%!
.G-.5:!'!.G-.%:!/&!T%4-=-%:!%.545/%/%:3!.5,!:1T-.-&,;&:!)&.1):5:!&.5,24-.5:3!
&/1.%;-A5:!'!.1=;1)%=&:!/-:C5,-H=&:!C%)%!:1:!G-S5:!&!G-S%:@!0:;%:!.5,/-.-5,&:3!,5!
.%H&! /1/%3! T%A5)&.&,! 1,%! 4%'5)! &T-.%.-%! %.%/c4-.%@! [O245! /-T&)&,.-%)! :-!
&:5:!C)&;&,/-/5:!4&S5)&:!)&:1=;%/5:!:&!/&H&,!%!&:;&!G&.G5!5!%=!/&!;&,&)!1,%!
&/1.%.-2,!:&*)&*%/%\!
!
!
b5)! F=;-453! '! %.&C;%,/53! C5)! 1,! 454&,;53! :1! &B-*15! .5,.&C;5! /&!
)&,/-4-&,;53!A&%45:!1,%!:54&)%!C)1&H%!/&!:1!4&,;-)%@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""NN!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
!
!
r1"&2!
R=.%=+!/&!
U&,%)&:!
R=.5H&,/%:!
R=.5).2,!
O-1/%/!$-,&%=!
g1&,.%))%=_0=!
b%)/5!
"10&2!D'(*&2!1i0'"*(&2!'"!/&!.-%'i&!('![#!('!.-*D&-*&!('!PQRR!
)'"0-12!D*3012!
)'"0-12!
"=<A!C58!A6<A!
2'M-'M&(12!
"=<A!C58!A6<A!
"=<A!C58!A6<A!
9?4<:=!T:7BA>=!
'"!.-*D&-*&!
9?4<:=!TsL679=!
9?4<:=!T:7BA>=!
9=49?:<A>=!
l@A4!>?!&@8<:7A`!
R=H5)%/%D!73"7!
Q%,!l%H)-&=D!>37Z!
_!
$g[[!
f%.G-==&)!R=5,:5!
b%/)&!W%,'%,&;D!
$-.&5!01)5C&5D!
&6>=B?A`!$gXW!
$2C&ID!>3L?!
N37M!
N3>7!
R=/&%T1&,;&D!>36N!
b%)J1&!/&!$-:H5%D!
R,/&=D!73N>!
"@?8<:A!2?q=:A!
R4%,&.&)D!N3NL!
N3N"!
>?!-7\=4>=`!cg$$!
g1&,==%,%D!N36#!
W%;&)!e,4%.1=%;%D!
^%42,!'!O%S%=D!
R1=%!m1&A%D!>36L!
DNb79=`!]g$]!
>3"N!
>3"M!
$%:!n%H=%:_k%=A&)/&D!
k-)*&,!/&!
N3?Z!
W-)%:-&))%D!N37N!
l%H)-&=%!W-:;)%=D!N3ZN!
_!
0=!b)%/5D!N3Z>!
!
D=4<?A6<=`!cg]Z!
0:C&)%,I%D!N3"#!
aA6>?G@?4<?8`!]gQ[!
W5,.=5%_
R)%A%.%!
m1&:;)%!Q&P5)%!
Q%,;%!W%)<%D!>3LN!
O14H)&:_U-*G=%,/:D!
N36Z!
W%;&)!Q%=A%;5)-:D!
>3">!
^5:%!$1B&4H1)*5D!
N3NZ!
W5)%;%=%I!
Q&,%)%D!N3"N!
b%:%45,;&D!N3#M!
/79?=!2=:=66A!i`!
$gZ$!
l)&/5:!Q%,!h-&*5D!
>36N!
U5);%=&I%!
n%S%4%)D!N36"!
b1&,;&!/&!
k%==&.%:!
$5:!n-=5:D!N3"?!
-?<ACA:`!$gRc!
W5,;&!n%H5)D!73MM!
0A&)&:;_W5,;&.=%)5D!
N36M!
b5I1&=5!/&!
R=%).2,!
^&;-)5!
$5:!(=45:D!N3#M!
$%:!^5I%:!
()A%==&D!737Z!
k%=/&45)5!
m1&:;)%!Q&P5)%D!73?L!
k-==%A-.-5:%!/&!
(/2,!
f5:J1&!^&%=!O5==&*&!
80A&)&:;_0=!H5:J1&9D!
N3?"!
m1&:;)%!Q&P5)%!
Q%,;%!W%)<%D!
>3LN!
W%;&)!Q%=A%;5)-:D!
>3">!
2A4<=!h4F?6`!
$gPP!
W%;&)!
O=&4&,;<:-4%D!
N3"?!
b%/)&!W%)-%,%D!N377!
M:?>=8!2A4!
(7?F=`!cg$P!
Q%,!v5:c!(H)&)5D!
N37L!
Q%,!v5:c!/&!O=1,'D!
N36?!
R=%).2,D!N3ZM!
R).+,*&=D!>3L6!
&G@?:A!***!&`!$g[R!
O-1/%/!/&!^54%D!
N3#L!
a79?4<?!&6?7IA4>:?`!
$g]X!
g1&,;&!/&!=%!k-==%D!
N3??!
$%1)%!l%).<%!
m5H=&S%:!'!f)1,&;D!
N3?7!
2AC?:!)A6A8A4O`!
]gPX!
O5=&*-5!01)5C&5!
/&!W%/)-/D!N3>>!
W%)J1c:!/&!
k%==&S5D!>3L?!
R=.%=+D!73>"!
.AI_)A8B7`!cgZ$!
}5=%_^5I%:D!N3#N!
m5;%D!&,!)5S53!=5:!.&,;)5:!J1&!5H;-&,&,!=%!4%'5)!.%=-T-.%.-2,!/&!:1!I5,%@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
"">>!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
$%!O5,:&S&)<%!/&!0/1.%.-2,!/&!=%!O541,-/%/!/&!W%/)-/!G%!-,:;%1)%/53!
/&:/&! &=! %P5! "66>3! 1,%! C)1&H%! &B;&),%! %=! %=14,%/5! /&! 7q! /&! C)-4%)-%3! J1&!
%C=-.%! %,1%=4&,;&! %! ;5/5:! =5:! .&,;)5:! &/1.%;-A5:! /&! =%! O541,-/%/@! ],%!
C)1&H%! %4C=-%4&,;&! /&,1,.-%/%! C5)! =%! .541,-/%/! &/1.%;-A%3! C1&:! C%);&! /&!
&:%! .5,.&C.-2,! /&! )&,/-4-&,;5! %.%/c4-.5! J1&! &:;%45:! )&.G%I%,/5@! b1&:!
H-&,3!:1:!)&:1=;%/5:!&,!&=!%P5!"6LL!,5:!/-.&,!J1&!=%:!,5;%:!J1&!5H;-&,&,!&:;5:!
.&,;)5:!:&*)&*%/5:3!&,!=%!4%'5)!C%);&!/&!=5:!.%:5:3!&:;+,!C5)!/&H%S53!-,.=1:53!
/&! =5:! .&,;)5:! CFH=-.5:3! =5:! J1&3! .545! :%H&45:3! &:.5=%)-I%,! %! ;5/5! ;-C5! /&!
.G-.5:! '! .G-.%:3! -,.=1-/5:! =5:! C&);&,&.-&,;&:! %! =5:! *)1C5:! :5.-%=&:! 4+:!
/&:T%A5)&.-/5:@!
O545!C1&/&!5H:&)A%):&!&,!=%!;%H=%!%,;&)-5)Z3!:5=5!#!.&,;)5:!:&*)&*%/5:!
5H;-&,&,! =%! 4&S5)! ,5;%! /&! :1! I5,%Y! &,! ;5/5:! =5:! /&4+:! .%:5:! :5,! .&,;)5:!
4-B;5:!=5:!J1&!;-&,&,!&=!4&S5)!)&:1=;%/5!%.%/c4-.5@!Q-!;&,&45:!&,!.1&,;%!=5!'%!
/-.G53!&,!)&=%.-2,!.5,!&=!,-A&=!:5.-5_&.5,24-.5!/&!=%:!T%4-=-%:!J1&!==&A%,!%!:1:!
G-S5:! &! G-S%:! %! &:;5:! .&,;)5:! '! =%! &,5)4&! -,T=1&,.-%! J1&! &==5! ;-&,&! &,! &:;&!
)&:1=;%/53! ,5! C%)&.&! J1&! &=! G&.G5! /&! 5T)&.&)! 1,%! &/1.%.-2,! /-T&)&,.-%/%! :&%!
1,!&=&4&,;5!C5:-;-A5!C%)%!;&,&)!4&S5)&:!,5;%:@!
!
RRQQJJ!!//==88!!99??44<<::==88!!C
C77II<<==88!!YY!!66AA!!99==??>>@@99AA9977HH44!!
!!
!
0/1.%.-2,! 4-B;%! ,5! &:! :-,2,-45! /&! .5&/1.%.-2,@! 0=! G&.G5! /&! )&1,-)! %!
.G-.5:!'!.G-.%:!&,!=5:!4-:45:!.&,;)5:!'!&,!=%:!4-:4%:!%1=%:!,5!:-*,-T-.%3!C5)!:<!
:5=53!J1&!:&!&:;c!C)5/1.-&,/5!1,%!&/1.%.-2,!-*1%=-;%)-%@!!
!
!
h&T&,/&45:! =%! 0:.1&=%! 4-B;%! .545! =%! H%:&! %! C%);-)! /&! =%! .1%=! /&H&!
)&%=-I%):&! =%! .5&/1.%.-2,3! J1&! &,;&,/&45:! .545! 1,! 45/&=5! &/1.%;-A53!
%C5'%/5! &,! 1,%! &:.1&=%! 4-B;%3! J1&! C)&;&,/&! =%! .5,:;)1..-2,! /&! C&):5,%:3!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Z
!e,T5)4%.-2,!/-:C5,-H=&!&,!=%!C+*-,%!`&H!/&!=%!O541,-/%/!/&!W%/)-/D!```@4%/)-/@5)*!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
""MM!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
-,/&C&,/-&,;&4&,;&! /&! :1! :&B53! :-,! &:;&)&5;-C5:3! J1&3! )&.5*-&,/5! =5! C5:-;-A5!
/&!1,5!'!5;)5!*c,&)53!-4C%);&!1,%!4-:4%!&/1.%.-2,!-,;&*)%=!%!1,5:!'!%!5;)%:@!
!
!$5:! .&,;)5:! &/1.%;-A5:! 4-B;5:3! C5)!&=! G&.G5! /&! :&)=53! ;-&,&,! 1,%! C%);&!
/&=! .%4-,5! )&.5))-/53! C&)5! %F,! /&H&,! C=%,;&%):&! ;5/%! 1,%! :&)-&! /&! 4&/-/%:!
C%)%!.5,:&*1-)!1,%!&/1.%.-2,!-,;&*)%=!,5!/-:.)-4-,%;5)-%D!
!
L@!$%!)&A-:-2,!/&!=5:!.5,;&,-/5:!&,!;5/%:!=%:!+)&%:!/&=!.1))<.1=14!C%)%!
-,;)5/1.-)!=%:!%C5);%.-5,&:!/&!=%:!41S&)&:!%!=%!A-/%!:5.-%=!'!%!=%!.1=;1)%@!
!
"@!$%!1;-=-I%.-2,!/&!=-H)5:!/&!;&B;5!'!4%;&)-%=&:!.1))-.1=%)&:!J1&!/-T1,/%,!
1,%!A-:-2,!,5!&:;&)&5;-C%/%!/&!=5:!:&B5:@!
!
#@!$%!1;-=-I%.-2,!/&!1,!=&,*1%S&!,5!:&B-:;%3!J1&!,54H)&!%!=%:!41S&)&:@!
!
?@!!$%!C)+.;-.%!/&!1,%!5)-&,;%.-2,!&/1.%;-A%!J1&!T%.-=-;&!%!=%:!.G-.%:!'!%!
=5:!.G-.5:!1,%!&=&..-2,!T5)4%;-A%!'!C)5T&:-5,%=!%=!4%)*&,!/&!=5:!&:;&)&5;-C5:!/&!
*c,&)5@!
!
Z@! 0=! /-:&P5! /&! C)5*)%4%:! &:C&.<T-.5:! C%)%! T%.-=-;%)! %! =%:! .G-.%:! &=!
%..&:5! %! =%:! ,1&A%:! ;&.,5=5*<%:! '! %! =%:! C)5T&:-5,&:! ;)%/-.-5,%=4&,;&!
.5,:-/&)%/%:!.545!4%:.1=-,%:@!!
!
7@! $%! -,;)5/1..-2,! &,! &=! !"##$!"%"&! &:.5=%)! /&! .5,5.-4-&,;5:! '!
&BC&)-&,.-%:!)&=%;-A5:!%!=%!:%=1/3!=%!:&B1%=-/%/3!=%:!;%)&%:!/&!=%!A-/%!.5;-/-%,%3!
=%:!)&=%.-5,&:!%T&.;-A%:@@@!!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
##66!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
$%! 4%'5)<%! /&! .&,;)5:! 4-B;5:! C)-A%/5:! '! C)-A%/5:! .5,.&);%/5:! J1&!
C&);&,&.&,! %! .5,T&:-5,&:! )&=-*-5:%:! .54C%);&,3! %/&4+:3! .5,! =5:! .&,;)5:! J1&!
:&*)&*%,!%!:1!%=14,%/5!C5)!)%I2,!/&!:&B5!H1&,%!C%);&!/&!:1:!.5,.&C.-5,&:!
&/1.%;-A%:!&,!)&=%.-2,!,5!:5=5!.5,!=%!T5)4%.-2,!)&=-*-5:%3!:-,5!;%4H-c,3!'!=-*%/5!
%! &==53! .5,! :1! 45/&=5! /&! &/1.%.-2,! /-T&)&,.-%/%3! %! C%);-)! /&! 1,%! :-4-=%)!
.5,:-/&)%.-2,! /&! &:%! &:C&.-T-.-/%/! T&4&,-,%@! m5! &:! -4C)&:.-,/-H=&! :&C%)%)! %=!
%=14,%/5!C%)%!;)%,:4-;-)!=5:!4-:45:!A%=5)&:!:&B-:;%:!/&!:-&4C)&@!
!
$%:! %/4-,-:;)%.-5,&:! &/1.%;-A%:3! C5)! :1! C%);&3! /&H&,! T54&,;%)! J1&! =5:!
.&,;)5:! %A%,.&,! &,! &:%! /-)&..-2,3! &4C&I%,/5! C5)! =%! T5)4%.-2,! -,-.-%=! '!
C&)4%,&,;&! /&=! C)5T&:5)%/5! &,! 4%;&)-%! /&! .5&/1.%.-2,! '! :-*1-&,/5! C5)! =%!
)&;-)%/%! /&=! .5,.-&);5! %! =5:! .&,;)5:! &/1.%;-A5:! J1&! :&*)&*%,! %=! %=14,%/53! =%!
/5;%.-2,!/&!)&.1):5:!%!=5:!.&,;)5:!C%)%!=%!;%)&%!.5&/1.%;-A%!'!=%!4&S5)%!/&!1,%!
=&*-:=%.-2,!J1&!&:;%H=&.&!T5)41=%.-5,&:!*&,&)%=&:!%!T%A5)!/&!=%!-*1%=/%/!/&!=5:!
:&B5:3!C&)5!J1&!,5!&:!.5G&)&,;&!.5,!=%!&B-*&,.-%!/&!:1!.14C=-4-&,;5@!
!
h&:*)%.-%/%4&,;&3! =5! J1&! &:;%45:! C&).-H-&,/5! &,! =%! O541,-/%/! /&!
W%/)-/!,5!A%!C5)!%G<@!O5,!&=!*5H-&),5!/&!0:C&)%,I%!R*1-))&!'!=%!/-)&..-2,!/&!
$1.<%! g-*%)3! &,! =%! &/1.%.-2,! 4%/)-=&P%3! &=! -,.)&4&,;5! /&! .&,;)5:! &/1.%;-A5:!
=-*%/5:! %=! -,;&*)-:45! .%;2=-.53! .5,! .5,.&C.-5,&:! C5.5! T%A5)&.&/5)%:! /&! =%!
-*1%=/%/! /&! =5:! :&B5:3! &:;+,! ;&,-&,/5! ;5/5! ;-C5! /&! %C5'5:! *1H&),%4&,;%=&:!
C%)%!-,:;%=%):&!&,!,1&:;)%!O541,-/%/!'!)&.-H-)!;5/5!&=!/-,&)5!CFH=-.5!J1&!G%*%!
T%=;%3!%1,!&,!454&,;5:!/&!.)-:-:!&.5,24-.%!'!/&!)&.5);&:!C%)%!;5/5!=5!J1&!:&%!
5T&);%!CFH=-.%@!
!
V!;)%:!=%!A-.;5)-%!/&!:1!4-:45!C%);-/5!&,!&=!*5H-&),5!/&!=%!,%.-2,3!41.G5!
,5:! ;&4&45:! J1&! =5! J1&! '%! 5.1))&! &,! ,1&:;)%! O541,-/%/! :&! A&%! T5);%=&.-/5!
%J1<! '! T54&,;%/5! &,! &=! .5,S1,;5! /&! 0:C%P%3! &,! =5:! C)2B-45:! %P5:@! 0=!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
##LL!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
R,;&C)5'&.;5! /&! $&'! C%)%! =%! e*1%=/%/! /&! n)%;5! '! =%! ,5! h-:.)-4-,%.-2,3! J1&!
C)&C%)%H%! &=! %,;&)-5)! l5H-&),5! /&! =%! ,%.-2,3! &,! &=! J1&3! &BC)&:%4&,;&3! :&!
C)5G-H<%! J1&! =%:! &:.1&=%:! J1&! :&C%)%,! %! ,-P5:! '! ,-P%:! &,! T1,.-2,! /&=! :&B5!
C1/-&)%,! )&.-H-)! /-,&)5! CFH=-.53! :&! ==&,%)+! /&! C5=A5! &,! .1%=J1-&)! .%S2,! /&=!
W-,-:;&)-53!:-!&:!J1&!,5!&:;+!'%!&,!=%!C%C&=&)%@!
!
0=! ,1&A5! W-,-:;)5! /&! 0/1.%.-2,3! C5)! 5;)5! =%/53! '%! G%! %,1,.-%/53! =%!
:1C)&:-2,! /&! =%! %:-*,%;1)%! 0/1.%.-2,! C%)%! =%! .-1/%/%,<%3! 1,%! C%);&! /&! .1'5!
!"##$!"%"&! ;)%;%H%! /&! =%! -*1%=/%/! /&! =5:! :&B5:@! $1.<%! g-*%)3! .5,:&S&)%! /&!
0/1.%.-2,! '! 04C=&5! /&! =%! O541,-/%/! /&! W%/)-/3! ,5! G%! C&)/-/5! ,-! 1,! 4-,1;5!
&,!%C5'%)!&:;%!4&/-/%3!4%,-T&:;%,/5!J1&!&:;%!%:-*,%;1)%!E)&:;%!;-&4C5!%!5;)%:!
4%;&)-%:!.545!=%!$&,*1%!'!=%:!W%;&4+;-.%:K@!
!
RRRRJJ!!dd!!@@44AA!!99==448877>>??::AA9977HH44!!GG7744AA66!!
!!
!
$%!&=%H5)%.-2,!/&!&:;&!C&J1&P5!-,T5)4&!G%!:-/5!5HS&;5!/&!1,!=%H5)-5:5!
;)%H%S5! /&! HF:J1&/%! /&! 1,%! -,T5)4%.-2,! J1&! =%! R/4-,-:;)%.-2,! &/1.%;-A%!
4%/)-=&P%!,5!5T)&.&D!
!
!
_! $%! C1H=-.%.-2,! /&! =%! O5,:&S&)<%! /&! 0/1.%.-2,3! '()*+, -, .$/#(+, 01, %(,
20"!(!$343! ,5! )&.5*&! ,-,*1,%! &:;%/<:;-.%! &,! )&=%.-2,! .5,! =5:! .&,;)5:!
:&*)&*%/5:!'!&=!%=14,%/5!J1&!&:;5:!&:.5=%)-I%,@!
!
_!0=!C)5*)%4%!J1&!&:;%!R/4-,-:;)%.-2,!C5,&!%!/-:C5:-.-2,!/&=!1:1%)-5!/&!
e,;&),&;! EO5,:1=;%! /&! O&,;)5:! '! Q&)A-.-5:! 0/1.%;-A5:! /&=! .1):5! %.;1%=K! ,5!
5T)&.&!=%!-,T5)4%.-2,!/&!:-!&=!.&,;)5!J1&!:&!.5,:1=;%!&:!4-B;5!5!:&*)&*%/53!,-!
/&=!,F4&)5!/&!:1!%=14,%/5@!!
!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
##""!!
S%4A!?>@9A97H4!>7G?:?497A>A!TA:A!6A!>7G?:?497A!?4<:?!6=8!8?I=8U!
&4567878!9:;<79=!>?!6=8!9?4<:=8!?>@9A<7B=8!>?!6A!)=C@47>A>!>?!DA>:7>!!
E@?!8?F:?FA4!A6!A6@C4A>=!?4!G@497H4!>?6!8?I=J!
!
!
!
_! n%4C5.5! )&:C5,/&! =%! R/4-,-:;)%.-2,! %! =%:! .5,:1=;%:! ;&=&T2,-.%:! ,-! %!
=%:!)&%=-I%/%:!%!;)%Ac:!/&!4&/-5:!5T-.-%=&:@!
!
!
$5:!C)5C-5:!.&,;)5:!&/1.%;-A5:!:&!)&:&)A%,!&:;%:!'!5;)%:!-,T5)4%.-5,&:@!
!
!
n%4C5.5! &=! O5,:&S5! 0:.5=%)! /&! =%! O541,-/%/! /&! W%/)-/! :&! C)&5.1C%!
/&! )&.5*&)! &:;&! ;-C5! /&! -,T5)4%.-2,! C%)%! G%.&)! :1! %,+=-:-:! /&! =%! &/1.%.-2,!
4%/)-=&P%@!
!
!
0B-:;&,!/-T&)&,;&:!C+*-,%:!`&H!/&!5)*%,-:45:!C%);-.1=%)&:!J1&!;%4H-c,!
5T)&.&,! -,T5)4%.-2,! /&! .&,;)5:! &/1.%;-A5:3! C&)5! =%! -,T5)4%.-2,! J1&! 5T)&.&,!
)&C-;&! =%! J1&! ,5:! /%! &=! )&T&)-/5! C)5*)%4%! EO5,:1=;%! /&! O&,;)5:! '! Q&)A-.-5:!
0/1.%;-A5:K@!
!
!
R:<! C1&:3! &:! C5:-H=&! J1&3! %/&4+:! /&! =5:! .&,;)5:! J1&! %J1<! )&.5*&45:3!
C1&/%,!&B-:;-)!5;)5:!J1&!:&*)&*1&,!%=!%=14,%/5!&,!T1,.-2,!/&=!:&B53!C&)5!J1&3!
C5)! ,5! ;&,&)! C+*-,%! `&H3! ,5! G%'%45:! :-/5! .%C%.&:! /&! /&:.1H)-)@! b5)! &==53!
%/&4+:! /&=! 5HS&;-A5! C)-,.-C%=! /&! &:;%! -,A&:;-*%.-2,D! 6A! >?4@497A! >?! 6A!
?I78<?497A! >?! @4=8! 9=6?F7=8! E@?! 4=! :?8T=4>?4! A6! =Lb?<7B=! >?! @4A!
?>@9A97H4! TA:A! 6A! 7F@A6>A>! >?! 6=8! 8?I=83! C)&;&,/&45:! ;%4H-c,! >?4@497A:!
6A! GA6<A! >?! A<?497H4! A4A6;<79A! >?! 6A8! 748<7<@97=4?8! ?>@9A<7BA8! CA>:76?qA8!
%,;&! 1,! ;&4%! /&! -4C5);%,.-%! ;)%:.&,/&,;%=! &,! &=! .5,5.-4-&,;5! /&! ,1&:;)%!
)&%=-/%/!&/1.%;-A%3!%:<!.545!:?96ACA:!>79\A!A<?497H4!'!?I7F7:!6A!T@L679A97H43!
&,!=%:!&:;%/<:;-.%:!&/1.%;-A%:!/&=!l5H-&),5!/&!=%!O541,-/%/3!/&!=5:!/%;5:!J1&!
/&,!.1&,;%!/&=!T&,24&,5!/&!=%!&/1.%.-2,!/-T&)&,.-%/%@!
!
!
O%)4&,!U&)&/&)5!/&!b&/)5@!
!
1
1LL88??::BBAA<<==::77==!!>>??!!**FF@@AA66>>AA>>!!>>??!!M
MNN44??::==JJ!!,,@@44>>AA9977HH44!!227744>>7799AA66!!>>??!!''88<<@@>>77==88JJ!
####!!