2HUOL[4VSSLNL]HU3\YNLTLLZ[LY!FL[OV\KLYZ$
7LTLLU[LYHHKLU
=VU\TLU[LUJVTTPZZPL ]HU KL7LTLLU[L2Z[LU$
@VZ[I\Z*0($ ,.*(272Z[LU&
7LHJO[LKHTLZ'OLYLU&
76=66>C62BC6>
PUXLRVTLU
$ (.) " !&
2PK&1
2Z[LU$(-%(/%*()/
?W*+Q\SP:S&$[PQKLUZTPQU]HRHU[PLPUOL[I\P[LUSHUK$VU[]PUNPRLLU THPS]HULLU]HU \^
TLKL^LYRLYZTL[OL[]LY`VLRVT[LYLHNLYLUVWKLHHU]YHHN]HULLU IV\^WSHUHHU
=VSLULPUK )([L2Z[LU& 8LSHHZ^HZKL`LIV\^HHU]YHHN$KPLHS PUTLP PZPUNLKPLUK$]LLS[L SHH[UHHYTPQHSZTVSLUHHY'LPNLUHHY]HUKLTVSLUKVVYNLZ[\\YK&ELLS[PQKVT[LYLHNLYLU VWKL`LHHU]YHHN^HZLYK\ZUPL[TLLY1 PRKPLUKLIPUULU[^LL^LRLU[LYLHNLYLU& 8L[MLP[
KH[PRHSZILSHUNOLIILUKL]LLS[LSHH[VWKLOVVN[LNLZ[LSKILU PZLLU V]LYK\PKLSPQRL WYVJLK\YLMV\[VWNYVUK^HHY]HU PR]LY`VLRVT\P[Z[LS]HUKL`LOLSLWYVJLK\YL&
5HHNZUH[LY\NRVTZ[]HUTPQUKL]HRHU[PLOLIPRKHHYVT TL[LLULLUNLZWYLRHHUNL]YHHNK TL[KLKLZIL[YLMMLUKLHTI[LUHHYKLOLLY 2&]HU 6NTVUK&
CPQKLUZVUZV]LYSLNVW +)Q\SPQS& R^HTLU^PQILPKLU[V[KLZSV[ZVT$KH[TLU TPQPUKLYKHHK ]LLS[L SHH[VWKLOVVN[L NLIYHJO[OLLM[]HUKLIPUULUNLRVTLUIV\^HHU]YHHN&?VR^HZ VUZILPKLU OLLSK\PKLSPQRKH[IPQOL[ZHTLUZ[LSSLU]HUKLIV\^WSHUULU\P[NHHU PZ]HU LLU IV\^OVVN[LKPLHHU`PLUSPQROVNLYPZKHU KLIPV[VVWYLNLSZIPUULU OL[ ILZ[LTTPUNZWSHU HHUNL]LU&
=L[LLUOLIPRKL 8VSSHUKZJOL=VSLUPUNLZJOHRLSK TL[KLHHU]YHHNVT LLUHK]PLZ \P[[L IYLUNLUV]LYKL`LIV\^WSHUULU&2HUNL`PLUO\UIPV[VVWTLKL^LYRLYVW]HRHU[PLPZ$NHH[
KP[TPZZJOPLUUPL[[LS\RRLU ]VVYKL\P[LYZ[NLZ[LSKLKH[\T]HU)/H\N\Z[\Z& 5L`HHRSPN[U\
IPQ KL]VVY`P[[LY]HU5L8VSSHUKZJOLTVSLU$KLOLLY<& 6UKLKPQR&
ELYKLYOLI PRTPQUYLJO[ZIPQZ[HUKZ]LY`LRLYPUN2A27KL`HHR[LYILVVYKLSPUN]VVYNLSLNK&
9UTPKKLSZPZKL`L]VVYNLSLNK HHUO\UQ\YPZ[LU&
ELYKLYOLIPRTPQUHK]PLZ]VVYKLHHU]YHHN]VVYOL[]LYSLULU ]HUKL`LIV\^]LYN\UUPUN PUTPKKLSZHSTVUKLSPUNHSKVVYNLNL]LU LUKH[PZ\P[LYHHYKULNH[PLM& 5P[VWNYVUK]HUKL TH_PTHSLIV\^OVVN[LZKPL]HZ[NLZ[LSK`PQUPUOL[ILZ[LTTPUNZWSHU&5L`L`PQU VWNLZ[LSK TL[KLILKVLSPUNVTKLIPV[VVW]HUKLTVSLU UVNLUPNZ`PUZYLKLSPQR[LOV\KLU LUKPLULU[L
^VYKLU NLOHUKOHHMK&
5L`LIV\^OVVN[LZ^VYKLU PU OL[HK]PLZVWKLHHU]YHHN]HU OL[IV\^WSHUVVR]LYTLSKHSZ
`PQUKL YLaLS& 6JO[LYTL[LLUKHHYVW^VYKLU `LPU KP[`LSMKLHK]PLZ^LLYVUKLY\P[NLOHHSKVW IHZPZ]HULURLSLTLYR^HHYKPNLLU ]VVYHSUPL[]HU [VLWHZZPUN`PQUKL\P[NHUNZW\U[LU$KPL
\P[LYHHYK PUOL[]VVYKLLS \P[]HSSLU]HU KLHHU]YHNLY&GV^VYK[NLZWYVRLUV]LYLLU PUG\PK%
3YHIHU[OLLYZLUKL`\PK^LZ[LSPQRL^PUKYPJO[PUNLU OL[IV\^WSHU PZNLZP[\LLYK[LU
UVVYKVVZ[LU]HUKLTVSLU& DP[KL`LYPJO[PUNRVT[KL^PUK]VSNLUZKLVWZ[LSSLYZ]HUOL[
HK]PLZPUZSLJO[Z/ ]HUKL[PQK&FHHYKLVWZ[LSSLY]HUOL[YHWWVY[KL`L^PQZOLPK]HUKHHU OHHS[PZTPQLLU NYVV[YHHKZLS& 3V]LUKPLUPZOPQK\PKLSPQRVVRUPL[ILRLUK TL[OL[MLP[KH[KL
YLNLSZ]VVYLLUTVSLUIPV[VVWPU`PQUNLOLLS]VVY+-(NYHKLUYVUKVTKLTVSLUNLSKLU& 5L YLKLUOPLY]VVYSPN[V&H&PU OL[MLP[KH[IPQLLU KYHHPLUKLTVSLU UPL[HSSLLUKLHHU]VLY]HU
^PUK ILSHUNYPQRPZ$ THHYKH[KL^PUK PU[LNLUV]LYNLZ[LSKLYPJO[PUNVVR^LNTVL[ R\UULU&GV UPL[KHURHUKLTVSLUUPL[KYHHPLU$VVRHS^HHP[OL[UVN`V OHYK&5LVWZ[LSSLY]HUKP[HK]PLZ
^HZ OPLYRSHHYISPQRLSPQRUPL[]HU VWKL OVVN[L&
5HU PZOL[ HK]PLZ IPQKLHHU]YHHNUVNHHUNL]\SK TL[[LRLUPUNLU TL[HSSLYSLP`PJO[SPQULUKPL ]HUNLLU LURLSILSHUN`PQU$ THHYISPQRIHHYILKVLSKVTOL[HK]PLZPL[ZPUKY\R^LRRLUKLY[L THRLU&
?TKH[OL[HTIHJO[]HU"EYPQ^PSSPN#=VSLUHHYZPUKZ RVY[VWKLSPQZ[]HU OL[FLYLSK 6YMNVLK ]HUDULZJVZ[HH[$^HZPRVUSHUNZHSZTVSLUHHYVWLLUIPQLLURVTZ[]HU TVSLUHHYZPUOL[
@YV]PUJPLO\PZPU5LU 3VZJO&FPQ$ HSZTVSLUHHYZ$^LYKLU OPLYKVVYLLU]HUKLNLKLW\[LLYKLU PUOL[IPQ`PQU]HUKL4VTTPZZHYPZ]HUKL;VUPUNUVNLLUZUHKY\RRLSPQRVWKLILSHUNYPQRZ[L W\U[LU]HUVU`L[HHRNL^L`LU$KH[`PQUV&H&KL]VSNLUKL1
)& 5YHHN]SHRJYLaYLUIPQVT^VULUKLULUVW ILZ[\\YSPQRUP]LH\&
*& ?WKLOVVN[L`PQU]HU KLVU[^PRRLSPUNLU&5H[^PS `LNNLU1VWKLOVVN[L `PQU]HU IV\^WSHUULULU HUKLYLNLIL\Y[LUPZZLUPU KLVTNL]PUN]HUKLTVSLU&
+& 9U]SVLK\P[VLMLULU VWWSHUTH[PNLVU[^PRRLSPUNLU&
-CI6H@AM@CC@>4FC<E88H<E<@><E88HL8E;<DFC<E;< LFC><E;<N8B<E@E8:?JE<D<E;@ID@AE 8;L@<IFG;<N<88ELH88>E<>8J@<=<EM<CFG>HFE;L8E;<LFC><E;<N8B<E+
&$ /<C88JIJ<# EF><E@>IN@EILFC;F<E;<# M@E;L8E>LFFH;<DFC<EL@E;JGC88JI9@A
NK@;M<IJ<E M@E;$2E;@<?F<BC@>JE8D<C@AB;<4FC<EIJH88J# <<EIJH88JM88H;FFH?<<E
;<M@E;EF>H<;<C@ABFE9<C<DD<H;FG;<DFC<E8=BFDJ$3K@IJ9@A;<N<M@E;H@:?J@E>@I
?<J;KIL8E:HK:@88C9<C8E>;8J;<8=LF<HL8EM@E;@E;<J<><EFL<H><IJ<C;<H@:?J@E>
!EFFH;FFIJ"FFB<E@>IN@EILH@A@I$ .@A;<LFFH><EFD<E9FKML8E;<N<&'D<J<H?F><
?8C#@I;KIFFB;<C88JIJ<DF><C@AB?<@;LFFH;<DFC<EFDEF>H<;<C@ABJ<BKEE<E
;H88@<E8=><ICFJ<E$ /@JNFKLH@AM<C?<J<@E;<L8E<<E;H88@<E;<DFC<E9<J<B<E<E$
'$ 6<H;<HMFH;J@E?<J8;L@<I><IGHFB<EFL<H<<EL<HD@E;<H@E>L8E;<M@E;L8E>L8E HK@DD@E;<H;8E ;<* $ 5G>HFE;L8E?<J9<IJ<DD@E>IGC8E @I?<JK@J>8E>IGKEJ LFFH9FKM<E 9@EE<E;< DFC<E9@FJFFG;8J;< FGJ@D8C<M@E;L8E> E@<JD<<H;8E
* 9<G<HBJD8> MFH;<E$ 5GM<CB<98I@I MFH;J;<N<* 9<H<B<E;,2I;@JL8EK@J;<
?K@;@><I@JK8J@<#;@<8CN<<HIC<:?J@I# F=@I;@J* L8E;<FGJ@D8C<9@FJFFG,/@JMFH;J E@<J;K@;<C@ABK@J?<JH8GGFHJ$!5FB;<;<I9<JH<==<E;<8D9J<E88HM88H@BD<<IGH8B#
;<?<<HL8E0>DFE;# DF<IJJF<><L<E;8J;@JLFCBFD<EFEN@E@I"$
($ 0<E8H>KD<EJL8E;<9FKM88ELH8><HNFKBKEE<EN@AE+J<EEFFH;FFIJ<EL8E;<DFC<E IJ88E JF:?8C;@L<HI<>HFJ<9FD<E9@EE<E;<8=IJ8E;L8E'&%D<J<HM88HFGN@AE?8C NFKMFH;<E><9FKM;$/@JN@AE<:?J<H8C@<D88CCFF=9FD<E#;@<><;KH<E;<;<?<C=JL8E
?<JA88HB88CN@AE<E;KI?<JD8C<E9@ANK@;M<IJ<C@AB<M@E;;8EEF>M<CDF><C@AB D8B<E$ /<<EB<@<E88C;9FD<E;@<<HIJFE;<EN@AEH<<;I<EB<C<A8H<E><C<;<E L<HM@A;<H;<E;8JC<L<H;<<<E9<?FFHC@AB<L<H9<J<H@E> LFFH;< M@E;L8E>FG$
)$ 0:FEFD@I:?<EFF;N88B# M88HKN@:?FGNFKBKEE<E9<HF<G<E+;<N<@I<H@EN@AE><?<<C E@<J$ @B?<9FEC8E>IK@J9<JHFKM98H<9HFE!;<<@><E88HN<C="L<HEFD<E;8J?<J?K@;@><
9<;H@A=9<O@E;@>;MFH;J /<J<9FKM<E ?8C>88JL<H?KKH;MFH;<E$
*$ 78JD@A@E;<N<N88BLFFH8CIJFFHJ@I?<J=<@J;8J@B#NF8CI<<H;<H8CL<HD<C;#L<<CJ<
C88JFG;<?FF>J<><IJ<C;9<E L8E;<N<9FKMGC8EE<E$ 1@<H;FFHB8E@BD<D@II:?@<E E@<JD<<HB8E9<HF<G<EFG?KCG L8E;<B8EJL8E /<1FCC8E;I:?<4FC<E $ 488HM8J D@AN<B<HFFB;M8HIN@J#@I?<J=<@J;8J<H88E ;<<E<B8EJ8CA8H<EC8E>=@E8E:@<<C
><N@<EK@JIJ<B<E;NFH>><;H8><EMFH;JLFFH?<J9<?FK;L8E;<DFC<E!M88H@B
K@J<H88H;<H>;8EB988HLFFH9<E"D88H;8JJ<><C@AB<HJ@A;88E;<8E;<H<B8EJ89IFCKKJ
><<EH<B<E@E>><?FK;<EMFH;JD<J?<J=<@J;8J;<DFC<EFFBEF>DF<JBKEE<E
;H88@<E<E8=<E JF<FFBEF>DF<JBKEE<ED8C<EFD@E>F<;<:FE;@J@<J<BKEE<E 9C@AL<E$
=L[UHTLV]LYKH[SHH[Z[LW\U[ZWYHRKLKLZIL[YLMMLUKLHTI[LUHHY`PQU]LY^VUKLYPUN\P[1 KL\P[Z[LRLUKLMPUHUJPaSL`VYN]HUKLLULHMKLSPUNLU[LNLSPQRLY[PQKLLU[V[HSLVUILRLUKOLPK V]LYOL[^LSVMUPL[ILZ[HHU]HULUPNL YLNLSNL]PUNTL[IL[YLRRPUN[V[KLTVSLUIPV[VVWVW KLHUKLYLHMKLSPUN& "9L[Z^H[V]LYPNLUZKP[QHHYVVR^LLYLLUZK\PKLSPQR^LYKNLTHHR[IPQKL HHUWSHU[]HUUPL\^LIVTLUPUKL8VMZ[YHH[& 5LHTI[LUHHYIPQ^PLPRPUMVYTLLYKLVMLYLUPN ILSLPK]VVYHHUWSHU[^HZIPUULUKLTVSLUIPV[VVW$^PZ[^LYRLSPQRUPL[^HHY PROL[V]LYOHK#&
6SRLHHU]YHHN]VVYLLU IV\^]LYN\UUPUNIPUULU KLIPV[VVW]HUKLTVSLU^VYK[Z[LLKZ VWUPL\^^LLYILRLRLU$`VUKLYLUPNLK\PKLSPQRL YLNLSZVMJYP[LYPH&BVTZ^VYKQLHSZTVSLUHHY OPLYV]LYQ\PZ[^LSNLbUMVYTLLYK$THHYPU HUKLYLNL]HSSLU "IV\^]HU LURLSLPUK\Z[YPLOHSSLU PU KL 9UK\Z[YPLSHHU PUKL HMNLSVWLUQHYLU#^LLYUPL[&?VRVWOL[NLIPLK]HU PUMVYTH[PLUHHY KLTVSLUHHY[VLOLLYZ[ISPQRIHHYLUPNL^PSSLRL\Y&
2SZTVSLUHHYZ[YPQK PRHSTLLYKHUKLY[PNQHHY[LNLULLU HSTHHY]LYZSLJO[LYLUKL
TVSLUIPV[VVW& 8LYOHHSKLSPQROLIPR]LY`VLRLU PUNLKPLUKVT[L RVTLU[V[LLUK\PKLSPQR YLNLSNL]PUN&CV[U\[VL PZ`PQU HSKL`L]LY`VLRLUUVVP[NLOVUVYLLYK& 5HHYVTOPLYIPQ
UVNTHHSZKL]YHHN1Z[VWKP[HKOVLILSLPKTL[IL[YLRRPUN[V[KLTVSLUIPV[VVW$ Z[LSYLNLSZ LU RHKLYZ]HZ[]VVYKL[VLRVTZ[&5LTVSLUPZOLSHHZU\HSIPQUHVWLLU W\U[HHUNLRVTLU
^HHYIPQKYHHPLU"LU`LRLYTHSLU#LLUNYVV[NLKLLS[L]HUOL[QHHYPU`PQUNLOLLSHSUPL[TLLY TVNLSPQRPZ& 9R]LY`VLR\UVNTHHSZVT[LRVTLU[V[OL[VWZ[LSSLU]HULLU WSHU]VVYKL ]LYIL[LYPUN]HUKLTVSLUIPV[VVW& 6LUWSHU^HHYTLLKLKYHHPLUKL[VLRVTZ[]HUKL TVSLU UVNLUPNZ`PUZ]LY`LRLYKPZLLYOL[[L SHH[PZ&
=L[]YPLUKLSPQRLNYVL[LU&
EYPQ^PSSPN=VSLUHHY'LPNLUHHY]HU TVSLU KL?VZ[LU^PUK $
f'
)33;=?/9 -=3637390>;4 23+:<=39@592(<=39
A
(/923 *:9>839=391:885<<53
?/9 23)38339=3 (<=39 ,:<=0>< "' #%" ()(<=39
76=66>C62BC6>
PUNcRVTJU
