2/?.B05@.;926AB;4 #! 2/?B68@..
;5.9A@C2?G2605;6@ ,605A642 6;D26@2 /AD 67? ;@43G ,;5:7D:7;FE:;@I7;E7 ,A H7D?7;67@ ,;7 ,5:W67@ 3? $A5:87>6 .@ 2?NA 82;;2; 92?;2; 76;7@87>6 +7EFIWD?7g @L7;97 <052; :6A ;1B8A6<; 03E 4767GF7F $A5:7@ ?;F "@6G=F;A@ 77;9@7F7E $A5:97E5:;DD .B=A@05.9A2? :6A 6;12?@6052?B;4 !3GBFE5:3>F7D $;@67DE;5:7DG@9 <052; ,A EF7>>7@ ,;7 7;@ -347>>7 -;BBE LG? @7D9;7gEB3D7@ ,.?:5.
;5.9A@C2?G2605;6@ BA<:.A6@052 -26A/24?2;GB;4 6;4./2/2@ANA64B;4 .B@@05.9A2; ,6@05@05BAG %39242 B;1 '26;64B;4 )8>797 +7;@;9G@9 67D >3E=7D3?;= +7;@;9G@9 67E $A5:87>6D3:?7@E +7 7FD;74E97DWGE5:7 67E +2?=.08B;4 B;1 9A42?NA B;12;162;@A 0?F9.
,605A642 6;D26@2 !2@2; (62 /6AA2 @797@ ,;7 47;67 @I7;EG@97@ 47; +
!2/2;@:6AA29 4.
62 <05@A2992 526GA 162 ;G2642 3B;8A6<;62?A ;605A 07@@ 6;7 $A5:EF7>>7 :7;LF 347D 6;7 @L7;97 @;5:F 8G@=F;A@;7DF E5:3>F7@ ,;7 6;7 $A5:EF7>>7 3GE /7D4D7@@G@9E9783:D +G87@ ,;7 67@ $G@67@6;7@EF !242; (62 826;2 242;@AN;12 .B@ "2A.99 .B3 1.@ ;1B8A6<;@3291 %3EE7@ ,;7 3G8 67? $A5:87>6 =7;@7 -AB8675=7> A67D 3@67D7 9DbT7D7 797@EFW@67 3GE &7F3>> >;797@ ,A>>F7 63E 7DWF 3GE /7DE7:7@ 7;@97E5:3>F7F I7D67@ =b@@F7@ 6;7E7 797@EFW@67 E7:D E5:@7>> 7D:;FLF I7D67@ G@6 /7D4D7@@G@97@ H7DGDE35:7@ .
(< C2?:2612; (62 (05N12; .: <053291 )<=3Y B;1 %3.
26@=6292 :T496052? (05N12; ;7 8A>97@67@ ,5:W67@ 477;@FDW5:F;97@ I767D 6;7 G@=F;A@EI7;E7 @A5: 6;7 !3>F43D=7;F ":D7E $A5:87>67E ?B@A2; GD5: @E5:?7>L7@ HA@ 2G5=7D A67D LG5=7D:3>F;97@ ,B7;E7@ 7@FEF3@67@7 +e5=EFW@67 ?.
.@ 2?NA 82;;2; 92?;2; "@ 6;7E7? $3B;F7> 47E5:D7;47@ I;D ":@7@ 76;7@87>67D $A5:EF7>>7@ G@6 @L7;97@ ,;7 G@F7DE5:7;67@ E;5: @35: 7DWF7FKB ;7 74D3G5:E3@I7;EG@9 9;>F 8eD H7DE5:;767@7 $A5:87>67D G8 ,7;F7 8;@67@ ,;7 7;@7 -KB7@g e47DE;5:F ?;F &3T3@9347@ 2162;3291 #, # 2& :.3>?@10 V @96?4:9>-0=04?>.3,1? %0>?BL=80 *,=83,7?01@96?4:9 #:B0=-::>? @96?4:9 &$ & "" & & 2& @>B,37 /0= :.
;7 ;@EF7>>G@97@ 4>7;47@ G@H7DW@67DF I7@@ ,;7 =GDL8D;EF;9 ?7:D7D7 7>67D 47De:D7@ ,A =b@@7@ ,;7 BDA4>7?>AE S47D97=A5:F7E ;? ;@EF7>>47D7;5: 3G8I;E5:7@ 6;D26@ !3>F7@ ,;7 6;7 76;7@8>W5:7@ ;??7D E3G47D G@6 FDA5=7@ 7G5:F;9=7;F G@6 ,5:?GFL 477;@FDW5:F;97@ 6;7 G@=F;A@ 62 <05@A2992; 6;3.
<052; :6A ;1B8A6<; ,.@ /212BA2A <052; :6A ;1B8A6<; 3E $A5:7@ ?;F "@6G=F;A@ 43E;7DF 3G8 7;@7? Hb>>;9 3@67D7@ )D;@L;B 3>E 47; 67D :7D=b??>;5:7@ DF 67D DIWD?G@9 ;7 0WD?7 I;D6 6GD5: "@6G=F;A@ G@?;FF7>43D ;? -AB84A67@ 7DL7G9F IW:D7@6 6;7 $A5:EF7>>7 =3>F 4>7;4F "? /7D9>7;5: LG 3@67D7@ $A5:?7F:A67@ 9;4F 7E 7;@7 +7;:7 HA@ /ADF7;>7@ -26A2?@=.?;6@ /26: <052; B;1 ?.
2264;2A2@ <0542@056?? 0W:>7@ ,;7 ;??7D 7;@7@ -AB8 ?;F 67D D;5:F;97@ DbT7 8eD ":D7 ,B7;E7?7@97@ ;@ 9DAT7D @GD I7@;9 978e>>F7D -AB8 47@bF;9F H;7> @7D9;7 2G? $A5:7@ ?;F "@6G=F;A@ 7;9@7F E;5: @GD ?39@7F;E;7D43D7E 87DDA?39@7F;E5:7E $A5:97E5:;DD E =3@@ 3GE 7?3;>>;7DF7? ,F3:> GEE7;E7@ A67D EB7L;7>> 8eD 6;7 "@6G=F;A@ 3GE97>79F7? 67>EF3:> :DA?EF3:> 47EF7:7@ /7DI7@67@ ,;7 @;7?3>E $A5:97E5:;DD 3GE :7D=b??>;5:7? 67>EF3:> >3E $7D3?;= $GB87D A67D >G?;@;G? &;F !;>87 7;@7E &39@7F7@ >WEEF E;5: >7;5:F e47DB
B@@05.
6;:.9642 (=2??2 .
H;12?; 12? <05@AB32 <05@A2992 .B@@05.9A2; ,FD7;5:7@ ,;7 ?;F 67? ;@97D e47D 67@ )DA9D3??;7D47D7;5: 4;E 6;7 97Ie@E5:F7 $A5:EFG87 7DD7;5:F ;EF ;7 $A5:EF7>>7 3GEIW:>7@ G@6 3G8 EF7>>7@ ;7 $A5:EF7>>7 E5:3>F7F 3GE G@6 @35: 7FI3 ,7=G@67@ 7DE5:7;@F 6;7 +7EFIWD?7g @L7;97 )./2992 "@ 67D @35:8A>97@67@ -347>>7 8;@67@ ,;7 7;@;97 7;g EB;7>7 ;7 3DL7;F7@ E;@6 HA@ DF 7I;5:F G@6 *G3>;FWF 67D ,B7;E7@ 34:W@9;9 7E:3>4 E;@6 4I7;5:G@97@ ?b9>;5: # " !, # &.3:6:7,/0 @A0=?U=0 @??0= :942 07,?490 2 #.
# $ # %04> 84? /:;;07?0= *,>>0=V 80920 47.3=04> 87V 7?= 47.3 #0776,=?:11079 84? V ',>>09 *,>>0= &,7E6,=?:11079 84? V ',>>09 *,>>0= =4>.30> 08U>0 84? V ',>>09 *,>>0= !@/079 V 7?= *,>>0= "$& # %:@7,/09 &.38:=-=,?09 @7,>.3 $&( $ 3 '() $&( $ ) & 2V 2 2V 2 V 49 V 49 V V V 49 V 49 2V 62 V 49 V V 49 2V 62 V 49 V V 49 2V 62 2V 2 V 49 V 49 V V V 49 V 49 &?U.
/7DI7@67@ ,;7 8eD =>7;@7 &7@97@ 7;@7@ =>7;@7@ -AB8 ;@ 9DAT7D @GD I7@;9 978e>>F7D -AB8 47@bF;9F H;7> @7D9;7 20829 .B39242; "6A D2;64 ,.@@2? 4.?2; -B?W08@05.9A2; ,5:>;7T7@ ,;7 -bB87 G@6 )83@@7@ ;??7D ?;F 7;@7? B3EE7@67@ 75=7> 7;? $A5:7@ A:@7 75=7> 47@bF;97@ ,;7 H;7D?3> ?7:D @7D9;7 3D7@ ,;7 ?;F I7@;9 03EE7D E EB3DF @7D9;7 7; 7?eE7 4>7;47@ /;F3?;@7 G@6 &;@7D3>EFA887 7D:3>F7@ ,5:3>F7@ ,;7 D75:FL7;F;9 3G8 7;@7 @;76D;97D7 $A5:EFG87 LGDe5= ,.?:5.
%>7D 7D:;FLF 3>E 3G8 67D :b5:EF7@ %7;EFG@9EEFG87 ":D7E 7DWF7E ;7 )AI7D4AAEFg G@=F;A@ 7D:b:F =GDLL7;F;9 6;7 %7;EFG@9 67D :b5:EF7@ ,FG87 +2?D2;1B;4 12? %>7 ;@@7D:3>4 67DE7>47@ DGBB7 @;5:F ;@ 7FD;74 ;EF E;7:7 27;5:@G@9 7;EB;7> 07@@ ,;7 6;7 G@=F;A@ 3G8 67D $A5:EF7>>7 H7DI7@67@ ?b5
(< D6?1 @62 12.
)6:2?Y B;8A6<; ;7E7 G@=F;A@ =3@@ 3G8 LI7; H7DE5:;767@7 DF7@ 97@GFLF I7D67@ 7;@7 $A5:EF7>>7 EA>> 3GFA?3F;E5: 3GEE5:3>F7@ 3>E $e5:7@I75=7D 6;2 <05@A2992 @<99 .BA<:.A6@05 .B@@05.9A2; (< @A2992; (62 26; ,;7 9747@ 8eD 6;7 97Ie@E5:F7 $A5:EF7>>7 7;@7 3G7D 7;@ ;7 $A5:EF7>>7 E5:3>F7F @35: 4>3G8 67D 3G7D 3GFA?3F;E5: 3GE ;7 $A5:EF7>>7 ?GEE 7;@97E5:3>F7F E7;@ 7De:D7@ ,;7 63E ,K?4A> j 67D 97Ie@E5:F7@ $A5:LA@7 "@ 67D @L7;97 >7G5:F7@ G@6 "? ;@EF7>>47D7;5: 6;7 97Ie@E5:F7 /AD7;@EF7>>G@9 47De:D7@ 62 .
-26A@05.9AB5? &;F 67D 27;FE5:3>FG:D =3@@ 7;@7 &;@GF7@ BDA9D3??;7DF I7D67@ (< @A2992; (62 162 B;8A6<; 26; 3DL7;F HA@ 4;E LG 3E $A5:87>6 ?GEE 7;@97E5:3>F7F E7;@ 7De:D7@ ,;7 63E ,K?4A> j 67D 97Ie@E5:F7@ $A5:LA@7 "@ 67D @L7;97 >7G5:F7F 0W:>7@ ,;7 ;? )DA9D3??;7D47D7;5: 6;7 97Ie@E5:F7 3DL7;F '35: 7;@;97@ ,7=G@67@ 479;@@F 6;7 27;F 34LG>3G87@ #.05 /9.
BA<:.A6@052 -26A/24?2;GB;4 "EF 7;@7 $A5:EF7>>7 >3@97 27;F ;@ 7FD;74 G@6 ,;7 W@67D@ 6;7 ;@EF7>>G@9 @;5:F I;D6 6;7 3GFA?3F;E5:7 27;F479D7@LG@9 3=F;H;7DF ;7 !7;LG@9 67D $A5:EF7>>7 I;D6 G@F7D4DA5:7@ "@ 67D $A5:EF7>>7@g @L7;97 4>;@=F 34I75:E7>@6 7;@ G@6 7;@7 07@@ ,;7 7;@ 47>;74;97E 76;7@87>6 47De:D7@ 7D>;E5:F 6;7 @L7;97 ,;7 =b@@7@ @7G 7;@EF7>>7@ 03@@ 6;7 27;F479D7@LG@9 3=F;H I;D6 D;5:F7F E;5: @35: 67D 7;@97EF7>>F7@ $A5:EFG87 4;E ,FG@67@ 6;4./2/2@ANA64B;4 .B@@05.
,6@05@05BAG 07@@ ,;7 e47D 63E 76;7@87>6 I;E5:7@ IW:D7@6 63E $A5:87>6 7;@97E5:3>F7F ;EF =b@@7@ E;5: ;@EF7>>G@97@ H7DW@67D@ .
'26;64B;4 12? 9.@82?.:68 +7;@;97@ ,;7 63E $A5:87>6 @35: <767? $A5:7@ ,A 4D7@@7@ $A5:D7EF7 @;5:F 87EF /7DI7@67@ ,;7 @GD +7;@;9G@9E?;FF7> 6;7 8eD >3E=7D3?;= 977;9@7F E;@6 L + % ' 57D3g8;J ,;6A> 8eD 7D3@ ,F3:> '26;64B;4@:6AA29 03EE7D8>75=7@ =b@@7@ ,;7 3G5: ?;F 2;FDA@7 A67D EE;9 7@F87D@7@ *;42264;2A2 '26;64B;4@:6AA29 7@GFL7@ ,;7 @;7 $D3FL7@67 ,5:IW??7 ,5:7G7D?;FF7> A67D 399D7EE;H7 +7;@;97D I;7 35=A87@EBD3K G@6 >75=7@7@F87D@7D 9.@@05.
'26;64B;4 12@ <053291?.
07@@ 6;7 @L7;97 @35: 7D@7GF7? GE G@6 ;@E5:3>F7@ 67D $A5:EF7>>7 ;??7D @A5: @;5:F >7G5:F7F FD7@@7@ ,;7 63E 7DWF HA? '7FL 03DF7@ ,;7 ,7=G@67@ G@6 E5:>;7T7@ ,;7 7E 7D@7GF 3@ 62 ;G2642 12? %
#, (1&)# -# " ,> :.3107/ 4>? E@ 304I @9/ 3,? >4.3 ,-20>.3,7?0? H-0=;=U109 &40 :- 049 304I0> 01LI ,@1 /08 0/409107/ >?03? 9?10=909 &40 /,> 01LI A:8 0/409107/ *,=?09 &40 049 ;,,= 49@?09 -4> >4.3 /,> 0/409107/ 049 B0942 ,-206U37? 3,? =>.3049? 9,.3 /08 49>.3,7?09 B40/0= =@109 &40 /09 @9/09/409>? 40 :.3>?0770 B,= >.3:9 E@ 7,920 :390 (9?0=-=0.3@92 ,@1 0490= 3:309 04>?@92>>?@10 49 0?=40- 40 ,@?:8,?4>.30 +04?,->.3,7?@92 3,? >4.3 ,6?4A40=? (8 B04?0= E@ 6:.309 /=U.
%?.
+2?=.08B;4 B;1 9A42?NA *:D29A42?205A 2;A@F97D75:F ;7E7E 7DWF ;EF 7@FEBD75:7@6 67D 7GDABW;E5:7@ +;5:F>;@;7 e47D >7=FDAg G@6 >7=FDA@;=g >F97DWF7 I3EF7 7>75FD;53> 3@6 7>75FDA@;5 7CG;B?7@F g 0 97=7@@L7;5:@7F ;7 +;5:F>;@;7 9;4F 67@ +3:?7@ 8eD 7;@7 .
0?F9.:61 6; !2/2;@:6AA29; 0;7 E5:W6>;5: 5DK>3?;6 ;@ %747@E?;FF7>@ ;EF I;D6 67DL7;F HA@ 35:>7GF7@ 6;E=GF;7DF G8 3E;E 67D 3=FG7>>7@ ADE5:G@9E7D974@;EE7 :347@ I;D 8eD ,;7 6;7E7 "@8AD?3F;A@7@ LGE3??7@97EF7>>F ,29052 (=26@2; @6;1 /2A?<332; 5DK>3?;6 7@FEF7:F HAD 3>>7? 47; :A5:7D:;FLF LG47g D7;F7F7@ 7FD7;67g G@6 $3DFA887>BDA6G=F7@ I;7 L $3DFA887>5:;BE )A??7E 8D;F7E -A3EF DbF5:7@ DAF 87;@7@ 35=I3D7@ 3GE &eD47F7;9 $7=E7 %74=G5:7@ ,B7=G>3F;GE )6==@ GB? .0?F9.:61.
;5;9:7;6EHAADE5:D;8F7@ (ADL3=7@ H3@ E5:367 2A .==.?..A 92?2; 82;;2; !7F 476;7@;@9EB3@77> 7 =AA=LA@7E +7EFI3D?F7g ;@6;53F;7 <82; :2A 6;1B0A62 03F 47F7=7@F =A=7@ ?7F ;@6G5F;7 7E5:;=F =AA=97D7; <<31@05.829..? :2A 86;12?@933D $;@67DE>AF <82; 2A EF7>F G ;@ -347> -;BE HAAD :7F EB3D7@ H3@ 7@7D9;7 ,.
;533F +7;@;9;@9 H3@ 67 A?>;33F .;129D67G2 /67 22; @A7 97>G;67@ 4;< 974DG;= H3@ :7F 3BB3D33F 2 C2?=.886;4 2; BD
62?<= :<2A B 92AA2; !22@ 12G2 42/?B68@..;D67G6;4 G>77@ 63@ =G@F G 67 =AA=B>33F H7;>;9 7@ AB 67 >3F;7HAADg E5:D;8F 7@ :7F ;67@F;8;53F;747I;
+<21@29 8<82; 2; C2?56AA2; ;< :7F =A=7@ H3@ EFAA897D75:F7@ A8 H>A7;433D HA76E7> LA3>E EA7B E3GL7@ A8 6D3@=7@ =G@@7@ 67L7 F7 E@7> H7D:;FF7@ LA@67D 63F 6;F 6G;67>;<= 4>;<=F 7@ =G@@7@ 67L7 G;F 67 B3@ I79H>A7;7@ 33DA? IAD6F 33@47HA>7@ L35:F F7 H7D:;FF7@ =;7E :;7DFA7 77@ 97E5:;=F H7D?A97@E@;H73G 7@ DA7D ;@ :7F HA76E7> HAAD 7@ F;<67@E 67 H7D:;FF;@9 $C2?C2?56AA2 <962 2; C2A (H7DH7D:;FF7 A>;7 7@ H7F H3FF7@ E@7> H>3? D3@697H33D /7DI3D? H7F A8 A>;7 @AA;F LA@67D 63F 7D FA7L;5:F 4;< ;E 03@@77D 67 A>;7 H>3? H3
2 8<<8G<;2 C2?D.?:A :..? 12 6;160.A62 3B;0A6<;22?A ;62A >E 67 =AA=LA@7 H7DI3D?F ?33D 67 ;@6;53F;7 @;7F 8G@5F;A@77DF E5:3=7> 63@ 67 =AA=LA@7 G;F /7D4D3@6;@9E97H33D '77? 5A@F35F AB ?7F 67 =>3@F7@E7DH;57 !24 422; C<
$3E=7D3?;7= A@FDA>77D GI =AA=g 7@ 43=97D7; !7F ;E 7D9 47>3@9D;<= 63F 67 B3@ 6;7 AB 77@ 9735F;g H77D67 LA@7 ;E 97B>33FEF H>A7;EFA8 A8 HA76E7> 47H3F .
+<97@67 E5:367 47_@H>A76F @A5: 67 8G@5F;7 @A5: 67 EF34;>;F7;F H3@ :7F 9>3E=7D3?;7= 2 CE A8 6AAD DGI7 4A67?E H3@ B3@@7@ "2A..9.
2A .==.?..A 92?2; 82;;2; "@ 6;F :AA86EFG= IAD67@ 476;7@;@9EB3@7>7@ =AA=LA@7E 7@ 33@6G;6;@97@ 47E5:D7H7@ 7L7 IAD67@ 3> @33D 97>3@9 :7F 3BB3D33FFKB7 A@67DE5:7;67@ 7L7 974DG;=E33@I;6F HAAD H7DE5:;>>7@67 =AA=B>3F7@ (B B39;@3 H;@6F G 77@ FKB7@AH7DL;5:F ?7F ;@8AD?3F;7 AH7D 38?7F;@97@ 2A /2162;6;4@=.;229 #+ , # # *$$& 6::6>?,9/ V :;0=,?4:9,74?04? k =0>?B,=8?0 1@9.?40 B,=83:@/09 o 1@9.?40 ;:B0=-::>? $# *$$& %&$ & "" & # *$$& ( >070.?0=09 A,9 /0 6::6>?,9/ 09 /0 ?480=1@9.
# 7 ;@EF7>>;@97@ 4>;67@ F797>;<= 33@D33=F .
<82; :2A 6;1B0A62 ,.A /2A282;A 8<82; :2A 6;1B0A62 !7F =A=7@ ?7F ;@6G5F;7 ;E 9743E77D6 AB 77@ HA>>76;9 3@67D BD;@5;B7 63@ 67 974DG;=7>;<=7 H7DI3D?;@9E?7F:A67@ 7 I3D?F7 IAD6F 6AAD ?;667> H3@ ;@6G5F;7 6;D75F ;@ 67 4A67? H3@ 67 B3@ AB97I7=F F7DI;<> 67 =AA=LA@7 =AG6 4>;<8F "@ H7D97>;<=;@9 FAF 3@67D7 =AA=?7F:A67@ ;E 7D 77@ D77=E H3@ HAAD67>7@ )671@/2@=.?6;4 /67 52A 8<82; 2; /?.
2@0568A 8<<842?26 '77? 3>F;<6 77@ B3@ 6;7 33@97B3EF ;E 33@ 67 :A7H77>:7;6 7@ 9DAF7 I7;@;9 97HG>67 B3@ H7D4DG;=F H77> 7@7D9;7 /AAD :7F =A=7@ ?7F ;@6G5F;7 ;E 3>>77@ ?39@7F;E77D433D 87DDA?39@7F;E5: =AA=97D7; 97E5:;=F !7F =3@ AA= 47EF33@ G;F 97\?3;>>77D6 EF33> 9;7F; 5:DAA?EF33> 63F EB75;33> HAAD ;@6G5F;7 H7DH33D6;96 ;E 74DG;= @AA;F =AA=97D7; H3@ 97IAA@ DA7EFHD;< EF33> 9>3E =7D3?;7= =AB7D A8 3>G?;@;G? &7F 47:G>B H3@ 77@ ?39@77F =3@ 97?3==7>;<= IAD67@ 975A@FDA>77D6 A8 GI =AA=97D
*6A@05.8292; +33= :7F EK?4AA> 33@ FAF 67 ;@6;53F;7E H3@ 67 =AA=EF3@67@ G;F933@ >>7 =AA=LA@7E IAD67@ G;F97E5:3=7>6 7 D7EFI3D?F7g;@6;53F;7 4>;<8F 33@ FAF 67 =AA=LA@7E HA>6A7@67 L;<@ 3897=A7>6 .
2;:.
7@ H;@97D AH7D 67 LA@7 HAAD :7F BDA9D3??7D7@ 9>;<67@ FAF 67 97I7@EF7 =AA=EF3@6 47D7;=F IAD6F 2 8<<8@A.;1 D67G642; 7 =AA=LA@7 =;7L7@ 7@ AB L7FF7@ <<8G<;2 B6A@05.8292; 7 =AA=LA@7 E5:3=7>F G;F 7@ @3 53 E75A@67@ H7DE5:;<@F 67 D7EFI3D?F7g;@6;53F;7 )./29 "@ 67 HA>97@67 F347> H;@6F G 7@=7>7 HAAD477>67@ 7 47D7;6;@9EF;<67@ L;<@ 38:3@=7>;<= H3@ 67 33D6 :7F 97I;5:F 7@ 67 =I3>;F7;F H3@ 67 97D75:F7@ 33DA? L;<@ 38I;<=;@97@ ?A97>;<= # $$ 3 '( # 2 ;6 V V " !( # .3:.
$ * ! $ # =45>? 80? /@--070 3:0A007304/ B,?0= 8076=45>? 87V 7?= 8076 49 /0 >.347 206::6?0 ,,=/,;;07> 80? V 6:;;09 B,?0= 206::6?0 ,,=/,;;07> 80? V 6:;;09 B,?0= A0=>0 2=:09?0 80? V 6:;;09 B,?0= ;,>?, V 7?= B,?0= ($* # =:77,/0> >?::1A700> 2:@7,>3 & ()& # 49 V 7?= :740 /40;A=40>;=:/@.?09 :A0=420 ;=:/@.
7 834D;=3@F7@ H3@ =AA=g 7@ 43=97D7; 97H7@ H33= 67 6;3?7F7D H3@ 67 4AH7@=3@F H3@ 67 B3@ 33@ 7L7 ;E ?77EF3> 9DAF7D 63@ 67 6;3?7F7D H3@ 67 4A67? H3@ 67 B3@ 74DG;= 77@ =>7;@7 B3@ HAAD =>7;@7 :A7H77>:767@ 7@ 9DAF7 I7;@;9 97HG>67 B3@ H7D4DG;=F H77> 7@7D9;7 3@9B6A2; :2A 128@29 <82; :2A D26;64 D.A2? )2?B4@05.
%>7D H7D:;F 63@ AB 67 :AA9EF7 H7D?A97@EEF3@6 H3@ GI 3BB3D33F 7 BAI7D4AAEFg8G@5F;7 H7D:AA9F 976GD7@67 =ADF7 F;<6 :7F H7D?A97@ H3@ 67 :AA9EF7 EF3@6 2/?B68 C.
2/?B68 C.; 12 B;0A62 % 9735F;H77D6 IAD67@ I3@@77D 67 4G;F7@EF7 LA@7 ;@ I7D=;@9 ;E 7@ 67 =AA=LA@7E 7@ @;7F 9735F;H77D6 L;<@ "@6;7@ =AA=LA@7 A8 ;@97E5:3=7>6 IAD6F F7DI;<> 67 )AI7D4AAEF 9735F;H77D6 ;E =@;BB7DF AB 67 ;@6;53FAD H3@ 67 LA@7 38I;EE7>7@6 7@ H7DHA>97@E =77DF 67L7 F7DG9 @33D 67 ?3J;?3>7 H7D?A97@EEF3@6 -< D
2; 8<<8G<;2 :<2A .BA<:.A6@05 D
'3 7@=7>7 E75A@67@ 479;@F 67 F;<6 F7 H7DEFD;<=7@ ,.;;22? 12 A671 C2?@A?282; 6@ 03@@77D 67 F;<6E6GGD H7DEFD7=7@ ;E =>;@=F 77@ E;9@33> (B 67 ;@6;53FAD =@;BB7DF 7@ 476;7@;@9EH>3= 33@F;==7@ 7 ;@6;53F;7 H7D6I;<@F 7@ :7F 3=A7EF;E5: E;9@33> EFABF 2 A671 D67G642; !7F EK?4AA> j H3@ 67 97I7@EF7 =AA=LA@7 33@F;==7@ 7 F;<6E6GGD AB@;7GI E7>75F7D7@ )6=@ 2; D..
7 =AA=B>33F ?7F 67 :AA86E5:3=7>33D ;@E5:3=7>7@ >>7 67 =AA=LA@7E AB =AA=EF3@6 L7FF7@ 7 =AA=LA@7E @3 7>=33D H3@ D75:FE @33D >;@=E G;FE5:3=7>7@ 7 :AA86E5:3=7>33D ?;@EF7@E E75A@67@ 33@D3=7@ :;7D@3 =>;@=F 77@ 47H7EF;9;@9EE;9@33> .
$;12?53BB3D3F7@ $;12?533F ?7F 77@ 47E5:7D?;@9Eg 7@ H7DLAD9;@9E?;667> HAAD H;FDA=7D3?;7= !;7D6AAD IAD6F :7F =AA=H>3= 4767=F ?7F 77@ 9>3@L7@67 HG;>38EFAF7@67 8;>? 2A 4>;<8F 67 =AA=B>33F >3@9 ?AA; . ?33=F :7F D7;@;97@ 97?3==7>;<=7D '26;646;4 C.; 12 C6A?<82?.:6@052 =9..A (05<<;:..
-< :..8A B 12 82?.:6@052 8<<8=9..A @05<<; F7@ED7EF7@ 7@ H7FEB3FF7@ H7DI;<67D7@ ?7F 67 E5:D3B7D !7F :3@6I3D?7 ABB7DH>3= E5:AA@?3=7@ ?7F 77@ E5:AA@?33=?;667> 7@ =7G=7@B3B;7D "E :7F =AA=ABB7DH>3= @A9 F7 :77F 63@ =G@@7@ H>7==7@ A@FEF33@ !7F ABB7DH>3= ?7F 77@ @3FF7 6A7= 38@7?7@ 7@ ?7F 77@ 6DA97 6DAA9ID;
.;129D67G2 /67 22; @A7;@;9:767@ 6;7 97?3==7>;<= AB F7 >AEE7@ L;<@ '77? 67 HA>97@67 33@I;3@F7@F7@E7DH;57 47>F 67 52A 6;@05.8292; C.; 12 8<<8=9..A @=?6;4A 12 G282?6;4 C.; BD 2928A?606A26A@;2A 2?B6A 2AD9 7DHAAD 63F :7F AB@3?7H7D?A97@ H3@ 3>>7 ;@97E5:3=7>67 3BB3D3F7@ @;7F 9DAF7D ;E 63@ 67 ?3J;?3>7 I33D67 H3@ GI 33@E>G;F;@9 A@FDA>77D A8 67 L7=7D;@9 AA= 4;< :7F ;@E5:3=7>7@ H3@ 77@ 3@67D7 =AA=LA@7 ;@ I7D=;@9 FD776F $= .
AAD A@67E=G@6;97 D7B3D3F;7E 33@ :7F 3BB3D33F =3@ 67 974DG;=7D 33@ 7D@EF;97 D;E;5A E IAD67@ 4>AAF97EF7>6 ;160.A62 2; 42A.992; 03@@77D ;@ 67 ;@6;53F;7H7>67@ 7@ 97F3>>7@ H7DE5:;<@7@ ;E 7D 77@ EFAD;@9 H3@ 67 7>7=FDA@;53 AB97FD767@ ,>G;F :7F 3BB3D33F 77DEF 38 H3@ :7F 7>7=FD;5;F7;FE@7F 7@ E>G;F :7F AB@;7GI 33@ '77? 5A@F35F AB ?7F 67 =>3@F7@E7DH;57 I3@@77D 67L7 ;@6;53F;7 AB@;7GI AB>;5:F ;160.A62 2; 42A.
# ( ($& # (& ! 0 6::6E:90 4> :A0=A0=34? 0 6::6E:90 4> ?0= -0>.30=8492 A,9 @B 6::6;7,,? ,@?:8,?4>.3 @4?20>.3,607/ ,,? 308 009 ;,,= 849@?09 ,16:0709 09 >.3,607 308 /,9 B00= 49 0 6::6;7,,? 4> 940? 5@4>? ,,920>7:?09 &7@4? /0 6::6;7,,? ,1 A,9 30? 0706?=4.4?04?>90? 06456 30? ,,9>7@4?;7,9 09 >7@4? 308 B00= :;940@B :; /0 5@4>?0 8,940= ,,9 !008 .:9?,.? :; 80? /0 67,9?09>0=A4.0 B,9900= /0 49/4.,?40 940? A0=/B459? #
<42 39B6AA<;2; 7L7 97>G;67@ FD767@ :AA86L3=7>;<= AB 4;< =AA=97D7; 63F G;F H7DE5:;>>7@67 ?3F7D;33>>397@ 47EF33F LA6D3 67L7 4;< 77@ ?3J;?33> H7DI3D?;@9EH7D?A97@ 7@ F797>;<=7DF;<6 AB FI77 33@9D7@L7@67 =AA=LA@7E ;@ 974DG;= IAD67@ 97@A?7@ ;F 8>G;F7@ H7D6I;<@F A8 IAD6F LI3==7D I3@@77D :7F H7D?A97@ IAD6F F7DG9974D35:F 29B61 C.; 12 C2;A69.
9.;A2;@2?C602 .
)6= C< 20-=@4609 /40 E: A0=> 8:207456 E459 +0 8:209 2009 >;=@4?09 30--09 ,=/,;;07> 940? -0B,=09 :9/0= /0 ?08;0=,?@@= A,9 F 0 20=0.3?09 2:@/2007 09 940? ?0 /:960= -,6609 +: 6:=? 8:2074560 -=,,/V 09 1=4?@@=?45/09 ,,93:@/09 =:?0 /4660 4920=0/4Q9?09 -0A,??09 849/0= ,.
)./92 12 :.A6P?2@ '2:.?>B2@ 6:= 7@53EFD7?7@F A@E;9@7E 67 EZ5GD;FZ 3GE7E 67 6A??397E ==?2;A6@@.42 12 9 .==.?269 %7 43@673G 67 5A??3@67 %7E 8AK7DE "@6;53F7GD 67 >3 5:3>7GD DZE;6G7>>7 B6@@<; =.? 6;1B0A6<; *G7 E;9@;8;7 5G;EEA@ B3D ;@6G5F;A@ 3FF7D;7 67 5G;E;@7 3BBDABD;Z7 ;A2??B=A2B? =?6;06=.9 .C20 @Q0B?6AQY2;3.;A@ "@F7DDGBF7GD BD;@5;B3> ,Z5GD;FZg7@83@FE .
)./92 12 :.A6P?2@ %3 ?;@GF7D;7 !6:6A.A6<; .BA<:.A6>B2 1B A2:=@ Q@.0A6C2? 9. 0<;36?:.A6<; 1 2;A?Q2 ;A6Y233.02:2;A ;A?2A62; 2A ;2AA3 H;FDA5ZD3?;CG7 '7FFAK397 6G 536D7 67 >3 F34>7 67 5G;EEA@ %?<0Q1B?2 .=?P@ B; 1Q?.;42:2;A DG;FE 67 8A@5F;A@@7?7@F @AD?3GJ 67 > 3BB3D7;> :/.99.42 2A .==.?269 B@.4Q (2?C602 .=?P@YC2;A2 ! .0?F9.:612 1.;@ 02?A.6;@ .
'2:.?>B2@ 6:=7?7@F 63@E 57 53E HAGE BAGH7L GF;>;E7D HAFD7 F34>7 67 5G;EEA@ 5ADD75F7?7@F 7F 7@ FAGF7 EZ5GD;FZ A@E7DH7L 3H75 EA;@ >3 @AF;57 67 ?A@F397 7F 6 GF;>;E3F;A@ 3;@E; CG7 >7 B3EE7BADF 67 > 3BB3D7;> ,; HAGE D7?7FF7L > 3BB3D7;> U G@ F;7DE H7G;>>7LgK 7E 6A5G?7@FE C.;A 9 2;0.@A?2:2;A C.?62@ 12 A?.
B6?2 2A ?Q05.B332? 12@ .96:2;A@ %ADE 67 >3 5G;EEA@ 67 D39AdFE AG 6 3>;?7@FE >;CG;67E 5A??7 67E EAGB7E 67E E3G57E AG 67E 4A;EEA@E 57GJ 5; B7GH7@F 5:3G887D FDAB D3B;67?7@F E3@E CG7 HAGE HAGE 7@ D7@6;7L 5A?BF7 7F 6A@5 6Z4AD67D 6G DZ5;B;7@F 7EF BAGDCGA; ;> 7EF D75A??3@6Z 67 >7E DZ5:3G887D U 87G 6AGJ 7@ EZ>75F;A@@3@F G@ @;H73G 67 5:3G887 3BBDABD;Z 7F 67 D7?G7D 3H3@F 67 >7E DZ5:3G887D 7F B7@63@F B692 2A 4?.6@@2 /?V9.
6@@B?2@ 1.;@ 9. C6A?<0Q?.:6>B2 @ 53E 67 53EEGD7E 8;EEGD7E AG 8[>GD7E 63@E >3 H;FDA5ZD3?;CG7 ;> K 3 D;ECG7 6 Z>75FDA5GF;A@ &7FF7L ;??Z6;3F7?7@F > 3BB3D7;> :ADE F7@E;A@ AGB7L >7 8GE;4>7 67 > 3BB3D7;> 63@E >7 4A^F;7D U 8GE;4>7E BB7>7L >7 E7DH;57 3BDYEgH7@F7 !2 3 ;@6;53F7GD ?3D5:7 ZF7;9@7L >7 8AK7D +;ECG7 67 4Dd>GD7E BB7>7L >7 E7DH;57 3BDYEgH7@F7 #2 =<@2G =.@ 1
FF7@F;A@ 7F 3BB3D7;> DZBA@6 U >3 6;D75F;H7 7@ ?3F;YD7 67 EZ5GD;FZ 7F >3 5A?B3F;4;>;FZ Z>75FDA?39@ZF;CG7 -AGF78A;E ;> 7EF D75A??3@6Z CG7 >7E B7DEA@@7E 3K3@F G@ @A6:B9.A2B? 0.?16.
96:2;A@ 1Q/7E 3>;?7@FE U 8ADF7 F7@7GD 7@ EG5D7 7@6A??397@F >3 F34>7 67 5G;EEA@ @>7H7L ;??Z6;3F7?7@F >7E 3>;?7@FE 6Z4AD6ZE 3H75 G@ D35>A;D U H7DD7 FF7@F;A@ %7 D35>A;D U H7DD7 3 G@7 >3?7 3;9G;EZ7 2B6992@ 2A =9.@A6>B2@ %7E 87G;>>7E 7@ 3>G?;@;G? AG >7E DZ5;B;7@FE 7@ B>3EF;CG7 8A@67@F EGD >7E 8AK7DE 5:3G6E %7E 87G;>>7E 67 BDAF75F;A@ BAGD 5G;E;@;YD7E @7 EA@F B3E 3BBDABD;Z7E BAGD HAFD7 F34>7 67 5G;EEA@ E2:=92@ 12 1<::.
==?2;A6@@.42 12 9 .==.?269 3@E 57 5:3B;FD7 EA@F 6Z5D;FE >7E 43@673GJ 67 5A??3@67 8AK7DE 7F 388;5:397E ">E EA@F 6;88ZD7@FE E7>A@ >7 FKB7 6 3BB3D7;> %3 @AF;57 6 GF;>;E3F;A@ 7EF H3>34>7 BAGD 6;88ZD7@F7E F34>7E 67 5G;EEA@ >3 B397 HAGE FDAGH7D7L G@7 HG7 6 7@E7?4>7 67E ?A6Y>7E 3H75 >7E 6;?7@E;A@E !2 /.;12.B 12 0<::.;12 # ( $#' %$)& ;:>4?4:9 /0 .3,@110 V :;O=,?4:99,74?O .3,70@= =O>4/@0770 1:9.?4:9 8,49?094= .3,@/ :@ 1:9.?4:9 #:B0=-::>? $# %&$ & "" ( $# %$)& >O70.?4:990= 7, ;:>4?4:9 /0 .
'2:.
B6@@<; =.? 6;1B0A6<; &B2 @64;6362 0B6@@<; =.? 6;1B0A6<; %3 5G;EEA@ B3D ;@6G5F;A@ 7EF 43EZ7 EGD G@ BD;@5;B7 FAGF U 83;F 6;88ZD7@F CG7 >ADE 6G DZ5:3G887?7@F FD36;F;A@@7> %3 5:3>7GD 7EF BDA6G;F7 B3D ;@6G5F;A@ 6;D75F7?7@F 63@E >7 8A@6 6G DZ5;B;7@F F3@6;E CG7 >7 8AK7D D7EF7 8DA;6 )3D D3BBADF U 6 3GFD7E ?ZF:A67E 67 5G;EEA@ 57 BD;@5;B7 A88D7 67 @A?4D7GJ 3H3@F397E .6; 12 A2:=@ 9
.AA2?62 12 0B6@6;2 .==?<=?6Q2 :A;E;EE7L FAG>7 3BBDABD;Z7 BAGD HAE CG3@F;FZE 6 3>;?7@FE .
Q@.0A6C2? 88>7GD7L >7 EK?4A>7 7E 388;5:397Ef 67E 8AK7DE E ZF7;9@7@F -AGE >7E 8AK7DE E7DA@F ZF7;@FE % ;@6;53F7GD 67 5:3>7GD DZE;6G7>>7 D7EF7 388;5:Z 7E 8AK7DE 3;7@F EG88;E3??7@F D78DA;6;E '2:.
(B==?6:2? 92 C2??7GD7L > ;@F7DDGBF7GD BD;@5;B3> B>GE 67 E75A@67E %3 F34>7 67 5G;EEA@ 7EF 7@5>7@5:Z7 %7 H7DDAG;>>397 7EF 6ZE35F;HZ AA2;A6<; %3 EZ5GD;FZg7@83@FE B7GF [FD7 35F;HZ7 AG 6ZE35F;HZ7 ;@HA>A@F3;D7?7@F B3D 67 > 73G 67 @7FFAK397 67E 3>;?7@FE 6Z4AD6ZE AG 67E A4<7FE BAEZE EGD > ;@F7DDGBF7GD BD;@5;B3> .
"<16362? 9. =<@6A6<; 12 05.B332 3;F7E 9>;EE7D >7 6A;9F EGD >3 LA@7 67 BDA9D3??3F;A@ 3 BAE;F;A@ 67 5:3G887 EAG:3;FZ7 A26;1?2 92 375F;A@@7D >7 8AK7D 7F DZ9>7D EGD %7 8AK7D E ZF7;@F 7F > ;@6;53F7GD 67 5:3>7GD DZE;6G7>>7 3BB3D3^F 3BDYE 7@H E75A@67E )./92.B 3@E >7 F34>73G EG;H3@F HAGE FDAGH7D7L CG7>CG7E 7J7?B>7E %7E F7?BE 67 5G;EEA@ 6ZB7@67@F 6G FKB7 6G BA;6E 7F 67 >3 CG3>;FZ 67E ?7FE 7E Z53DFE EA@F 6A@5 BAEE;4>7E ) #( (0 & $# & 3:.
) #( (0 & $) !! & %4E ,A0. /:@-70 <@,9?4?O / 0,@ %4E ,@ 7,4? 87V 7 /0 7,4? #:880> /0 ?0==0 09 =:-0 /0> .3,8;> ,A0. V ?,>>0> / 0,@ #:880> /0 ?0==0 J 7 ,927,4>0 ,A0. V ?,>>0> / 0,@ O2@80> 1=,4> ,A0. V ?,>>0> / 0,@ #K?0> V 7 / 0,@ & ' & #,@;40??0> %S?4 J -=,4>0= :@7,>.3 ) & =P;0 2,70??0 >.
!. /<;;2 16:2;@6<; 12 0.@@2?<92 :A;E;EE7L BAGD 5:3CG7 8AK7D >3 6;?7@E;A@ 67 53EE7DA>7 3BBDABD;Z7 %7 6;3?YFD7 6G 8A@6 67 >3 53EE7DA>7 7F 67 >3 BA[>7 6A;F 5ADD7EBA@6D7 U >3 6;?7@E;A@ 6G 8AK7D "?BADF3@F %7E 834D;53@FE 67 H3;EE7>>7 ;@6;CG7@F EAGH7@F >7 6;3?YFD7 EGBZD;7GD 67 >3 53EE7DA>7 "> 7EF 9Z@ZD3>7?7@F B>GE 9D3@6 CG7 >7 6;3?YFD7 6G 8A@6 )AGD 67E B7F;F7E CG3@F;FZE GF;>;E7L G@7 B7F;F7 53EE7DA>7 .
6;@6 2@A .0A6CQ2 9. 3<;0A6<; /AGE 67H7L EG;HD7 >7E B3E EG;H3@FE ,Z>75F;A@@7D >3 BAE;F;A@ 67 5:3G887 BBGK7L EGD >7 EK?4A>7 5ADD7EBA@63@F U >3 LA@7 67 5G;EEA@ EAG:3;FZ7 %3 >7FFD7 E 3>>G?7 %3 8A@5F;A@ 7EF 35F;HZ7 9 @2 1Q@.
992 2@A .0A6CQ2 12 9. :.;6P?2 @B6C.;A2 )DA5Z67L 3GJ ZF3B7E EG;H3@F7E ,Z>75F;A@@7L >3 BAE;F;A@ 67 5:3G887 BBGK7L EGD >3 LA@7 67 BDA9D3??3F;A@ E;FGZ7 EGD >7 EK?4A>7 % %3 >7FFD7 E 3>>G?7 EGD > ;@6;53F7GD 67 >3 LA@7 67 5G;EEA@ 992 2@A 1Q@.0A6CQ2 12 9. :.;6P?2 @B6C.;A2 *A696@.A6<; 12 9. 3<;0A6<; %3 LA@7 67 BDA9D3??3F;A@ E;FGZ7 EGD >7 EK?4A>7 %.
<;0A6<; "6;BA2?62 7FF7 8A@5F;A@ B7GF [FD7 GF;>;EZ7 67 67GJ ?3@;YD7E 6;88ZD7@F7E G@ 8AK7D 6A;F E ZF7;@6D7 3GFA?3F;CG7?7@F 5A??7 DZH7;> 67 5G;E;@7 *; 3B2:2;A 'Q49.
!. :6;BA2?62 %3 ?;@GF7D;7 B7D?7F 67 BDA9D3??7D G@ F7?BE 3>>3@F 7 67 5G;EEA@ 6A;F [FD7 3>>G?Z7 BBGK7L EGD >7 EK?4A>7 < 67 >3 LA@7 67 5G;EEA@ EAG:3;FZ7 ,A@ ;@6;53F7GD 388;5:7D3 G@ ,Z>75F;A@@7D 63@E >3 LA@7 67 BDA9D3??3F;A@ >7 F7?BE 67 6GDZ7 EAG:3;FZ BDYE CG7>CG7E E75A@67E >7 F7?BE 5A??7@57 U E Z5AG>7D &B.
!6:6A.A6<; .BA<:.A6>B2 1B A2:=@ ,; G@ 8AK7D 7EF 7@ ?3D5:7 67BG;E >A@9F7?BE 7F HAGE @7 ?A6;8;7L B3E >7 DZ9>397 >3 >;?;F3F;A@ 3GFA?3F;CG7 6G F7?BE E7D3 35F;HZ7 %3 5:3G887 6G 8AK7D 7EF ;@F7DDA?BG7 > 388;5:397 6G 8AK7D 5>;9@AF7 7@ 3>F7D@3@57 G@ 7F G@ ,; HAGE 788>7GD7L G@ CG7>5A@CG7 5:3?B 67 5A??3@67 > 388;5:397 E ZF7;@F /AGE BAGH7L BDA5Z67D U G@ @AGH73G DZ9>397 CG7> ?A?7@F >3 >;?;F3F;A@ 6G F7?BE 7EF 35F;HZ7 6Zg B7@6 67 >3 BAE;F;A@ 67 5:3G887 DZ9>Z7 U :7GD7E Q@.0A6C2? 9. 0<;36?:.
;A6Y233.02:2;A ,; HAGE 7EEGK7L EGD >7 43@673G 67 5A??3@67 >ADECG7 >3 F34>7 67 5G;EEA@ 7EF 3>>G?Z7 57>3 B7GF ?A6;8;7D 67E DZ9>397E )AGD ZH;F7D 57 6ZDZ9>397 HAFD7 F34>7 67 5G;EEA@ 7EF 6AFZ7 6 G@7 8A@5F;A@ 3@F;g788357?7@F 88>7GD7L >7 EK?4A>7 %7 43@673G 67 5A??3@67 E7D3 H7DDAG;>>Z BAGD E75A@67E /AGE BAGH7L 7EEGK7D EGD >7 43@673G 67 5A??3@67 E3@E ?A6;8;7D 67E DZ9>397E .
#2AAB2 '7FFAK7L >3 F34>7 67 5G;EEA@ 3BDYE 5:3CG7 GF;>;E3F;A@ 7>3 ZH;F7 CG7 67E DZE;6GE 3>;?7@F3;D7E E ;@5DGEF7@F .F;>;E7L G@;CG7?7@F 67E BDA6G;FE 67 @7FFAK397 3BBDABD;ZE BAGD 67 >3 H;FDA5ZD3?;CG7 B 7J .!% + @7FFAK3@F H;FDA5ZD3?;CG7 ,3;@F &3D5 )DA # 1 H;FDA5ZD3?;CG7 ,F3:>g8;J 0$ -() %?<1B6A@ ;2AA;?;@Z7E 3H75 6G
#2AA;E7L G@;CG7?7@F 67 > 73G F;Y67 366;F;A@@Z7 67 BDA6G;F U H3;EE7>>7 ' GF;>;E7L B3E 67 BDA6G;FE ?AD63@FE AG DZ5GD3@FE @; 6 3557EEA;D7E FD3@5:3@FE %7 D35>A;D U H7DD7 7EF ;@3BBDABD;Z %7 536D7 67 >3 F34>7 67 5G;EEA@ BAGDD3;F [FD7 7@6A??39Z G 7 536D7 67 >3 F34>7 67 5G;EEA@ 7E 7@6DA;FE 6ZBA>;E B7GH7@F 7@ [FD7 >7 DZEG>F3F %?<0Q1B?2 .=?P@ B; 1Q?.
,; > 388;5:397 @7 E 3>>G?7 FAG>G?Z >7 8AK7D EZB3D7L > 3BB3D7;> 6G E75F7GD FF7@67L E75A@67E 7F D74D3@5:7Lg>7 ! .33605.42 12 9. 3<;0A6<; %
## ')& 0 1:D0= O?,4? ?=:; 7:92?08;> 09 8,=.30 >,9> 49?0==@;?4:9 J @90 ;@4>>,9.0 /0 .3,@110 O70AO0 , .:@;@=0 ,@?:8,?4<@0 /@ ?08;> > 0>? ,.?4AO0 #:@= .:9?49@0= 7, .@4>>:9 ,;;@D0E >@= @90 <@07.:9<@0 ?:@.30 , ?09>4:9 /0 >0.?0@= 0>? ?=:; 1,4-70 ?04290E 70 1:D0= ??09/0E <@07<@0> >0.:9/0> 0? =,77@80EV70 &4 7 ,114.3,20 90 > O?049? ;,> ,/=0>>0EVA:@> J A:?=0 1:@=94>>0@= /0 .:@=,9? 0 1:D0= , >@=.
(63392:2;A@ .64B@ 7E 4DG;FE E7 BDA6G;E7@F BD;@5;B3>7?7@F 7@ 53E 67 DZ5;B;7@FE 5A@EF;FGZE 67 5AG5:7E 67 ?3FZD;3G 6;88ZD7@F7E 6YE CG A@ >7E GF;>;E7 U >3 BG;EE3@57 67 5:3G887 ?3J;?3>7 7F 7@ ?[?7 F7?BE EGD 67GJ 8AK7DE HA;E;@E 7 E;88>7?7@F 6;EB3D3^F AG E 3FF7@G7 6YE CG A@ DZ6G;F >3 BG;EE3@57 ?B6A 1B C2;A69.
(2?C602 .=?P@YC2;A2 ,; HAFD7 3BB3D7;> 3 47EA;@ 6 [FD7 DZB3DZ @AFD7 E7DH;57 3BDYEgH7@F7 E7 F;7@F U HAFD7 6;EBAE;F;A@ /AGE FDAGH7D7L 63@E > 3@@G3;D7 FZ>ZB:A@;CG7 > 36D7EE7 7F >7 @G?ZDA 67 FZ>ZB:A@7 6G E7DH;57 3BDYEgH7@F7 >7 B>GE BDA5:7 %7E 57@FD7E 67 E7DH;57 3BDYEgH7@F7 ;@6;CGZE HAGE D7@E7;9@7DA@F Z93>7?7@F HA>A@F;7DE EGD >7 E7DH;57 3BDYEgH7@F7 >7 B>GE BDA5:7 67 HAFD7 6A?;5;>7 #B:Q?<@ 12 =?<1B6A 2A 12 3./?60.
<;@269@ =0E >4 ;:>>4-70 /0> ;:880> /0 ?0==0 1=,R.30> ;:@= 70 =S?4>>,20 0? 70> 1=4?@=0> 770> 90 /:4A09? ;,> ;=O>09?0= / 09/=:4?> A0=?> :@ .:8809M,9? J 20=80= !0 >?:.60E ;,> 70> ;:880> /0 ?0==0 J @90 ?08;O=,?@=0 491O=40@=0 J F ,4?0> @94<@0809? /:=0= 70> ,74809?> 90 ;,> 70> 1,4=0 ?=:; -=@94= %O/@4>0E 70> ?08;> /0 =S?4>>,20 0? /0 1=4?@=0 J @9 84948@8 (9 ,74809? 2=:> 0? O;,4> .:9?409? 8:49> / ,.
;1602 @=2AA6 . 0B6 =?2@A.?2 .AA2;G6<;2 )D;?3 67> ?A@F399;A 'AD?7 6; E;5GD7LL3 3GE7 67; 63@@; <;<@02?2 9 .==.?20056< )3@@7>>A 5A?3@6; 2A@7 6; 5AFFGD3 "@6;53FAD7 67> 53>AD7 D7E;6GA ;7 3BBDABD;3F7 ;A2??BAA7 ,;5GD7LL3 43?4;@A 3L;A@7 -347>>3 A@E;9>; B7D D;EB3D?;3D7 7@7D9;3 B;G6<;2 ".;A2;2?2 0.
;1602 %3 EGA@7D;3 !6:6A.G6<;2 A2:=< .BA<:.A60. 6@.AA6C.G6<;2 129 @6@A2:. 16 0<;32?:. 126 1.A6 6::2@@6 %?;L;3 67>>7 EGB7D8;5; ;@ H7FDA57D3?;53 )G>;L;3 67>>3 5AD@;57 67> B;3@A 6; 5AFFGD3 <:=; BDA6AFF; 63>> 3BB3D755:;A :/.99.446< 2 .==.?20056< 16@:2@@< (2?C6G6< 16 .@@6@A2;G. A20;60. 0?69.:612 ;2496 .
@=2AA6 . 0B6 =?2@A.?2 .AA2;G6<;2 !2442?2 .AA2;A.:2;A2 92 =?2@2;A6 6@A?BG6<;6 =2? 9 B@< ,A>F3@FA ;@ CG7EFA ?A6A E3DU BAEE;4;>7 GF;>;LL3D7 ;> B;3@A 6; 5AFFGD3 ;@ ?A6A 5ADD7FFA 7 ;@ 5A@6;L;A@; 6; E;5GD7LL3 A@E7DH3D7 5A@ 5GD3 >7 ;EFDGL;A@; 6; ?A@F399;A 7 >7 ;EFDGL;A@; B7D > GEA @A@5:Z >3 E5:763 67>> 3BB3g D755:;A ,7 E; 5767 > 3BB3D755:;A Y @757EE3D;A 5A@E79@3D7 3@5:7 CG7EF; 6A5G?7@F; %?6:. 129 :<;A.446< .;;6 6:=BA./696 .9 A?.
B06;.?2 2 ?6@0.91.?2 .96:2;A6 G5;@3@6A B;3FF; A 3>;?7@F; >;CG;6; 5A?7 ?;@7EFD7 E3>E7 A 4;4;F7 Y BAEE;4;>7 5:7 CG7EF; 3>;?7@F; E; E53>6;@A FDABBA H7>A57?7@F7 E7@L3 5:7 5:; 5G5;@3 E7 @7 355AD93 7 8GAD;7E53@A 63> D75;B;7@F7 ,; 5A@E;9>;3 B7DF3@FA 6; D73>;LL3D7 G@ D;E53>63?7@FA >7997DA E7>7L;A@3@6A G@ >;H7>>A 6; BAF7@L3 363FFA 7 ?7E5A>3@6A 9>; 3>;?7@F; BD;?3 7 6GD3@F7 ;> D;E53>63?7@FA $96< 2 4?.
?2=2 ;29 :.A2?6.92 6; C2A?<02?.:60. "@ 53EA 6; 87EEGD7 5D7B7 A 87@6;FGD7 67> H7FDA57D3?;53 EGEE;EF7 ;> B7D;5A>A 6; E5AEE7 7>7FFD;5:7 ,B79@7D7 ;??76;3F3?7@F7 > 3BB3D755:;A ;E3FF;H3D7 ;> 8GE;4;>7 67>> 3BB3D755:;A @7>>3 D7>3F;H3 E53FA>3 +;HA>97DE; 3> E7DH;L;A 3EE;EF7@L3 F75@;53 !. G<;. 16 0
FF7@L;A@7 *G7EFA 3BB3D755:;A Z 5A@8AD?7 3>>3 6;D7FF;H3 ;@ ?3F7D;3 6; E;5GD7LL3 7 6; 5A?B3F;4;>;FU 7>7FFDA?39@7F;53 -GFF3H;3 >7 B7DEA@7 BADF3FD;5; 6; =.02:.
$442AA6 1B?6 2 .0B:6;.A6 >; A997FF; 6GD; 7 35G?;@3F; 5:7 536A@A 355;67@F3>?7@F7 EG> B;3@A 6; 5AFFGD3 BAEEA@A 53GE3D7 63@@; 'A@ D;BADD7 CG7EF; A997FF; EG> B;3@A 6; 5AFFGD3 B; 3>;?7@F; 3 7>7H3FA 5A@F7@GFA 6; LG55:7DA 63@@799;3@A ;> B;3@A 6; 5AFFGD3 >; 3>;?7@F; 8GAD;GE5;F; 67HA@A 7EE7D7 7>;?;@3F; ;??76;3F3?7@F7 5A@ G@ D3E5:;7FFA B7D H7FDA FF7@L;A@7 "> D3E5:;7FFA B7D H7FDA :3 G@3 >3?3 388;>3F3 %29960<92 2 :.A2?6.96 =9.
20> GEA 6; 67F7D97@F; @A@ 3BBDABD;3F; *G7EF; 63@@; EA@A 53GE3F; 63>> GEA E5ADD7FFA 67>> 3BB3D755:;A 7 @A@ EA@A B7DF3@FA 5AB7DF; 63>>3 93D3@L;3 BA;5:Z @A@ E; FD3FF3 6; BDA4>7?; F75@;5; 67>> 3BB3D755:;A <;<@02?2 9 .==.
(B=2?3606 16 0<:.;1< CC2?A2;G.
*G3>AD3 >3 B7@FA>3 H7@93 FA>F3 63>>3 LA@3 6; 5AFFGD3 E7@L3 5:7 CG7EF3 E;3 6;E3FF;H3F3 EG> 6;EB>3K 5A?B3D7 7 ;> 9D36A 6; BAF7@L3 E7>7L;A@3FA
.0696AL 16 :.;BA2;G6<;2 (A 53?BA ;@ H7FDA57D3?;53 @A@ H;7@7 D;E53>63FA ; D7E;6G; 6; 5;4A @A@ BAEEA@A 4DG5;3D7 )7D 7887FFG3D7 >3 BG>;L;3 @A@ Z @757EE3D;A 3FF7@67D7 5:7 ;> B;3@A 6; 5AFFGD3 E; E;3 D388D7663FA *G7EFA A88D7 ;> ?3EE;?A 67> 5A?8ADF 7 67>>3 BG>;L;3 ,579>;7D7 E7?BD7 G@3 B7@FA>3 6; 6;?7@E;A@; 363FF7 3>>3 CG3@F;FU 6; 5;4A 5:7 E; ;@F7@67 5G5;@3D7 .
;A2??BAA7 5A@E7@F7 6; 3FF;H3D7 ;> 6;EBAE;F;HA 7>7FFDA@;5A 67> B3@@7>>A 5A?3@6; (D3 ;> B;3@A 6; 5AFFGD3 Y BDA@FA 3 7@FD3D7 ;@ 8G@L;A@7 -A553D7 ;> E;?4A>A 8;@5:Z @A@ E; ;>>G?;@3@A ; 6;EB>3KX 67>>7 LA@7 6; 5AFFGD3 *G3>AD3 BD;?3 6; 5A>>793D7 ;> B;3@A 5AFFGD3 344;3 5A>>A53FA G@ D75;B;7@F7 EG G@3 LA@3 6; 5AFFGD3 @7> D7>3F;HA ;@6;53FAD7 E; ;>>G?;@7DU G@ 6@.AA6C.
L;A@3D7 > ;@F7DDGFFAD7 BD;@5;B3>7 B7D 3>?7@A fE75A@6; 6ABA6;5:Z D;EGA@3 G@ E79@3>7 35GEF;5A %3 E;5GD7LL3 43?4;@A Y 3FF;H3F3 *A696GG< 129 =6.;< 16 0HA>F3 E; 3557@63 > 3BB3D755:;A 3L;A@3D7 > ;@F7DDGFFAD7 BD;@5;B3>7 B7D B;c 6; E75A@6; GD3@F7 CG7EFA ;@F7DH3>>A 6; F7?BA >3?B799;3 'A@ 3BB7@3 ;> 6;EB>3K E; EB79@7 ;> B;3@A 6; 5AFFGD3 Y 3FF;H3FA 6@.AA6C.G6<;2 1299. @60B?2GG. /.
BD7E7@F7 53B;FA>A ;>>GEFD3 >7 ?A63>;FU 6; D79A>3L;A@7 67>>7 LA@7 6; 5AFFGD3 %3 F347>>3 ;@6;53 >7 LA@7 7 ; F7?B; 6; 5AFFGD3 B7D 6;H7DE7 D;57FF7 " 5A@E;9>; 8AD@;F; 5A@E7@FA@A 6; D;EB3D?;3D7 7@7D9;3 .:=< 16 ?24<9.G6<;2 "?BAEF3D7 ;> 9D36A 6; 5AFFGD3 67E;67D3FA @7> 53?BA 6; D79A>3L;A@7 D36A 6; 5AFFGD3 BAF7@L3 ?;@;?3 D36A 6; 5AFFGD3 BAF7@L3 ?3EE;?3 (9@; 9D36A 6; 5AFFGD3 BAEE;767 G@ 9D36A ;@F7D?76;A 5A@FD3EE79@3FA 5A@ G@ BG@FA '24<9.
)./299. %3 F347>>3 D;BADF3F3 6; E79G;FA 8AD@;E57 3>5G@; 7E7?B; " F7?B; 6; 5AFFGD3 6;B7@6A@A 63> F;BA 6; 3>;?7@FA 63> B7EA @A@5:Z 63>>3 CG3>;FU 67> 5;4A )7DF3@FA EA@A BAEE;4;>; H3D;3L;A@; ) #( (. $ ! & 4:..:7,?, 27,>>, -@==: 84070 07,?49, ' ! & )0=/@=0 49 -,=,??:7: =:/: +@;;, ,??0 2 .
& ' & 9A:7?494 &?@1,?: @7,>.3 ) #( (. & $ $(()& & $ )& ( !! $(()& $(()& )$ $ )$ $ ! #($ ! #($ ;:=E4:94 62 2 V 849 V 849 V 849 V V V V 849 V 849 V 849 V 849 V V 849 V 849 V 849 V V V :??@=, ,==:>?: ;=:2=0>>4A, V 849 V 849 V 849 & & =4??,?, >.34,..4,?, V ;:=E4:94 V ;:=E4:94 ;:=E4:94 :?:70??, 4>?0.., 48;,9,?, ,>?:9.494 /4 ;0>.
<=?6?2 0<; B; 0<=2?056< ABD;D7 E7?BD7 >7 B7@FA>7 5A@ G@ 5AB7D5:;A 363FFA ,7 E; 5G5;@3 E7@L3 GF;>;LL3D7 ;> 5AB7D5:;A E; @757EE;F3 6; G@3 CG3@F;FU 6; 7@7D9;3 CG3FFDA HA>F7 EGB7D;AD7 3 CG7>>3 @757EE3D;3 B7D >3 5AFFGD3 5A@ 5AB7D5:;A B<02?2 0<; =<0. .0>B. ,; 5A@E;9>;3 6; 5GA57D7 5A@ BA53 35CG3 "@ CG7EFA ?A6A E; D;EB3D?;3 7@7D9;3 "@A>FD7 >7 H7D6GD7 5A@E7DH3@A ;> BDABD;A 5A@F7@GFA 6; H;F3?;@7 7 ?;@7D3>; '61B??2 69 4?.1< 16 0 ?A?7@FA ABBADFG@A B3EE3D7 3 G@ 9D36A 6; 5AFFGD3 B;c 43EEA B;G6<;2 ".
B;G6<;2 %63D7 3@5AD3 B;c H7>A57?7@F7 9>; 3>;?7@F; D;EB7FFA 3> >;H7>>A 6; BAF7@L3 ?3EE;?A 67>> 3BB3D755:;A %3 8G@L;A@7 )AI7D4AAEF 3G?7@F3 F7?BAD3@73?7@F7 >3 BAF7@L3 67> >;H7>>A ?3EE;?A *@< 1299. 3B;G6<;2 %
*@< 1299. 3B;G6<;2 %GE;H3?7@F7 CG3@6A >3 LA@3 7EF7D@3 Y ;@ 8G@L;A@7 7 >7 LA@7 6; 5AFFGD3 7 @A@ EA@A 3FF;H7 ,7 E; 3557@6A@A >7 LA@7 6; 5AFFGD3 A CG3@6A >3 8G@L;A@7 )AI7D4AAEF Y 3FF;H3 @7>>3 EB;3 67>>3 LA@3 >3?B7997D3@@A 3>F7D@3F;H3?7@F7 7 EG557EE;H3?7@F7 FAD@7DU ;> >;H7>>A 6; BAF7@L3 ?3EE;?A AA6C.
6@.AA6C.G6<;2 .BA<:.A60. 16 B;. G<;. 16 03 LA@3 6; 5AFFGD3 67E;67D3F3 .@3 HA>F3 FD3E5ADEA ;> F7?BA ;?BAEF3FA >3 LA@3 6; 5AFFGD3 E; 6;E3FF;H3 3GFA?3F;53?7@F7 %3 LA@3 6; 5AFFGD3 67H7 7EE7D7 3FF;H3F3 -A553D7 ;> E;?4A>A 67>>3 LA@3 5AFFGD3 67E;67D3F3 '7>> ;@6;53FAD7 E; ;>>G?;@3 7 > ;@6;53L;A@7 1 L;A@3D7 ;> B3D3?7FDA BD7678;@;FA 67E;67D3FA @7> 53?BA 6; D79A>3L;A@7 9 A2:=< 16 0
)?.@0 F7?BA EGA@3 G@ E79@3>7 '7>> ;@6;53FAD7 >3?B799;3 -A553D7 CG3>E;3E; EGB7D8;5;7 6; 5A?3@6A % ;@6;53L;A@7 EB3D;E57 7 ;> E79@3>7 35GEF;5A F7D?;@3 "<16360.?2 69 A2:=< -A553D7 ;> E;?4A>A j 67>>3 LA@3 5AFFGD3 67E;67D3F3 ,7>7L;A@3D7 @GAH3?7@F7 >3 6GD3F3 <;@6496 2 .
6@.AA6C.G6<;2 129 @6@A2:. 16 0<;32?:. 126 1.
# B;3@A 5AFFGD3 Y ;@ 8G@L;A@7 ;> 4>A55A @A@ ;@8>G;E57 @Z EG> E;?4A>A @Z EG>> ;@F7DDGFFAD7 BD;@5;B3>7 ,; BG` 6;E3FF;H3D7 >3 8G@L;A@7 6; BDAF7L;A@7 67>>3 BG>;L;3 7 E5A>>793D7 ;> B;3@A 5AFFGD3 CG3@6A E; 67E;67D3 ,7 ;> B;3@A 5AFFGD3 Y EB7@FA 7 E; 3FF;H3 >3 8G@L;A@7 6; BDAF7L;A@7 67>>3 BG>;L;3 FGFFA ;> B3@@7>>A 5A?3@6; H;7@7 4>A553FA ;@5>GEA > ;@F7DDGFFAD7 BD;@5;B3>7 B?. 2 :.;BA2;G6<;2 'A@ GF;>;LL3D7 ?3; 67F7D97@F; 36 3>F3 BD7EE;A@7 A 6;EBAE;F;H; 3 97FFA 6; H3BAD7 ".
"@ 53EA 6; 8ADF7 ;?4D3FF3?7@FA E; 5A@E;9>;3 6; GF;>;LL3D7 G@ D3E5:;7FFA B7D H7FDA '.@0562AA< =2? C2A?< -A9>;7D7 >3 E;5GD3 3> D3E5:;7FFA B7D H7FDA )7D BG>;D7 >3 EGB7D8;5;7 ;@ H7FDA57D3?;53 E; D355A?3@63 6; GF;>;LL3D7 EA>A >3 >3?3 % ;@HA>G5DA BAFD7447 9D388;3D7 >3 EGB7D8;5;7 ;@ H7FDA57D3?;53 %3 >3?3 Y ?A>FA 388;>3F3 )7D;5A>A 6; >7E;A@; +;?7FF7D7 >3 E;5GD3 3>>3 >3?3 6ABA A9@; GF;>;LLA ,AEF;FG;D7 ;??76;3F3?7@F7 >7 >3?7 63@@799;3F7 %B96G6. 1299. @B=2?36062 16 0
<:=;7 EB7EEA EA@A 835;>?7@F7 D;EA>G4;>; )D;?3 6; 5A@F3FF3D7 ;> E7DH;L;A 6; 3EE;EF7@L3 F75@;53 E; 5A@E;9>;3 B7DF3@FA 6; BD7EF3D7 3FF7@L;A@7 3>>7 E79G7@F; 3HH7DF7@L7 9 :<:2;A< 1299 .AA6C.G6<;2 129 =6.;< 16 0
!2 ?6=.?.G6<;6 12C<;< 2@@2?2 2332AAB.A2 2@09B@6C.:2;A2 1.9 =2?@<;.92 @=206.96GG.A< 129 @2?C6G6< 16 .@@6@A2;G. A20;60. '6=.?.G6<;6 6@=9.F 2 ;B:2?6 +6@B.96GG.
# , $# ) '($ ')& , E:9, /4 .:??@=, >4 N >@==4>.,7/,?, , E:9, /4 .:??@=, >4 O /4>,??4A,?, ,@?:8,?4.,809?0 ;0= ;=:?0220=0 47 ;4,9: /4 .:??@=, ,>.4,=7, =,11=0//,=0 ;0= ,7.@94 849@?4 <@49/4 =4,??4A,=7, 7 ;4,9: /4 .:??@=, 9:9 O .:7702,?: .:==0??,809?0 &?,..,=0 47 ;4,9: /4 .:??@=, /,77, =0?0 /4 ,74809?,E4:90 :9>@7?,=0 47 ;4,9: /04 .:7702,809?4 0 =4;0?0=0 7 ,77,..4,809?: 49 8:/: .:==0??: &0 7, A4>@,74EE,E4:90 /07 /4>;7,D N =48,>?, 488@?,?, .
'B:
(2?C6G6< 16 .@@6@A2;G. A20;60. *G3>AD3 > 3BB3D755:;A @757EE;F; 6; D;B3D3L;A@; Y BAEE;4;>7 D;HA>97DE; 3> @AEFDA E7DH;L;A 6; 3EE;EF7@L3 F75@;53 % ;@6;D;LLA 7 ;> @G?7DA F7>78A@;5A 67> 57@FDA 6; 3EE;EF7@L3 F75@;5A B;c H;5;@A EA@A D;BADF3F; @7>>3 9G;63 F7>78A@;53 @5:7 ; 57@FD; 6; 3EE;EF7@L3 5;F3F; EA@A 6;EBA@;4;>; 3 8AD@;D7 ;@8AD?3L;A@; 5;D53 ;> BG@FA 6; 3EE;EF7@L3 B;c H;5;@A (649.
<;@6496 =2? 9. =?2=.?.G6<;2 16 =?<1?4=0 0 1=4220=0 @?474EE,=0 ;:>>4-47809?0 ;,?,?0 1=0>.30 70 <@,74 9:9 /0A:9: ;=0>09?,=0 E:90 A0=/4 : .:9?,849,?0 !:9 .:9>0=A,=0 70 ;,?,?0 , ?08;0=,?@=0 4910=4:=4 , F ,= /:=,=0 274 ,74809?4 0A4?,9/: .30 /4A09?49: ?=:;;: >.@=4 ?08;4 /4 .:??@=, ,==:>?: 0 /4 1=4??@=, /0A:9: 0>>0=0 ;:>>4-47809?0 -=0A4 ;=:/:??4 >;0>>4 0 /4 2=,9/4 /4809>4:94 .:9?092:9: 809: ,.
* )
