1EKEELQEJ
9,,/:-0:5<2;
&\]OX
AXNO[`O[Z0 7KQ]OUOXSXQ0 4QOXNKX^WWO[0
;O[\]OVLO\V^S] LO\]OWWSXQ\ZVKX 4\]OX _OOQZVKX (&'-#'
4MR]O[WST]O[LKKX '! ', KZ[SV (&'/ '/$&*$&+
7O [KKN _KX NO QOWOOX]O 4\]OX1
QObSOX RO] _YY[\]OV _KX RO] MYVVOQO _KX L^[QOWOO\]O[ OX `O]RY^NO[\ _KX (, POL[^K[S (&'/ WO] bKKUX^WWO[ (&'/&&-&()1
QORYY[N RO] KN_SO\ _KX NO MYWWS\\SO C^SW]O _KX (, WKK[] (&'/1
LO\V^S]0
RO] KXKVYQO OX NSQS]KVO LO\]OWWSXQ\ZVKX "4\]OX _OOQZVKX (&'-#'" WO]
ZVKXSNOX]SPSMK]SOX^WWO[ @><?C&$&-*)$5B&(&'-&&'#GD&( _K\] ]O \]OVVOX$
4VN^\ _K\]QO\]OVN SX NO YZOXLK[O _O[QKNO[SXQ _KX NO [KKN _KX NO QOWOOX]O 4\]OX _KX ', KZ[SV (&'/$
7O [KKN _YY[XYOWN$
Q[SPPSO["
J[$ ?$8 H$ _KX 8[Z#DYXXOWKX\ _YY[bS]]O["
W[$ ;$:$ GY\
),/,,04,
(3
!4,0
9,,/:=889:;05
-23 ?,,47<6609+ '%&*%%)%'(
AXNO[`O[Z0 5STVKQO X!0 GO[QKNO[SXQ
_KX0
4QOXNK#
X^WWO[0
Z$R$0
;O[\]OVLO\V^S]!LO\]OWWSXQ\ZVKX!4\]OX!_OOQZVKX!
(&'-#'! 4MR]O[WST]O[LKKX!'! #*# "&!+12-.!#!"' "' !$ !% ER?
NO![KKN
_KX!NO!QOWOOX]O!
4\]OX
! $!%' &&#%"
7O!4PNOVSXQ!LO\]^^[\[OMR]\Z[KKU!_KX!NO!CKKN!_KX!D]K]O!ROOP]!YZ!'*!XY_OWLO[!(&'.!^S]\Z[KKU!
QONKKX!SXbKUO!RO]!LO[YOZ!]OQOX!RO]!LO\]OWWSXQ\ZVKX!4\]OX!_OOQZVKX!(&'-#'$!;O]!LO[YOZ![SMR]]O!
bSMR]!]OQOX!NO!_O\]SQSXQ!_KX!OOX!MYX]KSXO[_O[R^^[LON[STP!KKX!4MR]O[WST]O[LKKX!'!SX!;O^\NOX$!;O]!
LO[YOZ!S\!YZ!]`OO!YXNO[NOVOX!QOQ[YXN!_O[UVKK[N$!7O!4PNOVSXQ!LSON]!NO!QOWOOX]O!NO!QOVOQOXROSN!NO!
QOMYX\]K]OO[NO!QOL[OUOX!]O!RO[\]OVVOX$!;SO[]YO!NSOX]!^`![KKN!_YY[!NO!VYMK]SO!4MR]O[WST]O[LKKX!'!
RO]!LO\]OWWSXQ\ZVKX!YZXSO^`!_K\]!]O!\]OVVOX$
-EPJGPNRLQEL
;O]!KXKVYQO!OX!NSQS]KVO!LO\]OWWSXQ\ZVKX!"4\]OX!_OOQZVKX!(&'-#'"!WO]!ZVKXSNOX]SPSMK]SOX^WWO[!
@>$<?C&$&-*)$5B&(&'-&&'#GD&(!_K\]\]OVVOX$
2LJEGDGLF
AZ!)&!WOS!(&'-!ROOP]!^`![KKN!RO]!LO\]OWWSXQ\ZVKX!4\]OX!_OOQZVKX!(&'-#'!_K\]QO\]OVN$!8cX!_KX!
NO!VYMK]SO\!LSXXOX!NS]!ZVKX!LO][YP!NO!VYMK]SO!4MR]O[WST]O[LKKX!'!SX!;O^\NOX$!GYY[!NObO!VYMK]SO!S\!YZ!
_O[bYOU!_KX!6YX]KSXO[\O[_SMO!=O^UOX!5G!QO[OQOVN!NK]!XKK\]!RO]!]O[!ZVKK]\O!QO_O\]SQNO!
ZV^SW_OOLON[STP!KV\!XO_OXKM]S_S]OS]!OOX!MYX]KSXO[_O[R^^[LON[STP!S\!]YOQO\]KKX$
EOQOX!NS]!ZVKX!S\!NYY[!?KNY^!4Q[Y!6G!LO[YOZ!SXQO\]OVN!LST!NO!CKKN!_KX!D]K]O$!AZ!'*!XY_OWLO[!
(&'.!ROOP]!NO!4PNOVSXQ!LO\]^^[\[OMR]\Z[KKU!^S]\Z[KKU!QONKKX! bSO!LSTVKQO!$!<X!NO!^S]\Z[KKU!bSTX!NO!
WOO\]O!LO[YOZ\Q[YXNOX!_O[`Y[ZOX"!OMR]O[!bSTX!]`OO!_KX!NO!KKXQON[KQOX!LO[YOZ\Q[YXNOX!QOQ[YXN!
_O[UVKK[N0
'$! 7O!ZVKX[OQOV\!_YY[bSOX!SX!YZ\VKQ!_KX!MYX]KSXO[\"!WKK[!KL^\SO_OVSTU!XSO]!SX!NO!LY^`!_KX!OOX VYYN\!]OX!LORYO_O!_KX!NObO!YZ\VKQ$
($! 7O!YX]`SUUOVSXQ!S\!]OX!YX[OMR]O!XSO]!QO]YO]\]!KKX!K[]SUOV!)$'$,!]`OONO!VSN!5[Y"!NO!bYQOXKKWNO VKNNO[!_YY[!N^^[bKWO!_O[\]ONOVSTUSXQ$
<X!RKK[!^S]\Z[KKU!N[KKQ]!NO!KPNOVSXQ!^`![KKN!YZ!NO!QOXYOWNO!QOL[OUOX!]O!RO[\]OVVOX!OX!LSXXOX!(,!
`OUOX!XK!^S]\Z[KKU!OOX!XSO^`!LO\V^S]!]O!XOWOX$!HST!KN_S\O[OX!^`![KKN!NKK[YW!_YY[!NO!VYMK]SO!
4MR]O[WST]O[LKKX!'!SX!;O^\NOX!RO]!LO\]OWWSXQ\ZVKX!YZXSO^`!_K\]!]O!\]OVVOX$
GLGGGGLGGG
'%&*%& &%*'
COZK[K]SO [OQOV\
F` [KKN ROOP] WO] NO _K\]\]OVVSXQ _KX RO] LO\]OWWSXQ\ZVKX 4\]OX _OOQZVKX (&'-#' LOYYQN YZ NO VYMK]SO 4MR]O[WST]O[LKKX ' SX ;O^\NOX OOX MYX]KSXO[_O[R^^[LON[STP ]YO ]O \]KKX KV\ XO_OXP^XM]SO LST NO KVNKK[ QO_O\]SQNO ZV^SW_OORY^NO[ST$ ;O] ZVKX LOYYQ] _YY[ NObO XO_OXP^XM]SO NO LY^` _KX OOX XSO^`O VYYN\ _KX WKaSWKKV ($-&& W2 ]YO ]O \]KKX$ BO[ KL^S\ _YY[bSOX NO [OQOV\ _KX RO]
LO\]OWWSXQ\ZVKX XSO] SX NO LY^` _KX OOX NO[QOVSTU XSO^` LON[STP\QOLY^`$ 7O [OQOV\ LOZKVOX XKWOVSTU NK] LSXXOX NO LO\]OWWSXQ 4Q[K[S\MR # KQ[K[S\MR LON[STP OXUOV NO LY^` _KX KQ[K[S\MRO LON[STP\QOLY^`OX S\ ]YOQO\]KKX$ AW NObO YWS\\SO ]O RO[\]OVVOX LOZKVOX NO [OQOV\ _KX _YY[VSQQOXN LO\]OWWSXQ\ZVKX NK] ]O[ ZVKK]\O _KX 4MR]O[WST]O[LKKX ' YYU LON[STP\QOLY^`OX ]OX LORYO_O _KX NO YZ\VKQ _KX MYX]KSXO[\ bSTX ]YOQO\]KKX" ]Y] OOX WKaSW^W _KX ($-&& WJ$
>KNNO[YXNO[LY^`SXY
4[]SUOV )$'$, VSN ( _KX RO] 5O\V^S] [^SW]OVSTUO Y[NOXSXQ 5[Y! LOZKKV] NK] NO ]YOVSMR]SXQ LST OOX LO\]OWWSXQ\ZVKX NK] OOX XSO^`O \]ONOVSTUO YX]`SUUOVSXQ WYQOVSTU WKKU]" OOX LO\MR[ST_SXQ LO_K]
_KX NO LORYOP]O KKX NSO YX]`SUUOVSXQ$ <XNSOX NO YX]`SUUOVSXQ ZVKK]\_SXN] L^S]OX RO] LO\]KKXNO
\]ONOVSTU QOLSON" NSOX] ]O_OX\ QOWY]S_OO[N ]O `Y[NOX `KK[YW XSO] LSXXOX LO\]KKXN \]ONOVSTU QOLSON SX NO LORYOP]O UKX `Y[NOX _YY[bSOX$
;O] LO\]OWWSXQ\ZVKX NK] ^` [KKN YZ )& WOS (&'- ROOP] _K\]QO\]OVN _YY[bKQ _YY[ NO VYMK]SO 4MR]O[WST]O[LKKX ' XSO] SX NObO bYQOXKKWNO %VKNNO[YXNO[LY^`SXQ%$ F` [KKN YY[NOOVNO XKWOVSTU NK] RO] ]YO\]KKX _KX OOX MYX]KSXO[_O[R^^[LON[STP KV\ XO_OXP^XM]SO LST OOX _OORY^NO[ST XSO]
KKXQOWO[U] RYOP] ]O `Y[NOX KV\ OOX \]ONOVSTUO YX]`SUUOVSXQ$ 7O CKKN _KX D]K]O YY[NOOV] SX bSTX
^S]\Z[KKU OMR]O[ KXNO[\$ ;O] ZVKX _YY[ 4MR]O[WST]O[LKKX ' _YY[bSO] _YVQOX\ NO 4PNOVSXQ `OV SX OOX
\]ONOVSTUO YX]`SUUOVSXQ OX RKN NO[RKV_O QO]YO]\] WYO]OX `Y[NOX KKX NO bQX$ VKNNO[ _YY[ N^^[bKWO _O[\]ONOVSTUSXQ$ AWNK] NObO YXNO[LY^`SXQ YX]L[OOU] S\ ^` [KKN\LO\V^S] _KX )& WOS (&'-
YX_YVNYOXNO QOWY]S_OO[N$
EOXOSXNO NS] WY]S_K]SOQOL[OU ]O RO[\]OVVOX S\ RO] ZVKX _KX 4MR]O[WST]O[LKKX ' KV\XYQ QO]YO]\] KKX NO VKNNO[ _YY[ N^^[bKWO _O[\]ONOVSTUSXQ$ 7ObO ]YO]\ VOSN] XSO] ]Y] OOX KXNO[O MYXMV^\SO1
6YX]KSXO[\O[_SMO =O^UOX 5G _YY[bSO] SX OOX LORYOP]O OX _O\]SQSXQ _KX RO] LON[STP LSXXOX LO\]KKXN
\]ONOVSTU QOLSON S\ XSO] WYQOVSTU$ 7O VKNNO[YXNO[LY^`SXQ S\ ]YOQO_YOQN KKX NO [^SW]OVSTUO YXNO[LY^`SXQ _YY[ 4MR]O[WST]O[LKKX '" NSO SX]OQ[KKV YXNO[NOOV ^S]WKKU] _KX NO ]YOVSMR]SXQ LST _YY[VSQQOXN LO\]OWWSXQ\ZVKX$
>AQ TGJJEL TE BEOEGIEL
8OX XSO^` [KKN\LO\V^S] NK] ]OQOWYO] UYW] KKX NO ^S]\Z[KKU _KX NO CKKN _KX D]K]O" bYNK]
6YX]KSXO[\O[_SMO =O^UOX 5G bSMR UKX _O\]SQOX KKX 4MR]O[WST]O[LKKX ' SX ;O^\NOX$
>AQ FAAL TE DAAOSMMO DMEL
;O] _K\]QO\]OVNO LO\]OWWSXQ\ZVKX bKV YZXSO^` QOZ^LVSMOO[N `Y[NOX OX \]KK] YZOX _YY[ LO[YOZ$
<XNSOX QOOX LO[YOZ `Y[N] SXQONSOXN ][OON] RO] LO\]OWWSXQ\ZVKX SX `O[USXQ XK KPVYYZ _KX NO LO[YOZ\]O[WSTX OX S\ RO] YXRO[[YOZOVSTU$
6MFEJGHIE AJQEOLAQGESEL
@$K$_$ NO ^S]\Z[KKU _KX NO CKKN _KX D]K]O ROOP] SXS]SK]SOPXOWO[ OSXN _Y[SQ TKK[ OOX UK_OV YZ
9VY[KZK[U QOUYMR]$ AZ NObO UK_OV _KX MK$ '$.&& W2 S\ OOX LON[STP\QOLY^` _KX -,, WJ WYQOVSTU$ 7O KKXUYYZ _KX NObO UK_OV VSTU] RKKU\ ]O \]KKX YZ RO] _YY[XOWOX _KX SXS]SK]SOPXOWO[ YW bSTX
MYX]KSXO[_O[R^^[LON[STP ]O _O\]SQOX KKX 4MR]O[WST]O[LKKX ' SX ;O^\NOX$ <XS]SK]SOPXOWO[ ROOP]
]YOQOVSMR] NK] NO KKXUYYZ _KX NO UK_OV YZ 9VY[KZK[U ^S] XYYN QOLY[OX S\$ EYOX RST NO UKX\ U[OOQ YZ 9VY[KZK[U OOX UK_OV ]O _O[`O[_OX ROOP] RST NObO QOQ[OZOX$ <XS]SK]SOPXOWO[ LVSTP] XSO]]OWSX
_K\]RY^NOX KKX bSTX ZVKXXOX YW bSTX MYX]KSXO[_O[R^^[LON[STP ]O _O\]SQOX KKX NO 4MR]O[WST]O[LKKX$
IYKV\ YYU XKNO[ QOWY]S_OO[N SX NO VKNNO[YXNO[LY^`SXQ UKX NO UK_OV YZ 9VY[KZK[U XSO] ]OQOWYO]
UYWOX KKX NO [^SW]O_[KKQ OX S\ _O\]SQSXQ YZ 9VY[KZK[U Z[KU]S\MR XSO] ]O MYWLSXO[OX WO] NO
ZV^SW_OORY^NO[ST KKX NO 4MR]O[WST]O[LKKX SX ;O^\NOX$ <XS]SK]SOPXOWO[ `SV NO UK_OV YZ 9VY[KZK[U YZ ]O[WSTX KKX RO] XKK\]QOVOQOX LON[STP _O[UYZOX$
9GP;CM P
GK\]\]OVVSXQ _KX RO] LO\]OWWSXQ\ZVKX \]KK] YZXSO^` YZOX _YY[ LO[YOZ$ 5O[YOZ ]OQOX RO] XSO^`O _K\]\]OVVSXQ\LO\V^S] UKX OMR]O[ OXUOV LO][OUUSXQ ROLLOX YZ NO _YY[ 4MR]O[WST]O[LKKX '
NYY[QO_YO[NO `STbSQSXQOX$ GO[NO[ QOVN] NK] LO[YOZ OXUOV YZOX \]KK] KKX NOQOXOX NSO OO[NO[ YYU OOX bSOX\`STbO XKK[ _Y[OX ROLLOX QOL[KMR] YZ RO] YX]`O[ZLO\]OWWSXQ\ZVKX$ 7S] LO]OUOX] NK]
?KNY^ 4Q[Y 6G POS]OVSTU NO OXSQO S\ NSO LO[YOZ UKX SXNSOXOX$
.MKKRLGCAQGE
* 5 4
HK] WKQ RO] UY\]OX
@$_$]$
-GHJAFE L@$QEO GLUAFE GLCJ# ,:;"LO!
'$ FS]\Z[KKU (&'.&&--'%'%C, (&'/&&-&(+!
($ 4KXQOZK\]O [OQOV\ 4\]OX _OOQZVKX (&'-#' RO[\]OVLO\V^S] 4MR]O[WST]O[LKKX '! (&'/&''..+!
)$ 4KXQOZK\]O [^SW]OVSTUO YXNO[LY^`SXQ 4MR]O[WST]O[LKKX ' (&'/&''./(!
\$YV\MRO`\U_3K\]OX$XV
