' ) #! 2/?.B05@.;926AB;4 "<12 1 2:=9<6 @A?BG6<;6 =2? 9 B@< 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?MA 82;;2; 92?;2; 76;7@87>6 ;7 $A5:EF7>>7@ +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@ 6;4./2/2@AMA64B;4 .B@@05.9A2; %39242 B;1 '26;64B;4 )8>797 +7;@;9G@9 67D >3E=7D3?;= +7;@;9G@9 67E $A5:87>6D3:?7@E +4252;@D26@2 /26 26;2? (AT?B;4 'AD?3>7 7FD;74E97DWGE5:7 67E +2?=.08B;4 B;1 9A42?MA B;12;162;@A 0?F9.
,605A642 6;D26@2 !2@2; (62 /6AA2 @43M9A64 162@2 2/?.B05@.;D26@B;4 'GD EA =b@@7@ ,;7 ":D 7DWF D;5:F;9 476;7@7@ 7I3:D7@ ,;7 6;7 74D3G5:Eg G@6 &A@F3973@I7;EG@9 9GF 3G8 07@@ ,;7 63E 7DWF I7;F7D9747@ >797@ ,;7 47;67 @I7;EG@97@ 47; + 12: 6;/.B )?.;@=
I/2?56AGA2@ H9 B;1 2AA S47D:;FLF7E R> A67D 7FF 7@FLe@67F E;5: E5:@7>> D3@69783:D D:;FL7@ ,;7 7FF A67D R> @;7?3>E G@473GE;5:F;9F 3>>E E;5: R> 7@FLe@67F @;7 ?;F 03EE7D >bE5:7@ ,A8ADF 75=7> A67D -7>>7D 3G8>797@ $A5:EF7>>7 3GEE5:3>F7@ 7E5:;DD 3G8 67D $A5:EF7>>7 3GE=e:>7@ >3EE7@ 26J2 <05@A2992; !7;T7 $A5:EF7>>7@ @;5:F 47De:D7@ /7D4D7@@G@9E9783:D !3>F7@ ,;7 $;@67D 9DG@6EWFL>;5: 87D@ ;7 +7EFIWD?7g @L7;97 I3D@F HAD :7;T7@ $A5:EF7>>7@ ';7 4D7@@43D7 797@EFW@67 3G8 67? $A5:87>6 34>797@ D3@69783:D 78;
!242; (62 826;2 242;@AM;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 (05M12; .: <053291 )<=3Y B;1 %3.
26@=6292 :T496052? (05M12; ;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?MA 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 $- 3' =L?0=E:90 $ " 3' ,@;?>.3,7?0= *,=83,7?017L.30 $- 3' 04>?@92>>?@10 V 0?=40->E@>?,9/ %0>?BL=80 $ " ' 3' @>B,37 /0= :.
!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.
G5: I7@@ 6;7 $A5:LA@7 3GE97E5:3>F7F ;EF I;D6 63E ,K?4A> F 3G8>7G5:F7@ EA>3@97 6;7 47FD7887@67 $A5:g LA@7 @A5: EA H;7> !;FL7 349;4F 63EE /7D4D7@@G@9E97g 83:D 47EF7:F ;7 @L7;97 7D>;E5:F I7@@ 6;7 $A5:LA@7 =7;@7 !;FL7 ?7:D 349;4F '2@ADM?:2Y ;G2642 3E $A5:87>6 :3F 8eD <767 $A5:EF7>>7 7;@7 +7EFIWD?7g @L7;97 ,;7 L7;9F 3@ I7>5:7 $A5:EF7>>7@ @A5: :7;T E;@6 7De:D7@ ,;7 67E:3>4 6;7E7 $A5:EF7>>7 @;5:F G5: I7@@ 63E $A5:87>6 47D7;FE 3GE97E5:3>F7F ;EF >7G5:F7F s t EA>3@97 6;7 $A5:EF7>>7 @A5: :7;T ;EF eD 6
<;A?<9962?A2 ,M?:2GB3B5? B;1 :25? (6052?526A %3924292605A 2264;2A2@ <0542@056?? 3E $A5:87>6 7DL7G9F A67D G@F7D4D;5:F 6;7 0WD?7LG8G:D G@H7DLe9>;5: @35: 76;7@7@ 67D ,F7G7DG@9 0;D6 63E $A5:97E5:;DD HA@ 67D $A5:EF7>>7 97@A??7@ I;D6 6;7 7:7;LG@9 G@F7D4DA5:7@ 3G5: I7@@ 6;7 $A5:EF7>>7 @;5:F 3497E5:3>F7F I;D6 ,A>>F7 H7DE7:7@F>;5: 7;@ -G5: A67D 3@67D7E 4D7@@43D7E &3F7D;3> 3G8 67? $A5:87>6 >;797@ 97>3EE7@ I7D67@ H7D4D7@@F 6;7E7E 3G5: 47; 7;@97E5:3>F7F7D $A5:EF7>>7 @;5:F '35: 67? $A5:7@ ;EF 3G8 67D >3E=7D3?;
.B=A@05.9A2? :6A 6;12?@6052?B;4 .B=A@05.9A2? &;F 67? !3GBFE5:3>F7D E5:3>F7@ ,;7 6;7 >7=FDA@;= 67E 76;7@87>67E 7;@ #7FLF ;EF 63E $A5:87>6 47FD;74E47D7;F 6;@05.9A2; 7De:D7@ ,;7 63E ,K?4A> $A5:EF7>>7@ >7G5:F7@ 4;E 6;7 @L7;97@ 67D B@@05.
<053291 /2162;2; 6;12?@6052?B;4 12.8A6C62?2; <053291 26;:.
(< @A2992; (62 26; 3E $A5:87>6 ?GEE 7;@97E5:3>F7F E7;@ ,K?4A> A67D 47De:D7@ "@ 67D @L7;97 4>;@=F "@ 67@ @W5:EF7@ ,7=G@67@ ,K?4A> A67D 47De:D7@ ;7 DG@67;@EF7>>G@9 7DE5:7;@F ,K?4A> $A5:EFG87 ,K?4A> $A5:EFG87 ;7 $A5:EFG87 W@67D@ ,K?4A> A67D 47De:D7@ 4;E 6;7 97Ie@E5:F7 $A5:EFG87 7DE5:7;@F <05@AB32 M;12?; ,;7 =b@@7@ 6;7 $A5:EFG87 <767DL7;F W@67D@
<05@AB32 .B@@05.9A2; 7De:D7@ ,;7 ,K?4A> 4;E 7DE5:7;@F ,;7 =b@@7@ 7;@835:7D HA@ %7;EFG@9EEFG87 j 3G8 %7;EFG@9EEFG87 k G?E5:3>F7@ ;@67? ,;7 LI7;?3> 63E ,K?4A> 6De5=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 %')!% 4 ()* 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 j ;7 )AI7D4AAEFg G@=F;A@ 7D:b:F =GDLL7;F;9 6;7 %7;EFG@9 67D :b5:EF7@ ,FG87 6;@05?M;8B;42; /26 12? 2;BAGB;4 12? %>7 $A5:LA@7@ H7D8e97@ e47D 6;7E7 G@=F;A@ ?;F GE@3:?7 67D DWF7DLA@7 I7@@ ;:D7 DI7;F7DG@9 3=F;H;7DF ;EF ,;7:7 44;>6G@9 2A@7 ;7 )AI7D4AAEFg G@=F;A@ EF7:F @GD 63@@ LGD /7D8e9G@9 I7@@ 6;7 3@67D7 $A5
(< D6?1 @62 .8A6C62?A e:D7@ ,;7 6;7 8A>97@67@ ,5:D;FF7 6GD5: 0W:>7@ ,;7 6;7 %7;EFG@9EEFG87 j '35: 6;7E7D ;@EF7>>G@9 6De5=7@ ,;7 63E ,K?4A> 67D 47FD7887@67@ 2A@7 "@ 67D @L7;97 7DE5:7;@F 67D G5:EF347 x ;7 G@=F;A@ ;EF @G@ 3=F;H;7DF (< D6?1 @62 12.8A6C62?A e:D7@ ,;7 6;7 8A>97@67@ ,5:D;FF7 6GD5: De5=7@ ,;7 63E ,K?4A> – 67D 47FD7887@67@ $A5:EF7>>7 3E x ;@ 67D @L7;97 H7DE5:I;@67F ;7 G@=F;A@ ;EF @G@ 673=F;H;7DF *;A2? /2@A6::A2; *:@AM;12; @05.9A2A @605 162 %
6;4./2/2@AMA64B;4 .B@@05.
*;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./2? ,F3D=7@ ,5:?GFL 7@F87D@7@ ,;7 3? 47EF7@ ?;F 7;@7? >3EE5:347D @FE;5:7D@ ,;7 67@ >3EE5:347D +7;@;97@ ,;7 6;7 >3E=7D3?;=8>W5:7 @GD ?;F 67D $>;@97 3E 7:WGE7 =b@@F7 6;7 >3E=7D3?;= H7D=D3FL7@ ;7 $>;@97 ;EF E7:D E5:3D8 /7D>7FLG@9E9783:D ,;5:7D@ ,;7 6;7 $>;@97 @35: 67D +7;@;9G@9 DE7FL7@ ,;7 47E5:W6;9F7 $>;@97@ EA8ADF (< ?26;642; (62 162 9.@82?.
+4252;@D26@2 /26 26;2? (AT?B;4 -D;FF 7;@7 ,FbDG@9 3G8 EA :3@67>F 7E E;5: A8F @GD G? $>7;@;9=7;F7@ 6;7 7;@835: LG >bE7@ E;@6 7HAD ,;7 67@ $G@67@6;7@EF 3@DG87@ EA>>F7@ ,;7 6;7 8A>97@67@ !;@I7;E7 4735:F7@ 26: 6;@05.9A2; 12@ <0532912@ @=?6;4A 162 (6052?B;4 5?2@ (A?<:;2AG2@ 52?.B@ /7D97I;EE7D@ ,;7 E;5: 63EE 6;7 %7;EFG@9E3G8@3:?7 3>>7D 7;@97E5:3>F7F7@ 7DWF7 67@ &3J;?3>I7DF ":D7E !3GE3@E5:>GEE7E @;5:F e47DEF7;9F )De87@ ,;7 A4 6;7 ,;5:7DG@9 3G5: 47;? ;@E5:3>F7@ 7;@7D 3@67D7@ $A5:EF7>>7 3GE>bEF B3 .
#B? 42@05B9A2@ B;12;162;@A=2?@<;.9 1.?3 '2=.?.AB?2; C;25:2; '2=.?.AB?2; GD5: G@E35:97?WT7 +7B3D3FGD7@ 67E 7DWF7E =3@@ 67D 7@GFL7D 7DEFLG@7:?7@67@ +;E;=7@ 3GE97E7FLF I7D67@ ;G2642 B;1 -.592; 07@@ ;@ 67@ @L7;9787>67D@ G@6 23:>7@ 7DE5:7;@7@ I7;EF 6;7 >7=FDA@;= 7;@7 ,FbDG@9 3G8 -D7@@7@ ,;7 63E 7DWF HA? ,FA?@7FL G@6 E5:>;7T7@ ,;7 7E 7D@7GF 3@ 07@67@ ,;7 E;5: 3@ 67@ $G@67@6;7@EF EA>>F7 6;7E7 @L7;97 7D@7GF 3G8>7G5:F7@ ;G2642 B;1 -.
$- )2'*$ .$ # o o 40 :.3>?0770 3,? >4.3 U-0=34?E? 40 :.3>?0770 3,? >4.3 E@8 &.3@?E 3=0> :.3107/0> ,@?:8,?4>.3 ,-20>.3,7?0? ,>>09 &40 >40 049420 49@?09 ,-6U3709 @9/ >.3,7?09 &40 >40 /,99 B40/0= 049 ,> :.3107/ 4>? 94.3? =4.3?42 ,920>.37:>>09 '=09909 &40 /,> :.3107/ A:8 &?=:890?E &0309 &40 >4.3 /09 9>.37@>>;7,9 ,9 @9/ >.3740I09 &40 0> B40/0= =4.3?42 ,9 &:77?0 /40 9E0420 94.3? 0=7T>.309 =@109 &40 /09 @9/09/409>? #
2?MB@05 12@ +2;A69.
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.
)./92 12 :.A6O?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 @P0B?6APY2;3.
)./92 12 :.A6O?2@ ;A?2A62; 2A ;2AA3 H;FDA5ZD3?;CG7 '7FFAK397 6G 536D7 67 >3 F34>7 67 5G;EEA@ %?<0P1B?2 .=?O@ B; 1P?.;42:2;A DG;FE 67 8A@5F;A@@7?7@F @AD?3GJ 67 > 3BB3D7;> :/.99.42 2A .==.?269 B@.4P (2?C602 .=?O@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?.
B692 2A 4?.6@@2 /?V9.;A2@ % :G;>7 AG >3 9D3;EE7 4Dd>3@F7 E 7@8>3??7 835;>7?7@F +;ECG7E 6 ;@57@6;7 '7 5:3G887L <3?3;E 67 >3 9D3;EE7 AG 67 > :G;>7 E3@E >3 EGDH7;>>7D ,; > :G;>7 E 7@8>3??7 @7 <3?3;E > ZF7;@6D7 3H75 67 > 73G AGHD;D ;??Z6;3F7?7@F 3H75 G@ 5AGH7D5>7 AG G@7 3EE;7FF7 F7;@6D7 >7 8AK7D %3;EE7D >3 H3;EE7>>7 D78DA;6;D EGD >7 8AK7D
#2 =<@2G =.@ 1 3;EE7L B3E EGD >3 B>3CG7 67E 5AGH7D5>7E AG 6 3GFD7E A4<7FE ?ZF3>>;CG7E 67 9D3@67 F3;>>7 ,; > 3BB3D7;> ZF3;F ?;E 7@ ?3D5:7 B3D ?Z93D67 57E A4<7FE BAGDD3;7@F D3B;67?7@F [FD7 5:3G88ZE 7F A553E;A@@7D 67E 4Dd>GD7E +2;A69.
.B@2@ 12 1<::.42@ <;1@ 12 0.
E2:=92@ 12 1<::.42@ =<@@6/92@ %7E 7@6A??397?7@FE EG;H3@FE @ ;@8>G7@57@F @; >7 8A@5F;A@@7?7@F @; >3 DA4GEF7EE7 67 >3 H;FDA5ZD3?;CG7 4?.A64;B?2@ 6G7E U 6G EG5D7 8A@6G AG 67E 3>;?7@FE U 8ADF7 F7@7GD 7@ EG5D7 '.FB?2@ 6G7E U 67E 9D3;@E 67 E7> 67 EG5D7 AG 67 E34>7 AG B3D 67E 67EEAGE 67 53EE7DA>7E DG9G7GJ 332A@ 12 :6?<6A2:2;A@ :PA.996>B2@ 6GE 3G 8DAFF7?7@F 67 53EE7DA>7E AG U > GF;>;E3F;A@ 67 6ZF7D97@FE ;@3BBDABD;ZE P0 233.
==?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 $ ) %$ &%*' E:90 /0 =S?4>>,20 *' %## $ &%*' 49?0==@;?0@= ;=49.4;,7 E:90 .3,@110 ;7,?> $ ) %$( &%*' 94A0,@ /0 ;@4>>,9.0 V :;O=,?4:99,74?O .
/7;>>7L U 57 CG7 >7E EGD8357E 67 5A??3@67 EA;7@F FAG;EEGD7E 5A?BDA?7FF7@F >7 8A@5F;A@@7?7@F !2@ 37 8AK7D 3BBDABD;Z %7 8AK7D 6A;F [FD7 3GEE; 9D3@6 CG7 >7 DZ5;B;7@F GF;>;EZ )AGD >3 5G;EEA@ EGD >7E 8AK7DE U ;@6G5F;A@ GF;>;E7L G@;CG7?7@F 67E DZ5;B;7@FE 87DDA?39@ZF;CG7 58 N 3FF7D;7 67 5G;E;@7 3BBDABD;Z7O -<;2 =
;160.A2B? 12 05.
0<;<:62 1 P;2?462 "> 3 ZFZ BDAGHZ CG A@ 5A@EA??7 ?A;@E 67 5AGD3@F >ADE 67 >3 5G;EEA@ B3D ;@6G5F;A@ CG7 >ADE 6 3GFD7E ?ZF:A67E 67 5G;EEA@ P/6A A52?:6>B2 0<;A?S9P 2A B;2 @P0B?6AP .
;A2??B=A2B? =?6;06=.9 .C20 @P0B?6APY2;3.;A@ ;A2??B=A2B? =?6;06=.9 H75 > ;@F7DDGBF7GD BD;@5;B3> HAGE 35F;H7L > Z>75FDA@;CG7 6G 43@673G 67 5A??3@67 &3;@F7@3@F >3 F34>7 67 5G;EEA@ 7EF BD[F7 U 8A@5F;A@@7D ;092;052? 88>7GD7L >7 EK?4A>7 7E 388;5:397Ef 67E 8AK7DE E 3>>G?7@F P@.
%697GD7D > ;@F7DDGBF7GD BD;@5;B3> B>GE 67 E75A@67E )7@63@F 57 F7?BE > 388;5:397 Y 5>;9@AF7 YE CG7 > 388;5:397 E ZF7;@F >3 F34>7 67 5G;EEA@ 7EF 7@ E7DH;57 P@.0A6C2? 9. @P0B?6APY2;3.;A@ /AGE BAGH7L D76ZE35F;H7D >3 EZ5GD;FZg7@83@FE )DA5Z67L 67 >3 ?[?7 ?3@;YD7 CG7 BAGD > 35F;H3F;A@ 67 >3 EZ5GD;FZg7@83@FE +2??
'P49.42@ % ;@F7DDGBF7GD BD;@5;B3> 6A;F [FD7 7@5>7@5:Z 88>7GD7D >7 5:3?B > 388;5:397 5>;9@AF7 G@ " 88>7GD7D 63@E >7E E75A@67E EG;H3@F7E >7 5:3?B AG >7 5:3?B %7 DZ9>397 67 43E7 3BB3D3^F :3?B BAE;F;A@ 67 5:3G887 :3?B BAE;F;A@ 67 5:3G887 &A6;8;7D >3 BAE;F;A@ 67 5:3G887 57F 7887F 788>7GD7D >7 5:3?B AG >7 5:3?B 3 BAE;F;A@ 67 5:3G887 EAG:3;FZ7 3BB3D3;EE7 U > 388;5:397 "<16362? 9. =<@6A6<; 12 05.
88>7GD7L >7 5:3?B 3BB3D;F;A@ 67 A26;1?2 92 37 @;H73G 67 BG;EE3@57 HAGE BAGH7L B>GE 835;>7?7@F 355Z67D 3G @;H73G 7@ FAG5:3@F 67GJ 8A;E >7 53BF7GD %7 8AK7D E ZF7;@F 7F 3BDYE 7@H E75A@67E 3BB3D3^F > ;@6;53F7GD 67 5:3>7GD DZE;6G7>>7 )./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 * $) )1 ' %$ ' 3:.
* $) )1 ' %* "" ' %4E ,A0. /:@-70 <@,9?4?O / 0,@ %4E ,@ 7,4? 87V 7 /0 7,4? #:880> /0 ?0==0 09 =:-0 /0> .3,8;> ,A0. V ?,>>0> / 0,@ #:880> /0 ?0==0 J 7 ,927,4>0 ,A0. V ?,>>0> / 0,@ O2@80> 1=,4> ,A0. V ?,>>0> / 0,@ #K?0> V 7 / 0,@ ' ( ' #,@;40??0> %S?4 J -=,4>0= :@7,>.3 * ' =P;0 2,70??0 >.
"?BADF3@F %7E 834D;53@FE 67 H3;EE7>>7 ;@6;CG7@F EAGH7@F >7 6;3?YFD7 EGBZD;7GD 67 >3 53EE7DA>7 "> 7EF 9Z@ZD3>7?7@F B>GE 9D3@6 CG7 >7 6;3?YFD7 6G 8A@6 )AGD 67E B7F;F7E CG3@F;FZE GF;>;E7L G@7 B7F;F7 53EE7DA>7 .@7 9D3@67 53EE7DA>7 B7G D7?B>;7 @Z57EE;F7 473G5AGB 6 Z@7D9;7 "2AA?2 92 07E 53EE7DA>7E 7F BA[>7E FAG7 363BFZ .@7 5G;EEA@ E3@E 5AGH7D5>7 @Z57EE;F7 CG3FD7 8A;E B>GE 6 Z@7D9;7 .6?2 0B6?2 .C20 =2B 1 2.
<;0A6<; %;?7@FE 7@5AD7 B>GE D3B;67?7@F CG 3H75 >3 BG;EE3@57 67 5:3G887 ?3J;?3>7 67 HAFD7 3BB3D7;> %3 8A@5F;A@ )AI7D4AAEF 3G9?7@F7 B7@63@F G@7 5AGDF7 6GDZ7 >3 BG;EE3@57 67 >3 BAE;F;A@ ?3J;?3>7 '2@A?60A6<;@ =
992 2@A .0A6CP2 12 9. :.;6O?2 @B6C.;A2 )DA5Z67L 3GJ ZF3B7E EG;H3@F7E ,Z>75F;A@@7L >3 BG;EE3@57 67 5:3G887 BDYE 57 DZ9>397 3BBGK7L EGD >7 EK?4A>7 67 >3 LA@7 5ADD7EBA@63@F7 > 388;5:397 3BB3D3^F >3 >7FFD7 %3 8A@5F;A@ 7EF 35F;HZ7 992 2@A 1P@.0A6CP2 12 9. :.;6O?2 @B6C.;A2 )DA5Z67L 3GJ ZF3B7E EG;H3@F7E BBGK7L EGD >7 EK?4A>7 – 6G 8AK7D 5ADD7EBA@63@F %7 6;EB3D3^F U > 388;5:397 %3 8A@5F;A@ 7EF 6ZE35F;HZ7 .;@ 02?A.6;2@ 06?0<;@A.;02@ 9. 3<;0A6<; %B2:2;A .
P@.0A6C2? 9. 0<;36?:.
#2AAB2 '7FFAK7L >3 F34>7 67 5G;EEA@ 3BDYE 5:3CG7 GF;>;E3F;A@ 7>3 ZH;F7 CG7 67E DZE;6GE 3>;?7@F3;D7E E ;@5DGEF7@F .F;>;E7L G@;CG7?7@F 67E BDA6G;FE 67 @7FFAK397 3BBDABD;ZE BAGD 67 >3 H;FDA5ZD3?;CG7 B 7J .!% + @7FFAK3@F H;FDA5ZD3?;CG7 ,3;@F &3D5 )DA # 1 H;FDA5ZD3?;CG7 ,F3:>g8;J 0$ -() %?<1B6A@ ;2AA;?;@Z7E 3H75 6G
332A@ 12 :6?<6A2:2;A@ :PA.996>B2@ %7E 6Z5A>AD3F;A@E EA@F 6GE U 67E 6ZF7D97@FE ;@3BBDABD;ZE AG U >3 8D;5F;A@ 67E 8A@6E 67 DZ5;B;7@FE ">E E 7@>YH7@F 6;88;5;>7?7@F .F;>;E7L 6G ,F3:>g8;J 'AFD7 E7DH;57 3BDYEgH7@F7 7@>YH7 67E 6Z5A>AD3F;A@E 5A@FD7 D7?4AGDE7?7@F 67E 8D3;E 5.:=@ 12 0<::.;12 &3;@F7@7L FAG;?7@F 7F 67E 3>;?7@FE 6Z4AD6ZE B7GH7@F 5A?BDA?7FFD7 >7 8A@5F;A@@7?7@F #2AA
'7FFAK7L EA;9@7GE7?7@F >3 EGD8357 67 5A??3@67 AG 7@>7H7L > A4<7F 67 >3 EGD8357 67 FD3H3;> BBGK7L EGD >3 EGD8357 67 5A??3@67 5ADD7EBA@63@F7 %7 5>;9@AF7?7@F E 3DD[F7 !. A./92 12 0B6@@<; @ 2@A PA26;A2 % ;@F7DDGBF7GD BD;@5;B3> 3 ZFZ 35F;A@@Z ;@HA>A@F3;D7?7@F +3>>G?7L >3 F34>7 67 5G;EEA@ +Z9>7L U @AGH73G *; 3B@6/92 12 CB2 @.BA2 9@>B2 C
,; G@ 7F G@ 5:;88D7 3BB3D3;EE7@F 7@ 3>F7D@3@57 U > 388;5:397 HAFD7 3BB3D7;> E;9@3>7 G@ 6ZD3@97?7@F 3@E >7 F34>73G EG;H3@F HAGE FDAGH7D7L 67E ?7EGD7E BAGD Z>;?;@7D 67E 6ZD3@97?7@FE 33605.42 2A 05633?2@ $$ (*' (90 0==0@= 49?0=90 0>? >@=A09@0 /,9> 7, ?,-70 /0 .@4>>:9 &O;,=0E 7, ?,-70 /0 .@4>>:9 /@ >0.?0@= ??09/0E <@07<@0> >0.:9/0> 0? =0-=,9.30EV7, &4 7 ,114.3,20 90 > O?049? ;,> ,;;070E 70 >0=A4.0 ,;=N>VA09?0 , ?,-70 /0 .@4>>:9 0>? ?=:; .3,@/0 0? > 0>? .
?B6A@ 12 3<;0A6<;;2:2;A ;A9;7 BAGD >7 5:3G88397 B3D ;@6G5F;A@ 7EF 43EZ7 EGD >3 53B35;FZ 67 H;4D3F;A@ 67 57DF3;@E ?3FZD;3GJ ?ZF3>>;CG7E 6YE CG ;>E EA@F EAG?;E U 67E A@67E U :3GF7 8DZCG7@57 3@E 57DF3;@7E 5A@6;F;A@E 57E H;4D3F;A@E B7GH7@F A553E;A@@7D G@ 57DF3;@ 679DZ 67 >Z97DE 4DG;FE F7>E CG7 '<;392:2;A 0<::2 2; 0.@ 12 A?.;@3
:/.99.42 2A .==.?269 B@.4P 96:6;.A6<; P0<9<46>B2 Z43>>7L > 3BB3D7;> 7F Z>;?;@7L > 7?43>>397 7@ D7EB75F3@F > 7@H;DA@@7?7@F 7F 3BB3D7;> 7EF ?3DCGZ E7>A@ >3 6;D75F;H7 7GDABZ7@@7 D7>3F;H7 3GJ 3BB3D7;>E Z>75FD;CG7E 7F Z>75FDA@;CG7E GE39ZE I3EF7 7>75FD;53> 3@6 7>75FDA@;5 7CG;B?7@F g 0 %3 6;D75F;H7 6Z8;@;F >7 536D7 BAGD G@7 D7BD;E7 7F G@7 DZ5GBZD3F;A@ 67E 3BB3D7;>E GE39ZE 3BB>;534>7E 63@E >7E B3KE 67 >3 (2?C602 .
! .0?F9.:612 1.;@ 02?A.6;@ .96:2;A@ %7 679DZ 67 @A5;H;FZ 67 > 35DK>3?;67 63@E 67E 3>;?7@FE 7EF 35FG7>>7?7@F 6;E5GFZ B3D 67E EBZ5;3>;EF7E ,GD >3 43E7 67E DZEG>F3FE 67 D75:7D5:7 35FG7>E @AGE 3HA@E DZ6;9Z BAGD HAGE 57E ;@8AD?3F;A@E &B29@ .96:2;A@ @<;A 0<;02?;P@ % 35DK>3?;67 E7 8AD?7 3H3@F FAGF 7@ 53E 67 BDA6G;FE 5ZDZ3>;7DE 7F 67 BA??7E 67 F7DD7 5G;FE U :3GF7 F7?BZD3FGD7 F7>E CG7 5:;BE 8D;F7E FA3EF B7F;FE B3;@E B3;@ BVF;EE7D;7E 7@ BVF7 4D;EZ7 4;E5G;FE B3;@ 6 ZB;57E EB75G>3F;GE <;@269@ =
;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??BAA2 =?6;06=.92 0<; @60B?2GG. /.:/6;< "@F7DDGFFAD7 BD;@5;B3>7 ,;5GD7LL3 43?4;@A B06;.
;1602 B?. 2 :.;BA2;G6<;2 &3@GF7@L;A@7 )G>;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?.
$96< 2 4?.@@< /<992;A6 % A>;A A ;> 9D3EEA 4A>>7@F; E; ;@57@6;3@A D3B;63?7@F7 )7D;5A>A 6; ;@57@6;A *G3@6A E; 83 E53>63D7 67>> A>;A A 67> 9D3EEA Y @757EE3D;A D;?3@7D7 @7>>7 ;??76;3F7 H;5;@3@L7 ,7 > A>;A E; ;@57@6;3 @A@ GE3D7 ?3; 35CG3 B7D EB79@7D>A ABD;D7 ;??76;3F3?7@F7 5A@ G@ B;3FFA A G@ 5AB7D5:;A ;E3FF;H3D7 >3 LA@3 6; 5AFFGD3 %3E5;3D7 D388D7663D7 >3 B7@FA>3 EG>>3 LA@3 6; 5AFFGD3 -<;2 16 0
#<; =<@.?2 <442AA6 6; :2A.99< @B9 0.:=< . 6;1BG6<;2 'A@ >3E5;3D7 EG> B;3@A 6; 5AFFGD3 5AB7D5:; A 3>FD; A997FF; ?7F3>>;5; 6; 9D3@6; 6;?7@E;A@; "@ 53EA 6; 3FF;H3L;A@7 355;67@F3>7 67>> 3BB3D755:;A CG7EF; A997FF; BAFD7447DA EGDD;E53>63DE; D3B;63?7@F7 7 53GE3D7 GEF;A@; +2;A<9. 16 ?.33?211.
.B@2 126 1.;;6 <;16 16 =2;A<92 2 =.
@2:=6 16 =<@@6/696 1.;;6 " E79G7@F; 63@@; @A@ 5A?BDA?7FFA@A @Z ;> 5ADD7FFA 8G@L;A@3?7@FA @Z >3 EF34;>;FU 67> ?3F7D;3>7 ;@ H7FDA57D3?;53 >A LG55:7DA 8GEA A 6; 3>;?7@F; 3 7>7H3FA 5A@F7@GFA 6; LG55:7DA ?.336 6AHGF; 3; 9D3@7>>; 6; E3>7 LG55:7DA A E344;3 ABBGD7 3; 8A@6; 6; B7@FA>3 DGH;6; <9.G6<;6 :2A.996052 B7D 7887FFA 67>> GEGD3 67>>7 B7@FA>7 A ;@ E79G;FA 3>> GEA 6; 67F7D97@F; ;@3BBDABD;3F; 20.G6<;2 @:2?6496.A.
<;<@02?2 9 .==.?20056< "@ CG7EFA 53B;FA>A H7@9A@A 67E5D;FF; ; B;3@; 6; 5AFFGD3 >7 LA@7 6; 5AFFGD3 7 ; 6;EB>3K EE; E; 6;887D7@L;3@A 3 E75A@63 67> F;BA 6; 3BB3D755:;A ;@ CG7EF;A@7 %7 ;EFDGL;A@; B7D > GEA E; D;87D;E5A@A 3 6;H7DE; F;B; 6; B;3@; 6; 5AFFGD3 B39;@3 Y 8AD@;FA G@ EA??3D;A 67; ?A67>>; 5A@ >7 D7>3F;H7 ?;EGD7 %.;;299< 0<:.;16 $ - %$ & ' E:9, ;4,>?=, *& ' %# $ % & ' 49?0==@??:=0 ;=49.4;,70 E:9, >.,7/,;4,??4 (B=2?3606 16 0<:.;1< CC2?A2;G. $ ) %$( &%*' 94A0,@ /0 ;@4>>,9.
-<;2 16 07L;A@3D7 >3 LA@3 6; 5AFFGD3 3BBDABD;3F3 %3 LA@3 6; 5AFFGD3 67H7 3H7D7 >7 ?767E;?7 6;?7@E;A@; 67>>3 B7@FA>3 GE3F3 )7D >3 5AFFGD3 EG; B;3@; 3 ;@6GL;A@7 E; 5A@E;9>;3 6; GF;>;LL3D7 7E5>GE;H3?7@F7 B7@FA>7 87DDA?39@7F;5:7 58D M,FAH;9>;7 3BBDABD;3F7 -<;. =6.@A?.
;160.A2 129 0.
96:2;A.G6<;2 16 0.92 0<;A?<99.A. 2 @60B?2GG. :.
;A2??BAA2 =?6;06=.92 0<; @60B?2GG. /.:/6;< ;A2??BAA2 =?6;06=.92 % ;@F7DDGFFAD7 BD;@5;B3>7 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 AA6C.G6<;2 -A553D7 ;> E;?4A>A 8;@5:Z @A@ E; ;>>G?;@3@A ; 6;EB>3KX 67>>7 LA@7 6; 5AFFGD3 6@.AA6C.
*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 Y 'A@ 3BB7@3 ;> 6;EB>3K E; EB79@7 ;> B;3@A 6; 5AFFGD3 Y 3FF;H3FA 6@.AA6C.G6<;2 1299. @60B?2GG. /.:/6;< %3 E;5GD7LL3 43?4;@A BG` 7EE7D7 @GAH3?7@F7 6;E3FF;H3F3 )DA5767D7 E79G7@6A 7E3FF3?7@F7 >7 ;@6;53L;A@; 8AD@;F7 B7D > 3FF;H3L;A@7 67>>3 E;5GD7LL3 43?4;@A 9<00< <00.@6<;.92 129 =6.;< 16 0
'24<9.G6<;2 % ;@F7DDGFFAD7 BD;@5;B3>7 67H7 7EE7D7 3FF;H3FA ,8;AD3D7 ;> B3@@7>>A ,G> 6;EB>3K >3?B799;3 G@A @FDA ; EG557EE;H; E75A@6; E8;AD3D7 ;> B3@@7>>A ABBGD7 ;> B3@@7>>A /;7@7 5AE] H;EG3>;LL3F3 > ;?BAEF3L;A@7 43E7 3?BA 9D36A 6; 5AFFGD3 3?BA 9D36A 6; 5AFFGD3 &A6;8;53 67> 9D36A 6; 5AFFGD3 ,8;AD3D7 ;> B3@@7>>A ABBGD7 ;> B3@@7>>A 8;@5:Z EG> 6;EB>3K @A@ H7@93 H;EG3>;LL3FA ;> 9D36A 6; 5AFFGD3 67E;67D3FA "<16360. 129 4?.1< 16 0
,8;AD3D7 ;> B3@@7>>A 8;@5:Z @A@ 5A?B3D7 >A 6@.AA6C.G6<;2 1299. G<;. 16 0 >;H7>>A 6; BAF7@L3 E; BG` 355767D7 B;c 835;>?7@F7 3> >;H7>>A FA553@6A 6G7 HA>F7 ;> E7@EAD7 %3 LA@3 6; 5AFFGD3 E; 6;E3FF;H3 7 6ABA 5;D53 E75A@6; 5A?B3D7 > ;@6;53FAD7 6; 53>AD7 D7E;6GA )./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:..
* $) )/ %))*' %4>: .:9 /:;;4, <@,9?4?J / ,.<@, %4>: ,7 7,??0 87V 7 /4 7,??0 #,?,?0 70>>0 .:9 V ?,EE0 / ,.<@, #,?,?0 70>>,?0 49 ,.<@, >,7,?, V ?,EE0 / ,.<@, )0=/@=0 1=0>.30 .:9 V ?,EE0 / ,.<@, #,>?, V 7 / ,.<@, ' ( ' 9A:7?494 &?@1,?: @7,>.
FF7@L;A@7 " 5AEFDGFFAD; 67>>7 EFAH;9>;7 ;@6;53@A EB7EEA ;> 6;3?7FDA EGB7D;AD7 67>>3 B7@FA>3 ;> CG3>7 Y 6; EA>;FA ?399;AD7 D;EB7FFA 3> 6;3?7FDA 67> 8A@6A 67>>3 B7@FA>3 )7D B;55A>7 CG3@F;FU 6; 5;4A E; 5A@E;9>;3 6; GF;>;LL3D7 B7@FA>7 6; B;55A>7 6;?7@E;A@; .
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 !6:6A.G6<;2 1299 BA696GG< 1299.
AA6C.G6<;2 E79G;D7 >7 E79G7@F; AB7D3L;A@; ,7>7L;A@3D7 ;> >;H7>>A 6; BAF7@L3 "@ E79G;FA 3 CG7EF3 ;?BAEF3L;A@7 BD7?7D7 ;> E;?4A>A B7D >3 LA@3 ;@ CG7EF;A@7 ,G> 6;EB>3K H;7@7 H;EG3>;LL3F3 >3 >7FF7D3 %3 8G@L;A@7 Y AD3 3FF;H3 6@.AA6C.G6<;2 E79G;D7 >7 E79G7@F; AB7D3L;A@; )D7?7D7 ;> E;?4A>A – D7>3F;HA 3>>3 LA@3 6; 5AFFGD3 ;@ A997FFA E5A?B3D7 63> 6;EB>3K %3 8G@L;A@7 Y AD3 6;E3FF;H3F3 ; .90B;6 0.@6 9. 3B;G6<;2 %
6@.AA6C.G6<;2 129 @6@A2:. 16 0<;32?:. 126 1.
%B96G6. 12992 @B=2?3606 6; C2A?<02?.:60. )G>;D7 ;> B;3@A 6; 5AFFGD3 6ABA A9@; GF;>;LLA 7H;F3@6A 5:7 ; D7E;6G; 6; 5AFFGD3 E; ;@6GD;E53@A .F;>;LL3D7 7E5>GE;H3?7@F7 67F7D97@F; 363FF; 3> H7FDA57D3?;53 CG3>; + % ' 57D3g8;J 7 ,;6A> 2A2?42;A2 %7 ?355:;7 6 35CG3 BAEEA@A 7EE7D7 7>;?;@3F7 GE3@6A >;?A@7 A 357FA 2A2?42;A6 ;<; .==?<=?6.A6 'A@ GF;>;LL3D7 ?3; ; E79G7@F; BDA6AFF; EBG9@7 DGH;67 34D3E;H; A 67F7D97@F; 399D7EE;H; CG3>; EBD3K B7D ;> 8AD@A 7 E?355:;3FAD; '.
%.;;2996 0<:.;16 %B96G6. 1299. 0;602 129 =6.;< 16 0;F7 7 3E5;GFF7 %3 BD7E7@L3 6; D7E;6G; BG` 5A?BDA?7FF7D@7 ;> 5ADD7FFA 8G@L;A@3?7@FA .
9 :<:2;A< 1299 .AA6C.G6<;2 129 =6.;< 16 03 BAF7@L3 3EEAD4;F3 63 FGFF; 9>; 3BB3D755:; ;@ 8G@L;A@7 @A@ E;3 EGB7D;AD7 3> H3>AD7 ?3EE;?A 67> BDABD;A ;?B;3@FA 6A?7EF;5A A@FDA>>3D7 5:7 ;> 8GE;4;>7 E53FF; 3@5:7 CG3@6A E; 3557@67 G@ 3>FD3 LA@3 6; 5AFFGD3 &B.;1< @6 =<;2 B;. =2;A<9. @B B;. G<;. 16 0
+6@B.96GG.G6<;2 16 ;B:2?6 $ - %$ 2 ,7 EG> 6;EB>3K E; 3>F7D@3@A G@3 7 G@3 5;8D3 > 3BB3D755:;A ;@6;53 >3 BD7E7@L3 6; G@ 3@A?3>;3 %3 E79G7@F7 F347>>3 D;BADF3 >7 ?;EGD7 @757EE3D;7 3; 8;@; 67>>3 D;EA>GL;A@7 67; BDA4>7?; ;@EADF; * ()% (*' &@7 ;4,9: /4 .:??@=, >4 N A0=414.,?: @9 0==:=0 49?0=9: &?,..,=0 47 ;4,9: /4 .:??@=, /,77, =0?0 /4 ,74809?,E4:90 ??09/0=0 ,7.@94 >0.:9/4 0 =4.:7702,=7: ,77, =0?0 &0 7, A4>@,74EE,E4:90 /07 /4>;7,D N =48,>?, 488@?,?, .:9?,??,=0 47 >0=A4E4: /4 ,>>4>?09E, ?0.
'B:6 ;A9;3 67> D;E53>63?7@FA 3 ;@6GL;A@7 E; 43E3 EG>>7 BDABD;7FU 6; H;4D3L;A@7 6; 67F7D?;@3F; ?3F7D;3>; 3BB7@3 H7@9A@A 7EBAEF; 3 A@67 36 3>F3 8D7CG7@L3 "@ 67F7D?;@3F7 5A@6;L;A@; CG7EF7 H;4D3L;A@; BAEEA@A 53GE3D7 >;7H; DG?AD; B7D 7E7?B;A *; @1< ?<;G6< 0<:2 ;29 0.@< 16 B; A?.@3
:/.99.446< 2 .==.?20056< 16@:2@@< (:.9A6:2;A< 0<;3
0?69.:612 ;2496 .96:2;A6 %3 @A5;H;FU 67>> 35D;>3?;67 @79>; 3>;?7@F; Y 3FFG3>?7@F7 A997FFA 6; 6;E5GEE;A@; 63 B3DF7 6; 7EB7DF; 67> E7FFAD7 ,G>>3 43E7 67; D;EG>F3F; 67>>7 G>F;?7 D;57D5:7 EA@A EF3F7 D355A>F7 >7 E79G7@F; ;@8AD?3L;A@; &B.96 @<;< 496 .96:2;A6 6;A2?2@@.
;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; @A6;4 'AD?3>7 97>G;67@ 4;< 974DG;= H3@ :7F 3BB3D33F 2 C2?=.886;4 2; BD
62?<= :<2A B 92AA2; !22@ 12G2 42/?B68@..;D67G6;4 G4CB9164 1< >>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;
$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? H3F 67L7 @AA;F 4>GEE7@ ?7F I3F7D %79 7D A@?;667>>;<= 77@ 67=E7> A8 4AD6 AB ,5:3=7> 67 =AA=LA@7 G;F %33F :7F =AA=97D7; AB 67 =AA=LA@7 38=A7>7@ 2A2 8<<8G<;2@ !7F7 =AA=LA@7E @;7F 33@D3=7@ /7D4D3@6;@9E97H33D !AG6 =;@67D7@ G;F 67 4GGDF 7 D7EFI3D?F7g;@6;53F;7 I33DE5:GIF HAAD :7F7 =AA=LA@7E 'AA;F 4D3@643D7 HAADI7DB7@ AB 67 =AA=B>33F >7997@ D3@697H33D
!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 .
+</22912; C.; :<4296782 @05.12 7 HA>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 $ ) +%%' -=,,/E:90 $ $ (%&& '+" ! +%%' 3::1/>.3,607,,= B,=83:@/E:90 $ ) ( +%%' A0=8:209>>?,9/ V :;0=,?4:9,74?04? =0>?B,=8?0 $ $ (+" !! $ +%%' >070.
2AD9 7DHAAD 63F 67 476;7@;@9EH>3==7@ 3>F;<6 E5:AA@ 7@ 6DAA9 L;<@ /A5:F;9:7;6 7@ HG;> H7D?;@67D7@ 67 I7D=;@9 7DH3@ 2 8<<8G<;2@ ;8292 8<<8G<;2 7 E :7F 974DG;=F7 =AA=97D7; /AAD :7F =A=7@ AB ;@6G5F;7=AA=LA@7E 3>>77@ 87DDA?39@7F;E5: =AA=97D7; 974DG;=7@ L;7 633DHAAD M 7E5:;=F =AA=97D7; ?..
!A7I7> 67 B>33F G;F976AA86 ;E 4>;<8F :7F ;@6;53F;7g >3?B<7 :7F EK?4AA> F 33@97H7@ LA>3@9 67 =AA=LA@7 :77F 97@A79 ;E A? 4D3@6IA@67@ F7 H7DAADL3=7@ !7F ;@6;53F;7>3?B<7 6AA8F G;F I3@@77D 67 =AA=LA@7 HA>g 6A7@67 3897=A7>6 ;E '2@AD.?:A2Y6;160.
20<;A?<922?12 D.
<<31@05.829..? :2A 86;12?@933D E5:3=7>F G 67 7>7=FDA@;53 H3@ :7F 476;7@;@9EB3@77> ;@ 'G ;E 67 =AA=B>33F =>33D HAAD 974DG;= ;@05.8292; +33= :7F EK?4AA> 33@ FAF 67 ;@6;53F;7E =AA=EF3@67@ H7D>;5:F L;<@ H3@ 67 *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 .
<<8G<;2 /2162;2; -7>=7@E 4;< :7F ;@E5:3=7>7@ 67 :AA86E5:3=7>33D >3@97D 63@ E75A@67@ 33@D3=7@ 76GD7@67 67L7 F;<6 =@;BB7DF 67 ;@6;53F;7 Y 2A6D3 67 ;@6;53F;7 G;F933F ;E 67 =AA=LA@7 ;@97E5:3=7>6 6;12?@9AF AB@;7GI 6735F;H7D7@ 3 @7F AB 67L7>867 ?3@;7D F7 I7D= 3>E 4;< :7F 35F;H7D7@ H3@ :7F =;@67DE>AF <<8G<;2 22;:.964 /9<882?2; .
-< @A29A B 6; 7 :AA86E5:3=7>33D 6;7@F ;@97E5:3=7>6 F7 L;<@ /7>6 33@D3=7@ (B :7F 6;EB>3K =@;BB7DF 77@ ;@@7@ 67 E75A@67@ :7F H7>6 A8 :7F H7>6 33@D3=7@ 7 43E;E;@EF7>>;@9 H7DE5:;<@F /7>6 =AA=EF3@6 /7>6 =AA=EF3@6 $AA=EF3@6 I;6 A8 H7>6 33@D3=7@ FAF 67 97I7@EF7 =AA=EF3@6 AB :7F 6;EB>3K H7DE5:;<@F <<8@A.;1 D67G642; .
+33= :7F H7>6 <<8G<;2 B6A@05.8292; 33@ FAF 67 H7DE5:;<@F >E G 77@ :A97 =AA=EF3@6 ;@97EF7>6 :74F 63@ =G@F G AA= :7F H7>6 33@D3=7@ FAF 67 H7DE5:;<@F 7 =AA=LA@7 E5:3=7>F G;F 7@ @3 53 E75A@67@ H7DE5:;<@F 67 I77D93H7 H3@ 67 D7EF7D7@67 I3D?F7 )./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>;<= $!%%!4 () $ 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 ;=:/@.
%7F AB 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=2?86;42; /67 52A 42/?B68 C.
-< D1A 12 3B;0A62 42.0A6C22?1 /A7D 67 HA>97@67 EF3BB7@ G;F $;7E 67 H7D?A97@EEF3@6 '3 67L7 ;@EF7>>;@9 6DG=F G AB :7F EK?4AA> 67 47FD7887@67 LA@7 (B :7F 6;EB>3K H7DE5:;<@F 67 >7FF7D 7 8G@5F;7 ;E @G 9735F;H77D6 -< D1A 12 3B;0A62 4212.0A6C22?1 /A7D 67 HA>97@67 EF3BB7@ G;F DG= AB :7F EK?4AA> – H3@ 67 47FD7887@67 =AA=LA@7 7 H7D6I;<@F H3@ :7F 6;EB>3K 7 8G@5F;7 ;E @G 976735F;H77D6 $;12? /2=..912 <:@A.;1645212; @05.829A 12 =
;C<2?/2C2@A646;4 B6A@05.8292; >E G 77@ H7>6 :74F 33@97D33=F IAD6F 6;F ?7F 77@ =ADF7 FAA@ 47H7EF;96 7L7 FAA@ =G@F G G;FE5:3=7>7@ 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> .
03F7DH>7==7@ =G@F G AA= H7DI;<67D7@ ?7F 5;FDA7@ A8 3L;<@ $;42@0568A2 @05<<;:..8:611292; 74DG;= @AA;F =D3EE7@67 EBA@L7@ E5:GGD?;667>7@ A8 39D7EE;7H7 E5:AA@?33=?;667>7@ LA3>E AH7@EBD3K 7@ H>7==7@H7DI;<67D33DE (05?.
'26;646;4 C.; 12 <:967@A6;4 C.; 12 8<<8=9..A 74DG;= 3>>77@ I3D? L77BEAB 74DG;= 977@ E5:7DB7 A8 E5:GD7@67 ?;667>7@ 7 E5:D3B7D ;E @;7F 97E5:;=F 7 A?>;33F =3@ :;7D6AAD 47E5:36;96 D3=7@ ;FDA7@ 7@ 3L;<@ L;<@ @;7F 97E5:;=F HAAD :7F E5:AA@?3=7@ H3@ 67 A?>;33F !;7D6AAD =G@@7@ 6A887 B>7==7@ A@FEF33@ .
,.;;22? B 22; =.; <= 22; 6;1B0A628<<8G<;2 G2A 8;6==2?A 12 6;160.A62 2? D1A 422; C2?:<42; :22? .34242C2; A@FDA>77D A8 :7F =AA=97D7; 7>7=FDA?39@7F;E5: ;E 6AAD ?39@7F7@ IAD6F 33@97FDA==7@ A@FDA>77D A8 67 6;3?7F7D H3@ 67 B3@ 9DAAF 97@A79 ;E %33F 67 B3@ 38=A7>7@ 3>E :;< F;<67@E :7F 974DG;= F7 :77F 97IAD67@ ;E D3@6F 67 ;@6;53F;7 @A9 EF776E @363F :7F FA7EF7> G;Fg 7@ H7DHA>97@E I77D ;@97E5:3=7>6 ;E E>G;F :7F 63@ 38 H3@ :7F @7F 035:F E75A@67@ 7@ E>G;F :7F AB@;7GI 33@ 2 6;160.A62 C.
$ ) )%' $ )' " 0 6::6;7,,? 4> ?0 300? 09 4> @4?20>.3,607/ )0=B45/0= 30? 6::620=04 A,9 /0 A::=>?0 6::6E:90> A0=/B459? 9, 30? ,,9?4;;09 A,9 30? -0/409492>A7,6 B,9900= /0 6::6;7,,? A:7/:09/0 4> ,1206:07/ 0 6::6;7,,? 4> ?0 300? 09 4> @4?20>.3,607/ , 9, :1 0= 009 30?0 A:=8 :; 30? -0/409492>A07/ >?,,? )0=B45/0= /0E0 A,9 30? -0/409492>A07/ *,.3? 009 ;,,= 849@?09 ?:? 30? -0/409492>A07/ 0942>E49> 4> ,1206:07/ )0=>.3459? 9, 30? 49>.3,60709 :;940@B 9008 /,9 .:9?,.
!..4 /?<::2; G<.9@ /67 22; A?.;@3:7;6 7@7D9;7 6;7 H3@ 67 =AA=B>33F AB :7F =AA=FA7EF7> IAD6F AH7D976D397@ ;F 97>G;6 H7D6I;<@F A8 IAD6F LI3==7D LA6D3 :7F H7D?A97@E@;H73G IAD6F F7DG9974D35:F -.
2 C2?=.886;4 2; BD ;7GHD;7@67>;<=7 ?3@;7D 38 ;F 3BB3D33F ;E 97=7@?7D=F ;@ AH7D77@EF7??;@9 ?7F 67 GDAB7E7 D;5:F>;<@ 47FD7887@67 389763@=F7 7>7=FD;E55:7 7@ 7>7=FDA@;E5:7 3BB3D3FGGD I3EF7 7>75FD;53> 3@6 7>75FDA@;5 7CG;B?7@F g 0 7 D;5:F>;<@ 9778F :7F =367D 3@@ HAAD 67 ;@ 67 . 97>6;97 F7DG9@7?;@9 7@ H7DI7D=;@9 HA@ AG67 9.;A2;@2?C602 .
0?F9.:612 6; 92C2;@:611292; !A7 E5:367>;<= 35DK>3?;67 ;@ >7H7@E?;667>7@ ;E IAD6F ?A?7@F77> 6AAD EB75;3>;EF7@ A@67DLA5:F (B 43E;E H3@ 67 35FG7>7 A@67DLA7=ED7EG>F3F7@ :7447@ I7 HAAD G 67 HA>97@67 ;@8AD?3F;7 H7DL3?7>6 $: D2982 C<216;4@:611292; 4..
*